Tümosan Motor ve Traktör Sanayi A.Ş.
and its Subsidiaries
Summary of Consolidated Financial Information
for the Three-Month Interim Period
Ended 31 March 2024
Tümosan Motor ve Traktör Sanayi A.Ş.
and its Subsidiaries
Table of contents
Condensed Consolidated Interim Statement of Financial Position Condensed Consolidated Interim Statement of Profit or Loss
Condensed Consolidated Interim Statement of Other Comprehensive Income Condensed Consolidated Interim Statement of Changes in Equity Condensed Consolidated Interim Statement of Cash Flows
Notes to the Condensed Consolidated Interim Notes to the Financial Statements
Tümosan Motor ve Traktör Sanayi A.Ş. and its Subsidiaries
Condensed Consolidated Interim Statement of Financial Position
As at 31 March 2024
(The amounts are expressed in terms of purchasing power of Turkish Lira ('TL') as of 31 March 2024, unless otherwise specified)
Note | Audited | Audited | |
ASSETS | 31 March 2024 | 31 December 2023 | |
Current Assets | |||
Cash and cash equivalents | 4 | 331.356.270 | 341.309.269 |
Financial investments | 5 | 674.003.431 | 587.352.001 |
Trade receivables | |||
-Trade receivables from related parties | 3 | 378.322.263 | 646.243.952 |
-Trade receivables from non-related parties | 7 | 833.489.606 | 1.230.965.108 |
Other receivables | |||
- Other receivables from related parties | 3 | -- | 220.010 |
- Other receivables from non-related parties | 8 | 35.329.369 | 4.932.936 |
Inventories | 9 | 2.825.117.456 | 2.444.902.932 |
Prepaid expenses | 10 | 247.639.145 | 223.621.562 |
Other current assets | 17 | 231.399.442 | 243.652.743 |
Total Current Assets | 5.556.656.982 | 5.723.200.513 | |
Non-Current Assets | |||
Other receivables | |||
-Other receivables from non-related parties | 8 | 170.082 | 195.703 |
Property, plant and equipment | 12 | 3.777.925.518 | 3.812.834.889 |
Intangible assets | 13 | 119.013.471 | 100.344.277 |
Investment property | 11 | 86.040.134 | 86.040.134 |
Right of use assets | 14 | 38.042.826 | 50.871.484 |
Total Non-Current Assets | 4.021.192.031 | 4.050.286.487 | |
Total Assets | 9.577.849.013 | 9.773.487.000 |
The accompanying notes form an integral part of these condensed consolidated interim financial statements.
1
Tümosan Motor ve Traktör Sanayi A.Ş. and its Subsidiaries
Condensed Consolidated Interim Statement of Financial Position
As at 31 March 2024 (continued)
(The amounts are expressed in terms of purchasing power of Turkish Lira ('TL') as of 31 March 2024, unless otherwise specified)
Note | Audited | Audited | ||
LIABILITIES | 31 March 2024 | 31 December 2023 | ||
Short Term Liabilities | ||||
Short term borrowings | 6 | 1.717.931.924 | 1.510.763.037 | |
Short term portion of long-term borrowings | 6 | 28.952.455 | 35.252.246 | |
Trade payables | ||||
- Trade payables to related parties | 3 | 19.680.109 | 24.677.250 | |
- Trade payables to non-related parties | 7 | 845.498.087 | 1.376.146.245 | |
Payables related to employee benefis | 16 | 55.793.367 | 45.402.541 | |
Other payables | ||||
Oyher Payables to Related Parties | 8 | 39.650.307 | 25.411.298 | |
- Other payables to non-related parties | 10 | 167.880.853 | 195.417.229 | |
Deferred income | 23 | 83.863.536 | 95.092.428 | |
Current period tax liability | ||||
Short term provisions | 16 | 17.975.000 | 13.805.481 | |
- Short term provisions for employee benefits | 15 | 51.200.350 | 59.761.104 | |
- Other short term provisions | 14 | 1.361.407 | 2.026.819 | |
Total Short Term Liabilities | 3.029.787.395 | 3.383.755.678 | ||
Long term borrowings | 6 | 63.017.751 | 82.485.935 | |
Long term provisions | ||||
- Long term provisions for employee benefits | 16 | 30.126.515 | 25.742.133 | |
Liabilities from leasing transactions | 14 | 12.858.731 | 14.795.722 | |
Deferred tax liability | 23 | 767.191.439 | 691.788.918 | |
Total Long Term Liabilities | 873.194.436 | 814.812.708 | ||
Total Liabilities | 3.902.981.831 | 4.198.568.386 | ||
Equity Attributable to the Owners of the Company | ||||
Paid-in share capital | 18 | 115.000.000 | 115.000.000 | |
Capital adjustment differences | 1.221.485.263 | 1.221.485.263 | ||
Share premium | 133.669.706 | 133.669.706 | ||
Accumulated other comprehensive income | ||||
- Items will not to be reclassified in profit or loss | (23.179.418) | (17.703.661) | ||
Restricted reserves | 141.051.908 | 141.051.908 | ||
Retained earnings | 3.981.415.398 | 3.221.965.830 | ||
Net profit for the period | 105.424.325 | 759.449.568 | ||
Total Equity | 5.674.867.182 | 5.574.918.614 | ||
Total Equity and Liabilities | 9.577.849.013 | 9.773.487.000 | ||
The accompanying notes form an integral part of these condensed consolidated interim financial statements.
2
Tümosan Motor ve Traktör Sanayi A.Ş. and its Subsidiaries
Condensed Consolidated Interim Statement of Profit or Loss
For the Three-Month Period Ended 31 March 2024
(The amounts are expressed in terms of purchasing power of Turkish Lira ('TL') as of 31 March 2024, unless otherwise specified)
Note | Audited | Audited | |
1 January- | 1 January- | ||
31 March 2024 | 31 March 2023 | ||
Revenue | 19 | 1.330.017.766 | 1.862.280.550 |
Cost of sales (-) | 19 | (982.177.929) | (1.412.511.096) |
Gross profit | 347.839.837 | 449.769.454 | |
General administrative expenses (-) | 20 | (40.480.282) | (16.206.845) |
Marketing expenses (-) | 20 | (122.623.893) | (161.147.534) |
Research and development expenses (-) | 20 | (20.069.479) | (31.998.805) |
Other operating income | 23.526.183 | 70.421.766 | |
Other operating expenses (-) | (37.584.689) | (84.119.764) | |
Operating profit | 150.607.677 | 226.718.272 | |
Incomes from investment activities | 22 | 200.448.093 | -- |
Expenses from investment activities | -- | (67.827.588) | |
Operating profit before financial expenses, net | 351.055.770 | 158.890.684 | |
Financial income | 21 | 27.094.989 | 20.655.128 |
Financial expenses (-) | 21 | (259.230.759) | (38.618.354) |
Net monetary position gain /(loss) | 88.903.546 | 110.555.916 | |
Profit before tax | 207.823.546 | 251.483.374 | |
Taxbexpense | 23 | (102.399.221) | (108.712.229) |
- Current tax expense for the period | (25.171.448) | (44.360.892) | |
- Deferred tax income | (77.227.773) | (64.351.337) | |
Profit for the period | 105.424.325 | 142.771.145 | |
Distribution of net profit for the period | |||
Equity holders of the Company | 105.424.325 | 142.771.145 | |
Non-controlling interest | -- | -- | |
Number of shares | 24 | 115.000.000 | 115.000.000 |
Earnings per share | 24 | 0,92 | 1,24 |
The accompanying notes form an integral part of these condensed consolidated interim financial statements.
3
Tümosan Motor ve Traktör Sanayi A.Ş. and its Subsidiaries
Condensed Consolidated Interim Statement of Other Comprehensive Income For the Three-Month Period Ended 31 March 2024
(The amounts are expressed in terms of purchasing power of Turkish Lira ('TL') as of 31 March 2024, unless otherwise specified)
Note | Audited | Audited | |
1 January- | 1 January- | ||
31 March 2024 | 31 March 2023 | ||
Profit for the period | 105.424.325 | 142.771.145 | |
Other comprehensive income | |||
Not to be reclassified to profit or loss | |||
- Actuarial differences | 16 | (7.301.009) | (20.785.802) |
- Deferred tax income / (expense) | 23 | 1.825.252 | 4.157.160 |
Total other comprehensive income | (5.475.757) | (16.628.642) | |
Total comprehensive income | 99.948.568 | 126.142.503 |
Distribution of net profit for the period
Equity holders of the Company
Non-controlling interest
The accompanying notes form an integral part of these condensed consolidated interim financial statements.
4
Tümosan Motor ve Traktör Sanayi A.Ş. and its Subsidiaries
Condensed Consolidated Interim Statement of Change in Equity
For the Three-Month Period Ended 31 March 2024
(The amounts are expressed in terms of purchasing power of Turkish Lira ('TL') as of 31 March 2024, unless otherwise specified)
Accumulated Other | ||||||||
Comprehensive | ||||||||
Income and | ||||||||
Expenses Not to be | ||||||||
Reclassified to Profit | ||||||||
or Loss | ||||||||
Accumulated | Restricted | |||||||
Remeasurement | ||||||||
Paid-In | Differences | Share | Reserves | Retained | Net Profit for | |||
Gains/Losses on | Total Equity | |||||||
Share | in Capital | Premiums | Appropriated | Earnings | the Period | |||
Defined Benefit | ||||||||
Capital | Adjustment | Plans | from Profit | |||||
Balance at 1 January 2023 | 115.000.000 | 1.221.485.263 | 133.669.706 | (9.599.469) | 141.051.908 | 2.776.431.757 | 445.534.073 | 4.823.573.238 |
Transfers | -- | -- | -- | -- | -- | 445.534.073 | (445.534.073) | -- |
Profit for the period | -- | -- | -- | -- | -- | -- | 142.771.145 | 142.771.145 |
Other comprehensive income | -- | -- | -- | (16.628.644) | -- | -- | -- | (16.628.644) |
Actuarial differences | -- | -- | -- | (16.628.644) | -- | -- | -- | (16.628.644) |
Balance at 31 March 2023 | 115.000.000 | 1.221.485.263 | 133.669.706 | (26.228.113) | 141.051.908 | 3.221.965.830 | 142.771.145 | 4.949.715.739 |
Balance at 1 January 2024 | 115.000.000 | 1.221.485.263 | 133.669.706 | (17.703.661) | 141.051.908 | 3.221.965.830 | 759.449.568 | 5.574.918.614 |
Transfers | -- | -- | -- | -- | -- | 759.449.568 | (759.449.568) | -- |
Profit for the period | -- | -- | -- | -- | -- | -- | 105.424.325 | 105.424.325 |
Other comprehensive income | -- | -- | -- | (5.475.757) | -- | -- | -- | (5.475.757) |
Actuarial differences | -- | -- | -- | (5.475.757) | -- | -- | -- | (5.475.757) |
Balance at 31 March 2024 | 115.000.000 | 1.221.485.263 | 133.669.706 | (23.179.418) | 141.051.908 | 3.981.415.398 | 105.424.325 | 5.674.867.182 |
The accompanying notes form an integral part of these condensed consolidated interim financial statements.
5
Tümosan Motor ve Traktör Sanayi A.Ş. and its Subsidiaries
Condensed Consolidated Interim Statement of Cash Flow
For the Three-Month Period Ended 31 March 2024
(The amounts are expressed in terms of purchasing power of Turkish Lira ('TL') as of 31 March 2024, unless otherwise specified)
Note | Audited | Audited | |
1 January- | 1 January- | ||
31 March 2024 | 31 March 2023 | ||
Net profit for the period | 105.424.325 | 142.771.145 | |
Reconciliation of net cash provided by operating activities to net profit: | |||
Depreciation and amortization | 12,13,14 | 83.878.542 | 71.013.819 |
Provision for employee benefits | 16 | 3.502.208 | 2.919.461 |
Fair value changes of financial investments | |||
-Adjustments for fair value losses (gains) on financial assets | 24 | (200.448.093) | 67.827.588 |
Tax (income)/ losses | 25 | 102.399.221 | 108.712.229 |
Interest income | 23,24 | (27.094.989) | (20.655.128) |
Provision of itigation and guarantee | 15 | 764.114 | 18.235.672 |
Provisions for unused vacation | 16 | 6.195.980 | 1.947.028 |
Provision of impairment/ (cancellation) of inventory | 9 | -- | (1.753.100) |
Interest expenses from leases | 14 | 460.994 | 465.383 |
Interest expense | 23 | 258.769.765 | 38.152.971 |
Monetary gains and losses | (51.984.504) | 199.726.344 | |
Operating cash flow before change in assets and liabilities | |||
Changes in assets and liabilities | |||
Change in trade receivables and other receivables | 623.258.249 | 22.221.181 | |
Change in inventories | (380.214.524) | (525.283.316) | |
Change in prepaid expenses and other current assets and liabilities | (11.764.282) | (60.256.445) | |
Change in trade payables and other payables | (521.406.290) | 124.356.915 | |
Change in payables related employee benefits | 10.390.826 | 21.491.726 | |
Change in deferred income | (27.536.376) | (162.777.271) | |
Employee severance indemnity paid | 16 | (3.032.166) | (17.887.077) |
Payments related to leasing agreements | 14 | (875.730) | (794.939) |
Taxes received / (paid) | 25 | 55.329.347 | 54.284.010 |
Net cash generated / (used) from operations | 26.016.617 | 84.718.196 | |
Investing activities | |||
Changes in financial investments | -- | (71.418) | |
Cash inflows from the sale of shares or debt instruments | 113.796.663 | (243.795.622) | |
of other enterprises or funds | |||
Purchases of tangible and intangible assets | 12,13 | (54.809.707) | (27.552.156) |
Sales of tangible assets | -- | 77.981 | |
Net cash generated / (used) in investing activities | 58.986.956 | (271.341.215) | |
Financing activities | |||
Financial borrowings, net | 181.400.912 | 122.111.654 | |
Interest received | 27.094.989 | 20.655.128 | |
Interest paid | (258.769.765) | (38.152.971) | |
Net cash provided from financing activities | (50.273.864) | 104.613.811 | |
Net increase/(decrease) in cash and cash equivalents | 34.729.709 | (82.009.208) | |
Inflation effect on cash and cash equivalents | (44.682.708) | (301.811.756) | |
Cash and cash equivalents at the beginning of the period | 4 | 341.309.269 | 742.442.622 |
Cash and cash equivalents at the end of the period | 4 | 331.356.270 | 358.621.658 |
The accompanying notes form an integral part of these condensed consolidated interim financial statements.
6
Tümosan Motor ve Traktör Sanayi A.Ş. and its Subsidiaries Notes to the Condensed Consolidated Interim Financial Statements As at and for the Three-MonthPeriod Ended 31 March 2024
(The amounts are expressed in terms of purchasing power of Turkish Lira ('TL') as of 31 March 2024, unless otherwise specified)
CONTENTS
2 | Basis of Presentation of Financial Statements | 10 |
2.1 | Basis of Presentation | 10 |
2.2 | Compliance of TFRS | 14 |
2.3 | Changes in Accounting Policies | 14 |
2.4 | Changes in Accounting Estimates and Errors | 16 |
2.5 | Summary of Significant Accounting Policies | 16 |
3 | Related Party Disclosures | 17 |
4 | Cash and Cash Equivalent | 20 |
5 | Financial Investments | 20 |
6 | Financial Borrowings | 20 |
7 | Trade Receivables and Payables | 21 |
8 | Other Receivables and Payables | 22 |
9 | Inventories | 23 |
10 | Prepaid Expenses and Deferred Income | 23 |
11 | Investment Properties | 23 |
12 | Property, Plant and Equipment | 24 |
13 | Intengible Assets | 26 |
14 | Leasing Transactions | 26 |
15 | Provisions, Contingent Assets and Liabilities | 28 |
16 | Employee Benefits | 30 |
17 | Other Assets and Liabilities | 32 |
18 | Capital, Reserves and Other Equity Items | 32 |
19 | Revenue | 33 |
20 | Operating Expense | 33 |
21 | Finance Income and Expense | 34 |
22 | Income and Expense from Investment Activities | 34 |
23 | Income Tax | 35 |
24 | Earning per Share | 36 |
25 | Financial Instruments- Risk Management and Fair Value | 36 |
26 | Subsequent Events | 39 |
7
Tümosan Motor ve Traktör Sanayi A.Ş. and its Subsidiaries
Notes to the Condensed Consolidated Interim Financial Statements
As at and for the Three-Month Period Ended 31 March 2024
(The amounts are expressed in terms of purchasing power of Turkish Lira ('TL') as of 31 March 2024, unless otherwise specified)
1 Organization and Nature of Operation
Tümosan Motor ve Traktör Sanayi A.Ş. (formerly known as Alçelik Çelik Yapı İnşaat Sanayi ve Ticaret Anonim Şirketi) ("Tümosan" or "the Company"), was established in 1975 to produce engine parts, transfer organs and similar equipment, but then concentrated its activities on diesel engine and tractor production. Tümosan, which is the first diesel engine producer of Turkey, along with providing diesel engines to tractors produced under the same brand, produced diesel engines for many years for other companies producing diesel vehicles.
The Company was taken into the scope and program of privatization on 18 August 1998 and the shares belonging to Mechanics and Chemistry İnstitution Corporation were transferred to Directorate of Privatization Administration and it was decided that privatization procedures shall be completed within a year.
Four companies participated in the privatization tender of the Company held on 24 April 2000 and at the end of the tender, Anadolu Joint Venture Group took the first place when Konya Selçuklu Joint Venture Group took the second place. At the end of the tender, since the sale contracts forwarded respectively to the ventures could not be signed within the specified time frame, their indemnities were recorded as revenue and the tender could not be concluded positively.
Tümosan, which continued its activities in a more limited frame after the tender, was adhered to Sümer Holding on 7 February 2003. For privatization purposes, the second tender was held in 2004 and Tümosan was acquired by Alçelik Çelik Yapı İnşaat Sanayi ve Ticaret A.Ş. through asset sale and the takeover was completed on 1 July 2004.
26% of the Company's shares were offered to public at Istanbul Stock Exchange on 5 December 2012. Since 5 December 2012, the shares of the Company are listed at Istanbul Stock Exchange.
The headquarters and factory of the Company is at the following addresses:
Headquarters:
Maltepe Mahallesi Londra Asfaltı Caddesi No:28/1 Topkapı, 34010, Zeytinburnu/İstanbul/Turkey
Factory:
Büyükkayacık Mahallesi Aksaray Çevre Yolu Caddesi No:7/1 Selçuklu/Konya/Turkey Information regarding the Company's shareholding interests and their shares is as follows:
31 March 2024 | 31 December 2023 | |
Name/ Title | Shareholding | Shareholding |
Rates % | Rates % | |
Ereğli Tekstil Turizm Sanayi ve Ticaret A.Ş. | 60,87 | 60,87 |
Muzaffer Albayrak | 1,74 | 1,74 |
Ahmet Albayrak | 1,74 | 1,74 |
Bayram Albayrak | 1,74 | 1,74 |
Nuri Albayrak | 1,74 | 1,74 |
Kazım Albayrak | 1,74 | 1,74 |
Mustafa Albayrak | 1,74 | 1,74 |
Halka açık kısım | 28,69 | 28,69 |
Total | 100,00 | 100,00 |
The main shareholder of the Company is Ereğli Tekstil Turizm Sanayi ve Ticaret A.Ş. ("Ereğli Tekstil") which is controlled by Albayrak Family.
8
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
Tumosan Motor ve Traktor Sanayi AS published this content on 25 June 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 June 2024 06:41:12 UTC.