Our foreign currency loans decreased from EUR 22.6 million to EUR 19.2 million with the repayment of EUR 3.4 million, reducing our liabilities from loans by TRY 271 million. In addition, our deferred tax liabilities increased by TRY 177 million, while other short-term liabilities decreased by TRY 181 million, bringing our total liabilities down to TRY 2,669 million.

Long Term Liabilities:

In non-current liabilities, there is a deferred tax liability of TRY 1.6 billion due to temporary differences calculated in accordance with TAS 29.

Gross Profit:

Galata Wind’s consolidated revenues decreased by 13% y-o-y to TRY 1,682 million in 3Q2024. Although our total production increased by 10%, our revenues were 13% below last year due to the decrease in MCP by 2% and indexation rate of 49%. In addition, in September 2023, revenues from carbon credit sales amounted to TRY 61.8 million, while no carbon credit sales were realized in September 2024 due to lack of favorable prices.

Cost of sales increased by 1% year-on-year to TRY 768.91 million in Q3 2024. The main reason for the increase in cost of sales is the depreciation expenses amounting to TRY 438.25 million (September 30, 2023: TRY 389.45 million) due to the commissioning of Phase 1 of our Taşpınar Hybrid power plant in the second quarter of 2024. In line with the 13% decline in sales revenues, gross profit decreased by 23% to TRY 913.22 million compared to the same period last year. Consolidated Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) decreased by 19% to TRY 1,215.70 million (2023/09: TRY 1,499.31 million).

Other Operating Income & Expenses:

Compared to the same period of the previous year, there has been a decrease in our deposits as a result of the investments made being covered from shareholders’ equity. In the same period last year, there was a decrease in interest income due to higher TRY deposits (September 30, 2024: TRY 51.2 million and September 30, 2023: TRY 194.7 million). As a result of the decrease in our foreign currency deposits and the higher increase in USD/TRY and EUR/TRY parity compared to the same period last year, our foreign exchange gains decreased by TRY 315.7 million (September 30, 2024: TRY 25.6 million and September 30, 2023: TRY 341.3 million). Other operating net income decreased by 87% to TRY 67.85 million (September 30, 2024: TRY 18 million and September 30, 2023: TRY 14.8 million) as other operating expenses increased by 22% (September 30, 2024: TRY 18 million and September 30, 2023: TRY 14.8 million).

Finance Expenses:

The main reason for the TRY 716.88 million increase in our financial income is the TRY 484.9 million increase in our monetary position gain compared to last year (September 30, 2024: TRY 234.1 million and September 30, 2023: TRY -250.8 million). The main reason for this increase is that while our monetary assets were higher than our liabilities as of September 2023, our monetary assets decreased as a result of the investments we made especially in the last quarter of 2023, resulting in a monetary gain as of September 2024. At the end of September 2023, EUR/TRY exchange rate increased more compared to the same period of this year, and the foreign exchange loss on loans decreased to TRY 128.1 million (September 30, 2023: TRY 410.1 million) due to the lower loan principal balance in this period.

Net Profit:

Galata Wind’s profit before tax for the third quarter of 2024 amounted to TRY 925.86 million (September 30, 2023: TRY 1,004.86 million). In 2024, net profit for the period increased by 32% to TRY 605.5 million, as the total tax expense for the period and deferred tax expenses were TRY 225 million lower compared to the same period of the previous year.