(CONVENIENCE TRANSLATION OF FINANCIAL STATEMENTS ORIGINALLY ISSUED IN TURKISH)

ARÇELİK ANONİM ŞİRKETİ

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE INTERIM PERIOD

1 JANUARY - 30 JUNE 2023

Sensitivity: Public

CONTENTS

PAGES

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

1-3

CONDENSED CONSOLIDATED STATEMENTS OF PROFIT OR LOSS

4

CONDENSED CONSOLIDATED STATEMENTS OF

OTHER COMPREHENSIVE INCOME……………………………………………………………..5

CONDENSED CONSOLIDATED STATEMENTS OF

CHANGES IN SHAREHOLDERS' EQUITY……………………………………………………….6

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS………………….……….7

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS…………8-58

NOTE 1 - GROUP'S ORGANISATION AND NATURE OF OPERATIONS

8

NOTE 2 - BASIS OF PRESENTATION OF CONSOLIDATED FINANCIAL STATEMENTS

10

NOTE 3 - BUSINESS COMBINATION

15

NOTE 4 - SEGMENT REPORTING

18

NOTE 5 - CASH AND CASH EQUIVALENTS

20

NOTE 6 - FINANCIAL INVESTMENTS

21

NOTE 7 - BORROWINGS

22

NOTE 8 - DERIVATIVE INSTRUMENTS

27

NOTE 9 - TRADE RECEIVABLES AND PAYABLES

27

NOTE 10 - OTHER PAYABLES

28

NOTE 11 - INVENTORIES

29

NOTE 12 - INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD

29

NOTE 13 - PROPERTY, PLANT AND EQUIPMENT

30

NOTE 14 - OTHER INTANGIBLE ASSETS

31

NOTE 15 - COMMITMENTS, CONTINGENT ASSETS AND LIABILITIES

32

NOTE 16 - OTHER PROVISIONS

33

NOTE 17 - PREPAID EXPENSES

33

NOTE 18 - CURRENT INCOME TAX ASSETS

33

NOTE 19 - EMPLOYEE BENEFIT OBLIGATIONS

34

NOTE 20 - OTHER ASSETS AND LIABILITIES

34

NOTE 21 - EQUITY

35

NOTE 22 - OTHER INCOME AND EXPENSES FROM OPERATING ACTIVITIES

37

NOTE 23 - INCOME AND EXPENSES FROM INVESTMENT ACTIVITIES

38

NOTE 24 - FINANCIAL INCOME

38

NOTE 25 - FINANCIAL EXPENSES

39

NOTE 26 - TAX ASSETS AND LIABILITIES

39

NOTE 27 - EARNINGS PER SHARE

42

NOTE 28 - RELATED PARTY DISCLOSURES

43

NOTE 29 - FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT

45

NOTE 30 - FINANCIAL INSTRUMENTS

55

NOTE 31 - SUPPLEMENTARY CASH FLOW INFORMATION

58

NOTE 32 - EVENTS AFTER BALANCE SHEET DATE

58

NOTE 33 - OTHER SUBJECTS

58

Sensitivity: Public

(CONVENIENCE TRANSLATION INTO ENGLISH OF CONDENSED CONSOLIDATED FINANCIAL STATEMENTS ORIGINALLY ISSUED IN TURKISH)

ARÇELİK ANONİM ŞİRKETİ

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION AS OF JUNE 30, 2023, AND DECEMBER 31, 2022

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

Reviewed

Audited

June 30,

December 31,

Notes

2023

2022

ASSETS

Current assets:

Cash and cash equivalents

5

28,665,840

24,529,219

Trade receivables

-Due from related parties

28

555,898

420,397

-Trade receivables, third parties

9

49,980,622

33,772,657

Derivative instruments

8

3,283,824

232,043

Inventories

11

39,654,547

29,237,120

Prepaid expenses

17

1,605,266

1,147,473

Current income tax assets

18

696,173

709,474

Other current assets

20

2,148,667

1,937,931

Total current assets

126,590,837

91,986,314

Non-current assets:

Financial investments

6

42,392

38,956

Trade receivables

-Trade receivables, third parties

9

39,575

42,387

Investments accounted for using the equity method

12

1,275,444

1,148,453

Property, plant and equipment

13

27,128,160

20,822,336

Intangible assets

-Goodwill

5,256,107

3,781,614

-Other intangible assets

14

13,164,885

9,755,086

Prepaid expenses

17

1,596,605

612,155

Deferred tax assets

26

6,293,432

4,055,377

Total non-current assets

54,796,600

40,256,364

Total assets

181,387,437

132,242,678

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

1

Sensitivity: Public

(CONVENIENCE TRANSLATION INTO ENGLISH OF CONDENSED CONSOLIDATED FINANCIAL STATEMENTS ORIGINALLY ISSUED IN TURKISH)

ARÇELİK ANONİM ŞİRKETİ

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION AS OF JUNE 30, 2023, AND DECEMBER 31, 2022

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

Reviewed

Audited

June 30,

December 31,

Notes

2023

2022

LIABILITIES

Current liabilities:

Short-term borrowings

7

41,843,127

18,981,337

Short-term portion of long-term borrowings

7

3,876,139

16,248,013

Trade payables

-Due to related parties

28

4,184,248

2,742,413

-Trade payables third parties

9

40,347,463

28,185,125

Derivative instruments

8

134,856

179,692

Employee benefit obligations

19

2,656,242

1,638,321

Other payables

-Other payables, related parties

28

1,374,708

-

-Other payables, third parties

10

2,437,760

1,756,300

Current income tax liabilities

26

198,835

50,265

Provisions

-Other provisions

16

5,646,712

3,867,197

Other current liabilities

20

8,834,457

5,710,781

Total current liabilities

111,534,547

79,359,444

Non-current liabilities:

Long-term borrowings

7

23,559,194

16,209,793

Provisions

-Provision for employee benefits

2,961,928

2,619,763

-Other provisions

16

1,072,955

571,317

Deferred tax liabilities

26

2,884,298

2,043,930

Other non-current liabilities

20

5,330,743

4,332,751

Total non-current liabilities

35,809,118

25,777,554

Total liabilities

147,343,665

105,136,998

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

2

Sensitivity: Public

(CONVENIENCE TRANSLATION INTO ENGLISH OF CONDENSED CONSOLIDATED FINANCIAL STATEMENTS ORIGINALLY ISSUED IN TURKISH)

ARÇELİK ANONİM ŞİRKETİ

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION AS OF JUNE 30, 2023 AND DECEMBER 31, 2022

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

Reviewed

Audited

June 30,

December 31,

Notes

2023

2022

EQUITY

Paid-in capital

21

675,728

675,728

Adjustment to share capital

21

468,811

468,811

Treasury shares

21

(3,098,160)

(3,098,160)

Share premium/discount

889

889

Other accumulated comprehensive income and expense not to be

reclassified to profit or loss

Gains/ losses on revaluation and remeasurement

-Gain/loss arising from defined

benefit plans

(1,773,314)

(1,411,039)

-Revaluation/ remeasurement of intangible assets

14,079

14,079

-Other gains/ losses on revaluation and remeasurement

15,198

18,888

Other accumulated comprehensive income and expense to be

reclassified to profit or loss

Currency translation differences

25,835,402

17,420,552

Gains/ losses on hedge

-Gains/ losses on hedges of net investment

in foreign operations

(4,114,479)

(2,363,383)

-Gains/ losses on cash flow hedges

7

5,012

Balancing account for merger capital

14,507

14,507

Restricted reserves

21

3,928,133

3,800,517

Retained earnings

7,656,978

5,076,450

Net income for the period

1,566,314

4,324,672

Equity holders of the parent

31,190,093

24,947,523

Non-controlling interest

2,853,679

2,158,157

Total equity

34,043,772

27,105,680

Total liabilities and equity

181,387,437

132,242,678

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

3

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Arcelik AS published this content on 21 July 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 21 July 2023 15:55:13 UTC.