Quarterly Report • Oct 30, 2025
Quarterly Report
Open in ViewerOpens in native device viewer
CONVENIENCE TRANSLATION INTO ENGLISH OF CONDENSED FINANCIAL STATEMENTS FOR THE INTERIM PERIOD 1 JANUARY - 30 SEPTEMBER 2025
(ORIGINALLY ISSUED IN TURKISH)
| CONTENTS | PAGE |
|---|---|
| CONDENSED STATEMENT OF FINANCIAL POSITION | 1-2 |
| CONDENSED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME |
3 |
| CONDENSED STATEMENT OF CHANGES IN EQUITY |
4 |
| CONDENSED STATEMENT OF CASH FLOWS | 5 |
| NOTES TO THE CONDENSED THE FINANCIAL STATEMENTS | 6-41 |
| Notes | Not Reviewed 30 September 2025 |
Audited 31 December 2024 |
|
|---|---|---|---|
| ASSETS | |||
| Cash and cash equivalents | 3 | 6,123,256,161 | 6,646,311,667 |
| Trade receivables | 5 | 2,666,298,904 | 2,919,022,617 |
| -Trade receivables from related parties | 5,18 | 61,757,714 | 181,015,146 |
| -Trade receivables from other parties | 2,604,541,190 | 2,738,007,471 | |
| Other receivables | 536,580,104 | 204,802,525 | |
| -Other receivables from other parties | 536,580,104 | 204,802,525 | |
| Inventories | 6 | 2,191,605,255 | 2,115,106,211 |
| Biological assets | 7 | 2,096,077,253 | 2,054,601,235 |
| Prepaid expenses | 8 | 534,572,440 | 300,160,501 |
| Current tax assets | 13 | 212,446,684 | - |
| Other current assets | 9 | 1,385,103,156 | 1,624,042,168 |
| Current Assets | 15,745,939,957 | 15,864,046,924 | |
| Other receivables | 809,509 | 1,015,364 | |
| -Other receivables from other parties | 809,509 | 1,015,364 | |
| Property, plant and equipment | 10 | 7,075,700,165 | 7,363,389,479 |
| Intangible assets | 11 | 31,532,520 | 53,520,721 |
| -Other intangible assets | 31,532,520 | 53,520,721 | |
| Right of use assets |
231,015,919 | 310,376,549 | |
| Prepaid expenses | 62,489 | 340,180 | |
| Non Current Assets |
7,339,120,602 | 7,728,642,293 | |
| TOTAL ASSETS | 23,085,060,559 | 23,592,689,217 |
AS AT 30 SEPTEMBER 2025 AND 31 DECEMBER 2024
| Not Reviewed | Audited | ||
|---|---|---|---|
| Notes | 30 September 2025 | 31 December 2024 | |
| LIABILITIES | |||
| Short term borrowings | 4 | 3,798,999,993 | 2,256,350,216 |
| Short term portions of long term borrowings | 4 | 48,601,318 | 62,114,711 |
| Short term lease liabilities | 4 | 80,694,369 | 89,696,966 |
| Other financial liabilities | 4 | 22,585,845 | 76,961,132 |
| Trade payables | 5 | 5,072,510,294 | 5,843,349,163 |
| -Trade payables to related parties | 5,18 | - | 370,376,054 |
| -Trade payables to other parties | 5,072,510,294 | 5,472,973,109 | |
| Payables related to the employee benefits | 504,165,436 | 311,603,197 | |
| Other payables | 21,245,318 | 155,367,767 | |
| -Other payables to related parties | 21,245,318 | 23,404,780 | |
| -Other payables to other parties | - | 131,962,987 | |
| Deferred income | 356,970,539 | 371,435,508 | |
| Short term provisions | 556,388,784 | 363,605,470 | |
| -Provisions related to the employee benefits | 261,956,146 | 326,876,014 | |
| -Other short term provisions | 294,432,638 | 36,729,456 | |
| Current tax liabilities | 13 | - | 211,127,869 |
| Short Term Liabilities | 10,462,161,896 | 9,741,611,999 | |
| Long term borrowings | 4 | 37,385,792 | 67,789,690 |
| Long term lease liabilities | 4 | 53,851,587 | 119,960,587 |
| Deferred income | 9,884,259 | 12,397,785 | |
| Long term provisions | 660,318,068 | 754,777,460 | |
| -Provisions related to the employee benefits | 660,318,068 | 754,777,460 | |
| Deferred tax liability | 13 | 280,004,404 | 348,004,601 |
| Long Term Liabilities | 1,041,444,110 | 1,302,930,123 | |
| TOTAL LIABILITIES | 11,503,606,006 | 11,044,542,122 | |
| Share capital | 12 | 100,023,579 | 100,023,579 |
| Adjustment to share capital | 12 | 2,531,067,506 | 2,531,067,506 |
| Accumulated other comprehensive expense | |||
| that will not be reclassified through profit or loss | (377,299,566) | (366,390,718) | |
| -Remeasurement of the defined benefit liability | (1,037,597,604) | (1,037,597,604) | |
| -Fixed assets revaluation | 12 | 660,298,038 | 671,206,886 |
| Restricted reserves | 12 | 312,361,125 | 305,325,601 |
| Other reserves | 12 | 103,616,386 | 103,616,386 |
| Retained earnings | 12 | 9,878,378,065 | 5,360,195,379 |
| Profit/(Loss) for the period | (966,692,542) | 4,514,309,362 | |
| Total Equity | 11,581,454,553 | 12,548,147,095 | |
| TOTAL EQUITY AND LIABILITIES | 23,085,060,559 | 23,592,689,217 |
1 JANUARY - 30 SEPTEMBER 2025 AND 2024
| PROFIT OR LOSS | Notes | Not Reviewed 1 January - 30 September 2025 |
Not Reviewed 1 January - 30 September 2024 |
Not Reviewed 1 July - 30 September 2025 |
Not Reviewed 1 July - 30 September 2024 |
|---|---|---|---|---|---|
| Revenue | 14 | 24,662,505,760 | 30,061,125,493 | 8,036,491,337 | 9,892,580,271 |
| Cost of sales | 14 | (23,410,115,234) | (22,583,922,021) | (7,842,606,538) | (7,486,273,777) |
| Gross profit | 1,252,390,526 | 7,477,203,472 | 193,884,799 | 2,406,306,494 | |
| General administrative expenses Selling, marketing and |
(895,024,835) | (693,723,519) | (304,561,252) | (229,071,050) | |
| distribution expenses | (1,637,830,979) | (1,712,579,001) | (520,214,293) | (588,079,153) | |
| Research and development expenses | (444,061) | (873,793) | (176,957) | (277,872) | |
| Other operating income | 15 | 803,334,988 | 973,173,032 | 215,727,102 | 433,982,169 |
| Other operating expenses | 15 | (613,313,804) | (535,582,547) | (142,392,273) | (179,465,839) |
| Operating profit/(loss) | (1,090,888,165) | 5,507,617,644 | (557,732,874) | 1,843,394,749 | |
| Income from investing activities Loss from investing activities |
5,861,261 - |
441,796 - |
(1,315) - |
441,796 581,774 |
|
| Operating profit/(loss) before financial income/(expense) |
(1,085,026,904) | 5,508,059,440 | (557,734,189) | 1,844,418,319 | |
| Finance income | 1,624,848,372 | 860,469,990 | 445,026,229 | 465,125,477 | |
| Finance expenses | (1,036,827,941) | (1,279,751,500) | (430,640,656) | (475,388,021) | |
| Monetary gain/(loss) | 16 | (341,320,201) | 842,810,076 | (78,441,861) | 58,134,946 |
| Net income/(Loss) Before Tax from Continuing Operations |
(838,326,674) | 5,931,588,006 | (621,790,477) | 1,892,290,721 | |
| Current tax expense | 13 | (196,366,065) | (1,252,420,876) | 49,366,872 | (2,795,425) |
| Deferred tax income/(expense) | 13 | 68,000,197 | (224,047,612) | (96,089,232) | (213,170,270) |
| Profit/(loss) for the period | (966,692,542) | 4,455,119,518 | (668,512,837) | 1,676,325,026 | |
| Allocation of profit/(loss) | |||||
| Non-controlling interests | - | - | - | - | |
| Owner of the company | (966,692,542) | 4,455,119,518 | (668,512,857) | 1,676,325,026 | |
| Earnings/(losses) per share OTHER COMPREHENSIVE EXPENSE |
19 | (9,66465) | 44,54069 | (6,68355) | 16,75930 |
| Items will not be reclassified | |||||
| through profit or loss | - | - | - | - | |
| Defined benefit plans remeasurement losses |
- | - | - | - | |
| Tax income related to remeasurement | |||||
| losses on defined benefit plans | - | - | - | - | |
| Items will be reclassified through profit or loss |
- | - | - | 8,291,653 | |
| Currency translation differences | - | - | - | 8,291,653 | |
| Total other comprehensive income | - | - | - | 8,291,653 | |
| TOTAL COMPREHENSIVE INCOME/(LOSS) |
(966,692,542) | 4,455,119,518 | (668,512,837) | 1,684,616,679 | |
| Other accumulated comprehensive income and expenses not to be reclassified in profit or loss |
Other accumulated comprehensive income and expenses to be reclassified in profit or loss |
Retained Earnings |
||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Share capital |
Adjustment to share Capital |
Re measurement of the defined benefit liability |
Revaluation funds |
Currency translation differences |
Other reserves |
Restricted reserves |
Retained earnings |
Profit/ (loss) for the period |
Total equity |
|
| Balance at 1 January 2024 |
100,023,579 | 2,531,067,506 | (1,335,030,369) | 686,003,151 | 1,111,276,000 | 103,616,386 | 305,325,601 | 2,744,625,687 | 1,723,949,689 | 7,970,857,230 |
| Transfers Liquidation effect Total comprehensive income |
- - - |
- - - |
- - - |
(12,645,984) - - |
(876,823,740) (234,452,260) - |
- - - |
- - - |
2,613,419,413 - - |
(1,723,949,689) - 4,455,119,518 |
- (234,452,260) 4,455,119,518 |
| Balance at 30 September 2024 |
100,023,579 | 2,531,067,506 | (1,335,030,369) | 673,357,167 | - | 103,616,386 | 305,325,601 | 5,358,045,100 | 4,455,119,518 | 12,191,524,488 |
| Balance at 1 January 2025 | 100,023,579 | 2,531,067,506 | (1,037,597,604) | 671,206,886 | - | 103,616,386 | 305,325,601 | 5,360,195,379 | 4,514,309,362 | 12,548,147,095 |
| Transfers Total comprehensive income |
- - |
- - |
- - |
(10,908,848) - |
- - |
- - |
7,035,524 - |
4,518,182,686 - |
(4,514,309,362) (966,692,542) |
- (966,692,542) |
| Balance at 30 September 2025 | 100,023,579 | 2,531,067,506 | (1,037,597,604) | 660,298,038 | - | 103,616,386 | 312,361,125 | 9,878,378,065 | (966,692,542) | 11,581,454,553 |
| unless otherwise indicated.) | Not Reviewed | Not Reviewed | |
|---|---|---|---|
| Notes | 1 January 30 September 2025 |
1 January 30 September 2024 |
|
| A. CASH FLOWS ARISING FROM OPERATING ACTIVITIES | (1.058.645.179) | 4,159,419,503 | |
| Profit/(loss) for the period | (966,692,542) | 4,455,119,518 | |
| Adjustments regarding profit/(loss) reconciliation for the period: | 1.685.529.201 | 2,496,351,694 | |
| Adjustment of depreciation and amortization Adjustment of decrease in value of trade receivables |
1,378,118,238 5.367.047 |
1,554,150,721 (4,425,260) |
|
| Adjustments for fair value (gains)/losses of derivative financial instruments | - | (14,119,455) | |
| Adjustment of decrease in value in inventories | 6 | (10,448,876) | (18,235,763) |
| Adjustment of provisions for employee benefits | 376,568,770 | 206,417,625 | |
| Adjustments for provisions | 290.981.781 | (7,750,099) | |
| Adjustments for tax (income)/expense | 13 | 128.365.868 | 1,476,468,488 |
| Adjustments related to interest expenses | 661,718,849 | 698,116,619 | |
| Adjustments related to interest income | (1,607,820,585) | (734,793,627) | |
| Monetary gain/loss | 462.678.109 | (659.477.555) | |
| Changes in working capital | (1,777,481,838) | (2,792,051,709) | |
| Change in trade receivables | (371,422,506) | (1,175,949,844) | |
| Change in inventories | (66,050,168) | 385,896,130 | |
| Change in trade payables | 406,392,994 | 601,546,417 | |
| Change in employee benefits | 280,130,625 | (117,319,077) | |
| Change in other assets regarding operating activities | (1,042,651,949) | (874,272,133) | |
| Change in other liabilities regarding operating activities | (48,282,467) | (249,816,175) | |
| Income taxes paid | (612,740,924) | (1,209,240,397) | |
| Payments made within the scope of provisions for employment | |||
| benefits | (322,857,443) | (152,896,630) | |
| B. CASH FLOWS FROM INVESTING ACTIVITIES | (1,005,960,509) | (902,319,298) | |
| Cash inflow from sale of property, plant, equipment and intangible | |||
| assets | 32,701,935 | 10,645,353 | |
| Cash outflow from purchasing of property, plant, equipment, and | |||
| intangible assets | (115,066,040) | (31,112,634) | |
| Cash inflow from sale of biological assets | 7 | 15,238,800,181 | 15,297,108,485 |
| Cash outflow from purchasing of biological assets | 7 | (16,162,674,276) | (16,205,069,083) |
| Cash advances given and payables | 277,691 | 26,108,581 | |
| C. CASH FLOWS FROM FINANCING ACTIVITIES | 3,023,099,836 | 480,869,003 | |
| Cash inflow from loans | 4 | 3.191.887.865 | 1,936,659,714 |
| Cash outflow from repayment of borrowings | 4 | (1.020.259.313) | (1,782,372,987) |
| Cash outflow from payment of lease liabilities | (71,359,548) | (98,849,639) | |
| Cash outflow from other financial borrowings | (42,470,557) | (56,087,785) | |
| Interest received | 1,607,820,585 | 734,793,623 | |
| Interest paid | (642,519,196) | (253,273,923) | |
| D. EFFECT OF CHANGE IN FOREIGN CURRENCY RATES ON CASH AND CASH EQUIVALENTS |
- | (234,452,259) | |
| E.NET INCREASE IN CASH AND CASH EQUIVALENTS (A+B+C+D) |
958,494,148 | 3,503,516,949 | |
| F. CASH AND CASH EQUIVALENTS IN THE BEGINNING OF THE PERIOD |
6,579,729,037 | 2,165,787,048 | |
| G. MONETARY LOSS ON CASH AND CASH EQUIVALENTS | (1,436,782,675) | (966,276,364) | |
| H. CASH AND CASH EQUIVALENTS AT THE END OF THE | |||
| PERIOD (F+G) | 3 | 6,101,440,510 | 4,703,027,633 |
(Amounts on tables expressed in Turkish Lira ("TRY") in terms of purchasing power of the TRY on 30 September 2025 unless otherwise indicated.)
Banvit Bandırma Vitaminli Yem Sanayi Anonim Şirketi ("the Company" or "Banvit") was established in 1968 in Bandırma, Turkey, 8.29% of Banvit's shares (December 31, 2024: 8.29%) are publicly traded on Borsa İstanbul Anonim Şirketi ("BIST")
The Company's principal activities include the production, processing, sales, and marketing of feed, breeder eggs, day-old broiler chicks, live broilers, broiler meat, and further processed products.
As of September 30, 2025 and December 31, 2024 the shareholders and shareholding structure of the Company are as follows:
| 30 September 2025 | 31 December 2024 | |
|---|---|---|
| TBQ Foods GmbH | 91.71% | 91.71% |
| Other (Publicly Traded Portion) | 8.29% | 8.29% |
| 100% | 100% |
As of 30 September 2025, and 31 December 2024, the number of personnel by category is as follows:
| 30 September 2025 | 31 December 2024 | |
|---|---|---|
| Blue collar | 4,202 | 4,464 |
| White collar | 689 | 670 |
| 4,891 | 5,134 |
The address of the registered office and headquarters of the Company is as follows:
Ömerli Mahallesi, Ömerli Sokak, No: 208 10202 Bandırma - Balıkesir/ Turkey
Website:http://www.banvit.com/
(Amounts on tables expressed in Turkish Lira ("TRY") in terms of purchasing power of the TRY on 30 September 2025 unless otherwise indicated.)
The accompanying condensed interim financial statements have been prepared in accordance with the provisions of the Capital Markets Board of Turkey ("CMB") Communiqué No. II-14.1 on "Principles of Financial Reporting in Capital Markets", published in the Official Gazette No. 28676 dated June 13, 2013. In accordance with Article 5 of the Communiqué, Turkish Financial Reporting Standards ("TFRS") as promulgated by the Public Oversight Accounting and Auditing Standards Authority ("POA"), together with its additional standards and interpretations, have been applied. TFRS is updated through communiqués to ensure compliance with amendments in International Financial Reporting Standards.
The interim condensed financial statements have been presented in accordance with the formats specified in the Announcement on TFRS Taxonomy published by POA on July 3, 2024, and the Financial Statement Examples and User Guide issued by the CMB.
In accordance with Turkish Accounting Standard No: 34 "Interim Financial Reporting", entities are allowed to prepare either a full set or condensed interim financial statements. In this context, the Company has opted to prepare condensed interim financial statements. Therefore, these condensed interim financial statements should be read in conjunction with the Company's annual financial statements prepared as of December 31, 2024.
The interim financial statements have been prepared by reflecting necessary adjustments and reclassifications to the statutory records in order to present them fairly in accordance with TFRS. Except for financial assets and derivative financial instruments carried at fair value, the interim financial statements have been prepared on the historical cost basis. In determining the historical cost, the fair value of the consideration paid for assets is generally taken as the basis.
The condensed interim financial statements of the Company as of September 30, 2025, were approved for publication by the Board of Directors of Banvit Bandırma Vitaminli Yem Sanayi A.Ş. on October 30, 2025. The General Assembly and relevant regulatory bodies have the authority to amend the statutory financial statements and the condensed interim financial statements prepared in accordance with TFRS, as per applicable regulations.
In accordance with the announcement made by the Public Oversight Accounting and Auditing Standards Authority ("POA") on November 23, 2023, entities applying Turkish Financial Reporting Standards ("TFRS") have started to apply inflation accounting in accordance with TAS 29 "Financial Reporting in Hyperinflationary Economies" for annual reporting periods ending on or after December 31, 2023. TAS 29 is applicable to entities whose functional currency is that of a hyperinflationary economy, and requires that financial statements be expressed in terms of the purchasing power of the currency at the balance sheet date. Comparative figures for prior periods are also restated in terms of the measuring unit current at the end of the reporting period.
Accordingly, the Company has presented its financial statements as of both September 30, 2025 and December 31, 2024 in terms of the purchasing power of the Turkish Lira as of September 30, 2025. This is in line with the CMB's decision dated December 28, 2023 and numbered 81/1820, which mandates the application of TAS 29 for entities subject to financial reporting regulations.
(Amounts on tables expressed in Turkish Lira ("TRY") in terms of purchasing power of the TRY on 30 September 2025 unless otherwise indicated.)
In accordance with the Capital Markets Board (CMB) decision dated December 28, 2023 and numbered 81/1820, issuers and capital market institutions subject to financial reporting regulations and applying Turkish Accounting/Financial Reporting Standards are required to apply inflation accounting starting from their annual financial statements for the accounting periods ending on December 31, 2023, by implementing the provisions of TAS 29 "Financial Reporting in Hyperinflationary Economies."
The restatements in accordance with TAS 29 have been made using the adjustment factor derived from the Consumer Price Index ("CPI") in Turkey published by the Turkish Statistical Institute. As of September 30, 2025, the indexes and adjustment factors used in the restatement of the financial statements are as follows:
| Dates | Index | Adjustment Coefficent |
Three-Year Compound Inflation Rate |
|---|---|---|---|
| 30 September 2025 | 3,367.22 | 1,00000 | 222% |
| 31 December 2024 | 2,684.55 | 1,25430 | 291% |
| 30 September 2024 | 2,526.16 | 1,33294 | 343% |
The main components of Company's restatement for the purpose of financial reporting in hyperinflationary economies are as follows:
(Amounts on tables expressed in Turkish Lira ("TRY") in terms of purchasing power of the TRY on 30 September 2025 unless otherwise indicated.)
Transactions in foreign currencies are translated to TRY at exchange rates at the dates of the transactions.
Monetary assets and liabilities denominated in foreign currencies are translated into the functional currency at the exchange rate at the reporting date, Non-monetary assets and liabilities that are measured at fair value in a foreign currency are translated into the functional currency at the exchange rate when the fair value was determined, Foreign currency differences are generally recognized in profit or loss, Non-monetary items that are measured based on historical cost in a foreign currency are not translated,
The closing exchange rates for the periods are as follows:
| 30 September 2025 | 31 December 2024 | |||
|---|---|---|---|---|
| Period End | Average | Average | ||
| Euro ("EUR")/TRY | 48,7512 | 43,6772 | 36,7362 | 35,4893 |
| United States Dollars ("USD")/TRY | 41,5068 | 38,8939 | 35,2803 | 32,7984 |
(Amounts on tables expressed in Turkish Lira ("TRY") in terms of purchasing power of the TRY on 30 September 2025 unless otherwise indicated.)
The Company has prepared its financial statements in accordance with the going concern principle.
In order to identify trends in financial position and performance, the Company's financial statements are prepared on a comparative basis with the previous period. When necessary to ensure consistency with the presentation of current period financial statements, comparative information is reclassified, and significant differences are disclosed.
The preparation of the company financial statements require Company Management to make estimates and assumptions that affect certain reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Those estimates are reviewed periodically, and as adjustments become necessary, they are reported in statements of income in the periods they become known.
The interim condensed financial statements for the period ended 30 September 2025 have been prepared in accordance with Turkish Financial Reporting Standards ("TFRS") issued by the Public Oversight Accounting and Auditing Standards Authority ("POA"), specifically in compliance with Turkish Accounting Standard 34 Interim Financial Reporting ("TAS 34"). The significant accounting policies applied in the preparation of these condensed financial statements are consistent with those disclosed in detail in the financial statements as of 31 December 2024.
The interim financial statements for the period 1 January - 30 September 2025 should be read in conjunction with the financial statements for the year ended 31 December 2024 in terms of the balance sheet, and with the interim period of 1 January – 30 September 2024 in terms of the statement of profit or loss, statement of cash flows, and statement of changes in equity.
The preparation of the company financial statements require Company Management to make estimates and assumptions that affect certain reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Those estimates are reviewed periodically, and as adjustments become necessary, they are reported in statements of income in the periods they become known.
(Amounts on tables expressed in Turkish Lira ("TRY") in terms of purchasing power of the TRY on 30 September 2025 unless otherwise indicated.)
Significant estimates used in the preparation of these financial statements and the significant judgments with the most significant effect on amounts recognized in the company financial statements are as follows:
In the calculation of provisions for employee termination benefits, the Company utilizes actuarial assumptions including employee turnover rates, discount rates, and expected salary increases.
Provision for doubtful receivables is an estimated amount that Group Management believes to reflect for possible future losses on existing receivables that have collection risk due to current economic conditions.
The useful economic lifetime of Group's assets are determined by Group Management at acquisition date of asset and they are revised regularly, Group determines the useful lifetime of an asset by considering the assets' approximate benefit.
This assessment based on the experience of used similar assets, The Group considers the situation that will become unusable in terms of technical or commercial values, as a result of changes or progression in the market when determine the useful lifetime of an asset.
The frequency of revaluation studies is determined in a manner that ensures the carrying amounts of the revalued property, plant and equipment do not differ materially from their fair values at the end of the relevant reporting period, The frequency of revaluation depends on the changes in the fair values of the items of property, plant and equipment, If the fair value of a revalued asset is considered to differ materially from its carrying amount, a revaluation study must be repeated, and such study is performed for the entire class of assets to which the revalued asset belongs, as of the same date,
On the other hand, for property, plant and equipment whose fair value changes are not material, it is not deemed necessary to repeat revaluation studies annually.
In this context, based on the assessment made by the Company management, it has been assumed that the carrying amounts of land, buildings and land improvements, and machinery, plant and equipment as of 30 September 2025 will approximate their fair values, after deducting the current period depreciation from the fair values determined in the valuation studies conducted as of 31 December 2022 and considering the change in CPI during the interim period.
(Amounts on tables expressed in Turkish Lira ("TRY") in terms of purchasing power of the TRY on 30 September 2025 unless otherwise indicated.)
Deferred tax liabilities are recognized for all taxable temporary differences, whereas deferred tax assets/liabilities arising from deductible temporary differences are recognized only to the extent that it is highly probable that future taxable profit will be available against which these differences can be utilized.
In calculating impairment, the physical status and aging of inventories are reviewed taking into consideration the technical personnel's opinion; and provision is made for items assumed unserviceable. In determining the net realizable value of inventories, inventory price lists and average discount rates of the year are used and assumptions are made in relation to sales expenses to be incurred in the future.
Provisions for lawsuits are recognized based on the likelihood of losing the cases and the potential consequences if they are lost, as evaluated in accordance with the opinions of the Group's legal advisors, The Group Management uses available data to make the best estimates and recognizes provisions as deemed necessary. In cases of disputes with tax authorities, tax expenses must be estimated and evaluated until a decision is received from the relevant authorities or the legal process is concluded, for items where the tax calculation method cannot be precisely determined.
As of the reporting date, the new standards, interpretations, and amendments that have been issued but are not yet effective, and for which early application is permitted but not adopted by the Company, are as follows. Unless otherwise stated, the Company will make the necessary changes to its financial statements and notes upon the effective date of the new standards and interpretations.
● Amendments to IAS 21 - Lack of Exchangeability; effective from annual periods beginning on or after 1 January 2025. An entity is impacted by the amendments when it has a transaction or an operation in a foreign currency that is not exchangeable into another currency at a measurement date for a specified purpose. A currency is exchangeable when there is an ability to obtain the other currency (with a normal administrative delay), and the transaction would take place through a market or exchange mechanism that creates enforceable rights and obligations.
(Amounts on tables expressed in Turkish Lira ("TRY") in terms of purchasing power of the TRY on 30 September 2025 unless otherwise indicated.)
(Amounts on tables expressed in Turkish Lira ("TRY") in terms of purchasing power of the TRY on 30 September 2025 unless otherwise indicated.)
(Amounts on tables expressed in Turkish Lira ("TRY") in terms of purchasing power of the TRY on 30 September 2025 unless otherwise indicated.)
As of 30 September 2025, and 31 December 2024, cash and cash equivalents comprised the following:
| 30 September 2025 |
31 December 2024 | |
|---|---|---|
| Cash | 1,723,418 | 1,213,233 |
| Banks | 6,099,717,092 | 6,578,515,804 |
| - Time deposits |
1,521,946,931 | 1,359,636,180 |
| - Demand deposits |
4,577,770,161 | 5,218,879,624 |
| Cash at blockage (*) | 21,815,651 | 66,582,630 |
| 6,123,256,161 | 6,646,311,667 |
(*) As at 30 September 2025, cash blockage amount mainly comprised of the credit card receivables with a maturity less than 3 months.
Cash and cash equivalents presented in the statement of cash flows for the interim periods ended September 30, 2025 and 2024 are as follows:
| 30 September 2025 |
30 September 2024 |
|
|---|---|---|
| Cash and cash equivalents Less: Blockage |
6,123,256,161 (21,815,651) |
4,732,793,345 (29,765,712) |
| 6,101,440,510 | 4,703,027,633 |
As of 30 September 2025, and 31 December 2024, maturity details of time and demand deposits of the Company are as follows:
| Time Deposit | Demand Deposit | |||
|---|---|---|---|---|
| 30 September 2025 |
31 December 2024 |
30 September 2025 |
31 December 2024 |
|
| USD | 957,252,481 | - | 1,249,564,793 | 1,313,030,631 |
| EUR | - | - | 5,956,975 | 1,301,281 |
| TRY | 3,620,517,680 | 5,218,879,624 | 266,425,163 | 45,304,268 |
| 4,577,770,161 | 5,218,879,624 | 1,521,946,931 | 1,359,636,180 |
(Amounts on tables expressed in Turkish Lira ("TRY") in terms of purchasing power of the TRY on 30 September 2025 unless otherwise indicated.)
As at 30 September 2025 and 31 December 2024, financial borrowings comprised the following:
| 30 September 2025 |
31 December 2024 | |
|---|---|---|
| Short term borrowings | 3,798,999,993 | 2,256,350,216 |
| Short term portions of long term loans | 48,601,318 | 62,114,711 |
| Other financial liabilities (*) | 22,585,845 | 76,961,132 |
| Lease liabilities | 80,694,369 | 89,696,966 |
| Short term financial borrowings | 3,950,881,525 | 2,485,123,025 |
| Long term borrowings | 37,385,792 | 67,789,690 |
| Lease liabilities | 53,851,587 | 119,960,587 |
| Long term financial borrowings | 91,237,379 | 187,750,277 |
| Total financial borrowings | 4,042,118,904 | 2,672,873,302 |
(*)The related amounts are composed of the financial liabilities related to the supplier financing activities.
The Company has no pledges or mortgages on its financial liabilities as of 30 September 2025 (31 December 2024: None).
The Company's loans have fixed interest and floating interest rates.
As of 30 September 2025, and 31 December 2024, the maturities of the Company's loan liabilities are as following:
| 30 September 2025 |
31 December 2024 | |
|---|---|---|
| 0-1 year | 3,847,601,311 | 2,318,464,927 |
| 1-2 year | 37,385,792 | 48,131,184 |
| 2-3 year | - | 19,658,506 |
| 3,884,987,103 | 2,386,254,617 |
As of 30 September 2025, the details of loans are as follows:
| 30 September 2025 | Currency | Int. Rate % |
TRY Amount |
|---|---|---|---|
| Short term bank loans | TRY | 13.75 - 26.93 | 3,798,999,993 |
| Short term portions of long term bank loans | TRY | 13.75 | 48,601,318 |
| Long Term Bank Loans | TRY | 13.75 | 37,385,792 |
| 3,884,987,103 |
(Amounts on tables expressed in Turkish Lira ("TRY") in terms of purchasing power of the TRY on 30 September 2025 unless otherwise indicated.)
As of 31 December 2024, the details of loans are as follows:
| 31 December 2024 | Currency | Int, Rate % | TRY Amount |
|---|---|---|---|
| Short term bank loans |
TRY | 23.03 - 48.50 |
2,256,350,216 |
| Short term portions of long term bank loans | TRY | 13.75 | 62,114,711 |
| Long term bank loans | TRY | 13.75 | 67,789,690 |
| 2,386,254,617 |
As at 30 September 2025 and 2024, cash flows from financial operations comprised the followings:
| Financial liabilities | 30 September 2025 |
30 September 2024 |
|---|---|---|
| Opening | 2,386,254,617 | 2,428,361,510 |
| Cash transactions | 1,991,642,756 | 154,286,727 |
| Non-cash transactions (*) | 179,986,177 | 260,347,392 |
| Monetary gain | (672,896,066) | (686,034,108) |
| Closing | 3,884,987,103 | 2,156,961,521 |
(*) As at non-cash transactions consist of interest accrued.
| Other financial liabilities | 30 September 2025 | 30 September 2024 |
|---|---|---|
| Opening | 76,961,132 | 2,321,784 |
| Cash transactions | (42,470,557) | 56,087,785 |
| Monetary gain | (11,904,730) | (6,709,211) |
| Closing | 22,585,845 | 51,700,358 |
(Amounts on tables expressed in Turkish Lira ("TRY") in terms of purchasing power of the TRY on 30 September 2025 unless otherwise indicated.)
Trade receivables of Company as of 30 September 2025 and 31 December 2024 are as follows:
| 30 September 2025 |
31 December 2024 | |
|---|---|---|
| Trade receivables from other parties | 2,604,541,190 | 2,738,007,471 |
| Trade receivables from related parties (Note 18) | 61,757,714 | 181,015,146 |
| 2,666,298,904 | 2,919,022,617 |
Details of trade receivables as of 30 September 2025 and 31 December 2024 are as follows:
| 30 September 2025 | 31 December 2024 | |
|---|---|---|
| Trade receivables | 2,683,728,076 | 2,823,740,945 |
| Trade receivables from related parties (Note 18) |
61,757,714 | 181,015,146 |
| Provisions for doubtful receivables | (10,385,601) | (7,064,792) |
| Rediscount effects | (68,801,285) | (78,668,682) |
| 2,666,298,904 | 2,919,022,617 |
Provisions for doubtful receivables as at 30 September 2025 and 2024 were as follows:
| 30 September 2025 | 30 September 2024 |
|
|---|---|---|
| Opening | (7,064,792) | (15,626,869) |
| Increase during the period | (12,147,330) | (67,505,102) |
| Reversal of bad-debt provision | 6,940,818 | 71,930,362 |
| Monetary gain | 1,885,703 | 3,643,716 |
| Closing | (10,385,601) | (7,557,893) |
The Company's exposure to currency and credit risk and impairment for current trade receivables are disclosed in Note 20.
(Amounts on tables expressed in Turkish Lira ("TRY") in terms of purchasing power of the TRY on 30 September 2025 unless otherwise indicated.)
Trade payables of the Company as of 30 September 2025 and 31 December 2024 are as follows:
| 30 September 2025 | 31 December 2024 | |
|---|---|---|
| Trade payables from other parties Trade payables from related parties |
5,072,510,294 - |
5,472,973,109 370,376,054 |
| 5,072,510,294 | 5,843,349,163 |
As of 30 September 2025, and 31 December 2024, the details of the Company's short-term trade payables are as follows:
| 30 September 2025 | 31 December 2024 | |
|---|---|---|
| Trade payables | 5,137,738,930 | 5,905,742,550 |
| Trade payables rediscount effects | (65,228,636) | (62,393,387) |
| 5,072,510,294 | 5,843,349,163 |
The Company's foreign currency risk related to short-term trade payables is disclosed in Note 20. As of 30 September 2025, the Company has no long-term trade payables (31 December 2024: None).
At 30 September 2025 and 31 December 2024, inventories comprised the following:
| 30 September 2025 |
31 December 2024 | |
|---|---|---|
| Finished goods | 743,956,513 | 556,262,736 |
| Semi-finished goods | 344,061,327 | 459,107,622 |
| Raw materials | 1,123,247,119 | 1,125,438,826 |
| Goods in transit | 7,654,338 | 12,059,946 |
| Provision for inventories | (27,314,042) | (37,762,919) |
| 2,191,605,255 | 2,115,106,211 | |
| Movements of allowance for impairment on inventories for the period ended 30 September 2024 are as follows: |
2025 and |
|
| 30 September 2025 |
30 September 2024 |
|
| Opening | 37,762,918 | 55,137,981 |
| (Reversal)/provision for the period, net | (10,448,876) | (18,235,763) |
| Closing | 27,314,042 | 36,902,218 |
(Amounts on tables expressed in Turkish Lira ("TRY") in terms of purchasing power of the TRY on 30 September 2025 unless otherwise indicated.)
Breeder chickens those have useful life of 1 year, broiler daily chickens and breeder pullets are classified as biological assets as of 30 September 2025 and 31 December 2024.
Movements of biological assets at 30 September 2025 and 31 December 2024 are as follows:
| 30 September 2025 | 31 December 2024 |
|
|---|---|---|
| Broiler daily chickens | 1,233,053,176 | 1,327,478,090 |
| Breeder chickens | 562,431,068 | 473,295,706 |
| Breeder pullets | 300,593,009 | 253,827,439 |
| 2,096,077,253 | 2,054,601,235 |
Movements of broiler daily chickens at 30 September 2025 and 2024 are as follows:
| Broiler daily chickens | 30 September 2025 |
30 September 2024 |
|---|---|---|
| Opening | 1,327,478,090 | 1,345,565,771 |
| Additions | 2,509,787,148 | 2,291,631,070 |
| Effect of physical changes (*) | 12,634,588,119 | 12,933,694,717 |
| Disposals (-) |
(15,238,800,181) | (15,297,108,485) |
| Closing | 1,233,053,176 | 1,273,783,073 |
(*) Effect of physical changes mainly composed of feed consumptions, raiser costs, medicine and care costs.
Movements of breeder chickens at 30 September 2025 as follows:
| 30 September 2025 | |||
|---|---|---|---|
| Breeder chickens | Cost | Accumulated depreciation |
Net carrying amount |
| Opening Additions |
896,315,027 - |
(423,019,321) (882.398.077) |
473,295,706 (882,398,077) |
| Transfer | 971,533,439 | - | 971,533,439 |
| Disposals (-) | (919,361,059) | 919,361,059 | - |
| Closing | 948,487,407 | (386,056,339) | 562,431,068 |
(Amounts on tables expressed in Turkish Lira ("TRY") in terms of purchasing power of the TRY on 30 September 2025 unless otherwise indicated.)
Movements of breeder chickens at 30 September 2024 as follows:
| 30 September 2024 | |||
|---|---|---|---|
| Breeder chickens | Cost | Accumulated depreciation |
Net carrying amount |
| Opening | 822,179,979 | (400,532,980) | 421,646,999 |
| Additions | - | (951,232,670) | (951,232,670) |
| Transfer | 1,055,952,770 | - | 1,055,952,770 |
| Disposals (-) | (886,996,423) | 886,996,423 | - |
| Closing | 991,136,326 | (464,769,227) | 526,367,099 |
As at 30 September 2025, total insurance on biological assets is TRY 9,339,030 (30 September 2024: TRY 7,128,788).
Movements of breeder pullets at 30 September 2025 and 2024 are as follows:
| Breeder pullet | 30 September 2025 |
30 September 2024 |
|---|---|---|
| Opening | 253,827,439 | 351,044,080 |
| Additions | 410,150,929 | 374,505,672 |
| Effect of physical changes (*) | 608,148,080 | 605,237,624 |
| Transfer (-) | (971,533,439) | (1,055,952,770) |
| Closing | 300,593,009 | 274,834,606 |
(*) Effect of physical changes mainly composed of feed consumptions, raiser costs, medicine, and care costs.
At 30 September 2025 and 31 December 2024, current prepaid expenses comprised the following:
| 30 September 2025 |
31 December 2024 |
|
|---|---|---|
| Prepaid expenses for future months | 275,933,560 | 85,787,569 |
| Advances given to breeders | 159,385,226 | 135,719,699 |
| Advances given to suppliers | 95,965,431 | 76,896,112 |
| Advances given to personnel | 3,288,223 | 1,757,121 |
| 534,572,440 | 300,160,501 |
As of 30 September 2025, and 31 December 2024, other current assets are as follows:
| 30 September 2025 |
31 December 2024 | |
|---|---|---|
| Deferred Value Added Taxes ("VAT") | 1,385,103,156 | 1,624,042,168 |
| 1,385,103,156 | 1,624,042,168 |
(Amounts on tables expressed in Turkish Lira ("TRY") in terms of purchasing power of the TRY on 30 September 2025 unless otherwise indicated.)
Movements of tangible assets at 30 September 2025 are as follows:
| 1 January 2025 | Additions | Disposal (-) |
Transfers | 30 September 2025 |
|
|---|---|---|---|---|---|
| Cost | |||||
| Land, Building and Land Improvements | 3,073,366,525 | - | - | 14,812,971 | 3,088,179,496 |
| Machinery, Plant and Equipment | 4,512,839,107 | - | (36,480,166) | 76,774,050 | 4,553,132,991 |
| Motor Vehicles | 9,907,544 | - | (37,483) | - | 9,870,061 |
| Furniture and Fixture | 534,904,815 | - | (5,427,746) | 5,215,242 | 534,692,311 |
| Construction in Progress | 67,531,004 | 115,066,040 | - | (115,369,546) | 67,227,498 |
| Leasehold Improvements | 421,325,695 | - | (105,738) | - | 421,219,957 |
| 8,619,874,690 | 115,066,040 | (42,051,133) | (18,567,283) | 8,674,322,314 | |
| Accumulated Depreciation | |||||
| Land, Building and Land Improvements | (102,288,743) | (41,347,785) | - | - | (143,636,528) |
| Machinery, Plant and Equipment | (719,895,645) | (266,976,826) | 6,513,582 | - | (980,358,889) |
| Motor Vehicles | (9,483,542) | (123,057) | 22,311 | - | (9,584,288) |
| Furniture and Fixture | (139,713,303) | (26,775,272) | 2,747,210 | - | (163,741,365) |
| Leasehold Improvements | (285,103,978) | (16,302,839) | 105,738 | - | (301,301,079) |
| (1,256,485,211) | (351,525,779) | 9,388,841 | - | (1,598,622,149) | |
| Net Book Value | 7,363,389,479 | 7,075,700,165 |
As at 30 September 2025 there are no mortgage or pledge on property, plant and equipment (30 September 2024: None).
As at 30 September 2025, property, plant and equipment are insured against the earthquake, fire, flood and similar disasters amounting to TRY 6,859,175,039 (30 September 2024: TRY 5,405,222,718).
(Amounts on tables expressed in Turkish Lira ("TRY") in terms of purchasing power of the TRY on 30 September 2025 unless otherwise indicated.)
Movements of tangible assets at 30 September 2024 are as follows:
| 1 January 2024 | Additions | Disposal (-) |
Transfers | 30 September 2024 |
|
|---|---|---|---|---|---|
| Cost | |||||
| Land, Building and Land Improvements | 3,028,415,285 | - | (90,884) | 34,249,946 | 3,062,574,347 |
| Machinery, Plant and Equipment | 4,478,596,720 | - | (7,360,057) | 22,837,019 | 4,494,073,682 |
| Motor Vehicles | 10,936,848 | - | (1,029,307) | - | 9,907,541 |
| Furniture and Fixture | 527,902,631 | - | (5,654,165) | 5,067,836 | 527,316,302 |
| Construction in Progress | 91,062,839 | 31,112,634 | - | (64,752,715) | 57,422,758 |
| Leasehold Improvements | 545,840,466 | - | (124,633,716) | 162,733 | 421,369,483 |
| 8,682,754,789 | 31,112,634 | (138,768,129) | (2,435,181) | 8,572,664,113 | |
| Accumulated Depreciation | |||||
| Land, Building and Land Improvements | (48,669,033) | (40,022,816) | 3,387 | - | (88,688,462) |
| Machinery, Plant and Equipment | (359,342,818) | (273,657,905) | 731,596 | - | (632,269,127) |
| Motor Vehicles | (9,688,861) | (668,586) | 916,267 | - | (9,441,180) |
| Furniture and Fixture | (106,511,146) | (26,457,910) | 2,098,838 | - | (130,870,218) |
| Leasehold Improvements | (362,818,939) | (41,296,545) | 124,425,066 | - | (279,690,418) |
| (887,030,797) | (382,103,762) | 128,175,154 | - | (1,140,959,405) | |
| Net Book Value | 7,795,723,992 | 7,431,704,708 |
(Amounts on tables expressed in Turkish Lira ("TRY") in terms of purchasing power of the TRY on 30 September 2025 unless otherwise indicated.)
Movements of intangible assets for the interim period dated 30 September 2025 is as follows:
| Cost | 1 January 2025 | Additions | Disposal (-) | Transfers | 30 September 2025 |
|---|---|---|---|---|---|
| Software | 314,231,034 | - | (1,275,547) | 18,567,283 | 331,522,770 |
| Licence | 22,437,215 | - | (66,689) | - | 22,370,526 |
| 336,668,249 | - | (1,342,236) | 18,567,283 | 353,893,296 | |
| Accumulated Depreciation | |||||
| Software | (266,477,524) | (40,064,308) | 1,275,547 | - | (305,266,285) |
| Licence | (16,670,004) | (451,533) | 27,046 | - | (17,094,491) |
| (283,147,528) | (40,515,841) | 1,302,593 | - | (322,360,776) | |
| Net book value | 53,520,721 | 31,532,520 |
Movements of intangible assets for the interim period dated 30 September 2024 is as follows:
| Cost | 1 January 2024 | Additions | Disposal (-) | Transfers | 30 September 2024 |
|---|---|---|---|---|---|
| Software | 386,901,273 | - | (75,105,418) | 2,435,181 | 314,231,036 |
| Licence | 22,512,637 | - | (75,422) | - | 22,437,215 |
| Total | 409,413,910 | - | (75,180,840) | 2,435,181 | 336,668,251 |
| Accumulated Depreciation | |||||
| Software | (240,934,436) | (75,452,557) | 75,105,418 | - | (241,281,575) |
| Licence | (16,083,627) | (457,802) | 23,047 | - | (16,518,382) |
| (257,018,063) | (75,910,359) | 75,128,465 | - | (257,799,957) | |
| Net book value | 152,395,847 | 78,868,294 |
Amortization expenses for the current period, for the years ended 30 September 2025, have been included in cost of sales, general administrative expenses, marketing expenses, and research and development expenses.
(Amounts on tables expressed in Turkish Lira ("TRY") in terms of purchasing power of the TRY on 30 September 2025 unless otherwise indicated.)
As at 30 September 2025, the paid-in capital of the Company comprises of 100,023,579 shares issued (31 December 2024: 100,023,579 shares) of TRY 1 each (31 December 2024: TRY 1). There are no privileges rights provided to different shareholder Companys or individuals. The shareholder structure of the Company is as follows:
| 30 September 2025 |
31 December 2024 | |||
|---|---|---|---|---|
| TRY | Shares (%) | TRY | Shares (%) | |
| Shareholders | ||||
| TBQ Foods GmbH | 91,727,012 | %91,71 | 91,727,012 | %91,71 |
| Publicly traded | 8,296,567 | %8,29 | 8,296,567 | %8,29 |
| Nominal share | ||||
| capital | 100,023,579 | 100 | 100,023,579 | 100 |
| Adjustment to share | ||||
| capital | 2,531,067,506 | 2,531,067,506 | ||
| Adjusted capital | 2,631,091,085 | 2,631,091,085 |
The Company acknowledged registered capital system under the provisions of Law No, 6362 and adopted the system with the permit of CMB dated 24 February 2011 numbered 6/181, The authorized capital limit is TRY 8,000,000,000 and the authority to increase the capital up to the registered capital limit is given to the board of directors until 2026.
As of September 30, 2025, capital adjustment differences amounting to TRY 2,531,067,506 consist of capital adjustment differences arising from the adjustment of the Company's paid-in capital amount according to inflation and not offset against previous years' losses or added to the capital (31 December 2024: TRY 2,531,067,506).
Consists of actuarial gains and losses recognized as other comprehensive income as a result of the adoption of TAS 19.
The properties revaluation fund arises on the revaluation of land, when revalued land is disposed, the portion of the properties revaluation reserves that relates to that asset is transferred directly to retained earnings.
| 30 September 2025 |
30 September 2024 |
|
|---|---|---|
| Opening | 671,206,886 | 686,003,151 |
| Fair value increase arising from sale of tangible assets |
(10,908,848) | (12,645,984) |
| Closing | 660,298,038 | 673,357,167 |
(Amounts on tables expressed in Turkish Lira ("TRY") in terms of purchasing power of the TRY on 30 September 2025 unless otherwise indicated.)
According to the Turkish Commercial Code, legal reserves are classified into first and second tier legal reserves. In accordance with the Turkish Commercial Code, the first tier legal reserves are appropriated at a rate of 5% of the statutory net profit until they reach 20% of the Parent Company's paid-in capital. The second tier legal reserves amount to 10% of the profit distributed exceeding 5% of the paid-in capital. Under the Turkish Commercial Code, legal reserves may only be used to offset losses as long as they do not exceed 50% of the paid-in capital, They cannot be used for any other purpose.
| 30 September 2025 |
31 December 2024 | |
|---|---|---|
| First legal reserve | 237,619,223 | 230,583,699 |
| Second legal reserve | 74,741,902 | 74,741,902 |
| 312,361,125 | 305,325,601 |
The historical values and inflation adjustment effects of the following accounts under the Company's equity are as follows as of September 30, 2025, in accordance with the CMB and TCC financial statements:
| Inflation | |||
|---|---|---|---|
| 30 September 2025 (CMB) |
Historical | Effect | Inflated |
| Share capital | 100,023,579 | - | 100,023,579 |
| Adjustment to share capital |
6,348,821 | 2,524,718,685 | 2,531,067,506 |
| Restricted reserves | 20,004,716 | 292,356,409 | 312,361,125 |
| Other reserves | 5,611,290 | 98,005,096 | 103,616,386 |
| Retained earnings | 6,484,568,557 | 3,393,809,508 | 9,878,378,065 |
| 6,616,556,963 | 6,308,889,698 | 12,925,446,661 | |
| Inflation | |||
| 30 September 2025 (Local book) |
Historical | Effect | Inflated |
| Share capital | 100,023,579 | - | 100,023,579 |
| Adjustment to share capital |
1,654,695 | 3,734,489,876 | 3,736,144,571 |
| Restricted reserves | 20,004,716 | 393,512,998 | 413,517,714 |
| Retained earnings | 2,868,527,291 | 713,455,249 | 3,581,982,540 |
| 2,990,210,281 | 4,841,458,123 | 7,831,668,404 |
Prior to the bankruptcy of Banvit's subsidiary Yumtaş, all real estate assets held by Yumtaş and all Banvit shares were transferred to the Company. As of 31 December 2009, these shares are recognized in the financial statements as treasury shares at their indexed cost amounting to TRY 22,511,632. On 25 October 2010, the Company sold 4,750,293 Banvit shares held in its treasury to foreign investors in a block sale at a price of TRY 5,95 per share.
(Amounts on tables expressed in Turkish Lira ("TRY") in terms of purchasing power of the TRY on 30 September 2025 unless otherwise indicated.)
The accumulated profits other than the net profit for the period is presented in retained earnings. The extraordinary reserves which are accumulated profits are also presented in retained earnings. The breakdown of the Company's retained earnings as presented in the financial statements is as follows:
| 30 September 2025 |
31 December 2024 |
|
|---|---|---|
| Retained earnings | 9,878,378,065 | 5,360,195,379 |
| 9,878,378,065 | 5,360,195,379 |
As of 30 September 2025, the corporate tax rate in Turkey is 25% (31 December 2024: 25%), The corporate tax rate is applied to the taxable profit, which is calculated by adding non-deductible expenses to the commercial profit and deducting exemptions and deductions permitted under the tax legislation.
As of 30 September 2025, and 31 December 2024, the current income tax liabilities related to the period profit are as follows:
| 30 September 2025 |
31 December 2024 |
|
|---|---|---|
| Corporate tax provision | (189,166,371) | (1,569,784,835) |
| Prepaid taxes | 401,613,055 | 1,358,656,966 |
| Current tax asset/(liability) |
212,446,684 | (211,127,869) |
Details of tax income (expense) for the periods ended 30 September 2025 and 2024 are as follows:
| 1 January - 30 September 2025 |
1 January - 30 September 2024 |
1 July - 30 September 2025 |
1 July - 30 September 2024 |
||
|---|---|---|---|---|---|
| Current tax expense |
(196,366,065) | (1,252,420,876) | 49,366,872 | (2,795,425) | |
| Deferred tax income (expense) | 68,000,197 | (224,047,612) | (96,089,232) | (213,170,270) | |
| (128,365,868) | (1,476,468,488) | (46,722,360) | (215,965,695) |
Deferred tax liability or asset is determined by calculating the tax effects of temporary differences between the carrying amounts of assets and liabilities in the financial statements and their tax bases, using the balance sheet method.Deferred tax assets and liabilities are recognized in the accompanying financial statements based on the tax rates that are expected to be in effect in the periods when the temporary differences are expected to reverse.
(Amounts on tables expressed in Turkish Lira ("TRY") in terms of purchasing power of the TRY on 30 September 2025 unless otherwise indicated.)
In recognizing deferred tax assets or liabilities in the financial statements, the Company takes into account various factors such as developments in the sector in which it operates, projections of taxable profits in future periods, the general economic and political situation in Turkey, and/or international economic and political conditions that may affect the Company. In the financial statements dated 30 September 2025, deferred tax assets and liabilities have been calculated using a tax rate of 25% for the portion of temporary differences expected to have tax effects in 2025 and subsequent periods.
Details of deferred tax assets and liabilities as of 30 September 2025 and 31 December 2024 are as follows:
| 30 September 2025 | 31 December 2024 | ||||
|---|---|---|---|---|---|
| Deferred | Deferred | ||||
| Temporary | Tax Asset/ | Temporary | Tax Asset / | ||
| Differences | (liability) | Differences | (liabilty) | ||
| Provisions for severance pay | (660,318,068) | 165,079,517 | (754,777,460) | 188,694,365 | |
| (438,846,696) | 109,711,674 | ||||
| Provisions for employee benefits Trade receivables |
(68,689,521) | 17,172,380 | (428,762,248) (101,486,124) |
107,190,562 25,371,531 |
|
| Inventories | 34,097,090 | (8,524,273) | 82,792,620 | (20,698,155) | |
| Trade and other payables | (187,456,676) | 46,864,169 | 24,967,116 | (6,241,779) | |
| Prepaid expenses and biological assets | (251,469,407) | 62,867,352 | (140,836,548) | 35,209,137 | |
| Other short-term provisions | (40,197,576) | 10,049,394 | (36,729,456) | 9,182,364 | |
| Government grants and Assistance | 61,635,693 | 61,783,804 | 61,635,693 | 78,857,521 | |
| Others | (499,638,527) | 124,909,631 | (526,578,192) | 131,644,548 | |
| (2,050,883,688) | 589,913,648 | (1,819,774,599) | 549,210,094 | ||
| Property, plant and equipment and intangible assets,net |
3,544,734,226 | (845,800,561) | 3,488,139,788 | (872,034,947) | |
| Right-of-use assets | 96,469,963 | (24,117,491) | 100,718,992 | (25,179,748) | |
| 3,641,204,189 | (869,918,052) | 3,588,858,780 | (897,214,695) | ||
| Deferred tax liabilities, net | (280,004,404) | (348,004,601 |
Movements of deferred tax assets/(liabilities) as of 30 September 2025 and 2024 are as follows:
| 30 September 2025 | 30 September 2024 | |
|---|---|---|
| Opening | (348,004,601) | (110,032,012) |
| Recognized deferred tax asset and liabilities | 68,000,197 | (224,047,612) |
| Closing | (280,004,404) | (334,079,624 ) |
(Amounts on tables expressed in Turkish Lira ("TRY") in terms of purchasing power of the TRY on 30 September 2025 unless otherwise indicated.)
| 1 January - 30 September 2025 |
1 January - 30 September 2024 |
1 July - 30 September 2025 |
1 July - 30 September 2024 |
|
|---|---|---|---|---|
| Domestic sales | 31,422,711,981 | 35,674,195,712 | 10,218,938,390 | 11,537,523,887 |
| Export | 1,850,556,876 | 3,719,011,630 | 613,754,177 | 1,328,612,326 |
| Other sales | 11,985,139 | 3,996,159 | 11,985,139 | 3,928,928 |
| Gross sales | 33,285,253,996 | 39,397,203,501 | 10,844,677,706 | 12,870,065,141 |
| Returns and discounts | (8,622,748,236) | (9,336,078,008) | (2,808,186,369) | (2,977,484,870) |
| Net sales | 24,662,505,760 | 30,061,125,493 | 8,036,491,337 | 9,892,580,271 |
| Cost of sales | (23,410,115,234) | (22,583,922,021) | (7,842,606,538) | (7,486,273,777) |
| Gross profit | 1,252,390,526 | 7,477,203,472 | 193,884,799 | 2,406,306,494 |
| Other operating income | 1 January - 30 September 2025 |
1 January - 30 September 2024 |
1 July - 30 September 2025 |
1 July - 30 September 2024 |
|---|---|---|---|---|
| Rediscount income, net Foreign exchange gains Scrap sales revenue Impact of Subsidiary Liquidation Provisions no longer required Other |
452,382,056 272,076,545 17,014,185 - 61,862,202 |
681,976,524 124,314,272 18,407,568 140,680,600 4,425,260 3,368,808 |
124,757,999 73,912,899 5,695,388 - 11,360,816 |
230,598,330 51,449,997 6,245,182 140,680,600 2,698,632 2,309,428 |
| 803,334,988 | 973,173,032 | 215,727,102 | 433,982,169 | |
| Other operating expenses | 1 January - 30 September 2025 |
1 January - 30 September 2024 |
1 July - 30 September 2025 |
1 July - 30 September 2024 |
| Exchange rate difference expense Provision for doubtful receivables Other |
(557,217,632) (5,206,512) (50,889,660) |
(494,143,367) - (41,439,180) |
(116,774,014) (1,221,269) (24,396,990) |
(162,935,957) (16,529,882) |
| (613,313,804) | (535,582,547) | (142,392,273) | (179,465,839) |
(Amounts on tables expressed in Turkish Lira ("TRY") in terms of purchasing power of the TRY on 30 September 2025 unless otherwise indicated.)
| 1 January | 1 January | |
|---|---|---|
| Monetary Asset | 30 September 2025 | 30 September 2024 |
| Cash and cash equivalents | (1,436,782,675) | (966,276,364) |
| Trade receivables | (652,417,795) | (937,084,924) |
| Other receivables | (72,861,465) | (63,703,467) |
| Other current assets | (652,861,259) | (556,397,654) |
| Monetary Liability | ||
| Borrowings | 616,746,745 | 571,725,091 |
| Lease liabilities | 36,718,835 | 56,913,465 |
| Trade payables | 1,264,637,779 | 1,911,966,842 |
| Other payables | 17,592,668 | 14,838,402 |
| Deferred income | 33,253,644 | 36,747,722 |
| Long-term provisions for employee benefits | 37,745,887 | 43,002,989 |
| Provisions | 221,715,999 | 427,991,879 |
| Current tax liability | 245,191,436 | 303,086,095 |
| Net monetary (loss)/gain | (341,320,201) | 842,810,076 |
(Amounts on tables expressed in Turkish Lira ("TRY") in terms of purchasing power of the TRY on 30 September 2025 unless otherwise indicated.)
As of September 30, 2025 and December 31, 2024, the nature and amount of guarantees received against receivables with and without promissory notes are as follows:
| Letters of guarantee | 30 September 2025 | 31 December 2024 |
|---|---|---|
| Letters of guarantee | 2,202,557,843 | 2,392,041,141 |
| 2,202,557,843 | 2,392,041,141 |
As of September 30, 2025, the Company has no trade receivables within the non-current asset group (December 31, 2024: None).
| 30 September 2025 | 31 December 2024 | |||||
|---|---|---|---|---|---|---|
| Currency | Amount of Foreign Currency |
Amount of TRY |
Amount of Foreign Currency |
Amount of TRY |
||
| A. CPM given in the name of own legal Entity B. CPM given to guarantee the debts of third parties to continue |
TRY | - | 1,413,064,882 | - | 1,500,552,856 | |
| their operations | TRY | |||||
| C. Other CPM | TRY | - | - | - | - | |
| - | 1,413,064,882 | - | 1,500,552,856 |
All CPMs given by the Group consist of guarantees.
As at 30 September 2025, the ratio of other CPM's given by the Group to the Group's equity is 12,20% percent (31 December 2024: 11,96% percent).
In 2023, the Turkish Competition Authority initiated an investigation into Banvit Bandırma Vitaminli Yem Sanayi A,Ş, ("the Company") to assess whether it had violated Article 4 of the Law No, 4054 on the Protection of Competition,
On September 18, 2025, the Competition Board concluded that the Company had engaged in anticompetitive information exchange and imposed an administrative monetary fine amounting to TRY 947,305,871.90 which corresponds to approximately 3,0041% of the Company's 2024 sales. As of the reporting date, the reasoned decision has not yet been officially published to the Company.
The Company's legal counsel has stated that, due to the reasoned decision not yet being issued, it is not possible at this stage to make a definitive assessment regarding the potential litigation process. Therefore, the likelihood of the payment obligation has not been assessed as probable.
In accordance with TAS 37 - Provisions, Contingent Liabilities and Contingent Assets, no provision has been recognized in the financial statements for this case, and it has been disclosed as a contingent liability in the notes.
(Amounts on tables expressed in Turkish Lira ("TRY") in terms of purchasing power of the TRY on 30 September 2025 unless otherwise indicated.)
In the financial statements, shareholders, key management personnel, members of the Board of Directors, their families, and entities controlled by or affiliated with them, as well as associates and join TRY controlled entities, are considered related parties. Various transactions have been carried out with related parties in the ordinary course of business, A significant portion of the transactions with related parties has been eliminated, and the remaining balances after elimination are not material to the Company, These transactions have generally been conducted under market conditions and within the normal course of business,
For the 30 September 2025, the executive members of the Company's management received aggregate compensation in amount of TRY 136,900,302 (January 1 - September 30, 2024: TRY 77,302,465).
Receivables from and Payables to Related Parties as of September 30, 2025 and December 31, 2024:
| Trade Receivables from Related Parties | 30 September 2025 |
31 December 2024 |
|---|---|---|
| Federal Foods Qatar(1) | 27,189,467 | 48,293,506 |
| AL KHAN FOODSTUFF LLC(1) | 15,734,935 | 13,447,888 |
| Federal Foods LLC(1) | 14,021,949 | 63,321,309 |
| BRF Global GMBH(1) | 3,466,815 | - |
| Al Wafi(1) | 1,344,548 | 31,226,288 |
| BRF Kuwait Food Management Co(1) | - | 24,726,155 |
| 61,757,714 | 181,015,146 | |
| Trade Payables to Related Parties | 30 September 2025 |
31 December 2024 |
| BRF S,A(1) | - | 191,640,174 |
| BRF Global GmbH (1) | - | 1,408,078 |
| Federal Foods Qatar (1) | - | 174,291 |
| (1) BRF Foods LLC |
- | 145,463,234 |
| Holdings(1) One Foods |
- | 31,690,277 |
(1) Companies within the BRF Group,
(Amounts on tables expressed in Turkish Lira ("TRY") in terms of purchasing power of the TRY on 30 September 2025 unless otherwise indicated.)
| Product Sales to Related Parties | 30 September 2025 | 30 September 2024 |
|---|---|---|
| Federal Foods LLC (1) | 183,530,586 | - |
| Foods Qatar (1) Federal- |
107,022,978 | - |
| Al Wafi (1) | 46,918,898 | 17,429,638 |
| Al Khan Foodstuff LLC (1) | 43,798,695 | - |
| BRF Foods GmbH (1) | 7,200,467 | - |
| BRF Global GmbH (1) | - | 304,116,168 |
| 388,471,624 | 321,545,806 |
(1) Companies within the BRF Group,
Earnings per share disclosed in the statement of profit or loss are calculated by dividing the net profit for the period by the weighted average number of shares outstanding during the period.
| 1 January - | 1 January - | 1 July - | 1 July - | ||
|---|---|---|---|---|---|
| 30 Sep 2025 | 30 Sep 2024 | 30 Sep 2025 | 30 Sep 2024 | ||
| Profit/ (loss) for the period | (966,692,542) | 4,455,119,518 | (668,512,837) | 1,676,325,026 | |
| Number of weighted average of ordinary shares |
100,023,579 | 100,023,579 | 100,023,579 | 100,023,579 | |
| (9.66465) | 44.54069 | (6.68355) | 16.75930 |
(Amounts on tables expressed in Turkish Lira ("TRY") in terms of purchasing power of the TRY on 30 September 2025 unless otherwise indicated.)
The Company has exposure to the following risks from its operations:
This note informs about, Company's exposures towards risks mentioned above, Company's goals, policies and processes for measuring and managing risks and capital management policy of the Company.
The Company's Board of Directors is generally responsible for determining and overseeing the risk management framework, The Board has established an Early Detection of Risk Committee, which is responsible for developing and monitoring the Company's risk management policies.The Committee reports its activities to the Board of Directors on a regular basis.
The Company's risk management policies are designed to identify and analyze the risks it may face, set appropriate risk limits and controls, and monitor risks and compliance with those limits, These policies and systems are Not Reviewed regularly to reflect changes in the Company's operations and market conditions, Through training and management standards and procedures, the Company aims to foster a disciplined and constructive control environment in which all employees understand their roles and responsibilities.
The Audit Committee monitors management's compliance with the Company's risk management policies and procedures and provides support in the implementation of the risk management framework in response to the risks faced by the Company. The internal audit department conducts regular and ad hoc evaluations of the risk management policies and procedures and reports the results to the Audit Committee.
(Amounts on tables expressed in Turkish Lira ("TRY") in terms of purchasing power of the TRY on 30 September 2025 unless otherwise indicated.)
Operational risk refers to direct or indirect risks arising from various sources such as the Company's processes, employees, technology, and infrastructure, excluding external risks such as credit, market, and liquidity risks, It also includes risks stemming from regulatory requirements, Operational risk is inherent in the Company's activities.
The Company manages operational risk to avoid financial losses, In this context, the Company has established internal processes and controls in the following areas:
Credit risk arises from the potential failure of a customer or counterparty to fulfill its contractual obligations related to financial instruments. It primarily stems from the Company's trade receivables and investments in debt instruments, The carrying amounts of financial assets represent the maximum exposure to credit risk. The financial instruments that may cause significant credit risk concentration for the Company mainly consist of cash and trade receivables. The Company holds cash and cash equivalents with various financial institutions, It manages this risk by limiting transactions with financial institutions and continuously evaluating their reliability.
Credit risk arising from trade receivables is limited due to the Company's policy of restricting credit limits granted to customers. Trade receivables are assessed by management based on historical experience and current economic conditions, and are presented net of provisions for doubtful receivables in the balance sheet (Note 5).
(Amounts on tables expressed in Turkish Lira ("TRY") in terms of purchasing power of the TRY on 30 September 2025 unless otherwise indicated.)
| Receivables | ||||||
|---|---|---|---|---|---|---|
| Trade receivables | Other receivables | |||||
| 30 September 2025 |
Related party | Other | Related party | Other | Deposits on banks | |
| Exposure to maximum credit risk as at reporting date | ||||||
| (A+B+C+D+E) | 61,757,714 | 2,604,541,190 | - | 536,580,104 | 6,099,717,092 | |
| - The part of maximum risk under guarantee with collateral A. Net carrying value of financial assets which are neither impaired nor |
- | (2,202,557,843) | - | - | - | |
| overdue | 61,757,714 | 2,594,227,515 | - | 536,580,104 | 6,099,717,092 | |
| B. Net carrying value of financial assets that are restructured, otherwise |
||||||
| which will be regarded as overdue or impaired | - | - | - | - | - | |
| C. Net carrying value of financial assets which are overdue but not |
||||||
| impaired | - | 10,313,675 | - | - | - | |
| - Covered portion of net book value (with letter of guarantee etc,) |
- | - | - | - | - | |
| D. Net carrying value of financial assets which are impaired |
- | - | - | - | - | |
| - Past due (gross book value) |
- | 10,385,601 | - | - | - | |
| - Impairment (-) |
- | (10,385,601) | - | - | - | |
| - Covered portion of net book value (with letter of guarantee etc,) |
- | - | - | - | - | |
| - Impairment (-) |
- | - | - | - | - | |
| E. Off balance sheet items with credit risks |
- | - | - | - | - |
| Receivables | ||
|---|---|---|
| 30 September 2025 | Trade receivables | Other receivables |
| Past due 1 - 30 days |
1,616,309 | - |
| Past due 1 - 3 months |
928,235 | - |
| Past due 3 - 12 months |
2,268,589 | - |
| More than 1 - 5 years |
5,500,542 | - |
(Amounts on tables expressed in Turkish Lira ("TRY") in terms of purchasing power of the TRY on 30 September 2025 unless otherwise indicated.)
| Receivables | |||||
|---|---|---|---|---|---|
| Trade receivables | Other receivables | ||||
| 31 December 2024 |
Related party | Other | Related party | Other | Deposits on banks |
| Exposure to maximum credit risk as at reporting date (A +B+C+D+E) | 181,015,146 | 2,738,007,471 | - | 204,802,525 | 6,578,515,804 |
| - The part of maximum risk under guarantee with collateral | - | (2,392,041,141) | - | - | - |
| A. Net carrying value of financial assets which are neither impaired nor overdue |
181,015,146 | 2,709,976,138 | - | 204,802,525 | 6,578,515,804 |
| B. Net carrying value of financial assets that are restructured, otherwise which |
|||||
| will be regarded as overdue or impaired | - | - | - | - | - |
| C. Net carrying value of financial assets which are overdue but not impaired |
- | 28,031,333 | - | - | - |
| - Covered portion of net book value (with letter of guarantee etc,) |
- | - | - | - | - |
| D. Net carrying value of financial assets which are impaired |
- | - | - | - | - |
| - Past due (gross book value) |
- | 7,064,792 | - | - | - |
| - Impairment (-) |
- | (7,064,792) | - | - | - |
| - Covered portion of net book value (with letter of guarantee etc,) |
- | - | - | - | - |
| - Impairment (-) |
- | - | - | - | - |
| E Off balance sheet items with credit risks |
- | - | - | - | - |
| Receivables | ||||
|---|---|---|---|---|
| 31 December 2024 |
Trade receivables | Other receivables | ||
| Past due 1 - 30 days |
28,031,333 | - | ||
| Past due 1 - 3 months |
- | - | ||
| Past due 3 - 12 months |
- | - | ||
| More than 1 - 5 years |
- | - |
(Unless otherwise indicated, the amounts are expressed in Turkish Lira ("TRY") in terms of the purchasing power as of September 30, 2025.)
The majority of the Company's customers are among the largest retail companies in Turkey. Accordingly, the Company has not incurred significant losses on its receivables. The Company classifies its customers based on their credit characteristics and customer types. Most of the trade receivables arise from transactions with large retail companies.
As of 30 September 2025, the maximum credit limit granted by the Company to the branches is TRY 10,000 and each credit limit offer above TRY 10,000 is evaluated according to the processes determined in the Company CRM policies.
As of 30 September 2025, the Company enters its customers within the scope of the commercial credit insurance with a limit of TRY 10,000-250,000 in order to secure their receivables. For the limits demanded above these limits, commercial credit insurance is applied to the processes determined in the Company's CRM policies.
Company obtains a letter of bank guarantee from its customers to avoid exposure of the collection risk or ensures that it is included in the DBS system.
Market risk refers to the risk of changes in the Company's income or the value of its financial assets due to fluctuations in financial market variables such as foreign exchange rates and interest rates, The objective of market risk management is to control exposure to market risk within acceptable limits while optimizing returns.
(Amounts on tables expressed in Turkish Lira ("TRY") in terms of purchasing power of the TRY on 30 September 2025 unless otherwise indicated.)
The Company is exposed to foreign exchange risk due to sales, purchases, and borrowings denominated in currencies other than its functional currency, The primary currencies used in these transactions are Euro and US Dollar.
Transactions denominated in foreign currencies give rise to foreign exchange risk. This risk is managed through forward foreign exchange purchase/sale contracts based on approved policies.
As of the balance sheet date, the breakdown of the Company's foreign currency denominated monetary and non-monetary assets and monetary and non-monetary liabilities is as follows:
| TRY | |||
|---|---|---|---|
| 30 September 2025 | Equivalent | USD | EUR |
| 1. Trade Receivables | 120,529,713 | 1,619,303 | 1,093,668 |
| 2. Cash and Cash Equivalents | 2,212,774,230 | 53,167,608 | 122,191 |
| 3. Other | - | - | - |
| 4. Current Assets (1+2+3) | 2,333,303,943 | 54,786,911 | 1,215,859 |
| 5. Total Assets (4) | 2,333,303,943 | 54,786,911 | 1,215,859 |
| 6. Trade Payables | (2,559,893,476) | (48,340,539) | (11,257,735) |
| 7. Financial Liabilities | - | - | - |
| 8. Short-Term Liabilities (6+7) | (2,559,893,476) | (48,340,539) | (11,257,735) |
| 9. Financial Liabilities | - | - | - |
| 10. Long-Term Liabilities (9) | - | - | - |
| 11. Total Liabilities (8+10) | (2,559,893,476) | (48,340,539) | (11,257,735) |
| Total (5+11) | (226,589,533) | 6,446,372 | (10,041,876) |
| TRY | |||
|---|---|---|---|
| 31 December 2024 | Equivalent | USD | EUR |
| 1. Trade Receivables | 299,355,884 | 3,135,314 | 2,241,255 |
| 2. Cash and Cash Equivalents | 1,437,917,071 | 23,491,169 | 3,146,094 |
| 3. Other | - | - | - |
| 4. Current Assets (1+2+3) | 1,737,272,955 | 26,626,483 | 5,387,349 |
| 5. Total Assets (4) | 1,737,272,955 | 26,626,483 | 5,387,349 |
| 6. Trade Payables | (2,701,664,775) | (39,357,132) | (10,147,951) |
| 7. Financial Liabilities | - | - | - |
| 8. Short-Term Liabilities (6+7) | (2,701,664,775) | (39,357,132) | (10,147,951) |
| 9. Financial Liabilities | - | - | - |
| 10. Long-Term Liabilities (9) | - | - | - |
| 11. Total Liabilities (8+10) | (2,701,664,775) | (39,357,132) | (10,147,951) |
| Total (5+11) | (964,391,820) | (12,730,649) | (4,760,602) |
(Amounts on tables expressed in Turkish Lira ("TRY") in terms of purchasing power of the TRY on 30 September 2025 unless otherwise indicated.)
| 30 September 2025 | ||||
|---|---|---|---|---|
| Profit/(Loss) | Equities | |||
| Appreciation of foreign currency |
Depreciation of foreign currency |
Appreciation of foreign currency |
Depreciation of foreign currency |
|
| 10% appreciation/depreciation of USD against TRY | ||||
| 1-USD net asset/liability | 26,805,046 | (26,805,046) | - | - |
| 2-Portion of hedged for USD (-) | - | - | - | - |
| 3-Net effect of USD (1+2) | 26,805,046 | (26,805,046) | - | - |
| 10% appreciation/depreciation of EUR against TRY | ||||
| 4- EUR net asset/liability | (49,043,518) | 49,043,518 | - | - |
| 5- Portion of hedged for EUR (-) | - | - | - | - |
| 6- Net effect of EUR (4+5) | (49,043,518) | 49,043,518 | - | - |
| 7- Net effect of other currencies | - | - | - | - |
| Total (3+6+7) | (22,238,472) | 22,238,472 | - | - |
| Exchange Rate Sensitivity Analysis 31 December 2024 |
||||
| Profit/(Loss) | Equities | |||
| Depreciation | ||||
| Appreciation of foreign currency |
Depreciation of foreign currency |
Appreciation of foreign currency |
of foreign currency |
|
| 10% appreciation/depreciation of USD against TRY | ||||
| 1-USD net asset/liability | (54,489,462) | 54,489,462 | - | - |
| 7- Net effect of other currencies | - | - | - | - |
|---|---|---|---|---|
| Total (3+6+7) | (78,314,411) | 78,314,411 | - | - |
2-Portion of hedged for USD (-) - - - - 3-Net effect of USD (1+2) (54,489,462) 54,489,462 - -
The interest rate structure of the Company's financial instruments with interest components as of the reporting date is as follows:
| Fixed Interest Rate Items | 30 September 2025 | 31 December 2024 |
|---|---|---|
| Financial assets | 2,604,541,190 | 2,738,007,471 |
| Financial liabilities | 4,042,118,904 | 2,672,873,302 |
(Amounts on tables expressed in Turkish Lira ("TRY") in terms of purchasing power of the TRY on 30 September 2025
| unless otherwise indicated.) | |
|---|---|
| NOTE 21 - SUBSEQUENT EVENTS |
|
| None. | |
Have a question? We'll get back to you promptly.