Gübre Fabrikalari Türk Anonim Sirketi : Consolidated Financial Statements and Footnotes as of 30.09.2022

(GUBRF)   Report
(Convenience translation of interim condensed consolidated financial statements originally issued in Turkish) GÜBRE FABRİKALARI TÜRK ANONİM ŞİRKETİ INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD JANUARY 1 - SEPTEMBER 30, 2022 Contents Page Interim consolidated statement of financial position 1-2 Interim consolidated statement of profit or loss and other comprehensive income 3 Interim consolidated statement of changes in equity 4 Interim consolidated statement of cash flows 5 Notes to interim condensed consolidated financial statements 6-45 1. Group's Organization and Nature of Operations 6-8 2. Basis of Presentation of the Consolidated Financial Statements 8-14 3. Segment Reporting 15-17 4. Cash and Cash Equivalents 17-18 5. Borrowings 19-20 6. Trade Receivables and Payables 21-22 7. Other Receivables and Payables 22-23 8. Inventories 23 9. Property, Plant, Equipment 23-26 10. Intangible Assets 27 11. Commitments 28 12. Provisions, Contingent Assets and Liabilities 28-30 13. Revenue and cost of Sales 31 14. Other Operating Income and Expenses 31-32 15. Earnings Per Share 32 16. Related Parties Transactions 32-34 17. Financial Investments 34 18. Employee Benefits 35 19. Prepaid Expenses and Deferred Income 36 20. Equity 36-37 21. Income Taxes (Including Deferred Assets and Liabilities) 37-40 22. Financial Instruments and Financial Risk Management 41-43 23. Business Combination 44 24. Derivative Financial Instruments 44-45 25. Subsequent Events 45 (Convenience translation of interim condensed consolidated financial statements originally issued in Turkish) GÜBRE FABRİKALARI TÜRK ANONİM ŞİRKETİ Interim consolidated statement of financial position as of September 30, 2022 (Amounts expressed in Turkish Lira ("TL") unless otherwise indicated.) Audited September 30, December 31, Notes 2022 2021 ASSETS Current assets: Cash and cash equivalents 4 2.039.257.175 1.179.720.584 Financial investments 17 483.903.726 191.032.590 Trade receivables - Trade receivables from related parties 16 1.033.880.807 1.248.779.873 - Trade receivables from third parties 6 1.681.089.445 659.621.649 Other receivables - Other receivables from third parties 7 437.029.511 230.134.594 Inventories 8 5.243.201.584 5.018.321.850 Prepaid expenses 19 223.454.220 590.944.195 Derivative financial instruments 24 -- 39.424.793 Assets related to the current period taxes 21 73.874.327 52.859 Other current assets 68.474.748 101.697.254 Total current assets 11.284.165.543 9.259.730.241 Non-current assets Financial investments 17 29.928.233 22.967.162 Trade receivables -Trade receivables from third parties 1.439.263 -- Other receivables - Other receivables from third parties 7 13.301.663 18.937.471 Investments valued by equity method 115.102.598 40.676.021 Investments properties 191.215.160 191.478.293 Property, plant and equipment 9 5.013.748.366 3.081.727.065 Intangible assets 10 -Goodwill 184.643.874 119.358.609 -Other intangible assets 220.072.431 82.712.134 Prepaid expenses 19 483.970.241 232.022.895 Deferred tax assets 21 -- -- Total non-current assets 6.253.421.829 3.789.879.650 Total assets 17.537.587.372 13.049.609.891 The accompanying notes form an integral part of these consolidated financial statements. (1) (Convenience translation of interim condensed consolidated financial statements originally issued in Turkish) GÜBRE FABRİKALARI TÜRK ANONİM ŞİRKETİ Interim consolidated statement of financial position as of September 30, 2022 (Amounts expressed in Turkish Lira ("TL") unless otherwise indicated.) Audited September 30, December 31, Notes 2022 2021 LIABILITIES Current liabilities Short-term borrowings 5 4.401.999.423 2.559.498.555 Trade payables -Due to related parties 16 7.820.318 7.177.456 -Due to third parties 6 3.916.734.759 4.696.694.049 Payables due to employee benefits 18 98.398.839 77.065.830 Other payables Other payables to third parties 7 298.650.868 192.789.251 Deferred income 19 145.303.667 752.793.129 Liabilities related to current period tax 21 85.523.475 72.397.614 Short-term provisions -Short-term provisions for employee benefits 18 73.119.597 51.430.512 -Othershort-term provisions 12 480.629.235 189.136.960 Derivative Financial Instruments 24 31.305.046 -- Total short-term liabilities 9.539.485.227 8.598.983.356 Long-term liabilities Long-term borrowings 5 51.793.718 8.354.465 Long-term provisions - Long-term provisions for employee benefits 18 514.252.488 338.204.352 Deferred tax liability 21 112.483.828 75.809.339 Total long-term liabilities 678.530.034 422.368.156 Total liabilities 10.218.015.261 9.021.351.512 Shareholders' equity Share capital 20 334.000.000 334.000.000 Accumulated other comprehensive income / expense not to be reclassified to profit or loss Shares of other comprehensive income of investments accounted for using the equity method that will not be classified in profit or loss 5.403.003 6.243.916 -Impairment on property, plant and equipment 549.972.967 549.972.967 -Defined benefit plans re-measurement losses (12.088.505) (2.811.836) Accumulated other comprehensive income / expense to be reclassified to profit or loss -Foreign currency translation differences 818.045.706 332.976.445 Restricted reserves from profit - Legal reserves 20 68.182.652 53.838.737 Prior year profit 1.818.503.203 921.268.125 Current period profit / (loss) 865.718.362 523.125.635 Shareholders' equity 4.447.737.388 2.718.613.989 Non-controlling interests 2.871.834.723 1.309.644.390 Total shareholders' equity 7.319.572.111 4.028.258.379 Total liabilities and equities 17.537.587.372 13.049.609.891 The accompanying notes form an integral part of these consolidated financial statements. (2) (Convenience translation of Consolidated Financial Statements originally issued in Turkish) GÜBRE FABRİKALARI TÜRK ANONİM ŞİRKETİ Interim consolidated Statements of Profit or Loss and Other Comprehensive Income for the interim period ended September 30, 2022 (Amounts expressed in Turkish Lira ("TL") unless otherwise indicated.) January 1- January 1- July 1- July 1- Notes September 30, 2022 September 30, 2021 September 30, 2022 September 30, 2021 Sales 13 19.898.030.743 6.216.824.037 6.492.385.203 2.367.118.131 Cost of sales 13 (16.274.509.565) (4.898.506.478) (5.336.466.959) (1.960.240.222) Gross profit 3.623.521.178 1.318.317.559 1.155.918.244 406.877.909 General and administrative expense (-) (372.076.154) (162.157.987) (172.689.307) (57.619.104) Marketing, selling and distribution expense (-) (512.250.051) (251.428.170) (167.992.102) (61.046.615) Other operating income 14 1.039.778.513 319.732.005 166.760.902 101.541.329 Other operating expenses (-) 14 (2.460.820.029) (679.536.928) (534.713.911) (215.988.453) Operating profit 1.318.153.457 544.926.479 447.283.826 173.765.066 Income from investment activities 3.955.442 6.901.936 2.038.511 347.101 Expenses from investment activities (18.217) (96.578) (17.977) -- Profit / (loss) from investments accounted by equity method 75.267.491 1.865.097 (11.315.259) (1.723.203) Operating profit before financial income / (expense) 1.397.358.173 553.596.934 437.989.101 172.388.964 Financial income 712.508.055 208.768.905 228.548.643 73.641.040 Financial expense (778.828.001) (352.417.543) (148.253.553) (137.111.011) Gain / (loss) from net monetary position 197.778.187 (27.943.015) 140.529.848 (31.576.048) Profit before tax from continuing operations 1.528.816.414 382.005.281 658.814.039 77.342.945 - Current period tax (expense) 21 (77.454.542) (29.912.986) (435.526) (5.389.514) - Deferred tax (expense) / income 21 (32.186.163) (62.413.030) (55.007.713) 2.404.848 Total tax (expense) / income (109.640.705) (92.326.016) (55.443.239) (2.984.666) Current period profit / (loss) 1.419.175.709 289.679.265 603.370.800 74.358.279 Distribution of income for the period Non-controlling interests 553.457.347 (18.086.576) 244.606.142 24.419.252 Attributable to equity holders of the parent 865.718.362 307.765.841 358.764.658 49.939.027 Gain / (Loss) per share (kr) 15 2,592 0,921 1,074 0,150 Other comprehensive income Items not to be reclassified to profit or loss Tangible asset revaluation increases of (840.913) 6.110.400 -- -- investments valued by equity method Defined benefit plans re-measurement gains (11.595.836) (1.155.458) 3.131.645 (1.054.828) Tax effect of other comprehensive income/expense not to be reclassified to profit 2.319.167 231.092 (626.329) 210.966 or loss Items to be reclassified to profit or loss Foreign currency translation differences 1.085.673.321 793.264.348 (590.743.547) 126.227.268 Other comprehensive (expense) 1.075.555.739 798.450.382 (588.238.231) 125.383.406 Total comprehensive income / (expense) 2.494.731.448 1.088.129.647 15.132.569 199.741.685 Distribution of total comprehensive income /(income) Non-controlling interests 1.154.061.407 378.864.208 (11.377.874) 90.848.719 Attributable to equity holders of the parent 1.340.670.041 709.265.439 26.510.443 108.892.966 The accompanying notes form an integral part of these consolidated financial statements. 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Disclaimer Gubre Fabrikalari TAS published this content on 23 December 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 23 December 2022 13:04:07 UTC.

Sales 2021 10 769 M 577 M 577 M Net income 2021 523 M 28,0 M 28,0 M Net Debt 2021 1 197 M 64,1 M 64,1 M P/E ratio 2021 49,1x Yield 2021 - Capitalization 90 314 M 4 837 M 4 837 M EV / Sales 2020 5,49x EV / Sales 2021 2,49x Nbr of Employees 1 503 Free-Float 24,0% Chart GUBRE FABRIKALARI TURK ANONIM SIRKETI

Duration : Auto. 2 months 3 months 6 months 9 months 1 year 2 years 5 years 10 years Max. Period : Day Week