Quarterly Report • Oct 25, 2024
Quarterly Report
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| Not Reviewed | Audited | ||
|---|---|---|---|
| Notes | 30 September | 31 December | |
| 2024 | 2023 | ||
| ASSETS | |||
| CURRENT ASSETS | 4.045.656.718 | 8.857.343.593 | |
| Cash and cash equivalents | 4 | 1.326.519.702 | 1.219.578.053 |
| Trade receivables | |||
| - Trade receivables from third parties | 7 | 1.057.669.887 | 121.931.803 |
| Other receivables | |||
| - Other receivables from third parties | 8 | 6.711.370 | 5.494.271 |
| Inventories | 12 | 1.520.980.004 | 7.014.555.575 |
| Prepaid expenses | 9 | 64.683.178 | 101.904.569 |
| Current income tax assets | 10 | 13.581.240 | 25.138.065 |
| Other current assets | 10 | 55.511.337 | 368.741.257 |
| NON-CURRENT ASSETS | 15.344.135.512 | 11.437.803.910 | |
| Trade receivables | |||
| - Trade receivables from third parties | 7 | 9.848.455 | -- |
| Other receivables | |||
| - Other receivables from third parties | 8 | 2.515.355 | 1.458.881 |
| Inventories | 12 | 1.815.014.320 | 1.757.050.680 |
| Investment properties | 11 | 13.128.106.822 | 9.069.166.740 |
| Tangible assets | 13 | 13.437.176 | 13.194.175 |
| Intangible assets | |||
| - Other intangible assets | 14 | 1.246.773 | 3.078.599 |
| Prepaid expenses | 9 | 366.321.294 | 392.173.822 |
| Other non-current assets | 10 | 7.645.317 | 201.681.013 |
| TOTAL ASSETS | 19.389.792.230 | 20.295.147.503 |
| Not Reviewed | Audited | ||
|---|---|---|---|
| LIABILITIES | Notes | 30 September 2024 |
31 December 2023 |
| CURRENT LIABILITIES | 1.658.739.267 | 5.226.854.062 | |
| Short-term portion of long-term borrowings | |||
| - Short-term portion of long-term borrowings from related | |||
| parties | 3,6 | 37.967.090 | 140.786.541 |
| Trade payables | |||
| - Trade payables to related parties | 3,7 | 1.000.153 | 241.709 |
| - Trade payables to third parties | 7 | 235.594.818 | 827.858.085 |
| Payables for employee benefits | 1.688.552 | 3.101.796 | |
| Other payables | |||
| - Other payables to third parties | 8 | 7.227.694 | 18.552.728 |
| Deferred revenue (Other than contract liabilities) | |||
| - Deferred revenue to related parties | 3,17 | 539.308.039 | 255.249.293 |
| - Deferred revenue to third parties | 17 | 819.042.351 | 3.920.993.897 |
| Short term provisions | |||
| - Short-term provisions for employee benefits | 16 | 4.991.894 | 5.266.757 |
| Other current liabilities | 17 | 11.918.676 | 54.803.256 |
| NON-CURRENT LIABILITIES | 120.457.639 | 389.155.818 | |
| Long term borrowings | |||
| - Long term borrowings from related parties | 3,6 | -- | 13.775.036 |
| Other Payables | |||
| - Other payables to third parties | 8 | 34.476.557 | 34.039.220 |
| Deferred revenue (Other than contract liabilities) | |||
| - Deferred revenue from third parties | 17 | 61.978.208 | 309.167.365 |
| Long term provisions | |||
| - Long-term provisions for employee benefits | 16 | 3.536.038 | 4.367.884 |
| - Other long-term provisions | 16 | 20.466.836 | 27.806.313 |
| TOTAL LIABILITIES | 1.779.196.906 | 5.616.009.880 | |
| EQUITY | 17.610.595.324 | 14.679.137.623 | |
| Paid-in capital | 18 | 3.450.000.000 | 2.950.000.000 |
| Adjustment to share capital | 18 | 10.029.150.876 | 10.029.150.876 |
| Share premiums | 18 | 31.285.041 | 31.285.041 |
| Other comprehensive income not to be reclassified | |||
| to profit or loss | |||
| - (Loss) / gain on remeasurement of employee benefits | 18 | (2.696.772) | (2.252.704) |
| Restricted reserves appropriated from profit | 225.195.035 | 197.878.486 | |
| Retained earnings | 945.759.375 | (341.435.571) | |
| Net profit for the year | 2.931.901.769 | 1.814.511.495 | |
| TOTAL LIABILITIES AND EQUITY | 19.389.792.230 | 20.295.147.503 |
| Not Reviewed | Not Reviewed | Not Reviewed | Not Reviewed | |
|---|---|---|---|---|
| 1 January | 1 January | |||
| 2024 - | 1 July 2024 - | 2023 - | 1 July 2023 - | |
| 30 September | 30 September | 30 September | 30 September | |
| 2024 | 2024 | 2023 | 2023 | |
| PROFIT / LOSS | ||||
| Revenue | 5.798.066.873 | 1.309.590.050 | 687.943.167 | 281.800.416 |
| Cost of sales (-) | (5.253.775.412) | (1.154.853.933) | (7.827.278) | (1.811.401) |
| Gross Profit | 544.291.461 | 154.736.117 | 680.115.889 | 279.989.015 |
| General administrative expenses (-) | (153.905.880) | (51.432.942) | (109.068.612) | (47.169.797) |
| Marketing expenses (-) | (35.412.976) | (8.756.282) | (40.660.780) | (10.965.649) |
| Other operating income | 4.045.734.850 | 910.921.439 | 436.435.539 | 116.995.372 |
| Other operating expense (-) | (956.231.948) | (383.167.598) | (2.914.609.458) | (1.043.325.838) |
| Operating Income/(Expenses) | 3.444.475.507 | 622.300.734 | (1.947.787.422) | (704.476.897) |
| Operating Profit Before Financial Income / (Expenses) |
3.444.475.507 | 622.300.734 | (1.947.787.422) | (704.476.897) |
| Financial expenses (-) | (15.161.846) | (3.264.582) | (18.895.708) | (4.521.509) |
| Financial Income / (Expenses), Net | (15.161.846) | (3.264.582) | (18.895.708) | (4.521.509) |
| Profit From Continuing Operations Before Tax | 3.429.313.661 | 619.036.152 | (1.966.683.130) | (708.998.406) |
| Monetary Gain / (Loss) | (497.411.892) | 1.731.398 | (1.153.529.961) | (806.413.799) |
| Net Profit for the Year | 2.931.901.769 | 620.767.550 | (3.120.213.091) | (1.515.412.205) |
| OTHER COMPREHENSIVE (LOSS)/INCOME |
||||
| Other comprehensive income not to be reclassified to profit or loss |
||||
| - Gain or loss from the remeasurement of employee benefits |
(444.068) | (191.418) | 318.432 | 572.159 |
| TOTAL OTHER COMPREHENSIVE | ||||
| (LOSS)/INCOME TOTAL COMPREHENSIVE INCOME |
(444.068) 2.931.457.701 |
(191.418) 620.576.132 |
318.432 (3.119.894.659) |
572.159 (1.514.840.046) |
| Earnings per share (in full TRY) | 0,850 | 0,180 | (1,260) | (0,612) |
| (Amounts expressed in Turkish Lira ("TRY") in terms of purchasing power of the TL at 30 September 2024 unless otherwise indicated.) |
||||||||
|---|---|---|---|---|---|---|---|---|
| Other | ||||||||
| comprehensive | Retained Earnings | |||||||
| income | ||||||||
| Paid in Capital |
Adjustment to share capital |
Share premium | Remeasurement of employee benefits |
Restricted Reserves |
Retained Earnings |
Net Profit for the year |
Total Equity | |
| Balances as of 1 January 2023 | 1.145.000.000 | 6.406.708.971 | 2.964.890.056 | (1.247.309) | 130.980.945 | (1.223.669.125) | 2.372.949.265 | 11.795.612.803 |
| Capital increase through equity components | 1.232.500.000 | 3.124.782.349 | (2.933.605.015) | -- | -- | (1.423.677.334) | -- | -- |
| Capital increase | 572.500.000 | 497.518.719 | -- | -- | -- | -- | -- | 1.070.018.719 |
| Transfers | -- | -- | -- | -- | 66.897.541 | 2.306.051.724 | (2.372.949.265) | -- |
| Total comprehensive income | -- | -- | -- | 318.432 | -- | -- | (3.120.213.091) | (3.119.894.659) |
| Balances as of 30 September 2023 |
2.950.000.000 | 10.029.010.039 | 31.285.041 | (928.877) | 197.878.486 | (341.294.735) | (3.120.213.091) | 9.745.736.863 |
| Balances as of 1 January 2024 | 2.950.000.000 | 10.029.150.876 | 31.285.041 | (2.252.704) | 197.878.486 | (341.435.571) | 1.814.511.495 | 14.679.137.623 |
| Capital increase through equity components | 500.000.000 | -- | -- | -- | -- | (500.000.000) | -- | -- |
| Transfers | -- | -- | -- | -- | 27.316.549 | 1.787.194.946 | (1.814.511.495) | -- |
| Total comprehensive income | -- | -- | -- | (444.068) | -- | -- | 2.931.901.769 | 2.931.457.701 |
| Balances as of 30 September 2024 |
3.450.000.000 | 10.029.150.876 | 31.285.041 | (2.696.772) | 225.195.035 | 945.759.375 | 2.931.901.769 | 17.610.595.324 |
| Not Reviewed | Not Reviewed | ||
|---|---|---|---|
| 1 January – | 1 January - | ||
| Notes | 30 September | 30 September | |
| 2024 | 2023 | ||
| A. Cash flows from operating activities: | 226.169.916 | (680.353.152) | |
| Profit for the year | 2.931.901.769 | (3.120.213.091) | |
| Adjustments to reconcile net profit | (3.166.119.063) | 3.125.148.952 | |
| Depreciation and amortization expenses | 13, 14 | 3.757.530 | 3.720.537 |
| Adjustments related to provisions for employee benefits | 16 | 2.190.656 | 2.662.919 |
| Adjustments related to impairment on Loss (Reversal of Impairment | 20 | (327.070.924) | 418.561.058 |
| Loss) of Inventories | |||
| Adjustments to provision for expected credit loss | 4, 7 | 2.244.087 | 140.825 |
| Adjustment related to interest income and expenses | 19,23 | (284.113.257) | (438.286.509) |
| Adjustment related to the fair value gain | |||
| Adjustments related to fair value gain on investment properties | 11,21 | (2.754.993.620) | 2.066.796.903 |
| Adjustments Related to Losses (Gains) on Disposal of Non-Current Assets | |||
| Adjustments Related to Losses (Gains) on Disposal of Property, Plant and | -- | (176.425) | |
| Equipment | |||
| Monetary Gain/Loss Changes in net working capital |
191.866.465 462.006.790 |
1.071.729.644 (684.695.465) |
|
| Adjustments related to increase/(decrease) in receivables | (947.830.626) | 323.591.482 | |
| Adjustments related to (increase)/ decrease in inventories | 4.522.451.933 | (3.076.757.077) | |
| Adjustments related to increase in prepaid expenses | 63.073.919 | 205.872.448 | |
| Adjustments related to increase/decrease in trade payables | (591.504.823) | (8.947.499) | |
| Adjustments related to increase in other payables from operating | (10.887.697) | (98.747.225) | |
| activities | |||
| Adjustments related to deferred income | (3.065.081.957) | 2.130.379.535 | |
| Adjustments related to increase/(decrease) in other working capital | 491.786.041 | (160.087.129) | |
| Cash (used in)/provided from operations | 227.789.496 | (679.759.604) | |
| Employment termination benefits paid | 16 | (1.619.580) | (593.548) |
| B. Cash Flows from Investing Activities | (65.884.245) | (116.634.033) | |
| Cash inflows from sales of tangible and intangible assets | 1.488 | 459.828 | |
| Cash outflow from acquisition of property, plant and equipment's | |||
| and intangible assets | |||
| Cash outflow from acquisition of property, plant and equipment's | 13 | (1.947.214) | (7.791.395) |
| Cash outflow from acquisition of intangible assets | 14 | (222.979) | (702.602) |
| Cash inflow arising from sales of investment property | (63.715.540) | (108.599.864) | |
| C. Cash flows from financing activities | 165.488.311 | 1.616.579.971 | |
| Cash inflows from the sale of own shares and other equity instruments | -- | 1.070.018.718 | |
| Cash inflows from share issuance | -- | 31.285.040 | |
| Cash outflow from borrowings | 26 | (75.570.946) | (118.175.822) |
| Interest received | 253.580.570 | 444.513.613 | |
| Interest paid | (12.521.313) | (18.818.902) | |
| Cash inflows/outflows from other financial instruments | -- | 207.757.324 | |
| Change in cash and cash equivalents (A+B+C) | 325.773.982 | 819.592.786 | |
| Inflation effect on cash and cash equivalents | (261.659.323) | (802.506.937) | |
| Cash and cash equivalents at the beginning of the period Cash and cash equivalents at the end of the period (A+B+C+D) |
4 4 |
1.205.561.829 1.269.676.488 |
1.912.393.703 1.929.479.552 |
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