YAŞAR HOLDİNG A.Ş. CONSOLIDATED FINANCIAL STATEMENTS AT 30 SEPTEMBER 2015

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1 CONSOLIDATED FINANCIAL STATEMENTS AT 30 SEPTEMBER 2015

2 INDEX TO THE CONSOLIDATED FINANCIAL STATEMENTS AT 30 SEPTEMBER 2015 CONTENTS Page CONSOLIDATED INTERIM BALANCE SHEETS CONSOLIDATED INTERIM STATEMENTS OF COMPREHENSIVE INCOME... 3 CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS... 6 CONSOLIDATED INTERIM EBITDA INFORMATION... 7 CONSOLIDATED INTERIM SEGMENT INFORMATION CONSOLIDATED INTERIM FINANCIAL INCOME AND EXPENSES... 10

3 CONSOLIDATED BALANCE SHEETS AT 30 SEPTEMBER 2015 AND 31 DECEMBER 2014 Audited 30 September December 2014 ASSETS Current assets: Cash and cash equivalents 121, ,846 Trade receivables 891, ,916 Due from related parties 2,276 3,498 Biological assets 82,062 54,589 Inventories 332, ,648 Derivative financial instruments 61 3,683 Other current assets 86,799 74,386 Total current assets 1,516,814 1,098,566 Non-current assets: Trade receivables 5,288 7,114 Biological assets 24,443 33,938 Financial assets 4,605 4,326 Property, plant and equipment 1,352,305 1,296,923 Investment property 222, ,164 Intangible assets 9,975 9,684 Deferred income tax assets 10,470 9,720 Other non-current assets 12,028 9,915 Total non-current assets 1,641,904 1,592,784 TOTAL ASSETS 3,158,718 2,691,350 1

4 CONSOLIDATED BALANCE SHEETS AT 30 SEPTEMBER 2015 AND 31 DECEMBER 2014 Audited 30 September December 2014 LIABILITIES AND EQUITY Current liabilities: Borrowings 289, ,264 Derivative financial instruments 5,559 4,518 Other financial liabilities 28,620 16,824 Trade payables 731, ,909 Due to related parties 3,371 3,255 Current income tax liabilities 5,089 4,218 Provision for employment termination benefits 3,962 3,016 Other current liabilities 244,758 90,569 Total current liabilities 1,312, ,573 Non-current liabilities: Borrowings 1,225, ,094 Derivative financial instruments 14,099 4,287 Trade payables 38,175 34,764 Deferred income tax liabilities 63,404 60,349 Provision for employment termination benefits 73,651 65,200 Other non-current liabilities - 62 Total non-current liabilities 1,415,073 1,088,756 Total liabilities 2,728,038 2,085,329 Share capital 225, ,943 Adjustment to share capital 200, ,871 Total paid-in capital 426, ,814 Treasury shares (43,677) (43,677) Contribution from shareholders 5,323 5,323 Revaluation reserve 356, ,883 Actuarial losses arising from defined benefit plans (18,108) (14,381) Cash flow hedge reserves (854) (2,523) Currency translation reserve 11,550 7,639 Accumulated losses (547,639) (536,861) Net loss for the period (157,938) (8,815) Equity attributable to owners of the parent company 31, ,402 Non-controlling interest 399, ,619 Total equity 430, ,021 TOTAL LIABILITIES AND EQUITY 3,158,718 2,691,350 2

5 CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME FOR THE NINE- MONTH PERIODS ENDED AT 30 SEPTEMBER 30 September September 2014 Revenue 2,501,660 2,362,256 Cost of sales (1,771,555) (1,704,483) Gross profit 730, ,773 Selling and marketing costs (354,701) (324,570) General administrative expenses (124,437) (114,333) Research and development costs (22,716) (20,280) Other operating income 23,108 8,533 Other operating expense (20,091) (15,488) Operating profit 231, ,635 Finance income 120,765 97,263 Finance expense (471,476) (234,241) Profit before taxation on income (119,443) 54,657 Income tax expense (14,437) (2,068) (Loss) /Profit for the year (133,880) 52,589 Attributable to: Non-controlling interests (133,880) 24,058 52,589 33,921 Owners of the parent company (157,938) 18,668 3

6 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD ENDED AT 30 SEPTEMBER 2015 AND 30 SEPTEMBER 2014 Attributable to owners of the parent company Actuarial losses Revaluation arising reserve of from Net Adjustment Contributions property defined Currency Cash loss Non- Share to Share Treasury from plant and benefit translation flow Accumulated for the controlling Total Capital Capital Shares shareholders equipment plans adjustments hedges losses period interests Equity Balances at 1 January , ,871 (43,677) 5, ,883 (14,381) 7,639 (2,523) (536,861) (8,815) 415, ,021 Transfer from net loss for the period to accumulated losses (8,815) 8, Dividend payment (42,628) (42,628) Changes in shareholdings in subsidiaries - net ,337 (275) - (210) (12,033) - 3,181 - Sales of plant, property and equipment (713) (205) (205) Total comprehensive income (3,452) 3,911 1,879 - (157,938) 23,092 (132,508) Depreciation transfer - net (9,357) , Balances at 30 September , ,871 (43,677) 5, ,150 (18,108) 11,550 (854) (547,639) (157,938) 399, ,680 4

7 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD ENDED AT 30 SEPTEMBER 2015 AND 30 SEPTEMBER 2014 Attributable to owners of the parent company Actuarial losses Revaluation arising reserve of from Net Adjustment Contributions property defined Currency Cash loss Non- Share to Share Treasury from plant and benefit translation flow Accumulated for the controlling Total Capital Capital Shares shareholders equipment plans adjustments hedges losses period interests Equity Balances at 1 January , ,597 (158,173) 5, ,696 (10,841) 3,778 (2,134) (469,331) (74,667) 394, ,818 Transfer from net loss for the period to accumulated losses (74,667) 74, Dividend payment (29,464) (29,464) Legal merger (92,770) (21,726) 114, (5,562) - 4,846 - Total comprehensive income (1,228) 757 (58) - 18,668 33,434 51,573 Depreciation transfer - net (9,069) , Balances at 30 September , ,871 (43,677) 5, ,343 (12,069) 4,535 (2,192) (540,491) 18, , ,927 5

8 CONSOLIDATED EBITDA INFORMATION FOR THE NINE- MONTH PERIODS ENDED AT 30 SEPTEMBER 1 January - 1 January - 30 September September 2014 Net period income/ (loss) (133,880) 52,589 Adjustments to reconcile net cash generated from operating activities 429, ,624 Adjustment to taxation on income 14,437 2,068 Depreciation and amortization 58,365 52,706 Interest income (2,427) (1,367) Interest expense 97,579 84,863 Provision for employment termination benefits 10,147 9,840 (Gain)/ loss from sales of property, plant and equipment net Bad debt provision 2,167 3,497 Unutilized provision for doubtful trade receivables (316) (340) Provision for litigation 457 2,676 Fair value increase in financial assets (262) (737) Provision for marketing and promotion charges 80,662 67,050 Gain arising from changes in fair value less estimated point-of-sale costs of biological assets (13,611) (1,474) Provision for obsolescence of inventory - net Unrealised foreign exchange loss from borrowings 208,763 36,082 Fair value loss on open cross currency swap agreements 13,817 - Fair value gain on derivative financial instrument held for trading 1,566 (1,070) Gain arising from realized cross currency swap transactions (44,413) - Interest expense from swap transactions 1,648 1,790 Changes in working capital (137,391) (118,479) Employment termination benefits paid (8,433) (7,615) Taxes paid (11,260) (10,979) Net cash generated from operating activities 138, ,140 Interest received 2,427 1,367 Purchases of property, plant and equipment, intangible and biological assets (121,191) (96,336) Participation to capital increases by non-controlling interest Proceeds from sales of property, plant and equipment and intangibles 2,824 1,074 Net cash used in investing activities (115,091) (93,895) Redemption of borrowings (204,600) (170,317) Proceeds from borrowings 295, ,617 Dividends paid to non-controlling interest (42,628) (29,464) Interest paid (99,825) (88,899) Proceeds from cross currency swap transaction 46,984 - Net cash used in financing activities (4,867) (55,063) Net increase in cash and cash equivalents before foreign currency translation differences 18,481 23,182 EFFECT OF CURRENCY TRANSLATION DIFFERENCES ON CASH AND CASH EQUIVALENTS - - Net increase in cash and cash equivalents 18,481 23,182 Changes in blocked cash and cash equivalents (65) (200) CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD 101,601 64,903 CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD 120,017 87,885 6

9 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD ENDED AT 30 SEPTEMBER 2015 AND 30 SEPTEMBER 2014 (Amounts expressed in thousands of Turkish Lira ( TL ) unless otherwise indicated.) 30 September September 2014 Revenue 2,501,660 2,362,256 Cost of sales (1,771,555) (1,704,483) Gross profit 730, ,773 Gross profit margin 29.18% 27.85% Selling and marketing costs (354,701) (324,570) General administrative expenses (124,437) (114,333) Research and development costs (22,716) (20,280) EBIT 228, ,590 EBIT margin 9.1% 8.4% Add back depreciation and amortisation 58,365 52,706 Add back provision for ETB 10,147 9,840 Add back fair value loss/ (gain) from biological assets (13,611) (1,474) EBITDA 283, ,662 EBITDA margin 11.3% 11.0% 7

10 CONSOLIDATED SEGMENT INFORMATION FOR THE NINE- MONTH PERIODS ENDED AT 30 SEPTEMBER SEGMENT INFORMATION The segment results for the nine-month periods ended at 30 September 2015 are as follows: Food and beverage Coatings Tissue Other Group Total gross segment sales 1,751, ,784 97,557 50,712 2,520,289 Inter-segment sales (1,640) (29) (163) (16,797) (18,629) Revenue 1,749, ,755 97,394 33,915 2,501,660 EBITDA 181,130 82,998 7,748 11, ,152 EBITDA margin 10.4% 13.4% 8.0% 33.2% 11.3% The segment assets and liabilities at 30 September 2015 and capital expenditure for the nine-month period then ended are as follows: Food and beverage Coatings Tissue Other Group Assets 1,590, , , ,549 3,148,187 Deferred income tax assets 10,470 Derivative financial instruments 61 3,158,718 Liabilities 590, ,739 38,272 20,997 1,095,699 Borrowings 1,515,568 Other financial liabilities 28,620 Derivative financial instruments 19,658 Current income tax liabilities 5,089 Deferred income tax liabilities 63,404 2,728,038 Capital expenditures for the nine-month period ending at 30 September ,225 18,077 6,088 9, ,646 8

11 CONSOLIDATED SEGMENT INFORMATION FOR THE NINE- MONTH PERIODS ENDED AT 30 SEPTEMBER SEGMENT INFORMATION (continued) The segment results for the nine-month periods ended at 30 September 2014 are as follows: Food and beverage Coatings Tissue Other Group Total gross segment sales 1,594, ,680 91,889 49,515 2,380,381 Inter-segment sales (1,443) (1) (112) (16,569) (18,125) Revenue 1,592, ,679 91,777 32,946 2,362,256 EBITDA 152,930 88,169 8,629 9, ,662 EBITDA margin 9.6% 13.7% 9.4% 30.2% 11.0% The segment assets and liabilities at 31 December 2014 and capital expenditure for the nine-month period ended at 30 September 2014 are as follows: Food and beverage Coatings Tissue Other Group Assets 1,370, , , ,583 2,677,947 Deferred income tax assets 9,720 Derivative financial instruments 3,683 2,691,350 Liabilities 449, ,705 45,866 20, ,775 Borrowings 1,229,358 Other financial liabilities 16,824 Derivative financial instruments 8,805 Current income tax liabilities 4,218 Deferred income tax liabilities 60,349 2,085,329 Capital expenditures for the nine-month period ending at 30 September ,603 20,454 2,033 3,583 93,673 9

12 CONSOLIDATED FINANCE INCOME AND EXPENSE FOR THE NINE- MONTH PERIODS ENDED AT 30 SEPTEMBER FINANCIAL INCOME AND EXPENSES 30 September 30 September Finance income: Income from cross currency swap transaction 44,413 - Foreign exchange gain 61,452 82,991 Unearned financial income from credit purchases 10,815 9,522 Interest income 2,427 2,095 Other 1,658 2, ,765 97,263 Finance expense: Foreign exchange loss (339,987) (129,707) Interest expense on borrowings (97,579) (86,333) Expense from cross currency swap transactions (13,817) - Unpaid financial expense from credit sales (10,131) (10,126) Bank commissions (3,929) (5,259) Interest expense from swap transactions (1,648) (1,790) Other (4,385) (1,026) (471,476) (234,241) 10

YAŞAR HOLDİNG A.Ş. CONSOLIDATED INTERIM FINANCIAL STATEMENTS AT 30 SEPTEMBER 2018

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