Aksa Enerji Üretim : 30.06.2023 CMB Report

AKSA ENERJİ ÜRETİM A.Ş. AND ITS SUBSIDIARIES

INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX-MONTH PERIOD ENDED 30 JUNE 2023 TOGETHER WITH INDEPENDENT AUDITOR'S REVIEW REPORT

DRT Bağımsız Denetim ve Serbest Muhasebeci Mali Müşavirlik A.Ş. Maslak no1 Plaza

Eski Büyükdere Caddesi Maslak Mahallesi No:1 Maslak, Sarıyer 34485 İstanbul, Turkey

Tel : [phone]

Fax : [phone]

www.deloitte.com.tr

Mersis No: 0291001097600016

Ticari Sicil No : 304099

(CONVENIENCE TRANSLATION OF THE REPORT ON REVIEW OF

INTERIM FINANCIAL INFORMATION ORIGINALLY ISSUED IN TURKISH)

REPORT ON REVIEW OF CONDENSED CONSOLIDATED INTERIM

FINANCIAL INFORMATION

To the General Assembly of Aksa Enerji Üretim A.Ş.

Introduction

We have reviewed the accompanying condensed consolidated statement of financial position of Aksa Enerji Üretim A.Ş. ("the Company") and its subsidiaries (together will be referred as "the Group") as of 30 June 2023 and the related condensed consolidated statements of profit or loss, condensed consolidated other comprehensive income, condensed consolidated statements of changes in equity and condensed consolidated statements of cash flows for the six-month period then ended. Group management is responsible for the preparation and fair presentation of this consolidated interim financial information in accordance with Turkish Accounting Standards 34 "Interim Financial Reporting" Standard. Our responsibility is to express a conclusion on this condensed consolidated interim financial information based on our review.

Scope of Review

We conducted our review in accordance with Independent Auditing Standard on Review Engagements 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity". A review of condensed 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 Independent Auditing Standards and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be 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 believe that the accompanying condensed consolidated interim financial information is not prepared, in all material respects, in accordance with TAS 34 "Interim Financial Reporting".

Additional paragraph for convenience translation to English

In the accompanying interim condensed consolidated financial statements, the accounting principles described in Note 2 (defined as Turkish Accounting Standards/Turkish Financial Reporting Standards) differ from International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board with respect to the application of inflation accounting. Accordingly, the accompanying interim condensed consolidated financial statements are not intended to present the financial position and results of operations in accordance with IFRS.

DRT BAGIMSIZ DENETIM VE SERBEST MUHASEBECI MALİ MÜŞAVİRLİK A.Ş.

Member of DELOITTE TOUCHE TOHMATSU LIMITED

Ali Çiçekli

Partner

İstanbul, 15 August 2023

Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee ("DTTL"), its network of member firms, and their related entities. DTTL and each of its member firms are legally separate and independent entities. DTTL (also referred to as "Deloitte Global") does not provide services to clients. Please see www.deloitte.com/about to learn more about our global network of member firms.

© 2023. For information, contact Deloitte Touche Tohmatsu Limited.

INDEX		PAGE
INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION	1-3
INTERIM CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS	4
INTERIM CONDENSED CONSOLIDATED STATEMENT OF OTHER COMPREHENSIVE INCOME	5
INTERIM CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY	6
INTERIM CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS	7
NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS	8-51
NOTE 1	ORGANIZATION AND OPERATIONS OF THE GROUP	8-11
NOTE 2	BASIS OF PRESENTATION OF THE CONSOLIDATED FINANCIAL STATEMENTS	12-19
NOTE 3	OPERATING SEGMENTS	20-21
NOTE 4	RELATED PARTY DISCLOSURES	21-24
NOTE 5	FINANCIAL INVESTMENTS	25
NOTE 6	TRADE RECEIVABLES AND PAYABLES	25-26
NOTE 7	BORROWINGS	26-28
NOTE 8	PROPERTY, PLANT AND EQUIPMENT	28-31
NOTE 9	RIGHT-OF-USE ASSETS	31-32
NOTE 10	COMMITMENTS	32-33
NOTE 11	SHARE CAPITAL, RESERVES AND OTHER EQUITY ITEMS	34-36
NOTE 12	REVENUE	37
NOTE 13	FINANCIAL INCOME	37
NOTE 14	FINANCIAL EXPENSES	38
NOTE 15	TAXATION	38-40
NOTE 16	EARNINGS PER SHARE	40
NOTE 17	FINANCIAL INSTRUMENTS	41-42
NOTE 18	NATURE AND LEVEL OF RISKS ARISING FROM FINANCIAL INSTRUMENTS	43-49
NOTE 19	FINANCIAL INSTRUMENTS (FAIR VALUE DISCLOSURES AND EXPLANATION ON
	HEDGE ACCOUNTING)	49-50
NOTE 20	NOTES ON THE STATEMENT OF CASH FLOWS	50-51
NOTE 21	EVENTS AFTER THE REPORTING PERIOD	51

AKSA ENERJİ ÜRETİM A.Ş. AND ITS SUBSIDIARIES

Reviewed Condensed Consolidated Statement of Financial Position As At 30 June 2023

(Amounts expressed in Turkish Liras ("TL"), unless otherwise stated.)

		Reviewed/	Audited/
		Current period	Prior period
ASSETS	Note	30 June 2023	31 December 2022
Current assets
Cash and cash equivalents		936,021,050	937,345,047
Financial investments	5	38,514,465	306,413,932
Trade receivables	6	10,948,884,430	9,217,429,677
- Trade receivables from related parties	4	1,780,123,454	2,434,575,270
- Trade receivables from third parties		9,168,760,976	6,782,854,407
Other receivables		80,367,137	58,309,339
- Other receivables from third parties		80,367,137	58,309,339
Derivative instruments		35,487,206	22,578,966
Inventories		775,733,900	244,345,731
Prepaid expenses		423,235,735	282,516,925
Current tax assets		61,498,990	148,313,121
Other current assets		326,477,379	198,850,061
Total current assets		13,626,220,292	11,416,102,799
Non-current assets
Financial investments	5	412,408	412,408
Other receivables		18,555,772	13,421,090
- Other receivables from third parties		18,555,772	13,421,090
Property, plant and equipment	8	26,388,586,429	21,295,294,157
Right-of-use assets	9	177,136,264	98,236,844
Intangible assets		457,346,402	345,839,331
- Other intangible assets		457,346,402	345,839,331
Prepaid expenses		498,775,396	21,061,830
Deferred tax asset	15	64,467,873	42,138,947
Total non-current assets		27,605,280,544	21,816,404,607
TOTAL ASSETS		41,231,500,836	33,232,507,406

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

1

AKSA ENERJİ ÜRETİM A.Ş. AND ITS SUBSIDIARIES

Reviewed Condensed Consolidated Statement of Financial Position As At 30 June 2023

(Amounts expressed in Turkish Liras ("TL"), unless otherwise stated.)

		Reviewed/	Audited/
		Current period	Prior period
LIABILITIES	Note	30 June 2023	31 December 2022
Current liabilities
Short-term borrowings	7	2,357,553,549	2,393,385,155
Current portion of long-term borrowings	7	3,795,708,544	2,340,517,715
Short-term lease liabilities	7	9,546,477	2,735,575
- Lease liabilities from related parties		5,661,520	617,345
- Lease liabilities from third parties		3,884,957	2,118,230
Short-term portion of long-term lease liabilities	7	23,878,793	6,478,325
Trade payables	6	1,845,056,606	2,126,648,274
- Trade payables to related parties	4	223,161,460	152,735,060
- Trade payables to third parties		1,621,895,146	1,973,913,214
Payables related to employee benefits		43,406,026	23,516,545
Other payables		687,918,108	473,035,344
- Other payables to related parties	4	33,775	22,000
- Other payables to third parties		687,884,333	473,013,344
Current tax liabilities		824,345,284	572,709,698
Short-term provisions		42,566,607	23,912,401
- Short-term provisions for employee benefits		9,792,429	5,914,440
- Other short-term provisions		32,774,178	17,997,961
Other current liabilities		32,899,124	17,052,526
Total current liabilities		9,662,879,118	7,979,991,558
Non-current liabilities
Long-term borrowings	7	4,256,154,502	3,785,386,886
Long-term lease liabilities	7	133,624,252	79,967,136
Other payables		942,778,597	585,719,977
- Other payables to third parties		942,778,597	585,719,977
Long-term provisions		113,516,474	87,334,512
- Long-term provisions for employee benefits		22,601,167	23,317,250
- Other long-term provisions		90,915,307	64,017,262
Deferred tax liabilities	15	1,891,896,419	1,755,543,866
Total non-current liabilities		7,337,970,244	6,293,952,377
TOTAL LIABILITIES		17,000,849,362	14,273,943,935

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

2