AKSA ENERJİ ÜRETİM A.Ş. AND ITS SUBSIDIARIES
INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX-MONTH PERIOD ENDED 30 JUNE 2023 TOGETHER WITH INDEPENDENT AUDITOR'S REVIEW REPORT
DRT Bağımsız Denetim ve Serbest Muhasebeci Mali Müşavirlik A.Ş. Maslak no1 Plaza
Eski Büyükdere Caddesi Maslak Mahallesi No:1 Maslak, Sarıyer 34485 İstanbul, Turkey
Tel : +90 (212) 366 6000
Fax : +90 (212) 366 6010
www.deloitte.com.tr
Mersis No: 0291001097600016
Ticari Sicil No : 304099
(CONVENIENCE TRANSLATION OF THE REPORT ON REVIEW OF
INTERIM FINANCIAL INFORMATION ORIGINALLY ISSUED IN TURKISH)
REPORT ON REVIEW OF CONDENSED CONSOLIDATED INTERIM
FINANCIAL INFORMATION
To the General Assembly of Aksa Enerji Üretim A.Ş.
Introduction
We have reviewed the accompanying condensed consolidated statement of financial position of Aksa Enerji Üretim A.Ş. ("the Company") and its subsidiaries (together will be referred as "the Group") as of 30 June 2023 and the related condensed consolidated statements of profit or loss, condensed consolidated other comprehensive income, condensed consolidated statements of changes in equity and condensed consolidated statements of cash flows for the six-month period then ended. Group management is responsible for the preparation and fair presentation of this consolidated interim financial information in accordance with Turkish Accounting Standards 34 "Interim Financial Reporting" Standard. Our responsibility is to express a conclusion on this condensed consolidated interim financial information based on our review.
Scope of Review
We conducted our review in accordance with Independent Auditing Standard on Review Engagements 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity". A review of condensed consolidated interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Independent Auditing Standards and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the accompanying condensed consolidated interim financial information is not prepared, in all material respects, in accordance with TAS 34 "Interim Financial Reporting".
Additional paragraph for convenience translation to English
In the accompanying interim condensed consolidated financial statements, the accounting principles described in Note 2 (defined as Turkish Accounting Standards/Turkish Financial Reporting Standards) differ from International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board with respect to the application of inflation accounting. Accordingly, the accompanying interim condensed consolidated financial statements are not intended to present the financial position and results of operations in accordance with IFRS.
DRT BAGIMSIZ DENETIM VE SERBEST MUHASEBECI MALİ MÜŞAVİRLİK A.Ş.
Member of DELOITTE TOUCHE TOHMATSU LIMITED
Ali Çiçekli
Partner
İstanbul, 15 August 2023
Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee ("DTTL"), its network of member firms, and their related entities. DTTL and each of its member firms are legally separate and independent entities. DTTL (also referred to as "Deloitte Global") does not provide services to clients. Please see www.deloitte.com/about to learn more about our global network of member firms.
© 2023. For information, contact Deloitte Touche Tohmatsu Limited.
INDEX | PAGE | |
INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION | 1-3 | |
INTERIM CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS | 4 | |
INTERIM CONDENSED CONSOLIDATED STATEMENT OF OTHER COMPREHENSIVE INCOME | 5 | |
INTERIM CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY | 6 | |
INTERIM CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS | 7 | |
NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS | 8-51 | |
NOTE 1 | ORGANIZATION AND OPERATIONS OF THE GROUP | 8-11 |
NOTE 2 | BASIS OF PRESENTATION OF THE CONSOLIDATED FINANCIAL STATEMENTS | 12-19 |
NOTE 3 | OPERATING SEGMENTS | 20-21 |
NOTE 4 | RELATED PARTY DISCLOSURES | 21-24 |
NOTE 5 | FINANCIAL INVESTMENTS | 25 |
NOTE 6 | TRADE RECEIVABLES AND PAYABLES | 25-26 |
NOTE 7 | BORROWINGS | 26-28 |
NOTE 8 | PROPERTY, PLANT AND EQUIPMENT | 28-31 |
NOTE 9 | RIGHT-OF-USE ASSETS | 31-32 |
NOTE 10 | COMMITMENTS | 32-33 |
NOTE 11 | SHARE CAPITAL, RESERVES AND OTHER EQUITY ITEMS | 34-36 |
NOTE 12 | REVENUE | 37 |
NOTE 13 | FINANCIAL INCOME | 37 |
NOTE 14 | FINANCIAL EXPENSES | 38 |
NOTE 15 | TAXATION | 38-40 |
NOTE 16 | EARNINGS PER SHARE | 40 |
NOTE 17 | FINANCIAL INSTRUMENTS | 41-42 |
NOTE 18 | NATURE AND LEVEL OF RISKS ARISING FROM FINANCIAL INSTRUMENTS | 43-49 |
NOTE 19 | FINANCIAL INSTRUMENTS (FAIR VALUE DISCLOSURES AND EXPLANATION ON | |
HEDGE ACCOUNTING) | 49-50 | |
NOTE 20 | NOTES ON THE STATEMENT OF CASH FLOWS | 50-51 |
NOTE 21 | EVENTS AFTER THE REPORTING PERIOD | 51 |
AKSA ENERJİ ÜRETİM A.Ş. AND ITS SUBSIDIARIES
Reviewed Condensed Consolidated Statement of Financial Position As At 30 June 2023
(Amounts expressed in Turkish Liras ("TL"), unless otherwise stated.)
Reviewed/ | Audited/ | ||
Current period | Prior period | ||
ASSETS | Note | 30 June 2023 | 31 December 2022 |
Current assets | |||
Cash and cash equivalents | 936,021,050 | 937,345,047 | |
Financial investments | 5 | 38,514,465 | 306,413,932 |
Trade receivables | 6 | 10,948,884,430 | 9,217,429,677 |
- Trade receivables from related parties | 4 | 1,780,123,454 | 2,434,575,270 |
- Trade receivables from third parties | 9,168,760,976 | 6,782,854,407 | |
Other receivables | 80,367,137 | 58,309,339 | |
- Other receivables from third parties | 80,367,137 | 58,309,339 | |
Derivative instruments | 35,487,206 | 22,578,966 | |
Inventories | 775,733,900 | 244,345,731 | |
Prepaid expenses | 423,235,735 | 282,516,925 | |
Current tax assets | 61,498,990 | 148,313,121 | |
Other current assets | 326,477,379 | 198,850,061 | |
Total current assets | 13,626,220,292 | 11,416,102,799 | |
Non-current assets | |||
Financial investments | 5 | 412,408 | 412,408 |
Other receivables | 18,555,772 | 13,421,090 | |
- Other receivables from third parties | 18,555,772 | 13,421,090 | |
Property, plant and equipment | 8 | 26,388,586,429 | 21,295,294,157 |
Right-of-use assets | 9 | 177,136,264 | 98,236,844 |
Intangible assets | 457,346,402 | 345,839,331 | |
- Other intangible assets | 457,346,402 | 345,839,331 | |
Prepaid expenses | 498,775,396 | 21,061,830 | |
Deferred tax asset | 15 | 64,467,873 | 42,138,947 |
Total non-current assets | 27,605,280,544 | 21,816,404,607 | |
TOTAL ASSETS | 41,231,500,836 | 33,232,507,406 |
The accompanying notes form an integral part of these condensed consolidated financial statements.
1
AKSA ENERJİ ÜRETİM A.Ş. AND ITS SUBSIDIARIES
Reviewed Condensed Consolidated Statement of Financial Position As At 30 June 2023
(Amounts expressed in Turkish Liras ("TL"), unless otherwise stated.)
Reviewed/ | Audited/ | ||
Current period | Prior period | ||
LIABILITIES | Note | 30 June 2023 | 31 December 2022 |
Current liabilities | |||
Short-term borrowings | 7 | 2,357,553,549 | 2,393,385,155 |
Current portion of long-term borrowings | 7 | 3,795,708,544 | 2,340,517,715 |
Short-term lease liabilities | 7 | 9,546,477 | 2,735,575 |
- Lease liabilities from related parties | 5,661,520 | 617,345 | |
- Lease liabilities from third parties | 3,884,957 | 2,118,230 | |
Short-term portion of long-term lease liabilities | 7 | 23,878,793 | 6,478,325 |
Trade payables | 6 | 1,845,056,606 | 2,126,648,274 |
- Trade payables to related parties | 4 | 223,161,460 | 152,735,060 |
- Trade payables to third parties | 1,621,895,146 | 1,973,913,214 | |
Payables related to employee benefits | 43,406,026 | 23,516,545 | |
Other payables | 687,918,108 | 473,035,344 | |
- Other payables to related parties | 4 | 33,775 | 22,000 |
- Other payables to third parties | 687,884,333 | 473,013,344 | |
Current tax liabilities | 824,345,284 | 572,709,698 | |
Short-term provisions | 42,566,607 | 23,912,401 | |
- Short-term provisions for employee benefits | 9,792,429 | 5,914,440 | |
- Other short-term provisions | 32,774,178 | 17,997,961 | |
Other current liabilities | 32,899,124 | 17,052,526 | |
Total current liabilities | 9,662,879,118 | 7,979,991,558 | |
Non-current liabilities | |||
Long-term borrowings | 7 | 4,256,154,502 | 3,785,386,886 |
Long-term lease liabilities | 7 | 133,624,252 | 79,967,136 |
Other payables | 942,778,597 | 585,719,977 | |
- Other payables to third parties | 942,778,597 | 585,719,977 | |
Long-term provisions | 113,516,474 | 87,334,512 | |
- Long-term provisions for employee benefits | 22,601,167 | 23,317,250 | |
- Other long-term provisions | 90,915,307 | 64,017,262 | |
Deferred tax liabilities | 15 | 1,891,896,419 | 1,755,543,866 |
Total non-current liabilities | 7,337,970,244 | 6,293,952,377 | |
TOTAL LIABILITIES | 17,000,849,362 | 14,273,943,935 |
The accompanying notes form an integral part of these condensed consolidated financial statements.
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Aksa Enerji Uretim AS published this content on 22 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 22 August 2023 12:37:07 UTC.