PETKIM PETROKIMYA HOLDING ANONIM SIRKETI CONVENIENCE TRANSLATION INTO ENGLISH OF CONSOLIDATED FINANCIAL STATEMENTS ORIGINALLY ISSUED IN TURKISH
PETKİM PETROKİMYA HOLDİNG
ANONİM ŞİRKETİ AND ITS SUBSIDIARIES
CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2023
TOGETHER WITH INDEPENDENT AUDITOR'S REVIEW REPORT
CONVENIENCE TRANSLATION INTO ENGLISH OF FINANCIAL STATEMENTS ORIGINALLY ISSUED IN TURKISH
PETKİM PETROKİMYA HOLDİNG ANONİM ŞİRKETİ AND ITS SUBSIDIARIES
INDEX TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS | |||
FOR THE INTERIM PERIOD 1 JANUARY - 30 JUNE 2023 | |||
CONTENTS | PAGE | ||
CONDENSED CONSOLIDATED INTERIM BALANCE SHEETS | 1-3 | ||
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF PROFIT OR LOSS | 4 | ||
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF OTHER | |||
COMPREHENSIVE INCOME | 5 | ||
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY | 6 | ||
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CASH FLOW | 7 | ||
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL | |||
STATEMENTS FOR THE INTERIM PERIOD | 8-47 | ||
NOTE 1 | GROUP'S ORGANISATION AND NATURE OF OPERATIONS | 8-10 | |
NOTE 2 | BASIS OF PRESENTATION OF INTERIM CONDENSED CONSOLIDATED | ||
FINANCIAL STATEMENTS | 10-16 | ||
NOTE 3 | SEGMENT REPORTING | 16-18 | |
NOTE 4 | CASH AND CASH EQUIVALENTS | 18 | |
NOTE 5 | FINANCIAL INVESTMENTS | 19 | |
NOTE 6 | INVENTORIES | 20 | |
NOTE 7 | TRADE RECEIVABLES AND PAYABLES | 20 | |
NOTE 8 | BORROWINGS AND BORROWING COSTS | 21-23 | |
NOTE 9 | PROPERTY, PLANT AND EQUIPMENT | 24-25 | |
NOTE 10 | DEFERRED REVENUE | 26 | |
NOTE 11 | PREPAID EXPENSES AND OTHER CURRENT ASSETS | 26 | |
NOTE 12 | EMPLOYEE BENEFITS | 27-28 | |
NOTE 13 | EQUITY | 29 | |
NOTE 14 | TAX ASSETS AND LIABILITIES | 29-31 | |
NOTE 15 | REVENUE AND COST OF SALES | 32 | |
NOTE 16 | GENERAL ADMINISTRATIVE EXPENSES | 32 | |
NOTE 17 | OPERATING INCOME AND EXPENSES | 33 | |
NOTE 18 | FINANCIAL INCOME/EXPENSES | 33 | |
NOTE 19 | INCOME/(EXPENSES) FROM INVESTMENT ACTIVITIES ……………………………………… | 34 | |
NOTE 20 | TRANSACTIONS AND BALANCES WITH RELATED PARTIES | 34-40 | |
NOTE 21 | INVESTMENT PROPERTIES ………………………………………………………… | 41 | |
NOTE 22 | EARNINGS PER SHARE | 41 | |
NOTE 23 | PROVISIONS, CONTINGENT ASSETS AND LIABILITIES | 42-43 | |
NOTE 24 | FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT | 43-46 | |
NOTE 25 | EVENTS AFTER BALANCE SHEET DATE…………………………………………………… | 47 |
CONVENIENCE TRANSLATION INTO ENGLISH OF FINANCIAL STATEMENTS ORIGINALLY ISSUED IN TURKISH
PETKİM PETROKİMYA HOLDİNG ANONİM ŞİRKETİ AND ITS SUBSIDIARIES
CONDENSED CONSOLIDATED INTERIM BALANCE SHEETS AS AT 30 JUNE 2023 AND 31 DECEMBER 2022
(Amounts expressed in thousands Turkish Lira ('TRY') unless otherwise indicated.)
Reviewed | Audited | ||
Notes | 30 June 2023 | 31 December 2022 | |
ASSETS | |||
CURRENT ASSETS | |||
Cash and cash equivalents | 4 | 10,512,104 | 13,251,675 |
Financial investments | 5 | 612,083 | 1,176,533 |
Trade receivables | 5,672,071 | 4,734,939 | |
- Trade receivables from related parties | 20 | 1,322,406 | 1,189,048 |
- Trade receivables from third parties | 7 | 4,349,665 | 3,545,891 |
Other receivables | 80,198 | 24,649 | |
- Other receivables from related parties | 20 | 411 | - |
- Other receivables from third parties | 79,787 | 24,649 | |
Inventories | 6 | 4,551,495 | 4,383,080 |
Prepaid expenses | 13,444,762 | 9,590,879 | |
- Prepaid expenses to related parties | 20 | 12,565,507 | 9,040,683 |
- Prepaid expenses to third parties | 11 | 879,255 | 550,196 |
Derivative financial instruments | 24 | 509,456 | 35,067 |
Other current assets | 1,225,752 | 932,231 | |
- Other current assets to third parties | 11 | 1,225,752 | 932,231 |
Current income tax asset | 14 | 20,587 | 275,800 |
TOTAL CURRENT ASSETS | 36,628,508 | 34,404,853 | |
NON-CURRENT ASSETS | |||
Financial investments | 5 | 8,910 | 8,910 |
Other receivables | 15,110 | 13,257 | |
- Other receivables from related parties | 20 | 15,043 | 13,190 |
- Other receivables from third parties | 67 | 67 | |
Investment property | 21 | 8,870,648 | 5,626,240 |
Property, plant and equipment | 9 | 13,801,216 | 11,946,193 |
Right-of-use assets | 448,298 | 256,466 | |
Intangible assets | 96,715 | 90,119 | |
Prepaid expenses | 215,743 | 150,936 | |
- Prepaid expenses to related parties | 20 | 24,911 | 27,590 |
- Prepaid expenses to third parties | 11 | 190,832 | 123,346 |
Deferred tax assets | 14 | 2,175,856 | 2,113,631 |
Derivative financial instruments | 24 | 52,143 | 31,660 |
Other non-current assets | 35,182 | 20,687 | |
- Other non-current assets related | |||
to third parties | 35,182 | 20,687 | |
TOTAL NON-CURRENT ASSETS | 25,719,821 | 20,258,099 | |
TOTAL ASSETS | 62,348,329 | 54,662,952 |
The accompanying notes are an integral part of these condensed consolidated interim financial statements.
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CONVENIENCE TRANSLATION INTO ENGLISH OF FINANCIAL STATEMENTS ORIGINALLY ISSUED IN TURKISH
PETKİM PETROKİMYA HOLDİNG ANONİM ŞİRKETİ AND ITS SUBSIDIARIES
CONDENSED CONSOLIDATED INTERIM BALANCE SHEETS AS AT 30 JUNE 2023 AND 31 DECEMBER 2022
(Amounts expressed in thousands Turkish Lira ('TRY') unless otherwise indicated.)
Notes | Reviewed | Audited | |
30 June 2023 | 31 December 2022 | ||
LIABILITIES | |||
CURRENT LIABILITIES | |||
Short-term borrowings | 16,617,323 | 15,582,657 | |
- Short-term borrowings from third parties | 16,517,074 | 15,516,181 | |
- Bank borrowings | 8 | 7,386,048 | 3,143,887 |
- Short term lease liabilities | 8 | 35,460 | 23,618 |
- Other financial liabilities | 8 | 9,095,566 | 12,348,676 |
- Short-term borrowings from related parties | 100,249 | 66,476 | |
- Short term lease liabilities to related parties | 20 | 100,249 | 66,476 |
Short-term portion of long-term borrowings | 2,061,788 | 10,143,918 | |
- Short-term portion of long-term borrowings | |||
to third parties | 8 | 2,061,788 | 10,143,918 |
- Bank borrowings | 2,061,788 | 543,418 | |
- Bonds issued | 8 | - | 9,600,500 |
Derivative financial instruments | 24 | - | 8,239 |
Trade payables | 6,311,051 | 4,407,481 | |
- Trade payables to related parties | 20 | 3,780,911 | 1,624,900 |
- Trade payables to third parties | 7 | 2,530,140 | 2,782,581 |
Payables related to employee benefits | 12 | 94,384 | 65,256 |
Other payables | 2,037,417 | 17,922 | |
- Other payables to related parties | 20 | 2,020,127 | 87 |
- Other payables to third parties | 17,290 | 17,835 | |
Deferred revenue | 1,443,975 | 322,491 | |
- Deferred revenue from related parties | 20 | 1,126,900 | 41,692 |
- Deferred revenue from third parties | 10 | 317,075 | 280,799 |
Short-term provisions | 406,425 | 552,458 | |
- Provision for employee benefits | 12 | 402,119 | 545,020 |
- Other short-term provisions | 23 | 4,306 | 7,438 |
Other current liabilities | 75,963 | 97,471 | |
- Other current liabilities related | |||
to third parties | 75,963 | 97,471 |
TOTAL CURRENT LIABILITIES | 29,048,326 | 31,197,893 | |
NON-CURRENT LIABITIES | |||
Long-term financial liabilities | 12,019,749 | 2,997,055 | |
- Long-term borrowings from third parties | 11,660,006 | 2,736,793 | |
- Bank borrowings | 8 | 11,507,876 | 2,665,083 |
- Long-term lease liabilities to third parties | 8 | 152,130 | 71,710 |
- Long-term borrowings from related parties | 20 | 359,743 | 260,262 |
- Long term lease liabilities to related parties | 359,743 | 260,262 | |
Deferred revenue | 1,130,831 | 837,688 | |
- Deferred revenue from related parties | 20 | 1,130,831 | 837,688 |
Long-term provisions | 12 | 656,512 | 517,708 |
- Provision for employee termination benefits | 656,512 | 517,708 | |
Deferred income tax liabilities | 14 | 225,704 | 53,356 |
TOTAL NON-CURRENT LIABILITIES | 14,032,796 | 4,405,807 | |
TOTAL LIABILITIES | 43,081,122 | 35,603,700 |
The accompanying notes are an integral part of these condensed consolidated interim financial statements.
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CONVENIENCE TRANSLATION INTO ENGLISH OF FINANCIAL STATEMENTS ORIGINALLY ISSUED IN TURKISH
PETKİM PETROKİMYA HOLDİNG ANONİM ŞİRKETİ AND ITS SUBSIDIARIES
CONDENSED CONSOLIDATED INTERIM BALANCE SHEETS AS AT 30 JUNE 2023 AND 31 DECEMBER 2022
(Amounts expressed in thousands Turkish Lira ('TRY') unless otherwise indicated.)
Reviewed | Audited | ||
Notes | 30 June 2023 | 31 December 2022 | |
EQUITY | |||
Equity Attributable to | |||
Owners of the Parent Company | 19,146,141 | 19,024,747 | |
Share capital | 13 | 2,534,400 | 2,534,400 |
Adjustment to share capital | 13 | 238,988 | 238,988 |
Share premium | 64,188 | 64,188 | |
Other comprehensive (expense) not to be | |||
reclassified to profit or loss | (248,451) | (247,450) | |
- Actuarial loss arising from defined benefit plan | (248,451) | (247,450) | |
Other comprehensive income/(expense) to be | |||
reclassified to profit or loss | (700,191) | (533,526) | |
- Currency translation differences | (814,900) | (569,211) | |
- Gain/(loss) on hedge reserve | 114,709 | 35,685 | |
- Gain/(loss) on cash flow hedges | 114,709 | 35,685 | |
Restricted reserves | 642,300 | 642,300 | |
Retained earnings | 16,325,847 | 9,745,594 | |
Net profit for the period/year | 289,060 | 6,580,253 | |
Non-controlling interest | 121,066 | 34,505 | |
TOTAL EQUITY | 19,267,207 | 19,059,252 | |
TOTAL LIABILITIES AND EQUITY | 62,348,329 | 54,662,952 |
The accompanying notes are an integral part of these condensed consolidated interim financial statements.
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Petkim Petrokimya Holding AS published this content on 10 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 10 August 2023 05:24:07 UTC.
