EMLAK KONUT GAYRIMENKUL YATIRIM ORTAKLIGI EMLAK KONUT GAYRİMENKUL YATIRIM ORTAKLIĞI A.Ş. AND ITS SUBSIDIARIES
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD 1 JANUARY - 30 JUNE 2023
(CONVENIENCE TRANSLATION OF THE REPORT AND THE FINANCIAL STATEMENTS ORIGINALLY ISSUED IN TURKISH)
CONVENIENCE TRANSLATION INTO ENGLISH OF INDEPENDENT
AUDITOR'S REVIEW REPORT ORIGINALLY ISSUED IN TURKISH
REPORT ON REVIEW OF INTERIM CONDENSED CONSOLIDATED
FINANCIAL INFORMATION
To the General Assembly of Emlak Konut Gayrimenkul Yatırım Ortaklığı A.Ş.
Introduction
We have reviewed the accompanying condensed consolidated statement of financial position of Emlak Konut Gayrimenkul Yatırım Ortaklığı A.Ş. (the "Company") and its subsidiaries (collectively referred as the "Group") as at 30 June 2023 and the related condensed consolidated statements of profit or loss and other comprehensive income, changes in equity and cash flows for the six-month period then ended. The management of the Group is responsible for the preparation and fair presentation of this interim condensed consolidated financial information in accordance with Turkish Accounting Standard 34 ("TAS 34") "Interim Financial Reporting". Our responsibility is to express a conclusion on this interim condensed consolidated financial information based on our review.
Scope of review
We conducted our review in accordance with the Standard on Review Engagements ("SRE") 2410, "Review of interim financial information performed by the independent auditor of the entity". A review of interim condensed consolidated 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 Standards on Auditing and the objective of which is to express an opinion on the consolidated financial statements. Consequently, a review on the interim condensed consolidated financial information does not provide assurance that the audit firm will be aware of all significant matters which would have been 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 conclude that the accompanying interim condensed consolidated financial information is not prepared, in all material respects, in accordance with TAS 34.
PwC Bağımsız Denetim ve Serbest Muhasebeci Mali Müşavirlik A.Ş.
BJK Plaza, Süleyman Seba Caddesi No:48 B Blok Kat:9 Akaretler Beşiktaş 34357 İstanbul-Turkey
T: +90 212 326 6060, F: +90 212 326 6050, www.pwc.com.tr | Mersis Numaramız: 0-1460-0224-0500015 |
Other Matter
The consolidated financial statements of the Group as of 31 December 2022 were audited and the interim condensed consolidated interim financial information as of 30 June 2022 and for the six-month period then ended were reviewed by another audit firm whose audit report dated 7 March 2023 expressed an unqualified opinion and whose review report dated 17 August 2022 expressed a conclusion that nothing has come to their attention that not compliance with TAS 34.
PwC Bağımsız Denetim ve
Serbest Muhasebeci Mali Müşavirlik A.Ş.
Burak Özpoyraz, SMMM
Partner
Istanbul, 16 August 2023
EMLAK KONUT GAYRİMENKUL YATIRIM ORTAKLIĞI A.Ş. AND ITS SUBSIDARIES
INDEX | PAGE |
INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION ………………………………
INTERIM CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS
AND OTHER COMPREHENSIVE INCOME………………………………………………………………
INTERIM CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY…………………………………
INTERIM CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS……………………………………………
NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS……………………………
NOTE 1 | ORGANIZATION AND OPERATION OF THE GROUP………………………………………………………………. |
NOTE 2 | BASIS OF PRESENTATION OF THE CONSOLIDATED FINANCIAL STATEMENTS………………………………………… |
NOTE 3 | ACCOUNTING POLICIES………………………………………………………………………………………………….. |
NOTE 4 | CASH AND CASH EQUIVALENTS………………………………………………………………………………………….. |
NOTE 5 | FINANCIAL LIABILITIES………………………………………………………………………………………………………… |
NOTE 6 | TRADE RECEIVABLES AND PAYABLES ………………………………………………………………………………….. |
NOTE 7 | OTHER RECEIVABLES AND PAYABLES………………………………………………………………………………….. |
NOTE 8 | INVENTORIES……………………………………………………………………………………………………………….. |
NOTE 9 | INVESTMENT PROPERTIES …………………………………………………………………………………………….. |
NOTE 10 | PROPERTY, PLANT AND EQUIPMENT……………………………………………………………………………… |
NOTE 11 | PROVISIONS, CONTINGENT ASSETS AND LIABILITIES……………………………………………………………………… |
NOTE 12 | OTHER ASSETS AND LIABILITIES………………………………………………………………………………….. |
NOTE 13 | DEFERRED INCOME AND PREPAID EXPENSES……………………………………………………………………. |
NOTE 14 | SHAREHOLDERS' EQUITY………………………………………………………………………………………………. |
NOTE 15 | REVENUE AND COST OF SALES…………………………………………………………………………………………….. |
NOTE 16 | GENERAL ADMINISTRATIVE EXPENSES, MARKETING EXPENSES……………………………………………………… |
NOTE 17 | OTHER INCOME / EXPENSES FROM OPERATING ACTIVITIES …………………………………………………………… |
NOTE 18 | FINANCIAL INCOME / EXPENSES………………………………………………………………………………….. |
NOTE 19 | TAXATION ON INCOME (DEFERRED TAX AND LIABILTIES INCLUDED)………………………………………………… |
NOTE 20 | RELATED PARTY DISCLOSURES……………………………………………………………………………………………….. |
NOTE 21 | EARNINGS PER SHARE…………………………………………………………………………………………………. |
NOTE 22 | COMMITMENTS………………………………………………………………………………………………………….. |
NOTE 23 | EVENTS AFTER THE REPORTING PERIOD………………………………………………………………………………….. |
ADDITIONAL NOTE | CONTROL OF COMPLIANCE WITH THE PORTFOLIO LIMITATIONS……………………………………………………… |
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EMLAK KONUT GAYRİMENKUL YATIRIM ORTAKLIĞI A.Ş. AND ITS SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS OF 30 JUNE 2023
(Amounts are expressed in thousand Turkish Lira ("TL") unless otherwise stated.)
Reviewed | Audited | ||
30 June | 31 December | ||
Notes | 2023 | 2022 | |
ASSETS | |||
Current assets | 50,078,823 | 42,141,914 | |
Cash and cash equivalents | 4 | 12,450,809 | 6,107,609 |
Trade receivables | 6 | 3,895,310 | 3,268,382 |
Trade receivables due from third parties | 3,895,310 | 3,268,382 | |
Other receivables | 983,491 | 577,700 | |
Other receivables due from third parties | 7 | 983,491 | 577,700 |
Inventories | 8 | 28,556,033 | 28,955,350 |
Prepaid expenses | 2,725,625 | 2,374,680 | |
Prepaid expenses to related parties | 20 | - | 1,433,207 |
Prepaid expenses to third parties | 13 | 2,725,625 | 941,473 |
Other current assets | 12 | 1,467,449 | 852,225 |
Current tax assets | 106 | 5,968 | |
Non-current assets | 6,139,541 | 4,817,265 | |
Trade receivables | 6 | 5,227,085 | 3,730,187 |
Trade receivables due from third parties | 5,227,085 | 3,730,187 | |
Other receivables | 7 | 22,572 | 21,650 |
Other receivables due from third parties | 22,572 | 21,650 | |
Investments accounted for using equity method | 1,351 | 841 | |
Investment properties | 9 | 441,587 | 742,683 |
Right-of-use assets | 42,592 | 17,721 | |
Property, plant and equipment | 10 | 370,169 | 285,862 |
Intangible assets | 22,253 | 7,965 | |
Deferred tax assets | 19 | 11,932 | 10,356 |
Total assets | 56,218,364 | 46,959,179 |
The accompanying notes form an integral part of these condensed consolidated financial statements.
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Emlak Konut Gayrimenkul Yatirim Ortakligi AS published this content on 16 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 16 August 2023 20:07:04 UTC.
