Annual / Quarterly Financial Statement • Feb 25, 2025
Annual / Quarterly Financial Statement
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(Convenience Translation of Consolidated Financial Statements and Related Disclosures and Footnotes Originally Issued in Turkish)
ASELSAN ELEKTRONİK SANAYİ VE TİCARET ANONİM ŞİRKETİ AND ITS SUBSIDIARIES
CONSOLIDATED FINANCIAL STATEMENTS AS OF AND FOR THE YEAR ENDED 31 DECEMBER 2024 WITH INDEPENDENT AUDITORS' REPORT THEREON
25 February 2025 This report contains independent audit report comprising consolidated financial statements and footnotes comprising 97 pages.
| Key Audit Matters | How the Matter is Handled | ||
|---|---|---|---|
| Over Time | Revenue - Accounting of Revenue Recognised Our audit procedures included, in addition to others, the following; |
||
| An important part of Group's revenue is | Controlling the terms of the contract in accordance | ||
| generated from construction contracts which are | with the criteria of over time accounting | ||
| recognised over time. Revenue recognised over | Cross-check of the amounts subject to revenue | ||
| time is mainly due to contracts made with the | calculation with contracts, | ||
| Presidency of Defense Industry. The Group | Controlling monthly changes of variables that | ||
| recognises revenue over-time if any of the | directly affect revenue such as profitability on | ||
| following conditions is met: | project basis, | ||
| a) The customer simultaneously receives and | Analytical review of the accuracy of expected loss | ||
| consumes the benefits as the entity performs | provision, | ||
| b) The customer controls the asset as the entity | Performing control tests and test of details for | ||
| creates or enhances it, | contract cost, | ||
| c) Group's performance does not create an asset for which the entity has an use; and alternative there is a right to payment for performance to date |
Questioning the annual changes of over-time revenue and related costs. |
||
| Due to the fact that over-time revenue is one of the Group's core business volume and size indicators, implementation of related accounting standards is complex and includes management estimates and judgements, this issue has been considered to be a key audit matter. |
|||
| Accounting policies and amounts of the revenue |
(Amounts are expressed in Thousand Turkish Lira ("TL") in terms of the purchasing power of the TL at 31 December 2024, unless otherwise indicated.)
| Audited | |||||
|---|---|---|---|---|---|
| Note | 31 December | 31 December | |||
| References | 2024 | 2023 | |||
| ASSETS | |||||
| Current Assets | 106.118.918 | 105.228.911 | |||
| Cash and Cash Equivalents | 3 | 16.637.264 | 9.543.479 | ||
| Trade Receivables | 6 | 28.355.434 | 29.732.106 | ||
| From Related Parties | 5 | 12.644.260 | 13.060.339 | ||
| From Third Parties | 15.711.174 | 16.671.767 | |||
| Other Receivables | 7 | 2.485.446 | 2.382.979 | ||
| From Third Parties | 2.485.446 | 2.382.979 | |||
| Inventories | 9 | 43.471.734 | 46.455.849 | ||
| Prepaid Expenses | 10 | 12.212.061 | 13.127.239 | ||
| From Related Parties | 5 | 1.912.275 | 2.259.250 | ||
| From Third Parties | 10.299.786 | 10.867.989 | |||
| Other Current Assets | 18 | 2.956.979 | 3.987.259 | ||
| Non-Current Assets | 136.678.593 | 112.173.590 | |||
| Financial Investments | 30 | 8.089.405 | 8.545.473 | ||
| Trade Receivables | 6 | 54.978.938 | 45.637.177 | ||
| From Related Parties | 5 | 40.140.620 | 34.501.820 | ||
| From Third Parties | 14.838.318 | 11.135.357 | |||
| Other Receivables | 7 | 11.898 | 10.509 | ||
| From Third Parties | 11.898 | 10.509 | |||
| Equity Accounted Investments | 8 | 1.332.264 | 1.241.418 | ||
| Property, Plant and Equipment | 11 | 37.409.042 | 34.260.777 | ||
| Intangible Assets | 12 | 21.831.379 | 17.538.788 | ||
| Prepaid Expenses | 10 | 3.738.690 | 3.550.807 | ||
| From Related Parties | 5 | 1.326.936 | 2.067.242 | ||
| From Third Parties | 2.411.754 | 1.483.565 | |||
| Deferred Tax Assets | 28 | 8.148.087 | 1.037.507 | ||
| Other Non-Current Assets | 18 | 1.138.890 | 351.134 | ||
| TOTAL ASSETS | 242.797.511 | 217.402.501 |
(Amounts are expressed in Thousand Turkish Lira ("TL") in terms of the purchasing power of the TL at 31 December 2024, unless otherwise indicated.)
| Audited | |||
|---|---|---|---|
| Note | 31 December | 31 December | |
| References | 2024 | 2023 | |
| LIABILITIES | |||
| Current Liabilities | 69.761.393 | 72.447.236 | |
| Short-term Financial Liabilities | 31 | 13.564.768 | 16.879.955 |
| Short-term Portion of Long-term Financial Liabilities | 31 | 9.270.807 | 10.275.255 |
| Trade Payables | 6 | 19.760.534 | 21.460.577 |
| To Related Parties | 5 | 2.458.623 | 4.623.976 |
| To Third Parties | 17.301.911 | 16.836.601 | |
| Employee Benefit Obligations | 17 | 3.540.568 | 1.739.276 |
| Other Payables | 7 | 548.563 | 493.835 |
| To Related Parties | 5 | 340.357 | 385.415 |
| To Third Parties | 208.206 | 108.420 | |
| Government Grants and Incentives | 13 | 66.034 | 82.979 |
| Deferred Income | 10 | 13.004.540 | 12.834.333 |
| To Related Parties | 5 | 6.068.288 | 3.751.393 |
| To Third Parties | 6.936.252 | 9.082.940 | |
| Short-term Provisions | 9.970.620 | 8.666.195 | |
| For Employee Benefits | 17 | 3.057.915 | 2.306.821 |
| Other | 15 | 6.912.705 | 6.359.374 |
| Other Current Liabilities | 18 | 34.959 | 14.831 |
| Non-Current Liabilities | 31.676.969 | 17.352.761 | |
| Long-term Financial Liabilities | 31 | 9.726.747 | 1.630.905 |
| Trade Payables | 6 | -- | 109.007 |
| To Third Parties | -- | 109.007 | |
| Other Payables | 7 | 19.300 | 52.909 |
| To Third Parties | 19.300 | 52.909 | |
| Deferred Income | 10 | 11.828.502 | 8.530.942 |
| To Related Parties | 5 | 7.004.192 | 5.288.866 |
| To Third Parties | 4.824.310 | 3.242.076 | |
| Long-term Provisions | 10.062.241 | 7.021.956 | |
| Long-term Provisions for Employee Benefits | 17 | 1.051.359 | 1.535.147 |
| Other | 15 | 9.010.882 | 5.486.809 |
| Other Non-Current Liabilities | 18 | 40.179 | 7.042 |
(Amounts are expressed in Thousand Turkish Lira ("TL") in terms of the purchasing power of the TL at 31 December 2024, unless otherwise indicated.
| Audited | |||||
|---|---|---|---|---|---|
| Note | 31 December | 31 December | |||
| References | 2024 | 2023 | |||
| EQUITY | 141.359.149 | 127.602.504 | |||
| Equity Attributable to Equity Holders of the Parent | 140.298.941 | 126.058.597 | |||
| Share Capital | 19 | 4.560.000 | 4.560.000 | ||
| Inflation Adjustments on Share Capital Differences | 19 | 24.199.143 | 24.199.143 | ||
| Share Premiums | 21.004.764 | 21.004.764 | |||
| Other Comprehensive Income / (Expense) that will not be | |||||
| Reclassified to Profit or (Loss) | 3.316.985 | 3.177.453 | |||
| Gain on Revaluation of Property, Plant and Equipment | 4.594.565 | 4.194.687 | |||
| Gain/ Loss on Remeasurement of Defined Benefit Plans | (1.277.580) | (1.017.234) | |||
| Other Cumulative Comprehensive Income / (Expense) will be | |||||
| Reclassified to Profit/Loss | (606.702) | 81.229 | |||
| Gain (Loss) on Financial Assets That Fair Value Difference | |||||
| Reflect in Other Comprehensive income | (489.897) | -- | |||
| Cumulative Translation Adjustments | (116.805) | 81.229 | |||
| Restricted Reserves | 19 | 5.078.387 | 5.027.387 | ||
| Retained Earnings | 67.447.621 | 57.482.723 | |||
| Net Profit for the Year | 15.298.743 | 10.525.898 | |||
| Non-Controlling Interests | 1.060.208 | 1.543.907 | |||
| TOTAL LIABILITIES AND EQUITY | 242.797.511 | 217.402.501 |
(Amounts are expressed in Thousand Turkish Lira ("TL") in terms of the purchasing power of the TL at 31 December 2024, unless otherwise indicated.)
| Audited | |||
|---|---|---|---|
| 1 January | 1 January | ||
| Note | 31 December | 31 December | |
| References | 2024 | 2023 | |
| PROFIT OR LOSS | |||
| Revenue | 20 | 120.205.594 | 106.252.343 |
| Cost of Sales (-) | 20 | (82.047.403) | (77.224.731) |
| GROSS PROFIT | 38.158.191 | 29.027.612 | |
| General Administrative Expenses (-) | 21 | (5.275.649) | (4.891.203) |
| Marketing Expenses (-) | 21 | (2.629.612) | (2.088.462) |
| Research and Development Expenses (-) | 21 | (3.318.260) | (3.819.905) |
| Other Operating Income | 22 | 17.478.735 | 48.391.368 |
| Other Operating Expenses (-) | 22 | (17.097.770) | (30.562.625) |
| OPERATING PROFIT | 27.315.635 | 36.056.785 | |
| Income From Investing Activities | 23 | 85.101 | 49.539 |
| Shares of Profit of Equity Accounted Investees | 8 | (57.994) | (2.127) |
| OPERATING PROFIT BEFORE FINANCIAL EXPENSE | 27.342.742 | 36.104.197 | |
| Financial Income | 24 | 1.768.193 | 1.706.117 |
| Financial Expense (-) | 25 | (6.975.655) | (12.753.697) |
| Monetary Gain/(Loss) | 26 | (13.869.427) | (14.647.438) |
| PROFIT BEFORE TAX FROM CONTINUING OPERATIONS | 8.265.853 | 10.409.179 | |
| Tax Income from Continuing Operations | 6.956.866 | 237.695 | |
| - Current Corporate Tax Expense(-) | 28 | (54.072) | (1.630.375) |
| - Deferred Tax Income | 28 | 7.010.938 | 1.868.070 |
| PROFIT FOR THE PERIOD FROM CONTINUING | |||
| OPERATIONS | 15.222.719 | 10.646.874 | |
| Profit for the Period Attributable to | 15.222.719 | 10.646.874 | |
| Non-Controlling Interest | (76.024) | 120.976 | |
| Owners of the Company | 29 | 15.298.743 | 10.525.898 |
| 15.222.719 | 10.646.874 | ||
| Earnings for per 100 Shares (in full kuruş) | 29 | 335,50 | 230,83 |
(Amounts are expressed in Thousand Turkish Lira ("TL") in terms of the purchasing power of the TL at 31 December 2024, unless otherwise indicated.)
| Audited | |||
|---|---|---|---|
| 1 January- | 1 January | ||
| Note | 31 December | 31 December | |
| References | 2024 | 2023 | |
| PROFIT FOR THE YEAR | 15.222.719 | 10.646.874 | |
| OTHER COMPREHENSIVE INCOME | |||
| Items that will not to be Reclassified Subsequently in Profit | |||
| or Loss | 139.532 | 3.154.767 | |
| Gain on Remeasurement of Defined Benefit Plans | 17 | (347.128) | (329.033) |
| Gain on Revaluation of Property, Plant and Equipment | 27 | 457.003 | 3.887.476 |
| Deferred Tax Expense | 27-28 | 29.657 | (403.676) |
| Items that may be Reclassified Subsequently to Profit or | |||
| Loss | (687.931) | (1.958.213) | |
| Gain (Loss) on Financial Assets That Fair Value Difference | |||
| Reflect in Other Comprehensive income | 27 | (559.882) | (1.669.946) |
| Cumulative Translation Adjustments | 27 | (198.034) | (392.639) |
| Deferred Tax Expense | 27-28 | 69.985 | 104.372 |
| OTHER COMPREHENSIVE INCOME | (548.399) | 1.196.554 | |
| TOTAL COMPREHENSIVE INCOME | 14.674.320 | 11.843.428 | |
| Total Comprehensive Income Attributable to | |||
| Non-Controlling Interest | (76.024) | 120.976 | |
| Owners of the Company | 14.750.344 | 11.722.452 | |
| 14.674.320 | 11.843.428 |
(Amounts are expressed in Thousand Turkish Lira ("TL") in terms of the purchasing power of the TL at 31 December 2024, unless otherwise indicated.)
| Other Comprehensive Income / Expense that will not to be Reclassified Subsequently to Profit or Loss |
Other Comprehensive Income / Expense that may not to be Reclassified Subsequently to Profit or Loss |
Retained Earnings | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Inflation | Share | Gain (Loss) on Financial Assets That Fair Value Difference Reflect in |
Equity | ||||||||||
| Share | Adjustments on Share |
Issuance Premiums/ |
Revaluation | Remeasurement of Defined |
Other Comprehensi |
Translation | Restricted | Retained | Net Profit/(Loss) |
Attributable to Owners of the |
Non Controlling |
||
| Capital | Capital | (Discounts) | Reserves | Benefit Plans | ve income | Reserves | Reserves | Earnings | for the Year | Company | Interests | Equity | |
| Balance as of 1 January 2023 | 2.280.000 | 21.829.459 | 21.004.764 | 793.145 | (770.459) | 1.565.574 | 473.868 | 4.944.924 | 61.315.577 | 1.850.881 | 115.287.733 | 1.378.981 | 116.666.714 |
| Transfers | -- | -- | -- | -- | -- | -- | -- | 82.463 | 816.830 | (899.293) | -- | -- | -- |
| Capital Increase | 2.280.000 | 2.369.684 | -- | -- | -- | -- | -- | -- | (4.649.684) | -- | -- | -- | -- |
| Total Comprehensive Income | -- | -- | -- | 3.401.542 | (246.775) | (1.565.574) | (392.639) | -- | -- | 10.525.898 | 11.722.452 | 120.976 | 11.843.428 |
| Consolidation Effect of Share | |||||||||||||
| Change in Establishment | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | 43.950 | 43.950 |
| Dividends | -- | -- | -- | -- | -- | -- | -- | -- | (951.588) | (951.588) | -- | (951.588) | |
| Balance as of 31 December | |||||||||||||
| 2023 (Closing Balance) | 4.560.000 | 24.199.143 | 21.004.764 | 4.194.687 | (1.017.234) | -- | 81.229 | 5.027.387 | 57.482.723 | 10.525.898 | 126.058.597 | 1.543.907 | 127.602.504 |
| Balance as of 1 January 2024 | 4.560.000 | 24.199.143 | 21.004.764 | 4.194.687 | (1.017.234) | -- | 81.229 | 5.027.387 | 57.482.723 | 10.525.898 | 126.058.597 | 1.543.907 | 127.602.504 |
| Transfers | -- | -- | -- | -- | -- | -- | -- | 51.000 | 9.964.898 | (10.015.898) | -- | -- | -- |
| Capital Increase | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Total Comprehensive Income | -- | -- | -- | 399.878 | (260.346) | (489.897) | (198.034) | -- | -- | 15.298.743 | 14.750.344 | (76.024) | 14.674.320 |
| Consolidation Effect of Share | |||||||||||||
| Change in Establishment | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | (407.675) | (407.675) |
| Dividends | -- | -- | -- | -- | -- | -- | -- | -- | -- | (510.000) | (510.000) | -- | (510.000) |
| Balance as of 31 December | |||||||||||||
| 2024 (Closing Balance) | 4.560.000 | 24.199.143 | 21.004.764 | 4.594.565 | (1.277.580) | (489.897) | (116.805) | 5.078.387 | 67.447.621 | 15.298.743 | 140.298.941 | 1.060.208 | 141.359.149 |
(Amounts are expressed in Thousand Turkish Lira ("TL") in terms of the purchasing power of the TL at 31 December 2024, unless otherwise indicated.)
| Audited | |||||
|---|---|---|---|---|---|
| 1 January | 1 January | ||||
| Note References |
31 December 2024 |
31 December 2023 |
|||
| A.Cash Flows from Operating Activities | 21.417.440 | 12.091.527 | |||
| Profit for the Period | 15.222.719 | 10.646.873 | |||
| Adjustments to Reconcile Profit for the Period | 21.161.401 | 21.735.275 | |||
| - Adjustments for Depreciation and Amortization Expense | 11-12 | 3.299.534 | 4.912.003 | ||
| - Adjustments for Impairment Loss (Reversal of Impairment Loss) | (133.649) | (58.841) | |||
| Adjustments for Impairment Loss (Reversal of Impairment Loss) of Receivables | 6 | (44.197) | 4.358 | ||
| Adjustments for Impairment Loss (Reversal of Impairment Loss) of Inventories | 9 | (89.452) | (63.199) | ||
| -Adjustments for Provisions | 13.007.987 | 6.299.828 | |||
| Adjustments for (Reversal of) Provisions Related with Employee Benefits | 17 | 1.944.867 | 1.891.380 | ||
| Adjustments for (Reversal of) Lawsuit and/or Penalty Provisions | 15 | 6.422.662 | 1.743.833 | ||
| Adjustments for (Reversal of) Warranty Provisions | 15 | 4.021.428 | 3.007.541 | ||
| Adjustments for (Reversal of) Other Provisions | 15 | 619.030 | (342.926) | ||
| -Adjustments for Interest (Income) Expenses | (353.238) | 448.845 | |||
| Adjustments for Interest Income | 22-24 | (1.057.804) | (1.226.172) | ||
| Adjustments for Interest Expense - Adjustments for Retained Profit of Equity Accounted Investees |
22-25 8 |
704.566 57.994 |
1.675.017 2.127 |
||
| - Adjustments for Tax (Income)/Expenses | 27 | (6.956.866) | (237.695) | ||
| -Other Adjustments for which Cash Effects are Investing or Financing Cash Flow | 9.846.966 | 6.812.374 | |||
| -Other Adjustments to Reconcile Profit (Loss) | 2.392.673 | 3.556.634 | |||
| Changes in Working Capital | (10.724.390) | (16.036.032) | |||
| - Decrease (Increase) in Trade Receivables | 2.216.579 | (27.186.075) | |||
| - Decrease (Increase) in Other Receivables Related with Operations | (103.856) | (902.593) | |||
| - Decrease (Increase) in Inventories | 3.444.884 | (5.988.068) | |||
| - Decrease (Increase) in Prepaid Expenses | 10 | 806.634 | (1.738.790) | ||
| - Increase (Decrease) in Trade Payables | (798.165) | 8.536.700 | |||
| - Increase (Decrease) in Employee Benefit Obligations | 1.801.292 | 819.238 | |||
| -Adjustments for Stage of Completion of Construction or Service Contracts in | |||||
| Progress | (14.090.356) | (2.487.925) | |||
| - Increase (Decrease) in Other Operating Payables | (319.238) | (645.952) | |||
| - Increase (Decrease) in Government Grants and Subsidies | (16.945) | (83.206) | |||
| - Increase (Decrease) in Deferred Income | 6.716.086 | 2.206.059 | |||
| - Adjustments Related to Monetary Gain/ Losses | (10.736.934) | 12.300.198 | |||
| - Other Increase (Decrease) in Working Capital | 355.629 | (865.618) | |||
| Cash Flows From Operations | 25.659.730 | 16.346.116 | |||
| Payments Related with Provisions for Employee Benefits Payments Related with Other Provisions |
17 15 |
(843.751) (3.344.467) |
(472.990) (2.150.791) |
||
| Income Taxes Refund (Paid) | (54.072) | (1.630.808) | |||
| B.Cash Flows From Investing Activities | (21.347.846) | (16.865.758) | |||
| Proceeds from Sales of Property, Plant, Equipment and Intangible Assets | 664.391 | 444.283 | |||
| Purchase of Property, Plant and Equipment | 11 | (6.027.026) | (7.640.660) | ||
| Purchase of Intangible Assets | 12 | (15.271.921) | (10.330.984) | ||
| Dividends Received | 23 | 44.750 | 22.219 | ||
| Other Cash Outflows | (758.040) | 639.384 | |||
| C.Cash Flows From Financing Activities | 10.017.341 | 5.993.544 | |||
| Proceeds from Borrowings | 34.580.193 | 28.177.107 | |||
| Repayments of Borrowings | (24.393.209) | (21.867.034) | |||
| Dividends Paid | 19 | (169.643) | (316.529) | ||
| NET INCREASE/DECREASE IN CASH AND CASH EQUIVALENTS BEFORE | |||||
| EFFECT OF EXCHANGE RATE CHANGES (A+B+C) | 10.086.935 | 1.219.313 | |||
| D. EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | (46.776) | 104.903 | |||
| E. MONETARY GAİN/LOSS EFFECT ON CASH AND CASH EQUİVALENTS | (2.933.450) | (5.318.384) | |||
| NET INCREASE/DECREASE IN CASH AND CASH EQUIVALENTS (A+B+C+D+E) | 7.106.709 | (3.994.168) | |||
| F.CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD | 9.530.555 | 13.524.723 | |||
| CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD (A+B+C+D+E+F) | 3 | 16.637.264 | 9.530.555 |
(Amounts are expressed in Thousand Turkish Lira ("TL") in terms of the purchasing power of the TL at 31 December 2024, unless otherwise indicated.)
ASELSAN Elektronik Sanayi ve Ticaret Anonim Şirketi ("the Company") was established in order to engage principally in research, development, engineering, production, tests, assembly, integration and sales, after sales support, consultancy and trading activities, to provide and conduct all sorts of activities for project preparation, engineering, consultancy, service providing, training, contracting, construction, publishing, trading, operation and internet services regarding various software, equipment, system, tools, material and platforms in the fields of electrical, electronics, microwave, electro-optics, guidance, computer, data processing, encryption, security, mechanics, chemistry and related areas within the army, navy, air force and aerospace applications to all institutions, organizations, companies and individual consumers.
The Company was established at the end of 1975 as a corporation by Turkish Land Forces Foundation. The Company commenced its production activities in Macunköy Facilities in early 1979.
As of the reporting date, the Company has been organized under five divisions under the Vice Presidential Sector with regard to investment and production requirements of projects. These divisions comprise Communication and Information Technologies Vice Presidency (''HBT''), Radar and Electronic Warfare Systems Vice Presidency (''REHİS''), Defence Systems Technologies Vice Presidency (''SST'') and Microelectronics, Guidance & Electro-Optics Vice Presidency (''MGEO'') and Transportation, Security, Energy, Automation and Medical Systems Vice Presidency (''UGES'').
In addition to the Vice Presidencies above, the Company organization also includes five Vice Presidencies to fulfil the planning, monitoring and analyzing functions: Financial Management Vice Presidency, Corporate Management Vice Presidency, Technology and Strategy Management Vice Presidency, Business Development and Marketing Vice Presidency, Supply Chain Management Vice Presidency and Malatya Campus Directorate. In addition to these, there are also Legal Affairs and Office of the Private Secretary.
The Internal Audit Department and Board of Directors Planning and Coordination Management have been established under the Board of Directors.
The Company maintains production and engineering operations in Ankara, Macunköy, Akyurt and Gölbaşı campuses and engineering operations in METU Teknokent, Hacettepe Teknokent, Teknopark İstanbul, Gebze Technology Development Zone, Aselsan Temelli Campus and Aselsan Malatya Campus. Headquarters is located in Ankara Macunköy.
Turkish Armed Forces Foundation ("TSKGV") is the main shareholder of the Company which holds 74,20 percent of the capital and maintains control of the Company. TSKGV was established on 17 June 1987 with the law number 3388, in order to manufacture or import guns, equipment and appliances needed for Turkish Armed Forces.
The Company is registered to Capital Markets Board of Türkiye ("CMB") and its shares have been quoted in Borsa İstanbul Anonim Şirketi ("BIST") since 1990. As of 31 December 2024, 25,80 percent of the Company's shares are publicly traded (31 December 2023: 25,80 percent) (Note 19).
The Company's trade registry address is Mehmet Akif Ersoy Mahallesi İstiklal Marşı Caddesi No:16 06200 Yenimahalle/Ankara. The average number of personnel employed by the Group as of 31 December 2024 is 12.014 (31 December 2023: 11.550).
(Amounts are expressed in Thousand Turkish Lira ("TL") in terms of the purchasing power of the TL at 31 December 2024, unless otherwise indicated.)
The Company's consolidated subsidiaries are ASELSAN Baku ("ASELSAN Baku"), Aselsan Sivas Hassas Optik San. Tic. A.Ş. (" ASELSAN Optik"), Mikroelektronik Ar-Ge Tasarım ve Ticaret Ltd. Co. ("Mikro AR-GE"), ASELSANNET Elektronik ve Haberleşme Sistemleri Sanayi Ticaret İnşaat ve Taahhüt Ltd. Co. ("ASELSANNET"), Aselsan Konya Silah Sistemleri Anonim Şirketi ("ASELSAN Konya"), ASELSAN Malaysia Sdn. Bhd. ("ASELSAN Malaysia"), BITES Savunma Havacılık ve Uzay Teknolojileri Yazılım A.Ş. ("BITES"), Aselsan Global Dış Ticaret ve Pazarlama A.Ş. ("ASELSAN Global"), ASELSAN UKRAINE LLC. ("ASELSAN Ukrayna"), ASELSAN Latin Amerika SpA ("ASELSAN Latin Amerika") and ASELSAN Technologies Limited ("ASELSAN UAE"). They are collectively referred as the "Group" in the accompanying notes.
The Company has five branch offices; Aselsan Elektronik Sanayi ve Ticaret Anonim Şirketi EP Co. (''ASELSAN South Africa''), ASELSAN Balkans (''ASELSAN Balkans''), ASELSAN Kıbrıs İleri Araştırma Merkezi ("ASELSAN N.Cyprus"), ASELSAN Elektronik Sanayi ve Ticaret A.Ş. Katar ("ASELSAN Qatar") and ASELSAN Elektronik Sanayi ve Ticaret A.Ş. Poland ("ASELSAN Poland) located in Republic of South Africa, Macedonia, Turkish Republic of Northern Cyprus ("TRNC"), Qatar and Poland, respectively. The branches are also included in the consolidated financial statements.
The accompanying consolidated financial statements are prepared in accordance with the requirements of CMB Communiqué Serial II, No: 14.1 "Basis of Financial Reporting in Capital Markets" ("Communiqué"), which were published in the Official Gazette No: 28676 on 13 June 2013 and in accordance with the Turkish Financial Reporting Standards ("TFRS") and Interpretations that have been put into effect by the Public Oversight Accounting and Auditing Standards Authority ("POA").
The consolidated financial statements has been presented with examples of Financial Statement by the POA. All reports have suited the TFRS formats.
The consolidated financial statements are prepared according to historical cost accounting except for the revaluation of land and financial instruments.
These consolidated financial statements have been approved for issue by the Board of Directors with the resolution number 1259 on 25 February 2025. There is no authority other than General Assembly and legal entities has the right to amend the consolidated financial statements.
The individual financialstatements of each Group entity are presented in the currency of the primary economic environment ("Functional Currency") in which the entity operates. The Company's reporting currency is Turkish Lira (''TL''). For the purpose of the consolidated financial statements, the results and financial position of each entity are expressed in TL, which is the functional, and presentation currency of the Company for the consolidated financial statements. Amounts are expressed in thousands of TL or Foreign Currency unless otherwise stated. Kuruş, Turkish Currency subunit and 1 TL is equal to 100 Kuruş.
With the decision taken on 17 March 2005, the CMB has announced that, effective from 1 January 2005, the application of inflation accounting is no longer required for companies operating in Türkiye and preparing their financial statements in accordance with CMB Accounting Standards and therefore the preparation and presentation of financial statements in accordance with International Accounting Standard 29 "Financial Reporting in Hyperinflationary Economies" is no longer required.
(Amounts are expressed in Thousand Turkish Lira ("TL") in terms of the purchasing power of the TL at 31 December 2024, unless otherwise indicated.)
On 23 November 2023, Public Oversight Accounting and Auditing Standards Authority ("POA") announced the application of inflation accounting in Türkiye and according to the announcement, financial statements of entities applying TFRS for the annual reporting period ending on or after 31 December 2023 should be presented as adjusted for the effects of inflation in accordance with the related accounting principles in TAS 29. As of the date of these financial statements, inflation adjustment has been made in accordance with TAS 29 while preparing the financial statements dated 31 December 2023 and 31 December 2024.
IAS 29 requires that financial statements prepared in the currency of a hyperinflationary economy be stated in terms of the measuring unit current at the balance sheet date and that corresponding figures for previous periods be restated in the same terms using the general price index. One of the conditions that require the application of TAS 29 is a three-year cumulative inflation rate of approximately 100% or more. In Türkiye, based on the consumer price index ("CPI") published by the Turkish Statistical Institute ("TURKSTAT"), the cumulative rate was 291% for the three-year period ended 31 December 2024 (31 December 2023: %268).
TAS 29 should also be applied if there are signs of hyperinflation, such as the public keeping their savings predominantly in foreign currencies, prices of goods and services being determined in foreign currencies, interest rates, wages and prices being linked to general price indices, and prices being determined with a maturity difference to compensate for losses in purchasing power, including shortterm transactions, although there is no increase in price indices at the level mentioned above.
Adjustments for inflation have been calculated based on the coefficients calculated using the Consumer Price Index in Türkiye published by the Turkish Statistical Institute. As of 31 December 2024, the indices and coefficients used in the restatement of the accompanying financial statements are as follows:
| Period | Index | Correction Coefficient |
|---|---|---|
| 31 Aralık 2024 | 2.684,55 | 1 |
| 31 Aralık 2023 | 1.859,38 | 1,44379 |
| 31 Aralık 2022 | 1.128,45 | 2,37897 |
As of the balance sheet date, all items other than those stated in terms of current purchasing power are restated by using the relevant consumer price index coefficients. Prior year amounts are restated in the same way.
Financial statements of previous reporting periods have been restated to reflect the current purchasing power of money at the latest balance sheet date. The current period restatement factor has been applied to the prior period financial statements.
(Amounts are expressed in Thousand Turkish Lira ("TL") in terms of the purchasing power of the TL at 31 December 2024, unless otherwise indicated.)
Monetary assets and liabilities are not restated because they are expressed in terms of the purchasing power of money at the balance sheet date. Monetary items are cash and items to be received or paid in cash.
Non-monetary assets and liabilities are restated by reflecting the changes in the general price index from the date of acquisition or initial recognition to the balance sheet date in their acquisition costs and accumulated amortization amounts. Accordingly, property, plant and equipment, intangible assets, right-of-use assets and similar assets are restated to their acquisition values, which do not exceed their market values.
Depreciation has been restated in a similar manner. Amounts included in shareholders' equity have been restated by applying the consumer price indices for the periods in which such amounts were contributed to or arose within the Company.
All items in the income statement, except for the effects of non-monetary items in the balance sheet on the income statement, have been restated by applying the multiples calculated over the periods when the income and expense accounts were initially recognized in the financial statements.
The gain or loss arising on the net monetary position as a result of general inflation is the difference between the restatement adjustments to non-monetary assets, equity items and income statement accounts. This gain or loss on the net monetary position is included in net profit.
All items presented in the statement of cash flows are restated for the effects of inflation in the measuring unit current at the end of the reporting period. The effect of inflation on cash flows from operating, investing and financial activities is attributed to the related item and the monetary gain or loss on cash and cash equivalents is presented separately.
(Amounts are expressed in Thousand Turkish Lira ("TL") in terms of the purchasing power of the TL at 31 December 2024, unless otherwise indicated.)
The details of the subsidiaries of the Group are as follows:
| Group's proportion of ownership and voting power held (%) |
|||||
|---|---|---|---|---|---|
| Subsidiaries | Location | Functional Currency |
31 December 2024 |
31 December 2023 |
Main Activity |
| ASELSANNET | Türkiye | TL | 100 | 100 | Communication systems |
| ASELSAN Baku | Azerbaijan | AZN | 100 | 100 | Marketing and sales of the group products |
| ASELSAN Global | Türkiye | TL | 100 | 100 | Export |
| ASELSAN Optik | Türkiye | TL | 80 | 80 | Sensitive optic technologies |
| Mikro AR-GE | Türkiye | TL | 85 | 85 | Microelectronic R&D projects |
| ASELSAN Malaysia | Malaysia | MYR | 100 | 100 | Remote controlled weapon systems |
| ASELSAN Konya | Türkiye | TL | 51 | 51 | Weapon and weapon systems |
| BITES | Türkiye | TL | 100 | 100 | Defense, Aerospace, Space Technologies, Software |
| ASELSAN Ukraine | Ukraine | UAH | 100 | 100 | Marketing and sales of the group products |
| ASELSAN Latin Amerika |
Chile | CLP | 100 | -- | Marketing and business development |
| ASELSAN UAE | BAE | AED | 100 | 100 | Marketing and business development |
The consolidated financial statements include the financial statements of the Company and its subsidiaries. Control is achieved when the Company:
The Company reassesses whether or not it controls an investee when if facts and circumstances arise there are changes to one or more of the three elements of control listed above.
Even though the Company has voting rights less than a majority, if it has ability to manage the operation of the investee unintentionally, then the Group assess that it has control over that investee.
(Amounts are expressed in Thousand Turkish Lira ("TL") in terms of the purchasing power of the TL at 31 December 2024, unless otherwise indicated.)
The Company considers all relevant facts and circumstances in assessing whether or not the Company's voting rights in an investee are sufficient to give it power, including:
• any additional facts and circumstances that indicate the Group has, or does have, the current ability to direct the relevant activities at the time that decisions need to be made (including voting patterns at previous shareholders' meeting).
The financial statements of subsidiaries are included in the consolidated financial statements from the date on which control commences until the date on which control ceases. Income and expenses of a subsidiary acquired or disposed of during the year are included in the consolidated statement of profit or loss and other comprehensive income from the date the Company gains control until the date when the Company ceases to control the subsidiary.
Each item of profit or loss and other comprehensive income are attributed to the owners of the Company and to the non-controlling interests. Total comprehensive income of subsidiaries is attributed to the owners of the Company and to the non-controlling interests even if results in the non-controlling interests having a deficit balance.
When necessary, adjustments are made to the financial statements of subsidiaries to align with the Group accounting policies and the Group's accounting policies.
All intragroup balances, equity, income and expenses, profits and losses and cash flows relating to transactions between members of the Group are eliminated during consolidation.
(Amounts are expressed in Thousand Turkish Lira ("TL") in terms of the purchasing power of the TL at 31 December 2024, unless otherwise indicated.)
The details of the Group's interests in joint ventures as of 31 December 2024 and 2023 are as follows:
| Group's proportion of ownership and voting power held (%) |
||||
|---|---|---|---|---|
| Joint Ventures | Principal Activity | Country of establishment and operation |
31 December 2024 |
31 December 2023 |
| Mikro Nano Teknolojileri Sanayi ve Ticaret Anonim Şirketi (''ASELSAN Bilkent'') |
Production of micro and nano sized devices which contains semi-conductive and similar technological materials |
Türkiye | 50 | 50 |
| International Golden Group ("IGG") ASELSAN Integrated Systems LLC ("IGG ASELSAN") |
Manufacturing, testing, maintenance-repair and marketing of remote control system |
United Arab Emirates |
49 | 49 |
| Kazakhstan ASELSAN Engineering LLP ("ASELSAN Kazakhstan") |
Manufacturing, development and maintenance repair of electronic devices and systems |
Kazakhstan | 49 | 49 |
| ASELSAN Middle East PSC ("ASELSAN Jordan") |
Production, sales and technical maintenance service of electronic and electro-optic devices and systems |
Jordan | 49 | 49 |
| TÜYAR Mikroelektronik Sanayi ve Ticaret Anonim Şirketi ("TÜYAR") |
Production of micro and nano-sized devices containing semiconductor |
Türkiye | 51 | 51 |
| BARQ QSTP LLC. ("BARQ QSTP LLC.") |
Command and control systems, thermal and night vision camera, crypto, remote-controlled weapon systems |
Qatar | 48 | 48 |
| Teknohab Teknoloji Geliştirme Bölgesi Yönetici Anonim Şirketi ("TEKNOHAB") |
Manage and operate the technology development zone |
Türkiye | 13 | 13 |
| EHSİM Elektronik Harp Sistemleri Müh. Tic. A.Ş.("EHSİM") |
Electronic warfare systems, tactical command and control systems & decoy target systems |
Türkiye | 50 | 50 |
| TR Eğitim ve Teknoloji A.Ş. ("TR Eğitim") |
Human Resources Studies, consultancy and training activities, certification activities, training software activities, publishing activities |
Türkiye | 35 | 35 |
| İstanbul Finans ve Teknoloji Merkezi ("İFTÜ") |
To establish infrastructure activities for the development of the financial technology ecosystem |
Türkiye | 44 | 44 |
| Adıyaman Kablo ve Konnektör A.Ş. ("Adıyaman Kablo") |
Production, design and sale of cables, connectors, cabling and similar products and technologies |
Türkiye | 15 | -- |
| ULAK Haberleşme A.Ş. ("ULAK") | Design, development and engineering activities of broadband communication devices and mobile communication systems |
Türkiye | 51 | 51 |
(Amounts are expressed in Thousand Turkish Lira ("TL") in terms of the purchasing power of the TL at 31 December 2024, unless otherwise indicated.)
A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the joint arrangement. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require unanimous consent of the parties sharing control.
The Group's joint ventures; EHSİM established in 1998, IGG ASELSAN and ASELSAN Kazakhstan established in 2011, ASELSAN Jordan established in 2012 and ASELSAN Bilkent established in 2014, TÜYAR and ULAK established in 2017, TEKNOHAB established in 2018, TR Eğitim established in 2019, İFTÜ established in 2022, and Adıyaman Kablo established in 2024 were included in the condensed consolidated financial statements by using the equity method. Since BARQ QSTP LLC is at micro level, there is no material consolidation effect on the Group's financial statements.
In order to determine the financial position and performance trends, the Group's consolidated financial statements are presented comparatively with the corresponding figures. For the purpose of having consistency with the current term's presentation of consolidated financial statements, comparative information is reclassified and significant differences are explained if necessary.
Significant changes in accounting policies and errors are applied retrospectively and prior period financial statements are restated, changes in accounting estimates are reflected to the financial in current period profit/loss.
When change in estimate in accounting policies are related with only one period, changes are applied on the current period but if the estimated changes are for the following periods, changes are applied both on the current and following periods prospectively.
(Amounts are expressed in Thousand Turkish Lira ("TL") in terms of the purchasing power of the TL at 31 December 2024, unless otherwise indicated.)
The accounting policies adopted in preparation of the consolidated financial statements as at 31 December 2024 are consistent with those of the previous financial year, except for the adoption of new and amended TFRS and TFRS interpretations effective as of 1 January 2024 and thereafter. The effects of these standards and interpretations on the Group's financial position and performance have been disclosed in the related paragraphs.
The amendments set out in 'Non-current Liabilities with Covenants (Amendments to TAS 1)' state that at the reporting date, the entity doesn't need to consider covenants to be complied with in the future, when considering the classification of the debt as current or non-current. Instead, the entity should disclose information about these covenants in the notes to the financial statements. With these changes, aims to help investors understand the risk that such debt could become repayable early and therefore, has improved the information being provided on the long-term debt.
The amendments are applicable for annual reporting periods beginning on or after 1 January 2024, with early application permitted. The amendments did not have a significant impact on the consolidated financial position and performance of the Group.
In January 2023, POA issued amendments to TFRS 16. The amendments specify the requirements that a seller-lessee uses in measuring the lease liability arising in a sale and leaseback transaction, to ensure the seller-lessee does not recognise any amount of the gain or loss that relates to the right of use it retains. In applying requirements of TFRS 16 under "Subsequent measurement of the lease liability" heading after the commencement date in a sale and leaseback transaction, the seller lessee determines 'lease payments' or 'revised lease payments' in such a way that the seller-lessee would not recognise any amount of the gain or loss that relates to the right of use retained by the sellerlessee. The amendments do not prescribe specific measurement requirements for lease liabilities arising from a leaseback. The initial measurement of the lease liability arising from a leaseback may result in a seller-lessee determining 'lease payments' that are different from the general definition of lease payments in TFRS 16. The seller-lessee will need to develop and apply an accounting policy that results in information that is relevant and reliable in accordance with TAS 8.
A seller-lessee applies the amendments to annual reporting periods beginning on or after 1 January 2024. Earlier application is permitted. A seller-lessee applies the amendments retrospectively in accordance with TAS 8 to sale and leaseback transactions entered into after the date of initial application of TFRS 16. The amendments did not have a significant impact on the consolidated financial position and performance of the Group.
(Amounts are expressed in Thousand Turkish Lira ("TL") in terms of the purchasing power of the TL at 31 December 2024, unless otherwise indicated.)
a) The new standards, amendments and interpretations which are effective as at 1 January 2024 are as follows (continued)
On 19 September 2023, POA issued amendments to TMS 7 and TFRS 7 Supplier Finance Arrangements.
With these amandements, companies are expected to disclose the following regarding supplier finance agreements:
The amendments are applicable for annual reporting periods beginning on or after 1 January 2024, with early application permitted. The amendments did not have a significant impact on the consolidated financial position and performance of the Group.
On 19 September 2023, POA issued amendments to Amendments to TMS 12 Income Taxes - International Tax Reform Pillar Two Model Rules.
With amendments to the International Tax Reform Pillar Two Model Rules, to provide a better understanding of a company's income tax exposure resulting from the Pillar Two Model, additional disclosure obligations have been imposed on companies. As an exception to the requirements in TMS 12, an entity shall neither recognise nor disclose information about deferred tax assets and liabilities related to Pillar Two income taxes.
The exception which are recognized in International Tax Reform Pillar Two Model Rules are applicable immediately however, companies must make disclosures for annual reporting periods beginning on 1 January 2024. The amendments did not have a significant impact on the consolidated financial position and performance of the Group.
Effective from annual periods beginning on or after 1 January 2025. An entity is impacted by the amendments when it has a transaction or an operation in a foreign currency that is not exchangeable into another currency at a measurement date for a specified purpose. A currency is exchangeable when there is an ability to obtain the other currency (with a normal administrative delay), and the transaction would take place through a market or exchange mechanism that creates enforceable rights and obligations. The Group is assessing the potential impact on its consolidated financial statements resulting from the amendments of IAS 21.
(Amounts are expressed in Thousand Turkish Lira ("TL") in terms of the purchasing power of the TL at 31 December 2024, unless otherwise indicated.)
b) Standards Issued But Not Yet Effective and Not Early Adopted as of 31 December 2024 (continued)
Effective from annual periods beginning on or after 1 January 2024. This standard includes the core framework for the disclosure of material information about sustainability-related risks and opportunities across an entity's value chain. The Group is assessing the potential impact on its consolidated financial statements resulting from IFRS S1.
Effective from annual periods beginning on or after 1 January 2024. This is the first thematic standard issued that sets out requirements for entities to disclose information about climate-related risks and opportunities. The Group is assessing the potential impact on its consolidated financial statements resulting from IFRS S2.
The following amendments which are issued by IASB but not yet adapted/issued by POA. Therefore, they do not constitute part of TFRS. The Group will make the necessary changes to its consolidated financial statements after the amendments are issued and become effective under TFRS.
Effective from annual periods beginning on or after 1 January 2027. This is the new standard on presentation and disclosure in financial statements, with a focus on updates to the statement of profit or loss. The key new concepts introduced in IFRS 18 relate to:
The structure of the statement of profit or loss;
Required disclosures in the financial statements for certain profit or loss performance measures that are reported outside an entity's financial statements (that is, management defined performance measures); and
Enhanced principles on aggregation and disaggregation which apply to the primary financial statements and notes in general.
Effective from annual periods beginning on or after 1 January 2027. Earlier application is permitted. This new standard works alongside other IFRS Accounting Standards. An eligible subsidiary applies the requirements in other IFRS Accounting Standards except for the disclosure requirements and instead applies the reduced disclosure requirements in IFRS 19. IFRS 19's reduced disclosure requirements balance the information needs of the users of eligible subsidiaries' financial statements with cost savings for preparers. IFRS 19 is a voluntary standard for eligible subsidiaries. A subsidiary is eligible if:
It does not have public accountability; and
It has an ultimate or intermediate parent that produces consolidated financial statements available for public use that comply with IFRS Accounting Standards.
(Amounts are expressed in Thousand Turkish Lira ("TL") in terms of the purchasing power of the TL at 31 December 2024, unless otherwise indicated.)
A related party is a person or entity that is related to the entity that is preparing its financial statements (referred to as the 'reporting entity').
(a) A person or a close member of that person's family is related to a reporting entity if that person:
(i) has control or joint control over the reporting entity;
(ii) has significant influence over the reporting entity;
(iii) is a member of the key management personnel of the reporting entity or of a parent of the reporting entity.
(b) An entity is related to a reporting entity if any of the following conditions applies:
(i) The entity and the reporting entity are members of the same group (which means that each parent, subsidiary and fellow subsidiary is related to the others).
(ii) One entity is an associate or joint venture of the other entity (or an associate or joint venture of a member of a group of which the other entity is a member).
(iii) Both entities are joint ventures of the same third party.
(iv) One entity is a joint venture of a third entity and the other entity is an associate of the third entity.
(v) The entity is a post-employment defined benefit plan for the benefit of employees of either the reporting entity or an entity related to the reporting entity. If the reporting entity is itself such a plan, the sponsoring employers are also related to the reporting entity.
(vi) The entity is controlled or jointly controlled by a person identified in (a).
(vii) A person identified in (a) (i) has significant influence over the entity or is a member of the key management personnel of the entity (or of a parent of the entity).
Transaction with related party is a transfer of resources, services or liabilities between the reporting entity and the related party, disregarding it is with or without a value.
TFRS 15 establishes a comprehensive framework for determining whether, how much and when revenue is recognised.
It replaces existing revenue recognition guidance, including TAS 18 Revenue, TAS 11 Construction Contracts and TFRYK 13 Customer Loyalty Programmes.
TFRS 15 requires revenue recognition for all contracts with customers to follow the five-step approach to revenue recognition.
A contract exists only if it is legally enforceable, the collection of the consideration is probable, the rights to goods and services and payment terms can be identified, the contract has commercial substance; and the contract is approved and the parties are committed to their obligations.
If either contracts were negotiated as a single commercial package, or consideration in one contract depends on the other contract or goods or services (or some of the goods or services) are a single performance obligation the Group accounts the contracts as a single contract.
(Amounts are expressed in Thousand Turkish Lira ("TL") in terms of the purchasing power of the TL at 31 December 2024, unless otherwise indicated.)
Group defines 'performance obligation' as a unit of account for revenue recognition. The Group assesses the goods or services promised in a contract with a customer and identifies as a performance obligation either a good or service that is distinct; or a series of distinct goods or services that are substantially the same and have the same pattern of transfer to the customer. A contract may contain promises to deliver a series of distinct goods or services that are substantially the same. At contract inception, an entity determines whether the series of goods or services is a single performance obligation.
In order to determine the transaction price, the Group assesses how much consideration it expects to be entitled to by fulfilling the contract. In arriving at the assessment, the Group considers variable elements of consideration, as well as the existence of a significant financing component.
The Group revises the promised amount of consideration for the effect of a significant financing component to the amount that reflects what the cash selling price of the promised good or service.
As a practical expedient, the Group does not adjust the transaction price for the effects of a significant financing component if, at contract inception, the entity expects the period between customer payment and the transfer of goods or services to be one year or less. In cases where advance for the services are received and the payment scheme is broadly aligned with the Group's performance throughout the period, the Group concludes that the period between performance and payment is never more than 12 months, therefore the expedient is applied.
The Group identifies items such as price concessions, incentives, performance bonuses, completion bonuses, price adjustment clauses, penalties, discounts, credits, or similar items may result in variable consideration if there is any in a customer contract.
If distinct goods or services are delivered under a single arrangement, then the consideration is allocated based on relative stand-alone selling prices of the distinct goods or services (performance obligations). If directly observable stand-alone selling prices are not available, the total consideration in the service contracts is allocated based on their expected cost plus a margin.
The Group recognises revenue over-time if any of the following conditions is met:
For each performance obligation that is satisfied over time, an entity selects a single measure of progress, which depicts the transfer of control of the goods or services to the customer. The Group uses a method that measures the work performed reliably. The Group uses cost incurred to measure the progress towards to completion of the project where the input method is used and uses units transferred to measure the progress towards to completion of the project where the output method is used. If a performance obligation is not satisfied over time, then the Group recognise revenue at the point in time at which it transfers control of the good or service to the customer.
(Amounts are expressed in Thousand Turkish Lira ("TL") in terms of the purchasing power of the TL at 31 December 2024, unless otherwise indicated.)
The Group recognises a provision in accordance with TAS 37 "Provisions, Contingent Liabilities and Contingent Assets" when the unavoidable costs of meeting the obligations under a contract exceed the economic benefits.
The Group recognises a contract modification as a separate contract if the modification results in a promise to deliver additional goods or services that are distinct and an increase in the price of the contract by an amount of consideration that reflects the entity's stand-alone selling price of those goods or services adjusted to reflect the circumstances of the contract.
If the goods or services are distinct, then the entity accounts for the modification as if it were a termination of the existing contract and the creation of a new contract.
If the modification to the contract does not add distinct goods or services, then the entity accounts for it on a combined basis with the original contract, as if the additional goods or services were part of the initial contract.
Dividend income from investments is recognized when the shareholder's right to receive payment has been established (provided that it is probable that the economic benefits will flow to the Group and the amount of income can be measured reliably).
Interest income from a financial asset is recognized when it is probable that the economic benefits will flow to the Group and the amount of income can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding and at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.
The rental income is charged to the statement of profit or loss on a straight line method bases over the period of the lease.
Inventories are stated at the lower of cost and net realizable value. Inventories are valued on the basis of the project according to the weighted average method. Net realizable value represents the estimated selling price less all estimated costs of completion and costs necessary to realize sales. When the net realizable value of inventory is less than cost, the inventory is written down to the net realizable value and the expense is included in statement of profit or loss in the period the writedown or loss occurred. When the circumstances that previously caused inventories to be written down below cost no longer exist or when there is clear evidence of an increase in net realizable value because of changed economic circumstances, the amount of the write-down is reversed. The reversal amount is limited to the amount of the original write-down.
Land held for use in the production or supply of goods or services, or for administrative purposes, are stated in the consolidated statement of financial position at their revalued amounts, being the fair value at the date of revaluation, less any subsequent accumulated impairment losses.
Revaluations are performed with sufficient regularity such that the carrying amounts do not differ materially from those that would be determined using fair values at the end of each reporting period.
Any increase in the fair value arising on the revaluation of such land is recognized in gain on revaluation of property.
(Amounts are expressed in Thousand Turkish Lira ("TL") in terms of the purchasing power of the TL at 31 December 2024, unless otherwise indicated.)
A decrease in the carrying amount arising on the revaluation of such land is recognized in profit or loss to the extent that it exceeds the balance in the accumulated in the equity, if any, held in the properties revaluation reserve relating to a previous revaluation of that asset.
On the subsequent sale or retirement of a revalued property, the attributable revaluation surplus remaining in the properties revaluation reserve inequity is transferred directly to retained earnings.
Land is not depreciated. Property, plant and equipment other than lands are carried at cost less accumulated depreciation and any accumulated impairment losses.
Properties in the course of construction for production, rental or administrative purposes, or for purposes not yet determined, are carried at cost, less any recognized impairment loss. Borrowing cost is capitalized when the assets took a substantial period of time to get ready for their intended use or sale.
These assets are classified to property, plant, and equipment when the assets are completed and ready for their intended use. Depreciation of these assets, on the same basis as other property assets, commences when the assets are ready for their intended use.
Depreciation is charged as to write off the cost of assets, other than land and properties under construction, over their estimated useful lives, using the straight-line method. The estimated useful lives, residual values and depreciation method are reviewed at each year end, with the effect of any changes in estimate accounted for on a prospective basis.
Assets held under finance leases are depreciated over their expected useful lives on the same basis as owned assets. If the ownership of the finance lease is not obvious at the end of the leasing period, it is depreciated over their expected useful lives or, where shorter, the term of the relevant lease.
The gain or loss arising on the disposal or retirement of an item of Property, Plant and Equipment is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognized in profit or loss.
The maintenance and repair expenses arising from changing any part of the fixed assets can be realized if the economic benefit of the asset is increased. All other expenses are recognized in the expense accounts in the consolidated profit and loss when they are realized.
The useful lives of Property, Plant and Equipment are as follows:
| Useful life |
|---|
| 5-50 years |
| 7-25 years |
| 2-35 years |
| 3-7 years |
| 2-50 years |
| 2-11 years |
| 2-20 years |
(Amounts are expressed in Thousand Turkish Lira ("TL") in terms of the purchasing power of the TL at 31 December 2024, unless otherwise indicated.)
Intangible assets acquired are recognized at cost less accumulated amortization and accumulated impairment losses. Amortization is charged on a straight-line basis over their estimated useful lives. The estimated useful life and amortization methods are reviewed at the end of each annual reporting period, with the effect of any changes in accounting estimates for on a prospective basis.
Acquired licenses are shown at historical cost. Licenses have a finite useful life and are carried at cost less accumulated amortization. Amortization is calculated using the straight-line method to allocate the cost of licenses over their estimated useful lives.
Acquired computer software licenses are capitalized on the basis of the costs incurred to acquire and bring to use the specific software. These costs are amortized over their estimated useful lives.
The Group reflects the non-cancellable operating leases over one year, which include the right to control the use of the asset defined in the contract, as a right-of-use asset in the accounting records. The right of use is calculated by discounting the lease payments to their present value over the interest rate stated in the contract, either explicitly or secretly. Right-of-use asset is amortized over the lease term.
Expenditure on research activities is recognized as an expense in the period in which it is incurred.
An internally-generated intangible asset arising from development (or from the development phase of an internal project) is recognized if, and only if, all of the following have been demonstrated:
• The technical feasibility of completing the intangible asset so that it will be available for use or sale,
• The availability of adequate technical, financial and other resources to complete the development and to use or sell the intangible asset; and
• The ability to measure reliably the expenditure attributable to the intangible asset during its development.
(Amounts are expressed in Thousand Turkish Lira ("TL") in terms of the purchasing power of the TL at 31 December 2024, unless otherwise indicated.)
The amount initially recognized for internally-generated intangible assets is the sum of expenditure incurred from the date when the intangible asset first meets the recognition criteria listed above. Where no internally-generated intangible asset can be recognized, development expenditure is charged to profit or loss in the period in which it is incurred.
Subsequent to initial recognition, internally-generated intangible assets are reported at cost less accumulated amortization and accumulated impairment losses, on the same basis as intangible assets acquired separately.
The useful lives of the intangible assets are as follows:
| Useful life | |
|---|---|
| Rights | 1-15 years |
| Computer software | 2-3 years |
| Development expenditures | 1-5 years |
Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale.
When the Group borrows funds specifically for the purpose of the qualifying assets, the amount of borrowing costs eligible for capitalization is the actual borrowing costs incurred on that borrowing during the period less any investment income on the temporary investment of those borrowings.
TFRS 9 Financial Instruments sets out requirements for recognising and measuring financial assets, financial liabilities and some contracts to buy or sell non-financial items. This standard replaces TAS 39 Financial Instruments: Recognition and Measurement.
TFRS 9 contains a new classification and measurement approach for financial assets that reflects the business model in which assets are managed and their cash flow characteristics.
TFRS 9 contains three principal classification categories for financial assets: measured at amortised cost, Fair Value Through Other Comprehensive Income ("FVOCI") and Fair Value Through Profit or Loss ("FVTPL"). The standard eliminates the existing TAS 39 categories of held to maturity, loans and receivables and available for sale. Financial investments classified as "Available for Sale Financial Assets" in accordance with TAS 39 are classified as FVOCI in accordance with TFRS 9.
Under TFRS 9, derivatives embedded in contracts where the host is a financial asset in the scope of the standard are never bifurcated. Instead, the hybrid financial instrument as a whole is assessed for classification. The Group does not have any embedded derivatives as of reporting date.
(Amounts are expressed in Thousand Turkish Lira ("TL") in terms of the purchasing power of the TL at 31 December 2024, unless otherwise indicated.)
TFRS 9 replaces the 'incurred loss' model in TAS 39 with a forward-looking 'expected credit loss' (ECL) model. This requires considerable judgement about how changes in economic factors affect ECLs, which is determined on a probability-weighted basis.
The new impairment model applies to financial assets measured at amortised cost or FVOCI, except for investments in equity instruments, and to contract assets.
Under TFRS 9, loss allowances are measured on either of the following bases:
Lifetime ECL measurement (simplified approach) is always applied to trade receivables and contract assets without a significant financing component.
TFRS 9 largely retains the existing requirements in TAS 39 for the classification of financial liabilities.
However, under TAS 39 all fair value changes of liabilities designated as at FVTPL are recognised in profit or loss, whereas under TFRS 9 these fair value changes are generally presented as follows:
The amount of change in the fair value that is attributable to changes in the credit risk of the liability is presented in OCI; and the remaining amount of change in the fair value is presented in profit or loss.
The Group has not identified any liability for the fair value recognized in profit or loss and has no objective purpose.
When initially applying TFRS 9, the Group may choose as its accounting policy to continue to apply the hedge accounting requirements of TAS 39 instead of the requirements in TFRS 9. During selection of the accounting policies, TFRS 9 gives option of continuing with TAS 39 hedge accounting principles and deferring hedge accounting rules in accordance with TFRS 9. The Group does not apply hedge accounting.
(Amounts are expressed in Thousand Turkish Lira ("TL") in terms of the purchasing power of the TL at 31 December 2024, unless otherwise indicated.)
Common stocks are classified as equity. Incremental costs that can be directly attributable to the issue of ordinary shares are recognised as a deduction from equity considering the tax effect.
The Group recognizes the contracts that include the right to control the use of an asset, the transfer of it for a specified period and for a certain price, as lease agreements and accounts for the relevant contractual rights as "right-of-use asset".
The right-of-use asset includes the initial measurement amount of the lease liability, all lease incentives and discounts related to the lease, all direct costs incurred and all costs related to dismantling / moving the defined asset. The Group applies the short-term lease registration exemption for assets that have a lease term of twelve months or less from the start date and do not have a purchase option.
The Group depreciates the right-of-use asset based on the lease term and values it at cost.
The lease obligation, on the other hand, is measured over the present value of unrealized lease payments at the actual start date. Lease payments are discounted using the implied interest rate, if any, otherwise the lessee's alternative borrowing interest rate.
The financial statements of each Group entity are presented in the currency of the primary economic environment in which the entity operates as its "functional currency". For the purpose of the consolidated financial statements, the operational results and financial position of each entity are expressed in TL, which is the functional currency of the Company, and the presentation for consolidated financial statements.
(Amounts are expressed in Thousand Turkish Lira ("TL") in terms of the purchasing power of the TL at 31 December 2024, unless otherwise indicated.)
In preparing the financial statements of the individual entities, transactions in foreign currencies (other than TL) are recorded at the rates of exchange prevailing on the dates of the transactions. At each balance sheet date, monetary items (including advances) denominated in foreign currencies are retranslated at the rates prevailing on the balance sheet date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the date when the fair value was determined. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated.
Exchange differences are accounted for the period in profit or loss in which they are incurred except for the following cases:
Earnings per share, disclosed in the consolidated statement of profit or loss, are determined by dividing the net income attributable to equity holders of the parent by the weighted average number of shares outstanding during the period concerned.
In Türkiye, companies can increase their share capital by distributing "bonus shares" to shareholders from retained earnings. In computing earnings per share, such "bonus share" distributions are assessed as issued shares. Accordingly, the weighted average number of shares is computed by taking into consideration of the retrospective effects of the share distributions.
(Amounts are expressed in Thousand Turkish Lira ("TL") in terms of the purchasing power of the TL at 31 December 2024, unless otherwise indicated.)
Events after the reporting periods include all events that take place between the balance sheet date and the date of authorization for the release of the financial statements, although the events occurred after the announcements related to the net profit/loss or even after the public disclosure of other selective financial information.
In the case that events occur requiring an adjustment, the Group adjusts the amount recognized in its consolidated financial statements to reflect the adjustments after the balance sheet date.
Provisions are recognized when the Group has a present obligation as a result of a past event, and it is probable that the Group will be required to settle that obligation, and a reliable estimate can be made for the amount of the obligation.
The amount recognized as a provision is the best estimate of the consideration required to settle the present obligation at the balance sheet date, taking into account the risks and uncertainties related with the obligation.
Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows.
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, the receivable is recognized as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.
(Amounts are expressed in Thousand Turkish Lira ("TL") in terms of the purchasing power of the TL at 31 December 2024, unless otherwise indicated.)
Operations of the Company are technical system design, development, production and after-sales services for various products for defense industry. One kind of operating segment has occurred in consequence of similarities between methods that are used for products, quality of services and processes, client's type and class, and distribution or presentation of products. It is not required to disclose segment reporting for the consolidated subsidiaries, since revenue profit/loss and assets are below 10 percent of consolidated amounts.
Government grants are not recognized until there is reasonable assurance that the Group will comply with the conditions attaching to them and that the grants will be received.
Government grants are recognized in profit or loss on a systematic basis over the periods in which the Group recognizes as expenses the related costs for which the grants are intended to compensate. Specifically, government grants whose primary condition is that the Group should purchase, construct or otherwise acquire non-current assets are recognized as deferred revenue in the consolidated statement of financial position and transferred to profit or loss on a systematic and rational basis over the useful lives of the related assets.
Government grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the Group with no future related costs are recognized in profit or loss in the period in which they become receivable.
(Amounts are expressed in Thousand Turkish Lira ("TL") in terms of the purchasing power of the TL at 31 December 2024, unless otherwise indicated.)
Turkish tax legislation does not permit a parent company and its subsidiary to file a consolidated tax return. Therefore, provisions for taxes, as reflected in the accompanying consolidated financial statements, have been calculated on a separate-entity basis.
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of profit or loss because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The Group's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the balance sheet date.
Deferred tax is recognized in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax liabilities are recognized for all taxable temporary differences and deferred tax assets are recognized for deductible temporary differences to the extent that it is probable that future taxable profits will be available against which they can be used. Deferred tax assets and liabilities are not recognized if the temporary difference arises from goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit.
Deferred tax liabilities are recognized for taxable temporary differences associated with investments in subsidiaries and associates, and interests in joint ventures, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax assets arising from deductible temporary differences associated with such investments and interests are only recognized to the extent that it is probable that future taxable profits will be available against which they can be used.
(Amounts are expressed in Thousand Turkish Lira ("TL") in terms of the purchasing power of the TL at 31 December 2024, unless otherwise indicated.)
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realized, based on tax rates (and tax laws) that have been enacted or substantively enacted by the balance sheet date. The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the Group expects, at the reporting date, to recover or settle the carrying amount of its assets and liabilities.
Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Group intends to settle its current tax assets and liabilities on a net basis.
Tax, provided that it is not related with a transaction directly recognized in equity, is classified in the statement of profit or loss. Otherwise, tax is recognized under equity.
Under Turkish law and union agreements, lump sum payments are made to employees retiring or involuntarily leaving the Group. Such payments are considered as being part of defined retirement benefit plan as per TAS 19 "Employee Benefits" ("TAS 19").
The retirement benefit obligation recognized in the consolidated financial statements represents the present value of the defined benefit obligation.
The actuarial gains and losses are recognized in other comprehensive income.
The Group recognizes a liability and an expense for bonuses and dividend, based on a formula that takes into consideration the profit attributable to the Company's shareholders after certain adjustments. The Group recognizes a provision where contractually obliged or where there is a past practice that has created a constructive obligation.
(Amounts are expressed in Thousand Turkish Lira ("TL") in terms of the purchasing power of the TL at 31 December 2024, unless otherwise indicated.)
Current period statement of cash flows is categorized and reported as operating, investing and financing.
Financial assets and financial liabilities are offset and the net amount presented in the statement of financial position when, and only when, the Group currently has a legally enforceable right to offset the amounts and intends either to settle them on a net basis or to realize the asset and settle the liability simultaneously.
Non-current assets are classified as "assets held for sale" when their carrying amount is to be recovered principally through a sale transaction and a sale is considered highly probable. They are stated at the lower of carrying amount and fair value less costs to sell. The assets can be a part of the Entity, disposal group as a single fixed asset.
In the process of applying the accounting policies, which are described in note 2.5, management has made the following judgments that have the most significant effect on the amounts recognized in the financial statements:
Deferred tax assets and liabilities are recorded using substantially enacted tax rates for the effect of temporary differences between book and tax bases of assets and liabilities. Currently, there are deferred tax assets resulting from operating loss carry-forwards and deductible temporary differences, all of which could reduce taxable income in the future. Based on available evidence, both positive and negative, it is determined whether it is probable that all or a portion of the deferred tax assets will be realized.
(Amounts are expressed in Thousand Turkish Lira ("TL") in terms of the purchasing power of the TL at 31 December 2024, unless otherwise indicated.)
The main factors which are considered include future earnings potential; cumulative losses in recent years; history of loss carry-forwards and other tax assets expiring; the carry-forward period associated with the deferred tax assets; future reversals of existing taxable temporary differences; tax-planning strategies that would, if necessary, be implemented, and the nature of the income that can be used to realize the deferred tax asset. If based on the weight of all available evidence, it is the Group's belief that taxable profit will not be available sufficient to utilize some portion of these deferred tax assets, then provision is set for some portion of or all of the deferred tax assets (Note 28).
The Group makes various assumptions on discount, inflation rate, wage increase rate, the probability of quitting voluntarily for calculating provisions for employee benefits and retirement pays (Note 17).
The Group amortizes the non-current assets based on the useful lives of those assets stated in the accounting policies (Note 11-12).
As of the reporting dates, the amounts of the projects subject to escalation are calculated with respect to the provisions of the contracts and estimated in accordance with TFRS 15 "Revenue from Contracts with Customers".
The Group calculates provision, according to the budgeted estimations for specific parts of the sales under the scope of warranty that needs specific guarantee calculations, and according to the realizations in previous years for the remaining part of the sales (Note 15).
As of reporting dates, the Management assess the recoverability of the expenses regarding the Group's development activities. These expenses are started to be amortized with respect to their useful lives when their development phases are completed and it becomes probable that there is an associated economic benefit. When the development phase is completed and no economic benefit is foreseen, the related expenses are recognized in consolidated income statement (Note 12).
(Amounts are expressed in Thousand Turkish Lira ("TL") in terms of the purchasing power of the TL at 31 December 2024, unless otherwise indicated.)
| 31 December | 31 December | |
|---|---|---|
| 2024 | 2023 | |
| Cash | 1.064 | 1.304 |
| Bank | ||
| - Time deposit |
15.436.603 | 9.126.661 |
| - Demand deposit |
1.050.160 | 394.898 |
| Other | 149.437 | 7.692 |
| Cash and cash equivalents on the cash flow statement | 16.637.264 | 9.530.555 |
| Interest income accruals | -- | 12.924 |
| 16.637.264 | 9.543.479 |
As of 31 December 2024, the Group has time deposits denominated in foreign currencies with maturities on January 2025 (31 December 2023: January 2024), with the interest rates between 0,50 percent and 3 percent (31 December 2023: 2,50 percent and 3,50 percent) amounting to TL 1.873.089 (31 December 2023: TL 2.929.097) in several banks.
As of 31 December 2024, the Group has time deposits denominated in TL terms with maturities on January 2025 (31 December 2023: January 2024) with the interest rates between 48,50 percent and 49,25 percent (31 December 2023: 41,50 percent and 42,00 percent) amounting to TL 13.563.514 (31 December 2023: TL 6.197.564) in several banks.
(Amounts are expressed in Thousand Turkish Lira ("TL") in terms of the purchasing power of the TL at 31 December 2024, unless otherwise indicated.)
Details of the Group's material subsidiaries as of 31 December are as follows:
| Group's proportion of ownership and voting power held (%) |
|||||
|---|---|---|---|---|---|
| Subsidiaries | Location | Functional Currency |
31 December 2024 |
31 December 2023 |
Main Activity |
| ASELSANNET | Türkiye | TL | 100 | 100 | Communication systems |
| ASELSAN Baku | Azerbaijan | AZN | 100 | 100 | Marketing and sales of the group products |
| ASELSAN Global | Türkiye | TL | 100 | 100 | Export |
| ASELSAN Optik | Türkiye | TL | 80 | 80 | Sensitive optic technologies |
| Mikro AR-GE | Türkiye | TL | 85 | 85 | Microelectronic R&D projects |
| ASELSAN Malaysia | Malaysia | MYR | 100 | 100 | Remote controlled weapon systems |
| ASELSAN Konya | Türkiye | TL | 51 | 51 | Weapon and weapon systems |
| BITES | Türkiye | TL | 100 | 100 | Defense, Aerospace, Space Technologies, Software |
| ASELSAN Ukraine | Ukraine | UAH | 100 | 100 | Marketing and sales of the group products |
| ASELSAN Latin Amerika |
Chile | CLP | 100 | -- | Marketing and business development |
| ASELSAN UAE | BAE | AED | 100 | 100 | Marketing and business development |
Explained in Note 1.
Change in the Group's subsidiaries ownership is explained in Note 2.1
Where a Group entity undertakes its activities under joint venture arrangements directly, the Group's share of jointly controlled assets and any liabilities incurred jointly with other ventures are recognized in the financial statements of the relevant entity and classified according to their nature. Liabilities and expenses incurred directly in respect of interests in jointly controlled assets are accounted for on an accrual basis. Income from the sale or use of the Group's share of the output of jointly controlled assets, and its share of joint venture expenses, are recognized when it is probable that the economic benefits associated with the transactions will flow to/from the Group and their amount can be measured reliably.
(Amounts are expressed in Thousand Turkish Lira ("TL") in terms of the purchasing power of the TL at 31 December 2024, unless otherwise indicated.)
Transactions between the Company and its subsidiaries which are related parties of the Company have been eliminated on consolidation, therefore have not been disclosed in this note.
The trade receivables from related parties generally arise from sales activities with maturitie of 1 year.
The trade payables to related parties generally arise from the purchase activities with maturities of 1-4 months.
Total amount of salaries and other short-term benefits paid for key management for the period ended 31 December 2024 is approximately TL 368.485 (The vast majority consists of paid wages and benefits.) (31 December 2023: TL 385.968).
The details of transactions between the Group and other related parties are disclosed in the following pages.
(Amounts are expressed in Thousand Turkish Lira ("TL") in terms of the purchasing power of the TL at 31 December 2024, unless otherwise indicated.)
| 31 December 2024 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Receivables | Payables | |||||||||
| Short-term | Long-term | Short-term | Long-term | |||||||
| Prepaid | Other | Prepaid | Deferred | |||||||
| Balances with related parties | Trading | Expenses | Receivables | Trading | Expenses | Trading | Income | Other Payables1 | Trading | Deferred Income |
| Main shareholder | ||||||||||
| TSKGV | -- | -- | -- | -- | -- | -- | -- | 340.357 | -- | -- |
| Main shareholder's subsidiaries and associates | ||||||||||
| Hava Elektronik San. ve Tic. Anonim Şirketi (''HAVELSAN'') | 51.907 | 540.715 | -- | 14.818 | 207.112 | 845.770 | 6 | -- | -- | 643.486 |
| HAVELSAN Teknoloji Radar San. ve Tic. Anonim Şirketi ("HTR") | 41.186 | 223.300 | -- | -- | 51.535 | 527.150 | 11.851 | -- | -- | -- |
| İşbir Elektrik Sanayii Anonim Şirketi ("İŞBİR") | -- | 187.410 | -- | -- | 42.099 | 77.256 | -- | -- | -- | |
| NETAŞ Telekomünikasyon Anonim Şirketi ("NETAŞ") | -- | 8.204 | -- | -- | 18.527 | 42.308 | -- | -- | -- | |
| Savunma Teknolojileri Mühendislik ve Ticaret Anonim Şirketi | ||||||||||
| ("STM") | 137.819 | 20.725 | -- | 745.830 | -- | 18.321 | -- | -- | 632.133 | |
| Tusaş Motor Sanayii Anonim Şirketi ("TEI") | 43.853 | -- | -- | -- | -- | -- | -- | -- | ||
| Türk Havacılık ve Uzay Sanayi ve Ticaret Anonim Şirketi ("TUSAŞ") | 4.035.731 | -- | -- | 2.310.786 | -- | 14.134 | 359.211 | -- | -- | -- |
| Financial Instruments | ||||||||||
| ASPİLSAN Enerji Sanayi ve Ticaret Anonim Şirketi ("ASPİLSAN") | -- | 23.766 | -- | -- | 4.826 | 19.164 | 4.697 | -- | -- | -- |
| Roket Sanayi ve Ticaret Anonim Şirketi ("ROKETSAN") | 3.750.514 | 75.052 | -- | 393.294 | 830.853 | 464.670 | 516.322 | -- | -- | 262.645 |
| Joint ventures and its related parties | ||||||||||
| ASELSAN Bİlkent Mikro Nano | -- | 245.937 | -- | -- | 73.482 | 88.244 | -- | -- | -- | -- |
| İhsan Doğramacı Bilkent Üniversitesi | -- | 6.221 | -- | -- | -- | 37 | -- | -- | -- | -- |
| IGG | 21.670 | -- | -- | 3.038 | -- | -- | 2.334 | -- | -- | -- |
| IGG ASELSAN | 6.065 | 36.380 | -- | -- | 3.627 | 24.227 | -- | -- | -- | -- |
| ASELSAN Kazakhstan | 298.626 | -- | -- | 59.682 | -- | 288 | 1.381 | -- | -- | -- |
| ASELSAN Jordan | 123.051 | -- | -- | -- | -- | 26.057 | 348 | -- | -- | 5.513 |
| TÜBİTAK BİLGEM | -- | 84.949 | -- | -- | 13.886 | 100.892 | -- | -- | -- | -- |
| TÜBİTAK-UME | -- | 2.494 | -- | -- | -- | 3 | -- | -- | -- | -- |
| TÜBİTAK BİLİMSEL TEKNOLOJİK ARAŞTIRMA | 9.858 | 45.597 | -- | 307.947 | 1.283 | 3.729 | 5.515 | -- | -- | 13.795 |
| TÜBİTAK SAGE Savunma Sanayii | 30.027 | 196.544 | -- | 9.707 | 77.070 | 154.584 | 1.020 | -- | -- | -- |
| Savunma Sanayi Başkanlığı ("SSB") | 3.161.285 | -- | -- | 36.295.518 | -- | -- | 4.766.811 | -- | -- | 5.430.149 |
| SSTEK | 3 | -- | -- | -- | -- | -- | 398.792 | -- | -- | 16.471 |
| ULAK | 932.665 | 2.374 | -- | -- | -- | 3.266 | -- | -- | -- | -- |
| TÜYAR | 52.128 | -- | -- | -- | -- | -- | -- | -- | -- | |
| EHSİM | -- | 160.479 | -- | -- | 2.636 | 48.523 | -- | -- | -- | -- |
| Shares offered to the public | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 12.644.260 | 1.912.275 | -- | 40.140.620 | 1.326.936 | 2.458.623 | 6.068.288 | 340.357 | -- | 7.004.192 | |
1 All other short term payable is 2023 divident payments.
(Amounts are expressed in Thousand Turkish Lira ("TL") in terms of the purchasing power of the TL at 31 December 2024, unless otherwise indicated.)
| 31 December 2023 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Receivables | Payables | |||||||||
| Short-term | Long-term | Short-term | Long-term | |||||||
| Prepaid | Other | Prepaid | Deferred | |||||||
| Balances with related parties | Trading | Expenses | Receivables | Trading | Expenses | Trading | Income | Other Payables1 | Trading | Deferred Income |
| Main shareholder | ||||||||||
| TSKGV | 167 | -- | -- | -- | -- | -- | -- | 385.415 | -- | -- |
| Main shareholder's subsidiaries and associates | ||||||||||
| Hava Elektronik San. ve Tic. Anonim Şirketi (''HAVELSAN'') | 116.452 | 421.410 | -- | 22.687 | 63.943 | 586.764 | -- | -- | -- | -- |
| HAVELSAN Teknoloji Radar San. ve Tic. Anonim Şirketi ("HTR") | 12.886 | 294.752 | -- | -- | 6.333 | 253.536 | 1.617 | -- | -- | 819 |
| İşbir Elektrik Sanayii Anonim Şirketi ("İŞBİR") | -- | 318.045 | -- | -- | -- | 112.324 | -- | -- | -- | -- |
| NETAŞ Telekomünikasyon Anonim Şirketi ("NETAŞ") | -- | 51.569 | -- | -- | 15.880 | 269.207 | -- | -- | -- | -- |
| Savunma Teknolojileri Mühendislik ve Ticaret Anonim Şirketi | ||||||||||
| ("STM") | 784.615 | 28.986 | -- | 558.567 | -- | 36.619 | -- | -- | -- | 280.753 |
| Türk Havacılık ve Uzay Sanayi ve Ticaret Anonim Şirketi ("TUSAŞ") | 2.528.965 | -- | -- | 2.482.978 | -- | 1.047 | 192.372 | -- | -- | 223.090 |
| Financial Instruments | ||||||||||
| ASPİLSAN Enerji Sanayi ve Ticaret Anonim Şirketi ("ASPİLSAN") | 711 | 58.843 | -- | -- | -- | 110.339 | 6.782 | -- | -- | -- |
| Roket Sanayi ve Ticaret Anonim Şirketi ("ROKETSAN") | 2.941.545 | 214.329 | -- | 437.769 | 1.842.572 | 2.548.053 | 352.052 | -- | -- | 103.116 |
| Joint ventures and its related parties | ||||||||||
| ASELSAN Bİlkent Mikro Nano | -- | 284.481 | -- | -- | 31.119 | 137.534 | -- | -- | -- | -- |
| İhsan Doğramacı Bilkent Üniversitesi | 43 | 7.713 | -- | -- | -- | 19.079 | -- | -- | -- | -- |
| IGG | 372.279 | -- | -- | 6.116 | -- | -- | -- | -- | -- | -- |
| IGG ASELSAN | 49.701 | 37.498 | -- | -- | 5.236 | 30.697 | -- | -- | -- | -- |
| ASELSAN Kazakhstan | 556.015 | -- | -- | -- | -- | 347 | 64 | -- | -- | 24 |
| ASELSAN Jordan | 204.544 | -- | -- | -- | -- | 52.997 | 8.211 | -- | -- | -- |
| TÜBİTAK BİLGEM | -- | 111.869 | -- | -- | 14.780 | 84.184 | -- | -- | -- | -- |
| TÜBİTAK-UME | -- | 976 | -- | -- | -- | 780 | -- | -- | -- | -- |
| TÜBİTAK BİLİMSEL TEKNOLOJİK ARAŞTIRMA | 43.321 | 11.184 | -- | 237.341 | 2.079 | 18.386 | 31.867 | -- | -- | 18.263 |
| TÜBİTAK SAGE Savunma Sanayii | 15.851 | 401.633 | -- | -- | 64.004 | 311.873 | 7.147 | -- | -- | -- |
| Savunma Sanayi Başkanlığı ("SSB") | 5.433.244 | -- | -- | 30.756.362 | -- | -- | 2.937.718 | -- | -- | 4.196.213 |
| SSTEK | -- | -- | -- | -- | -- | -- | 213.563 | -- | -- | 466.588 |
| EHSİM | -- | 15.962 | -- | -- | 21.296 | 38.594 | -- | -- | -- | -- |
| DASAL | -- | -- | -- | -- | -- | 11.392 | -- | -- | -- | -- |
| TR Eğitim | -- | -- | -- | -- | -- | 224 | -- | -- | -- | -- |
| Shares offered to the public | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 13.060.339 | 2.259.250 | -- | 34.501.820 | 2.067.242 | 4.623.976 | 3.751.393 | 385.415 | -- | 5.288.866 | |
1 All other short term payable is 2022 divident payments.
(Amounts are expressed in Thousand Turkish Lira ("TL") in terms of the purchasing power of the TL at 31 December 2024, unless otherwise indicated.)
| 1 January | 1 January | |
|---|---|---|
| 31 December | 31 December | |
| 2024 | 2023 | |
| Transactions with related parties | Purchases | Purchases |
| Main Shareholder | ||
| TSKGV | 2.105 | 3.388 |
| Main shareholder's subsidiaries and associates | ||
| NETAŞ | 152.112 | 393.838 |
| STM | 47.290 | 47.160 |
| İŞBİR | 322.818 | 409.055 |
| HTR | 1.210.471 | 535.555 |
| TUSAŞ | 28.120 | 23.812 |
| HAVELSAN | 1.091.204 | 432.375 |
| Financial Instruments | ||
| ROKETSAN | 58.231 | 3.542.013 |
| ASPİLSAN | 171.293 | 164.092 |
| Joint ventures and its related parties | ||
| İHSAN DOĞRAMACI BİLKENT ÜNİVERSİTESİ | 2.094 | 35.470 |
| TÜBİTAK BİLGEM | 207.945 | 185.979 |
| IGG | 200.974 | -- |
| TÜBİTAK BİLİMSEL TEKNOLOJİK ARAŞTIRMA | 7.052 | -- |
| TÜBİTAK UME | 2.973 | 3.019 |
| TÜBİTAK SAGE SAVUNMA SANAYİİ | 580.378 | 399.562 |
| SSTEK | 777 | 235 |
| 4.085.837 | 6.175.553 | |
(Amounts are expressed in Thousand Turkish Lira ("TL") in terms of the purchasing power of the TL at 31 December 2024, unless otherwise indicated.)
| 1 January | 1 January | |
|---|---|---|
| 31 December | 31 December | |
| 2024 | 2023 | |
| Transactions with related parties | Sales | Sales |
| Main Shareholder | ||
| TSKGV | 565 | 27.315 |
| Main shareholder's subsidiaries and associates | ||
| TUSAŞ | 11.170.655 | 14.676.122 |
| STM | 1.149.117 | 4.038.933 |
| HAVELSAN | 157.946 | 201.227 |
| HTR | 62.973 | 36.640 |
| İŞBİR | -- | 6.801 |
| TEI | 115.027 | -- |
| Financial Instruments | ||
| ROKETSAN | 2.422.052 | 3.627.938 |
| ASPİLSAN | 2.241 | 2.704 |
| Joint ventures and its related parties | ||
| İHSAN DOĞRAMACI BİLKENT ÜNİVERSİTESİ | -- | 112 |
| TÜBİTAK BİLİMSEL TEKNOLOJİK ARAŞTIRMA | 5.660 | 37.511 |
| TÜBİTAK SAGE SAVUNMA SANAYİİ | 14.473 | 32.516 |
| SSB | 64.151.578 | 83.159.805 |
| SSTEK | 5.108.001 | 303.569 |
| 84.360.288 | 106.151.193 |
Transactions with related parties are generally related to the purchases and sales of goods and services related to projects under TFRS 15 "Revenue from Contracts with Customers".
(Amounts are expressed in Thousand Turkish Lira ("TL") in terms of the purchasing power of the TL at 31 December 2024, unless otherwise indicated.)
Details of the Group's trade receivables are as follows:
| Short-term trade receivables | 31 December 2024 |
31 December 2023 |
|---|---|---|
| Trade receivables | 15.661.995 | 16.615.916 |
| Trade receivables from related parties (Note 5) | 12.644.260 | 13.060.339 |
| Notes receivable | 40.681 | 35.611 |
| Other receivable | 8.498 | 20.240 |
| Doubtful trade receivables | 32.291 | 76.488 |
| Allowance for doubtful trade receivables (-) | (32.291) | (76.488) |
| 28.355.434 | 29.732.106 |
| Long-term trade receivables | 31 December 2024 |
31 December 2023 |
|---|---|---|
| Unbilled receivables from contracts with customers | 14.074.580 | 10.207.858 |
| Trade receivables Unbilled receivables from contracts with customers |
763.738 | 927.499 |
| -Related party (Note 5) | 40.140.620 | 34.498.080 |
| Trade receivables from related parties (Note 5) | -- | 3.740 |
| 54.978.938 | 45.637.177 |
The movement for the Group's allowance for doubtful receivables is as follows:
| 31 December 2024 |
31 December 2023 |
|
|---|---|---|
| Opening balance | 76.488 | 72.130 |
| Provision for the period | (20.686) | 32.713 |
| Monetary gain/(loss) | (23.511) | (28.355) |
| Closing balance | 32.291 | 76.488 |
The sectorial distribution of trade receivables is as follows:
| 31 December 2024 |
31 December 2023 |
|
|---|---|---|
| Public sector | 46.875.565 | 43.214.700 |
| Private sector | 30.298.329 | 22.747.613 |
| Receivables from companies operating abroad | 6.160.478 | 9.406.970 |
| Total receivables | 83.334.372 | 75.369.283 |
Receivables from public sector represent the receivables are due from the Presidency of Defense Industry and other public entities. The Group's operations are based on contracts and no other collaterals are obtained from the customers.
(Amounts are expressed in Thousand Turkish Lira ("TL") in terms of the purchasing power of the TL at 31 December 2024, unless otherwise indicated.)
Details of The Group's trade payables are as follows:
| 31 December | 31 December | |
|---|---|---|
| Short-term trade payables | 2024 | 2023 |
| Trade payables | 15.763.624 | 14.929.454 |
| Due to related parties (Note 5) | 2.458.623 | 4.623.976 |
| Notes payable | 1.124.644 | 1.565.332 |
| Other trade payables | 413.643 | 341.815 |
| 19.760.534 | 21.460.577 | |
| 31 December | 31 December | |
| Long-term trade payables | 2024 | 2023 |
| Other trade payables | -- | 8.797 |
| Notes payables | -- | 100.210 |
| -- | 109.007 |
| 31 December | 31 December | |
|---|---|---|
| Short-term other receivables | 2024 | 2023 |
| Receivables from tax office1 | 1.926.488 | 1.928.750 |
| Deposits and guarantees given | 15.196 | 19.168 |
| Other2 | 543.762 | 435.061 |
| 2.485.446 | 2.382.979 | |
| 31 December | 31 December | |
| Long-term other receivables | 2024 | 2023 |
| Deposits and guarantees given | 11.898 | 10.509 |
|---|---|---|
| b) Other payables |
| 31 December | 31 December | |
|---|---|---|
| Short-term other payables | 2024 | 2023 |
| Short-term other payables | 134.053 | 66.354 |
| Deposits and guarantees received | 57.784 | 19.144 |
| Leasing liabilities | 16.369 | 22.922 |
| Short-term other payables to related parties (Note 5) | 340.357 | 385.415 |
| 548.563 | 493.835 | |
| 31 December | 31 December | |
| Long-term other payables | 2024 | 2023 |
| Deposits and guarantees received | 7.053 | 8.619 |
| Other payables Leasing Liabilities |
5.291 6.956 |
16.216 28.074 |
1 Mainly comprises Value Added Tax (VAT) returns and are expected to be offseted in the following periods.
2 Consists of R&D Center social security premium incentive and R&D Center income tax exceptions.
(Amounts are expressed in Thousand Turkish Lira ("TL") in terms of the purchasing power of the TL at 31 December 2024, unless otherwise indicated.)
The Group's financial information for its shareholdings consolidated with equity method , that are not presented,according to the Group's ownership rates are as below:
| Ownership | Current | Non-current | Total | Short-term | Long-term | Total | |
|---|---|---|---|---|---|---|---|
| 31 December 2024 |
Rate (%) | Assets | Assets | Assets | Liabilities | Liabilities | Liabilities |
| ASELSAN KAZAKHSTAN | 49 | 466.015 | 435.388 | 901.403 | 380.685 | 30.430 | 411.115 |
| ASELSAN JORDAN | 49 | 249.422 | 125.433 | 374.855 | 148.325 | 19.843 | 168.168 |
| IGG ASELSAN | 49 | 156.783 | 257 | 157.040 | 40.108 | 5.416 | 45.524 |
| ASELSAN BİLKENT | 50 | 263.410 | 1.060.904 | 1.324.314 | 67.215 | 515.549 | 582.764 |
| TEKNOHAB | 13 | 210.187 | 28.138 | 238.325 | 1.689 | -- | 1.689 |
| EHSİM | 50 | 467.896 | 25.787 | 493.683 | 89.777 | 209.218 | 298.995 |
| TÜYAR | 51 | 62.113 | 46.377 | 108.490 | 51.867 | -- | 51.867 |
| TR EĞİTİM | 35 | 68.334 | 66.008 | 134.342 | 1.975 | -- | 1.975 |
| ADIYAMAN KABLO | 15 | 162.131 | 305 | 162.436 | 4.075 | -- | 4.075 |
| ULAK | 51 | 1.342.915 | 2.206.758 | 3.549.672 | 1.440.702 | 1.457.585 | 2.898.286 |
| İSTANBUL FİNANS | 44 | 11.507 | 786 | 12.293 | 11.775 | -- | 11.775 |
| 3.460.713 | 3.996.141 | 7.456.853 | 2.238.193 | 2.238.041 | 4.476.233 |
| Ownership | Group Share | |||||
|---|---|---|---|---|---|---|
| 31 December 2024 |
Rate (%) | Revenue | Expenses | Net Profit/(Loss) | of Net Assets | Group Share of Profit/(Loss) |
| ASELSAN KAZAKHSTAN | 49 | 460.660 | (416.101) | 44.559 | 240.240 | 21.834 |
| ASELSAN JORDAN | 49 | 59.633 | (105.232) | (45.599) | 101.276 | (22.344) |
| IGG ASELSAN | 49 | 32.495 | (48.707) | (16.212) | 54.644 | (7.944) |
| ASELSAN BİLKENT | 50 | 768.318 | (743.953) | 24.365 | 370.775 | 12.182 |
| BARQ QSTP LLC. | 48 | -- | -- | -- | 5.730 | -- |
| TEKNOHAB | 13 | 88.711 | (17.601) | 71.110 | 30.857 | 9.273 |
| EHSİM | 50 | 392.805 | (337.135) | 55.670 | 97.344 | 27.835 |
| DASAL1 | -- | -- | -- | -- | -- | (6.951) |
| TÜYAR | 51 | 12.122 | (14.095) | (1.973) | 28.878 | (1.006) |
| TR EĞİTİM | 35 | 95.516 | (81.872) | 13.644 | 46.329 | 4.775 |
| ADIYAMAN KABLO | 15 | 27.290 | (9.275) | 18.016 | 23.754 | 2.702 |
| ULAK | 51 | 975.008 | (1.136.100) | (161.092) | 332.207 | (82.157) |
| İSTANBUL FİNANS | 44 | 8.543 | (44.978) | (36.435) | 230 | (16.193) |
| 2.921.101 | (2.955.049) | (33.947) | 1.332.264 | (57.994) |
1 %49 of Dasal shares was transferred on 25 October 2024.
(Amounts are expressed in Thousand Turkish Lira ("TL") in terms of the purchasing power of the TL at 31 December 2024, unless otherwise indicated.)
| Ownership | Current | Non-current | Total | Short-term | Long-term | Total | |
|---|---|---|---|---|---|---|---|
| 31 December 2023 | Rate (%) | Assets | Assets | Assets | Liabilities | Liabilities | Liabilities |
| ASELSAN KAZAKHSTAN | 49 | 578.845 | 638.552 | 1.217.397 | 559.994 | 37.739 | 597.733 |
| ASELSAN JORDAN | 49 | 366.101 | 162.845 | 528.946 | 181.659 | 40.169 | 221.828 |
| IGG ASELSAN | 49 | 188.665 | 387 | 189.052 | 29.944 | 3.520 | 33.464 |
| ASELSAN BİLKENT | 50 | 744.261 | 1.002.619 | 1.746.880 | 337.192 | 692.502 | 1.029.694 |
| TEKNOHAB | 13 | 179.654 | 26.822 | 206.476 | 40.950 | -- | 40.950 |
| EHSİM | 50 | 527.783 | 41.653 | 569.436 | 148.144 | 358.156 | 506.300 |
| DASAL | 49 | 152.074 | 353.567 | 505.641 | 52.286 | -- | 52.286 |
| TÜYAR | 51 | 28.542 | 42.145 | 70.687 | 12.089 | -- | 12.089 |
| TR EĞİTİM | 35 | 118.449 | 4.795 | 123.244 | 4.521 | -- | 4.521 |
| İSTANBUL FİNANS | 44 | 8.514 | 1.395 | 9.909 | 1.913 | 7.996 | 9.909 |
| 2.892.888 | 2.274.780 | 5.167.668 | 1.368.692 | 1.140.082 | 2.508.774 |
| Ownership | Group Share | Group Share of | ||||
|---|---|---|---|---|---|---|
| 31 December 2023 | Rate (%) | Revenue | Expenses | Net Profit/(Loss) | of Net Assets | Profit/(Loss) |
| ASELSAN KAZAKHSTAN | 49 | 283.805 | (290.266) | (6.461) | 303.636 | (3.166) |
| ASELSAN JORDAN | 49 | 192.726 | (195.870) | (3.144) | 150.488 | (1.541) |
| IGG ASELSAN | 49 | 76.090 | (55.701) | 20.389 | 76.237 | 9.991 |
| ASELSAN BİLKENT |
50 | 837.786 | (870.003) | (32.217) | 358.592 | (16.109) |
| BARQ QSTP LLC. | 48 | -- | -- | -- | 5.730 | -- |
| TEKNOHAB | 13 | 31.736 | (16.657) | 15.079 | 21.585 | 1.966 |
| EHSİM | 50 | 534.195 | (535.597) | (1.402) | 31.568 | (701) |
| DASAL | 49 | 57.433 | (69.445) | (12.012) | 222.144 | (5.886) |
| TÜYAR | 51 | 9.515 | (6.334) | 3.181 | 29.885 | 1.622 |
| TR EĞİTİM | 35 | 143.387 | (75.583) | 67.804 | 41.553 | 23.731 |
| İSTANBUL FİNANS | 44 | 3.497 | (30.580) | (27.083) | -- | (12.034) |
| 2.170.170 | (2.146.036) | 24.134 | 1.241.418 | (2.127) |
(Amounts are expressed in Thousand Turkish Lira ("TL") in terms of the purchasing power of the TL at 31 December 2024, unless otherwise indicated.)
| 31 December | 31 December | |
|---|---|---|
| 2024 | 2023 | |
| Raw materials | 25.620.024 | 26.647.066 |
| Work in progress | 12.551.533 | 13.305.250 |
| Goods in transit 1 | 20.921 | 2.503.701 |
| Finished goods | 1.549.822 | 3.126.662 |
| Other inventories | 2.742.552 | 239.030 |
| Trade goods | 1.007.804 | 744.514 |
| Allowance for impairment on inventories (-) | (20.922) | (110.374) |
| 43.471.734 | 46.455.849 |
The Group provides an allowance for impairment on inventories when the inventories net realizable values are lower than their costs or when they are determined as slow-moving inventories.
The Group has identified raw material, work-in progress and finished goods inventories below net realizable value within the current year.
Impaired inventory movements for the period ended in 31 December are as follows:
| 2024 | 2023 | |
|---|---|---|
| Opening balance | 110.374 | 173.573 |
| Provisions no longer required | (215.433) | (72.483) |
| Provision for the period | 125.981 | 9.284 |
| Closing balance | 20.922 | 110.374 |
1 Goods in transit includes the goods for which significant risks and rewards of ownership has been transferred to the Group due to their shipping terms.
(Amounts are expressed in Thousand Turkish Lira ("TL") in terms of the purchasing power of the TL at 31 December 2024, unless otherwise indicated.)
| Short-term prepaid expenses | 31 December 2024 |
31 December 2023 |
|---|---|---|
| Order advances given for inventory purchases Short-term order advances given to related |
7.862.381 | 8.243.041 |
| parties for inventory purchases (Note 5) | 1.912.275 | 2.259.250 |
| Work advances | 708.610 | 459.144 |
| Prepaid expenses | 1.728.795 | 2.165.804 |
| 12.212.061 | 13.127.239 |
| 31 December | 31 December | |
|---|---|---|
| Long-term prepaid expenses | 2024 | 2023 |
| Long-term order advances given to related | ||
| parties for inventory purchases (Note 5) | 1.326.936 | 2.067.242 |
| Order advances given for inventory purchases | 1.341.982 | 204.072 |
| Order advances given for fixed assets purchases | 475.634 | 396.295 |
| Prepaid expenses | 594.138 | 883.198 |
| 3.738.690 | 3.550.807 | |
| 31 December | 31 December | |
|---|---|---|
| Short-term deferred income | 2024 | 2023 |
| Order advances received | 3.693.874 | 3.933.661 |
| Order advances received from related parties | ||
| (Note 5) | 6.068.288 | 3.751.393 |
| Deffered income | 3.242.378 | 5.149.279 |
| 13.004.540 | 12.834.333 |
Short-term order advances received comprises advances received from 77 customers (31 December 2023: 73 customers) of which first 10 customers constitutes 98 percent of the total (31 December 2023: 98 percent).
| 31 December | 31 December | |
|---|---|---|
| Long-term deferred income | 2024 | 2023 |
| Order advances received | 4.433.855 | 2.922.829 |
| Order advances received from related parties | ||
| (Note 5) | 7.004.192 | 5.288.866 |
| Deferred income | 390.455 | 319.247 |
| 11.828.502 | 8.530.942 |
Long-term order advances received comprises advances received from 51 customers (31 December 2023: 47 customers) of which the first 10 customers constitutes 88 percent of the total (31 December 2023: 93 percent).
(Amounts are expressed in Thousand Turkish Lira ("TL") in terms of the purchasing power of the TL at 31 December 2024, unless otherwise indicated.)
| Machinery | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Land | and | Furniture | Other fixed | Leasehold | Financial | Construction | |||||
| Land | improvements | Buildings | equipment | Vehicles | and fixtures | assets1 | improvements | leasing2 | in progress3 | Total | |
| Cost and revaluation | |||||||||||
| Opening balance as of 1 January 2024 | 6.959.216 | 517.161 | 8.752.365 | 20.851.765 | 499.994 | 6.481.783 | 2.635.161 | 2.668.282 | 321.972 | 8.524.265 | 58.211.964 |
| Additions4 | -- | 283 | 99.301 | 1.902.711 | 125.030 | 636.864 | 44 | 37.400 | 174 | 3.352.613 | 6.154.420 |
| Revaluation fund | 457.003 | -- | -- | -- | -- | -- | -- | -- | -- | -- | 457.003 |
| Disposals | -- | (56.028) | (64.536) | (852.700) | (12.405) | (1.002.755) | (55.606) | (65.855) | (2.172) | (75.046) | (2.187.103) |
| Transfers | -- | 72.228 | 4.240.904 | 97.644 | -- | -- | 194.750 | -- | -- | (4.605.526) | -- |
| Closing balance as of 31 December 2024 | 7.416.219 | 533.644 | 13.028.034 | 21.999.420 | 612.619 | 6.115.892 | 2.774.349 | 2.639.827 | 319.974 | 7.196.306 | 62.636.284 |
| Accumulated depreciation | |||||||||||
| Opening balance as of 1 January 2024 | -- | 338.390 | 2.432.899 | 13.102.657 | 97.464 | 4.989.363 | 1.875.894 | 899.728 | 214.792 | -- | 23.951.187 |
| Charge for the period | -- | 21.115 | 271.371 | 1.328.279 | 98.542 | 608.355 | 221.474 | 148.881 | 52.455 | -- | 2.750.472 |
| Disposals | -- | (56.647) | (87.316) | (733.426) | (6.936) | (573.241) | (16.851) | -- | -- | -- | (1.474.417) |
| Transfers | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Closing balance as of 31 December 2024 | -- | 302.858 | 2.616.954 | 13.697.510 | 189.070 | 5.024.477 | 2.080.517 | 1.048.609 | 267.247 | -- | 25.227.242 |
| Net book value as of 31 December 2024 | 7.416.219 | 230.786 | 10.411.080 | 8.301.910 | 423.549 | 1.091.415 | 693.832 | 1.591.218 | 52.727 | 7.196.306 | 37.409.042 |
1 All of the net book value of other fixed assets consists of mold models manufactured by the Group.
2 As of 31 December 2024 and 31 December 2023, Group has two land that leased for 49 years and 46 years and motor-vehicle rentals.
3 Includes of investments in molds, models, devices and construction works.
4 TL 127.394 of additions are free of charge investment income.
(Amounts are expressed in Thousand Turkish Lira ("TL") in terms of the purchasing power of the TL at 31 December 2024, unless otherwise indicated.)
| Machinery | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Land | and | Furniture | Other fixed | Leasehold | Financial | Construction | |||||
| Land | improvements | Buildings | equipment | Vehicles | and fixtures | assets1 | improvements | leasing2 | in progress3 | Total | |
| Cost and revaluation | |||||||||||
| Opening balance as of 1 January 2023 | 3.071.740 | 474.533 | 6.068.427 | 18.149.300 | 103.944 | 5.734.025 | 2.229.823 | 2.427.735 | 252.806 | 8.878.303 | 47.390.636 |
| Additions4 | -- | 31.258 | 613.616 | 2.906.504 | 397.109 | 867.805 | 4.032 | 239.790 | 69.166 | 2.573.369 | 7.702.649 |
| Revaluation fund | 3.887.476 | -- | -- | -- | -- | -- | -- | -- | -- | -- | 3.887.476 |
| Disposals | -- | (371) | -- | (329.529) | (1.059) | (120.047) | (36.616) | -- | -- | (281.175) | (768.797) |
| Transfers | -- | 11.741 | 2.070.322 | 125.490 | -- | -- | 437.922 | 757 | -- | (2.646.232) | -- |
| Closing balance as of 31 December 2023 | 6.959.216 | 517.161 | 8.752.365 | 20.851.765 | 499.994 | 6.481.783 | 2.635.161 | 2.668.282 | 321.972 | 8.524.265 | 58.211.964 |
| Accumulated depreciation |
|||||||||||
| Opening balance as of 1 January 2023 | -- | 303.447 | 2.205.384 | 11.931.455 | 51.859 | 3.891.140 | 1.431.951 | 745.906 | 185.065 | -- | 20.746.207 |
| Charge for the period | -- | 35.307 | 227.515 | 1.407.037 | 46.664 | 1.217.362 | 445.983 | 180.892 | 29.727 | -- | 3.590.487 |
| Disposals | -- | (364) | -- | (235.835) | (1.059) | (119.139) | (2.040) | (27.070) | -- | -- | (385.507) |
| Transfers | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Closing balance as of 31 December 2023 | -- | 338.390 | 2.432.899 | 13.102.657 | 97.464 | 4.989.363 | 1.875.894 | 899.728 | 214.792 | -- | 23.951.187 |
| Net book value as of 31 December 2023 | 6.959.216 | 178.771 | 6.319.466 | 7.749.108 | 402.530 | 1.492.420 | 759.267 | 1.768.554 | 107.180 | 8.524.265 | 34.260.777 |
1 All of the net book value of other fixed assets consists of mold models manufactured by the Group.
2 As of December 31,2023 and December 31,2022, Group has two land that leased for 49 years and 46 years and motor-vehicle rentals.
3 Includes of investments in molds, models, devices and construction works.
4 TL 134.376 of additions are free of charge investment income.
(Amounts are expressed in Thousand Turkish Lira ("TL") in terms of the purchasing power of the TL at 31 December 2024, unless otherwise indicated.)
The details of the depreciation expenses with respect to the plant, property and equipment is as follows:
| 31 December | 31 December | |
|---|---|---|
| 2024 | 2023 | |
| Cost of sales | 1.704.248 | 2.279.850 |
| General administrative expenses | 753.907 | 988.346 |
| Inventories | 281.709 | 316.882 |
| Marketing expenses | 10.608 | 5.409 |
| 2.750.472 | 3.590.487 |
There is no collateral, pledges, and mortgages on tangible assets as of 31 December 2024 and 2023.
There is no capitalized interest expense as of 31 December 2024 and 2023.
The lands owned by the Group are revalued and presented at fair value as of 31 December 2024. The fair value of the lands owned by the Group is revalued on 24 December 2024 by Lal Gayrimenkul Değerleme ve Müşavirlik Anonim Şirketi ("Lal Değerleme"), an independent appraisal company. Lal Değerleme is authorized by the CMB and provides real estate appraisal services in accordance with the capital market legislation. The fair value of the lands is determined according to "Market Value Approach (Equivalent Comparison Method)". Gains resulting from revaluation are recognized under "Gain on Revaluation of Property" in other comprehensive income.
In accordance with TFRS 13 "Fair Value Measurement" standard, since measurement techniques do not include observable market inputs, fair values of the lands are considered as level 3 in respect of fair value hierarchy.
| Change in Revaluation | 2024 |
|---|---|
| Opening balance as of 1 January 2024: | 6.959.216 |
| Appreciation (Other Comprehensive Income) | 457.003 |
| Depreciation (Profit / Loss) | -- |
| TOTAL | 7.416.219 |
(Amounts are expressed in Thousand Turkish Lira ("TL") in terms of the purchasing power of the TL at 31 December 2024, unless otherwise indicated.)
Details of the Group's lands and information regarding fair value hierarchy are as follows:
| Fair value as of reporting date | ||||||
|---|---|---|---|---|---|---|
| 31 December | Level 1 | Level 2 | Level 3 | |||
| 2024 | TL | TL | TL | |||
| Macunköy | 3.774.330 | -- | -- | 3.774.330 | ||
| Akyurt | 1.020.485 | -- | -- | 1.020.485 | ||
| Gölbaşı | 7.953 | -- | -- | 7.953 | ||
| Oğulbey | 395.757 | -- | -- | 395.757 | ||
| Gölbek | 2.820 | -- | -- | 2.820 | ||
| Temelli | 2.214.034 | -- | -- | 2.214.034 | ||
| Denizli | 840 | -- | -- | 840 | ||
| 7.416.219 | -- | -- | 7.416.219 | |||
| Fair value as of reporting date | ||||||
| 31 December | Level 1 | Level 2 | Level 3 | |||
| 2023 | TL | TL | TL | |||
| Macunköy | 3.385.596 | -- | -- | 3.385.596 | ||
| Akyurt | 997.535 | -- | -- | 997.535 | ||
| Gölbaşı | 7.218 | -- | -- | 7.218 | ||
| Oğulbey | 361.114 | -- | -- | 361.114 | ||
| Gölbek | 2.397 | -- | -- | 2.397 | ||
| Temelli | 2.204.519 | -- | -- | 2.204.519 |
The fair value level action table as of 31 December 2024 are as follows:
| Fair Value Level as of Reporting Date | |||
|---|---|---|---|
| Level 1 Level 2 Level 3 |
|||
| TL | TL | TL | |
| 1 January 2024 | -- | -- | 6.959.216 |
| Additions (Net) | -- | -- | 457.003 |
| 31 December 2024 | -- | -- | 7.416.219 |
Denizli 837 -- -- 837
6.959.216 -- -- 6.959.216
(Amounts are expressed in Thousand Turkish Lira ("TL") in terms of the purchasing power of the TL at 31 December 2024, unless otherwise indicated.)
| Rights | costs | assets1 | Total |
|---|---|---|---|
| 1.268.557 | 24.341.838 | 3.580.784 | 29.191.179 |
| 88.685 | 14.976.686 | 206.550 | 15.271.921 |
| (119.282) | (10.125.621) | (300.141) | (10.545.044) |
| -- | -- | -- | -- |
| 1.237.960 | 29.192.903 | 3.487.193 | 33.918.056 |
| 11.652.391 | |||
| 920.379 | |||
| (28.947) | (155.641) | (301.505) | (486.093) |
| 12.086.677 | |||
| 372.554 | 21.154.321 | 304.504 | 21.831.379 |
| 858.249 36.104 865.406 |
Development 7.516.811 677.412 8.038.582 |
Other intangible 3.277.331 206.863 3.182.689 |
1Other intangible assets include licences related to computer software and right of usage assets.
(Amounts are expressed in Thousand Turkish Lira ("TL") in terms of the purchasing power of the TL at 31 December 2024, unless otherwise indicated.)
| Other | ||||
|---|---|---|---|---|
| Development | intangible | |||
| Rights | costs | assets1 | Total | |
| Cost | ||||
| Opening balance as of 1 January | ||||
| 2023 | 1.001.003 | 18.693.664 | 3.402.571 | 23.097.238 |
| Additions | 295.529 | 9.764.337 | 271.118 | 10.330.984 |
| Disposals | (27.975) | (4.116.163) | (92.905) | (4.237.043) |
| Transfers | -- | -- | -- | -- |
| Closing balance as of 31 | ||||
| December 2023 | 1.268.557 | 24.341.838 | 3.580.784 | 29.191.179 |
| Accumulated Amortization | ||||
| Opening balance as of 1 January | ||||
| 2023 | 837.295 | 6.075.582 | 3.001.015 | 9.913.892 |
| Charge for the period | 41.357 | 1.441.229 | 325.616 | 1.808.202 |
| Disposals | (20.403) | -- | (49.300) | (69.703) |
| Closing balance as of 31 | ||||
| December 2023 | 858.249 | 7.516.811 | 3.277.331 | 11.652.391 |
| Net book value as of 31 | ||||
| December 2023 | 410.308 | 16.825.027 | 303.453 | 17.538.788 |
The details of amortization expenses regarding intangible assets is as follows:
| 31 December | 31 December | |
|---|---|---|
| 2024 | 2023 | |
| Research and development expenses | 677.413 | 1.190.475 |
| Cost of sales | 76.720 | 382.742 |
| Inventories | 89.608 | 169.804 |
| Marketing expenses | 195 | 3.690 |
| General administrative expenses | 76.443 | 61.491 |
| 920.379 | 1.808.202 |
1Other intangible assets include licences related to computer software and right of usage assets.
(Amounts are expressed in Thousand Turkish Lira ("TL") in terms of the purchasing power of the TL at 31 December 2024, unless otherwise indicated.)
The deferred incentive income shown under consolidated statement of financial position is as follows:
| 31 December | 31 December | |
|---|---|---|
| 2024 | 2023 | |
| Current government grants and incentives | 66.034 | 82.979 |
As part of the Decision on Government Incentives on Investments, there are 11 investment incentives taken from Ministry of Treasury anf Finance. The incentives allow VAT exemption and customs tax exemption. VAT exemption is applied in both domestic and international purchases while customs tax exemption is applied for international purchases.
In Corporate Tax Calculation, no tax payable is calculated because of R&D deduction and deductions due to investment incentive certificates cannot be applied. For this reason, no deferred tax effect is calculated for the temporary differences arising from investment incentives.
Government grants show the unearned proportion of the grant after the costs related with the completed parts of the projects are deducted from the grants taken by the Group for the ongoing projects that was obtained as of the reporting date.
The incentive obtained consists of the incentives that are accrued in accordance with TÜBİTAK's R&D recognition letter prepared with respect to the Group's ongoing projects.
The Group obtains capital support from "Support and Price Stabilization Fund" of Central Bank of Türkiye via Ministry of Trade's consent. The Scientific and Technological Research Council of Türkiye ("TÜBİTAK") and Technology Development Foundation of Türkiye ("TTGV") act as intermediary in accordance with Communiqué No:98/10 published by the Money-Loans and Coordination Board.
In accordance with Law on Technology Development Zones numbered 4691, Group utilizes withholding income tax incentive, social security premium incentive and stamp tax exceptions. Such incentives are utilized through not paying withholding income tax incentive, social security premium incentive and stamp tax exceptions calculated based on research and development and software personnel payroll. Income generated in accordance with law on Technology Development Zones numbered 4691 is exempt from corporate income tax until 31 December 2028.
(Amounts are expressed in Thousand Turkish Lira ("TL") in terms of the purchasing power of the TL at 31 December 2024, unless otherwise indicated.)
The research and development expenditure deduction rate used as a tax benefit has been increased from 40 percent to 100 percent in accordance with the amended article 10 of the Tax Law numbered 5520, the amended article 89 of Law numbered 193 and 5746 with respect to the Support of Research and Development Activities. The aforementioned law was enacted of April 2008 after its issue in the Official Gazette dated 12 March 2008, numbered 26814. In accordance to the Law regarding the Incentive of Research and Development Activities numbered 6676 published on Official Gazettes numbered 29636 on 26 February 2016 and The Law Regarding the Amendments on Delegated Legislation, the content of the law and incentives has been broadened and additional exceptions has been given. Research and development expenditure may be used as a tax deduction in the determination of the taxable income. If taxable income levels are not sufficient to absorb all available tax deductions, any unused research and development tax deduction is allowed to be carried forward to the next tax period. The remaining amount from previous year is increased according to revaluation ratio defined at Tax Procedure Law. According to the item No. 8 of the related law, all the costs related with research and development can be subjected to deduction until 31 December 2028.
As of 31 December 2024, there is no material borrowing cost regarding the qualifiying assets. (31 December 2023: None).
(Amounts are expressed in Thousand Turkish Lira ("TL") in terms of the purchasing power of the TL at 31 December 2024, unless otherwise indicated.)
a) Provisions
| 31 December | 31 December | |
|---|---|---|
| Other short-term provisions | 2024 | 2023 |
| Provision for warranties1 | 3.940.906 | 4.020.457 |
| Provision for onerous contracts | 218.200 | 312.095 |
| Provision for delay penalties2 | 1.915.570 | 1.736.951 |
| Sales commission | 114.715 | 6.869 |
| Provision for legal cases | 54.616 | 52.537 |
| Provision for cost expenses | 646.966 | 214.350 |
| Other | 21.732 | 16.115 |
| 6.912.705 | 6.359.374 |
The movement of the provision for warranties is as follows:
| 1 January- | 1 January | |
|---|---|---|
| 31 December | 31 December | |
| 2024 | 2023 | |
| Opening balance | 4.020.457 | 4.738.848 |
| Provision during the period | 4.021.427 | 3.034.652 |
| Realized during the period | (2.865.181) | (1.863.070) |
| Monetary gain/(loss) | (1.235.797) | (1.889.973) |
| Closing balance | 3.940.906 | 4.020.457 |
The movement of the provision for onerous contracts is as follows:
| 1 January- | 1 January | |
|---|---|---|
| 31 December | 31 December | |
| 2024 | 2023 | |
| Opening balance | 312.095 | 666.399 |
| Provision reversed during the period | 2.036 | (92.339) |
| Monetary gain/(loss) | (95.931) | (261.965) |
| Closing balance | 218.200 | 312.095 |
1 The Group's provision for warranty is based on sales under warranty are estimated in accordance with historical data. Provision for warranty is calculated by using warranty rate included in the contract as long as the invoice issued throughout the life of the Contract
2 Provision for delay penalties and fines are calculated in accordance with interest rates mentioned in the agreement for defaulet and within the client's knowledge.
(Amounts are expressed in Thousand Turkish Lira ("TL") in terms of the purchasing power of the TL at 31 December 2024, unless otherwise indicated.)
The movement of the provision for delay penalties is as follows:
| 1 January 31 December |
1 January 31 December |
|
|---|---|---|
| 2024 | 2023 | |
| Opening balance | 1.736.951 | 3.099.164 |
| Provision during the period | 1.828.355 | 1.147.629 |
| Realized during the period | (479.286) | (287.721) |
| Provision reversed during the period | (636.551) | (1.003.825) |
| Monetary gain/(loss) | (533.899) | (1.218.296) |
| Closing balance | 1.915.570 | 1.736.951 |
The movement of the provision for legal cases is as follows:
| 1 January- | 1 January | |
|---|---|---|
| 31 December | 31 December | |
| 2024 | 2023 | |
| Opening balance | 52.537 | 79.232 |
| Provision during the period | 31.479 | 20.087 |
| Realized during the period | (13.252) | (15.635) |
| Monetary gain/(loss) | (16.148) | (31.147) |
| Closing balance | 54.616 | 52.537 |
| 31 December | 31 December | |
|---|---|---|
| Other long-term provisions | 2024 | 2023 |
| Provision for delay penalties | 503.017 | 482.305 |
| Provision for onerous contracts | 8.507.865 | 5.004.504 |
| 9.010.882 | 5.486.809 |
The movement of the provision for delay penalties is as follows:
| 1 January | 1 January | |
|---|---|---|
| 31 December | 31 December | |
| 2024 | 2023 | |
| Opening balance | 482.305 | 794.709 |
| Provision during the period | 168.961 | -- |
| Monetary gain/(loss) | (148.249) | (312.404) |
| Closing balance | 503.017 | 482.305 |
The movement of the provision for onerous contacts is as follows:
| 1 January- | 1 January | |
|---|---|---|
| 31 December | 31 December | |
| 2024 | 2023 | |
| Opening balance | 5.004.503 | 5.464.840 |
| Provision during the period | 5.041.633 | 1.687.917 |
| Monetary gain/(loss) | (1.538.271) | (2.148.253) |
| Closing balance | 8.507.865 | 5.004.504 |
(Amounts are expressed in Thousand Turkish Lira ("TL") in terms of the purchasing power of the TL at 31 December 2024, unless otherwise indicated.)
There has not been any final judicial decision against the Group due to the responsibility related with work accidents within 2024.
As of the dates 31 December 2024 and 31 December 2023, according to the declarations written by the legal counselors, the lawsuits and legal executions in favor of and against the Group are as follows:
| Description | 2024 | 2023 | |
|---|---|---|---|
| a) | Ongoing lawsuits filed by the Group | 42.865 | 57.058 |
| b) | Execution proceedings carried out by the | ||
| Group | 746.897 | 959.986 | |
| c) | Ongoing lawsuits filed against the Group | 54.616 | 42.006 |
| d) | Executions against the Group | 19.169 | 21.081 |
| e) | Lawsuits finalized against the Group within the | ||
| period | 7.059 | 12.791 | |
| f) | Lawsuits finalized in favor of the Group within | ||
| the period | 4.954 | 9.983 |
(Amounts are expressed in Thousand Turkish Lira ("TL") in terms of the purchasing power of the TL at 31 December 2024, unless otherwise indicated.)
| 31 December 2024 |
31 December 2023 |
|
|---|---|---|
| Letters of guarantees received from the suppliers | 9.776.102 | 13.059.691 |
| Collaterals received from the customers | 676.618 | 866.086 |
| Letters of guarantees received from the customers | 44.708 | 38.473 |
| Collaterals received from the suppliers | 1.386.122 | 1.439.950 |
| Letters of guarantees received from the suppliers | 470.987 | 43.666 |
| Letters of guarantees received from the customers | 2.000 | -- |
| 12.356.537 | 15.447.866 |
The collaterals/pledges/mortgages ("CPM") given by the Group as of 31 December 2024 and 31 December 2023 is as follows:
In accordance with the terms of the Patrol and Anti-Submarine Warfare Ship Projects ("MİLGEM"), the Company is a guarantor if HAVELSAN cannot be able to fulfill the obligations in this project of an amount of USD 294.402.
(Amounts are expressed in Thousand Turkish Lira ("TL") in terms of the purchasing power of the TL at 31 December 2024, unless otherwise indicated.)
| 31 December 2024 | TL Equivalent | TL | USD | EURO | ROL | Qatar Rial |
|---|---|---|---|---|---|---|
| A. Total amount of CPM given on behalf of the legal | ||||||
| entity | ||||||
| -Collateral | 15.671.947 | 2.159.177 | 278.011 | 100.387 | 4.004 | 250 |
| -Pledge | -- | -- | -- | -- | -- | -- |
| -Mortgage | -- | -- | -- | -- | -- | -- |
| B. Total amount of CPM given on behalf of the | ||||||
| subsidiaries included in full consolidation | ||||||
| -Collateral | 146.972 | -- | -- | 4.000 | -- | -- |
| -Pledge | -- | -- | -- | -- | -- | -- |
| -Mortgage | -- | -- | -- | -- | -- | -- |
| C. Total amount of CPM given to maintain operations | ||||||
| and collect payables from third parties | ||||||
| -Collateral | -- | -- | -- | -- | -- | -- |
| -Pledge | -- | -- | -- | -- | -- | -- |
| -Mortgage | -- | -- | -- | -- | -- | -- |
| D. Total amount of other CPM given | ||||||
| i. Total Amount of CPM on behalf of the main partner | ||||||
| -Collateral | -- | -- | -- | -- | -- | -- |
| -Pledge | -- | -- | -- | -- | -- | -- |
| -Mortgage | -- | -- | -- | -- | -- | -- |
| ii. Total amount of CPM given on behalf of other | ||||||
| 1 group companies that do not cover B and C |
||||||
| -Collateral | 44.734 | -- | 1.270 | -- | -- | -- |
| -Pledge | -- | -- | -- | -- | -- | -- |
| -Mortgage | -- | -- | -- | -- | -- | -- |
| iii. Total amount of CPM on behalf of third parties | ||||||
| that do not cover | ||||||
| -Collateral | -- | -- | -- | -- | -- | -- |
| -Pledge | -- | -- | -- | -- | -- | -- |
| -Mortgage | -- | -- | -- | -- | -- | -- |
| Total | 15.863.653 | 2.159.177 | 279.281 | 104.387 | 4.004 | 250 |
The Group is responsible as joint guarantor for the portion amounting to EURO 2,5 Million of investment credit amounting to EURO 5 Million which will be used by ASELSAN Optik , the Group's joint venture.
1 The ratio of the other CPM given by the Group to equity as of 31 December 2024 is 0,03 percent. TL 44.734 is the collateral amount pertaing to guarantee letter given on behalf of the entity's joint venture ASELSAN Bilkent.
(Amounts are expressed in Thousand Turkish Lira ("TL") in terms of the purchasing power of the TL at 31 December 2024, unless otherwise indicated.)
| 31 December 2023 | TL Equivalent | TL | USD | EURO | ROL | Qatar Rial |
|---|---|---|---|---|---|---|
| A. Total amount of CPM given on behalf of the legal | ||||||
| entity | ||||||
| -Collateral | 22.024.907 | 1.968.929 | 304.953 | 149.406 | 6.952 | 535 |
| -Pledge | -- | -- | -- | -- | -- | -- |
| -Mortgage | -- | -- | -- | -- | -- | -- |
| B. Total amount of CPM given on behalf of the | ||||||
| subsidiaries included in full consolidation | ||||||
| -Collateral | 188.120 | -- | -- | 4.000 | -- | -- |
| -Pledge | -- | -- | -- | -- | -- | -- |
| -Mortgage | -- | -- | -- | -- | -- | -- |
| C. Total amount of CPM given to maintain operations | ||||||
| and collect payables from third parties | ||||||
| -Collateral | -- | -- | -- | -- | -- | -- |
| -Pledge | -- | -- | -- | -- | -- | -- |
| -Mortgage | -- | -- | -- | -- | -- | -- |
| D. Total amount of other CPM given | ||||||
| i. Total Amount of CPM on behalf of the main partner | ||||||
| -Collateral | -- | -- | -- | -- | -- | -- |
| -Pledge | -- | -- | -- | -- | -- | -- |
| -Mortgage | -- | -- | -- | -- | -- | -- |
| ii. Total amount of CPM given on behalf of other |
||||||
| 1 group companies that do not cover B and C |
||||||
| -Collateral | 90.105 | -- | 2.120 | -- | -- | -- |
| -Pledge | -- | -- | -- | -- | -- | -- |
| -Mortgage | -- | -- | -- | -- | -- | -- |
| iii. Total amount of CPM on behalf of third parties | ||||||
| that do not cover | ||||||
| -Collateral | -- | -- | -- | -- | -- | -- |
| -Pledge | -- | -- | -- | -- | -- | -- |
| -Mortgage | -- | -- | -- | -- | -- | -- |
| Total | 22.303.132 | 1.968.929 | 307.073 | 153.406 | 6.952 | 535 |
The Group is responsible as joint guarantor for the portion amounting to EURO 2,5 Million of investment credit amounting to EURO 5 Million which will be used by ASELSAN Optik , the Group's joint venture.
1 The ratio of the other CPM given by the Group to equity as of 31 December 2023 is 0,07 percent. TL 90.105 is the collateral amount pertaing to guarantee letter given on behalf of the entity's joint venture ASELSAN Bilkent.
(Amounts are expressed in Thousand Turkish Lira ("TL") in terms of the purchasing power of the TL at 31 December 2024, unless otherwise indicated.)
| 31 December 2024 | 31 December 2023 | |
|---|---|---|
| Social security premiums payable | 1.559.059 | 773.007 |
| Taxes and funds payable | 786.883 | 444.575 |
| Due to personnel | 1.194.626 | 521.694 |
| 3.540.568 | 1.739.276 |
| 31 December 2024 | 31 December 2023 | |
|---|---|---|
| Provision for vacation pay and overtime | 1.134.076 | 1.013.031 |
| Bonus provision | 1.923.839 | 1.293.790 |
| 3.057.915 | 2.306.821 |
As of 31 December the movement of the provision for vacation pay and overtime is as follows:
| 2024 | 2023 | |
|---|---|---|
| Opening balance | 1.013.031 | 669.375 |
| Provision for the period | 945.342 | 863.461 |
| Provision paid during the period | (397.634) | (211.676) |
| Provision realized during the period | (115.354) | (44.996) |
| Monetary gain/(loss) | (311.309) | (263.133) |
| Closing balance | 1.134.076 | 1.013.031 |
| 31 December 2024 | 31 December 2023 | |
|---|---|---|
| Provision for severance pay | 1.051.359 | 1.535.147 |
| 1.051.359 | 1.535.147 |
As of 31 December the movement of severance and retirement pays are as follows:
| 2024 | 2023 | |
|---|---|---|
| Opening balance | 1.535.147 | 1.378.368 |
| Service cost | 60.724 | 183.016 |
| Interest cost | 26.347 | 25.551 |
| Actuarial gains/(loss) | 347.128 | 329.033 |
| Payments | (446.117) | (156.658) |
| Monetary gain/(loss) | (471.870) | (224.163) |
| Closing balance | 1.051.359 | 1.535.147 |
In accordance with the Labor Law Legislations, the Group is obliged to make legal severance indemnity payments to entitled employees whose employment has been terminated. Furthermore, with regard to Social Security Law numbered 506 dated 6 March 1981, number 2422 dated 25 August 1999 and law numbered 4447, article 60 denotes the legal obligation to make severance payments to all employees who are entitled to indemnity by the date of leave of employment.
(Amounts are expressed in Thousand Turkish Lira ("TL") in terms of the purchasing power of the TL at 31 December 2024, unless otherwise indicated.)
Certain provisions regarding services before retirement, has been annulled on 23 May 2002 during the revision of the related law. As of 31 December 2024 severance payments are calculated on the basis of 30 days' pay, limited to a ceiling of TL 41.828,421 (31 December 2023: 35.058,58 TL 1 )
As of 1 January 2024, the ceiling for the severance payments is TL 46.655,43. 1
The liability is not funded, as there is no funding requirement. The provision has been calculated by estimating the present value of the future probable obligation of the Group arising from the retirement of employees. TAS 19 ("Employee Benefits") requires actuarial valuation methods to be developed to estimate the entity's obligation under defined benefit plans.
Accordingly, the following actuarial assumptions were used in the calculation of the total liability:
| 31 December 2024 (%) |
31 December 2023 (%) |
|
|---|---|---|
| Interest rate | 24,90 | 25,50 |
| Inflation rate | 21,05 | 21,70 |
| Discount ratio | 3,18 | 3,12 |
| Estimation of probability of retirement ratio | 94 | 94 |
1 Tutar tam TL olarak gösterilmiştir.
(Amounts are expressed in Thousand Turkish Lira ("TL") in terms of the purchasing power of the TL at 31 December 2024, unless otherwise indicated.)
| 31 December 2024 | 31 December 2023 | |
|---|---|---|
| VAT carried forward 1 | 1.760.513 | 2.262.580 |
| Other VAT | 1.083.029 | 1.557.646 |
| Other 2 | 113.437 | 167.033 |
| 2.956.979 | 3.987.259 |
| 31 December 2024 | 31 December 2023 | |
|---|---|---|
| VAT carried forward22 | 956.769 | 121.624 |
| Prepaid taxes and funds | 166.238 | 194.035 |
| Other 2 | 15.883 | 35.475 |
| 1.138.890 | 351.134 |
| 31 December 2024 | 31 December 2023 | |
|---|---|---|
| Taxes and funds payable | 6.499 | 9.036 |
| Other 2 | 28.460 | 5.795 |
| 34.959 | 14.831 |
| 31 December 2024 | 31 December 2023 | |
|---|---|---|
| Other | 40.179 | 7.042 |
| 40.179 | 7.042 | |
1 Taxpayers (Contractor/the Group) who deliver goods and provides services to the Natural Security Institutions (such as MOD and UDI) are to be approved by purchasers (contacting authority) in terms of content and nature accordingly. Value Added Tax (VAT) is exempted as of 1 March 2009 in accordance with General Declaration on Value Added Tax with the Serial Number 112 in the Official Gazette as of 12 February 2009. These amounts usually are not collected, but they are offset with other tax liabilities.
2 Mainly comprises of other assets and liabilities of consolidated subsidiaries.
(Amounts are expressed in Thousand Turkish Lira ("TL") in terms of the purchasing power of the TL at 31 December 2024, unless otherwise indicated.)
| Capital | ||||
|---|---|---|---|---|
| Shareholders | Share (%) | 31 December 2024 | Share (%) | 31 December 2023 |
| TSKGV | 74,20 | 3.383.302 | 74,20 | 3.383.302 |
| Publicly held | 25,80 | 1.176.698 | 25,80 | 1.176.698 |
| Nominal capital | 100 | 4.560.000 | 100 | 4.560.000 |
| Share capital adjustment | 24.199.143 | 24.199.143 | ||
| Inflation adjusted capital | 28.759.143 | 28.759.143 | ||
The Group's nominal capital is TL 4.560.000 comprising 4.560.000.000 shares each of which is TL 1. A total of 2.421.818.182 of the shares constitutes "Group A" and 2.138.181.818 of the shares constitutes "Group B" shares. All of the shares are nominative. "Group A" shares are privileged nominative shares and 6 Members of the Board of Directors are assigned from the holders of nominative "Group A" type shareholders or from the ones nominated by "Group A" type shareholders. Moreover, the Board of Directors shall be authorized in matters regarding issuing preferred shares or issuing shares above the nominal values. Regarding capital increases by restricting preemptive rights, the shares to be issued shall be "Group B". In accordance with the CMB's legislation, other Members of the Board of Directors, not including elected Independent Members of the Board of Directors, are assigned from nominative "Group A" shareholders or elected from among candidate nominated by "Group A" shareholders.
In accordance with Capital Markets Board's Communique Serial II No:19.1 "Share of Profit", effective as of 1 February 2014, and with regard to the Turkish Commercial Code ("TCC"), legal reserves in publicly held companies will be generated by 5 percent of income until it reaches 20 percent of paid-in share capital. After the 5 percent of the dividend is paid to shareholders, 10 percent of the total distributed to shareholders and employees can be added in the other legal reserve. Under the TCC, the legal reserves can be used only to offset losses for the going concern of the company or to prevent unemployment as long as the amount does not exceed 50 percent of the paid-in capital.
Accumulated profits apart from net profit for the year and extraordinary reserves which is accumulated profit by nature are shown under retained earnings.
(Amounts are expressed in Thousand Turkish Lira ("TL") in terms of the purchasing power of the TL at 31 December 2024, unless otherwise indicated.)
Publicly traded companies perform dividend distribution in accordance with Capital Markets Board's Communique Serial II No: 19.1 "Share of Profit", effective as of 1 February 2014.
Shareholders, distribute dividend with general assembly decision, within the context of profit distribution policies set by general assembly and related regulations. As part of the communique, no specific minimum distribution ratio is indicated. Companies pay dividend as defined in their articles of association or dividend distribution policies.
As a result of the 49th Ordinary General Assembly Meeting of the Company held on 14 June 2024; of the net profit for the period obtained from its activities in 2023;
In accordance with Article 519/(1) of the Turkish Commercial Code, General Legal Reserves amounting to TL 456.000.000,- is going to be allocated,
Out of net distributable profit to the shareholders for the period, calculated in the framework of the dividend distribution regulations and decisions of the Capital Markets Board, gross, TL 510.000.000,- (Kuruş 11,184211 per share of TL 1 and 11,184211% on the basis of the capital) (net TL 459.000.000,- Kuruş 10,06579 per share of TL 1 and 10,06579% on the basis of the capital) shall be distributed in the form of cash,
In accordance with Article 519/2 of the Turkish Commercial Code, General Legal Reserves amounting to TL 28.200.000,- is going to be allocated,
The remaining profit is going to be allocated as Extraordinary Legal Reserves,
and distribution of the cash dividends to the shareholders is decided to be distributed as of 25 November 2024.
(Amounts are expressed in Thousand Turkish Lira ("TL") in terms of the purchasing power of the TL at 31 December 2024, unless otherwise indicated.)
| a) Revenue | 1 January- 31 December 2024 |
1 January 31 December 2023 |
|---|---|---|
| Domestic sales | 103.962.192 | 97.019.960 |
| Export sales | 17.146.335 | 9.344.425 |
| Other revenues | 316.811 | 167.810 |
| Sales returns (-) | (1.206.503) | (270.825) |
| Sales discounts (-) | (13.241) | (9.027) |
| 120.205.594 | 106.252.343 |
| 1 January - | 1 January - | |
|---|---|---|
| Revenue Recognized Regarding Performance | 31 December | 31 December |
| Obligation | 2024 | 2023 |
| Over time | 86.457.705 | 78.019.094 |
| Point in time | 33.747.889 | 28.233.249 |
| 120.205.594 | 106.252.343 |
| 1 January- | 1 January | |
|---|---|---|
| 31 December | 31 December | |
| b) Cost of sales(-) | 2024 | 2023 |
| Cost of raw materials and supplies | 58.751.228 | 57.833.274 |
| Cost of merchandise goods sold | 2.865.346 | 418.462 |
| Cost of services sold | 18.360.647 | 11.349.630 |
| Cost of other sales | 2.070.182 | 7.623.365 |
| 82.047.403 | 77.224.731 |
(Amounts are expressed in Thousand Turkish Lira ("TL") in terms of the purchasing power of the TL at 31 December 2024, unless otherwise indicated.)
| 1 January - | 1 January - | |
|---|---|---|
| 31 December | 31 December | |
| 2024 | 2023 | |
| General administrative expenses (-) | 5.275.649 | 4.891.203 |
| Marketing expenses (-) | 2.629.612 | 2.088.462 |
| Research and development expenses (-) | 3.318.260 | 3.819.905 |
| 11.223.521 | 10.799.570 |
| 1 January - | 1 January - | |
|---|---|---|
| 31 December | 31 December | |
| a) General administrative expenses (-) | 2024 | 2023 |
| Personnel expenses | 3.515.516 | 2.870.217 |
| Depreciation and amortization expenses | 830.350 | 1.049.837 |
| Service procurement | 205.087 | 121.293 |
| Rent expenses | 96.283 | 61.985 |
| Travel expenses | 93.046 | 75.855 |
| Insurance expenses | 83.069 | 45.387 |
| Expertise and consultancy expenses | 73.385 | 49.021 |
| Personnel transportation expenses | 50.279 | 38.010 |
| Legal expenses | 39.186 | 22.400 |
| Electricity expenses | 39.086 | 62.795 |
| IT repair and maintenance expenses | 37.492 | 19.546 |
| Cleaning service expenses | 23.703 | 30.372 |
| Subscription and publication expenses | 23.693 | 23.007 |
| Course and seminar expenses | 12.753 | 26.667 |
| Property and environmental cleaning tax | 10.866 | 7.539 |
| Personnel meal expenses | 8.153 | 24.143 |
| Water expenses | 2.212 | 2.684 |
| Vehicle purchase expenses | 857 | 33.224 |
| Other | 130.633 | 327.221 |
| 5.275.649 | 4.891.203 |
(Amounts are expressed in Thousand Turkish Lira ("TL") in terms of the purchasing power of the TL at 31 December 2024, unless otherwise indicated.)
| 1 January | 1 January | |
|---|---|---|
| 31 December | 31 December | |
| b) Marketing expenses (-) |
2024 | 2023 |
| Personnel expenses | 969.831 | 477.850 |
| Subcontractor service expenses | 444.592 | 718.655 |
| Exhibition expenses | 418.994 | 241.628 |
| Travel expenses | 191.843 | 147.747 |
| Shipping and delivery expenses | 110.884 | 40.379 |
| Commission expenses | 80.732 | 108.737 |
| Samples expenses | 42.601 | 31.841 |
| Sponsorship expenses | 41.645 | 69.419 |
| Representation expenses | 35.954 | 14.265 |
| Stamp duty expenses | 33.034 | 10.290 |
| Rent expenses | 28.086 | 15.285 |
| Advertising expenses | 27.067 | 29.681 |
| Packaging expenses | 25.608 | 23.772 |
| Expertise and consultancy expenses | 20.012 | 27.933 |
| Meal expenses | 17.403 | 12.091 |
| Depreciation and amortization expenses | 10.803 | 9.099 |
| Security service | 6.648 | 3.758 |
| Other | 123.875 | 106.032 |
| 2.629.612 | 2.088.462 |
| 1 January 31 December |
1 January 31 December |
|
|---|---|---|
| c) Research and development expenses (-) |
2024 | 2023 |
| Personnel expenses | 2.311.851 | 2.375.951 |
| Depreciation and amortization expenses | 677.413 | 1.190.475 |
| Equipment costs | 310.958 | 249.108 |
| Other | 18.038 | 4.371 |
| 3.318.260 | 3.819.905 |
(Amounts are expressed in Thousand Turkish Lira ("TL") in terms of the purchasing power of the TL at 31 December 2024, unless otherwise indicated.)
| 1 January- | 1 January | |
|---|---|---|
| 31 December | 31 December | |
| 2024 | 2023 | |
| Foreign currency exchange gains | 15.495.532 | 46.758.339 |
| Rediscounted interest income | 1.339.581 | 1.185.522 |
| Granted fixed assets income1 | 127.394 | 134.476 |
| Other income | 516.228 | 313.031 |
| 17.478.735 | 48.391.368 |
| 1 January- 31 December |
1 January 31 December |
|
|---|---|---|
| 2024 | 2023 | |
| Foreign currency exchange losses (-) | 15.239.093 | 28.273.090 |
| Rediscounted interest expense (-) | 704.566 | 1.675.017 |
| Other expense and losses (-) | 1.154.111 | 614.518 |
| 17.097.770 | 30.562.625 |
| 1 January- | 1 January | |
|---|---|---|
| 31 December | 31 December | |
| 2024 | 2023 | |
| Gain/(loss) on sales profit of marketable securities | 21.979 | 17.503 |
| Dividend income | 44.750 | 22.219 |
| Gain/(loss) on sales profit of fixed assets | 18.372 | 9.817 |
| 85.101 | 49.539 |
| 1 January- | 1 January | |
|---|---|---|
| 31 December | 31 December | |
| 2024 | 2023 | |
| Interest income | 979.039 | 685.779 |
| Foreign currency exchange gains from bank loans | 789.154 | 1.020.338 |
| 1.768.193 | 1.706.117 |
1 Granted fixed assets income comprises of fixed assets donated by public bodies and utilized within the scope of research projects conducted with universities. Subsequent to the completion of these projects, the subject matter fixed assets have been incorporated to the Group without any charge.
(Amounts are expressed in Thousand Turkish Lira ("TL") in terms of the purchasing power of the TL at 31 December 2024, unless otherwise indicated.)
| 1 January 31 December 2024 |
1 January 31 December 2023 |
|
|---|---|---|
| Foreign currency exchange losses from bank loans (-) | 3.266.816 | 9.957.016 |
| Interest cost related with employee benefits (-) | 26.347 | 25.551 |
| Interest cost of borrowings (-) | 3.682.492 | 2.771.130 |
| 6.975.655 | 12.753.697 | |
| GAIN/(LOSS) ON NET MONETARY POSITION | ||
| Non-monetary items | ||
| Net Monetary Gain/ (Losses) | 31 December 2024 | |
| Balance Sheet Items | (11.092.286) | |
| Inventories | 2.789.273 | |
| Prepaid expenses | 4.696.212 | |
| Property, plant and equipment | 9.269.919 | |
| Intangible assets | 6.495.544 | |
| Equity accounted investments and financial investments | 3.830.146 | |
| Deferred income | 57.217 | |
| Share capital | (8.839.910) | |
| Share premiums | (6.456.379) | |
| Other comprehensive income / (expense) that will not be reclassified | ||
| to profit or (loss) | (972.181) | |
| Restricted reserves | (1.519.129) | |
| Retained earnings | (20.442.998) | |
| Statement of Profit or Loss Items | (2.777.141) | |
| Revenue | (10.680.060) | |
| Cost of sales (-) | 6.851.569 | |
| General administrative expenses (-) | 428.155 | |
| Marketing expenses (-) | 249.006 | |
| Research and development expenses (-) | 165.038 | |
| Other operating ıncome | (2.684.582) | |
| Other operating expenses (-) | 2.069.591 | |
| Income from investing activities | (6.187) | |
| Financial income | (127.668) | |
| Financial expense (-) | 957.997 | |
| Net Monetary Gain/ (Losses) | (13.869.427) |
(Amounts are expressed in Thousand Turkish Lira ("TL") in terms of the purchasing power of the TL at 31 December 2024, unless otherwise indicated.)
| 31 December 2024 |
31 December 2023 |
|
|---|---|---|
| Gain from revaluation of financial assets that fair value | ||
| reflect in other comprehensive income | (489.897) | -- |
| Revaluation of property | 4.594.565 | 4.194.687 |
| Cumulative Translation Adjustments | (116.805) | 81.229 |
| Loss on remeasurement of defined benefit plans | (1.277.580) | (1.017.234) |
| 2.710.283 | 3.258.682 | |
| 1 January | 1 January | |
| Gain from revaluation of financial assets that fair value | 31 December | 31 December |
| reflect in other comprehensive income: | 2024 | 2023 |
| Opening balance | -- | 1.565.574 |
| Gain from revaluation of financial assets that fair value | ||
| reflect in other comprehensive income | (559.882) | (1.669.946) |
| Deferred tax liability arising from revaluation | 69.985 | 104.372 |
| Closing balance | (489.897) | -- |
Gain from revaluation of financial assets that fair value reflect in other comprehensive income arises due to revaluation of financial investments. When available for sale financial assets are sold, any related amount included in revaluation reserve is transferred to profit or loss.
| 1 January | 1 January | |
|---|---|---|
| 31 December | 31 December | |
| Revaluation of property | 2024 | 2023 |
| Opening balance (Previously reported) | 4.194.687 | 793.145 |
| Increase arising from revaluation of property | 457.003 | 3.887.476 |
| Current period value increase deferred tax effect | (57.125) | (485.934) |
| Closing balance | 4.594.565 | 4.194.687 |
Revaluation of property increase arises from revaluation of the lands. On the subsequent sale or retirement of a revalued property, the attributable revaluation surplus remaining in the properties revaluation reserve is transferred directly to retained earnings.
The fair value of the lands owned by the Group is revalued on 24 December 2024 by Lal Gayrimenkul Değerleme ve Müşavirlik Anonim Şirketi ("Lal Değerleme"), an independent appraisal company.
| 1 January | 1 January | |
|---|---|---|
| 31 December | 31 December | |
| Foreign currency exchange differences: | 2024 | 2023 |
| Opening balance | 81.229 | 473.868 |
| Currency differences from net asset currency translation |
||
| investent in foreign operations | (198.034) | (392.639) |
| Closing balance | (116.805) | 81.229 |
(Amounts are expressed in Thousand Turkish Lira ("TL") in terms of the purchasing power of the TL at 31 December 2024, unless otherwise indicated.)
| 1 January | 1 January | |
|---|---|---|
| Gain/Loss on remeasurement of defined benefit | 31 December | 31 December |
| plans | 2024 | 2023 |
| Opening balance | (1.017.234) | (770.459) |
| Gain/Loss on remeasurement of defined benefit plans | (347.128) | (246.775) |
| Deferred tax on gain/loss on remeasurement of | ||
| defined benefit plans | 86.782 | -- |
| Closing balance | (1.277.580) | (1.017.234) |
| Corporate tax liabilities: | 31 December 2024 | 31 December 2023 |
|---|---|---|
| Current corporate tax provision | 54.072 | 1.630.375 |
| Less: Prepaid taxes and funds | (54.072) | (1.630.375) |
| -- | -- |
| 1 January | 1 January | |
|---|---|---|
| 31 December | 31 December | |
| Tax income: | 2024 | 2023 |
| Current corporate tax (expense) | (54.072) | (1.630.375) |
| Deferred tax income / (expense) | 7.010.938 | 1.868.070 |
| 6.956.866 | 237.695 |
| Tax effects related to components of other comprehensive income |
Amount before tax |
Tax income/expense |
Net of tax amount |
|---|---|---|---|
| Defined benefit plan revaluation gains/losses Revaluation of property |
(347.128) 457.003 |
86.782 (57.125) |
(260.346) 399.878 |
| Cumulative Currency Translation Adjustments | (198.034) | -- | (198.034) |
| Gain from revaluation of financial assets that fair value reflect in other comprehensive |
|||
| income | (559.882) | 69.985 | (489.897) |
| Other comprehensive income in the period | (648.041) | 99.642 | (548.399) |
(Amounts are expressed in Thousand Turkish Lira ("TL") in terms of the purchasing power of the TL at 31 December 2024, unless otherwise indicated.)
| 1 January-31 December 2023 | ||||
|---|---|---|---|---|
| Tax effects related to components of other comprehensive income |
Amount before tax |
Tax income/expense |
Net of tax amount |
|
| Defined benefit plan revaluation gains/losses | (329.033) | 82.258 | (246.775) | |
| Revaluation of property | 3.887.476 | (485.934) | 3.401.542 | |
| Cumulative Currency Translation Adjustments | (392.639) | -- | (392.639) | |
| Gain from revaluation of financial assets that fair value reflect in other comprehensive income |
(1.669.946) | 104.372 | (1.565.574) | |
| Other comprehensive income in the period | 1.495.858 | (299.304) | 1.196.554 | |
| 1 January | 1 January |
| 31 December | 31 December | |
|---|---|---|
| Tax recognized directly in equity | 2024 | 2023 |
| Deferred tax: | ||
| - Revaluation of property | (57.125) | (485.934) |
| - Gain from revaluation of financial assets that | ||
| fair value reflect in other comprehensive income | 69.985 | 104.372 |
| - Actuarial gain/loss | 86.782 | 82.258 |
| Deferred tax recognized directly in equity | 99.642 | (299.304) |
The Group is subject to Turkish corporate taxes. The corporate income tax is declared until the relevant accounting period-end's following fourth month, twenty-fifth day's evening and it is batch paid until the end of the related month. In accordance with the tax legislation, quarterly 25 percent (31 December 2023: 25 percent) on profits of advance tax is being calculated and paid. The amounts paid in this way are deducted by the tax on annual earning.
In accordance with the tax legislation in Türkiye, financial losses could be carried forward for a maximum of five years that the year they appeared. Besides, tax returns and the related accounting records may be reviewed within five years by the tax administration.
Provision is made in the accompanying consolidated financial statements for the estimated change based on the Group's results for the year. Turkish tax legislation does not permit a parent company and its subsidiary to file a consolidated tax return. Therefore, provisions for taxes, as reflected in the accompanying consolidated financial statements, have been calculated on a separate entity bases.
Corporate tax rate that will be accrued based on rate able profit of the company is calculated on a basis by including disallowed deductions written of as expense when determining commercial profit with excluding tax-exempt profits and other discounts (also previous year losses and investments allowances used, if preferred)
The tax rate in 2024 is 25 percent (31 December 2023: 25 percent).
(Amounts are expressed in Thousand Turkish Lira ("TL") in terms of the purchasing power of the TL at 31 December 2024, unless otherwise indicated.)
The Group recognizes deferred tax assets and liabilities based upon temporary differences arising from its financial statements as reported for TFRS purposes and its statutory tax financial statements. These differences usually result in the recognition of revenue and expenses in different reporting periods for TFRS and tax purposes and the differences are given below.
In Türkiye, the corporate tax rate is 25 percent as of 31 December 2024 (2023: 25 percent). The corporate tax rate is applied to the net corporate income resulting from the addition of expenses that are not allowed to be deducted in accordance with the tax laws to the commercial income of the institutions, and the exemptions and deductions included in the tax laws.
company and its subsidiaries to file a consolidated tax return. Therefore, provision for taxes, as reflected in the consolidated financial statements, has been calculated on a separate-entity basis.
The dividend income (excluding the participation certificates of investment funds and profit shares derived from the share certificates of investment trusts) derived by entities from the participation in the capital of another resident entity is exempt from corporate tax. Furthermore, 75 percent of the income derived by entities from the sale of participation shares and real estates (immovable property) preferential rights, founders' shares and redeemed shares which are carried in assets at least for two years is exempt from corporate tax as of 31 December 2024. However, according to the amendments by Law numbered 7061, this rate is reduced from 75 percent to 50 percent with regard to immovable properties and tax declarations starting from 2019 will be calculated using 50 percent for immovable properties. In order to be able to benefit from the exemption, the relevant income should be kept under a fund account in the liabilities and should not be withdrawn from the enterprise for 5 years. The sales amount should be collected by the end of the second calendar year following the year of sale.
(Amounts are expressed in Thousand Turkish Lira ("TL") in terms of the purchasing power of the TL at 31 December 2024, unless otherwise indicated.)
The details of deferred tax assets and liabilities of the Group are as follows:
| Deferred Tax Assets/Liabilities: | 31 December 2024 | 31 December 2023 |
|---|---|---|
| Discount on receivables | 171.731 | 321.931 |
| Adjustment to costs and provision for expected losses | ||
| of construction contracts | 18.033.173 | 11.705.753 |
| Capitalized research-development expense | 28.679 | 1.717 |
| Allowance for impairment on inventories | (35.284) | 9.866 |
| Provision for delay penalties 327.358 | 604.647 | 554.814 |
| Provision for warranties | 970.135 | 1.009.223 |
| Provision for severance pay | 254.852 | 279.885 |
| Provision for annual leave | 764.239 | 359.670 |
| Provision for doubtful receivables | 289 | 294 |
| Other | 31.865 | 21.714 |
| Accumulated research and development incentive | 8.769.035 | 4.172.020 |
| Discount on payables | (62.960) | (56.080) |
| Adjustment of progress payments for long- term | ||
| construction projects | (20.346.671) | (13.475.111) |
| Depreciation of fixed assets / amortization of | ||
| intangible assets | 2.229.245 | 363.225 |
| Fixed assets revaluation fund | (543.059) | (485.934) |
| Gain on revaluation of available for sale financial | ||
| assets | 241.493 | 171.508 |
| Monetary gain/(loss) | (2.946.352) | (3.911.464) |
| Other | (16.970) | (5.524) |
| Deferred tax assets | 29.117.748 | 15.060.157 |
| Deferred tax liabilities | (20.969.661) | (14.022.650) |
| Deferred tax assets – net | 8.148.087 | 1.037.507 |
(Amounts are expressed in Thousand Turkish Lira ("TL") in terms of the purchasing power of the TL at 31 December 2024, unless otherwise indicated.)
| 1 January- | 1 January | |||
|---|---|---|---|---|
| 31 December | 31 December | |||
| Movement of deferred tax | 2024 | 2023 | ||
| assets/(liabilities): | ||||
| Opening balance as of 1 January | 1.037.507 | (531.259) | ||
| Charged to statement of profit or loss | 7.010.938 | 1.868.070 | ||
| Charged to equity | 99.642 | (299.304) | ||
| 8.148.087 | 1.037.507 | |||
| Effective | Effective | |||
| Tax | 1 January | Tax | 1 January | |
| Rate | 31 December | Rate | 31 December | |
| Tax reconciliations: | (%) | 2024 | (%) | 2023 |
| Profit before tax from continuing | ||||
| operations | 22.135.280 | 25.056.617 | ||
| Income tax rate | %25 | %25 | ||
| Tax at the domestic income tax rate | 25 | 5.533.820 | 25 | 6.264.154 |
| Tax effects of: | ||||
| - revenue that is exempt from taxation - expenses that are not deductible in |
(2) | (459.389) | (1) | (198.919) |
| determining taxable profit - R&D incentives and other income |
4 | 935.387 | 4 | 1.028.556 |
| exempt from taxation | (76) | (16.813.565) | (43) | (10.697.734) |
| - monetary gaion/(loss) | 17 | 3.847.957 | 13 | 3.303.101 |
| - effect of other adjustments | (0,0) | (1.076) | (0,3) | 63.147 |
| Tax (income) / expense recognized in | ||||
| profit or loss | (31) | (6.956.866) | (1) | (237.695) |
(Amounts are expressed in Thousand Turkish Lira ("TL") in terms of the purchasing power of the TL at 31 December 2024, unless otherwise indicated.)
Earnings per share is calculated by dividing profit or loss attributable to ordinary equity holders of the parent entity by the weighted average number of ordinary shares outstanding during the period. The Group does not have diluted shares.
For the years ended 31 December 2024 and 2023, earnings per share calculations are as follows:
| 1 January- | 1 January | |
|---|---|---|
| 31 December | 31 December | |
| 2024 | 2023 | |
| Number of shares outstanding (in | ||
| thousands) | 4.560.000 | 4.560.000 |
| Net profit – TL | 15.298.743 | 10.525.898 |
| Earnings per 100 shares | 335,50 | 230,83 |
| Diluted earnings per 100 shares | 335,50 | 230,83 |
| 31 December 2024 | 31 December 2023 | |
|---|---|---|
| a) Available for sale financial | ||
| investments | 7.874.499 | 8.434.381 |
| b) Financial investments valued at cost | ||
| that do not have a quoted market | ||
| value | 214.906 | 111.092 |
| 8.089.405 | 8.545.473 |
| 31 December 2024 | 31 December 2023 | |
|---|---|---|
| Fair value difference reflect in other | ||
| comprehensive income that are not | ||
| traded in an active market | 8.089.405 | 8.545.473 |
| 8.089.405 | 8.545.473 |
ROKETSAN which is Group's equity investment is revalued and stated at fair value. As of 31 December 2024, the revaluation was performed by Oyak Yatırım Menkul Değerler Anonim Şirketi which is an independent valuation company. The fair value was determined according to "Discounted Cash Flow" and "Similar Company Comparison" methodologies. Discount ratio used in "Discounted Cash Flow"method is 11,15 percent (31 December 2023: 12,10 percent).
| Company Name | Ratio(%) | 31 December 2024 | Ratio (%) | 31 December 2023 |
|---|---|---|---|---|
| ROKETSAN | 14,897 | 7.874.499 | 14,897 | 8.434.381 |
(Amounts are expressed in Thousand Turkish Lira ("TL") in terms of the purchasing power of the TL at 31 December 2024, unless otherwise indicated.)
Roketsan shares, shown under available for sale financial investments, are reported on the third level in the fair value hierarchy (Note 33).
The Group's equity investment and participation rate and the amount shown in financial investments are as follows:
| Company Name | Ratio (%) |
31 December 2024 |
Ratio (%) |
31 December 2023 |
|---|---|---|---|---|
| Girişim Sermayesi Yatırım Fonu | 186.908 | 90.613 | ||
| ASPİLSAN | 1 | 27.998 | 1 | 20.479 |
| 214.906 | 111.092 |
The above available-for-sale equity investment amounting to TL 214.906 (31 December 2023: TL 111.092) does not have a quoted market value and the fair value cannot be reliably measured due to a wide range of reasonable fair value estimates is significant and the probabilities of the various estimates cannot be reasonably assessed. For this reason they are stated at cost less provision for diminution in value, if any.
(Amounts are expressed in Thousand Turkish Lira ("TL") in terms of the purchasing power of the TL at 31 December 2024, unless otherwise indicated.)
| 31 December | 31 December | ||
|---|---|---|---|
| 2024 | 2023 | ||
| Short-term financial liabilities | Unsecured loan | 13.504.216 | 15.982.672 |
| Other short-term financial liabilities | Unsecured loan | 60.552 | 897.283 |
| Current portion of long-term financial | |||
| liabilities | Unsecured loan | 9.270.807 | 10.275.255 |
| Total short-term financial liabilities | 22.835.575 | 27.155.210 | |
| Other long-term financial liabilities | Unsecured loan | 9.726.747 | 1.630.905 |
| Total long-term financial liabilities | 9.726.747 | 1.630.905 | |
| Total financial liabilities | 32.562.322 | 28.786.115 | |
As of 31 December 2024, TL 3.306.861 of the financial debts included in short-term borrowings consists of EUR Rediscount Foreign Currency Loans, which have maturity dates due between May 2025 and December 2025 and the interest rates between 4,29 percent and 4,42 percent. As of 31 December 2024, TL 4.960.292 of the financial debts included in short-term borrowings consists of EUR Spot Loans, which have maturity dates due between January 2025 and November 2025 and the interest rates between 4,30 percent and 5,95 percent. As of 31 December 2024, TL 4.839.193 of financial debts within short-term borrowings consist of USD Spot Loans, which have maturity dates due between February 2025 and August 2025 and the interest rate is between 5,70 percent and 6,75 percent. As of 31 December 2024, TL 35.000 of financial debts within short-term borrowings consist of TL Rediscount Foreign Currency Loans, which have maturity dates due between April 2025 and the interest rates 26,93 percent. As of 31 December 2024, TL 362.870 of financial debts within short-term borrowings consist of TL investment loans, which have maturity dates due between November 2025 and the interest rates 49 percent.
As of 31 December 2024, there are TL 6.613.722 EUR Spot Loans within the short-term borrowings, which have maturity dates due between July 2025 and October 2025, and the interest rates between 4,99 percent and 5,00 percent. As of 31 December 2024, there are TL 2.657.085 USD Spot Loans within the short-term borrowings, which have maturity dates due between February 2025 and August 2025, and the interest rates between 5,25 percent and 5,99 percent.
As of 31 December 2024, TL 60.552 of other short-term financial liabilities were taken within the scope of investment credit, which have maturity dates due November 2025, and the interest rates 49 percent.
As of 31 December 2024, TL 4.115.205 of the financial debts included in the long-term borrowings consists of EUR Spot Loans, which have maturity dates due February 2026 and the interest rates between 4,75 and 5,10 percent. As of 31 December 2024, TL 5.425.392 of the financial debts included in the long-term borrowings consists of USD Spot Loans, which have maturity dates due January 2026 and the interest rates 5,85 percent.
As of 31 December 2024, TL 186.150 of financial debts included in the long-term borrowings were taken within the scope of investment credit, which have maturity dates due December 2026 and the interest rate is between 9 percent and 17,50 percent.
(Amounts are expressed in Thousand Turkish Lira ("TL") in terms of the purchasing power of the TL at 31 December 2024, unless otherwise indicated.)
As of 31 December 2023, TL 6.748.265 of the financial debts included in short-term borrowings consists of EUR Rediscount Foreign Currency Loans, which have maturity dates due between January 2024 and December 2024 and the interest rates between 4,39 percent and 6,50 percent. As of 31 December 2023, TL 2.251.180 of financial debts within short-term borrowings consist of USD Rediscount Foreign Currency Loans, which have maturity dates due between January 2024 and October 2024 and the interest rate is between 6,95 percent and 7,92 percent. As of 31 December 2023, TL 6.983.227 of financial debts within short-term borrowings consist of TL Rediscount Foreign Currency Loans, which have maturity dates due between May 2024 and November 2024 and the interest rates between 14 percent and 27,50 percent.
As of 31 December 2023, there are TL 3.934.827 Rediscount EUR Loans within the short-term borrowings, which have maturity dates due between July 2024 and September 2024, and the interest rates between 8,85 percent and 9,10 percent. As of 31 December 2023, there are TL 5.618.535 Rediscount USD Loans within the short-term borrowings, which have maturity dates due between January 2024 and October 2024, and the interest rates between 7,20 percent and 9,00 percent. As of 31 December 2023, TL 721.893 of financial debts within short-term borrowings consist of TL Rediscount Foreign Currency Loans, which have maturity dates due between October 2024 and November 2024 and the interest rates 10,50 percent. As of 31 December 2023, TL 808.045 of remaining short-term financial debts consist of credit card debts with a maturity of 45 days with 1,00 percent interest rate to pay social security payments. As of 31 December 2023, TL 89.238 of current portion of long-term financial liabilities were taken within the scope of investment credit, which have maturity dates due March 2024, and the interest rates 15 percent.
As of 31 December 2023, TL 337.181 of the financial debts included in the long-term borrowings consists of EUR Rediscount Foreign Currency Loans, which have maturity dates due March 2025 and the interest rate varies according to EURIBOR. As of 31 December 2023, TL 1.293.724 of financial debts included in the long-term borrowings were taken within the scope of investment credit, which have maturity dates due October 2025 and the interest rate is between 21 percent and 24 percent.
| 31 December 2024 | |||||
|---|---|---|---|---|---|
| Currency | Weighted average interest rate (%) |
Short-term | Long-term | ||
| Euro | 4,92% | 14.904.972 | 4.121.869 | ||
| TL | 26,93% | 726.358 | 209.058 | ||
| USD | 5,83% | 7.204.245 | 5.395.820 | ||
| 22.835.575 | 9.726.747 | ||||
| 31 December 2023 | |||||
| Currency | Weighted average interest rate (%) |
Short-term | Long-term | ||
| Euro | 6,12% | 10.961.984 | 392.621 | ||
| TL | 23,78% | 8.621.229 | 1.238.284 | ||
| USD | 7,96% | 7.571.997 | -- | ||
| 27.155.210 | 1.630.905 |
(Amounts are expressed in Thousand Turkish Lira ("TL") in terms of the purchasing power of the TL at 31 December 2024, unless otherwise indicated.)
The breakdown of the loan repayments with respect to their maturities is as follows:
| 31 December 2024 | 31 December 2023 | |
|---|---|---|
| Within 1 year | 22.835.575 | 27.155.210 |
| Between 1-2 years | 9.726.747 | 1.630.905 |
| 32.562.322 | 28.786.115 |
The Group manages its capital to ensure that entities in the Group will be able to continue as a going concern while maximizing the return through the optimization of the debt and equity balance. The capital structure of the Group consists of debt, which includes the borrowings as explained Note 31, cash and cash equivalents and equity attributable to equity holders of the parent, comprising issued capital, reserves and retained earnings. The Group's board of directors review capital structure regularly in the meetings. The risks that are associated with every equity item together with the Group's cost of capital are evaluated by the board of directors. Based on the recommendations of the board, the Group aims to balance its overall capital structure through the payment of dividends.
Net debt and share capital as of 31 December 2024 and 2023 is as follows:
| 31 December 2024 | 31 December 2023 | |
|---|---|---|
| Total financial liabilities | 32.562.322 | 28.786.115 |
| Less: Cash and cash equivalents | (16.636.200) | (9.542.175) |
| Net debt (asset) | 15.926.122 | 12.243.940 |
| Total equity | 141.359.149 | 127.602.504 |
| Net debt/total equity | 11% | 15% |
It refers to the risks arising from the financial structure and financial preferences of the Group. Exchange rate, liquidity and interest rate risks are some risks under this heading. The Group's overall risk management program focuses on the unpredictability of financial markets and seeks to minimize potential adverse effects on the Group's financial performance.
ASELSAN's Enterprise Risk Management Policy aims; to take proper actions against uncertainties that threaten the existence of the Company and to protect corporate identity and stakeholders' interest at all conditions. Risk management is an integrated element of Corporate Management. The information gathered within the scope of risk management activities in ASELSAN is integrated into decision making mechanisms. The "top-down" and "bottom-up" approach is being applied into Enterprise Risk Management activities together. Risks, which are significant enough to affect ASELSAN's achievement of its targets, are identified, evaluated, monitored and reported along with the risk responses and precautions to be taken. At ASELSAN; The Enterprise Risk Management process is regularly reviewed and improved. ASELSAN's employees and business processes are at the center of the Enterprise Risk Management System. Group's finance department identifies and evaluates financial risks and use tools to reduce risks by working in cooperation with the group's operating units.
(Amounts are expressed in Thousand Turkish Lira ("TL") in terms of the purchasing power of the TL at 31 December 2024, unless otherwise indicated.)
Credit risk refers to the risk that counterparty will default on its contractual obligations resulting in financial loss to the Group. The Group is mainly working with public sector and obtaining advance payments where appropriate, both from public sector and private sector entities.
The Group management does not foresee significant credit risk. Additionally, receivables are monitored regularly to minimize the collection risk.
Carrying values of the financial assets reflect the maximum exposure to credit risk. The credit risks as of reporting date is as follows:
| 31 December 2024 | Receivables | |||||
|---|---|---|---|---|---|---|
| Trade Receivables | Other Receivables | |||||
| Related | Third | Related | Third | Bank | ||
| party | party | party | Party | Deposits | Other | |
| Maximum net credit | ||||||
| risk as of the reporting | ||||||
| date (A+B+C+D)1 | 52.784.880 | 30.549.492 | -- | 2.497.344 | 16.486.763 | 149.437 |
| - The part of maximum | ||||||
| risk under guarantee | ||||||
| with collateral etc.2 | -- | 44.708 | -- | -- | -- | -- |
| A. Net book value of | ||||||
| financial assets that are | ||||||
| neither past due nor | ||||||
| impaired | 52.784.880 | 13.047.652 | -- | 2.497.344 | 16.486.763 | 149.437 |
| B. Net book value of | ||||||
| financial assets that are | ||||||
| past due but not | ||||||
| impaired | -- | 17.501.840 | -- | -- | -- | -- |
| C. Net book value of | ||||||
| impaired assets | -- | -- | -- | -- | -- | -- |
| - Overdue (gross | ||||||
| carrying amount) | -- | 32.291 | -- | -- | -- | -- |
| - Impairment (-) | -- | (32.291) | -- | -- | -- | -- |
| - The part of net value | ||||||
| under guarantee with | ||||||
| collateral etc. | -- | -- | -- | -- | -- | -- |
| - Undue (gross carrying | ||||||
| amount) | -- | -- | -- | -- | -- | -- |
| - Impairment (-) | -- | -- | -- | -- | -- | -- |
| - The part of net value | ||||||
| under guarantee with | ||||||
| collateral etc. | -- | -- | -- | -- | -- | -- |
| D. Factors that include | ||||||
| off balance sheet credit | ||||||
| risks |
1 While determining the amount, components which provide increase on credit reliability, like guarantees received are not taken into consideration.
2 The guarantees consist of the letters of guarantees, collaterals, checks and mortgages.
(Amounts are expressed in Thousand Turkish Lira ("TL") in terms of the purchasing power of the TL at 31 December 2024, unless otherwise indicated.)
Carrying values of the financial assets reflect the maximum exposure to credit risk. The credit risks as of reporting date is as follows:
| 31 December 2023 | Receivables | |||||
|---|---|---|---|---|---|---|
| Trade Receivables | Other Receivables | |||||
| Related | Third | Related | Third | Bank | ||
| party | party | party | party | Deposits | Other | |
| Maximum net credit | ||||||
| risk as of the reporting | ||||||
| date (A+B+C+D)1 | 47.562.159 | 27.807.124 | -- | 2.393.488 | 9.534.485 | 7.690 |
| - The part of maximum | ||||||
| risk under guarantee | ||||||
| with collateral etc.2 | -- | 38.473 | -- | -- | -- | -- |
| A. Net book value of | ||||||
| financial assets that are | ||||||
| neither past due nor | ||||||
| impaired | 47.562.159 | 8.216.341 | -- | 2.393.488 | 9.534.485 | 7.690 |
| B. Net book value of | ||||||
| financial assets that are | ||||||
| past due but not | ||||||
| impaired | -- | 19.590.783 | -- | -- | -- | -- |
| C. Net book value of | ||||||
| impaired assets | -- | -- | -- | -- | -- | -- |
| - Overdue (gross | ||||||
| carrying amount) | -- | 76.488 | -- | -- | -- | -- |
| - Impairment (-) | -- | (76.488) | -- | -- | -- | -- |
| - The part of net value | ||||||
| under guarantee with | ||||||
| collateral etc. | -- | -- | -- | -- | -- | -- |
| - Undue (gross carrying | ||||||
| amount) | -- | -- | -- | -- | -- | -- |
| - Impairment (-) | -- | -- | -- | -- | -- | -- |
| - The part of net value | ||||||
| under guarantee with | ||||||
| collateral etc. | -- | -- | -- | -- | -- | -- |
| D. Factors that include | ||||||
| off balance sheet credit | ||||||
| risks | -- | -- | -- | -- | -- | -- |
1 While determining the amount, components which provide increase on credit reliability, like guarantees received are not taken into consideration.
2 The guarantees consist of the letters of guarantees, collaterals, checks and mortgages.
(Amounts are expressed in Thousand Turkish Lira ("TL") in terms of the purchasing power of the TL at 31 December 2024, unless otherwise indicated.)
The aging of the overdue receivables is as follows:
| 31 December | 31 December | |
|---|---|---|
| 2024 | 2023 | |
| Overdue by 1-30 days | 2.135.527 | 4.103.803 |
| Overdue by 1-3 months | 2.742.176 | 3.807.479 |
| Overdue by 3-12 months | 3.840.259 | 7.927.290 |
| Overdue by 12 months | 8.783.878 | 3.752.211 |
| Total receivables | 17.501.840 | 19.590.783 |
No collateral has been received for the overdue receivables.
Management has assessed its aged receivables and does not expect any collection problem arising from its aged receivables.
Board of directors has built an appropriate liquidity risk management framework for the management of the Group's short, medium and long-term funding and liquidity management requirements. ASELSAN eliminates the liquidity risk, which is known as the risk arising from default and inability to fund the the assets, it monitors forecasted and actual cash flows regularly and ensures the continuity of adequate funds and credit lines by matching the maturity of financial assets and liabilities. In order to manage the interest rate risk arising from changes in assets and / or liabilities as a result of fluctuations in interest rates in the future, it conducts transactions with fixed interest rates and uses financial derivative instruments when necessary.
The following tables detail the Group's remaining contractual maturity for its non-derivative financial liabilities. The tables have been drawn up based on the undiscounted cash flows of nonderivative financial liabilities based on the earliest payment date. The table includes both interest and principal cash flows. When receivables and payables are not constant, amounts are determined in accordance with interest rates generated from return rates as of the reporting date.
(Amounts are expressed in Thousand Turkish Lira ("TL") in terms of the purchasing power of the TL at 31 December 2024, unless otherwise indicated.)
The maturities of the financial liabilities determined with respect to the contracts including the expected interest payments as of 31 December 2024 is as follows:
| Contractual Maturity Analysis | Carrying value | Total cash outflow according to contract (I+II+III+IV) |
Less than 3 Months (I) |
3-12 Months (II) |
1-5 Years (III) | More than 5 Years (IV) |
|---|---|---|---|---|---|---|
| Non-derivative financial | ||||||
| instruments | -- | -- | -- | -- | -- | -- |
| Financial liabilities | 32.562.322 | 32.562.322 | 13.564.768 | 9.270.807 | 9.726.747 | -- |
| Expected Maturity | Carrying value | Total cash outflow according to contract (I+II+III+IV) |
Less than 3 Months (I) |
3-12 Months (II) |
1-5 Years (III) | More than 5 Years (IV) |
|---|---|---|---|---|---|---|
| Non-derivative financial | ||||||
| instruments | -- | -- | -- | -- | -- | -- |
| Trade payables | 19.760.534 | 20.012.374 | 11.866.890 | 8.145.484 | -- | -- |
| Other payables | 567.863 | 567.863 | 548.563 | -- | 19.300 | -- |
(Amounts are expressed in Thousand Turkish Lira ("TL") in terms of the purchasing power of the TL at 31 December 2024, unless otherwise indicated.)
The maturities of the financial liabilities determined with respect to the contracts including the expected interest payments as of 31 December 2023 is as follows:
| Contractual Maturity Analysis | Carrying value | Total cash outflow according to contract (I+II+III+IV) |
Less than 3 Months (I) |
3-12 Months (II) |
1-5 Years (III) | More than 5 Years (IV) |
|---|---|---|---|---|---|---|
| Non-derivative financial | ||||||
| instruments | -- | -- | -- | -- | -- | -- |
| Financial liabilities | 28.786.115 | 28.786.115 | 3.320.364 | 23.834.846 | 1.630.905 | -- |
| Expected Maturity | Carrying value | Total cash outflow according to contract (I+II+III+IV) |
Less than 3 Months (I) |
3-12 Months (II) |
1-5 Years (III) | More than 5 Years (IV) |
|---|---|---|---|---|---|---|
| Non-derivative financial | ||||||
| instruments | -- | -- | -- | -- | -- | -- |
| Trade payables | 21.569.584 | 21.802.433 | 21.645.325 | 48.101 | 109.007 | -- |
| Other payables | 546.744 | 546.745 | 493.836 | -- | 52.909 | -- |
(Amounts are expressed in Thousand Turkish Lira ("TL") in terms of the purchasing power of the TL at 31 December 2024, unless otherwise indicated.)
The Group's activities, as detailed below, expose primarily to the financial risks from changes in foreign currency exchange rates and interest rates.
Market risk exposures are evaluated by sensitivity analysis, and stress scenario analysis.
There has been no change to the Group's exposure to market risks or the manner in which it manages and measures the risk in the current year compared to prior year.
The exchange rate risk, which is any kind of change that may occur in assets and / or liabilities as a result of exchange rate fluctuations in the future, ASELSAN aims to minimize the effect of exchange rate fluctuations by keeping the long and short foreign exchange position at a minimum level. The balance sheet methods have been used in managing the exchange rate risk. Implementations such as; making use of foreign exchange denominated loans in line with the company's export volume, matching the contract currency with the currency of the costs of the project, and signing the subcontractor contracts in line with the main contract currency are used.
(Amounts are expressed in Thousand Turkish Lira ("TL") in terms of the purchasing power of the TL at 31 December 2024, unless otherwise indicated.)
| FOREIGN EXCHANGE POSITION | |||||||
|---|---|---|---|---|---|---|---|
| TL Equivalent | TL equivalent by | TL equivalent by | |||||
| (Functional | USD | using closing | EURO | using closing | Other1 | ||
| 31 December 2024 | currency) | rates | rates | ||||
| 1. Trade receivables | 17.676.413 | 417.340 | 14.723.890 | 80.371 | 2.952.523 | -- | |
| 2a. Monetary financial assets (including cash, | |||||||
| bank) | 1.939.052 | 40.218 | 1.418.901 | 13.668 | 502.123 | 18.028 | |
| 2b. Non- monetary financial assets |
8.499.120 | 91.482 | 3.227.505 | 50.194 | 1.843.948 | 99.688 | |
| 3. Other | 12.865 | 84 | 2.961 | 263 | 9.641 | 263 | |
| 4. Current assets (1+2+3) | 28.127.450 | 549.124 | 19.373.257 | 144.496 | 5.308.235 | 117.979 | |
| 5. Trade receivables | 45.446.341 | 551.044 | 19.441.007 | 707.894 | 26.005.334 | -- | |
| 6a. Monetary trade receivables | -- | -- | -- | -- | -- | -- | |
| 6b. Non-monetary trade receivables | 387.906 | 692 | 24.408 | 1.951 | 71.675 | 13.726 | |
| 7. Other | 218.247 | 5.206 | 183.674 | 938 | 34.473 | 100 | |
| 8. Long-term assets (5+6+7) | 46.052.494 | 556.942 | 19.649.089 | 710.783 | 26.111.482 | 13.826 | |
| 9. Total assets (4+8) | 74.179.944 | 1.106.066 | 39.022.346 | 855.279 | 31.419.717 | 131.805 | |
| 10. Trade payables | 8.207.075 | 168.203 | 5.944.949 | 54.030 | 1.988.433 | 273.693 | |
| 11. Financial liabilities | 22.109.217 | 203.833 | 7.204.245 | 405.000 | 14.904.972 | -- | |
| 12a. Other monetary financial liabilities | 479.042 | 13.500 | 477.142 | 52 | 1.900 | -- | |
| 12b. Other non-monetary financial liabilities | 3.736.761 | 201.682 | 7.128.186 | 28.223 | 1.038.679 | -- | |
| 13. Current liabilities (10+11+12) | 34.532.095 | 587.218 | 20.754.522 | 487.305 | 17.933.984 | 273.693 | |
| 14. Trade payables | -- | -- | -- | -- | -- | -- | |
| 15. Financial liabilities | 9.517.689 | 152.667 | 5.395.820 | 112.000 | 4.121.869 | -- | |
| 16a. Other monetary financial liabilities | 6.998 | 132 | 4.661 | 64 | 2.337 | -- | |
| 16b. Other non-monetary financial liabilities | 4.639.174 | 191.363 | 6.763.492 | 27.991 | 1.030.148 | -- | |
| 17. Non-current liabilities (14+15+16) | 14.163.861 | 344.162 | 12.163.973 | 140.055 | 5.154.354 | -- |
1 Comprises of the currencies CAD, CHF, GBP, JPY, AUD, DKK, ZAR, AED, PHP, SAR.
(Amounts are expressed in Thousand Turkish Lira ("TL") in terms of the purchasing power of the TL at 31 December 2024, unless otherwise indicated.)
| FOREIGN EXCHANGE POSITION | ||||||||
|---|---|---|---|---|---|---|---|---|
| 31 December 2024 | TL Equivalent (Functional currency) |
USD | TL equivalent by using closing rates |
EURO | TL equivalent by using closing rates |
Other | ||
| 18. Total liabilities (13+17) | 48.695.956 | 931.380 | 32.918.495 | 627.360 | 23.088.338 | 273.693 | ||
| 19. Net asset/liability position of off balance sheet derivative financial |
||||||||
| instruments (19a-19b) 19a. Hedged total financial assets |
-- -- |
-- -- |
-- -- |
-- -- |
-- -- |
-- -- |
||
| 19b. Hedged total financial liabilities | -- | -- | -- | -- | -- | -- | ||
| 20. Net foreign currency asset/liability (9- 18+19) |
25.483.988 | 174.686 | 6.103.851 | 227.919 | 8.331.379 | (141.888) | ||
| 21. Net foreign currency asset / liability position of monetary items (1+2a+5+6a-10- |
||||||||
| 11-12a-14-15-16a) | 24.741.785 | 470.267 | 16.556.981 | 230.787 | 8.440.469 | (255.665) | ||
| 22. Fair value of derivative financial instruments used in foreign currency hedge |
-- | -- | -- | -- | -- | -- | ||
| 23. Hedged foreign currency assets | -- | -- | -- | -- | -- | -- | ||
| 24. Hedged foreign currency liabilities | -- | -- | -- | -- | -- | -- | ||
| 25. Exports | 17.146.335 | 182.178 | 3.213.478 | 146.554 | 3.258.660 | 10.674.197 | ||
| 26. Imports | 20.030.581 | 378.920 | 13.347.149 | 142.582 | 5.238.859 | 1.444.573 |
Accompanying foreign exchange position which was prepared in accordance with TAS is different from the foreign exchange position of the financial statement which is prepared according to General Communiqué on Accounting System Application (GCASA). The difference is mainly due to the adjustments and classifications which are related with TFRS 15 .
"For TL functional currency" calculations regarding "Other non-monetary assets" and "Other non-monetary liabilities" presented under foreign currency position, advances received are considered with regard to historic values therefore "TL equivalent of currency as at balance sheet date" differentiate.
(Amounts are expressed in Thousand Turkish Lira ("TL") in terms of the purchasing power of the TL at 31 December 2024, unless otherwise indicated.)
| FOREIGN EXCHANGE POSITION | |||||||
|---|---|---|---|---|---|---|---|
| TL Equivalent | TL equivalent by | TL equivalent by | |||||
| (Functional | USD | using closing | EURO | using closing | Other1 | ||
| 31 December 2023 | currency) | rates | rates | ||||
| 1. Trade receivables | 20.065.627 | 357.159 | 15.180.152 | 103.881 | 4.885.475 | -- | |
| 2a. Monetary financial assets (including cash, | |||||||
| bank) | 3.022.375 | 53.431 | 2.270.939 | 15.509 | 729.397 | 22.039 | |
| 2b. Non- monetary financial assets |
7.420.692 | 54.252 | 2.305.837 | 40.888 | 1.922.969 | 96.872 | |
| 3. Other | 5.403 | 109 | 4.650 | 8 | 377 | 376 | |
| 4. Current assets (1+2+3) | 30.514.097 | 464.951 | 19.761.578 | 160.286 | 7.538.218 | 119.287 | |
| 5. Trade receivables | 35.354.184 | 451.020 | 19.169.489 | 344.137 | 16.184.695 | -- | |
| 6a. Monetary trade receivables | -- | -- | -- | -- | -- | -- | |
| 6b. Non-monetary trade receivables | 1.578.525 | 2.176 | 92.495 | 24.114 | 1.134.097 | 16.785 | |
| 7. Other | 46.229 | 590 | 25.067 | 326 | 15.331 | 5.831 | |
| 8. Long-term assets (5+6+7) | 36.978.938 | 453.786 | 19.287.051 | 368.577 | 17.334.123 | 22.616 | |
| 9. Total assets (4+8) | 67.493.035 | 918.737 | 39.048.629 | 528.863 | 24.872.341 | 141.903 | |
| 10. Trade payables | 9.580.225 | 111.244 | 4.736.666 | 96.208 | 4.532.791 | 310.768 | |
| 11. Financial liabilities | 18.533.981 | 177.833 | 7.571.997 | 232.667 | 10.961.984 | -- | |
| 12a. Other monetary financial liabilities | 61.290 | 645 | 27.455 | 119 | 5.608 | 28.227 | |
| 12b. Other non-monetary financial liabilities | 11.665.331 | 203.199 | 8.652.068 | 133.213 | 6.276.268 | -- | |
| 13. Current liabilities (10+11+12) | 39.840.827 | 492.921 | 20.988.186 | 462.207 | 21.776.651 | 338.995 | |
| 14. Trade payables | -- | -- | -- | -- | -- | -- | |
| 15. Financial liabilities | 392.621 | -- | -- | 8.333 | 392.621 | -- | |
| 16a. Other monetary financial liabilities | 5.535 | 130 | 5.535 | -- | -- | -- | |
| 16b. Other non-monetary financial liabilities | 2.439.259 | 141.717 | 6.034.194 | 75.659 | 3.564.635 | -- | |
| 17. Non-current liabilities (14+15+16) | 2.837.415 | 141.847 | 6.039.729 | 83.992 | 3.957.256 | -- |
1 Comprises of the currencies CAD, CHF, GBP, JPY, AUD, DKK, ZAR, AED, PHP, SAR.
(Amounts are expressed in Thousand Turkish Lira ("TL") in terms of the purchasing power of the TL at 31 December 2024, unless otherwise indicated.)
| FOREIGN EXCHANGE POSITION | |||||||
|---|---|---|---|---|---|---|---|
| TL Equivalent (Functional |
USD | TL equivalent by using closing |
EURO | TL equivalent by using closing |
Other | ||
| 31 December 2023 | currency) | rates | rates | ||||
| 18. Total liabilities (13+17) | 42.678.242 | 634.768 | 27.027.915 | 546.199 | 25.733.907 | 338.995 | |
| 19. Net asset/liability position of off | |||||||
| balance sheet derivative financial | |||||||
| instruments (19a-19b) | -- | -- | -- | -- | -- | -- | |
| 19a. Hedged total financial assets | -- | -- | -- | -- | -- | -- | |
| 19b. Hedged total financial liabilities | -- | -- | -- | -- | -- | -- | |
| 20. Net foreign currency asset/liability (9- | |||||||
| 18+19) | 24.814.793 | 283.969 | 12.020.714 | (17.336) | (861.566) | (197.092) | |
| 21. Net foreign currency asset / liability | |||||||
| position of monetary items (1+2a+5+6a-10- | |||||||
| 11-12a-14-15-16a) | 29.868.534 | 571.758 | 24.278.927 | 126.200 | 5.906.563 | (316.956) | |
| 22. Fair value of derivative financial | |||||||
| instruments used in foreign currency hedge | -- | -- | -- | -- | -- | -- | |
| 23. Hedged foreign currency assets | -- | -- | -- | -- | -- | -- | |
| 24. Hedged foreign currency liabilities | -- | -- | -- | -- | -- | -- | |
| 25. Exports | 9.344.425 | 127.833 | 4.639.613 | 125.518 | 4.704.812 | -- | |
| 26. Imports | 24.503.652 | 347.796 | 14.782.200 | 161.502 | 7.595.393 | 2.126.059 |
Accompanying foreign exchange position which was prepared in accordance with TAS is different from the foreign exchange position of the financial statement which is prepared according to General Communiqué on Accounting System Application (GCASA). The difference is mainly due to the adjustments and classifications which are related with TFRS 15.
"For TL functional currency" calculations regarding "Other non-monetary assets" and "Other non-monetary liabilities" presented under foreign currency position, advances received are considered with regard to historic values therefore "TL equivalent of currency as at balance sheet date" differentiate.
(Amounts are expressed in Thousand Turkish Lira ("TL") in terms of the purchasing power of the TL at 31 December 2024, unless otherwise indicated.)
The Group is exposed to foreign currency risk with respect to USD and EURO.
The following table details the Group's sensitivity to a 10 percent increase and decrease in foreign exchange rates. 10 percent is the sensitivity rate used when reporting foreign currency risk internally to key management personnel and represents management's assessment of the possible change in foreign exchange rates. The sensitivity analysis includes only outstanding foreign currency denominated monetary items and present 10 percent change in foreign currency rates. This analysis does not include Group companies' balance sheet items which have functional currency other than TL. The effects of 10 percent changes in foreign currency rate on financial statements is as follows;
| Foreign currency sensitivity table | ||||||||
|---|---|---|---|---|---|---|---|---|
| 31 December 2024 | ||||||||
| Profit/Loss | Equity1 | |||||||
| Appreciation | Depreciation | Appreciation | Depreciation | |||||
| of foreign | of foreign | of foreign | of foreign | |||||
| currency | currency | currency | currency | |||||
| Change of USD against TL by 10%: | ||||||||
| 1- USD denominated net | ||||||||
| assets/(liabilities) | 1.655.698 | (1.655.698) | 1.655.698 | (1.655.698) | ||||
| 2- Hedged amount against | ||||||||
| USD risk (-) | -- | -- | -- | -- | ||||
| 3- Net effect of USD (1+2) | 1.655.698 | (1.655.698) | 1.655.698 | (1.655.698) | ||||
| Change of EURO against TL by 10%: | ||||||||
| 4- EURO denominated net | ||||||||
| assets/(liabilities) | 844.047 | (844.047) | 844.047 | (844.047) | ||||
| 5- Hedged amount against | ||||||||
| EURO risk (-) | -- | -- | -- | -- | ||||
| 6- Net effect of EURO (4+5) | 844.047 | (844.047) | 844.047 | (844.047) | ||||
| Change of other currencies against TL by 10%: | ||||||||
| 7- Other currencies | ||||||||
| denominated net assets/ | ||||||||
| (liabilities) | (25.566) | 25.566 | (25.566) | 25.566 | ||||
| 8- Hedged amount against | ||||||||
| other currencies risk (-) | -- | -- | -- | -- | ||||
| 9- Net effect of other | ||||||||
| currencies (7+8) | (25.566) | 25.566 | (25.566) | 25.566 |
1 Comprises of profit/loss effect.
(Amounts are expressed in Thousand Turkish Lira ("TL") in terms of the purchasing power of the TL at 31 December 2024, unless otherwise indicated.)
| Foreign currency sensitivity table | ||||||||
|---|---|---|---|---|---|---|---|---|
| 31 December 2023 | ||||||||
| Profit/Loss | Equity1 | |||||||
| Appreciation | Depreciation | Appreciation | Depreciation | |||||
| of foreign | of foreign | of foreign | of foreign | |||||
| currency | currency | currency | currency | |||||
| Change of USD against TL by 10%: | ||||||||
| 1- USD denominated net | ||||||||
| assets/(liabilities) | 2.427.892 | (2.427.892) | 2.427.892 | (2.427.892) | ||||
| 2- Hedged amount against | ||||||||
| USD risk (-) | -- | -- | -- | -- | ||||
| 3- Net effect of USD (1+2) | 2.427.892 | (2.427.892) | 2.427.892 | (2.427.892) | ||||
| Change of EURO against TL by 10%: | ||||||||
| 4- EURO denominated net | ||||||||
| assets/(liabilities) | 590.656 | (590.656) | 590.656 | (590.656) | ||||
| 5- Hedged amount against | ||||||||
| EURO risk (-) | -- | -- | -- | -- | ||||
| 6- Net effect of EURO (4+5) | 590.656 | (590.656) | 590.656 | (590.656) | ||||
| Change of other currencies against TL by 10%: | ||||||||
| 7- Other currencies | ||||||||
| denominated net assets/ | ||||||||
| (liabilities) | (31.695) | 31.695 | (31.695) | 31.695 | ||||
| 8- Hedged amount against | ||||||||
| other currencies risk (-) | -- | -- | -- | -- | ||||
| 9- Net effect of other | ||||||||
| currencies (7+8) | (31.695) | 31.695 | (31.695) | 31.695 |
As of 31 December 2024 and 31 December 2023, since all of the loans obtained by the Group are fixed-rate loans, the Group is not exposed to significant interest rate risk.
As of 31 December 2024, the Group does not have interest bearing financial assets, therefore there is no exposure to interest risk (31 December 2023: None).
The Group usually enters into fixed price contracts, therefore, is not exposed to any major price risk.
As of 31 December 2024 and 31 December 2023, the Group's financial assets at their fair values are as in the following page:
1 Comprises of profit/loss effect.
| Financial assets at fair | Financial assets at | Financial assets at fair | Financial liabilities at | |||
|---|---|---|---|---|---|---|
| 31 December 2024 | value P/L | amortized cost | value through OCI | amortized cost | Carrying value | Note |
| Financial assets | ||||||
| Cash and cash equivalents | -- | 16.637.264 | -- | -- | 16.637.264 | 3 |
| Financial investments | 214.906 | -- | 7.874.499 | -- | 8.089.405 | 30 |
| Equity accounted investments | 1.332.264 | -- | -- | -- | 1.332.264 | 8 |
| Trade receivables | -- | 83.334.372 | -- | -- | 83.334.372 | 6 |
| Financial liabilities | ||||||
| Borrowings | -- | -- | -- | 32.562.322 | 32.562.322 | 31 |
| Trade payables | -- | -- | -- | 19.760.534 | 19.760.534 | 6 |
| Other payables | -- | -- | -- | 567.863 | 567.863 | 7 |
| Financial assets at fair | Financial assets at | Financial assets at fair | Financial liabilities at | |||
|---|---|---|---|---|---|---|
| 31 December 2023 | value P/L | amortized cost | value through OCI | amortized cost | Carrying value | Note |
| Financial assets | ||||||
| Cash and cash equivalents | -- | 9.543.479 | -- | -- | 9.543.479 | 3 |
| Financial investments | 111.092 | -- | 8.434.381 | -- | 8.545.473 | 30 |
| Equity accounted investments | 1.241.418 | -- | -- | -- | 1.241.418 | 8 |
| Trade receivables | -- | 75.369.283 | -- | -- | 75.369.283 | 6 |
| Financial liabilities | ||||||
| Borrowings | -- | -- | -- | 28.786.115 | 28.786.115 | 31 |
| Trade payables | -- | -- | -- | 21.569.584 | 21.569.584 | 6 |
| Other payables | -- | -- | -- | 546.744 | 546.744 | 7 |
The Group's management assesses that the carrying value reflects the fair value of financial instruments. Related financial assets are presented at cost after deducting impairment allowance if any.
(Amounts are expressed in Thousand Turkish Lira ("TL") in terms of the purchasing power of the TL at 31 December 2024, unless otherwise indicated.)
The fair values of financial assets and financial liabilities are determined as follows:
ROKETSAN has presented under Group's financial assets that fair value reflect in other comprehensive income as of 31 December 2024. The fair value of ROKETSAN as of 31 December 2024 is TL 7.874.499 and was determined according to "Discounted Cash Flow", "Similar Company Comparison" and "Realized Company Mergers and Acquisitions" methodologies and its fair value hierarchy is Level 3.
Reconciliation of the Group's assets and liabilities that are measured at Level 3 fair value are presented as follow:
| z Available for sale financial assets |
31 December 2024 | 31 December 2023 |
|---|---|---|
| Marketable | Marketable | |
| Equity Shares | Equity Shares | |
| Opening balance | 8.434.381 | 10.132.056 |
| Total gain/loss | ||
| - transferred to other comprehensive | ||
| income | (559.882) | (1.669.946) |
| - - impairment | -- | (27.729) |
| Capital increase | -- | -- |
| Closing balance | 7.874.499 | 8.434.381 |
(Amounts are expressed in Thousand Turkish Lira ("TL") in terms of the purchasing power of the TL at 31 December 2024, unless otherwise indicated.)
| 31 December 2024 | Fair value level as of reporting date | |||
|---|---|---|---|---|
| Level 1 | Level 2 | Level 3 | ||
| TL | TL | TL | ||
| Financial Investments | -- | -- | 7.874.499 | |
| -- | -- | 7.874.499 |
| 31 December 2023 | Fair value level as of reporting date | |||
|---|---|---|---|---|
| Level 1 | Level 2 | Level 3 | ||
| TL | TL | TL | ||
| Financial Investments | -- | -- | 8.434.381 | |
| -- | -- | 8.434.381 |
The movement of the fair value level as of 31 December 2024 is as follows:
| Level 1 TL |
Level 2 TL |
Level 3 TL |
|
|---|---|---|---|
| 1 January 2024 | -- | -- | 8.434.381 |
| Additions | -- | -- | (559.882) |
| 31 December 2024 | -- | -- | 7.874.499 |
Reconciliation of the movements related to cash flows from financing activities and liabilities
| Non-cash movements | 31 December 2024 |
|||||
|---|---|---|---|---|---|---|
| 31 December 2023 |
Cash Movements |
Additions | Exchange rate change |
Other | ||
| Financial Liabilities | ||||||
| (Note 31) Total liabilities arising |
28.786.115 | 9.670.044 | 470.235 | 2.484.129 | (8.848.201) | 32.562.322 |
| from financing activities | 28.786.115 | 9.670.044 | 470.235 | 2.484.129 | (8.848.201) | 32.562.322 |
The table above represents the changes in the cash amounts related to "Proceeds from Borrowings" and "Repayments from Borrowings" which are presented under cash flows from financing activities.
For the period ended on 31 December 2024, fee for independent audit is TL 1.280 of the Group (31 December 2023: TL 715).
For the period ended on 31 December 2024, there is no different services rendered from the independent audit firms except fee for independent audit of the Group.
(Amounts are expressed in Thousand Turkish Lira ("TL") in terms of the purchasing power of the TL at 31 December 2024, unless otherwise indicated.)
After the reporting period, the Group have signed contracts amounting to USD 414 Million.
The Microelectronics Guidance and Electro-Optics (MGEO) Vice Presidency has been restructured into two Vice Presidencies, namely "Avionics and Guidance Systems Vice Presidency" and "Microelectronics and Electro-Optics Vice Presidency," to support the company's growth strategies, enhance focus on high technology, and further elevate the global capabilities achieved in developing game-changing technologies.
Murat KARATAŞ, the Vice President of Microelectronics Guidance and Electro-Optics (MGEO), has been appointed as the Vice President of Avionics and Guidance Systems (AGS); İsmail ÖZSARAÇ, the Director of Electro-Optical Design at MGEO, has been appointed as the Vice President of the Microelectronics and Electro-Optical Systems (MEOS).
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