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Hayır (No)
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Hayır (No)
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Prepared in accordance with to our Company's "Principles Regarding Related Party Transactions", the table attached hereto demonstrates the common and continuous related party transactions that are anticipated to be entered into within the fiscal year, the scope, terms and expected volume of business thereof and the methods and procedures to be applied for determining whether or not they are on arm's length terms.
Additionally, the related party transactions report prepared by our Board of Directors in accordance with Article 10 (2) of the Corporate Governance Communiqué N II – 17.1 has been approved and it has also been resolved to present the conclusion section of this report to shareholders information through Public Disclosure Platform ("KAP"):
"Pursuant to Serial No. II.17.1 (Communiqué) and Article 10 of the Capital Markets Board (CMB), the common and continuous commercial transactions executed between our company and our subsidiary Erak Giyim San. ve Tic. A.Ş. exceeded 10% (%19,49) of the total cost of goods according to the publicly announced financial statements of 01.02.2023-31.01.2024 and it is expected that these transactions will continue in in the special accounting period of 01.02.2024-31.01.2025 with the same conditions.
• As included in the internal procedures of Mavi, procurement, category and product development teams prepare a scorecard assessment for denim manufacturers twice a year. Accordingly, the manufacturers to be worked with and the capacity and annual order quantities to be assigned to each manufacturer are determined with respect to the scoring result. Suppliers were scored for the special accounting period of 01.02.2023-31.01.2024 and Erak ranked first among the denim manufacturers.
• Erak Giyim San. ve Tic. A.Ş. compared the sales which were made to Mavi in 2023, and the sales of similar raw material products which were made to other buyers on the basis of unit sales price. As a result of this comparison, we were informed that the sales price made to Mavi was in line with its precedent.
This report explains the conditions of purchase of trade goods and the pricing methodology with Erak Giyim San. ve Tic. A.Ş. and provides information about the transactions being at arm's length with respect to market conditions."
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We proclaim that our above disclosure is in conformity with the principles set down in “Material Events Communiqué” of Capital Markets Board, and it fully reflects all information coming to our knowledge on the subject matter thereof, and it is in conformity with our books, records and documents, and all reasonable efforts have been shown by our Company in order to obtain all information fully and accurately about the subject matter thereof, and we’re personally liable for the disclosures.