(Convenience translation of condensed consolidated financial information originally issued in Turkish)
Polisan Holding A.Ş.
Condensed consolidated financial information for the interim period January 1 - June 30, 2024 together with independent auditor's review report
CONVENIENCE TRANSLATION INTO ENGLISH OF INDEPENDENT
AUDITOR'S REVIEW REPORT ORIGINALLY ISSUED IN TURKISH
REPORT ON REVIEW OF INTERIM CONSOLIDATED
FINANCIAL INFORMATION
To the General Assembly of Polisan Holding A.Ş.
Introduction
We have reviewed the accompanying consolidated statement of financial position of Polisan Holding A.Ş. (the "Company") and its subsidiaries (collectively referred to as the "Group") as at 30 June 2024 and the consolidated statement of profit or loss, the consolidated other comprehensive income, consolidated changes in equity and consolidated cash flows for the six-month period then ended and summary of significant accounting policies and other explanatory notes. The management of the Group is responsible for the preparation and fair presentation of this consolidated interim financial information in accordance with Turkish Accounting Standard 34 ("TAS 34") "Interim Financial Reporting". Our responsibility is to express a conclusion on this consolidated interim financial information based on our review.
Scope of review
We conducted our review in accordance with the Standard on Review Engagements ("SRE") 2410, "Review of interim financial information performed by the independent auditor of the entity". A review of consolidated interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and the objective of which is to express an opinion on the consolidated financial statements. Consequently, a review on the consolidated interim financial information does not provide assurance that the audit firm will be aware of all significant matters which would have been identified in an audit. Accordingly, we do not express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that causes us to conclude that the accompanying consolidated interim financial information do not give a true and fair view of the financial position of Polisan Holding A.Ş. as at 30 June 2024, and its financial performance and cash flows for the six-month period then ended in accordance with TAS 34.
PwC Bağımsız Denetim ve
Serbest Muhasebeci Mali Müşavirlik A.Ş.
Baki Erdal, SMMM
Independent Auditor
Istanbul, 5 September 2024
PwC Bağımsız Denetim ve Serbest Muhasebeci Mali Müşavirlik A.Ş.
Kılıçali Paşa Mah. Meclis-i Mebusan Cad. No:8 İç Kapı No:301 Beyoğlu/İstanbul
T: +90 212 326 6060, F: +90 212 326 6050, www.pwc.com.tr | Mersis Numaramız: 0-1460-0224-0500015 |
CONTENTS | Pages | |
INTERIM CONSOLIDATED STATEMENT OF FINANCIAL POSITION | 1-2 | |
INTERIM CONSOLIDATED STATEMENT OF PROFIT OR LOSS | 3 | |
INTERIM CONSOLIDATED STATEMENT OF OTHER COMPREHENSIVE INCOME | 4 | |
INTERIM CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY..............................… 5 | ||
INTERIM CONSOLIDATED STATEMENT OF CASH FLOWS | 6-7 | |
NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION .………..………..... 8-49 | ||
Note 1. | Group's organization and nature of operations | 8-9 |
Note 2. | Basis of presentation of financial information | 10-15 |
Note 3. | Segment reporting | 15-19 |
Note 4. | Cash and cash equivalents | 20 |
Note 5. | Financial borrowings | 21-22 |
Note 6. | Trade receivable and payables | 23-24 |
Note 7. | Inventories ……………………. ..................................................................................................................24 | |
Note 8. | Investments accounted using the equity method | 25-26 |
Note 9. | Investment properties | 27 |
Note 10. Right of use assets …………………….……………………………………………………..…………….........28 | ||
Note 11. Property, plant and equipments | 29 | |
Note 12. Provisions, contingent assets and liabilities | 30-32 | |
Note 13. Derrivative instruments | 33 | |
Note 14. Assets held for sale | 33 | |
Note 15. Capital, reserves and other equity items | 34-35 | |
Note 16. Revenue and cost of sales | 36 | |
Note 17. Expenses by nature | 37 | |
Note 18. Other income and expenses from operations | 37 | |
Note 19. Income and expenses from investment activities …………………………………………………… | 38 | |
Note 20. Financial income and expenses | 38 | |
Note 21. Income taxes (including deferred tax assets and liabilities) | 39-42 | |
Note 22. Losses per share | 42 | |
Note 23. Related party disclosures | 43-44 | |
Note 24. Nature and level of risk derived from financial instruments | 44-48 | |
Note 25. Financial instruments (fair value and hedge accounting disclosures) | 48-49 | |
Note 26. Subsequent events | 49 |
(Convenience translation of condensed consolidated financial information originally issued in Turkish)
Polisan Holding A.Ş.
Consolidated statements of financial position as of June 30, 2024 and December 31, 2023
(Amounts expressed in Turkish Lira ("TRY") | in terms of | purchasing power | of the TRY at |
June 30, 2024 unless otherwise indicated.) | |||
Current period | Prior period | ||
Reviewed | Audited | ||
Assets | Notes | 30 June 2024 | 31 December 2023 |
Current assets | 2,694,870,872 | 2,598,522,706 | |
Cash and cash equivalents | 4 | 75,296,282 | 524,273,399 |
Trade receivables | 6 | 1,052,470,959 | 1,199,952,260 |
- Trade receivables from related parties | 23 | 33,523,832 | 37,493,232 |
- Trade receivables from third parties | 6 | 1,018,947,127 | 1,162,459,028 |
Other receivables | 62,835,671 | 86,391,291 | |
- Other receivables from third parties | 62,835,671 | 86,391,291 | |
Inventories | 7 | 1,113,741,705 | 361,920,150 |
Derivative assets | 13 | - | 15,751 |
Prepaid expenses | 80,439,724 | 122,859,676 | |
Current income tax assets | 33,513,109 | 29,612,537 | |
Other current assets | 163,614,447 | 273,497,642 | |
Sub-total | 2,581,911,897 | 2,598,522,706 | |
Assets held for sale | 14 | 112,958,975 | - |
Non-current assets | 14,659,591,818 | 14,786,471,210 | |
Other receivables | 997,236 | 1,213,628 | |
- Other receivables from third parties | 997,236 | 1,213,628 | |
Investments accounted using the equity method | 8 | 3,898,542,993 | 4,004,878,000 |
Investment properties | 9 | 3,695,369,469 | 3,699,473,237 |
Tangible assets | 11 | 5,989,589,481 | 6,009,158,304 |
Intangible assets | 13,660,797 | 17,220,909 | |
Right of use assets | 10 | 328,091,153 | 332,056,257 |
Prepaid expenses | 399,564,434 | 376,001,352 | |
Deferred tax assets | 21 | 333,776,255 | 346,469,523 |
Total assets | 17,354,462,690 | 17,384,993,916 |
The accompanying notes are an integral part of these condensed consolidated financial information.
(1)
(Convenience translation of condensed consolidated financial information originally issued in Turkish)
Polisan Holding A.Ş.
Consolidated statements of financial position as of June 30, 2024 and December 31, 2023
(Amounts expressed in Turkish Lira ("TRY") | in terms of | purchasing power | of the TRY at |
June 30, 2024 unless otherwise indicated.) | |||
Current period | Prior period | ||
Reviewed | Audited | ||
Liabilities | Notes | 30 June 2024 | 31 December 2023 |
Current liabilities | 2,554,201,031 | 2,342,065,507 | |
Short-term borrowings | 5 | 829,301,720 | 444,175,506 |
Short-term portion of long-term borrowings | 5 | 290,301,964 | 444,603,796 |
Derivative liabilities | 13 | 3,972,450 | 1,087,819 |
Trade payables | 6 | 1,285,015,917 | 1,217,955,830 |
- Trade payables to related parties | 23 | 8,781,809 | 4,512,904 |
- Trade payables to third parties | 1,276,234,108 | 1,213,442,926 | |
Employee benefit obligations | 33,920,468 | 38,507,577 | |
Other payables | 17,084,291 | 15,561,741 | |
- Other payables to third parties | 17,084,291 | 15,561,741 | |
Deferred income | 2,271,444 | 38,063,814 | |
Current income tax liability | - | 72,101,581 | |
Short-term provisions | 12 | 22,080,204 | 41,228,671 |
- Short-term provisions for employee benefits | 18,689,177 | 37,858,402 | |
- Other short-term provisions | 3,391,027 | 3,370,269 | |
Other current liabilities | 70,252,573 | 28,779,172 | |
Non-current liabilities | 1,019,416,162 | 997,205,986 | |
Long-term borrowings | 5 | 200,665,234 | 351,976,880 |
Long-term provisions | 12 | 64,876,548 | 47,525,766 |
- Provisions for employee termination benefits | 64,876,548 | 47,525,766 | |
Deferred income | 419,352 | - | |
Deferred tax liabilities | 21 | 753,455,028 | 597,703,340 |
Equity | 13,780,845,497 | 14,045,722,423 | |
Equity holders of the parent | 13,780,845,497 | 14,045,722,423 | |
Paid-in share capital | 15 | 758,500,000 | 758,500,000 |
Adjustment to share capital | 15 | 6,832,974,654 | 6,832,974,654 |
Share premium/discounts | 15 | 156,164,396 | 156,164,396 |
Other comprehensive income/expense not to be reclassified to | |||
profit or loss | 763,888,362 | 796,569,922 | |
- Revaluation and measurement gain / loss | |||
Defined benefit plans re-measurement loss | (134,926,398) | (102,244,838) | |
Revaluation increase related to tangible assets | 898,814,760 | 898,814,760 | |
Other comprehensive expense to be reclassified to profit/(loss) | (220,541,071) | (199,703,744) | |
- Currency translation differences | (220,541,071) | (199,703,744) | |
Restricted reserves | 15 | 520,037,529 | 518,499,333 |
Retained earnings | 5,086,621,976 | 4,250,015,274 | |
(Loss)/ profit for the period | (116,800,349) | 932,702,588 | |
Total liabilities and equity | 17,354,462,690 | 17,384,993,916 |
The accompanying notes are an integral part of these condensed consolidated financial information.
(2)
(Convenience translation of condensed consolidated financial information originally issued in Turkish)
Polisan Holding A.Ş.
Consolidated statement of profit or loss for the period between January 1 - June 30, 2024 and 2023
(Amounts expressed in Turkish Lira | ("TRY") in | terms of purchasing power | of the TRY | at | ||
June 30, 2024 unless otherwise indicated.) | ||||||
Current period | Prior period | Current period | Prior period | |||
Reviewed | Reviewed | Not reviewed | Not reviewed | |||
January 1- | January 1- | April 1 - | April 1 - | |||
Notes | June 30, 2024 | June 30, 2023 | June 30, 2024 | June 30, 2023 | ||
Profit and loss | ||||||
Revenue | 16 | 2,640,448,522 | 3,885,441,515 | 1,298,607,966 | 1,949,069,529 | |
Cost of sales (-) | 16 | (1,978,407,364) | (3,343,006,424) | (967,016,206) | (1,533,427,517) | |
Gross profit from commercial activities | 662,041,158 | 542,435,091 | 331,591,760 | 415,642,012 | ||
General administrative expenses (-) | (334,657,153) | (270,966,707) | (153,864,277) | (122,921,686) | ||
Marketing expenses (-) | (39,025,513) | (38,362,502) | (18,428,895) | (19,227,424) | ||
Research and development expenses (-) | (24,680,371) | (23,014,663) | (12,259,276) | (7,385,001) | ||
Other operating income | 18 | 75,903,912 | 132,799,160 | 3,205,994 | 91,158,553 | |
Other operating expenses (-) | 18 | (95,356,575) | (240,687,714) | (61,134,566) | (216,354,343) | |
Profit/(loss) from investments accounted | (85,637,952) | (160,146,624) | ||||
using the equity method | 8 | (121,103,047) | (111,035,912) | |||
Operating profit/(loss) | 158,587,506 | (57,943,959) | (31,992,307) | 29,876,199 | ||
Income from investment activities | 19 | 1,365,302 | 19,982,591 | 742,397 | 9,510,826 | |
Expense from investment activities (-) | 19 | (15,615,768) | (944,166) | (18,778,604) | (924,510) |
Operating profit/(loss) before financial | 144,337,040 | |
income/expense | ||
Financial income | 20 | 64,868,941 |
Financial expenses (-) | 20 | (122,957,297) |
Monetary (loss)/gain | (28,678,333) | |
Profit/(loss) before tax from continuing | 57,570,351 | |
operations |
Continuing operations tax income/expense
(38,905,534) | (50,028,514) | 38,462,515 |
203,988,445 | 8,844,629 | 126,898,011 |
(242,494,874) | (53,392,223) | (159,794,314) |
(145,185,853) | 6,071,397 | (114,971,401) |
(222,597,816) | (88,504,711) | (109,405,189) |
- Current tax income/(expense) | 21 | - | (68,170,011) | 29,013,313 | (52,251,306) |
- Deferred tax income/(expense) | 21 | (174,370,700) | 128,243,001 | (97,115,179) | 60,919,391 |
Loss for the period from continuing | (116,800,349) | (162,524,826) | |||
operations | (156,606,577) | (100,737,104) | |||
Loss for the period | (116,800,349) | (162,524,826) | (156,606,577) | (100,737,104 | |
Attributable to: | |||||
Non-controlling interests | - | - | - | - | |
Equity holders of the parent | (116,800,349) | (162,524,826) | (156,606,577) | (100,737,104) | |
Loss per share | 22 | ||||
-Loss per share from continuing operations | (0.15) | (0.21) | (0.21) | (0.13) |
The accompanying notes are an integral part of these condensed consolidated financial information.
(3)
(Convenience translation of condensed consolidated financial information originally issued in Turkish)
Polisan Holding A.Ş.
Consolidated statement of other comprehensive income for the period between January 1 - June 30, 2024 and 2023
(Amounts expressed in Turkish Lira | ("TRY") in | terms of | purchasing | power of | the TRY at |
June 30, 2024 unless otherwise indicated.) | |||||
Current | Prior | Current | Prior | ||
period | period | period | period | ||
Not | Not | ||||
Reviewed | Reviewed | reviewed | reviewed | ||
January 1 - | January 1 - | April 1- | April 1- | ||
June 30, | June 30, | June 30, | June | ||
Notes | 2024 | 2023 | 2024 | 30,2023 | |
Loss for the period | (116,800,349) | (162,524,826) | (156,606,577) | (100,737,104) | |
Other comprehensive income: | |||||
Items not to be reclassified to profit or loss | (32,681,560) | (37,832,812) | (5,488,295) | 5,368,900 | |
- Defined benefit plans re-measurement loss | 12 | (23,702,976) | (32,850,731) | (8,534,481) | 5,959,297 |
- Defined benefit plans re-measurement loss, | 2,133,620 | (1,191,859) | |||
tax effect | 21 | 5,925,744 | 6,570,146 | ||
- Defined benefit plans re- measurement loss | 1,216,755 | 751,827 | |||
of investment accounted by equity method | 8 | (19,872,437) | (14,440,284) | ||
- Defined benefit plans re- measurement loss | |||||
of investment accounted by equity method, tax | (304,189) | (150,365) | |||
effect | 8 | 4,968,109 | 2,888,057 | ||
Items to be reclassified to profit or loss | (20,837,327) | 16,970,696 | (8,337,501) | 21,731,626 | |
- Currency translation differences | (15,044,600) | (12,586,160) | (5,112,199) | (4,101,778) | |
- Cash flow hedging gains of investments | - | 5,346,193 | |||
valued by equity method | 8 | - | 8,017,551 | ||
-Currency translation differences gains of | (3,225,302) | 21,556,450 | |||
investments accounted using equity method | 8 | (5,792,727) | 23,142,815 | ||
-Cash flow hedging gains of investments | - | (1,069,239) | |||
valued by equity method, tax effect | 8 | - | (1,603,510) | ||
Other comprehensive loss | (53,518,887) | (20,862,116) | (13,825,796) | 27,100,526 | |
Total comprehensive loss | (170,319,236) | (183,386,942) | (170,432,373) | (73,636,578) | |
Attributable to: | |||||
Non-controlling interest | - | - | - | - | |
Equity holders of the parent | (170,319,236) | (183,386,942) | (170,432,373) | (73,636,578) |
The accompanying notes are an integral part of these condensed consolidated financial information.
(4)
(Convenience translation of condensed consolidated financial information originally issued in Turkish)
Polisan Holding A.Ş.
Consolidated statement of changes in equity for the period between January 1- June 30, 2024 and 2023
(Amounts expressed in Turkish Lira ("TRY") in terms of purchasing power of the TRY at June 30, 2024 unless otherwise indicated.)
Other accumulated | ||||||||||||||||
comprehensive income/ | ||||||||||||||||
expense not to be | ||||||||||||||||
classified to profit or | ||||||||||||||||
loss | ||||||||||||||||
Other accumulated | ||||||||||||||||
Revaluation | comprehensiveincome/ expense to | Accumulated profit | ||||||||||||||
gain/(losses) | be | classified to profit or loss | ||||||||||||||
Defined benefit | ||||||||||||||||
Paid in share | Adjustment | Share | plans | Revaluation | Currency translation | Restricted | Retained | Equity holders of the | ||||||||
to share | premium/ | remeasurement | increase related to | |||||||||||||
capital | capital | discounts | losses | tangible assets | differences | Hedge reserves | reserves | earnings Net profit/(loss) | parent | |||||||
Balance at January 1, 2023 | 758,500,000 | 6,832,974,654 | 156,164,396 | (58,423,333) | - | (163,694,929) | (6,414,041) | 477,256,908 | 2,105,267,989 | 2,721,194,015 | 12,822,825,659 | |||||
Dividends | - | - | - | - | - | - | - | - | (535,204,301) | - | (535,204,301) | |||||
Transfers | - | - | - | - | - | - | - | 41,544,192 | 2,679,649,823 | 2,721,194,015 | - | |||||
Total comprehensive loss | - | - | - | (37,832,812) | - | 10,556,655 | 6,414,041 | - | - | (162,524,826) | (183,386,942) | |||||
- Loss for the period | - | - | - | - | - | - | - | - | - | (162,524,826) | (162,524,826) | |||||
- Other comprehensive loss | - | - | - | (37,832,812) | - | 10,556,655 | 6,414,041 | - | - | - | (20,862,116) | |||||
Balance at June 30, 2023 | 758,500,000 | 6,832,974,654 | 156,164,396 | (96,256,145) | - | (153,138,274) | - | 518,801,100 | 4,249,713,511 | (162,524,826) | 12,104,234,416 |
Balance at January 1, 2024 | 758,500,000 | 6,832,974,654 | 156,164,396 | (102,244,838) |
Dividends | - | - | - | - |
Transfers | - | - | - | - |
Total comprehensive loss | - | - | - | (32,681,560) |
- Loss for the period | - | - | - | - |
- Other comprehensive loss | - | - | - | (32,681,560) |
898.814.760 | (199,703,744) | - | 518,499,333 | 4,250,015,274 | 932,702,588 | 14,045,722,423 |
- | - | - | - | (94,557,690) | - | (94,557,690) |
- | - | - | 1,538,196 | 931,164,392 | (932,702,588) | - |
- | (20,837,327) | - | - | - | (116,800,349) | (170,319,236) |
- | - | - | - | - | (116,800,349) | (116,800,349) |
- | (20,837,327) | - | - | - | - | (53,518,887) |
Balance at June 30, 2024 | 758,500,000 | 6,832,974,654 | 156,164,396 | (134,926,398) | 898.814.760 | (220,541,071) | - | 520,037,529 | 5,086,621,976 | (116,800,349) | 13,780,845,497 |
The accompanying notes are an integral part of these condensed consolidated financial information.
(5)
(Convenience translation of condensed consolidated financial information originally issued in Turkish)
Polisan Holding A.Ş.
Consolidated statement of cash flows for the period between January 1- June 30, 2024 and 2023
(Amounts expressed in Turkish Lira ("TRY") in terms of purchasing power of | the TRY at | ||
June 30, 2024 unless otherwise indicated.) | |||
Current period | Prior period | ||
Reviewed | Reviewed | ||
January 1 - | January 1 - | ||
Notes June 30, 2024 | June 30, 2023 |
A. Cash flows from operating activities:
Profit/(loss) for the period
-
Profit/(loss) for the period from continuing operations
Adjustment for reconciliation of profit/(loss) for the period Adjustments for depreciation and amortization expenses Adjustments related to provisions - Adjustments related to provisions (cancellations) for benefits provided to employees
-Adjustments related to other provisions Adjustments related to impairment (cancellations)
- Adjustments related to impairment of trade receivables (cancellations)
- Adjustments related to impairment of inventories (cancellations) Adjustments for interest income and expense
- Adjustments related to interest income
- Adjustments related to interest expenses
-Deferred finance expense arising from forward purchases -Deferred financial income from deferred payment sale Adjustments related to undistributed profit/losses of investments accounted using the equity method
Adjustments to tax expense/income
Adjustments for profit/loss on sale of tangible assets Adjustments for profit/loss related to sale of investment property Adjustment related to unrealized foreign currency translation differences
Monetary gain/(loss)
Changes in working capital
Adjustments for increase/decrease in trade receivables Adjustments for increase/decrease in inventories Adjustments for increase/decrease in trade payables Adjustments for increase/decrease in deferred income Adjusments for increase/decrease in derivative liabilities Adjustments for increase/decrease in prepaid expenses Adjustments for increase/decrease in other assets related to operations
Adjustments for increase in other other receivables Adjustments for increase in other other payables Adjustments for increase/decrease in other liabilities Adjustments for increase / decrease in financial investments Adjustments for increase/decrease in employee benefit obligations
Cash flows from operating activities
Tax payments/refunds
Employee termination benefits paid
B. Cash flows from investing activities
Proceeds from sale of tangible assets
Cash outflows related to purchase of tangible and intangible assets Cash inflows from the sale of investment properties
Interest received
(29,260,956) | 853,882,314 | |
(116,800,349 | (162,524,826) | |
(116,800,349 | (162,524,826) | |
489,515,880 | 655,851,862 | |
17 | 226,716,185 | 244,138,438 |
17,809,052 | 21,361,832 | |
12 | 17,069,627 | 24,034,582 |
12 | 739,425 | (2,672,750) |
(39,702,429) | (27,774,571) | |
6 | (3,903,282) | (694,680) |
7 | (35,799,147) | (27,079,891) |
58,599,221 | (14,757,397) | |
20 | (25,341,893) | (93,854,076) |
20 | 71,098,700 | 81,470,633 |
18 | 12,842,414 | - |
- | (2,373,954) | |
8 | 85,637,952 | 160,146,624 |
21 | 174,370,700 | (60,072,990) |
19 | (103,501) | (318,449) |
19 | 162,879 | (18,768,757) |
445,464,204 | 248,145,955 | |
(479,438,383) | 103,751,177 | |
(304,072,495) | 457,013,604 | |
155,588,860 | (91,156,018) | |
(708,732,805) | 240,536,160 | |
67,060,087 | 210,997,022 | |
(35,373,018) | 959,890 | |
2,900,382 | 814,515 | |
42,419,950 | 15,822,655 | |
109,883,195 | 5,608,287 | |
23,772,012 | (55,536,150) | |
1,522,550 | 17,521,952 | |
41,473,401 | (26,131,774) | |
- | 133,226,944 | |
(4,587,109) | 4,350,121 | |
68,643,036 | 950,340,640 | |
(76,002,151) | (28,733,970) | |
12 | (21,901,841) | (67,724,356) |
(236,905,773) | (51,741,058) | |
2,040,782 | 1,250,292 | |
(268,229,336) | (206,353,517) | |
3,940,888 | 59,508,091 | |
25,341,893 | 93,854,076 |
The accompanying notes are an integral part of these condensed consolidated financial information.
(6)
(Convenience translation of condensed consolidated financial information originally issued in Turkish)
Polisan Holding A.Ş.
Consolidated statement of cash flows for the period between January 1- June 30, 2024 and 2023
(Amounts expressed in Turkish Lira ("TRY") in terms | of purchasing power of | the TRY at | |
June 30, 2024 unless otherwise indicated.) | |||
Current period | Current period | ||
Reviewed | Reviewed | ||
January 1 - | January 1 - | ||
Notes | June 30, 2024 | June 30, 2023 | |
C. Cash flows from financing activities | (78,848,158) | (736,968,188) | |
Cash inflows from borrowings obtained | 5 | 853,420,822 | 755,944,215 |
Cash outflows related to loan repayments | 5 | (766,635,337) | (884,329,224) |
Cash outflows related to debt payments arising from lease | (22,355,800) | (13,647,957) | |
agreements | 5 | ||
Interest paid | (48,720,153) | (59,730,921) | |
Dividends paid | (94,557,690) | (535,204,301) | |
Net increase/decrease in cash and cash equivalents before | (345,014,887) | 65,173,068 | |
the impact of currency translation differences(A+B+C) | |||
- Impact of currency translation differences on cash and cash equivalents
Net increase/(decrease) in cash and cash equivalents (A+B+C+D)
E. Cash and cash equivalents at the beginning of the period F. Inflation Effect on Cash and Cash Equivalents
Cash and cash equivalents at the end of the period (A+B+C+D+E+F)
--
(345,014,887) 65,173,068
4 524,273,399 976,582,935
(103,962,230) (501,439,990)
4 | 75,296,282 | 540,316,013 |
The accompanying notes are an integral part of these condensed consolidated financial information.
(7)