Dogan Sirketler Grubu : 01 July– 30 September (3rd Quarter)

CONVENIENCE TRANSLATION INTO ENGLISH OF CONDENSED CONSOLIDATED FINANCIAL STATEMENTS ORIGINALLY ISSUED IN TURKISH

DOĞAN ŞİRKETLER GRUBU HOLDİNG A.Ş.

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE INTERIM PERIOD ENDED 1 JANUARY - 30 SEPTEMBER 2023

DOĞAN ŞİRKETLER GRUBU HOLDİNG A.Ş.
CONTENTS	PAGES
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION	1-2
CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS	3
CONDENSED CONSOLIDATED STATEMENT OF OTHER COMPREHENSIVE INCOME	4
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY	5-6
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOW	7-8
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS	9-69

DOĞAN ŞİRKETLER GRUBU HOLDİNG A.Ş.

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 30 SEPTEMBER 2023

(Amounts expressed in thousands of Turkish Lira ("TRY") unless otherwise indicated. Currencies other than TRY, expressed in thousands unless otherwise indicated.)

		Unaudited	Audited
		Current Period	Prior Period
ASSETS	Notes	30 September 2023	31 December 2022
Current assets		45,877,747	30,280,422
Cash and cash equivalents	6	9,036,714	7,049,564
Financial investments	7	20,020,820	10,044,176
Trade receivables
- Due from related parties	28	20,438	13,329
- Due from non-related parties	9	4,025,853	5,234,417
Receivables from finance sector operations
- Due from related parties	28	3,902	817
- Due from non-related parties		3,608,273	1,839,487
Balances with the Central Bank of the Republic of Turkey		113,937	38,265
Other receivables
- Due from related parties	28	1,384	-
- Due from non-related parties	10	308,970	64,067
Inventories	11	4,507,851	4,301,636
Prepaid expenses		2,932,492	1,005,998
Derivative instruments		170,088	117,676
Assets arising from customer contracts		-	8,286
Biological assets		35,137	25,049
Assets related to current tax	26	28,895	7,116
Other current assets	19	1,062,993	530,539
Subtotal		45,877,747	30,280,422
Non-current assets		13,542,981	12,189,313
Trade receivables
- Due from non-related parties		-	12,825
Other receivables
- Due from non-related parties		42,634	-
Financial investments	7	1,212,687	918,457
Investments accounted for by the equity method	4	828,151	562,039
Investment properties	12	2,767,843	2,640,995
Property, plant and equipment	13	3,719,410	3,250,421
Intangible assets
- Other intangible assets	14	2,546,871	2,437,882
- Goodwill	14	434,001	437,023
Rights of use assets	15	545,141	708,963
Prepaid expenses		410,729	176,122
Derivative instruments		97,118	70,820
Deferred tax asset	26	914,070	889,666
Other non-current assets	19	24,326	84,100
Total assets		59,420,728	42,469,735

The condensed consolidated financial statements as of and for the period ended 30 September 2023 have been approved by the Board of Directors on 7 November 2023.

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

1

DOĞAN ŞİRKETLER GRUBU HOLDİNG A.Ş.

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 30 SEPTEMBER 2023

(Amounts expressed in thousands of Turkish Lira ("TRY") unless otherwise indicated. Currencies other than TRY, expressed in thousands unless otherwise indicated.)

		Unaudited	Audited
LIABILITIES	Notes	Current Period	Prior Period
30 September 2023	31 December 2022
Short-term liabilities		21,572,053	15,088,896
Short-term borrowings
- Short-term borrowings from non-related parties	8	7,878,116	6,812,109
- Bank borrowings
- Issued debt instruments	8	1,411,023	1,210,891
Short-term portion of long- term borrowings
- Short-term portion of long term borrowings from related parties	8, 28	2,909	17,543
- Lease borrowings
- Short-term portion of long- term borrowings from non-related parties	8	1,657,516	1,126,195
- Bank borrowings
- Lease borrowings	8	210,465	134,970
Trade payables		8,578	5,479
- Due to related parties	9
- Due to non-related parties	3,019,097	2,978,637
Payables from finance sector operations		36	59
- Due to related parties
- Due to non-related parties	20	515,024	215,200
Payables related to employee benefits	325,744	234,605
Deferred income (Except obligations arising from customer contracts)
- Deferred income from non-related parties		540,941	469,551
(Except obligations arising from customer contracts)
Derivative instruments		137,107	9,988
Other payables	10	460,453	163,766
- Due to non-related parties
Current income tax liability	26	594,574	220,230
Short-term provisions	20	184,684	95,456
- Short-term provisions for employment benefits
- Other short-term provisions	17	4,581,350	1,390,383
Other short term liabilities		44,436	3,834
Subtotal		21,572,053	15,088,896
Long-term liabilities		3,751,250	3,876,571
Long-term borrowings
- Long-term borrowings from related parties	8, 28	3,002	12,303
- Lease borrowings
- Long -term borrowings from non-related parties
- Bank borrowings	8	1,958,683	2,071,244
- Lease borrowings	8	407,498	515,386
Investments accounted for by the equity method	4	202,028	177,280
Other payables	10	11,351	95,710
- Due to non-related parties
Deferred income (Except obligations arising from customer contracts)
- Deferred income from non-related parties		29,358	22,882
(Except obligations arising from customer contracts)
Long-term provisions	20	349,598	323,510
- Long-term provisions for employment benefits
- Other long term provisions		10,909	7,970
Derivative instruments	26	5,061	6,090
Deferred tax liability	773,762	644,196
EQUITY		34,097,425	23,504,268
Equity attributable to equity holders of the parent company		30,879,901	20,217,048
Share capital	21	2,616,996	2,616,938
Adjustments to share capital	21	143,526	143,526
Repurchased shares (-)	21	(59,533)	(59,533)
Share premiums (discounts)		35,159	35,159
Other comprehensive income (losses) that will not be reclassified in profit or loss		(207,874)	(139,410)
- Actuarial gains (losses) on defined benefit plans
Shares not classified as profit or loss from other comprehensive income of		(17,262)	(4,041)
investments accounted for by equity method
Other comprehensive income (losses) that will be reclassified in profit or loss		7,984,741	4,040,005
- Change in currency translation reserves
- Gain (loss) on revaluation and reclassification of financial assets held for sale		(216,731)	(308,824)
Restricted reserves		2,706,736	1,867,062
Dividend advances paid (net) (-)		-	(291,000)
Retained earnings or accumulated losses		10,294,815	6,302,756
Net profit or loss for the period		7,599,328	6,014,410
Non-controlling interests		3,217,524	3,287,220
Total liabilities		59,420,728	42,469,735

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

2

DOĞAN ŞİRKETLER GRUBU HOLDİNG A.Ş.

CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS FOR THE INTERIM PERIODS 1 JANUARY - 30 SEPTEMBER 2023 AND 2022

(Amounts expressed in thousands of Turkish Lira ("TRY") unless otherwise indicated. Currencies other than TRY, expressed in thousands unless otherwise indicated.)

			Unaudited	Unaudited	Unaudited	Unaudited
			Current Period	Current Period	Prior Period	Prior Period
			1 January -	1 July -	1 January -	1 July -
		Notes	30 September 2023	30 September 2023	30 September 2022	30 September 2022
	Profit or Loss
	Revenue		23,547,789	11,391,756	8,924,974	3,853,624
	Revenue From Finance Sector Operations		5,575,429	2,454,119	497,629	227,469
	Total Revenue	5	29,123,218	13,845,875	9,422,603	4,081,093
	Cost of Sales (-)		(17,672,599)	(8,941,309)	(6,216,181)	(2,703,657)
	Revenue From Finance Sector Operations		(5,006,802)	(2,963,952)	(304,561)	(147,018)
	Total Cost of Sales	5	(22,679,401)	(11,905,261)	(6,520,742)	(2,850,657)
	Gross Profit/(Loss) (Non-Finance)		5,875,190	2,450,447	2,708,793	1,149,967
	Gross Profit/(Loss) (Finance)		568,627	(509,833)	193,068	80,451
	Gross Profit (Loss)		6,443,817	1,940,614	2,901,861	1,230,418
	Research and Development Expenses (-)		(66,393)	(28,554)	(21,744)	(17,808)
	General Administrative Expenses (-)		(1,089,385)	(451,262)	(482,014)	(187,325)
	Marketing Expenses (-)		(1,554,122)	(784,653)	(561,045)	(218,792)
	Other Income From Operating Activities	22	3,602,029	1,818,941	2,189,843	974,323
	Other Expenses From Operating Activities (-)	22	(793,215)	(399,775)	(408,089)	(330,191)
	Share of Gain (Loss) on Investments
	Accounted for by the Equity Method	4	191,589	87,561	133,038	2,855
	Operating Profit/(Loss)		6,734,320	2,182,872	3,751,850	1,453,480
	Income from Investment Activities	23	4,767,517	396,600	1,345,391	385,295
	Expenses from Investment Activities (-)	23	(248,893)	(248,893)	(414,729)	(348,357)
	Operating Profit (Loss) Before
	Finance (Expense)/Income		11,252,944	2,330,579	4,682,512	1,490,418
	Finance Expense (-)	24	(2,392,494)	(578,074)	(1,234,431)	(499,591)
	Profit/(Loss) Before Taxation
	From Continued Operations		8,860,450	1,752,505	3,448,081	990,827
	Tax Expense From
	Continued Operations	26	(1,270,245)	(539,857)	(185,794)	(156,539)
	Tax Income/(Expense) for the Period		(1,434,607)	(712,123)	(495,751)	(214,609)
	Deferred Tax Income/(Expense)		164,362	172,266	309,957	58,070
	Profit/(Loss) For the Period
	Continued Operations		7,590,205	1,212,648	3,262,287	834,288
	Profit/(Loss) For the Period
	Discontinued Operations
	Profit for the Period from Discontinued Operations	456,562	102,561	1,571,147	1,003,042
	Profit/(Loss) For The Period		8,046,767	1,315,209	4,833,434	1,837,330
	Allocation of Profit/(Loss)
	For The Period
	Attributable to Non-Controlling Interests		447,439	225,952	700,167	198,722
	Attributable to Equity Holders of the
	Parent Company		7,599,328	1,089,257	4,133,267	1,638,608
	Gain/(Loss) Per Share Attributable
	to Equity
	Holders of the Parent Company	27	2.934	0.421	1.596	0.633

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

3

DOĞAN ŞİRKETLER GRUBU HOLDİNG A.Ş.

CONDENSED CONSOLIDATED STATEMENT OF OTHER COMPREHENSIVE INCOME FOR THE INTERIM PERIODS 1 JANUARY - 30 SEPTEMBER 2023 AND 2022

(Amounts expressed in thousands of Turkish Lira ("TRY") unless otherwise indicated. Currencies other than TRY, expressed in thousands unless otherwise indicated.)

			Unaudited	Unaudited	Unaudited	Unaudited
			Current Period	Current Period	Prior Period	Prior Period
			1 January -	1 July -	1 January -	1 July -
	Notes	30 September 2023	30 September 2023	30 September 2022	30 September 2022
	Profit/(Loss) For The Period		8,046,767	1,315,209	4,833,434	1,837,330
	OTHER COMPREHENSIVE INCOME
	That will not be reclassified as profit or loss
	Defined benefit plans remeasurement
	gains/(losses)		(77,728)	-	-	-
	Defined benefit plans remeasurement
	gains/(losses) on investments valued
	by the equity method		(13,221)	50	-	-
	Taxes related to other comprehensive income
	that will not be reclassified as profit or loss
	- Tax effect of remeasurement gains/(losses)
	of defined benefit plans		15,546	-	-	-
	That will be reclassified as profit or loss
	Currency translation differences		4,334,862	364,190	1,115,438	224,514
	Gain/(loss) on revaluation and/or
	reclassification of financial assets
	available for sale	7	93,843	(62,555)	(103,318)	91,952
	Taxes related to other comprehensive income
	that will be reclassified as profit or loss		(1,750)	52,573	20,429	(21,060)
- Tax effect on revaluation
	and/or reclassification of financial assets
	available for sale		(1,750)	52,573	20,429	(21,060)
	OTHER COMPREHENSIVE INCOME /(LOSS)	4,351,552	354,258	1,032,549	295,406
	TOTAL COMPREHENSIVE INCOME /(LOSS)	12,398,319	1,669,467	5,865,983	2,132,736
	Allocation of Total Comprehensive Income/(Loss)
	Attributable to Non-Controlling Interests		843,847	454,338	656,225	185,231
	Attributable to Equity Holders of the Parent Company	11,554,472	1,215,129	5,209,758	1,947,505

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

4

DOĞAN ŞİRKETLER GRUBU HOLDİNG A.Ş.

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE INTERIM PERIODS 1 JANUARY - 30 SEPTEMBER 2023 AND 2022

(Amounts expressed in thousands of Turkish Lira ("TRY") unless otherwise indicated. Currencies other than TRY, expressed in thousands unless otherwise indicated.)

					Accumulated other comprehensive		Accumulated other
					income or loss that will not be		comprehensive income or
					reclassified to		loss that will be
					profit or loss		reclassified to profit or loss		Retained earnings
						Shares not classified
						as profit or loss		Gain/(loss) on
						from other		revaluation
						comprehensive		and/or						Equity
						income		reclassification						attributable
					Actuarial	of investments		of financial			Retained	Net	to equity
			Adjustments		gains/(losses) on	accounted for	Share	assets	Currency		earnings/	profit/	holders of	Non-
		Share	to share	Repurchased	defined benefit	by	premiums/	available	translation	Restricted	accumulated	(loss) for	the parentcontrolling
	Notes	Capital	capital	shares	plans	equity method	discounts	for sale	differences	reserves	(losses)	the period	company	interest	Equity
Balance at 1 January 2023	21	2,616,938	143,526	(59,533)	(139,410)	(4,041)	35,159	(308,824)	4,040,005	1,867,062	6,011,756	6,014,410	20,217,048	3,287,220	23,504,268
Transfers		-	-	-	-	-		-	-	-	839,674	5,174,736	(6,014,410)	-	-	-
Acquisition or disposal of a subsidiary (Note 25)		-	-	-	-	-		-	-	-	-	-	-		-	(811,345)	(811,345)
Dividends		-	-	-	-	-		-	-	-	-	(488,298)	-		(488,298)	(102,198)	(590,496)
Capital Increase		58	-	-	-	-		-	-	-	-	-	-		58	-	58
Transactions with non-controlling interest shareholders	-	-	-	-	-		-	-	-	-	(403,379)	-		(403,379)	-	(403,379)
Increase/decrease due to share rate changes		-	-	-	-	-		-	-	-	-	-	-		-	-	-
Total comprehensive income/(loss)		-	-	-	(68,464)	(13,221)	-	92,093	3,944,736	-	-	7,599,328	11,554,472	843,847	12,398,319
Profit/(loss) for the period		-	-	-	-	-		-	-	-	-	-	7,599,328	7,599,328	447,439	8,046,767
Other comprehensive income/(loss)		-	-	-	(68,464)	(13,221)	-	92,093	3,944,736	-	-	-		3,955,144	396,408	4,351,552
- Currency translation differences		-	-	-	-	-		-	-	3,944,736	-	-	-		3,944,736	390,126	4,334,862
- Defined benefit plans re-measurement gains/(losses)	-	-	-	(68,464)	(13,221)	-	-	-	-	-	-		(81,685)	6,282	(75,403)
- Change in financial asset revaluation fund		-	-	-	-	-		-	92,093	-	-	-	-		92,093	-	92,093
Balance at 30 September 2023	21	2,616,996	143,526	(59,533)	(207,874)	(17,262)	35,159	(216,731)	7,984,741	2,706,736	10,294,815	7,599,328	30,879,901	3,217,524	34,097,425

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

5

DOĞAN ŞİRKETLER GRUBU HOLDİNG A.Ş.

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE INTERIM PERIODS 1 JANUARY - 30 SEPTEMBER 2023 AND 2022

(Amounts expressed in thousands of Turkish Lira ("TRY") unless otherwise indicated. Currencies other than TRY, expressed in thousands unless otherwise indicated.)

					Accumulated other			Accumulated other
					comprehensive income or loss			comprehensive income or
					that will not be reclassified to			loss that will be reclassified
					profit or loss			to profit or loss			Retained earnings
						Shares not classified
						as profit or loss		Gain/(loss) on
						from other			revaluation
						comprehensive			and/or							Equity
						income		reclassification							attributable
					Actuarial	of investments			of financial				Retained	Net	to equity
			Adjustments		gains/(losses) on	accounted for	Share		assets	Currency			earnings/	profit/	holders of	Non-
		Share	to share	Repurchased	defined benefit	by	premiums/		available translation	Restricted	accumulated	(loss) for	the parent	controlling
	Notes	Capital	capital	shares	plans	equity method	discounts		for sale differences	reserves	losses	the period	company	interest	Equity
Balance at 1 January 2022	21	2,616,938	143,526	(59,533)	(29,422)	(1,347)	35,159	(86,948)	2,155,915	1,020,689		4,281,683	2,828,476	12,905,136	1,414,544	14,319,680
Transfers		-	-	-	-	-		-	-	-	846,373		1,982,103	(2,828,476)	-	-	-
Acquisition or disposal of a subsidiary (Note 3)		-	-	-	-	-		-	-	-	-		-	-	-	907,212	907,212
Increase/(decrease) due to repurchase transactions
does not result in loss of control in subsidiaries		-	-	-	-	-		-	-	-	-		-	-	-	6,840	6,840
Dividends		-	-	-	-	-		-	-	-	-		(330,000)	-	(330,000)	(42,131)	(372,131)
Capital increase		-	-	-	-	-		-	-	-	-		-	-	-	56,518	56,518
Transactions with non-controlling interest
shareholders		-	-	-	-	-		-	-	-	-		6,418	-	6,418	-	6,418
Increase/(decrease) due to repurchase transactions
of shares		-	-	-	-	-		-	-	-	-		-	-	-	-	-
Total comprehensive income/(loss)		-	-	-	-	-		-	(82,889)	1,159,380	-		-	4,133,267	5,209,758	656,225	5,865,983
Profit/(loss) for the period		-	-	-	-	-		-	-	-	-		-	4,133,267	4,133,267	700,167	4,833,434
Other comprehensive income/(loss)		-	-	-	-	-		-	(82,889)	1,159,380	-		-	-	1,076,491	(43,942)	1,032,549
- Currency translation differences		-	-	-	-	-		-	-	1,159,380	-		-	-	1,159,380	(43,942)	1,115,438
- Change in financial asset revaluation fund		-	-	-	-	-		-	(82,889)	-	-		-	-	(82,889)	-	(82,889)
Balance at 30 September 2022	21	2,616,938	143,526	(59,533)	(29,422)	(1,347)	35,159	(169,837)	3,315,295	1,867,062	5,940,204	4,133,267	17,791,312	2,999,208	20,790,520

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

6

DOĞAN ŞİRKETLER GRUBU HOLDİNG A.Ş.

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOW FOR THE INTERIM PERIODS 1 JANUARY - 30 SEPTEMBER 2023 AND 2022

(Amounts expressed in thousands of Turkish Lira ("TRY") unless otherwise indicated. Currencies other than TRY, expressed in thousands unless otherwise indicated.)

			Unaudited	Unaudited
			Current Period	Prior Period
		Notes	1 January -	1 January -
		30 September 2023	30 September 2022
A. Net Cash From Operating Activities		4,092,293	2,619,768
Profit for the period		8,046,767	4,833,434
Period Profit/(Loss) from Continuing Activities		7,590,205	3,262,287
Period Profit/(Loss) from Discontinued Operations		456,562	1,571,147
Adjustments regarding reconciliation of net profit (loss) for the period	615,747	(63,266)
Adjustments related to depreciation and amortization	13,14,15	816,401	508,373
Adjustments related to provisions
- Adjustments related to provisions for	17	3,188,442	290,987
	insurance company regulations
- Adjustments related to provisions for
	employee benefits	20	159,945	80,645
- Adjustments related to provisions (reversal) for	17	(673)	(2,166)
	lawsuits and/or penalty
- Adjustments related to other provisions (reversals)		18,342	6,338
Adjustments related to interest (income) and expenses
- Adjustments related to interest income	22, 23	(1,020,107)	(386,679)
- Adjustments related to interest expenses	23, 24	1,284,085	886,008
- Deferred financial expense due to purchases with maturity	22	31,323	161,220
- Unearned financial income due from sales with maturity	22	(18,468)	(182,740)
Adjustments related to changes in unrealised		(2,110,089)	221,572
	foreign exchange differences
Adjustments related to fair value (gains) losses		(298,892)	(1,699,778)
Adjustments related to losses (gains) on disposal of		(15,556)	(14,979)
	non-current assets
Adjustments related to undistributed profits of	4	(191,589)	(133,038)
	investments accounted for by the equity method
Adjustments related to tax income (expense)	26	1,270,245	200,971
Adjustments related to disposal of subsidiaries	23	(2,497,662)	-
	and/or joint ventures
Changes in working capital		(4,270,147)	(1,613,497)
Decrease (increase) in the balances with the Central Bank		(75,672)	62,390
	of the Republic of Turkey
Decrease (increase) in receivables from finance sector operations		(1,771,894)	(453,984)
Adjustments for decrease/(increase) in inventories		(1,150,566)	(1,397,194)
Adjustments for decrease/(increase) in trade receivables
-	(Increase)/decrease in trade receivables from related parties		(7,109)	(18,020)
-	(Increase)/decrease in trade receivables from non-related parties		(1,301,276)	(739,492)
Increase (decrease) in payables due to employee benefits		110,686	25,496
Adjustments regarding decrease/(increase) in other
-	receivables on operations
(Increase)/decrease in other receivables regarding
-	operations with related parties		(8,014)	-
(Increase)/decrease in other receivables regarding		(244,903)	(163,189)
	operations with non-related parties
Decrease (increase) in payables from finance sector operations		299,824	307,010
Adjustments regarding increase (decrease) in trade payables
- Increase/(decrease) in trade payables to related parties		3,099	629
- Increase/(decrease) in trade payables to non-related parties		1,831,095	896,207
Adjustments regarding increase (decrease) in other payables on operations
- Increase/(decrease) in other payables to related parties		-	(27,107)
- Increase/(decrease) in other payables to non-related parties		399,924	241,455
Adjustments for other increase (decrease) in
	working capital		(2,878,388)	(437,544)
- (Increase)/decrease in other assets regarding operations
- Increase/(decrease) in other liabilities regarding operations		523,047	89,846
Net Cash From Operating Activities		4,392,367	3,156,671
Employee termination benefits paid	26	(80,958)	(12,187)
Income tax refunds (payments)	(970,361)	(800,619)
Interest received		751,245	275,903

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

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DOĞAN ŞİRKETLER GRUBU HOLDİNG A.Ş.

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOW FOR THE INTERIM PERIODS 1 JANUARY - 30 SEPTEMBER 2023 AND 2022

(Amounts expressed in thousands of Turkish Lira ("TRY") unless otherwise indicated. Currencies other than TRY, expressed in thousands unless otherwise indicated.)

		Unaudited	Unaudited
		Current Period	Prior Period
	Notes	1 January -	1 January -
	30 September 2023	30 September 2022
B. Net Cash From Investing Activities		(6,380,896)	(5,373,499)
Cash outflows regarding capital increase and/or share	3,4	(63,596)	(791,787)
purchase of subsidiaries and/or joint ventures
Cash inflow due to sale of	13, 14, 23	254,863	125,890
property, plant, equipment and intangible assets
Cash outflows from purchase of	13, 14	(1,981,909)	(869,715)
property, plant, equipment and intangible assets
Cash outflow due to sale of investment properties	12	-	(302,908)
Cash inflows from acquisition of shares	7	3,925,980	2,151,548
of other enterprises or funds or borrowing instruments
Cash outflows from the sale of shares or debt instruments	7	(11,387,251)	(5,591,204)
of other enterprises or funds
Cash inflows from sales that do not result in		-	62,936
loss of control of subsidiaries
Dividend payments of subsidiaries to shareholders		(102,198)	-
outside of the group
Other cash inflows/(outflows)	25	-	(158,259)
Net cash flows from discontinued operations	2,973,215	-
C. Net Cash from Financing Activities		(111,696)	3,180,300
Proceeds from borrowings	8	31,531,267	60,439,912
- Cash inflows from borrowings
- Cash inflows from issued debt instruments	8	1,411,023	-
Cash outflows on debt payments	8	(31,737,703)	(56,263,355)
- Cash outflows due to payments of bank borrowings
Cash outflows on debt payments due to leasing	8	(146,607)	(80,743)
Interest paid		(681,436)	(585,514)
Dividend paid		(488,298)	(330,000)
Cash inflow due to capital increase	21	58	-
NET INCREASE/(DECREASE) IN CASH AND
CASH EQUIVALENTS BEFORE THE EFFECT
OF CURRENCY TRANSLATION RESERVES		(2,400,299)	426,569
(A+B+C)
D. THE EFFECT OF CURRENCY TRANSLATION		4,389,330	58,276
RESERVES ON CASH AND CASH EQUIVALENTS
NET INCREASE/(DECREASE) IN CASH AND		1,989,031	484,845
CASH EQUIVALENTS (A+B+C+D)
E. CASH AND CASH EQUIVALENTS AT THE	6	7,035,457	4,637,971
BEGINNING OF THE PERIOD
F. CASH AND CASH EQUIVALENTS AT THE	6	9,024,488	5,122,816
END OF THE PERIOD (A+B+C+D+E)

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

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