Annual / Quarterly Financial Statement • Aug 8, 2025
Annual / Quarterly Financial Statement
Open in ViewerOpens in native device viewer
CONVENIENCE TRANSLATION INTO ENGLISH OF CONDENSED FINANCIAL STATEMENTS FOR THE INTERIM PERIOD 1 JANUARY – 30 JUNE 2025 (TOGETHER WITH INDEPENDENT AUDITOR'S LIMITED REVIEW REPORT)
(ORIGINALLY ISSUED IN TURKISH)
| STATEMENT OF FINANCIAL POSITION (BALANCE SHEET) | 1-4 |
|---|---|
| STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME | 5-6 |
| STATEMENTS OF CHANGES IN EQUITY | 7 |
| STATEMENTS OF CASH FLOWS | 8-10 |
| NOTE 1 | COMPANY'S ORGANISATION AND NATURE OF OPERATIONS | 11 |
|---|---|---|
| NOTE 2 | BASIS OF PRESENTATION OF FINANCIAL STATEMENTS | 12-19 |
| NOTE 3 | SEGMENT REPORTING | 20 |
| NOTE 4 | CASH AND CASH EQUIVALENTS | 21 |
| NOTE 5 | FINANCIAL LIABILITIES 22-24 | |
| NOTE 6 | RELATED PARTY DISCLOSURES 25-28 | |
| NOTE 7 | TRADE RECEIVABLES AND PAYABLES | 29 |
| NOTE 8 | OTHER RECEIVABLES AND PAYABLES | 30 |
| NOTE 9 | INVENTORIES | 31 |
| NOTE 10 | PREPAID EXPENSES | 31 |
| NOTE 11 | PROPERTY, PLANT AND EQUIPMENT 32-33 | |
| NOTE 12 | RIGHT OF USE ASSETS | 34 |
| NOTE 13 | INTANGIBLE ASSETS | 35 |
| NOTE 14 | PROVISIONS, CONTINGENT ASSETS AND LIABILITIES 36-38 | |
| NOTE 15 | COMMITMENTS | 39 |
| NOTE 16 | EMPLOYEE BENEFITS | 39 |
| NOTE 17 | CAPITAL, RESERVES AND OTHER EQUITY ITEMS | 39-41 |
| NOTE 18 | SALES | 41 |
| NOTE 19 | OTHER INCOME AND EXPENSE FROM OPERATING ACTIVITIES | 42 |
| NOTE 20 | FINANCIAL INCOME AND FINANCIAL EXPENSE | 42 |
| NOTE 21 | MONETARY (LOSS) / GAIN | 43 |
| NOTE 22 | TAXES ON INCOME (INCLUDING DEFERRED TAX ASSETS AND LIABILITIES) 43-47 | |
| NOTE 23 | EARNINGS / (LOSSES) PER SHARE | 48 |
| NOTE 24 | DERIVATIVE INSTRUMENTS | 48 |
| NOTE 25 | FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT 48-52 | |
| NOTE 26 | FINANCIAL INSTRUMENTS (FAIR VALUE AND HEDGE ACCOUNTING DISCLOSURES) 52-53 | |
| NOTE 27 | OTHER FINANCIAL LIABILITIES | 53 |
| NOTE 28 | SUBSEQUENT EVENTS | 53 |
(Amounts expressed in thousands of Turkish Lira ("TL") in terms of the purchasing power of TL as of 30 June 2025 unless otherwise stated.)
| Reviewed | Audited | ||
|---|---|---|---|
| Notes | 30 June 2025 | 31 December 2024 | |
| ASSETS | |||
| CURRENT ASSETS | |||
| Cash and Cash Equivalents | 4 | 85.949 | 1.274.241 |
| Financial Assets | 28.125 | 28.388 | |
| Trade Receivables | 15.539.310 | 16.975.875 | |
| Trade Receivables Due from Related Parties | 6 | 14.929.321 | 16.364.930 |
| Trade Receivables Due from Third Parties | 7 | 609.989 | 610.945 |
| Other Receivables | 9.137.005 | 5.629.026 | |
| Other Receivables Due from Related Parties | 6 | 8.394.953 | 4.445.956 |
| Other Receivables Due from Third Parties | 8 | 742.052 | 1.183.070 |
| Derivative Financial Instruments | 24 | 30.053 | 400.736 |
| Inventories | 9 | 11.926.559 | 11.497.707 |
| Prepaid Expenses | 866.133 | 720.073 | |
| Prepayments to Related Parties | 6 | 458.460 | 419.035 |
| Prepayments to Third Parties | 10 | 407.673 | 301.038 |
| Current Tax Assets | 22 | 1.762 | 11.917 |
| Other Current Assets | 65.460 | 112.695 | |
| Other Current Assets Due from Third Parties | 65.460 | 112.695 | |
| TOTAL CURRENT ASSETS | 37.680.356 | 36.650.658 | |
| NON-CURRENT ASSETS | |||
| Other Receivables | 11.621 | 14.936 | |
| Other Receivables Due from Third Parties | 11.621 | 14.936 | |
| Property, Plant and Equipment | 11 | 42.081.370 | 42.188.509 |
| Right of Use Assets | 12 | 1.049.939 | 840.808 |
| Intangible Assets | 13 | 2.995.687 | 2.818.283 |
| Prepaid Expenses | 659.747 | 992.226 | |
| Prepaid Expenses to Related Parties | 6 | 238.454 | 536.519 |
| Prepayments to Third Parties | 10 | 421.293 | 455.707 |
| TOTAL NON-CURRENT ASSETS | 46.798.364 | 46.854.762 | |
| TOTAL ASSETS | 84.478.720 | 83.505.420 |
The accompanying notes are an integral part of these financial statements.
(Amounts expressed in thousands of Turkish Lira ("TL") in terms of the purchasing power of TL as of 30 June 2025 unless otherwise stated.)
| Reviewed | Audited | ||
|---|---|---|---|
| Notes | 30 June 2025 | 31 December 2024 | |
| LIABILITIES | |||
| CURRENT LIABILITIES | |||
| Short Term Borrowings | 14.758.965 | 11.495.120 | |
| Short Term Borrowings from Related Parties | 6.677 | 4.956 | |
| Lease Liabilities | 5,6 | 6.677 | 4.956 |
| Short Term Borrowings from Third Parties | 14.752.288 | 11.490.164 | |
| Bank Loans | 5 | 13.272.606 | 8.693.177 |
| Lease Liabilities | 5 | 201.359 | 5.010 |
| Issued Debt Instruments | 5 | 1.278.323 | 2.791.977 |
| Current Portion of Long Term Borrowings | 1.555.448 | 483.598 | |
| Current Portion of Long Term Borrowings from | |||
| Third Parties | 1.555.448 | 483.598 | |
| Bank Loans | 5 | 427.856 | 483.598 |
| Issued Debt Instruments | 5 | 1.127.592 | - |
| Other Financial Liabilities | 27 | 83.511 | 75.241 |
| Trade Payables | 23.581.939 | 24.445.962 | |
| Trade Payables to Related Parties | 6 | 1.301.787 | 2.088.092 |
| Trade Payables to Third Parties | 7 | 22.280.152 | 22.357.870 |
| Payables Related to Employee Benefits | 16 | 484.223 | 459.769 |
| Other Payables | 70.238 | 109.874 | |
| Other Payables to Related Parties | 6 | 54.315 | 109.874 |
| Other Payables to Third Parties | 8 | 15.923 | - |
| Derivative Financial Liabilities | 24 | 991.033 | 35.220 |
| Deferred Revenue | 798.188 | 94.034 | |
| Deferred Revenues from Related Parties | 6 | 796.653 | 91.834 |
| Deferred Revenue from Third Parties | 8 | 1.535 | 2.200 |
| Current Provisions | 47.025 | 31.462 | |
| Other Current Provisions | 14 | 47.025 | 31.462 |
| Other Current Liabilities | 227.414 | 222.508 | |
| Other Current Liabilities to Third Parties | 227.414 | 222.508 | |
| TOTAL CURRENT LIABILITIES | 42.597.984 | 37.452.788 |
(Amounts expressed in thousands of Turkish Lira ("TL") in terms of the purchasing power of TL as of 30 June 2025 unless otherwise stated.)
| Reviewed | Audited | ||
|---|---|---|---|
| Notes | 30 June 2025 | 31 December 2024 | |
| NON-CURRENT LIABILITIES | |||
| Long Term Borrowings | 1.383.951 | 1.429.999 | |
| Long Term Borrowings from Related Parties | 198.917 | 159.606 | |
| Lease Liabilities | 5,6 | 198.917 | 159.606 |
| Long Term Borrowings from Third Parties | 1.185.034 | 1.270.393 | |
| Bank Loans | 5 | 1.008.251 | 1.263.354 |
| Lease Liabilities | 5 | 176.783 | 7.039 |
| Other Financial Liabilities | 27 | 299.875 | 239.150 |
| Trade Payables | 136.609 | 143.446 | |
| Trade Payables to Third Parties | 136.609 | 143.446 | |
| Non-current Provisions | 1.014.668 | 1.080.382 | |
| Non-current Provisions for Employee Benefits | 1.014.668 | 1.080.382 | |
| Deferred Tax Liabilities | 22 | 3.463.590 | 3.659.781 |
| Other Non-current Liabilities | 9.788 | 12.007 | |
| Other Non-current Liabilities to Third Parties | 9.788 | 12.007 | |
| TOTAL NON-CURRENT LIABILITIES | 6.308.481 | 6.564.765 | |
| TOTAL LIABILITIES | 48.906.465 | 44.017.553 |
(Amounts expressed in thousands of Turkish Lira ("TL") in terms of the purchasing power of TL as of 30 June 2025 unless otherwise stated.)
| Reviewed | Audited | ||
|---|---|---|---|
| Notes | 30 June 2025 | 31 December 2024 | |
| EQUITY | |||
| Equity Attributable to Owners of Parent | 35.572.255 | 39.487.867 | |
| Issued Capital | 17 | 1.600.000 | 1.600.000 |
| Adjustments on Capital | 17 | 11.591.649 | 11.591.649 |
| Other Accumulated Comprehensive Income (Loss) that will not be | |||
| Reclassified to Profit or Loss | 9.639.228 | 9.661.975 | |
| Gains (Losses) on Revaluation and Remeasurement | 9.639.228 | 9.661.975 | |
| Increases on Revaluation of | |||
| Property, Plant and Equipment | 10.786.243 | 10.789.463 | |
| Losses on Remeasurement of Defined Benefit Plans | (1.147.015) | (1.127.488) | |
| Other Accumulated Comprehensive Income (Loss) that will be | |||
| Reclassified to Profit or Loss | (774.689) | 182.496 | |
| Losses on Hedge | (774.689) | 182.496 | |
| Losses on Cash Flow Hedges | (774.689) | 182.496 | |
| Restricted Reserves | 2.389.149 | 2.389.149 | |
| Legal Reserves | 17 | 2.389.149 | 2.389.149 |
| Prior Years' Profits | 13.995.580 | 13.752.446 | |
| Current Period Net Profit | (2.868.662) | 310.152 | |
| TOTAL EQUITY | 35.572.255 | 39.487.867 | |
| TOTAL LIABILITIES AND EQUITY | 84.478.720 | 83.505.420 |
Financial statements for the period 1 January – 30 June 2025 were approved by the Board of Directors of Vestel Beyaz Eşya Sanayi ve Ticaret A.Ş. on 08 August 2025.
The accompanying notes are an integral part of these financial statements.
(Amounts expressed in thousands of Turkish Lira ("TL") in terms of the purchasing power of TL as of 30 June 2025 unless otherwise stated.)
| Reviewed | Reviewed | ||||
|---|---|---|---|---|---|
| 1 January - | 1 January - | 1 April - | 1 April - | ||
| 30 June | 30 June | 30 June | 30 June | ||
| Notes | 2025 | 2024 | 2025 | 2024 | |
| PROFIT OR LOSS | |||||
| Revenue | 18 | 35.901.692 | 43.134.019 | 19.055.896 | 22.676.850 |
| Cost of Sales | 18 | (33.056.157) | (37.719.745) (17.533.325) | (20.391.401) | |
| GROSS PROFIT | 2.845.535 | 5.414.274 | 1.522.571 | 2.285.449 | |
| General Administrative Expenses | (686.948) | (453.263) | (321.125) | (209.630) | |
| Marketing Expenses | (1.680.116) | (1.856.446) | (861.628) | (924.077) | |
| Research and Development Expense | (487.323) | (502.946) | (231.884) | (227.929) | |
| Other Income from Operating Activities | 19 | 2.490.367 | 1.826.086 | 1.343.261 | 790.954 |
| Other Expenses from Operating Activities | 19 | (4.042.365) | (2.891.988) | (2.289.047) | (866.535) |
| PROFIT/(LOSS) FROM OPERATING ACTIVITIES | (1.560.850) | 1.535.717 | (837.852) | 848.232 | |
| PROFIT/(LOSS) BEFORE FINANCING INCOME | (1.560.850) | 1.535.717 | (837.852) | 848.232 | |
| Finance Income | 20 | 2.242.571 | 838.908 | 1.194.262 | 213.487 |
| Finance Costs | 20 | (5.362.303) | (4.181.520) | (3.018.781) | (2.311.531) |
| Monetary Gain | 21 | 1.941.300 | 2.698.543 | 726.220 | 1.292.645 |
| PROFIT FROM CONTINUING OPERATIONS, BEFORE TAX | (2.739.282) | 891.648 | (1.936.151) | 42.833 | |
| Tax (Expense) Income, Continuing Operations | (129.380) | 11.891 | 142.405 | (42.014) | |
| Current Tax Expense | 22 | - | (2.842) | - | 260 |
| Deferred Tax Income | 22 | (129.380) | 14.733 | 142.405 | (42.274) |
| PROFIT FOR THE PERIOD | (2.868.662) | 903.539 | (1.793.746) | 819 | |
| Earnings per 100 share with a Kr 1 of Par Value (TL) | 23 | (1,79) | 0,56 | (1,12) | 0,00 |
(Amounts expressed in thousands of Turkish Lira ("TL") in terms of the purchasing power of TL as of 30 June 2025 unless otherwise stated.)
| Reviewed | Reviewed | |||
|---|---|---|---|---|
| 1 January - | 1 January - | 1 April - | 1 April - 30 June |
|
| 30 June | 30 June | 30 June | ||
| 2025 | 2024 | 2025 | 2024 | |
| PROFIT FOR THE PERIOD OTHER COMPREHENSIVE INCOME | (2.868.662) | 903.539 | (1.793.746) | 819 |
| Other Comprehensive Income that will | ||||
| not be Reclassified to Profit or Loss | (19.527) | (10.559) | (10.490) | (3.739) |
| Gains (Losses) on Remeasurements of Defined Benefit Plans | (26.036) | (14.079) | (13.987) | (4.986) |
| Taxes Relating to Components of Other Comprehensive Income | ||||
| that will not be Reclassified to Profit or Loss | 6.509 | 3.520 | 3.497 | 1.247 |
| Taxes Relating to Remeasurements of Defined Benefit Plans | 6.509 | 3.520 | 3.497 | 1.247 |
| Other Comprehensive Income that will | ||||
| be Reclassified to Profit or Loss | (957.185) | 499.683 | (726.730) | 210.480 |
| Other Comprehensive Income (Loss) Related with Cash Flow Hedges | (1.276.247) | 666.244 | (968.973) | 280.640 |
| Taxes Relating to Components of Other Comprehensive Income | ||||
| that will be Reclassified to Profit or Loss | 319.062 | (166.561) | 242.243 | (70.160) |
| Other Comprehensive Income (Loss) Related with Cash Flow Hedges, Tax Effect | 319.062 | (166.561) | 242.243 | (70.160) |
| OTHER COMPREHENSIVE INCOME | (976.712) | 489.124 | (737.220) | 206.741 |
| TOTAL COMPREHENSIVE INCOME | (3.845.374) | 1.392.663 | (2.530.966) | 207.560 |
(Amounts expressed in thousands of Turkish Lira ("TL") in terms of the purchasing power of TL as of 30 June 2025 unless otherwise stated.)
| Other | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Increases | Accumulated | Other | |||||||||||||
| (Decreases) on | Comprehensive | Accumulated | |||||||||||||
| Revaluation of | Gains (Losses) on | Income That Will | Reserve Of | Comprehensive | Restricted | Equity | |||||||||
| Inflation | Property, | Remeasurement of | Gains (Losses) | Not Be | Gains or | Income That Will | Reserves | Prior Years' | attributable to | ||||||
| Issued | Adjustments | Plant and | Defined Benefit | Revaluations and | Reclassified To | Cash Flow | Losses on | Be Reclassified | Appropriated | Profits or | Net Profit or | Retained | owners of | ||
| Capital | on Capital | Equipment | Plans | Remeasurements | Profit Or Loss | Hedges | Hedge | To Profit Or Loss | From Profits | Losses | Loss | Earnings | parent | Equity | |
| Previous Period | |||||||||||||||
| 1 January -30 June 2024 | |||||||||||||||
| Beginning of Period | 1.600.000 11.591.649 6.807.687 | (976.264) | 5.831.423 | 5.831.423 (313.965) (313.965) | (313.965) | 2.018.595 7.682.343 7.958.452 15.640.795 36.368.497 36.368.497 | |||||||||
| Transfers | - | - | (38.253) | - | (38.253) | (38.253) | - | - | - | - | 7.996.705 (7.958.452) | 38.253 | - | - | |
| Total Comprehensive Income (Loss) | - | - | - | (10.559) | (10.559) | (10.559) 499.683 499.683 | 499.683 | - | - | 903.539 | 903.539 | 1.392.663 | 1.392.663 | ||
| Profit for the period (Losses) | - | - | - | - | - | - | - | - | - | - | - | 903.539 | 903.539 | 903.539 | 903.539 |
| Other Comprehensive Income (Loss) | - | - | - | (10.559) | (10.559) | (10.559) 499.683 499.683 | 499.683 | - | - | - | - | 489.124 | 489.124 | ||
| Dividends Paid | - | - | - | - | - | - | - | - | - | 370.554 (1.964.858) | - | (1.964.858) | (1.594.304) | (1.594.304) | |
| End of Period | 1.600.000 11.591.649 6.769.434 | (986.823) | 5.782.611 | 5.782.611 185.718 185.718 | 185.718 | 2.389.149 13.714.190 | 903.539 14.617.729 36.166.856 36.166.856 | ||||||||
| Current Period | |||||||||||||||
| 1 January -30 June 2025 | |||||||||||||||
| Beginning of Period | 1.600.000 11.591.649 10.789.463 | (1.127.488) | 9.661.975 | 9.661.975 182.496 182.496 | 182.496 | 2.389.149 13.752.446 | 310.152 14.062.598 39.487.867 39.487.867 | ||||||||
| Transfers | - | - | (3.220) | - | (3.220) | (3.220) | - | - | - | - | 313.372 | (310.152) | 3.220 | - | - |
| Total Comprehensive Income (Loss) | - | - | - | (19.527) | (19.527) | (19.527) (957.185) (957.185) | (957.185) | - | - | (2.868.662) (2.868.662) | (3.845.374) | (3.845.374) | |||
| Profit for the period (Losses) | - | - | - | - | - | - | - | - | - | - | - | (2.868.662) (2.868.662) | (2.868.662) | (2.868.662) | |
| Other Comprehensive Income (Loss) | - | - | - | (19.527) | (19.527) | (19.527) (957.185) (957.185) | (957.185) | - | - | - | - | (976.712) | (976.712) | ||
| Dividends Paid | - | - | - | - | - | - | - | - | - | - | (70.238) | - | (70.238) | (70.238) | (70.238) |
| End of Period | 1.600.000 11.591.649 10.786.243 | (1.147.015) | 9.639.228 | 9.639.228 (774.689) (774.689) | (774.689) | 2.389.149 13.995.580 (2.868.662) 11.126.918 35.572.255 35.572.255 |
The accompanying notes are an integral part of these financial statements.
(Amounts expressed in thousands of Turkish Lira ("TL") in terms of the purchasing power of TL as of 30 June 2025 unless otherwise stated.)
| Reviewed | Reviewed 1 January - 30 June 2024 |
|||
|---|---|---|---|---|
| 1 January - | ||||
| 30 June | ||||
| Notes | 2025 | |||
| CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES | 1.728.154 | 1.283.189 | ||
| Profit (Loss) for the Period | (2.868.662) | 903.539 | ||
| Profit (Loss) from Continuing Operations | (2.868.662) | 903.539 | ||
| Adjustments to Reconcile Profit | 2.430.128 | 333.561 | ||
| Adjustments for Depreciation and Amortisation Expense | 11,12,13 | 1.697.091 | 1.792.489 | |
| Adjustments for Impairment Loss | ||||
| (Reversal of Impairment Loss) | 65.844 | 63.782 | ||
| Adjustments for Impairement Loss | ||||
| (Reversal of Impairment Loss) of Receivables | (7.784) | (978) | ||
| Adjustments for Impairment Loss | ||||
| (Reversal of Impairment Loss) of Inventories | 9 | 73.628 | 64.760 | |
| Adjustments for Provisions | 257.229 | 188.710 | ||
| Adjustments for (Reversal of) Provisions Related with | ||||
| Employee Benefits | 241.666 | 186.621 | ||
| Adjustments for (Reversal of) Lawsuit and/or | ||||
| Penalty Provisions | 14 | 15.563 | 2.089 | |
| Adjustments for Interest (Income) Expenses | 2.453.930 | 2.397.568 | ||
| Adjustments for Interest Income | 20 | (958.246) | (144.625) | |
| Adjustments for Interest Expense | 20 | 3.412.176 | 2.542.193 | |
| Adjustments for Unrealised Foreign | ||||
| Exchange Losses (Gains) | (218.606) | (334.538) | ||
| Adjustments for Fair Value Losses (Gains) | 50.249 | 48.771 | ||
| Adjustments for Fair Value (Gains) Losses on | ||||
| Derivative Financial Instruments | 50.249 | 48.771 | ||
| Adjustments for Tax (Income) Expenses | 22 | 129.380 | (11.891) | |
| Adjustments for Losses (Gains) on Disposal of | ||||
| Non-Current Assets | (2.996) | (2.764) | ||
| Adjustments for Losses (Gains) Arised from | ||||
| Sale of Tangible Assets | (2.996) | (2.764) | ||
| Other Adjustments to Reconcile Profit (Loss) | 4 | 4 | 7 | |
| Monetary Loss/Gain | (2.001.997) | (3.808.573) |
The accompanying notes are an integral part of these financial statements.
(Amounts expressed in thousands of Turkish Lira ("TL") in terms of the purchasing power of TL as of 30 June 2025 unless otherwise stated.)
| Reviewed | Reviewed | ||
|---|---|---|---|
| 1 January - | 1 January - | ||
| 30 June | 30 June | ||
| Notes | 2025 | 2024 | |
| Changes in Working Capital | 2.332.436 | 158.719 | |
| Adjustments for Decrease (Increase) in Trade Accounts Receivable | (1.030.891) | (2.327.962) | |
| Decrease (Increase) in Trade Accounts Receivables from Related Parties | (948.025) | (2.199.482) | |
| Decrease (Increase) in Trade Accounts Receivables from Third Parties | (82.866) | (128.480) | |
| Adjustments for Decrease (Increase) in Other Receivables Related with | |||
| Operations | 286.708 | 332.964 | |
| Decrease (Increase) in Other Third Party Receivables Related with Operations | 286.708 | 332.964 | |
| Adjustments for Decrease (Increase) in Inventories | 9 | (502.480) | (3.271.023) |
| Decrease (Increase) in Prepaid Expenses | (261.348) | (367.667) | |
| Adjustments for Increase (Decrease) in Trade Accounts Payable | 2.894.271 | 5.294.819 | |
| Increase (Decrease) in Trade Accounts Payables to Related Parties | (512.158) | 475.779 | |
| Increase (Decrease) in Trade Accounts Payables to Third Parties | 3.406.429 | 4.819.040 | |
| Increase (Decrease) in Employee Benefit Liabilities | 94.644 | 169.641 | |
| Adjustments for Increase (Decrease) in Other | |||
| Operating Payables | 16.715 | 381.562 | |
| Increase (Decrease) in Other Operating Payables to Third Parties | 16.715 | 381.562 | |
| Increase (Decrease) in Deferred Revenues | 755.260 | (45.372) | |
| Other Adjustments for Other Increase (Decrease) in Working Capital | 79.557 | (8.243) | |
| Decrease (Increase) in Other Assets Related with Operations | 41.555 | (42.794) | |
| Increase (Decrease) in Other Payables Related with Operations | 38.002 | 34.551 | |
| Cash Flows from (used in) Operations | 1.893.902 | 1.395.819 | |
| Payments Related with Provisions for Employee Benefits | (175.903) | (123.141) | |
| Income Taxes Refund (Paid) | 22 | 10.155 | 10.511 |
(Amounts expressed in thousands of Turkish Lira ("TL") in terms of the purchasing power of TL as of 30 June 2025 unless otherwise stated.)
| Reviewed | Reviewed | |||
|---|---|---|---|---|
| 1 January - | 1 January - 30 June 2024 |
|||
| 30 June | ||||
| Notes | 2025 | |||
| CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES | (4.910.169) | 508.443 | ||
| Proceeds from Sales of Property, Plant, Equipment and Intangible Assets | 3.763 | 13.846 | ||
| Proceeds from Sales of Property, Plant and Equipment | 3.763 | 13.846 | ||
| Purchase of Property, Plant, Equipment and Intangible Assets | (1.690.594) | (2.343.664) | ||
| Purchase of Property, Plant and Equipment | 11 | (1.319.507) | (1.708.723) | |
| Purchase of Intangible Assets | 13 | (371.087) | (634.941) | |
| Cash Advances and Loans Made to Other Parties | (3.223.601) | 2.839.686 | ||
| Cash Advances and Loans Made to Related Parties | (3.191.363) | 3.177.757 | ||
| Cash Advances and Loans Made to Third Parties | (32.238) | (338.071) | ||
| Other Cash Inflows (Outflows) | 263 | (1.425) | ||
| CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES | 2.175.829 | (2.604.445) | ||
| Proceeds from Borrowings | 5 | 16.518.237 | 5.893.970 | |
| Proceeds from Loans | 14.244.167 | 4.952.013 | ||
| Proceeds from Other Financial Borrowings | 2.274.070 | 941.957 | ||
| Repayments of Borrowings | 5 | (11.072.000) | (3.920.317) | |
| Loan Repayments | (8.877.000) | (3.355.142) | ||
| Issued bonds repayments | (2.195.000) | (565.175) | ||
| Increase / (Decrease) in Other Payables to Related Parties | (115.570) | (2.024.070) | ||
| Payments of Lease Liabilities | (145.073) | 54.720 | ||
| Interest Paid | (3.013.937) | (2.482.537) | ||
| Interest Received | 4.172 | (126.211) | ||
| INFLATION EFFECT ON CASH AND CASH EQUIVALENTS | (186.012) | (258.395) | ||
| NET INCREASE (DECREASE) IN CASH AND CASH | ||||
| EQUIVALENTS BEFORE EFFECT OF EXCHANGE RATE CHANGES | (1.192.198) | (1.071.208) | ||
| Effect of Exchange Rate Changes on Cash and Cash Equivalents | 3.910 | 14.701 | ||
| NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (1.188.288) | (1.056.507) | ||
| CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD | 4 | 1.274.215 | 1.228.891 | |
| CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD | 85.927 | 172.384 |
(Amounts expressed in thousands of Turkish Lira ("TL") in terms of the purchasing power of TL as of 30 June 2025 unless otherwise stated.)
Vestel Beyaz Eşya Sanayi ve Ticaret A.Ş. (the "Company" or "Vestel Beyaz Eşya") was incorporated in 1997 under the Turkish Commercial Code and its head office is located at Levent 199, Büyükdere Caddesi No: 199, 34394 Şişli / İstanbul.
The Company started its operations in 1999 and produces refrigerators, room air conditioning units, washing machines, cookers, dishwashers and water heaters. The Company's production facilities occupy 507 square meters of enclosed area located in Manisa Organized Industrial Zone on total area of 657 square meters.
The Company is a member of Vestel Group of Companies which are under the control of Zorlu Family. The Company performs its export sales and domestic sales via Vestel Ticaret A.Ş. which is also a member of Vestel Group of Companies.
The Company is registered to Capital Market Board and its shares have been quoted to Borsa Istanbul ("BİST") since 21 April 2006.
As of 30 June 2025, the number of personnel employed was 8.774 (31 December 2024: 9.628).
As of balance sheet dates, the shareholders of the Company and their percentage shareholdings were as follows:
| Shareholding % | |
|---|---|
| Vestel Elektronik Sanayi ve Ticaret A.Ş. | 77,33 |
| Other shareholders | 22,67 |
100,00
(Amounts expressed in thousands of Turkish Lira ("TL") in terms of the purchasing power of TL as of 30 June 2025 unless otherwise stated.)
The accompanying interim condensed financial statements are prepared in accordance with the Communiqué Serial II, No: 14.1, "Principals of Financial Reporting in Capital Markets" published in the Official Gazette numbered 28676 on 13 June 2013. According to the article 5 of the Communiqué, financial statements are prepared in accordance with Turkish Accounting Standards / Turkish Financial Reporting Standards ("TAS" / "TFRS") and its addendum and interpretations ("IFRIC") issued by the Public Oversight Accounting and Auditing Standards Authority ("POAASA") Turkish Accounting Standards Board.
Financial statements are presented in accordance with the formats determined in the "Announcement on TFRS Taxonomy" published by the POA and in the Financial Statement Samples and User Guide published by the CMB.
The Company has prepared its condensed financial statements for the interim period ended 30 June 2025 in accordance with TAS 34 Interim Period Financial Reporting Standard. The condensed interim financial statements do not include all the information required in the annual financial statements and should be read in conjunction with the Company's annual financial statements as of 31 December 2024.
The Company bases its accounting records and preparation of its legal financial statements on the Turkish Commercial Code ("TTK"), tax legislation and the Uniform Chart of Accounts issued by the Ministry of Finance of the Republic of Türkiye. The financial statements have been prepared in Turkish Lira on the basis of historical cost, except for land, buildings and land improvements from the tangible assets group shown at their fair value, and financial assets and liabilities shown at their fair value.
Financial statements have been prepared by reflecting the necessary corrections and classifications in order to ensure accurate presentation in accordance with TFRS, on the legal records prepared on the historical cost basis.
The Company has prepared its financial statements for the year dated 31 December 2023 and ending on the same date, by applying TAS 29 "Financial Reporting in High Inflation Economies" Standard, based on the announcement made by the POA on 23 November 2023 and the "Implementation Guide on Financial Reporting in High Inflation Economies" published.
(Amounts expressed in thousands of Turkish Lira ("TL") in terms of the purchasing power of TL as of 30 June 2025 unless otherwise stated.)
In accordance with the said standard, financial statements prepared based on the currency of a hyperinflationary economy are prepared in the purchasing power of this currency at the balance sheet date, and comparative information is expressed in terms of the current measurement unit at the end of the reporting period for the purpose of comparison in the financial statements of the previous period.
For this reason, the company has presented its financial statements as of 30 June 2024 and 31 December 2024, on the basis of purchasing power as of 30 June 2025.
In accordance with the CMB's decision dated 28 December 2023 and numbered 81/1820, issuers and capital market institutions subject to financial reporting regulations applying Turkish Accounting/Financial Reporting Standards shall comply with the provisions of TAS 29, starting from their annual financial reports for the accounting periods ending as of 31 December 2023. It was decided to apply inflation accounting by applying.
Rearrangements made in accordance with TAS 29 were made using the correction coefficient obtained from the Consumer Price Index in Türkiye ("CPI") published by the Turkish Statistical Institute ("TURKSTAT"). As of 30 June 2025, the indices and correction coefficients used in the correction of financial statements are as follows:
| Date Index Correction Coefficient |
Three-Year Compound | ||
|---|---|---|---|
| Inflation Rate | |||
| 30 June 2025 |
3.132,17 | 1 | 220% |
| 31 December 2024 | 2.684,55 | 1,1667 | 291% |
| 30 June 2024 |
2.319,29 | 1,3505 | 324% |
The main elements of the Company's adjustment for financial reporting purposes in high-inflation economies are as follows:
(Amounts expressed in thousands of Turkish Lira ("TL") in terms of the purchasing power of TL as of 30 June 2025 unless otherwise stated.)
Financial statements of the Company have been prepared comparatively with the preceding financial period, in order to enable determination of trends in financial position and performance. Comparative figures are reclassified, where necessary, to conform to changes in presentation in the financial statements.
Comparative figures for the previous reporting period are restated by applying the general price index so that the comparative financial statements are presented in the currency in effect at the end of the reporting period. Information disclosed for previous periods is also expressed in the currency valid at the end of the reporting period.
Except for the changes mentioned in the paragraph below, consistent accounting policies have been applied in the financial statements for the periods presented and there are no significant changes in accounting policies and estimates in the current period.
(Amounts expressed in thousands of Turkish Lira ("TL") in terms of the purchasing power of TL as of 30 June 2025 unless otherwise stated.)
In accordance with the "Implementation Guidance on Financial Reporting in Hyperinflationary Economies" published by POA, monetary position gains and losses on cash and cash equivalents are presented in the statement of cash flows, and in accordance with the 3rd approach in the implementation guidance, the effect of inflation on cash flows from operating, investing and financing activities is attributed to the relevant class of activity and the inflation effect on cash and cash equivalents is presented separately. As disclosed in the Statement of Cash Flows as of 30 June 2024, in line with the illustrative application included in the announcement titled "Update of the Inflation Accounting Implementation Guidance" published by the Public Oversight Authority (POA) on 27 September 2024, a reclassification amounting to TL 2.827.765 was made between "Changes in Working Capital" and "Adjustments Related to Reconciliation of Net Profit for the Period." The related reclassifications have been adjusted to reflect the purchasing power of the year 2025. This reclassification had no impact on the total amount reported under "Cash Flows from Operating Activities".
Major changes in accounting policies are applied retrospectively and any major accounting errors that have been detected are corrected and the financial statements of the previous period are restated. Changes in accounting policies resulting from the initial implementation of a new standard, if any, are implemented retrospectively or prospectively in accordance with the transition provisions. If changes in accounting estimates are related to only one period, they are recognized in the period when changes are applied; if changes in estimates are related to future periods, they are recognized both in the period where the change is applied and future periods prospectively.
The accounting policies used in the preparation of financial statements for the accounting period ending 30 June 2025 are consistent with those used in the previous year, except for the new and amended Turkish Accounting Standards ("TAS")/TFRS and TAS/TFRS interpretations valid as of 1 January 2025, summarized below. has been implemented. The effects of these standards and interpretations on the financial position and performance of the Company are explained in the relevant paragraphs.
(Amounts expressed in thousands of Turkish Lira ("TL") in terms of the purchasing power of TL as of 30 June 2025 unless otherwise stated.)
• IAS 21 Lack of Exchangeability; effective from annual periods beginning on or after 1 January 2025. An entity is affected when it has a transaction or activity in a foreign currency that is not convertible into another currency at a particular measurement date for a particular purpose. A currency can be exchanged when the ability to obtain another currency is available (with a normal administrative delay) and the transaction occurs through a market or clearing mechanism that creates enforceable rights and obligations.
• Amendment to IFRS 9 and IFRS 7 - Classification and Measurement of Financial Instruments; effective from annual reporting periods beginning on or after 1 January 2026 (early adoption is available). These amendments;
• clarify the requirements for the timing of recognition and derecognition of some financial assets and liabilities, with a new exception for some financial liabilities settled through an electronic cash transfer system;
• clarify and add further guidance for assessing whether a financial asset meets the solely payments of principal and interest (SPPI) criterion;
• add new disclosures for certain instruments with contractual terms that can change cash flows (such as some instruments with features linked to the achievement of environment, social and governance (ESG) targets); and
• make updates to the disclosures for equity instruments designated at Fair Value through Other Comprehensive Income (FVOCI).
(Amounts expressed in thousands of Turkish Lira ("TL") in terms of the purchasing power of TL as of 30 June 2025 unless otherwise stated.)
These amendments apply only to contracts that expose an entity to variability in the underlying amount of electricity because the source of its generation depends on uncontrollable natural conditions (such as the weather). These are described as 'contracts referencing nature-dependent electricity'.
(Amounts expressed in thousands of Turkish Lira ("TL") in terms of the purchasing power of TL as of 30 June 2025 unless otherwise stated.)
However, in a letter dated 6 April, 2023, sent by the Public Oversight Authority (POA) to the Insurance Association of Turkey, it was stated that the POA concluded that the application of TFRS 17 from 1 January, 2024, would be appropriate in the consolidated and individual financial statements of insurance, reinsurance and pension companies, banks with partnerships/investments in these companies, and other companies with partnerships/investments in these companies.
On the other hand, due to the amendment of Article 13(1)(a) of the "Regulation on Financial Reporting of Insurance and Reinsurance Companies and Pension Companies" by the Insurance and Private Pension Regulation and Supervision Agency (IPRSA), changing the effective date of TFRS 17 from "1 January 2024" to "1 January 2025", the POA, in a letter dated 15 February 2024, sent to the Banks Association of Turkey, stated that the implementation date of TFRS 17 has been postponed to 1 January 2025, for the consolidated and individual financial statements of insurance, reinsurance and pension companies, banks with partnerships/investments in these companies, and other companies with partnerships/investments in these companies.
Furthermore, due to a further amendment to Article 13(1)(a) of the aforementioned Regulation by the IPRSA, changing the effective date of TFRS 17 from "1 January 2025" to "1 January 2026", the POA, in a letter dated 14 January 2025, sent to the Banks Association of Turkey, stated that the implementation date of TFRS 17 has been further postponed to 1 January 2026, for the consolidated and individual financial statements of insurance, reinsurance and pension companies, banks with partnerships/investments in these companies, and other companies with partnerships/investments in these companies.
(Amounts expressed in thousands of Turkish Lira ("TL") in terms of the purchasing power of TL as of 30 June 2025 unless otherwise stated.)
Summary financial statements for the interim period ending on 30 June 2025 have been prepared in accordance with the TAS 34 standard for the preparation of interim financial statements.
The significant accounting policies used in preparing the summary financial statements are consistent with the accounting policies explained in detail in the financial statements dated 31 December 2024.Therefore, interim financial statements should be evaluated together with the financial statements for the year ending 31 December 2024.
The frequency of revaluations is determined to ensure that the carrying amounts of the revalued items of property, plant and equipment are not materially different from their fair values at the end of the reporting period.
The frequency of revaluations depends on the change in the fair value of the items of property, plant and equipment. Where the fair value of a revalued asset is considered to be materially different from its carrying amount, the revaluation is required to be repeated and this is done for the entire asset class in which the revalued asset is included as of the same date.
On the other hand, it is not considered necessary to repeat the revaluation of property, plant and equipment whose fair value changes are insignificant.
In this context, as a result of the assessments made by the Company management, it is assumed that the fair values of land, buildings and land improvements determined in the valuation studies performed as of 31 December 2024 will converge to their respective fair values as of 30 June 2025 after deducting current period depreciation and the CPI change in the related interim period.
The Company's financial statement items have been measured in the currency of the primary economic environment in which it operates ("functional currency"). The condensed financial statements have been prepared and presented in Turkish Lira ("TL"), which is the Company's functional currency.
The Company prepared financial statements in accordance with the going concern assumption.
All items with significant amounts and nature, even with similar characteristics, are presented separately in the financial statements. Insignificant amounts are grouped and presented by means of items having similar substance and function. When the nature of transactions and events necessitate offsetting, presentation of these transactions and events over their net amounts or recognition of the assets after deducting the related impairment are not considered as a violation of the rule of non-offsetting.
(Amounts expressed in thousands of Turkish Lira ("TL") in terms of the purchasing power of TL as of 30 June 2025 unless otherwise stated.)
Operating segments are identified on the same basis as financial information is reported internally to the Company's chief operating decision maker. The Company's Board of Directors has been identified as the Company's chief operating decision maker who is responsible for allocating resources between segments and assessing their performance. The Company management determines operating segments by reference to the reports reviewed by the Board of Directors to make strategic decisions.
The Management believes that the Company operates in a single industry sector as the risks and returns for the activities do not show any material difference because the scope of activity covers only the production of white goods and the production processes and classes of customers are similar. As a result, all information related to the industrial segment has been fully presented in the attached financial statements.
The Management has decided to use geographical segments for segment reporting considering the fact that risks and returns are affected by the differences in geographical regions.
| 1 January - | 1 January - | 1 April - | 1 April - | |
|---|---|---|---|---|
| 30 June | 30 June | 30 June | 30 June | |
| Segment revenue | 2025 | 2024 | 2025 | 2024 |
| Turkey | 11.485.747 | 15.697.807 | 6.443.615 | 7.859.437 |
| Europe | 16.138.371 | 19.088.673 | 8.545.593 | 10.541.656 |
| Other | 8.416.986 | 8.494.799 | 4.146.048 | 4.319.106 |
| Gross segment sales | 36.041.104 | 43.281.279 | 19.135.256 | 22.720.199 |
| Discounts (-) | (139.412) | (147.260) | (79.360) | (43.349) |
| Net sales | 35.901.692 | 43.134.019 | 19.055.896 | 22.676.850 |
The amount of exports is TL 24.555.357 for the period ended 30 June 2025. (1 January-30 June 2024: TL 27.583.472). 82,8% of the export amount was realized in EUR, 11,9% in USD and 5,3% in other foreign currencies (1 January-30 June 2024: 87,2% EUR, 9,3% USD and 3,5% other currencies).
Segment assets are not shown separately because a significant portion of the segment assets and the significant portion of the costs incurred to acquire the segment assets are incurred in Türkiye.
(Amounts expressed in thousands of Turkish Lira ("TL") in terms of the purchasing power of TL as of 30 June 2025 unless otherwise stated.)
| 30 June 2025 | 31 December 2024 | |
|---|---|---|
| Cash | 437 | 2.628 |
| Bank deposits | ||
| - Demand deposits | 85.490 | 981.879 |
| - Time deposits | - | 289.708 |
| 85.927 | 1.274.215 | |
| Blocked deposits | 22 | 26 |
| Cash and cash equivalents | 85.949 | 1.274.241 |
The effective interest rates for time deposits are as below:
| 30 June 2025 | 31 December 2024 | |
|---|---|---|
| TL | - | 45% |
As of 31 December 2024, the average maturity of the Company's time deposits is less than 3 months.
Based on the independent data with respect to the credit risk assessment of the banks, at which the Company has deposits, the credit quality of the banks is sufficient. The market values of cash and cash equivalents approximate carrying values, including accrued income at the respective balance sheet date.
(Amounts expressed in thousands of Turkish Lira ("TL") in terms of the purchasing power of TL as of 30 June 2025 unless otherwise stated.)
| NOTE 5 – FINANCIAL LIABILITIES |
||
|---|---|---|
| 30 June 2025 | 31 December 2024 | |
| Short term financial liabilities | ||
| Short term bank loans | 13.272.606 | 8.693.177 |
| Short term portion of long term bank loans | 427.856 | 483.598 |
| Short-term lease liabilities | 208.036 | 9.966 |
| Short term issued bonds | 1.278.323 | 2.791.977 |
| Short-term portion of issued long-term borrowings | 1.127.592 | - |
| 16.314.413 | 11.978.718 | |
| Long term financial liabilities | ||
| Long term bank loans | 1.008.251 | 1.263.354 |
| Long term lease liabilities | 375.700 | 166.645 |
| 1.383.951 | 1.429.999 |
* The maturity date of the bond with the ISIN code TRFVEST82517, amounting to TL 350.000, with a maturity of 170 days, a single coupon payment, issued to qualified investors on 12 February 2025 is 1 August 2025 and the annual simple interest rate of the coupon has been determined as 43,5%.
* The maturity date of the bond with the ISIN code TRSVEST32614, amounting to TL 885.000, with a maturity of 399 days, every 3 months coupon payment, issued to qualified investors on 12 February 2025 is 18 March 2026 and the annual simple interest rate of the coupon has been determined as 44%.
* The maturity date of the bond with the ISIN code TRSVEST42613, amounting to TL 175.000, with a maturity of 370 days, every 3 months coupon payment, issued to qualified investors on 25 April 2025 is 30 April 2026 and the annual simple interest rate of the coupon has been determined as 51%.
* The maturity date of the bond with the ISIN code TRFVESTE2522, amounting to TL 864.070, with a maturity of 123 days, a single coupon payment, issued to qualified investors on 26 June 2025 is 27 October 2025 and the annual simple interest rate of the coupon has been determined as 53%.
(Amounts expressed in thousands of Turkish Lira ("TL") in terms of the purchasing power of TL as of 30 June 2025 unless otherwise stated.)
Details of the Company's short term bank loans are given below:
| 30 June 2025 | 31 December 2024 | |||||
|---|---|---|---|---|---|---|
| Weighted average of |
Weighted average of |
|||||
| effective | Original | effective | Original | |||
| Currency | interest | currency | TL Equivalent | interest | currency | TL Equivalent |
| - USD | 10,95% | 15.492 | 616.774 | 8,59% | 22.239 | 917.070 |
| - EUR | 9,33% | 14.844 | 693.086 | 8,47% | 16.303 | 700.032 |
| - TL | 30,64% | 11.962.746 | 11.962.746 | 34,28% | 7.076.075 | 7.076.075 |
| 13.272.606 | 8.693.177 |
Details of the Company's long term bank loans are given below:
| 30 June 2025 | 31 December 2024 | |||||
|---|---|---|---|---|---|---|
| Weighted average of |
Weighted average of |
|||||
| effective | Original | effective | Original | |||
| Currency | interest | currency | TL Equivalent | interest | currency | TL Equivalent |
| - TL | %20,65 | 427.856 | 427.856 | %20,65 | 483.598 | 483.598 |
| Short term portion | 427.856 | 483.598 | ||||
| - TL | %20,65 | 1.008.251 | 1.008.251 | %20,65 | 1.263.354 | 1.263.354 |
| Long term portion | 1.008.251 | 1.263.354 | ||||
| 1.436.107 | 1.746.952 |
(Amounts expressed in thousands of Turkish Lira ("TL") in terms of the purchasing power of TL as of 30 June 2025 unless otherwise stated.)
The redemption schedule of the Company's long term bank loans is given below:
| Uzun vadeli finansal borçların ödeme planı | 30 June 2025 | 31 December 2024 |
|---|---|---|
| One to two years | 307.371 | 374.701 |
| Two to three years | 222.593 | 272.117 |
| Three to four years | 162.769 | 199.558 |
| Over five years | 315.518 | 416.978 |
| 1.008.251 | 1.263.354 |
Fair value of short term bank borrowings are considered to approximate their carrying values due to immateriality of discounting. Fair values are determined using average effective annual interest rates.
Guarantees given for the bank loans obtained are disclosed in Note 14.
As of 30 June 2025 and 30 June 2024, reconciliation of net financial debt is as below:
| 30 June 2025 | 30 June 2024 | |
|---|---|---|
| Net financial debt as of 1 January | 12.134.502 | 6.501.627 |
| Cash inflows from loans and issued bonds | 16.518.237 | 5.893.970 |
| Cash outflows from loan and bonds payments | (11.072.000) | (3.920.317) |
| Payments of lease liabilities | 432.364 | 54.720 |
| Unrealized exchange | 134.550 | 133.829 |
| Accrued interest | 192.742 | 105.689 |
| Change in cash and cash equivalents | 1.188.288 | 1.056.509 |
| Monetary gain / (loss) | (1.916.246) | (2.072.604) |
| Net financial debt at the end of the period | 17.612.437 | 7.753.423 |
(Amounts expressed in thousands of Turkish Lira ("TL") in terms of the purchasing power of TL as of 30 June 2025 unless otherwise stated.)
| 30 June 2025 | 31 December 2024 | |
|---|---|---|
| Vestel Ticaret A.Ş. (1) | 14.929.156 | 16.364.662 |
| Other related parties | 165 | 268 |
| 14.929.321 | 16.364.930 |
The receivables result from the Company's foreign and domestic sales performed via Vestel Ticaret A.Ş. which is also a member of Vestel Group Companies.
| 30 June 2025 31 December 2024 |
|||
|---|---|---|---|
| Vestel Elektronik Sanayi ve Ticaret A.Ş. (2) | 346.839 | 1.567.363 | |
| Vestel Ticaret A.Ş. (1) | 562.618 | 492.984 | |
| Vestel Holland B.V. (1) | 272.806 | 4.224 | |
| Other related parties | 132.980 | 37.373 | |
| 1.315.243 | 2.101.944 | ||
| Deferred finance income (-) | (13.456) | (13.852) | |
| 1.301.787 | 2.088.092 |
The Company's short-term payables to related parties consist of purchases of goods and services
| 30 June 2025 | 31 December 2024 | |
|---|---|---|
| Vestel Elektronik Sanayi ve Ticaret A.Ş. (2) | 8.394.953 | 4.445.956 |
| 8.394.953 | 4.445.956 | |
As of 30 June 2025, the Company's interest rate of other short-term receivables is in TL 47,5%, in USD 9% and in EUR 7,5% ( As of 31 December 2024 the Company's interest rate of other receivables is in USD 9% and EUR 7,5%)
(Amounts expressed in thousands of Turkish Lira ("TL") in terms of the purchasing power of TL as of 30 June 2025 unless otherwise stated.)
| 30 June 2025 | 31 December 2024 | |
|---|---|---|
| Vestel Elektronik Sanayi ve Ticaret A.Ş. (2) | 54.315 | 109.874 |
| 54.315 | 109.874 |
As of 30 June 2025, the Company's short-term payables to related parties are entirely comprised of dividend payables pertaining to the 2024 profit distribution to Vestel Elektronik Sanayi ve Ticaret A.Ş. (Note 17).
| 30 June 2025 | 31 December 2024 | |
|---|---|---|
| Zorlu Yenilenebilir Enerji A.Ş. (3) | 429.299 | 326.270 |
| Vestel Holland B.V. (1) | 25.355 | 88.218 |
| Other related parties | 3.806 | 4.547 |
| 458.460 | 419.035 |
| 30 June 2025 | 31 December 2024 | |
|---|---|---|
| Zorlu Yenilenebilir Enerji A.Ş. (3) | 238.454 | 493.157 |
| Other related parties | - | 43.362 |
| 238.454 | 536.519 |
On 24 February 2025, Rotor Elektrik Üretim A.Ş. was transferred to Zorlu Yenilenebilir Enerji A.Ş. along with all its assets and liabilities. All short-term and long-term prepaid expenses of Rotor Elektrik Üretim A.Ş. were transferred to Zorlu Yenilenebilir Enerji A.Ş. following the transfer transactions. As of 30 June 2025, the Company's shortterm and long-term prepaid expenses from Zorlu Yenilenebilir Enerji A.Ş. consist of amounts arising from these transfer transactions.
| 30 June 2025 | 31 December 2024 | |
|---|---|---|
| Vestel Ticaret A.Ş. (1) | 796.653 | 91.834 |
| 796.653 | 91.834 |
(Amounts expressed in thousands of Turkish Lira ("TL") in terms of the purchasing power of TL as of 30 June 2025 unless otherwise stated.)
| 30 June 2025 | 31 December 2024 | |
|---|---|---|
| Vestel Elektronik Sanayi ve Ticaret A.Ş. (2) | 205.594 | 164.562 |
| 205.594 | 164.562 |
As of 30 June 2025, the Company's short term lease liabilities to Vestel Elektronik Sanayi ve Ticaret A.Ş. are amounted to TL 6.677 and long term lease liabilities are amounted to TL 198.917 (31 December 2024: short term TL 4.956 and long term TL 159.606)
| 1 January - | 1 January - | 1 April - | 1 April - | |
|---|---|---|---|---|
| 30 June | 30 June | 30 June | 30 June | |
| 2025 | 2024 | 2025 | 2024 | |
| Sales | ||||
| Vestel Ticaret A.Ş. (1) | 34.129.519 | 40.774.267 | 18.333.540 | 20.722.622 |
| Vestel Elektronik Sanayi ve Ticaret A.Ş. (2) | 286.165 | 299.561 | 145.599 | 145.205 |
| Other related parties | - | 739.605 | - | 703.721 |
| 34.415.684 | 41.813.433 | 18.479.139 | 21.571.548 | |
| Operating expenses | ||||
| Vestel Holland B.V. (1) | 2.391.453 | 2.369.418 | 1.262.206 | 1.135.938 |
| Vestel Ticaret A.Ş. (1) | 772.185 | 1.006.064 | 403.146 | 484.998 |
| Vestel Elektronik Sanayi ve Ticaret A.Ş. (2) | 1.411.426 | 2.194.346 | 724.605 | 1.029.682 |
| Other related parties | 354.603 | 303.693 | 170.542 | 83.696 |
| 4.929.667 | 5.873.521 | 2.560.499 | 2.734.314 |
(Amounts expressed in thousands of Turkish Lira ("TL") in terms of the purchasing power of TL as of 30 June 2025 unless otherwise stated.)
| 1 January - 30 June 2025 |
1 January - 30 June 2024 |
1 April - 30 June 2025 |
1 April - 30 June 2024 |
|
|---|---|---|---|---|
| Other income from operating activities | ||||
| Vestel Ticaret A.Ş. (1) | 2.208.567 | 1.332.732 | 1.250.950 | 602.076 |
| Other related parties | 158.541 | 286.766 | 54.487 | 92.938 |
| 2.367.108 | 1.619.498 | 1.305.437 | 695.014 | |
| Other expense from operating activities | ||||
| Vestel Ticaret A.Ş. (1) | 273.944 | 576.439 | 217.498 | 477.438 |
| Vestel Holland B.V. (1) | 42.388 | 92.772 | 20.565 | 21.279 |
| Other related parties | 52.391 | 91.687 | 21.826 | 33.617 |
| 368.723 | 760.898 | 259.889 | 532.334 | |
| Financial income | ||||
| Vestel Elektronik Sanayi ve Ticaret A.Ş. (2) | 1.380.785 | 564.987 | 782.060 | 65.161 |
| Other related parties | 330 | - | - | - |
| 1.381.115 | 564.987 | 782.060 | 65.161 | |
| Financial expense | ||||
| Vestel Elektronik Sanayi ve Ticaret A.Ş. (2) | 2.884 | 1.276.959 | 2.884 | 682.499 |
| 2.884 | 1.276.959 | 2.884 | 682.499 | |
| Dividend payment to non-controlling interests | ||||
| Vestel Elektronik Sanayi ve Ticaret A.Ş. (2) | 54.315 | 1.232.875 | 54.315 | 1.232.875 |
| 54.315 | 1.232.875 | 54.315 | 1.232.875 |
The total dividend payables restated to 30 June 2025 purchasing power amounting to 70.238 TL consists of 54.315 TL payable to Vestel Elektronik Sanayi ve Ticaret A.Ş., and 15.923 TL payable to the publicly traded portion.
Guarantees received from and given to related parties are disclosed in note 14.
Compensation paid to key management for the six months period ended 30 June 2025 is TL 53.258 (1 January -30 June 2024: TL 43.950).
(Amounts expressed in thousands of Turkish Lira ("TL") in terms of the purchasing power of TL as of 30 June 2025 unless otherwise stated.)
| 30 June 2025 | 31 December 2024 | |
|---|---|---|
| Short term trade receivables | ||
| Trade receivables | ||
| - Related parties (Note 6) | 14.929.321 | 16.364.930 |
| - Other parties | 660.040 | 668.780 |
| 15.589.361 | 17.033.710 | |
| Allowance for doubtful receivables (-) | (50.051) | (57.835) |
| Total short term trade receivables | 15.539.310 | 16.975.875 |
The Company has recognized a provision for doubtful receivables, based on historical experience, for accounts deemed uncollectible.
The Company's management recognizes provisions by taking into account its historical experience in the collection of trade receivables and forward-looking estimates. In accordance with the expected credit loss model under TFRS 9, the management has assessed the provision and, as of 30 June 2025, has not identified any significant additional risk related to doubtful trade receivables.
| 30 June 2025 | 31 December 2024 | |
|---|---|---|
| Short term trade payables | ||
| Trade payables | ||
| - Related parties (Note 6) | 1.315.243 | 2.101.944 |
| - Other parties | 22.431.735 | 22.549.154 |
| 23.746.978 | 24.651.098 | |
| Unearned interest income (-) | ||
| - Related parties (Note 6) | (13.456) | (13.852) |
| - Other parties | (151.583) | (191.284) |
| Total short term trade payables | 23.581.939 | 24.445.962 |
(Amounts expressed in thousands of Turkish Lira ("TL") in terms of the purchasing power of TL as of 30 June 2025 unless otherwise stated.)
| 30 June 2025 | 31 December 2024 | |
|---|---|---|
| Other short-term receivables from third parties | ||
| Receivables from public institutions | 694.170 | 1.140.942 |
| Deposits and guarantees given | 16.075 | 22.743 |
| Other receivables | 31.807 | 19.385 |
| Total short term other receivables | 742.052 | 1.183.070 |
| 30 June 2025 | 31 December 2024 | |
| Short term other payables | ||
| Related parties (Note 6) | 54.315 | 109.874 |
| Other payables | 15.923 | - |
| 70.238 | 109.874 | |
| 30 June 2025 | 31 December 2024 | |
| Deferred revenue | ||
| Related parties (Note 6) | 796.653 | 91.834 |
| Other parties | 1.535 | 2.200 |
| 798.188 | 94.034 |
(Amounts expressed in thousands of Turkish Lira ("TL") in terms of the purchasing power of TL as of 30 June 2025 unless otherwise stated.)
| 30 June 2025 | 31 December 2024 | |
|---|---|---|
| Raw materials | 8.154.234 | 7.441.829 |
| Work in process | 230.033 | 197.813 |
| Finished goods | 3.656.640 | 3.898.489 |
| Merchandise | - | 296 |
| 12.040.907 | 11.538.427 | |
| Provision for impairment on inventories (-) | (114.348) | (40.720) |
| 11.926.559 | 11.497.707 |
As of 30 June 2025, the Company does not have inventories pledged as security for liabilities (31 December 2024: None).
| 30 June 2025 | 31 December 2024 | |
|---|---|---|
| Short-term prepaid expenses to third parties | ||
| Order advances given | 113.261 | 78.382 |
| Prepaid expenses | 294.412 | 222.656 |
| 407.673 | 301.038 | |
| 30 June 2025 | 31 December 2024 | |
| Long-term prepaid expenses to third parties | ||
| Advences given for purchase of fixed assets | 413.799 | 449.909 |
| Prepaid expenses | 7.494 | 5.798 |
| 421.293 | 455.707 |
(Amounts expressed in thousands of Turkish Lira ("TL") in terms of the purchasing power of TL as of 30 June 2025 unless otherwise stated.)
| 1 January | 30 June | ||||
|---|---|---|---|---|---|
| 2025 | Additions | Disposals | Transfer | 2025 | |
| Cost or revaluation | |||||
| Land | 17.297.570 | - | - | - | 17.297.570 |
| Land improvements | 324.299 | - | - | - | 324.299 |
| Buildings | 12.803.507 | 10.255 | - | 33.065 | 12.846.827 |
| Leasehold improvements | 5.543 | - | - | - | 5.543 |
| Plants, machinery and equipment | 36.896.335 | 832.166 | (123.957) | 121.931 | 37.726.475 |
| Motor vehicles | 12.274 | - | (202) | - | 12.072 |
| Furniture and fixtures | 1.819.290 | 9.839 | (134) | 10.007 | 1.839.002 |
| Construction in progress (*) | 446.905 | 467.247 | - | (165.003) | 749.149 |
| 69.605.723 | 1.319.507 | (124.293) | - | 70.800.937 | |
| Accumulated depreciation | |||||
| Land improvements | - | 5.982 | - | - | 5.982 |
| Buildings | - | 261.116 | - | - | 261.116 |
| Leasehold improvements | 4.189 | 163 | - | - | 4.352 |
| Plants, machinery and equipment | 26.067.111 | 1.097.196 | (123.190) | - | 27.041.117 |
| Motor vehicles | 9.183 | 580 | (202) | - | 9.561 |
| Furniture and fixtures | 1.336.731 | 60.842 | (134) | - | 1.397.439 |
| 27.417.214 | 1.425.879 | (123.526) | - | 28.719.567 | |
| Net book value | 42.188.509 | 42.081.370 |
(*) A significant portion of the construction in progress pertains to ongoing investments in machinery.
As of 30 June 2025, there are no mortgages on property, plant and equipment (31 December 2024: None).
(Amounts expressed in thousands of Turkish Lira ("TL") in terms of the purchasing power of TL as of 30 June 2025 unless otherwise stated.)
| 1 January | 30 June | ||||
|---|---|---|---|---|---|
| 2024 | Additions | Disposals | Transfer | 2024 | |
| Cost or revaluation | |||||
| Land | 11.938.652 | - | - | - | 11.938.652 |
| Land improvements | 267.788 | - | - | - | 267.788 |
| Buildings | 9.369.726 | 13.220 | - | 6.442 | 9.389.388 |
| Leasehold improvements | 4.308 | 1.236 | - | - | 5.544 |
| Plants, machinery and equipment | 35.635.863 | 537.930 | (161.320) | 240.942 | 36.253.415 |
| Motor vehicles | 12.274 | - | - | - | 12.274 |
| Furniture and fixtures | 1.626.406 | 31.538 | (3.213) | 17.051 | 1.671.782 |
| Construction in progress | 2.943.515 | 1.124.799 | - | (264.435) | 3.803.879 |
| 61.798.532 | 1.708.723 | (164.533) | - | 63.342.722 | |
| Accumulated depreciation | |||||
| Land improvements | 6.289 | - | - | 6.289 | |
| Buildings | 309.091 | - | - | 309.091 | |
| Leasehold improvements | 3.900 | 109 | - | - | 4.009 |
| Plants, machinery and equipment | 24.204.119 | 1.169.790 | (150.271) | - | 25.223.638 |
| Motor vehicles | 7.738 | 731 | - | - | 8.469 |
| Furniture and fixtures | 1.229.322 | 56.371 | (3.180) | - | 1.282.513 |
| 25.445.079 | 1.542.381 | (153.451) | - | 26.834.009 | |
| Net book value | 36.353.453 | 36.508.713 |
Allocation of period depreciation and amortization expenses of tangible and intangible assets and right of use assets is as follows:
| 1 January - | 1 January - 30 June |
||
|---|---|---|---|
| 30 June | |||
| 2025 | 2024 | ||
| Cost of sales | 1.261.702 | 1.473.261 | |
| Research and development expenses | 318.725 | 301.656 | |
| Marketing, selling and distribution expenses | 107.930 | 5.236 | |
| General administrative expenses | 8.734 | 12.336 | |
| 1.697.091 | 1.792.489 |
(Amounts expressed in thousands of Turkish Lira ("TL") in terms of the purchasing power of TL as of 30 June 2025 unless otherwise stated.)
| 1 January | 30 June | ||
|---|---|---|---|
| 2025 | Additions | 2025 | |
| Cost | |||
| Land and buildings | 1.623.150 | 136.672 | 1.759.822 |
| Motor vehicles | 362.864 | 149.988 | 512.852 |
| 1.986.014 | 286.660 | 2.272.674 | |
| Accumulated amortization | |||
| Land and buildings | 877.033 | 35.142 | 912.175 |
| Motor vehicles | 268.173 | 42.387 | 310.560 |
| 1.145.206 | 77.529 | 1.222.735 | |
| Net book value | 840.808 | 1.049.939 |
| 1 January | 30 June | ||
|---|---|---|---|
| 2024 | Additions | 2024 | |
| Cost | |||
| Land and buildings | 1.631.062 | 127.250 | 1.758.312 |
| Motor vehicles | 359.508 | - | 359.508 |
| 1.990.570 | 127.250 | 2.117.820 | |
| Accumulated amortization | |||
| Land and buildings | 598.390 | 58.707 | 657.097 |
| Motor vehicles | 261.587 | 3.214 | 264.801 |
| 859.977 | 61.921 | 921.898 | |
| Net book value | 1.130.593 | 1.195.922 |
(Amounts expressed in thousands of Turkish Lira ("TL") in terms of the purchasing power of TL as of 30 June 2025 unless otherwise stated.)
| 1 January | 30 June | ||
|---|---|---|---|
| 2025 | Additions | 2025 | |
| Cost | |||
| Rights | 176.331 | - | 176.331 |
| Development cost | 6.002.067 | 357.753 | 6.359.820 |
| Other intangible assets | 468.155 | 13.334 | 481.489 |
| 6.646.553 | 371.087 | 7.017.640 | |
| Accumulated amortization | |||
| Rights | 175.630 | 82 | 175.712 |
| Development cost | 3.393.107 | 173.630 | 3.566.737 |
| Other intangible assets | 259.533 | 19.971 | 279.504 |
| 3.828.270 | 193.683 | 4.021.953 | |
| Net book value | 2.818.283 | 2.995.687 | |
| 1 January | 30 June | ||
| 2024 | Additions | 2024 | |
| Cost | |||
| Rights | 176.332 | - | 176.332 |
| Development cost | 5.164.681 | 605.851 | 5.770.532 |
| Other intangible assets | 410.210 | 29.090 | 439.300 |
| 5.751.223 | 634.941 | 6.386.164 | |
| Accumulated amortization | |||
| Rights | 175.453 | 90 | 175.543 |
| Development cost | 3.030.958 | 168.665 | 3.199.623 |
| Other intangible assets | 220.618 | 19.432 | 240.050 |
| 3.427.029 | 188.187 | 3.615.216 | |
| Net book value | 2.324.194 | 2.770.948 |
Development costs, incurred by the Company on development projects relating to refrigerators, split air conditioners, washing machines, cookers and dish washers are capitalized as intangible assets since it is highly probable that it will derive economic benefit from these projects and the economic benefits and expenditures made during the development process can be reliably measured.
(Amounts expressed in thousands of Turkish Lira ("TL") in terms of the purchasing power of TL as of 30 June 2025 unless otherwise stated.)
| 30 June 2025 | 31 December 2024 | |
|---|---|---|
| Short term provisions | ||
| Provision for lawsuit risks | 47.025 | 31.462 |
| 47.025 | 31.462 |
| 30 June 2025 | 31 December 2024 | |
|---|---|---|
| Guarantee letters | 415.621 | 481.054 |
| Cheques and notes | 650 | 758 |
| Collaterals and pledges | 78.031.970 | 52.838.450 |
| 78.448.241 | 53.320.262 |
Vestel Elektronik Sanayi ve Ticaret A.Ş., Vestel Mobilite Sanayi ve Ticaret A.Ş. and Vestel Ticaret A.Ş. has given guarantees to various banks on behalf of the Company for its forward contracts and bank borrowings.
(Amounts expressed in thousands of Turkish Lira ("TL") in terms of the purchasing power of TL as of 30 June 2025 unless otherwise stated.)
| USD | EUR | |||
|---|---|---|---|---|
| CPMB's given by the Group | ('000) | ('000) | TL | TL Equivalent |
| 30 June 2025 | ||||
| A. CPMB's given on behalf of its own legal entity | 16.395 | 2.000 | 10.206.941 | 10.953.048 |
| B. CPMB's given on behalf of fully consolidated | ||||
| subsidiaries | - | - | - | - |
| C. CPMB's given on behalf of third parties for ordinary course of business |
- | - | - | - |
| D. Total amount of other CPMB's given | 500.742 | - | 277.439 | 20.213.180 |
| i. Total amount of CPMB's given on behalf of the | ||||
| parent company | 380.820 | - | 155.076 | 15.316.434 |
| ii. Total amount of CPMB's given to on behalf of | ||||
| other group companies which are not in scope of | ||||
| B and C. | 119.922 | - | 122.363 | 4.896.746 |
| iii.Total amount of CPMB's given on behalf of | ||||
| third parties which are not in scope of C. | - | - | - | - |
| Total | 517.137 | 2.000 | 10.484.380 | 31.166.228 |
The table above has been prepared based on the lower of the limits used or the amounts of guarantees received regarding the guarantees given by the Company.
(Amounts expressed in thousands of Turkish Lira ("TL") in terms of the purchasing power of TL as of 30 June 2025 unless otherwise stated.)
| USD | EUR | |||
|---|---|---|---|---|
| CPMB's given by the Group | ('000) | ('000) | TL | TL Equivalent |
| 31 December 2024 | ||||
| A. CPMB's given on behalf of its own legal entity | - | 2.000 | 6.303.497 | 6.389.375 |
| B. CPMB's given on behalf of fully consolidated | ||||
| subsidiaries | - | - | - | - |
| C. CPMB's given on behalf of third parties for | ||||
| ordinary course of business | - | - | - | - |
| D. Total amount of other CPMB's given | 500.742 | - | 323.699 | 20.972.797 |
| i. Total amount of CPMB's given on behalf of the | ||||
| parent company | 380.820 | - | 180.933 | 15.884.808 |
| ii. Total amount of CPMB's given to on behalf of | ||||
| other group companies which are not in scope of | ||||
| B and C. | 119.922 | - | 142.766 | 5.087.989 |
| iii.Total amount of CPMB's given on behalf of | ||||
| third parties which are not in scope of C. | - | - | - | - |
| Total | 500.742 | 2.000 | 6.627.196 | 27.362.172 |
The Company has given collaterals to various banks on behalf of Vestel Elektronik Sanayi and Ticaret A.Ş. and Vestel Ticaret A.Ş. for their forward contracts and bank loans obtained.
Proportion of other CPMB's given by the Company to its equity 57% as of 30 June 2025. (31 December 2024: 53%).
(Amounts expressed in thousands of Turkish Lira ("TL") in terms of the purchasing power of TL as of 30 June 2025 unless otherwise stated.)
As of the balance sheet date the Company has committed to realize exports amounting to USD 1.083.927 thousand (31 December 2024: USD 1.119.701 thousand) due to the export and investment incentive certificates obtained.
As of 30 June 2025 the Company has forward foreign currency purchase contract that amounts to EUR 25.559 thousand, PLN 7.302 thousand ,GBP 3.223 thousand and USD 402.914 thousand, SEK 25.366 thousand and 4.214.325 TL against forward foreign currency sales contract that amounts to EUR 358.965 thousand, GBP 3.620 thousand, PLN 6.781 thousand, USD 123.916 thousand and SEK 128.942 thousand (31 December 2024 : The Company has forward foreign currency sales contract of EUR 95.197 thousand, PLN 11.401 thousand, GBP 2.272 thousand, USD 383.643 thousand, SEK 96.848 thousand and 2.264.058 TL against forward foreign currency sales contract that amounts to EUR 351.173 thousand, GBP 10.584 thousand, PLN 17.853 thousand, USD 136.707 thousand and , SEK 177.648 thousand).
| 30 June 2025 | 31 December 2024 | |
|---|---|---|
| Due to personnel | 309.339 | 304.576 |
| Social security payables | 174.884 | 155.193 |
| 484.223 | 459.769 |
| 30 June 2025 | 31 December 2024 | |
|---|---|---|
| Shares of par value Kr 1 each | ||
| Issued share capital | 1.600.000 | 1.600.000 |
(Amounts expressed in thousands of Turkish Lira ("TL") in terms of the purchasing power of TL as of 30 June 2025 unless otherwise stated.)
As of 30 June 2025 and 31 December 2024, the shareholding structure is as follows:
| Shareholding | Amount | |||
|---|---|---|---|---|
| 30 June | 31 December | 30 June | 31 December | |
| 2025 | 2024 | 2025 | 2024 | |
| Vestel Elektronik Sanayi ve Ticaret AŞ | 77,33'% | 77,33'% | 1.237.302 | 1.237.302 |
| Stocks traded on BIST | 22,67'% | 22,67'% | 362.698 | 362.698 |
| 100% | 100% | 1.600.000 | 1.600.000 |
Adjustment to share capital is the difference between the share capital recalculated to adjust the effects of inflation and historical share capital.
| 30 June 2025 | 31 December 2024 | |
|---|---|---|
| Adjustments to share capital | 11.591.649 | 11.591.649 |
The legal reserves consist of first and second legal reserves appropriated in accordance with the Turkish Commercial Code ("TCC"). The first legal reserve is appropriated out of the statutory profits at the rate of 5%, until the total reserve reaches a maximum of 20% of the Company's share capital. The second legal reserve is appropriated at the rate of 10% of all distributions in excess of 5% of the Company's share capital. Under TCC, the legal reserves can only be used to offset losses and are not available for any other usage unless they exceed 50% of paid in share capital.
| 30 June 2025 | 31 December 2024 | |
|---|---|---|
| Legal reserves | 2.389.149 | 2.389.149 |
(Amounts expressed in thousands of Turkish Lira ("TL") in terms of the purchasing power of TL as of 30 June 2025 unless otherwise stated.)
The differences arising as a result of converting the following inflation-adjusted amounts in the company's legal records into CPI-adjusted amounts within the scope of TAS 29 are accounted under the Retained Earnings item.
| Differences Tracked in | ||||
|---|---|---|---|---|
| PPI-Indexed Legal | CPI Indexed | Past Years | ||
| Records | Amounts | Profits/Losses | ||
| Capital Adjustment Gains/Losses | 12.893.380 | 11.591.649 | 1.301.731 | |
| Appropriated Retained Earnings | 3.220.161 | 2.389.149 | 831.012 |
In accordance with the provisions of the Turkish Commercial Code and the Tax Procedure Law, the Company paid TL 70.238 to the shareholders in cash as dividend for the 2024 accounting period on 24 July 2025 (gross TL 0,0439, net TL 0,0373 for each share with a nominal value of TL 1,00).
| 1 January - | 1 January - | 1 April - 30 June |
1 April - | ||
|---|---|---|---|---|---|
| 30 June | 30 June | 30 June | |||
| 2025 | 2024 | 2025 | 2024 | ||
| Domestic sales | 11.485.747 | 15.697.807 | 6.443.615 | 7.859.437 | |
| Overseas sales | 24.555.357 | 27.583.472 | 12.691.641 | 14.860.762 | |
| Gross sales | 36.041.104 | 43.281.279 | 19.135.256 | 22.720.199 | |
| Sales discounts (-) | (139.412) | (147.260) | (79.360) | (43.349) | |
| Net sales | 35.901.692 | 43.134.019 | 19.055.896 | 22.676.850 | |
| Cost of sales | (33.056.157) | (37.719.745) | (17.533.325) | (20.391.401) | |
| Gross profit | 2.845.535 | 5.414.274 | 1.522.571 | 2.285.449 |
(Amounts expressed in thousands of Turkish Lira ("TL") in terms of the purchasing power of TL as of 30 June 2025 unless otherwise stated.)
| 1 January - 30 June 2025 |
1 January - 30 June 2024 |
1 April - 30 June 2025 |
1 April - 30 June 2024 |
|
|---|---|---|---|---|
| Credit finance gains arising from trading activities | 39.048 | 262.868 | 397 | 118.409 |
| Foreign exchange gains arising from trading activities | 2.435.259 | 1.556.182 | 1.337.345 | 668.357 |
| Other income | 16.060 | 7.036 | 5.519 | 4.188 |
| 2.490.367 | 1.826.086 | 1.343.261 | 790.954 | |
| b) Other Operating Expense: |
||||
| 1 January - | 1 January - | 1 April - | 1 April - | |
| 30 June | 30 June | 30 June | 30 June | |
| 2025 | 2024 | 2025 | 2024 | |
| Debit finance charges and interest income arising from | ||||
| trading activities | 350.711 | 1.221 | 350.340 | 478 |
| Foreign exchange expenses arising from trading activities | 3.480.715 | 2.823.889 | 1.788.016 | 826.621 |
| Other expenses | 210.939 | 66.878 | 150.691 | 39.436 |
| 4.042.365 | 2.891.988 | 2.289.047 | 866.535 |
| 1 January - 30 June 2025 |
1 January - 30 June 2024 |
1 April - 30 June 2025 |
1 April - 30 June 2024 |
|
|---|---|---|---|---|
| Foreign exchange gains | 458.731 | 438.791 | 186.227 | 20.296 |
| Gains on derivative financial instruments | 825.594 | 255.492 | 398.517 | 141.202 |
| Interest income | 958.246 | 144.625 | 609.518 | 51.989 |
| 2.242.571 | 838.908 | 1.194.262 | 213.487 |
| 1 January - 30 June |
1 January - 30 June |
1 April - 30 June |
1 April - 30 June |
|
|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |
| Foreign exchange losses | 361.820 | 301.535 | 204.312 | 57.233 |
| Losses on derivative financial instruments | 1.280.262 | 956.837 | 948.873 | 627.185 |
| Interest expense | 3.412.176 | 2.542.193 | 1.773.150 | 1.455.981 |
| Commission and other finance expenses | 308.045 | 380.955 | 92.446 | 171.132 |
| 5.362.303 | 4.181.520 | 3.018.781 | 2.311.531 |
(Amounts expressed in thousands of Turkish Lira ("TL") in terms of the purchasing power of TL as of 30 June 2025 unless otherwise stated.)
| Non-monetary items | 30 June 2025 |
|---|---|
| Balance sheet items | (210.618) |
| Inventories | 1.044.664 |
| Prepaid expenses | 46.833 |
| Tangible and intangible assets | 5.557.771 |
| Right of use assets | 125.535 |
| Inflation adjustments on capital | (1.885.225) |
| Other comprehensive income (expenses) that will not be reclassified to profit/(losses) | (1.986.804) |
| Other comprehensive income (expenses) that will be reclassified to profit/(losses) | (26.080) |
| Restricted reserves | (341.434) |
| Prior years' profits or loss | (2.745.878) |
| Profit and loss items | 2.151.918 |
| Sales | (1.590.233) |
| Cost of sales | 3.192.004 |
| General administration expenses | 37.394 |
| Marketing expenses | 138.974 |
| Research and development expenses | 162.846 |
| Other income from operating activities | (108.996) |
| Other expenses from operating activities | 230.331 |
| Financial income | (99.077) |
| Financial expense | 188.675 |
| Net monetary position gains | 1.941.300 |
| 30 June 2025 | 31 December 2024 | |
|---|---|---|
| Prepaid taxes (-) | (1.762) | (11.917) |
| Provision for corporation tax - net | (1.762) | (11.917) |
| Deferred tax liabilities - net | (3.463.590) | (3.659.781) |
(Amounts expressed in thousands of Turkish Lira ("TL") in terms of the purchasing power of TL as of 30 June 2025 unless otherwise stated.)
Pursuant to paragraph 1 of Article 6 of the Corporate Tax Law No. 5520, corporate tax is calculated on the net corporate income of the taxpayers for an accounting period. Pursuant to paragraph 2 of the same article, by taking into account the provisions of Income Tax Law No. 193 on commercial income, pure corporate income is calculated by adding legally unacceptable expenses to the commercial income and deducting the exempt earnings and discounts from the commercial income.
With the amendment made to Article 32 of the Corporate Tax Law No. 5520 with Article 21 of the Law No. 7456, corporate taxpayers other than banks, companies within the scope of the Law No. 6361, electronic payment and money institutions, authorized foreign exchange institutions, asset management companies, capital market institutions, insurance and reinsurance companies and pension companies are subject to corporate tax at the rate of 25% on their net corporate earnings in 2024 and the following taxation periods.
In addition to the corporate tax levied on corporate income, withholding income/corporate tax burden may arise if all or part of the profits of corporations are subject to profit distribution. By full taxpayer corporations;
In case of dividend distribution, 10% withholding income/corporate tax is payable. According to the Turkish tax legislation, capitalization of profit is not considered as dividend distribution.
Corporations are exempt from corporate tax on 75% of the gains arising from the sale of participation shares included in their assets for at least two full years and 25% of the gains arising from the sale of immovables included in their assets on 15 July 2023 for the same period. As of 15 July 2023, corporate tax exemption is not applied to the gains arising from the sale of immovables taken into assets.
(Amounts expressed in thousands of Turkish Lira ("TL") in terms of the purchasing power of TL as of 30 June 2025 unless otherwise stated.)
Under Turkish tax legislation, tax losses carried forward can be carried forward to offset against future taxable income for up to 5 years. However, tax losses cannot be offset against retained earnings.
However, tax authorities may examine the accounting records within five years and the amount of tax payable may change if incorrect transactions are detected.
Earnings from the Company's investments subject to incentive certificates are subject to corporate tax at reduced rates from the accounting period in which the investment starts to be operated partially or completely until the investment contribution amount is reached.
Deferred tax assets are recognized to the extent that it is probable that future taxable income will be available against which they can be utilized. Where it is probable that taxable income will be available, deferred tax assets are recognized in respect of deductible temporary differences, tax losses and tax advantages arising from investment incentives with indefinite useful lives that allow for the payment of reduced corporate income tax.
For the periods 30 June 2025 and 30 June 2024, tax expenses recognized in the statement of comprehensive income are as follows;
| 1 January - | 1 January - | ||
|---|---|---|---|
| 30 June 2025 | 30 June 2024 | ||
| Current period tax expense | - | (2.842) | |
| Deferred tax income / (expense) | (129.380) | 14.733 | |
| Total tax income / (expense) | (129.380) | 11.891 |
Due to modernization, plant extension and investments incentive documents in Manisa Organized Industrial Zone, the Company has reduced rate of corporate tax advantage.
(Amounts expressed in thousands of Turkish Lira ("TL") in terms of the purchasing power of TL as of 30 June 2025 unless otherwise stated.)
The breakdown of cumulative temporary differences and the resulting deferred tax assets and liabilities provided using principal tax rate as of the balance sheet dates is as follows:
| Cumulative temporary differences | Deferred tax | |||
|---|---|---|---|---|
| 30 June | 31 December | 30 June | 31 December | |
| 2025 | 2024 | 2025 | 2024 | |
| Deferred tax assets/(liabilities) | ||||
| Employment termination benefits | (1.014.668) | (1.080.382) | 253.667 | 270.095 |
| Invesment incentive | - | - | 1.201.998 | 1.402.418 |
| Şüpheli alacak karşılığı | - | - | 174.853 | 204.008 |
| Net difference between recorded values and tax bases of tangible and | ||||
| intangible assets | 23.853.408 | 24.225.229 | (4.882.254) (4.975.209) | |
| Net difference between registered values of stocks and tax bases | 2.043.825 | 2.508.359 | (510.956) | (627.090) |
| Derivative financial instruments | (960.980) | 365.516 | 240.245 | (91.379) |
| Other | (235.428) | (629.498) | 58.857 | 157.376 |
| (3.463.590) | (3.659.781) |
The Company's earnings from investments subject to incentive certificates are subject to corporate tax at reduced rates from the accounting period in which the investment starts to be operated partially or fully until the investment contribution amount is reached.
Deferred tax assets are recognized to the extent that it is probable that future taxable income will be available against which they can be utilized.
Where it is probable that taxable income will be available, deferred tax assets are recognized for deductible temporary differences, tax losses and investment incentives with indefinite useful lives that allow for the payment of reduced corporate income tax.
As of June 30, 2025, the expiration years of the deductible tax losses for which deferred tax assets have been recognized are as follows:
| 30 June | 31 December | |
|---|---|---|
| 2025 | 2024 | |
| 2029 | 699.412 | 816.031 |
| 699.412 | 816.031 |
(Amounts expressed in thousands of Turkish Lira ("TL") in terms of the purchasing power of TL as of 30 June 2025 unless otherwise stated.)
Furthermore, financial statements consist of the deferred tax effect of the temporary differences accounted by the adjustments made regarding inflation accounting together with the notification of the Corporate Tax Law dated 30 December 2023 and numbered 32415.
As of 30 June 2025, the tax advantage amounting to TL 1.201.998 that the Company will benefit from in the foreseeable future is reflected in the financial statements as deferred tax asset. In line with the precautionary principle of accounting and in line with the budget made by the Company, the tax advantage arising from the investment incentives that the Company expects to benefit from in the coming year has been recognized as deferred tax asset in the financial statements.However, the tax advantage amounting to TL 5.507.404 that the Company is entitled to use has not been recognized in deferred tax assets in accordance with the precautionary principle of accounting.
The Company assesses the recoverability of deferred tax assets related to investment incentives based on business models that include estimates of taxable profit. These business models include forward-looking management estimates such as sales volumes, selling prices and exchange rate expectations.
Based on sensitivity analyses performed regarding the future utilization of investment incentives, it has been concluded that a 5% increase or decrease in the related estimates does not have a material impact on the recoverability of the related deferred tax assets.
The movement of net deferred tax assets and liabilities is as follows:
| 1 January - | 1 January - | ||
|---|---|---|---|
| 30 June 2025 | 30 June 2024 | ||
| Opening balance, 1 January | (3.659.781) | (2.770.645) | |
| Tax expense recognized in income statement | (129.380) | 14.733 | |
| Recognized in shareholders' equity | 325.571 | (163.041) | |
| Deferred tax liabilities at the end of the period, net | (3.463.590) | (2.918.953) |
(Amounts expressed in thousands of Turkish Lira ("TL") in terms of the purchasing power of TL as of 30 June 2025 unless otherwise stated.)
| 1 January - | 1 January - | ||
|---|---|---|---|
| 30 June | 30 June 2024 |
||
| 2025 | |||
| Net (loss) / income attributable to equity holders | |||
| of the parent | (2.868.662) | 903.539 | |
| Weighted number of ordinary shares with a Kr 1 of par value (hundred shares) | 1.600.000.000 | 1.600.000.000 | |
| Losses per share | (1,79) | 0,56 |
| 30 June 2025 | 31 December 2024 | |||
|---|---|---|---|---|
| Fair Value | Fair Value | |||
| Contract | Assets / | Contract | Assets / | |
| amount | (Liabilities) | amount | (Liabilities) | |
| Derivative financial instruments: | ||||
| Held for trading | ||||
| Forward foreign currency transactions | 5.587.977 | 28.631 | 4.338.620 | 25.574 |
| Cash flow hedge | ||||
| Forward foreign currency transactions | 163.993 | 1.422 | 11.594.530 | 375.162 |
| Derivative financial liabilities: | ||||
| Held for trading | ||||
| Forward foreign currency transactions | 2.198.261 | (32.359) | 6.440.922 | (30.998) |
| Cash flow hedge | ||||
| Forward foreign currency transactions | 13.828.640 | (958.674) | 329.915 | (4.222) |
| 21.778.871 | (960.980) | 22.703.987 | 365.516 |
The Company is exposed to exchange rate risk due to its foreign currency denominated transactions. The main principle of foreign currency risk management is to maintain foreign exchange position at the level that minimizes the impact of foreign exchange fluctuations. Derivative instruments are used in foreign currency risk management where necessary. In this respect the Company mainly prefers using foreign exchange forward contracts.
(Amounts expressed in thousands of Turkish Lira ("TL") in terms of the purchasing power of TL as of 30 June 2025 unless otherwise stated.)
| NOTE 25 – FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT (Cont'd) |
||||
|---|---|---|---|---|
| USD | EUR | Other (TL | ||
| 30 June 2025 | (Thousand) | (Thousand) | Equivalent) | TL Equivalent |
| 1. Trade receivables | 25.588 | 187.071 | 443.612 | 10.179.393 |
| 2a. Monetary financial assets (including | ||||
| cash and cash equivalents) | 372 | 228 | 830 | 26.240 |
| 2b. Non-monetary financial assets | - | - | - | - |
| 3. Other | 72.538 | 14.189 | - | 3.544.031 |
| 4. Current assets (1+2+3) | 98.498 | 201.488 | 444.442 | 13.749.664 |
| 5. Trade receivables | - | - | - | - |
| 6a. Monetary financial assets | - | - | - | - |
| 6b. Non-monetary financial assets | - | - | - | - |
| 7. Other | 7.389 | 7.478 | - | 642.175 |
| 8. Non-current assets (5+6+7) | 7.389 | 7.478 | - | 642.175 |
| 9. Total assets (4+8) | 105.887 | 208.966 | 444.442 | 14.391.839 |
| 10. Trade payables | 253.581 | 193.023 | 292.337 | 19.400.500 |
| 11. Financial liabilities | 15.492 | 16.633 | - | 1.393.390 |
| 12a. Other monetary liabilities | - | - | - | - |
| 12b. Other non-monetary liabilities | - | - | - | - |
| 13. Current liabilities (10+11+12) | 269.073 | 209.656 | 292.337 | 20.793.890 |
| 14. Trade payables | - | 2.926 | - | 136.609 |
| 15. Financial liabilities | - | 6.422 | - | 299.852 |
| 16a. Other monetary liabilities | - | - | - | - |
| 16b. Other non-monetary liabilities | - | - | - | - |
| 17. Non-current liabilities (14+15+16) | - | 9.348 | - | 436.461 |
| 18. Total liabilities (13+17) | 269.073 | 219.004 | 292.337 | 21.230.351 |
| 19. Off-balance sheet derivative instruments | ||||
| net asset / (liability) position (19a+19b)(*) | 278.998 | (333.406) | (448.528) | (4.881.402) |
| 19a. Hedged total assets | 402.914 | 25.559 | 361.913 | 17.564.546 |
| 19b. Hedged total liabilities | (123.916) | (358.965) | (810.441) | (22.445.948) |
| 20. Net foreign currency asset/ (liability) | ||||
| position (9-18+19) | 115.812 | (343.444) | (296.423) | (11.719.914) |
| 21. Net foreign currency monetary asset/ | ||||
| (liability) position | ||||
| (=1+2a+3+5+6a+7-10-11-12a-14-15-16a) | (163.186) | (10.038) | 152.105 | (6.838.512) |
| 22. Fair value of financial instruments used | ||||
| in foreign currency hedging | - | - | - | (960.980) |
| 23. Export | 71.539 | 458.245 | 1.056.566 | 24.555.357 |
| 24. Import | 241.562 | 56.490 | 27.785 | 11.339.080 |
(*) Consists of net asset/(liability) positions of off-balance sheet derivative instruments denominated in foreign currencies.
(Amounts expressed in thousands of Turkish Lira ("TL") in terms of the purchasing power of TL as of 30 June 2025 unless otherwise stated.)
| USD | EUR | Other (TL | ||
|---|---|---|---|---|
| 31 December 2024 | (Thousand) | (Thousand) | Equivalent) | TL Equivalent |
| 1. Trade receivables | 43.277 | 214.998 | 377.588 | 11.437.106 |
| 2a. Monetary financial assets (including | ||||
| cash and cash equivalents) | 11.204 | 11.313 | 1.325 | 947.628 |
| 2b. Non-monetary financial assets | - | - | - | - |
| 3. Other | 70.925 | 1.330 | - | 2.976.485 |
| 4. Current assets (1+2+3) | 125.406 | 227.641 | 378.913 | 15.361.219 |
| 5. Trade receivables | - | - | - | - |
| 6a. Monetary financial assets | - | - | - | - |
| 6b. Non-monetary financial assets | - | - | - | - |
| 7. Other | 14.113 | 8.875 | - | 961.329 |
| 8. Non-current assets (5+6+7) | 14.113 | 8.875 | - | 961.329 |
| 9. Total assets (4+8) | 139.519 | 236.516 | 378.913 | 16.322.548 |
| 10. Trade payables | 259.615 | 208.998 | 34.926 | 19.720.618 |
| 11. Financial liabilities | 22.239 | 18.055 | - | 1.692.330 |
| 12a. Other monetary liabilities | - | - | 20 | 23 |
| 12b. Other non-monetary liabilities | - | - | - | - |
| 13. Current liabilities (10+11+12) | 281.854 | 227.053 | 34.946 | 21.412.971 |
| 14. Trade payables | - | 3.341 | - | 143.459 |
| 15. Financial liabilities | - | 5.570 | - | 239.150 |
| 16a. Other monetary liabilities | - | - | - | - |
| 16b. Other non-monetary liabilities | - | - | - | - |
| 17. Non-current liabilities (14+15+16) | - | 8.911 | - | 382.609 |
| 18. Total liabilities (13+17) | 281.854 | 235.964 | 34.946 | 21.795.580 |
| 19. Off-balance sheet derivative instruments | ||||
| net asset / (liability) position (19a+19b) | 246.936 | (255.976) | (681.221) | (1.620.155) |
| 19a. Hedged total assets | 383.643 | 95.197 | 507.874 | 20.439.932 |
| 19b. Hedged total liabilities | (136.707) | (351.173) | (1.189.095) | (22.060.087) |
| 20. Net foreign currency asset/ (liability) | ||||
| position (9-18+19) | 104.601 | (255.424) | (337.254) | (7.093.188) |
| 21. Net foreign currency monetary asset/ | ||||
| (liability) position | ||||
| (=1+2a+5+6a-10-11-12a-14-15-16a) | (142.335) | 552 | 343.967 | (5.473.032) |
| 22. Fair value of financial instruments used | ||||
| in foreign currency hedging | - | - | - | 365.516 |
| 23. Export | 152.583 | 1.091.070 | 1.411.440 | 60.105.043 |
| 24. Import | 514.039 | 152.022 | 44.418 | 25.913.391 |
(Amounts expressed in thousands of Turkish Lira ("TL") in terms of the purchasing power of TL as of 30 June 2025 unless otherwise stated.)
As of 30 June 2025 and 31 December 2024, sensitivity analysis of foreign exchange rate tables is presented below, secured portions include impact of derivative instruments.
| Gain / Loss | Equity | ||||
|---|---|---|---|---|---|
| Foreign | Foreign | Foreign | Foreign | ||
| exchange | exchange | exchange | exchange | ||
| 30 June 2025 | appreciation | depreciation | appreciation | depreciation | |
| +/- 10% fluctuation of USD rate: | |||||
| USD net asset / liability | (650.441) | 650.441 | (650.441) | 650.441 | |
| Secured portion from USD risk (-) | (248.735) | 248.735 | 960.996 | (960.996) | |
| USD net effect | (899.176) | 899.176 | 310.555 | (310.555) | |
| +/- 10% fluctuation of EUR rate: | |||||
| EUR net asset / liability | (48.621) | 48.621 | (48.621) | 48.621 | |
| Secured portion from EUR risk (-) | (100.359) | 100.359 | (1.413.445) | 1.413.445 | |
| EUR net effect | (148.980) | 148.980 | (1.462.066) | 1.462.066 | |
| +/- 10% fluctuation of other currency rates: | |||||
| Other currencies net asset / liability | 15.211 | (15.211) | 15.211 | (15.211) | |
| Secured portion from other currency risk (-) | (27.987) | 27.987 | (9.107) | 9.107 | |
| Other currency net effect | (12.776) | 12.776 | 6.104 | (6.104) | |
| Total | (1.060.932) | 1.060.932 | (1.145.407) | 1.145.407 |
(Amounts expressed in thousands of Turkish Lira ("TL") in terms of the purchasing power of TL as of 30 June 2025 unless otherwise stated.)
| Gain / Loss | Equity | ||||
|---|---|---|---|---|---|
| Foreign | Foreign | Foreign | Foreign | ||
| exchange | exchange | exchange | exchange | ||
| 31 December 2024 | appreciation | depreciation | appreciation | depreciation | |
| +/- 10% fluctuation of USD rate: | |||||
| USD net asset / liability | (588.908) | 588.908 | (588.908) | 588.908 | |
| Secured portion from USD risk (-) | (123.631) | 123.631 | 1.021.610 | (1.021.610) | |
| USD net effect | (712.539) | 712.539 | 432.702 | (432.702) | |
| +/- 10% fluctuation of EUR rate: | |||||
| EUR net asset / liability | (1.048) | 1.048 | (1.048) | 1.048 | |
| Secured portion from EUR risk (-) | (6.820) | 6.820 | (1.147.308) | 1.147.308 | |
| EUR net effect | (7.868) | 7.868 | (1.148.356) | 1.148.356 | |
| +/- 10% fluctuation of other currency rates: | |||||
| Other currencies net asset / liability | 40.132 | (40.132) | 40.132 | (40.132) | |
| Secured portion from other currency risk (-) | (53.593) | 53.593 | (20.374) | 20.374 | |
| Other currency net effect | (13.461) | 13.461 | 19.758 | (19.758) | |
| Total | (733.868) | 733.868 | (695.896) | 695.896 |
The Company classifies the fair value measurement of each class of financial instruments according to the source, using the three level hierarchy, as follows:
Level 1: Market price valuation techniques for the determined financial instruments traded in markets (unadjusted)
Level 2: Other valuation techniques includes direct or indirect observable inputs
Level 3: Valuation techniques do not contain observable market inputs
(Amounts expressed in thousands of Turkish Lira ("TL") in terms of the purchasing power of TL as of 30 June 2025 unless otherwise stated.)
Fair value hierarchy tables as of 30 June 2025 and 31 December 2024 are as follows:
| 30 June 2025 | Level 1 | Level 2 | Level 3 | Total |
|---|---|---|---|---|
| Financial assets / Liabilities | ||||
| Derivative financial instruments | - | (960.980) | - | (960.980) |
| 31 December 2024 | Level 1 | Level 2 | Level 3 | Total |
| Financial assets / Liabilities | ||||
| Derivative financial instruments | - | 365.516 | - | 365.516 |
The Company's non-financial assets, calculated at fair value as of 30 June 2025 and 31 Dcember 2024 are as follows:
| 30 June 2025 | Level 1 | Level 2 | Level 3 | Total |
|---|---|---|---|---|
| Tangible Assets | ||||
| Lands | - | 17.297.570 | - | 17.297.570 |
| Buildings and land improvements | - | 12.904.028 | - | 12.904.028 |
| 31 December 2024 | Level 1 | Level 2 | Level 3 | Total |
| Tangible Assets | ||||
| Lands | - | 17.297.570 | - | 17.297.570 |
The maturity date of other financial liabilities is 30 July 2030, with an interest rate of EURIBOR+ 2,5%.
None.
Building tools?
Free accounts include 100 API calls/year for testing.
Have a question? We'll get back to you promptly.