Financial Statements

Financial Statements

Our periodic financial statements (balance sheet, income statement and cash flow) are presented below on an annual and quarterly basis.

Financial Statements(thousand ₺)
Item 2025202420232022
Current Assets 18,617,47919,115,29417,941,6779,239,761
Cash and Cash Equivalents 2,722,3993,346,3923,954,3162,643,253
Financial Investments 0000
Trade Receivables 1,858,1291,581,3821,344,853726,718
Inventories 13,763,56713,985,91212,073,9865,659,141
Other Current Assets 273,384201,608568,522210,649
Non-Current Assets 5,899,8284,675,7413,267,9301,741,109
Other Receivables 1,9001,8781,7591,342
Investment Properties 378,225351,590265,434150,784
Right-of-Use Assets 2,069,2531,577,5841,511,072899,410
Property, Plant and Equipment 1,311,8241,718,7561,085,947447,278
Intangible Assets 1,350,560690,432355,178213,550
Deferred Tax Assets 701,668260,99500
Other Non-Current Assets 86,39874,50548,54028,745
TOTAL ASSETS 24,517,30723,791,03521,209,60710,980,870
Current Liabilities 22,430,74920,084,02216,667,8508,574,886
Financial Liabilities 5,705,5291,008,7411,204,673587,244
Trade Payables 15,238,10617,910,12214,313,2207,514,860
Other Payables 22,52420,12317,96112,375
Contract Liabilities 647,363000
Deferred Income 0488,409489,986128,527
Current Period Tax Liability 0044,86954,156
Provisions 317,338275,119341,085163,340
Other Current Liabilities 499,888381,508256,056114,384
Non-Current Liabilities 1,292,152729,828835,151564,154
Financial Liabilities 1,048,680589,311629,123434,287
Contract Liabilities (Non-Current) 78,549000
Long-Term Provisions 0140,517134,9600
Deferred Tax Liability 0071,06816,664
Other Non-Current Liabilities 164,92400113,203
Equity 794,4062,977,1853,706,6061,841,830
Paid-in Capital 201,000201,000201,000201,000
Share Premium 1,330,2971,208,922923,600639,705
Restricted Reserves 116,491105,86256,82223,559
Retained Earnings -2,277,968-211,627-1,216,861-1,349,893
Net Profit/Loss for the Period -2,476,988-1,858,5021,079,236522,865
Other Equity Items 3,881,3943,469,4372,662,8091,804,594
Item 2026Q12025Q42025Q32025Q2
Current Assets 17,082,40718,617,47916,757,08014,596,051
Cash and Cash Equivalents 615,3382,722,3991,600,4371,326,038
Financial Investments 0000
Trade Receivables 1,975,3961,858,1291,929,2221,934,458
Inventories 14,235,96713,763,56712,770,09311,021,192
Other Current Assets 255,706273,384457,328314,363
Non-Current Assets 5,552,9575,899,8285,135,9984,712,953
Other Receivables 1,7821,9001,7441,679
Investment Properties 343,715378,225336,918313,398
Right-of-Use Assets 1,947,5862,069,2531,894,6061,769,926
Property, Plant and Equipment 1,124,5231,311,8241,203,2381,090,683
Intangible Assets 1,389,2521,350,5601,109,4241,038,875
Deferred Tax Assets 744,830701,668582,132490,472
Other Non-Current Assets 1,26986,3987,9367,920
TOTAL ASSETS 22,635,36424,517,30721,893,07819,309,004
Current Liabilities 21,176,24122,430,74919,230,36916,651,124
Financial Liabilities 6,969,3115,705,5292,539,9932,490,212
Trade Payables 12,740,23015,238,10615,702,52012,979,437
Other Payables 21,45322,52419,94019,061
Contract Liabilities 0647,36300
Deferred Income 593,5190442,166397,117
Provisions 360,273317,338256,266319,912
Other Current Liabilities 491,455499,888269,484445,385
Non-Current Liabilities 1,134,8481,292,1521,103,683998,256
Financial Liabilities 939,4761,048,680896,296796,944
Contract Liabilities (Non-Current) 078,54900
Ertelenmiş Gelirler (Müşteri Söz.Doğan Yük. Dış.Kal.) 39,423071,38271,382
Long-Term Provisions 000129,930
Other Non-Current Liabilities 155,949164,924136,0050
Equity 324,275794,4061,559,0261,659,624
Paid-in Capital 201,000201,000201,000201,000
Share Premium 1,330,3191,330,2971,158,4711,077,601
Restricted Reserves 116,494116,491101,44494,362
Retained Earnings -4,755,035-2,277,968-1,983,740-1,845,259
Net Profit/Loss for the Period -476,535-2,476,988-1,285,270-980,546
Other Equity Items 3,908,0323,881,3943,367,1213,112,466
Item 2025202420232022
Revenue 91,904,72790,886,32868,322,44032,712,046
Cost of Sales (-) -79,534,593-79,219,797-61,039,215-29,863,787
Gross Profit (Loss) 12,370,13411,666,5317,283,2252,848,259
Marketing, Selling and Distribution Expenses (-) -8,774,078-8,591,139-6,147,123-3,044,728
General and Administrative Expenses (-) -1,456,212-1,159,453-789,726-415,239
Other Operating Income 1,049,7201,550,1741,698,179302,465
Other Operating Expenses (-) -5,070,537-5,827,147-3,101,967-822,369
OPERATING PROFIT (LOSS) -1,880,973-2,361,035-1,057,412-1,131,612
Net Operating Profit/Loss 2,139,8431,915,939346,376-611,708
Income from Investing Activities 05,48447,738157,268
Expenses from Investing Activities (-) -30,62300-2,296
Other Income and Expenses 000-126
Operating Profit/Loss Before Financing Expenses -1,911,596-2,355,550-1,009,674-976,766
Financial Income (Non-Operating) 142,933317,419266,316133,307
Financial Expenses (Non-Operating) (-) -1,121,138-167,2662,263,6321,502,408
Other Pre-Tax Income and Expenses -30,6235,48447,738154,846
PROFIT (LOSS) BEFORE TAX FROM CONTINUING OPERATIONS -2,889,800-2,205,3971,520,274658,949
Tax Income (Expense) from Continuing Operations 412,812346,895-441,038-136,084
Current Tax Income (Expense) 02,245-380,429-191,622
Deferred Tax Income (Expense) 412,812344,650-60,60955,538
DISCONTINUED OPERATIONS 0—00
Depreciation and Amortization Expenses 2,325,8791,815,8391,149,989673,001
Severance Pay 135,60346,20942,94423,731
Net Foreign Currency Position -1,669,959-976,508-687,737-244,540
Monetary Net FX Asset/(Liability) Position -1,694,535-979,996-673,326-234,612
Net FX Position (Incl. Hedge) -1,669,959-976,508-857,747-403,589
Item 2026Q12025Q42025Q32025Q2
Revenue 22,239,73291,904,72757,703,04235,163,477
Cost of Sales (-) -19,672,728-79,534,593-49,811,705-30,399,487
Gross Profit (Loss) 2,567,00412,370,1347,891,3374,763,990
Marketing, Selling and Distribution Expenses (-) -2,166,464-8,774,078-5,642,935-3,702,954
General and Administrative Expenses (-) -404,789-1,456,212-911,763-573,961
Other Operating Income 135,7601,049,720708,146431,018
Other Operating Expenses (-) -915,018-5,070,537-3,314,901-2,145,114
OPERATING PROFIT (LOSS) -783,507-1,880,973-1,270,116-1,227,021
Net Operating Profit/Loss -4,2492,139,8431,336,639487,075
Expenses from Investing Activities (-) -46,422-30,623-11,474-11,346
Operating Profit/Loss Before Financing Expenses -829,929-1,911,596-1,281,590-1,238,367
Financial Income (Non-Operating) 18,638142,933115,044101,348
Financial Expenses (Non-Operating) (-) 289,478-1,121,138-448,567-96,338
PROFIT (LOSS) BEFORE TAX FROM CONTINUING OPERATIONS -521,813-2,889,800-1,615,113-1,233,357
Tax Income (Expense) from Continuing Operations 45,278412,812329,843252,811
Depreciation and Amortization Expenses 602,0552,325,8791,304,219844,806
Severance Pay 36,369135,60394,67952,292
Net Foreign Currency Position -1,670,830-1,669,959-1,523,397-1,006,993
Monetary Net FX Asset/(Liability) Position -1,693,404-1,694,535-1,420,924-1,031,343
Item 2025202420232022
Net Cash from Operating Activities 1,687,2665,521,5124,403,5772,855,468
Adjustments: 2,960,729637,177376,9032,143,013
Change in Provisions 252,80643,298118,882147,608
Other Income/Expense 5,036,0694,623,8362,415,8281,322,404
Operating Profit Before Working Capital Changes (+) 483,741-1,221,3251,456,1392,665,878
Changes in Working Capital 1,203,5256,855,3463,346,458352,593
Cash Generated from Operations (+) 1,687,2665,634,0214,802,5973,018,471
Cash from Other Operating Activities 0-112,509-399,020-163,003
Capital Expenditures -901,017-1,120,080-834,623-335,704
Cash from Other Investing Activities 310,083553,358424,717100,226
Cash from Investing Activities -590,933-566,722-409,906-235,478
Free Cash Flow 1,096,3324,954,7903,993,6712,619,990
Change in Financial Liabilities -1,295,390-5,381,095-2,609,664225,111
Cash from Other Financing Activities 000-1,030,011
Cash from Financing Activities -1,295,390-5,381,095-2,609,664-804,900
Net Increase/Decrease in Cash Before FX Effect -199,057-426,3051,384,0071,815,090
Effect of FX Rate Changes on Cash 108,171187,760254,211-1,092,005
Change in Cash and Equivalents -90,887-238,5451,638,218723,085
Cash at Beginning of Period 3,682,3675,175,8963,816,3021,920,168
Item 2026Q12025Q42025Q32025Q2
Net Cash from Operating Activities -2,058,3601,687,266-458,668-1,399,078
Adjustments: 251,9672,960,729-563,035-297,113
Change in Provisions 115,543252,806106,282135,065
Other Income/Expense 1,386,8285,036,0693,039,5671,696,759
Operating Profit Before Working Capital Changes (+) -224,568483,741-1,848,305-1,277,659
Changes in Working Capital -1,833,7921,203,5251,340,366-156,628
Cash Generated from Operations (+) -2,058,3601,687,266-507,939-1,434,287
Cash from Other Operating Activities 0049,27135,209
Capital Expenditures -104,553-901,017-552,892-301,289
Cash from Other Investing Activities 32,648310,083201,05299,452
Cash from Investing Activities -71,905-590,933-351,840-201,837
Free Cash Flow -2,130,2651,096,332-810,508-1,600,915
Change in Financial Liabilities 271,203-1,295,390-240,7121,973,837
Cash from Other Financing Activities 000-1,698,555
Cash from Financing Activities 271,203-1,295,390-240,712275,282
Net Increase/Decrease in Cash Before FX Effect -1,859,062-199,057-1,051,220-1,325,633
Effect of FX Rate Changes on Cash 395108,17195,05895,072
Change in Cash and Equivalents -1,858,667-90,887-956,162-1,230,561
Cash at Beginning of Period 2,722,4453,682,3673,206,7422,982,886