VESTEL ELEKTRONİK SANAYİ VE TİCARET ANONİM ŞİRKETİ
CONVENIENCE TRANSLATION INTO ENGLISH OF CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE INTERIM PERIOD
1 JANUARY- 30 SEPTEMBER 2022
(ORIGINALLY ISSUED IN TURKISH)
VESTEL ELEKTRONİK SANAYİ VE TİCARET ANONİM ŞİRKETİ
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE INTERIM PERIOD 1 JANUARY - 30 SEPTEMBER 2022
CONTENTS | PAGE |
CONDENSED CONSOLIDATED INTERIM BALANCE SHEETS ................................................................... | 1-5 |
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF PROFIT OR LOSS AND | |
OTHER COMPREHENSIVE INCOME............................................................................................................................ | 6-7 |
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN | |
SHAREHOLDERS' EQUITY............................................................................................................................................... | 8 |
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS ............................................ | 9-11 |
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE INTERIM PERIOD 1 JANUARY - 30 SEPTEMBER 2022
NOTE 1 | GROUP'S ORGANISATION AND NATURE OF OPERATIONS............................................................... | 12-13 |
NOTE 2 | BASIS OF PRESENTATION OF CONSOLIDATED FINANCIAL STATEMENTS........................... | 13-31 |
NOTE 3 | INTERESTS IN OTHER ENTITIES......................................................................................................................... | 32-33 |
NOTE 4 | SEGMENT REPORTING............................................................................................................................................... | 34-35 |
NOTE 5 | CASH AND CASH EQUIVALENTS.......................................................................................................................... | 36 |
NOTE 6 | FINANCIAL ASSETS....................................................................................................................................................... | 36-37 |
NOTE 7 | FINANCIAL LIABILITIES............................................................................................................................................ | 37-39 |
NOTE 8 | RELATED PARTY DISCLOSURES.......................................................................................................................... | 40-43 |
NOTE 9 | TRADE RECEIVABLES AND PAYABLES........................................................................................................... | 44 |
NOTE 10 | OTHER RECEIVABLES AND PAYABLES........................................................................................................... | 45 |
NOTE 11 | INVENTORIES................................................................................................................................................................... | 46 |
NOTE 12 | PREPAID EXPENSES..................................................................................................................................................... | 47 |
NOTE 13 | INVESTMENTS RECOGNIZED BY EQUITY PICKUP METHOD........................................................... | 47-48 |
NOTE 14 | PROPERTY, PLANT AND EQUIPMENT............................................................................................................. | 49-51 |
NOTE 15 | RIGHT OF USE ASSETS................................................................................................................................................ | 52 |
NOTE 16 | INTANGIBLE ASSETS................................................................................................................................................... | 53-54 |
NOTE 17 | PROVISIONS, CONTINGENT ASSETS AND LIABILITIES........................................................................ | 54-56 |
NOTE 18 | COMMITMENTS.............................................................................................................................................................. | 56 |
NOTE 19 | EMPLOYEE BENEFITS................................................................................................................................................. | 57-58 |
NOTE 20 | OTHER ASSETS AND LIABILITIES....................................................................................................................... | 58 |
NOTE 21 | CAPITAL, RESERVES AND OTHER EQUITY ITEMS .................................................................................. | 59-61 |
NOTE 22 | SALES ..................................................................................................................................................................................... | 61 |
NOTE 23 | EXPENSES BY NATURE.............................................................................................................................................. | 62 |
NOTE 24 | GENERAL ADMINISTRATIVE EXPENSES, MARKETING EXPENSES, RESEARCH | |
AND DEVELOPMENT EXPENSES......................................................................................................................... | 62-63 | |
NOTE 25 | OTHER INCOME AND EXPENSES FROM OPERATING ACTIVITIES............................................... | 63-64 |
NOTE 26 | FINANCIAL INCOME AND FINANCIAL EXPENSES................................................................................... | 64 |
NOTE 27 | TAXES ON INCOME (INCLUDING DEFERRED TAX ASSETS AND LIABILITIES).................... | 65-68 |
NOTE 28 | EARNINGS PER SHARE............................................................................................................................................... | 68 |
NOTE 29 | DERIVATIVE INSTRUMENTS ................................................................................................................................. | 69 |
NOTE 30 | FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT............................................ | 69-73 |
NOTE 31 | SUBSEQUENT EVENTS............................................................................................................................................... | 73 |
1
VESTEL ELEKTRONİK SANAYİ VE TİCARET ANONİM ŞİRKETİ
CONDENSED INTERIM CONSOLIDATED BALANCE SHEETS AS OF 30 SEPTEMBER 2022 AND 31 DECEMBER 2021
(Amounts expressed in thousands of Turkish Lira ("TL") unless otherwise indicated.)
Reviewed | Audited | ||
30 September | 31 December | ||
Notes | 2022 | 2021 | |
ASSETS | |||
CURRENT ASSETS | |||
Cash and Cash Equivalents | 5 | 1,520,072 | 2,089,143 |
Financial Investment | 47,373 | 1,710 | |
Time Deposit | 47,373 | 1,710 | |
Trade Receivables | 8,384,459 | 6,674,282 | |
Trade Receivables Due from Related Parties | 8.9 | 24,727 | 14,133 |
Trade Receivables Due from Third Parties | 9 | 8,359,732 | 6,660,149 |
Other Receivables | 2,401,117 | 1,461,021 | |
Other Receivables Due from Related Parties | 8.10 | 1,578,947 | 848,275 |
Other Receivables Due from Third Parties | 10 | 822,170 | 612,746 |
Derivative Financial Assets | 231,435 | 288,768 | |
Derivative Financial Assets Held for Trading | 29 | 25,372 | 14,151 |
Derivative Financial Assets Held for Hedging | 29 | 206,063 | 274,617 |
Inventories | 11 | 14,964,489 | 9,528,703 |
Prepaid Expenses | 977,118 | 611,717 | |
Prepaid Expenses to Related Parties | 8 | 110,715 | - |
Prepaid Expenses to Third Parties | 12 | 866,403 | 611,717 |
Current Tax Assets | 27 | 11,474 | 7,987 |
Other Current Assets | 415,988 | 215,323 | |
Other Current Assets Due from | |||
Third Parties | 20 | 415,988 | 215,323 |
TOTAL CURRENT ASSETS | 28,953,525 | 20,878,654 |
The accompanying notes are an integral part of these condensed consolidated interim financial statements.
2
VESTEL ELEKTRONİK SANAYİ VE TİCARET ANONİM ŞİRKETİ
CONDENSED INTERIM CONSOLIDATED BALANCE SHEETS AS OF 30 SEPTEMBER 2022 AND 31 DECEMBER 2021
(Amounts expressed in thousands of Turkish Lira ("TL") unless otherwise indicated.)
Reviewed | Audited | ||
30 September | 31 December | ||
Notes | 2022 | 2021 | |
NON-CURRENT ASSETS | |||
Financial Investments | 6 | 88,584 | 73,085 |
Financial Assets Available-for-Sale | 6 | 88,584 | 73,085 |
Investments in subsidiaries, joint ventures | 13 | 1,939,347 | 1,406,812 |
Trade Receivables | 282 | 468 | |
Trade Receivables Due from Third Parties | 282 | 468 | |
Other Receivables | 15,672,802 | 10,843,955 | |
Other Receivables Due from Related Parties | 8 | 15,627,739 | 10,717,782 |
Other Receivables Due from Third Parties | 10 | 45,063 | 126,173 |
Property, Plant and Equipments | 9,459,776 | 7,426,989 | |
Land | 14 | 1,771,879 | 1,724,691 |
Land Improvements | 14 | 254,064 | 203,884 |
Buildings | 14 | 3,864,651 | 3,241,874 |
Machinery and Equipments | 14 | 2,600,332 | 2,092,530 |
Vehicles | 14 | 6,062 | 6,936 |
Furniture and Fixtures | 14 | 164,669 | 70,832 |
Leasehold Improvements | 14 | 28,306 | 4,110 |
Construction in Progress | 14 | 769,813 | 82,132 |
Right of Use Assets | 15 | 420,345 | 179,618 |
Intangible Assets and Goodwill | 1,373,916 | 1,107,011 | |
Goodwill | 196,568 | 196,568 | |
Other Rights | 16 | 21,837 | 24,901 |
Capitalized Development Costs | 16 | 1,030,176 | 789,738 |
Other Intangible Assets | 16 | 125,335 | 95,804 |
Prepaid Expenses | 441,165 | 371,314 | |
Prepaid Expenses to Third Parties | 12 | 441,165 | 371,314 |
Deferred Tax Asset | 27 | 1,297,070 | 795,193 |
Other Non-current Assets | 12,534 | 9,590 | |
Other Non-Current Assets Due from | |||
Third Parties | 20 | 12,534 | 9,590 |
TOTAL NON-CURRENT ASSETS | 30,705,821 | 22,214,035 | |
TOTAL ASSETS | 59,659,346 | 43,092,689 | |
The accompanying notes are an integral part of these condensed consolidated interim financial statements.
3
VESTEL ELEKTRONİK SANAYİ VE TİCARET ANONİM ŞİRKETİ
CONDENSED INTERIM CONSOLIDATED BALANCE SHEETS AS OF 30 SEPTEMBER 2022 AND 31 DECEMBER 2021
(Amounts expressed in thousands of Turkish Lira ("TL") unless otherwise indicated.)
Reviewed | Audited | ||
30 September | 31 December | ||
Notes | 2022 | 2021 | |
LIABILITIES | |||
CURRENT LIABILITIES | |||
Current Borrowings | 17,369,676 | 5,057,567 | |
Current Borrowings from Related Parties | 12,512 | 11,423 | |
Lease Liabilities | 7.8 | 12,512 | 11,423 |
Current Borrowings from Third Parties | 17,357,164 | 5,046,144 | |
Bank Loans | 7 | 16,179,187 | 4,344,893 |
Lease Liabilities | 7 | 104,539 | 63,434 |
Issued debt instruments | 7 | 1,073,438 | 637,817 |
Current Portion of Non-current Borrowings | 892,079 | 6,014,337 | |
Current Portion of Non-current Borrowings from | |||
Third Parties | 892,079 | 6,014,337 | |
Bank Loans | 7 | 892,079 | 6,014,337 |
Trade Payables | 21,587,033 | 16,026,589 | |
Trade Payables to Related Parties | 8 | 46,113 | 66,009 |
Trade Payables to Third Parties | 9 | 21,540,920 | 15,960,580 |
Payables Related to Employee Benefits | 19 | 432,857 | 279,503 |
Other Payables | 3,670 | 10,752 | |
Other Payables to Third Parties | 10 | 3,670 | 10,752 |
Derivative Financial Liabilities | 314,639 | 531,887 | |
Derivative Financial Liabilities Held for Trading | 29 | 238,974 | 490,901 |
Derivative Financial Liabilities Held for Hedging | 29 | 75,665 | 40,986 |
Deferred Income | 470,432 | - | |
Deferred Income from Third Parties | 10 | 470,432 | - |
Current Tax Liabilities | 27 | 8,418 | - |
Current Provisions | 1,332,651 | 1,240,635 | |
Other Current Provisions | 17 | 1,332,651 | 1,240,635 |
Other Current Liabilities | 2,148,537 | 1,448,827 | |
Other Current Liabilities to Third Parties | 20 | 2,148,537 | 1,448,827 |
TOTAL CURRENT LIABILITIES | 44,559,992 | 30,610,097 |
The accompanying notes are an integral part of these condensed consolidated interim financial statements.
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Vestel Elektronik Sanayi Ve Ticaret AS published this content on 09 November 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 11 November 2022 08:11:01 UTC.