ZORLU ENERJİ ELEKTRİK ÜRETİM AŞ SUMMARY FINANCIAL STATEMENTS FOR THE PERIOD 01.01.2018-31.03.2018 (Originally issued in Turkish)
CONDENSED INTERIM CONSOLIDATED BALANCE SHEETS AS OF 31 MARCH 2018 AND 31 DECEMBER 2017 Audited ASSETS Note 31.03.2018 31.12.2017 Current Assets 2,335,160 2,346,567 Cash and cash equivalents 4 926,472 335,085 Trade receivables 465,980 327,060 Related parties 16 125,808 66,954 Other parties 340,172 260,106 Other receivables 288,080 1,167,897 Related parties 16 258,905 1,141,843 Other parties 29,175 26,054 Assets related with concession arrangements 5 145,832 130,999 Derivative financial instruments 10 4,432 1,706 Inventories 7,568 16,490 Prepaid expenses 92,047 55,095 Other parties 92,047 55,095 Assets related with current period tax -- 10,812 Other current assets 6 404,749 301,423 Non - Current Assets 11,235,106 8,929,062 Financial investments 246 246 Other receivables 1,540,482 787,315 Related parties 16 1,540,345 787,161 Other parties 137 154 Assets related with concession contracts 5 478,139 508,335 Derivative financial instruments 10 40,802 31,603 Associates 286,786 258,379 Property, plant and equipment 7,045,150 5,421,465 Intangible assets 1,656,199 1,672,552 Prepaid expenses 3,279 5,833 Deferred tax asset 98,213 170,907 Other non-current assets 6 85,810 72,427 TOTAL ASSETS 13,570,266 11,275,629 2
CONDENSED INTERIM CONSOLIDATED BALANCE SHEETS AS OF 31 MARCH 2018 AND 31 DECEMBER 2017 Audited LIABILITIES AND SHAREHOLDERS' EQUITY Note 31.03.2018 31.12.2017 Current Liabilities 4,339,112 4,021,878 Short-term financial liabilities 863,584 817,037 Bank loans 7 860,937 814,002 Leasing debt 7 2,647 3,035 Short-term portion of long-term financial liabilities 1,919,119 1,618,288 Bank loans 7 1,511,184 1,177,825 Issued debt instruments 7 275,631 308,102 Other 7 132,304 132,361 Trade payables 895,952 893,894 Related parties 16 14,303 98,366 Other parties 881,649 795,528 Liabilities on employee benefits 9,933 7,718 Other payables 330,906 428,284 Related parties 8,16 80,845 139,485 Other parties 8 250,061 288,799 Derivative financial instruments 10 3,368 5,639 Deferred income 11 159,188 148,533 Current income tax liabilities 2,566 -- Short-term provisions 37,168 46,864 Provisions for employee benefits 4,456 4,327 Other provisions 9 32,712 42,537 Other current liabilities 117,328 55,621 Other parties 6 117,328 55,621 Non- Current Liabilities 6,493,681 5,571,646 Long-term financial liabilities 6,021,292 4,954,148 Bank loans 7 5,471,642 4,509,972 Leasing debt 7 26,998 25,448 Issued debt instruments 7 346,683 242,688 Other 7 175,969 176,040 Other payables 31,183 319,420 Related parties 8,16 5,456 291,967 Other parties 8 25,727 27,453 Derivative financial instruments 10 9,578 34,342 Provisions for employee benefits 15,623 12,949 Deferred tax liability 416,005 250,787 Shareholders' Equity 2,737,473 1,682,105 Equity attributable to owners of parent 2,739,061 1,683,535 Share capital 12 2,000,000 2,000,000 Adjustments to share capital 12 102,575 102,575 Share premium (Discount) 916 916 Other comprehensive income/expense that will not be reclassified to profit or loss 2,102,041 961,285 Revaluation gain/loss 2,102,041 961,285 Increases/(decreases) on revaluation of property, plant and equipment 2,108,243 965,671 Actuarial gain/(loss) arising from defined benefit plans (6,202) (4,386) Other comprehensive income/expense that will be reclassified to profit or loss (527,779) (402,826) Currency translation differences 204,621 192,213 Gains/(losses) on hedges (732,400) (595,039) Restricted reserves 12 7,897 7,897 Accumulated deficits (971,763) (1,038,237) Net profit for the period 25,174 51,925 Non-controlling interests (1,588) (1,430) TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 13,570,266 11,275,629 3
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF INCOME FOR THE PERIOD ENDED 31 MARCH 2018 AND 31 MARCH 2017 Note 01.01-31.03.2018 01.01-31.03.2017 Revenue 935,098 652,228 Cost of sales (-) 13 (702,107) (504,135) Gross Profit 232,991 148,093 General & Administrative expenses (-) 13 (34,934) (24,711) Marketing expenses (-) 13 (11,468) (12,255) Other operating income 14 34,356 20,496 Other operating expense (-) 14 (25,870) (36,442) Operating Profit 195,075 95,181 Income from invesments 18 -- Expenses from investments -- (5,553) Profit/(loss) of investments accounted through equity method 17,413 9,471 Operating Profit Before Financing Expenses 212,506 99,099 Financial income 15 177,522 93,637 Financial expenses (-) 15 (368,027) (263,333) Profit/(Loss) Before Income Tax 22,001 (70,597) Current tax expense (13,559) (4,854) Deferred tax income 16,574 3,295 Net Loss for the Period 25,016 (72,156) Net loss attributable to: Non-controlling interest (158) (116) Equity holders of the Company 25,174 (72,040) Earnings/(loss) per share 0.00013 (0.0006) 4
CONDENSED INTERIM STATEMENTS OF CONSOLIDATED CASH FLOW FOR THE PERIOD ENDED 31 MARCH 2018 AND 31 MARCH 2017 01.01-01.01- Note 31.03.2018 31.03.2017 Net Cash Provided by Operating Activities 275,543 27,168 Net income/(loss) for the period 25,016 (72,156) Adjustments to reconcile profit/(loss) 228,512 256,586 Depreciation and amortization 13,14 89,347 57,081 Adjustment to provisions (6,456) 10,169 Provisions for employee benefits 3,240 9,804 Other (9,696) 365 Adjustment to interest (income)/expenses 177,943 123,756 Interest income 14,15 (38,650) (29,736) Interest expense 14,15 215,917 149,489 Deferred financial expense from credit purchases 15 676 4,003 Unrealized foreign exchange differences 66,380 93,481 Fair value (gain)/loss on derivative financial instruments 15 (37,720) 14,545 Adjustments for undistributed profits of associates (17,413) (9,471) Tax (benefit)/expense (3,015) 1,559 (Gain)/loss from sales of tangible assets (18) 5,553 Other adjustments to reconcile profit/(loss) (40,536) (40,087) Changes in Working Capital 24,851 (151,636) (Increase)/decrease in financial investments -- 100 (Increase)/decrease in trade receivables (137,492) (21,943) Related parties (58,854) (80,680) Other parties (78,638) 58,737 (Increase)/decrease in other receivables 253,218 35,535 Related parties 256,322 52,140 Other parties (3,104) (16,605) (Increase)/decrease in assets related with concession arrangements 15,363 (39,656) (Increase)/decrease in inventories 8,922 -- Increase/(decrease) in trade payables 2,015 (149,454) Related parties (84,063) (63,429) Other parties 86,078 (86,025) Increase/(decrease) in other payables (40,464) (1,007) Other parties (40,464) (1,007) Other (76,711) 24,789 (Increase)/decrease in other assets (153,854) 21,489 Increase/(decrease) in other liabilities 77,143 3,300 Cash flows from operating activities 278,379 32,794 Employee termination benefits paid (2,836) (772) Taxes paid -- (4,854) Net Cash From Investing Activities (209,524) (1,353,070) Cash flows used in obtaining control of subsidiaries -- (1,217,599) Cash provided from sales of tangible and intangible assets 102 3,912 Tangible assets 102 3,912 Cash outflows from acqusition of tangible and intangible assets (209,626) (139,383) Tangible assets (207,832) (139,368) Intangible assets (1,794) (15) Net Cash From Financing Activities 528,130 1,479,177 Proceeds from rights issue -- 1,250,643 Proceeds from borrowings 1,459,179 595,982 Bank loans 1,319,259 510,982 Issued debt instruments 139,000 85,000 Other financial borrowings 920 -- Repayments of borrowings (371,437) (522,109) 5
Bank loans (317,437) (433,109) Issued debt instruments (54,000) (89,000) Increase in other payables to related parties -- 302,278 Decrease in other payables to related parties (383,420) -- Interest paid (151,328) (127,274) Interest received 6,010 6,434 Other inflows/(outflows) of cash (30,874) (26,777) Net increase/(decrease) in cash and cash equivalents before foreign currency translation differences 594,149 153,275 Net increase/(decrease) in cash and cash equivalents 594,149 153,275 Cash and cash equivalents at the beginning of the period 4 317,570 80,303 Cash and cash equivalents at the end of the period 4 911,719 233,578 6