Quarterly Report • Apr 30, 2025
Quarterly Report
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| Audited 31.03.2025 |
Audited 31.12.2024 |
|
|---|---|---|
| ASSETS | ||
| Current Assets | ||
| Cash and cash equivalent | 221.569.347 | 94.213.484 |
| Financial investments | 171.500.000 | 206.918.002 |
| Trade receivables | ||
| - Trade receivables from related parties | 5.811.462 | 12.534.386 |
| - Trade receivables from third parties | 692.128.902 | 257.489.839 |
| Other receivables | ||
| - Other receivables from related parties | 45.975.257 | 36.223.388 |
| - Other receivables from third parties | 33.915.305 | 4.058.350 |
| Inventories | 514.753.703 | 968.506.386 |
| Prepaid expenses | 23.703.605 | 21.760.477 |
| Currrent tax asset | 87.656 | 42.075.804 |
| Other current assets | 88.516.202 | 181.930.954 |
| TOTAL CURRENT ASSETS | 1.797.961.439 | 1.825.711.070 |
| Non - current assets | ||
| Financial investments | 277.762.090 | 278.203.039 |
| Financial investments valued at equity method | 934.759.339 | 952.434.018 |
| Investment properties | 2.633.134.886 | 2.633.134.886 |
| Tangible assets | 2.320.070.031 | 2.337.399.075 |
| Intangible assets | 2.602.464 | 2.981.295 |
| Right of use assets | 7.075.780 | 8.023.214 |
| TOTAL NON - CURRENT ASSETS | 6.175.404.590 | 6.212.175.527 |
| TOTAL ASSETS | 7.973.366.029 | 8.037.886.597 |
| Audited | Audited | |
|---|---|---|
| LIABILITIES | 31.03.2025 | 31.12.2024 |
| CURRENT LIABILITIES | ||
| Short-term financial liabilities | 41.134.269 | 36.865.699 |
| Short-term portion of long-term financial liabilities | 2.562.687 | 1.876.724 |
| Other financial liabilities | 3.122.113 | 1.575.402 |
| Trade payables | ||
| - Other trade payables to related parties | 16.031.744 | 10.492.190 |
| - Other trade payables to third parties | 70.568.994 | 98.419.089 |
| Payables to personnel | 27.172.482 | 34.659.562 |
| Other payables | ||
| - Other payables to third parties | 3.192.783 | 1.334.929 |
| Deferred income | 273.174 | -- |
| Income tax payable | 30.204.756 | -- |
| Provisions | ||
| - Provisions for employee benefits | 21.799.216 | 21.139.732 |
| - Other current provisions | 335.121 | 378.898 |
| Other current liabilities | 53.477.389 | 62.085.699 |
| TOTAL CURRENT LIABILITIES | 269.874.728 | 268.827.924 |
| NON - CURRENT LIABILITIES | ||
| Long-term financial liabilities | 2.145.945 | 2.793.203 |
| Other financial liabilities | 615.878 | 2.970.912 |
| Provisions | ||
| - Provision for employment termination benefits | 69.662.932 | 64.074.064 |
| Deferred tax liabilities | 751.326.019 | 712.673.936 |
| TOTAL NON - CURRENT LIABILITIES | 823.750.774 | 782.512.115 |
| EQUITY | ||
| Share capital | 130.000.000 | 130.000.000 |
| Inflation restatement differences | 7.121.925.472 | 7.121.925.472 |
| Repurchased shares (-) | (15.906.903) | (15.906.903) |
| Other comprehensive income items not to be reclassified to profit or loss | ||
| - Revaluation fund | 1.045.419.833 | 1.045.419.833 |
| - Actuarial gains/(losses) | (72.162.578) | (72.089.828) |
| - Other comprehensive income items not to be reclassified to profit or loss related to financial | 487.839.873 | 487.971.424 |
| 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 | (5.766.341) | (5.422.401) |
| income | ||
| - Other comprehensive income items to be reclassified to profit or loss related to financial | (63.542.494) | (52.966.703) |
| investments valued at equity method | ||
| Profit reserves | 273.946.093 | 273.946.093 |
| Previous years profits/losses | (1.934.444.734) | (1.434.392.942) |
| Net profit/(loss) for the year | (87.567.694) | (491.937.487) |
| TOTAL EQUITY | 6.879.740.527 | 6.986.546.558 |
| TOTAL LIABILITIES | 7.973.366.029 | 8.037.886.597 |
| Audited 01.01.- 31.03.2025 |
Audited 01.01.- 31.03.2024 |
||
|---|---|---|---|
| Sales | 832.026.674 | 1.068.465.107 | |
| Cost of sales (-) | (725.114.228) | (871.097.511) | |
| GROSS PROFIT/LOSS | 106.912.446 | 197.367.596 | |
| General administrative expenses (-) | (53.312.353) | (59.671.698) | |
| Marketing, selling and distribution expenses (-) | (21.112.094) | (24.488.673) | |
| Other income from main operations | 29.921.190 | 50.607.086 | |
| Other expense from main operations (-) | (11.755.209) | (13.355.759) | |
| OPERATING PROFIT/LOSS | 50.653.980 | 150.458.552 | |
| Investment activities income | 25.126.559 | 7.908.575 | |
| Income/(expenses) from financial investments valued at equity method | (6.967.337) | 62.843.470 | |
| OPERATING PROFIT /LOSS BEFORE FINANCING EXPENSES | 68.813.202 | 221.210.597 | |
| Financial expenses (-) | (2.028.127) | (1.753.282) | |
| Financial income | 19.152.083 | 55.851.108 | |
| Monetary gain7(loss), net | (104.530.485) | (125.778.085) | |
| PROFIT/LOSS BEFORE TAX FROM CONTINUING OPERATIONS | (18.593.327) | 149.530.338 | |
| Tax income/(expenses) from continuing operations | (68.974.367) | (102.913.687) | |
| - Income tax provision | (30.204.756) | (52.499.598) | |
| - Deferred tax (expenses)/income | (38.769.611) | (50.414.089) | |
| PROFIT/LOSS FOR THE PERIOD | (87.567.694) | 46.616.651 | |
| Earnings per share | (0,6736) | 0,3586 | |
| OTHER COMPREHENSIVE INCOME: | |||
| Items not to be reclassified to profit or loss | |||
| Actuarial gains/(losses) Other comprehensive income items not to be reclassified to profit or loss related to financial |
(93.269) | (490.679) | |
| investments valued at equity method | (131.551) | (89.265) | |
| - Deferred tax (expenses)/income | 20.519 | 107.949 | |
| Items to be reclassified to profit or loss | |||
| Valuation differences related to financial investments reflected to other comprehensive | (440.949) | 77.965.440 | |
| income Other comprehensive income items to be reclassified to profit or loss related to financial |
(10.575.791) | 5.518.461 | |
| investments valued at equity method Tax effects of other comprehensive income items to be reclassified to profit or loss |
|||
| - Deferred tax (expenses)/income | 97.009 | (17.152.396) | |
| OTHER COMPREHENSIVE, NET OF TAX | (11.124.032) | 65.859.510 | |
| TOTAL COMPREHENSIVE INCOME | (98.691.726) | 112.476.161 |
| 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 | Repurchased shares |
Capital adjustment differences |
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 | |
| 01.01.2024 | 130.000.000 | (6.687.080) 7.121.925.472 | 1.045.419.833 | (63.213.041) | 493.065.323 | (14.919.155) | (26.362.745) | 273.946.093 | (1.921.210.513) | 486.817.573 | 7.518.781.760 | |
| Transfers | -- | -- | -- | -- | -- | -- | -- | -- | -- | 486.817.573 | (486.817.573) | -- |
| Repurchased shares | -- | (9.219.823) | -- | -- | -- | -- | -- | -- | -- | -- | -- | (9.219.823) |
| Total Comprehensive Income/(Expense) | -- | -- | -- | -- | (382.730) | (89.265) | 60.813.044 | 5.518.461 | -- | -- | 46.616.651 | 112.476.161 |
| Profit / (Loss) for the Period | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | 46.616.651 | 46.616.651 |
| Other Comprehensive Income / (Expense) | -- | -- | -- | -- | (382.730) | (89.265) | 60.813.044 | 5.518.461 | -- | -- | -- | 65.859.510 |
| - Change in Actuarial Gains/(Losses) | -- | -- | -- | -- | (382.730) | -- | -- | -- | -- | -- | -- | (382.730) |
| - Valuation differences related to financial investments reflected to other comprehensive income |
-- | -- | -- | -- | -- | -- | 60.813.044 | -- | -- | -- | -- | 60.813.044 |
| - Other comprehensive income items not to be reclassified to profit or loss related to financial investments valued at equity method |
-- | -- | -- | -- | -- | (89.265) | -- | -- | -- | -- | -- | (89.265) |
| - Other comprehensive income items to be reclassified to profit or loss related to financial investments valued at equity method |
-- | -- | -- | -- | -- | -- | -- | 5.518.461 | -- | -- | -- | 5.518.461 |
| 31.03.2024 | 130.000.000 | (15.906.903) 7.121.925.472 | 1.045.419.833 | (63.595.771) | 492.976.058 | 45.893.889 | (20.844.284) | 273.946.093 | (1.434.392.940) | 46.616.651 | 7.622.038.098 | |
| 01.01.2025 | 130.000.000 | (15.906.903) 7.121.925.472 | 1.045.419.833 | (72.089.828) | 487.971.424 | (5.422.401) | (52.966.703) | 273.946.093 | (1.434.392.942) (491.937.487) | 6.986.546.558 | ||
| Transfers | -- | -- | -- | -- | -- | -- | -- | -- | -- | (491.937.487) | 491.937.487 | -- |
| Previous Period Corporate Tax Adjustment | -- | -- | -- | -- | -- | -- | -- | -- | -- | (8.114.305) | -- | (8.114.305) |
| Total Comprehensive Income/(Expense) | -- | -- | -- | -- | (72.750) | (131.551) | (343.940) | (10.575.791) | -- | -- | (87.567.694) | (98.691.726) |
| Profit / (Loss) for the Period | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | (87.567.694) | (87.567.694) |
| Other Comprehensive Income / (Expense) | -- | -- | -- | -- | (72.750) | (131.551) | (343.940) | (10.575.791) | -- | -- | -- | (11.124.032) |
| - Change in Actuarial Gains/(Losses) | -- | -- | -- | -- | (72.750) | -- | -- | -- | -- | -- | -- | (72.750) |
| - Valuation differences related to financial investments reflected to other | ||||||||||||
| comprehensive income | -- | -- | -- | -- | -- | -- | (343.940) | -- | -- | -- | -- | (343.940) |
| - Other comprehensive income items not to be reclassified to profit or loss related to | -- | -- | -- | -- | -- | (131.551) | -- | -- | -- | -- | -- | (131.551) |
| financial investments valued at equity method - Other comprehensive income items to be reclassified to profit or loss related to |
-- | -- | -- | -- | -- | -- | -- | (10.575.791) | -- | -- | -- | (10.575.791) |
| financial investments valued at equity method | ||||||||||||
| 31.03.2025 | 130.000.000 | (15.906.903) 7.121.925.472 | 1.045.419.833 | (72.162.578) | 487.839.873 | (5.766.341) | (63.542.494) | 273.946.093 | (1.934.444.734) | (87.567.694) | 6.879.740.527 |
| Audited 01.01.-31.03.2025 |
Audited 01.01.-31.03.2024 |
|
|---|---|---|
| A. CASH FLOWS FROM BUSINESS OPERATIONS | 91.964.090 | 269.937.778 |
| Profit/Loss for the Period | (18.593.327) | 149.530.338 |
| Adjustments Related to Net Period Profit Reconciliation | 41.618.678 | (20.063.385) |
| Adjustments for Depreciation and Amortization Expenses | 22.180.490 | 20.682.253 |
| Adjustments (Reverse) for Impairments | 6.967.337 | (62.843.470) |
| - Adjustments for Financial Investments Valued at Equity Method | 6.967.337 | (62.843.470) |
| Adjustments for Provisions | 12.470.851 | 22.097.832 |
| - Adjustments for Employment Termination Benefits | 12.514.628 | 22.149.184 |
| - Adjustments (Reverse) for Other Provisions | (43.777) | (51.352) |
| Changes in Working Capital | 35.064.896 | 173.001.704 |
| Increase/decrease in Trade Receivables | (434.639.063) | 24.585.147 |
| Decrease / (Increase) in Trade Receivables from Third Parties | (434.639.063) | 24.585.147 |
| Adjustments for Decrease / (Increase) in Other Receivables Related to Operations | (32.885.900) | 178.371.746 |
| Decrease / (Increase) in Other Receivables Related to Operations from Related Parties | (3.028.945) | 177.669.371 |
| Decrease / (Increase) in Other Receivables Related to Operations from Third Parties | (29.856.955) | 702.375 |
| Adjustments for Decrease / (Increase) in Inventories | 453.752.683 | 63.144.909 |
| Decrease / (Increase) in Prepaid Expenses | (1.943.128) | 14.522.629 |
| Adjustments for Increase / (Decrease) in Trade Payables | (22.310.541) | 7.120.916 |
| Increase / (Decrease) in Trade Payables to Related Parties | 5.539.554 | 5.979.024 |
| Increase / (Decrease) in Trade Payables to Third Parties | (27.850.095) | 1.141.892 |
| Increase / (Decrease) in Employment Termination Benefits | (13.846.625) | (6.323.949) |
| Adjustments for Increase / (Decrease) in Other Payables Related to Operations | 1.857.854 | (261.587) |
| Increase/ (Decrease) in Other Payables Related to Operation from Third Parties | 1.857.854 | (261.587) |
| Adjustments for Other Increases/ (Decreases) Related to Working Capital | 85.079.616 | (108.158.107) |
| Increase / Decrease in Other Liabilities Related to Operations | 93.414.752 | (11.646.703) |
| Increase / Decrease in Other Liabilities Related to Operations | (8.335.136) | (96.511.404) |
| Cash Flows From Operations | 58.090.247 | 302.468.657 |
| Tax Returns / (Payments) | 33.873.843 | (32.530.879) |
| B. CASH FLOWS FROM INVESTING ACTIVITIES | 31.892.821 | 90.340.665 |
| Cash Inflows/ Outflows for the Acquisition of Financial Investments | 35.418.002 | 111.141.711 |
| Cash Inflows / Outflows arising from the Purchase and Sale of Tangible Assets | (3.525.181) | (20.637.014) |
| Cash Inflows / Outflows arising from the Purchase and Sale of Intangible Assets | -- | (164.032) |
| C. CASH FLOWS FROM FINANCING ACTIVITIES | 3.498.952 | 1.351.093 |
| Repurchased Shares | -- | (9.219.823) |
| Cash Inflows from Borrowing and Cash Outflows from Debt Payments | 3.498.952 | 10.570.916 |
| NET INCREASE/DECREASE IN CASH AND CASH EQUIVALENTS | 127.355.863 | 361.629.536 |
| E. CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD | 94.213.484 | 337.421.142 |
| CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD | 221.569.347 | 699.050.678 |
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