Quarterly Report • Sep 2, 2024
Quarterly Report
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CONSOLIDATED FINANCIAL STATEMENTS FOR INTERIM PERIOD 1 JANUARY – 30 JUNE 2024 AND INDEPENDENT AUDITOR'S REPORT
(CONVENIENCE TRANSLATION OF THE FINANCIAL STATEMENTS ORIGINALLY ISSUED IN TURKISH)
To the General Assembly of Emlak Konut Gayrimenkul Yatırım Ortaklığı A.Ş.
We have reviewed the accompanying condensed consolidated statement of financial position of Emlak Konut Gayrimenkul Yatırım Ortaklığı A.Ş. (the "Company") and its subsidiaries (collectively referred as the "Group") as at 30 June 2024 and the related condensed consolidated statements of profit or loss and other comprehensive income, changes in equity and cash flows for the twelve-month period then ended. The management of the Group is responsible for the preparation and fair presentation of this interim condensed consolidated financial information in accordance with Turkish Accounting Standard 34 ("TAS 34") "Interim Financial Reporting". Our responsibility is to express a conclusion on this interim condensed consolidated financial information based on our review.
We conducted our review in accordance with the Standard on Review Engagements ("SRE") 2410, "Review of interim financial information performed by the independent auditor of the entity". A review of interim condensed consolidated financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and the objective of which is to express an opinion on the consolidated financial statements. Consequently, a review on the interim condensed consolidated financial information does not provide assurance that the audit firm will be aware of all significant matters which would have been identified in an audit. Accordingly, we do not express an audit opinion.
Based on our review, nothing has come to our attention that causes us to conclude that the accompanying interim condensed consolidated financial information is not prepared, in all material respects, in accordance with TAS 34.
PwC Bağımsız Denetim ve Serbest Muhasebeci Mali Müşavirlik A.Ş.
Burak Özpoyraz, SMMM Independent Auditor
Istanbul, 2 September 2024
| INDEX | PAGE | |
|---|---|---|
| INTERIM CONDENSED STANDALONE STATEMENT OF FINANCIAL POSITION ……………………………………………………………………………………… | 1-2 | |
| INTERIM CONDENSED STANDALONE STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME……………………………………………………………………………………………………………………. |
3 | |
| INTERIM CONDENSED STANDALONE STATEMENT OF CHANGES IN EQUITY………………………………………………………………………………… | 4 | |
| INTERIM CONDENSED STANDALONE STATEMENT OF CASH FLOWS……………………………………………………………………………………………………… | 5 | |
| NOTES TO THE INTERIM CONDENSED STANDALONE FINANCIAL STATEMENTS…………………………………………………………………… | 6-43 | |
| NOTE 1 | ORGANIZATION AND OPERATION OF THE COMPANY………………………………………………………. | 6-7 |
| NOTE 2 | BASIS OF PRESENTATION OF THE STANDALONE FINANCIAL STATEMENTS………………………………………………………. 8-12 | |
| NOTE 3 | ACCOUNTING POLICIES… | 12-14 |
| NOTE 4 | CASH AND CASH EQUIVALENTS………………………………………………………………………………………… | 15 |
| NOTE 5 | FINANCIAL LIABILITIES…………………………………………………………………………………………………………… 16 | |
| NOTE 6 | TRADE RECEIVABLES AND PAYABLES ………………………………………………………………………………… | 17 |
| NOTE 7 | OTHER RECEIVABLES AND PAYABLES………………………………………………………………………………… | 18 |
| NOTE 8 | INVENTORIES……………………………………………………………………………………………………… | 19-23 |
| NOTE 9 | INVESTMENT PROPERTIES ………………………………………………………………………………… | 23-24 |
| NOTE 10 | PROPERTY, PLANT AND EQUIPMENT……………………………………………………………………………… | 25 |
| NOTE 11 | INTANGİBLE ASSETS………………………………………………………………………………… | 26 |
| NOTE 12 | PROVISIONS, CONTINGENT ASSETS AND LIABILITIES………………………………………………………………………………… 26-29 | |
| NOTE 13 | EMPLOYEE BENEFITS…………………………………………………………………………………………………………… | 30 |
| NOTE 14 | OTHER ASSETS…………………………………………………………………………………………………………… | 30 |
| NOTE 15 | DEFERRED INCOME AND PREPAID EXPENSES……………………………………………………………………. | 31 |
| NOTE 16 | SHAREHOLDERS' EQUITY………………………………………………………………………………………………. | 32 |
| NOTE 17 | REVENUE AND COST OF SALES………………………………………………………………………………… | 33 |
| NOTE 18 | GENERAL ADMINISTRATIVE EXPENSES, MARKETING EXPENSES………………………………………………………………………………… | 33-34 |
| NOTE 19 | EXPENSE BY NATURE………………………………………………………………………………… | 34 |
| NOTE 20 | OTHER INCOME / EXPENSES FROM OPERATING ACTIVITIES ………………………………………………………………………………… | 35 |
| NOTE 21 | FINANCIAL INCOME / EXPENSES………………………………………………………………………………… | 35 |
| NOTE 22 | TAX ASSETS AND LIABILITIES………………………………………………………………………………… | 36-38 |
| NOTE 23 | EARNING PER SHARE………………………………………………………………………………… | 38 |
| NOTE 24 | RELATED PARTY DISCLOSURES………………………………………………………………………………… | 39-41 |
| NOTE 25 | COMMITMENTS………………………………………………………………………………………………………… | 41 |
| NOTE 26 | EVENTS AFTER THE REPORTING PERIOD………………………………………………………………………………… | 42 |
| ADDITIONAL NOTE | CONTROL OF COMPLIANCE WITH THE PORTFOLIO LIMITATIONS………………………………………………………………………………… | 43 |
(Amounts expressed in thousands of Turkish Lira ("TRY") in terms of the purchasing power of TRY as of 30 June 2024, unless otherwise stated.)
| Notes | Reviewed 30 June 2024 |
Audited 31 December 2023 |
|
|---|---|---|---|
| ASSETS | |||
| Current assets | 148,609,844 | 142,022,163 | |
| Cash and cash equivalents | 4 | 8,226,644 | 19,791,254 |
| Trade receivables | 9,559,634 | 9,862,264 | |
| Trade receivables due from related parties | 24 | 4,876,105 | 4,697,926 |
| Trade receivables due from third parties | 6 | 4,683,529 | 5,164,338 |
| Other receivables | 366,516 | 1,228,670 | |
| Other receivables due from related parties | 24 | 235 | 89,326 |
| Other receivables due from third parties | 7 | 366,281 | 1,139,344 |
| Inventories | 8 | 127,302,613 | 105,330,522 |
| Prepaid expenses | 1,120,688 | 161,035 | |
| Prepaid expenses to third parties | 15 | 1,120,688 | 161,035 |
| Other current assets | 14 | 2,032,078 | 5,642,406 |
| Current tax assets | 22 | 1,671 | 6,012 |
| Non-current assets | 7,218,083 | 9,509,208 | |
| Trade receivables | 3,084,934 | 5,636,883 | |
| Trade receivables due from third parties | 6 | 3,084,934 | 5,636,883 |
| Other receivables | 23,590 | 29,849 | |
| Other receivables due from third parties | 7 | 23,590 | 29,849 |
| Investments accounted for using equity method | 2,679 | 1,685 | |
| Investment properties | 9 | 2,260,898 | 2,328,014 |
| Right-of-use assets | 4,852 | 6,052 | |
| Property, plant and equipment | 10 | 1,751,825 | 1,412,872 |
| Intangible assets | 11 | 89,305 | 75,754 |
| Deferred tax assets | 22 | - | 18,099 |
| Total assets | 155,827,927 | 151,531,371 |
(Amounts expressed in thousands of Turkish Lira ("TRY") in terms of the purchasing power of TRY as of 30 June 2024, unless otherwise stated.)
| 30 June 31 December Notes 2024 LIABILITIES AND EQUITY Current liabilities 82,192,742 77,618,576 Short-term borrowings 5 863,325 1,310,070 Short-term portions of long-term borrowings 5 2,231,293 2,722,590 Lease liabilities 5 944 Bank Loans 5 2,230,349 2,721,413 Trade payables 5,216,120 5,077,812 Trade payables due to related parties 24 218,210 Trade payables due to third parties 6 4,997,910 5,077,812 |
Audited |
|---|---|
| 2023 | |
| 1,177 | |
| - | |
| Other payables 2,151,151 |
1,467,350 |
| Other payables to related parties 24 602 |
748 |
| Other payables to third parties 7 2,150,549 1,466,602 |
|
| Deferred income 71,371,042 66,581,653 |
|
| Deferred income from related parties 24 3,897,142 4,386,944 |
|
| Deferred income from third parties 15 67,473,900 62,194,709 |
|
| Short-term provisions 359,811 |
459,101 |
| Short-term provisions for employee benefits 13 95,325 131,442 |
|
| Other short-term provisions 12 264,486 327,659 |
|
| Non-current liabilities 1,219,300 2,526,702 |
|
| Long-term borrowings 5 252,622 1,582,843 |
|
| Long-term borrowings from related parties | |
| Lease liabilities 5 5,640 |
7,035 |
| Bank Loans 5 246,982 1,575,808 |
|
| Trade payables 6 369,105 |
460,899 |
| Trade payables due to third parties 369,105 460,899 |
|
| Other payables 7 344,432 |
262,615 |
| Other payables to third parties 344,432 262,615 |
|
| Deferred income 15 56,378 |
69,416 |
| Deferred income from third parties 56,378 |
69,416 |
| Long-term provisions 161,712 |
150,929 |
| Long-term provisions for employee benefits 13 161,712 150,929 |
|
| Deferred tax liability 22 35,051 |
- |
| Shareholders' equity 72,415,885 71,386,093 |
|
| Total equity attributable to equity holders of the Company 72,415,885 71,386,093 |
|
| Paid-in capital 16 3,800,000 3,800,000 |
|
| Adjustment to share capital 43,764,685 43,764,685 |
|
| Treasury shares (-) (55,852) |
(55,852) |
| Share premium (discounts) 24,994,183 24,994,183 |
|
| Losses on Remeasurements Defined Benefit Plans (17,190) |
- |
| Other equity reserves (1,502,568) (1,502,568) |
|
| Restricted reserves appropriated from profit 7,503,591 7,503,591 |
|
| Retained earnings (7,117,946) (2,035,867) |
|
| Net profit for the year 1,046,982 (5,082,079) |
|
| Non-controlling interests - |
- |
| Total liabilities and equity 155,827,927 151,531,371 |
(Amounts expressed in thousands of Turkish Lira ("TRY") in terms of the purchasing power of TRY as of 30 June 2024, unless otherwise stated.)
| Notes | Reviewed 1 January - 30 June 2024 |
Unaudited 1 April - 30 June 2024 |
Reviewed 1 January - 30 June 2023 |
Unaudited 1 April - 30 June 2023 |
|
|---|---|---|---|---|---|
| Revenue | 17 | 7,435,872 | 5,060,366 | 23,126,190 | 13,157,043 |
| Cost of sales (-) | 17 | (4,180,967) | (2,824,374) | (17,884,575) | (9,867,507) |
| Gross profit | 3,254,905 | 2,235,992 | 5,241,615 | 3,289,536 | |
| General administrative expenses (-) | 18 | (1,347,745) | (758,766) | (2,633,472) | (626,449) |
| Marketing expenses (-) | 18 | (210,519) | (118,021) | (381,706) | (270,312) |
| Other income from operating activities | 20 | 997,272 | 240,630 | 2,332,951 | 1,987,599 |
| Other expenses from operating activities (-) | 20 | (207,863) | (66,709) | (4,214,082) | (2,200,527) |
| Operating profit | 2,486,050 | 1,533,126 | 345,306 | 2,179,847 | |
| Operating profit before financial income | 2,486,050 | 1,533,126 | 345,306 | 2,179,847 | |
| Financial income | 21 | 1,985,182 | 857,701 | 1,832,043 | 1,330,688 |
| Financial expenses (-) | 21 | (600,965) | (166,463) | (1,378,857) | (874,868) |
| Monetary loss | (2,764,405) | (1,249,410) | (3,836,151) | (2,212,944) | |
| Profit/(loss) from continuing operations, before tax | 1,105,862 | 974,954 | (3,037,659) | 422,723 | |
| Tax (expense)/income from continuing operations | (58,880) | (16,473) | (29,540) | (4,712) | |
| Current period tax expense | 22 | - | - | - | - |
| Deferred tax expense | 22 | (58,880) | (16,473) | (29,540) | (4,712) |
| Net profit for the period | 1,046,982 | 958,481 | (3,067,199) | 418,011 | |
| Profit for the period is attributable to: | |||||
| Non-controlling interests | - | - | - | - | |
| Owners of the Company | 1,046,982 | 958,481 | (3,067,199) | 418,011 | |
| Other comprehensive income | |||||
| Items that will be reclassified to profit or loss | |||||
| Actuarial losses related to | |||||
| employee benefit liabilities | (22,920) | (22,920) | - | - | |
| Taxes relating to Components of other comprehensive income | |||||
| that will not be reclassified to profit or loss | 5,730 | 5,730 | - | - | |
| Actuarial losses related to employee benefit liabilities, tax effect |
5,730 | 5,730 | - | - | |
| Other comprehensive expense | (17,190) | (17,190) | - | - | |
| Total comprehensive income for the period | 1,029,792 | 941,291 | (3,067,199) | 418,011 | |
| Total comprehensive income is attributable to: | |||||
| Non-controlling interests Owners of the Company |
- 1,029,792 |
- 941,291 |
- (3,067,199) |
- 418,011 |
|
| Earnings per share (in full TRY) | 0.27519 | 0.25193 | (0.80619) | 0.10987 |
(Amounts expressed in thousands of Turkish Lira ("TRY") in terms of the purchasing power of TRY as of 30 June 2024, unless otherwise stated.)
| Other Accumulated Comprehensive Income and Expense not to be Reclassified to Profit or Loss |
Retained Earnings | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Share capital |
Adjustment to Share capital |
Treasury | Share premium/ shares (-) discounts |
Other reserves |
Other Restricted equity reserves appropriated |
Gain/Loss on remeasurement of Retained from profit defined benefit plans |
earnings | Net profit | Equity period to the parent |
for the attributable Non-controlling interest |
Total equity |
|
| 1 January 2023 | 3,800,000 | 43,764,685 | (2,820,733) | 24,994,183 | - | 7,317,634 | - | (1,417,962) | 1,128,923 | 76,766,730 | - | 76,766,730 |
| Transfers Dividend (Note 14) (Increase)/decrease due to share repurchase transactions (*) Total comprehensive loss |
- - - - |
- - - - |
- - (723,483) - |
- - - - |
- - 81,842 - |
184,686 - - - |
- - - - |
944,237 (1,588,310) - - |
(1,128,923) - - (3,067,199) |
- (1,588,310) (641,641) (3,067,199) |
- - - - |
- (1,588,310) (641,641) (3,067,199) |
| 30 June 2023 | 3,800,000 | 43,764,685 | (3,544,216) | 24,994,183 | 81,842 | 7,502,320 | - | (2,062,035) | (3,067,199) | 71,469,580 | - | 71,469,580 |
| 1 January 2024 Transfers Dividend Total comprehensive income |
3,800,000 - - - |
43,764,685 - - - |
(55,852) - - - |
24,994,183 - - - |
(1,502,568) - - - |
7,503,591 - - - |
- - - (17,190) |
(2,035,867) (5,082,079) - - |
(5,082,079) 5,082,079 - 1,046,982 |
71,386,093 - - 1,029,792 |
- - - - |
71,386,093 - - 1,029,792 |
| 30 June 2024 | 3,800,000 | 43,764,685 | (55,852) | 24,994,183 | (1,502,568) | 7,503,591 | (17,190) | (7,117,946) | 1,046,982 | 72,415,885 | - | 72,415,885 |
(*) As of 30 June 2024, it shows the effect of purchase/sale considering the orders matched during the period for the shares repurchased.
(Amounts expressed in thousands of Turkish Lira ("TRY") in terms of the purchasing power of TRY as of 30 June 2024, unless otherwise stated.)
| Reviewed | Reviewed | ||
|---|---|---|---|
| 1 January - | 1 January - | ||
| Notes | 30 June 2024 | 30 June 2023 | |
| Cash flows from operating activities | |||
| Profit for the period | 1,046,982 | (3,067,199) | |
| Adjustments related to reconcile of net profit for the period | |||
| Adjustments related to depreciation and amortization expenses | 18, 19 | 143,849 | 68,377 |
| Adjustments related to tax expense (income) | 22 | 58,880 | 29,540 |
| Adjustments related to (reversal of) impairments (net) | (873,236) | (4,557,740) | |
| Adjustments related to (reversal of) impairment of inventories (net) | 8 | (873,236) | (4,557,740) |
| Adjustments related to provisions | 9,757 | 91,346 | |
| Adjustments related to (reversal of) provisions for employee benefits | 13 | 7,783 | 63,490 |
| Adjustments related to (reversal of) provision for lawsuit and/or penalty | 13 | 1,801 | 29,198 |
| Adjustments related to (reversal of) provisions for others | 5 | 173 | (1,342) |
| Adjustments for interest (income) and expenses | (1,446,429) | (1,424,722) | |
| Adjustments for interest income | 21 | (2,158,022) | (3,259,815) |
| Adjustments for interest expense | 21 | 711,593 | 1,835,093 |
| Monetary gain / loss | 4,642,130 | 3,704,236 | |
| Net cash from operations before changes in assets and liabilities | 3,581,933 | (5,156,162) | |
| Changes in net working capital: | - | ||
| Adjustments related to (increase)/decrease in trade receivable | (240,482) | (3,930,963) | |
| Decrease/(increase) in trade receivables from related parties | 356,181 | (2,771,536) | |
| Decrease/(Increase) in trade receivables from third parties | (596,663) | (1,159,427) | |
| Adjustments related to decrease/(increase) in inventories | (21,098,855) | 14,675,576 | |
| Adjustments related to increase/(decrease) in trade payables | 1,256,982 | (1,248,413) | |
| Increase/(decrease) in trade payables to third parties | 1,256,982 | (1,248,413) | |
| Adjustments related to decrease/(increase) in other receivables related to operations | 2,458,812 | (2,268,148) | |
| Adjustments related to increase/(decrease) in other payables related to operations | 5,993,624 | 10,630,895 | |
| Adjustments related to other increase/(decrease) in working capital | 4,937 | (2,269,687) | |
| Net cash flows from operating activities | |||
| Payments related to provisions for employee benefits | (8,883) | (1,937) | |
| Cash flows from operating activities | (8,051,932) | 10,431,161 | |
| Purchases of investment properties, property, plant and equipment and intangible assets | (429,237) | (149,767) | |
| Interest received | 228,123 | 633,520 | |
| Cash flows from investing activities | (201,114) | 483,753 | |
| Payments to acquire entity's shares or other equtiy instruments | - | (641,641) | |
| Proceeds from Borrowings | 1,859,189 | 5,670,287 | |
| Proceeds from Loans | - | 1,999,314 | |
| Proceeds from Issue of Debt Instruments | 1,859,189 | 3,670,973 | |
| Repayments of borrowings | (3,209,226) | (5,371,198) | |
| Loan Repayments | (1,232,217) | (2,329,969) | |
| Payments of Issued Debt Instruments | (1,977,009) | (3,041,229) | |
| Interest paid | (711,593) | (1,835,093) | |
| Dividends paid | - | (1,588,310) | |
| Interest received | 1,929,899 | 2,626,295 | |
| Cash flow from financing activities | (131,731) | (1,139,660) | |
| Inflation impact on cash and cash equivalents | (2,929,809) | (2,508,826) | |
| Net increase (decrease) in cash and cash equivalents | (11,314,586) | 7,266,428 | |
| Cash and cash equivalents at the beginning of the period | 4 | 18,547,565 | 10,861,595 |
| Cash and cash equivalents at the end of the period | 4 | 7,232,979 | 18,128,023 |
(Amounts expressed in thousands of Turkish Lira ("TRY") in terms of the purchasing power of TRY as of 30 June 2024, unless otherwise stated.)
Emlak Konut Gayrimenkul Yatırım Ortaklığı A.Ş. ("Emlak Konut GYO" or the "Group") was established on 26 December 1990 as a subsidiary of Türkiye Emlak Bankası A.Ş. The Group is governed by its articles of association, and is also subject to the terms of the decree law about Public Finances Enterprises No. 233, in accordance with the statute of Türkiye Emlak Bankası A.Ş. The Group has been registered and started its activities on 6 March 1991. The Group's articles of association were revised on 19 May 2001 and it became an entity subject to the Turkish Commercial Code No. 4603.
The Company was transformed into a Real Estate Investment Company with Senior Planning Committee Decree No. 99/T-29, dated 4 August 1999, and according to Statutory Decree No. 588, dated 29 December 1999. According to Permission No. 298, dated 20 June 2002, granted by the Capital Markets Board ("CMB") regarding transformation of the Company into a Real Estate Investment Company and permission No. 5320, dated 25 June 2002, from the Republic of Turkey Ministry of Industry and Trade and amendment draft for the articles of association of the Company was submitted for the approval of the Board and the amendment draft was approved at the Ordinary General Shareholders Committee meeting of the Company convened on 22 July 2002, changing the articles of association accordingly.
The articles of association of the Company were certified by Istanbul Trade Registry Office on 29 July 2002 and entered into force after being published in Trade Registry Gazette dated 1 August 2002. As the result of the General Shareholders committee meeting of the Company convened on 28 February 2006, the title of the Company "Emlak Gayrimenkul Yatırım Ortaklığı A.Ş." was changed to "Emlak Konut Gayrimenkul Yatırım Ortaklığı A.Ş."
By the decision of the Board of Directors of Istanbul Stock Exchange Market on 26 November 2010, 25% portion of the Company's class B shares with a nominal value of TRY625,000 has been trading on the stock exchange since 2 December 2010.
The registered address of the Group is Barbaros Mah. Mor Sümbül Sok. No: 7/2 B (Batı Ataşehir) Ataşehir – İstanbul. As of 30 June 2024, the number of employees of the Group is 1,123 (31 December 2023 - 1,142).
The objective and operating activity of the Company is coordinating and executing real estate property projects mostly housing, besides, commercial units, educational units, social facilities, and all related aspects, controlling and building audit services of the ongoing projects, marketing and selling the finished housing. Due to statutory obligation to be in compliance with the Real Estate Investment Companies decrees and related CMB communiqués, The Company cannot be a part of construction business, but only can organize it by auctioning between the contractors.
The consolidated financial statements on 30 June 2024 have been approved by the Board of Directors on 2 September 2024.
The ultimate parent and ultimate controlling party of the Group is T.C. Toplu Konut İdaresi Başkanlığı (the Housing Development Administration of Turkey, "TOKİ"). TOKİ is a state institution under the control of Republic of Turkey Ministry of Enviroment Urbanisation and Climate Change.
Emlak Konut GYO will be referred to as the "Group" with its subsidiaries and interests in joint ventures.
(Amounts expressed in thousands of Turkish Lira ("TRY") in terms of the purchasing power of TRY as of 30 June 2024, unless otherwise stated.)
Subsidiaries of Emlak Konut GYO operate in Turkey and their main operations are as follows:
| Subsidiaries | Main Operations | ||||
|---|---|---|---|---|---|
| Emlak Planlama, İnşaat, Proje Yönetimi ve Tic. A.Ş. Emlak Konut Asansör Sistemleri Sanayi ve Ticaret A.Ş. |
Real Estate Investments Production, Sales and Marketing |
||||
| 30 June 2024 | 31 December 2023 | ||||
| Direct and indirect ownership rate |
Effective ownership rate (%) |
Direct and indirect ownership rate (%) |
Effective ownership rate (%) |
||
| Emlak Planlama İnşaat Proje Yönetimi ve Ticaret A.Ş. | 100 | 100 | 100 | 100 |
Shares in Joint Operations of Emlak Konut GYO operate in Turkey and their main operations are as follows:
Emlak Konut Asansör Sistemleri Sanayi ve Ticaret A.Ş. 100 100 100 100
İstmarina AVM Adi Ortaklığı Shopping Mall and Office Management Büyükyalı Tesis Yönetimi A.Ş. Shopping Mall and Office Management Merkez Cadde Yönetim A.Ş. Shopping Mall and Office Management
| 30June 2024 | 31December 2023 | |||||
|---|---|---|---|---|---|---|
| Direct and indirect ownership rate (%) |
Effective ownershiprate (%) |
Direct and indirect ownership rate (%) |
Effective ownershiprate (%) |
|||
| MerkezCaddeYönetimA.Ş. | 30 | 30 | 30 | 30 | ||
| İstmarina AVMAdi Ortaklığı | 40 | 40 | 40 | 40 | ||
| Büyükyalı Tesis Yönetimi A.Ş. | 37 | 37 | 37 | 37 |
(Amounts expressed in thousands of Turkish Lira ("TRY") in terms of the purchasing power of TRY as of 30 June 2024, unless otherwise stated.)
The accompanying standalone financial statements of the Company have been prepared in accordance with the communiqué numbered II-14,1 "Communiqué on the Principles of Financial Reporting In Capital Markets" ("the Communiqué") which is published on Official Gazette numbered 28676 dated 13 June 2013 and Turkish Financial Reporting Standards and appendices and interpretations related to them adopted by the Public Oversight Accounting and Auditing Standards Authority ("POA") have been taken as basis. TFRS is updated through communiqués in order to comply with the changes in the Turkish Financial Reporting Standards (TFRS).
The interim condensed consolidated financial statements are presented in accordance with the formats specified in the "Communiqué on TFRS Taxonomy" published by the POA on 4 July 2024 and the Illustrations of Financial Statements and Application Guidance published by the CMB.
The Group maintains its books of account and prepares its statutory financial statements in accordance with the principals issued by CMB, the Turkish Commercial Code ("TCC"), tax legislation and the Uniform Chart of Accounts issued by the Ministry of Finance. The consolidated financial statements have been prepared on the basis of historical cost, with the necessary adjsutments and classifications reflected in the statutory records in accordance with TFRS.
The consolidated financial statements incorporate the financial statements of the Company and entities controlled by the Company and its subsidiaries. Control is achieved when the Company:
The Company reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control listed above.
When the Company has less than a majority of the voting rights of an investee, it has power over the investee when the voting rights are sufficient to give it the practical ability to direct the relevant activities of the investee unilaterally. The Company considers all relevant facts and circumstances in assessing whether or not the Company's voting rights in an investee are sufficient to give it power, including:
Any additional facts and circumstances that indicate that the Company has, or does not have, the current ability to direct the relevant activities at the time that decisions need to be made, including voting patterns at previous shareholders' meetings.
(Amounts expressed in thousands of Turkish Lira ("TRY") in terms of the purchasing power of TRY as of 30 June 2024, unless otherwise stated.)
Consolidation of a subsidiary begins when the Company obtains control over the subsidiary and ceases when the Company loses control of the subsidiary. Income and expenses of a subsidiary acquired or disposed of during the year are included in the consolidated statement of profit or loss and other comprehensive income from the date the Company gains control until the date when the Group ceases to control the subsidiary.
Profit or loss and each component of other comprehensive income are attributed to the owners of the Company and to the non-controlling interests. Total comprehensive income of subsidiaries is attributed to the owners of the Company and to the non-controlling interests even if this results in the non-controlling interests having a deficit balance.
When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with the Group's accounting policies.
All intragroup assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the Group are eliminated in full on consolidation.
Changes in the Group's ownership interests in subsidiaries that do not result in the Group losing control over the subsidiaries are accounted for as equity transactions. The carrying amounts of the Group's interests and the non-controlling interests are adjusted to reflect the changes in their relative interests in the subsidiaries. Any difference between the amount by which the non-controlling interests are adjusted and the fair value of the consideration paid or received is recognized directly in equity and attributed to owners of the Group.
When the Group loses control of a subsidiary, a gain or loss is recognised in profit or loss and is calculated as the difference between (i) the aggregate of the fair value of the consideration received and the fair value of any retained interest and (ii) the previous carrying amount of the assets (including goodwill), and liabilities of the subsidiary and any non-controlling interests. All amounts previously recognised in other comprehensive income in relation to that subsidiary are accounted for as if the Company had directly disposed of the related assets or liabilities of the subsidiary (i.e., reclassified to profit or loss or transferred to another category of equity as specified/permitted by applicable TFRS). The fair value of any investment retained in the former subsidiary at the date when control is lost is regarded as the fair value on initial recognition for subsequent accounting under TFRS 9 Financial Instruments, when applicable, the cost on initial recognition of an investment in an associate or a joint venture.
An associate is an entity over which the Group has significant influence. Significant influence is the power to participate in the financial and operating policy decisions of the investee but is not control or joint control over those policies.
A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the joint arrangement. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require unanimous consent of the parties sharing control.
(Amounts expressed in thousands of Turkish Lira ("TRY") in terms of the purchasing power of TRY as of 30 June 2024, unless otherwise stated.)
The results and assets and liabilities of associates or joint ventures are incorporated in these consolidated financial statements using the equity method of accounting, except when the investment, or a portion thereof, is classified as held for sale, in which case it is accounted for in accordance with TFRS 5. Under the equity method, investments in associates are carried in the balance sheet at cost as adjusted for post-acquisition changes in the Group's share of the net assets of the associate, less any impairment in the value of individual investments. Losses of an associate in excess of the Group's interest in that associate (which includes any long-term interests that, in substance, form part of the Group's net investment in the associate) are not recognized. Additional losses are recognized only to the extent that the Group has incurred legal or constructive obligations or made payments on behalf of the associate.
Gains and losses arising from transactions between the Group and an associate of the Group are eliminated to the extent of the Group's interest in the relevant associate or joint venture.
A joint operation is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the assets, and obligations for the liabilities, relating to the arrangement. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require unanimous consent of the parties sharing control.
The Company prepared its consolidated financial statements as of 30 June 2024 and for the interim period ended 30 June 2024 by applying TAS 29 "Financial Reporting in Hyperinflationary Economies" in accordance with the announcement made by POA on 23 November 2023 and the "Application Guidance on Financial Reporting in Hyperinflationary Economies". In accordance with the standard, financial statements prepared in the currency of a hyperinflationary economy are stated in terms of the purchasing power of that currency at the balance sheet date and comparative figures for prior periods are expressed in terms of the measuring unit current at the end of the reporting period. Therefore, the Group has presented its consolidated financial statements as of 30 June 2023 and 31 December 2023 on a purchasing power basis as of 30 June 2024.
It has been decided that institutions registered in CMB and import companies obligated to apply financial statement adjustments stated in TAS/TFRS are required to apply hyperinflation accounting by implementing TAS 29 to financial statements for the year ended 31 December 2023, according to the rule number 81/1820 declared by CMB dated in 28 December 2023.
(Amounts expressed in thousands of Turkish Lira ("TRY") in terms of the purchasing power of TRY as of 30 June 2024, unless otherwise stated.)
The restatements in accordance with TAS 29 have been made using the adjustment factor derived from the Consumer Price Index ("CPI") in Turkey published by the Turkish Statistical Institute ("TSI"). As at 30 June 2024, the indices and adjustment factors used in the restatement of the consolidated financial statements are as follows:
| Date | Index | Adjustment correlation |
3-year cumulative inflation ratios |
|---|---|---|---|
| 30.06.2024 | 2,319.29 | 1.00000 | 324% |
| 31.12.2023 | 1,859.38 | 1.24735 | 268% |
| 30.06.2023 | 1,351.59 | 1.71597 | 190% |
Procedure of TAS 29 is presented below:
The main components of the Company's restatement for the purpose of financial reporting in hyperinflationary economies are as follows:
(Amounts expressed in thousands of Turkish Lira ("TRY") in terms of the purchasing power of TRY as of 30 June 2024, unless otherwise stated.)
Each item in the condensed separate financial statements of the Company is accounted for using the currency of the primary economic environment in which the Company operates ('functional currency'). The functional currency of the Company is TRY and the presentation currency is thousand TRY.
Financial assets and liabilities are offset and the net amount is 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 liability simultaneously.
Significant changes in accounting policies and significant accounting errors are applied retrospectively and prior period financial statements are restated if they are of a nature to provide a more appropriate and reliable presentation of the effects of transactions and events on the entity's individual financial position, performance or cash flows in the financial statements.
Additional Note The information in the Control of Compliance with Portfolio Restrictions Table is summarized information derived from the financial statements in accordance with Article 16 of the Communiqué Serial: II, No: 14.1 "Communiqué on Principles Regarding Financial Reporting in Capital Markets" and is in the nature of summary information derived from the financial statements in accordance with Article 16 of the Communiqué Serial: III, No: 48.1 "Communiqué on Principles Regarding Real Estate Investment Trusts" and has been prepared within the framework of the provisions regarding the control of compliance with portfolio limitations.
The condensed interim financial statements as at 30 June 2024 have been prepared by applying accounting policies consistent with the accounting policies applied in the preparation of the financial statements for the period ended 30 June 2024. Accordingly, the condensed interim financial statements should be read in conjunction with the year-end financial statements for completeness.
(Amounts expressed in thousands of Turkish Lira ("TRY") in terms of the purchasing power of TRY as of 30 June 2024, unless otherwise stated.)
a) New standards, amendments and interpretations to existing standards effective as of 30 June 2024 (Continued)
However, the POA's Board Decision published in the Official Gazette dated 29 December 2023 announced that certain entities will be subject to mandatory sustainability reporting as of 1 January 2024. On 5 January 2024, "Board Decision on the Scope of Application of Turkish Sustainability Reporting Standards (TSRS)", the entities that fall within the scope of sustainability application are listed for the purpose of Determining the Entities that will be subject to Sustainability Reporting.
b) Standards, amendments, and interpretations that are issued but not effective as of 30 June 2024:
IFRS codification has been preserved in the standards recently issued by the International Accounting Standards Board but not yet codified by the Public Oversight Authority.
● IFRS 17, 'Insurance contracts'; effective from annual periods beginning on or after 1 January 2025. This standard is an amendment to IFRS 17, 'Insurance Contracts', which currently permits a wide range of applications. It replaces TFRS 4. IFRS 17 will fundamentally change the accounting for all entities that issue insurance contracts and investment contracts with discretionary participation features.
However, in the letter dated 6 April 2023 sent by the Public Oversight Authority (POA) to the Association of Insurance, Reinsurance and Pension Companies of Turkey, it has been reported that it has reached the opinion that it would be appropriate to apply TFRS 17 in the consolidated and separate financial statements of insurance, reinsurance and pension companies, banks that have partnerships/investments in these companies and other companies that also have partnerships/investments in these companies as of 1 January 2024. On the other hand, the implementation date of TFRS 17 has been postponed to 1 January 2025 by POA.
(Amounts expressed in thousands of Turkish Lira ("TRY") in terms of the purchasing power of TRY as of 30 June 2024, unless otherwise stated.)
b) Standards, amendments, and interpretations that are issued but not effective as of 30 June 2024 (Continued):
• clarify the requirements for the timing of recognition and derecognition of some financial assets and liabilities, with a new exception for some financial liabilities settled through an electronic cash transfer system;
• clarify and add further guidance for assessing whether a financial asset meets the solely payments of principal and interest (SPPI) criterion;
• add new disclosures for certain instruments with contractual terms that can change cash flows (such as some instruments with features linked to the achievement of environment, social and governance (ESG) targets); and
• make updates to the disclosures for equity instruments designated at Fair Value through Other Comprehensive Income (FVOCI).
IFRS 18 Presentation and Disclosure in Financial Statements;effective from annual periods beginning on or after 1 January 2027. This is the new standard on presentation and disclosure in financial statements, with a focus on updates to the statement of profit or loss. The key new concepts introduced in IFRS 18 relate to:
● the structure of the statement of profit or loss;
● required disclosures in the financial statements for certain profit or loss performance measures that are reported outside an entity's financial statements (that is, managementdefined performance measures); and
● enhanced principles on aggregation and disaggregation which apply to the primary financial statements and notes in general.
IFRS 19 Subsidiaries without Public Accountability: Disclosures; effective from annual periods beginning on or after 1 January 2027. Earlier application is permitted. This new standard works alongside other IFRS Accounting Standards. An eligible subsidiary applies the requirements in other IFRS Accounting Standards except for the disclosure requirements and instead applies the reduced disclosure requirements in IFRS 19. IFRS 19's reduced disclosure requirements balance the information needs of the users of eligible subsidiaries' financial statements with cost savings for preparers. IFRS 19 is a voluntary standard for eligible subsidiaries. A subsidiary is eligible if:
● it does not have public accountability; and
● it has an ultimate or intermediate parent that produces consolidated financial statements available for public use that comply with IFRS Accounting Standards.
(Amounts expressed in thousands of Turkish Lira ("TRY") in terms of the purchasing power of TRY as of 30 June 2024, unless otherwise stated.)
| 30 June 2024 | 31 December 2023 | |
|---|---|---|
| Cash on hand | 85 | 96 |
| Banks | 7,494,679 | 19,183,058 |
| - Demand deposit | 96,909 | 97,522 |
| - Time deposits with maturities less than 3 months | 7,397,770 | 19,085,536 |
| Other cash and cash equivalents | 731,880 | 608,100 |
| 8,226,644 | 19,791,254 |
Maturities of cash and cash flows are as follows:
| 30 June 2024 | 31 December 2023 | |
|---|---|---|
| Demand | 96,909 | 97,522 |
| Up to 3 month | 7,397,770 | 19,085,536 |
| 7,494,679 | 19,183,058 |
Average effective annual interest rates on time deposits in TRY on the balance sheet date:
| 30 June 2024 | 31 December 2023 | |
|---|---|---|
| (%) | (%) | |
| Effective annual interest rate | 48.08 | 40.58 |
The calculation of cash and cash equivalents of the Group for the use in statements of cash flows is as follows:
| 30 June 2024 | 31 December 2023 | |
|---|---|---|
| Cash and cash equivalents | 8,226,644 | 19,791,254 |
| Less: Interest accruals on deposits | (14,644) | (149,642) |
| Less: LSRSA project deposits (*) | (1,003,950) | (1,114,777) |
| Add: the effect of provisions released under TFRS 9 | 24,929 | 20,730 |
| 7,232,979 | 18,547,565 |
(*) The contractors' portion of the residential unit sales from the LSRSA projects under construction and which accumulated in the bank accounts opened under the control of the Group is kept in deposits accounts in the name of the related projects under the control of the Group as stated in the agreement. There is no blocked deposit (31 December 2023: None) project accounts amounting TRY1,003,950 (31 December 2023: TRY1,114,777).
(Amounts expressed in thousands of Turkish Lira ("TRY") in terms of the purchasing power of TRY as of 30 June 2024, unless otherwise stated.)
| 30 June 2024 | 31 December 2023 | |
|---|---|---|
| Short-term financial liabilities | ||
| Short-term bank loans | 63,325 | 187,459 |
| Issued debt instruments (*) | 800,000 | 1,122,611 |
| Short-term portion of long-term borrowings | 2,230,349 | 2,721,413 |
| Lease obligation | 944 | 1,177 |
| 3,094,618 | 4,032,660 |
(*) On 3 April 2024, the Company issued lease certificates with a maturity date of 11 July 2024 and a nominal amount of TRY400,000 (2023: TRY400,000) with a 53% (2023: 38%) profit share and on 14 May 2024, the Company issued lease certificates with a maturity date of 13 August 2024 and a nominal amount of TRY498,938 (2023: TRY 623,673) with a 53.50% (2023: 40% profit share).
| Long-term financial liabilities | 30 June 2024 | 31 December 2023 |
|---|---|---|
| Long-term borrowings | 246,982 | 1,575,808 |
| Lease obligation | 5,640 | 7,035 |
| 252,622 | 1,582,843 |
Borrowings used as of 30 June 2024 are denominated in TRY and the weighted average interest rate is 20.67% (31 December 2023: 20.66%).
The redemption schedules of the borrowings as of 30 June 2024 and 31 December 2023 are as follows:
| 30 June 2024 | 31 December 2023 | |
|---|---|---|
| 2025 | 246,982 | 1,575,808 |
| 246,982 | 1,575,808 |
The maturity distributions of the borrowings are as follows:
| 30 June 2024 | 31 December 2023 | |
|---|---|---|
| Less than 3 months | 809,134 | 1,240,610 |
| Between 3 - 12 months | 1,484,540 | 1,668,262 |
| Between 1 - 5 years | 246,982 | 1,575,808 |
| 2,540,656 | 4,484,680 |
(Amounts expressed in thousands of Turkish Lira ("TRY") in terms of the purchasing power of TRY as of 30 June 2024, unless otherwise stated.)
As at 30 June 2024 and 31 December 2023, details of trade receivables and payables are as follows:
| Short-term trade receivables | 30 June 2024 | 31 December 2023 |
|---|---|---|
| Due from related parties (Note 24) | 4,876,105 | 4,697,926 |
| Receivables from land sales | 2,623,107 | 1,018,706 |
| Receivables from sale of residential and commercial units | 1,996,531 | 2,421,705 |
| Notes of receivables | 192,731 | 263,685 |
| Receivables from contractors of the lands | ||
| invoiced under LSRSA | 174,126 | 1,749,368 |
| Receivables from lessees | 95,459 | 85,956 |
| Other | 8,579 | 11,044 |
| Unearned finance income | (407,004) | (386,126) |
| 9,559,634 | 9,862,264 | |
| Doubtful receivables | 5,401 | 6,540 |
| Less: Provision for doubtful receivables | (5,401) | (6,540) |
| 9,559,634 | 9,862,264 | |
| 30 June 2024 | ||
| Long-term trade receivables | ||
| Receivables from sale of residential and commercial units | 3,655,081 | 5,058,803 |
| Receivables from land sales | 585,315 | 1,816,234 |
| Unearned finance income | (1,155,462) | (1,238,154) |
| 3,084,934 | 5,636,883 | |
| 30 June 2024 | ||
| Short-term trade payables | ||
| Payables to LSRSA contractors invoiced | 961,905 | 1,152,403 |
| Trade payables Interest accruals on time deposits of contractors (*) |
3,902,849 351,366 |
31 December 2023 31 December 2023 3,137,644 787,765 |
(*) The contractors' portion of the residential unit sales from the LSRSA projects under construction and which accumulated in the bank accounts opened under the control of the Group is kept in deposits accounts in the name of the related projects under the control of the Group as stated in the agreement. The Group tracks the contractor's share of the interest obtained from the advances accumulated in these accounts in short-term payables.
| Long-term trade payables | 30 June 2024 | 31 December 2023 |
|---|---|---|
| Trade payables | 369,105 | 460,899 |
| 369,105 | 460,899 |
(Amounts expressed in thousands of Turkish Lira ("TRY") in terms of the purchasing power of TRY as of 30 June 2024, unless otherwise stated.)
As at 30 June 2024 and 31 December 2023, details of other receivables and payables are as follows:
| 30 June 2024 | 31 December 2023 | |
|---|---|---|
| Short-term other receivables | ||
| Advances given to contractor firms | 277,525 | 672,914 |
| Receivables from the authorities | 41,751 | 34,922 |
| Other receivables from related parties (Note 24) | 235 | 89,326 |
| Other | 47,005 | 431,508 |
| 366,516 | 1,228,670 | |
| 30 June 2024 | 31 December 2023 | |
| Long-term other receivables | ||
| Other receivables from third parties | 22,576 | 28,584 |
| Deposits and guarantees given | 1,014 | 1,265 |
| 23,590 | 29,849 | |
| 30 June 2024 | 31 December 2023 | |
| Short-term other payables | ||
| Taxes and funds payable | 1,971,128 | 1,351,008 |
| Other payables to related parties | 602 | 748 |
| Other | 179,421 | 115,594 |
| 2,151,151 | 1,467,350 |
As of 30 June 2024, other long-term payables are amount to TRY344,432 and consist of deposits and guarantees received (31 December 2023: TRY262,615).
(Amounts expressed in thousands of Turkish Lira ("TRY") in terms of the purchasing power of TRY as of 30 June 2024, unless otherwise stated.)
As at 30 June 2024 and 31 December 2023, details of inventories are as follows:
| 30 June 2024 | 31 December 2023 | |
|---|---|---|
| Lands | 25,265,438 | 23,323,998 |
| Cost | 31,566,874 | 30,446,795 |
| Impairment | (6,301,436) | (7,122,797) |
| Planned land by LSRSA | 41,942,585 | 42,020,168 |
| Planned land by turnkey project | 30,878,404 | 26,921,370 |
| Planned land by turnkey project | 36,933,941 | 32,976,907 |
| Impairment (*) | (6,055,537) | (6,055,537) |
| Residential and commercial units ready for sale | 12,172,206 | 10,662,196 |
| Cost | 13,551,811 | 12,093,676 |
| Impairment | (1,379,605) | (1,431,480) |
| Inventories of Emlak Konut Asansör | 1,481,654 | 924,897 |
| Advances given for inventories (**) | 15,562,326 | 1,477,893 |
| 127,302,613 | 105,330,522 |
(*) It is the provision for impairment due to the increase in construction costs in the Global and Turkish markets.
(**) As of June 30, 2024, an amount of TRY 13,137,112 from the advances given for inventories consists of the payment made for 1,615 independent units purchased under the Yeni Fikirtepe project undertaken on behalf of the Republic of Turkey Ministry of Environment, Urbanization, and Climate Change.
The determination of the net realizable value of the Group assets classified as "Inventories" and the calculation of the provision for impairment, if any, is based on the valuation reports prepared by Acar Taşınmaz Değerleme ve Danışmanlık A.Ş. and Yetkin Gayrimenkul Değerleme A.Ş. as of 31 December 2023.
The movements of impairment on inventories are as follows:
| 2024 | 2023 | |
|---|---|---|
| Opening balance at 1 January | 14,609,814 | 21,597,729 |
| Impairment on inventories within the current period |
442,653 | 3,445,674 |
| Reversal of impairment on invetories within the current period |
(1,315,889) | (8,003,414) |
| Closing balance at 30 June | 13,736,578 | 17,039,989 |
(Amounts expressed in thousands of Turkish Lira ("TRY") in terms of the purchasing power of TRY as of 30 June 2024, unless otherwise stated.)
As of 30 June 2024 and 31 December 2023 the details of land and residential inventories of the Group are as follows:
| Lands | 30 June 2024 | 31 December 2023 |
|---|---|---|
| İstanbul Küçükçekmece Lands |
6,224,529 | 6,224,529 |
| İstanbul Avcılar Lands |
4,561,238 | 3,593,592 |
| Muğla Bodrum Lands |
3,683,227 | 4,545,094 |
| İstanbul Esenler Lands |
3,674,261 | 4,328,819 |
| İzmir Çeşme Lands |
1,461,771 | - |
| İstanbul Başakşehir Lands |
1,028,389 | 1,269,831 |
| Antalya Alanya Lands | 868,586 | - |
| İstanbul Çekmeköy Lands |
600,586 | 600,565 |
| İstanbul Eyüp Lands |
495,877 | 493,767 |
| İstanbul Kartal Lands |
460,091 | 111,800 |
| İzmir Urla Lands |
396,643 | 396,643 |
| İzmir Aliağa Lands |
316,536 | 261,169 |
| İstanbul Arnavutköy Lands |
266,301 | 553,136 |
| Muğla Milas Lands |
184,297 | 184,288 |
| İstanbul Resneli Lands |
180,525 | 198,089 |
| Antalya Konyaaltı Lands |
144,015 | - |
| İzmir Seferihisar Lands |
126,587 | 147,530 |
| İzmir Karşıyaka Lands |
122,131 | - |
| Zonguldak Merkez Lands | 96,370 | - |
| Tekirdağ Çorlu Lands |
92,087 | 92,087 |
| İstanbul Tuzla Lands |
79,603 | 84,881 |
| İzmir Konak Umurbey Lands |
60,756 | 60,756 |
| Sakarya Sapanca Lands | 52,708 | 57,838 |
| Yalova Lands | 35,570 | - |
| Ankara Çankaya Lands | 26,119 | 26,119 |
| Kocaeli Lands | - | 18,869 |
| Balıkesir Lands |
- | 16,307 |
| İstanbul Sarıyer Lands |
- | 12,333 |
| Other | 26,635 | 45,956 |
| 25,265,438 | 23,323,998 |
(Amounts expressed in thousands of Turkish Lira ("TRY") in terms of the purchasing power of TRY as of 30 June 2024, unless otherwise stated.)
As of 30 June 2024 and 31 December 2023, the Group's projected land details are as follows:
| Planned lands by LSRSA | 30 June 2024 | 31 December 2023 | |
|---|---|---|---|
| Nidapark İstinye Project |
5,673,406 | 5,676,554 | |
| Nişantaşı Koru Project |
3,958,833 | 3,959,206 | |
| Bizim Mahalle 2. Etap 2. Kısım Project |
3,157,424 | 3,159,311 | |
| Merkez Ankara Project | 2,832,150 | 2,833,717 | |
| Nidapark Küçükyalı Project |
2,789,803 | 2,791,347 | |
| Yeni Levent Project | 2,011,941 | 2,002,788 | |
| Bizim Mahalle 2. Etap 1. Kısım Project |
1,839,977 | 1,840,995 | |
| Çekmeköy Çınarköy Project |
1,741,762 | 1,742,726 | |
| Meydan Başakşehir Project |
1,649,316 | 1,650,229 | |
| Batıyakası 2. Etap Project |
1,490,415 | 1,491,239 | |
| Next Level İstanbul Project |
1,380,170 | 1,380,934 | |
| Beşiktaş Akat Project |
1,358,832 | 1,329,245 | |
| Ümraniye İnkılap Project |
1,258,630 | 1,259,327 | |
| İstanbul Kayabaşı 9. Etap Project |
1,232,457 | 1,233,139 | |
| Başakşehir Ayazma 4. Etap Project |
1,113,593 | 1,114,209 | |
| İstanbul Tuzla Merkez Project |
1,101,066 | 1,101,675 | |
| Batıyakası 1. Etap Project |
969,288 | 970,127 | |
| İstanbul Kayabaşı 8. Etap Project |
834,814 | 835,276 | |
| İstanbul Eyüpsultan Kemerburgaz Project |
804,142 | 804,557 | |
| Avcılar Firüzköy 1. Etap 2. Kısım Project |
777,161 | 777,935 | |
| Avcılar Firüzköy 2. Etap Project |
767,599 | 768,023 | |
| Avcılar Firüzköy 1. Etap 1. Kısım Project |
713,429 | 713,824 | |
| Bodrum Türkbükü Project | 578,906 | 579,226 | |
| Nezihpark Project | 354,946 | 355,142 | |
| Antalya Aksu Project | 311,007 | 311,179 | |
| Barbaros 48 Project | 305,793 | 305,961 | |
| İstanbul Ataşehir Küçükbakkalköy Project |
287,685 | 287,843 | |
| İstanbul Kayabaşı 10. Etap Project |
268,781 | 268,929 | |
| Cer İstanbul Project |
177,214 | 177,313 | |
| Ankara Çayyolu 2. Etap Project | 151,366 | 151,081 | |
| Other | 50,679 | 147,111 | |
| 41,942,585 | 42,020,168 |
(Amounts expressed in thousands of Turkish Lira ("TRY") in terms of the purchasing power of TRY as of 30 June 2024, unless otherwise stated.)
As of 30 June 2024 and 31 December 2023, the details of the Group's completed residential and commercial units are as follows:
| Residential and commercial units completed | 30 June 2024 | 31 December 2023 |
|---|---|---|
| Merkez Ankara Project | 4,707,053 | 4,746,878 |
| Saraçoğlu Mahallesi Project |
2,141,969 | - |
| Kuzey Yakası Project |
1,559,549 | 1,710,749 |
| Maslak 1453 Project | 1,205,869 | 1,208,094 |
| Komşu Finans Evleri Project |
908,067 | 909,018 |
| Bizim Mahalle 1. Etap 1. Kısım Project |
399,774 | 486,647 |
| Denizli Merkez Efendi İkmal İşi Project |
255,584 | 445,472 |
| Sarphan Finanspark Project | 340,619 | 375,969 |
| Bizim Mahalle 1. Etap 2. Kısım Project |
279,851 | 278,199 |
| Semt Bahçekent 1. Etap 2. Kısım Project |
80,414 | 80,414 |
| Yalova Armutlu Project | 60,904 | 60,904 |
| Köy 2. Etap Project | 49,201 | 69,813 |
| Nidapark İstinye Project |
41,246 | 41,246 |
| İdealist Cadde / Koru Project |
35,564 | - |
| Büyükyalı Project |
37,510 | 37,510 |
| Metropol İstanbul Project |
24,181 | 24,181 |
| Karat 34 Project | 13,281 | 47,807 |
| Kocaeli Körfezkent Emlak Konutları Project |
9,979 | 9,979 |
| Göl Panorama Project | 3,818 | 3,818 |
| Evora Denizli Project | 3,761 | 17,896 |
| Başakşehir Ayazma Emlak Konutları Project |
3,724 | 3,724 |
| Temaşehir Project |
1,625 | 2,945 |
| Emlak Konut Florya Evleri Project | - | 96,583 |
| Other | 8,663 | 4,350 |
| 12,172,206 | 10,662,196 |
(Amounts expressed in thousands of Turkish Lira ("TRY") in terms of the purchasing power of TRY as of 30 June 2024, unless otherwise stated.)
As of 30 June 2024 and 31 December 2023, the details of the Group's land plots designed as turnkey projects are as follows:
| Planned lands by turnkey project | 30 June 2024 | 31 December 2023 |
|---|---|---|
| Çekmeköy Çınarköy Project |
18,902,609 | 15,979,686 |
| Emlak Konut Vadi Evleri Project | 3,672,022 | 2,633,471 |
| Arnavutköy Yenişehir Project |
2,746,075 | 213,038 |
| Bizim Mahalle Project | 2,513,928 | 2,136,706 |
| Balıkesir Altıeylül Project |
1,549,331 | 1,095,654 |
| İstanbul Avcılar Firuzköy Project |
976,776 | 1,975,020 |
| Ankara Saraçoğlu Project |
- | 2,805,752 |
| Other | 517,663 | 82,043 |
| 30,878,404 | 26,921,370 |
Rent income is obtained in investment properties and the appraisal used in calculation of low value is made through a precedent comparison and income reduction. As of 30 June 2024 the Group evaluated that there is no situation that would lead to low value in investment properties.
The movements of investment properties as of 30 June 2024 and 2023 are as follows:
| Lands, residential and commercial |
Atasehir general management |
||
|---|---|---|---|
| Cost Value | units | building A block | Total |
| Opening balance as of 1 January 2024 | 2,190,647 | 325,808 | 2,516,455 |
| Transfers to commercial units and land inventories | - | - | - |
| Transfers to residential and commercial unit inventories | - | - | - |
| Closing balance as of 30 June 2024 | 2,190,647 | 325,808 | 2,516,455 |
| Accumulated Depreciation | |||
| Opening balance as of 1 January 2024 | 141,422 | 47,019 | 188,441 |
| Charge for the year | 63,858 | 3,258 | 67,116 |
| Closing balance as of 30 June 2024 | 205,280 | 50,277 | 255,557 |
| Net book value as of 30 June 2024 | 1,985,367 | 275,531 | 2,260,898 |
(Amounts expressed in thousands of Turkish Lira ("TRY") in terms of the purchasing power of TRY as of 30 June 2024, unless otherwise stated.)
| Lands, residential and commercial |
Atasehir general management |
||
|---|---|---|---|
| Cost Value | units | building A block | Total |
| Opening balance as of 1 January 2023 | 3,474,599 | 325,808 | 3,800,407 |
| Transfers to commercial units and land inventories | (1,332,992) | - | (1,332,992) |
| Transfers to residential and commercial unit inventories | 49,435 | - | 49,435 |
| Closing balance as of 30 June 2023 | 2,191,042 | 325,808 | 2,516,850 |
| Accumulated Depreciation | |||
| Opening balance as of 1 January 2023 | 101,478 | 40,503 | 141,981 |
| Charge for the year | 20,658 | 3,258 | 23,916 |
| Closing balance as of 30 June 2023 | 122,136 | 43,761 | 165,897 |
| Net book value as of 30 June 2023 | 2,068,906 | 282,047 | 2,350,953 |
As of 31 December 2023, the valuation reports prepared by Acar Taşınmaz Değerleme ve Danışmanlık A.Ş. and Yetkin Gayrimenkul Değerleme A.Ş. have taken into consideration when determining the fair values of investment properties. The fair values of the investment property determined by independent valuation experts are as follows:
| 30 June 2024 | 31 December 2023 | |
|---|---|---|
| Independent commercial units of Büyükyalı AVM | 2,280,125 | 2,280,125 |
| Atasehir General Management Office A Block | 1,677,822 | 1,677,822 |
| Independent commercial units of Istmarina AVM | 1,443,363 | 1,443,363 |
| Lands and completed units | 775,131 | 775,131 |
| 6,176,441 | 6,176,441 |
(Amounts expressed in thousands of Turkish Lira ("TRY") in terms of the purchasing power of TRY as of 30 June 2024, unless otherwise stated.)
As of 30 June 2024 and 2023, the details of property, plant and equipment are as follows:
| Machinary | Furniture, | ||||||
|---|---|---|---|---|---|---|---|
| Motor | and | equipment | Special | Construction | |||
| 30 June 2024 | Buildings | vehicles | equipment | and fixtures | Cost | in progress | Total |
| Net book value as of 1 January 2024 | 842,599 | 26,253 | 151,383 | 171,497 | 51,742 | 169,398 | 1,412,872 |
| Additions | 278,752 | 10,613 | 94,826 | 7,113 | 15,328 | - | 406,632 |
| Disposal, (net) (-) | (7,079) | - | - | (75) | - | - | (7,154) |
| Depreciation expense(-) | (5,698) | (165) | (13,913) | (36,728) | (4,021) | - | (60,525) |
| Net book value 30 June 2024 | 1,108,574 | 36,701 | 232,296 | 141,807 | 63,049 | 169,398 | 1,751,825 |
| Cost | 1,207,641 | 67,279 | 272,466 | 443,030 | 79,610 | 169,398 | 2,239,424 |
| Accumulated depreciation (-) | (99,067) | (30,578) | (40,170) | (301,223) | (16,561) | - | (487,599) |
| Net book value 30 June 2024 | 1,108,574 | 36,701 | 232,296 | 141,807 | 63,049 | 169,398 | 1,751,825 |
| Machinary | Furniture, | ||||||
|---|---|---|---|---|---|---|---|
| Motor | and | equipment | Special | Construction | |||
| 30 June 2023 | Buildings | vehicles | equipment | and fixtures | Cost | in progress | Total |
| Net book value as of 1 January 2023 | 863,230 | 7,212 | 115,338 | 98,829 | 58,669 | 201,910 | 1,345,188 |
| Additions | 61,942 | 19,875 | 29,417 | 22,678 | 299 | - | 134,211 |
| Disposal, (net) (-) | - | - | - | (147) | - | - | (147) |
| Depreciation expense(-) | (5,398) | (2,485) | (7,309) | (16,537) | (3,749) | - | (35,478) |
| Net book value 30 June 2023 | 919,774 | 24,602 | 137,446 | 104,823 | 55,219 | 201,910 | 1,443,774 |
| Cost | 999,695 | 52,053 | 155,130 | 356,802 | 64,960 | 201,910 | 1,830,550 |
| Accumulated depreciation (-) | (79,921) | (27,451) | (17,684) | (251,979) | (9,741) | - | (386,776) |
| Net book value 30 June 2023 | 919,774 | 24,602 | 137,446 | 104,823 | 55,219 | 201,910 | 1,443,774 |
All of the depreciation expenses are included in the general administrative expenses.
The expected useful lives for property, plant and equipment are as follows:
| Years |
|---|
| 50 |
| 5 |
| 4-5 |
(Amounts expressed in thousands of Turkish Lira ("TRY") in terms of the purchasing power of TRY as of 30 June 2024, unless otherwise stated.)
As of 30 June 2024 and 2023, intangible assets are as follows:
| Computer | ||||
|---|---|---|---|---|
| 30 June 2024 | Licenses | software | Rights | Total |
| Net book value, 1 January 2024 | 7,289 | 31,459 | 37,006 | 75,754 |
| Additions | 14,006 | 6,410 | 9,343 | 29,759 |
| Amortization expense (-) | (8,503) | (7,350) | (355) | (16,208) |
| Net book value 30 June 2024 | 12,792 | 30,519 | 45,994 | 89,305 |
| Cost | 114,434 | 74,329 | 65,506 | 254,269 |
| Accumulated amortization (-) | (101,642) | (43,810) | (19,512) | (164,964) |
| Net book value 30 June 2024 | 12,792 | 30,519 | 45,994 | 89,305 |
| Computer | ||||
|---|---|---|---|---|
| 30 June 2023 | Licenses | software | Rights | Total |
| Net book value, 1 January 2023 | 14,527 | 8,274 | 10,482 | 33,283 |
| Additions | - | 14,160 | 1,543 | 15,703 |
| Amortization expense (-) | (4,008) | (4,426) | (549) | (8,983) |
| Net book value 30 June 2023 | 10,519 | 18,008 | 11,476 | 40,003 |
| Cost | 98,805 | 55,211 | 14,871 | 168,887 |
| Accumulated amortization (-) | (88,286) | (37,203) | (3,395) | (128,884) |
| Net book value 30 June 2023 | 10,519 | 18,008 | 11,476 | 40,003 |
As of 30 June 2024 and 31 December 2023, the details of provisions are as follows:
| 30 June 2024 | 31 December 2023 | |
|---|---|---|
| Provisions | ||
| Provision for lawsuits | 264,486 | 327,659 |
| 264,486 | 327,659 |
According to the opinions of the Group's lawyers, provision for litigation amounting to TRY264,486 has been set aside as of 30 June 2024 (31 December 2023: TRY327,659). As of 30 June 2024, there are 1 deficiency lawsuit, 10 lawsuits for loss of rent, 7 lawsuits for cancellation and registration of deed, 2 labor lawsuits and 35 other miscellaneous lawsuits filed against the Group.
(Amounts expressed in thousands of Turkish Lira ("TRY") in terms of the purchasing power of TRY as of 30 June 2024, unless otherwise stated.)
The movements of provision for lawsuits as of 30 June 2024 and 31 December 2023 are as follows:
| 2024 | 2023 | |
|---|---|---|
| Balance at 1 January | 327,659 | 552,091 |
| Provision added within the current period | 1,801 | 29,198 |
| Monetary loss/gain | (64,974) | (136,988) |
| Closing balance at 30 June | 264,486 | 444,301 |
12.1.1 The LSRSA Project Agreement dated 21 December 2005 regarding 750 units in İzmir Mavisehir Upper North Area 2. Phase was abolished on 21 December 2009 since the contractor did not meet the requirements of the provisions in the agreement. Following the cancellation of the agreement, the project was transferred to the Group and the remaining part of the project was completed by another construction Group which was assigned in accordance with Public Tender Law. The related units have been completed and are sold by the Group as in Turnkey projects.
The contractor filed a lawsuit against the Company claiming that the completion percentage of the project was significantly high and that the agreement between the parties was based on construction right in return for flat. Izmir Karsiyaka Commercial Court of First Instance issued an expert report and determine that the level of work was at around 83%, and that the legal relationship of the parties were not related to construction right in return of the flat. The Company and the contractor filed counter lawsuits in the following period and an additional report was decided to be issued. The additional report is about the final receivables and payables of the parties considering all the claims. As a result of the examination of the additional report at the hearing on 11 June 2014, the second expert committee was examined however, since the expert report was not received, the date of the case was not finalized. In addition, the file was transferred to the delegation, as the Commercial Courts turned into Delegation Judges. According to the various expert reports submitted to the file during the proceedings, the plaintiff has not recognized the value of the lawsuit and increased it to TRY76,161. As of 30 June 2024, a provision amounting to TRY139,770 has been provided including interest and legal expenses. The lawsuit has been partially accepted and partially rejected and the trial is ongoing.
12.1.2 The filed by the contractor firm is action of debt, deed cancellation and registration case. The decision of the contractor's contract was terminated unfairly, passing through degrees. Lawsuits filed by the company and amounting to TRY2,071 have been partially accepted and the decision was appealed by the parties, the trial is ongoing at the Istanbul 16th Commercial Court of First Instance. As of 30 June 2024 a provision amounting to TRY8,181 has been made including interest and litigation costs.
(Amounts expressed in thousands of Turkish Lira ("TRY") in terms of the purchasing power of TRY as of 30 June 2024, unless otherwise stated.)
In the financial statements prepared as of 31 December 2023, the ongoing litigation liabilities were evaluated in the following matters. According to the opinion of the Group Management and its lawyers, no provision has been made in the financial statements prepared as of 30 June 2024 on the grounds that it is not probable that the outflow of resources with economic benefits will be realized in cases filed against the Group in order to fulfill its obligation.
12.2.1 Concerning the İzmir Mavisehir Upper North Area Phase 2 LSRSA project, a lawsuit was filed based on the assignments given by the contractor in favor of the complainant. The case is proceeding. According to the opinion of the Group lawyer, no liability is expected to arise as a result of the related lawsuit.
(Amounts expressed in thousands of Turkish Lira ("TRY") in terms of the purchasing power of TRY as of 30 June 2024, unless otherwise stated.)
12.2.2 In case it is not possible to register on behalf of the plaintiff with the reversal of the responsibility of TOKİ ¼ share (65,122.35 m2) of the parcel with an area of 260,489.41 m2 in Istanbul province, Tuzla district, Orhanlı Mah. 120 Island 1, which is still registered to TOKI, and in case the immovable share value of TRY117,220 is not possible from the date of transfer for now, the lawsuit (total amount including interest TRY135,615) filed against our Company by the plaintiff of 2021/740 E. Anadolu Yakası Ticaret Lojistik ve Yapı A.Ş. of Istanbul Anadolu 1st Commercial Court of First Instance, is seen in the file numbered 2021/740 of the Istanbul Anadolu 1st Commercial Court of First Instance and has a hearing on 14 June 2023.
12.3.1 As of 30 June 2024 and 31 December 2023, breakdown of nominal commercial receivables from residential and commercial unit sales by maturities and based on the residential and commercial units that are under construction or completed but not yet delievered within the scope of the sales promise contract that is not yet included in the balance sheet as it does not meet the TFRS 15 criteria, expected collection times of nominal installments that are not due or collected by maturities are as follows:
| Off-balance sheet | |||
|---|---|---|---|
| 30 June 2024 | Trade Receivables | deferred revenue | Total |
| 1 year | 4,562,780 | 9,181,583 | 13,744,363 |
| 2 year | 1,773,129 | 6,216,196 | 7,989,325 |
| 3 year | 795,083 | 3,477,821 | 4,272,904 |
| 4 year | 518,576 | 1,216,288 | 1,734,864 |
| 5 year and above | 1,161,651 | 500,091 | 1,661,742 |
| 8,811,219 | 20,591,979 | 29,403,198 | |
| 31 December 2023 | Trade Receivables | Off-balance sheet deferred revenue |
Total |
| 1 year | 4,619,638 | 11,613,406 | 16,233,044 |
| 2 year | 1,773,129 | 8,191,309 | 9,964,438 |
| 3 year | 795,083 | 5,395,361 | 6,190,444 |
| 4 year | 518,576 | 1,582,835 | 2,101,411 |
5 year and above 1,153,608 951,298 2,104,906
8,860,034 27,734,209 36,594,243
(Amounts expressed in thousands of Turkish Lira ("TRY") in terms of the purchasing power of TRY as of 30 June 2024, unless otherwise stated.)
As of 30 June 2024 and 31 December 2023, short-term and long-term employee benefits are as follows is as follows:
| 30 June 2024 | 31 December 2023 | |
|---|---|---|
| Short-term provisions | ||
| Unused vacation provision | 95,325 | 131,442 |
| 95,325 | 131,442 | |
| Long-term provisions | ||
| Provision for employment termination benefit | 161,712 | 150,929 |
| 161,712 | 150,929 |
TAS 19 requires actuarial valuation methods to be developed to estimate the Company's provision for severance pay. Accordingly, the following actuarial assumptions were used in the calculation of the total liability:
| 30 June 2024 | 31 December 2023 | |
|---|---|---|
| Discount Rate (%) | 3.50 | 3.50 |
| Turnover rate to estimate probability of retirement (%) | 1.10 | 1.10 |
The basic assumption is that the ceiling provision 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 expected effects of inflation.
As of 30 June 2024 and 31 December 2023, details of other current assets are as follows:
| Other current assets | 30 June 2024 | 31 December 2023 |
|---|---|---|
| Deferred VAT | 1,744,232 | 1,935,076 |
| Income accruals | 117,527 | 455,874 |
| Receivables from tax office | 75,109 | 164,950 |
| Other payments to contractors | 64,833 | 3,069,426 |
| Prepaid income tax | 8,208 | 8,849 |
| Other | 22,169 | 8,231 |
| 2,032,078 | 5,642,406 |
(Amounts expressed in thousands of Turkish Lira ("TRY") in terms of the purchasing power of TRY as of 30 June 2024, unless otherwise stated.)
As of 30 June 2024 and 31 December 2023, the details of short-term deferred income are as follows:
| Short-term deferred income | 30 June 2024 | 31 December 2023 |
|---|---|---|
| Advances taken from turnkey project sales | 28,042,502 | 25,448,775 |
| Deferred income from LSRSA projects (*) | 23,724,829 | 21,035,372 |
| Advances taken from LSRSA contractors (**) | 15,066,667 | 15,249,384 |
| Advances received from related parties (Note 24) | 3,897,142 | 4,386,944 |
| Deferred income related to sales of independent units | 639,902 | 461,178 |
| 71,371,042 | 66,581,653 |
(*) The balance is comprised of deferred income of future land sales regarding the related residential unit's sales under LSRSA projects.
(**) Before the contract is signed with the contractor companies in the ASKGP projects, the company collects the first payment of the total income corresponding to the share of the company from the total sales income in advance at the determined rates.
| Long-term deferred income | 30 June 2024 | 31 December 2023 |
|---|---|---|
| Other advances given | 56,378 | 69,416 |
| 56,378 | 69,416 | |
| Prepaid expenses | 30 June 2024 | 31 December 2023 |
| Advances given for inventory | 916,798 | - |
| Prepaid expenses | 203,890 | 161,035 |
| 1,120,688 | 161,035 |
(Amounts expressed in thousands of Turkish Lira ("TRY") in terms of the purchasing power of TRY as of 30 June 2024, unless otherwise stated.)
The Group's authorized capital amount is TRY3,800,000 (31 December 2023: TRY3,800,000) and consists of 380,000,000,000 (31 December 2023: 380,000,000,000) authorized number of shares with a nominal value of TRY0.01 each.
The Group's shareholders and their shareholding percentages as of 30 June 2024 and 31 December 2023 is as follows:
| 30 June 2024 | 31 December 2023 | |||
|---|---|---|---|---|
| Shareholders | Share (%) | TL | Share (%) | TL |
| Public offering portion | 50.66 | 1,925,119 | 50.66 | 1,925,119 |
| T.C. Toplu Konut İdaresi Başkanlığı "TOKİ" | 49.34 | 1,874,831 | 49.34 | 1,874,831 |
| HAS beneficiaries | 0.00 | 48 | 0.00 | 48 |
| Other | 0.00 | 2 | 0.00 | 2 |
| Total paid-in capital | 100 | 3,800,000 | 100 | 3,800,000 |
| Share capital adjustments | 43,764,685 | 43,764,685 | ||
| 47,564,685 | 47,564,685 |
The legal reserves consist of first and second reserves, appropriated in accordance with the Turkish Commercial Code ("TCC"). The TCC stipulates that the first legal reserve is appropriated out of statutory profits at the rate of 5% per annum, until the total reserve balance reaches 20% of the Group's 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 paid-in share capital. Under the TCC, the legal reserves can only be used to offset losses and are not available for any other usage unless they exceed 50% of paid-in share capital.
In accordance with the Communiqué Serial: II, No: 14,1 which became effective as of 13 June 2013 and according to the CMB's announcements clarifying the said Communiqué, "Share Capital", "Restricted Reserves Appropriated from Profit" and "Share Premiums" need to be recognized over the amounts contained in the legal records. The valuation differences (such as inflation adjustment differences) shall be disclosed as follows:
There is no any use of the adjustment to share capital except adding it to the share capital.
| PPI Indexed Legal | CPI Indexed | Amounts followed in | |
|---|---|---|---|
| Records | Records | Accumulated Profit/Low | |
| Adjustment to share capital | 72,032,396 | 43,764,685 | (28,267,711) |
| Share premium | 41,262,148 | 24,994,183 | (16,267,965) |
| Restricted reserves appropriated from profit | 11,087,183 | 7,503,591 | (3,583,592) |
(Amounts expressed in thousands of Turkish Lira ("TRY") in terms of the purchasing power of TRY as of 30 June 2024, unless otherwise stated.)
As of 30 June 2024 and 2023, the details of revenue and cost of sales are as follows:
| 1 January- 30 June 2024 |
1 April- 30 June 2024 |
1 January- 30 June 2023 |
1 April 30 June 2023 |
|
|---|---|---|---|---|
| Sales income | ||||
| Land sales | 3,449,118 | 2,992,646 | 13,692,224 | 8,227,901 |
| Sales of planned lands by way of LSRSA | 592,579 | 506,623 | 2,549,018 | 1,432,696 |
| Land sales income | 2,856,539 | 2,486,023 | 11,143,206 | 6,795,205 |
| Residential and commercial units sales | 1,370,561 | 242,612 | 7,989,799 | 4,102,560 |
| Consultancy income | 2,479,456 | 1,721,071 | 1,281,878 | 711,727 |
| Elevator sales income | 60,886 | 51,045 | 74,018 | 74,018 |
| Rent income | 82,496 | 55,105 | 101,433 | 48,633 |
| 7,442,517 | 5,062,479 | 23,139,352 | 13,164,839 | |
| Sales returns | (6,645) | (2,113) | (13,162) | (7,796) |
| Net sales income | 7,435,872 | 5,060,366 | 23,126,190 | 13,157,043 |
| Cost of sales | ||||
| Cost of lands | (2,686,579) | (2,269,547) | (8,332,832) | (5,571,223) |
| Cost of lands planned by way of | ||||
| LSRSA | (394,963) | (313,304) | (3,237,091) | (2,205,390) |
| Cost of lands sold | (2,291,616) | (1,956,243) | (5,095,741) | (3,365,833) |
| Cost of consultancy | (455,432) | (455,432) | (187,080) | (187,080) |
| Cost of residential and commercial units sold | (1,038,956) | (99,395) | (9,364,663) | (4,109,204) |
| (4,180,967) | (2,824,374) | (17,884,575) | (9,867,507) | |
| Gross Profit | 3,254,905 | 2,235,992 | 5,241,615 | 3,289,536 |
As of 30 June 2024 and 2023, the details of general administrative expenses are as follows:
| 1 January- | 1 April- | 1 January- | 1 April | |
|---|---|---|---|---|
| 30 June 2024 | 30 June 2024 | 30 June 2023 | 30 June 2023 | |
| General administrative expenses | ||||
| Personnel expenses | (817,169) | (489,439) | (564,562) | (323,065) |
| Depreciation and amortization | (143,849) | (59,640) | (68,377) | (12,651) |
| Security and cleaning expenses | (108,802) | (29,023) | (89,830) | (52,596) |
| Taxes, duties and fees | (87,143) | (79,503) | (296,643) | (113,904) |
| Consultancy expenses | (85,145) | (43,789) | (98,957) | (6,790) |
| Due and contribution expenses | (31,812) | (13,887) | (21,927) | (10,462) |
| Travel expenses | (31,434) | (15,896) | (16,597) | (8,177) |
| Information technologies expenses | (12,705) | (12,705) | (21,036) | (6,134) |
| Insurance expenses | (10,483) | (9,020) | (279) | (279) |
| Maintenance and repair expenses | (7,311) | (2,602) | (14,530) | (6,582) |
| Communication expenses | (3,599) | (1,759) | (2,771) | (1,296) |
| Lawsuit and notary expenses | (3,040) | (1,299) | (4,380) | (1,522) |
| Donations | - | - | (1,378,170) | (26,408) |
| Other | (5,253) | (204) | (55,413) | (56,583) |
| (1,347,745) | (758,766) | (2,633,472) | (626,449) |
(Amounts expressed in thousands of Turkish Lira ("TRY") in terms of the purchasing power of TRY as of 30 June 2024, unless otherwise stated.)
As of 30 June 2024 and 2023, the details of marketing and sales expenses are as follows:
| 1 January- 30 June 2024 |
1 April- 30 June 2024 |
1 January- 30 June 2023 |
1 April 30 June 2023 |
|
|---|---|---|---|---|
| Marketing and sales expenses | ||||
| Advertising expenses | (115,903) | (67,798) | (268,301) | (199,464) |
| Personnel expenses | (57,668) | (38,680) | (57,043) | (35,617) |
| Consultancy expenses | (23,065) | (11,375) | (14,589) | (7,539) |
| Other | (13,883) | (168) | (41,773) | (27,692) |
| (210,519) | (118,021) | (381,706) | (270,312) |
As of 30 June 2024 and 2023, the details of expenses by nature are as follows:
| 1 January- | 1 April- | 1 January- | 1 April | |
|---|---|---|---|---|
| 30 June 2024 | 30 June 2024 | 30 June 2023 | 30 June 2023 | |
| Land costs | 2,686,579 | 2,269,547 | 8,332,832 | 5,571,223 |
| Expenses from residential and commercial units sales | 1,038,956 | 99,396 | 9,364,663 | 4,109,204 |
| Personnel expenses | 874,837 | 528,119 | 621,605 | 358,682 |
| Cost of consultancy | 455,432 | 455,432 | 187,080 | 187,080 |
| Depreciation and amortisation (Note 9, 10,11) | 143,849 | 59,640 | 68,377 | 12,651 |
| Advertising expenses | 115,903 | 67,798 | 268,301 | 199,464 |
| Security and cleaning expenses | 108,802 | 29,023 | 89,830 | 52,596 |
| Consultancy expenses | 108,210 | 55,164 | 113,546 | 14,330 |
| Taxes,duties and fees | 87,143 | 79,503 | 296,643 | 113,904 |
| Due and contribution expenses | 31,812 | 13,887 | 21,927 | 10,462 |
| Information technologies expenses | 12,705 | 12,705 | 21,036 | 6,134 |
| Insurance expenses | 10,483 | 9,020 | 279 | 279 |
| Maintenance and repair expenses | 7,311 | 7,311 | 14,530 | 14,530 |
| Communication expenses | 3,599 | 1,759 | 2,771 | 1,296 |
| Lawsuit and notary expenses | 3,040 | 1,299 | 4,380 | 1,522 |
| Donations | - | - | 1,378,170 | 26,408 |
| Other | 50,570 | 11,558 | 113,783 | 84,503 |
| 5,739,231 | 3,701,161 | 20,899,753 | 10,764,268 |
(Amounts expressed in thousands of Turkish Lira ("TRY") in terms of the purchasing power of TRY as of 30 June 2024, unless otherwise stated.)
As of 30 June 2024 and 2023, the details other operating income are as follows:
| 1 January- 30 June 2024 |
1 April- 30 June 2024 |
1 January- 30 June 2023 |
1 April 30 June 2023 |
|
|---|---|---|---|---|
| Other income from operating activities | ||||
| Impairment provisions released | 456,068 | - | 549,916 | 549,916 |
| Financial income from forward sales | 226,653 | 91,982 | 802,636 | 667,314 |
| Foreign exchange gains | 148,167 | 75,909 | 38,704 | 38,704 |
| Income from transfer commissions | 114,766 | 61,136 | 168,919 | 48,658 |
| Default interest income from projects | 1,470 | 250 | 633,520 | 582,546 |
| Other | 50,148 | 11,353 | 139,256 | 100,461 |
| 997,272 | 240,630 | 2,332,951 | 1,987,599 |
As of 30 June 2024 and 2023, the details other operating income are as follows:
| 1 January- 30 June 2024 |
1 April- 30 June 2024 |
1 January- 30 June 2023 |
1 April 30 June 2023 |
|
|---|---|---|---|---|
| Other expenses from operating activities | ||||
| Reversal of unaccrued financial expense | (173,507) | (54,147) | (651,132) | (651,132) |
| Provision for lawsuits (Note 12) | (1,801) | - | (29,198) | 145,725 |
| Provision for impairment of land and | ||||
| residential inventories (Note 8) | - | - | (3,445,674) | (1,632,691) |
| Other | (32,555) | (12,562) | (88,078) | (62,429) |
| (207,863) | (66,709) | (4,214,082) | (2,200,527) |
As of 30 June 2024 and 2023, the details financial income and expenses are as follows:
| 1 January- | 1 April- | 1 January- | 1 April | |
|---|---|---|---|---|
| Financial income | 30 June 2024 | 30 June 2024 | 30 June 2023 | 30 June 2023 |
| Interest income from time deposits | 1,306,361 | 480,889 | 1,704,254 | 1,207,587 |
| Interest and updating income | 623,538 | 327,647 | 119,405 | 119,405 |
| Foreign exchange gains | 55,283 | 49,165 | 8,384 | 3,696 |
| 1,985,182 | 857,701 | 1,832,043 | 1,330,688 | |
| Financial expenses | 1 January- 30 June 2024 |
1 April- 30 June 2024 |
1 January- 30 June 2023 |
1 April 30 June 2023 |
| Borrowings interest and lease certificate expenses | (538,086) | (166,463) | (1,134,082) | (676,553) |
| Foreign exchange losses | (62,879) | - | (174,988) | (132,648) |
| T.C. Çevre, Şehircilik ve İklim Değişikliği Bakanlığı interest expense (*) |
- | - | (49,879) | (45,759) |
| Interest discount on pay off debt | - | - | (19,908) | (19,908) |
| (600,965) | (166,463) | (1,378,857) | (874,868) |
(*) As of 30 June 2024, this amount consists of interest expense accrued for the land acquired from the Ministry of Environment, Urbanization and Climate Change of the Republic of Turkey.
(Amounts expressed in thousands of Turkish Lira ("TRY") in terms of the purchasing power of TRY as of 30 June 2024, unless otherwise stated.)
The Emlak Konut GYO is exempt from Corporate Tax in accordance with the paragraph 4-d of Article 8 of the Corporate Tax Law. According to the paragraph 6-a of Article 94 of the Income Tax Law the earnings of real estate investment companies are subject to withholding and withholding tax rate is determined as "0" according to the Council of Ministers Decision, No: 93/5148. The Group's subsidiaries, associates and joint operations are subject to Turkish corporate taxes. Provision is made in the accompanying financial statements for the estimated charge based on the Group's results for the years and periods. Turkish tax legislation does not permit a parent company and its subsidiary to file a consolidated tax return. Therefore, provisions for taxes, as reflected in the accompanying consolidated financial statements, have been calculated on a separate-entity basis.
Corporate tax is applied on taxable corporate income, which is calculated from the statutory accounting profit by adding back non-deductible expenses, and by deducting dividends received from resident companies, other exempt income and other incentives (prior year's losses if any and investment incentives used if preferred) utilized.
Article 21 of the "Law on the Amendment of Certain Laws and the Decree Law No. 375 and the Law on the Amendment of Certain Laws and the Decree Law No. 375 with Supplementary Motor Vehicles Tax for the Compensation of the Economic Losses Caused by the Earthquakes Occurred on February 6, 2023" published in the Official Gazette dated July 15, 2023 and numbered 32249. Pursuant to Article 21 of the Law numbered 5520 on the Amendment of Article 32 of the Corporate Tax Law numbered 5520 regulating the corporate tax rate, the general corporate tax rate has been increased from 20% to 25% and the rate of 25% for banks and financial institutions has been increased to 30%. With the same article (Article 21) of the aforementioned law, in order to encourage exports, the corporate tax rate, which was applied with a 1 point discount to the earnings of exporting companies exclusively from exports, was applied with a 5 point discount.
The current tax liability of the Group as of 30 June 2024 and 31 December 2023 is as follows:
| 30 June | 31 December | |
|---|---|---|
| Current tax assets | 2024 | 2023 |
| Prepaid taxes and funds | 1,671 | 6,012 |
| 1,671 | 6,012 |
(Amounts expressed in thousands of Turkish Lira ("TRY") in terms of the purchasing power of TRY as of 30 June 2024, unless otherwise stated.)
The Group recognizes deferred tax assets and liabilities based upon temporary differences arising from the differences between its consolidated financial statements as reported for TFRS purposes and its statutory tax financial statements. These differences usually result in the recognition of revenue and expenses in different reporting periods for TFRS and tax purposes and they are given below.
The tax rate used in the calculation of deferred tax assets and liabilities is 25% over the temporary timing differences expected to reverse in 2024, and 25% over the temporary timing differences that are expected to reverse after 2023. (2023: 25%).
In Turkey, the companies cannot declare a tax return, therefore subsidiaries that have deferred tax assets position were not netted off against subsidiaries that have deferred tax liabilities position and disclosed separately.
| 30 June | 31 December | |
|---|---|---|
| Deferred tax (assets)/liabilities: | 2024 | 2023 |
| Adjustment to inventories | (59,991) | 9,832 |
| Effect of amortized cost method on receivables | 785 | 536 |
| Depreciation / amortization differences of | ||
| property, plant and equipment and other intangible assets | (10,851) | (13,510) |
| Adjustment to deferred income | 18,064 | 8,554 |
| Provision for employment termination benefits | 16,942 | 12,687 |
| (35,051) | 18,099 |
The movements of deferred tax (asses)/ liabilities for the periods ended 31 June 2024 and 2023 are as follows:
| Movement of deferred tax (assets)/liabilities: | 2024 | 2023 |
|---|---|---|
| Opening balance as of 1 January | 18,099 | (166,674) |
| Charged to profit or loss | (58,880) | 184,773 |
| Other comprehensive income | 5,730 | - |
| Closing balance at 30 June | (35,051) | 18,099 |
| 1 January- 30 June |
1 January 30 June |
|
| Tax (expense) / income comprises: | 2024 | 2023 |
| Current tax expense | - | - |
| Deferred tax expense | (58,880) | (29,540) |
| Total tax expense | (58,880) | (29,540) |
(Amounts expressed in thousands of Turkish Lira ("TRY") in terms of the purchasing power of TRY as of 30 June 2024, unless otherwise stated.)
| Reconciliation of tax provision: | 2024 | 2023 |
|---|---|---|
| Profit/(loss) from operations before tax | 1,105,862 | (3,037,659) |
| Gelir vergisi oranı 2024: %25 (2023: %23) | (276,466) | 698,662 |
| Tax effects of: | ||
| - revenue that is exempt from taxation | 151,238 | (445,807) |
| - monetary gain loss | 46,546 | (306,517) |
| - other | 19,802 | 24,122 |
| Total tax expense | (58,880) | (29,540) |
In Turkey, companies can increase their share capital by making a pro rata distribution of shares "bonus shares" to existing shareholders from retained earnings. The issue of such shares is treated as the issuance of ordinary shares in the calculation of earnings per share. Accordingly, the weighted average number of shares used in these calculations is determined by taking into consideration the retroactive effects of these share distributions. Earnings per share is calculated by considering the total number of new shares when there is an increase in issued shares because of distribution of bonus shares after the balance sheet date but before the preparation of financial statements.
The earnings per share stated in income statement are calculated by dividing net income for the period by the weighted average number of the Group's shares for the period.
The Group can withdraw the issued shares. The weighted average number of shares taken back changes the calculation of earnings per share in line with the number of shares.
| 1 January- | 1 April- | 1 January- | 1 April | |
|---|---|---|---|---|
| 30 June 2024 | 30 June 2024 | 30 June 2023 | 30 June 2023 | |
| Net income/loss attributable to equity holders of the parent in full TL |
1,046,982 | 958,481 | (3,067,199) | 418,011 |
| Weighted average number of ordinary shares | 3,804,550,291 | 3,804,550,291 | 3,804,550,291 | 3,804,550,291 |
| Earnings/(loss) per share in full TL | 0.2752 | 0.2519 | (0.8062) | 0.1099 |
(Amounts expressed in thousands of Turkish Lira ("TRY") in terms of the purchasing power of TRY as of 30 June 2024, unless otherwise stated.)
The main shareholder of the Group is T.C. Toplu Konut İdaresi Başkanlığı ("TOKİ"). TOKİ is a state institution under the control of Republic of Turkey Ministry of Enviroment and Urbanisation. Related parties of the Group are as listed below.
According to the revised TAS 24 – "Related Parties Transactions Standard", exemptions have been made to the related party disclosures of state institutions and organizations. The Group has transactions with state banks (T.C.Ziraat Bankası A.Ş., Türkiye Vakıflar Bankası T.A.O., Türkiye Halk Bankası A.Ş., Türkiye Emlak Katılım Bankası A.Ş.) and Republic of Turkey Undersecretariat of Treasury.
The transactions between the Group and the related parties are as follows:
| Trade receivables from related parties | 30 June 2024 | 31 December 2023 |
|---|---|---|
| T.C. Çevre, Şehircilik ve İklim Değişikliği Bakanlığı (*) | 4,876,105 | 4,697,926 |
| 4,876,105 | 4,697,926 |
(*) The Company's trade receivables from the Ministry of Environment and Urbanization consist of payments made by the Company for urban transformation projects
(Amounts expressed in thousands of Turkish Lira ("TRY") in terms of the purchasing power of TRY as of 30 June 2024, unless otherwise stated.)
| 30 June 2024 | 31 December 2023 | |
|---|---|---|
| Short-term other receivables from related parties | ||
| Emlak Planlama, İnşaat, Proje Yönetimi ve Tic. A.Ş. – | ||
| Şua İnşaat Adi Ortaklığı | 211 | 11,608 |
| Emlak Planlama, İnşaat, Proje Yönetimi ve Tic. A.Ş. – | ||
| Güneri Adi Ortaklığı | 24 | 32 |
| Emlak Planlama, İnşaat, Proje Yönetimi ve Tic. A.Ş. – | ||
| Ferzan Adi Ortaklığı | - | 77,657 |
| Ege Yapı – Emlak Planlama, İnşaat, Proje Yönetimi ve Tic. | ||
| A.Ş. Ortak Girişimi | - | 29 |
| 235 | 89,326 | |
| 30 June 2024 | 31 December 2023 | |
| Trade payables to related parties | ||
| T.C. Toplu Konut İdaresi Başkanlığı ("TOKİ") (*) | 218,210 | - |
| 218,210 | - |
(*) According to the protocols signed with TOKİ regarding to land purchases, the cost of lands purchased from TOKİ is kept in time deposit accounts of Emlak Konut in the name of TOKİ, until the payment date determined by TOKİ. Interest amounts on time deposits of TOKİ arising from these transactions are netted off from time deposit interest income in the financial statements. All of this accumulated interest income on time deposits will be paid to TOKİ.
| Deferred revenue from related parties | 30 June 2024 | 31 December 2023 |
|---|---|---|
| Türkiye Emlak Katılım Bankası A.Ş. |
3,897,142 | 4,386,944 |
| 3,897,142 | 4,386,944 | |
| Short-term other payables from related parties | 30 June 2024 | 31 December 2023 |
| Emlak Planl. İnş. Prj. Yön. A.Ş. - Cathay Ortak Girişimi |
602 | 748 |
| 602 | 748 | |
| Deposits with related parties | 30 June 2024 | 31 December 2023 |
| Türkiye Emlak Katılım Bankası A.Ş. | 102,009 | 56,038 |
| 102,009 | 56,038 |
(Amounts expressed in thousands of Turkish Lira ("TRY") in terms of the purchasing power of TRY as of 30 June 2024, unless otherwise stated.)
| Purchases from related parties | 1 January- 30 June 2024 |
1 April- 30 June 2024 |
1 January- 30 June 2023 |
1 April 30 June 2023 |
|---|---|---|---|---|
| T.C. Çevre, Şehircilik ve İklim Değişikliği Bakanlığı | 15,707,854 | 1,564,182 | 8,251,779 | - |
| T.C. Toplu Konut İdaresi Başkanlığı ("TOKİ") | 508,148 | - | 10,704,605 | - |
| Emlak Basın Yayın A.Ş. | - | - | 3,113 | - |
| 16,216,002 | 1,564,182 | 18,959,497 | - | |
| Sales to related parties | 1 January- 30 June 2024 |
1 April- 30 June 2024 |
1 January- 30 June 2023 |
1 April 30 June 2023 |
| T.C. Toplu Konut İdaresi Başkanlığı ("TOKİ") | 50,376 | - | 13,381 | 6,547 |
| T.C. Çevre, Şehircilik ve İklim Değişikliği Bakanlığı | - | - | 632,208 | 354,745 |
| Gedaş Gayrimenkul Değerleme A.Ş. | - | - | 58,300 | 58,300 |
| İller Bankası A.Ş. | - | - | 1,642,036 | - |
| 50,376 | - | 2,345,925 | 419,592 |
Key management personnel are those who have the authority and responsibility to plan, manage and control the activities (administrative or other) directly or indirectly of the Group including any manager. Salaries and other short-term benefits provided to the key management personnel, General Manager of the Board of Directors, Assistant General Managers and General Manager Consultant, are as follows:
| Compensation to key management | 1 January- 30 June 2024 |
1 April- 30 June 2024 |
1 January- 30 June 2023 |
1 April 30 June 2023 |
|---|---|---|---|---|
| Salaries and other short-term benefits | 26,033 | 14,100 | 35,153 | 19,726 |
| 26,033 | 14,100 | 35,153 | 19,726 |
The Group's mortgage and guarantees received as of 30 June 2024 and 31 December 2023 are as follows:
| 30 June 2024 | 31 December 2023 | |
|---|---|---|
| Guarantees received (*) | 34,060,791 | 30,074,249 |
| Mortgages received (**) | 752,162 | 938,206 |
| 34,812,953 | 31,012,455 |
(*) Guarantees received consist of letters of guarantee given by contractors for construction projects and temporary guarantee letters received during the tender process.
(**) Mortgages received consist of mortgaged independent sections and lands sold but not yet collected.
(Amounts expressed in thousands of Turkish Lira ("TRY") in terms of the purchasing power of TRY as of 30 June 2024, unless otherwise stated.)
The collaterals, pledges and mortgages ("CPM") of the Group as of 30 June 2024 and 31 December 2023 are as follows :
| 30 June 2024 | 31 December 2023 | |
|---|---|---|
| A. CPM given on behalf of the Company's | ||
| legal personality | 279,336 | 366,099 |
| B. CPM given on behalf of fully consolidated subsidiaries |
- | - |
| C. CPM given for continuation of its economic activities on behalf of third parties |
- | - |
| D. Total amount of other CPM | - | |
| i) Total amount of CPM given on behalf of | ||
| majority shareholder | - | - |
| ii) Total amount of CPM given on behalf of other companies which are not in scope of B and C |
- | - |
| iii) Total amount of CPM given on behalf of third | - | - |
| parties which are not in scope of C | ||
| 279,336 | 366,099 |
Due to the retirement of Cengiz ERDEM, General Manager and Member of the Board of Directors of the Company, he resigned as General Manager and Member of the Board of Directors on 9 July 2024 and Yasir Yılmaz was appointed as General Manager.
With the Law No. 7524 on the Amendment of Tax Laws and Certain Laws and Decree Law No. 375 published in the Official Gazette dated 2 August 2024; the application of the corporate tax exemption provided to the earnings of Real Estate Investment Trusts ("REITs") and Real Estate Investment Funds ("REIFs") is conditional upon the distribution of at least 50% of the earnings from the immovable properties owned by these funds and partnerships as dividends until the end of the second month following the month in which the corporate tax return is required to be submitted, and the subparagraph c added to Article 32 of the Corporate Tax Law has introduced a 10% domestic minimum corporate tax application and the earnings of REITs and REIFs from immovable properties cannot be taken into account as exemption and discount from the corporate income to be calculated as minimum corporate tax. The subparagraph c added to Article 32 of the Corporate Tax Law introduces a 10% domestic minimum corporate tax and stipulates that REITs' and REIFs' earnings from immovable properties cannot be taken into account as exemption and discount from the corporate income to be calculated as minimum corporate tax.
(Amounts expressed in thousands of Turkish Lira ("TRY") in terms of the purchasing power of TRY as of 30 June 2024, unless otherwise stated.)
| Unconsolidated (Separate) Financial Statement Main Account | Related Regulation | 30 June 2024 | 31 December 2023 | |
|---|---|---|---|---|
| Items | ||||
| A | Money and Capital Market Instruments | Series: III-No.48, Art.24/(b) | 6,646,453 | 17,789,418 |
| Properties, Projects based on Properties and Rights based on | ||||
| B | Properties | Series: III-No.48, Art.24/(a) | 114,619,749 | 108,045,624 |
| İŞ | Subsidiaries | Series: III-No.48, Art.24/(b) | 3,560,251 | 3,560,251 |
| Due from Related Parties (Non-trade) | Series: III-No.48, Art.23/(f) | - | - | |
| DV Other Assets | 29,823,449 | 21,323,919 | ||
| D | Total Assets (Total Assets) | 154,649,902 | 150,719,212 | |
| E | Financial Liabilities | Series: III-No.48, Art.24/(b) | 3,340,556 | 5,489,292 |
| F | Other Financial Liabilities | Series: III-No.48, Art.24/(a) | - | - |
| G | Due from Financial Leases | Series: III-No.48, Art.24/(b) | - | - |
| H | Due to Related Parties (Non commercial) | Series: III-No.48, Art.23/(f) | - | - |
| İ | Shareholders' equity | 73,601,801 | 73,031,588 | |
| EB Other Resources | 77,707,545 | 72,198,332 | ||
| D | Total Resources | Series: III-No.48, Art.3/(k) | 154,649,902 | 150,719,212 |
| Non-Consolidated (Standole) Other Financial Information | Related Regulation | 30 June 2024 | 31 December 2023 | |
| The portion of Money and Capital Market Instruments held for | ||||
| Payables of | ||||
| A1 | Properties for the following 3 years | Series: III-No.48, Art.24/(b) | 6,646,453 | 17,789,418 |
| A2 Term / Demand / Currency | Series: III-No.48, Art.24/(b) | 7,640,118 | 19,033,107 | |
| A3 Foreign Capital Market Instruments | Series: III-No.48, Art.24/(d) | - | - | |
| Foreign Properties, Projects based on properties and rights based | ||||
| B1 | on Properties | Series: III-No.48, Art.24/(d) | - | - |
| B2 Idle Land | Series: III-No.48, Art.24/(c) | 12,890,288 | 12,541,917 | |
| C1 Foreign Subsidiaries | Series: III-No.48, Art.24/(d) | - | - | |
| C2 Subsidiaries of the Operating Company | Series: III-No.48, Art.28 | 3,555,261 | 1,307,218 | |
| J | Non-Cash Loans | Series: III-No.48, Art.31 | 154,527 | 185,066 |
| Mortgage amount of servient lands which will be developed and | ||||
| K | not owned | Series: III-No.48, Art.22/(e) | ||
| Portfolio Restrictions | Related Regulation | 30 June 2024 | 31 December 2023 | |
| Mortgage amount of Servient Lands Which Will be Developed | ||||
| 1 And Not Owned |
Series: III-No.48, Art.22/(e) | 0% | 0% | |
| Properties, Projects based on Properties and Rights based on | ||||
| 2 Properties |
Series: III-No.48, Art.24/(a),(b) | 78% | 83% | |
| 3 Money and Capital Market Instruments and Affiliates | Series: III-No.48, Art.24/(b) | 2% | 2% | |
| Foreign Properties, Projects based on properties and rights based | ||||
| on Properties, | ||||
| 4 Subsidiaries, Capital Market Instruments |
Series: III-No.48, Art.24/(d) | 0% | 0% |
The information in the table of Control of Compliance with the Portfolio Limitations is condensed information derived from financial statements as per Article 16 of Communiqué Serial II, No: 14.1 "Basis of Financial Reporting in Capital Markets" and is prepared within the frame of provisions related to compliance to portfolio limitations stated in the Communiqué Serial III No 48.1 "Principles Regarding Real Estate Investment Trusts" published in the Official Gazette No. 28660 on 28 May 2013.
Idle Land Series: III-No.48, Art.24/(c) 8% 8% Subsidiaries of the Operating Company Series: III-No.48, Art.28 2% 1% Borrowing Limit Series: III-No.48, Art.31 5% 8% TRY and Foreign Currency Time and Demand Deposits Series: III-No.48, Art.22/(e) 1% 1%
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