İş Gayrimenkul Yatırım Ortaklığı Anonim Şirketi Condensed Statement of Financial Position (Balance Sheet) For the Interim Period Ended March 31, 2024

(Amounts are expressed in TL based on the purchasing power of the Turkish Lira ("TL") as of March 31, 2024 unless otherwise indicated.)

Unaudited

Audited

Notes

March 31, 2024

December 31, 2023

ASSETS

Current assets

4.179.505.466

4.775.920.090

Cash and cash equivalents

5

153.527.064

734.884.546

Financial investments

6

403.050.400

464.079.669

Trade receivables

8

290.020.291

270.187.688

Trade receivables from related parties

24

5.489.195

7.276.126

Trade receivables from third parties

284.531.096

262.911.562

Other receivables

9

4.102.265

20.537.726

Other receivables to third parties

4.102.265

20.537.726

Inventories

11

2.885.383.409

2.870.385.008

Prepaid expenses

16

375.322.234

300.253.519

Prepaid expenses to related parties

24

188.019.946

146.672.735

Prepaid expenses to third parties

187.302.288

153.580.784

Other current assets

16

68.099.803

115.591.934

Non-current assets

33.212.944.480

33.373.475.087

Financial investments

6

1.027.549.815

1.184.837.759

Trade receivables

8

-

1.737.691

Other trade receivables from third parties

-

1.737.691

Inventories

11

3.652.378.794

3.674.918.212

Equity accounted investees

3

25.485.767

25.529.853

Investment properties

10

24.021.098.579

24.017.254.267

Investment properties under development

10

4.111.974.496

4.105.470.081

Tangible assets

12

291.914.173

294.935.398

Intangible assets

13

8.135.966

8.480.617

Prepaid expenses

16

74.406.890

60.311.209

Prepaid expenses to third parties

74.406.890

60.311.209

TOTAL ASSETS

37.392.449.946

38.149.395.177

The accompanying notes are an integral part of these financial statements.

Sınıflandırma: GENEL | Classification: PUBLIC

İş Gayrimenkul Yatırım Ortaklığı Anonim Şirketi Condensed Statement of Financial Position (Balance Sheet) For the Interim Period Ended March 31, 2024

(Amounts are expressed in TL based on the purchasing power of the Turkish Lira ("TL") as of March 31, 2024 unless otherwise indicated.)

Unaudited

Audited

Notes

March 31, 2024

December 31, 2023

LIABILITIES

Short-Term Obligations

4.505.664.205

4.236.507.935

Short term loans and borrowings

7

2.380.187.254

2.711.854.524

Loans and borrowings to related parties

24

696.677.179

1.593.838.827

Loans and borrowings to third parties

1.683.510.075

1.118.015.697

Current portion of long term loans and borrowings

7

664.491.212

137.334.101

Loans and borrowings to related parties

24

53.080.207

-

Loans and borrowings to third parties

611.411.005

137.334.101

Trade payables

8

70.020.595

277.952.491

Trade payables to related parties

24

23.285.584

41.593.615

Trade payables to third parties

46.735.011

236.358.876

Other payables

9

26.018.367

47.404.282

Other payables to third parties

26.018.367

47.404.282

Liabilities from contracts with customers

17

1.334.689.668

986.741.418

Contractual obligations from sales of goods and services

1.334.689.668

986.741.418

Deferred income (Excluding liabilities from contracts with customers)

16

2.608.681

1.631.278

Deferred income from related parties

24

849.906

534.586

Deferred income from third parties

1.758.775

1.096.692

Short-term provisions

15.451.898

27.558.930

Provisions for employee benefits

15

4.063.834

2.527.557

Other short-term provisions

14

11.388.064

25.031.373

Other short-term liabilities

16

12.196.530

46.030.910

Long-term liabilities

1.885.197.707

2.807.553.440

Long term loans and borrowings

7

1.870.158.393

2.791.403.707

Loans and borrowings to related parties

24

77.168.215

176.153.706

Loans and borrowings to third parties

1.792.990.178

2.615.250.001

Long term provisions

15.039.314

16.149.733

Provisions for employee benefits

15

15.039.314

16.149.733

EQUITY

31.001.588.034

31.105.333.802

Share capital

18

958.750.000

958.750.000

Inflation restatement difference on share capital

18

16.053.290.603

16.053.290.603

Share premium

18

7.775.385

7.775.385

Other comprehensive income that will never be reclassified to profit or loss

109.546.981

109.546.981

Revaluation and classification of gains / losses

121.671.355

121.671.355

Other earnings/ losses

(12.124.374)

(12.124.374)

Legal reserves

18

685.149.047

652.862.981

Prior years' profits

18

13.290.821.786

9.720.158.801

Net profit for the period

(103.745.768)

3.602.949.051

TOTAL EQUITY AND LIABILITIES

37.392.449.946

38.149.395.177

The accompanying notes are an integral part of these financial statements.

2

Sınıflandırma: GENEL | Classification: PUBLIC

İş Gayrimenkul Yatırım Ortaklığı Anonim Şirketi Condensed Statement of Profit or Loss

For the Interim Period Ended March 31, 2024

(Amounts are expressed in TL based on the purchasing power of the Turkish Lira ("TL") as of March 31, 2024 unless otherwise indicated.)

Unaudited

Reviewed

Notes

March 31, 2024

March 31, 2023

Revenue

19

355.057.415

325.918.538

Cost of sales (-)

19

(58.634.222)

(66.981.620)

Gross Profit

296.423.193

258.936.918

General administrative expenses (-)

20

(40.254.351)

(47.043.187)

Marketing expenses (-)

20

(8.093.480)

(12.449.041)

Other operating income

21

4.959.283

85.923.157

Other operating expenses (-)

21

(428.623.423)

(122.496.167)

Operating profit

(175.588.778)

162.871.680

Expense from investment activities (-)

21

-

(13.026.457)

Share of profit of equity-accounted investees

3

756.822

1.885.708

Operating Profit Before Financing Expense

(174.831.956)

151.730.931

Financing expenses (-)

22

(596.756.631)

(371.916.957)

Monetary position gain/(loss)

667.842.819

805.485.954

Operating Profit before Tax From Continuing Operations

(103.745.768)

585.299.928

Tax Expense From Continuing Operations

- Corporate tax charge

-

-

- Deferred tax benefit

-

-

Period Profit

(103.745.768)

585.299.928

Earnings per share

23

(0,0011)

0,0061

The accompanying notes are an integral part of these financial statements.

3

Sınıflandırma: GENEL | Classification: PUBLIC

İş Gayrimenkul Yatırım Ortaklığı Anonim Şirketi Condensed Statement of Other Comprehensive Income For the Interim Period Ended March 31, 2024

(Amounts are expressed in TL based on the purchasing power of the Turkish Lira ("TL") as of March 31, 2024 unless otherwise indicated.)

Unaudited

Reviewed

Notes

March 31, 2024

March 31, 2023

Net profit for the period

(103.745.768)

585.299.928

Other comprehensive income

Other comprehensive income that will never be

-

-

reclassified to profit or loss

Revaluation and classification of gains / losses

-

-

Actuarial gain/(loss) arising from defined benefit plans

-

-

Other comprehensive revenue

-

-

TOTAL COMPREHENSIVE REVENUE

(103.745.768)

585.299.928

The accompanying notes are an integral part of these financial statements.

4

Sınıflandırma: GENEL | Classification: PUBLIC

İş Gayrimenkul Yatırım Ortaklığı Anonim Şirketi Condensed Statement of Changes in Equity

For the Interim Period Ended March 31, 2024

(Amounts are expressed in TL based on the purchasing power of the Turkish Lira ("TL") as of March 31, 2024 unless otherwise indicated.)

Other comprehensive income that will never be

reclassified to profit or loss

Inflation restatement

Share

Revaluation and

Net profit for the

Notes

Share capital

Other earnings/losses

classification of

Legal reserves

Prior years' profits

Equity

difference on share capital

premium

period

gains/losses

Balances as of January 1, 2023

958.750.000

16.053.290.603

7.775.385

(9.199.639)

95.709.066

616.646.610

(140.137.591)

9.896.512.764

27.479.347.198

Transfers

-

-

-

-

-

36.216.370

9.860.296.394

(9.896.512.764)

-

Total comprehensive income

-

-

-

-

-

-

-

585.299.928

585.299.928

Balances as of March 31, 2023

18

958.750.000

16.053.290.603

7.775.385

(9.199.639)

95.709.066

652.862.980

9.720.158.803

585.299.928

28.064.647.126

Balances as of January 1, 2024

958.750.000

16.053.290.603

7.775.385

(12.124.374)

121.671.355

652.862.981

9.720.158.801

3.602.949.051

31.105.333.802

Transfers

-

-

-

-

-

32.286.066

3.570.662.985

(3.602.949.051)

-

Total comprehensive income

-

-

-

-

-

-

-

(103.745.768)

(103.745.768)

Balances as of March 31, 2024

18

958.750.000

16.053.290.603

7.775.385

(12.124.374)

121.671.355

685.149.047

13.290.821.786

(103.745.768)

31.001.588.034

The accompanying notes are an integral part of these financial statements.

5

Sınıflandırma: GENEL | Classification: PUBLIC

İş Gayrimenkul Yatırım Ortaklığı Anonim Şirketi Condensed Statement of Cash Flow

For the Interim Period Ended March 31, 2024

(Amounts are expressed in TL based on the purchasing power of the Turkish Lira ("TL") as of March 31, 2024 unless otherwise indicated.)

Unaudited

Reviewed

Notes

March 31, 2024

March 31, 2023

A. Cash flows from operating activities

50.816.178

(2.036.905.266)

Net profit for the period

(103.745.768)

585.299.928

Profit adjustments for:

Adjustments to depreciation and amortization

12, 13

3.893.982

3.705.516

Adjustments to impairment or cancelation

210.102.622

(68.479.571)

- Adjustments to impairment of receivables

8

2.394.611

(219.355)

- Adjustments to impairment of inventories

207.708.011

(68.260.216)

Adjustments for provisions

2.576.910

2.020.606

- Adjustments to provision for employee severance indemnity

15

2.576.910

2.020.606

Adjustments for (gain)/losses on fair value

218.317.213

123.053.809

-Adjustments to (gain)/losses on fair value of financial assets

21

218.317.213

119.804.215

-Adjustments to (gain)/losses on fair value of derivatives

-

3.249.594

Adjustments for retained earnings of investments valued by equity method

(756.822)

(1.885.708)

- Adjustments for retained earnings of subsidiaries

3

(756.822)

(1.885.708)

Adjustments to interest income and expense

601.234.677

367.648.034

- Adjustments to interest income

5,19

6.711.330

4.724.471

- Adjustments to interest expense

22

594.523.347

362.923.563

Adjustments to foreign exchange differences

(1.828.188)

(15.455.149)

Adjustments to monetary Gain/(loss)

(745.223.979)

(769.462.203)

Operating profit from before the changes in working capital

184.570.647

226.445.262

Changes in working capital

Changes in trade receivables

(19.188.742)

(9.347.861)

- Changes in trade receivables from related parties

1.786.931

14.137.483

- Changes in trade receivables from third parties

(20.975.673)

(23.485.344)

Changes in other receivables

16.435.461

(2.442.912)

- Changes in other receivables from third parties

16.435.461

(2.442.912)

Changes in inventories

(200.166.994)

(2.475.168.100)

Changes in prepaid expenses

(89.164.396)

20.787.109

Changes in trade payables

(207.931.896)

94.801.623

- Changes in trade payables from related parties

(18.308.031)

4.362.636

- Changes in trade payables from third parties

(189.623.865)

90.438.987

Changes in other payables

(21.385.915)

(429.306)

- Changes in other payables from third parties

(21.385.915)

(429.306)

Changes in liabilities from contracts with customers

347.948.250

45.066.216

- Changes in contractual obligations from sales of goods and services

347.948.250

45.066.216

Changes in deferred income (Excluding liabilities from contracts with

977.403

43.744.164

customers)

Other changes in working capital

14.442

11.034.418

- Changes in other assets

47.492.132

1.345.593

- Changes in other liabilities

(47.477.690)

9.688.825

12.108.260

(2.045.509.387)

Cash generated from operating activities

Interest received

5, 19

38.707.918

8.604.121

Net cash provided by / (used in) operating activities

50.816.178

(2.036.905.266)

B. Cash flows from investment activities

Cash outflows for the acquisition of shares of other entities or funds or debt

-

244.468.439

instruments

Cash outflows arising from purchase of investment properties

10

(10.348.727)

(34.279.986)

Cash outflows arising from purchases of tangible and intangible assets

12, 13

(528.106)

(1.400.152)

- Cash outflows arising from purchases of tangible assets

(471.591)

(44.749)

- Cash outflows arising from purchases of intangible assets

(56.515)

(1.355.403)

Dividends received

-

-

Net cash used in investing activities

(10.876.833)

208.788.301

C. Cash flows from financing activities

(583.314.901)

11.996.172

Cash inflows arising from derivatives

-

-

Cash outflows arising from derivatives

-

(15.454.993)

Borrowings received

7

673.828.509

1.504.003.907

Borrowings paid

7

(697.202.266)

(1.244.692.889)

Interest paid

7

(559.941.144)

(231.859.853)

Net cash provided by financing activities

(583.314.901)

11.996.172

Increase / (decrease) in cash and cash equivalents before effect of

(543.375.556)

(1.816.120.793)

changes in foreign currency rates

Effect of changes in foreign currency rates over cash and cash equivalents

1.828.189

15.455.150

Net increase / (decrease) in cash and cash equivalents

(541.547.368)

(1.800.665.643)

Net monetary gain/(loss) in cash and cash equivalents

5.609.134

14.624.620

Cash and cash equivalents at the beginning of the period

5

688.945.599

2.348.814.275

Cash and cash equivalents at the end of the period

5

153.007.365

562.773.252

The accompanying notes are an integral part of these summary financial statement

6

Sınıflandırma: GENEL | Classification: PUBLIC

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Is Gayrimenkul Yatirim Ortakligi AS published this content on 17 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 17 May 2024 16:31:08 UTC.