09.11.2020 - Financial Assessment for the 3rd Quarter of 2020

As of September 30, 2020, our company realized a consolidated EBITDA of TRY 215 million. Given the fact that the planned maintenance of Çan-2 Thermal Power Plant which was originally scheduled to take place in March 2021, was rescheduled in September 2020 by taking the rising exchange rates affecting foreign-currency based selling prices into account, leading to a reduced level of generation through the quarter, the consolidated EBITDA figure for the third Quarter decreased compared to the figure achieved in the second Quarter of 2020. On the other hand, 9-month consolidated EBITDA as of the end of September 2020 have increased by 28% over the same period of the previous year. (EBITDA as of 30.09.2019: TRY 168 million)

Through the improvements effected, the consolidated financial short position of the group was reduced by EUR 62,111,150 and USD 1,424,646 as of 30.09.2020, compared to the respective figure in 31.12.2019 (amounting to a reduction of approximately by 28% in foreign currency loans overall); yet, due to the significant increase in exchange rates, the exchange rate costs represent the majority of the total loss figure in P&L statement. The group’s comparative financial foreign currency short positions and the exchange rate profit/loss statements are presented below.