(Convenience translation into English of the independent auditors' report and financial statements originally issued in Turkish - See Note 31)
Batısöke Söke Çimento
Sanayii T.A.Ş.
Financial statements for the period between January 1-December 31, 2023 and independent auditors' report
(Convenience translation into English of the financial statements originally issued in Turkish)
Batısöke Söke Çimento Sanayii T.A.Ş. | |
Table of content | |
Page | |
Independent auditors' report | 1 - 5 |
Statement of financial position | 6 - 7 |
Statement of profit or loss and other comprehensive income | 8 |
Statement of changes in equity | 9 |
Statement of cash flows | 10 |
Notes to the financial statements | 11 - 68 |
(Convenience translation into English of the financial statements originally issued in Turkish)
Batısöke Söke Çimento Sanayii T.A.Ş.
Statement of financial position as at December 31, 2023
(All amounts expressed in thousands of Turkish Lira ("TL") in terms of the purchasing power of the TL at December 31, 2023 unless otherwise indicated.)
Current period | Prior period | |||
Audited | Audited | |||
December 31, | December 31, | |||
Note | 2023 | 2022 | ||
Assets | ||||
Current Assets | ||||
Cash and cash equivalents | 3 | 21.082 | 66.642 | |
Trade receivables | 120.104 | |||
- Trade receivables from related parties | 7, 26 | 150.476 | ||
- Trade receivables from third parties | 7 | 526.257 | 286.311 | |
Other receivables | 5.592 | |||
- Other receivables from related parties | 8 | 7.126 | ||
- Other receivables from third parties | 8 | 3.548 | 2.098 | |
Inventories | 9 | 728.276 | 756.731 | |
Prepaid expenses | 10 | 47.515 | 111.472 | |
Current income tax assets | 24 | 236 | 138 | |
Other current assets | 15 | 137.168 | 169.141 | |
Total current assets | 1.589.778 | 1.550.135 | ||
Non-current assets | ||||
Other receivables | 905 | |||
- Other receivables from third parties | 8 | 575 | ||
Property, plant and equipment | 11 | 7.225.738 | 6.842.462 | |
Right-of-use assets | 12 | 5.457 | 2.295 | |
Intangible assets | 12 | 1.958 | 2.488 | |
Prepaid expenses | 10 | 2.788 | 14.523 | |
Total non-current assets | 7.236.846 | 6.862.343 | ||
Total assets | 8.826.624 | 8.412.478 |
The accompanying notes form an integral part of these financial statements.
(6)
(Convenience translation into English of the financial statements originally issued in Turkish)
Batısöke Söke Çimento Sanayii T.A.Ş.
Statement of financial position as at December 31, 2023
(All amounts expressed in thousands of Turkish Lira ("TL") in terms of the purchasing power of the TL at December 31, 2023 unless otherwise indicated.)
Current period | Prior period | ||
Audited | Audited | ||
Note | December 31, | December 31, | |
2023 | 2022 | ||
Liabilities | |||
Current liabilities | 405.309 | ||
Short term borrowings | 6 | 830.390 | |
Current portion of long-term borrowings | 6 | 389.745 | 181.088 |
Trade payables | 125.440 | ||
- Trade payables to related parties | 7, 26 | 45.102 | |
- Trade payables to third parties | 7 | 550.713 | 1.056.503 |
Payables related to employee benefits | 14 | 12.989 | 10.392 |
Other payables | 900.250 | ||
- Other payables to related parties | 8, 26 | - | |
- Other payables to third parties | 8 | 6.619 | 10.486 |
Contract liabilities | 10 | 125.776 | 111.274 |
Short term provisions | 1.144 | ||
- Other short-term provisions | - | ||
Other short-term liabilities | 15 | 11.833 | 8.347 |
Total current liabilities | 2.529.818 | 2.253.582 | |
Non-current liabilities | 2.399.841 | ||
Long-term financial liabilities | 6 | 2.827.653 | |
Long term provisions | 56.240 | ||
- Provisions for long-term employee benefits | 14 | 79.292 | |
- Other long-term provisions | 13 | 22.439 | 17.998 |
Deferred tax liabilities | 24 | 14.812 | 722.545 |
Total non-current liabilities | 2.493.332 | 3.647.488 | |
Total liabilities | 5.023.150 | 5.901.070 | |
Equity | 400.000 | ||
Share capital | 16 | 400.000 | |
Adjustment to share capital | 16 | 3.563.553 | 3.563.553 |
Treasury shares (-) | (1.132) | (1.132) | |
Share premium | 2.877 | 2.877 | |
Other comprehensive income / expense not to be reclassified | |||
to profit or loss | 515.998 | ||
- Revaluation reserve related to tangible assets | 16 | 85.618 | |
- Actuarial (loss) on employee termination benefits | 16 | (51.268) | (34.385) |
Restricted reserves | 259.684 | 259.684 | |
Accumulated losses | (1.758.751) | (1.554.728) | |
Net profit (loss) for the period | 872.513 | (210.079) | |
Total equity | 3.803.474 | 2.511.408 | |
Total liabilities and equity | 8.826.624 | 8.412.478 | |
The accompanying notes form an integral part of these financial statements.
(7)
(Convenience translation into English of the financial statements originally issued in Turkish)
Batısöke Söke Çimento Sanayii T.A.Ş.
Statement of profit or loss and other comprehensive income for the period ended December 31, 2023
(All amounts expressed in thousands of Turkish Lira ("TL") in terms of the purchasing power of the TL at December 31, 2023 unless otherwise indicated.)
Current period | Prior period | |||
Audited | Audited | |||
January 1 - | January 1 - | |||
December 31, | December 31, | |||
Profit or loss section | Note | 2023 | 2022 | |
Revenue | 17 | 4.122.085 | 3.999.212 | |
Cost of sales | 17 | (3.544.848) | (4.178.707) | |
Gross profit (loss) | 577.237 | (179.495) | ||
Gross profit (loss) | 577.237 | (179.495) | ||
General administrative expenses | 18 | (123.693) | (88.666) | |
Marketing expenses | 18 | (256.623) | (124.634) | |
Other operating income | 20 | 201.867 | 89.580 | |
Other operating expenses | 20 | (480.040) | (253.580) | |
Operating profit (loss) | (81.252) | (556.795) | ||
Income from investment activities | 21 | 355 | - | |
Expense from investment activities | 21 | - | (366.675) | |
Share of loss of investment accounted for using the equity method | 5 | - | 58.317 | |
Operating profit before financing income (expense) | (80.897) | (865.153) | ||
Financing income | 22 | 60.908 | 10.670 | |
Financing expenses | 23 | (2.166.470) | (1.729.704) | |
Net monetary gain (loss) | 2.216.865 | 2.453.896 | ||
Profit (loss) before tax from continuing operations | 30.406 | (130.291) | ||
Current tax charge | 24 | - | - | |
Deferred tax income (expenses) | 24 | 842.107 | (79.788) | |
Net profit (loss) from continuing operations | 872.513 | (210.079) | ||
Earnings (loss) per share | 25 | 2,18 | (0,53) | |
Other comprehensive income | ||||
Other comprehensive income (expense) not to be reclassified to profit or | ||||
loss | 576.437 | |||
- Gain (loss) on revaluation of tangible assets | 11 | 107.022 | ||
- Gain (loss) on revaluation of tangible assets, deferred tax effect | 24 | (140.001) | (21.404) | |
- Gain (loss) on remeasurement of defined benefit plans | 14 | (22.510) | (42.981) | |
- Gain (loss) on remeasurement of defined benefit plans, deferred tax effect | 24 | 5.627 | 8.596 | |
Gain (loss) on financial assets measured at fair value through other | - | |||
comprehensive income | 4 | 92.652 | ||
- Gain (loss) on financial assets measured at fair value through other | - | |||
comprehensive income, deferred tax effect | 24 | (4.630) | ||
Other comprehensive income | 419.553 | 139.255 | ||
Total comprehensive income | 1.292.066 | (70.824) |
The accompanying notes form an integral part of these financial statements.
(8)