YAŞAR HOLDİNG A.Ş. CONSOLIDATED FINANCIAL STATEMENTS AT 3o JUNE 2011

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Juliana Summers
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1 CONSOLIDATED FINANCIAL STATEMENTS AT 3o JUNE 2011

2 INDEX TO THE CONSOLIDATED FINANCIAL STATEMENTS AT 30 JUNE 2011 CONTENTS Page CONSOLIDATED INTERIM BALANCE SHEETS CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME... 3 CONSOLIDATED EBITDA INFORMATION... 4 CONSOLIDATED SEGMENT INFORMATION... 5 CONSOLIDATED FINANCE INCOME AND EXPENSE... 6

3 CONSOLIDATED BALANCE SHEETS AT 30 JUNE 2011 AND 31 DECEMBER 2010 ASSETS Audited 30 June December 2010 Current assets: Cash and cash equivalents 83,446 62,008 Trade receivables 422, ,190 Due from related parties 40,077 34,621 Biological assets 20,001 29,566 Inventories 200, ,258 Other current assets 67,987 69,379 Total current assets 833, ,022 Non-current assets: Trade receivables ,878 Due from related parties 64,232 60,955 Biological assets 25,287 16,776 Derivative financial instruments 10,005 2,503 Financial assets 5,602 5,614 Investment in associate 16,728 18,622 Property, plant and equipment 915, ,117 Investment property 143, ,297 Intangible assets 2,746 2,110 Deferred income tax assets 10,913 9,251 Other non-current assets 15,395 6,780 Total non-current assets 1,209,940 1,141,903 TOTAL ASSETS 2,043,903 1,887,925 1

4 CONSOLIDATED BALANCE SHEETS AT 30 JUNE 2011 AND 31 DECEMBER 2010 LIABILITIES AND EQUITY Audited 30 June December 2010 Current liabilities: Borrowings 259, ,960 Derivative financial instruments 1,041 1,239 Other financial liabilities 8,538 14,374 Trade payables 396, ,832 Due to related parties 11,056 7,830 Current income tax liabilities 6,394 5,943 Provision for employment termination benefits Other current liabilities 147, ,914 Total current liabilities 829, ,122 Non-current liabilities: Borrowings 527, ,205 Trade payables 7,116 7,975 Deferred income tax liabilities 65,650 67,307 Provision for employment termination benefits 32,839 30,473 Other non-current liabilities 1,772 1,704 Total non-current liabilities 634, ,664 Total liabilities 1,464,318 1,311,786 Equity: Equity attributable to equity holders of the Group Share capital 314, ,158 Adjustment to share capital 223, ,822 Total paid-in capital 537, ,980 Treasury shares (39,624) (39,624) Contribution from shareholders 5,323 5,323 Revaluation reserve 223, ,514 Currency translation reserve 2,036 1,265 Accumulated losses (477,114) (463,428) 252, ,030 Non-controlling interest 327, ,109 Total equity 579, ,139 TOTAL LIABILITIES AND EQUITY 2,043,903 1,887,925 2

5 CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME FOR THE SIX- MONTH PERIODS ENDED AT 30 JUNE Reviewed 30 June June 2010 Revenue 1,125, ,701 Cost of sales (820,848) (728,273) Gross profit 304, ,428 Selling and marketing costs (152,538) (134,628) General administrative expenses (56,220) (50,070) Research and development costs (8,563) (6,507) Share of loss of associate (1,893) 1,240 Other operating income 11,216 4,732 Other operating expense (10,688) (13,065) Operating profit 85,900 71,130 Finance income 62, ,434 Finance expense (152,926) (94,242) Profit before taxation on income (4,535) 86,322 Income tax expense (8,843) (13,082) Profit/(Loss) for the year (13,378) 73,240 3

6 CONSOLIDATED EBITDA INFORMATION FOR THE SIX- MONTH PERIODS ENDED AT 30 JUNE Reviewed 30 June June 2010 Revenue 1,125, ,701 Cost of sales (820,848) (728,273) Gross profit 304, ,428 Gross profit margin 27.1% 27.0% Selling and marketing costs (152,538) (134,628) General administrative expenses (56,220) (50,070) Research and development costs (8,563) (6,507) EBIT 87,265 78,223 EBIT margin 7.8% 7.8% Add back rent income Add back depreciation and amortisation 27,826 27,089 Add back ETB provision 4,728 3,336 EBITDA 120, ,000 EBITDA margin 10.7% 10.9% 4

7 CONSOLIDATED SEGMENT INFORMATION FOR THE SIX- MONTH PERIODS ENDED AT 30 JUNE SEGMENT INFORMATION The segment results for the six month periods ended at 30 June 2011 are as follows: Food and beverage Coatings Tissue Other Unallocated Group Total gross segment sales 759, ,253 50,282 81,499-1,146,777 Inter-segment sales (470) - (22) (20,851) - (21,343) Revenue 759, ,253 50,259 60,648-1,125,434 EBITDA 96,104 10, ,082 (268) 120,196 EBITDA margin 12.7% 3.9% 0.4% 17.3% 10.7% The segment results for the six month periods ended at 30 June 2010 are as follows: Food and beverage Coatings Tissue Other Unallocated Group Total gross segment sales 743, ,014 47,518 43,810-1,016,551 Inter-segment sales (436) - (12) (18,402) - (18,850) Revenue 742, ,014 47,506 25, ,701 EBITDA 78,029 13,581 3,774 12, ,000 EBITDA margin 10.5% 7.5% 7.9% 29.4% 10.9% 5

8 CONSOLIDATED FINANCE INCOME AND EXPENSE FOR THE SIX- MONTH PERIODS ENDED AT 30 JUNE FINANCE INCOME AND EXPENSE Finance income: Reviewed 30 June June 2010 Foreign exchange gain 44,280 88,606 Interest income and foreign exchange gain on non-trade due from related parties 10,315 4,437 Interest income on term sales 6,565 5,790 Interest income (from banks and other financial instruments) 1, Discount from early redemption of borrowings - 9,446 Gain on derecognition of financial liabilities Other Finance expense: 62, ,434 Foreign exchange loss (95,179) (26,804) Interest expense on borrowings (35,418) (26,171) Foreign exchange loss from swap transactions (7,503) (23,293) Interest expense from swap transactions (2,217) (8,060) Bank commissions (2,436) (2,539) Interest expense on term purchases (773) (1,230) Other (9,400) (6,145) (152,926) (94,242) 6

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

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