(Convenience Translation of Consolidated Financial
Statements and Related Disclosures and Footnotes
Originally Issued in Turkish)
ASELSAN ELEKTRONİK
SANAYİ VE TİCARET ANONİM ŞİRKETİ
AND ITS SUBSIDIARIES
CONDENSED CONSOLIDATED INTERIM
FINANCIAL STATEMENTS
AS OF AND FOR THE NINE-MONTH
PERIOD ENDED 30 SEPTEMBER 2023
31 October 2023
This report contains condensed consolidated interim financial information and related disclosures and footnotes comprising 45 pages.
CONTENT | PAGE | |
CONSOLIDATED STATEMENT OF FINANCIAL POSITION | 1-3 | |
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME | 4-5 | |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY | 6 | |
CONSOLIDATED STATEMENT OF CASH FLOWS | 7 | |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS | 8-45 | |
NOTE | ||
1. | ORGANIZATION AND OPERATIONS OF THE GROUP | 8 |
2. | BASIS OF PRESENTATION OF CONSOLIDATED FINANCIAL STATEMENTS | 9 |
3. | CASH AND CASH EQUIVALENTS | 18 |
4. | RELATED PARTY DISCLOSURES | 19 |
5. | TRADE RECEIVABLES AND PAYABLES | 23 |
6. | INVENTORIES | 24 |
7. | PREPAID EXPENSES AND DEFERRED INCOME | 25 |
8. | PROPERTY, PLANT AND EQUIPMENT | 26 |
9. | PROVISIONS, CONTINGENT ASSETS AND LIABILITIES | 27 |
10. | TAX | 28 |
11. | COMMITMENTS AND CONTINGENCIES | 29 |
12. | EMPLOYEE BENEFITS | 32 |
13. | SHARE CAPITAL, RESERVES AND OTHER EQUITY ITEMS | 34 |
14. | REVENUE AND COST OF SALES | 35 |
15. | OTHER OPERATING INCOME AND EXPENSES | 36 |
16. | FINANCIAL INCOME | 36 |
17. | FINANCIAL EXPENSES | 36 |
18. | EARNINGS PER SHARE | 37 |
19. | FINANCIAL LIABILITIES | 37 |
20. | FOREIGN EXCHANGE POSITION | 40 |
21. | EVENTS AFTER THE REPORTING PERIOD | 45 |
ASELSAN ELEKTRONİK SANAYİ VE TİCARET ANONİM ŞİRKETİ AND ITS SUBSIDIARIES
CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS OF 30 SEPTEMBER 2023
(Amounts are expressed in thousands of Turkish Lira (''TL'') and in thousands of "Foreign Currency" unless otherwise stated.)
Not Limited | |||||
Reviewed | Audited | ||||
Note | 30 September | 31 December | |||
References | 2023 | 2022 | |||
ASSETS | |||||
Current Assets | 50.239.060 | 38.299.445 | |||
Cash and Cash Equivalents | 3 | 1.727.103 | 5.686.996 | ||
Trade Receivables | 5 | 20.134.641 | 14.888.340 | ||
From Related Parties | 4 | 8.785.959 | 6.242.612 | ||
From Third Parties | 11.348.682 | 8.645.728 | |||
Other Receivables | 1.096.826 | 1.026.644 | |||
From Related Parties | 4 | 10.428 | 5.580 | ||
From Third Parties | 1.086.398 | 1.021.064 | |||
Inventories | 6 | 19.759.068 | 12.592.653 | ||
Prepaid Expenses | 7 | 5.356.073 | 3.154.875 | ||
From Related Parties | 4 | 1.445.090 | 1.199.891 | ||
From Third Parties | 3.910.983 | 1.954.984 | |||
Other Current Assets | 2.165.349 | 949.937 | |||
Non-Current Assets | 49.112.709 | 37.744.396 | |||
Financial Investments | 4.296.191 | 4.288.363 | |||
Trade Receivables | 5 | 24.820.772 | 18.973.918 | ||
From Related Parties | 4 | 18.703.465 | 14.301.569 | ||
From Third Parties | 6.117.307 | 4.672.349 | |||
Other Receivables | 7.178 | 5.983 | |||
From Third Parties | 7.178 | 5.983 | |||
Equity Accounted Investments | 464.827 | 298.477 | |||
Property, Plant and Equipment | 8 | 8.270.922 | 6.327.444 | ||
Intangible Assets | 8 | 6.175.760 | 3.531.910 | ||
Prepaid Expenses | 7 | 1.023.290 | 761.483 | ||
From Related Parties | 4 | 176.096 | 100.440 | ||
From Third Parties | 847.194 | 661.043 | |||
Deferred Tax Assets | 10 | 2.838.490 | 2.082.110 | ||
Other Non-Current Assets | 1.215.279 | 1.474.708 | |||
TOTAL ASSETS | 99.351.769 | 76.043.841 |
The accompanying notes are an integral part of the consolidated financial statements.
1
ASELSAN ELEKTRONİK SANAYİ VE TİCARET ANONİM ŞİRKETİ AND ITS SUBSIDIARIES
CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS OF 30 SEPTEMBER 2023
(Amounts are expressed in thousands of Turkish Lira (''TL'') and in thousands of "Foreign Currency" unless otherwise stated.)
Not Limited | |||||
Reviewed | Audited | ||||
Note | 30 September | 31 December | |||
References | 2023 | 2022 | |||
LIABILITIES | |||||
Current Liabilities | 40.072.767 | 29.651.397 | |||
Short-term Financial Liabilities | 19 | 7.769.834 | 5.602.536 | ||
Short-term Portion of Long-term Financial Liabilities | 19 | 6.834.138 | 4.161.402 | ||
Trade Payables | 5 | 11.823.883 | 9.775.271 | ||
To Related Parties | 4 | 3.106.135 | 2.654.902 | ||
To Third Parties | 8.717.748 | 7.120.369 | |||
Employee Benefit Obligations | 1.100.123 | 637.239 | |||
Other Payables | 465.985 | 369.944 | |||
To Related Parties | 4 | 400.000 | 306.989 | ||
To Third Parties | 65.985 | 62.955 | |||
Government Grants and Incentives | 67.213 | 69.856 | |||
Deferred Income | 7 | 6.383.452 | 4.100.087 | ||
To Related Parties | 4 | 2.164.348 | 1.661.385 | ||
To Third Parties | 4.219.104 | 2.438.702 | |||
Corporate Tax Liability | 462.110 | 182 | |||
Short-term Provisions | 5.068.025 | 4.881.364 | |||
For Employee Benefits | 12 | 483.221 | 871.333 | ||
Other | 9 | 4.584.804 | 4.010.031 | ||
Other Current Liabilities | 98.004 | 53.516 | |||
Non-Current Liabilities | 9.968.530 | 6.531.475 | |||
Long-term Financial Liabilities | 19 | 1.861.295 | 1.069.683 | ||
Trade Payables | 5 | 168.319 | 72.720 | ||
To Third Parties | 4 | 168.319 | 72.720 | ||
Other Payables | 21.192 | 16.289 | |||
To Third Parties | 21.192 | 16.289 | |||
Deferred Income | 7 | 4.523.122 | 2.157.322 | ||
To Related Parties | 4 | 1.991.047 | 1.320.021 | ||
To Third Parties | 2.532.075 | 837.301 | |||
Long-term Provisions | 3.388.257 | 3.210.595 | |||
Long-term Provisions for Employee Benefits | 12 | 719.481 | 579.397 | ||
Other | 9 | 2.668.776 | 2.631.198 | ||
Other Non-Current Liabilities | 6.345 | 4.866 |
The accompanying notes are an integral part of the consolidated financial statements.
2
ASELSAN ELEKTRONİK SANAYİ VE TİCARET ANONİM ŞİRKETİ AND ITS SUBSIDIARIES
CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS OF 30 SEPTEMBER 2023
(Amounts are expressed in thousands of Turkish Lira (''TL'') and in thousands of "Foreign Currency" unless otherwise stated.)
Not Limited | |||||
Reviewed | Audited | ||||
Note | 30 September | 31 December | |||
References | 2023 | 2022 | |||
EQUITY | 49.310.472 | 39.860.969 | |||
Equity Attributable to Equity Holders of the Parent | 49.024.724 | 39.636.982 | |||
Share Capital | 13 | 4.560.000 | 2.280.000 | ||
Inflation Adjustments on Share Capital Differences | 13 | 98.621 | 98.621 | ||
Share Premiums | 2.796.723 | 2.796.723 | |||
Other Comprehensive Income / (Expense) that will not be | |||||
Reclassified to Profit or (Loss) | 628.365 | 780.009 | |||
Gain on Revaluation of Property, Plant and Equipment | 1.100.324 | 1.100.324 | |||
Gain/ Loss on Remeasurement of Defined Benefit Plans | (471.959) | (320.315) | |||
Other Cumulative Comprehensive Income / (Expense) will be | |||||
Reclassified to Profit/Loss | 4.340.291 | 4.202.072 | |||
Gain (Loss) on Financial Assets That Fair Value Difference | |||||
Reflected in Other Comprehensive income | 4.002.881 | 4.002.881 | |||
Cumulative Translation Adjustments | 337.410 | 199.191 | |||
Restricted Reserves | 13 | 642.665 | 612.077 | ||
Retained Earnings | 26.156.892 | 16.951.819 | |||
Net Profit for the Year | 9.801.167 | 11.915.661 | |||
Non-Controlling Interests | 285.748 | 223.987 | |||
TOTAL LIABILITIES AND EQUITY | 99.351.769 | 76.043.841 |
The accompanying notes are an integral part of the consolidated financial statements.
3
ASELSAN ELEKTRONİK SANAYİ VE TİCARET ANONİM ŞİRKETİ AND ITS SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS and OTHER COMPREHENSIVE INCOME FOR THE NINE-MONTH PERIOD ENDED 30 SEPTEMBER 2023
(Amounts are expressed in thousands of Turkish Lira (''TL'') and in thousands of "Foreign Currency" unless otherwise stated.)
Not Limited | Not Limited | Not Limited | Not Limited | |||||
Reviewed | Reviewed | Reviewed | Reviewed | |||||
1 January- | 1 July- | 1 January- | 1 July- | |||||
Notes | 30 September | 30 September | 30 September | 30 September | ||||
References | 2023 | 2023 | 2022 | 2022 | ||||
PROFIT OR LOSS | ||||||||
Revenue | 14 | 32.066.743 | 13.999.863 | 17.728.397 | 6.887.190 | |||
Cost of Sales (-) | 14 | (22.557.651) | (10.248.005) | (12.286.169) | (4.864.211) | |||
GROSS PROFIT | 9.509.092 | 3.751.858 | 5.442.228 | 2.022.979 | ||||
General Administrative Expenses (-) | (1.568.649) | (654.297) | ||||||
Marketing Expenses (-) | (714.935) | (357.044) | (784.379) | (350.493) | ||||
Research and Development Expenses (-) | (754.768) | (271.892) | (499.021) | (212.240) | ||||
Other Operating Income | 15 | 17.902.672 | 5.879.209 | (466.917) | (205.298) | |||
Other Operating Expenses (-) | 15 | (10.012.296) | (3.541.366) | 8.895.656 | 2.491.510 | |||
OPERATING PROFIT | 14.361.116 | 4.806.468 | 6.822.622 | 2.054.152 | ||||
Income from investing activities | 21.814 | 2.805 | 6.325 | 755 | ||||
Expense From Investing Activities | (8) | -- | -- | -- | ||||
Shares of profit/(losses) of Equity Accounted | ||||||||
Investees | (6.622) | (1.702) | (18.688) | (13.179) | ||||
OPERATING PROFIT BEFORE FINANCIAL EXPENSE | 14.376.300 | 4.807.571 | 6.810.259 | 2.041.728 | ||||
Financial Income | 16 | 779.361 | 392.933 | 590.248 | 37.694 | |||
Financial Expense (-) | 17 | (4.898.240) | (1.105.007) | (2.066.354) | (482.928) | |||
PROFIT BEFORE TAX FROM CONTINUING | ||||||||
OPERATIONS | 10.257.421 | 4.095.497 | 5.334.153 | 1.596.494 | ||||
Tax Income from Continuing Operations | 10 | (407.094) | 348.725 | 401.081 | 341.929 | |||
- Current Corporate Tax Expense(-) | (1.125.563) | (9.678) | (1.730) | (599) | ||||
- Deferred Tax Income | 718.469 | 358.403 | 402.811 | 342.528 | ||||
PROFIT FOR THE PERIOD FROM CONTINUING | ||||||||
OPERATIONS | 9.850.327 | 4.444.222 | 5.735.234 | 1.938.423 | ||||
Profit for the Period Attributable to | ||||||||
Non-Controlling Interest | 49.160 | 56.538 | (56.732) | (17.936) | ||||
Owners of the Company | 18 | 9.801.167 | 4.387.684 | 5.791.966 | 1.956.359 | |||
9.850.327 | 4.444.222 | 5.735.234 | 1.938.423 | |||||
Earnings for per 100 Shares (in full kuruş) | 18 | 214,94 | 96,22 | 254,03 | 85,8 |
The accompanying notes are an integral part of the consolidated financial statements.
4
ASELSAN ELEKTRONİK SANAYİ VE TİCARET ANONİM ŞİRKETİ AND ITS SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS and OTHER COMPREHENSIVE INCOME FOR THE NINE-MONTH PERIOD ENDED 30 SEPTEMBER 2023
(Amounts are expressed in thousands of Turkish Lira (''TL'') and in thousands of "Foreign Currency" unless otherwise stated.)
Not Limited | Not Limited | Not Limited | Not Limited | ||||||
Reviewed | Reviewed | Reviewed | Reviewed | ||||||
1 January- | 1 July- | 1 January- | 1 July- | ||||||
Note | 30 September | 30 September | 30 September | 30 September | |||||
References | 2023 | 2023 | 2022 | 2022 | |||||
PROFIT FOR THE PERIOD FROM CONTINUING | |||||||||
OPERATIONS | |||||||||
Items that will not to be reclassified | |||||||||
subsequently in Profit or Loss | (151.644) | (8.999) | (123.771) | (4.976) | |||||
Loss on Remeasurement of Defined Benefit | |||||||||
Plans | 12 | (189.555) | (11.249) | (154.714) | (6.220) | ||||
Deferred Tax Income / (Expense) | 37.911 | 2.250 | 30.943 | 1.244 | |||||
Items that may be reclassified subsequently to | |||||||||
profit or loss | 138.219 | 18.306 | 82.211 | 31.400 | |||||
Foreign Currency Translation Differences | 138.219 | 18.306 | 82.211 | 31.400 | |||||
OTHER COMPREHENSIVE INCOME | (13.425) | 9.307 | (41.560) | 26.424 | |||||
TOTAL COMPREHENSIVE INCOME | 9.836.902 | 4.453.529 | 5.693.674 | 1.964.847 | |||||
Total Comprehensive Income Attributable to | |||||||||
Non-Controlling Interest | 49.160 | 56.538 | (56.732) | (17.936) | |||||
Main Shareholders | 9.787.742 | 4.396.991 | 5.750.406 | 1.982.783 | |||||
9.836.902 | 4.453.529 | 5.693.674 | 1.964.847 |
The accompanying notes are an integral part of the consolidated financial statements.
5
ASELSAN ELEKTRONİK SANAYİ VE TİCARET ANONİM ŞİRKETİ AND ITS SUBSIDIARIES
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE NINE MONTH ENDED 30 SEPTEMBER 2023
(Amounts are expressed in thousands of Turkish Lira (''TL'') and in thousands of "Foreign Currency" unless otherwise stated.)
Other Comprehensive Income / | Other Comprehensive Income | |||||||||||||
Expense that will not to be | / Expense that may not to be | |||||||||||||
Reclassified Subsequently to | Reclassified Subsequently to | |||||||||||||
Profit or Loss | Profit or Loss | Retained Earnings | ||||||||||||
Gain (Loss) | ||||||||||||||
on Financial | ||||||||||||||
Assets That | ||||||||||||||
Fair Value | ||||||||||||||
Difference | ||||||||||||||
Inflation | Share | Reflect in | Equity | |||||||||||
Adjustments | Issuance | Remeasurement | Other | Net | Attributable to | Non- | ||||||||
Share | on Share | Premiums/ | Revaluation | of Defined | Comprehensi | Translation | Restricted | Retained | Profit/(Loss) | Owners of the | Controlling | |||
Capital | Capital | (Discounts) | Reserves | Benefit Plans | ve income | Reserves | Reserves | Earnings | for the Year | Company | Interests | Equity | ||
Balance as of 1 January 2022 | 2.280.000 | 98.621 | 2.796.723 | 309.535 | (123.119) | 2.034.249 | 143.537 | 542.341 | 10.350.992 | 7.130.563 | 25.563.442 | 271.768 | 25.835.210 | |
Transfers | -- | -- | -- | -- | -- | -- | -- | 69.736 | 6.600.827 | (6.670.563) | -- | -- | -- | |
Capital Increase | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | |
Total Comprehensive Income | -- | -- | -- | -- | (123.771) | -- | 82.211 | -- | -- | 5.791.966 | 5.750.406 | (56.732) | 5.693.674 | |
Dividends | -- | -- | -- | -- | -- | -- | -- | -- | -- | (460.000) | (460.000) | (229) | (460.229) | |
Balance as of 30 September | ||||||||||||||
2022 (Closing Balance) | 2.280.000 | 98.621 | 2.796.723 | 309.535 | (246.890) | 2.034.249 | 225.748 | 612.077 | 16.951.819 | 5.791.966 | 30.853.848 | 214.807 | 31.068.655 | |
Balance as of 1 January 2023 | 2.280.000 | 98.621 | 2.796.723 | 1.100.324 | (320.315) | 4.002.881 | 199.191 | 612.077 | 16.951.819 | 11.915.661 | 39.636.982 | 223.987 | 39.860.969 | |
Transfers | -- | -- | -- | -- | -- | -- | -- | 30.588 | 11.485.073 | (11.515.661) | -- | -- | -- | |
Capital Increase | 2.280.000 | -- | -- | -- | -- | -- | -- | -- | (2.280.000) | -- | -- | -- | -- | |
Total Comprehensive Income | -- | -- | -- | -- | (151.644) | -- | 138.219 | -- | -- | 9.801.167 | 9.787.742 | 49.160 | 9.836.902 | |
Dividends | -- | -- | -- | -- | -- | -- | -- | -- | -- | (400.000) | (400.000) | -- | (400.000) | |
Consolidation Effect of New | ||||||||||||||
Share Acquisitions | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | 12.601 | 12.601 | |
Balance as of 30 September | ||||||||||||||
2023 (Closing Balance) | 4.560.000 | 98.621 | 2.796.723 | 1.100.324 | (471.959) | 4.002.881 | 337.410 | 642.665 | 26.156.892 | 9.801.167 | 49.024.724 | 285.748 | 49.310.472 |
The accompanying notes are an integral part of the consolidated financial statements.
6
ASELSAN ELEKTRONİK SANAYİ VE TİCARET ANONİM ŞİRKETİ AND ITS SUBSIDIARIES
CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE NINE MONTH ENDED 30 SEPTEMBER 2023
(Amounts are expressed in thousands of Turkish Lira (''TL'') and in thousands of "Foreign Currency" unless otherwise stated.)
Not Limited | Not Limited | ||
Reviewed | Reviewed | ||
1 January- | 1 January- | ||
Note | 30 September | 30 September | |
References | 2023 | 2022 | |
A.Cash Flows from Operating Activities | 80.014 | 558.672 | |
Profit for the Period | 9.850.327 | 5.735.234 | |
Adjustments to Reconcile Profit for the Period | 6.467.218 | 3.643.435 | |
- Adjustments for Depreciation and Amortization Expense | 8 | 682.011 | 414.921 |
- Adjustments for Impairment Loss (Reversal of Impairment Loss) | 8.882 | (22.936) | |
Adjustments for Impairment Loss (Reversal of Impairment Loss) of Receivables | 5 | 21.681 | 558 |
Adjustments for Impairment Loss (Reversal of Impairment Loss) of Inventories | 6 | (12.799) | (23.494) |
-Adjustments for Provisions | 1.253.259 | 1.299.711 | |
Adjustments for (Reversal of) Provisions Related with Employee Benefits | 12 | (236.613) | 87.096 |
Adjustments for (Reversal of) Lawsuit and/or Penalty Provisions | 781.182 | 581.122 | |
Adjustments for (Reversal of) Warranty Provisions | 841.002 | 649.482 | |
Adjustments for (Reversal of) Other Provisions | (132.312) | (17.989) | |
-Adjustments for Interest (Income) Expenses | (189.368) | (6.273) | |
Adjustments for Interest Income | (491.422) | (320.099) | |
Adjustments for Interest Expense | 302.054 | 313.826 | |
- Adjustments for Retained Profit of Equity Accounted Investees | 6.622 | 18.688 | |
- Adjustments for Tax (Income)/Expenses | 407.094 | (401.081) | |
-Other Adjustments for which Cash Effects are Investing or Financing Cash Flow | 3.461.397 | 1.278.299 | |
-Other Adjustments to Reconcile Profit (Loss) | 837.321 | 1.062.106 | |
Changes in Working Capital | (14.495.404) | (8.236.074) | |
- Decrease (Increase) in Trade Receivables | (4.128.984) | (2.532.769) | |
- Decrease (Increase) in Other Receivables Related with Operations | (71.377) | 124.466 | |
- Decrease (Increase) in Inventories | 6 | (7.088.284) | (3.726.304) |
- Decrease (Increase) in Prepaid Expenses | 7 | (2.456.595) | (1.055.282) |
- Increase (Decrease) in Trade Payables | 5 | 2.612.759 | (176.849) |
- Increase (Decrease) in Employee Benefit Obligations | 12 | 462.884 | 256.722 |
-Adjustments for Stage of Completion of Construction or Service Contracts in | |||
Progress | (7.685.571) | (3.007.047) | |
- Increase (Decrease) in Other Operating Payables | (299.056) | (278.725) | |
- Increase (Decrease) in Government Grants and Subsidies | (2.643) | (2.756) | |
- Increase (Decrease) in Deferred Income | 5.046.831 | 2.839.378 | |
- Other Increase (Decrease) in Working Capital | (885.368) | (676.908) | |
Cash Flows From Operations | 1.822.141 | 1.142.595 | |
Payments Related with Provisions for Employee Benefits | 12 | (200.970) | (89.225) |
Payments Related with Other Provisions | (877.521) | (492.297) | |
Income Taxes Refund (Paid) | (663.636) | (2.401) | |
B.Cash Flows From Investing Activities | (6.680.699) | (4.229.864) | |
Proceeds from Sales of Property, Plant, Equipment and Intangible Assets | 6.004 | 5.532 | |
Purchase of Property, Plant and Equipment | 8 | (2.471.091) | (1.526.558) |
Purchase of Intangible Assets | 8 | (4.047.037) | (2.528.487) |
Dividends Received | 10.428 | 4.958 | |
Other Cash Inflows (Outflows) | (179.003) | (185.309) | |
C.Cash Flows From Financing Activities | 2.159.822 | 2.308.820 | |
Proceeds from Borrowings | 9.576.368 | 7.239.648 | |
Repayments of Borrowings | (7.416.546) | (4.930.828) | |
NET INCREASE/DECREASE IN CASH AND CASH EQUIVALENTS BEFORE | |||
EFFECT OF EXCHANGE RATE CHANGES (A+B+C) | (4.440.863) | (1.362.372) | |
D. EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | 482.746 | 222.521 | |
NET INCREASE/DECREASE IN CASH AND CASH EQUIVALENTS (A+B+C+D) | (3.958.117) | (1.139.851) | |
E.CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD | 5.685.115 | 2.491.606 | |
CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD (A+B+C+D+E) | 3 | 1.726.998 | 1.351.755 |
The accompanying notes are an integral part of the consolidated financial statements.
7
ASELSAN ELEKTRONİK SANAYİ VE TİCARET A.Ş. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE NINE MONTH ENDED 30 SEPTEMBER 2023
(Amounts are expressed in thousands of Turkish Lira (''TL'') and in thousands of "Foreign Currency" unless otherwise stated.)
1. ORGANIZATION AND OPERATIONS OF THE GROUP
ASELSAN Elektronik Sanayi ve Ticaret Anonim Şirketi ("the Company") was established in order to engage principally in research, development, engineering, production, tests, assembly, integration and sales, after sales support, consultancy and trading activities, to provide and conduct all sorts of activities for project preparation, engineering, consultancy, service providing, training, contracting, construction, publishing, trading, operation and internet services regarding various software, equipment, system, tools, material and platforms in the fields of electrical, electronics, microwave, electro-optics, guidance, computer, data processing, encryption, security, mechanics, chemistry and related areas within the army, navy, air force and aerospace applications to all institutions, organizations, companies and individual consumers.
The Company was established at the end of 1975 as a corporation by Turkish Land Forces Foundation. The Company commenced its production activities in Macunköy Facilities in early 1979.
As of the reporting date, the Company has been organized under five divisions under the Vice Presidential Sector with regard to investment and production requirements of projects. These divisions comprise Communication and Information Technologies Vice Presidency (''HBT''), Radar and Electronic Warfare Systems Vice Presidency (''REHİS''), Defence Systems Technologies Vice Presidency (''SST'') and Microelectronics, Guidance & Electro-Optics Vice Presidency (''MGEO'') and Transportation, Security, Energy, Automation and Medical Systems Vice Presidency (''UGES'').
In addition to the Vice Presidencies above, the Company organization also includes the Financial Management Vice Presidency, Corporate Management Vice Presidency, Technology and Strategy Management Vice Presidency, Business Development, Marketing Vice Presidency, Supply Chain Management Vice Presidency and R&D Management Vice Presidency making a total of six Vice Presidencies; in addition to these, there are also Legal Affairs and Private Secreteriat.
The Internal Audit Department and Board of Directors Planning and Coordination Management have been established under the Board of Directors.
The Company maintains production and engineering operations in Ankara, Macunköy, Akyurt and Gölbaşı campuses and engineering operations in METU Teknokent, Hacettepe Teknokent, Gebze IT Valley and Teknopark İstanbul. General Management is located in Ankara Macunköy.
Turkish Armed Forces Foundation ("TSKGV") is the main shareholder of the Company which holds 74,20 percent of the capital and maintains control of the Company. TSKGV was established on 17 June 1987 with the law number 3388, in order to manufacture or import guns, equipment and appliances needed for Turkish Armed Forces.
The Company is registered to Capital Markets Board of Türkiye ("CMB") and its shares have been quoted in Borsa İstanbul Anonim Şirketi ("BIST") since 1990. As of 30 September 2023, 25,80 percent of the Company's shares are publicly traded (31 December 2022: 25,80 percent) (Note 13).
The Company's trade registry address is Mehmet Akif Ersoy Mahallesi İstiklal Marşı Caddesi No:16
06200 Yenimahalle/Ankara. The average number of personnel employed by the Group as of 30 September 2023 is 11.454 (31 December 2022: 10.948).
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Aselsan Elektronik Sanayi ve Ticaret AS published this content on 31 October 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 31 October 2023 16:47:02 UTC.