ZORLU ENERJİ ELEKTRİK ÜRETİM AŞ SUMMARY FINANCIAL STATEMENTS FOR THE PERIOD 01.01.2018-30.09.2018 (Originally issued in Turkish)
CONDENSED INTERIM CONSOLIDATED BALANCE SHEETS AS OF 30 SEPTEMBER 2018 AND 31 DECEMBER 2017 Reviewed Restated ASSETS Note 30.09.2018 31.12.2017 Current Assets 2,813,163 2,566,334 Cash and cash equivalents 4 182,568 369,068 Trade receivables 649,608 428,883 Related parties 18 43,307 72,413 Other parties 606,301 356,470 Other receivables 1,385,024 1,168,544 Related parties 18 1,350,912 1,141,843 Other parties 34,112 26,701 Assets related with concession arrangements 5 144,732 152,961 Derivative financial instruments 12 28,881 1,706 Inventories 31,776 16,490 Prepaid expenses 31,753 55,455 Other parties 31,753 55,455 Assets related with current period tax -- 11,496 Other current assets 6 358,821 361,731 Non - Current Assets 15,249,969 9,559,269 Financial investments 246 246 Other receivables 1,255,067 787,315 Related parties 18 1,254,931 787,161 Other parties 136 154 Assets related with concession contracts 5 1,060,602 946,509 Derivative financial instruments 12 89,464 31,603 Associates 430,818 258,379 Property, plant and equipment 7 10,195,173 5,432,509 Intangible assets 8 1,698,042 1,749,437 Prepaid expenses 28,743 5,833 Deferred tax asset 325,106 260,389 Other non-current assets 6 166,708 87,049 TOTAL ASSETS 18,063,132 12,125,603 2
CONDENSED INTERIM CONSOLIDATED BALANCE SHEETS AS OF 30 SEPTEMBER 2018 AND 31 DECEMBER 2017 Reviewed Restated LIABILITIES AND SHAREHOLDERS' EQUITY Note 30.09.2018 31.12.2017 Current Liabilities 6,050,439 5,034,629 Short-term financial liabilities 766,753 1,278,450 Related parties 9,18 66,382 462,403 Bank loans 9 694,014 813,012 Leasing debt 9 6,357 3,035 Short-term portion of long-term financial liabilities 2,759,783 1,704,530 Bank loans 9 2,278,823 1,264,066 Issued debt instruments 9 313,868 308,102 Other 9 167,092 132,362 Trade payables 1,705,354 1,193,045 Related parties 18 47,716 180,368 Other parties 1,657,638 1,012,677 Liabilities on employee benefits 11,526 8,590 Other payables 618,788 587,768 Related parties -- -- Other parties 10 618,788 587,768 Derivative financial instruments 12 27,879 11,300 Deferred income 13 56,873 156,612 Current income tax liabilities 6,081 -- Short-term provisions 34,570 48,660 Provisions for employee benefits 11 -- 4,327 Other provisions 11 34,570 44,333 Other current liabilities 62,832 45,674 Other parties 6 62,832 45,674 Non- Current Liabilities 9,580,247 6,029,976 Long-term financial liabilities 9,056,882 5,700,828 Bank loans 9 8,503,982 4,964,685 Leasing debt 9 30,606 25,448 Issued debt instruments 9 173,909 242,688 Other 9,18 348,385 468,007 Other payables 24,449 27,453 Related parties -- -- Other parties 10 24,449 27,453 Derivative financial instruments 12 1,046 34,342 Provisions for employee benefits 11 23,712 16,566 Deferred tax liability 474,158 250,787 Shareholders' Equity 2,432,446 1,060,998 Equity attributable to owners of parent 2,531,233 1,124,539 Share capital 14 2,000,000 2,000,000 Adjustments to share capital 102,575 102,575 Share premium (Discount) 916 916 3
Other comprehensive income/expense that will not be reclassified to profit or loss 4,308,813 961,754 Revaluation gain/loss Increases/(decreases) on revaluation of property, plant and equipment 4,315,293 965,671 Actuarial gain/(loss) arising from defined benefit plans (6,480) (3,917) Other comprehensive income/expense that will be reclassified to profit or loss (2,101,833) (402,826) Currency translation differences 420,516 192,213 Gains/(losses) on hedges (2,522,349) (595,039) Restricted reserves 7,897 7,897 Accumulated deficits (1,757,200) (1,580,864) Net profit for the period (29,935) 35,087 Non-controlling interests (98,787) (63,541) TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 18,063,132 12,125,603 4
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF INCOME FOR THE PERIOD ENDED 30 SEPTEMBER 2018 AND 30 SEPTEMBER 2017 Note Reviewed 01.01-30.09.2018 Restated 01.01-30.09.2017 Revenue 4,643,017 3,317,572 Cost of sales (-) 15 (3,533,852) (2,684,792) Gross Profit 1,109,165 632,780 General & Administrative expenses (-) 15 (110,096) (86,660) Marketing expenses (-) 15 (35,228) (36,409) Other operating income 16 238,173 154,707 Other operating expense (-) 16 (213,091) (133,702) Operating Profit 988,923 530,716 Income from invesments 232 - Expenses from investments - (10,631) Profit/(loss) of investments accounted through equity method 37,193 18,544 Operating Profit Before Financing Expenses 1,026,348 538,629 Financial income 17 1,326,592 152,567 Financial expenses (-) 17 (2,599,097) (547,668) Profit/(Loss) Before Income Tax (246,157) 143,528 Current tax expense (19,766) (21,138) Deferred tax income 200,742 (77,621) Net Profit/Loss for the Period (65,181) 44,769 Net loss attributable to: Non-controlling interest (35,246) 1,535 Equity holders of the Company (29,935) 43,234 Earnings/(loss) per share (0.00015) 0.00025 5
CONDENSED INTERIM STATEMENTS OF CONSOLIDATED CASH FLOW FOR THE PERIOD ENDED 30 SEPTEMBER 2018 AND 30 SEPTEMBER 2017 Note Reviewed Restated 01.01-01.01-30.09.2018 30.09.2017 Net Cash Provided by Operating Activities 1,151,247 780,826 Net income/(loss) for the period (65,181) 44,769 Adjustments to reconcile profit/(loss) 932,441 694,991 Depreciation and amortization 15,16 295,148 207,141 Adjustments for Impairment Loss (Reversal of Impairment Loss) 4,16 -- 45,894 Adjustment to provisions (6,318) (26,255) Provisions for employee benefits 3,445 5,779 Provisions for industry-specific developments -- -- Other (9,763) (32,034) Adjustment to interest (income)/expenses 766,895 273,226 Interest income 16,17 (191,759) (101,466) Interest expense 16,17 958,654 374,692 Deferred financial expense from credit purchases -- -- Unrealized foreign exchange differences 266,363 100,966 Fair value (gain)/loss on derivative financial instruments 17 (234,730) (42,649) Adjustments for undistributed profits of associates (37,193) (18,544) Tax (benefit)/expense (180,976) 98,759 (Gain)/loss from sales of tangible assets (232) 10,631 Adjustments for losses/gains on disposal of non-current assets -- 9,465 Other adjustments to reconcile profit/(loss) 4 63,484 36,357 Changes in Working Capital 300,043 65,817 (Increase)/decrease in financial investments -- 100 (Increase)/decrease in trade receivables (194,227) 77,156 Related parties 29,106 (19,935) Other parties (223,333) 97,091 (Increase)/decrease in other receivables 267,819 (115,325) Related parties 275,212 (104,394) Other parties (7,393) (10,931) (Increase)/decrease in derivative liabilities -- -- (Increase)/decrease in inventories (15,286) (14,686) Increase/(decrease) in trade payables 399,276 225,831 Related parties (132,652) (73,918) Other parties 531,928 299,749 Increase/(decrease) in other payables (13,345) (6,285) Other parties (13,345) (6,285) Other (144,194) (100,974) (Increase)/decrease in other assets (70,630) 85,335 Increase/(decrease) in other liabilities (73,564) (186,309) Cash flows from operating activities 1,167,303 805,577 Employee termination benefits paid (2,459) (3,266) Other inflows/(outflows) of cash -- -- Taxes paid (13,597) (21,485) Net Cash From Investing Activities (503,205) (1,958,486) Cash flows used in obtaining control of subsidiaries (92,000) (1,217,599) Cash provided from sales of tangible and intangible assets 480 33,912 Tangible assets 480 33,912 Cash outflows from acqusition of tangible and intangible assets (491,457) (663,415) 6
Tangible assets (482,789) (653,318) Intangible assets (8,668) (10,097) Other 4 79,772 (111,384) Net Cash From Financing Activities (821,256) 1,332,566 Proceeds from rights issue -- 1,250,643 Proceeds from borrowings 2,167,904 1,595,747 Bank loans 9 1,992,114 1,484,977 Issued debt instruments 9 169,000 110,770 Other financial borrowings 9 6,790 -- Repayments of borrowings (1,448,694) (1,013,769) Bank loans 9 (1,240,294) (901,419) Issued debt instruments 9 (208,400) (112,350) Increase in other payables to related parties 9 -- -- Decrease in other payables to related parties (789,684) (119,619) Interest paid (782,247) (355,848) Interest received 69,042 17,413 Other inflows/(outflows) of cash 4 (37,577) (42,001) Net increase/(decrease) in cash and cash equivalents before foreign currency translation differences (173,214) 154,906 Net increase/(decrease) in cash and cash equivalents (173,214) 154,906 Cash and cash equivalents at the beginning of the period 4 352,456 99,222 Cash and cash equivalents at the end of the period 4 179,242 254,128 7