Quarterly Report • Apr 29, 2025
Quarterly Report
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(Convenience Translation of Consolidated Financial Statements and Related Disclosures and Footnotes Originally Issued in Turkish)
CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS AS OF AND FOR THE THREE-MONTH PERIOD ENDED 31 MARCH 2025
29 April 2025
This report contains condensed consolidated interim financial information and related disclosures and footnotes comprising 45 pages.
| 1. | ORGANIZATION AND OPERATIONS OF THE GROUP 8 | |
|---|---|---|
| 2. | BASIS OF PRESENTATION OF CONSOLIDATED FINANCIAL STATEMENTS9 | |
| 3. | CASH AND CASH EQUIVALENTS 18 | |
| 4. | RELATED PARTY DISCLOSURES19 | |
| 5. | TRADE RECEIVABLES AND PAYABLES24 | |
| 6. | INVENTORIES 25 | |
| 7. | PREPAID EXPENSES AND DEFERRED INCOME26 | |
| 8. | PROPERTY, PLANT AND EQUIPMENT27 | |
| 9. | PROVISIONS, CONTINGENT ASSETS AND LIABILITIES28 | |
| 10. | TAX29 | |
| 11. | COMMITMENTS AND CONTINGENCIES 29 | |
| 12. | EMPLOYEE BENEFITS 32 | |
| 13. | SHARE CAPITAL, RESERVES AND OTHER EQUITY ITEMS 33 | |
| 14. | REVENUE AND COST OF SALES 34 | |
| 15. | OTHER OPERATING INCOME AND EXPENSES 35 | |
| 16. | FINANCIAL INCOME 35 | |
| 17. | FINANCIAL EXPENSES35 | |
| 18. | GAIN/(LOSS) ON NET MONETARY POSITION 36 | |
| 19. | EARNINGS PER SHARE36 | |
| 20. | FINANCIAL LIABILITIES 37 | |
| 21. | FOREIGN EXCHANGE POSITION39 | |
| 22. | EVENTS AFTER THE REPORTING PERIOD 45 | |
(Amounts are expressed in Thousand Turkish Lira ("TL") in terms of the purchasing power of the TL at 31 March 2025, unless otherwise indicated.)
| Note References |
Not Reviewed 31 March 2025 |
Audited 31 December 2024 |
|
|---|---|---|---|
| ASSETS | |||
| Current Assets | 111.661.175 | 116.797.665 | |
| Cash and Cash Equivalents | 3 | 12.832.115 | 18.311.472 |
| Trade Receivables | 5 | 27.681.227 | 31.208.841 |
| From Related Parties | 4 | 14.317.623 | 13.916.652 |
| From Third Parties | 13.363.604 | 17.292.189 | |
| Other Receivables | 3.173.386 | 2.735.557 | |
| From Third Parties | 3.173.386 | 2.735.557 | |
| Inventories | 6 | 46.501.111 | 47.846.295 |
| Prepaid Expenses | 7 | 17.446.685 | 13.440.959 |
| From Related Parties | 4 | 2.514.291 | 2.104.707 |
| From Third Parties | 14.932.394 | 11.336.252 | |
| Other Current Assets | 4.026.651 | 3.254.541 | |
| Non-Current Assets | 158.384.606 | 150.432.560 | |
| Financial Investments | 8.902.180 | 8.903.442 | |
| Trade Receivables | 5 | 62.929.302 | 60.511.468 |
| From Related Parties | 4 | 43.651.185 | 44.179.971 |
| From Third Parties | 19.278.117 | 16.331.497 | |
| Other Receivables | 12.655 | 13.096 | |
| From Third Parties | 12.655 | 13.096 | |
| Equity Accounted Investments | 1.364.046 | 1.466.330 | |
| Property, Plant and Equipment | 8 | 41.527.633 | 41.173.514 |
| Intangible Assets | 8 | 26.371.939 | 24.028.271 |
| Prepaid Expenses | 7 | 3.828.249 | 4.114.914 |
| From Related Parties | 4 | 1.282.346 | 1.460.466 |
| From Third Parties | 2.545.903 | 2.654.448 | |
| Deferred Tax Assets | 10 | 12.504.809 | 8.968.029 |
| Other Non-Current Assets | 943.793 | 1.253.496 | |
| TOTAL ASSETS | 270.045.781 | 267.230.225 |
(Amounts are expressed in Thousand Turkish Lira ("TL") in terms of the purchasing power of the TL at 31 March 2025, unless otherwise indicated.)
| Not Reviewed | Audited | ||
|---|---|---|---|
| Note | 31 March | 31 December | |
| References | 2025 | 2024 | |
| LIABILITIES | |||
| Current Liabilities | 74.403.620 | 76.781.482 | |
| Short-term Financial Liabilities | 20 | 6.036.829 | 14.929.791 |
| Short-term Portion of Long-term Financial Liabilities | 20 | 26.736.849 | 10.203.729 |
| Trade Payables | 5 | 13.735.116 | 21.749.036 |
| To Related Parties | 4 | 1.480.399 | 2.706.034 |
| To Third Parties | 12.254.717 | 19.043.002 | |
| Employee Benefit Obligations | 3.437.099 | 3.896.856 | |
| Other Payables | 333.026 | 603.765 | |
| To Related Parties | 4 | -- | 374.607 |
| To Third Parties | 333.026 | 229.158 | |
| Government Grants and Incentives | 66.034 | 72.679 | |
| Deferred Income | 7 | 15.314.511 | 14.313.187 |
| To Related Parties | 4 | 5.516.184 | 6.678.940 |
| To Third Parties | 9.798.327 | 7.634.247 | |
| Short-term Provisions | 8.726.032 | 10.973.963 | |
| For Employee Benefits | 12 | 1.513.519 | 3.365.633 |
| Other | 9 | 7.212.513 | 7.608.330 |
| Other Current Liabilities | 18.124 | 38.476 | |
| Non-Current Liabilities | 37.919.885 | 34.864.622 | |
| Long-term Financial Liabilities | 20 | 171.730 | 10.705.550 |
| Other Payables | 16.957 | 21.243 | |
| To Third Parties | 16.957 | 21.243 | |
| Deferred Income | 7 | 27.523.331 | 13.018.803 |
| To Related Parties | 4 | 16.036.808 | 7.709.024 |
| To Third Parties | 11.486.523 | 5.309.779 | |
| Long-term Provisions | 10.186.257 | 11.074.804 | |
| Long-term Provisions for Employee Benefits | 12 | 1.082.518 | 1.157.157 |
| Other | 9 | 9.103.739 | 9.917.647 |
| Other Non-Current Liabilities | 21.610 | 44.222 |
(Amounts are expressed in Thousand Turkish Lira ("TL") in terms of the purchasing power of the TL at 31 March 2025, unless otherwise indicated.)
| Not Reviewed | Audited | ||
|---|---|---|---|
| Note | 31 March | 31 December | |
| References | 2025 | 2024 | |
| EQUITY | 157.722.276 | 155.584.121 | |
| Equity Attributable to Equity Holders of the Parent | 156.696.703 | 154.417.223 | |
| Share Capital | 13 | 4.560.000 | 4.560.000 |
| Inflation Adjustments on Share Capital Differences | 13 | 27.093.175 | 27.093.175 |
| Share Premiums | 23.118.473 | 23.118.473 | |
| Other Comprehensive Income / (Expense) that will not be | |||
| Reclassified to Profit or (Loss) | 3.650.773 | 3.650.773 | |
| Gain on Revaluation of Property, Plant and Equipment | 5.056.916 | 5.056.916 | |
| Gain/ Loss on Remeasurement of Defined Benefit Plans | (1.406.143) | (1.406.143) | |
| Other Cumulative Comprehensive Income / (Expense) will be | |||
| Reclassified to Profit/Loss | (663.090) | (667.754) | |
| Gain (Loss) on Financial Assets That Fair Value Difference | |||
| Reflect in Other Comprehensive income | (539.196) | (539.196) | |
| Cumulative Translation Adjustments | (123.894) | (128.558) | |
| Restricted Reserves | 13 | 5.589.425 | 5.589.425 |
| Retained Earnings | 91.073.131 | 74.234.875 | |
| Net Profit for the Year | 2.274.816 | 16.838.256 | |
| Non-Controlling Interests | 1.025.573 | 1.166.898 | |
| TOTAL LIABILITIES AND EQUITY | 270.045.781 | 267.230.225 |
(Amounts are expressed in Thousand Turkish Lira ("TL") in terms of the purchasing power of the TL at 31 March 2025, unless otherwise indicated.)
| Not Audited | |||
|---|---|---|---|
| Note | 1 January 31 March |
1 January 31 March |
|
| References | 2025 | 2024 | |
| PROFIT OR LOSS Revenue |
14 | 22.790.773 | 20.907.611 |
| Cost of Sales (-) | 14 | (15.969.400) | (14.857.768) |
| GROSS PROFIT | 6.821.373 | 6.049.843 | |
| General Administrative Expenses (-) | (1.417.024) | (1.429.172) | |
| Marketing Expenses (-) | (590.256) | (467.339) | |
| Research and Development Expenses (-) | (842.833) | (413.244) | |
| Other Operating Income | 15 | 10.228.863 | 7.992.979 |
| Other Operating Expenses (-) | 15 | (6.793.644) | (5.542.739) |
| OPERATING PROFIT | 7.406.479 | 6.190.328 | |
| Income From Investing Activities | 34.292 | 20.755 | |
| Shares of Profit of Equity Accounted Investees | (100.796) | (37.514) | |
| OPERATING PROFIT BEFORE FINANCIAL EXPENSE | 7.339.975 | 6.173.569 | |
| Financial Income | 16 | 844.753 | 371.869 |
| Financial Expense (-) | 17 | (3.294.387) | (2.518.588) |
| Monetary Gain/(Loss) | 18 | (7.025.872) | (4.763.331) |
| PROFIT BEFORE TAX FROM CONTINUING OPERATIONS | (2.135.531) | (736.481) | |
| Tax Income from Continuing Operations | 10 | 4.269.022 | 2.447.474 |
| - Current Corporate Tax Expense(-) | (87.700) | (6.714) | |
| - Deferred Tax Income | 4.356.722 | 2.454.188 | |
| PROFIT FOR THE PERIOD FROM CONTINUING OPERATIONS |
2.133.491 | 1.710.993 | |
| Profit for the Period Attributable to | 2.133.491 | 1.710.993 | |
| Non-Controlling Interest | (141.325) | (227.657) | |
| Owners of the Company | 19 | 2.274.816 | 1.938.650 |
| 2.133.491 | 1.710.993 | ||
| Earnings for per 100 Shares (in full kuruş) | 19 | 49,89 | 42,51 |
(Amounts are expressed in Thousand Turkish Lira ("TL") in terms of the purchasing power of the TL at 31 March 2025, unless otherwise indicated.)
| Audited | ||||
|---|---|---|---|---|
| 1 January- | 1 January | |||
| Note | 31 March | 31 March | ||
| References | 2025 | 2024 | ||
| PROFIT FOR THE YEAR | 2.133.491 | 1.710.993 | ||
| OTHER COMPREHENSIVE INCOME | ||||
| Items that may be Reclassified Subsequently to Profit or | ||||
| Loss | 4.664 | (61.389) | ||
| Cumulative Translation Adjustments | 4.664 | (61.389) | ||
| OTHER COMPREHENSIVE INCOME | 4.664 | (61.389) | ||
| TOTAL COMPREHENSIVE INCOME | 2.138.155 | 1.649.604 | ||
| Total Comprehensive Income Attributable to | ||||
| Non-Controlling Interest | (141.325) | (227.657) | ||
| Owners of the Company | 2.279.480 | 1.877.261 | ||
| 2.138.155 | 1.649.604 |
(Amounts are expressed in Thousand Turkish Lira ("TL") in terms of the purchasing power of the TL at 31 March 2025, 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 | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Share | Inflation Adjustments on Share |
Share Issuance Premiums/ |
Revaluation | Remeasurement of Defined |
Gain (Loss) on Financial Assets That Fair Value Difference Reflect in Other Comprehensi |
Translation | Restricted | Retained | Net Profit/(Loss) |
Equity 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 2024 | 4.560.000 | 27.093.147 | 23.118.473 | 4.616.794 | (1.119.598) | -- | 89.401 | 5.533.288 | 63.267.154 | 11.585.109 | 138.743.768 | 1.699.270 | 140.443.038 |
| Transfers | -- | -- | -- | -- | -- | -- | -- | -- | 11.585.109 | (11.585.109) | -- | -- | -- |
| Capital Increase | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Total Comprehensive Income | -- | -- | -- | -- | -- | -- | (61.389) | -- | -- | 1.938.650 | 1.877.261 | (227.657) | 1.649.604 |
| Balance as of 31 March 2024 (Closing Balance) |
4.560.000 | 27.093.147 | 23.118.473 | 4.616.794 | (1.119.598) | -- | 28.012 | 5.533.288 | 74.852.263 | 1.938.650 | 140.621.029 | 1.471.613 | 142.092.642 |
| Balance as of 1 January 2025 | 4.560.000 | 27.093.175 | 23.118.473 | 5.056.916 | (1.406.143) | (539.196) | (128.558) | 5.589.425 | 74.234.875 | 16.838.256 | 154.417.223 | 1.166.898 | 155.584.121 |
| Transfers | -- | -- | -- | -- | -- | -- | -- | -- | 16.838.256 | (16.838.256) | -- | -- | -- |
| Capital Increase | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Total Comprehensive Income | -- | -- | -- | -- | -- | -- | 4.664 | -- | -- | 2.274.816 | 2.279.480 | (141.325) | 2.138.155 |
| Balance as of 31 March 2025 | |||||||||||||
| (Closing Balance) | 4.560.000 | 27.093.175 | 23.118.473 | 5.056.916 | (1.406.143) | (539.196) | (123.894) | 5.589.425 | 91.073.131 | 2.274.816 | 156.696.703 | 1.025.573 | 157.722.276 |
(Amounts are expressed in Thousand Turkish Lira ("TL") in terms of the purchasing power of the TL at 31 March 2025, unless otherwise indicated.)
| Not Reviewed | Not Reviewed | ||
|---|---|---|---|
| 1 January | 1 January | ||
| Note | 31 March | 31 March | |
| References | 2025 | 2024 | |
| A.Cash Flows from Operating Activities | 4.228.300 | (4.103.979) | |
| Profit for the Period | 2.133.491 | 1.710.993 | |
| Adjustments to Reconcile Profit for the Period | 1.635.940 | (806.729) | |
| - Adjustments for Depreciation and Amortization Expense | 8 | 1.171.162 | 952.639 |
| - Adjustments for Impairment Loss (Reversal of Impairment Loss) | 41.123 | (30.966) | |
| Adjustments for Impairment Loss (Reversal of Impairment Loss) of Receivables | 5 | (2.127) | (8.104) |
| Adjustments for Impairment Loss (Reversal of Impairment Loss) of Inventories | 6 | 43.250 | (22.862) |
| - Adjustments for Provisions | 331.918 | (852.649) | |
| Adjustments for (Reversal of) Provisions Related with Employee Benefits | 12 | (1.064.683) | (975.917) |
| Adjustments for (Reversal of) Lawsuit and/or Penalty Provisions | 1.121.799 | (357.678) | |
| Adjustments for (Reversal of) Warranty Provisions | 581.169 | 484.484 | |
| Adjustments for (Reversal of) Other Provisions | (306.367) | (3.538) | |
| - Adjustments for Interest (Income) Expenses | (363.426) | (629.845) | |
| Adjustments for Interest Income | (993.468) | (1.222.062) | |
| Adjustments for Interest Expense | 630.042 | 592.217 | |
| - Adjustments for Retained Profit of Equity Accounted Investees | 100.796 | 37.514 | |
| - Adjustments for Tax (Income)/Expenses | (4.269.022) | (2.447.474) | |
| - Other Adjustments for which Cash Effects are Investing or Financing Cash Flow | 2.771.475 | 1.439.981 | |
| - Other Adjustments to Reconcile Profit (Loss) | 1.851.914 | 724.071 | |
| Changes in Working Capital | 1.999.059 | (4.064.128) | |
| - Decrease (Increase) in Trade Receivables | 9.521.388 | 7.303.791 | |
| - Decrease (Increase) in Other Receivables Related with Operations | (437.389) | (236.103) | |
| - Decrease (Increase) in Inventories | 6 | 1.430.036 | 1.122.177 |
| - Decrease (Increase) in Prepaid Expenses | 7 | (3.869.332) | (1.245.378) |
| - Increase (Decrease) in Trade Payables | 5 | (7.195.989) | (3.250.177) |
| - Increase (Decrease) in Employee Benefit Obligations | 12 | (459.756) | 1.229.180 |
| - Adjustments for Stage of Completion of Construction or Service Contracts in | |||
| Progress | (1.419.211) | (5.055.776) | |
| - Increase (Decrease) in Other Operating Payables | (275.025) | (336.917) | |
| - Increase (Decrease) in Government Grants and Subsidies | (6.645) | 300 | |
| - Increase (Decrease) in Deferred Income | 7.885.539 | (6.043.052) | |
| - Adjustments Related to Monetary Gain/ Losses | (2.798.503) | 3.344.309 | |
| - Other Increase (Decrease) in Working Capital | (376.054) | (896.482) | |
| Cash Flows From Operations | 5.768.490 | (3.159.864) | |
| Payments Related with Provisions for Employee Benefits | 12 | (448.554) | (144.457) |
| Payments Related with Other Provisions | (1.003.936) | (802.432) | |
| Income Taxes Refund (Paid) | (87.700) | 2.774 | |
| B.Cash Flows From Investing Activities | (5.775.575) | (3.337.579) | |
| Proceeds from Sales of Property, Plant, Equipment and Intangible Assets | 41.786 | 213.706 | |
| Purchase of Property, Plant and Equipment | 8 | (1.546.865) | (938.112) |
| Purchase of Intangible Assets | 8 | (4.406.919) | (2.696.440) |
| Other Cash Inflows (Outflows) | 136.423 | 83.267 | |
| C.Cash Flows From Financing Activities | (2.388.390) | 2.527.297 | |
| Proceeds from Borrowings | 6.686.267 | 9.702.865 | |
| Repayments of Borrowings | (9.074.657) | (7.175.568) | |
| NET INCREASE/DECREASE IN CASH AND CASH EQUIVALENTS BEFORE EFFECT OF EXCHANGE RATE CHANGES (A+B+C) |
(3.935.665) | (4.914.261) | |
| D. EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | 84.296 | 41.411 | |
| E. MONETARY GAİN/LOSS EFFECT ON CASH AND CASH EQUİVALENTS | (1.674.208) | (1.375.115) | |
| NET INCREASE/DECREASE IN CASH AND CASH EQUIVALENTS (A+B+C+D+E) | (5.525.577) | (6.247.965) | |
| F.CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD | 18.311.472 | 10.489.604 | |
| CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD (A+B+C+D+E+F) | 3 | 12.785.895 | 4.241.639 |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE THREE MONTH ENDED 31 MARCH 2025
(Amounts are expressed in Thousand Turkish Lira ("TL") in terms of the purchasing power of the TL at 31 March 2025, 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''), Integrated Defence Systems Technologies Vice Presidency (''SST'') and Microelectronics and Electro-Optics Vice Presidency (''MEOS''), Avionics and Guidance Systems Vice Presidency ("AGS") and Transportation, Security, Energy, Automation and Healthcare 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 Hacettepe Teknokent, Teknopark İstanbul, 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 March 2025, 25,80 percent of the Company's shares are publicly traded (31 December 2024: 25,80 percent) (Note 13).
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 March 2025 is 13.232 (31 December 2024: 12.014).
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE THREE MONTH ENDED 31 MARCH 2025
(Amounts are expressed in Thousand Turkish Lira ("TL") in terms of the purchasing power of the TL at 31 March 2025, 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. The consolidated condensed financial statements of the Group for the three months ended 31 March 2025 have been prepared in accordance with TAS 34 Interim Financial Reporting. The interim condensed financial statements do not contain all the information and explanations that should be included in the annual financial statements and should be read together with the annual consolidated financial statements of the Group as of 31 March 2025.
These consolidated financial statements have been approved for issue by the Board of Directors with the resolution number 1265 on 29 April 2025. There is no authority other than General Assembly and legal entities has the right to amend the consolidated financial statements.
The individual financial statements 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.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE THREE MONTH ENDED 31 MARCH 2025
(Amounts are expressed in Thousand Turkish Lira ("TL") in terms of the purchasing power of the TL at 31 March 2025, unless otherwise indicated.) 2. BASIS OF PRESENTATION OF CONSOLIDATED FINANCIAL STATEMENTS (continued)
With the decision taken on March 17, 2005, the CMB has announced that, effective from January 1, 2005, the application of inflation accounting is no longer required for companies operating in Turkey 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.
On November 23, 2023, Public Oversight Accounting and Auditing Standards Authority ("POA") announced the application of inflation accounting in Turkey and according to the announcement, financial statements of entities applying TFRS for the annual reporting period ending on or after December 31, 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 March 2025.
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 Turkey, based on the consumer price index ("CPI") published by the Turkish Statistical Institute ("TURKSTAT"), the cumulative rate was 250% for the three-year period ended 31 March 2025 (31 December 2024: %291).
Adjustments for inflation have been calculated based on the coefficients calculated using the Consumer Price Index in Turkey published by the Turkish Statistical Institute. As of 31 March 2025, the indices and coefficients used in the restatement of the accompanying financial statements are as follows:
| Period | Index | Correction Coefficient |
|---|---|---|
| 31 March 2025 | 2.684,55 | 1 |
| 31 December 2024 | 2.684,55 | 1,10063 |
| 31 March 2024 | 2.139,47 | 1,38104 |
| 31 December 2023 | 1.859,38 | 1,58907 |
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.
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.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE THREE MONTH ENDED 31 MARCH 2025
(Amounts are expressed in Thousand Turkish Lira ("TL") in terms of the purchasing power of the TL at 31 March 2025, unless otherwise indicated.)
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.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE THREE MONTH ENDED 31 MARCH 2025
(Amounts are expressed in Thousand Turkish Lira ("TL") in terms of the purchasing power of the TL at 31 March 2025, unless otherwise indicated.) 2. BASIS OF PRESENTATION OF CONSOLIDATED FINANCIAL STATEMENTS (continued)
The details of the subsidiaries of the Group are as follows:
| Group's proportion of ownership and voting power held (%) |
|||||||
|---|---|---|---|---|---|---|---|
| Functional | 31 March | 31 December | |||||
| Subsidiaries | Location | Currency | 2025 | 2024 | 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 | 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.
(Amounts are expressed in Thousand Turkish Lira ("TL") in terms of the purchasing power of the TL at 31 March 2025, unless otherwise indicated.)
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.
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.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE THREE MONTH ENDED 31 MARCH 2025
(Amounts are expressed in Thousand Turkish Lira ("TL") in terms of the purchasing power of the TL at 31 March 2025, unless otherwise indicated.)
The details of the Group's interests in joint ventures as of 31 March 2025 and 31 December 2024 are as follows:
| Group's proportion of ownership and voting power held (%) |
|||||
|---|---|---|---|---|---|
| Joint Ventures | Principal Activity | Country of establishment and operation |
31 March 2025 |
31 December 2024 |
|
| 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 | 15 | |
| ULAK Haberleşme A.Ş. ("ULAK") | Design, development and engineering activities of broadband communication devices and mobile communication systems |
Türkiye | 51 | 51 |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE THREE MONTH ENDED 31 MARCH 2025
(Amounts are expressed in Thousand Turkish Lira ("TL") in terms of the purchasing power of the TL at 31 March 2025, unless otherwise indicated.) 2. BASIS OF PRESENTATION OF CONSOLIDATED FINANCIAL STATEMENTS (continued)
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.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE THREE MONTH ENDED 31 MARCH 2025
(Amounts are expressed in Thousand Turkish Lira ("TL") in terms of the purchasing power of the TL at 31 March 2025, unless otherwise indicated.) 2. BASIS OF PRESENTATION OF CONSOLIDATED FINANCIAL STATEMENTS (continued)
The accounting policies adopted in preparation of the consolidated financial statements as at 31 March 2025 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 2025 and thereafter. The effects of these standards and interpretations on the Group's financial position and performance have been disclosed in the related paragraphs.
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 assessed that there is no impact on its consolidated financial statements resulting from the amendments of IAS 21.
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:
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:
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE THREE MONTH ENDED 31 MARCH 2025
(Amounts are expressed in Thousand Turkish Lira ("TL") in terms of the purchasing power of the TL at 31 March 2025, unless otherwise indicated.) 2. BASIS OF PRESENTATION OF CONSOLIDATED FINANCIAL STATEMENTS (continued)
Amendments to the Classification and Measurement of Financial Instruments was issued in May 2024 in response to feedback received as part of the post-implementation review of the classification and measurement requirements in IFRS 9 Financial Instruments and related requirements in IFRS 7 Financial Instruments: Disclosures. effective from 1 January 2026.
The amendments specify:
• when a financial liability settled using an electronic payment system can be deemed to be discharged before the settlement date;
• how to assess the contractual cash flow characteristics of financial assets with contingent features when the nature of the contingent event does not relate directly to changes in basic lending risks and costs; and
• new or amended disclosure requirements relating to investments in equity instruments designated at fair value through other comprehensive income and financial instruments with contingent features that do not relate directly to basic lending risks and costs.
Annual Improvements to IFRS Accounting Standards—Volume 11 contains the following amendments effective from 1 January 2026::
IFRS 1 First-time Adoption of International Financial Reporting Standards
• Hedge accounting by a first-time adopter
IFRS 7 Financial Instruments: Disclosures
• Gain or loss on derecognition
Guidance on implementing IFRS 7 Financial Instruments: Disclosures
IFRS 9 Financial Instruments
• Determination of a 'de facto agent'
IAS 7 Statement of Cash Flows
• Cost method
Contracts Referencing Nature-dependent Electricity amends IFRS 9 Financial Instruments and IFRS 7 Financial Instruments effective from 1 January 2026: Disclosures to more faithfully reflect the effects of contracts referencing nature-dependent electricity on an entity's financial statements.
(Amounts are expressed in Thousand Turkish Lira ("TL") in terms of the purchasing power of the TL at 31 March 2025, unless otherwise indicated.)
| 31 March | 31 December | ||
|---|---|---|---|
| 2025 | 2024 | ||
| Cash | 1.125 | 1.171 | |
| Bank | |||
| - | Time deposit | 12.601.730 | 16.989.989 |
| - | Demand deposit | 78.980 | 1.155.838 |
| Other | 104.060 | 164.474 | |
| Cash and cash equivalents on the cash flow statement | 12.785.895 | 18.311.472 | |
| Interest income accruals | 46.220 | -- | |
| 12.832.115 | 18.311.472 |
As of 31 March 2025, the Group has time deposits denominated in foreign currencies with maturities on April 2025 (31 December 2024: January 2025), with the interest rates between 3,25 percent and 4,50 percent (31 December 2024: 0,50 percent and 3 percent) amounting to TL 2.112.219 (31 December 2024: TL 2.061.578) in several banks.
As of 31 March 2025, the Group has time deposits denominated in TL terms with maturities on April 2025 (31 December 2024: January 2025) with the interest rates between 42,50 percent and 46,00 percent (31 December 2024: 48,50 percent and 49,25 percent) amounting to TL 10.489.511 (31 December 2024: TL 14.928.411) in several banks.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE THREE MONTH ENDED 31 MARCH 2025
(Amounts are expressed in Thousand Turkish Lira ("TL") in terms of the purchasing power of the TL at 31 March 2025, 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 maturitiy 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 March 2025 is approximately TL 119.986 (The vast majority consists of paid wages and benefits.) (31 March 2024: TL 83.864).
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 March 2025, unless otherwise indicated.)
| 31 March 2025 | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Receivables | Payables | ||||||||||||
| Short-term | Long-term | Short-term | Long-term | ||||||||||
| Prepaid | Other | Prepaid | Deferred | Other | Deferred | ||||||||
| Balances with related parties | Trading | Expenses | Receivables | Trading | Expenses | Trading | Income | Payables | Trading | Income | |||
| Main shareholder | |||||||||||||
| TSKGV | 86 | -- | -- | -- | -- | -- | -- | -- | -- | -- | |||
| Main shareholder's subsidiaries and associates | |||||||||||||
| Hava Elektronik San. ve Tic. Anonim Şirketi (''HAVELSAN'') | 52.510 | 693.652 | -- | 33.063 | 167.854 | 276.449 | 25.180 | -- | -- | 1.143.340 | |||
| HAVELSAN Teknoloji Radar San. ve Tic. Anonim Şirketi ("HTR") | 41.438 | 275.827 | -- | -- | 59.936 | 437.351 | 31.283 | -- | -- | -- | |||
| İşbir Elektrik Sanayii Anonim Şirketi ("İŞBİR") | -- | 220.236 | -- | -- | 39.607 | 137.855 | -- | -- | -- | -- | |||
| NETAŞ Telekomünikasyon Anonim Şirketi ("NETAŞ") | 6 | 8.303 | -- | -- | 17.170 | 77.171 | -- | -- | -- | -- | |||
| Savunma Teknolojileri Mühendislik ve Ticaret Anonim Şirketi | |||||||||||||
| ("STM") | 118.559 | 12.881 | -- | 878.539 | -- | 29.291 | 22.186 | -- | -- | 648.500 | |||
| Tusaş Motor Sanayii Anonim Şirketi ("TEI") | 12.719 | -- | -- | -- | -- | -- | -- | -- | -- | ||||
| Türk Havacılık ve Uzay Sanayi ve Ticaret Anonim Şirketi ("TUSAŞ") | 3.880.838 | -- | -- | 4.383.516 | -- | 1.235 | 231.707 | -- | -- | 599.123 | |||
| Financial Instruments | |||||||||||||
| ASPİLSAN Enerji Sanayi ve Ticaret Anonim Şirketi ("ASPİLSAN") | 2 | 22.960 | -- | -- | -- | 7.584 | 7.035 | -- | -- | -- | |||
| Roket Sanayi ve Ticaret Anonim Şirketi ("ROKETSAN") | 3.903.249 | 58.981 | -- | 459.522 | 863.838 | 129.178 | 460.283 | -- | -- | 185.524 | |||
| Joint ventures and its related parties | |||||||||||||
| ASELSAN Bİlkent | -- | 286.946 | -- | -- | 65.609 | 50.721 | -- | -- | -- | -- | |||
| İhsan Doğramacı Bilkent Üniversitesi | -- | 6.170 | -- | -- | -- | 10.821 | -- | -- | -- | -- | |||
| IGG | 23.234 | -- | -- | 3.038 | -- | -- | 2.334 | -- | -- | -- | |||
| IGG ASELSAN | 6.503 | 43.166 | -- | -- | 3.627 | 26.685 | -- | -- | -- | -- | |||
| ASELSAN Kazakhstan | 323.906 | -- | -- | 59.682 | -- | 308 | 1.381 | -- | -- | -- | |||
| ASELSAN Jordan | 139.476 | -- | -- | -- | -- | 27.935 | 4.090 | -- | -- | 5.513 | |||
| TÜBİTAK BİLGEM | -- | 100.567 | -- | -- | 13.838 | 81.810 | -- | -- | -- | -- | |||
| TÜBİTAK-UME | -- | 5.936 | -- | -- | -- | 3 | -- | -- | -- | -- | |||
| TÜBİTAK BİLİMSEL TEKNOLOJİK ARAŞTIRMA | 9.849 | 52.688 | -- | 224.323 | 1.029 | 7.877 | 7.553 | -- | -- | 14.214 | |||
| TÜBİTAK SAGE Savunma Sanayii | 11.287 | 501.361 | -- | 4.359 | 49.021 | 82.518 | 1.624 | -- | -- | -- | |||
| Savunma Sanayi Başkanlığı ("SSB") | 4.801.426 | -- | -- | 37.605.143 | -- | -- | 4.258.240 | -- | -- | 13.424.093 | |||
| SSTEK | 3 | -- | -- | -- | -- | -- | 463.288 | -- | -- | 16.501 | |||
| EHSİM | 539 | 162.638 | -- | -- | 817 | 95.531 | -- | -- | -- | -- | |||
| ULAK | 991.993 | 2.374 | -- | -- | -- | -- | -- | -- | -- | -- | |||
| TÜYAR | -- | 59.605 | -- | -- | -- | -- | -- | -- | -- | -- | |||
| TR Eğitim | -- | -- | -- | -- | -- | 76 | -- | -- | -- | -- | |||
| 14.317.623 | 2.514.291 | -- | 43.651.185 | 1.282.346 | 1.480.399 | 5.516.184 | -- | -- | 16.036.808 | ||||
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE THREE MONTH ENDED 31 MARCH 2025
(Amounts are expressed in Thousand Turkish Lira ("TL") in terms of the purchasing power of the TL at 31 March 2025, unless otherwise indicated.)
| 31 December 2024 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Receivables | Payables | |||||||||
| Short-term | Long-term | Short-term | Long-term | |||||||
| Prepaid | Other | Prepaid | Deferred | Deferred | ||||||
| Balances with related parties | Trading | Expenses | Receivables | Trading | Expenses | Trading | Income | Other Payables1 | Trading | Income |
| Main shareholder | ||||||||||
| TSKGV | -- | -- | -- | -- | -- | -- | -- | 374.607 | -- | -- |
| Main shareholder's subsidiaries and associates | ||||||||||
| Hava Elektronik San. ve Tic. Anonim Şirketi (''HAVELSAN'') | 57.130 | 595.127 | -- | 16.309 | 227.954 | 930.880 | 6 | -- | -- | 708.240 |
| HAVELSAN Teknoloji Radar San. ve Tic. Anonim Şirketi ("HTR") | 45.331 | 245.771 | -- | -- | 56.721 | 580.197 | 13.044 | -- | -- | -- |
| İşbir Elektrik Sanayii Anonim Şirketi ("İŞBİR") | -- | 206.269 | -- | -- | 46.335 | 85.030 | -- | -- | -- | -- |
| NETAŞ Telekomünikasyon Anonim Şirketi ("NETAŞ") | -- | 9.030 | -- | -- | 20.391 | 46.566 | -- | -- | -- | -- |
| Savunma Teknolojileri Mühendislik ve Ticaret Anonim Şirketi | ||||||||||
| ("STM") | 151.688 | 22.811 | -- | 820.883 | -- | 20.164 | -- | -- | -- | 695.745 |
| Tusaş Motor Sanayii Anonim Şirketi ("TEI") | 48.266 | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Türk Havacılık ve Uzay Sanayi ve Ticaret Anonim Şirketi ("TUSAŞ") | 4.441.847 | -- | -- | 2.543.320 | -- | 15.556 | 395.359 | -- | -- | -- |
| Financial Instruments | ||||||||||
| ASPİLSAN Enerji Sanayi ve Ticaret Anonim Şirketi ("ASPİLSAN") | -- | 26.158 | -- | -- | 5.312 | 21.092 | 5.170 | -- | -- | -- |
| Roket Sanayi ve Ticaret Anonim Şirketi ("ROKETSAN") | 4.127.927 | 82.602 | -- | 432.874 | 914.461 | 511.432 | 568.279 | -- | -- | 289.075 |
| Joint ventures and its related parties | ||||||||||
| ASELSAN Bİlkent | -- | 270.686 | -- | -- | 80.876 | 97.124 | -- | -- | -- | -- |
| İhsan Doğramacı Bilkent Üniversitesi | -- | 6.847 | -- | -- | -- | 40 | -- | -- | -- | -- |
| IGG | 23.850 | -- | -- | 3.344 | -- | -- | 2.569 | -- | -- | -- |
| IGG ASELSAN | 6.676 | 40.041 | -- | -- | 3.992 | 26.665 | -- | -- | -- | -- |
| ASELSAN Kazakhstan | 328.677 | -- | -- | 65.687 | 317 | 1.520 | -- | -- | -- | |
| ASELSAN Jordan | 135.433 | -- | -- | -- | 28.679 | 383 | -- | -- | 6.068 | |
| TÜBİTAK BİLGEM | -- | 93.497 | -- | -- | 15.284 | 111.045 | -- | -- | -- | -- |
| TÜBİTAK-UME | -- | 2.745 | -- | -- | 3 | -- | -- | -- | -- | |
| TÜBİTAK BİLİMSEL TEKNOLOJİK ARAŞTIRMA | 10.850 | 50.186 | -- | 338.935 | 1.413 | 4.105 | 6.070 | -- | -- | 15.183 |
| TÜBİTAK SAGE Savunma Sanayii | 33.049 | 216.322 | -- | 10.684 | 84.826 | 170.139 | 1.122 | -- | -- | -- |
| Savunma Sanayi Başkanlığı ("SSB") | 3.479.405 | -- | 39.947.935 | -- | -- | 5.246.496 | -- | -- | 5.976.585 | |
| SSTEK | 4 | -- | -- | -- | -- | 438.922 | -- | -- | 18.128 | |
| ULAK | 1.026.519 | 2.612 | -- | -- | -- | 3.594 | -- | -- | -- | -- |
| TÜYAR | -- | 57.374 | -- | -- | -- | -- | -- | -- | -- | -- |
| EHSİM | -- | 176.629 | -- | -- | 2.901 | 53.406 | -- | -- | -- | -- |
| 13.916.652 | 2.104.707 | -- | 44.179.971 | 1.460.466 | 2.706.034 | 6.678.940 | 374.607 | -- | 7.709.024 |
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 March 2025, unless otherwise indicated.)
| 1 January | 1 January | |
|---|---|---|
| 31 March | 31 March | |
| 2025 | 2024 | |
| Transactions with related parties | Purchases | Purchases |
| Main Shareholder | ||
| TSKGV | 729 | 601 |
| Main shareholder's subsidiaries and associates | ||
| NETAŞ | 49.679 | 39.072 |
| STM | 20.234 | 3.979 |
| İŞBİR | 140.561 | 60.200 |
| HTR | 317.773 | 237.367 |
| TUSAŞ | 768 | 315 |
| HAVELSAN | 73.665 | 11.742 |
| Financial Instruments | ||
| ASPİLSAN | 36.221 | 50.214 |
| Joint ventures and its related parties | ||
| İHSAN DOĞRAMACI BİLKENT ÜNİVERSİTESİ | 12.150 | 717 |
| TÜBİTAK BİLGEM | 16.756 | 100.599 |
| TÜBİTAK BİLİMSEL TEKNOLOJİK ARAŞTIRMA | 6.950 | 3.328 |
| TÜBİTAK UME | -- | 660 |
| TÜBİTAK SAGE SAVUNMA SANAYİİ | 103.930 | 157.657 |
| 779.416 | 666.451 |
(Amounts are expressed in Thousand Turkish Lira ("TL") in terms of the purchasing power of the TL at 31 March 2025, unless otherwise indicated.)
| 1 January | 1 January | ||
|---|---|---|---|
| 31 March | 31 March | ||
| 2025 | 2024 | ||
| Transactions with related parties | Sales | Sales | |
| Main Shareholder | |||
| TSKGV | 171 | 60 | |
| Main shareholder's subsidiaries and associates | |||
| TUSAŞ | 3.701.351 | 4.355.963 | |
| STM | 153.044 | 1.904.853 | |
| HAVELSAN | 53.525 | 13.721 | |
| HTR | 7.028 | 14.102 | |
| NETAŞ | 5 | -- | |
| Financial Instruments | |||
| ROKETSAN | 1.083.894 | 778.226 | |
| ASPİLSAN | 1 | 145 | |
| Joint ventures and its related parties | |||
| TÜBİTAK BİLİMSEL TEKNOLOJİK ARAŞTIRMA | 9.986 | 40.227 | |
| TÜBİTAK SAGE SAVUNMA SANAYİİ | 3.721 | 53.725 | |
| SSB | 10.473.121 | 16.044.809 | |
| SSTEK | -- | 14.660 | |
| 15.485.847 | 23.220.491 |
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 March 2025, unless otherwise indicated.)
Details of the Group's trade receivables are as follows:
| 31 March | 31 December | |
|---|---|---|
| Short-term trade receivables | 2025 | 2024 |
| Trade receivables | 13.323.846 | 17.238.062 |
| Trade receivables from related parties (Note 4) | 14.317.623 | 13.916.652 |
| Notes receivable | 30.510 | 44.774 |
| Other Receivables | 9.248 | 9.353 |
| Doubtful trade receivables | 33.413 | 35.540 |
| Allowance for doubtful trade receivables (-) | (33.413) | (35.540) |
| 27.681.227 | 31.208.841 |
| 31 March | 31 December | |
|---|---|---|
| Long-term trade receivables | 2025 | 2024 |
| Unbilled receivables from contracts with customers | 18.430.180 | 15.490.905 |
| Trade receivables | 847.937 | 840.592 |
| Unbilled receivables from contracts with customers - | ||
| Related party (Note 4) | 43.651.185 | 44.179.971 |
| 62.929.302 | 60.511.468 |
The movement for the Group's allowance for doubtful receivables is as follows:
| 31 March | 31 March | |
|---|---|---|
| 2025 | 2024 | |
| Opening balance | 35.540 | 84.185 |
| Provision for the period | 1.122 | 2.917 |
| Monetary gain/(loss) | (3.249) | (11.021) |
| Closing balance | 33.413 | 76.081 |
Details of The Group's trade payables are as follows:
| 31 March | 31 December | |
|---|---|---|
| Short-term trade payables | 2025 | 2024 |
| Trade payables | 11.846.555 | 17.349.918 |
| Due to related parties (Note 4) | 1.480.399 | 2.706.034 |
| Notes Payable | 63.020 | 1.237.817 |
| Other trade payables | 345.142 | 455.267 |
| 13.735.116 | 21.749.036 |
(Amounts are expressed in Thousand Turkish Lira ("TL") in terms of the purchasing power of the TL at 31 March 2025, unless otherwise indicated.)
| 31 March | 31 December | |
|---|---|---|
| 2025 | 2024 | |
| Raw materials | 28.403.771 | 28.198.167 |
| Work-in progress | 14.032.857 | 13.814.594 |
| Goods in transit 1 | 1.573 | 23.026 |
| Finished goods | 2.048.529 | 1.705.781 |
| Other inventories | 629.482 | 3.018.534 |
| Trade goods | 1.451.175 | 1.109.219 |
| Allowance for impairment on inventories (-) | (66.276) | (23.026) |
| 46.501.111 | 47.846.295 |
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 March are as follows:
| 2025 | 2024 | |
|---|---|---|
| Opening balance | 23.026 | 121.481 |
| Provision for the period | 174.265 | 38.939 |
| Provision unrealised | (131.015) | (61.801) |
| Closing balance | 66.276 | 98.619 |
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 March 2025, unless otherwise indicated.)
| 31 March | 31 December | |
|---|---|---|
| Short-term prepaid expenses | 2025 | 2024 |
| Order advances given for inventory purchases | 11.768.527 | 8.653.572 |
| Short-term order advances given to related | ||
| parties for inventory purchases (Note 4) | 2.514.291 | 2.104.707 |
| Work advances | 1.005.382 | 779.918 |
| Prepaid expenses | 2.158.485 | 1.902.762 |
| 17.446.685 | 13.440.959 | |
| 31 March | 31 December | |
| Long-term prepaid expenses | 2025 | 2024 |
| Long-term order advances given to related | ||
| parties for inventory purchases (Note 4) | 1.282.346 | 1.460.466 |
| Order advances given for inventory purchases | 1.535.433 | 1.477.026 |
| Order advances given for fixed assets purchases | 373.225 | 523.497 |
| Prepaid expenses | 637.245 | 653.925 |
| 3.828.249 | 4.114.914 | |
| 31 March | 31 December | |
| Short-term deferred income | 2025 | 2024 |
| Order advances received | 3.679.367 | 4.065.588 |
| Order advances received from related parties | ||
| (Note 4) | 5.516.184 | 6.678.940 |
| Deffered income | 6.118.960 | 3.568.659 |
| 15.314.511 | 14.313.187 | |
| 31 March | 31 December | |
| Long-term deferred income | 2025 | 2024 |
| Order advances received | 9.207.282 | 4.880.034 |
| Order advances received from related parties | ||
| (Note 4) | 16.036.808 | 7.709.024 |
| Deferred income | 2.279.241 | 429.745 |
| 27.523.331 | 13.018.803 |
(Amounts are expressed in Thousand Turkish Lira ("TL") in terms of the purchasing power of the TL at 31 March 2025, unless otherwise indicated.)
| Cost | Property, Plant and Equipment |
Intangible Assets |
|---|---|---|
| Opening balance as of 1 January 2025 | 68.939.373 | 37.331.230 |
| Additions | 1.562.120 | 4.406.919 |
| Disposals | (244.034) | (1.950.295) |
| Closing balance as of 31 March 2025 | 70.257.459 | 39.787.854 |
| Accumulated Depreciation and Amortisation | ||
| Opening balance as of 1 January 2025 | 27.765.859 | 13.302.959 |
| Change for the period1 | 991.545 | 307.720 |
| Disposals | (27.578) | (194.764) |
| Closing balance as of 31 March 2025 | 28.729.826 | 13.415.915 |
| Net book value as of 31 March 2025 | 41.527.633 | 26.371.939 |
| Net book value as of 31 December 2024 | 41.173.514 | 24.028.271 |
| Property, Plant | Intangible |
|---|---|
| Assets | |
| 64.069.777 | 27.394.232 |
| 940.770 | 2.696.440 |
| (760.734) | (885.947) |
| -- | -- |
| 29.204.725 | |
| 26.361.371 | 8.090.533 |
| 778.622 | 277.408 |
| (470.555) | (140.097) |
| 26.669.438 | 8.227.844 |
| 37.580.375 | 20.976.881 |
| 37.708.406 | 19.303.699 |
| and Equipment 64.249.813 |
In accordance with TFRS 13 "Fair Value Measurement" standard, fair values of the lands are considered as level three of fair value hierarchy, since measurement techniques do not include observable market inputs.
1 The amount of amortization related to inventories are TL 128.103 in the year 2025 (March 2024: TL 103.391)
(Amounts are expressed in Thousand Turkish Lira ("TL") in terms of the purchasing power of the TL at 31 March 2025, unless otherwise indicated.)
a) Provisions
| 31 March | 31 December | |
|---|---|---|
| Other short-term provisions | 2025 | 2024 |
| Provision for warranties1 | 3.643.381 | 4.337.480 |
| Provision for onerous contracts | 218.200 | 240.158 |
| Provision for delay penalties2 | 2.817.133 | 2.108.334 |
| Sales commission | 114.715 | 126.259 |
| Provision for legal cases | 56.752 | 60.111 |
| Provision for cost expenses | 286.103 | 712.071 |
| Other | 76.229 | 23.917 |
| 7.212.513 | 7.608.330 | |
| 31 March | 31 December | |
| Other long-term provisions | 2025 | 2024 |
| Provision for delay penalties | 503.017 | 553.636 |
| Provision for onerous contracts | 8.600.722 | 9.364.011 |
| 9.103.739 | 9.917.647 |
There has not been any final judicial decision against the Group due to the responsibility related with work accidents within 2025.
As of the dates 31 March 2025 and 31 December 2024, 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 | 202 5 | 2024 | |
|---|---|---|---|
| a) | Ongoing lawsuits filed by the Group | 26.481 | 47.179 |
| b) | Execution proceedings carried out by the Group | 730.428 | 822.057 |
| c) | Ongoing lawsuits filed against the Group | 56.752 | 60.112 |
| d) | Executions against the Group | 16.637 | 21.098 |
| e) | Lawsuits finalized against the Group within the period | 1.531 | 7.769 |
| f) | Lawsuits finalized in favor of the Group within the | ||
| period | 20.468 | 5.453 |
a) Ongoing lawsuits filed by the Group are comprised of lawsuits for patents, trademarks and lawsuits filed by the Group due to the disagreements related to previous lawsuits. These lawsuits will not be recognised in the financial statements until they are finalized.
b) Execution of proceedings carried out by the Group are comprised of lawsuits that would result in favor of the Group that will be recognised as revenue under "Other Operating Income" line when they are collected.
c) The Company made provisions for all lawsuits filed against the Group and recognised as "Provisions" in the statement of financial positon and "Other Operating Expense" in the statement of profit or loss and other comprehensive income.
d) Executions against the Group are not included in Financial Statements.
e) Lawsuits finalized against the Group are recognised in the statement of profit or loss to the extent that the amount differs from the amount previously provided. Amounts in excess of the amount previously provided are recognised under 'Other Operating Expense' when the penalty is paid.
f) Lawsuits finalized in favor of the Group are recognised in statement of profit or loss and other comprehensive income under "Other Operating Income" line when the final judgement is determined.
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 March 2025, unless otherwise indicated.)
"Deferred Tax Assets" of the Group as of 31 March 2025 is TL 12.504.809. The amount is comprised of the items below.
| 31 March | 31 December | |
|---|---|---|
| 2025 | 2024 | |
| Carried Forward R&D Incentives Effect | 14.194.198 | 9.651.464 |
| Temporary Differences | (1.689.389) | (683.435) |
| Deferred Tax Assets - Net | 12.504.809 | 8.968.029 |
The earnings gained within the scope of Technology Development Zones Law numbered 4691 and the Support of Research and Development Activities Law numbered 5746 were exempted from corporate tax until 31 December 2028.
Forecasts, expected duration of research and development incentives and temporary differences are considered in calculating deferred tax asset.
In accordance with the law numbered 5746 pertaining to 1 January-31 March 2025 period the Group has calculated "Deferred Tax Asset" amounting to TL 14.194.198 from Research and Development expenses comprising "Outstanding Research and Development Deductions".
| 31 March | 31 March | |
|---|---|---|
| 2025 | 2024 | |
| Profit before tax from continuing operations | (2.135.531) | (736.481) |
| Tax (expense)/income recognized in profit or loss | 4.269.022 | 2.447.474 |
| Effective tax rate | (%200) | (%332) |
Effective tax rate is calculated by dividing net tax income recognized in profit or loss to profit before tax from continuing operations.
| 31 March 2025 | 31 December 2024 | |
|---|---|---|
| Letters of guarantees received from the suppliers | 10.718.537 | 10.759.871 |
| Collaterals received from the customers | 749.499 | 744.706 |
| Letters of guarantees received from the customers | -- | 49.207 |
| Collaterals received from the suppliers | 1.556.684 | 1.525.608 |
| Letters of guarantees received from the suppliers | 485.925 | 518.383 |
| Letters of guarantees received from the customers | -- | 2.201 |
| 13.510.645 | 13.599.976 |
The collaterals/pledges/mortgages ("CPM") given by the Group as of 31 March 2025 and 31 December 2024 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 294.403.
(Amounts are expressed in Thousand Turkish Lira ("TL") in terms of the purchasing power of the TL at 31 March 2025, unless otherwise indicated.)
| 31 March 2025 | TL Equivalent | TL | USD | EURO | Rumen Leyi | Qatar Rial |
|---|---|---|---|---|---|---|
| A. Total amount of CPM given on behalf of the legal | ||||||
| entity | ||||||
| -Collateral | 18.152.811 | 2.660.883 | 276.830 | 122.897 | 4.004 | 250 |
| -Pledge | -- | -- | -- | -- | -- | -- |
| -Mortgage | -- | -- | -- | -- | -- | -- |
| B. Total amount of CPM given on behalf of the | ||||||
| subsidiaries included in full consolidation | ||||||
| -Collateral | 162.808 | -- | -- | 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 | 16.957 | -- | 449 | -- | -- | -- |
| -Pledge | -- | -- | -- | -- | -- | -- |
| -Mortgage | -- | -- | -- | -- | -- | -- |
| iii. Total amount of CPM on behalf of third parties | ||||||
| that do not cover | ||||||
| -Collateral | -- | -- | -- | -- | -- | -- |
| -Pledge | -- | -- | -- | -- | -- | -- |
| -Mortgage | -- | -- | -- | -- | -- | -- |
| Total | 18.332.576 | 2.660.883 | 277.279 | 126.897 | 4.004 | 250 |
1 The ratio of the other CPM given by the Group to equity as of 31 March 2025 is 0,01 percent. TL 16.957 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 March 2025, unless otherwise indicated.)
| 31 December 2024 | TL Equivalent | TL | USD | EURO | Rumen Leyi | Qatar Rial |
|---|---|---|---|---|---|---|
| A. Total amount of CPM given on behalf of the legal | ||||||
| entity | ||||||
| -Collateral | 17.249.015 | 2.376.455 | 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 | 161.762 | -- | -- | 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 | ||||||
| group companies that do not cover B and C 1 |
||||||
| -Collateral | 49.235 | -- | 1.270 | -- | -- | -- |
| -Pledge | -- | -- | -- | -- | -- | -- |
| -Mortgage | -- | -- | -- | -- | -- | -- |
| iii. Total amount of CPM on behalf of third parties | ||||||
| that do not cover | ||||||
| -Collateral | -- | -- | -- | -- | -- | -- |
| -Pledge | -- | -- | -- | -- | -- | -- |
| -Mortgage | -- | -- | -- | -- | -- | -- |
| Total | 17.460.012 | 2.376.455 | 279.281 | 104.387 | 4.004 | 250 |
1 The ratio of the other CPM given by the Group to equity as of 31 December 2024 is 0,03 percent. TL 49.236 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 March 2025, unless otherwise indicated.)
| 31 March 2025 | 31 December 2024 | |
|---|---|---|
| Provision for vacation pay and overtime | 1.513.519 | 1.248.198 |
| Bonus provision | -- | 2.117.435 |
| 1.513.519 | 3.365.633 |
As of 31 March the movement of the provision for vacation pay and overtime is as follows:
| 2025 | 2024 | |
|---|---|---|
| Opening balance | 1.248.198 | 1.114.971 |
| Provision for the period | 461.702 | 140.575 |
| Provision paid during the period | (77.339) | (67.354) |
| Provision realized during the period | (4.921) | (6.806) |
| Monetary gain/(loss) | (114.121) | (129.708) |
| Closing balance | 1.513.519 | 1.051.678 |
| 31 March 2025 | 31 December 2024 | |
|---|---|---|
| Provision for severance pay | 1.082.518 | 1.157.157 |
| 1.082.518 | 1.157.157 |
As of 31 March the movement of severance and retirement pays are as follows:
| 2025 | 2024 | |
|---|---|---|
| Opening balance | 1.157.157 | 1.689.627 |
| Service cost | 402.374 | 111.618 |
| Payments | (371.215) | (77.103) |
| Monetary gain/(loss) | (105.798) | (221.199) |
| Closing balance | 1.082.518 | 1.502.943 |
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 March 2025, 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 March 2025 severance payments are calculated on the basis of 30 days' pay, limited to a ceiling of TL 46.655,43 (31 December 2024: TL 46.655,43)
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 March 2025 (%) |
31 December 2024 (%) |
|
|---|---|---|
| Interest rate | 24,90 | 24,90 |
| Inflation rate | 21,05 | 21,05 |
| Discount ratio | 3,18 | 3,18 |
| Estimation of probability of retirement ratio | 94 | 94 |
| Capital |
|---|
| --------- |
| Shareholders | Share (%) | 31 March 2025 | Share (%) | 31 December 2024 |
|---|---|---|---|---|
| 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 | 27.093.175 | 27.093.175 | ||
| Inflation adjusted capital | 31.653.175 | 31.653.175 |
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.
(Amounts are expressed in Thousand Turkish Lira ("TL") in terms of the purchasing power of the TL at 31 March 2025, unless otherwise indicated.)
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.
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.
| 1 January- | 1 January | |
|---|---|---|
| 31 March | 31 March | |
| a) Revenue | 2025 | 2024 |
| Domestic sales | 19.969.614 | 17.062.385 |
| Export sales | 2.821.159 | 3.845.226 |
| 22.790.773 | 20.907.611 |
| 1 January - | 1 January - | |
|---|---|---|
| 31 March | 31 March | |
| Revenue Recognized Regarding Performance Obligation | 2025 | 2024 |
| Over time | 17.561.384 | 17.387.336 |
| Point in time | 5.229.389 | 3.520.275 |
| 22.790.773 | 20.907.611 |
| b) Cost of sales(-) | 1 January- 31 March 2025 |
1 January 31 March 2024 |
|---|---|---|
| Cost of raw materials and supplies (-) | 11.319.103 | 11.205.610 |
| Cost of merchandise goods sold (-) | 284.159 | 1.819.212 |
| Cost of services sold (-) | 4.150.195 | 1.382.125 |
| Cost of other sales (-) | 215.943 | 450.821 |
| 15.969.400 | 14.857.768 |
(Amounts are expressed in Thousand Turkish Lira ("TL") in terms of the purchasing power of the TL at 31 March 2025, unless otherwise indicated.)
| a) Other operating income | 1 January- | 1 January |
|---|---|---|
| 31 March | 31 March | |
| 2025 | 2024 | |
| Foreign currency exchange differences from operations | 9.086.994 | 6.435.486 |
| Amortized cost effect of trade payables | 817.931 | 1.180.302 |
| Other income | 323.938 | 377.191 |
| 10.228.863 | 7.992.979 | |
| b) Other operating expense (-) |
1 January- | 1 January |
| 31 March | 31 March | |
| 2025 | 2024 | |
| Foreign currency exchange differences from operations (-) | 5.871.366 | 4.360.884 |
| Amortized cost effect of trade receivables (-) | 630.042 | 592.217 |
| Other expense and losses (-) | 292.236 | 589.638 |
| 6.793.644 | 5.542.739 |
| 1 January- 31 March |
1 January 31 March |
|
|---|---|---|
| 2025 | 2024 | |
| Interest income | 813.418 | 263.353 |
| Foreign currency exchange gains from bank loans | 31.335 | 108.516 |
| 844.753 | 371.869 |
| 1 January 31 March |
1 January 31 March |
|
|---|---|---|
| 2025 | 2024 | |
| Foreign currency exchange losses from bank loans (-) Interest cost of borrowings (-) |
2.732.555 | 1.549.405 |
| 561.832 | 969.183 | |
| 3.294.387 | 2.518.588 |
(Amounts are expressed in Thousand Turkish Lira ("TL") in terms of the purchasing power of the TL at 31 March 2025, unless otherwise indicated.)
As of 31 March 2025, the details of the net monetary position gains (losses) arising from non-monetary financial statement items reported in the Group's profit or loss statement are as follows:
| Net Monetary Gain/ (Losses) | 31 March 2025 |
|---|---|
| Balance Sheet Items | (6.844.866) |
| Inventories | 138.269 |
| Prepaid expenses | 1.522.712 |
| Property, plant and equipment | 3.082.508 |
| Intangible assets | 2.451.647 |
| Equity accounted investments and financial investments | 1.211.649 |
| Deferred income | (1.121.162) |
| Share capital | (2.894.033) |
| Share premiums | (2.113.709) |
| Other comprehensive income / (expense) that will not be reclassified | |
| to profit or (loss) | (336.167) |
| Other comprehensive income / (expense) that will be reclassified to | |
| profit or (loss) | 49.298 |
| Restricted reserves | (501.426) |
| Retained earnings | (8.334.452) |
| Statement of Profit or Loss Items | (181.006) |
| Revenue | (527.657) |
| Cost of sales (-) | 306.576 |
| General administrative expenses (-) | 21.527 |
| Marketing expenses (-) | 12.151 |
| Research and development expenses (-) | 11.505 |
| Other operating ıncome | (228.601) |
| Other operating expenses (-) | 199.325 |
| Income from investing activities | (389) |
| Financial income | (20.002) |
| Financial expense (-) | 44.559 |
| Net Monetary Gain/ (Losses) | (7.025.872) |
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 31 March 2025 and 2024 earnings per share calculations are as follows:
| 1 January- | 1 January | |
|---|---|---|
| 31 March | 31 March | |
| 2025 | 2024 | |
| Number of shares outstanding (in thousands) | 4.560.000 | 2.280.000 |
| Net profit – TL | 2.274.816 | 1.938.650 |
| Earnings per 100 shares (kuruş) | 49,89 | 42,51 |
| Diluted earnings per 100 shares (kuruş) | 49,89 | 42,51 |
(Amounts are expressed in Thousand Turkish Lira ("TL") in terms of the purchasing power of the TL at 31 March 2025, unless otherwise indicated.)
| 31 March | 31 December | ||
|---|---|---|---|
| 2025 | 2024 | ||
| Short-term financial liabilities | Unsecured loan | 5.957.478 | 14.863.146 |
| Other short-term financial liabilities | Unsecured loan | 79.351 | 66.645 |
| Current portion of long-term financial | |||
| liabilities | Unsecured loan | 26.736.849 | 10.203.729 |
| Total short-term financial liabilities | 32.773.678 | 25.133.520 | |
| Other long-term financial liabilities | Unsecured loan | 171.730 | 10.705.550 |
| Total long-term financial liabilities | 171.730 | 10.705.550 | |
| Total financial liabilities | 32.945.408 | 35.839.070 |
As of 31 March 2025, TL 5.272.445 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 3,15 percent and 4,50 percent. As of 31 March 2025, TL 377.656 of financial debts within short-term borrowings consist of USD Rediscount Foreign Currency Loans, which have maturity dates due August 2025 and the interest rate is 5,99 percent. As of 31 March 2025, TL 307.377 of financial debts within short-term borrowings consist of TL Rediscount Foreign Currency Loans, which have maturity dates due April 2025 and the interest rates is 26,93 percent.
As of 31 March 2025, there are TL 14.274.201 Spot EUR Loans within the short-term borrowings, which have maturity dates due between July 2025 and February 2025, and the interest rates between 4,50 percent and 5,10 percent. As of 31 March 2025, there are TL 12.462.648 Spot USD Loans within the short-term borrowings, which have maturity dates due between July 2025 and March 2026, and the interest rates between 5,25 percent and 5,99 percent.
As of 31 March 2025, TL 79.351 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 49,00 percent.
As of 31 March 2025, TL 171.730 of financial debts included in the long-term borrowings were taken within the scope of investment credit, which have maturity dates due October 2027 and the interest rate is between 8,25 percent and 12,50 percent.
(Amounts are expressed in Thousand Turkish Lira ("TL") in terms of the purchasing power of the TL at 31 March 2025, unless otherwise indicated.)
As of 31 December 2024, TL 3.639.630 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 5.459.446 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 5.326.161 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 38.522 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 399.387 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 7.279.261 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 2.924.468 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 66.645 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 4.529.318 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 5.971.349 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 204.883 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 March 2025, unless otherwise indicated.)
| FOREIGN EXCHANGE POSITION | |||||||
|---|---|---|---|---|---|---|---|
| TL Equivalent | TL equivalent by | TL equivalent by | |||||
| (Functional | USD | using closing | EURO | using closing | Other1 | ||
| 31 March 2025 |
currency) | rates | rates | ||||
| 1. Trade receivables | 15.583.993 | 327.632 | 12.373.222 | 78.885 | 3.210.771 | -- | |
| 2a. Monetary financial assets (including cash, | |||||||
| bank) | 2.134.035 | 29.518 | 1.114.758 | 24.963 | 1.016.054 | 3.223 | |
| 2b. Non- monetary financial assets |
10.827.946 | 125.056 | 4.722.817 | 61.793 | 2.515.083 | 155.234 | |
| 3. Other | 52.476 | 1.268 | 47.882 | 105 | 4.264 | 330 | |
| 4. Current assets (1+2+3) | 28.598.450 | 483.474 | 18.258.679 | 165.746 | 6.746.172 | 158.787 | |
| 5. Trade receivables | 49.058.976 | 557.612 | 21.058.561 | 687.939 | 28.000.415 | -- | |
| 6a. Monetary trade receivables | -- | -- | -- | -- | -- | -- | |
| 6b. Non-monetary trade receivables | 442.247 | 804 | 30.356 | 2.256 | 91.826 | 15.151 | |
| 7. Other | 84.247 | 974 | 36.790 | 847 | 34.478 | 12.979 | |
| 8. Long-term assets (5+6+7) | 49.585.470 | 559.390 | 21.125.707 | 691.042 | 28.126.719 | 28.130 | |
| 9. Total assets (4+8) | 78.183.920 | 1.042.864 | 39.384.386 | 856.788 | 34.872.891 | 186.917 | |
| 10. Trade payables | 5.361.737 | 99.828 | 3.776.850 | 33.123 | 1.350.609 | 234.278 | |
| 11. Financial liabilities | 32.122.011 | 340.333 | 12.876.069 | 472.000 | 19.245.942 | -- | |
| 12a. Other monetary financial liabilities | 18.112 | 423 | 16.009 | 52 | 2.103 | -- | |
| 12b. Other non-monetary financial liabilities | 8.861.634 | 259.903 | 9.833.083 | 99.452 | 4.055.189 | -- | |
| 13. Current liabilities (10+11+12) | 46.363.494 | 700.487 | 26.502.011 | 604.627 | 24.653.843 | 234.278 | |
| 14. Trade payables | -- | -- | -- | -- | -- | -- | |
| 15. Financial liabilities | 100.890 | 2.667 | 100.890 | -- | -- | -- | |
| 16a. Other monetary financial liabilities | 7.579 | 132 | 4.989 | 64 | 2.590 | -- | |
| 16b. Other non-monetary financial liabilities | 18.237.039 | 368.023 | 13.898.594 | 156.891 | 6.397.277 | -- | |
| 17. Non-current liabilities (14+15+16) | 18.345.508 | 370.822 | 14.004.473 | 156.955 | 6.399.867 | -- |
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 March 2025, unless otherwise indicated.)
| FOREIGN EXCHANGE POSITION | |||||||
|---|---|---|---|---|---|---|---|
| TL Equivalent | TL equivalent by | TL equivalent by | |||||
| (Functional | USD | using closing | EURO | using closing | Other | ||
| 31 March 2025 | currency) | rates | rates | ||||
| 18. Total liabilities (13+17) | 64.709.002 | 1.071.309 | 40.506.484 | 761.582 | 31.053.710 | 234.278 | |
| 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) | 13.474.918 | (28.445) | (1.122.098) | 95.206 | 3.819.181 | (47.361) | |
| 21. Net foreign currency asset / liability | |||||||
| position of monetary items (1+2a+5+6a-10- | |||||||
| 11-12a-14-15-16a) | 29.166.675 | 471.379 | 17.771.734 | 286.548 | 11.625.996 | (231.055) | |
| 22. Fair value of derivative financial | |||||||
| instruments used in foreign currency hedge | -- | -- | -- | -- | -- | -- | |
| 23. Hedged foreign currency assets | -- | -- | -- | -- | -- | -- | |
| 24. Hedged foreign currency liabilities | -- | -- | -- | -- | -- | -- | |
| 25. Exports | 2.821.159 | 52.982 | 1.910.845 | 7.532 | 284.251 | 626.063 | |
| 26. Imports | 9.658.811 | 167.657 | 6.343.103 | 55.401 | 2.258.990 | 1.056.718 |
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 March 2025, 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 | 19.455.190 | 417.340 | 16.205.555 | 80.371 | 3.249.635 | -- | |
| 2a. Monetary financial assets (including cash, | |||||||
| bank) | 2.134.179 | 40.218 | 1.561.685 | 13.668 | 552.652 | 19.842 | |
| 2b. Non- monetary financial assets |
9.354.386 | 91.482 | 3.552.289 | 50.194 | 2.029.504 | 109.720 | |
| 3. Other | 14.159 | 84 | 3.259 | 263 | 10.611 | 289 | |
| 4. Current assets (1+2+3) | 30.957.914 | 549.124 | 21.322.788 | 144.496 | 5.842.402 | 129.851 | |
| 5. Trade receivables | 50.019.606 | 551.044 | 21.397.356 | 707.894 | 28.622.250 | -- | |
| 6a. Monetary trade receivables | -- | -- | -- | -- | -- | -- | |
| 6b. Non-monetary trade receivables | 426.941 | 692 | 26.864 | 1.951 | 78.888 | 15.107 | |
| 7. Other | 240.209 | 5206 | 202.157 | 938 | 37.942 | 110 | |
| 8. Long-term assets (5+6+7) | 50.686.756 | 556.942 | 21.626.377 | 710.783 | 28.739.080 | 15.217 | |
| 9. Total assets (4+8) | 81.644.670 | 1.106.066 | 42.949.165 | 855.279 | 34.581.482 | 145.068 | |
| 10. Trade payables | 9.032.953 | 168.203 | 6.543.189 | 54.030 | 2.188.529 | 301.235 | |
| 11. Financial liabilities | 24.334.068 | 203.833 | 7.929.208 | 405.000 | 16.404.860 | -- | |
| 12a. Other monetary financial liabilities | 527.248 | 13500 | 525.157 | 52 | 2.091 | -- | |
| 12b. Other non-monetary financial liabilities | 4.112.791 | 201.682 | 7.845.495 | 28.223 | 1.143.201 | -- | |
| 13. Current liabilities (10+11+12) | 38.007.060 | 587.218 | 22.843.049 | 487.305 | 19.738.681 | 301.235 | |
| 14. Trade payables | -- | -- | -- | -- | -- | -- | |
| 15. Financial liabilities | 10.475.454 | 152.667 | 5.938.801 | 112.000 | 4.536.653 | -- | |
| 16a. Other monetary financial liabilities | 7.702 | 132 | 5.130 | 64 | 2.572 | -- | |
| 16b. Other non-monetary financial liabilities | 5.106.014 | 191.363 | 7.444.102 | 27.991 | 1.133.812 | -- | |
| 17. Non-current liabilities (14+15+16) | 15.589.170 | 344.162 | 13.388.033 | 140.055 | 5.673.037 | -- |
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 March 2025, unless otherwise indicated.)
| FOREIGN EXCHANGE POSITION | |||||||
|---|---|---|---|---|---|---|---|
| TL Equivalent | TL equivalent by | ||||||
| (Functional | USD | using closing | EURO | using closing | Other | ||
| 31 December 2024 | currency) | rates | rates | ||||
| 18. Total liabilities (13+17) | 53.596.230 | 931.380 | 36.231.082 | 627.360 | 25.411.718 | 301.235 | |
| 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) | 28.048.440 | 174.686 | 6.718.083 | 227.919 | 9.169.764 | (156.167) | |
| 21. Net foreign currency asset / liability |
|||||||
| position of monetary items (1+2a+5+6a-10- | |||||||
| 11-12a-14-15-16a) | 27.231.550 | 470.267 | 18.223.111 | 230.787 | 9.289.832 | (281.393) | |
| 22. Fair value of derivative financial | |||||||
| instruments used in foreign currency hedge | -- | -- | -- | -- | -- | -- | |
| 23. Hedged foreign currency assets | -- | -- | -- | -- | -- | -- | |
| 24. Hedged foreign currency liabilities | -- | -- | -- | -- | -- | -- | |
| 25. Exports | 18.871.771 | 182.178 | 3.536.850 | 146.554 | 3.586.579 | 11.748.341 | |
| 26. Imports | 22.046.258 | 378.920 | 14.690.273 | 142.582 | 5.766.045 | 1.589.940 |
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.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE THREE MONTH ENDED 31 MARCH 2025
(Amounts are expressed in Thousand Turkish Lira ("TL") in terms of the purchasing power of the TL at 31 March 2025, 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 March 2025 | ||||||||||
| 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) | 1.777.173 | (1.777.173) | 1.777.173 | (1.777.173) | ||||||
| 2- Hedged amount against | ||||||||||
| USD risk (-) | -- | -- | -- | -- | ||||||
| 3- Net effect of USD (1+2) | 1.777.173 | (1.777.173) | 1.777.173 | (1.777.173) | ||||||
| Change of EURO against TL by 10%: | ||||||||||
| 4- EURO denominated net | ||||||||||
| assets/(liabilities) | 1.162.600 | (1.162.600) | 1.162.600 | (1.162.600) | ||||||
| 5- Hedged amount against | ||||||||||
| EURO risk (-) | -- | -- | -- | -- | ||||||
| 6- Net effect of EURO (4+5) | 1.162.600 | (1.162.600) | 1.162.600 | (1.162.600) | ||||||
| Change of other currencies against TL by 10%: | ||||||||||
| 7- Other currencies | ||||||||||
| denominated net assets/ | ||||||||||
| (liabilities) | (23.105) | 23.105 | (23.105) | 23.105 | ||||||
| 8- Hedged amount against | ||||||||||
| other currencies risk (-) | -- | -- | -- | -- | ||||||
| 9- Net effect of other | ||||||||||
| currencies (7+8) | (23.105) | 23.105 | (23.105) | 23.105 |
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 March 2025, unless otherwise indicated.)
| 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) | 1.822.311 | (1.822.311) | 1.822.311 | (1.822.311) | |||
| 2- Hedged amount against USD risk (-) | -- | -- | -- | -- | |||
| 3- Net effect of USD (1+2) | 1.822.311 | (1.822.311) | 1.822.311 | (1.822.311) | |||
| Change of EURO against TL by 10%: | |||||||
| 4- EURO denominated net | |||||||
| assets/(liabilities) | 928.983 | (928.983) | 928.983 | (928.983) | |||
| 5- Hedged amount against EURO risk (-) | -- | -- | -- | -- | |||
| 6- Net effect of EURO (4+5) | 928.983 | (928.983) | 928.983 | (928.983) | |||
| Change of other currencies against TL by 10%: | |||||||
| 7- Other currencies denominated net | |||||||
| assets/ (liabilities) | (28.139) | 28.139 | (28.139) | 28.139 | |||
| 8- Hedged amount against other | |||||||
| currencies risk (-) | -- | -- | -- | -- | |||
| 9- Net effect of other currencies (7+8) (28.139) 28.139 (28.139) 28.139 |
1 Comprises of profit/loss effect.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE THREE MONTH ENDED 31 MARCH 2025
(Amounts are expressed in Thousand Turkish Lira ("TL") in terms of the purchasing power of the TL at 31 March 2025, unless otherwise indicated.)
After the reporting period, the Group have signed contracts amounting to USD 202 Million.
As per the resolution of our Board of Directors dated 25 March 2025, Dr. Nurettin TÜYSÜZ has been appointed as the Chief Financial Officer of our Company, effective as of 2 April 2025.
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