[CONSOLIDATION_METHOD_TITLE] [CONSOLIDATION_METHOD]
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English
oda_NoncurrentAssetSaleAbstract|
Non-Current Asset Sale
oda_UpdateAnnouncementFlag|
Update Notification Flag
Evet (Yes)
oda_CorrectionAnnouncementFlag|
Correction Notification Flag
Hayır (No)
oda_DateOfThePreviousNotificationAboutTheSameSubject|
Date Of The Previous Notification About The Same Subject
25.01.2016; 05.02.2021; 19.04.2021
oda_DelayedAnnouncementFlag|
Postponed Notification Flag
Hayır (No)
oda_AnnouncementContentSection|
Announcement Content
oda_NatureOfNonCurrentAssetSold|
Nature of Non Current Asset Sold
Products, Marketing Authorizations of Products, Contracts, Fixed Assets, Inventory, Operational Know-How and Employees in relation to the hospital products business.
oda_LocationAndAreaOfNoncurrentAssetSold|
Location and Area of Non-current Asset Sold
-
oda_BoardDecisionDateForSale|
Board Decision Date for Sale
05/02/2021
oda_WereMajorityOfIndependentBoardMembersApprovedTheBoardDecisionForSale|
Were Majority of Independent Board Members' Approved the Board Decision for Sale?
Our subsidiary is not publicly traded, therefore, it does not have any independent Board members.
oda_TotalSalesValue|http://www.xbrl.org/2003/role/verboseLabel
Total Sales Value
1) In return for all Assets other than Inventory and Fixed Assets USD 3,700,000 + VAT 2) In return for the Inventory, USD 2,543,400 + VAT. In return for the Fixed Assets, USD 234,410 + VAT 3) A one-time performance fee based on the net revenue of the relevant business to be generated in 2021 capped at USD 550,000.
oda_RatioOfTransactionAmountToValueOfCompanyBasedOnTheMathematicalWeightedAverageOnADailyBasisSixMonthsPriorToDateOfBoardDecision|
Ratio of Transaction Amount to Value of Company Based on the Mathematical Weighted Average on a Daily Basis, Six Months Prior to Date of Board Decision (%)
1.11
oda_RatioOfSalesPriceToPaidInCapitalOfCompany|
Ratio of Sales Price to Paid-in Capital of Company (%)
7.73
oda_RatioOfSalesValueToTotalAssetsInLatestDisclosedFinancialStatementsOfCompany|
Ratio of Sales Value to Total Assets in Latest Disclosed Financial Statements of Company (%)
0.87
oda_RatioOfSalesValueToTotalNetNoncurrentAssetsInLatestDisclosedFinancialStatementsOfCompany|
Ratio of Sales Value to Total Net Non-current Assets in Latest Disclosed Financial Statements of Company (%)
519.28 (*)
oda_RatioOfValueOfNoncurrentAssetToTotalAssetsInLatestDisclosedFinancialStatementsOfCompany|
Ratio of Value of Non-current Asset to Total Assets in Latest Disclosed Financial Statements of Company (%)
0.48
oda_RatioOfTransactionValueToSalesInLatestAnnualFinancialStatementsOfCompany|
Ratio of Transaction Value to Sales in Latest Annual Financial Statements of Company (%)
5.83
oda_SalesConditions|
Sales Conditions
Vadeli (Timed)
oda_DateOnWhichRheTransactionWasWillBeCompleted|
Date on which the Transaction was/will be Completed
01.05.2021
oda_AimOfSaleAndEffectsOnCompanyOperations|
Aim of Sale and Effects on Company Operations
The developments in the health sector and expectations in terms of its evolvement, short term impacts of the Covid-19 pandemic and local competition conditions were taken into consideration. The transfer decision will not have a significant impact on our operations.
oda_ProfitLossArisedAfterSaleOfNoncurrentAsset|
Profit / Loss Arised After Sale of Non-Current Asset
As a result of our subsidiary's transfer decision, the profit according to the TFRS (Turkish Financial Reporting Standards) is calculated as TL 32,753,431.
oda_HowWillSalesProfitBeUsedIfExists|
How will Sales Profit be Used if Exists?
Our subisidiary will use the profit generated from the sale for portfolio enhancement and working capital needs.
oda_BoardDecisionDateForUseOfSalesProfitIfExists|
Board Decision Date for Use of Sales Profit if Exists
-
oda_CounterParty|
Counter Party
Baxter Turkey Renal Hizmetler A.Ş.
oda_IsCounterPartyARelatedPartyAccordingToCMBRegulations|
Is Counter Party a Related Party According to CMB Regulations?
Hayır (No)
oda_NatureofRelationWithCounterParty|
Nature of Relation with Counter Party
-
oda_AgreementSigningDateIfExists|
Agreement Signing Date if Exists
05/02/2021
oda_ExercisePriceOfRetirementRightRelatingToSignificantTransaction|
Exercise Price of Retirement Right Relating to Significant Transaction
Does not satisfy the criteria of a significant transaction.
oda_ValueDeterminationMethodOfNoncurrentAsset|
Value Determination Method of Non-Current Asset
Determined by the Parties through negotiation.
oda_DidValuationReportBePrepared|
Did Valuation Report be Prepared?
Düzenlenmedi (Not Prepared)
oda_ReasonForNotPreparingValuationReportIfItWasNotPrepared|
Reason for not Preparing Valuation Report if it was not Prepared
Not prepared, as the value was determined through negotiation.
oda_DateAndNumberOfValuationReport|
Date and Number of Valuation Report
-
oda_TitleOfValuationCompanyPreparedReport|
Title of Valuation Company Prepared Report
-
oda_ValueDeterminedInValuationReportIfExists|
Value Determined in Valuation Report if Exists
-
oda_ReasonsIfTransactionWasntWillNotBePerformedInAccordanceWithValuationReport|
Reasons if Transaction wasn't/will not be performed in Accordance with Valuation Report
-
oda_ExplanationSection|
Explanations
oda_ExplanationTextBlock|

(*) In terms of the Assets other than Inventory and Fixed Assets (Products, Marketing Authorizations regarding Products, Contracts, Operational Know-How and Domain Names), as these assets are "Intangible Assets" the account item "Net Value of Intangible Assets" indicated our Company's financial statements dated 31.03.2021, which have already been disclosed to the public, has been used for the calculation of the relevant ratio.

In our public disclosures dated 5 February 2021 and 19 April 2021, we have announced in brief that the exclusive Distribution Agreement signed with Baxter group was ending in 2021 and that Baxter Group has conveyed its intention to handle the relevant business internally. In light of the recent developments, it was decided that: (i) an Asset Sale and Purchase Agreement be signed between EİP and Baxter Turkey Renal Hizmetler A.Ş. ("Baxter Türkiye") concerning the termination of EİP's distribution of hospital products business and transfer of assets in relation to the hospital products to Baxter Türkiye, (ii) the Competition Authority has approved the transfer transaction in its meeting dated 15 April 2021 and (iii) all issues that become final during the process be shared with the public accordingly.

At this stage, the transfer transactions have been completed as of 1 May 2021, the value for the assets in relation to the relevant Business other than inventory and fixed assets determined as USD 3,700,000 +VAT has been collected as of today (i.e. 3 May 2021). The value for the inventory determined as USD 2,543,400 + VAT will be collected during the period between 20-26 October 2021 and the value for the fixed assets determined as USD 234,410 + VAT will be collected on 3 November 2021. The employment agreements of the 50 employees employed in the relevant business subject to transfer have also been transferred to Baxter Türkiye together with all rights and obligations.

This statement has been translated into English for informational purposes. In case of a discrepancy between the Turkish and the English versions of this disclosure statement, the Turkish version shall prevail.