Convenience Translation Into English Of Condensed Consolidated Financial Statements For The Interim Period 1 January - 30 September 2024

Unaudited

Audited

Current

Prior

Period

Period

Note

30 September

31 December

References

2024

2023

Short Term Liabilities

2,117,925,539

2,208,214,239

Short Term Borrowings

17

96,039,543

73,097,779

Short Term Portion of Long-Term Borrowings

17

77,128,860

89,760,270

Liabilities from Leasing Transactions

18

1,839,430

1,568,438

Trade Payables

30,931,142

36,715,472

Payables of Finance Sector Operations

19

1,740,242,642

1,841,148,173

Payables related to Employee Benefits

1,092,452

1,102,753

Other Payables

8

82,877,094

76,437,800

Derivative Financial Instruments

10

9,408,119

8,864,387

Government Incentives

6,628

7,948

Deferred Income

11

4,421,835

3,111,137

Current Tax Liabilities

2,345,248

12,956,316

Short Term Provisions

48,883,402

52,975,822

- Short Term Provisions for Employee

6,432,826

5,766,171

- Insurance Technical Provisions

21

39,129,873

43,550,468

- Other Short-Term Provisions

21

3,320,703

3,659,183

Other Short Term Liabilities

22

22,665,425

10,427,776

Liabilities Related to Asset Group Held for Sale

23

43,719

40,168

Long Term Liabilities

235,001,136

247,015,068

Long Term Borrowings

17

118,937,577

124,271,149

Liabilities from Leasing Transactions

18

8,098,801

6,644,974

Trade Payables

-

81,974

Payables of Finance Sector Operations

19

24,568,466

29,957,222

Other Payables

8

15,716,542

26,701,718

Derivative Financial Instruments

10

7,905,047

11,571,434

Government Incentives

30,867

37,008

Deferred Income

11

3,441,247

1,782,326

Long Term Provisions

37,002,660

33,924,903

- Long Term Provisions for Employee Benefits

5,602,608

6,335,712

- Insurance Technical Provisions

21

28,952,513

24,880,799

- Other Long-Term Provisions

21

2,447,539

2,708,392

Deferred Tax Liabilities

20

11,872,561

10,792,640

Other Long Term Liabilities

22

7,427,368

1,249,720

EQUITY

461,294,428

523,271,987

Equity Attributable to the Parent

274,743,101

299,832,514

Share Capital

24

2,100,376

2,040,404

Adjustment to Share Capital

24

116,259,144

116,241,448

Share Premium

24

480,789

480,789

Treasury Shares (-)

(1,826,911)

(430,260)

Other Comprehensive Income or Expenses That

Will Not Be Reclassified to Profit or Loss

(3,023,939)

(2,828,420)

- Actuarial Gain/Loss

(3,023,939)

(2,828,420)

Other Comprehensive Income or Expenses

Will Be Reclassified to Profit or Loss

(26,574,751)

(15,907,000)

- Currency Translation Reserve

(9,335,858)

(1,526,049)

- Gains/Losses on Hedge

(14,278,001)

(14,397,864)

- Revaluation Reserve

(2,960,892)

16,913

Restricted Reserves

15,949,813

14,698,476

Retained Earnings

182,507,052

164,577,520

Net Income/(Loss) for the Period

(11,128,472)

20,959,557

Non-controlling Interests

186,551,327

223,439,473

TOTAL EQUITY AND LIABILITIES

2,814,221,103

2,978,501,294

Unaudited

Unaudited

Unaudited

Unaudited

Note

1 January-

1 January-

1 July-

1 July-

References

30 September 2024

30 September 2023

30 September 2024

30 September 2023

CONTINUING OPERATIONS

Sales (net)

25

135,557,270

139,059,780

44,874,822

48,113,541

Cost of Sales (-)

25

(112,097,286)

(118,260,175)

(36,535,646)

(42,004,735)

Gross Profit From Non-Financial Operations

23,459,984

20,799,605

8,339,176

6,108,806

Interest, Premium, Commission and Other Income

25

489,984,106

381,529,668

170,500,007

150,757,418

Interest, Premium, Commission and Other Expense (-)

25

(375,739,460)

(214,032,977)

(141,612,478)

(95,250,733)

Gross Profit From Financial Operations

114,244,646

167,496,691

28,887,529

55,506,685

GROSS PROFIT

137,704,630

188,296,296

37,226,705

61,615,491

General Administrative Expenses (-)

(84,717,900)

(73,586,501)

(27,357,934)

(24,030,958)

Marketing, Selling and Distribution Expenses (-)

(16,170,965)

(14,945,321)

(5,265,865)

(5,192,041)

Research and Development Expenses (-)

(222,449)

(252,776)

(74,889)

(92,948)

Other operating Income

26

15,700,440

27,014,459

4,922,595

5,834,410

Other operating Expenses

26

(9,604,414)

(10,470,259)

(2,389,932)

(2,939,789)

Share of profit of investments

accounted for using the equity method

4, 12

810,080

8,925,652

356,409

4,452,753

OPERATING PROFIT

43,499,422

124,981,550

7,417,089

39,646,918

Gains From Investment Activities

27

775,337

1,123,578

98,755

369,737

Losses From Investment Activities (-)

27

(104,285)

(20,112)

(97,281)

(59)

OPERATING PROFIT BEFORE

FINANCIAL INCOME

44,170,474

126,085,016

7,418,563

40,016,596

Financial Income

28

3,225,632

2,169,298

1,266,798

497,130

Financial Expenses (-)

28

(9,338,118)

(6,843,557)

(3,343,441)

(2,314,380)

Monetary Gain/(Loss)

(49,174,543)

(94,512,751)

(9,003,443)

(50,321,326)

NET INCOME/(LOSS) BEFORE TAX

FROM CONTINUING OPERATIONS

(11,116,555)

26,898,006

(3,661,523)

(12,121,980)

Tax Expense from Continuing Operations

Current Tax Expense

(5,911,236)

(12,482,198)

4,378,454

(7,289,038)

Deferred Tax Income/(Expense)

(5,965,575)

(17,979,845)

(7,677,905)

(6,654,538)

PROFIT/(LOSS) FOR THE PERIOD

FROM CONTINUING OPERATIONS

(22,993,366)

(3,564,037)

(6,960,974)

(26,065,556)

DISCONTINUED OPERATIONS

Income After Tax from Discontinued Operations

(207)

(3,876)

(207)

(3,693)

PROFIT/(LOSS) FOR THE PERIOD

(22,993,573)

(3,567,913)

(6,961,181)

(26,069,249)

ALLOCATION OF PROFIT/(LOSS)

- Non-controlling Interests

(11,865,101)

(6,314,038)

(4,144,683)

(17,039,674)

- Owner of the Company

(11,128,472)

2,746,125

(2,816,498)

(9,029,575)

Earnings/(Losses) per share

- hundreds of ordinary shares (TRY)

(5.37)

1.35

(1.36)

(4.43)

Earnings/(Losses) per share from continuing operations

- hundreds of ordinary shares (TRY)

(5.37)

1.35

(1.36)

(4.42)

Unaudited

Unaudited

Unaudited

Unaudited

1 January-

1 January-

1 July-

1 July-

30 September

30 September

30 September

30 September

2024

2023

2024

2023

INCOME/(LOSS) FOR THE PERIOD

(22,993,573)

(3,567,913)

(6,961,181)

(26,069,249)

Other Comprehensive Income / (Loss):

Items that will not be Reclassified

To Profit or Loss

(496,075)

(757,496)

20,543

241,193

Actuarial (losses) / gains

(527,856)

(739,372)

(4,027)

217,621

Other comprehensive income/(expense)

shares of investments accounted

by equity method, after tax

31,781

(18,124)

24,570

23,572

Items that will be Reclassified

To Profit or Loss

(23,356,187)

(27,653,119)

(3,470,303)

(13,971,350)

Fair value gains/(losses) from

financial assets through other

comprehensive income, after tax

(7,423,027)

(19,342,258)

(65,542)

491,827

Currency translation differences

(13,749,617)

(1,645,444)

(1,539,141)

(16,016,771)

Cash flow hedges, after tax

(77,775)

1,746,613

(442,772)

1,254,625

Loss from the derivative

financial assets related to the hedging

of net investment in a foreign operation, after tax

(3,778,032)

(10,073,937)

(1,820,957)

(599,693)

Other comprehensive income/(expense) shares of

investments accounted by equity method, after tax

1,672,264

1,661,907

398,109

898,662

OTHER COMPREHENSIVE

INCOME/(LOSS) (AFTER TAX)

(23,852,262)

(28,410,615)

(3,449,760)

(13,730,157)

TOTAL COMPREHENSIVE INCOME/(LOSS)

(46,845,835)

(31,978,528)

(10,410,941)

(39,799,406)

ALLOCATION OF TOTAL

COMPREHENSIVE INCOME

- Non-controlling Interests

(24,881,021)

(23,774,206)

(5,919,865)

(23,536,620)

- Equity Holders of the Parent

(21,964,814)

(8,204,322)

(4,491,076)

(16,262,786)

Accumulated Other Comprehensive Income or Loss That Will

Not be reclassified

Be reclassified

Profit or Loss

Profit or Loss

Adjustment

Acturial

Currency

Net

Equity

Non-

to share

Treasury

Share

gains /

translation

Hedge

Revaluation

Restricted

Retained

income/(expense)

attributable

controlling

Share capital

capital

shares (-)

premium

losses

reserve

reserve

reserve

reserves

earnings

for the period

to the parent

interest

Total

Balance at 1 January 2023

2,040,404

116,242,756

(2,305,977)

480,793

(2,276,234)

(846,321)

(11,355,457)

8,073,553

14,317,355

118,099,905

53,558,630

296,029,407

248,240,068

544,269,475

Transfers

-

-

-

-

-

-

-

-

1,969,993

51,588,637

(53,558,630)

-

-

-

Dividends

-

-

-

-

-

-

-

-

-

(7,103,900)

-

(7,103,900)

(11,493,717)

(18,597,617)

Increase / (decrease) due to share buy back transactions

-

-

2,292,112

-

-

-

-

-

-

418,428

-

2,710,540

(20,797)

2,689,743

Transactions with non controlling shareholders

-

-

-

-

-

-

-

-

-

(23,280)

-

(23,280)

33,548

10,268

Total comprehensive income/(expenses)

-

-

-

-

(465,615)

(1,077,781)

(1,589,801)

(7,817,250)

-

-

2,746,125

(8,204,322)

(23,774,206)

(31,978,528)

Balances at 30 September 2023

2,040,404

116,242,756

(13,865)

480,793

(2,741,849)

(1,924,102)

(12,945,258)

256,303

16,287,348

162,979,790

2,746,125

283,408,445

212,984,896

496,393,341

Balance at 1 January 2024

2,040,404

116,241,448

(430,260)

480,789

(2,828,420)

(1,526,049)

(14,397,864)

16,913

14,698,476

164,577,520

20,959,557

299,832,514

223,439,473

523,271,987

Transfers

-

-

-

-

-

-

-

-

1,251,337

19,708,220

(20,959,557)

-

-

-

Dividends

-

-

-

-

-

-

-

-

-

(7,372,654)

-

(7,372,654)

(7,924,444)

(15,297,098)

Increase / (decrease) ownership interests in subsidiaries

59,972

17,696

(1,384,303)

-

-

(55,043)

28,115

-

-

5,593,966

-

4,260,403

(4,165,788)

94,615

that do not result in a loss of control (*)

Acquisitions of a subsidiaries

-

-

-

-

-

-

-

-

-

-

-

-

101,627

101,627

Increase / (decrease) due to share buy back transactions

-

-

(12,348)

-

-

-

-

-

-

-

-

(12,348)

(18,520)

(30,868)

Total comprehensive income/(expenses)

-

-

-

-

(195,519)

(7,754,766)

91,748

(2,977,805)

-

-

(11,128,472)

(21,964,814)

(24,881,021)

(46,845,835)

Balances at 30 September 2024

2,100,376

116,259,144

(1,826,911)

480,789

(3,023,939)

(9,335,858)

(14,278,001)

(2,960,892)

15,949,813

182,507,052

(11,128,472)

274,743,101

186,551,327

461,294,428

Unaudited

Unaudited

Note

1 January -

1 January -

References

30 September

30 September

Net income from continuning operations

(22,993,366)

(3,564,037)

Net income from discontinued operations

(207)

(3,876)

Adjustments to reconcile income before taxation to net cash provided

by operation activities:

Tax expense/income

11,876,811

30,462,043

Depreciation and amortization expenses

4

13,983,469

12,155,963

Expected Credit Loss Provision for Receivables from Finance Sector Activities

9

15,726,621

15,471,621

Changes in the fair value of derivative instruments

4,309,392

(14,208,054)

Interest Income/expense adjustments of non finance sector

3,619,682

1,846,790

Interest Income/expense adjustments of finance sector

15,596,943

13,822,586

Provision for employment termination benefits

1,038,633

1,365,182

Impairment charge on property, plant and equipment,intangible assets and investment property

79,655

-

Impairment an assets held for sale

70,526

-

Income from sale of property, plant and equipment,intangible assets and investment property

(12,617)

4,837

Adjustments for Retained Earnings of Investments Valued by Equity Method

12

(810,080)

(8,925,652)

Provision for /(reversal of) inventory impairment

113,737

121,445

Provision for /(reversal of) doubtful receivables

237,861

212,612

Unrealized Foreign Currency Conversion Differences

(10,149,752)

(16,955,265)

Monetargy Gain/(Loss)

(43,698,049)

(17,463,194)

Net cash provided by operation activities before changes

in operating assets and liabilities

Changes in trade receivables

(181,825)

1,714,688

Changes in inventories

2,879,912

(1,476,879)

Changes in other receivables

(8,008,152)

(11,159,762)

Changes in prepaid expenses

(5,348,633)

6,966,532

Changes in derivative financial instruments

10,602,894

4,205,017

Changes in other assets

(16,665,684)

(20,844,759)

Changes in trade payables

(5,936,141)

(731,716)

Changes in other liabilities and other payables

18,041,222

9,006,572

Changes in assets and liabilities in finance segment:

Changes in financial investments

(17,010,344)

10,426,713

Changes in receivables from finance sector operations

24,054,742

55,725,559

Changes in payables from finance sector operations

(117,054,946)

94,324,831

Changes in Central Bank of the Republic of Turkey account

80,992,184

(73,355,323)

Income taxes paid

(16,522,304)

(28,917,539)

Employment termination benefits paid

(884,824)

(1,728,228)

Net cash provided from operating activities

(62,052,640)

58,498,707

Cash flow from investing activities;

Sale / (Proceed) of fair value through other comprehensive

income or amortized cost at financial asset

34,031,834

(15,973,722)

Cash outflow from purchasing of property, plant, equipment and intangible assets

(18,170,967)

(17,706,711)

Proceeds from sales of property, plant, equipment and intangible assets

441,573

511,771

Proceeds from investment property

117,138

(298,421)

Cash inflow/(outflows) related to purchases for obtaining control of subsidiaries

(1,330,719)

-

Dividends received

3,507,844

4,764,076

Other cash inflows/outflows

45,274

-

Net cash provided from / (used in) investing activities

18,641,977

(28,703,007)

Cash flow from financing activities:

Cash inflows from financial liabilities

17

109,792,446

67,975,890

Cash outflows from repayments of borrowings

17

(35,313,169)

(28,986,561)

Cash outflows from payments of lease liabilities

(2,452,261)

(2,194,899)

Cash outflow from repurchased shares

(30,868)

(4,189,420)

Cash inflow from repurchased shares

-

7,018,638

Interest paid/(received) non-financial sector

(3,340,174)

(1,786,085)

Dividends paid

(15,297,098)

(18,597,617)

Net cash provided from financing activities

53,358,876

19,239,946

Effect of change in foreign currency rates on cash and cash equivalents

11,532,137

24,144,322

Cash and cash equivalents in the beginning of the period (*)

113,964,415

120,976,465

Monetary gain/(loss) on cash and cash equivalents

(36,715,763)

(69,199,309)

Net increase / (decrease) in cash and cash equivalents

(15,235,413)

3,980,659

Cash and cash equivalents at the end of the period

98,729,002

124,957,124

(%)

Sakıp Sabancı Holding A.Ş.

13,90

Serra Sabancı

7.02

Suzan Sabancı Dinçer

6.84

Çiğdem Sabancı Bilen

6.84

Other

65,40

100

Subsidiaries

Trade Stock

Number of

Registered

Market

Type of Activity

Business Segment

Employees

Country

Agesa Hayat ve Emeklilik A.Ş. ("Agesa")

BİST

Individual Pension

Financial Services

1,999

Turkey

Akbank T.A.Ş. ("Akbank")

BİST

Banking

Banking

16,145

Turkey

Aksigorta A.Ş. ("Aksigorta")

BİST

Insurance

Financial Services

845

Turkey

Ankara Enternasyonel Otelcilik A.Ş. ("AEO")

-

Tourism

Other

1

Turkey

Carrefoursa Carrefour Sabancı Ticaret Merkezi A.Ş.

("Carrefoursa")

BİST

Trade

Other

9,862

Turkey

Çimsa Çimento Sanayi ve Ticaret A.Ş. ("Çimsa")

BİST

Cement

Material Technologies

2,375

Turkey

Dx Technology Services and Investment BV

("Dx BV")

-

Information Technology

Digital

667

Holland

Exsa Gayrimenkul Proje Geliştirme A.Ş.

("Exsa")

-

Trade

Digital

4

Turkey

Cimsa Building Solutions B.V. ("CBS")

-

Cement

Material Technologies

213

Holland

Sabancı İklim Teknolojileri A.Ş. ("İklim Teknolojileri")

-

Energy

Energy

11

Turkey

Kordsa Teknik Tekstil Anonim Şirketi ("Kordsa")

BİST

Tire reinforcement

Material Technologies

4,411

Turkey

Teknosa İç ve Dış Ticaret A.Ş. ("Teknosa")

BİST

Trade

Digital

2,936

Turkey

Tursa Sabancı Turizm ve Yatırım İşletmeleri A.Ş.

("Tursa")

-

Tourism

Other

2

Turkey

Temsa Motorlu Araçlar Pazarlama ve Dağıtım A.Ş.

-

Ticaret

Mobility Solutions

53

Turkey