HALK GAYRİMENKUL YATIRIM ORTAKLIĞI A.Ş. AND ITS SUBSIDIARY
CONSOLIDATED FINANCIAL STATEMENTS AS OF 31 MARCH 2022 AND INDEPENDENT AUDITOR'S REPORT
(CONVENIENCE TRANSLATION OF THE REPORT AND THE FINANCIAL STATEMENTS ORIGINALLY ISSUED IN TURKISH)
(CONVENIENCE TRANSLATION OF THE INDEPENDENT AUDITOR'S REPORT
ORIGINALLY ISSUED IN TURKISH)
INDEPENDENT AUDITOR'S REPORT ON REVIEW OF
INTERIM FINANCIAL INFORMATION
To the General Assembly of Halk Gayrimenkul Yatırım Ortaklığı A.Ş.
Introduction
We have reviewed the accompanying consolidated statement of financial position of Halk Gayrimenkul Yatırım Ortaklığı A.Ş ("the Company") and its consolidated subsidiaries (collectively referred to as "the Group") as at 31 March 2022 and the consolidated statement of profit or loss and other comprehensive income, consolidated statement of changes in shareholders' equity, consolidated statement of cash flows for the three-month period then ended, and a summary of significant accounting policies and other explanatory notes. The Group management is responsible for the preparation and fair presentation of this interim consolidated financial information in accordance with the Turkish Financial Reporting Standards ("TFRS"). Our responsibility is to express a conclusion on this interim consolidated financial information based on our review.
Scope of Review
We conducted our review in accordance with Independent Auditing Standard on Review Engagements 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity". A review of interim consolidated financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Independent Auditing Standards and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the accompanying interim consolidated financial information is not prepared, in all material respects, in accordance with Turkish Financial Reporting Standards (TFRS).
Other Matters
As detailed in Note 28, we draw attention to the following which might affect the Parent Bank ("the Bank"):
On 15 October 2019, a lawsuit was filed against the Bank by the New York Southern District Attorney General of the United States ("US") Department of Justice for violation of Iranian sanctions and in the New York Southern District Court ("District Court"). The criminal case in the District Court is pending due to an appeal by the Bank within the scope of the "Foreign State Immunity Act (FSIA)". The Bank's appeal process to the US Supreme Court is ongoing.
In addition, a civil lawsuit was filed against the Parent Bank on 27 March 2020 with a claim for compensation by some plaintiffs in the U.S. New York Southern District Court "on the grounds that they could not satisfy their judgments from Iran due to violations of sanctions". The District Court dismissed the case. The complainants appealed the court decision before the Second Appeal. The appeal process is ongoing.
At this stage, the Bank's Management stated that there were no penalty, compensation, sanction or measure arising from the ongoing criminal and civil lawsuits against the Bank. There is an uncertainty with respect to any decisions by the US authorities that may adversely affect the financial position of the Bank. No provision has been made regarding these matters in the financial statements of the Bank. However, our opinion is not modified in respect of these matters.
DRT BAĞIMSIZ DENETİM VE SERBEST MUHASEBECİ MALİ MÜŞAVİRLİK A.Ş.
Member of DELOITTE TOUCHE TOHMATSU LIMITED
Zere Gaye Şentürk
Partner
İstanbul, 12 May 2022
INDEX | PAGE | |
CONSOLIDATED STATEMENT OF FINANCIAL POSITION | 1-2 | |
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER | ||
COMPREHENSIVE INCOME | 3 | |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY | 4 | |
CONSOLIDATED STATEMENT OF CASH FLOWS | 5 | |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS | 6-74 | |
NOTE 1 | ORGANIZATION AND OPERATIONS OF THE COMPANY | 6-7 |
NOTE 2 | BASIS OF PRESENTATION OF THE CONSOLIDATED FINANCIAL STATEMENTS | 7-29 |
NOTE 3 | INTERESTS IN OTHER ENTITIES | 29-31 |
NOTE 4 | RELATED PARTY DISCLOSURES | 32-34 |
NOTE 5 | TRADE RECEIVABLES AND TRADE PAYABLES | 35-36 |
NOTE 6 | INVENTORIES | 36-38 |
NOTE 7 | PREPAID EXPENSES AND DEFERRED INCOME | 39 |
NOTE 8 | LIABILITIES ARISING FROM CUSTOMER CONTRACTS …………………… | 39 |
NOTE 9 | INVESTMENT PROPERTIES | 40-43 |
NOTE 10 | PROPERTY, PLANT AND EQUIPMENT | 44 |
NOTE 11 | INTANGIBLE ASSETS | 45 |
NOTE 12 | PROVISIONS, CONTINGENT ASSETS AND LIABILITIES | 45-51 |
NOTE 13 | EMPLOYEE BENEFITS | 52-53 |
NOTE 14 | OTHER ASSETS AND LIABILITIES | 54 |
NOTE 15 | SHARE CAPITAL, RESERVES AND OTHER EQUITY ITEMS | 54-56 |
NOTE 16 | REVENUE AND COST OF SALES | 57 |
NOTE 17 | EXPENSES BY NATURE | 57 |
NOTE 18 | GENERAL ADMINISTRATIVE EXPENSES, MARKETING AND SALES EXPENSES | 58 |
NOTE 19 | OTHER INCOME AND EXPENSES FROM OPERATING ACTIVITIES | 59 |
NOTE 20 | FINANCE EXPENSES | 59 |
NOTE 21 | INCOME TAXES | 59 |
NOTE 22 | EARNINGS PER SHARE | 59 |
NOTE 23 | FINANCIAL INSTRUMENTS…………………………………………………………… . | 60-61 |
NOTE 24 | NATURE AND LEVEL OF RISKS ARISING FROM FINANCIAL INSTRUMENTS | 62-69 |
NOTE 25 | FINANCIAL INSTRUMENTS (FAIR VALUE DISCLOSURES) | 69-70 |
NOTE 26 | EVENTS AFTER THE REPORTING PERIOD | 70 |
NOTE 27 | NOTES ON THE STATEMENT OF CASH FLOWS | 71 |
NOTE 28 OTHER MATTERS THAT MAY HAVE A MATERIAL EFFECT ON, OR BE | ||
EXPLAINED FOR THE CLEAR UNDERSTANDING OF THE FINANCIAL | ||
STATEMENTS | 71-72 | |
NOTE 29 FEES FOR SERVICES RECEIVED FROM INDEPENDENT AUDIT FIRM | 72 | |
APPENDIX 1- CONTROL OF COMPLIANCE WITH RESTRICTIONS ON | ||
THE INVESTMENT PORTFOLIO | 72-74 |
HALK GAYRİMENKUL YATIRIM ORTAKLIĞI A.Ş. AND ITS SUBSIDIARY
REVIEWED STATEMENT OF CONSOLIDATED FINANCIAL POSITION
AS AT 31 MARCH 2022
(All amounts expressed in Turkish Lira (TL)) | |||||
Reviewed | Audited | ||||
31 March | 31 December | ||||
Notes | 2022 | 2021 | |||
ASSETS | |||||
Current Assets | 801,408,272 | 283,193,921 | |||
Cash and Cash Equivalents | 27 | 487,850,001 | 53,109,547 | ||
Trade Receivables | 5 | 3,535,824 | 2,284,370 | ||
Trade Receivables from Related Parties | 4 | 60 | 60 | ||
Trade Receivables from Third Parties | 3,535,764 | 2,284,310 | |||
Inventories | 6 | 231,180,474 | 184,061,628 | ||
Prepaid Expenses | 7 | 1,212,568 | 260,880 | ||
Prepaid Expenses to Third Parties | 1,212,568 | 260,880 | |||
Current Tax Assets | 898,601 | 734,045 | |||
Other Current Assets | 14 | 76,730,804 | 42,743,451 | ||
Other Current Assets from Third Parties | 76,730,804 | 42,743,451 | |||
Non-Current Assets | 4,593,210,872 | 4,295,027,366 | |||
Trade Receivables | 5 | 106,571 | 244,980 | ||
Trade Receivables From Third Parties | 106,571 | 244,980 | |||
Investment Properties | 9 | 4,449,393,228 | 4,142,257,500 | ||
Property, Plant and Equipment | 10 | 5,016,515 | 4,181,825 | ||
Intangible Assets | 11 | 796,448 | 787,395 | ||
Other Intangible Assets | 796,448 | 787,395 | |||
Prepaid Expenses | 7 | 73,812,362 | 83,469,918 | ||
Prepaid Expenses to Related Parties | 812,717 | 561,536 | |||
Prepaid Expenses to Third Parties | 72,999,645 | 82,908,382 | |||
Other Non-Current Assets | 14 | 64,085,748 | 64,085,748 | ||
Other Non-Current Assets to Third Parties | 64,085,748 | 64,085,748 | |||
TOTAL ASSETS | 5,394,619,144 | 4,578,221,287 |
The accompanying notes form an integral part of these consolidated financial statements.
1
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
Halk Gayrimenkul Yatirim Ortakligi AS published this content on 13 April 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 13 April 2023 11:54:09 UTC.