(Convenience Translation of Financial Statements Originally Issued in Turkish)

Peker Gayrimenkul Yatırım Ortaklığı Anonim Şirketi and Its Subsidiaries

Condensed Interim Consolidated Financial Statements for the Period January 1 - September 30, 2024

Index

Page

Condensed consolidated statements of financial position	1 – 2
Condensed consolidated statements of profit or loss and other comprehensive ıncome	3
Condensed consolidated statements of changes in shareholders' equity	4
Condensed consolidated statements of cash flows	5
Notes to the condensed consolidated financial statements	6 – 44

Condensed Consolidated Statements of Financial Position

As of September 30, 2024 and December 31, 2023

		Unaudited	Audited
		Current period	Prior period
		September 30,	December 31,
	Note	2024	2023
Current assets		1.984.096.983	2.418.982.036
Cash and cash equivalents	4	69.646.879	78.932.053
Financial investments	5	51.877.506	126.526.767
Trade receivables
Due from related parties	7-18	174.483.762	201.386.854
Due from third parties	7	514.493.917	959.152.270
Other receivables
Due from related parties	8-18	4.702.259	4.330.403
Due from third parties	8	12.552.178	5.275.343
Inventories	9	383.354.044	401.525.154
Prepaid expenses
Due to related parties	10-18	549.738.396	489.604.503
Due to third parties	10	121.135.884	43.030.979
Current income tax assets	17	135.587	50.918
Other current assets	11	101.976.571	109.166.792
Non-current assets		6.123.856.768	6.219.664.822
Financial investments Other receivables	5	1.061.619	1.061.619
Due from third parties	8	1.416.529	1.285.008
Investment properties	12	6.047.322.668	6.112.962.066
Property, plant and equipment	13	70.859.236	74.160.270
Prepaid expenses
Due to related parties	10-18	-	17.702.064
Deferred tax asset	17	3.196.716	12.493.795
Total assets		8.107.953.751	8.638.646.858

Condensed Consolidated Statements of Financial Position

As of September 30, 2024 and December 31, 2023

	Note	Unaudited Current period September 30, 2024	Audited Prior period December 31, 2023
Current liabilities		1.363.987.550	521.097.778
Short-term borrowings Short-term portion of long-term borrowings Short-term lease liabilities	6 6 6	423.150.328 87.514.083 43.381.131	181.001.727 7.096.060 54.130.147
Trade payables Due to related parties Due to third parties Contract liabilities	7-18 7 10	2.758.489 206.379.218 -	1.335.090 162.752.468 345.752
Deferred income Due from third parties Employee benefit obligations Other payables	10	151.107.118 1.751.044	- 1.099.866
Due to related parties Due to third parties Provisions	8-18 8	412.563.745 2.924.106	2.216.745 41.992.454
Other provisions Other current liabilities	11	29.166 32.429.122	489.867 68.637.602
Non-current liabilities		3.167.350.536	3.717.060.500
Long-term borrowings Long-term lease liabilities Other payables	6 6	2.262.880.796 332.603.206	2.725.576.046 451.505.588
Due to related parties Provisions	8-18	345.127.539	279.114.174
Provision for employee benefits Deferred tax liabilities	17	502.058 226.236.937	673.706 260.190.986
Equity		3.576.615.665	4.400.488.580
Equity holders of the parent Paid-in capital Adjustment to share capital Share Premium Other accumulated comprehensive income and	15 15	3.359.182.764 669.833.747 2.668.312.123 21.401	4.114.971.594 669.833.747 2.668.312.123 21.401
expense not to be reclassified to profit or loss Gain/ (loss) arising from defined benefit plans Other accumulated comprehensive income and expense to be reclassified to profit or loss		(874.949)	(722.227)
Currency translation differences		(1.121.955.442)	(698.449.677)
Effect of combinations of businesses under common control		(2.566.267.315)	(1.932.672.245)
Restricted reserves Retained earnings Net profit for the period Non-controlling interest	15	251.631.818 3.116.724.796 341.756.585 217.432.901	156.577.754 1.788.226.474 1.463.844.244 285.516.986
Total liabilities and equity		8.107.953.751	8.638.646.858

Condensed Consolidated Statements of Profit or Loss and Other Comprehensive Income For the Period Ended September 30, 2024, and 2023

	Note	Unaudited Current period January 1- September 30, 2024	Unaudited Current period July 1- September 30, 2024	Unaudited Prior period January 1- September 30, 2023	Unaudited Prior period July 1- September 30, 2023
Revenue Cost of sales (-)	19 19	106.733.907 (22.108.209)	41.285.077 (22.073.540)	1.205.143.045 (1.321.629.166)	18.947.610 (1.489.289)
Gross profit/ (loss)		84.625.698	19.211.537	(116.486.121)	17.458.321
Marketing expenses (-) General administrative expenses (-) Other income from operating activities Other expenses from operating activities (-)	20 21 21	(12.456.686) (117.289.588) 1.256.656.107 (375.140.182)	- (44.800.805) 252.817.396 (275.221.235)	- (127.105.837) 953.279.206 (223.667.157)	- (35.743.115) 133.597.345 (53.962.858)
Operating profit		836.395.349	(47.993.107)	486.020.091	61.349.693
Income from investment activities Expenses from investment activities (-)	22 22	57.558.301 (36.506.570)	17.832.336 (325.710)	21.238 -	21.238 -
Operating income before financial income		857.447.080	(30.486.481)	486.041.329	61.370.931
Finance income Finance expenses (-) Net monetary position gain/(loss)	23 23	2.669.423 (324.047.081) (163.194.811)	1.132.291 (110.309.877) 21.627.422	8.507.903 (148.704.990) (163.983.812)	2.828.262 (37.592.562) (26.580.100)
Profit before tax from continuing operations		372.874.611	(118.036.645)	181.860.430	26.531
Tax income/(expense), continuing operations		(40.723.318)	(9.497.084)	(37.228.480)	(11.737.697)
Taxes on expense Deferred tax expenses (-)	17 17	- (40.723.318)	- (9.497.084)	- (37.228.480)	- (11.737.697)
Net income		332.151.293	(127.533.729)	144.631.950	(11.711.166)
Equity holders of the parent Non-controlling interest		341.756.585 (9.605.292)	(110.829.767) (16.703.962)	143.295.645 1.336.305	(12.544.903) 833.737
Not to be reclassified to profit or loss		(152.722)	(11.524)	(1.031.392)	413.436
Loss arising from defined benefit plans		(152.722)	(11.524)	(1.031.392)	413.436
To be reclassified to profit or loss		(483.212.583)	(99.049.852)	(301.658.962)	1.621.123.947
Currency translation differences		(483.212.583)	(99.049.852)	(301.658.962)	1.621.123.947
Other comprehensive (expense)/ income		(483.365.305)	(99.061.376)	(302.690.354)	1.621.537.383
Total comprehensive income		(151.214.012)	(226.595.105)	(158.058.404)	1.609.826.217
Equity holders of the parent Non-controlling interest		(81.901.902) (69.312.110)	(198.819.664) (27.775.441)	(159.394.709) 1.336.305	1.608.992.480 833.737
Earnings per share		,10	(,03)	,04	(,00)

Condensed Consolidated Statements of Changes in Shareholder' Equity

For the Period Ended September 30, 2024, and 2023

				Gain/ (loss) arising from	Currency		Effect of combinations of businesses				Non
	Paid-in capital	Adjustment to share capital	Share premium	defined benefit plans	translation differences	Restricted reserves	under common control	Retained earnings	Net profit for the period	Equity holders of the parent	controlling interest	Total
Balance at January 1, 2023	669.833.747	2.668.312.123	21.401	(801.847)	(660.711.949)	131.053.105	9.097.623	1.988.908.054	-	4.805.712.257	(2.837.912)	4.802.874.345
Transfers Total comprehensive income	-	-	-	-	-	25.524.649	-	(25.524.649)	-	-	-	-
Net income	-	-	-	-	-	-	-	-	143.295.645	143.295.645	1.336.305	144.631.950
Other comprehensive income Effect of combinations of businesses under common control	- -	- -	- -	(1.031.392) -	(301.658.962) -	- -	- (1.941.067.894)	- -	- -	(302.690.354) (1.941.067.894)	- -	(302.690.354) (1.941.067.894)
Balance at September 30, 2023	669.833.747	2.668.312.123	21.401	(1.833.239)	(962.370.911)	156.577.754	(1.931.970.271)	1.963.383.405	143.295.645	2.705.249.654	(1.501.607)	2.703.748.047

	Paid-in capital	Adjustment to share capital	Share premium	Gain/ (loss) arising from defined benefit plans	Currency translation differences	Restricted reserves	Effect of combinations of businesses under common control	Retained earnings	Net profit for the period	Equity holders of the parent	Non controlling interest	Total
Balance at January 1, 2024	669.833.747	2.668.312.123	21.401	(722.227)	(698.449.677)	156.577.754	(1.932.672.245)	1.788.226.474	1.463.844.244	4.114.971.594	285.516.986	4.400.488.580
Transfers Total comprehensive income	-	-	-	-	-	95.054.064	-	1.368.790.180	(1.463.844.244)	-	-	-
Net income Other comprehensive income	- -	- -	- -	- (152.722)	- (423.505.765)	- -	- -	- -	341.756.585 -	341.756.585 (423.658.487)	(9.605.292) (59.706.818)	332.151.293 (483.365.305)
Increase/(decrease) due to acquisition of treasury shares Transactions with non-controlling shares	- -	- -	- -	- -	- -	- -	- -	(39.063.563) (1.228.295)	- -	(39.063.563) (1.228.295)	- 1.228.025	(39.063.563) (270)
Effect of combinations of businesses under common control	-	-	-	-	-	-	(633.595.070)	-	-	(633.595.070)	-	(633.595.070)
Balance at September 30, 2024	669.833.747	2.668.312.123	21.401	(874.949)	(1.121.955.442)	251.631.818	(2.566.267.315)	3.116.724.796	341.756.585	3.359.182.764	217.432.901	3.576.615.665

Condensed Consolidated Statements of Cash Flows

For the Period Ended September 30, 2024, and 2023

		Unaudited	Unaudited
		Current period	Prior period
		January 1-	January 1-
		September 30,	September 30,
	Note	2024	2023
A. Cash flows from operating activities		650.233.156	(427.877.310)
Net income		332.151.293	144.631.950
Adjustments regarding net profit reconciliation for the period		(227.634.049)	(404.007.135)
Adjustments for depreciation and amortisation expense	13	13.509.041	9.821.843
Adjustments for provision (reversal of provision) for receivables		-	(3.191.663)
Adjustments for provisions for employee benefits		99.565	(674.168)
Adjustments for interest income	23	(2.596.572)	(2.738.723)
Adjustments for interest expense	23	298.322.071	128.928.169
Adjustments for unrealised foreign exchange differences		(221.299.261)	(470.179.048)
Adjustments for fair value (gains) losses		-	-
Adjustments for fair value (gains) losses on investment properties	12	(658.530.826)	(221.377.950)
Adjustments for fair value (gains) losses on financial investments Adjustments for tax expense/ (income)	5 17	10.824.148 40.723.318	- 37.228.480
Monetary (gain)/ loss		296.416.419	230.362.279
Adjustments for unrealised translation differences		26.705.679	(112.165.116)
Adjustments for losses (gains) on disposal of non-current assets	22	325.710	-
Adjustments for other cash flows from investing or financing activities	22	(32.133.341)	(21.238)
Changes in operating assets and liabilities		546.056.791	(159.579.473)
Adjustments for decrease (increase) in trade receivables		343.060.225	(25.641.840)
Adjustments for decrease (increase) in other receivables		(260.143.113)	265.733.924
Decrease (increase) in inventories		18.171.110	27.242.412
Decrease (increase) in prepaid expenses		(78.104.905)	273.440.932
Adjustments for increase (decrease) in deferred income		151.107.118	-
Adjustments for increase (decrease) in trade payables		45.050.149	(22.047.969)
Increase (decrease) in employee benefit liabilities		651.178	(655.619)
Adjustments for increase (decrease) in other payables		356.174.410	(669.843.162)
Adjustments for other (increase) decrease in changes in operating
assets and liabilities		-	-
Adjustments for (increase) decrease in other assets		7.105.552	(36.594.153)
Adjustments for increase (decrease) in other liabilities		(37.014.933)	28.786.002
Cash flows from operating activities		(340.879)	(8.922.652)
Payments related to provisions for employee termination benefits		(340.879)	(1.698.764)
Income taxes refund (paid)		-	(7.223.888)
B. Cash flows from investing activities		(650.970.648)	(158.502.512)
Cash outflow from purchase of property, plant, equipment	13	(30.201.655)	(17.855.586)
Cash inflow from sale of property, plant, equipment	13	16.311.882	-
Cash outflows arising from project expenditures of investment properties Cash inflow from sales of investment properties	12 12	(275.145.688) -	(620.032.934) 1.292.097.869
Cash outflows from other investing activities		(42.431.829)	(106.307.364)
Cash outflows from purchase of funds and stocks	5	(1.807.048.795)	(61.973.501)
Cash inflow from sales of funds and stocks	5	1.883.658.923	7.881.458
Cash outflows from subsidiary acquisition		(396.113.486)	(652.312.454)
C. Cash flows from financing activities		(7.312.635)	509.721.687
Cash inflow from borrowings	6	998.175.453	882.276.067
Cash outflow from repayments of borrowings	6	(718.430.062)	(281.915.287)
Payments of lease liabilities	6	(6.358.826)	(3.983.274)
Cash outflows from acquisition of treasury shares		(39.063.563)	-
Transactions with non-controlling shares		(270)	-
Interest and comission paid		(244.231.939)	(89.394.542)
Interest received		2.596.572	2.738.723
D. Net change in cash and cash equivalents (A+B+C)		(8.050.127)	(76.658.135)

E. Effect of monetary gain/ loss		(2.458.325)	(18.823.558)

F. Effect of foreign exchange gain/ loss		1.223.278	83.220.572

G. Cash and cash equivalents at January 1	4	78.932.053	125.494.371

Cash and cash equivalents at September 30 (D+E+F+G)	4	69.646.879	113.233.250

Notes to the Condensed Consolidated Financial Statements

As of and for the Period Ended September 30, 2024, and 2023

(Amounts expressed in Turkish lira ("TL") in terms of purchasing power of the TL at September 30, 2024 unless otherwise indicated.)

1. Group's organisation and nature of operations

Peker Investment Gayrimenkul Anonim Şirketi was established as of April 25, 2017 by separating part of Peker Holding Anonim Şirketi through division. The Company was registered in the trade registry as of April 25, 2017, and at the same time, it applied to the Capital Markets Board for be a Real Estate Investment Corporation. It was approved in accordance with the Capital Markets Board's decision dated September 21, 2017 and numbered 34/1144. The title of the Company, Peker Gayrimenkul Yatırım Ortaklığı A.Ş. ("Company"), was registered in the trade registry on September 28, 2017, pursuant to the permissions of the CMB and the Ministry of Customs and Trade. Group is composed of Peker Gayrimenkul Yatırım Ortaklığı A.Ş. ("the Company") and its subsidiaries which it owns the majority of their shares.

The Company's shares have been traded on the Borsa İstanbul Anonim Şirketi (formerly known as the Istanbul Stock Exchange) ("BIST") since February 21, 2018. As of September 30, 2024, 68,74% of its shares are traded on BIST.

The Company is affiliated to the İstanbul Ticaret Odası and its registered address is as follows: Cumhuriyet Mahallesi Silahşor Cad. Yeniyol Sk. No:8/1-G Şişli/ İstanbul.

The main objective and operations of the Company are real estate buying-selling, renting, developing real estate projects etc.

Number of employees of the Group as of September 30, 2024 is 26 (December 31, 2023: 27).

As of September 30, 2024 and December 31, 2023, the shareholder structure is as follows:

September 30, 2024						December 31, 2023
	Number of			Number of
	shares	Share (%)	Amount		shares Share (%)	Amount
Hasan Peker	209.364.966		31,26 209.364.966	262.364.967	39,17	262.364.967
Halka açık kısım	460.468.781		68,74 460.468.781	407.468.780	60,83	407.468.780

The main operations of the companies included in the consolidation and the share percentage of the Group for these companies are as follows:

				Voting right and ownership ratios (%)
			September 30, 2024	December 31, 2023
Name of the Company	Operation	Country of operation	Share (%)	Share (%)

GG Gayrimenkul	Real estate projects	İstanbul - Türkiye	100	-
Peker GMBH	Real estate projects	Düsseldorf - Germany	100	100
Peker GYO Global GMBH	Real estate projects	Düsseldorf - Germany	100	100
OXO Investment GMBH	Real estate projects	Grevenbroich -Germany	-	100
Blue Stone Investment GMBH	Real estate projects	Grevenbroich -Germany	100	100
Nordstern Düsseldorf GMBH	Real estate projects	Düsseldorf - Germany	51	51
Peker GYO Spain SL	Real estate projects	Malaga - Spain	100	100

Notes to the Condensed Consolidated Financial Statements

As of and for the Period Ended September 30, 2024, and 2023

(Amounts expressed in Turkish lira ("TL") in terms of purchasing power of the TL at September 30, 2024 unless otherwise indicated.)

1. Group's organisation and nature of operations (cont'd)

GG Gayrimenkul Geliştirme İnşaat İşletmecilik A.Ş. ("GG Gayrimenkul")

On June 24, 2024, the Company has purchased 100% shares of the GG Gayrimenkul Geliştirme İnşaat İşletmecilik A.Ş. which owns 99% of the shares of DİGH Maslak İnsaat Proje Danışmanlık Ltd. Şti. from its related party Peker Holding A.Ş. DİGH Maslak İnsaat Proje Danışmanlık Ltd. Şti. has Peker Tower Maslak Project. The land, which has a total construction area of 16,554 m² , is located on Büyükdere Street, in the area where plazas and business centers are most dense in Istanbul. The project, which will consist of 6 basement floors and ground floor + 15 floors, will have office sizes ranging from 120 m² to 560 m² . GG Gayrimenkul merged with DİGH Maslak İnsaat Proje Danışmanlık Ltd. Şti. in accordance with the simplified merger provisions in accordance with the relevant provisions of the Turkish Commercial Code and the Corporate Tax Law and was registered on October 18, 2024.

Peker GMBH

The Company has purchased 100% shares of the capital of Peker GMBH, established in Germany and with a capital amounting to 1.000.000, euros from its related parties, Peker Holding GMBH and Goldstein Investment GMBH, for 40.000.000 euros. The value of the related shares has been determined as 41.428.663 euros in the valuation report dated June 23, 2023 prepared by Konfident Steuerberatungsgesellscharft MBH which is established in Germany. Peker GMBH owns the Northgate Düsseldorf project.

OXO Invesment GMBH

The Group has established OXO Investment GMBH, headquartered in Grevenbroich/ Germany, as part of its restructuring to plan and realize real estate investments through subsidiaries established abroad and to realize new investments to be made in Germany in order to benefit from lower cost and long-term financing opportunities abroad. With the notary contract signed on March 22, 2023, the merger process of OXO Investment GMBH and Nordstern Düsseldorf GMBH within the scope of the Nordstern project has started and the merger has been registered by the court on April 5, 2023. As a result of the registration, OXO Investment GMBH was dissolved.

Blue Stone Investment GMBH

On October 6, 2021, the Group purchased 100% shares of Blue Stone Investment GMBH, which was established to acquire land in Germany, from Peker Holding GMBH. This transaction is considered as a business combination under common control. Therefore, Blue Stone Investment GMBH has been consolidated since 2021.

Nordstern Düsseldorf GMBH

On December 1, 2021, the Group has purchased 89% of the shares of the capital of Nordstern Düsseldorf GMBH, established in Germany, from Peker GMBH. The remaining 11% of the shares were purchased from Peker GMBH on August 26, 2022 for a payment of 13.367.707 Turkish liras. With this share purchase, the Company has become the owner of all the shares of the related company. This transaction is considered as a business combination under common control and has been consolidated since 2021.

Peker GYO Spain SL

The Group established the Spain-based company Peker GYO Spain SL as part of its restructuring to plan and realize its real estate investments through subsidiaries established abroad and to realize new investments to be made in Spain in order to benefit from lower cost and long-term financing opportunities abroad.

Peker GYO Global GMBH

The Group has established Peker GYO Global GMBH, headquartered in Düsseldorf/ Germany, as part of its restructuring to plan and realize real estate investments through subsidiaries established abroad and to realize new investments to be made in Germany in order to benefit from lower cost and long-term financing opportunities abroad.

Notes to the Condensed Consolidated Financial Statements

As of and for the Period Ended September 30, 2024, and 2023

(Amounts expressed in Turkish lira ("TL") in terms of purchasing power of the TL at September 30, 2024 unless otherwise indicated.)

2. Basis of presentation of the consolidated financial statements

2.1 Basis of presentation

The condensed consolidated financial statements of the Group have been prepared in accordance with the Turkish Financial Reporting Standards, ("TFRS") and interpretations as adopted in line with international standards by the Public Oversight Accounting and Auditing Standards Authority of Turkey ("POA") and in line with the communiqué numbered II-14.1 "Communiqué on the Principles of Financial Reporting In Capital Markets" ("the Communiqué") announced by the Capital Markets Board of Turkey ("CMB") on June 13, 2013 which is published on Official Gazette numbered 28676. TFRS are updated in harmony with the changes and updates in International Financial and Accounting Standards ("IFRS") by the communiqués announced by the POA.

The condensed consolidated financial statements are presented in accordance with "Announcement regarding with TAS Taxonomy" which was published on October 4, 2022 by POA and the format and mandatory information recommended by CMB.

The Company maintain its legal books of account and prepare their statutory financial statements ("Statutory Financial Statements") in accordance with accounting principles issued by the Turkish Commercial Code ("TCC") and tax legislation. These consolidated financial statements are based on the statutory records with adjustments and reclassifications, for the purpose of fair presentation in accordance with Turkish Financial Reporting Standards ("TFRS"). The condensed consolidated financial statements are prepared on the basis of historical cost, with the exception of investment properties and short-term financial investments carried at fair value. In determining the historical cost, generally the fair value of the amount paid for the assets is taken as basis.

The Group prepared its condensed consolidated interim financial statements for the three months period ended September 30, 2024 in accordance with TAS 34 "Interim Reporting" standard. Interim condensed consolidated financial statements do not include all the information required for the annual financial statements and therefore they should be read in conjunction with the annual consolidated financial statements for the year ended December 31, 2023.

Financial reporting in hyperinflationary economies

With the announcements made by the Public Oversight Accounting and Auditing Standards Authority (POA) on November 23, 2023, entities applying TFRSs have started to apply inflation accounting in accordance with TAS 29 Financial Reporting in Hyperinflation Economies as of financial statements for the annual reporting period ending on or after December 31, 2023. TAS 29 is applied to the financial statements, including the consolidated financial statements, of any entity whose functional currency is the currency of a hyperinflationary economy.

According to the standard, financial statements prepared in the currency of a hyperinflationary economy are presented in terms of the purchasing power of that currency at the balance sheet date. Prior period financial statements are also presented in the current measurement unit at the end of the reporting period for comparative purposes. The Group has therefore presented its consolidated financial statements as of June 30, 2023, and December 31, 2023 on the purchasing power basis as of September 30, 2024.

The adjustments made in accordance with IAS 29 were made using the adjustment coefficient obtained from the Consumer Price Index ("CPI") of Turkey published by the Turkish Statistical Institute ("TÜİK"). As of September 30, 2024, the indices and adjustment coefficients used in the adjustment of the consolidated financial statements are as follows:

	September 30, 2024	December 31, 2023	September 30, 2023
Index	2.526,16	1.859,37	1.691,07
Average Index	2.264,40	1.488,92	1.383,57
Conversion Factor	1,00000	1,35861	1,49382
Period - Inflation Rate	35,86%	64,78%	49,87%
Three-year Inflation Rate	342,67%	268,33%	254,37%

Notes to the Condensed Consolidated Financial Statements

As of and for the Period Ended September 30, 2024, and 2023

(Amounts expressed in Turkish lira ("TL") in terms of purchasing power of the TL at September 30, 2024 unless otherwise indicated.)

2. Basis of presentation of the consolidated financial statements (cont'd)

2.1 Basis of presentation (cont'd)

Yüksek enflasyon dönemlerinde finansal tabloların düzeltilmesi (devamı)

The main elements of the Group's adjustment process for financial reporting in hyperinflationary economies are as follows:

Current period condensed consolidated financial statements prepared in TRY are expressed in terms of the purchasing power at the balance sheet date, and amounts from previous reporting periods are also adjusted and expressed in terms of the purchasing power at the end of the reporting period.
Monetary assets and liabilities are not adjusted as they are already expressed in terms of the current purchasing power at the balance sheet date. In cases where the inflation-adjusted values of non-monetary items exceed their recoverable amount or net realizable value, the provisions of IAS 36 "Impairment of Assets" and IAS 2 "Inventories" are applied, respectively.
Non-monetary assets and liabilities and equity items that are not expressed in terms of the current purchasing power at the balance sheet date have been adjusted using the relevant adjustment coefficients.
All items in the comprehensive income statement, except for those that have an impact on the comprehensive income statement of non-monetary items on the balance sheet, have been indexed using the coefficients calculated for the periods when the income and expense accounts were first reflected in the financial statements.
The impact of inflation on the Group's net monetary asset position in the current period is recorded in the net monetary gain/(loss) account in the condensed consolidated income statement.
Subsidiaries' assets and liabilities are translated into TRY from the foreign exchange rate at the reporting date and income and expenses are translated into TRY at the average foreign exchange rate and then applied TAS 29.

Functional and reporting presentation currency

Items included in the financial statements of each of the Group's entities are measured using the currency of the primary economic environment in which the entity operates ('the functional currency'). The functional currency of the Company and its subsidiary GG Gayrimenkul which is operating in Türkiye is Turkish lira and the foreign subsidiaries is euro.

The accompanying condensed consolidated financial statements are prepared in Turkish lira (TL) in accordance with the requirements of Capital Markets Board ("CMB") Communiqué Serial II, No: 14.1 "Basis of Financial Reporting in Capital Markets", which was published in the Official Gazette No:28676 on June 13, 2013.

In accordance with the Public Oversight, Accounting and Auditing Standards Authority's ("POA") announcement "On the Next Measurement of Foreign Currency Monetary Items According to Turkish Accounting Standards" dated March 15, 2021, the Group carried out a valuation for the assets and liabilities in the condensed consolidated financial statements based on the current buying and selling rates effective as of the end of the reporting period, income and expenses are translated into TRY at the average foreign exchange rate.

	September 30, 2024	December 31, 2023	September 30, 2023
Buying exchange rate	38,1714	32,5739	29,0305
Selling exchange rate	38.2402	32,6326	29,0828
Average exchange rate	35,0471	25,7198	23,9427

The differences between the values arising from translation of the historical values of these items into the presentation currency and their carrying values from statutory records are recognized as foreign currency translation differences in the statement of other comprehensive income.

Notes to the Condensed Consolidated Financial Statements

As of and for the Period Ended September 30, 2024, and 2023

(Amounts expressed in Turkish lira ("TL") in terms of purchasing power of the TL at September 30, 2024 unless otherwise indicated.)

2. Basis of presentation of the consolidated financial statements (cont'd)

2.1 Basis of presentation (cont'd)

Going concern

The Group prepared consolidated financial statements in accordance with the going concern assumption.

Approval of the consolidated financial statements

The consolidated financial statements have been approved and authorized to be published on November 7, 2024 by the Board of Directors. The General Assembly has the authority to revise the financial statements.

2.2 New and amended standards and interpretations

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

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

Amendments to TAS 1	Classification of Liabilities as Current and Non Current Liabilities
Amendments to TFRS 16	Lease Liability in a Sale and Leaseback
Amendments to TAS 7 and TFRS 7	Disclosures: Supplier Finance Arrangements
TSRS 1	General Requirements for Disclosure of Sustainability-related Financial Information
TSRS 2	Climate-related Disclosures

However, in the Board Decision of the KGK published in the Official Gazette dated December 29, 2023, it was announced that certain businesses will be subject to mandatory sustainability reporting as of January 1, 2024. The businesses that will be subject to sustainability reporting have been determined within the scope of the "Board Decision on the Scope of Application of the Turkish Sustainability Reporting Standards ("TSRS")" dated January 5, 2024.

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

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

Amendments to TFRS 10 and TAS 28 TFRS 17	Sale or contribution of assets between an investor and its associate or joint venture The new standard for insurance contracts
Amendments to TAS 21	Lack of exchangeability
Amendments to TFRS 9 and TFRS 7	Classification and measurement of financial instruments
IFRS 18	The new standard for presentation and disclosure in financial statements
IFRS 19	Subsidiaries without public accountability: Disclosures

The Group is in the process of assessing the impact of the amendments on financial position or performance of the Group.

Notes to the Condensed Consolidated Financial Statements

As of and for the Period Ended September 30, 2024, and 2023

(Amounts expressed in Turkish lira ("TL") in terms of purchasing power of the TL at September 30, 2024 unless otherwise indicated.)

2. Basis of presentation of the consolidated financial statements (cont'd)

2.3 Comparative information and restatement of consolidated financial statements with prior periods

The Group's condensed consolidated financial statements are prepared in comparison with the previous period in order to allow for the determination of the financial position and performance trends in accordance with a new illustrative financial statements. Comparative information is reclassified when necessary and important differences are explained in order to ensure compliance with the presentation of the current period consolidated financial statements.

2.4 Restatement and errors in the accounting policies and estimates

Any change in the accounting policies resulted from the first-time adoption of a new standard is made either retrospectively or prospectively in accordance with the transition requirements. Changes without any transition requirement, material changes in accounting policies or material errors are corrected, retrospectively by restating the prior period condensed consolidated financial statements. If changes in accounting estimates are related to only one period, they are recognised in the period when changes are applied; if changes in estimates are related to future periods, they are recognized both in the period where the change is applied and future periods prospectively.

2.5 Summary of significant accounting policies

The condensed consolidated financial statements for the six months period ended September 30, 2024 have been prepared in accordance with TAS 34. The accounting policies used in the preparation of these condensed consolidated financial statements for the six months period ended September 30, 2024, are consistent with those used in the preperation of annual consolidated financial statements for the year ended December 31, 2023. Accordingly, these condensed interim consolidated financial statements should be read in conjunction with the annual consolidated financial statements for the year ended December 31, 2023.

3. Segment reporting

Within the framework of TFRS 8 - Operating Segments, there are no operating segments that meet limits and require segment reporting (December 31, 2023: None).

Notes to the Condensed Consolidated Financial Statements

As of and for the Period Ended September 30, 2024, and 2023

(Amounts expressed in Turkish lira ("TL") in terms of purchasing power of the TL at September 30, 2024 unless otherwise indicated.)

4. Cash and cash equivalents

The details of cash and cash equivalents as of September 30, 2024 and December 31, 2023, are as follows:

	September 30, 2024	December 31, 2023

Cash on hand:
- Turkish lira	7.578	4.822
Cash on banks:
Time deposits
- Turkish lira	13.242.158	671.571
- US dollar	68.180	79.990
- Euro	570.270	-
Demand deposits
- Turkish lira	2.294.787	1.340.246
- US dollar	53.494	139.159
- Euro	53.139.712	76.146.974
- British pound	270.700	549.291

Total	69.646.879	78.932.053

As of September 30, 2024 and December 31, 2023, the details of the time deposits are as follows:

	Maturity	Interest rate (%)	September 30, 2024

Turkish lira	October '24	42,50	13.242.158
US dollar	October '24	3,75	68.180
Euro	October '24	2,35	570.270

Total			13.880.608

	Maturity	Interest rate (%)	December 31, 2023

Turkish lira	January '24	42,50 - 47,50	671.571
US dollar	January '24	4,10	79.990

Total			751.561

As of September 30, 2024, there is no blockage on the bank accounts (December 31, 2023: None).

Notes to the Condensed Consolidated Financial Statements

As of and for the Period Ended September 30, 2024, and 2023

(Amounts expressed in Turkish lira ("TL") in terms of purchasing power of the TL at September 30, 2024 unless otherwise indicated.)

5. Financial investments

a) Short-term financial investments

The details of short-term financial investments as of September 30, 2024 and December 31, 2023 are as follows:

	September 30, 2024	December 31, 2023

Foreign funds	38.171.400	44.255.159
Investment funds	13.699.999	-
Stock certificates	-	82.264.527
Other	6.107	7.081

Total	51.877.506	126.526.767

Movement of foreign funds for the periods ended September 30, 2024 and 2023 are as follows:

	2024	2023
January 1	44.255.159	-
Addition		43.715.230
Translation differences	(6.083.759)	(348.828)
September 30	38.171.400	43.366.402

Movement of investment funds for the periods ended September 30, 2024 and 2023 are as follows:

	2024	2023

January 1	-	-
Addition	1.669.321.602	18.258.271
Disposal (-)	(1.665.075.412)	(7.881.458)
Profit from sales of investment funds, net (Not 22a-b)	7.674.421	21.238
Monetary gain/ (loss)	1.779.388	(1.886.901)

September 30	13.699.999	8.511.150

As of December 31, 2023 the details of the stock certificates are as follows:

	Number of	Price of		Purchasing power of the
Code of stock	shares	stock	Fair value	TL at September 30, 2024

EKGYO	3.470.000	6,88	23.873.600	32.434.863
KRDMD	950.000	23,76	22.572.000	30.666.499
THYAO	30.000	228,6	6.858.000	9.317.333
AVPGY	150.000	38,78	5.817.000	7.903.022
ADGYO	50.000	28,6	1.430.000	1.942.810

Notes to the Condensed Consolidated Financial Statements

As of and for the Period Ended September 30, 2024, and 2023

(Amounts expressed in Turkish lira ("TL") in terms of purchasing power of the TL at September 30, 2024 unless otherwise indicated.)

5. Financial investments (cont'd)

a) Short-term financial investments (cont'd)

Movement of stock certificates for the periods ended September 30, 2024 are as follows:

	2024
January 1	82.264.527
Addition	137.727.193
Sales of stock certificate (-)	(218.583.511)
Fair value change (Note 22a-b)	(10.824.148)
Profit from sales of stock certificate (Note 22a)	24.458.920
Monetary loss (-)	(15.042.981)

September 30 -

b) Long-term financial investments

The details of long-term financial investments as of September 30, 2024 and December 31, 2023 are as follows:

	September 30, 2024	December 31, 2023
Peker Real Estate GMBH	1.061.619	1.061.619
Total	1.061.619	1.061.619

6. Financial liabilities

The details of financial liabilities as of September 30, 2024 and December 31, 2023 are as follows:

	September 30, 2024	December 31, 2023

Short-term bank loans	158.938.284	181.001.727
Commercial paper (*)	264.212.044	-
Short-term portion of long-term borrowings	87.514.083	7.096.060
Short-term lease liabilities (**)	43.381.131	54.130.147

Short-term financial liabilities	554.045.542	242.227.934

Long-term bank loans	2.262.880.796	2.725.576.046
Long-term lease liabilities (**)	332.603.206	451.505.588

Long-term financial liabilities	2.595.484.002	3.177.081.634

Total	3.149.529.544	3.419.309.568

(*) As of September 30, 2024, the commercial paper consists of the commercial paper issued on September 18, 2024, with ISIN code TRFPEGY12511, annual interest rate of 59% simple, 70,71% compound interest, maturity of January 28, 2025.

(**) As of September 30, 2024 and December 31, 2023, lease liabilities consist of the "sale-leaseback" transaction for the Ritz Carlton A95, which is included in the investment properties, the B8 and D2 independent sections of the Ataköy NEF 22 project and land rental transaction within the scope of Peker Maslak Tower project.

Notes to the Condensed Consolidated Financial Statements

As of and for the Period Ended September 30, 2024, and 2023

(Amounts expressed in Turkish lira ("TL") in terms of purchasing power of the TL at September 30, 2024 unless otherwise indicated.)

6. Financial liabilities (cont'd)

The details of bank loans as of September 30, 2024 are as follows:

Currency	TL equivalent	Interest	Interest rate (%)

Euro	627.270.961	Fixed	2,09
Euro	590.090.078	Fixed	2,09
Euro	573.603.000	Fixed	12,00
Euro	229.441.200	Fixed	4,99
Euro	191.201.000	Fixed	4,85
Turkish lira	31.558.973	Fixed	50,00
Euro	26.766.594	Fixed	4,50
Turkish lira	25.890.964	Fixed	50,00
Turkish lira	23.983.479	Floating	61,00
Euro	21.840.564	Fixed	4,50
Turkish lira	20.328.929	Fixed	44,40
Turkish lira	19.834.410	Fixed	53,88
Turkish lira	19.287.439	Floating	61,50
Turkish lira	15.720.585	Fixed	50,00
Turkish lira	9.817.323	Fixed	48,48
Turkish lira	8.312.921	Fixed	51,60
Turkish lira	7.051.428	Fixed	49,08
Turkish lira	5.390.721	Fixed	42,00
Turkish lira	5.155.596	Fixed	47,40
Turkish lira	4.886.051	Fixed	47,52
Turkish lira	4.390.063	Fixed	49,08
Turkish lira	4.364.348	Fixed	49,08
Turkish lira	4.240.650	Floating	61,50
Turkish lira	4.185.761	Fixed	49,50
Turkish lira	3.637.771	Fixed	48,48
Turkish lira	3.629.495	Fixed	59,28
Turkish lira	2.863.126	Fixed	45,60
Turkish lira	2.645.452	Fixed	58,92
Turkish lira	2.127.775	Fixed	51,96
Turkish lira	2.067.632	Fixed	45,28
Turkish lira	1.816.231	Fixed	48,48
Turkish lira	1.755.795	Fixed	49,56
Turkish lira	1.450.038	Fixed	64,32
Turkish lira	1.316.210	Fixed	49,08
Turkish lira	1.154.005	Fixed	48,60
Turkish lira	1.100.330	Fixed	48,00
Turkish lira	1.084.062	Fixed	48,60
Turkish lira	957.987	Fixed	48,48
Turkish lira	812.687	Fixed	45,49

Turkish lira	812.687	Fixed	45,49
Turkish lira	812.687	Fixed	45,49
Turkish lira	812.687	Fixed	45,49
Turkish lira	807.079	Fixed	52,92
Turkish lira	783.693	Fixed	49,20
Turkish lira	546.383	Fixed	43,20
Turkish lira	499.624	Fixed	43,20
Turkish lira	402.369	Fixed	50,00
Turkish lira	355.925	Fixed	45,60
Turkish lira	268.127	Fixed	51,24
Turkish lira	200.268	Fixed	51,24

Notes to the Condensed Consolidated Financial Statements

As of and for the Period Ended September 30, 2024, and 2023

(Amounts expressed in Turkish lira ("TL") in terms of purchasing power of the TL at September 30, 2024 unless otherwise indicated.)

6. Financial liabilities (cont'd)

The details of bank loans as of December 31, 2023 are as follows:

Currency	TL equivalent	Interest	Interest rate (%)

Euro	748.746.423	Fixed	2,09
Euro	684.138.428	Fixed	2,09
Euro	665.023.645	Fixed	12,00
Euro	266.009.458	Fixed	4,99
Euro	221.674.548	Fixed	4,85
Euro	111.502.298	Floating	2,90
Turkish lira	32.355.748	Fixed	47,40
Euro	30.900.095	Fixed	4,50
Turkish lira	25.742.509	Fixed	53,00
Euro	25.321.505	Fixed	4,50
Turkish lira	25.297.231	Floating	47,00
Turkish lira	13.127.366	Fixed	45,60
Turkish lira	10.933.642	Fixed	52,92
Turkish lira	6.840.363	Fixed	48,48
Turkish lira	5.602.967	Fixed	53,00
Turkish lira	5.553.602	Floating	47,00
Turkish lira	4.730.813	Fixed	52,92
Turkish lira	4.569.278	Fixed	20,68
Euro	4.208.238	Fixed	4,50
Turkish lira	3.583.281	Fixed	42,60
Turkish lira	3.469.287	Fixed	43,20
Turkish lira	3.415.437	Fixed	48,48
Turkish lira	3.166.372	Fixed	43,20
Turkish lira	2.241.544	Fixed	51,24
Turkish lira	1.651.042	Fixed	51,24
Turkish lira	1.630.330	Fixed	45,60
Turkish lira	1.415.240	Fixed	50,52
Turkish lira	823.143	Fixed	16,80

Interest risks related to interest rate changes on floating rate bank loans are explained in Note 24.

Notes to the Condensed Consolidated Financial Statements

As of and for the Period Ended September 30, 2024, and 2023

(Amounts expressed in Turkish lira ("TL") in terms of purchasing power of the TL at September 30, 2024 unless otherwise indicated.)

6. Financial liabilities (cont'd)

Movement of bank loans for the periods ended September 30, 2024, and 2023 are as follows:

	2024	2023

January 1	2.913.673.833	2.261.295.299
Addition	315.655.050	882.276.067
Principal payments (-)	(309.611.215)	(281.915.287)
Interest accrual/ (paid), net	22.765.733	271.305
Translation differences	(376.422.654)	(64.125.801)
Monetary gain (-)	(56.727.584)	(44.051.831)
September 30	2.509.333.163	2.753.749.752

Movement of commercial paper for the period ended June 30, 2024 is as follows:

	2024
January 1	-
Issued of commercial paper (*)	682.520.403
Principal payments (-)	(392.903.229)
Interest accrual/ (paid), net	4.604.794
Monetary gain (-)	(30.009.924)
September 30	264.212.044

Movement of lease liabilities for the period ended September 30, 2024, and 2023 is as follows:

	2024	2023

January 1	505.635.735	669.446.148
Principal payments (-)	(22.274.444)	(3.983.274)
Interest accrual	45.066.237	39.105.063
Interest paid (-)	(18.420.545)	-
Monetary gain (-)	(134.022.646)	(229.167.596)

September 30	375.984.337	475.400.341

Notes to the Condensed Consolidated Financial Statements

As of and for the Period Ended September 30, 2024, and 2023

(Amounts expressed in Turkish lira ("TL") in terms of purchasing power of the TL at September 30, 2024 unless otherwise indicated.)

7. Trade receivables and payables

a) Short-term trade receivables

The details of short-term trade receivables as of September 30, 2024 and December 31, 2023 are as follows:

	September 30, 2024	December 31, 2023

Trade receivables from third parties (*) Trade receivables from related parties (Note 18)	514.493.917 174.483.762	959.152.270 201.386.854

Total	688.977.679	1.160.539.124

(*) As of September 30, 2024 and December 31, 2023, trade receivables from third parties mainly consist of receivables arising from the sale of 40% of the shares of Nordstern Dusseldorf GMBH, operating in Germany, to DATE Investment GMBH and EN FA Investment GMBH on December 28, 2023.

b) Short-term trade payables

The details of short-term trade payables as of September 30, 2024 and December 31, 2023 are as follows:

	September 30, 2024	December 31, 2023
Trade payables to third parties (*) Trade payables to related parties (Note 18)	206.379.218 2.758.489	162.752.468 1.335.090
Total	209.137.707	164.087.558

(*) Trade payables to third parties mainly consist of trade payables of Peker GMBH to DeSa Construction GMBH and the Company's payables to Timur Gayrimenkul Geliştirme Yapı ve Yatırımları A.Ş. regarding trading areas purchased pursuant to the additional protocol of the "Revenue Sharing Project in Return for Land" agreement within the scope of the Ataköy project.

Notes to the Condensed Consolidated Financial Statements

As of and for the Period Ended September 30, 2024, and 2023

(Amounts expressed in Turkish lira ("TL") in terms of purchasing power of the TL at September 30, 2024 unless otherwise indicated.)

8. Other receivables and payables

a) Short-term other receivables

The details of short-term other receivables as of September 30, 2024 and December 31, 2023 are as follows:

	September 30, 2024	December 31, 2023

Deposits and guarantees given	12.152.472	442.552
Other receivables from third parties	262.900	21.515
Receivables from the tax authorities	136.806	4.811.276
Other receivables from related parties (Note 18)	4.702.259	4.330.403

Total	17.254.437	9.605.746

b) Long-term other receivables

The details of long-term other receivables as of September 30, 2024 and December 31, 2023 are as follows:

	September 30, 2024	December 31, 2023
Deposits and guarantees given	1.416.529	1.285.008
Total	1.416.529	1.285.008

c) Short-term other payables

The details of short-term other payables as of September 30, 2024 and December 31, 2023 are as follows:

	September 30, 2024	December 31, 2023

Deposits and guarantees taken	2.778.546	1.217.048
Other payables to third parties (*) Other payables to related parties (Note 18)	145.560 412.563.745	40.775.406 2.216.745

Total	415.487.851	44.209.199

(*) As of September 30, 2024 and December 31, 2023, other payables to respectively third parties mainly consist of payables to A1 Capital Yatırım Menkul Değerler A.Ş. and Deniz Yatırım Menkul Kıymetler A.Ş. within the scope of stock purchases.

d) Long-term other payables

The details of long-term other payables as of September 30, 2024 and December 31, 2023 are as follows:

Other payables to related parties (Note 18) 345.127.539	September 30, 2024	December 31, 2023
		279.114.174
Total 345.127.539		279.114.174

Notes to the Condensed Consolidated Financial Statements

As of and for the Period Ended September 30, 2024, and 2023

(Amounts expressed in Turkish lira ("TL") in terms of purchasing power of the TL at September 30, 2024 unless otherwise indicated.)

9. Inventories

The details of inventories as of September 30, 2024 and December 31, 2023 are as follows:

	September 30, 2024	December 31, 2023

Ataköy Nef 22 independent sections (*)	278.498.319	296.669.429
Land shares of Ataköy Project (**)	92.036.674	92.036.674
Housing of Sultan Makamı (***)	53.796.288	53.796.288

Inventories, gross	424.331.281	442.502.391

Ataköy Nef 22 independent sections (-) (*)	(26.521.674)	(26.521.674)
Land shares of Ataköy Project (-) (**)	(14.455.563)	(14.455.563)

Impairment (-)	(40.977.237)	(40.977.237)

Inventories, net	383.354.044	401.525.154

(*) With the protocol signed between the Company and Timur Gayrimenkul on December 28, 2017, 23 commercial areas amounting to 74.898.337 Turkish liras in the Ataköy project were purchased by the Company. 15 of the purchased commercial areas were returned, and 45 independent sections (16 commercial areas and 29 residences) were purchased within the framework of property sharing between the Company and Nef. As of September 30, 2024, there are 4 workplaces, 4 warehouse workplaces and 2 mezzanine-floor warehouse workplaces (December 31, 2023: 5 workplaces, 4 warehouse workplaces and 2 mezzanine-floor warehouse workplaces).
(**) The "Revenue Sharing Project for Land Sale" is carried out with the contract concluded between Nef and the Company on the Company's land located in Istanbul, Bakırköy, Ataköy. The sales revenue will be shared between the landowner Peker GYO and the contractor Nef, 50% of the landowner and 50% of the contractor. There are 1,438 residences and 125 workplaces in the project. The delivery of the independent sections sold by Nef has started, and the land share invoices of the delivered independent sections have been invoiced to Nef. In addition, the land shares (76 in total) of the independent sections subject to the independent section sharing between the Company and Nef in the current period were invoiced to Nef. As of June 30, 2024, the land shares of 5 commercial areas that were not delivered are included in the inventories (December 31, 2023: 5 commercial areas).
(***) It consists of an independent section in the "Sultan Makamı Konutları" located on the parcel 879 of the Çengelköy, in the Istanbul, Üsküdar. (December 31, 2023: An independent section).

Movement of inventories for the periods ended September 30, 2024 and 2023 are as follows:

	2024	2023
January 1 Sales of inventories (Note 19) () Transfer to investment properties (Note 12) (*)	401.525.154 (18.171.110) -	459.295.940 (27.242.412) (31.790.275)
September 30	383.354.044	400.263.253

(*) For the period ended September 30, 2024, sales consist of sales of workplace in Ataköy NEF 22. For the period ended September 30, 2023, sales consist of sales of residences and warehouses in Sultan Makamı Residences.

(**) Independent sections of Nef 22 which was previously reported in inventories has been classified into investment properties due to rental.

Notes to the Condensed Consolidated Financial Statements

As of and for the Period Ended September 30, 2024, and 2023

(Amounts expressed in Turkish lira ("TL") in terms of purchasing power of the TL at September 30, 2024 unless otherwise indicated.)

10. Prepaid expenses and contract liabilities

a) Short-term prepaid expenses

The details of short-term prepaid expenses as of September 30, 2024 and December 31, 2023 are as follows:

	September 30, 2024	December 31, 2023
Advances given to third parties (*) Prepaid expenses for next months Advances given to related parties (Note 18)	118.640.291 2.495.593 549.738.396	34.209.402 8.821.577 489.604.503
Total	670.874.280	532.635.482

(*) As of September 30, 2024, advances given to third parties mainly consist of advances given to Tenet İnşaat Sanayi ve Ticaret A.Ş..

b) Long-term prepaid expenses

The details of long-term prepaid expenses as of September 30, 2024 and December 31, 2023 are as follows:

	September 30, 2024	December 31, 2023
Advances given to related parties (Note 18)	-	17.702.064
Total	-	17.702.064

c) Contract liabilities

The details of contract liabilities as of September 30, 2024 and December 31, 2023 are as follows:

	September 30, 2024	December 31, 2023
Liabilities from customer contracts	-	345.752
Total	-	345.752

d) Deferred income

The details of deferred income as of September 30, 2024 and December 31, 2023 are as follows:

	September 30, 2024	December 31, 2023
Advances received from third parties	151.107.118	-
Total	151.107.118	-

As of September 30, 2024, advances received from third parties mainly consist of advances received within the scope of sales of independent units.

Notes to the Condensed Consolidated Financial Statements

As of and for the Period Ended September 30, 2024, and 2023

(Amounts expressed in Turkish lira ("TL") in terms of purchasing power of the TL at September 30, 2024 unless otherwise indicated.)

11. Other assets and liabilities

a) Other current assets

The details of other current assets as of September 30, 2024 and December 31, 2023 are as follows:

	September 30, 2024	December 31, 2023
Deferred VAT Personnel and job advances Other	98.437.612 41.158 3.497.801	105.131.753 67.907 3.967.132
Total	101.976.571	109.166.792

b) Other current liabilities

The details of other current liabilities as of September 30, 2024 and December 31, 2023 are as follows:

	September 30, 2024	December 31, 2023
Taxes and funds payables	32.429.122	68.637.602
Total	32.429.122	68.637.602

Notes to the Condensed Consolidated Financial Statements

As of and for the Period Ended September 30, 2024, and 2023

(Amounts expressed in Turkish lira ("TL") in terms of purchasing power of the TL at September 30, 2024 unless otherwise indicated.)

12. Investment properties

The details of investment properties as of September 30, 2024 and December 31, 2023 are as follows:

	September 30, 2024	December 31, 2023

Hotel - Peker GMBH (1)	3.282.740.400	3.805.943.711
Peker Tower Maslak (9)	981.830.000	332.456.860
Düsseldorf 2 - Nordstern (2)	421.793.970	489.019.511
Düsseldorf - Nordstern (2)	408.433.980	473.530.206
Solingen - Peker GYO Global (3)	332.091.180	288.764.915
Right of use land	159.046.295	216.081.792
Grevenbroich - Bluestone (4)	107.070.777	124.135.722
Ritz Carlton A 95 - Peker GYO (5)	84.233.693	84.233.693
Nef 22 - Peker GYO (6)	68.949.353	68.949.353
House - Peker GMBH (1)	56.302.815	65.276.360
Parcela Benalmadena - Spain (8)	53.348.515	61.851.204
Parcela Mijas - Spain (8)	44.166.479	51.205.734
Grevenbroich - Peker GYO Global (3)	26.338.266	30.536.060
Kaiserwall - Peker GYO (7)	20.976.945	20.976.945
Total	6.047.322.668	6.112.962.066

(1) Peker GMBH owns the Northgate Düsseldorf project. Related project; It is a project with a gross indoor construction area of 26.200 m² located in Düsseldorf, Germany. The project, which was developed on a land of 11,600 m² , has a total net usage area of 24.000 m² (8.400 m² hotel, 5.800 m² boarding, 1.800 m² office, 8.000 m² common use area). The 431-room hotel project, the construction of which started in 2019, was completed at the beginning of 2023. The related hotel is one of the largest hotels in the city of Düsseldorf and has been leased to the Novum Hotels Group for 25+5 years. The hotel continues to operate.
(2) Nordstern Düsseldorf GMBH owns a land of 8,891 m² in Düsseldorf, Germany, and continues its project development activities on the relevant land. In addition, with the purchase agreement signed between Nordstern Düsseldorf GMBH and Düsseldorf Municipality on August 31, 2023, a new land of 9,163 m² was purchased on the parcel adjacent to the mentioned land.
(3) Peker GYO Global GMBH owns 3 adjoining buildings in Grevenbroich, Nordrhein-Westfalen, Germany, and plans to design these three real estates together. In addition, it has a land area of 2,690 m² in the city of Solingen, and it is planned to build a project with a total of 45 flats, 33 indoor parking lots, 14 outdoor parking lots and motor parking lots.
(4) It is planned to develop a residential project on a land of 2,370 m² in Gerevenbroich, Germany.
(5) On July 26, 2023, the Company purchased the independent section numbered 95 amounting to 48.303.840 TL + VAT, which is located on the 14th floor of the A Block of the project. Related project; It is located in Istanbul, Şişli, Teşvikiye. The project is located on a parcel with a surface area of 5.032,56 m² , registered with the parcel number 840 and 114. There are 3 blocks in the project, consisting of blocks A, B and C.

(6) Due to the rental of 2 residences, which were previously in Nef 22 independent section inventories, the related residences were classified as investment properties as of December 31, 2022 and March 31, 2023, respectively.

(7) A real estate consisting of 3 flats and 1 commercial area with a leasable area of 417 m² in the city of Recklinghausen, Westphalia, Germany, was purchased for 500.000 euros. Rental income is obtained from the said real estate.
(8) As part of the restructuring the Group has created for new investments to be made in Spain; Avellano purchased a 609.11 m² plot at the address 9.3, Benalmadena 1 29639 Malaga and a 670 m² plot at the address of Ficus Buena Vista Sol, 2, Buenavista, 29650, Mijas, Malaga.
(9) On June 24, 2024, the Company has purchased 100% shares of the GG Gayrimenkul Geliştirme İnşaat İşletmecilik A.Ş. which owns 99% of the shares of DİGH Maslak İnsaat Proje Danışmanlık Ltd. Şti. from its related party Peker Holding A.Ş. DİGH Maslak İnsaat Proje Danışmanlık Ltd. Şti. has Peker Tower Maslak Project. The land, which has a total construction area of 16,554 m² , is located on Büyükdere Street, in the area where plazas and business centers are most dense in Istanbul. The project, which will consist of 6 basement floors and ground floor + 15 floors, will have office sizes ranging from 120 m² to 560 m² . The Group has accounted for its investment properties under construction at cost until their fair values can be measured reliably. Since the fair value of the relevant real estate can be measured reliably as of September 30, 2024, it has been accounted for at fair value.

Notes to the Condensed Consolidated Financial Statements

As of and for the Period Ended September 30, 2024, and 2023

(Amounts expressed in Turkish lira ("TL") in terms of purchasing power of the TL at September 30, 2024 unless otherwise indicated.)

12. Investment properties (cont'd)

Movement of investment properties for the periods ended September 30, 2024 and 2023 are as follows:

	2024	2023

January 1	5.896.880.274	5.641.588.133
Additions	275.145.688	620.032.934
Transfer from inventories (*) (Note 9)	-	31.790.275
Sales of investment properties (Note 19)	-	(1.292.097.869)
Translation differences	(942.280.415)	(299.149.838)
Fair value change (Note 21a)	658.530.826	221.377.950

September 30	5.888.276.373	4.923.541.585

The Group classifies its rights for the lands that are rented to develop investment real estate as investment real estates. In such a case, the rights to the related land are recognized as if it were a financial lease. The fair values of the investment properties developed on the leased land have been deducted from the estimated cash flows to be paid for the rents and therefore the discounted values of rentable rentals related to the related land are accounted for in the investment property and lease liabilities accounts. Movement of right of use land for the periods ended September 30, 2024 and 2023 are as follows:

	2024	2023
January 1 Arrangements	216.081.792 (57.035.497)	356.065.556 (118.478.432)
September 30	159.046.295	237.587.124

As of September 30, 2024, the fair values of the investment properties are as follows:

September 30, 2024
Name of investment property	Date of appraisal report	Fair value	Currency	Fair value (TL)

Hotel - Peker GMBH	December 14, 2023	86.000.000	Euro	3.282.740.400
Peker Tower Maslak	June 14, 2024	981.830.000	Turkish lira	981.830.000
Düsseldorf 2 - Nordstern	December 12, 2023	11.050.000	Euro	421.793.970
Düsseldorf - Nordstern	December 12, 2023	10.700.000	Euro	408.433.980
Solingen - Peker GYO Global	August 22, 2024	8.700.000	Euro	332.091.180
Right of use land	-	159.046.295	Turkish lira	159.046.295
Grevenbroich - Bluestone	December 14, 2023	2.805.000	Euro	107.070.777
Ritz Carlton A 95 - Peker GYO	January 8, 2024	84.233.693	Turkish lira	84.233.693
Nef 22 - Peker GYO	January 8, 2024	68.949.353	Turkish lira	68.949.353
House - Peker GMBH	December 14, 2023	1.475.000	Euro	56.302.815
Parcela Benalmadena - Spain	January 15, 2024	1.397.604	Euro	53.348.515
Parcela Mijas - Spain	January 16, 2024	1.157.057	Euro	44.166.479
Grevenbroich - Peker GYO Global	December 14, 2023	690.000	Euro	26.338.266
Kaiserwall - Peker GYO	December 31, 2023	474.000	Euro	20.976.945

Notes to the Condensed Consolidated Financial Statements

As of and for the Period Ended September 30, 2024, and 2023

(Amounts expressed in Turkish lira ("TL") in terms of purchasing power of the TL at September 30, 2024 unless otherwise indicated.)

12. Investment properties (cont'd)

As of December 31, 2023, the fair values of the investment properties are as follows:

	December 31, 2023
	Date of appraisal
Name of investment property	report	Fair value	Currency	Fair value (TL)

Hotel - Peker GMBH	December 14, 2023	86.000.000	Euro	3.805.943.711
Düsseldorf 2 - Nordstern	December 12, 2023	11.050.000	Euro	489.019.511
Düsseldorf - Nordstern	December 12, 2023	10.700.000	Euro	473.530.206
Peker Tower Maslak	-	332.456.860	Turkish lira	332.456.860
Solingen - Peker GYO Global	December 14, 2023	6.525.000	Euro	288.764.915
Arsa kullanım hakkı	-	216.081.792	Turkish lira	216.081.792
Grevenbroich - Bluestone	December 14, 2023	2.805.000	Euro	124.135.722
Ritz Carlton A 95 - Peker GYO	January 8, 2024	84.233.693	Turkish lira	84.233.693
Nef 22 - Peker GYO	January 8, 2024	68.949.353	Turkish lira	68.949.353
House - Peker GMBH	December 14, 2023	1.475.000	Euro	65.276.360
Parcela Benalmadena - Spain	January 15, 2024	1.397.604	Euro	61.851.204
Parcela Mijas - Spain	January 16, 2024	1.157.057	Euro	51.205.734
Grevenbroich - Peker GYO Global	December 14, 2023	690.000	Euro	30.536.060
Kaiserwall - Peker GYO	December 31, 2023	474.000	Euro	20.976.945

As of September 30, 2024, the methods that are used to identify the fair values of investment properties are as follows:

Name of investment property	Valuation method use	Based on valuation method

Hotel - Peker GMBH	Precent comparison, Income discount	Income discount
Peker Tower Maslak	Income discount	Income discount
Düsseldorf 2 - Nordstern	Precent comparison	Precent comparison
Düsseldorf - Nordstern	Precent comparison	Precent comparison
	Cost analysis, Precent comparison,	Precent comparison
Solingen - Peker GYO Global	Income discount
Grevenbroich - Bluestone	Precent comparison	Precent comparison
Ritz Carlton A 95 - Peker GYO	Precent comparison, Income discount	Precent comparison
Nef 22 - Peker GYO	Precent comparison, Income discount	Precent comparison
House - Peker GMBH	Precent comparison	Precent comparison
Parcela Benalmadena - Spain	Precent comparison	Precent comparison
Parcela Mijas - Spain	Precent comparison	Precent comparison
Grevenbroich - Peker GYO Global	Precent comparison, Income discount	Precent comparison
Kaiserwall - Peker GYO	Cost analysis, Income discount	Income discount

As of December 31, 2023, the methods that are used to identify the fair values of investment properties are as follows:

Name of investment property	Valuation method use	Based on valuation method

Hotel - Peker GMBH	Precent comparison, Income discount	Income discount
Düsseldorf 2 - Nordstern	Precent comparison	Precent comparison
Düsseldorf - Nordstern	Precent comparison	Precent comparison
Solingen - Peker GYO Global	Cost analysis, Precent comparison, Income discount	Precent comparison
Grevenbroich - Bluestone	Precent comparison	Precent comparison
Ritz Carlton A 95 - Peker GYO	Precent comparison, Income discount	Precent comparison
Nef 22 - Peker GYO	Precent comparison, Income discount	Precent comparison
House - Peker GMBH	Precent comparison	Precent comparison
Parcela Benalmadena - Spain	Precent comparison	Precent comparison
Parcela Mijas - Spain	Precent comparison	Precent comparison
Grevenbroich - Peker GYO Global	Precent comparison, Income discount	Precent comparison
Kaiserwall - Peker GYO	Cost analysis, Income discount	Income discount

Notes to the Condensed Consolidated Financial Statements

As of and for the Period Ended September 30, 2024, and 2023

(Amounts expressed in Turkish lira ("TL") in terms of purchasing power of the TL at September 30, 2024 unless otherwise indicated.)

12. Investment properties (cont'd)

As of June 30, 2024 the fair values classification of the investment properties are as follows:

	September 30, 2024	1. level	2. level	3. level

Hotel - Peker GMBH	3.282.740.400	-	3.282.740.400	-
Peker Tower Maslak	981.830.000	-	981.830.000	-
Düsseldorf 2 - Nordstern	421.793.970	-	421.793.970	-
Düsseldorf - Nordstern	408.433.980	-	408.433.980	-
Solingen - Peker GYO Global	332.091.180	-	332.091.180	-
Grevenbroich - Bluestone	107.070.777	-	107.070.777	-
Ritz Carlton A 95 - Peker GYO	84.233.693	-	84.233.693	-
Nef 22 - Peker GYO	68.949.353	-	68.949.353	-
House - Peker GMBH	56.302.815	-	56.302.815	-
Parcela Benalmadena - Spain	53.348.515	-	53.348.515	-
Parcela Mijas - Spain	44.166.479	-	44.166.479	-
Grevenbroich - Peker GYO Global	26.338.266	-	26.338.266	-
Kaiserwall - Peker GYO	20.976.945	-	-	20.976.945
Total	5.888.276.373	-	5.867.299.428	20.976.945

As of December 31, 2023 the fair values classification of the investment properties are as follows:

	December 31, 2023	1. level	2. level	3. level

Hotel - Peker GMBH	3.805.943.711	-	3.805.943.711	-
Düsseldorf 2 - Nordstern	489.019.511	-	489.019.511	-
Düsseldorf - Nordstern	473.530.206	-	473.530.206	-
Solingen - Peker GYO Global	288.764.915	-	288.764.915	-
Grevenbroich - Bluestone	124.135.722	-	124.135.722	-
Ritz Carlton A 95 - Peker GYO	84.233.693	-	84.233.693	-
Nef 22 - Peker GYO	68.949.353	-	68.949.353	-
House - Peker GMBH	65.276.360	-	65.276.360	-
Parcela Benalmadena - Spain	61.851.204	-	61.851.204	-
Parcela Mijas - Spain	51.205.734	-	51.205.734	-
Grevenbroich - Peker GYO Global	30.536.060	-	30.536.060	-
Kaiserwall - Peker GYO	20.976.945	-	-	20.976.945

Total	5.564.423.414	-	5.543.446.469	20.976.945

Notes to the Condensed Consolidated Financial Statements

As of and for the Period Ended September 30, 2024, and 2023

(Amounts expressed in Turkish lira ("TL") in terms of purchasing power of the TL at September 30, 2024 unless otherwise indicated.)

13. Property, plant and equipment

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

	January 1,			Translation	September 30,
	2024	Addition	Disposal	difference	2024

Cost:
Vehicles	89.837.776	29.449.094	(30.659.430)	(1.649.611)	86.977.829
Furniture and fixtures	18.998.505	620.972	-	(2.361.478)	17.257.999
Leasehold improvements	-	80.105	-	-	80.105
Advances given	-	51.484	-	-	51.484

Total	108.836.281	30.201.655	(30.659.430)	(4.011.089)	104.367.417

Accumulated
depreciation (-):
Vehicles	30.443.864	12.147.805	(14.021.838)	(263.084)	28.306.747
Furniture and fixtures	4.232.147	1.353.226	-	(391.949)	5.193.424
Leasehold improvements	-	8.010	-	-	8.010

Total	34.676.011	13.509.041	(14.021.838)	(655.033)	33.508.181

Book value	74.160.270				70.859.236

	January 1,			Translation	September 30,
	2023		Addition	difference	2023
Cost:
Vehicles	74.214.397		15.712.188	(342.432)	89.584.153
Furniture and fixtures	15.583.873		2.143.398	(1.031)	17.726.240

Total	89.798.270		17.855.586	(343.463)	107.310.393

Accumulated
depreciation (-):
Vehicles	19.261.982		8.508.550	(202.113)	27.568.419
Furniture and fixtures	1.908.717		1.313.293	(143.834)	3.078.176

Total	21.170.699		9.821.843	(345.947)	30.646.595

Book value	68.627.571				76.663.798

As of September 30, 2024 and December 31, 2023, there are pledges on vehicles amounting to 4.849.398 Turkish liras and 6.588.431 Turkish liras (Note 14).

As of September 30, 2024 and December 31, 2023 there are no property, plant and equipment acquired through financial leasing.

As of September 30, 2024 and 2023 there is no capitalized borrowing cost.

For the periods ended September 30, 2024 and 2023, depreciation expenses are included in general administrative expenses (Note 20).

Notes to the Condensed Consolidated Financial Statements

As of and for the Period Ended September 30, 2024, and 2023

(Amounts expressed in Turkish lira ("TL") in terms of purchasing power of the TL at September 30, 2024 unless otherwise indicated.)

14. Provisions, commitments and contingencies

a) Provisions

As of September 30, 2024 and December 31, 2023, there are 8 lawsuits to which the Group is a party. The Group does not foresee a significant cash outflow risk for the related lawsuits.

b) Contingent assets

The details of collaterals, pledges and mortgages ("CPM") received as of September 30, 2024 and December 31, 2023 are as follows:

	September 30, 2024	December 31, 2023
Letter of guarantees taken (*) - Turkish lira - US dollar	2.060.200 65.984.248	2.799.004 77.343.518
Total	68.044.448	80.142.522

(*) As of September 30, 2024 and December 31, 2023, letter of guarantees taken consist of the letter of guarantees received from the customers regarding the undelivered residences and workplaces within the scope of the sales contracts made within the scope of Nef 22 Project.

c) Contingent liabilities

The details of collaterals, pledges and mortgages ("CPM") given as of September 30, 2024 and December 31, 2023 are as follows:

	September 30, 2024	December 31, 2023

A. Total amount of guarantees provided by the
Company on behalf of itself (*)	327.304.398	237.596.996
B. Total amount for guarantees provided on behalf of
subsidiaries accounted under full consolidation
method (**)	2.739.145.526	3.175.709.581
C. Provided on behalf of third parties in order to
maintain operating activities	-	-
D. Other guarantees given	-	-
i. Total amount of guarantees given on behalf of the
parent company	-	-
ii. Total amount of guarantees provided on behalf of
the associates which are not in the scope of B and C	-	-
iii. Total amount of guarantees provided on behalf of
third parties which are not in the scope of C	-	-

Total	3.066.449.924	3.413.306.577

^(*) As of September 30, 2024, guarantees, pledges and mortgages consist of amounting to 210.305.000 Turkish liras consist of mortgages on independent sections, amounting to 57.150.000 Turkish liras is from mortgages within the scope of "saleleaseback", amounting to 4.849.398 Turkish liras consist of pledges on vehicles, amounting to 20.000.000 Turkish liras, amounting to 20.000.000 Turkish liras and 15.000.00 Turkish liras guarantee given to respectively Kuveyt Türk Katılım Bankası A.Ş., Albaraka Türk Katılım Bankası A.Ş. and Vakıf Katılım Bankası A.Ş. As of December 31, 2023, guarantees, pledges and mortgages consist of amounting to 104.830.189 Turkish liras consist of mortgages on independent sections, amounting to 31.927.287 Turkish liras is from mortgages within the scope of "sale-leaseback", amounting to 6.558.431 Turkish liras consist of pledges on vehicles, amounting to 56.889.370 Turkish liras is from liens within the scope of "sale-leaseback", amounting to 27.172.159 Turkish liras and 10.189.560 Turkish liras guarantee given to Kuveyt Türk Katılım Bankası A.Ş. and Albaraka Türk Katılım Bankası A.Ş.

^(**) As of September 30, 2024 and December 31, 2023, guarantees provided on behalf of subsidiaries accounted under full consolidation method consist of mortgage amounting to 11.000.000 euros related to land in Nordstern, amounting to 10.000.000 euros related to land in Solingen, amounting to 50.000.000 euros related to Hotel in Northgate and amounting to 630.000 euros related to real estates in Grevenbroich.

Notes to the Condensed Consolidated Financial Statements

As of and for the Period Ended September 30, 2024, and 2023

(Amounts expressed in Turkish lira ("TL") in terms of purchasing power of the TL at September 30, 2024 unless otherwise indicated.)

15. Shareholders's equity

a) Paid-in capital

The details of paid-in capital as of September 30, 2024 and December 31, 2023 are as follows:

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

Hasan Peker	31,26	209.364.966	39,17	262.364.967
Public shares	68,74	460.468.781	60,83	407.468.780
Total	100	669.833.747	100	669.833.747
Inflation adjustment to share capital		2.668.312.123		2.668.312.123
Total		3.338.145.870		3.338.145.870

As of September 30, 2024 and December 31, 2023, the Company's share capital consists of 669.833.747 units of shares with the nominal value of Turkish lira 1.

		September 30, 2024		December 31, 2023
Shareholder	Units of share	Amount	Units of share	Amount	Group	Type

Hasan Peker	42.166.667	42.166.667	42.166.667	42.166.667	A	Registered
Hasan Peker	167.198.299	167.198.299	220.198.300	220.198.300	B	Bearer
Public shares	460.468.781	460.468.781	407.468.780	407.468.780	B	Bearer

Total	669.833.747	669.833.747	669.833.747	669.833.747

Shares are divided into groups A and B, and group A shares are privileged. The nominal amount of the privileged shares is amounting to 42.166.667 Turkish liras. Group A shares have the privilege to nominate candidates in the election of the members of the Board of Directors. If the Board of Directors consists of 5 members, 3 of them, in case of 6 or 7 members, 4 of them are selected by the General Assembly from among the candidates nominated by the group A shareholders.

The management control of the Company belongs to group A shareholders, and this control is achieved by owning the majority of the privileges granted to the shares.

b) Treasury shares

It consists of the shares repurchased by the Company within the scope of liquidity provider transactions carried out within the framework of CMB legislation. The repurchased shares of the Company are traded at Borsa Istanbul at market prices on the date of the transaction; it is accounted for in the "Treasury shares" accounts, including the parts of the repurchased shares that exceed their nominal value.

In accordance with the decision of the board of directors dated March 12, 2024, the Company has initiated a program to buy back 25.000.000 shares with a nominal value of 25.000.000 Turkish liras between March 12, 2024 and March 11, 2025. The company has repurchased 25.000.000 shares as of the balance sheet date. On July 10, 2024, the Company sold all its treasury shares at an average price of 9.8260 Turkish liras. As of September 30, 2024, the Company has no treasury shares.

Notes to the Condensed Consolidated Financial Statements

As of and for the Period Ended September 30, 2024, and 2023

(Amounts expressed in Turkish lira ("TL") in terms of purchasing power of the TL at September 30, 2024 unless otherwise indicated.)

15. Shareholders's equity (cont'd)

c) Restricted reserves

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

The Turkish Commercial Code ("TCC") stipulates that the legal reserve is appropriated out of statutory profits at the rate of 5% per annum, until the total reserve reaches 20% of the Group's paid-in share capital. Other legal reserve is appropriated out of 10% of the distributable income after 5% dividend is paid to shareholders. Under the TCC, legal reserves can only be used for compensating losses, continuing operations in severe conditions or preventing unemployment and taking actions for relieving its effects in case general legal reserves does not exceed half of paid-in capital or issued capital.

As of September 30, 2024, the total amount of legal reserves is 251.631.818 Turkish liras (December 31, 2023: 156.577.754 Turkish liras).

16. Earnings per share

Earnings per share disclosed in the consolidated statements of income are determined by dividing the net income per share by the weighted average number of shares that have been outstanding during the year.

	January 1 - September 30, 2024	January 1 - September 30, 2023
Profit for the year Weighted average number of ordinary shares with nominal value	341.756.585 3.338.145.870	143.295.645 3.338.145.870
Earnings per share	0,10	0,04

Notes to the Condensed Consolidated Financial Statements

As of and for the Period Ended September 30, 2024, and 2023

(Amounts expressed in Turkish lira ("TL") in terms of purchasing power of the TL at September 30, 2024 unless otherwise indicated.)

17. Taxation

The earnings of companies that are granted the Real Estate Investment Trust ("REIT") status is exempt from Corporate Tax and provisional corporate tax as per the article 5, section 1, paragraph d/4 of the Corporate Tax Law nr 5520. On the other hand, as per the article 15, paragraph 3 of the Corporate Tax Law, the percentage of the income tax withholding required to be made over the earnings of these partnerships that are subject to exemption is currently zero in accordance with the Ministerial Council Decision nr 2010/14594 (nr 2003/6577 for 2008).

In addition to the above-mentioned laws, according to Article 32 of the "Law on Amendments to the Tax Laws No. 7524 and Certain Laws and the Decree Law No. 375" published in the Official Gazette on August 2, 2024; The Company's ability to benefit from the corporate tax exemption is conditioned on the distribution of at least 50% of the profit it will earn from the real estates it owns after January 1, 2025, as dividends by the end of the second month following the month in which the corporate tax return for the accounting period in which it is obtained is required to be submitted. If the profit is not distributed to the shareholders' up to the specified rate within the relevant period, the relevant exemption will be eliminated. The company is considering benefiting from the relevant exemption by distributing at least 50% of the profits mentioned in the relevant law.

According to Article 36 of the "Law No. 7524 on Amendments to Tax Laws and Certain Laws and the Decree Law No. 375" published in the Official Gazette on 2 August 2024; In accordance with the provision that the calculated corporate tax cannot be less than 10% of the corporate earnings before deducting deductions and exemptions, effective from January 1, 2025, the Company's incomes determined as exempt from corporate tax will be subject to domestic minimum corporate tax.

Deferred tax is calculated using the liability method, based on temporary differences between the recorded values and tax basis of assets and liabilities in the financial statements prepared in accordance with TAS. During this calculation, effective tax rate of the balance sheet date are used. Since the Company is exempt from corporate tax in accordance with the current tax legislation after the approval of the CMB for its transformation into a real estate investment corporation, no deferred tax assets or liabilities have been recognized over temporary and taxable differences.

Subsidiaries in Germany and Spain deferred tax assets and liabilities based upon the temporary differences arising between its taxable statutory financial statements and its financial statements prepared in accordance with the TFRS. These differences consist of fair value differences related to investment properties.

	September 30, 2024	December 31, 2023
Deferred tax asset Deferred tax liabilities	3.196.716 (226.236.937)	12.493.795 (260.190.986)
Total	(223.040.221)	(247.697.191)

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

	2024	2023
January 1 Deferred tax income recognized in statement of profit or loss Translation differences	(247.697.191) (40.723.318) 65.380.288	(139.963.051) (37.228.480) 46.571.769
September 30	(223.040.221)	(130.619.762)

Notes to the Condensed Consolidated Financial Statements

As of and for the Period Ended September 30, 2024, and 2023

(Amounts expressed in Turkish lira ("TL") in terms of purchasing power of the TL at September 30, 2024 unless otherwise indicated.)

18. Related parties

a) Short-term trade receivables

The details of short-term trade receivables from related parties as of September 30, 2024 and December 31, 2023 are as follows:

	September 30, 2024	December 31, 2023

Peker Holding GMBH (*)	173.121.042	200.754.890
Peker Port GMBH	340.680	157.991
Pollux Construction GMBH	340.680	157.991
PekFor 95 GMBH	340.680	157.991
Peker Investment GMBH	340.680	157.991

Total	174.483.762	201.386.854

^(*) As of September 30, 2024, 146,582,550 Turkish lira of short-term trade receivables from Peker Holding GMBH consists of the sale of 9% of the shares of Nordstern Dusseldorf GMBH, operating in Germany, to Peker Holding GMBH on December 28, 2023.

b) Short-term other receivables

The details of short-term other receivables from related parties as of September 30, 2024 and December 31, 2023 are as follows:

	September 30, 2024	December 31, 2023

Hasan Peker	3.854.832	4.070.919
Peker Investment GMBH	847.427	36.585
Peker Holding GMBH	-	222.899
Total	4.702.259	4.330.403

c) Short-term prepaid expenses

The details of short-term prepaid expenses to related parties as of September 30, 2024 and December 31, 2023 are as follows:

	September 30, 2024	December 31, 2023
Marbella Lifestyle Investment SL (*) Pollux Construction GMBH	384.761.605 164.976.791	369.429.618 120.174.885
Total	549.738.396	489.604.503

^(*) The Company signed a real estate purchase agreement amounting to 8.900.000 euros with its related party, Marbella Life Style Investments SL, regarding the purchase of a villa with 16 rooms and a total construction area of 1,992 m² on a 7,100 m² land in Malaga, Spain. Pursuant to the aforesaid agreement, the title deed will be transferred after the permissions for the construction of 4 additional villas on the land area excluding the existing villa are obtained. Within the scope of the relevant agreement, an advance of 8.500.000 euros was paid to the seller.

Notes to the Condensed Consolidated Financial Statements

As of and for the Period Ended September 30, 2024, and 2023

(Amounts expressed in Turkish lira ("TL") in terms of purchasing power of the TL at September 30, 2024 unless otherwise indicated.)

18. Related parties (cont'd)

d) Long-term prepaid expenses

The details of long-term prepaid expenses to related parties as of September 30, 2024 and December 31, 2023 are as follows:

	September 30, 2024	December 31, 2023
Marbella Lifestyle Investment SL	-	17.702.064
Total	-	17.702.064

e) Short-term trade payables

The details of short-term trade payables to related parties as of September 30, 2024 and December 31, 2023 are as follows:

	September 30, 2024	December 31, 2023
Peker Management GMBH Pollux Construction GMBH Peker Holding A.Ş.	2.281.472 455.058 21.959	1.305.255 - 29.835
Total	2.758.489	1.335.090

f) Short-term other payables

The details of short-term other payables to related parties as of September 30, 2024 and December 31, 2023 are as follows:

	September 30, 2024	December 31, 2023
Peker Holding A.Ş. Hasan Peker	256.563.495 156.000.250	2.216.745 -
Total	412.563.745	2.216.745

g) Long-term other payables

The details of long-term other payables to related parties as of September 30, 2024 and December 31, 2023 are as follows:

	September 30, 2024	December 31, 2023

Peker Holding A.Ş. Peker Holding Ltd.	343.706.521 1.359.738	277.537.721 1.576.453
Peker Holding GMBH	61.280	-

Total	345.127.539	279.114.174

h) Benefits of the key management

The key management of the Group consists of the Board of Directors, General Manager and Directors. For the period ended June 30, 2024, the total compensation consisting of short term benefits such as salaries and rental of car. For the periods ended September 30, 2024 and 2023, benefits of the key management amounting to 18.998.298 Turkish liras and 27.944.815 Turkish liras.

Notes to the Condensed Consolidated Financial Statements

As of and for the Period Ended September 30, 2024, and 2023

(Amounts expressed in Turkish lira ("TL") in terms of purchasing power of the TL at September 30, 2024 unless otherwise indicated.)

19. Sales and cost of sales

For the periods ended September 30, 2024 and 2023, the details of sales and cost of sales are as follows:

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

Domestic sales (*)	13.577.240	13.577.240	1.092.956.089	-
Export sales (**)	-	-	84.251.701	-
Rent income	93.156.667	27.707.837	27.935.255	18.947.610

Net sales	106.733.907	41.285.077	1.205.143.045	18.947.610

Cost of domestic sales (-) (Not 9-12)	(18.171.110)	(18.171.110)	(1.240.354.828)	-
Cost of export sales (-) (Not 9-12)	-	-	(78.985.453)	-
Other (-)	(3.937.099)	(3.902.430)	(2.288.885)	(1.489.289)
Cost of sales (-)	(22.108.209)	(22.073.540)	(1.321.629.166)	(1.489.289)

Gross profit/ (loss)	84.625.698	19.211.537	(116.486.121)	17.458.321

(*) For the period ended September 30, 2024, sales consist of sales of workplace in Ataköy NEF 22. For the period ended September 30, 2023, domestic sales consist of sales of the investment property with a land of 11,020 m² in Üsküdar, and residences and warehouses in Sultan Makamı Residences.

(**) For the period ended September 30, 2023, export sales consist of the sales of investment properties numbered 18 and 19 in the Urbanization Oasis Club project in Malaga Marbella, Spain.

20. Marketing and general administrative expenses

a) Marketing expenses

For the periods ended September 30, 2024 and 2023, the details of marketing expenses are as follows:

	January 1 - September 30, 2024	July 1 - September 30, 2024	January 1 - September 30, 2023	July 1 - September 30, 2023
Sponsorship expenses	12.456.686	-	-	-
Total	12.456.686	-	-	-

Notes to the Condensed Consolidated Financial Statements

As of and for the Period Ended September 30, 2024, and 2023

(Amounts expressed in Turkish lira ("TL") in terms of purchasing power of the TL at September 30, 2024 unless otherwise indicated.)

20. Marketing and general administrative expenses (cont'd)

b) General administrative expenses

For the periods ended September 30, 2024 and 2023, the details of general administrative expenses are as follows:

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

Personnel expenses	35.533.063	12.029.344	42.695.257	12.043.103
Consultancy expenses	25.175.271	13.954.121	24.292.500	5.698.114
Amortization and depreciation expenses (Note
13)	13.509.041	4.146.204	9.821.843	4.750.110
Rent expenses	11.961.080	3.169.259	10.793.925	3.045.059
Insurance expenses	5.257.934	1.432.824	2.686.398	299.283
Taxes, duties and other charges	5.162.832	1.423.432	9.575.588	1.763.431
Travel and accommodation expenses	4.152.066	3.516.219	4.644.379	856.973
Travel expenses	2.515.259	696.634	2.233.470	792.412
Maintenance and repair expenses	1.949.582	1.109.115	2.513.879	857.040
Outsourced benefits and services (*)	1.926.176	829.799	6.893.263	3.646.828
Contribution expenses	1.108.267	559.420	1.066.948	406.450
Donations and grants (**)	80.780	24.678	6.156.218	23.828
Other (***)	8.958.237	1.909.756	3.732.169	1.560.484

Total	117.289.588	44.800.805	127.105.837	35.743.115

(*) For the period ended September 30, 2023, outsourced benefits and services mainly consist of real estate valuation service expenses.

(**) For the period ended September 30, 2023, donations and grants mainly consist of donations related to Kahramanmaraş-centered earthquake on February 6, 2023.

(***) For the period ended September 30, 2024, other expenses mainly consist of capital market transaction expenses.

21. Other income and expenses from operating activities

a) Other income from operating activities

For the periods ended September 30, 2024 and 2023, the details of other income from operating activities are as follows:

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

Fair value differences of investment properties
(Note 12)	864.883.536	74.095.787	341.618.900	74.128.826
Foreign exchange gains	388.065.599	178.719.177	570.831.457	54.752.157
Taxes, duties and other charges refunds	3.657.253	-	4.939.552	4.042.893
Late interest income (*)	-	-	29.904.350	-
Provision no longer required	-	-	2.965.195	-
Other (**)	49.719	2.432	3.019.752	673.469
Total	1.256.656.107	252.817.396	953.279.206	133.597.345

(*) For the period ended September 30, 2023, late interest income consists of interest income related to trade receivables from UK Imperial Investment Ltd.

(**) For the period ended September 30, 2023, other expenses mainly consist of income arising from trade payables that will not be paid.

Notes to the Condensed Consolidated Financial Statements

As of and for the Period Ended September 30, 2024, and 2023

(Amounts expressed in Turkish lira ("TL") in terms of purchasing power of the TL at September 30, 2024 unless otherwise indicated.)

21. Other income and expenses from operating activities (cont'd)

b) Other expenses from operating activities

For the periods ended September 30, 2024 and 2023, the details of other expenses from operating activities are as follows:

	January 1 - September 30, 2024	July 1 - September 30, 2024	January 1 - September 30, 2023	July 1 - September 30, 2023
Fair value differences of investment properties (Note 12) Foreign exchange loss Taxes, duties and other charges Insurance compensation expenses Other	206.352.710 164.578.414 1.802.292 285.832 2.120.934	204.791.063 68.343.996 124.550 - 1.961.626	120.240.950 100.972.753 1.568.283 - 885.171	19.817.394 32.582.314 1.447.522 - 115.628
Total	375.140.182	275.221.235	223.667.157	53.962.858

22. Income and expenses from investing activities

a) Income from investing activities

For the periods ended September 30, 2024 and 2023, the details of income from investing activities are as follows:

	January 1 -	July 1 -	January 1 -	July 1 -
	September 30,	September 30,	September 30,	September 30,
	2024	2024	2023	2023
Profit from sales of funds (Note 5a)	33.010.765	7.462.783	21.238	21.238
Profit from sales of stocks (Note 5a)	24.458.920	10.369.553	-	-
Interest income from funds	68.248	-	-	-
Fair value gain of stocks (Note 5a)	20.368	-	-	-
Total	57.558.301	17.832.336	21.238	21.238

b) Expense from investing activities

For the periods ended September 30, 2024 and 2023, the details of expense from investing activities are as follows:

	January 1 - September 30, 2024	July 1 - September 30, 2024	January 1 - September 30, 2023	July 1 - September 30, 2023
Loss from sales of funds (Not 5a) Fair value loss of stocks (Note 5a) Loss from sales of property plant and equipment	25.336.344 10.844.516 325.710	- - 325.710	- - -	- - -
Total	36.506.570	325.710	-	-

Notes to the Condensed Consolidated Financial Statements

As of and for the Period Ended September 30, 2024, and 2023

(Amounts expressed in Turkish lira ("TL") in terms of purchasing power of the TL at September 30, 2024 unless otherwise indicated.)

23. Income and expenses from financing activities

a) Income from financing activities

For the periods ended September 30, 2024 and 2023, the details of income from financing activities are as follows:

	January 1 -	July 1 -	January 1 -	July 1 -
	September 30,	September 30,	September 30,	September 30,
	2024	2024	2023	2023
Interest income from time deposits	2.596.572	1.062.368	2.738.723	1.401.832
Late interest income	-	-	1.276.690	-
Other	72.851	69.923	4.492.490	1.426.430
Total	2.669.423	1.132.291	8.507.903	2.828.262

b) Expense from financing activities

For the periods ended September 30, 2024 and 2023, the details of expense from financing activities are as follows:

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

Interest and comission expenses related to
loans	130.519.008	36.297.315	49.770.782	16.588.846
Late interest expenses	77.290.590	26.675.454	50.357.255	6.551.408
Interest expenses related to commerical
papers	57.393.174	29.764.106	-	-
Interest and comission expenses related to
lease liabilities	55.167.988	15.796.090	39.500.064	11.563.919
Bank comission expenses	2.612.406	1.481.932	2.453.856	687.753
Taxes, duties and other charges	628.043	183.747	52.195	14.667
Interest expenses related to retirement
payment liability	73.913	23.255	157.259	26.088
Interest expense related to group companies	-	-	4.254.294	2.101.917
Interest expense arising other payables	-	-	2.025.309	-
Other	361.959	87.978	133.976	57.964

Total	324.047.081	110.309.877	148.704.990	37.592.562

Notes to the Condensed Consolidated Financial Statements

As of and for the Period Ended September 30, 2024, and 2023

(Amounts expressed in Turkish lira ("TL") in terms of purchasing power of the TL at September 30, 2024 unless otherwise indicated.)

24. Nature and level of risks arising from financial instruments

The primary financial instruments of the Group consist of bank loans, cash and short-term deposits. The main objective of the related financial instruments is to finance the Group's business activities. The Group also has other financial instruments such as trade receivables and trade payables arising directly from its operating activities.

a) Capital risk management

The Group manages its capital through the optimization of the debt and the equity balance that minimizes the financial risk.

Through the forecasts regularly prepared by the Group, the future capital amount, debt to equity ratio and similar ratios are forecasted and required precautions are taken to strengthen the capital.

The capital structure of the Group consists of debt which includes the financial liabilities disclosed in Note 4 cash and cash equivalents and equity attributable to equity holders of the parent company, comprising issued capital, reserves and retained earnings as disclosed in Note 15.

As of reporting date the net financial debt/ equity ratio is as follows:

	September 30, 2024	December 31, 2023

Financial liabilities	3.149.529.544	3.419.309.568
Less: Cash and cash equivalents	(69.646.879)	(78.932.053)

Net financial debt	3.079.882.665	3.340.377.515

Total equity	3.576.615.665	4.400.488.580

Net financial debt/ Total equity ratio	0,86	0,76

b) Financial risk factors

The Group's activities expose it to a variety of financial risks: foreign exchange risk, credit risk and liquidity risk. Group Management and Board of Directors examines and approves the policies on the management of risks stated below. In addition, the Group also considers the market risk of all of its financial instruments.

Notes to the Condensed Consolidated Financial Statements

As of and for the Period Ended September 30, 2024, and 2023

(Amounts expressed in Turkish lira ("TL") in terms of purchasing power of the TL at September 30, 2024 unless otherwise indicated.)

24. Nature and level of risks arising from financial instruments (cont'd)

b) Financial risk factors (cont'd)

b.1) Credit risk

Credit risk refers to the risk that counterparty will default on its contractual obligations resulting in financial loss to the Group. The Group has adopted a policy of only dealing with creditworthy counterparties and obtaining sufficient collateral where appropriate, as a means of mitigating the risk of financial loss from defaults.

Credit risk of receivables is managed by securing receivables with collaterals covering receivables at the highest possible proportion. Methods used are bank guarantees, mortgages and cheques-notes negotiated.

In credit risk control, for the customers which are not secured with collaterals, the credit quality of the customer is assessed by taking into account its financial position, past experience and other factors. Individual risk limits are set in accordance and the utilization of credit limits is regularly monitored.

Current period		Receivables	Bank	Financial
September 30, 2024	Trade receivables	Other receivables	deposits	investments
Maximum net credit risk as of balance sheet date (A+B+C+D+E) (*)	688.977.679	18.670.966	69.639.301	51.877.506
- The part of maximum risk under guarantee with collateral	-	-	-	-
A. Net book value of financial assets that are neither overdue nor impaired	688.977.679	18.670.966	69.639.301	51.877.506
B. Net book value of financial assets that are renegotiated	-	-	-	-
C. Net book value of financial assets that are overdue but not impaired	-	-	-	-
- The part of maximum risk under guarantee with collateral	-	-	-	-
D. Net book value of impaired asset	-	-	-	-
- Overdue (gross net book value)	-	-	-	-
- Impairment (-)	-	-	-	-
- The part of net value under guarantee with collateral etc	-	-	-	-
- Undue (gross net book value)	-	-	-	-
- Impairment (-)	-	-	-	-
- The part of net value under guarantee with collateral etc.	-	-	-	-
E. Credit risk off the statement of financial position	-	-	-	-

(*) The factors that increase the credit reliability, such as guarantee received are not considered in the determination of the balance.

Notes to the Condensed Consolidated Financial Statements

As of and for the Period Ended September 30, 2024, and 2023

(Amounts expressed in Turkish lira ("TL") in terms of purchasing power of the TL at September 30, 2024 unless otherwise indicated.)

24. Nature and level of risks arising from financial instruments (cont'd)

b) Financial risk factors (cont'd)

b.1) Credit risk (cont'd)

Prior period	Receivables		Bank	Financial
December 31, 2023	Trade receivables	Other receivables	deposits	investments
Maximum net credit risk as of balance sheet date (A+B+C+D+E) (*)	1.160.539.124	10.890.754	78.927.231	126.526.767
- The part of maximum risk under guarantee with collateral	-	-	-	-
A. Net book value of financial assets that are neither overdue nor impaired	1.160.539.124	10.890.754	78.927.231	126.526.767
B. Net book value of financial assets that are renegotiated	-	-	-	-
C. Net book value of financial assets that are overdue but not impaired	-	-	-	-
- The part of maximum risk under guarantee with collateral	-	-	-	-
D. Net book value of impaired asset	-	-	-	-
- Overdue (gross net book value)	-	-	-	-
- Impairment (-)	-	-	-	-
- The part of net value under guarantee with collateral etc	-	-	-	-
- Undue (gross net book value)	-	-	-	-
- Impairment (-)	-	-	-	-
- The part of net value under guarantee with collateral etc.	-	-	-	-
E. Credit risk off the statement of financial position	-	-	-	-

(*) The factors that increase the credit reliability, such as guarantee received are not considered in the determination of the balance.

Notes to the Condensed Consolidated Financial Statements

As of and for the Period Ended September 30, 2024, and 2023

(Amounts expressed in Turkish lira ("TL") in terms of purchasing power of the TL at September 30, 2024 unless otherwise indicated.)

24. Nature and level of risks arising from financial instruments (cont'd)

b) Financial risk factors (cont'd)

b.2) Liquidity risk

Liquidity risk is the risk of the Group not meeting its net funding requirements. The following tables detail the Group's remaining contractual maturity for its non-derivative financial liabilities. The tables have been drawn up based on the undiscounted cash flows of financial liabilities based on the earliest date on which the Group can be required to pay. The table includes both interest and principal cash flows.

The Group management eliminates of the liquidity risk with the principle of managing the balance sheet in accordance with the expected cash flow by keeping sufficient cash and cash equivalents for daily transactions and ensuring the availability of high quality credit providers. The Group management also tries to adjust the maturity structures of the financial debts used for construction costs and investment property development according to the cash flow of the incomes to be obtained from these real estates as much as possible.

As of September 30, 2024 and December 31, 2023 the maturity analysis of the financial liabilities is as follows:

September 30, 2024	Carrying value	Total cash outflow according to contract (I+II+III)	Less than 3 months (I)	3-12 months (II)	1-5 years (III)	More than 5 years (IV)
Non derivative financial liabilities
Bank loans	2.509.333.163	2.586.088.182	180.591.661	220.599.069	2.184.897.452	-
Commercial paper	264.212.044	315.000.000	-	315.000.000	-	-
Lease liabilities	375.984.337	801.626.457	12.726.091	40.028.273	87.856.168	661.015.925
Trade payables	209.137.707	209.137.707	188.016.778	21.120.929	-	-
Other payables	760.615.390	760.615.390	2.924.106	412.563.745	345.127.539	-
Total liabilities	4.119.282.641	4.672.467.736	384.258.636	1.009.312.016	2.617.881.159	661.015.925
		Total cash outflow according to contract	Less than 3	3-12	1-5	More than 5
December 31, 2023	Carrying value	(I+II+III)	months (I)	months (II)	years (III)	years (IV)
Non derivative financial liabilities
Bank loans	2.913.673.833	2.942.754.979	30.012.973	184.292.381	2.728.449.625	-
Lease liabilities	505.635.735	1.138.655.652	15.586.375	51.262.970	143.063.372	928.742.935
Trade payables	164.087.558	164.087.558	137.805.111	26.282.447	-	-

Other payables 323.323.373 323.323.373 41.992.454 2.216.745 279.114.174 - Total liabilities 3.906.720.499 4.568.821.562 225.396.913 264.054.543 3.150.627.171 928.742.935

Notes to the Condensed Consolidated Financial Statements

As of and for the Period Ended September 30, 2024, and 2023

(Amounts expressed in Turkish lira ("TL") in terms of purchasing power of the TL at September 30, 2024 unless otherwise indicated.)

24. Nature and level of risks arising from financial instruments (cont'd)

b) Financial risk factors (cont'd)

b.3) Interest rate risk

Changes in interest rates create significant risks over financial results with due to the impact on interest sensitive assets and liabilities. These exposures are managed by establishing a fixed-floating balance in the consolidated financial statements and balancing interest rate sensitive assets and maturity with inter balance sheet items.

As of September 30, 2024 and December 31, 2023 interest rate table of financial instruments is as follow:

	September 30, 2024	December 31, 2023
Fixed interest rate financial assets Time deposits (Note 4)	13.880.608	751.561
Fixed interest rate financial liabilities Bank loans (Note 6)	2.461.821.595	2.771.320.702
Floating interest rate financial liabilities Bank loans (Note 6)	47.511.568	142.353.131

The Group's floating rate bank loans are exposed to interest rate risk depending on interest rate changes. Interest rates of floating interest rate bank loans as of September 30, 2024 and December 31, 2023 are %2,90+3 months libor (Note 6).

b.4) Foreign currency risk

The Group is exposed to foreign exchange risk arising from foreign currency transactions.

As of September 30, 2024 and December 31, 2023 details of foreign currency positions of assets and liabilities of the Group are as follows:

	Current period
	September 30, 2024
Foreign exchange position	TL equivalent	USD	EUR	GBP
1. Monetary financial assets	3.931.488	3.569	93.090	5.944
2. Trade receivables	667.246.077	-	16.300.000	1.044.177
3. Other receivables	48.767	-	-	1.071
4. Current assets (1+2+3)	671.226.332	3.569	16.393.090	1.051.192
5. Other receivables	1.670.689.438	-	43.944.696	-
6. Non-current assets (5)	1.670.689.438	-	43.944.696	-
7. Total assets (4+6)	2.341.915.770	3.569	60.337.786	1.051.192
8. Trade payables	(279.342)	-	(7.348)	-
9. Other payables	(938.639.951)	-	(24.689.356)	-
10. Current liabilities (8+9)	(938.919.293)	-	(24.696.704)	-
11. Total liabilities (10)	(938.919.293)	-	(24.696.704)	-
12. Net foreign currency (liability)/ asset
(7+11)	1.402.996.477	3.569	35.641.082	1.051.192

Notes to the Condensed Consolidated Financial Statements

As of and for the Period Ended September 30, 2024, and 2023

(Amounts expressed in Turkish lira ("TL") in terms of purchasing power of the TL at September 30, 2024 unless otherwise indicated.)

24. Nature and level of risks arising from financial instruments (cont'd)

b) Financial risk factors (cont'd)

b.4) Foreign currency risk (cont'd)

	Prior period
		December 31, 2023
Foreign exchange position	TL equivalent	USD	EUR	GBP
1. Monetary financial assets	1.487.139	5.503	16.197	10.816
2. Trade receivables	1.137.367.218	-	24.500.000	1.044.177
3. Other receivables	93.903	-	-	1.846
4. Current assets (1+2+3)	1.138.948.260	5.503	24.516.197	1.056.839
5. Other receivables	1.616.459.332	-	36.525.896	-
6. Non-current assets (5)	1.616.459.332	-	36.525.896	-
7. Total assets (4+6)	2.755.407.592	5.503	61.042.093	1.056.839
8. Trade payables	(420.336)	-	(9.498)	-
9. Other payables	(1.098.161.952)	-	(24.814.326)	-
10. Current liabilities (8+9)	(1.098.582.288)	-	(24.823.824)	-
11. Total liabilities (10)	(1.098.582.288)	-	(24.823.824)	-
12. Net foreign currency (liability)/ asset
(7+11)	1.656.825.304	5.503	36.218.269	1.056.839

Foreign currency sensitivity

The Group is exposed to foreign exchange risk arising from various currency exposures, primarily with respect to the USD, EUR and GBP.

In foreign currency sensitivity analysis gain/ loss section as of September 30, 2024 and December 31, 2023, the exposure of the 10% loss/ gain of Turkis lira against foreign currencies on the comprehensive financial income statement is disclosed. During the foreign currency sensitivity analysis, all variables, especially interest rates are assumed to be fixed.

Foreign currency sensitivity table
Current period	September 30, 2024
	Profit/ (loss)
	Appreciation of foreign Depreciation of foreign
	currency	currency
US dollar against Turkish lira by 10%
1- US dollar denominated net assets/ (liabilities)	12.167	(12.167)
2- Hedged amount against US dollar risk (-)	-	-
3- Net effect of USD (1+2)	12.167 (12.167)
EUR against Turkish lira by 10%
4- EUR denominated net assets/ (liabilities)	135.500.267	(135.500.267)
5- Hedged amount against EUR risk (-)	-	-
6- Net effect of EUR (4+5)	135.500.267	(135.500.267)
GBP against Turkish lira by 10%
7- GBP denominated net assets/ (liabilities)	4.787.214	(4.787.214)
8- Hedged amount against GBP risk (-)	-	-
9- Net effect of GBP (7+8)	4.787.214	(4.787.214)
Total (3+6+9)	140.299.648	(140.299.648)

Notes to the Condensed Consolidated Financial Statements

As of and for the Period Ended September 30, 2024, and 2023

(Amounts expressed in Turkish lira ("TL") in terms of purchasing power of the TL at September 30, 2024 unless otherwise indicated.)

24. Nature and level of risks arising from financial instruments (cont'd)

b) Financial risk factors (cont'd)

b.4) Foreign currency risk (cont'd)

Foreign currency sensitivity (cont'd)

Foreign currency sensitivity table
Prior period	December 31, 2023
	Profit/ (loss)
	Appreciation of foreign	Depreciation of foreign
	currency	currency
US dollar against Turkish lira by 10%
1- US dollar denominated net assets/ (liabilities)	22.009	(22.009)
2- Hedged amount against US dollar risk (-)	-	-
3- Net effect of USD (1+2)	22.009	(22.009)
EUR against Turkish lira by 10%
4- EUR denominated net assets/ (liabilities)	160.284.527	(160.284.527)
5- Hedged amount against EUR risk (-)	-	-
6- Net effect of EUR (4+5)	160.284.527	(160.284.527)
GBP against Turkish lira by 10%
7- GBP denominated net assets/ (liabilities)	5.375.994	(5.375.994)
8- Hedged amount against GBP risk (-)	-	-
9- Net effect of GBP (7+8)	5.375.994	(5.375.994)
Total (3+6+9)	165.682.530	(165.682.530)

25. Subsequent events

On October 1, 2024, the Company issued a commercial paper with the ISIN code TRFPEGY22510, an annual compound interest rate of 69.60%, a nominal amount of 100.000.000 Turkish liras, a maturity date of February 28, 2025, and a coupon-free commercial paper to qualified investors. In addition, on November 1, 2024, the Company issued a commercial paper with the ISIN code TRFPEGY42518, a Turkish lira reference interest rate, a nominal amount of 100.000.000 Turkish liras, a maturity date of April 30, 2025, and a quarterly coupon payment paper to qualified investors.

GG Gayrimenkul Geliştirme İnşaat İşletmecilik A.Ş. ("GG Gayrimenkul"), one of the subsidiaries of the Company, DİGH Maslak İnsaat Proje Danışmanlık Ltd. ("DİGH Maslak") was merged in accordance with the facilitated merger provisions in accordance with the relevant provisions of the Turkish Commercial Code and the Corporate Tax Law, and the relevant merger was registered and announced in the Turkish Trade Registry Gazette dated October 18, 2024 and numbered 14256. In addition; due to the merger of GG Gayrimenkul and DİGH Maslak within DİGH Maslak, there is no need for the facilitated merger of the Company and GG Gayrimenkul, which was decided at the Company's board meeting dated 16 September 2024 and numbered 2024/21, the merge was decided to cancel.

AI Terminal

PEKER GAYRİMENKUL YATIRIM ORTAKLIĞI A.Ş.

8857_rns_2024-11-07_69b798ed-6048-48cc-afc9-c3609172782e.pdf

Peker Gayrimenkul Yatırım Ortaklığı Anonim Şirketi and Its Subsidiaries

Index

Page

Condensed Consolidated Statements of Financial Position

Condensed Consolidated Statements of Financial Position

Condensed Consolidated Statements of Profit or Loss and Other Comprehensive Income For the Period Ended September 30, 2024, and 2023

Condensed Consolidated Statements of Changes in Shareholder' Equity

Condensed Consolidated Statements of Cash Flows

Notes to the Condensed Consolidated Financial Statements

1. Group's organisation and nature of operations

Notes to the Condensed Consolidated Financial Statements

1. Group's organisation and nature of operations (cont'd)

GG Gayrimenkul Geliştirme İnşaat İşletmecilik A.Ş. ("GG Gayrimenkul")

Peker GMBH

OXO Invesment GMBH

Blue Stone Investment GMBH

Nordstern Düsseldorf GMBH

Peker GYO Spain SL

Peker GYO Global GMBH

Notes to the Condensed Consolidated Financial Statements

2. Basis of presentation of the consolidated financial statements

2.1 Basis of presentation

Financial reporting in hyperinflationary economies

Notes to the Condensed Consolidated Financial Statements

2. Basis of presentation of the consolidated financial statements (cont'd)

2.1 Basis of presentation (cont'd)

Yüksek enflasyon dönemlerinde finansal tabloların düzeltilmesi (devamı)

Functional and reporting presentation currency

Notes to the Condensed Consolidated Financial Statements

2. Basis of presentation of the consolidated financial statements (cont'd)

2.1 Basis of presentation (cont'd)

Going concern

Approval of the consolidated financial statements

2.2 New and amended standards and interpretations

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

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

Notes to the Condensed Consolidated Financial Statements

2. Basis of presentation of the consolidated financial statements (cont'd)

2.3 Comparative information and restatement of consolidated financial statements with prior periods

2.4 Restatement and errors in the accounting policies and estimates

2.5 Summary of significant accounting policies

3. Segment reporting

Notes to the Condensed Consolidated Financial Statements

4. Cash and cash equivalents

Notes to the Condensed Consolidated Financial Statements

5. Financial investments

a) Short-term financial investments

Notes to the Condensed Consolidated Financial Statements

5. Financial investments (cont'd)

a) Short-term financial investments (cont'd)

b) Long-term financial investments

6. Financial liabilities

Notes to the Condensed Consolidated Financial Statements

6. Financial liabilities (cont'd)

Notes to the Condensed Consolidated Financial Statements

6. Financial liabilities (cont'd)

Notes to the Condensed Consolidated Financial Statements

6. Financial liabilities (cont'd)

Notes to the Condensed Consolidated Financial Statements

7. Trade receivables and payables

a) Short-term trade receivables

b) Short-term trade payables

Notes to the Condensed Consolidated Financial Statements

8. Other receivables and payables

a) Short-term other receivables

b) Long-term other receivables

c) Short-term other payables

d) Long-term other payables

Notes to the Condensed Consolidated Financial Statements

9. Inventories

Notes to the Condensed Consolidated Financial Statements

10. Prepaid expenses and contract liabilities

a) Short-term prepaid expenses

b) Long-term prepaid expenses

c) Contract liabilities

d) Deferred income

Notes to the Condensed Consolidated Financial Statements