SECTION 3
Financial Data
Unless otherwise stated, financial data in the presentation expressed on a purchasing power basis of 30 June 2025.
Financial Performance
Margins
Balance Sheet 30 Jun 2025/31 Dec 2024
Current Assets:
As of June 30, 2025, current assets decreased by 32% to TRY 1,278 million. The main reasons for the decrease are loan principal repayments and domestic and foreign investment expenditures.
Non-Current Assets:
Compared to December 31, 2024, tangible fixed assets increased by 1% mainly due to the Taşpınar Hybrid and Mersin Additional Capacity projects. As a result of the license rights that we acquired in Germany and Italy, our intangible fixed assets increased by TRY 410 million, and our total fixed assets increased by TRY 471 million.
Liabilities:
Short- and long-term bank loans decreased by 21% due to loan repayments.
Long Term Liabilities:
Within long-term liabilities, there is a deferred tax liability of TRY 2.2 billion due to temporary differences calculated under IAS 29.
P&L Table - 30 Jun 2025/2024
Gross Profit:
Galata Wind’s consolidated revenues decreased by 10% in the first half of 2025 compared to the same period of the previous year, reaching TRY 1,194 million. Despite an 18% increase in PTF and a 4% increase in production, our revenues remained 10% below last year’s level as a result of the indexation rate of 35%.
The cost of sales increased by 5% in the first half of 2025 compared to the first half of 2024, reaching TRY 643 million. The main reason for the increase in the cost of sales is that our depreciation expenses amounted to TRY 400 million as a result of the commissioning of the first and second phases of our Taşpınar Hybrid Power Plant and the Mersin RES additional capacity project (June 2024: TRY 360 million). In line with the 10% decrease in sales revenue, gross profit decreased by 22% compared to the same period last year, reaching TRY 551 million. Consolidated Earnings Before Interest, Depreciation, and Taxes (EBITDA) decreased by 13%, reaching TRY 837 million (June 2024: TRY 965 million).
Other Operating Income & Expenses:
Our interest and exchange rate income increased due to 184% increase in our average deposits compared to last year.
Finance Expenses:
The main reason for the decrease of 211 million TL in financing income; is the TRY 147.5 million decrease in monetary position gain compared to last year and the increase in credit balance compared to the same period last year.
Net Profit:
Galata Wind’s PBT for the June 2025 period was TRY 625.3 million (June 2024: TRY 804.6 million). In 2025, the total of period tax expenses and deferred tax expenses was TRY 29.2 million lower than the same period of the previous year, and the net profit decreased by 27% to TRY 412.4 million.
Financial Data | Quarters before TAS 29 Inflation Adjustments
