VESTEL ELEKTRONİK SANAYİ VE TİCARET ANONİM ŞİRKETİ CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AT AT 30 SEPTEMBER 2010 TOGETHER WITH AUDITOR
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1 VESTEL ELEKTRONİK SANAYİ VE TİCARET ANONİM ŞİRKETİ CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AT AT 30 SEPTEMBER 2010 TOGETHER WITH AUDITOR S REVIEW REPORT
2 INDEPENDENT AUDITOR S REPORT To The Shareholders and Board of Directors of Vestel Elektronik Sanayi ve Ticaret A.Ş. Introduction We have reviewed the accompanying statements of condensed interim consolidated financial position of Vestel Elektronik Sanayi ve Ticaret Anonim Şirketi (the Company ) and its subsidiaries listed under note 1 as at 30 September 2010, and the related statements of condensed interim consolidated income, comprehensive income, changes in equity and cash flows for the nine month period then ended. Management is responsible for the preparation and presentation of this condensed interim financial information in accordance with International Accounting Standard 34, Interim Financial Reporting. Our responsibility is to express a conclusion on this interim financial information based on our review. Scope of review We conducted our review in accordance with International Standard on Review Engagements 2410, Review of Interim Financial Information Performed by the Independent Auditor of the Entity. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. Conclusion Based on our review, nothing has come to our attention that causes us to believe that the accompanying condensed interim consolidated financial information is not prepared, in all material respects, in accordance with International Accounting Standard 34. EREN Bağımsız Denetim ve Yeminli Mali Müşavirlik A.Ş. Member Firm of Grant Thornton International Aykut Halit Partner Istanbul,
3 1 VESTEL ELEKTRONIK SANAYİ VE TİCARET A.Ş. STATEMENTS OF CONDENSED INTERIM CONSOLIDATED FINANCIAL POSITION AT AND (All amounts in thousands Turkish Lira ("TL") unless indicated otherwise.) Assets Note Current assets Cash and cash equivalents Financial assets held-for-trading Trade receivables -Related parties Third parties Inventories Other assets -Related parties Third parties Total current assets Non-current assets Trade receivables Financial assets available-for-sale Property, plant and equipment Intangible assets Other assets Deferred tax asset Total non-current assets Total assets The accompanying notes are an integral part of these condensed interim consolidated financial statements.
4 2 VESTEL ELEKTRONIK SANAYİ VE TİCARET A.Ş. STATEMENTS OF CONDENSED INTERIM CONSOLIDATED FINANCIAL POSITION AT AND (All amounts in thousands Turkish Lira ("TL") unless indicated otherwise.) Liabilities and equity Note Current liabilities Borrowings - Bank borrowings Finance lease liabilities Trade payables -Related parties Third parties Taxation on income Provision for expenses Other liabilities Total current liabilities Non-current liabilities Borrowings - Bank borrowings Finance lease liabilities Employee termination benefits Provision for expenses Other liabilities Deferred tax liability Total non-current liabilities Equity Equity attributable to owners of the parent: Share capital Translation reserve General reserves Total equity attributable to owners of parent Minority interest Total equity Commitments and contingencies Total liabilities and equity The accompanying notes are an integral part of these condensed interim consolidated financial statements.
5 3 VESTEL ELEKTRONIK SANAYİ VE TİCARET A.Ş. STATEMENTS OF CONDENSED INTERIM CONSOLIDATED INCOME FOR THE NINE MONTH PERIODS ENDED AND 2009 (All amounts in thousands Turkish Lira ("TL") unless indicated otherwise.) Note Continuing operations Revenue Cost of sales 6 ( ) ( ) ( ) ( ) Gross profit Warranty expenses (29.046) (34.938) (4.198) (12.498) Research expenses (47.918) (35.450) (15.307) (12.843) Selling expenses ( ) ( ) ( ) (79.607) General and administrative expenses (88.086) ( ) (30.625) (35.494) Other income Other expense (10.308) (17.681) (253) (5.669) Operating profit (loss) (8.859) Financing income Financing expense 15 ( ) ( ) ( ) ( ) Profit before taxation Taxation on income (8.757) (13.222) (15.843) Net profit for the period Attributable to: Equity holders of the Company Minority interest (430) Basic and fully diluted earnings per share (TL,full) 5 0,00 0,00 0,00 0,00 The accompanying notes are an integral part of these condensed interim consolidated financial statements.
6 4 VESTEL ELEKTRONIK SANAYİ VE TİCARET A.Ş. STATEMENTS OF CONDENSED INTERIM CONSOLIDATED COMPREHENSIVE INCOME FOR THE NINE MONTH PERIODS ENDED AND 2009 (All amounts in thousands Turkish Lira ("TL") unless indicated otherwise.) Profit for the period Available-for-sale financial assets (427) Translation difference (3.786) (8.171) (11.249) Other comprehensive income (expense) (4.213) (5.849) (11.023) Total comprehensive income for the period Net profit (loss) attributable to: Equity holders of the Company Minority interest (472) The accompanying notes are an integral part of these condensed interim consolidated financial statements.
7 5 VESTEL ELEKTRONIK SANAYİ VE TİCARET A.Ş. STATEMENTS OF CONDENSED INTERIM CONSOLIDATED CHANGES IN EQUITY FOR THE NINE MONTH PERIODS ENDED AND 2009 (All amounts in thousands Turkish Lira ("TL") unless indicated otherwise.) Share capital Translation reserve General reserves Total attributable to owners of parent Minority interest Total equity Balance at Cash increase in share capital Change in minority interest (5.589) (5.589) Dividends paid (1.587) (1.587) Transactions with owners (5.589) Net profit for the period Translation difference -- (8.203) -- (8.203) 32 (8.171) Change in fair value of financial assets Total comprehensive income (expense) for the period -- (8.203) (5.881) 32 (5.849) Balance at Balance at Change in minority interest (65) -- Dividends paid (28.030) (28.030) Transactions with owners (28.095) (28.030) Net profit for the period Other comprehensive expense: Translation difference -- (3.767) -- (3.767) (19) (3.786) Change in fair value of financial assets (427) (427) -- (427) Total comprehensive (expense) for the period -- (3.767) (427) (4.194) (19) (4.213) Balance at The accompanying notes are an integral part of these condensed interim consolidated financial statements.
8 6 VESTEL ELEKTRONIK SANAYİ VE TİCARET A.Ş. STATEMENTS OF CONDENSED INTERIM CONSOLIDATED CASH FLOW FOR THE NINE MONTH PERIODS ENDED AND 2009 (All amounts in thousands Turkish Lira ("TL") unless indicated otherwise.) Note Profit before taxation Adjustment to reconcile profit before taxation to net cash provided from operating activities: Operating profit before changes in working capital Changes in operating assets and liabilities 16 (89.348) ( ) Taxes paid (22.269) (13.856) Net cash provided by (used in) operating activities ( ) Cash flows from investing activities Change in held for trading investments (23.875) (15.680) Purchases of property, plant and equipment 8 (47.716) (54.101) Purchases of intangible assets 9 (39.181) (34.314) Proceeds from sale of property, plant and equipments Net cash used in investing activities ( ) (98.324) Cash flows from financing activities Cash increase in share capital Proceeds from borrowings Repayment of borrowings ( ) ( ) Interest received Interest paid (42.388) (57.506) Dividends paid (28.030) (1.587) Net cash provided by (used in) financing activities ( ) Translation differences (2.172) Net decrease in cash and cash equivalents ( ) (44.610) Cash and cash equivalents at beginning of year Cash and cash equivalents at end of period The accompanying notes are an integral part of these condensed interim consolidated financial statements.
9 7 1. ORGANISATION AND NATURE OF ACTIVITIES Vestel Elektronik Sanayi ve Ticaret Anonim Şirketi (the Company or Vestel Elektronik ) was founded in March 1983 under the name of Ferguson Elektronik Sanayi ve Ticaret A.Ş. under the Turkish Commercial Code and was registered in İstanbul, Turkey. The name was changed to Star Elektronik Sanayi ve Ticaret A.Ş. during the same year. In April 1984 Polly Peck Group acquired the Company and changed its name to Vestel Elektronik Sanayi ve Ticaret Anonim Şirketi which has been its current name. In % of the Company s shares were issued to the public at the Istanbul Stock Exchange. The Company has been operating under the Foreign Capital regulations in Turkey since July In 1991 Polly Peck Group transferred all of its shares to one of its subsidiaries named Collar Holding BV based in the Netherlands and in the same year, following the collapse of the Polly Peck Group, the Company was placed in administration. In November 1994 Ahmet Nazif Zorlu acquired the Company from the administrator of the Polly Peck Group by buying the entire share capital of Collar Holding BV which at the time held 82% of the Company s issued share capital. The registered office address of the Company is located at Ambarlı, Petrol Ofisi Dolum Tesisleri Yolu, Zorlu Plaza, Avcılar / Istanbul- Turkey. The consolidated financial statements for the year ended 30 September 2010 (including comparatives) were approved by the board of directors on November 12, For the purpose of the consolidated financial statements, the Company and its consolidated subsidiaries are referred to as the Group. Nature of activities of the Group The Group is organized into three product divisions given below; A. Television production: Vestel Elektronik Sanayi ve Ticaret A.Ş. The Company is mainly engaged in the production of colour televisions. The Company s production facilities are located in Manisa industrial site (Aegean Region, Turkey). B. Refrigerator, air conditioning units, washing machines and cookers Vestel Beyaz Eşya Sanayi ve Ticaret A.Ş. ( Vestel White ) Vestel White started working actively in 1999 and has been engaged in the production of refrigerators, room air conditioning units, washing machines, dishwashers and cookers. Vestel White s production facilities are located in Manisa industrial site (Aegean Region, Turkey). Vestel CIS Ltd. During 2005, Vestel CIS commenced construction of white goods production facilities and started production by end of 2005.
10 8 C. Digital Devices Vestel Komünikasyon Sanayi ve Ticaret A.Ş. ( Vestel Kom ) Vestel Kom is engaged in the production of electronic devices. Vestel Kom s production facilities are primarily located in İzmir Aegean free zone industrial site. Vestel Dijital Üretim Sanayi A.Ş. ( Vestel Dijital ) Vestel Dijital is engaged in the production of electronic devices. Vestel Dijital s production facilities are located in Manisa industrial site. Vestel Elektronik has always exercised effective control over the management of each of the companies included in the group consolidation Consolidated company Location Ownership interest Economic interest Ownership interest Economic interest Vestel Beyaz Eşya Sanayi ve Ticaret A.Ş. Turkey 72,6 72,6 72,6 72,6 Vestel Komünikasyon Sanayi ve Ticaret A.Ş. Turkey 99,4 99,3 99,4 99,3 Vestel Dış Ticaret A.Ş. Turkey 99,7 99,7 99,7 99,7 Vestel Dayanıklı Tüketim Malları Pazarlama A.Ş. Turkey 100,0 100,0 100,0 100,0 Vestel CIS Ltd. Russia 100,0 100,0 100,0 100,0 Deksar Multimedya ve Telekomünikasyon A.Ş. Turkey 99,9 99,9 99,9 99,9 Vestel Savunma Sanayi A.Ş. Turkey 30,0 29,9 30,0 29,9 Aydın Yazılım Elektronik ve Sanayi A.Ş. Turkey 60,0 18,0 60,0 18,0 Vestel Iberia SL Spain 100,0 99,7 100,0 99,7 Vestel France SA France 99,9 99,6 99,9 99,6 Vestel Holland BV Holland 100,0 99,7 100,0 99,7 Vestel Germany GmbH Germany 100,0 99,7 100,0 99,7 Cabot Communications Ltd. UK 90,8 90,8 90,8 90,8 Vestel Benelux BV Holland 100,0 99,7 100,0 99,7 Vestel UK Ltd. UK 100,0 99,7 100,0 99,7 Cabot İzmir Donanım Sanayi ve Ticaret A.Ş. Turkey 100,0 100,0 100,0 94,7 Vestel Dijital Üretim Sanayi A.Ş. Turkey 99,9 99,9 99,8 99,3 Vestek Elektronik Araştırma Geliştirme A.Ş. Turkey 94,0 94,0 94,0 94,0 Vestel Trade Ltd. Russia 100,0 99,7 100,0 99,7 Birim Bilgi Teknolojileri Ticaret A.Ş. Turkey 45,0 45,0 45,0 45,0 OY Vestel Scandinavia AB Finland 100,0 99,7 100,0 99,7 Deksarnet Telekominikasyon A.Ş. Turkey 99,9 99,9 99,9 99,9 Intertechnika LLC Russia 99,9 99,9 99,9 99,9 Vestel Savunma Sanayi A.Ş., Aydın Yazılım Elektronik Sanayi ve Ticaret A.Ş. and Birim Bilgi Teknolojileri Ticaret A.Ş. with group shares of respectively 29,9%, 18% and 45% are consolidated because they are under the effective control and management of the Group.
11 9 2. BASIS OF PRESENTATION OF THE FINANCIAL STATEMENTS 2.1. Basis of preparations The financial statements of the Group have been prepared in accordance with International Financial Reporting Standards ( IFRS ) as developed and published by the International Accounting Standards Board ( IASB ). The financial statements have been prepared under the historical cost convention, other than financial assets which are stated at fair value. The Company, which is quoted at the İstanbul Stock Exchange, maintains its books of account and prepares its statutory financial statements in accordance with the Turkish Commercial Code, accounting policies prescribed by the Turkish Capital Markets Board and tax legislation and since 1994 has adopted the Uniform Chart of Accounts issued by the Ministry of Finance (collectively Turkish Practices ). Its subsidiaries which are incorporated in Turkey maintain their books of account and prepare their statutory financial statements in accordance with the Turkish Commercial Code and Tax Legislation and the Uniform Chart of Accounts issued by the Ministry of Finance. The foreign subsidiaries maintain their books of account and prepare their statutory financial statements in their local currencies and in accordance with the regulations of the countries in which they operate. The financial statements of overseas subsidiaries are converted into Turkish Lira (TL) by closing rate method. The consolidated financial statements have been prepared from statutory financial statements of the Company and its subsidiaries and presented in Turkish Lira (TL) with adjustments and reclassifications for the purpose of fair presentation in accordance with IFRS. Such adjustments mainly comprise deferred taxation, employee termination benefits, fixed assets and borrowing costs, receivables, interest expense accruals on bank loans. The entities are allowed to prepare a complete or condensed set of interim financial statements in accordance with IAS 34, Interim Financial Reporting. In this respect, the Group has preferred to prepare condensed consolidated financial statements in the interim periods and prepared the aforementioned condensed consolidated financial statements in compliance with International Financial Reporting Standards. 2.2 Measurement currency and reporting currency The financial statements have been prepared under the historical cost convention, other than financial assets which are stated at fair value.
12 Standards, amendments and interpretations to existing standards that are not yet effective and have not been adopted early by the Company At the date of authorisation of these financial statements, certain new standards, amendments and interpretations to existing standards have been published but are not yet effective, and have not been adopted early by the Company. a) New IFRS standards and IFRIC Interpretations effective in 2010: Annual Amendments to IFRS in 2009 IFRS 1 First Time Adoption of International Financial Reporting Standards Additional Exemptions IFRS 2 Share Based Payment IAS 39 Financial Instruments: Recognition and Measurement IFRS 3 Business Combinations and IAS 27 Consolidated and Separate Financial Statements IFRIC 17, Distributions of Non-cash Assets to Owners IFRIC 18, Transfers of Assets from Customers b) Standards, amendments and interpretations effective in 2011 but not early adopted by the Company: IAS 24, Related party disclosure IFRIC Interpretation 19 Extinguishing Financial Liabilities with Equity Instruments IFRIC Interpretation 14 IAS 19 - The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction IAS 32 Financial Instruments: Presentation IFRS 9, Financial Instruments: Measurement and reclassification IFRS 1, (amendments) First Time Adoption of International Financial Reporting Standards Additional Exemptions Annual Amendments to IFRS in May 2010 Management of the Group anticipates that all of the pronouncements detailed in (a) and (b) above will be adopted in the Group s accounting policy for the first period beginning after the effective date of the pronouncement. Management of the Group has decided that these new standards and interpretations have been issued but are not expected to have a material impact on the Company s financial statements.
13 11 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The condensed consolidated interim financial information for the period ended 30 September 2010 has been prepared in accordance with IAS 34 Interim Financial Reporting. The condensed interim consolidated financial information should be read in conjunction with the annual consolidated financial statements for the year ended 31 December 2009, which have been prepared in accordance with IFRS. 4. SEASONALITY White goods segment produces washing machines, dishwashers, refrigerators, air conditioning units and cookers. White goods sales generated by washing machines, cookers and dishwashers are not affected by seasonal fluctuations. However refrigerators and air conditioning units which have cooling characteristics are seasonally affected; during the summer months may exceed the sales in winter months by 2 to 3 times. LCD television is the main product of the television segment and electronic appliances segment. Of the total annual sales of LCD television 35% to 40% is realised during the last quarter of the year. 5. EARNINGS PER SHARE Net profit attributable to shareholders Weighted average number of ordinary shares in issue (' ) Basic and fully diluted earnings per share (TL, full) 0,00 0,00 0,00 0,00
14 12 6. SEGMENT INFORMATION The Group is currently organized into two major production divisions. The basis on which the Group reports its primary segment information is as follows: Television and electronic devices: Produced by Vestel Elektronik Sanayi ve Ticaret A.Ş. (Manisa/Turkey). Produced by Vestel Komünikasyon Sanayi ve Ticaret A.Ş. (İzmir/Turkey). Produced by Vestel Dijital Üretim Sanayi A.Ş. (Manisa/Turkey). White goods The segment results for the period ended are as follows: : Produced by Vestel Beyaz Eşya Sanayi ve Ticaret A.Ş. (Manisa/Turkey). Produced by Vestel CIS (Vladimir Region/Russia) Television and electronic devices White goods Other Total Revenue Cost of sales ( ) ( ) (72.969) ( ) Gross profit Revenue Cost of sales ( ) ( ) (16.454) ( ) Gross profit Other segment items included in the income statement: Depreciation Amortisation
15 13 The segment results for the period ended are as follows: Television and electronic devices White goods Other Total Revenue Cost of sales ( ) ( ) (69.531) ( ) Gross profit Revenue Cost of sales ( ) ( ) (20.185) ( ) Gross profit (2.400) Other segment items included in the income statement: Depreciation Amortisation
16 14 The segment assets and liabilities as of the balance sheet dates and capital expenditure for the period ended are as follows: Television and electronic devices White goods Other Total Trade receivables Financial assets held for trading Inventories Property, plant and equipment Intangible assets Unallocated assets Total assets Trade payables Unallocated liabilities Total liabilities Capital expenditure Trade receivables Financial assets held for trading Inventories Property, plant and equipment Intangible assets Unallocated assets Total assets Trade payables Unallocated liabilities Total liabilities Capital expenditure
17 15 Segment assets and liabilities are reconciled to entity assets and liabilities as follows: Assets Liabilities Assets Liabilities Cash and cash equivalents Deferred tax Other assets Financial assets available-for-sale Current tax Current borrowings Non-current borrowings Employee termination benefits Provision for expenses Other liabilities Geographical segments: Segment assets Turkey Europe Russia
18 16 Revenue Turkey Europe Other Sales discounts (-) ( ) ( ) (41.741) (43.668) Capital expenditure on property plant and equipment and intangible assets Turkey Europe Russia Depreciation and amortisation charge Turkey Europe Russia
19 17 7. CASH AND CASH EQUIVALENTS Cash at bank and in hand Time deposit accounts Other Cash and cash equivalents Bank overdrafts (-) (707) (342) Cash and cash equivalents presented in cash flow statement Time deposit accounts mature in October 2010 ( : January 2010). 8. PROPERTY, PLANT AND EQUIPMENT The amount of property, plant and equipment purchased during the nine month period ended amounts to TL (: TL ). The cost of property, plant and equipment sold during the nine month period ended amounts to TL (: TL ). Leased assets included plant and machinery amounting to TL ( : TL ) net of accumulated depreciation. Leased assets are pledged as security for the related finance lease obligations. 9. INTANGIBLE ASSETS The amount of intangible assets purchased during the nine month period ended amounts to TL (: TL ). The cost of intangible assets sold during the nine month period ended amounts to TL (: TL 1.708).
20 FINANCIAL ASSETS Financial assets held-for-trading Financial assets available-for-sale Unconsolidated investments Other investments Share % Amount Entity Country Vestpro Electronics SA Romania 52% 52% Vestel USA Inc. USA 100% 100% Vestel Elektronica S.R.L. Romania 100% 100% Vestel Electronics India Private Ltd. India 100% 100% Uts-United Technical Services, S.R.O Slovakia 60% 60% Allowance for diminution in value (-) Vestpro Electronics SA (301) (301) Vestel USA Inc. (233) (233) Other investments Zorlu Enerji Elektrik Üretim A.Ş. Turkey Less than 1% Less than 1% Tursoft A.Ş. Turkey 7% 7% Zorlu Endüstriyel Enerji A.Ş. Turkey 1% 1% İzmir Teknoloji Geliştirme A.Ş. Turkey 5% 5%
21 BORROWINGS Current Foreign currency TL equivalent Non-current Foreign currency TL equivalent Turkish Lira bank loans Foreign currency bank loans -USD ('000) EUR ('000) Turkish Lira bank loans Foreign currency bank loans -USD ('000) EUR ('000) Summary maturity schedule of total borrowings is given below: Due in one year One to two years Two to three years Three to four years Four to five years Over five years Letters of guarantee and notes amounting to TL (USD thousand and TL ) have been given as collateral for Turkish Eximbank and other credits ( : TL (TL 8.660, EUR thousand, USD thousand)).
22 PROVISION FOR EXPENSES Current Warranty provision Expense accruals Provision for forward exchange contracts Non-current Warranty provision Movement of provisions is as follows: Warranty provision Expense accruals Provision for forward exchange contracts Total Opening balance, Additions Disposals (24.966) (19.693) (13.865) (58.524) Closing balance,
23 COMMITMENTS AND CONTINGENCIES a) Contingent assets Guarantees received Security bond obtained from suppliers Mortgaged and guarantees received b) Contingent liabilities A Behalf of incorporated body B Behalf of consolidated group companies Total c) Included among the court cases started by the group are receivables totalling TL In addition a provision of TL has been set aside in respect of court cases opened against the group. d) The payment of VAT on certain export sales may be postponed and later cancelled by the tax office subject to clearance of certain routine formalities in due course. Responsibility of the Group continues until such clearance however no liability has arisen in the past and no liability is reasonably expected for the future. The amount of postponed VAT at was TL ( : TL ). e) A lawsuit has been initiated against the Group by a company engaged in the production of household appliances in respect of a patent certificate for a minor component used in refrigerators. The Group has initiated a counter lawsuit with a claim to cancel the patent certificate from the related registry and invalidity of the same. The lawsuit is still pending and at the stage of expert evaluation. No amount has been provided in respect of this lawsuit. f) Total obligation of the Group related to operational lease agreements amounted to TL ( : TL 7.238) per year. g) As of, the Group has entered in forward exchange contracts amounting to USD thousand, EUR thousand and TL ( : EUR thousand, GBP thousand and USD thousand) on a fixed amount USD thousand, GBP thousand, TL , CHF thousand, SEK thousand and EUR thousand ( : GBP thousand, USD thousand and EUR thousand).
24 22 h) Due to the export and investment incentive certificates obtained, the Group has committed to realize exports amounting to USD thousand ( : USD thousand) as of the balance sheet date. i) Vestel White is the guarantor for the bank loans which have been borrowed by Vestel CIS ltd and OOO Vestel Trade from Citibank. j) Vestel White has given guarantee to Royal Bank of Scotland PLC in favor of Vestel Germany GMBH, Vestel Pazarlama and Vestel Elektronik Sanayi ve Ticaret A.Ş. for derivatives. k) Vestel White has given guarantee to HSBC Bank A.Ş. in favor of Vestel Pazarlama and Vestel Elektronik Sanayi ve Ticaret A.Ş. for derivatives. l) Vestel Elektronik has given guarantee to Royal Bank of Scotland PLC and HSBC Bank A.Ş. in favor of Vestel White for derivatives. 14. NATURE OF EXPENSES Nature of expenses consists of cost of sales, warranty, research, selling, general and administrative expenses Direct materials and merchandises expenses Changes in semi-finished goods and finished goods ( ) (46.203) Employee and sub-contracted personnel cost Depreciation and amortization Freight and freight insurance Warranty, installation and service cost Advertising expenses Sales commission expenses Office expenses Rent expenses Licence and royalty expenses Outsourcing expenses Energy expenses Consulting expenses Insurance expenses Doubtful debts provision expense Repair and maintenance expenses Other expenses
25 FINANCING INCOME AND FINANCING EXPENSE Foreign exchange gain Fair value gains on held for trading (193) -- Fair value gains on forward exchange contracts (42.049) (969) Bank and other interest income Unearned interest on payables (3.565) (385) Financing income Foreign exchange loss Bank loans interest expense Fair value losses on forward exchange contracts Fair value losses on financial assets held for trading (1.191) Letters of credit expenses Finance lease interest expense Factoring expenses Bank commission expenses Unearned interest on receivables (2.817) (8.338) Other Financing expense
26 SUPPLEMENTARY CASH FLOW INFORMATION Adjustment to reconcile profit (loss) before taxation to net cash provided from operating activities: Depreciation of property, plant and equipment Amortisation of intangible assets Profit on sale of property, plant and equipment (677) (4.027) Loss on sale of property, plant and equipment Provision for employee termination benefits Provision for financial assets held for trading Provision for doubtful receivables Interest expense, note Interest income, note 15 (18.728) (35.426) Warranty provision, note Provision for expense accruals Unearned interest on receivables Unearned interest on payables (2.654) (26.616) Provision for diminution in value of inventories Depreciation and amortization expense charged to: Cost of sales Selling, general and administrative expenses Other expense Changes in operating assets and liabilities: Trade receivables (27.854) Inventories ( ) ( ) Other assets (6.767) Trade payables ( ) Other liabilities (89.348) ( )
27 RELATED PARTY DISCLOSURE These comprised the following: a) The significant balances with related parties at year end are shown below: Related party Trade receivables Other assets Trade payables Zorpet Petrogaz, Petrol, Gaz ve Petrokimya A.Ş. (*) ABH Turizm Temsilcilik ve Ticaret A.Ş L-3 Communications Investments (**) Vestel Elektronica S.R.L UTS-United Technical Services, Spol.S.R.O Vkom-Birim-Datasel Joint Venture (***) Other related parties Unearned interest on receivables (90) -- (276) ABH Turizm Temsilcilik ve Ticaret A.Ş Zorlu Tekstil Ürünleri Pazarlama A.Ş Zorpet Petrogaz, Petrol, Gaz ve Petrokimya A.Ş. (*) Teds International (**) L-3 Communications Investments (**) Vestel Elektronica S.R.L UTS-United Technical Services, Spol.S.R.O Vkom-Birim-Datasel Joint Venture (***) Other related parties Unearned interest on receivables (176) -- (26) * Zorpet Petrogaz, Petrol, Gaz ve Petrokimya A.Ş., ABH Turizm Temsilcilik ve Ticaret A.Ş., Zorlu Tekstil Ürünleri Pazarlama A.Ş. and other related parties are companies controlled by Zorlu Holding A.Ş.
28 26 ** Teds International and L-3 Communications Investments are third party minority shareholders in subsidiary companies of the Group *** Vkom-Birim-Datasel Joint Venture was established for National Health Project by Birim Bilgi İşlem, Datasel and Vestel Kom. b) Sales to and operating expenses from related parties are summarized below: Sales Zorpet Petrogaz, Petrol, Gaz ve Petrokimya A.Ş Vestel Elektronica S.R.L UTS- United Technical Services, Spol S.R.O L-3 Communications Investments Other Operating expense Deniz Destek Oto Alım Satım Kiralama Temizlik Hizmetleri ve İnşaat A.Ş Other Deniz Destek Oto Alım Satım Kiralama Temizlik Hizmetleri ve İnşaat A.Ş. is a company controlled by the majority shareholder of Vestel Elektronik. For the nine month period ended, key personnel salaries and other short term benefits amounted to TL (: TL 8.313)
29 FOREIGN CURRENCY POSITION The net currency position of the Group as of the balance sheet dates are shown below: USD ( 000) EUR ( 000) Other currencies TL equivalent TL equivalent Cash and cash equivalents Financial assets held for trading Trade receivables Inventories Other receivables Total foreign currency assets Current bank borrowings Non-current bank borrowings Trade payables Other liabilities Total foreign currency liabilities Net foreign currency position ( ) ( ) Derivatives Assets Liabilities ( ) ( ) (42.560) ( ) ( ) (42.560) (87.201)
30 28 USD ( 000) EUR ( 000) Other currencies TL equivalent TL equivalent Cash and cash equivalents Financial assets held for trading Trade receivables Inventories Other receivables Total foreign currency assets Current borrowings Non-current borrowings Trade payables Other liabilities Total foreign currency liabilities Net foreign currency position ( ) ( ) Derivatives Assets Liabilities (11.862) ( ) (16.880) ( ) ( ) (12.589) On basis of the above an increase of 1% in the foreign exchange rates against the Turkish Lira as of will amount to a loss of TL ( : TL 6.770) and a decrease will amount to profit of the same amount.
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