TEKFEN HOLDİNG ANONİM ŞİRKETİ
AND ITS SUBSIDIARIES
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE THREE MONTH INTERIM PERIOD ENDED 31 MARCH 2022
(Translated into English from the report originally issued in Turkish)
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 |
(Amounts are expressed in thousands of Turkish Lira ("TL") unless otherwise stated.)
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 |
The accompanying notes form an integral part of these condensed consolidated financial statements.
Translated into English from the report originally issued in Turkish.
1
(Amounts are expressed in thousands of Turkish Lira ("TL") unless otherwise stated.)
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 |
The accompanying notes form an integral part of these condensed consolidated financial statements.
Translated into English from the report originally issued in Turkish.
2
TEKFEN HOLDİNG ANONİM ŞİRKETİ AND ITS SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS FOR THE THREE MONTH INTERIM PERIOD ENDED 31 MARCH 2022
(Amounts are expressed in thousands of Turkish Lira ("TL") unless otherwise stated.)
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 |
The accompanying notes form an integral part of these condensed consolidated financial statements.
Translated into English from the report originally issued in Turkish.
3
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Tekfen Holding AS published this content on 28 April 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 April 2022 17:22:04 UTC.