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Çalık Holding Anonim Şirketi and Its Subsidiaries Çalık Holding Anonim Şirketi and its Subsidiaries Consolidated Financial Statements As at and for the Year Ended 31 December 2020 With Independent Auditor’s Report 7 April 2021 This report includes 4 pages of independent auditor’s report and 147 pages of consolidated financial statements together wtih their explanatory notes. Çalık Holding Anonim Şirketi and its Subsidiaries Table of Contents Independent Auditor’s Report Consolidated Statement of Financial Position Consolidated Statement of Profit or Loss and Other Comprehensive Income Consolidated Statement of Changes in Equity Consolidated Statement of Cash Flows Notes to the Consolidated Financial Statements Güney Bağımsız Denetim ve SMMM A.Ş. Tel: +90 212 315 3000 Maslak Mah. Eski Büyükdere Cad. Fax: +90 212 230 8291 Orjin Maslak İş Merkezi No: 27 ey.com Kat: 2-3-4 Daire: 54-57-59 Ticaret Sicil No : 479920 34485 Sarıyer Mersis No: 0-4350-3032-6000017 İstanbul - Türkiye Independent auditor’s report To the Shareholders of Çalık Holding Anonim Şirketi Report on the audit of the consolidated financial statements Opinion We have audited the consolidated financial statements of Çalık Holding Anonim Şirketi (“the Company”) and its subsidiaries (“the Group”), which comprise the consolidated statement of financial position as at December 31, 2020, and the consolidated statement of comprehensive income, consolidated statement of changes in equity and consolidated statement of cash flows for the year then ended, and notes to the consolidated financial statements, including a summary of significant accounting policies. In our opinion, the accompanying consolidated financial statements present fairly, in all material respects, the consolidated financial position of the Group as at December 31, 2020, and its consolidated financial performance and its consolidated cash flows for the year then ended in accordance with International Financial Reporting Standards (“IFRSs”). Basis for opinion We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the consolidated financial statements section of our report. We are independent of the Group in accordance with the International Ethics Standards Board for Accountants’ Code of Ethics for Professional Accountants (IESBA Code) together with the ethical requirements that are relevant to our audit of the financial statements in Turkey, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Key audit matters Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the consolidated financial statements of the current period. These matters were addressed in the context of our audit of the consolidated financial statements as a whole, and in forming the auditor’s opinion thereon, and we do not provide a separate opinion on these matters. For each matter below, our description of how our audit addressed the matter is provided in that context. We have fulfilled the responsibilities described in the Auditor’s responsibilities for the audit of the consolidated financial statements section of our report, including in relation to these matters. Accordingly, our audit included the performance of procedures designed to respond to our assessment of the risks of material misstatement of the consolidated financial statements. The results of our audit procedures, including the procedures performed to address the matters below, provide the basis for our audit opinion on the accompanying consolidated financial statements. How key audit matter addressed in the Key audit matters auditor’s response Revenue recognition on construction contracts Çalık Enerji Sanayi ve Ticaret Anonim Şirketi and GAP İnşaat Yatırım ve Dış Ticaret Anonim Şirketi, - We obtained an understanding of and tested the consolidated subsidiaries of the Group, and that the key controls around the revenue the subsidiaries operating in the construction recognition process are designed and sector, conduct mainly engineering, procurement implemented effectively, supporting the and construction projects (“EPC”) in Turkey and prevention, detection or correction of material abroad. The revenue from the construction errors in the reported contact revenue figures. contracts of the companies in energy and - We inspected the terms and conditions of construction sector amounting to USD 377.631 material EPC contracts in evaluating the thousands constitutes a significant portion of the judgements used and determining the timing of Group’s total revenue. the revenue recognition. The EPC projects are complex and exposes the - We discussed on the status of projects under Group to various business and financial reporting construction with finance and technical staff of the risks. The timing of the recognition of revenue in Group and evidenced our understanding with the respect of EPC contracts is calculated in supporting documents. accordance with IFRS 15 “Revenue from Contracts with Customers” using the input - We recomputed contract revenues by using the method cost incurred to measure the progress percentage of completion method. towards to completion of the project. The Group recognizes revenue in accordance with input - We tested the revenue recognised from the method to compare proportion of contract costs construction contracts to amounts invoiced to incurred for performance obligation with customers and the subsequent receipt of payment estimated total contract costs of related from those customers. performance obligation. - We tested by using sampling method the construction costs to invoices by suppliers and The recognition of revenue and the estimation of the outcome of EPC contracts with project subcontractors and the subsequent receipt of specific terms require significant management payment to those parties by controlling the judgment, with respect to estimation the cost to relevant reconciliations. complete and the amounts of variation orders to - We performed an asssesment of the historical be recognized. The recognition of revenue forms level of accuracy and prudence in the contract the construction contracts has been identified as cost budgets and forecasts and challenged key audit matter due to base based on significant management’s current assumptions in respect of management estimation and judgement. completion stages of the EPC projects or change in the cost budgets. We identified revenue from EPC contracts as a significant risk, requiring special audit - We tested revenue and contract accouting consideration. journal entries focusing on unusual or irregular items. - We performed detailed cut off test over revenue and revenue return accounts. Responsibilities of management and those charged with governance for the consolidated financial statements Management is responsible for the preparation and fair presentation of the consolidated financial statements in accordance with IFRSs, and for such internal control as management determines is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error. In preparing the consolidated financial statements, management is responsible for assessing the Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so. Those charged with governance are responsible for overseeing the Group financial reporting process. Auditor’s responsibilities for the audit of the consolidated financial statements Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements. As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group’s internal control. - Evaluate the appropriateness
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