ZORLU ENERJİ ELEKTRİK ÜRETİM AŞ

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Claude Owen
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1 ZORLU ENERJİ ELEKTRİK ÜRETİM AŞ SUMMARY FINANCIAL STATEMENTS FOR THE PERIOD (Originally issued in Turkish)

2 CONDENSED INTERIM CONSOLIDATED BALANCE SHEETS AS OF 30 SEPTEMBER 2016 AND 31 DECEMBER 2015 ASSETS Note Current Assets 858, ,748 Cash and cash equivalents 4 62, ,546 Financial investments Financial assets available for sale Trade receivables 136, ,581 Related parties 13 12,008 4,712 Other parties 124, ,869 Other receivables 567, ,851 Related parties , ,814 Other parties 7,459 6,037 Prepaid expenses 21,268 23,853 Assets related with current period tax 1,882 2,080 Other current assets 33,797 18,837 Classified assets held for sale 35, Non - Current Assets 4,984,248 4,872,348 Financial investments Other receivables 631, ,992 Related parties , ,992 Associates 170, ,409 Property, plant and equipment 4,070,760 4,023,061 Intangible assets 23,013 19,507 Prepaid expenses 52,978 26,922 Deferred tax asset 1, Other non-current assets 34,071 41,342 TOTAL ASSETS 5,842,980 5,678,096 2

3 CONDENSED INTERIM CONSOLIDATED BALANCE SHEETS AS OF 30 SEPTEMBER 2016 AND 31 DECEMBER 2015 LIABILITIES AND SHAREHOLDERS' EQUITY Note Current Liabilities 1,939,370 2,044,489 Short-term financial liabilities 699, ,338 Bank loans 5 699, ,434 Other ,904 Short-term portion of long-term financial liabilities 981,528 1,150,299 Bank loans 5 820,805 1,018,100 Issued debt instruments 5 160, ,199 Trade payables 161, ,468 Related parties 13 60, ,603 Other parties 100, ,865 Liabilities on employee benefits Other payables to related parties 13 75, ,814 Derivative financial instruments held for hedging 7 12,304 56,185 Deferred income 104 4,161 Current income tax liabilities Other provisions Other current liabilities 7,885 10,917 Non- Current Liabilities 3,323,369 2,881,629 Long-term financial liabilities 2,803,193 2,636,422 Bank loans 5 2,551,457 2,377,663 Issued debt instruments 5 151, ,759 Other 5 100, ,000 Trade payables 5, Related parties Other parties 5, Other payables 404, ,777 Related parties , ,699 Other parties Derivative financial instruments held for hedging 7 18,384 16,559 Provisions for employee benefits Deferred tax liability 90,283 98,719 Shareholders' Equity 580, ,978 Equity attributable to owners of parent 581, ,589 Share capital 8 750, ,000 Adjustments to share capital 8 102, ,575 Share premium (Discount) Other comprehensive income/expense that will not be reclassified to profit or loss 1,003,543 1,044,090 Revaluation gain/loss 1,003,543 1,044,090 Increases/(decreases) on revaluation of property, plant and equipment 1,004,732 1,044,857 Actuarial gain/(loss) arising from defined benefit plans (1,189) (767) Other comprehensive income/expense that will be reclassified to profit or loss (46,384) (2,456) Currency translation differences 98, ,010 Gains/(losses) on hedges (144,490) (107,466) Restricted reserves 8 7,897 7,897 Accumulated deficits (1,110,665) (886,383) Net loss for the period (126,236) (263,407) Non-Controlling Interests (762) (611) TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 5,842,980 5,678,096 3

4 CONDENSED INTERIM CONSOLIDATED STATEMENTS OF INCOME FOR THE NINE MONTH PERIOD ENDED 30 SEPTEMBER 2016 AND 30 SEPTEMBER 2015 Note Revenue 866, ,841 Cost of sales 9 (658,346) (372,878) Gross Profit 207, ,963 General & Administrative expenses 9 (27,792) (25,900) Marketing expenses 9 (6,777) (3,105) Other operating income 12 20,145 11,375 Other operating expense (2,660) (5,675) Operating Profit 190, ,658 Income from invesments 10 4, Profit/(loss) of investments accounted through equity method (1,161) 3,395 Operating Profit Before Financing Expenses 194, ,128 Financial income , ,839 Financial expenses 11 (447,422) (1,034,284) Loss Before Income Tax (124,918) (430,317) Current tax income/(expense) (721) -- Deferred tax income/(expense) (748) 48,663 Net Loss for the Period (126,387) (381,654) Net loss attributable to: Non-controlling interest (151) (412) Equity holders of the Company (126,236) (381,242) Earnings/(loss) per share (0.0017) (0.0076) 4

5 CONDENSED INTERIM STATEMENTS OF CONSOLIDATED CASH FLOW FOR THE NINE MONTH PERIOD ENDED 30 SEPTEMBER 2016 AND 30 SEPTEMBER 2015 Note Net Cash Provided by Operating Activities 67,531 (24,826) Net (income)/loss for the period (126,387) (381,654) Adjustments to reconcile (profit)/loss 464, ,210 Depreciation and amortization 9 146, ,121 Adjustment to provisions Provisions for employee benefits Other 8 (5) Adjustment to interest income/(expenses) 287, ,971 Interest income 11 (51,443) (197,888) Interest expense , ,897 Deferred financial expense from credit purchases Unearned financial income from credit sales 11 (136) (450) Unrealized foreign exchange differences 19, ,594 Fair value gain/(loss) on derivative financial instruments 11 1,301 3,984 Adjustments for undistributed profits of associates 1,161 (3,395) Tax benefit/(expense) 1,469 (48,663) (Gain)/loss from sales of tangible assets 10 (4,589) (75) Other adjustments to reconcile profit/(loss) 12,418 17,422 Changes in Working Capital (268,496) (8,541) (Increase)/decrease in financial investments (100) 5,940 (Increase)/decrease in trade receivables (30,550) (10,337) Related parties (7,296) 40,092 Other parties (23,254) (50,429) (Increase)/decrease in other receivables (1,422) (1,671) Other parties (1,422) (1,671) (Increase)/decrease in trade payables (114,476) 55,237 Related parties (105,619) 17,460 Other parties (8,857) 37,777 Increase/(decrease) in other payables Other parties Increase/(decrease) in derivative financial liabilities (89,637) (36,025) Other (32,311) (21,755) Increase/(decrease) in other assets (29,343) (25,011) Increase/(decrease) in other payables (2,968) 3,256 Cash flows from operating activities 69,678 (23,985) Employee termination benefits paid (528) (658) Taxes paid (1,619) (183) Net Cash From Investing Activities (222,251) (266,957) Cash flows used in obtaining control of subsidiaries (1,000) -- Cash provided from sales of tangible and intangible assets 23,857 6,365 Tangible assets 23,857 5,653 Intangible assets Cash outflows from acqusition of tangible and intangible assets (241,052) (274,343) Tangible assets (236,818) (273,404) Intangible assets (4,234) (939) Cash advances given and liabilities (4,056) 1,021 Net Cash From Financing Activities 51, ,252 5

6 Proceeds from borrowings 936, ,381 Bank loans 832, ,184 Issued debt instruments 104,000 46,500 Factoring transactions -- 4,697 Other financial borrowings ,000 Repayments of borrowings (709,879) (793,010) Bank loans (597,697) (718,038) Issued debt instruments (82,000) -- Factoring transactions (30,182) (74,500) Other financial borrowings -- (472) Increase in other payables to related parties 139,236 (443,131) Decrease in other payables to related parties (55,744) 673,809 Interest paid (261,366) (208,695) Interest received 17,291 3,560 Other inflows/(outflows) of cash (14,540) 22,338 Net increase/(decrease) in cash and cash equivalents before foreign currency translation differences (102,732) (62,531) Net increase/(decrease) in cash and cash equivalents (102,732) (62,531) Cash and cash equivalents at the beginning of the period 4 153,958 82,554 Cash and cash equivalents at the end of the period 4 51,226 20,023 6

ZORLU ENERJİ ELEKTRİK ÜRETİM AŞ

ZORLU ENERJİ ELEKTRİK ÜRETİM AŞ SUMMARY FINANCIAL STATEMENTS FOR THE PERIOD 01.01.2018-31.03.2018 (Originally issued in Turkish) CONDENSED INTERIM CONSOLIDATED BALANCE SHEETS AS OF 31 MARCH 2018 AND 31