KAMUYU AYDINLATMA PLATFORMU KÜTAHYA PORSELEN SANAYİ A.Ş. Financial Report 2016-2. 3 Monthly Notification General Information About Financial Statements
Independet Audit Comment Independent Audit Company Audit Type Audit Result AC İSTANBUL ULUSLARARASI BAĞIMSIZ DENETİM VE SMMM A.Ş. Limited Positive ARA DÖNEM FİNANSAL BİLGİLERE İLİŞKİN SINIRLI DENETİM RAPORU Kütahya Porselen Sanayi Anonim Şirketi Yönetim Kurulu'na, Giriş Kütahya Porselen Sanayi A.Ş.'nin 30 Haziran 2016 tarihli ilişikteki finansal durum tablosunun ve aynı tarihte sona eren altı aylık dönemine ait kâr veya zarar ve diğer kapsamlı gelir tablosunun, özkaynak değişim tablosunun ve nakit akış tablosu ile önemli muhasebe politikalarının özetinin ve diğer açıklayıcı dipnotlarının sınırlı denetimini yürütmüş bulunuyoruz. Şirket yönetimi, söz konusu ara dönem finansal bilgilerin Türkiye Muhasebe Standartlarına uygun olarak hazırlanmasından ve gerçeğe uygun bir biçimde sunumundan sorumludur. Sorumluluğumuz, yaptığımız sınırlı denetime dayanarak söz konusu ara dönem finansal bilgilere ilişkin bir sonuç bildirmektir. Sınırlı Denetimin Kapsamı Yaptığımız sınırlı denetim, Sınırlı Bağımsız Denetim Standardı (SBDS) 2410 "Ara Dönem Finansal Bilgilerin, İşletmenin Yıllık Finansal Tablolarının Bağımsız Denetimini Yürüten Denetçi Tarafından Sınırlı Bağımsız Denetimi"ne uygun olarak yürütülmüştür. Ara dönem finansal bilgilere ilişkin sınırlı denetim, başta finans ve muhasebe konularından sorumlu kişiler olmak üzere ilgili kişilerin sorgulanması ve analitik prosedürler ile diğer sınırlı denetim prosedürlerinin uygulanmasından oluşur. Ara dönem finansal bilgilerin sınırlı denetiminin kapsamı; Bağımsız Denetim Standartlarına uygun olarak yapılan ve amacı finansal tablolar hakkında bir görüş bildirmek olan bağımsız denetimin kapsamına kıyasla önemli ölçüde dardır. Sonuç olarak ara dönem finansal bilgilerin sınırlı denetimi, denetim şirketinin, bir bağımsız denetimde belirlenebilecek tüm önemli hususlara vâkıf olabileceğine ilişkin bir güvence sağlamamaktadır. Bu sebeple, bir bağımsız denetim görüşü bildirmemekteyiz. Sonuç Sınırlı denetimimize göre ilişikteki ara dönem finansal bilgilerin, Kütahya Porselen Sanayi A.Ş.'nin 30 Haziran 2016 tarihi itibarıyla finansal durumunun, finansal performansının ve aynı tarihte sona eren altı aylık döneme ilişkin nakit akışlarının Türkiye Muhasebe Standartlarına uygun olarak, doğru ve gerçeğe uygun bir görünümünü sağlamadığı kanaatine varmamıza sebep olacak herhangi bir husus dikkatimizi çekmemiştir. AC İSTANBUL ULUSLARARASI BAĞIMSIZ DENETİM VE SMMM A.Ş. Member of ENTERPRISE WORLDWIDE Cemal ÖZTÜRK, SMMM Sorumlu Denetçi İstanbul, 09 Ağustos 2016
Statement of Financial Position (Balance Sheet) Presentation Currency Nature of Financial Statements TL Footnote Reference Current Period 30.06.2016 Previous Period 31.12.2015 Statement of Financial Position (Balance Sheet) Assets [abstract] CURRENT ASSETS Cash and cash equivalents 6 21.619.791 20.284.940 Trade Receivables 10, 37 92.141.734 68.048.355 Trade Receivables Due From Related Parties 10, 37 5.942.562 935.713 Trade Receivables Due From Unrelated Parties 10 86.199.172 67.112.642 Receivables 11, 37 885.499 1.545.372 Receivables Due From Unrelated Parties 11 885.499 1.545.372 Inventories 13 85.428.607 100.123.772 Prepayments 15 5.536.207 4.490.975 current assets 26 51.492 2.845.543 SUB-TOTAL 205.663.330 197.338.957 Total current assets 205.663.330 197.338.957 NON-CURRENT ASSETS Financial Investments 7 1.001 1.001 Trade Receivables 10, 37 439.045 4.660.473 Trade Receivables Due From Unrelated Parties 10 439.045 4.660.473 Receivables 11, 37 2.057.183 2.010.854 Receivables Due From Unrelated Parties 11 2.057.183 2.010.854 Investment property 17 10.910.286 10.979.811 Property, plant and equipment 18 96.502.100 87.170.390 Intangible assets and goodwill 19 26.312 17.429 Deferred Tax Asset 35 5.381.466 2.180.073 Total non-current assets 115.317.393 107.020.031 Total assets 320.980.723 304.358.988 LIABILITIES AND EQUITY CURRENT LIABILITIES Current Borrowings 8 1.848.917 2.248.708 Current Portion of Non-current Borrowings 8 6.393.300 Trade Payables 10, 37 20.326.223 20.867.734 Trade Payables to Related Parties 10, 37 261.658 1.750.428 Trade Payables to Unrelated Parties 10 20.064.565 19.117.306 Employee Benefit Obligations 20 6.238.353 5.467.371 Payables 11, 37 1.336.528 347.259 Payables to Unrelated Parties 11 1.336.528 347.259 Deferred Income 15 25.453.776 32.680.666 Current tax liabilities, current 35 4.114.090 1.779.850 Current provisions 22 1.798.930 1.285.082 Current provisions for employee benefits 22 1.513.623 1.072.465 current provisions 22 285.307 212.617 SUB-TOTAL 61.116.817 71.069.970 Total current liabilities 61.116.817 71.069.970 NON-CURRENT LIABILITIES Payables 11, 37 5.904.000 5.904.000 Payables to Related Parties 11, 37 5.904.000 5.904.000 Non-current provisions 24 7.288.903 6.006.986 Non-current provisions for employee benefits 24 7.288.903 6.006.986 Total non-current liabilities 13.192.903 11.910.986 Total liabilities 74.309.720 82.980.956 EQUITY Equity attributable to owners of parent 246.671.003 221.378.032 Issued capital 27 39.916.800 39.916.800 Inflation Adjustments on 27 20.215.765 20.215.765 Share Premium (Discount) 27 79.291 79.291 Accumulated Comprehensive Income (Loss) that will not be Reclassified in Profit or Loss 27-1.236.167-920.305 Gains (Losses) on Revaluation and Remeasurement -1.236.167-920.305 Gains (Losses) on Remeasurements of Defined Benefit Plans 27-1.236.167-920.305
Restricted Reserves Appropriated From Profits 27 4.020.504 4.020.088 Prior Years' Profits or Losses 27 156.065.977 132.554.910 Current Period Net Profit Or Loss 36 27.608.833 25.511.483 Total equity 246.671.003 221.378.032 Total Liabilities and Equity 320.980.723 304.358.988
Statement of Profit or Loss and Comprehensive Income Presentation Currency Nature of Financial Statements TL Footnote Reference Current Period 01.01.2016-30.06.2016 Previous Period 01.01.2015-30.06.2015 Current Period 3 Months 01.04.2016-30.06.2016 Previous Period 3 Months 01.04.2015-30.06.2015 Statement of Profit or Loss and Comprehensive Income PROFIT (LOSS) Revenue 28 169.505.122 138.348.097 82.819.784 67.853.107 Cost of sales 28-106.979.696-90.847.078-48.419.451-44.037.766 GROSS PROFIT (LOSS) FROM COMMERCIAL OPERATIONS 62.525.426 47.501.019 34.400.333 23.815.341 GROSS PROFIT (LOSS) 62.525.426 47.501.019 34.400.333 23.815.341 General Administrative Expenses 29, 30-9.113.087-8.083.613-4.539.041-4.327.022 Marketing Expenses 29, 30-27.681.714-28.408.368-12.411.834-13.579.032 Research and development expense 29, 30-1.397.763-1.292.077-667.064-651.734 Income from Operating Activities 31 12.664.679 11.025.585 4.312.493 3.956.032 Expenses from Operating Activities 31-6.863.912-6.043.375-64.392-1.074.647 PROFIT (LOSS) FROM OPERATING ACTIVITIES 30.133.629 14.699.171 21.030.495 8.138.938 Investment Activity Income 32 142.079 77.726 70.297 45.826 PROFIT (LOSS) BEFORE FINANCING INCOME (EXPENSE) 30.275.708 14.776.897 21.100.792 8.184.764 Finance income 33 646.404 657.257 400.024 405.421 Finance costs 33-123.968-588.381-108.806-431.596 PROFIT (LOSS) FROM CONTINUING OPERATIONS, BEFORE TAX 30.798.144 14.845.773 21.392.010 8.158.589 Tax (Expense) Income, Continuing Operations 35-3.189.311-3.021.559-1.511.094-1.653.298 Current Period Tax (Expense) Income 35-6.311.739-3.363.642-4.165.898-1.656.598 Deferred Tax (Expense) Income 35 3.122.428 342.083 2.654.804 3.300 PROFIT (LOSS) FROM CONTINUING OPERATIONS 27.608.833 11.824.214 19.880.916 6.505.291 PROFIT (LOSS) 27.608.833 11.824.214 19.880.916 6.505.291 Profit (loss), attributable to [abstract] Non-controlling Interests 0 0 0 0 Owners of Parent 27.608.833 11.824.214 19.880.916 6.505.291 Earnings per share [abstract] Earnings per share [line items] Basic earnings per share Diluted Earnings Per Share OTHER COMPREHENSIVE INCOME Comprehensive Income that will not be Reclassified to Profit or Loss Gains (Losses) on Remeasurements of Defined Benefit Plans Taxes Relating To Components Of Comprehensive Income That Will Not Be Reclassified To Profit Or Loss -315.862-95.271 12.891 19.960-394.827-119.088 16.114 24.950 78.965 23.817-3.223-4.990 Deferred Tax (Expense) Income 78.965 23.817-3.223-4.990 Comprehensive Income That Will Be Reclassified to Profit or Loss 0 0 0 0 OTHER COMPREHENSIVE INCOME (LOSS) -315.862-95.271 12.891 19.960 TOTAL COMPREHENSIVE INCOME (LOSS) 27.292.971 11.728.943 19.893.807 6.525.251 Total Comprehensive Income Attributable to Non-controlling Interests 0 0 0 0 Owners of Parent 27.292.971 11.728.943 19.893.807 6.525.251
Statement of cash flows (Indirect Method) Presentation Currency Nature of Financial Statements TL Footnote Reference Current Period 01.01.2016-30.06.2016 Previous Period 01.01.2015-30.06.2015 Statement of cash flows (Indirect Method) CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES 9.377.821 17.494.814 Profit (Loss) 27.608.833 11.824.214 Adjustments to Reconcile Profit (Loss) 5.193.851 5.527.511 Adjustments for depreciation and amortisation expense 17, 18, 19 4.644.623 4.350.809 Adjustments for Impairment Loss (Reversal of Impairment Loss) 891.329-36.735 Adjustments for Impairement Loss (Reversal of Impairment Loss ) of Receivables 10 891.329-36.735 Adjustments for provisions 1.471.299 1.305.971 Adjustments for (Reversal of) Provisions Related with Employee Benefits 24 1.471.299 1.305.971 Adjustments for Interest (Income) Expenses -1.671.321 82.684 Adjustments for Interest Income 33-646.404-365.173 Adjustments for interest expense 33 38.314 128.653 Deferred Financial Expense from Credit Purchases 10 53.453-8.905 Unearned Financial Income from Credit Sales 10-1.116.684 328.109 Adjustments for losses (gains) on disposal of non-current assets -142.079-77.726 Adjustments for Losses (Gains) Arised From Sale of Tangible Assets 32-142.079-77.726 adjustments to reconcile profit (loss) 0-97.492 Changes in Working -20.063.721 3.164.959 Adjustments for decrease (increase) in trade accounts receivable Adjustments for Decrease (Increase) in Receivables Related with Operations 10-19.646.596-10.543.019 11 613.544 235.329 Adjustments for decrease (increase) in inventories 13 14.695.165 1.854.690 Adjustments for increase (decrease) in trade accounts payable 10-594.964 2.846.719 Adjustments for increase (decrease) in other operating payables 11, 20 1.760.251 9.947.982 Increase (Decrease) in Deferred Income 15-7.817.910 913.746 Adjustments for Increase (Decrease) in Working -9.073.211-2.090.488 Cash Flows from (used in) Operations 12.738.963 20.516.684 Dividends paid -2.000.000-2.000.000 Interest received 608.090 236.520 Payments Related with Provisions for Employee Benefits -189.382-1.019.313 Income taxes refund (paid) -1.779.850-239.077 CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES -1.249.879-6.600.232 Proceeds from sales of property, plant, equipment and intangible assets 142.079 77.726 Purchase of Property, Plant, Equipment and Intangible Assets -1.391.958-6.677.958 CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES -6.793.091 1.575.172 Proceeds from borrowings 1.575.172 Proceeds from Loans 1.575.172 Repayments of borrowings -6.793.091 Loan Repayments -6.793.091 NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS BEFORE EFFECT OF EXCHANGE RATE CHANGES 1.334.851 12.469.754 Net increase (decrease) in cash and cash equivalents 1.334.851 12.469.754 CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD 20.284.940 5.329.635 CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD 21.619.791 17.799.389
Statement of changes in equity [abstract] Presentation Currency Nature of Financial Statements TL Equity Equity attributable to owners of parent [member] Accumulated Comprehensive Income That Will Not Be Reclassified In Profit Or Loss Accumulated Comprehensive Income That Will Be Reclassified In Profit Or Loss Retained Earnings Footnote Reference Issued Inflation Adjustments on Balancing Account for Merger Additional Contribution Advance of Shareholders Treasury Shares Adjustments due to Cross-Ownership Share premiums or discounts Effects of Combinations of Entities or Businesses Under Common Control Put Option Revaluation Fund Related with Non-controlling Interests Share Based Payments Accumulated Gains (Losses) from Investments in Equity Instruments Gains/Losses on Revaluation and Remeasurement [member] Increases ( Decreases) on Revaluation of Property, Plant and Equipment Increases ( Decreases) on Revaluation of Intangible Assets Gains (Losses) on Remeasurements of Defined Benefit Plans Revaluation Increases ( Decreases) Gains (Losses) Due to Change in Fair Value of Financial Liability Attributable to Change in Credit Risk of Liability Gains (Losses) on Hedging Instruments that Hedge Investments in Equity Instruments Share Of Comprehensive İncome Of Associates And Joint Ventures Accounted for Using Equity Method that will not be Reclassified to Profit or Loss Exchange Differences on Translation Reserves Of Gains ( Losses) Exchange Differences on Translation Reserve Of Gains or Losses on Hedge Cash Flow Hedges Gains or Losses on Hedges of Net Investment in Foreign Operations Gains or Losses on Hedge Gains (Losses) on Revaluation and Reclassification Gains (Losses) on Remeasuring and/ or Reclassification of Available-for-sale Financial Assets Gains (Losses) from Financial Assets Measured at Fair Value through Comprehensive Income Reserve of Remeasuring or Reclassification Adjustments Change in Value of Time Value of Options Change in Value of Forward Elements of Forward Contracts Change in Value of Foreign Currency Basis Spreads Share of Comprehensive Income of Associates and Joint Ventures Accounted for Using Equity Method that will be Reclassified to Profit or Loss Gains ( Losses ) Restricted Reserves Appropriated From Profits [member] equity interest [ member ] reserves [ member ] Advance Dividend Payments (Net) Prior Years' Profits or Losses Net Profit or Loss Non-controlling interests [ member] Statement of changes in equity [abstract] Statement of changes in equity [line items] Equity at beginning of period 39.916.800 20.215.765 79.291-492.659-492.659-492.659 2.687.530 82.226.916 53.660.552 135.887.468 198.294.195 198.294.195 Adjustments Related to Accounting Policy Changes Adjustments Related to Required Changes in Accounting Policies Adjustments Related to Voluntary Changes in Accounting Policies Adjustments Related to Errors Restatements Restated Balances Transfers - 27 1.332.558 52.327.994 53.660.552-1.332.558 Total Comprehensive Income (Loss) -95.270-95.270-95.270 11.824.214 11.824.214 11.728.944 11.728.944 Profit (loss) 11.824.214 11.824.214 11.824.214 11.824.214 Comprehensive Income (Loss) -95.270-95.270-95.270-95.270-95.270 Issue of equity Decrease Advance Effect of Merger or Liquidation or Division Effects of Business Combinations Under Common Control Advance Dividend Payments Previous Period 01.01.2015-30.06.2015 Dividends Paid -2.000.000-2.000.000-2.000.000-2.000.000 Decrease through Distributions to Owners Increase (Decrease) through Treasury Share Transactions Increase (Decrease) through Share-Based Payment Transactions Acquisition or Disposal of a Subsidiary Increase (decrease) through changes in ownership interests in subsidiaries that do not result in loss of control, equity Transactions with noncontrolling shareholders Increase through Contributions by Owners Amount Removed from Reserve of Cash Flow Hedges and Included in Initial Cost or Carrying Amount of Non-Financial Asset (Liability) or Firm Commitment for which Fair Value Hedge of Time Value of Options and Included in Initial Cost or Carrying Amount of Non-Financial Asset (Liability) or Firm Commitment for which Fair Value Hedge of Forward Elements of Forward Contracts and Included in Initial Cost or Carrying Amount of Non-Financial Asset (Liability) or Firm Commitment for which Fair Value Hedge of Foreign Currency Basis Spreads and Included in Initial Cost or Carrying Amount of Non-Financial Asset (Liability) or Firm Commitment for which fair Value Hedge Increase (decrease) through other changes, equity Equity at end of period 39.916.800 20.215.765 79.291-587.929-587.929-587.929 4.020.088 132.554.910 11.824.214 144.379.124 208.023.139 208.023.139 Statement of changes in equity [abstract] Statement of changes in equity [line items] Equity at beginning of period 39.916.800 20.215.765 79.291-920.305-920.305-920.305 4.020.088 132.554.910 25.511.483 158.066.393 221.378.032 221.378.032 Adjustments Related to Accounting Policy Changes Adjustments Related to Required Changes in Accounting Policies Adjustments Related to Voluntary Changes in Accounting Policies Adjustments Related to Errors Restatements Restated Balances Transfers - 27 416 25.511.067 25.511.483-416 Total Comprehensive Income (Loss) -315.862-315.862-315.862 27.608.833 27.608.833 27.292.971 27.292.971 Profit (loss) 27.608.833 27.608.833 27.608.833 27.608.833 Comprehensive Income (Loss) -315.862-315.862-315.862-315.862-315.862 Issue of equity Decrease Advance Effect of Merger or Liquidation or Division Effects of Business Combinations Under Common Control
Advance Dividend Payments Current Period 01.01.2016-30.06.2016 Dividends Paid -2.000.000-2.000.000-2.000.000-2.000.000 Decrease through Distributions to Owners Increase (Decrease) through Treasury Share Transactions Increase (Decrease) through Share-Based Payment Transactions Acquisition or Disposal of a Subsidiary Increase (decrease) through changes in ownership interests in subsidiaries that do not result in loss of control, equity Transactions with noncontrolling shareholders Increase through Contributions by Owners Amount Removed from Reserve of Cash Flow Hedges and Included in Initial Cost or Carrying Amount of Non-Financial Asset (Liability) or Firm Commitment for which Fair Value Hedge of Time Value of Options and Included in Initial Cost or Carrying Amount of Non-Financial Asset (Liability) or Firm Commitment for which Fair Value Hedge of Forward Elements of Forward Contracts and Included in Initial Cost or Carrying Amount of Non-Financial Asset (Liability) or Firm Commitment for which Fair Value Hedge of Foreign Currency Basis Spreads and Included in Initial Cost or Carrying Amount of Non-Financial Asset (Liability) or Firm Commitment for which fair Value Hedge Increase (decrease) through other changes, equity Equity at end of period 39.916.800 20.215.765 79.291-1.236.167-1.236.167-1.236.167 4.020.504 156.065.977 27.608.833 183.674.810 246.671.003 246.671.003