ZORLU ENERJİ ELEKTRİK ÜRETİM AŞ SUMMARY FINANCIAL STATEMENTS FOR THE PERIOD 01.01.2016-30.09.2016 (Originally issued in Turkish)
CONDENSED INTERIM CONSOLIDATED BALANCE SHEETS AS OF 30 SEPTEMBER 2016 AND 31 DECEMBER 2015 ASSETS Note 30.09.2016 31.12.2015 Current Assets 858,732 805,748 Cash and cash equivalents 4 62,179 158,546 Financial investments 100 -- Financial assets available for sale 100 -- Trade receivables 136,735 106,581 Related parties 13 12,008 4,712 Other parties 124,727 101,869 Other receivables 567,419 495,851 Related parties 13 559,960 489,814 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 35,352 -- Non - Current Assets 4,984,248 4,872,348 Financial investments 246 246 Other receivables 631,918 576,992 Related parties 13 631,918 576,992 Associates 170,262 183,409 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 1,000 869 Other non-current assets 34,071 41,342 TOTAL ASSETS 5,842,980 5,678,096 2
CONDENSED INTERIM CONSOLIDATED BALANCE SHEETS AS OF 30 SEPTEMBER 2016 AND 31 DECEMBER 2015 LIABILITIES AND SHAREHOLDERS' EQUITY Note 30.09.2016 31.12.2015 Current Liabilities 1,939,370 2,044,489 Short-term financial liabilities 699,943 362,338 Bank loans 5 699,943 332,434 Other 5 -- 29,904 Short-term portion of long-term financial liabilities 981,528 1,150,299 Bank loans 5 820,805 1,018,100 Issued debt instruments 5 160,723 132,199 Trade payables 161,286 281,468 Related parties 13 60,310 165,603 Other parties 100,976 115,865 Liabilities on employee benefits 338 273 Other payables to related parties 13 75,525 177,814 Derivative financial instruments held for hedging 7 12,304 56,185 Deferred income 104 4,161 Current income tax liabilities -- 585 Other provisions 457 449 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 5 151,736 158,759 Other 5 100,000 100,000 Trade payables 5,896 326 Related parties 13 -- 326 Other parties 5,896 -- Other payables 404,664 128,777 Related parties 13 404,586 128,699 Other parties 78 78 Derivative financial instruments held for hedging 7 18,384 16,559 Provisions for employee benefits 949 826 Deferred tax liability 90,283 98,719 Shareholders' Equity 580,241 751,978 Equity attributable to owners of parent 581,003 752,589 Share capital 8 750,000 750,000 Adjustments to share capital 8 102,575 102,575 Share premium (Discount) 8 273 273 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 98,106 105,010 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
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF INCOME FOR THE NINE MONTH PERIOD ENDED 30 SEPTEMBER 2016 AND 30 SEPTEMBER 2015 Note 01.01-30.09.2016 01.01-30.09.2015 Revenue 866,070 512,841 Cost of sales 9 (658,346) (372,878) Gross Profit 207,724 139,963 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 190,640 116,658 Income from invesments 10 4,589 75 Profit/(loss) of investments accounted through equity method (1,161) 3,395 Operating Profit Before Financing Expenses 194,068 120,128 Financial income 11 128,436 483,839 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
CONDENSED INTERIM STATEMENTS OF CONSOLIDATED CASH FLOW FOR THE NINE MONTH PERIOD ENDED 30 SEPTEMBER 2016 AND 30 SEPTEMBER 2015 Note 01.01-01.01-30.09.2016 30.09.2015 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 464,561 366,210 Depreciation and amortization 9 146,346 100,121 Adjustment to provisions 131 251 Provisions for employee benefits 123 256 Other 8 (5) Adjustment to interest income/(expenses) 287,115 155,971 Interest income 11 (51,443) (197,888) Interest expense 11 338,298 353,897 Deferred financial expense from credit purchases 11 396 412 Unearned financial income from credit sales 11 (136) (450) Unrealized foreign exchange differences 19,209 140,594 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 -- 70 Other parties -- 70 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 -- 712 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 51,988 229,252 5
Proceeds from borrowings 936,990 974,381 Bank loans 832,990 823,184 Issued debt instruments 104,000 46,500 Factoring transactions -- 4,697 Other financial borrowings -- 100,000 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