TÜRK TRAKTÖR VE ZİRAAT MAKİNELERİ A.Ş.
CONVENIENCE TRANSLATION INTO ENGLISH OF FINANCIAL STATEMENTS FOR THE PERIOD
1 JANUARY - 31 MARCH 2023
(ORIGINALLY ISSUED IN TURKISH)
TÜRK TRAKTÖR VE ZİRAAT MAKİNELERİ A.Ş.
FINANCIAL STATEMENTS AS OF 31 MARCH 2023
CONTENTS | PAGE | ||
STATEMENT OF FINANCIAL POSITION | 1 - 2 | ||
STATEMENT OF PROFIT OR LOSS AND OTHER | |||
COMPREHENSIVE INCOME | 3 | ||
STATEMENT OF CHANGES IN EQUITY | 4 - 5 | ||
STATEMENT OF CASH FLOWS | 6 | ||
EXPLANATORY NOTES TO THE FINANCIAL STATEMENTS | 7 - 49 | ||
NOTE 1 | ORGANISATION AND NATURE OF OPERATIONS OF THE COMPANY | 7 | |
NOTE 2 | BASIS OF PRESENTATION OF FINANCIAL STATEMENTS | 7 | - 11 |
NOTE 3 | SEGMENT REPORTING | 11 | |
NOTE 4 | CASH AND CASH EQUIVALENTS | 12 | |
NOTE 5 | FINANCIAL INVESTMENT | 12 | |
NOTE 6 | FINANCIAL LIABILITIES | 13 | - 15 |
NOTE 7 | TRADE RECEIVABLES AND PAYABLES | 15 | - 16 |
NOTE 8 | INVENTORIES | 17 | |
NOTE 9 | PROPERTY, PLANT AND EQUIPMENT | 18 | - 19 |
NOTE 10 | RIGHT OF USE ASSETS………………………………………………………………… | 19 | - 20 |
NOTE 11 | INTANGIBLE ASSETS | 20 | - 21 |
NOTE 12 | OTHER ASSETS AND LIABILITIES | 22 | |
NOTE 13 | PREPAID EXPENSES AND DEFERRED INCOME | 22 | - 23 |
NOTE 14 | PROVISIONS, CONTINGENT ASSETS AND LIABILITIES | 23 | - 27 |
NOTE 15 | EMPLOYEE BENEFITS | 28 | |
NOTE 16 | EQUITY | 28 | - 30 |
NOTE 17 | REVENUE AND COST OF SALES | 30 | |
NOTE 18 | OTHER INCOME/EXPENSE FROM OPERATING ACTIVITIES | 31 | |
NOTE 19 | FINANCIAL INCOME | 31 | |
NOTE 20 | FINANCIAL EXPENSE | 31 | |
NOTE 21 | TAX ASSETS AND LIABILITIES | 32 | - 34 |
NOTE 22 | EARNINGS PER SHARE | 34 | |
NOTE 23 | RELATED PARTY EXPLANATIONS | 35 | - 39 |
NOTE 24 | FINANCIAL INSTRUMENTS AND NATURE AND EXTENT OF RISKS ARISING FROM | ||
FINANCIAL INSTRUMENTS | 40 | - 49 | |
NOTE 27 | SUBSEQUENT EVENTS | 49 |
TÜRK TRAKTÖR VE ZİRAAT MAKİNELERİ A.Ş.
STATEMENT OF FINANCIAL POSITION AS OF 31 MARCH 2023
(Amounts expressed in Turkish Lira ("TRY") unless otherwise indicated.)
Current | Prior | |||
period | period | |||
unaudited | audited | |||
31 March | 31 December | |||
Notes | 2023 | 2022 | ||
ASSETS | ||||
CURRENT ASSETS | ||||
Cash and cash equivalents | 4 | 4,514,535,584 | 4,416,872,941 | |
Financial investments | 5 | 113,846,752 | 420,033,225 | |
Trade receivables: | ||||
- | Trade receivables from related parties | 7, 25 | 890,580,809 | 1,274,066,993 |
- | Trade receivables from third parties | 7 | 1,753,916,461 | 827,840,777 |
Inventories | 8 | 3,070,542,182 | 3,614,962,987 | |
Prepaid expenses | 13 | 21,782,587 | 15,168,023 | |
Current tax assets | 23 | - | 3,069 | |
Other current assets | 12 | 939,701,009 | 1,008,138,837 | |
TOTAL CURRENT ASSETS | 11,304,905,384 | 11,577,086,852 | ||
NON - CURRENT ASSETS | ||||
Trade receivables | ||||
- | Trade receivables from third parties | 7 | 109,458 | 109,458 |
Other receivables: | ||||
- | Other receivables from third parties | 412,385 | 393,753 | |
Property, plant and equipment | 9 | 1,003,336,854 | 931,097,842 | |
Right of use assets | 10 | 86,568,996 | 93,425,351 | |
Intangible assets | 11 | 662,880,108 | 621,820,738 | |
Prepaid expenses | 13 | 123,885,309 | 90,815,165 | |
Deferred tax assets | 23 | 746,203,556 | 481,193,003 | |
TOTAL NON - CURRENT ASSETS | 2,623,396,666 | 2,218,855,310 | ||
TOTAL ASSETS | 13,928,302,050 | 13,795,942,162 |
The financial statements prepared as at and for the period ended 31 March 2023 have been approved by the Board of Directors on 26 April 2023. These financial statements will be finalised following their approval in the General Assembly.
The accompanying notes form an integral part of these financial statement
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TÜRK TRAKTÖR VE ZİRAAT MAKİNELERİ A.Ş.
STATEMENT OF FINANCIAL POSITION AS OF 31 MARCH 2023
(Amounts expressed in Turkish Lira ("TRY") unless otherwise indicated.)
Current | Prior | |||
period | period | |||
unaudited | audited | |||
Notes | 31 March | 31 December | ||
2023 | 2022 | |||
LIABILITIES | ||||
CURRENT LIABILITIES | ||||
Short-term financial liabilities | ||||
Short-term financial liabilities to other parties | ||||
- | Bank borrowings | 6 | 2,082,412,244 | 2,432,320,224 |
Short-term portion of long-term financial liabilities | ||||
Short-term portion of long-term financial liabilities from | ||||
related parties | 41,302,464 | 24,918,517 | ||
- | Lease liabilities | 6 | ||
Short-term portion of long-term financial liabilities from | ||||
third parties | 825,136,748 | 848,288,136 | ||
- | Bank borrowings | 6 | ||
- | Lease liabilities | 6 | 12,334,953 | 7,441,898 |
Trade payables | ||||
- Trade payables to related parties | 7, 25 | 184,668,572 | 271,784,705 | |
- | Trade payables to third parties | 7 | 5,388,034,320 | 4,653,430,244 |
Payables related to employee benefits | 15 | 304,258,710 | 149,120,886 | |
Other payables | ||||
- | Other payables to third parties | 225,301,049 | 124,654,842 | |
Government incentives and aids | 12 | 3,321,575 | 3,321,575 | |
Deferred income | 13 | 546,834,283 | 566,700,564 | |
Tax liability for the period | 23 | 507,822,432 | - | |
Short - term provision | ||||
- | Short term provision for employee benefits | 14 | 24,588,399 | 13,328,665 |
- | Other short term provisions | 14 | 128,728,374 | 120,401,000 |
TOTAL CURRENT LIABILITIES | 10,274,744,123 | 9,215,711,256 | ||
NON - CURRENT LIABILITIES | ||||
Long-term financial liabilities | ||||
Long-term financial liabilities from related parties | 39,690,535 | 68,144,904 | ||
- | Lease liabilities | 6 | ||
Long-term financial liabilities from third parties | 286,610,375 | 507,427,245 | ||
- | Bank borrowings | 6 | ||
- | Lease liabilities | 6 | 962,555 | 1,652,616 |
Long - term provisions | ||||
- | Long term provision for employee benefits | 14 | 236,014,904 | 256,458,270 |
- | Other long term provisions | 14 | 133,951,900 | 108,334,042 |
TOTAL NON-CURRENT LIABILITIES | 697,230,269 | 942,017,077 | ||
EQUITY | 2,956,327,658 | 3,638,213,829 | ||
Paid-in share capital | 16 | 53,369,000 | 53,369,000 | |
Adjustments to share capital | 16 | 39,014,356 | 39,014,356 | |
Merger reserve | (5,569,000) | (5,569,000) | ||
Restricted profit reserves | 448,435,448 | 238,702,293 | ||
Other accumulated comprehensive income and | ||||
expense not to be reclassified to profit or loss | ||||
- Actuarial loss arising from | (184,787,928) | (194,390,177) | ||
defined benefit plans | ||||
Other accumulated comprehensive income and | ||||
expense to be reclassified to profit or loss | ||||
- | Gain/(Losses) on cash flow hedging | 69,403,177 | 58,947,006 | |
Retained earnings | 1,138,407,196 | 477,121,790 | ||
Net profit for the year | 1,398,055,409 | 2,971,018,561 | ||
TOTAL LIABILITIES | 13,928,302,050 | 13,795,942,162 |
The accompanying notes form an integral part of these financial statements.
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TÜRK TRAKTÖR VE ZİRAAT MAKİNELERİ A.Ş.
STATEMENT OF PROFIT AND LOSS AND OTHER COMPREHENSIVE INCOME FOR THE PERIOD 31 MARCH 2023 AND 2022
(Amounts expressed in Turkish Lira ("TRY") unless otherwise indicated.)
Current | Prior | ||
period | period | ||
unaudited | unaudited | ||
1 January - | 1 January - | ||
Notes | 31 March | 31 March | |
2023 | 2022 | ||
Revenue | 17 | 9,523,667,947 | 3,987,989,777 |
Cost of sales (-) | 17 | (7,305,214,958) | (3,265,327,729) |
GROSS PROFIT | 2,218,452,989 | 722,662,048 | |
Marketing expenses | 18 | (269,275,877) | (111,068,503) |
General administrative expenses | 18 | (177,293,483) | (67,441,917) |
Research and development expenses | 18 | (31,515,104) | (16,967,990) |
Other income from operating activities | 20 | 449,910,744 | 398,351,511 |
Other expenses from operating activities | 20 | (569,746,376) | (462,321,676) |
OPERATING PROFIT | 1,620,532,893 | 463,213,473 | |
Income from investment activities | 1,972,134 | - | |
OPERATING INCOME BEFORE FINANCIAL | 1,622,505,027 | 463,213,473 | |
INCOME | |||
Financial income | 21 | 333,798,629 | 163,049,368 |
Financial expenses | 22 | (306,322,416) | (89,323,161) |
PROFIT BEFORE TAXATION ON INCOME | 1,649,981,240 | 536,939,680 | |
Taxes on income (-) | 23 | (521,950,989) | (129,614,879) |
Deferred tax income/(expense) | 23 | 270,025,158 | 69,270,350 |
NET PROFIT FOR THE PERIOD | 1,398,055,409 | 476,595,151 | |
Earnings per share (TRY) | 24 | 0.2620 | 0.0893 |
Other comprehensive income/(expense) | |||
Not to be reclassified to profit or loss: | |||
Actuarial loss arising from defined benefits plans | 14 | 12,002,811 | 129,122 |
Other comprehensive expense not to be reclassified | |||
to profit or loss, tax effect | |||
Actuarial gain/ loss arising from defined benefit | 23 | (2,400,562) | (25,824) |
plans, tax effect | |||
To be reclassified to profit or loss: | |||
Profit/(Losses) on cash flow hedging | 13,070,214 | (29,050,081) | |
Other comprehensive expense to be reclassified | |||
to profit or loss, tax effect | |||
Losses on | (2,614,043) | 6,681,519 | |
cash flow hedging, tax effect | 23 | ||
Other comprehensive income/(expense) | 20,058,420 | (22,265,264) | |
TOTAL COMPREHENSIVE INCOME | 1,418,113,829 | 454,329,887 |
The accompanying notes form an integral part of these financial statements.
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Türk Traktör ve Ziraat Makineleri AS published this content on 26 April 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 26 April 2023 16:49:06 UTC.