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Business combinations

12 Months Ended

Dec. 31, 2023

3.Business combinations

The Company’s 100% owned subsidiary Turkcell Enerji has signed a Share Transfer Agreement to acquire the entire shares of Boyut Grup Enerji Elektrik Uretim ve Insaat Sanayi ve Ticaret A.S. (“Boyut Enerji”) on 6 July 2021. The respective transaction is based on an enterprise value of USD 29,600. After adjusting for the net debt of Boyut Enerji, the Group made a payment of USD 10,972. USD 500 of this amount shall be paid after two-years as from the agreement date. The control power of Boyut Enerji has transferred to the Group as of 18 August 2021. At the time the financial statements were authorized for issue, goodwill, identifiable assets and liabilities has been accounted in accordance with IFRS 3, “Business Combinations”.

The details of the goodwill calculation, total consideration amount and the net assets acquired are as follows:


Total consideration amount		258,584
- Cash consideration amount		249,719
- Contingent and deferred consideration amount		8,865
Net assets acquired		(230,835)
Goodwill		27,749

The fair values of identifiable assets and liabilities in accordance with IFRS 3 arising from the acquisition are as follows:


Cash and cash equivalents		15,039
Other current assets		15,528
Property, plant and equipment		342,889
Intangible assets		631,093
Other non-current assets		449
Borrowings		(411,129)
Trade and other payables		(21,326)
Due to related parties		(6,794)
Provisions		(100)
Employee benefit obligations		(208)
Deferred tax liabilities		(131,966)
Other liabilities		(202,640)
Fair value of total identifiable net assets (100%)		230,835

The details of cash outflow due to acquisition are as follows:


Total consideration - cash		249,719
Cash and cash equivalents - acquired		(15,039)
Cash outflow due to acquisition (net)		234,680