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  • Mavi Giyim Sanayi ve Ticaret

    Anonim Şirketi and

    Its Subsidiaries

    Consolidated Financial Statements

    As At and For The Year Ended

    31 January 2018

    With Independent Auditor’s Report on

    Consolidated Financial Statements Thereon

    14 March 2018

    This report includes 2 pages of independent auditor’s report and

    76 pages of consolidated financial statements together with their

    explanatory notes.

  • Mavi Giyim Sanayi ve Ticaret Anonim Şirketi and

    Its Subsidiaries

    Table of Contents

    Independent Auditor’s Report

    Consolidated Statement of Financial Position

    Consolidated Statement of Profit or Loss and Other Comprehensive Income

    Consolidated Statement of Changes in Equity

    Consolidated Statement of Cash Flows

    Notes to the Consolidated Financial Statements

  • Mavi Giyim Sanayi ve Ticaret Anonim Şirketi and Its Subsidiaries

    Consolidated Statements of Financial Position

    As at 31 January 2018 (Amounts are expressed in thousands of Turkish Lira (“TL”), unless otherwise stated.)

    1

    Notes

    Audited

    31 January 2018

    Audited

    Restated (1)

    31 January 2017

    ASSETS

    Current assets

    Cash and cash equivalents 4 266,280 158,056

    Trade receivables 7 112,996 109,381

    - Due from related parties 6 -- 4,059

    - Due from third parties 112,996 105,322

    Other receivables 8 24,187 21,491

    - Due from third parties 24,187 21,491

    Derivatives 29 848 7,336

    Inventories 9 320,351 287,844

    Prepayments 10 23,358 20,388

    Current tax asset 27 183 5,287

    Other current assets 17 13,176 15,597

    Total current assets 761,379 625,380

    Non-current assets

    Other receivables 8 2,981 2,014

    - Due from third parties 2,981 2,014

    Prepayments 10 106 68

    Property and equipment 11 156,033 136,579

    Intangible assets 12 47,900 55,551

    Goodwill 13 99,699 100,472

    Deferred tax assets 27 7,145 6,746

    Total non-current assets 313,864 301,430

    TOTAL ASSETS 1,075,243 926,810

    (1)See Note 2.3

    The accompanying notes form an integral part of these consolidated financial statements.

  • Mavi Giyim Sanayi ve Ticaret Anonim Şirketi and Its Subsidiaries

    Consolidated Statements of Financial Position (continued)

    As at 31 January 2018 (Amounts are expressed in thousands of Turkish Lira (“TL”), unless otherwise stated.)

    2

    Notes

    Audited

    31 January

    2018

    Audited

    Restated (1)

    31 January 2017

    LIABILITIES

    Current liabilities

    Loans and borrowings 5 309,099 230,814

    Trade payables 7 366,455 299,515

    - Due to related parties 6 122,672 108,740

    - Due to third parties 7 243,783 190,775

    Payables to employees 16 18,081 14,849

    Other payables 8 13,619 86,721

    - Due to related parties 6 7,420 76,365

    - Due to third parties 6,199 10,356

    Derivatives 235 --

    Current tax liabilities 27 4,476 203

    Provisions 14 9,767 10,630

    - Provisions for employee benefits 2,359 2,159

    - Other provisions 7,408 8,471

    Deferred revenue 10 14,566 11,985

    Other current liabilities 17 5,879 9,746

    Total current liabilities 742,177 664,463

    Non-current liabilities

    Loans and borrowings 5 68,736

    105,209

    Provisions 14 4,741 3,151

    - Provisions for employee benefits 4,741 3,151

    Deferred revenue 10 641 119

    Deferred tax liabilities 27 11,767 13,398

    Total non-current liabilities 85,885 121,877

    TOTAL LIABILITIES 828,062 786,340

    EQUITY

    Equity attributable to owners of the Company

    Share capital 18 49,657 49,657

    Reserves 2,491 (16,749)

    Retained earnings 197,588 115,797

    Equity attributable to owners of the Company 249,736 148,705

    Non-controlling interests (2,555) (8,235)

    Total equity 247,181 140,470

    TOTAL EQUITY AND LIABILITIES 1,075,243 926,810

    (1)See Note 2.3

    The accompanying notes form an integral part of these consolidated financial statements.

  • Mavi Giyim Sanayi ve Ticaret Anonim Şirketi and Its Subsidiaries

    Consolidated Statements of Profit or Loss and Other Comprehensive Income

    For the year ended 31 January 2018 (Amounts are expressed in thousands of Turkish Lira (“TL”), unless otherwise stated.)

    3

    Notes

    Audited 1 February 2017 –

    31 January 2018

    Restated (1) 1 February 2016 –

    31 January 2017

    Revenue 19 1,781,656 1,307,934

    Cost of sales 20 (875,313) (640,915)

    Gross profit 906,343 667,019

    Administrative expenses 21 (100,317) (76,670)

    Selling and marketing expenses 21 (594,042) (448,336)

    Research and development expenses 22 (23,058) (18,657)

    Other income 23 2,544 1,924

    Other expenses 23 (1,279) (1,601)

    Operating profit 190,191 123,680

    Finance income 25 4,092 15,311

    Finance cost 26 (82,042) (70,531)

    Net finance costs (77,950) (55,220)

    Profit before tax 112,241 68,461

    Income tax expense (22,239) (16,647)

    - Tax expense 27 (23,936) (15,524)

    - Deferred tax income/(expenses) 27 1,697 (1,123)

    Profit 90,002 51,813

    Profit attributable to:

    Owners of the Company 85,871 50,064

    Non-controlling interests 4,131 1,749

    Other comprehensive income

    Items that will not be reclassified to profit or loss

    Remeasurement of defined benefit liability 15 (877) (313)

    - Related tax 193 63

    Items that are or may be reclassified to profit or loss

    Foreign operations - foreign currency translation differences 16,737 436

    Cash flow hedging reserves 841 --

    - Related tax (185) --

    Other comprehensive income net of tax 16,709 186

    Total comprehensive income attributable to:

    Owners of the Company 101,031 53,111

    Non-controlling interests 5,680 (1,112)

    Total comprehensive income 106,711 51,999

    Earnings per share 28

    Basic earnings per share 28 1.7293 1.0082

    Diluted earnings per share 28 1.7293 1.0082

    Earnings before interest, tax, depreciation and

    amortization (EBITDA) 36 252,084 170,209

    The accompanying notes form an integral part of these consolidated financial statements.

  • Mavi Giyim Sanayi ve Ticaret Anonim Şirketi and Its Subsidiaries

    Consolidated Statement of Changes In Equity

    For the year ended 31 January 2018 (Amounts are expressed in thousands of Turkish Lira (“TL”), unless otherwise stated.)

    4

    Other comprehensive

    income not to be

    reclassified to profit

    or loss

    Other comprehensive income

    to be reclassified to profit or

    loss Retained earnings

    Share

    capital

    Legal

    reserves

    Purchase of

    share of

    entities

    under

    common

    control

    Remeasu

    rements

    of

    defined

    benefit

    liability

    Other

    reserves

    Foreign

    currency

    translation

    reserve

    Hedging

    reserve

    Retained

    earnings Net profit

    Total

    NCI Total equity

    Balance as at 1

    February 2016

    49,657

    14,819

    (35,757)

    (4,211)

    (4,080) 6,855

    --

    34,889

    33,453

    95,625

    -- 95,625

    Transfers

    --

    2,608

    -

    -

    --

    -- --

    --

    30,845

    (33,453)

    --

    -- --

    Acquisition of

    subsidiary with NCI

    --

    --

    -

    -

    --

    -- --

    --

    (1)

    -

    -

    (1)

    (7,123) (7,124)

    Total comprehensive

    income

    --

    --

    -

    -

    (250)

    -- 3,297

    --

    --

    50,064

    53,111

    (1,112) 51,999

    Total balance as at 31

    January 2017

    49,657

    17,427

    (35,757)

    (4,461)

    (4,080) 10,152

    --

    65,733

    50,064

    148,735

    (8,235) 140,500

    Balance as at 1

    February 2017 49,657 17,427 (35,757) (4,461) (4,080) 10,152 -- 65,733 50,064 148,735 (8,235) 140,500

    Impact of correction of

    errors (1) (30) (30) (30)

    Restated balance as at

    1 February 2017 49,657 17,427 (35,757) (4,461) (4,080) 10,122 -- 65,733 50,064 148,705 (8,235) 140,470

    Profit 85,871 85,871 4,131 90,002

    Other comprehensive

    in