HACI ÖMER SABANCI HOLDİNG A.Ş.

CONVENIENCE TRANSLATION INTO ENGLISH OF CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE INTERIM PERIOD 1 JANUARY - 30 SEPTEMBER 2022

(ORIGINALLY ISSUED IN TURKISH)

CONTENTS

PAGE

CONDENSED CONSOLIDATED BALANCE SHEETS .......................................................

1-2

CONDENSED CONSOLIDATED STATEMENTS OF PROFIT OR LOSS .......................

3

CONDENSED CONSOLIDATED STATEMENTS OF OTHER COMPREHENSIVE

INCOME

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

4

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY...............

5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW ................................

6

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS..........

7-81

NOTE 1

ORGANISATION AND OPERATIONS OF THE GROUP ...............................................................

7-8

NOTE 2

BASIS OF PRESENTATION OF CONSOLIDATED FINANCIAL STATEMENTS .......................

9-14

NOTE 3

BUSINESS COMBINATIONS ...........................................................................................................

15-16

NOTE 4

SEGMENT REPORTING....................................................................................................................

17-37

NOTE 5

FINANCIAL ASSETS.........................................................................................................................

38-40

NOTE 6

FINANCIAL LIABILITIES.................................................................................................................

41-42

NOTE 7

LEASE LIABILITIES..........................................................................................................................

42-43

NOTE 8

OTHER RECEIVABLES AND PAYABLES......................................................................................

44

NOTE 9

INVESTMENTS ACCOUNTED THROUGH EQUITY METHOD...................................................

44-46

NOTE 10

PROPERTY, PLANT AND EQUIPMENT .........................................................................................

47-48

NOTE 11

INTANGIBLE ASSETS ..................................................................................................................... .

49-50

NOTE 12

RIGHT OF USE ASSETS................................................................................................................... .

51-52

NOTE 13

GOODWILL ........................................................................................................................................

53

NOTE 14

PROVISIONS, CONTINGENT ASSETS AND LIABILITIES ..........................................................

53-56

NOTE 15

COMMITMENTS................................................................................................................................

57-60

NOTE 16

OTHER ASSETS AND LIABILITIES................................................................................................

61

NOTE 17

EQUITY...............................................................................................................................................

61-63

NOTE 18

ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS...............................................

63-64

NOTE 19

OTHER INCOME AND EXPENSES FROM OPERATING ACTIVITIES .......................................

65

NOTE 20

INCOME AND EXPENSES FROM INVESTING ACTIVITIES.......................................................

66

NOTE 21

FINANCIAL INCOME / EXPENSES.................................................................................................

66

NOTE 22

TAX ASSETS AND LIABILITIES.....................................................................................................

67-71

NOTE 23

DERIVATIVES ...................................................................................................................................

72

NOTE 24

RECEIVABLES FROM FINANCE SECTOR OPERATIONS...........................................................

73-74

NOTE 25

PAYABLES FROM FINANCE SECTOR OPERATIONS .................................................................

75

NOTE 26

RELATED PARTY DISCLOSURES..................................................................................................

76

NOTE 27

NATURE AND LEVEL OF RISKS DERIVED FROM FINANCIAL INSTRUMENTS...................

77-80

NOTE 29

EVENTS AFTER THE REPORTING PERIOD..................................................................................

81

HACI ÖMER SABANCI HOLDİNG A.Ş.

CONSOLIDATED BALANCE SHEET AT 30 SEPTEMBER 2022 AND 31 DECEMBER 2021

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

Not Reviewed

Audited

Note

30 September

31 December

ASSETS

References

2022

2021

Current Assets

651.195.988

465.289.463

Cash and Cash Equivalents

66.437.497

69.417.883

Reserve Deposits with the Central Bank

127.453.054

81.792.492

of the Republic of Turkey

42.340.554

40.134.206

Financial Investments

- Fair Value Through Profit or Loss

5.a

9.722.972

11.288.001

- Fair Value Through Other Comprehensive Income

5.b

14.327.714

15.853.577

- At Amortized Cost

5.c

17.320.965

12.629.008

- Time Deposit

5.d

968.903

363.620

Trade Receivables

6.754.737

4.254.881

- Trade receivables from related parties

258.367

203.792

- Trade receivables from non-related parties

6.496.370

4.051.089

Receivables from Finance Sector Operations

24

350.397.863

225.676.033

Other Receivables

8

6.526.663

3.753.288

Derivative Financial Instruments

23

14.907.151

23.646.983

Inventories

13.815.133

7.520.997

Prepaid Expenses

11.508.626

2.353.369

Deferred Insurance Expenses

807.753

474.946

Assets Related to Current Tax

22

350.315

136.708

Other Current Assets

16

9.624.022

5.433.104

650.923.368

464.594.890

Non-current Assets Held for Sale

18

272.620

694.573

Non-current Assets

501.320.584

354.474.326

Financial Assets

213.970.417

131.979.497

- Fair Value Through Other Comprehensive Income

5.b

143.409.565

87.077.994

- At Amortized Cost

5.c

70.560.852

44.901.503

Trade Receivables

1.404

6.086

- Trade receivables from non-related parties

1.404

6.086

Receivables From Finance Sector Operations

24

199.019.313

160.936.678

Other Receivables

8

1.184.297

503.230

Derivative Financial Instruments

23

42.004.177

27.349.132

Investments Accounted Through Equity Method

9

11.804.604

8.763.569

Investment Property

507.271

383.871

Property, Plant and Equipment

10

13.809.611

10.569.872

Right Of Use Assets

12

2.711.795

1.980.324

Intangible Assets

13.695.238

10.480.408

- Goodwill

13

4.400.344

2.522.764

- Other Intangible Asset

11

9.294.894

7.957.644

Prepaid Expenses

420.621

46.052

Deferred Insurance Expenses

830.420

642.071

Deferred Tax Assets

22

1.132.918

660.696

Other Non-current Assets

16

228.498

172.840

Total Assets

1.152.516.572

819.763.789

These consolidated financial statements have been approved for issue by the Board of Directors on 3 November 2022. General Assembly has the right to change these consolidated financial statements.

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

1

HACI ÖMER SABANCI HOLDİNG A.Ş.

CONSOLIDATED BALANCE SHEET AT 30 SEPTEMBER 2022 AND 31 DECEMBER 2021

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

Not Reviewed

Audited

Note

30 September

31 December

LIABILITIES

References

2022

2021

Current Liabilities

846.483.410

606.207.659

Short Term Borrowings

6

39.848.825

26.193.026

Current Portion of Long-Term Borrowings

6

41.072.154

27.179.115

Short Term Lease Liabilities

7

560.996

382.607

Trade Payables

14.462.154

8.739.683

- Trade payables to related parties

468.872

109.484

- Trade payables to non-related parties

13.993.282

8.630.199

Payables from Finance Sector Operations

25

682.753.162

495.202.504

Payables related to Employee Benefits

315.775

133.906

Other Payables

8

29.634.934

16.992.367

Derivative Financial Instruments

23

10.594.845

14.714.467

Deferred Income

443.097

248.442

Income Taxes Payable

22

3.254.079

1.756.390

Short Term Provisions

14.929.103

11.151.910

- Short Term Provisions for Employee Benefits

1.162.808

768.587

- Insurance Technical Provisions

14

12.682.068

9.328.281

- Other Short-Term Provisions

14

1.084.227

1.055.042

Other Short-Term Liabilities

16

8.606.106

3.513.242

846.475.230

606.207.659

Liabilities Classified as Held for Sale

18

8.180

-

Long Term Liabilities

141.246.858

109.951.948

Long Term Borrowings

6

72.176.641

64.396.093

Long Term Lease Liabilities

7

2.511.426

1.844.517

Payables from Finance Sector Operations

25

25.338.499

17.327.199

Other Payables

8

14.501.975

7.145.569

Derivative Financial Instruments

23

11.019.754

11.219.270

Government Incentives and Grants

29.399

-

Deferred Income

298.162

221.404

Long Term Provisions

11.215.845

6.380.764

- Long Term Provisions for Employee Benefits

1.694.821

1.051.410

- Insurance Technical Provisions

14

7.685.547

4.766.880

- Other Long-Term Provisions

14

1.835.477

562.474

Taxes and Funds Payable

13.703

10.233

Deferred Tax Liabilities

22

3.630.064

1.382.161

Other Long-Term Liabilities

16

511.390

24.738

EQUITY

164.786.304

103.604.182

Equity Attributable to The Parent

17

81.532.858

51.416.916

Share Capital

17

2.040.404

2.040.404

Adjustments to Share Capital

3.426.761

3.426.761

Share Premium

17

22.237

22.237

Treasury Shares (-)

17

(1.426.659)

(298.646)

Other Equity Shares

25.461

-

Other Comprehensive Income or Expenses That

Will Not Be Reclassified to Profit or Loss

(394.453)

(238.606)

- Actuarial Gain/Loss

(394.453)

(238.606)

Other Comprehensive Income or Expenses That

Will Be Reclassified to Profit or Loss

9.151.709

3.521.468

- Currency Translation Reserve

17

9.987.101

6.690.649

- Gains/Losses on Hedge

17

(2.097.430)

(2.450.148)

- Revaluation Reserve

17

1.262.038

(719.033)

Restricted Reserves

17

3.064.651

1.532.498

Retained Earnings

38.407.391

29.378.702

Net Income for the Period

27.215.356

12.032.098

Non-controlling Interests

83.253.446

52.187.266

TOTAL EQUITY AND LIABILITIES

1.152.516.572

819.763.789

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

2

HACI ÖMER SABANCI HOLDİNG A.Ş.

CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS FOR THE PERIOD ENDED 30 SEPTEMBER 2022 AND 2021

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

Not Reviewed

Not Reviewed

Not Reviewed

Not Reviewed

1 January -

1 January -

1 July-

1 July-

Note

30 September

30 September

30 September

30 September

References

2022

2021

2022

2021

CONTINUING OPERATIONS

Sales (net)

4

46.517.068

20.864.465

18.466.676

7.855.015

Cost of Sales (-)

4

(37.051.857)

(16.207.445)

(14.817.575)

(6.150.654)

Gross Profit from Non-Financial

Operations

9.465.211

4.657.020

3.649.101

1.704.361

Interest, Premium, Commission and

Other Income

4

107.908.844

38.106.257

46.248.567

15.514.776

Interest, Premium, Commission and

Other Expense (-)

4

(43.590.790)

(21.003.831)

(18.507.767)

(8.516.080)

Gross Profit from Financial Operations

64.318.054

17.102.426

27.740.800

6.998.696

GROSS PROFIT

73.783.265

21.759.446

31.389.901

8.703.057

General and Administrative

Expenses (-)

(16.606.193)

(7.818.618)

(6.719.910)

(3.036.575)

Marketing Expenses (-)

(4.102.523)

(2.170.582)

(1.641.951)

(787.755)

Research and Development

Expenses (-)

(67.557)

(34.111)

(28.678)

(11.613)

Other Income from Operating

Activities

19

8.142.110

1.636.943

3.216.843

549.860

Other Expense from Operating

Activities (-)

19

(3.884.556)

(1.419.679)

(1.521.202)

(501.203)

Share of Profit of Investments

Accounted for Using the Equity

Method

9

4.486.557

1.734.441

1.994.461

521.549

OPERATING PROFIT

61.751.103

13.687.840

26.689.464

5.437.320

Income from Investing Activities

20

5.531.897

1.648.756

1.993.743

1.508.654

Expense from Investing Activities (-)

20

(3.171)

(8.517)

(87)

(6.738)

OPERATING PROFIT BEFORE

FINANCIAL EXPENSES

67.279.829

15.328.079

28.683.120

6.939.236

Financial Income

21

977.579

113.203

497.534

43.856

Financial Expenses (-)

21

(1.950.396)

(877.863)

(876.473)

(288.492)

INCOME BEFORE TAX

FROM CONTINUING

OPERATIONS

66.307.012

14.563.419

28.304.181

6.694.600

Tax Expense from Continuing

Operations

Current Tax Expense

(13.791.935)

(2.758.894)

(8.730.707)

(1.452.980)

Deferred Tax Income/(Expense)

22

(111.698)

(121.601)

2.755.306

223.875

PROFIT FOR THE PERIOD

FROM CONTINUING

OPERATIONS

52.403.379

11.682.924

22.328.780

5.465.495

DISCONTINUED OPERATIONS

Profit After Tax

From Discontinued Operations

(2.461)

(4.342)

(67)

(140)

PROFIT FOR THE PERIOD

52.400.918

11.678.582

22.328.713

5.465.355

ALLOCATION OF PROFIT

- Non-controlling Interests

25.185.562

4.821.874

11.455.470

2.072.967

- Equity Holders of the Parent

27.215.356

6.856.708

10.873.243

3.392.388

Earnings per share

- hundreds of ordinary shares (TRY)

13,34

3,36

5,33

1,66

Earnings per share from continuing

operations

- hundreds of ordinary shares (TRY)

13,34

3,36

5,33

1,66

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

.

3

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Haci Ömer Sabanci Holding AS published this content on 10 November 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 10 November 2022 12:18:02 UTC.