CMB (30.06.2024)

CONTENTS

PAGE

CONDENSED CONSOLIDATED INTERIM BALANCE SHEETS

1-4

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF PROFIT OR LOSS AND

OTHER COMPREHENSIVE INCOME

5-6

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN

SHAREHOLDERS' EQUITY

7

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS

8-10

NOTE 1

GROUP'S ORGANISATION AND NATURE OF OPERATIONS

11-12

NOTE 2

BASIS OF PRESENTATION OF CONSOLIDATED FINANCIAL STATEMENTS

12-21

NOTE 3

INTERESTS IN OTHER ENTITIES

22-24

NOTE 4

SEGMENT REPORTING

25-27

NOTE 5

CASH AND CASH EQUIVALENTS

28

NOTE 6

FINANCIAL LIABILITIES

29-33

NOTE 7

RELATED PARTY DISCLOSURES

34-37

NOTE 8

TRADE RECEIVABLES AND PAYABLES

38

NOTE 9

OTHER RECEIVABLES AND PAYABLES

39

NOTE 10

INVENTORIES

40

NOTE 11

PREPAID EXPENSES

41

NOTE 12

INVESTMENTS RECOGNIZED BY EQUITY PICKUP METHOD

41-42

NOTE 13

PROPERTY, PLANT AND EQUIPMENT

43-45

NOTE 14

RIGHT OF USE ASSETS

46

NOTE 15

INTANGIBLE ASSETS

47

NOTE 16

PROVISIONS, CONTINGENT ASSETS AND LIABILITIES

48-50

NOTE 17

COMMITMENTS

50

NOTE 18

EMPLOYEE BENEFITS

51-52

NOTE 19

OTHER ASSETS AND LIABILITIES

53

NOTE 20

CAPITAL, RESERVES AND OTHER EQUITY ITEMS

53-54

NOTE 21

SALES

55

NOTE 22

OTHER INCOME AND EXPENSES FROM OPERATING ACTIVITIES

55

NOTE 23

FINANCIAL INCOME AND EXPENSES

56

NOTE 24

TAXES ON INCOME (INCLUDING DEFERRED TAX ASSETS AND LIABILITIES)………………………………………..……… 56-61

NOTE 25

(LOSS) / EARNINGS PER SHARE

61

NOTE 26

DERIVATIVE INSTRUMENTS

62

NOTE 27

FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT

62-66

NOTE 28

SUBSEQUENT EVENTS

66

Reviewed

Audited

Notes

30 June 2024

31 December 2023

ASSETS

CURRENT ASSETS

Cash and Cash Equivalents

5

3.678.116

2.862.263

Financial Assets

44.548

44.070

Trade Receivables

20.775.635

22.235.066

Trade Receivables Due from Related Parties

7

771.189

569.466

Trade Receivables Due from Third Parties

8

20.004.446

21.665.600

Other Receivables

2.203.557

2.813.477

Other Receivables Due from Related Parties

7

977.837

1.109.281

Other Receivables Due from Third Parties

9

1.225.720

1.704.196

Derivative Financial Instruments

26

314.848

233.386

Inventories

10

31.427.268

29.326.293

Prepaid Expenses

1.504.595

1.900.847

Prepayments to Third Parties

11

1.504.595

1.900.847

Current Tax Assets

24

9.232

17.311

Other Current Assets

328.802

570.600

Other Current Assets Due from Third Parties

19

328.802

570.600

TOTAL CURRENT ASSETS

60.286.601

60.003.313

NON-CURRENT ASSETS

Financial Assets

298.932

360.804

Associates Accounted by Using the Equity Method

12

6.479.140

7.306.043

Trade Receivables

36

1.024

Trade Receivables Due from Third Parties

8

36

1.024

Other Receivables

34.771.600

35.925.412

Other Receivables Due from Related Parties

7

34.744.005

35.883.368

Other Receivables Due from Third Parties

9

27.595

42.044

Property, Plant and Equipment

13

42.714.820

43.209.822

Right of Use Assets

14

1.836.344

1.535.587

Intangible Assets

15

5.729.893

4.881.850

Prepaid Expenses

3.963.501

2.919.942

Prepayments to Related Parties

7

3.000.060

2.472.378

Prepayments to Third Parties

11

963.441

447.564

TOTAL NON-CURRENT ASSETS

95.794.266

96.140.484

TOTAL ASSETS

156.080.867

156.143.797

Reviewed

Audited

Notes

30 June 2024

31 December 2023

LIABILITIES

CURRENT LIABILITIES

Short Term Borrowings

6

28.864.185

30.014.782

Short Term Borrowings from Third Parties

28.864.185

30.014.782

Bank Loans

6

23.379.273

25.298.651

Lease Liabilities

6

261.983

288.091

Issued Debt Instruments

6

5.222.929

4.428.040

Current Portion of Long Term Borrowings

3.009.950

3.523.331

Current Portion of Long Term Borrowings from

Third Parties

3.009.950

3.523.331

Bank Loans

6

1.223.979

3.523.331

Issued Debt Instruments

6

1.785.971

-

Other Financial Liabilities

718.230

1.571.283

Trade Payables

41.576.157

52.345.835

Trade Payables to Related Parties

7

260.631

140.360

Trade Payables to Third Parties

8

41.315.526

52.205.475

Payables Related to Employee Benefits

18

1.237.651

1.138.144

Other Payables

336.079

17.670

Other Payables to Third Parties

9

336.079

17.670

Derivative Financial Liabilities

26

687.282

781.288

Deferred Revenue

2.121.621

1.338.618

Deferred Revenue from Related Parties

-

5.017

Deferred Revenue from Third Parties

9

2.121.621

1.333.601

Current Tax Liabilities

24

28.126

19.544

Current Provisions

3.626.371

3.707.307

Other Current Provisions

16

3.626.371

3.707.307

Other Current Liabilities

1.881.813

3.006.802

Other Current Liabilities to Third Parties

19

1.881.813

3.006.802

TOTAL CURRENT LIABILITIES

84.087.465

97.464.604

Reviewed

Audited

Notes

30 June 2024

31 December 2023

NON-CURRENT LIABILITIES

Long Term Borrowings

16.998.842

3.158.581

Long Term Borrowings from Third Parties

16.998.842

3.158.581

Bank Loans

6

1.578.492

2.329.389

Lease Liabilities

6

707.317

829.192

Issued Debt Instruments

6

14.713.033

-

Other Financial Liabilities

255.755

320.587

Trade Payables

160.615

222.245

Trade Payables to Third Parties

8

160.615

222.245

Non-current Provisions

2.175.173

2.407.394

Non-current Provisions for Employee Benefits

18

1.707.150

1.971.871

Other Non-current Provisions

16

468.023

435.523

Deferred Tax Liabilities

24

2.570.164

1.587.560

Other Non-current Liabilities

12.802

16.012

Other Non-current Liabilities to Third Parties

12.802

16.012

TOTAL NON-CURRENT LIABILITIES

22.173.351

7.712.379

TOTAL LIABILITIES

106.260.816

105.176.983

Reviewed

Audited

Notes

30 June 2024

31 December 2023

EQUITY

Equity Attributable to Owners of Parent

43.748.886

44.959.655

Share Capital

20

335.456

335.456

Adjustments to Share Capital

19.434.932

19.434.932

Other Accumulated Comprehensive Income (Loss) that will not be Reclassified to Profit

or Loss

9.605.153

9.674.002

Gains (Losses) on Revaluation and Remeasurement

9.605.153

9.674.002

Revaluation of Property, Plant and Equipment

20

11.221.812

11.277.352

Gains (Losses) on Remeasurement of Defined Benefit Plans

(1.616.659)

(1.603.350)

Other Accumulated Comprehensive Income (Loss) that will be Reclassified to Profit or

Loss

1.875.182

1.877.346

Exchange Differences on Translation

1.674.790

2.007.579

Gains (Losses) on Hedge

125.464

(206.112)

Gains (Losses) on Cash Flow Hedges

125.464

(206.112)

Gains (Losses) on Revaluation and Reclassification

74.928

75.879

Financial Assets Measured of Fair Value through Other Compressive Income

20

74.928

75.879

Restricted Reserves Appropriated from Profits

1.563.166

1.563.166

Legal Reserves

20

1.563.166

1.563.166

Retained Earnings

12.130.293

10.266.569

Current Period Net Profit Or (Loss)

(1.195.296)

1.808.184

Non-controlling Interests

6.071.165

6.007.159

TOTAL EQUITY

49.820.051

50.966.814

TOTAL LIABILITIES AND EQUITY

156.080.867

156.143.797

Reviewed

Reviewed

1 January -

1 January -

1 April -

1 April -

30 June

30 June

30 June

30 June

Notes

2024

2023

2024

2023

PROFIT OR LOSS

Revenue

21

60.244.425

66.347.999

31.373.315

35.203.161

Cost of Sales

21

(46.196.474)

(53.314.488)

(23.958.129)

(26.786.772)

GROSS PROFIT

14.047.951

13.033.511

7.415.186

8.416.389

General Administrative Expenses

(1.739.664)

(1.821.247)

(814.631)

(769.320)

Marketing Expenses

(8.390.837)

(8.663.289)

(4.063.033)

(4.780.530)

Research and Development Expense

(1.158.346)

(1.315.205)

(499.660)

(440.535)

Other Income from Operating Activities

22

1.781.870

3.244.504

832.754

2.478.345

Other Expenses from Operating Activities

22

(5.630.670)

(11.788.636)

(1.853.674)

(10.037.101)

(LOSS) / PROFIT FROM OPERATING ACTIVITIES

(1.089.696)

(7.310.362)

1.016.942

(5.132.752)

Share of Net Profit of Associates Accounted for Using the Equity Method

(811.171)

(819.574)

(613.414)

(815.011)

(LOSS) / PROFIT BEFORE FINANCING INCOME

(1.900.867)

(8.129.936)

403.528

(5.947.763)

Finance Income

23

6.533.888

13.518.226

2.100.823

11.157.670

Finance Costs

23

(10.285.147)

(13.330.566)

(5.001.668)

(10.286.297)

Monetary Gain / (Loss)

5.708.522

5.946.574

1.696.030

2.281.890

PROFIT BEFORE INCOME TAX

56.396

(1.995.702)

(801.287)

(2.794.500)

Tax (Expense) Income, Continuing Operations

(1.002.164)

(342.645)

(159.729)

676.067

Current Tax Expense

24

(18.371)

(372.636)

(8.493)

(54.257)

Deferred Tax Income / (Loss)

24

(983.793)

29.991

(151.236)

730.324

PROFIT FOR THE PERIOD

(945.768)

(2.338.347)

(961.016)

(2.118.433)

Profit / (loss), attributable to

Non-controlling Interests

249.528

184.902

138

3.398

Owners of Parent

25

(1.195.296)

(2.523.249)

(961.154)

(2.121.831)

Earnings per share with a Kr 1 of Par Value (TL)

25

(0,0356)

(0,0752)

(0,0287)

(0,0633)

Reviewed

Reviewed

1 January -

1 January -

1 April -

1 April -

30 June

30 June

30 June

30 June

2024

2023

2024

2023

LOSS FOR THE PERIOD OTHER COMPREHENSIVE INCOME

(945.768)

(2.338.347)

(961.016)

(2.118.433)

Other Comprehensive Income that will

not be Reclassified to Profit or Loss

(15.082)

(230.086)

(4.036)

(316.764)

Gains (Losses) on Remeasurements of Defined Benefit Plans

(20.109)

(287.607)

(5.382)

(395.955)

Taxes Relating to Components of Other Comprehensive Income

that will not be Reclassified to Profit or Loss

5.027

57.521

1.346

79.191

Taxes Relating to Remeasurements of Defined Benefit Plans

5.027

57.521

1.346

79.191

Other Comprehensive Income that will

be Reclassified to Profit or Loss

81.715

936.282

(77.626)

942.670

Foreign Exchange Differences on Translation

(332.789)

704.365

(270.967)

880.299

Gains (Losses) on Remeasuring or Reclassification Adjustments on Financial Assets Through

Other Comprehensive Income

(1.268)

(95.792)

(4.069)

(21.838)

Other Comprehensive Income (Loss) Related with Cash Flow Hedges

553.940

385.689

261.858

99.803

Gains (Losses) on Cash Flow Hedges

553.940

385.689

261.858

99.803

Taxes Relating to Components of Other Comprehensive Income

that will be Reclassified to Profit or Loss

(138.168)

(57.980)

(64.448)

(15.594)

Taxes Relating to Gains (Losses) on Remeasuring or Reclassification Adjustments on Financial

Assets Through Other Comprehensive Income

317

19.158

1.017

4.367

Taxes Relating to Cash Flow Hedges

(138.485)

(77.138)

(65.465)

(19.961)

OTHER COMPREHENSIVE INCOME / (EXPENSE)

66.633

706.196

(81.662)

625.906

TOTAL COMPREHENSIVE INCOME / (EXPENSE)

(879.135)

(1.632.151)

(1.042.678)

(1.492.527)

Total Comprehensive Income Attributable to

Non-controlling Interests

331.634

222.893

34.842

8.550

Owners of Parent

(1.210.769)

(1.855.044)

(1.077.520)

(1.501.077)

Gains (Losses)

Other

on Remeasuring

Other

Accumulated

Financial Assets

Accumulated

Increases

Gains (Losses)

Comprehensive

Measured of

Comprehensive

(Decreases) on

on Remeasure-

Income (Loss)

Gains

Reserve Of

Fair Value

Income (Loss)

Restricted

Inflation

Revaluation of

ment of

Gains (Losses)

that will not be

Exchange

(Losses) on

Gains or

through Other

Gains (Losses) on

that will be

Reserves

Prior Years'

Current

Equity attribut-

Issued

Adjustments

Property, Plant

Defined

Revaluations and

Reclassified to

Differences on

Cash Flow

Losses on

Compressive

Revaluation and

Reclassified to

Appropriated

Profits or

Period Net

Retained

able to owners of

Non-controll-

Capital

on Capital

and Equipment

Benefit Plans

Remeasurements

Profit or Loss

Translation

Hedges

Hedge

Income

Reclassification

Profit or Loss

From Profits

Losses

Profit Or Loss

Earnings

parent

ing interests

Equity

Previous Period

1 January -30 June 2023

Opening Balance

335.456

19.434.932

3.438.846

(1.333.406)

2.105.440

2.105.440

1.472.815

(265.886)

(265.886)

102.819

102.819

1.309.748

1.563.166

9.536.033

(138.874)

9.397.159

34.145.901

3.557.904

37.703.805

Transfers

-

-

(75.251)

-

(75.251)

(75.251)

-

-

-

-

-

-

-

(63.623)

138.874

75.251

-

-

-

Total Comprehensive Income (Loss)

-

-

-

(209.476)

(209.476)

(209.476)

704.365

249.950

249.950

(76.634)

(76.634)

877.681

-

-

(2.523.249)

(2.523.249)

(1.855.044)

222.893

(1.632.151)

Profit (Loss) for the period

-

-

-

-

-

-

-

-

-

-

-

-

-

-

(2.523.249)

(2.523.249)

(2.523.249)

184.902

(2.338.347)

Other Comprehensive Income (Loss)

-

-

-

(209.476)

(209.476)

(209.476)

704.365

249.950

249.950

(76.634)

(76.634)

877.681

-

-

-

-

668.205

37.991

706.196

Dividends Paid

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

(130.052)

(130.052)

Transactions with non-controlling shareholders

-

-

(324)

9.187

8.863

8.863

-

(813)

(813)

-

-

(813)

(21.731)

324.442

-

324.442

310.761

124.672

435.433

Closing Balance

335.456

19.434.932

3.363.271

(1.533.695)

1.829.576

1.829.576

2.177.180

(16.749)

(16.749)

26.185

26.185

2.186.616

1.541.435

9.796.852

(2.523.249)

7.273.603

32.601.618

3.775.417

36.377.035

Current Period

1 January -30 June 2024

Opening Balance

335.456

19.434.932

11.277.352,0

(1.603.350)

9.674.002

9.674.002

2.007.579

(206.112)

(206.112)

75.879

75.879

1.877.346

1.563.166

10.266.569

1.808.184

12.074.753

44.959.655

6.007.159

50.966.814

Transfers

-

-

(55.540)

-

(55.540)

(55.540)

-

-

-

-

-

-

-

1.863.724

(1.808.184)

55.540

-

-

-

Total Comprehensive

-

-

-

(13.309)

(13.309)

(13.309)

(332.789)

331.576

331.576

(951)

(951)

(2.164)

-

-

(1.195.296)

(1.195.296)

(1.210.769)

331.634

(879.135)

Profit (Loss) for the period

-

-

-

-

-

-

-

-

-

-

-

-

-

-

(1.195.296)

(1.195.296)

(1.195.296)

249.528

(945.768)

Other Comprehensive Income (Loss)

-

-

-

(13.309)

(13.309)

(13.309)

(332.789)

331.576

331.576

(951)

(951)

(2.164)

-

-

-

-

(15.473)

82.106

66.633

Dividends Paid

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

(267.628)

(267.628)

Closing Balance

335.456

19.434.932

11.221.812

(1.616.659)

9.605.153

9.605.153

1.674.790

125.464

125.464

74.928

74.928

1.875.182

1.563.166

12.130.293

(1.195.296)

10.934.997

43.748.886

6.071.165

49.820.051

Reviewed

Reviewed

1 January -

1 January -

30 June

30 June

Notes

2024

2023

CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES

(7.116.748)

9.857.274

Profit for the Period

(945.768)

(2.338.347)

Profit (Loss) from Continuing Operations

(945.768)

(2.338.347)

Adjustments to Reconcile Profit for the Period

4.505.544

3.945.918

Adjustments for Depreciation and Amortisation Expense

13

2.910.863

3.480.212

Adjustments for Impairment Loss

(Reversal of Impairment Loss)

21.532

53.127

Adjustments for Impairement Loss

(Reversal of Impairment Loss) of Receivables

8,9

(18.659)

(61.929)

Adjustments for Impairment Loss

(Reversal of Impairment Loss) of Inventories

10

40.191

115.056

Adjustments for Provisions

1.129.973

1.875.728

Adjustments for (Reversal of) Provisions Related with

Employee Benefits

18

300.406

391.066

Adjustments for (Reversal of) Lawsuit and/or

Penalty Provisions

18.706

(1.284)

Adjustments for (Reversal of) Warranty Provisions

512.440

1.330.287

Adjustments for (Reversal of) Other Provisions

298.421

155.659

Adjustments for Interest (Income) Expenses

2.485.265

1.964.534

Adjustments for Interest Income

23

(2.359.307)

(1.745.571)

Adjustments for Interest Expense

23

4.844.572

3.710.105

Adjustments for Unrealised Foreign

Exchange Losses (Gains)

(2.346.533)

(5.346.125)

Adjustments for Fair Value Losses (Gains)

378.472

95.224

Adjustments for Fair Value (Gains) Losses on

Derivative Financial Instruments

378.472

95.224

Adjustments for Gains From Investments Accounted for Using Equity Method

811.171

819.574

Adjustments for Retained Earnings of Subsidiaries

811.171

819.574

Adjustments for Tax (Income) Expenses

1.002.164

342.645

Adjustments for Losses (Gains) on Disposal of Non-Current Assets

55.513

(19.435)

Adjustments for Losses (Gains) Arised from Sale of Tangible Assets

55.513

(19.435)

Other Adjustments to Reconcile Profit (Loss)

5

5

7

Monetary (Gain) / Loss

(1.942.881)

680.427