Quarterly Report • May 12, 2025
Quarterly Report
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(Convenience Translation of Financial Statements Originally Issued in Turkish)
Consolidated Financial Statements for the Period January 1 – March 31, 2025
| Index | Page |
|---|---|
| Consolidated statements of financial position | 1 – 2 |
| Consolidated statements of profit or loss and other comprehensive income | 3 |
| Consolidated statements of changes in shareholders' equity | 4 |
| Consolidated statements of cash flows | 5 |
| Notes to the consolidated financial statements | 6 – 61 |
As of March 31, 2025
| Unaudited | Audited | ||
|---|---|---|---|
| Current period | Prior period | ||
| Note | March 31, 2025 | December 31, 2024 | |
| Current assets | 2.113.890.658 | 2.120.797.224 | |
| Cash and cash equivalents | 4 | 72.904.215 | 59.320.666 |
| Financial investments | 5 | 48.313.863 | 51.963.154 |
| Trade receivables | |||
| Due from related parties | 7-18 | 190.826.518 | 186.029.918 |
| Due from third parties | 7 | 207.955.178 | 335.857.012 |
| Other receivables | |||
| Due from related parties | 8-18 | 31.619.115 | 6.583.968 |
| Due from third parties | 8 | 13.053.970 | 13.181.353 |
| Inventories | 9 | 400.548.369 | 427.695.182 |
| Prepaid expenses | |||
| Due to related parties | 10-18 | 741.916.921 | 670.312.389 |
| Due to third parties | 10 | 323.980.957 | 253.157.489 |
| Current income tax assets | 17 | 205.033 | 238.993 |
| Other current assets | 11 | 82.566.519 | 116.457.100 |
| Non-current assets | 6.792.850.284 | 6.775.923.302 | |
| Financial investments | 5 | - | - |
| Other receivables | |||
| Due from third parties | 8 | 758.857 | 1.517.436 |
| Investment properties | 12 | 6.726.472.388 | 6.692.691.116 |
| Property, plant and equipment | 13 | 59.104.110 | 78.129.696 |
| Prepaid expenses | - | - | |
| Due to related parties | 10-18 | - | - |
| Deferred tax asset | 17 | 6.514.929 | 3.585.054 |
| Total assets | 8.906.740.942 | 8.896.720.526 |
As of March 31, 2025
| Audited | Unaudited | ||
|---|---|---|---|
| Current period | Prior period | ||
| Note | March 31, 2025 | December 31, 2024 | |
| Current liabilities | 2.227.592.765 | 2.267.782.286 | |
| Short-term borrowings | 6 | 1.336.709.616 | 1.389.018.854 |
| Short-term portion of long-term borrowings | 6 | 68.999.810 | 95.014.202 |
| Short-term portion of long-term lease liabilities | 6 | 33.706.534 | 43.943.691 |
| Trade payables | |||
| Due to related parties | 7-18 | 7.925.230 | 7.413.647 |
| Due to third parties | 7 | 129.962.130 | 144.302.198 |
| Contract liabilities | 10 | 444.331.645 | 290.944.235 |
| Employee benefit obligations | 3.188.860 | 1.766.846 | |
| Other payables | |||
| Due to related parties | 8-18 | 180.844.054 | 252.863.813 |
| 7.152.315 | 6.980.906 | ||
| Due to third parties Provisions |
8 | ||
| Other provisions | 2.277.361 | 2.268.194 | |
| Other current liabilities | 11 | 12.495.210 | 33.265.700 |
| Non-current liabilities | 2.955.146.523 | 2.903.453.356 | |
| Long-term borrowings | 6 | 2.179.725.797 | 1.767.848.590 |
| Long-term lease liabilities | 6 | 339.822.331 | 369.330.215 |
| Other payables | |||
| Due to related parties | 8-18 | 1.607.524 | 379.804.381 |
| Provisions | |||
| Provision for employee benefits | 414.440 | 986.031 | |
| Deferred tax liabilities | 17 | 433.576.431 | 385.484.139 |
| Equity | 3.724.001.654 | 3.725.484.884 | |
| Equity holders of the parent | 3.526.890.933 | 3.502.226.232 | |
| Paid-in capital | 15 | 2.500.000.000 | 2.500.000.000 |
| Adjustment to share capital | 15 | 1.950.338.052 | 1.950.338.052 |
| Share premium | 25.029 | 25.029 | |
| Other accumulated comprehensive income and expense | |||
| not to be reclassified to profit or loss | |||
| Gain/ (loss) arising from defined benefit plans | 14.587 | (877.487) | |
| Other accumulated comprehensive income and expense to | |||
| be reclassified to profit or loss | |||
| Currency translation differences | (1.551.952.622) | (1.457.756.188) | |
| Effect of combinations of businesses under common | (3.001.790.247) | (3.001.790.247) | |
| control | |||
| Restricted reserves | 15 | 294.301.294 | 294.301.294 |
| Retained earnings | 3.198.600.063 | 3.082.135.444 | |
| Net profit for the period | 137.354.777 | 135.850.335 | |
| Non-controlling interest | 197.110.721 | 223.258.652 | |
| Total liabilities and equity | 8.906.740.942 | 8.896.720.526 |
| Unaudited | Unaudited | ||
|---|---|---|---|
| Current period | Prior period | ||
| Note | January 1 - March 31, 2025 |
January 1 - March 31, 2024 |
|
| Revenue Cost of sales (-) |
19 19 |
111.487.951 (27.285.957) |
40.213.895 (32.820) |
| Gross profit/ (loss) | 84.201.994 | 40.181.075 | |
| Marketing expenses (-) General administrative expenses (-) Other income from operating activities Other expenses from operating activities (-) |
20 20 21 21 |
(1.500.000) (39.925.179) 400.501.355 (101.719.000) |
- (42.403.168) 323.506.262 (102.431.870) |
| Operating profit | 341.559.170 | 218.852.299 | |
| Income from investment activities Expenses from investment activities (-) |
22 22 |
1.096.924 - |
4.611.118 (42.316.086) |
| Operating income before financial income | 342.656.094 | 181.147.331 | |
| Finance income Finance expenses (-) Net monetary position gain/ (loss) |
23 23 27 |
1.724.269 (222.764.879) 83.356.472 |
1.260.530 (109.449.617) (225.482.864) |
| Profit before tax from continuing operations | 204.971.956 | (152.524.620) | |
| Tax income/(expense), continuing operations | (80.340.314) | (19.083.749) | |
| Taxes on expense Deferred tax expenses (-) |
17 17 |
- (80.340.314) |
- (19.083.749) |
| Net income | 124.631.642 | (171.608.369) | |
| Equity holders of the parent Non-controlling interest |
137.354.777 (12.723.135) |
(176.887.908) 5.279.539 |
|
| Not to be reclassified to profit or loss | 892.073 | (151.037) | |
| Gain/ (loss) arising from defined benefit plans Gain/ (loss) arising from defined benefit plans, tax effect |
17 | 986.794 (94.721) |
(151.037) - |
| To be reclassified to profit or loss Currency translation differences |
(295.964.064) (295.964.064) |
(271.447.203) (271.447.203) |
|
| Other comprehensive (expense)/ income | (295.071.991) | (271.598.240) | |
| Total comprehensive income | (170.440.349) | (443.206.609) | |
| Equity holders of the parent Non-controlling interest |
(144.292.418) (26.147.931) |
(443.206.609) - |
|
| Earnings per share | 16 | - | - |
For the Period Ended March 31, 2025, and 2024
| Defined Benefit | Effect of Business |
Equity | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Paid-in Capital | Equity adjustment differences |
Treasury Shares |
Share premium |
Plans Remeasurement Gains/(Losses) |
Currency Translation Differences |
Legal Reserves |
Combinations under Common Control |
Retained Earnings |
Net Profit for the Period |
Attributable to Owners of the Parent |
Non controlling Interests |
Total | |
| Balances as of 1 January 2024 | 669.833.747 3.234.365.078 | - | 25.030 | (844.696) | (803.794.916) 183.128.811 (2.263.868.502) 2.423.087.026 | 1.525.532.663 4.967.464.241 323.357.044 5.290.821.285 | |||||||
| Transfers Total Comprehensive Income Repurchase of Shares |
- - - |
- - |
- - - (99.613.459) |
- - |
- (151.037) - |
- (248.900.895) - |
- - 99.613.459 |
- | - (99.613.459) |
- 1.525.532.663 (1.525.532.663) | - (176.887.908) (425.939.840) (17.266.770) (443.206.610) (99.613.459) |
- - |
- (99.613.459) |
| Balances as of 31 March 2024 | 669.833.747 3.234.365.078 (99.613.459) | 25.030 | (995.733) (1.052.695.811) 282.742.270 (2.263.868.502) 3.849.006.230 | (176.887.908) 4.441.910.942 306.090.274 4.748.001.216 | |||||||||
| Balances as of 1 January 2025 | 2.500.000.000 1.950.338.052 | 25.029 | (877.487) (1.457.756.188) 294.301.294 (3.001.790.247) 3.082.135.445 | 116.464.618 3.482.840.516 223.258.652 3.706.099.168 | |||||||||
| Transfers Total Comprehensive Income |
- | - | - | - - |
- 892.074 |
- (94.196.434) |
- | - - |
116.464.618 - |
(116.464.618) 137.354.777 |
- | - 44.050.417 (26.147.931) |
- 17.902.486 |
| Balances as of 31 March 2025 | 2.500.000.000 1.950.338.052 | 25.029 | 14.587 (1.551.952.622) 294.301.294 (3.001.790.247) 3.198.600.063 | 137.354.777 3.526.890.933 197.110.721 3.724.001.654 |
For the Period Ended March 31, 2025, and 2024
| Unaudited | Unaudited | ||
|---|---|---|---|
| Current period | Prior period | ||
| January 1 - | January 1 - | ||
| Note | March 31, 2025 | March 31, 2024 | |
| A. Cash flows from operating activities | (90.277.378) | (80.343.913) | |
| Net income | 124.631.642 | (171.608.369) | |
| Adjustments regarding net profit reconciliation for the period | (462.833.373) | 123.022.251 | |
| Adjustments for depreciation and amortisation expense | 13 | 4.788.807 | 5.501.101 |
| Adjustments for provisions for employee benefits | (127.948) | 105.721 | |
| Adjustments for interest income | 23 | (1.724.269) | (1.260.530) |
| Adjustments for interest expense | 23 | 196.317.515 | 108.432.498 |
| Adjustments for unrealised foreign exchange differences | (179.999.153) | (119.988.140) | |
| Adjustments for fair value (gains) losses | - | (87.127.375) | |
| Adjustments for fair value (gains) losses on investment properties | 12 | (133.504.447) | - |
| Adjustments for tax expense/ (income) | 17 | 80.340.314 | 19.083.749 |
| Monetary (gain)/ loss | (425.510.220) (4.339.951) |
215.624.014 (12.841.312) |
|
| Adjustments for unrealised translation differences Adjustments for other cash flows from investing or financing activities |
925.979 | (4.507.476) | |
| 247.924.353 | (31.748.794) | ||
| Changes in operating assets and liabilities | |||
| Adjustments for decrease (increase) in trade receivables | 308.009.071 (15.084.292) |
17.649.906 (9.133.028) |
|
| Adjustments for decrease (increase) in other receivables Decrease (increase) in inventories |
27.146.813 | - | |
| Decrease (increase) in prepaid expenses | (71.604.528) | (17.077.465) | |
| Adjustments for increase (decrease) in deferred income | |||
| Adjustments for increase (decrease) in trade payables | (11.703.269) | (33.319.022) | |
| Increase (decrease) in employee benefit liabilities | 1.422.014 | 434.934 | |
| Adjustments for increase (decrease) in other payables | (6.551.371) | 39.458.431 | |
| Adjustments for (increase) decrease in other assets | 33.924.541 | 37.666.030 | |
| Adjustments for increase (decrease) in other liabilities | (17.634.626) | (67.428.580) | |
| Cash flows from operating activities | - | (9.001) | |
| Payments related to provisions for employee termination benefits | - | (9.001) | |
| B. Cash flows from investing activities | 84.387.828 | (65.570.857) | |
| Cash outflow from purchase of property, plant, equipment | 13 | - | (8.570.726) |
| Cash inflow from sale of property, plant, equipment | 13 | 14.361.113 (15.801.218) |
- (14.315.665) |
| Cash outflows arising from project expenditures of investment properties Cash outflows from other investing activities |
12 | 153.387.410 | - |
| Cash inflow from other investing activities | (70.823.468) | - | |
| Cash outflows from purchase of funds and stocks | 5 | - | (133.613.894) |
| Cash inflow from sales of funds and stocks | 5 | 3.263.991 | 90.929.428 |
| C. Cash flows from financing activities | (15.716.995) | 276.495.099 | |
| Cash inflow from borrowings | 6 | 399.315.425 | 495.279.426 |
| Cash outflow from repayments of borrowings | 6 | (376.448.317) | (142.175.347) |
| Payments of lease liabilities | 6 | (3.156.653) | |
| Interest and comission paid | (5.502.312) | (77.869.510) | |
| Interest received | 1.724.269 | 1.260.530 | |
| D. Net change in cash and cash equivalents (A+B+C) | 10.042.862 | 130.580.330 | |
| E. Effect of monetary gain/ loss | 3.792.197 | (1.209.596) | |
| F. Effect of foreign exchange gain/ loss | (251.510) | (983.122) | |
| G. Cash and cash equivalents at January 1 | 59.320.666 | 91.576.349 | |
| Cash and cash equivalents at March 31 (D+E+F+G) | 4 | 72.904.215 | 120.350.501 |
As of and for the Period Ended March 31, 2025
(Amounts expressed in Turkish lira ("TL") in terms of purchasing power of the TL at March 31, 2025 unless otherwise indicated.)
Peker Investment Gayrimenkul Anonim Şirketi was established as of April 25, 2017 by separating part of Peker Holding Anonim Şirketi through division. The Company was registered in the trade registry as of April 25, 2017, and at the same time, it applied to the Capital Markets Board for be a Real Estate Investment Corporation. It was approved in accordance with the Capital Markets Board's decision dated September 21, 2017 and numbered 34/1144. The title of the Company, Peker Gayrimenkul Yatırım Ortaklığı A.Ş. ("Company"), was registered in the trade registry on September 28, 2017, pursuant to the permissions of the CMB and the Ministry of Customs and Trade. Peker Gayrimenkul Yatırım Ortaklığı A.Ş. and its subsidiaries (together referred to as the "Group").
The Company's shares have been traded on the Borsa İstanbul Anonim Şirketi (formerly known as the Istanbul Stock Exchange) ("BIST") since February 21, 2018. As of March 31, 2025, 68,74% of its shares are traded on BIST.
The Company is affiliated to the İstanbul Ticaret Odası and its registered address is as follows: Cumhuriyet Mahallesi Silahşor Cad. Yeniyol Sk. No:8/1-G Şişli/ İstanbul.
The main objective and operations of the Company are real estate buying-selling, renting, developing real estate projects etc.
Number of employees of the Group as of March 31, 2025 is 27 (December 31, 2024: 29).
As of March 31, 2025 and March 31, 2024, the shareholder structure is as follows:
| March 31, 2025 | March 31, 2024 | |||||
|---|---|---|---|---|---|---|
| Number of | Share | Number of | Share | |||
| shares | (%) | Amount | shares | (%) | Amount | |
| Hasan Peker Public shares |
781.406.458 1.718.593.542 |
31,26 | 781.406.458 68,74 1.718.593.542 1.718.593.542 |
781.406.458 | 31,26 | 781.406.458 68,74 1.718.593.542 |
The main operations of the companies included in the consolidation and the share percentage of the Group for these companies are as follows:
| Voting right and ownership ratios (%) | ||||
|---|---|---|---|---|
| March 31, 2025 | March 31, 2024 | |||
| Name of the Company | Operation | Country of operation | Share (%) | Share (%) |
| DİGH Maslak | Real Estate Project Development | İstanbul - Türkiye | 100 | - |
| Peker GMBH | Real Estate Project Development | Düsseldorf - Germany | 100 | 100 |
| Peker GYO Global GMBH | Real Estate Project Development | Düsseldorf - Germany | 100 | 100 |
| Blue Stone Investment GMBH | Real Estate Project Development | Grevenbroich -Germany | 100 | 100 |
| Nordstern Düsseldorf GMBH | Real Estate Project Development | Düsseldorf - Germany | 51 | 51 |
| Peker GYO Spain SL | Real Estate Project Development | Malaga - Spain | 100 | 100 |
As of and for the Period Ended March 31, 2025
(Amounts expressed in Turkish lira ("TL") in terms of purchasing power of the TL at March 31, 2025 unless otherwise indicated.)
DİGH Maslak İnsaat Proje Danışmanlık Ltd. Şti. ("DİGH Maslak")
On June 24, 2025, the Company has purchased 100% shares of the GG Gayrimenkul Geliştirme İnşaat İşletmecilik A.Ş. which owns 99% of the shares of DİGH Maslak İnsaat Proje Danışmanlık Ltd. Şti. from its related party Peker Holding A.Ş. DİGH Maslak İnsaat Proje Danışmanlık Ltd. Şti. has Peker Tower Maslak Project. The land, which has a total construction area of 16,554 m2 , is located on Büyükdere Street, in the area where plazas and business centers are most dense in Istanbul. The project, which will consist of 6 basement floors and ground floor + 15 floors, will have office sizes ranging from 120 m2 to 560 m2 . GG Gayrimenkul merged with DİGH Maslak İnsaat Proje Danışmanlık Ltd. Şti. in accordance with the simplified merger provisions in accordance with the relevant provisions of the Turkish Commercial Code and the Corporate Tax Law and was registered on October 18, 2025.
The Company has purchased 100% shares of the capital of Peker GMBH, established in Germany and with a capital amounting to 1.000.000, euros from its related parties, Peker Holding GMBH and Goldstein Investment GMBH, for 40.000.000 euros. The value of the related shares has been determined as 41.428.663 euros in the valuation report dated June 23, 2024 prepared by Konfident Steuerberatungsgesellscharft MBH which is established in Germany. Peker GMBH owns the Northgate Düsseldorf project.
On October 6, 2021, the Group purchased 100% shares of Blue Stone Investment GMBH, which was established to acquire land in Germany, from Peker Holding GMBH. This transaction is considered as a business combination under common control. Therefore, Blue Stone Investment GMBH has been consolidated since 2021.
On March 1, 2021, the Group has purchased 89% of the shares of the capital of Nordstern Düsseldorf GMBH, established in Germany, from Peker GMBH. The remaining 11% of the shares were purchased from Peker GMBH on August 26, 2022 for a payment of 13.367.707 Turkish liras. With this share purchase, the Company has become the owner of all the shares of the related company. This transaction is considered as a business combination under common control and has been consolidated since 2021.
The Group established the Spain-based company Peker GYO Spain SL as part of its restructuring to plan and realize its real estate investments through subsidiaries established abroad and to realize new investments to be made in Spain in order to benefit from lower cost and long-term financing opportunities abroad.
The Group has established Peker GYO Global GMBH, headquartered in Düsseldorf/ Germany, as part of its restructuring to plan and realize real estate investments through subsidiaries established abroad and to realize new investments to be made in Germany in order to benefit from lower cost and long-term financing opportunities abroad.
As of and for the Period Ended March 31, 2025
(Amounts expressed in Turkish lira ("TL") in terms of purchasing power of the TL at March 31, 2025 unless otherwise indicated.)
The consolidated financial statements of the Group have been prepared in accordance with the Turkish Financial Reporting Standards, ("TFRS") and interpretations as adopted in line with international standards by the Public Oversight Accounting and Auditing Standards Authority of Turkey ("POA") in line with the communiqué numbered II-14.1 "Communiqué on the Principles of Financial Reporting In Capital Markets" ("the Communiqué") announced by the Capital Markets Board of Turkey ("CMB") on June 13, 2013 which is published on Official Gazette numbered 28676. TFRS are updated in harmony with the changes and updates in International Financial and Accounting Standards ("IFRS") by the communiqués announced by the POA.
The consolidated financial statements are presented in accordance with "Announcement regarding with TAS Taxonomy" which was published on July 3, 2025 by POA and the format and mandatory information recommended by CMB.
The Company maintain its legal books of account and prepare their statutory financial statements ("Statutory Financial Statements") in accordance with accounting principles issued by the Turkish Commercial Code ("TCC") and tax legislation. These consolidated financial statements are based on the statutory records with adjustments and reclassifications, for the purpose of fair presentation in accordance with Turkish Financial Reporting Standards ("TFRS"). Consolidated financial statements have been prepared under the historical cost convention except for the investment properties and short-term financial assets presented at fair values. In determining the historical cost, generally the fair value of the amount paid for the assets is taken as basis.
Pursuant to the decision of the Capital Markets Board (SPK) dated March 28, 2024 and numbered 81/1820, it has been decided that issuers and capital market institutions subject to financial reporting regulations that apply Turkish Accounting/Financial Reporting Standards will apply inflation accounting by applying the provisions of IAS 29 starting from their annual financial reports for the periods ending on March 31, 2024. With the announcements made by the Public Oversight Accounting and Auditing Standards Authority ("POA") on November 23, 2024, entities applying TFRSs have started to apply inflation accounting in accordance with TAS 29 Financial Reporting in Hyperinflation Economies as of financial statements for the annual reporting period ending on or after March 31, 2024.
The adjustments made in accordance with IAS 29 were made using the adjustment coefficient obtained from the Consumer Price Index ("CPI") of Turkey published by the Turkish Statistical Institute ("TÜİK"). As of March 31, 2025, the indices and adjustment coefficients used in the adjustment of the consolidated financial statements are as follows:
| March 31, 2025 | December 31, 2025 | March 31, 2024 | |
|---|---|---|---|
| Index | 2.954,52 | 2.684,55 | 2.139,47 |
| Average Index | 2.885,90 | 2.360,03 | 2.065,79 |
| Conversion Factor | 1,00000 | 1,10063 | 1,38104 |
| Three-year Inflation Rate | %250 | %291 | %309 |
As of and for the Period Ended March 31, 2025
(Amounts expressed in Turkish lira ("TL") in terms of purchasing power of the TL at March 31, 2025 unless otherwise indicated.)
According to the standard, financial statements prepared in the currency of a hyperinflationary economy are presented in terms of the purchasing power of that currency at the balance sheet date. Prior period financial statements are also presented in the current measurement unit at the end of the reporting period for comparative purposes. The Group has therefore presented its consolidated financial statements as of March 31, 2024, on the purchasing power basis as of March 31, 2025.
The main elements of the Group's adjustment process for financial reporting in hyperinflationary economies are as follows:
Comperative balances:
As of and for the Period Ended March 31, 2025
(Amounts expressed in Turkish lira ("TL") in terms of purchasing power of the TL at March 31, 2025 unless otherwise indicated.)
Items included in the financial statements of each of the Group's entities are measured using the currency of the primary economic environment in which the entity operates ('the functional currency'). The functional currency of the Company and its subsidiary DİGH Maslak which is operating in Türkiye is Turkish lira and the foreign subsidiaries is euro.
The accompanying condensed consolidated financial statements are prepared in Turkish lira (TL) in accordance with the requirements of Capital Markets Board ("CMB") Communiqué Serial II, No: 14.1 "Basis of Financial Reporting in Capital Markets", which was published in the Official Gazette No:28676 on June 13, 2013.
In accordance with the Public Oversight, Accounting and Auditing Standards Authority's ("POA") announcement "On the Next Measurement of Foreign Currency Monetary Items According to Turkish Accounting Standards" dated March 15, 2021, the Group carried out a valuation for the assets and liabilities in the consolidated financial statements based on the current buying and selling rates effective as of the end of the reporting period, income and expenses are translated into TRY at the average foreign exchange rate.
| March 31, 2025 | |
|---|---|
| Buying exchange rate | 36,7362 |
| Selling exchange rate | 36,8024 |
| Average exchange rate | 35,4893 |
The differences between the values arising from translation of the historical values of these items into the presentation currency and their carrying values from statutory records are recognized as foreign currency translation differences in the statement of other comprehensive income.
The Group prepared consolidated financial statements in accordance with the going concern assumption.
The consolidated financial statements have been approved and authorized to be published on 12 May, 2025 by the Board of Directors. The General Assembly has the authority to revise the financial statements.
As of and for the Period Ended March 31, 2025
(Amounts expressed in Turkish lira ("TL") in terms of purchasing power of the TL at March 31, 2025 unless otherwise indicated.)
The accounting policies applied in the preparation of the individual financial statements for the reporting period ended 31 March 2025 are consistent with those applied in the previous year, except for the new and amended Turkish Accounting Standards ("TAS") / Turkish Financial Reporting Standards ("TFRS") and TAS/TFRS interpretations that became effective as of 1 January 2024, which are summarized below. The effects of these standards and interpretations on the Company's financial position and performance are explained in the relevant paragraphs.
Amendments to TAS 21 Lack of Exchangeability
As of the approval date of the financial statements, the following new standards, interpretations, and amendments have been issued but are not yet effective for the current reporting period and have not been early adopted by the Company. Unless otherwise stated, the Company will make the necessary changes to its consolidated financial statements and notes when these standards and interpretations become effective:
| Amendments to TFRS 10 and TAS 28 | Sale or Contribution of Assets between an |
|---|---|
| Investor and its Associate or Joint Venture | |
| TFRS 17 | New Insurance Contracts Standard |
| IFRS 18 | New Presentation and Disclosures in Financial |
| Statements Standard |
The effects of these standards on the Company's financial position and performance are currently being evaluated.
Amendments to TAS 12 International Tax Reform – Pillar Two Model Rules
The following two amendments to IFRS 9 and IFRS 7, as well as the Annual Improvements to IFRS Standards, and IFRS 18 and IFRS 19 have been issued by the IASB but have not yet been endorsed or published by the Public Oversight Accounting and Auditing Standards Authority (POA). Therefore, they do not yet form part of TFRS. The Company will make the necessary changes in its financial statements and disclosures once these standards and amendments become effective under TFRS:
| Amendments to TFRS 9 and TFRS 7 | Classification and Measurement of Financial Instruments |
|---|---|
| Amendments to TFRS 9 and TFRS 7 | Contracts Concerning Electricity Generated from Natural Resources |
| IFRS 18 | The new Standard for Presentation and Disclosure in Financial Statements |
| IFRS 19 | Subsidiaries without Public Accountability: Disclosures |
As of and for the Period Ended March 31, 2025
(Amounts expressed in Turkish lira ("TL") in terms of purchasing power of the TL at March 31, 2025 unless otherwise indicated.)
The Group's consolidated financial statements are prepared in comparison with the previous period in order to allow for the determination of the financial position and performance trends in accordance with a new illustrative financial statements. Comparative information is reclassified when necessary and important differences are explained in order to ensure compliance with the presentation of the current period consolidated financial statements.
The consolidated financial statements include the accounts of the parent company, Peker GYO, and its subsidiaries on the basis set out in sections below. The financial statements of the companies included in the consolidation have been prepared as of the date of the consolidated financial statements and are based on the statutory records with adjustments and reclassifications for the purpose of presentation in conformity TAS/TFRS promulgated by the POA as set out in the communiqué numbered II-14.1, and Group accounting and disclosure policies.
Subsidiaries are included in the scope of consolidation from the date on which control over their activities is transferred to the Group, and are excluded from the scope of consolidation on the date when control disappears.
The consolidated financial statements incorporate the financial statements of the Company and entities controlled by the Company and its subsidiaries. Control is achieved when the Company:
The Company reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control listed above.
The table below sets out all subsidiaries included in the scope of consolidation and discloses their direct ownership, which are identical to their economic interests (%) as of reporting date.
| March 31, 2025 | December 31, 2024 | |
|---|---|---|
| Subsidiaries | Ownership | Ownership |
| DİGH Maslak | 100% | - |
| Peker GMBH | 100% | 100% |
| Peker GYO Global GMBH | 100% | 100% |
| Blue Stone Investment GMBH | 100% | 100% |
| Nordstern Düsseldorf GMBH | 51% | 51% |
| Peker GYO Spain SL | 100% | 100% |
As of and for the Period Ended March 31, 2025
(Amounts expressed in Turkish lira ("TL") in terms of purchasing power of the TL at March 31, 2025 unless otherwise indicated.)
Financial assets and financial liabilities are recognised in the Group's consolidated statement of financial position when the Group becomes a part of the contractual provisions of the instrument. Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit or loss) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through profit or loss are recognised immediately in profit or loss.
All regular way purchases or sales of financial assets are recognised and derecognised on a trade date basis.
The Group classifies its financial assets as (a) business model used for managing financial assets, (b) financial assets subsequently measured at amortized cost, at fair value through other comprehensive income or at fair value through profit or loss based on the characteristics of contractual cash flows. The Group reclassifies all financial assets effected from the change in the business model it uses for the management of financial assets. The reclassification of financial assets is applied prospectively from the reclassification date. In such cases, no adjustment is made to gains, losses (including any gains or losses of impairment) or interest previously recognized in the financial statements.
Financial assets that meet the following conditions are measured subsequently at amortized cost:
Financial assets that meet the following conditions are measured subsequently at fair value through other comprehensive income (FVTOCI):
By default, all other financial assets are measured subsequently at fair value through profit or loss (FVTPL).
Despite the foregoing, the Group may make the following irrevocable election/designation at initial recognition of a financial asset; the Group may irrevocably elect to present subsequent changes in fair value of an equity investment in other comprehensive income if certain criteria are met.
As of and for the Period Ended March 31, 2025
(Amounts expressed in Turkish lira ("TL") in terms of purchasing power of the TL at March 31, 2025 unless otherwise indicated.)
Interest income on financial assets carried at amortized cost is calculated using the effective interest method. The effective interest method is a method of calculating the amortized cost of a debt instrument and of allocating interest income over the relevant period. This income is calculated by applying the effective interest rate to the gross carrying amount of the financial asset:
Interest income is recognised using the effective interest method for debt instruments measured subsequently at amortized cost and at FVTOCI.
Interest income is recognised in profit or loss and is included in the "finance income – interest income" line item.
Financial assets that do not meet the criteria for being measured at amortized cost or FVTOCI are measured at FVTPL.
Financial assets at FVTPL are measured at fair value at the end of each reporting period, with any fair value gains or losses recognized in profit or loss to the extent they are not part of a designated hedging relationship.
On initial recognition, the Company may make an irrevocable election (on an instrument-by-instrument basis) to designate investments in equity instruments as at FVTOCI. Designation at FVTOCI is not permitted if the equity investment is held for trading or if it is contingent consideration recognised by an acquirer in a business combination.
A financial asset is held for trading if:
As of and for the Period Ended March 31, 2025
(Amounts expressed in Turkish lira ("TL") in terms of purchasing power of the TL at March 31, 2025 unless otherwise indicated.)
Investments in equity instruments at FVTOCI are initially measured at fair value plus transaction costs. Subsequently, they are measured at fair value with gains and losses arising from changes in fair value recognized in other comprehensive income and accumulated in the investments revaluation reserve. The cumulative gain or loss is not reclassified to profit or loss on disposal of the equity investments, instead, it is transferred to retained earnings.
The carrying amount of financial assets that are denominated in a foreign currency is determined in that foreign currency and translated at the spot rate at the end of each reporting period. Specifically,
Other exchange differences are recognized in other comprehensive income in the investments revaluation reserve;
The Company recognizes a loss allowance for expected credit losses on investments in debt instruments that are measured at amortized cost or at FVTOCI, lease receivables, trade receivables and contract assets, as well as financial guarantee contracts. The amount of expected credit losses is updated at each Reporting date to reflect changes in credit risk since initial recognition of the respective financial instrument.
The Company utilizes a simplified approach for trade receivables, contract assets and lease receivables that does not have significant financing component and calculates the allowance for impairment against the lifetime ECL of the related financial assets.
For all other financial instruments, the Company recognizes lifetime ECL when there has been a significant increase in credit risk since initial recognition. However, if on the other hand, the credit risk on the financial instrument has not increased significantly since initial recognition, the Company measures the loss allowance for that financial instrument at an amount equal to 12-month ECL.
As of and for the Period Ended March 31, 2025
(Amounts expressed in Turkish lira ("TL") in terms of purchasing power of the TL at March 31, 2025 unless otherwise indicated.)
The measurement of expected credit losses is a function of the probability of default, loss given default (i.e. the magnitude of the loss if there is a default) and the exposure at default. The assessment of the probability of default and loss given default is based on historical data adjusted by forward-looking information. As for the exposure at default, for financial assets, this is represented by the assets' gross carrying amount at the reporting date.
For financial assets, the expected credit losses are estimated as the difference between all contractual cash flows that are due to the Company in accordance with the contract and all the cash flows that the Company expects to receive, discounted at the original effective interest rate.
The Group derecognises a financial asset only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another entity.
On derecognition of a financial asset measured at amortized cost, the difference between the asset's carrying amount and the sum of the consideration received and receivable is recognised in profit or loss. In addition, on derecognition of an investment in a debt instrument classified as at FVTOCI, the cumulative gain or loss previously accumulated in the investments revaluation reserve is reclassified to profit or loss. In contrast, on derecognition of an investment in equity instrument which the Company has elected on initial recognition to measure at FVTOCI, the cumulative gain or loss previously accumulated in the investments revaluation reserve is not reclassified to profit or loss, but is transferred to retained earnings.
Financial liabilities are classified as at FVTPL on initial recognition. On initial recognition of liabilities other than those that are recognised at FVTPL, transaction costs directly attributable to the acquisition or issuance thereof are also recognised in the fair value. A financial liability is subsequently classified at amortized cost except:
As of and for the Period Ended March 31, 2025
(Amounts expressed in Turkish lira ("TL") in terms of purchasing power of the TL at March 31, 2025 unless otherwise indicated.)
The Entity does not reclassify any financial liability.
The Company derecognizes financial liabilities when, and only when, the Company's obligations are discharged, cancelled or have expired. The difference between the carrying amount of the financial liability derecognized and the consideration paid and payable, including any non-cash assets transferred or liabilities assumed, is recognized in profit or loss.
Parties are considered related to the Company if:
a) A person or a close member of that person's family is related to a reporting entity if that;
The related person or entity that is related to the entity preparing its financial statements (for this note will be named as reporting entity):
(b) An entity is related to a reporting entity if any of the following conditions applies:
A related party transaction is a transfer of resources, services or obligations between a reporting entity and a related party, regardless of whether a price is charged.
As of and for the Period Ended March 31, 2025
(Amounts expressed in Turkish lira ("TL") in terms of purchasing power of the TL at March 31, 2025 unless otherwise indicated.)
Property, plant and equipment are carried at cost less accumulated depreciation and any accumulated impairment losses. Land is not depreciated and carried at cost less accumulated impairment.
Properties in the course of construction for production, supply or administrative purposes, or for purposes not yet determined, are carried at cost, less any recognized impairment loss. Cost includes professional fees and, for qualifying assets, borrowing costs capitalized in accordance with the Company's accounting policy. Such properties are classified to the appropriate categories of property, plant and equipment when completed and ready for intended use. Depreciation of these assets, on the same basis as other property assets, commences when the assets are ready for their intended use.
Depreciation is recognized so as to write off the cost or valuation of assets, other than freehold land and properties under construction, less their residual values over their estimated useful lives, using the straight-line method. The estimated useful lives, residual values and depreciation method are reviewed at the end of each reporting period, with the effect of any changes in estimate accounted for on a prospective basis.
An item of property, plant and equipment is derecognized upon disposal or when no future economic benefits are expected to arise from the continued use of the asset. Any gain or loss arising on the disposal or retirement of an item of property, plant and equipment is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognized in profit or loss.
| Useful life | |
|---|---|
| Vehicles | 2 – 5 years |
| Furniture and fixtures | 3 – 50 years |
| Leasehold improvements | 5 years |
Expenses after the capitalization are added to the cost of related asset and reflected in financial statements as a separate asset if they shall mostly provide an economic benefit and their cost is measured in a trustable manner. Property, plant and equipment are reviewed for impairment if there are conditions showing that the securities are more than amount recoverable. Assets are grouped at the lowest level which is cash-generating unit in order to determine impairment (cash-generating unit).
Carrying amount of a tangible asset and recoverable value is the one which is higher than the net sales price following the deduction of commensurable value for the sale of the asset. Useful life of assets are reviewed as of date of balance sheet and adjusted, if required.
Maintenance and repair expenses are recorded as expense to the statement of profit or loss of the related period. The Company omits the carrying values of the changed pieces occurred with respect to renovations from the balance sheet without considering whether they are subject to depreciation in an independent manner from other sections. Main renovations are subject to deprecation based on the shortest of residual life of the related tangible asset or useful life of the renovation itself.
As of and for the Period Ended March 31, 2025
(Amounts expressed in Turkish lira ("TL") in terms of purchasing power of the TL at March 31, 2025 unless otherwise indicated.)
Company recognizes revenue when the goods or services are transferred to the customer and when performance obligation is fulfilled. Goods are counted to be transferred when the control belongs to the customer. The principal activities of the Company are production of iron and steel rolled products, alloyed and non-alloyed iron, steel and pig iron castings, cast and pressed products and their byproducts.
Company recognizes revenue based on the following main principles:
The Company evaluates the products it has committed in each contract with customers and determines each commitment it has made to transfer the said goods or services as a separate performance obligation. Whether the performance obligation for each contract will be realized at a certain time or over time is evaluated at the beginning of the contract. If the Company realizes the transfer of control of its goods and services over time and fulfills its performance obligation over time, it measures the progress in fulfilling the performance obligation and records the revenues in the financial statements.
Real estate inventories consist of buildings held for sale in the ordinary course of business, projects under construction or development for sale, and lands on which buildings are planned to be built for sale in the future, and are presented under the inventories. Revenue from the sales of real estate inventories are recognized only if the following conditions are met:
The Group records the sales revenues of the lands it projects within the scope of the RSRLS contract when the control over the lands is completely transferred to the buyers and the sales revenues can be measured reliably. Revenue is recognized by signing a provisional acceptance protocol with the construction company or by transferring control to the buyers (the buyer actually taking delivery of the independent section by signing a delivery document acquitting the seller).
In cases where the provisional acceptance protocol is not signed or actual delivery or title deed transfer does not occur, the Group follows its share of income in its balance sheet as Contract Liabilities (Note 10). The Group's share in the Total Sales Revenue ("TSR") generated as a result of the projects is associated with the statement of comprehensive income as land sales revenue, and the cost of the relevant land tracked in inventories is associated with the statement of comprehensive income as the cost of the lands sold.
As of and for the Period Ended March 31, 2025
(Amounts expressed in Turkish lira ("TL") in terms of purchasing power of the TL at March 31, 2025 unless otherwise indicated.)
The Group's inventories consists of completed residential and commercial units Completed residential and commercial unit inventories are valued at lower of cost or net realizable value.
The Group takes into consideration independent expert valuation reports for inventory (land, finished and semi-finished residential and commercial units) separately at least once a year and uses these reports to assess impairment if any. Fair values are determined on the basis of the price that would be realized on the valuation date between a willing buyer and a willing seller in an arm's length transaction, using the arm's length comparison method. Impairments are recognized under other expenses from operations in the statement of profit or loss and comprehensive income in the period during which they are incurred. Impairments released are recognized under other income from operations when the relevant land or residential are sold.
Investment properties are properties held to earn rentals and/or for capital appreciation, including property under construction for such purposes. Investment properties are measured initially at cost, including transaction costs. Subsequent to initial recognition, investment properties are stated at fair value.
Investment properties are derecognized when either they have been disposed of or when the investment property is permanently withdrawn from use and no future economic benefit is expected from its disposal. Any gains or losses on the retirement or disposal of an investment property are recognized in the consolidated statement of profit or loss under income (expense) from investment activities.
Transfers are made to or from investment property only when there is a change in use. For a transfer from investment property to owner occupied property, the deemed cost for subsequent accounting is the fair value at the date of change in use. If owner occupied property becomes an investment property, the Company accounts for such property in accordance with the policy stated under property, plant and equipment up to the date of change in use.
No assets held under operating lease have been classified as investment properties.
The Group records foreign currency (currencies other than the functional currency of the related company) transactions using exchange rates of the date the transaction is completed. Foreign currency monetary items are evaluated with exchange rates as of reporting date and arising foreign exchange income/expenses are recorded in consolidated statement of profit or loss. All monetary assets and liabilities are evaluated with exchange rates of the reporting date and related foreign currency translation differences are transferred to consolidated statement of profit or loss.
As of and for the Period Ended March 31, 2025
(Amounts expressed in Turkish lira ("TL") in terms of purchasing power of the TL at March 31, 2025 unless otherwise indicated.)
According to the Turkish and Romanian law and union agreements, employee termination payments are made to employees in the case of retiring or involuntarily leaving. Such payments are considered as a part of defined retirement benefit plan in accordance with TAS 19 (revised) Employee Benefits ("TAS 19").
The termination indemnities accounted in the balance sheet and seniority incentive premium in accordance with the union agreements in force represent the present value of the residual obligation.
The Group makes certain assumptions about discount rates, inflation rates, future salary increases and employee turnover rates in calculation of provisions for employee benefits. The impact of the changes in assumptions is recognized in the statement of profit or loss. The details related with the defined benefit plans are stated below:
Interest rate % 27,15 Inflation rate % 23,03
March 31, 2025
TAS 19 ("Employee Benefits") has been restated for the accounting periods starting after January 1, 2013. In accordance with the revised standard, actuarial gains / losses on employee benefits are recognized in the statement of comprehensive income.
Provisions are recognized when the Group has a present obligation ("legal or constructive") as a result of a past event, it is probable that the Group will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation.
The amount recognized as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation. When a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows.
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, the receivable is recognized as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.
A possible obligation or asset that arises from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the Group have not been recognized in these consolidated financial statements and treated as contingent liabilities and contingent assets.
As of and for the Period Ended March 31, 2025
(Amounts expressed in Turkish lira ("TL") in terms of purchasing power of the TL at March 31, 2025 unless otherwise indicated.)
In Turkey, according to Article 5/1(d) (4) of the Corporate Tax Law No. 5520 ("CVK"), the profits obtained from real estate investment partnerships were exempted from Corporate Tax until March 31, 2025. However, with the Law No. 7524 on Amendments to Tax Laws and Certain Laws and the Decree Law No. 375 published in the Official Gazette dated August 2, 2025, the application principles of this exemption for real estate investment partnerships and real estate investment funds were changed and the changes detailed below entered into force as of January 1, 2025.
If the profit distribution condition is not met, the earnings of REITs and REITs will be subject to a 30% corporate tax.
The Group recognizes deferred tax assets and liabilities based upon temporary differences arising between their statement of financial position accounts prepared in accordance with TAS/TFRS promulgated by POA Financial Reporting Standards and their statutory financial statements.
The Company did not calculate deferred tax in previous periods since its income was exempt from corporate tax according to the Corporate Tax Law. However, following the changes in tax legislation detailed above, the Company has calculated the deferred tax in the current period and recorded it in its financial statements. In this calculation, since the profit distribution decision is under the responsibility of the general assembly, the tax rate used in the calculation of deferred tax assets and liabilities for 2025 has been determined as 30%. If the relevant exemption condition is met after the general assembly decision of the Company and tax is paid at 10% according to the minimum corporate tax, the necessary updates will be reported under the period tax income/(expense) item in the profit or loss statement in the next accounting period.
Subsidiaries in Germany and Spain deferred tax assets and liabilities based upon the temporary differences arising between its taxable statutory financial statements and its financial statements prepared in accordance with the TFRS.
As of and for the Period Ended March 31, 2025
(Amounts expressed in Turkish lira ("TL") in terms of purchasing power of the TL at March 31, 2025 unless otherwise indicated.)
Cash flows during the period are classified and reported as operating, investing, and financing activities in the statement of cash flows.
Cash flows from operating activities represent the cash flows generated from the Group's activities.
Cash flows related to investing activities represent the cash flows that are used in or provided from the investing activities of the Group (investment of tangible and intangible assets and financial investments).
Cash flows arising from financing activities represent the cash proceeds from the financing activities of the Group and the repayments of these funds.
Subsequent events include all events that take place between the balance sheet date and the date of authorization for the release of the balance sheet, although the events occurred after the announcements related to the net profit/ loss or even after the public disclosure of other selective financial information.
In the case that events occur requiring an adjustment, the Group adjusts the amounts recognized in its financial statements to reflect the adjustments after the balance sheet date. Post period end events that are not adjusting events are disclosed in the notes when material.
Earnings per share presented in the consolidated statements of profit or loss are determined by dividing consolidated net income attributable to that class of shares by the weighted average number of such shares outstanding during the year concerned.
In Turkey, companies can increase their share capital by making a pro-rata distribution of shares ("bonus shares") to existing shareholders from retained earnings or inflation adjustments. For the purpose of earnings per share computations, the weighted average number of shares outstanding during the year has been adjusted in respect of bonus shares issued without a corresponding change in resources by giving them retroactive effect for the year in which they were issued and for each earlier period. Treasury shares are also included in calculation per share.
As of and for the Period Ended March 31, 2025
(Amounts expressed in Turkish lira ("TL") in terms of purchasing power of the TL at March 31, 2025 unless otherwise indicated.)
The preparation of consolidated financial statements requires estimates and assumptions to be made regarding the amounts for the assets and liabilities at the balance sheet date, and explanations for the contingent assets and liabilities as well as the amounts of income and expenses realized in the reporting period. These estimates and assumptions are reviewed regularly, taking into account past experiences and factors expected to arise in the future under certain conditions. Uncertainty about these estimates and assumptions may require significant adjustments in the carrying values of assets and liabilities. Actual results may differ from estimates and assumptions.
The estimates and assumptions that may cause a material adjustment to the carrying amounts of assets and liabilities for the next reporting period are outlined below:
The basic assumptions of the appraisal reports used in determining the fair value of properties classified as investment properties in the financial statements are stated in Note 12.
Within the framework of TFRS 8 - Operating Segments, there are no operating segments that meet limits and require segment reporting (March 31, 2024: None).
As of and for the Period Ended March 31, 2025
(Amounts expressed in Turkish lira ("TL") in terms of purchasing power of the TL at March 31, 2025 unless otherwise indicated.)
The details of cash and cash equivalents as of March 31, 2025 and 2024 are as follows:
| March 31, 2025 | December 31, 2024 | |
|---|---|---|
| Cash on hand: | ||
| - Turkish lira | 3.882 | 7.650 |
| Cash at banks: | ||
| Time deposits | ||
| - Turkish lira | 2.210.344 | 1.309.185 |
| - US dollar | 75.531 | 77.532 |
| - Euro | 610.529 | 606.570 |
| Demand deposits | ||
| - Turkish lira | 9.332.968 | 2.377.829 |
| - US dollar | 57.219 | 966.428 |
| - Euro | 60.103.945 | 53.095.953 |
| - British pound | 509.797 | 879.519 |
| Total | 72.904.215 | 59.320.666 |
As of March 31, 2025 and 2024, the details of the time deposits are as follows:
| Maturity | Interest rate (%) | March 31, 2025 | |
|---|---|---|---|
| Turkish lira | January '25 | 41,5 | 2.210.344 |
| US dollar | January '25 | 3,50 | 75.531 |
| Euro | January '25 | 2,00 | 610.529 |
| Total | 2.896.404 | ||
| Maturity | Interest rate (%) | December 31, 2024 | |
| Turkish lira | January '24 | 44,50 | 1.309.185 |
| US dollar | January '24 | 3,50 | 77.532 |
| Euro | January '24 | 2,00 | 606.570 |
| Total |
As of March 31, 2025, there is no blockage on the bank accounts (March 31, 2024: None).
As of and for the Period Ended March 31, 2025
(Amounts expressed in Turkish lira ("TL") in terms of purchasing power of the TL at March 31, 2025 unless otherwise indicated.)
The details of short-term financial investments as of March 31, 2025 and 2024 are as follows:
| March 31, 2025 | December 31, 2024 | |
|---|---|---|
| Foreign funds Investment funds (*) Other |
48.307.351 - 6.512 |
48.365.040 3.592.236 5.878 |
| Total | 48.313.863 | 51.963.154 |
(*) As of March 31, 2025, investment funds consist of domestic money market funds.
The details of financial liabilities as of March 31, 2025 and 2024 are as follows:
| March 31, 2025 | December 31, 2024 | |
|---|---|---|
| Short-term bank loans | 503.743.083 | 836.474.782 |
| Current portion of long-term bank loans | 68.999.810 | 95.014.202 |
| Current portion of lease liabilities (*) | 33.706.534 | 43.943.691 |
| Commercial papers | 832.966.533 | 552.544.072 |
| Short-term borrowings | 1.439.415.960 | 1.527.976.747 |
| Long-term bank loans | 2.179.725.797 | 1.767.848.590 |
| Long-term lease liabilities (*) | 339.822.331 | 369.330.215 |
| Long-term borrowings | 2.519.548.128 | 2.137.178.805 |
| Total | 3.958.964.088 | 3.665.155.552 |
(*) As of 31 March 2025 and 31 December 2024, lease liabilities consist of "sale and leaseback" transactions related to the Ritz Carlton A95 unit included under investment properties, the Ataköy NEF 22 Project B8 and D2 units included under inventories, and land lease transactions under the Peker Maslak Tower project.
The movements of the Group's bank loans for the periods ended 31 March 2025 and 2024 are as follows:
| 2025 | 2024 | |
|---|---|---|
| 1 January | 2.699.337.574 | 3.385.244.002 |
| Loan proceeds | 399.315.425 | 234.340.156 |
| Principal repayments (-) | (367.666.018) | (27.505.719) |
| Accrued / (paid) interest, net | 41.496.479 | 27.948.348 |
| Foreign exchange differences | 34.887.456 | (229.020.276) |
| Monetary gain | (54.902.226) | (27.759.174) |
| 31 March | 2.752.468.690 | 3.363.247.337 |
As of and for the Period Ended March 31, 2025
(Amounts expressed in Turkish lira ("TL") in terms of purchasing power of the TL at March 31, 2025 unless otherwise indicated.)
As of 31 March 2025, the details of the Group's commercial papers are as follows:
| ISIN Code | Nominal Amount |
Interest Type |
Compound Interest Rate (%) |
Type | Maturity Date | Net Present Value |
|---|---|---|---|---|---|---|
| TRFPEGY72515 | 513.000.000 | Fixed | 54,00% | Zero-coupon | 4 July 2025 | 566.158.767 |
| TRFPEGY82514 | 150.000.000 | Fixed | 52,00% BIST TL |
Zero-coupon | 8 August 2025 | 158.907.028 |
| TRFPEGY42518 | 100.000.000 | Floating | REF + %5 | Coupon-bearing | 30 April 2025 | 107.900.738 |
The movements of the Group's commercial papers for the periods ended 31 March 2025 are as follows:
| 2024 | |
|---|---|
| 1 January | 552.544.072 |
| Issuance of commercial papers | 663.000.000 |
| Principal repayments (-) | (340.092.250) |
| Accrued interest (Note 23b) | 69.966.533 |
| Monetary gain (-) | (112.451.822) |
| 31 March | 832.966.533 |
The movements of the Group's finance lease liabilities for the periods ended 31 March 2025 and 31 December 2024 are as follows:
| 2025 | |
|---|---|
| 1 January | 413.273.906 |
| Additions | - |
| Payments (-) | (11.938.952) |
| Accrued interest (Note 23b) | 13.908.626 |
| Interest paid (-) | (5.502.312) |
| Monetary gain (-) | (36.212.403) |
| 31 March | 373.528.865 |
Interest rate risks related to financial borrowings are disclosed in Note 24.
As of and for the Period Ended March 31, 2025
(Amounts expressed in Turkish lira ("TL") in terms of purchasing power of the TL at March 31, 2025 unless otherwise indicated.)
The details of short-term trade receivables as of 31 March 2025 and 31 December 2024 are as follows:
| March 31, 2025 | December 31, 2024 | |
|---|---|---|
| Trade receivables from third parties (*) Trade receivables from related parties (Note 18) |
207.955.178 190.826.518 |
335.857.012 186.029.918 |
| Total | 398.781.696 | 521.886.930 |
(*) As of March 31, 2025 and 2024, trade receivables from third parties mainly consist of receivables arising from the sale of 40% of the shares of Nordstern Dusseldorf GMBH, operating in Germany, to DATE Investment GMBH and EN FA Investment GMBH on March 28, 2024.
The details of short-term trade payables as of 31 March 2025 and 31 December 2024 are as follows:
| March 31, 2025 | December 31, 2024 | |
|---|---|---|
| Trade payables to third parties (*) Trade payables to related parties (Note 18) |
129.962.130 7.925.230 |
144.302.198 7.413.647 |
| Total | 137.887.360 | 151.715.845 |
(*) Trade payables to third parties mainly consist of trade payables of Peker GMBH to DeSa Construction GMBH and the Company's payables to Timur Gayrimenkul Geliştirme Yapı ve Yatırımları A.Ş. regarding trading areas purchased pursuant to the additional protocol of the "Revenue Sharing Project in Return for Land" agreement within the scope of the Ataköy project.
The details of short-term other receivables as of 31 March 2025 and 31 December 2024 are as follows:
| March 31, 2025 | December 31, 2024 | |
|---|---|---|
| Deposits and guarantees given | 12.551.078 | 12.871.724 |
| Other receivables from third parties | 339.734 | 143.146 |
| Receivables from the tax authorities | 163.158 | 166.483 |
| Other receivables from related parties (Note 18) | 31.619.115 | 6.583.968 |
| Total | 44.673.085 | 19.765.321 |
As of and for the Period Ended March 31, 2025
(Amounts expressed in Turkish lira ("TL") in terms of purchasing power of the TL at March 31, 2025 unless otherwise indicated.)
The details of long-term other receivables as of 31 March 2025 and 31 December 2024 are as follows:
| March 31, 2025 | December 31, 2024 | |
|---|---|---|
| Deposits and guarantees given | 758.857 | 1.517.436 |
| Total | 758.857 | 1.517.436 |
The details of short-term other payables as of 31 March 2025 and 31 December 2024 are as follows:
| March 31, 2025 | December 31, 2024 | |
|---|---|---|
| Deposits and guarantees taken | 7.152.315 | 6.958.224 |
| Other payables to third parties (*) | - | 22.682 |
| Other payables to related parties (Note 18) | 180.844.054 | 252.863.813 |
| Total | 187.996.369 | 259.844.719 |
(*) As of March 31, 2024, other payables mainly consist of payables to Deniz Yatırım Menkul Kıymetler A.Ş. within the scope of stock purchases.
The details of long-term other payables as of 31 March 2025 and 31 December 2024 are as follows:
| March 31, 2025 | December 31, 2024 | |
|---|---|---|
| Other payables to related parties (Note 18) | 1.607.524 | 379.804.381 |
| Total | 1.607.524 | 379.804.381 |
As of and for the Period Ended March 31, 2025
(Amounts expressed in Turkish lira ("TL") in terms of purchasing power of the TL at March 31, 2025 unless otherwise indicated.)
The details of inventories as of 31 March 2025 and 31 December 2024 are as follows:
| March 31, 2025 | March 31, 2024 | |
|---|---|---|
| Ataköy Nef 22 independent sections (*) | 325.723.575 | 325.723.575 |
| Land shares of Ataköy Project (**) | 107.643.429 | 107.643.431 |
| Housing of Sultan Makamı (***) | 35.771.770 | 62.918.581 |
| Inventories, gross | 469.138.774 | 496.285.587 |
| Ataköy Nef 22 independent sections (-) (*) | (41.680.490) | (41.680.490) |
| Land shares of Ataköy Project (-) (**) | (26.909.915) | (26.909.915) |
| Impairment (-) | (68.590.405) | (68.590.405) |
| Inventories, net | 400.548.369 | 427.695.182 |
Movement of inventories for the periods ended March 31, 2025 and 2024 are as follows:
| 2025 | 2024 | |
|---|---|---|
| January 1 Sales of inventories (Note 19) Transfer to investment properties Impairment (-) (Note 21b) Impairment reversal (Note 21a) |
427.695.182 (27.146.812) - - - - |
469.612.206 |
| March 31 | 400.548.370 | 469.612.206 |
As of and for the Period Ended March 31, 2025
(Amounts expressed in Turkish lira ("TL") in terms of purchasing power of the TL at March 31, 2025 unless otherwise indicated.)
The details of short-term prepaid expenses as of 31 March 2025 and 31 December 2024 are as follows:
| March 31, 2025 | December 31, 2024 | |
|---|---|---|
| Advances given to third parties (*) Prepaid expenses for next months Advances given to related parties (Note 18) |
322.724.413 1.256.544 741.916.921 |
251.894.953 1.262.536 670.312.389 |
| Total | 1.065.897.878 | 923.469.878 |
The details of contract liabilities as of 31 March 2025 and 31 December 2024 are as follows:
| March 31, 2025 | March 31, 2024 | |
|---|---|---|
| Liabilities from customer contracts | 444.331.645 | 290.944.235 |
| Total | 444.331.645 | 290.944.235 |
As of and for the Period Ended March 31, 2025
(Amounts expressed in Turkish lira ("TL") in terms of purchasing power of the TL at March 31, 2025 unless otherwise indicated.)
The details of other current assets as of 31 March 2025 and 31 December 2024 are as follows:
| March 31, 2025 | December 31, 2024 | |
|---|---|---|
| Deferred VAT Personnel and job advances Other |
79.178.302 210.000 3.178.217 |
112.938.703 110.057 3.408.340 |
| Total | 82.566.519 | 116.457.100 |
The details of other current liabilities as of 31 March 2025 and 31 December 2024 are as follows:
| March 31, 2025 | December 31, 2024 | |
|---|---|---|
| Taxes and funds payables | 12.495.210 | 33.265.700 |
| Total | 12.495.210 | 33.265.700 |
As of and for the Period Ended March 31, 2025
(Amounts expressed in Turkish lira ("TL") in terms of purchasing power of the TL at March 31, 2025 unless otherwise indicated.)
The details of investment properties as of 31 March 2025 and 31 December 2024 are as follows:
| March 31, 2025 | December 31, 2024 | |
|---|---|---|
| Northgate Hotel - Düsseldorf - Peker GMBH (1) | 3.472.279.089 | 3.449.134.624 |
| Peker Tower Maslak (9) | 1.325.107.515 | 1.325.107.515 |
| Land - Düsseldorf - Nordstern (2) | 858.810.090 | 853.085.694 |
| Land - Solingen - Peker GYO Global (3) | 399.285.639 | 396.624.202 |
| Right of use land | 175.041.085 | 175.041.085 |
| Erft-Lofts Project - Grevenbroich – Bluestone (4) | 127.396.947 | 126.547.783 |
| Ritz Carlton A 95 - Peker GYO (5) | 85.003.292 | 85.003.292 |
| Nef 22 - Peker GYO (6) | 73.240.776 | 73.240.776 |
| Modular villa - Benalmadena - Spain (8) | 57.774.988 | 57.389.889 |
| Single house - Grevenbroich - Peker GMBH (1) | 57.186.170 | 56.804.995 |
| Modular villa - Mijas - Spain (8) | 47.522.063 | 47.205.304 |
| Three Building - Grevenbroich - Peker GYO Global (3) | 27.880.802 | 27.694.962 |
| Kaiserwall - Peker GYO (7) | 19.943.932 | 19.810.995 |
| Total | 6.726.472.388 | 6.692.691.116 |
As of and for the Period Ended March 31, 2025
(Amounts expressed in Turkish lira ("TL") in terms of purchasing power of the TL at March 31, 2025 unless otherwise indicated.)
Movement of investment properties for the periods ended March 31, 2025 and 2024 are as follows:
| 2025 | 2024 | |
|---|---|---|
| January 1 | 6.517.650.031 | 6.507.988.626 |
| Additions | 15.801.218 | 14.315.665 |
| Transfer from inventories (Note 9) | - | - |
| Sales of investment properties (Note 19) | - | - |
| Translation differences | (115.524.393) | (564.633.627) |
| Fair value change (Note 21a) | 133.504.447 | 99.786.985 |
| March 31 | 6.551.431.303 | 6.057.457.649 |
The Group classifies its rights for the lands that are rented to develop investment real estate as investment real estates. In such a case, the rights to the related land are recognized as if it were a financial lease. The fair values of the investment properties developed on the leased land have been deducted from the estimated cash flows to be paid for the rents and therefore the discounted values of rentable rentals related to the related land are accounted for in the investment property and lease liabilities accounts. Movement of right of use land for the periods ended March 31, 2025 and 2024 are as follows:
| 2024 | |
|---|---|
| January 1 Arrangements |
175.041.085 - |
| March 31 | 175.041.085 |
As of March 31, 2025, the fair values of the investment properties are as follows:
| March 31, 2025 | ||||
|---|---|---|---|---|
| Name of Investment Property | Date of Appraisal Report |
Fair Value (Appraisal Report) |
Currency | Fair Value (TL) |
| Northgate Hotel - Düsseldorf - Peker GMBH Land under development - Düsseldorf - Nordstern |
30 December 2022 20 December 2022 |
85,310,000 21,100,000 |
Euro Euro |
3,472,279,089 858,810,090 |
| Land under development - Solingen - Peker GYO Global |
13 December 2022 | 9,810,000 | Euro | 399,285,639 |
| Erft-Lofts Project - Grevenbroich – Bluestone Ritz Carlton A 95 - Peker GYO Nef 22 - Peker GYO Single house - Grevenbroich - Peker GMBH Modular villa - Benalmadena - Spain Modular villa - Mijas - Spain |
19 December 2022 31 December 2024 31 December 2024 13 December 2022 13 Jan 2025 10 Jan 2025 |
3,130,000 85,003,292 73,240,776 1,405,000 1,419,467 1,167,564 |
Euro Turkish lira Turkish lira Euro Euro Euro |
127,396,947 85,003,292 73,240,776 57,186,170 57,774,988 47,522,063 |
| Three Buildings - Grevenbroich - Peker GYO Global |
30 December 2022 | 685,000 | Euro | 27,880,802 |
| Kaiserwall - Peker GYO Peker Tower Maslak Right of use land |
13 Jan 2025 31 December 2024 – |
490,000 1,325,107,515 175,041,085 |
Euro Turkish lira Turkish lira |
19,943,932 1,325,107,515 175,041,085 |
As of and for the Period Ended March 31, 2025
(Amounts expressed in Turkish lira ("TL") in terms of purchasing power of the TL at March 31, 2025 unless otherwise indicated.)
| Valuation method use | Based on valuation method |
|---|---|
| Income discount | |
| Precent comparison | |
| Cost analysis, Precent comparison, | Precent comparison |
| Precent comparison | Precent comparison |
| Precent comparison | |
| Precent comparison | |
| Precent comparison | |
| Precent comparison | |
| Precent comparison | |
| Precent comparison, Income discount Cost analysis, Income discount Income discount |
Precent comparison Income discount Income discount |
| Precent comparison, Income discount Precent comparison Income discount Precent comparison, Income discount Precent comparison, Income discount Precent comparison Precent comparison Precent comparison |
As of March 31, 2024, the fair values of the investment properties are as follows:
| March 31, 2024 | ||||
|---|---|---|---|---|
| Name of Investment Property | Date of Appraisal Report |
Fair Value (Appraisal Report) |
Currency | Fair Value (TL) |
| Northgate Hotel - Düsseldorf - Peker GMBH | Jan 5, 2025 | 85,310,000 | Euro | 3,449,134,624 |
| Land under development - Düsseldorf - Nordstern | Jan 4, 2025 | 21,100,000 | Euro | 853,085,694 |
| Land under development - Solingen - Peker GYO Global | Jan 3, 2025 | 9,810,000 | Euro | 396,624,202 |
| Erft-Lofts Project - Grevenbroich – Bluestone | Jan 3, 2025 | 3,130,000 | Euro | 126,547,783 |
| Ritz Carlton A 95 - Peker GYO | Dec 31, 2024 | 77,236,000 | Turkish lira | 85,003,292 |
| Nef 22 - Peker GYO | Dec 31, 2024 | 66,548,300 | Turkish lira | 73,240,776 |
| Single house - Grevenbroich - Peker GMBH | Jan 2, 2025 | 1,405,000 | Euro | 56,804,995 |
| Modular villa - Benalmadena - Spain | Jan 13, 2025 | 1,419,467 | Euro | 57,389,889 |
| Modular villa - Mijas - Spain | Jan 10, 2025 | 1,167,564 | Euro | 47,205,304 |
| Three Attached Buildings - Grevenbroich - Peker GYO Global |
Jan 4, 2025 | 685,000 | Euro | 27,694,962 |
| Kaiserwall - Peker GYO | Jan 13, 2025 | 490,000 | Euro | 19,810,995 |
| Peker Tower Maslak | Dec 31, 2024 | 1,204,024,000 | Turkish lira | 1,325,107,515 |
| Right of use land | – | 159,046,466 | Turkish lira | 175,041,085 |
| Name of investment property | Valuation method use | Based on valuation method |
|---|---|---|
| Northgate Hotel - Düsseldorf - Peker GMBH | Precent comparison, Income discount | Income discount |
| Land - Düsseldorf - Nordstern | Precent comparison | Precent comparison |
| Land - Solingen - Peker GYO Global | Cost analysis, Precent comparison, Income discount |
Precent comparison |
| Erft-Lofts Project - Grevenbroich - Bluestone | Precent comparison | Precent comparison |
| Ritz Carlton A 95 - Peker GYO | Precent comparison, Income discount | Precent comparison |
| Nef 22 - Peker GYO | Precent comparison, Income discount | Precent comparison |
| Single house - Grevenbroich - Peker GMBH | Precent comparison | Precent comparison |
| Modular villa - Benalmadena - Spain | Precent comparison | Precent comparison |
| Modular villa - Mijas - Spain | Precent comparison | Precent comparison |
| Three Building - Grevenbroich - Peker GYO Global | Precent comparison, Income discount | Precent comparison |
| Kaiserwall - Peker GYO | Cost analysis, Income discount | Income discount |
As of and for the Period Ended March 31, 2025
(Amounts expressed in Turkish lira ("TL") in terms of purchasing power of the TL at March 31, 2025 unless otherwise indicated.)
As of March 31, 2025 the fair values classification of the investment properties are as follows:
| March 31, 2025 | 1. level | 2. level | 3. level | |
|---|---|---|---|---|
| Northgate Hotel - Düsseldorf - Peker GMBH | 3.472.279.089 | - | 3.472.279.089 | - |
| Peker Tower Maslak | 1.325.107.515 | - | 1.325.107.515 | - |
| Land - Düsseldorf - Nordstern | 858.810.090 | - | 858.810.090 | - |
| Land - Solingen - Peker GYO Global | 399.285.639 | - | 399.285.639 | - |
| Erft-Lofts Project - Grevenbroich – Bluestone | 127.396.947 | - | 127.396.947 | - |
| Ritz Carlton A 95 - Peker GYO | 85.003.292 | - | 85.003.292 | - |
| Nef 22 - Peker GYO | 73.240.776 | - | 73.240.776 | - |
| Modular villa - Benalmadena - Spain | 57.774.988 | - | 57.774.988 | - |
| Single house - Grevenbroich - Peker GMBH | 57.186.170 | - | 57.186.170 | - |
| Modular villa - Mijas - Spain | 47.522.063 | - | 47.522.063 | - |
| Three Building - Grevenbroich - Peker GYO Global |
27.880.802 | - | 27.880.802 | - |
| Kaiserwall - Peker GYO | 19.943.932 | - | - | 19.943.932 |
| Total | 6.551.431.303 | - | 6.531.487.371 | 19.943.932 |
As of March 31, 2024 the fair values classification of the investment properties are as follows:
| March 31, 2024 | 1. level | 2. level | 3. level | |
|---|---|---|---|---|
| Northgate Hotel - Düsseldorf - Peker GMBH | 3.449.134.624 | - | 3.449.134.624 | - |
| Land - Düsseldorf - Nordstern | 853.085.694 | - | 853.085.694 | - |
| Land - Solingen - Peker GYO Global | 396.624.202 | - | 396.624.202 | - |
| Erft-Lofts Project - Grevenbroich – Bluestone | 126.547.783 | - | 126.547.783 | - |
| Ritz Carlton A 95 - Peker GYO | 85.003.292 | - | 85.003.292 | - |
| Nef 22 - Peker GYO | 73.240.776 | - | 73.240.776 | - |
| Modular villa - Benalmadena - Spain | 56.804.995 | - | 56.804.995 | - |
| Single house - Grevenbroich - Peker GMBH | 57.389.889 | - | 57.389.889 | - |
| Modular villa - Mijas - Spain | 47.205.304 | - | 47.205.304 | - |
| Three Building - Grevenbroich - Peker GYO Global | 27.694.962 | - | 27.694.962 | - |
| Kaiserwall - Peker GYO | 19.810.995 | - | - | 19.810.995 |
| Total | 5.192.542.516 | - | 5.172.731.522 | 19.810.995 |
As of and for the Period Ended March 31, 2025
(Amounts expressed in Turkish lira ("TL") in terms of purchasing power of the TL at March 31, 2025 unless otherwise indicated.)
Movement of property, plant and equipment and accumulated depreciation for the periods ended March 31, 2025 and 2024 are as follows:
| January 1, | Translation | |||||
|---|---|---|---|---|---|---|
| 2025 | Addition | Disposal | Transfer | difference | March 31, 2025 | |
| Cost: | ||||||
| Vehicles | 102.712.746 | - | (16.257.864) | - | (1.686.537) | 84.768.345 |
| Furniture and fixtures | 18.541.657 | - | - | - | (4.682.980) | 13.858.677 |
| Leasehold improvements | 93.688 | - | - | - | - | 93.688 |
| Total | 121.348.091 | - | (16.257.864) | - | (6.369.517) | 98.720.710 |
| Accumulated | ||||||
| depreciation (-): | ||||||
| Vehicles | 37.516.318 | 4.313.892 | (1.896.751) | - | (1.677.540) | 38.255.919 |
| Furniture and fixtures | 5.688.024 | 470.231 | - | - | (4.816.311) | 1.341.944 |
| Leasehold improvements | 14.053 | 4.684 | - | - | - | 18.737 |
| Total | 43.218.395 | 4.788.807 | (1.896.751) | - | (6.493.851) | 39.616.600 |
| Book value | 78.129.696 | 59.104.110 | ||||
| January 1, | Translation | |||||
| 2024 | Addition | Disposal | difference | March 31, 2024 | ||
| Cost: | ||||||
| Vehicles | 105.071.664 | 8.295.967 | - | (1.002.971) | 112.364.660 | |
| Furniture and fixtures | 22.246.965 | 274.759 | - | (1.439.898) | 21.081.826 | |
| Total | 127.318.629 | 8.570.726 | - | (2.442.869) | 133.446.486 | |
| Accumulated | ||||||
| depreciation (-): | ||||||
| Vehicles | 35.606.260 | 4.834.746 | - | (159.957) | 40.281.049 | |
| Furniture and fixtures | 4.976.662 | 666.355 | - | (278.151) | 5.364.866 | |
| Total | 40.582.922 | 5.501.101 | - | (438.108) | 45.645.915 | |
| Book value | 86.735.707 | 87.800.571 |
As of March 31, 2025 and 2024, there are pledges on vehicles amounting to 7.178.085 Turkish liras and 7.001.525 Turkish liras (Note 14).
As of March 31, 2025 and 2024 there are no property, plant and equipment acquired through financial leasing.
As of March 31, 2025 and 2024 there is no capitalized borrowing cost.
For the periods ended March 31, 2025 and 2024, depreciation expenses are included in general administrative expenses (Note 20b).
As of and for the Period Ended March 31, 2025
(Amounts expressed in Turkish lira ("TL") in terms of purchasing power of the TL at March 31, 2025 unless otherwise indicated.)
As of 31 March 2025 and 31 December 2024, there are 8 lawsuits to which the Group is a party. The Group does not foresee a significant cash outflow risk for the related lawsuits.
The details of collaterals, pledges and mortgages ("CPM") received as of March 31, 2025 and 2024 are as follows:
| March 31, 2025 | March 31, 2024 | |
|---|---|---|
| Letter of guarantees taken | ||
| - Turkish lira | - | 2.060.200 |
| - US dollar | 74.002.488 | 68.115.909 |
| Total | 74.002.488 | 70.176.109 |
As of March 31, 2025 and 2024, letter of guarantees taken consist of the letter of guarantees received from the customers regarding the undelivered residences and workplaces within the scope of the sales contracts made within the scope of Nef 22 Project.
The details of collaterals, pledges and mortgages ("CPM") given as of March 31, 2025 and 2024 are as follows:
| March 31, 2025 | March 31, 2024 | |
|---|---|---|
| A. Total amount of guarantees provided by the Company | ||
| on behalf of itself (*) | 519.513.018 | 323.628.085 |
| B. Total amount for guarantees provided on behalf of | ||
| subsidiaries accounted under full consolidation method (**) | 2.636.155.912 | 2.636.155.912 |
| C. Provided on behalf of third parties in order to maintain | ||
| operating activities | - | - |
| D. Other guarantees given | - | - |
| i. Total amount of guarantees given on behalf of the parent | ||
| company | - | - |
| ii. Total amount of guarantees provided on behalf of the | ||
| associates which are not in the scope of B and C | - | - |
| iii. Total amount of guarantees provided on behalf of third | ||
| parties which are not in the scope of C | - | - |
| Total | 3.155.668.930 | 2.959.783.997 |
(*) As of March 31, 2025, guarantees, pledges and mortgages consist of amounting to 251.450.000 Turkish liras consist of mortgages on independent sections and within the scope of "sale-leaseback", amounting to 7.178.085 Turkish liras consist of pledges on vehicles (Note 13), amounting to 65.000.000 Turkish liras consist of warranties within the scope of "saleleaseback" and bank loans. As of March 31, 2024, guarantees, pledges and mortgages consist of amounting to 145.332.157 Turkish liras consist of mortgages on independent sections and mortgages within the scope of "saleleaseback", amounting to 7.001.525 Turkish liras consist of pledges on vehicles, amounting to 56.889.370 Turkish liras is from liens within the scope of "sale-leaseback", amounting to 60.456.328 Turkish liras cocnsist of pledges within the scope of "sale-leaseback" and 39.704.295 Turkish liras consist of warranties of within the scope of "sale-leaseback" and bank loans.
(**) As of March 31, 2025 and March 31, 2024, guarantees provided on behalf of subsidiaries accounted under full consolidation method consist of mortgage amounting to 11.000.000 euros related to land in Nordstern, amounting to 10.000.000 euros related to land in Solingen, amounting to 50.000.000 euros related to Hotel in Northgate and amounting to 630.000 euros related to real estates in Grevenbroich.
As of and for the Period Ended March 31, 2025
(Amounts expressed in Turkish lira ("TL") in terms of purchasing power of the TL at March 31, 2025 unless otherwise indicated.)
The details of paid-in capital as of 31 March 2025 and 31 December 2024 are as follows:
| March 31, 2025 December 31, 2024 |
||||
|---|---|---|---|---|
| Name of shareholder | Share (%) | Amount | Share (%) | Amount |
| Hasan Peker | 31,26 | 781.406.458 | 31,26 | 781.406.458 |
| Public shares | 68,74 | 1.718.593.542 | 68,74 | 1.718.593.542 |
| Total | 100 | 2.500.000.000 | 100 | 2.500.000.000 |
| Inflation adjustment to share capital | 1.950.338.052 | 1.950.338.052 | ||
| Total | 4.450.338.052 | 4.450.338.052 |
As of 31 March 2025 and 31 December 2024, the Company's share capital consists of 2,500,000,000 and 669,833,747 shares, respectively, each with a nominal value of 1 Turkish lira.
| March 31, 2025 | December 31, 2024 | |||||
|---|---|---|---|---|---|---|
| Shareholder | Units of share | Amount | Units of share |
Amount | Group | Type |
| Hasan Peker Hasan Peker Public shares |
157.377.360 624.029.098 1.718.593.542 |
157.377.360 624.029.098 1.718.593.542 |
157.377.360 624.029.098 1.718.593.542 |
157.377.360 624.029.098 1.718.593.542 |
A B B |
Registered Bearer Bearer |
| Total | 2.500.000.000 | 2.500.000.000 | 2.500.000.000 | 2.500.000.000 |
The shares representing the Company's current share capital are divided into Class A and Class B shares, with Class A shares being privileged. The nominal value of the privileged shares is 157,377,360 Turkish lira. Class A shares have the privilege of nominating candidates for election to the Board of Directors. If the Board of Directors consists of 5 members, 3 members; and if it consists of 6 or 7 members, 4 members are elected by the General Assembly from among the candidates nominated by the holders of Class A shares.
Control of the Company is held by the Class A shareholders through their majority ownership of the privileged shares.
As of and for the Period Ended March 31, 2025
(Amounts expressed in Turkish lira ("TL") in terms of purchasing power of the TL at March 31, 2025 unless otherwise indicated.)
In accordance with the Turkish Commercial Code ("TCC"), unless the required reserves and the dividend for shareholders as determined in the article of association or in the dividend distribution policy of the Company are set aside, no decision may be made to set aside other reserves, to transfer profits to the subsequent year or to distribute dividends to the holders of usufruct right certificates, to the members of the board of directors or to the employees; and no dividend can be distributed to these persons unless the determined dividend for shareholders is paid in cash.
The Turkish Commercial Code ("TCC") stipulates that the legal reserve is appropriated out of statutory profits at the rate of 5% per annum, until the total reserve reaches 20% of the Group's paid-in share capital. Other legal reserve is appropriated out of 10% of the distributable income after 5% dividend is paid to shareholders. Under the TCC, legal reserves can only be used for compensating losses, continuing operations in severe conditions or preventing unemployment and taking actions for relieving its effects in case general legal reserves does not exceed half of paid-in capital or issued capital.
March 31, 2025, the total amount of legal reserves is 267.409.110 Turkish liras (March 31, 2024: 166.395.165 Turkish liras).
It was published in the Official Gazette dated 30 March 2024 and numbered 32415 (Second Extraordinary) pursuant to the Tax Procedure Law. According to the relevant Communiqué, the balance sheet dated March 31, 2025, prepared in accordance with the Tax Procedure Law, has been corrected by using the Producer Prices General Indices ("PPI") published by the Turkish Statistical Institute within the scope of inflation accounting application. The attached financial statements have been subjected to inflation adjustment using the Consumer Price Indices ("CPI") published by the Turkish Statistical Institute in accordance with TAS 29, and ultimately the amounts for the current and previous reporting period are expressed in terms of purchasing power as of March 31, 2025. Due to the use of distinct indices in the Tax Procedural Law and TAS 29 inflation accounting differences have emerged between The amounts included in the balance sheet prepared in accordance with the Tax Procedure Law regarding the items "Inflation Adjustment on Capital" and "Restricted reserves appropriated from profits" the amounts included in the financial statements prepared in accordance with TAS/ TFRS. These differences are accounted in the "Retained Earnings or Losses" item in the TAS/ TFRS financial statements, and these differences are given in detail below:
| March 31, 2025 | |||
|---|---|---|---|
| Inflation adjustment to | Restricted | ||
| share capital | Share premium | reserves | |
| According to TAS/ TFRS | 1.950.338.052 | 25.029 | 294.301.294 |
| According to Tax Procedure Law | 2.683.182.246 | 24.157 | 83.774 |
| Differences | 732.844.194 | (872) | (294.217.520) |
As of and for the Period Ended March 31, 2025
(Amounts expressed in Turkish lira ("TL") in terms of purchasing power of the TL at March 31, 2025 unless otherwise indicated.)
Earnings per share disclosed in the consolidated statements of income are determined by dividing the net income per share by the weighted average number of shares that have been outstanding during the year.
| March 31, 2025 | March 31, 2024 | |
|---|---|---|
| Profit for the year Weighted average number of ordinary shares with nominal value |
137.354.777 2.500.000.000 |
135.850.335 2.500.000.000 |
| Earnings per share | (0,04) | (0,05) |
Companies that have obtained Real Estate Investment Trust (REIT) status are exempt from Corporate Income Tax and provisional corporate tax pursuant to Article 5, paragraph 1, subparagraph (d/4) of the Corporate Tax Law No. 5520. According to Article 15, paragraph 3 of the Corporate Tax Law, the withholding tax rate to be applied on the exempt earnings of such entities is currently zero, in accordance with the Council of Ministers Decree No. 2009/14594 (for the year 2008, Decree No. 2003/6577).
Deferred tax is calculated using the liability method on temporary differences between the carrying amounts of assets and liabilities in the financial statements prepared in accordance with TFRS and their tax bases. The tax rates in effect as of the balance sheet date are used in this calculation. Since the Company is exempt from corporate income tax following the approval by the Capital Markets Board (CMB) for its conversion into a real estate investment trust in accordance with the current tax legislation, no deferred tax assets or liabilities have been recognized on temporary and taxable differences.
Subsidiaries in Germany and Spain recognize deferred tax assets and liabilities on temporary taxable differences arising between the statutory financial statements prepared for tax purposes and the financial statements prepared in accordance with IFRS. These differences arise entirely from changes in the fair value of investment properties. As of 31 March 2025, the deferred tax asset amounts to 6,514,929 Turkish lira (31 December 2024: 3,585,054 Turkish lira), and the deferred tax liability amounts to 433,576,431 Turkish lira (31 December 2024: 385,484,139 Turkish lira).
As of and for the Period Ended March 31, 2025
(Amounts expressed in Turkish lira ("TL") in terms of purchasing power of the TL at March 31, 2025 unless otherwise indicated.)
The details of short-term trade receivables from related parties as of 31 March 2025 and 31 December 2024 are as follows:
| March 31, 2025 | December 31, 2024 | |
|---|---|---|
| Peker Holding GMBH (*) | 186.880.012 | 184.297.870 |
| Peker Port GMBH | 745.903 | 433.012 |
| Pollux Construction GMBH | 1.227.350 | 433.012 |
| PekFor 95 GMBH | 745.903 | 433.012 |
| Peker Investment GMBH | 1.227.350 | 433.012 |
| Total | 190.826.518 | 186.029.918 |
(*) As of 31 March 2025 and 31 December 2024, short-term trade receivables from related parties consist of receivables arising from the sale of a 9% stake in the Company's subsidiary, Nordstern Düsseldorf GMBH, to Peker Holding GMBH.
The details of short-term other receivables from related parties as of 31 March 2025 and 31 December 2024 are as follows:
| March 31, 2025 | December 31, 2024 | |
|---|---|---|
| Hasan Peker | 5.707.154 | 5.669.113 |
| Peker Investment GMBH | 920.994 | 914.855 |
| Peker Holding GMBH | 24.990.967 | - |
| Total | 31.619.115 | 6.583.968 |
The details of short-term prepaid expenses to related parties as of 31 March 2025 and 31 December 2024 are as follows:
| March 31, 2025 | December 31, 2024 | |
|---|---|---|
| Marbella Lifestyle Investment SL (*) | 470.097.422 | 450.006.040 |
| Pollux Construction GMBH | 271.819.499 | 220.306.349 |
| Total | 741.916.921 | 670.312.389 |
(*) The Company signed a real estate purchase agreement amounting to 8.900.000 euros with its related party, Marbella Life Style Investments SL, regarding the purchase of a villa with 16 rooms and a total construction area of 1,992 m2 on a 7,100 m2 land in Malaga, Spain. Pursuant to the aforesaid agreement, the title deed will be transferred after the permissions for the construction of 4 additional villas on the land area excluding the existing villa are obtained. Within the scope of the relevant agreement, an advance of 8.900.000 euros was paid to the seller (December 31, 2024: 8.500.00 euros)
As of and for the Period Ended March 31, 2025
(Amounts expressed in Turkish lira ("TL") in terms of purchasing power of the TL at March 31, 2025 unless otherwise indicated.)
The details of short-term prepaid expenses to related parties as of 31 March 2025 and 31 December 2024 are as follows:
| March 31, 2025 | December 31, 2024 | |
|---|---|---|
| Peker Port GMBH | 3.907.382 | 3.882.045 |
| Peker Management GMBH | 3.096.967 | 2.986.009 |
| Pollux Construction GMBH | 484.353 | 481.992 |
| Peker International Property Investment Yön. Hiz. | ||
| A.Ş. | 180.000 | - |
| Pek Yönetim Hizmetleri A.Ş. | 198.738 | - |
| Peker Holding A.Ş. | 57.790 | 63.601 |
| Total | 7.925.230 | 7.413.647 |
The details of short-term trade payables to related parties as of 31 March 2025 and 31 December 2024 are as follows:
| March 31, 2025 | December 31, 2024 | |
|---|---|---|
| Hasan Peker | 156.000.250 | 171.688.524 |
| Peker Holding A.Ş. | 24.359.455 | 80.563.853 |
| Peker Management GMBH | 484.349 | 611.436 |
| Total | 180.844.054 | 252.863.813 |
The details of long-term other payables to related parties as of 31 March 2025 and 31 December 2024 are as follows:
| March 31, 2025 | December 31, 2024 | |
|---|---|---|
| Peker Holding A.Ş. Peker Holding Ltd. |
67.242 1.540.282 |
378.271.608 1.532.772 |
| Total | 1.607.524 | 379.804.381 |
As of and for the Period Ended March 31, 2025
(Amounts expressed in Turkish lira ("TL") in terms of purchasing power of the TL at March 31, 2025 unless otherwise indicated.)
The Company's key management personnel consists of the members of the board of directors, the general manager, and directors. For the periods ended 31 March 2025 and 31 December 2024, the benefits provided to key management comprise salaries paid and vehicle lease expenses. As of 31 March 2025 and 31 December 2024, the total amount of benefits provided to key management is 6.730.213 and 27.015.012 Turkish lira, respectively.
For the periods ended March 31, 2025 and 2024, the details of sales and cost of sales are as follows:
| January 1 - March 31, 2025 |
January 1 - March 31, 2024 |
|
|---|---|---|
| Domestic sales () Export sales (*) Rent income |
76.386.918 - 35.101.033 |
- - 40.213.895 |
| Net sales | 111.487.951 | 40.213.895 |
| Cost of domestic sales (-) (Note 9-12) Cost of export sales (-) (Note 9-12) Other (-) |
(27.146.813) - (139.144) |
- (32.820) |
| Cost of sales (-) | (27.285.957) | (32.820) |
| Gross profit/ (loss) | 84.201.994 | 40.181.075 |
(*) For the period ended March 31, 2025, sales consist of sales of workplace in Ataköy NEF 22. For the period ended March 31, 2024, domestic sales consist of sales of the investment property with a land of 11,020 m2 in Üsküdar, and residences and warehouses in Sultan Makamı Residences.
(**) For the period ended March 31, 2023, export sales consist of the sales of investment properties numbered 18 and 19 in the Urbanization Oasis Club project in Malaga Marbella, Spain.
As of and for the Period Ended March 31, 2025
(Amounts expressed in Turkish lira ("TL") in terms of purchasing power of the TL at March 31, 2025 unless otherwise indicated.)
For the periods ended March 31, 2025 and 2024, the details of marketing expenses are as follows:
| January 1 - March 31, 2025 |
January 1 - March 31, 2024 |
|
|---|---|---|
| Sponsorship expenses | 1.500.000 | - |
| Total | 1.500.000 | - |
For the periods ended March 31, 2025 and 2024, the details of general administrative expenses are as follows:
| January 1 - March 31, 2025 |
January 1 - March 31, 2024 |
|
|---|---|---|
| Personnel expenses | 12.471.837 | 14.418.522 |
| Consultancy expenses | 2.570.115 | 5.999.231 |
| Taxes, duties and other charges | 7.385.058 | 1.516.628 |
| Rent expenses | 4.122.182 | 5.224.641 |
| Amortization and depreciation expenses (Note 13) | 4.788.807 | 5.501.101 |
| Insurance expenses | 2.317.945 | 2.256.994 |
| Travel and accommodation expenses | 185.793 | 267.916 |
| Maintenance and repair expenses | 1.622.672 | 751.784 |
| Travel expenses | 1.911.881 | 1.292.135 |
| Outsourced benefits and services | 360.566 | 412.034 |
| Donations and grants | 86.029 | 34.358 |
| Other (**) | 2.102.294 | 4.727.824 |
| Total | 39.925.179 | 42.403.168 |
(*) For the periods ended 31 March 2025 and 2023, other expenses mainly consist of capital market listing expenses.
As of and for the Period Ended March 31, 2025
(Amounts expressed in Turkish lira ("TL") in terms of purchasing power of the TL at March 31, 2025 unless otherwise indicated.)
For the periods ended March 31, 2025 and 2024, the details of other income from operating activities are as follows:
| January 1 - | January 1 - | |
|---|---|---|
| March 31, 2025 | March 31, 2024 | |
| Fair value differences of investment properties (Note 12) |
149.124.575 | 118.557.135 |
| Foreign exchange gains | 250.060.439 | 200.612.843 |
| Taxes, duties and other charges refunds | - | 4.277.419 |
| Provision no longer required (Note 9) | - | - |
| Late interest income (*) | - | - |
| Other | 1.316.341 | 58.865 |
| Total | 400.501.355 | 323.506.262 |
(*) For the period ended March 31, 2024, late interest income consists of interest income related to trade receivables from UK Imperial Investment Ltd.
For the periods ended March 31, 2025 and 2024, the details of other expenses from operating activities are as follows:
| January 1 - March 31, 2025 |
January 1 - March 31, 2024 |
|
|---|---|---|
| Foreign exchange loss | 83.572.686 | 81.586.182 |
| Fair value differences of investment properties (Note 12) Provision for impairment on inventories (Note 9) |
15.620.117 - |
18.770.151 - |
| Taxes, duties and other charges Insurance compensation expenses |
164.807 - |
1.961.509 - |
| Other | 1.840.814 | 114.028 |
| Total | 101.198.424 | 102.431.870 |
As of and for the Period Ended March 31, 2025
(Amounts expressed in Turkish lira ("TL") in terms of purchasing power of the TL at March 31, 2025 unless otherwise indicated.)
For the periods ended March 31, 2025 and 2024, the details of income from investing activities are as follows:
| January 1 - March 31, 2025 |
January 1 - March 31, 2024 |
|
|---|---|---|
| Profit from sales of funds (Note 5a) | 983.062 | 4.507.476 |
| Profit from sales of stocks (Note 5a) Fair value gain of foreign funds (Note 5a) Interest income from funds |
- - - |
- - 79.820 |
| Fair value gain of stocks (Note 5a) Profit from sales of subsidiaries |
- 113.862 |
23.822 |
| Total | 1.096.924 | 4.611.118 |
For the periods ended March 31, 2025 and 2024, the details of expense from investing activities are as follows:
| January 1 - March 31, 2025 |
January 1 - March 31, 2024 |
|
|---|---|---|
| Loss from sales of funds (Note 5a) Fair value loss of stocks (Note 5a) Loss from sales of property plant and equipment |
- - - |
29.632.654 12.683.432 - |
| Total | - | 42.316.086 |
For the periods ended March 31, 2025 and 2024, the details of income from financing activities are as follows:
| January 1 - March 31, 2025 |
January 1 - March 31, 2024 |
|
|---|---|---|
| Interest income from time deposits | 1.724.269 | 1.260.530 |
| Total | 1.724.269 | 1.260.530 |
As of and for the Period Ended March 31, 2025
(Amounts expressed in Turkish lira ("TL") in terms of purchasing power of the TL at March 31, 2025 unless otherwise indicated.)
For the periods ended March 31, 2025 and 2024, the details of expense from financing activities are as follows:
| January 1 - | January 1 - | |
|---|---|---|
| March 31, 2025 | March 31, 2024 | |
| Interest and comission expenses related to loans | 81.623.676 | 50.893.993 |
| Interest expenses related to commerical papers (Note | ||
| 6) | 100.570.940 | 11.161.317 |
| Late interest expenses | 24.587.473 | 33.138.927 |
| Interest and comission expenses related to lease | ||
| liabilities (Note 6) | 5.815.791 | 13.238.262 |
| Interest expenses related to lease liabilities (Note 6) | 8.092.835 | - |
| Interest expense related to group companies | 361.955 | - |
| Bank comission expenses | 131.160 | 282.293 |
| Taxes, duties and other charges | 830.029 | 440.205 |
| Interest expenses related to retirement payment liability | 214.273 | 32.114 |
| Other | 536.747 | 262.506 |
| Total | 222.764.879 | 109.449.617 |
The primary financial instruments of the Group consist of bank loans, cash and short-term deposits. The main objective of the related financial instruments is to finance the Group's business activities. The Group also has other financial instruments such as trade receivables and trade payables arising directly from its operating activities.
The Group manages its capital through the optimization of the debt and the equity balance that minimizes the financial risk.
Through the forecasts regularly prepared by the Group, the future capital amount, debt to equity ratio and similar ratios are forecasted and required precautions are taken to strengthen the capital.
The capital structure of the Group consists of debt which includes the financial liabilities disclosed in Note 6, cash and cash equivalents disclosed in Note 4 and equity attributable to equity holders of the parent company, comprising issued capital, reserves and retained earnings as disclosed in Note 15.
As of reporting date the net financial debt/ equity ratio is as follows:
| March 31, 2025 | March 31, 2024 | |
|---|---|---|
| Financial liabilities | 3.958.964.088 | 3.665.155.552 |
| Less: Cash and cash equivalents | (72.904.215) | (59.320.666) |
| Net financial debt | 3.886.059.873 | 3.605.834.886 |
| Total equity | 3.724.001.654 | 3.725.484.884 |
| Net financial debt/ Total equity ratio | 1,04 | 0,97 |
As of and for the Period Ended March 31, 2025
(Amounts expressed in Turkish lira ("TL") in terms of purchasing power of the TL at March 31, 2025 unless otherwise indicated.)
The Group's activities expose it to a variety of financial risks: foreign exchange risk, credit risk and liquidity risk. Group Management and Board of Directors examines and approves the policies on the management of risks stated below. In addition, the Group also considers the market risk of all of its financial instruments.
Credit risk refers to the risk that counterparty will default on its contractual obligations resulting in financial loss to the Group. The Group has adopted a policy of only dealing with creditworthy counterparties and obtaining sufficient collateral where appropriate, as a means of mitigating the risk of financial loss from defaults.
Credit risk of receivables is managed by securing receivables with collaterals covering receivables at the highest possible proportion. Methods used are bank guarantees, mortgages and cheques-notes negotiated.
In credit risk control, for the customers which are not secured with collaterals, the credit quality of the customer is assessed by taking into account its financial position, past experience and other factors. Individual risk limits are set in accordance and the utilization of credit limits is regularly monitored.
(Amounts expressed in Turkish lira ("TL") in terms of purchasing power of the TL at March 31, 2025 unless otherwise indicated.)
| Current period | Receivables | |||
|---|---|---|---|---|
| March 31, 2025 |
Trade receivables |
Trade receivables |
Bank deposits |
Financial investments |
| Maximum net credit risk as of balance sheet date (A+B+C+D+E) (*) | 398.781.696 | 45.431.942 | 72.900.333 | 48.313.863 |
| - The part of maximum risk under guarantee with collateral |
- | - | - | - |
| A. Net book value of financial assets that are neither overdue nor impaired | 398.781.696 | 45.431.942 | 72.900.333 | 48.313.863 |
| B. Net book value of financial assets that are renegotiated | - | - | - | - |
| C. Net book value of financial assets that are overdue but not impaired | - | - | - | - |
| - The part of maximum risk under guarantee with collateral |
- | - | - | - |
| D. Net book value of impaired asset | - | - | - | - |
| - Overdue (gross net book value) |
- | - | - | - |
| - Impairment (-) |
- | - | - | - |
| - The part of net value under guarantee with collateral etc |
- | - | - | - |
| - Undue (gross net book value) |
- | - | - | - |
| - Impairment (-) |
- | - | - | - |
| - The part of net value under guarantee with collateral etc. |
- | - | - | - |
| E. Credit risk off the statement of financial position | - | - | - | - |
(*) The factors that increase the credit reliability, such as guarantee received are not considered in the determination of the balance.
(Amounts expressed in Turkish lira ("TL") in terms of purchasing power of the TL at March 31, 2025 unless otherwise indicated.)
| Prior period | Receivables | |||
|---|---|---|---|---|
| Trade | Other | Bank | Financial | |
| December 31, 2024 |
receivables | receivables | deposits | investments |
| Maximum net credit risk as of balance sheet date (A+B+C+D+E) (*) | 521.886.930 | 21.282.757 | 59.313.016 | 51.963.154 |
| - The part of maximum risk under guarantee with collateral |
- | - | - | - |
| A. Net book value of financial assets that are neither overdue nor impaired | 521.886.930 | 21.282.757 | 59.313.016 | 51.963.154 |
| B. Net book value of financial assets that are renegotiated | - | - | - | - |
| C. Net book value of financial assets that are overdue but not impaired | - | - | - | - |
| - The part of maximum risk under guarantee with collateral |
- | - | - | - |
| D. Net book value of impaired asset | - | - | - | - |
| - Overdue (gross net book value) |
- | - | - | - |
| - Impairment (-) |
- | - | - | - |
| - The part of net value under guarantee with collateral etc |
- | - | - | - |
| - Undue (gross net book value) |
- | - | - | - |
| - Impairment (-) |
- | - | - | - |
| - The part of net value under guarantee with collateral etc. |
- | - | - | - |
| E. Credit risk off the statement of financial position | - | - | - | - |
(*) The factors that increase the credit reliability, such as guarantee received are not considered in the determination of the balance.
There is no additional impairment loss on the Group's financial assets related to credit risk.
As of and for the Period Ended March 31, 2025
(Amounts expressed in Turkish lira ("TL") in terms of purchasing power of the TL at March 31, 2025 unless otherwise indicated.)
Liquidity risk is the risk of the Group not meeting its net funding requirements. The following tables detail the Group's remaining contractual maturity for its non-derivative financial liabilities. The tables have been drawn up based on the undiscounted cash flows of financial liabilities based on the earliest date on which the Group can be required to pay. The table includes both interest and principal cash flows.
The Group management eliminates of the liquidity risk with the principle of managing the balance sheet in accordance with the expected cash flow by keeping sufficient cash and cash equivalents for daily transactions and ensuring the availability of high quality credit providers. The Group management also tries to adjust the maturity structures of the financial debts used for construction costs and investment property development according to the cash flow of the incomes to be obtained from these real estates as much as possible.
As of 31 March 2025 and 31 December 2024 the maturity analysis of the financial liabilities is as follows:
| Total cash outflow according to contract |
Less than 3 | 3-12 | 1-5 | More than 5 | ||
|---|---|---|---|---|---|---|
| March 31, 2025 | Carrying value | (I+II+III) | months (I) | months (II) | years (III) | years (IV) |
| Non derivative financial liabilities |
||||||
| Bank loans | 2.752.468.690 | 2.530.221.127 | 270.617.350 | 634.892.439 | 1.624.711.338 | - |
| Commercial paper | 832.966.533 | 935.493.425 | 112.082.192 | 823.411.233 | - | - |
| Lease liabilities | 373.528.865 | 787.101.255 | 23.602.183 | 23.698.564 | 95.721.835 | 644.078.674 |
| Trade payables | 137.887.360 | 137.887.360 | 129.962.130 | 7.925.230 | - | - |
| Other payables | 189.603.893 | 189.603.893 | 7.152.315 | 180.844.054 | 1.607.524 | - |
| Total liabilities | 4.286.455.341 | 4.580.307.060 | 543.416.170 | 1.670.771.520 | 1.722.040.697 | 644.078.674 |
| Total cash outflow | ||||||
| according to contract | Less than 3 | 3-12 | 1-5 | More than 5 | ||
| December 31, 2024 | Carrying value | (I+II+III) | months (I) | months (II) | years (III) | years (IV) |
| Non derivative financial liabilities |
||||||
| Bank loans | 3.387.056.927 | 3.494.135.533 | 373.711.882 | 876.761.405 | 2.243.662.246 | - |
| Commercial paper | 693.317.591 | 744.564.739 | 589.783.654 | 154.781.084 | - | - |
| Lease liabilities | 518.565.096 | 1.089.440.277 | 18.425.822 | 45.832.224 | 122.740.733 | 902.441.497 |
Other payables 802.614.662 802.614.662 8.759.455 317.286.781 476.568.426 - Total liabilities 5.591.923.280 6.321.124.214 1.146.389.565 1.429.321.747 2.842.971.405 902.441.497
As of and for the Period Ended March 31, 2025
(Amounts expressed in Turkish lira ("TL") in terms of purchasing power of the TL at March 31, 2025 unless otherwise indicated.)
Changes in interest rates create significant risks over financial results with due to the impact on interest sensitive assets and liabilities. These exposures are managed by establishing a fixed-floating balance in the consolidated financial statements and balancing interest rate sensitive assets and maturity with inter balance sheet items.
As of 31 March 2025 and 31 December 2024 interest rate table of financial instruments is as follow:
| March 31, 2025 | March 31, 2024 |
|---|---|
| 2.896.404 | 1.993.286 |
| 2.704.952.945 | 2.647.043.375 |
| 725.065.796 | 433.792.223 |
| 413.273.906 | |
| 47.515.745 | 52.294.199 |
| 107.900.736 | 118.751.849 |
The Group is exposed to foreign exchange risk arising from foreign currency transactions.
As of March 31, 2025 and 2024 details of foreign currency positions of assets and liabilities of the Group are as follows:
| Current period | ||||||
|---|---|---|---|---|---|---|
| March 31, 2025 | ||||||
| Foreign exchange position | TL equivalent | USD | EUR | GBP | ||
| 1. Monetary financial assets | 44,341,729 | 7,030 | 1,082,904 | – | ||
| 2. Trade receivables | 536,912,536 | 3,923,132 | 8,300,000 | 1,043,672 | ||
| 3. Other receivables | – | – | – | – | ||
| 4. Current assets (1+2+3) | 581,254,265 | 3,930,162 | 9,382,904 | 1,043,672 | ||
| 5. Trade receivables | – | – | – | – | ||
| 6. Other receivables | 56,512 | – | – | 1,071 | ||
| 7. Non-current assets (5+6) | 56,512 | – | – | 1,071 | ||
| 8. Total assets (4+7) | 581,310,777 | 3,930,162 | 9,382,904 | 1,044,743 | ||
| 9. Trade payables | 397,780 | – | 9,773 | – | ||
| 10. Other payables | (850,575,643) | (870,268) | (20,115,255) | 20,896 | ||
| 11. Short-term liabilities (9+10) | (850,177,863) | (870,268) | (20,105,482) | 20,896 | ||
| 12. Other payables | – | – | – | – | ||
| 13. Long-term liabilities (12) | – | – | – | – | ||
| 14. Total liabilities (11+13) | (850,177,863) | (870,268) | (20,105,482) | 20,896 | ||
| 15. Net foreign currency position (8+14) | (268,867,086) | 3,059,894 | (10,722,578) | 1,065,639 |
As of and for the Period Ended March 31, 2025
(Amounts expressed in Turkish lira ("TL") in terms of purchasing power of the TL at March 31, 2025 unless otherwise indicated.)
| Prior period | ||||
|---|---|---|---|---|
| December 31, 2024 | ||||
| Foreign exchange position | TL equivalent | USD | EUR | GBP |
| 1. Monetary financial assets | 7,259,227 | 26,930 | 150,002 | 18,062 |
| 2. Trade receivables | 468,743,797 | – | 11,500,000 | 1,044,177 |
| 3. Other receivables | 47,387 | – | – | 1,071 |
| 4. Current assets (1+2+3) | 476,050,411 | 26,930 | 11,650,002 | 1,063,310 |
| 5. Other receivables | 1,766,171,815 | – | 48,068,268 | – |
| 6. Non-current assets (5) | 1,766,171,815 | – | 48,068,268 | – |
| 7. Total assets (4+6) | 2,242,222,226 | 26,930 | 59,718,270 | 1,063,310 |
| 8. Trade payables | (3,797,305) | – | (103,348) | – |
| 9. Other payables | (781,512) | – | (21,270) | – |
| 10. Short-term liabilities (8+9) | (4,578,817) | – | (124,618) | – |
| 11. Other payables | (927,316,769) | – | (25,237,985) | – |
| 12. Long-term liabilities (11) | (927,316,769) | – | (25,237,985) | – |
| 13. Total liabilities (10+12) | (931,895,586) | – | (25,362,603) | – |
| 14. Net foreign currency position (7+13) | 1,310,326,640 | 26,930 | 34,355,667 | 1,063,310 |
The Group is exposed to foreign exchange risk arising from various currency exposures, primarily with respect to the USD, EUR and GBP.
In foreign currency sensitivity analysis gain/ loss section as of March 31, 2025 and 2024, the exposure of the 10% loss/ gain of Turkis lira against foreign currencies on the comprehensive financial income statement is disclosed. During the foreign currency sensitivity analysis, all variables, especially interest rates are assumed to be fixed.
| Foreign currency sensitivity table | |||
|---|---|---|---|
| Current period | March 31, 2025 | ||
| Profit/ (loss) | |||
| Appreciation of foreign | Depreciation of foreign | ||
| currency | currency | ||
| US dollar against Turkish lira by 10% | |||
| 1- US dollar denominated net assets/ (liabilities) | 11.555.873 | (11.555.873) | |
| 2- Hedged amount against US dollar risk (-) | - | - | |
| 3- Net effect of USD (1+2) | 11.555.873 | (11.555.873) | |
| EUR against Turkish lira by 10% | |||
| 4- EUR denominated net assets/ (liabilities) | (43.642.931) | 43.642.931 | |
| 5- Hedged amount against EUR risk (-) | - | - | |
| 6- Net effect of EUR (4+5) | (43.642.931) | 43.642.931 | |
| GBP against Turkish lira by 10% | |||
| 7- GBP denominated net assets/ (liabilities) | 5.199.924 | (5.199.924) | |
| 8- Hedged amount against GBP risk (-) | - | - | |
| 9- Net effect of GBP (7+8) | 5.199.924 | (5.199.924) | |
| Total (3+6+9) | (26.887.134) | 26.887.134 |
As of and for the Period Ended March 31, 2025
(Amounts expressed in Turkish lira ("TL") in terms of purchasing power of the TL at March 31, 2025 unless otherwise indicated.)
b) Financial risk factors (cont'd)
| Foreign currency sensitivity table | ||
|---|---|---|
| Prior period | March 31, 2024 | |
| Profit/ (loss) | ||
| Appreciation of foreign | Depreciation of foreign | |
| currency | currency | |
| US dollar against Turkish lira by 10% | ||
| 1- US dollar denominated net assets/ (liabilities) | 94.855 | (94.855) |
| 2- Hedged amount against US dollar risk (-) | - | - |
| 3- Net effect of USD (1+2) | 94.855 | (94.855) |
| EUR against Turkish lira by 10% | ||
| 4- EUR denominated net assets/ (liabilities) | 126.233.109 | (126.233.109) |
| 5- Hedged amount against EUR risk (-) | - | - |
| 6- Net effect of EUR (4+5) | 126.233.109 | (126.233.109) |
| GBP against Turkish lira by 10% | ||
| 7- GBP denominated net assets/ (liabilities) | 4.704.700 | (4.704.700) |
| 8- Hedged amount against GBP risk (-) | - | - |
| 9- Net effect of GBP (7+8) | 4.704.700 | (4.704.700) |
| Total (3+6+9) | 131.032.664 | (131.032.664) |
On 1 November 2024, the Company issued a commercial paper with ISIN code TRFPEGY42518, bearing an interest rate of BIST TL REF + 5%, with a nominal value of 100,000,000 Turkish lira and quarterly coupon payments. On 30 April 2025, the Company made a coupon payment and principal repayment amounting to 100,000,000 Turkish lira for this instrument.
On 30 April 2025, the Company issued a zero-coupon commercial paper with ISIN code TRFPEGYE2519, bearing a simple annual interest rate of 59.00% and a compound annual interest rate of 67.84%, with a nominal value of 100,000,000 Turkish lira and a maturity date of 27 October 2025, through a private placement to qualified investors.
As of and for the Period Ended March 31, 2025
(Amounts expressed in Turkish lira ("TL") in terms of purchasing power of the TL at March 31, 2025 unless otherwise indicated.)
For the period ended March 31, 2025, the details of net monetary position gains/(loses) are as follows:
| January 1 - March 31, 2025 |
|
|---|---|
| Statement of financial position items | |
| Subsidiaries | 129.454.529 |
| Advances given | - |
| Investment properties | 222.071.281 |
| Treasury shares | - |
| Inventories | 44.621.927 |
| Property, plant and equipment | 18.217.475 |
| Prepaid expenses | 61.921.102 |
| Gain/ (loss) arising from defined benefit plans | (1.367) |
| Share Premium | (2.287) |
| Contract liabilities | 15.121.815 |
| Restricted reserves | 42.466.379 |
| Paid-in capital | (83.542.127) |
| Retained earnings | (372.566.922) |
| Profit or Loss Statement Items | |
| Revenue | 540.810 |
| Cost of sales | 2.480.577 |
| Marketing expenses | 2.469.016 |
| General administrative expenses | (2.701.086) |
| Other income from operating activities | 1.293.517 |
| Other expenses from operating activities | (25.054) |
| Income from investment activities | - |
| Expenses from investment activities | (43.945) |
| Finance income | 1.580.832 |
| Finance expenses | - |
| Net monetary position gains/(losses) | 83.356.472 |
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