Türkiye Sise Ve Cam Fabrikalari : 2021 Q2 Financial Statements Report

TÜRKİYE ŞİŞE VE CAM FABRİKALARI A.Ş.

CONVENIENCE TRANSLATION INTO ENGLISH OF CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD 1 JANUARY - 30 JUNE 2021

(ORIGINALLY ISSUED IN TURKISH)

TÜRKİYE ŞİŞE VE CAM FABRİKALARI A.Ş.

CONTENTS

		PAGE
CONSOLIDATED STATEMENT OF FINANCIAL POSITION	1-2
CONSOLIDATED STATEMENT OF PROFIT OR LOSS	3
CONSOLIDATED STATEMENT OF OTHER COMPREHENSIVE INCOME	4
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY	5
CONSOLIDATED STATEMENT OF CASH FLOWS	6-7
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS	8-133
NOTE 1	GROUP'S ORGANIZATION AND NATURE OF OPERATIONS	8-17
NOTE 2	BASIS OF PRESENTATION OF CONSOLIDATED FINANCIAL STATEMENTS	17-41
NOTE 3	BUSINESS COMBINATIONS	42
NOTE 4	INTERESTS IN OTHER ENTITIES	42-44
NOTE 5	SEGMENT REPORTING	45-48
NOTE 6	CASH AND CASH EQUIVALENTS	49-50
NOTE 7	FINANCIAL INVESTMENTS	50-55
NOTE 8	BORROWINGS	56-61
NOTE 9	OTHER FINANCIAL LIABILITIES	61
NOTE 10	TRADE RECEIVABLES AND PAYABLES	62-64
NOTE 11	OTHER RECEIVABLES AND PAYABLES	64-65
NOTE 12	DERIVATIVE INSTRUMENTS	66-69
NOTE 13	INVENTORIES	70
NOTE 14	PREPAID EXPENSES AND DEFERRED INCOME	70-71
NOTE 15	CONTRACT ASSETS AND LIABILITES	71
NOTE 16	JOINT VENTURES AND ASSOCIATES	72-76
NOTE 17	INVESTMENT PROPERTIES	77
NOTE 18	PROPERTY, PLANT AND EQUIPMENT	78-79
NOTE 19	RIGHT OF USE ASSETS	80-81
NOTE 20	INTANGIBLE ASSETS	82
NOTE 21	GOODWILL	83
NOTE 22	GOVERNMENT GRANTS	84-85
NOTE 23	PROVISIONS, CONTINGENT ASSETS AND LIABILITIES	85-86
NOTE 24	COMMITMENTS	87
NOTE 25	EMPLOYEE BENEFITS	87-88
NOTE 26	IMPAIRMENT OF ASSETS	89
NOTE 27	OTHER ASSETS AND LIABILITIES	89
NOTE 28	CAPITAL, RESERVES AND OTHER EQUITY ITEMS	90-100
NOTE 29	REVENUE AND COST OF SALES	101
NOTE 30	GENERAL ADMINISTRATIVE EXPENSES, MARKETING EXPENSES,	102
	RESEARCH AND DEVELOPMENT EXPENSES
NOTE 31	EXPENSES BY NATURE	102
NOTE 32	OTHER INCOME AND EXPENSES FROM OPERATING ACTIVITIES	103
NOTE 33	INCOME AND LOSS FROM INVESTING ACTIVITIES	104-105
NOTE 34	FINANCIAL INCOME AND EXPENSES	106
NOTE 35	ASSETS HELD FOR SALE	107
NOTE 36	TAXES ON INCOME (INCLUDING DEFERRED TAX ASSETS AND LIABILITIES)	107-111
NOTE 37	EARNINGS PER SHARE	112
NOTE 38	RELATED PARTY DISCLOSURES	112-118
NOTE 39	FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT	119-130
NOTE 40	FINANCIAL INSTRUMENTS (FAIR VALUE AND HEDGE ACCOUNTING
	DISCLOSURES	131-132
NOTE 41	EVENTS AFTER REPORTING PERIOD	133
NOTE 42	OTHER ISSUES THAT SIGNIFICANTLY AFFECT THE FINANCIAL STATEMENTS
	OR OTHER ISSUES, REQUIRED FOR THE CLEAR UNDERSTANDING OF FINANCIAL STATEMENTS	133

TÜRKİYE ŞİŞE VE CAM FABRİKALARI A.Ş.

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION AS OF 30 JUNE 2021 AND 31 DECEMBER 2020

(Amounts expressed in thousand Turkish Lira ("TRY") unless otherwise indicated.)

			30 June	31 December
ASSETS	Notes	2021	2020
Current Assets
Cash and cash equivalents	6	11,244,703	9,354,964
Financial investments	7	2,502,084	2,159,846
Trade receivables	10,38	5,534,306	4,352,606
−	Due from related parties	38	12,917	7,508
−	Other trade receivables	10	5,521,389	4,345,098
Other receivables	11	391,648	365,758
Contract assets	15	93,549	51,170
Derivative financial assets	12	168,244	4,941
Inventories	13	5,110,873	4,180,755
Prepayments	14	555,914	335,654
Current tax assets	36	18,751	25,111
Other current assets	27	610,678	386,189
Total current assets		26,230,750	21,216,994
Non-current assets
Financial investments	7	1,160,220	1,716,184
Trade receivables	10	296	481
Other receivables	11	116,038	94,003
Derivative financial assets	12	198,139	90,337
Investments accounted for using the equity method	16	1,243,359	1,001,163
Investment properties	17	891,141	891,141
Property, plant and equipment	18	17,525,306	16,240,518
Right of use assets	19	160,089	170,918
Intangible assets	20,21	989,478	908,154
−	Goodwill	21	426,082	368,483
−	Other intangible assets	20	563,396	539,671
Prepayments	14	223,868	349,106
Deferred tax assets	36	1,050,613	1,104,347
Other non-current assets	27	441,880	444,690
Total non-current assets		24,000,427	23,011,042
TOTAL ASSETS		50,231,177	44,228,036

1

TÜRKİYE ŞİŞE VE CAM FABRİKALARI A.Ş.

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION AS OF 30 JUNE 2021 AND 31 DECEMBER 2020

(Amounts expressed in thousand Turkish Lira ("TRY") unless otherwise indicated)

			30 June	31 December
LIABILITIES	Notes	2021	2020
Current Liabilities
Short term borrowings	8	2,233,065	2,251,342
Short term portion of long-term borrowings	8	3,195,334	2,399,320
Trade payables	10,38	2,550,630	2,444,872
− Due to related parties	38	110,297	120,307
− Due to third parties	10	2,440,333	2,324,565
Liabilities for employee benefits	25	118,506	98,610
Other payables	11,38	231,873	220,286
− Due to related parties	38	49,780	59,845
−	Due to third parties	11	182,093	160,441
Contract liabilities	15	73,319	38,233
Derivative instruments	12	37,434	53,762
Deferred income	14	358,059	113,763
Current income tax liabilities	36	242,186	38,510
Short term provisions	23, 25	476,150	248,634
Other current liabilities	27	647,200	331,146
Total current liabilities		10,163,756	8,238,478
Non-current liabilities
Long term borrowings	8	12,882,632	12,491,577
Other payables	11	1,862	3,371
Derivative instruments	12	58,381	98,545
Deferred income	14	133,889	81,212
Long term provisions	25	682,627	614,167
Deferred tax liabilities	36	237,682	209,453
Total non-current liabilities		13,997,073	13,498,325
Total liabilities		24,160,829	21,736,803
EQUITY
Equity holders of the parent	28	25,685,323	22,194,395
Paid capital		3,063,214	3,063,214
Adjustment to share capital differences		320,075	320,075
Treasury shares		(6,544)	-
Share premiums (discount)		167,048	167,048
Accumulated other comprehensive income/expense
	not to be reclassified to profit or loss		2,677,611	2,564,583
− Gains/(losses) on revaluation and remeasurement		2,677,611	2,564,583
	− Revaluation gain/(loss) on tangible assets		2,734,317	2,623,553
	− Gain/(loss) arising from defined benefit plans		(56,706)	(58,970)
Accumulated other comprehensive income/expense
	to be reclassified to profit or loss		4,703,921	3,525,321
−	Currency translation differences		4,710,248	3,491,750
−	Hedge reserves		(6,327)	33,571
Restricted reserves		1,517,852	1,517,852
Retained earnings		10,499,015	8,898,265
Net profit or loss for the period		2,743,131	2,138,037
Non-controlling interests	28	385,025	296,838
Total equity		26,070,348	22,491,233
TOTAL LIABILITIES AND EQUITY		50,231,177	44,228,036

2