Emlak Konut Gayrimenkul Yatirim Ortakligi : CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD 1 JANUARY – 30 SEPTEMBER 2022

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

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD 1 JANUARY - 30 SEPTEMBER 2022

(CONVENIENCE TRANSLATION OF

THE FINANCIAL STATEMENTS ORIGINALLY ISSUED IN TURKISH)

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

INDEX	PAGE
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION ……………………………………	1-2
CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS
AND OTHER COMPREHENSIVE INCOME……………………………………………………………………	3
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY………………………………………	4
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS………………………………………………	5
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS…………………………………	6-43

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

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS OF 30 SEPTEMBER 2022 AND 31 DECEMBER 2021

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

		Not
		Reviewed	Audited
		30 September	31 December
	Notes	2022	2021
ASSETS
Current assets		34,735,146	26,113,218
Cash and cash equivalents	4	3,530,822	3,728,285
Financial investments	5	-	500
Trade receivables	7	3,092,998	2,794,039
Trade receivables due from related parties	22	-	15,261
Trade receivables due from third parties		3,092,998	2,778,778
Other receivables		565,882	554,742
Other receivables due from related parties	22	-	182
Other receivables due from third parties	8	565,882	554,560
Inventories	9	26,185,876	17,853,446
Prepaid expenses		691,749	977,233
Prepaid expenses to third parties	14	691,749	977,233
Other current assets	13	667,819	204,973
Non-current assets		4,606,262	4,647,234
Trade receivables	7	3,550,728	3,630,723
Trade receivables due from third parties		3,550,728	3,630,723
Other receivables	8	12,034	11,473
Other receivables due from third parties		12,034	11,473
Financial investments		-	842
Investments accounted for using equity method	3	841	-
Investment properties	10	749,863	843,675
Right-of-use assets		6,849	180
Property, plant and equipment	11	247,867	152,613
Intangible assets		28,963	5,028
Deferred tax assets	21	9,117	2,700
Total assets		39,341,408	30,760,452

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 30 SEPTEMBER 2022 AND 31 DECEMBER 2021

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

		Not
		Reviewed	Audited
		30 September	31 December
	Notes	2022	2021
LIABILITIES AND EQUITY
Current liabilities		18,912,624	12,838,385
Short-term borrowings	6	990,667	1,580,733
Short-term portions of long-term borrowings	6	1,322,784	1,179,002
Short-term portion of long-term borrowings from related parties
Lease liabilities	6	1,741	4,508
Short-term portion of long-term borrowings
Bank Loans	6	1,321,043	1,174,494
Trade payables	7	2,300,058	2,006,203
Trade payables due to related parties	22	997,947	503,948
Trade payables due to third parties		1,302,111	1,502,255
Other payables	8	597,090	196,047
Other payables to related parties	22	590	587
Other payables to third parties		596,500	195,460
Deferred income	14	13,428,125	7,695,649
Deferred income from related parties	22	-	255,424
Deferred income from third parties		13,428,125	7,440,225
Current tax liabilities	21	57	7,492
Short-term provisions		273,843	173,259
Short-term provisions for employee benefits		29,470	17,109
Other short-term provisions	12	244,373	156,150
Non-current liabilities		2,976,436	2,175,180
Long-term borrowings		2,789,824	2,030,678
Long-term borrowings from related parties		14,270	3,358
Lease liabilities	6	14,270	3,358
Long-term borrowings from third parties		2,775,554	2,027,320
Bank Loans	6	2,775,554	2,027,320
Trade payables	7	-	2,099
Trade payables due to third parties		-	2,099
Other payables	8	117,109	89,537
Other payables to third parties		117,109	89,537
Deferred income	14	9,745	4,738
Deferred income from third parties		9,745	4,738
Long-term provisions		39,804	25,268
Long-term provisions for employee benefits		39,804	25,268
Deferred tax liability	21	19,954	22,860
Shareholders' equity		17,452,348	15,746,887
Total equity attributable to equity holders of the Company		17,452,348	15,746,887
Paid-in capital	15	3,800,000	3,800,000
Treasury shares (-)		(296,231)	(296,231)
Share premium (discounts)		2,366,895	2,366,895
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		882,670	789,174
Retained earnings		8,617,598	7,754,768
Net profit for the year		2,081,458	1,332,323
Total liabilities and equity		39,341,408	30,760,452

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 STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE NINE-MONTH INTERIM PERIOD ENDED 30 SEPTEMBER 2022 AND 2021

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

		Not	Not	Not	Not
		Reviewed	Reviewed	Reviewed	Reviewed
		1 January-	1 July-	1 January-	1 July-
	Notes	30 September 2022	30 September 2022	30 September 2021	30 September 2021
Revenue	16	5,677,656	950,996	5,568,662	2,061,406
Cost of sales (-)	16	(2,588,697)	(312,575)	(4,070,152)	(1,449,471)
Gross profit		3,088,959	638,421	1,498,510	611,935
General administrative expenses (-)	17	(589,951)	(215,018)	(327,768)	(97,184)
Marketing expenses (-)	17	(97,710)	(33,877)	(53,797)	(19,316)
Other income from operating activities	18	720,682	377,079	499,360	159,764
Other expenses from operating activities (-)	18	(774,896)	(10,438)	(299,217)	(186,397)
Share of losses from investments accounted for using equity method		-	-	-	-
Operating profit		2,347,084	756,167	1,317,088	468,802
Income from investing activities	19	27,493	1,291	3,979	-
Operating profit before financial income / (expense)		2,374,577	757,458	1,321,067	468,802
Financial income	20	388,264	163,531	104,260	30,691
Financial expenses (-)	20	(680,486)	(275,321)	(425,671)	(177,621)
Profit from continuing operations, before tax		2,082,355	645,668	999,656	321,872
Tax (expense)/income from continuing operations		(897)	(1,328)	16,687	8,740
Current period tax expense	21	(10,220)	(80)	(4,662)	4,431
Deferred tax income	21	9,323	(1,248)	21,349	4,309
Net profit for the period		2,081,458	644,340	1,016,343	330,612
Profit for the period is attributable to:
Non-controlling interests		-	-	-	6
Owners of the Company		2,081,458	644,340	1,016,343	330,606
Total comprehensive income for the period		2,081,458	644,340	1,016,343	330,612
Total comprehensive income is attributable to:
Non-controlling interests		-	-	-	6
Owners of the Company		2,081,458	644,340	1,016,343	330,606
Earnings per share (in full TL)		0.0057	0.0018	0.0028	0.0009

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

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