Polisan : 3Q 2023 Financial Report

(Convenience translation of interim consolidated financial statements originally issued in Turkish)

Polisan Holding A.Ş.

January 1 - September 30, 2023 interim condensed consolidated financial statements and footnotes

CONTENTS	PAGES
INTERIM CONSOLIDATED STATEMENT OF FINANCIAL POSITION	1-2
INTERIM CONSOLIDATED STATEMENT OF PROFIT OR LOSS	3
INTERIM CONSOLIDATED STATEMENT OF OTHER COMPREHENSIVE INCOME	4
INTERIM CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY	5
INTERIM CONSOLIDATED STATEMENT OF CASH FLOWS	6
NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS	7-51
NOTE 1	GROUP'S ORGANISATION AND NATURE OF OPERATIONS	7-8
NOTE 2	BASIS OF PRESENTATION OF CONSOLİDATED FINANCIAL STATEMENTS	9-13
NOTE 3	SEGMENT REPORTING	14-18
NOTE 4	CASH AND CASH EQUIVALENTS	19
NOTE 5	FINANCIAL INVESTMENTS	19
NOTE 6	FINANCIAL BORROWINGS	20-21
NOTE 7	TRADE RECEIVABLES AND PAYABLES	22
NOTE 8	OTHER RECEIVABLES AND PAYABLES	23
NOTE 9	INVENTORIES	23
NOTE 10	PREPAID EXPENSES AND DEFERRED INCOME	24
NOTE 11	CURRENT INCOME TAX ASSETS	24
NOTE 12	INVESTMENTS ACCOUNTED USING THE EQUITY METHOD	25-27
NOTE 13	INVESTMENT PROPERTIES	27
NOTE 14	RIGHT OF USE ASSETS	28
NOTE 15	PROPERTY, PLANT AND EQUIPMENT	29
NOTE 16	INTANGIBLE ASSETS	30
NOTE 17	ASSETS HELD FOR SALE	31
NOTE 18	PROVISIONS, CONTINGENT ASSETS AND LIABILITIES	31-33
NOTE 19	EMPLOYEE BENEFITS	34-35
NOTE 20	OTHER ASSETS AND LIABILITIES	35
NOTE 21	CAPITAL, RESERVES AND OTHER EQUITY ITEMS	36-37
NOTE 22	SALES AND COST OF SALES	38
NOTE 23	EXPENSES BY NATURE	39
NOTE 24	OTHER INCOME AND EXPENSES FROM OPERATIONS	40
NOTE 25	INCOME AND EXPENSES FROM INVESTMENT ACTIVITIES	40
NOTE 26	FINANCIAL INCOME AND EXPENSES	41
NOTE 27	TAXES ON INCOME	42-45
NOTE 28	EARNINGS PER SHARE	46
NOTE 29	RELATED PARTY DISCLOSURES	46-47
NOTE 30	NATURE AND LEVEL OF RISK DERIVED FROM FINANCIAL INSTRUMENTS	48-50
NOTE 31	FINANCIAL INSTRUMENTS	51
NOTE 32	OTHER MATTERS	51
NOTE 33	SUBSEQUENT EVENTS	51

(Convenience translation of consolidated financial statements and notes originally issued in Turkish)

Polisan Holding A.Ş.

Interim consolidated statement of financial position as of September 30, 2023 (Amounts expressed in Turkish Lira ("TL") unless otherwise indicated.)

		Current period	Prior period
		Unaudited	Audited
		September 30,	December 31,
Assets	Notes	2023	2022
Current assets		1.921.775.826	1.949.989.723
Cash and cash equivalents	4	380.891.320	475.142.944
Financial investments	5	5.563.555	64.819.730
Trade receivables	7	947.513.368	765.114.968
- Trade receivables from related parties	28	49.639.897	33.411.027
- Trade receivables from third parties		897.873.471	731.703.941
Other receivables	8	67.480.698	26.769.069
- Other receivables from third parties		67.480.698	26.769.069
Inventories	9	372.133.872	534.728.068
Prepaid expenses	10	29.736.502	17.673.101
Current income tax assets	11	1.143.879	3.214.037
Other current assets	19	117.312.650	62.527.806
Non-current assets		4.283.162.256	3.882.341.288
Other receivables	8	959.668	932.996
- Other receivables from third parties		959.668	932.996
Investments accounted using the equity method	12	714.551.481	636.067.190
Investment properties	13	1.366.304.000	1.386.089.000
Property plant and equipment	15	1.603.701.610	1.432.302.104
Right of use assets	14	104.629.912	78.830.188
Intangible assets	16	3.708.533	3.070.587
Prepaid expenses	10	40.925.423	40.839.493
Deferred tax assets	26	448.381.629	304.209.730
Total assets		6.204.938.082	5.832.331.011

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

(1)

(Convenience translation of consolidated financial statements and notes originally issued in Turkish)

Polisan Holding A.Ş.

Interim consolidated statement of financial position as of September 30, 2023

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

		Current period	Prior period
		Unaudited	Audited
		September 30,	December 31,
Liabilities	Notes	2023	2022
Current liabilities		1.784.145.714	1.576.292.331
Short term borrowings	6	332.705.426	176.953.872
Short term portion of long term borrowings	6	357.587.993	306.024.554
Derivative financial liabilities		3.723.644	-
Trade payables	7	991.033.497	965.516.336
- Trade payables to related parties	28	1.461.967	116.193
- Trade payables to third parties		989.571.530	965.400.143
Employee benefit obligations	18	21.819.506	14.158.752
Other payables	8	12.810.964	8.680.246
- Other payables to related parties		-	170.527
- Other payables to third parties		12.810.964	8.509.719
Deferred income	10	10.148.204	10.990.356
Current income tax liabilities		37.180.486	36.694.099
Short term provisions	17	10.428.000	27.315.078
- Provisions for employee termination benefits		9.342.644	24.759.205
- Other short term provisions		1.085.356	2.555.873
Other current liabilities	19	6.707.994	29.959.038
Non-current liabilities		407.049.419	330.487.043
Long term borrowings	6	275.650.300	265.453.381
Long term provisions	18	38.246.452	31.134.272
- Provisions for employee termination benefits		38.246.452	31.134.272
Deferred tax liabilities	26	93.152.667	33.899.390
Equity		4.013.742.949	3.925.551.637
Equity holders of the parent		4.013.742.949	3.925.551.637
Paid-in share capital	20	758.500.000	758.500.000
Adjustment to share capital	20	1.467.266	1.467.266
Share premium/discounts		34.167.703	34.167.703
Other comprehensive income/expense not to be
reclassified to profit or loss		687.359.276	715.506.254
- Revaluation and measurement gain / loss		687.359.276	715.506.254
Defined benefit plans re-measurement loss		(77.857.765)	(49.710.787)
Tangible assets revaluation		765.217.041	765.217.041
Other comprehensive income or expense to be reclassified
to loss		(26.932.811)	(33.477.120)
- Currency translation differences		(26.932.811)	(30.356.457)
- Cash flow hedging losses		-	(3.120.663)
Restricted reserves		85.815.261	62.528.345
Other reserves	20	(208.727.832)	(208.727.832)
Retained earnings		2.272.300.106	963.846.745
Profit for the period		409.793.980	1.631.740.276
Total liabilities and equity		6.204.938.082	5.832.331.011

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

(2)

(Convenience translation of consolidated financial statements and notes originally issued in Turkish)

Polisan Holding A.Ş.

Interim consolidated statement of profit or loss between the period

January 1 - September 30, 2023

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

			Unaudited	Unaudited
		January 1-	January 1-	July 1-	July 1-
		September 30,	September 30,	September	September 30,
	Notes	2023	2022	30, 2023	2022
Profit and loss
Sales	21	3.515.357.666	3.178.736.464	1.342.962.169	1.215.416.441
Cost of sales (-)	21	(2.791.595.910)	(2.545.997.527)	(968.425.766) (1.010.654.079)
Gross profit from commercial activities		723.761.756	632.738.937	374.536.403	204.762.362
General and administrative expenses (-)		(241.277.053)	(117.311.696)	(102.422.018)	(43.488.296)
Marketing expenses (-)		(31.291.617)	(15.106.779)	(11.966.043)	(5.218.338)
Research and development expenses (-)		(17.576.602)	(10.024.855)	(6.428.342)	(4.209.067)
Other operating income	23	100.199.434	87.748.007	25.418.635	17.148.644
Other operating expenses (-)	23	(148.012.006)	(122.583.014)	(12.128.262)	(41.674.188)
Profit from investments accounted using the equity method	12	70.114.880	28.188.637	97.209.631	(10.571.361)
Operating profit		455.918.792	483.649.237	364.220.004	116.749.756
Income from investment activities	24	51.993.085	104.952.311	7.774.590	55.968.822
Expense from investment activities (-)	24	(4.853.150)	(3.129.500)	(4.326.127)	(3.124.880)
Operating profit before financial income		503.058.727	585.472.048	367.668.467	169.593.698
Financial income	25	88.586.777	39.434.883	8.396.976	10.733.421
Financial expenses (-)	25	(177.731.127)	(129.876.144)	(41.921.999)	(38.432.994)
Pre-tax profit from continuing operations		413.914.377	495.030.787	334.143.444	141.894.125
Continuing operations tax income/expense
- Current tax expense	26	(86.546.572)	(40.563.480)	(49.178.295)	(10.100.747)
- Deferred tax income/expense	26	82.426.175	(6.218.332)	20.891.566	(580.552)
Profit of continuing operations for the period		409.793.980	448.248.975	305.856.715	131.212.826
Profıt for the period		409.793.980	448.248.975	305.856.715	131.212.826
Earnings per share	27	0,540	0,591	0,403	0,173
-Earnings per share for continuing operations		0,540	0,591	0,403	0,173

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

(3)

(Convenience translation of consolidated financial statements and notes originally issued in Turkish)

Polisan Holding A.Ş.

Interim consolidated statement of other comprehensive income between the period January 1 - September 30, 2023

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

				Unaudited		Unaudited
			January 1-	January 1-	July 1-	July 1-
			September 30, September 30,	September 30,	September 30,
		Notes	2023	2022	2023	2022
Profit for the period		409.793.980	448.248.975	305.856.715	131.212.826
Other comprehensive income:
Items not to be reclassified to profit or loss		(28.146.978)	193.749.472	(7.713.683)	91.472.760
	- Defined benefit plans re-measurement loss	18	(22.528.789)	(13.800.570)	(4.932.051)	(11.577.464)
	- Defined benefit plans re-measurement loss,
	tax effect	26	4.505.758	2.760.113	986.410	2.315.493
	- Tangible assets revaluation gain, tax effect
	(including deferred tax effect) (*)		-	214.720.522	-	106.211.891
	- Defined benefit plans re-measurement loss to
	investments accounted using the equity method	12	(12.654.934)	(12.413.241)	(4.710.053)	(6.846.450)
	- Defined benefit plans re-measurement loss of
	investments accounted by equity method, tax
	effect	12	2.530.987	2.482.648	942.011	1.369.290
	Items to be reclassified to profit or loss		6.544.309	12.536.933	1.074.476	1.160.878
	- Currency translation differences loss		(11.949.047)	2.840.586	(811.503)	(1.970.151)

• Currency translation differences loss of

investments accounted using equity method

15.372.693

9.696.347

1.885.979

3.131.029

• Cash flow hedging gains/(losses) of investments

valued by equity method

3.900.829

-

-

-

• Cash flow hedging gains/(losses) of investments

	valued by equity method, tax effect	(780.166)	-	-	-
	Other comprehensive expense	(21.602.669)	206.286.405	(6.639.207)	92.633.638
	Total comprehensive income	388.191.311	654.535.380	299.217.508	223.846.464

1. Law No. 7236, within the framework of the new regulations made in the temporary article 31 of the Tax Procedure Law (TPL), the revaluation of immovables and depreciable assets has been allowed. Company and group subsidiary Poliport Kimya Sanayi ve Ticaret A.Ş and Polisan Kimya
   Sanayi A.Ş. has revalued its depreciable assets in accordance with the TPL. Valued depreciable assets are followed at fair value in the Group's consolidated financial statements within the scope of TAS 16 Tangible Fixed Assets Standard. As of September 30, 2022, the deferred tax effect calculated over the temporary difference arising from the cancellation of the effect of the valuation increase in the legal records has been accounted for as "Tangible Fixed Assets Revaluation Increases, Tax Effect" in the other comprehensive income/expense statement.

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

(4)

(Convenience translation of consolidated financial statements and notes originally issued in Turkish)

Polisan Holding A.Ş.

Interim consolidated statement of changes in equity between the period January 1 - September 30, 2023

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

						Other accumulated
						comprehensive
						income/ expense
						not to be classified
						to profit or
						loss
							Other accumulated
						Revaluation and		comprehensive
						measurement	income/ expense to be classified
						gain / loss		to profit or loss			Accumulated	profit
					Defined benefit
		Paid in	Adjustment	Share	plans re-		Currency
		share	to share	premium/	measurement	Tangible assets	translation	Cash flow	Restricted	Other	Retained
	Notes	capital	capital	discounts	losses	revaluation	differences	hedging gains	reserves	reserves	earnings	Net profit	Total equity
Balance at January 1, 2022		758.500.000	1.467.266	23.130.220	(25.703.357)	499.217.344	(40.571.862)	-	49.393.564	(208.727.832)	710.241.103	279.934.575	2.046.881.021
Dividends	20	-	-	-	-	-	-	-	-	-	(15.000.000)	-	(15.000.000)
Transfers		-	-	-	-	-	-	-	936.977	-	278.997.598	(279.934.575)	-
Total comprehensive income/(expense)		-	-	-	(20.971.050)	214.720.523	12.536.932	-	-	-	-	448.248.975	654.535.380
- Profit for the period		-	-	-	-	-	-	-	-	-	-	448.248.975	448.248.975
- Other comprehensive income/expense		-	-	-	(20.971.050)	214.720.523	12.536.932	-	-	-	-		206.286.405
Balance at September 30, 2022		758.500.000	1.467.266	23.130.220	(46.674.407)	713.937.867	(28.034.930)	-	50.330.541	(208.727.832)	974.238.701	448.248.975	2.686.416.401
Balance at January 1, 2023		758.500.000	1.467.266	34.167.703	(49.710.787)	765.217.041	(30.356.457)	(3.120.663)	62.528.345	(208.727.832)	963.846.745	1.631.740.276	3.925.551.637
Dividends	20	-	-	-	-	-	-	-	-	-	(300.000.000)	-	(300.000.000)
Transfers		-	-	-	-	-	-	-	23.286.916	-	1.608.453.360	(1.631.740.276)	-
Total comprehensive income		-	-	-	(28.146.978)	-	3.423.646	3.120.663	-	-	-	409.793.980	388.191.311
- Profit for the period		-	-	-	-	-	-	-	-	-	-	409.793.980	409.793.980
- Other comprehensive income/expense		-	-	-	(28.146.978)	-	3.423.646	3.120.663	-	-	-	-	(21.602.669)
Balance at September 30, 2023		758.500.000	1.467.266	34.167.703	(77.857.765)	765.217.041	(26.932.811)	-	85.815.261	(208.727.832)	2.272.300.106	409.793.980	4.013.742.949

1. Law No. 7236, within the framework of the new regulations made in the temporary article 31 of the Tax Procedure Law (TPL), the revaluation of immovables and depreciable assets has been allowed. Company and group subsidiary Poliport Kimya Sanayi ve Ticaret A.Ş. and Polisan Kimya Sanayi A.Ş. has revalued its depreciable assets in accordance with the TPL. Valued depreciable assets are followed at fair value in the Group's consolidated financial statements within the scope of TAS 16 Tangible Fixed Assets Standard. As of September 30, 2023, the deferred tax effect calculated over the temporary difference arising from the cancellation of the effect of the valuation increase in the legal records has been accounted for as "Tangible Fixed Assets Revaluation Increases, Tax Effect" in the other comprehensive income/expense statement.

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

(5)

(Convenience translation of consolidated financial statements and notes originally issued in Turkish)

Polisan Holding A.Ş.

Interim consolidated statement of cash flows between the period January 1 - September 30, 2023

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

		January 1 -	January 1 -
		September 30,	September 30,
	Notes	2023	2022
A. Cash flows from operating activities		478.914.912	316.198.332
Profit for the period		409.793.980	448.248.975
- Profit for the period from continuing operations		409.793.980	448.248.975
Adjustment for reconciliation of profit/loss for the period		193.305.002	136.740.619
Adjustments for depreciation and amortization expenses	14,15,16	103.138.497	62.994.282
Adjustments related to provisions		16.580.819	16.672.572
- Adjustments related to provisions (cancellations) for benefits provided to employees	17,18	16.580.819	16.672.572
Adjustments related to impairment (cancellations)		(18.395.089)	10.228.035
- Adjustments related to impairment of trade receivables (cancellations)	7	(1.692.888)	13.831.152
- Adjustments related to impairment of inventories (cancellations)	9	(16.702.201)	(3.603.117)
Adjustments for profit/ loss on sale of tangible assets	24	(5.181.789)	(22.391.957)
Income accruals	19	(45.761.926)	-
Adjustments for profit/loss on sale of investment properties	24	(10.204.644)	(11.598.137)
Adjustments related to undistributed profit/losses of investments accounted using the equity	12	(70.114.880)
method	(28.188.637)
Adjustments to tax income/expense	26	4.120.397	46.781.812
Adjustments for interest income and expense		34.870.185	(4.559.366)
- Adjustments related to interest income	24	(36.005.887)	(69.681.301)
- Adjustments related to interest expenses	25	72.902.234	66.507.054
- Rediscount income	23	(2.026.162)	(1.385.119)
Increase/(decrease) in derivative liabilities		3.723.644	3.086.111
Adjustment related to unrealized foreign currency translation differences		180.529.788	63.715.904
Changes in working capital		(20.279.518)	(243.706.281)
Adjustments for increase/decrease in trade receivables		(184.563.791)	(165.613.243)
Adjustments for increase/(decrease) in financial investments		59.256.175	(207.064.873)
Adjustments for increase/decrease in inventories		176.000.917	(171.311.893)
Adjustments for increase/(decrease) in other operational receivables		(40.738.302)	11.734.656
Adjustments for increase/(decrease) in prepaid expenses		(12.149.331)	12.754.537
Adjustments for increase/(decrease) in other assets related to operations		(9.022.918)	(33.932.272)
Adjustments for increase/(decrease) in trade payables		27.543.323	295.700.292
Adjustments for increase/(decrease) in other operational payables		4.130.718	(495.401)
Adjustments for increase/(decrease) in employee benefit obligations		7.660.754	11.992.673
Adjustments for increase/(decrease) in deferred income		(842.152)	3.056.092
Adjustments for increase/(decrease) in other operational liabilities		(47.554.911)	(526.849)
Cash flows from operating activities		582.819.464	341.283.313
Employment termination benefits paid	17,18	(47.585.137)	(15.728.469)
Tax payments/refunds		(54.848.898)	(8.911.799)
Other cash outflow	17	(1.470.517)	(444.713)
B. Cash flows from investing activities		(94.082.893)	(116.494.882)
Purchase of tangible/intangible assets	15,16	(165.790.670)	(244.286.034)
Proceeds from sale of tangible/intangible assets		5.712.246	25.526.414
Purchase of investment properties	13	-	(73.700)
Proceeds from sale of investment properties		29.989.644	32.657.137
Cash inflows from the sale of assets held for sale		36.005.887	69.681.301
Interest received
C. Cash flows from financing activities		(479.083.643)	(256.284.655)
Cash inflows from borrowings obtained	6	414.703.715	495.351.981
Cash outflows related to loan repayment	6	(501.102.245)	(669.128.480)
Cash outflows on loan payments arising from lease agreements		(44.357.969)	(17.342.535)
Dividends paid	20	(300.000.000)	(15.000.000)
Interest paid		(48.327.144)	(50.165.621)
Net increase/decrease in cash and cash equivalents		(94.251.624)	(56.581.205)
Cash and cash equivalents at the beginning of period	4	475.142.944	411.558.634
Cash and cash equivalents at the end of period	4	380.891.320	354.977.429

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

(6)

(Convenience translation of financial statements and notes originally issued in Turkish)

Polisan Holding A.Ş.

Notes to the interim condensed consolidated financial statements between the period January 1 - September 30, 2023(continued)

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

1. Group's organisation and nature of operations

Polisan Holding A.Ş.("Polisan Holding" or "the Company") is established in order to maintain coordination within the companies, in which it has capital and management contribution, provide guidance and management and ensure to operate with using advanced techniques in planning, marketing and finance, fund management, legal affairs, human resources and information technologies areas for them. The Company operates in several industries particularly in commerce, industry, agriculture, tourism, construction, mining and finance and engages in various other activities by contributing to the capital and management of domestic and foreign companies.

The Company was founded in 2000 and the Company's registered office is located in Dilovası Organize Sanayi Bölgesi 1.Kısım Liman Cad. No: 7 Dilovası - Kocaeli.

Istanbul branch of the Company is located in Hilltown AVM, Aydınevler Mah. Siteler Yolu Cad. 28 No:1/A Maltepe/İstanbul.

Subsidiaries, joint ventures and associates of the Company (altogether referred to as "the Group") are as follows:

• Polisan Kansai Boya Sanayi ve Ticaret A.Ş. (Former title: Polisan Boya San. Ve Tic. A.Ş.)
• Tintomix Pigment Pasta Sanayi A.Ş.
• Polisan Kimya Sanayii A.Ş.
• Poliport Kimya Sanayi ve Ticaret A.Ş.
• Rohm and Haas Kimyasal Ürünler Üretim Dağıtım ve Tic. A.Ş.
• Polisan Hellas S.A.

-Polisan Yapıkim Yapı Kimyasalları San. ve Tic. A.Ş.

The Group's main operations are in Turkey and gathered under the major segments which are listed below;

Production and sale of chemical products

Production and sale of paint

Production and sale of concrete chemicals

Port, storage and warehousing services

Service

The average number of employees of the Company, it's subsidiaries and joint ventures for the period ended September 30, 2023 is 1.097 (30 September 2022 - 1.201). In calculating the average numbers, the number of employees of Polisan Kansai Boya was taken as an integer, not weighted by the group's shares.

Subsidiaries:

Polisan Kimya Sanayii A.Ş. ("Polisan Kimya"):

Operating activity of Polisan Kimya is the production and sale of formaldehyde, formaldehyde resins, construction chemicals and AUS 32.

Polisan Kimya was established in 1964 and company's registered office is located in Dilovası Organize Sanayi Bölgesi 1. Kısım Liman Cad. No: 7 Dilovası / Kocaeli.

Poliport Kimya Sanayi ve Ticaret A.Ş. ("Poliport"):

Operating activities of Poliport are bulk liquid storage services, A-type general warehouse services, loading and unloading services for dry bulk and general cargo vessels.

Poliport was established in 1971 and company's registered office is located in Dilovası Organize Sanayi Bölgesi 1. Kısım Liman Cad. No: 7 Dilovası / Kocaeli.

Our subsidiary Poliport Kimya Sanayi A.Ş. ("Poliport") has merged with Polisan Yapı İnşaat Taahhüt Turizm Sanayi ve Ticaret A.Ş. ("Polisan Yapı") - another subsidiary within Polisan Holding - in accordance with the provisions of the Articles 136-158 of the Turkish Commercial Code and Articles 18-

(7)

(Convenience translation of financial statements and notes originally issued in Turkish)

Polisan Holding A.Ş.

Notes to the interim condensed consolidated financial statements between the period January 1 - September 30, 2023(continued)

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

20 of the Corporate Tax Law on the basis of their financial statements dated January 31, 2022. The merger was realized by the acquisition of Polisan Yapı with all its assets and liabilities as a whole, without liquidation, by Poliport. The registration process has been completed.

1. Group's organisation and nature of operations (continued) Polisan Hellas S.A. ("Hellas"):

Polisan Hellas S.A. was established on 29 July 2013 in Athens, Greece. Polisan Hellas S.A. is operating in the plastic products industry. The facility engages in the production of Polyethylene Terephthalate (PET) granule and preform, which has an extensive area of use such as beverage, food and drink containers, and synthetic fibre.

-Polisan Yapıkim Yapı Kimyasalları San. ve Tic. A.Ş. ("Polisan Yapıkim"):

Operating activity of Polisan Kimya is construction chemicals.

Polisan Yapıkim was established in 2022 and company's registered office is located in Dilovası Organize Sanayi Bölgesi 1. Kısım Liman Cad. No: 7 Dilovası / Kocaeli.

Polisan Kimya's construction chemicals activities are carried out by Polisan Yapıkim Yapı Kimyasalları San. Ve Tic. A.Ş. with the same partnership structure, as of September 30, 2022.

Joint ventures and Associates:

Polisan Kansai Boya Sanayi ve Ticaret A.Ş. ("Polisan Kansai Boya") (Former title: Polisan Boya Sanayi ve Ticaret A.Ş. ("Polisan Boya")

Operating activity of Polisan Boya is the production and sale of paint, varnish, resin and other surface coating and insulation materials.

Polisan Boya was established in 1975 and company's registered office is located in Dilovası Organize Sanayi Bölgesi 1. Kısım Liman Cad. No: 7 Dilovası / Kocaeli.

%50 shares of Polisan Boya was sold by Kansai Paint Co. Ltd. on December 21, 2016, Polisan Boya has changed its name to Polisan Kansai Boya.

As a result of the sale of subsidiary shares, which is a result of loss of control, the transaction was considered as a joint venture from the date of sale, Polisan Kansai Boya started to be accounted by the equity method.

Tintomix Pigment Pasta Sanayi A.Ş. ("Tintomix"):

Tintomix, Polisan Kansai Paint ongoing development of the business as well as pigment pastes and operates inside and outside of Turkey.

Tintomix was established in 2018 and company's registered office is located in Maden Mahallesi, Kasap Çayırı Mevkii Medya kent A9 No:2 Sarıyer/Istanbul.

Rohm and Haas Kimyasal Ürünler Üretim Dağıtım ve Tic. A.Ş. ("Rohm and Haas")

Operating activity of Rohm and Haas is purchasing, selling, marketing and trading of emulsion polymers and related raw materials.

Rohm and Haas was established in 2004 and company's registered office is located İçerenköy Mah. Umut Sokak, No:10/12, Kat:3 Ataşehir/İtanbul. For the period ended September 30, 2023 the average number of personnel employed by Rohm and Haas is 56 (September 30, 2022:60).

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