Interim / Quarterly Report • Aug 5, 2025
Interim / Quarterly Report
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05.08.2025
| Commercial Title | Banvit Bandırma Vitaminli Yem Sanayi A.Ş. |
|---|---|
| Trade Registry No | 4153 |
| Tax Office | Bandırma |
| Tax Number | 1400036590 |
| Address of the Headquarter | Ömerli Mah. Ömerli Sok. No: 2/8 A Bandırma-Balıkesir |
| Phone & Fax of the |
Phone: (0266) 733 86 00 Pbx Fax: (0850) 2001052 |
| Headquarter | |
| Website | www.banvitas.com |
| Upper Limit of the |
TRY 8,000,000,000 |
| Registered Capital | |
| Paid In/Issued Capital | TRY 100,023,579 |
| Shareholders | Number of Shares | % |
|---|---|---|
| TBQ Foods GMBH | 91,727,012 | 91.71 |
| Other (Publicly Held) |
8,296,567 | 8.29 |
| Total | 100,023,579 | 100.00 |
There has been no change in the direct shareholding and capital structure within the period.
There are no privileged shares in the capital and each shareholder has one (1) voting right.
In accordance with the Turkish Commercial Code ("TCC") and the related legislation, the election of the Board of Directors is executed by the General Assembly within the framework of the articles of association. Should there be a vacancy in membership of the Board of Directors within the respective period, an election for the available positions is made according to the provisions of TCC and the company's articles of association and the results are submitted to the upcoming Ordinary General Assembly to be approved. Changes during the respective period are made with the decision of the Board of Directors to be approved at the next Ordinary General Assembly.
Within the framework of the provisions of the TCC and the Capital Markets Law, at the Ordinary General Assembly Meeting held on 9 May 2023 registered by the Bandırma Trade Registry Directorate on 17 May 2023, eight (8) members of the Board of Directors, three of whom are independent members, have been appointed by the General Assembly for a term of three (3) years in accordance with Article 8 of the Company's Articles of Association.
| Board of Directors | Position | Duty Period |
|---|---|---|
| Igor Fonseca Marti | Chairman | 09.05.2023-09.05.2026 |
| Bruno Machado Ferla | Vice Chairman | 25.10.2024-09.05.2026 |
| Fabio Luis Mendes Mariano | Member | 09.05.2023-09.05.2026 |
| Davide Luigi Vimercati | Member | 09.05.2023-09.05.2026 |
| Feras Abdulaziz M H Al-Naama | Member | 09.05.2023-09.05.2026 |
| Meral Kurdaş | Independent Member | 09.05.2023 – 09.05.2026 |
| Selim Taşo | Independent Member | 09.05.2023-09.05.2026 |
| Ali Ferda Elerman | Independent Member | 09.05.2023-09.05.2026 |
The Members of the Board of Directors on duty as of 30.06.2025
The Board of Directors carries out and executes the duties assigned to them by the resolutions held by the General Assembly meeting in matters specified in the TCC, the Capital Markets Law and other relevant legislation and article 9 of the company's articles of association.
| Name Surname | Duty | Commencement Date |
|---|---|---|
| Tolga Gündüz | General Manager | 16.10.2019 |
| Levent Aytimur | Finance Director |
09.01.2023 |
| Nerdin Alp | Sales Director | 06.04.2001 |
| Atakan Sakin | Logistics Director | 01.06.2022 |
| Gökçen Aslan Özşar | Human Resources Director | 27.09.2021 |
| Miray Ilıksoy Baran | Legal and Corporate Affairs |
23.09.2021 |
| Director | ||
| Erdal Elmas | Operational Director | 01.02.1995 |
| Özlem Kutluk | Business Planning and |
12.01.2003 |
| Development Director | ||
| Jorge Luiz Biffi | Production Director | 18.09.2020 |
| Paul George Caneja Sarmento | Director of Quality Assurance | 01.05.2025 |
| and R&D | ||
| Gökçe Uysal Kurer | Director of Marketing and |
05.05.2025 |
| Corporate Communications |
Executive Management as of 30.06.2025:
The Board members are allowed to carry out transactions for the year 2025 in accordance with articles 395 and 396 of TCC at the Ordinary General Assembly meeting dated 22 May 2025. No transaction had been made in this context.
The wages and benefits of our blue-collar employees working in the food business line are subject to collective bargaining agreements.
Our white-collar employees are not subject to collective bargaining agreement.
In addition to base salaries, bonuses, marriage benefits, health insurance, Company annual dividends, commodity assistance, food assistance and vehicle assistance are offered to our employees.
Leaves are annual paid leave, excuse leave, unpaid leave and marriage leave, death leave, working limit leave, maternity leave (pregnancy), breastfeeding leave.
The union registration process is ongoing for the blue-collar employees working at our hatchery facility.
The number of employees of Banvit Bandırma Vitaminli Yem Sanayi A.Ş. as of dates between 30 June 2025 - 31 December 2024:
| 30.06.2025 | 31.12.2024 | |
|---|---|---|
| Blue Collar | 4.291 | 4.464 |
| White Collar | 685 | 670 |
| Total | 4.976 | 5.134 |
In accordance with the Capital Markets Board's decision dated 10.01.2019 and numbered 2/49, the "Corporate Governance Compliance Report (URF)" which shows compliance with the principles that are voluntary and mandatory to be implemented by our company's Corporate Governance Principles and "Corporate Governance Information Form (KYBF)" which provides information about our current corporate governance practices was disclosed on the Public Disclosure Platform ("PDP") using relevant templates and open to the public at the addresses of https://www.kap.org.tr/tr/Bildirim/1396391 and
https://www.kap.org.tr/tr/Bildirim/1396389. Information on the corporate governance can be accessed from the:https://www.kap.org.tr/tr/cgif/4028e4a1415f4d990141601902e33250.
Our Company has established an integrated internal audit, internal control, and compliance management system in order to ensure the sustainability of compliance with corporate governance principles, in line with the Corporate Governance Communiqué No. II-17.1 of the Capital Markets Board and its resolution dated 10 January 2019 and numbered 2/49.
Our Internal Audit Department evaluates the Company's activities in terms of compliance with legislation, internal regulations, and ethical standards based on a risk-oriented audit plan. Auditors operate in accordance with the principles of independence and objectivity. Audit findings, along with recommended actions, are reported to the Audit Committee and the Board of Directors.
Our Internal Control Department refers to COSO standards in its operations and assesses the efficiency and effectiveness of the Company's systems and processes through ongoing monitoring activities and control testing, while upholding the principle of segregation of duties at the process level. To mitigate existing or potential risk factors, it works in coordination with process owners to determine, implement, and sustain applicable action plans. These efforts aim to ensure the proper functioning of the Company's control environment.
Our Compliance Department monitors adherence to applicable laws and internal company policies and procedures. Compliance risks are identified and monitored; regular training is provided to employees, and secure and anonymous ethics channels are made available to report any misconduct or violations. The department's activities are regularly reported to senior management.
The Audit Committee evaluates the effectiveness of the internal systems, oversees independent audit processes, and ensures that financial reporting complies with applicable regulations. It reports its findings and recommendations to the Board of Directors through at least four meetings per year.
This structure supports the sustainability of compliance with corporate governance principles in our Company, while promoting transparency and accountability at the corporate level.
No changes occured as to Articles of Association within the reporting period.
At the Ordinary General Assembly meeting of the company on 22 May 2025, it has been resolved that the members of the Board of Directors are not paid and, starting from the month following the General Assembly, until the next Ordinary General Assembly, a monthly gross salary/attendance fee of TRY 116.250,00 -per month to be paid to each Independent Board Members.
The salaries of the company's senior executives are determined by the Company's Board of Directors. All senior executives have private health insurance.
In the fiscal period ending on 30 June 2025, all benefits provided to senior executives are short-term benefits and include wages, premiums and other payments.
Performance-based additional payments are made to out-of-scope personnel, including senior managers, within the company.
Between 1 January 2025 and 30 June 2025; a total of TRY 92.835.336,93 was paid for senior executives and TRY 2.483.379,46 SSI-employer deduction was made. In addition, in the period of 01.01.2025 – 30.06.2025, a total of TRY 1.681.314,24 was paid for 3 independent members as attendance fee.
No payables were given; no loans were issued directly or through a third party and no indemnity such as sureties was given to Board Members or executive management during the period.
The total of fees paid to Board of Directors and executive managers for the period between 01.01.2025 – 30.06.2025 is indicated in the table below.
| (TRY) | 30.06. 2025 |
30.06.2024 |
|---|---|---|
| Board of Directors | 1.681.314,24 | 1.351.822,66 |
| Executive Managers | 95.318.716,39 | 41.852.393,00 |
| Total | 97.000.030,63 | 43.204.215,85 |
Between 1 January 2025 and 30 June 2025; a total of TRY 97.000.030,63was paid as benefits for board members and senior executives (30 June 2024: TRY 43.204.215,85).
No performance-based payment was made to Board Members.
No payables were given; no loans were granted directly or through a third party and no indemnity such as sureties was given to Board Members or executive management during the period.
The total amount of allowance, travel, accommodation and representation expenses as well as in cash and kind facilities and insurances given to the members of the Board of Directors and senior executives during the period is TRY 7.412.659,20. (30 June 2024: TRY 4.178.134,91).
In order to meet the demands and needs of our consumers, customers, and clients in a creative, high-quality, practical, and flavorful manner, our Company conducts R&D activities focused on product development and the production of new products. In addition, other areas covered by our Company's R&D efforts include identifying the most suitable and recyclable packaging materials for the products developed, as well as contributing to sustainability initiatives through the effective management of waste.
Within this scope, during the period between 01.01.2025 and 30.06.2025, a total of 31 new products and 30 new packaging types were developed. Our Company also aims to increase the proportion of recyclable packaging materials among its packaging alternatives. As a result of the addition of new products and the removal of certain non-listed items from the portfolio during the period between 01.01.2025 and 30.06.2025, the usage rate of packaging made from recyclable materials reached 92.4%.
As of 30 June 2025,, the total investment expenditure of Banvit Bandırma Vitaminli Yem Sanayi A.Ş. is TRY 593.054.460 (30 June 2024: TRY 1.271.912.291).
The Internal Audit unit provides independent, impartial, and reasonable assurance activities to the Board of Directors regarding corporate governance processes. Internal Audit activities aim to provide a reasonable assurance to the stakeholders of the company, especially shareholders, on the establishment of managerial accountability, efficiency and effectiveness of business processes, reliability of the financial reporting system, and compliance of company activities with laws and regulations. Internal Audit activities are carried out according to the "International Internal Auditing Standards" established by the International Institute of Internal Auditors (IIA). The internal audit unit works in compliance with the "Banvit Internal Audit Regulation" and monitors the audit findings until the risk disappears.
The Internal Control unit carries out the activities of early detection, evaluation, calculation of the effects and probabilities of risks that may affect the company, managing and reporting these risks in accordance with the corporate risk appetite of the company, taking necessary measures to reduce the effects and probabilities of the identified risks and establishing effective internal control systems in this direction. Internal Control unit aims to provide reliable financial reporting and effective management of risks according to the basic internal control components consisting of "control environment, risk assessment, control activities, information and communication and monitoring".
There are no direct or indirect subsidiaries of Banvit Bandırma Vitaminli Yem Sanayi A.Ş. as of 30 June 2025.
The financial statements are prepared in accordance with the financial reporting standards published by the Capital Markets Board. In accordance with the Board of Directors' resolution numbered 2021/22 and dated 06.10.2021, the Company's 1st and 3rd quarter interim financial statements will not be subject to independent audit. On 07.10.2021, a material event disclosure was published on the Public Disclosure Platform regarding this matter.
| (Audited Limitedly) |
(Audited) | |
|---|---|---|
| (TRY) | 1 January - 30 June 2025 |
1 January - 31 December |
| 2024 | ||
| Current Assets | 15.003.472.837 | 14.756.651.437 |
| Non-Current Assets | 6.904.215.522 | 7.189.141.645 |
| Total Assets | 21.907.688.359 | 21.945.793.082 |
| Short Term Liabilities | 9.586.101.739 | 9.061.595.278 |
| Long Term Liabilities | 926.732.598 | 1.211.978.618 |
| Equity | 11.394.854.022 | 11.672.219.186 |
| Total Equity and |
||
| liabilities | 21.907.688.359 | 21.945.793.082 |
| (Audited Limitedly) |
(Audited Limitedly) |
|
|---|---|---|
| (TRY) | 1 January - 30 June 2025 |
1 January - 30 June 2024 |
| Net Sales | 15.465.429.522 | 18.760.672.688 |
| Gross Profit | 984.616.355 | 4.716.921.196 |
| EBIT | (572.685.004) | 3.209.040.716 |
| EBITDA | 259.809.472 | 4.138.598.197 |
| Net Profit/(Loss) | (277.365.164) | 2.584.819.744 |
The company prepares its budgets within the frame of its strategic goals and the prepared budget is approved by the Board of Directors.
In its regular meetings, the Board of Directors is reviewing the current position of the company and activities are compared with the previous period and budget targets.
| (%) | 1 January - 30 June 2025 |
1 January - 30 June 2024 |
|---|---|---|
| Gross Profit Margin | 6,37% | 25,14% |
| EBIT Margin | -3,70% | 17,11% |
| EBITDA Margin | 1,68% | 22,06% |
| Net Profit Margin | -1,79% | 13,78% |
| Profit Per Share | -2,77 | 25,84 |
It has been determined that the capital of the company is not unrequited, and the company is not insolvent within the framework of the calculation made by considering the ratios specified in article 376 of the TCC.
New funding alternatives according to changing market conditions are continuously analysed and offers are evaluated. The debt policy of Company is developed based on the capability of cash generation and the strong equity structure. Hedging methods and ratios are used against financial risks are developed based on a frame of determined models.
There is no capital market instrument issued in the period.
With the resolution of our Company's Board of Directors dated 21 April 2025, it was decided to hold the Ordinary General Assembly Meeting for 2043 on Thursday, 22 May 2025 at 11:00, at Banvit facilities at the address of Ömerli Mah. Ömerli Sok. No: 2/8A Bandırma/Balıkesir. Our announcement regarding the Ordinary General Assembly meeting was published on the Public Disclosure Platform and on our Company's website on 22 April 2025.(https://www.kap.org.tr/tr/Bildirim/1428864)
At the 2024 Ordinary General Assembly Meeting held on 22 May 2025, the following agenda items were discussed and resolved. The minutes of the Ordinary General Assembly Meeting for the year 2024 have been published on the Public Disclosure Platform. (https://www.kap.org.tr/tr/Bildirim/1441226)
Banvit Bandırma Vitaminli Yem San. A.Ş. 2024 Ordinary General Assembly Meeting Agenda
In article 23 titled "Profit Determination and Distribution" of the Company's articles of association, the determination and distribution of profit is explained as follows:
The method and time of distribution of the profit decided to be distributed is determined by the general assembly upon the proposal of the board of directors. However, the period of distribution of the end-of-period profit share cannot exceed the period specified in the communiqués of the Capital Markets Board.
The dividend is distributed equally to all existing shares as of the distribution date, regardless of their issue and acquisition dates.
No dividend distribution was made during the period.
In this context, at the Ordinary General Assembly Meeting for the year 2024 held at our Company headquarters on 14.05.2024, the proposal of the Board of Directors regarding nondistribution of dividends was submitted to the approval of the general assembly and nondistribution of dividends was approved by majority vote of the participants. (https://www.kap.org.tr/tr/Bildirim/1441229)
Banvit, which started its journey as a feed producer in 1968, assumed a pioneering role in the sector by stepping into chicken meat production in 1984. Introducing cleaned and packaged fresh chicken to consumers for the first time in Türkiye, the Company expanded its product range with the commissioning of the Advanced Processing Facilities in 2001 and started to produce ready-to-eat products such as nuggets, doner kebabs, kebabs, meatballs and delicatessen. In addition to its main campus in Bandırma, Banvit has production facilities in Izmir and Elazığ, reaching millions of consumers both domestically and in the countries to which it exports.
Celebrating its 57th anniversary last May, Banvit is one of Türkiye's leading food companies serving its customers daily with a wide range of products including whole and piece chicken meat products, sauced products, pre-cooked products and delicatessen group. Acting with the vision of "Strengthening its position as Türkiye's leading chicken and chicken meat products company", Banvit has adopted the mission of "Meeting consumer and customer expectations in a creative, high quality and delicious way; contributing to consumers' access to reliable animal protein produced under hygienic conditions in accordance with their nutritional needs; being sensitive to the environment, animal welfare and employee happiness".
In addition to its main brand, Banvit also provides services with sub-brands for different customer types and needs.
The rights of the Company, which can be used by all companies that meet the criteria required by the legislation, regardless of the sector, are as follows:
In the first half of 2025, our Company's finished chicken meat production increased by 7.9% compared to the same period of the previous year. The production of processed moving forward products also rose by 8.6% year-over-year.
Approximately 8.7% of the total finished chicken meat and processed moving forward products produced were exported. While domestic sales increased by 12.3% in 2025 compared to the previous year, export figures decreased by 24.2% during the same period.
General Turkish poultry production is updated via Turkish Statistical Institute. In the middle of each month, the data closing information from 2 months ago is published.
According to Turkish Statistical Institute data, in the January-May 2025 period, the amount of chicken sent to the domestic market increased by 13.6% compared to the same period of the previous year, while the amount exported increased by 17.1%.
January-May 2025 in total production increased by 6% compared to the same period of 2024. While the total chicken production in Türkiye was 1.018.499 thousand tons in the relevant period of 2024, it increased to 1.162,428 thousand tons in the same period of 2025.
The main products of Company are as follows:
| Bandırma/İzmir/Elazığ (Chicken) | Bandırma (Advanced Processing) |
|---|---|
| Delicatessen (Salam, Sausage, Sujuk, |
|
| Chicken Whole | Ham) |
| Tenderloin Chicken Breast | Ready Products (Crisps, Burgers, |
| Chicken Breast | Meatballs, Kebabs, Special Products) |
| Chest with Back | Raw Doner |
| Baguette | Cooked Doner |
| Bony Hip | |
| Boneless Hip | |
| Drumstick | |
| Drumstick With Hip | |
| Chicken Wings | |
| Liver | |
| Chicken Gizzards | |
| Chicken Feet | |
| Other (Wingtip, Tail,mechanical stripped meat) | |
| Mix Piece (for Kebab, Soup) |
Considering the second quarter of 2025 - second quarter of 2024 in Domestic; there is a 5.2% increase in net turnover in the second quarter of 2025 compared to the second quarter of 2024 in the sales of Finished Chicken and Processed Products (Finished Products & Delicatessen).The change in the net turnover per production unit is as follows:
| Product | (%) |
|---|---|
| Poultry | -1.3% |
| FPP | 25.6% |
| (Finished Products & Delicatessen) | |
| Net Revenue Change for 2024/2025 | 5.2% |
Considering the second quarter of 2025 and first quarter of 2025 change in Domestic; according to first quarter of 2025 figures, there is a 2% decrease in net turnover in the sales of Poultry Chicken and Processed Products (Finished Products & Delicatessen).
The change in the net turnover per production unit is as follows:
| Ürün | (%) |
|---|---|
| Poultry | -2.6% |
| FPP | -0.7% |
| (Finished Products & Delicatessen) | |
| Net Revenue Change for 2024/2025 | -2.0% |
In the domestic market comparison for the first six months of 2025 and 2024, sales of finished chicken meat and processed moving forward products (including ready- and delicatessen products) increased by 16.9%.
Considering the second quarter of 2025 - second quarter of 2024 change in Abroad; there is a 2.3% increase in net turnover in the second quarter of 2025 compared to the second quarter of 2024 in the sales of Finished Chicken and Processed Products (Finished Products & Delicatessen).
Net Turnover distribution by production type is as follows:
| Product | (%) | |
|---|---|---|
| Poultry | -7.4% | |
| FPP | ||
| (Finished Products & Delicatessen) | 22.9% | |
| Net Revenue Change for 2024/2025 | 2.3% |
Comparing the second quarter of 2025 to the first quarter of 2025 abroad; there is a 38.5% increase in net turnover in Finished Chicken and Processed Product (Finished Products & Delicatessen) sales compared to the first quarter of 2025.
The change in the net turnover per production unit is as follows:
| Ürün | (%) |
|---|---|
| Poultry | 61.4% |
| FPP | 12.9% |
| (Finished Products & Delicatessen) | |
| Total | 38.5% |
In comparison with the first 6 months 2025/2024 abroad; there was a 22.6% decrease in the sales of Finished Chicken and Processed Products (Finished Products & Delicatessen).
All of the above evaluations have been made based on nominal values.
The risk map and risk management policies have been published by the internal control unit with the purpose of ensuring systematic and comprehensive identification, evaluation, control, monitoring and establishing action plans to identify those responsible and reduce their impact of risks and opportunities that may affect the company's assets, reputation, profitability.
The policies include guidance on support and positioning, risk identification, prioritization, improvement, reporting, monitoring/surveillance, and guidances regarding communication principles related to risks in order to manage company-wide risks to the highest standard.
In order to measure the risks incurred by the company and ensure conformity to the risk tolerance limits; risks are monitored and managed in accordance with regulations and guidelines developed for critical risks.
The purpose of the Committee is to identify the risks that may threaten the existence, progress and continuation of the company operations within the scope of this regulation and legal legislation, to implement the necessary measures related to the risks identified and to manage those risks.
The meetings of the Committee are held once every two-month period in order to ensure that the Committee can fulfill its duties effectively. After each meeting, a written report on the activities of the Committee is submitted to the Board of Directors with a summary of the minutes.
Our company continues its activities through its head office at the address of Ömerli Mah. Ömerli Sok. No: 2/8 A Bandırma-Balıkesir and branches. As of 30.06.2025 our operating branches are as follows:
İzmir Pınarbaşı Sales Branch İzmir Sarnıç Sales Branch Istanbul Hadımköy Sales Branch İstanbul Kadıköy Sales Branch Istanbul Kartal Sales Branch Muğla Sales Branch Fethiye Sales Branch
Bodrum Sales Branch Trakya Sales Branch Ankara Esenboğa Sales Branch Ankara Sales Branch Samsun Sales Branch Kayseri Sales Branch Kuşadası Sales Branch Bursa Sales Branch Kemerburgaz Sales Branch Adana Sales Branch Antalya Sales Branch İzmir Armutlu Slaughterhouse Branch Elazığ Slaughterhouse Branch Elazığ Feed Factory Branch Elazığ Hatchery Branch Pamukçu Hatchery Branch Bandırma Hatchery Branch Doğruca Feed Factory Branch
None.
3) Information About Conflicts of Interest Between the Company and Institutions that Provide Services to the Company on the Issues such as Investment Advisory and Ratings and Cautions Taken by the Company to Prevent These Conflicts
None.
All employees are entitled to annual paid leave allowance, marriage/birth/death allowance, active military benefit, child / education allowance, supplementary health insurance, with notice period and compensation. Employees are entitled to social benefits such as food and vehicle support, incentives to encourage senior labor, private health insurance for certain personnel, and individual retirement plan benefits for the managers and upper-level personnel.
Training programs were planned to accomplish the strategic goals of Banvit and to contribute realization of the fundamental principles of Quality, OHS, Environment, Energy and Information Management System Policies. In addition to various learning opportunities, such as on-thejob, classroom, domestic and international training and conferences, several training methods are used for adult training at Banvit. Also, online training courses are available companywide.
As per Law No 6331, the training courses, to inform our employees and raise their awareness about occupational health and safety issues regarding their legal rights and responsibilities, the dangers and risks they face and precautions to be taken, have continued.
Environmental, social and corporate governance activities that fall within the scope of the Sustainability Principles Compliance Framework are carried out by our Company. The implementation of sustainability principles is voluntary and their impact on environmental and social risk management is evaluated by our Company. A summary of sustainability activities is attached as Annex.
Pursuant to the Turkish Sustainability Reporting Standards ("TSRS"), companies listed on Borsa Istanbul are required to prepare sustainability reports for the fiscal period starting on 1 January 2024. Accordingly, all sustainability-related activities carried out during the year 2024 must be reported within the year 2025. Under TSRS, sustainability-related financial disclosures must be made for the same reporting period as the relevant financial statements and simultaneously with their publication.
In this context, Banvit's Sustainability Report and Sustainability Assurance Audit Report will be disclosed to the public for the first time via the Public Disclosure Platform (PDP), together with the Interim Activity Report for the period 1 January 2025 – 30 June 2025.
The main shareholder of the company is TBQ Foods GMBH. The transactions between the company and its subsidiaries, which are related parties of the company, have been eliminated in the consolidation and therefore are not disclosed in this note.
The details of transactions between the company and other related parties are disclosed below:
| 30 June 2025 |
31 December 2024 |
|
|---|---|---|
| Federal Foods LLC(1) | 46.122.411 | 58.901.142 |
| Al Wafi Product Factory LLC(1) | 32.407.429 | 29.046.526 |
| AL Khan Foodstuff LLC(1) | 18.647.891 | 12.509.153 |
| Federal Foods (Qatar) LLC (1) | 18.326.130 | 44.922.361 |
| BRF Global GMBH(1) | 3.631.371 | -- |
| BRF Kuwait Food Management Co(1) | -- | 23.000.137 |
| Total | 119.135.232 | 168.379.319 |
The commercial receivables from related parties mainly arise from sales of final product, raw material and fixed asset sales and capital advances that are being sent.
| 30 June 2025 | 31 December 2024 | |
|---|---|---|
| (1) BRF S.A. |
-- | 178.262.663 |
| BRF Foods LLC(1) | -- | 135.309.120 |
| One Foods Holdings(1) | -- | 29.478.126 |
| BRF Global GMBH(1) | -- | 1.309.787 |
| Federal Foods (Qatar) LLC(1) | -- | 162.125 |
| Total | -- | 344.521.821 |
The commercial debts to related parties mainly arise from loans received and their associated interest, as well as from advance payments on orders.
| 30 June 2025 | 30 December 2024 | |
|---|---|---|
| Federal Foods LLC(1) | 158.090.425 | -- |
| Federal Foods (Qatar) LLC(1) | 84.496.378 | -- |
| Al Wafi Product Factory LLC(1) | 47.912.891 | 23.538.492 |
| Al Khan Foodstuff LLC(1) | 29.679.635 | -- |
| (1) BRF Kuwait Food Management Co. |
7.560.499 | -- |
| BRF Global GMBH(1) | -- | 410.704.801 |
| Total | 327.739.828 | 434.243.293 |
The major sales to related parties mainly arise from the raw material, final product and service sale transactions.
There were no purchases of goods from related parties during the period between 1 January 2025 and 30 June 2025.
| 30 June 2025 | 30 June 2024 |
|
|---|---|---|
| BRF S.A.(*) | 168.385.967 | 6.791.693 |
| BRF GMBH (**) | 542.374 | 1.411.418 |
| Total | 168.928.341 | 8.203.111 |
(*) An amount of TRY 5,415,120 for information technology services and TRY 162,970,847 for management consultancy services was received from BRF S.A. The related amount has been classified under "Other Short-Term Provisions."
(**) An amount of TRY 542,374 for information technology services was received from BRF GMBH.
None.
None.
None.
At Banvit BRF, we are not only dedicated to producing products that bring flavor and convenience to the lives of our consumers, but we also conduct our operations with a strong focus on sustainability. In an effort to reduce our carbon footprint, we implement practices across a wide range of areas, including educational initiatives, energy efficiency, recyclable packaging, conservation measures, animal welfare, and waste management. Within the framework of BRF's sustainability platform and related policies, we reinforce our commitment to integrating environmental, social, and governance (ESG) principles into the long-term vision of our Company.
According to BRF's sustainability platform, the care we show in how we conduct our business, across every stage of the value chain and our operations, extends from farm to fork, with a focus on six strategic pillars: Climate Change, Sustainable Sourcing, Animal Welfare, Social Impact, Natural Resources, and Waste and Packaging. When it comes to sustainability, we double our efforts to safeguard the environment.
Sustainable Development Goals Covered Within Our Scope: SDG-2 (Zero Hunger) SDG-3 (Good Health and Well-being) SDG-6 (Clean Water and Sanitation) SDG-7 (Affordable and Clean Energy) SDG-8 (Decent Workand Economic Growth) SDG-9 (Industry, Innovation and Infrastructure) SDG-12 (Responsible Consumption and Production) SDG-13 (Climate Action) SDG-15 (Life on Land) SDG-16 (Peace, Justice and Strong Institutions)
Sustainability is an integral part of the BRF Group's culture, business strategy, and dayto-day operations.
Our commitments under the Sustainability Platform are aligned with the material topics identified in the Group's most recent materiality assessment and are translated into concrete criteria, indicators, and short-, medium-, and long-term targets.
Through the Sustainability Platform, BRF undertakes tangible initiatives aimed at achieving increasingly sustainable food production, including the efficient use of natural resources such as water and energy, the more effective use of food, and the reduction of greenhouse gas emissions.
BRF's Sustainability Platform is built upon the following six core pillars:
In today's business environment, sectoral cooperation and coordination are becoming increasingly important. In this context, memberships in industry associations and participation in working groups have become valuable resources for companies.
These associations and working groups primarily facilitate sectoral collaboration and coordination, offering opportunities for effective communication and cooperation among companies engaged in similar industrial or commercial activities. Such collaboration enables companies to monitor developments within the sector and jointly carry out various projects.
We continue to pursue these initiatives as valuable opportunities to stay informed about sectoral agendas, discuss industry-specific challenges, and seek viable solutions. Through working groups, all member companies convene to carry out joint projects, provide technical feedback, and foster industrial cooperation more effectively. We view these platforms as essential structures for addressing sectoral issues and developing sustainable solutions.
Animals are at the core of our production chain, and ensuring their welfare is essential to us. For this reason, we continuously work to improve the quality of life of animals both within and beyond BRF, through an integrated approach. We maintain a zero-tolerance policy towards animal abuse. The Animal Welfare program implemented at BRF involves various units across all levels of the company, including senior management.
As part of our commitment to achieving full certification across all units by 2025, we reached a significant milestone in 2024 by securing 100% animal welfare certification at all poultry processing facilities.
World Environment Day in June 2025 was celebrated by raising awareness on environmental issues. It provided an opportunity to engage with all employees through webinars, training sessions, and other events.
The "Environmental Route" program implemented at our production facilities is a system designed to reduce environmental impacts and reinforce the principle of sustainability. As part of this program, parameters set out in the control checklists of our regional engineers are meticulously reviewed. These parameters include elements that directly influence environmental performance, such as waste management, the handling of chemical substances, procedures, and instructions. Based on the detailed review and evaluation of these parameters, corrective and preventive actions are identified for implementation at the facilities. Monthly monitoring and evaluation processes are conducted to ensure the effective execution of these activities and to track their outcomes. Through this approach, a systematic framework is adopted to continuously improve environmental performance and minimize environmental impact at our sites.
Another initiative in environmental management is "ISA", a term we use for the checklist that tracks our environmental activities on a monthly basis. Under ISA, we can access summaries of all sections and view the results for the corresponding month. The ISA framework covers environmental permits, artesian well licenses, Environmental Impact Assessment (EIA) reports, emission reports, and compliance with the Environmental Law and relevant regulations.
Regarding wastewater, pursuant to the Regulation on the Control of Water Pollution, our wastewater discharge analysis results are reviewed monthly by an authorized laboratory and compared against the legal limits specified in the regulation. In the emissions section, our flue gas emission results are reported in accordance with the Regulation on the Control of Air Pollution.
The final section relates to the waste management checklist, which includes observations made during site visits concerning waste segregation and temporary storage areas, as well as tracking of transportation and disposal processes. The total score resulting from all these checks is then compared with the monthly target score.
In 2025, through the "Wastewater Recovery Facility" located at our main campus in Bandırma, we will reuse an average of 45% of the treated water. We have successfully recovered water to potable quality. By recycling wastewater instead of consuming natural resources, we continue to protect underground water sources.
We aim to reduce water consumption across all our facilities by 13% by 2025, compared to the 2020 baseline year. As a result of our commitment to water conservation, we achieved a 16.3% reduction in annual water consumption. As Banvit, we are proud to have announced this achievement one year ahead of target.
In 2021, we launched the "Banvit BRF Forests" project with the support of the General Directorate of Forestry, establishing 20,000 trees in the afforestation area located in Sahil Yenice, Bandırma, where our main production campus is located.
In 2022, in cooperation with the Aegean Forest Foundation, we planted an additional 20,000 saplings in the afforestation areas of Maden (Elazığ) and Yunt Dağı (Manisa).
In December 2023, as part of the "Centennial Forests" project initiated by the Aegean Forest Foundation in honor of the 100th anniversary of the Republic of Türkiye, we established a new forest with 10,000 saplings in the İzmit Taşköprü afforestation area.
In 2024, again in collaboration with the Aegean Forest Foundation, we planted an additional 10,000 saplings in the afforestation area located in the Köşk district of Aydın.
As a result, in its fourth year, our Banvit BRF Forests project has reached a total of 60,000 trees across five different regions.
At Banvit BRF, we conduct our operations with a strong focus on preventing food waste. Our integrated production model operates under a zero food loss approach, and we have a by-product processing facility that treats and recycles all organic waste generated during the production process. Through this facility, we contribute to animal nutrition by selling raw materials recovered via recycling.
In addition to these efforts, we launched one of our key sustainability projects Akıllı Çocuk Sofrası in March 2022 to raise awareness about reducing food waste. We recognize the critical importance of conscious food consumption and food waste prevention for the future of our planet and the well-being of future generations. As a food producer with a sustainability goal of reducing food waste, we initiated this project by focusing on households where a significant portion of food waste occurs. Valuable content prepared by expert consultants on conscious food consumption and food waste is regularly shared with children and their parents through the project's official website, akillicocuksofrasi.com and its social media channels.
In 2024, the Akıllı Çocuk Sofrası project was honored with an award in the category of "Most Innovative Food Literacy Initiative" at the 3rd Food Innovation Summit, organized by the Center for Food, Agricultural and Agricultural Policies Research.
Additionally, on 21–22 November 2024, we supported the 10th Sustainable Food Summit organized in cooperation with the Turkish Food Industry Employers' Association (TÜGİS) and the Sustainability Academy, by acting as a sponsor. During the conference, we provided information to participants through a project booth featuring Akıllı Çocuk Sofrası, answering questions and promoting awareness about the project.
In 2025, we added a new dimension to the Akıllı Çocuk Sofrası project by launching the Banvit Sustainable Food Center, an educational platform located at KidZania Istanbul, in May. At the Banvit Sustainable Food Center, children are encouraged to think and act like "Sustainable Food Experts" based on the knowledge shared with them. While learning about ways to reduce food waste and the importance of using resources efficiently, children also can develop hands-on skills through interactive kitchen simulations and other experiential learning methods.
As a company, we continue to reinforce our commitment to sustainability by operating all our facilities with "Zero Waste" certificates issued by the Ministry of Environment, Urbanization, and Climate Change.
Our parent company BRF approved its Net Zero Roadmap in 2024, following the Science Based Targets initiative. After a comprehensive assessment of our processes and in alignment with the 1.5°C target, BRF has committed to achieving Net Zero emissions by 2050.
In addition, BRF has pledged to reduce direct emissions from its operations (Scope 1 and 2) by 51% and value chain emissions (Scope 3) by 35.7% by 2032.
In line with our sustainability strategy and considering the potential impacts of climate change on our business, we have worked to increase efficiency in the use of natural resources, renewable energy adoption, and emission control within our production chain.
At our cogeneration facility, we aim to reduce CO2e emissions in the energy category by producing both electricity and heat using natural gas. The heat generated at the facility supports the production of hot water and steam used in various processes.
In 2025, we consumed 31,6541 MWh of electricity at our production facilities across Türkiye, all of which was sourced from renewable energy within the framework of the I-REC certification scheme. Thanks to this energy attribute certificate, we are able to trace the electricity supplied to us, which is generated from hydroelectric sources.
One of our key focus areas in 2024 was our customers. We completed our Complaint/Request Management Project through our B2B application. This initiative allowed us to standardize and consolidate our entire request management process under a single, globally integrated solution. Additionally, we implemented an Online Payment solution in cooperation with our service provider to support our sales operations. This initiative helped optimize the number of field devices used and simplified our collection processes.
At Banvit BRF Human Resources, we continuously carry out initiatives to support the ongoing development of our employees within the company. One of our sustainability priorities is also gender equality. In this context, Banvit BRF aims to increase the proportion of women in senior positions to 30% by 2025. As of the first quarter of 2025, this rate has already reached 31%.
As part of the actions taken, the participation of female employees has been encouraged in the "Lead as a Woman" program, which is designed to support the development of women and prepare them for leadership roles. This program continues to promote the advancement of women within the organization.
1 This information covers the period up to the end of June 2025.
To strengthen collaboration and team spirit while enhancing employee engagement, we established the Banvit BRF Volunteers Community, which supports employees' involvement in social responsibility projects.
In response to employee feedback, we organize webinars and seminars featuring recognized experts on current topics, providing employees with up-to-date insights that support both their personal and professional development.
In line with the principles of agility, simple practices, and efficiency, we also offer various training programs aimed at developing employee competencies, including time management, effective presentation techniques, communication skills, and leadership development.
Our Company embraces the principles of Corporate Human Rights and Employee Rights in accordance with the Universal Declaration of Human Rights, the ILO Conventions ratified by Türkiye, and other applicable legislation.
Employees are entitled to various benefits such as annual paid leave support, marriage/birth/death allowances, military leave, supplementary health insurance, notice periods and severance pay. All employees are also provided with meal and transportation support, seniority incentives, and other social benefits. In addition, both blue-collar and whitecollar employees are eligible for nursery assistance.
Training programs are planned to support the realization of the Company's strategic objectives and the core principles of our Quality, Occupational Health and Safety (OHS), Environment, Energy, and Information Management Systems Policies. Various training methods tailored to adult learning are used, offering a wide range of learning opportunities such as on-the-job training, classroom sessions, domestic/international programs, and conferences. E-learning modules are also implemented company-wide.
In accordance with Law No. 6331, employees continue to receive information and awareness training on their legal rights and responsibilities, the occupational hazards and risks they face, and the necessary safety precautions to be taken.
Ensuring the health, safety, well-being, and integrity of our employees is a global priority for BRF. Accordingly, we operate under comprehensive Health, Safety, and Environmental (HSE) Policies that include directives for preventing and minimizing accidents, incidents, and losses, and that assign responsibilities for managing risks related to the protection of human life and assets. Employees receive mandatory Occupational Health and Safety training, along with ISO 45001-based and role-specific safety education.
Delivering healthy and safe products to our consumers begins with robust occupational health and safety measures at our production facilities. With this awareness, one of our primary objectives at Banvit is to maintain the highest standards of OHS across our production sites, raise awareness on this issue, and ensure the implementation of all relevant safety protocols at the highest level.
In line with this commitment, our Company celebrates World Occupational Health and Safety Week every year. This year, a range of events will be organized in our Bandırma, Elazığ, and İzmir campuses in September as part of OHS Week.
Various activities will be organized throughout the week to emphasize the importance of occupational health and safety and to raise awareness within our campuses.
What Is Planned for OHS Week?
1- OHS Week activities will begin with opening speeches from our senior management.
2- Webinars on occupational health and safety will be delivered by expert speakers.
3- Themed theatrical performances on OHS will be staged to promote teamwork and safety awareness.
4- Suppliers will set up stands on campuses to provide training on the use of personal protective equipment (PPE).
5- Additional theatrical shows on OHS will be held to strengthen safety culture and raise awareness.
6- Safety walks will be conducted in work areas together with field supervisors.
7- Health education will be provided by expert physicians and dietitians.
8- Ergonomics training and ergonomic observations will be carried out in work areas.
In the first quarter of 2025, a Hand Safety Campaign was conducted across all regions to prevent accidents resulting from hand and finger injuries. Various activities were organized within the scope of the campaign to emphasize the importance of PPE and to prevent accidents caused by moving machine equipment.
Our sustainability efforts are monitored by senior executives responsible for sustainability, who report to the Board of Directors at least once a year. The Board of Directors oversees and evaluates the progress of these activities.
In addition, the development of sustainability commitments is monitored within the Company by the Sustainability Committee, which comprises managers and responsible unit representatives from all relevant departments.
Our annual activity reports include detailed information on the sustainability initiatives undertaken by the Company, along with established targets and performance rates. Furthermore, our renewed corporate website provides comprehensive information regarding our sustainability-related activities.
Should there be any developments or changes regarding sustainability efforts in the future, such updates will also be disclosed in the Company's interim activity reports.
Our Company shows the utmost care and diligence in complying not only with the mandatory principles under the Capital Markets Board's Communiqué on Corporate Governance, but also with voluntary principles, to the greatest extent possible.
Within the scope of sustainability, our Company continues to strengthen its engagement with stakeholders and other interest groups.
In this context, various social responsibility projects and events are organized to increase awareness and promote meaningful impact.
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