NET HOLDING NET HOLDİNG ANONİM ŞİRKETİ
AND IT'S SUBSIDIARIES
CONSOLIDATED FINANCIAL STATEMENTS
FOR THE INTERIM PERIOD ENDED AT 30 JUNE 2021
AND REGARDING INTERIM FINANCIAL
INFORMATION LIMITED INDEPENDENT
AUDIT REPORT
(CONVENIENCE TRANSLATION OF THE REPORT, THE FINANCIAL STATEMENTS
AND THE EXPLANATORY NOTES ORIGINALLY ISSUED IN TURKISH)
CONTENTS | PAGE | |
Limited Audit Report | 1-2 | |
Consolidated Balance Sheets……………………………………………………………………………………… | 3-4 | |
Consolidated Statements of Income ……………………………………………………………………………… | 5 | |
Consolidated Statements of Other Comprehensive Income……………………………………………………… | 6 | |
Consolidated Statements of Change in Shareholder's Equity ………………………………………………… | 7 | |
Consolidated Statements of Cash Flow …………………………………………………………………………… | 8-9 | |
Notes to the Consolidated Financial Statements ………………………………………………………………… | 10-107 | |
NOTE 1 | Organization and Nature Of Activities……………………………………………………………… | 10 |
NOTE 2 | Basis of the Consolidated Financial Statement……………………………………………………… | 11-33 |
NOTE 3 | Business Mergers and Subject to Joint Control and Joint Ventures………………………………… | 33 |
NOTE 4 | Shares in Other Companies…………………………………………………………………………… | 34-39 |
NOTE 5 | Report by Segments…………………………………………………………………………………… | 39-46 |
NOTE 6 | Related Party Disclosures…………………………………………………………………………… | 46-50 |
NOTE 7 | Cash And Cash Equivalents………………………………………………………………………… | 51-52 |
NOTE 8 | Financial Investments, net…………………………………………………………………………… | 52-54 |
NOTE 9 | Financial Borrowings, net…………………………………………………………………………… | 54-55 |
NOTE 10 | Trade Receivables and Payables……………………………………………………………………… | 56-57 |
NOTE 11 | Receivables and Payables from Finance Sector Activities…………………………………………… | 58 |
NOTE 12 | Other Receivables and Payables……………………………………………………………………… | 59-61 |
NOTE 13 | Payables from Employee Benefits…………………………………………………………………… | 61 |
NOTE 14 | Inventories…………………………………………………………………………………………… | 62 |
NOTE 15 | Prepaid Expenses and Deferred Income……………………………………………………………… | 62-63 |
NOTE 16 | Investments Consolidated by Equity Pick Up Method……………………………………………… | 64-65 |
NOTE 17 | Right of Use Assets…………………………………………………………………………………… | 66 |
NOTE 18 | Investment Properties………………………………………………………………………………… | 67 |
NOTE 19 | Tangible Fixed Assets………………………………………………………………………………… | 68 |
NOTE 20 | Intangible Fixed Assets, net…………………………………………………………………………… | 69 |
NOTE 21 | Government Incentives and Grants…………………………………………………………………… | 70 |
NOTE 22 | Commitments and Contingent Assets and Liabilities ………………………………………………… | 70-72 |
NOTE 23 | Commitments………………………………………………………………………………………… | 73 |
NOTE 24 | Provisions for Employee Benefits…………………………………………………………………… | 73 |
NOTE 25 | Other Assets…………………………………………………………………………………………… | 74 |
NOTE 26 | Shareholders' Equity………………………………………………………………………………… | 74-78 |
NOTE 27 | Sales and Cost of Sales……………………………………………………………………………… | 78 |
NOTE 28 | General Administrative Expenses and Marketing Expenses………………………………………… | 79 |
NOTE 29 | Expenses According to Qualifıcations………………………………………………………………… | 80 |
NOTE 30 | Other Operating Income / Expenses………………………………………………………………… | 81 |
NOTE 31 | Investment Activities Income / Expenses…………………………………………………………… | 82 |
NOTE 32 | Financial Income / (Expenses)………………………………………………………………………… | 82-83 |
NOTE 33 | Current Assets Held for Sale and Discontinued Operations………………………………………… | 83-84 |
NOTE 34 | Tax Assets and Liabilities (Including Deferred Tax Assets and Liabilities)………………………… | 85-90 |
NOTE 35 | Earnings Per Share…………………………………………………………………………………… | 90 |
NOTE 36 | Exposure to Financial Risks Due to Financial Instrument…………………………………………… | 91-99 |
NOTE 37 | Financial Instruments (Fair Value Disclosures and Hedge Accounting Disclosures)………… | 100-102 |
NOTE 38 | Post Balance Sheet Events…………………………………………………………………………… | 102 |
NOTE 39 | Other Issues Affecting the Consolidated Financial Statements Significantly or Required to be | |
Disclosed for Clear, Understandable and Interpretable Presentation ............................................. | 103-107 | |
REVIEW REPORT RELATED TO THE INTERIM CONSOLIDATED FINANCIAL
INFORMATION
To the Board of Directors of
Net Holding Anonim Şirketi
Istanbul, Turkey
Introduction
We have audited the accompanying consolidated balance sheets, consolidated statements of income, consolidated changes in shareholders' equity, consolidated cash flows and a summary of significant accounting policies and other explanatory notes of Net Holding Anonim Şirketi and its subsidiaries (together "Net Group" or "The Group") as of 30 June 2021. Management of the company is responsible for the preparation and fair presentation of these consolidated financial statements in accordance with financial reporting standards by Turkish Accounting Standards. Our responsibility is to express an opinion on these consolidated financial statements based on our reviewed independent audits.
Scope of Review
Our reviewed independent audit is performed compatible with the Reviewed Independent Audit Standards (RIAS) 2410 "Financial Informations for Interim Period, Reviewed Independent Audit by the Company Who Performs Audit of Annual Financial Statements of Company". Our review essentially based on applying analytical audit procedures, in order to collect the related proof and understand the entries and notes in the financial statements. Reviewed audit of financial information for interim period is substantially less in scope than an audit which is aim is publish a opinion about financial statements conducted in accordance with auditing standards published. Consequently, does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
Opinion
According to our reviewed audit the accompanying consolidated financial informations for interim period of Net Holding Anonim Şirketi and its Subsidiaries as of 30 June 2021, in all material respects, there was no issue to call attention to led us to the reach a conclusion that is not prepared in accordance with the financial reporting standards endorsed by the Turkish Accounting Standards.
-1-
Other Matter
Without qualifying our opinion, we draw your attention to the following matter;
Net Turizm Ticaret ve Sanayi A.Ş., member of Net Group has signed an agreement titled as "Construction Agreement in the base of Promise to sell Real Property and Share of the Revenues" with Ağaoğlu Group Companies (Akdeniz İnşaat ve Eğitim Hizmetleri A.Ş. and Eltes İnşaat Tesisat ve Sanayi Ticaret A.Ş.) on 29 June 2006 in frame of Net Milas Tourism and Real Estate Development Project that will be realized on the lands of Halikarnas Turizm Merkezi Ticaret ve Sanayi A.Ş. and Asyanet Turizm Ticaret ve Sanayi A.Ş. which are located in Milas, Muğla. The realization of the Project has started. Project is predicted and planned to have golf course, hotels, social and sport facilities, residences and all the necessary urban infrastructure completeness. Matters of Net Milas Tourism and Real Estate Development Project are as stated in Note 39.6.
ATA Uluslararası Bağımsız Denetim ve Serbest Muhasebeci Mali Müşavirlik A.Ş.
Member Firm of Kreston International
Dr. Halil İbrahim YÜRÜDÜ
Managing Partner
Istanbul, 19 August 2021
-2-
NET HOLDİNG ANONİM ŞİRKETİ AND ITS SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS AS OF
30 JUNE 2021 AND 31 DECEMBER 2020
(Currency - Turkish Lira unless otherwise expressed.)
Current Period | Prior Period | ||
Reviewed | Audited | ||
Footnote | |||
References | 30.06.2021 | 31.12.2020 | |
ASSETS | |||
CURRENT ASSETS | |||
Cash and Cash Equivalents | 7 | 540,972,612 | 332,659,077 |
Financial Investments | 8 | 75,731,278 | 78,701,349 |
Trade Receivables | 158,787,581 | 124,317,208 | |
- Trade receivables from related parties | 10 | 19,455,089 | 306,806 |
- Trade receivables from other parties | 10 | 139,332,492 | 124,010,402 |
Receivables From Finance Sector | 11 | - | 8,465,495 |
Other Receivables | 3,273,933 | 4,083,698 | |
- Other receivables from related parties | 12 | 50,967 | 1,216,125 |
- Other receivables from other parties | 12 | 3,222,966 | 2,867,573 |
Inventories | 14 | 35,868,738 | 36,142,998 |
Prepaid Expenses | 15 | 24,494,400 | 20,457,066 |
Assets Relevant to Current Period Taxes | 34 | 37,768,731 | 37,263,097 |
Other Current Assets | 25.1 | 16,635,765 | 14,373,668 |
TOTAL CURRENT ASSETS | 893,533,038 | 656,463,656 | |
NON-CURRENT ASSETS | |||
Financial Investments | 8 | 2,383,501 | 3,068,570 |
Other Receivables | 9,671,855 | 8,709,962 | |
- Other receivables from related parties | 12 | 8,218,983 | 7,397,747 |
- Other receivables from other parties | 12 | 1,452,872 | 1,312,215 |
Investments Evaluated by Equity Pick-up Method | 16 | 123,472,898 | 167,016,632 |
Investment Properties | 18 | 1,643,310,814 | 1,644,250,814 |
Tangible Fixed Assets | 19 | 4,626,237,485 | 4,622,754,706 |
Right of Use Assets | 17 | 306,760,590 | 264,103,863 |
Intangible Fixed Assets | 20 | 4,294,428 | 3,095,874 |
Prepaid Expenses | 15 | 179,231,376 | 88,233,405 |
Deferred Tax Assets | 34 | 205,526,153 | 104,173,966 |
Other Non-Current Assets | 25.2 | 13,290,743 | 12,227,186 |
TOTAL NON-CURRENT ASSETS | 7,114,179,843 | 6,917,634,978 | |
TOTAL ASSETS | 8,007,712,881 | 7,574,098,634 |
The explanatory notes are an integral part of these statements.
-3-
Attachments
- Original document
- Permalink
Disclaimer
Net Holding AS published this content on 23 August 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 16 September 2021 12:11:09 UTC.
