Net : 31.12.2022 Financial Statements

NET HOLDİNG ANONİM ŞİRKETİ

AND IT'S SUBSIDIARIES

CONSOLIDATED FINANCIAL STATEMENTS AND

INDEPENDENT AUDITORS' REPORT

FOR THE PERIOD ENDED AT 31 DECEMBER 2022

(CONVENIENCE TRANSLATION OF THE REPORT, THE FINANCIAL STATEMENTS

AND THE EXPLANATORY NOTES ORIGINALLY ISSUED IN TURKISH)

CONTENTS

PAGEIndependent Audit Report .......................................................................................................................................... 1-6

Consolidated Balance Sheets ……………………………………………………………………………………………… 7…-8 ………………………………

Consolidated Statements of Income ………………………………………………………………………………………… 9 ………………………………

Consolidated Statements of Other Comprehensive Income ……………………………………………………………… 10 …………………………………

Consolidated Statements of Change in Shareholder's Equity …………………………………………………………… 11 ………………………………

Consolidated Statements of Cash Flow ………………………………………………………………………………… 12…-13 …………………………………

Notes to the Consolidated Financial Statements …………………………………………………………………… 1…4-…11…1 ………………………………

NOTE 1

NOTE 2

NOTE 3

NOTE 4

Organization and Nature Of Activities ………………………………………………………………............. 1..4 ................. Basis of the Consolidated Financial Statement …………………………………………………………… 1…5-…39… .......... Business Mergers and Subject to Joint Control and Joint Ventures ……………………………………… 3…9-…40 .............. Shares in Other Companies ………………………………………………………………………………… 41…-46 …………… ..

NOTE 5

NOTE 6

Report by Segments ………………………………………………………………………………………… 46…-53 ………………………………… Related Party Disclosures ………………………………………………………………………………… 5…3-…57 ……………………

NOTE 7

NOTE 8

NOTE 9

Cash And Cash Equivalents ……………………………………………………………………………… 5…8-…59 …………………… Financial Investments, net ………………………………………………………………………………… 6…0-6…1 …………………… Financial Borrowings, net ………………………………………………………………………………… 6…1-…62 ……………

NOTE 10

NOTE 11

NOTE 12

NOTE 13

NOTE 14

Trade Receivables and Payables …………………………………………………………………………… 62…-6…4 ………………………… Receivables and Payables from Finance Sector Activities ………………………………………………… 64…-6…5 ………………………… Other Receivables and Payables …………………………………………………………………………… 65…-6…8 ……………… .. Payables from Employee Benefits …………………………………………………………………………… 6…8 …………… .. Inventories ………………………………………………………………………………………………… 6…8-6…9 ……………

NOTE 15

NOTE 16

Prepaid Expenses and Deferred Income …………………………………………………………………… 69…-7…0 ……………………………… Investments Consolidated by Equity Pick Up Method …………………………………………………… 7…1-…72 ………………… .

NOTE 17

NOTE 18

NOTE 19

NOTE 20

NOTE 21

NOTE 22

NOTE 23

NOTE 24

NOTE 25

NOTE 26

NOTE 27

NOTE 28

Right of Use Assets …………………………………………………………………………………………… 73 ……………… . Investment Properties ………………………………………………………………………………………… 7…4 ……………… Tangible Fixed Assets ………………………………………………………………………………………… 75 ……………… .. Intangible Fixed Assets, net …………………………………………………………………………………… 76 …………… Government Incentives and Grants …………………………………………………………………………… 7…7 ………………… Commitments, Contingent Assets and Liabilities ………………………………………………………… 7…8-7…9 …………… .. Commitments ………………………………………………………………………………………………… 7…9 ………………… Provisions for Employee Benefits …………………………………………………………………………… 8…0 ………………… .. Other Assets ……………………………………………………………………………………………… 8…0-…81 ………………… . Shareholders' Equity ……………………………………………………………………………………… 8…1-8…4 ………………… Sales and Cost of Sales ………………………………………………………………………………………… 85 ………………… . General Administrative Expenses and Marketing Expenses ……………………………………………… 8…5-.8.6

NOTE 29

NOTE 30

NOTE 31

NOTE 32

NOTE 33

NOTE 34

NOTE 35

NOTE 36

NOTE 37

Expenses According to Qualifıcations ………………………………………………………………………… 87 ………………… .. Other Operating Income / Expenses …………………………………………………………………………… 88 …………… .. Investment Activities Income / Expenses ……………………………………………………………………… 89 ……………… Financial Income / (Expenses) …………………………………………………………………………… 8…9-…90 ………………… Current Assets Held for Sale and Discontinued Operations …………………………………………………… 90 ……………… .. Tax Assets and Liabilities (Including Deferred Tax Assets and Liabilities) ……………………………… 9…1-9…6 …………… .. Earnings Per Share …………………………………………………………………………………………… 9…6 ………………… Exposure to Financial Risks Due to Financial Instrument ……………………………………………… 9…7-…10…4 ………………… .. Financial Instruments (Fair Value Disclosures and Hedge Accounting Disclosures) ………… 105-107

NOTE 38

Fees for Services Received from Independent Auditor's …………………… . …………………… .…… 107

NOTE 39

Other Issues Affecting the Consolidated Financial Statements Significantly or Required to be Disclosed for Clear, Understandable and Interpretable Presentation .....................................

107-111

NOTE 40

Post Balance Sheet Events …………………………………………………………………………… ..

111