Quarterly Report • May 9, 2025
Quarterly Report
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STANDALONE FINANCIAL STATEMENTS FOR THE INTERIM PERIOD 1 JANUARY – 31 MARCH 2025
(CONVENIENCE TRANSLATION OF THE REPORT FINANCIAL STATEMENTS ORIGINALLY ISSUED IN TURKISH)
| INDEX | PAGE | |
|---|---|---|
| INTERIM PERIOD CONDENSED STANDALONE STATEMENT OF FINANCIAL POSITION ……………………………………………………………………………………… | 1-2 | |
| INTERIM PERIOD CONDENSED STANDALONE STATEMENT OF PROFIT OR LOSS | ||
| AND OTHER COMPREHENSIVE INCOME……………………………………………………………………………………………………………………. | 3 | |
| INTERIM PERIOD CONDENSED STANDALONE STATEMENT OF CHANGES IN EQUITY………………………………………………………………………………… | 4 | |
| INTERIM PERIOD CONDENSED STANDALONE STATEMENT OF CASH FLOWS……………………………………………………………………………………………………… | 5 | |
| INTERIM PERIOD CONDENSED NOTES TO THE STANDALONE FINANCIAL STATEMENTS…………………………………………………………………… | 6-39 | |
| NOTE 1 | ORGANIZATION AND OPERATION OF THE COMPANY………………………………………………………… | 6 |
| NOTE 2 | BASIS OF PRESENTATION OF THE STANDALONE FINANCIAL STATEMENTS………………………………………………………. 7-10 | |
| NOTE 3 | CASH AND CASH EQUIVALENTS………………………………………………………………………………………… | 11 |
| NOTE 4 | FINANCIAL INVESTMENTS…………………………………………………………………………………………………………………… 12 | |
| NOTE 5 | FINANCIAL LIABILITIES…………………………………………………………………………………………………………… | 12 |
| NOTE 6 | TRADE RECEIVABLES AND PAYABLES ………………………………………………………………………………… | 13 |
| NOTE 7 | OTHER RECEIVABLES AND PAYABLES………………………………………………………………………………… | 14 |
| NOTE 8 | INVENTORIES………………………………………………………………………………………………………… | 15-18 |
| NOTE 9 | INVESTMENT PROPERTIES ……………………………………………………………………………………………………………… 19-20 | |
| NOTE 10 | PROPERTY, PLANT AND EQUIPMENT…………………………………………………………………………………. | 20 |
| NOTE 11 | INTANGIBLE ASSETS…………………………………………………………………………………………………… | 21 |
| NOTE 12 | PROVISIONS, CONTINGENT ASSETS AND LIABILITIES………………………………………………………………………………… 22-25 | |
| NOTE 13 | EMPOYEE BENEFITS…………………………………………………………………………………………………………… | 26 |
| NOTE 14 | OTHER ASSETS…………………………………………………………………………………………………………… | 26 |
| NOTE 15 | DEFERRED INCOME AND PREPAID EXPENSES……………………………………………………………………… | 27 |
| NOTE 16 | SHAREHOLDERS' EQUITY………………………………………………………………………………………………. | 28 |
| NOTE 17 | REVENUE AND COST OF SALES…………………………………………………………………………………… | 29 |
| NOTE 18 | GENERAL ADMINISTRATIVE EXPENSES, MARKETING EXPENSES………………………………………………………………………………… | 30 |
| NOTE 19 | EXPENSES BY NATURE……………………………………………………………………………………………………………………31 | |
| NOTE 20 | OTHER INCOME / EXPENSES FROM OPERATING ACTIVITIES ………………………………………………………………………………… | 31-32 |
| NOTE 21 | FINANCIAL INCOME / EXPENSES…………………………………………………………………………………… | 32 |
| NOTE 22 | TAX ASSETS AND LIABILITIES………………………………………………………………………………………………………………………… | 32-33 |
| NOTE 23 | EARNING PER SHARE………………………………………………………………………………………………………………………… 34 | |
| NOTE 24 | RELATED PARTY DISCLOSURES…………………………………………………………………………………… | 34-36 |
| NOTE 25 | EXPLANATIONS ON MONETARY POSITION GAINS/(LOSSES)…………………………………………………………… | 37 |
| NOTE 26 | COMMITMENTS………………………………………………………………………………………………………… | 38 |
| NOTE 27 | EVENTS AFTER THE REPORTING PERIOD………………………………………………………………………………… | 39 |
| ADDITIONAL NOTE | CONTROL OF COMPLIANCE WITH THE PORTFOLIO LIMITATIONS………………………………………………………………………………… | 39 |
(Amounts expressed in thousands of Turkish Lira ("TRY") in terms of the purchasing power of TRY as of 31 March 2025, unless otherwise stated.)
| Unaudited 31 March |
Audited 31 December |
||
|---|---|---|---|
| Notes | 2025 | 2024 | |
| ASSETS | |||
| Current assets | 191,288,197 - |
200,576,783 - |
|
| Cash and cash equivalents | 3 | 4,329,037 | 8,702,545 |
| Trade receivables | 7,660,186 | 5,663,323 | |
| Trade receivables due from related parties | 24 | 328,298 | 5,633 |
| Trade receivables due from third parties | 6 | 7,331,888 | 5,657,690 |
| Other receivables | 810,267 | 1,019,429 | |
| Other receivables due from third parties | 7 | 810,267 | 1,019,429 |
| Inventories | 8 | 174,409,002 | 179,780,644 |
| Prepaid expenses | 3,792 | 3,694 | |
| Prepaid expenses to third parties | 15 | 3,792 | 3,694 |
| Other current assets | 14 | 4,075,913 | 5,407,148 |
| Non-current assets | 21,852,689 | 21,319,029 | |
| Trade receivables | 5,740,302 | 4,783,304 | |
| Trade receivables due from third parties | 6 | 5,740,302 | 4,783,304 |
| Other receivables | 7 | 1,014 | 1,116 |
| Financial investments | 4,535,628 | 4,535,628 | |
| Investments in subsidiaries, joint operations and associates | 4 | 4,535,628 | 4,535,628 |
| Investment properties | 9 | 3,720,708 | 3,384,310 |
| Property, plant and equipment | 10 | 958,969 | 954,200 |
| Intangible assets | 11 | 23,103 | 6,536 |
| Deferred tax asset | 22 | 6,872,965 | 7,653,935 |
| Total assets | 213,140,886 | 221,895,812 |
(Amounts expressed in thousands of Turkish Lira ("TRY") in terms of the purchasing power of TRY as of 31 March 2025, unless otherwise stated.)
| Notes | Unaudited 31 March 2025 |
Audited 31 December 2024 |
|
|---|---|---|---|
| LIABILITIES AND EQUITY | |||
| Current liabilities | 102,645,114 | 113,712,124 | |
| Short-term borrowings | 5 | 12,109,407 | 12,773,835 |
| Short-term portions of long-term borrowings | 5 | 591,986 | 1,426,616 |
| Trade payables | 10,735,943 | 8,802,084 | |
| Trade payables due to third parties | 6 | 10,735,943 | 8,802,084 |
| Other payables | 1,934,521 | 3,195,272 | |
| Other payables to related parties | 24 | 219 | - |
| Other payables to third parties | 7 | 1,934,302 | 3,195,272 |
| Deferred income | 75,379,391 | 86,997,781 | |
| Deferred income from related parties | 24 | 486,373 | 4,964,518 |
| Deferred income from third parties | 15 | 74,893,018 | 82,033,263 |
| Current tax liability | 22 | 1,418,481 | - |
| Short-term provisions | 475,385 | 516,536 | |
| Short-term provisions for employee benefits | 13 | 67,997 | 75,710 |
| Other short-term provisions | 12 | 407,388 | 440,826 |
| Non-current liabilities | 568,540 | 1,073,818 | |
| Trade payables | 385 | 406,378 | |
| Trade payables to third parties | 6 | 385 | 406,378 |
| Other payables | 431,787 | 520,128 | |
| Other payables to third parties | 7 | 431,787 | 520,128 |
| Deferred income | 4,738 | 5,215 | |
| Deferred income from third parties | 15 | 4,738 | 5,215 |
| Long-term provisions | 131,630 | 142,097 | |
| Long-term provisions for employee benefits | 13 | 131,630 | 142,097 |
| Shareholders' equity | 109,927,232 | 107,109,870 | |
| Paid-in capital | 16 | 3,800,000 | 3,800,000 |
| Capital adjustments | 16 | 56,795,656 | 56,795,656 |
| Treasury shares (-) | (71,154) | (71,154) | |
| Share premium (discounts) | 31,841,669 | 31,841,669 | |
| Other equity shares | (1,914,216) | (1,914,216) | |
| Other comprehensive expenses not to be | |||
| reclassified under profit and loss | (3,925) | (3,925) | |
| Loss arising from defined benefit plans | (3,925) | (3,925) | |
| Restricted reserves appropriated from profit | 9,547,063 | 9,547,063 | |
| Retained earnings | 7,114,777 | (6,959,467) | |
| Net profit for the period | 2,817,362 | 14,074,244 | |
| Total liabilities and equity | 213,140,886 | 221,895,812 |
(Amounts expressed in thousands of Turkish Lira ("TRY") in terms of the purchasing power of TRY as of 31 March 2025, unless otherwise stated.)
| Notes | Unaudited 1 January - 31 March 2025 |
Unaudited 1 January - 31 March 2024 |
|
|---|---|---|---|
| Revenue | 17 | 22,458,481 | 2,909,816 |
| Cost of sales (-) | 17 | (16,907,102) | (1,786,658) |
| Gross profit | 5,551,379 | 1,123,158 | |
| General administrative expenses (-) | 18 | (663,880) | (590,029) |
| Marketing expenses (-) | 18 | (151,008) | (95,181) |
| Other income from operating activities | 20 | 1,667,076 | 832,158 |
| Other expenses from operating activities (-) | 20 | (742,654) | (164,940) |
| Operating profit | 5,660,913 | 1,105,166 | |
| Operating profit before financial income | 5,660,913 | 1,105,166 | |
| Financial income | 21 | 398,957 | 1,407,377 |
| Financial expenses (-) | 21 | (1,301,356) | (398,515) |
| Monetary loss | 25 | 258,299 | (1,759,578) |
| Profit for the period | 5,016,813 | 354,450 | |
| Tax expense, continuing operations | (2,199,451) | - | |
| Current tax expense | (1,418,481) | - | |
| Deferred tax expense | 22 | (780,970) | - |
| Net profit | 2,817,362 | 354,450 | |
| Net profit for the period | 2,817,362 | 354,450 | |
| Earnings per share (full TRY) | 23 | 0.0741 | 0.0093 |
| Other comprehensive income/expense | - | - | |
| Not to be reclassified to profit or loss | |||
| Loss arising from defined | |||
| benefit plans | 13 | - | - |
| Taxes related to other comprehensive income | |||
| to be reclassified to profit or loss | |||
| Loss arising from defined | |||
| benefit plans, tax effect Other comprehensive gain/ losses not to be |
22 | - | - |
| reclassified to profit or loss, tax effect | - | - | |
| Total comprehensive income | 2,817,362 | 354,450 |
(Amounts expressed in thousands of Turkish Lira ("TRY") in terms of the purchasing power of TRY as of 31 March 2025, unless otherwise stated.)
| Other accumulated comprehensive income or expenses that will not be reclassified to profit or loss |
Retained earnings | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Share | Other Restricted reserves | Gain/loss on | Net profit/(loss) | |||||||
| Share | Capital | Treasury | premium/ | equity | appropriated | revaluation and | Prior years' | for the | Total | |
| capital | adjustments | shares | discounts | shares | from profit | remeasurement | loss | period | equity | |
| 1 January 2024 | 3,800,000 | 56,795,656 | (71,154) | 31,841,669 | (1,914,216) | 9,547,063 | - | (899,490) | (6,059,977) | 93,039,551 |
| Transfers | - | - | - | - | - | - | - | (6,059,977) | 6,059,977 | - |
| Total comprehensive income | - | - | - | - | - | - | - | - | 354,450 | 354,450 |
| 31 March 2024 | 3,800,000 | 56,795,656 | (71,154) | 31,841,669 | (1,914,216) | 9,547,063 | - | (6,959,467) | 354,450 | 93,394,001 |
| 1 January 2025 | 3,800,000 | 56,795,656 | (71,154) | 31,841,669 | (1,914,216) | 9,547,063 | (3,925) | (6,959,467) | 14,074,244 | 107,109,870 |
| Transfers | - | - | - | - | - | - | - | 14,074,244 | (14,074,244) | - |
| Total comprehensive income | - | - | - | - | - | - | - | - | 2,817,362 | 2,817,362 |
| 31 March 2025 | 3,800,000 | 56,795,656 | (71,154) | 31,841,669 | (1,914,216) | 9,547,063 | (3,925) | 7,114,777 | 2,817,362 | 109,927,232 |
(Amounts expressed in thousands of Turkish Lira ("TRY") in terms of the purchasing power of TRY as of 31 March 2025, unless otherwise stated.)
| Notes | Unaudited 1 January- |
Unaudited 1 January 31 March 2025 31 March 2024 |
|
|---|---|---|---|
| Cash flows from operating activities | |||
| Profit for the period | 2,817,362 | 354,450 | |
| Adjustments related to reconcile of profit for the period | |||
| Adjustments related to depreciation and amortization expenses | 9, 10, 11, 19 | 37,137 | 38,064 |
| Adjustments for tax expense | 22 | 2,199,451 | - |
| Adjustments related to (reversal of) impairments, net | (4,124,546) | 304,090 | |
| Adjustments related to (reversal of) inventory impairment, net | 8 | (4,124,546) | 304,090 |
| Adjustments related to provisions | 8,665 | (31,227) | |
| Adjustments related to (reversal of) | |||
| provisions related with employee benefits | 2,441 | (12,758) | |
| Adjustments related to provisions for lawsuits and/or penalties | 12, 20 | 6,224 | 443 |
| Adjustments for (reversal of) other provisions | - | (18,912) | |
| Adjustments related to interest (income) and expenses | 29,336 | (1,028,826) | |
| Adjustments related to interest income | 20, 21 | (1,967,780) | (1,579,253) |
| Adjustments related to interest expense | 20, 21 | 1,997,116 | 550,427 |
| Adjustments related to monetary loss | (1,315,389) | 3,345,559 | |
| Net cash from operations before changes in assets and liabilities | (347,984) | 2,982,110 | |
| Changes in net working capital: | |||
| Adjustments related to increase/(decrease) in trade receivables | (4,003,427) | 3,308,452 | |
| Decrease/(increase) in trade receivables from related parties | (330,989) | 1,359,832 | |
| Increase/(decrease) in trade receivables from third parties | (3,672,438) | 1,948,620 | |
| Adjustments related to increase/(decrease) in inventories | 9,496,188 | (6,059,145) | |
| Adjustments related to increase in trade payables | 2,427,036 | (1,235,510) | |
| Increase in trade payables to related parties | - | 696,902 | |
| Decrease in trade payables to third parties | 2,427,036 | (1,932,412) | |
| Adjustments related to increase in other receivables from operating activities | 970,932 | (14,677,652) | |
| Adjustments related to increase in other payables from operating activities | (12,652,183) | 1,273,153 | |
| Other adjustments related to other increase/decrease in working capital | 354,930 | (105,828) | |
| Net cash flows from operating activities | |||
| Interest received | 44,862 | 171,566 | |
| Payments related with provisions for employee benefits | 13 | (665) | (1,559) |
| Cash flows from operating activities | (3,710,311) | (14,344,413) | |
| Purchases of investment properties, | |||
| property, plant and equipment and intangible assets | 9, 10, 11 | (394,871) | (27,459) |
| Cash flows from investing activities | (394,871) | (27,459) | |
| Proceeds from borrowings | 5 | 5,662,596 | 1,074,448 |
| Proceeds from loans | 2,417,020 | - | |
| Proceeds from issue of debt instruments | 3,245,576 | 1,074,448 | |
| Repayments of borrowings | 5 | (5,883,201) | (2,056,563) |
| Loan repayments | (2,173,679) | (813,629) | |
| Payments of issued debt instruments | (3,709,522) | (1,242,934) | |
| Interest paid Interest received |
(906,618) | (341,023) | |
| Cash flow from financing activities | 1,918,547 791,324 |
1,030,221 (292,917) |
|
| Inflation effect on cash and cash equivalents | |||
| Net increase (decrease) in cash and cash equivalents | (552,594) (3,866,452) |
(2,966,948) (17,631,737) |
|
| Cash and cash equivalents at the beginning of the period | 3 | 6,899,249 | 22,663,064 |
| Cash and cash equivalents at the end of the period | 3 | 3,032,797 | 5,031,327 |
(Amounts expressed in thousands of Turkish Lira ("TRY") in terms of the purchasing power of TRY as of 31 March 2025, unless otherwise stated.)
Emlak Konut Gayrimenkul Yatırım Ortaklığı A.Ş. ("Emlak Konut GYO" or the "Company") was established on 26 December 1990 as a subsidiary of Türkiye Emlak Bankası A.Ş. The Company is governed by its articles of association, and is also subject to the terms of the decree law about Public Finances Enterprises No. 233, in accordance with the statute of Türkiye Emlak Bankası A.Ş. The Company has been registered and started its activities on 6 March 1991. The Company's articles of association were revised on 19 May 2001 and it became an entity subject to the Turkish Commercial Code No. 4603.
The Company was transformed into a Real Estate Investment Company with Senior Planning Committee Decree No. 99/T-29, dated 4 August 1999, and according to Statutory Decree No. 588, dated 29 December 1999. According to Permission No. 298, dated 20 June 2002, granted by the Capital Markets Board ("CMB") regarding transformation of the Company into a Real Estate Investment Company and permission No. 5320, dated 25 June 2002, from the Republic of Turkey Ministry of Industry and Trade and amendment draft for the articles of association of the Company was submitted for the approval of the Board and the amendment draft was approved at the Ordinary General Shareholders Committee meeting of the Company convened on 22 July 2002, changing the articles of association accordingly.
The articles of association of the Company were certified by Istanbul Trade Registry Office on 29 July 2002 and entered into force after being published in Trade Registry Gazette dated 1 August 2002. As the result of the General Shareholders committee meeting of the Company convened on 28 February 2006, the title of the Company "Emlak Gayrimenkul Yatırım Ortaklığı A.Ş." was changed to "Emlak Konut Gayrimenkul Yatırım Ortaklığı A.Ş."
By the decision of the Board of Directors of Istanbul Stock Exchange Market on 26 November 2010, 25% portion of the Company's class B shares with a nominal value of TRY625,000 has been trading on the stock exchange since 2 December 2010.
The registered address of the Company is Barbaros Mah. Mor Sümbül Sok. No: 7/2 B (Batı Ataşehir) Ataşehir – İstanbul. As of 31 March 2025, the number of employees of the Company is 479 (31 December 2024 - 480).
The objective and operating activity of the Company is coordinating and executing real estate property projects mostly housing, besides, commercial units, educational units, social facilities, and all related aspects, controlling and building audit services of the ongoing projects, marketing and selling the finished housing. Due to statutory obligation to be in compliance with the Real Estate Investment Companies decrees and related CMB communiqués, The Company cannot be a part of construction business, but only can organize it by auctioning between the contractors.
The standalone financial statements at 31 March 2025 have been approved by the Board of Directors on 9 May 2025.
The ultimate parent of the company is T.C. Toplu Konut İdaresi Başkanlığı (the Housing Development Administration of Turkey, "TOKİ"). TOKİ is a state institution under the control of Republic of Turkey Ministry of Enviroment, Urbanisation and Climate change.
(Amounts expressed in thousands of Turkish Lira ("TRY") in terms of the purchasing power of TRY as of 31 March 2025, unless otherwise stated.)
The principal accounting policies applied in the preparation of these standalone financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
The accompanying standalone financial statements of the Company have been prepared in accordance with the communiqué numbered II-14,1 "Communiqué on the Principles of Financial Reporting In Capital Markets" ("the Communiqué") which is published on Official Gazette numbered 28676 dated 13 June 2013 and Turkish Financial Reporting Standards and appendices and interpretations related to them adopted by the Public Oversight Accounting and Auditing Standards Authority ("POA") have been taken as basis. TFRS is updated through communiqués in order to comply with the changes in the Turkish Financial Reporting Standards (TFRS).
The standalone financial statements are presented in accordance with the formats specified in the "Communiqué on TFRS Taxonomy" published by the POA on 4 October 2022 and the Illustrations of Financial Statements and Application Guidance published by the CMB.
The Company maintains its books of account and prepares its statutory financial statements in accordance with the principals issued by CMB, the Turkish Commercial Code ("TCC"), tax legislation and the Uniform Chart of Accounts issued by the Ministry of Finance. The standalone financial statements have been prepared on the basis of historical cost, with the necessary adjustments and classifications reflected in the statutory records in accordance with TFRS.
Items included in the standalone financial statements of the Company are measured using the currency of the primary economic environment in which the entity operates ("the functional currency"). The functional currency of the company is TRY and the reporting currency is thousand TRY.
The Company prepared its financial statements as of 31 March 2024 and for the interim period ended 31 March 2025 by applying TAS 29 "Financial Reporting in Hyperinflationary Economies" in accordance with the announcement made by POA on 23 November 2023 and the "Application Guidance on Financial Reporting in Hyperinflationary Economies". In accordance with the standard, financial statements prepared in the currency of a hyperinflationary economy are stated in terms of the purchasing power of that currency at the balance sheet date and comparative figures for prior periods are expressed in terms of the measuring unit current at the end of the reporting period. Therefore, the Group has presented its financial statements as of 31 March 2024 and 31 December 2024 on a purchasing power basis as of 31 March 2025.
It has been decided that institutions registered in CMB and import companies obligated to apply financial statement adjustments stated in TAS/TFRS are required to apply hyperinflation accounting by implementing TAS 29 to financial statements for the year ended 31 December 2023, according to the rule number 81/1820 declared by CMB dated in 28 December 2023.
(Amounts expressed in thousands of Turkish Lira ("TRY") in terms of the purchasing power of TRY as of 31 March 2025, unless otherwise stated.)
The restatements in accordance with TAS 29 have been made using the adjustment factor derived from the Consumer Price Index ("CPI") in Turkey published by the Turkish Statistical Institute ("TSI"). As at 31 March 2025, the indices and adjustment factors used in the restatement of the financial statements are as follows:
| Date | Index | Adjustment | 3-year cumulative |
|---|---|---|---|
| correlation | inflation ratios | ||
| 31.03.2025 | 2,954.69 | 1.00000 | 250% |
| 31.12.2024 | 2,684.55 | 1.10063 | 291% |
| 31.03.2024 | 2,139.47 | 1.38104 | 309% |
Procedure of TAS 29 is presented below:
The main components of the Company's restatement for the purpose of financial reporting in hyperinflationary economies are as follows:
(Amounts expressed in thousands of Turkish Lira ("TRY") in terms of the purchasing power of TRY as of 31 March 2025, unless otherwise stated.)
(Amounts expressed in thousands of Turkish Lira ("TRY") in terms of the purchasing power of TRY as of 31 March 2025, unless otherwise stated.)
(Amounts expressed in thousands of Turkish Lira ("TRY") in terms of the purchasing power of TRY as of 31 March 2025, unless otherwise stated.)
| 31 March 2025 | 31 December 2024 | |
|---|---|---|
| Cash on hand | 254 | 64 |
| Banks | 2,952,034 | 6,358,864 |
| - Demand deposit | 326,971 | 155,548 |
| - Time deposits with maturities less than 3 months | 2,625,063 | 6,203,316 |
| Other cash and cash equivalents | 1,376,749 | 2,343,617 |
| 4,329,037 | 8,702,545 |
Maturities of cash and cash flows are as follows:
| 31 March 2025 | 31 December 2024 | |
|---|---|---|
| Demand | 326,971 | 155,548 |
| Up to 3 month | 2,625,063 | 6,203,316 |
| - 2,952,034 |
- 6,358,864 |
Average effective annual interest rates on time deposits in TRY on the balance sheet date:
| 31 March 2025 | 31 December 2024 | |
|---|---|---|
| (%) | (%) | |
| Effective interest rate | 42.70 | 46.34 |
The calculation of cash and cash equivalents of the Company for the use in statements of cash flows is as follows:
| 31 March 2025 | 31 December 2024 | |
|---|---|---|
| Cash and cash equivalents | 4,329,037 | 8,702,545 |
| Less: Interest accruals on deposits | (4,371) | - |
| Less: LSRSA project deposits (*) | (1,295,227) | (1,806,992) |
| Add: the effect of provisions released under TFRS 9 | 3,358 | 3,696 |
| 3,032,797 | 6,899,249 |
(*) The contractors' portion of the residential unit sales from the LSRSA projects under construction and which accumulated in the bank accounts opened under the control of the Company is kept in deposits accounts in the name of the related projects under the control of the Company as stated in the agreement. There is no blocked deposit (31 December 2024: None) of the project accounts amounting TRY 1,295,227 (31 December 2024: TRY 1,806,992 ).
(Amounts expressed in thousands of Turkish Lira ("TRY") in terms of the purchasing power of TRY as of 31 March 2025, unless otherwise stated.)
As of 31 March 2025 and 31 December 2024, the carrying values of the subsidiaries of the Company on the balance sheet are as follows:
| 31 March 2025 | 31 December 2024 | |||
|---|---|---|---|---|
| Share (%) | TL | Share (%) | TL | |
| İnşaat Yönetimi Emlak Planlama Proje ve |
||||
| Ticaret A.Ş. | 100 | 3,425,023 | 100 | 3,425,023 |
| Emlak Asansör Sistemleri Sanayi ve Konut |
||||
| Ticaret A.Ş. | 100 | 1,102,558 | 100 | 1,102,558 |
| Total | 4,527,581 | 4,527,581 |
As of 31 March 2025 and 31 December 2024, the carrying value of the Company's interest in joint ventures in the balance sheet is as follows:
| 31 March 2025 | 31 December 2024 | |||
|---|---|---|---|---|
| Share (%) | TL | Share (%) | TL | |
| Merkez Cadde Yönetim A.Ş. | 30 | 1,429 | 30.00 | 1,429 |
| Büyükyalı Tesis Yönetim A.Ş. | 37 | 264 | 37 | 264 |
| İstmarina AVM Adi Ortaklığı |
40 | 6,354 | 40 | 6,354 |
| Total | 8,047 | 8,047 |
| 31 March 2025 | 31 December 2024 | |
|---|---|---|
| Short-term financial liabilities | ||
| Short-term bank borrowings | 7,097,787 | 7,108,354 |
| Issued debt instruments | 5,011,620 | 5,665,481 |
| Short-term portion of long-term borrowings | 591,986 - |
1,426,616 - |
| 12,701,393 | 14,200,451 |
As of 31 March 2025, the loans utilized are denominated in Turkish Lira, with a weighted average interest rate of 32.99% (31 December 2024: 22.57%). As of 31 March 2025, a lease certificate issuance has been carried out, with a weighted average interest rate of 42.25% (31 December 2024: 44.25%).
The maturity distributions of the remaining time of borrowings to repricing are as follows:
| 31 March 2025 | 31 December 2024 | |
|---|---|---|
| Less than 3 months | 2,345,300 | 2,581,302 |
| Between 3 - 12 months | 10,356,093 - |
11,619,149 - |
| 12,701,393 | 14,200,451 |
(Amounts expressed in thousands of Turkish Lira ("TRY") in terms of the purchasing power of TRY as of 31 March 2025, unless otherwise stated.)
| Short-term trade receivables | 31 March 2025 | 31 December 2024 |
|---|---|---|
| Receivables from related parties (Note 24) | 328,298 | 5,633 |
| Receivables from land sales | 849,159 | 1,222,238 |
| Receivables from sale of residential and commercial units | 4,877,804 | 3,750,008 |
| Receivables from contractors of the lands | ||
| invoiced under LSRSA | 1,997,531 | 1,348,499 |
| Receivables from lessees | 116,652 | 76,495 |
| Other | 10,084 | 21,444 |
| Unearned finance income | (519,342) | (760,994) |
| 7,660,186 | 5,663,323 | |
| Doubtful receivables | 1,696 | 1,867 |
| Less: Provision for doubtful receivables | (1,696) | (1,867) |
| 7,660,186 | 5,663,323 | |
| 31 March 2025 | 31 December 2024 | |
| Long-term trade receivables | ||
| Receivables from sale of residential and commercial units | 8,028,381 | 6,341,985 |
| Receivables from land sales | 650,257 | 782,161 |
| Unearned finance income | (2,938,336) | (2,340,842) |
| 5,740,302 | 4,783,304 | |
| Short-term trade payables | 31 March 2025 | 31 December 2024 |
| Trade payables | 9,044,379 | 6,908,721 |
| Payables to contractors according to revenue sharing basis | 1,492,689 | 1,623,732 |
| Interest accruals on time deposits of contractors (*) | 198,875 - |
269,631 - |
| 10,735,943 | 8,802,084 |
(*) The contractors' portion of the residential unit sales from the LSRSA projects under construction and which accumulated in the bank accounts opened under the control of the Company is kept in deposits accounts in the name of the related projects under the control of the Company as stated in the agreement. The Company tracks the contractor's share of the interest obtained from the advances accumulated in these accounts in short-term payables.
| 31 March 2025 | 31 December 2024 | |
|---|---|---|
| Long-term trade payables | ||
| Trade payables | 385 | 406,378 |
| 385 | 406,378 |
(Amounts expressed in thousands of Turkish Lira ("TRY") in terms of the purchasing power of TRY as of 31 March 2025, unless otherwise stated.)
| 31 March 2025 | 31 December 2024 | |
|---|---|---|
| Short-term other receivables | ||
| Advances given to contractor firms | 745,942 | 882,831 |
| Receivables from the authorities | 31,843 | 35,047 |
| Other | 32,482 | 101,551 |
| 810,267 | 1,019,429 | |
| 31 March 2025 | 31 December 2024 |
| Long-term other receivables | ||
|---|---|---|
| Deposits and guarantees given | 1,014 | 1,116 |
| 1,014 | 1,116 | |
| 31 March 2025 | 31 December 2024 | |
| Short-term other payables | ||
| Taxes and funds payable | 1,868,353 | 3,087,162 |
| Other | 66,168 | 108,110 |
| 1,934,521 | 3,195,272 |
As of 31 March 2025, other long-term payables are amount to TRY 431,787 and consist of deposits and guarantees received (31 December 2024: TRY 520,128).
(Amounts expressed in thousands of Turkish Lira ("TRY") in terms of the purchasing power of TRY as of 31 March 2025, unless otherwise stated.)
| 31 March 2025 | 31 December 2024 | |
|---|---|---|
| Lands | 62,024,749 | 52,953,527 |
| Cost | 65,736,146 | 57,001,002 |
| Impairment | (3,711,397) | (4,047,475) |
| Planned land by LSRSA | 48,744,173 | 48,229,871 |
| Planned land by turnkey project | 15,033,757 | 12,893,064 |
| Planned land by turnkey project | 15,033,757 | 12,893,064 |
| Impairment (*) | - | - |
| Residential and commercial units ready for sale | 29,172,582 | 46,270,441 |
| Cost | 34,288,148 | 55,174,475 |
| Impairment | (5,115,566) | (8,904,034) |
| Advances given for inventories (**) | 19,433,741 | 19,433,741 |
| Cost | 19,934,094 | 19,934,094 |
| Impairment | (500,353) | (500,353) |
| 174,409,002 | 179,780,644 |
(*) It is the provision for impairment due to the increase in construction costs in the Global and Turkish markets.
(**) As of 31 March 2025, TL 16,630,604 of the advances given for inventories consists of the amount paid for the purchase of 1,615 independent units under the Yeni Fikirtepe project undertaken on behalf of the Republic of Türkiye Ministry of Environment, Urbanization and Climate Change.
In determining the net realizable value of the Company's assets classified as "Inventories" and calculating any impairment provision, if necessary, valuation reports prepared by Net Kurumsal Real Estate Valuation and Consulting Inc., Form Real Estate Valuation and Consulting Inc., and Yetkin Real Estate Valuation and Consulting Inc. as of 31 December 2024 were taken as the basis.
The movements of impairment on inventories are as follows:
| 2025 | 2024 | |
|---|---|---|
| Opening balance at 1 January | 13,451,861 - |
18,612,363 - |
| Impairment on inventories within the current period | - | 2,662,110 |
| Reversal of impairment on invetories within the current period | (4,124,545) - |
(7,822,611) - |
| Closing balance at 31 March | 9,327,316 | 13,451,862 |
(Amounts expressed in thousands of Turkish Lira ("TRY") in terms of the purchasing power of TRY as of 31 March 2025, unless otherwise stated.)
As of 31 March 2025 and 31 December 2024 the details of land and residential inventories of the Company are as follows:
| Lands | 31 March 2025 | 31 December 2024 |
|---|---|---|
| İstanbul Esenler Lands | 32,046,034 | 22,946,283 |
| İstanbul Küçükçekmece Lands | 9,153,198 | 9,153,198 |
| İstanbul Avcılar Lands | 6,393,448 | 6,393,448 |
| Muğla Bodrum Lands | 5,327,599 | 5,327,599 |
| İzmir Çeşme Lands | 1,862,157 | 1,862,157 |
| Aydın Didim Lands | 1,765,829 | 1,765,829 |
| Antalya Alanya Lands | 1,106,547 | 1,106,547 |
| İstanbul Arnavutköy Lands | 970,428 | 970,428 |
| İstanbul Çekmeköy Lands | 793,605 | 793,605 |
| İstanbul Başakşehir Lands | 725,020 | 725,020 |
| İstanbul Kartal Lands | 621,979 | 650,507 |
| İzmir Urla Lands | 535,450 | 535,450 |
| Antalya Konyaaltı Lands | 183,447 | 183,447 |
| İzmir Seferihisar Lands | 128,418 | 128,418 |
| Tekirdağ Çorlu Lands | 117,842 | 117,842 |
| Zonguldak Merkez Lands | 107,761 | 107,761 |
| İstanbul Tuzla Lands | 101,412 | 101,412 |
| İstanbul Eyüp Lands | 61,958 | 61,958 |
| İstanbul Sarıyer Lands | 15,433 | 15,433 |
| Kocaeli Lands | 7,086 | 7,086 |
| Other | 98 | 99 |
| 62,024,749 | 52,953,527 |
(Amounts expressed in thousands of Turkish Lira ("TRY") in terms of the purchasing power of TRY as of 31 March 2025, unless otherwise stated.)
As of 31 March 2025 and 31 December 2024, the Company's projected land details are as follows:
| Planned land by LSRSA | 31 March 2025 0 |
31 December 2024 0 |
|---|---|---|
| Nidapark İstinye Project | 7,227,711 | 7,227,711 |
| Bizim Mahalle 2. Etap 2. Kısım Project | 4,022,451 | 4,022,442 |
| Merkez Ankara Project | 3,608,055 | 3,608,055 |
| Nidapark Küçükyalı Project | 3,568,554 | 3,554,106 |
| Yeni Levent Project | 2,553,120 | 2,553,095 |
| Bizim Mahalle 2. Etap 1. Kısım Project | 2,344,072 | 2,344,063 |
| Çekmeköy Çınarköy Project | 2,219,938 | 2,218,941 |
| Batıyakası 2. Etap Project | 1,899,925 | 1,898,735 |
| Next Level İstanbul Project | 1,758,286 | 1,758,286 |
| Beşiktaş Akat Project | 1,731,419 | 1,731,101 |
| Ümraniye İnkılap Project | 1,604,967 | 1,604,967 |
| İstanbul Kayabaşı 9. Etap Project | 1,573,160 | 1,570,105 |
| Başakşehir Ayazma 4. Etap Project | 1,421,010 | 1,418,676 |
| İstanbul Tuzla Merkez Project | 1,402,717 | 1,402,717 |
| Esenler Atışalanı 1. Etap Project | 1,333,248 | - |
| Meydan Başakşehir Project | 1,091,811 | 1,085,229 |
| İstanbul Kayabaşı 8. Etap Project | 1,073,330 | 1,071,275 |
| İstanbul Eyüpsultan Kemerburgaz Project | 1,024,409 | 1,024,457 |
| Avcılar Firüzköy 1. Etap 2. Kısım Project | 990,074 | 990,074 |
| Avcılar Firüzköy 2. Etap Project | 980,447 | 977,893 |
| Avcılar Firüzköy 1. Etap 1. Kısım Project | 909,760 | 909,760 |
| Nişantaşı Koru Project | 810,597 | 810,683 |
| Bodrum Türkbükü Project | 737,504 | 737,504 |
| Nezihpark Project | 452,497 | 452,201 |
| Antalya Aksu Project | 397,816 | 397,408 |
| Barbaros 48 Project | 390,158 | 389,836 |
| İstanbul Ataşehir Küçükbakkalköy Project | 366,500 | 366,500 |
| İstanbul Kayabaşı 10. Etap Project | 342,417 | 342,416 |
| Muğla Milas Meşelik Project | 234,788 | 234,788 |
| Cer İstanbul Project | 225,764 | 225,764 |
| Ankara Çayyolu 2. Etap Project | 192,596 | 192,436 |
| Batıyakası 1. Etap Project | 184,174 | 1,042,104 |
| Allsancak Project | 43,737 | 41,742 |
| Other | 27,161 | 24,801 |
| 48,744,173 | 48,229,871 |
(Amounts expressed in thousands of Turkish Lira ("TRY") in terms of the purchasing power of TRY as of 31 March 2025, unless otherwise stated.)
As of 31 March 2025 and 31 December 2024, the details of the Company's land plots designed as turnkey projects are as follows:
| Planned land by turnkey project | 31 March 2025 | 31 December 2024 |
|---|---|---|
| Arnavutköy Yenişehir Project | 11,683,810 | 9,536,662 |
| Çekmeköy Çınarköy Project | 1,503,395 | 1,503,395 |
| İstanbul Avcılar Firuzköy Project | 1,244,377 | 1,244,377 |
| Other | 602,175 - |
608,630 - |
| 15,033,757 | 12,893,064 |
As of 31 March 2025 and 31 December 2024, the details of the Company's completed residential and commercial units are as follows:
| Residential and commercial units ready for sale | 31 March 2025 | 31 December 2024 |
|---|---|---|
| Çekmeköy Konut Parselleri 2. Etap Project | 5,565,871 | 5,806,994 |
| Merkez Ankara Project | 4,567,657 | 4,567,657 |
| Çekmeköy Konut Parselleri 3. Etap 4. Kısım Project | 2,992,069 | 4,243,270 |
| Çekmeköy Konut Parselleri 3. Etap 1. Kısım Project | 2,124,801 | 3,392,850 |
| Bizim Mahalle 1. Etap 3. Kısım Project | 1,017,579 | 2,763,181 |
| Balıkesir Altıeylül Gümüşçeşme Project | 2,462,532 | 2,462,531 |
| Saraçoğlu Mahallesi Project | 1,821,590 | 2,114,926 |
| Kuzey Yakası Project | 1,899,170 | 1,899,169 |
| Maslak 1453 Project | 1,418,578 | 1,441,789 |
| Çekmeköy Villa Parselleri | 960,915 | 5,334,998 |
| Komşu Finans Evleri Project | 788,274 | 879,245 |
| Çekmeköy Konut Parselleri 4. Etap 3. Kısım Project | 575,878 | 1,278,093 |
| Çekmeköy Konut Parselleri 3. Etap 3. Kısım Project | 434,003 | 3,070,376 |
| Çekmeköy Konut Parselleri 4. Etap 1. Kısım Project | 362,525 | 419,351 |
| Samsun Canik Kentssel Dönüşüm Project | 360,569 | 360,569 |
| Sarphan Finanspark Project | 345,614 | 345,614 |
| Bizim Mahalle 1. Etap 1. Kısım Project | 301,041 | 342,094 |
| Bizim Mahalle 1. Etap 4. Kısım Project | 252,067 | 1,034,407 |
| Hoşdere Vadi Evleri 1. Etap Project | 182,278 | 786,393 |
| Hoşdere Vadi Evleri 2. Etap Project | 181,486 | 363,777 |
| Çekmeköy Konut Parselleri 3. Etap 2. Kısım Project | 142,618 | - |
| Bizim Mahalle 1. Etap 2. Kısım Project | 111,306 | 133,829 |
| Semt Bahçekent 1. Etap 2. Kısım Project | 102,445 | 102,444 |
| Büyükyalı Project | 47,787 | 47,787 |
| Denizli Merkez Efendi İkmal İşi Project | 45,500 | 81,516 |
| İdealist Cadde / Koru Project | 36,376 | 36,376 |
| Metropol İstanbul Project | 30,805 | 30,805 |
| Karat 34 Project | 20,331 | 20,331 |
| Kocaeli Körfezkent Emlak Konutları | 9,741 | 9,741 |
| Göl Panorama Project | 4,864 | 4,864 |
| Başakşehir Ayazma Emlak Konutları | 4,744 | 4,744 |
| Temaşehir Project | 1,568 | 1,572 |
| Ataşehir Küçükbakkalköy Project | - | 2,889,148 |
| 29,172,582 | 46,270,441 |
(Amounts expressed in thousands of Turkish Lira ("TRY") in terms of the purchasing power of TRY as of 31 March 2025, unless otherwise stated.)
Lease income is generated from investment properties, and the expertise used in the calculation of impairment is made through peer comparison and income reduction.
The movements of investment properties as of 31 March 2025 and 2024 are as follows:
| Lands, residential and | ||
|---|---|---|
| Cost Value | commercial units | Total |
| Opening balance as of 1 January 2024 | 3,714,757 | 3,714,757 |
| İlaveler | - | - |
| Transfers from residential and commercial units inventories | - | - |
| Closing balance as of 31 March 2024 | 3,714,757 | 3,714,757 |
| Accumulated Depreciation | ||
| Opening balance as of 1 January 2024 | 260,367 | 260,367 |
| Charge for the period | 11,434 | 11,434 |
| Closing balance as of 31 March 2024 | 271,801 | 271,801 |
| Net book value as of 31 March 2024 | 3,442,956 | 3,442,956 |
| Lands, residential and | ||
| Cost Value | commercial units | Total |
| Opening balance as of 1 January 2025 | 3,714,755 | 3,714,755 |
| Additions | 354,509 | 354,509 |
| Transfers from residential and commercial units inventories | - | - |
| Closing balance as of 31 March 2025 | 4,069,264 | 4,069,264 |
| Accumulated Depreciation | ||
| Opening balance as of 1 January 2025 | 330,445 | 330,445 |
| Charge for the period Closing balance as of 31 March 2025 |
18,111 348,556 |
18,111 348,556 |
(Amounts expressed in thousands of Turkish Lira ("TRY") in terms of the purchasing power of TRY as of 31 March 2025, unless otherwise stated.)
As of 31 December 2024, the valuation reports prepared by Net Kurumsal Gayrimenkul Değerleme ve Danışmanlık A.Ş., Form Gayrimenkul Değerleme ve Danışmanlık A.Ş. and Yetkin Gayrimenkul Değerleme ve Danışmanlık A.Ş. have taken into consideration when determining the fair values of investment properties. The fair values of the investment property determined by independent valuation experts are as follows:
| 31 March 2025 | 31 December 2024 | |
|---|---|---|
| Independent commercial units of Büyükyalı AVM | 2,792,323 | 2,311,318 |
| Atasehir general management building A block | 2,311,318 | 2,792,323 |
| Independent commercial units of Istmarina AVM | 1,592,370 | 1,592,370 |
| Lands, residential and commercial units | 1,301,868 | 1,301,868 |
| 7,997,879 | 7,997,879 |
As of 31 March 2025 and 2024, the details of property, plant and equipment are as follows
| Other | |||||
|---|---|---|---|---|---|
| 31 March 2025 | Buildings | Motor vehicles |
Furniture, equipment and fixtures |
property, plant and equipment |
Total |
| Net book value as of 1 January 2025 | 861,722 | 38,443 | 54,027 | 8 | 954,200 |
| Additions | - | - | 21,637 | - | 21,637 |
| Depreciation expense (-) | (4,871) | (3,871) | (8,123) | (3) | (16,868) |
| Net book value 31 March 2025 | 856,851 | 34,572 | 67,541 | 5 | 958,969 |
| Cost | 974,144 | 90,675 | 394,721 | 39 | 1,459,579 |
| Accumulated depreciation (-) | (117,293) | (56,103) | (327,180) | (34) | (500,610) |
| Net book value 31 March 2025 | 856,851 | 34,572 | 67,541 | 5 | 958,969 |
| Furniture, | Other property, |
||||
|---|---|---|---|---|---|
| 31 March 2024 | Buildings | Motor vehicles |
equipment and fixtures |
plant and equipment |
Total |
| Net book value as of 1 January 2024 | 578,491 | 9,188 | 42,171 | 30 | 629,880 |
| Additions | - | 18,337 | 9,122 | - | 27,459 |
| Depreciation expense (-) | (3,306) | (1,193) | (4,856) | (2) | (9,357) |
| Net book value 31 March 2024 | 575,185 | 26,332 | 46,437 | 28 | 647,982 |
| Cost | 661,334 | 59,332 | 319,159 | 36 | 1,039,861 |
| Accumulated depreciation (-) | (86,149) | (33,000) | (272,722) | (8) | (391,879) |
| Net book value 31 March 2024 | 575,185 | 26,332 | 46,437 | 28 | 647,982 |
All of the depreciation expenses are included in the general administrative expenses.
The expected useful lives of property, plant and equipment are as follows:
| Years | |
|---|---|
| Buildings | 50 |
| Motor vehicles | 5 |
| Furniture, equipment and fixtures | 4-5 |
(Amounts expressed in thousands of Turkish Lira ("TRY") in terms of the purchasing power of TRY as of 31 March 2025, unless otherwise stated.)
As of 31 March 2025 and 2024, intangible assets are as follows:
| Computer | |||
|---|---|---|---|
| 31 March 2025 | Licenses | software | Total |
| Net book value as of 1 January 2025 | 6,061 | 475 | 6,536 |
| Additions | 18,725 | - | 18,725 |
| Amortization expense (-) | (1,932) | (226) | (2,158) |
| Net book value 31 March 2025 | 22,854 | 249 | 23,103 |
| Cost | 184,435 | 48,905 | 233,340 |
| Accumulated amortization (-) | (161,581) | (48,656) | (210,237) |
| Net book value 31 March 2025 | 22,854 | 249 | 23,103 |
| Computer | |||
|---|---|---|---|
| 31 March 2024 | Licenses | software | Total |
| Net book value as of 1 January 2024 | 9,285 | 1,284 | 10,569 |
| Amortization expense (-) | (1,986) | (226) | (2,212) |
| Net book value 31 March 2024 | 7,299 | 1,058 | 8,357 |
| Cost | 127,941 | 38,976 | 166,917 |
| Accumulated amortization (-) | (120,642) | (37,918) | (158,560) |
| Net book value 31 March 2024 | 7,299 | 1,058 | 8,357 |
(Amounts expressed in thousands of Turkish Lira ("TRY") in terms of the purchasing power of TRY as of 31 March 2025, unless otherwise stated.)
As of 31 March 2025 and 31 December 2024, the details of provisions are as follows:
| 31 March 2025 | 31 December 2024 | |
|---|---|---|
| Provision for lawsuits | 407,388 - |
440,826 - |
| 407,388 | 440,826 |
According to the opinions of the Company's lawyers, the total litigation risk amount against the Company is TRY662,564 (31 December 2024: TRY738.175) and a provision for litigation amounting to TRY407,388 has been set aside as of 31 March 2025 (31 December 2024: TRY440,826). As of 31 March 2025, there are 1 deficiency lawsuit, 10 lawsuits for loss of rent, 7 lawsuits for cancellation and registration of deed, 2 labor lawsuits and 35 other miscellaneous lawsuits filed against the Company.
The movements of provision for lawsuits as of 31 March 2025 and 2024 are as follows:
| 2025 | 2024 | |
|---|---|---|
| Opening balance at 1 January | 440,826 | 398,301 |
| Provision added within the current period (Note 20) Monetary gain |
6,224 (39,662) |
443 (52,170) |
| Closing balance at 31 March | 407,388 | 346,574 |
12.1.1 On 21 December 2005, a contract was signed for the İzmir Mavişehir Project, consisting of 750 independent units in the İzmir Mavişehir Northern Upper Region 2nd Phase LSRSA project. However, due to the contractor's failure to fulfill the contractual obligations, the contract was terminated on December 21, 2009. Following the termination, the project was transferred to the Company, and the remaining portion of the project was tendered in accordance with the Public Procurement Law and completed by another construction company.
The sales of the related independent units have been carried out by the Company, similar to turnkey projects. The contractor filed a lawsuit claiming unjust termination and partial receivables, arguing that the level of completion was significantly high and that the legal relationship between the parties was based on a revenue-sharing construction contract. An expert report prepared upon the instruction of the İzmir Karşıyaka Commercial Court of First Instance determined that the completion level was approximately 83% and concluded that the legal relationship between the parties was not a revenue-sharing construction contract. Upon the Company's objections regarding unclear aspects of the report and the completion level, an additional expert report was requested. Subsequently, both the contractor and the Company filed additional lawsuits against each other. Regarding the case, the Istanbul 10th Commercial Court of First Instance ruled partial acceptance of the main claim and determined that the contract was unjustly terminated by the defendant. However, as the plaintiff had assigned its receivable and compensation claim to Vakıflar Bankası T.A.O., the court dismissed the claim in terms of active legal standing.
(Amounts expressed in thousands of Turkish Lira ("TRY") in terms of the purchasing power of TRY as of 31 March 2025, unless otherwise stated.)
The lawsuit in question is a material and moral compensation claim filed on the grounds that the rejection of the plaintiffs' revision requests and the confiscation of their letters of guarantee were unlawful.For the plaintiff, the court ruled that the guarantee amount should be collected from the defendant along with advance interest accruing from 17 August 2017, and paid to the plaintiff; additionally, the amount required under LSRSA and commissions should be collected from the defendant with advance interest accruing from 15 September 2017, and paid to the plaintiff. The court also ruled similarly for another plaintiff. Other claims regarding material and moral damages beyond these were rejected. The court further ruled that the prepaid portion of the court fees should be deducted from the total fee, with the remaining amount collected from the defendant and recorded as revenue for the Treasury. The entire litigation costs, including summons and expert fees, incurred by the plaintiffs should be recovered from the defendant and reimbursed to the plaintiffs. If any balance remains in the litigation advance fund after the finalization of the decision, it should be refunded to the plaintiffs. Additionally, according to the Attorney's Minimum Fee Tariff applicable at the date of the decision, the relative attorney's fee should be collected from the defendant and paid to the plaintiff. The case is currently at the appeal stage, and as of 31 March 2025, a provision amounting to TRY 14,276, including interest and litigation costs, has been recognized.
(Amounts expressed in thousands of Turkish Lira ("TRY") in terms of the purchasing power of TRY as of 31 March 2025, unless otherwise stated.)
In the financial statements prepared as of 31 March 2025, the ongoing litigation liabilities were evaluated in the following matters. According to the opinion of the Company Management and its lawyers, no provision has been made in the financial statements prepared as of 31 March 2025 on the grounds that it is not probable that the outflow of resources with economic benefits will be realized in cases filed against the Company in order to fulfill its obligation.
12.2.1 The lawsuit was filed due to the alleged wrongful termination of the contract related to the infrastructure and landscaping works within the Alemdağ Emlak Konutları Construction Area in Çekmeköy District, İstanbul, on 17 September 2012. The contractor claimed that the cost of the completed works was not included in the progress payments. However, the court dismissed the case, ruling that the plaintiff failed to provide sufficient evidence. The Appellate Court determined that the lower court's decision was based on an incomplete examination and that a new expert report should be obtained. The court instructed that the additional report should assess all contractual obligations of the parties by considering the annexes to the contract and the General Specifications for Construction Works. The assessment should determine which obligations were primary and whether the termination was justified based on the principle that a party failing to fulfill its primary obligation cannot demand performance from the other party. Consequently, the Appellate Court overturned the lower court's decision and remanded the case for further investigation and a new ruling in line with these principles. Following the reevaluation, the primary lawsuit was dismissed due to a lack of evidence, while the consolidated lawsuit was dismissed due to the statute of limitations. The plaintiff has appealed the decision. Based on the opinion obtained from the Company's legal counsel, no liability is expected to arise from this case.
(Amounts expressed in thousands of Turkish Lira ("TRY") in terms of the purchasing power of TRY as of 31 March 2025, unless otherwise stated.)
12.3.1 As of 31 March 2025 and 31 December 2024, breakdown of nominal commercial receivables from residential and commercial unit sales by maturities and based on the residential and commercial units that are under construction or completed but not yet delivered within the scope of the sales promise contract that is not yet included in the balance sheet as it does not meet the TFRS 15 criteria, expected collection times of nominal installments that are not due or collected by maturities are as follows:
| Off-balance sheet | ||||
|---|---|---|---|---|
| 31 March 2025 | Trade Receivables | deferred revenue | Total | |
| 1 yıl | 5,726,963 | 14,272,242 | 19,999,205 | |
| 2 yıl | 4,677,026 | 8,958,901 | 13,635,927 | |
| 3 yıl | 1,744,950 | 3,326,623 | 5,071,573 | |
| 4 yıl | 952,035 | 1,242,280 | 2,194,315 | |
| 5 yıl ve üzeri | 1,304,627 | 549,908 | 1,854,535 | |
| 14,405,601 | 28,349,954 | 42,755,555 |
| Off-balance sheet | ||||
|---|---|---|---|---|
| 31 December 2024 | Trade Receivables | deferred revenue | Total | |
| 1 yıl | 4,972,246 | 15,708,424 | 20,680,671 | |
| 2 yıl | 3,674,291 | 9,860,414 | 13,534,706 | |
| 3 yıl | 1,307,757 | 3,661,373 | 4,969,130 | |
| 4 yıl | 806,742 | 1,367,288 | 2,174,030 | |
| 5 yıl ve üzeri | 1,335,355 | 605,244 | 1,940,599 | |
| 12,096,392 | 31,202,744 | 43,299,136 |
(Amounts expressed in thousands of Turkish Lira ("TRY") in terms of the purchasing power of TRY as of 31 March 2025, unless otherwise stated.)
As of 31 March 2025 and 31 December 2024, short-term employee benefits are as follows is as follows:
| Short-term provisions | 31 March 2025 | 31 December 2024 |
|---|---|---|
| Unused vacation provision | 67,997 | 75,710 |
| 67,997 | 75,710 |
As of 31 March 2025 and 31 December 2024, details of long-term employee benefits is as follows:
| Long-term provisions | 31 March 2025 | 31 December 2024 |
|---|---|---|
| Provision for employment termination benefit | 131,630 | 142,097 |
| 131,630 | 142,097 |
TAS 19 requires actuarial valuation methods to be developed to estimate the Company's provision for severance pay. Accordingly, the following actuarial assumptions were used in the calculation of the total liability:
| 31 March 2025 | 31 December 2024 | |
|---|---|---|
| Discount Rate (%) | 3.50 | 3.50 |
| Turnover rate to estimate probability of retirement (%) | 1.10 | 1.10 |
The basic assumption is that the ceiling provision for each year of service will increase in line with inflation. Thus, the discount rate applied represents the expected real rate after adjusting for the expected effects of inflation.
As of 31 March 2025 and 31 December 2024, details of other current assets are as follows:
| 31 March 2025 | 31 December 2024 | |
|---|---|---|
| Other current assets | ||
| Deferred VAT | 2,661,263 | 4,137,072 |
| Progress payments to contractors | 1,141,709 | 956,294 |
| Income accruals | 109,770 | 181,827 |
| Receivables from tax office | 163,171 | 131,955 |
| 4,075,913 | 5,407,148 |
(Amounts expressed in thousands of Turkish Lira ("TRY") in terms of the purchasing power of TRY as of 31 March 2025, unless otherwise stated.)
As of 31 March 2025 and 31 December 2024, the details of short-term deferred income are as follows:
| 31 March 2025 | 31 December 2024 | |
|---|---|---|
| Short-term deferred income | ||
| Advances taken from turnkey project sales | 27,383,983 | 34,180,162 |
| Deferred income from LSRSA projects(*) | 27,473,578 | 27,812,347 |
| Advances taken from LSRSA contractors(**) | 18,680,371 | 18,700,326 |
| Advances received from related parties(Note 24) | 486,373 | 4,964,518 |
| Deferred income related to sales of independent units | 1,355,086 - |
1,340,428 - |
| 75,379,391 | 86,997,781 |
(*) The balance is comprised of deferred income of future land sales regarding the related residential unit's sales under LSRSA projects.
(**) Before the contract is signed with the contractor companies in the ASKGP projects, the company collects the first payment of the total income corresponding to the share of the company from the total sales income in advance at the determined rates.
As of 31 March 2025 and 31 December 2024, the details of long-term deferred income are as follows:
| 31 March 2025 | 31 December 2024 | |
|---|---|---|
| Prepaid expenses | ||
| Prepaid expenses | 3,792 | 3,694 |
| 3,792 | 3,694 |
(*) It consists of the amount paid by the Company for 1.615 independent units purchased from Yeni Fikirtepe project, which was undertaken on behalf of the Ministry of Environment, Urbanization and Climate Change.
As of 31 March 2025 and 31 December 2024, the details of long-term deferred income are as follows:
| 31 March 2025 | 31 December 2024 | |
|---|---|---|
| Long-term deferred income | ||
| Other advances received | 4,738 - |
5,215 - |
| 4,738 | 5,215 |
(Amounts expressed in thousands of Turkish Lira ("TRY") in terms of the purchasing power of TRY as of 31 March 2025, unless otherwise stated.)
The Company's authorized capital amount is TRY3,800,000 (31 December 2024: TRY3,800,000) and consists of 380,000,000,000 (31 December 2024: 380,000,000,000) authorized number of shares with a nominal value of TRY0.01 each.
The Company's shareholders and their shareholding percentages as of 31 March 2025 and 31 December 2024 is as follows:
| 31 March 2025 | 31 December 2024 | |||
|---|---|---|---|---|
| Shareholders | Share (%) | TL | Share (%) | TL |
| Public offering portion | 50.66 | 1,925,119 | 50.66 | 1,925,119 |
| T.C. Toplu Konut İdaresi Başkanlığı "TOKİ" |
49.34 | 1,874,831 | 49.34 | 1,874,831 |
| HAS beneficiaries | 0.00 | 48 | 0.00 | 48 |
| Other | 0.00 | 2 | 0.00 | 2 |
| Total paid-in capital | 100 | 3,800,000 | 100 | 3,800,000 |
| Adjustment | 56,795,656 | 56,795,656 | ||
| 60,595,656 | 60,595,656 |
The legal reserves consist of first and second reserves, appropriated in accordance with the Turkish Commercial Code ("TCC"). The TCC stipulates that the first legal reserve is appropriated out of statutory profits at the rate of 5% per annum, until the total reserve balance reaches 20% of the Company's paid-in share capital. The second legal reserve is appropriated at the rate of 10% per annum of all cash distributions in excess of 5% of the paid-in share capital. Under the TCC, the legal reserves can only be used to offset losses and are not available for any other usage unless they exceed 50% of paid-in share capital.
In accordance with the Communiqué Serial: II, No: 14,1 which became effective as of 13 June 2013 and according to the CMB's announcements clarifying the said Communiqué, "Share Capital", "Restricted Reserves Appropriated from Profit" and "Share Premiums" need to be recognized over the amounts contained in the legal records. The valuation differences (such as inflation adjustment differences) shall be disclosed as follows,
There is no any use of the adjustment to share capital except adding it to the share capital.
In accordance with the Capital Markets Board Bulletin published on 7 March 2024 The explanation related to adjusted equity accounts in accordance with TAS 29 is as follows:
| PPI Indexed Legal Records |
CPI Indexed Records | Amounts followed in Accumulated Profit/Low |
|
|---|---|---|---|
| Adjustment to share capital | 64,638,455 | 56,795,656 | (7,842,799) |
| Share premium | 37,026,694 | 31,841,669 | (5,185,025) |
| Restricted reserves appropriated from profit | 9,949,112 | 9,547,063 | (402,049) |
(Amounts expressed in thousands of Turkish Lira ("TRY") in terms of the purchasing power of TRY as of 31 March 2025, unless otherwise stated.)
As of 31 March 2025 and 2024, the details of revenue and cost of sales are as follows:
| 1 January- | 1 January | |
|---|---|---|
| 31 March 2025 | 31 March 2024 | |
| Sales income | ||
| Land sales | 2,552,121 | 581,529 |
| Sales of planned lands | ||
| by way of LSRSA | 2,552,121 | 109,505 |
| Land sales income | - | 472,024 |
| Residential and commercial units sales | 18,321,179 | 1,364,221 |
| Consultancy income | 1,528,666 | 929,171 |
| Rent income - |
56,515 - |
34,895 - |
| 22,458,481 | 2,909,816 | |
| Sales returns | - | - |
| Net sales income | 22,458,481 | 2,909,816 |
| Cost of sales | ||
| Cost of lands | (818,934) | (531,284) |
| Cost of lands planned | ||
| by way of LSRSA | (818,934) | (104,031) |
| Cost of lands sold | - | (427,253) |
| Cost of residential and commercial units sold | (15,185,272) | (875,999) |
| Consultancy cost | (902,896) | (379,375) |
| (16,907,102) | (1,786,658) | |
| Gross Profit | 5,551,379 | 1,123,158 |
(Amounts expressed in thousands of Turkish Lira ("TRY") in terms of the purchasing power of TRY as of 31 March 2025, unless otherwise stated.)
As of 31 March 2025 and 2024, the details of general administrative expenses are as follows:
| 1 January- | 1 January | |
|---|---|---|
| 31 March 2025 | 31 March 2024 | |
| General administrative expenses | ||
| Personnel expenses | (332,821) | (361,150) |
| Security and cleaning expenses | (70,045) | (78,704) |
| Consultancy expenses | (55,023) | (39,143) |
| Taxes, duties and fees | (38,689) | (9,734) |
| Depreciation and amortization | (37,137) | (23,003) |
| Maintenance and repair expenses | (30,008) | (5,999) |
| Information technologies expenses | (22,729) | (5,110) |
| Due and contribution expenses | (21,606) | (22,835) |
| Travel expenses | (17,866) | (19,794) |
| Insurance expenses | (12,555) | (1,864) |
| Lawsuit and notary expenses | (1,487) | (2,218) |
| Communication expenses | (1,905) | (2,344) |
| Other | (22,009) | (18,131) |
| (663,880) | (590,029) |
As of 31 March 2025 and 2024, the details of marketing and sales expenses are as follows:
| 1 January- | 1 January | |
|---|---|---|
| Marketing and sales expenses | 31 March 2025 | 31 March 2024 |
| Advertising expenses | (121,443) | (61,284) |
| Personnel expenses | (17,821) | (19,571) |
| Consultancy expenses | (11,259) | (13,424) |
| Other | (485) | (902) |
| (151,008) | (95,181) |
(Amounts expressed in thousands of Turkish Lira ("TRY") in terms of the purchasing power of TRY as of 31 March 2025, unless otherwise stated.)
As of 31 March 2025 and 2024, the details of expenses by nature are as follows:
| 1 January- | 1 January | |
|---|---|---|
| 31 March 2025 | 31 March 2024 | |
| Expenses by nature | ||
| Expenses from residential and commercial units sales | 15,185,272 | 875,999 |
| Consultancy cost | 902,896 | 379,375 |
| Land costs | 818,934 | 531,284 |
| Personnel expenses | 350,642 | 380,720 |
| Advertising expenses | 121,443 | 61,284 |
| Security and cleaning expenses | 70,045 | 78,704 |
| Consultancy expenses | 66,282 | 52,567 |
| Taxes,duties and fees | 38,689 | 9,734 |
| Maintenance and repair expenses | 30,008 | 5,999 |
| Information technologies expenses | 22,729 | 5,110 |
| Due and contribution expenses | 21,606 | 22,835 |
| Depreciation and amortisation (Note 10,11) | 37,137 | 23,003 |
| Insurance expenses | 12,555 | 1,864 |
| Lawsuit and notary expenses | 1,487 | 2,217 |
| Communication expenses | 1,905 | 2,344 |
| Other | 40,360 - |
38,829 |
| 17,721,990 | 2,471,868 |
As of 31 March 2025 and 2024, the details other operating income are as follows:
| 1 January- 31 March 2025 |
1 January 31 March 2024 |
|
|---|---|---|
| Other income from operating activities | ||
| Financial income from forward sales | 1,524,793 | 171,566 |
| Income from transfer commissions | 76,902 | 68,323 |
| Default interest income from projects | 44,862 | 1,554 |
| Impairment provisions released | 810 | 581,014 |
| Other | 19,709 | 9,701 |
| 1,667,076 | 832,158 |
(Amounts expressed in thousands of Turkish Lira ("TRY") in terms of the purchasing power of TRY as of 31 March 2025, unless otherwise stated.)
As of 31 March 2025 and 2024, the details other operating income are as follows:
| 1 January- 31 March 2025 |
1 January 31 March 2024 |
|
|---|---|---|
| Other expenses from operating activities | ||
| Reversal of unaccrued financial expense, net | (696,446) | (152,061) |
| Provision for lawsuits (Note 12) | (6,224) | (443) |
| Other | (39,984) | (12,436) |
| (742,654) | (164,940) |
As of 31 March 2025 and 2024, the details financial income and expenses are as follows:
| 1 January- | 1 January | |
|---|---|---|
| Financial income | 31 March 2025 | 31 March 2024 |
| Interest and update income | 398,125 | 1,406,133 |
| Foreign exchange gains | 832 | 1,244 |
| 398,957 | 1,407,377 | |
| 1 January- | 1 January | |
| Financial expenses | 31 March 2025 | 31 March 2024 |
| Borrowings interest and lease certificate expenses | (1,300,670) | (398,366) |
| Foreign exchange losses | (686) | (149) |
| (1,301,356) | (398,515) |
Significant changes have been made to the tax regulations for Real Estate Investment Trusts (REITs) and Real Estate Investment Funds (REIFs) in Turkey, effective from January 1, 2025. According to these changes, earnings generated until December 31, 2024, will remain subject to the current regulations and will be exempt from corporate tax. However, new conditions and taxation practices will apply to earnings generated from January 1, 2025, onwards.
| 1 January- | 1 January | ||
|---|---|---|---|
| 31 March 2025 | 31 March 2024 | ||
| Current tax expense | (1,418,481) | - | |
| Deferred tax expense | (780,970) | - | |
| Total tax expense | (2,199,451) | - |
(Amounts expressed in thousands of Turkish Lira ("TRY") in terms of the purchasing power of TRY as of 31 March 2025, unless otherwise stated.)
The Group recognizes deferred tax assets and liabilities based upon temporary differences arising from the differences between its consolidated financial statements as reported for TFRS purposes and its statutory tax financial statements. These differences usually result in the recognition of revenue and expenses in different reporting periods for TFRS and tax purposes and they are given below.
As detailed in Note 2.4, the corporate tax exemption granted to real estate investment trusts (REITs) under Article 5, paragraph (d-4) of the Corporate Tax Law has been made conditional, as of January 1, 2025, by Law No. 7524 dated August 2, 2024. Specifically, at least 50% of the income derived from real estate must be distributed as dividends in order for the exemption to apply.
Since the decision to distribute profits falls under the authority of the general assembly, the tax rate used in the calculation of deferred tax assets and liabilities for the year 2025 is 30% (31 December 2024: 30%).
As of 31 March 2025, the breakdown of the Company's relevant accumulated temporary differences and the corresponding deferred tax assets and liabilities, prepared using the enacted tax rates, is as follows:
| 31 March 2025 | 31 December 2024 | |||
|---|---|---|---|---|
| Temporary differences | Deferred tax | Temporary differences | Deferred tax | |
| Adjustments related to TFRS 9 expected credit loss | (3,357) | 1,007 | (3,693) | 1,108 |
| Adjustments related to discount | (3,457,677) | 1,037,303 | (3,101,837) | 930,551 |
| Adjustments Related to Inventory | (14,329,493) | 4,298,848 | (16,252,947) | 4,875,884 |
| Prepaid expense adjustments | 198,683 | (59,605) | 305,387 | (91,616) |
| Adjustments related to tangible assets | (9,103) | 2,731 | (102,530) | 30,759 |
| Adjustments Related to intangible assets | (141,367) | 42,410 | (153,367) | 46,010 |
| Adjustments related to investment properties | (1,063,177) | 318,953 | (1,487,310) | 446,193 |
| Adjustments related to deferred income | (3,497,377) | 1,049,213 | (4,058,187) | 1,217,456 |
| Adjustments related to provisions | (607,017) | 182,105 | (658,633) | 197,590 |
| Deferred tax assets | - | 6,872,965 | - | 7,653,935 |
The movements of deferred tax (asses)/ liabilities for the periods ended 31 March 2025 are as follows:
| 2025 | 2024 | |
|---|---|---|
| Opening balance at 1 January | 7,653,935 | - |
| Recognized in profit or loss statement | (780,970) | - |
| Closing balance at 31 March | 6,872,965 | - |
(Amounts expressed in thousands of Turkish Lira ("TRY") in terms of the purchasing power of TRY as of 31 March 2025, unless otherwise stated.)
In Turkey, companies can increase their share capital by making a pro rata distribution of shares "bonus shares" to existing shareholders from retained earnings. The issue of such shares is treated as the issuance of ordinary shares in the calculation of earnings per share. Accordingly, the weighted average number of shares used in these calculations is determined by taking into consideration the retroactive effects of these share distributions. Earnings per share is calculated by considering the total number of new shares when there is an increase in issued shares because of distribution of bonus shares after the balance sheet date but before the preparation of financial statements.
The earnings per share stated in income statement are calculated by dividing net income for the period by the weighted average number of the Company's shares for the period.
The Company can withdraw the issued shares. The weighted average number of shares taken back changes the calculation of earnings per share in line with the number of shares.
| 1 January- | 1 January | |
|---|---|---|
| 30 June 2024 | 30 June 2023 | |
| Net profit attributable to shareholders (TRY) | 2,817,362 | 354,450 |
| Weighted average number of ordinary shares | 3,804,550,291 | 3,804,550,291 |
| Earnings per share in full TRY | 0.0741 | 0.0093 |
The main shareholder of the Company is T.C. Toplu Konut İdaresi Başkanlığı ("TOKİ"). TOKİ is a state institution under the control of Republic of Turkey Ministry of Enviroment and Urbanisation. Related parties of the Company are as listed below.
(Amounts expressed in thousands of Turkish Lira ("TRY") in terms of the purchasing power of TRY as of 31 March 2025, unless otherwise stated.)
According to the revised TAS 24 – "Related Parties Transactions Standard", exemptions have been made to the related party disclosures of state institutions and organizations. The Company has transactions with state banks (T.C. Ziraat Bankası A.Ş., Türkiye Vakıflar Bankası T.A.O., Türkiye Halk Bankası A.Ş., Türkiye Emlak Katılım Bankası A.Ş.) and Repulic of Turkey Undersecretariat of Treasury.
The transactions between the Company and the related parties are as follows:
| Trade receivables from related parties | 31 March 2025 | 31 December 2024 |
|---|---|---|
| T.C. Çevre, Şehircilik ve İklim Değişikliği Bakanlığı (*) |
326,987 | 5,633 |
| Emlak Konut Asansör Sistemleri San. ve Tic. A.Ş. | 1,311 | - |
| 328,298 | 5,633 |
(*) The Company's trade receivables from the Çevre ve Şehircilik Bakanlığı consist of payments made by the Company for urban transformation projects.
| Other payables to related parties | 31 March 2025 | 31 December 2024 | |
|---|---|---|---|
| Emlak Konut Asansör Sistemleri San. ve Tic. A.Ş. | 153 | - | |
| Other | 66 | - | |
| 219 | - | ||
| Deferred income from related parties | 31 March 2025 | 31 December 2024 | |
| Türkiye Emlak Katılım Bankası A.Ş. (*) | 459,855 | 4,964,518 | |
| 459,855 | 4,964,518 |
(*) The amount includes the amounts received by the Company for 29 commercial units sold to Türkiye Emlak Katılım Bankası A.Ş.
| Deposits at related parties | 31 March 2025 | 31 December 2024 |
|---|---|---|
| Türkiye Emlak Katılım Bankası A.Ş. | 1,644,520 - | 1,810,004 - |
| 1,644,520 | 1,810,004 |
(Amounts expressed in thousands of Turkish Lira ("TRY") in terms of the purchasing power of TRY as of 31 March 2025, unless otherwise stated.)
| Purchases from related parties | 1 January- 31 March 2025 |
1 January 31 March 2024 |
|---|---|---|
| T.C. Toplu Konut İdaresi Başkanlığı ("TOKİ") |
7,388,326 | 647,362 |
| Marmara Kentsel Dönüşüm Müdürlüğü | 2,968,031 | - |
| Emlak Planlama, İnşaat, Proje Yönetimi ve Ticaret A.Ş. |
941,876 | 350,992 |
| Emlak Konut Asansör Sistemleri San. ve Tic. A.Ş. | 64 | - |
| Kentsel Dönüşüm Hizmetleri Genel Müdürlüğü | - | 18,018,517 |
| Emlak Basın Yayın A.Ş. | 886 | - |
| 11,299,183 | 19,016,871 | |
| 1 January- | 1 January | |
| Sales to related parties | 31 March 2025 | 31 March 2024 |
| Emlak Konut Asansör Sistemleri San. ve Tic. A.Ş. | 1,867 | 486 |
| Emlak Planlama, İnşaat, Proje Yönetimi ve Ticaret A.Ş. |
1,014 | 1,127 |
| 2,880 | 1,613 |
Key management personnel are those who have the authority and responsibility to plan, manage and control the activities (administrative or other) directly or indirectly of the Company including any manager. Salaries and other short-term benefits provided to the key management personnel, General Manager of the Board of Directors, Assistant General Managers and General Manager Consultant, are as follows:
| Compensation to key management | 1 January- 31 March 2025 |
1 January 31 March 2024 |
|
|---|---|---|---|
| Salaries and other short-term benefits | 13,942 | 15,202 | |
| 13,942 | 15,202 |
(Amounts expressed in thousands of Turkish Lira ("TRY") in terms of the purchasing power of TRY as of 31 March 2025, unless otherwise stated.)
The monetary position gains (losses) reported in the statement of profit or loss arise from the monetary/nonmonetary financial statement items listed below:
| 31 March 2025 | |
|---|---|
| Non-monetary items | |
| Statement of financial position items | |
| Inventories | 10,092,726 |
| Financial investments | 414,681 |
| Given advances | 198,683 |
| Investment properties, tangible and intangible assets | 398,201 |
| Deferred tax assets | 699,780 |
| Deferred income | 25,128 |
| Share premiums / discounts | (2,911,205) |
| Paid-in capital | (5,540,111) |
| Treasury shares (-) | 6,505 |
| Restricted reserves appropriated from profit | (872,864) |
| Gain / (loss) arising from defined benefit plans | 359 |
| Other equity items | 175,012 |
| Retained earnings / accumulated losses | (650,486) |
| Statement of profit or loss items | |
| Revenue | (6,543,261) |
| Cost of sales (-) | 4,746,942 |
| General administrative expenses (-) | 15,167 |
| Marketing expenses (-) | 3,563 |
| Other income from main operations | (39,333) |
| Other expenses from main operations (-) | 17,522 |
| Expenses from investing activities (-) | - |
| Finance income | (9,413) |
| Finance costs (-) | 30,703 |
| Monetary gain/loss | 258,299 |
(Amounts expressed in thousands of Turkish Lira ("TRY") in terms of the purchasing power of TRY as of 31 March 2025, unless otherwise stated.)
Company's mortgage and guarantees received as of 31 March 2025 and 2024 are as follows:
| 31 March 2025 | 31 December 2024 | |
|---|---|---|
| Guarantees received (*) | 47,561,495 | 52,454,552 |
| Mortgages received (**) | 670,005 | 737,426 |
| 48,231,500 | 53,191,978 |
(*) Guarantees received consist of letters of guarantee given by contractors for construction projects and temporary guarantee letters received during the tender process.
(**) Mortgages received consist of mortgaged independent sections and lands sold but not yet collected.
The collaterals, pledges and mortgages ("CPM") of the Company as of 31 March 2025 and 31 December 2024 are as follows:
| 31 March 2025 | 31 December 2024 | |
|---|---|---|
| A. Total amount of CPM given on behalf of the Company's own legal entity |
165,443 | 181,728 |
| B. Total amount of CPM given against the subsidiaries included in full consolidation |
- | - |
| C. Total amount of CPM given to maintain operations and collect payables from third parties |
- | - |
| D. Total amount of other CPM given i) In the name of the parent Company |
- | - |
| ii) In the name of other group companies that are not included in the scope of item B and C |
- | - |
| iii) In the name of third parties that are not included in the scope of item C |
- | - |
| 165,113 | 214,212 |
As part of the Company's long-term strategy, the purchase of land parcels with a total area of 75,272.82 m² located in Atışalanı Neighborhood, Esenler District, Istanbul, has been completed for a total consideration of TRY 2,898,004 (excluding VAT), within the scope of the protocol signed with the Ministry of Environment, Urbanization and Climate Change, Directorate of Urban Transformation.
The agreement titled "Revenue Sharing Model on Land Sale for the Istanbul Eyüpsultan Kemerburgaz Project," signed on 28.02.2023 between the Company, Emlak Konut Real Estate Investment Company, and the Contractor Joint Venture composed of CABA Construction Energy Tourism Industry and Trade Inc., MESA Mesken Construction Inc., and MESA Holding Inc., has been mutually terminated through a Termination Protocol signed on 18.04.2025, prior to the commencement of production and sales activities.
(Amounts expressed in thousands of Turkish Lira ("TRY") in terms of the purchasing power of TRY as of 31 March 2025, unless otherwise stated.)
| Non-Consolidated (Standole) Financial Statement Main | ||||
|---|---|---|---|---|
| Account Items | Related Regulation | 31 March 2025 31 December 2024 | ||
| A | Money and Capital Market Instruments | Series: III-No.48, Art.24/(b) | 3,037,168 | 6,899,249 |
| Properties, Projects based on Properties and Rights based on | ||||
| B | Properties | Series: III-No.48, Art.24/(a) | 183,016,433 | 188,543,417 |
| IS | Subsidiaries | Series: III-No.48, Art.24/(b) | 4,535,628 | 4,535,628 |
| Due from Related Parties (Non-trade) | Series: III-No.48, Art.23/(f) | - | - | |
| DV Other Assets | 22,551,657 | 21,917,518 | ||
| D | Total Assets (Total Assets) | 213,140,886 | 221,895,812 | |
| E | Financial Liabilities | Series: III-No.48, Art.24/(b) | 12,701,393 | 14,200,451 |
| F | Other Financial Liabilities | Series: III-No.48, Art.24/(a) | - | - |
| G | Due from Financial Leases | Series: III-No.48, Art.24/(b) | - | - |
| H | Due to Related Parties (Non commercial) | Series: III-No.48, Art.23/(f) | - | - |
| I | Shareholders' equity | 109,927,232 | 107,109,870 | |
| EB | Other Resources | 90,512,261 | 100,585,491 | |
| D | Total Resources | Series: III-No.48, Art.3/(k) | 213,140,886 | 221,895,812 |
| Non-Consolidated (Standole) Other Financial Information | Related Regulation | 31 March 2025 31 December 2024 | ||
| The Portion of Money and Capital Market Instruments Held for 3- | ||||
| A1 | Year Real Estate Payments | Series: III-No.48, Art.24/(b) | 3,037,168 | 6,899,249 |
| A2 | Term / Demand / Currency | Series: III-No.48, Art.24/(b) | 4,329,037 | 8,702,545 |
| A3 | Foreign Capital Market Instruments | Series: III-No.48, Art.24/(d) | - | - |
| Foreign Properties, Projects based on properties and rights based | ||||
| B1 | on Properties | Series: III-No.48, Art.24/(d) | - | - |
| B2 | Idle Land | Series: III-No.48, Art.24/(c) | 16,356,709 | 16,400,327 |
| C1 | Foreign Subsidiaries | Series: III-No.48, Art.24/(d) | - | - |
| C2 | Subsidiaries of the Operating Company | Series: III-No.48, Art.28 | 4,836,108 | 4,836,108 |
| J | Non-Cash Loans | Series: III-No.48, Art.31 | 165,443 | 181,728 |
| Mortgage amount of servient lands which will be developed and | ||||
| K | not owned | Series: III-No.48, Art.22/(e) | ||
| Portfolio Restrictions | Related Regulation | 31 March 2025 31 December 2024 | ||
| Mortgage amount of Servient Lands Which Will be Developed | ||||
| 1 | And Not Owned | Series: III-No.48, Art.22/(e) | 0% | 0% |
| Properties, Projects based on Properties and Rights based on | ||||
| 2 | Properties | Series: III-No.48, Art.24/(a),(b) | 87% | 88% |
| 3 | Money and Capital Market Instruments and Affiliates | Series: III-No.48, Art.24/(b) | 2% | 2% |
| Foreign Properties, Projects based on properties and rights based on Properties, |
||||
| 4 | Subsidiaries, Capital Market Instruments | Series: III-No.48, Art.24/(d) | 0% | 0% |
| 5 | Idle Land | Series: III-No.48, Art.24/(c) | 8% | 7% |
| 6 | Subsidiaries of the Operating Company | Series: III-No.48, Art.28 | 2% | 2% |
| 7 | Borrowing Limit | Series: III-No.48, Art.31 | 12% | 13% |
Informations in the Control of Compliance with Portfolio Limitations are in the nature of summary information derived from financial statements in accordance with article 16 of Serial: II, No: 14.1 "Communiqué on Principles of Financial Reporting in Capital Markets" and have been prepared within the framework of the provisions of the "Communiqué on Principles Regarding Real Estate Investment Trusts", Serial: III, No: 48.1, published in the Official Gazette No. 28660 on 28 May 2013, on the control of compliance with portfolio limitations.
8 Term / Demand / Currency Series: III-No.48, Art.22/(e) 1% 1%
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