Emlak Konut Gayrimenkul Yatirim Ortakligi : CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD 1 JANUARY – 31 MARCH 2023

EMLAK KONUT GAYRİMENKUL YATIRIM ORTAKLIĞI A.Ş. AND ITS SUBSIDIARIES

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD 1 JANUARY - 31 MARCH 2023

(CONVENIENCE TRANSLATION OF THE REPORT AND THE FINANCIAL STATEMENTS ORIGINALLY ISSUED IN TURKISH)

EMLAK KONUT GAYRİMENKUL YATIRIM ORTAKLIĞI A.Ş. AND ITS SUBSIDARIES

INDEX

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CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION ……………………………………………

CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS

AND OTHER COMPREHENSIVE INCOME…………………………………………………………………

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY………………………………………………

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS………………………………………………………

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS…………………………………………

NOTE 1	ORGANIZATION AND OPERATION OF THE GROUP……………………………………………………………….………
NOTE 2	BASIS OF PRESENTATION OF THE CONSOLIDATED FINANCIAL STATEMENTS…………………………………………
NOTE 3	ACCOUNTING POLICIES…………………………………………………………………………………………………..………
NOTE 4	CASH AND CASH EQUIVALENTS…………………………………………………………………………………………..……
NOTE 5	FINANCIAL LIABILITIES…………………………………………………………………………………………………………
NOTE 6	TRADE RECEIVABLES AND PAYABLES …………………………………………………………………………………..……
NOTE 7	OTHER RECEIVABLES AND PAYABLES…………………………………………………………………………………..……
NOTE 8	INVENTORIES………………………………………………………………………………………………………………..………
NOTE 9	INVESTMENT PROPERTIES ……………………………………………………………………………………………..………
NOTE 10	PROPERTY, PLANT AND EQUIPMENT…………………………………………………………………………………………
NOTE 11	PROVISIONS, CONTINGENT ASSETS AND LIABILITIES………………………………………………………………………
NOTE 12	OTHER ASSETS AND LIABILITIES…………………………………………………………………………………..……………
NOTE 13	DEFERRED INCOME AND PREPAID EXPENSES………………………………………………………………………………
NOTE 14	SHAREHOLDERS' EQUITY……………………………………………………………………………………………….………
NOTE 15	REVENUE AND COST OF SALES……………………………………………………………………………………………
NOTE 16	GENERAL ADMINISTRATIVE EXPENSES, MARKETING EXPENSES………………………………………………………
NOTE 17	OTHER INCOME / EXPENSES FROM OPERATING ACTIVITIES ……………………………………………………………
NOTE 18	FINANCIAL INCOME / EXPENSES…………………………………………………………………………………................…
NOTE 19	TAXATION ON INCOME (DEFERRED TAX AND LIABILTIES INCLUDED)…………………………………………………
NOTE 20	RELATED PARTY DISCLOSURES………………………………………………………………………………………………..
NOTE 21	COMMITMENTS…………………………………………………………………………………………………………..…………
NOTE 22	EVENTS AFTER THE REPORTING PERIOD…………………………………………………………………………………

ADDITIONAL NOTE CONTROL OF COMPLIANCE WITH THE PORTFOLIO LIMITATIONS………………………………………………………

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EMLAK KONUT GAYRİMENKUL YATIRIM ORTAKLIĞI A.Ş. AND ITS SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS OF 31 MARCH 2023

(Amounts are expressed in thousand Turkish Lira ("TL") unless otherwise stated.)

		Unaudited	Audited
		31 March	31 December
	Notes	2023	2022
ASSETS
Current assets		46,746,508	42,141,914
Cash and cash equivalents	4	8,638,573	6,107,609
Trade receivables	6	3,231,328	3,268,382
Trade receivables due from third parties		3,231,328	3,268,382
Other receivables		892,045	577,700
Other receivables due from third parties	7	892,045	577,700
Inventories	8	30,758,357	28,955,350
Prepaid expenses		1,985,496	2,374,680
Prepaid expenses to related parties	20	684,499	1,433,207.00
Prepaid expenses to third parties	13	1,300,997	941,473
Other current assets	12	1,239,554	852,225
Current tax assets		1,155	5,968
Non-current assets		4,581,676	4,817,265
Trade receivables	6	3,747,404	3,730,187
Trade receivables due from third parties		3,747,404	3,730,187
Other receivables	7	22,182	21,650
Other receivables due from third parties		22,182	21,650
Investments accounted for using equity method		841	841
Investment properties	9	445,541	742,683
Right-of-use assets		16,698	17,721
Property, plant and equipment	10	330,947	285,862
Intangible assets		7,614	7,965
Deferred tax assets	19	10,449	10,356
Total assets		51,328,184	46,959,179

The accompanying notes form an integral part of these condensed consolidated financial statements.

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EMLAK KONUT GAYRİMENKUL YATIRIM ORTAKLIĞI A.Ş. AND ITS SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS OF 31 MARCH 2023

(Amounts are expressed in thousand Turkish Lira ("TL") unless otherwise stated.)

		Unaudited	Audited
		31 March	31 December
	Notes	2023	2022
LIABILITIES AND EQUITY
Current liabilities		30,078,366	25,293,981
Short-term borrowings	5	2,457,696	1,300,263
Short-term portions of long-term borrowings	6	2,135,258	1,814,145
Trade payables	6	2,003,422	2,956,858
Trade payables due to related parties	20	976,954	1,774,954
Trade payables due to third parties		1,026,468	1,181,904
Other payables	7	1,285,753	516,169
Other payables to related parties	20	870,150	593
Other payables to third parties		415,603	515,576
Deferred income	13	21,902,174	18,423,670
Deferred income from related parties	20	2,009,307	1,004,341
Deferred income from third parties		19,892,867	17,419,329
Short-term provisions		294,063	282,876
Short-term provisions for employee benefits		40,557	35,536
Other short-term provisions	11	253,506	247,340
Non-current liabilities		3,038,877	3,297,175
Long-term borrowings		2,780,955	3,103,650
Trade payables	6	-	20
Trade payables due to third parties		-	20
Other payables	7	180,046	117,382
Other payables to third parties		180,046	117,382
Deferred income	13	4,738	4,738
Deferred income from third parties		4,738	4,738
Long-term provisions		50,813	48,753
Long-term provisions for employee benefits		50,813	48,753
Deferred tax liability	19	22,325	22,632
Shareholders' equity		18,210,941	18,368,023
Total equity attributable to equity holders of the Company		18,210,941	18,368,023
Paid-in capital	14	3,800,000	3,800,000
Treasury shares (-)		(535,604)	(296,231)
Share premium (discounts)		2,366,895	2,366,895
Other equity reserves		70,728	-
Other comprehensive income (expense) not to be
reclassified to profit or loss		(42)	(42)
Gain (loss) on revaluation and
remeasurement		(42)	(42)
Restricted reserves appropriated from profit		984,440	882,670
Retained earnings		10,643,404	8,617,598
Net profit for the year		881,120	2,997,133
Total liabilities and equity		51,328,184	46,959,179

The accompanying notes form an integral part of these condensed consolidated financial statements.

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EMLAK KONUT GAYRİMENKUL YATIRIM ORTAKLIĞI A.Ş. AND ITS SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR

THE INTERIM PERIOD ENDED 31 MARCH 2023

(Amounts are expressed in thousand Turkish Lira ("TL") unless otherwise stated.)

		Unaudited	Unaudited
		1 January-	1 January-
	Notes	31 March 2023	31 March 2022
Revenue	15	4,037,039	2,230,583
Cost of sales (-)	15	(1,967,126)	(1,214,743)
Gross profit		2,069,913	1,015,840
General administrative expenses (-)	16	(1,040,142)	(132,106)
Marketing expenses (-)	16	(57,843)	(28,147)
Other income from operating activities	17	170,547	100,005
Other expenses from operating activities (-)	17	(262,495)	(199,593)
Operating profit		879,980	755,999
Income from investing activities		-	-
Operating profit before financial income / (expense)		879,980	755,999
Financial income	18	261,015	130,354
Financial expenses (-)	18	(260,275)	(143,964)
Profit from continuing operations, before tax		880,720	742,389
Tax (expense)/income from continuing operations		400	(4,592)
Current period tax expense	19	-	(7,153)
Deferred tax income	19	400	2,561
Net profit for the period		881,120	737,797
Profit for the period is attributable to:
Non-controlling interests		-	-
Owners of the Company		881,120	737,797
Total comprehensive income for the period		881,120	737,797
Total comprehensive income is attributable to:
Non-controlling interests		-	-
Owners of the Company		881,120	737,797
Earnings per share (in full TL)		0.0023	0.0020

The accompanying notes form an integral part of these condensed consolidated financial statements.

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