ANATOLIA TANI VE BİYOTEKNOLOJİ ÜRÜNLERİ AR-GE SANAYİ VE TİCARET A.Ş. AND GROUP COMPANIES CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2024

INDEPENDENT AUDITOR'S REPORT

To the Shareholders and the Board of Directors of Anatolia Tanı Ve Biyoteknoloji Ürünleri Araştırma Geliştirme Sanayi Ve Ticaret A.Ş. İstanbul

Independent Audit of Consolidated Financial Statements

Opinion

We have audited the financial statements of Anatolia Tanı Ve Biyoteknoloji Ürünleri Araştırma Geliştirme Sanayi Ve Ticaret Anonim Şirketi ("the Company" or "Anatolia") and its Subsidiary (together "the Group"), which comprise the consolidated statement of financial position as at December 31, 2024 and the consolidated statement of profit or loss and other comprehensive income, statement of changes in equity and statement of cash flows for the year then ended, and notes to the financial statements, including a summary of significant accounting policies

In our opinion, the accompanying consolidated financial statements present fairly, in all material respects, the financial position of the Group as at December 31, 2024 and its financial performance and its cash flows for the year then ended in accordance with Turkish Financial Reporting Standards (TFRSs).

Basis for Opinion

Our independent audit was conducted in accordance with the Independent Auditing Standards published by the Capital Markets Board (CMB) and the Independent Auditing Standards (ISAs), which are part of the Turkish Auditing Standards published by the Public Oversight, Accounting and Auditing Standards Authority (KGK). Our responsibilities under these standards are described in detail in the "Independent Auditor's Responsibilities for the Independent Audit of the Financial Statements" section of our report. We declare that we are independent of the Group in accordance with the Code of Ethics for Independent Auditors ("Code of Ethics") issued by KGK and the ethical requirements in the regulations issued by KGK that are relevant to our audit of the financial statements. We have fulfilled our other ethical responsibilities in accordance with the Code of Ethics and regulations. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

PKF İstanbul • Eski Büyükdere Cad. Park Plaza, No: 14 Kat: 3 P.K.34398 • Maslak • İstanbul • Türkiye

PKF İstanbul, PKF International Limited ağının üyesi olup hukuken bağımsız bir tüzel kişiliğe sahiptir ve bu ağın diğer üyelerinin faaliyetleri nedeniyle herhangi bir sorumluluk ya da yükümlülük kabul etmemektedir. PKF İstanbul is a member firm of the PKF International Limited network of legally independent firms and does not accept any responsibility or

liability for the actions or inactions on the part of any other individual member firm of firms.

Key Audit Issues

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the consolidated financial statements of the current period. Key audit matters were addressed in the context of our audit of the consolidated financial statements as a whole and in forming our opinion thereon, and we do not provide a separate opinion on those matters.

The matters described below have been identified as key audit matters and disclosed in our report:

	Key Audit Subject
Key Audit Matter	How it is Handled in Audit
Recognition of Revenue
The Group's revenue within the scope of its core business consists of revenue from the sales of diagnostic kits and devices that the Group manufactures and sells.	During our audit, we performed the following audit procedures related to revenue recognition.
Revenue has been identified as a key audit matter because it is an important measurement criterion in terms of evaluating the results of the strategy implemented during the year and monitoring performance, and because of its inherent risks of fraud	Evaluated the design, implementation and testing of internal controls over the revenue process. We tested the Group's internal controls over the sales process by using the sampling method to cover the IT processes.
and error.	The substantive procedures focused on the assessment of instances where revenue was invoiced but not earned.
The Company recognizes revenue when it fulfills its performance obligation by transferring control of the products to its customers.	In order to test the completeness, accuracy and correctness of the transactions selected by the sampling method, customer-based sales contracts, calculation tables for commission income and
As of December 31, 2024, the Group's sales revenue is TL 529.831.707 and the related accounting policies	income records were compared with sales invoices.
are disclosed in Note 2.	In addition, we assessed the adequacy of the disclosures in Note 23, Revenue, in accordance with TFRS 15.

Management's and Senior Management's Responsibilities for the Consolidated Financial Statements

Management is responsible for the preparation and fair presentation of these consolidated financial statements in accordance with TFRSs and for such internal control as management determines is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the consolidated financial statements, management is responsible for assessing the Group's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so.

Those charged with governance are responsible for overseeing the Group's financial reporting process.

Tel +90 212 426 00 93 • Fax +90 212 426 84 44 • Email [email protected]

PKF İstanbul • Eski Büyükdere Cad. Park Plaza, No: 14 Kat: 3 P.K.34398 • Maslak • İstanbul • Türkiye

PKF İstanbul is a member firm of the PKF International Limited network of legally independent firms and does not accept any responsibility or liability for the actions or inactions on the part of any other individual member firm of firms.

Independent Auditor's Responsibilities for the Audit of the Consolidated Financial Statements

In an audit, we, the independent auditors, are responsible for the following: Our objective is to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error. Misstatements are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements.

As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also consider:

Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. (The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting a material misstatement due to error, as fraud may involve collusion, forgery, intentional omission, misrepresentation or violation of internal control).
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group's internal control.
We assess the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
Conclude on the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our report to the related disclosures in the consolidated financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on audit evidence obtained up to the date of the independent auditor's report. However, future events or conditions may cause the Group to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the consolidated financial statements, including the disclosures, and whether the consolidated financial statements give a true and fair view of the underlying transactions and events.
Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business segments within the Group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the Group audit. We are also solely responsible for our audit opinion.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Tel +90 212 426 00 93 • Fax +90 212 426 84 44 • Email [email protected]

PKF İstanbul • Eski Büyükdere Cad. Park Plaza, No: 14 Kat: 3 P.K.34398 • Maslak • İstanbul • Türkiye

liability for the actions or inactions on the part of any other individual member firm of firms.

We have communicated to those charged with governance that we comply with relevant ethical requirements regarding independence. We have also communicated to those charged with governance all relationships and other matters that may reasonably be thought to bear on our independence and, where applicable, related safeguards

From the matters communicated to those charged with governance, we determine those matters that were of most significance in our audit of the financial statements of the current period, that is, key audit matters. We may decide not to disclose a matter in our auditor's report if the matter is not permitted by law or in very exceptional circumstances where the adverse consequences of disclosure could reasonably be expected to outweigh the public interest in disclosure.

Other Liabilities Arising from Legislation

1. In accordance with paragraph four of Article 402 of the Turkish Commercial Code ("TCC") No. 6102, nothing has come to our attention that may cause us to believe that the Company's bookkeeping activities and financial statements for the period 01.01.-31.12.2024 are not in compliance with the code and provisions of the Company's articles of association in relation to financial reporting.
1. Pursuant to subparagraph 4 of Article 402 of the TCC, the Board of Directors provided us with the necessary explanations and requested documents within the scope of audit.
1. 6102 The Auditor's Report on the Early Detection of Risk System and Committee prepared in accordance with the fourth paragraph of Article 398 of the Turkish Commercial Code No. 6102 ("TCC") has been submitted to the Company's Board of Directors on February 28, 2025. The Auditor's Report on the Early Detection of Risk System and Committee prepared in accordance with the fourth paragraph of Article 398 of the Turkish Commercial Code No. 6102 ("TCC") was submitted to the Company's Board of Directors on February 28, 2024.

The engagement partner on the audit resulting in this independent audit is Yunus Can Çarpatan

İstanbul, 28.02.2024

Tel +90 212 426 00 93 • Fax +90 212 426 84 44 • Email [email protected]

liability for the actions or inactions on the part of any other individual member firm of firms.

PKF İstanbul • Eski Büyükdere Cad. Park Plaza, No: 14 Kat: 3 P.K.34398 • Maslak • İstanbul • Türkiye

CONTENTS CONSOLIDATED STATEMENT OF FINANCIAL POSITION CONSOLIDATED STATEMENTS OF PROFIT OR LOSS AND COMPREHENSIVE INCOME CONSOLIDATED STATEMENT OF CHANGES IN EQUITY CONSOLIDATED STATEMENTS OF CASH FLOWS CONSOLIDATED NOTES TO THE FINANCIAL STATEMENTS

1.	GROUP'S ORGANIZATION AND NATURE OF OPERATIONS	8
2.	BASIS OF PRESENTATION OF CONSOLIDATED FINANCIAL STATEMENTS	9
3.	SHARES IN OTHER BUSINESS	21
4.	CASH AND CASH EQUIVALENTS	24
5.	FINANCIAL INVESTMENTS	25
6.	TRADE RECEIVABLES AND PAYABLES	25
7.	RELATED PARTIES TRANSACTION	26
9.	INVENTORIES	26
10.	PREPAID EXPENSES AND DEFERRED INCOME	27
12.	PROPERTY, PLANT AND EQUIPMENTS	28
13.	INTANGIBLE ASSETS	30
13.	INTANGIBLE ASSETS (continued)	31
14.	RIGHTS OF USE ASSETS	31
14.	RIGHTS OF USE ASSETS (continued)	32
15.	LEASE LIABILITIES	32
16.	FINANCIAL BORROWINGS	33
17.	EMPLOYEE BENEFITS	34
18.	COMMITMENTS, CONTINGENT ASSETS AND LIABILITIES	35
19.	PAYABLES WITHIN BENEFIT TO EMPLOYEES	36
20.	INCOME TAX	36
21.	SHARE CAPITAL AND NON-CONTROLLING INTERESTS	38
22.	EARNINGS PER SHARE	39
23.	REVENUE AND COST OF SALES	39
24.	MARKETING, SELLING AND DISTRIBUTION EXPENSES	40
25.	GENERAL ADMINISTRATIVE EXPENSES	40
26.	RESEARCH AND DEVELOPMENT EXPENSES	40
27.	OTHER OPERATING INCOME AND EXPENSES	40
28.	INCOME AND EXPENSES FROM INVESTMENT ACTIVITIES	41
29.	FINANCIAL INCOME AND EXPENSES	41
29.	FINANCIAL INCOME AND EXPENSES (continued)	42
30.	FINANCIAL INSTRUMENTS	42
31.	NATURE AND LEVEL OF RISKS ARISING FROM DERIVATIVE FINANCIAL INSTRUMENTS	43
32.	FINANCIAL INSTRUMENTS (FAIR VALUE EXPLANATION)	46
33.	OTHER MATTERS THAT SIGNIFICANTLY AFFECT THE FINANCIAL STATEMENTS OR SHOULD BE
	DISCLOSED IN ORDER TO MAKE THE FINANCIAL STATEMENTS CLEAR, INTERPRETABLE AND
	UNDERSTANDABLE.	47
35.	SUBSEQUENT EVENTS	47

Consolidated Statements of Financial Position for The Years Ended 31 December 2024 and 31 December 2023 (Amounts expressed in thousands of Turkish Lira ("TRL") in terms of the purchasing power of the TRL at December 31, 2024 unless otherwise indicated)

		Unaudited	Audited 31 December
ASSETS	Notes	31 December 2024	2023

Current Assets
Cash and cash equivalents	4	205.023.951	435.637.009
Financial investments	5	16.286.162	84.274.964
Trade receivables	6	109.252.547	112.506.091
- Due from third parties		109.252.547	112.506.091
Other receivables	8	10.840.893	25.478.341
- Other receivables from third parties		10.840.893	25.478.341
Inventories	9	360.984.956	326.434.043
Prepaid expenses	10	14.802.709	13.468.198
Current tax assets		732.835	19.187.760
Other current assets	11	40.246.383	36.581.947
TOTAL CURRENT ASSETS		758.170.436	1.053.568.353

Non-current Assets
Financial investments		3.432.367	1.231.372
Other receivables	8	973.552	1.325.142
- Other receivables from third parties		973.552	1.325.142
Right use of assets	14	19.789.031	24.467.381
Tangible assets	12	616.539.753	642.351.096
Intangible assets	13	380.411.725	229.912.143
- Other intangible assets		380.411.725	229.912.143
Prepaid expenses	10	7.413.888	784.431
TOTAL NON-CURRENT ASSETS		1.028.560.315	900.071.565
TOTAL ASSETS		1.786.730.752	1.953.639.918

		Unaudited	Audited 31 December
LIABILITIES	Notes	31 December 2024	2023

Current Liabilities	15	2.527.649	2.714.617
Lease liabilities	16	1.335.737	10.519.630
Short-term borrowings	16
Short-term portion of long-term borrowings		--	405.363
Trade payables	6	46.436.576	15.659.009
- Due to third parties		46.436.576	15.659.009
Employee benefit obligations	19	6.147.457	9.091.003
Other Payables	8	4.006.000	6.721.074
- Due to third parties		4.006.000	6.721.074
Deferred income	10	9.851.904	6.528.277
Period Profit Tax Liability		197.219	--
Provisions		7.107.361	7.139.428
- Provisions for employee benefits	17	7.107.361	7.139.428
Other short-term liabilities	11	9.932.461	8.335.146
TOTAL CURRENT LIABILITIES		87.542.364	67.113.547

Non-current liabilities
Lease liabilities	15	15.423.004	21.625.321
Deferred income		1.920.381	3.211.345
Long-term provisions		7.552.762	4.090.229
- Long-term provisions for employee benefits	17	7.552.762	4.090.229
Deferred tax liabilities	20	122.926.724	105.922.444
TOTAL NON-CURRENT LIABILITIES		147.822.871	134.849.340

EQUITY
Equity attributable to owners of the Company		1.551.365.517	1.751.677.031
Share capital	21	220.000.000	220.000.000
Adjustment to share capital		577.534.014	577.534.014
Share premium		766.723.882	766.723.882
Other accumulated comprehensive income and expense not to
be reclassified to profit or loss		2.009.346	1.680.573
- Gain/loss arising from defined
benefit plans		2.009.346	1.680.573
Other accumulated comprehensive income and
expense to be reclassified to profit or loss		96.390.402	78.154.543
- Currency translation reserve		96.390.402	78.154.543
Restricted reserves		227.322.639	227.322.639
Retained earnings		(119.738.620)	77.584.411
Profit for the period		(218.876.146)	(197.323.031)
Non-controlling interests
TOTAL SHAREHOLDER'S EQUITY		1.551.365.517	1.751.677.031
TOTAL LIABILITIES		1.786.730.752	1.953.639.918

Consolidated Statements of Financial Position and Other Comprehensive Income as of

1 January – 31 December 2024 and 2023

(Amounts expressed in thousands of Turkish Lira ("TRL") in terms of the purchasing power of the TRL at December 31, 2024 unless otherwise indicated)

	Notes	Unaudited 1 January 31 December 2024	Unaudited 1 January 31 December 2023
Revenue	23	529.831.707	343.918.384
Cost of sales (-)	23	(195.263.123)	(69.404.734)
GROSS PROFIT		334.568.584	274.513.650
General administrative expenses (-)	25	(139.752.016)	(134.470.846)
Marketing expenses (-)	24	(171.834.782)	(142.266.617)
Research and development expenses (-)	26	(3.139.933)	(12.993.064)
Other income from operating activitie	27	59.047.528	213.849.255
Other expenses from operating activities (-)	27	(15.917.933)	(95.948.657)
OPERATING PROFIT		62.971.448	102.683.721
Other income from investing activities	28	13.561.244	24.088.895
Other income from investing activities (-)	28	(3.561.034)	(13.859.058)
OPERATING INCOME BEFORE FINANCIAL
INCOME/(EXPENSE)		72.971.658	112.913.558
Finance expenses (-)	29	(3.938.834)	(31.424.815)
Finance income	29	28.846.078	176.006.475
Monetary position gain/(loss)		(266.616.008)	(468.446.488)
PROFIT BEFORE TAX FROM CONTINUING
OPERATIONS		(168.737.106)	(210.951.270)

Tax income/(expense), continuing operations		(50.139.040)	13.628.239
Tax expenses		(125.932)	(1.963.528)
Deferred tax expense / incomes	20	(50.013.108)	15.591.767
NET PROFIT FOR THE PERIOD		(218.876.146)	(197.323.031)
Attributable to:
Non-controlling interests		--	--
Equity holders of the parent		(218.876.146)	(197.323.031)
Earnings per Share	22	(0,9949)	(0,8969)

OTHER COMPREHENSIVE INCOME

Not to be reclassified to profit or loss		328.773	4.687.974
Gain/ loss arising from defined benefit plans		426.978	6.684.704

Not to be reclassified to profit or loss, tax effect		(98.205)	(1.996.730)
-Deferred tax income/(expense)		(98.205)	(1.996.730)

TOTAL COMPREHENSIVE INCOME FOR THE
PERIOD		18.235.859	31.679.258
Foreign Currency Translation Differences		18.235.859	31.679.258
OTHER COMPREHENSIVE INCOME		18.564.632	36.367.232

TOTAL COMPREHENSIVE INCOME		(200.311.514)	(160.955.799)

Attributable to		(200.311.514)	(160.955.799)
Non-controlling interests		--	--
Equity holders of the parent		(200.311.514)	(160.955.799)

Consolidated Statement of Changes in Share Holder's Equity as of 1 January – 31 December 2024 and 31 December 2023 (Amounts expressed in thousands of Turkish Lira ("TRL") in terms of the purchasing power of the TRL at December 31, 2024 unless otherwise indicated)

				Other comprehensive income not to be reclassified	Other comprehensive income to be				Equity
		Share capital	Share	under profit	reclassified under	Restricted	Retained	Net	holders of
	Share capital	adjustments	premium/(discount)	and loss	profit and loss	reserves	earnings	income/(loss)	the parent	Total equity
Balance at January 1, 2023	(Note 21) 116.896.990	(Note 21) 401.805.306	(Note 21) 1.045.555.600	(Note 21) (5.004.131)	(Note 21) 46.475.285	(Note 21) 173.618.396	(Note 21) 397.421.454	(Note 21) --	(Note 21) 2.176.768.901	(Note 21) 2.176.768.901
Transfers	--	--	--	--	--	53.704.243	(53.704.243)	--	--	--
Capital increase	103.103.010	175.728.708	(278.831.718)	--	--	--	--	--	--	--
Total comprehensive
income	--	--	--	6.684.703	31.679.258	--	--	(197.323.031)	(158.959.070)	(158.959.070)
Dividends	--	--	--	--	--	--	(266.132.800)		(266.132.800)	(266.132.800)
As of December 31, 2023	220.000.000	577.534.014	766.723.882	1.680.573	78.154.543	227.322.639	77.584.411	(197.323.031)	1.751.677.031	1.751.677.031

Balance at January 1, 2024	220.000.000	577.534.014	766.723.882	1.680.573	78.154.543	227.322.639	77.584.411	(197.323.031)	1.751.677.031	1.751.677.031
Transfers	--	--	--	--	--		(197.323.031)	197.323.031	--	--
Capital increase	--	--	--	--	--	--	--	--	--	--
Total comprehensive
Income	--	--	--	328.773	18.235.859	--	--	(218.876.146)	(200.311.514)	(200.311.514)
Dividends	--	--	--	--	--	--			--	--
As of December 31 , 2024	220.000.000	577.534.014	766.723.882	2.009.346	96.390.402	227.322.639	(119.738.620)	(218.876.146)	1.551.365.518	1.551.365.518

Consolidated Statements of Cash Flows For The Periods Ended at 1 January – 31 December 2024 and 31 December 2023

(Amounts expressed in thousands of Turkish Lira ("TRL") in terms of the purchasing power of the TRL at December 31, 2024 unless otherwise indicated)

	Notes	Audited 1 January- 31 December	Audited 1 January 31 December
A. Cash flow from Operating activities		2024	2023
Income for the period		(218.876.146)	(197.323.031)
Adjustments to reconcile net profit (loss) for the period to cash flows from operat ing activities
Adjustments Related to Depreciation and Amortization Expenses Corrections Regarding Provisions	12,13,14	109.509.422 356.238	86.445.269 142.272
Provision for employment termination benefit	17	6.272.964	146.673
Provision for unused vacation	17	(832.808)	2.369.810
Adjustments for Interest (Income) and Expenses		(893.460)	(39.900.721)
Provision for impairment of inventories	9	(2.246.623)	(768.779)
Adjustments related to unrealized foreign currency translation differences		24.281.059	(437.836)
Adjustments for Fair Value Losses (Gains)		(10.000.210)	(24.088.895)
Adjustments Related to Tax (Income) Expense		50.139.040	(13.628.239)
Adjustments Related to Losses (Gains) on Disposal of Non-Current Assets		(5.944)	(4.285.241)
Monetary (Gain) / Loss		116.000.815	307.614.358
Changes in working capital		73.704.346	179.644.155
Adjustments for Decrease (Increase) in Financial Investments		67.988.802	156.226.783
Adjustments for Decrease (Increase) in Trade Receivables		3.253.544	13.462.710
Adjustments for Decrease (Increase) in Other Receivables Related to Operations		14.989.038	(10.841.044)
Adjustments for Decrease (Increase) in Inventories		(34.550.913)	98.860.861
Decrease (Increase) in Prepaid Expenses		(7.963.966)	(6.006.529)
Adjustments related to increase (decrease) in trade payables		30.777.567	(337.899)
Increase (Decrease) in Employee Benefit Payables		(2.943.546)	(5.249.198)
Adjustments Related to Increase (Decrease) in Other Payables Related to Operations		(2.715.074)	(3.044.388)
Change in other current and fixed assets		(2.067.120)	8.318.129
Increase (Decrease) in Deferred Income		2.032.662	(8.313.320)
Total Adjustments		142.505.340	422.720.260
Cash Flows from Operating Activities
Payments made within the scope of provisions for employee benefits	18	(1.094.040)	(1.553.747)
Tax Refunds (Payments)		--	3.193.754
Total		141.411.300	424.360.267
B. Cash flows used in investing activities
Cash inflows from sale of property, plant and equipment and intangible assets		19.659.074	16.116.808
Cash outflows from the acquisition of property, plant and equipment and intangible	12,13,14
assets		(246.491.926)	(167.048.027)
Total		(226.832.852)	(150.931.219)
C. Cash flows from financing activities
Cash inflows and (outflows) related to debt payments, net		(9.589.256)	(7.931.823)
Cash outflows related to debt payments arising from finance lease agreements		(1.788.137)	(2.091.442)
Dividends Paid		--	(266.132.802)
Interests paid		(3.258.847)	(3.905.828)
Interest received		3.350.182	43.806.549
Total		(11.286.058)	(236.255.346)
Net (decrease) / increase in cash and cash equivalents (A+B+C)		(96.707.608)	37.173.702
D. Inflation Effect on Cash		(133.905.450)	(363.227.355)

Net increase (decrease) in cash and cash equivalents (A+B+C+D)		(230.613.058)	(326.053.653)
E. Cash and Cash Equivalents at the Beginning of the Period	4	435.637.009	704.269.894

Cash and cash equivalents at the end of the period (A+B+C+D)	4	205.023.951	378.216.241

1. GROUP'S ORGANIZATION AND NATURE OF OPERATIONS

2024 unless otherwise indicated)

The main field of Anatolia Tanı ve Biyoteknoloji Ürünleri Araştırma Sanayi ve Ticaret A.Ş ("Company" or "Anatolia") and its subsidiaries (collectively "The Group"), is producing kits, installation of robots, developing software and designing of devices for research of real-time PCR and such as DNA sequencing and DNA/RNA Isolation techniques.

Exporting its developed products to more than 50 countries in Europe, Asia, Africa and America, the Group is the first and only Turkish manufacturer company invited by the World Health Organization to determine new global test reference standards on four different viruses ("WHO Collaborative Study").

As of the 31 December 2024 the total number of employees of the Group is 223.

The company is registered with the Capital Markets Board ("CMB") and its shares are traded on Borsa Istanbul A.Ş. ("BIST") as of 2021. As of 31 December 2024, the Company has 32,45% of shares registered in BIST (Note 21). The final control of the Group belongs to Elif Akyüz and Alper Akyüz.

The company is registered in Turkey, its registered address and R&D Departments are as follows: Hasanpaşa Mh. Beydağı Sk. No:1-9H, Sultanbeyli, İstanbul, Turkey. The Group has a free zone branch at Aydınlı SB Mahallesi, Matraş Caddesi, No:18/Z02, Tuzla / Istanbul.

The Group carries out production in its head office and free zone branches.

Subsidiaries

As of 31 December 2024, the subsidiaries subject to the consolidated financial statements, the countries in which they operate, and their fields of activity are as follows:

Subsidiaries	Country	Main Activity
		Trading of test kits, devices and software in the field
Alpha IVD SRL ("Alpha")	Italy	of molecular biology
Euronano Diagnostics (Private) Limited		Trading of test kits, devices and software in the field
("Euronano")	Pakistan	of molecular biology
		Establishing or acquiring companies and businesses in
RhineGene B.V. ("RhineGene") () (*)	Holland	the field of molecular biology
		Trading of test kits, devices and software in the field
RhineGene Philippines ("RhineGene PH") (**)	Philippines	of molecular biology
		Trading of test kits, devices and software in the field
RhineGene Bulgaria ("RhineGene BG") (***)	Bulgaria	of molecular biology
		Trading of test kits, devices and software in the field
RhineGene Poland("RhineGene PL") (****)	Poland	of molecular biology
RhineGene Germany ("RhineGene GE")		Trading of test kits, devices and software in the field
(**)	Germany	of molecular biology

Alpha and Euronano were founded by Anatolia, Elif Akyüz and Alper Akyüz in 2017 and 2018, respectively.

(*) Within the scope of its growth strategy in international markets, the company established and registered its RhineGene B.V subsidiary, located in the Netherlands, with a capital of 2,000,000 Euros, in which it fully participates, on 09.02.2022.

(**) 200,000 of which RhineGene B.V, which is a 100% subsidiary of the Company, has fully participated in on 10.05.2022. -USD capital, RhineGene Philippines Inc. was established.

(**) RhineGene B, which is a 100% subsidiary of the Company, has been decided to increase its capital to EUR 8,000,000 on 03.01.2024.

(***) RhineGene Bulgaria was established on 26.07.2022, in which RhineGene B.V, a 100% subsidiary of the Company, fully participated.

(***) It was decided to increase the capital of RhineGene Bulgaria, a 100% subsidiary of the Company, to 5,868,000 Leva on 03.09.2024.

(****) RhineGene Poland was established on 27.09.2022, in which RhineGene B.V, a 100% subsidiary of the Company, fully participated.

(*****) RhineGene Germany was established on 03.11.2023, in which RhineGene B.V, a 100% subsidiary of the Company, fully participated.

2. BASIS OF PRESENTATION OF CONSOLIDATED FINANCIAL STATEMENTS

2.1. Basis of presentation

Accounting policies

The accompanying consolidated financial statements are prepared in accordance with the announcement of the Capital Markets Board ("CMB") "Communiqué on Principles Regarding Financial Reporting in the Capital Markets" ("Communiqué") No. II-14.1 published in the Official Gazette dated 13.06.2013 and numbered 28676 and Turkish Financial Reporting Standards (''TFRS'') published by Public Oversight Accounting and Auditing Standards Board ("POA").

TASs; Turkish Accounting Standards, includes Turkish Financial Reporting Standards ("TFRS") and related annexes and comments.

Consolidated financial statements are presented in accordance with the "TFRS Taxonomy" published by POA dated on 4 October 2023 and Financial Statement Examples and User Guide published by CMB.

Approval of consolidated financial statements

Consolidated financial statements as of 1 January – 31 December 2024 have been approved by the Board of Directors and authorized for publication on 8 November 2024 The General Assembly of the Company and the relevant regulatory authorities have the right to request the amendment of the consolidated financial statements after the publication of the consolidated financial statements.

Financial reporting in hyperinflationary economy

With the announcements made by the Public Oversight Accounting and Auditing Standards Authority (POA) on November 23, 2023, entities applying TFRSs have started to apply inflation accounting in accordance with TAS 29 Financial Reporting in Hyperinflation Economies as of financial statements for the annual reporting period ending on or after December 31, 2024. TAS 29 is applied to the financial statements, including the consolidated financial statements, of any entity whose functional currency is the currency of a hyperinflationary economy.

According to the standard, financial statements prepared in the currency of a hyperinflationary economy are presented in terms of the purchasing power of that currency at the balance sheet date. Prior period financial statements are also presented in the current measurement unit at the end of the reporting period for comparative purposes. The Group has therefore presented its consolidated financial statements as of December 31, 2023, on the purchasing power basis as of December 31, 2024. Pursuant to the decision of the Capital Markets Board (SPK) dated December 28, 2023 and numbered 81/1820, it has been decided that issuers and capital market institutions subject to financial reporting regulations that apply Turkish Accounting/Financial Reporting Standards will apply inflation accounting by applying the provisions of IAS 29 starting from their annual financial reports for the periods ending on September, 2024.

The adjustments made in accordance with IAS 29 were made using the adjustment coefficient obtained from the Consumer Price Index (CPI) of Turkey published by the Turkish Statistical Institute (TÜİK). As of December 31, 2024, the indices and adjustment coefficients used in the adjustment of the consolidated financial statements are as follows:

Year End	lndeks	Conversion Factor	Three Year Inflation Rate
31 December 2024	2.684,55	1,0000	%291
31 December 2023	1.859,38	1,3586	%268
31 December 2022	1.128,45	2,0553	%156

The main elements of the Group's adjustment process for financial reporting in hyperinflationary economies are as follows:

Current period consolidated financial statements prepared in TRY are expressed in terms of the purchasing power at the balance sheet date, and amounts from previous reporting periods are also adjusted and expressed in terms of the purchasing power at the end of the reporting period.

2. BASIS OF PRESENTATION OF CONSOLIDATED FINANCIAL STATEMENTS (Continued)

2.1. Basis of presentation (Continued)

2024 unless otherwise indicated)

Financial reporting in hyperinflationary economy (Continued)

Monetary assets and liabilities are not adjusted as they are already expressed in terms of the current purchasing power at the balance sheet date. In cases where the inflation-adjusted values of non-monetary items exceed their recoverable amount or net realizable value, the provisions of IAS 36 "Impairment of Assets" and IAS 2 "Inventories" are applied, respectively.
Non-monetary assets and liabilities and equity items that are not expressed in terms of the current purchasing power at the balance sheet date have been adjusted using the relevant adjustment coefficients.
All items in the comprehensive income statement, except for those that have an impact on the comprehensive income statement of non-monetary items on the balance sheet, have been indexed using the coefficients calculated for the periods when the income and expense accounts were first reflected in the financial statements.
The impact of inflation on the Group's net monetary asset position in the current period is recorded in the net monetary gain/(loss) account in the consolidated income statement.

Comparative Information and Correction of Prior Financial Statements

The current period consolidated financial statements of the Group are prepared comparatively with the previous period in order to enable the determination of the financial position and performance trends. Comparative information is reclassified when deemed necessary in order to comply with the presentation of the current period consolidated financial statements.

Functional and presentation currency

The Group prepares and maintains its legal books and prepares its statutory financial statements in accordance with the Turkish Commercial Code ("TCC"), accounting principles set forth by tax legislation and the Uniform Chart of Accounts issued by the Ministry of Finance. The valid currency of the Group is Turkish Lira ("TL"). These consolidated financial statements are presented in TL, which is the valid currency of the Group.

Financial statements of subsidiaries operating in countries other than Turkey

Subsidiaries in foreign country assets and liabilities are translated into TRY from the foreign exchange rate at the reporting date and income and expenses are translated into TRY at the average foreign exchange rate. The retranslation of net assets at the beginning of the period and the exchange differences which resulting from the using of average exchange rates are followed on differences of foreign currency translation account within shareholders' equity.

Netting/Offsetting

Financial assets and liabilities are shown in net, if the required legal right already exists, there is an intention to pay the assets and liabilities on a net basis, or if there is an intention to realize the assets and the fulfilment of the liabilities simultaneously.

2.2. Changes in Accounting Policies

Significant changes in accounting policies are applied retrospectively and prior period consolidated financial statements are restated.

2. BASIS OF PRESENTATION OF CONSOLIDATED FINANCIAL STATEMENTS (Continued)

2.3. Basis of presentation (Continued)

2.3. Restatement and Errors in the Accounting Policies and Estimates

If changes in accounting estimates are related to only one period, they are recognised in the period when changes are applied; if changes in estimates are related to future periods, they are recognized both in the period where the change is applied and future periods prospectively.

There was no significant change in accounting estimates of the Group in the current year. The detected significant accounting errors are applied retrospectively, and prior period consolidated financial statements are restated.

2.4. Going concern

The consolidated financial statements prepared on a going concern basis, with the assumption that the Group will benefit from its assets and fulfil its obligations in the next year and in the natural course of its activities.

2.5. New and Amended Turkish Financial Reporting Standards

As at 31 December 2024, the accounting policies adopted in preparation of the condensed consolidated interim financial statements for the year ended 31 December 2024 are consistent with those of the previous financial year, except for the adoption of new and amended TFRS and TFRIC interpretations effective as of 1 January 2024.

The effects of these standards and interpretations on the financial position and performance of the Groupare disclosed in the related paragraphs.

a) Amendments and interpretations effective from 2024

TAS 1 (Amendments) Classification of Liabilities as Current or Non-Current IFRS 16 (Amendments) Lease Liability in a Sale and Leaseback Transaction TAS 1 (Amendments) Long-term liabilities with loan contract terms TAS 7 and TFRS 7 (Amendments) Supplier Financing Arrangements TSRS 1 General requirements for disclosure of sustainability-related financial information TSRS 2 Climate Related Disclosures

TAS 1 (Amendments) Classification of Liabilities as Current or Non-Current

The purpose of these amendments is to ensure consistent application of the requirements of the standard by assisting entities in making decisions about whether debt and other liabilities in the statement of financial position that have no fixed maturity should be classified as current (expected to be settled within one year) or non-current.

These amendments to IAS 1 will be effective for annual periods beginning on or after 1 January 2024, with earlier application permitted.

The Group is in the process of assessing the potential impact of the standard, amendments and improvements on the consolidated financial position and performance of the Group / the Company.

IFRS 16 (Amendments) Lease Liability in a Sale and Leaseback Transaction

These amendments to TFRS 16 clarify how a seller-lessee subsequently measures sale and leaseback transactions that meet the requirements in TFRS 15 to be recognised as sales.

These amendments to TFRS 16 are effective for annual periods beginning on or after 1 January 2024, with earlier application permitted.

The Group is in the process of assessing the potential impact of these standards, amendments and improvements on the consolidated financial position and performance of the Group

2. BASIS OF PRESENTATION OF CONSOLIDATED FINANCIAL STATEMENTS (Continued)

New and Amended Turkish Financial Reporting Standards (Continued)

IAS 1 (Amendments) Long-term Liabilities with Credit Agreement Terms

The amendments to TAS 1 clarify how conditions that an entity must meet within twelve months of the reporting period affect the classification of a liability.

The amendments to TAS 1 are effective for annual periods beginning on or after 1 January 2024, with earlier application permitted.

The Group is in the process of assessing the potential impact of these standards, amendments and improvements on the consolidated financial position and performance of the Group

TAS 7 and TFRS 7 (Amendments) Supplier Financing Arrangements

The amendments to TAS 7 and TFRS 7 add guidance that requires entities to provide qualitative and quantitative information about supplier financing arrangements and disclosure requirements to existing disclosure requirements. The amendments are effective for annual periods beginning on or after 1 January 2024.

The Group is in the process of assessing the impact of the amendments on financial position or performance of the Group

TSRS 1 General requirements for disclosure of sustainability-related financial information

TSRS 1 sets out general requirements for sustainability-related financial disclosures, requiring an entity to disclose information about sustainability-related risks and opportunities that is useful for primary users of general purpose financial reports to make decisions about funding the entity. The application of this standard is mandatory for annual reporting periods beginning on or after 1 January 2024 for entities that meet the relevant criteria in the POA's announcement dated 5 January 2024 and numbered 2024-5 and for banks regardless of the criteria. Other entities may voluntarily report in accordance with TSRS.

The Group is in the process of assessing the impact of the amendment on the financial position and performance of the Group

TSRS 2 Climate Related Disclosures

TSRS 2 sets out the requirements for identifying, measuring and disclosing climate-related risks and opportunities that are useful to primary users of general purpose financial reports in making decisions about funding the entity. The application of this standard is mandatory for annual reporting periods beginning on or after 1 January 2024 for entities that meet the relevant criteria in the POA's announcement dated 5 January 2024 and numbered 2024- 5 and for banks regardless of the criteria. Other entities may report in accordance with TSRS on a voluntary basis.

b) Standards, amendments and interpretations to existing standards that are not yet effective

The Group has not yet adopted the following standards, amendments and interpretations to existing standards that are not yet effective

TFRS 17 Insurance Contracts TFRS 17 (Amendments) Insurance Contracts and First-time Adoption of TFRS 17 and TFRS 9 - Comparative Information TAS 21 (Amendments) Lack of Exchangeability

2. BASIS OF PRESENTATION OF CONSOLIDATED FINANCIAL STATEMENTS (Continued)

New and Amended Turkish Financial Reporting Standards (Continued)

TFRS 17 - Insurance Contracts

IFRS 17 requires insurance liabilities to be measured at a current settlement value and provides a more uniform measurement and presentation approach for all insurance contracts. These requirements are designed to achieve consistent, principle-based accounting for insurance contracts. TFRS 17 has been deferred for insurance, reinsurance and pension companies for a further year and will replace TFRS 4 Insurance Contracts as at 1 January 2025.

The Group is in the process of assessing the potential impact of the standards, amendments and improvements on the consolidated financial position and performance of the Group

TFRS 17 (Amendments) Insurance Contracts and First-time Adoption of TFRS 17 and TFRS 9 - Comparative Information

Amendments have been made to TFRS 17 to reduce implementation costs and facilitate disclosure of results and transition.

In addition, the amendment on comparative information permits entities that are first-time adopters of TFRS 7 and TFRS 9 to present comparative information about a financial asset as if the classification and measurement requirements of TFRS 9 had previously been applied to that financial asset.

The Group is in the process of assessing the potential impact of the standards, amendments and improvements on the consolidated financial position and performance of the Group

TAS 21 (Amendments) Lack of Exchangeability

These amendments provide guidance on when a currency is exchangeable and how exchange rates should be determined when it is not. The amendments are effective for annual reporting periods beginning on or after January 1, 2025.

The Group is in the process of assessing the potential impact of the standards, amendments and improvements on the consolidated financial position and performance of the Group

2.6. Summary of significant accounting policies

Significant accounting policies applied in the preparation of these consolidated financial statements are summarized below:

Consolidation Principles

Full Consolidation:

Consolidated financial statements include the financial statements of the subsidiary managed by the Group in Note 1.

As of 31 December 2024 and 31 December 2023, the subsidiaries consolidated within the Parent Company have been consolidated using the "full consolidation method" since the control power belongs to the Group.

The applied principles of consolidation as below:

(i) The balance sheets and income statements of the subsidiaries are consolidated one by one for each item and the carried net book value of the investment, which is owned by the Parent Company, is eliminated with the related equity items. The intra-group transactions, the remaining profit margins balances in the balance sheets which between the Parent Company and its subsidiaries, are eliminated.

2. BASIS OF PRESENTATION OF CONSOLIDATED FINANCIAL STATEMENTS (Continued)

2.6. Summary of significant accounting policies (Continued)

(ii) Operating results of subsidiaries are included in the consolidation effective from the date on which the said company controls are transferred to the Parent Company.
(iii) Non-controlling interests in net assets and operating results of subsidiaries are presented separately as noncontrolling interests in the consolidated balance sheet and consolidated income statement.

The following table shows the subsidiaries, total shares of owned and effective partnership ratios as of 31 December 2024 and 31 December 2023:

Subsidiaries	31 December 2024	31 December 2023
Alpha IVD SRL ("Alpha") (*)	100,00%	100,00%
Euronano Diagnostics (Private) Limited ("Euronano")	99,99%	99,99%
RhineGene B.V. ("RhineGene")	100%	100%
RhineGene Philippines ("RhineGene PH")	100%	100%
RhineGene Bulgaria ("RhineGene BG")	100%	100%
RhineGene Poland ("RhineGene PL")	100%	100%
RhineGene Germany ("RhineGene GE")	100%	100%

(*) Although the ownership rate of the company is 50% or less, control power can be obtained with the remaining votes belonging to Elif Akyüz and Alper Akyüz, who are also the controlling shareholders of Anatolia. Elif Akyüz and Alper Akyüz declared that they will use their voting rights in line with Anatolia.

The company take over 100% of the company by paying 66,501,299 TL for the remaining 76.67% of Alpha shares. The transfer and delivery procedures were completed on May 25, 2023. This take over is considered as a "business combination under common control" and the difference between Alpha's net equity at the acquisition date and the purchase price is classified under "Share Premiums" under equity. (**) (Footnote 1)

Related Parties

To the accompanying consolidated financial statements, key personnel in management and board of directors, their family and controlled or dependent companies, participations and subsidiaries of the Group is referred to as related parties.

Cash and Cash Equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less (Note 5). To consolidated statements of cash flows, cash and cash equivalents includes cash and cash equivalents with original maturities less than three months, excluding the interest accruals. If any provision provided to the cash and cash equivalents because of a specific event, Group measures expected credit loss from these cash and cash equivalents by the life-time expected credit loss. The calculation of expected credit loss is performed based on the experience of the Group and its expectations for the future indications.

Trade Receivables and Allowance for Doubtful Receivables

Trade receivables that are created by the Group by way of providing goods or services in the ordinary course of business directly to a debtor are recognized initially at fair value and subsequently measured at amortized cost, using the effective interest rate method, less provision for impairment. Short-term trade receivables with no specific interest rates are measured at original invoice amount if the effect of interest accrual is unsignificant.

2. BASIS OF PRESENTATION OF CONSOLIDATED FINANCIAL STATEMENTS (Continued)

2.6. Summary of significant accounting policies (Continued)

Impairment

IAS 39, "Financial Instruments" valid before 1 January 2018: Instead of "realised credit losses model" in Accounting and Measurement Standard, "expected credit loss model" was defined in IFRS 9 "Financial Instruments" Standard. Expected credit loss is estimated by weighting credit losses, expected to occur throughout the expected life of financial instruments, based on previous statistics. When calculating the expected credit losses, credit losses in the previous years and forecasts of the Group are considered.

Trade Payables

Trade payables are stated at their nominal value, discounted to present value as appropriate.

Inventories

Inventories are stated at the lower of cost and net realizable value. Cost is calculated using the weighted average method. Costs comprise direct materials, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. Net realizable value represents the estimated selling price less all estimated costs to completion and costs to be incurred in marketing, selling and distributed.

Property, plant and equipment and related depreciation

Property, plant, and equipment are carried at acquisition cost, less any accumulated depreciation and any impairment loss Land is not depreciated as it is deemed to have an indefinite useful life.

Depreciation is provided on the restated amounts of property, plant and equipment on a pro-rata basis. Profit and loss arising out of the sale of property, plant and equipment are included in the other income and expense accounts. Repair and maintenance expenditure related to property, plant and equipment is expensed as incurred.

Cost amounts of property, plant and equipment, other than the lands and construction in progress are subject to depreciation by using systematic pro-rata basis using the straight-line method in accordance with their expected useful life.

The depreciation and amortization periods for property, plant and equipment, which approximate the economic useful lives of such assets, are as follows:

	Year
Buildings	50
Machinery and Equipment	4-14
Motor vehicles	5-10
Furniture and Fixtures	4-10
Leasehold improvements	10-20

Intangible assets and related amortization

An intangible asset is recognized if it meets the identifiability criterion of intangibles, control exists over the asset; it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the costs can be measured reliably. Intangible assets are carried at cost less accumulated amortization and impairment. Amortization of intangible assets is allocated on a systematic pro-rata basis using the straight-line method Intangible assets including acquired rights, information systems and computer software are amortized using the straight-line.

2024 unless otherwise indicated)

2. BASIS OF PRESENTATION OF CONSOLIDATED FINANCIAL STATEMENTS (Continued)

2.6. Summary of significant accounting policies (Continued)

Costs incurred on development projects relating to the design and testing of new or improved products are recognized as intangible assets when it is probable that the project will be a success considering its commercial and technological feasibility, and only if the cost can be measured reliably. Other research and development expenditures are recognized as an expense as incurred. Development expenditures previously recognized as an expense cannot be recognized as an asset in a subsequent period.

The useful lives of intangible assets are as follows:

	Year
Rights	3-5
Research and development costs	5
Other intangible asset	5-10

Impairment of assets

The carrying values of all tangible or intangible fixed assets, other than goodwill which is reviewed for impairment at least annually, are reviewed for impairment when events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Whenever the carrying amount of an asset exceeds its recoverable amount, an impairment loss is recognized in the income statement for items carried at cost and treated as a revaluation decrease for items carried at revalued amount to the extent that impairment loss does not exceed the amount held in the revaluation surplus. The recoverable amount of property, plant and equipment is the greater of net selling price and value in use.

Financial assets

The Group performs the classification process regarding its financial assets during the acquisition of the related assets and reviews them regularly.

Classification

The Group classifies its financial assets in three categories of financial assets measured at amortized cost, financial assets measured at fair value through other comprehensive income and financial assets measured at fair value through profit of loss. The classification of financial assets is determined considering the entity's business model for managing the financial assets and the contractual cash flow characteristics of the financial assets. The appropriate classification of financial assets is determined at the time of the purchase.

Financial assets are not reclassified after initial recognition except when the Group's business model for managing financial assets changes; in the case of a business model change, after the amendment, the financial assets are reclassified on the first day of the following reporting period.

Recognition and Measurement

a) Financial assets measured at amortized cost

Financial assets measured at amortized cost, are non-derivative assets that are held within a business model whose objective is to hold assets to collect contractual cash flows and the contractual terms of the financial assets give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. The Group's financial assets measured at amortized cost comprise "cash and cash equivalents", "trade receivables", "other receivables" and "financial investments". Financial assets carried at amortized cost are measured at their fair value at initial recognition and by effective interest rate method at subsequent measurements. Gains and losses on valuation of non-derivative financial assets measured at amortized cost are accounted for under the statement of income.

2024 unless otherwise indicated)

2. BASIS OF PRESENTATION OF CONSOLIDATED FINANCIAL STATEMENTS (Continued)

2.6. Summary of significant accounting policies (Continued)

Financial assets measured at fair value

i. Financial assets measured at fair value through other comprehensive income

Financial assets measured at fair value through other comprehensive income, are non-derivative assets that are held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. Gains or losses on a financial asset measured at fair value through other comprehensive income is recognized in other comprehensive income, except for impairment gains or losses and foreign exchange gains and losses until the financial asset is derecognized or reclassified. When the financial asset is derecognized the cumulative gain or loss previously recognized in other comprehensive income is reclassified to retained earnings.

In case of sale of assets, valuation differences classified to other comprehensive income are reclassified to retained earnings.

Group make a choice for the equity instruments during the initial recognition and elect profit or loss or other comprehensive income for the presentation of fair value gain and loss. If the said preference is made, dividends from related investments are recognized in the income statement.

ii. Financial assets measured at fair value through profit or loss

Financial assets measured at fair value through profit or loss, are assets that are not measured at amortized cost or at fair value through other comprehensive income. Gains and losses on valuation of these financial assets are accounted for under the statement of income.

Derecognition

The Group derecognizes a financial asset when the contractual rights to the cash flows from the asset expires, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all the risks and rewards of ownership of the financial asset were transferred. Any interest in such transferred financial assets that was created or retained by the Company is recognized as a separate asset or liability.

Impairment

Impairment of the financial and contractual assets is measured by using "Expected credit loss model" (ECL). The impairment model applies for amortized financial and contractual assets.

Provisions for losses are measured as below.

Impairment of the financial and contractual assets is measured by using "Expected credit loss model" (ECL). The impairment model applies for amortized financial and contractual assets.

Provisions for losses are measured as below.

12- Month ECL: results from default events that are possible within 12 months after reporting date.
Lifetime ECL: results from all possible default events over the expected life of financial instrument.

Lifetime ECL measurement applies if the credit risk of a financial asset at the reporting date has increased significantly since 12-month ECL measurement if it has not.

The Group may determine that the credit risk of a financial asset has not increased significantly if the asset has low credit risk at the reporting date. However, lifetime ECL measurement (simplified approach) always apply for trade receivables and contract assets without a significant financing.

Anatolia Tanı ve Biyoteknoloji Ürünleri Ar-Ge Sanayi Ticaret A.Ş. and Group Companies Consolidated Statements of Cash Flows For The Periods Ended at 1 January – 31 December 2024 and 31 December 2023

(Amounts expressed in thousands of Turkish Lira ("TRL") in terms of the purchasing power of the TRL at December 31, 2024 unless otherwise indicated)

2. BASIS OF PRESENTATION OF CONSOLIDATED FINANCIAL STATEMENTS (Continued)

2.6. Summary of significant accounting policies (Continued)

Financial liabilities

Financial liabilities and equity instruments issued by the Group are classified according to the substance of the contractual arrangements entered and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the Group after deducting all its liabilities. The accounting policies adopted for specific financial liabilities and equity instruments are set out below.

Financial liabilities are classified as either financial liabilities at fair value through profit and loss or other financial liabilities.

a) Financial liabilities at fair value through profit and loss

Financial liabilities are classified as at FVTPL where the financial liability is either held for trading or it is designated as at FVTPL. Financial liabilities at FVTPL are stated at fair value, with any resultant gain or loss recognized in profit or loss. The net gain or loss recognized in profit or loss incorporates any interest paid on the financial liability.

b) Other financial liabilities

Other financial liabilities, including borrowings, are initially measured at fair value, net of transaction costs.

Other financial liabilities are subsequently measured at amortized cost using the effective interest method, with interest expense recognized on an effective yield basis.

The effective interest method is a method of calculating the amortized cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments through the expected fife of the financial liability, or, where appropriate, a shorter period.

Borrowing Costs

Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a considerable time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets is substantially ready for their intended use or sale. Investment income earned by the temporary investment of the part of the borrowing not yet used is deducted from the borrowing costs eligible for capitalization. All other borrowing costs are recognized in profit or loss in the period in which they are incurred.

Taxation and Deferred Income Taxes

Income tax expense represents the sum of the tax currently payable and deferred tax. Current tax: The tax currently payable is based on taxable profit for the year.

Deferred tax: Deferred tax is provided, using the liability method, on all temporary differences at the balance sheet date between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes.

Employee Benefits / Retirement Pay Provision

Under the Turkish law and union agreements, severance 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 International Accounting Standard No: 19 "Employee Benefits" ("IAS 19"). The retirement benefit obligation recognized in the balance sheet represents the present value of the defined benefit obligation as adjusted for unrecognized actuarial gains and losses.

(Amounts expressed in thousands of Turkish Lira ("TRL") in terms of the purchasing power of the TRL at December 31, 2024 unless otherwise indicated)

2. BASIS OF PRESENTATION OF CONSOLIDATED FINANCIAL STATEMENTS (Continued)

2.6. Summary of significant accounting policies (Continued)

Operating Expenses

Operating expenses are recognized in profit or loss upon utilization of the service or at the date of their origin. Expenditure for warranties is recognized and charged against the associated provision when the related revenue is recognized.

Revenue Recognition

Group recognizes revenue when the goods or services is transferred to the customer and when performance obligation is fulfilled. Goods are counted to be transferred when the control belongs to the customer. Group recognizes revenue based on the following main principles:

(a) Identification of customer contracts
(b) Identification of performance obligations,
(c) Determination of transaction price in the contract,
(d) Allocation of price to performance obligations,

(e) Recognition of revenue when the performance obligations are fulfilled.

Group recognizes revenue from its customers only when all the following criteria are met:

(a) The parties to the contract have approved the contract (in writing, orally or in accordance with other customary business practices) and are committed to perform their respective obligations,
(b) Group can identify each party's rights regarding the goods or services to be transferred,
(c) Group can identify the payment terms for the goods or services to be transferred.
(d) The contract has commercial substance,

It is probable that Group will collect the consideration to which it will be entitled in exchange for the goods or services that will be transferred to the customer. In evaluating whether collectability of an amount of consideration is probable, an entity shall consider only the customer's ability and intention to pay that amount of consideration when it is due.

Equipment rental revenue

Rent income from operational rental transactions is accounted if it is measured reliably based on straight-line method during relevant rental agreement and if it is possible that an economic benefit related to transaction is achieved by the Group.

Provisions

Provisions are recognized when, and only when the Group has a present obligation because of a past event and it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation. Provisions are recognized by the amortized amount as of balance sheet date in case that the monetary loss is material. Provisions are reviewed at each balance sheet date and adjusted to reflect the current best estimate.

Commitments and Contingencies

Transactions that may give rise to contingencies and commitments are those where the outcome and the performance of which will be ultimately confirmed only on the occurrence or non-occurrence of certain future events unless the expected performance is remote. Accordingly, contingent losses are recognized in the financial statements if a reasonable estimate of the amount of the resulting loss can be made. Contingent gains are reflected only if it is probable that the gain will be realized.

Transactions in foreign currency

Transactions in foreign currencies during the periods have been translated at the exchange rates prevailing at the dates of these transactions. Balance sheet items denominated in foreign currencies have been translated at the exchange rates prevailing at the balance sheet dates. The foreign exchange gains and losses are recognized in the income statement.

2. BASIS OF PRESENTATION OF CONSOLIDATED FINANCIAL STATEMENTS (Continued)

2.6. Summary of significant accounting policies (Continued)

The periods-end rates used for USD, EURO and PKR are shown below:

	31 December 2024	31 December 2023
US Dollars	35,2233 TRY	29,4382 TRY
Euro	36,7429 TRY	32,5739 TRY
PKR	0,12578 TRY	0,1050 TRY
PLN (Zloti)	0,1169 TRY	7,5187 TRY
LEVA	18,6817 TRY	16,5611 TRY
PHP	1,6461 TRY	0,5312 TRY

Earnings per share

Earnings per share presented in the consolidated statements of profit or loss are determined by dividing consolidated net income attributable to that class of shares by the weighted average number of such shares outstanding during the year concerned. In Turkey, companies can increase their share capital by making a prorata distribution of shares ("bonus shares") to existing shareholders from retained earnings or inflation adjustments. To earnings per share computations, the weighted average number of shares outstanding during the year has been adjusted in respect of bonus shares issued without a corresponding change in resources by giving them retroactive effect for the year in which they were issued and for each earlier period.

Government incentives and grants

Grants from the government are recognized at their fair value where there is a reasonable assurance that the grant will be received and the group will comply with all the attached conditions. Government grants relating to costs are deferred and recognized in the income statement over the period necessary to match them with the costs that they are intended to compensate. Government grants relating to property, plant and equipment are included in non-current liabilities as deferred government grants and are credited to the income statement on a straight-line basis over the expected lives of the related assets.

Cash Flow statement

Cash and cash equivalents comprise of cash in hand, bank deposits and short-term investments, which can easily be converted into cash for a known amount, has high liquidity with maturities of 3 months or less.

EBITDA

EBITDA is defined as earnings before interest expense, income tax expense (benefit), depreciation and amortization. This information should be read with the statements of cash flows contained in the accompanying financial statements (note 3).

Provisions for doubtful trade receivables: The provision for doubtful receivables reflects the amounts that the management believes will cover the future losses of the receivables that exist as of the reporting date but have the risk of being uncollectible within the current economic conditions. While evaluating whether the receivables are impaired or not, the past performance of the debtors, their credibility in the market, their performance from the date of the consolidated financial statements until the approval date of the consolidated financial statements and the renegotiated conditions are also taken into. In addition, the "simplified approach" defined in TFRS 9 has been preferred within the scope of the impairment calculations of trade receivables that are accounted at amortized cost in the consolidated financial statements and that do not contain a significant financing component (with a maturity of less than one year). With this approach, the Group measures the provision for impairment on trade receivables at an amount equal to "lifetime expected credit losses", unless the trade receivables are impaired for certain reasons (excluding realized impairment losses).

2. BASIS OF PRESENTATION OF CONSOLIDATED FINANCIAL STATEMENTS (Continued)

2.7. Significant Accounting Assessments, Estimates and Assumptions

Provision for employee benefit: Employment termination benefits pay liability is determined by actuarial calculations based on some assumptions including discount rates, future salary increases and employee turnover rates. Since these plans are long term, these assumptions contain significant uncertainties.

Lawsuit provisions: The probability of loss of ongoing lawsuits and the consequences that will be endured if they are lost are evaluated in line with the opinions of the Group's legal advisors. The Group management makes its best estimates using the data in hand and estimates the provision it deems necessary.

Deferred tax: The Group recognizes deferred tax assets and liabilities based upon temporary differences arising between their statement of financial position accounts prepared in accordance with TAS/TFRS promulgated by POA Financial Reporting Standards and their statutory financial statements. These temporary differences usually result from the recognition of revenue and expenses in different reporting periods for TAS/TFRS and Tax Laws.

Impairment of Inventory: When calculating, data on the list prices of inventories after discounting are used. In cases where the projected net realizable value is below the cost value, an inventory impairment provision is made.

3. SHARES IN OTHER BUSINESS

The details of the Group's shares in other businesses for the periods are as follows:

	31 December 2024	31 December 2023
	Alpha IVD S.p.A	Alpha IVD S.p.A
	(Italy)	(Italy)
	Solo	Solo

Current assets	69.940.155	172.725.243
Non-current assets	7.116.706	53.601.288
Total assets	77.056.861	226.326.531
Current liabilities	8.488.876	10.080.624
Non-current liabilities	1.975.972	2.389.216
Total debts	10.464.848	12.469.840
Net assets	66.592.013	213.856.691
Profit Loss for the period:
Revenue	42.560.438	35.625.193
Profit / (Loss) for the period	(43.577.713)	(34.029.399)
Profit Loss for the period:	(43.577.713)	(34.029.399)

3. SHARES IN OTHER BUSINESS (continued)

	Euronano (Pakistan) Solo	Euronano (Pakistan) Solo
xxx
Current assets	40.185.259	48.002.056
Non-current assets	7.116.706	7.890.072
Total assets	47.301.965	55.892.128

Current liabilities	104.827.657	116.792.618
Total debts	104.827.657	116.792.618
Net assets	(57.525.692)	(60.900.490)

Profit Loss for the period: Revenue	10.862.879	7.062.123
Profit / (Loss) for the period	(1.175.528)	(29.008.622)
Profit Loss for the period:	(1.175.528)	(29.008.622)

	31 December 2024	31 December 2023
	RhineGene B.V.	RhineGene B.V.
	(Hollanda)	(Hollanda)
	Solo	Solo
xxx
Current assets	71.198.423	45.331.834
Non-current assets	111.495.485	22.352.727
Total assets	182.693.908	67.684.562
Current liabilities	251.830	970.676
Total debts	251.830	970.676
Net assets	182.442.078	66.713.886

Profit Loss for the period:
Revenue	--	--
Profit / (Loss) for the period	(2.030.111)	(7.171.532)
Profit Loss for the period:	(2.030.111)	(7.171.532)

3. SHARES IN OTHER BUSINESS (continued)

	31 December 2024	31 December 2023
	RhineGene	RhineGene
	Philippines	Philippines
	Solo	Solo
xxx
Current assets	1.384.164	2.606.744
Non-current assets	4.177.983	2.097.037
Total assets	5.562.147	4.703.781
Current liabilities	15.966.691	14.321.225
Total debts	15.966.691	14.321.225
Net assets	(10.404.544)	(9.617.444)

Profit Loss for the period:
Revenue	--	--
Profit / (Loss) for the period	(2.582.216)	(6.808.377)
Profit Loss for the period:	(2.582.216)	(6.808.377)
	31 December 2024	31 December 2023
	RhineGene	RhineGene
	Bulgaria	Bulgaria
	Solo	Solo
Current assets	100.778.600	8.338.463
Non-current assets	1.214.200	694.872
Total assets	101.992.800	9.033.335

Current liabilities	4.997.520	10.826.512
Total debts	4.997.520	10.826.512
Net assets	96.995.280	(1.793.177)
Profit Loss for the period:
Revenue	5.755.806	2.544.185
Profit / (Loss) for the period	(4.546.907)	(5.804.513)
Profit Loss for the period:	(4.546.907)	(5.804.513)

	31 December 2024	31 December 2023
	RhineGene	RhineGene
	Poland	Poland
	Solo	Solo
Current assets	31.445.194	32.206.798
Non-current assets	--	1.933.212
Total assets	31.445.194	34.140.009
Current liabilities	34.339.620	28.438.425
Total debts	34.339.620	28.438.425
Net assets	(2.894.426)	5.701.584

Profit Loss for the period:
Revenue	19.567.756	14.044.002
Profit / (Loss) for the period	(5.619.427)	(6.728.784)
Profit Loss for the period:	(5.619.427)	(6.728.784)

3. SHARES IN OTHER BUSINESS (continued)

	31 December 2024	31 December 2023
	RhineGene	RhineGene
	Germany	Germany
	Solo	Solo
Current assets	3.121.530	3.001.812
Non-current assets	1.886.527	2.936.956
Total assets	5.008.057	5.938.768
Current liabilities	9.274.163	10.210.003
Non-current liabilities	14.723.640	--
Total debts	23.997.803	10.210.003
Net assets	(18.989.746)	(4.271.235)
Profit Loss for the period:
Revenue	6.692.857	--
Profit / (Loss) for the period	(8.233.666)	(4.266.598)
Profit Loss for the period:	(8.233.666)	(4.266.598)

4. CASH AND CASH EQUIVALENTS

The details of the Group's cash and cash equivalents for the periods are as follows:

	31 December 2024	31 December 2023

Cash in hand	--	2.548
Cash at banks	205.023.951	435.517.897
- Demand deposit	156.909.784	234.116.543
- Time deposit less than 3 months	48.114.167	201.401.354
Other cash and cash equıvalents	--	116.564
	205.023.951	435.637.009

Currency	Interest rate	Maturity	31 December 2024
TRY	%4,75-%40	January 2025	4.032.455
USD	%3,5	January 2025	37.614.962
EUR	%2	January 2025	6.466.750
			48.114.167

Currency	Interest rate	Maturity	31 December 2023
TRY	%29,98-%38,97	January 2024	20.835.888
USD	5%	January 2024	67.906.786

EUR 2% January 2024 112.658.681

201.401.354

5. FINANCIAL INVESTMENTS

The details of the Group's financial investments for the periods are as follows:

	31 December 2024	31 December 2023
Fair value through	16.286.162	84.274.962
	16.286.162	84.274.962

6. TRADE RECEIVABLES AND PAYABLES

The details of the Group's trade receivables for the periods are as follows:

Short-term trade receivables	31 December 2024	31 December 2023

Trade receivables	101.488.674	107.684.535
- Trade receivables from third parties	101.488.674	107.684.535
Notes receivable	5.886.747	4.821.557
Income accruals	1.877.126	--
Doubtful trade receivables (*)	1.302.575	1.314.665
Provision for doubtful trade receivables (-)	(1.302.575)	(1.314.665)
	109.252.547	112.506.091

As of 31 December 2024, the average maturity of the Group's trade receivables is 90 days. (31 December 2023: 90 days).

Explanations on the nature and level of risks in trade receivables are given in Note 31.

(*) The movement of the allowance for doubtful receivables is as follows:

1 January	1 January
31 December 2024	31 December 2023

1.314.665	1.122.684
	142.272
	319.002
	(269.293)
1.302.575	1.314.665
	356.238 123.249 (491.577)

The details of the trade payables are as follows:

	31 December 2024	31 December 2023
Short-term trade payables
Trade payables	35.382.026	8.657.905
Expense Accruals	4.784.060	3.612.647
Other trade payables	6.270.490	3.388.457
	46.436.576	15.659.009

As of 31 December 2024, the average maturity of the Group's trade receivables is 90 days. (31 December 2023: 90 day).

Explanations on the nature and level of risks in trade payables are given in Note 30.

7. RELATED PARTIES TRANSACTION

As of 31 December 2024, there are no trade receivables from organizations (31 December 2023: None).

Key management compensation:

The total amount of wages and similar benefits provided to the Group's President and Vice President of the Board of Directors and other key executives as of 31 December 2024 is TRY 28.222.026 (31 December 2023: TRY 9.567.727)

8. OTHER RECEIVABLES AND PAYABLES

The details of the Group's other receivables and payables for the periods are as follows:

Short term other receivables	31 December 2024	31 December 2023

Deposits and guarantees given	2.747.238	1.121.458
Other receivables(*)	8.093.655	24.356.884
	10.840.893	25.478.341

(*) Other receivables consist of VAT receivables.

Long term other receivables	31 December 2024	31 December 2023

Deposits and guarantees given	973.552	1.325.142
	973.552	1.325.142


Short term other payables	31 December 2024	31 December 2023

	4.006.000	2.305.289
Free zone overdue deferred tax liabilities Other payables	--	4.415.786
	4.006.000	6.721.074

9. INVENTORIES

The details of the Group's inventories for the periods are as follows:

	31 December 2024	31 December 2023

Raw materials	164.417.364	133.485.445
Work in Process	138.070.203	161.154.642
Trade goods	46.179.238	29.820.095
Other Inventories	19.658.081	11.860.623
Provision for impairment in inventory	(7.339.930)	(9.886.762)
	360.984.956	326.434.043

	31 December 2024	31 December 2023
Balance at beginning of the period	9.886.761	6.625.332
Current year additions	(2.246.623)	(768.779)
Currency translation differences	(300.208)	4.030.208
End of the period	7.339.930	9.886.761

10. PREPAID EXPENSES AND DEFERRED INCOME

The details of short and long-term prepaid expense for the periods are as follows:

Short-term prepaid expenses	31 December 2024	31 December 2023

Advances given to suppliers (*)	13.955.253	8.964.238
Prepaid expenses (**)	847.456	4.503.961

	14.802.709	13.468.199

(*) Consists of personnel expenses in the Center and Free Zone.

(**) Order advances given consist of advances given for building modernization and investment to move the Group's headquarters and R&D center.

Long-term prepaid expenses	31 December 2024	31 December 2023
Prepaid expenses for the following years Advances given	7.413.887 --	257.287 527.144
	7.413.887	784.431
Deferred income-short term	31 December 2024	31 December 2023
Advances received	9.851.904	6.528.277
	9.851.904	6.528.277

(*) Advances received consist of advances received by the Group from customers regarding sales.

Advances received consist of advances received by the Group from customers regarding sales.

11. OTHER ASSETS AND LIABILITIES

The details of other assets and liabilities for the periods are as follows:

Other current assets	31 December 2024	31 December 2023

Deferred VAT	38.161.095	34.333.735
Other current assets	2.085.288	2.248.211
	40.246.383	36.581.947

Other short-term liabilities	31 December 2024	31 December 2023

Prepaid taxes and dues	9.908.423	8.316.440
Other	24.038	18.707
	9.932.461	8.335.147

12. PROPERTY, PLANT AND EQUIPMENTS

Movement of property, plant, and equipment for the period 01.01.-31.12.2024 is as follows:

				Foreign currency
	1 January			translation	31 December
	2024	Additions	Disposals (-)	differences	2024
Cost
Land and land
improvements	105.846.519	4.501.713	--	576.156	110.924.388
Buildings	288.080.958	--	(12.677.053)	1.758.282	277.162.187
Machinery and equipment	333.933.880	37.307.470	(12.676.280)	6.790.336	365.355.406
Vehicles	48.619.716	3.070.055	(2.235.539)	130.193	49.584.425
Furniture and fixtures	83.462.897	27.474.557	--	38.406	110.975.860
Other tangible assets	1.742.496	170.815	--	--	1.913.311
Leasehold improvements	27.279.575	28.664	(49.331)	14.062	27.272.970
Construction in progress	201.592	--	(201.592)	--	--
	889.167.633	72.553.274	(27.839.795)	9.307.435	943.188.547

				Foreign currency
	1 January	Current year		translation	31 December
	2024	charge	Disposals (-)	differences	2024
Accumulated
depreciation
Buildings	(16.402.362)	(6.458.147)	253.541	(979.495)	(23.586.463)
Machinery and equipment	(160.314.563)	(43.276.614)	2.535.256	(1.963.181)	(203.019.102)
Vehicles	(19.131.458)	(9.836.022)	894.216	(54.663)	(28.127.927)
Furniture and fixtures	(31.118.343)	(16.037.596)	--	(1.491.267)	(48.647.206)
Other tangible assets	(289.508)	(45.712)	--	(37.794)	(373.014)
Leasehold improvements	(19.560.303)	(3.328.877)	14.799	(20.701)	(22.895.082)
	(246.816.537)	(78.982.968)	3.697.812	(4.547.101)	(326.648.794)
Net book value	642.351.096				616.539.753

As of 31 December 2024, property, plant, and equipment are insured for TRY 363.250.000 and there is no mortgage on it (31.12.2023: 273.075.000 TRY ).

12. PROPERTY, PLANT AND EQUIPMENTS (continued)

2024 unless otherwise indicated)

Movement of property, plant and equipment for the period 01.01.-31.12.2023 is as follows:

				Foreign currency
	1 January 2023	Additions	Disposals (-)	conversion differences	31 December 2023
Cost
Land and land
improvements	105.846.519	--	--	--	105.846.519
Buildings	274.924.601	4.670.429	--	8.485.928	288.080.958
Machinery and equipment	273.797.260	50.131.660	(18.241.428)	28.246.388	333.933.880
Vehicles	37.359.107	11.805.475	(2.841.393)	2.296.527	48.619.716
Furniture and fixtures	74.201.458	9.577.663	(856.951)	540.727	83.462.897
Other tangible assets	1.059.140	91.783	--	591.573	1.742.496
Leasehold improvements	26.564.914	652.529	--	62.132	27.279.575
Construction in progress	686.450	--	(484.858)	--	201.592
	794.439.449	76.929.539	(22.424.630)	40.223.275	889.167.633

	1 January 2023	Current year charge	Disposals (-)	Foreign currency conversion differences	31 December 2023
Accumulated depreciation
Buildings	(9.829.974)	(5.842.186)	--	(730.202)	(16.402.362)
Machinery and equipment	(116.690.300)	(43.336.104)	9.278.014	(9.566.173)	(160.314.563)
Vehicles	(13.331.762)	(6.631.890)	1.683.891	(851.697)	(19.131.458)
Furniture and fixtures	(19.547.471)	(10.337.155)	151.613	(1.385.330)	(31.118.343)
Other tangible assets	(165.882)	(110.737)	--	(12.889)	(289.508)
Leasehold improvements	(15.005.800)	(3.683.715)	--	(870.788)	(19.560.303)
	(174.571.189)	(69.941.787)	11.113.518	(13.417.079)	(246.816.537)

Net book value 619.868.260 642.351.096

13. INTANGIBLE ASSETS

Movement of intangible fixed asset for the period 01.01.-31.12.2024 is as follows:

	1 January 2024	Additions	Disposals (-)	Transfers	Foreign currency conversion differences	31 December 2024
Cost
Rights (*) Research and	85.572.376	115.479	--	(19.621.636)	958	66.067.177
development costs (**) Other intangible fixed	213.868.837	179.344.822	--	19.621.636	--	412.835.295
assets	1.083.451	566.236	(148.732)	--	--	1.500.955
	300.524.664	180.026.537	(148.732)	--	958	480.403.427

	1 January 2024	Current year charge	Disposals (-)	Transfers	Foreign currency conversion differences	31 December 2024
Accumulated depreciation
Rights Research and	(7.499.338)	(17.204.717)	--	--	(34.052)	(24.738.107)
development costs (**) Other intangible fixed	(61.475.104)	(12.134.619)	--	--	--	(73.609.723)
assets	(1.638.079)	(50.413)	44.620	--	--	(1.643.872)
	(70.612.521)	(29.389.749)	44.620	--	(34.052)	(99.991.702)
Net book value	229.912.143					380.411.725

(*) Rights mostly consist of R&D projects of the Group that are activated by reaching the final product.

(**) Research and development costs consist of ongoing R&D projects of the Group.

The Group invested a total of TRY 129.473.773 R&D projects in the accounting period ending on 31 December 2024 (12-month period) (31 December 2023: TRY 101.237.216 TRY (12-month period))

13. INTANGIBLE ASSETS (continued)

Movement of intangible fixed assets for the period 01.01.-31.12.2023 is as follows:

	1 January 2023	Additions	Disposals	Transfers	Foreign currency conversion differences	31 December 2023
Cost
Rights (*) Research and	91.212.929	9.830.185	--	(15.472.644)	1.906	85.572.376
development costs (**) Other intangible fixed	118.393.831	80.002.362	--	15.472.644	--	213.868.837
assets	1.186.539	285.942	(473.141)	--	84.111	1.083.451
	210.793.299	90.118.489	(473.141)	--	86.017	300.524.664
	1 January 2023	Current year charge	Disposals		Foreign currency conversion	31 December
				Transfers	differences	2023
Accumulated
depreciation Rights	(1.741.435)	(5.755.901)	--	--	(2.002)	(7.499.338)
Research and development costs (**)	(51.933.166)	(9.541.938)	--	--	--	(61.475.104)
Other intangible assets	(1.182.799)	(289.684)	(47.314)	--	(118.282)	(1.638.079)

(*) Rights mostly consist of R&D projects of the Group that are activated by reaching the final product. (**) Research and development costs consist of ongoing R&D projects of the Group.

Net book value 155.935.899 229.912.143

14. RIGHTS OF USE ASSETS

Movement of rights of use assets for the period 01.01.-30.2024 is as follows:

Buildings	Total
28.948.606	28.948.606
(3.541.645)	(3.541.645)
25.406.961	25.406.961

Buildings	Total

(4.481.225)	(4.481.225)
(1.136.705)	(1.136.705)
(5.617.930)	(5.617.930)

19.789.031	19.789.031

14. RIGHTS OF USE ASSETS (continued)

	Buildings	Total
Cost
1 January 2023	30.304.785	30.304.785
Additions/ (Disposals)	(1.356.179)	(1.356.179)
31 December 2023	28.948.606	28.948.606
	Buildings	Total
Accumulated depreciation
1 January 2023	(3.565.266)	(3.565.266)
Period depreciation	(915.959)	(915.959)
31 December 2023	(4.481.225)	(4.481.225)
Net book value
31 December 2023	24.467.381	24.467.381

15. LEASE LIABILITIES

The details of lease of liabilities for the periods are as follows:

	31 December 2024	31 December 2023

Short-term lease liabilities	2.527.649	2.714.617
Long-term lease liabilities	15.423.004	21.625.321

	17.950.653	24.339.938

	1 January 31 December 2024	1 January 31 December 2023

Operating lease as of January 1	24.339.938	28.003.195
Current operating lease liability payment	(1.788.137)	(2.091.442)
Current interest expense	(802.125)	(966.327)
Current foreign currency effects	(6.326.672)	(605.488)

Operating lease at the end of the periods	15.423.004	24.339.938

16. FINANCIAL BORROWINGS

The details of financial borrowings for the periods are as follows:

	31 December 2024	31 December 2023
Short-term borrowings	--	9.457.560
Other financial borrowings (*)	1.335.737	1.062.070
Short-term borrowings	1.335.737	10.519.630
Short term portion of long term borrowings	--	405.363
Short-term portion of long-term borrowings	--	405.363
Long-term borrowings	--	405.363
Long-term borrowings	--	--
Total financial borrowings	1.335.737	10.924.993

(*) Other financial borrowings consist of credit card borrowings.

The details of currency-based financial liabilities are as follows:

	Interest rate	31 December 2024
Xxx TRY bank borrowings	-- xxx	--
		--
	Interest rate	31 December 2023
Xxx TRY bank borrowings	%7,50 - %16,80 xxx	405.363
		405.363

17. EMPLOYEE BENEFITS

Severance pay provision

2024 unless otherwise indicated)

Under the Turkish Legislations, the Company and its subsidiaries which located in Turkey, is required to pay termination benefits to each employee, who has completed one year of service and whose employment is terminated without due cause, is called up for military service, dies, who retires after completing 25 years for man and 20 years for women of service and reaches the retirement age (58 for women and 60 for men). Due to the amendment of the legislation as of 8 September 1999, there are certain transitional obligations regarding the length of service due to retirement.

These payments are calculated based on the rate on the day of retirement or termination per year worked, with a maximum of TL 41.828,42 over the 30-day salary as of 31 December 2024 (31 December 2023: TL 35.058,58). The provision for severance pay is calculated on a current basis and is reflected in the Consolidated financial statements. The provision is calculated according to the severance pay ceiling announced by the Government.

Provision for termination benefits is made by calculating the present value of the possible liability to be paid in case of retirement of employees. To calculate the liabilities of the Group in accordance with TAS 19 (Employee Benefits), a calculation made with actuarial assumptions is required. Accordingly, the actuarial assumptions used in the calculation of total liabilities are given below. The basic assumption is that the maximum liability for each year of service will increase in line with inflation. Hence the discount rate applied represents the expected real interest rate after adjusting for the effects of future inflation. As a result, the liabilities in the accompanying Consolidated financial statements as of 31 December 2024 and 31 December 2023 are calculated by estimating the present value of the future probable obligation arising from the retirement of the employees.

	31 December 2024	31 December 2023
Discount rate	27,05%	27,05%
Estimated rate of salary increasing /inflation rate	23,72%	22,01%
The turnover ratio used to calculate the probability of
retirement	95 %	100%

It is planned that the severance pay rights will be paid at the end of the concession agreement. Accordingly, the terms of the concession agreements are considered in calculating the present value of the liabilities to be paid in the future.

The details of long-term severance pay provisions for the periods are as follows:

Long-term provisions	31 December 2024	31 December 2023
Provision for employment termination benefits	7.552.762	4.090.229
	7.552.762	4.090.229

Movement of severance pay provisions for the periods are as follows:

31 December 2024	31 December 2023

4.090.229	19.328.308
5.250.407	(987.548)
1.022.557	1.134.221
(426.978)	(8.681.433)
(1.094.040)	(1.553.747)
(1.289.413)	(5.149.572)
7.552.762	4.090.229

17. EMPLOYEE BENEFITS (continued)

The details of short-term employee benefits provisions for the periods are as follows:

Short-term provisions	31 December 2024	31 December 2023
Provision for vacation pay liability	7.107.361	7.139.428
	7.107.361	7.139.428
Movement of vacation pay provisions as follows:
Short-term provisions	31 December 2024	31 December 2023


Balance at January 1	7.139.428	3.984.646
Current year provision expense (*) Inflation effect	(832.808) 800.741	2.369.810 784.971

(*) Leave provision expenses for the relevant periods are included in personnel expenses.

18. COMMITMENTS, CONTINGENT ASSETS AND LIABILITIES

a) Guarantees received

As of 31 December 2024, the Group has no guarantees received (31 December 2023: None).

b) Guarantees given

Collaterals/ pledges/ mortgages/bill of guarantees ("CPMB") position of the Group as of 31 December 2024 and 31 December 2023 are as follows:

CPMB's given by the Group	31 December 2024	31 December 2023
A. CPMB's given for Group's own legal personality	16.365.885	16.365.885
B. CPMB's given on behalf of fully consolidated companies	--	--
C. CPMB's given on behalf of third parties for ordinary course of business	--	--
D. Total amount of other CPMB's	--	--
i) Total amount of CPMB's given on behalf of the majority shareholder	--	--
ii) Total amount of CPMB's given on behalf of other Group companies which are not in scope of B and C	--	--
iii) Total amount of CPMB's given on behalf of third parties which are not in scope of C	--	--

As of 31 December 2023, the ratio of other CPMs given by the Group to the Group's equity is 0% (31 December 2023: 0%).

16.365.885 16.365.885

(Amounts expressed in thousands of Turkish Lira ("TRL") in terms of the purchasing power of the TRL at December 31, 2024 unless otherwise indicated)

19. PAYABLES WITHIN BENEFIT TO EMPLOYEES

The details of employee benefits obligations for the periods are as follows:

	31 December 2024	31 December 2023
Due to personnel	265.187	885.156
Social security premiums payable	5.882.270	8.205.847
	xxx
	6.147.457	9.091.003

20. INCOME TAX

The details of current period tax assets for the periods are as follows:

	31 December 2024	31 December 2023

Deferred tax assets/liabilities	(125.932)	(1.963.528)
Deferred tax income/(expense)	(50.013.108)	15.591.767

	(50.139.040)	13.628.239

Corporation tax

As of 31 December 2023, the corporate tax rate is 25% in Turkey (31 December: 25%,). Corporation tax rate is applied to net income of the companies after adjusting for certain disallowable expenses, exempt income and allowances. With the provision added to Article 35 of the Law No. 7256 and Article 32 If more than 20 percent of its shares are offered to the public for the first time in the Borsa Istanbul market, the Group pays corporate tax with a discount of 2 points for 5 years. As of April 22, 2021, the company's corporate tax rate has been calculated 18%. Accordingly, in the Group's consolidated financial statements as of December 31, 2023, when calculating deferred tax assets and liabilities for its subsidiaries residing in Turkey, the tax rate is 23% for the parts of the temporary differences that will occur. Corporate tax losses can be carried forward for a maximum period of 5 years following the year in which the losses were incurred. The tax authorities can inspect tax returns and the related accounting records for a retrospective maximum period of five years.

10% withholding applies to dividends distributed by resident real persons, those who are not liable to income and corporation tax, non-resident real persons, non-resident corporations (excluding those that acquire dividend through a permanent establishment or permanent representative in Turkey) and non-resident corporations exempted from income and corporation tax.

Dividend distribution by resident corporations to resident corporations is not subject to a withholding tax. Furthermore, in the event the profit is not distributed or included in capital, no withholding tax shall be applicable.

To benefit from the exemption, the said income must be kept in a passive fund account and not withdrawn from the business for a period of 5 years. The sales price must be collected until the end of the second calendar year following the year of sale.

There is no practice in Turkey to reach an agreement with the tax administration regarding the taxes to be paid. Corporate tax returns are submitted within four months following the end of the period. The tax inspection authorities may examine the tax returns and the accounting records underlying them for five years following the accounting period and make a reassessment because of their findings.

(Amounts expressed in thousands of Turkish Lira ("TRL") in terms of the purchasing power of the TRL at December 31, 2024 unless otherwise indicated)

20. INCOME TAX (continued)

Income tax withholding

There is a withholding tax liability on dividend distributions, and this withholding liability is accrued in the period when the dividend payment is made. Dividend payments are subject to 15% withholding tax, excluding those made to non-resident companies that generate income through a workplace or their permanent representative in Turkey, and to companies residing in Turkey. In the application of withholding tax rates for profit distributions to non-resident companies and natural persons, the withholding tax rates in the relevant Double Taxation Agreements are also considered. The addition of retained earnings to the capital is not considered as profit distribution, so it is not subject to withholding tax.

Transfer pricing regulations

In Turkey, transfer pricing regulations are specified in Article 13 of the Corporate Tax Law, titled "Hidden income distribution through transfer pricing". The notified dated 18 November 2007 on hidden income distribution via transfer pricing regulates the details of the implementation.

If the taxpayer buys or sells goods or services with related parties at the price or price, they have determined in peer assessment, the profit is deemed to have been distributed through transfer pricing, in whole or in part. Hidden income distribution through is considered as a non-deductible expense for corporate tax.

Deferred tax assets and liabilities:

Deferred tax liability or assets are determined by calculating the tax effects of temporary differences between the values of assets and liabilities shown in the Consolidated financial statements and the amounts considered in the legal tax base calculation. Deferred tax liability or assets are reflected in the accompanying Consolidated financial statements by considering the tax rates that are expected to be valid in the future periods when the temporary differences will disappear.

In reflecting the deferred tax asset to the consolidated financial statements, the developments in the sector in which it operates, taxable profit estimates in the future, it considers factors such as the general economic and political situation in Turkey and/or the international general economic and political situation that may affect the Group.

The Group considers factors such as developments in the sector in which it operates, taxable profit estimates in the future, general economic and political situation in Turkey and/or international general economic and political situation that may affect the Group while reflecting the deferred tax asset to the consolidated financial statements. The Group estimates that it will generate sufficient taxable profits in the future.

20. INCOME TAX (continued)

Recognized deferred tax assets and liabilities

The details of deferred tax assets and liabilities for the periods are as follows:

	31 December 2024			31 December 2023
	Cumulative temporary differences	Deferred tax	Cumulative temporary differences	Deferred tax
Deferred tax assets
Provision for employment
termination benefits	11.586.451	2.896.613	8.693.243	1.999.445
Other	2.924.935	731.234	(154.511)	(536.029)
Financial lease liabilities	(1.691.308)	(422.827)	(126.841)	(29.173)
Trade receivables provisions	261.177	65.294	407.935	93.825
Financial investments	(49.820.533)	(12.455.133)	(86.262.937)	(19.840.476)
Trade payables provisions	--	--	(23.604)	(5.429)
Inventories	(60.883.924)	(15.220.981)	(39.303.148)	(9.039.724)
Property, plant and equipment
and intangible assets	(394.083.695)	(98.520.924)	(341.586.449)	(78.564.883)
Deferred tax assets	(491.706.897)	(122.926.724)	(458.356.311)	(105.922.444)
xxx Net deferred tax		(122.926.724)		(105.922.444)

The reconciliation of tax expense for the period to profit for the period is as follows:

	31 December	31 December
	2024	2023
Beginning of period	(105.922.444)	(130.273.874)
Associated with comprehensive income (actuarial)	(98.205)	(1.996.730)
Inflation effect	(16.906.075)	26.348.159
	(122.926.724)	(105.922.444)

21. SHARE CAPITAL AND NON-CONTROLLING INTERESTS

Share Capital

The paid capital structure of the Group for the periods are as follows:

	31 December		31 December
	2024	Share	2023	Share
Shareholders	TRY	%	TRY	%
Alper Akyüz	93.562.286	42,53	93.562.286	42,53
Elif Akyüz	45.603.000	20,73	45.603.000	20,73
Actual Shares Outstanding (*)	75.301.617	29,43	64.898.588	29,43
Other	5.533.097	7,31	15.936.126	7,31
Total paid-in capital	220.000.000	100	220.000.000	100

(*) The company is registered with the Capital Markets Board ("CMB") and its shares are traded on Borsa İstanbul A.Ş. ("BIST") as of 21.10.2021. As of 31 December 2024, the Company has 32,45% of shares registered in BIST.

As of 31 December 2024, the capital of the Group consists of 220.000.000 shares. (31 December 2023: TL 220.000.000). The nominal value of the shares is TL 1 per share. (31 December 2023: per share TL 1). Company shares are represented by two separate share groups as A and B group, and A group shares provide voting rights to the shareholder. The Company's shares consist of 40.000.000 Group A shares and 180.000.000 Group B shares.

21. SHARE CAPITAL AND NON-CONTROLLING INTERESTS (continued)

2024 unless otherwise indicated)

Other comprehensive income not to be reclassified under profit and loss
	31 December 2024	31 December 2023
Balance at January 1	1.680.573	(5.004.131)
Additions	426.978	6.684.704
Deferred tax	(98.205)	(1.996.730)
	2.009.346	(316.156)
Restricted Reserves
	31 December 2024	31 December 2023
Balance at January 1	227.322.639	227.322.639
Additions	--	--
	227.322.639	227.322.639

Non- controlling interests

As of 31 December 2024, there is no non-controlling interests (31 December 2023: there is no non-controlling interests).

22. EARNINGS PER SHARE

Earnings per share for the periods are as follows:

	31 December 2024	31 December 2023
Net profit for the period of the equity holders of the parent	(218.876.146)	(197.323.031)
Weighted average number of ordinary shares with nominal value (kurus1 per value)	220.000.000	220.000.000
Earnings per share (TRY)	(0,9949)	(0,8969)

23. REVENUE AND COST OF SALES

Revenue for the periods are as follows:

	1 January	1 January
	31 December 2024	31 December 2023
Domestic Sales	187.592.233	166.235.519
Export Sales	339.020.419	177.144.841
Other Revenue	4.489.870	6.370.960
Gross Sales	531.102.522	349.751.319
Sales Returns (-)	(1.110.928)	(628.231)
Sales Discount (-)	(159.887)	(5.204.705)
Net Sales	529.831.707	343.918.384
Cost of goods sold (-)	(124.126.366)	(64.432.981)
Cost of merchandise sold (-)	(67.516.965)	(3.261.548)
Cost of services sold (-)	(3.619.792)	(1.710.204)
Gross Profit	334.568.584	274.513.650
	1 January -	1 January -
	31 December 2024	31 December 2023
Direct raw material and supplies expense	(96.863.190)	(30.301.560)
Depreciation and amortization expenses	(40.970.205)	(12.816.645)
Direct labor expense	(44.994.439)	(20.861.737)
Indirect labor expenses	(2.540.309)	(794.681)
Food expenses	(3.209.076)	(1.003.890)
Other	(6.685.904)	(3.626.221)
	(195.263.123)	(69.404.734)

(Amounts expressed in thousands of Turkish Lira ("TRL") in terms of the purchasing power of the TRL at December 31, 2024 unless otherwise indicated)

24. MARKETING, SELLING AND DISTRIBUTION EXPENSES

The details of selling and marketing expenses for the periods are as follows:

	1 January	1 January
	31 December 2024	31 December 2023
Personnel expenses	(93.858.673)	(73.498.090)
Depreciation and amortization expenses	(19.994.873)	(19.140.293)
Transportation expenses	(13.784.840)	(15.371.374)
Travel expenses	(8.571.898)	(5.619.612)
Export expenses	(7.024.641)	(1.557.211)
Tax, duty and fee expenses	(6.906.376)	(2.253.900)
Material usage expenses	(5.042.374)	(6.302.537)
Benefits and services provided from outside	(4.613.432)	(3.696.909)
Transportation expenses	(3.807.392)	(4.357.550)
Commission expenses	(3.236.750)	(5.292.435)
Representation and hospitality expenses	(1.696.375)	(887.188)
Other	(3.297.158)	(4.289.518)
	(171.834.782)	(142.266.617)

25. GENERAL ADMINISTRATIVE EXPENSES

The details of general administrative expenses for the periods are as follows:

	1 January	1 January
	31 December 2024	31 December 2023
Personnel expenses	(68.912.530)	(67.446.234)
Depreciation and amortization expenses	(41.380.176)	(31.563.065)
Outsourced benefits and services	(21.656.035)	(25.607.536)
Insurance expenses	(5.664.322)	(2.059.536)
Tax, fee and duty expenses	(438.061)	(5.788.408)
Other	(1.700.892)	(2.006.069)
	(139.752.016)	(134.470.846)

26. RESEARCH AND DEVELOPMENT EXPENSES

The details of research and development expenses for the periods are as follows:

	1 January 31 December 2024	1 January 31 December 2023
Depreciation and amortization expenses	(3.139.933)	(12.993.064)
	(3.139.933)	(12.993.064)

The Group invested a total of TRY 129.473.773 R&D projects in the accounting period ending on 31 December 2024 (12-month period) (31 December 2023: TRY 101.237.216 TRY (12-month period))

27. OTHER OPERATING INCOME AND EXPENSES

The details of other operating income and expenses for the periods are as follows:

Consolidated Statements of Cash Flows For The Periods Ended at 1 January – 31 December 2024 and 31 December 2023

(Amounts expressed in thousands of Turkish Lira ("TRL") in terms of the purchasing power of the TRL at December 31, 2024 unless otherwise indicated)

	1 January 31 December 2024	1 January 31 December 2023
Other operating income Exchange rate difference income on trade receivables and payables Financial investment income Other	50.454.417 89.908 8.503.203	200.193.081 49.370 13.606.804
	59.047.528	213.849.255
	1 January 31 December 2024	1 January 31 December 2023
Other operating income loss
Foreign exchange loss on trade receivables and payables	(4.939.301)	(33.567.370)
Provisions for doubtful receivables (Note 7)	(356.238)	(142.272)
Other (*)	(10.622.394)	(62.239.014)
	(15.917.933)	(95.948.657)

(*) Other expenses include 2022 Additional Earthquake Tax payment of 41,106,581 TL in the period of 31 December 2023.

28. INCOME AND EXPENSES FROM INVESTMENT ACTIVITIES

	1 January 31 December 2024	1 January 31 December 2023
Other operating income
Income from financial investments	13.555.300	19.754.283
Foreign currency hedged deposit income	--	49.370
Gain on sale of tangible assets	5.944	4.285.241
	13.561.244	24.088.895
	1 January 31 December 2024	1 January 31 December 2023
Other operating expenses
Expenses from financial investments	(3.519.421)	(11.241.819)
Foreign exchange losses on financial assets	(41.613)	(2.617.239)
	(3.561.034)	(13.859.058)

29. FINANCIAL INCOME AND EXPENSES

The details of finance income and expenses for the periods are as follows:

	1 January 31 December 2024	1 January 31 December 2023
Finance income
Foreign exchange gains	25.495.896	132.199.925
Interest income	3.350.182	43.806.549
	28.846.078	176.006.475

2024 unless otherwise indicated)

29. FINANCIAL INCOME AND EXPENSES (continued)

	1 January 31 December 2024	1 January 31 December 2023
Finance expenses
Foreign exchange losses	(679.987)	(26.552.659)
Interest expense	(2.456.722)	(3.905.828)
Loan interest expenses	(802.125)	(966.327)
	(3.938.834)	(31.424.815)

30. FINANCIAL INSTRUMENTS

Capital Risk Management

While trying to ensure the continuity of its activities in capital management, the Group also aims to increase its profits by using the debt and equity balance in the most efficient way. The Group's capital structure consists of equity items including issued capital, reserves and retained earnings.

The gearing ratios for the periods are as follows:

	1 January	1 January
	31 December 2024	31 December 2023

Total financial liabilities	19.286.390	35.264.931
Less: Cash and cash equivalents	(205.023.951)	(435.637.009)
Net debt	(185.737.561)	(400.372.078)
Total equity	1.551.365.517	1.751.677.031
Debt/equity ratio	(0,1197)	(0,2286)

Risk Management System

When calculating the Group's capital risk management, debts and equity items including cash and cash equivalents, paid-in capital, defined benefit plans remeasurement gains / losses, restricted reserves from profit and retained earnings / (losses) are considered, respectively.

The risks associated with each capital class, together with the group capital cost, are evaluated by the senior management. Based on senior management assessments, it is aimed to keep the capital structure in balance through the acquisition of new debt or repayment of existing debt, as well as through dividend payments.

(Amounts expressed in thousands of Turkish Lira ("TRL") in terms of the purchasing power of the TRL at December 31, 2024 unless otherwise indicated)

31. NATURE AND LEVEL OF RISKS ARISING FROM DERIVATIVE FINANCIAL INSTRUMENTS

Risk management disclosures

The Group's activities expose it to a variety of financial risks, including the effects of changes in debt and equity market prices, foreign currency exchange rates and interest rates. The Group's overall risk management program focuses on the unpredictability of financial markets and seeks to minimize potential adverse effects on the financial performance of the Group.

Credit risk

Credit risk is the risk that a customer or a counterparty will not fulfil its contractual obligations and arises mainly from customer receivables.

	Receivables
		Trade receivables		Other receivables
	Related		Related	Third	Bank	Financial
31 December 2024	Party	Third Party	Party	Party	deposits	Invements
Maximum credit risk exposed as		109.252.547		11.814.445	205.023.951	16.286.162
of balance sheet date, (A+B+C+D)	--		--
- Secured portion of the maximum
credit risk by guarantees	--	--	--	--	--	--
A. Net book value of financial assets
that are neither past due nor im		109.252.547		11.814.445	205.023.951	16.286.162
paired	--		--
B. Net book value of the impaired
assets	--	--	--	--	--	--
- Past due (gross carrying amount)	--	1.302.575	--	--	--	--
- Impairment (-)	--	(1.302.575)	--	--	--	--
- Secured portion of the net value
by guarantees, etc.	--	--	--	--	--	--

		Trade receivables		Other receivables
31 December 2023	Related Party	Third Party	Related Party	Third Party	Bank deposits	Financial Investments
Maximum credit risk ex
posed as of balance sheet		112.506.091	--	26.803.483	435.517.897	84.274.962
date, (A+B+C+D)	--
- Secured portion of the
maximum credit risk by		--	--	--	--	- -
guarantees	--
A. Net book value of fi
nancial assets that are nei		112.506.091	--	26.803.483	435.517.897	84.274.962
ther past due nor impaired	--
B. Net book value of the		--	--	--	--	--
impaired assets	--
- Past due (gross carrying		1.314.665	--	--	--	--
amount)	--
- Impairment (-)	--	(1.314.665)	--	--	--	--
- Secured portion of the
net value by guarantees,		--	--	--	--	--
etc.	--

The Group monitors the collectability of its trade receivables periodically and allocates provision for doubtful receivables for possible losses that may arise from doubtful receivables based on the collection rates of previous years. Following the provision for doubtful receivables, if all or part of the doubtful receivable amount is collected, the collected amount is deducted from the doubtful receivable provision and associated with profit or loss

(Amounts expressed in thousands of Turkish Lira ("TRL") in terms of the purchasing power of the TRL at December 31, 2024 unless otherwise indicated)

31. NATURE AND LEVEL OF RISKS ARISING FROM DERIVATIVE FINANCIAL INSTRUMENTS (continued)

Liquidity risk

The Group manages liquidity risk by maintaining adequate funds and available borrowing by regularly monitoring forecast and actual cash flows and matching the maturities of financial assets and liabilities. Prudent liquidity risk management expresses the ability to keep sufficient cash, the availability of sufficient credit transactions, the availability of fund resources and the ability to close market positions.

The funding risk of current and prospective debt requirements is managed by maintaining the availability of sufficient number of high-quality lenders.

The table below shows the maturity distribution of the Group's non-derivative financial liabilities:

31 December 2024

Contractual maturity	Carrying Value	Contractual cash flows	Up to 3 months	3 - 12 month	1 - 5years	More than 5 years
Non derivative financial
liabilities	69.728.966	69.728.966	52.410.225	1.895.737	12.638.245	2.784.759
Loans and borrowings	1.335.737	1.335.737	1.335.737	--	--	--
Lease liabilities	17.950.653	21.806.404	631.912	1.895.737	19.278.755	21.806.404
Trade payables	46.436.576	46.436.576	46.436.576	--	--	--
Other payables	4.006.000	4.006.000	4.006.000	--	--	--

Contractual maturity	Carrying Value	Contractual cash flows	Up to 3 months	3 - 12 month	1 - 5years	More than 5 years
Non derivative financial liabilities	57.645.013	58.683.000	33.679.708	2.339.984	14.539.412	8.052.237
Loans and borrowings	10.924.993	10.996.652	10.620.972	304.021	--	--
Trade payables	24.339.938	25.306.265	678.654	2.035.963	14.539.412	8.052.237
Other payables	15.659.008	15.659.008	15.659.008	--	--	--
Other debts	6.721.074	6.721.074	6.721.074	--	--	--

31 December 2023

31. NATURE AND LEVEL OF RISKS ARISING FROM DERIVATIVE FINANCIAL INSTRUMENTS (continued)

2024 unless otherwise indicated)

For the periods, the Group's foreign currency position consists of foreign currency denominated assets and liabilities stated in the table below:

TRY TRY Equivalent USD EUR Equivalent USD EUR 10.467.585 198.852 93.968 44.391.781 178.080 1.201.865 1 Trade payables 83.516.542 199.044 2.082.257 390.296.699 5.021.761 7.443.540 2a. Monetary financial assets -- -- -- -- -- -- 2b. Non-Monetary financial assets -- -- -- 2.469.439 11.178 65.708 3 Other 93.984.127 397.896 2.176.225 437.157.919 5.211.018 8.711.113 4 Current assets (1+2+3) -- -- -- -- -- -- 5 Trade receivables -- -- -- -- -- -- 6a. Monetary financial assets -- -- -- -- -- -- 6b. Non-Monetary financial assets -- -- -- -- -- -- 7 Other -- -- -- -- -- -- 8 Non- Current assets (5+6+7) 93.984.127 397.896 2.176.225 -- -- -- 9 Total assets (4+8) (10.090.795) 189.891 (457.048) 437.157.919 5.211.018 8.711.113 10 Trade payables 21.803 618 -- 9.400.613 169.608 135.313 11 Financial borrowings -- -- -- -- -- -- 12a. Other Monetary financial liabilities Other Non-Monetary financial -- -- -- -- -- -- 12b. liabilities (10.068.992) 190.509 (457.048) -- -- -- 13 Current liabilities (10+11+12) -- -- -- 9.400.613 169.608 135.313 14 Trade payables -- -- -- -- -- -- 15 Financial borrowings -- -- -- -- -- -- 16a. Other Monetary financial liabilities Other Non-Monetary financial -- -- -- -- -- -- 16b. liabilities -- -- -- -- -- -- 17 Non-Current liabilities (14+15+16) (10.068.992) 190.509 (457.048) 9.400.613 169.608 135.313 18 Total liabilities (13+17) . Net asset / liability position of off-balance sheet derivatives (19a -- -- -- 19 19b)			31 December 2024			31 December 2023




























	19a.	Total amount of assets hedged	--	--	--	--	--	--
-- -- -- -- -- -- 19b. Total amount of liabilities hedged
Net foreign currency asset
104.053.119 207.387 2.633.273 427.757.306 5.041.411 8.575.800 20 /(liability)position (9-18+19)
Net foreign currency asset /
(liability) position of monetary items (1+2a+5+6a-10-11-12a-14-
104.053.119 207.387 2.633.273 427.757.306 5.041.411 8.575.800 21 15-16a)

31. NATURE AND LEVEL OF RISKS ARISING FROM DERIVATIVE FINANCIAL INSTRUMENTS (continued)

Foreign currency risk(continued)

2024 unless otherwise indicated)

Sensibility analysis

The Group's currency risk consists of the value changes of TL against Euro and USD. The basis of the sensitivity analysis to measure the currency risk is to make the total currency statement made throughout the organization. Total foreign currency position includes all foreign currency based short-term and long-term purchase agreements and all assets and liabilities.

The exchange rate sensitivity analysis for the periods are as follows:

		2024		2023
		Profit / (Loss)		Profit / (Loss)
	Appreciation of	Depreciation of	Appreciation of	Depreciation of
	foreign currency	foreign currency	foreign currency	foreign currency
		In case of %10 appreciation of USD against TRY
1- USD net asset/liability	2.075.910	(2.075.910)	14.841.027	(14.841.027)
2- Amount hedged for USD risk (-)	--	--	--	--
3- USD net effect (1+2)	2.075.910	(2.075.910)	14.841.027	(14.841.027)


4- EUR net asset/liability	9.673.644	(9.673.644)	27.934.712	(27.934.712)
5- Amount hedged for EUR risk (-)	--	--	--	--
6- EUR net effect (4+5)	9.673.644	(9.673.644)	27.934.712	(27.934.712)


Total net effect (3+6+9)	11.749.554	(11.749.554)	42.775.740	(42.775.740)

32. FINANCIAL INSTRUMENTS (FAIR VALUE EXPLANATION)

For the periods, the book values and fair values of assets and liabilities are shown in the table below:

		31 December 2024		31 December 2023
Financial assets	Note	Book value	Fair value	Book value	Fair value
Cash and cash equivalents	4	205.023.951	205.023.951	435.637.009	435.637.009
Financial investments	5	16.286.162	16.286.162	84.274.964	84.274.964
Trade receivables	6	109.252.547	109.252.547	112.506.091	112.506.091
Other receivables	8	11.814.445	11.814.445	26.803.483	26.803.483
Total financial assets		342.377.105	342.377.105	659.221.547	659.221.547
Financial liabilities
Financial borrowings		1.335.737	1.335.737	10.897.781	10.924.993
Trade payables	6	46.436.576	46.436.576	15.659.008	15.659.008
Other payables	8	23.987.584	23.987.584	21.584.497	21.584.497
Payables related to employment benefits		6.147.457	6.147.457	9.091.003	9.091.003
Total financial liabilities		77.907.354	77.907.354	57.232.289	57.259.501
Net		264.469.751	264.469.751	601.989.258	601.962.046

33. OTHER MATTERS THAT SIGNIFICANTLY AFFECT THE FINANCIAL STATEMENTS OR SHOULD BE DISCLOSED IN ORDER TO MAKE THE FINANCIAL STATEMENTS CLEAR, INTERPRETABLE AND UNDERSTANDABLE.

The effects of the adjustments made by the Group within the scope of IAS 29 on an account group basis are as follows:

Monetary Loss/Gain

	1 January	1 January
	31 December 2024	31 December 2023
Operating Profit Before Finance Expenses	72.971.658	112.913.558
Finance Expenses (-)	(3.938.834)	(31.424.815)
Finance Income (+)	28.846.078	176.006.475
Monetary Loss	(266.616.008)	(468.446.488)
Stocks	78.887.557	(70.390.208)
Financial Investments	117.195.137	83.196.945
Fixed Assets	295.086.251	175.314.401
Equity	(585.310.187)	(674.284.777)
Index effect on statement of profit and loss	(81.397.687)	(86.824.369)
Current period adjustment factor indexation effect	(91.077.079)	104.541.521
Profit Before Tax	(168.737.106)	(210.951.270)
Tax	(50.139.040)	13.628.239
Profit/(Loss) for the Period	(218.876.146)	(197.323.031)

34. FEES RELATED TO THE SERVICES RECEIVED FROM THE INDEPENDENT AUDIT ORGANIZATION

The Group's explanation regarding the fees for the services provided by the independent auditors, which is prepared in accordance with the Board Decision of the POA published in the Official Gazette dated 30 March 2021 and based on the POA letter dated 19 August 2021, is explained below:

	31 Aralık 2024	31 Aralık 2023
Independent Audit Fee for the Reporting Period	966.883	613.610
Toplam	966.883	613.610

35. SUBSEQUENT EVENTS

There is none.

AI Terminal

ANATOLİA TANI VE BİYOTEKNOLOJİ ÜRÜNLERİ ARAŞTIRMA GELİŞTİRME SANAYİ VE TİCARET A.Ş.

9080_rns_2025-02-28_5a4b3c42-4d4b-4d45-b195-41521286d4d4.pdf

INDEPENDENT AUDITOR'S REPORT

Independent Audit of Consolidated Financial Statements

Basis for Opinion

Key Audit Issues

Management's and Senior Management's Responsibilities for the Consolidated Financial Statements

Independent Auditor's Responsibilities for the Audit of the Consolidated Financial Statements

Other Liabilities Arising from Legislation

CONTENTS CONSOLIDATED STATEMENT OF FINANCIAL POSITION CONSOLIDATED STATEMENTS OF PROFIT OR LOSS AND COMPREHENSIVE INCOME CONSOLIDATED STATEMENT OF CHANGES IN EQUITY CONSOLIDATED STATEMENTS OF CASH FLOWS CONSOLIDATED NOTES TO THE FINANCIAL STATEMENTS

Contents

1. GROUP'S ORGANIZATION AND NATURE OF OPERATIONS

Subsidiaries

2. BASIS OF PRESENTATION OF CONSOLIDATED FINANCIAL STATEMENTS

2.1. Basis of presentation

Accounting policies

Approval of consolidated financial statements

Financial reporting in hyperinflationary economy

2. BASIS OF PRESENTATION OF CONSOLIDATED FINANCIAL STATEMENTS (Continued)

2.1. Basis of presentation (Continued)

Financial reporting in hyperinflationary economy (Continued)

Comparative Information and Correction of Prior Financial Statements

Functional and presentation currency

Financial statements of subsidiaries operating in countries other than Turkey

Netting/Offsetting

2.2. Changes in Accounting Policies

2. BASIS OF PRESENTATION OF CONSOLIDATED FINANCIAL STATEMENTS (Continued)

2.3. Basis of presentation (Continued)

2.3. Restatement and Errors in the Accounting Policies and Estimates

2.4. Going concern

2.5. New and Amended Turkish Financial Reporting Standards

a) Amendments and interpretations effective from 2024

TAS 1 (Amendments) Classification of Liabilities as Current or Non-Current

IFRS 16 (Amendments) Lease Liability in a Sale and Leaseback Transaction

2. BASIS OF PRESENTATION OF CONSOLIDATED FINANCIAL STATEMENTS (Continued)

New and Amended Turkish Financial Reporting Standards (Continued)

IAS 1 (Amendments) Long-term Liabilities with Credit Agreement Terms

TAS 7 and TFRS 7 (Amendments) Supplier Financing Arrangements

TSRS 1 General requirements for disclosure of sustainability-related financial information

TSRS 2 Climate Related Disclosures

b) Standards, amendments and interpretations to existing standards that are not yet effective

2. BASIS OF PRESENTATION OF CONSOLIDATED FINANCIAL STATEMENTS (Continued)

New and Amended Turkish Financial Reporting Standards (Continued)

TFRS 17 - Insurance Contracts

TFRS 17 (Amendments) Insurance Contracts and First-time Adoption of TFRS 17 and TFRS 9 - Comparative Information

TAS 21 (Amendments) Lack of Exchangeability

2.6. Summary of significant accounting policies

Consolidation Principles

2. BASIS OF PRESENTATION OF CONSOLIDATED FINANCIAL STATEMENTS (Continued)

2.6. Summary of significant accounting policies (Continued)

Related Parties

Cash and Cash Equivalents

Trade Receivables and Allowance for Doubtful Receivables

2. BASIS OF PRESENTATION OF CONSOLIDATED FINANCIAL STATEMENTS (Continued)

2.6. Summary of significant accounting policies (Continued)

Impairment

Trade Payables

Inventories

Property, plant and equipment and related depreciation

Intangible assets and related amortization

2. BASIS OF PRESENTATION OF CONSOLIDATED FINANCIAL STATEMENTS (Continued)

2.6. Summary of significant accounting policies (Continued)

Impairment of assets

Financial assets

Classification

Recognition and Measurement

a) Financial assets measured at amortized cost

2. BASIS OF PRESENTATION OF CONSOLIDATED FINANCIAL STATEMENTS (Continued)

2.6. Summary of significant accounting policies (Continued)

Financial assets measured at fair value

i. Financial assets measured at fair value through other comprehensive income

ii. Financial assets measured at fair value through profit or loss

Derecognition

Impairment

2. BASIS OF PRESENTATION OF CONSOLIDATED FINANCIAL STATEMENTS (Continued)

2.6. Summary of significant accounting policies (Continued)

Financial liabilities

a) Financial liabilities at fair value through profit and loss

b) Other financial liabilities