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 31 MARCH 2023
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 - 31 MARCH 2023 | ||
CONTENTS | PAGE | |
CONDENSED CONSOLIDATED INTERIM BALANCE SHEETS | 1-3 | |
CONDENSED CONSOLIDATED INTERIM STATEMENT OF PROFIT OR LOSS | ||
AND OTHER COMPREHENSIVE INCOME | 4-5 | |
CONDENSED CONSOLIDATED INTERIM STATEMENT OF CHANGES IN EQUITY | 6 | |
CONDENSED CONSOLIDATED INTERIM STATEMENT OF CASH FLOW | 7 | |
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL | ||
STATEMENTS FOR THE INTERIM PERIOD 1 JANUARY- 31 MARCH 2023 | 8-44 | |
NOTE 1 | GROUP'S ORGANISATION AND NATURE OF OPERATIONS | 8-9 |
NOTE 2 | BASIS OF PRESENTATION OF CONDENSED CONSOLIDATED INTERIM | |
FINANCIAL STATEMENTS AND ACCOUNTING POLICIES | 10-15 | |
NOTE 3 | SEGMENT REPORTING | 15-16 |
NOTE 4 | CASH AND CASH EQUIVALENTS | 17 |
NOTE 5 | FINANCIAL INVESTMENTS | 17-18 |
NOTE 6 | TRADE RECEIVABLES AND PAYABLES | 18 |
NOTE 7 | INVENTORIES | 18-19 |
NOTE 8 | BORROWINGS AND BORROWING COSTS | 19-21 |
NOTE 9 | PROPERTY, PLANT AND EQUIPMENT | 22-23 |
NOTE 10 | INVESTMENT PROPERTIES | 24 |
NOTE 11 | DEFERRED REVENUE | 24 |
NOTE 12 | PREPAID EXPENSES | 25 |
NOTE 13 | EMPLOYEE BENEFITS | 25-27 |
NOTE 14 | EQUITY | 27 |
NOTE 15 | TAX ASSSETS AND LIABILITIES | 28-30 |
NOTE 16 | GENERAL ADMINISTRATIVE EXPENSES | 31 |
NOTE 17 | INCOME/ (EXPENSES) FROM INVESTMENT ACTIVITIES | 31 |
NOTE 18 | FINANCIAL INCOME AND EXPENSES | 31-32 |
NOTE 19 | EARNINGS PER SHARE | 32 |
NOTE 20 | TRANSACTIONS AND BALANCES WITH RELATED PARTIES | 32-38 |
NOTE 21 | PROVISIONS, CONTINGENT ASSETS AND LIABILITIES | 38-40 |
NOTE 22 | FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT | 40-43 |
NOTE 23 | SUBSEQUENT EVENTS | 44 |
CONVENIENCE TRANSLATION INTO ENGLISH OF FINANCIAL STATEMENTS ORIGINALLY ISSUED IN TURKISH
PETKİM PETROKİMYA HOLDİNG ANONİM ŞİRKETİ AND ITS SUBSIDIARIES
CONDENSED CONSOLIDATED INTERIM BALANCE SHEET
AS AT 31 MARCH 2023
(Amounts expressed in thousands of Turkish Lira ("TRY") unless otherwise indicated.)
Unaudited | Audited | ||
Notes | 31 March 2023 | 31 December 2022 | |
ASSETS | |||
CURRENT ASSETS | |||
Cash and cash equivalents | 4 | 5,166,902 | 13,251,675 |
Financial investments | 5 | 835,177 | 1,176,533 |
Trade receivables | 4,181,874 | 4,734,939 | |
- Trade receivables from related parties | 20 | 887,012 | 1,189,048 |
- Trade receivables from third parties | 6 | 3,294,862 | 3,545,891 |
Other receivables | 27,940 | 24,649 | |
- Other receivables from related parties | 20 | 313 | - |
- Other receivables from third parties | 27,627 | 24,649 | |
Inventories | 7 | 4,360,538 | 4,383,080 |
Prepaid expenses | 10,094,699 | 9,590,879 | |
- Prepaid expenses to related parties | 20 | 9,239,856 | 9,040,683 |
- Prepaid expenses to third parties | 12 | 854,843 | 550,196 |
Derivative financial instruments | 37,214 | 35,067 | |
Other current assets | 1,062,450 | 932,231 | |
- Other current assets to third parties | 1,062,450 | 932,231 | |
Current tax assets | 15 | 274,287 | 275,800 |
TOTAL CURRENT ASSETS | 26,041,081 | 34,404,853 | |
NON-CURRENT ASSETS | |||
Financial investments | 5 | 8,910 | 8,910 |
Derivative financial assets | 18,588 | 31,660 | |
Other receivables | 14,110 | 13,257 | |
- Other receivables from related parties | 20 | 14,043 | 13,190 |
- Other receivables from third parties | 67 | 67 | |
Investment properties | 10 | 6,745,747 | 5,626,240 |
Property, plant and equipment | 9 | 12,104,466 | 11,946,193 |
Right of use assets | 396,333 | 256,466 | |
Intangible assets | 100,419 | 90,119 | |
Prepaid expenses | 245,096 | 150,936 | |
- Prepaid expenses to related parties | 20 | 25,919 | 27,590 |
- Prepaid expenses to third parties | 12 | 219,177 | 123,346 |
Deferred tax assets | 15 | 2,176,742 | 2,113,631 |
Other non-current assets | 22,001 | 20,687 | |
- Other non-current assets related | |||
to third parties | 22,001 | 20,687 | |
TOTAL NON - CURRENT ASSETS | 21,832,412 | 20,258,099 | |
TOTAL ASSETS | 47,873,493 | 54,662,952 |
The accompanying notes are an integral part of these condensed consolidated financial statements.
1
CONVENIENCE TRANSLATION INTO ENGLISH OF FINANCIAL STATEMENTS ORIGINALLY ISSUED IN TURKISH
PETKİM PETROKİMYA HOLDİNG ANONİM ŞİRKETİ AND ITS SUBSIDIARIES
CONDENSED CONSOLIDATED INTERIM BALANCE SHEET
AS AT 31 MARCH 2023
(Amounts expressed in thousands of Turkish Lira ("TRY") unless otherwise indicated.)
Unaudited | Audited | ||
Notes | 31 March 2023 | 31 December 2022 | |
LIABILITIES | |||
CURRENT LIABILITIES | |||
Short-term borrowings | 12,294,976 | 15,582,657 | |
- Short-term borrowings to third parties | 12,220,939 | 15,516,181 | |
- Bank borrowings | 8 | 3,048,601 | 3,143,887 |
- Short term lease liabilities | 8 | 38,705 | 23,618 |
- Other financial liabilities | 8 | 9,133,633 | 12,348,676 |
- Short-term borrowings to related parties | 74,037 | 66,476 | |
- Short term lease liabilities to related parties | 20 | 74,037 | 66,476 |
Short-term portion of long-term borrowings | 1,355,502 | 10,143,918 | |
- Short-term portion of long-term borrowings | |||
to third parties | 1,355,502 | 10,143,918 | |
- Bank borrowings | 8 | 1,355,502 | 543,418 |
- Bonds issued | 8 | - | 9,600,500 |
Derivative financial instruments | 8,557 | 8,239 | |
Trade payables | 3,571,875 | 4,407,481 | |
- Trade payables to related parties | 20 | 1,885,622 | 1,624,900 |
- Trade payables to third parties | 6 | 1,686,253 | 2,782,581 |
Payables related to employee benefits | 157,008 | 65,256 | |
Other payables | 21,427 | 17,922 | |
- Other payables to related parties | 20 | 87 | 87 |
- Other payables to third parties | 21,340 | 17,835 | |
Deferred revenue | 555,594 | 322,491 | |
- Deferred revenue from related parties | 20 | 138,463 | 41,692 |
- Deferred revenue from third parties | 11 | 417,131 | 280,799 |
Short term provisions | 323,694 | 552,458 | |
- Provision for employee benefits | 13 | 319,388 | 545,020 |
- Other short term provisions | 21 | 4,306 | 7,438 |
Other current liabilities | 177,173 | 97,471 | |
- Other current liabilities related | |||
to third parties | 177,173 | 97,471 | |
TOTAL CURRENT LIABILITIES | 18,465,806 | 31,197,893 | |
NON-CURRENT LIABITIES | |||
Long term financial liabilities | 8,729,438 | 2,997,055 | |
- Long term financial liabilities to third parties | 8,451,357 | 2,736,793 | |
- Bank borrowings | 8 | 8,303,714 | 2,665,083 |
- Long-term lease liabilities to third parties | 8 | 147,643 | 71,710 |
- Long-term borrowings to related parties | 278,081 | 260,262 | |
- Long term lease liabilities to related parties | 20 | 278,081 | 260,262 |
Derivative financial instruments | - | ||
Deferred revenue | 848,628 | 837,688 | |
- Deferred revenue from related parties | 20 | 848,628 | 837,688 |
Long term provisions | 642,651 | 517,708 | |
- Provision for employee | |||
termination benefits | 13 | 642,651 | 517,708 |
Deferred income tax liabilities | 24,721 | 53,356 | |
TOTAL NON - CURRENT LIABILITIES | 10,245,438 | 4,405,807 | |
TOTAL LIABILITIES | 28,711,244 | 35,603,700 |
The accompanying notes are an integral part of these condensed consolidated financial statements.
2
CONVENIENCE TRANSLATION INTO ENGLISH OF FINANCIAL STATEMENTS ORIGINALLY ISSUED IN TURKISH
PETKİM PETROKİMYA HOLDİNG ANONİM ŞİRKETİ AND ITS SUBSIDIARIES
CONDENSED CONSOLIDATED INTERIM BALANCE SHEET
AS AT 31 MARCH 2023
(Amounts expressed in thousands of Turkish Lira ("TRY") unless otherwise indicated.)
Unaudited | Audited | ||
Notes | 31 March 2023 | 31 December 2022 | |
EQUITY | |||
Equity attributable to | |||
owners of the parent company | 19,155,441 | 19,024,747 | |
Share capital | 14 | 2,534,400 | 2,534,400 |
Adjustment to share capital | 14 | 238,988 | 238,988 |
Share premium | 64,188 | 64,188 | |
Other comprehensive (expense) not to be | |||
reclassified to profit or loss | (247,450) | (247,450) | |
- Actuarial loss arising from defined benefit plan | (247,450) | (247,450) | |
Other comprehensive (expense/income to be | |||
reclassified to profit or loss | (557,507) | (533,526) | |
- Currency translation differences | (587,358) | (569,211) | |
- (Loss)/ Gain on hedge reserves | 29,851 | 35,685 | |
- (Loss)/ Gain on cash flow hedges | 29,851 | 35,685 | |
Restricted reserves | 642,300 | 642,300 | |
Retained earnings | 16,325,847 | 9,745,594 | |
Net profit for the year | 154,675 | 6,580,253 | |
Non-controlling interest | 6,808 | 34,505 | |
TOTAL EQUITY | 19,162,249 | 19,059,252 | |
TOTAL LIABILITIES AND EQUITY | 47,873,493 | 54,662,952 | |
The accompanying notes are an integral part of these condensed consolidated financial statements.
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Petkim Petrokimya Holding AS published this content on 09 May 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 09 May 2023 05:29:02 UTC.
