Annual / Quarterly Financial Statement • May 10, 2024
Annual / Quarterly Financial Statement
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| Audited | Audited | ||
|---|---|---|---|
| Notes | 31.December.23 | 31.December.22 | |
| ASSETS | |||
| CURRENT ASSETS | 6.519.447.512 | 1.925.847.137 | |
| Cash and cash equivalents | 4 | 897.670.393 | 1.424.696.083 |
| Financial Investments | 5 | -- | 186.516.170 |
| Trade receivables | |||
| - Trade receivables from third parties | 7 | 89.747.900 | 271.297.442 |
| Other receivables | |||
| - Other receivables from third parties | 8 | 4.044.058 | 13.044.564 |
| Inventories | 12 | 5.163.063.442 | 183.101 |
| Prepaid expenses | 9 | 75.006.855 | 13.817.723 |
| Current income tax assets | 10 | 18.502.872 | 16.287.824 |
| Other current assets | 10 | 271.411.992 | 4.230 |
| NON-CURRENT ASSETS | 8.418.795.260 | 10.461.910.621 | |
| Trade receivables | |||
| - Trade receivables from third parties | 7 | -- | 50.092.808 |
| Other receivables | |||
| - Other receivables from third parties | 8 | 1.073.809 | 81.355 |
| Inventories | 12 | 1.293.277.106 | 4.042.860.285 |
| Investment properties | 11 | 6.675.359.935 | 5.691.130.624 |
| Tangible assets | 13 | 9.711.572 | 5.163.680 |
| Intangible assets | |||
| - Other intangible assets | 14 | 2.266.003 | 4.144.695 |
| Prepaid expenses | 9 | 288.659.531 | 441.898.468 |
| Other non-current assets | 10 | 148.447.304 | 226.538.706 |
| TOTAL ASSETS | 14.938.242.772 | 12.387.757.758 |
| LIABILITIES Notes 31.December.23 31.December.22 CURRENT LIABILITIES 3.847.225.792 973.853.693 Short-term portion of long-term borrowings - Short-term portion of long-term borrowings from related 3,6 103.625.930 170.789.425 parties - Short-term portion of long-term borrowings from third 6 -- 18.760.698 parties Trade payables - Trade payables to related parties 3,7 177.910 239.377 - Trade payables to third parties 7 609.344.921 511.021.126 Payables for employee benefits 2.283.077 1.462.302 Other payables - Other payables to third parties 8 13.655.735 41.448.156 Deferred revenue (Other than contract liabilities) - Deferred revenue to related parties 3,17 187.876.235 157.364.387 - Deferred revenue to third parties 17 2.886.047.452 17.785.500 Short term provisions - Short-term provisions for employee benefits 16 3.876.596 3.160.882 Other current liabilities 17 40.337.936 51.821.840 NON-CURRENT LIABILITIES 286.438.130 2.731.743.579 Long term borrowings - Long term borrowings from related parties 3,6 10.139.115 168.154.789 Other Payables - Other payables to third parties 8 25.054.567 73.253.909 Deferred revenue (Other than contract liabilities) - Deferred revenue from third parties 17 227.562.631 2.486.370.476 Long term provisions - Long-term provisions for employee benefits 16 3.214.981 3.964.405 - Other long-term provisions 16 20.466.836 -- TOTAL LIABILITIES 4.133.663.922 3.705.597.272 EQUITY 10.804.578.850 8.682.160.486 Paid-in capital 18 2.950.000.000 1.145.000.000 Adjustment to share capital 18 6.603.303.653 4.413.435.184 Share premiums 18 23.027.353 2.182.307.247 Other comprehensive income not to be reclassified to profit or loss - (Loss) / gain on remeasurement of employee benefits 18 (1.658.103) (918.082) Restricted reserves appropriated from profit 145.648.453 96.408.521 Retained earnings (251.313.643) (900.681.627) Net profit for the year 1.335.571.137 1.746.609.243 |
Audited | Audited | ||
|---|---|---|---|---|
| TOTAL LIABILITIES AND EQUITY | 14.938.242.772 | 12.387.757.758 |
| Audited | Audited | ||
|---|---|---|---|
| 1 January - | 1 January - | ||
| 31.December | 31.December | ||
| Notes | 2023 | 2022 | |
| Profit/loss | |||
| Revenue | 19 | 1.418.174.227 | 6.733.685.660 |
| Cost of sales (-) | 19 | (648.551.185) | (5.827.325.653) |
| Gross Profit | 769.623.042 | 906.360.007 | |
| General administrative expenses (-) | 20 | (154.349.748) | (64.294.582) |
| Marketing expenses (-) | 20 | (67.332.385) | (94.686.084) |
| Other operating income from operating activities | 21 | 1.389.869.991 | 792.679.923 |
| Other operating expenses from operating activities (-) | 21 | (308.314.609) | (64.170.617) |
| Operating Profit | 1.629.496.291 | 1.475.888.647 | |
| Operating Profit Before Financial Income | 1.629.496.291 | 1.475.888.647 | |
| Financial expenses (-) | 23 | (93.053.441) | (40.984.925) |
| Profit from continuing operations before tax | (93.053.441) | (40.984.925) | |
| Profit/Loss Before Taxes From Continuing Operations | 1.536.442.850 | 1.434.903.722 | |
| Monetary Gain / (Loss) | (200.871.713) | 311.705.521 | |
| Net Profit for the Year | 1.335.571.137 | 1.746.609.243 | |
| OTHER COMPREHENSIVE (LOSS)/INCOME | |||
| Other comprehensive income not to be reclassified | |||
| to profit or loss | |||
| - Gain or loss from the remeasurement of employee | 16 | (740.021) | (918.082) |
| benefits | |||
| TOTAL OTHER COMPREHENSIVE INCOME | (740.021) | (918.082) | |
| TOTAL COMPREHENSIVE INCOME | 1.334.831.116 | 1.745.691.161 | |
| Earnings per share (in full TRY) | 25 | 0,514 | 1,525 |
| (Amounts expressed in Turkish Lira ("TRY") in terms of purchasing power of the TL at 31 December 2023 unless otherwise indicated.) | ||||||||
|---|---|---|---|---|---|---|---|---|
| Other | ||||||||
| comprehensive | Retained Earnings | |||||||
| Paid in Capital |
Adjustment to share capital |
Share premium | income Remeasurement of employee benefits |
Restricted Reserves |
Retained Earnings |
Net Profit for the year |
Total Equity | |
| Balances as of 1 January 2022 | 1.000.000.000 | 4.029.437.764 | 2.182.307.247 | -- | 80.505.857 | (1.640.627.994) | 1.284.846.451 | 6.936.469.325 |
| Capital increase | 145.000.000 | 383.997.420 | -- | -- | -- | (528.997.420) | -- | -- |
| Transfers | -- | -- | -- | -- | 15.902.664 | 1.268.943.787 | (1.284.846.451) | -- |
| Total comprehensive income | -- | -- | -- | (918.082) | -- | -- | 1.746.609.243 | 1.745.691.161 |
| Balances as of 31 December 2022 | 1.145.000.000 | 4.413.435.184 | 2.182.307.247 | (918.082) | 96.408.521 | (900.681.627) | 1.746.609.243 | 8.682.160.486 |
| Balances as of 1 January 2023 | 1.145.000.000 | 4.413.435.184 | 2.182.307.247 | (918.082) | 96.408.521 | (900.681.627) | 1.746.609.243 | 8.682.160.486 |
| Capital increase through equity components | 1.232.500.000 | 1.974.781.221 | (2.159.279.894) | -- | -- | (1.048.001.327) | -- | -- |
| Capital increase | 572.500.000 | 215.087.248 | -- | -- | -- | -- | -- | 787.587.248 |
| Transfers | -- | -- | -- | -- | 49.239.932 | 1.697.369.311 | (1.746.609.243) | -- |
| Total comprehensive income | -- | -- | -- | (740.021) | -- | -- | 1.335.571.137 | 1.334.831.116 |
| Balances as of 31 December 2023 | 2.950.000.000 | 6.603.303.653 | 23.027.353 | (1.658.103) | 145.648.453 | (251.313.643) | 1.335.571.137 | 10.804.578.850 |
| Audited | Audited | ||
|---|---|---|---|
| 1 January – | 1 January - | ||
| Notes | 31.December.23 | 31.December.22 | |
| A. Cash flows from operating activities: | (735.466.649) | 1.947.294.172 | |
| Profit for the year | 1.335.571.137 | 1.746.609.243 | |
| Adjustments to reconcile net profit | (620.228.777) | 849.705.007 | |
| Depreciation and amortization expenses | 13, 14 | 3.753.455 | 2.969.269 |
| Adjustments related to provisions for employee benefits | 16 | 2.566.420 | 2.981.679 |
| Adjustments related to impairment on Loss (Reversal of Impairment | 20 | 255.344.723 | 6.270.189 |
| Loss) of Inventories | |||
| Adjustments to provision for expected credit loss | 4, 7 | 86.231 | 1.549.797 |
| Adjustment related to interest income and expenses | 19,23 | (360.315.923) | (409.440.150) |
| Adjustment related to the fair value gain | |||
| Adjustments related to fair value gain on investment properties | 11,21 | (1.346.917.980) | (731.916.259) |
| Adjustments related to gain/loss | |||
| Monetary Gain/Loss | 825.254.297 | 1.977.290.482 | |
| Changes in net working capital | (1.449.079.182) | (648.700.897) | |
| Adjustments related to increase/(decrease) in receivables | 231.624.042 | (144.418.918) | |
| Adjustments related to (increase)/ decrease in inventories | (2.070.903.717) | 365.525.733 | |
| Adjustments related to increase in prepaid expenses | 92.049.805 | 837.532.922 | |
| Adjustments related to increase/decrease in trade payables | 98.262.328 | (465.915.683) | |
| Adjustments related to increase in other payables from operating | (75.991.763) | (2.787.400) | |
| activities | |||
| Adjustments related to deferred income | 639.965.955 | (1.484.903.818) | |
| Adjustments related to increase/(decrease) in other working capital | (364.085.832) | 246.266.267 | |
| Cash (used in)/provided from operations | (733.736.822) | 1.947.613.353 | |
| Employment termination benefits paid | 16 | (1.729.827) | (319.181) |
| B. Cash Flows from Investing Activities | |||
| Cash inflow arising from sales of tangible and intangible assets | 13,14 | 212.892 | -- |
| Cash outflow from acquisition of property, plant and equipment's | |||
| and intangible assets | |||
| Cash outflow from acquisition of property, plant and equipment's | 13 | (5.989.038) | (1.455.787) |
| Cash outflow from acquisition of intangible assets | 14 | (646.509) | (1.521.726) |
| Cash outflow from acquisition of investments properties | -- | 9.169.982 | |
| Cash inflow arising from sales of investment property | (235.049.499) | (1.866.870.629) | |
| C. Cash flows from financing activities | 1.165.709.741 | (87.436.941) | |
| Cash inflow from sale of property shares and | 787.587.248 | -- | |
| Instruments based on other equity | |||
| Cash outflow from borrowings | 26 | (128.640.825) | (193.063.910) |
| Interest paid | 459.685.732 | 372.140.964 | |
| Interest received | (93.000.276) | (49.017.027) | |
| Cash inflows/outflows from other financial instruments | 140.077.862 | (217.496.968) | |
| Change in cash and cash equivalents (A+B+C) | 188.770.938 | (820.929) | |
| Inflation effect on cash and cash equivalents | (709.034.518) | (879.094.744) | |
| Cash and cash equivalents at the beginning of the period | 4 | 1.407.617.332 | 2.287.533.005 |
| Cash and cash equivalents at the end of the period (A+B+C+D) | 4 | 887.353.752 | 1.407.617.332 |
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