(Convenience translation of

interim condensed consolidated financial statements originally issued in Turkish)

GÜBRE FABRİKALARI

TÜRK

ANONİM ŞİRKETİ

INTERIM CONDENSED

CONSOLIDATED

FINANCIAL STATEMENTS

FOR THE PERIOD

JANUARY 1 - SEPTEMBER 30,

2022

Contents

Page

Interim consolidated statement of financial position

1-2

Interim consolidated statement of profit or loss and other comprehensive income

3

Interim consolidated statement of changes in equity

4

Interim consolidated statement of cash flows

5

Notes to interim condensed consolidated financial statements

6-45

1.

Group's Organization and Nature of Operations

6-8

2.

Basis of Presentation of the Consolidated Financial Statements

8-14

3.

Segment Reporting

15-17

4.

Cash and Cash Equivalents

17-18

5.

Borrowings

19-20

6.

Trade Receivables and Payables

21-22

7.

Other Receivables and Payables

22-23

8.

Inventories

23

9.

Property, Plant, Equipment

23-26

10.

Intangible Assets

27

11.

Commitments

28

12.

Provisions, Contingent Assets and Liabilities

28-30

13.

Revenue and cost of Sales

31

14.

Other Operating Income and Expenses

31-32

15.

Earnings Per Share

32

16.

Related Parties Transactions

32-34

17.

Financial Investments

34

18.

Employee Benefits

35

19.

Prepaid Expenses and Deferred Income

36

20.

Equity

36-37

21.

Income Taxes (Including Deferred Assets and Liabilities)

37-40

22.

Financial Instruments and Financial Risk Management

41-43

23.

Business Combination

44

24.

Derivative Financial Instruments

44-45

25.

Subsequent Events

45

(Convenience translation of interim condensed consolidated financial statements originally issued in Turkish)

GÜBRE FABRİKALARI TÜRK ANONİM ŞİRKETİ

Interim consolidated statement of financial position as of September 30, 2022 (Amounts expressed in Turkish Lira ("TL") unless otherwise indicated.)

Audited

September 30,

December 31,

Notes

2022

2021

ASSETS

Current assets:

Cash and cash equivalents

4

2.039.257.175

1.179.720.584

Financial investments

17

483.903.726

191.032.590

Trade receivables

- Trade receivables from related parties

16

1.033.880.807

1.248.779.873

- Trade receivables from third parties

6

1.681.089.445

659.621.649

Other receivables

- Other receivables from third parties

7

437.029.511

230.134.594

Inventories

8

5.243.201.584

5.018.321.850

Prepaid expenses

19

223.454.220

590.944.195

Derivative financial instruments

24

--

39.424.793

Assets related to the current period taxes

21

73.874.327

52.859

Other current assets

68.474.748

101.697.254

Total current assets

11.284.165.543

9.259.730.241

Non-current assets

Financial investments

17

29.928.233

22.967.162

Trade receivables

-Trade receivables from third parties

1.439.263

--

Other receivables

- Other receivables from third parties

7

13.301.663

18.937.471

Investments valued by equity method

115.102.598

40.676.021

Investments properties

191.215.160

191.478.293

Property, plant and equipment

9

5.013.748.366

3.081.727.065

Intangible assets

10

-Goodwill

184.643.874

119.358.609

-Other intangible assets

220.072.431

82.712.134

Prepaid expenses

19

483.970.241

232.022.895

Deferred tax assets

21

--

--

Total non-current assets

6.253.421.829

3.789.879.650

Total assets

17.537.587.372

13.049.609.891

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

(1)

(Convenience translation of interim condensed consolidated financial statements originally issued in Turkish)

GÜBRE FABRİKALARI TÜRK ANONİM ŞİRKETİ

Interim consolidated statement of financial position as of September 30, 2022 (Amounts expressed in Turkish Lira ("TL") unless otherwise indicated.)

Audited

September 30,

December 31,

Notes

2022

2021

LIABILITIES

Current liabilities

Short-term borrowings

5

4.401.999.423

2.559.498.555

Trade payables

-Due to related parties

16

7.820.318

7.177.456

-Due to third parties

6

3.916.734.759

4.696.694.049

Payables due to employee benefits

18

98.398.839

77.065.830

Other payables

Other payables to third parties

7

298.650.868

192.789.251

Deferred income

19

145.303.667

752.793.129

Liabilities related to current period tax

21

85.523.475

72.397.614

Short-term provisions

-Short-term provisions for employee benefits

18

73.119.597

51.430.512

-Othershort-term provisions

12

480.629.235

189.136.960

Derivative Financial Instruments

24

31.305.046

--

Total short-term liabilities

9.539.485.227

8.598.983.356

Long-term liabilities

Long-term borrowings

5

51.793.718

8.354.465

Long-term provisions

- Long-term provisions for employee benefits

18

514.252.488

338.204.352

Deferred tax liability

21

112.483.828

75.809.339

Total long-term liabilities

678.530.034

422.368.156

Total liabilities

10.218.015.261

9.021.351.512

Shareholders' equity

Share capital

20

334.000.000

334.000.000

Accumulated other comprehensive income / expense not to be

reclassified to profit or loss

  • Shares of other comprehensive income of investments accounted for using the equity method that will not be classified in

profit or loss

5.403.003

6.243.916

-Impairment on property, plant and equipment

549.972.967

549.972.967

-Defined benefit plans re-measurement losses

(12.088.505)

(2.811.836)

Accumulated other comprehensive income / expense to be

reclassified to profit or loss

-Foreign currency translation differences

818.045.706

332.976.445

Restricted reserves from profit

- Legal reserves

20

68.182.652

53.838.737

Prior year profit

1.818.503.203

921.268.125

Current period profit / (loss)

865.718.362

523.125.635

Shareholders' equity

4.447.737.388

2.718.613.989

Non-controlling interests

2.871.834.723

1.309.644.390

Total shareholders' equity

7.319.572.111

4.028.258.379

Total liabilities and equities

17.537.587.372

13.049.609.891

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

(2)

(Convenience translation of Consolidated Financial Statements originally issued in Turkish)

GÜBRE FABRİKALARI TÜRK ANONİM ŞİRKETİ

Interim consolidated Statements of Profit or Loss and Other Comprehensive Income for the interim period ended September 30, 2022

(Amounts expressed in Turkish Lira ("TL") unless otherwise indicated.)

January 1-

January 1-

July 1-

July 1-

Notes

September 30, 2022

September 30, 2021

September 30, 2022

September 30, 2021

Sales

13

19.898.030.743

6.216.824.037

6.492.385.203

2.367.118.131

Cost of sales

13

(16.274.509.565)

(4.898.506.478)

(5.336.466.959)

(1.960.240.222)

Gross profit

3.623.521.178

1.318.317.559

1.155.918.244

406.877.909

General and administrative expense (-)

(372.076.154)

(162.157.987)

(172.689.307)

(57.619.104)

Marketing, selling and distribution

expense (-)

(512.250.051)

(251.428.170)

(167.992.102)

(61.046.615)

Other operating income

14

1.039.778.513

319.732.005

166.760.902

101.541.329

Other operating expenses (-)

14

(2.460.820.029)

(679.536.928)

(534.713.911)

(215.988.453)

Operating profit

1.318.153.457

544.926.479

447.283.826

173.765.066

Income from investment activities

3.955.442

6.901.936

2.038.511

347.101

Expenses from investment activities

(18.217)

(96.578)

(17.977)

--

Profit / (loss) from investments accounted

by equity method

75.267.491

1.865.097

(11.315.259)

(1.723.203)

Operating profit before financial

income / (expense)

1.397.358.173

553.596.934

437.989.101

172.388.964

Financial income

712.508.055

208.768.905

228.548.643

73.641.040

Financial expense

(778.828.001)

(352.417.543)

(148.253.553)

(137.111.011)

Gain / (loss) from net monetary position

197.778.187

(27.943.015)

140.529.848

(31.576.048)

Profit before tax from continuing

operations

1.528.816.414

382.005.281

658.814.039

77.342.945

- Current period tax (expense)

21

(77.454.542)

(29.912.986)

(435.526)

(5.389.514)

- Deferred tax (expense) / income

21

(32.186.163)

(62.413.030)

(55.007.713)

2.404.848

Total tax (expense) / income

(109.640.705)

(92.326.016)

(55.443.239)

(2.984.666)

Current period profit / (loss)

1.419.175.709

289.679.265

603.370.800

74.358.279

Distribution of income for the period

Non-controlling interests

553.457.347

(18.086.576)

244.606.142

24.419.252

Attributable to equity holders of the parent

865.718.362

307.765.841

358.764.658

49.939.027

Gain / (Loss) per share (kr)

15

2,592

0,921

1,074

0,150

Other comprehensive income

Items not to be reclassified to profit or

loss

Tangible asset revaluation increases of

(840.913)

6.110.400

--

--

investments valued by equity method

Defined benefit plans re-measurement gains

(11.595.836)

(1.155.458)

3.131.645

(1.054.828)

Tax effect of other comprehensive

income/expense not to be reclassified to profit

2.319.167

231.092

(626.329)

210.966

or loss

Items to be reclassified to profit or loss

Foreign currency translation differences

1.085.673.321

793.264.348

(590.743.547)

126.227.268

Other comprehensive (expense)

1.075.555.739

798.450.382

(588.238.231)

125.383.406

Total comprehensive income / (expense)

2.494.731.448

1.088.129.647

15.132.569

199.741.685

Distribution of total comprehensive income

/(income)

Non-controlling interests

1.154.061.407

378.864.208

(11.377.874)

90.848.719

Attributable to equity holders of the

parent

1.340.670.041

709.265.439

26.510.443

108.892.966

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

(3)

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Gubre Fabrikalari TAS published this content on 23 December 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 23 December 2022 13:04:07 UTC.