7Baggers

D-MARKET Electronic Services & Trading
(NASDAQ:HEPS) 

HEPS stock logo

Founded: 2000
Sector:
Industry:

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• Market Cap:
• Exchange:
• Shs Outstanding:
• Employees:
• Beta:
• Return on Equity (ROE) ttm:
• Return on Assets (ROA) ttm:
• EPS ttm:
• Book value per Share:
• Cash per Share:
• Current ast per Share:
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• P/E ttm low:
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• EBITDA Mgn ttm:
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• Trailing Div yield:
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• Ex-Dividend date:
• Target Price High:
• Target Price Low:
• Target Price Mean:
• Number of Analysts:
• Debt Ratio ttm:
• Debt to Equity ttm:
• Total Net Debt:
At a glance:
Bull Thesis:
Bear Thesis:
Main Competitors:
Moat:
Income Statements:
Quarterly
Annual
    Unit: USD2025-11-05 2025-07-31 2025-05-08 2025-04-30 2024-12-31 2024-12-10 2024-09-11 2024-06-13 2024-03-25 2023-12-31 2023-08-24 2023-05-25 2023-05-12 2023-03-22 2022-12-06 2022-09-28 2022-06-01 2022-03-24 2021-12-31 2021-11-23 2021-08-26 
                         
      revenues
    19,919,848,000 16,743,771,000 14,386,929,000 18,140,836,000 20,436,296,000 12,241,606,000 10,112,888,000 11,309,633,000 11,811,921,000  5,893,603,000 4,629,486,000 8,057,413,000 5,535,176,000 3,281,176,000 2,985,245,000 2,527,885,000 2,759,149,000 2,759,149,000 1,658,336,000 1,754,701,000 
      operating expenses
                         
      cost of inventory sold
    -12,510,150,000 -10,408,359,000 -9,064,567,000 -11,389,100,000 -12,820,951,000 -7,369,502,000 -6,064,025,000 -7,505,589,000 -8,194,917,000  -4,124,318,000 -3,220,379,000 -5,642,430,000 -4,013,848,000 -2,365,805,000 -2,510,182,000 -1,839,638,000 -2,097,953,000 -2,097,953,000 -1,378,262,000 -1,267,809,000 
      shipping and packaging expenses
    -2,268,692,000 -1,792,364,000 -1,642,728,000 -1,663,019,000 -1,924,416,000 -1,384,003,000 -1,226,864,000 -1,226,951,000 -1,124,936,000  -515,007,000 -441,163,000 -768,017,000 -495,901,000 -336,890,000 -277,510,000 -298,285,000 -317,313,000 -317,312,000 -239,344,000 -234,934,000 
      payroll and outsourced staff expenses
    -2,248,376,000                     
      advertising expenses
    -1,991,900,000 -1,101,825,000 -950,341,000 -1,360,635,000 -1,533,588,000 -1,004,795,000 -835,167,000 -714,785,000 -857,527,000  -377,871,000 -282,966,000 -578,440,000 -513,178,000 -366,038,000 -346,852,000 -326,165,000 -654,743,000 -654,743,000 -461,347,000 -286,081,000 
      technology expenses
    -201,006,000 -175,606,000 -164,038,000 -240,306,000 -269,826,000 -151,110,000 -152,055,000 -130,492,000 -130,111,000  -67,987,000 -59,928,000 -91,655,000 -49,038,000 -44,722,000 -37,439,000 -62,321,000 -20,482,000 -20,482,000 -13,220,000 -14,597,000 
      depreciation and amortization
    -764,313,000 -705,408,000 -657,329,000 -572,236,000 -659,314,000 -475,361,000 -418,935,000 -387,182,000 -354,624,000  -204,948,000 -177,884,000 -251,990,000 -178,588,000 -99,078,000 -101,639,000 -29,279,000 -44,846,000 -44,846,000 -37,263,000 -31,670,000 
      other operating income
    141,106,000 107,711,000 106,537,000 130,013,000 143,867,000 70,683,000 71,898,000 60,953,000 72,814,000  142,415,000 26,149,000 156,385,000 23,570,000 15,038,000 17,106,000 12,140,000     
      other operating expenses
    -667,063,000 -820,846,000 -670,390,000 -846,086,000 -914,760,000 -390,366,000 -315,260,000 -306,199,000 -386,002,000  -190,330,000 -154,883,000 -233,879,000 -142,159,000 -405,093,000 -98,951,000 -70,148,000 -32,003,000 -238,275,000 -29,313,000 -17,440,000 
      operating income
    -590,546,000 34,053,000 -548,509,000 142,689,000 -29,577,750 32,390,000 -32,307,000 -97,831,000 -225,489,000  -50,337,000 -170,627,000 -164,048,000 -424,478,000 -737,161,000 -695,442,000 -365,177,000 -721,558,000    
      yoy
    1896.59% 5.13% 1597.80% -245.85% -86.88%  -35.82% -42.66% 37.45%  -93.17% -75.46% -55.08% -41.17%        
      qoq
    -1834.20% -106.21% -484.41% -582.42% -191.32% -200.26% -66.98% -56.61%   -70.50% 4.01% -61.35% -42.42% 6.00% 90.44% -49.39%     
      financial income
    1,154,929,000 1,130,867,000 977,044,000 1,418,792,000 1,572,146,000 824,348,000 600,763,000 819,093,000 763,898,000  1,443,158,000 161,600,000 503,587,000 206,201,000 450,750,000 518,107,000 433,080,000 1,970,590,000 1,970,592,000 94,049,000 42,481,000 
      financial expenses
    -2,835,677,000 -2,356,065,000 -1,776,855,000 -2,683,235,000 -2,976,886,000 -1,620,957,000 -1,355,294,000 -1,343,470,000 -1,578,895,000  -714,767,000 -311,980,000 -901,281,000 -468,923,000 -305,150,000 -413,188,000 -307,616,000 -535,042,000 -535,042,000 -175,781,000 -146,344,000 
      monetary gains/losses
    946,445,000   452,631,000                  
      income before income taxes
    -1,324,849,000 -723,823,000 -355,084,000 -669,123,000 -724,339,000 -307,361,000 -384,545,000 -130,734,000 -644,087,000  881,093,000 -192,835,000 -191,094,000 -546,104,000 -571,454,000 -566,283,000 -239,713,000 713,990,000 639,715,000 -778,403,000 -324,061,000 
      taxation on income
                         
      income for the period
    -1,324,849,000 -723,823,000 -355,084,000 -669,123,000 -220,142,000 -307,361,000 -384,545,000  -644,087,000  881,093,000  -191,094,000 -546,104,000    713,990,000    
      basic and diluted loss per share
    -4.1 -2.3  -2 -0.685 -0.96 -1.2    2.7 -0.59 -0.59  -1.75 -1.74 -0.74 2.19 1.81 -2.74 -1.14 
      other comprehensive loss:
                         
      items that will not be reclassified to
                         
      profit or loss in subsequent period:
                         
      actuarial losses arising on remeasurement of post-employment benefits
       -22,136 -22,131 96     -34,241 -13,983 1,288 -7,749 -9,260 -2,288  2,225 2,225 -2,459 -1,681 
      items that will be reclassified to
                         
      changes in the fair value of debt instruments at fair value through other comprehensive income
                 2,855 37,688 -40,337      
      total comprehensive income for the period
    -1,324,849 -723,823  -691,259 -220,127 -307,265 -384,545  -653,032  846,852  -189,806 -550,998    716,215    
      payroll and outsource staff expenses
     -1,813,021,000 -1,892,582,000 -2,056,778,000 -2,322,038,000 -1,504,762,000 -1,204,787,000 -1,197,219,000 -1,062,107,000  -605,894,000 -489,059,000 -811,435,000 -590,512,000 -415,749,000 -325,220,000 -279,366,000 -313,367,000 -260,118,000 -196,258,000 -122,368,000 
      monetary gains
     467,322,000 993,236,000  545,131,000 456,858,000 402,293,000 491,474,000 396,399,000  203,039,000 128,172,000 370,648,000 141,096,000 20,107,000 24,240,000      
      items that will not be reclassified to profit or loss in subsequent period:
                         
      items that will be reclassified to profit or loss in subsequent period:
                         
      basic and diluted income per share
      -1.1     -0.4 -1.98     -1.68        
      actuarial gains arising on remeasurement of post-employment benefits
            -8,945             
      total comprehensive loss for the period
      -355,084     -130,764    -206,818   -543,026 -608,908 -241,660  -336,327 -780,862 -325,742 
      other comprehensive income:
                         
      loss for the period
           -130,734,000    -192,835,000   -571,454,000 -566,283,000 -239,713,000  -334,948,250 -778,403,000 -324,061,000 
      items that will not be reclassified to profit or loss in subsequent period:
                         
      actuarial gains arising on remeasurement of post-employment benefits
           -30              
      items that will be reclassified to profit or loss in subsequent period:
                         
      actuarial losses arising on remeasurement of
                         
      post-employment benefits
                    -1,947     
      operating (loss) / income
                      -261,923,250 -696,671,000 -220,198,000 
    Balance Sheets:
    Quarterly
    Annual
      Unit: USD2025-11-05 2025-07-31 2025-05-08 2025-04-30 2024-12-31 2024-12-10 2024-09-11 2024-06-13 2024-04-30 2024-03-25 2023-12-31 2023-08-24 2023-05-25 2023-05-12 2023-03-25 2023-03-22 2022-12-06 2022-09-28 2022-06-01 2022-03-24 2022-03-22 2021-12-31 2021-11-23 2021-08-26 
                              
        assets
                              
        current assets:
                              
        cash and cash equivalents
      7,409,859,000 7,089,643,000 6,695,759,000 6,750,179,000 6,750,179,000 4,256,239,000 3,680,062,000 3,562,870,000 6,750,179,000 5,500,000,000 5,500,000,000 4,867,634,000 4,971,751,000 5,714,064,000 5,500,000,000 5,266,008,000 3,473,910,000 2,685,882,000 2,328,477,000 3,947,085,000 5,266,008,000 3,813,469,000 4,038,289,000 706,259,000 
        restricted cash
      161,082,000 133,915,000 139,135,000 135,271,000 135,271,000 117,563,000 111,257,000 102,642,000 135,271,000 167,312,000 167,312,000 92,718,000 103,095,000 135,819,000 167,312,000 107,427,000 75,799,000 52,738,000 39,206,000 39,998,000 107,427,000 39,998,000 16,665,000  
        financial investments
      1,905,092,000 1,814,989,000 597,583,000 2,384,743,000 2,384,743,000 3,873,461,000 3,184,332,000 4,402,874,000 2,384,743,000 1,722,744,000 1,722,744,000 524,344,000  686,196,000 1,722,744,000 17,557,000 866,123,000 1,338,784,000 1,290,051,000 1,024,437,000 17,557,000 1,158,052,000   
        trade and loan receivables
      5,468,466,000 5,726,495,000 5,095,401,000 5,045,635,000 5,045,635,000    5,045,635,000                
        due from related parties
         14,559,000 14,559,000 7,143,000 21,718,000 10,004,000 14,559,000 9,182,000 9,182,000 9,748,000 2,123,000 4,388,000 9,182,000 1,718,000 938,000 1,505,000 3,150,000 2,184,000 1,718,000 2,184,000 1,343,000 1,224,000 
        inventories
      9,591,943,000 7,400,171,000 7,003,661,000 6,001,460,000 6,001,460,000 6,911,430,000 5,607,842,000 4,833,247,000 6,001,460,000 3,964,987,000 3,964,987,000 2,638,902,000 1,963,037,000 3,823,669,000 3,964,987,000 1,788,247,000 2,172,054,000 2,227,251,000 1,938,185,000 1,639,480,000 1,788,247,000 1,639,480,000 923,014,000 608,621,000 
        contract assets
      64,582,000 52,709,000 48,613,000 44,732,000 44,732,000 35,936,000 29,652,000 34,036,000 44,732,000 22,431,000 22,431,000 54,585,000 21,094,000 29,928,000 22,431,000 15,348,000 11,505,000 9,365,000 8,644,000 7,351,000 15,348,000 7,351,000 6,842,000 10,567,000 
        other current assets
      1,190,833,000 791,977,000 773,948,000 478,113,000 478,113,000 776,673,000 866,786,000 891,832,000 478,113,000 864,313,000 864,313,000 640,523,000 520,528,000 961,202,000 864,313,000 514,110,000 541,548,000 452,458,000 270,859,000 199,787,000 514,110,000 199,787,000 251,695,000 105,031,000 
        total current assets
      25,791,857,000 23,009,899,000 20,354,100,000 20,854,692,000 20,854,692,000 19,859,869,000 16,537,293,000 16,846,415,000 20,854,692,000 14,624,244,000 14,624,244,000 9,432,240,000 8,125,982,000 12,892,600,000 14,624,244,000 8,378,150,000 7,429,612,000 6,992,331,000 6,230,994,000 7,085,013,000 8,378,150,000 7,085,012,000 5,533,149,000 1,610,450,000 
        non-current assets:
                              
        property and equipment
      889,871,000 860,779,000 850,716,000 831,413,000 831,413,000 720,076,000 693,150,000 575,595,000 831,413,000 502,743,000 502,743,000 372,342,000 359,522,000 452,126,000 502,743,000 337,990,000 306,158,000 241,963,000 104,625,000 90,540,000 337,990,000 90,540,000 76,067,000 65,624,000 
        intangible assets
      3,937,355,000 3,646,595,000 3,438,642,000 3,059,048,000 3,059,048,000 2,752,043,000 2,497,668,000 2,220,409,000 3,059,048,000 1,853,586,000 1,853,586,000 1,192,322,000 1,069,945,000 1,572,894,000 1,853,586,000 845,813,000 663,829,000 506,310,000 268,122,000 202,798,000 845,813,000 202,798,000 153,851,000 128,198,000 
        right of use assets
      2,087,016,000 1,555,737,000 1,569,265,000 1,299,765,000 1,299,765,000 1,065,354,000 761,190,000 629,783,000 1,299,765,000 565,523,000 565,523,000 435,686,000 472,097,000 508,786,000 565,523,000 438,542,000 404,110,000 368,579,000 221,951,000 205,755,000 438,542,000 205,755,000 169,793,000 173,878,000 
        other non-current assets
      43,349,000 47,534,000 52,785,000 12,405,000 12,405,000 19,465,000 27,425,000 35,569,000 12,405,000 33,720,000 33,720,000 26,547,000 24,800,000 42,557,000 33,720,000 63,018,000 81,979,000 210,839,000 329,973,000 297,258,000 63,018,000 297,258,000 4,511,000 10,608,000 
        total non-current assets
      6,997,450,000 6,162,954,000 6,020,281,000 5,290,226,000 5,290,226,000 4,617,581,000 4,021,232,000 3,472,209,000 5,290,226,000 2,956,371,000 2,956,371,000 2,028,407,000 1,928,888,000 2,577,960,000 2,956,371,000 1,689,221,000 1,462,710,000 1,335,729,000 932,733,000 796,351,000 1,689,221,000 796,351,000 404,222,000 378,308,000 
        total assets
      32,789,307,000 29,172,853,000 26,374,381,000 26,144,918,000 26,144,918,000 24,477,450,000 20,558,525,000 20,318,624,000 26,144,918,000 17,580,615,000 17,580,615,000 11,460,647,000 10,054,870,000 15,470,560,000 17,580,615,000 10,067,371,000 8,892,322,000 8,328,060,000 7,163,727,000 7,881,364,000 10,067,371,000 7,881,363,000 5,937,371,000 1,988,758,000 
        liabilities and equity
                              
        current liabilities:
                              
        bank borrowings
      1,003,433,000 1,219,434,000 1,522,892,000 1,682,686,000 1,682,686,000 950,543,000 473,202,000 313,479,000 1,682,686,000 183,472,000 183,472,000 79,546,000 26,303,000 195,394,000 183,472,000 13,049,000 50,926,000 260,395,000 176,403,000 193,184,000 13,049,000 193,184,000 129,107,000 158,801,000 
        lease liabilities
      1,009,497,000 550,681,000 508,792,000 409,083,000 409,083,000 102,436,000 120,233,000 128,595,000 409,083,000 154,573,000 154,573,000 140,863,000 153,830,000 148,951,000 154,573,000 157,414,000 155,475,000 134,147,000 127,347,000 109,310,000 157,414,000 109,310,000 84,466,000 66,630,000 
        wallet deposits
      214,108,000 178,219,000 200,341,000 177,607,000 177,607,000 164,236,000 174,666,000 344,816,000 177,607,000 188,412,000 188,412,000 101,822,000 108,016,000 160,051,000 188,412,000 113,493,000 79,048,000 54,547,000 42,276,000 40,924,000 113,493,000 40,924,000 16,665,000  
        trade payables and payables to merchants
      23,135,396,000 18,585,446,000 15,449,812,000 14,973,751,000 14,973,751,000 14,888,003,000 12,335,542,000 11,964,643,000 14,973,751,000 10,562,999,000 10,562,999,000 6,359,902,000 5,796,296,000 8,881,831,000 10,562,999,000 5,886,538,000 4,736,354,000 4,213,224,000 3,517,780,000 4,062,149,000 5,886,538,000 4,062,149,000 2,968,111,000 2,461,651,000 
        due to related parties
         12,941,000 12,941,000 13,338,000 5,650,000 6,690,000 12,941,000 4,638,000 4,638,000 4,555,000 12,677,000 6,539,000 4,638,000 5,579,000 17,845,000 15,037,000 14,982,000 9,047,000 5,579,000 9,047,000 5,827,000 6,329,000 
        provisions
      242,210,000 158,651,000 81,739,000 217,057,000 217,057,000 33,815,000 78,957,000 83,413,000 217,057,000 81,728,000 81,728,000 67,188,000 401,572,000 71,161,000 81,728,000 371,280,000 392,882,000 131,786,000 132,475,000 4,897,000 371,280,000 132,422,000 4,223,000 3,411,000 
        employee benefit obligations
      830,231,000 486,681,000 337,775,000 522,124,000 522,124,000 326,062,000 272,695,000 190,998,000 522,124,000 289,410,000 289,410,000 130,293,000 66,282,000 195,922,000 289,410,000 164,733,000 97,385,000 58,415,000 41,599,000 70,729,000 164,733,000 70,729,000 136,727,000 110,655,000 
        contract liabilities and merchant advances
      2,357,018,000 2,238,580,000 1,860,657,000 1,906,945,000 1,906,945,000 1,916,107,000 1,544,682,000 1,836,561,000 1,906,945,000 1,424,467,000 1,424,467,000 812,442,000 632,388,000 967,237,000 1,424,467,000 638,556,000 434,123,000 292,207,000 254,507,000 219,241,000 638,556,000 219,241,000 277,073,000 245,110,000 
        other current liabilities
      1,685,181,000 1,565,118,000 1,675,660,000 1,683,832,000 1,683,832,000 1,113,938,000 937,046,000 918,558,000 1,683,832,000 756,389,000 756,389,000 272,789,000 446,035,000 562,795,000 756,389,000 380,029,000 273,083,000 228,115,000 185,374,000 163,545,000 380,029,000 163,543,000 186,009,000 128,368,000 
        total current liabilities
      30,477,074,000 24,982,810,000 21,637,668,000 21,586,026,000 21,586,026,000 19,508,478,000 15,942,673,000 15,787,753,000 21,586,026,000 13,646,088,000 13,646,088,000 7,969,400,000 7,643,399,000 11,189,881,000 13,646,088,000 7,730,671,000 6,237,121,000 5,387,873,000 4,492,743,000 4,873,026,000 7,730,671,000 5,000,549,000 3,808,208,000 3,180,955,000 
        non-current liabilities:
                              
        other non-current liabilities
      488,291,000 499,434,000 509,973,000  499,946,000 526,666,000 529,400,000 541,415,000  402,835,000 402,835,000 208,224,000 157,667,000 390,861,000 402,835,000 146,597,000 145,141,000 132,809,000 92,551,000 97,401,000 146,597,000 97,401,000   
        total non-current liabilities
      1,450,018,000 1,346,379,000 1,393,022,000 1,237,412,000 1,237,412,000 1,301,297,000 980,879,000 836,242,000 1,237,412,000 631,748,000 631,748,000 381,452,000 295,242,000 568,983,000 631,748,000 278,931,000 281,426,000 260,616,000 207,968,000 204,638,000 278,931,000 204,638,000 101,772,000 125,342,000 
        equity:
                              
        share capital
      903,043,000 840,006,000 792,408,000 719,960,000 719,960,000 677,482,000 622,003,000 573,777,000 719,960,000 498,661,000 498,661,000 362,478,000 340,530,000 453,514,000 498,661,000 302,635,000 280,762,000 262,260,000 65,200,000 65,200,000 302,635,000 65,200,000 65,200,000 56,866,000 
        other capital reserves
       1,352,833,000 1,254,524,000 1,100,704,000 1,100,704,000 927,449,000 837,043,000 758,899,000 1,100,704,000 637,738,000 637,738,000 422,711,000 385,753,000 539,560,000 637,738,000 329,913,000 265,195,000 212,501,000 113,770,000 138,519,000 329,913,000 85,270,000 69,625,000 34,236,000 
        share premiums
      26,228,467,000 24,397,579,000 23,015,125,000 20,910,909,000  19,677,153,000 18,065,770,000 16,665,088,000 20,910,909,000 14,483,368,000  10,528,012,000 9,890,532,000 13,172,108,000 14,483,368,000 8,789,896,000 8,154,596,000 7,617,209,000 4,260,737,000 4,260,737,000 8,789,896,000  4,269,536,000 187,465,000 
        treasury shares
        -269,892,000  -245,217,000 -230,749,000 -211,853,000 -195,427,000  -169,843,000 -169,843,000    -169,843,000          
        accumulated deficit
        -21,448,474,000  -19,164,876,000 -17,383,660,000 -15,677,990,000 -14,107,708,000  -12,147,145,000 -12,147,145,000 -8,203,406,000 -8,500,586,000 -10,453,486,000 -12,147,145,000 -7,364,675,000 -6,326,778,000 -5,412,399,000 -1,978,277,000 -1,662,342,000 -7,364,675,000 -1,736,617,000 -2,378,556,000 -1,597,692,000 
        total equity
      862,215,000 2,843,664,000 3,343,691,000 3,321,480,000 3,321,480,000 3,667,675,000 3,634,973,000 3,694,629,000 3,321,480,000 3,302,779,000 3,302,779,000 3,109,795,000 2,116,229,000 3,711,696,000 3,302,779,000 2,057,769,000 2,373,775,000 2,679,571,000 2,463,016,000 2,803,700,000 2,057,769,000 2,676,176,000 2,027,391,000 -1,317,539,000 
        total equity and liabilities
      32,789,307,000 29,172,853,000 26,374,381,000 26,144,918,000 26,144,918,000 24,477,450,000 20,558,525,000 20,318,624,000 26,144,918,000 17,580,615,000 17,580,615,000 11,460,647,000 10,054,870,000 15,470,560,000 17,580,615,000 10,067,371,000 8,892,322,000 8,328,060,000 7,163,727,000 7,881,364,000 10,067,371,000 7,881,363,000 5,937,371,000 1,988,758,000 
        other non-current liabilites
         499,946,000     499,946,000                
        ​
          2,024,000      2,023,000           2,021,000   
        share premium
          20,910,909,000      14,483,368,000           4,260,737,000   
        trade receivables
           3,338,213,000 2,779,751,000 2,962,044,000  2,373,275,000 2,373,275,000 601,881,000 542,147,000 1,537,166,000 2,373,275,000 664,221,000 281,129,000 215,673,000 341,442,000 224,691,000 664,221,000 224,691,000 295,301,000 178,748,000 
        loan receivables
           543,211,000 255,893,000 46,866,000  799,000  1,905,000 2,207,000 168,000 799,000 3,514,000 6,606,000 8,675,000 10,980,000  3,514,000    
        restricted reserves
                        1,586,000 1,586,000  1,586,000 1,586,000 1,586,000 
      Cashflow Statements:
      Quarterly
      Annual
        Unit: USD2025-11-05 2025-07-31 2025-05-08 2025-04-30 2025-03-31 2024-12-10 2024-09-11 2024-06-30 2024-06-13 2024-03-31 2024-03-25 2023-12-31 2023-08-24 2023-06-30 2023-05-25 2023-05-12 2023-03-31 2023-03-22 2022-12-31 2022-09-28 2022-06-30 2022-06-01 2022-03-31 2022-03-24 2021-11-23 2021-08-26 
                                  
          loss before income taxes
        -2,507,651,000 -1,100,239,000 -355,084,000      -130,734,000      -192,835,000   -2,899,814,000  -1,505,900,000  -239,713,000  -625,803,000 -1,339,792,000 -561,387,000 
          adjustments to reconcile loss before income taxes to cash flows from operating activities:
        9,346,499,000 5,758,437,000  9,232,046,000           977,621,000   3,000,318,000  1,582,849,000  68,550,000  -322,773,000 576,318,000 403,662,000 
          interest and commission expenses
        7,047,252,000 4,010,316,000 1,673,490,000 7,319,535,000  4,419,307,000 2,624,808,000  1,188,599,000  3,203,949,000  643,724,000  295,003,000 1,611,358,000  1,141,806,000  415,603,000  190,335,000  632,564,000 406,288,000 244,262,000 
          depreciation and amortization
        2,271,762,000 1,402,221,000 657,329,000 2,048,138,000  1,388,824,000 838,659,000  387,182,000  1,174,133,000  394,297,000  177,884,000 745,314,000  512,761,000  197,042,000  62,321,000  140,925,000 96,079,000 58,816,000 
          interest income on time deposits
        -1,686,239,000 -920,100,000 -337,405,000 -1,729,070,000  -620,936,000 -384,467,000  -145,783,000  -504,054,000    -45,679,000   -201,147,000  -58,984,000  -11,699,000  -42,528,000 -25,640,000 -14,231,000 
          interest income on financial investments
        -1,654,000 -3,066,000 -2,891,000 -1,676,000     -657,000                  
          interest income on credit sales
        -1,182,950,000 -842,716,000 -448,527,000 -1,373,524,000  -877,774,000 -558,746,000  -284,188,000  -372,293,000  -92,136,000  -37,737,000 -203,270,000  -125,574,000  -40,708,000  -14,662,000  -33,381,000 -24,933,000 -18,884,000 
          provision for unused vacation liability
        191,835,000 91,295,000 71,536,000 41,712,000  35,125,000 47,446,000  34,061,000  78,731,000  21,560,000  -1,916,000 63,293,000  24,245,000  11,704,000  8,816,000  10,862,000 7,530,000 4,554,000 
          provision for personnel bonus
        454,365,000 422,983,000 277,602,000 448,108,000  238,381,000 154,175,000  138,731,000  234,176,000  80,573,000  34,201,000 139,275,000  137,938,000  35,082,000  15,493,000  39,275,000   
          provision for legal cases
        16,198,000 5,771,000 1,359,000 18,211,000  11,549,000 3,037,000  536,000  18,604,000  7,200,000  1,451,000 8,816,000  13,541,000  457,000  120,000  1,721,000 1,044,000 232,000 
          provision for doubtful receivables
        692,736,000 534,295,000 181,793,000 258,535,000  122,256,000 84,926,000  30,503,000  49,046,000  14,859,000  7,456,000 28,970,000  19,471,000  9,417,000  1,314,000  3,293,000 2,916,000 1,352,000 
          provision for impairment of trade goods
        225,214,000 249,518,000 13,664,000 -17,610,000  29,476,000 44,166,000  21,201,000  34,832,000  45,622,000  11,152,000 91,961,000  -10,570,000  10,216,000  440,000  -4,780,000 -1,419,000 -1,879,000 
          provision for post-employment benefits
        79,538,000 50,828,000 22,463,000 69,756,000  48,875,000 31,164,000  15,053,000  57,644,000  23,052,000  1,939,000 39,699,000  4,042,000  1,566,000  834,000  1,713,000 1,285,000 856,000 
          provision for share based payment
        211,886,000 68,598,000 43,059,000 179,945,000  61,016,000 41,563,000  25,094,000  106,402,000  36,480,000  22,909,000 56,328,000  159,549,000  64,867,000  28,500,000  138,519,000 190,812,000 131,918,000 
          fair value gains of financial investments
        -54,101,000 -33,225,000 -3,462,000      -39,371,000                  
          provision for license fee
        214,006,000 122,866,000 45,464,000 180,023,000                       
          provision for turkish capital markets board fee
             2,162,000 -422,000  734,000  24,028,000  19,938,000   29,332,000           
          net foreign exchange differences
        -348,328,000 -237,346,000 -138,271,000 -515,346,000  -403,056,000 -298,778,000  -236,928,000  -285,785,000  -1,148,164,000  -65,716,000 -996,695,000  -1,424,287,000  -765,658,000  -198,698,000  -1,251,206,000 -77,644,000 -3,334,000 
          monetary gains on provisions
        -397,228,000 -205,425,000 -118,479,000      -70,474,000                  
          monetary losses on non-operating activities
        1,612,207,000 1,041,624,000 559,865,000      965,208,000                  
          changes in net working capital
                                  
          change in trade payables and payables to merchants
        4,636,924,000 1,232,022,000 -970,405,000 -226,349,000  724,005,000 -802,010,000  -108,311,000  1,044,052,000  -690,642,000  -827,331,000 60,552,000  -787,039,000  -1,570,011,000  -544,893,000  2,037,600,000 943,561,000 437,101,000 
          change in inventories
        -2,426,303,000 -739,985,000 -512,950,000 -354,311,000  -1,898,016,000 -935,356,000  -463,305,000  -1,174,588,000  -542,668,000  37,975,000 -1,235,850,000  1,098,569,000  255,050,000  -299,145,000  -864,558,000 -151,454,000 163,399,000 
          change in trade and loan receivables
        419,828,000 -289,999,000 341,188,000 -2,058,653,000                       
          change in contract liabilities and merchant advances
        -34,855,000 13,672,000 -238,179,000 -149,683,000  -74,711,000 -248,314,000  188,629,000  290,783,000  47,618,000  -86,125,000 10,329,000  278,410,000  -19,891,000  35,267,000  68,542,000 126,375,000 94,412,000 
          change in contract assets
        -8,476,000 -519,000 620,000 -12,347,000  -5,461,000 -1,673,000  -8,226,000  2,859,000  -36,202,000  -3,824,000 -6,927,000  -3,272,000  1,099,000  -1,293,000  48,385,000 48,894,000 45,170,000 
          change in other liabilities
        -574,296,000 -512,349,000 -213,030,000 415,684,000  -26,063,000 -39,855,000  254,150,000  292,892,000  -270,635,000  -48,038,000 -18,881,000  -46,379,000  -111,527,000  17,771,000  255,593,000 155,443,000 81,830,000 
          change in other assets and receivables
        -540,329,000 -193,402,000 -289,572,000 825,903,000  -69,087,000 26,693,000  138,983,000  73,962,000  65,546,000  125,413,000 4,370,000  206,946,000  45,947,000  -121,112,000  -423,441,000 -159,270,000 -2,037,000 
          change in due from related parties
        18,262,000 16,987,000 16,024,000 -1,302,000  5,333,000 -10,264,000  561,000  -6,352,000  -7,691,000  -190,000 -1,814,000  1,870,000  1,604,000  -966,000  1,224,000 2,065,000 2,184,000 
          change in due to related parties
        -16,232,000 -15,099,000 -14,244,000 6,244,000  7,036,000 -136,000  1,353,000  -8,594,000  -2,127,000  6,400,000 -1,821,000  -25,416,000  -12,384,000  -4,196,000  5,117,000 1,897,000 2,399,000 
          post-employment benefits paid
        -32,930,000 -21,044,000 -9,224,000 -35,363,000  -21,810,000 -13,779,000  -7,779,000  -20,725,000  -10,472,000  -7,516,000 -17,176,000  -4,908,000  -1,507,000  -539,000  -3,005,000 -2,967,000 -1,825,000 
          payments for concluded litigation
        -5,111,000 -938,000 -1,037,000 -69,354,000  -63,262,000 -5,589,000  -4,993,000  -394,783,000  -284,923,000  -1,233,000 -356,424,000  -27,728,000  -1,177,000  -67,000  -558,000 -555,000 -555,000 
          payments for personnel bonus
        -484,595,000 -450,768,000 -425,225,000 -272,718,000  -256,627,000 -235,612,000  -217,344,000  -175,698,000  -127,715,000  -119,982,000 -159,791,000  -74,807,000  -64,826,000  -53,028,000  -13,464,000 -13,464,000 -13,464,000 
          payments for unused vacation liabilities
        -19,863,000 -14,041,000 -10,678,000 -8,861,000  -6,177,000 -3,284,000  -1,605,000  -11,236,000  -2,363,000  -1,301,000 -4,671,000  -2,802,000  -913,000  -571,000  -2,506,000 -1,333,000 -925,000 
          payments for license fee
        -205,158,000 -190,837,000 -180,023,000                        
          collections of doubtful receivables
        5,286,000 23,014,000 25,996,000 11,650,000       2,388,000  -894,000   -150,000        3,977,000 3,563,000 2,725,000 
          payments for share based payment
        -678,977,000                          
          net cash from/ used in operating activities
        6,892,023,000   5,697,678,000                       
          investing activities:
                                  
          purchases of property and equipment and intangible assets
        -1,712,722,000 -1,104,944,000 -595,966,000 -2,010,546,000  -1,319,291,000 -874,209,000  -429,051,000  -1,153,718,000  -404,603,000  -215,102,000 -750,986,000  -845,149,000  -333,290,000  -119,431,000  -214,790,000 -138,037,000 -81,053,000 
          proceeds from sale of property and equipment
        8,792,000 7,381,000 1,360,000 14,788,000  14,171,000 5,362,000  2,892,000  7,558,000  1,160,000  979,000 12,222,000  192,000  207,000  20,000  1,212,000 1,088,000 694,000 
          purchase of financial instruments
        -2,256,941,000   -6,428,347,000  -9,540,307,000 -7,553,998,000    -5,072,151,000  -404,600,000   -1,194,185,000           
          proceeds from sale of financial investment
        3,253,883,000   6,147,437,000  7,745,450,000 6,273,722,000    3,427,578,000  19,619,000  18,431,000 615,738,000  3,195,140,000  1,339,149,000  147,643,000     
          interest received on credit sales
        1,073,724,000 822,594,000 398,970,000 1,442,488,000  970,512,000 564,757,000  256,884,000  598,998,000  92,136,000  50,428,000 203,270,000  125,574,000  40,708,000  14,662,000  33,381,000 24,933,000 18,884,000 
          interest income on time deposits and financial instruments
        1,680,960,000   1,728,887,000  618,182,000 372,957,000    513,446,000  -133,916,000   -241,045,000           
          net cash from investing activities
        2,042,696,000 1,561,990,000 2,170,923,000 894,707,000  -1,511,283,000 -1,211,409,000    -1,678,289,000  -570,929,000  -107,527,000 -886,231,000  1,096,087,000  -361,381,000  -126,663,000  -1,006,418,000 -136,949,000 -80,359,000 
          financing activities:
                                  
          proceeds from borrowings
        5,174,738,000 2,916,597,000 1,094,556,000 5,223,438,000  2,064,848,000 766,285,000  249,703,000  577,338,000  197,824,000  16,352,000 418,470,000  944,695,000  770,041,000  324,002,000  1,750,046,000 1,045,945,000 508,730,000 
          repayment of borrowings
        -6,094,058,000 -3,504,348,000 -1,317,059,000 -3,791,221,000  -1,261,709,000 -480,575,000  -121,355,000  -379,753,000  -136,099,000  -7,177,000 -206,328,000  -1,168,333,000  -697,894,000  -340,499,000  -1,912,509,000 -1,267,644,000 -700,402,000 
          interest and commission paid
        -6,638,150,000 -3,707,780,000 -1,479,708,000 -6,826,806,000  -4,099,753,000 -2,361,222,000  -1,072,612,000  -3,172,108,000  -611,193,000  -279,206,000 -1,555,161,000  -1,049,930,000  -368,608,000  -175,614,000  -598,205,000 -385,604,000 -231,386,000 
          lease payments
        -719,576,000 -470,538,000 -225,349,000 -471,348,000  -279,737,000 -156,021,000  -76,362,000  -307,475,000  -105,226,000  -51,922,000 -190,518,000  -200,850,000  -81,095,000  -34,251,000  -104,829,000 -73,338,000 -46,431,000 
          cash outflows from purchase of treasury shares
                  -48,023,000                
          net cash from financing activities
        -8,277,046,000 -4,766,069,000 -1,927,560,000 -5,865,937,000  -3,576,351,000 -2,231,533,000  -1,020,626,000  -3,330,021,000  -654,694,000  -321,953,000 -1,533,537,000  -1,474,418,000  -292,341,000  -201,505,000  3,291,191,000 3,458,897,000 -436,684,000 
          net increase in cash and cash equivalents
        657,673,000 310,833,000  726,448,000       10,809,000       50,418,000  -1,932,984,000    2,374,248,000 3,366,556,000 109,928,000 
          cash and cash equivalents at 1 january
        8,464,979,000 7,874,078,000 7,427,904,000 7,939,626,000  7,471,184,000 6,859,360,000  6,327,538,000  8,666,727,000  6,299,875,000  5,918,412,000 7,882,080,000  6,262,950,000  5,427,391,000  3,812,605,000  592,281,000 592,281,000 592,281,000 
          effects of inflation on cash and cash equivalents
        -1,750,623,000 -1,125,248,000 -677,546,000                        
          effects of exchange rate changes on cash and cash equivalents and restricted cash
        30,808,000 22,539,000 21,585,000 49,919,000  37,361,000 33,038,000    174,424,000  1,148,164,000   987,164,000           
          cash and cash equivalents at 30 september
        7,402,837,000     4,252,349,000          5,691,428,000         4,036,488,000  
          gmv
            42.7     36.3       15,100,000,000  8,400,000,000  9,600,000,000  8,300,000,000    
          marketplace gmv
            29.4     24.8       10,300,000,000  5,700,000,000  6,100,000,000  5,400,000,000    
          share of marketplace gmv
            68.8     68.4       68,200,000,000  -100,000,000  64,000,000,000  65,400,000,000    
          number of orders1
                                  
          active customers1
                                  
          revenue
            14,386.9     11,309.6       4,629,500,000,000  2,254,000,000,000  2,985,200,000,000  2,527,900,000,000    
          gross contribution
            5,322.4     3,804       1,409,100,000,000  606,000,000,000  475,000,000,000  688,300,000,000    
          gross contribution margin
            12.5     10.5       9,300,000,000  -600,000,000  5,000,000,000  8,300,000,000    
          net income for the period
            -355.1     -130.7       -192,800,000,000    -566,300,000,000      
          ebitda
            108.8     289.4       7,300,000,000  392,200,000,000  -593,800,000,000      
          ebitda as a percentage of gmv
            0.3     0.8           -6,200,000,000      
          net cash (used in)/provided by operating activities
            -337.2                  -1,242,500,000,000    
          free cash flow
            -931.8     1,029.6       -153,900,000,000  728,200,000,000  184,600,000,000      
          net cash from operating activities
         3,514,912,000 -337,234,000   3,397,785,000 1,340,460,000  1,455,737,000 1,455.7 5,019,119,000  -367,519,000  60,214,000 1,780,742,000  428,749,000  -1,279,262,000  -1,242,524,000  89,475,000 44,608,000 626,971,000 
          capital expenditures
         -1,104,944,000 -595,966,000   -1,319,291,000 -874,209,000  -429,051,000 -1,153,718,000  -404,603,000  -215,102,000 -750,986,000  -845,149,000  -333,290,000  -119,431,000  -214,790,000 -138,037,000 -81,053,000 
          free cash flows
         2,409,968,000 -933,200,000   2,078,494,000 466,251,000  1,026,686,000 1,455.7 3,865,401,000  -772,122,000  -154,888,000 1,029,756,000  -416,400,000  -1,612,552,000  -1,361,955,000  -125,315,000 -93,429,000 545,918,000 
          purchase of financial investments
         -2,099,114,000 -320,673,000      -5,033,121,000         -1,571,400,000  -1,363,461,000  -151,456,000  -792,840,000   
          proceeds from sale of financial investments
         3,021,793,000 2,365,984,000      2,588,076,000                  
          interest income on time deposits and financial investments
         914,280,000 321,248,000      141,210,000                  
          cash and cash equivalents at 30 june
         7,082,202,000     3,667,510,000      4,851,643,000       2,670,410,000      705,587,000 
          adjustments to reconcile income before income taxes to cash flows from operating activities:
          2,498,589,000   6,200,967,000 4,008,961,000  2,029,501,000  6,477,307,000  634,205,000   3,406,803,000           
          net decrease in cash and cash equivalents
          -93,871,000   -1,689,849,000 -2,102,482,000  -2,037,999,000    -1,593,142,000  -369,266,000 -639,026,000      -1,570,692,000     
          cash and cash equivalents at 31 march
          6,678,072,000            4,969,516,000       2,326,317,000     
          income/loss before income taxes
           -1,604,907,000                       
          provision for loan receivables
           160,138,000                       
          adjustment for impairment loss of financial investments
           -127,621,000  -343,120,000 -109,025,000    -237,515,000  -144,048,000  -901,000 -198,588,000  45,506,000  49,714,000  -13,683,000  40,250,000   
          provision competition board penalty
                         -5,799,000         
          provision for settlement of legal proceedings
                    12,263,000   14,332,000  280,660,000         
          contribution income for settlement
                  -121,820,000     -108,822,000           
          change in provisions due to inflation
           -257,708,000  -181,423,000 -119,273,000    -295,992,000  -107,124,000  -75,317,000 -220,031,000  -172,428,000  -87,441,000       
          monetary effect on non-operating activities
           2,530,500,000  2,272,627,000 1,610,107,000    3,440,994,000  1,052,043,000  652,892,000 2,661,704,000  2,600,604,000  1,740,993,000       
          inflation effect on cash and cash equivalents
           -1,967,204,000  -1,566,347,000 -1,122,406,000    -3,352,795,000  -1,003,254,000  -651,845,000 -2,538,790,000  -2,029,040,000  -1,301,684,000       
          cash and cash equivalents at 31 december
           6,748,789,000       5,499,165,000       5,259,801,000      3,945,895,000   
          number of orders (million)1
            23.8                      
          number of orders (excl. digital products) (million)1
            18.2                      
          active customers
            12     12.1                 
          ·
                                  
          ​
                                  
          income before income taxes
             -880,568,000 -526,267,000    75,534,000  675,830,000   654,470,000           
          provision for competition authority investigation
                                  
          share-based payment expense
                                  
          fair value losses of financial investments
                                  
          purchases of financial investments
                                  
          cash outlows due to acquisition of subsidiary
                                  
          interest received on time deposits
                      37,737,000   196,114,000  44,507,000  10,195,000  41,701,000 24,200,000 13,921,000 
          acquisition of treasury shares
                                  
          cash and cash equivalents at beginning of the year
                                  
          effects of exchange rate changes on cash and cash equivalents
                      72,215,000   975,473,000  477,687,000  84,404,000  979,366,000 77,651,000 3,378,000 
          cash and cash equivalents at end of the year
                                  
          interest income on financial instruments
             -2,322,000 -379,000    -1,184,000                
          changes in working capital
                                  
          change in trade receivables
             -237,774,000 126,945,000  -215,143,000  -1,448,682,000  185,614,000  201,180,000 -552,277,000  -285,199,000  122,325,000  -98,589,000  -74,855,000 -144,673,000 -25,718,000 
          number of orders
                 29.3       24,100,000,000  16,500,000,000  14,100,000,000  15,000,000,000    
          active customer
                        11,900,000,000  400,000,000  11,700,000,000  12,000,000,000    
          operating income/
                                  
          income/(loss) for the period
                                  
          net cash from by investing activities
                -2,473,110,000                  
          provision for the competition board penalty
                  -126,589,000     -115,128,000           
          non-cash charges
                                  
          payment for acquired businesses, net of cash acquired
                         -4,384,000  -3,986,000  -3,439,000     
          proceed from share capital and share premium increase
                                  
          net income/(loss) for the period
                                  
          reversal of provision for the competition board penalty
                    -92,018,000              
          interest received on time deposits and financial instruments
                    125,359,000              
          4
                                  
          non cash charges
                           -1,021,000  -881,000     
          net cash provided by/(used in) operating activities
                        60,200,000,000  751,400,000,000  396,700,000,000      
          income/(loss) before income taxes
                                  
          benefit from unused vacation liability
                                  
          benefit from personnel bonus
                                  
          benefit from legal cases
                                  
          benefit from doubtful receivables
                                  
          benefit from impairment of trade goods
                                  
          benefit from post-employment benefits
                                  
          benefit from share based payment
                                  
          benefit from the competition board penalty
                                  
          benefit from settlement of legal proceedings
                                  
          benefit from turkish capital markets board fee
                                  
          net cash (used in)/provided by investing activities
                                  
          proceed from share capital and share premiums increase
                               4,081,606,000 4,090,405,000  
          net (loss)/income for the period
                              -239,700,000,000    
          3
                                  
          ebitda1
                            -593,800,000,000  -302,900,000,000    
          free cash flow1
                            184,600,000,000  -1,361,900,000,000    
          adjustment for fair value loss of financial investments
                                  
          ●