Quarterly Report • Sep 18, 2024
Quarterly Report
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(Amounts expressed in Turkish Lira ("TRY") in terms of purchasing power of the TL at 30 June 2024 unless otherwise indicated.)
| Reviewed | Audited | ||
|---|---|---|---|
| Notes | 30 June 2024 | 31 December 2023 |
|
| ASSETS | |||
| CURRENT ASSETS | 4.881.539.795 | 8.132.006.056 | |
| Cash and cash equivalents Trade receivables |
4 | 445.788.538 | 1.119.705.475 |
| - Trade receivables from third parties | 7 | 1.139.613.208 | 111.946.674 |
| Other receivables | |||
| - Other receivables from third parties | 8 | 5.978.234 | 5.044.339 |
| Inventories | 12 | 3.065.897.335 | 6.440.125.962 |
| Prepaid expenses | 9 | 18.785.720 | 93.559.492 |
| Current income tax assets | 10 | 7.315.986 | 23.079.481 |
| Other current assets | 10 | 198.160.774 | 338.544.633 |
| NON-CURRENT ASSETS | 12.859.089.985 | 10.501.149.661 | |
| Trade receivables | |||
| - Trade receivables from third parties | 7 | 12.637.184 | -- |
| Other receivables | |||
| - Other receivables from third parties | 8 | 2.869.546 | 1.339.411 |
| Inventories | 12 | 1.744.475.953 | 1.613.163.882 |
| Investment properties | 11 | 10.731.209.650 | 8.326.482.776 |
| Tangible assets | 13 | 11.256.096 | 12.113.689 |
| Intangible assets | |||
| - Other intangible assets | 14 | 1.612.342 | 2.826.490 |
| Prepaid expenses | 9 | 347.395.960 | 360.058.279 |
| Other non-current assets | 10 | 7.633.254 | 185.165.134 |
| TOTAL ASSETS | 17.740.629.780 | 18.633.155.717 |
(Amounts expressed in Turkish Lira ("TRY") in terms of purchasing power of the TL at 30 June 2024 unless otherwise indicated.)
| Reviewed | Audited | ||
|---|---|---|---|
| LIABILITIES | Notes | 30 June 2024 | 31 December 2023 |
| CURRENT LIABILITIES | 2.030.348.750 | 4.798.821.276 | |
| Short-term portion of long-term borrowings | |||
| - Short-term portion of long-term borrowings from related | |||
| parties | 3,6 | 63.909.630 | 129.257.378 |
| Trade payables | |||
| - Trade payables to related parties | 3,7 | 664.321 | 221.915 |
| - Trade payables to third parties | 7 | 216.029.477 | 760.063.882 |
| Payables for employee benefits | 3.468.325 | 2.847.787 | |
| Other payables | |||
| - Other payables to third parties | 8 | 18.495.998 | 17.033.425 |
| Deferred revenue (Other than contract liabilities) | |||
| - Deferred revenue to related parties | 3,17 | 25.189.308 | 234.346.649 |
| - Deferred revenue to third parties | 17 | 1.692.698.612 | 3.599.899.426 |
| Short term provisions | |||
| - Short-term provisions for employee benefits | 16 | 6.033.782 | 4.835.456 |
| Other current liabilities | 17 | 3.859.297 | 50.315.358 |
| NON-CURRENT LIABILITIES | 111.593.057 | 357.287.423 | |
| Long term borrowings | |||
| - Long term borrowings from related parties | 3,6 | -- | 12.646.983 |
| Other Payables | |||
| - Other payables to third parties | 8 | 29.997.038 | 31.251.711 |
| Deferred revenue (Other than contract liabilities) | |||
| - Deferred revenue from third parties | 17 | 56.902.745 | 283.849.312 |
| Long term provisions | |||
| - Long-term provisions for employee benefits | 16 | 4.226.438 | 4.010.193 |
| - Other long-term provisions | 16 | 20.466.836 | 25.529.224 |
| TOTAL LIABILITIES | 2.141.941.807 | 5.156.108.699 | |
| EQUITY | 15.598.687.973 | 13.477.047.018 | |
| Paid-in capital | 18 | 2.950.000.000 | 2.950.000.000 |
| Adjustment to share capital | 18 | 8.966.274.043 | 8.966.274.043 |
| Share premiums | 18 | 28.723.074 | 28.723.074 |
| Other comprehensive income not to be reclassified | |||
| to profit or loss | |||
| - (Loss) / gain on remeasurement of employee benefits | 18 | (2.300.188) | (2.068.228) |
| Restricted reserves appropriated from profit | 181.674.001 | 181.674.001 | |
| Retained earnings | 1.352.444.128 | (313.475.040) | |
| Net profit for the year | 2.121.872.915 | 1.665.919.168 | |
| TOTAL LIABILITIES AND EQUITY | 17.740.629.780 | 18.633.155.717 |
| (Amounts expressed in Turkish Lira ("TRY") in terms of purchasing power of the TL at 30 June 2024 unless otherwise indicated.) | |||||
|---|---|---|---|---|---|
| Reviewed | Not Reviewed Reviewed |
Not Reviewed | |||
| 1 January | 1 April 2024 - | 1 January | 1 April 2023 - | ||
| 2024 - | 30 June 2024 | 2023 - | 30 June 2023 | ||
| 30 June 2024 | 30 June 2023 | ||||
| PROFIT / LOSS | |||||
| Revenue | 4.120.910.556 | 2.478.907.757 | 372.883.278 | 200.683.552 | |
| Cost of sales (-) | (3.763.256.325) | (1.860.146.746) | (5.523.230) | (2.672.128) | |
| Gross Profit | 357.654.231 | 618.761.011 | 367.360.048 | 198.011.424 | |
| General administrative expenses (-) | (94.081.317) | (46.372.354) | (56.829.853) | (30.687.783) | |
| Marketing expenses (-) | (24.473.748) | (10.018.487) | (27.263.365) | (12.779.002) | |
| Other operating income | 2.878.100.119 | 2.351.977.509 | 293.280.862 | 284.921.412 | |
| Other operating expense (-) | (526.135.485) | (395.152.601) | (1.718.042.162) | (1.331.347.118) | |
| Operating Income/(Expenses) | 2.591.063.800 | 2.519.195.078 | (1.141.494.470) | (891.881.067) | |
| Operating Profit Before Financial | |||||
| Income / (Expenses) | 2.591.063.800 | 2.519.195.078 | (1.141.494.470) | (891.881.067) | |
| Financial expenses (-) | (10.922.984) | (4.398.889) | (13.197.081) | (825.024) | |
| Financial Income / (Expenses), Net | (10.922.984) | (4.398.889) | (13.197.081) | (825.024) | |
| Profit From Continuing Operations Before Tax | 2.580.140.816 | 2.514.796.189 | (1.154.691.551) | (892.706.091) | |
| Monetary Gain / (Loss) | (458.267.901) | 53.156.730 | (318.690.441) | (142.492.171) | |
| Net Profit for the Year | 2.121.872.915 | 2.567.952.919 | (1.473.381.992) | (1.035.198.262) | |
| OTHER COMPREHENSIVE | |||||
| (LOSS)/INCOME | |||||
| Other comprehensive income not to be | |||||
| reclassified to profit or loss | |||||
| - Gain or loss from the remeasurement | |||||
| of employee benefits | (231.960) | (236.438) | (232.950) | (511.109) | |
| TOTAL OTHER COMPREHENSIVE | |||||
| (LOSS)/INCOME | (231.960) | (236.438) | (232.950) | (511.109) | |
| TOTAL COMPREHENSIVE INCOME | 2.121.640.955 | 2.567.716.481 | (1.473.614.942) | (1.035.709.371) | |
| Earnings per share (in full TRY) | 0,719 | 0,870 | (1,287) | (0,904) |
| (Amounts expressed in Turkish Lira ("TRY") in terms of purchasing power of the TL at 30 | June | 2024 unless otherwise indicated.) |
|||||||
|---|---|---|---|---|---|---|---|---|---|
| Other comprehensive income |
Retained Earnings | ||||||||
| Paid in Capital |
Adjustment to share capital |
Capital advance |
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 | 5.788.291.278 | -- | 2.722.091.973 | (1.145.166) | 120.254.772 | (1.123.461.526) | 2.178.625.860 | 10.829.657.191 |
| Capital advance Transfers |
-- -- |
-- -- |
935.237.932 -- |
-- -- |
-- -- |
-- -- |
-- 2.178.625.860 |
-- (2.178.625.860) |
935.237.932 -- |
| Total comprehensive income | -- | -- | -- | -- | (232.950) | -- | -- | (1.473.381.992) | (1.473.614.942) |
| Balances as of 30 June 2023 | 1.145.000.000 | 5.788.291.278 | 935.237.932 | 2.722.091.973 | (1.378.116) | 120.254.772 | 1.055.164.334 | (1.473.381.992) | 10.291.280.181 |
| Balances as of 1 January 2024 | 2.950.000.000 | 8.966.274.043 | -- | 28.723.074 | (2.068.228) | 181.674.001 | (313.475.040) | 1.665.919.168 | 13.477.047.018 |
| Transfers Total comprehensive income |
-- -- |
-- -- |
-- -- |
-- -- |
-- (231.960) |
-- -- |
1.665.919.168 -- |
(1.665.919.168) 2.121.872.915 |
-- 2.121.640.955 |
| Balances as of 30 June 2024 | 2.950.000.000 | 8.966.274.043 | -- | 28.723.074 | (2.300.188) | 181.674.001 | 1.352.444.128 | 2.121.872.915 | 15.598.687.973 |
(Amounts expressed in Turkish Lira ("TRY") in terms of purchasing power of the TL at 30 June 2024 unless otherwise indicated.)
| Reviewed | Reviewed | ||
|---|---|---|---|
| 1 January – | 1 January - | ||
| Notes | 30 June 2024 | 30 June 2023 | |
| A. Cash flows from operating activities: | (556.701.286) | (641.712.391) | |
| Profit for the year | 2.121.872.915 | (1.473.381.992) | |
| Adjustments to reconcile net profit | (2.356.670.446) | 1.753.386.849 | |
| Depreciation and amortization expenses | 13, 14 | 2.421.090 | 2.164.206 |
| Adjustments related to provisions for employee benefits | 16 | 2.529.880 | 2.316.743 |
| Adjustments related to impairment on Loss (Reversal of Impairment | 20 | 28.469.693 | 560.629.609 |
| Loss) of Inventories | |||
| Adjustments to provision for expected credit loss | 4, 7 | 2.159.376 | 192.697 |
| Adjustment related to interest income and expenses | 19,23 | (141.921.907) | (231.798.037) |
| Adjustment related to the fair value gain | |||
| Adjustments related to fair value gain on investment properties | 11,21 | (2.377.052.080) | 871.070.634 |
| Monetary Gain/Loss | 126.723.502 | 548.810.997 | |
| Changes in net working capital | (321.616.318) | (921.127.204) | |
| Adjustments related to increase/(decrease) in receivables | (1.042.463.094) | 201.016.696 | |
| Adjustments related to (increase)/ decrease in inventories | 3.214.446.863 | (2.062.284.032) | |
| Adjustments related to increase in prepaid expenses | 87.436.091 | 175.889.110 | |
| Adjustments related to increase/decrease in trade payables | (543.591.999) | 8.572.759 | |
| Adjustments related to increase in other payables from operating | 207.900 | (76.376.429) | |
| activities | |||
| Adjustments related to deferred income | (2.343.304.722) | 999.325.564 | |
| Adjustments related to increase/(decrease) in other working capital | 305.652.643 | (167.270.872) | |
| Cash (used in)/provided from operations | (556.413.849) | (641.122.347) | |
| Employment termination benefits paid | 16 | (287.437) | (590.044) |
| B. Cash Flows from Investing Activities | (28.024.143) | (72.354.258) | |
| Cash inflows from sales of tangible and intangible assets | 1.367 | -- | |
| Cash outflow from acquisition of property, plant and equipment's | |||
| and intangible assets | |||
| Cash outflow from acquisition of property, plant and equipment's | 13 | (158.949) | (7.046.855) |
| Cash outflow from acquisition of intangible assets | 14 | (191.767) | (643.560) |
| Cash inflow arising from sales of investment property | (27.674.794) | (64.663.843) | |
| C. Cash flows from financing activities | 93.226.869 | 1.260.260.464 | |
| Cash inflows from capital advances | -- | 935.237.932 | |
| Cash outflow from borrowings | 26 | (49.711.146) | (95.866.224) |
| Interest received | 152.621.129 | 228.522.115 | |
| Interest paid | (9.683.114) | (13.366.476) | |
| Cash inflows/outflows from other financial instruments | -- | 205.733.117 | |
| Change in cash and cash equivalents (A+B+C) | (491.498.560) | 546.193.815 | |
| Inflation effect on cash and cash equivalents | (181.258.000) | (320.003.701) | |
| Cash and cash equivalents at the beginning of the period | 4 | 1.106.837.055 | 1.649.471.278 |
| Cash and cash equivalents at the end of the period (A+B+C+D) | 4 | 434.080.495 | 1.875.661.392 |
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