ASELSAN Elektronik Sanayi ve Ticaret Anonim Sirketi : Financial Report 12-2023

(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

CONSOLIDATED FINANCIAL STATEMENTS AS OF AND FOR THE YEAR

ENDED 31 DECEMBER 2023 WITH INDEPENDENT

AUDITORS' REPORT THEREON

26 March 2024

This report contains independent audit report comprising consolidated financial statements and footnotes comprising 97 pages.

• 1. ORGANIZATION AND OPERATIONS OF THE GROUP ............................................................................................................................. 8

• 2. BASIS OF PRESENTATION OF CONSOLIDATED FINANCIAL STATEMENTS .............................................................................................. 9

• 3. CASH AND CASH EQUIVALENTS ......................................................................................................................................................... 35

• 4. INTERESTS IN OTHER ENTITIES ........................................................................................................................................................... 36

• 5. RELATED PARTY DISCLOSURES ........................................................................................................................................................... 37

• 6. TRADE RECEIVABLES AND PAYABLES ................................................................................................................................................. 42

• 7. OTHER RECEIVABLES AND PAYABLES ................................................................................................................................................. 43

• 8. EQUITY ACCOUNTED INVESTMENTS .................................................................................................................................................. 44

• 9. INVENTORIES ..................................................................................................................................................................................... 46

• 10. PREPAID EXPENSES AND DEFERRED INCOME .................................................................................................................................... 47

• 11. PROPERTY, PLANT AND EQUIPMENT ................................................................................................................................................. 48

• 12. INTANGIBLE ASSETS ........................................................................................................................................................................... 52

• 13. GOVERNMENT GRANTS AND INCENTIVES ......................................................................................................................................... 54

• 14. BORROWING COSTS ........................................................................................................................................................................... 55

• 15. PROVISIONS, CONTINGENT ASSETS AND LIABILITIES ......................................................................................................................... 56

• 16. COMMITMENTS AND CONTINGENCIES .............................................................................................................................................. 59

• 17. EMPLOYEE BENEFITS .......................................................................................................................................................................... 62

• 18. OTHER ASSETS AND LIABILITIES ......................................................................................................................................................... 64

• 19. SHARE CAPITAL, RESERVES AND OTHER EQUITY ITEMS ..................................................................................................................... 65

• 20. REVENUE AND COST OF SALES ........................................................................................................................................................... 67

• 21. GENERAL ADMINISTRATIVE EXPENSES, MARKETING EXPENSES, RESEARCH AND DEVELOPMENT EXPENSES .................................... 68

• 22. OTHER OPERATING INCOME AND EXPENSES ..................................................................................................................................... 70

• 23. INCOME FROM INVESTING ACTIVITIES .............................................................................................................................................. 70

• 24. FINANCIAL INCOME ........................................................................................................................................................................... 70

• 25. FINANCIAL EXPENSES ......................................................................................................................................................................... 71

• 26. ANALYSIS OF OTHER COMPREHENSIVE INCOME ITEMS ..................................................................................................................... 71

• 27. INCOME TAXES ................................................................................................................................................................................... 73

• 28. EARNINGS PER SHARE ........................................................................................................................................................................ 78

• 29. FINANCIAL INVESTMENTS .................................................................................................................................................................. 78

• 30. FINANCIAL LIABILITIES ........................................................................................................................................................................ 80

• 31. NATURE AND LEVEL OF RISKS RELATED TO FINANCIAL INSTRUMENTS ............................................................................................. 82

• 32. FINANCIAL INSTRUMENTS FAIR VALUE DISCLOSURES AND EXPLANATIONS ON HEDGE ACCOUNTING ............................................. 95

• 33. EXPLANATIONS RELATED TO THE STATEMENT OF CASH FLOW ......................................................................................................... 97

• 34. FEES FOR SERVİCES RENDERED FROM INDEPENDENT AUDIT FIRMS ................................................................................................. 97

• 35. EVENTS AFTER THE REPORTING PERIOD ............................................................................................................................................ 97

ASELSAN ELEKTRONİK SANAYİ VE TİCARET ANONİM ŞİRKETİ AND ITS SUBSIDIARIES

CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS OF 31 DECEMBER 2023

(Amounts are expressed in Turkish Lira ("TL") in terms of the purchasing power of the TL at 31 December 2023, unless otherwise indicated.)

Audited

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 31 DECEMBER 2023

(Amounts are expressed in Turkish Lira ("TL") in terms of the purchasing power of the TL at 31 December 2023, unless otherwise indicated.)

Audited

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 31 DECEMBER 2023

(Amounts are expressed in Turkish Lira ("TL") in terms of the purchasing power of the TL at 31 December 2023, unless otherwise indicated.

Audited

The accompanying notes are an integral part of the consolidated financial statements.

3

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Aselsan Elektronik Sanayi ve Ticaret AS published this content on 26 March 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 26 March 2024 15:42:43 UTC.