GSD Denizcilik Gayrimenkul İnşaat Sanayi ve Ticaret en.· GSD Denizcilik Gayrimenkul İnşaat Sanayi

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  • GSD Denizcilik Gayrimenkul naat Sanayi ve Ticaret Anonim irketi

    Consolidated financial statements as of December 31, 2013 together with independent auditors report

  • GSD Denizcilik Gayrimenkul naat Sanayi ve Ticaret Anonim irketi

    Index

    Page Independent auditors report 1-2

    Statement of financial position (balance sheet) 3-4

    Statement of comprehensive income 5

    Statement of other comprehensive income 6

    Statements of changes in shareholders equity 7

    Statement of cash flows 8

    Notes to the consolidated financial statements 9-63

    Convenience conversion of financials 64-67

  • .

  • GSD Denizcilik Gayrimenkul naat Sanayi ve Ticaret Anonim irketi Consolidated statements of financial position as of December 31, 2013 (Amounts expressed in thousands of Turkish Lira (TL) unless otherwise indicated.)

    The accompanying accounting policies and notes are an integral part of these consolidated financial statements

    (3)

    Current period

    (Audited) Prior period

    (Audited)

    Notes December 31,

    2013 December 31,

    2012

    Assets

    Current assets 8,210 25,696

    Cash and cash equivalents 3 3,785 16,834 Financial investments 4 535 482 - Financial assets available for sale 4.1 535 465 - Derivative financial assets held for trading 4.2 - 17 Trade receivables 6 1,270 - - Due from related parties 20 - - Due from third parties 1,250 - Receivables from finance sector activities 7.1 1,507 7,118 Other receivables 8 266 323 - Due from related parties - - - Due from third parties 266 323 Inventories (net) 9 259 - Prepaid expenses 10 260 172 Current income tax assets 11 17 357 Other current assets 20 30 23 Assets held for sale 12 281 387

    Non-current assets 115,162 38,750

    Financial investments 4 850 850 - Other financial assets 4.4 850 850 Receivables from finance sector activities 7.1 228 1,294 Property, plant and equipment 13 107,945 6 Intangible assets 14 - - Prepaid expenses 10 14 723 Deferred tax asset 29 6,125 8,203 Other non-current assets 20 - 27,674

    Total assets 123,372 64,446

  • GSD Denizcilik Gayrimenkul naat Sanayi ve Ticaret Anonim irketi Consolidated statements of financial position as of December 31, 2013 (Amounts expressed in thousands of Turkish Lira (TL) unless otherwise indicated.)

    The accompanying accounting policies and notes are an integral part of these consolidated financial statements

    (4)

    Current period

    (Audited) Prior period

    (Audited)

    Notes December 31,

    2013 December 31,

    2012

    Liabilities

    Current liabilities 9,649 852

    Financial liabilities 15 3,351 11 - Short term borrowings 15.1 3,351 11 Short term portion of long term financial liabilities 15 5,342 - - Borrowings 15.1 5,342 - Other financial liabilities 4 - 23 - Derivative financial liabilities held for trading 4.3 - 23

    Trade payables 6 108 56 - Due to related parties 48 56 - Due to third parties 60 - Payables from finance sector activities 7.2 551 546 Other payables 8.2 98 152 Deferred income 18 106 -

    Provisions 19 93 64 - Provisions for employee benefits 19.1 93 64 - Other current provisions - -

    Non-current liabilities 47,205 185

    Financial liabilities 15 46,941 - - Long term borrowings 46,941 - Provisions 19 264 185 - Provisions for employee benefits 19.2 264 185

    Equity 66,518 63,409

    Share capital 21.1 30,000 30,000 Adjustment to share capital 21.2 16,341 16,341 Share premium 21.3 1 1 Other comprehensive income or expenses to be reclassified to profit or loss 21.4 8,646 (42) - Currency translation differences 8,615 - - Financial assets revaluation fund 31 (42)

    Restricted reserves 21.5 1,183 1,117 Retained earnings 21.6 15,926 14,698 Net profit for the period 21.6 (5,579) 1,294

    Total equity and liabilities 123,372 64,446

  • GSD Denizcilik Gayrimenkul naat Sanayi ve Ticaret Anonim irketi Consolidated statements comprehensive income for the years ended December 31, 2013 and 2012 (Amounts expressed in thousands of Turkish Lira (TL) unless otherwise indicated.)

    The accompanying accounting policies and notes are an integral part of these consolidated financial statements

    (5)

    Current period (Audited)

    Prior period (Audited)

    Notes

    December 31, 2013

    December 31, 2012

    Continuing operations

    Marine sector revenues 22 7,564 - Marine sector expenses (-) 22 (8,415) -

    Gross profit of marine sector activities

    (851) -

    Interest income 23 456 1,101 Finance sector operating income

    456 1,101

    Cost of finance sector activities (-)

    - - Provision of finance sector operating income/(expenses) net 23 (268) (193)

    Foreign exchange gain/(loss), net 23 656 (844) Other finance sector operating income/(expense), net 23 57 11

    Gross profit of finance sector activities

    901 75

    Gross profit/(loss) 50 75

    General administrative expenses (-) 24 (3,244) (2,737) Other operating income 25 5,329 6,375 Other operating expenses (-) 26 (1,517) (3,290)

    Operating profit/loss 618 423

    Income from investment activities 27 99 331 Expense from investment activities - - Income from associates - -

    Operating profit before financial expense 717 754

    Financial income 28 - 714 Financial expense (-) 28 (6,508) (98)

    Profit/loss before tax from continued operations (5,791) 1,370

    Tax income/expense of continued operations

    212 (76) - Taxation on income 29 - 525 - Deferred tax income / (expense) 29 212 (601)

    Profit for the period (5,579) 1,294

    Earnings per share (TL) 30 (0,186) 0,043

  • GSD Denizcilik Gayrimenkul naat Sanayi ve Ticaret Anonim irketi Consolidated statements of other comprehensive income for the years ended December 31, 2013 and 2012 (Amounts expressed in thousands of Turkish Lira (TL) unless otherwise indicated.)

    The accompanying accounting policies and notes are an integral part of these consolidated financial statements

    (6)

    Current period

    (Audited) Prior period

    (Audited)

    Notes December 31,

    2013 December 31,

    2012

    Profit for the period (5,579) 1,294

    Other comprehensive income/(expense) To be reclassified as profit or loss 8,688 141 Fair value increase on financial assets 21 73 141 Currency translation differences 21 8,615 -

    Other comprehensive income / (loss) (net of tax) 8,688 141

    Total comprehensive income 3,109 1,435

    Appropriation of total comprehensive income 3,109 1,435

    Non-controlling interest - -

    Equity holders of the parent 3,109 1,435

  • GSD Denizcilik Gayrimenkul naat Sanayi ve Ticaret Anonim irketi Consolidated statements of changes in shareholders equity for the years ended December 31, 2013 and 2012 (Amounts expressed in thousands of Turkish Lira (TL) unless otherwise indicated.)

    The accompanying accounting policies and notes are an integral part of these consolidated financial statements

    (7)

    Other comprehensive income or expenses no to be reclassified to

    profit or loss Other comprehensive income or expenses to be

    reclassified to profit or loss Accumulated

    profits

    Notes Share capital

    Adjustment to share

    capital Treasury

    shares

    Capital adjustment

    due to cross-ownership

    Share Premium/ Discount

    Changes in non-

    controlling interest reserve

    Gains/losses from the

    revaluation and reclassification

    Other gains /losses

    Foreign currency

    translation adjustment

    Hedging gains/ losses

    Gains/losses from the

    revaluation and reclassification

    of marketable securities

    Other gains

    /losses Restricted

    reserves Retained earnings

    Net profit for the period

    Equity attributable

    to equity holders

    of the parent

    Non- controlling

    interest Total equity

    Prior period

    1 January 2012 - previously reported 30,000 16,341

    -

    - 1

    - - - - - (183) - 943 11,389 3,483 61,974 - 61,974

    Transfers - - - - - - - - - - - - 174 3,309 (3,483) - - -

    Transfers from retained earnings - - - - - - - - - - - - 174 3,309 (3,483) - - - Total comprehensive income - - - - - - - - - - 141 - - - 1,294 1,435 - 1,435

    Net profit for the period - - - - - - - - - - - - - - 1,294 1,294 - 1,294 Other comprehensive income - - - - - - - - - - 141 - - - - 141 - 141

    Balance as of December 31, 2012 30,000 16,341

    -

    - 1

    - - - - - (42) - 1,117 14,698 1,294 63,409 - 63,409

    Current period

    Balance as of January 1, 2013 previously reported 21 30,000 16,341

    - 1

    - - - - - (42) - 1,117 14,698 1,294 63,409 - 63,409

    Transfers - - - - - - - - - - - 66 1,228 (1,294) - - -

    Transfers from retained earnings - - - - - - - - - - - 66 1,228 (1,294) - - - Total comprehensive income - - - - - - - 8,615 - 73 - - - (5,579) 3,109 - 3,109

    Net profit for the period - - - - - - - - - - - - - (5,579) (5,579) - (5,579) Other co