Dogan Sirketler Grubu Holding A.s.BIST: DOHOL

1Q Financial Report

· Issued by Dogan Sirketler Grubu Holding A.s.
CONVENIENCE TRANSLATION INTO ENGLISH OF CONDENSED CONSOLIDATED FINANCIAL STATEMENTS ORIGINALLY ISSUED IN TURKISH DOĞAN ŞİRKETLER GRUBU HOLDİNG A.Ş. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AT 1 JANUARY - 31 MARCH 2025 CONTENTS PAGES CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION................ 1-2 CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS.......................... 3 CONDENSED CONSOLIDATED STATEMENT OF OTHER COMPREHENSIVE INCOME 4 CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY ................. 5-6 CONDENSED CONSOLIDATED STATEMENT OF CASH FLOW................................... 7-8 NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 9-49

Unaudited

Current Period

Audited

Prior Period

ASSETS

Notes

31 March 2025

31 December 2024

Current assets

92,609,306

91,592,489

Cash and cash equivalents

5

25,797,575

28,438,294

Financial investments

Trade receivables

6

30,451,620

29,765,062

- Due from related parties

19

40,972

12,987

- Due from third parties

Receivables from finance sector operations

8

6,687,040

8,181,802

- Due from related parties from finance sector operations

19

82,101

51,151

- Due from third parties from finance sector operations

10,049,596

8,887,300

Balances with the Central Bank of the Republic of Turkey

Other receivables

702,902

98,464

- Due from related parties

55,429

60,787

- Due from third parties

336,819

537,605

Inventories

9

9,981,917

8,157,393

Prepaid expenses

3,694,838

3,165,587

Derivative instruments

27,016

8,125

Biological assets

28,555

12,148

Assets related to current tax

295,682

282,731

Other current assets

4,377,244

3,933,053

Non-current assets

60,978,201

62,129,493

Other receivables

- Due from third parties

370,294

330,775

Financial investments

6

1,520,650

1,541,569

Investments accounted for by the equity method

1,799,511

1,941,120

Investment properties

10

7,882,004

7,880,057

Property, plant and equipment

Intangible assets

11

23,659,322

24,629,476

- Other intangible assets

11

20,661,076

19,965,079

- Goodwill

2,045,107

2,045,107

Rights of use assets

1,820,231

1,987,456

Prepaid expenses

264,161

407,748

Derivative instruments

98,986

102,069

Deferred tax asset

696,479

1,152,660

Other non-current assets

160,380

146,377

TOTAL ASSETS

153,587,507

153,721,982

The condensed consolidated financial statements as of and for the period ended 31 March 2025 have been approved by the Board of Directors on 8 May 2025.

Unaudited

Current Period

Audited

Prior Period

LIABILITIES

Notes

31 March 2025

31 December 2024

Short-term liabilities

54,912,342

53,749,704

Short-term borrowings

- Short-term borrowings from third parties

- Bank borrowings

7

16,805,412

17,499,828

- Issued debt instruments

7

2,116,802

1,057,474

- Lease borrowings

Short-term portion of long-term borrowings

240,855

-

- Short-term portion of long-term borrowings from related parties

- Lease borrowings

- Short-term portion of long-term borrowings from third parties

7, 19

10,474

11,480

- Bank borrowings

7

2,159,867

3,112,874

- Lease borrowings

7

174,167

450,214

Other financial liabilities

Trade payables

997

1,048

- Due to related parties

19

373

305

- Due to third parties

Payables from finance sector operations

8

5,841,520

5,069,375

- Due to related parties

200

80

- Due to third parties

1,225,124

1,164,284

Employee benefits payables

Deferred income (Except obligations arising from customer contracts)

633,125

1,034,250

- Deferred income from related parties (Except obligations arising from customer contracts)

-

48,657

- Deferred income from third parties (Except obligations arising from customer contracts)

1,525,347

2,152,918

Derivative instruments

Other payables

168,076

13,636

- Due to related parties

-

71,394

- Due to third parties

993,177

1,035,287

Current income tax liability

Short-term provisions

394,959

395,720

- Short-term provisions for employment benefits

497,150

455,058

- Other short-term provisions

12

21,775,697

19,752,418

Other short term liabilities

349,020

423,404

Long-term liabilities

18,229,025

18,482,864

Long-term borrowings

- Long-term borrowings from related parties

- Lease borrowings

7, 19

59,637

68,569

- Long-term borrowings from third parties

- Bank borrowings

7

10,009,516

10,559,723

- Lease borrowings

Trade payables

7

858,288

815,614

- Due to third parties

Other payables

167,905

23,634

- Due to third parties

Deferred income (Except obligations arising from customer contracts)

18,972

19,705

- Deferred income from related parties (Except obligations arising from customer contracts)

374

1,401

- Deferred income from third parties (Except obligations arising from customer contracts)

Long-term provisions

5,805

15,202

- Long-term provisions for employment benefits

943,753

937,831

Deferred tax liability

6,164,775

6,041,185

EQUITY

80,446,140

81,489,414

Equity attributable to equity holders of the parent company

68,881,579

69,807,591

Share capital

14

2,616,996

2,616,996

Adjustments to share capital

14

53,743,094

53,743,094

Repurchased shares (-)

14

(609,332)

(590,482)

Share premiums (discounts)

Other comprehensive income (losses) that

2,246,018

2,246,018

will not be reclassified in profit or loss

- Gains (losses) on revaluation of property, plant and equipment

9,278

9,278

- Actuarial gains (losses) on defined benefit plans

Other comprehensive income (losses) that will be reclassified in profit or loss

(392,280)

(392,280)

- Currency translation differences

(2,420,118)

(1,970,488)

- Gain (loss) on revaluation and reclassification of financial assets held for sale

(21,278)

(83,512)

Restricted reserves

19,310,713

19,291,863

Retained earnings or accumulated losses

(5,081,746)

(9,814,604)

Net profit or loss for the period

(519,766)

4,751,708

Non-controlling interests

11,564,561

11,681,823

TOTAL LIABILITIES

153,587,507

153,721,982

Unaudited

Current Period

1 January-

Unaudited

Prior Period 1 January-

Notes

31 March 2025

31 March 2024

Profit or Loss

Revenue

11,104,070

19,747,779

Revenue From Finance Sector Operations

7,935,281

4,600,810

Total Revenue

4

19,039,351

24,348,589

Cost of Sales (-)

(9,525,044)

(17,301,445)

Cost of Finance Sector Operations (-)

(6,568,576)

(3,550,839)

Total Costs

4

(16,093,620)

(20,852,284)

Gross Profit/(Loss) (Non-Finance)

1,579,026

2,446,334

Gross Profit/(Loss) (Finance)

1,366,705

1,049,971

Gross Profit

4

2,945,731

3,496,305

Research and Development Expenses (-)

(59,547)

(94,629)

General Administrative Expenses (-)

(1,246,157)

(967,647)

Marketing Expenses (-)

(1,250,883)

(1,409,312)

Other Income From Operating Activities

15

3,141,122

2,298,977

Other Expenses From Operating Activities (-)

15

(1,215,242)

(634,180)

Share of Gain (Loss) on Investments

Accounted for by the Equity Method

4

(141,607)

(493,271)

Operating Profit

2,173,417

2,196,243

Income and Expenses from Investment Activities (net)

16

1,206,035

2,620,517

Operating Profit (Loss) Before

Finance (Expense)/Income

3,379,452

4,816,760

Finance Income and Expenses (net)

17

(2,413,996)

(2,837,213)

Monetary gain/(loss), net

(755,083)

163,596

Profit (Loss) Before Taxation From Continued Operations

4

210,373

2,143,143

Tax Income/(Expense) From Continued Operations

(850,532)

(834,178)

Tax Income/(Expense) for the Period

(564,916)

(440,622)

Deferred Tax Income/(Expense)

(285,616)

(393,556)

Profit/(Loss) For The Period From Continued Operations

(640,159)

1,308,965

Profit/(Loss) For The Period

(640,159)

1,308,965

Allocation of Profit/(Loss) For The Period

Attributable to Non-Controlling Interests

(120,393)

(3,407)

Attributable to Equity Holders of the Parent Company

Gain/(Loss) Per Share Attributable

to Equity Holders of the Parent Company

(519,766) 1,312,372

18 (0.2017) 0.5081

Unaudited

Unaudited

Current Period

Prior Period

1 January-

1 January-

Notes

31 March 2025

31 March 2024

Profit/(Loss) For The Period

(640,159)

1,308,965

OTHER COMPREHENSIVE INCOME

That will not be reclassified as profit or loss

Defined benefit plans re-measurement gains/(losses)

-

53,471

- Gains (losses) on revaluation of property, plant and

equipment

11

-

107,632

Taxes on other comprehensive income that will

not be reclassified in profit or loss

- Tax effect of gains (losses)

on revaluation of property, plant and equipment

11

-

(26,908)

- Tax effect of actuarial gains (losses)

on defined benefit plans

-

(13,368)

That will be reclassified as profit or loss

Currency translation differences

(446,499)

(3,322,339)

Gain/(loss) on revaluation and/or

reclassification of financial assets available for sale

82,979

(329,611)

Taxes related to other comprehensive income that will be reclassified as profit or loss

Taxes related to other comprehensive income that will be reclassified as profit or loss

and/or reclassification of financial assets available for sale

(20,745)

82,402

OTHER COMPREHENSIVE INCOME/(LOSS)

(384,265)

(3,448,721)

TOTAL COMPREHENSIVE INCOME/(LOSS)

(1,024,424)

(2,139,756)

Allocation of Total Comprehensive Income/(Loss)

Attributable to Non-Controlling Interests

(117,262)

(223,386)

Attributable to Equity Holders of the Parent Company

(907,162)

(1,916,370)

Accumulated other comprehensive income or loss that will not be

Accumulated other comprehensive income or loss that will be

reclassified to profit or loss reclassified to profit or loss Retained earnings

Shares not classified

as profit or loss from

Gains/(losses) on

Equity

Share

other comprehensive

income of investments

Actuarial

revaluation and/or

reclassification of

Currency

Retained

earnings/

Net

attributable to

equity holders

Non-

Adjustments to

Repurchased

premiums/

Revaluation

accounted for by the

gains/(losses) on

financial assets

translation

Restricted

accumulated

profit/(loss) for

of the parent

controlling

Notes

Share Capital

share capital

shares

discounts

Fund

equity method

defined benefit plans

available for sale

differences

reserves

(losses)

the period

company

interest

Equity

Balance at 1 January 2025

14

2,616,996

53,743,094

(590,482)

2,246,018

9,278

-

(392,280)

(83,512)

(1,970,488)

19,291,863

(9,814,604)

4,751,708

69,807,591

11,681,823

81,489,414

Transfers

-

-

-

-

-

-

-

-

-

-

4,751,708

(4,751,708)

-

-

-

Repurchased of own shares during the period

-

-

(18,850)

-

-

-

-

-

-

18,850

(18,850)

-

(18,850)

-

(18,850)

Total comprehensive income/(loss)

-

-

-

-

-

-

-

62,234

(449,630)

-

-

(519,766)

(907,162)

(117,262)

(1,024,424)

Profit/(loss) for the period

-

-

-

-

-

-

-

-

-

-

-

(519,766)

(519,766)

(120,393)

(640,159)

Other comprehensive income/(loss)

-

-

-

-

-

-

-

62,234

(449,630)

-

-

-

(387,396)

3,131

(384,265)

Currency translation differences

-

-

-

-

-

-

-

-

(449,630)

-

-

-

(449,630)

3,131

(446,499)

Change in financial asset revaluation

-

-

-

-

-

-

-

62,234

-

-

-

-

62,234

-

62,234

Balance at 31 March 2025

14

2,616,996

53,743,094

(609,332)

2,246,018

9,278

-

(392,280)

(21,278)

(2,420,118)

19,310,713

(5,081,746)

(519,766)

68,881,579

11,564,561

80,446,140

Accumulated other comprehensive income or loss that will not be

Accumulated other comprehensive income or loss that will be

reclassified to profit or loss reclassified to profit or loss Retained earnings

Shares not classified

as profit or loss from

Gains/(losses) on

Equity

Share

other comprehensive

income of investments

Actuarial

revaluation and/or

reclassification of

Currency

Retained

earnings/

Net

attributable to

equity holders

Non-

Adjustments to

Repurchased

premiums/

Revaluation

accounted for by the

gains/(losses) on

financial assets

translation

Restricted

accumulated

profit/(loss) for

of the parent

controlling

Notes

Share Capital

share capital

shares

discounts

Fund

equity method

defined benefit plans

available for sale

differences

reserves

(losses)

the period

company

interest

Equity

Balance at 1 January 2024 (Previously reported)

14

2,616,996

53,743,094

(360,447)

2,246,020

-

(16,538)

(202,029)

(284,944)

21,245,020

14,723,615

(17,228,371)

471,310

76,953,726

10,916,582

87,870,308

Restatement effect (Note 2.1.5)

-

-

-

-

-

-

-

-

(11,677,402)

-

12,380,044

(702,642)

-

-

-

Balance at 1 January 2024 (Restated)

2,616,996

53,743,094

(360,447)

2,246,020

-

(16,538)

(202,029)

(284,944)

9,567,618

14,723,615

(4,848,327)

(231,332)

76,953,726

10,916,582

87,870,308

Transfers

-

-

-

-

-

-

-

-

-

4,358,137

(3,886,827)

(471,310)

-

-

-

Repurchased of own shares during the period

-

-

(210,111)

-

-

-

-

-

-

210,111

(210,111)

-

(210,111)

-

(210,111)

Total comprehensive income/(loss)

-

-

-

-

55,088

2,000

16,040

(249,209)

(3,052,661)

-

-

1,312,372

(1,916,370)

(223,386)

(2,139,756)

Profit/(loss) for the period

-

-

-

-

-

-

-

-

-

-

-

1,312,372

1,312,372

(3,407)

1,308,965

Other comprehensive income/(loss)

-

-

-

-

55,088

2,000

16,040

(249,209)

(3,052,661)

-

-

-

(3,228,742)

(219,979)

(3,448,721)

Currency translation differences

-

-

-

-

-

-

-

-

(3,052,661)

-

-

-

(3,052,661)

(269,678)

(3,322,339)

Defined benefit plans re-measurement gains/(losses)

-

-

-

-

-

-

16,040

-

-

-

-

-

16,040

24,063

40,103

Property, plant and equipment revaluation fund

-

-

-

-

55,088

-

-

-

-

-

-

-

55,088

25,636

80,724

Change in financial asset revaluation

-

-

-

-

-

2,000

-

(249,209)

-

-

-

-

(247,209)

-

(247,209)

Balance at 31 March 2024

14

2,616,996

53,743,094

(570,558)

2,246,020

55,088

(14,538)

(185,989)

(534,153)

6,514,957

19,291,863

(8,945,265)

609,730

74,827,245

10,693,196

85,520,441

Unudited

Current Period

Unudited

Prior Period

1 January -

1 January -

Notes

31 March 2025

31 March 2024

A. Net Cash from Operating Activities

1,315,580

10,127,228

Profit/(loss) for the period

(640,159)

1,308,965

Profit/(loss) for the period from continued operations

(640,159)

1,308,965

Adjustments regarding reconciliation of net profit (loss) for the period

3,667,625

8,738,456

Adjustments related to depreciation and amortization

4

1,400,370

1,194,812

Adjustments related to provisions

- Adjustments related to provisions for employee benefits

48,014

(84,491)

- Adjustments related to provisions (reversal) for lawsuits and/or penalty

12

51,554

7,031

- Insurance technical provisions

12

1,955,947

426,552

- Adjustments related to other provisions (reversals)

57,112

49,081

Adjustments related to interest (income) and expenses

- Adjustments related to interest income

15, 16

(3,116,415) .

(952,095)

- Adjustments related to interest expenses

17

1,032,080

1,938,863

- Due date difference expense due to purchases with maturity

15

102

8,915

- Due date difference income due from sales with maturity

15

(12,416)

(75)

Adjustments related to changes in unrealised foreign exchange differences

-

486,552

Adjustments related to fair value (gains) losses

(269,514)

(887,393)

Adjustments related to losses (gains) on disposal of non-current assets

16

(11,390)

(3,230)

Adjustments related to undistributed profits of investments accounted for by the equity method

141,607

493,271

Adjustments related to tax income (expense)

850,532

834,180

Monetary gain/loss

1,540,042

5,226,483

Changes in working capital

(4,039,114)

(727,944)

Decrease (increase) in the balances with the Central Bank of the Republic of Turkey

(613,440)

71,974

Decrease (increase) in receivables from finance sector operations

(2,010,467)

(797,627)

Adjustments for decrease/(increase) in inventories

(1,801,167)

411,435

Adjustments for decrease/(increase) in trade receivables

- (Increase)/decrease in trade receivables from related parties

(29,172)

557

- (Increase)/decrease in trade receivables from non-related parties

710,740

(867,249)

Increase (decrease) in payables due to employee benefits

(306,439)

(218,087)

Adjustments regarding decrease/(increase) in other receivables on operations

- Increase/(decrease) in other receivables regarding operations with related parties

(200)

6,954

- Increase/(decrease) in other receivables regarding operations with non-related parties

81,873

(3,777)

Adjustments regarding increase (decrease) in trade payables

- Increase/(decrease) in trade payables from related parties

96

(7,462)

- Increase/(decrease) in trade payables from non-related parties

1,235,523

(946,461)

Decrease (increase) in receivables from finance sector operations

167,288

355,427

Adjustments regarding increase (decrease) in other payables on operations

- Increase/(decrease) in other payables regarding operations with related parties

(64,867)

761

- Increase/(decrease) in other payables regarding operations with non-related parties

53,613

(377,231)

Adjustments for other increase (decrease) in working capital

- Increase/(decrease) in other assets regarding operations

(886,599)

1,280,274

- Increase/(decrease) in other liabilities regarding operations

(575,896)

362,568

Net Cash from Operating Activities

(1,011,648)

9,319,477

Income tax refunds (payments)

(529,497)

(7,415)

Interest received

2,856,725

815,166

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

Unudited

Current Period

Unudited

Prior Period

1 January -

1 January -

Notes

31 March 2025

31 March 2024

B. Net Cash from Investing Activities

(2,282,801)

(9,153,923)

Cash inflow due to sale of property, plant, equipment and intangible assets

11

719,440

691,795

Cash outflows from purchase of property, plant, equipment and intangible assets

11

(1,673,423)

(3,262,761)

Cash inflow due to sale of shares or debt instruments of other enterprises or funds

6

2,687,614

2,760,925

Cash outflows from acquisition of shares or debt instruments of other enterprises or funds

6

(4,016,432)

(6,371,283)

Other cash inflows/(outflows)

-

(2,972,599)

C. Net Cash from Financing Activities

(905,299)

(447,197)

Proceeds from borrowings (net)

- Cash inflows from borrowings

-

1,548,916

- Cash outflows from loan repayments

Cash outflows from the purchase of the company's own shares and other equity instruments

Cash outflows from the purchase of the company's own shares

(115,010)

(18,850)

-

(210,111)

Cash outflows from payments of lease liabilities

7

(233,761)

(58,222)

Interest paid

(537,678)

(1,727,780)

NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS BEFORE THE EFFECT OF CURRENCY TRANSLATION DIFFERENCES (A+B+C)

(1,872,520)

526,108

D. THE EFFECT OF CURRENCY TRANSLATION RESERVES ON CASH AND CASH EQUIVALENTS

1,831,844

(3,052,661)

MONETARY GAIN/(LOSS) OVER CASH AND CASH EQUIVALENTS

(2,600,043)

(3,619,218)

NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS (A+B+C+D)

(2,640,719)

(6,145,771)

E. CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD

5

28,438,294

19,264,421

F. CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD (A+B+C+D+E)

5

25,797,575

13,118,650

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

NOTE 1 - ORGANIZATION AND NATURE OF OPERATIONS

Doğan Şirketler Grubu Holding A.Ş. ("Doğan Holding", "Holding" or the "Group") was established on 22 September 1980 and is registered in Turkey. Main operating activity of the Holding is to invest in various sectors via associates, to provide all necessary support to its subsidiaries and joint ventures in order to develop their activities.

Doğan Holding is registered with the Capital Markets Board ("CMB") and its shares have been quoted on Borsa İstanbul ("Borsa İstanbul") since 21 June 1993. Within the frame of Resolution No, 21/655 dated 23 July 2010 of CMB with the decision on 30 October 2014 numbered 31/1059; according to the records of Central Registry Agency ("CRA"), 35.70% shares of Doğan Holding are to be considered in circulation as of 31 March 2025 (31 December 2024: 35.70%). As of 8 May 2025, circulation rate of shares are 35.66%.

The address of Holding is as follows:

Burhaniye Mahallesi Kısıklı Caddesi No: 65 Üsküdar 34676 İstanbul

As of 31 March 2025, the total number of personnel in the domestic and abroad subsidiaries and associates of the Group, that are consolidated, is 7,352 (domestic 7,006) (31 December 2024: 7,498;

domestic 7,135). Holding has 53 employees (31 December 2024: 51 employees).

The natures of the business, segment and countries of the subsidiaries ("Subsidiaries") and joint ventures ("Joint Ventures") of Doğan Holding are as follows:

Electricity Generation

Subsidiaries Nature of business Country

Galata Wind Enerji A.Ş. ("Galata Wind") Energy Turkey

Sunflower Solar Güneş Enerjisi Sistemleri Ticaret A. Ş. ("Sunflower") Energy Turkey

Gökova Elektrik Üretim ve Ticaret A.Ş.("Gökova Elektrik") Energy Turkey

Galata Wind Energy Global BV ("Galata Wind Global") Energy Holland

Nova Grup Enerji Yatırımları A.Ş. ("Nova") Energy Turkey

Avrupa Grup Enerji Yatırımları A.Ş. ("Avrupa") Energy Turkey

Sunspark Gmbh ("Sunspark") Energy Germany

Joint Ventures Nature of business Country

Boyabat Elektrik Üretim ve Ticaret A.Ş. ("Boyabat Elektrik") Energy Turkey

Aslancık Elektrik Üretim A.Ş. ("Aslancık Elektrik") Energy Turkey

NOTE 1 - ORGANIZATION AND NATURE OF OPERATIONS (Continued) Industry and Trade

Subsidiaries Nature of business Country

Ditaş Doğan Yedek Parça İmalat ve Teknik A.Ş. ("Ditaş Doğan") Production Turkey

Profil Sanayi ve Ticaret A.Ş.("Profil Sanayi") Production Turkey

Profilsan GmbH ("Profilsan GmbH") Foreign Trade Germany

Doğan Dış Ticaret ve Mümessillik A.Ş. ("Doğan Dış Ticaret") Foreign Trade Turkey

Kelkit Doğan Besi İşletmeleri A.Ş. ("Kelkit Doğan Besi") Husbandry Turkey

Sesa Ambalaj ve Plastik Sanayi Ticaret A.Ş. ("Sesa Ambalaj") Production Turkey

Maksipak Ambalaj Sanayi ve Ticaret A.Ş. ("Maksipak") Production Turkey Karel Elektronik San. ve Tic. A.Ş. ("Karel") Technology and Informatics Turkey Daiichi Elektronik Sanayi ve Ticaret A.Ş. ("Daiichi") Automotive Electronics Turkey Karel İletişim Hizmetleri A.Ş. ("Karel İletişim") Telecommunications Services Turkey

Karel Europe S.R.L. ("Karel Europe") Telecommunications Services Romania Globalpbx İletişim Teknolojileri A.Ş. ("Globalpbx") Telecommunications Services Turkey Karel İleri Teknolojiler A.Ş. ("Karel İleri Teknolojiler") Technology and Informatics Turkey Huizhou Daiichi Electroacoustic Technology Co., Ltd. ("Huizhou") Automotive Infotainment Systems China FC Daiichi Auto Parts Uzbekistan ("FC Daiichi") Automotive Infotainment Systems Uzbekistan Daiichi Electronics Italy S.r.l ("Daiichi Electronics") Automotive Infotainment Systems Italy Daiichi Infotainment Systems Private Ltd. ("Daiichi Infotainment") Automotive Infotainment Systems India Suqian Daiichi Infotainment Technology Co.,Ltd. ("Suqian Daiichi") Automotive Infotainment Systems China Daiichi Multimedia Trading(Shenzhen)Co., Ltd.("Daiichi Multimedia") Automotive Infotainment Systems China Foshan Daiichi Multimedia Technology Co., Ltd. ("Foshan Daiichi") Automotive Infotainment Systems China Daiichi Remsons Electronic Systems Private Ltd. ("Daiichi Remsons") Automotive Infotainment Systems India

Automotive Trade and Marketing

Subsidiaries Nature of business Country

Suzuki Motorlu Araçlar Pazarlama A.Ş. ("Suzuki") Trade Turkey Doğan Trend Otomotiv Ticaret Hizmet ve Teknoloji A.Ş.

("Doğan Trend Otomotiv") Trade Turkey Otomobilite Motorlu Araçlar Ticaret ve Hizmet A.Ş.

("Otomobilite") Trade Turkey

Finance and Investment

Subsidiaries Nature of business Country

Öncü Girişim Sermayesi Yatırım Ortaklığı A.Ş. ("Öncü Girişim") Investment Turkey

D Yatırım Bankası A.Ş. ("D Yatırım Bankası") Investment banking Turkey

D Varlık Kiralama A.Ş. ("D Varlık Kiralama) Investment Turkey

Doruk Faktoring A.Ş. ("Doruk Faktoring") Factoring Turkey

DHI Investment B.V. ("DHI Investment") Investment Holland Değer Merkezi Hizmetler ve Yön. Danışmanlığı A.Ş.("Değer Merkezi") Administrative Consultancy Turkey Hepiyi Sigorta A.Ş ("Hepiyi Sigorta") Insurance Turkey

Falcon Purchasing Services Ltd. ("Falcon") Investment England

Internet and Entertainment

Subsidiaries Nature of business Country

Dogan Media International S.A. ("Kanal D Romanya") TV publishing Romania

Rapsodi Radyo ve Televizyon Yayıncılık A.Ş. ("Rapsodi Radyo") Radio publishing Turkey

Glokal Dijital Hizmetler Pazarlama ve Ticaret A.Ş. ("Hepsi Emlak") Internet services Turkey

DMC Invest B.V. ("DMC Invest") Investment Holland

Dogan Media Invest B.V. ("Dogan Media Invest") Investment Holland

Glocal Invest B.V. ("Glocal Invest") (1)Investment Holland

DG Invest B.V. ("DG Invest") Investment Holland Doğan Yayınları Yayıncılık ve

Yapımcılık Ticaret A.Ş. ("Doğan Yayıncılık") Magazine publishing Turkey

360 Sağlık ve Turizm Hizmetleri A.Ş. ("Tele Sağlık") Health services Turkey

  1. The merger of Glocal Invest B.V. ("Glocal Invest") and DG Invest B.V. ("DG Invest") was completed on 1 January 2025.

    NOTE 1 - ORGANIZATION AND NATURE OF OPERATIONS (Continued)

    Joint Ventures

    Nature of business

    Country

    Ultra Kablolu Televizyon ve

    Telekomünikasyon Sanayi ve Ticaret A.Ş. ("Ultra Kablolu")

    Telecommunication

    Turkey

    Real Estate Investments

    Subsidiaries

    Nature of business

    Country

    D Gayrimenkul Yatırımları ve Ticaret A.Ş.

    ("D Gayrimenkul")

    Real estate management

    Turkey

    SC D-Yapı Real Estate, Investment and Construction S.A.

    ("D Yapı Romanya")

    Real estate management

    Romania

    Milta Turizm İşletmeleri A.Ş. ("Milta Turizm")

    Real estate management

    Turkey

    Marlin Otelcilik ve Turizm A.Ş. ("Marlin Otelcilik")

    Real estate management

    Turkey

    M Investment 1 LLC ("M Investment")

    Real estate management

    USA

    Joint Ventures

    Nature of business

    Country

    Kandilli Gayrimenkul Yatırımları

    Yönetim İnşaat ve Ticaret A.Ş. ("Kandilli Gayrimenkul")

    Real estate management

    Turkey

    Fuel-Oil Retail

    Joint Ventures

    Nature of business

    Country

    Gas Plus Erbil Ltd. ("Gas Plus Erbil")

    Energy

    Jersey

    Mining

    Subsidiaries

    Nature of business

    Country

    Gümüştaş Madencilik ve Ticaret A.Ş. ("Gümüştaş Maden") (1)

    Mining

    Turkey

    Gümüştaş Dış Ticaret ve Pazarlama A.Ş. ("Gümüştaş Dış Ticaret") (1)

    Doku Madencilik ve Ticaret A.Ş. ("Doku Madencilik")

    Export Mining

    Turkey Turkey

    Joint ventures

    Nature of business

    Country

    Esen Madencilik Sanayi ve Ticaret A.Ş.

    ("Esen Maden")

    Mining

    Turkey

    Esen Ihracat Ithalat Pazarlama ve Ticaret A.Ş. ("Esen İhracat")

    Export

    Turkey

    1. Pursuant to the decision of the Board of Directors, the functional currency of the relevant companies has been determined as the US dollar effective from 1 January 2025.

NOTE 2 - BASIS OF PRESENTATION OF FINANCIAL STATEMENTS
  1. Basis of Presentation
    1. Preparation and Presentation of Financial Statements Adopted Financial Reporting Standards

The accompanying interim consolidated financial statements have been prepared in accordance with the presentation principles set out in the Communiqué on Principles Regarding Financial Reporting in the Capital Markets (II-14.1) of the Capital Markets Board ("CMB"), and in compliance with the Turkish Financial Reporting Standards ("TFRS") issued by the Public Oversight, Accounting and Auditing Standards Authority ("POA"), pursuant to subparagraph (b) of Article 9 of the Presidential Decree No. 660. These financial statements have been prepared in accordance with the 2024 TFRS Taxonomy developed by the POA and announced to the public through the POA's decision dated 4 July 2024.

In accordance with Turkish Accounting Standard No. 34 'Interim Financial Reporting,' entities are allowed to prepare either a full set or a condensed set of interim financial statements. In this context, the Group has elected to prepare condensed consolidated financial statements for interim periods. Therefore, these interim condensed consolidated financial statements should be read in conjunction with the Group's consolidated financial statements as of 31 December 2024.

The Group maintains its statutory accounting records in accordance with the Tax Legislation and the Uniform Chart of Accounts issued by the Ministry of Finance of the Republic of Turkey (General Communiqué on Accounting System Implementation), and prepares its statutory financial statements in Turkish Lira.

The condensed consolidated financial statements have been prepared on the historical cost basis, except for financial instruments and investment properties which are measured at fair value.

Adjustment to the financial statements in hyperinflationary periods

The Group has prepared its financial statements for the year ended and as of 31 March 2025, in accordance with TAS 29 "Financial Reporting in Hyperinflationary Economies," based on the announcement made by the Public Oversight Accounting and Auditing Standards Authority (POA) on 17 April 2024, and the published "Implementation Guide on Financial Reporting in Hyperinflationary Economies." In accordance with this standard, financial statements prepared in the currency of a hyperinflationary economy must be expressed in the purchasing power of that currency as of the balance sheet date, and prior period financial statements must also be restated in terms of the current measuring unit at the reporting date for comparative purposes. Accordingly, the Group has also restated its financial statements as of 31 December 2024, in terms of purchasing power as of 31 March 2025.

Pursuant to the Capital Markets Board (CMB) decision dated 28 December 2023, and numbered 81/1820, issuers and capital market institutions subject to financial reporting regulations applying Turkish Accounting/Financial Reporting Standards are required to apply inflation accounting under TAS 29 starting from their annual financial reports for the accounting period ending 31 December 2021.

NOTE 2 - BASIS OF PRESENTATION OF FINANCIAL STATEMENTS (Continued)
  1. Basis of Presentation (Continued)
    1. Preparation and Presentation of Financial Statements (Continued) Adjustment to the financial statements in hyperinflationary periods (Continued)

The restatements made under TAS 29 were carried out using the adjustment coefficient derived from the Consumer Price Index ("CPI") published by the Turkish Statistical Institute ("TÜİK").

Financial reporting in hyperinflationary economies

The gain or loss in the net monetary position resulting from the restatement of non-monetary items is included in profit or loss and presented separately in the statement of profit or loss and other comprehensive income.

Restatement of the Profit or Loss Statement

All items in the statement of profit or loss are expressed in the unit of measurement in effect at the end of the reporting period. Therefore, all amounts are restated by applying changes in the monthly general price index.

The cost of inventory sold is adjusted using the restated inventory balance.

Depreciation and amortization expenses have been adjusted using the restated balances of mining assets, property, plant and equipment, intangible assets and right-of-use assets.

Restatement of the Cash Flow Statement

All items in the statement of cash flows are expressed in the measurement unit valid at the end of the reporting period.

As of 31 March 2025, the indices and conversion factor used in the correction of financial statements are as follows:

Year End Index Conversion Factor Three Year Compound Inflation Rate

31 March 2025

2,954.69

1.00000

250%

31 December 2024

2,684.55

1.10063

291%

31 March 2024

2,139.47

1.38104

309%

The main elements of the Group's adjustment for financial reporting purposes in high-inflation economies are as follows:

  • The current period consolidated financial statements prepared in TRY are expressed with the purchasing power at the balance sheet date, and the amounts from previous reporting periods are also expressed by adjusting according to the purchasing power at the end of the reporting period.

  • Monetary assets and liabilities are not adjusted as they are currently expressed in current purchasing power at the balance sheet date. In cases where the inflation-adjusted values of non-monetary items exceed the recoverable amount or net realizable value, the provisions of TAS 36 and TAS 2 were applied, respectively.

NOTE 2 - BASIS OF PRESENTATION OF FINANCIAL STATEMENTS (Continued)
  1. Basis of Presentation (Continued)
    1. Preparation and Presentation of Financial Statements (Continued) Adjustment to the financial statements in hyperinflationary periods (Continued)

      • Non-monetary assets and liabilities and equity items that are not expressed in current purchasing power at the balance sheet date have been corrected using the relevant correction coefficients.

      • All items in the statement of comprehensive income, except those that affect the statement of comprehensive income of non-monetary items in the balance sheet, are indexed with coefficients calculated over the periods when the income and expense accounts are first reflected in the financial statements.

      • The effect of inflation on the Group's net monetary asset position in the current period is recorded in the net monetary position loss account in the income statement.

        Functional and Presentation Currency

        Items included in the financial statements of each of the Group's entities are measured using the currency of the primary economic environment in which the entity operates ("the functional currency"). The condensed consolidated financial statements are presented in Turkish Lira, which is the functional and presentation currency of Doğan Holding.

        Restatement of the Financial Position Statement

        Amounts in the statement of financial position that are not expressed in the measurement unit valid at the end of the reporting period are restated. Accordingly, monetary items are not restated because they are expressed in the currency valid at the end of the reporting period. Non-monetary items must be restated unless they are shown in their current amounts at the end of the reporting period.

    2. Financial statements of subsidiaries and joint ventures operating in foreign countries

      Financial statements of subsidiaries and joint ventures operating in foreign countries are prepared in accordance with the laws and regulations in force in the countries in which they are registered and required adjustments and reclassifications reflected for the purpose of fair presentation in accordance with the Group's accounting policies.

      If the group entities' functional currency is different from the presentation currency; it is translated into the presentation currency as below:

      • Assets and liabilities for each statement of financial position presented are translated at the exchange rate at the date of that statement of financial position.

      • Income and expenses for each statement of profit or loss are translated at average exchange rates in the accounting period; and all resulting exchange differences are recognised as a separate component of equity and statements of other comprehensive income (currency translation differences).

      When a foreign operation is partially disposed of or sold, exchange differences recorded in equity are recognised in the consolidated statement of profit or loss as part of the gain or loss on sale. Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and translated at the closing rate.

      NOTE 2 - BASIS OF PRESENTATION OF FINANCIAL STATEMENTS (Continued) 2.1 Basis of Presentation (Continued)
    3. Consolidation and equity method accounting principles (Continued)

      The condensed consolidated financial statements include the accounts of the parent company, Doğan Holding, its Subsidiaries and its Joint Ventures (collectively referred as the "Group") on the basis set out in sections (a) to (b) below. The financial statements of the companies included in the consolidation are based on historical cost of the statutory records and for the purpose of fair presentation in accordance with the accounting policies described in Note 2.1.1 and Note 2.1.2 and application of uniform accounting policies and presentations; adjustments and reclassifications. Financial statements of consolidated entities are restated in accordance with the TAS considering the accounting policies and presentation requirements applied by the Group.

      As of 31 March 2025, the voting rights and effective ownership rates of the Group's Subsidiaries, Joint Ventures and Affiliates have not changed from the rates reported as of 31 December 2024, except for the companies mentioned below:

      Proportion of Proportion of

      voting power held voting power held Total proportion of Proportion of by Doğan Holding and by Doğan family voting effective ownership

      its subsidiaries (%) members (%) power held (%) interest (%) 31 March 31 December 31 March 31 December 31 March 31 December 31 March 31 December

      Subsidiaries 2025 2024 2025 2024 2025 2024 2025 2024

      Glokal Dijital Hizmetler

      Paz. ve Tic A.Ş. (1)81.00 83.98 - - 81.00 83.98 81.00 83.98

      (1) The ratio of the related company has changed as a result of a share transfer.

      1. Non-Controlling Interests

        Non-controlling interests of shareholders over the net assets and operational results of subsidiaries are classified as non-controlling interest and non-controlling profit/loss in the consolidated statement of financial position and consolidated statement of income.

      2. Joint Ventures

      According to TFRS 11 Joint Agreements, investments under joint agreements are classified as joint activities or joint ventures. The classification is based on contractual rights and obligations of all investors, rather than the legal structure of the joint agreement. An investment is accounted for by equity method from the date at which invested company qualified as an associate or joint venture. In acquisition of the investment, all differences between the acquisition value of the investment and the company's share of the net fair value of identifiable net assets, liabilities and contingent liabilities of the affiliate or the joint venture, are included in the book value of affiliate investment. The portion of the amount that the company's share from the net fair value of the identifiable assets and liabilities of the affiliate or the joint venture, and that exceeds the acquisition value of the investment, is added to the income in determining the amount of the company's share from the profit or loss of the affiliate or joint venture in the period that the investment is obtained.

      Interests in joint ventures are accounted for using the equity method, after initially being recognised at cost in the consolidated balance sheet.

    4. Offsetting

      Financial assets and liabilities are offset and the net amount is reported when there is a legally enforceable right to set-off the recognised amounts and there is an intention to settle on a net basis or realize the asset and settle the liability simultaneously.

      NOTE 2 - BASIS OF PRESENTATION OF FINANCIAL STATEMENTS (Continued) 2.1 Basis of Presentation (Continued)
    5. Comparative information and restatement of prior period financial statements

      The current period condensed consolidated financial statements of the Group include comparative financial information to enable the determination of the trends in financial position and performance. In order to ensure compliance with the presentation of the current period consolidated financial statements, comparative information is reclassified when necessary and significant differences are explained.

      Due to the reclassification made in the net monetary position gains/(losses) account arising from the indexation by the Company of the shareholding of its Subsidiaries, whose functional currency is other than TRY, the consolidated net profit for the period, consolidated retained earnings, and consolidated foreign currency translation differences account items have been reclassified within the statement of changes in equity as of 1 January 2024. The amounts restated to the purchasing power of the period end 31 March 2025 are presented below.

      As of 31 March 2024, a reclassification of TRY 12,380,044 thousand was made within retained earnings, TRY (11,677,402) thousand within foreign currency translation differences and TRY (702,642) thousand within net profit for the period attributable to equity holders of the parent company.

      These reclassifications have been adjusted and reported in the comparative period's consolidated balance sheet and income statement. These changes do not have any impact on the Group's total equity.

    6. Significant accounting policies and changes in accounting estimates and errors and restatement of prior period financial statements

      In order to ensure compliance with the presentation of the current period consolidated financial statements, comparative information is reclassified when necessary and significant differences are explained.

      Changes of accounting policies resulting from the first-time implementation of the TAS are implemented retrospectively or prospectively in accordance with the transition provisions. Major accounting mistakes detected are applied retrospectively and the financial statements of the previous period are revised. If the changes in accounting estimates only apply to one period, then they are applied in the current period when the change occurs; if the changes apply also to the future periods, they are applied in both the period of change and in the future period.

  2. Summary of significant accounting policies

Condensed consolidated interim financial statements for the period ending on 31 March 2025 have been prepared in accordance with TAS 34 for the preparation of interim financial statements of TFRS. In addition, the interim condensed consolidated financial statements for the year ended 31 March 2025 have been prepared by applying the accounting policies consistent with the accounting policies applied during the preparation of the consolidated financial statements for the year ended 31 December 2024. Therefore, these interim condensed consolidated financial statements should be evaluated together with the consolidated financial statements for the year ended 31 December 2024.

NOTE 3 - BUSINESS COMBINATIONS

Business combinations as of 31 December 2024:

Gümüştaş Madencilik ve Ticaret A.Ş. (Gümüştaş Madencilik) has acquired and transferred 75% of its shares representing its fully paid capital of 20,200 Turkish Lira in cash on 11 September 2024. The purchase price has been determined as 4,890,037 Turkish Lira (nominal TRY4,180,819). In the consolidated profit or loss statement, the acquisition date has been realized as 30 September 2024.

Fair Value (31 March 2025 purchasing power

basis)

Current assets

1,069,825

Cash and cash equivalents

151,900

Trade receivables

5,645

Other receivables

90,426

Inventories

414,583

Prepaid expenses

309,883

Other current assets

97,388

Non-current assets

9,049,868

Tangible fixed assets

3,422,155

Intangible fixed assets

5,153,619

Prepaid expenses

83,262

Deferred tax assets

388,526

Other non-current assets

2,306

Total assets

10,119,693

Short-term liabilities

2,367,311

Short-term borrowings

1,066,562

Trade payables

736,185

Deferred revenue

382,311

Other payables

78,865

Short-term provisions

35,499

Other short-term liabilities

67,889

Long-term liabilities

1,328,792

Trade payables

25,997

Long-term provisions

48,077

Deferred tax liabilities

1,254,718

Total liabilities

3,696,103

Total net assets

6,423,590

Total transaction amount

4,890,040

Net asset value acquired

6,423,590

Minority

1,605,897

Goodwill

72,347

Total cash paid

(4,890,040)

Cash and cash equivalents acquired

151,900

Net cash outflow

(4,738,140)

NOTE 3 - BUSINESS COMBINATIONS (Continued)

Business combinations as of 31 December 2024:

Doku Madencilik ve Ticaret A.Ş. (Doku Madencilik) purchased and transferred 75% of its shares representing its fully paid capital of 3,465 Turkish Lira in cash on 11 September 2024. The purchase price was determined as 536,711 Turkish Lira (nominal TRY458,870). In the consolidated profit or loss statement, the acquisition date was 30 September 2024.

Fair Value (31 March 2025 purchasing power

basis)

Current assets

49

Cash and cash equivalents

20

Other current assets

29

Non-current assets

713,341

Investments revalued by the equity method (*)

713,341

Total assets

713,390

Short-term liabilities

354

Trade payables

354

Long-term liabilities

-

Total liabilities

354

Total net assets

713,036

Total transaction amount

536,711

Net asset value acquired

713,036

Minority

178,259

Goodwill

1,934

Total cash paid

(536,711)

Cash and cash equivalents acquired

20

Net cash outflow

(536,691)

(*) Consists of Esen Maden and Esen İhracat, which Doku Maden owns 50% of, which are consolidated by the equity method.

Non-controlling interests

The 25% non-controlling interest in the acquired Gümüştaş Madencilik ve Ticaret Anonim Şirketi was recorded in the accounts based on the proportionate share of the fair value of the acquired company's identifiable assets and liabilities during the goodwill calculation.

NOTE 4 - SEGMENT REPORTING a) External revenue

1 January -

31 March 2025

1 January -

31 March 2024

Finance and investment

8,356,162

4,611,324

Industry and trade

5,186,323

6,776,498

Automotive trade and marketing

3,043,012

11,175,742

Internet and entertainment

857,605

879,968

Mining

748,713

-

Electricity generation

556,055

669,855

Real estate investments

291,481

235,202

Total

19,039,351

24,348,589

b) Profit/(loss) before income tax

1 January -

31 March 2025

1 January -

31 March 2024

Finance and investment

475,971

2,887,706

Industry and trade

(597,956)

(168,473)

Automotive trade and marketing

(438,367)

(373,409)

Internet and entertainment

83,288

(33,906)

Mining

148,677

-

Electricity generation

280,669

15,254

Real estate investments

258,091

(184,029)

Total

210,373

2,143,143

NOTE 4 - SEGMENT REPORTING (Continued)

c)

Segmental analysis for the period ended as of 1 January - 31 March 2025:

Electricity

Industry and

Automotive Trade and

Finance and

Internet and

Real Estate

Inter Segment

Mining

Generation

Trade

Marketing

Investment

Entertainment

Investments

Elimination

Total

External revenue

748,713

556,055

5,186,323

3,043,012

8,356,162

857,605

291,481

-

19,039,351

Inter-segment revenue

-

-

9,142

39,526

74,278

370

13,303

(136,619)

-

Total revenue

748,713

556,055

5,195,465

3,082,538

8,430,440

857,975

304,784

(136,619)

19,039,351

Revenue

748,713

556,055

5,195,465

3,082,538

8,430,440

857,975

304,784

(136,619)

19,039,351

Cost of sales

(399,484)

(281,822)

(4,827,761)

(2,957,649)

(7,080,361)

(434,780)

(213,263)

101,500

(16,093,620)

Gross profit/(loss)

349,229

274,233

367,704

124,889

1,350,079

423,195

91,521

(35,119)

2,945,731

Research and development expenses

-

-

(59,547)

-

-

-

-

-

(59,547)

General administrative expenses

(90,726)

(39,500)

(262,863)

(93,761)

(642,256)

(160,327)

(43,213)

86,489

(1,246,157)

Marketing expenses

Share of gain/(loss) on investments accounted for by the equity method

(44,550)

(61,383)

(12,504)

(44,117)

(415,489)

-

(535,810)

-

(70,078)

-

(174,979)

92

(7,773)

(36,199)

10,300

-

(1,250,883)

(141,607)

Other income/(expenses) from operating activities, net

27,013

80,839

(50,722)

64,492

1,876,968

5,651

33,598

(111,959)

1,925,880

Investment activities, net

2,934

46,023

28,744

740

1,117,653

-

11,112

(1,171)

1,206,035

Financial income/(expense), net

(31,422)

(96,358)

(755,544)

(702,025)

(843,301)

(30,454)

(1,662)

46,770

(2,413,996)

Net monetary gain/(loss)

(2,418)

72,053

549,761

703,108

(2,313,094)

20,110

210,707

4,690

(755,083)

Profit/(loss) before taxation from continued operations

148,677

280,669

(597,956)

(438,367)

475,971

83,288

258,091

-

210,373

NOTE 4 - SEGMENT REPORTING (Continued)

c)

Segmental analysis for the period ended as of 1 January - 31 March 2024:

Automotive

Inter

Electricity

Industry and

Trade and

Finance and

Internet and

Real Estate

Segment

Mining

Generation

Trade

Marketing

Investment

Entertainment

Investments

Elimination

Total

External revenue

-

669,855

6,776,498

11,175,742

4,611,324

879,968

235,202

-

24,348,589

Inter-segment revenue

-

-

17,791

21,316

130,964

31

8,676

(178,778)

-

Total revenue

-

669,855

6,794,289

11,197,058

4,742,288

879,999

243,878

(178,778)

24,348,589

Total revenue

-

669,855

6,794,289

11,197,058

4,742,288

879,999

243,878

(178,778)

24,348,589

Cost of sales

-

(249,400)

(5,985,977)

(10,363,516)

(3,584,268)

(487,307)

(191,192)

9,376

(20,852,284)

Gross profit/(loss)

-

420,455

808,312

833,542

1,158,020

392,692

52,686

(169,402)

3,496,305

Research and development expenses

-

-

(63,549)

-

-

(31,080)

-

-

(94,629)

General administrative expenses

-

(42,555)

(235,782)

(86,406)

(523,883)

(112,337)

(35,316)

68,632

(967,647)

Marketing expenses

-

(10,460)

(387,506)

(720,149)

(53,642)

(229,098)

(12,258)

3,801

(1,409,312)

Share of gain/(loss) on investments accounted

for by the equity method

-

(435,665)

-

-

-

8,989

(66,595)

-

(493,271)

Other income/(expenses) from operating activities, net

-

15,073

5,734

(138,963)

1,727,653

13,058

61,437

(19,195)

1,664,797

Investment activities, net

-

10,080

3,850

336

2,607,433

235

434

(1,851)

2,620,517

Financial income/(expense), net

-

(78,536)

(733,188)

(669,689)

(1,419,707)

(15,806)

(6,353)

86,066

(2,837,213)

Net monetary gain/(loss)

-

136,862

433,656

407,920

(608,168)

(60,559)

(178,064)

31,949

163,596

Profit/(loss) before taxation from continued operations

-

15,254

(168,473)

(373,409)

2,887,706

(33,906)

(184,029)

-

2,143,143

NOTE 4 - SEGMENT REPORTING (Continued)
  1. Segment assets and equity

    Total assets

    31 March 2025

    31 December 2024

    Finance and investment

    157,160,769

    154,652,551

    Industry and trade

    19,403,126

    21,069,554

    Real estate investments

    16,522,204

    16,592,359

    Electricity generation

    15,779,243

    16,163,047

    Automotive trade and marketing

    11,374,833

    9,699,178

    Mining

    6,558,327

    5,470,249

    Internet and entertainment

    3,641,544

    4,154,952

    Total

    230,440,046

    227,801,890

    Less: Segment elimination and adjustments

    (76,852,539)

    (74,079,908)

    Total assets per consolidated financial statements

    153,587,507

    153,721,982

    Equity

    31 March 2025

    31 December 2024

    Finance and investment

    114,763,886

    114,517,780

    Real estate investments

    15,604,112

    15,648,095

    Electricity generation

    11,549,841

    11,409,904

    Industry and trade

    4,829,961

    5,397,911

    Mining

    3,785,680

    3,591,448

    Internet and entertainment

    2,600,459

    2,860,023

    Automotive trade and marketing

    1,945,852

    2,335,524

    Total

    155,079,791

    155,760,685

    Less: Segment elimination and adjustments

    (74,633,651)

    (74,271,271)

    Total shareholders' equity per consolidated financial statements

    80,446,140

    81,489,414

    Non-controlling interests

    11,564,561

    11,681,823

    Equity attributable to equity holders of the parent company

    68,881,579

    69,807,591

    NOTE 4 - SEGMENT REPORTING (Continued)
  2. Purchase of property, plant and equipment, intangible assets and right of use assets and depreciation and amortization expenses for the period

1 January -

31 March 2025

1 January -

31 March 2024

Purchases

Automotive trade and marketing

114,259

427,621

Industry and trade

649,151

1,167,618

Electricity generation

620,696

1,648,402

Real estate investments

6,931

9,597

Internet and entertainment

211,082

113,821

Finance and investment

60,005

34,976

Mining

229,255

-

Total

1,891,379

3,402,035

1 January -

31 March 2025

1 January -

31 March 2024

Depreciation and amortization

Industry and trade

728,993

688,787

Automotive trade and marketing

186,591

146,810

Electricity generation

173,530

140,210

Internet and entertainment

116,460

120,050

Finance and investment

64,995

55,904

Real estate investments

40,131

43,051

Mining

89,670

-

Total

1,400,370

1,194,812

NOTE 5 - CASH AND CASH EQUIVALENTS

The details of cash and cash equivalents at 31 March 2025 and 31 December 2024 are as follows:

31 March 2025 31 December 2024

Finance

Non-finance

Total

Finance

Non-finance

Total

Cash

32

594

626

41

751

792

Banks

- Demand deposits

173,186

2,018,079

2,191,265

86,540

2,572,849

2,659,389

- Time deposits

14,578,804

8,581,368

23,160,172

14,216,966

11,213,194

25,430,160

Other cash equivalents

93,466

352,046

445,512

235,717

112,236

347,953

Total

14,845,488

10,952,087

25,797,575

14,539,264

13,899,030

28,438,294

NOTE 6 - FINANCIAL INVESTMENTS
  1. Short-term financial investments

    The Group's financial assets classified as short-term financial investments are as follows:

    31 March 2025

    31 December 2024

    Financial assets carried at fair value through other

    other comprehensive income

    - Private sector and government bills and bonds

    23,939,979

    28,357,355

    - Private sector stocks

    3,029,523

    263,135

    Financial assets carried at fair value through profit or loss

    - Investment funds and other short-term financial investments

    3,482,118

    1,144,572

    Total

    30,451,620

    29,765,062

    The movements of short-term financial investments for the related period are as follows:

    2025

    2024

    1 January

    29,765,062

    35,348,675

    Purchase of financial assets

    4,016,253

    6,371,283

    Change in fair value

    526,319

    212,070

    Recognized in the statement of income

    422,916

    666,189

    Recognized in the statement of other comprehensive income

    103,403

    (454,119)

    Disposal of financial investment

    (2,687,614)

    (2,760,925)

    Interest accrual

    259,690

    136,929

    Currency translation differences

    1,000,862

    576,862

    Monetary gain/loss

    (2,428,952)

    (2,271,361)

    31 March

    30,451,620

    37,613,533

    b) Long-term financial investments

    The Group's financial assets classified as long-term financial investments are as follows:

    31 March 2025

    31 December 2024

    Financial assets carried at fair value through other comprehensive income

    242,140

    212,184

    Financial assets carried at fair value through profit or loss

    1,278,510

    1,329,385

    Total

    1,520,650

    1,541,569

    NOTE 6 - FINANCIAL INVESTMENTS (Continued)
  2. Long-term financial investments (Continued)

The movements of long-term financial investments for the related period are as follows:

2025 2024

1 January

1,541,569

2,972,044

Currency translation differences

112,158

60,554

Change in fair value

(44,022)

285,405

Recognized in the statement of income

(23,598)

160,898

Recognized in other comprehensive income

(20,424)

204,910

Purchase of financial assets

179

-

Monetary gain/(loss)

(89,234)

(313,162)

31 March

1,520,650

3,085,244

NOTE 7 - SHORT AND LONG-TERM FINANCIAL BORROWINGS Financial Borrowings

The details of financial borrowings as of 31 March 2025 and 31 December 2024 are as follows:

Short-term borrowings:

31 March 2025

31 December 2024

Short-term bank borrowings

16,805,412

17,499,828

Bonds

2,116,802

1,057,474

Total

18,922,214

18,557,302

Short-term portions of long-term borrowings:

31 March 2025

31 December 2024

Short-term portions of long-term bank borrowings

2,159,867

3,112,874

Lease borrowings from third parties

415,022

450,214

Lease borrowings from related parties (Note 19)

10,474

11,480

Total

2,585,363

3,574,568

Long-term borrowings:

31 March 2025

31 December 2024

Long-term bank borrowings

10,009,516

10,559,723

Lease borrowings from third parties

858,288

815,614

Lease borrowings from related parties (Note 19)

59,637

68,569

Total

10,927,441

11,443,906

NOTE 7 - SHORT AND LONG-TERM FINANCIAL BORROWINGS (Continued)

Short and long

term borrowings

Lease borrowings

Cash and cash equivalents

Net financial liabilities

1 January 2025

32,229,899

1,345,877

(28,438,294)

5,137,482

Cash flow effect

(115,055)

(233,761)

(8,107)

(356,923)

Lease agreements

-

281,352

-

281,352

Currency translation adjustments

1,567,169

-

-

1,567,169

Interest accrual

395,248

99,154

49,766

544,168

Monetary (gain)/loss

(2,985,664)

(149,201)

2,599,060

(535,805)

31 March 2025

31,091,597

1,343,421

(25,797,575)

6,637,443

Short and long

Net

term

Lease

Cash and cash

financial

borrowings

borrowings

equivalents

liabilities

1 January 2024

31,977,229

1,215,460

(19,264,421)

13,928,268

Cash flow effect

1,603,022

(58,222)

4,481,603

6,026,403

Lease agreements

-

112,002

-

112,002

Currency translation adjustments

1,332,503

-

(777,758)

554,745

Interest accrual

174,505

36,578

49,159

260,242

Monetary (gain)/loss

(4,292,074)

(160,975)

2,392,766

(2,060,283)

31 March 2024

30,795,185

1,144,843

(13,118,651)

18,821,377

NOTE 8 - TRADE RECEIVABLES AND PAYABLES

Short-term trade receivables from third parties

31 March 2025

31 December 2024

Trade receivables

6,511,513

8,009,392

Notes and cheques receivable

457,304

389,749

Income accruals

18,685

108,500

6,987,502

8,507,641

Less: Provision for doubtful receivables (-)

(242,940)

(279,086)

Less: Provision for expected credit losses (-)

(44,275)

(33,851)

Less: Unrealized financial income due to sales with maturity (-)

(13,247)

(12,902)

Total

6,687,040

8,181,802

NOTE 8 - TRADE RECEIVABLES AND PAYABLES (Continued)

Movement of provisions for doubtful receivables for the related periods are as follows:

2025

2024

1 January

(312,937)

(118,141)

Provisions from continued operations in the current period

(91,764)

(25,733)

Provisions no longer required and collections

42,004

4,841

Expected credit loss, net

(10,424)

916

Monetary gain/(loss)

85,906

21,587

31 March

(287,215)

(116,530)

Short-term trade payables to third parties

31 March 2025

31 December 2024

Trade payables

5,537,373

4,719,505

Provisions for liabilities and expenses

187,850

205,466

Cheques and notes payables

116,783

145,012

Deferred finance expense due to purchases with maturity (-)

(486)

(608)

Total

5,841,520

5,069,375

NOTE 9 - INVENTORIES

31 March 2025

31 December 2024

Finished goods and merchandise

6,320,475

4,861,489

Raw materials and supplies

1,671,156

1,691,887

Semi-finished goods

1,014,477

840,288

Other inventories

1,018,929

830,206

Provision for impairment of inventory (-)

(43,120)

(66,477)

Total

9,981,917

8,157,393

NOTE 10 - INVESTMENT PROPERTIES

The movement of investment properties for the periods ended 31 March 2025 and 2024 are as follows:

1 January

2025

Additions

Disposal of

subsidiary

Transfers

Currency translation

differences

Fair value

adjustment

31 March

2025

Land

1,258,646

-

-

-

1,947

-

1,260,593

Buildings

6,621,411

-

-

-

-

-

6,621,411

Net book value

7,880,057

-

-

-

1,947

-

7,882,004

1 January

2024

Additions

Disposal of subsidiary

Transfers

Currency translation

differences

Fair value adjustment

31 March

2024

Land

1,281,069

-

-

109,095

(68,277)

-

1,321,887

Buildings

7,385,859

-

-

-

-

-

7,385,859

Net book value

8,666,928

-

-

109,095

(68,277)

-

8,707,746

There is no collateral or mortgage on investment properties of the Group.

As of 31 March 2025, the investment properties consist of rental building units, real estates and land.

Level classification of financial assets and liabilities measured at fair value

Investment properties of the Group have been valued by the real estate valuation establishments those are in the CMB list by using the market comparison analysis approach, cost approach and direct capitalisation approach methods. As a result, it was determined that the values calculated from different approaches is similar and consistent with the market comparison method and value has been determined according to the market comparison method. Real estate valuation establishments are authorized by CMB and provide property valuation appraisal services in accordance with the capital markets legislation and have sufficient experience and qualifications regarding the fair value measurement of the real estate in related regions.

The Group Management has made a valuation for investment properties as of 31 December 2024. As of 31 March 2025, the Group Management does not foresee any significant change in the values of investment properties.

The following table gives information on how the fair values of the related financial asset and liabilities were determined:

Fair Value Fair value level as of the reporting date

31 March 2025

Level 1

Level 2

Level 3

Investment properties

7,882,004

-

7,882,004

-

Fair Value Fair value level as of the reporting date

31 December 2024

Level 1

Level 2

Level 3

Investment properties

7,880,057

-

7,880,057

-

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