Quarterly Report • Nov 4, 2025
Quarterly Report
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INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD JANUARY 1 – SEPTEMBER 30, 2025
(CONVENIENCE TRANSLATION INTO ENGLISH OF INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS ORIGINALLY ISSUED IN TURKISH)
| CONTENTS | PAGE |
|---|---|
| INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION | 1-2 |
| INTERIM CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME |
3 |
| INTERIM CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY | 4 |
| INTERIM CONDENSED CONSOLIDATED STATAMENT OF CASH FLOWS | 5-6 |
| NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS | 7-35 |
| APPENDIX I: SUPPLEMENTARY UNAUDITED INFORMATION | 36 |
(Amounts expressed in Turkish Lira ("TRY") unless otherwise indicated)
| (Condensed | |||||
|---|---|---|---|---|---|
| Unaudited) | (Audited) | ||||
| (Turkish Lira) | (Turkish Lira) | (US Dollar*) | (US Dollar*) | ||
| Current Period | Prior Period | Current Period | Prior Period | ||
| 30 September | 31 December | 30 September | 31 December | ||
| Notes | 2025 | 2024 | 2025 | 2024 | |
| ASSETS | |||||
| Current Assets | 12.126.788.024 | 9.307.345.898 | 292.163.887 | 263.811.416 | |
| Cash and Cash Equivalents | 3 | 132.359.291 | 605.986.534 | 3.188.858 | 17.176.343 |
| Trade Receivables | 4-5 | 7.682.900.794 | 6.095.400.540 | 185.099.810 | 172.770.655 |
| - Trade receivables from related parties | 4 | 3.341.546 | 6.465.891 | 80.506 | 183.272 |
| - Trade receivables from third parties | 5 | 7.679.559.248 | 6.088.934.649 | 185.019.304 | 172.587.383 |
| Other Receivables | 6 | 16.213.801 | 12.913.048 | 390.630 | 366.013 |
| - Other receivables from third parties | 6 | 16.213.801 | 12.913.048 | 390.630 | 366.013 |
| Derivative Financial Instruments | 37.833.946 | - | 911.512 | - | |
| Inventories | 7 | 4.068.987.353 | 2.532.049.349 | 98.031.825 | 71.769.496 |
| Prepaid Expenses | 8 | 19.425.473 | 9.530.761 | 468.007 | 270.144 |
| Other Current Assets | 169.067.366 | 51.465.666 | 4.073.245 | 1.458.765 | |
| Non-Current Assets | 665.923.228 | 464.532.252 | 16.043.714 | 13.166.902 | |
| Investment Properties | 4.910.130 | 4.173.554 | 118.297 | 118.297 | |
| Property, Plant and Equipment | 155.767.259 | 112.445.161 | 3.752.813 | 3.187.194 | |
| Right of Use Assets | 90.259.193 | 82.855.643 | 2.174.564 | 2.348.496 | |
| Intangible Assets | 105.948.223 | 94.295.844 | 2.552.551 | 2.672.762 | |
| - Goodwill | 80.340.230 | 68.288.266 | 1.935.592 | 1.935.592 | |
| - Other intangible assets | 25.607.993 | 26.007.578 | 616.959 | 737.170 | |
| Deferred Tax Assets | 16 | 309.038.423 | 170.762.050 | 7.445.489 | 4.840.153 |
| TOTAL ASSETS | 12.792.711.252 | 9.771.878.150 | 308.207.601 | 276.978.318 |
(*) Refers to the amounts in US Dollars, which is the functional currency of the Group. Presentation currency is Turkish Lira. For the conversion of US Dollar and Turkish Lira, see Note 2.
(Amounts expressed in Turkish Lira ("TRY") unless otherwise indicated)
| (Condensed | |||||
|---|---|---|---|---|---|
| Unaudited) (Turkish Lira) |
(Audited) (Turkish Lira) |
(US Dollar*) | (US Dollar*) | ||
| Current Period | Prior Period | Current Period | Prior Period | ||
| 30 September | 31 December | 30 September | 31 December | ||
| Notes | 2025 | 2024 | 2025 | 2024 | |
| LIABILITIES Current Liabilities |
8.516.270.172 | 6.218.864.125 | 205.177.710 | 176.270.160 | |
| Short-Term Borrowings | 340.487.502 | 24.589.275 | 8.203.174 | 696.969 | |
| - Bank loans | 17 | 322.277.473 | - | 7.764.450 | - |
| - Lease liabilities | 18.210.029 | 24.589.275 | 438.724 | 696.969 | |
| Trade Payables | 4-5 | 7.348.209.965 | 4.930.255.719 | 177.036.292 | 139.745.289 |
| - Trade payables to related parties | 4 | 76.264.096 | 22.330.666 | 1.837.388 | 632.950 |
| - Trade payables to third parties | 5 | 7.271.945.869 | 4.907.925.053 | 175.198.904 | 139.112.339 |
| Payables Regarding Employee Benefits | 29.120.797 | 23.920.784 | 701.591 | 678.021 | |
| Other Payables | 4-6 | 545.781.339 | 925.356.334 | 13.149.203 | 26.228.698 |
| - Other payables to related parties | 4 | 545.637.933 | 693.362.289 | 13.145.748 | 19.652.959 |
| - Other payables to third parties | 6 | 143.406 | 231.994.045 | 3.455 | 6.575.739 |
| Deferred Income | 8 | 99.854.942 | 142.819.840 | 2.405.749 | 4.048.147 |
| Current Tax Liabilities | 16 | 69.972.993 | 88.090.217 | 1.685.820 | 2.496.867 |
| Current Provisions | 24.427.665 | 23.180.816 | 588.522 | 657.047 | |
| - Current provisions for employee benefits | 24.427.665 | 23.180.816 | 588.522 | 657.047 | |
| Other Current Liabilities | 58.414.969 | 60.651.140 | 1.407.359 | 1.719.122 | |
| Non-Current Liabilities | 180.419.226 | 150.569.688 | 4.346.739 | 4.267.812 | |
| Long-Term Borrowings | 58.969.873 | 53.216.099 | 1.420.728 | 1.508.380 | |
| - Lease liabilities | 58.969.873 | 53.216.099 | 1.420.728 | 1.508.380 | |
| Non-Current Provisions | 121.449.353 | 97.353.589 | 2.926.011 | 2.759.432 | |
| - Non-current provisions for employee benefits | 91.146.899 | 74.772.292 | 2.195.951 | 2.119.378 | |
| - Other non-current provisions | 30.302.454 | 22.581.297 | 730.060 | 640.054 | |
| EQUITY | 4.096.021.854 | 3.402.444.337 | 98.683.152 | 96.440.346 | |
| Equity attributable to owners of the Company | 4.096.021.854 | 3.402.444.337 | 98.683.152 | 96.440.346 | |
| Share Capital | 10 | 393.516.000 | 393.516.000 | 64.824.567 | 64.824.567 |
| Share Premium | 10 | 30.000.000 | 30.000.000 | 3.594.149 | 3.594.149 |
| Other Compherensive Expense That Will | |||||
| Not Be Reclassified To Profit / (Loss) | 2.910.901.579 | 2.303.748.797 | (1.395.733) | (1.395.733) | |
| - Accumulated losses on remeasurements of | |||||
| defined benefit plans | (28.009.890) | (28.009.890) | (1.395.733) | (1.395.733) | |
| - Currency translation differences | 10 | 2.938.911.469 | 2.331.758.687 | - | - |
| Restricted Reserves Appropriated from Profit | 10 | 85.397.147 | 85.397.147 | 5.860.959 | 5.860.959 |
| Accumulated Gains | 589.782.393 | 249.963.433 | 23.556.404 | 13.193.574 | |
| Net Profit for the Year | 86.424.735 | 339.818.960 | 2.242.806 | 10.362.830 | |
| TOTAL LIABILITIES AND EQUITY | 12.792.711.252 | 9.771.878.150 | 308.207.601 | 276.978.318 |
(*) Refers to the amounts in US Dollars, which is the functional currency of the Group. Presentation currency is Turkish Lira. For the conversion of US Dollar and Turkish Lira, see Note 2.
The accompanying notes form an integral part of these interim condensed consolidated financial statements.
(Amounts expressed in Turkish Lira ("TRY") unless otherwise indicated)
| Notes | (Condensed Unaudited) (Turkish Lira) Current Period 1 January - 30 September 2025 |
(Condensed Unaudited) (Turkish Lira) Current Period 1 July - 30 September 2025 |
(Condensed Unaudited) (Turkish Lira) Prior Period 1 January - 30 September 2024 |
(Condensed Unaudited) (Turkish Lira) Prior Period 1 July - 30 September 2024 |
(US Dollar*) Current Period 1 January - 30 September 2025 |
(US Dollar*) Prior Period 1 January - 30 September 2024 |
|
|---|---|---|---|---|---|---|---|
| Revenue | 11 | 22.278.937.118 | 8.244.290.864 | 16.785.706.049 | 5.977.095.112 | 578.160.105 | 521.319.504 |
| Cost of Sales (-) | 11 | (20.715.846.465) | (7.675.587.494) | (15.576.172.520) | (5.531.938.075) | (537.596.381) | (483.754.601) |
| GROSS PROFIT | 1.563.090.653 | 568.703.370 | 1.209.533.529 | 445.157.037 | 40.563.724 | 37.564.903 | |
| General Administrative Expenses (-) | 12 | (310.952.459) | (99.880.108) | (206.409.901) | (64.279.177) | (8.069.519) | (6.410.544) |
| Marketing, Sales and Distribution Expenses (-) | 12 | (560.076.486) | (182.012.525) | (378.864.938) | (140.119.597) | (14.534.530) | (11.766.540) |
| Other Income From Operating Activities Other Expenses From Operating Activities (-) | 13 13 |
9.018.776 (99.384.171) |
2.825.121 (78.359.567) |
9.750.737 (109.842.220) |
1.691.893 (14.185.884) |
234.046 (2.579.116) |
302.832 (3.411.408) |
| 13 | 601.696.313 | 211.276.291 | 524.167.207 | 228.264.272 | 15.614.605 | 16.279.243 | |
| OPERATING PROFIT | |||||||
| Income From Investing Activities | 24.795.370 | 4.819.370 | 40.007.473 | 12.116.527 | 643.464 | 1.242.526 | |
| OPERATING PROFIT BEFORE FINANCE EXPENSE | 626.491.683 | 216.095.661 | 564.174.680 | 240.380.799 | 16.258.069 | 17.521.769 | |
| Finance Income | 15 | 37.186 | 1.115 | 89.995 | 1.843 | 965 | 2.795 |
| Finance Expenses (-) | 15 | (456.581.178) | (212.773.332) | (321.154.279) | (106.817.885) | (11.848.726) | (9.974.200) |
| PROFIT BEFORE TAX FROM CONTINUING OPERATIONS | 169.947.691 | 3.323.444 | 243.110.396 | 133.564.757 | 4.410.308 | 7.550.364 | |
| Tax Expense From Continuing Operations (-) | 16 | (83.522.956) | 22.224.862 | (15.740.848) | 10.113.720 | (2.167.502) | (488.869) |
| Current tax expense (-) | 16 | (183.917.494) | (12.529.244) | (103.797.918) | (20.298.920) | (4.772.838) | (3.223.688) |
| Deferred tax income / (expense) | 16 | 100.394.538 | 34.754.106 | 88.057.070 | 30.412.640 | 2.605.336 | 2.734.819 |
| PROFIT FOR THE YEAR FROM CONTINUING OPERATIONS | 86.424.735 | 25.548.306 | 227.369.548 | 143.678.477 | 2.242.806 | 7.061.495 | |
| PROFIT FOR THE YEAR | 86.424.735 | 25.548.306 | 227.369.548 | 143.678.477 | 2.242.806 | 7.061.495 | |
| Attributable to: | |||||||
| Owners of the Company/Parent | 86.424.735 | 25.548.306 | 227.369.548 | 143.678.477 | 2.242.806 | 7.061.495 | |
| 86.424.735 | 25.548.306 | 227.369.548 | 143.678.477 | 2.242.806 | 7.061.495 | ||
| Earnings Per Share | 19 | 0,22 | 0,06 | 0,58 | 0,37 | 0,01 | 0,02 |
| OTHER COMPREHENSIVE INCOME | |||||||
| Items that will not be reclassified subsequently to profit or loss | 607.152.782 | 173.134.821 | 418.275.680 | 122.060.116 | - | - | |
| Currency translation differences | 607.152.782 | 173.134.821 | 418.275.680 | 122.060.116 | - | - | |
| OTHER COMPREHENSIVE INCOME | 607.152.782 | 173.134.821 | 418.275.680 | 122.060.116 | _ | ||
| TOTAL COMPREHENSIVE INCOME | 693.577.517 | 198.683.127 | 645.645.228 | 265.738.593 | 2.242.806 | 7.061.495 | |
| Profit attributable to: | |||||||
| Owners of the Company/Parent | 693.577.517 | 198.683.127 | 645.645.228 | 265.738.593 | 2.242.806 | 7.061.495 | |
| 693.577.517 | 198.683.127 | 645.645.228 | 265.738.593 | 2.242.806 | 7.061.495 | ||
(*) Refers to the amounts in US Dollars, which is the functional currency of the Group. Presentation currency is Turkish Lira. For the conversion, see Note 2.
(Amounts expressed in Turkish Lira ("TRY") unless otherwise indicated)
Accumulated other compherensive income or expenses that will not be reclassified subsequently to profit or
| that will not be reclassified subse | equently to profit or | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| loss | Retained 6 | earnings | |||||||
| N. | at the | al . | Accumulated gain / (loss) on remeasurement of defined benefit | Currency Translation |
Restricted | Prior Years' | Net Profit | m . 1 . t. | |
| Notes | Share capital | Share premium | plans | Differences | reserves | Profits or Losses | or Loss | Total equity | |
| Balances as of 1 January 2024 (Beginning of the Period) | 393.516.000 | 30.000.000 | (15.852.471) | 1.801.103.824 | 13.880.245 | 125.737.943 | 195.742.392 | 2.544.127.933 | |
| Transfers | - | - | - | - | - | 195.742.392 | (195.742.392) | - | |
| Net income | - | - | - | - | - | - | 227.369.548 | 227.369.548 | |
| Other compherensive income | - | - | - | 418.275.680 | - | - | - | 418.275.680 | |
| Total compherensive income | - | - | - | 418.275.680 | - | - | 227.369.548 | 645.645.228 | |
| Balances as of 30 September 2024 (End of the Period) | 10 | 393.516.000 | 30.000.000 | (15.852.471) | 2.219.379.504 | 13.880.245 | 321.480.335 | 227.369.548 | 3.189.773.161 |
| Balances as of 1 January 2025 (Beginning of the Period) | 393.516.000 | 30.000.000 | (28.009.890) | 2.331.758.687 | 85.397.147 | 249.963.433 | 339.818.960 | 3.402.444.337 | |
| Transfers | - | - | - | - | - | 339.818.960 | (339.818.960) | - | |
| Net income | - | - | - | - | - | - | 86.424.735 | 86.424.735 | |
| Other compherensive income | - | - | - | 607.152.782 | - | - | - | 607.152.782 | |
| Total compherensive income | - | - | - | 607.152.782 | - | - | 86.424.735 | 693.577.517 | |
| Balances as of 30 September 2025 (End of the Period) | 10 | 393.516.000 | 30.000.000 | (28.009.890) | 2.938.911.469 | 85.397.147 | 589.782.393 | 86.424.735 | 4.096.021.854 |
(Amounts expressed in Turkish Lira ("TRY") unless otherwise indicated)
| (Condensed Unaudited) |
(Condensed Unaudited) |
||
|---|---|---|---|
| Current Period | Current Period | ||
| 1 January - | 1 January - | ||
| Notes | 30 September 2025 | 30 September 2024 | |
| CASH FLOWS FROM OPERATING ACTIVITIES | |||
| Profit for the period | 86.424.735 | 227.369.548 | |
| Adjustments for: | |||
| Depreciation and amortisation expenses | 106.567.101 | 56.815.863 | |
| Provisions for employee termination benefits | 20.658.593 | 13.335.774 | |
| Allowance for doubtful receivables | 5 | 66.922.653 | 4.125.529 |
| Losses on sale of tangible assets | 12.293 | - | |
| Unused vacation provision | 1.860.161 | 5.110.900 | |
| Bonus provision | 5.771.652 | 7.618.390 | |
| Trade receivables and trade payables discounts, net | 1.472.276 | - | |
| Allowance for inventories | 7 | 15.758.831 | 2.480.605 |
| Income tax expense | 16 | 83.522.956 | 15.740.848 |
| Interest income | (24.795.370) | (40.007.473) | |
| Interest and commissions expense | 15 | 442.334.352 | 303.207.447 |
| Derivative expense | (37.833.946) | (4.110.397) | |
| Net foreign exchange loss | (40.356.088) | (25.002.998) | |
| Net cash genereated before movement in working capital | 728.320.199 | 566.684.036 | |
| Changes in trade receivables | (559.267.846) | 520.882.766 | |
| Changes in inventories | (1.027.756.669) | (279.777.918) | |
| Changes in other receivables and other assets | (109.319.984) | (70.286.878) | |
| Changes in trade payables | 1.436.978.968 | (92.176.030) | |
| Changes in other payables | (324.183.177) | (109.275.141) | |
| Net cash generated from / (used in) operations | 144.771.491 | 536.050.835 | |
| Income taxes paid | 16 | (200.032.189) | (184.969.816) |
| Collections from doubtful receivables | 5 | 38.496 | 2.287.092 |
| Employee termination and unused vacation benefits paid | (7.542.918) | (7.877.722) | |
| Bonus paid | (8.279.844) | (9.967.239) | |
| Net cash generated from / (used in) operating activities | ( 71.044.964) | 335.523.150 |
(Amounts expressed in Turkish Lira ("TRY") unless otherwise indicated)
| (Condensed | (Condensed | ||
|---|---|---|---|
| Unaudited) Current Period 1 January - |
Unaudited) Current Period 1 January - |
||
| Notes | 30 September 2025 | 30 September 2024 | |
| CASH FLOWS FROM INVESTING ACTIVITIES | (21.333.381) | (1.887.348) | |
| Interest received | 24.795.370 | 40.007.473 | |
| Purchases of tangible and intangible assets | (46.128.751) | (42.501.763) | |
| Proceeds on sale of financial assets | - | 606.942 | |
| CASH FLOWS FROM FINANCING ACTIVITIES | (446.618.199) | (451.895.451) | |
| Interest and commissions paid | (437.410.683) | (298.829.739) | |
| Changes in other payables to related parties | (250.750.170) | (118.340.306) | |
| Proceeds from borrowings | 299.196.869 | (2.617.931) | |
| Payments due to lease contracts | (57.654.215) | (32.107.475) | |
| NET (DECREASE) / INCREASE IN CASH AND CASH EQUIVALENTS | |||
| BEFORE FOREIGN CURRENCY TRANSLATION EFFECTS | ( 538.996.544) | ( 118.259.649) | |
| THE EFFECT OF FOREIGN CURRENCY TRANSLATION DIFFERENCES IN CASH AND | |||
| CASH EQUIVALENTS | 65.369.301 | 75.281.544 | |
| NET (DECREASE) / INCREASE IN CASH AND CASH EQUIVALENTS | (473.627.243) | (42.978.105) | |
| CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD | 3 | 605.986.534 | 517.642.604 |
| CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD | 3 | 132.359.291 | 474.664.499 |
(Amounts expressed in Turkish Lira ("TRY") unless otherwise indicated)
Penta Teknoloji Ürünleri Dağıtım Ticaret A.Ş. ("Penta" or the "Company") and its subsidiaries (all together referred as the "Group"), comprise the parent Penta Teknoloji Ürünleri Dağıtım Ticaret A.Ş. and two subsidiaries in which the Company owns the 100% share of the capital or has controlling interest.
The current operations of the Company started under the roof of Penta Bilgisayar Sistemleri Ticaret Ltd. Şti. ("Penta Bilgisayar") which was established in 1990. In 2012, Penta Bilgisayar was merged with Mersa Elektronik ve Teknolojik Ürünler Ticaret A.Ş. ("Mersa"), a subsidiary of Yıldız Holding A.Ş., which was established in 2003. Although the merger was realized under Mersa, the name of the Company was changed to Penta Teknoloji Ürünleri Dağıtım Ticaret A.Ş. in the period following the merger. The Company is registered in Istanbul, Türkiye in accordance with the provisions of the Turkish Commercial Code. The Company's head office address is Organize Sanayi Bölgesi, 4. Cadde No: 1 34775 Yukarı Dudullu, Ümraniye / Istanbul.
Principal activities of the Company are distribution of computer, hardware and software goods. The Company purchases the trade goods from domestic and foreign suppliers and distributes them mostly to its domestic customers via its sales network. It executes the distributorship of the brands like Acer, Adobe, Asus, Autodesk, Brother, Canon, Corsair, Cricut, Dell, HP, Exper, Huawei, IBM, Intel, Lenovo, Lexar, Logitech, Microsoft, MSI, OKI, TP-Link, Viewsonic, Wacom, Xerox, xFusion and Zyxel.
The Company's shares are publicly traded on Borsa İstanbul ("BIST") as of 17 May 2021. The free float ratio of the shares is 40,31% as of September 30, 2025.
The Company acquired 100% shares of Comonwealth Finance Investment Ltd. ("Commonwealth") for a consideration of TL 3.277 on 1 September 2013. Commonwealth's principal activity is the sale of imported goods from the vendors to Penta.
On 3 January 2014, the Company acquired 100% shares of Ekip Elektronik Sistemler ve Malzemeleri Ticaret A.Ş. ("Ekip") and Beyaz İletişim Sistemleri Dış Ticaret ve Sanayi Ltd. Şti. ("Beyaz İletişim"). On 4 March 2014, Ekip and Beyaz İletişim have been merged under Penta.
The Company acquired 100% shares of Sayısal Grafik Sanayi ve Ticaret A.Ş. ("Sayısal") for a consideration of TL 11.892.295 on 18 June 2015. After the acquisition, on 30 July 2015 Sayısal has been merged under Penta.
The Company acquired 100% shares of Exper Bilgisayar Sistemleri Sanayi ve Ticaret A.Ş. ("Exper") for a consideration of TL 85.400.000 on 22 June 2017. After the acquisition, on 28 June 2017 Exper has been merged under Penta.
The company acquired 100% shares of Arlington Investments B.V. for 20.000 Euros which was a non-operational company as of acquisition date. The company was established in the Netherlands and the commercial title of the company changed as Penta International B.V. ("Penta BV").
Total number of the Group's employees is 354 as of September 30, 2025 (December 31, 2024: 358).
The condensed consolidated financial statements have been approved by Board of Directors and authorized on the date of November 4, 2025 for publishing. General Assembly has the authority to amend / modify condensed consolidated financial statements.
NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 SEPTEMBER 2025
(Amounts expressed in Turkish Lira ("TRY") unless otherwise indicated)
The Group has prepared its condensed consolidated financial statements for the interim period ending on September 30 2025, in accordance with TMS 34 "Interim Financial Reporting" standard, within the framework of the Capital Markets Board's ("CMB") Communiqué Serial: II, 14.1 and the announcements explaining this communiqué.
The accompanying financial statements have been prepared in accordance with the provisions of the CMB's Communiqué Series II, No. 14.1 on the "Principles Regarding Financial Reporting in the Capital Markets" published in the Official Gazette dated 13 June 2013 and numbered 28676. Based on the Turkish Accounting Standards / Turkish Financial Reporting Standards ("TMS/TFRS"), which were put into effect by the Public Oversight Accounting and Auditing Standards Authority ("POA"), and their annexes and comments. Interim condensed consolidated financial statements are presented in accordance with the formats specified in the "Announcement on TFRS Taxonomy" published by the POA on October 4, 2022 and the Financial Statement Examples and User Guide published by the CMB.
The Company complies with the principles and conditions issued by the CMB, the Turkish Commercial Code ("TCC"), the tax legislation and the Uniform Chart of Accounts issued by the Ministry of Finance in keeping accounting records and preparing its statutory financial statements. Subsidiaries operating in foreign countries have prepared their statutory financial statements in accordance with the laws and regulations applicable in the countries in which they operate. Condensed consolidated financial statements have been prepared on the basis of historical cost, except for derivative instruments shown at fair value. As the Group uses US Dollar as its functional currency, TMS 29 (Financial Reporting in Hyperinflationary Economies) has not been applied in the preparation of the financial statements. For the purpose of calculating deferred taxes in accordance with the TPL, deferred tax calculations have been performed based on the figures that have been adjusted for inflation accounting. Explanations regarding the functional currency are given in Note 2.2.
The condensed consolidated interim financial statements of the Group do not include all of the disclosures and footnotes required in the year-end financial statements and therefore the condensed consolidated interim financial statements of the Group should be read in conjunction with the financial statements as at December 31, 2024.
The financial statements of each enterprise of the Group are presented in the currency (functional currency) valid in the basic economic environment in which they operate. The company mainly uses USD in its operations (trading). The US dollar also reflects the economic basis of situations and events that are important to the Company. The Company's purchase and sales prices are largely based on US Dollars. The Company, by evaluating the economic environment and its activities, has determined the functional currency as USD in accordance with TAS 21 (Effects of Changes in Exchange Rates). Although the functional currency of the Group is US Dollars, the presentation currency is expressed in Turkish Lira ("TL" or "TRY").
If the legal records are kept in a currency other than the functional currency, the financial statements are first converted to the functional currency and then back to TL, which is the Group's presentation currency. For companies in Türkiye, the functional currency of the statutory records is TL. Conversion of TL into US Dollars is based on the framework described below;
(Amounts expressed in Turkish Lira ("TRY") unless otherwise indicated)
The translation differences resulting from the above conversions are recorded in the profit or loss statement, in the foreign exchange income / expense accounts included in the financial income and expenses item.
The exchange rates and methods used in converting from functional currency to presentation currency are listed below:
Items in the condensed consolidated statement of financial position are translated into Turkish Lira with the exchange rates announced by the Central Bank of the Republic of Türkiye ( "CBRT"). Equity items are shown with their historical values. Income and expenses and cash flows are translated at the annual average exchange rate for the relavent period. Translation gain/loss arising from this conversion has been included in the "foreign currency translation differences" account under equity and accounted as a separate component of the other comprehensive income.
Average USD / TRY exchange rates for each period are as follows:
| 30 September 2025 |
31 December 2024 |
30 September 2024 |
31 December 2023 |
|
|---|---|---|---|---|
| USD / TRY – as of reporting date | 41,5068 | 35,2803 | 34,1210 | 29,4382 |
| USD / TRY – average for the period | 38,5342 | 32,7921 | 32,1985 | 23,7438 |
The USD ("USD") amounts shown in the condensed consolidated financial statements are the financial statements prepared in accordance with the functional currency of the Group and are not part of the condensed consolidated financial statements.
The condensed consolidated financial statements of the Group are prepared on a going concern basis, which presumes the realization of assets and settlement of liabilities in the normal course of operations and in the foreseeable future.
Important changes on the accounting policies are accounted retrospectively and prior period's financial statements are restated. The Group did not apply any changes in its accounting policies for current period.
The effect of a change in an accounting estimate is recognized prospectively by including it in profit or loss in the period of the change, if the change affects that period only, in the period of the change and future periods, if the change affects both. The Group does not have any important changes in the accounting estimates in the current year. Significant accounting errors are corrected retrospectively, by restating the prior period consolidated financial statements.
To enable the determination of financial status and performance trends, the Group's condensed consolidated financial statements for the current period are prepared in comparison with the previous period.
(Amounts expressed in Turkish Lira ("TRY") unless otherwise indicated)
The details of subsidiaries are as follows:
Proportion of ownership interest and voting power held by the Group (%)
| Name of subsidiaries | Principal activity | Place of incorporation and operation |
30 September 2025 | 31 December 2024 |
|---|---|---|---|---|
| Commonwealth Finance Investment Ltd. |
International Trade of IT Products |
British Virgin Islands | 100% | 100% |
| Penta International B.V. | International Trade of IT Products |
Netherlands | 100% | 100% |
Functional currencies of these subsidiaries are US Dollar.
The consolidated financial statements incorporate the financial statements of the Company and entities controlled by the Company and its subsidiaries. Control is achieved when the Company:
The Company reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control listed above.
When the Company has less than the majority of the voting rights of an investee, it has still power over the investee when the voting rights are sufficient to give it the practical ability to direct the relevant activities of the investee unilaterally. The Company considers all relevant facts and circumstances in assessing whether or not the Company's voting rights in an investee are sufficient to give it power, including:
Consolidation of a subsidiary begins when the Company obtains control over the subsidiary and ceases when the Company loses control of the subsidiary. Specifically, income and expenses of a subsidiary acquired or disposed of during the year are included in the consolidated statement of profit or loss and other comprehensive income from the date the Company gains control until the date when the Company ceases to control the subsidiary.
Profit or loss and each component of other comprehensive income are attributed to the owners of the Company and to the non-controlling interests. Total comprehensive income of subsidiaries is attributed to the owners of the Company and to the non-controlling interests even if this results in the non-controlling interests having a deficit balance.
When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with the Group's accounting policies.
All intragroup assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the Group are eliminated in full on consolidation.
NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 SEPTEMBER 2025
(Amounts expressed in Turkish Lira ("TRY") unless otherwise indicated)
The accounting policies adopted in preparation of the condensed consolidated financial statements as at September 30, 2025 are consistent with those of the previous financial year, except for the adoption of new and amended TFRS and TFRS interpretations effective as of January 1, 2025 and thereafter.
NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 SEPTEMBER 2025
(Amounts expressed in Turkish Lira ("TRY") unless otherwise indicated)
These changes are not expected to have a significant impact on the Group's financial position and performance.
(Amounts expressed in Turkish Lira ("TRY") unless otherwise indicated)
In the process of applying the Group's accounting policies, the Group Management has made the following judgments that have the most significant effect on the amounts recognized in the financial statements:
The Group has calculated the depreciation and amortization amounts in accordance with TFRS. The calculations are based on the Group Management's expectations regarding the useful life of the related assets.
The Group's leasing liabilities within the scope of TFRS 16 are related to vehicle and building leasing contracts. The lifetime of the leasing agreements for vehicles are determined on the basis of the relevant lease agreement. The lifetime of the lease contracts for buildings are determined based on the best estimate of the period in which the management plans to use the asset in lease contracts and auto-renewal contracts.
A credit risk provision for trade receivables is established if there is objective evidence that the Group will not be able to collect all amounts due. The amount of the provision is the difference between the carrying amount and the recoverable amount. The recoverable amount is the present value of all cash flows, including amounts recoverable from guarantees and collateral, discounted based on the original effective interest rate of the originated receivables at inception.
Under Turkish Law and union agreements, lump sum payments are made to employees retiring or involuntarily leaving the Group. Such payments are considered as being part of defined retirement benefit plan as per TAS 19 (Revised) Employee Benefits ("TAS 19"). The retirement benefit obligation recognized in the condensed consolidated statement of financial position represents the present value of the defined benefit obligation. The actuarial gains and losses are recognized in other comprehensive income.
When the net realizable value of inventories is less than their cost, the inventories are reduced to their net realizable value and are reflected to profit and loss as loss. According to the expectations of the Group, as the net realizable value of the inventories are below of their cost value, for some part of the inventories the Group has allocated provision and reduced to their net realizable value.
NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 SEPTEMBER 2025
(Amounts expressed in Turkish Lira ("TRY") unless otherwise indicated)
| 30 September | 31 December | |
|---|---|---|
| 2025 | 2024 | |
| Cash on banks | 110.132.400 | 580.542.911 |
| Demand deposits | 110.132.400 | 374.542.911 |
| Time deposits | - | 206.000.000 |
| Credit card receivables | 22.226.891 | 25.443.623 |
| 132.359.291 | 605.986.534 |
The average maturity of credit card receivables is 1 day as of September 30, 2025 (31 December 2024: 1 day).
| Currency Type | Maturity | Interest Rate | 30 September 2025 |
|---|---|---|---|
| - | - | - | - |
| - 31 December |
|||
| Currency Type | Maturity | Interest Rate | 2024 |
| TRY | January 2, 2025 | 39% - 48,30% | 206.000.000 |
| 206.000.000 |
Trade receivables from related parties arise mainly from sales transactions. Trade receivables from related companies have 2 months of maturities on average. These receivables are by nature not secured and bear no interest.
Trade payables to related parties arise mainly from purchase of goods and services. Trade payables to related companies have 2 months of maturities on average. Non-trade payables are comprised of short term financial liabilities and long-term financial debts in the scope of the parent company's (Yıldız Holding) syndication loan agreement. Interest rates within the scope of the syndication loan agreement is fixed at 6,80% for USD denominated liabilities (2024: 6,80%).
(Amounts expressed in Turkish Lira ("TRY") unless otherwise indicated)
Details of transactions between the Group and other related parties are disclosed below.
a) The detail of trade and non-trade receivables and payables as of 30 September 2025 and 31 December 2024 is as follows:
| 30 September 2025 | |||||||
|---|---|---|---|---|---|---|---|
| Receivables | Payables Current |
||||||
| Current | |||||||
| Balances with Related Parties | Trade | Non-Trade | Trade | Non-Trade | |||
| Yıldız Holding A.Ş. (*) | 215.088 | - | 74.666.001 | 545.637.933 | |||
| İzsal Gayrimenkul Geliştirme A.Ş. | 416.355 | - | 1.404.383 | - | |||
| Kerevitaş Gıda San. Ve Tic. A.Ş. | 1.070.792 | - | - | - | |||
| Ülker Bisküvi San. A.Ş. | 1.015.090 | - | - | - | |||
| Continental Confectionery Company Gıda San. Tic. A.Ş. | 490.942 | - | - | - | |||
| Polinas Plastik San. ve Tic. A.Ş. | 89.323 | - | 76.248 | - | |||
| Other | 43.956 | - | 117.464 | - |
3.341.546 - 76.264.096 545.637.933
| 31 December 2024 | |||||||
|---|---|---|---|---|---|---|---|
| Receivables | Payables | ||||||
| Current | Current | ||||||
| Balances with Related Parties | Trade | Non-Trade | Trade | Non-Trade | |||
| Yıldız Holding A.Ş. (*) | - | - | 22.122.653 | 693.362.289 | |||
| Kerevitaş Gıda San. Ve Tic. A.Ş. | 2.360.005 | - | - | - | |||
| Ülker Bisküvi San. A.Ş. | 1.839.762 | - | - | - | |||
| Şok Marketler Tic. A.Ş. | 1.364.148 | - | 4.975 | - | |||
| Sağlam İnşaat Taahhüt Tic. A.Ş. | 469.157 | - | - | - | |||
| Azmüsebat Çelik San. ve Tic. A.Ş. | 262.027 | - | - | - | |||
| Continental Confectionary Company Gıda San. Tic. A.Ş. | 137.487 | - | - | - | |||
| Other | 33.305 | - | 203.038 | - | |||
| 6.465.891 | - | 22.330.666 | 693.362.289 |
(*) As of 30 September 2025 and 31 December 2024, non-trade payables to Yıldız Holding consist of financial debt.
(Amounts expressed in Turkish Lira ("TRY") unless otherwise indicated)
b) The details of transactions with related parties in the interim period from 1 January to 30 September 2025 and 2024 are as follows:
| 1 January - 30 September 2025 | |||||
|---|---|---|---|---|---|
| Transactions with related parties | Sales | Purchases | Interest Income | Interest Expense | |
| Yıldız Holding A.Ş. | 1.553.208 | 30.196.981 | 2.130.034 | 77.299.317 | |
| Ülker Bisküvi San. A.Ş. | 7.111.883 | - | - | - | |
| İzsal Bilgi Sistemleri Ve Gayrimenkul Geliştirme A.Ş. | 689.768 | 5.036.544 | - | - | |
| Şok Marketler Tic. A.Ş. | 3.007.429 | 1.714.613 | - | - | |
| Horizon Hızlı Tüketim Ürünleri Üretim Paz. Satış ve Tic. A.Ş. | 1.962.668 | - | - | - | |
| Besler Gıda Ve Kimya San.Tic. A.Ş. | 1.675.278 | - | - | - | |
| Continental Confectionery Company Gıda San. ve Tic. A.Ş. | 978.221 | - | - | - | |
| Sağlam İnş.Taah.Tic. A.Ş. | 685.466 | - | - | - | |
| Polinas Plastik San. Ve Tic. A.Ş. | 650.711 | - | - | - | |
| Dank Gıda San. Ve Tic. A.Ş. | 406.452 | 162.811 | - | - | |
| Donuk Fırıncılık Ürünleri San. Ve Tic. A.Ş. | 283.920 | - | - | - | |
| Taygeta Gıda Üretim Ve Pazarlama A.Ş. | 128.107 | - | - | - | |
| Gözde Girişim Sermayesi Yatırım Ortaklığı A.Ş. | 116.230 | - | - | - | |
| Other | 16.547 | 1.092.135 | - | - | |
| 19.265.887 | 38.203.084 | 2.130.034 | 77.299.317 | ||
| 1 January - 30 September 2024 | |||||
| Transactions with related parties | Sales | Purchases | Interest Income | Interest Expense | |
| Yıldız Holding A.Ş. | 3.031.391 | 15.748.985 | 89.995 | 67.865.398 | |
| Ülker Bisküvi San. A.Ş. | 6.697.958 | 1.629 | - | - | |
| İzsal Gayrimenkul Geliştirme A.Ş. | 1.698.047 | 2.872.579 | - | - | |
| Kerevitaş Gıda Sanayi ve Ticaret A.Ş. | 3.933.283 | - | - | - | |
| Şok Marketler Tic. A.Ş. | 1.295.869 | 2.327.686 | - | - | |
| Horizon Hızlı Tüketim Ürünleri Üretim Paz. Satış ve Tic. A.Ş. | 3.451.370 | - | - | - | |
| G2MEKSPER Satış ve Dağıtım Hizmetleri A.Ş. | 1.407.101 | 24.416 | - | - | |
| Continental Confectionery Company Gıda San. ve Tic. A.Ş. | 1.237.073 | - | - | - | |
| Sağlam İnş.Taah.Tic. A.Ş. | 698.242 | 150.198 | - | - | |
| Polinas Plastik San. ve Tic. A.Ş. | 733.663 | - | - | - | |
| Bizim Toptan Satış Mağazaları A.Ş. | 583.473 | 62.647 | - | - | |
| Azmüsebat Çelik San. ve Tic. A.Ş. | 7.908 | - | - | - | |
| Other | 1.797.891 | 803.080 | - | - | |
| 18.682.615 | 11.775.626 | 316.795 | 51.372.074 |
The companies in the list consist of Yıldız Holding and its related parties. Purchases from Yıldız Holding mainly consist of service purchases. Trade receivables from other companies arise from sales of commercial goods, trade payables from other companies arise from purchases of products and services.
(Amounts expressed in Turkish Lira ("TRY") unless otherwise indicated)
Compensation of key management personnel:
The key management personnel of the Group consists of board members, the general manager and the directors. The benefits provided to key management comprise benefits such as salary and premiums. The remuneration of top management during the period were as follows:
| 1 January - | 1 January - | ||
|---|---|---|---|
| 30 September 2025 | 30 September 2024 | ||
| Salaries and other current benefits | 41.056.058 | 29.518.105 | |
| 41.056.058 | 29.518.105 | ||
| 5. | TRADE RECEIVABLES AND PAYABLES | ||
| a) Trade Receivables | |||
| The details of the Group's trade receivables are as follows: | |||
| 30 September | 31 December | ||
| Short term trade receivables | 2025 | 2024 | |
| Trade receivables | 7.602.200.949 | 5.987.127.487 | |
| Notes receivables | 77.358.299 | 101.807.162 | |
| Due from related parties (Note 4) | 3.341.546 | 6.465.891 | |
| Doubtful receivables | 167.564.653 | 95.602.839 | |
| Provision for doubtful receivables (-) | (167.564.653) | (95.602.839) | |
| 7.682.900.794 | 6.095.400.540 |
The average maturity of trade receivables is 71 days (December 31, 2024: 73 days)
Allowances for doubtful receivables are recognized against trade receivables based on estimated irrecoverable amounts determined by reference to past default experience of the counterparty. Movements of provision for doubtful trade receivables are as follows:
| 1 January - | 1 January - | |
|---|---|---|
| Movement of provision for doubtful receivables | 30 September 2025 | 30 September 2024 |
| Balance at beginning of the year | 95.602.839 | 91.788.661 |
| Charge for the year (Note 13) | 66.922.653 | 4.125.529 |
| Collections (Note 13) | (38.496) | (2.287.092) |
| Translation difference | 5.077.657 | 191.185 |
| Closing balance | 167.564.653 | 93.818.283 |
Explanations about the nature and level of risks related to trade receivables are provided in Note 18.
(Amounts expressed in Turkish Lira ("TRY") unless otherwise indicated)
The details of the Group's trade payables are as follows:
| 30 September | 31 December | |
|---|---|---|
| Short term trade payables | 2025 | 2024 |
| Trade payables | 6.416.494.581 | 4.332.191.906 |
| Due to related parties (Note 4) | 76.264.096 | 22.330.666 |
| Expense accruals (*) | 855.451.288 | 575.733.147 |
| 7.348.209.965 | 4.930.255.719 |
(*) Mainly consist of cost accruals such as price protection and marketing support to be provided to the Group's customers within the framework of the operational activities and preferences of the Group's suppliers.
The average maturity of trade payables is 67 days (December 31, 2024: 62 days).
| a) Other Receivables | ||
|---|---|---|
| 30 September | 31 December | |
| Short Term Other Receivables | 2025 | 2024 |
| Other current receivables (*) | 16.213.801 | 12.913.048 |
| 16.213.801 | 12.913.048 | |
| (*) Other miscellaneous receivables consist of receivables from personnel and other miscellaneous receivables. | ||
| b) Other Payables | 30 September | 31 December |
| Short Term Other Payables | 2025 | 2024 |
| Non-trade payables to related parties (Note 4) | 545.637.933 | 693.362.289 |
| Other payables | 143.406 | 231.994.045 |
| 545.781.339 | 925.356.334 |
(Amounts expressed in Turkish Lira ("TRY") unless otherwise indicated)
| 30 September 2025 |
31 December 2024 |
|
|---|---|---|
| Raw materials | 61.709.529 | 39.338.099 |
| Finished goods | 16.326.492 | 30.117.310 |
| Trade goods | 3.898.922.082 | 2.491.411.983 |
| Consignment goods | 165.571.787 | 19.278.708 |
| Other inventory | 17.142 | - |
| Allowance for impairment on inventory (-) | (73.559.679) | (48.096.751) |
| 4.068.987.353 | 2.532.049.349 | |
| 1 January - | 1 January - | |
| Movement of allowance for impairment on inventory | 30 September 2025 | 30 September 2024 |
| Opening balance | (48.096.751) | (48.927.495) |
| Charge for the year / cancel of allowance, net | (15.758.831) | (2.480.605) |
| Translation differences | (9.704.097) | (7.931.117) |
| Closing balance | (73.559.679) | (59.339.217) |
| 8. PREPAID EXPENSES AND CONTRACT LIABILITIES |
||
| 30 September | 31 December | |
| Short term prepaid expenses | 2025 | 2024 |
| Prepaid expenses | 18.997.828 | 9.125.285 |
| Advances paid for trade goods | 427.645 | 405.476 |
| 19.425.473 | 9.530.761 | |
| 30 September | 31 December | |
| Short term deferred income | 2025 | 2024 |
| Short term deferred income (*) | 20.283.252 | 90.230.743 |
| Provision for revenue premiums (**) Türev araçlar hariç 373 hs |
79.571.690 | 52.589.097 |
| 99.854.942 | 142.819.840 |
(*) Deferred income related to products which are not delivered yet as of the year end but invoiced in current period. All deferred income as at 31 December 2024 was recognized as revenue in 2025.
(**) Provision of revenue premiums consists of estimated after sales cost provisions that may given to the customers.
(Amounts expressed in Turkish Lira ("TRY") unless otherwise indicated)
The Group's collaterals/pledge/mortgage position as at 30 September 2025 and 31 December 2024 is as follows;
| 30 September 2025 | TL Equivalent | USD | TL | Euro |
|---|---|---|---|---|
| A. CPM given on behalf of its own legal entity | ||||
| -Collateral B. Total amounts of CPM given on behalf of |
1.475.084.378 | 35.105.443 | 17.969.797 | - |
| subsidiaries that are included in full consolidation | ||||
| -Collateral C. Total amounts of CPM given in order to guarantee third parties debts for routine trade |
- | - | - | - |
| operations -Collateral |
- | - | - | - |
| D. Total amounts of other CPM given i. Total amount of CPM given on behalf of parent company |
||||
| -Collateral ii. Total amount of CPM given on behalf of other group companies that are not included group B |
- | - | - | - |
| and C -Collateral iii. Total amount of CPM given on behalf of third parties that are not included group C |
1.024.780.338 | 17.934.326 | 280.383.856 | - |
| -Collateral | - | - | - | - |
| Total | 2.499.864.716 | 53.039.769 | 298.353.653 | - |
The ratio of other CPM's that is given by the Group to equity is 25% as of 30 September 2025 (31 December 2024: 27%).
(Amounts expressed in Turkish Lira ("TRY") unless otherwise indicated)
| 31 December 2024 | TL Equivalent | USD | TL | Euro |
|---|---|---|---|---|
| A. CPM given on behalf of its own legal entity | ||||
| -Collateral B. Total amounts of CPM given on behalf of subsidiaries that are included in full consolidation |
1.358.001.254 | 38.105.443 | 13.629.793 | - |
| -Collateral C. Total amounts of CPM given in order to guarantee third parties debts for routine trade |
- | - | - | - |
| operations -Collateral D. Total amounts of other CPM given |
- | - | - | - |
| i. Total amount of CPM given on behalf of parent company -Collateral ii. Total amount of CPM given on behalf of other |
- | - | - | - |
| group companies that are not included group B and C -Collateral iii. Total amount of CPM given on behalf of third parties that are not included group C |
913.112.258 | 17.934.326 | 280.383.856 | - |
| -Collateral | - | - | - | - |
| Total | 2.271.113.512 | 56.039.769 | 294.013.649 | - |
With the syndication loan agreement signed with various Turkish banks in 2018, Yıldız Holding A.Ş.and its group companies' short term debts are combined under the roof of Yıldız Holding A.Ş. In this context, the loans that were previously payable to banks were consolidated in the "other long term payables to Yıldız Holding A.Ş." account on 8 June 2018, in accordance with this syndication loan agreement.
As of 8 June 2018, the Company's cash loans amounting to TL 399,7 million and non-cash bank loans amounting to TL 206,4 million transferred to Yıldız Holding A.Ş. There has been no increase in the Company's total debt amount due to syndicated loan. As of the date of loan used, the Company became the guarantor of Yıldız Holding A.Ş., limited to the total bank loan risk exposure.
NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 SEPTEMBER 2025
(Amounts expressed in Turkish Lira ("TRY") unless otherwise indicated)
The share capital held is as follows:
| 30 September | 31 December | ||||
|---|---|---|---|---|---|
| Shareholders | % | 2025 | % | 2024 | |
| Gözde Girişim Serm.Yatırım Ort. A.Ş. | 32,21 | 126.753.831 | 32,21 | 126.753.831 | |
| Mustafa Ergün | 9,74 | 38.347.971 | 9,75 | 38.377.971 | |
| Mürsel Özçelik | 6,81 | 26.780.000 | 7,02 | 27.611.870 | |
| Sinan Güçlü | 6,74 | 26.509.492 | 6,84 | 26.909.492 | |
| Bülent Koray Aksoy | 6,11 | 24.039.864 | 6,81 | 26.780.870 | |
| Other | 38,39 | 151.084.842 | 37,37 | 147.081.966 | |
| Nominal Capital | 100,00 | 393.516.000 | 100,00 | 393.516.000 |
As of September 30, 2025, the nominal capital of the Company is TL 393.516.000 (31 December 2024: TL 393.516.000) with a par value of TL 1 per share (31 December 2024: TL 1). 106.418.079 of the Company's shares consist of group A shares and 287.097.921 of them are group B shares. Group A shares are privileged shares; their only privilege is the privilege of nominating candidates for members of the Board of Directors.
| 30 September | 31 December | |
|---|---|---|
| 2025 | 2024 | |
| Legal Reserves | 85.397.147 | 85.397.147 |
| 85.397.147 | 85.397.147 |
The legal reserves consist of first and second legal reserves, appropriated in accordance with the Turkish Commercial Code. The first legal reserve is appropriated out of historical statutory profits at the rate of 5% per annum, until the total reserve reaches 20% of the historical paid-in share capital. The second legal reserve is appropriated after the first legal reserve and dividends, at the rate of 10% per annum of all cash dividend distributions. According to the Turkish Commercial Code, if the general legal reserve not exceed half of capital or the issued capital, only the closure of loss, to ease the work of the cross in front of or unemployment to continue the business when it goes well and the results used to take suitable measures.
| 30 September | 31 December | |
|---|---|---|
| 2025 | 2024 | |
| Share Premiums | 30.000.000 | 30.000.000 |
| 30.000.000 | 30.000.000 |
The Company's shares are publicly traded on Borsa İstanbul as of 17 May 2021. The positive difference between the nominal value of the shares and the actual selling price are shown under share premiums.
(Amounts expressed in Turkish Lira ("TRY") unless otherwise indicated)
Foreign currency translation differences are the conversion differences that arise when converting the condensed consolidated financial statements in US Dollars, which is the functional currency of the Group, to Turkish Lira, which is the reporting currency (Note 2).
Details of the Group's net profit for the perod as of the reporting date and other profits that may be subject to profit distribution are given below:
| 30 September | 31 December | |
|---|---|---|
| 2025 | 2024 | |
| Accumulated Gains | 589.782.393 | 249.963.433 |
| Net Profit for the Year | 86.424.735 | 339.818.960 |
| Total | 676.207.128 | 589.782.393 |
| a) Sales | 1 January - 30 September 2025 |
1 July - 30 September 2025 |
1 January - 30 September 2024 |
1 July - 30 September 2024 |
|---|---|---|---|---|
| Domestic sales | 23.191.541.999 | 8.544.343.855 | 17.572.075.816 | 6.236.873.051 |
| Export sales | 50.616.791 | 18.457.948 | 63.185.853 | 13.301.058 |
| Sales returns (-) | (748.047.354) | (234.424.719) | (692.511.010) | (208.081.779) |
| Sales discounts (-) | (215.174.318) | (84.086.220) | (157.044.610) | (64.997.218) |
| 22.278.937.118 | 8.244.290.864 | 16.785.706.049 | 5.977.095.112 | |
| 1 January - | 1 July - | 1 January - | 1 July - | |
| Sales Channels | 30 September 2025 | 30 September 2025 | 30 September 2024 | 30 September 2024 |
| Retail | 8.875.858.962 | 3.534.433.182 | 5.721.433.764 | 2.097.520.915 |
| Value-Added Reseller | 4.746.814.079 | 1.611.190.544 | 4.152.439.369 | 1.394.597.237 |
| Marketplace | 4.570.234.730 | 1.771.165.956 | 3.254.329.571 | 1.243.857.976 |
| Dealer | 2.099.589.604 | 731.438.919 | 1.736.144.215 | 611.038.392 |
| Sub-distributor and other | 1.986.439.743 | 596.062.263 | 1.921.359.130 | 630.080.592 |
| 22.278.937.118 | 8.244.290.864 | 16.785.706.049 | 5.977.095.112 | |
| 1 January - | 1 July - | 1 January - | 1 July - | |
| b) Cost of sales | 30 September 2025 | 30 September 2025 | 30 September 2024 | 30 September 2024 |
| Cost of goods sold (-) | (236.478.991) | (60.585.926) | (209.324.992) | (77.907.246) |
| Cost of merchandises sold (-) | (20.479.367.474) | (7.615.001.568) | (15.366.847.528) | (5.454.030.829) |
| (20.715.846.465) | (7.675.587.494) | (15.576.172.520) | (5.531.938.075) |
NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 SEPTEMBER 2025
(Amounts expressed in Turkish Lira ("TRY") unless otherwise indicated)
(Amounts expressed in Turkish Lira ("TRY") unless otherwise indicated)
| 30 September 2025 30 September 2025 30 September 2024 30 September 2024 General administrative expenses (-) (310.952.459) (99.880.108) (206.409.901) (64.279.177) Marketing, selling and distribution expenses (-) (560.076.486) (182.012.525) (378.864.938) (140.119.597) (871.028.945) (281.892.633) (585.274.839) (204.398.774) 1 January - 1 July - 1 January - 1 July - a) General administrative expenses details 30 September 2025 30 September 2025 30 September 2024 30 September 2024 Employee benefit expenses (91.904.414) (27.839.972) (61.147.366) (18.420.631) Depreciation and amortization expenses (48.978.265) (13.353.294) (35.139.060) (21.221.530) Consulting expenses (39.072.600) (12.018.811) (19.809.451) (6.277.927) IT expenses (28.890.824) (11.185.510) (17.434.168) 834.230 Insurance expenses (21.857.908) (7.418.844) (18.024.946) (6.818.982) Meal expenses (20.821.184) (7.394.018) (13.611.980) (5.589.247) Security expenses (13.555.792) (4.595.277) (8.158.553) (2.776.044) Outsourcing expenses (12.623.688) (4.579.716) (8.653.057) (3.052.929) Corporate communication expenses (5.314.290) (1.918.446) (4.425.233) (2.491.892) Other (27.933.494) (9.576.220) (20.006.087) 1.535.775 (310.952.459) (99.880.108) (206.409.901) (64.279.177) 1 January - 1 July - 1 January - 1 July - b) Marketing, selling and distribution expenses details 30 September 2025 30 September 2025 30 September 2024 30 September 2024 Employee benefit expenses (341.811.186) (120.925.284) (257.489.408) (91.870.203) Logistics expenses (110.576.623) (41.750.681) (64.112.236) (24.745.225) Depreciation and amortization expenses (57.588.836) 505.469 (21.676.803) 1.030.741 Meal expenses (7.402.304) (3.236.183) (4.776.647) (1.903.286) Outsourcing expenses (7.063.088) (2.962.269) (3.187.330) (1.211.285) Corporate communication expenses (5.342.304) (1.823.407) (3.709.911) (1.698.448) Other (30.292.145) (11.820.170) (23.912.603) (19.721.891) |
1 January - | 1 July - | 1 January - | 1 July - |
|---|---|---|---|---|
| (560.076.486) | (182.012.525) | (378.864.938) | (140.119.597) |
(Amounts expressed in Turkish Lira ("TRY") unless otherwise indicated)
The details of other income from operating activities are as follows:
| 1 January - | 1 July - | 1 January - | 1 July - | |
|---|---|---|---|---|
| 30 September 2025 | 30 September 2025 | 30 September 2024 | 30 September 2024 | |
| Rediscount interest income | 1.849.102 | 332.134 | 3.459.697 | 423.911 |
| Terminated provisions (Note 5) | 38.496 | 1.154 | 2.287.092 | 113.298 |
| Other (*) | 7.131.178 | 2.491.833 | 4.003.948 | 1.154.684 |
| 9.018.776 | 2.825.121 | 9.750.737 | 1.691.893 |
(*) Consists of technical service income, refund income from customs procedures and other extraordinary income items.
The details of other expenses from operating activities are as follows:
| 1 January - | 1 July - | 1 January - | 1 July - | |
|---|---|---|---|---|
| 30 September 2025 | 30 September 2025 | 30 September 2024 | 30 September 2024 | |
| Provision for doubtful receivables (Note 5) | (66.922.653) | (66.726.561) | (4.125.529) | (273.072) |
| Foreign exchange loss | (7.970.375) | (7.731.969) | (101.188.809) | (13.204.902) |
| Other | (24.491.143) | (3.901.037) | (4.527.882) | (707.910) |
| (99.384.171) | (78.359.567) | (109.842.220) | (14.185.884) |
| 1 January - | 1 July - | 1 January - | 1 July - | |
|---|---|---|---|---|
| 30 September 2025 | 30 September 2025 | 30 September 2024 | 30 September 2024 | |
| Employee benefit expenses | (433.715.600) | (148.765.256) | (318.636.774) | (110.290.834) |
| Logistics expenses | (110.576.623) | (41.750.681) | (64.112.236) | (24.745.225) |
| Depreciation and amortization expenses | (106.567.101) | (12.847.825) | (56.815.863) | (20.190.789) |
| Consulting expenses | (39.072.600) | (12.018.811) | (19.809.451) | (6.277.927) |
| IT expenses | (28.890.824) | (11.185.510) | (17.434.168) | 834.230 |
| Meal expenses | (28.223.488) | (10.630.201) | (18.388.627) | (7.492.533) |
| Insurance expenses | (21.857.908) | (7.418.844) | (18.024.946) | (6.818.982) |
| Outsourcing expenses | (19.686.776) | (7.541.985) | (11.840.387) | (4.264.214) |
| Security expenses | (13.555.792) | (4.595.277) | (8.158.553) | (2.776.044) |
| Corporate communication expenses | (10.656.594) | (3.741.853) | (8.135.144) | (4.190.340) |
| Other | (58.225.639) | (21.396.390) | (43.918.690) | (18.186.116) |
| (871.028.945) | (281.892.633) | (585.274.839) | (204.398.774) |
(Amounts expressed in Turkish Lira ("TRY") unless otherwise indicated)
| 1 January - 30 September 2025 |
1 July - 30 September 2025 |
1 January - 30 September 2024 |
1 July - 30 September 2024 |
|
|---|---|---|---|---|
| Finance income (*) | 37.186 | 1.115 | 89.995 | 1.843 |
| Total finance income | 37.186 | 1.115 | 89.995 | 1.843 |
| 1 January - 30 September 2025 |
1 July - 30 September 2025 |
1 January - 30 September 2024 |
1 July - 30 September 2024 |
|
| Interest expense on bank loans | (114.490.079) | (59.501.617) | (92.506.065) | (32.746.157) |
| Interest expense on payables to related parties | (66.943.577) | (17.201.314) | (59.908.980) | (21.717.364) |
| Commission expenses on credit cards | (38.006.050) | (14.253.049) | (39.832.990) | (10.977.139) |
| Total interest expenses | (219.439.706) | (90.955.980) | (192.248.035) | (65.440.660) |
| Foreign exchange loss | (14.209.640) | (12.970.176) | (17.856.837) | (2.330.250) |
| Early payment discounts | (137.305.794) | (61.563.617) | (64.220.552) | (23.538.333) |
| Letter of bank guarantee expenses | (30.220.215) | (11.555.970) | (32.809.177) | (10.302.284) |
| Other finance expenses | (55.405.823) | (35.727.589) | (14.019.678) | (5.206.358) |
| Total finance expenses | (456.581.178) | (212.773.332) | (321.154.279) | (106.817.885) |
(*) Finance income consists of interest income from the intragroup transactions.
| 30 September | 31 December | |
|---|---|---|
| 2025 | 2024 | |
| (Assets related with current tax) / Current tax liability | ||
| Current corporate tax provision | 183.917.494 | 126.518.087 |
| Less: prepaid taxes and funds | (111.941.972) | (38.736.499) |
| Translation differences | (2.002.529) | 308.629 |
| 69.972.993 | 88.090.217 |
The Group is subject to Turkish corporate taxes. Provision is made in the accompanying financial statements for the estimated charge based on the Group's results for the years and periods. Turkish tax legislation does not permit a parent company and its subsidiary to file a consolidated tax return. Therefore, provisions for taxes, as reflected in the accompanying consolidated financial statements, have been calculated on a separate-entity basis.
Corporate tax is applied on taxable corporate income, which is calculated from the statutory accounting profit by adding back non-deductible expenses, and by deducting dividends received from resident companies, other exempt income and investment incentives utilized.
(Amounts expressed in Turkish Lira ("TRY") unless otherwise indicated)
It is enacted that, with effect from the beginning of 2021 for the corporations whose shares are publicly traded on Borsa Istanbul for the first time with at least 20% of its shares are offered to public, the corporate tax rate will be applied with a 2-point discount for 5 accounting periods, starting from the accounting period in which the shares are offered to the public for the first time. As a result of this, the effective tax rate for the Group in 2025 is 23% (2024: 23%).
Furthermore, there is no procedure for a final and definitive agreement on tax assessments. Companies file their tax returns between 1 - 25 April following the close of the accounting year to which they relate. Tax authorities may, however, examine such returns and the underlying accounting records and may revise assessments within five years.
In addition to corporate taxes, companies should also calculate income withholding taxes and funds surcharge on any dividends distributed, except for companies receiving dividends who are Turkish residents and Turkish branches of foreign companies. Income withholding tax applied in between 24 April 2003 - 22 July 2006 is 10% and commencing from 22 July 2006, this rate has been changed to 15% upon the Council of Minister's' Resolution No: 2006/10731. In the application of the withholding rates regarding profit distributions to non-resident taxpayer institutions and real persons, the withholding rates included in the related Double Taxation Prevention Agreements are also taken into consideration. Undistributed dividends incorporated in share capital are not subject to income withholding tax.
In Türkiye, the transfer pricing provisions of the Corporate Tax Law "disguised profit distribution via transfer pricing" is stated in Article 13 entitled. The communiqué dated November 18, 2007 on disguised profit distribution through transfer pricing regulates the details regarding the implementation.
If the taxpayer buys or sells goods or services at a price or price determined against the arm's length principle with related parties, the earnings are deemed to have been distributed completely or partially through transfer pricing implicitly. Disguised profit distribution through such transfer pricing is considered as an expense not legally accepted for corporate tax.
The Group recognizes deferred tax assets and liabilities based upon temporary differences arising between its financial statements as reported for TFRS purposes and its statutory tax financial statements. These differences usually result in the recognition of revenue and expenses in different reporting periods for TFRS and tax purposes and they are given below.
With the Tax Procedure Law General Communiqué (Serial No: 555) published in the Official Gazette dated 30 December 2023 and numbered 32415 (2nd Repeat), the procedures and principles of the correction procedures of the financial statements to be subject to inflation adjustment for 2023 and subsequent accounting periods have been determined and it has been stated that the balance sheet to be prepared in accordance with the Tax Procedure Law as of 31 December 2023 should be subject to inflation adjustment and the effects should be accounted for as of the same date. In accordance with this law, deferred tax calculation has been made for the base of 2023 Tax Procedure Law in the deferred tax calculation over the inflation accounting applied figures.
For calculation of deferred tax asset and liabilities, the rate of 23% (2024: 23%) is used.
(Amounts expressed in Turkish Lira ("TRY") unless otherwise indicated)
In Türkiye, the companies cannot declare a consolidated tax return, therefore subsidiaries that have deferred tax assets position were not netted off against subsidiaries that have deferred tax liabilities position and disclosed separately.
| 30 September | 31 December | |
|---|---|---|
| Deferred tax assets / (liabilities) | 2025 | 2024 |
| Property, plant and equipment and other intangible assets | (14.447.189) | (8.569.620) |
| Revaluation difference of investment properties | 286.189 | 286.582 |
| Provision for employment termination profit | 20.963.798 | 17.197.629 |
| Provision for unused vacation | 4.161.513 | 3.407.089 |
| Provision for doubtful receivables | 18.642.447 | 2.054.654 |
| Impairment and revaluation differences of inventory | 4.660.051 | 9.837.065 |
| Sales premium provisions | 182.086.015 | 126.670.389 |
| Other | 92.685.599 | 19.878.262 |
| 309.038.423 | 170.762.050 |
Deferred tax asset of the losses is not recognized as there is no unused tax losses as of 30 September 2025 (31 December 2024: not recognized).
Movement of deferred tax assets / (liabilities) for 30 September 2025 and 31 December 2024 are as follows:
| 1 January - | 1 January - | |
|---|---|---|
| Movement of deferred tax asset / (liabilities): | 30 September 2025 | 30 September 2024 |
| Opening balance as of 1 January | 170.762.050 | 71.908.868 |
| Charged to income statement | 100.394.538 | 88.057.070 |
| Charged to equity | - | - |
| Translation differences | 37.881.835 | 16.696.393 |
| Closing balance as of 30 September | 309.038.423 | 176.662.331 |
| 1 January - | 1 January - | |
|---|---|---|
| Reconciliation of taxation | 30 September 2025 | 30 September 2024 |
| Earnings before tax | 169.947.691 | 243.110.396 |
| Income tax rate | 23% | 23% |
| Income tax | (39.087.969) | (55.915.391) |
| Tax effect of: | ||
| - non taxable income | 4.490.521 | 2.346 |
| - expenses that are not deductible in determining taxable profit | (10.302.040) | (4.073.546) |
| - translation differences and other | (38.623.468) | 44.245.743 |
| Income tax expense recognized in profit / loss | (83.522.956) | (15.740.848) |
(Amounts expressed in Turkish Lira ("TRY") unless otherwise indicated)
The details of financial liabilities shown at amortized value are as follows:
| 30 September | 31 December | ||
|---|---|---|---|
| Financial Liabilities | 2025 | 2024 | |
| Bank Loans | 322.277.473 | - | |
| Short-term other payables to related parties (Note 4, 6) | 545.637.933 | 693.362.289 | |
| 867.915.406 | 693.362.289 | ||
| 30 September 2025 | |||
| Currency | Interest Rate | Current | Non- current |
| USD | %8,35-%8,70 | 263.568.180 | - |
| TRY | %49,00 | 58.709.293 | - |
| 322.277.473 | - |
| 30 September | 31 December | |
|---|---|---|
| 2025 | 2024 | |
| Bank loans | 322.277.473 | - |
| Payables to related parties | 545.637.933 | 693.362.289 |
| Lease liabilities | 77.179.902 | 77.805.374 |
| Less: Cash and cash equivalents, financial assets and receivables from related parties |
132.359.291 | 605.986.534 |
| Net financial debt | 812.736.017 | 165.181.129 |
| Equity | 4.096.021.854 | 3.402.444.337 |
| Total capital | 4.908.757.871 | 3.567.625.466 |
| Gearing ratio | 16,56% | 4,63% |
NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 SEPTEMBER 2025
(Amounts expressed in Turkish Lira ("TRY") unless otherwise indicated)
Allowances for doubtful receivables are recognized against financial assets based on estimated irrecoverable amounts determined by reference to past default experience of the counterparty.
The methodology of the Group for credit quality rating is as follows:
| Category | Description | Expected Credit Loss Calculation Method |
|---|---|---|
| None ODR | There are no overdue receivables ("ODR"). |
Credit losses are not incurred. |
| ODR < 90 | The overdue period is less than 90 days. |
Credit losses are not incurred. |
| ODR >=90 & <180 | The overdue period is over 90 days and less than 180 days. |
25% of the total credit amount is incurred as loss. |
| ODR >=180 & <270 | The overdue period is over 180 days and less than 270 days. |
50% of the total credit amount is incurred as loss. |
| ODR >=270+ | The overdue period is 270 days or more. |
100% of the total credit amount is incurred as loss. |
Credit risk refers to the risk that counterparty will default on its contractual obligations resulting in financial loss to the Group. Financial instruments of the Group that will result in concentration of credit risk mainly include cash and cash equivalents and trade receivables. The Group's maximum exposure to credit risk is the same as the amounts recognized in the financial statements.
NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 SEPTEMBER 2025
(Amounts expressed in Turkish Lira ("TRY") unless otherwise indicated)
Explanations on the credit quality of financial assets (cont'd)
| 30 September | 31 December | |
|---|---|---|
| Aging of trade receivables | 2025 | 2024 |
| Past due 1-30 days | 687.887.008 | 693.975.708 |
| Past due 1-3 months | 78.327.026 | 13.861.489 |
| Past due 3-12 months | 5.274.892 | 7.520.172 |
| Total past due trade receivables | 771.488.926 | 715.357.369 |
| Non-overdue | 6.911.411.868 | 5.380.043.171 |
| Total trade receivables | 7.682.900.794 | 6.095.400.540 |
| The part under guarantee with collateral and insurance | 4.840.101.182 | 3.430.495.741 |
The Company has a credit insurance policy with Atradius Collections B.V. ("Atradius") for its domestic trade receivables. The details of this insurance policy are as follows:
The Group's activities expose it primarily to the financial risks of changes in foreign currency exchange rates.
Market risk exposures are supplemented by sensitivity analysis. During the current period, any change to either exposed risks or management and measurement methods of these risks, was not happened compared to the previous year.
Transactions denominated in foreign currencies result in foreign currency risk. The Group is exposed to foreign currency risk due to the translation of its foreign currency denominated assets and liabilities into its functional currency, US Dollar. The Group primarily focus on managing this risk naturally by having balances foreign currency based assets and liabilities. The Group Management ensures to take precautions where necessary by analysing the Group's foreign currency position. The Group is exposed to foreign exchange risk arising from various currency exposures, primarily with respect to TL and Euro.
(Amounts expressed in Turkish Lira ("TRY") unless otherwise indicated)
The Group's foreign currency denominated monetary and non-monetary assets and monetary and non-monetary liabilities at the reporting date are as follows:
| 30 | September 2025 | ||
|---|---|---|---|
| Total | |||
| TL Equivalent | TL | Euro | |
| 1. Trade receivables | 166.904.330 | 39.259.014 | 2.618.301 |
| 2.a Monetary financial assets | 62.478.639 | 59.534.067 | 60.400 |
| 2.b Non monetary financial assests | - | - | - |
| 3. Other | 5.546.458 | 5.606.958 | (1.241) |
| 4. CURRENT ASSETS | 234.929.427 | 104.400.039 | 2.677.460 |
| 5. Trade receivables | - | - | - |
| 6.a Monetary financial assets | - | - | - |
| 6.b Non monetary financial assests | - | - | - |
| 7. Other | - | - | - |
| 8. NON CURRENT ASSETS | - | _ | - |
| 9. TOTAL ASSETS | 234.929.427 | 104.400.039 | 2.677.460 |
| 10. Trade payables | 758.423.307 | 704.175.750 | 1.112.743 |
| 11. Financial liabilities | 50.574.838 | 50.572.059 | 57 |
| 12.a Other monetary liabilities | 6.614.112 | 6.614.112 | _ |
| 12.b Other non monetary liabilities | _ | _ | _ |
| 13. CURRENT LIABILITIES | 815.612.257 | 761.361.921 | 1.112.800 |
| 14. Trade payables | _ | _ | _ |
| 15. Financial liabilities | _ | _ | _ |
| 16.a Other monetary liabilities | _ | _ | _ |
| 16.b Other non monetary liabilities | _ | _ | _ |
| 17. NON CURRENT LIABILITIES | - | _ | _ |
| 18. TOTAL LIABILITIES | 815.612.257 | 761.361.921 | 1.112.800 |
| 19. Net assets / liability possition of | |||
| off-balance sheet derivatives (19a-19b) | 747.122.400 | 747.122.400 | _ |
| 19.a Off-balance sheet foreign currency derivative assets | 747.122.400 | 747.122.400 | _ |
| 19.b Off-balance sheet foreign currency derivative liabilities | - · · · · · · · · · · · · · · · · · · · | _ | _ |
| 17.10 Off cultures sheet foreign currency derivative macmities | |||
| 20. Net foreign currency asset liability position | 166.439.570 | 90.160.518 | 1.564.660 |
| 21. Net foreign currency asset / liability position of monetary items (1+2a+3+6a-10-11-12a-14-15-16a) | (580.682.830) | (656.961.882) | 1.564.660 |
|
37.833.946 | 37.833.946 | - |
(Amounts expressed in Turkish Lira ("TRY") unless otherwise indicated)
| 31 December 2024 | |||
|---|---|---|---|
| Total | |||
| TL Equivalent | TL | Euro | |
| 1. Trade receivables | 266.611.386 | 39.164.494 | 6.191.356 |
| 2.a Monetary financial assets | 240.006.914 | 217.764.725 | 605.457 |
| 2.b Non monetary financial assests | - | - | - |
| 3. Other | 11.204.984 | 11.115.348 | 2.440 |
| 4. CURRENT ASSETS | 517.823.284 | 268.044.567 | 6.799.253 |
| 5. Trade receivables | - | - | - |
| 6.a Monetary financial assets | - | - | - |
| 6.b Non monetary financial assests | - | - | - |
| 7. Other | - | - | _ |
| 8. NON CURRENT ASSETS | - | _ | - |
| 9. TOTAL ASSETS | 517.823.284 | 268.044.567 | 6.799.253 |
| 10. Trade payables | 231.816.548 | 107.030.510 | 3.396.814 |
| 11. Financial liabilities | 643.952 | 641.858 | 57 |
| 12.a Other monetary liabilities | 126.087.610 | 126.087.610 | _ |
| 12.b Other non monetary liabilities | - | - | - |
| 13. CURRENT LIABILITIES | 358.548.110 | 233.759.978 | 3.396.871 |
| 14. Trade payables | - | - | - |
| 15. Financial liabilities | - | - | - |
| 16.a Other monetary liabilities | - | - | - |
| 16.b Other non monetary liabilities | - | - | - |
| 17. NON CURRENT LIABILITIES | - | - | - |
| 18. TOTAL LIABILITIES | 358.548.110 | 233.759.978 | 3.396.871 |
| 19. Net assets / liability possition of | |||
| off-balance sheet derivatives (19a-19b) | - | - | - |
| 19.a Off-balance sheet foreign currency derivative assets | - | - | - |
| 19.b Off-balance sheet foreign currency derivative liabilities | - | - | - |
| 20. Net foreign currency asset liability position | 159.275.174 | 34.284.589 | 3.402.382 |
| 21. Net foreign currency asset / liability position of monetary items (1+2a+3+6a-10-11-12a-14-15-16a) | 159.275.174 | 34.284.589 | 3.402.382 |
| 22. Fair value of foreign currency hedged financial assets | - | - | - |
| 23. Hedged amount of the assets with foreign currency | - | - | - |
(Amounts expressed in Turkish Lira ("TRY") unless otherwise indicated)
The Group is exposed to foreign exchange risk arising from various currency exposures, primarily with respect to TL and Euro.
The following table details the Group's sensitivity to a 10% increase and decrease in TL and Euro against USD. 10% is the sensitivity rate used when reporting foreign currency risk internally to key management personnel and represents management's assessment of the possible change in foreign exchange rates. The sensitivity analysis includes only outstanding foreign currency denominated monetary items and adjusts their translation at the period end for a 10% change in foreign currency rates. A positive number below indicates an increase in profit or equity.
| Profit / Loss | |||
|---|---|---|---|
| Valuation of | Devaluation of | ||
| foreign currency | foreign currency | ||
| In the case of TL gaining 10% value against USD | |||
| 1 - TL net asset / liability | (65.696.188) | 65.696.188 | |
| 2 - Portion hedged against TL risk (-) | 74.712.240 | (74.712.240) | |
| 3 - TL net effect (1 +2) | 9.016.052 | (9.016.052) | |
| In the case of EUR gaining 10% value against USD | |||
| 4 - EUR net asset / liability | 7.627.905 | (7.627.905) | |
| 5 - Portion hedged against EUR risk (-) | - | - | |
| 6 - EUR net effect (4+5) | 7.627.905 | (7.627.905) | |
| TOTAL (3 + 6) | 16.643.957 | (16.643.957) |
NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 SEPTEMBER 2025
(Amounts expressed in Turkish Lira (TL))
3) Market Risk Management (cont'd)
3.1) Foreign currency risk management (cont'd)
Foreign currency sensitivity analysis (cont'd)
| 31 December 2024 | |
|---|---|
| Profit / Loss | ||||
|---|---|---|---|---|
| Valuation of | Devaluation of | |||
| foreign currency | foreign currency | |||
| In the case of TL gaining 10% value against USD | ||||
| 1 - TL net asset / liability | 3.428.459 | (3.428.459) | ||
| 2 - Portion hedged against TL risk (-) | - | - | ||
| 3 - TL net effect (1 +2) | 3.428.459 | (3.428.459) | ||
| In the case of EUR gaining 10% value against USD | ||||
| 4 - EUR net asset / liability | 12.499.059 | (12.499.059) | ||
| 5 - Portion hedged against EUR risk (-) | - | - | ||
| 6 - EUR net effect (4+5) | 12.499.059 | (12.499.059) | ||
| TOTAL (3 + 6) | 15.927.518 | (15.927.518) | ||
| 19. EARNINGS PER SHARE |
||||
| 1 January - | 1 January - | |||
| 30 September 2025 | 30 September 2024 | |||
| Net profit for the year from continuing operations | 86.424.735 | 227.369.548 | ||
| Average number of shares outstanding during the period | 393.516.000 | 393.516.000 | ||
| Profit from per share from continuing operations | 0,22 | 0,58 |
Diluted earnings per share is equal to earnings per share from continuing operations.
None.
(Amounts expressed in Turkish Lira ("TRY") unless otherwise indicated)
The supporting information not required by TFRS is considered important for the Group's financial performance by the Group Management and the calculation of earnings before interest, tax, depreciation and amortization "EBITDA" is presented below. The Group calculates the "EBITDA" amount by subtracting income from investing activities and other income from operating activities from profit for the period in the condensed consolidated statements of profit and loss and adding tax expense from continuing operations, finance expenses, expenses from investing activities, other expenses from operating activities and depreciation and amortization expenses.
| (Turkish Lira) | (Turkish Lira) | (US Dollar*) | (US Dollar*) | ||
|---|---|---|---|---|---|
| 1 January - | 1 January - | 1 January - | 1 January - | ||
| Notes | 30 September 2025 | 30 September 2024 | 30 September 2025 | 30 September 2024 | |
| PROFIT FOR THE YEAR | 86.424.735 | 227.369.548 | 2.242.806 | 7.061.495 | |
| (+) Tax Expense From Continuing Operations | 83.522.956 | 15.740.848 | 2.167.502 | 488.869 | |
| (+) Finance Expenses | 15 | 456.581.178 | 321.154.279 | 11.848.726 | 9.974.200 |
| (-) Finance Income | 15 | (37.186) | (89.995) | (965) | (2.795) |
| (-) Income From Investing Activities | (24.795.370) | (40.007.473) | (643.464) | (1.242.526) | |
| (+) Other Expenses From Operating Activities | 13 | 99.384.171 | 109.842.220 | 2.579.116 | 3.411.408 |
| (-) Other Income From Operating Activities | 13 | (9.018.776) | (9.750.737) | (234.046) | (302.832) |
| (+) Depreciation and Amortisation Expenses | 14 | 106.567.101 | 56.815.863 | 2.765.520 | 1.764.550 |
| EBITDA | 798.628.809 | 681.074.553 | 20.725.195 | 21.152.369 |
(*) Refers to the amounts in US Dollars, which is the functional currency of the Group. Presentation currency is Turkish Lira. For the conversion of US Dollar and Turkish Lira, see Note 2.
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