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Serbest Muhasebeci Mali Müşavirlik A.Ş. Maslak No1 Plaza
Eski Büyükdere Caddesi Maslak Mahallesi No:1 Maslak, Sarıyer 34485 İstanbul, Türkiye
Tel: +90 (212) 366 60 00
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https://www.deloitte.com.tr
Mersis No :0291001097600016
(CONVENIENCE TRANSLATION OF INDEPENDENT AUDITOR'S REPORT ORIGINALLY ISSUED IN TURKISH) INDEPENDENT AUDITOR'S REPORTTo the General Assembly of Bizim Toptan Satış Mağazaları A.Ş.
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Report on the Audit of the Consolidated Financial Statements
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Opinion
We have audited the consolidated financial statements of Bizim Toptan Satış Mağazaları A.Ş. ("the Company") and its subsidiaries ("the Group"), which comprise the consolidated statement of financial position as at 31 December 2025, and the consolidated statement of profit or loss and other comprehensive income, consolidated statement of changes in equity and consolidated statement of cash flows for the year then ended, and notes to the consolidated financial statements, including a summary of significant accounting policies.
In our opinion, the accompanying consolidated financial statements present fairly, in all material respects, the consolidated financial position of the Group as at 31 December 2025, and its consolidated financial performance and its consolidated cash flows for the year then ended in accordance with Turkish Financial Reporting Standards ("TFRS").
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Basis for Opinion
We conducted our audit in accordance with the Standards on Independent Auditing ("SIA") which is a part of Turkish Auditing Standards accepted by regulations of the Capital Markets Board and published by the Public Oversight Accounting and Auditing Standards Authority ("POA"). Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Consolidated Financial Statements section of our report. We are independent of the Group in accordance with the Code of Ethics for Independent Auditors (including Independence Standards) ("Code of Ethics") published by the POA, as applicable to audits of consolidated financial statements of public interest entities, together with the ethical requirements included in the regulations of the Capital Markets Board and other regulations that are relevant to audits of the consolidated financial statements of public interest entities. We have also fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
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Other Matters
Other information is the responsibility of the Group's management. Other information comprises the information presented in Appendix and is not a part of the consolidated financial statements and the auditor's report.
Our opinion regarding the consolidated financial statements does not include other information and we do not provide any assurance regarding this information. Our responsibility is to examine other information in connection with our independent audit of the consolidated financial statements.
Regarding the audit of the consolidated financial statements, our responsibility is to read the other information and identify any material inconsistencies, if any, between the other information and the audited financial statements or information obtained during the audit process. If, as a result of our investigations, we conclude that there is a material inconsistency between the other information and the consolidated financial statements or the information obtained as a result of the audit, we are required to report this finding. We do not have any findings to report regarding other information.
- Key Audit Matters
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Opinion
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the consolidated financial statements of the current period. These matters were addressed in the context of our audit of the consolidated financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.
Key Audit Matter | How this matter was addressed in the audit |
Revenue recognition The Group operates in the domestic retail market with 169 stores in total as of 31 December 2025. In addition to being the most important financial statement line item for the retail industry, revenue along with the total number of stores is one of the most important criteria for evaluation of performance and results of strategies applied by the management. Revenue is a key audit matter due to the high transaction volume in parallel with the number of stores, the relative difficulty in providing assurance on the accuracy of the revenue as it is realized at a large number of sales points, and the revenue amounting to TL 39,410,924,836 in the consolidated statement of profit or loss for the period 1 January - 31 December 2025 is material to the financial statements. Accounting policies and related disclosures regarding revenue are included in Note 2 and Note 15. | During our audit, the following procedures were applied, including but not limited to, in relation to the revenue recognition:
The adequacy of the disclosures in the consolidated financial statements and notes to them has been assessed in accordance with TFRS 15. |
Key Audit Matter | How this matter was addressed in the audit |
Application of TFRS 16, Leases and evaluation of significant estimates and assumptions The Group has recognized significant right-of-use assets and lease liabilities in its consolidated financial statements. The amounts recognized as a result of the application of TFRS 16 are material to the consolidated financial statements and the determination of accounting policy is a matter for the Group's management. In addition, the calculation of right-of-use assets and related lease liabilities involves significant estimates and judgements by management. The most important of these assumptions is the assessment of the lease term extension, early termination options and interest rate. For these reasons, the application of TFRS 16 and its effects on the consolidated financial statements and notes to the consolidated financial statements were identified as an important matter for our audit. The accounting policies and related disclosures related to the application of TFRS 16 are disclosed in Note 2, Note 4 and Note 9. | During our audit, the following procedures were applied, including but not limited to, for the application of TFRS 16 and the evaluation of significant estimates and assumptions: Understanding and evaluating the significant processes that affect financial reporting in relation to the TFRS 16 calculations process, Testing the reports received from the system for the completeness of the contract lists, Recalculation of right-of-use assets and related lease liabilities, which are accounted for in the consolidated financial statements by calculating the samples selected from the lease contracts within the scope of TFRS 16, Testing the suitability of inputs such as rent increase rate and interest rate used in the relevant calculations, Selecting the contracts subject to the calculation of right-of-use assets and lease liabilities by sampling method, and checking the compatibility of the evaluation of the terms of the lease contracts used in these calculations with the terms of the contract, and the extension options, The adequacy of the disclosures in the consolidated financial statements and notes to them has been assessed in accordance with TFRS 16. |