Quarterly Report • May 7, 2025
Quarterly Report
Open in ViewerOpens in native device viewer
(Convenience translation of a report and financial statements originally issued in Turkish)
Condensed consolidated financial statements for the interim period ended 1 January - 31 March 2025
| TABLE OF CONTENTS | PAGE | |
|---|---|---|
| CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION | 1-2 | |
| CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS | 3 | |
| CONDENSED CONSOLIDATED STATEMENT OF OTHER COMPREHENSIVE INCOME | 4 | |
| CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY | 5 | |
| CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS | 6 | |
| NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS | 7-38 | |
| NOTE 1 | ORGANISATION OF GROUP AND NATURE OF OPERATIONS | 7 |
| NOTE 2 | BASIS OF PRESENTATION OF FINANCIAL STATEMENTS | 8-13 |
| NOTE 3 | BORROWINGS 14-16 | |
| NOTE 4 | PROPERTY, PLANT AND EQUIPMENT 17-19 | |
| NOTE 5 | INTANGIBLE ASSETS | 19 |
| NOTE 6 | PROVISIONS, CONTINGENT ASSETS AND LIABILITIES 20-22 | |
| NOTE 7 | DERIVATIVE FINANCIAL INSTRUMENTS | 23 |
| NOTE 8 | EQUITY 24-25 | |
| NOTE 9 | TAX ASSETS AND LIABILITIES 25-27 | |
| NOTE 10 | REVENUE AND COST OF SALES | 28 |
| NOTE 11 | EXPENSES BY NATURE | 29 |
| NOTE 12 | OTHER OPERATING INCOME AND EXPENSE | 30 |
| NOTE 13 | OTHER INCOME AND EXPENSE FROM INVESTING ACTIVITIES | 30 |
| NOTE 14 | FINANCIAL INCOME AND EXPENSE | 31 |
| NOTE 15 | NET MONETARY GAIN/(LOSS) | 32 |
| NOTE 16 | RELATED PARTY DISCLOSURES 33-35 | |
| NOTE 17 | FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT 35-37 | |
| NOTE 18 | FAIR VALUE DISCLOSURES OF FINANCIAL INSTRUMENTS | 38 |
| NOTE 19 | EVENTS AFTER BALANCE SHEET DATE | 38 |
(Amounts expressed in thousands Turkish Lira ("TL") based on the purchasing power of TL as of 31 March 2025 unless otherwise indicated.)
| Current period | Prior period | ||
|---|---|---|---|
| Unaudited | Audited | ||
| Notes | 31 March 2025 | 31 December 2024 | |
| ASSETS | |||
| Current assets | |||
| Cash and cash equivalents Financial investment |
1.868.462 | 1.998.021 | |
| Trade receivables | |||
| - Due from related parties | 16 | 14.209 | 13.615 |
| - Due from third parties | 554.497 | 760.604 | |
| Other receivables | |||
| - Due from third parties | 161.864 | 143.721 | |
| Inventories Prepaid expenses |
159.684 152.099 |
189.465 194.308 |
|
| Derivative instruments | 7 | 4.246 | - |
| Current income tax assets | 9 | 9.659 | 18.973 |
| Other current assets | 92.170 | 104.440 | |
| Total current assets | 3.016.890 | 3.423.147 | |
| Assets held for sale | 52.951 | 52.951 | |
| Non - current assets | |||
| Other receivables | |||
| - Due from third parties | 29.829 | 29.666 | |
| Financial investments Inventories |
1.384 79.648 |
1.569 109.883 |
|
| Property, plant and equipment | 4 | 32.539.774 | 32.951.798 |
| Right of use assets | 413.909 | 370.766 | |
| Intangible assets | 5 | 660.274 | 668.451 |
| Prepaid expenses | 2.818 | 3.313 | |
| Deferred tax assets | 9 | 159.338 | 236.318 |
| Other non-current assets | 385.898 | 404.640 | |
| Total non - current assets | 34.272.872 | 34.776.404 | |
| TOTAL ASSETS | 37.342.713 | 38.252.502 |
(Amounts expressed in thousands Turkish Lira ("TL") based on the purchasing power of TL as of 31 March 2025 unless otherwise indicated.)
| Notes 31 March 2025 31 December 2024 LIABILITIES Current liabilities Short term borrowings 3 257.484 335.482 Short term portion of long term borrowings - Bank loans 3 8.732.025 1.683.692 - Lease payables 3 58.034 61.896 Trade payables - Due to related parties 16 99.917 213.480 - Due to third parties 921.580 1.470.403 Employee benefit obligations 23.484 11.451 Other payables - Other payables to third parties 281.443 321.513 Derivative instruments 7 35.813 52.335 Current income tax liabilities 1 - Deferred income 365 470 Short term provisions - Provisions for employee benefits 15.679 50.360 - Other short - term provisions 6 86.006 95.935 Total current liabilities 10.511.831 4.297.017 Non - current liabilities Long term borrowings - Bank loans 3 10.747.658 17.966.981 - Lease payables 3 282.579 284.208 Other payables - Due to third parties 596.822 610.910 Long term provisions - Provisions for employee benefits 71.413 59.882 Deferred tax liabilities 9 10.649 14.467 Total non - current liabilities 11.709.121 18.936.448 EQUITY Share capital 8 729.164 729.164 Adjustments to share capital 8 13.612.758 13.612.758 Share premiums 1.289.539 1.289.539 Other comprehensive income/(expense) not to be reclassified to profit/loss Gains/losses on revaluation and remeasurement - Losses on re-measurement of defined benefit plans (63.541) (58.110) Restricted reserves - Legal reserves 8 279.085 279.085 - Other reserves (18.589) (18.589) Accumulated profit/(losses) (814.810) 2.814.772 Net profit/(loss) for the period 108.155 (3.629.582) Total equity 15.121.761 15.019.037 TOTAL LIABILITIES AND EQUITY 37.342.713 38.252.502 |
Current period | Prior period | |
|---|---|---|---|
| Unaudited | Audited | ||
FOR THE INTERIM PERIODS BETWEEN 1 JANUARY – 31 MARCH 2025 AND 2024
(Amounts expressed in thousands Turkish Lira ("TL") based on the purchasing power of TL as of 31 March 2025 unless otherwise indicated.)
| Current period Unaudited |
Prior period Unaudited |
||
|---|---|---|---|
| 1 January - | 1 January - | ||
| Notes | 31 March 2025 | 31 March 2024 | |
| Revenue | 10 | 5.072.563 | 6.983.596 |
| Cost of sales (-) | 10 | (4.920.704) | (6.984.557) |
| Gross profit/loss | 151.859 | (961) | |
| General administrative expenses (-) | (206.568) | (177.305) | |
| Other operating income | 12 | 122.776 | 127.667 |
| Other operating expenses (-) | 12 | (72.552) | (123.109) |
| Operating loss | (4.485) | (173.708) | |
| Income from investing activities | 13 | 7 | 16.676 |
| Expenses from investing activities (-) | 13 | (83) | - |
| Operating loss before financial income/(loss) | (4.561) | (157.032) | |
| Financial income | 14 | 210.436 | 246.575 |
| Financial expenses (-) | 14 | (1.777.604) | (2.290.145) |
| Monetary gain | 15 | 1.762.573 | 2.800.373 |
| Profit before tax | 190.844 | 599.771 | |
| Tax expense | |||
| Current income tax expense (-) | 9 | (88) | (28) |
| Deferred tax expense | 9 | (82.601) | (363.179) |
| Net profit for the period | 108.155 | 236.564 | |
| Net profit attributable to: | |||
| Equity holders of the parent | 108.155 | 236.564 | |
| Earnings profit per share (kurus) | 0,148 | 0,324 | |
Amounts expressed in thousands Turkish Lira ("TL") based on the purchasing power of TL as of 31 March 2025 unless otherwise indicated.)
| Current period Unaudited |
Prior period Unaudited |
|---|---|
| 1 January - | |
| 31 March 2025 | 31 March 2024 |
| 108.155 | 236.564 |
| (460) | |
| 1.810 | 115 |
| (345) | |
| 102.724 | 236.219 |
| 1 January - (7.241) (5.431) |
| Other comprehensive income /(expenses) not to be reclassified to profit or loss |
||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Restricted reserves | ||||||||||
| Increase on | Gains/(losses) on | Retained | ||||||||
| revaluation of | re-measurement | earnings/ | ||||||||
| Share | Adjustments to | Share | property, plant and | of defined benefit | Legal | (accumulated | Net profit/(loss)for | |||
| capital | share capital | premiums | equipment | plans) Other reserves | reserves | losses) | the period | Total equity | ||
| 1 January 2024 | 729.164 | 13.612.758 | 1.289.539 | 3.400.967 | (51.464) | (18.589) | 279.085 | (5.350.805) | 8.008.702 | 21.899.357 |
| Transfers | - | - | - | - | - | - | - | 8.008.702 | (8.008.702) | - |
| Total comprehensive expense | - | - | - | - | (345) | - | - | - | 236.564 | 236.219 |
| Other adjustments (*) | - | - | - | (39.237) | - | - | - | 39.237 | - | - |
| 31 March 2024 | 729.164 | 13.612.758 | 1.289.539 | 3.361.730 | (51.809) | (18.589) | 279.085 | 2.697.134 | 236.564 | 22.135.576 |
| 1 January 2025 | 729.164 | 13.612.758 | 1.289.539 | - | (58.110) | (18.589) | 279.085 | 2.814.772 | (3.629.582) | 15.019.037 |
| Transfers | - | - | - | - | - | - | - | (3.629.582) | 3.629.582 | - |
| Total compherensive expense | - | - | - | - | (5.431) | - | - | - | 108.155 | 102.724 |
| 31 March 2025 | 729.164 | 13.612.758 | 1.289.539 | - | (63.541) | (18.589) | 279.085 | (814.810) | 108.155 | 15.121.761 |
(*) As of 31 March 2024, the depreciation difference between the acquisition cost and the carrying values of the assets subject to revaluation method amounting to TL 39.237, were reclassified to accumulated losses from revaluation fund of property, plant and equipment.
(Amounts expressed in thousands Turkish Lira ("TL") based on the purchasing power of TL as of 31 March 2025 unless otherwise indicated.)
| Current period | Prior period | ||
|---|---|---|---|
| Unaudited | Unaudited | ||
| 1 January – | 1 January – | ||
| Notes | 31 March 2025 | 31 March 2024 | |
| A. Cash flows from operating activities | 89.931 | 315.920 | |
| Net profit for the period | 108.155 | 236.564 | |
| Adjustments to reconcile net profit for the period | 268.711 | 279.657 | |
| Adjustments for depreciation and amortisation expenses | 11 | 439.250 | 570.584 |
| Adjustments for provisions | |||
| - Adjustments for litigation provisions | 6 | 386 | (9.914) |
| - Adjustments for other provisions | 6 | (5.984) | (6.071) |
| - Adjustments for provisions for employee benefits | (9.980) | 25.928 | |
| Adjustments for unrealized foreign exchange differences | 1.322.400 | 1.719.873 | |
| Adjustments for tax expense | (82.689) | (363.206) | |
| Adjustments for (gain)/loss on sale of property, plant and equipment and impairment | - | (29) | |
| Adjustments for fair value of derivative financial instruments | (15.983) | (56.453) | |
| Adjustments for financial investments | - | (15.693) | |
| Adjustments for interest income | (122.905) | (73.987) | |
| Adjustments for interest expense | 435.672 | 636.583 | |
| Monetary loss | (1.691.456) | (2.147.958) | |
| Changes in working capital | (283.720) | (153.185) | |
| Increase/decrease in trade receivables from related parties | (1.919) | 178.207 | |
| Increase/decrease in trade receivables from third parties | 234.275 | (53.568) | |
| Increase/decrease in other receivables from third parties | (35.636) | (23.141) | |
| Increase/decrease in inventories | 27.844 | (16.744) | |
| Increase/decrease in prepaid expenses | 37.838 | 59.504 | |
| Increase/decrease in other assets | (16.205) | (36.087) | |
| Increase/decrease in trade payables to related parties | (98.115) | (108.714) | |
| Increase/decrease in trade payables to third parties | (432.323) | (143.617) | |
| Increase/decrease in derivative financial instruments | - | 16.489 | |
| Increase/decrease in deferred income | (99) | (5) | |
| Increase/decrease in employee benefit obligations | 13.646 | 6.227 | |
| Increase/decrease in other payables to third parties | (13.026) | (31.736) | |
| Cash flows from operating activities | 93.146 | 363.036 | |
| Payments related to provisions for employee benefits | (11.033) | (41.432) | |
| Tax (payments)/receipts | 7.818 | (5.684) | |
| B. Cash flows from investing activities | (13.227) | 103.060 | |
| Cash outflows due to purchase of property, plant and equipment | 4,13 | (12.404) | (77.304) |
| Cash outflows due to purchase of intangible assets | 4 | (1.127) | (7.718) |
| Cash inflows due to sale of property, plant and equipment | 5 | 304 | 29 |
| Other cash changes | - | 188.053 | |
| C. Cash flows from financing activities | (31.738) | 10.193 | |
| Cash outflows due to repayment of borrowings | (73.030) | - | |
| Payments of lease liabilities | (49.053) | (51.613) | |
| Interest paid | (29.377) | (8.274) | |
| Interest received Other cash outflows (*) |
128.224 (8.502) |
73.987 (3.907) |
|
| Net increase/(decrease) in cash and cash equivalents | 44.966 | 429.173 | |
| Monetary loss through cash and cash equivalents | (180.546) | (238.008) | |
| Cash and cash equivalents at the beginning of the period (*) | 3 | 1.974.746 | 1.818.025 |
| Cash and cash equivalents at the end of the period (*) | 3 | 1.839.166 | 2.009.190 |
(*) Cash and cash equivalents at the beginning of the period and at the end of the period does not include interest accruals and restricted deposits, and the changes in restricted deposits are provided in "Other cash inflows/(outflows)".
AS OF AND FOR THE PERIODS ENDED 31 MARCH 2025 AND 2024
(Amounts expressed in thousands Turkish Lira ("TL") based on the purchasing power of TL as of 31 March 2025 unless otherwise indicated.)
Akenerji Elektrik Üretim A.Ş. ("the Company" or "Akenerji") is engaged in establishing, renting and operating facilities of electrical energy production plant, producing electricity and trading electricity to the customers. The Company was established by Akkök Sanayi Yatırım ve Geliştirme A.Ş. in 1989 (Akkök Sanayi Yatırım ve Geliştirme A.Ş. is registered as Akkök Holding A.Ş. on 13 May 2014). On 14 May 2009, the Company has become a joint venture between Akkök Holding A.Ş. and CEZ a.s.
The Company is registered in Turkey and its registered address is as follows;
Miralay Şefik Bey Sokak No: 15 Akhan Kat: 3-4 Gümüşsuyu/Istanbul - Turkey
The Company is registered to the Capital Markets Board ("CMB"), and its shares are publicly traded in Istanbul Stock Exchange ("ISE"). As of 31 March 2025, 25,28% the publicly listed shares are 25,28% of total shares (31 December 2024: %25,28).
As of 31 March 2025, the number of employees employed by Akenerji and its subsidiaries (Akenerji and its subsidiaries will be referred called as the "Group") is 276 (31 December 2024: 283).
These condensed consolidated financial statements for the interim period 31 March 2025 have been approved for the issue by the Board of Directors at 7 Mayıs 2025.
The nature of business and registered addresses of the entities included in the consolidation ("Subsidiaries") are presented below:
| Subsidiaries | Nature of business |
Registered address |
|---|---|---|
| Akenerji Elektrik Enerjisi İthalat-İhracat | ||
| ve Toptan Ticaret A.Ş. ("Akenerji Toptan") | Electricity trading | Gümüşsuyu / Istanbul |
| Akel Kemah Elektrik Üretim ve Ticaret A.Ş. | ||
| ("Akel Kemah") | Electricity production and trading | Gümüşsuyu / Istanbul |
| Akenerji Doğalgaz İthalat İhracat ve Toptan | ||
| Ticaret A.Ş. ("Akenerji Doğalgaz") | Natural gas trading | Gümüşsuyu / Istanbul |
| Akel Sungurlu Elektrik Üretim A.Ş | ||
| ("Akel Sungurlu") | Electricity production Gümüşsuyu/Istanbul | |
| 5ER Enerji Tarım Hayvancılık A.Ş. | ||
| ("5ER Enerji") | Electricity production | Gümüşsuyu/Istanbul |
| Akenerji Company For Electric Energy Import | ||
| And Export and Wholesale Trading/Contribution Branch | ||
| ("Akenerji Toptan Khabat") | Electricity trading | Erbil/Irak |
| Aken Europe B.V. | ||
| ("Aken B.V.") | Electricity trading | Amsterdam/Netherlands |
AS OF AND FOR THE PERIODS ENDED 31 MARCH 2025 AND 2024
(Amounts expressed in thousands Turkish Lira ("TL") based on the purchasing power of TL as of 31 March 2025 unless otherwise indicated.)
The condensed consolidated financial statements of the Group have been prepared in accordance with the Turkish Financial Reporting Standards, ("TFRS") and interpretations as adopted in line with international standards by the Public Oversight Accounting and Auditing Standards Authority of Turkey ("POA") in line with the communiqué numbered II-14.1 "Communiqué on the Principles of Financial Reporting In Capital Markets" ("the Communiqué") announced by the Capital Markets Board of Turkey ("CMB") on June 13, 2013 which is published on Official Gazette numbered 28676. TFRS are updated in harmony with the changes and updates in International Financial and Accounting Standards ("IFRS") by the communiqués announced by the POA.
The condensed interim consolidated financial statements are presented in accordance with, "Announcement regarding with TAS/TFRS Taxanomy" which was published on 3,July 2024 by POA and the format and mandatory information recommended by CMB.
In accordance with the TAS 34 "Interim Financial Reporting", entities are allowed to prepare a complete or condensed set of interim financial statements. In this respect, the Group has preferred to prepare condensed consolidated financial statements in the interim periods. Accordingly, these interim condensed consolidated financial statements does not include all required explanatory notes as should be provided and should be read in conjunction with the annual consolidated financial statements for the year ended 31 December 2024.
The Group and its Turkish subsidiaries, associates and joint ventures maintain their books of accounts and prepare their statutory financial statements in accordance with the Turkish Commercial Code ("TCC"), tax legislation, the Uniform Chart of Accounts issued by the Ministry of Finance and principles issued by CMB. The consolidated financial statements are based on the statutory records, which are maintained under historical cost conventions except for the derivative financial instruments, financial investmens and revaluated property, plant and equipment presented a fair values, with the required adjustments and reclassifications reflected for the purpose of fair presentation in accordance with TAS/TFRS.
With the announcements made by the Public Oversight Accounting and Auditing Standards Authority (POA) on 23 November 2023, entities applying TFRSs have started to apply inflation accounting in accordance with TAS 29 Financial Reporting in Hyperinflation Economies as of financial statements for the annual reporting period ending on or after 31 December 2023. TAS 29 is applied to the financial statements, including the consolidated financial statements, of any entity whose functional currency is the currency of a hyperinflationary economy.
According to the standard, financial statements prepared in the currency of a hyperinflationary economy are presented in terms of the purchasing power of that currency at the balance sheet date. Prior period financial statements are also presented in the current measurement unit at the end of the reporting period for comparative purposes. The Group has therefore presented its consolidated financial statements as of 31 March 2024, and 31 December 2024 on the purchasing power basis as of 31 March 2025.
According to the decision numbered 81/1820 dated 28 December 2023, by the Capital Markets Board (CMB), issuers and capital market institutions subject to the Turkish Accounting/Financial Reporting Standards are required to apply the provisions of TAS 29 starting from the annual financial reports for the accounting periods ending as of 31 December 2023, in order to implement inflation accounting.
AS OF AND FOR THE PERIODS ENDED 31 MARCH 2025 AND 2024
(Amounts expressed in thousands Turkish Lira ("TL") based on the purchasing power of TL as of 31 March 2025 unless otherwise indicated.)
The adjustments made in accordance with IAS 29 were made using the adjustment coefficient obtained from the Consumer Price Index (CPI) of Turkey published by the Turkish Statistical Institute (TÜİK). As of 31 March 2025, the indices and adjustment coefficients used in the adjustment of the consolidated financial statements are as follows:
Inflation rates of each year calculated according to CPIs published by Turkish Statistical Institute (TSI) are given in the table below:
| Date | Index | Adjustment correlation | 3-year cumulative inflation ratios |
|---|---|---|---|
| 31 March 2025 | 2.954,69 | 1,00000 | 250% |
| 31 December 2024 | 2.684,55 | 1,10063 | 291% |
| 31 March 2024 | 2.139,47 | 1,38104 | 309% |
The main components of the Group's adjustments for financial reporting in hyperinflationary economies are as follows:
AS OF AND FOR THE PERIODS ENDED 31 MARCH 2025 AND 2024
(Amounts expressed in thousands Turkish Lira ("TL") based on the purchasing power of TL as of 31 March 2025 unless otherwise indicated.)
The table below sets out all Subsidiaries and demonstrates the proportion of ownership interest and effective interest rate of the Group over the subsidiary as of 31 March 2025 and 31 December 2024:
| Effective shareholding (%) | Ownership interest (%) | ||||
|---|---|---|---|---|---|
| Subsidiaries | 31 March 2025 | 31 December 2024 | 31 March 2025 | 31 December 2024 | |
| Akenerji Toptan | 100,00 | 100,00 | 100,00 | 100,00 | |
| Ak-el Kemah | 100,00 | 100,00 | 100,00 | 100,00 | |
| Akenerji Doğalgaz | 100,00 | 100,00 | 100,00 | 100,00 | |
| Akel Sungurlu (*) | - | - | 100,00 | 100,00 | |
| 5ER Enerji (*) | - | - | 100,00 | 100,00 | |
| Akenerji Toptan Khabat (**) | - | - | 100,00 | 100,00 | |
| Aken B.V. | 100,00 | 100,00 | 100,00 | 100,00 |
(*) Within the scope of the capacity rental agreements and usufruct right agreements signed by Akenerji Toptan, since Akenerji Toptan has a free purchase option for the shares of Akel Sungurlu and 5ER Enerji at any time and holds control over these companies, Akel Sungurlu and 5ER Enerji have been consolidated in the financial statements using the full consolidation method. As the Sungurlu Biomass Power Plant ("Sungurlu BPP"), operating under Akel Sungurlu, is actively planned to be sold and is highly likely to be disposed of within 12 months, it has been classified under "Non-current assets held for sale" as of 31 March 2025, and has been presented in the financial statements at the lower of its Net Realizable Value and Book Value.
(**) Branch of the Subsidiary, which operate in a different country, are separately presented.
Subsidiaries are consolidated from the date on which the control is transferred to the Group and are deconsolidated from the date that the control ceases. Where necessary, accounting policies for subsidiaries have been changed to ensure consistency with the policies adopted by the Group.
Carrying values of the Subsidiaries' shares held by the Company are eliminated against the related equity of subsidiaries. Intercompany transactions and balances between Akenerji and its subsidiaries are eliminated on consolidation. Dividends arising from shares held by the Company in its subsidiaries are eliminated from income for the period and equity, respectively.
The accounting policies adopted in preparation of the consolidated financial statements as of 31 March 2025 are consistent with those of the previous financial year, except for the adoption of new and amended TFRS and Turkey Financial Reporting Interpretations Committee's ("TFRIC") interpretations effective as of 1 January 2025.
- Amendments to IAS 21 - Lack of Exchangeability;
The amendments did not have a significant impact on the financial position or performance of the Group.
AS OF AND FOR THE PERIODS ENDED 31 MARCH 2025 AND 2024 (Amounts expressed in thousands Turkish Lira ("TL") based on the purchasing power of TL as of 31 March 2025 unless otherwise indicated.)
Standards, interpretations and amendments to existing standards that are issued but not yet effective up to the date of issuance of the interim condensed consolidated financial statements are as follows. The Group will make the necessary changes if not indicated otherwise, which will be affecting the consolidated financial statements and disclosures, when the new standards and interpretations become effective.
The Group is in the process of assessing the impact of the standard on financial position or performance of the Group.
Any change in the accounting policies resulted from the first time adoption of a new standard is made either retrospectively or prospectively in accordance with the transition requirements. Changes without any transition requirement, material changes in accounting policies or material errors are corrected, retrospectively by restating the prior period consolidated financial statements. If changes in accounting estimates are related to only one period, they are recognised in the period when changes are applied; if changes in estimates are related to future periods, they are recognized both in the period where the change is applied and future periods prospectively.
The Group prepares comparative consolidated financial statements, to enable readers to determine financial position and performance trends. For the purposes of effective comparison, comparative financial statements can be reclassified when deemed necessary by the Group, where descriptions on significant differences are disclosed.
The preparation of condensed consolidated financial statements necessitates the use of estimates and judgments that affect asset and liability amounts reported as of the balance sheet date, explanations of contingent liabilities and assets; and income judgments and expense amounts reported for the accounting period. Although these estimates and assumptions are based on all management information related to the events and transactions, actual results may differ from them.
The estimates and judgments that are material to the carrying values of assets and liabilities are outlined below:
Deferred tax assets are accounted for only where it is likely that related temporary differences and accumulated losses will be recovered through expected future profits or will be offsetted from the deferred tax liabilities incurred on the temporary differences will be recovered at the same date.
AS OF AND FOR THE PERIODS ENDED 31 MARCH 2025 AND 2024
(Amounts expressed in thousands Turkish Lira ("TL") based on the purchasing power of TL as of 31 March 2025 unless otherwise indicated.)
As a result of the studies performed, the Group recognized no deferred tax assets on carry forward tax losses (31 December 2024: None) as of 31 March 2025. Carry forward tax losses amounting to TL 7.040.997 (31 December 2024: TL 5.148.765) (Note 9). As of 31 March 2025, the deferred tax asset has not been calculated by taking into account the foreseeable future profit expectations prepared by the Group and the deferred tax liabilities in the relevant periods.
The Group has chosen revaluation method instead of historical cost model as an accounting policy among application methods mentioned under TAS 16 for lands, land improvements, buildings, machinery and equipment belonging its power plants commencing from 30 September 2015.
An independent valuation firm has been authorized for revaluation because using of long-term price expectation, electricity generation expectation, discount rate, profit margin between electricity and natural gas prices ("spark spread"), and capacity utilization rate forecasts which are sensitive to sectoral and economic variables and also complexity of inputs and calculations. As of 31 December 2024, the fair value which is determined with valuation study by an independent valuation company which has CMB license, is used for lands, land improvements, buildings, machinery and equipment. In the aforementioned valuation and impairment studies, "income reduction method - discounted cash flow analysis " was applied.
Income Approach, discounted cash flow analysis (Level 3) is used by the valuation company for valuation reports of 31 December 2024 aims to determine fair value of lands, land improvements, buildings, machineries and equipment of Uluabat Hydroelectric Power Plant (HPP), Ayyıldız Wind Farm Power Plant (WFPP), Burç HPP, Feke I HPP, Feke II HPP, Bulam HPP, Gökkaya HPP, Himmetli HPP Konya Biomass Power Plant (BPP), Konya Solar Power Plant (SPP) and Erzin Natural Gas Combined Cycle Power Plant (NGCCPP) which are belong to Akenerji assets. For the valuation of the Sungurlu BPP facility, the "Cost Approach Method" has been applied.
Since long term electricity prices and spark spreads are the most important inputs of "Income Approach discounted cash flow analysis", an independent consultancy and technology firm, which operates in energy market, has been hired. The most important inputs of model determine long term electricity prices are; long term electricity demand, entrance of new plants, exit of old plant, renewable total capacity, evolution of capacity factor, carbon market expectations, natural gas and coal prices, evolution of electricity import export, and development in the efficiency of thermal plants.
Changes in the spark spread are used in the model impact generation at the Erzin natural gas combined cycle power plant. For hydroelectric power plants (HPPs), as well as the Konya and Ayyıldız facilities, generation forecasts have been prepared using historical generation data and feasibility reports. In valuation models prepared in USD terms, the discount rate has been determined as 9.29% in real terms, considering the prevailing macroeconomic market conditions. An increase in the discount rate negatively affects the fair value of the power plants. The portion of the relevant valuation results related to the decrease in value that is associated with "Gains/(losses) on revaluation of property, plant and equipment" has been recognized in the consolidated statement of other comprehensive income statement, while the remaining amount has been accounted for in the consolidated statement of profit or loss statement. The valuation report is prepared by an independent valuation firm holding the relevant Capital Markets Board (CMB) license and possessing the necessary professional expertise.
AS OF AND FOR THE PERIODS ENDED 31 MARCH 2025 AND 2024 (Amounts expressed in thousands Turkish Lira ("TL") based on the purchasing power of TL as of 31 March 2025 unless otherwise indicated.)
The Group considers it appropriate to prepare its consolidated financial statements on a going concern basis in a foreseeable future.
As of 2020, the ceiling price mechanisms implemented in the electricity markets are no longer determined by market dynamics. In October 2023, maintaining the ceiling price at a fixed level, together with a 20% increase in natural gas tariffs, created highly challenging market conditions for natural gas power plants. Although the nominal increase of the ceiling price from TL 2.700/MWh to TL 3.000/MWh in the second half of 2024 led to a "limited improvement in margins", it remains insufficient when compared to practices in liberalized electricity markets. This has placed considerable pressure on the generation levels and profitability of natural gas power plants. In addition, the drier winter conditions compared to the previous year adversely affected hydroelectric power plants, leading to a 65% decrease in generation. Although 2025 was characterized by generally dry weather conditions, the improvement in the price cap levels compared to the same period of 2024, together with the significant contribution from the Erzin Power Plant—which constitutes approximately 75% of the Group's total installed capacity and recorded a 68% increase in its generation—resulted in a 26% year-on-year increase in the Group's total electricity generation as of 31 March 2025. As a result, the Group's earnings before interest, tax, depreciation, and amortization (EBITDA), calculated by adding depreciation and amortization expenses to the operating loss, amounted to TL 434.765 (31 March 2024: TL 396.876).
Natural gas purchases used in the production activities of the Group's Erzin Combined Cycle Natural Gas Power Plant represent a significant portion of total production costs. In 2025, due to ongoing high volatility in global markets and uncertainties regarding import costs, natural gas procurement continued to be carried out through BOTAŞ. Despite fluctuations in global natural gas prices, no changes were made to BOTAŞ tariffs as of 31 March 2025, following the tariff increase implemented in October 2023. The Group closely monitors all costs associated with natural gas procurement and regularly evaluates the positioning of power plants in the electricity market as well as developments in market demand. Accordingly, potential opportunities to reduce natural gas costs during the remainder of the year are being assessed, and efforts to optimize costs are ongoing.
The Group signed a "Financial Restructuring" agreement with Yapı ve Kredi Bankası A.Ş. on November 11, 2019, and, within the scope of this agreement, entered into a refinancing loan agreement amounting to USD 859 million with a total maturity of 13 years, including a 1,5 year principal grace period, to refinance all its existing debts and extend their maturity. Thanks to the Group's regular debt service payments and early principal repayments made before maturity, the total loan balance was reduced to USD 503 million as of 31 March 2025. The aforementioned Loan Agreement was amended on 20 September 2024, and the Tranche 1 loan with a principal amount of USD 40 million and the Tranche 2 loan with a principal amount of TL 2.271.037 which were due in December 2024, were repaid. Subsequently, a Tranche 5 loan amounting to USD 180 million with a maturity date of March 2026 was disbursed. This restructuring eased the pressure on the Group's cash flow, positively impacted its financial sustainability and competitiveness, and significantly reduced its exposure to high interest rate risks in Turkish Lira. The remaining Tranche 3 and Tranche 4 loans, amounting to USD 323 million, will continue under their existing terms with a maturity date of December 2032.
The Group takes various actions to enhance its operational profitability and cash flow from operations by evaluating all opportunities that may positively contribute to its cash flows and align with its interests. Accordingly, the consolidated financial statements are prepared under the assumption that the company will continue its operations in the foreseeable future, and no risks are anticipated regarding the company's going concern.
Business volume shows seasonal changes according to the structure of the industry in which the Group operates. In the hydroelectric power plants, business volumes are higher in the second quarters and for the wind power plant, business volume are higher in the first quarters of the year. Seasonality does not have a significant impact on the remaining business volume of the Group.
AS OF AND FOR THE PERIODS ENDED 31 MARCH 2025 AND 2024
(Amounts expressed in thousands Turkish Lira ("TL") based on the purchasing power of TL as of 31 March 2025 unless otherwise indicated.)
The details of borrowings of the Group as of 31 March 2025 and 31 December 2024 are as follows:
| 31 March 2025 | 31 December 2024 | |
|---|---|---|
| Short-term borrowings | ||
| -Bank loans | 257.484 | 335.482 |
| Total short-term borrowings | 257.484 | 335.482 |
| Short-term portion of long term borrowings | ||
| -Bank loans | 8.732.025 | 1.683.692 |
| -Lease liabilities | 58.034 | 61.896 |
| Total short-term portion of long term borrowings | 8.790.059 | 1.745.588 |
| Long term borrowings | ||
| -Bank loans | 10.747.658 | 17.966.981 |
| -Lease liabilities | 282.579 | 284.208 |
| Total long term borrowings | 11.030.237 | 18.251.189 |
| Total short term and long term borrowings | 20.077.780 | 20.332.259 |
Letters of guarantee given, pledges and mortgages related to financial liabilities are disclosed in Note 6.
As of 31 March 2025 and 31 December 2024, the original currencies and weighted average interest rates for short and long-term financial liabilities are as follows:
| 31 March 2025 | ||||
|---|---|---|---|---|
| Effective | ||||
| Interest | Original | |||
| Currency | rate % | Amount | Amount in TL | |
| Short-term borrowings | TL | 26,93 | 257.484 | 257.484 |
| Total short-term borrowings | 257.484 | 257.484 | ||
| Short - term portion of long - term bank loans | USD | 8,07 | 231.216 | 8.732.025 |
| Short - term portion of long - term lease liabilities | EUR | 5,78 | 1.468 | 59.768 |
| Interest cost of short - term portion of long - term | ||||
| lease liabilities (-) | EUR | 5,78 | (245) | (9.954) |
| Short - term portion of long - term lease liabilities | TL | 18,37 | 8.220 | 8.220 |
| Total short-term borrowings | 8.790.059 | |||
| Long term bank loans | USD | 8,07 | 284.589 | 10.747.658 |
| Long - term lease liabilities | EUR | 5,78 | 4.269 | 173.772 |
| Interest cost of long - term lease liabilities (-) | EUR | 5,78 | (1.082) | (44.037) |
| Long - term lease liabilities | TL | 18,37 | 152.844 | 152.844 |
| Total long-term borrowings | 11.030.237 |
AS OF AND FOR THE PERIODS ENDED 31 MARCH 2025 AND 2024
(Amounts expressed in thousands Turkish Lira ("TL") based on the purchasing power of TL as of 31 March 2025 unless otherwise indicated.)
| 31 December 2024 | ||||
|---|---|---|---|---|
| Currency | Effective Interest rate % |
Original Amount |
Amount in TL | |
| Short-term borrowings | TL | 26,93 | 335.482 | 335.482 |
| Total short-term borrowings | 335.482 | 335.482 | ||
| Short - term portion of long - term bank loans Short - term portion of long - term lease liabilities Interest cost of short - term portion of long - term lease liabilities (-) Short - term portion of long - term lease liabilities |
USD EUR EUR TL |
8,08 5,97 5,97 19,26 |
43.360 1.580 (291) 9.758 |
1.683.692 63.894 (11.756) 9.758 |
| Total short-term borrowings | 1.745.588 | |||
| Long term bank loans Long - term lease liabilities Interest cost of long - term lease liabilities (-) Long - term lease liabilities |
USD EUR EUR TL |
8,08 5,97 5,97 19,26 |
462.703 5.071 (1.292) 131.441 |
17.966.981 205.024 (52.257) 131.441 |
| Total long-term borrowings | 18.251.189 |
As of 31 March 2025, all of the Euro finance lease liabilities of the Group are subject to floating interest rate of Euribor + 3,4% (31 December 2024: All of the Euro finance lease liabilities of the Group are subject to floating interest rate of Euribor + 3,4%).
The details of redemption schedule of the long term bank borrowings as of 31 March 2025 and 31 December 2024 are as follows:
| 31 March 2025 | 31 December 2024 | |
|---|---|---|
| Up to 1 - 2 years | 1.814.763 | 8.965.328 |
| Up to 2 - 3 years | 1.900.711 | 1.915.341 |
| Up to 3 - 4 years | 1.661.271 | 1.674.058 |
| Up to 4 - 5 years | 1.467.825 | 1.479.124 |
| More than 5 years | 3.903.088 | 3.933.130 |
| 10.747.658 | 17.966.981 |
AS OF AND FOR THE PERIODS ENDED 31 MARCH 2025 AND 2024
(Amounts expressed in thousands Turkish Lira ("TL") based on the purchasing power of TL as of 31 March 2025 unless otherwise indicated.)
The principal repayment schedule of the Group's long-term finance lease obligations as of 31 March 2025 and 31 December 2024 is as follows:
| 31 March 2025 | 31 December 2024 | |
|---|---|---|
| Up to 1-2 years | 55.273 | 54.821 |
| Up to 2-3 years | 51.804 | 52.225 |
| Up to 3-4 years | 29.705 | 51.755 |
| Up to 4-5 years | 378 | 3.472 |
| Up to 5-6 years | 445 | 318 |
| Up to 6-7 years | 526 | 375 |
| Up to 7-8 years | 624 | 444 |
| Up to 8-9 years | 744 | 527 |
| Up to 9-10 years | 894 | 630 |
| More than 10 years | 142.186 | 119.641 |
| 282.579 | 284.208 |
As of 31 March 2025 and 2024, the movements of borrowings are as follows:
| 2025 | 2024 | |
|---|---|---|
| 1 January | 20.332.259 | 25.086.766 |
| Cash flow impact Change in unrealized foreign exchange differences Change in interest acrruals Change in lease liabilities Monetary gain |
(151.459) 1.322.400 451.292 51.657 (1.928.369) |
(59.887) 1.719.873 531.814 73.973 (10.025.216) |
| 31 March | 20.077.780 | 17.327.323 |
| 1 January 2025 | Additions | Transfers(***) | Disposals | 31 March 2025 | |
|---|---|---|---|---|---|
| Cost | |||||
| Lands | 1.660 | - | - | - | 1.660 |
| Land improvements (*) | 20.872.424 | - | - | - | 20.872.424 |
| Buildings | 5.047.367 | - | - | - | 5.047.367 |
| Machinery and equipment (**) | 20.540.917 | 2.727 | - | - | 20.543.644 |
| Motor vehicles | 35.834 | 11 | - | - | 35.845 |
| Furnitures and fixtures | 249.050 | 4.780 | - | (45.239) | 208.591 |
| Leasehold improvements | 113.922 | - | - | (23) | 113.899 |
| Construction in progress | 364.978 | 4.886 | - | (2.350) | 367.514 |
| 47.226.152 | 12.404 | - | (47.612) | 47.190.944 | |
| Accumulated depreciation | |||||
| Land improvements | (5.476.825) | (158.363) | - | - | (5.635.188) |
| Buildings | (1.035.331) | (34.716) | - | - | (1.070.047) |
| Machinery and equipment | (7.515.659) | (222.894) | - | - | (7.738.553) |
| Motor vehicles | (27.462) | (1.293) | - | - | (28.755) |
| Furnitures and fixtures | (190.691) | (3.329) | - | 44.903 | (149.117) |
| Leasehold improvements | (28.386) | (1.147) | - | 23 | (29.510) |
| (14.274.354) | (421.742) | - | 44.926 | (14.651.170) | |
| Net book value | 32.951.798 | 32.539.774 |
(*) Within the capacity increase project of Ayyıldız wind power plant, the cost of land improvement acquired through finance lease on 27 January 2017 is amounting to TL 4.884 As of 31 March 2025, the total amount of accumulated depreciation of related land improvement is TL 1.060.
(**) Within the capacity increase project of Ayyıldız wind power plant, the cost of machinery and equipment acquired through finance lease on 27 January 2017 is amounting to TL 485.185 As of 31 March 2025, the total amount of accumulated depreciation of the related machinery and equipment is TL 400.278.
Current period depreciation expense amounting to TL 420.602 has been included in cost of sales and TL 1.140 has been included in general administrative expenses.
| 1 January 2024 | Additions | Transfers | Disposals | 31 March 2024 | |
|---|---|---|---|---|---|
| Cost | |||||
| Lands | 3.112 | - | - | - | 3.112 |
| Land improvements (*) | 26.711.149 | 9.305 | - | - | 26.720.454 |
| Buildings | 6.075.812 | 119 | - | - | 6.075.931 |
| Machinery and equipment (**) | 23.294.420 | 9.786 | 206.627 | - | 23.510.833 |
| Motor vehicles | 33.613 | 2.212 | - | - | 35.825 |
| Furnitures and fixtures | 246.915 | 555 | - | - | 247.470 |
| Leasehold improvements | 162.044 | - | - | - | 162.044 |
| Construction in progress | 489.921 | 55.329 | (206.627) | - | 338.623 |
| 57.016.986 | 77.306 | - | - | 57.094.292 | |
| Accumulated depreciation | |||||
| Land improvements | (4.618.105) | (215.774) | - | - | (4.833.879) |
| Buildings | (863.461) | (43.597) | - | - | (907.058) |
| Machinery and equipment | (6.426.072) | (284.719) | - | - | (6.710.791) |
| Motor vehicles | (22.277) | (1.518) | - | - | (23.795) |
| Furnitures and fixtures | (182.725) | (2.540) | - | - | (185.265) |
| Leasehold improvements | (24.981) | (1.749) | - | - | (26.730) |
| (12.137.621) | (549.897) | - | - | (12.687.518) | |
| Net book value | 44.879.365 | 44.406.774 |
(*) Within the capacity increase project of Ayyıldız wind power plant, the cost of land improvement acquired through finance lease on 27 January 2017 is amounting to TL 4.884 As of 31 March 2024, the total amount of accumulated depreciation of related land improvement is TL 931.
(**) Within the capacity increase project of Ayyıldız wind power plant, the cost of machinery and equipment acquired through finance lease on 27 January 2017 is amounting to TL 485.185 As of 31 March 2024, the total amount of accumulated depreciation of the related machinery and equipment is TL 351.759.
Current period depreciation expense amounting to TL 548.803 has been included in cost of sales and TL 1.094 has been included in general administrative expenses.
AS OF AND FOR THE PERIODS ENDED 31 MARCH 2025 AND 2024
(Amounts expressed in thousands Turkish Lira ("TL") based on the purchasing power of TL as of 31 March 2025 unless otherwise indicated.)
There are no borrowing costs capitalized in the cost of construction in progress for the period ended 31 March 2025 (31 March 2024: None).
Details of the guarantees, pledges and mortgages on property, plant and equipment as of 31 March 2025 and 31 December 2024 are disclosed in Note 6.
| 1 January 2025 | Additions | Disposals | 31 March 2025 | |
|---|---|---|---|---|
| Costs | ||||
| Rights | 119.111 | 1.127 | (21.763) | 98.475 |
| Licenses | 1.116.723 | - | - | 1.116.723 |
| 1.235.834 | 1.127 | (21.763) | 1.215.198 | |
| Accumulated amortization | ||||
| Rights | (79.167) | (1.958) | 21.751 | (59.374) |
| Licenses | (488.216) | (7.334) | - | (495.550) |
| (567.383) | (9.292) | 21.751 | (554.924) | |
| Net book value | 668.451 | 660.274 |
| 1 January 2024 | Additions | Disposals | 31 March 2024 | |
|---|---|---|---|---|
| Costs | ||||
| Rights | 9.148 | 7.718 | - | 16.866 |
| Licenses | 1.187.957 | - | - | 1.187.957 |
| 1.197.105 | 7.718 | - | 1.204.823 | |
| Accumulated amortization | ||||
| Rights | (8.750) | (1.817) | - | (10.567) |
| Licenses | (532.441) | (7.200) | - | (539.641) |
| (541.191) | (9.017) | - | (550.208) | |
| Net book value | 655.914 | 654.615 |
Current period amortisation expense amounting to TL 4.703 (31 March 2024: TL 7.880) has been included in cost of sales and remaining TL 4.589 (31 March 2024: TL 1.137) has been included in general administrative expenses.
AS OF AND FOR THE PERIODS ENDED 31 MARCH 2025 AND 2024
(Amounts expressed in thousands Turkish Lira ("TL") based on the purchasing power of TL as of 31 March 2025 unless otherwise indicated.)
As of 31 March 2025, there are various lawsuits against or in favor of the Group. The Group management estimates the outcomes of these lawsuits and the financial effects thereof, and the required provisions are accounted for based on these estimates. The amount of provisions for the lawsuits as of 31 March 2025 is TL 43.240 (31 December 2024: TL 47.185).
| 31 March 2025 | 31 December 2024 | |
|---|---|---|
| Litigation provision | 43.240 | 47.185 |
| Periodical maintenance provisions | 42.766 | 48.750 |
| 86.006 | 95.935 |
The movements of litigation provision are as follows:
| 2025 | 2024 | |
|---|---|---|
| 1 January | 47.185 | 78.578 |
| Current period charges | 91 | 1.812 |
| Interest charges of litigation provision | 423 | - |
| Released provisions (Note 12) | (128) | (11.267) |
| Monetary gain | (4.331) | (26.414) |
| 31 March | 43.240 | 42.709 |
The commitments and contingent liabilities of the Group that are not expected result in a significant loss or liability to the Group are summarized below:
| 31 March 2025 | 31 December 2024 | |||||
|---|---|---|---|---|---|---|
| Original | Original | TL | Original | TL | ||
| currency | Amount | equivalent | Amount | Equivalent | ||
| Letters of guarantees given | TL | 572.990 | 572.990 | 679.004 | 679.004 | |
| USD | 829 | 31.300 | 1.560 | 60.470 | ||
| EUR | 660 | 26.856 | 1.181 | 47.776 | ||
| 631.146 | 787.250 |
Guarantees given, in general, are comprised of the letters of guarantees given to the several institutions and organizations within the operations of the Group (to EMRA, vendors whom electricity purchased and electricity transmission and distribution related government authorities, to the tax authorities within the scope of VAT returns) and to the judicial authorities for some of the on-going lawsuits.
AS OF AND FOR THE PERIODS ENDED 31 MARCH 2025 AND 2024
(Amounts expressed in thousands Turkish Lira ("TL") based on the purchasing power of TL as of 31 March 2025 unless otherwise indicated.)
Guarantees, pledges, mortgages ("GPM") given by the Group as of 31 March 2025 and 31 December 2024 are as follows:
| 31 March 2025 | 31 December 2024 | ||||
|---|---|---|---|---|---|
| Original | TL | Original | TL | ||
| Currency | currency | equivalent | currency | equivalent | |
| GPMs given by the Group A. GPMs given |
|||||
| for companies' own legal entity | TL | 6.991.451 | 6.991.451 | 7.743.339 | 7.743.339 |
| USD | 918.344 | 34.681.827 | 919.075 | 35.630.474 | |
| EUR | 660 | 26.856 | 1.181 | 47.776 | |
| B.Total amount of GPM given for the subsidiaries and associates in the scope of consolidation |
- | - | - | - | - |
| C.Total amount of GPM given for the purpose of maintaining operating activities |
- | - | - | - | - |
| D.Total other GPMs given i) Total amount of CPMB's given on behalf of the majority |
- | - | - | - | - |
| shareholder ii) Total amount of CPMB's given to on behalf of other which are |
- | - | - | - | - |
| not in scope of B and C. iii) Total amount of CPMB's given on behalf of third parties which |
- | - | - | - | - |
| are not in scope of C. | - | - | - | - | - |
| 41.700.134 | 43.421.589 |
Details of the guarantees given by Akenerji for its own legal entity as of 31 March 2025 are as follows:
As of November 11, 2019, within the scope of financial restructuring, a refinancing loan agreement amounting to a total of USD 859 million with a 13-year maturity, including a 1.5-year principal grace period, was executed between Yapı ve Kredi Bankası A.Ş. and our company, Akenerji ("Borrower"), to refinance all existing debts of our company and extend their maturity. The aforementioned Loan Agreement was amended on September 20, 2024, whereby the principal repayment of USD 40 million under Tranche 1 and TL 2.271.037 under Tranche 2, both due in 2024, were made, and a new Tranche 5 Loan amounting to USD 180 million was utilized. As a result, as of 31 March 2025, the validity of the Assignment of Receivables, EPİAŞ Receivables Assignment, Mortgage Agreements related to Real Estate and Surface Rights, Commercial Enterprise Pledge, Account Pledge, Insurance Receivables Assignment, Shareholder Receivables Assignment, Movable Pledge, and Share Pledge Agreements initially signed in 2019 and subsequently amended from time to time continues in order to secure the outstanding principal debt of USD 503 million along with the accrued interest and other associated liabilities. Pursuant to the Movable Pledge Agreements signed between Akenerji and the Bank, a first-degree movable pledge amounting to TL 6.418.461 and a second-degree movable pledge amounting to USD 917.515.600 have been established as an upper limit for Akenerji. Additionally, Yapı ve Kredi Bankası A.Ş. has been designated as the pledgee as the beneficiary under the power plants' insurance policies.
As of 31 March 2025, GPMs given by the Group to equity ratio is 276% (31 December 2024: 289%).
AS OF AND FOR THE PERIODS ENDED 31 MARCH 2025 AND 2024
(Amounts expressed in thousands Turkish Lira ("TL") based on the purchasing power of TL as of 31 March 2025 unless otherwise indicated.)
Within the scope of electricity energy sales agreements made with energy companies, the Group has committed to sell 225.945 MWh of energy physically in 2025, and within the scope of the related commitment, 225.945 MWh of energy has been sold as of 31 March 2025.
The Group has commited to purchase 84.013 MWh of physical electricity energy within the scope of electricity energy purchase agreements with energy companies in 2025 and as of 31 March 2025, 37.813 MWh of the electricity enerji was committed to be purchased is completed.
As of 31 March 2025, the Group does not have any physical purchase or sales electricity protocols that it has committed to perform in 2026 and beyond.
The Group anticipates fulfilling its annual take-or-pay commitment volumes in 2025.
| 31 March 2025 | 31 December 2024 | ||||
|---|---|---|---|---|---|
| Original | TL | Original | TL | ||
| Currency | Currency | Equivalent | currency | Equivalent | |
| Letters of guarantees received | |||||
| TL EUR |
52.467 12 |
52.467 489 |
56.937 24 |
56.937 971 |
|
| USD | 364 | 13.747 | 484 | 18.764 | |
| Notes of guarantees received | TL | 1.752 | 1.752 | 1.928 | 1.928 |
| USD | 746 | 28.166 | 746 | 28.913 | |
| EUR | 34 | 1.376 | 34 | 1.367 | |
| GBP | 6 | 277 | 6 | 276 | |
| Cheques of guarantees received | TL | 106 | 106 | 117 | 117 |
| USD | 17 | 629 | 17 | 645 | |
| Mortgages received | TL | 3.242 | 3.242 | 3.568 | 3.568 |
| 102.251 | 113.486 |
Letters of guarantees received, in general, comprised of the letters of guarantees received from the customers in relation to the Group's electricity sales operations.
AS OF AND FOR THE PERIODS ENDED 31 MARCH 2025 AND 2024
(Amounts expressed in thousands Turkish Lira ("TL") based on the purchasing power of TL as of 31 March 2025 unless otherwise indicated.)
| 31 March 2025 | 31 December 2024 | |||
|---|---|---|---|---|
| Contract | Fair | Contract | Fair | |
| amount | value | amount | value | |
| Interest rate swaps | ||||
| - Short - term |
226.594 | 4.246 | - | - |
| Derivative financial assets | 226.594 | 4.246 | - | - |
| Forward contracts | ||||
| - Short - term |
490.953 | 35.813 | 593.874 | 52.335 |
| Derivative financial liabilities | 490.953 | 35.813 | 593.874 | 52.335 |
Movement of derivative instruments during the period is as follows:
| 2025 | 2024 | |
|---|---|---|
| 1 January To be reclassified to profit or loss |
52.335 | 56.336 |
| - Financial income - Monetary gain |
(16.063) (4.705) |
(43.642) (7.865) |
| 31 March | 31.567 | 4.829 |
(Amounts expressed in thousands Turkish Lira ("TL") based on the purchasing power of TL as of 31 March 2025 unless otherwise indicated.)
Akenerji adopted the registered capital system applicable to the companies registered on the CMB and defined a limit to its registered capital for shares. As of 31 March 2025 and 31 December 2024 the share capital held is as follows:
| 31 March 2025 | 31 December 2024 | |
|---|---|---|
| Limit on registered share capital (historical) | 1.500.000 | 1.500.000 |
| Issued capital | 729.164 | 729.164 |
The Company's shareholders and shareholding structure as of 31 March 2025 and 31 December 2024 are as follows:
| 31 March 2025 | 31 December 2024 | |||
|---|---|---|---|---|
| Share (%) | Amount | Share (%) | Amount | |
| CEZ a.s. | 37,36 | 272.426 | 37,36 | 272.426 |
| Akkök Holding A.Ş. Akarsu Enerji Yatırımları San. ve Ticaret A.Ş. |
20,43 | 148.989 | 20,43 | 148.989 |
| ("Akarsu") | 16,93 | 123.437 | 16,93 | 123.437 |
| Publicly held | 25,28 | 184.312 | 25,28 | 184.312 |
| 729.164 | 729.164 | |||
| Adjustment to share capital(*) | 13.612.758 | 13.612.758 | ||
| Total paid-in capital | 14.341.922 | 14.341.922 |
(*) Adjustment to share capital represents the restatement effect of cash and cash equivalent contributions to share capital measured in accordance with the TAS/TFRS promulgated by the POA. "Adjustment to share capital" has no use other than being transferred to paid-in share capital.
The share capital of the Company consists of 72.916.400.000 shares with a nominal value of 1 Kr for each where no privilege rights are provided for any kind of shares.
Hyperinflation adjustments made on equity according to TAS 29, published by CMB on 7 March 2024, are presented below:
| Equity | PPE indexed accounting entries |
CPE indexed accounting entries |
Differences classified in retained earnings |
|---|---|---|---|
| Share capital | 16.383.370 | 14.341.922 | (2.041.448) |
| Share premiums | 1.724.703 | 1.289.539 | (435.164) |
| Restricted reserves | 378.163 | 279.085 | (99.078) |
AS OF AND FOR THE PERIODS ENDED 31 MARCH 2025 AND 2024
(Amounts expressed in thousands Turkish Lira ("TL") based on the purchasing power of TL as of 31 March 2025 unless otherwise indicated.)
Share premiums presented in the consolidated financial statements represent the proceeds from the excess of the amount of shares compared to their nominal values.
Turkish Commercial Code stipulates that the legal reserve is appropriated out of statutory profits at the rate of 5% per annum, until the total reserve reaches 20% of the Group's paid - in share capital. Other legal reserve is appropriated out of 10% of the distributable income after 5% dividend is paid to shareholders. Under the TCC, legal reserves can only be used for compensating losses, continuing operations in severe conditions or preventing unemployment and taking actions for relieving its effects in case general legal reserves does not exceed half of paid - in capital or issued capital.
| 31 March 2025 | 31 December 2024 | |
|---|---|---|
| Current income tax expenses Prepaid taxes |
88 (9.746) |
22 (18.995) |
| Current income tax liabilities/ (Current income tax assets), net |
(9.658) | (18.973) |
The Group is subject to corporate tax in Turkey. Necessary provisions have been made in the financial statements for the estimated tax liabilities of the Group related to the current period activity results.
The corporate tax rate in Turkey is 25% (31 December 2024: 25%). The corporate tax rate is applied to the net corporate income to be found as a result of adding the non-deductible expenses to the commercial earnings of the companies, and deducting the exemptions and deductions stated in the tax laws. Losses can be carried forward to offset against future taxable income for up to 5 years. However, the resulting losses cannot be deducted retrospectively from the profits of previous years.
In Turkey, there is no practice to reconcile with the tax authority on taxes payable. The corporate tax return is submitted until the evening of the 30th day of the fourth month following the end of the accounting period and is paid until the end of the month.
AS OF AND FOR THE PERIODS ENDED 31 MARCH 2025 AND 2024
(Amounts expressed in thousands Turkish Lira ("TL") based on the purchasing power of TL as of 31 March 2025 unless otherwise indicated.)
Companies in Turkey calculate temporary tax at the rate of 25% over their quarterly financial profits (31 December 2024: 25%) and declared until the 17th day of the second month following that period. pay by the evening of the seventeenth day. The temporary tax paid during the year belongs to that year and is deducted from the corporate tax to be calculated over the corporate tax return to be submitted in the following year. Despite the deduction, if there is an amount of advance tax paid, this amount can be refunded or deducted in cash.
Limited taxpayer, who earn income through a permanent establishment or permanent representative and pay to companies (dividends) resident in Turkey not subject to withholding tax. Dividend payments made to persons other than these are subject to 10% withholding tax. The profit included to the capital is not a profit distribution.
The details of tax income / expense for the period ended 31 March 2025 and 2024 are as follows:
| 1 January - 31 March 2025 |
1 January - 31 March 2024 |
|
|---|---|---|
| Current income tax expense (-) Deferred tax expense |
(88) (82.601) |
(28) (363.179) |
| (82.689) | (363.207) |
Deferred taxes
| 31 March 2025 | 31 December 2024 | |
|---|---|---|
| Deferred tax assets | 159.338 | 236.318 |
| Deferred tax liabilities | (10.649) | (14.467) |
| Deferred tax assets/(liabilities), net | 148.689 | 221.851 |
The Group recognizes deferred tax assets and liabilities based upon temporary differences arising from its financial statements prepared in compliance with TAS and its statutory tax financial statements. The temporary differences usually result from the recognition of revenue and expenses in different reporting periods according to TAS and Tax Laws.
The tax rate used in the calculation of deferred tax assets and liabilities is 25% (31 December 2024: 25%)
AS OF AND FOR THE PERIODS ENDED 31 MARCH 2025 AND 2024
(Amounts expressed in thousands Turkish Lira ("TL") based on the purchasing power of TL as of 31 March 2025 unless otherwise indicated.)
The breakdown of cumulative temporary differences and the resulting deferred tax assets/liabilities provided using principal tax rates is as follows:
| Total temporary differences |
Deferred tax assets/(liabilities) |
|||
|---|---|---|---|---|
| 31 March 2025 |
31 December 2024 |
31 March 2025 |
31 December 2024 |
|
| Investment incentives (*) Adjustments to property, plant and |
(1.001.635) | (1.028.095) | 250.409 | 257.024 |
| equipment Other |
33.121 373.757 |
15.605 125.083 |
(8.280) (93.440) |
(3.902) (31.271) |
Deferred tax assets/(liabilities), net 148.689 221.851
(*) Within the scope of former Article 19 of Income Taxation Law, the related amount of investment incentive is mainly due to investment expenditures of Uluabat HEPP.
Details of tax losses on which deferred taxes are not recognized, along with the year it is incurred and the maximum year it can be utilized, are provided below (balances are presented in their historic cost):
| Year incurred | Year can be used | 31 March 2025 | 31 December 2024 |
|---|---|---|---|
| 2020 | 2025 | 262.766 | 262.766 |
| 2021 | 2026 | 1.181.822 | 1.181.822 |
| 2022 | 2027 | 220.742 | 220.742 |
| 2023 | 2028 | 1.846.248 | 1.846.248 |
| 2024 | 2029 | 1.637.187 | 1.637.187 |
| 2025 | 2030 | 1.892.232 | - |
| 7.040.997 | 5.148.765 |
AS OF AND FOR THE PERIODS ENDED 31 MARCH 2025 AND 2024
(Amounts expressed in thousands Turkish Lira ("TL") based on the purchasing power of TL as of 31 March 2025 unless otherwise indicated.)
| 1 January- 31 March 2025 |
1 January 31 March 2024 |
|
|---|---|---|
| Electricity sales revenue | 3.128.531 | 2.865.504 |
| Revenue on sharing of imbalance savings Revenue on capacity mechanism |
1.331.193 194.768 |
3.450.600 27.084 |
| Revenue on seconder frequency control Revenue on loading orders |
100.945 1.384 |
286.797 118.396 |
| Other revenues | 315.742 | 235.215 |
| 5.072.563 | 6.983.596 |
| 1 January- 31 March 2025 |
1 January 31 March 2024 |
|
|---|---|---|
| Direct raw materials consumed and cost of electricity(*) | 4.059.516 | 5.952.455 |
| Depreciation and amortisation expenses | 428.547 | 565.111 |
| Personnel expenses | 171.749 | 186.799 |
| Maintenance and repair expenses | 128.856 | 130.286 |
| Other materials and spare parts consumed | 62.899 | 46.125 |
| Insurance expenses | 39.998 | 50.938 |
| Other expenses | 29.139 | 52.843 |
| 4.920.704 | 6.984.557 |
(*) Direct raw materials consumed comprised of cost of natural gas purchased, cost of energy purchased, imbalance sharing costs, system usage costs, and etc.
AS OF AND FOR THE PERIODS ENDED 31 MARCH 2025 AND 2024
(Amounts expressed in thousands Turkish Lira ("TL") based on the purchasing power of TL as of 31 March 2025 unless otherwise indicated.)
| 1 January- 31 March 2025 |
1 January 31 March 2024 |
|
|---|---|---|
| Direct raw materials consumed and cost of electricity(*) | 4.059.516 | 5.952.455 |
| Depreciation and amortisation expenses (**) | 439.250 | 570.584 |
| Personnel expenses (***) | 282.010 | 286.212 |
| Maintenance and repair expenses | 128.856 | 130.286 |
| Other materials and spare parts consumed | 62.899 | 46.125 |
| Insurance expenses (****) | 40.701 | 51.978 |
| IT expenses | 27.243 | 9.623 |
| Consultancy expenses | 10.485 | 15.052 |
| Rent expenses | 8.829 | 8.290 |
| Office expenses | 7.505 | 6.238 |
| Taxes and duties | 6.033 | 10.601 |
| Vehicle expenses | 5.420 | 5.857 |
| Travel expenses | 3.424 | 3.864 |
| Advertising and sponsorship expenses | 1.897 | 394 |
| Legal and notary expenses | 173 | 958 |
| Other expenses | 43.031 | 63.345 |
| 5.127.272 | 7.161.862 |
(*) Direct raw materials consumed comprised of cost of natural gas purchased, cost of energy purchased, imbalance sharing costs, system usage costs, and etc.
(**) Depreciation and amortization expenses amounting to TL 428.547 (31 March 2024: TL 565.111) is classified in cost of sales, TL 10.703 (31 March 2024: TL 5.473) of amortization and depreciation expenses is classified in general administrative expenses.
(***) Personnel expenses amounting to TL 171.749 (31 March 2024: TL 186.799) is classified in cost of sales, TL 110.261 (31 March 2024: TL 99.414) is classified in general and administrative expenses.
(****) Insurance expenses amounting to TL 39.998 (31 March 2024: TL 50.938) is classified in cost of sales, TL 703 (31 March 2024: TL 1.040) is classified in general and administrative expenses.
AS OF AND FOR THE PERIODS ENDED 31 MARCH 2025 AND 2024
(Amounts expressed in thousands Turkish Lira ("TL") based on the purchasing power of TL as of 31 March 2025 unless otherwise indicated.)
| 1 January- 31 March 2025 |
1 January 31 March 2024 |
|
|---|---|---|
| Gain on futures and options markets | 39.094 | 35.341 |
| Provisions no longer required (*) | 37.062 | 16.542 |
| Foreign exchange gains from trading activities | 28.380 | 22.435 |
| Delay interests received | 320 | 29.245 |
| Other income | 17.920 | 24.104 |
| 122.776 | 127.667 |
(*) As of 31 March 2025, TL 128 (31 March 2024: TL 11.267) of the provisions no longer required from litigation provisions, TL 36.934 from no longer required premium provisions (31 March 2024: TL 5.209). As of 31 March 2025, there are no provisions remaining for other matters (31 March 2024: TL 66).
| 1 January- 31 March 2025 |
1 January 31 March 2024 |
|
|---|---|---|
| Losses on futures and options market | 45.001 | 35.734 |
| Foreign exchange losses from trading activities | 18.614 | 31.130 |
| Provisions for litigations | 91 | 1.812 |
| Delay interests charged | - | 19.105 |
| Other expenses | 8.846 | 35.328 |
| 72.552 | 123.109 |
| 1 January - 31 March 2025 |
1 January - 31 March 2024 |
|
|---|---|---|
| Profit on sale of property, plant and equipment Fair value difference gain on exchange |
7 | 30 |
| rate protected deposit accounts | - | 15.941 |
| Other income | - | 705 |
| 7 | 16.676 |
| 1 January - 31 March 2025 |
1 January - 31 March 2024 |
|
|---|---|---|
| Loss on sale of property, plant and equipment | 83 | - |
| 83 | - |
AS OF AND FOR THE PERIODS ENDED 31 MARCH 2025 AND 2024
(Amounts expressed in thousands Turkish Lira ("TL") based on the purchasing power of TL as of 31 March 2025 unless otherwise indicated.)
| 1 January - 31 March 2025 |
1 January - 31 March 2024 |
|
|---|---|---|
| Interest income | 122.585 | 44.743 |
| Foreign exchange gain | 71.638 | 159.974 |
| Gain on derivative financial instruments | 16.213 | 41.858 |
| 210.436 | 246.575 |
| 1 January - 31 March 2025 |
1 January - 31 March 2024 |
|
|---|---|---|
| Foreign exchange losses | 1.312.559 | 1.625.007 |
| Interest and commission expenses | 435.672 | 636.583 |
| Losses on derivative financial instruments | 23.945 | 22.765 |
| Other financial expenses | 5.428 | 5.790 |
| 1.777.604 | 2.290.145 |
AS OF AND FOR THE PERIODS ENDED 31 MARCH 2025 AND 2024
(Amounts expressed in thousands Turkish Lira ("TL") based on the purchasing power of TL as of 31 March 2025 unless otherwise indicated.)
| 1 January - | |
|---|---|
| 31 March 2025 | |
| Statement of financial position items | |
| Inventories | (11.854) |
| Prepaid expenses | 10.847 |
| Financial investments | (141) |
| Property, plant, and equipment | 3.106.740 |
| Intangible assets | 3.539 |
| Right of use assets | 10.936 |
| Deferred tax assets | 21.606 |
| Deferred income | (5) |
| Deferred tax liabilities | (1.323) |
| Share capital | (1.317.955) |
| Other reserves | 1.700 |
| Share premiums | (117.899) |
| Gains/(losses) on re-measurement of defined benefit plans | 5.809 |
| Legal reserves | (25.516) |
| Accumulated profit/(loss) | 74.496 |
| Profit or loss statement items | |
| Revenue | (214.529) |
| Cost of sales (-) | 204.151 |
| General administrative expenses (-) | 7.585 |
| Other operating income | (3.862) |
| Other operating expense (-) | 2.527 |
| Expenses from investment activities | 4 |
| Financial income | (7.321) |
| Financial expense (-) | 56.613 |
| Current income tax expense | 1 |
| DSI indexation | (43.576) |
| Net monetary position gains | 1.762.573 |
AS OF AND FOR THE PERIODS ENDED 31 MARCH 2025 AND 2024
(Amounts expressed in thousands Turkish Lira ("TL") based on the purchasing power of TL as of 31 March 2025 unless otherwise indicated.)
| 1 January - 31 March 2025 |
1 January - 31 March 2024 |
|
|---|---|---|
| Aktek Bilgi İletişim Teknolojisi San. ve Tic. A.Ş. ("Aktek") (1) (**) | 26.738 | 13.074 |
| Ak-Han Bakım Yön. Serv. Hiz. Güv. Malz. A.Ş. ("Ak-Han") (2) (**) | 11.988 | 9.327 |
| Cez a.s. (3) (*) | 8.912 | 4.798 |
| CEZ a.s. Turkey Daimi Tem. (4) (***) | 8.168 | - |
| Dinkal Sigorta Acenteliği A.Ş. ("Dinkal") (5) (**) | 7.998 | 9.866 |
| Aksa Akrilik Kimya Sanayi A.Ş. ("Aksa) (6) (**) | 6.781 | 9.599 |
| Sakarya Elektrik Perakende Satış A.Ş. ("Sepaş") (7) (**) | 403 | 181.213 |
| Other | 656 | 427 |
| 71.644 | 228.304 |
(1) Comprised of IT services and equipment received.
(2) Comprised of recharged invoices of building maintenance and other expenses.
(3) Comprised of purchase of electricity and risk sharing.
(4) It consists of service purchases.
(5) Comprised of payables to Dinkal for the insurances purchased from insurance companies through Dinkal.
(6) Comprised of sharing of imbalance.
(7) Comprised of purchase of electricity and sharing of imbalance.
| 1 January - 31 March 2025 |
1 January - 31 March 2024 |
|
|---|---|---|
| Cez a.s (1) () Aksa (2) () Sepaş (3) (*) Other |
119.355 9.366 - 1.077 |
58.862 12.732 209.128 595 |
| 129.798 | 281.317 |
(1) Comprised of sales of electricity and risk sharing contracts.
(2) Comprised of sharing of imbalance.
(3) Comprised of sales of electricity and sharing of imbalance.
(*) Shareholder.
(**) Akkök Holding group company.
(***) Cez a.s. group company.
AS OF AND FOR THE PERIODS ENDED 31 MARCH 2025 AND 2024
(Amounts expressed in thousands Turkish Lira ("TL") based on the purchasing power of TL as of 31 March 2025 unless otherwise indicated.)
| 31 March 2025 | 31 December 2024 | |
|---|---|---|
| CEZ a.s. (1) (*) | 10.781 | 11.265 |
| Aksa (2) (**) | 2.679 | 2.147 |
| Other | 749 | 203 |
| 14.209 | 13.615 |
(1) Comprised of receivables from sales of electricity and risk sharing.
(2) Comprised of receivables from sharing of imbalance.
The average maturity days of trade receivables from related parties is 20 days.
| 31 March 2025 | 31 December 2024 | |
|---|---|---|
| Dinkal (1) (**) | 81.640 | 176.857 |
| Aktek (2) (**) | 9.849 | 17.277 |
| Ak-Han (3) (**) | 5.115 | 5.593 |
| Aksa (4) (**) | 2.972 | 4.415 |
| CEZ a.s (5)(*) | 272 | 1.481 |
| CEZ a.s. Turkey Daimi Tem. (6) (***) | - | 6.113 |
| Other | 69 | 1.744 |
| 99.917 | 213.480 |
(1) Comprised of payables to Dinkal for the insurances purchased from insurance companies by the intermediary of Dinkal.
(2) Comprised of the payables related to IT services and equipment purchased.
(3) Comprised of the payables related to office maintenance and management services received.
(4) Comprised of the payables related to sharing of imbalance.
(5) Comprised of the payables related to electricity and sharing of imbalance.
(6) Comprised of the payables related to consultancy services received.
(*) Shareholder.
(**) Akkök Holding group company.
(***) CEZ a.s. group company.
The average maturity days of trade payables from related parties is 30 days.
AS OF AND FOR THE PERIODS ENDED 31 MARCH 2025 AND 2024
(Amounts expressed in thousands Turkish Lira ("TL") based on the purchasing power of TL as of 31 March 2025 unless otherwise indicated.)
For the purpose of these consolidated financial statements, key management compensation consists of the payments made to Group shareholders and top management (General Manager and Vice General Managers and directors).
| 1 January - | 1 January - | ||
|---|---|---|---|
| 31 March 2025 | 31 March 2024 | ||
| Salaries and benefits | 12.981 | 11.251 | |
| Attendance fee | 1.381 | 995 | |
| Bonus payment | - | 11.941 | |
| 14.362 | 24.187 |
The Group is exposed to currency risk due to foreign currency transactions. Currency risk arises due to recognized assets and liabilities resulting from future commercial and financial transactions. These risks are monitored and limited by the monitoring of the foreign currency position. The Group manages this risk through a natural hedge by offsetting foreign currency assets and liabilities. Group management monitors the net foreign currency position by conducting analyses and takes balancing measures accordingly. To manage this risk, spot foreign exchange purchases are made, and derivative instruments are utilized in accordance with the Group's Currency Risk Hedging Procedure.
The details of the foreign currency assets and liabilities as of 31 March 2025 and 31 December 2024 are as follows:
| 31 March 2025 | 31 December 2024 | |
|---|---|---|
| Assets | 1.595.587 | 1.071.713 |
| Liabilities | (19.931.807) | (20.223.267) |
| Net financial position | (18.336.220) | (19.151.554) |
| Net position of derivative instruments | (264.359) | (653.634) |
| Foreign currency asset/(liabilities) position, net | (18.600.579) | (19.805.188) |
Assets and liabilities denominated in foreign currency held by the Group at 31 March 2025 and 31 December 2024 and their TL equivalent are as follows:
| 31 March 2025 | 31 December 2024 |
|||||||
|---|---|---|---|---|---|---|---|---|
| TL Equivalent | USD | Euro | Other | TL Equivalent | USD | Euro | Other | |
| Trade receivables | 176.104 | 4.315 | 323 | - | 130.639 | 3.053 | 299 | - |
| Monetary financial assets | 1.389.974 | 32.906 | 3.618 | - | 911.760 | 20.262 | 3.091 | - |
| Current assets | 1.566.078 | 37.221 | 3.941 | - | 1.042.399 | 23.315 | 3.390 | - |
| Monetary financial assets | 29.509 | - | 725 | - | 29.314 | - | 725 | - |
| Non-current assets | 29.509 | - | 725 | - | 29.314 | - | 725 | - |
| Total assets | 1.595.587 | 37.221 | 4.666 | - | 1.071.713 | 23.315 | 4.115 | - |
| Trade payables | 172.072 | 4.369 | 163 | 9 | 258.380 | 6.300 | 340 | - |
| Financial liabilities | 8.781.825 | 231.216 | 1.223 | - | 1.735.808 | 43.360 | 1.289 | - |
| Other monetary liabilities | 20.871 | 391 | 150 | - | 29.317 | 755 | - | - |
| Short-term liabilities | 8.974.768 | 235.976 | 1.536 | 9 | 2.023.505 | 50.415 | 1.629 | - |
| Financial liabilities | 10.877.391 | 284.589 | 3.187 | - | 18.119.732 | 462.703 | 3.778 | - |
| Other monetary liabilities | 79.648 | 2.109 | - | - | 80.030 | 2.061 | - | - |
| Long-term liabilities | 10.957.039 | 286.698 | 3.187 | - | 18.199.762 | 464.764 | 3.778 | - |
| Total liabilities | 19.931.807 | 522.674 | 4.723 | 9 | 20.223.267 | 515.179 | 5.407 | - |
| Net Asset(Liability) Position of Statement of Financial Position | ||||||||
| Derivative Instruments | (264.359) | (7.000) | - | - | (653.634) | (16.000) | (800) | - |
| Off statement of financial position foreign currency derivative assets | 226.594 | 6.000 | - | - | - | - | - | - |
| Off statement of financial position foreign currency derivative liabilities | 490.953 | 13.000 | - | - | 653.634 | 16.000 | 800 | - |
| Net foreign currency asset(liability) position | (18.600.579) | (492.453) | (57) | (9) | (19.805.188) | (507.864) | (2.092) | - |
| Net foreign currency asset(liability) position of monetary items | (18.336.220) | (485.453) | (57) | (9) | (19.151.554) | (491.864) | (1.292) | - |
| Total fair value of financial instruments used for foreign currency hedging |
35.813 | 948 | - | - | 52.335 | 1.228 | 115 | - |
| Export | 411.736 | 8.089 | 3.092 | - | 1.083.654 | 20.103 | 8.955 | - |
| Import | 278.858 | 7.026 | 585 | 66 | 883.458 | 22.856 | 1.382 | 1 |
AS OF AND FOR THE PERIODS ENDED 31 MARCH 2025 AND 2024
(Amounts expressed in thousands Turkish Lira ("TL") based on the purchasing power of TL as of 31 March 2025 unless otherwise indicated.)
The Group is exposed to foreign exchange risk arising from various currency exposures, primarily with respect to the USD and EURO. As of 31 March 2025 and 2024, the following table shows the details of Group's sensitivity to a 10% increase and decrease in the TL against relevant foreign currencies, all other variables held constant. The sensitivity analysis includes only monetary items in open foreign currency at the end of the year.
| 31 March 2025 | ||||||
|---|---|---|---|---|---|---|
| Profit /Loss | Equity | |||||
| Appreciation | Depreciation | Appreciation | Depreciation | |||
| of | of | of | of | |||
| foreign | foreign | foreign | foreign | |||
| currency | currency | currency | currency | |||
| +/- 10% fluctuation of USD rate against to TL | ||||||
| 1- USD net asset/liability | (1.833.342) | 1.833.342 | - | - | ||
| 2- USD net effect | (1.833.342) | 1.833.342 | - | - | ||
| +/- 10% fluctuation of EUR rate against to TL | ||||||
| 3- EUR net asset/liability | (232) | 232 | - | - | ||
| 4- EUR net effect | (232) | 232 | - | - | ||
| +/- 10% fluctuation of other currencies rate against to TL | ||||||
| 5- Other currencies net asset/liability | (44) | 44 | - | - | ||
| 6- Other currencies net effect | (44) | 44 | - | - | ||
| Total (2+4+6) | (1.833.574) | 1.833.574 | - | - |
| 31 December 2024 | ||||||
|---|---|---|---|---|---|---|
| Profit /Loss | Equity | |||||
| Appreciation | Depreciation | Appreciation | Depreciation | |||
| of | of | of | of | |||
| foreign | foreign | foreign | foreign | |||
| currency | currency | currency | currency | |||
| +/- 10% fluctuation of USD rate | ||||||
| 1- USD net asset/liability | (1.909.931) | 1.909.931 | - | - | ||
| 2- USD net effect | (1.909.931) | 1.909.931 | - | - | ||
| +/- 10% fluctuation of EUR rate | ||||||
| 3- EUR net asset/liability | (5.224) | 5.224 | - | - | ||
| 4- EUR net effect | (5.224) | 5.224 | - | - | ||
| +/- 10% fluctuation of other currencies rate against to TL | ||||||
| 5- Other currencies net asset/liability | - | - | - | - | ||
| 6- Other currencies net effect | - | - | - | - | ||
| Total (2+4+6) | (1.915.155) | 1.915.155 | - | - |
AS OF AND FOR THE PERIODS ENDED 31 MARCH 2025 AND 2024
(Amounts expressed in thousands Turkish Lira ("TL") based on the purchasing power of TL as of 31 March 2025 unless otherwise indicated.)
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.
The estimated fair values of financial instruments have been determined by the Group, using available market information and appropriate valuation methodologies. However, judgment is necessarily required to interpret market data to estimate the fair value. Accordingly, the estimates presented herein are not necessarily indicative of the amounts the Group could realize in a current market exchange.
Following methods and assumptions were used to estimate the fair value of the financial instruments for which is practicable to estimate fair value:
The carrying values of financial assets including cash and cash equivalents which are accounted with their costs are estimated to be their fair values since they are short term.
The carrying values of trade receivables along with the related allowances for uncollectability are estimated to be their fair values.
The fair values of floating rate and short-term bank borrowings and other financial liabilities are estimated to converge to their fair values.
The Group classifies the fair value measurement of each class of financial instruments according to the source, using the three-level hierarchy, as follows:
Level 1: Market price valuation techniques for the determined financial instruments traded in markets (unadjusted)
Level 2: Other valuation techniques includes direct or indirect observable inputs
Level 3: Valuation techniques does not contains observable market inputs
As of 31 March 2025, the Group has short-term liabilities from derivative financial instruments amounting to TL 35.813 (31 December 2024: TL 52.335) which are categorized as level 2. As of 31 March 2025, there is a short-term derivative financial asset amounting to TL 4.246 (31 December 2024: None).
Fair value of the lands, land improvements, buildings, machinery and equipment of the Group's power plants were measured by a professional independent valuation company on 31 December 2024 through other valuation techniques involving direct and indirect observable inputs (Level 3) (Note 2.6).
None.
……………………………..
Have a question? We'll get back to you promptly.