Quarterly Report • Apr 28, 2025
Quarterly Report
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Convenience translation into English of condensed consolidated financial statements for the interim period 1 January – 31 March 2025
(Originally issued in Turkish)
| NOTE 6 | OTHER PAYABLES…… | 1 6 |
|---|---|---|
| NOTE 8 | INVENTORIES…… | 1 7 |
| NOT 13 | EQUITY.…… | 23-24 |
| NOTE 15 | RESEARCH AND DEVELOPMENT EXPENSES, MARKETING, SALES AND DISTRIBUTION EXPENSES, | 2 6 |
| GENERAL ADMINISTRATIVE EXPENSES .… | ||
| NOTE 23 | EXPLANATIONS ON NET MONETARY POSITION GAINS / (LOSSES)… 4 2 | |
| NOTE 24 | EVENTS AFTER THE REPORTING PERIOD… 4 3 |
| Unaudited | Audited | ||
|---|---|---|---|
| Notes | 31 March 2025 | 31 December 2024 | |
| ASSETS: | |||
| Current assets: | |||
| Cash and cash equivalents | 3 | 26,525,843 | 21,699,777 |
| Financial investments | 79,643 | 89,365 | |
| Trade receivables | 20,856,335 | 22,986,700 | |
| Trade receivables from related parties | 2 0 |
10,813,124 | 13,323,668 |
| Trade receivables from third parties | 5 | 10,043,211 | 9,663,032 |
| Receivables from finance sector operations | 7 | 13,147,960 | 13,504,084 |
| Other receivables | 22,433 | 1,616 | |
| Inventories | 8 | 11,307,080 | 9,576,800 |
| Prepaid expenses | 1 2 |
464,783 | 248,914 |
| Current tax assets | 742,059 | 674,311 | |
| Other current assets | 79,895 | 245,549 | |
| Total Current Assets | 73,226,031 | 69,027,116 | |
| Non-Current Assets: | |||
| Receivables from finance sector operations | 7 | 4,946,178 | 5,076,382 |
| Other receivables | 1,062 | 1,133 | |
| Investment properties | 258,603 | 258,603 | |
| Property, plant and equipment | 9 | 16,033,715 | 15,942,012 |
| Right-of-Use Assets | 37,470 | 41,598 | |
| Intangible assets | 1 0 |
4,013,233 | 4,581,871 |
| Prepaid expenses | 1 2 |
1,698,914 | 1,979,728 |
| Deferred tax asset | 1 8 |
4,388,847 | 3,975,070 |
| Total Non-Current Assets | 31,378,022 | 31,856,397 | |
| Total Assets | 104,604,053 | 100,883,513 |
The consolidated financial statements for the interim accounting period between 1 January - 31 March 2025 were approved at the Board of Directors meeting dated 28 April 2025.
(Amounts are expressed in thousands of TL based on the purchasing power of Turkish Lira ("TL") as of 31 March 2025, unless otherwise stated.)
| Unaudited | Audited | ||
|---|---|---|---|
| Notes | 31 March 2025 | 31 December 2024 | |
| Current liabilities: | |||
| Short-term portion of long-term borrowings | 4 | 12,053,820 | 12,037,683 |
| Trade payables | 18,147,990 | 12,483,157 | |
| Trade payables to related parties | 2 0 | 8,311,932 | 4,248,645 |
| Trade payables to third parties | 5 | 9,836,058 | 8,234,512 |
| Payables related to employee benefits | 930,382 | 1,009,699 | |
| Other payables | 6 | 6,068,795 | 105,088 |
| Liabilities arising from customer contracts | 269,579 | 267,076 | |
| Deferred income | 538,164 | 379,862 | |
| Short-term provisions | 1 1 | 2,701,938 | 2,833,029 |
| Other current liabilities | 220,537 | 68,631 | |
| Total current liabilities | 40,931,205 | 29,184,225 | |
| Non-current liabilitier: | |||
| Long-term borrowings | 4 | 17,603,396 | 18,670,883 |
| Long-term provisions | 1,114,609 | 1,187,065 | |
| Long-term provisions for employee benefits | 1,114,609 | 1,187,065 | |
| Total non-current liabilities | 18,718,005 | 19,857,948 | |
| Total liabilities | 59,649,210 | 49,042,173 | |
| Equity: | |||
| Share capital | 1 3 | 500,000 | 500,000 |
| Capital adjustment differences | 1 3 | 21,479,462 | 21,479,462 |
| Accumulated other comprehensive income or expenses | |||
| not to be reclassified to profit or loss | (239,305) | (265,463) | |
| Loss on remeasurement of defined benefit plans | (239,305) | (265,463) | |
| Accumulated other comprehensive income or expenses to | |||
| be reclassified to profit or loss | (797,458) | (18,354) | |
| Cash flow hedge losses | (797,458) | (18,354) | |
| Restricted reserves appropriated from profit | 1 3 | 6,139,550 | 5,542,050 |
| Prior years' profit | 18,013,048 | 18,856,785 | |
| Net profit for the period | (140,454) | 5,746,860 | |
| Total equity | 44,954,843 | 51,841,340 | |
| Total liabilities and equity | 104,604,053 | 100,883,513 |
Condensed Consolidated statements of profit or loss for the interim accounting periods ended 31 March 2025 and 2024
(Amounts are expressed in thousands of TL based on the purchasing power of Turkish Lira ("TL") as of 31 March 2025, unless otherwise stated.)
| Unaudited | Unaudited | ||
|---|---|---|---|
| 1 January - 31 | 1 January - 31 | ||
| Notes | March 2025 | March 2024 | |
| Revenue | 1 4 | 24,204,042 | 46,484,998 |
| Cost of sales (-) | 1 4 | (23,175,340) | (39,390,905) |
| Gross profit from operations | 1,028,702 | 7,094,093 | |
| Revenue from finance sector operations | 2,469,467 | 2,225,538 | |
| Expenses from finance sector operations (-) | (1,999,549) | (1,856,857) | |
| Gross profit from finance sector operations | 469,918 | 368,681 | |
| Gross profit | 1,498,620 | 7,462,774 | |
| Marketing expenses (-) | 1 5 | (1,174,527) | (1,522,856) |
| General administrative expenses (-) | 1 5 | (889,338) | (1,182,619) |
| Research and development expenses (-) | 1 5 | (394,622) | (579,464) |
| Other income from operating activities | 1 6 | 2,528,188 | 2,532,792 |
| Other expenses from operating activities (-) | 1 6 | (2,443,073) | (2,232,893) |
| Operating profit | (874,752) | 4,477,734 | |
| Income from investing activities | 211,152 | 1,019 | |
| Expenses from investing activities (-) | - | (9,816) | |
| Operating profit before financial expense | (663,600) | 4,468,937 | |
| Finance income | 1 7 | 2,814,476 | 3,570,705 |
| Finance expenses(-) | 1 7 | (1,003,607) | (1,236,988) |
| Net monetary position losses | 2 3 | (1,335,717) | (2,724,691) |
| Profit before tax from continuing operations | (188,448) | 4,077,963 | |
| Tax income for the period | 47,994 | (202,747) | |
| Tax expense for the period | 1 8 | (117,102) | (1,768,926) |
| Deferred tax income | 1 8 | 165,096 | 1,566,179 |
| Net profit for the period | (140,454) | 3,875,216 | |
| Distribution of net profit for the period: | |||
| Equity holders of the parent | (140,454) | 3,875,216 | |
| Earnings per share (Kr) | 1 9 | (0.28) | 7.75 |
The accompanying notes form an integral part of these financial statements.
.
(Amounts are expressed in thousands of TL based on the purchasing power of Turkish Lira ("TL") as of 31 March 2025, unless otherwise stated.)
| 1 January - 31 March 2025 |
1 January - 31 March 2024 |
|
|---|---|---|
| Net profit for the period | (140,454) | 3,875,216 |
| Other comprehensive income: | ||
| Items not to be reclassified to profit or loss | ||
| Remeasurement losses of defined benefit plans | 34,877 | 473,559 |
| Remeasurement losses of defined benefit plans, tax effect | (8,719) | (118,390) |
| Items to be reclassified to profit or loss | ||
| Other comprehensive income/(expense) related to cash flow hedges | (1,029,601) | 446,251 |
| Other comprehensive income/(expense) related to cash flow hedges, tax effect | 257,400 | (111,563) |
| Other comprehensive (expense)/income (after tax) | (746,043) | 689,857 |
| Total comprehensive income | (886,497) | 4,565,073 |
| Distribution of total comprehensive income: | ||
| Equity holders of the parent | (886,497) | 4,565,073 |
Condensed Consolidated statements of changes in equity for the interım periods ended 31 March 2025 and 2024 (Amounts are expressed in thousands of TL based on the purchasing power of Turkish Lira ("TL") as of 31 March 2025, unless otherwise stated.)
| Accumulated other comprehensive income and expenses be reclassified not to profit or loss to |
Accumulated other comprehensive income and be expenses to reclassified to profit or loss |
Retained earnings |
||||||
|---|---|---|---|---|---|---|---|---|
| Paid-in Capital |
Capital Adjustment Differences |
Remeasurement of defined losses benefit plans |
Cash Flow Hedge Losses |
Restricted reserves appropriated from profit |
Prior years' profit |
profit for Net the period |
equity Total |
|
| as of 1 2024 Balance January |
500,000 | 21,479,462 | (249,214) | (3,877,565) | 4,206,917 | 12,576,059 | 23,968,681 | 58,604,340 |
| Transfers Total comprehensive income Dividends |
- - - |
- - - |
- 355,169 - |
512,713 334,688 - |
1,377,586 - |
22,078,382 - - (13,810,383) |
(23,968,681) 3,875,216 |
- 4,565,073 - (13,810,383) |
| Balance as of 31 March 2024 |
500,000 | 21,479,462 | 105,955 | (3,030,164) | 5,584,503 | 20,844,058 | 3,875,216 | 49,359,030 |
| Balance as of 1 January 2025 |
500,000 | 21,479,462 | (265,463) | (18,354) | 5,542,050 | 18,856,785 | 5,746,860 | 51,841,340 |
| Transfers Total comprehensive income Dividends |
- - - |
- - - |
- 26,158 - |
(6,903) (772,201) - |
597,500 - - |
5,156,263 - (6,000,000) |
(5,746,860) (140,454) - |
- (886,497) (6,000,000) |
| Balance as of 31 March 2025 |
500,000 | 21,479,462 | (239,305) | (797,458) | 6,139,550 | 18,013,048 | (140,454) | 44,954,843 |
for the interım periods ended 31 March 2025 and 2024
(Amounts are expressed in thousands of TL based on the purchasing power of Turkish Lira ("TL") as of 31 March 2025, unless otherwise stated.)
Unaudited Unaudited
| Notes Current Period 31 March 2025 |
Prior Period 31 March 2024 |
||
|---|---|---|---|
| A. Cash flows from operating activities | 5,078,426 | (1,945,861) | |
| Profit for the period | (140,454) | 3,875,216 | |
| Adjustments to reconcile net profit for the period | 1,703,794 | 5,060,846 | |
| - Adjustments related to depreciation and amortization expenses | 14.15 | 1,658,811 | 2,023,698 |
| - Adjustments related to impairment of receivables | 5.7 | 87,921 | 61,603 |
| - Adjustments related to interest income | 1 7 | (1,843,335) | (2,199,077) |
| - Adjustments related to inventory impairment, net | 8 | 88,144 | 104,535 |
| - Adjustments related to gains arising from the disposal of property, plant and equipment | (211,152) | (21,544) | |
| - Adjustments related to employment termination benefits | 91,080 | 541,023 | |
| - Adjustments related to guarantee provisions | 1 1 | 447,803 | 578,285 |
| - Adjustments related to other provisions | 10,514 | (67,043) | |
| - Adjustments related to interest expenses | 1 7 | 138,941 | 24,555 |
| - Adjustments related to tax expense / (income) | 1 8 | (47,994) | 202,747 |
| - Deferred finance income from forward purchases and sales, net | (78,229) | (850,562) | |
| - Adjustments related to unrealised foreign currency translation differences | 4,284 | 642,826 | |
| - Adjustments related to monetary (gain)/loss | 1,357,006 | 4,019,800 | |
| Changes in working capital | 3,993,487 | (10,137,071) | |
| - Adjustments related to decrease / ( increase) in inventories | (1,765,615) | (1,338,259) | |
| - Decrease / (increase) in trade receivables from third parties | (1,155,222) | (1,626,537) | |
| - Decrease / (increase) in trade receivables from related parties | 1,292,394 | (3,617,091) | |
| - Decrease / (increase) in other receivables from operating activities | (20,998) | 6,001 | |
| - Increase / (decrease) in trade payables to third parties | 2,354,407 | 1,473,818 | |
| - Increase / (decrease) in trade payables to related parties | 4,421,535 | (309,373) | |
| - Adjustments related to increase in liabilities arising from customer contracts | 2,503 | (16,904) | |
| - Decrease / (increase) in receivables from finance sector operations | (1,300,359) | (5,201,940) | |
| - (Increase)/decrease in prepaid expenses | (211,261) | 1,135,850 | |
| - Increase / (decrease) in deferred income | 158,302 | 135,972 | |
| - (Decrease) in government incentives and aid | - | (11,008) | |
| - Decrease / (increase) in other operating assets | 79,584 | (328,930) | |
| - Increase in other operating liabilities | 138,217 | (438,670) | |
| Cash flows generated from operations | 5,556,827 | (1,201,009) | |
| - Tax payments | (117,102) | (421,534) | |
| - Employment termination benefits paid | (8,954) | (72,619) | |
| - Other cash outflows | (352,345) | (250,699) | |
| B. Cash flows generated from investing activities | (737,604) | (2,196,745) | |
| - Cash outflows from purchase of property, plant and equipment | 9, 10 | (1,487,921) | (304,557) |
| - Cash inflows from sale of property, plant and equipment | 464,389 | - | |
| - Change in cash advance given | 276,206 | (1,901,695) | |
| - Decrease / (increase) in financial investments | 9,722 | 9,507 | |
| C. Cash flows from financing activities | 2,189,797 | 8,445,478 | |
| - Cash inflows from borrowing | 4 | 2,425,461 | 7,455,150 |
| - Cash outflows related to debt payments | 4 | (1,997,120) | (1,276,977) |
| - Cash outflows related to debt payments arising from lease agreements | 4 | (1,203) | (16,552) |
| - Interest paid | (94,975) | (23,279) | |
| - Other cash inflows / outflows (Blocked deposit change) - Interest received |
72,441 1,785,193 |
(161,232) 2,468,368 |
|
| D. Effect of foreign currency translation differences on cash and cash equivalents | 293,703 | 511,945 | |
| Net Increase/Decrease in Cash and Cash Equivalents | 6,824,322 | 4,814,817 | |
| E. Cash and Cash Equivalents at the Beginning of the Period | 20,780,152 | 38,456,602 | |
| F. Inflation Effect on Cash and Cash Equivalents | (1,983,957) | (5,162,472) | |
| Cash and Cash Equivalents at the End of the Period | 3 | 25,620,517 | 38,108,947 |
for the interim period ended 31 March 2025
(Amounts are expressed in thousands of TL based on the purchasing power of Turkish Lira ("TL") as of 31 March 2025, unless otherwise stated.)
Tofaş Türk Otomobil Fabrikası A.Ş. (the "Company" or "Tofaş") was established in 1968 as a Turkish-Italian cooperation venture. The core business of the Company is manufacturing. exporting and selling passenger cars and light commercial vehicles. Tofaş, which is a joint venture of Koç Holding A.Ş. ("Koç Holding") and FCA Italy S.p.A (Stellantis), also produces various automotive spare parts used in its automobiles. The Company's head office is located at Büyükdere Cad. No: 145 Zincirlikuyu Şişli, İstanbul. The manufacturing facilities are located at Bursa. Tofaş is registered with the Capital Markets Board ("CMB") and listed on the Istanbul Stock Exchange ("ISE") in 1991 and its shares are currently traded on the Borsa Istanbul A.Ş. ("BIST").
Fiat Chrysler Automobiles signed a merger agreement with the PSA Group at the end of 2019, in which both companies will have a 50% share. Stellantis N.V. was established by merger in January 2021.
Framework Agreement on Fundamental Principles regarding commercial activities between Stellantis Group and the Company, acquisition of the shares of Stellantis Otomotiv Pazarlama A.Ş. and The Company's cooperation and partnership relations with Stellantis Group and Koç Group has been signed on 2023. Detailed explanations regarding developments after this date are provided in Note 24.
The Company conducts a significant portion of its business activities with Koç Holding and Stellantis Group Companies (Note 20).
The Company's subsidiaries as of 31 March 2025 and 2024 which are subject to consolidation are as follows:
| Rate of ownership of the Company (%) |
|||
|---|---|---|---|
| Company | Field of activity | 2025 | 2024 |
| Koç Fiat Kredi Finansman A.Ş. ("KFK") | Consumer financing | 100 | 100 |
| Fer Mas Oto Ticaret A.Ş. | Trading o f automobile and spare parts |
100 | 100 |
| Koç Fiat Sigorta Aracılık Hizmetleri A.Ş. | Insurance services | 100 | 100 |
For the purpose of interim consolidated financial statements, Tofaş and its consolidated subsidiaries are referred to as the "Group".
The number of personnel employed during the period by categories of the Group is as follows:
| Average | End of Period | |||
|---|---|---|---|---|
| 31 March 2025 | 31 March 2024 | 31 March 2025 | 31 December 2024 | |
| Hourly-rated | 2,993 | 4,312 | 2,988 | 2,996 |
| Monthly-rated | 1,530 | 1,637 | 1,524 | 1,506 |
| Total | 4,523 | 5,949 | 4,512 | 4,502 |
The accompanying consolidated financial statements are prepared 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 13 June 2013. The accompanying financial statements are prepared based on the Turkish Financial Reporting Standards ("TFRS") that have been put into effect by the Public Oversight Accounting and Auditing Standards Authority ("POA") under Article 5 of the Communiqué. In addition, it is also presented in accordance with the TAS taxonomy published by POA on 4 October 2022.
for the interim period ended 31 March 2025
(Amounts are expressed in thousands of TL based on the purchasing power of Turkish Lira ("TL") as of 31 March 2025, unless otherwise stated.)
The Company and Subsidiaries in Turkey maintain their books of accounts and prepare their statutory financial statements in accordance with the Turkish Commercial Code ("TCC"), tax legislation, the Uniform Chart of Accounts issued by the Ministry of Finance and principles issued by CMB. These consolidated financial statements are based on the statutory records, which are maintained under historical cost conversion, with the required adjustments and reclassifications reflected for the purpose of fair presentation in accordance with the TFRS.
With the announcement made by the Public Oversight Accounting and Auditing Standards Authority (POA) on 23 November 2023, entities that apply TFRSs have started to apply inflation accounting in accordance with TAS 29 Financial Reporting in Hyperinflationary Economies for the financial statements for the annual reporting period ending on or after 31 December 2023. In accordance with the CMB's decision dated 28 December 2023 and numbered 81/1820, issuers and capital market institutions subject to financial reporting regulations applying Turkish Accounting/Financial Reporting Standards are required to apply inflation accounting by applying the provisions of TAS 29 to their annual financial statements for the accounting periods ending on 31 December 2023.
TAS 29 is applied to the financial statements, including the consolidated financial statements, of entities whose functional currency is the currency of a hyperinflationary economy. In accordance with the standard, financial statements prepared in the currency of a hyperinflationary economy are stated in terms of the purchasing power of that currency at the balance sheet date. In the prior period financial statements, comparative information is expressed in terms of the measuring unit current at the end of the reporting period. Therefore, the Group has presented the consolidated financial statements as of 31 March 2024 and 31 December 2024 on the basis of purchasing power as of 31 March 2025.
The restatement in accordance with TAS 29 has been made by using the adjustment factor derived from the Consumer Price Index ("CPI") in Turkey published by the Turkish Statistical Institute ("TURKSTAT"). As of 31 March 2025, the indices and adjustment factors used in the restatement of the consolidated financial statements are as follows:
| Date | Index | Adjustment Coefficient | Three-year cumulative inflation rates |
|---|---|---|---|
| 31.03.2025 | 2,954.69 | 1.00000 | 250% |
| 31.12.2024 | 2,684.55 | 1.10063 | 291% |
| 31.03.2024 | 2,139.47 | 1.38104 | 309% |
The financial statements of the Group include comparative financial information to enable the determination of the financial position and performance trends. In order to comply with the presentation of the current period financial statements, comparative information is reclassed, and significant changes are disclosed if necessary.
The Group's functional and reporting currency is Turkish Lira ("TRY"). Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Assets and liabilities in foreign currencies are translated at the exchange rate prevailing at the balance sheet date. Foreign exchange gains and losses from the translation of monetary assets and liabilities denominated in foreign currencies are recognized in the statement of profit or loss.
for the interim period ended 31 March 2025
(Amounts are expressed in thousands of TL based on the purchasing power of Turkish Lira ("TL") as of 31 March 2025, unless otherwise stated.)
Subsidiaries are entities on which the Group has control. The Group controls an entity when the group is exposed to. or has rights to. variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are consolidated from the date on which the control is transferred to the Group and are no longer consolidated from the date that control ceases. All gains and losses, inter-group transactions. balances and unrealized gains on transactions between Group companies are eliminated. When necessary, amounts reported by subsidiaries have been adjusted to conform to the Group's accounting policies.
In the preparation of the consolidated financial statements, the Group management must make assumptions and estimates that will affect the assets and liabilities reported as of the balance sheet date and determine the liabilities and commitments likely to occur as of the balance sheet date and the income and expense amounts as of the reporting period. Actual results may differ from the assumptions. Estimates are regularly reviewed, necessary adjustments are made and reflected in the profit or loss statement of the period they occur.
Comments that may have significant impact on the amounts reflected in the consolidated financial statements and the significant assumptions and evaluations made by taking into consideration the main sources of the estimates that occurred or may occur in the balance sheet date are as follows:
h) The Group capitalizes ongoing development expenditures and assesses annually whether there is any impairment on these capitalized assets. As at 31 March 2025 and 31 December 2024, no impairment has been identified for capitalized development expenditures.
a) Amendments that are mandatorily effective from 2025
Amendments to TAS 21 Lack of Exchangeability
The amendments contain guidance to specify when a currency is exchangeable and how to determine the exchange rate when it is not. Amendments are effective from annual reporting periods beginning on or after 1 January 2025.
b) The Group evaluates the effects of these standards, amendments and improvements on the consolidated financial statements. New and revised TFRSs in issue but not yet effective
The Group has not yet adopted the following standards and amendments and interpretations to the existing standards:
TFRS 17 Insurance Contracts Amendments to TFRS 17 Initial Application of TFRS 17 and TFRS 9 — Comparative Information
TFRS 17 requires insurance liabilities to be measured at a current fulfillment value and provides a more uniform measurement and presentation approach for all insurance contracts. These requirements are designed to achieve the goal of a consistent, principle-based accounting for insurance contracts. TFRS 17 has been deferred for insurance, reinsurance and pension companies for a further year and will replace TFRS 4 Insurance Contracts on 1 January 2026.
Amendments have been made in TFRS 17 in order to reduce the implementation costs, to explain the results and to facilitate the initial application.
The amendment permits entities that first apply TFRS 17 and TFRS 9 at the same time to present comparative information about a financial asset as if the classification and measurement requirements of TFRS 9 had been applied to that financial asset before. Amendments are effective with the first application of TFRS 17.
for the interim period ended 31 March 2025
(Amounts are expressed in thousands of TL based on the purchasing power of Turkish Lira ("TL") as of 31 March 2025, unless otherwise stated.)
Interim condensed consolidated financial statements for the period ending 31 March 2025 have been prepared in accordance with TAS 34 standard for the preparation of interim financial statements of TMS/TFRS.
The accounting policies used in the preparation of these condensed interim consolidated financial statements as of and for the period ended 31 March 2025 are consistent with those used in the preparation of annual consolidated financial statements as of and for the year ended 31 December 2024. Accordingly, these condensed interim consolidated financial statements should be read in conjunction with the annual consolidated financial statements as of and for the year ended 31 December 2024.
The accounting policy changes arising from the first-time adoption of a new standard are applied retrospectively or prospectively in accordance with the transitional provisions, if any. Changes with no transition provisions, significant voluntary changes in accounting policy or accounting errors detected are applied retrospectively and prior period financial statements are restated. If changes in accounting estimates are related to only one period, they are recognized in the period when changes are applied; if changes in estimates are related to future periods, they are recognized both in the period where the change is applied and future periods prospectively.
(Amounts are expressed in thousands of TL based on the purchasing power of Turkish Lira ("TL") as of 31 March 2025, unless otherwise stated.)
| 31 March 2025 | 31 December 2024 | |
|---|---|---|
| Cash at banks | ||
| -Demand deposits | 20,125,006 | 20,409,179 |
| -Time deposits | 5,569,778 | 387,098 |
| -Demand blocked deposit | 830,940 | 903,478 |
| -Time blocked deposit | 119 | 2 2 |
| 26,525,843 | 21,699,777 |
The breakdown of time deposits as of 31 March 2025 and 31 December 2024 is as follows:
| 31 March 2025 | 31 December 2024 | |||
|---|---|---|---|---|
| Annual interest | Annual interest | |||
| Amount | rate (%) | Amount | rate (%) | |
| EUR | 5,190,391 | %0,4-%4,00 | 6,849,515 | %0,4-%1,25 |
| TL | 14,934,615 | %35,00-%47,25 | 13,559,664 | %46,5-%48,75 |
| 20,125,006 | 20,409,179 |
As of 31 March 2025, the maturities of time deposits vary between 5 and 34 days (31 December 2024: 2 days).
As at 31 March 2025, time and demand deposits amounting to TL 4,091,035 (31 December 2024: 2,005,781) are held at the bank which is a related party (Note 20).
As of 31 March 2025 and 2024, the reserves of cash and cash equivalent in cash flow statement:
| 31 March 2025 | 31 March 2024 | |
|---|---|---|
| Cash on hand and banks | 26,525,843 | 38,977,875 |
| Less: interest accruals | (74,267) | (1,653) |
| Less: blocked deposits | (831,059) | (867,275) |
| 25,620,517 | 38,108,947 |
As of 31 March 2025, there are blocked deposits amounting to TL 831,059 (31 December 2024: 903,500 TL). TL 830,940 of this amount consists of the reserve requirement of the Central Bank of the Republic of Turkey (31 December 2024: TL 903,478).
for the interim period ended 31 March 2025
(Amounts are expressed in thousands of TL based on the purchasing power of Turkish Lira ("TL") as of 31 March 2025, unless otherwise stated.)
| 31 March 2025 | 31 December 2024 | |||||
|---|---|---|---|---|---|---|
| Foreign currency | TL | Annual interest Foreign currency | TL | Annual interest | ||
| amount (thousand) | equivalent | rate (%) | amount (thousand) | equivalent | rate (%) | |
| TL loans (*) | - | 8,105,585 | 45,23-74,34 | - | 8,204,663 | 45,72-74,34 |
| EUR loans | 47,551 | 1,935,421 | 3,26 -6,8 | 34,718 | 1,404,027 | 3,26 -6,8 |
| Bonds issued (1,2,3,4,5,6) | - | 1,981,232 | 43,50-54,37 | - | 2,409,843 | 35,98-54,37 |
| Short-term portions of long term lease liabilities |
- | 31,582 | - | - | 19,150 | - |
| 47,551 | 12,053,820 | 34,718 | 12,037,683 |
| 31 March 2025 | 31 December 2024 | |||||
|---|---|---|---|---|---|---|
| Foreign currency | TL | Annual interest Foreign currency | TL | Annual interest | ||
| amount (thousand) | equivalent | rate (%) | amount (thousand) | equivalent | rate (%) | |
| EUR loans TL loans (*) |
242,299 - |
9,862,011 7,013,451 |
3,26 -6,8 45,23-74,34 |
249,928 - |
10,107,167 7,743,405 |
3,26 -6,8 45,72-74,34 |
| Bonds issued (1,2,3,4,5,6) | - | 722,198 | 39,00-52,85 | - | 797,666 | 39,00-52,85 |
| Long-term lease liabilities | - | 5,736 | - | - | 22,645 | - |
| 242,299 | 17,603,396 | 249,928 | 18,670,883 |
(*) The whole short-term and long-term bank borrowings amounting to TL 15,119,036 (31 December 2024: TL 15,948,068) which are denominated in TL comprise bank borrowings obtained by KFK, consolidated subsidiary, to finance consumer financing loans as of 31 March 2025.
As at 31 March 2025, the interest rate on TL loans is fixed and the interest rate on EUR loans is variable.
As of 31 March 2025, TL 1,458,524 (31 December 2024: TL : 1,415,349) of short-term and long-term financial liabilities are obtained through banks which are related parties of the Group (Note 20).
The redemption schedule of the long-term bank borrowings and bonds as of 31 March 2025 and 31 December 2024 is as follows:
| 31 March 2025 | 31 December 2024 | |
|---|---|---|
| Between 1-2 years | 9,141,036 | 9,761,477 |
| Between 2-3 years | 1,405,122 | 1,956,049 |
| Between 3-4 years | 1,405,386 | 1,385,735 |
| Between 4-5 years | 1,405,386 | 1,386,026 |
| More than 5 years | 4,240,730 | 4,158,951 |
| 17,597,660 | 18,648,238 | |
| The movement of financial liabilities as of 31 March 2025 and 31 March 2024 is as follows: | ||
| 2025 | 2024 | |
| 1 January | 30,708,566 | 18,799,983 |
| Effect of cash flows, net | 428,341 | 6,178,173 |
| Unrealized foreign exchange differences | 1,327,588 | 196,576 |
| Cash flows on payments arising from TFRS 16 lease agreements | (1,203) | (16,552) |
| Change in accrual of interest | 43,966 | 1,276 |
| Inflation Effect | (2,850,042) | (2,680,221) |
| 29,657,216 | 22,479,235 |
(Amounts are expressed in thousands of TL based on the purchasing power of Turkish Lira ("TL") as of 31 March 2025, unless otherwise stated.)
| 31 March 2025 | 31 December 2024 |
|---|---|
| 9,870,404 | |
| 19,545 | |
| (16,118) | (17,740) |
| (209,177) | |
| 9,663,032 | |
| 10,149,995 17,758 (108,424) 10,043,211 |
The movement of provision for doubtful receivables is as follows:
| 31 March 2025 | 31 March 2024 | |
|---|---|---|
| 1 January | 17,740 | 19,524 |
| Change during the period, net | - | 4,631 |
| Inflation Effect | (1,622) | (1,895) |
| 16,118 | 22,260 |
As of 31 March 2025, the Group has letters of guarantee amounting to TL 449,108 guarantee cheques amounting to TL 2,224, mortgages amounting to TL 1,832, direct borrowing system limit (payment guarantee limit granted by the bank to its customer according to the transaction volume) amounting to TL 6,488,381. (31 December 2024: Letter of guarantee amounting to TL 514,568, guarantee cheques amounting to TL 2,248 mortgage amounting to TL 2,072, direct borrowing system limit amounting to TL 5,419,836).
| 31 March 2025 | 31 December 2024 | |
|---|---|---|
| Trade payables Less: unrealised finance expense on credit purchases |
9,866,253 (30,195) |
8,270,110 (35,598) |
| 9,836,058 | 8,234,512 |
(Amounts are expressed in thousands of TL based on the purchasing power of Turkish Lira ("TL") as of 31 March 2025, unless otherwise stated.)
| 31 March 2025 | 31 December 2024 | |
|---|---|---|
| Dividend payables to shareholders | 6,000,000 | - |
| Taxes and payables | 57,832 | 93,311 |
| Other | 10,963 | 11,777 |
| 6,068,795 | 105,088 |
| 31 March 2025 31 December 2024 | ||
|---|---|---|
| Short-term consumer finance loans | 13,031,595 | 13,386,853 |
| Doubtful loans | 432,608 | 411,727 |
| 13,464,203 | 13,798,580 | |
| Special provisions | (166,913) | (176,297) |
| General provisions | (149,330) | (118,199) |
| 13,147,960 | 13,504,084 | |
| Long-term consumer finance loans | 5,006,277 | 5,124,467 |
| General provisions | (60,099) | (48,085) |
| 4,946,178 | 5,076,382 |
As of 31 March 2025, interest rates on loans to consumers are fixed and range between 0.01% - 8.96% (31 December 2024: 0.01% - 8.96%) per month for TL loans.
The maturities of long-term consumer financing loans are as follows:
| 31 March 2025 | 31 December 2024 | |
|---|---|---|
| Between 1-2 years | 3,992,514 | 4,118,739 |
| Between 2-3 years | 915,383 | 957,643 |
| Between 3-4 years | 38,281 | - |
| 4,946,178 | 5,076,382 |
for the interim period ended 31 March 2025
(Amounts are expressed in thousands of TL based on the purchasing power of Turkish Lira ("TL") as of 31 March 2025, unless otherwise stated.)
Movements in the allowance for loan impairment are as follows:
| 31 March 2025 | 31 March 2024 | |
|---|---|---|
| 1 January | 176,961 | 188,879 |
| Provision allocated during the period | 87,921 | 61,607 |
| Collected during the year (-) | (21,267) | (1,648) |
| Inflation Effect | 132,727 | (26,792) |
| Total | 376,342 | 222,046 |
The Group has obtained pledge rights as a guarantee for its consumer financing loans. up to total amount of receivables. depending on the agreement between the Group and the consumers. As of 31 March 2025, the fair value of guarantees obtained for the consumer loans amounting to TL 24,559,856 (31 December 2024: TL 25,796,443). Furthermore, the Group obtains mortgage guarantees where necessary. The Group has mortgage guarantee on vehicles for all consumer financing loans that Group booked special provision amounting to TL 240,203 (31 December 2024: TL 218,976) as of 31 March 2025.
| 31 March 2025 | 31 December 2024 | |
|---|---|---|
| Raw materials | 4,175,135 | 2,491,096 |
| Work-in-progress | 429,778 | 2,304,324 |
| Goods | 542,727 | 535,822 |
| Imported vehicles | 1,857,191 | 1,970,212 |
| Spare parts | 1,139,795 | 1,085,672 |
| Goods in transit | 3,542,522 | 1,481,599 |
| Provision for inventory impairment (-) | (380,068) | (291,925) |
| 11,307,080 | 9,576,800 |
Movements in the provision for impairment on inventory are as follows:
| 31 March 2025 | 31 March 2024 | |
|---|---|---|
| 1 January | 291,924 | 208,851 |
| Movements during the period, net | 88,144 | 83,310 |
| 380,068 | 292,161 |
Notes to the condensed consolidated interim financial statements for the interim period ended 31 March 2025 (Amounts are expressed in thousands of TL based on the purchasing power of Turkish Lira ("TL") as of 31 March 2025, unless otherwise stated.)
The movement of property, plant and equipment and the accumulated depreciation for three months period ended 31 March 2025 is as follows:
| Land, | |||||||
|---|---|---|---|---|---|---|---|
| land improvements and buildings |
Machinery and equipments |
Furniture and fixtures |
Vehicles | Leasehold improvements |
Construction in progress |
Total | |
| As of 1 January |
|||||||
| Cost | 10,157,930 | 92,126,985 | 10,577,288 | 1,940,547 | 270,027 | 949,004 | 116,021,781 |
| Accumulated depreciation |
(6,940,817) | (83,011,217) | (9,183,333) | (747,232) | (197,170) | - | (100,079,769) |
| Net book value |
3,217,113 | 9,115,768 | 1,393,955 | 1,193,315 | 72,857 | 949,004 | 15,942,012 |
| 1 January 2025, net book value |
|||||||
| Additions | - | 465 | 283 | - | - | 1,209,703 | 1,210,451 |
| Disposal cost |
- | (9,648) | (40,677) | (360,349) | - | - | (410,674) |
| Depreciation of disposals |
- | 9,648 | 40,533 | 107,256 | - | - | 157,437 |
| Transfers | 3,981 | 555,865 | 89,042 | 75,606 | - | (724,494) | - |
| Depreciation expense |
(44,860) | (630,615) | (106,075) | (81,547) | (2,414) | - | (865,511) |
| 31 March 2025, net book value |
3,176,234 | 9,041,483 | 1,377,061 | 934,281 | 70,443 | 1,434,213 | 16,033,715 |
| As of 1 January |
|||||||
| Cost | 10,161,911 | 92,673,667 | 10,625,936 | 1,655,804 | 270,027 | 1,434,213 | 116,821,558 |
| Accumulated depreciation |
(6,985,677) | (83,632,184) | (9,248,875) | (721,523) | (199,584) | - | (100,787,843) |
| 31 March 2025, net book value |
3,176,234 | 9,041,483 | 1,377,061 | 934,281 | 70,443 | 1,434,213 | 16,033,715 |
As of 31 March 2025, there are no pledges or collaterals on property, plant and equipment (31 March 2024: None).
Notes to the condensed consolidated interim financial statements for the interim period ended 31 March 2025 (Amounts are expressed in thousands of TL based on the purchasing power of Turkish Lira ("TL") as of 31 March 2025, unless otherwise stated.)
The movement of property, plant and equipment and the accumulated depreciation for three months period ended 31 March 2024 is as follows:
| Land, | |||||||
|---|---|---|---|---|---|---|---|
| land | |||||||
| improvements buildings and |
Machinery and equipments |
Furniture and fixtures |
Vehicles | Leasehold improvements |
Construction in progress |
Total | |
| As of 1 January |
|||||||
| Cost | 10,082,770 | 89,790,003 | 10,312,700 | 1,769,769 | 267,301 | 896,816 | 113,119,359 |
| Accumulated depreciation |
(6,769,568) | (82,486,898) | (8,960,337) | (705,461) | (187,834) | - | (99,110,098) |
| Net book value |
3,313,202 | 7,303,105 | 1,352,363 | 1,064,308 | 79,467 | 896,816 | 14,009,261 |
| 1 January 2024, net book value |
|||||||
| Additions | - | 1,280 | 726 | - | - | 530,437 | 532,443 |
| Disposal cost |
(1,508) | (419,785) | (108,253) | (128,620) | - | - | (658,166) |
| Depreciation of disposals |
1,284 | 241,444 | 39,358 | 16,717 | - | - | 298,803 |
| Transfers | 10,639 | 58,817 | 39,670 | 378,519 | - | (487,645) | - |
| Depreciation expense |
(44,045) | (620,390) | (109,464) | (98,171) | (2,429) | - | (874,499) |
| 31 2024, March net book value |
3,279,572 | 6,564,471 | 1,214,400 | 1,232,753 | 77,038 | 939,608 | 13,307,842 |
| As of 31 March |
|||||||
| Cost | 10,091,901 | 89,430,315 | 10,244,843 | 2,019,668 | 267,301 | 939,608 | 112,993,636 |
| Accumulated depreciation |
(6,812,329) | (82,865,844) | (9,030,443) | (786,915) | (190,263) | - | (99,685,794) |
| 31 March 2024, net book value |
3,279,572 | 6,564,471 | 1,214,400 | 1,232,753 | 77,038 | 939,608 | 13,307,842 |
The movement table of intangible assets for the interim periods ending as of 31 March 2025 and 2024 is as follows:
| Licenses and | Other | Total | |
|---|---|---|---|
| development costs | |||
| As of 1 January | |||
| Cost | 59,886,724 | 6,274,818 | 66,161,542 |
| Accumulated amortization | (55,710,596) | (5,869,075) | (61,579,671) |
| Net book value | 4,176,128 | 405,743 | 4,581,871 |
| 1 January 2025, net book value | |||
| Additions | 268,233 | 9,237 | 277,470 |
| Amortization expense | (816,104) | (30,004) | (846,108) |
| 31 March 2025, net book value | 3,628,257 | 384,976 | 4,013,233 |
| As of 31 March | |||
| Cost | 60,154,957 | 6,284,055 | 66,439,012 |
| Accumulated amortization | (56,526,700) | (5,899,079) | (62,425,779) |
| 31 March 2025, net book value | 3,628,257 | 384,976 | 4,013,233 |
| Licenses and | |||
| development costs | Other | Total | |
| As of 1 January | |||
| Cost | 58,469,840 | 6,134,663 | 64,604,503 |
| Accumulated amortization | (52,078,051) | (5,753,589) | (57,831,640) |
| Net book value | 6,391,789 | 381,074 | 6,772,863 |
| 1 January 2024, net book value | |||
| Additions | 139,877 | 13,143 | 153,020 |
| Amortization expense | (1,120,544) | (28,654) | (1,149,198) |
| 31 March 2024, net book value | 5,411,122 | 365,563 | 5,776,685 |
| As of 31 March | |||
| Additions | 58,609,717 | 6,147,806 | 64,757,523 |
| Accumulated amortization | (53,198,595) | (5,782,243) | (58,980,838) |
| 31 March 2024, net book value | 5,411,122 | 365,563 | 5,776,685 |
(*) It consists of development costs made within the scope of increasing the efficiency and quality of automobile production and reducing costs. The aforementioned amount has been capitalized within the scope of TMS 38 and is recognized within intangible assets.
| 31 March 2025 31 December 2024 | ||
|---|---|---|
| Provision for warranty claims | 2,329,064 | 2,460,860 |
| Provision for legal cases | 97,479 | 107,288 |
| Other | 275,395 | 264,881 |
| 2,701,938 | 2,833,029 |
Movement table of the warranty provision is as follows:
| 31 March 2025 | 31 March 2024 | |
|---|---|---|
| 1 January | 2,460,860 | 2,766,303 |
| Paid during the period | (352,345) | (250,699) |
| Increase during the year (Note:15) | 447,803 | 578,285 |
| Inflation Effect | (227,254) | (376,925) |
| 2,329,064 | 2,716,964 |
Movement table of the provision for litigation is as follows:
| 31 March 2025 | 31 March 2024 | |
|---|---|---|
| 1 January | 107,288 | 27,832 |
| Inflation Effect | (9,809) | (3,644) |
| 97,479 | 24,188 |
As of 31 March 2025, the total amount of outstanding legal claims brought against the Group is TL 31,027 (31 December 2024: TL 34,149). The Group has reflected a reserve amounting to TL 97,479 (31 December 2024: TL 107,288) in the financial statements.
As at 31 March 2025 and 31 December 2024, guarantees, pledges, mortgages and sureties ("GPMs") given by the Group are as follows in original currencies:
| 31 March 2025 | 31 December 2024 | |||||
|---|---|---|---|---|---|---|
| TL | TL | |||||
| Equivalent | EUR | TL Equivalent | EUR | TL | ||
| A. Total Amount of CPM Given for Its Own Legal Entity B. Total Amount of CPM Given on Behalf of the Fully Consolidated Entities |
524,434 - |
2,000 - |
443,030 - |
740,059 - |
2,000 - |
659,178 - |
| C. Total Amount of CPM Given on Behalf of Third Parties Debts for Continuation of - | - | - | - | - | - | |
| Their Economic Activities D. Total Other CPM Given i. Total CPM Given on Behalf of the Parent Company B ve C maddeleri kapsamına |
- - - - - |
- - - - - |
- - - - - |
- - - - - |
- - - - - |
- - - - - |
| ii. Total CPM Given on Behalf of Other Group Companies which are not included in the Scope of Items B and C | - | - | - | - | - | - |
| iii. Total CPM Given on Behalf of Third Parties which are not included in the Scope of Items C |
- - |
- - |
- - |
- - |
- - |
- - |
| Total | 671,213 | 2,000 | 443,030 | 740,059 | 2,000 | 659,178 |
As of 31 March 2025 and 31 December 2024, the ratio of other GPMs given by the Group to the Group's equity is zero.
Within the scope of the export incentive certificate dated 04 March 2021 and numbered 2021/D1-01051, which provides an export commitment of full 3,288,142,000 USD to be realized until 30 April 2024, full 2,918,148,554 USD has been exported. Within the scope of the export incentive certificate, which provides an import commitment of full 1,950,184,800 USD, full 1,491,043,569 USD has been imported.
Within the scope of the export incentive certificate dated 21 February 2023 and numbered 2023/D1-01035, which provides an export commitment of full 2,070,948,000 USD to be realized by 05April 2025, full 852.579.230 USD has been exported. Within the scope of the export incentive certificate, which provides an import commitment of full 955,230,840 USD, full 289,331,265 USD has been imported.
Within the scope of the export incentive certificate dated 22 November 2024 and numbered 2024/D1-06175, which provides an export commitment of full 1,748,667,200 USD to be realized by 22 November 2025, full 5,013,410 USD of export has been realized. Within the scope of the export incentive certificate, which provides an import commitment of full 1,127,480,951 USD, full 15,513,325 USD has been imported.
for the interim period ended 31 March 2025
(Amounts are expressed in thousands of TL based on the purchasing power of Turkish Lira ("TL") as of 31 March 2025, unless otherwise stated.)
| 31 March 2025 | 31 December 2024 | |
|---|---|---|
| Order advances given | 100,438 | 39,260 |
| Prepaid insurance and dealer expenses | 364,345 | 209,654 |
| 464,783 | 248,914 |
As of 31 March 2025, long term prepaid expenses amounting to TL 1,698,914 (31 December 2024: TL 1,979,728) consist of advances given for the purchase of property, plant and equipment amounting to TL 1,688,382 (31 December 2024: TL 1,964,588).
Registered capital ceiling of the Company is 2,500,000,000 (exact TL). The Company's historical authorized and issued share capital as of 31 March 2025 and 31 December 2024 is KTL 500,000,000 (exact TL) and consists of 50 billion shares with TL 0.01 (exact TL) par value each. As of 31 March 2025 and 31 December 2024, the breakdown of issued share capital of the Company is as follows:
| 31 March 2025 | 31 December 2024 | |||||
|---|---|---|---|---|---|---|
| Amount | Amount | |||||
| Share Group | (historical) | Amount (%) | (historical) Amount (%) | |||
| Stellantis Europe SPA | D | 189,280 | 37.856 | 189,280 | 37.856 | |
| Koç Holding A.Ş. | A | 188,115 | 37.623 | 188,115 | 37.623 | |
| Koç Topluluğu Companies ve Koç Family | A | 1,166 | 0.233 | 1,166 | 0.233 | |
| Other, including publicly traded shares | E | 121,439 | 24.288 | 121,439 | 24.288 | |
| Total | 500,000 | 100.000 | 500,000 | 100.000 |
Half of the Board of Directors' ("BoD") members are required to be elected from the nominees of A group shareholders, while the remaining half is to be nominated by D group shareholders. The General Assembly is authorized for determining the number and election of BoD members. At least one nominee from both A and D type of shareholders have to fulfill the requirements of an independent member as prescribed by the CMB legislation.
The historical values and inflation adjustment effects of the following equity accounts under the Company's balance sheet, in accordance with IFRS and Tax Law financial statements, as of March 31, 2025, are as follows:
| Inflation | Indexed | ||
|---|---|---|---|
| 31 March 2025 (IFRS) | Historical Value | adjustment effect | value |
| Capital | 500,000 | 21,479,462 | 21,979,462 |
| Restricted reserves appropriated from profit | 2,608,081 | 3,531,469 | 6,139,550 |
| Inflation | Indexed | ||
|---|---|---|---|
| 31 March 2025 (TAS) | Historical Value | adjustment effect | value |
| Capital | 500,000 | 15,621,312 | 16,121,312 |
| Restricted reserves appropriated from profit | 2,608,081 | 3,777,458 | 6,385,539 |
| 1 January - | 1 January - | ||
|---|---|---|---|
| 31 March 2025 | 31 March 2024 | ||
| Domestic sales | 19,174,787 | 32,851,791 | |
| Foreign sales | 4,066,080 | 11,323,151 | |
| Other | 963,175 | 2,310,056 | |
| Total | 24,204,042 | 46,484,998 |
The amount of sales discounts is TL 2,057,825 (31 March 2024: TL 2,805,175).
| Production | Sales | |||
|---|---|---|---|---|
| March 2025 | March 2024 | March 2025 | March 2024 | |
| Manufactured vehicles | ||||
| Egea | 11,352 | 25,300 | 11,118 | 22,624 |
| K0 Scudo | 8,358 | - | 8,046 | - |
| Egea Hatchback | 6,945 | 11,229 | 6,821 | 10,084 |
| Egea Stationwagon | - | 1,737 | - | 1,733 |
| MCV | - | 17,592 | 4 | 17,674 |
| Yeni Doblo | - | - | - | 1 |
| Total | 26,655 | 55,858 | 25,989 | 52,116 |
| Import | ||||
|---|---|---|---|---|
| March 2025 | March 2024 | March 2025 | March 2024 | |
| Imported vehicles | ||||
| Doblo | 4,284 | 3,094 | 3,866 | 2,942 |
| Ducato | 2,120 | 1,698 | 2,056 | 1,928 |
| Jeep | 360 | 820 | 525 | 1,037 |
| Alfa Romeo | 237 | 157 | 259 | 271 |
| Scudo | 132 | 333 | 129 | 269 |
| Fiat 600 | 75 | 2 | 2 | 2 |
| Transit | 6 | - | 6 | - |
| Ferrari | 4 | 8 | 4 | 7 |
| Maserati | 1 | 105 | 1 1 | 7 1 |
| Fiat Topolino | - | 132 | 6 8 | 4 5 |
| Ulysse | - | 263 | 1 | 194 |
| Panda Futura | - | 91 | - | 7 1 |
| Fiat 500 | - | 47 | 7 8 | 106 |
| Total | 7,219 | 6,750 | 7,005 | 6,943 |
| 1 January - | 1 January - | |
|---|---|---|
| 31 March 2025 | 31 March 2024 | |
| Direct material expenses | (12,192,519) | (25,971,697) |
| Depreciation and amortization expense | (1,409,737) | (1,645,326) |
| Direct labor expense | (354,851) | (606,180) |
| Other production expenses | (791,764) | (1,000,376) |
| Total cost of production | (14,748,871) | (29,223,579) |
| Change in work-in-process | (6,558,717) | (1,941,589) |
| Change in goods | (1,874,546) | 1,755,431 |
| Cost of merchandise sold | 6,905 | (9,981,100) |
| Cost of other sales | (111) | (68) |
| Total | (23,175,340) | (39,390,905) |
(Amounts are expressed in thousands of TL based on the purchasing power of Turkish Lira ("TL") as of 31 March 2025, unless otherwise stated.)
| 1 January - | 1 January - | |
|---|---|---|
| 31 March 2025 | 31 March 2024 | |
| Marketing expenses | (1,174,527) | (1,522,856) |
| General administrative expenses | (889,338) | (1,182,619) |
| Research and development expenses | (394,622) | (579,464) |
| 1 January - | 1 January - | |
|---|---|---|
| 31 March 2025 | 31 March 2024 | |
| Warranty expenses (Note 11) | (447,803) | (578,285) |
| Transportation and insurance expenses | (306,727) | (441,089) |
| Personnel expenses | (247,073) | (280,658) |
| Advertisement expenses | (74,800) | (89,353) |
| Depreciation and amortization expenses | (10,410) | (13,404) |
| Travel expenses | (9,436) | (9,813) |
| Other | (78,278) | (110,254) |
| Total | (1,174,527) | (1,522,856) |
| 1 January - | 1 January - | ||
|---|---|---|---|
| 31 March 2025 | 31 March 2024 | ||
| Personnel expenses | (364,242) | (474,383) | |
| Depreciation and amortization expenses | (226,964) | (327,649) | |
| Outsourced expenses | (69,837) | (80,477) | |
| Maintenance and repair expenses | (31,205) | (89,129) | |
| Insurance expenses | (31,466) | (52,243) | |
| Taxes, duties and charges | (20,589) | (29,527) | |
| Travel expenses | (7,807) | (11,460) | |
| Other | (137,228) | (117,751) | |
| Total | (889,338) | (1,182,619) |
| 1 January - | 1 January - | ||
|---|---|---|---|
| 31 March 2025 | 31 March 2024 | ||
| Personnel expenses | (303,233) | (391,552) | |
| Outsourced R&D expenses | (29,077) | (86,476) | |
| Depreciation and amortization expenses | (11,700) | (26,295) | |
| Prototype Expenses | (9,706) | (7,304) | |
| Transport and travel expenses | (4,178) | (13,947) | |
| Energy expenses | (2,387) | (4,009) | |
| Other | (34,341) | (49,881) | |
| Total | (394,622) | (579,464) |
for the interim period ended 31 March 2025
(Amounts are expressed in thousands of TL based on the purchasing power of Turkish Lira ("TL") as of 31 March 2025, unless otherwise stated.)
| 1 January - | 1 January - | |
|---|---|---|
| 31 March 2025 | 31 March 2024 | |
| Foreign exchange income from operating activities | 1,919,709 | 734,366 |
| Maturity difference income from operating activities | 583,540 | 1,523,940 |
| Other | 24,939 | 274,486 |
| Total | 2,528,188 | 2,532,792 |
| 1 January - | 1 January - | |
| 31 March 2025 | 31 March 2024 | |
| Foreign exchange expenses from operating activities | (1,834,694) | (1,294,841) |
| Maturity difference expenses from operating activities | (177,924) | (673,378) |
| Other | (430,455) | (264,674) |
| Total | (2,443,073) | (2,232,893) |
| 1 January - | 1 January - | |
|---|---|---|
| 31 March 2025 | 31 March 2024 | |
| Foreign exchange income | 971,141 | 1,371,628 |
| Interest income | 1,843,335 | 2,199,077 |
| Total finance income | 2,814,476 | 3,570,705 |
| 1 January - | 1 January - | |
| 31 March 2025 | 31 March 2024 | |
| Foreign exchange expenses | (864,062) | (1,211,357) |
| Interest expense | (138,941) | (24,555) |
| Other | (604) | (1,076) |
| Total finance expenses | (1,003,607) | (1,236,988) |
| Finance income, net | 1,810,869 | 2,333,717 |
.
Tax expense includes current tax expense and deferred tax expense. Tax is included in the income statement, provided that it is not directly related to a transaction accounted for under equity. Otherwise, the tax is accounted for under the equity, together with the related transaction.
Current tax expense is calculated by taking into account the tax legislation, in force as of the financial statement date, in respective countries where the investments of the subsidiaries and investments accounted for by the equity method are active. According to Turkish tax legislation, all legal or business centers and institutions in Turkey, are subject to Corporate Income Tax.
In the Turkish taxation system, financial losses may be offset against taxable profits for up to next five years while may not be offset (retrospectively) from previous years' earnings
In addition, to be deducted from the corporate tax, a provisional tax of 25% is paid over the tax bases declared in the interim periods during the year in 2025 (31 December 2024: 25%).
As of 31 March 2025 and 31 December 2024, tax provision has been made in accordance with the applicable tax legislation.
The Company recognizes deferred tax based upon temporary differences arising between its financial statements and its statutory tax financial statements by using liability method. In the calculation of deferred tax, the tax rates valid as of the date of the statement of financial position are used in accordance with the current tax legislation.
As of 31 March 2025, a tax rate of 25% (31 December 2024: 25%) has been used in the deferred tax calculation.
While deferred tax liability is calculated for all taxable temporary differences, deferred tax assets consisting of deductible temporary differences are calculated provided that it is highly probable to benefit from these differences by generating taxable profit in the future.
Provided that they are subject to the tax legislation of the same country and there is a legally enforceable right to set off current tax assets from current tax liabilities, deferred tax assets and liabilities are mutually offset.
The Company and its subsidiaries established in Turkey and other countries in the scope of consolidation, associates, and joint ventures are subject to the tax legislation and practices in force in the countries they are operating.
The corporate tax rate in Turkey is 25%. (However, in accordance with the articles added to the Corporate Tax Law, the corporate tax rate of 20% has been applied as 25% for corporate earnings for the taxation period of 2024). The corporate tax rate is applied to the net corporate income calculated as a result of adding nondeductible expenses in accordance with the tax laws to the trade income of the corporations and deducting the exceptions and deductions in the tax laws. Corporate tax is declared until the evening of the thirtieth day of the fourth month following the end of the relevant year and is paid in a single installment until the end of the relevant month.
Companies calculate a provisional tax of 25% on their quarterly financial profits and declare it by the 17th day of the second month following that period and pay it by the evening of the seventeenth day. The temporary tax paid during the year belongs to that year and is deducted from the corporate tax to be calculated over the corporate tax return to be submitted in the following year. If the amount of temporary tax paid remains despite the deduction, this amount can be refunded in cash or set off against any other financial liabilities to the government.
Corporate tax losses can be carried forward for a maximum period of 5 years following the year in which the losses were incurred. The tax authorities can inspect tax returns and the related accounting records for a retrospective maximum period of five years.
10% withholding applies to dividends distributed by resident real persons, those who are not liable to income and corporation tax, non-resident real persons, non-resident corporations and non-resident corporations exempted from income and corporation tax. Dividend distribution by resident corporations to resident corporations is not subject to a withholding tax. Furthermore, in the event the profit is not distributed or included in capital, no withholding tax shall be applicable.
Turkish tax legislation does not permit a parent company and its subsidiaries to file a consolidated tax return. Therefore, tax liabilities, as reflected in these consolidated financial statements, have been calculated on a separate-entity basis. As of 31 March 2025 and 31 December 2024, taxes payable are netted off for each Subsidiary and classified separately in the consolidated financial statements.
The breakdown of the tax expense reflected in the consolidated statement of profit or loss for the periods ending 31 March 2025 and 2024 is presented below:
| 1 January - | 1 January - | ||
|---|---|---|---|
| 31 March 2025 | 31 March 2024 | ||
| Current tax expense | (117,102) | (1,768,926) | |
| Deferred tax income | 165,096 | 1,566,179 | |
| 47,994 | (202,747) |
As of 31 March 2025 and 31 December 2024, temporary differences subject to deferred tax and the distribution of deferred tax assets calculated using the effective tax rates enacted as of the balance sheet date are summarized below:
| Cumulative temporary differences | Deferred tax asset/(liability) | ||||
|---|---|---|---|---|---|
| 31 March 2025 | 31 December 2024 | 31 March 2025 | 31 December 2024 | ||
| Discounted corporate tax (*) | 10,574,204 | 8,142,263 | 4,781,062 | 3,953,097 | |
| Provision for employment termination benefits and unused vacation |
1,192,920 | 1,249,960 | 298,230 | 312,490 | |
| Liabilities arising from customer service | 269,579 | 267,076 | 80,874 | 80,122 | |
| Warranty expense provision | 2,329,064 | 2,460,860 | 582,257 | 615,215 | |
| Depreciable assets | (3,829,659) | (4,271,781) | (957,415) | (1,067,946) | |
| Inventories | (332,613) | (513,294) | (83,153) | (128,323) | |
| Land and investment properties | 328,067 | 361,079 | 82,017 | 90,270 | |
| Other | (1,601,312) | 480,583 | (395,025) | 120,145 | |
| Deferred tax asset, net | 8,930,250 | 8,176,746 | 4,388,847 | 3,975,070 |
(*) As a result of its fixed asset investments, the Group uses different reduced tax rates in proportion to different rates of investment amounts.
The movement of the deferred tax asset balance during the period is as follows:
| 1 January - | 1 January - | |
|---|---|---|
| 31 March 2025 | 31 March 2024 | |
| Deferred tax asset as of 1 January | 3,975,070 | 2,748,538 |
| Deferred tax income | 165,096 | 1,566,179 |
| Related to other comprehensive income statement | 248,681 | (229,953) |
| Remeasurement gains/(losses) | (8,719) | (118,390) |
| on defined benefit plans | ||
| Cash flow hedge losses | 257,400 | (111,563) |
| Total | 4,388,847 | 4,084,764 |
(*) Related amount which is accounted under equity in connection with the tax effect of exchange losses subject to allowance from tax base in statutory records and reflected in the deferred tax charge.
The analysis of tax income reflected in the statement of profit or loss as of 31 March 2025 and 2024 is presented below:
| 1 January - | 1 January - | |
|---|---|---|
| 31 March 2025 | 31 March 2024 | |
| Profit before tax | (188,448) | 4,077,963 |
| Tax expense based on effective tax (25%) | 47,112 | (1,019,491) |
| Non-deductible expenses | (2,337) | (30,086) |
| Discount provided from R&D expenses made during the period |
106,313 | 141,039 |
| Effect of reduced tax rate | 136,241 | 867,469 |
| Investment incentives utilised and earned, net | 827,965 | 1,890,245 |
| Other | (176,515) | (1,047,200) |
| Monetary (loss)/gain | (890,785) | (1,004,723) |
| 47,994 | (202,747) |
Earnings per share are determined by dividing net income by the weighted average number of shares that have been outstanding during the related period concerned. In 2025 and 2024, the weighted average number of shares outstanding is 50,000,000,000 and as of 31 March 2025 and 2024 earnings per share is Kr -0.28 and Kr 7.75 respectively.
| Deposit and financial loan balances | ||
|---|---|---|
| with related parties | 31 March 2025 | 31 December 2024 |
| Yapı ve Kredi Bankası A.Ş. (deposit) (1) | 4,091,035 | 2,005,781 |
| Yapı ve Kredi Bankası A.Ş. (financial loan) (1) | (1,458,424) | (1,415,349) |
| Total | 2,632,611 | 590,432 |
| Trade receivables from related parties | 31 March 2025 | 31 December 2024 |
| Otokoç Otomotiv Tic. ve San. A.Ş. (1) | 3,111,348 | 4,362,373 |
| Stellantis Europe SPA (2) | 5,302,031 | 6,716,220 |
| Other (1) | 2,439,726 | 2,312,906 |
| Less: unearned finance income from forward sales | (39,981) | (67,831) |
| Total | 10,813,124 | 13,323,668 |
| Trade payables to related parties | 31 March 2025 | 31 December 2024 |
| Stellantis Europe SPA (2) | 8,002,114 | 3,356,171 |
| Other (1) | 347,807 | 934,286 |
| Rediscount receivables from related parties | (37,989) | (41,812) |
| 8,311,932 | 4,248,645 |
| Sales | ||
|---|---|---|
| 1 January - | 1 January - | |
| 31 March 2025 | 31 March 2024 | |
| Otokoç Otomotiv Tic. ve San. A.Ş. (1) | 5,996,669 | 10,948,259 |
| Stellantis Europe SPA (2) | 1,794,261 | 9,554,781 |
| Stellantis Auto SAS (1) | 1,983,725 | 11,879 |
| Opel Automobile GMBH (1) | 695,477 | - |
| Stellantis Otomotiv Pazarlama A.Ş (1) | 616,145 | 7,679 |
| Other (1) | 38,386 | 128,134 |
| 11,124,663 | 20,650,732 |
Transactions with related parties (cont'd)
Domestic material and service purchases:
| 1 January - | 1 January - | |
|---|---|---|
| 31 March 2025 | 31 March 2024 | |
| Otokoç Otomotiv Tic. ve San. A.Ş. (1) | 304,178 | 303,831 |
| Zer Merkezi Hizmetler ve Ticaret A.Ş. (1) | 300,972 | 477,690 |
| Ram Dış Ticaret A.Ş. (1) | 109,532 | 611,310 |
| Opet Fuchs Madeni Yağlar Tic. A.Ş. (1) | 41,734 | 64,198 |
| Koç Holding A.Ş. (2)(*) | 40,628 | 38,572 |
| Koç Sistem Bilgi ve İletişim Hizmetleri A.Ş. (1) | 37,940 | 44,058 |
| Plastiform Plastik San. Tic. A.Ş. (1) | 29,264 | 87,156 |
| Opet Petrolcülük A.Ş (1) | 19,093 | 30,148 |
| Sistemi Comandi Meccanici Otomotiv San. Tic. A.Ş. (1) | 17,554 | 60,749 |
| Ingage Dijital Pazarlama Hizmetleri (1) | 16,416 | 13,980 |
| Setur Servis Turistik A.Ş.(1) | 9,357 | 13,522 |
| Ram Sigorta Aracılık Hizmet A.Ş. (1) (**) | 7,894 | 10,714 |
| Tanı Pazarlama ve İletişim A.Ş (1) | 6,904 | 4,831 |
| Diğer (1) | 16,888 | 15,059 |
| Toplam | 958,354 | 1,775,818 |
(1) Joint Ventures represent the shareholders of these companies and their related parties, which are subsidiaries, joint ventures or associates.
(2) Represents the joint ventures.
(*) It includes the service fee invoiced to the Group as a result of the distribution of the expenses, including personnel and senior management expenses, incurred by Koç Holding A.Ş. in relation to the companies to which services are provided, in return for the services provided to the companies within Koç Holding A.Ş. in areas such as finance, law, planning, tax and senior management, within the framework of the "11- Intragroup Services" regulation of the General Communiqué Serial No.1 on Disguised Profit Distribution through Transfer Pricing.
(**) It includes premiums paid and accrued in accordance with the policies signed between Ram Sigorta Aracılık Hizmetleri A.Ş., which operates as an insurance agency, and insurance companies that are not related parties.
| 1 January - 31 March 2025 |
1 January - 31 March 2024 |
|
|---|---|---|
| Stellantis Europe SPA (2) | 10,094,108 | 9,554,781 |
| Stellantis Auto SAS (1) | 1,245,925 | - |
| Other (1) | 22,476 | - |
| 11,362,509 | 9,554,781 |
Interest income from related parties for the three-month period ended 31 March 2025 is TL 65,096 (31 December 2024: TL 924,279).
Salaries and similar benefits paid to the top management consisting of (25 persons) (31 March 2024: 28 persons) for the three-month period of 2025 is TL 39,239 (31 March 2024: TL 71,495)
The Group's principal financial instruments are cash and cash equivalents and financial liabilities. The main purpose of these financial instruments is to raise financing for the Group's operations. The Group has various other financial instruments such as trade payables and trade receivables. which arise directly from its operations. The main risks arising from Group's financial instruments are interest rate risk, liquidity risk, currency risk and credit risk. The Group's management reviews and develops policies for managing each of these risks which are summarized below.
Credit risk is the risk that the other party will incur a financial loss as a result of the failure of the parties to fulfill their obligations with respect to a financial instrument. The Group attempts to control credit risk by monitoring credit exposures. limiting transactions with specific counterparties. and continually assessing the creditworthiness of the counterparties. It is the Group policy that all customers who wish to trade on credit terms are subject to credit screening procedures and the Group also obtains collaterals from customers when appropriate. In addition, the Group's doubtful loan / receivable risk is minimized by continuously reviewing the receivables. Trade receivables are evaluated by the Group management based on past experiences and the current economic situation and are presented net in the balance sheet after an appropriate amount of allowance for doubtful receivables (Note 5).
The amounts stated in the balance sheets reflects the maximum risk exposure of the Group.
Types of credit exposed by types of financial instruments;
| 31 March 2025 | Trade Receivables | Other Receivables | Cash and Cash Equivalents |
Financial investments |
Receivables from financial sector activities |
|
|---|---|---|---|---|---|---|
| Related Party | Other | Other | ||||
| Maximum exposure to credit risk as of reporting date ( A + B + C + D + E) (1) - The portion of the maximum risk secured by collateral, etc. ( - ) (2) |
10,813,124 29,950 |
10,043,211 6,898,499 |
23,495 - |
26,525,843 - |
79,643 - |
18,094,138 18,094,138 |
| 10,406,692 | 9,871,858 | 23,495 | 26,525,843 | 79,643 | 17,525,190 | |
| A. Net book value of financial assets that are not overdue or impaired a- The portion of the maximum risk secured by collateral, etc. ( - ) - General loan provisions |
29,950 - |
6,897,870 - |
- - |
- - |
- - |
17,525,190 (209,429) |
| Not past due or not impaired (gross carrying amount) | - | - | - | - | - | - |
| B. Carrying amount of financial assets that are renegotiated, otherwise considered overdue or impaired |
- | - | - | - | - | - |
| b- The portion of the maximum risk secured by collateral, etc. ( - ) | - | - | - | - | - | - |
| C. Net book value of overdue but not impaired assets | 406,432 | 169,713 | - | - | - | 303,253 |
| c-The portion of the maximum risk secured by collateral, etc. ( - ) | - | 629 | - | - | - | (300,220) |
| D. Net book values of impaired assets | - | 1,640 | - | - | - | 265,695 |
| - Past due (gross book value) | - | 17,758 | - | - | - | 432,608 |
| - Impairment (-) | - | (16,118) | - | - | - | (166,913) |
| - Secured portion of the net book value by collateral, etc. | - | - | - | - | - | - |
| - Not past due (gross amount) | - | - | - | - | - | - |
| - Impairment (-) | - | - | - | - | - | - |
| - Secured portion of the net book value by collateral, etc. | - | - | - | - | - | 240,203 |
| E. Off-balance sheet items that include credit risk | - | - | - | - | - | - |
| 31 December 2024 | Trade Receivables | Other Receivables | Cash and Cash Equivalents |
Financial investments |
Receivables from financial sector activities |
|
|---|---|---|---|---|---|---|
| Related Party | Other | Other | ||||
| Maximum exposure to credit risk as of reporting date ( A + B + C + D + E) (1) - The portion of the maximum risk secured by collateral, etc. ( - ) (2) |
13,323,668 32,964 |
9,663,032 5,891,491 |
2,749 - |
21,699,777 - |
89,365 - |
18,580,466 18,580,466 |
| 12,144,137 | 9,481,887 | 2,749 | 21,699,777 | 89,365 | 17,988,861 | |
| A. Net book value of financial assets that are not overdue or impaired a- The portion of the maximum risk secured by collateral, etc. ( - ) - General loan provisions |
32,964 | 5,891,350 | - | - | - | 17,988,861 (166,284) |
| Not past due or not impaired (gross carrying amount) | - | - | - | - | - | - |
| B. Carrying amount of financial assets that are renegotiated, otherwise considered overdue or impaired b- The portion of the maximum risk secured by collateral, etc. ( - ) |
- | - | - | - | - | - |
| C. Net book value of overdue but not impaired assets | 1,179,531 | 179,340 | - | - | - | 356,174 |
| c-The portion of the maximum risk secured by collateral, etc. ( - ) | - | 141 | - | - | - | (352,612) |
| D. Net book values of impaired assets | - | 1,805 | - | - | - | 235,431 |
| - Past due (gross book value) | - | 19,545 | - | - | - | 411,727 |
| - Impairment (-) | - | (17,740) | - | - | - | (176,297) |
| - Secured portion of the net book value by collateral, etc. | - | - | - | - | - | - |
| - Not past due (gross amount) | - | - | - | - | - | - |
| - Impairment (-) | - | - | - | - | - | - |
| - Secured portion of the net book value by collateral, etc. | - | - | - | - | - | 12,114 |
| E. Off-balance sheet items that include credit risk | - | - | - | - | - | - |
(1) Guarantees received and factors increasing the loan reliability are not considered when determining this amount
(2) Guarantees consist of guarantee notes. guarantee checks. mortgages and car pledges received from customers.
Aging of the Group's receivables which are overdue but not impaired is as follows:
| 31 Mart 2025 | |
|---|---|
| Vadesi üzerinden 1-30 gün geçmiş | 359,648 |
| Vadesi üzerinden 1-3 ay geçmiş | 229,982 |
| Vadesi üzerinden 3-12 ay geçmiş | 121,503 |
| Vadesi üzerinden 1-5 yıl geçmiş | 168,265 |
| 879,398 | |
| 31 Mart 2024 | |
| Vadesi üzerinden 1-30 gün geçmiş | 1,409,713 |
| Vadesi üzerinden 1-3 ay geçmiş | 224,089 |
| Vadesi üzerinden 3-12 ay geçmiş | 217,536 |
| Vadesi üzerinden 1-5 yıl geçmiş | 4,538 |
| 1,855,876 |
As of 31 March 2025 TL 562,833 of total past due receivables of the Group is due from the Group's related party, Stellantis Europe SPA (31 December 2024: TL 385,091). As of 31 March 2025, the Group's payables to Stellantis Europe SPA amount to TL 8,002,114 (31 December 2024: TL 3,356,171).
The Group is exposed to foreign exchange risk arising from the ownership of foreign currency denominated assets and liabilities with sales or purchase commitments. The policy of the Group is to compare every foreign currency type for the probable sales or purchases in the future.
As explained in detail in Note 4, according to the manufacturing agreements signed by the Group, the repayment obligations related to loans obtained for Egea, Doblo, Mini Cargo are guaranteed by Stellantis Group through future purchases. Therefore, the Stellantis Group has assumed the risk of fluctuations in foreign exchange rates and interest rates that may arise from the loan used for the production of the vehicles.
for the interim period ended 31 March 2025 (Amounts are expressed in thousands of TL based on the purchasing power of Turkish Lira ("TL") as of
31 March 2025, unless otherwise stated.)
| 31 March 2025 | TL equivalent (functional currency) |
USD ('000) |
EUR ('000) |
Other ('000) |
|
|---|---|---|---|---|---|
| 1 | Trade Receivables | 5,671,076 | 2,232 | 137,261 | - |
| 2a. | Monetary Financial Assets (including cash, bank accounts) | 8,805,672 | 7 | 216,339 | - |
| 2b. | Non-Monetary Financial Assets | 3,360,471 | - | 80,615 | - |
| 3 | Other | 1,666 | - | 4 1 |
- |
| 4 | Current assets (1+2+3) | 17,838,885 | 2,239 | 434,256 | - |
| 5 | Trade Receivables | - | - | - | - |
| 6a. | Monetary Financial Assets | - | - | - | - |
| 6b. | Non-Monetary Financial Assets | 1,455,864 | - | 34,925 | - |
| 7 | Other | 56,983 | - | 1,400 | - |
| 8 | Non-current assets (5+6+7) | 1,512,847 | - | 36,325 | - |
| 9 | Total assets (4+8) | 19,351,732 | 2,239 | 470,581 | - |
| 10. | Trade Payables | (10,161,871) | (1,610) | (247,725) | (3,518) |
| 11. | Financial Liabilities | (1,935,421) | - | (47,551) | - |
| 12a. | Monetary Other Liabilities | - | - | - | - |
| 12b. | Non-Monetary Other Liabilities | - | - | - | - |
| 13. | Current liabilities (10+11+12) | (12,097,292) | (1,610) | (295,276) | (3,518) |
| 14. | Trade Payables | - | - | - | - |
| 15. | Financial Liabilities (*) | (9,862,011) | - | (242,299) | - |
| 16a. | Monetary Other Liabilities | - | - | - | - |
| 16b. | Non-Monetary Other Liabilities | - | - | - | - |
| 17. | Non-current liabilities (14+15+16) | (9,862,011) | - | (242,299) | - |
| 18. | Total liabilities (13+17) | (21,959,303) | (1,610) | (537,575) | (3,518) |
| 19. | Net Asset/ (Liability) Position of Off-Balance Sheet | ||||
| Derivative Instruments (19a-19b) | 11,797,446 | - | 289,850 | - | |
| 19a. | Hedged portion of assets amount | - | - | - | - |
| 19b. | Hedged portion of liabilities amount | (11,797,446) | - | (289,850) | - |
| 20. | Net foreign currencies assets / (liability) | ||||
| position (9+18+19) | 9,189,875 | 629 | 222,856 | (3,518) | |
| 21. | Monetary Items Net Foreign Currency Asset/Liability Position |
||||
| (1+2a+3+5+6a+10+11+12a+14+15+16a) | (7,480,889) | 629 | (183,934) | (3,518) | |
| 22. | Total fair value of financial instruments | ||||
| used for foreign currency hedges | - | - | - | - | |
| 23. | Export | 4,663,076 | - | 118,940 | 7,988 |
| 24. | Import | 13,806,784 | 1,576 | 351,206 | 734,809 |
(Amounts are expressed in thousands of TL based on the purchasing power of Turkish Lira ("TL") as of 31 March 2025, unless otherwise stated.)
| 31 December 2024 | TL equivalent (functional currency) |
USD ('000) |
EUR ('000) |
Other ('000) |
|
|---|---|---|---|---|---|
| 1 . | Trade Receivables | 9,022,444 | 1,994 | 221,194 | - |
| 2a. | Monetary Financial Assets (including cash, bank accounts) | 6,850,728 | 9 | 169,394 | - |
| 2b. | Non-Monetary Financial Assets | 1,663,818 | - | 35,844 | 8 |
| 3 . | Other | 317,371 | - | 7,848 | - |
| 4 . | Current assets (1+2+3) | 17,854,361 | 2,003 | 434,280 | - |
| 5 . | Trade Receivables | - | - | - | 8 |
| 6a. | Monetary Financial Assets | - | - | - | - |
| 6b. | Non-Monetary Financial Assets | 1,944,972 | - | 41,901 | - |
| 7 . | Other | - | - | - | - |
| 8 . | Non-current assets (5+6+7) | 1,944,972 | - | 41,901 | - |
| 9 . | Total assets (4+8) | 19,799,333 | 2,003 | 476,181 | - |
| 10. | Trade Payables | (5,206,696) | (1,676) | (126,882) | 8 |
| 11. | Financial Liabilities | (1,404,027) | - | (34,718) | (1,987) |
| 12a. | Monetary Other Liabilities | - | - | - | - |
| 12b. | Non-Monetary Other Liabilities | (232) | - | (5) | - |
| 13. | Current liabilities (10+11+12) | (6,610,955) | (1,676) | (161,605) | - |
| 14. | Trade Payables | - | - | - | (1,987) |
| 15. | Financial Liabilities (*) | (10,107,166) | - | (249,928) | - |
| 16a. | Monetary Other Liabilities | - | - | - | - |
| 16b. | Non-Monetary Other Liabilities | - | - | - | - |
| 17. | Non-current liabilities (14+15+16) | (10,107,166) | - | (249,928) | - |
| 18. | Total liabilities (13+17) | (16,718,122) | (1,676) | (411,533) | - |
| 19. | Net Asset/ (Liability) Position of Off-Balance Sheet Derivative Instruments (19a-19b) |
11,511,157 | - | 284,646 | |
| 19a. | Hedged portion of assets amount | - | - | - | - |
| 19b. | Hedged portion of liabilities amount | (11,511,157) | - | (284,646) | - |
| - | - | - | |||
| 20. | Net foreign currencies assets / (liability) | - - |
|||
| position (9+18+19) | 14,592,368 | 327 | 349,294 | - | |
| 21. | Monetary Items Net Foreign Currency Asset/Liability Position |
(1,979) | |||
| (1+2a+3+5+6a+10+11+12a+14+15+16a) | - | - | - | ||
| 22. | Total fair value of financial instruments used for foreign currency hedges |
- | - | - | - |
| 23. | Export | - | - | - | - |
| 24. | Import | 20,131,287 | 4,212 | 518,088 | 76,501 |
for the interim period ended 31 March 2025
(Amounts are expressed in thousands of TL based on the purchasing power of Turkish Lira ("TL") as of 31 March 2025, unless otherwise stated.)
The following table demonstrates the sensitivity to a possible change of 10% in the USD. EUR and other exchange rates in the Group's foreign currency denominated liabilities (excluding foreign currency denominated inventory and fixed asset purchase advances). with all other variables held constant. on the Group's income before tax as of 31 March 2025 and 31 December 2024;
| Profit/loss | Equity | |||||
|---|---|---|---|---|---|---|
| Appreciation of | Depreciation | Appreciation of | Depreciation | |||
| 31 March 2025 | foreign currency foreign currency foreign currency foreign currency | |||||
| In case of a 10% appreciation of USD against TL: |
||||||
| 1- USD net asset/liability | 2,375 | (2,375) | - | - | ||
| 2- Portion hedged against USD risk (-) | - | - | - | - | ||
| 3- USD net effect (1 +2) | 2,375 | (2,375) | - | - | ||
| In case of a 10% appreciation of EUR against TL: |
||||||
| 4- EUR net asset/liability | (748,646) | 748,646 | (1,201,468) | 1,201,468 | ||
| 5- Portion hedged against EUR risk (-) | 1,201,468 | (1,201,468) | - | - | ||
| 6- EUR net effect (4+5) | 452,822 | (452,822) | (1,201,468) | 1,201,468 | ||
| In case of a 10% appreciation of other foreign exchange rates against TL: |
||||||
| 7- Other foreign currency net asset/liabilitt 8- Other foreign currency |
(1,819) | 1,819 | - | - | ||
| hedged portion (-) | - | - | - | - | ||
| 9- Other Foreign Currency Assets net effect (7+8) | (1,819) | 1,819 | - | - | ||
| Total (3+6+9) | 453,378 | (453,378) | (1,201,468) | 1,201,468 |
| Profit/loss | Equity | |||
|---|---|---|---|---|
| 31 December 2024 | Appreciation of | Depreciation foreign currency foreign currency foreign currency foreign currency |
Appreciation of | Depreciation |
| In case of a 10% appreciation of USD against TL: |
||||
| 1- USD net asset/liability 2- Portion hedged against USD risk (-) |
1,268 - |
(1,268) - |
- - |
- - |
| 3- USD net effect (1 +2) | 1,268 | (1,268) | - | - |
| In case of a 10% appreciation of EUR against TL: |
||||
| 4- EUR net asset/liability 5- Portion hedged against EUR risk (-) |
(52,964) 1,074,372 |
52,964 (1,074,372) |
(1,074,372) - |
1,074,372 - |
| 6- EUR net effect (4+5) In case of a 10% appreciation of other foreign exchange rates against TL: |
1,021,408 | (1,021,408) | (1,074,372) | 1,074,372 |
| 7- Other foreign currency net asset/liabilitt 8- Other foreign currency hedged portion (-) 9- Other Foreign Currency Assets net effect (7+8) |
(1,054) - (1,054) |
1,054 - 1,054 |
- - - |
- - - |
| Total (3+6+9) | 1,021,622 | (1,021,622) | (1,074,372) | 1,074,372 |
Interest rate risk arises from the impact of changes in interest rates on the financial statements. The Group is exposed to interest rate risk due to timing mismatches or differences of assets and liabilities that are due to be expired or re-priced in a given period. The Group manages this risk by applying risk management strategies by matching the dates of interest rate change of assets and liabilities.
As of 31 March 2025, there are no interest rate sensitive financial instruments in the balance sheet (None as of 31 December 2024).
Liquidity risk is the risk that a company will be unable to meet its funding requirements. Liquidity risk is reduced by balancing cash inflows and outflows with the support of loans provided by qualified credit institutions.
The breakdown of financial assets and liabilities according to their maturities is disclosed considering from balance sheet date to due date period. Financial assets and liabilities that have no certain due dates are classified in over one-year column.
| Book Total Contracted Cash Outflows |
Less than | Between | Between | More than | ||
|---|---|---|---|---|---|---|
| Contractual maturities | value | (=I+II+III+IV) 3 months (I) 3-12 months (II) 1-5 years (III) 5 years (IV) | ||||
| Non-derivative financial liabilities | ||||||
| Bank loans | 26,916,468 | 33,877,134 | 3,266,049 | 9,370,021 | 17,000,333 | 4,240,731 |
| Lease liabilities | 37,318 | 38,822 | 1,640 | 31,448 | 5,734 | - |
| Trade payables | 18,147,990 | 18,241,922 | 18,223,550 | 18,372 | - | - |
| Debt securities issues | 2,703,430 | 3,659,685 | 156,329 | 2,415,158 | 1,088,198 | - |
| Employee benefit payables | 930,382 | 930,382 | 930,382 | - - |
- | |
| Other payables | 6,068,795 | 6,068,795 | 6,068,795 | - - |
- | |
| 54,804,383 | 62,816,740 | 28,646,745 | 11,834,999 | 18,094,265 | 4,240,731 | |
| 31 December 2024 | ||||||
| Book | Total Contracted Cash Outflows |
Less than | Between | Between | More than | |
| Contractual maturities | value | (=I+II+III+IV) 3 months (I) 3-12 months (II) 1-5 years (III) | 5 years (IV) | |||
| Non-derivative financial liabilities | ||||||
| Bank loans | 27,459,261 | 35,958,876 | 3,036,364 | 10,680,823 | 18,082,740 | 4,158,949 |
| Lease liabilities | 41,797 | 50,809 | 7,479 | 20,686 | 22,644 | - |
| Trade payables | 12,483,157 | 12,591,585 | 12,590,304 | 1,281 | - | - |
| Debt securities issues | 3,207,509 | 4,384,250 | 870,780 | 2,225,118 | 1,288,352 | - |
| Employee benefit payables | 1,009,699 | 1,009,699 | 1,009,699 | - | - | - |
| Other payables | 105,086 | 105,086 | 105,086 | - | - | - |
| 44,306,509 | 54,100,305 | 17,619,712 | 12,927,908 | 19,393,736 | 4,158,949.00 |
The primary objective of the Group's capital management is to ensure that it maintains a strong credit rating and healthy capital ratios in order to support its business and maximize shareholder value. The Group manages its capital structure and makes amendments to it, in light of changes in economic conditions.
The Group may adjust dividend payments to shareholders or return capital to shareholders in order to adjust and maintain its capital structure. As of 31 March 2025, there have been no changes in objectives, policies or processes.
| 31 March 2025 | 31 December 2024 | |
|---|---|---|
| Total financial debt | 29,657,216 | 30,708,566 |
| Cash and cash equivalents (-) | (26,525,843) | (21,699,777) |
| Net financial debt | 3,131,373 | 9,008,789 |
| Equity | 44,954,843 | 51,841,340 |
| Net financial debt/equity ratio | %7 | %17 |
| Trading of spare part and automobile |
Consumer financing |
Total | |
|---|---|---|---|
| Revenue | 24,204,042 | 2,469,467 | 26,673,509 |
| Gross profit | 1,028,702 | 469,918 | 1,498,620 |
| Operating expenses (-) Other income from main operations Other expenses from main operations (-) |
(2,365,321) 2,524,702 (2,354,225) |
(93,166) 3,486 (88,848) |
(2,458,487) 2,528,188 (2,443,073) |
| Operating profit before finance expense | (1,166,142) | 291,390 | (874,752) |
| Trading of spare part and automobile |
Consumer financing |
Total | |
|---|---|---|---|
| Revenue | 46,484,998 | 2,225,538 | 48,710,536 |
| Gross profit | 7,094,093 | 368,681 | 7,462,774 |
| Operating expenses (-) | (3,188,335) | (96,604) | (3,284,939) |
| Other income from main operations | 2,532,628 | 164 | 2,532,792 |
| Other expenses from main operations (-) | (2,173,525) | (59,368) | (2,232,893) |
| Operating profit before finance expense | 4,264,861 | 212,873 | 4,477,734 |
Notes to the condensed consolidated interim financial statements
for the interim period ended 31 March 2025
(Amounts are expressed in thousands of TL based on the purchasing power of Turkish Lira ("TL") as of 31 March 2025, unless otherwise stated.)
As of 31 March 2025, the distribution of assets and liabilities of consumer financing segment is followed by TL 15,128,907 in current asset, TL 5,042,964 in non-current asset, TL 10,720,496 in current liabilities and TL 7,758,528 in non-current liabilities as financial liabilities. (As of 31 March 2024 TL 15,671,136 in current asset, TL 5,991,832 in non-current asset and TL 9,988,181 in current liabilities, TL 10,380,895 in non-current liabilities as financial liabilities.
As of 31 March 2025, a significant portion of revenue consists of sales to related party's ratio to 45.96% (31 December 2024: 44.42%) (Note 20).
The Group management focuses on operating profit before financial expense in segment reporting, so the Group does not distribute financial income and expenses on a segment basis.
| Non Monetary Items | 31 March 2025 |
|---|---|
| -------------------- | --------------- |
| Statement of financial position items | |
|---|---|
| Inventories | 1,358,831 |
| Prepaid expenses (ST) | 21,646 |
| Investment properties | 23,644 |
| Property, plant and equipment | 1,686,343 |
| Intangible assets | (2,367) |
| Prepaid expenses (LT) | 21,516 |
| Deferred tax asset | 347,950 |
| Deferred income | (26,033) |
| Capital adjustment differences | (2,009,528) |
| Accumulated other comprehensive income or expenses not to be reclassified to profit or loss | 88,964 |
| Accumulated other comprehensive income or expenses to be reclassified to profit or loss | 10,215 |
| Prior years' profit | (2,778,489) |
| Statement of profit or loss items | |
| Revenue | (495,122) |
| Revenue from finance sector operations | (63,740) |
| Cost of sales (-) | 426,594 |
| Expenses from finance sector operations (-) | 51,800 |
| Marketing expenses (-) | 24,900 |
| General administrative expenses (-) | 20,877 |
| Research and development expenses (-) | 9,700 |
| Other income from operating activities | (38,378) |
| Other expenses from operating activities (-) | 35,136 |
| Income from investing activities | (2,354) |
| Finance income | (52,754) |
| Finance expenses(-) | 14,092 |
| Tax expense for the period | 1,795 |
| Deferred tax income | (10,955) |
| Net monetary position gains/(losses) | (1,335,717) |
for the interim period ended 31 March 2025
(Amounts are expressed in thousands of TL based on the purchasing power of Turkish Lira ("TL") as of 31 March 2025, unless otherwise stated.)
To purchase all of Stellantis Otomotiv Pazarlama A.Ş.'s (Stellantis Otomotiv) shares together with its operations and distribution rights of Stellantis brands (Peugeot, Citroen, Opel and DS Automobiles) in Türkiye; Following further analyses and evaluations, and subsequently the submission of new commitments to be effective as of the closing date of the transaction regarding investment plans, the composition of the board of directors, employee confidentiality policies and the dealership (distribution/sales) network, we were notified that the Competition Board conditionally approved the transaction.
Following the discussions between our company and Stellantis Group within the scope of these commitments, our board of directors resolved to invest up to 256 million Euros for the new light vehicle project, and negotiations regarding the agreement on project details and conditions (including production quantities, market forecasts and models to be produced) with the Stellantis Group are ongoing.
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