SECTION 3
Financial Data
Unless otherwise stated, financial data in the presentation expressed on a purchasing power basis of 31 March 2025.
Financial Performance
Margins
Balance Sheet 31 Mar 2025/31 Dec 2024
Current Assets:
As of March 31, 2025, current assets decreased by 37% to TRY 1,114 million. Cash and cash equivalents decreased by TRY 764 million and trade receivables by TRY 19 million, while financial investments in short-term liquid funds for investment purposes increased by TRY 181 million.
Non-Current Assets:
Compared to December 31, 2024, property, plant and equipment increased by 1%, mainly driven by Taşpınar Hybrid and Mersin Additional Capacity projects. Intangible assets increased by TRY 246 million and total non-current assets by TRY 270 million, mainly due to the license rights acquired in Germany.
Liabilities:
USD denominated foreign currency loans decreased from USD 42 million to USD 30 million with USD 12 million repayment, while total liabilities decreased by TRY 529 million as a result of TRY 133 million increase in deferred tax liabilities.
Long Term Liabilities:
In non-current liabilities, there is a deferred tax liability of TRY 2,1 billion due to temporary differences calculated in accordance with TAS 29.
P&L Table - 31 Mar 2025/2024
* EBITDA = Calculated with the formula gross profit-operating expense+depreciation and inter-segment eliminations are included. Depreciation of right-of-use assets included in the statement of financial position within the scope of TFRS 16 is also included in depreciation.
Gross Profit:
Galata Wind’s consolidated revenues decreased by 17% y-o-y to TRY 556 million in 1Q2025. Although MCP increased by 18%, our revenues were 17% below last year as a result of the indexation rate of 38% and 4% lower production.
Cost of sales increased by 5% to TRY277 million in the first quarter of 2025 compared to the first quarter of 2024. The main reason for the increase in cost of sales is the depreciation expenses amounting to TRY 168 million (March 2024: TRY 153 million) due to the commissioning of Phase 1 of our Taşpınar Hybrid power plant in the second quarter of 2024. In line with the 17% decline in sales revenues, gross profit decreased by 31% to TRY 279 million compared to the same period last year. Consolidated Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA) decreased by 22% to TRY395 million (March 2024: TRY508 million).
Other Operating Income & Expenses:
There was an increase in our deposits compared to the same period of the previous year. Compared to the same period of the previous year, our interest income increased due to higher TRY deposits (March 2025: TRY 119 million and March 2024: TRY 4.8 million). As there was no significant change in our foreign currency deposits compared to the same period of the previous year, our foreign exchange gains remained at the same level (March 2025: TRY 25.6 million and March 2024: TRY 23.8 million). After other operating expenses increased by TRY 12.6 million (March 2025: TRY 14 million and 2023: TRY 1.4 million), other operating net income increased by 382% to TRY 131 million.
Finance Expenses:
The main reason for the TRY 99 million decrease in finance income is the TRY 77.4 million decrease in gain on monetary position compared to last year (March 2025: TRY 56.7 million and March 2024: TRY 134.1 million). The main reasons for this decrease are the higher index coefficient used in March 2024 compared to March 2025 and the annual index effect. As of March 2025, FX losses on loans increased to TRY 82.5 million (March 2024: TRY 67.3 million) as EUR/TRY exchange rate increased more than the same period last year.
Net Profit:
Galata Wind’s profit before tax in March 2025 amounted to TRY 315.2 million (March 2024: TRY 438.7 million). In 2024, the sum of current tax expense and deferred tax expense was TRY 30.9 million higher compared to the same period of the previous year and net profit for the period decreased by 54% to TRY 133.8 million.
Financial Data | Quarters before TAS 29 Inflation Adjustments
