Quarterly Report • Apr 29, 2022
Quarterly Report
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| 31.03.2022 | 31.12.2021 | |
|---|---|---|
| ASSETS | ||
| Current Assets | ||
| Cash and cash equivalent | 253,051,185 | 239,316,437 |
| Trade receivables | ||
| - Trade receivables from related parties | 2,629,283 | 3,185,437 |
| - Trade receivables from third parties | 168,020,170 | 142,000,879 |
| Other receivables | ||
| - Other receivables from related parties | 5,276,500 | 179,778 |
| - Other receivables from third parties | 88,655 | 122,023 |
| Inventories | 193,452,902 | 99,305,995 |
| Prepaid expenses | 4,659,811 | 6,586,390 |
| Other current assets | 25,571,658 | 13,438,443 |
| TOTAL CURRENT ASSETS | 652,750,164 | 504,135,382 |
| Non - current assets | ||
| Financial investments | 39,349,649 | 37,603,363 |
| Financial investments valued at equity method | 256,142,200 | 246,969,015 |
| Investment properties | 447,523,164 | 459,352,464 |
| Tangible assets | 227,840,382 | 227,915,240 |
| Intangible assets | 411,964 | 447,895 |
| Right of use assets | 696,075 | 88,784 |
| Deferred tax assets | 10,419,192 | 10,201,333 |
| TOTAL NON - CURRENT ASSETS | 982,382,626 | 982,578,094 |
| TOTAL ASSETS | 1,635,132,790 | 1,486,713,476 |
| 31.03.2022 | 31.12.2021 | |
|---|---|---|
| LIABILITIES | ||
| CURRENT LIABILITIES | ||
| Short-term financial liabilities | 14,312,457 | 8,527,291 |
| Short-term portion of long-term financial liabilities | 37,870,718 | 36,353,105 |
| Other financial liabilities | 245,971 | 245,971 |
| Trade payables | ||
| - Other trade payables to related parties | 4,714,060 | 2,370,046 |
| - Other trade payables to third parties | 40,354,750 | 44,411,729 |
| Payables to personnel | 6,077,081 | 4,067,500 |
| Other payables | ||
| - Other payables to related parties | 296,020 | 952,938 |
| - Other payables to third parties | 381,465 | 370,460 |
| Income tax payable | 37,867,550 | 32,045,536 |
| Provisions | ||
| - Provisions for employee benefits | 2,904,463 | 2,851,830 |
| - Other current provisions | 64,780 | 61,159 |
| Other current liabilities | 32,442,533 | 31,738,591 |
| 177,531,848 | 163,996,156 | |
| NON - CURRENT LIABILITIES | ||
| Long-term financial liabilities | 26,677,360 | 64,578,894 |
| Other financial liabilities | 372,955 | 16,849 |
| Provisions | ||
| - Provision for employment termination benefits | 22,025,316 | 9,640,833 |
| Deferred tax liabilities | 68,410,816 | 51,785,121 |
| 117,486,447 | 126,021,697 | |
| EQUITY | ||
| Share capital | 130,000,000 | 130,000,000 |
| Inflation restatement differences | 169,256,925 | 169,256,925 |
| Premiums realized from common controlled business combinations | 13,093,563 | 13,093,563 |
| Other comprehensive income items not to be reclassified to profit or loss | ||
| - Revaluation fund | 308,323,718 | 308,323,718 |
| - Actuarial gains/(losses) | (6,238,506) | (6,205,528) |
| - Other comprehensive income items not to be reclassified to profit or loss related to | 29,801 | 9,866 |
| financial investments valued at equity method | ||
| Other comprehensive income items to be reclassified to profit or loss | ||
| - Valuation differences related to financial investments reflected to other comprehensive | (14,329,156) | (15,726,185) |
| income - Other comprehensive income items to be reclassified to profit or loss related to financial |
||
| investments valued at equity method | (6,537,108) | (6,955,173) |
| Profit reserves | 21,479,046 | 21,479,046 |
| Previous years profits/losses | 581,810,118 | 178,826,124 |
| Net profit/(loss) for the year | 143,226,094 | 402,983,994 |
| TOTAL EQUITY | 1,340,114,495 | 1,195,086,350 |
| TOTAL LIABILITIES | 1,635,132,790 | 1,485,104,203 |
| 01.01.-31.03.2022 | 01.01.-31.03.2021 | |
|---|---|---|
| Sales | 461,688,602 | 134,832,913 |
| Cost of sales (-) | (280,829,713) | (109,781,833) |
| GROSS PROFIT/LOSS | 180,858,889 | 25,051,080 |
| General administrative expenses (-) | (11,755,086) | (7,150,526) |
| Marketing, selling and distribution expenses (-) | (11,891,922) | (5,369,755) |
| Other income from main operations | 12,159,676 | 7,727,834 |
| Other expense from main operations (-) | (11,841,715) | (2,029,844) |
| OPERATING PROFIT/LOSS | 157,529,842 | 18,228,789 |
| Investment activities income | 3,352,375 | 2,026,795 |
| Income/(expenses) from financial investments valued at equity method | 8,735,185 | 2,238,374 |
| OPERATING PROFIT /LOSS BEFORE FINANCING EXPENSES | 169,617,402 | 22,493,958 |
| Financial expenses (-) | (3,703,778) | (5,024,072) |
| Financial income | 10,853,434 | 8,555,484 |
| PROFIT/LOSS BEFORE TAX FROM CONTINUING OPERATIONS | 176,767,058 | 26,025,370 |
| Tax income/(expenses) from continuing operations | (33,540,964) | (5,127,063) |
| - Income tax provision | (38,014,948) | (7,137,344) |
| - Deferred tax (expenses)/income | 4,473,984 | 2,010,281 |
| PROFIT/LOSS FOR THE PERIOD | 143,226,094 | 20,898,307 |
| Earnings per share | 1.102 | 0.161 |
| OTHER COMPREHENSIVE INCOME: | ||
| Items not to be reclassified to profit or loss | ||
| Tangible assets revaluation fund increase/(decreases) | ||
| Actuarial gains/(losses) | (41,223) | (187,857) |
| Other comprehensive income items not to be reclassified to profit or loss related to financial investments valued at equity method |
19,935 | (21,890) |
| - Deferred tax (expenses)/income | 8,245 | 37,571 |
| Items to be reclassified to profit or loss | ||
| Valuation differences related to financial investments reflected to other | 1,746,286 | 22,274,851 |
| comprehensive income Other comprehensive income items to be reclassified to profit or loss related |
418,065 | 5,087,147 |
| to financial investments valued at equity method - Deferred tax (expenses)/income |
(349,257) | (4,454,970) |
| OTHER COMPREHENSIVE, NET OF TAX | 1,802,051 | 22,734,852 |
| TOTAL COMPREHENSIVE INCOME | 145,028,145 | 43,633,159 |
| Other comprehensive income items not to be reclassified to profit or loss in subsequent periods |
Other comprehensive income items to be reclassified to profit or loss in subsequent periods |
Retained Earnings | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Paid in capital | Capital adjustment differences |
Premiums realized from common controlled business combinations |
Tangible assets revaluation fund |
Actuarial gains/(losses) |
Other comprehensive income items not to be reclassified to profit or loss related to financial investments valued at equity method |
Valuation differences related to financial investments reflected to other comprehensive income |
Other comprehensive income items to be reclassified to profit or loss related to financial investments valued at |
equity method Profit reserves | Previous Year Profit/(Loss) |
Net Profit(Loss) for the period |
Total Equity | |
| 01/01/2021 | 130,000,000 | 169,256,925 | 13,093,563 | 253,411,180 | (2,516,088) | -- | 8,985,705 | -- | 19,642,583 | 27,003,340 | 170,471,256 | 789,348,464 |
| Transfers | -- | -- | -- | -- | -- | -- | -- | -- | -- | 170,471,256 | (170,471,256) | -- |
| Total Comprehensive Income/(Expense) | -- | -- | -- | -- | (150,286) | (21,890) | 17,819,881 | 5,087,147 | -- | -- | 20,898,307 | 43,633,159 |
| Profit / (Loss) for the Period | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | 20,898,307 | 20,898,307 |
| Other Comprehensive Income / (Expense) | -- | -- | -- | -- | (150,286) | (21,890) | 17,819,881 | 5,087,147 | -- | -- | -- | 22,734,852 |
| - Change in Actuarial Gains/(Losses) | -- | -- | -- | -- | (150,286) | -- | -- | -- | -- | -- | -- | (150,286) |
| - Valuation differences related to financial investments reflected to other | -- | -- | -- | -- | -- | -- | 17,819,881 | -- | -- | -- | -- | 17,819,881 |
| comprehensive income | ||||||||||||
| - Change in revaluation fund of tangible assets | -- | -- | -- | -- | -- | (21,890) | -- | -- | -- | -- | -- | (21,890) |
| - The effect of the sale of financial investments | -- | -- | -- | -- | -- | -- | -- | 5,087,147 | -- | -- | -- | 5,087,147 |
| 31/03/2021 | 130,000,000 | 169,256,925 | 13,093,563 | 253,411,180 | (2,666,374) | (21,890) | 26,805,586 | 5,087,147 | 19,642,583 | 197,474,596 | 20,898,307 | 832,981,623 |
| 01/01/2022 | 130,000,000 | 169,256,925 | 13,093,563 | 308,323,718 | (6,205,528) | 9,866 | (15,726,185) | (6,955,173) | 21,479,046 | 178,826,124 | 402,983,994 | 1,195,086,350 |
| Transfers | -- | -- | -- | -- | -- | -- | -- | -- | -- | 402,983,994 | (402,983,994) | -- |
| Total Comprehensive Income/(Expense) | -- | -- | -- | -- | (32,978) | 19,935 | 1,397,029 | 418,065 | -- | -- | 143,226,094 | 145,028,145 |
| Profit / (Loss) for the Period | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | 143,226,094 | 143,226,094 |
| Other Comprehensive Income / (Expense) | -- | -- | -- | -- | (32,978) | 19,935 | 1,397,029 | 418,065 | -- | -- | -- | 1,802,051 |
| - Change in Actuarial Gains/(Losses) | -- | -- | -- | -- | (32,978) | -- | -- | -- | -- | -- | -- | (32,978) |
| - Valuation differences related to financial investments reflected to other | ||||||||||||
| comprehensive income | -- | -- | -- | -- | -- | -- | 1,397,029 | -- | -- | -- | -- | 1,397,029 |
| - Other comprehensive income items not to be reclassified to profit or loss related to financial investments valued at equity method |
-- | -- | -- | -- | -- | 19,935 | -- | -- | -- | -- | -- | 19,935 |
| - Other comprehensive income items to be reclassified to profit or loss related to financial investments valued at equity method |
-- | -- | -- | -- | -- | -- | -- | 418,065 | -- | -- | -- | 418,065 |
| 31/03/2022 | 130,000,000 | 169,256,925 | 13,093,563 | 308,323,718 | (6,238,506) | 29,801 | (14,329,156) | (6,537,108) | 21,479,046 | 581,810,118 | 143,226,094 | 1,340,114,495 |
| 01.01.-31.03.2022 | 01.01.-31.03.2021 | |
|---|---|---|
| A. CASH FLOWS FROM BUSINESS OPERATIONS | 7,708,820 | 12,273,446 |
| Profit/Loss for the Period | 176,767,058 | 26,025,370 |
| Adjustments Related to Net Period Profit Reconciliation | (1,584,608) | 1,852,784 |
| Adjustments for Depreciation and Amortization Expenses | 2,634,924 | 2,117,847 |
| Adjustments (Reverse) for Impairments | (8,735,185) | (2,238,374) |
| - Adjustments for Financial Investments Valued at Equity Method | (8,735,185) | (2,238,374) |
| Adjustments for Provisions | 4,515,653 | 1,973,311 |
| - Adjustments for Employment Termination Benefits | 4,512,032 | 2,006,842 |
| - Adjustments (Reverse) for Other Provisions | 3,621 | (33,531) |
| Changes in Working Capital | (135,280,696) | (12,859,495) |
| Increase/decrease in Trade Receivables | (26,019,291) | (24,787,626) |
| Decrease / (Increase) in Trade Receivables from Third Parties | (26,019,291) | (24,787,626) |
| Adjustments for Decrease / (Increase) in Other Receivables Related to Operations | (4,507,200) | (27,034,578) |
| Decrease / (Increase) in Other Receivables Related to Operations from Related Parties | (4,540,568) | (27,123,292) |
| Decrease / (Increase) in Other Receivables Related to Operations from Third Parties | 33,368 | 88,714 |
| Adjustments for Decrease / (Increase) in Inventories | (94,146,907) | 9,571,727 |
| Decrease / (Increase) in Prepaid Expenses | 1,926,579 | 625,064 |
| Adjustments for Increase / (Decrease) in Trade Payables | (1,712,965) | 6,808,579 |
| Increase / (Decrease) in Trade Payables to Related Parties | 2,344,014 | 1,008,101 |
| Increase / (Decrease) in Trade Payables to Third Parties | (4,056,979) | 5,800,478 |
| Increase / (Decrease) in Employment Termination Benefits | 1,254,273 | 703,183 |
| Adjustments for Increase / (Decrease) in Other Payables Related to Operations | (645,913) | (61,803,568) |
| Increase / (Decrease) of Other Payables Related to Operation from Related Parties | (656,918) | -- |
| Increase/ (Decrease) in Other Payables Related to Operation from Third Parties | 11,005 | 14,249 |
| Adjustments for Other Increases/ (Decreases) Related to Working Capital | (11,429,272) | 21,239,907 |
| Increase / Decrease in Other Liabilities Related to Operations | (12,133,216) | (2,552,226) |
| Increase / Decrease in Other Liabilities Related to Operations | 703,944 | 23,792,133 |
| Cash Flows From Operations | 39,901,754 | 15,018,659 |
| Tax Returns / (Payments) | (32,192,934) | (2,745,213) |
| B. CASH FLOWS FROM INVESTING ACTIVITIES | 9,308,927 | (1,675,880) |
| Cash Inflows / Outflows arising from the Purchase and Sale of Investment Properties | 11,661,000 | 1,616,875 |
| Cash Inflows / Outflows arising from the Purchase and Sale of Tangible Assets | (2,290,309) | (3,273,177) |
| Cash Inflows / Outflows arising from the Purchase and Sale of Intangible Assets | (61,764) | (19,578) |
| C. CASH FLOWS FROM FINANCING ACTIVITIES | (3,282,999) | (9,525,947) |
| Cash Inflows from Borrowing and Cash Outflows from Debt Payments | (3,282,999) | (9,525,947) |
| NET INCREASE/DECREASE IN CASH AND CASH EQUIVALENTS | 13,734,748 | 1,071,619 |
| E. CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD | 239,316,437 | 66,996,536 |
| CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD | 253,051,185 | 68,068,155 |
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