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Sağlama record · BIST: GUNDG

Gündoğdu Gıda Süt Ürünleri

Gündoğdu Gıda Süt Ürünleri (GUNDG) shares were removed from Borsa Istanbul's participation index list (BIST Participation All Shares) as of October 1, 2026 (Borsa Istanbul announcement, Sep 29, 2026). Borsa Istanbul does not state the reason for a removal in its announcement. In the company's KAFİF declaration for the first half of 2026, the excluded income ratio is 18.88%, against a threshold of 5%.

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

Based on the financial statements for the first half of 2026, more than one ratio depends on the company's declaration: the proven amounts alone give ratios below the threshold, and the cautious upper bounds are above it.

This is a measurement, not a religious ruling.

MEASUREMENT TABLE

Interest-bearing loans

within the threshold
0.2%

Upper bound

Calculation and source

Calculation: numerator ÷ denominatorTRY 2,155,359÷TRY 919,739,361 (total assets)× 100

RatioInterest-bearing loans / total assets

Upper bound. As a precaution, financial liabilities other than leases shown on separate lines outside the main debt total were added once, after they were confirmed against their section total. This is an assumption: it is not proven that these items carry interest. Because extra items are included, the ratio is an upper bound for the items shown in the financial statements. Note 9: “Diğer çeşitli borçlar” TRY 16,000: undetermined, kept in the upper bound; “Ortaklara borçlar” TRY 0: undetermined, kept in the upper bound. Note 5: “Kısa vadeli kullanım hakkı yükümlülükleri” TRY 0: undetermined, kept in the upper bound; “Uzun vadeli kullanım hakkı yükümlülükleri” TRY 0: undetermined, kept in the upper bound. Note 5: “Kısa vadeli kullanım hakkı yükümlülükleri” TRY 0: undetermined, kept in the upper bound; “Uzun vadeli kullanım hakkı yükümlülükleri” TRY 0: undetermined, kept in the upper bound. The ratio is in the range 0.00% to 0.23%; both bounds give the same result.

Breakdown from the notes
Item, as written in the company's reportAmount (TRY)ClassBasis
Diğer çeşitli borçlar · Other payables, note 916,000undetermined, kept in the upper boundTKBB Guideline 4.1
Ortaklara borçlar · Other payables, note 90undetermined, kept in the upper boundTKBB Guideline 6.1
Kısa vadeli kullanım hakkı yükümlülükleri · Current portion of long-term borrowings, note 50undetermined, kept in the upper bound
Uzun vadeli kullanım hakkı yükümlülükleri · Current portion of long-term borrowings, note 50undetermined, kept in the upper bound
Kısa vadeli kullanım hakkı yükümlülükleri · Long-term borrowings, note 50undetermined, kept in the upper bound
Uzun vadeli kullanım hakkı yükümlülükleri · Long-term borrowings, note 50undetermined, kept in the upper bound

KAFİF declaration 0.0% (first half 2026) · Sağlama range 0.0% to 0.2% (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

depends on the declaration
at most72.9%

Proven lower bound 0.0% · cautious upper bound 72.9%

Calculation and source

Calculation: numerator ÷ denominatorTRY 670,082,334÷TRY 919,739,361 (total assets)× 100

RatioInterest-bearing cash and securities / total assets

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.

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 4: “Diğer menkul kıymetler” TRY 664,879,396: undetermined, kept in the upper bound. Note 3: “Kasa” TRY 139,152: not counted (proven); “Bankalar” TRY 5,202,938: undetermined, kept in the upper bound; “Diğer hazır değerler” TRY 0: undetermined, kept in the upper bound. The ratio is in the range 0.00% to 72.86%; the outcome depends on the company's declaration.

Breakdown from the notes
Item, as written in the company's reportAmount (TRY)ClassBasis
Diğer menkul kıymetler · Financial investments, note 4664,879,396undetermined, kept in the upper boundTKBB Guideline 4.1
Kasa · Cash and cash equivalents, note 3139,152not counted (proven)TKBB Guideline 5.2
Bankalar · Cash and cash equivalents, note 35,202,938undetermined, kept in the upper boundTKBB Guideline 5.1
Diğer hazır değerler · Cash and cash equivalents, note 30undetermined, kept in the upper boundTKBB Guideline 4.1

KAFİF declaration 72.8% (first half 2026) · Sağlama range 0.0% to 72.9% (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

Excluded income

depends on the declaration
at most20.4%

Proven lower bound 0.0% · cautious upper bound 20.4%

Calculation and source

Calculation: numerator ÷ denominatorTRY 137,187,524÷TRY 672,918,387 (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. Income that the notes prove does not count (line 4D of the KAFİF form) was deducted. Items that could not be separated stayed in the numerator, as a precaution. For these income lines (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. Note 26: “Konusu kalmayan karşılıklar” TRY 4,737,927: not counted (proven); “Kambiyo karı” TRY 399,260: not counted (proven); “Faaliyetle ilgili diğer gelirler” TRY 7,840,880: undetermined, kept in the upper bound; “Sabit Kıymet Satış Düzeltmesi” TRY 21,498,779: not counted (proven); “Banka işlem Masraf Gelirleri” TRY 1,245,047: undetermined, kept in the upper bound; “Diğer Gelirler” TRY 1,081,283: undetermined, kept in the upper bound. Note 28: “Faiz gelirleri” TRY 241,375: counted in the ratio (proven); “Kambiyo karı [Nakit ve nakit benzerlerine ait]” TRY 26,998: not counted (proven). Note 27: “Menkul kıymet satış karı” TRY 118,255,924: undetermined, kept in the upper bound; “Yatırım faaliyetlerinden gelirler” TRY 8,523,015: undetermined, kept in the upper bound. The ratio is in the range 0.04% to 20.39%; the outcome depends on the company's declaration.

Breakdown from the notes
Item, as written in the company's reportAmount (TRY)ClassBasis
Konusu kalmayan karşılıklar · Other income from operating activities, note 264,737,927not counted (proven)TKBB Guideline 4.2
Kambiyo karı · Other income from operating activities, note 26399,260not counted (proven)TKBB Guideline 4.2
Faaliyetle ilgili diğer gelirler · Other income from operating activities, note 267,840,880undetermined, kept in the upper boundTKBB Guideline 4.1
Sabit Kıymet Satış Düzeltmesi · Other income from operating activities, note 2621,498,779not counted (proven)TKBB Guideline 4.2
Banka işlem Masraf Gelirleri · Other income from operating activities, note 261,245,047undetermined, kept in the upper bound
Diğer Gelirler · Other income from operating activities, note 261,081,283undetermined, kept in the upper boundTKBB Guideline 4.1
Faiz gelirleri · Finance income, note 28241,375counted in the ratio (proven)TKBB Guideline 4.1
Kambiyo karı [Nakit ve nakit benzerlerine ait] · Finance income, note 2826,998not counted (proven)TKBB Guideline 4.2
Menkul kıymet satış karı · Income from investing activities, note 27118,255,924undetermined, kept in the upper boundTKBB Guideline 4.1
Yatırım faaliyetlerinden gelirler · Income from investing activities, note 278,523,015undetermined, kept in the upper bound

KAFİF declaration 18.9% (first half 2026) · Sağlama range 0.0% to 20.4% (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
Not on the BIST Participation All Shares list · Index period from October 2026 to April 2027Source: Borsa Istanbul's list of constituents, Oct 1, 2026
Latest official change

Removed from the BIST Participation All Shares and BIST Participation 100 indices as of October 1, 2026, for the period from October 2026 to April 2027. Source: Borsa Istanbul announcement, Sep 29, 2026 · KAP disclosure 1669816

All changes for the period from October 2026 to April 2027

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).

Status history

7 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 15.25% · assets 72.57% · loans 3.95%.
  2. MeasurementCorrection note. “Other financial liabilities” (TRY 52,061,567) were missing from the debt numerator: the ratio is about 9.23%, not 3.95%. Below the threshold (33%); the result does not change.
  3. Earlier measurementTKBB rules, August 2025, version 1 · Q1 2026: depends on the company's declaration. Income 13.66% · assets 72.57% · loans 3.95%.
  4. Earlier measurementTKBB rules, August 2025, version 2 · Q1 2026: depends on the company's declaration. Income 13.66% · assets 72.57% · loans 3.95%.
  5. Earlier measurementTKBB rules, August 2025, version 2 · first half 2026: depends on the company's declaration. Income 20.39% · assets 72.86% · loans 0.23%.
  6. Removed from the indexRemoved from the BIST Participation All Shares and BIST Participation 100 indices for the period from October 2026 to April 2027. Announced in KAP disclosure 1669816 on September 29, 2026.
  7. MeasurementTKBB rules, August 2025, version 3 · first half 2026: depends on the company's declaration. Income 0.04% to 20.39% · assets 0.00% to 72.86% · loans 0.00% to 0.23%. The range crosses the threshold; the outcome depends on the company's declaration.THIS RECORD

Corrections log

  • Note added · open

    “Other financial liabilities” (TRY 52,061,567) were missing from the debt numerator: the ratio is about 9.23%, not 3.95%. Below the threshold (33%); the result does not change.

    In Turkish, as published.Bilançodaki «Diğer finansal yükümlülükler» (KV 52.061.567 TL) borç payına girmedi; eklendiğinde oran ≈%9,23 olur, eşik altında kalır. Kalem eşlemesi bir sonraki ayrıştırıcı sürümünde düzeltilecek; ölçüm bu notla yayında kalır.

    Evidence: finansal-bilgi-raporu-31-3-2026.pdf · PDF p. 4 · Fingerprint 6545dfe1af01…

Documents and sources

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

  • GUNDG financial report, Jun 30, 2026 (company investor relations site)Jun 30, 2026 · Fingerprint b8d26ab8cd18… · fingerprint of the downloaded file 8efffb1d92fd…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 company's KAFİF declaration

The company's declaration on the KAP form (first half 2026): excluded income 18.9%, interest-bearing assets 72.8%, interest-bearing loans 0.0%. 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 SLIPGUNDG · 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
20.4%
Purification amount
TRY 244.68

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 0.04%); 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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Other companies not on the list

The 12 companies just before and after this one in alphabetical order among the companies not on the BIST Participation All Shares list. All companies: Company list.