NET TURIZM TİCARET VE SANAYİ ANONİM ŞİRKETİ AND IT S SUBSIDIARIES CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED AT 31 DECEMBER 2014

Transcription

1 NET TURIZM TİCARET VE SANAYİ ANONİM ŞİRKETİ AND IT S SUBSIDIARIES CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED AT 31 DECEMBER 2014

2 NET TURİZM TİCARET VE SANAYİ ANONİM ŞİRKETİ CONTENTS CONSOLIDATED BALANCE SHEETS CONSOLIDATED STATEMENTS OF INCOME CONSOLIDATED STATEMENTS OF OTHER COMPREHENSIVE INCOME CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS EQUITY CONSOLIDATED STATEMENTS OF CASH FLOWS

3 CONSOLIDATED BALANCE SHEETS AS OF 31 DECEMBER 2014 AND 2013 (Currency Turkish Lira unless otherwise expressed.) References ASSETS Assets 289,569,283 44,094,697 Cash and Cash Equivalents 5 241,411,046 16,783,222 Financial Investments 6 33,306,299 2,617,793 Trade Receivables - Trade receivables from related parties 8 191,016 2,067,351 - Trade receivables from other parties 8 4,679,175 4,783,639 Other Receivables - Other receivables from related parties 9 259,882 9,433,847 - Other receivables from other parties 9 85,404 78,603 Inventories 11 2,247,139 2,094,398 Prepaid Expenses 12 1,707,444 1,656,595 Assets Relevant to Taxes 28 1,227, ,750 Other Assets 20 4,454,733 4,468,499 Non - Assets 1,075,979,066 1,139,199,667 Other Receivables 9 103, ,274 Financial Investments 6 4,103,681 3,913,661 Investments Evaluated by Equity Pick-Up Method ,811, ,246,194 Investment Properties ,708, ,979,219 Tangible Fixed Assets ,353, ,131,605 Intangible Fixed Assets 16 72, ,298 Prepaid Expenses 12 1,275,634 1,423,263 Deferred Tax Assets 28 12,474,489 14,126,118 Other Non- Assets 20 75,354 16,035 TOTAL ASSETS 1,365,548,349 1,183,294,364 The explanatory notes are an integral part of these statements.

4 CONSOLIDATED BALANCE SHEETS AS OF 31 DECEMBER 2014 AND 2013 (Currency Turkish Lira unless otherwise expressed.) References LIABILITIES Liabilities 89,862, ,534,533 Financial Borrowings 7 43,491,939 78,160,696 Installment of Long Term Financial Borrowings 7 32,895,910 30,370,617 Trade Payables - Trade payables due to other parties 8 4,416,684 7,036,533 Employee Benefit Liabilities , ,203 Other Payables - Other payables due to related parties 9 2,378,227 2,979,924 - Other payables due to other parties 9 722,803 2,133,129 Deferred Income 12 1,099, ,078 Tax Liabilities 28 3,450,256 - Provisions - Provision for employee benefits , ,045 - Other current provisions 18 52, ,308 Non- Liabilities 60,350,185 85,858,262 Financial Borrowings 7 51,227,953 76,453,370 Trade Payables 8 14,396 - Other Payables 9 115, ,346 Non- Provisions - Provision for employee benefits , ,766 Deferred Tax Liabilities 28 8,411,165 8,741,780 SHAREHOLDERS' EQUITY 1,215,335, ,901,569 Parent Company's Equity 973,992, ,974,177 Paid In Capital ,000, ,924,794 Inflationary Adjustments of Shareholder's Equity ,330,497 60,330,497 Cancellation of Equity Shares (-) 21.1 (3,692,974) (3,264,798) Share Premiums/Discounts 21.2 (13,011,107) (13,011,107) Other Comprehensive Income or Expense Not to Be Reclassified on Profit or Loss - Actuarial gains / (losses) from retirement pay provision 21.3 (254,576) (262,823) - Changes in Revaluation for the Tangible Fixed Assets ,886, ,736,102 Restricted Reserves ,635,636 1,635,636 Retained Earnings (Losses) ,648,666 92,919,645 Net Profit / (Loss) for the ,450, ,966,231 Minority Interest ,343, ,927,392 TOTAL EQUITY 1,365,548,349 1,183,294,364 The explanatory notes are an integral part of these statements.

5 CONSOLIDATED STATEMENTS OF INCOME FOR THE PERIODS ENDED AT 31 DECEMBER 2014 AND 2013 (Currency Turkish Lira unless otherwise expressed.) References OPERATING ACTIVITIES Sales ,444,405 39,124,009 Cost of Sales (-) 22.2 (37,441,012) (30,103,323) GROSS PROFIT / (LOSS) 9,003,393 9,020,686 General Administrative Expenses (-) 23.1 (13,891,075) (10,166,527) Marketing Expenses (-) 23.2 (2,494,631) (1,530,787) Other Operating Income ,171,288 48,253,780 Other Operating Expenses (-) 25.2 (912,976) (1,591,363) OPERATING PROFIT/ (LOSS) (5,124,001) 43,985,789 Investment Activities Income ,084, ,318,586 Investment Activities Expenses (-) 26.2 (252,127) (1,014,595) Share of Profit/Loss from Investments Evaluated by Equity Pick-Up Method 13 54,122,549 9,449,677 OPERATING ACTIVITY PROFIT / (LOSS) BEFORE FINANCIAL INCOME / (EXPENSE) 274,830, ,739,457 Financial Income ,826,774 5,149,493 Financial Expenses (-) 27.2 (22,090,362) (30,785,608) OPERATING ACTIVITY PROFIT / (LOSS) BEFORE TAXATION 265,566, ,103,342 Operating Activity Tax Income / (Expense) (4,767,713) 1,080,596 Tax Income / (Expense) 28 (3,450,256) - Deferred Tax Income / (Expense) 28 (1,317,457) 1,080,596 PROFIT / (LOSS) FOR THE PERIOD 260,799, ,183,938 Distribution of Income / Loss for the Minority Interests ,348,866 77,217,707 Parent Company's Share ,450, ,966,231 Earnings Per Share The explanatory notes are an integral part of these statements.

6 CONSOLIDATED STATEMENT OF OTHER COMPREHENSIVE INCOME FOR THE PERIODS ENDED AT 31 DECEMBER 2014 AND 2013 (Currency Turkish Lira unless otherwise expressed.) References PROFIT / (LOSS) FOR THE PERIOD 260,799, ,183,938 OTHER COMPREHENSIVE INCOME / (LOSS) Not to Be Reclassified on Profit or Loss Actuarial gain / (loss) from retirement pay provision 19 17,790 (191,715) Revaluation Reserve for the Tangible Fixed Assets ,669,581 Tax Income / (Loss) About Other Comprehensive Income Items (3,557) (5,895,136) Other comprehensive income / (expense) 14, ,582,730 TOTAL COMPREHENSIVE INCOME / (EXPENSE) 260,813, ,766,668 Distribution of Total Comprehensive Income / (Expense) Minority Interest Parent Company's Shares ,354,852 77,217,707 PROFIT / (LOSS) FOR THE PERIOD 198,458, ,548,961 The explanatory notes are an integral part of these statements.

7 CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY FOR THE PERIODS ENDED AT 31 DECEMBER 2014 AND 2013 (Currency - Turkish Lira unless otherwise expressed) Paid In Capital Adjustment Of Shareholders' Equity Cancellation of Equity Shares Shares Premiums Other Comprehensive Retained Earnings Not to be Reclassified to Profit or Loss Actuarial profit/ loss of the retirement pay provision Revaluation Reserve for the Tangible Fixed Assets Restricted Reserves Retained Earnings Retained Earnings Net Profit/ Loss for the period Parent Company's Equity Minority Interest Total Shareholder's Equity Balances at 31 December 2012 (Beginning of the period) 200,000,000 60,330,497 (4,100,206) 555,027 (168,407) - 1,663,678 57,801,030 24,693, ,775, ,664, ,440,107 Capital increase 115,924, (13,500,000) ,424, ,424,794 Cancellation of Equity Shares , , ,408 Transfered from Retained Earnings ,693,936 (24,693,936) Effect of Changes in Equity Shares of Group Companies Capital Payment of Minority (33,621,387) - (33,621,387) 33,621,387 - Retained Earnings (66,134) - - (28,042) 44,036,837 43,942,661 (3,517,298) 40,425,363 Dividends paid ,229-9,229-9,229 Total comprehensive income / (expense), net (94,416) 112,736, ,966, ,607,917 77,158, ,766,668 Balances at 31 December 2013 (End of the period) 315,924,794 60,330,497 (3,264,798) (13,011,107) (262,823) 112,736,102 1,635,636 92,919, ,966, ,974, ,927, ,901,569 Balances at 31 December 2013 (Beginning of the period) 315,924,794 60,330,497 (3,264,798) (13,011,107) (262,823) 112,736,102 1,635,636 92,919, ,966, ,974, ,927, ,901,569 Capital increase 34,075, ,075,206-34,075,206 Capital decrease minority interest (55,454,436) (55,454,436) Transfered from Retained Earnings ,966,231 (174,966,231) Retained Earnings - - (428,176) (87,151) - (515,327) 515,327 - Reclassification of Tangible Fixed Assets Fair Value Amortization (2,849,941) - 2,849, Total comprehensive income / (expense), net , ,450, ,458,592 62,354, ,813,444 Balances at 31 December 2014 (End of the period) 350,000,000 60,330,497 (3,692,974) (13,011,107) (254,576) 109,886,161 1,635, ,648, ,450, ,992, ,343,135 1,215,335,783 The accompanying notes form an integral part of these financial statements.

8 CONSOLIDATED STATEMENTS OF CASH FLOW FOR THE PERIODS ENDED AT 31 DECEMBER 2014 AND 2013 (Currency - Turkish Lira unless otherwise expressed) References A. CASH FLOW FROM OPERATING ACTIVITIES 166,564,945 (326,953,462) Net profit / (loss) for the period 260,799, ,183,938 Adjustments to Reconcile Net Profit / (Loss) for the Amortization and Depreciation Expense ,306,829 5,167,168 Interest Accruals of Bank Borrowings 7 987,713 30,077,219 Adjustment Related to Retirement Pay Provision 19 42,349 13,698 Provision for Diminution in Value of Long Term Investment 26.1 (190,020) (13,722,731) Revaluation at Stock Exchange 26.1 (171,602,866) (155,720,401) Adjustment to Investments Subject to Equity Pick-up Method 13 55,434,425 (363,449,450) Investment Property Revaluation Adjustment - (43,108,886) Provision for Unused Vacation Rights ,546 - Adjustment of Deferred Income 12 22,807 92,268 Adjustment of Provision for Other Expenses 18 (63,607) - Adjustment of Deferred Tax 28 1,317,457 (1,118,939) Changes in Trade Receivables 8 104,464 8,860,419 Changes in Trade Receivables From Relates Parties 8 1,876,335 (1,703,809) Changes in Inventories 11 (152,741) (410,764) Changes in Other Receivables 9 (6,801) 9,051,630 Changes in Other Receivables From Related Parties 9 9,173,965 (5,899,618) Changes in Other Assets , ,069 Changes in Long Term Other Receivables 9 45,088 (58,593) Changes in Other Non- Assets 20 88,310 (146,978) Changes in Short Term Other Payables 9 (2,602,190) 306,831 Changes in Other Payables to Related Parties 9 (601,697) (42,635,127) Changes in Provision for Payables 19 - (1,911,133) Changes in Other Short Term Liabilities 28 3,450,256 (1,665,646) Changes in Long Term Trade Receivables 8 14,396 - Changes in Long Term Other Payables 9 11,896 (365,988) Changes in Retirement Pay 19 (2,895) 21,956 Cash Flows from Operating Activities Taxes Paid (1,707,444) (1,656,595) B. CASH FLOW FROM INVESTING ACTIVITIES 137,798, ,340,719 Cash Flow From Investing Activities: Cash from Tangible and Intangible Assets with Non- Assets and Purchase of Investment Properties (3,806,509) (32,666,767) Cash from Tangible and Intangible Assets with Non- Assets and Sale of Investment Properties ,852 1,135,029 Received Dividends ,602, ,720,401 Financial Investments 6 (30,688,506) 44,152,056 C. CASH FLOW FROM FINANCING ACTIVITIES (79,735,824) 130,797,857 Cash Flow From Financial Activities: Change in short term borrowings 7 (33,131,177) (5,774,786) Change in long term borrowings 7 (25,225,417) (7,122,151) Capital Increase 34,075, ,924,794 Minority Share Capital Changes (55,454,436) - Effect of Changes in Equity Shares in Group Companies - 40,425,363 Dividends Paid - 9,229 Effect of Change in Capital Rates of Mutual Participation - 835,408 Share Discounts - (13,500,000) NET INCREASE/DECREASE OF CASH AND CASH EQUIVALENTS (A+B+C) 224,627,824 (27,814,886) CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD (D) 16,783,222 44,598,108 CASH AND CASH EQUIVALENTS AT THE AND OF THE PERIOD (A+B+C+D) 241,411,046 16,783,222 The explanatory notes are an integral part of these financial statements.