Gübretaş’s statement on ‘extraordinary development’

Gübretaş

Gübretaş said, “The recent unusual developments in our company’s share prices are closely monitored. Our company activities continue as usual and there is no negative situation that may affect our financial statements.”

In the statement, it is stated that there is a need to inform the public due to the unusual movements in the share price in recent days regarding the shares of the company traded on Borsa Istanbul, “Our company was established in 1952 and is one of the first 15 companies traded on Borsa Istanbul. 75.95 percent of our company’s shares belong to the Central Union of Agricultural Credit Cooperatives, the main shareholder. Almost all of the remaining 24.05 percent of the shares are publicly traded and traded on the BIST.

In the statement, it was stated that Gübretaş, one of the most important companies of the Agricultural Credit Group, continues its mission of being the largest company supplying chemical fertilizers to the agricultural sector, ”In this context; Our consolidated turnover at the end of 2022 is 25.3 billion TL and our net profit attributable to the main partnership is 757 million TL. In 2023, according to the first 9-month realizations, our consolidated turnover was 20.5 billion TL and our net profit attributable to equity holders of the parent was 565 million TL. As can be seen, our company activities continue as usual and there is no negative situation that may affect our financial statements.

In addition, Gübretaş holds 100 percent shares in Gübretaş Maden Yatırımları AŞ, 30.48 percent in Tarkim Bitki Koruma Sanayi ve Ticaret AŞ, 15.78 percent in Tarım Kredi Teknoloji AŞ and 48.88 percent in Razi Petrochemical Co.

In addition to the main activities of Gübretaş, it was stated that the commercial activities of its subsidiaries and affiliates continued positively in terms of turnover and profitability:

”As a matter of fact, the fact that the public offering of Tarkim AŞ, which was realized in September 2023, received 4.1 times the demand from investors shows the trust in our company and our subsidiary. As previously shared with the public, Gübretaş Maden Yatırımları AŞ continues its activities and investments as planned.”

”Gübretaş continues its activities as the sector leader”

In the statement, on the other hand, it was stated that with the decision of the Capital Markets Board dated December 7, 2023 and numbered 76-1671, the request for bonus issue capital increase was deemed inappropriate due to the lawsuit to which the company’s subsidiary Razi Petrochemical Co. is a party:

”However, it should be emphasized that the lawsuit in question has been included in the independent audit reports of previous years and the lawsuit process is closely followed by our subsidiary. Therefore, the lawsuit in question is an issue that has been subject to independent audit reports in previous years and does not indicate a new or separate legal process for our subsidiary or Gübretaş. On the other hand, Razi Petrochemical Co. is a capital company and the responsibilities of the shareholders and our company against possible risks are limited to their capital shares.As a result, Gübretaş continues its operations as the sector leader with TL 7 billion equity attributable to equity holders of the parent company and a 30% market share. The rejection of the bonus issue does not have any negative impact on our Company’s operations.

As a matter of fact, the rejected issue is the addition of the accumulated resources from previous years in the Company’s equity to the capital. It is a matter that does not create any fund inflow and outflow to our Company. Our Company will continue to grow and strengthen its financial structure with the strength and support of our main shareholder Türkiye Tarım Kredi Kooperatifleri, Turkey’s largest farmer organization. The recent unusual developments in our Company’s share prices are closely monitored.”

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