Is Gayrimenkul Yatirim Ortakligi : 2023-1.Period

İş Gayrimenkul Yatırım Ortaklığı Anonim Şirketi Condensed Statement of Financial Position (Balance Sheet) For the Interim Period Ended March 31, 2023

(Amounts expressed in Turkish Lira ("TL") unless otherwise indicated.)

		Reviewed	Audited
	Notes	March 31, 2023	December 31, 2022
ASSETS
Current assets		1.634.662.689	1.837.079.701
Cash and cash equivalents	5	334.249.570	1.246.119.883
Financial investments	6	--	128.943.342
Trade receivables	8	169.455.873	144.545.368
Trade receivables from related parties	24	3.078.899	10.193.000
Trade receivables from third parties		166.376.974	134.352.368
Other receivables	9	11.608.332	9.028.038
Other receivables from related parties	24	77.556	--
Other receivables from third parties		11.530.776	9.028.038
Inventories	11	55.622.883	58.508.963
Inventories in progress	11	763.900.575	--
Prepaid expenses	16	237.208.721	193.575.742
Prepaid expenses to related parties	24	2.727.143	397.621
Prepaid expenses to third parties		234.481.578	193.178.121
Other current assets	16	62.616.735	56.358.365
Non-current assets		16.136.569.724	15.580.139.555
Financial investments	6	553.768.701	555.334.332
Trade receivables	8	79.296	117.453
Other trade receivables from third parties		79.296	117.453
Inventories	11	1.764.256.447	1.043.171.764
Equity accounted investees	3	11.962.414	10.342.436
Investment properties	10	11.910.194.442	12.077.814.730
Investment properties under development	10	1.738.946.068	1.735.642.000
Tangible assets	12	141.974.830	143.597.505
Intangible assets	13	3.270.532	2.653.667
Prepaid expenses	16	12.116.994	11.465.668
Prepaid expenses to third parties		12.116.994	11.465.668
TOTAL ASSETS		17.771.232.413	17.417.219.256

The accompanying notes are an integral part of these financial statements.

İş Gayrimenkul Yatırım Ortaklığı Anonim Şirketi Condensed Statement of Financial Position (Balance Sheet) For the Interim Period Ended March 31, 2023

(Amounts expressed in Turkish Lira ("TL") unless otherwise indicated.

		Reviewed	Audited
	Notes	March 31, 2023	December 31, 2022
LIABILITIES
Short-Term Obligations		3.828.676.252	3.488.283.156
Short term loans and borrowings	7	3.071.530.410	2.783.057.890
Loans and borrowings to related parties	24	1.028.863.177	909.896.992
Loans and borrowings to third parties		2.042.667.233	1.873.160.898
Current portion of long term loans and borrowings	7	538.338.868	615.429.589
Loans and borrowings to related parties	24	122.517.066	122.645.658
Loans and borrowings to third parties		415.821.802	492.783.931
Trade payables	8	77.004.830	18.433.078
Trade payables to related parties	24	10.990.427	7.466.348
Trade payables to third parties		66.014.403	10.966.730
Other payables	9	26.990.913	24.213.754
Other payables to third parties		26.990.913	24.213.754
Liabilities from contracts with customers	17	53.877.072	15.327.577
Contractual obligations from sales of goods and services		53.877.072	15.327.577
Deferred income (Excluding liabilities from contracts with	16
customers)	28.237.865	2.022.923
Deferred income from related parties	24	121.679	104.619
Deferred income from third parties		28.116.186	1.918.304
Short-term provisions		10.973.414	6.374.683
Provisions for employee benefits	15	1.739.163	958.829
Other short-term provisions	14	9.234.251	5.415.854
Other short-term liabilities	16	12.976.534	9.212.963
Derivatives	6	8.746.346	14.210.699
Long-term liabilities		9.225.320	8.700.038
Long term provisions	15	9.225.320	8.700.038
Provisions for employee benefits	9.225.320	8.700.038
EQUITY		13.933.330.841	13.920.236.062
Share capital	18	958.750.000	958.750.000
Inflation restatement difference on share capital	18	240.146.090	240.146.090
Share premium	18	423.981	423.981
Other comprehensive income that will never be reclassified to
profit or loss		135.964.985	135.964.985
Revaluation and classification of gains / losses		141.279.787	141.279.787
Other earnings/ losses		(5.314.802)	(5.314.802)
Legal reserves	18	99.286.803	77.792.818
Prior years' profits	18	12.485.664.203	4.142.968.926
Net profit for the period		13.094.779	8.364.189.262
TOTAL EQUITY AND LIABILITIES		17.771.232.413	17.417.219.256

The accompanying notes are an integral part of these financial statements.

2

İş Gayrimenkul Yatırım Ortaklığı Anonim Şirketi Condensed Statement of Profit or Loss

For the Interim Period Ended March 31, 2023

(Amounts expressed in Turkish Lira ("TL") unless otherwise indicated.)

		Reviewed	Reviewed
	Notes	1 January- 31	1 January - 31
	March 2023	March 2022
Revenue	19	188.795.169	139.481.365
Cost of sales (-)	19	(33.505.628)	(43.861.149)
Gross Profit		155.289.541	95.620.216
General administrative expenses (-)	20	(26.906.640)	(9.834.602)
Marketing expenses (-)	20	(7.128.194)	(4.475.639)
Other operating income	21	10.412.586	7.896.952
Other operating expenses (-)	21	(1.597.641)	(1.083.372)
Operating profit		130.069.652	88.123.555
Expenses under investment activities (-)	21	(7.197.754)	--
Share of profit of equity-accounted investees	3	1.619.978	1.405.332
Operating Profit Before Financing Expense		124.491.876	89.528.887
Financing income	22	--	2.905.962
Financing expenses (-)	22	(111.397.097)	(26.327.233)
Operating Profit before Tax From Continuing Operations		13.094.779	66.107.616
Tax Expense From Continuing Operations		--	--
- Corporate tax charge		--	--
- Deferred tax benefit		--	--
Period Profit		13.094.779	66.107.616
Earnings per share	23	0,0001	0,0007

The accompanying notes are an integral part of these financial statements.

3

İş Gayrimenkul Yatırım Ortaklığı Anonim Şirketi Condensed Statement of Other Comprehensive Income For the Interim Period Ended March 31, 2023

(Amounts expressed in Turkish Lira ("TL") unless otherwise indicated.)

	Reviewed	Reviewed
	1 January- 31	1 January - 31
Notes	March 2023	March 2022
Net profit for the period	13.094.779	66.107.616
Other comprehensive income
Other comprehensive income that will never be reclassified to profit or loss
Revaluation and classification of gains / losses	--	--
Actuarial gain/(loss) arising from defined benefit plans	--	--
Other comprehensive revenue	13.094.779	66.107.616
TOTAL COMPREHENSIVE REVENUE	13.094.779	66.107.616

The accompanying notes are an integral part of these financial statements.

4

İş Gayrimenkul Yatırım Ortaklığı Anonim Şirketi Condensed Statement of Changes in Equity

For the Interim Period Ended March 31, 2023

(Amounts expressed in Turkish Lira ("TL") unless otherwise indicated.)

					Other comprehensive
					income that will never be
					reclassified to profit or
					loss
			Inflation restatement			Revaluation and
			difference on share	Share		classification of	Legal	Prior years'	Net profit for the
	Notes	Share capital	capital	premium	Other earnings/losses	gains/losses	reserves	profits	period	Equity
Balances as of January 1, 2022		958.750.000	240.146.090	423.981	(462.510)	56.043.574	71.190.580	2.819.651.274	1.329.919.890	5.475.662.879
Transfers		--	--	--	--	--	6.602.238	1.323.317.652	(1.329.919.890)	--
Total comprehensive income		--	--	--	--	--	--	--	66.107.616	66.107.616
Balances as of March 31, 2022	18	958.750.000	240.146.090	423.981	(462.510)	56.043.574	77.792.818	4.142.968.926	66.107.616	5.541.770.495
Balances as of January 1, 2023		958.750.000	240.146.090	423.981	(5.314.802)	141.279.787	77.792.818	4.142.968.926	8.364.189.262	13.920.236.062
Transfers		--	--	--	--	--	21.493.985	8.342.695.277	(8.364.189.262)	--
Total comprehensive income		--	--	--	--	--	--	--	13.094.779	13.094.779
Balances as of March 31, 2023	18	958.750.000	240.146.090	423.981	(5.314.802)	141.279.787	99.286.803	12.485.664.203	13.094.779	13.933.330.841

The accompanying notes are an integral part of these financial statements.

5