HACI ÖMER SABANCI HOLDING HACI ÖMER SABANCI HOLDİNG A.Ş.
CONVENIENCE TRANSLATION INTO ENGLISH OF CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE INTERIM PERIOD 1 JANUARY - 30 JUNE 2023
(ORIGINALLY ISSUED IN TURKISH)
CONVENIENCE TRANSLATION INTO ENGLISH OF INDEPENDENT
AUDITOR'S REVIEW REPORT ORIGINALLY ISSUED IN TURKISH
REPORT ON REVIEW OF INTERIM CONDENSED CONSOLIDATED
FINANCIAL INFORMATION
To the General Assembly of Hacı Ömer Sabancı Holding A.Ş.
Introduction
We have reviewed the accompanying condensed consolidated balance sheet of Hacı Ömer Sabancı Holding A.Ş. (the "Company") and its subsidiaries (collectively referred as the "Group") as at 30 June 2023 and the related condensed consolidated statements of profit or loss, other comprehensive income, changes in equity and cash flows for the six-month period then ended. The management of the Group is responsible for the preparation and fair presentation of this interim condensed consolidated financial information in accordance with Turkish Accounting Standard 34 ("TAS 34") "Interim Financial Reporting". Our responsibility is to express a conclusion on this interim condensed consolidated financial information based on our review.
Scope of review
We conducted our review in accordance with the Standard on Review Engagements ("SRE") 2410, "Review of interim financial information performed by the independent auditor of the entity". A review of interim condensed consolidated 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 Standards on Auditing and the objective of which is to express an opinion on the consolidated financial statements. Consequently, a review on the interim condensed consolidated financial information does not provide assurance that the audit firm will be aware of all significant matters which would have been 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 conclude that the accompanying interim condensed consolidated financial information is not prepared, in all material respects, in accordance with TAS 34.
PwC Bağımsız Denetim ve
Serbest Muhasebeci Mali Müşavirlik A.Ş.
Gökhan Yüksel, SMMM
Partner
Istanbul, 9 August 2023
PwC Bağımsız Denetim ve Serbest Muhasebeci Mali Müşavirlik A.Ş.
BJK Plaza, Süleyman Seba Caddesi No:48 B Blok Kat:9 Akaretler Beşiktaş 34357 İstanbul-Turkey
T: +90 212 326 6060, F: +90 212 326 6050, www.pwc.com.tr | Mersis Numaramız: 0-1460-0224-0500015 |
CONTENTS | PAGE | |
CONDENSED CONSOLIDATED BALANCE SHEETS | 1-2 | |
CONDENSED CONSOLIDATED STATEMENTS OF PROFIT OR LOSS | 3 | |
CONDENSED CONSOLIDATED STATEMENTS OF OTHER COMPREHENSIVE | ||
INCOME | ...................................................................................................................................... | 4 |
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY | 5 | |
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW | 6 | |
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS | 7-60 | |
NOTE 1 | ORGANISATION AND OPERATIONS OF THE GROUP | 7-8 |
NOTE 2 | BASIS OF PRESENTATION OF CONSOLIDATED FINANCIAL STATEMENTS | 9-15 |
NOTE 3 | BUSINESS COMBINATIONS | 15-16 |
NOTE 4 | SEGMENT REPORTING | 17-21 |
NOTE 5 | CASH AND CASH EQUIVALENTS | 22 |
NOTE 6 | BALANCES WITH THE CENTRAL BANK OF THE REPUBLIC TURKEY | 22 |
NOTE 7 | FINANCIAL ASSETS | 23-25 |
NOTE 8 | OTHER RECEIVABLES AND PAYABLES | 26 |
NOTE 9 | RECEIVABLES FROM FINANCE SECTOR OPERATIONS | 27-28 |
NOTE 10 | DERIVATIVES | 29 |
NOTE 11 | PREPAID EXPENSES AND DEFERRED INCOME | 30 |
NOTE 12 | INVESTMENTS ACCOUNTED THROUGH EQUITY METHOD | 30-31 |
NOTE 13 | PROPERTY, PLANT AND EQUIPMENTS | 32-33 |
NOTE 14 | INTANGIBLE ASSETS | 34-35 |
NOTE 15 | RIGHT OF USE ASSETS | 36 |
NOTE 16 | GOODWILL | 37 |
NOTE 17 | FINANCIAL LIABILITIES | 37-38 |
NOTE 18 | LIABILITIES FROM LEASING TRANSACTIONS | 39 |
NOTE 19 | PAYABLES FROM FINANCE SECTOR OPERATIONS | 40 |
NOTE 20 | TAX ASSETS AND LIABILITIES | 41-43 |
NOTE 21 | PROVISIONS, CONTINGENT ASSETS AND LIABILITIES | 44 |
NOTE 22 | OTHER ASSETS AND LIABILITIES | 44 |
NOTE 23 | ASSETS AND LIABILITIES CLASSIFIED AS HELD FOR SALE AND | |
DISCONTINUED OPERATION | 45 | |
NOTE 24 | EQUITY | 45-46 |
NOTE 25 | REVENUE AND COST OF SALES | 47 |
NOTE 26 | OTHER INCOME AND EXPENSES FROM OPERATING ACTIVITIES | 48 |
NOTE 27 | INCOME AND EXPENSES FROM INVESTING ACTIVITIES | 48-49 |
NOTE 28 | FINANCIAL INCOME/EXPENSES | 49 |
NOTE 29 | RELATED PARTY DISCLOSURES | 50 |
NOTE 30 | COMMITMENTS | 51-56 |
NOTE 31 | NATURE AND LEVEL OF RISKS DERIVED FROM FINANCIAL INSTRUMENTS | 57-59 |
NOTE 32 | EVENTS AFTER THE REPORTING PERIOD | 60 |
CONVENIENCE TRANSLATION INTO ENGLISH OF INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS ORIGINALLY ISSUED IN TURKISH
HACI ÖMER SABANCI HOLDİNG A.Ş.
CONDENSED CONSOLIDATED BALANCE SHEET AT 30 JUNE 2023 AND 31 DECEMBER 2022
(Amounts expressed in thousands of Turkish Lira ("TRY") unless otherwise indicated. Currencies other than TRY are expressed in thousands unless otherwise indicated.)
Reviewed | Audited | ||
Current | Prior | ||
Period | Period | ||
Note | 30 June | 31 December | |
References | 2023 | 2022 | |
ASSETS | |||
Current Assets | 1.037.240.879 | 720.809.364 | |
Cash and Cash Equivalents | 5 | 117.324.599 | 64.878.197 |
Balances with the Central Bank of the Republic Turkey | 6 | 150.907.759 | 114.589.752 |
Financial Assets | 7 | 90.677.540 | 65.154.120 |
- Fair Value Through Profit or Loss | 13.085.336 | 13.779.757 | |
- Fair Value Through Other Comprehensive Income | 59.674.091 | 28.987.545 | |
- Measured at Amortised Cost | 16.562.633 | 20.654.473 | |
- Time Deposits | 1.355.480 | 1.732.345 | |
Trade Receivables | 8.576.886 | 6.606.610 | |
Receivables from Finance Sector Operations | 9 | 556.085.586 | 410.059.537 |
Other Receivables | 8 | 13.630.451 | 7.702.134 |
Derivative Instruments | 10 | 42.323.469 | 10.160.764 |
Inventories | 18.358.876 | 13.450.139 | |
Prepaid Expenses | 11 | 20.633.076 | 15.932.110 |
Deferred Commission Expenses | 1.459.183 | 1.019.808 | |
Current Tax Assets | 20 | 1.530.595 | 600.741 |
Other Current Assets | 22 | 15.242.807 | 10.064.237 |
Assets Classified As Held for Sale | 23 | 490.052 | 591.215 |
Non-current Assets | 625.197.324 | 525.120.563 | |
Financial Assets | 7 | 285.081.364 | 232.511.741 |
- Fair Value Through Other Comprehensive Income | 176.398.495 | 147.083.960 | |
- Measured at Amortised Cost | 107.692.955 | 85.427.781 | |
- Time Deposits | 989.914 | - | |
Trade Receivables | 1.952 | 1.418 | |
Receivables From Finance Sector Operations | 9 | 218.905.560 | 196.986.616 |
Other Receivables | 0 | 1.571.160 | 1.593.482 |
Derivative Instruments | 10 | 47.849.257 | 38.719.765 |
Investments Accounted Through Equity Method | 12 | 20.238.074 | 17.611.848 |
Investment Property | 800.897 | 489.142 | |
Property, Plant and Equipment | 13 | 24.604.588 | 16.377.089 |
Right of Use Asset | 15 | 4.315.181 | 3.132.198 |
Intangible Assets | 18.228.053 | 14.564.657 | |
- Goodwill | 16 | 5.486.224 | 4.078.784 |
- Other Non Current Assets | 14 | 12.741.829 | 10.485.873 |
Prepaid Expenses | 11 | 231.929 | 463.916 |
Deferred Commission Expenses | 1.294.230 | 972.698 | |
Deferred Tax Assets | 20 | 1.587.096 | 1.456.256 |
Other Non Current Assets | 22 | 487.983 | 239.737 |
Total Assets | 1.662.438.203 | 1.245.929.927 |
These consolidated financial statements have been approved for issue by the Board of Directors on 9 August 2023. General Assembly has the right to change these condensed consolidated financial statements.
The accompanying notes form an integral part of these condensed consolidated financial statements.
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CONVENIENCE TRANSLATION INTO ENGLISH OF INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS ORIGINALLY ISSUED IN TURKISH
HACI ÖMER SABANCI HOLDİNG A.Ş.
CONDENSED CONSOLIDATED BALANCE SHEET AT 30 JUNE2023 AND 31 DECEMBER 2022
(Amounts expressed in thousands of Turkish Lira ("TRY") unless otherwise indicated. Currencies other than TRY are expressed in thousands unless otherwise indicated.)
Reviewed | Audited | ||
Current | Prior | ||
Period | Period | ||
Note | 30 June | 31 December | |
References | 2023 | 2022 | |
Short Term Liabilities | 1.272.457.521 | 902.103.780 | |
Short Term Borrowings | 17 | 33.958.061 | 25.356.285 |
Short Term Portion of Long-Term Borrowings | 17 | 44.154.748 | 37.578.916 |
Liabilities from Leasing Transactions | 18 | 980.292 | 630.347 |
Trade Payables | 17.378.294 | 15.486.832 | |
Payables of Finance Sector Operations | 19 | 1.085.840.044 | 749.663.848 |
Payables related to Employee Benefits | 630.621 | 261.785 | |
Other Payables | 8 | 42.418.561 | 35.041.548 |
Derivative Financial Instruments | 10 | 12.991.684 | 5.798.902 |
Deferred Income | 11 | 1.118.123 | 511.771 |
Current Tax Liabilities | 20 | 1.525.830 | 10.263.913 |
Short Term Provisions | 28.081.925 | 17.303.456 | |
- Short Term Provisions for Employee | 2.457.998 | 1.778.295 | |
- Insurance Technical Provisions | 21 | 24.078.532 | 14.539.144 |
- Other Short-Term Provisions | 21 | 1.545.395 | 986.017 |
Other Short Term Liabilities | 22 | 3.355.985 | 4.192.286 |
Liabilities Related to Asset Group Held for Sale | 23 | 23.353 | 13.891 |
Long Term Liabilities | 160.185.514 | 143.593.588 | |
Long Term Borrowings | 17 | 86.867.741 | 73.982.765 |
Liabilities from Leasing Transactions | 18 | 3.904.168 | 2.897.906 |
Payables of Finance Sector Operations | 19 | 19.331.412 | 24.639.838 |
Other Payables | 8 | 15.146.637 | 16.075.205 |
Derivative Financial Instruments | 10 | 10.794.063 | 9.308.148 |
Government Incentives | 29.871 | 28.737 | |
Deferred Income | 11 | 528.553 | 505.021 |
Long Term Provisions | 19.046.264 | 13.012.271 | |
- Long Term Provisions for Employee Benefits | 3.506.015 | 2.973.784 | |
- Insurance Technical Provisions | 21 | 13.312.862 | 8.373.738 |
- Other Long-Term Provisions | 21 | 2.227.387 | 1.664.749 |
Taxes and Funds Payable | 12.000 | 10.829 | |
Deferred Tax Liabilities | 20 | 3.619.670 | 2.590.383 |
Other Long Term Liabilities | 22 | 905.135 | 542.485 |
EQUITY | 229.795.168 | 200.232.559 | |
Equity Attributable to the Parent | 117.862.065 | 100.832.151 | |
Share Capital | 2.040.404 | 2.040.404 | |
Adjustment to Share Capital | 3.426.761 | 3.426.761 | |
Share Premium | 22.237 | 22.237 | |
Treasury shares (-) | (1.860.159) | (944.255) | |
Other Equity Reserves | 36.558 | 30.912 | |
Other Comprehensive Income or Expenses That | |||
Will Not Be Reclassified to Profit or Loss | |||
- Actuarial Gain/Loss | (1.489.666) | (1.220.212) | |
Other Comprehensive Income or Expenses | |||
Will Be Reclassified to Profit or Loss | |||
- Currency Translation Reserve | 27 | 19.228.622 | 10.995.205 |
- Gains/Losses on Hedge | 27 | (4.836.320) | (2.992.643) |
- Revaluation Reserve | 27 | (918.376) | 3.172.128 |
Restricted Reserves | 4.598.533 | 2.822.896 | |
Retained Earnings | 78.213.482 | 39.650.339 | |
Net Income for the Period | 19.399.989 | 43.828.379 | |
Non-controlling Interests | 111.933.103 | 99.400.408 | |
TOTAL EQUITY AND LIABILITIES | 1.662.438.203 | 1.245.929.927 |
The accompanying notes form an integral part of these condensed consolidated financial statements.
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Haci Ömer Sabanci Holding 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 06:55:05 UTC.
