(CONVENIENCE TRANSLATION OF FINANCIAL STATEMENTS ORIGINALLY ISSUED IN TURKISH)
ARÇELİK ANONİM ŞİRKETİ
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(Convenience translation of a report and condensed consolidated financial statements originally issued in Turkish)Report on Review of Interim Condensed Consolidated Financial Statements
To the Board of Directors of Argelik Anonim girketi Introduction
We have reviewed the accompanying interim condensed consolidated statement of financial position of Argelik Anonim girketi and its subsidiaries (the Group) as of June 30, 2025 and the interim condensed consolidated statement of profit or loss and other comprehensive income, consolidated statement of changes in equity and the consolidated statement of cash flows for the six-month period then ended, and explanatory notes. Group management is responsible for the preparation and presentation of these interim condensed consolidated financial statements in accordance with Turkish Accounting Standard 34, Interim Financial Reporting (TAS 34). Our responsibility is to express a conclusion on these interim condensed consolidated financial statements based on our review.
Scope of Review
We conducted our review in accordance with the Standard on Review Engagements (SRE) 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity". A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review of interim financial information is substantially less in scope than an audit conducted in accordance with Independent Auditing Standards and the objective of which is to express an opinion on the financial statements. Consequently, a review of the interim financial information does not provide assurance that the audit firm will be 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 condensed consolidated financial statements are not prepared, in all material respects, in accordance with TAS 34.
Guney Bagimsiz Denetim ve Serbest Muhasebeci Mali Muyavirlik Anonim girketi A member firm of Ernst & Young Global Limited
Mehmet Can Altintay, SMMM Partner
July 25, 2025
Istanbul, Turkiye
ARÇELİK ANONİM ŞİRKETİCONTENTS 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 CONSOLIDATED FINANCIAL STATEMENTS 8-60
NOTE 1 - GROUP'S ORGANISATION AND NATURE OF OPERATIONS 8
NOTE 2 - BASIS OF PRESENTATION OF CONSOLIDATED FINANCIAL STATEMENTS 11
NOTE 3 - BUSINESS COMBINATION 22
NOTE 4 - SEGMENT REPORTING 22
NOTE 5 - CASH AND CASH EQUIVALENTS 24
NOTE 6 - FINANCIAL INVESTMENTS 24
NOTE 7 - BORROWINGS 25
NOTE 8 - DERIVATIVE INSTRUMENTS 31
NOTE 9- TRADE RECEIVABLES AND PAYABLES 32
NOTE 10 - OTHER PAYABLES 33
NOTE 11 - INVENTORIES 33
NOTE 12 - INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD 33
NOTE 13 - PROPERTY, PLANT AND EQUIPMENT 34
NOTE 14 - OTHER INTANGIBLE ASSETS 35
NOTE 15 -ASSETS HELD FOR SALE 35
NOTE 16 - COMMITMENTS, CONTINGENT ASSETS AND LIABILITIES 36
NOTE 17 - OTHER PROVISIONS 37
NOTE 18 - PREPAID EXPENSES 37
NOTE 19 - CURRENT INCOME TAX ASSETS 37
NOTE 20 - EMPLOYEE BENEFIT OBLIGATIONS 38
NOTE 21 - OTHER ASSETS AND LIABILITIES 38
NOTE 22 - EQUITY 38
NOTE 23 - OTHER INCOME AND EXPENSES FROM OPERATING ACTIVITIES 41
NOTE 24 - INCOME AND EXPENSES FROM INVESTMENT ACTIVITIES 42
NOTE 25 - FINANCIAL INCOME 42
NOTE 26 - FINANCIAL EXPENSES 43
NOTE 27 - EXPLANATIONS REGARDING NET MONETARY POSITION GAINS/(LOSES) 44
NOTE 28 - TAX ASSETS AND LIABILITIES 45
NOTE 29 - EARNINGS PER SHARE 47
NOTE 30 - RELATED PARTY DISCLOSURES 48
NOTE 31 - FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT 50
NOTE 32 - FINANCIAL INSTRUMENTS 58
NOTE 33 - SUPPLEMENTARY CASH FLOW INFORMATION 60
NOTE 34 - EVENTS AFTER BALANCE SHEET DATE 60
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(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, 2025, AND DECEMBER 31, 2024(Amounts expressed in thousands of Turkish Lira ("TRY") unless otherwise indicated.)
Reviewed AuditedNotes | June 30, 2025 | December 31, 2024 | |
ASSETS | |||
Current assets: Cash and cash equivalents | 5 | 60,075,144 | 59,288,814 |
Trade receivables -Due from related parties | 30 | 1,801,090 | 752,501 |
-Trade receivables, third parties | 9 | 129,242,952 | 107,669,038 |
Other receivables | |||
-Other receivables, related parties | 146,194 | 46,633 | |
-Other receivables, third parties | 788,257 | 1,143,986 | |
Derivative instruments | 8 | 721,667 | 477,646 |
Inventories | 11 | 92,582,139 | 83,682,532 |
Prepaid expenses | 18 | 6,301,221 | 5,633,214 |
Current income tax assets | 19 | 2,130,275 | 2,155,529 |
Other current assets | 21 | 5,840,989 | 6,877,278 |
Subtotal | 299,629,928 | 267,727,171 | |
Assets held for sale | 15 | 3,491,048 | - |
Total current assets | 303,120,976 | 267,727,171 | |
Non-current assets: Financial investments | 6 | 256,441 | 274,113 |
Trade receivables -Trade receivables, third parties | 9 | 308,470 | 40,660 |
Derivative instruments | 8 | - | 40,663 |
Investments accounted for using the equity method | 12 | 3,154,249 | 2,913,755 |
Property, plant and equipment Intangible assets -Goodwill | 13 | 105,490,742 9,758,326 | 105,958,368 9,972,002 |
-Other intangible assets | 14 | 43,731,868 | 42,368,454 |
Prepaid expenses | 18 | 5,097,539 | 6,430,966 |
Deferred tax assets | 28 | 30,815,462 | 26,869,067 |
Other non-current assets | 1,077,924 | 1,447,369 | |
Total non-current assets | 199,691,021 | 196,315,417 | |
Total assets | 502,811,997 | 464,042,588 | |
The accompanying notes form an integral part of these condensed interim consolidated financial statements.
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(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, 2025, AND DECEMBER 31, 2024(Amounts expressed in thousands of Turkish Lira ("TRY") in terms of purchasing power of the TRY at 30 June 2025 unless
otherwise indicated.)
Reviewed AuditedNotes | June 30, 2025 | December 31, 2024 | |
LIABILITIES | |||
Current liabilities: Short-term borrowings | 7 | 84,931,362 | 59,944,956 |
Short-term portion of long-term borrowings | 7 | 45,093,149 | 12,704,147 |
Trade payables -Due to related parties | 30 | 9,357,003 | 6,566,135 |
-Trade payables, third parties | 9 | 113,655,811 | 112,895,833 |
Derivative instruments | 8 | 1,166,665 | 381,618 |
Employee benefit obligations Other payables -Other payables, related parties | 20 | 16,761,730 2,236 | 19,964,404 1,405 |
-Other payables, third parties | 10 | 8,952,094 | 6,801,871 |
Current income tax liabilities | 28 | 104,134 | 320,369 |
Provisions -Other provisions | 17 | 12,954,161 | 15,836,945 |
Other current liabilities | 21 | 22,751,144 | 22,708,713 |
Total current liabilities | 315,729,489 | 258,126,396 | |
Non-current liabilities: Long-term borrowings | 7 | 75,109,665 | 88,411,168 |
Provisions -Provision for employee benefits | 9,948,353 | 8,660,702 | |
-Other provisions | 17 | 4,302,207 | 3,396,030 |
Derivative instruments | 8 | 2,140,664 | - |
Trade payables, third parties | 9 | 35,739 | - |
Deferred tax liabilities | 28 | 5,913,289 | 5,463,912 |
Other non-current liabilities | 21 | 14,421,307 | 12,404,744 |
Total non-current liabilities | 111,871,224 | 118,336,556 | |
Total liabilities | 427,600,713 | 376,462,952 |
The accompanying notes form an integral part of these condensed interim consolidated financial statements.
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