Tekfen Anonim Sirketi : Financial Statement

CONTENT

PAGE

CONDENSED CONSOLIDATED BALANCE SHEET (STATEMENT OF FINANCIAL POSITION)

AS AT 31 MARCH 2022 ..........................................................................................................................

1-2

CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS FOR THE THREE MONTH

INTERIM PERIOD ENDED 31 MARCH 2022 ........................................................................................

3

CONDENSED CONSOLIDATED STATEMENT OF OTHER COMPREHENSIVE INCOME FOR

THE THREE MONTH INTERIM PERIOD ENDED 31 MARCH 2022 ...................................................

4

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE THREE

MONTH INTERIM PERIOD ENDED 31 MARCH 2022 ..........................................................................

5

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE THREE MONTH

INTERIM PERIOD ENDED 31 MARCH 2022 .........................................................................................

6

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE THREE

MONTH INTERIM PERIOD ENDED 31 MARCH 2022 ..........................................................................

7-39

NOTE 1

ORGANIZATION AND OPERATIONS OF THE GROUP ..................................................

7

NOTE 2

BASIS OF PRESENTATION OF THE CONDENSED CONSOLIDATED

FINANCIAL STATEMENTS ................................................................................................

7

NOTE 3

ADOPTION OF NEW AND REVISED STANDARDS ........................................................

8

NOTE 4

EVENTS AND TRANSACTIONS MATERIALLY AFFECTING THE CONDENSED

CONSOLIDATED FINANCIAL STATEMENTS .................................................................

8-11

NOTE 5

SIGNIFICANT CHANGES IN EQUITY ...............................................................................

11

NOTE 6

SEGMENT REPORTING ......................................................................................................

12-16

NOTE 7

CASH AND CASH EQUIVALENTS .....................................................................................

17

NOTE 8

TRADE RECEIVABLES AND PAYABLES ..........................................................................

17-18

NOTE 9

CONTRACT ASSETS AND LIABILITIES ARISING FROM ONGOING

CONSTRUCTION WORKS ..................................................................................................

18-19

NOTE 10

INVENTORIES ......................................................................................................................

19

NOTE 11

INVESTMENTS VALUED BY EQUITY METHOD ...........................................................

20-22

NOTE 12

PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS,

INVESTMENT PROPERTY AND RIGHT-OF-USE ASSETS ...........................................

23-25

NOTE 13

SHORT AND LONG-TERM BORROWINGS .......................................................................

26

NOTE 14

PROVISIONS, CONTINGENT ASSETS AND LIABILITIES ...............................................

26-28

NOTE 15

COMMITMENTS ......................................... ..........................................................................

28-29

NOTE 16

SIGNIFICANT RELATED PARTY TRANSACTIONS .......................................................

29

NOTE 17

EQUITY ................................................................................................................... ................

30

NOTE 18

EARNINGS PER SHARE ......................................................................................................

30

NOTE 19

OTHER OPERATING INCOME AND EXPENSES .............................................................

31

NOTE 20

FINANCIAL INCOME AND EXPENSES ............................................................................

31

NOTE 21

DERIVATIVE INSTRUMENTS ...........................................................................................

32

NOTE 22

FOREIGN CURRENCY POSITION .....................................................................................

33-35

NOTE 23

FINANCIAL INSTRUMENTS ..............................................................................................

36-39

NOTE 24

SUBSEQUENT EVENTS ......................................................................................................

39

Unreviewed

Audited

31 March

31 December

ASSETS

Notes

2022

2021

Current Assets

18.580.004

15.407.337

Cash and cash equivalents

7

3.244.979

5.064.108

Financial investments

4

1.992.503

51.845

Trade receivables

8

4.536.630

2.814.220

- Related party receivables

57.478

50.462

- Trade receivables

4.479.152

2.763.758

Other receivables

125.206

101.659

- Related party receivables

11.663

-

- Other receivables

113.543

101.659

Contract assets arising from ongoing construction works

9

1.632.591

1.863.471

Derivative instruments

21

204.995

249.886

Inventories

10

5.211.561

3.952.236

Prepaid expenses

542.871

349.216

- Prepaid expenses

542.871

349.216

Assets related to current tax

515.621

434.363

Other current assets

517.859

476.648

- Other current assets

517.859

476.648

18.524.816

15.357.652

Assets classified as held for sale

55.188

49.685

Non-Current Assets

7.216.657

6.506.236

Financial investments

2.231.707

1.866.285

Trade receivables

8

236.895

184.737

- Trade receivables

236.895

184.737

Other receivables

15.355

14.025

- Other receivables

15.355

14.025

Investments valued by equity method

11

142.946

95.625

Investment property

12

179.710

168.024

Property, plant and equipment

12

3.694.733

3.441.525

Right-of-use assets

12

57.674

62.194

Intangible assets

12

155.486

150.699

- Goodwill

99.312

95.687

- Other intangible assets

56.174

55.012

Prepaid expenses

55.801

52.255

- Prepaid expenses

55.801

52.255

Deferred tax assets

404.931

436.525

Other non-current assets

41.419

34.342

- Other non-current assets

41.419

34.342

TOTAL ASSETS

25.796.661

21.913.573

Unreviewed

Audited

31 March

31 December

LIABILITIES

Notes

2022

2021

Current Liabilities

16.839.474

13.073.283

Short-term borrowings

13

4.247.961

3.088.485

Short-term portion of long-term borrowings

128.120

88.282

Trade payables

8

7.909.463

6.832.598

- Related party payables

4.009

10.174

- Trade payables

7.905.454

6.822.424

Payables related to employee benefits

148.103

126.891

Other payables

5

479.316

117.262

- Related party payables

137.084

-

- Other payables

342.232

117.262

Contract liabilities arising from ongoing construction works

9

890.399

457.701

Derivative instruments

21

286.666

198.465

Deferred revenue

1.450.823

880.956

- Deferred revenue

1.450.823

880.956

Current tax liability

436.547

499.325

Short-term provisions

14

855.085

777.228

- Short-term provisions attributable to employee benefits

245.925

260.389

- Other short-term provisions

609.160

516.839

Other short-term liabilities

6.991

6.090

- Other short-term liabilities

6.991

6.090

Non-Current Liabilities

1.223.564

1.114.830

Long-term borrowings

13

314.481

324.786

Trade payables

8

273.299

218.075

- Trade payables

273.299

218.075

Other payables

91.378

86.305

- Other payables

91.378

86.305

Deferred revenue

231

231

- Deferred revenue

231

231

Long-term provisions

14

298.854

288.417

- Long-term provisions attributable to employee benefits

298.786

288.362

- Other long-term provisions

68

55

Deferred tax liabilities

245.321

197.016

TOTAL LIABILITIES

18.063.038

14.188.113

EQUITY

7.733.623

7.725.460

Equity Attributable To Owners Of The Parent

5, 17

7.593.810

7.595.637

Paid in capital

370.000

370.000

Capital structure adjustment

3.475

3.475

Premiums in capital stock

300.984

300.984

Accumulated other comprehensive income (loss)

(381.329)

(359.392)

that will not be reclassified to profit or loss

- Loss on investments in equity instruments (-)

(385.365)

(362.986)

- Gain on revaluation and remeasurement

4.036

3.594

Accumulated other comprehensive income

2.963.202

2.770.245

that will be reclassified to profit or loss

- Currency translation reserve

2.819.054

2.577.869

- Hedging reserve

144.148

192.376

Legal reserves

560.834

397.716

Prior years' income

3.671.209

3.273.381

Net profit for the period

105.435

839.228

Non-controlling Interests

139.813

129.823

TOTAL LIABILITIES AND EQUITY

25.796.661

21.913.573

Unreviewed

Unreviewed

1 January-

1 January -

31 March

31 March

Notes

2022

2021

Revenue

6

5.295.826

3.790.591

Cost of revenue (-)

(4.995.101)

(3.140.239)

GROSS PROFIT (LOSS)

300.725

650.352

General administrative expenses (-)

(184.756)

(120.513)

Marketing expenses (-)

(140.222)

(91.062)

Research and development expenses (-)

(5.379)

(6.394)

Other operating income

19

602.164

135.428

Other operating expenses (-)

19

(785.419)

(255.789)

Share on profit (loss) of investments valued

by equity method

11

35.041

(5.441)

OPERATING PROFIT (LOSS)

(177.846)

306.581

Investment income

4

190.244

678

Investment expense (-)

(48.993)

(17)

PROFIT (LOSS) BEFORE FINANCIAL

INCOME (EXPENSE)

(36.595)

307.242

Financial income

20

730.608

364.270

Financial expenses (-)

20

(527.837)

(145.163)

PROFIT FROM CONTINUING OPERATIONS

BEFORE TAXATION

166.176

526.349

Tax Expense from Continuing Operations (-)

(67.125)

(116.971)

Tax (expense) income for the period

4

19.023

(115.096)

Deferred tax expense (-)

(86.148)

(1.875)

PROFIT FROM CONTINUING OPERATIONS

FOR THE PERIOD

99.051

409.378

Distribution of Profit for the Period

Non-controlling interests

(6.384)

(2.783)

Owners of the parent

18

105.435

412.161

Earnings Per Share

18

0,285

1,114