Find the business value of the company (equity value) with EBITDA multiple method. EBITDA multiple is 8. - what is EBIT? -what is EBITDA? -
Audited Audited 1 January 1 January - 31 December 31 December 2019 2018 Footnotes PROFIT OR LOSS 24 24 17.174.123 (12.896.358) 15.852.300 (11.570.079) 4.277.765 4.282.221 Revenue Cost of Sales GROSS PROFIT General Administrative Expenses Marketing Expenses Research and Development Expense Other Income from Operating Activities Other Expenses from Operating Activities 26 26 26 (401.822) (1.905.221) (261.830) 1.197.610 (1.631.561) (340.785) (1.846.306) (249.928) 879.126 (2.242.200) 27 27 1.274.941 482.128 PROFIT FROM OPERATING ACTIVITIES Share of Profit (Loss) from Investments Accounted for Using Equity Method 13 (234.719) (90.859) PROFIT BEFORE FINANCING INCOME 1.040.222 391.269 Finance Income Finance Costs 28 28 2.282.672 (3.008.981) 3.969.830 (3.917.899) PROFIT FROM CONTINUING OPERATIONS, BEFORE TAX 313.913 443.200 Tax (Expense) Income, Continuing Operations Current Period Tax (Expense) Income Deferred Tax (Expense) Income 30 30 37.937 (14.782) 52.719 (42.314) (19.943) (22.371) PROFIT FROM CONTINUING OPERATIONS 351.850 400.886 PROFIT 351.850 400.886 Profit (loss), attributable to Non-controlling Interests Owners of Parent 27.803 324.047 29.733 371.153 Earnings per 100 share with a Kr 1 of Par Value (TL) 31 0,97 1,11 The accompanying notes are an integral part of these consolidated financial statements. Audited 1 January 31 December 2019 Audited 1 January 31 December 2018 Footnotes 3.104.493 351.850 351.850 2.276.037 626.954 1.199.617 400.886 400.886 552.131 456.729 14 68.217 52.089 9 46.752 52.921 11 21.465 61.441 (832) 152.947 21 42.010 32.670 CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES Profit Profit (Loss) from Continuing Operations Adjustments to Reconcile Profit Adjustments for Depreciation and Amortisation Expense Adjustments for Impairment Loss (Reversal of Impairment Loss) Adjustments for Impairement Loss (Reversal of Impairment Loss) of Receivables Adjustments for Impairment Loss (Reversal of Impairment Loss) of Inventories Adjustments for Provisions Adjustments for (Reversal of) Provisions Related with Employee Benefits Adjustments for (Reversal of) Lawsuit and/or Penalty Provisions Adjustments for (Reversal of) Warranty Provisions Adjustments for (Reversal of) Other Provisions Adjustments for Interest (Income) Expenses Adjustments for Interest Income Adjustments for Interest Expense Adjustments for Unrealised Foreign Exchange Losses (Gains) Adjustments for Fair Value Losses (Gains) Adjustments for Fair Value (Gains) Losses on Derivative Financial Instruments Adjustments for Undistributed Profits of Investments Accounted for Using Equity Method Adjustments for Tax (Income) Expenses Adjustments for Losses (Gains) on Disposal of Non-Current Assets Adjustments for Losses (Gains) Arised from Sale of Tangible Assets Other Adjustments to Reconcile Profit (Loss) 19 19 19 (21.121) 11.594 28.958 611.741 (534.325) 1.146.066 15.499 50.870 53.908 164.430 (566.215) 730.645 28 28 7 173.969 (150.890) 382.503 16.105 (150.890) 16.105 234.719 (37.937) 90.859 42.314 (7.582) (7.635) (7.582) 695.405 (7.635) (798.210) 5 1 January - 31 December 2019 1 January - 31 December 2018 Footnotes 6 504.259 (3.020) 101.941 288.105 2.750 89.321 (1.213) (15.424) 103.154 104.745 9.639 (2.523) 9.639 3.556 (15.347) 327.248 (2.523) 77.944 (5.618) 53.902 3.466 (2.875) Changes in Working Capital Decrease (Increase) in Financial Investments Adjustments for Decrease (Increase) in Trade Accounts Receivable Decrease (Increase) in Trade Accounts Receivables from Related Parties Decrease (Increase) in Trade Accounts Receivables from Unrelated Parties Adjustments for Decrease (Increase) in Other Receivables Related with Operations Decrease (Increase) in Other Unrelated Party Receivables Related with Operations Adjustments for Decrease (Increase) in Inventories Decrease (Increase) in Prepaid Expenses Adjustments for Increase (Decrease) in Trade Accounts Payable Increase (Decrease) in Trade Accounts Payables to Related Parties Increase (Decrease) in Trade Accounts Payables to Unrelated Parties Increase (Decrease) in Employee Benefit Liabilities Adjustments for Increase (Decrease) in Other Operating Payables Increase (Decrease) in Other Operating Payables to Unrelated Parties Other Adjustments for Other Increase (Decrease) in Working Capital Decrease (Increase) in Other Assets Related with Operations Increase (Decrease) in Other Payables Related with Operations Cash Flows from (used in) Operations Payments Related with Provisions for Employee Benefits Income Taxes Refund (Paid) 323.782 95.039 56.777 (2.719) (355) 159 (355) 159 (14.442) 74.889 (30.574) (7.913) 16.132 3.132.146 (16.294) (11.359) 82.802 1.241.122 (20.852) (20.653) 21 30 1 January - 31 December 2019 1 January 31 December 2018 Footnotes (2.702.582) (3.160.018) (12.421) (17.840) (1.161.575) 13.826 13.826 10.391 10.391 14 16 8 CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES Cash Outflows from Purchase of Additional Shares of Subsidiaries Cash Outflows Arising from Purchase of Shares or Capital Increase of Associates and/or Joint Ventures Proceeds from Sales of Property, Plant, Equipment and Intangible Assets Proceeds from Sales of Property, Plant and Equipment Purchase of Property, Plant, Equipment and Intangible Assets Purchase of Property, Plant and Equipment Purchase of Intangible Assets Cash Advances and Loans Made to Other Parties Cash Advances and Loans Made to Related Parties CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES Proceeds from Borrowings Proceeds from Loans Repayments of Borrowings Loan Repayments Cash Outflows from Other Financial Liabilities Increase in Other Payables to Related Parties Payments of Lease Liabilities Dividends Paid Interest Paid Interest Received NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS BEFORE EFFECT OF EXCHANGE RATE CHANGES Effect of Exchange Rate Changes on Cash and Cash Equivalents NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD 7 (685.446) (481.422) (204.024) (2.013.122) (2.013.122) (389.963) 6.674.923 6.674.923 (6.318.207) (6.313.561) (4.646) 6.426 (81.302) (27.345) (1.178.783) 534.325 (926.792) (748.112) (178.680) (1.069.621) (1.069.621) 2.149.371 5.291.223 5.291.223 (3.036.235) (3.038.310) 2.075 40.474 7 7 8 (12.909) (699.397) 566.215 11.948 188.970 7 (7.870) 98.144 4.078 287.114 5 2.278.962 2.283.040 1.991.848 2.278.962
