(Convenience translation of the consolidated financial statements originally issued in Turkish) BİM BİRLEŞİK MAĞAZALAR A.Ş.

INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF AND FOR THE PERIOD ENDED SEPTEMBER 30, 2024

	CONSOLIDATED BALANCE SHEETS	1-2
	CONSOLIDATED STATEMENTS OF PROFIT OR LOSS
	AND OTHER COMPREHENSIVE INCOME	3
	CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY	4

	CONSOLIDATED STATEMENTS OF CASH FLOWS	5
	NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS	6-58
NOTE 1	ORGANIZATION AND NATURE OF OPERATIONS OF THE GROUP	6-7
NOTE 2	BASIS OF PREPARATION OF FINANCIAL STATEMENT	7-25
NOTE 3	SEGMENT REPORTING	25
NOTE 4	CASH AND CASH EQUIVALENTS	26
NOTE 5	FINANCIAL ASSETS	26
NOTE 6	FINANCIAL LIABILITIES	27
NOTE 7	TRADE RECEIVABLES AND PAYABLES	28
NOTE 8	OTHER RECEIVABLES	28
NOTE 9	INVENTORIES	29
NOTE 10	PROPERTY, PLANT AND EQUIPMENT	29-31
NOTE 11	INTANGIBLE ASSETS	32
NOTE 12	THE RIGHT OF USE ASSETS	33
NOTE 13	PROVISIONS, CONTINGENT ASSETS AND LIABILITIES	34-36
NOTE 14	PREPAID EXPENSES AND DEFERRED INCOME	36-37
NOTE 15	EMPLOYEE TERMINATION BENEFITS	37-38
NOTE 16	OTHER ASSETS AND LIABILITIES	38
NOTE 17	EQUITY	39-41
NOTE 18	SALES AND COST OF SALES	41
NOTE 19	OPERATIONAL EXPENSES	42
NOTE 20	EXPENSE BY NATURE	43
NOTE 21	OTHER OPERATING INCOME AND EXPENSE	43
NOTE 22	FINANCIAL INCOME	44
NOTE 23	FINANCIAL EXPENSE	44
NOTE 24	INCOME AND EXPENSE FROM INVESTING ACTIVITIES	44
NOTE 25	TAX ASSETS AND LIABILITIES	45-47
NOTE 26	EARNINGS PER SHARE	47
NOTE 27	NON - CONTROLLING INTERESTS	48
NOTE 28	RELATED PARTY DISCLOSURES	48-49
NOTE 29	FINANCIAL INSTRUMENTS AND FINANCİAL RISK MANAGEMENT	49-56
NOTE 30	FINANCIAL INSTRUMENTS
	(FAIR VALUE DISCLOSURES IN THE FRAME OF HEDGE ACCOUNTING)	57-58
NOTE 31	FEES FOR SERVİCES RECEİVED FROM INDEPENDENT AUDİT FİRM	58
NOTE 32	SUBSEQUENT EVENTS	58

CONSOLIDATED BALANCE SHEETS

AT SEPTEMBER 30, 2024 AND DECEMBER 31, 2023

(Amounts expressed in thousands of Turkish Lira ("TRY") in terms of the purchasing power of the TL at 30 September 2024, unless otherwise stated and all other currencies are expressed in full amounts unless otherwise stated.)

ASSETS

		Not Reviewed	Audited
		September 30,	December 31,
	Notes	2024	2023
Current assets		83.664.064	73.988.127

Cash and cash equivalents	4	2.849.389	4.900.186
Financial investments	5	16.614.611	4.594.179
Trade receivables		22.825.977	21.907.521
- Trade receivables from third parties	7	22.825.977	21.907.521
Other receivables	8	95.812	268.946
- Other receivables from related parties		-	1.390
- Other receivables from third parties		95.812	267.556
Inventory	9	36.362.520	37.127.528
Prepaid expenses	14	3.099.217	2.848.989
Other current assets	16	1.816.538	2.340.778
Non-current assets		140.281.137	127.265.507

Financial investments	5	5.996.312	5.996.312
Other receivables		173.309	186.482
- Other receivables from third parties		173.309	186.482
Property, plant and equipment	10	72.989.956	67.440.314
Intangible assets		218.016	247.479
- Other Intangible assets	11	187.972	217.435
- Goodwill		30.044	30.044
Right of use assets	12	58.652.820	51.292.358
Prepaid expenses	14	2.135.463	2.007.933
Deferred tax assets	25	115.261	94.629
Total assets		223.945.201	201.253.634

CONSOLIDATED BALANCE SHEETS

AT SEPTEMBER 30, 2024 AND DECEMBER 31, 2023

LIABILITIES

		Not Reviewed	Audited
		September 30,	December 31,
	Notes	2024	2023
Current liabilities		86.250.102	73.465.106

Short-term liabilities - Bank Loans (Spot)	6	7.487.152 351.000	6.329.502 -
- Lease liabilities		7.136.152	6.329.502
Trade payables		68.462.283	61.333.500
- Trade payables due to related parties	28	5.550.470	4.001.504
- Trade payables due to third parties	7	62.911.813	57.331.996
Other payables		4.079.284	1.179
- Other payables to related parties	17	4.078.054	-
- Other payables due to third parties		1.230	1.179
Deferred income	14	837.716	471.967
Payables related to employee benefits		1.237.132	1.451.987
Short term provisions		905.799	803.361
- Provision for employee benefits	13	439.941	330.555
- Other short-term provisions	13	465.858	472.806
Current income tax liabilities	25	1.542.455	1.902.244
Other current liabilities	16	1.698.281	1.171.366
Non-current liabilities		36.014.393	33.037.168
Long - term liabilities	6	26.425.553	24.018.924
- Lease liabilities		26.425.553	24.018.924
Non - current provisions		1.037.624	1.629.092
- Provision for employee benefits	15	1.037.624	1.629.092
Deferred tax liabilities	25	8.551.216	7.389.152
Equity		101.680.706	94.751.360

Paid-in share capital	17	607.200	607.200
Adjustments to share capital	17	5.412.248	5.412.248
Treasury Shares	17	(3.151.546)	(3.151.546)
Other comprehensive income/(expense) not to be
reclassified to profit or loss		15.495.992	15.495.992
- Property, plant and equipment revaluation fund	10,17	15.428.598	15.428.598
- Defined benefit plans revaluation fund loss		(1.833.822)	(1.833.822)
- Fair value increases in available-for-sale financial assets		1.901.216	1.901.216
Other comprehensive income/(expense) to be reclassified to
profit or loss		(1.813.257)	(1.575.019)
- Foreign currency exchange difference		(1.813.257)	(1.575.019)
Restricted reserves		11.121.105	10.483.616
Retained earnings		59.306.681	45.645.454
Net income for the period		13.854.432	20.977.832
Equity holders of the parent		100.832.855	93.895.777
Non-controlling interests		847.851	855.583
Total liabilities		223.945.201	201.253.634

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME FOR THE PERIODS ENDED SEPTEMBER 30, 2024 AND 2023

		Not	Not	Not	Not
	Notes	Reviewed	Reviewed	Reviewed	Reviewed
		January 1 -	July 1 -	January 1 -	July 1 -
		September 30	September 30	September 30 September 30
		2024	2024	2023	2023
PROFIT OR LOSS
Revenue	18	367.459.491	125.938.187	330.890.598	115.689.556
Cost of sales(-)	18	(304.113.533)	(103.621.250)	(275.912.599)	(93.985.527)
GROSS PROFIT		63.345.958	22.316.937	54.977.999	21.704.029
Marketing expenses (-)	19	(53.140.303)	(18.683.378)	(43.433.984)	(15.452.195)
General administrative expenses (-)	19	(7.480.454)	(2.285.112)	(6.197.982)	(2.029.259)
Other operating income	21	717.322	176.782	1.381.608	412.100
Other operating expense (-)	21	(972.539)	(627.018)	(601.978)	(146.163)
OPERATING PROFIT		2.469.984	898.211	6.125.663	4.488.512
Income related to investing activities	24	2.508.692	1.092.940	761.938	465.592
Expense related to investing activities (-)	24	(42.742)	(9.812)	(29.968)	-
OPERATING PROFIT BEFORE FINANCIAL EXPENSES		4.935.934	1.981.339	6.857.633	4.954.104
Financial income	22	101.355	24.779	329.915	55.060
Financial expense (-)	23	(3.446.569)	(1.201.281)	(2.804.578)	(848.413)
Monetary gain		17.050.426	5.561.410	18.023.920	7.898.054
PROFIT BEFORE TAX FROM CONTINUED OPERATIONS		18.641.146	6.366.247	22.406.890	12.058.805
- Current tax expense	25	(3.630.509)	(1.337.780)	(3.669.944)	(2.051.542)
- Deferred tax expense	25	(1.129.950)	(654.362)	(5.445.579)	(2.415.236)
PROFIT FROM CONTINUED OPERATIONS		13.880.687	4.374.105	13.291.367	7.592.027
NET INCOME FOR THE PERIOD		13.880.687	4.374.105	13.291.367	7.592.027
Profit for the period attributable to
Equity holders of the parent		13.854.432	4.350.985	13.299.828	7.575.777
Non-controlling interest	27	26.255	23.120	(8.461)	16.250
Earnings per share
Earnings per share from continued operations (Full TRY)	26	23,21	7,29	22,27	12,69
OTHER COMPREHENSIVE INCOME/EXPENSE
Items not to be reclassified to profit/(loss)		-	-	(916.049)	48.406
Defined Benefit Pension Plan Revaluation (Loss),Net		-	-	(813.477)	38.940
Revaluation of Available for Sale Financial Assets Gain/(losses), Net		-	-	-	-
Gain/(losses) on revaluation of Property, Plant and Equipment, After Tax		-	-	(102.572)	9.466
Items to be reclassified to profit /(loss):		(272.225)	(58.755)	(308.278)	(353.796)
Currency exchange difference		(272.225)	(58.755)	(308.278)	(353.796)
Other Comprehensive Income		(272.225)	(58.755)	(1.224.327)	(305.390)
Total comprehensive income		13.608.462	4.315.350	12.067.040	7.286.637
Total comprehensive income attributable to
Non-controlling interest	27	(7.732)	45.321	130.505	(901)
Equity holders of the parent		13.616.194	4.270.029	11.936.535	7.287.538

CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY FOR THE PERIODS ENDED SEPTEMBER 30, 2024 AND 2023

Other
comprehensive Other comprehensive income not to be income to be Retained earnings reclassified to profit or loss reclassified to profit or loss
Fair value changes in Property, available plant and Actuarial Foreign Paid-in Adjustments for-sale equipment loss on currency Non share to share Treasury Restricted financial revaluation defined exchange Retained Net income for Equities of the controlling capital capital shares reserves assets fund benefit plans differences earnings the period Parent interests	Total equity
Balance at January 1, 2023 607.200 5.412.248 (2.928.671) 9.698.979 1.079.069 15.733.337 (1.126.091) (1.032.443) 28.465.919 22.547.706 78.457.253 759.312	79.216.565
- - - 561.762 - - - - 21.985.944 (22.547.706) - - Transfers	-
Increase/decrease due to
acquisition of treasury shares - - (222.875) 222.875 - - - - (222.875) - (222.875) -	(222.875)
Dividend paid - - - - - - - - (5.624.762) - (5.624.762) (85.434)	(5.710.196)
- - - - - - - - 89.443 - 89.443 - Increase Due to Other Changes	89.443
- - - - - - - - - 13.299.828 13.299.828 (8.461) Net income for the period - - - - - (102.572) (813.477) (447.244) - - (1.363.293) 138.966 Other Comprehensive income	13.291.367 (1.224.327)
Total comprehensive income - - - - - (102.572) (813.477) (447.244) - 13.299.828 11.936.535 130.505	12.067.040
607.200 5.412.248 (3.151.546) 10.483.616 1.079.069 15.630.765 (1.939.568) (1.479.687) 44.693.669 13.299.828 84.635.594 804.383 Balance at September 30, 2023	85.439.977
Balance at January 1, 2024 607.200 5.412.248 (3.151.546) 10.483.616 1.901.216 15.428.598 (1.833.822) (1.575.019) 45.645.454 20.977.832 93.895.777 855.583 Transfers - - - 637.489 - - - - 20.340.343 (20.977.832) - -	94.751.360 -
- - - - - - - - (6.591.375) - (6.591.375) - Dividend paid (Note 17)	(6.591.375)
Increase/Decrease due to Other - - - - - - - - (87.741) - (87.741) - Changes	(87.741)
- - - - - - - - - 13.854.432 13.854.432 26.255 Net income for the period	13.880.687
- - - - - - - (238.238) - - (238.238) (33.987) Other comprehensive income	(272.225)
- - - - - - - (238.238) - Total comprehensive income 13.854.432 13.616.194 (7.732)	13.608.462
607.200 5.412.248 (3.151.546) 11.121.105 1.901.216 15.428.598 (1.833.822) (1.813.257) 59.306.681 13.854.432 100.832.855 Balance at September 30, 2024 847.851	101.680.706

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE PERIODS ENDED SEPTEMBER 30, 2024 AND 2023

		Not Reviewed	Not Reviewed
		January 1-	January 1-
		September 30,	September 30,
	Notes	2024	2023

A. CASH FLOWS FROM OPERATING ACTIVITIES		30.122.872	27.013.495
Profit for the period		13.880.687	13.291.367
Adjustments to reconcile profit for the period		14.599.744	13.548.711
Depreciation and amortization	10,11,12	11.945.704	11.110.258
Provisions for impairments		(23.560)	491.598
- Provisions for impairments of inventories	9	(23.378)	492.346
- Allowance for doubtful receivables	8	(182)	(748)
Adjustments related to provisions		575.903	810.203
- Adjustments related to provision for employment termination benefits	13,15	582.852	651.094
- Adjustments related to the legal provisions	13	(4.042)	146.526
- Adjustments related to other provisions	13	(2.907)	12.583
Adjustments related to financial income and expense		5.733.572	4.066.599
- Adjustments related to financial expenses	23	3.065.114	2.391.243
- Adjustments related to deferred financial expense from future purchases.	29	2.668.458	1.675.356
Adjustments for tax expense	25	4.760.459	9.115.523
Gain/(loss) on sale of property and equipment and Intangible assets	24	(42.742)	(29.968)
Adjustments related to fair value gains / (losses)		-	(34.760)
Adjustments related to unrealized currency exchange differences		655.446	(125.132)
Adjustments related to Monetary gain / (loss)		(8.920.426)	(11.881.983)
Other adjustments related profit / (loss) reconciliation		(84.612)	26.373
Changes in net working capital		5.948.686	2.022.939
Increases/decreases in inventories		788.386	(4.517.335)
Increases/decreases in trade receivables		(918.456)	(4.828.139)
Increases/decreases in other assets		186.489	(295.917)
Increases/decreases in trade payables		4.460.325	7.577.908
Increases/decreases in other payables		51	(672)
Increases/decreases other net working capital		1.431.891	4.087.094
Net cash generated from operating activities		34.429.117	28.863.017
Income taxes paid	25	(3.616.540)	(541.712)
Employee benefits paid	15	(689.705)	(1.307.810)
B. CASH FLOWS FROM INVESTING ACTIVITIES		(25.107.504)	(15.622.446)
Proceeds from sale of tangible and intangible assets		554.966	867.052
Cash outflows from purchases of tangible and intangible assets	10,11	(13.514.508)	(9.777.104)
- Purchases of tangible assets		(13.477.599)	(9.728.645)
- Purchases of intangible assets		(36.909)	(48.459)
Participation (profit) share and cash inflows from other financial instruments		(12.020.432)	(6.063.363)
Cash advances given and liabilities	14	(127.530)	(649.031)
C. CASH FLOWS FROM FINANCING ACTIVITIES		(6.230.595)	(10.501.142)
Cash outflows from payments of rent agreements	6	(5.281.096)	(4.653.505)
Cash inflows/(outflows) arising from borrowings		351.000	-
Dividend paid	17	(1.300.499)	(5.624.762)
Cash inflows/(outflows) related to the company's own shares and receivables based on
other equity instruments	17	-	(222.875)
NET INCREASE IN CASH AND CASH EQUIVALENTS BEFORE
CURRENCY EXCHANGE DIFFERENCES (A+B+C)		(1.215.227)	889.907

Monetary loss on cash and cash equivalents		(798.454)	(1.045.614)
D. EFFECTS OF CURRENCY EXCHANGE DIFFERENCES ON CASH AND CASH EQUIVALENTS		(37.116)	142.974

NET INCREASE IN CASH AND CASH EQUIVALENTS (A+B+C+D)		(2.050.797)	(12.733)
E. CASH AND CASH EQUIVALENTS AT THE BEGINNING
OF THE PERIOD	4	4.900.186	4.883.804
CASH AND CASH EQUIVALENTS AT THE END OF THE
PERIOD (A+B+C+D+E)	4	2.849.389	4.871.071

1. Organization and nature of operations of the Group

BİM Birleşik Mağazalar Anonim Şirketi ("BİM" or "the Company") was established on 31 May 1995 and commenced its operations in September 1995. The registered address of the Group is Ebubekir Cad. No: 73 Sancaktepe, İstanbul.

The Company is engaged in operating retail stores through its retail shops throughout Turkey, which sell an assortment of approximately 900 items, including a number of private labels. The Company is publicly traded in Istanbul Stock Exchange (ISE) since July 2005.

The Company established a new company named BIM Maroc S.A. on 19 May 2008 with 100% ownership in Morocco which is engaged in hard discount retail sector and started to operate on 11 July 2009. As of May 4, 2021, the shares of BIM Stores S.A. ("Bim Morocco") representing 35% of its capital were sold to Blue Investment Holding. Full control of BIM continues and the relevant minority share amounts are stated in the financial statements and footnote 27. Bim Morocco's financial statements are consolidated by using the full consolidation method as of September 30, 2024.

The Company established a new company named BIM Stores LLC ("Bim Egypt") on 24 July 2012 with 100% ownership in Egypt which is engaged in that hard discount retail sector and first stores of Bim Egypt were opened in April 2013. Bim Egytp's financial statements are consolidated by using the full consolidation method as of September 30, 2024.

GDP Gıda Paketleme ve Sanayi ve Ticaret A.Ş. ("GDP Gıda"), which is a 100% subsidiary to provide the supply and packaging of various foodstuffs, especially rice and pulses, became a legal entity and started its activities with the completion of the registration procedures in 2017. GDP Gıda's financial statements are consolidated by using the full consolidation method as of September 30, 2024.

Dost Global Danışmanlık A.Ş. ("Dost Global"), is a 100% subsidiary to reach a more efficient organizational structure within the scope of the foreign investments of the Company was established 8 January 2020. Dost Global's financial statements are consolidated by using the full consolidation method as of September 30, 2024.

Es Global Gıda Sanayi ve Ticaret A.Ş, ("Es Global") which is a 100% subsidiary to produce especially some of biscuits and confectionery products sold in the stores of the Company was established on 27 September 2021. Es Global's financial statements are consolidated by using the full consolidation method as of September 30, 2024.

In order to improve the sustainability of the Company's supply in the fresh fruit and vegetable category, the acquisition of Bircan Fide Tohum Tarım Nakliyecilik Sanayi ve Ticaret Anonim Şirketi, ("Bircan Fide") which is a 100% subsidiary, was realized as of 14 October 2021. The financial results of Bircan Fide are consolidated in accordance with the full consolidation method in the financial statements dated September 30, 2024.

İdeal Standart Mümessillik San. ve Tic. A.Ş. ("İdeal Standart") which is a 100% subsidiary of the Company for the production of toothbrush products sold in the Company's stores. ("Ideal Standard") acquired all the shares of its subsidiary on January 30, 2012. Ideal Standard's financial results have been consolidated in the financial statements as of September 30, 2024 by using to the full consolidation method.

Emek Yatırım Proje Geliştirme A.Ş. which is a 100% subsidiary of the Company within the scope of real estate investments ("Emek Yatırım") acquired all the shares of its subsidiary on April 5, 2024. The financial results of Emek Yatırım are consolidated in accordance with the full consolidation method in the financial statements dated September 30, 2024. An application was made to the Capital Markets Board on August 15, 2024 as a result of the Board of Directors' decision regarding to approve the merger of Emek Yatırım by taking over its registered value.

Desto Atık Yönetimi A.Ş. ("Desto"), a 100% subsidiary of the Company, was established on July 9, 2024 in order to achieve the sustainability targets of the Company and to manage waste management activities more efficiently. Desto's financial results have been consolidated in the financial statements as of September 30, 2024 by using to the full consolidation method.

Hereinafter, the Company and its consolidated subsidiaries together will be referred to as "the Group".

1. Organization and nature of operations of the Group (Cont'd)

Approval of financial statements:

Shareholder structure of the Group is stated in Note 17. Board of Directors has approved the financial statements and delegated authority for publishing it on November 11, 2024.

Although there is no such intention, the General Assembly and certain regulatory bodies have the power to amend the financial statements after issues.

For the periods ended September 30, 2024 and 2023, the year-end number of employees in accordance with their categories is shown below:

	September 30,	September 30,
	2024	2023
Office personnel	4.575	4.418
Warehouse personnel	9.198	7.575
Store personnel	80.909	72.326
Total	94.682	84.319

As of September 30, 2024, the Group operates in 13.377 stores (December 31, 2023: 12.482).

2. Basis of preparation of financial statements

2.1 Basis of Presentation

Applied Financial Reporting Standards

The accompanying consolidated financial statements are prepared in accordance with the Communiqué Serial II, No:14.1, "Principles of Financial Reporting in Capital Markets" ("the Communiqué") published in the Official Gazette numbered 28676 on 13 September 2013. According to the article 5 of the Communiqué, consolidated financial statements are prepared in accordance with Turkish Financial Reporting Standards ("TFRS") and its addendum and interpretations ("IFRIC") issued by Public Oversight Accounting and Auditing Standards Authority ("POA") Turkish Accounting Standards Boards. The consolidated financial statements of the Group are prepared as per the CMB announcement of 4 October 2022 relating to financial statements presentations.

The Company and its subsidiaries operating in Turkey, maintains its accounting records and prepares its statutory financial statements in accordance with the Turkish Commercial Code (the "TCC"), tax legislation and the uniform chart of accounts issued by the Ministry of Finance. These consolidated financial statements are based on the statutory records, with the required adjustments and reclassifications including those related to changes in purchasing power reflected for the purpose of fair presentation in accordance with the TFRS.

Financial Reporting in Hyperinflationary Economies

Entities applying TFRS 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 31 December 2023 with the announcements made by the Public Oversight Accounting and Auditing Standards Authority (POA) on 23 November 2023. 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.

2. Basis of preparation of financial statements (Cont'd)

2.1 Basis of presentation (Cont'd)

The accompanying financial statements are prepared on a historical cost basis, except for financial investments measured at fair value and investment properties measured at revalued amounts.

Financial statements and corresponding figures for previous periods have been restated for the changes in the general purchasing power of Turkish lira and, as a result, are expressed in terms of purchasing power of Turkish lira as of 30 September 2024 as per TAS 29.

On the application of TAS 29, the entity used the conversion coefficient derived from the Customer Price Indexes (CPI) published by Turkey Statistical Institute according to directions given by POA. The CPI for current and previous year periods and corresponding conversion factors since the time when the Turkish lira previously ceased to be considered currency of hyperinflationary economy, i.e., since 1 January 2005, were as follow:

Year-end	Index
2004	113,86
2005	122,65
2006	134,49
2007	145,77
2008	160,44
2009	170,91
2010	181,85
2011	200,85
2012	213,23
2013	229,01
2014	247,72
2015	269,54
2016	292,54
2017	327,41
2018	393,88
2019	440,50
2020	504,81
2021	686,95
2022	1.128,45
2023	1.859,38
2024/09	2.526,16

Assets and liabilities were separated into those that were monetary and non–monetary, with non–monetary items were further divided into those measured on either a current or historical basis to perform the required restatement of financial statements under TAS 29. Monetary items (other than index -linked monetary items) and non-monetary items carried at amounts current at the end of the reporting period were not restated because they are already expressed in terms of measuring unit as of 30 September 2024. Non-monetary items which are not expressed in terms of measuring unit as of 30 September 2024 were restated by applying the conversion factors. The restated amount of a non-monetary item was reduced, in accordance with appropriate TFRS, in cases where it exceeds its recoverable amount or net realizable value. Components of shareholders' equity in the statement of financial position and all items in the statement of profit or loss and other comprehensive income have also been restated by applying the conversion factors.

2. Basis of preparation of financial statements (Cont'd)

2.1 Basis of presentation (Cont'd)

Non-monetary items measured at historical cost that were acquired or assumed and components of shareholders' equity that were contributed or arose before the time when the Turkish lira previously ceased to be considered currency of hyperinflationary economy, i.e before 1 January 2005, were restated by applying the change in the CPI from 1 January 2005 to 30 September 2024.

The application of TAS 29 results in an adjustment for the loss of purchasing power of the Turkish lira presented in Net Monetary Position Gains / (Losses) item in the profit or loss section of the statement of profit or loss and comprehensive income. In a period of inflation, an entity holding an excess of monetary assets over monetary liabilities loses purchasing power and an entity with an excess of monetary liabilities over monetary assets gains purchasing power to the extent the assets and liabilities are not linked to a price level. This gain or loss on the net monetary position is derived as the difference resulting from the restatement of non-monetary items, owners' equity and items in the statement of profit or loss and other comprehensive income and the adjustment of index linked assets and liabilities.

In addition, in the first reporting period in which TAS 29 is applied, the requirements of the Standard are applied as if the economy had always been hyperinflationary. Therefore, the statement of financial position at the beginning of the earliest comparative period, i.e as of 1 January 2022, was restated as the base of all subsequent reporting. Restated retained earnings/losses in the statement of financial position as of 1 January 2022 was derived as balancing figure in the restated statement of financial position.

2.2 New and Revised Turkish Accounting Standards

The accounting policies adopted in preparation of the interim consolidated financial statements as of September 30, 2024 are consistent with those of the previous financial year, except for the adoption of new and amended TFRS and TFRS interpretations effective as of January 1, 2024 and thereafter. The effects of these standards and interpretations on the Company / the Group's financial position and performance have been disclosed in the related paragraphs.

i) The new standards, amendments and interpretations which are effective as of January 1, 2024 are as follows:

Amendments to TAS 1- Classification of Liabilities as Current and Non-Current Liabilities

In March 2020 and January 2023, POA issued amendments to TAS 1 to specify the requirements for classifying liabilities as current or non-current. According to the amendments made in January 2023 if an entity's right to defer settlement of a liability is subject to the entity complying with the required covenants at a date subsequent to the reporting period ("future covenants"), the entity has a right to defer settlement of the liability even if it does not comply with those covenants at the end of the reporting period. In addition, January 2023 amendments require an entity to provide disclosure when a liability arising from a loan agreement is classified as non-current and the entity's right to defer settlement is contingent on compliance with future covenants within twelve months. This disclosure must include information about the covenants and the related liabilities. The amendments clarify that the requirement for the right to exist at the end of the reporting period applies to covenants which the entity is required to comply with on or before the reporting date regardless of whether the lender tests for compliance at that date or at a later date. The amendments also clarified that the classification of a liability is unaffected by the likelihood that the entity will exercise its right to defer settlement of the liability for at least twelve months after the reporting period. The amendments must be applied retrospectively in accordance with TAS 8.

The amendments did not have a significant impact on the financial position or performance of the Group.

2. Basis of preparation of financial statements (Cont'd)

2.2. The new standards, amendments and interpretations (Cont'd)

Amendments to TFRS 16 - Lease Liability in a Sale and Leaseback

In January 2023, POA issued amendments to TFRS 16. The amendments specify the requirements that a sellerlessee uses in measuring the lease liability arising in a sale and leaseback transaction, to ensure the seller-lessee does not recognise any amount of the gain or loss that relates to the right of use it retains. In applying requirements of TFRS 16 under "Subsequent measurement of the lease liability" heading after the commencement date in a sale and leaseback transaction, the seller lessee determines 'lease payments' or 'revised lease payments' in such a way that the seller-lessee would not recognise any amount of the gain or loss that relates to the right of use retained by the seller-lessee. The amendments do not prescribe specific measurement requirements for lease liabilities arising from a leaseback. The initial measurement of the lease liability arising from a leaseback may result in a sellerlessee determining 'lease payments' that are different from the general definition of lease payments in TFRS 16. The seller-lessee will need to develop and apply an accounting policy that results in information that is relevant and reliable in accordance with TAS 8. A seller-lessee applies the amendments retrospectively in accordance with TAS 8 to sale and leaseback transactions entered into after the date of initial application of TFRS 16.

The amendments did not have a significant impact on the financial position or performance of the Group.

Amendments to TAS 7 and TFRS 7 - Disclosures: Supplier Finance Arrangements

The amendments issued by POA in September 2023 specify disclosure requirements to enhance the current requirements, which are intended to assist users of financial statements in understanding the effects of supplier finance arrangements on an entity's liabilities, cash flows and exposure to liquidity risk. Supplier finance arrangements are characterized by one or more finance providers offering to pay amounts an entity owes its suppliers and the entity agreeing to pay according to the terms and conditions of the arrangements at the same date as, or a date later than, suppliers are paid. The amendments require an entity to provide information about terms and conditions of those arrangements, quantitative information on liabilities related to those arrangements as at the beginning and end of the reporting period and the type and effect of non-cash changes in the carrying amounts of those liabilities. In the context of quantitative liquidity risk disclosures required by TFRS 7, supplier finance arrangements are also included as an example of other factors that might be relevant to disclose.

The amendments did not have a significant impact on the financial position or performance of the Group.

ii) Standards issued but not yet effective and not early adopted

Standards, interpretations and amendments to existing standards that are issued but not yet effective up to the date of issuance of the consolidated financial statements are as follows. The Group will make the necessary changes if not indicated otherwise, which will be affecting the consolidated financial statements and disclosures, when the new standards and interpretations become effective.

Amendments to TFRS 10 and TAS 28: Sale or Contribution of Assets between an Investor and its Associate or Joint Venture

In December 2017, POA postponed the effective date of this amendment indefinitely pending the outcome of its research project on the equity method of accounting. Early application of the amendments is still permitted.

The Group will wait until the final amendment to assess the impacts of the changes.

2. Basis of preparation of financial statements (Cont'd)

2.2. The new standards, amendments and interpretations (Cont'd)

TFRS 17 - The new Standard for insurance contracts

POA issued TFRS 17 in February 2019, a comprehensive new accounting standard for insurance contracts covering recognition and measurement, presentation and disclosure. TFRS 17 model combines a current balance sheet measurement of insurance contract liabilities with the recognition of profit over the period that services are provided. Certain changes in the estimates of future cash flows and the risk adjustment are also recognised over the period that services are provided. Entities will have an option to present the effect of changes in discount rates either in profit and loss or in OCI. The standard includes specific guidance on measurement and presentation for insurance contracts with participation features. In accordance with amendments issued by POA in December 2021, entities have transition option for a "classification overlay" to avoid possible accounting mismatches between financial assets and insurance contract liabilities in the comparative information presented on initial application of TFRS 17.

The mandatory effective date of the Standard for the following entities has been postponed to accounting periods beginning on or after January 1, 2025 with the announcement made by the POA:

Insurance, reinsurance and pension companies.
Banks that have ownership/investments in insurance, reinsurance and pension companies.
Other entities that have ownership/investments in insurance, reinsurance and pension companies.

The standard is not applicable for the Group and will not have an impact on the financial position or performance of the Group.

Amendments to IAS 21 - Lack of exchangeability

In May 2024, POA issued amendments to IAS 21. The amendments specify how an entity should assess whether a currency is exchangeable and how it should determine a spot exchange rate when exchangeability is lacking. When an entity estimates a spot exchange rate because a currency is not exchangeable into another currency, it discloses information that enables users of its financial statements to understand how the currency not being exchangeable into the other currency affects, or is expected to affect, the entity's financial performance, financial position and cash flows.

The Group will wait until the final amendment to assess the impacts of the changes.

iii) The amendments which are effective immediately upon issuance

Amendments to TAS 12 - International Tax Reform – Pillar Two Model Rules

In September 2023, POA issued amendments to TAS 12, which introduce a mandatory exception in TAS 12 from recognizing and disclosing deferred tax assets and liabilities related to Pillar Two income taxes. The amendments clarify that TAS 12 applies to income taxes arising from tax laws enacted or substantively enacted to implement the Pillar Two Model Rules published by the Organization for Economic Cooperation and Development (OECD). The amendments also introduced targeted disclosure requirements for entities affected by the tax laws. The temporary exception from recognition and disclosure of information about deferred taxes and the requirement to disclose the application of the exception apply immediately and retrospectively upon issue of the amendments.

The amendments did not have a significant impact on the financial position or performance of the Group.

2. Basis of preparation of financial statements (Cont'd)
2.2. The new standards, amendments and interpretations (Cont'd)

iv) The new amendments that are issued by the International Accounting Standards Board (IASB) but not issued by Public Oversight Authority (POA)

The following amendments to IFRS 9 and IFRS 7 are issued by IASB but not yet adapted/issued by POA. Therefore, they do not constitute part of TFRS. The Company / the Group will make the necessary changes to its consolidated financial statements after the amendments and new Standard are issued and become effective under TFRS.

Amendments to IFRS 9 and IFRS 7 – Classification and measurement of financial instruments

In May 2024, IASB issued amendments to the classification and measurement of financial instruments (amendments to IFRS 9 and IFRS 7). The amendment clarifies that a financial liability is derecognised on the 'settlement date'. It also introduces an accounting policy option to derecognise financial liabilities that are settled through an electronic payment system before settlement date if certain conditions are met. The amendment also clarified how to assess the contractual cash flow characteristics of financial assets that include environmental, social and governance (ESG)-linked features and other similar contingent features as well as the treatment of nonrecourse assets and contractually linked instruments. Additional disclosures in IFRS 7 for financial assets and liabilities with contractual terms that reference a contingent event (including those that are ESG-linked), and equity instruments classified at fair value through other comprehensive income are added with the amendment.

The standard will not have an impact on the financial position or performance of the Group.

IFRS 18 – The new Standard for Presentation and Disclosure in Financial Statements

In April 2024, IASB issued IFRS 18 which replaces IAS 1. IFRS 18 introduces new requirements on presentation within the statement of profit or loss, including specified totals and subtotals. IFRS 18 requires an entity to classify all income and expenses within its statement of profit or loss into one of five categories: operating; investing; financing; income taxes; and discontinued operations. It also requires disclosure of management-defined performance measures and includes new requirements for aggregation and disaggregation of financial information based on the identified 'roles' of the primary financial statements and the notes. In addition, there are consequential amendments to other accounting standards, such as IAS 7, IAS 8 and IAS 34.

It has been assessed the impact of the standard on financial position or performance of the Group.

IFRS 19 – Subsidiaries without Public Accountability: Disclosures

In May 2024, IASB issued IFRS 19, which allows eligible entities to elect to apply reduced disclosure requirements while still applying the recognition, measurement and presentation requirements in other IFRS accounting standards. Unless otherwise specified, eligible entities that elect to apply IFRS 19 will not need to apply the disclosure requirements in other IFRS accounting standards. An entity that is a subsidiary, does not have public accountability and has a parent (either ultimate or intermediate) which prepares consolidated financial statements, available for public use, which comply with IFRS accounting standards may elect to apply IFRS 19.

It has been assessed the impact of the standard on financial position or performance of the Group.

2.3. Statement of compliance to TAS

The Group prepared its consolidated financial statements for the period ended September 30, 2024 in accordance with the framework of the Communiqué Serial: II and numbered 14.1 and its related announcements. The consolidated financial statements and its accompanying notes are presented in compliance with the format recommended by CMB, including the mandatory disclosures.

2. Basis of preparation of financial statements (Cont'd)

2.4. Presentation and functional currency (Cont'd)

The individual financial statements of each group entity are presented in the currency of the primary economic environment in which the entity operates (its functional currency). For the purpose of the consolidated financial statements, the results and financial position of each entity consolidated are expressed in Turkish Lira ("TRY"), which is the functional of the Company and the presentation currency of the Group. The functional currency of the Company's subsidiary, BIM Maroc S.A., is Moroccan Dirham ("MAD").

In the consolidated financial statements, MAD amounts presented in the balance sheet for assets and liabilities are translated into Turkish Lira at the TRY which is the functional and reporting currency of the Company, 1 TRY = 0,2842 MAD and 1 TRY = 0,2837 MAD exchange rates respectively and in the conversion of the income statement, the average exchange rate occurred during the period, 1 TRY = 0,3086 MAD rate is taken as the basis. Differences that occur by the usage of closing and average exchange rates are followed under currency exchange differences classified under equity.

The functional currency of the Company's other subsidiary, BIM Stores LLC is Egyptian Pound ("EGP"). In the consolidated financial statements, EGP amounts presented in the balance sheet for assets and liabilities are translated into Turkish Lira at the TRY which is the functional and reporting currency of the Company, 1 TRY = 1,4140 EGP and 1 TRY = 1,4144 EGP exchange rates respectively and in the conversion of the income statement, the average exchange rate occurred during the period, 1 TRY = 1,3582 EGP rate is taken as the basis. Differences that occur by the usage of closing and average exchange rates are followed under currency exchange differences classified under equity.

2.5 Basis of consolidation

The consolidated financial statements comprise the financial statements of the Company and its subsidiaries prepared for the period ended September 30, 2024. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee.

Specifically, the Group controls an investee if, and only if, the Group has:

Power over the investee (i.e., existing rights that give it the current ability to direct the relevant activities of the investee)
Exposure, or rights, to variable returns from its involvement with the investee
The ability to use its power over the investee to affect its returns

Generally, there is a presumption that a majority of voting rights results in control. To support this presumption and when the Group has less than a majority of the voting or similar rights of an investee, the Group considers all relevant facts and circumstances in assessing whether it has power over an investee, including:

The contractual arrangement(s) with the other vote holders of the investee
Rights arising from other contractual arrangements
The Group's voting rights and potential voting rights

The Group re-assesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. Assets, liabilities, income and expenses of a subsidiary acquired or disposed of during the year are included in the consolidated financial statements from the date the Group gains control until the date the Group ceases to control the subsidiary.

Profit or loss and each component of other comprehensive incomes are attributed to the equity holders of the parent of the Group and to the non-controlling interests, even if this results in the non-controlling interests having a deficit balance. When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies in line with the Group's accounting policies. All intercompany assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the Group are eliminated in full on consolidation.

2. Basis of preparation of financial statements (Cont'd)

2.5 Basis of consolidation (Cont'd)

A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction. If the Group loses control over a subsidiary, it derecognizes the related assets (including goodwill), liabilities, non-controlling interest and other components of equity, while any resultant gain or loss is recognized in profit or loss. Any investment retained is recognized at fair value.

i) Subsidiaries:

Subsidiaries are entities controlled by the Group. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The financial statements of subsidiaries are shown in the consolidated financial statements from the date of formation of the controlling power to the date of termination.

ii) Non-controlling interest:

For each business combination, the Group elects to measure any non-controlling interests in the acquiree either:

at fair value; or
at their proportionate share of the acquiree's identifiable net assets, which are generally at fair value.

Profit or loss and each component of other comprehensive income are attributed to the equity holders of the parent of the Group and to the non-controlling interests, even if this results in the non-controlling interests having a deficit balance.

iii) Partial share purchase and sale transactions with non-controlling interests

Changes in the Group's interest in a subsidiary that do not result in a loss of control are accounted for as transactions with owners in their capacity as owners. Accordingly, in the case of additional share purchases from and sales to non-controlling interests, the difference between the acquisition cost and the carrying amount of the net assets of the subsidiary in proportion to the acquired interest is recognized in equity. No adjustments are made to goodwill and no gain or loss is recognized in profit or loss.

iv) Eliminations:

During the preparation of the carve-out consolidated financial statements, unrealized gains and losses arising from intra-group transactions between entities included in the carve-out consolidated financial statements, intra-group balances and intra-group transactions are eliminated. Gains and losses arising from the transactions between the associate and the parent company and the consolidated subsidiaries of the parent company and jointly controlled entities are offset against the parent company's interest in the associate. Unrealized losses are eliminated in the same manner as unrealized gains, unless there is evidence of impairment.

2.6 Comparatives and restatement of prior periods' financial statements

Intercompany balances and transactions between BİM and its subsidiaries, including unrealized intercompany profits and losses are eliminated. The consolidated financial statements are prepared using uniform accounting policies for similar transactions and other events in similar circumstances.

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

Offsetting

Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is a legally enforceable right to set off the recognized amounts and there is an intention to settle on a net basis or realize the asset and settle the liabilities simultaneously.

2. Basis of preparation of financial statements (Cont'd)

2.6 Comparatives and restatement of prior periods' financial statements (Cont'd)

Accounting estimates

The preparation of consolidated financial statements in accordance with TAS require the Group management to make estimates and assumptions that affect certain reported assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported revenues and expenses during the reporting year. Actual results could differ from those estimates. Those estimates are reviewed periodically, and as adjustments become necessary, they are reported in income statement in the periods in which they become known.

Significant estimates used in the preparation of these financial statements and the significant judgments with the most significant effect on amounts recognized in the financial statements are mainly related with accounting of employee termination benefits, provision for inventories, revaluation of land and buildings, assessment of economic useful lives of property, plant and equipment and intangibles , determination of the interest rates used to discount cashflows and the lease period used in the calculation of the right of use of assets and lease liabilities, provision for income taxes.

2.7 Changes in accounting policies

The Group changes accounting policies when it is believed that the change will lead to better presentation of transactions and events in the financial statements. When the intentional change can affect the prior period results, the change is applied retrospectively as though it was already applied before. Accounting policy changes arising from the application of a new standard are applied considering the transition principles of the related standard, if any, retrospectively or forward. If no transition principle for the standard exists, the changes are applied retrospectively.

2.8 Summary of significant accounting policies

Revenue recognition

Revenue is recognized on accrual basis over the amount obtained or the current value of the amount to be obtained when the delivery is realized, the income can be reliably determined and the inflow of the economic benefits related with the transaction to the Group is reasonably assured. Revenue is recognized when customers obtain control of the goods. The cycle of control takes place at a certain time. Net sales represent the invoiced value of goods less any sales returns. Retail sales are done generally with cash or credit cards and the control is transferred to customers at the same time and revenue is recognized at the time of sale.

Sales of Goods

Revenue from sale of goods is recognized when all the following conditions are satisfied:

Identification of contracts with customers,
Definition of performance obligations in contracts,
Determination of transaction price in contracts,
Distribution of transaction fee to performance obligations, and
Revenue recognition.

Financial income

Profit shares income from participation banks are recognized in accrual basis.

Dividend income

Dividend income from investments is reflected in the consolidated financial statements when the shareholders are entitled to receive dividends.

2. Basis of preparation of financial statements (Cont'd)

2.8 Summary of significant accounting policies (Cont'd)

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand, cash in transit and demand deposits, and other short-term highly liquid investments which their maturities are three months or less from date of acquisition and that are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value.

Trade receivables

Trade receivables comprise trade receivables, credit card receivables and other receivables with fixed or determinable payments and are not quoted in an active market; which have an average maturity of 17 days term (December 31, 2023: 15 days) as of balance sheet date are measured at original invoice amount and if they have long term maturity, the imputing interest is netted off and the provision of doubtful receivable is deducted. Trade receivables, net of unearned financial income, are measured at amortized cost, using the effective interest rate method, less the unearned financial income. Short duration receivables with no stated interest rate and credit card receivables are measured at the original invoice.

Estimate is made for the doubtful provision when the collection of the trace receivable is not probable. If the amount of the impairment subsequently decreases due to an event occurring after the write-down, the release of the provision is credited to other operating income.

Group has preferred to apply "simplified approach" defined in IFRS 9 for the recognition of impairment losses on trade receivables, carried at amortized cost and that do not comprise of any significant finance component (those with maturity less than 12 months). In accordance with the simplified approach, Group measures the loss allowances regarding its trade receivables at an amount equal to "lifetime expected credit losses" except incurred credit losses in which trade receivables are already impaired for a specific reason.

Inventories

Inventories are valued at the obtained cost price or the lower net realizable value. Costs comprise purchase cost and, where applicable and those overheads that have been incurred in bringing the inventories to their present location and condition. Cost is determined using the first-in, first-out (FIFO) method. Rebates which generate from sales from ordinary operations are deducted from cost of inventories and associated with cost of sales. Net realizable value is the estimated selling price less estimated costs necessary to realize sale.

Right-of-Use Assets and Lease Liabilities

The Group has applied the TFRS-16 standard as of January 1, 2019.

Group - lessee

The Group's leases are mainly consisting of retail stores, warehouse and vehicles. At inception of a contract, the Group shall assess whether the contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset for a period of time, the Group shall assess whether, throughout the period of use, the customer has the followings:

2. Basis of preparation of financial statements (Cont'd)

2.8 Summary of significant accounting policies (Cont'd)

The contract includes an identified asset (identification of an asset in a clear or implicitly specified form in the contract),
A capacity portion of an asset is an identified asset if it is physically distinct and represents substantially all of the capacity of the asset (the asset is not an identified asset if the vendor has a fundamental right to substitute the asset for the duration of its use and obtain an economic benefit from it),
The Group has the right to obtain almost all of the economic benefits that will be derived from the use of the identified asset,
The right to direct the use of the identified asset. The Company has the right to direct the use of an identified asset throughout the period of use only if either.
a) The Group has the right to direct how and for what purpose the asset is used throughout the period of use
b) the relevant decisions about how and for what purpose the asset is used are predetermined.

The Group recognizes right of use asset and lease liability at the start date of lease after evaluation of aforementioned criteria.

Right of use asset

At the commencement date, the Group shall measure the right-of-use asset at cost. The cost of the right-of-use asset shall comprise:

a) the amount of the initial measurement of the lease liability,
b) any lease payments made at or before the commencement date, less any lease incentives received
c) any initial direct costs incurred by the Group
d) an estimate of costs to be incurred by the Group in dismantling and removing the underlying asset,

To apply a cost model, the Group shall measure the right-of-use asset at cost:

a) less any accumulated depreciation and accumulated impairment losses and
b) adjusted for any remeasurement of the lease liability.

The Group shall apply the depreciation requirements in TAS 16 Property, Plant and Equipment in depreciating the right-of-use asset. The average useful lives of right-to-use assets are as follows:

Buildings 10 Vehicles 4

Duration (Year)

The Company shall apply TAS 36 Impairment of Assets to determine whether the right-of-use asset is impaired and to account for any impairment loss identified.

Lease Liability

At the commencement date, the Group shall measure the lease liability at the present value of the lease payments that are not paid at that date. The lease payments shall be discounted using the financing rate implicit in the lease, if that rate can be readily determined. If that rate cannot be readily determined, the lessee shall use the lessee's incremental borrowing rate.

2. Basis of preparation of financial statements (Cont'd)

2.8 Summary of significant accounting policies (Cont'd)

At the commencement date, the lease payments included in the measurement of the lease liability comprise the following payments for the right to use the underlying asset during the lease term that are not paid at the commencement date:

a) fixed payments, less any lease incentives receivable
b) variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date,
c) payments of penalties for terminating the lease, if the lease term reflects the lessee exercising an option to terminate the lease.

After the commencement date, the Group shall measure the lease liability by:

a) increasing the carrying amount to reflect interest on the lease liability,
b) reducing the carrying amount to reflect the lease payment made; and
c) remeasuring the carrying amount to reflect any reassessment or lease modifications, or to reflect revised in substance fixed lease payments. The Group reflects the remeasurement amount of the lease liability in its financial statements as an adjustment for the right-of-use asset.

Extension and early termination options

Lease contracts are made for average 10 annual periods. The lease liability is determined by considering the extension and early termination options in the contracts. Most of the extension and early termination options included in the contracts are composed of the options that are applicable by the Group. The Group determines the lease term by the extension of the lease, if such extension and early termination options are at the Group's discretion and the use of the options is reasonably certain. If there is a significant change in the circumstances, the evaluation is reviewed by the Group.

Practical expedient

The Group applied a single discount rate to a rental portfolio with similar features. Initial direct costs were not included in the measurement of the right to use at the date of initial application. If the contract includes options to extend and terminate the contract, the lease term is determined and the management's evaluations are used.

Property, plant and equipment

All property and equipment is initially recorded at cost. Land and building are subsequently measured at revalued amounts which are the fair value at the date of the revaluation, based on valuations by external independent valuers, less subsequent depreciation for building. Group revaluates the amounts of their lands and buildings every 3 years with the CMB-licensed valuation firm unless there is a change in the circumstances. All other property and equipment is stated at cost less accumulated depreciation and accumulated impairment loss. When assets are sold or retired, their cost and accumulated depreciation are eliminated from the related accounts and any gain or loss resulting from their disposal is included in the statement of income. On disposal of revalued assets, amounts in revaluation reserves relating to that asset are transferred to retained earnings.

The initial cost of property and equipment comprises its purchase price, including import duties and nonrefundable purchase taxes and any directly attributable costs of bringing the asset ready for use. Expenditures incurred after the fixed assets have been put into operation, such as repairs and maintenance, are normally charged to income in the year the costs are incurred. If the asset recognition criteria are met, the expenditures are capitalized as an additional cost of property and equipment.

Increases in the carrying amount arising on revaluation of property are initially credited to revaluation reserve in shareholders' equity net of the related deferred tax. Decreases that offset previous increases of the same asset are charged in other comprehensive income and debited against property and equipment revaluation reserve directly in equity; all other decreases are charged to the income statement.

2. Basis of preparation of financial statements (Cont'd)

2.8 Summary of significant accounting policies (Cont'd)

Depreciation is provided on cost or revalued amount of property and equipment except for land and construction in progress on a straight-line basis. The depreciation periods for property and equipment, which approximate the estimated economic useful lives of such assets, are as follows:

Property, plant and equipment

	Duration (Years)
Land improvements	5
Buildings	25
Leasehold improvements	10
Machinery and equipment	4 - 10
Vehicles	5 - 10
Furniture and fixtures	5 - 10

The economic useful life, the present value and the depreciation method are regularly reviewed for possible effects of changes in estimates, the method used and the period of depreciation are closely aligned with the economic benefits to be gained from the related asset and are recognized on a prospective basis.

When a revaluated asset is sold, revaluation reserve account is transferred to retained earnings.

Leasehold improvement

The economic useful life for special costs is in line with the average duration of the lease contracts which is 10 years.

Intangible assets

Intangible assets which mainly comprise software rights are measured initially at cost. Intangible assets are recognized if it is probable that the future economic benefits that are attributable to the asset will flow to the enterprise; and the cost of the asset can be measured reliably. After initial recognition, intangible assets are measured at cost less accumulated amortization and any accumulated impairment losses. Intangible assets excluding development costs, created within the business are not capitalized and expenditure is charged against profits in the year in which it is incurred. The useful lives of intangible assets are assessed to be either finite or indefinite.

Intangible assets with finite lives are amortized on a straight-line basis over the best estimate of their useful lives. The amortization period and the amortization method for an intangible asset with a finite useful life are reviewed at least at each financial year-end.

Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset is accounted for by changing the amortization period or method, as appropriate, and treated as changes in accounting estimates. The amortization expense on intangible assets with finite lives is recognized in the statement of income in the expense category consistent with the function of the intangible asset. The Group does not have any intangible assets with indefinite useful lives.

The carrying values of intangible assets are reviewed for impairment when events or changes in circumstances indicate that the carrying value may not be recoverable.

Goodwill

Goodwill arises on the acquisition of subsidiaries and represents the excess of the consideration transferred, the amount of any non-controlling interests in the acquiree and the fair value of the identifiable net assets of the acquiree over the fair value at the acquisition date of the acquirer's previously held equity interest in the acquiree. If the total transferred consideration, recognized non-controlling interests and previously held interests measured at fair value are less than the fair value of the net assets of the acquired subsidiary, for example in a bargain purchase, the difference is recognized directly in the statement of profit or loss.

2. Basis of preparation of financial statements (Cont'd)

2.8 Summary of significant accounting policies (Cont'd)

Goodwill is allocated to cash-generating units for the purpose of impairment testing. The allocation is made to those cash-generating units or groups of cash-generating units that are expected to benefit from the business combination in which the goodwill arose. The units or groups of units are identified at the lowest level at which goodwill is monitored for internal management purposes, being the operating segments.

A cash-generating unit to which goodwill has been allocated is tested for impairment annually, or more frequently when there is indication that the unit may be impaired. The carrying amount of goodwill is compared with its recoverable value, which is the higher of its value in use and fair value less costs to sell. Any impairment loss for goodwill is recognised directly in profit or loss in the consolidated income statement and is not reversed in subsequent periods

Impairment of non-financial assets

The carrying values of assets 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 statement of income.

The recoverable amount of property and equipment is the greater of net selling price and value in use. Value in use is the present value of estimated future cash flows expected to arise from the continuing use of an asset and from its disposal at the end of its useful life while the net selling price is the amount obtainable from the sale of an asset after cost of sales deducted. For the purposes of assessing impairment, assets are grouped by regions which are determined operationally (cash-generating units).

Financial assets

Classification

The group classifies its financial assets in the following categories: amortized cost , fair value through other comprehensive income, and fair value through profit or loss. The classification depends on the purpose for which the financial assets were acquired. Management determines the classification of its financial assets at initial recognition.

Financial assets measured at amortized cost

Financial assets measured at amortized cost are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. They are included in current assets, except for maturities greater than 12 months after the end of the reporting period. These are classified as non-current assets. Trade receivables, cash and cash equivalents, lease certificate and investment funds are classified in this category.

Financial assets measured at fair value through other comprehensive income

Financial assets measured at fair value through other comprehensive income are non-derivatives that are either designated in this category or not classified in any of the other categories. They are included in non-current assets unless the investment matures or management intends to dispose of it within 12 months of the end of the reporting period.

2. Basis of preparation of financial statements (Cont'd)

2.8 Summary of significant accounting policies (Cont'd)

Financial assets measured at fair value through profit or loss

Financial assets at fair value through profit or loss consist of "financial asset", which are acquired to benefit from short-term price or other fluctuations in the market or which are a part of a portfolio aiming to earn profit in the short run, irrespective of the reason of acquisition, and kept for trading purposes. Financial assets that are measured by their fair value and associated with the profit or loss statement are initially reflected on the consolidated statement of financial position with their costs including the transaction cost. These financial assets are valued based on their fair value after they are recognized. Realized or unrealized profit and losses are recognized under "income/expense from investing activities".

Recognition and measurement

Regular purchases and sales of financial assets are recognized on the trade-date the date on which the group commits to purchase or sell the asset. Investments are initially recognized at fair value plus transaction costs for all financial assets not carried at fair value through profit or loss. Financial assets carried at fair value through profit or loss are initially recognized at fair value, and transaction costs are expensed in the income statement. Financial assets are derecognized when the rights to receive cash flows from the investments have expired or have been transferred and the group has transferred substantially all risks and rewards of ownership. Financial assets measured at fair value through other comprehensive income and financial assets at fair value through profit or loss are subsequently carried at fair value. Financial assets measured at amortized cost are subsequently carried at amortized cost using the effective interest method.

Group may make an irrevocable election at initial recognition for particular investments in equity instruments that would otherwise not to be measured at fair value through profit or loss, to present subsequent changes in fair value in other comprehensive income. In such cases, dividends from those investments are accounted for under consolidated statement of income.

Offsetting financial instruments

Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is a legally enforceable right to offset the recognized amounts and there is an intention to settle on a net basis or realize the asset and settle the liability simultaneously.

Recognition and derecognition of financial assets and liabilities

The Group recognizes a financial asset or financial liability in its balance sheet when only when it becomes a party to the contractual provisions of the instrument. The Group derecognizes a financial asset or a portion of it only when the control on rights under the contract is discharged. The Group derecognizes a financial liability when the obligation under the liability is discharged or cancelled or expires.

All the normal sales or purchase transactions of financial assets are recorded at the transaction date that the Group guaranteed to purchase or sell the financial asset. These transactions generally require the transfer of financial asset in the period specified by the general conditions and the procedures in the market.

All regular way financial asset purchase and sales are recognized at the date of the transaction, the date the Group committed to purchase or sell.

2. Basis of preparation of financial statements (Cont'd)

2.8 Summary of significant accounting policies (Cont'd)

Impairment of financial assets

The Group assesses at each balance sheet date whether a financial asset is impaired.

Financial assets measured at amortized cost

If there is objective evidence that an impairment loss on assets carried at amortized cost has been incurred, the amount of the loss is measured as the difference between the asset's carrying amount and the present value of estimated future cash flows (excluding future expected credit losses that have not been incurred) discounted at the financial asset's original effective interest rate.

The carrying amount of the asset is reduced through use of an allowance account. The amount of the loss is recognized in the consolidated statement of income.

If, in a subsequent period, the amount of the impairment loss decreases and the decrease can be related objectively to an event occurring after the impairment was recognized, the previously recognized impairment loss is reversed, to the extent that the carrying value of the asset does not exceed its amortized cost at the reversal date.

Provision for impairment is provided when there is an objective evidence of uncollectibility of trade receivables. Reserve is provided for the overdue uncollectible receivables. Also portfolio reserve is provided for the not due receivables based on certain criteria. The carrying amount of the receivable is reduced through use of an allowance account.

Financial assets classified as financial assets at fair value through other comprehensive income, accumulated fair value adjustments shown in equity when sold or impaired are classified into retained earnings.

Trade payables

Trade payables which generally have an average of 58 days term (December 31, 2023: 57 days) are initially recorded at original invoice amount and carried at amortized cost less due date expense. Due date expense is accounted for under cost of sales. This amount is the fair value of consideration to be paid in the future for goods and services received, whether or not billed.

Gift cards recognition

The gift cards that the Group sells to customers are classified under deferred income. Revenue is recognized when these gift cards are used by the customers.

Borrowing costs

Borrowing costs that are directly attributable to the acquisition, construction or production of a qualifying asset shall be capitalized as part of the cost of that asset. Such borrowing costs are capitalized as part of the cost of the asset when it is probable that they will result in future economic benefits to the entity and the costs can be measured reliably. Other borrowing costs are recognized as an expense in the period in which they are incurred.

2. Basis of preparation of financial statements (Cont'd)

2.8 Summary of significant accounting policies (Cont'd)

Foreign currency transactions

Transactions in foreign currencies during the period have been translated at the exchange rates prevailing at the dates of such transactions. Exchange rate differences arising on reporting monetary items at rates different from those at which they were initially recorded or on the settlement of monetary items or are recognized in the comprehensive income statement in the period in which they arise.

Foreign currency conversion rates used by the Group for the related period ended are as follows:

	US Dollars/TRY (full)	EUR /TRY (full)	GBP/TRY (full)
September 30, 2024	34,1210	38,1714	45,6460
December 31, 2023	29,4382	32,5739	37,4417

Earnings per share

Earnings per share are determined by dividing net income by the weighted average number of shares that have been outstanding during the period concerned.

In Turkey, companies can raise their share capital by distributing "Bonus Shares" to shareholders from retained earnings. In computing earnings per share, such "Bonus Share" distributions are assessed as issued shares. Accordingly, the retrospective effect for those share distributions is taken into consideration in determining the weighted-average number of shares outstanding used in this computation.

Events after balance sheet date

Post year/period-end events that provide additional information about the Group's position at the balance sheet date (adjusting events), are reflected in the financial statements. Post year/period-end events that are not adjusting events are disclosed in the notes when material.

Provisions, contingent assets and contingent liabilities

i) Provisions

Provisions are recognized when the Group has a present obligation (legal or constructive) as a result of a past event, 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. If the effect of the time value of money is material, provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and, where appropriate, the risks specific to the liability. Where discounting is used, the increase in the provision due to the passage of time is recognized as financial liability.

ii) Contingent assets and liabilities

A contingent asset is not recognized in the financial statements but disclosed when an inflow of economic benefits is probable. Contingent liabilities are not recognized in the financial statements but they are disclosed only, unless the possibility of an outflow of resources embodying economic benefits is probable.

2. Basis of preparation of financial statements (Cont'd)

2.8 Summary of significant accounting policies (Cont'd)

Related parties

a) A person or a close member of that person's family is related to a reporting entity if that person:
i) Has control or joint control over the reporting entity,
ii) Has significant influence over the reporting entity, or,
iii) Is a member of the key management personnel of the reporting entity or of a parent of the reporting entity.
b) An entity is related to a reporting entity if any of the following conditions applies:
i) The entity and the reporting entity are members of the same group,
ii) One entity is an associate or joint venture of the other entity (or an associate or joint venture of a member of a group of which the other entity is a member),
iii) Both entities are joint ventures of the same third party,
iv) One entity is a joint venture of a third entity and the other entity is an associate of the third entity,
v) The entity is a post-employment benefit plan for the benefit of employees of either the reporting entity or an entity related to the reporting entity. If the reporting entity is itself such a plan, the sponsoring employers are also related to the reporting entity,
vi) The entity is controlled or jointly controlled by a person identified in (a),
vii) A person identified in (a)(i) has significant influence over the entity or is a member of the key management personnel of the entity (or of a parent of the entity).

Income taxes

Current Income Taxes and Deferred Tax

The tax expense for the period comprises current and deferred tax. Tax is recognized in the statement of income, except to the extent that it relates to items recognized directly in equity or other comprehensive income. In such case, the tax is recognized in shareholders' equity or other comprehensive income. The current period tax on income is calculated for the Group's subsidiaries, associates and joint ventures considering the tax laws that are applicable in the countries where they operate.

Deferred tax liability or asset is recognized on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases which are used in the computation of taxable profit. However, deferred income tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss. Deferred income tax is determined using tax rates and tax regulations that have been enacted or substantially enacted by the balance sheet date and are expected to apply when the related deferred income tax asset is realized or the deferred income tax liability is settled.

The main temporary differences are from the time differences between carrying amount of tangible assets and their tax base amounts, the available expense accruals that are subject to tax and tax allowances that are not utilized.

Deferred tax liabilities are recognized for all taxable temporary differences, where deferred tax assets resulting from deductible temporary differences are recognized to the extent that it is probable that future taxable profit will be available against which the deductible temporary difference can be utilized.

When the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same taxation authority and there is a legally enforceable right to set off current tax assets against current tax liabilities, deferred tax assets and deferred tax liabilities are offset accordingly.

2. Basis of preparation of financial statements (Cont'd)

2.8 Summary of significant accounting policies (Cont'd)

Statement of Cash Flows

The Group prepares statements of cash flows as an integral part of its of financial statements to enable financial statement analysis about the change in its net assets, financial structure and the ability to direct cash flow amounts and timing according to evolving conditions. Cash flows include those from operating activities, investing activities and financing activities.

Cash flows from operating activities represent the cash flows generated from the Group's activities. Cash flows related to investing activities represent the cash flows that are used in or provided from the investing activities of the Group (fixed investments and financial investments).

Cash flows arising from financing activities represent the cash proceeds from the financing activities of the Group and the repayments of these funds.

Employee Benefits

a) Defined benefit plans:

In accordance with existing social legislation in Turkey, the Company is required to make lump-sum termination indemnity payments to each employee who has completed over one year of service with the Company and whose employment is terminated due to retirement or for reasons other than resignation or misconduct. As detailed in Note 15, the employee benefit liability is provided for in accordance with TAS 19 "Employee Benefits" and is based on an independent actuarial study.

Actuarial gains and losses that calculated by professional actuaries, are recognized in the actuarial gain/loss fund regarding employee termination benefits in the equity. Recognized gains and losses shall not be transferred to comprehensive statement of income in the following periods. Reserve for employee termination benefits is recognized to financial statements that calculated with the discount rate estimated by professional actuarial.

b) Unused vacation

Unused vacation rights accrued in the consolidated financial statements represents estimated total provision for potential liabilities related to employees' unused vacation days as of the balance sheet date.

3. Segment reporting

Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision makers of the Group. The chief operating decision makers, who are responsible for allocation resources and assessing performance of the operating segments, have been identified as the senior management that makes strategic decisions.

The senior management of the Group makes strategic decisions as a whole over the operations of the Group as the Group operates nearly in a single industry and operations inside and outside Turkey do not present an important portion in overall operations. Based on those reasons, there is a single reportable segment in accordance with the provisions in TFRS 8 and segment reporting is not applicable.

4. Cash and cash equivalents

	September 30, 2024	December 31, 2023
Cash on hand Banks - Demand deposits - Profit share deposits Cash in transit	1.136.130 937.650 937.650 - 775.609	1.740.796 1.976.335 1.976.335 - 1.183.055
Cash and cash equivalents	2.849.389	4.900.186
Less: Accrual for profit share	-	-
Cash and cash equivalents for cash flow	2.849.389	4.900.186

As of September 30, 2024, and December 31, 2023 there is no restricted cash. As of September 30, 2024, there are no participation accounts.

5. Financial assets

a) Short-term financial assets

As of September 30,2024, and December 31, 2023 Group's short-term financial investments measured at fair value through profit and loss are detailed in the table below:

	September 30, 2024	December 31, 2023
Lease certificates	16.614.611	4.176.176
Investment funds	-	418.003
	16.614.611	4.594.179

b) Long-term financial assets

Financial investments amounting to TRY 5.996.312 as of September 30, 2024 are detailed below (December 31, 2023: TRY 5.996.312).

i) Financial assets measured at fair value through other comprehensive income:

The details of financial assets measured at fair value through other comprehensive income and fair values of the Group are as below:

	Share	September 30,	Share	December 31,
Name of subsidiary	(%)	2024	(%)	2023

FLO Mağazacılık ve Pazarlama A.Ş. (*)	11,5	5.996.312	11,5	5.996.312
		5.996.312		5.996.312

(*) As of December 31, 2023 the fair value of available-for-sale financial asset is calculated by using discounted cash flow analysis method with discount rate used as 24% and the terminal growth rate used as 10.7%.

6. Financial liabilities

a) Bank Loans

As of September 30, 2024, the Group has short-term interest-free financial debt from banks amounting to TRY 351.000. These financial liabilities were closed on October 1, 2024 (December 31, 2023: None).

b) Lease Liabilities

Short-term portion of long-term liabilities	September 30,	December 31,
	2024	2023
Lease liabilities	7.136.152	6.329.502
	7.136.152	6.329.502

Long-term lease liabilities	September 30,	December 31,
	2024	2023
Lease liabilities	26.425.553	24.018.924
	26.425.553	24.018.924
Total borrowings	33.561.705	30.348.426

As of the report date, the maturity dates of the financial liabilities are as follows:

	September 30, 2024	December 31, 2023
Shorter than 3 months	2.025.070	4.104.058
3 - 12 month	5.111.082	2.225.444
More than 12 months	26.425.553	24.018.924
	33.561.705	30.348.426

Fair values are determined by using average effective annual financing rates.

As of September 30,2024, and 2023, the movement table of the Group's liabilities arising from leasing transactions is as follows.

	September 30, 2024	September 30, 2023

Opening - January 1	30.348.426	26.663.750
Cash outflows from payments of lease liabilities	(5.281.096)	(4.653.505)
Additions (Note 12)	14.880.826	15.407.689
Changes in financial expenses accrual (Note 23)	3.065.114	2.391.243
Exchange rate differences	15.401	135.990
Change in accruals for termination of lease (Note 21)	(533.392)	4.876
Foreign currency exchange differences	410.076	891.323
Monetary gain/ (loss)	(9.343.650)	(12.180.675)
Closing - September 30	33.561.705	28.660.691

7. Trade receivables and payables

a) Trade receivables from third parties

	September 30,	December 31,
	2024	2023
Credit card receivables	22.813.190	21.872.151
Trade receivables from third parties	12.787	34.591
Other trade receivables	-	779
	22.825.977	21.907.521

As of September 30, 2024, the average term of trade receivables is 17 days (December 31, 2023: 15 days).

b) Trade payables due to third parties

	September 30, 2024	December 31, 2023
Trade payables	65.334.757	58.916.402
Rediscount expense (-)	(2.422.944)	(1.584.406)
	62.911.813	57.331.996

As of September 30, 2024, the average term of trade payables is 58 days (December 31, 2023: 57 days). As of September 30, 2024 letters of guarantee, cheques and notes are amounting to TRY 4.544.233 and mortgages are amounting to TRY 59.712 (December 31, 2023: letters of guarantee, cheques and notes amounting to TRY 3.928.366 and mortgages amounting to TRY 69.991).

8. Other receivables

a) Other receivables from related parties

	September 30,	December 31,
	2024	2023
Receivables from related parties	-	1.390
	-	1.390

b) Other receivables from third parties

	September 30,	December 31,
	2024	2023
Other receivables	95.812	267.556
Doubtful receivables	11.799	15.901
Less: Allowance for doubtful receivables	(11.799)	(15.901)
	95.812	267.556

Current period movement of allowance for doubtful receivables is as follows:

	September 30, 2024	September 30, 2023
Balance at the beginning of the period – January 1	18.761	28.026
Allowance for doubtful receivables	182	1.111
Collection in current year	-	(363)
Monetary gain / (loss)	(7.144)	(11.239)
Balance at the end of the period – September 30	11.799	17.535

9. Inventories

	September 30, 2024	December 31, 2023
Trade goods, net	36.172.426	36.898.431
Other	221.132	283.513
Allowance for impairment on inventory (-)	(31.038)	(54.416)
	36.362.520	37.127.528

Cost of inventories amounting to TRY 304.113.533 (September 30, 2023: TRY 275.912.599) was recognized under cost of sales.

As of September 30, 2024 an allowance for impairment amounting to TRY 31.038 (December 31, 2023: TRY 54.416) has been made for trade goods.

The movement of impairment for inventories in 2024 and 2023 is as follows:

	September 30,	September 30,
	2024	2023
Balance at the beginning of the period - January 1	54.416	53.466
Reversal of impairment provision	(54.416)	(53.466)
Allowance for impairment	31.038	545.812
Balance at the end of the period – September 30	31.038	545.812

10. Property, plant and equipment

The movements of property, plant and equipment and the related accumulated depreciation for the periods ended September 30, 2024 and 2023 are as follows:

					Currency
	January 1,				exchange	September 30,
	2024	Additions	Disposals	Transfers	differences	2024

Cost or revalued amount
Land	14.176.380	752.722	-	24.472	(91.774)	14.861.800
Land improvements	326.502	115.709	(42)	821	-	442.990
Buildings	21.478.373	267.444	(2.424)	14.815	(43.156)	21.715.052
Machinery and equipment	24.833.038	5.140.210	(350.527)	493	(430.670)	29.192.544
Vehicles	5.310.346	1.333.582	(66.773)	17.800	(30.472)	6.564.483
Furniture and fixtures	10.559.926	1.908.944	(153.210)	8.911	(63.235)	12.261.336
Leasehold improvements	22.532.352	3.267.264	(130.251)	112.349	(406.971)	25.374.743
Construction in progress	1.869.143	691.724	(368.711)	(179.661)	1.697	2.014.192
	101.086.060	13.477.599	(1.071.938)	-	(1.064.581)	112.427.140

Less : Accumulated
depreciation
Land improvements	(254.286)	(72.082)	6	-	-	(326.362)
Buildings	(1.441.247)	(1.245.597)	80	-	3.393	(2.683.371)
Machinery and equipment	(11.266.883)	(1.938.973)	285.514	-	97.942	(12.822.400)
Vehicles	(3.049.709)	(612.446)	51.407	-	5.880	(3.604.868)
Furniture and fixtures	(6.272.781)	(1.165.582)	144.430	-	21.046	(7.272.887)
Leasehold improvements	(11.360.840)	(1.497.530)	78.294	-	52.780	(12.727.296)
	(33.645.746)	(6.532.210)	559.731	-	181.041	(39.437.184)
Net book value	67.440.314					72.989.956

10. Property, plant and equipment (Cont'd)

	January 1, 2023	Additions	Disposals	Transfers	Impairment Provision	Currency exchange differences	September 30, 2023
Cost or revalued
amount
Land	13.446.705	595.665	-	-	-	(35.361)	14.007.009
Land improvements	302.145	18.634	(6.150)	-	-	-	314.629
Buildings	20.564.401	108.932	(13.530)	228.792	(108.002)	(58.494)	20.722.099
Machinery and
equipment	21.165.711	2.559.349	(436.321)	214.399	-	(365.560)	23.137.578
Vehicles	4.273.561	798.868	(95.611)	-	-	(20.890)	4.955.928
Furniture and fixtures	8.835.538	1.349.632	(243.311)	-	-	(51.500)	9.890.359
Leasehold improvements	19.642.548	2.236.443	(424.888)	20.850	-	(236.234)	21.238.719
Construction in progress	810.760	2.061.122	(420.782)	(464.041)	-	-	1.987.059
	89.041.369		9.728.645 (1.640.593)	-	(108.002)	(768.039)	96.253.380

Less : Accumulated
depreciation
Land improvements Buildings	(219.980) -	(16.146) (1.050.259)	3.572 430	- -	- 1.583	- (7.018)	(232.554) (1.055.264)
Machinery and	(9.771.743)	(1.498.594)	308.861			167.200	(10.794.276)
equipment				-	-
Vehicles	(2.486.156)	(481.220)	78.417	-	-	19.439	(2.869.520)
Furniture and fixtures	(5.282.005)	(901.482)	180.442	-	-	35.955	(5.967.090)
Leasehold improvements	(10.064.387)	(1.163.921)	232.945	-	-	156.019	(10.839.344)
	(27.824.271)	(5.111.622)	804.667	-	1.583	371.595	(31.758.048)
Net book value	61.217.098						64.495.332

As of January 1 - September 30, 2024, depreciation expense amounting to TRY 5.496.410 (January 1- September 30, 2023: TRY 4.610.256) were recognized in marketing expenses and TRY 671.823 (January 1- September 30, 2023: TRY 419.687) in general and administrative expenses and TRY 363.977 (January 1 – September 30, 2023: TRY 81.679) were recognized in cost of goods sold for the period January 1- September 30, 2024.

The land and buildings were revalued and reflected to consolidated financial statements with their fair value. The book values of such assets were adjusted to the revalued amounts and the resulting surplus net of deferred income tax was credited to revaluation surplus in the equity. The revaluation surplus is not available for distribution to shareholders.

Fair values of land and buildings

As of September 30, 2024, the Group carries its land and buildings over the revalued amounts in the consolidated financial statements. The revaluation surplus, as of December 31, 2022 net of applicable deferred income taxes was credited to other comprehensive income and is shown in 'property and equipment revaluation reserve' in shareholders equity. The fair value of non-financial assets by valuation method is calculated by inputs observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices) (Level 2).

Valuation techniques used to derive level 2 fair values

Sale or purchase costs or tax deductions are not taken into account in assumption of Level 2 fair value of land and buildings. The most common valuation techniques used is market comparable method, and for some land and buildings cost and income approach including discounted cash flow analysis are also used. Comparable value per square meter is determined based on assumptions such as bargaining share and adjustment for location in market comparable method.

10. Property, plant and equipment (Cont'd)

Market comparable method

A property's fair value is estimated based on comparison of sales and market data of similar or comparable properties. The revaluated property is compared with the sales of similar properties in the market or asked price and bid price.

Discounted cash flow method

Value assumption is conducted through the discount method by taking into account the data of expenditure and revenue belonging to the revaluated property. Discounting is related to revenue and value, which convertes the revenue amount into an estimate of value. Either the ratio of proceeds or/and discount should be taken into consideration. Within this approach, Direct Capitalization of Income and Cash Flow Analysis are applied predominantly. During the application of Direct Capitalization of Income, rental data belong to the similar real estate in the same region where the property based in has been used. Unless enough data for probable ratio of capitalization is attained, the method aforementioned has not been applied on.

Cost approach

Instead of purchase of property, the probability of construction of the same property or another property that provides the same benefit is taken into account. In practice the estimated value includes the amortization of old and less functional properties in case new one's cost exceeds the potential price to be paid for revaluation of the property.

It determines how transaction will be traded in the market and the approach and methods will be used in estimation of fair value of land and building. Sales prices of comparable land and buildings in close proximity are adjusted for differences in key attributes such as property size. The most significant input into the valuation approach is price per square meter.

In the market comparable method, one of the methods applied during the valuation, room for negotiation has been considered and reconciliation has been done for the positive and negative features of property with respect to the precedents.

Valuation processes of the group

The Group's finance department reviews the fair value of land and buildings for reporting purposes. On an annual basis, the Group engages external, independent and CMB licensed valuation firms.

Revaluations are performed with sufficient regularity to ensure that the fair value of a revalued asset does not differ materially from its carrying amount as of balance sheet date. Group revaluates the amount of their lands and buildings every 3 years unless there is a change in the circumstances. The valuation of land and buildings was performed as of December 31, 2022.

The fair values of the land and buildings (administrative building, warehouses and stores) of the Group have been determined by a real estate appraisal company who has CMB license, holds a recognized and relevant professional qualification and has recent experience in the location and category of the land and buildings.

Pledges and mortgages on assets

As of September 30, 2024, and 31 December 2023, there is no pledge or mortgage on property and equipment of the Group.

11. Intangible assets

The movements of intangible assets and related accumulated amortization for the periods ended September 30, 2024 and 2023 are as follows:

	January 1,			Currency exchange	September 30,
	2024	Additions	Disposal	differences	2024
Cost
Right	959.106	36.909	(883)	4.772	999.904
	959.106	36.909	(883)	4.772	999.904
Accumulated amortization
Right	(741.671)	(67.695)	866	(3.432)	(811.932)
	(741.671)	(67.695)	866	(3.432)	(811.932)
Net book value	217.435				187.972

				Currency
	January 1,			exchange	September 30,
	2023	Additions	Disposals	differences	2023
Cost
Right	814.467	48.459	(6.125)	67.725	924.526
Other intangible assets	8.141	-	-	-	8.141
	822.608	48.459	(6.125)	67.725	932.667
Accumulated amortization
Right	(577.993)	(123.570)	4.969	(13.364)	(709.958)
Other intangible assets	(7.931)	(4)	-	-	(7.935)
	(585.924)	(123.574)	4.969	(13.364)	(717.893)
Net book value	236.684				214.774

As of September 30,2024, amortization expense amounting to TRY 58.327 (January 1- September 30, 2023: TRY 113.222) has been charged in marketing expenses and TRY 7.129 (January 1- September 30, 2023: TRY 10.307) in general and administrative expenses and TRY 2.239 (January 1- September 30, 2023: TRY 45 ) is included in the cost of sales.

The intangible assets are amortized over estimated useful life which is 5 years. The rights mainly consist of software licenses.

12. Right of Use Assets

The movements of right use of assets and the related accumulated depreciation for the period ended September 30, 2024 and 2023 as follows:

	January 1, 2024	Additions	Disposals	Currency exchange differences	September 30, 2024

Building Vehicles	75.279.796 1.405.121	14.570.548 310.278	(2.054.909) (466.722)	(1.285.300) (40.936)	86.510.135 1.207.741
	76.684.917	14.880.826	(2.521.631)	(1.326.236)	87.717.876
Less: Accumulated amortization
Building	(24.359.786)	(5.010.782)	696.053	537.231	(28.137.284)
Vehicles	(1.032.773)	(335.017)	411.956	28.062	(927.772)
	(25.392.559)	(5.345.799)	1.108.009	565.293	(29.065.056)
Net book value	51.292.358				58.652.820

	January 1,			Currency exchange	September 30,
	2023	Additions	Disposals	differences	2023

Building	58.554.907	15.247.967	(1.752.022)	(187.528)	71.863.324
Vehicles	1.362.697	159.722	(69.248)	(11.673)	1.441.498
	59.917.604	15.407.689	(1.821.270)	(199.201)	73.304.822
Less: Accumulated amortization
Building	(18.576.660)	(5.627.123)	563.666	(6.241)	(23.646.358)
Vehicles	(931.719)	(247.939)	56.308	3.273	(1.120.077)
	(19.508.379)	(5.875.062)	619.974	(2.968)	(24.766.435)
Net book value	40.409.225				48.538.387

For the period ended September 30, 2024, TRY 4.763.553 (September 30, 2023, TRY 5.384.861) of amortization expenses is recognized under selling and marketing expenses and TRY 582.246 (September 30,2023: TRY 490.201) is recognized under general administrative expenses.

13. Provisions, contingent assets and liabilities

a) Short term provisions for employee benefits

Unused vacation amounting to TRY 540.584 is shown on the current provisions for employee benefits amounting in the Group account of short-term provisions for the period ended September 30, 2024 (December 31, 2023: TRY 472.573).

Current period movement of short-term unused vacation provision is as follows:

	January 1- September 30, 2024	January 1- September 30, 2023
Balance at the beginning of the period – January 1	330.555	237.461
Used in the period	(330.555)	(237.461)
Provision of unused vacation	540.584	440.657
Monetary gain / (loss)	(100.643)	(115.613)
Balance at the end of the period - September 30	439.941	325.044

b) Other short-term provisions

	September 30,	December 31,
	2024	2023
Legal provisions (*)	360.239	364.280
Other	105.619	108.526
Total	465.858	472.806

(*) As of September 30, 2024 and December 31, 2023, the total amount of outstanding lawsuits filed against the Group, TRY 889.997 and TRY 722.654 (in historical terms), respectively. The Group recognized provisions amounting to TRY 360.239 and TRY 364.280 for the related periods, respectively.

Current period movement of provision for lawsuits is as follows:

	January 1- September 30, 2024	January 1- September 30, 2023
Balance at the beginning of the period - January 1	364.280	194.844
Provisions required	105.746	288.787
Monetary gain / (loss)	(109.787)	(142.261)
Balance at the end of the period - September 30	360.239	341.370

13. Provisions, contingent assets and liabilities (Cont'd)

Letter of guarantees, mortgages and pledges given by the Group

As of September 30, 2024 and December 31, 2023, breakdown of the guarantees, mortgage and pledges given by the Group is as follows:

			September 30, 2024
	Total TRY				Moroccan
	equivalent	TRY	US Dollars	EUR	Dirham
A. Total amount of guarantees, pledges and
mortgages given in the name of	277.380	268.820	250.870	-	-
Guarantee	277.380	268.820	250.870	-	-
Pledge	-	-	-	-	-
Mortgage	-	-	-	-	-
B. Total amount of guarantees, pledges and
mortgages provided on behalf of the parties
which are included in the scope of full
consolidation	-	-	-	-	-
Guarantee	-	-	-	-	-
Pledge	-	-	-	-	-
Mortgage	-	-	-	-	-
C. Total amount of guarantees, pledges and
mortgages provided on behalf of third parties to
conduct business activities	-	-	-	-	-
D. Total amount of other guarantees, pledges and
mortgages	-	-	-	-	-
i. On behalf of majority Shareholder	-	-	-	-	-
ii. On behalf of other group companies which
are not covered in B and C above	-	-	-	-	-
iii. On behalf of third parties which are not
covered by item C	-	-	-	-	-
Total	277.380	268.820	250.870	-	-

13. Provisions, contingent assets and liabilities (Cont'd)

			December 31, 2023
	Total TRY equivalent	TRY	US Dollars	EUR	Moroccan Dirham
A. Total amount of guarantees, pledges and
mortgages given in the name of	261.194	251.161	250.870	-	-
Guarantee	261.194	251.161	250.870	-	-
Pledge				-	-
Mortgage
B. Total amount of guarantees, pledges and mortgages provided on behalf of the parties
which are included in the scope of full
consolidation	-	-	-	-	-
Guarantee	-	-	-	-	-
Pledge	-	-	-	-	-
Mortgage	-	-	-	-	-
C. Total amount of guarantees, pledges and mortgages provided on behalf of third parties to
conduct business activities	-	-	-	-	-
D. Total amount of other guarantees, pledges and
mortgages	-	-	-	-	-
i. On behalf of majority Shareholder	-	-	-	-	-
ii. On behalf of other group companies which
are not covered in B and C above	-	-	-	-	-
iii. On behalf of third parties which are not
covered by item C	-	-	-	-	-
Total	261.194	251.161	250.870	-	-

Insurance coverage on assets

As of September 30, 2024, and December 31, 2023, insurance coverage on assets of the Group is TRY 62.751.527 and TRY 37.781.637 respectively.

14. Prepaid Expenses and Deferred Income

a) Short term prepaid expenses

	September 30, 2024	December 31, 2023
Order advances given to third parties for inventories	2.887.474	2.313.119
Prepaid service expenses	87.541	508.290
Other	124.202	27.580
	3.099.217	2.848.989

14. Prepaid Expenses and Deferred Income (Cont'd)

b) Long term prepaid expenses

	September 30, 2024	December 31, 2023
Advances given for property, plant and equipment	1.983.234	1.958.647
Other	152.229	49.286
	2.135.463	2.007.933

c) Deferred Income

	September 30, 2024	December 31, 2023
Gift cards income	837.716	470.945
Other	-	1.022
	837.716	471.967

15. Employee termination benefits

	September 30, 2024	December 31, 2023
Provision for employee termination benefits	1.037.624	1.629.092
	1.037.624	1.629.092

The amount payable consists of one month's salary limited to a maximum of full TRY 41.828,42 for each period of service as of September 30, 2024 (December 31, 2023: full TRY 23.489,83). The retirement pay provision ceiling is revised semiannually, and full TRY 41.828,42 which is effective from September 30, 2024, is taken into consideration in the calculation of provision for employment termination benefits (effective from December 31, 2023: full TRY 23.489,83). Liability of employment termination benefits is not subject to any funding as there is not any obligation. Provision is calculated by estimating the present value of the future probable obligation of the Group arising from the retirement of the employees. IAS 19 "Employee Benefits" requires actuarial valuation methods to be developed to estimate the Group's obligation under the defined benefit plans. The following actuarial assumptions are used in the calculation of the total liability. Actuarial gain / (loss) is accounted in the statement of comprehensive income under "Defined benefits plans revaluations fund gain / (loss)".

The principal assumption is that the maximum liability for each year of service will increase in line with inflation. Thus, the discount rate applied represents the expected real rate after adjusting for the anticipated effects of future inflation. Consequently, in the accompanying consolidated financial statements as of September 30, 2024, and September 30, 2023, the provision is calculated by estimating the present value of the future probable obligation of the Group arising from the retirement of the employees. Provisions at the balance sheet date were calculated by using real discount rate of 4,05% by assuming an annual inflation rate of 21% (December 31, 2023: 21%) and a discount rate of 25,05 % (December 31, 2023: 25,05 %). The anticipated rate of termination benefits not paid as a result of voluntary leaves is also taken into consideration.

15. Employee termination benefits (Cont'd)

The following tables summarize the components of employee termination benefits recognized in the comprehensive statement of income and amounts recognized in the balance sheet:

	January 1- September 30, 2024	January 1- September 30, 2023

Current service cost (Note 20)	291.777	497.307
Interest cost of employee termination benefit (Note 23)	223.064	185.703
Total	514.841	683.010

Changes in the carrying value of defined benefit obligation are as follows:

	January 1-	January 1-
	September 30, 2024	September 30, 2023
Balance at the beginning of the period -January 1	1.629.092	2.228.189
Current service cost	291.777	497.307
Interest cost of employee termination benefit	223.064	185.703
Payments made in the current period	(689.705)	(1.307.810)
Current actuarial gain / (loss)	-	1.001.068
Monetary gain / (loss)	(416.604)	(853.501)
Balance at the end of the period - September 30	1.037.624	1.750.956

16. Other assets and liabilities

a) Other current assets

	September 30,	December 31,
	2024	2023
VAT receivable	1.799.568	2.306.285
Other	16.970	34.493
	1.816.538	2.340.778

b) Other current liabilities

	September 30, 2024	December 31, 2023
Taxes and funds payables	1.694.962	1.170.202
Other	3.319	1.164
	1.698.281	1.171.366

17. Equity

a) Share capital and capital reserves

As of September 30, 2024, and December 31,2023, the breakdown of shareholders and their ownership percentages in the Company are summarized as follows.

	September 30, 2024		December 31, 2023
	Historical		Historical
	cost	(%)	cost	(%)

Merkez Bereket Gıda Sanayi ve Ticaret A.Ş.	92.000	15,15	92.000	15,15
Naspak Gıda Sanayi ve Ticaret A.Ş.	70.000	11,53	70.000	11,53
Other	9.240	1,52	14.312	2,36
Publicly traded	435.960	71,80	430.888	70,96
	607.200	100,00	607.200	100,00
Capital Adjustment Differences	5.412.248		5.412.248

The Company's share capital is fully paid and consists of 607.200.000 (December 31, 2023: 607.200.000) shares of full TRY 1 nominal value each.

Property, plant and equipment revaluation fund

As of September 30, 2024 the Group has revaluation fund amounting TRY 15.428.598 (December 31, 2023: TRY 15.428.598) related to revaluation of land and buildings. The revaluation fund is not available for distribution to shareholders.

b) Restricted reserves and retained earnings

The legal reserves consist of first and second legal reserves, per the Turkish Commercial Code (TCC). The TCC stipulates that the first legal reserve is appropriated out of net statutory profits at the rate of 5% per annum, until the total reserve reaches 20% of the Company's historical paid-in share capital. The second legal reserve is appropriated at the rate of 10% per annum of all cash distributions in excess of 5% of the historical paid-in share capital. Under TCC, the legal reserves are not available for distribution unless they exceed 50% of the historical paid-in share capital but may be used to offset losses in the event that historical general reserve is exhausted.

The statutory accumulated profits and statutory current year profit are available for distribution, subject to the reserve requirements referred to above and Turkish Capital Market Board (CMB) requirements related to profit distribution. Listed companies distribute dividend in accordance with the Communiqué No. II-19.1 issued by the CMB which is effective from February 1, 2014.

Companies distribute dividends in accordance with their dividend payment policies settled and dividend payment decision taken in general assembly and also in conformity with relevant legislations. The communiqué does not constitute a minimum dividend rate. Companies distribute dividend in accordance with the method defined in their dividend policy or articles of incorporation. In addition, dividend can be distributed by fixed or variable instalments and advance dividend can be paid in accordance with profit on financial statements of the Company.

17. Equity (cont'd)

In accordance with the Turkish Commercial Code (TCC), unless the required reserves and the dividend for shareholders as determined in the article of association or in the dividend distribution policy of the company are set aside, no decision may be made to set aside other reserves, to transfer profits to the subsequent year or to distribute dividends to the holders of usufruct right certificates, to the members of the board of directors or to the employees, and no dividend can be distributed to these persons unless the determined dividend for shareholders is paid in cash. The Company's dividend distribution policy is in accordance with the Capital Markets Law No. 6362 dated December 30, 2012.

Inflation adjustment to shareholders' equity and book value of extraordinary reserves can be used as an internal source in capital, dividend distribution in cash or net-off against prior years' loss. In case the inflation adjustment to shareholders' equity is used for dividend distribution in cash, the distribution is subject to corporate tax.

According to the financial statements prepared in accordance with the Tax Procedure Law as of September 30, 2024 and December 31, 2023 the legal reserves, retained earnings, and net profits for the period are as follows:

	September 30, 2024	December 31, 2023
Legal reserves	14.063.348	10.695.671
Extraordinary reserves	24.075.745	11.357.365
Net profit for the period	9.512.754	11.111.273
	47.651.847	33.164.309

As of September 30, 2024, net profit for the Company's statutory books is TRY 9.374.405 (December 31, 2023: TRY 11.111.273) and net profit per consolidated financial statements in accordance with CMB accounting standards is TRY 13.880.687 (December 31, 2023: TRY 20.984.022). Equity holders of the parent company of profit is TRY 13.854.432 (December 31, 2023: TRY 20.977.832)

c) Treasury Shares

As of September 30, 2024, 10.200.000 shares repurchased for a total of TRY 3.151.546.000 (full TRY) together with the purchases made in the previous periods, in the Company's capital is 1,6798%.

The financing of share repurchases is provided by the Company's internal resources. As of the report date, there has been no sale of the repurchased shares.

d) Dividends Paid

At the Ordinary General Assembly meeting dated June 27, 2024, it was decided to distribute 6.613.594.000 (TRY full) cash dividends from the profits of 2023 to the shareholders and to make the payment in 3 installments on July 17, 2024, October 2, 2024 and December 18, 2024. The gross dividend amount per share is 10 (TRY full). Accordingly, the first installment of gross dividend payment amounting to TRY 1.322.718 from the profit of 2023 has been completed as of the report date. The gross dividend amount paid per share is 2 (TRY full) and a total of TRY 22.219 of the dividend amount consists of the dividend payment corresponding to the Group's own shares. The net amount of the second and third installment dividend amounting to gross TRY 5.290.876 (excluding withholding tax net nominal TRY 4.078.054) has been recognized in other payables to related parties and gross 4 (TRY full) has been distributed to shareholders as of 2 October 2024 and the remaining gross 4 (TRY full) will be distributed to shareholders as of 18 December 2024.

In addition, Bim Maroc S.A., one of the Group companies, distributed a dividend of 79.953.000 (TRY full) to its non-group shareholders on September 24, 2024, from its 2023 profit.

17. Equity (cont'd)

Non – controlling interest

Equity in a subsidiary that is not directly or indirectly associated with the parent is classified under "Noncontrolling interests" in the consolidated financial statements.

As of September 30, 2024, the relevant amount in the "Non-controlling interests" account in the consolidated statement of financial position is TRY 847.851. In addition, net profit or loss in a subsidiary that is not directly or indirectly attributed to a parent is classified under "Non-controlling interests" in the consolidated statement of profit or loss. As of September 30, 2024, the amount of profit attributable to minority interests in the consolidated statement of comprehensive loss is TRY 26.255.

18. Sales and cost of sales

a) Net Sales

The Group's net sales for the periods ended September 30, 2024, and 2023 are as follows:

	January 1- September 30,	July 1- September	January 1- September 30,	July 1- September 30,
	2024	30, 2024	2023	2023
Sales	369.355.803	126.611.394	332.580.901	116.306.628
Sales returns (-)	(1.896.312)	(673.207)	(1.690.303)	(617.072)
	367.459.491	125.938.187	330.890.598	115.689.556

b) Cost of sales

	January 1-	July 1-	January 1-	July 1-
	September 30,	September 30,	September 30,	September 30,
	2024	2024	2023	2023

Beginning inventory	36.898.431	40.543.702	32.960.534	35.781.237
Purchases	303.021.312	99.115.525	279.980.748	95.287.470
Depreciation and amortization expenses	366.216	134.449	81.724	27.227
Ending inventory (-)	(36.172.426)	(36.172.426)	(37.110.407)	(37.110.407)
	304.113.533	103.621.250	275.912.599	93.985.527

19. Operational expenses

a) Marketing expenses

	January 1-	July 1-	January 1-	July 1-
	September	September	September	September
	30, 2024	30, 2024	30, 2023	30, 2023

Personnel expenses	33.454.340	11.559.477	24.263.560	9.020.217
Depreciation and amortization expense	10.318.290	3.650.371	10.108.339	3.260.915
Electricity, water and communication expenses	2.777.760	1.145.580	3.268.300	1.125.144
Maintenance and repair expenses	1.087.961	410.877	899.369	344.402
Truck fuel expense	905.611	307.079	769.071	334.437
Advertising expense	805.637	383.633	839.923	296.574
Transportation Expenses	521.524	417.351	357.351	160.211
Rent expenses	442.674	164.463	224.328	92.690
Packaging expenses	393.404	132.777	361.096	108.461
Severance pay expenses	259.586	79.334	441.613	91.890
Stationery expense	235.754	74.913	306.513	106.733
Tax and duty expenses	233.594	66.605	209.105	62.848
Furniture and fixture expenses	210.857	89.380	144.076	48.671
Insurance expenses	194.703	75.341	128.695	48.207
IT Expenses	170.587	55.670	183.460	70.175
Cleaning expenses	115.115	41.364	97.215	34.367
Other	1.012.906	29.163	831.970	246.253
	53.140.303	18.683.378	43.433.984	15.452.195

b) General and administrative expenses

	January 1-	July 1-	January 1-	July 1-
	September	September 30,	September	September 30,
	30, 2024	2024	30, 2023	2023
Personnel expenses	4.307.357	1.371.875	3.703.481	1.127.076
Depreciation and amortization	1.261.198	301.224	920.195	374.169
Tax and duty expense	710.039	262.441	549.463	173.053
Vehicle expenses	187.385	68.536	162.822	59.444
Legal and consultancy expenses	173.315	47.379	182.401	87.716
Money collection expenses	156.615	49.345	133.461	45.854
Electricity, water and communication expenses	33.398	8.046	43.970	9.735
Severance pay expenses	32.191	9.805	55.694	7.800
Office supplies expenses	14.905	4.388	17.254	5.588
Other	604.051	162.073	429.241	138.824
	7.480.454	2.285.112	6.197.982	2.029.259

20. Expenses by nature

a) Depreciation and amortization expenses

	January 1-	July 1-	January 1-	July 1-
	September 30,	September	September 30,	September 30,
	2024	30, 2024	2023	2023
Marketing and selling expenses	10.318.290	3.650.371	10.108.339	3.260.915
General and administrative expenses	1.261.198	301.224	920.195	374.169
Cost of sales	366.216	134.449	81.724	27.227
	11.945.704	4.086.044	11.110.258	3.662.311

b) Personnel expenses

	January 1-	July 1-	January 1-	July 1-
	September 30,	September	September 30,	September 30,
	2024	30, 2024	2023	2023

Wages and salaries	34.584.496	12.680.923	25.286.160	9.413.581
Social security premiums employer contribution	3.177.201	250.429	2.680.881	733.712
Provision for employee termination (Note 15)	291.777	79.561	497.307	99.690
	38.053.474	13.010.913	28.464.348	10.246.983

21. Other operating income and expense

a) Other operating income

	January 1-	July 1-	January 1-	July 1-
	September 30,	September	September 30,	September 30,
	2024	30, 2024	2023	2023

Gain on sale of scraps	160.765	56.632	180.097	42.914
Contract termination income (IFRS-16) (Note 6)	18.779	18.779	4.876	-
Other income from operations	537.778	101.371	1.196.635	369.186
	717.322	176.782	1.381.608	412.100

b) Other operating expense

	January 1- September	July 1- September	January 1- September 30,	July 1- September 30,
	30, 2024	30, 2024	2023	2023

Donation and aid expenses	212.685	63.844	248.756	50.428
Provision expenses	105.761	20.616	240.298	186.784
Contract termination income (IFRS-16) (Note 6)	552.171	479.765	-	(146.734)
Other operating expenses	101.922	62.793	112.924	55.685
	972.539	627.018	601.978	146.163

22. Financial income

	January 1-	July 1-	January 1-	July 1-
	September 30,	September	September 30,	September 30,
	2024	30, 2024	2023	2023

Foreign exchange gains	96.683	24.210	249.065	28.002
Participation account income	4.672	569	80.850	27.058
	101.355	24.779	329.915	55.060

23. Financial expenses

	January 1-	July 1-	January 1-	July 1-
	September 30,	September 30,	September 30,	September 30,
	2024	2024	2023	2023

Financial expenses arising from
lease liabilities (Note 6)	3.065.114	1.094.167	2.391.243	786.297
Interest cost related to provision for employee
termination (Note 15)	223.064	60.825	185.703	44.260
Foreign exchange losses	70.558	11.826	150.538	-
Other financial expenses	87.833	34.463	77.094	17.856
	3.446.569	1.201.281	2.804.578	848.413

24. Income and expense from investing activities

a) Income from investing activities

	January 1- September 30,	July 1- September 30,	January 1- September 30,	July 1- September
	2024	2024	2023	30, 2023
Incomes from financial investments (*)	2.219.575	1.084.502	713.062	421.713
Valuation gain from subsidiary acquisition	289.117	8.438	-	-
Other	-	-	48.876	43.879
	2.508.692	1.092.940	761.938	465.592

(*) The balance consists of income from various investment funds and rent certificates.

b) Expenses from investment activities

As of September 30, 2024, the loss on fixed asset sales is 42.742 TRY. (As of September 30, 2023, the loss on fixed asset sales is 29.968 TRY)

25. Tax assets and liabilities

As of September 30, 2024, and December 31, 2023, provision for taxes of the Group is as follows:

	September 30, 2024	December 31, 2023
Provision for corporate and income tax	3.256.751	5.687.782
Current tax assets (Prepaid taxes)	(1.714.296)	(3.785.538)
Corporate tax payable	1.542.455	1.902.244

	September 30,	December 31,
	2024	2023
Current period corporate and income tax provision	3.628.359	5.687.782
Adjustments related to prior period tax expense (-)	2.150	(87.929)
Provision for corporate and income tax	3.630.509	5.599.853

The Company and its subsidiaries, affiliates and joint ventures established in Turkey and other countries within the scope of consolidation are subject to the applicable tax legislation and practices of the countries in which they operate.

With the Law published in the Official Gazette dated July 15, 2023, amendments have been made to the Corporate Tax Law numbered 5520. Accordingly; as of October 1, 2023, the corporate tax rate has been increased from 20% to 25% for declarations to be submitted. Additionally, with the amendment made, as of July 15, 2023; the tax exemption at the rate of 50% foreseen for real estate capital gains in Law No. 5520 has been abolished. However, this exemption will be applied at a rate of 25% in the sales of real estate assets included in the assets of businesses before July 15, 2023. (However, according to the additional articles added to the Corporate Tax Law, the 20% corporate tax rate is applied as 23% for corporate profits for the 2023 tax period.) (December 31, 2023: 25%).

Companies calculate and pay temporary tax at a rate of 25% based on their quarterly financial profits and declare and pay it by the 17th day of the second month following the end of that period. Temporary tax paid during the year is credited against the corporate tax calculated for that year's corporate tax return to be submitted the following year. If there is any remaining amount of temporary tax paid after crediting, this amount can be refunded in cash or offset against any other financial debt owed to the state.

In Morocco, as of September 30, 2024 the corporate tax rate is 31% (December 31, 2023: 31%) where the consolidated subsidiary of the Company, BIM Maroc S.A. operates. Although retained earnings of BIM Maroc S.A. are the subject of a deduction that they are not carried forward for more than 5 years, a tax of %0,25 is paid on sales. In Egypt, as of September 30, 2024 the corporate tax rate is 22.5% (December 31, 2023: 22.5%) where the consolidated subsidiary of the Company, BIM Stores LLC operates.

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 tax rate applies to dividends distributed by resident corporations and resident real persons except for, those who are not liable to income and corporation tax, non-resident real persons, non-resident corporations. 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. In addition, if the profit is not distributed or added to the capital, the income tax is not calculated.

25. Tax assets and liabilities (Cont'd)

As of September 30, 2024, and December 31, 2023, temporary differences based for deferred tax and deferred tax asset and liability calculated by using applicable tax rates are as follows:

	Balance sheet		Comprehensive income
			January 1-	January 1-
	September 30,	December 31,	September 30,	September 30,
	2024	2023	2024	2023
Deferred tax liability
Right-of-use asset	18.547.451	16.041.999	2.505.452	5.756.911
The effect of the revaluation of land and buildings	3.403.688	4.532.810	(1.129.122)	(2.465.305)
The effect of the revaluation of financial asset	213.434	289.972	(76.538)	(72.526)
Other adjustments	679.237	86.502	592.735	642.858
Deferred tax asset
Lease liabilities	(7.407.109)	(6.779.401)	(627.708)	(1.677.674)
Tangible and intangible assets	(5.713.961)	(5.597.173)	(116.788)	3.389.826
Provision for employee termination benefit	(259.355)	(450.779)	191.424	(45.625)
Other adjustments	(1.027.430)	(829.407)	(198.023)	(317.015)
Currency exchange difference	-	-	(11.482)	234.129
Deferred tax	8.435.955	7.294.523	1.129.950	5.445.579

Deferred tax is presented in financial statements as follows:

	September 30,	December 31,
	2024	2023
Deferred tax assets	115.261	94.629
Deferred tax liabilities	(8.551.216)	(7.389.152)
Net deferred tax asset	(8.435.955)	(7.294.523)

Movement of net deferred tax liability for the periods ended September 30, 2024, and 2023 are as follows:

	January 1- September 30, 2024	January 1- September 30, 2023
Balance at the beginning of the period - January 1	(7.294.523)	(4.075.267)
Deferred tax expense recognized in statement of profit or loss,	(1.129.950)	(5.445.579)
Deferred tax expense recognized in other comprehensive income	-	200.116
- Defined benefit plans revaluation fund gain /(loss)	-	200.116
Foreign currency exchange differences	(11.482)	19.971
Balance at the end of the period – September 30	(8.435.955)	(9.300.759)

25. Tax assets and liabilities (Cont'd)

Tax reconciliation

	January 1- September 30, 2024	January 1- September 30, 2023
Profit before tax	18.641.146	22.406.890
Corporate tax provision calculated at effective tax rate of 25%
(September 30, 2023: 25%)	(4.660.287)	(5.601.723)
Deductions and exemptions	(14.903)	241.279
Fiscal year losses which is no deferred tax not created (*)	(3.149)	(41.992)
Effect of tax rate differences of the consolidated subsidiary	17.646	(33.149)
Adjustments to prior period tax expense (-)	2.150	(96.167)
Tax rate change effect	-	1.577.643
Revaluation effect	(59.953)	-
Monetary gain / (loss)	-	(7.331.853)
Land - Building rate difference	-	2.252.624
Other	(41.963)	(82.185)
	(4.760.459)	(9.115.523)

(*) Dost Global Danışmanlık A. Ş. fiscal year loss to BIM Stores LLC (BIM Egypt), a subsidiary.

	January 1- September 30, 2024	January 1- September 30, 2023
Tax expense
Current period tax expense	(3.630.509)	(3.669.944)
Deferred tax expense	(1.129.950)	(5.445.579)
Total tax expense	(4.760.459)	(9.115.523)

26. Earnings per share

Basic earnings per share is calculated by dividing the net profit for the period by the weighted average number of ordinary shares outstanding during the period. Earnings per share for the period ended as of September 30, 2024 and 2023 is as follows. All shares of the Company are in same status.

	January 1-	January 1-
Earnings per share	September 30, 2024	September 30, 2023
Average number of shares at the beginning of the period (Thousand) (*)	597.000	597.144
Net profit of the year	13.854.432	13.299.828
	23,21	22,27

^(*) When calculating earnings per share, bonus shares are counted as issued shares. Therefore, the weighted average number of shares used in the calculation of earnings per share has been obtained by retrospectively considering the bonus shares issued.

27. Non – controlling interests

Details of non-controlling interests as of September 30, 2024 and December 31, 2023 are as follows:

	September 30, 2024	December 31, 2023
Share of non – controlling interests	35%	35%
Total assets	9.583.903	9.508.737
Total liabilities	(8.808.029)	(8.424.618)
Net assets	775.874	1.084.119
Foreign currency conversion difference	576.295	476.142
Non – controlling interests	847.851	855.583

As of September 30, 2024 and 2023, the breakdown of total comprehensive income/expense for non-controlling interests is as follows:

	January 1-	January 1-
	September 30, 2024	September 30, 2023
Revenue	14.163.074	12.047.345
Gross profit	2.615.705	2.012.006
Operating profit	189.051	126.892
Net income for the period	75.014	(24.173)
Net profit for the period of non-controlling interests	26.255	(8.461)
Other comprehensive income from non-controlling interests	(33.987)	138.966
Total comprehensive income of non-controlling interests	(7.732)	130.505

28. Related party disclosures

a) Payables related to goods and services received

Due to related parties balances as of September 30, 2024 and December 31, 2023 are as follows:

Payables related to goods and services received: Related parties

	September 30,	December 31,
	2024	2023
Başak Gıda Dağıtım ve Pazarlama A.Ş. (Başak) (1) (*)	1.743.591	1.494.744
Gönenli Süt Gıda Sanayi Tic. A.Ş. (Gönenli) (1) () (*)	981.104	-
Aktül Kağıt Üretim Pazarlama Anonim Şirketi (1) (*)	648.665	623.020
Reka Bitkisel Yağlar Sanayi ve Ticaret A.Ş. (Reka) (1) (*)	552.567	168.547
Hedef Tüketim Ürünleri San. ve Dış Tic. A.Ş. (Hedef) (1) (*)	523.911	427.831
Sena Muhtelif Ürün Paketleme Gıda Sanayi ve Tic. Ltd. Şti.(Sena) (2)	453.273	500.177
Turkuvaz Plastik ve Tem. Ürün. Tic. A.Ş. (Turkuvaz) (1)	279.134	393.350
Apak Pazarlama ve Gıda Sanayi Tic. Ltd. Şti. (Apak) (1)	218.065	202.445
Ahenk Helva Şekerleme İm. İth. İhr. San. ve Tic. A.Ş. (Ahenk) (1)	94.321	163.152
MTB Kağıt ve Temizlik Ürünleri San. Ve Tic. A.Ş. (MTB) (1)	45.511	21.795
Avansas Ofis Malzemeleri Ticaret A.Ş. (Avansas) (1)	10.328	6.443
	5.550.470	4.001.504

(*) Trade payables to Başak Gıda are mainly from purchases of bread and other bakery products, trade payables to Gönenli are mainly from purchases of dairy products, trade payables to Aktül Kağıt are mainly from purchases of paper towels and other paper cleaning materials, trade payable to Reka are mainly from purchases of sunflower and olive oils and trade payables from Hedef Tüketim mainly arise from purchases of non-food products.

(**) Gönenli Süt has become a related party as of July 1, 2024.

(1) Companies owned by shareholders of the Company.

(2) Other related company

28. Related party disclosures (Cont'd)

b) Related party transactions

i) Purchases from related parties during the periods ended September 30, 2024 and 2023 are as follows:

Related parties

	January 1- September 30, 2024	January 1- September 30, 2023
Başak (1)	8.702.949	7.973.074
Reka (1)	5.164.890	5.960.297
Gönenli(1) (*)	4.834.947	-
Hedef (1)	4.778.534	3.707.787
Turkuvaz (1)	2.619.435	3.088.868
Apak (1)	2.139.305	1.942.381
Aktül (1)	2.092.044	2.764.628
Sena (2)	1.702.425	1.939.229
Ahenk (1)	365.747	365.368
Avansas (1)	170.531	50.887
MTB Kağıt (1)	108.689	87.888
Bahariye Mensucat (1)	-	131
	32.679.496	27.880.538

(1) Companies owned by shareholders of the Company.

(2) Other related company

(*) Purchases between April 1 - September 30, 2024.

ii) For the periods ended September 30, 2024 and 2023 salaries, bonuses and compensations provided to board of directors and key management comprising of 236 and 208 personnel, respectively, are as follows:

	January 1-	January 1-
	September 30, 2024	September 30, 2023
Short-term benefits to employees	863.206	700.906
Total benefits	863.206	700.906

29. Financial instruments and financial risk management

The Group is exposed to a variety of financial risks, including the effects of changes in debt and equity market prices, foreign currency exchange rates and profit share rates. These risks are market risk (including foreign currency risk and profit share rate risk), credit risk and liquidity risk. 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.

The Group's principal financial instruments comprise cash and short-term interest free bank loans. The main purpose of using these financial instruments is to raise finance for the Group's operations. The Group has other financial instruments such as trade receivables and payables which arise directly from its operations. The Group manages its capital through cash provided by its operations and review of the maturities of the trade payables.

29. Financial instruments and financial risk management (Cont'd)

Price risk

Price risk is a combination of foreign currency, profit share and market risk. The Group naturally manages its price risk by matching the same foreign currency denominated receivable and payables and assets and liabilities bearing profit share. The Group closely monitors its market risk by analyzing the market conditions and using appropriate valuation methods.

Profit share rate risk

The Group does not have any significant assets sensitive to dividend rate. The Group's income and cash flows from operations are independent from profit share rate risk.

The Group's profit share rate risk mainly comprises of outstanding short-term borrowings in the prior period. The Group's forthcoming loans in order to continue its operating activities are effected from forthcoming profit share ratios.

Profit share rate position table

According to IFRS 7 "Financial Assets", the profit share rate position of the Group is as follows:

Profit share position table		September 30, 2024	December 31, 2023
Financial assets	Fixed profit share bearing financial instruments Participation account Lease certificate & Investment fund	16.614.611 - 16.614.611	4.594.179 - 4.594.179
Financial liabilities
Financial assets	Variable profit share bearing financial instruments	-	-

Credit risk

Credit risk is the risk that one party to a financial instrument will fail to discharge an obligation and cause the other party to incur a financial loss. Since the Group is engaged in the retail sector and transactions are mainly on a cash basis or has 1-month maturity credit card collections, the exposure to credit and price risk is minimal.

29. Financial instruments and financial risk management (Cont'd)

Credit risk table (Current period – September 30, 2024)

		Credit card receivables	Other receivables		Deposit in bank		Financial assets
September 30, 2024	Related party	Other party	Related party	Other party	Related party	Other party	Related party	Other party
Maximum credit risk exposures as of report date (A+B+C+D+E) - Maximum risk secured by	-	22.825.977	-	269.122	-	937.650	5.996.312	16.614.611
guarantees etc.	-	-	-	-	-	-	-	-
A. Net book value of financial assets neither overdue nor
impaired B. Net book value of financial	-	22.825.977	-	269.122	-	937.650	5.996.312	16.614.611
assets that are renegotiated, if not that will be accepted as past
due or impaired	-	-	-	-	-	-	-	-
C. Carrying value of financial assets that are past due but not
impaired	-	-	-	-	-	-	-	-
- The part under guarantee
with collateral etc.	-	-	-	-	-	-	-	-
D. Net book value of impaired assets	-	-	-	-	-	-	-	-
- Past due (gross carrying
amount)	-	-	-	11.799	-	-	-	-
- Impairment	-	-	-	(11.799)	-	-	-	-
- The part of net value under
guarantee with collateral etc.	-	-	-	-	-	-	-	-
- Not past due (gross carrying
amount)	-	-	-	-	-	-	-	-
- Impairment	-	-	-	-	-	-	-	-
E. Off-balance sheet items with
credit risk	-	-	-	-	-	-	-	-

29. Financial instruments and financial risk management (Cont'd)

Credit risk table (Previous period - December 31, 2023)

		Credit card		Other receivables		Deposit
		receivables			in bank		Financial assets
	Related	Other	Related	Other	Related	Other	Related	Other
December 31, 2023	party	party	party	party	party	party	party	party

Maximum credit risk exposures as
of report date (A+B+C+D+E)	-	21.907.521	1.390	454.038	-	1.976.335	5.996.312	4.594.179
- Maximum risk secured by
guarantees etc.	-	-	-	-	-	-	-	-
A. Net book value of financial
assets neither overdue nor
impaired	-	21.907.521	1.390	454.038	-	1.976.335	5.996.312	4.594.179
B. Net book value of financial
assets that are renegotiated, if
not that will be accepted as past
due or impaired	-	-	-	-	-	-	-	-
C. Carrying value of financial
assets that are past due but not
impaired	-	-	-	-	-	-	-	-
- The part under guarantee
with collateral etc.	-	-	-	-	-	-	-	-
D. Net book value of impaired
assets	-	-	-	-	-	-	-	-
- Past due (gross carrying
amount)	-	-	-	15.901	-	-	-	-
- Impairment	-	-	-	(15.901)	-	-	-	-
- The part of net value under
guarantee with collateral
etc.	-	-	-	-	-	-	-	-
- Not past due (gross carrying
amount)	-	-	-	-	-	-	-	-
- Impairment
E. Off-balance sheet items with	-	-	-	-	-	-	-	-
credit risk
	-	-	-	-	-	-	-	-

29. Financial instruments and financial risk management (Cont'd)

There is an insignificant amount of foreign currency denominated assets and liabilities so the Company does not use derivative financial instruments or future contracts to reduce the risk of foreign currency.

Foreign currency position

As of September 30, 2024, and December 31, 2023, the Group's foreign currency position is as follows:

	September 30, 2024			December 31, 2023
	TRY				TRY
	Equivalent	Full US Dollars	Full EUR	Full GBP	Equivalent	Full US Dollars	Full EUR	Full GBP
1. Trade receivables	79.108	2.261.535	50.874	-	118.049	2.317.321	573.241	-
2a. Monetary financial assets (including cash, banks accounts)	94.636	2.495.436	239.670	7.466	189.604	3.866.507	781.465	7.466
2b. Non-monetary financial assets	-	-	-	-	-	-	-	-
3. Other	-	-	-	-	-	-	-	-
4. Current assets (1+2+3)	173.744	4.756.971	290.544	7.466	307.653	6.183.828	1.354.706	7.466
5. Trade receivables	-	-	-	-	-	-	-	-
6a. Monetary financial assets	-	-	-	2	-	-	-	2
6b. Non-monetary financial assets	-	-	-	-	-	-	-	-
7. Other	-	-	-	-	-	-	-	-
8. Current assets (5+6+7)	-	-	-	2	-	-	-	2
9. Total assets (4+8)	173.744	4.756.971	290.544	7.468	307.653	6.183.828	1.354.706	7.468
10. Trade payables	-	-	-	-	22	-	497	-
11. Financial liabilities	57.330	-	1.501.899	-	133.382	-	3.013.942	-
12a. Monetary other liabilities	-	-	-	-	-	-	-	-
12b. Non-monetary other liabilities	-	-	-	-	-	-	-	-
13. Current liabilities (10+11+12)	57.330	-	1.501.899	-	133.404	-	3.014.439	-
14. Trade payables	-	-	-	-	-	-	-	-
15. Financial liabilities	149.019	-	3.903.954	-	95.561	-	2.159.336	-
16a. Monetary other liabilities	-	-	-	-	-	-	-	-
16b. Non-monetary other liabilities	-	-	-	-	-	-	-	-
17. Non-current liabilities (14+15+16)	149.019	-	3.903.954	-	95.561	-	2.159.336	-
18. Total liabilities (13+17)	206.349	-	5.405.853	-	228.965	-	5.173.775	-
19. Net asset/(liability) position of off-balance sheet derivative				-	-	-	-	-
instruments (19a-19b)	-	-	-
19a. Hedged total assets amount	-	-	-	-	-	-	-	-
19b. Hedged total liabilities amount	-	-	-	-	-	-	-	-
20. Net foreign currency asset/(liability) position (9-18+19)	(32.605)	4.756.971	(5.115.309)	7.468	78.688	6.183.828	(3.819.069)	7.468
21. Net foreign currency asset/(liability) position of monetary items
(IFRS 7.b23) (=1+2a+5+6a-10-11-12a-14-15-16a)	(32.605)	4.756.971	(5.115.309)	7.468	78.688	6.183.828	(3.819.069)	7.468
22. Total fair value of financial instruments used for foreign currency
hedging	-	-	-	-	-	-	-	-
23. Export	-	-	-	-	-	-	-	-
24. Import	-	-	-	-	-	-	-	-

29. Financial instruments and financial risk management (Cont'd)

Exchange rate risk

The following table demonstrates the sensitivity to a possible change in the US Dollar, Euro and GBP exchange rates, with all other variables held constant, of the Group's profit before tax as of September 30, 2024 and December 31, 2023.

September 30, 2024

			Exchange rate sensitivity
	analysis table
	Current Period
			Profit/(Loss)	Equity
		Foreign	Foreign	Foreign	Foreign
		currency	currency	currency	currency
		appreciation	depreciation	appreciation	Depreciation
	Change of US Dollars against TRY by 10%:
1-	US Dollars net asset/(liability)	16.231	(16.231)	-	-
2-	Protected part from US Dollars risk(-)	-	-	-	-
3-	US Dollars net effect (1+2)	16.231	(16.231)	-	-
	Change of EUR against TRY by 10%:
4-	EUR net asset/(liability)	(19.526)	19.526	-	-
5-	Protected part from EUR risk(-)	-	-	-	-
6-	EUR net effect (4+5)	(19.526)	19.526	-	-
	Change of GBP against TRY by 10%:
7-	GBP net asset/(liability)	34	(34)	-	-
8-	Protected part from GBP risk(-)	-	-	-	-
9-	GBP net effect (7+8)	34	(34)	-	-
	Total (3+6+9)	(3.261)	3.261	-	-

29. Financial instruments and financial risk management (Cont'd)

December 31, 2023

	Exchange rate sensitivity
	analysis table
		Profit/(Loss)	Prior Period	Equity
		Foreign	Foreign	Foreign	Foreign
		currency	currency	currency	currency
		appreciation	depreciation	appreciation	Depreciation
	Change of US Dollars against TRY by 10%:
1-	US Dollars net asset/(liability)	24.732	(24.732)	-	-
2-	Protected part from US Dollars risk(-)	-	-	-	-
3-	US Dollars net effect (1+2)	24.732	(24.732)	-	-
	Change of EUR against TRY by 10%:
4-	EUR net asset/(liability)	(16.901)	16.901	-	-
5-	Protected part from EUR risk(-)	-	-	-	-
6-	EUR net effect (4+5)	(16.901)	16.901	-	-
	Change of GBP against TRY by 10%:
7-	GBP net asset/(liability)	38	(38)	-	-
8-	Protected part from GBP risk(-)	-	-	-	-
9-	GBP net effect (7+8)	38	(38)	-	-
	Total (3+6+9)	7.869	(7.869)	-	-

Liquidity risk

Prudent liquidity risk management includes maintaining sufficient cash and marketable securities, the availability of funding from an adequate amount of committed credit facilities and the ability to close out market positions.

The ability to fund existing and prospective debt requirements is managed by maintaining the availability of adequate committed funding lines from high quality lenders.

(Convenience translation of the consolidated financial statements originally issued in Turkish) BİM Birleşik Mağazalar A.Ş.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE INTERIM PERIOD 1 JANUARY – 30 SEPTEMBER 2024

29. Financial instruments and financial risk management (Cont'd)

As of September 30, 2024 and December 31, 2023, maturities of undiscounted trade payables and financial liabilities of the Group are as follows:

September 30, 2024

Contractual terms	Carrying	Total cash	Less than 3	3 -12	More
	value	outflow	months	months	than 1 year
Non derivative financial liabilities
Trade payables	62.911.813	65.334.757	65.334.757	-	-
Due to related parties	5.550.470	5.795.984	5.795.984	-	-
Contractual lease liabilities	33.561.705	63.500.257	2.077.470	5.614.400	55.808.387
December 31, 2023
Contractual terms	Carrying	Total cash	Less than 3	3 -12	More than
	value	outflow	months	months	1 year
Non derivative financial liabilities
Trade payables	57.331.996	58.916.402	58.916.402	-	-
Due to related parties	4.001.504	4.092.454	4.092.454	-	-
Contractual lease liabilities	30.348.426	57.129.201	4.815.454	4.982.707	47.331.040

Capital risk management

The Group's objectives when managing capital are to safeguard the Group's ability to continue as a going concern in order to provide returns for shareholders and benefits for other stakeholders and to maintain an optimal capital structure to reduce the cost of capital.

The Group monitors capital on the basis of the gearing ratio. Net debt is calculated as total liabilities less cash and cash equivalents.

The gearing ratios at September 30, 2024 and December 31, 2023 are as follows:

	September 30, 2024	December 31, 2023
Total liabilities	122.264.495	106.502.274
Less: Cash and cash equivalents	(2.849.389)	(4.900.186)
Net debt	119.415.106	101.602.088
Total equity	100.832.855	93.895.777
Total equity + net debt	220.247.961	195.497.865
Net debt/ (Total equity + net debt) (%)	54	52

(Convenience translation of the consolidated financial statements originally issued in Turkish) BİM Birleşik Mağazalar A.Ş.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE INTERIM PERIOD 1 JANUARY – 30 SEPTEMBER 2024

30. Financial instruments (Fair value disclosures and disclosures in the frame of hedge accounting)

Fair value estimation

The table below analyses financial instruments carried at fair value, by valuation method. The different levels of fair value calculations have been defined as follows:

Quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1).
Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices) (Level 2).
Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs) (Level 3).

The following table presents the group's financial assets and liabilities that are measured at fair value at September 30, 2024 and December 31, 2023. See Note 10 for disclosures of the land and buildings that are measured at fair value (Note 10).

September 30, 2024	Level 1	Level 2	Level 3	Total
Financial assets measured at fair
value through other
comprehensive income
Financial Assets	-	5.996.312	-	5.996.312
Financial assets measured at fair value through other
comprehensive income
Lease certificates, investment fund	-	16.614.611	-	16.614.611
Total assets	-	22.610.923	-	22.610.923

December 31, 2023	Level 1	Level 2	Level 3	Total
Financial assets measured at fair
value through other
comprehensive income
Financial Assets	-	5.996.312	-	5.996.312

Financial assets measured at fair value through other
comprehensive income

Lease certificates, investment funds	-	4.594.179	-	4.594.179

There were no transfers between levels during in year.

(a) Financial instruments in level 2

The fair value of financial instruments that are not traded in an active market (for example, over-the-counter derivatives) is determined by using valuation techniques. These valuation techniques maximize the use of observable market data where it is available and rely as little as possible on entity specific estimates. If all significant inputs required to fair value an instrument are observable, the instrument is included in level 2.

If one or more of the significant inputs is not based on observable market data, the instrument is included in level 3.

(Convenience translation of the consolidated financial statements originally issued in Turkish) BİM Birleşik Mağazalar A.Ş.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE INTERIM PERIOD 1 JANUARY – 30 SEPTEMBER 2024

30. Financial instruments (Fair value disclosures and disclosures in the frame of hedge accounting) (Cont'd)

Specific valuation techniques used to value financial instruments include:

Quoted market prices or dealer quotes for similar instruments,
Other techniques, such as discounted cash flow analysis, are used to determine fair value for the remaining financial instruments.

As of September 30, 2024 and December 31, 2023, except for the available for sale financial assets disclosed in Note 5, the fair values of certain financial assets carried at cost including cash and cash equivalents profit share accruals and other short-term financial assets are considered to approximate their respective carrying values due to their short-term nature. The carrying value of trade receivables along with the related allowance for unearned income and uncollectibility are estimated to be their fair values.

Financial liabilities

Financial liabilities of which fair values approximate their carrying values:

Fair values of trade payables and other monetary liabilities are considered to approximate their respective carrying values due to their short-term nature. The bank borrowings are stated at their amortized costs and transaction costs are included in the initial measurement of loans and borrowings. The fair value of bank borrowings with variable rates are considered to approximate their respective carrying values since the profit share rate applied to bank loans and borrowings are updated periodically by the lender to reflect active market price quotations. The carrying value of trade payables along with the related allowance for unrealized cost is estimated to be their fair values.

31. Fees for Services Received from Independent Audit Firm

The Company's explanation regarding the fees for the services rendered by the independent audit firms, which was prepared by the POA pursuant to the Board Decision published in the Official Gazette on March 30, 2021, and the preparation principles were based on the letter of the POA dated August 19, 2021, is as follows:

	September 30, 2024	December 31, 2023
Legal and voluntary independent audit services (annual)	4.500	2.314
	4.500	2.314

32. Subsequent events

There are no subsequent events.

AI Terminal

BİM BİRLEŞİK MAĞAZALAR A.Ş.

5896_rns_2024-11-11_ff89ff94-569b-4b03-941e-435d98a81a42.pdf

CONSOLIDATED BALANCE SHEETS

AT SEPTEMBER 30, 2024 AND DECEMBER 31, 2023

ASSETS

CONSOLIDATED BALANCE SHEETS

AT SEPTEMBER 30, 2024 AND DECEMBER 31, 2023

LIABILITIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME FOR THE PERIODS ENDED SEPTEMBER 30, 2024 AND 2023

CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY FOR THE PERIODS ENDED SEPTEMBER 30, 2024 AND 2023

CONSOLIDATED STATEMENT OF CASH FLOWS

1. Organization and nature of operations of the Group

1. Organization and nature of operations of the Group (Cont'd)

Approval of financial statements:

2. Basis of preparation of financial statements

2.1 Basis of Presentation

Applied Financial Reporting Standards

Financial Reporting in Hyperinflationary Economies

2. Basis of preparation of financial statements (Cont'd)

2.1 Basis of presentation (Cont'd)

2. Basis of preparation of financial statements (Cont'd)

2.1 Basis of presentation (Cont'd)

2.2 New and Revised Turkish Accounting Standards

i) The new standards, amendments and interpretations which are effective as of January 1, 2024 are as follows:

Amendments to TAS 1- Classification of Liabilities as Current and Non-Current Liabilities

2. Basis of preparation of financial statements (Cont'd)

2.2. The new standards, amendments and interpretations (Cont'd)

Amendments to TFRS 16 - Lease Liability in a Sale and Leaseback

Amendments to TAS 7 and TFRS 7 - Disclosures: Supplier Finance Arrangements

ii) Standards issued but not yet effective and not early adopted

Amendments to TFRS 10 and TAS 28: Sale or Contribution of Assets between an Investor and its Associate or Joint Venture

2. Basis of preparation of financial statements (Cont'd)

2.2. The new standards, amendments and interpretations (Cont'd)

TFRS 17 - The new Standard for insurance contracts

Amendments to IAS 21 - Lack of exchangeability

iii) The amendments which are effective immediately upon issuance

Amendments to TAS 12 - International Tax Reform – Pillar Two Model Rules

iv) The new amendments that are issued by the International Accounting Standards Board (IASB) but not issued by Public Oversight Authority (POA)

Amendments to IFRS 9 and IFRS 7 – Classification and measurement of financial instruments

IFRS 18 – The new Standard for Presentation and Disclosure in Financial Statements

IFRS 19 – Subsidiaries without Public Accountability: Disclosures

2.3. Statement of compliance to TAS

2. Basis of preparation of financial statements (Cont'd)

2.4. Presentation and functional currency (Cont'd)

2.5 Basis of consolidation

2. Basis of preparation of financial statements (Cont'd)

2.5 Basis of consolidation (Cont'd)

i) Subsidiaries:

ii) Non-controlling interest:

iii) Partial share purchase and sale transactions with non-controlling interests

iv) Eliminations:

2.6 Comparatives and restatement of prior periods' financial statements

Offsetting

2. Basis of preparation of financial statements (Cont'd)

2.6 Comparatives and restatement of prior periods' financial statements (Cont'd)

Accounting estimates

2.7 Changes in accounting policies

2.8 Summary of significant accounting policies

Revenue recognition

Sales of Goods

Financial income

Dividend income

2. Basis of preparation of financial statements (Cont'd)

2.8 Summary of significant accounting policies (Cont'd)

Cash and cash equivalents

Trade receivables

Inventories

Right-of-Use Assets and Lease Liabilities

Group - lessee

2. Basis of preparation of financial statements (Cont'd)

2.8 Summary of significant accounting policies (Cont'd)

Right of use asset

Lease Liability

2. Basis of preparation of financial statements (Cont'd)

2.8 Summary of significant accounting policies (Cont'd)

Extension and early termination options

Practical expedient

Property, plant and equipment

2. Basis of preparation of financial statements (Cont'd)