Bim Birleşik Mağazalar A.Ş.: Interim Consolidated Financial Statements As of and For The Period Ended September 30, 2023

(Convenience translation of the consolidated financial statements originally
issued in Turkish)
BİM BİRLEŞİK MAĞAZALAR A.Ş.

INTERIM CONSOLIDATED FINANCIAL
STATEMENTS AS OF AND FOR THE PERIOD
ENDED SEPTEMBER 30, 2023
INDEX PAGE
CONSOLIDATED BALANCE SHEETS .................................................................................................. 1-2
CONSOLIDATED STATEMENTS OF PROFIT OR LOSS

AND OTHER COMPREHENSIVE INCOME ....................................................................................... 3
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY .......................................................... 4
CONSOLIDATED STATEMENTS OF CASH FLOWS ......................................................................... 5
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS ..................................................... 6-57

NOTE 1 ORGANIZATION AND NATURE OF OPERATIONS OF THE GROUP ........................................... 6-7
NOTE 2 BASIS OF PREPARATION OF FINANCIAL STATEMENT .............................................................. 7-25
NOTE 3 SEGMENT REPORTING ....................................................................................................................... 25
NOTE 4 CASH AND CASH EQUIVALENTS ..................................................................................................... 26
NOTE 5 FINANCIAL ASSETS ............................................................................................................................ 26
NOTE 6 FINANCIAL LIABILITIES .................................................................................................................... 27
NOTE 7 TRADE RECEIVABLES AND PAYABLES......................................................... ................................ 28
NOTE 8 OTHER RECEIVABLES ........................................................................................................................ 28
NOTE 9 INVENTORIES....................................................................................................................................... 29
NOTE 10 PROPERTY, PLANT AND EQUIPMENT ............................................................................................ 29-32
NOTE 11 INTANGIBLE ASSETS ......................................................................................................................... 32-33
NOTE 12 THE RIGHT OF USE ASSETS .............................................................................................................. 33
NOTE 13 PROVISIONS, CONTINGENT ASSETS AND LIABILITIES .............................................................. 34-36
NOTE 14 PREPAID EXPENSES AND DEFERRED INCOME ............................................................................ 36-37
NOTE 15 EMPLOYEE TERMINATION BENEFITS ............................................................................................ 37-38
NOTE 16 OTHER ASSETS AND LIABILITIES ................................................................................................... 38
NOTE 17 EQUITY .................................................................................................................................................. 39-40
NOTE 18 SALES AND COST OF SALES ............................................................................................................. 41
NOTE 19 OPERATIONAL EXPENSES ................................................................................................................ 41-42
NOTE 20 EXPENSE BY NATURE ........................................................................................................................ 42
NOTE 21 OTHER OPERATING INCOME AND EXPENSE ................................................................................ 43
NOTE 22 FINANCIAL INCOME ........................................................................................................................... 43
NOTE 23 FINANCIAL EXPENSE ......................................................................................................................... 43
NOTE 24 INCOME AND EXPENSE FROM INVESTING ACTIVITIES ............................................................ 44
NOTE 25 TAX ASSETS AND LIABILITIES ........................................................................................................ 44-46
NOTE 26 EARNINGS PER SHARE....................................................................................................................... 47
NOTE 27 NON - CONTROLLING INTERESTS ................................................................................................... 47
NOTE 28 RELATED PARTY DISCLOSURES ..................................................................................................... 47-49
NOTE 29 FINANCIAL INSTRUMENTS AND FINANCİAL RISK MANAGEMENT ....................................... 49-55
NOTE 30 FINANCIAL INSTRUMENTS
(FAIR VALUE DISCLOSURES IN THE FRAME OF HEDGE ACCOUNTING) ............................... 56-57
NOTE 31 FEES FOR SERVICES RECEIVED FROM INDEPENDENT AUDIT FIRM ...................................... 57
NOTE 32 SUBSEQUENT EVENTS ....................................................................................................................... 57
(Convenience translation of the consolidated financial statements originally issued in Turkish)
BİM Birleşik Mağazalar A.Ş.
CONSOLIDATED BALANCE SHEETS

AT SEPTEMBER 30, 2023 AND DECEMBER 31, 2022
(Amounts expressed in thousands of Turkish Lira (“TRY”) unless otherwise stated and all other currencies are expressed in full amounts unless
otherwise stated.)
ASSETS
Not Reviewed Audited
September 30, December 31,
Notes 2023 2022
Current assets 51.662.307 28.095.102
Cash and cash equivalents 4 3.260.750 2.181.753

Financial investments 5 7.074.503 2.012.357
Trade receivables 13.833.280 7.074.346
- Trade receivables from third parties 7 13.833.280 7.074.346
Other receivables 8 352.976 109.889
- Other receivables from related parties 1.402 988
- Other receivables from third parties 351.574 108.901
Inventory 9 24.024.364 14.631.983
Prepaid expenses 14 1.606.139 976.660
Other current assets 16 1.510.295 1.108.114
Non-current assets 47.765.393 36.589.331
Financial investments 5 2.092.540 2.092.540

Other receivables 65.501 55.147
- Other receivables from third parties 65.501 55.147
Property, plant and equipment 10 26.214.028 22.540.650
Intangible assets 105.258 65.034
- Other Intangible assets 11 91.837 51.613
- Goodwill 13.421 13.421
Right of use assets 12 17.561.298 10.696.965
Prepaid expenses 14 1.061.996 455.945
Deferred tax assets 25 664.772 683.050
Total assets 99.427.700 64.684.433
The accompanying notes form an integral part of these consolidated financial statements.
1
CONSOLIDATED BALANCE SHEETS

AT SEPTEMBER 30, 2023 AND DECEMBER 31, 2022
otherwise stated.)
LIABILITIES
Not Reviewed Audited

Notes 2023 2022
Current liabilities 52.922.816 28.809.987
Short-term liabilities 6 3.905.865 2.450.374

- Lease liabilities 3.905.865 2.450.374
Trade payables 43.276.258 24.745.248
- Trade payables due to related parties 28 2.901.055 2.483.734
- Trade payables due to third parties 7 40.375.203 22.261.514
Other payables 1.640.294 870
- Other payables due to related parties 1.639.440 -
- Other payables due to third parties 854 870
Deferred income 14 319.280 142.845
Payables related to employee benefits 1.030.754 434.747
Short term provisions 512.197 237.367
- Provision for employee benefits 13 217.588 111.846
- Other short-term provisions 13 294.609 125.521
Current income tax liabilities 25 1.387.717 355.213
Other current liabilities 16 850.451 443.323
Non-current liabilities 16.461.801 10.465.043
Long - term liabilities 6 15.279.925 9.460.474

- Lease liabilities 15.279.925 9.460.474
Non - current provisions 1.172.110 995.345
- Provision for employee benefits 15 1.172.110 995.345
Deferred tax liabilities 25 9.766 9.224
Equity 30.043.083 25.409.403
Paid-in share capital 17 607.200 607.200

Treasury Shares 17 (747.689) (637.483)
Other comprehensive income/(expense) not to be
reclassified to profit or loss 13.238.796 13.714.454
- Property, plant and equipment revaluation fund 10,17 12.459.118 12.566.677
- Actuarial loss on defined benefit plans (1.070.579) (702.480)
- Fair value changes in available-for-sale financial assets 1.850.257 1.850.257
Other comprehensive income/(expense) to be reclassified to
profit or loss 473.612 377.190
- Foreign currency translation difference 473.612 377.190
Restricted reserves 2.108.817 1.698.046
Retained earnings 6.075.076 1.284.655
Net income for the period 8.048.672 8.156.913
Equity holders of the parent 29.804.484 25.200.975

Non-controlling interests 238.599 208.428
Total liabilities 99.427.700 64.684.433
2
CONSOLIDATED STATEMENTS OF PROFIT OR LOSS

AND OTHER COMPREHENSIVE INCOME
FOR THE PERIODS ENDED SEPTEMBER 30, 2023 AND 2022
otherwise stated.)
Not Not Not Not

Notes Reviewed Reviewed Reviewed Reviewed
January 1 - July 1 - January 1 - July 1 -
September 30 September 30 September 30 September 30
2023 2023 2022 2022
PROFIT OR LOSS
Revenue 18 183.618.341 74.405.682 102.620.448 41.171.109
Cost of sales(-) 18 (148.133.330) (58.834.985) (84.124.131) (33.895.979)
GROSS PROFIT 35.485.011 15.570.697 18.496.317 7.275.130
Marketing expenses (-) 19 (21.461.916) (8.963.046) (10.920.605) (4.496.702)
General administrative expenses (-) 19 (3.170.224) (1.184.274) (1.379.235) (542.906)
Other operating income 21 807.775 251.227 253.263 90.770
Other operating expense (-) 21 (337.823) (184.000) (77.266) (23.693)
OPERATING PROFIT 11.322.823 5.490.604 6.372.474 2.302.599
Income from investing activities 24 413.772 262.426 303.353 111.684
Expense from investing activities 24 (31.027) 16.093 - -
OPERATING PROFIT BEFORE FINANCIAL EXPENSES 11.705.568 5.769.123 6.675.827 2.414.283
Financial income 22 176.890 35.164 179.911 61.117
Financial expense (-) 23 (1.554.305) (558.152) (930.333) (330.028)
PROFIT BEFORE TAX FROM CONTINUED OPERATIONS 10.328.153 5.246.135 5.925.405 2.145.372
- Current tax expense 25 (2.118.201) (1.296.052) (1.103.606) (344.741)
- Deferred tax income 25 (166.944) (93.150) (16.533) (23.017)
PROFIT FROM CONTINUED OPERATIONS 8.043.008 3.856.933 4.805.266 1.777.614
NET INCOME FOR THE PERIOD 8.043.008 3.856.933 4.805.266 1.777.614
Profit for the period attributable to
Equity holders of the parent 8.048.672 3.849.375 4.793.018 1.775.321
Non-controlling interest 27 (5.664) 7.558 12.248 2.293
Earnings per share
Earnings per share from continued operations (Full TRY) 26 13,48 6,45 8,02 2,97
OTHER COMPREHENSIVE GAIN/LOSS
Items not to be reclassified to profit/(loss) (475.658) 26.826 - -
Defined Benefit Pension Plan Revaluation (Loss),Net (368.099) 24.521 - -
Revaluation of Available for Sale Financial Assets
Gain/(losses), Net - - - -
Gain/(losses) on revaluation of Property, Plant and Equipment After Tax (107.559) 2.305
Items to be reclassified to profit /(loss): 189.447 8.103 87.894 587
Currency translation difference 189.447 8.103 87.894 587
Other Comprehensive Income (286.211) 34.929 87.894 587
Total comprehensive income 7.756.797 3.891.862 4.893.160 1.778.201
Total comprehensive income attributable to
Non-controlling interest 27 87.361 17.055 41.237 3.465
Equity holders of the parent 7.669.436 3.874.807 4.851.923 1.774.736
3
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY

(Amounts expressed in thousands of Turkish Lira (“TRY”) unless otherwise stated and all other currencies are expressed in full amounts unless otherwise stated.)
Not Reviewed
Other
comprehensive
Other comprehensive income not to be
income to be Retained earnings
reclassified to profit or loss
reclassified to
profit or loss
Fair value
changes in Property, Actuarial
available- plant and loss on Foreign
Paid-in for-sale equipment defined currency Non-
share Treasury Restricted financial revaluation benefit translation Retained Net income Equities of controlling
capital shares reserves assets fund plans differences earnings for the period the Parent interests Total equity
Balance at January 1, 2022 607.200 (565.177) 1.442.567 779.061 1.958.767 (251.399) 304.985 397.129 2.932.482 7.605.615 203.457 7.809.072
Transfers 179.124 - - - - 2.753.358 (2.932.482) - - -
Increase/decrease due to acquisition
of treasury shares - (72.306) 72.306 - - - - (72.306) - (72.306) - (72.306)
Dividend paid (Note 17) - - - - - - - (1.807.563) - (1.807.563) (38.875) (1.846.438)
Net income for the period - - - - - - - - 4.793.018 4.793.018 12.248 4.805.266
Other Comprehensive income - - - - - - 58.905 - - 58.905 28.989 87.894
Total comprehensive income - - - - - - 58.905 - 4.793.018 4.851.923 41.237 4.893.160
Balance at September 30, 2022 607.200 (637.483) 1.693.997 779.061 1.958.767 (251.399) 363.890 1.270.618 4.793.018 10.577.669 205.819 10.783.488
Balance at January 1, 2023 607.200 (637.483) 1.698.046 1.850.257 12.566.677 (702.480) 377.190 1.284.655 8.156.913 25.200.975 208.428 25.409.403
Transfers - - 300.565 - - - - 7.856.348 (8.156.913) - - -
Increase/decrease due to acquisition
of treasury shares - (110.206) 110.206 - - - - (110.206) - (110.206) - (110.206)
Increase /decrease due to other
changes - - - - - - - 59.879 - 59.879 - 59.879
Dividend paid (Note 17) - - - - - - - (3.015.600) - (3.015.600) (57.190) (3.072.790)
Net income for the period - - - - - - - 8.048.672 8.048.672 (5.664) 8.043.008
Other comprehensive income - - - - (107.559) (368.099) 96.422 - - (379.236) 93.025 (286.211)
Total comprehensive income - - - - (107.559) (368.099) 96.422 - 8.048.672 7.669.436 87.361 7.756.797
Balance at September 30, 2023 607.200 (747.689) 2.108.817 1.850.257 12.459.118 (1.070.579) 473.612 6.075.076 8.048.672 29.804.484 238.599 30.043.083
4
CONSOLIDATED STATEMENT OF CASH FLOWS

otherwise stated.)
Not Reviewed Not Reviewed

January 1- January 1-
September30, September30,
Notes 2023 2022
A. CASH FLOWS FROM OPERATING ACTIVITIES 15.532.487 5.972.781

Profit for the period 8.043.008 4.805.266
Adjustments to reconcile profit for the period 8.085.659 4.257.715
Depreciation and amortization 10,11,12 3.249.334 1.821.963
Provisions for impairments 400.614 7.414
- Provisions for impairments of inventories 9 341.489 7.410
- Allowance for doubtful receivables 8 (352) 4
- Adjustments Regarding Impairment (Cancellation) of Tangible Fixed Assets 10 59.477
Adjustments related to provisions 635.080 209.030
- Adjustments related to provision for employment termination benefits 13,15 465.992 165.825
- Adjustments related to the legal provisions 13 141.479 26.978
- Adjustments related to other provisions 13 27.609 16.227
Adjustments related to financial income and expense 2.028.565 1.379.385
- Adjustments related to financial expenses 23 1.329.403 776.155
- Adjustments related to deferred financial expense from future purchases. 29 699.162 603.230
Other adjustments related cash flows arising from investing and financing activities 24 (412.515) (293.552)
Adjustments for tax expense 25 2.285.145 1.120.139
Gain/(loss) on sale of property and equipment 24 29.770 (9.801)
Adjustments related to unrealized currency translation differences (216.914) (39.479)
Adjustments related to gain/(loss) 86.580 62.616
Changes in net working capital 1.227.809 (914.838)
Increases/decreases in inventories (9.733.870) (7.560.684)
Increases/decreases in trade receivables (6.758.934) (3.778.396)
Increases/decreases in other assets (253.089) (64.848)
Increases/decreases in trade payables 17.831.848 11.285.045
Increases/decreases in other payables (16) 389
Increases/decreases other net working capital 141.870 (796.344)
Net cash generated from operating activities 17.356.476 8.148.143
Income taxes paid 25 (1.150.072) (1.348.955)
Employee benefits paid 15 (673.917) (107.810)
Other cash inflow/outlow 13 - (718.597)
B. CASH FLOWS FROM INVESTING ACTIVITIES (10.426.891) (3.773.817)
Proceeds from sale of tangible and intangible assets 123.936 27.772
Cash outflows from purchases of tangible and intangible assets 10,11 (5.301.059) (2.965.774)
- Purchases of tangible assets (5.274.578) (2.956.216)
- Purchases of intangible assets (26.481) (9.558)
Cash inflow from Participation (profit) share and cash
inflows from other financial instruments - (548.051)
Cash outflow from Participation (profit) share and cash
inflows from other financial instruments (4.649.631) -
Cash advances given and liabilities (600.137) (287.764)
C. CASH FLOWS FROM FINANCING ACTIVITIES (3.985.089) (2.546.892)
Cash inflows (outflows) from financial liabilities 6 - 104.185
Cash outflows from payments of rent agreements 6 (2.623.693) (1.643.133)
Dividend paid 17 (1.251.190) (935.638)
Cash inflows/(outflows) related to the company's own shares and receivables based on
other equity instruments 17 (110.206) (72.306)
NET DECREASE IN CASH AND CASH EQUIVALENTS BEFORE
CURRENCY TRANSLATION DIFFERENCES (A+B+C) 1.120.507 (347.928)
D. EFFECTS OF CURRENCY TRANSLATION DIFFERENCES ON CASH AND
CASH EQUIVALENTS (35.124) (33.432)
NET INCREASE IN CASH AND CASH EQUIVALENTS (A+B+C+D) 1.085.383 (381.360)
E. CASH AND CASH EQUIVALENTS AT THE BEGINNING
OF THE PERIOD 4 2.175.367 1.496.863
CASH AND CASH EQUIVALENTS AT THE END OF THE
PERIOD(A+B+C+D+E) 4 3.260.750 1.115.503
5
(Convenience translation of the independent auditors’ report and interim consolidated financial statements
originally issued in Turkish)
Notes To The Interim Consolidated Financial Statements
As At and For The Period Ended September 30, 2023
(Amounts expressed in thousands of Turkish Lira (“TRY”) unless otherwise stated and all other currencies are expressed in full
amounts unless otherwise stated.)
1. Organization and nature of operations of the Group
BİM Birleşik Mağazalar Anonim Şirketi (“BİM” or “the Company”) was established on 31 May 1995 and
commenced its operations in September 1995. The registered address of the Group is Ebubekir Cad. No: 73
Sancaktepe, İstanbul.
The Company is engaged in operating retail stores through its retail shops throughout Turkey, which sell an
assortment of approximately 900 items, including a number of private labels. The Company is publicly traded in
Istanbul Stock Exchange (ISE) since July 2005.
The Company established a new company named BIM Stores S.A. on 19 May 2008 with 100% ownership in
Morocco which is engaged in hard discount retail sector and started to operate on 11 July 2009. As of May 4, 2021,
the shares of BIM Stores S.A. representing 35% of its capital were sold to Blue Investment Holding. Full control
of BIM continues and the relevant minority share amounts are stated in the financial statements and footnote 27.
BIM Stores S.A. financial statements are consolidated by using the full consolidation method as of September 30,
2023.
The Company established a new company named BIM Stores LLC on 24 July 2012 with 100% ownership in
Egypt which is engaged in hard discount retail sector and first stores of BIM Stores LLC has been opened in April
2013. BIM Stores LLC financial statements are consolidated by using the full consolidation method as of
September 30, 2023.
GDP Gıda Paketleme ve Sanayi ve Ticaret A.Ş. (“GDP Gıda”), which is a 100% subsidiary to provide the supply
and packaging of various foodstuffs, especially rice and pulses became a legal entity and started its activities with
the completion of the registration procedures in 2017. GDP Gıda financial statements are consolidated by using
the full consolidation method as of September 30, 2023.
Dost Global Danışmanlık A.Ş. (“Dost Global”), which is a 100% subsidiary to reach a more efficient
organizational structure within the scope of the foreign investments of the Company was established 8 January
2020. Dost Global financial statements are consolidated by using the full consolidation method as of September
30, 2023.
Es Global Gıda Sanayi ve Ticaret A.Ş, which is a 100% subsidiary to produce especially some of biscuits and
confectionery products sold in the stores of the Company was established on 27 September 2021. Es Global Gıda
Sanayi ve Ticaret A.Ş. financial statements are consolidated by using the full consolidation method as of
September 30, 2023.
In order to improve the sustainability of the Company's supply in the fresh fruit and vegetable category, the
acquisition of Bircan Fide Tohum Tarım Nakliyecilik Sanayi ve Ticaret Anonim Şirketi, which is a 100%
subsidiary, was realized as of 16 October 2021. The financial results of Bircan Fide Tohum Tarım Nakliyecilik
Sanayi ve Ticaret Anonim Şirketi are consolidated in accordance with the full consolidation method in the financial
statements dated September 30, 2023.
Ideal Standard Mümessillik San. ve Tic. Inc. (“Ideal Standart”) took over all the shares of its subsidiary on 30
January 2012. Since the financial results of the company do not have a significant effect on the consolidated
financial results of the Group, they were not included in the scope of consolidation until 1 January 2022, as a result
of the decision taken by the Group management, and were classified as financial investments in the consolidated
financial statements. Ideal Standard's financial results are consolidated in the interim financial statements dated of
September 30, 2023, according to the full consolidation method.
Hereinafter, the Company and its consolidated subsidiaries together will be referred to as “the Group”.
Approval of financial statements:

Shareholder structure of the Group is stated in Note 17. Board of Directors has approved the financial statements
and delegated authority for publishing it on November 7, 2023. Although there is no such intention, the General
Assembly and certain regulatory bodies have the power to amend the financial statements after issues.
6
1. Organization and nature of operations of the Group (Cont’d)
For the periods ended September 30, 2023 and 2022, the year-end number of employees in accordance with their
categories is shown below:
September 30, September 30,
2023 2022
Office personnel 4.418 3.880

Warehouse personnel 7.575 6.921
Store personnel 72.326 69.016
Total 84.319 79.817
As of September 30, 2023, the Group operates in 12.046 stores (December 31, 2022: 11.510)
2. Basis of preparation of financial statements
2.1 Basis of presentation

The consolidated financial statements of the Group have been prepared in accordance with the Turkish Financial
Reporting Standards, (“TFRS”) and interpretations as adopted in line with international standards by the Public
Oversight Accounting and Auditing Standards Authority of Turkey (“POA”) in line with the communiqué
numbered II-14.1 “Communiqué on the Principles of Financial Reporting In Capital Markets” (“the
Communiqué”) announced by the Capital Markets Board of Turkey (“CMB”) on June 13, 2013 which is published
on Official Gazette numbered 28676. TFRS are updated in harmony with the changes and updates in International
Financial and Accounting Standards (“IFRS”) by the communiqués announced by the POA.
The Group and its Turkish subsidiaries, associates and joint ventures maintain their books of accounts and prepare
their statutory financial statements in accordance with the Turkish Commercial Code (“TCC”), tax legislation, the
Uniform Chart of Accounts issued by the Ministry of Finance and principles issued by CMB. The foreign
subsidiaries maintain their books of account in accordance with the laws and regulations in force in the countries
in which they are registered. The consolidated financial statements are based on the statutory records, which are
maintained under historical cost conventions, with the required adjustments and reclassifications reflected for the
purpose of fair presentation in accordance with TAS.
According to TAS 29 Financial Reporting Standard in Hyperinflationary Economies, enterprises whose functional
currency is the currency of a hyperinflationary economy report their financial statements according to the
purchasing power of money at the end of the reporting period. TAS 29 identifies features that may indicate an
economy is a hyperinflationary economy, and it is recommended that businesses start implementing the Standard
at the same time. In the statement made by the Public Oversight Accounting and Standards Authority (POA) on
January 20, 2022, it was stated that businesses do not need to make any adjustments to their 2021 financial
statements within the scope of TAS 29. On the other hand, no explanation has been made on whether or not to
make adjustments to the financial statements within the scope of TAS 29 in the financial statements for the interim
accounting period ending on September 30, 2023. In this context, since there is no consensus on the
implementation of inflation accounting throughout the country and the POA is expected to postpone the application
of TAS 29, no inflation adjustment was made according to TAS 29 while preparing the consolidated financial
statements as of September 30, 2023, in order to ensure comparability.
Consolidated financial statements have been presented in accordance with the formats specified in the
"Announcement on TMS Taxonomy" published by POA on October 4, 2022, and "Financial Statement Examples
and User Guide".
7
2. Basis of preparation of financial statements (Cont’d)
Going concern assumption

The consolidated financial statements including the accounts of the Group have been prepared assuming that the
Group will continue as a going concern on the basis that the entity will be able to realize its assets and discharge
its liabilities in the normal course of business.
2.2 The new standards, amendments and interpretations
The accounting policies adopted in preparation of the consolidated financial statements as of September 30, 2023
are consistent with those of the previous financial year, except for the adoption of new and amended TFRS and
TFRS interpretations effective as of January 1, 2023 and thereafter. The effects of these standards and
interpretations on the Group’s financial position and performance have been disclosed in the related paragraphs.
i) The new standards, amendments and interpretations which are effective as at January 1, 2023 are as
follows:
Amendments to TAS 8 – Definition of Accounting Estimates

In August 2021, POA issued amendments to TAS 8, in which it introduces a new definition of “accounting
estimates”. The amendments clarify the distinction between changes in accounting estimates and changes in
accounting policies and the correction of errors. Also, the amended standard clarifies that the effects on an
accounting estimate of a change in an input or a change in a measurement technique are changes in accounting
estimates if they do not result from the correction of prior period errors. The previous definition of a change in
accounting estimate specified that changes in accounting estimates may result from new information or new
developments. Therefore, such changes are not corrections of errors. This aspect of the definition was retained by
the POA. The amendments apply to changes in accounting policies and changes in accounting estimates that occur
on or after the start of the effective date.
The amendments are not expected to have a significant impact on the financial position or performance of the
Group.
Amendments to TAS 1 - Disclosure of Accounting Policies
In August 2021, POA issued amendments to TAS 1, in which it provides guidance and examples to help entities
apply materiality judgements to accounting policy disclosures. In the absence of a definition of the term
‘significant’ in TFRS, the POA decided to replace it with ‘material’ in the context of disclosing accounting policy
information. ‘Material’ is a defined term in TFRS and is widely understood by the users of financial statements,
according to the POA. In assessing the materiality of accounting policy information, entities need to consider both
the size of the transactions, other events or conditions and the nature of them. Examples of circumstances in which
an entity is likely to consider accounting policy information to be material have been added.
Group.
8
2.2 The new standards, amendments and interpretations (Cont’d)
Amendments to TAS 12 – Deferred Tax related to Assets and Liabilities arising from a Single Transaction
In August 2021, the POA issued amendments to TAS 12, which narrow the scope of the initial recognition
exception under TAS 12, so that it no longer applies to transactions that give rise to equal taxable and deductible
temporary differences. The amendments issued to TAS 12 are effective for annual periods beginning on or after 1
January 2023. The amendments clarify that where payments that settle a liability are deductible for tax purposes,
it is a matter of judgement (having considered the applicable tax law) whether such deductions are attributable for
tax purposes to the liability recognized in the financial statements (and interest expense) or to the related asset
component (and interest expense). This judgement is important in determining whether any temporary differences
exist on initial recognition of the asset and liability. The amendments apply to transactions that occur on or after
the beginning of the earliest comparative period presented. In addition, at the beginning of the earliest comparative
period presented, a deferred tax asset (provided that sufficient taxable profit is available) and a deferred tax liability
for all deductible and taxable temporary differences associated with leases and decommissioning obligations
should be recognized.
Group.
Amendments to TAS 12 - International Tax Reform – Pillar Two Model Rules
In September 2023, POA issued amendments to TAS 12, which introduce a mandatory exception in TAS 12 from
recognizing and disclosing deferred tax assets and liabilities related to Pillar Two income taxes. The amendments
clarify that TAS 12 applies to income taxes arising from tax laws enacted or substantively enacted to implement
the Pillar Two Model Rules published by the Organization for Economic Cooperation and Development (OECD).
The amendments also introduced targeted disclosure requirements for entities affected by the tax laws. The
temporary exception from recognition and disclosure of information about deferred taxes and the requirement to
disclose the application of the exception apply immediately and retrospectively upon issue of the amendments.
However, certain disclosure requirements are not required to be applied for any interim period ending on or before
31 December 2023.
Group.
ii) Standards issued but not yet effective and not early adopted
Standards, interpretations and amendments to existing standards that are issued but not yet effective up to the date
of issuance of the consolidated financial statements are as follows. The Company / the Group will make the
necessary changes if not indicated otherwise, which will be affecting the consolidated financial statements and
disclosures, when the new standards and interpretations become effective.
Amendments to IFRS 10 and TAS 28: Sale or Contribution of Assets between an Investor and its Associate
or Joint Venture
In December 2017, POA postponed the effective date of this amendment indefinitely pending the outcome of its
research project on the equity method of accounting. Early application of the amendments is still permitted.
The Group will wait until the final amendment to assess the impacts of the changes.
9
TFRS 17 - The new Standard for insurance contracts
POA issued TFRS 17 in February 2019, a comprehensive new accounting standard for insurance contracts
covering recognition and measurement, presentation and disclosure. TFRS 17 model combines a current balance
sheet measurement of insurance contract liabilities with the recognition of profit over the period that services are
provided. Certain changes in the estimates of future cash flows and the risk adjustment are also recognised over
the period that services are provided. Entities will have an option to present the effect of changes in discount
rates either in profit and loss or in OCI. The standard includes specific guidance on measurement and
presentation for insurance contracts with participation features. In accordance with amendments issued by POA
in December 2021, entities have transition option for a “classification overlay” to avoid possible accounting
mismatches between financial assets and insurance contract liabilities in the comparative information presented
on initial application of TFRS 17.
The mandatory effective date of the Standard for the following entities has been postponed to accounting periods
beginning on or after January 1, 2024 with the announcement made by the POA:
- Insurance, reinsurance and pension companies.

- Banks that have ownership/investments in insurance, reinsurance and pension companies and
- Other entities that have ownership/investments in insurance, reinsurance and pension companies.
Group.
Amendments to TAS 1- Classification of Liabilities as Current and Non-Current Liabilities
In January 2021 and January 2023, POA issued amendments to TAS 1 to specify the requirements for classifying
liabilities as current or non-current. According to the amendments made in January 2023 if an entity’s right to
defer settlement of a liability is subject to the entity complying with the required covenants at a date subsequent
to the reporting period (“future covenants”), the entity has a right to defer settlement of the liability even if it
does not comply with those covenants at the end of the reporting period. In addition, January 2023 amendments
require an entity to provide disclosure when a liability arising from a loan agreement is classified as non-current
and the entity’s right to defer settlement is contingent on compliance with future covenants within twelve
months. This disclosure must include information about the covenants and the related liabilities. The
amendments clarified that the classification of a liability is unaffected by the likelihood that the entity will
exercise its right to defer settlement of the liability for at least twelve months after the reporting period. The
amendments are effective for periods beginning on or after 1 January 2024. The amendments must be applied
retrospectively in accordance with TAS 8. Early application is permitted. However, an entity that applies the
2020 amendments early is also required to apply the 2023 amendments, and vice versa.
Group.
10
Amendments to TFRS 16 - Lease Liability in a Sale and Leaseback

In January 2023, the Board issued amendments to IFRS 16. The amendments specify the requirements that a seller-
lessee uses in measuring the lease liability arising in a sale and leaseback transaction, to ensure the seller-lessee
does not recognize any amount of the gain or loss that relates to the right of use it retains. In applying requirements
of IFRS 16 under “Subsequent measurement of the lease liability” heading after the commencement date in a sale
and leaseback transaction, the seller lessee determines ‘lease payments’ or ‘revised lease payments’ in such a way
that the seller-lessee would not recognise any amount of the gain or loss that relates to the right of use retained by
the seller-lessee. The amendments do not prescribe specific measurement requirements for lease liabilities arising
from a leaseback. The initial measurement of the lease liability arising from a leaseback may result in a seller-
lessee determining ‘lease payments’ that are different from the general definition of lease payments in IFRS 16.
The seller-lessee will need to develop and apply an accounting policy that results in information that is relevant
and reliable in accordance with IAS 8. A seller-lessee applies the amendments to annual reporting periods
beginning on or after 1 January 2024. Earlier application is permitted. A seller-lessee applies the amendments
retrospectively in accordance with IAS 8 to sale and leaseback transactions entered into after the date of initial
application of IFRS 16.
Group.
Amendments to TAS 7 and TFRS 7 - Disclosures: Supplier Finance Arrangements
The amendments issued by POA in September 2023 specify disclosure requirements to enhance the current
requirements, which are intended to assist users of financial statements in understanding the effects of supplier
finance arrangements on an entity’s liabilities, cash flows and exposure to liquidity risk. Supplier finance
arrangements are characterized by one or more finance providers offering to pay amounts an entity owes its
suppliers and the entity agreeing to pay according to the terms and conditions of the arrangements at the same date
as, or a date later than, suppliers are paid. The amendments require an entity to provide information about terms
and conditions of those arrangements, quantitative information on liabilities related to those arrangements as at the
beginning and end of the reporting period and the type and effect of non-cash changes in the carrying amounts of
those liabilities. In the context of quantitative liquidity risk disclosures required by TFRS 7, supplier finance
arrangements are also included as an example of other factors that might be relevant to disclose. The amendments
will be effective for annual reporting periods beginning on or after 1 January 2024. Early adoption is permitted
but will need to be disclosed.
Group.
iii) The new amendments that are issued by the International Accounting Standards Board (IASB) but not
issued by Public Oversight Authority (POA)
The following amendments to IAS 12 and IAS 7 and IFRS 7 have been published by the IASB but have not yet
been adapted/published to TFRS by the KGK. Therefore, they do not form part of TFRS. The Group will make
the necessary changes in its consolidated financial statements and footnotes after these changes become effective
in TFRS.
11
Amendments to IAS 21 - Lack of exchangeability
In August 2023, IASB issued amendments to IAS 21. The amendments specify how an entity should assess
whether a currency is exchangeable and how it should determine a spot exchange rate when exchangeability is
lacking. When an entity estimates a spot exchange rate because a currency is not exchangeable into another
currency, it discloses information that enables users of its financial statements to understand how the currency not
being exchangeable into the other currency affects, or is expected to affect, the entity’s financial performance,
financial position and cash flows.
Group.
2.3. Statement of compliance to TAS
The Group prepared its consolidated financial statements for the period ended September 30, 2023 in accordance
with the framework of the Communiqué Serial: II and numbered 14.1 and its related announcements. The
consolidated financial statements and its accompanying notes are presented in compliance with the format
recommended by CMB, including the mandatory disclosures.
2.4. Presentation and functional currency
The individual financial statements of each group entity are presented in the currency of the primary economic
environment in which the entity operates (its functional currency). For the purpose of the consolidated financial
statements, the results and financial position of each entity consolidated are expressed in Turkish Lira (“TRY”),
which is the functional of the Company and the presentation currency of the Group. The functional currency of
the Company’s subsidiary, BIM Stores S.A., is Moroccan Dirham (“MAD”).
In the consolidated financial statements, MAD amounts presented in the balance sheet for assets and liabilities are
translated into Turkish Lira at the TRY which is the functional and reporting currency of the Company, 1 TRY =
0,3743 MAD and 1 TRY = 0,3736 exchange rates respectively and in the conversion of the income statement, the
average exchange rate occurred during the period, 1 TRY = 0,4556 MAD rate is taken as the basis. Differences
that occur by the usage of closing and average exchange rates are followed under currency translation differences
classified under equity.
The functional currency of the Company’s other subsidiary, BIM Stores LLC is Egyptian Pound (“EGP”). In the
consolidated financial statements, EGP amounts presented in the balance sheet for assets and liabilities are
translated into Turkish Lira at the TRY which is the functional and reporting currency of the Company, 1 TRY =
1,1266 EGP and 1 TRY = 1,1281 EGP exchange rates respectively and in the conversion of the income statement,
the average exchange rate occurred during the period, 1 TRY = 1,3798 EGP rate is taken as the basis. Differences
that occur by the usage of closing and average exchange rates are followed under currency translation differences
classified under equity.
2.5 Basis of consolidation
The consolidated financial statements comprise the financial statements of the Company and its subsidiaries
prepared for the period ended September 30, 2023. Control is achieved when the Group is exposed, or has rights,
to variable returns from its involvement with the investee and has the ability to affect those returns through its
power over the investee.
12
2.5 Basis of consolidation (Cont’d)
Specifically, the Group controls an investee if, and only if, the Group has:
- Power over the investee (i.e., existing rights that give it the current ability to direct the relevant activities
of the investee)
- Exposure, or rights, to variable returns from its involvement with the investee
- The ability to use its power over the investee to affect its returns
Generally, there is a presumption that a majority of voting rights results in control. To support this presumption
and when the Group has less than a majority of the voting or similar rights of an investee, the Group considers all
relevant facts and circumstances in assessing whether it has power over an investee, including:
- The contractual arrangement(s) with the other vote holders of the investee
- Rights arising from other contractual arrangements
- The Group's voting rights and potential voting rights
-
The Group re-assesses whether or not it controls an investee if facts and circumstances indicate that there are
changes to one or more of the three elements of control. Consolidation of a subsidiary begins when the Group
obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. Assets, liabilities,
income and expenses of a subsidiary acquired or disposed of during the year are included in the consolidated
financial statements from the date the Group gains control until the date the Group ceases to control the subsidiary.
Profit or loss and each component of other comprehensive incomes are attributed to the equity holders of the parent
of the Group and to the non-controlling interests, even if this results in the non-controlling interests having a deficit
balance. When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting
policies in line with the Group's accounting policies. All intercompany assets and liabilities, equity, income,
expenses and cash flows relating to transactions between members of the Group are eliminated in full on
consolidation.
A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity
transaction. If the Group loses control over a subsidiary, it derecognizes the related assets (including goodwill),
liabilities, non-controlling interest and other components of equity, while any resultant gain or loss is recognized
in profit or loss. Any investment retained is recognized at fair value.
i) Subsidiaries:
Subsidiaries are entities controlled by the Group. The Group controls an entity when it is exposed to, or has rights
to, variable returns from its involvement with the entity and has the ability to affect those returns through its power
over the entity. The financial statements of the subsidiaries are presented in the consolidated financial statements
from the date the control power is established to the date it terminates.
ii) Non-controlling interest:
For each business combination, the Group elects to measure any non-controlling interests in the acquiree either:
- at fair value; or
- at their proportionate share of the acquiree’s identifiable net assets, which are generally at fair value.
Profit or loss and each component of other comprehensive income are attributed to the equity holders of the parent
of the Group and to the non-controlling interests, even if this results in the non-controlling interests having a deficit
balance.
13
2.5 Basis of consolidation (Cont’d)
iii) Partial share purchase and sale transactions with non-controlling interests
Changes in the Group’s interest in a subsidiary that do not result in a loss of control are accounted for as
transactions with owners in their capacity as owners. Accordingly, in the case of additional share purchases from
and sales to non-controlling interests, the difference between the acquisition cost and the carrying amount of the
net assets of the subsidiary in proportion to the acquired interest is recognized in equity. No adjustments are made
to goodwill and no gain or loss is recognized in profit or loss.
iv) Eliminations:
During the preparation of the carve-out consolidated financial statements, unrealized gains and losses arising from
intra-group transactions between entities included in the carve-out consolidated financial statements, intra-group
balances and intra-group transactions are eliminated. Gains and losses arising from the transactions between the
associate and the parent company and the consolidated subsidiaries of the parent company and jointly controlled
entities are offset against the parent company's interest in the associate. Unrealized losses are eliminated in the
same manner as unrealized gains, unless there is evidence of impairment.
2.6 Comparatives and restatement of prior periods’ financial statements
Intercompany balances and transactions between BİM and its subsidiaries, including unrealized intercompany
profits and losses are eliminated. The consolidated financial statements are prepared using uniform accounting
policies for similar transactions and other events in similar circumstances.
The financial statements of the Group for the current period are prepared comparatively with the previous period
in order to enable the determination of the financial situation and performance trends. Comparative information is
reclassified in the current period in order to comply with the presentation of the financial statements.
The Group has classified donations and aid expenses of 38.430 TL, which it presented under General
Administrative Expenses, into Other Expenses from Main Operations.
As of 30 September 2022, the effect of the classification is as follows:
Previously reported Effect of reclassification Reclassified

Other Expenses from Main Operations (-) (38.836) (38.430) (77.266)
General and Administrative Expenses (-) (1.417.665) 38.430 (1.379.235)
The Group has grossed TL 62.243 of mobile operator online TL loading income balance presented in the Other
Operating Income account and reclassified TL 389.021 to revenue and TL 326.778 to cost of sales. In addition,
mobile operator sales of 91.591 TL were netted with the cost of sales.
As of 30 September 2022, the effect of the classification is as follows:
Previously reported Effect of reclassification Reclassified

Revenues 102.323.018 297.430 102.620.448
Cost of Sales (83.888.944) (235.187) (84.124.131)
Other Income from Main Operations 315.506 (62.243) 253.263
14
2.6 Comparatives and restatement of prior periods’ financial statements (Cont’d)
Offsetting
Financial assets and liabilities are offset, and the net amount reported in the balance sheet when there is a legally
enforceable right to set off the recognized amounts and there is an intention to settle on a net basis or realize the
asset and settle the liabilities simultaneously.
Accounting estimates
The preparation of interim financial statements in accordance with TAS require the Group management to make
estimates and assumptions that affect certain reported assets and liabilities and disclosure of contingent assets and
liabilities at the date of the financial statements and the reported revenues and expenses during the reporting year.
Actual results could differ from those estimates. Those estimates are reviewed periodically, and as adjustments
become necessary, they are reported in income statement in the periods in which they become known.
Significant estimates used in the preparation of these financial statements and the significant judgments with the
most significant effect on amounts recognized in the financial statements are mainly related with accounting of
employee termination benefits, provision for inventories, revaluation of land and buildings, assessment of
economic useful lives of property, plant and equipment and intangibles , determination of the interest rates used
to discount cashflows and the lease period used in the calculation of the right of use of assets and lease liabilities,
provision for income taxes.
2.7 Changes in accounting policies
The Group changes accounting policies when it is believed that the change will lead to better presentation of
transactions and events in the financial statements. When the intentional change can affect the prior period results,
the change is applied retrospectively as though it was already applied before. Accounting policy changes arising
from the application of a new standard are applied considering the transition principles of the related standard, if
any, retrospectively or forward. If no transition principle for the standard exists, the changes are applied
retrospectively.
2.8 Summary of significant accounting policies
Revenue recognition
Revenue is recognized on accrual basis over the amount obtained or the current value of the amount to be obtained
when the delivery is realized, the income can be reliably determined, and the inflow of the economic benefits
related with the transaction to the Group is reasonably assured. Revenue is recognized when customers obtain
control of the goods. The cycle of control takes place at a certain time of time. Net sales represent the invoiced
value of goods less any sales returns. Retail sales are done generally with cash or credit cards and the control is
transferred to customers at the same time and revenue is recognized at the time of sale.
Sales of Goods
Revenue from sale of goods is recognized when all the following conditions are satisfied:
- Identification of contracts with customers,

- Definition of performance obligations in contracts,
- Determination of transaction price in contracts,
- Distribution of transaction fee to performance obligations, and
- Revenue recognition.
15
2.8 Summary of significant accounting policies (Cont’d)
Financial income
Profit shares income from participation banks are recognized in accrual basis.
Dividend income
Dividend income from investments. Dividend payables are recognized in the period that the profit distribution is
declared.
Currency protected deposit accounts
Currency-protected deposit accounts are financial assets with cash flows that include principal and interest or
dividends, but they also feature a derivative product, as these cash flows may change depending on the change in
exchange rates. Therefore, currency protected deposit accounts are treated as hybrid contracts and accounted for
as financial assets whose fair value is recognized in profit or loss in line with the provisions of TFRS 9 regarding
mixed contracts. Changes in the fair value of currency-protected deposit accounts are accounted for under “Income
from Investing Activities” in the Statement of Profit or Loss and Other Comprehensive Income.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand, cash in transit and demand deposits, and other short-term highly
liquid investments which their maturities are three months or less from date of acquisition and that are readily
convertible to a known amount of cash and are subject to an insignificant risk of changes in value.
Trade receivables
Trade receivables comprise trade receivables, credit card receivables and other receivables with fixed or
determinable payments and are not quoted in an active market; which have an average maturity of 16 days term
(December 31, 2022: 13 days) as of balance sheet date are measured at original invoice amount and if they have
long term maturity, the imputing interest is netted off and the provision of doubtful receivable is deducted. Trade
receivables, net of unearned financial income, are measured at amortized cost, using the effective interest rate
method, less the unearned financial income. Short duration receivables with no stated interest rate and credit card
receivables are measured at the original invoice.
Estimate is made for the doubtful provision when the collection of the trace receivable is not probable. If the
amount of the impairment subsequently decreases due to an event occurring after the write-down, the release of
the provision is credited to other operating income.
Group has preferred to apply “simplified approach” defined in IFRS 9 for the recognition of impairment losses on
trade receivables, carried at amortized cost and that do not comprise of any significant finance component (those
with maturity less than 12 months). In accordance with the simplified approach, Group measures the loss
allowances regarding its trade receivables at an amount equal to “lifetime expected credit losses” except incurred
credit losses in which trade receivables are already impaired for a specific reason.
Inventories
Inventories are valued at the lower of cost or net realizable value. Costs comprise purchase cost and, where
applicable and those overheads that have been incurred in bringing the inventories to their present location and
condition. Cost is determined using the first-in, first-out (FIFO) method. Rebates which generate from sales from
ordinary operations are deducted from cost of inventories and associated with cost of sales. Net realizable value is
the estimated selling price less estimated costs necessary to realize sale.
16
Right-of-Use Assets and Lease Liabilities
The Group has applied the TFRS-16 standard as of January 1, 2019.
Group - lessee
The Group’s leases are mainly consisting of retail stores and vehicles. At inception of a contract, the Group shall
assess whether the contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the
right to control the use of an identified asset for a period of time in exchange for consideration.
To assess whether a contract conveys the right to control the use of an identified asset for a period of time, the
Group shall assess whether, throughout the period of use, the customer has both of the following:
- The contract includes an identified asset (identification of an asset in a clear or implicitly specified form in
the contract),
- A capacity portion of an asset is an identified asset if it is physically distinct and represents substantially
all of the capacity of the asset (the asset is not an identified asset if the vendor has a fundamental right to
substitute the asset for the duration of its use and obtain an economic benefit from it),
- The Group has the right to obtain almost all of the economic benefits that will be derived from the use of
the identified asset,
- The right to direct the use of the identified asset. The Company has the right to direct the use of an identified
asset throughout the period of use only if either
a) The Group has the right to direct how and for what purpose the asset is used throughout the period
of use
b) the relevant decisions about how and for what purpose the asset is used are predetermined and.
The Group recognizes right of use asset and lease liability at the start date of lease after evaluation of
aforementioned criterias.
Right of use asset
At the commencement date, the Group shall measure the right-of-use asset at cost. The cost of the right-of-use
asset shall comprise:
a) the amount of the initial measurement of the lease liability,
b) any lease payments made at or before the commencement date, less any lease incentives received
c) any initial direct costs incurred by the Group
d) an estimate of costs to be incurred by the Group in dismantling and removing the underlying asset,
To apply a cost model, the Company shall measure the right-of-use asset at cost:
a) less any accumulated depreciation and accumulated impairment losses and

b) adjusted for any remeasurement of the lease liability.
The Group shall apply the depreciation requirements in TAS 16 Property, Plant and Equipment in depreciating the
right-of-use asset. The average useful lives of right-to-use assets are as follows:
Duration (Year)
Buildings 10
Vehicles 4
17
The Company shall apply TAS 36 Impairment of Assets to determine whether the right-of-use asset is impaired
and to account for any impairment loss identified.
Lease Liability
At the commencement date, the Group shall measure the lease liability at the present value of the lease payments
that are not paid at that date. The lease payments shall be discounted using the financing rate implicit in the lease,
if that rate can be readily determined. If that rate cannot be readily determined, the lessee shall use the lessee’s
incremental borrowing rate.
At the commencement date, the lease payments included in the measurement of the lease liability comprise the
following payments for the right to use the underlying asset during the lease term that are not paid at the
commencement date:
a) fixed payments, less any lease incentives receivable

b) variable lease payments that depend on an index or a rate, initially measured using the index or rate
as at the commencement date,
c) payments of penalties for terminating the lease, if the lease term reflects the lessee exercising an
option to terminate the lease.
After the commencement date, the Group shall measure the lease liability by:
a) increasing the carrying amount to reflect interest on the lease liability,

b) reducing the carrying amount to reflect the lease payment made; and
c) remeasuring the carrying amount to reflect any reassessment or lease modifications, or to reflect
revised in substance fixed lease payments.
Extension and early termination options

Lease contracts are made for average 10 annual periods. The lease liability is determined by considering the
extension and early termination options in the contracts. Most of the extension and early termination options
included in the contracts are composed of the options that are applicable by the Group. The Group determines the
lease term by the extension of the lease, if such extension and early termination options are at the Group's discretion
and the use of the options is reasonably certain. If there is a significant change in the circumstances, the evaluation
is reviewed by the Group.
Practical expedient
The Group applied a single discount rate to a rental portfolio with similar features. Initial direct costs were not
included in the measurement of the right to use at the date of initial application. If the contract includes options to
extend and terminate the contract, the lease term is determined and the management's evaluations are used.
Property, plant and equipment
All property and equipment is initially recorded at cost. Land and building are subsequently measured at revalued
amounts which are the fair value at the date of the revaluation, based on valuations by external independent valuers,
less subsequent depreciation for building. Group revaluates the amounts of their lands and buildings every 3 years
unless there is a change in the circumstances. All other property and equipment is stated at cost less accumulated
depreciation and accumulated impairment loss. When assets are sold or retired, their cost and accumulated
depreciation are eliminated from the related accounts and any gain or loss resulting from their disposal is included
in the statement of income. On disposal of revalued assets, amounts in revaluation reserves relating to that asset
are transferred to retained earnings.
18
The initial cost of property and equipment comprises its purchase price, including import duties and non-
refundable purchase taxes and any directly attributable costs of bringing the asset ready for use. Expenditures
incurred after the fixed assets have been put into operation, such as repairs and maintenance, are normally charged
to income in the year the costs are incurred. If the asset recognition criteria are met, the expenditures are capitalized
as an additional cost of property and equipment.
Increases in the carrying amount arising on revaluation of property are initially credited to revaluation reserve in
shareholders’ equity net of the related deferred tax. Decreases that offset previous increases of the same asset are
charged in other comprehensive income and debited against property and equipment revaluation reserve directly
in equity; all other decreases are charged to the income statement.
Depreciation is provided on cost or revalued amount of property and equipment except for land and construction
in progress on a straight-line basis. The depreciation periods for property and equipment, which approximate the
estimated economic useful lives of such assets, are as follows:
Duration (Years)
Land improvements 5
Buildings 25
Leasehold improvements 10
Machinery and equipment 4 - 10
Vehicles 5 - 10
Furniture and fixtures 5 - 10
The economic useful life, the present value and the depreciation method are regularly reviewed for possible effects
of changes in estimates, the method used, and the period of depreciation are closely aligned with the economic
benefits to be gained from the related asset and are recognized on a prospective basis.
When a revaluated asset is sold, revaluation reserve account is transferred to retained earnings.
Leasehold improvement
The economic useful life for special costs is in line with the average duration of the lease contracts which is 10
years.
Intangible assets
Intangible assets which mainly comprise software rights are measured initially at cost. Intangible assets are
recognized if it is probable that the future economic benefits that are attributable to the asset will flow to the enterprise;
and the cost of the asset can be measured reliably. After initial recognition, intangible assets are measured at cost less
accumulated amortization and any accumulated impairment losses. Intangible assets excluding development costs,
created within the business are not capitalized and expenditure is charged against profits in the year in which it is
incurred. The useful lives of intangible assets are assessed to be either finite or indefinite.
Intangible assets with finite lives are amortized on a straight-line basis over the best estimate of their useful lives. The
amortization period and the amortization method for an intangible asset with a finite useful life are reviewed at least
at each financial year-end.
Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in
the asset is accounted for by changing the amortization period or method, as appropriate, and treated as changes in
accounting estimates. The amortization expense on intangible assets with finite lives is recognized in the statement
of income in the expense category consistent with the function of the intangible asset.
19
The Group does not have any intangible assets with indefinite useful lives.
The carrying values of intangible assets are reviewed for impairment when events or changes in circumstances
indicate that the carrying value may not be recoverable.
Goodwill
Goodwill arises when purchasing subsidiaries and the amount of the transferred consideration, the amount of non-
controlling interests in the acquiree and the fair value of the identifiable net assets in the acquiree, the excess of the
fair value difference at the acquisition date of the equity interests in the acquiree previously held by the acquirer. If
the total transferred consideration, recognized non-controlling interests and previously held interests measured at fair
value are less than the fair value of the net assets of the acquired subsidiary, for example in a bargain purchase, the
difference is recognized directly in the statement of profit or loss.
Goodwill is allocated to cash-generating units for the purpose of impairment testing. The allocation is made to those
cash-generating units or groups of cash-generating units that are expected to benefit from the business combination
in which the goodwill arose. The units or groups of units are identified at the lowest level at which goodwill is
monitored for internal management purposes, being the operating segments.
A cash-generating unit to which goodwill has been allocated is tested for impairment annually, or more frequently
when there is indication that the unit may be impaired. The carrying amount of goodwill is compared with its
recoverable value, which is the higher of its value in use and fair value less costs to sell. Any impairment loss for
goodwill is recognised directly in profit or loss in the consolidated income statement and is not reversed in subsequent
periods.
Impairment of non-financial assets
The carrying values of assets are reviewed for impairment when events or changes in circumstances indicate that the
carrying amount of an asset may not be recoverable. Whenever the carrying amount of an asset exceeds its recoverable
amount, an impairment loss is recognized in the statement of income.
The recoverable amount of property and equipment is the greater of net selling price and value in use. Value in use
is the present value of estimated future cash flows expected to arise from the continuing use of an asset and from its
disposal at the end of its useful life while the net selling price is the amount obtainable from the sale of an asset after
cost of sales deducted. For the purposes of assessing impairment, assets are grouped by regions which are determined
operationally (cash-generating units).
Financial assets
Classification
The group classifies its financial assets in the following categories: loans and receivables, and available for sale.
The classification depends on the purpose for which the financial assets were acquired. Management determines
the classification of its financial assets at initial recognition.
Financial assets measured at amortized cost
Financial assets measured at amortized cost are non-derivative financial assets with fixed or determinable
payments that are not quoted in an active market. They are included in current assets, except for maturities greater
than 12 months after the end of the reporting period. These are classified as non-current assets. Trade receivables,
cash and cash equivalents, lease certificate and investment funds are classified in this category
20
Financial assets measured at fair value through other comprehensive income
Financial assets measured at fair value through other comprehensive income are non-derivatives that are either
designated in this category or not classified in any of the other categories. They are included in non-current assets
unless the investment matures or management intends to dispose of it within 12 months of the end of the reporting
period.
Financial assets measured at fair value through profit or loss
Financial assets at fair value through profit or loss consist of “financial asset”, which are acquired to benefit from
short-term price or other fluctuations in the market or which are a part of a portfolio aiming to earn profit in the
short run, irrespective of the reason of acquisition, and kept for trading purposes. Financial assets that are measured
by their fair value and associated with the profit or loss statement are initially reflected on the consolidated
statement of financial position with their costs including the transaction cost. These financial assets are valued
based on their fair value after they are recognized. Realized or unrealized profit and losses are recognized under
“income from investing income/expense”.
Recognition and measurement
Regular purchases and sales of financial assets are recognized on the trade-date the date on which the group
commits to purchase or sell the asset. Investments are initially recognized at fair value plus transaction costs for
all financial assets not carried at fair value through profit or loss. Financial assets carried at fair value through
profit or loss are initially recognized at fair value, and transaction costs are expensed in the income statement.
Financial assets are derecognized when the rights to receive cash flows from the investments have expired or have
been transferred and the group has transferred substantially all risks and rewards of ownership. Financial assets
measured at fair value through other comprehensive income and financial assets at fair value through profit or loss
are subsequently carried at fair value. Financial assets measured at amortized cost are subsequently carried at
amortized cost using the effective interest method.
Group may make an irrevocable election at initial recognition for particular investments in equity instruments that
would otherwise not to be measured at fair value through profit or loss, to present subsequent changes in fair value
in other comprehensive income. In such cases, dividends from those investments are accounted for under
consolidated statement of income.
The Group may irrevocably choose the method of reflecting subsequent changes in fair value to other
comprehensive income for investments in equity financial assets at initial recognition. If the preference is made,
dividends from related investments are recognized in the consolidated income statement.
Offsetting financial instruments
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is a legally
enforceable right to offset the recognized amounts and there is an intention to settle on a net basis or realize the
asset and settle the liability simultaneously.
Recognition and derecognition of financial assets and liabilities
The Group recognizes a financial asset or financial liability in its balance sheet when only when it becomes a party
to the contractual provisions of the instrument. The Group derecognizes a financial asset or a portion of it only
when the control on rights under the contract is discharged. The Group derecognizes a financial liability when the
obligation under the liability is discharged or cancelled or expires.
21
Recognition and derecognition of financial assets and liabilities (Cont’d)
All the normal sales or purchase transactions of financial assets are recorded at the transaction date that the Group
guaranteed to purchase or sell the financial asset. These transactions generally require the transfer of financial asset
in the period specified by the general conditions and the procedures in the market.
All regular way financial asset purchase and sales are recognized at the date of the transaction, the date the Group
committed to purchase or sell.
Impairment of financial assets
The Group assesses at each balance sheet date whether a financial asset is impaired.
Financial assets measured at amortized cost
If there is objective evidence that an impairment loss on assets carried at amortized cost has been incurred, the
amount of the loss is measured as the difference between the asset’s carrying amount and the present value of
estimated future cash flows (excluding future expected credit losses that have not been incurred) discounted at the
financial asset’s original effective interest rate.
The carrying amount of the asset is reduced through use of an allowance account. The amount of the loss is
recognized in the consolidated statement of income.
If, in a subsequent period, the amount of the impairment loss decreases and the decrease can be related objectively
to an event occurring after the impairment was recognized, the previously recognized impairment loss is reversed,
to the extent that the carrying value of the asset does not exceed its amortized cost at the reversal date.
As a result of the cancellation, the carrying value of the related financial asset cannot exceed the discounted value
that would have occurred at the date of the cancellation of the impairment if the financial asset had not been
impaired.
Provision for impairment is provided when there is an objective evidence of uncollectibility of trade receivables.
Reserve is provided for the overdue uncollectible receivables. Also portfolio reserve is provided for the not due
receivables based on certain criteria. The carrying amount of the receivable is reduced through use of an allowance
account.
When securities classified as available for sale are sold or impaired, the accumulated fair value adjustments
recognized in equity are included in the income statement as ‘Gains and losses from investment securities’.
Trade payables
Trade payables which generally have an average of 63 days term as of September 30, 2023 (December 31, 2022:
56 days) are initially recorded at original invoice amount and carried at amortized cost less due date expense. Due
date expense is accounted for under cost of sales. This amount is the fair value of consideration to be paid in the
future for goods and services received, whether or not billed.
Gift cards recognition
The gift cards that the Group sells to customers are classified under deferred income. Revenue is recognized when
these gift cards are used by the customers.
22
Borrowing costs
Borrowing costs that are directly attributable to the acquisition, construction or production of a qualifying asset
shall be capitalized as part of the cost of that asset. Such borrowing costs are capitalized as part of the cost of the
asset when it is probable that they will result in future economic benefits to the entity and the costs can be measured
reliably. Other borrowing costs are recognized as an expense in the period in which they are incurred.
Foreign currency transactions
Transactions in foreign currencies during the period have been translated at the exchange rates prevailing at the
dates of such transactions. Exchange rate differences arising on reporting monetary items at rates different from
those at which they were initially recorded or on the settlement of monetary items or are recognized in the
comprehensive income statement in the period in which they arise.
Foreign currency conversion rates used by the Group for the related period ended are as follows:
US Dollars/TRY (full) EUR /TRY (full) GBP/TRY (full)
September 30, 2023 27,3767 29,0305 33,4816

December 31, 2022 18,6983 19,9349 22,4892
Earnings per share
Earnings per share are determined by dividing net income by the weighted average number of shares that have
been outstanding during the period concerned.
In Turkey, companies can raise their share capital by distributing “Bonus Shares” to shareholders from retained
earnings. In computing earnings per share, such “Bonus Share” distributions are assessed as issued shares.
Accordingly, the retrospective effect for those share distributions is taken into consideration in determining the
weighted-average number of shares outstanding used in this computation.
Events after balance sheet date
Post year/period-end events that provide additional information about the Group’s position at the balance sheet
date (adjusting events), are reflected in the financial statements. Post year/period-end events that are not adjusting
events are disclosed in the notes when material.
Provisions, contingent assets and contingent liabilities
i) Provisions
Provisions are recognized when the Group has a present obligation (legal or constructive) as a result of a past
event, it is probable that an outflow of resources embodying economic benefits will be required to settle the
obligation and a reliable estimate can be made of the amount of the obligation. If the effect of the time value of
money is material, provisions are determined by discounting the expected future cash flows at a pre-tax rate that
reflects current market assessments of the time value of money and, where appropriate, the risks specific to the
liability. Where discounting is used, the increase in the provision due to the passage of time is recognized as interest
expense.
23
ii) Contingent assets and liabilities
A contingent asset is not recognised in the financial statements but disclosed when an inflow of economic benefits
is probable. Contingent liabilities are not recognised in the financial statements but they are disclosed only, unless
the possibility of an outflow of resources embodying economic benefits is probable.
Related parties
a) A person or a close member of that person's family is related to a reporting entity if that person:
i) Has control or joint control over the reporting entity,

ii) Has significant influence over the reporting entity, or,
iii) Is a member of the key management personnel of the reporting entity or of a parent of the reporting
entity.
b) An entity is related to a reporting entity if any of the following conditions applies:
i) The entity and the reporting entity are members of the same group,
ii) One entity is an associate or joint venture of the other entity (or an associate or joint venture of a
member of a group of which the other entity is a member),
iii) Both entities are joint ventures of the same third party,
iv) One entity is a joint venture of a third entity and the other entity is an associate of the third entity,
v) The entity is a post-employment benefit plan for the benefit of employees of either the reporting
entity or an entity related to the reporting entity. If the reporting entity is itself such a plan, the
sponsoring employers are also related to the reporting entity,
vi) The entity is controlled or jointly controlled by a person identified in (a),
vii) A person identified in (a)(i) has significant influence over the entity or is a member of the key
management personnel of the entity (or of a parent of the entity).
Income taxes
Current Income Taxes and Deferred Tax
The tax expense for the period comprises current and deferred tax. Tax is recognized in the statement of income,
except to the extent that it relates to items recognized directly in equity or other comprehensive income. In such
case, the tax is recognized in shareholders’ equity or other comprehensive income. The current period tax on
income is calculated for the Group’s subsidiaries, associates and joint ventures considering the tax laws that are
applicable in the countries where they operate.
Deferred tax liability or asset is recognized on differences between the carrying amounts of assets and liabilities
in the financial statements and the corresponding tax bases which are used in the computation of taxable profit.
However, deferred income tax is not accounted for if it arises from initial recognition of an asset or liability in a
transaction other than a business combination that at the time of the transaction affects neither accounting nor
taxable profit or loss. Deferred income tax is determined using tax rates and tax regulations that have been enacted
or substantially enacted by the balance sheet date and are expected to apply when the related deferred income tax
asset is realized or the deferred income tax liability is settled.
The main temporary differences are from the time differences between carrying amount of tangible assets and their
tax base amounts, the available expense accruals that are subject to tax and tax allowances that are not utilized.
Deferred tax liabilities are recognized for all taxable temporary differences, where deferred tax assets resulting
from deductible temporary differences are recognized to the extent that it is probable that future taxable profit will
be available against which the deductible temporary difference can be utilized.
24

When the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same taxation authority
and there is a legally enforceable right to set off current tax assets against current tax liabilities, deferred tax assets
and deferred tax liabilities are offset accordingly.
Statement of Cash Flows

The Group prepares statements of cash flows as an integral part of its of financial statements to enable financial
statement analysis about the change in its net assets, financial structure and the ability to direct cash flow amounts
and timing according to evolving conditions. Cash flows include those from operating activities, working capital,
investing activities and financing activities.
Cash flows from operating activities represent the cash flows generated from the Group’s activities. Cash flows
related to investing activities represent the cash flows that are used in or provided from the investing activities of
the Group (fixed investments and financial investments).
Cash flows arising from financing activities represent the cash proceeds from the financing activities of the Group
and the repayments of these funds.
Employee Benefits
a) Defined benefit plans:
In accordance with existing social legislation in Turkey, the Company is required to make lump-sum termination
indemnity payments to each employee who has completed over one year of service with the Company and whose
employment is terminated due to retirement or for reasons other than resignation or misconduct. As detailed in
Note 15, the employee benefit liability is provided for in accordance with TAS 19 “Employee Benefits” and is based
on an independent actuarial study.
Employee Benefits (Cont’d)
Actuarial gains and losses that calculated by professional actuaries, are recognized in the actuarial gain/loss fund
regarding employee termination benefits in the equity. Recognized gains and losses shall not be transferred to
comprehensive statement of income in the following periods. Reserve for employee termination benefits is
recognized to financial statements that calculated with the discount rate estimated by professional actuarial.
b) Unused vacation
Unused vacation rights accrued in the consolidated financial statements represents estimated total provision for
potential liabilities related to employees' unused vacation days as of the balance sheet date.
3. Segment reporting
Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating
decision makers of the Group. The chief operating decision makers, who are responsible for allocation resources
and assessing performance of the operating segments, have been identified as the senior management that makes
strategic decisions.
The senior management of the Group makes strategic decisions as a whole over the operations of the Group as the
Group operates in a single industry and operations outside Turkey do not present an important portion in overall
operations. Based on those reasons, there is a single reportable segment in accordance with the provisions in TFRS
8 and segment reporting is not applicable.
25
4. Cash and cash equivalents
September 30, 2023 December 31, 2022
Cash on hand 828.368 583.373

Banks
- Demand deposits 1.679.635 795.760
- Profit share deposits - 300.000
Cash in transit 752.747 502.620
Cash and cash equivalents 3.260.750 2.181.753

Less: Accrual for profit share - (6.386)
Cash and cash equivalents for cash flow 3.260.750 2.175.367
As of September 30, 2023 and December 31, 2022 there is no restricted cash. As of 30 September 2023, there is no
participation account. (December 31, 2022: 21,00% for TRY) Since the profit share deposits are not used for
investment purposes by the Group, are readily convertible to a known amount of cash and be subject to an
insignificant risk of changes in value, profit share deposits are classified as cash and cash equivalents.
5. Financial assets
a) Short-term financial assets
As of September 30, 2023 and December 31, 2022 Group’s short-term financial investments, consisting out of
lease certificates and real estate investment funds which are less than one-year maturity are detailed in the table
below with their amortized cost value.
Real Estate Investment Funds 7.074.503 2.012.357

7.074.503 2.012.357
b) Long-term financial assets
Financial investments amounting to TRY 2.092.540 as of September 30, 2023 are detailed below
(December 31, 2022: TRY 2.092.540).
i) Financial assets measured at fair value through other comprehensive income:
The details of subsidiaries and associates financial investment of the Group are as below:
Share September 30, Share December 31,

Name of subsidiary (%) 2023 (%) 2022
FLO Mağazacılık ve Pazarlama A.Ş. (*) 11,5 2.092.540 11,5 2.092.540

2.092.540 2.092.540
(*) As of 31 December 2022, the fair value of the related financial asset has been calculated by the valuation
company using the discounted cash flow analysis method using 22.5% discount rate and 7.9% final growth
rate.
26
6. Financial liabilities
a) Bank Loans
As of September 30, 2023, the Group has no short-term interest-free financial debts from banks.
b) Lease Liabilities
Short-term portion of long-term liabilities September 30, 2023 December 31, 2022
Lease liabilities 3.905.865 2.450.374

3.905.865 2.450.374
Long-term lease liabilities September 30, 2023 December 31, 2022
Lease liabilities 15.279.925 9.460.474

15.279.925 9.460.474
Total borrowings 19.185.790 11.910.848
b) Lease Liabilities (Cont’d)
As of the report date, the maturity dates of the financial liabilities are as follows:
Shorter than 3 months 973.713 690.239

3 - 12 month 2.932.152 1.760.135
More than 12 months 15.279.925 9.460.474
19.185.790 11.910.848
Fair values are determined by using average effective annual financing rates.
As of September 30 , 2023 and 2022, the movement table of the Group's liabilities arising from leasing transactions
is as follows.
September 30, 2023 September 30, 2022

Opening - January 1 11.910.847 8.040.869
Cash outflows from payments of lease liabilities (2.623.693) (1.643.133)

Additions (Note 12) 8.430.270 3.442.634
Changes in financial expenses accrual (Note 23) 1.329.403 776.155
Exchange rate differences 81.820 49.580
Change in accruals for termination of lease 36.342 25.281
Foreign currency translation differences 20.801 (149.307)
Closing - September 30 19.185.790 10.542.079
27
7. Trade receivables and payables
a) Trade receivables from third parties

September 30, December 31, 2022
2023
Credit card receivables 13.809.678 7.056.083

Trade receivables from third parties 23.285 17.893
Other trade receivables 317 370
13.833.280 7.074.346
As of September 30, 2023 the average term of credit card receivables is 16 days (December 31, 2022: 13 days).

2023
Trade payables 41.022.600 22.813.209

Rediscount expense (-) (647.397) (551.695)
40.375.203 22.261.514
As of September 30, 2023 the average term of trade payables is 63 days (December 31, 2022: 56 days). As of
September 30, 2023 letters of guarantee, cheques and notes are amounting to TRY 2.520.503 and mortgages are
amounting to TRY 47.909 (December 31, 2022: letters of guarantee, cheques and notes amounting to TRY
1.038.022 and mortgages amounting to TRY 32.722).
8. Other receivables
a) Other receivables from related parties

2023
Receivables from related parties 1.402 988

1.402 988
b) Other receivables from third parties

2023
Other receivables 351.574 108.901

Doubtful receivables 11.738 11.386
Less: Allowance for doubtful receivables (11.738) (11.386)
351.574 108.901
Current period movement of allowance for doubtful receivables is as follows:
September 30, September 30, 2022

2023
Balance at the beginning of the period – January 1 11.386 11.508

Allowance for doubtful receivables 609 (1.149)
Collection in current year (257) 1.145
Balance at the end of the period –September 30 11.738 11.504
28
9. Inventories
2023
Trade goods, net 24.224.802 14.547.031

Other 164.935 108.836
Allowance for impairment on inventory (-) (365.373) (23.884)
24.024.364 14.631.983
Cost of inventories amounting to TRY 152.292.717 (September 30, 2022: TRY 86.674.481) was recognized under
cost of sales.
As of 30 September 2023, an inventory impairment provision amounting to TL 365.373 (31 December 2022: TL
23.884) has been reserved for commercial goods.
The movement of impairment for inventories in 2023 and 2022 is as follows:
Balance at the beginning of the period - January 1 23.884 14.711

Allowance cancellations (23.884) (14.711)
Allowance for impairment 365.373 22.121
Balance at the end of the period - September 30 365.373 22.121
10. Property, plant and equipment
The movements of property and equipment and the related accumulated depreciation for the periods ended
September 30, 2023 and 2022 are as follows:
Currency September
January 1, Provision for translation 30,
2023 Additions Disposals Transfers impairment differences 2023
Cost or revalued amount

Land 6.021.234 314.670 - - - 23.322 6.359.226
Land improvements 73.535 11.323 (2.566) - - - 82.292
Buildings 9.208.408 268.166 (9.147) 321 (60.362) 6.084 9.413.470
Machinery and equipment 4.540.037 1.387.357 (49.522) 43.379 - 341.373 6.262.624
Vehicles 999.949 437.458 (14.652) (9.890) - 71.628 1.484.493
Furniture and fixtures 1.864.461 736.510 (29.410) (18.633) - 98.281 2.651.209
Leasehold improvements 3.950.013 1.243.967 (70.265) 12.799 - 446.638 5.583.152
Construction in progress 256.366 875.127 (67.977) (27.976) - (28.666) 1.006.874
26.914.003 5.274.578 (243.539) - (60.362) 958.660 32.843.340
Less: Accumulated
depreciation
Land improvements (31.305) (4.476) 398 - - - (35.383)
Buildings - (476.407) 425 - 885 (2.415) (477.512)
Machinery and equipment (1.667.913) (414.154) 26.538 - - (262.983) (2.318.512)
Vehicles (421.878) (155.281) 8.681 - - (48.280) (616.758)
Furniture and fixtures (794.005) (282.842) 16.996 - - (66.248) (1.126.099)
Leasehold improvements (1.458.252) (313.860) 21.826 - - (304.762) (2.055.048)
(4.373.353) (1.647.020) 74.864 - 885 (684.688) (6.629.312)
Net book value 22.540.650 26.214.028
29
10. Property, plant and equipment (Cont’d)

Currency
January 1, translation September 30,
2022 Additions Disposals Transfers differences 2022
Cost or revalued amount

Land 1.463.735 8.455 - - 7.962 1.480.152
Land improvements 41.012 8.472 - 233 - 49.717
Buildings 2.356.663 59.975 (67) 159.967 2.737 2.579.275
Machinery and equipment 2.882.275 976.457 (28.734) 65.393 94.077 3.989.468
Vehicles 531.058 296.843 (4.924) 17.969 17.920 858.866
Furniture and fixtures 1.099.541 516.112 (15.346) 6.387 23.694 1.630.388
Leasehold improvements 2.562.317 739.028 (13.181) 56.099 130.670 3.474.933
Construction in progress 252.161 350.874 - (306.048) 1 296.988
11.188.762 2.956.216 (62.252) 0 277.061 14.359.787
Less : Accumulated depreciation

Land improvements (26.208) (3.544) 0 - - (29.752)
Buildings (135.047) (117.817) 2 - 329 (252.533)
Machinery and equipment (1.213.354) (239.793) 19.390 - (75.660) (1.509.417)
Vehicles (296.255) (79.784) 3.508 - (11.806) (384.337)
Furniture and fixtures (562.737) (159.885) 14.016 - (16.592) (725.198)
Leasehold improvements (1.084.859) (200.776) 8.184 - (83.341) (1.360.792)
(3.318.460) (801.599) 45.100 - (187.070) (4.262.029)
Net book value 7.870.302 10.097.758
As September 30, 2023, depreciation expense amounting to TRY 1.459.732 (January 1- September 30, 2022: TRY
758.621) were recognized in marketing expenses and TRY 132.611 (January 1- September 30, 2022: TRY 40.249)
in general and administrative expenses and TRY 54.677 (January 1 – September 30, 2022:TRY 2.729) were
recognized in cost of goods sold for the period January 1- September 30, 2023. The land and buildings were revalued
and reflected to financial statements with their fair value. The book values of such assets were adjusted to the revalued
amounts and the resulting surplus net of deferred income tax was credited to revaluation surplus in the equity. The
revaluation surplus is not available for distribution to shareholders.
If the Group does not adopt the revaluation model in accordance with TAS 16, the net book values of the items of
property and equipment as of September 30, 2023 and December 31, 2022 are as follows:
Land 678.258 363.588

Buildings 2.084.366 1.755.838
2.762.624 2.119.426
30
Fair values of land and buildings
An independent valuation of the group’s land and buildings was performed by valuers to determine the fair value of
the land and buildings as at September 30, 2023. The revaluation surplus, as of December 31, 2022 net of applicable
deferred income taxes was credited to other comprehensive income and is shown in ‘property and equipment
revaluation reserve’ in shareholders equity. The fair value of non-financial assets by valuation method is calculated
by inputs observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from
prices) (Level 2).
Valuation techniques used to derive level 2 fair values
Sale or purchase costs or tax deductions are not taken into account in assumption of Level 2 fair value of land and
buildings. The most common valuation techniques used is market comparable method, and for some land and
buildings cost and income approach including discounted cash flow analysis are also used. Comparable value per
square meter is determined based on assumptions such as bargaining share and adjustment for location in market
comparable method.
Market comparable method
A property’s fair value is estimated based on comparison of sales and market data of similar or comparable properties.
The revaluated property is compared with the sales of similar properties in the market or asked price and bid price.
Discounted cash flow method
Value assumption is conducted through discount method by taking into account the data of expenditure and revenue
belong to the revaluated property. The reduction is associated with value and revenue converting the amount of
revenue to value assumption. Either the ratio of proceeds or/and discount should be taken into consideration. Within
this approach, Direct Capitalization of Income and Cash Flow Analysis are applied predominantly. During the
application of Direct Capitalization of Income, rental data belong to the similar real estate in the same region where
the property based in has been used. Unless enough data for probable ratio of capitalization is attained, the method
aforementioned has not been applied on.
Cost approach
Instead of purchase of property, the probability of construction of the same of the property or another property
provides the same benefit is taken into account. In practice the estimated value includes the amortization of old and
less functional properties in case new one’s cost exceeds the potential price to be paid for revaluation of the property.
It determines how transaction will be traded in the market and the approach and methods will be used in estimation
of fair value of land and building. Sales prices of comparable land and buildings in close proximity are adjusted for
differences in key attributes such as property size. The most significant input into the valuation approach is price per
square meter.
In the market comparable method, one of the methods applied during the valuation, room for negotiation has been
considered and reconciliation has done for the positive and negative features of property with respect to the
precedents.
31
Valuation processes of the group
The Group’s finance department reviews the fair value of land and buildings for reporting purposes. On an annual
basis, the Group engages external, independent and CMB licensed valuation firm.
Revaluations are performed with sufficient regularity to ensure that the fair value of a revalued asset does not differ
materially from its carrying amount as of balance sheet date. Group revaluates the amount of their lands and buildings
every 3 years unless there is a change in the circumstances. The valuation of land and buildings was performed as of
December 31, 2022.
The fair values of the land and buildings (administrative building, warehouses and stores) of the Group have been
determined by a real estate appraisal company who has CMB license, holds a recognised and relevant professional
qualification and has recent experience in the location and category of the land and buildings.
Pledges and mortgages on assets
As of September 30, 2023 and December 31, 2022, there is no pledge or mortgage on property and equipment of the
Group.
11. Intangible assets
The movements of intangible assets and related accumulated amortization for the periods ended J September 30, 2023
and 2022 are as follows:
Currency
2023 Additions Disposals differences 2023
Cost
Right 126.662 26.481 (100) 34.317 187.360
126.662 26.481 (100) 34.317 187.360
Accumulated amortization
Right (75.049) (15.074) 69 (5.469) (95.523)
(75.049) (15.074) 69 (5.469) (95.523)
Net book value 51.613 91.837
Currency
Cost
Right 110.486 9.558 (1.016) 1.695 120.723
Other intangible assets 307 - (8) - 299
110.793 9.558 (1.024) 1.695 121.022
Accumulated amortization
Right (57.243) (11.418) 198 (1.570) (70.033)
Other intangible assets (326) (3) 5 - (324)
(57.569) (11.421) 203 (1.570) (70.357)
Net book value 53.224 50.665
32
11. Intangible assets (Cont’d)
As of September 30, 2023 amortization expense amounting to TRY 13.791 (January 1- September 30, 2022: TRY
10.829) has been charged in marketing expenses and TRY 1.253 (January 1- September 30, 2022: TRY 575) in
general and administrative expenses and TRY 30 (January 1- September 30, 2022: 17.) is included in the cost of
sales.
The intangible assets are amortized over estimated useful life which is 5 years. The rights mainly consist of
software licenses.
12. Right of Use Assets
The movements of right use of assets and the related accumulated depreciation for the period ended
September 30, 2023 and 2022 as follows:
Currency
Building 14.611.329 8.347.987 (652.775) 1.244.867 23.551.408

Vehicles 339.561 82.283 (27.135) 33.425 428.134
14.950.890 8.430.270 (679.910) 1.278.292 23.979.542
Less: Accumulated amortization

Building (4.030.019) (1.515.585) 87.393 (653.452) (6.111.663)
Vehicles (223.906) (71.655) 12.386 (23.406) (306.581)
(4.253.925) (1.587.240) 99.779 (676.858) (6.418.244)
Net book value 10.696.965 17.561.298
Currency
Building 9.575.434 3.370.740 (372.089) 355.846 12.929.931

Vehicles 266.930 71.894 (8.727) 9.162 339.259
9.842.364 3.442.634 (380.816) 365.008 13.269.190
Less: Accumulated amortization

Building (2.607.641) (950.226) 57.477 (158.323) (3.658.713)
Vehicles (148.314) (58.717) 4.997 (6.503) (208.537)
(2.755.955) (1.008.943) 62.474 (164.826) (3.867.250)
Net book value 7.086.409 9.401.940
For the period ended September 30, 2023, TRY giderlerinin 1.455.054 (September 30, 2022, TRY 958.110) of
amortization expenses is recognized under selling and marketing expenses and TRY 132.186 (September 30, 2022
TRY 50.833) is recognized under general administrative expenses.
33
13. Provisions, contingent assets and liabilities
a) Short term provisions for employee benefits
Unused vacation amounting to TRY 217.588 is shown on the current provisions for employee benefits amounting
in the Group account of short-term provisions for the period ended September 30, 2023 (December 31, 2022: TRY
111.846).
Current period movement of short-term unused vacation provision is as follows:
Balance at the beginning of the period – January 1 111.846 60.717

Used in the period (111.846) (60.717)
Provision of unused vacation 217.588 99.950
Balance at the end of the period - September 30 217.588 99.950
b) Other short-term provisions
Legal provisions (*) 228.517 87.038

Other 66.092 38.483
Total 294.609 125.521
(*) As of September 30, 2023 and December 31, 2022, the total amount of outstanding lawsuits filed against
the Group, TRY 447.980and TRY 197.124 (in historical terms), respectively. The Group recognized
provisions amounting to TRY 228.517 and TRY 87.038 for the related periods, respectively.
Current period movement of provision for lawsuits is as follows:
September 30, 2023 September 30,
2022
Balance at the beginning of the period - January 1 87.038 53.130

Provisions required 141.479 26.978
Balance at the end of the period – September 30 228.517 80.108
34
13. Provisions, contingent assets and liabilities (Cont’d)
Letter of guarantees, mortgages and pledges given by the Group
As of September 30, 2023 and December 31, 2022, breakdown of the guarantees, mortgage and pledges given by
the Group is as follows:
September 30, 2023
Total
TRY Moroccan
equivalent TRY US Dollars EUR Dirham
A. Total amount of guarantees, pledges and
mortgages given in the name of 156.238 149.370 250.870 - -
Guarantee 156.238 149.370 250.870 - -
Pledge - - - - -
Mortgage - - - - -
B. Total amount of guarantees, pledges and
mortgages provided on behalf of the parties
which are included in the scope of full
consolidation - - - - -
Guarantee - - - - -
Pledge - - - - -
Mortgage - - - - -
C. Total amount of guarantees, pledges and
mortgages provided on behalf of third
parties to conduct business activities - - - - -
D. Total amount of other guarantees, pledges
and mortgages - - - - -
i. On behalf of majority Shareholder - - - - -
ii. On behalf of other group companies
which are not covered in B and C above - - - - -
iii. On behalf of third parties which are not
covered by item C - - - - -
Total 156.238 149.370 250.870 - -
35
13. Provisions, contingent assets and liabilities (Cont’d)

December 31, 2022
Total
TRY Moroccan
equivalent TRY US Dollars EUR Dirham
A. Total amount of guarantees, pledges and

mortgages given in the name of 76.101 71.459 250.870 - -
Guarantee 76.101 71.459 250.870 - -
Pledge - - - - -
Mortgage - - - - -
B. Total amount of guarantees, pledges and
mortgages provided on behalf of the parties
which are included in the scope of full
consolidation - - - - -
Guarantee - - - - -
Pledge - - - - -
Mortgage - - - - -
C. Total amount of guarantees, pledges and
mortgages provided on behalf of third
parties to conduct business activities - - - - -
D. Total amount of other guarantees, pledges
and mortgages - - - - -
i. On behalf of majority Shareholder - - - - -
ii. On behalf of other group companies
which are not covered in B and C above - - - - -
iii. On behalf of third parties which are not
covered by item C - - - - -
Total 76.101 71.459 250.870 - -
Insurance coverage on assets
As of September 30, 2023, and December 31, 2022, insurance coverage on assets of the Group is TRY 39.417.155
and TRY 27.707.641 respectively.
14. Prepaid Expenses and Deferred Income
a) Short term prepaid expenses
Order advances given to third parties for inventories 1.470.504 808.182

Order advances given to related parties (Note 28) - 15.193
Prepaid service expenses 59.909 135.335
Other 75.726 17.950
1.606.139 976.660
36
14. Prepaid Expenses and Deferred Income (Cont’d)
b) Long term prepaid expenses

2023 2022
Advances given for property, plant and equipment 1.043.424 443.287

Other 18.572 12.658
1.061.996 455.945
c) Deferred Income

2023 2022
Gift cards income 318.312 142.829

Other 968 16
319.280 142.845
15. Employee termination benefits

2023 2022
Provision for employee termination benefits 1.172.110 995.345

1.172.110 995.345
The amount payable consists of one month’s salary limited to a maximum of full TRY 23.489,8for each period of
service as of September 30, 2023 (December 31, 2022: full TRY 15.371,40). The retirement pay provision ceiling
is revised semiannually, and full TRY 23.489,83 which is effective from September 30, 2022, is taken into
consideration in the calculation of provision for employment termination benefits (effective from December 31,
2022: full TRY 15.371,40). Liability of employment termination benefits is not subject to any funding as there is
not any obligation. Provision is calculated by estimating the present value of the future probable obligation of the
Group arising from the retirement of the employees. TAS 19 “Employee Benefits” requires actuarial valuation
methods to be developed to estimate the Group’s obligation under the defined benefit plans. The following
actuarial assumptions are used in the calculation of the total liability. Actuarial loss/ (gain) is accounted in the
statement of comprehensive income under “Actuarial gain/loss from defined benefit plans”.
The principal assumption is that the maximum liability for each year of service will increase in line with inflation.
Thus, the discount rate applied represents the expected real rate after adjusting for the anticipated effects of future
inflation. Consequently, in the accompanying consolidated financial statements as of September 30, 2023, and
2022, the provision is calculated by estimating the present value of the future probable obligation of the Group
arising from the retirement of the employees. Provisions at the balance sheet date were calculated by using real
discount rate of 4,05% by assuming an annual inflation rate of 17,80% (December 31, 2022: 17%) and a discount
rate of 21,85% (December 31, 2022: 21,5 %). The anticipated rate of termination benefits not paid as a result of
voluntary leaves is also taken into consideration. The real discount rate obtained according to the assumptions is
calculated by using 4.05% per annum. The estimated ratio of severance pay amounts that will not be paid to the
Group as a result of voluntary dismissals have also been taken into account.
The following tables summarize the components of net benefit expense recognized in the comprehensive statement
of income and amounts recognized in the balance sheet:
37
15. Employee termination benefits (Cont’d)
Current service cost (Note 20) 261.345 68.385

Interest cost of employee termination benefit (Note 23) 98.905 58.207
Total 360.250 126.592
Changes in the carrying value of defined benefit obligation are as follows:
Balance at the beginning of the period -January 1 995.345 388.923

Service cost of severance pay 98.905 68.385
Interest cost of employee termination benefit 261.345 58.207
Payments made in the current period (673.917) (107.810)
Actuarial loss/(gain) during the period 490.432 -
Balance at the end of the period - September 30 1.172.110 407.705
16. Other assets and liabilities
a) Other current assets

2023 2022
VAT receivable 1.497.827 1.106.742

Other 12.468 1.372
1.510.295 1.108.114
b) Other current liabilities

2023 2022
Taxes and funds payables 850.202 439.398

Other 249 3.925
850.451 443.323
38
17. Equity
a) Share capital and capital reserves
As of September 30, 2023, and December 31,2022, the breakdown of shareholders and their ownership percentages
in the Company are summarized as follows.

Historical Historical
cost (%) cost (%)
Merkez Bereket Gıda Sanayi ve Ticaret A.Ş. 92.000 15,15 92.000 15,15
Naspak Gıda Sanayi ve Ticaret A.Ş. 70.000 11,53 68.600 11,30
Other 15.012 2,47 15.012 2,47
Publicly traded 430.188 70,85 431.588 71,08
607.200 100,00 607.200 100,00
The Company’s share capital is fully paid and consists of 607.200.000 (December 31, 2022: 607.200.000) shares
of full TRY 1 nominal value each.
Property, plant and equipment revaluation fund
As of September 30, 2023 the Group has revaluation fund amounting TRY 12.459.118 (December 31, 2022: TRY
12.566.677) related to revaluation of land and buildings. The revaluation fund is not available for distribution to
shareholders.
b) Restricted reserves and retained earnings
The legal reserves consist of first and second legal reserves, per the Turkish Commercial Code (TCC). The TCC
stipulates that the first legal reserve is appropriated out of net statutory profits at the rate of 5% per annum, until
the total reserve reaches 20% of the Company’s historical paid-in share capital. The second legal reserve is
appropriated at the rate of 10% per annum of all cash distributions in excess of 5% of the historical paid-in share
capital. Under TCC, the legal reserves are not available for distribution unless they exceed 50% of the historical
paid-in share capital but may be used to offset losses in the event that historical general reserve is exhausted.
The statutory accumulated profits and statutory current year profit are available for distribution, subject to the
reserve requirements referred to above and Turkish Capital Market Board (CMB) requirements related to profit
distribution. Listed companies distribute dividend in accordance with the Communiqué No. II-19.1 issued by the
CMB which is effective from February 1, 2014.
Companies distribute dividends in accordance with their dividend payment policies settled and dividend payment
decision taken in general assembly and also in conformity with relevant legislations. The communiqué does not
constitute a minimum dividend rate. Companies distribute dividend in accordance with the method defined in their
dividend policy or articles of incorporation. In addition, dividend can be distributed by fixed or variable instalments
and advance dividend can be paid in accordance with profit on financial statements of the Company.
In accordance with the Turkish Commercial Code (TCC), unless the required reserves and the dividend for
shareholders as determined in the article of association or in the dividend distribution policy of the company are
set aside, no decision may be made to set aside other reserves, to transfer profits to the subsequent year or to
distribute dividends to the holders of usufruct right certificates, to the members of the board of directors or to the
employees, and no dividend can be distributed to these persons unless the determined dividend for shareholders is
39
17. Equity (Cont’d)
b) Restricted reserves and retained earnings (Cont’d)

paid in cash. Dividend distribution policy of the Company is in line with the CMB Law numbered 6362 dated
December 31, 2012.
Inflation adjustment to shareholders' equity and book value of extraordinary reserves can be used as an internal
source in capital, dividend distribution in cash or net-off against prior years’ loss. In case the inflation adjustment
to shareholders’ equity is used for dividend distribution in cash, the distribution is subject to corporate tax.
As of September 30, 2023, and December 31, 2022 legal reserves, prior year profits and net income for the period in
statutory accounts of the Company are as follows:

Legal reserves 2.108.817 1.698.046
Extraordinary reserves 4.338.545 857.514
Net profit for the period 6.994.926 5.100.486
13.442.288 7.656.046
As of September 30, 2023, net profit for the Company’s statutory books is TRY 6.994.926 (December 31, 2022:
TRY 5.100.486) and net profit per consolidated financial statements in accordance with CMB accounting standards
is TRY 8.043.008 (December 31, 2022: TRY 8.158.851). Equity holders of the parent company of profit is TRY
8.048.672 (December 31, 2022: TRY 8.156.913).
c) Treasury Shares
As part of the resolution of the Board of Directors on 2 February 2023, buy-back operations have been started. As
part of such buy-back operation shares of the Company which are equivalent to 842.008 units of BİM shares
corresponding to TRY 110.206.535 have been repurchased. As of September 30, 2023, 10.200.000 shares
repurchased for a total of TRY 747.689.357 (full TRY) together with the purchases made in the previous periods,
in the Company's capital is 1.6798%.
The financing of share repurchases is provided by the Company’s internal resources. As of the report date, there
has been no sale of the repurchased shares.
d) Dividend payment
At the Ordinary General Assembly meeting dated 16 May 2023, it was decided to distribute 3.036.000.000 (full
TL) cash dividends from the profits of 2022 to the shareholders and to make the payment in 2 installments on 14
June 2023 and 20 December 2023. Accordingly, the first installment from the profit of 2022, a gross dividend of
1.214.400 TL (2021: 910.800 TL), has been completed as of the report date. The gross dividend amount paid per
share is 2 full TL and a total of 20.400 TL of the dividend amount consists of the Group's dividend payment
corresponding to its own shares. The second installment, a gross dividend of TL 1,821,600, has been accounted
for in other payables to the related parties and will be distributed to the partners as of 20 December 2023. The
gross dividend payable per share is 3 full TL. In addition, Bim Stores S.A., one of the Group companies, distributed
a dividend of 57,189,757 full TL to its non-group shareholders on 13 June 2023 from its 2022 profit.
Non – controlling interest
Equity in a subsidiary that is not directly or indirectly associated with the parent is classified under “Non-
controlling interests” in the consolidated financial statements.
As of September 30, 2023, the relevant amount in the "Non-controlling interests" account in the consolidated
statement of financial position is TRY 238.599. In addition, net profit or loss in a subsidiary that is not directly or
indirectly attributed to a parent is classified under “Non-controlling interests” in the consolidated statement of
profit or loss. As of September 30, 2023, the amount of profit attributable to minority interests in the consolidated
statement of comprehensive loss is 5.664.
40
18. Sales and cost of sales
a) Net Sales
The Group’s net sales for the periods ended September 30, 2023, and 2022 are as follows:
January 1- July 1- January 1- July 1-

September 30, September 30, September 30, September 30,
2023 2023 2022 2022
Sales 184.566.471 74.806.801 103.124.004 41.366.272

Sales returns (-) (948.130) (401.119) (503.556) (195.163)
183.618.341 74.405.682 102.620.448 41.171.109
b) Cost of sales

2023 2023 2022 2022
Beginning inventory 14.547.031 18.986.722 6.666.107 12.969.679

Purchases 157.756.394 64.047.531 91.631.135 35.101.110
Depreciation and amortization expenses 54.707 25.534 2.745 1.046
Ending inventory (-) (24.224.802) (24.224.802) (14.175.856) (14.175.856)
148.133.330 58.834.985 84.124.131 33.895.979
19. Operational expenses

a) Marketing expenses

September 30, September September September 30,
2023 30, 2023 30, 2022 2022
Personnel expenses 13.479.862 5.760.367 6.178.681 2.570.770

Depreciation and amortization expense 2.928.577 1.105.894 1.727.562 653.122
Electricity, water and communication expenses 1.807.026 724.087 1.297.871 603.034
Maintenance and repair expenses 503.591 221.570 258.495 102.709
Advertising expenses 469.395 190.788 208.140 79.684
Truck fuel expense 437.354 216.787 351.770 147.184
Severance expenses 232.506 57.844 61.561 20.950
Packaging expenses 201.558 73.116 159.293 60.304
shipping expense 196.294 96.663 86.839 35.387
Stationery expenses 169.015 67.931 102.848 41.686
Rent expenses 124.543 57.906 50.845 20.979
Tax and duty expenses 114.506 39.937 54.071 15.892
Information technology expenses 101.564 44.174 61.101 23.850
Expenses written off fixture expenses 79.006 30.674 44.062 15.914
Cleaning expenses 53.402 21.634 37.181 13.181
Insurance expense 13.357 9.422 23.683 9.281
Other 550.360 244.252 216.602 82.775
21.461.916 8.963.046 10.920.605 4.496.702
41
19. Operational expenses (Cont’d)
b) General and administrative expenses

2023 2023 2022 2022
Personnel expenses 2.030.520 722.863 823.319 319.666

Tax and duty expense 301.141 109.703 206.483 124.721
Depreciation and amortization 266.050 116.784 91.656 12.126
Legal and consultancy expenses 104.779 56.443 41.269 15.942
Vehicle expenses 90.833 37.840 38.695 15.083
Money collection expenses 75.085 30.498 38.792 15.598
Severance expense 28.840 4.919 6.823 1.819
Electricity, water, gas and communication
23.836 6.603 15.579 4.117
expenses
Office supplies expenses 9.809 3.853 7.914 2.669
Other 239.331 94.768 108.705 31.165
3.170.224 1.184.274 1.379.235 542.906
20. Expenses by nature

a) Depreciation and amortization expenses

September 30, September 30, September 30, September
2023 2023 2022 30, 2022
Marketing and selling expenses 2.928.577 1.105.894 1.727.562 653.122

General and administrative expenses 266.050 116.784 91.656 12.126
Cost of sales 54.707 25.534 2.745 1.046
3.249.334 1.248.212 1.821.963 666.294
b) Personnel expenses

2023 2023 2022 2022
Wages and salaries 13.715.770 5.730.426 6.285.603 2.593.387

Social security premiums employer contribution 1.794.612 752.804 716.397 297.049
Provision for employee termination (Note 15) 261.345 62.763 68.385 22.770
15.771.727 6.545.993 7.070.385 2.913.206
42
21. Other operating income and expense
a) Other operating income

2023 2023 2022 2022
Gain on sale of scraps 96.543 27.362 102.616 39.704

Contract termination income (IFRS-16) 36.342 10.725 25.281 10.898
Commission and promotion income - - 15.252 5.390
Other income from operations(*) 674.890 213.140 110.114 34.778
807.775 251.227 253.263 90.770
(*) Most of the balance is due to the refund amount of the Competition Board Penalty within the scope of tax peace
(359.298 TL) and the related amount is exempt from corporate tax.
b) Other operating expense

2023 2023 2022 2022
Donation and aid expenses 130.189 31.388 38.430 8.345

Provision expenses 142.088 116.039 29.129 11.658
Other operating expenses 65.546 36.573 9.707 3.690
337.823 184.000 77.266 23.693
22. Financial income

2023 2023 2022 2022
Participation account income 130.980 16.306 100.356 25.215

Foreign exchange gains 45.910 18.858 79.555 35.902
176.890 35.164 179.911 61.117
23. Financial expenses

2023 2023 2022 2022
Financial expenses arises from lease liabilities 1.329.403 513.359 776.155 288.292
Foreign exchange losses 78.363 (2.905) 84.067 18.353
Interest cost related to provision for employee
termination (Note 15) 98.905 28.108 58.207 19.398
Other financial expenses 47.634 19.590 11.904 3.985
1.554.305 558.152 930.333 330.028
43
24. Income and expense from investing activities
a) Income from investing activities

2023 2023 2022 2022
Incomes from financial investments (*) 412.515 261.169 98.497 38.082

Currency from protected deposits - - 195.055 67.591
Dividend income 1.257 1.257 9.801 6.011
413.772 262.426 303.353 111.684
(*) The balance consists of income from investment funds and lease certificates of the Group.
b) Expense from investing activities
As of 30 September 2023, there is TL 31.027 on the sale of fixed assets. (September 30, 2022: None).
25. Tax assets and liabilities
As of September 30, 2023, and December 31, 2022, provision for taxes of the Group is as follows :

2023 2022
Current income tax liabilities 2.182.576 1.507.251

Current tax assets (Prepaid taxes) (794.859) (1.178.120)
Tax expense related to revaluation value expenditure fund
recognized in the statutory financial statements (*) - 26.082
Corporate tax payable 1.387.717 355.213
Current period corporate and income tax provision 2.182.576 1.507.251

Adjustments to prior period tax expense (-) (64.375) (72.553)
Tax expense related to revaluation value expenditure fund
recognized in the statutory financial statements (*) - 26.082
Tax expense %2 related to revaluation fund recognized in the
statutory financial statements (*) - 26.807
Current income tax liabilities 2.118.201 1.487.587
(*) It is the tax expense arising from the revaluation fund applied in the statutory financial statements of the
Company.
The Company and its subsidiaries, affiliates and joint ventures established in Turkey and other countries within
the scope of consolidation are subject to the applicable tax legislation and practices of the countries in which they
operate.
Amendments were made to the Corporate Tax Law No. 5520 with a Law published in the Official Gazette dated
15 July 2023. According to this, the corporate tax rate has been increased from 20% to 25%, starting from the
declarations that will be submitted as of 1 October 2023. In addition, starting from 15 July 2023; 50% tax exception
stipulated for immovable assets’ sales gains in the Law No. 5520 has been abolished with the amendment.
However, the 50% tax exemption ratio will be applied as 25% for the sales of immovable assets of the entities
acquired before 15 July 2023. (31 December 2022: 23%).
44
25. Tax assets and liabilities (Cont’d)
Companies calculate corporate tax at the rate of 25% on their quarterly financial profits and declare it until the
17th day of the second month following that period and pay it until the evening of the seventeenth day. The
temporary tax paid during the year belongs to that year and is deducted from the corporate tax to be calculated on
the corporate tax return to be submitted in the following year. If the amount of corporate tax paid remains despite
the deduction, this amount can be refunded in cash or set off against any other financial debt to the government.
In Morocco, as of September 30, 2023 the corporate tax rate is 31% (December 31, 2022: 31%) where the
consolidated subsidiary of the Company, BIM Maroc S.A. operates. Although retained earnings of BIM Stores
S.A. are the subject of a deduction that they are not carried forward for more than 5 years, a tax of %0,5 is paid on
sales. In Egypt, as of September 30, 2023 the corporate tax rate is 22.5% (December 31, 2022: 22.5%) where the
consolidated subsidiary of the Company, BIM Stores LLC operates.
Corporate tax losses can be carried forward for a maximum period of 5 years following the year in which the
losses were incurred. The tax authorities can inspect tax returns and the related accounting records for a
retrospective maximum period of five years.
10% withholding tax rate applies to dividends distributed by resident corporations resident real persons except for,
those who are not liable to income and corporation tax, non-resident real persons, non-resident corporations.
Dividend distribution by resident corporations to resident corporations is not subject to a withholding tax.
Furthermore, in the event the profit is not distributed or included in capital, no withholding tax shall be applicable.
In addition, if the profit is not distributed or added to the capital, the income tax is not calculated.
With the “Law Amending the Tax Procedure Law and the Corporate Tax Law”, which was accepted on the agenda
of the Turkish Grand National Assembly on January 20, 2022, the application of inflation accounting was
postponed starting from the balance sheet dated on December 31, 2023.
As of September 30, 2023, and December 31, 2022, temporary differences based for deferred tax and deferred tax
asset and liability calculated by using applicable tax rates are as follows:
Balance sheet Comprehensive income

September 30, December 31, September September 30,
2023 2022 30, 2023 2022
Deferred tax liability
Right-of-use asset 3.922.897 1.869.186 2.053.711 415.866

The effect of the revaluation of land and buildings 3.336.374 3.327.666 8.708 (3.848)
The effect of the revaluation of financial asset 97.382 97.382 - -
Other adjustments 168.165 121.008 47.157 106.381
Deferred tax asset

Lease liabilities (4.276.410) (2.104.270) (2.172.140) (447.067)
Tangible and intangible assets, except the effect (3.068.301) (3.559.298) 490.997 94.431
of revaluation effect
Provision for employee termination benefit (292.982) (199.069) (93.913) (3.764)
Other adjustments (542.131) (226.431) (315.700) (153.736)
Currency translation difference - - 25.516 8.270
Deferred tax (655.006) (673.826) 44.336 16.533
45
25. Tax assets and liabilities (Cont’d)
Deferred tax is presented in financial statements as follows:

Deferred tax assets 664.772 683.050

Deferred tax liabilities (9.766) (9.224)
Net deferred tax asset 655.006 673.826
Movement of net deferred tax liability for the periods ended September 30, 2023, and 2022 are as follows:
2023 2022
Balance at the beginning of the period - January 1 673.826 (284.188)
Deferred tax expense recognized in statement of profit or loss, net (166.944) 16.533
Deferred tax expense recognized in other comprehensive income 122.608 -
-Defined benefit plans revaluation fund loss 122.608 -
Foreign currency translation differences 25.516 (8.270)
Balance at the end of the period – September 30 655.006 (275.925)
Tax reconciliation
September 30, 2023 September 30,
2022
Profit before tax 10.328.153 5.925.405

Corporate tax provision calculated at effective tax rate of 25%
(July 30, 2022: %23) (2.582.038) (1.362.843)
Fiscal year losses which is no deferred tax not created - 121.573
Expenses and deductions that are not legally accepted 161.608 54.495
Effect of tax rate differences of the consolidated subsidiary (*) (28.110) (24.156)
Effect of sales of the consolidated subsidiary (22.190) (10.374)
Effect of tax rate changes 159.324 13.841
Adjustments to prior period tax expense 64.375 99.361
Other (38.114) (12.036)
(2.285.145) (1.120.139)
(*) Dost Global Danışmanlık A. Ş. fiscal year loss to BIM Stores LLC (BIM Egypt), a subsidiary.
Tax expense 2023 2022
Current period tax expense (2.118.201) (1.103.606)

Deferred tax income (166.944) (16.533)
Total tax expense (2.285.145) (1.120.139)
46
26. Earnings per share

Basic earnings per share is calculated by dividing the net profit for the period by the weighted average number of
ordinary shares outstanding during the period. Earnings per share for the period ended as of September 30, 2023, and
2022 is as follows. All shares of the Company are in same status.
Earnings per share 2023 2022
Average number of shares at the beginning of the period (Thousand) 597.144 598.001
Net profit of the year 8.048.672 4.793.018
13,48 8,02
(*) When calculating earnings per share, bonus shares are counted as issued shares. Therefore, the weighted
average number of shares used in the calculation of earnings per share has been obtained by retrospectively
considering the bonus shares issued.
27. Non – controlling interests
Details of non-controlling interests as of 30 September 2023 and 31 December 2022 are as follows:
Share of non – controlling interests %35 %35
Total assets 6.323.993 3.527.194
Total liabilities (5.642.282) (2.931.686)
Net assets 681.711 595.508
Non – controlling interests
238.599 208.428
Details of total revenue/expense of non-controlling interests as of 30 September 2023 and 2022 are as follows:
Revenue 8.064.628 5.017.280

Gross profit 1.346.860 927.836
Operating profit 84.943 118.280
Net income for the period (16.182) 34.993
Net profit for the period of non-controlling interests (5.664) 12.248
Other comprehensive income from non-controlling interests 93.025 28.989
Total comprehensive income of non-controlling interests 87.361 41.237
28. Related party disclosures
a) Prepaid expenses to related parties
As of 30 September 2023 and 31 December 2022, the balances of prepaid expenses to related parties are as
follows:

Apak Pazarlama ve Gıda Sanayi Tic. Ltd. Şti. (Apak)(1) - 15.193
- 15.193
47
28. Related party disclosures (Cont’d)
b) Payables related to goods and services received
Due to related parties balances as of September 30, 2023 and December 31, 2022 are as follows:
Payables related to goods and services received:
Related parties
2023 2022
Başak Gıda Dağıtım ve Pazarlama A.Ş. (Başak) (1) (*) 1.042.580 561.108
Hedef Tüketim Ürünleri San. ve Dış Tic. A.Ş. (Hedef) (1) (*) 452.994 446.598
Aktül Kağıt Üretim Pazarlama Anonim Şirketi 452.067 471.117
Turkuvaz Plastik ve Tem. Ürün. Tic. A.Ş. (Turkuvaz) (1) (*) 420.111 422.949
Sena Muhtelif Ürün Paketleme Gıda Sanayi ve Tic. Ltd. Şti.(Sena) (2) (*) 317.776 248.487
Apak Pazarlama ve Gıda Sanayi Tic. Ltd. Şti. (Apak)(1) 93.899 -
Ahenk Helva Şekerleme İm. İth. İhr. San. ve Tic. A.Ş. (Ahenk) (1) 55.362 35.682
Reka Bitkisel Yağlar Sanayi ve Ticaret A.Ş. (Reka)(1) 37.695 271.945
MTB Kağıt ve Temizlik Ürünleri San. Ve Tic. A.Ş. (MTB) (1) 23.541 14.796
Avansas Ofis Malzemeleri Ticaret A.Ş. (Avansas) (1) 5.030 5.824
Bahariye Mensucat San. ve Tic. A.Ş. (Bahariye)(1) - 5.228
2.901.055 2.483.734
(*) Trade payables to Başak Gıda are mainly from purchases of bread and other bakery products, while trade
payables to Hedef Tüketim mainly arise from, trade payables to Aktül Kağıt are mainly from purchases of paper
towels and other paper cleaning materials, trade payables to Turkuvaz Plastik mainly arise from purchases of
plastic products and plastic cleaning materials trade, payables to Sena are mainly from purchases of food products
purchases of non-food products.
(1) Companies owned by shareholders of the Company.

(2) Other related party.
c) Related party transactions
i) Purchases from related parties during the periods ended September 30, 2023 and 2022 are as follows:
Related parties
2023 2022
Başak (1) 4.379.086 2.546.972
Reka (1) 3.211.320 3.310.372
Hedef (1) 2.047.767 1.245.059
Turkuvaz (1) 1.674.711 1.276.018
Aktül(1) 1.506.934 1.201.021
Apak(1) 1.087.064 623.744
Sena(3) 1.056.478 652.303
Ahenk(1) 196.160 63.249
Avansas(1) 30.865 20.306
Bahariye Mensucat(1) 64 133
MTB(1) - 52.163
Evidea(1) - 66
15.190.449 10.991.406
48
28. Related party disclosures (Cont’d)
Affiliates and Subsidiaries
2023
İdeal Standart (2) - 23.927

- 23.927
Total Related Party Transaction 15.190.449 11.015.333

(1)
Companies owned by shareholders of the Company.
(2)
Subsidiaries of the Group that consolidated as of the date of 30 September 2023
(3)
Other related party.
ii) For the periods ended September 30, 2023, and 2022 salaries, bonuses and compensations provided to board
of directors and key management comprising of 209 and 189 personnel, respectively, are as follows:
2023
Short-term benefits to Executives 402.499 168.048

Total benefits 402.499 168.048
29. Financial instruments and financial risk management
The Group is exposed to a variety of financial risks, including the effects of changes in debt and equity market prices,
foreign currency exchange rates and profit share rates. These risks are market risk (including foreign currency risk
and profit share rate risk), credit risk and liquidity risk. The Group’s overall risk management program focuses on the
unpredictability of financial markets and seeks to minimize potential adverse effects on the financial performance of
the Group.
The Group’s principal financial instruments comprise cash and short-term interest free bank loans. The main purpose
of using these financial instruments is to raise finance for the Group’s operations. The Group has other financial
instruments such as trade receivables and payables which arise directly from its operations. The Group manages its
capital through cash provided by its operations and review of the maturities of the trade payables.
Price risk
Price risk is a combination of foreign currency, profit share and market risk. The Group naturally manages its price
risk by matching the same foreign currency denominated receivable and payables and assets and liabilities bearing
profit share. The Group closely monitors its market risk by analyzing the market conditions and using appropriate
valuation methods.
Profit share rate risk

The Group does not have material profit share rate sensitive asset. The Group’s income and cash flows from
operations are independent from profit share rate risk.
The Group’s profit share rate risk mainly comprises of outstanding short-term borrowings in the prior period. The
Group’s forthcoming loans in order to continue its operating activities are affected from forthcoming profit share
ratios.
49
29. Financial instruments and financial risk management (Cont’d)

Profit share rate position table
According to IFRS 7 “Financial Assets”, the profit share rate position of the Group is as follows:
Profit share position table September 30, December 31,
2023 2022
Financial assets Fixed profit share bearing financial instruments 7.074.503 2.312.357
Participation account - 300.000
Lease certificate & Investment fund & Currency
protected deposit 7.074.503 2.012.357
Financial liabilities - -
Financial assets Variable profit share bearing financial instruments - -
Financial liabilities - -
Credit risk
Credit risk is the risk that one party to a financial instrument will fail to discharge an obligation and cause the other
party to incur a financial loss. Since the Group is engaged in the retail sector and transactions are mainly on a cash
basis or has 1-month maturity credit card collections, the exposure to credit and price risk is minimal.
Credit risk table (Current period - September 30, 2023)
Credit card Other receivables Deposit
receivables in bank Financial assets
Related Other Related Other Related Other Related Other
party party party party party party party party
Maximum credit risk exposures as

of report date (A+B+C+D+E) - 13.833.280 1.402 417.075 - 1.679.635 2.092.540 7.074.503
- Maximum risk secured by
guarantees etc. - - - - - - - -
A. Net book value of financial

assets neither overdue nor
impaired - 13.833.280 1.402 417.075 1.679.635 2.092.540 7.074.503
B. Net book value of financial
assets that are renegotiated, if
not that will be accepted as past
due or impaired - - - - - - - -
C. Carrying value of financial assets
that are past due but not
impaired - - - - - - - -
- The part under guarantee
with collateral etc. - - - - - - - -
D. Net book value of impaired
assets - - - - - - - -
- Past due (gross carrying
amount) - - - 11.738 - - - -
- Impairment - - - (11.738) - - - -
- The part of net value under
guarantee with collateral etc. - - - - - - - -
- Not past due (gross carrying
amount) - - - - - - - -
- Impairment - - - - - - - -
E. Off-balance sheet items with
credit risk - - - - - - - -
50
Credit risk table (Previous period - December 31, 2022)
Credit card Other receivables Deposit

receivables in bank Financial assets
Related Other Related Other Related Other Related Other
party party party party party party party party
Maximum credit risk exposures as

of report date (A+B+C+D+E) - 7.074.346 988 164.048 - 1.095.760 2.092.540 2.012.357
- Maximum risk secured by
guarantees etc. - - - - - - - -
A. Net book value of financial
assets neither overdue nor
impaired - 7.074.346 988 164.048 - 1.095.760 2.092.540 2.012.357
B. Net book value of financial
assets that are renegotiated, if
not that will be accepted as past
due or impaired - - - - - - - -
C. Carrying value of financial assets
that are past due but not
impaired - - - - - - - -
- The part under guarantee
with collateral etc. - - - - - - - -
D. Net book value of impaired
assets - - - - - - - -
- Past due (gross carrying
amount) - - - 11.386 - - - -
- Impairment - - - (11.386) - - - -
- The part of net value under
guarantee with collateral
etc. - - - - - - - -
- Not past due (gross carrying
amount) - - - - - - - -
- Impairment - - - - - - - -
E. Off-balance sheet items with
credit risk - - - - - - - -
51
(Convenience translation of the independent auditors’ report and consolidated financial statements originally issued in Turkish)
Notes To The Interim Consolidated Financial Statements As At and

For The Period Ended September 30, 2023
(Amounts expressed in thousands of Turkish Lira (“TRY”) unless otherwise stated and all other currencies are expressed in full amounts unless otherwise stated.)

There is an insignificant amount of foreign currency denominated assets and liabilities, so the Company does not use derivative financial instruments or future contracts to reduce
the risk of foreign currency.
Foreign currency position
As of September 30, 2023, and December 31, 2022, the Group’s foreign currency position is as follows:
TRY TRY
Equivalent Full US Dollars Full EUR Full GBP Equivalent Full US Dollars Full EUR Full GBP
1. Trade receivables 82.858 2.330.945 656.001 - 42.920 2.261.535 31.743 -

2a. Monetary financial assets (including cash, banks accounts) 119.177 3.464.271 829.711 7.466 31.619 1.121.063 526.145 7.466
2b. Non-monetary financial assets - - - - - - - -
3. Other - - - - - - - -
4. Current assets (1+2+3) 202.035 5.795.216 1.485.712 7.466 74.539 3.382.598 557.888 7.466
5. Trade receivables - - - - - - - -
6a. Monetary financial assets - - - 2 - - - 2
6b. Non-monetary financial assets - - - - - - - -
7. Other - - - - 170 9.100 - -
8. Current assets (5+6+7) - - - 2 170 9.100 - 2
9. Total assets (4+8) 202.035 5.795.216 1.485.712 7.468 74.709 3.391.698 557.888 7.468
10. Trade payables 15 - 500 - 30 - 1.481 -
11. Financial liabilities 110.162 - 3.794.692 - 78.092 - 3.917.390 -
12a. Monetary other liabilities - - - - - - - -
12b. Non-monetary other liabilities - - - - - - - -
13. Current liabilities (10+11+12) 110.177 - 3.795.192 - 78.122 - 3.918.871 -
14. Trade payables - - - - - - - -
15. Financial liabilities 78.355 - 2.699.064 - 165.534 - 8.303.735 -
16a. Monetary other liabilities - - - - - - - -
16b. Non-monetary other liabilities - - - - - - - -
17. Non-current liabilities (14+15+16) 78.355 - 2.699.064 - 165.534 - 8.303.735 -
18. Total liabilities (13+17) 188.532 - 6.494.256 - 243.656 - 12.222.606 -
19. Net asset/(liability) position of off-balance sheet derivative - -
instruments (19a-19b) - - - - - -
19a. Hedged total assets amount - - - - - - - -
19b. Hedged total liabilities amount - - - - - - - -
20. Net foreign currency asset/(liability) position (9-18+19) 13.503 5.795.216 (5.008.544) 7.468 (168.947) 3.391.698 (11.664.718) 7.468
21. Net foreign currency asset/(liability) position of monetary items 13.503 5.795.216 (5.008.544) 7.468
(IFRS 7.b23) (=1+2a+5+6a-10-11-12a-14-15-16a) (169.117) 3.382.598 (11.664.718) 7.468
22. Total fair value of financial instruments used for foreign currency
hedging - - - - - - - -
23. Export - - - - - - - -
24. Import - - - - - - - -
52
(Convenience translation of the independent auditors’ report and consolidated financial statements originally
issued in Turkish)

(Amounts expressed in thousands of Turkish Lira (“TRY”) unless otherwise stated and all other currencies are expressed in full amounts
unless otherwise stated.)
Exchange rate risk
The following table demonstrates the sensitivity to a possible change in the US Dollar and Euro exchange rates,
with all other variables held constant, of the Group’s profit before tax as of September 30, 2023, and December
31, 2022.
September 30, 2023
Exchange rate sensitivity

analysis
Current Period
Profit/(Loss) Equity
Foreign Foreign Foreign Foreign
currency currency currency currency
appreciation depreciation appreciation Depreciation
Change of US Dollars against TRY by

10%:
1- US Dollars net asset/(liability) 15.865 (15.865) - -

2- Protected part from US Dollars risk (-) - - - -
3- US Dollars net effect (1+2) 15.865 (15.865) - -
Change of EUR against TRY by 10%:
4- EUR net asset/(liability) (14.540) 14.540 - -

5- Protected part from EUR risk (-) - - - -
6- EUR net effect (4+5) (14.540) 14.540 - -
Change of GBP against TRY by 10%:
7- GBP net asset/(liability) 25 (25) - -

8- Protected part from GBP risk (-) - - - -
9- GBP net effect (7+8) 25 (25) - -
Total (3+6+9) 1.350 (1.350) - -
53
issued in Turkish)

December 31, 2022
Exchange rate sensitivity

analysis
Prior Period
Profit/(Loss) Equity
Foreign Foreign Foreign Foreign
currency currency currency currency
appreciation depreciation appreciation Depreciation
Change of US Dollars against TRY by

10%:
1- US Dollars net asset/(liability) 6.342 (6.342) - -

2- Protected part from US Dollars risk(-) - - - -
3- US Dollars net effect (1+2) 6.342 (6.342) - -
Change of EUR against TRY by 10%:
4- EUR net asset/(liability) (23.253) 23.253 - -

5- Protected part from EUR risk(-) - - - -
6- EUR net effect (4+5) (23.253) 23.253 - -
Change of GBP against TRY by 10%:
7- GBP net asset/(liability) 17 (17) - -

8- Protected part from GBP risk(-) - - - -
9- GBP net effect (7+8) 17 (17) - -
Total (3+6+9) (16.894) 16.894 - -
Liquidity risk
Prudent liquidity risk management includes maintaining sufficient cash and marketable securities, the availability
of funding from an adequate amount of committed credit facilities and the ability to close out market positions.
The ability to fund existing and prospective debt requirements is managed by maintaining the availability of
adequate committed funding lines from high quality lenders.
54
issued in Turkish)

As of September 30, 2023, and December 31, 2022, maturities of undiscounted trade payables and financial liabilities
of the Group are as follows:
September 30, 2023
Carrying Total cash Less than 3 3 -12 More

Contractual terms value outflow months months than 1 year
Non derivative financial liabilities
Trade payables 40.375.203 41.022.600 41.022.600 - -

Due to related parties 2.901.055 2.952.820 2.952.820 - -
Contractual lease liabilities 19.185.790 32.792.649 1.004.213 3.155.097 28.633.339
December 31, 2022
Carrying Total cash Less than 3 3 -12 More than

Contractual terms value outflow months months 1 year
Non derivative financial liabilities
Trade payables 22.261.514 22.813.209 22.813.209 - -

Due to related parties 2.483.734 2.550.678 2.550.678 - -
Contractual lease liabilities 11.910.848 20.683.453 712.030 1.922.627 18.048.796
Capital risk management
The Group’s objectives when managing capital are to safeguard the Group’s ability to continue as a going concern in
order to provide returns for shareholders and benefits for other stakeholders and to maintain an optimal capital
structure to reduce the cost of capital.
The Group monitors capital on the basis of the gearing ratio. Net debt is calculated as total liabilities less cash and
cash equivalents.
The gearing ratios at September 30, 2023 and December 31, 2022 are as follows:
Total liabilities 69.384.617 39.275.030

Less: Cash and cash equivalents (3.260.750) (2.181.753)
Net debt 66.123.867 37.093.277

Total equity 29.804.484 25.200.975
Total equity + net debt 95.928.351 62.294.252
Net debt/(Total equity + net debt) (%) 69 60
55
issued in Turkish)

30. Financial instruments (Fair value disclosures and disclosures in the frame of hedge accounting)
Fair value estimation
The table below analyses financial instruments carried at fair value, by valuation method. The different levels have
been defined as follows:
- Quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1).
- Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either
directly (that is, as prices) or indirectly (that is, derived from prices) (Level 2).
- Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs)
(Level 3).
The following table presents the group’s financial assets and liabilities that are measured at fair value at
September 30, 2023 and December 31, 2022. See note 10 for disclosures of the land and buildings that are measured
at fair value (Note 10).
September 30, 2023 Level 1 Level 2 Level 3 Total
Financial assets measured at fair
value through other
comprehensive income
Financial Assets - 2.092.540 - 2.092.540
Financial assets measured at fair value through other
Lease certificates, investment funds - 7.074.503 - 7.074.503
Total assets - 9.167.043 - 9.167.043
December 31, 2022 Level 1 Level 2 Level 3 Total

Financial assets measured at fair
value through other
Financial Assets - 2.092.540 - 2.092.540
Financial assets measured at fair value through other
Lease certificates, investment funds - 2.012.357 - 2.012.357
Total assets - 4.104.897 - 4.104.897
There were no transfers between levels during in year.
(a) Financial instruments in level 2
The fair value of financial instruments that are not traded in an active market (for example, over-the-counter
derivatives) is determined by using valuation techniques. These valuation techniques maximize the use of
observable market data where it is available and rely as little as possible on entity specific estimates. If all
significant inputs required to fair value an instrument are observable, the instrument is included in level 2.
If one or more of the significant inputs is not based on observable market data, the instrument is included in
level 3.
56
issued in Turkish)

30. Financial instruments (Fair value disclosures and disclosures in the frame of hedge accounting)
(Cont’d)
Specific valuation techniques used to value financial instruments include:
- Quoted market prices or dealer quotes for similar instruments,
- Other techniques, such as discounted cash flow analysis, are used to determine fair value for the remaining
financial instruments.
As of September 30, 2023 and December 31, 2022, except for the available for sale financial assets disclosed in
Note 5, the fair values of certain financial assets carried at cost including cash and cash equivalents profit share
accruals and other short-term financial assets are considered to approximate their respective carrying values due
to their short-term nature. The carrying value of trade receivables along with the related allowance for unearned
income and uncollectibilities are estimated to be their fair values.
- Financial liabilities
Financial liabilities of which fair values approximate their carrying values:
Fair values of trade payables and other monetary liabilities are considered to approximate their respective carrying
values due to their short-term nature. The bank borrowings are stated at their amortized costs and transaction costs
are included in the initial measurement of loans and borrowings. The fair value of bank borrowings with variable
rates are considered to approximate their respective carrying values since the profit share rate applied to bank loans
and borrowings are updated periodically by the lender to reflect active market price quotations. The carrying value
of trade payables along with the related allowance for unrealized cost is estimated to be their fair values.
31. Fees for Services Received from Independent Audit Firm
The Company's explanation regarding the fees for the services rendered by the independent audit firms, which was
prepared by the KGK pursuant to the Board Decision published in the Official Gazette on March 30, 2021, and
the preparation principles were based on the letter of the KGK dated August 19, 2021, is as follows:
Legal and voluntary independent audit services (annual) 1.600 500
1.600 500
32. Subsequent events
None.
57

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Bim Birleşik Mağazalar A.Ş.: Interim Consolidated Financial Statements As of and For The Period Ended September 30, 2023

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(Convenience translation of the consolidated financial statements originally

BİM BİRLEŞİK MAĞAZALAR A.Ş.

CONSOLIDATED BALANCE SHEETS .................................................................................................. 1-2

CONSOLIDATED STATEMENTS OF PROFIT OR LOSS

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY .......................................................... 4

CONSOLIDATED STATEMENTS OF CASH FLOWS ......................................................................... 5

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS ..................................................... 6-57

CONSOLIDATED BALANCE SHEETS

Cash and cash equivalents 4 3.260.750 2.181.753

Non-current assets 47.765.393 36.589.331

Financial investments 5 2.092.540 2.092.540

Total assets 99.427.700 64.684.433

CONSOLIDATED BALANCE SHEETS

Not Reviewed Audited

Short-term liabilities 6 3.905.865 2.450.374

Non-current liabilities 16.461.801 10.465.043

Long - term liabilities 6 15.279.925 9.460.474

Equity 30.043.083 25.409.403

Paid-in share capital 17 607.200 607.200

Equity holders of the parent 29.804.484 25.200.975

CONSOLIDATED STATEMENTS OF PROFIT OR LOSS

Not Not Not Not

CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY

CONSOLIDATED STATEMENT OF CASH FLOWS

Not Reviewed Not Reviewed

A. CASH FLOWS FROM OPERATING ACTIVITIES 15.532.487 5.972.781

1. Organization and nature of operations of the Group

Approval of financial statements:

1. Organization and nature of operations of the Group (Cont’d)

Office personnel 4.418 3.880

2. Basis of preparation of financial statements

2.1 Basis of presentation

2. Basis of preparation of financial statements (Cont’d)

Going concern assumption

2.2 The new standards, amendments and interpretations

Amendments to TAS 8 – Definition of Accounting Estimates

Amendments to TAS 1 - Disclosure of Accounting Policies

2. Basis of preparation of financial statements

2.2 The new standards, amendments and interpretations (Cont’d)

Amendments to TAS 12 - International Tax Reform – Pillar Two Model Rules

2. Basis of preparation of financial statements

2.2 The new standards, amendments and interpretations (Cont’d)

TFRS 17 - The new Standard for insurance contracts

- Insurance, reinsurance and pension companies.

Amendments to TAS 1- Classification of Liabilities as Current and Non-Current Liabilities

2. Basis of preparation of financial statements

2.2 The new standards, amendments and interpretations (Cont’d)

Amendments to TFRS 16 - Lease Liability in a Sale and Leaseback

Amendments to TAS 7 and TFRS 7 - Disclosures: Supplier Finance Arrangements

2. Basis of preparation of financial statements

2.2 The new standards, amendments and interpretations (Cont’d)

Amendments to IAS 21 - Lack of exchangeability

2.3. Statement of compliance to TAS

2.4. Presentation and functional currency

2.5 Basis of consolidation

2. Basis of preparation of financial statements

2.5 Basis of consolidation (Cont’d)

ii) Non-controlling interest:

2. Basis of preparation of financial statements