HALK GAYRİMENKUL YATIRIM ORTAKLIĞI A.Ş. AND ITS SUBSIDIARY
CONSOLIDATED FINANCIAL STATEMENTS AS OF 31 DECEMBER 2023 AND INDEPENDENT AUDITOR'S REPORT
(CONVENIENCE TRANSLATION OF THE REPORT AND THE FINANCIAL STATEMENTS ORIGINALLY ISSUED IN TURKISH)
INDEX | PAGE | |
CONSOLIDATED STATEMENT OF FINANCIAL POSITION …………………………………………. 1-3 | ||
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND | ||
OTHER COMPREHENSIVE INCOME …………………………………………….…………………………4 | ||
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY……...............................................................5 | ||
CONSOLIDATED STATEMENT OF CASH FLOWS………………………………………………………..6 | ||
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS | ||
1. | ORGANIZATION AND OPERATIONS OF THE COMPANY | 7 |
2. | BASIS OF PRESENTATION OF THE FINANCIAL STATEMENTS | 9 |
3. | INTERESTS IN OTHER ENTITIES | 30 |
4. | RELATED PARTY DISCLOSURES | 32 |
5. | TRADE RECEIVABLES AND TRADE PAYABLES | 35 |
6. | INVENTORIES | ........ 37 |
7. | PREPAID EXPENSES AND DEFERRED INCOME | 38 |
8. | LIABILITIES ARISING FROM CUSTOMER CONTRACTS | 39 |
9. | INVESTMENT PROPERTIES | 40 |
10. | PROPERTY, PLANT AND EQUIPMENT | 45 |
11. | INTANGIBLE ASSETS | 46 |
12. | PROVISIONS, CONTINGENT ASSETS AND LIABILITIES | 47 |
13. | EMPLOYEE BENEFITS | 53 |
14. | OTHER ASSETS AND LIABILITIES | 54 |
15. | SHARE CAPITAL, RESERVES VE OTHER EQUITY ITEMS | 55 |
16. | REVENUE AND COST OF SALES | 59 |
17. | EXPENSES BY NATURE | 60 |
18. | GENERAL ADMINISTRATIVE EXPENSES, MARKETING AND SALES EXPENSES | 61 |
19. | OTHER INCOME AND EXPENSES FROM OPERATING ACTIVITIES | 63 |
20. | FINANCE EXPENSES | 63 |
21. | INCOME TAXES | 63 |
22. | EARNINGS PER SHARE | 64 |
23. | FINANCIAL INSTRUMENTS | 64 |
24. | NATURE AND LEVEL OF RISKS ARISING FROM FINANCIAL INSTRUMENTS | 67 |
25. | FINANCIAL INSTRUMENTS (FAIR VALUE DISCLOSURES) | 74 |
26. | EVENTS AFTER THE REPORTING PERIOD | 75 |
27. | NOTES ON THE STATEMENT OF CASH FLOWS | 75 |
28. DISCLOSURE OF OTHER MATTERS THAT MAY AFFECT FINANCIAL STATEMENTS SIGNIFICANTLY OR IS NECESSARY FOR FINANCIAL
STATEMENTS TO BE CLEAR, INTERPRETABLE AND COMPREHENSIBLE | 76 |
APPENDIX 1 CONTROL OF COMPLIANCE WITH RESTRICTIONS ON THE PORTFOLIO | 79 |
HALK GAYRİMENKUL YATIRIM ORTAKLIĞI A.Ş. AND ITS SUBSIDIARY
AUDITED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023
(Amounts expressed in thousands of Turkish Lira (TL) in terms of the purchasing power of the Turkish Lira (TL) as at 31 December 2023, unless otherwise stated.)
Re stated | |||
Audited | Audited | ||
31 December | 31 December | ||
Notes | 2023 | 2022 | |
ASSETS | |||
Current Assets | 3,636,328,780 | 2,334,121,839 | |
Cash and Cash Equivalents | 27 | 72,796,501 | 782,648,063 |
Trade Receivables | 5 | 51,398,017 | 10,712,407 |
Trade Receivables from Related Parties | 4 | 19,250,000 | - |
Trade Receivables from Third Parties | 32,148,017 | 10,712,407 | |
Inventories | 6 | 2,955,929,038 | 1,154,296,366 |
Prepaid Expenses | 7 | 21,232,613 | 5,909,471 |
Prepaid Expenses to Third Parties | 21,232,613 | 5,909,471 | |
Current Tax Assets | 1,260,889 | 1,973,303 | |
Other Current Assets | 14 | 533,711,723 | 378,582,228 |
Other Current Assets from Third Parties | 533,711,723 | 378,582,228 | |
Non-Current Assets | 24,435,895,935 | 22,056,593,986 | |
Investment Properties | 9 | 24,245,683,893 | 21,423,655,654 |
Property, Plant and Equipment | 10 | 13,935,660 | 15,251,703 |
Intangible Assets | 11 | 4,410,639 | 4,566,523 |
Other Intangible Assets | 4,410,639 | 4,566,523 | |
Prepaid Expenses | 7 | 171,865,742 | 613,120,106 |
Prepaid Expenses to Related Parties | 4 | 6,364,554 | 3,130,430 |
Prepaid Expenses to Third Parties | 165,501,188 | 609,989,676 | |
TOTAL ASSETS | 28,072,224,715 | 24,390,715,825 |
The accompanying notes form an integral part of these consolidated financial statements.
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HALK GAYRİMENKUL YATIRIM ORTAKLIĞI A.Ş. AND ITS SUBSIDIARY
AUDITED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023
(Amounts expressed in thousands of Turkish Lira (TL) in terms of the purchasing power of the Turkish Lira (TL) as at 31 December 2023, unless otherwise stated.)
Notes | |
LIABILITIES | |
Current Liabilities | |
Short-term Borrowings | 23 |
Short-term Borrowings from Related Parties | 4 |
Short-term Borrowings from Third Parties | |
Short-Term Portion of Long-Term Borrowings | 23 |
Short-Term Portion of Long-Term | |
Borrowings from Related Parties | 4 |
Trade Payables | 5 |
Trade Payables to Related Parties | 4 |
Trade Payables to Third Parties | |
Liabilities Arising from Customer Contracts | 8 |
Deferred Income from Related Parties | 4 |
Contract Liabilities Arising from | |
Goods and Services Sales | |
Short-Term Provisions | |
Short-Term Portion of Provisions Related to | |
Employee Benefits | 13 |
Other Short-Term Provisions | 12 |
Other Current Liabilities | 14 |
Other Current Liabilities to Third Parties | |
Non-Current Liabilities | |
Long-Term Borrowings | 23 |
Long-Term Financial Borrowings From Related Parties | 4 |
Long-Term Financial Borrowings From Third Parties | |
Trade Payables | 5 |
Trade Payables to Related Parties | 4 |
Liabilities Arising from Customer Contracts | 8 |
Deferred Income to Related Parties | 4 |
Long-Term Provisions | 13 |
Long-Term Portion of Provisions Related to | |
Employee Benefits |
Re stated | |
Audited | Audited |
31 December | 31 December |
2023 | 2022 |
4,914,585,607 | 3,980,577,822 |
1,351,933,520 | 1,345,863,322 |
1,110,368,898 | 1,179,581,194 |
241,564,622 | 166,282,128 |
556,268,104 | 33,182,011 |
556,268,104 | 33,182,011 |
114,318,533 | 634,243,518 |
- | 45,198 |
114,318,533 | 634,198,320 |
2,747,698,818 | 1,757,775,874 |
435,426,186 | 346,023,300 |
2,312,272,632 | 1,411,752,574 |
12,602,481 | 10,539,320 |
10,134,481 | 9,406,527 |
2,468,000 | 1,132,794 |
131,764,151 | 198,973,777 |
131,764,151 | 198,973,777 |
3,078,627,903 | 2,857,736,166 |
1,877,632,311 | 1,461,631,698 |
1,876,793,650 | 1,459,354,931 |
838,662 | 2,276,767 |
- 140,057,050
-
140,057,050
1,195,729,6161,251,154,297
1,195,729,616 | 1,251,154,297 |
5,265,976 | 4,893,122 |
5,265,976 | 4,893,122 |
The accompanying notes form an integral part of these consolidated financial statements.
2
HALK GAYRİMENKUL YATIRIM ORTAKLIĞI A.Ş. AND ITS SUBSIDIARY
AUDITED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023
(Amounts expressed in thousands of Turkish Lira (TL) in terms of the purchasing power of the Turkish Lira (TL) as at 31 December 2023, unless otherwise stated.)
Restated | |||
Audited | Audited | ||
31 December | 31 December | ||
Notes | 2023 | 2022 | |
EQUITY | 20,079,011,205 | 17,552,401,837 | |
Share Capital | 15 | 1,645,000,000 | 1,570,000,000 |
Capital Adjustment Differences | 15 | 7,832,593,919 | 7,827,517,457 |
Treasury Shares (-) | 15 | (39,390,720) | (33,160,263) |
Share Premium / Discounts | 461,875,993 | 483,426,770 | |
Accumulated Other Comprehensive Income or Expenses | |||
that will not be Reclassified to Profit or Loss | 1,307,567 | (1,993,903) | |
- Gains on Remeasurement of Defined Benefit Plans | 1,307,567 | (1,993,903) | |
Restricted Reserves Appropriated from Profit | 15 | 455,019,729 | 440,040,981 |
Prior Years' Profit or Loss | 7,137,563,692 | 209,155,219 | |
Net Profit or Loss for the Period | 2,585,041,025 | 7,057,415,575 | |
TOTAL LIABILITIES AND EQUITY | 28,072,224,715 | 24,390,715,825 |
The accompanying notes from an integral part of these consolidated financial statements.
3
HALK GAYRİMENKUL YATIRIM ORTAKLIĞI A.Ş. AND ITS SUBSIDIARY
AUDITED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE PERIOD 1 JANUARY - 31 DECEMBER 2023
(Amounts expressed in thousands of Turkish Lira (TL) in terms of the purchasing power of the Turkish Lira (TL) as at 31 December 2023, unless otherwise stated.)
Notes | |
Revenue | 16 |
Cost of Sales (-) | 16 |
Gross Profit (Loss) from Trading Activities | |
GROSS PROFIT/LOSS | |
General Administrative Expenses (-) | 18 |
Marketing Expenses (-) | 18 |
Other Income from Operating Activities | 19 |
Other Expenses from Operating Activities (-) | 19 |
OPERATING PROFIT (LOSS) | |
OPERATING PROFIT (LOSS) BEFORE | |
FINANCE INCOME (EXPENSE) | |
Finance Expenses (-) | 20 |
Gains/(Losses) on Net Monetary Position | |
PROFIT (LOSS) BEFORE TAX | |
FROM CONTINUING OPERATIONS | |
Current Period Tax Expense/Income | |
PROFIT FOR THE PERIOD | |
PROFIT (LOSS) FOR THE PERIOD | |
Distribution of Profit/Loss for the Period | |
Parent Company Shares Earnings per Share | |
Gain on Remeasurement of | |
Defined Benefit Plans |
Re state d | |
Audite d | Audite d |
1 January- | 1 January- |
31 December | 31 December |
2023 | 2022 |
1,578,642,915 | 314,103,787 |
(869,253,883) | (73,967,048) |
709,389,032 | 240,136,739 |
709,389,032 | 240,136,739 |
(123,291,707) | (70,096,844) |
(67,806,662) | (46,284,559) |
2,245,345,929 | 6,436,134,698 |
(24,745,272) | (89,165,348) |
2,738,891,321 | 6,470,724,686 |
2,738,891,321 | 6,470,724,686 |
(610,922,355) | (92,386,412) |
481,657,280 | 682,295,133 |
2,609,626,246 | 7,060,633,407 |
(24,585,221) | (3,217,832) |
2,585,041,025 | 7,057,415,575 |
2,585,041,025 | 7,057,415,575 |
1.5715 | 4.2902 |
2,517,657 | (2,094,418) |
TOTAL COMPREHENSIVE INCOME (EXPENSE) | 2,587,558,682 | 7,055,321,157 |
The accompanying notes from an integral part of these consolidated financial statements.
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HALK GAYRİMENKUL YATIRIM ORTAKLIĞI A.Ş. AND ITS SUBSIDIARY
AUDITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD 1 JANUARY - 31 DECEMBER 2023
(Amounts expressed in thousands of Turkish Lira (TL) in terms of the purchasing power of the Turkish Lira (TL) as at 31 December 2023, unless otherwise stated.)
Accumulated Other | ||||||||||
Comprehensive Income or | ||||||||||
Expense | ||||||||||
Not To Be Reclassified To | ||||||||||
Profit or Loss | Retained Earnings | |||||||||
Capital | Share | Accumulated | ||||||||
Adjustment | Treasury | premiums / | Remeasurement Gain/Loss | Restricted Reserves | Prior Years' | Net Profit/Loss for | ||||
Notes | Paid-in Capital | Differences | Shares | Discounts | of Defined Benefit Plans | Appropriated from Profit | Profit/Losses | the Period | Equity | |
Balances as of 1 January 2022 | 15 | 1,020,000,000 | 7,533,679,222 | (28,756,004) | 260,556,938 | 100,516 | 253,172,025 | 209,155,219 | - | 9,247,907,917 |
Total Comprehensive Income | - | - | - | 222,869,832 | (2,094,420) | 186,868,956 | - | 7,057,415,575 | 7,465,059,944 | |
Capital Increase | 15 | 550,000,000 | 293,838,235 | (4,404,259) | - | - | - | - | - | 839,433,976 |
Balances as of 31 December 2022 | 15 | 1,570,000,000 | 7,827,517,457 | (33,160,263) | 483,426,770 | (1,993,903) | 440,040,981 | 209,155,219 | 7,057,415,575 | 17,552,401,837 |
Balances as of 1 January 2023 | 15 | 1,570,000,000 | 7,827,517,457 | (33,160,263) | 483,426,770 | (1,993,903) | 440,040,981 | 209,155,219 | 7,057,415,575 | 17,552,401,837 |
Transfers | - | - | - | - | - | - | 7,057,415,575 | (7,057,415,575) | - | |
Total Comprehensive Income | - | - | - | (21,550,778) | 3,301,471 | 14,978,747 | (129,007,102) | 2,585,041,025 | 2,452,763,363 | |
Increase/decrease Due to Share Repurchase Transactions | 15 | - | - | (4,434,528) | - | - | - | - | - | (4,434,528) |
Capital Increase | 15 | 75,000,000 | 5,076,462 | (1,795,929) | - | - | - | - | - | 78,280,531 |
Balances as of 31 December 2023 | 15 | 1,645,000,000 | 7,832,593,919 | (39,390,720) | 461,875,993 | 1,307,567 | 455,019,729 | 7,137,563,692 | 2,585,041,025 | 20,079,011,205 |
The accompanying notes from an integral part of these consolidated financial statements.
5
HALK GAYRİMENKUL YATIRIM ORTAKLIĞI A.Ş. AND ITS SUBSIDIARY
AUDITED CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE PERIOD 1 JANUARY - 31 DECEMBER 2023
(Amounts expressed in thousands of Turkish Lira (TL) in terms of the purchasing power of the Turkish Lira (TL) as at 31 December 2023, unless otherwise stated.)
Re state d | ||||
Audite d | Audite d | |||
1 January- | 1 January- | |||
31 December | 31 December | |||
Notes | 2023 | 2022 | ||
A. Cash Flows from Operating Activities | ||||
Profit for the Period | 2,585,041,025 | 7,057,415,575 | ||
Adjustments to Reconcile Net Profit for the Period | ||||
- Adjustments Related to Depreciation and Amortization Expenses | 10-11 | 6,256,225 | 8,972,764 | |
- Adjustments Related to Provisions | 5-12-13 | 2,956,060 | 6,594,355 | |
- Adjustments Related to Interest Income and Expenses | 16-20-27 | 461,323,815 | (40,305,485) | |
- Adjustments Related to Fair Value Losses/Gains | 9 | (2,213,705,908) | (6,342,760,274) | |
- Adjustments Related to Gains/Losses on | ||||
Disposal of Non-Current Assets | 10-11 | 28,159 | - | |
- Adjustments Related to Gains/Losses on Disposal of | ||||
Investment Properties | 16.1-16.2 | 50,666,556 | 27,183,750 | |
Changes in working capital | ||||
- Adjustments Related to (Increase) / Decrease in Inventories | 6 | (1,801,632,672) | (970,165,795) | |
- Adjustments Related to (Increase) / Decrease in Trade Receivables | (41,204,782) | (6,375,108) | ||
- Adjustments Related to (Increase) / Decrease in Prepaid Expenses | 425,931,222 | (535,298,779) | ||
- Adjustments Related to (Increase) / Decrease in Other Assets | 154,417,080 | (272,992,286) | ||
- Adjustments Related to Increase / (Decrease) in Trade Payables | (659,982,035) | 633,768,469 | ||
- Adjustments Related to Increase/Decrease in Deferred Income | 934,498,263 | 1,662,855,565 | ||
- Adjustments related to Increase / (Decrease) in Other Liabilities | (588,532,520) | 2,211,542,025 | ||
Cash Flows from Operating Activities | (992,773,672) | 3,440,434,776 | ||
Interest Received | 127,564,121 | 40,305,485 | ||
(865,209,551) | 3,480,740,261 |
B. Cash Flows from Investing Activities
Cash Outflows from Acquisition of Property, Plant | ||
and Equipment and Intangible Assets | 10-11 | |
Cash Outflows from Investment | ||
Property Investments | 9 | |
Cash Inflows from Sale of | ||
Investment Properties | 9 | |
C. Cash Flows from Financing Activities | ||
Cash Inflows from Borrowing | ||
Cash Outflows Related to Debt Payments | ||
Cash Outflows Related to Debt Payments | . | . |
from Financial Leasing Contracts |
Cash Inflows from Capital Increase
Dividends Paid
Interest Paid
NET INCREASE/DECREASE IN CASH AND CASH EQUIVALENTS (A+B+C)
D. CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD
INFLATION EFFECT ON CASH AND CASH EQUIVALENTS CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD (A+B+C+D)
27
(4,812,459) | (8,336,896) |
(1,440,706,095) | (3,816,079,194) |
832,383,764 | 49,659,109 |
(613,134,789) | (3,774,756,981) |
2,455,550,000 | 5,436,924,799 |
(1,972,423,398) | (3,570,218,596) |
(56,494,617) | - |
(78,280,531) | (839,433,976) |
(6,230,457) | (4,404,259) |
(70,446,063) | (39,642,541) |
271,674,934 | 983,225,427 |
1,206,669,407 | 689,208,708 |
776,451,761 | 53,109,547 |
502,931,099 | 34,133,506 |
72,713,454 | 776,451,761 |
The accompanying notes from an integral part of these consolidated financial statements.
6
HALK GAYRİMENKUL YATIRIM ORTAKLIĞI A.Ş. AND ITS SUBSIDIARY
NOTES TO THE AUDITED CONSOLIDATED FINANCIAL STATEMENTS
AS OF 31 DECEMBER 2023
(Amounts expressed in thousands of Turkish Lira (TL) in terms of the purchasing power of the Turkish Lira (TL) as at 31 December 2023, unless otherwise stated.)
1. ORGANIZATION AND OPERATIONS OF THE COMPANY
The main activity of Halk Gayrimenkul Yatırım Ortaklığı A.Ş ("the Company") is to invest in properties, property projects, rights on properties, property related capital market instruments and portfolio including other rights and assets as appropriate by the Capital Markets Board of Türkiye ("CMB") The Company, its joint operations and its subsidiary will be described as ("the Group") in this report (see also Note 2.1 and Note 3). In accordance with the relevant articles of the CMB's Communiqué on the Principles of Real Estate Investment Trusts, the main objective of the Company is to invest in properties, property projects, property rights and capital market instruments.
The operations of the Group, its portfolio management policies and limitations are consistent with the regulatory requirements of the CMB. Investment property portfolio of the Group consists of lands and rental properties which are used as bank branches and bank headquarter. The Group obtained its license to operate by the CMB's approval dated 24 September 2010 and numbered 9546, and registered in the CMB. The registered capital ceiling of the Group is TL 7,500,000,000. (The registered capital ceiling before 22 August 2023 is TL 2,500,000,000.) On 21 September 2023, the Company's capital was increased to TL 1,645,000,000 by a capital increase of TL 75,000,000.
The headquarter of the Group is registered in Barbaros Mah. Begonya Sk. WBC İş Merkezi No:2H Ataşehir / İstanbul.
As of 31 December 2023, the number of personnel employed in the Group is 43 (31 December 2022: 45).
The Group is a subsidiary of Türkiye Halk Bankası A.Ş ("Halkbank") and was registered on 18 October 2010. With the amendment dated 31 December 2009 made by the CMB the Communiqué on the Principles of Real Estate Investment Trusts, it is obligatory that the shares of trusts representing a minimum 25% of their capital be issued within three months of either the establishment of the investment trust or the related amendment to the articles of association being registered with the Trade Registry, are offered to public and that they apply to the CMB with the request that all shares are registered.
The Group has applied to the CMB on 29 August 2012 to increase the issued capital from TL 477,000,000 to TL 662,500,000 within TL 1,500,000,000 registered capital ceiling (The registered capital ceiling as of 2 September 2020 is TL 2,500,000,000.), by initial public offering of the increase of TL 185,500,000 B group bearer shares. The application was approved in accordance with the CMB's decision numbered 4/97 on 8 February 2013. During 13-15 February 2013, TL 185,500,000 B group shares offered to public by restricting the preemptive rights of the existing shareholders. After the collection of the investors demand, the Company's shares started to be traded on İstanbul Stock Exchange with HLGYO title as of 22 February 2013.
The Group's application to the Capital Markets Board regarding the increase of its issued capital from TL 1,020,000,000 by 50% to TL 1,530,000,000, all in cash, within the registered capital ceiling of TL 2,500,000,000, was approved at the meeting of the Market Board dated 24 February 2022 No. 10-282 and announced in the Capital Markets Bulletin dated 24 February 2022 No. 2022/10. Bearer shares with a nominal value of TL 510,000,000 were made available for 15 days between 2 March 2022 and 16 March 2022, in accordance with the principles stated in the prospectus. The new version of Article 8 of the Articles of Association titled "Capital and Shares" regarding the increase of the Company's issued capital from TL 1,020,000,000 by 50% to TL 1,530,000,000, all in cash, within the registered capital ceiling of TL 2,500,000,000 was approved by Capital Markets Board on 25 March 2022. The new form of Article 8 of the Articles of Association titled "Capital and Shares" regarding the increase of the Company's capital to TL 1,570,000,000,000 was approved by the Capital Markets Board on 18 May 2022. The new form of Article 8 of the Articles of Association, titled "Capital and Shares", regarding the increase of the Company's capital to TL 1,645,000,000, was approved by the Capital Markets Board on 14 September 2023.
7
HALK GAYRİMENKUL YATIRIM ORTAKLIĞI A.Ş. AND ITS SUBSIDIARY
NOTES TO THE AUDITED CONSOLIDATED FINANCIAL STATEMENTS
AS OF 31 DECEMBER 2023
(Amounts expressed in thousands of Turkish Lira (TL) in terms of the purchasing power of the Turkish Lira (TL) as at 31 December 2023, unless otherwise stated.)
1. ORGANIZATION AND OPERATIONS OF THE COMPANY (cont'd)
The capital increase is detailed as follows:
Date | Share Capital | Capitalisation | Increase value | Funds | |||
18 | October 2010 | 477,000,000 | Rights Issue | - | Funding capital | ||
15 | August 2012 | 662,500,000 | Rights Issue | 185,500,000 | Public offering | ||
20 | June 2013 | 673,638,704 | Bonus Issue | 11,138,704 | Prior years' profit | ||
05 | June 2014 | 697,900,000 | Bonus Issue | 24,261,296 | Prior years' profit | ||
11 | June 2015 | 743,000,000 | Bonus Issue | 45,100,000 | Prior years' profit | ||
25 | May 2016 | 790,000,000 | Bonus Issue | 47,000,000 | Prior years' profit | ||
15 | August 2017 | 820,000,000 | Bonus Issue | 30,000,000 | Prior years' profit | ||
08 | June 2018 | 858,000,000 | Bonus Issue | 38,000,000 | Prior years' profit | ||
17 | June 2019 | 928,000,000 | Bonus Issue | 70,000,000 | Prior years' profit | ||
20 | June 2020 | 970,000,000 | Bonus Issue | 42,000,000 | Prior years' profit | ||
20 | May 2021 | 1,020,000,000 | Bonus Issue | 50,000,000 | Prior years' profit | ||
25 | March 2022 | 1,530,000,000 | Rights Issue | 510,000,000 | Cash on payment | ||
18 | May 2022 | 1,570,000,000 | Bonus Issue | 40,000,000 | Prior years' profit | ||
15 | September 2023 | 1,645,000,000 | Bonus Issue | 75,000,000 | Prior years' profit |
On 4 September 2014, the Company has signed a Joint Operation Agreement with Vakıf Gayrimenkul Yatırım Ortaklığı A.Ş. for developing a real estate project.
On 14 April 2016, the Company has signed Joint Operation Agreement with Er Konut İnş. Taah. İnş. Malz. Nak. ve Mad. Tic. ve San. A.Ş. for developing a real estate project.
On 24 August 2017, the Company has signed a Joint Operation Agreement with Teknik Yapı Teknik Yapılar San. ve Tic. A.Ş. for developing a real estate project.
The Company established Halk Yapı Projeleri Geliştirme A.Ş. to develop all kinds of real estate projects on 15 December 2020. The entire capital of the company established belongs to Halk GYO.
The details of the Company's subsidiary and shares in joint operations are as follows:
Subsidiary | Type of activity | Main activity fields |
Halk Yapı Projeleri Geliştirme A.Ş. | Construction | Real Estate Construction |
Shares in Joint Operations | Type of activity | Main activity fields |
Halk GYO-Vakıf GYO Joint Venture | Construction | Real Estate Construction |
Halk GYO-Erkonut Joint Venture | Construction | Real Estate Construction |
Teknik Yapı-Halk GYO Joint Venture | Construction | Real Estate Construction |
Approval of Financial Statements:
The Board of Directors has approved the financial statements and delegated authority for publishing it on 17 May 2024. The General Assembly has the authority to modify the financial statements.
8