CONDENSED INTERIM CONSOLIDATED BALANCE SHEETS AS OF 30 SEPTEMBER 2013 AND 31 DECEMBER 2012 Audited ASSETS Note 30.09.2013 31.12.2012 Current Assets 471,526 594,414 Cash and Cash Equivalents 5 172,119 187,379 Trade Receivables 94,649 35,876 Related Parties 12 57,213 29,361 Other Parties 37,436 6,515 Inventories 11,552 12,943 Other Receivables 127,843 295,110 Related Parties 12 123,653 288,652 Other Parties 4,190 6,458 Derivative Financial Instruments 8-1,588 Prepaid Expenses 10,624 14,468 Assets Related With Current Period Tax 3,148 4,390 Other Current Assets 51,591 42,660 Non - Current Assets 4,971,243 4,389,928 Other receivables from related parties 12 2,443,296 2,112,562 Investments 8,591 8,591 Investments accounted through equity method 79,634 42,894 Property, Plant and Equipment 2,242,521 2,029,916 Intangible Assets 114,926 116,845 Goodwill 100,667 100,667 Other intangible assets 14,259 16,178 Prepaid Expenses 31,864 31,461 Other Non-Current Assets 3,645 22,592 Deferred Tax Asset 46,766 25,067 TOTAL ASSETS 5,442,769 4,984,342 The accompanying notes are an integral part of these financial statements
CONDENSED INTERIM CONSOLIDATED BALANCE SHEETS AS OF 30 SEPTEMBER 2013 AND 31 DECEMBER 2012 Audited LIABILITIES AND SHAREHOLDERS' EQUITY Note 30.09.2013 31.12.2012 Current Liabilities 1,558,410 1,491,185 Financial Liabilities 6 413,416 210,810 Short term portion of long term financial liabilities 6 894,504 681,662 Trade Payables 169,467 298,163 Related Parties 12 70,775 19,452 Other Parties 98,692 278,711 Taxation on Income 419 - Other payables to related parties 12 534 220,459 Liabilities on employee benefits 267 372 Deferred Income 1,527 5,085 Derivative Financial Instruments 8 65,676 70,678 Other Provisions 7 745 602 Other Liabilities 11,855 3,354 Non -Current Liabilities 3,504,601 2,914,736 Financial Liabilities 6 2,167,758 1,774,845 Trade Payables - 3,493 Related Parties 12-2,381 Other Parties - 1,112 Other Payables to related parties 12 1,306,299 1,056,768 Provision for Employment Benefit 1,127 1,179 Deferred Tax Liability 29,417 78,451 SHAREHOLDER'S EQUITY 379,758 578,421 Share Capital 9 500,000 500,000 Capital Adj. Differences 9 102,575 102,575 Share Premium 67 67 Other Comprehensive Income/Loss To Be Reclassified To Profit or Loss Derivative instruments gain/loss (7,106) (4,822) Currency translation difference 37,793 23,118 Other gain/loss 50 - Restricted Reserves 10,307 10,307 Other funds (23,788) - Accumulated Deficits (55,027) (644,220) Net profit/loss for the period (183,297) 589,193 NON-CONTROLLING INTERESTS (1,816) 2,203 TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY 5,442,769 4,984,342 Commitments and contingencies 7 The accompanying notes are an integral part of these financial statements
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF INCOME FOR THE NINE MONTH PERIOD ENDED 30 SEPTEMBER 2013 and 2012 01.01-30.09.2013 01.01-30.09.2012 Note Revenue 446,398 438,411 Cost of Sales (428,973) (453,426) GROSS PROFIT/(LOSS) 17,425 (15,015) Marketing, selling and distribution expenses (1,230) (306) General administrative expenses (20,812) (34,755) Other operating income 31,210 20,078 Other operating expense (16,166) (92) OPERATING PROFIT/(LOSS) 10,427 (30,090) Profit (loss) of investments accounted through equity method (2,411) - Operating Loss before financing expenses 8,016 (30,090) Financing Income 11 180,762 182,477 Financing Expenses 11 (444,458) (186,707) PROFIT/(LOSS) BEFORE TAXATION (255,680) (34,320) Current tax expense (417) (19) Deferred tax benefit 71,434 838 Net Profit/(Loss) for the Year (184,663) (33,501) Net Profit/(Loss) attributable to: Non-Controlling Interest (1,366) (47,097) Equity holders of the company (183,297) 13,596 LOSS PER SHARE (TL) (0,0037) (0,0007) The accompanying notes are an integral part of these financial statements.
STATEMENTS of CONSOLIDATED CASH FLOW FOR THE NINE MONTH PERIOD ENDED 30 SEPTEMBER 2013 and 2012 01.01-01.01- Note 30.09.2013 30.09.2012 Cash flows from operating activities Profit (Loss) Before Tax (184,663) (33,501) Adjustments to reconcile net income (loss) to net cash provided by operating activities: Adjustments to amortization and depreciation 10 87,030 74,907 Interest Income 11 (178,485) (22,992) Interest Expense 11 247,010 163,402 Unrealized foreign exchange losses from borrowings 439,931 84,750 Deferred Interest Expense 11 7,672 838 Income from derivative financial instruments 11 (1,485) (1,705) Adjustments to Tax Income (71,017) (819) Provisions for employee termination benefits 245 20 Provisions for liabilities 143 25 (Gain)/loss from sales of tangible and intangible assets, net (1,169) (185) Changes in non-controlling interests (2,653) 1 Investments accounted through equity method (36,740) - Reversal of provision for subsidiaries -- (1,229) Adjustments to unrealized foreign currency translation difference 14,675 (80,533) Net Cash before changes in assets and liabilities 320,494 182,979 Change in trade receivables (67,237) 16,159 Change in other receivables (57,855) (19,452) Change in other current and non current assets 17,847 73,430 Change in inventories 1,391 (3,120) Change in trade payables (131,397) (52,394) Change in other payables 40,291 (86,083) Change in other current and non current liabilities 4,838 377 Change in derivative financial instruments (1,929) (11,402) Taxes paid (3,148) (76) Employee termination benefits paid (247) (1,191) Net cash used in operating activities 123,048 99,227 Cash flows from investing activities Purchases of property, plant, equipment and intangible assets (302,771) (290,925) Proceeds from sale of property, plant, equipment and intangible assets 6,225 2,247 Net cash used in investing activities (296,546) (288,678)
Cash flows from financing activities: Proceeds from borrowings 1,038,303 389,351 Repayments of borrowings (628,176) (334,947) Change in hedging reserves (2,284) - Capital increase - 218,335 Change in financial investments - 62,755 Share Premium - 67 Transactions with non-controlling shareholders (23,788) - Interest received 50,752 22,014 Interest paid (275,267) (137,775) Change in compensating balance 5 31,750 - Net cash provided by financing activities 191,290 219,800 Net increase in cash and cash equivalents 17,792 30,349 Cash and cash equivalents as of January 1 5 107,903 68,469 Cash and cash equivalents as of September 30 5 125,695 98,818 The accompanying notes are an integral part of these financial statements.