Quarterly Report • May 5, 2022
Quarterly Report
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YÜKSELEN ÇELİK A.Ş. FINANCIAL STATEMENTS AS OF MARCH 31,2022
| CONTENTS | PAGE |
|---|---|
| BALANCE SHEETS |
1-2 |
| PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME STATEMENT |
3 |
| STATEMENTS OF CHANGES IN EQUITY |
4 |
| STATEMENTS OF CASH FLOWS | 5 |
| NOTES TO THE FINANCIAL STATEMENTS |
6-55 |
| Current Period |
Prior Period |
||
|---|---|---|---|
| Notes | 31.03.2022 TRY |
31.12.2021 TRY |
|
| ASSETS | 680.444.818 | 539.970.446 | |
| CURRENT ASSETS | 643.913.517 | 502.734.732 | |
| Cash and Cash Equivalents | 53 | 2.505.452 | 1.722.654 |
| Financial Investments | 47 | -- | 19.050 |
| Trade Receivables | 457.310.416 | 318.037.621 | |
| - Other Trade Receivables | 7 | 457.310.416 | 318.037.621 |
| Other Receivables | 4.010 | 35.747 | |
| - Other Receivables | 9 | 4.010 | 35.747 |
| Derivative Instruments | -- | 314.706 | |
| Inventories | 10 | 95.505.509 | 132.462.586 |
| Prepaid Expenses | 88.585.026 | 50.142.368 | |
| - Other Prepaid Expenses | 88.585.026 | 50.142.368 | |
| Current Tax Assets | 3.054 | -- | |
| Other Current Assets | 29 | 50 | -- |
| Subtotal | 643.913.517 | 502.734.732 | |
| Total Current Assets | 643.913.517 | 502.734.732 | |
| NON-CURRENT ASSETS | 36.531.301 | 37.235.714 | |
| Investments in Affiliates, Shareholders and Subsidiaries | 13.402 | -- | |
| Tangible Assets | 14 | 27.249.230 | 33.030.984 |
| Right-of-Use Assets | 20 | 9.028.896 | 3.866.377 |
| Intangible Assets | 17 | 227.062 | 231.058 |
| - Other Intangible Assets Prepaid Expenses |
17 | 227.062 12.711 |
231.058 107.295 |
| - Other Prepaid Expenses | 12 | 12.711 | 107.295 |
| Total Non-Current Assets | 36.531.301 | 37.235.714 | |
| TOTAL ASSETS | 680.444.818 | 539.970.446 | |
| Current | Prior | ||
|---|---|---|---|
| Period | Period | ||
| 31.03.2022 | 31.12.2021 | ||
| Notes | TRY | TRY | |
| LIABILITIES | 680.444.818 | 539.970.446 | |
| Short-Term Liabilities | 348.204.311 | 234.473.563 | |
| Short-Term Borrowings | 187.384.208 | 110.150.577 | |
| - Other Short Term Borrowings | 47 | 187.384.208 | 110.150.577 |
| Short Term Portion of Long Term Borrowings | 41.393.553 | 16.328.592 | |
| - Other Short Term Portion of Long Term Borrowings | 47 | 38.672.476 | 15.085.623 |
| - Borrowings for Lease Liabilities | 47 | 2.721.077 | 1.242.969 |
| Trade Payables | 57.230.398 | 83.069.441 | |
| - Other Trade Payables | 7 | 57.230.398 | 83.069.441 |
| Liabilities Under Employee Benefits | 27 | 853.463 | 496.215 |
| Other Payables | 14.763.144 | 6.076.790 | |
| - Other Payables | 9 | 14.763.144 | 6.076.790 |
| Deferred Income | 27.725.879 | 6.620.831 | |
| - Other Deferred Income | 12 | 27.725.879 | 6.620.831 |
| Tax liabilities for The Period Profit | 40 | 18.581.049 | 11.731.117 |
| Short-Term Provisions | 272.617 | -- | |
| - Short-Term Provisions for Employee Benefits | 25 | 272.617 | -- |
| Subtotal | 348.204.311 | 234.473.563 | |
| Total Short-Term Liabilities | 348.204.311 | 234.473.563 | |
| Long-Term Liabilities | 13.707.780 | 38.239.976 | |
| Long-Term Borrowings | 5.294.068 | 24.632.400 | |
| - Other Long Term Debts | 47 | -- | 20.760.331 |
| - Borrowings for Lease Liabilities | 47 | 5.294.068 | 3.872.069 |
| Long Term Provisions | 1.186.886 | 576.547 | |
| - Long-Term Provisions for Employee Benefits | 25 | 1.186.886 | 576.547 |
| Deferred Tax Liabilities | 7.226.826 | 13.031.029 | |
| Total Long-Term Liabilities | 13.707.780 | 38.239.976 | |
| SHEHOLDERS' EQUITY | 318.532.727 | 267.256.907 | |
| Parent Company Shareholder's Equity | 318.532.727 | 267.256.907 | |
| Paid in Capital | 30 | 125.000.000 | 125.000.000 |
| Accumulated Other Comprehensive Income/(Expenses)That will Not Be Classified In Profit Or Loss Statement | 30 | (328.849) | (110.543) |
| - Revaluation and Measurement Gains (Losses) | 30 | (328.849) | (110.543) |
| Reserves on Retained Earnings | 30 | 3.311.728 | 4.227.673 |
| Accumulated Profit/Losses | 30 | 139.055.720 | 28.998.589 |
| Net Profit/Loss for The Period | 51.494.128 | 109.141.188 | |
| Total Equity | 318.532.727 | 267.256.907 | |
| TOTAL EQUITY AND LIABILITIES | 680.444.818 | 539.970.446 | |
| Current Period 31.03.2022 TRY |
Prior Period 31.12.2021 TRY |
||
|---|---|---|---|
| Notes | |||
| Revenue | 31 | 375.744.222 | 88.016.483 |
| Cost of Sales (-) | 31 | (283.251.534) | (70.906.434) |
| GROSS PROFIT/LOSS | 92.492.688 | 14.293.468 | |
| General Administrative Expenses (-) | 28,33 | (3.709.503) | (2.313.335) |
| Marketing Expenses (-) | 28,33 | (8.865.448) | (2.392.634) |
| Other Income from Operations | 34 | 13.841.254 | 8.447.649 |
| Other Expenses from Operations (-) | 34 | (13.834.641) | (2.539.727) |
| OPERATING PROFIT/LOSS | 79.924.350 | 18.182.917 | |
| Income from Investing Activities | 35 | -- | 49.248 |
| Loss for implementing TFRS 9 | (923.769) | (129.085) | |
| OPERATING PROFIT/LOSS BEFORE FINANCIAL INCOME/EXPENSES | 79.000.581 | 18.232.165 | |
| Financial Income | 37 | 1.359.901 | 1.513.382 |
| Financial Expenses (-) | 37 | (16.034.931) | (2.642.366) |
| PROFIT/(LOSS) BEFORE TAX FROM CONTINUING OPERATIONS | 64.325.551 | 17.103.181 | |
| Continuing Operations Tax Income/(Expense) | (12.831.423) | (3.439.665) | |
| -Tax Income/(Expense) for The Period | 40 | (18.581.049) | (2.138.008) |
| -Deferred Tax Income /(Expense) | 40 | 5.749.626 | (1.301.657) |
| PROFIT/(LOSS) CONTINUING OPERATIONS FOR THE PERIOD | 51.494.128 | 13.663.516 | |
| PROFIT/(LOSS) FOR THE PERIOD | 51.494.128 | 13.663.516 | |
| Profit (Loss) for The Period Distribution | 51.494.128 | 13.663.516 | |
| -Parent Company Shares | 41 | 51.494.128 | 13.663.516 |
| PROFIT/(LOSS) FOR THE PERIOD | 51.494.128 | 13.663.516 | |
| Earnings Per Share | 0,4119 | 0,1093 | |
| Earnings Per Share From Continuing Operations | 0,4119 | 0,1093 | |
| Earnings Per Share From Discontinuing Operations | -- | -- | |
| OTHER COMPREHENSIVE INCOME | (218.306) | 121.789 | |
| Items that will not be reclassified subsequently to profit or loss | (218.306) | 121.789 | |
| Defined Benefit Plans Re-Measurement Gains (Losses) | (272.883) | 152.236 | |
| Taxes Which Will Not Be Reclassified in Profit or Loss, Related to Other Comprehensive Income | 54.577 | (30.447) | |
| -Defined Benefit Plans Re-Measurement Gains (Losses), Tax Effect | 54.577 | (30.447) | |
| OTHER COMPREHENSIVE INCOME | (218.306) | 121.789 | |
| TOTAL COMPREHENSIVE INCOME (EXPENSES) | 51.275.822 | 13.785.305 | |
| Distribution of the Total Comprehensive Income (Expenses) | |||
| -Minority Interest | -- | ||
| -Parent Company Shares | 51.275.822 | 13.785.305 |
(Amounts expressed in Turkish Lira (*TRY*) unless otherwise indicated).
| Accumulated Other Comprehensive Income/(Expenses) That Will Not Be Reclassified In Profit Or Loss Statement Revaluation and Measurement Gain / Losses |
Accumulated Profit | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| Notes | Paid in Capital |
Capital Adjustment Differences |
Defined Benefit Plans Re Measurement Gains (Losses |
Reserves on Retained Earnings |
Profits / Losses of Previous Years |
Net Profit/Loss for The Period |
Parent Shareholders' Equity |
Total Equity | |
| CURRENT PERIOD | |||||||||
| Balances as of 01.01.2022 (beginning of the period) | 125.000.000 | -- | (110.543) | 4.227.673 | 28.998.589 | 109.141.186 | 267.256.905 | 267.256.905 | |
| Balance After Adjustments | 125.000.000 | (110.543) | 4.227.673 | 28.998.589 | 109.141.186 | 267.256.905 | 267.256.905 | ||
| Transfers | 30 | -- | -- | -- | (915.945) | 110.057.131 (109.141.186) | -- | -- | |
| Total Comprehensive Income (Expense) | 30 | -- | -- | (218.306) | -- | -- | 51.494.128 | 51.275.822 | 51.275.822 |
| - Profit/(Loss) For the Period | 30 | -- | -- | -- | -- | -- | 51.494.128 | 51.494.128 | 51.494.128 |
| - Other Comprehensive Income (Expense) | -- | -- | (218.306) | -- | -- | -- | (218.306) | (218.306) | |
| Balances as of 31.03.2022 (end of period) | 125.000.0000 | -- | (328.849) | 3.311.728 | 139.055.720 | 51.494.128 | 318.532.727 | 318.532.727 | |
| PAST PERIOD | |||||||||
| Balances as of 01.01.2021 (beginning of the period) | 125.000.000 | (2.305.632) | (240.843) | 2.395.783 | 16.474.115 | 12.661.446 | 153.984.869 | 153.984.869 | |
| Balance After Adjustments | 125.000.000 | (2.305.632) | (240.843) | 2.395.783 | 16.474.115 | 12.661.446 | 153.984.869 | 153.984.869 | |
| Transfers | 30 | -- | -- | -- | -- | 12.661.446 | (12.661.446) | -- | -- |
| Total Comprehensive Income (Expense) | 30 | -- | -- | 121.789 | -- | -- | 13.363.516 | 13.785.305 | 13.785.305 |
| - Profit/(Loss) For The Period | 30 | -- | -- | -- | -- | -- | 13.563.516 | 13.663.516 | 13.663.516 |
| - Other Comprehensive Income (Expense) | -- | -- | 121.789 | -- | -- | -- | 121.789 | 121.789 | |
| Balances as of 31.03.2021 (end of period) | 125.000.000 | (2.305.632) | (119.054) | 2.395.783 | 29.135.561 | 13.663.516 | 167.770.174 | 167.770.174 |
| Current | Prior | ||
|---|---|---|---|
| Period | Period | ||
| 31.03.2022 | 31.12.2021 | ||
| Notes | TRY | TRY | |
| A.CASH FLOWS PROVIDED BY OPERATING ACTIVITIES | (81.781.853) | (17.697.137) | |
| Profits (Losses) for The Period (+/-) | 51.494.128 | 13.663.516 | |
| - Profit (Loss) from Continuing Operations | 41 | 51.494.128 | 13.663.516 |
| Net Profit (Loss) Reconciliation Related Adjustments | (12.424.591) | 5.442.477 | |
| Adjustments for Depreciation and Amortization | 14,17,20 | 905.050 | 1.106.024 |
| Adjustments for Impairment (Reversal) (+/-) | 6.528.954 | -- | |
| - Adjustments for Impairment (Reversal) on Receivables | 33 | 923.769 | -- |
| Adjustments for Provisions (+/-) | 882.956 | 40.063 | |
| - Adjustments for Provisions for Employee Benefits (Reversal) | 25 | 882.956 | 40.063 |
| Adjustments for Interest Income and Expenses (+/-) | (9.386.740) | 856.725 | |
| - Adjustments for Interest Income | 34 | (61.081) | (29.193) |
| - Adjustments for Interest expenses | 34 | 435.146 | 1.610.437 |
| - Deferred Financing Costs Arising from The Term Purchase | 34 | 1.429.965 | -- |
| - Unearned Finance Income Arising from Forward Sales | 34 | (11.190.770) | (724.519) |
| Adjustments for Tax Revenue/Expenditure | 40 | (5.749.626) | 3.439.665 |
| Changes in Working Capita | (120.851.390) | (34.622.713) | |
| Adjustments for Increase/Decrease in Trade Receivables | (129.005.794) | (47.550.254) | |
| -Increase/Decrease in Trade Receivables from Unrelated Parties | 7 | (129.005.794) | (47.550.254) |
| Adjustments for Increase/Decrease in Other Receivables Related with Activities | 31.737 | (3.462) | |
| -Increase/Decrease in Other Receivables Related with Activities from Unrelated Parties Adjustments for Increase/Decrease in Derivative Assets |
9 | 31.737 314.706 |
(3.462) -- |
| Adjustments for Increase/Decrease in Inventories | 10 | 36.957.077 | 2.361.134 |
| Increase/Decrease in Prepaid Expenses | 12 | (38.348.074) | -- |
| Adjustments for Increase/Decrease in Trade Payables | (27.265.933) | 1.035.523 | |
| - Increase/Decrease in Trade Payables to Unrelated Parties | 7 | (27.265.933) | 1.035.523 |
| Increase/Decrease in Payables as Part of Employee Benefits | 27 | 674.641 | 331.293 |
| Adjustments for Increase/Decrease in Other Payables Related with Activities | 8.368.961 | (522.574) | |
| - Increase/Decrease in Other Payables Related with Activities to Related Parties | 6 | -- | -- |
| - Increase (Decrease) in Other Operational Payables to Unrelated Parties | 9 | 8.368.961 | (522.574) |
| Increase (Decrease) in Deferred Income (Excluding Payables Arising From Customer Contracts) | 12 | 21.105.046 | 4.234.403 |
| Adjustments for Other Increase (Decrease) in Working Capital | 6.316.243 | 5.491.224 | |
| The Cash Flow Generated from Operations (+/-) | (81.781.853) | (15.516.720) | |
| Tax Refunds (Payments) | 40 | -- | (2.180.417) |
| B. CASH FLOW FROM INVESTING ACTIVITIES | (105.065) | (1.574.816) | |
| Cash Outflows for Sales Tangible and Intangible Assets | 3.006 | -- | |
| - Cash Outflows for Sales Tangible Assets | 14 | 3.006 | -- |
| Cash Outflows for Purchasing Tangible and Intangible Assets | (108.071) | (1.604.009) | |
| -Cash Outflows for Purchasing Tangible Asset | 14 | (100.091) | (1.604.009) |
| -Cash Outflows for Purchasing Intangible Assets | 17 | (7.980) | -- |
| Interest Received | -- | 29.193 | |
| C. CASH FLOWS PROVIDED BY FINANCING ACTIVITIES | 82.650.715 | 19.840.843 | |
| Cash Inflows (Outflows) Resulted from Debts | 102.350.027 | 30.819.155 | |
| - Cash Inflows (Outflows) from Bank Loans | 47 | 102.350.027 | 30.819.155 |
| Cash Outflows Related to Debt Payments | (8.467.513) | (9.138.057) | |
| - Cash Outflows Related to Loan Repayments | 47 | (8.467.513) | (9.138.057) |
| Cash Outflows from Loan Payments Arising from Lease Agreements | 20 | -- | (229.818) |
| Interest Paid | 37 | (11.292.880) | (1.610.437) |
| Interest Received | 37 | 61.081 | -- |
| NET INCREASE/(DECREASE) CASH AND CASH EQUIVALENTS BEFORE FOREIGN CURRENCY | 763.797 | 568.890 | |
| NET INCREASE/(DECREASE) CASH AND CASH EQUIVALENTS (A+B+C+D) | 763.797 | 568.890 | |
| E. CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE YEAR CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR (A+B+C+D+E) |
51 | 1.741.655 2.505.452 |
1.170.699 1.739.589 |
Yukselen Celik Anonim Sirketi ("the Company") was established on 20 March 1989 in Istanbul under the title of "Yukselen Celik Ticaret Limited Sirketi". The name of the Company, on Trade Registry Gazette, No. 8230 dated January 7, 2013, the trade title change has been made and Company has the title of Yukselen Celik Anonim Sirketi.
The Company's main area of activities are the manufacture of carbon, manufacturing, structural, alloy and non-alloy, tooling stainless, skilled and unskilled iron and steel products for use in all industries including machinery, automotive, formwork, iron and steel, ship, construction and railway industries and import, export, domestic buying and selling of these products.
The registered address of the Company is Osmangazi Mahallesi 2647 sokak No:34/1 Esenyurt İSTANBUL.
Contact Office 1:
.
Dudullu OSB Mahallesi DES- 1Caddesi DES Sanayi Sitesi Ticaret Merkez Binası No:3/37 Ümraniye/İSTANBUL
Contact Office 2:
AOSB Mahallesi 10022 Sokak No: 18 Çiğli/İZMİR
Contact Office 3:
Ataköy Towers A Blok No:142 Çobançeşme E-5 Yanyol Bakırköy/İSTANBUL
As of March 31, 2022, the Company has 71 employees. (31 March 2021: 65)
As of March 31, 2022 and 31 December 31, 2021, the capital and shareholding structure of the Company are as follows:
| March 31, 2022 |
December 31, 2021 |
|||
|---|---|---|---|---|
| Share | Share | Share | Share | |
| Amount | Ratio | Amount | Ratio | |
| Barış GÖKTÜRK | 35.373.450 | 28,30% | 35.158.450 | 28,20% |
| Yüksel GÖKTÜRK | 32.676.632 | 26,14% | 32.623.238 | 26,10% |
| Burak GÖKTÜRK | 17.605.633 | 14,08% | 17.605.634 | 14,08% |
| Ferhan GÖKTÜRK | 2.641.105 | 2,12% | 2.640.845 | 2,11% |
| Halka Açık Kısım | 36.703.180 | 29,36% | 36.971.833 | 29,58% |
| Total Capital | 125.000.000 | 100% | 125.000.000 | 100% |
The company and its established subsidiaries in Turkey maintain and prepare their legal books and legal financial statements in accordance with the accounting principles set out by the Turkish Commercial Code ("TCC") and tax legislation. Subsidiaries operating in foreign countries prepare their accounting records and legal financial statements in currencies and in accordance with the legislation of those countries in which they operate.
The related financial statements are prepared in accordance with the provisions of the Capital Market Board '"CMB") "Principles regarding Financial Reporting in the Capital Market" ("Communiqué") no. 14.1 of Series II, published in the Official Gazette dated June 13, 2013 and numbered 28676, and are prepared in accordance with the provisions of article 5 of the Communiqué. In accordance with the article, Turkey Account Standards ("TAS") enacted by the Public Oversight Accounting and Auditing Standards Authority ("POA") and its annexes and interpretations are based on them.
In addition, financial statements and footnotes are presented in accordance with the formats announced by the CMB with the announcement dated April 15, 2019.
The Company are not subject to consolidation, The subsidiary of the Company abroad titles as "Rising Steel Inc." is inactive and stated in financial statements as its cost value.
The financial statements of the Company are prepared comparatively with the previous period in order to enable the determination of the financial situation and performance trends. When the presentation or classification of financial statement items changes, prior period financial statements are reclassified accordingly in order to ensure comparability. Accounting estimates are based on reliable information and reasonable estimation methods. However, estimates are reviewed as a result of changes in the conditions in which the forecast is made, the acquisition of new information or the emergence of additional developments. The impact of the change in accounting estimate is reflected in the financial statements in the current period of the change, in the period of the change, in the period of the change, in the period of the change, in the period of the change, and in the future, in the future and in the period of the change, to be taken into consideration in determining the profit or loss of the period. The quality and amount of a change in the accounting estimate, which has an impact on the current period activity outcome or is expected to have an impact on the subsequent periods, are explained in financial statements footnotes, except when there is no prediction of the impact on future periods. The financial statements of the Company are prepared comparatively with the previous period in order to enable the determination of the financial situation and performance trends.
For supplying comparative information, The Company reclassified its "personnel advance given" under prepaid expenses which was shown in "Other current asset" in prior period. The Company reclassified its "Loss from implementing TFRS9" under "expenses from investing activities" which is stated in "Other Expenses from Operations" .
The financial statements are prepared on the basis of the continuity of the business under the assumption that the Company will benefit from its assets and fulfill its obligations in the next year and within the natural flow of its activities.
Each item in the Company's financial statements is accounted for using the currency ("functional currency"), which is valid in the underlying economic environment in which the Company operates. Financial statements are presented using TRY, the company's functional and reporting currency.
POA published the TFRS 16 "Leases" standard in April 2018. The new standard eliminates the distinction between operating leases and finance leases, requiring many leases to be included on the balance sheet under a single model for lessee companies. Accounting for leasing companies has not changed significantly, and the difference between hiring and leasing is continuing. "TFRS 16" replaces the interpretations of "TAS 16" and "TAS 17" and is valid for annual accounting periods beginning on or after 1 January 2019.
Lessors have the exception that this standard does not apply to short-term leases (leases with a lease term of 12 months or less) or leases where the underlying asset is of low value (for example, personal computers, some office equipment, etc.). At the date of actual start of the lease, the tenant measures the rental obligation on the present value of the rent payments that have not been paid at that time (rental obligation) and, as of the same date, records the relevant right-touse assets and subjects them to depreciation for the duration of the lease. Lease payments are discounted using that rate if the implied interest rate on the lease can be easily determined. The tenant uses the tenant's alternative borrowing interest rate if this rate cannot be easily determined. The lessee must separately record the interest expense on the lease liability and the depreciation expense of the right-of-use asset.
The tenant is required to re-measure the lease obligation in the event of certain events (e.g. changes in the lease period, changes in the prospective lease payments due to a specific index or change in rate, etc.). In this case, the tenant records the remeasurement effect of the lease obligation as a correction to the right of use asset.
In the event of changes and errors in accounting policies and accounting estimates, significant changes and significant accounting errors detected are applied retroactively and the previous period financial statements are revised. In case the changes made in the accounting policies affect the previous periods, the said policy is applied retrospectively in the financial statements as if it has always been in use. There has been no change in the Company's accounting policies.
The Company implemented TFRS 16 with a streamlined retrospective approach. The Company has previously chosen to apply this Standard to contracts it defines as leasing by implementing TMS 17 Leasing Transactions and TFRS Comment 4 Determination of Whether a Deal Contains a Leasing Transaction. For this reason, the Company has previously applied this Standard to contracts that it does not define as leasing according to TMS 17 and TFRS Comment 4. As of the transition date, the Company has benefited from the facilitating practices for rentals and low-value rentals whose leases expire in 12 months or less.
The company recognizes right-of-use assets at the commencement date of the lease agreement (for example, as of the date the asset is available for use). Right-of-use assets are calculated at cost less accumulated depreciation and impairment losses. In case of revaluation of financial lease liabilities, this figure is also adjusted.
The cost of the right-of-use asset includes:
(a) the first measurement of the lease liability,
(b) the amount obtained by deducting all rental incentives received from all rent payments made on or before the actual start of the lease, and
(c) All initial direct costs incurred by the company.
Unless the transfer of the ownership of the underlying asset to the Company at the end of the lease period is reasonably finalized, the Company subjects the right of use asset to the end of the useful life of the underlying asset from the date of actual start of the lease. Right-to-use assets are subject to impairment assessment.
The company measures the lease obligation on the present value of the lease payments that were not paid on the date of the actual start of the lease.
At the commencement date of the lease, the lease payments included in the measurement of the lease liability consist of the following payments for the right to use the underlying asset during the lease term, which were not paid at the commencement date of the lease:
Variable lease payments that do not depend on an index or rate are recognized as an expense in the period when the event or condition that triggers the payment occurs.
Changes in Turkey Financial Reporting Standards(CONT.)
The company determines the revised discount rate for the remainder of the lease period as an alternative borrowing interest rate at the time of the re-assessment, if the implied interest rate in the lease can be easily determined, and if it cannot be easily determined.
After the actual start of the company lease, the company measures its lease obligation as follows:
(a) Increases the book value to reflect the interest on the lease obligation, and
(b) Decreases book value to reflect lease payments made.
In addition, in the event of a change in the lease term, a change in the underlying fixed lease payments, or a change in the assessment of the option to purchase the underlying asset, the value of the finance lease liabilities is remeasured.
The accounting policies based on the preparation of the financial statements for the accounting period ended March 31, 2022 have been implemented consistent with those used in the previous year, except for the new and changed TFRS standards and TFRYK comments as of January 1, 2021 outlined below. The impact of these standards and comments on the Company's finances and performance is described in the relevant paragraphs.
These changes have no significant impact on the Company's financial situation and performance.
These changes' impact on the Company's financial situation and performance has been evaluated.
Cash and cash equivalents include cash in operation, demand deposits held in financial institutions, other short-term highly liquid investments with original maturities of three months or less that can be easily converted into a certain amount of cash and have an insignificant risk of change in value, and current accounts with banks (Note 53).
The Company accounts its financial assets in three classes as "financial assets accounted for at amortized cost price", "fair value difference reflected in other comprehensive income statement" and "fair value difference reflected in profit or loss". Classification is based on the business model used by the business for managing financial assets and the characteristics of contractual cash flows of the financial asset. The company classifies its financial assets on the date of purchase.
Financial assets are not reclassified after their initial recognition, except in cases where the business model used by the Company in the management of financial assets changes; In case of business model change, financial assets are reclassified on the first day of the following reporting period after the change.
"Financial assets measured at amortized cost" are non-derivative financial assets held under a business model aimed at collecting contractual cash flows, which include interest payments only from principal and principal balances on certain dates in the terms of the contract. The Company's financial assets, which are accounted for at the amortized cost price, include "cash and cash equivalents", "commercial receivables", "other receivables" and "financial investments". The relevant assets are measured on their fair values in their first record in the financial statements and their discounted fees using the effective interest rate method in subsequent accounting. Gains and losses as a result of the valuation of nonderivative financial assets, measured on the amortized cost, are accounted for in the profit or loss statement.
"Financial assets reflected in other comprehensive income, the difference in actual value is a derivative non-derivative financial assets with cash flows on certain dates, including interest payments due to principal and principal balance, which are obtained under a business model aimed at collecting contractual cash flows and selling financial assets. Gains or losses arising from related financial assets, impairment gains or losses, and those other than currency difference income or expenses are reflected in other comprehensive income.
For investments in equity-based financial assets, the Company may irrevocably choose the method of reflecting subsequent changes in its fair value to other comprehensive income during the first-time financial statements. In the event of such a choice, the dividends obtained from the related investments are accounted for in the profit or loss table.
"Financial assets whose fair value difference is reflected in profit or loss" consists of financial assets other than financial assets measured at amortized cost and whose fair value difference is reflected in other comprehensive income. The gains and losses resulting from the valuation of these assets are accounted for in the income statement.
The company removes the financial asset from its records when its rights to the cash flows generated under the agreement on financial assets are terminated or when it transfers the ownership of all risks and returns related to this financial asset with a trading transaction. Any rights created or held by financial assets transferred by the company are accounted for as a separate entity or liability.
Impairment of financial and contract assets is calculated using the "Expected Credit Loss" (EXP) model. The impairment model is applied to amortized cost financial assets and contract assets.
The lifetime ECL measurement is applied if, at the reporting date, the credit risk associated with a financial asset increases significantly after initial recognition. In all other cases where the relevant increase was not experienced, the 12-month ECL calculation was applied. The Company may determine that if the financial asset's credit risk has a low credit risk at the reporting date, the financial asset's credit risk has not increased significantly. However, lifetime ETC measurement (simplified approach) always applies to trade receivables and contract assets without a significant financing element.
Commercial receivables resulting from the provision of products or services to the buyer are accounted for from the amortized value of the amounts to be obtained in the following periods from the original invoice value. Short-term receivables without a set interest rate are shown from the invoice amount if the effect of the original effective interest rate is not too great. In the financial statements, the "simplified approach" is applied within the scope of devaluation calculations of commercial receivables that are accounted for at the amortized cost price and do not contain a significant financing component (less than 1 year term). With this approach, in cases where commercial receivables are not depreciated for certain reasons (except for realized impairment losses), the provisions of losses related to commercial receivables are measured at an amount equal to "lifetime expected credit losses". If all or part of the depreciated credit amount is collected after the devaluation provision is allocated, the amount collected is deducted from the allocated impairment and recorded in other income from the principal activities. Interest income/expenses related to trade transactions and currency difference profits/losses are accounted for in the "Other Income/Expenses from Core Activities" account in the profit or loss table.
Commercial liabilities refer to mandatory payments for goods and services provided by suppliers for the Company's usual activities. If the expected period for the payment of commercial debts is 1 year or less (or longer but is within the normal operating cycle of the enterprise), these debts are classified as short-term liabilities. Otherwise, they are classified as longterm liabilities .
Commercial debts are recorded with their true values and are accounted for in subsequent periods by alteration of the value from the discredited value using the effective rate method.
Inventories are valued at less than the net perasible value or cost value. The cost determination method is the monthly weighted average for all stocks, and semi-finished products and products take a share of production costs. The net feasible value is the value after deducting marketing and sales expenses, with expenses made to get stocks ready for sale at the estimated sales price. For stocks that are unavailable or unsold, the value is recorded for impairment.
Tangible assets are accounted for by deducting the accumulated depreciation and, if any, accumulated impairment on cost values. When tangible assets are sold, the cost and accumulated depreciations and provisions for impairment, if any, are included in the income or expense, profit or loss statement after deducting them from the relevant accounts.
The cost value of the tangible asset consists of the purchase price, import taxes and non-refundable taxes and the costs to make the tangible asset ready for use. Costs such as repair and maintenance after the use of tangible assets are recorded at the time of their occurrence. If the expenditure provides an economic increase in future use of the relevant tangible asset, these expenditures are added to the cost of the asset.
Depreciated assets are subjected to depreciation according to linear depreciation method with rates based on their estimated economic lifespan. The method of economic life and depreciation is regularly reviewed and therefore it is examined whether the method and depreciation period are in line with the economic benefits to be obtained from the relevant asset.
If there is an indication that the value of the asset has decreased, the net realizable value of the related asset is reestimated and the provision for impairment is reflected in the financial statements.
If the registered value of an asset is higher than the recoverable value of the asset, the registered value is immediately reduced to recoverable. The recoverable value is the net sale price or high value of the related asset in use. The net sale price is determined by deducting the costs to be bearable to realize the sale from the reasonable value of the asset. The value in use is determined by adding residual values to the reduced amounts of estimated cash flows to be obtained in the future as of the reporting period by continuing to use the relevant asset. Profits and losses resulting from the sale of tangible assets are included in the income and expenses accounts from investment activities.
Intangible assets purchased
Intangible assets purchased are indicated by their accumulated amortization shares from cost values and their amounts after deducting accumulated impairments. These assets are amortized using linear amortization method according to their expected economic lifespan. The expected economic lifespan and amortization method is reviewed annually to determine the possible impact of changes in forecasts, and changes in estimates are accounted for going forward. These costs cover acquisition costs and are subject to amortization according to their economic lifespan.
Purchased computer software is activated at the cost of purchase and in the time it takes to be ready for use. These costs are amortized according to their economic life (3-15 years).
The costs associated with developing and maintaining computer software are recorded in the comprehensive income statement during their occur time. Expenditures that are in control of the Company, which can be directly associated with detectable and distinctive software products and that will provide economic benefits above cost for more than a year, are considered intangible assets. Costs include the costs of employees developing the software and some of the overall production costs. Computer software development costs, which are considered as intangible assets, are subject to amortization over their economic life.
For all its tangible and intangible assets, the Company evaluates at each report date whether there is any indication of impairment for the asset. If such an indication exists, the carrying value of that asset is compared with the net realizable value, which is the higher of the amounts to be obtained through use or sale. An impairment has occurred if the carrying amount of the asset, or any cash-generating unit to which that asset belongs, is greater than the amount to be recovered through use or sale. In this case, impairment losses are recognized in the profit or loss statement.
The increase in the carrying value of the asset (or cash-generating unit) due to the reversal of the impairment should not exceed the carrying amount (net amount after depreciation) that would have occurred had the impairment been recognized in previous years. The reversal of the impairment is recognized in the profit or loss statement.
Operating lease (as lessee)
Leases in which a significant portion of the risks and rewards of ownership belong to the lessor are classified as operating leases. Payments made as operating leases (less incentives received from the lessor) are charged to the statement of profit or loss on a straight-line basis over the lease term.
Operating lease (as lessor)
In the operating leasing, the leased assets are classified under tangible assets in the financial situation table, excluding real estate, land and properties held for investment purposes, and the rental income obtained is reflected in the profit or loss statement in equal amounts during the rental period. Rental income is reflected in the profit or loss statement by linear method during the rental period.
.
As of January 1, 2018, the Company has started to use the following five-stage model for accounting for revenue in accordance with TFRS 15 "Revenue Standard from Customer Contracts"
According to this model, the goods or services committed in each contract with the customers are evaluated and each commitment to transfer such goods or services is determined as a separate operating obligation. Then it is determined whether the step obligations will be fulfilled as a time spread or at a certain time. If the Company transfers control of a goods or services over time and therefore fulfills its operations obligations for related sales in a timely way, it measures the progress towards the full fulfillment of such action obligations and puts the proceeds in the financial statements as a time spread.
Revenue related to performance obligations, which are in the nature of a commitment to transfer goods or services, are recognized when the control of the goods or services is in the hands of the customers.
While the company evaluates the transfer of the control of the sold goods or services to the customer;,
The Company does not make corrections to the impact of a significant financing component on the promised price if it anticipates that at the beginning of the contract, the period between the transfer date of the goods or services committed to the customer and the date on which the customer pays for this goods or services will be one year or less. On the other hand, if there is an important financing element in the proceeds, the value of the proceeds is determined by reducing the future collections with the interest rate included in the financing element. The difference is recorded in the relevant periods as other income from the main activities on the basis of accrual.
Interest income is accrued in the relevant period on the basis of the effective interest method that brings the estimated cash inflows from the remaining principal balance and the corresponding financial asset to the net book value of that asset. Interest income and exchange income related to trade transactions are accounted for as other income from the main activities.
Dividend income from stock investments is reflected in financial statements when shareholders are entitled to receive dividends. Dividend liabilities are reflected in financial statements as an obligation after the general assembly's approval as a component of the profit distribution.
Borrowings are accounted for at fair value less transaction costs incurred during initial recognition. Borrowings are measured at amortized cost after initial recognition. The difference between the amount collected (deducted transaction costs) and the amount recovered is recognized in profit or loss for the period using the effective interest method. Fees paid to obtain the loan facility are recognized as the transaction cost of the loan if it is probable that some or all the loan facility will be used. In this case, these fees are deferred until the loan is used. Where there is no evidence that it is probable that some or all the credit facility will be utilized, these fees are capitalized as a down payment for the liquidity service and amortized over the period for which the credit facility relates.
The costs of general and special purpose borrowings that are directly attributable to the acquisition, construction or production of a qualifying asset are capitalized as part of the cost of the asset over the period necessary to get those assets ready for their intended use or sale. Such costs are included in the cost of the asset if they can be measured in a reliable way and it is likely that the enterprise will benefit from economic benefits in the future. Investment income earned by the temporary management of special purpose liabilities that are expected to be spent on featured assets is deducted from borrowing costs that meet the conditions of capitalization. Borrowing costs that are not covered by this scope are eliminated on the date they occur.
Period tax expense includes current period tax expense and deferred tax expense. Current tax and deferred tax are recognized as income or expense in the statement of profit or loss, provided that the tax is not directly related to a transaction accounted for under equity or other comprehensive income. In this case, the tax is recognized in other comprehensive income or equity, respectively.
Current tax expense is calculated based on tax laws in the countries in which the Company and its subsidiaries operate, or close to the period of entry into force. The company periodically evaluates the tax returns if the applicable tax law is open to interpretation and, where necessary, a provision is made for the debts to be paid to the tax authorities.
Deferred tax is calculated using the liability method based on the temporary differences between the values of assets and liabilities in the financial statements and the tax values. Deferred tax assets and liabilities are calculated at the tax rates expected to be applied during the period in which the tax asset will occur, or its liability will be executed, taking into account the tax rates and tax legislation that are in force or come into force as of the balance sheet date. Deferred tax assets are calculated provided that it is highly likely to benefit from temporary differences by making taxable profits in the future.
The Company calculates a deferred tax liability for all taxable temporary differences related to its subsidiaries, except that it can control the time when taxable temporary differences are closed and the temporary difference is unlikely to be closed within a predictable period of time.
The company can determine the deferred tax asset and deferred tax liability of the same taxpayer or different taxpayers who intend to net the deferred tax asset or liability if and only if they have the legal right to set off the current tax assets against the current tax liabilities. If it is the same with the tax administration that made the arrangement, it is deducted.
In accordance with the current labor law, the company is obliged to pay a certain amount of severance pay to the personnel who quit their job due to retirement or who are dismissed for reasons other than resignation and bad behavior and who have served for at least one year.
In the related financial statements, the Company calculated the severance pay return using the "Projection Method" and based on the Company's past experience in completing its staff service period and qualifying for severance, and discounted government bonds at the earnings ratio on the balance sheet date.
The current service cost for defined benefit plans, reflected in the income statement as employee expenses, refers to benefit change reductions and an increase in payments in defined benefit liability resulting from employee services in the current year, excluding those added to the cost of an asset. Historical service costs are recorded in the income statement during the period in which they occurred.
Net interest expense is calculated by applying a discount rate to the net value of the defined benefit obligation and the actual value of the planned asset. This cost is accounted for under employee expenses in the profit or loss table.
Defined benefit plans re-measurement gains and losses arising from difference corrections and actuarial assumption changes between actuarial assumption and realized are reflected in equity as other comprehensive income during the period in which they occurred.
The unused permission rights accrued in financial statements represent the estimated total return for future potential liabilities related to the days of the well-deserved leave that employees do not use as of the balance sheet date.
Earnings per share reported in the profit or loss statement is calculated by dividing net profit by the weighted average number of shares outstanding throughout the reporting period.
In Turkey, companies can increase their capital through "bonus shares", which they distribute to their existing shareholders from previous years' earnings and inflation adjustment differences. Such "bonus shares" distributions are treated as issued shares in earnings per share calculations. Accordingly, the weighted average number of shares used in these calculations is calculated by taking into account the retrospective effects of the said share distributions.
A provision is made in the financial statements if there is a present obligation as a result of past events, it is probable that the obligation will be settled and the amount of the obligation can be estimated reliably.
The amount recognized as a provision is calculated by estimating the expense to settle the obligation as of the report date, taking into account the risks and uncertainties associated with the obligation.
Where the effect of the time value of money is material, the amount of the provision is determined as the present value of the expenses expected to be necessary to settle the obligation. In determining the discount rate to be used in reducing the provisions to their present values, the interest rate in the relevant markets and the risk related to the said liability are taken into account. This discount rate is determined pre-tax and does not include the risk associated with estimating future cash flows.
Where some or all of the economic benefit required to pay the recompense is expected to be covered by third parties, the amount to be collected is accounted for as an asset if the collection of the relevant amount is almost certain and measured reliably.
The financial statements of each business of the Company are presented in the currency (functional currency) valid in the main economic environment in which they operate. The financial position and operating results of each business are expressed in Turkish Lira ("TRY"), which is the functional currency of the Company and the presentation currency for the financial statements. During the preparation of the financial statements of each enterprise, transactions in foreign currency (currencies other than TRY or currencies other than the functional currency of the relevant enterprise) are recorded based on the exchange rates on the date of the transaction. Monetary assets and liabilities indexed to foreign currency in the statement of financial position are translated into TRY using the exchange rates prevailing on the report date.
Those recorded in foreign currency from non-monetary items that are monitored with fair value are converted to TRY based on the exchange rates at the time the fair value is determined. Non-monetary items in foreign currency measured in historical costs are not subject to translation.
The assets and liabilities of the company's foreign activities are expressed in TRY using the cures valid at the date of the report in financial statements. Income and expense items are translated using average rates during the period unless there is significant fluctuation in exchange rates during the period at which the rates were to be used (in case of significant fluctuations, rates at the date of the transaction are used). The exchange difference is classified as equity and transferred to the Company's foreign currency translation differences fund. These loop differences are recorded in the profit or loss table during the period of the disposal of foreign activity.
Goodwill and fair value corrections arising from the purchase of activities abroad are treated as assets and burdens of activity abroad and translated using the end-of-term rate.
As of March 31, 2022 and December 31, 2021.C. Central Bank exchange rates are as follows;
| 31.03.2022 | 31.12.2021 |
|---|---|
| 14,6371 / 14,6635 |
13,3290 |
| 15,0867 | |
| 19.1807 / 19.2807 |
17.9667 |
| 16,2855 / 16,3148 |
The fact that a financial asset and debt are offset together and the net amount is shown on the balance sheet, but the it may be possible if it has a legal right to clarify the amounts accounted for and intends to make payments on a net basis or to obtain the asset and to pay the debt simultaneously. The legal right should not be linked to a future event and should be available in normal operational flow and even in the event of a default, incapacitated or bankruptcy of the company or the other party.
Government donations are recorded on their fair value when there is a reasonable assurance that donations will be received and that the Company meets the conditions it is obliged to comply with.
Events after the balance sheet date; covers all events between the balance sheet date and the date of authorization for the publication of the balance sheet, even if they occurred after any announcement of the profits of the period or other selected financial information was made public. The Company adjusts the amounts received in the financial statements in accordance with this new situation in the event of incidents that require correction after the balance sheet date. Noncorrection issues arising from the date of balance sheet are explained in the financial statement footnotes if they are issues that affect the economic decisions of the financial statement users.
In the presence of one of the following criteria, the party is deemed to be related to the Company:
(a) The said party, directly or indirectly, through one or more of its intermediaries:
(i) Controls, is controlled by, or is under joint control with the entity (including parents, subsidiaries, and subsidiaries in the same line of business);
(ii) Having a share that will enable it to have significant influence on the company; or
(iii) Has joint control over the Company.
(b) The party is an affiliate of the Company;
(c) The entity is a partnership with which the Company is a joint entrepreneur;
(d) The entity is a member of the Key Executive Staff of the Company or its parent partnership;
(e) The entity is a close family member of any individual mentioned in (a) or (d);
(f) The entity is a business where any individual, controlled, co-controlled or under significant influence, or referred to in (d) or (e), has the right to a significant vote directly or indirectly; or,
(g). The entity must be a benefit plan provided to employees of a business or business that is associated with the business, after leaving work.
The Company prepares a cash flow statement as an integral part of other financial statements to inform financial statement users about the changes in its net assets, its financial structure and its ability to direct the amount and timing of cash flows according to changing conditions. Cash flows for the period are classified as operating, investing, and financing activities.
Cash flows from operating activities indicate cash flows from Company activities. The company chose to present its cash in and out of operating activities in financial statements in a clear (indirect) way.
Cash flows related to investment activities show the cash flows that the Company uses and achieves in investment activities (fixed investments and financial investments).
Cash flows related to financing activities indicate the resources used by the Company in its financing activities and the reimbursements of these resources.
Changes in accounting estimates are applied only for one period, during the current period of the change, and in the future, both during the period of the change and in the future. Important estimates used during the preparation of financial statements for the period ending on March 31, 2022 are consistent with the estimates used during the preparation of financial statements for the period that ended on December 31, 2021. The key accounting errors identified are retroactively applied and the previous financial statements are reorganized.
The preparation of financial statements requires the Company management to make estimates and assumptions that affect certain reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting year. Actual results could differ from those estimates. Those estimates are reviewed periodically, and as adjustments become necessary, they are reported in earnings in the periods in which they become known.
Significant estimates used in the preparation of these financial statements and the significant judgments with the most significant effect on amounts recognized in the financial statements are as follows:
The cost of defined benefit plans is determined using actuarial valuations which involve making assumptions about discount rates, future salary increases and employee turnover. Due to the long- term nature of these plans, such estimates are subject to significant uncertainty.
The possibility of loss of lawsuits and any liability arising in the event of loss are assessed by the Company's management by taking the advice of the Company's Legal Counsel and the expert. Company management determines the amount of provision for the case based on best estimates.
Company management has made assumptions based on the experience of the technical staff in determining the useful life of tangible and intangible assets.
Deferred tax assets and liabilities are recorded using tax rates that are widely used for temporary differences between the notebook values and matrahs of assets and liabilities. Based on the evidence available, it has been considered possible that all or part of the deferred tax assets may not be converted or converted into cash. Key factors considered include potential for future income, losses accumulated from previous years, tax planning strategies that will be implemented if necessary, and the nature of revenue that can be used to convert the deferred tax asset into cash.
Due to the Covid 19 epidemic, which affected the whole world, there were disruptions in the supply and sales processes in the areas where the Company operates, in parallel with the developments/slowdowns experienced mainly in the second quarter of the year, both in the sector in which the Company is located and in general economic activity. During these periods, production activities were temporarily suspended. In this process, necessary actions have been taken by the Company management to minimize the possible effects of Covid 19 on the Company's activities and financial situation. It is not yet clear how long the effect of the Covid 19 epidemic will continue both in the world and in Turkey, and as the severity and duration of the effects become clear, it will be possible to make a more specific and healthy assessment for the medium and long term. While preparing its financial statements dated March 31, 2022, the company evaluated the possible effects of the Covid 19 epidemic on its financial statements and reviewed the estimates and assumptions used in the preparation of the financial statements.
In order to support the export activities of the company, the establishment procedures of the subsidiary, which was decided to be established with the title of Rising Steel Inc, in the organized industrial area close to the Chicago region in the state of Illinois, USA, were completed as of 08.02.2022 and registered on 10.02.2022.Since the company was inactive in the relevant period, it was not consolidated and was shown in the financial statements at cost.
The methods which are used in the company's field of activity, quality of service, characteristics of economic, the classification of customers in accordance with risk, and the distribution of services are similar. In addition, the company's organizational structure, all different activities of the company are managed and considered as part of a single activity instead of including different activities. The company's operating results, the identification of resources to be allocated to these activities and review of the performance of these activities are considered in this context.
The details of the transactions between the Company and other related parties are explained below:
None (December 31, 2021: None)
None (December 31, 2021: None)
None (December 31, 2021: None)
The details of the company's purchases from related parties are as follows:
| 31.03.2022 | 31.03.2021 | |
|---|---|---|
| SKY Fuarcılık A.Ş. (*) | 60.000 | 17.168 |
| Shareholders (**) |
517.500 | 383.333 |
| Total | 577.500 | 397.501 |
(*) It is resulted from rent expense.
(**) Includes rental fees paid for the office rented from company partners Ferhan Göktürk and Yüksek Göktürk.
The details of the remuneration and similar benefits provided to the senior executives of the company are as follows:
| 31.03.2022 | 31.03.2021 | |
|---|---|---|
| Benefits to top management | 418.928 | 339.417 |
| Total | 418.928 | 339.417 |
The details of the company's short-term trade receivables are as follows:
| 31.03.2022 | 31.12.2021 | |
|---|---|---|
| Checks received | 353.192.644 | 219.800.174 |
| Trade receivables | 116.473.077 | 98.469.213 |
| Notes receivable | 408.000 | 417.000 |
| Rediscount of notes and checks receivable (-) | (11.190.770) | -- |
| Trade receivables Tfrs 9 expected credit loss |
(1.572.535) | (648.766) |
| Provision for doubtful receivables | 3.607.160 | 3.607.160 |
| Provision for doubtful trade receivables (-) | (3.607.160) | (3.607.160) |
| Total | 457.310.416 | 318.037.621 |
The movement table of the Company's provisions for doubtful receivables is as follows
| 31.03.2022 | 31.12.2021 | |
|---|---|---|
| Opening Increase during the period Provisions no longer required |
4.255.926 923.769 -- |
3.748.097 507.829 -- |
| Closing | 5.179.696 | 4.255.926 |
The average maturity for trade receivables is 93 days (December 31,2021: 107 days). The Company has booked provision for their doubtful receivables. The provision amount consists of uncollectable amount and deduction of guaranteed amount received for the related receivable amount. The Company has insurance policy for covering receivables in Turkiye. The Company has agreement with Euler Hermes Sigorta A.Ş. including following details.
The policy is valid for the period between 1 November 2021 - 31 October 2022 and has been issued for 1 year.
Currency of the claims subject to the policy has been determined as TRY.
The guaranteed rate has been determined as 90% for the commercial receivables for which a credit limit request has been made. In addition, the Company has receivables and letters of guarantee within the scope of DBS.
As of 31 March 2022, the Company's 780 customers within the body of Euler Hermes Sigorta A.Ş.
There is an insurance coverage limit of TRY 247.841.065. In addition, the Company has a DBS secured limit of TRY 42.881.000 for its 122 customers with 100% bank guarantee, which is allocated to its customers at 10 banks. In addition, there is a letter of guarantee limit of RYL 1.030.000 in total for 5 customers.
The details of the company's short term trade payables are as follows:
| 31.03.2022 | 31.12.2021 | |
|---|---|---|
| Sellers | 46.830.473 | 32.234.125 |
| Debt securities | 8.881.457 | 49.437.507 |
| Other trade payables | 2.948.433 | 1.568.198 |
| Debt rediscount (-) | (1.429.965) | (173.464) |
| Total | 57.230.398 | 83.069.441 |
None (December 31, 2021: None)
The details of the company's other short-term receivables are as follows:
| 31.03.2022 | 31.12.2021 | |
|---|---|---|
| Deposits and guarantees given Various other receivables |
4.010 -- |
17.102 18.645 |
| Total | 4.010 | 35.747 |
The details of the company's inventories are as follows:
| 31.03.2022 | 31.12.2021 | |
|---|---|---|
| Trade goods | 95.505.509 | 132.462.586 |
| Total | 95.505.509 | 132.462.586 |
As of 31 March 2022, and 31 December 2021, the Company has no inventory impairment.
None (December 31, 2021: None)
The details of the company's short-term prepaid expenses are as follows:
| Total | 88.585.026 | 50.142.368 |
|---|---|---|
| Personnel advances | 467.794 | 79.400 |
| Business advances | 4.278 | -- |
| Expenses for the following months | 830.706 | 785.380 |
| Advances given | 87.282.248 | 49.277.588 |
| 31.03.2022 | 31.12.2021 |
The details of the company's long-term prepaid expenses are as follows:
| 31.03.2022 | 31.12.2021 | |
|---|---|---|
| Expenses for the following years |
12.711 | 107.295 |
| Total | 12.711 | 107.295 |
The details of the company's short-term deferred income is as follows:
| 31.03.2022 | 31.12.2021 | |
|---|---|---|
| Liabilities arising from customer contracts Income for the next months |
27.725.879 -- |
2.953.160 3.667.673 |
| Total | 27.725.879 | 6.620.833 |
The movements in the company's tangible assets and related accumulated depreciation are as follows:
| 31.12.2020 | Addition | Transfers | Disposal | 31.12.2021 | Addition | Transfers | Disposal | 31.03.2022 | |
|---|---|---|---|---|---|---|---|---|---|
| Cost | |||||||||
| Plots and Surface Layouts | -- | -- | -- | -- | 15.425.000 | -- | -- | -- | 15.425.000 |
| Buildings | 8.749.000 | 84.731 | 1.175.014 | -- | -- | -- | -- | -- | |
| Machinery and equipment | 11.797.459 | 4.416.550 | 2.509.252 | (1.096.000) | 7.736.026 | -- | -- | (40.000) | 7.696.025 |
| Vehicles | 1.519.161 | -- | -- | -- | 4.050.063 | 16.600 | -- | -- | 4.066.663 |
| Fixtures | 1.475.594 | 2.484.120 | 106.992 | -- | 5.127.513 | 75.806 | -- | -- | 5.200.936 |
| Specific costs | 820.849 | -- | -- | -- | 10.540.883 | -- | (10.540.883) | -- | -- |
| Ongoing investments | 2.509.251 | 1.282.007 | (3.791.258) | -- | 192.652 | 7.685 | -- | -- | 200.337 |
| 26.871.314 | 8.267.408 | -- | (1.096.000) | 43.072.137 | 100.091 | (10.540.883) | (42.382) | 32.588.961 | |
| Accumulated Depreciation | |||||||||
| Buildings | 54.681 | 60.945 | -- | -- | - | -- | -- | -- | -- |
| Machinery and equipment | 3.067.535 | 380.037 | -- | (301.000) | 1.820.311 | 179.786 | -- | (39.375) | 1.960.722 |
| Vehicles | 643.440 | 77.215 | -- | -- | 1.842.432 | 171.649 | -- | -- | 2.014.081 |
| Fixtures | 722.054 | 79.716 | -- | -- | 1.206.683 | 158.244 | -- | -- | 1.364.928 |
| Specific costs | 419.534 | 11.130 | -- | -- | 5.171.727 | 383.391 | (5.555.118) | -- | -- |
| 4.907.244 | 609.043 | -- | (301.000) | 10.041.153 | 893.070 | (5.555.118) | (39.375) | 5.339.731 | |
| -- | -- | -- | -- | ||||||
| Net Book Value | 21.964.070 | 33.030.984 | 27.249.230 |
As of 31 March 2022, the Company does not have any pledges or mortgages on Tangible Fixed Assets.
None (December 31, 2021: None)
None (December 31, 2021: None)
The details of the company's intangible assets are as follows
| 31.12.2020 | Addition | Transfers | Disposal | 31.12.2021 | Addition | Transfers | Disposal | 31.03.2022 | |
|---|---|---|---|---|---|---|---|---|---|
| Cost | |||||||||
| Rights | 174.566 | 187.291 | -- | -- | 361.857 | 7.980 -- |
-- -- |
-- -- |
369.841 -- |
| Total | 174.566 | 198.291 | -- | -- | 361.857 | 7.980 | -- | -- | -- |
| -- | -- | -- | -- | ||||||
| Accumulated depreciation | -- | -- | -- | -- | |||||
| Rights | (73.625) | (57.174) | -- | -- | (130.799) | -- (11.980) -- |
-- -- -- |
-- -- -- |
-- (142.779) -- |
| Total | (73.625) | (57.174) | -- | -- | (130.799) | (11.980) | -- | -- | (142.779) |
| Net Book Value | 100.941 | 231.058 | 227.062 |
None (December 31, 2021: None)
The balances of right-of-use assets as of 1 January and 31 March 2022 and their depreciation and amortization expenses in the relevant period are as follows:
| 01.01.2021 | Addition | Other | Disposal | 31.12.2021 | Addition | Other | Disposal | 31.03.2022 | |
|---|---|---|---|---|---|---|---|---|---|
| Cost | |||||||||
| Buildings | 5.703.165 | -- | 651.482 | -- | 6.354.647 | -- | 278.450 | -- | 6.633.097 |
| Special Costs | -- | -- | -- | -- | -- | 10.540.883 | -- | -- | 10.540.883 |
| Total | 5.703.165 | -- | 651.482 | -- | 6.354.647 | 10.540.883 | 278.450 | -- | 17.173.980 |
| Accumulated Depr. | |||||||||
| Buildings | (1.454.244) | (1.032.125) | (1.901) | -- | (2.488.270) | (489.351) | 387.655 | -- | (2.589.966) |
| Special Costs | -- | -- | -- | -- | -- | (5.555.118) | -- | -- | (5.555.118) |
| Total | (1.454.244) | (1.032.125) | (1.901) | -- | (2.488.270) | (6.044.469) | 387.655 | -- | (8.145.084) |
| Net Book Value | 4.248.921 | 3.866.377 | 9.028.896 |
As of March 31, 2022, the total of the future minimum lease liability within the framework of non-cancellable operating leases is as follows;
| 31.03.2022 | 31.12.2021 | |
|---|---|---|
| Payables from rental transactions (Short term) | 2.721.077 | 1.242.969 |
| Payables from rental transactions (Long term) | 5.294.068 | 3.872.069 |
| Total | 8.015.145 | 5.115.038 |
Payables from lease transactions consist of borrowings within the scope of "TFRS-16 Leases" provision made for the lease of İzmir office, Dudullu office, Representative office, Ataköy office and Head office building as right-of-use assets.
None (December 31, 2021: None)
None (December 31, 2021: None)
None (December 31, 2021: None)
The details of the company's provisions are as follows:
The details of the company's short-term provisions for employee benefits are as follows:
| 31.03.2022 | 31.12.2021 | |
|---|---|---|
| Unused leave liability | 272.617 | -- |
| Total | 272.617 | -- |
The details of the company's long-term provisions for employee benefits are as follows:
| 31.03.2022 | 31.12.2021 | |
|---|---|---|
| Severance pay liability |
1.186.886 | 576.547 |
| Total | 1.186.886 | 576.547 |
Under Turkish Labour Law, Yukselen Çelik is required to pay termination benefits to each employee who has completed one year of service and whose employment is terminated without due cause, who is called up for military service, dies or retires after completing 25 years of service (20 years for women) and reaches the retirement age (58 for women and 60 for men). As the maximum liability is revised semi-annually, the maximum amount of TRY 10.849 effective from March 31,2022 (December 31,2021: TRY 8.285).
The liability is not funded as there is no funding requirement. The provision has been calculated by estimating the present value of the future probable obligation of the Company arising from the retirement of the employees. TAS 19 ("Employee Benefits") requires actuarial valuation methods to be developed to estimate the enterprise's obligation under defined benefit plans. Accordingly, the following actuarial assumptions are used in the calculation of total liabilities: The principal assumption is that the maximum liability for each year of service increases in line with inflation. Thus, the discount rate applied represents the expected real rate after adjusting for future inflation effects.
As of 31 March 2021, the provisions in the accompanying financial statements are calculated by estimating the present value of the future probable obligation of the Company arising from the retirement of the employees. As of the 31 March 2021, the provisions at the respective balance sheet dates have been calculated assuming an annual inflation rate of 13,00% and an interest rate of 16,50%, resulting in a real discount rate of 3,10%. (31 December 2021: %3,92 real discount rate).
The important estimates used in the calculation of the severance pay liability are the discount rate and the probability of voluntary dismissal.
| 31.03.2022 | 31.12.2021 | |
|---|---|---|
| Opening balance | 576.547 | 579.169 |
| Service costs | 333.053 | 81.084 |
| Interest cost | 4.403 | 79.169 |
| Severance Pay Paid | -- | - |
| Actuarial (Gain) / Loss | 272.883 | (162.875) |
| End of period | 1.186.886 | 576.547 |
| 31.03.2022 | 31.12.2021 | |
|---|---|---|
| Letters of guarantee taken | 1.030.000 | 1.030.000 |
| Total | 1.030.000 | 1.030.000 |
As of March 31, 2022 and December 31, 2021, there is no mortgage on Company's assets.
| 31.03.2022 | 31.12.2021 | |
|---|---|---|
| Letters of guarantee given | 12.740.156 | 13.622.386 |
| Total | 33.683.470 | 13.622.386 |
| Information on the Company's given collateral position is as follows: | 31.03.2022 | 31.12.2021 |
| A. Total amount of GMP that Issued on behalf of the legal entity B. Total Amount of GSM given for partnerships which are included in full consolidation |
12.740.156 -- |
13.622.386 -- |
| C. Total Amount of GSM given for the purpose of guaranteeing third party loans to carry the regular trade activities |
-- | -- |
| D. Total Amount of another GSM given | -- | -- |
| i. Total amount of GSM given in favor of the main partner | -- | -- |
| ii. Total amount of GSM given in favor of other group companies not covered by B and C clauses |
-- | -- |
| iii. Total amount of GSM given in favor of third parties not covered by Article C |
-- | -- |
| Total | 12.740.156 | 13.622.386 |
| The ratio of other GSM's to the Company's equity | 0,0399 | 0,0509 |
The details of the payables within the scope of the company's employee benefits are as follows:
| 31.03.2022 | 31.12.2021 | |
|---|---|---|
| Payables to employees SSI premium payables SSI deduction payables |
588.787 264.676 -- |
-- 317.393 178.822 |
| Total | 853.463 | 496.215 |
The details of the company's general administrative expenses are as follows:
| 01.01.2022- 31.03.2022 |
01.01.2021- 31.03.2021 |
|
|---|---|---|
| Personnel expenses | (1.417.667) | (890.381) |
| Depreciation and amortization | (154.727) | (659.181) |
| Consulting expenses | (62.024) | (164.774) |
| Stationery and Office Materials expenses | (38.036) | (149.050) |
| Insurance expenses | (363.997) | (75.041) |
| Electricity, Water, Natural Gas Expenses | (53.222) | (26.265) |
| Communication expenses | (14.379) | (10.303) |
| Tax, duty and fee expenses | (34.860) | (6.225) |
| Outside benefits and services | (564.998) | -- |
| Bank commission expense | (468.382) | (134.017) |
| Severance pay and leave provision | (293.288) | -- |
| Other expenses | (243.923) | (198.101) |
| Total | (3.709.503) | (2.313.336) |
The details of the company's marketing, sales and distribution expenses are as follows:
| 01.01.2022- 31.03.2022 |
01.01.2021- 31.03.2021 |
|
|---|---|---|
| Personnel expenses | (2.099.432) | (937.459) |
| Depreciation and amortization | (750.323) | (446.843) |
| Shipping and cargo expenses | (2.766.454) | (430.973) |
| Repair and maintenance repair expenses | (71.124) | (156.040) |
| Consultancy expenses | (1.806.375) | (99.509) |
| Motor vehicle expenses | (198.562) | (81.362) |
| Fair and advertising expenses | (178.505) | (21.890) |
| Travel expenses | (89.508) | (6.683) |
| Insurance expenses | (16.058) | (14.349) |
| Provision for severance Pay | (316.785) | -- |
| Other expenses | (572.322) | (197.525) |
| Total | (8.865.448) | (2.392.633) |
None (March 31, 2021: None)
The details of the company's other current assets are as follows:
| 31.03.2022 | 31.12.2021 | |
|---|---|---|
| Income accruals | 50 | -- |
| Total | 50 | -- |
The company's shareholders and their shares in the capital are as follows:
| 31.03.2022 | 31.12.2021 | |||
|---|---|---|---|---|
| Share Amount (TRY) |
Share Ratio (%) |
Share Amount (TRY) |
Share Ratio (%) |
|
| Barış GÖKTÜRK | 35.373.450 | 28,30% | 35.158.450 | 28,20% |
| Yüksel GÖKTÜRK | 32.676.632 | 26,14% | 32.623.238 | 26,10% |
| Burak GÖKTÜRK | 17.605.633 | 14,08% | 17.605.634 | 14,08% |
| Ferhan GÖKTÜRK | 2.641.105 | 2,12% | 2.640.845 | 2,11% |
| Open to public | 36.703.180 | 29,36% | 36.971.833 | 29,58% |
| Total Capital | 125.000.000 | 100% | 125.000.000 | 100% |
None (December 31, 2021: None)
| 31.03.2022 | 31.12.2021 | |
|---|---|---|
| Defined Benefit Plans Re-Measurement Gains (Losses) (*) | (328.849) | 110.543 |
| Total | (328.849) | 110.543 |
(*) With the change in TAS 19 "Employee Benefits" standard, actuarial loss and gains that are taken into account in the calculation of the severance pay provision are not allowed to be recognized in the income statement. Losses and gains resulting from changes in actuarial assumptions are accounted for under equity. Actuarial severance pay provision actuarial loss/gain fund cannot be reclassified to profit or loss.
The details of the company's previous years profit/loss account are as follows:
| 31.03.2022 | 31.12.2021 | |
|---|---|---|
| Previous Year's Profits/(Losses) Extraordinary Reserves |
136.260.534 2.795.186 |
26.203.403 2.795.186 |
| Total | 139.055.720 | 28.998.589 |
Publicly traded companies make their dividend distributions in accordance with the CMB's Dividend Communiqué no. II-19.1, which came into effect as of February 1, 2015.
Partnerships distribute their profits within the framework of the profit distribution policies to be determined by their general assembly and in accordance with the provisions of the relevant legislation. Within the scope of the said communiqué, a minimum distribution rate has not been determined. Companies pay dividends as determined in their articles of association or dividend policy. In addition, dividends can be paid in installments of equal or different amounts, and dividend advances can be distributed in cash over the profit included in the interim financial statements.
Unless the reserves required to be set aside in accordance with the TTK and the dividend determined for the shareholders in the articles of association or the profit distribution policy are reserved; It cannot be decided to allocate other reserves, to transfer profits to the next year, and to distribute dividends to shareholders, members of the board of directors, partnership employees and non-shareholders.
Past years losses of partnerships; The portion exceeding the total amount resulting from the adjustment of retained earnings, general legal reserves including share premiums, and equity items excluding capital, according to inflation accounting, is considered as a discount item in the calculation of net distributable profit for the period.
| The details of the company's restricted reserves allocated from profit account are as follows | 31.03.2022 | 31.12.2021 |
|---|---|---|
| Legal reserves | 3.311.728 | 4.227.673 |
| Total | 3.311.728 | 4.227.673 |
The details of the company's revenue and cost of sales are as follows:
| 01.01.2022- | 01.01.2021- | |
|---|---|---|
| 31.03.2022 | 31.03.2021 | |
| Domestic sales | 350.634.806 | 85.808.572 |
| Foreign sales | 27.496.720 | 2.501.767 |
| Other sales | 159.059 | 59.201 |
| Gross sales | 378.290.585 | 88.369.540 |
| Sales returns (-) | (2.397.269) | (231.339) |
| Sales discounts (-) | (149.094) | (121.718) |
| Net sales | 375.744.222 | 88.016.483 |
| Cost of services sold (-) | (141.562) | -- |
| Cost of trade goods sold (-) | (283.109.972) | (70.906.434) |
| Cost of sales (-) | (283.251.534) | (70.906.434) |
| Gross Profit/(Loss) | 92.492.688 | 17.110.049 |
None (December 31, 2021: None)
Details of the general management and marketing expenses of the Company are presented below;
| 01.01.2022- 31.03.2022 |
01.01.2021- 31.03.2021 |
|
|---|---|---|
| General and administrative expenses (-) Marketing expenses (-) |
(3.709.503) (8.865.448) |
(2.313.335) (2.392.634) |
| Total | (12.574.951) | (4.705.969) |
The details of the company's other income and expense accounts from main activities are as follows::
| Impairment in Accordance with IFRS 9 | 01.01.2022- 31.03.2022 (923.769) |
01.01.2021- 31.03.2021 (129.085) |
|---|---|---|
| Total | -- | 49.248 |
| Fixed asset sales profits | -- | 49.248 |
| 01.01.2022- 31.03.2022 |
01.01.2021- 31.03.2021 |
|
| NOTE 35 – INCOME / (EXPENSES) FROM INVESTMENT OPERATIONS |
||
| Total | (13.834.641) | (2.539.727) |
| Other | (148.212) | (55.877) |
| Exchange Expenses | (1.687.536) | (724.851) |
| Commission Expense Rediscount Expense |
(164.512) (11.537.697) |
-- (990.133) |
| Interest Eliminated from Purchases | (296.683) | (768.866) |
| 31.03.2022 | 31.03.2021 | |
| (b) Other Expenses from Main Operations (-) |
01.01.2022- | 01.01.2021- |
| Total | 13.841.254 | 8.447.649 |
| Exchange Income Other |
8.859.245 931.774 |
1.142.479 69.335 |
| Rediscount interest income | 1.603.429 | 5.531.492 |
| Interest Eliminated from Sales | 2.446.806 | 1.704.343 |
| 31.03.2022 | 31.03.2021 | |
| 01.01.2022- | 01.01.2021- |
| 01.01.2022- 31.03.2022 |
01.01.2021- 31.03.2021 |
|
|---|---|---|
| General and Administrative Expenses Marketing, Sales and Distribution Expenses |
(154.727) (750.323) |
(659.181) (446.843) |
| Total | (905.050) | (1.106.024) |
The details of the financial income account of the company are as follows;
| 01.01.2022- 31.03.2022 |
01.01.2021- 31.03.2021 |
|
|---|---|---|
| Interest income | 61.801 | 29.193 |
| Exchange differences income |
1.298.820 | 1.484.189 |
| Total | 1.359.901 | 1.513.382 |
The details of the financial expenses account of the company are as follows:
| 01.01.2022- 31.03.2022 |
01.01.2021- 31.03.2021 |
|
|---|---|---|
| Interest expense (-) Exchange differences expense (-) |
(15.332.159) (702.772) |
(1.744.454) (897.912) |
| Total | (16.034.931) | (2.642.366) |
| 31.03.2022 | 31.12.2021 | |
|---|---|---|
| Defined benefit plans re-measurement gains (losses) Taxes on Other Comprehensive Income Not to be Reclassified to Profit or Loss - Defined benefit plans re-measurement gains (losses), Tax effect |
(272.883) 54.577 54.577 |
152.236 (30.447) (30.447) |
| Total | (218.306) | 121.789 |
None. (December 31, 2021: None)
The Group is subject to Turkish corporate taxes. Provision is made in the accompanying financial statements for the estimated charge based on the Company's results for the years and periods. Turkish tax legislation does not permit a parent company and its subsidiary to file a tax return. Therefore, provisions for taxes, as reflected in the accompanying financial statements, have been calculated on a separate-entity basis. Corporate tax is applied on taxable corporate income, which is calculated from the statutory accounting profit by adding back non-deductible expenses, and by deducting dividends received from resident companies, other exempt income and investment incentives utilized. The effective tax rate in 2022 is 25% for the Company. (31.12.2021: 23%)
The Law numbered 7061 on Amendment of Certain Taxes and Laws and Other Acts was published on the Official Gazette dated December 5, 2017 and numbered 30261. Article 5 entitled "Exceptions" of the Corporate Tax Law has been amended in Article 89 of the Law. In accordance with (a) clause in the first paragraph of the Article, the exemption of 75% applied to gains from the sales of lands and buildings held by the entities for two full years has been reduced to rate of 50%. This regulation has been effective from 5 December 2017.
The company's tax expenses are as follows:
| 31.03.2022 | 31.12.2021 | |
|---|---|---|
| Corporate tax provision Prepaid corporate tax (-) |
42.521.221 23.940.172 |
23.990.476 (12.259.359) |
| (Payable)/refundable corporate tax | 18.581.049 | 11.731.117 |
The Company recognizes deferred tax assets and liabilities for temporary timing differences arising from the differences between the tax base legal financial statements and the financial statements prepared in accordance with TAS. These differences are generally due to the fact that some income and expense items are included in different periods in tax base financial statements and financial statements prepared in accordance with TAS, and these differences are stated below. The corporate tax rate for 2021 and 2022 will be applied as 25% and 23%, respectively, within the scope of the "Law on the Law on the Collection of Public Claims and Amendments to Certain Laws", which entered into force after being published in the Official Gazette dated April 22, 2021. Within the scope of the said law, deferred tax assets and liabilities in the financial statements dated 31 March 2022 are calculated with 22% and 25% tax rates for the part of temporary differences that will have tax effects in 2021 and 2022.
| 31.03.2022 | 31.12.2021 | |||
|---|---|---|---|---|
| Deferred tax | Deferred tax | |||
| Total | asset/ | Total | asset/ | |
| Temporary differences | (liability) | Temporary differences | (liability) | |
| Deferred tax assets: | ||||
| Trade receivables |
(2.141.332) | (492.506) | (802.264) | (184.521) |
| Loan interest | (390.418) | (89.796) | 202.790 | 46.642 |
| Leasing (TFRS 16) |
(3.972.014) | (794.403) | (1.248.661) | (249.732) |
| Severance and unused leave pay liability | (1.459.503) | (291.901) | (576.547) | (115.309) |
| Exchange differences | (129.507) | (32.377) | (1.005.105) | (231.174) |
| Rediscounts | (11.190.770) | (2.797.693) | -- | -- |
| Deferred tax assets | (19.283.544) | (4.498.675) | (3.429.787) | (734.095) |
| Deferred tax liabilities | ||||
| Tangibles and intangibles adjustments | 5.342 | 1.068 | 32.191 | 6.438 |
| Rediscounts | 1.429.965 | 357.491 | 174.035 | 40.028 |
| Inventory adjustments | 53.726.453 | 13.431.613 | 59.331.639 | 13.646.277 |
| Financial Instruments | -- | -- | 314.706 | 72.382 |
| Deferred tax liabilities | 55.161.760 | 13.790.173 | 59.852.571 | 13.765.126 |
| Net | 9.291.498 | 13.031.031 |
The movement table of the company's deferred tax assets/(liabilities) is as follows:
| 01.01.2022- 31.03.2022 |
01.01.2021- 31.03.2021 |
|
|---|---|---|
| Tax income / (expense) in the income statement | ||
| Corporate tax provision Deferred tax income / (expense), net |
(18.581.049) 5.749.626 |
(2.138.008) (1.301.657) |
| Total tax income / (expense), net | (12.831.423) | (3.439.665) |
Earnings per share is calculated by dividing the profit for the period by the weighted average number of shares of the Company during the period.
The company's earnings per share calculation is as follows:
| 01.01.2022- 31.03.2022 |
01.01.2021- 31.03.2021 |
|
|---|---|---|
| Net profit per share of the parent shareholder Weighted average number of ordinary shares issued (TRY 1 each) |
51.494.128 125.000.000 |
13.363.516 125.000.000 |
| Earnings per share (TL) | 0,4119 | 0,1093 |
None. (December 31, 2021: None)
None. (December 31, 2021: None)
The foreign exchange risk of the company as of March 31, 2022 is shown in the table in Note: 47, and as of the accounting period ending on March 31, 2022, foreign exchange gain and foreign exchange loss are included in the accompanying financial statements in other income/expenses from main activities and finance income/expenses. shown.
In the statement made by the Public Oversight Accounting and Auditing Standards Authority; "According to the CPI rates announced by the Turkish Statistical Institute, the cumulative change in the general purchasing power of the last three years has been 74,41%. In this respect, businesses applying TFRS do not need to make any adjustments in their financial statements for 2021 within the scope of TAS 29." statements are included. In this context, the accompanying financial statements are presented without any adjustments within the scope of TAS 29. In this context, the accompanying financial statements are presented without any adjustments within the scope of TAS 29.
According to the inflation data published by the Turkish Statistical Institute on April 4, 2022, the three-year cumulative increase in the Consumer Price Index as of March 2022 was 109,4%. According to TAS 29 Financial Reporting Standard in Hyperinflationary Economies, one of the characteristics of a hyperinflationary economy is that the cumulative inflation rate has approached or exceeded 100% in the last three years. Within the framework of the CPI data, it is expected that the Turkish economy will be defined as a hyperinflationary economy according to the TAS 29 Standard and the TAS 29 Standard will be implemented in the upcoming periods. With the application of TAS 29, the financial statements will be expressed in the current measurement unit at the end of the reporting period. As of the end of the reporting period, nonmonetary items and equity items in the statement of financial position that are not expressed in the current measurement unit, and all profit or loss and other comprehensive income statement items will be adjusted for changes in the general price index. In addition, monetary position gains or losses will appear in the profit or loss and other comprehensive income statement depending on the net monetary position situation.
The effects of TAS 29 on the financial position and performance of the Company are being evaluated.
Derivative instruments included in Current Assets are as follows:
| 31.03.2022 | 31.12.2021 | |
|---|---|---|
| Account Name | ||
| Derivative financial instruments assets | -- | 314.706 |
| Total | -- | 314.706 |
The details of the company's short-term borrowings are as follows:
| 31.03.2022 | 31.12.2021 | |
|---|---|---|
| Bank credits | 187.261.463 | 109.985.766 |
| Other financial debts | 122.745 | 100.291 |
| Total | 187.384.208 | 110.086.057 |
| (b) Short-Term Portions of Long-Term Borrowings |
||
| 31.03.2022 | 31.12.2021 | |
| Right of use liability | 2.721.077 | 1.242.969 |
| Bank credits | 38.672.476 | 15.085.623 |
| Total | 41.393.553 | 16.328.592 |
| Borrowings for Lease Liabilities | 31.03.2022 | 31.12.2021 |
| Liabilities Arising from Leasing Transactions from Related Parties | 1.803.829 | 806.673 |
| Liabilities Arising from Leasing Transactions from Non-Related Parties | 917.248 | 436.296 |
| Toplam | 2.721.077 | 1.242.969 |
| 31.03.2022 | 31.12.2021 | |
|---|---|---|
| Bank credits Payables from rental transactions |
-- 5.294.068 |
20.760.331 3.872.069 |
| Total | 5.294.068 | 24.632.400 |
| Borrowings for Lease Liabilities | 31.03.2022 | 31.12.2021 |
| Liabilities Arising from Leasing Transactions from Related Parties Liabilities Arising from Leasing Transactions from Non-Related Parties |
4.146.499 1.147.569 |
1.131.925 2.740.144 |
| Toplam | 5.294.068 | 3.872.069 |
Principal payment terms of bank loans and financial leasing are presented below;
| 31.03.2022 | 31.12.2021 | |
|---|---|---|
| To be paid within 0-3 months | 187.384.208 | 110.050.286 |
| To be paid within 4 - 12 months |
38.672.476 | 15.085.623 |
| To be paid within 1-5 years | -- | 20.760.331 |
| Total | 226.056.684 | 145.996.531 |
| 31.03.2022 | 31.12.2021 | |
|---|---|---|
| TRY | 226.056.684 | 145.996.531 |
| Total | 226.056.684 | 145.996.531 |
The main financial instruments of the company consist of bank loans, cash and short-term deposits. The main purpose of these financial instruments is to finance the operating activities of the Company. The company also has other financial instruments such as trade payables and trade receivables arising directly from its operating activities.
In capital management, the company aims at enhancing profitability while keeping a reasonable leverage, on the other hand rendering sustainability in its operations.
The debt-to-equity ratio, which is calculated by dividing the net debt of the company, which is calculated by deducting the cash and cash equivalents of the company and short-term financial investments from the financial liabilities, by the total capital is as follows:
| 31.03.2022 | 31.12.2021 | |
|---|---|---|
| Total debt | 361.912.091 | 272.713.542 |
| Less: Cash and cash equivalents | (2.505.452) | (1.741.655) |
| Net debt | 359.406.639 | 270.971.887 |
| Total equity | 318.532.727 | 267.256.907 |
| Debt/Equity Ratio | 1,128 | 1,014 |
| 31.03.2021 | 31.12.2020 | |
| Total financial debt | 234.071.829 | 151.047.049 |
| Less: Cash and cash equivalents | (2.505.452) | (1.741.655) |
| Net financial debt | 231.566.377 | 149.305.394 |
| Total Equity | 318.532.727 | 267.256.907 |
| Invested Capital | 125.000.000 | 125.000.000 |
| Net Financial Debt/Investment Capital Ratio | 0,727 | 1,194 |
The main risks brought by the company's financial instruments are interest rate risk, liquidity risk, foreign currency risk and credit risk. The company management and the board of directors examine and accept the policies regarding the management of the following risks. The Company also considers the market value risk of all its financial instruments.
Liquidity risk is the risk that a company will not be able to meet its funding needs. The table below shows the maturity distribution of the Company's non-derivative and non-derivative financial liabilities. Non-derivative financial liabilities are prepared without discounting and based on the earliest due dates. Interests to be paid on these liabilities are included in the table below.
Derivative financial liabilities are arranged according to undiscounted net cash inflows and outflows. Futures instruments are paid net for futures transactions that have to be paid in gross and are realized over undiscounted, gross cash inflows and outflows. When receivables and payables are not fixed, the amount disclosed is determined using the interest rate derived from the yield curves at the report date.
| 31.03.2022 | Book value | Cashflow according to the agreement |
0-1 Year | 1-5 years |
|---|---|---|---|---|
| Non-derivative financial liabilities | 306.745.370 | 306.745.370 | (301.451.302) | (5.294.068) |
| Financial payables | 234.071.829 | 226.056.684 | (226.056.684) | -- |
| Payables from Rental Transactions | 8.015.145 | 8.015.145 | (2.721.077) | (5.294.068) |
| Payables under employee benefits | 853.463 | 853.463 | (853.463) | -- |
| Trade and other payables | 71.820.078 | 71.820.078 | (71.820.078) | -- |
| Derivative financial liabilities | -- | -- | -- | -- |
| Total | 306.745.370 | 306.745.370 | (301.451.302) | (5.294.068) |
| 31.12.2021 | Book Value | Cashflow according to the agreement |
0-1 Year | 1-5 years |
|---|---|---|---|---|
| Non-derivative financial liabilities | 234.080.719 | 253.184.027 | (216.576.315) | (47.820.229) |
| Financial payables | 145.896.240 | 162.545.927 | (130.918.830) | (31.627.097) |
| Payables from Rental Transactions | 5.115.038 | 7.395.195 | (2.414.580) | (4.980.615) |
| Payables under employee benefits | -- | -- | -- | -- |
| Trade and other Payables | 83.069.441 | 83.242.905 | (83.242.905) | -- |
| Derivative financial liabilities | 314.706 | 331.875 | (331.875) | -- |
| Total | 234.080.719 | 253.184.027 | (216.576.315) | (36.607.712) |
The Company's operations are primarily exposed to financial risks related to changes in foreign exchange rates and interest rates, as detailed below. The Company uses various non-derivative financial instruments in order to keep the risks associated with foreign exchange and interest rates under control. Market risks are also evaluated with sensitivity analysis.
Transactions in foreign currencies cause exchange rate risk. The distribution of the company's monetary and nonmonetary assets in foreign currency and monetary and non-monetary liabilities as of the balance sheet date is as follows:
| 31.03.2022 | ||||
|---|---|---|---|---|
| TL | ||||
| Equivalent | USD | EURO | Other | |
| 1. Trade Receivables | 26.310.650 | 1.182.575 | 552.712 | -- |
| 2a. Monetary Financial Assets (including cash, banks) | 1.596.274 | 75.849 | 29.846 | -- |
| 2b. Non-monetary financial assets | -- | -- | -- | -- |
| 3. Other | 21.041.933 | 877.418 | 503.457 | -- |
| 4. Current Assets (1+2+3) | 48.948.857 | 2.135.842 | 1.086.015 | -- |
| 5. Trade Receivables | -- | -- | -- | -- |
| 6a. Monetaryfinancial assets | -- | -- | -- | -- |
| 6b. Non-monetaryfinancial assets | -- | -- | -- | -- |
| 7. Other | -- | -- | -- | -- |
| 8. Non-Current Assets( (5+6+7) | -- | -- | -- | -- |
| 9. Total Assets( (4+8) | 48.948.857 | 2.135.842 | 1.086.015 | -- |
| 10.Trade Payables | 53.044.786 | 3.410.692 | 185.850 | -- |
| 11.Financial Liabilities | -- | -- | -- | -- |
| 12a.Other monetary financial liabilities | -- | -- | -- | -- |
| 12b.Other non-monetary financial liabilities | 4.218.805 | 6.087 | 241.768 | 9.520 |
| 13. Short-Term Liabilities (10+11+12) | 57.263.591 | 3.416.779 | 427.618 | 9.520 |
| 14.Trade Payables | -- | -- | -- | -- |
| 15.Financial Liabilities | -- | -- | -- | -- |
| 16a.Other monetary financial liabilities | -- | -- | -- | -- |
| 16b.Other non-monetary financial liabilities | -- | -- | -- | -- |
| 17. Long Term Liabilities (14+15+16) | -- | -- | -- | -- |
| 18. Total Liabilities(13+17)) | 57.263.591 | 3.416.779 | 427.618 | 9.520 |
| 19. Net Asset / (Liability) Position of Non-Statement of Financial Position Derivative | -- | -- | -- | -- |
| Instruments (19a-19b) | ||||
| 19a. Amount of Foreign Currency Derivative Products with Active Characters | -- | -- | -- | -- |
| 19b. Amount of Foreign Currency Derivative Products with Liable Characters | -- | -- | -- | -- |
| 20. Net Foreign Currency Asset / (Liability) Position (9-18+19) | (8.314.734) | (1.280.937) | 658.397 | (9.520) |
| 21. Monetary Items Net Foreign Currency Asset / (Liability) Position (TFRS 7.B23) | -- | -- | -- | -- |
| (=1+2a+5+6a-10-11-12a-14-15-16a) | ||||
| 22. Fair value of derivative instruments used in foreign currency hedge | -- | -- | -- | -- |
| 23. Amount of Hedged Part of Foreign Currency Assets | -- | -- | -- | -- |
| 24. Amount of Hedged Part of Foreign Currency Liabilities | -- | -- | -- | -- |
| 31.12.2021 | |||||
|---|---|---|---|---|---|
| TL | |||||
| Equivalent | USD | Euro | Other | ||
| 1. Trade Receivables | 1.887.036 | 141.574 | 85.505 | -- | |
| 2a. Monetary Financial Assets (including cash, banks) | 1.038.523 | 1.626 | 67.401 | -- | |
| 2b. Non-monetary financial assets | -- | -- | -- | -- | |
| 3. Other | 48.337.757 | 3.279.787 | 306.328 | -- | |
| 4.Current Assets(1+2+3) | 51.263.316 | 3.422.986 | 459.234 | -- | |
| 5.Trade Receivables | -- | -- | -- | -- | |
| 6a.Monetaryfinancial assets | -- | -- | -- | -- | |
| 6b.Non-monetaryfinancial assets | -- | -- | -- | -- | |
| 7.Other | -- | -- | -- | -- | |
| 8.Non-Current Assets(5+6+7) | -- | -- | -- | -- | |
| 9.Total Assets(4+8) | 51.263.316 | 3.422.986 | 459.234 | -- | |
| 10.Trade Payables | 17.675.099 | 1.326.063 | -- | -- | |
| 11.Financial Liabilities | -- | -- | -- | -- | |
| 12a.Other monetary financial liabilities | -- | -- | -- | -- | |
| 12b.Other non-monetary financial liabilities | -- | -- | -- | -- | |
| 13. Short-Term Liabilities (10+11+12) | 17.675.099 | 1.326.063 | -- | -- | |
| 14.Trade Payables | -- | -- | -- | -- | |
| 15.Financial Liabilities | -- | -- | -- | -- | |
| 16a.Other monetary financial liabilities | -- | -- | -- | -- | |
| 16b.Other non-monetary financial liabilities | -- | -- | -- | -- | |
| 17. Long Term Liabilities (14+15+16) | -- | -- | -- | -- | |
| 18. Total Liabilities(13+17) | 17.675.099 | 1.326.063 | -- | -- | |
| 19. Net Asset / (Liability) Position of Non-Statement of Financial Position | |||||
| Derivative Instruments (19a-19b) | -- | -- | -- | -- | |
| 19a. Amount of Foreign Currency Derivative Products with Active Characters | -- | -- | -- | -- | |
| 19b. Amount of Foreign Currency Derivative Products with Liable Characters | -- | -- | -- | -- | |
| 20. Net Foreign Currency Asset / (Liability) Position (9-18+19) | 33.588.217 | 2.096.922 | 459.234 | -- | |
| 21. Monetary Items Net Foreign Currency Asset / (Liability) Position (TFRS 7.B23) | |||||
| (=1+2a+5+6a-10-11-12a-14-15-16a) | 33.588.217 | 2.096.922 | 459.234 | -- | |
| 22. Fair value of derivative instruments used in foreign currency hedge | -- | -- | -- | -- | |
| 23. Amount of Hedged Part of Foreign Currency Assets | 23.638.856 | 84.143 | 1.830.399 | -- | |
| 24. Amount of Hedged Part of Foreign Currency Liabilities | 248.202.682 | 22.440.477 | 4.551.573 | -- | |
| 25. Export | 1.887.036 | 141.574 | 85.505 | ||
| 26. İmport | 1.038.523 | 1.626 | 67.401 |
The Company is exposed to currency risk mainly in US Dollar and Euro.
The table below shows the sensitivity of the Company to 10% increase and decrease in USD and Euro exchange rates. The 10% rate is the rate used when reporting the exchange rate risk within the Company to the senior managers, and the said rate expresses the possible change expected by the management in the exchange rates. The sensitivity analysis covers only outstanding foreign currency denominated monetary items at year-end and shows the effects of 10% change in foreign currency rates at the end of the year. A positive value represents an increase in profit/loss and other equity items.
| Profit/(Loss) | Equity | |||
|---|---|---|---|---|
| The | The | The | The | |
| appreciation | depreciation | appreciation | depreciation | |
| of foreign | of foreign | of foreign | of foreign | |
| currency | currency | currency | currency | |
| 31.03.2022 | ||||
| In case of appreciation/depreciation of USD against TRY at 10% |
||||
| 1- USD net asset/liabilities | (1.874.920) | 1.874.920 | (1.874.920) | 1.874.920 |
| 2- Part of hedged (-) | -- | -- | -- | -- |
| 3- USD net effect (1+2) | -- | -- | -- | -- |
| In case of appreciation/depreciation of EURO against TRY at 10% |
(1.874.920) | 1.874.920 | (1.874.920) | 1.874.920 |
| 4- EURO net asset/liabilities | 1.072.232 | (1.072.232) | 1.072.232 | (1.072.232) |
| 5- Part of hedged (-) | -- | -- | -- | -- |
| 6- EUR net effect (4+5) | 1.072.232 | (1.072.232) | 1.072.232 | (1.072.232) |
| In case other exchange rates change by 10% on average | ||||
| 7- Other currency net asset/liabilities | (18.260) | 18.260 | (18.260) | 18.260 |
| 8- Part of hedged (-) | -- | -- | -- | -- |
| 9- Other currency net effect (4+5) | (18.260) | 18.260 | (18.260) | 18.260 |
| TOTAL (3+6+9) | (820.948) | 820.948 | (820.948) | 820.948 |
| 31.12.2021 | ||||
| In case of appreciation/depreciation of USD against TRY at 10% |
||||
| 1- USD net asset/liabilities | 2.794.988 | (2.794.988) | 2.794.988 | (2.794.988) |
| 2- Part of hedged (-) | -- | -- | -- | -- |
| 3- USD net effect (1+2) | 2.794.988 | (2.794.988) | 2.794.988 | (2.794.988) |
| In case of appreciation/depreciation of EURO against TRY at 10% |
||||
| 4- EURO net asset/liabilities | 692.833 | (692.833) | 692.833 | (692.833) |
| 5- Part of hedged (-) | -- | -- | -- | -- |
| 6- EUR net effect (4+5) | 692.833 | (692.833) | 692.833 | (692.833) |
| In case other exchange rates change by 10% on average | ||||
| 7- Other currency net asset/liabilities | -- | -- | -- | -- |
| 8- Part of hedged (-) | -- | -- | -- | -- |
| 9- Other currency net effect (4+5) | -- | -- | -- | -- |
| TOTAL (3+6+9) | 3.487.821 | (3.487.821) | 3.487.821 | (3.487.821) |
(b) Financial Risk Factors (Cont.)
The Company's borrowing at fixed interest rates exposes the Company to interest rate risk. These risks are managed using natural methods that emerge as a result of netting assets and liabilities related to interest rates.. Interest rates of financial assets and liabilities are stated in the related notes. The distribution of the company's interest rate sensitive financial instruments is as follows:
| Book Value | |
|---|---|
| 31.12.2021 | |
| 151.111.569 | |
| 108.967.394 | 151.111.569 |
| 133.119.580 | -- |
| 133.119.580 | -- |
| 31.03.2022 108.967.394 |
(b) Financial Risk Factors (Cont.)
Credit Risk Management
| Receivables | ||||||
|---|---|---|---|---|---|---|
| 31.03.2022 | Trade Receivables | Other Receivables | ||||
| Related Parties | Other Parties | Related Parties | Other Parties | Deposit in banks | Total | |
| Maximum credit risk exposed as of the reporting date | -- | 457.310.416 | -- | 4.010 | 2.481.663 | 459.796.089 |
| - The part of the maximum risk secured by collateral | -- | -- | -- | -- | -- | -- |
| A- Net book value of financial assets that are not overdue or impaired |
-- | 457.310.416 | -- | 4.010 | 2.481.663 | 459.796.089 |
| B- Carrying value of financial assets whose conditions have been renegotiated otherwise would be deemed to be overdue or impaired. |
-- | -- | -- | -- | -- | -- |
| C- Net book value of assets that are past due but not impaired |
-- | -- | -- | -- | -- | -- |
| D- Net book values of impaired assets |
-- | -- | -- | -- | -- | -- |
| -overdue | -- | 3.607.160 | -- | -- | -- | 3.607.160 |
| - impairment |
-- | (3.607.160) | -- | -- | -- | (3.607.160) |
| E- Factors that include off balance sheet credit risks |
-- | -- | -- | -- | -- | -- |
(b) Financial Risk Factors (Cont.)
| Receivables | ||||||
|---|---|---|---|---|---|---|
| Trade Receivables | Other Receivables | |||||
| 31.12.2021 | Related Parties | Other Parties | Related Parties | Other Parties | Deposit in banks | Total |
| Maximum credit risk exposed as of the reporting date | -- | 318.037.621 | -- | 35.747 | 1.729.329 | 319.802.697 |
| - The part of the maximum risk secured by collateral | -- | -- | -- | -- | -- | -- |
| A- Net book value of financial assets that are not overdue or impaired |
-- | 318.037.621 | -- | 35.747 | 1.729.329 | 319.802.697 |
| B- Carrying value of financial assets whose conditions have been renegotiated otherwise would be deemed to be overdue or impaired. |
-- | -- | -- | -- | -- | -- |
| C- Net book value of assets that are past due but not impaired |
-- | -- | -- | -- | -- | -- |
| D- Net book values of impaired assets |
-- | -- | -- | -- | -- | -- |
| -overdue | -- | 3.607.160 | -- | -- | -- | 3.607.160 |
| - impairment |
-- | (3.607.160) | -- | -- | -- | (3.607.160) |
| E- Factors that include off balance sheet credit risks |
-- | -- | -- | -- | -- | -- |
The risk of financial loss to the Company due to the failure of one of the parties to the financial instrument to fulfill its contractual obligations is defined as credit risk. Financial instruments of the company that may cause significant concentration of credit risk mainly consist of cash and cash equivalents and trade receivables. The maximum credit risk that the company may be exposed to is as much as the amounts reflected in the financial statements.
The company has cash and cash equivalents in various financial institutions. The Company manages the aforementioned risk by constantly evaluating the reliability of the financial institutions it is in contact with.
The credit risk that may arise from trade receivables is limited due to high customer volume and the Company management's limited amount of credit applied to customers. The provision for doubtful receivables for financial assets has been determined based on past experience of uncollectibility. As of the balance sheet date, there is no collateral received for overdue trade receivables for which provision has been made.
Fair value is defined as the price to be obtained from the sale of an asset or to be paid in the transfer of a debt in the usual transaction between market participants on the measurement date. Estimated fair values of financial instruments have been determined by the Group using available market information and appropriate valuation methods. However, estimates are required in the interpretation of market data to determine fair value. Accordingly, the estimates presented here may not show the amounts that the Group can obtain in a current market transaction.
The following methods and assumptions are used to estimate the fair values of financial instruments whose fair values are practically possible:
Monetary assets whose fair value approaches book value:
-Foreign currency balances are translated at the period-end rate.
-It is assumed that the fair values of some financial assets (cash-bank) shown at cost in the statement of financial position are approximate to the values of the statement of financial position.
-The fair value of trade receivables is estimated to be close to their carrying value after provisions have been made.
Monetary liabilities whose fair value approximates book value:
-The fair values of short-term loans and other monetary liabilities are assumed to approximate their carrying values due to their short-term nature.
It is assumed that the fair value of long-term debts denominated in foreign currency and translated at period-end rates is equal to their book value.
It is assumed that the book values of trade payables and accrued expenses, which represent estimated amounts to be paid to third parties, are approximate to their market values.
The Company classifies the fair value measurements of financial instruments reflected at fair value in the financial statements according to the source of the inputs of each financial instrument class, using a three-level hierarchy, as follows. First level: Financial assets and liabilities are valued at stock prices traded in active markets for identical assets and liabilities.
Second level: Financial assets and liabilities are valued from the inputs used to find the directly or indirectly observable market price of the related asset or liability other than the market price specified in the first level.
Third level: Financial assets and liabilities are valued from inputs that are not based on market observable data used to determine the fair value of the asset or liability.
| 31.03.2022 | Fair value through profit And loss Financial Assets |
Financial assets available to sale |
Financial assets shown As its Amortized cost |
Financial liabilities shown at amortized value |
Book value |
Note |
|---|---|---|---|---|---|---|
| Financial Assets | ||||||
| Cash and cash equivalents | -- | -- | 2.505.452 | -- | 2.505.452 | 53 |
| Trade receivables | -- | -- | 457.310.416 | -- | 457.310.416 | 7 |
| Other receivables | -- | -- | 4.010 | -- | 4.010 | 9 |
| Receivables from related parties | -- | -- | -- | -- | -- | 6 |
| Other financial assets | -- | -- | -- | -- | -- | 29 |
| Financial Liabilities | ||||||
| Financial liabilities | -- | -- | -- | 151.047.049 | 151.047.049 | 47 |
| Trade payables | -- | -- | -- | 83.066.366 | 83.066.3667 | 7 |
| Other liabilities | -- | -- | -- | 6.394.183 | 6.394.183 | 9 |
| Payables from related parties | -- | -- | -- | -- | -- | 6 |
| Other financial liabilities | -- | -- | -- | -- | -- | 29 |
| 31.12.2021 | Fair value through profit And loss Financial Assets |
Financial assets available to sale |
Financial assets shown As its Amortized cost |
Financial liabilities shown at amortized value |
Book value |
Note |
|---|---|---|---|---|---|---|
| Financial Assets | ||||||
| Cash and cash equivalents | -- | -- | 1.741.655 | -- | 1.741.655 | 53 |
| Trade receivables | -- | -- | 318.037.621 | -- | 318.037.621 | 7 |
| Other receivables | -- | -- | 35.747 | -- | 35.747 | 9 |
| Receivables from related parties | -- | -- | -- | -- | -- | 6 |
| Other financial assets | -- | -- | -- | -- | -- | 29 |
| Financial Liabilities | ||||||
| Finansal liabilities | -- | -- | -- | 151.047.049 | 151.047.049 | 47 |
| Trade payables | -- | -- | -- | 83.066.366 | 83.066.3667 | 7 |
| Other liabilites | -- | -- | -- | 6.394.183 | 6.394.183 | 9 |
| Payables from related parties | -- | -- | -- | -- | -- | 6 |
| Other financial liabilities | -- | -- | -- | -- | -- | 29 |
The company management considers that the book values of its financial instruments reflect their fair values.
None (December 31, 2021: None)
The Company's statement regarding the fees of the services provided by the independent audit organizations based on the Article of the KGK dated August 19,2021, prepared in accordance with the Board Desicion published in the official newspaper on March 30,2021, is as follows:
| 31.03.2022 | 31.12.2021 |
|---|---|
| Independent audit fee for the reporting period 125.000 |
186.800 |
| Other assurance services for the reporting period -- |
-- |
| Tax consultancy services for the reporting period -- |
-- |
| Other services other than independent auditing for the reporting period -- |
-- |
Total 125.000 186.800 (*) Amounts are stated as figures excluding VAT. The relevant amounts result from the audit fee paid during the whole year.
None (December 31, 2021: None)
The cash and cash equivalents of the company are as follows:
| 31.03.2022 | 31.12.2021 | |
|---|---|---|
| Cash | 23.789 | 113 |
| Banks | 2.483.583 | 1.729.329 |
| -Demand deposit | 2.483.582 | 1.563.026 |
| -Time Deposit | 1 | 166.303 |
| Other cash equivalents | -- | 12.313 |
| Total | 2.505.452 | 1.741.655 |
The effect of the changes in the accounting policies explained in Note 2 and the accumulated profit / loss account and the effect of other accumulated comprehensive income / expenses which will not to be reclassified as profit or loss in other comprehensive income are presented in the statement of changes in equity.
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