Suspension of trading

Cash flow Sinpas Gayrimenkul Yatirim Ortakligi

Equities

SNGYO

TRESNGY00019

Residential REITs

Market Closed - Borsa Istanbul Other stock markets 10:09:51 2026-01-15 am EST			5-day change	1st Jan Change
5.070 ^TRY	+3.47%		+11.67%	+11.67%

Jan. 07	Sinpas REIT says 2025 net sales 6.23 bln lira + VAT	RE
Nov. 07	Sinpas REIT Q3 net loss shrinks to 13.4 mln lira y/y	RE

b47deb998fee841512b6.U1aUuLv5gIm7ptW5j-xDybYy5jpliFzhNvJ70K-SU40.HzPm8f2h6PnD47jxxp0c-vVd3l8ny2WxQp8-vf6jatglGbn0ybC33dTulA

Published financial data: SINPAS GAYRIMENKUL YATIRIM ORTAKLIGI

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2020	2021	2022	2023	2024
Other Revenues, Total	1.99B	2.12B	1.25B	1.71B	13.44B
Total Revenues	1.99B	2.12B	1.25B	1.71B	13.44B
Property Expenses	1.21B	1.11B	978M	844M	9.07B
Selling General & Admin Expenses, Total	84.39M	123M	184M	561M	800M
Other Operating Expenses	-221M	-354M	-92.47M	-351M	-158M
Total Operating Expenses	1.08B	880M	1.07B	1.05B	9.71B
Operating Income (REIT / Utility Template)	914M	1.24B	182M	658M	3.73B
Interest Expense, Total	-197M	-478M	-753M	-2.06B	-1.66B
Interest and Investment Income	15.35K	251M	92.36M	12.26M	48.01M
Net Interest Expenses	-197M	-227M	-660M	-2.05B	-1.61B
Currency Exchange Gains (Loss)	-847M	-1.62B	-1.23B	364M	43.71M
Other Non Operating Income (Expenses)	-79.28K	-	-	926M	4.03B
EBT, Excl. Unusual Items	-130M	-607M	-1.7B	-96.96M	6.19B
Gain (Loss) on Sale of Investments	-	-	-177M	-	-
Asset Writedown	281M	3.78B	7.91B	837M	5.29B
EBT, Incl. Unusual Items	150M	3.17B	6.02B	740M	11.48B
Income Tax Expense	-	-	-	-	3.72B
Earnings From Continuing Operations	150M	3.17B	6.02B	740M	7.76B
Net Income to Company	150M	3.17B	6.02B	740M	7.76B
Minority Interest	-	28.91M	-801M	429M	-2.53B
Net Income - (IS)	150M	3.2B	5.22B	1.17B	5.23B
Net Income to Common Incl Extra Items	150M	3.2B	5.22B	1.17B	5.23B
Net Income to Common Excl. Extra Items	150M	3.2B	5.22B	1.17B	5.23B
Per Share Items
Net EPS - Basic	0.04	0.8	1.31	0.29	1.31
Basic EPS - Continuing Operations	0.04	0.8	1.31	0.29	1.31
Basic Weighted Average Shares Outstanding	4B	4B	4B	4B	4B
Net EPS - Diluted	0.04	0.8	1.31	0.29	1.31
Diluted EPS - Continuing Operations	0.04	0.8	1.31	0.29	1.31
Diluted Weighted Average Shares Outstanding	4B	4B	4B	4B	4B
Normalized Basic EPS	-0.02	-0.09	-0.47	0.09	0.34
Normalized Diluted EPS	-0.02	-0.09	-0.47	0.09	0.34
Payout Ratio	-	-	-	-	-
Supplemental Items
EBITDA	924M	1.25B	184M	672M	3.74B
EBITA	914M	1.24B	182M	659M	3.73B
EBIT	914M	1.24B	182M	658M	3.73B
EBITDAR	924M	1.25B	186M	676M	3.75B
Effective Tax Rate - (Ratio)	-	-	-	-	32.4
Total Deferred Taxes	-	-	-	-	3.72B
Normalized Net Income	-81.44M	-350M	-1.87B	368M	1.34B
Non-Cash Pension Expense	-	-	-	-	-
Supplemental Operating Expense Items
Advertising Expense	-	-	-	-	77.66M
Marketing Expenses	-	-	-	-	-
Selling and Marketing Expenses	52.9M	87.47M	117M	310M	390M
General and Administrative Expenses	31.48M	35.47M	65.14M	247M	407M
Net Rental Expense, Total	9.66K	215K	1.61M	4.14M	3.98M
Imputed Operating Lease Interest Expense	3.92K	190K	2.1M	12.08M	9.78M
Imputed Operating Lease Depreciation	5.74K	25.41K	-489K	-7.95M	-5.8M
Maintenance & Repair Expenses, Total	452K	2.63M	8M	11.45M	43.23M

Fiscal Period: December	2020	2021	2022	2023	2024
Assets
Gross Property Plant And Equipment	81.9M	81.32M	99.97M	396M	562M
Accumulated Depreciation	-46.13M	-50.91M	-67.93M	-325M	-461M
Net Property Plant And Equipment	35.78M	30.41M	32.05M	70.75M	100M
Total Real Estate Assets	35.78M	30.41M	32.05M	70.75M	100M
Cash And Equivalents	71.09M	521M	290M	364M	103M
Accounts Receivable, Total	447M	470M	237M	860M	2.56B
Other Receivables	23.48M	10.47M	10.07M	749M	5.46M
Investment In Debt and Equity Securities	-	560M	-	-	-
Other Intangibles, Total	786K	911K	829K	4.35M	5.76M
Other Current Assets, Total	2B	2.15B	2.3B	6.22B	9.9B
Other Long-Term Assets, Total	3.23B	7.58B	15.9B	32.13B	48.85B
Total Assets	5.81B	11.32B	18.77B	40.4B	61.52B
Liabilities
Current Portion of Long-Term Debt	1.71B	496M	739M	509M	1.34B
Current Portion of Leases	144M	77.42M	225M	226M	166M
Long-Term Debt	2.09B	3.65B	3.24B	2.45B	3.73B
Long-Term Leases	143M	367M	449M	416M	357M
Accounts Payable, Total	270M	208M	144M	352M	1.13B
Accrued Expenses, Total	5.5M	18.14M	9.48M	23.86M	44.99M
Current Income Taxes Payable	3.1M	8.41M	14.03M	59.26M	87.51M
Unearned Revenue, Current	156M	319M	373M	473M	605M
Other Current Liabilities - (Brok / FS / Ins. / REIT Template)	10.77M	13.35M	14.59M	81.73M	19.09M
Unearned Revenue Non Current	526M	1.23B	2.1B	7.58B	1.85B
Pension & Other Post Retirement Benefits	4.78M	6.34M	13.47M	9.3M	18.35M
Deferred Tax Liability Non-Current	-	-	-	-	7.14B
Other Non Current Liabilities	30.3M	32.28M	43.34M	174M	227M
Total Liabilities	5.09B	6.43B	7.37B	12.36B	16.71B
Common Stock, Total	873M	873M	1.5B	1.5B	4B
Additional Paid In Capital	62.42M	127M	548M	1.7B	2.45B
Retained Earnings	-4.15M	3.56B	8.14B	14.25B	20.6B
Treasury Stock	-81.29M	-66.53M	-1.04M	-5.58M	-8.05M
Comprehensive Income and Other	-138M	-141M	-146M	7.95B	12.16B
Total Common Equity	712M	4.35B	10.04B	25.39B	39.21B
Minority Interest	-	548M	1.36B	2.65B	5.6B
Total Equity	712M	4.9B	11.4B	28.04B	44.81B
Total Liabilities And Equity	5.81B	11.32B	18.77B	40.4B	61.52B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	3.52B	3.61B	3.77B	3.77B	4B
ECS Total Common Shares Outstanding	3.52B	3.61B	3.77B	3.77B	4B
Book Value / Share	0.2	1.21	2.66	6.73	9.8
Tangible Book Value	712M	4.35B	10.04B	25.39B	39.2B
Tangible Book Value Per Share	0.2	1.21	2.66	6.73	9.8
Total Debt	4.09B	4.59B	4.65B	3.6B	5.59B
Net Debt	4.02B	4.07B	4.36B	3.24B	5.49B
Debt Equivalent Oper. Leases	77.29K	1.72M	12.91M	33.09M	31.82M
Minority Interest, Total (Incl. Fin. Div)	-	548M	1.36B	2.65B	5.6B
Equity Method Investments, Total	14.11M	14.86M	19.67M	42.61M	102M
Account Code - Inventory Valuation	3	3	3	3	3
Inventories - Work In Process, Total	508M	392M	263M	993M	1.71B
Inventories - Finished Goods, Total	973M	905M	1.06B	4.1B	4.3B
Inventories - Others	2.43M	2.81M	2.83M	13.16M	1.4B
Buildings, Total	10.81M	10.81M	10.81M	90.52M	131M
Machinery, Total	20.47M	21.09M	23.42M	159M	238M
Full Time Employees	211	194	175	183	205
Accumulated Allowance for Doubtful Accounts (Supple)	17.78M	19.53M	17.97M	17.97M	17.97M

Fiscal Period: December	2020	2021	2022	2023	2024
Net Income	150M	3.2B	5.22B	1.17B	5.23B
Depreciation, Depletion & Amortization	9.9M	4.78M	17.12M	18.25M	31.39M
Amortization of Goodwill and Intangible Assets - (CF)	99.83K	78.86K	131K	914K	1.47M
Total Depreciation, Depletion & Amortization	10M	4.86M	17.25M	19.16M	32.86M
(Gain) Loss on Sale of Investments - (CF)	-	-241M	-	-	-
Total Asset Writedown	-703M	-3.78B	-7.91B	-837M	-5.29B
(Income) Loss On Equity Investments - (CF)	-527K	-749K	270K	-10.52M	-72.99M
Change in Accounts Receivable	10.41M	-52.85M	231M	-290M	-1.29B
Change In Inventories	299M	229M	-445M	-2.3B	1B
Change in Accounts Payable	73.84M	-61.9M	-64.04M	114M	621M
Change in Unearned Revenues	-87.85M	869M	925M	3.94B	-9.18B
Change in Other Net Operating Assets (Collected)	-42.63M	-622M	1.25B	-25.8M	89.97M
Other Operating Activities	1.09B	2.39B	2.38B	1.42B	10.53B
Cash from Operations	799M	1.93B	1.61B	3.2B	1.69B
Acquisition of Real Estate Assets, Total	-93.54M	-587M	-185M	-840M	-950M
Sale of Real Estate Assets, Total	252K	2.34M	196M	931M	30.49K
Net Sale / Acquisition of Real Estate Assets	-93.29M	-584M	10.83M	90.95M	-950M
Cash Acquisitions	-	-	-4.54M	-	-
Divestitures	-	937M	-	307M	-
Purchase / Sale of Intangible Assets	-	-	-	-	-
Investment in Marketable and Equity Securities, Total	-	-	-	-	-
Other Investing Activities, Total	-	-	-	-	-
Cash from Investing	-93.29M	352M	6.29M	398M	-950M
Long-Term Debt Issued, Total	1.78B	4.36B	1.01B	4B	1.69B
Total Debt Issued	1.78B	4.36B	1.01B	4B	1.69B
Long-Term Debt Repaid, Total	-2.46B	-6.16B	-2.65B	-5.91B	-1.11B
Total Debt Repaid	-2.46B	-6.16B	-2.65B	-5.91B	-1.11B
Issuance of Common Stock	-	79.26M	-	-	-
Common Dividends Paid	-	-	-	-	-
Common & Preferred Stock Dividends Paid	-	-	-	-	-
Other Financing Activities, Total	-17.58M	-116M	-206M	-1.61B	-1.57B
Cash from Financing	-706M	-1.84B	-1.85B	-3.52B	-996M
Miscellaneous Cash Flow Adjustments	-	-	-	-187M	-161M
Net Change in Cash	-327K	450M	-231M	-113M	-423M
Supplemental Items
Cash Interest Paid	17.58M	116M	693M	1.61B	1.57B
Net Debt Issued / Repaid	-688M	-1.8B	-1.64B	-1.91B	579M
Levered Free Cash Flow	719M	439M	-275M	-1.82B	608M
Unlevered Free Cash Flow	842M	738M	195M	-531M	1.64B
Change In Net Working Capital	-262M	42.44M	-71.43M	960M	707M

Fiscal Period: December	2020	2021	2022	2023	2024
Profitability
Return on Assets	10.29	9.08	0.76	1.06	3.89
Return on Total Capital	12.61	10.89	0.89	1.28	4.85
Return On Equity %	23.59	113.08	73.92	2.8	18.2
Return on Common Equity	23.59	126.47	72.61	4.9	13.8
Margin Analysis
Gross Profit Margin %	39.06	47.69	21.88	50.7	32.5
SG&A Margin	4.24	5.8	14.71	32.76	5.95
EBITDA Margin %	46.45	58.95	14.74	39.25	27.86
EBITA Margin %	45.95	58.56	14.56	38.5	27.74
EBIT Margin %	45.94	58.56	14.55	38.45	27.72
Income From Continuing Operations Margin %	7.56	149.29	481.45	43.26	57.76
Net Income Margin %	7.56	150.65	417.42	68.29	38.94
Net Avail. For Common Margin %	7.56	150.65	417.42	68.29	38.94
Normalized Net Income Margin	-4.09	-16.5	-149.17	21.49	9.97
Levered Free Cash Flow Margin	36.13	20.67	-21.99	-106.17	4.53
Unlevered Free Cash Flow Margin	42.34	34.74	15.6	-31.05	12.24
Asset Turnover
Asset Turnover	0.36	0.25	0.08	0.04	0.22
Fixed Assets Turnover	53.07	64.19	40.07	21.48	132.71
Inventory Turnover (Average Inventory)	0.75	0.8	0.54	0.16	1.17
Short Term Liquidity
Current Ratio	1.1	2.76	1.87	4.75	3.71
Quick Ratio	0.24	0.88	0.35	1.14	0.79
Operating Cash Flow to Current Liabilities	0.35	1.69	1.06	1.85	0.5
Days Outstanding Inventory (Average Inventory)	485.73	457.24	677	2.25K	312.58
Average Days Payable Outstanding	88.58	94.21	119.59	143.37	30.91
Long Term Solvency
Total Debt/Equity	573.7	93.71	40.81	12.84	12.47
Total Debt / Total Capital	85.16	48.38	28.98	11.38	11.09
LT Debt/Equity	313.44	81.99	32.35	10.22	9.12
Long-Term Debt / Total Capital	46.52	42.33	22.97	9.06	8.11
Total Liabilities / Total Assets	87.73	56.76	39.25	30.59	27.16
EBIT / Interest Expense	4.63	2.6	0.24	0.32	2.25
EBITDA / Interest Expense	4.68	2.63	0.26	0.35	2.27
(EBITDA - Capex) / Interest Expense	4.68	2.63	0.26	0.35	2.26
Total Debt / EBITDA	4.42	3.65	23.34	5.04	1.49
Net Debt / EBITDA	4.35	3.23	21.89	4.53	1.46
Total Debt / (EBITDA - Capex)	4.43	3.65	24.23	5.06	1.49
Net Debt / (EBITDA - Capex)	4.35	3.24	22.72	4.55	1.46
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	16.08	6.8	-41.09	-27.8	443.78
Gross Profit, 1 Yr. Growth %	43.16	30.4	-72.98	55.36	248.6
EBITDA, 1 Yr. Growth %	43.19	34.76	-85.28	62.81	287.08
EBITA, 1 Yr. Growth %	41.84	34.06	-85.35	60.29	291.72
EBIT, 1 Yr. Growth %	41.86	34.07	-85.36	60.37	292.11
Earnings From Cont. Operations, 1 Yr. Growth %	-30.09	2.01K	89.97	-89.01	626.14
Net Income, 1 Yr. Growth %	-30.09	2.03K	63.22	-80.38	210.06
Diluted EPS Before Extra, 1 Yr. Growth %	-30.09	2.03K	63.22	-80.38	210.06
Normalized Net Income, 1 Yr. Growth %	-371.35	330.35	432.58	-237.2	152.37
Net Property, Plant and Equip., 1 Yr. Growth %	-8.7	-15	5.38	-20.21	-1.71
Inventory, 1 Yr. Growth %	-14.36	-12.42	-21.62	-1.78	8.42
Accounts Receivable, 1 Yr. Growth %	0.1	5.31	-49.57	120.01	106.48
Total Assets, 1 Yr. Growth %	9.74	95.01	65.77	9.27	5.47
Common Equity, 1 Yr. Growth %	26.72	510.35	130.86	13.52	6.96
Tangible Book Value, 1 Yr. Growth %	26.77	510.9	130.89	13.52	6.96
Cash From Operations, 1 Yr. Growth %	884.41	142.11	-16.83	17.1	-63.48
Capital Expenditures, 1 Yr. Growth %	9.47	191.07	271.22	-26.87	264.1
Levered Free Cash Flow, 1 Yr. Growth %	80.55	-39.64	-162.68	-65.39	-111.62
Unlevered Free Cash Flow, 1 Yr. Growth %	66.99	-13.27	-73.55	-84.94	-148.7
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	114.49	11.34	-20.68	-10.23	138.09
Gross Profit, 2 Yr. CAGR %	209.49	36.64	-40.64	-7.44	179.63
EBITDA, 2 Yr. CAGR %	312.52	39.32	-55.45	-26.75	201.21
EBITA, 2 Yr. CAGR %	325.25	38.95	-55.68	-27.21	201.09
EBIT, 2 Yr. CAGR %	325.77	38.97	-55.7	-27.26	201.31
Earnings From Cont. Operations, 2 Yr. CAGR %	-12.62	284.02	533.03	-51.68	7.36
Net Income, 2 Yr. CAGR %	-12.62	285.77	489.44	-39.56	-6.29
Diluted EPS Before Extra, 2 Yr. CAGR %	-12.62	285.77	489.44	-39.56	-6.29
Normalized Net Income, 2 Yr. CAGR %	-60.57	241.72	378.74	2.46	123.59
Net Property, Plant and Equip., 2 Yr. CAGR %	28.95	-11.9	-5.36	52.52	6.41
Inventory, 2 Yr. CAGR %	-1.5	-13.4	3.61	59.15	24
Accounts Receivable, 2 Yr. CAGR %	-22.21	2.67	-27.13	35.21	156.1
Total Assets, 2 Yr. CAGR %	7.55	46.29	79.8	88.89	28.99
Common Equity, 2 Yr. CAGR %	42.55	178.11	275.37	141.65	32.4
Tangible Book Value, 2 Yr. CAGR %	42.67	178.29	275.56	141.65	32.41
Cash From Operations, 2 Yr. CAGR %	143.85	388.19	41.9	28.58	-21.43
Capital Expenditures, 2 Yr. CAGR %	-75.75	78.51	228.71	-1.23	96.07
Levered Free Cash Flow, 2 Yr. CAGR %	38.95	5.03	-38.49	103.46	-65.96
Unlevered Free Cash Flow, 2 Yr. CAGR %	59.16	20.97	-52.1	-15.13	-31.74
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	30.05	70	-9.95	-4.88	84.95
Gross Profit, 3 Yr. CAGR %	65.32	132.02	-20.39	3.77	62.77
EBITDA, 3 Yr. CAGR %	129.4	184.67	-34.13	-10.24	44.06
EBITA, 3 Yr. CAGR %	130.8	190.9	-34.36	-10.78	44.17
EBIT, 3 Yr. CAGR %	130.85	191.14	-34.37	-10.81	44.15
Earnings From Cont. Operations, 3 Yr. CAGR %	-14.78	152.54	203.71	70.15	34.77
Net Income, 3 Yr. CAGR %	-14.78	153.31	189.61	98.12	17.82
Diluted EPS Before Extra, 3 Yr. CAGR %	-14.78	153.31	189.61	98.12	17.82
Normalized Net Income, 3 Yr. CAGR %	-17.57	-12.54	296.2	65.31	56.39
Net Property, Plant and Equip., 3 Yr. CAGR %	34.31	12.23	-6.48	25.52	48.9
Inventory, 3 Yr. CAGR %	0.22	-5.28	-2.76	51.39	58.28
Accounts Receivable, 3 Yr. CAGR %	-6.28	-13.94	-18.99	24.4	75.98
Total Assets, 3 Yr. CAGR %	12.71	31.14	52.52	90.91	75.8
Common Equity, 3 Yr. CAGR %	-5.64	131.48	161.37	229.09	108.14
Tangible Book Value, 3 Yr. CAGR %	-5.67	131.67	161.5	229.19	108.15
Cash From Operations, 3 Yr. CAGR %	172.5	143.27	170.64	58.77	-4.48
Capital Expenditures, 3 Yr. CAGR %	-16.8	-44.47	127.85	41.61	72.45
Levered Free Cash Flow, 3 Yr. CAGR %	-16.34	5.66	-11.58	35.69	11.49
Unlevered Free Cash Flow, 3 Yr. CAGR %	-11.54	30.45	-27.12	-14.52	30.62
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	50.12	47.74	6.71	31.68	50.97
Gross Profit, 5 Yr. CAGR %	76.73	86.75	9.75	60.65	51.76
EBITDA, 5 Yr. CAGR %	161.74	219.55	19.23	65.4	42.15
EBITA, 5 Yr. CAGR %	147.92	190.14	19.64	67.14	42.06
EBIT, 5 Yr. CAGR %	147.42	189.28	19.64	67.17	42.06
Earnings From Cont. Operations, 5 Yr. CAGR %	23.55	108.91	90.06	30.34	104.88
Net Income, 5 Yr. CAGR %	23.55	109.29	84.71	42.8	89.34
Diluted EPS Before Extra, 5 Yr. CAGR %	14.62	94.16	84.71	42.8	89.34
Normalized Net Income, 5 Yr. CAGR %	12.39	44.77	66.61	-6.82	113.8
Net Property, Plant and Equip., 5 Yr. CAGR %	20.85	19.04	16.76	26.88	20.7
Inventory, 5 Yr. CAGR %	36.82	21.61	1.57	27.48	35.99
Accounts Receivable, 5 Yr. CAGR %	19.38	21.64	-15.25	3.1	41.86
Total Assets, 5 Yr. CAGR %	23.74	38.54	35.86	51.75	63.34
Common Equity, 5 Yr. CAGR %	-7.44	34.92	63.93	135.5	133.73
Tangible Book Value, 5 Yr. CAGR %	-7.46	34.92	63.93	135.61	133.79
Cash From Operations, 5 Yr. CAGR %	56.78	47.48	109.9	88.5	83.44
Capital Expenditures, 5 Yr. CAGR %	-	10.44	44.15	-30.09	74.85
Levered Free Cash Flow, 5 Yr. CAGR %	35.56	22.74	-25.84	37.32	8.86
Unlevered Free Cash Flow, 5 Yr. CAGR %	37.5	37.49	-30.64	9.84	26.67