Dogan Sirketler Grubu : 1 JANUARY - 31 MARCH

CONVENIENCE TRANSLATION INTO ENGLISH OF CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

ORIGINALLY ISSUED IN TURKISH

DOĞAN ŞİRKETLER GRUBU HOLDİNG A.Ş.

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AT 1 JANUARY - 31 MARCH 2024

DOĞAN ŞİRKETLER GRUBU HOLDİNG A.Ş.

CONTENTS	PAGES
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION	1-2
CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS	3
CONDENSED CONSOLIDATED STATEMENT OF OTHER COMPREHENSIVE INCOME 4
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY	5-6
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOW	7-8
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS	9-51

DOĞAN ŞİRKETLER GRUBU HOLDİNG A.Ş.

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2024

(Amounts expressed in thousands of Turkish Lira ("TRY") with the purchase power of 31 March 2024, unless otherwise indicated. Currencies other than TRY, expressed in thousands unless otherwise indicated.)

		Unaudited	Audited
		Current Period	Prior Period
ASSETS	Notes	31 March 2024	31 December 2023
Current assets		64,150,878	66,692,127
Cash and cash equivalents	5	9,499,121	13,949,230
Financial investments	6	27,235,693	25,595,724
Trade receivables
- Due from related parties	20	17,575	17,978
- Due from non-related parties	8	6,836,555	6,208,532
Receivables from finance sector operations
- Due from related parties	20	103,946	41,770
- Due from non-related parties		5,969,763	5,454,383
Balances with the Central Bank of
the Republic of Turkey		124,778	176,894
Other receivables
- Due from non-related parties		649,744	647,009
Inventories	9	9,011,379	9,309,296
Prepaid expenses		2,508,810	2,480,596
Derivative instruments		299,497	234,851
Biological assets		49,763	67,822
Assets related to current tax		35,679	107,716
Other current assets		1,808,575	2,400,326
Subtotal		64,150,878	66,692,127
Non-current assets		40,781,803	40,797,690
Other receivables
- Due from non-related parties		50,344	55,379
Financial investments	6	2,234,003	2,152,036
Investments accounted for
by the equity method		2,242,244	2,599,418
Investment properties	10	6,305,217	6,275,661
Property, plant and equipment	11	14,363,647	13,487,408
Intangible assets
- Other intangible assets	11	10,742,287	10,832,083
- Goodwill		1,427,060	1,427,060
Rights of use assets		1,262,176	1,318,969
Prepaid expenses		693,822	1,348,875
Derivative instruments		104,338	126,660
Deferred tax asset		958,739	1,085,827
Other non-current assets		397,926	88,314
Total assets		104,932,681	107,489,817

The condensed consolidated financial statements as of and for the period ended 31 March 2024 have been approved by the Board of Directors on 13 June 2024.

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

1

DOĞAN ŞİRKETLER GRUBU HOLDİNG A.Ş.

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2024

(Amounts expressed in thousands of Turkish Lira ("TRY") with the purchase power of 31 March 2024, unless otherwise indicated. Currencies other than TRY, expressed in thousands unless otherwise indicated.)

		Unaudited	Audited
		Current Period	Prior Period
LIABILITIES	Notes	31 March 2024	31 December 2023
Short-term liabilities		33,115,629	33,115,665
Short-term borrowings
- Short-term borrowings from non-related parties
- Bank borrowings	7	15,398,802	12,840,549
- Issued debt instruments	7	701,839	3,171,880
Short-term portion of long- term borrowings
- Short-term portion of long term borrowings from related parties
- Lease borrowings	7, 20	8,519	18,066
- Short-term portion of long- term borrowings from non-related parties
- Bank borrowings	7	1,346,601	1,688,667
- Lease borrowings	7	518,775	340,672
Other financial liabilities		640,821	449,314
Trade payables
- Due to related parties	20	6,377	11,780
- Due to non-related parties	8	2,661,646	3,346,553
Payables from finance sector operations
- Due to non-related parties		1,149,175	891,813
Payables related to
employee benefits		471,261	629,176
Deferred income (Except obligations arising from customer contracts)
- Deferred income from related parties		157,804	100,228
- Deferred income from non-related parties
(Except obligations arising from customer contracts)		635,180	657,471
Derivative instruments		63,141	60,993
Other payables
- Due to related parties		551	-
- Due to non-related parties		452,007	711,644
Current income tax liability		339,644	121,964
Short-term provisions
- Short-term provisions for employment benefits		302,642	305,373
- Other short-term provisions	12	8,058,213	7,708,720
Other short term liabilities		202,581	60,802
Subtotal		33,115,629	33,115,665
Long-term liabilities		9,892,308	10,747,887
Long-term borrowings
- Long-term borrowings from related parties
- Lease borrowings	7, 20	2,703	3,909
- Long -term borrowings from non-related parties
- Bank borrowings	7	4,851,333	5,453,389
- Lease borrowings	7	298,976	517,458
- Trade payables from non-related parties		6,036	-
Other payables
- Due to non-related parties		13,818	27,331
Deferred income (Except obligations arising from customer contracts)
- Deferred income from non-related parties
(Except obligations arising from customer contracts)		1,739	113,885
Obligations arising from customer contracts		6,058	-
Long-term provisions
- Long-term provisions for employment benefits		543,110	591,878
Derivative Instruments		-	3,491
Deferred tax liability		4,168,535	4,036,546
EQUITY		61,924,744	63,626,265
Equity attributable to equity holders of the parent company		54,181,876	55,721,645
Share capital	14	2,616,996	2,616,996
Adjustments to share capital	14	38,192,944	38,192,944
Repurchased shares (-)	14	(413,137)	(260,997)
Share premiums (discounts)		1,626,327	1,626,327
Other comprehensive income (losses) that
will not be reclassified in profit or loss
- Gain (loss) on revaluation of tangible assets		39,889	-
- Actuarial gains (losses) on
defined benefit plans		(134,673)	(146,288)
Shares not classified as profit or loss
from other comprehensive income of investments accounted for by equity method		(10,527)	(11,975)
Other comprehensive income (losses) that
will be reclassified in profit or loss
- Change in currency translation reserves		13,172,958	15,383,368
- Gain (loss) on revaluation and reclassification
of financial assets held for sale		(386,776)	(206,326)
Restricted reserves		13,969,101	10,661,265
Retained earnings or accumulated losses		(15,441,505)	(12,474,941)
Net profit or loss for the period		950,279	341,272
Non-controlling interests		7,742,868	7,904,620
Total liabilities		104,932,681	107,489,817

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

2

DOĞAN ŞİRKETLER GRUBU HOLDİNG A.Ş.

CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS FOR THE PERIODS 1 JANUARY - 31 MARCH 2024 AND 2023

(Amounts expressed in thousands of Turkish Lira ("TRY") with the purchase power of 31 March 2024, unless otherwise indicated. Currencies other than TRY, expressed in thousands unless otherwise indicated.)

		Unaudited	Unaudited
		Current Period	Prior Period
		1 January -	1 January -
	Notes	31 March 2024	31 March 2023
Profit or Loss
Revenue		14,299,226	8,828,982
Revenue From Finance Sector Operations		3,331,414	3,200,745
Total Revenue		17,630,640	12,029,727
Cost of Sales (-)		(12,527,853)	(7,924,973)
Cost of Finance Sector Operations (-)		(2,571,137)	(2,733,398)
Total Cost of Sales		(15,098,990)	(10,658,371)
Gross Profit (Loss) (Non-Finance)		1,771,373	904,009
Gross Profit (Loss) (Finance)		760,277	467,347
Gross Profit (Loss)		2,531,650	1,371,356
Research and Development Expenses (-)		(68,520)	(57,900)
General Administrative Expenses (-)		(700,666)	(539,923)
Marketing Expenses (-)		(1,020,473)	(564,242)
Other Income From Operating Activities	15	1,664,673	647,533
Other Expenses From Operating Activities (-)	15	(459,205)	(496,959)
Share of Gain (Loss) on Investments
Accounted for by the Equity Method	4	(357,174)	(25,662)
Operating Profit/(Loss)		1,590,285	334,203
Income from Investment Activities	16	1,897,499	655,358
Operating Profit (Loss) Before Finance (Expense)/Income		3,487,784	989,561
Finance Expenses (-)	17	(2,054,406)	(779,616)
Monetary Gain (Loss)		118,459	(444,938)
Profit (Loss) Before Taxation
From Continued Operations		1,551,837	(234,993)
Tax Expense From Continued Operations		(604,025)	(879,550)
Tax Income/(Expense) for the Period		(319,051)	(213,746)
Deferred Tax Income/(Expense)		(284,974)	(665,804)
Profit/(Loss) For The Period From Continued Operations		947,812	(1,114,543)
Profit/(Loss) For The Period From Discontinued Operations		-	(283,305)
Profit/(Loss) For The Period From		947,812	(1,397,848)
Allocation of Profit/(Loss) For The Period
Attributable to Non-Controlling Interests		(2,467)	(249,385)
Attributable to Equity Holders of the Parent Company		950,279	(1,148,463)
Gain/(Loss) Per Share Attributable to
Equity Holders of the Parent Company	19	0.3669	(0.4434)

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

3

DOĞAN ŞİRKETLER GRUBU HOLDİNG A.Ş.

CONDENSED CONSOLIDATED STATEMENT OF OTHER COMPREHENSIVE INCOME FOR THE PERIODS 1 JANUARY - 31 MARCH 2024 AND 2023

(Amounts expressed in thousands of Turkish Lira ("TRY") with the purchase power of 31 March 2024, unless otherwise indicated. Currencies other than TRY, expressed in thousands unless otherwise indicated.)

			Unaudited	Unaudited
			Current	Prior
			Period	Period
			1 January -	1 January -
		Notes	31 March	31 March
		2024	2023
Profit For The Period
OTHER COMPREHENSIVE INCOME		947,812	(1,397,848)
That will not be reclassified as profit or loss
Defined benefit plans re-measurement gains / (losses)		38,719	(114,177)
Defined benefit plans re-measurement gains / (losses)
for investments valued with equity method
- Gain (loss) on revaluation of tangible assets		77,936	-
Taxes on other comprehensive income that will
not be reclassified in profit or loss
- Tax effect of Gain (loss) on
revaluation of tangible assets		(19,484)	-
-	Tax effect of actuarial gains (losses)
on defined benefit plans		(9,680)	28,544
That will be reclassified as profit or loss
Currency translation differences		(2,405,682)	(477,379)
Gain/(loss) on revaluation and/or reclassification of financial assets available for	7
sale	(238,669)	(304,144)
Other comprehensive income (loss) related with cash flow edges
Taxes related to other comprehensive income
	that will be reclassified as profit or loss
	- Tax effect on revaluation and/or reclassification of financial assets available
for sale		59,667	76,036
OTHER COMPREHENSIVE INCOME /(LOSS)		(2,497,193)	(791,120)
TOTAL COMPREHENSIVE INCOME /(LOSS)		(1,549,381)	(2,188,966)
Allocation of Total Comprehensive Income/(Loss)
Attributable to Non-Controlling Interests		(161,752)	(586,552)
Attributable to Equity Holders of the Parent Company		(1,387,629)	(1,602,414)

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

4

DOĞAN ŞİRKETLER GRUBU HOLDİNG A.Ş.

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE PERIODS 1 JANUARY - 31 MARCH 2024 AND 2023

(Amounts expressed in thousands of Turkish Lira ("TRY") with the purchase power of 31 March 2024, unless otherwise indicated. Currencies other than TRY, expressed in thousands unless otherwise indicated.)

Balance at 1 January 2024

Transfers

Transactions with non-controlling shareholders

Total comprehensive income/(loss)

Profit/(loss) for the period

Other comprehensive income/(loss)

• Currency translation differences
• Defined benefit plans re-measurement gains((losses)
• Revaluation increase fund of property, plant and equipment
• Change in financial asset revaluation fund

Balance at 31 March 2024

					Accumulated other
					comprehensive income or loss	Accumulated other comprehensive
					that will not be reclassified to	income or loss that will be reclassified
					profit or loss	to profit or loss			Retained earnings
						Shares not
						classified as		Gain/(loss) on
				Tangible		profit or loss		revaluation					Equity
				Actuarial	from other		and/or			Retained	Net	attributable
		Adjustments		Assets		Currency		Non-
	Share	Repurchased	gains/(losses)	comprehensive	Share	reclassification	Restricted	earnings/	profit/(loss)	to equity
Notes	to share	Valuation	translation	controlling	Equity
Capital	shares	on defined	income of	premiums/discounts	of financial	reserves	accumulated	for the	holders of
	capital	Surplus	differences	interest
			benefit plans	investments		assets		(losses)	period	the parent
				Fund
					accounted for		available for					company
						by equity		sale
						method
14	2,616,996	38,192,944	(260,997)	-	(146,288)	(11,975)	1,626,327	(206,326)	15,383,368	10,661,265	(12,474,941)	341,272	55,721,645	7,904,620	63,626,265
	-	-	-	-	-	-	-	-	-	3,155,696	(2,814,424)	(341,272)	-	-	-
	-	-	(152,140)	-	-	-	-	-	-	152,140	(152,140)	-	(152,140)	-	(152,140)
	-	-	-	39,889	11,615	1,448	-	(180,450)	(2,210,410)	-	-	950,279	(1,387,629)	(161,752)	(1,549,381)
	-	-	-	-	-	-	-	-	-	-	-	950,279	950,279	(2,467)	947,812
	-	-	-	39,889	11,615	1,448	-	(180,450)	(2,210,410)	-	-	-	(2,337,908)	(159,285)	(2,497,193)
	-	-	-	-	-	-	-	-	(2,210,410)	-	-	-	(2,210,410)	(195,272)	(2,405,682)
	-	-	-	-	11,615	-	-	-	-	-	-	-	11,615	17,424	29,039
		-	-	39,889	-	-	-	-	-	-	-	-	39,889	18,563	58,452
	-	-	-	-	-	1,448	-	(180,450)	-	-	-	-	(179,002)	-	(179,002)
14	2,616,996	38,192,944	(413,137)	39,889	(134,673)	(10,527)	1,626,327	(386,776)	13,172,958	13,969,101	(15,441,505)	950,279	54,181,876	7,742,868	61,924,744

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

5

DOĞAN ŞİRKETLER GRUBU HOLDİNG A.Ş.

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE PERIODS 1 JANUARY - 31 MARCH 2024 AND 2023

(Amounts expressed in thousands of Turkish Lira ("TRY") with the purchase power of 31 March 2024, unless otherwise indicated. Currencies other than TRY, expressed in thousands unless otherwise indicated.)

					Accumulated other comprehensive income or	Accumulated other comprehensive income or
					loss that will not be reclassified to profit or loss	loss that will be reclassified to profit or loss			Retained earnings
													Equity
								Gain/(loss) on					attributable
					Actuarial	Shares not classified as profit or		revaluation and/or			Retained	Net	to equity
			Adjustments		gains/(losses)	loss from other comprehensive		reclassification of	Currency		earnings/	profit/(loss)	holders of	Non-
		Share	to share	Repurchased	on defined	income of investments accounted	Share	financial assets	translation	Restricted	accumulated	for the	the parent	controlling
	Notes	Capital	capital	shares	benefit plans	for by equity method	premiums/discounts	available for sale	differences	reserves	(losses)	period	company	interest	Equity
Balance at 1 January 2023	14	2,616,938	38,192,928	(249,496)	(104,540)	(5,367)	1,626,327	(586,136)	6,985,635	9,344,673	(10,614,976)	267,092	47,473,078	10,875,537	58,348,615
Transfers		-	-	-	-	-	-	-	-	1,316,592	(1,049,500)	(267,092)	-	-	-
Dividends		-	-	-	-	-	-	-	-	-	(320,142)	-	(320,142)	-	(320,142)
Dividend advances paid during the
period		-	-	-	-	-	-	-	-	-	-	-	-	195,073	195,073
Transactions with non-controlling
shareholders		-	-	-	-	-	-	-	-	-	-	-	-	102,401	102,401
Total comprehensive income/(loss)		-	-	-	(64,264)	-	-	(228,108)	(161,581)	-	-	(1,148,463)	(1,602,416)	(586,552)	(2,188,968)
Profit/(loss) for the period		-	-	-	-	-	-	-	-	-	-	(1,148,463)	(1,148,463)	(249,385)	(1,397,848)
Other comprehensive income/(loss)		-	-	-	(64,264)	-	-	(228,108)	(161,581)	-	-	-	(453,953)	(337,167)	(791,120)
- Currency translation differences		-	-	-	-	-	-	-	(161,581)	-	-	-	(161,581)	(315,798)	(477,379)
- Defined benefit plans re-measurement
gains(losses)		-	-	-	(64,264)	-	-	-	-	-	-	-	(64,264)	21,369	(85,633)
- Change in financial asset revaluation
fund		-	-	-	-	-	-	(228,108)	-	-	-	-	(228,108)	-	(228,108)
Balance at 31 March 2023	14	2,616,938	38,192,928	(249,496)	(168,804)	(5,367)	1,626,327	(814,244)	6,824,054	10,661,265	(11,984,618)	(1,148,463)	45,550,520	10,586,459	56,136,979

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

6

DOĞAN ŞİRKETLER GRUBU HOLDİNG A.Ş.

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOW FOR THE PERIODS 1 JANUARY - 31 MARCH 2024 AND 2023

(Amounts expressed in thousands of Turkish Lira ("TRY") with the purchase power of 31 March 2024, unless otherwise indicated. Currencies other than TRY, expressed in thousands unless otherwise indicated.)

			Unaudited	Unaudited
			Current Period	Prior Period
			1 January -	1 January -
		Notes	31 March 2024	31 March 2023
A. Net Cash From Operating Activities		6,496,418	5,684,992
Profit/(loss) for the period		1,099,952	(1,397,847)
Profit/(Loss) for the period from continued operations		1,099,952	(1,114,542)
Profit/(Loss) for the period from discontinued operations		-	(283,305)
Adjustments regarding reconciliation of net profit (loss) for the period		5,338,679	5,619,138
Adjustments related to depreciation and amortization		865,154	690,172
Adjustments related to Provisions
- Adjustments related to provisions for employee benefits	20	(61,179)	(12,385)
- Adjustments related to provisions (reversal) for lawsuits and/or penalty		5,091	(12,464)
- Insurance technical provisions		308,863	1,363,423
- Adjustments related to other provisions (reversals)		35,539	18,250
Adjustments related to interest (income) and expenses
- Adjustments related to interest income	17	(689,405)	(866,705)
- Adjustments related to interest expenses	17	1,403,917	651,602
- Deferred financial expense due to purchases with maturity	15	6,455	3,921
- Unearned financial income due from sales with maturity	15	(54)	(10,258)
Adjustments related to changes in unrealised foreign exchange differences		352,309	(722,097)
Adjustments related to fair value (gains) losses		(642,555)	23,713
Adjustments related to losses (gains) on disposal of non-current assets	16	-	(4,147)
Adjustments related to retained earnings of investments accounted with the equity method		357,174	25,662
Adjustments related to tax income (expense)		604,025	867,351
Monetary Gain/Loss		2,793,345	3,603,100
Changes in working capital		(524,566)	1,428,850
Decrease (increase) in the balances with the Central Bank ,of the Republic of Turkey		52,116	(53,936)
Decrease (increase) in receivables from finance sector operations		(577,556)	-
Adjustments for decrease/(increase) in inventories		297,917	2,071,621
Adjustments for decrease/(increase) in trade receivables
-	(Increase)/decrease in trade receivables from related parties		403	(11,810)
-	(Increase)/decrease in trade receivables from non-related parties		(627,969)	1,010,092
Increase (decrease) in payables due to employee benefits		(157,915)	(65,804)
Adjustments regarding decrease/(increase) in other receivables on operations
- (Increase)/decrease in Other receivables regarding operations with related parties		5,035	-
- (Increase)/decrease in Other receivables regarding operations with non-related parties		(2,735)	296,611
Adjustments regarding increase/(decrease) in trade payables
- Increase/(decrease) in trade payables to related parties		(5,403)	2,559,798
- Increase/(decrease) in trade payables to non-related parties		(685,326)	(1,889,336)
Receivables from finance sector operations		-	(310,206)
Decrease (increase) in receivables from finance sector operations		257,362	(168,494)
Adjustments regarding increase/(decrease) in other payables on operations
- Increase/(decrease) in other payables to related parties		551	9,651
- Increase/(decrease) in other payables to non-related parties		(273,150)	624,966
Adjustments for other increase/(decrease) in working capital
- (Increase)/decrease in other assets regarding operations		927,037	(2,591,731)
- Increase/(decrease) in other liabilities regarding operations		262,533	(52,572)
Net Cash From Operating Activities		5,911,531	5,650,141
Income tax refunds (payments)		(5,369)	(418,233)
Interest received		590,256	453,014

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

7

DOĞAN ŞİRKETLER GRUBU HOLDİNG A.Ş.

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOW FOR THE PERIODS 1 JANUARY - 31 MARCH 2024 AND 2023

(Amounts expressed in thousands of Turkish Lira ("TRY") with the purchase power of 31 March 2024, unless otherwise indicated. Currencies other than TRY, expressed in thousands unless otherwise indicated.)

Notes

B. Net Cash From Investing Activities

Cash inflow due to sale of property, plant, equipment and intangible assets

Cash outflows from purchase of property, plant, equipment and intangible assets

Cash inflows from sales of other parties or funds

Cash outflows for the purchase of other parties or funds

Cash inflows from sales that do not result in loss of control of subsidiaries Dividend payments of subsidiaries outside the group

Other cash inflows/(outflows)

C. Net Cash from Financing Activities

Proceeds from borrowings, net

• Cash inflows from borrowings Interest paid
  Cash outflows from discontinued operations

NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS BEFORE THE EFFECT OF CURRENCY TRANSLATION RESERVES (A+B+C)

D. THE EFFECT OF CURRENCY TRANSLATION RESERVES ON CASH AND CASH EQUIVALENTS

MONETARY GAIN/(LOSS) OVER CASH AND CASH EQUIVALENTS
NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS
(A+B+C+D)
E. CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE
PERIOD	5
F. CASH AND CASH EQUIVALENTS AT THE END OF THE
PERIOD (A+B+C+D+E)	5

Unaudited	Unaudited
Current Period	Prior Period
1 January -	1 January -
31 March 2024	31 March 2023
(6,780,431)	(3,436,907)
500,924	245,702
(2,362,542)	(1,155,991)
1,999,166	2,103,384
(4,613,401)	(4,927,476)
(152,140)	102,401

• 195,073
  (2,152,438)-

(129,515) (4,645,693)

1,121,559 (1,745,342)

(1,251,073) (492,655)

• (2,407,696)

(413,527) (2,406,678)

(2,210,410) (161,581)

(1,826,172) (3,246,477)

(4,450,109) (5,814,736)

13,949,230 13,365,529

9,499,121 7,550,793

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

8