ADEL KALEMCİLİK TİCARET VE SANAYİ A.Ş.

Balance Sheet as of 31 December 2016 and 31 December 2015

ASSETS
CURRENT ASSETS
Cash and cash equivalents
Trade Receivables
Trade Receivables Due From Related Parties
Trade Receivables Due From Unrelated Parties
Other Receivables
Other Receivables Due From Unrelated Parties
Inventories
Prepayments
Current Tax Assets
Other current assets
SUB-TOTAL
Total current assets
NON-CURRENT ASSETS
Financial Investments
Investments accounted for using equity method
Property, plant and equipment
Intangible assets and goodwill
Prepayments
Deferred Tax Asset
Other Non-current Assets
Total non-current assets
Total assets
LIABILITIES AND EQUITY
CURRENT LIABILITIES
Current Borrowings
Trade Payables
Trade Payables to Related Parties
Trade Payables to Unrelated Parties
Employee Benefit Obligations
Other Payables
Other Payables to Unrelated Parties
Current tax liabilities, current
Current provisions
Current provisions for employee benefits
Other current provisions
Other Current Liabilities
SUB-TOTAL
Total current liabilities
NON-CURRENT LIABILITIES
Long Term Borrowings
Non-current provisions
Non-current provisions for employee benefits
Total non-current liabilities
Total liabilities
EQUITY
Equity attributable to owners of parent
Issued capital
Inflation Adjustments on Capital
Other Accumulated Comprehensive Income (Loss) that will not be Reclassified in Profit or Loss
Gains (Losses) on Revaluation and Remeasurement
Other Accumulated Comprehensive Income (Loss) that will be Reclassified in Profit or Loss
Exchange Differences on Translation
Restricted Reserves Appropriated From Profits
Prior Years' Profits or Losses
 Current Period Net Profit Or Loss

Total equity
Total Liabilities and Equity
 Horizontal Vertical
"+/- Differences "+/- Differences
12/31/2016 12/31/2015 2016-2015 2016 2015

1,173,752 54,855,155 -53,681,403 -97.9% 0.22% 14.44%

310,748,133 49,872,980 260,875,153 523.1% 57.00% 13.13%
10,237,688 7,336,825 2,900,863 39.5% 1.88% 1.93%
300,510,445 42,536,155 257,974,290 606.5% 55.12% 11.20%
981,044 768,932 212,112 27.6% 0.18% 0.20%
981,044 768,932 212,112 27.6% 0.18% 0.20%
101,905,874 120,244,108 -18,338,234 -15.3% 18.69% 31.66%
677,895 362,828 315,067 86.8% 0.12% 0.10%
0 9,561,802 -9,561,802 -100% 0% 2.52%
10,435,448 27,739,767 -17,304,319 -62.4% 1.91% 7.30%
425,922,146 263,405,572 162,516,574 61.7% 78.12% 69.36%
425,922,146 263,405,572 162,516,574 61.7% 78.12% 69.36%

233,985 233,985 0 0% 0.04% 0.06%

1,078,991 0 1,078,991 - 0.20% 0%
107,567,945 110,536,560 -2,968,615 -2.7% 19.73% 29.11%
3,517,551 3,965,439 -447,888 -11.3% 0.65% 1.04%
235,752 116,268 119,484 102.8% 0.04% 0.03%
6,560,882 1,443,779 5,117,103 354.4% 1.20% 0.38%
63,305 54,492 8,813 16.2% 0.01% 0.01%
119,258,411 116,350,523 2,907,888 2.5% 21.88% 30.64%
545,180,557 379,756,095 165,424,462 43.6% 100% 100%

195,263,970 139,647,645 55,616,325 39.8% 35.82% 36.77%

20,094,067 18,487,275 1,606,792 8.7% 3.69% 4.87%
364,087 444,303 -80,216 -18.1% 0.07% 0.12%
19,729,980 18,042,972 1,687,008 9.3% 3.62% 4.75%
1,250,650 552,477 698,173 126.4% 0.23% 0.15%
1,551,645 3,393,194 -1,841,549 -54.3% 0.28% 0.89%
1,551,645 3,393,194 -1,841,549 -54.3% 0.28% 0.89%
2,094,228 0 2094228 - 0.38% 0%
4,182,631 1,740,149 2,442,482 140.4% 0.77% 0.46%
4,061,317 1,618,835 2,442,482 150.9% 0.74% 0.43%
121,314 121,314 0 0% 0.02% 0.03%
69,085,561 4,193,758 64,891,803 1547.3% 12.67% 1.10%
293,522,752 168,014,498 125,508,254 74.7% 53.84% 44.24%
293,522,752 168,014,498 125,508,254 74.7% 53.84% 44.24%

31,707,773 0 31,707,773 - 5.82% 0%

6,514,013 5,994,980 519,033 8.7% 1.19% 1.58%
6,514,013 5,994,980 519,033 8.7% 1.19% 1.58%
38,221,786 5,994,980 32,226,806 537.6% 7.01% 1.58%
331,744,538 174,009,478 157,735,060 90.6% 60.85% 45.82%

213,436,019 205,746,617 7,689,402 3.7% 39.15% 54.18%

23,625,000 7,875,000 15,750,000 200% 4.33% 2.07%
1,584,331 13,374,985 -11,790,654 -88.2% 0.29% 3.52%
-682,973 -775,394 92,421 -11.9% -0.13% -0.20%
-682,973 -775,394 92,421 -11.9% -0.13% -0.20%
-1,036,295 -1,906,955 870,660 -45.7% -0.19% -0.50%
-1,036,295 -1,906,955 870,660 -45.7% -0.19% -0.50%
84,329,947 38,996,723 45,333,224 116.2% 15.47% 10.27%
68,885,938 76,680,968 -7,795,030 -10.2% 12.64% 20.19%
 36,730,071 71,501,290 -34,771,219 -48.6% 6.74% 18.83%

213,436,019 205,746,617 7,689,402 3.7% 39.15% 54.18%

545,180,557 379,756,095 165,424,462 43.6% 100% 100%
 INCOME STATEMENT

2016

Revenue 258,745,785
Cost of sales - 133,711,149
GROSS PROFIT (LOSS) FROM COMMERCIAL OPERATIONS 125,034,636
GROSS PROFIT (LOSS) 125,034,636
General Administrative Expenses - 16,115,084
Marketing Expenses - 39,977,274
Other Income From Operating Activities 2,615,240
Other Expenses from Operating Activities - 7,997,419
PROFIT (LOSS) FROM OPERATING ACTIVITIES 63,560,099
Investment Activity Income 12,581
Investment Activity Expenses - 8,552
Share of Profit (Loss) from Investments Accounted for Using Equity Method 208,331
PROFIT (LOSS) BEFORE FINANCING INCOME (EXPENSE) 63,772,459
Finance income 4,290,500
Finance costs - 21,905,041
PROFIT (LOSS) FROM CONTINUING OPERATIONS, BEFORE TAX 46,157,918
Tax (Expense) Income, Continuing Operations - 9,427,847
Current Period Tax (Expense) Income - 14,568,055
Deferred Tax (Expense) Income 5,140,208
PROFIT (LOSS) FROM CONTINUING OPERATIONS 36,730,071
PROFIT (LOSS) 36,730,071
Profit (loss), attributable to [abstract]
Non-controlling Interests 0
Owners of Parent 36,730,071
Earnings per share [abstract]
Earnings per share [line items]
Basic earnings per share
Basic Earnings (Loss) Per Share from Continuing Operations
Pay başına kazanç 1.5547
Diluted Earnings Per Share
OTHER COMPREHENSIVE INCOME
Other Comprehensive Income that will not be Reclassified to Profit or Loss 92,421
Gains (Losses) on Remeasurements of Defined Benefit Plans 92,421
Other Comprehensive Income That Will Be Reclassified to Profit or Loss 870,660
Exchange Differences on Translation 870,660
OTHER COMPREHENSIVE INCOME (LOSS) 963,081
TOTAL COMPREHENSIVE INCOME (LOSS) 37,693,152
Total Comprehensive Income Attributable to
Non-controlling Interests -
Owners of Parent 37,693,152
 HORIZONTAL VERTICAL
2015 2016-2015 2016 2015

238,221,592 20,524,193 8.6% 100% 100%

- 119,772,054 - 13,939,095 11.6% -51.68% -50.28%
118,449,538 6,585,098 5.6% 48.32% 49.72%
118,449,538 6,585,098 5.6% 48.32% 49.72%
- 16,229,651 114,567 -0.7% -6.23% -6.81%
- 37,218,323 - 2,758,951 7.4% -15.45% -15.62%
3,603,323 - 988,083 -27.4% 1.01% 1.51%
- 14,514,266 6,516,847 -44.9% -3.09% -6.09%
54,090,621 9,469,478 17.5% 24.56% 22.71%
54,714,778 - 54,702,197 -100% 0.005% 22.97%
- 158,537 149,985 -94.6% -0.003% -0.07%
- 269,444 477,775 -177.3% 0.08% -0.11%
108,377,418 - 44,604,959 -41.2% 24.65% 45.49%
10,394,770 - 6,104,270 -58.7% 1.66% 4.36%
- 28,263,743 6,358,702 -22.5% -8.47% -11.86%
90,508,445 - 44,350,527 -49.0% 17.84% 37.99%
- 9,444,837 16,990 -0.2% -3.64% -3.96%
- 17,082,502 2,514,447 -14.7% -5.63% -7.17%
7,637,665 - 2,497,457 -32.7% 1.99% 3.21%
81,063,608 - 44,333,537 -54.7% 14.20% 34.03%
81,063,608 - 44,333,537 -54.7% 14.20% 34.03%

0 0 - 0% 0%
81,063,608 - 44,333,537 -54.7% 14.20% 34.03%

3.4313 - 2 -54.7% 0% 0%

- 24,763 117,184 -473.2% 0.04% -0.01%

- 24,763 117,184 -473.2% 0.04% -0.01%
694,260 176,400 25.4% 0.34% 0.29%
694,260 176,400 25.4% 0.34% 0.29%
669,497 293,584 43.9% 0.37% 0.28%
81,733,105 - 44,039,953 -53.9% 14.57% 34.31%

- - - 0% 0%
81,733,105 - 44,039,953 -53.9% 14.57% 34.31%
CASH FLOW STATEMENT (INDIRECT METHOD)

CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES

Profit (Loss)
Profit (Loss) from Continuing Operations
Adjustments to Reconcile Profit (Loss)
Adjustments for depreciation and amortisation expense
Adjustments for Impairment Loss (Reversal of Impairment Loss)
Adjustments for Impairment Loss (Reversal of Impairment Loss) of Inventories
Adjustments for provisions
Adjustments for (Reversal of) Provisions Related with Employee Benefits
Adjustments for Interest (Income) Expenses
Adjustments for Interest Income
Adjustments for interest expense
Adjustments for unrealised foreign exchange losses (gains)
Adjustments for fair value losses (gains)
Adjustments for Undistributed Profits of Investments Accounted for Using Equity Method
Adjustments for undistributed profits of associates
Adjustments for Tax (Income) Expenses
Adjustments for losses (gains) on disposal of non-current assets
Changes in Working Capital
Adjustments for decrease (increase) in trade accounts receivable
Adjustments for decrease (increase) in inventories
Decrease (Increase) in Prepaid Expenses
Adjustments for increase (decrease) in trade accounts payable
Increase (Decrease) in Employee Benefit Liabilities
Other Adjustments for Other Increase (Decrease) in Working Capital
Decrease (Increase) in Other Assets Related with Operations
Increase (Decrease) in Other Payables Related with Operations
Cash Flows from (used in) Operations
Cash Outflows Due to Capital Increases of Associates, Joint Ventures and Cooperative Activities
CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES
Proceeds from sales of property, plant, equipment and intangible assets
Purchase of Property, Plant, Equipment and Intangible Assets
Interest received
CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES
Proceeds from borrowings
Repayments of borrowings
Dividends Paid
Interest paid
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS BEFORE EFFECT OF EXCHANGE RATE CHANGES
Net increase (decrease) in cash and cash equivalents
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD
CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD
NOTES HORIZONTAL
2016 2015 2016-2015

-88,783,559 -142,155,271 53,371,712

36,730,071 81,063,608 -44,333,537
36,730,071 81,063,608 -44,333,537
43,229,724 -10,529,917 53,759,641
11.12 8,597,602 5,048,515 3,549,087
-867,337 2,039,708 -2,907,045
10 -867,337 2,039,708 -2,907,045
4,102,642 4,381,463 -278,821
4,102,642 4,381,463 -278,821
15,229,360 12,193,706 3,035,654
20 -393,275 -1,259,121 865,846
20 15,622,635 13,452,827 2,169,808
1,811,762 3,010,986 -1,199,224
0 0 0
19 -208,331 269,444 -477,775
-208,331 269,444 -477,775
21 14,568,055 17,082,502 -2,514,447
19 -4,029 -54,556,241 54,552,212
-168,743,354 -212,688,962 43,945,608
-261,087,265 -245,372,896 -15,714,369
19,205,571 2,016,310 17,189,261
-12,473,827 -13,999,691 1,525,864
463,416 3,010,844 -2,547,428
14 -1,048,706 -1,299,690 250,984
86,197,457 42,956,161 43,241,296
21,305,653 9,480,558 11,825,095
64,891,804 33,475,603 31,416,201
-88,783,559 -142,155,271 53,371,712
6 0 0 0
-4,783,795 22,126,154 -26,909,949
31,150 56,211,485 -56,180,335
11.12 -5,208,220 -35,344,452 30,136,232
393,275 1,259,121 -865,846
39,885,951 157,064,432 -117,178,481
829,423,922 338,981,854 490,442,068
-746,415,572 -156,754,147 -589,661,425
-30,003,750 -14,017,500 -15,986,250
-13,118,649 -11,145,775 -1,972,874
-53,681,403 37,035,315 -90,716,718
-53,681,403 37,035,315 -90,716,718
4 54,855,155 15,858,762 38,996,393
4 1,173,752 52,894,077 -51,720,325
RATIOS 2016 2015
Current Ratio 1.45107029 1.567755016
Acid test Ratio 1.1038880966 0.8520780391
Cash Ratio 0.0452031023 0.5552406793
Trade Receivable Turnover 0.832654351 4.7765662288
Average Collection Periods (Days) 438.357164137 76.4147260841
Inventory Turnover -1.3121044328 -0.9960742027
Days of Inventory Outsanding (Days) -278.17907697 -366.43856354
Current Asset Turnover 0.6074954952 0.9043908608
Asset Turnover 0.4746056727 0.6273015631
Trade Payable Turnover -6.6542601356 -6.478621322

Gro Profit Margin 48% 50%

Operating Profit Margin 25% 23%
Ne Profit Margin 14% 34%
Retrn on Asset 7% 21%
Retun on Equity 17% 39%

Debt to Equity Ratio (Times) 1.5543043745 0.8457464844

Debt Ratio 61% 46%
Long-Term Debt to Equity 15% 3%
Fixed Asset to Equity 56% 57%
Cash Interest Coverage 7.7677364491 13.7541845228
Time Interest Earned 2.3510804035 6.0257675208