ARÇELIK ANONIM SIRKETI (CONVENIENCE TRANSLATION OF THE INDEPENDENT AUDITORS' REPORT AND CONSOLIDATED FINANCIAL STATEMENTS ORIGINALLY ISSUED IN TURKISH)
ARÇELİK ANONİM ŞİRKETİ
FOR THE PERIOD 1 JANUARY - 31 DECEMBER 2023 CONSOLIDATED FINANCIAL STATEMENTS TOGETHER WITH INDEPENDENT AUDITOR'S REPORT
Sensitivity: Internal / Non-Personal Data
ARÇELİK ANONİM ŞİRKETİ | |
CONTENTS | PAGES |
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION | 1-3 |
CONSOLIDATED STATEMENTS OF PROFIT OR LOSS | 4 |
CONSOLIDATED STATEMENTS OF OTHER COMPREHENSIVE INCOME | 5 |
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY | 6 |
CONSOLIDATED STATEMENTS OF CASH FLOWS | 7 |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS | 8-86 |
NOTE 1 - GROUP'S ORGANISATION AND NATURE OF OPERATIONS | 8 |
NOTE 2 - BASIS OF PRESENTATION OF CONSOLIDATED FINANCIAL STATEMENTS ...... 10 | |
NOTE 3 - BUSINESS COMBINATION | 31 |
NOTE 4 - SEGMENT REPORTING | 33 |
NOTE 5 - CASH AND CASH EQUIVALENTS | 34 |
NOTE 6 - FINANCIAL INVESTMENTS | 34 |
NOTE 7 - BORROWINGS | 35 |
NOTE 8 - DERIVATIVE INSTRUMENTS | 41 |
NOTE 9 - TRADE RECEIVABLES AND PAYABLES | 42 |
NOTE 10 - OTHER PAYABLES | 43 |
NOTE 11 - INVENTORIES | 43 |
NOTE 12 - INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD | 44 |
NOTE 13 - PROPERTY, PLANT AND EQUIPMENT | 45 |
NOTE 14 - OTHER INTANGIBLE ASSETS | 48 |
NOTE 15 - GOODWILL | 50 |
NOTE 16 - GOVERNMENT GRANTS | 53 |
NOTE 17 - COMMITMENTS, CONTINGENT ASSETS AND LIABILITIES | 54 |
NOTE 18 - OTHER PROVISIONS | 55 |
NOTE 19 - LONG TERM PROVISION FOR EMPLOYEE BENEFITS | 56 |
NOTE 20 - PREPAID EXPENSES | 57 |
NOTE 21 - CURRENT INCOME TAX ASSETS | 57 |
NOTE 22 - EMPLOYEE BENEFIT OBLIGATIONS | 58 |
NOTE 23 - OTHER ASSETS AND LIABILITIES | 58 |
NOTE 24 - EQUITY | 59 |
NOTE 25 - SALES | 61 |
NOTE 26 - EXPENSES BY NATURE | 62 |
NOTE 27 - OTHER INCOME AND EXPENSES FROM OPERATING ACTIVITIES | 63 |
NOTE 28 - INCOME AND EXPENSES FROM INVESTMENT ACTIVITIES | 64 |
NOTE 29 - FINANCIAL INCOME | 64 |
NOTE 30 - FINANCIAL EXPENSES | 64 |
NOTE 31 - TAX ASSETS AND LIABILITIES | 64 |
NOTE 32 - EARNINGS PER SHARE | 68 |
NOTE 33 - RELATED PARTY DISCLOSURES | 69 |
NOTE 34 - FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT | 71 |
NOTE 35 - FINANCIAL INSTRUMENTS | 84 |
NOTE 36 - SUPPLEMENTARY CASH FLOW INFORMATION | 86 |
NOTE 37 - EVENTS AFTER BALANCE SHEET DATE | 86 |
Sensitivity: Internal / Non-Personal Data
(CONVENIENCE TRANSLATION INTO ENGLISH OF CONSOLIDATED FINANCIAL STATEMENTS ORIGINALLY ISSUED IN TURKISH)
ARÇELİK ANONİM ŞİRKETİ
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION AS OF DECEMBER 31, 2023
(Amounts expressed in thousands of Turkish Lira ("TRY") in terms of purchasing power of the TRY at 31 December 2023 unless otherwise indicated.)
Notes | |
ASSETS | |
Current assets: | |
Cash and cash equivalents | 5 |
Trade receivables | |
-Due from related parties | 33 |
-Trade receivables, third parties | 9 |
Other receivables | |
-Other receivables, third parties | |
Derivative instruments | 8 |
Inventories | 11 |
Prepaid expenses | 20 |
Current income tax assets | 21 |
Other current assets | 23 |
Total current assets | |
Non-current assets: | |
Financial investments | 6 |
Trade receivables | |
-Trade receivables, third parties | 9 |
Investments accounted for using the equity method | 12 |
Property, plant and equipment | 13 |
Intangible assets | |
-Goodwill | 15 |
-Other intangible assets | 14 |
Prepaid expenses | 20 |
Deferred tax assets | 31 |
Other non-current assets
Total non-current assets
Total assets
Audited
December 31, December 31,
20232022
48,791,778 40,417,510
575,652692,701
65,944,717 55,255,964
327,474392,229
453,339382,344
47,448,681 50,870,483
2,391,1541,710,977
1,726,2841,169,021
3,662,8583,106,827
171,321,937 153,998,056
141,740144,804
34,12269,843
1,456,1172,049,936
47,007,175 44,323,471
7,269,3027,551,445
19,899,402 19,095,362
2,598,8771,233,825
8,231,0603,825,114
178,175130,423
86,815,970 78,424,223
258,137,907 232,422,279
The accompanying notes form an integral part of these consolidated financial statements.
1
Sensitivity: Internal / Non-Personal Data
(CONVENIENCE TRANSLATION INTO ENGLISH OF CONSOLIDATED FINANCIAL STATEMENTS ORIGINALLY ISSUED IN TURKISH)
ARÇELİK ANONİM ŞİRKETİ
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION AS OF DECEMBER 31, 2023
(Amounts expressed in thousands of Turkish Lira ("TRY") in terms of purchasing power of the TRY at 31 December 2023 unless otherwise indicated.)
LIABILITIES
Current liabilities: Short-term borrowings
Short-term portion of long-term borrowings Trade payables
-Due to related parties
-Trade payables, third parties Derivative instruments
Employee benefit obligations Other payables
-Other payables, related parties -Other payables, third parties
Current income tax liabilities Provisions
-Other provisions Other current liabilities Total current liabilities
Non-current liabilities:
Long-term borrowings Provisions
-Provision for employee benefits -Other provisions
Derivative instruments Deferred tax liabilities Other non-current liabilities Total non-current liabilities
Total liabilities
Audited | ||
December 31, | December 31, | |
Notes | 2023 | 2022 |
7 | 51,487,086 | 31,276,103 |
7 | 5,961,303 | 26,772,324 |
33 | 5,226,271 | 4,516,749 |
9 | 48,978,541 | 46,441,453 |
8 | 128,471 | 296,084 |
22 | 4,255,921 | 2,699,509 |
243,670 | 2,004 | |
10 | 4,001,042 | 2,893,909 |
31 | 421,838 | 82,823 |
18 | 6,348,121 | 6,372,094 |
23 | 10,748,835 | 9,527,214 |
137,801,099 | 130,880,266 | |
7 | 44,461,154 | 26,709,350 |
19 | 3,400,314 | 4,316,660 |
18 | 1,246,972 | 941,375 |
8 | 777,409 | - |
31 | 3,388,075 | 3,378,718 |
23 | 7,499,545 | 8,156,500 |
60,773,469 | 43,502,603 | |
198,574,568 | 174,382,869 |
The accompanying notes form an integral part of these consolidated financial statements.
2
Sensitivity: Internal / Non-Personal Data
(CONVENIENCE TRANSLATION INTO ENGLISH OF CONSOLIDATED FINANCIAL STATEMENTS ORIGINALLY ISSUED IN TURKISH)
ARÇELİK ANONİM ŞİRKETİ
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
AS OF DECEMBER 31, 2023
(Amounts expressed in thousands of Turkish Lira ("TRY") in terms of purchasing power of the TRY at 31 December 2023 unless otherwise indicated.)
Audited | |||
December 31, | December 31, | ||
Notes | 2023 | 2022 | |
EQUITY | |||
Paid-in capital | 24 | 675,728 | 675,728 |
Adjustment to share capital | 24 | 15,633,510 | 15,633,510 |
Treasury shares | 24 | (7,980,782) | (7,980,782) |
Share premium/discount | |||
Other accumulated comprehensive income and | |||
expense not to be reclassified to profit or loss | |||
Gains/ losses on revaluation and remeasurement | |||
-Gain/loss arising from defined | |||
benefit plans | (2,334,000) | (1,608,727) | |
-Other gains/ losses on revaluation and | |||
remeasurement | 16,286 | 31,120 | |
Other accumulated comprehensive income and | |||
expense to be reclassified to profit or loss | |||
-Currency translation differences | 25,278,597 | 25,650,341 | |
Gains/ losses on hedge | |||
-Gains/ losses on hedges of net investment | |||
in foreign operations | (9,274,954) | (6,089,358) | |
-Gains/ losses on cash flow hedges | (598,921) | 23,104 | |
Balancing account for merger capital | |||
Restricted reserves | 24 | 12,631,261 | 13,020,675 |
Retained earnings | 11,455,843 | 7,148,120 | |
Net income for the period | 7,667,336 | 6,285,498 | |
Equity holders of the parent | 53,169,904 | 52,789,229 | |
Non-controlling interest | 6,393,435 | 5,250,181 | |
Total equity | 59,563,339 | 58,039,410 | |
Total liabilities and equity | 258,137,907 | 232,422,279 |
The accompanying notes form an integral part of these consolidated financial statements.
3
Sensitivity: Internal / Non-Personal Data
(CONVENIENCE TRANSLATION INTO ENGLISH OF CONSOLIDATED FINANCIAL STATEMENTS ORIGINALLY ISSUED IN TURKISH)
ARÇELİK ANONİM ŞİRKETİ
CONSOLIDATED STATEMENTS OF PROFIT OR LOSS
FOR THE YEAR ENDED DECEMBER 31, 2023
(Amounts expressed in thousands of Turkish Lira ("TRY") in terms of purchasing power of the TRY at 31 December 2023 unless otherwise indicated.)
Net sales
Cost of sales
Gross profit
General administrative expenses
Marketing expenses
Research and development expenses
Other income from operating activities
Other expenses from operating activities
Operating profit
Income from investment activities
Expenses from investment activities
Share of profit/loss of investments accounted for using the equity method
Operating income before financial income/(expense)
Financial income
Financial expenses
Net monetary position gain/(loss)
Profit from continuing operations before tax
Tax income/(expense), continuing operations
- Taxes on expense
- Deferred tax income/(expense)
Net income
Attributable to
Non-controlling interest
Equity holders of the parent
Earnings per share (kurus)
Audited | ||
Notes | 2023 | 2022 |
4,25 | 257,103,739 | 257,172,030 |
26 | (181,725,746) | (188,501,512) |
75,377,993 | 68,670,518 | |
26 | (14,779,434) | (12,099,488) |
26 | (47,038,860) | (46,552,279) |
26 | (1,943,805) | (1,861,283) |
27 | 13,437,093 | 11,809,968 |
27 | (14,895,330) | (10,566,004) |
10,157,657 | 9,401,432 | |
28 | 50,832 | 2,782,554 |
28 | (102,507) | (173,463) |
12 | (481,421) | (740,177) |
9,624,561 | 11,270,346 | |
29 | 22,593,779 | 14,215,714 |
30 | (34,948,179) | (26,175,376) |
9,888,297 | 7,928,477 | |
7,158,458 | 7,239,161 | |
31 | (1,910,959) | (1,913,883) |
31 | 3,147,911 | 1,682,894 |
8,395,410 | 7,008,172 |
728,074 722,674
7,667,336 6,285,498
32 | 12.635 | 10.244 |
The accompanying notes form an integral part of these consolidated financial statements.
4
Sensitivity: Internal / Non-Personal Data
(CONVENIENCE TRANSLATION INTO ENGLISH OF CONSOLIDATED FINANCIAL STATEMENTS ORIGINALLY ISSUED IN TURKISH)
ARÇELİK ANONİM ŞİRKETİ
CONSOLIDATED STATEMENTS OF OTHER COMPREHENSIVE INCOME FOR THE YEAR ENDED DECEMBER 31, 2023
(Amounts expressed in thousands of Turkish Lira ("TRY") in terms of purchasing power of the TRY at 31 December 2023 unless otherwise indicated.)
Audited | ||
2023 | 2022 | |
Net income | 8,395,410 | 7,008,172 |
Other comprehensive income | ||
Not to be reclassified to profit or loss | (937,947) | (2,233,982) |
Gain/ loss arising from defined benefit plans | (899,700) | (2,211,920) |
Share of other comprehensive income of investments accounted for using | ||
equity method that will not be reclassified to profit or loss | (23,358) | (37,567) |
Other gain/ losses not to be reclassified to profit or loss | (14,889) | 15,505 |
Not to be reclassified to profit or loss, tax effect | 197,840 | 639,842 |
Gain/ loss arising from defined | ||
benefit plans, tax effect | 197,785 | 640,760 |
Other gain/ losses not to be reclassified to profit or loss, tax effect | 55 | (918) |
To be reclassified to profit or loss | (4,096,599) | (7,673,903) |
Currency translation differences | 991,350 | (6,127,117) |
Other comprehensive income related with hedges | ||
of net investments in foreign operations | (4,176,025) | (1,400,537) |
Other comprehensive income related with cash flow hedge | (826,008) | (10,284) |
Share of other comprehensive income of investments accounted for using the | ||
equity method that will be reclassified to profit or loss | (85,916) | (135,965) |
-Currency translation differences of investments accounted for using the equity | ||
method | (86,409) | (131,139) |
-Gain/loss from cash flow hedges of investments accounted for using equity | ||
method | 493 | (4,826) |
To be reclassified to profit or loss, tax effect | 1,193,919 | 277,504 |
Other comprehensive income related with hedges | ||
of net investments in foreign operations, tax effect | 990,429 | 280,107 |
Other comprehensive income related with cash flow hedge, tax effect | 203,490 | (2,603) |
Other comprehensive income/ (loss) (net of tax) | (3,642,787) | (8,990,539) |
Total comprehensive income | 4,752,623 | (1,982,367) |
Attributable to: | ||
Non-controlling interest | 2,004,759 | 1,330,606 |
Equity holders of the parent | 2,747,864 | (3,312,973) |
The accompanying notes form an integral part of these consolidated financial statements.
5
Sensitivity: Internal / Non-Personal Data
(CONVENIENCE TRANSLATION INTO ENGLISH OF CONSOLIDATED FINANCIAL STATEMENTS ORIGINALLY ISSUED IN TURKISH)
ARÇELİK ANONİM ŞİRKETİ
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
FOR THE YEAR ENDED DECEMBER 31, 2023
(Amounts expressed in thousands of Turkish Lira ("TRY") in terms of purchasing power of the TRY at 31 December 2023 unless otherwise indicated.)
Other | |||||||||||||
comprehensive | |||||||||||||
income not to | |||||||||||||
be reclassified | |||||||||||||
under profit | Other comprehensive income to be reclassified under | ||||||||||||
and loss | profit and loss | Retained earnings | |||||||||||
Gains/ losses on | |||||||||||||
financial assets | |||||||||||||
Gain/(loss) | measured at fair | ||||||||||||
arising from | value throughout | Currency | Equity | Non- | |||||||||
Paid-in | Adjustment to | Treasury | defined benefit | comprehensive | Gains/losses on | translation | Restricted | Retained | holders of | controlling | |||
capital | share capital | shares | plans | income | hedge | differences | reserves | earnings | Net income | the parent | interest | Total equity | |
Balance at January 1, 2022 | 675,728 | 15,633,510 | (3,890,889) | - | 16,533 | (4,928,111) | 32,516,529 | 8,586,258 | 14,634,100 | - | 63,243,658 | 4,524,908 | 67,768,566 |
Transfers | - | - | - | - | - | - | - | 344,524 | (344,524) | - | - | - | - |
Total comprehensive | |||||||||||||
income | - | - | - | (1,608,727) | 14,587 | (1,138,143) | (6,866,188) | - | - | 6,285,498 | (3,312,973) | 1,330,606 | (1,982,367) |
Net income | - | - | - | - | - | - | - | - | - | 6,285,498 | 6,285,498 | 722,674 | 7,008,172 |
Other comprehensive | |||||||||||||
income | - | - | - | (1,608,727) | 14,587 | (1,138,143) | (6,866,188) | - | - | - | (9,598,471) | 607,932 | (8,990,539) |
Dividends | - | - | - | - | - | - | - | - | (3,051,563) | - | (3,051,563) | (605,333) | (3,656,896) |
Increase/(decrease) due to | |||||||||||||
acquisition of treasury shares | (4,089,893) | - | - | - | - | 4,089,893 | (4,089,893) | - | (4,089,893) | - | (4,089,893) | ||
As of December 31, 2022 | 675,728 | 15,633,510 | (7,980,782) | (1,608,727) | 31,120 | (6,066,254) | 25,650,341 | 13,020,675 | 7,148,120 | 6,285,498 | 52,789,229 | 5,250,181 | 58,039,410 |
Balance at January 1, 2023 | 675,728 | 15,633,510 | (7,980,782) | (1,608,727) | 31,120 | (6,066,254) | 25,650,341 | 13,020,675 | 7,148,120 | 6,285,498 | 52,789,229 | 5,250,181 | 58,039,410 |
Transfers | - | - | - | - | - | - | - | 258,638 | 6,026,860 | (6,285,498) | - | - | - |
Total comprehensive | |||||||||||||
income | - | - | - | (725,273) | (14,834) | (3,807,621) | (371,744) | - | - | 7,667,336 | 2,747,864 | 2,004,759 | 4,752,623 |
Net income | - | - | - | - | - | - | - | - | - | 7,667,336 | 7,667,336 | 728,074 | 8,395,410 |
Other comprehensive | |||||||||||||
income | - | - | - | (725,273) | (14,834) | (3,807,621) | (371,744) | - | - | - | (4,919,472) | 1,276,685 | (3,642,787) |
Dividends | - | - | - | - | - | - | - | (648,052) | (1,719,137) | - | (2,367,189) | (861,505) | (3,228,694) |
As of December 31, 2023 | 675,728 | 15,633,510 | (7,980,782) | (2,334,000) | 16,286 | (9,873,875) | 25,278,597 | 12,631,261 | 11,455,843 | 7,667,336 | 53,169,904 | 6,393,435 | 59,563,339 |
The accompanying notes form an integral part of these consolidated financial statement
6
Sensitivity: Internal / Non-Personal Data
(CONVENIENCE TRANSLATION INTO ENGLISH OF CONSOLIDATED FINANCIAL STATEMENTS ORIGINALLY ISSUED IN TURKISH)
ARÇELİK ANONİM ŞİRKETİ
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE YEAR ENDED DECEMBER 31, 2023
(Amounts expressed in thousands of Turkish Lira ("TRY") in terms of purchasing power of the TRY at 31 December 2023 unless otherwise indicated.)
Audited | |||
January 1- | January 1- | ||
December 31, | December 31, | ||
Notes | 2023 | 2022 | |
Cash flows from operating activities: | |||
Net income: | 8,395,410 | 7,008,172 | |
Adjustments to reconcile net cash provided from | |||
operating activities to net income after taxes | |||
Adjustments for depreciation and amortisation expense | 26 | 8,715,056 | 8,062,820 |
Adjustments for impairment loss | 36 | 310,248 | 169,772 |
Adjustments for other provisions | 36 | 3,933,524 | 2,745,366 |
Adjustments for interest income | 29 | (1,875,137) | (829,883) |
Adjustments for interest expense | 30 | 7,936,075 | 8,076,257 |
Adjustments for income arised from government grants | 27 | (372,801) | (231,209) |
Adjustments for unrealised foreign exchange losses (gains) | 29,30 | 9,968,294 | 4,483,648 |
Adjustments for fair value (gains) losses on derivative financial instruments | 29,30 | (4,266,553) | 128,212 |
Adjustments for undistributed profits of investments accounted for using equity method | 12 | 481,421 | 740,177 |
Adjustments for tax expense/income | 31 | (1,236,952) | 230,989 |
Adjustments for losses (gains) on disposal of non-current assets | 28 | 51,977 | 127,770 |
Adjustment for bargained acquisition profit | 28 | - | (2,676,924) |
Other adjustments to reconcile profit (loss) | 69,155 | (237,825) | |
Adjustments for dividend (income) loss | 28 | (302) | (768) |
Adjustments for contingent liabilities | 30 | 522,566 | 179,785 |
Monetary gain/(loss) | (33,918,818) | (32,149,839) | |
Adjustments regarding net profit reconciliation for the period | (1,286,837) | (4,173,480) | |
Changes in operating assets and liabilities: | |||
Adjustments for decrease (increase) in trade receivables | (10,272,572) | 7,747,127 | |
Adjustments for decrease (increase) in inventories | 3,980,620 | (1,532,436) | |
Decrease (increase) in prepaid expenses | (677,844) | 162,700 | |
Adjustments for increase (decrease) in trade payables | 2,725,118 | (1,888,640) | |
Increase (decrease) in employee benefit liabilities | 396,620 | 182,209 | |
Adjustments for increase (decrease) in other operating payables | 1,520,718 | (236,622) | |
Increase (decrease) in government grants and assistance | - | 131,235 | |
Other adjustments for other increase (decrease) in working capital | (4,215,067) | (1,829,579) | |
Income taxes refund (paid) | (812,619) | (1,459,741) | |
Cash flows from operating activities | (8,641,863) | (2,897,227) | |
Investing activities: | |||
Cashflow used in obtaining control of subsidiaries or other businesses | 3 | (1,282,385) | 2,478,338 |
Cash outflows due to share acquisition or capital increase in affiliates and / or joint ventures | 12 | - | (522,335) |
Cash outflows from purchases of property, plant and equipment and intangible assets | (13,791,159) | (10,672,132) | |
Cash inflows from sale of property, plant and equipment and intangible assets | 646,143 | 822,927 | |
Dividends received | 12,28 | 24,830 | 122,814 |
Cash inflows due to sale of shares in associates or joint ventures or capital reduction | 6 | (11,730) | (24,673) |
Cash flows from investing activities | (14,414,301) | (7,795,061) | |
Financing activities: | |||
Proceeds from borrowings | 7 | 74,858,309 | 26,229,005 |
Repayments of borrowings | 7 | (56,745,725) | (12,393,074) |
Bonds issued | 7 | 21,045,448 | 10,002,126 |
Payments of lease liabilities | 7 | (1,932,877) | (1,607,394) |
Dividends paid | (3,228,694) | (3,656,896) | |
Cash inflows from derivative instruments (net) | 3,979,344 | (793,283) | |
Cash outflows from acquisition of treasury shares | - | (4,089,893) | |
Interest paid | (8,307,889) | (6,927,345) | |
Interest received | 1,944,317 | 752,737 | |
Other inflows (outflows) of cash | 29,30 | (69,155) | 78,357 |
Cash flows from financing activities | 31,543,078 | 7,594,340 | |
Inflation impact on cash and cash equivalents | (10,881,322) | (7,354,018) | |
Net increase/(decrease) in cash and cash equivalents | |||
before currency translation differences | (2,394,408) | (10,451,966) | |
Effect of currency translation differences | 10,837,856 | 7,448,461 | |
Net increase/(decrease) in cash and cash equivalents | 8,443,448 | (3,003,505) | |
Cash and cash equivalents at January 1 | 5 | 40,333,129 | 43,336,634 |
Cash and cash equivalents at December 31 | 5 | 48,776,577 | 40,333,129 |
The accompanying notes form an integral part of these consolidated financial statements.
7
Sensitivity: Internal / Non-Personal Data
(CONVENIENCE TRANSLATION INTO ENGLISH OF CONSOLIDATED FINANCIAL STATEMENTS ORIGINALLY ISSUED IN TURKISH)
ARÇELİK ANONİM ŞİRKETİ
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2023
(Amounts expressed in thousands of Turkish Lira ("TRY") in terms of purchasing power of the TRY at 31 December 2023 unless otherwise indicated.)
NOTE 1 - GROUP'S ORGANISATION AND NATURE OF OPERATIONS
Arçelik Anonim Şirketi ("Arçelik" or "the Company") and its subsidiaries (collectively, "the Group") undertake all commercial and industrial activities in respect of the production, sales and marketing, customer services after sales, exportation and importation of consumer durable goods and consumer electronics. The Group operates twenty-eight manufacturing plants in Turkey, Romania, Russia, China, Republic of South Africa, Thailand, Pakistan and Bangladesh. The Company is controlled by Koç Holding A.Ş., the parent company, Koç Family and the companies owned by Koç Family (Note 24).
The Company's head office is located at: Karaağaç Caddesi No: 2-6 Sütlüce 34445 Beyoğlu Istanbul / Turkey.
The Company is registered to the Capital Markets Board ("CMB") and its shares have been quoted on the Borsa Istanbul ("BIST") since 1986. As of December 31, 2023, the publicly listed shares are 25.15% of the total shares. (December 31, 2022: 25.15%) (Includes treasury shares of 10.19% as of December 31, 2023)
The average number of personnel employed by categories in the Group in 2023 is 9,992 monthly paid (1 January - 31 December 2022: 10,419) and 31,050 hourly paid (1 January - 31 December 2022: 31,223) totalling to 41,042 (1 January - 31 December 2022: 41,642).
Country of | |||
Subsidiaries and branches | incorporation | Core business | Nature of business |
Continuing operations as of balance sheet date: | |||
Arçelik Pazarlama A.Ş. ("Pazarlama A.Ş.") | Turkey | Service/Sales/Marketing | Consumer Durables/Electronics |
Arch R&D Co. Ltd. ("Arch R&D") | China | R&D | Developing technology and design |
Beko B.V. ("Beko B.V.") (3) | Netherlands | Investment | Holding |
Arcwaste Collection SRL ("Arcwaste")(*) | Romania | Service | Service |
Arctic Foundation ("Arctic Foundation") | Romania | Foundation | Foundation |
Beko B.V. Taiwan ("Ardutch Taiwan") (3) | Taiwan | Purchase | Consumer Durables/Electronics |
Beko A and NZ Pty Ltd. ("Beko Australia") | New Zealand | Sales | Consumer Durables |
Beko A and NZ Pty Ltd. New Zealand Branch ("Beko New Zealand")(*) | New Zealand | Sales | Consumer Durables |
Beko Appliances Malaysia Sdn. Bhd. ("Beko Malaysia") | Malaysia | Sales | Consumer Durables |
Beko APAC IBC Co. ("Beko APAC") | Thailand | Service | Service |
Beko Balkans D.O.O ("Beko Balkans") | Serbia | Sales | Consumer Durables/Electronics |
Beko Central Asia LLC ("Beko Central Asia") | Kazakhistan | Sales | Consumer Durables |
Beko Egypt Trading LLC ("Beko Egypt") | Egypt | Sales | Consumer Durables |
Beko Spain Electronics S.L. ("Beko Espana") (4) | Spain | Sales | Consumer Durables/Electronics |
Beko France S.A.S. ("Beko France") | France | Sales | Consumer Durables/Electronics |
Beko Germany GmbH ("Beko Germany") (3) | Germany | Sales | Consumer Durables/Electronics |
Beko Switzerland GmbH ("Beko Switzerland") (3) | Switzerland | Sales | Consumer Durables/Electronics |
Beko Gulf FZE ("Beko Gulf") | United Arab Emirates | Sales | Consumer Durables/Electronics |
Beko Portugal, Unipessoal LDA ("Beko Portugal") (3) | Portugal | Sales | Consumer Durables/Electronics |
Beko Hong Kong Ltd. ("Beko Hong Kong") | Hong Kong, China | Purchase | Consumer Durables/Electronics |
Beko Israel Household Appliances Ltd. ("Beko Israel") | Israel | Marketing | Consumer Durables |
Beko Italy SRL ("Beko Italy") | Italy | Sales | Consumer Durables/Electronics |
Beko LLC. ("Beko Russia") | Russia | Production/Sales | Consumer Durables/Electronics |
Beko Morocco Household Appliances SARL ("Beko Morocco") | Morocco | Sales | Consumer Durables/Electronics |
Beko Plc. ("Beko UK") | England | Sales | Consumer Durables/Electronics |
Beko Plc ("Beko Ireland") (*) | Republic of Ireland | Sales | Consumer Durables/Electronics |
Beko Pilipinas Corporation. ("Beko Philippines") | Republic of the Philippines | Sales | Consumer Durables |
Beko S.A. ("Beko Polska") | Poland | Sales | Consumer Durables/Electronics |
Beko S.A., Czech Branch ("Beko Czech") (3) | Czech Republic | Sales | Consumer Durables/Electronics |
Beko Shanghai Trading Company Ltd. ("Beko Shanghai") | China | Sales | Consumer Durables/Electronics |
Beko Slovakia S.R.O. ("Beko Slovakia") | Slovakia | Sales | Consumer Durables/Electronics |
Beko Thai Co. ("Beko Thailand") | Thailand | Production/Sales | Consumer Durables |
Beko Ukraine LLC. ("Beko Ukraine") | Ukraine | Sales | Consumer Durables |
Beko US INC. ("Beko US") | United States of America | Sales | Consumer Durables |
Changzhou Beko Electrical Appliances Co. Ltd. ("Beko China") | China | Production/Sales | Consumer Durables |
Dawlance ( Private) Ltd. ("Dawlance") | Pakistan | Production/Sales | Consumer Durables |
Defy (Botswana) (Proprietary) Ltd. ("Defy Botswana") | Botswana | Sales | Consumer Durables |
Defy (Namibia) (Proprietary) Ltd. ("Defy Namibia") | Namibia | Sales | Consumer Durables |
Defy (Swaziland) (Proprietary) Ltd. ("Defy Swaziland") | Swaziland | Sales | Consumer Durables |
Defy Appliances (Proprietary) Ltd. ("Defy") | Republic of the South Africa | Production/Sales | Consumer Durables |
Defy Sales East Africa Limited ("Defy Kenya") | Kenya | Sales | Consumer Durables |
DEL Electronics (Pvt.) Ltd. (DEL) | Pakistan | Sales | Consumer Durables |
Beko Austria AG ("Beko Austria") (3) | Austria | Sales | Consumer Durables/Electronics |
Grundig Multimedia A.G. ("Grundig Switzerland") | Switzerland | Sales | Electronics |
Beko Nordic AB. ("Beko Sweden") (3) | Sweden | Sales | Consumer Durables/Electronics |
Beko Nordic AB, Finland Branch of Nordic AB ("Beko Finland")(*) (4) | Finland | Sales | Consumer Durables/Electronics |
Beko Nordic AS ("Beko Norway") (3) | Norway | Sales | Consumer Durables/Electronics |
Beko Nordic AS, Denmark Branch of Beko Nordic AS ("Beko | Denmark | Sales | Consumer Durables/Electronics |
Denmark")(*) (4) | |||
Pan Asia Private Equity Ltd. ("Pan Asia") | British Virgin Islands | Investment | Holding |
PT Home Appliances Indonesia | Indonesia | Sales | Consumer Durables |
Beko Appliances Indonesia PT | Indonesia | Sales | Consumer Durables |
8
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Arcelik AS published this content on 01 March 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 March 2024 16:25:03 UTC.
