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Sağlama record · BIST: GOLTS

Göltaş Çimento

Göltaş Çimento (GOLTS) shares are on Borsa Istanbul's participation index list (BIST Participation All Shares) for the period from October 1, 2026 to April 30, 2027. Source: Borsa Istanbul's list of participation index constituents, Oct 1, 2026. The shares are also in the BIST Participation Dividend index.

Dated October 17, 2026No. SGL-2026-6A-GOLTS

Based on the financial statements for the first half of 2026, the excluded income ratio depends on the company's declaration: the proven amount alone gives a ratio below the threshold, and the cautious upper bound is above it.

This is a measurement, not a religious ruling.

MEASUREMENT TABLE

Interest-bearing loans

within the threshold
15.9%

Upper bound

Calculation and source

Calculation: numerator ÷ denominatorTRY 2,666,020,760÷TRY 16,754,073,491 (total assets)× 100

RatioInterest-bearing loans / total assets

Upper bound. Debt items that may count as interest-bearing (line 6I of the KAFİF form) were taken in full from the public statements. Debts proven not to count (line 6J of the KAFİF form) were deducted as far as the notes prove them; items that could not be separated stayed in the numerator, as a precaution. Of the lease liabilities shown on the balance sheet, TRY 47,137,523 are debts that do not count under TKBB Guideline 6.2, so they were deducted from the debt numerator (source: balance sheet, page 5). The ratio is therefore an upper bound for the items shown in the financial statements. Note 8: “Ödenecek temettü (*), (Dipnot 25)” TRY 88,029,179: undetermined, kept in the upper bound; “Ödenecek vergi ve fonlar” TRY 31,592,727: not counted (proven); “İlişkili taraflara borçlar, (Dipnot 25)” TRY 2,260,906: undetermined, kept in the upper bound; “Alınan depozito ve teminatlar” TRY 40,000: undetermined, kept in the upper bound; “Diğer borçlar” TRY 2,972,276: undetermined, kept in the upper bound. Note 6: “- TL” TRY 2,042,000,000: undetermined, kept in the upper bound; “- ABD Doları” TRY 249,069,785: undetermined, kept in the upper bound; “- Avro” TRY 106,364,600: undetermined, kept in the upper bound. Note 6: “- TL” TRY 11,111,111: undetermined, kept in the upper bound; “- ABD Doları” TRY 34,916,325: undetermined, kept in the upper bound; “- Avro” TRY 13,674,792: undetermined, kept in the upper bound. Note 6: “- TL” TRY 80,665,461: undetermined, kept in the upper bound; “-ABD Doları” TRY 34,916,325: undetermined, kept in the upper bound; “- Avro” TRY 0: undetermined, kept in the upper bound. The ratio is in the range 0.00% to 15.91%; both bounds give the same result.

Breakdown from the notes
Item, as written in the company's reportAmount (TRY)ClassBasis
Ödenecek temettü (*), (Dipnot 25) · Other payables, note 8The company's note says: “6 Mayıs 2026 tarihli Genel Kurul'da alınan kar dağıtım kararı çerçevesinde ödenecek temettü tutarıdır.”88,029,179undetermined, kept in the upper bound
Ödenecek vergi ve fonlar · Other payables, note 831,592,727not counted (proven)TKBB Guideline 6.2
İlişkili taraflara borçlar, (Dipnot 25) · Other payables, note 82,260,906undetermined, kept in the upper boundTKBB Guideline 6.1
Alınan depozito ve teminatlar · Other payables, note 840,000undetermined, kept in the upper boundTKBB Guideline 6.1
Diğer borçlar · Other payables, note 82,972,276undetermined, kept in the upper boundTKBB Guideline 4.1
- TL · Short-term borrowings, note 62,042,000,000undetermined, kept in the upper bound
- ABD Doları · Short-term borrowings, note 6249,069,785undetermined, kept in the upper bound
- Avro · Short-term borrowings, note 6106,364,600undetermined, kept in the upper bound
- TL · Current portion of long-term borrowings, note 611,111,111undetermined, kept in the upper bound
- ABD Doları · Current portion of long-term borrowings, note 634,916,325undetermined, kept in the upper bound
- Avro · Current portion of long-term borrowings, note 613,674,792undetermined, kept in the upper bound
- TL · Long-term borrowings, note 680,665,461undetermined, kept in the upper bound
-ABD Doları · Long-term borrowings, note 634,916,325undetermined, kept in the upper bound
- Avro · Long-term borrowings, note 60undetermined, kept in the upper bound

KAFİF declaration 15.5% (first half 2026) · Sağlama range 0.0% to 15.9% (first half 2026) · the declaration is inside the range · View the form on KAP

Source: company financial report, first half 2026 statements · Jun 30, 2026

View the documentMethod

Interest-bearing assets

within the threshold
6.7%

Upper bound

Calculation and source

Calculation: numerator ÷ denominatorTRY 1,119,224,399÷TRY 16,754,073,491 (total assets)× 100

RatioInterest-bearing cash and securities / total assets

Upper bound. Asset items that may count as interest-bearing (line 5F of the KAFİF form) were taken in full from the public statements. Assets proven not to count (line 5G of the KAFİF form) were deducted as far as the notes prove them; items that could not be separated stayed in the numerator, as a precaution. The ratio is therefore an upper bound for the items shown in the financial statements. Note 10: “Tanzimi Ticaret Limited Şirketi (***)” TRY 8,006,996: undetermined, kept in the upper bound; “Gelirde Muhasebeleştirilen Finansal Yatırımlar (*), (**)” TRY 986,937,686: undetermined, kept in the upper bound. Note 5: “Kasa” TRY 27,370: not counted (proven); “Bankalar / - Vadesiz mevduat” TRY 94,000,808: not counted (proven); “Bankalar / - Vadeli mevduat” TRY 64,572,962: counted in the ratio (proven); “Diğer hazır değerler (*)” TRY 23,390,269: undetermined, kept in the upper bound. The ratio is in the range 0.39% to 6.68%; both bounds give the same result.

Breakdown from the notes
Item, as written in the company's reportAmount (TRY)ClassBasis
Tanzimi Ticaret Limited Şirketi (***) · Financial investments, note 10The company's note says: “Grup’un %95 oranında iştirak ettiği bağlı ortaklığı olan Göldağ faaliyet hacminin düşük olması ve konsolide finansal tablolara etkisinin önemli olmaması nedeniyle ilişikteki konsolide finansal tablolarda enflasyona göre düzeltilmiş maliyet bedeli ile gösterilmiştir.”8,006,996undetermined, kept in the upper bound
Gelirde Muhasebeleştirilen Finansal Yatırımlar (*), (**) · Financial investments, note 10The company's note says: “Grup tarafından % 6,38 sermaye payına sahip olunan yatırımın (Aksu Enerji ve Ticaret A.Ş.) 30 Haziran 2026 tarihi itibarıyla gerçeğe uygun değeri (164.496.304 TL), Borsa İstanbul A.Ş. (“BİST”)’de işlem görmesi nedeniyle, BİST tarafından açıklanan güncel emirler arasındaki bekleyen en iyi alış emri olan 39 TL birim fiyat üzerinden (Seviye 1 girdisi) hesaplanmıştır ve değerleme farkları diğer kapsamlı gelirde muhasebeleştirilmiştir.”986,937,686undetermined, kept in the upper bound
Kasa · Cash and cash equivalents, note 527,370not counted (proven)TKBB Guideline 5.2
Bankalar / - Vadesiz mevduat · Cash and cash equivalents, note 594,000,808not counted (proven)TKBB Guideline 5.2
Bankalar / - Vadeli mevduat · Cash and cash equivalents, note 564,572,962counted in the ratio (proven)TKBB Guideline 5.1
Diğer hazır değerler (*) · Cash and cash equivalents, note 5The company's note says: “Söz konusu tutarın tamamı kredi kartı ile yapılan vade süresi 1 günlük olan satışlara ilişkin alacaklardan oluşmaktadır.”23,390,269undetermined, kept in the upper boundTKBB Guideline 4.1

KAFİF declaration 6.5% (first half 2026) · Sağlama range 0.4% to 6.7% (first half 2026) · the declaration is inside the range · View the form on KAP

Source: company financial report, first half 2026 statements · Jun 30, 2026

View the documentMethod

Excluded income

depends on the declaration
at most14.4%

Proven lower bound 0.0% · cautious upper bound 14.4%

Calculation and source

Calculation: numerator ÷ denominatorTRY 694,739,818÷TRY 4,834,886,008 (total income)× 100

RatioExcluded income / total income

On the KAP form this item is titled “Katılım Finans İlkelerine Uygun Olmayan Gelir”, which means income not in line with participation finance principles.

The measurement is a range. The lower bound counts only the amounts that the statements and notes prove; the upper bound also counts, as a precaution, every item that could not be proven. The threshold falls inside this range, so the outcome depends on the company's KAFİF declaration.

Measured on the items we can calculate. Income items that may count as excluded (line 4C of the KAFİF form) were taken in full from the public statements. The deduction for income that does not count (line 4D of the KAFİF form) is not known and was set to 0. For the income lines that may count (line 4C), the ratio is an upper bound. Excluded income from business activities (line 4B of the KAFİF form) does not appear in the financial statements; it is only in the company's KAFİF declaration on KAP. This measurement sets it to 0. If there is a declaration, the record shows it separately, with a link. Notes that could not be used: Other income from operating activities: no note was found for this item (condensed interim report). Finance income: no note was found for this item (condensed interim report). Income from investing activities: no note was found for this item (condensed interim report). There is no usable evidence from the notes, so the proven amount was set to 0 and the lower bound is 0%. The ratio is in the range 0.00% to 14.37%; the outcome depends on the company's declaration.

KAFİF declaration 1.3% (first half 2026) · Sağlama range 0.0% to 14.4% (first half 2026) · the declaration is inside the range · View the form on KAP

Source: company financial report, first half 2026 statements · Jun 30, 2026

View the documentMethod

The three ratios are calculated from the financial statements, and each bar is scaled to its own threshold. The measurement uses the company's latest published statements, and every record states the period. The official review uses audited six- and twelve-month statements (Standard 3.4), so the periods can differ. Method

This record is produced by Sağlama's calculation from the financial statements the company publishes. The method and the corrections log are public. Responsible for this record: Savaş Tutumlu, founder.

Official list record

Official list
On the BIST Participation All Shares list · Index period from October 2026 to April 2027Source: Borsa Istanbul's list of constituents, Oct 1, 2026
In these sub-indices
BIST Participation Dividend
Changes this period
These shares are not among the changes Borsa Istanbul announced for this period.Source: Borsa Istanbul announcement, Sep 29, 2026
Next period
Starts on May 1, 2027. Borsa Istanbul is expected to announce the new list by April 29, 2027 at the latest (Ground Rules 2.17). Sağlama's expectation for each member is on the Review forecast page. This is a forecast, not the official list.

Status history

6 entries

Each period's record and every correction are kept with their dates. Method

  1. Earlier measurementTKBB rules, August 2025, version 1 · Q1 2026: at least one ratio above the threshold. Income 17.95% · assets 6.56% · loans 15.82%.
  2. Earlier measurementTKBB rules, August 2025, version 1 · Q1 2026: depends on the company's declaration. Income 17.95% · assets 6.56% · loans 15.82%.
  3. Earlier measurementTKBB rules, August 2025, version 2 · Q1 2026: depends on the company's declaration. Income 17.95% · assets 6.56% · loans 15.82%.
  4. Earlier measurementTKBB rules, August 2025, version 2 · Q1 2026: depends on the company's declaration. Income 17.95% · assets 6.56% · loans 15.72%.
  5. Earlier measurementTKBB rules, August 2025, version 2 · first half 2026: depends on the company's declaration. Income 14.37% · assets 6.68% · loans 16.19%.
  6. MeasurementTKBB rules, August 2025, version 3 · first half 2026: depends on the company's declaration. Income 0.00% to 14.37% · assets 0.39% to 6.68% · loans 0.00% to 15.91%. The range crosses the threshold; the outcome depends on the company's declaration.THIS RECORD

Documents and sources

Source links lead to documents published by the company and by Borsa Istanbul. We do not copy KAP documents. Method

  • GOLTS financial report, Jun 30, 2026 (company investor relations site)Jun 30, 2026 · Fingerprint 507e14d32c13… · fingerprint of the downloaded file cba6ecbfa5f6…View the document
  • Sağlama's calculation and methodTKBB rules, August 2025, version 3Read the method

If a figure looks wrong, write to bilgi@saglama.com. We correct it and record the correction with its date in the corrections log.

What this measurement covers

This result says nothing about the quality of the company. It only shows where a measured ratio stands against the threshold.

The measured range crosses the threshold: the proven amount is below the threshold and the cautious upper bound is above it. The outcome depends on the company's KAFİF declaration, so this record does not count as a divergence. Method

The company's KAFİF declaration

The company's declaration on the KAP form (first half 2026): excluded income 1.3%, interest-bearing assets 6.5%, interest-bearing loans 15.5%. The three declared ratios are within the thresholds; the declaration settles the open range of the measurement. View the form on KAP

The company's answers to the four yes/no questions on the form:

Do the articles of association of the company, its corporate shareholders or its affiliates include an activity that does not follow participation finance principles?
No
Do the company's articles of association grant a privilege that does not follow participation finance principles?
No
Has the company made a statement or decision supporting the actions defined in Standard 1.5 and TKBB Guideline 1.D?
No
Does the company have activities or income directly contrary to participation finance principles?
No

Purification calculation

Dividend-based method · CALCULATOR (DIVIDEND-BASED METHOD)

Purification calculator

A company within the threshold can still have a small amount of excluded income (interest income and other income the standard excludes). Under the TKBB standard, the part of this income that falls to your shares is given to charitable causes. This duty applies whether the company made a profit or a loss, and whether or not it paid a dividend. The amount set aside does not replace zakat or sadaqa.

CALCULATION SLIPGOLTS · first half 2026
Number of shares
500
Gross dividend per share
TRY 2.40
Gross dividend (500 × 2.40)
TRY 1,200.00
Excluded income ratio
14.4%
Purification amount
TRY 172.44

Purification amount = gross dividend × excluded income ratio

The number of shares and the dividend are sample inputs. The ratio comes from the company's measurement. To calculate with your own figures, use the purification page.

Purification amount = gross dividend × excluded income ratio (dividend-based method). Under TKBB Standard 3.6.1, purification is needed even if the company makes a loss or pays no dividend. The method page quotes TKBB Standard 3.6, including the inflation deduction under 3.6.2. This is a cautious calculation. The amount may be higher than the true figure, because it uses all of the interest income, not only the part above inflation. The ratio is the upper bound of the measurement (the lower bound is 0.00%); the purification amount is calculated on the upper bound, as a precaution.

  • Excluded income is the part of a company's earnings that is not in line with participation finance principles. On the KAP form it is called “income not in line with participation finance principles.”
  • Purification is done even if the company makes a loss.
  • Purification is needed even if no dividend is paid. The calculation here uses the dividend-based method. TKBB Standard 3.6 also counts how long you held the shares (the share-days method), which this calculator does not do yet.
  • The purification amount does not replace zakat or sadaqa. Under the TKBB standard, it is given away, not kept.
  • You give the amount yourself, to a charitable cause of your choice. Sağlama does not direct donations.

This calculation uses the dividend-based method. TKBB Standard 3.6 also counts how long you held the shares (the share-days method). The standard is quoted on the method page.

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Companies in the same index

The 12 companies just before and after this one in alphabetical order in BIST Participation All Shares.