VESTEL BEYAZ EŞYA SANAYİ VE TİCARET ANONİM ŞİRKETİ

CONVENIENCE TRANSLATION INTO ENGLISH OF CONDENSED FINANCIAL STATEMENTS FOR THE INTERIM PERIOD 1 JANUARY - 30 JUNE 2021 (TOGETHER WITH INDEPENDENT AUDITOR'S LIMITED REVIEW REPORT)

(ORIGINALLY ISSUED IN TURKISH)

VESTEL BEYAZ EŞYA SANAYİ VE TİCARET ANONİM ŞİRKETİ

NOTES TO THE CONDENSED FINANCIAL STATEMENTS

FOR THE INTERIM PERIOD 1 JANUARY - 30 JUNE 2021

CONTENTS

PAGE

CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION (BALANCE SHEET)...............

1-5

CONDENSED INTERIM STATEMENTS OF PROFIT OR LOSS AND OTHER

COMPREHENSIVE INCOME ...................................................................................................................................

6-7

CONDENSED INTERIM STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY .................

8

CONDENSED INTERIM STATEMENTS OF CASH FLOWS ........................................................................

9-11

NOTES TO THE CONDENSED FINANCIAL STATEMENTS FOR THE INTERIM PERIOD 1 JANUARY

- 30 JUNE 2021

NOTE 1

COMPANY'S ORGANISATION AND NATURE OF OPERATIONS ...........................................................

12

NOTE 2

BASIS OF PRESENTATION OF FINANCIAL STATEMENTS.......................................................................

12-30

NOTE 3

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

30-31

NOTE 4

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

31

NOTE 5

FINANCIAL LIABILITIES......................................................................................................................................................

32-34

NOTE 6

RELATED PARTY DISCLOSURES..................................................................................................................................

34-36

NOTE 7

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

37

NOTE 8

OTHER RECEIVABLES...........................................................................................................................................................

38

NOTE 9

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

38-39

NOTE 10

PREPAID EXPENSES...............................................................................................................................................................

39

NOTE 11

PROPERTY, PLANT AND EQUIPMENT ....................................................................................................................

40-42

NOTE 12

RIGHT OF USE ASSETS..........................................................................................................................................................

43

NOTE 13

INTANGIBLE ASSETS.............................................................................................................................................................

44-45

NOTE 14

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

45-47

NOTE 15

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

47

NOTE 16

EMPLOYEE BENEFITS ..........................................................................................................................................................

48-49

NOTE 17

OTHER ASSETS AND LIABILITIES...............................................................................................................................

49

NOTE 18

CAPITAL, RESERVES AND OTHER EQUITY ITEMS........................................................................................

50-52

NOTE 19

REVENUE.........................................................................................................................................................................................

53

NOTE 20

EXPENSES BY NATURE........................................................................................................................................................

53

NOTE 21

GENERAL ADMINISTRATIVE EXPENSES, MARKETING EXPENSES, RESEARCH

AND DEVELOPMENT EXPENSES .................................................................................................................................

54

NOTE 22

OTHER INCOME AND EXPENSE FROM OPERATING ACTIVITIES.....................................................

55

NOTE 23

FINANCE INCOME AND FINANCE EXPENSE ......................................................................................................

55-56

NOTE 24

TAXES ON INCOME (INCLUDING DEFERRED TAX ASSETS AND LIABILITIES) .....................

56-59

NOTE 25

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

59

NOTE 26

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

60

NOTE 27

FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT...............................................

60-64

NOTE 28

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

64

1

VESTEL BEYAZ EŞYA SANAYİ VE TİCARET ANONİM ŞİRKETİ

CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION (BALANCE SHEET) AS OF 30 JUNE 2021 AND 31 DECEMBER 2020

(Amounts expressed in thousands of Turkish Lira ("TL") unless otherwise indicated.)

Reviewed

Audited

Notes

30 June 2021

31 December 2020

ASSETS

CURRENT ASSETS

Cash and Cash Equivalents

4

39.354

216.011

Trade Receivables

4.239.301

3.285.995

Trade Receivables Due From Related Parties

6, 7

4.212.640

3.280.987

Trade Receivables Due From Third Parties

7

26.661

5.008

Other Receivables

1.792.010

1.086.150

Other Receivables Due From Related Parties

6

1.452.229

855.935

Other Receivables Due From Third Parties

8

339.781

230.215

Derivative Financial Instruments

38.313

18.830

Derivative Financial Instruments Held for Trading

26

7.824

18.543

Derivative Financial Instruments Held for Hedging

26

30.489

287

Inventories

9

1.990.210

952.552

Prepayments

111.016

53.422

Prepayments to Third Parties

10

111.016

53.422

Other Current Assets

9.511

3.812

Other Current Assets Due From Third Parties

17

9.511

3.812

TOTAL CURRENT ASSETS

8.219.715

5.616.772

The accompanying notes are an integral part of these condensed interim financial statements.

2

VESTEL BEYAZ EŞYA SANAYİ VE TİCARET ANONİM ŞİRKETİ

CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION (BALANCE SHEET) AS OF 30 JUNE 2021 AND 31 DECEMBER 2020

(Amounts expressed in thousands of Turkish Lira ("TL") unless otherwise indicated.)

Reviewed

Audited

Notes

30 June 2021

31 December 2020

NON-CURRENT ASSETS

Other Receivables

11.519

4.500

Other Recevables Due From Third Parties

8

11.519

4.500

Property, Plant and Equipment

2.283.735

2.190.304

Lands

11

503.898

503.898

Land Improvements

11

49.040

49.957

Buildings

11

638.603

643.223

Machinery and Equipment

11

972.301

919.610

Vehicles

11

302

366

Furnitures and Fixtures

11

41.718

36.413

Leasehold Improvements

11

4.693

4.688

Construction in Progress

11

73.180

32.149

12

148.285

148.920

Right of Use Assets

Intangible Assets

236.156

216.439

Other Rights

13

170

180

Capitalized Development Costs

13

218.173

202.424

Other Intangible Assets

13

17.813

13.835

Prepayments

102.522

53.056

Prepayments to Third Parties

10

102.522

53.056

TOTAL NON-CURRENT ASSETS

2.782.217

2.613.219

TOTAL ASSETS

11.001.932

8.229.991

The accompanying notes are an integral part of these condensed interim financial statements.

3

VESTEL BEYAZ EŞYA SANAYİ VE TİCARET ANONİM ŞİRKETİ

CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION (BALANCE SHEET) AS OF 30 JUNE 2021 AND 31 DECEMBER 2020

(Amounts expressed in thousands of Turkish Lira ("TL") unless otherwise indicated.)

Reviewed

Audited

Notes

30 June 2021

31 December 2020

LIABILITIES

CURRENT LIABILITIES

Short-term Borrowings

745.928

998.969

Short-term Borrowings from Related Parties

2.258

16.181

5,6

2.258

16.181

Lease Liabilities

Short-term Borrowings From Third Parties

743.670

982.788

Bank Loans

5

709.455

960.540

Lease Liabilities

5

30.792

22.248

Issued debt instruments

5

3.423

-

Short-term Portion of Long-term Borrowings

93.529

234.294

Short-term Portion of Long-term Borrowings from Third

Parties

93.529

234.294

Bank Loans

5

93.529

234.294

Trade Payables

4.423.151

2.874.941

Trade Payables to Related Parties

6

254.523

188.142

Trade Payables to Third Parties

7

4.168.628

2.686.799

Employee Benefit Obligations

16

75.832

54.166

Other Payables

1.118.981

206.285

Other Payables to Related Parties

6

1.118.981

206.285

Derivative Financial Instruments

30.441

48.839

Derivative Financial Instruments Held for Trading

26

28.938

11.743

Derivative Financial Instruments Held for Hedging

26

1.503

37.096

Current Tax Liabilities

24

2.637

2.432

Current Provisions

10.320

9.674

Other Current Provisions

14

10.320

9.674

Other Current Liabilities

51.752

29.075

Other Current Liabilities to Third Parties

17

51.752

29.075

TOTAL CURRENT LIABILITIES

6.552.571

4.458.675

The accompanying notes are an integral part of these condensed interim financial statements.

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Vestel Beyaz Esya Sanayi ve Ticaret AS published this content on 02 August 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 August 2021 09:54:54 UTC.