AKSA ENERJİ ÜRETİM A.Ş.

AND ITS SUBSIDIARIES

INTERIM CONDENSED CONSOLIDATED FINANCIAL

STATEMENTS FOR THE NINE-MONTH PERIOD

ENDED 30 SEPTEMBER 2022

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..................................

8-53

NOTE 1

ORGANIZATION AND OPERATIONS OF THE GROUP

8-11

NOTE 2

BASIS OF PRESENTATION OF THE CONSOLIDATED FINANCIAL STATEMENTS

12-21

NOTE 3

OPERATING SEGMENTS

22-23

NOTE 4

RELATED PARTY DISCLOSURE

23-26

NOTE 5

FINANCIAL INVESTMENTS

27

NOTE 6

TRADE RECEIVABLES AND PAYABLES

27-28

NOTE 7

BORROWINGS

29-30

NOTE 8

PROPERTY, PLANT AND EQUIOMENT

30-33

NOTE 9

RIGHT OF USE ASSETS

33-34

NOTE 10

COMMITMENTS

34-35

NOTE 11

SHARE CAPITAL, RESERVES AND OTHER EQUITY ITEMS

36-38

NOTE 12

REVENUE

39

NOTE 13

FINANCIAL INCOME

39

NOTE 14

FINANCIAL EXPENSES

40

NOTE 15

TAXATION

40-42

NOTE 16

EARNINGS PER SHARE

42

NOTE 17

FINANCIAL INSTRUMENTS

43-44

NOTE 18

NATURE AND LEVEL OF RISKS ARISING FROM FINANCIAL INSTRUMENTS

45-51

NOTE 19

FINANCIAL INSTRUMENTS (FAIR VALUE DISCLOSURES AND EXPLANATION ON

HEDGE ACCOUNTING)

51-52

NOTE 20

NOTES ON THE STATEMENT OF CASH FLOWS

52-53

NOTE 21

EVENTS AFTER THE REPORTING PERIOD

53

AKSA ENERJİ ÜRETİM A.Ş. AND ITS SUBSIDIARIES

Unaudited Condensed Consolidated Statement of Financial Position As At 30 September 2022

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

Unaudited/

Audited/

Current period

Prior period

ASSETS

Notes

30 September 2022

31 December 2021

Current assets

Cash and cash equivalents

844,069,168

524,701,915

Financial investments

5

398,832,014

592,983,082

Trade receivables

9,010,466,090

5,327,703,619

- Trade receivables from related parties

4

2,239,392,555

766,149,151

- Trade receivables from third parties

6

6,771,073,535

4,561,554,468

Other receivables

107,194,335

100,822,731

- Other receivables from related parties

4

47,618,465

58,618,465

- Other receivables from third parties

59,575,870

42,204,266

Derivative financial instruments

20,663,864

3,859,495

Inventories

299,150,097

225,353,094

Prepaid expenses

207,832,923

145,128,853

Current tax assets

1,055,309

990,817

Other current assets

249,509,973

207,556,364

Total current assets

11,138,773,773

7,129,099,970

Non-current assets

Financial investments

5

412,408

412,408

Other receivables

174,909,855

12,137,069

- Other receivables from third parties

174,909,855

12,137,069

Property, plant and equipment

8

17,105,100,617

13,037,533,258

Right-of-use assets

9

107,775,295

64,593,990

Intangible assets

289,414,744

222,087,752

- Other intangible assets

289,414,744

222,087,752

Prepaid expenses

17,849,999

153,147,175

Deferred tax asset

15

38,969,828

30,526,428

Total non-current assets

17,734,432,746

13,520,438,080

TOTAL ASSETS

28,873,206,519

20,649,538,050

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

1

AKSA ENERJİ ÜRETİM A.Ş. AND ITS SUBSIDIARIES

Unaudited Condensed Consolidated Statement of Financial Position As At 30 September 2022

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

Unaudited/

Audited/

Current period

Prior period

LIABILITIES

Note

30 September 2022

31 December 2021

Current liabilities

Short-term borrowings

7

2,140,598,966

1,923,308,435

Current portion of long-term borrowings

7

1,953,206,093

1,225,736,522

Short-term finance lease liabilities

7

4,905,481

7,580,536

- Finance lease liabilities from related parties

1,627,418

117,597

- Finance lease liabilities from third parties

3,278,063

7,462,939

Short-term portion of long-term finance lease

liabilities

7

5,728,709

2,797,965

Trade payables

2,942,359,826

2,019,865,531

- Trade payables to related parties

4

67,256,932

89,599,642

- Trade payables to third parties

6

2,875,102,894

1,930,265,889

Payables related to employee benefits

34,278,146

18,189,037

Other payables

228,650,290

351,950,634

-Trade payables to related parties

22,000

-

- Other payables to third parties

228,628,290

351,950,634

Derivative instruments

-

83,074,399

Current tax liability

529,270,187

626,692,702

Short-term provisions

78,741,355

11,369,329

- Short-term provisions for employee benefits

5,456,121

2,401,040

- Other short-term provisions

73,285,234

8,968,289

Other current liabilities

476,919

1,305,233

Total current liabilities

7,918,215,972

6,271,870,323

Non-current liabilities

Long-term borrowings

7

4,019,787,596

2,435,863,452

Long-term finance lease liabilities

7

84,515,687

67,437,608

Other payables

726,857,525

417,527,881

- Other payables to third parties

726,857,525

417,527,881

Long-term provisions

16,847,413

9,588,781

- Long-term provisions for employee benefits

16,847,413

9,588,781

Deferred tax liabilities

15

705,475,099

863,041,791

Total non-current liabilities

5,553,483,320

3,793,459,513

TOTAL LIABILITIES

13,471,699,292

10,065,329,836

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

2

AKSA ENERJİ ÜRETİM A.Ş. AND ITS SUBSIDIARIES

Unaudited Condensed Consolidated Statement of Financial Position As At 30 September 2022

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

Unaudited/

Audited/

Current period

Prior period

EQUITY

Note

30 September 2022

31 December 2021

Equity attributable to holders' of the company

Paid-in capital

11

1,226,338,236

1,226,338,236

Share premiums

11

10,726,734

10,726,734

Accumulated other comprehensive income not to be

reclassified in profit or loss

3,569,510,834

3,740,067,960

- Increase on revaluation of property, plant and

equipment

3,569,507,223

3,740,064,349

- Gain on remeasurements of defined benefit plans

3,611

3,611

Accumulated other comprehensive income that will

be reclassified in profit or loss

3,101,994,273

1,979,389,432

- Foreign currency translation differences

3,770,358,232

2,514,679,438

-Gain / (loss) of hedging reserve

(668,363,959)

(535,290,006)

Restricted reserves appropriated from profit

11

332,248,397

82,931,556

Prior years' profit

11

1,833,604,355

932,614,285

Net profit for the period

3,912,756,492

1,679,749,785

Total equity attributable to

equity holders of the Company

13,987,179,321

9,651,817,988

Non-controlling interests

11

1,414,327,906

932,390,226

Total equity

15,401,507,227

10,584,208,214

TOTAL LIABILITIES AND EQUITY

28,873,206,519

20,649,538,050

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

3

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Aksa Enerji Uretim AS published this content on 18 November 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 18 November 2022 06:58:05 UTC.