ANNUAL REPORT 2024 With our strong foundation, We bridge the present with the future
CONTENTS Introduction 08 Chairman Statement 12 General Manager Statement About A&T Finansal Kiralama A.Ş. 14 Shortly A&T Finansal Kiralama A.Ş. 16 Capital and Shareholding Structure 18 History Management 20 Board of Directors 22 Senior Management 24 Organization Chart 2024 Activities 26 Key Financial Indicators 28 Marketing 29 Operation 30 Treasury 31 Strategy 32 Financial Leasing Sector and Developments in 2024 Corporate Management and Risk Management 36 Financial Rights Provided to Board Members and Top Executives 36 Research and Development Studies 36 Internal Control System and Internal Audit Activities 36 Information on Direct or Indirect Participations of the Company and Share Ratios 36 Information on the Company’s Own Shares 37 Disclosures on the Private Audit and Public Audit in the Accounting Period 37 Lawsuits which May Affect the Financial Position and Activities of the Company Filed Against the Company and Information Regarding the Possible Results of Said Lawsuits 37 Explanations on the Administrative and Judicial Sanctions Imposed on the Company and the Members of the Governing Body on the Grounds of Unlawful Practices 37 Determined Targets and Ordinary General Assembly 40 Ordinary General Assembly 42 Extraordinary General Assembly 42 Donations and Aids 42 Legal Transactions Performed for the Benefit of Parent Company or its Subsidiary Leaded by the Parent Company Considering the Parent Company and its Subsidiary and All Other Precautions Taken or Avoided for the Benefit of Parent Company or its Subsidiary in the Previous Fiscal Year 42 In The Event That The Legal Action Is Taken Or The Measure Is Taken Or Not Taken According To The Rules And Conditions That Are Taken In The Legal Process, It Is Determined Whether An Appropriate Counteraction Is Provided In Each Legal Transaction And If The Measure Taken Is Not Damaged Or If The Company Is Damaged 44 Risk Management Policy 44 Information on the Early Detection and Management of Risk Committee and Reporting 44 Investments 45 Prospects for the Future 45 Special Activities Occurred After the end of Fiscal Year Financial Position 46 Sales, Productivity and Profitability Ratios 46 Assessing Whether the Company Capital Has Been Unfulfilled 46 Dividend Distribution Policy 49 Additional Information 50 Independent Auditor’s Report On the Board Of Directors’ Annual Report 52 Financial Statements Together With Independent Auditors’ Report For the Period 1 January - 31 December 2024 We serve as a bridge in business life, facilitating efficient transitions to a prosperous future through customized leasing solutions for our clients. Regardless of the circumstances, we remain steadfast and committed to our mission. We have been operating in the financial leasing sector as a reliable and agile subsidiary of A&T Bank. With our strong experience and expert team, we continue to grow while maintaining our market share. Our success is driven by our experienced employees, robust financial structure, and agile transformations. We offer end-to-end services across a wide range, from commercial vehicles to construction and industrial machinery. By expanding our service network and customer reach, we continue to contribute to Türkiye’s economy on a solid foundation.
AsA&TFinansal KiralamaA.Ş.,webelieve inthe continuous development of our employees. In this regard, we offer comprehensive training programs, mentoring opportunities and knowledge-sharing platforms that enable them to develop their professional skills and personal abilities. We aim to increase the motivation and loyalty of our employees by establishing a positive and supportive work environment. Because we know that we build strong connections with our customers and the future through our employees. 20 Number of Employees Strong connections with our employees and customers
For strong progress in commerce and the economy We are pursuing a dynamic growth strategy to maintain and further strengthen our leading position in the sector. Through this growth, we empower various industries and act as a driving force for progress. We focus on expanding into new markets, diversifying our products and services, and fostering innovation. With our customer-centric approach and robust financial structure, we ensure the sustainability of our competitive advantage.
Elevating excellence, driving fulfillment Our priority is to establish long-term and strong relationships with our valued VIP customers. Through our Customer Relationship Management (CRM) system, we personalize the customer experience, offer exclusive benefits, and continuously gather feedback to enhance our service quality. By ensuring the highest level of satisfaction for our VIP customers, we aim to earn their loyalty and strengthen our partnership. Transaction Volume 29 USD Million
Introduction A&T Finansal Kiralama A.Ş. Annual Report 2024 8 9 Esteemed shareholders and colleagues, In 2024, the global economy navigated a landscape shaped by geopolitical tensions, heightened competition, and evolving economic dynamics. As anticipated, high inflation, stagnation, and growing regional economic protectionism dominated the global agenda. While developed countries started to takemeasures that push the limits of free trade in order to sustain their economic growth, price increases due to energy costs and deteriorating supply chains came to the fore as factors threatening political and economic stability in many countries. In 2024, which became the ‘World Election Year’ due to the presidential and general elections in multiple countries, reshaping not only domestic policies but also global economic and political balances. The most notable outcome was Donald Trump’s return to the U.S. Presidency, accompanied by his party’s control of both the House of Representatives and the Senate. This result signaled an era in which not only U.S. domestic policies, but also global trade and economic policies will move in a protectionist direction. In the Middle East, regional stability was further strained by the conflict in Gaza and the regime change in Syria, leaving the geopolitical landscape more fragile. Meanwhile, The ongoing Russia-NATO geopolitical tension over the RussiaUkraine conflict added uncertainty to the region’s future. In Asia, China has increased its weight as a geopolitical as well as economic power. In this geography, China’s Taiwan-centered diplomatic rivalry with the Western Alliance has become increasingly risky. While global economic growth slowed further from 3.3% in 2023 to 3.2%, the annual inflation rate in the U.S. and the Eurozone reached 2.7% and 2.2%, respectively. Europe’s economic challenges, particularly Germany’s recession and energy crises, weighed heavily on the European Union’s overall performance. This turbulent and transformative atmosphere of 2024 not only shook the existing balances, but also formed the basis of economic and political forecasts for 2025 and beyond. Despite all these political, diplomatic and economic uncertainties, Türkiye maintained its proactive, solution-oriented approach to regional issues, achieving economic stabilization and a downward inflation trend following the local elections in March 2023. With the end of the local election period at the end of March and the persistent follow-up of the decisions taken by the Economic Administration, the economy stabilized and inflation entered a downward trend. Türkiye was again one of the fastest growing economies in the global economic arena with the growth performance of 3.2% in the first nine months of 2024. CHAIRMAN STATEMENT 2024 was not only a successful year for us, but also a year in which we developed and learnt together. I tr ti 28 Amount of Contracts Signed in 2024 USD Million 16% Increase in Annual Contracts Signed
Introduction A&T Finansal Kiralama A.Ş. Annual Report 2024 10 11 Industry and production continued to be the locomotive of this growth with the support of the financial leasing sector. According to the results for the year 2024, the sector’s shareholders’ equity increased by 51% compared to the same period last year, reached TL 62 billion. 2024 transaction volume increased by 14% in USD terms compared to last year, while the growth in TL terms was 50%. As A&T Finansal Kiralama A.Ş., we were proud to contribute to the sustainable growth of our country. 2024was not only a successful year for us, but also a year in whichwe developed and learnt together. The number of contracts signed by our Company throughout the year reached USD 28 million, reflecting an increase of USD 2.37 million compared to the previous year, while the number of annual contracts increased by 16%. These remarkable achievements would not have been possible without the dedication, expertise, and vision of my colleagues. First of all, I would like extend my congratulations to them for these achieved all successes and all their efforts. Asweall followandexperienceinbusiness and daily life, the world is experiencing a huge digital transformation. Digitalization lies in the solution of the meta issues, artificial intelligence, renewable energy, sustainability and climate change, which we are currently facing as humanity and which harbor risks as well as opportunities. Digital technologies reveal the power of artificial intelligence in data analysis and automation, while enabling the efficient management of renewable energy resources. It offers smart solutions for monitoring and optimizing resources for sustainability goals and combating climate change. As A&T Finansal Kiralama A.Ş. , digitalization is at the core of our strategy. We see digitalization not as a destination but as an ongoing journey. By embracing digitalization, we aim to enhance operational efficiency while offering our customersmore innovative, refined, and faster solutions. Nomatter howdigitalized the processes are, the human factor, human communication and empathy are at the heart of what we do. We are fully aware that we owe our success so far to our uninterrupted communication with our customers on every platform and in every field. Nomatter what the coming years bring, we will be ready for all uncertainties and opportunities with our expert and experienced workforce and the unbreakable bond we have established with our customers. I would like to take this opportunity to thank you for your continued confidence in us. Together, we will continue to achieve new milestones and shape a brighter future. Yours sincerely, Wail J A BELGASEM Chairman of the Board of Directors 25% Increase in Net Profit 16% Increase in Equity CHAIRMAN STATEMENT We see digitalization not as a destination but as an ongoing journey.
Introduction A&T Finansal Kiralama A.Ş. Annual Report 2024 12 13 Esteemed shareholders, As A&T Finansal Kiralama A.Ş., we continued to demonstrate stable and sustainable growth in 2024. During 2024, as in the previous year, we have seen increasing political and economic tensionsworldwide. The effects are reflected in increasingly restrictive trade policies, government subsidies, mistrust even among allies, and the resurgence of real conflict. Türkiye has not been immune to these global pressures, facing persistent economic challenges, including high inflation, currency depreciation, and elevated interest rates. While policymakers have taken steps to stabilise financial markets and rebuild investor confidence, businesses and consumers continue to navigate uncertainty. Despite these headwinds, certain sectors have demonstrated resilience, and ongoing reforms aim to lay the foundation for long-term stability and growth. A%T Finansal Kiralama A.Ş.’s strategy has delivered improved financial performance and increased profit. In 2024, We continued to demonstrate stable and sustainable growth. Our profits achieved 24.400 million Turkish Lira, reflecting a 25% increase from the previous year. Business volume expanded by 60% and reached TL 1,004 billion, while total receivables grew and reached TL 1,600 billion, making a 16% increase. Assets also increased, reaching TL 1,716 billion. Notably, our non-performing loans (NPL) ratio has remained near zero for the past three years, with an NPL ratio stood at 0.05% in 2024. This reflects the strength of our risk management approach and the resilience of our credit portfolio. As we move into 2025, I am confident that there are opportunities ahead for us and our customers to help us sustain our strong performance. We aim to create long-termvalue for our shareholders and capture opportunities. I would like to end by reiterating my thanks tomy colleagues and the Board of Directors for all that they have done and all that they continue to do for A&T Finansal Kiralama A.Ş.. Their tireless efforts are reflected by our improved financial performance and increased returns for shareholders in 2024, and I look forward to them securing the foundations for our future successes. Yours sincerely, Moataz TAMER General Manager & Board Member The results in 2024 reinforce the hard work of the last three years and the inherent strength of our balance sheet and commitment to financial stability and responsible growth, ensuring continued success in Türkiye’s leasing sector. GENERAL MANAGER STATEMENT 25% Profitability Increase 60% Business Volume Increase
About A&T Finansal Kiralama A.Ş. A&T Finansal Kiralama A.Ş. Annual Report 2024 14 15 SHORTLY A&T FİNANSAL KİRALAMA A.Ş. A&T Finansal Kiralama A.Ş. continues to contribute and create source for the national economy. Company Trade Name, Address and Branch Information Company Trade Name: A&T Finansal Kiralama A.Ş. Trade Registration No: 372702 Mersis Number: 1116858435411604 Related Tax Office: Ümraniye Registered Tax Number: 001 008 5428 Address: Örnek Mahallesi Finans Çıkmazı Sokak No:4 Ataşehir/İSTANBUL Telephone: 0216 445 57 01 Pbx Fax: 0216 445 57 07 Web: www.atleasing.com.tr E-Mail: atleasing@atleasing.com.tr Ankara Branch: Kavaklıdere Mah. Havuzlu Sok. No: 3A Çankaya/ANKARA Telephone: 0312 419 51 03-04 Fax: 0312 439 37 81 Incorporation Date (Issuance Date and Registered Date) 4 July 1997 Certificate of activity was obtained with the BRSA’s decision dated 24 October 2007 and numbered 2437. A&T Finansal Kiralama A.Ş., based on the authorisation obtained from the Undersecretariat of Treasury and Foreign Trade, Law No. 3226, was established for the purpose of carrying out financial leasing transactions in Türkiye and abroad in accordance with Article 4 of its Articles of Association. It became operational upon its publication in the Turkish Trade Registry Gazette dated July 1997. Arap Türk Bankası A.Ş. is the main shareholder of the Company with 99.98% share. Since its establishment, the Company has provided financing to businesses of various sizes to support investment and growth through its customer-oriented strategy. The Company’s finance lease transactions consist of construction equipment, machinery and transport vehicles and property leases. The Company carries out its financial leasing activities mainly in Türkiye.
A&T Finansal Kiralama A.Ş. Annual Report 2024 17 A&T Finansal Kiralama A.Ş. was founded in 1997 as the subsidiary of A&T Bank to perform leasing transactions. The capital of A&T Finansal Kiralama A.Ş. was 153,500,000 TL in 2023. Capital was increased to 161,500,000 TL as of April 2024. The Shareholder structure of the company has not changed during year 2024. The Shareholder Structure of the company is as follows: SHAREHOLDERS SHARE RATE % SHARE AMOUNT ACQUISITION DATE ARAP TÜRK BANKASI A.Ş. 99.98 161.467.700,00 TL Since Establishment SALİH HATİPOĞLU 0.005 8,075.00 TL 07.07.2008 FEYZULLAH KÜPELİ 0.005 8,075.00 TL 09.11.2009 AZİZ AYDOĞDUOĞLU 0.005 8,075.00 TL 14.09.2010 ERDEM ÖZENCİ 0.005 8,075.00 TL 29.08.2013 TOTAL 100.00 161,500,000.00 TL CAPITAL AND SHAREHOLDING STRUCTURE The capital of A&T Finansal Kiralama A.Ş. was increased from TL 153.5 million to TL 161.5 million in April 2023. About A&T Finansal Kiralama A.Ş. 16
A&T Finansal Kiralama A.Ş. Annual Report 2024 19 Since its establishment, A&T Finansal Kiralama A.Ş. has provided financing to businesses of different sizes for investment and growth with its customer-oriented strategy. COMPANY PROFILE About A&T Finansal Kiralama A.Ş. 18 A&T Finansal Kiralama A.Ş. was established in 1997 as a subsidiary of A&T Bank to conduct leasing operations. It has contributed to provide uninterrupted contributions to sectors that create added value. Even in crises such as the 2001 crisis that deeply affected finance companies and the industry, it didn’t disrupt investment financing. Thanks to its strong international network, A&T Finansal KiralamaA.Ş. managed to provide foreign currency funds and inject them into investment financing, even during global and local liquidity crunches. A&T Finansal Kiralama A.Ş. provides medium-term financing to the investment needs of its customers in the SME and commercial segments with its solution-oriented service. In this regard, the Company uses some of its own creative financing andbusinessmechanisms like cross-border leasing and post financing. Such special operations can be carried out thanks to the main shareholder A&T Bank, the group’s holding bank Libya Foreign Bank and the LFB group’s financial institutions and network. The company’s financing policy is based on a well-balanced resource approach. While it has a strong equity structure, it has the ability to provide resources from international banks. In addition, cash and non-cash credit limits of local banks are used in accordance with each project requirement. The resources provided from local and international organizations are directed to the right, profitable investments. Therefore, the company has a proud asset quality that is the foundation of the company’s future. A&T Finansal Kiralama A.Ş., TL 2023 153,500,000 capital was increased to TL 161,500,000 in April 2024.
Management A&T Finansal Kiralama A.Ş. Annual Report 2024 20 21 BOARD OF DIRECTORS NAME SURNAME DUTY APPOINTMENT DATE LEAVING DATE WAIL J.A. BELGASEM Chairman 01.07.2019 - İHSAN BİLİCİ Vice Chairman 04.07.1997 - YASİN ÖZAY Vice Chairman 20.03.2023 25.11.2024 AHMED MAHMOUD M. GHASIA Board Member 19.12.2022 - İBRAHİM KONAK Board Member 23.03.2022 - MOATAZ MOHAMED A. TAMER Board Member & G.M. 20.03.2023 - Wail J. A. Belgasem Chairman A graduate of Garyounes University (Libya), Department of Accounting in 1993, Mr. Wail J A Belgasem, has been working at Libyan Foreign Bank since 1994. He served in the Internal Auditing Department, L/ Cs Department, Participations Department and Banking Operation Department between 1994 and 1998. Mr. Belgasem was employed in the Rep. Office for BACB between 1998 and 2007. He served as Assistant Manager of Marketing & Foreign Relations Department between 2007 and 2009, DeputyManager of Marketing& Foreign Relations Department from 2009 to 2011. Having served as BoardMember at Aresbank (Spain) between2013 and 2017. Mr. BELGASEM has been Deputy Manager of the International Finance Department between October 26, 2011 and May 03, 2019. After serving as aMember of theBoardof Directors at A&TBank fromJuly21, 2017 until May03, 2019,Mr. Belgasem was appointedasA&TBank’sGeneral Manager on May 03, 2019, and started this position on June 10, 2019. Mr. Belgasem is the Chairman of the Board of Directors of A&T Finansal Kiralama A. Ş. He has 30 years of professional experience. Ahmed Mahmoud M. Ghasia Board Member A graduate of Salford University, Manchester UK in 2007 and Master degree in International Business in the same university in 2009. Mr. Ghasia has been working at Libyan Foreign Bank since 2013 and he is Deputy Manager of International Finance Department since 2021 in the same bank. His responsibilities are supervision and follow-up of international loans, supervision and preparation of loans department provisions and credit product projects. He is themember of consolidatedbalance sheet team, pledge deposits team supporting the Credit and Investment Committee. Moreover, he is former member in the Subsidiaries Performance Committee since 2021 and Estimated Budget Committee since 2018, 2019, 2020. His professional andTrainingprograms attendedare Internshipwith the Treasury and wholesale departments at ABC Bahrain in 2014, Introduction to Islamic Banking training program in Jordan in 2015, Certificate of Finance in International Trade Finance in Malta in 2016, JP Morgan Executive Financial Institution programinUK in2016, Financial Analysis-Reporting and Budgeting in Tunis in 2016, Modern Skills in Preparing Cashflow in Banking System in Tunis in 2018, Fundamentals of payments and settlements in treasury operations in Türkiye in 2022, LFB Joint Working Group with RSM International on ECL in Tunis in 2022. Mr. Ghasia was appointed as a BoardMember of theA&TFinansal KiralamaA.Ş.on December 19, 2022. İbrahimKonak Board Member İbrahim Konak, who graduated from Akdeniz University, Facultyof Economics andAdministrative Sciences, Department of BusinessAdministration in 2002, started his career as an assistant inspector at Ziraat Bank A.Ş. in 2005. He served as Inspector and Senior Inspector between 2008 and 2012, respectively. He worked as Human Resources Appointment Manager at the same bank between 2012-2015, Yıldızevler/Ankara Branch Manager between 2015-2019, Ulus/Ankara BranchManager between 2019-2021, and Deputy Chairman of the Boardof InspectorsbetweenApril 2021 andOctober 2021. He has been serving as the Chairman of the Inspection Board since October 2021. In addition to thispositionat Ziraat Bank, hewas aBoardMember of Ziraat Bank Montenegro AD and Mesa Mesken Sanayii A.Ş. He has been serving as a Member of theBoardof Directors of A&TFinansal KiralamaA.Ş. since 2022. Moataz Mohamed A. Tamer Board Member & General Manager Mr.MoatazMohamedTamer,whoservedasDeputy General Manager at A&T Finansal Kiralama A.Ş. between 2019-2022 was appointed as the General Manager of A&T Finansal Kiralama A.Ş. in 2023. He hasover 17years’ experience in the fieldsof Banking. Prior to joiningArab&Turkish leasing company, Mr. Tamer servedasAssistantManager at International Finance Department in Libyan Foreign Bank. And he was Member on the “Direct and Indirect Credit Products Evaluation” committee. Mr. Tamer holds a Bachelor’s Degree in Business Administration from Tripoli University. Yasin Özay Vice Chairman* Mr. Yasin Özay who graduated from Ankara University, Facultyof Political Sciences, Department of Finance and started his career as an Inspector at the Inspection Board of Türkiye İş Bankası in 1998. He held this position until 2006. He worked as Davutpaşa Branch Manager of the same bank between 2006-2008, İkitelli Commercial Branch Manager between 2008-2010, Samsun Branch Manager between 2010-2012, İzmit Commercial Branch Manager between 2012-2016 and SME LoansAllocation İzmir I. Regional Manager between 2016-2018. Mr. Özay continued his duty as Bornova Commercial Manager between 2018-2021 and has beenservingasTürkiye İşBankası MarmarisBranch Manager since 2021. Mr. Yasin Özay resigned from the Board of Directors on 25.11.2024. İhsan Bilici Vice Chairman Mr. İhsanBilici graduated fromBursaEconomicand Commercial SciencesAcademy in 1980. He received hismaster’sdegree inbusinessadministration (MBA) from Doğuş University. Mr. İhsan Bilici started his career as an inspector at Anadolu Bank in 1981. He worked as a branch manager in various branches of T. Emlak Bankası between 1990 and 1996. Mr. Bilici later continued his duties as Head of Credits Department and Regional Head. During the same period, heservedasaBoardMemberatArabTurkish Bank. He worked as the Berlin Representative of T. Emlak Bankası. He transferred to A&T Financial Kiralama A.Ş. in 1998 and served as the General Manager until March2023. Later, hewas appointed as a Member of the Board of Directors of A&T Finansal KiralamaA.Ş. by thedecisionof thegeneral assembly held in March 2023.
Management A&T Finansal Kiralama A.Ş. Annual Report 2024 22 23 SENIOR MANAGEMENT General Manager Moataz Mohamed A. Tamer Financial & Business Support Division Assistant Gen. Man. Aziz Aydoğduoğlu Marketing Manager Volkan Bingol Credit Manager Celal Şahin Operation Manager Çağlayan Aksoy Treasury Unit Manager Hakan Irvana Ankara Branch Manager Ekrem Sağanak Moataz Mohamed A. Tamer General Manager and Board Member Mr. Moataz Mohamed Tamer, who served as Deputy General Manager at A&T Finansal Kiralama A.Ş. between 2019-2022 was appointed as the General Manager of A&T Finansal Kiralama A.Ş. in 2023. He has over 17 years’ experience in the fields of Banking. Prior to joining Arab & Turkish leasing company, Mr. Tamer served as Assistant Manager at International Finance Department in Libyan Foreign Bank. And he was Member on the “Direct and Indirect Credit Products Evaluation” committee. Mr. Tamer holds a Bachelor’s Degree in Business Administration from Tripoli University. Aziz Aydoğduoğlu Financial and Business Support Division Assistant General Manager He graduated from Marmara University, Department of Business Administration in 1992. He startedhis career as anAccounting Specialist in 1993. He joined A&T Finansal Kiralama A.Ş. in 1999 after working in different firms. He has Public Accountant and Independent Auditors Certificates. Volkan Bingöl Marketing Department Manager He is a graduate of Anadolu University, Faculty of Economics. He started his career in 1998 as a Budget Control Analyst. After working in the Treasury, Operation and Marketing Departments of different leasing companies, He joined A&T Finansal Kiralama A.Ş. in 2009. Celal Şahin Credit Department Manager Graduated from university of Istanbul, Department of Public Administration in 1988. Started his business life in 1991 as a specialist of Financial Analysis in Halkbank. Afterworking 16years at different Financial Institution, joined A&T Finansal Kiralama A.Ş. in 2007. Çağlayan Aksoy Operation Department Manager He graduated from Istanbul University Faculty of Business Administration in English programme. He started his career as a Tax Auditor in 1996. After working in the Operations Departments of different Leasing companies, he joined A&T Finansal Kiralama A.Ş. in 2023. Hakan Irvana Treasury Department Unit Manager He started his career in 1996 as FX Desk Dealer in Emlak Kredi Bank Treasury Department. After working in investment funds andportfoliomanagement department of an investment company he later worked in treasury/financedepartmentsof factoringand leasingcompanies. Hehas over 25years’ experience in the fields of Treasury, Finance and Banking. He joined A&T Finansal Kiralama A.Ş. in 2023. He is a graduate of Eastern MediterraneanUniversityFaculty of Business Administration in English programme. Ekrem Sağanak Ankara Branch Manager He graduated from Bilkent University, Department of Public Administration and Political Science. He started his career as a Assistance specialist in AkbankT.A.Ş. andafterworked inAlternatif Lease inAnkara. He joined A&T Finansal Kiralama A.Ş. in 2013.
Management A&T Finansal Kiralama A.Ş. Annual Report 2024 24 25 ORGANIZATION CHART BOARD OF DIRECTORS GENERAL MANAGER Financial and Businness Support Division Assistant General Manager Secretary Compliance Unit Officer Internal Control Manager Senior Officer Assistant Officer Assistant Manager Specialist IT Unit Manager Administrative Manager Accounting Manager Treasury Manager Credit Manager Operation Manager Marketing Manager Senior Officer Senior Officer Assistant Manager Assistant Manager Assistant Manager Assistant Manager Ankara Branch Manager Unit Manager Assistant Manager Assistant Manager Unit Manager Specialist Specialist Driver Senior Officer Senior Officer Senior Officer Senior Officer Assistant Manager Assistant Manager Specialist Specialist Specialist Specialist Senior Officer Senior Officer Specialist
2024 Activities A&T Finansal Kiralama A.Ş. Annual Report 2024 26 27 KEY FINANCIAL INDICATORS A&T Finansal Kiralama A.Ş. increased its net profit size by 25%, shareholders’ equity by 16% and leasing receivables by 16%. FINANCIAL INDICATORS (Thousand TL) 2024 2023 Change Total Assets 1,716,305 1,488,419 15% Equity 250,707 215,217 16% Leasing Receivables 1,635,234 1,403,761 16% Net Profit 24,364 19,492 25% Total Assets (Million TL) 15% increase Equity (Million TL) 16% increase 1,488 1,716 2024 2023 251 215 2024 2023 Leasing Receivables (Million TL) 16% increase Net Profit (Million TL) 25% increase 1,635 1,403 2024 2023 24.4 19.5 2024 2023
2024 Activities A&T Finansal Kiralama A.Ş. Annual Report 2024 28 29 MARKETING OPERATION A&T Finansal Kiralama A.Ş. continues to consolidate and expand its customer base with its distinctive marketing and market experience. A&T Finansal Kiralama A.Ş. focuses on delivering real and sustainable services for all customers. Marketing Vision: Being the dominant company in a defined niche market. Aims and Targets a. To manage the customer relationships in a profitable way. b. With value-added recommendations to acquire new customers. c. By creating customer satisfaction, retain and improve existing customers d. Creating a high-quality asset by gaining confident customers. e. To provide the appropriate funding to investors. Market penetration in the current market A&TFinansal KiralamaA.Ş. operates intheAgriculture, Service, Construction and Manufacturing sectors. ConstructionMachinery, Machine Tools, Production Machinery and Agricultural Machinery are the machinery groups with the largest share in the portfolio. In 2024, Construction Machinery was the sector with the largest share of 48% in our transaction volume. All machines in this equipment groupwere leased to the customer group operating in Istanbul and Ankara. Efforts are being made to increase the penetration rate in this sector and products. Market development in the new markets A&T Finansal Kiralama A.Ş. has good relations with suppliers of constructionmachinery, machine tools and agricultural machinery. A&T Finansal Kiralama A.Ş., which continuously develops the productive co-operation it has established with the sellers, mainly carries out financial leasing transactions in the fields of construction and construction machinery, machine tools (CNC), textile machinery, printing machinery. Therefore, newmarkets will be developed by considering the mentioned product group. The Company’s sales activities are carried out through two separate channels: sales and direct marketing. The Company has established a co-operation with vendors based on the principle of efficiency and continues its efforts to increase the effectiveness of the channel. With competitive financing costs, the Company has the competence to produce solutions that are suitable for the financial structures of its customers and compatible with their cash flows. In 2024, the Company achieved successful performance results thanks to its service model that operates with fast, accurate and efficient processes and customer-oriented business strategies. The Company maintains a balanced portfolio structure with sectoral diversity and draws attention with its non-performing loan ratio below the sector average. A&T Finansal Kiralama A.Ş. continues to consolidate and expand its customer base with its distinctivemarketing and market experience. Market concentration With its vast experience and know-how, strong financial structure and the funding opportunities it provides, A&T Finansal Kiralama A.Ş. serves a customer base ranging from micro enterprises to SMEs and corporate firms. A&T Finansal Kiralama A.Ş. has identified target sectors andmarkets inorder to utilise its financial resources and limited network effectively. Rather than having a low percentage of customers in a large market, the Company will aim to increase its market share by concentrating on a specific target customer group. Thus, A&T Finansal Kiralama A.Ş. is recognized by the players and suppliers in the concentratedmarket. This helps to increase the company’s regional penetration rate. For this reason, A&T Finansal Kiralama A.Ş. has an effective position in these concentrated areas. In this context, A&T Finansal Kiralama A.Ş. has clearly identified its areas of concentration. The selected areas do not require high-cost investments. They are more suitable for the resource structure of A&T Finansal Kiralama A.Ş. in terms of their size. Therefore, efforts are being made to increase the penetration rate in these areas selected as niche markets. With its vast experience and know-how, strong financial structure and the funding opportunities it provides, A&T Finansal Kiralama A.Ş. serves a customer base ranging from micro enterprises to SMEs and corporate firms. Operation Department creates healthy and lasting solutions to increase customer satisfaction with services. It focuses on delivering real and sustainable services for all customers. The Operation Department reflects its work experience to the entire workflow for customer satisfaction. Adopting the principle of customer satisfaction, A&T Finansal Kiralama A.Ş. evaluates operational processes, regardless the amount of the project. Fast, high-quality and customer-oriented service are the priorities of the department. Customer loyalty is created by standing equal distance to all customers. It is aimed to provide a high quality of service for all customers by standing closely to them.
2024 Activities A&T Finansal Kiralama A.Ş. Annual Report 2024 30 31 A&T Finansal Kiralama A.Ş. even in turbulent times of national or global market has not confronted any difficulty to find credits from domestic or foreign creditors. The main objective of A&T Finansal Kiralama A.Ş. is while taking into account the dynamics of financial markets, borrowing loans from banks with a reasonable cost and lend them to customers for their long-term investment. In addition, as it is performed in previous years by the method of project financing, it is aimed to perform the self-financing of the project. The funding is provided from group banks and other banks. Credit utilization is based on the needs of the customers and themarket. Customer needs appear in terms of TL, EUR and USD currency. Foreign currency loan demands of exporters and the companies which have a foreign currency income are primarily provided from abroad with the long maturity. Foreign currency loan requests are taken into consideration whether the firms have foreign currency income and the foreign currency value of the financed machines. To work with some bank in theway of L/C financing strengthens the cash flowof the company. Vendor payments initially performed by this way and later by the help of rent collections the loans are to paid at the final maturity with the said banks. Domestic transactions are funded with the credits utilized from domestic banks. The Utilized Amounts and Repayment amounts of Credits of A&T Finansal Kiralama A.Ş. is shown below as of 31.12.2024: TREASURY STRATEGY The main objective of A&T Finansal Kiralama A.Ş. is while taking into account the dynamics of financial markets, borrowing loans from banks with a reasonable cost and lend them to customers for their long-term investment. A&T Finansal Kiralama A.Ş. provides effective service for niche markets. 823 Utilized Credits Paid Credits TL Million TL Million 800 CREDITS EURO USD TL UTILIZED CREDITS 20,112.382 253,000 75,000,000 PAID CREDITS 18,869,433 1,200,000 64,530,146 TL USD EURO CREDITS UTILIZED CREDITS 75,000,000 253,000 20,112,382 PAID CREDITS A medium-term strategic plan was made by the company. The aim of strategic plan is to perform the activities of the company perfect and to make the staff focusing on the same purpose. Moreover, givingdirection to thecompanyaccording tochanges in the volatile environment. Therefore, our strategic plan can be summarized as follows. a) Beingclear aboutwhat thecompany’sgoals, being aware of the company’s resources and enhance the ability to react consciously against adynamic market. b) Todeterminea target byplanning for adetermined future and todetermine thepath to followonhow to achieve these goals. c) In this connection to gather information about customers and the market to combine this informationandmakepredictionsabout the future. Marketing Strategy in the strategic plan focused on three areas. i. Raising thepenetration rate in thepresentmarket ii. Developing new markets iii. To be known and effective in a defined niche market. For this purpose, it is aimed to work with current customers andstarting toworkwithnewcustomers by creating values. The company’s funding needs areprovided fromdomesticand international banks inorder tomeet thedemands of existingcustomers and to enter new markets. i. The funds received from the international banks. ii. The funds received from other banks. It isplanned that the loansobtained fromforeignbanks will be used in financing the imports of machinery equipment subject to financial leasing, and the loans obtained from domestic banks will be used in domestic purchases. Thebelowmethod is tobeconsidered for theCompany tobemore effective andefficient as anorganization in the sector. - The ratio of current market penetration will be increased by developing cooperation with the old and new suppliers. - Market Developmentwill becarriedout by focusing on sectors with export potential. - New niche areas will be explored. 64,530,146 1,200,000 18,869,433
2024 Activities A&T Finansal Kiralama A.Ş. Annual Report 2024 32 33 FINANCIAL LEASING SECTOR AND DEVELOPMENTS IN 2024 Construction and construction machinery sector had the highest share of 27% in the total transaction volume, followed by Road vehicles service with a share of 8%. 335 Asset Size of the Leasing Sector in Türkiye 19 Number of Leasing Companies When the size of the leasing sector in Türkiye is analyzed as of 31.12.2024, there are 19 companies, an asset size of approximately TL 335 billion and TL 294 billion of Financial Leasing Receivables. The US economy continued to set trends in 2024 as the center of global macroeconomic balances. Geopolitical tensions, conflicts and wars continue to pose risks in 2025, while the regional economy continues to slow down. The Russia-Ukraine war, Israel’s occupation of the Gaza Strip and a possible China-Taiwan conflict will remain on the agenda. Although external demand from the Eurozone is weakening, monetary policy easing and interest rate cuts have started as of the end of 2023. As of the last quarter of 2024, 2025 is expected to be a better year as a result of the start of interest rate cuts and the increase in long-term financing options in Turkish lira resources. According to the IMF’s growth forecasts, the Turkish economy is expected to grow by 3.2% in 2025. Positive developments such as the increase in exports, the development of the defense industry and increased access to and diversification of energy resources will be the determining factors in Türkiye’s growth in 2025. In addition, exchange rate developments and the course of interest and inflation will be carefully monitored. In 2024, leasing companies focused on liquidity and funding due to high volatility. In 2025, when funding is not as easy as in previous years, themonetary policy decisions of central banks will have an impact on the course of the economy. Therewill be a transition from tight monetary policy to loosemonetary policy. The strong monetary tightening moves of the US Federal Reserve (FED) and the European Central Bank (ECB) will be replaced by a gradual expansion. 2025 will be the first year to be experienced with new practices and decisions of new governments with the elections behind us. Especially with the acceleration of the decline in inflation, investments will be mobilized. Artificial intelligence and biotechnology will be the leading sectors thatwill attract investment. Energy, transport, logistics, health, food, iron and steel, automotive, creative and innovative sectorswill continue to stand out. There will be growth opportunities for green energy, sustainable agriculture and environmentally friendly technologies. The trend in 2023 in the financial leasing sector continued in 2024, and the growth of the service sector is again ahead of the manufacturing sector. The reason for this is the high level of destruction as a result of earthquakes and environmental disasters, which brought the construction and construction machinery sector to the forefront. Construction and constructionmachinery sector had the highest share of 27 per cent in the total transaction volume, followed by Motor vehicles service with a share of 8 per cent. In addition, due to the earthquake effect, there was a serious mobility on the construction and construction machinery side. Due to both urban transformation and the construction in the earthquake zone, the movement here can be expected to continue. Renewable energy is expected to be very active in 2025 and in the near future. Liquidity management and asset quality will continue to be two important issues that the leasing sector focuses on in 2025. Leasing will continue to be a preferred financing instrument in economic development in 2025 due to its flexible structure and practical applications, providing long-term financing opportunities, being readily accessible to SMEs and not putting pressure on the cash flows of companies. 2024 2023 Change % Total Assets 334,500,000 271,861,000 23% Financial Lease Rec. 293,541,000 239,353,000 23% S.H. Equity 61,858,000 41,068,000 51% Net Profit 17,180,000 14,491,000 19% NPL (Gross) 7,348,000 7,659,000 -4% Overview to the Leasing Sector (TL thousand) Number of Companies 19 Number of Employees 1,284 Number of Customers 47,246 Number of Branches 112 LEASING SECTOR 23% 23% 51% 19% -4% TL Billion TOTAL ASSETS FIN. LEA. REC. S.H. EQUITY NET PROFIT NPL (Gross)
2024 Activities A&T Finansal Kiralama A.Ş. Annual Report 2024 34 35 FINANCIAL LEASING SECTOR AND DEVELOPMENTS IN 2024 Renewable energy is expected to be very active in 2025 and in the near future in the financial leasing sector. Construction and Construction Machinery Plastic Processing Machinery Road Vehicles Other Real Estate Other Machinery and Equipment Printing and Paper Processing Machinery Metal Process Machinery Renewable Electricity Generation Equipment Textile and Textile Products Machinery Agriculture, Hunting, Forestry Machinery Air Transportation Vehicles 19% 1% 17% 8% 1% 8% 5% 2% 2% 2% 31% 2% The breakdown of leasing transactions of the sector by type of goods as of 31.12.2024 is as follows: Construction, Cranes, Forklift, Platforms Press 3% 35% The breakdown of leasing receivables of A&T Finansal Kiralama A.Ş. by type of goods as of 31.12.2024 is as follows: Vehicle 1% Process 2% Other 16% Agriculture 5% CNC 20% Knitting (Textile) 18% Health Sector and Aesthetic Equipment 2%
Corporate Management and Risk Management A&T Finansal Kiralama A.Ş. Annual Report 2024 36 37 LAWSUITS WHICH MAY AFFECT THE FINANCIAL POSITION AND ACTIVITIES OF THE COMPANY FILED AGAINST THE COMPANY AND INFORMATION REGARDING THE POSSIBLE RESULTS OF SAID LAWSUITS DISCLOSURES ON THE PRIVATE AUDIT AND PUBLIC AUDIT IN THE ACCOUNTING PERIOD EXPLANATIONS ON THE ADMINISTRATIVE AND JUDICIAL SANCTIONS IMPOSED ON THE COMPANY AND THE MEMBERS OF THE GOVERNING BODY ON THE GROUNDS OF UNLAWFUL PRACTICES There are no lawsuits which may affect the financial position and activities of the Company filed against the Company. The company is comprehensively audited by an independent auditing company and its main shareholder, Arap Türk Bankası. The company is also subject to the supervision and control of the Banking Regulation and Supervision Agency. A remote audit was conducted by the BRSA in 2024. The company was audited by the Financial Crimes Investigation Board in terms of financial crime legislation. There are no administrative or judicial sanctions imposed on the Company and the Members of the Board of Directors due to violations of the provisions of the legislation. DETERMINED TARGETS AND ORDINARY GENERAL ASSEMBLY The 2024 budget, figures and realization rates, defined by the Board of Directors of the Company are shown in the table below: ASSETS 31.12.2024 Current Period (TL) 31.12.2024 Budget (TL) Variance % CASH AND BANKS 158,076,777 302,139,830 -144,063,053 - 47.68 RECEIVABLES FROM LEASING TRANS. (Net) 1,433,009,008 1,603,522,961 -170,513,953 - 10.63 Finance Lease Receivables (Gross) 1,635,234,150 1,608,016,954 27,217,196 1.69 Unearned Income (-) -197,432,080 - -197,432,080 - NPL 848,785 3,712,505 -2,863,720 - 77.14 Specific Provisions (-) -5,641,847 -8,206,498 2,564,651 - 31.25 PROPERTY AND EQUIPMENT (Net) 69,100,092 53,794,775 15,305,317 28.45 INTANGIBLE ASSETS (Net) 4,945,010 4,357,142 587,868 13.49 DEFERRED TAX 2,295,782 6,628,079 -4,332,297 - 65.36 OTHER ASSETS 48,878,270 20,833,495 28,044,775 134.61 TOTAL ASSETS 1,716,304,939 1,991,276,282 -274,971,343 - 13.81 FINANCIAL RIGHTS PROVIDED TO BOARD MEMBERS AND TOP EXECUTIVES INFORMATION ON DIRECT OR INDIRECT PARTICIPATIONS OF THE COMPANY AND SHARE RATIOS INFORMATION ON THE COMPANY’S OWN SHARES INTERNAL CONTROL SYSTEM AND INTERNAL AUDIT ACTIVITIES RESEARCH AND DEVELOPMENT STUDIES The total amount of payments made between 01.01.2024 and 31.12.2024 to the Members of the Board of Directors and Senior Management is TL 25,602,476.81. There is no direct or indirect subsidiaries of the Company. The Company does not have its own shares acquired. The company conducts its operations in accordance with the “Financial Leasing, Factoring and Financing Companies Law” numbered 6361, “Regulation on the Establishment and Operating Principles of Financial Leasing, Factoring and Financing Companies,” which came into force after being published in the Official Gazette No. 28627 dated 24 April 2013. An Internal Control system has been established in order to execute the Company’s activities in accordance with the obligations and ensure timely availability of information. Member of the Board of Directors Mr. İbrahim KONAK has been appointed as the Board Member responsible for the Internal Control Department with the Board of Directors decision dated 23.03.2022. Internal Control activities are carried out under the Member of the Board of Directors, Mr. İbrahim KONAK. Internal Control Activities are carried out as Daily, Weekly and Monthly controls, and an activity report is submitted to the Board of Directors every 6 months. There are no research and development activities between 01.01.2024 and 31.12.2024.
Corporate Management and Risk Management A&T Finansal Kiralama A.Ş. Annual Report 2024 38 39 DETERMINED TARGETS AND ORDINARY GENERAL ASSEMBLY LIABILITIES 31.12.2024 Current Period (TL) 31.12.2024 Budget (TL) Variance % FUNDS BORROWED 1,394,037,954 1,656,535,220 -262,497,266 - 15.85 PROVISIONS 24,023,980 23,127,112 896,868 3.88 Provisions for Employee Benefits 24,023,980 23,127,112 896,868 3.88 CURRENT PERIOD TAX LIABILITIES 9,400,331 2,394,832 7,005,499 292.53 DEFERRED TAX LIABILITIES - - - - OTHER LIABILITIES 38,135,937 78,892,293 -40,756,356 - 51.66 SUB TOTAL 1,465,598,202 1,760,949,457 -295,351,255 - 16.77 SHAREHOLDERS' EQUITY 250,706,737 230,326,825 20,379,912 8.85 Paid-In Capital 161,500,000 161,500,000 - - Capital Reserves 228,147 - 228,147 - Other Capital Reserves 228,147 - 228,147 - Other Comprehensive Income 43,156,793 32,259,896 10,896,897 33.78 Profit Reserves 8,998,696 8,998,696 - - Legal Reserves 8,997,202 8,997,202 - - Extraordinary Reserves 1,494 1,494 - - Profit or Loss 36,823,101 27,568,233 9,254,868 33.57 Prior Periods Profit / Loss 12,458,717 12,458,717 - - Current Period Profit / Loss 24,364,384 15,109,516 9,254,868 61.25 TOTAL LIABILITIES AND EQUITY 1,716,304,939 1,991,276,282 -274,971,343 - 13.81 INCOME STATEMENT TL CURRENT PERIOD ( 31/12/2024) TL BUDGET ( 31/12/2024) VARIANCE % Finance Lease Income 190,173,257 178,706,750 11,466,507 6.42 Interest Expense From Funds Borrowed 116,780,329 120,013,471 -3,233,142 - 2.69 Personnel Expenses 54,346,087 58,650,595 -4,304,508 - 7.34 Employee Sev. Indemnity Expense 487,794 576,973 -89,179 - 15.46 General Administrative Expenses 16,971,980 17,666,675 -694,695 - 3.93 Leasing Expenses 7,206,203 0 7,206,203 - Personnel Rights Provisions 14,675,039 13,768,953 906,086 6.58 Interest Income From Bank Deposits 35,401,408 35,199,717 201,691 0.57 In 2024, the new contract amount was budgeted as 844,812,191.00 TL, but the actual amount was 1,004,041,246.00 TL. Budget : ROE 6.5% Realized : 10.46 Budget : ROA 0.75% Realized : 1.52
Corporate Management and Risk Management A&T Finansal Kiralama A.Ş. Annual Report 2024 40 41 ORDINARY GENERAL ASSEMBLY A & T Finansal Kiralama A.Ş. Ordinary General Assembly Meeting for 2023 was held on 19.03.2024 at 11.00 o’clock at the address Vali Konağı Caddesi No: 10 Nişantaşı / İSTANBUL under the supervision of the Ministry Representatives Mr. Feyyaz BAL who was appointed by the T.R. Ministry of Trade / İstanbul Provincial Trade Office of Trade Letter dated 15.03.2024, no. E-90726394-431.01-00095033914 It was determined by examining the list of attendants that out of 153,469,300 shares corresponding to the Company’s nominal value 153,469,300 representing Arap Türk Bank A.Ş. Salih HATİPOĞLU, ErdemÖZENCİ in person having 7,675 shares with a nominal value 7,675 TL, Salih HATİPOĞLU in person having 7,675 shares with a nominal value 7,675 TL, Feyzullah KÜPELİ in person having 7,675 shares with a nominal value 7,675 TL, Aziz AYDOĞDUOĞLU in person having 7,675 shares with a nominal value 7,675 TL, totally represented the nominal value of 153,500,000 TL considering the shares corresponding to the share of 153,500,000 are attending. Thus the minimum quorum as stipulated by the law and the articles of incorporation was secured. The shareholders have no objection of the invitations without announcement in accordance with the Turkish Commercial Law Article 416. After confirming that, The Board Members Mr. Wail J A BELGASEM, Mr. Yasin ÖZAY, Mr. Ahmed Mahmoud M GHASIA, Mr. İbrahim KONAK, Mr. İhsan BİLİCİ and Mr. Mohamed Moataz A TAMER, and Mr. Bilal Ensar DÖRTER as a representative of Independent Audit Firm KPMG Bağımsız Denetim ve Serbest Muhasebeci Mali Müşavirlik A.Ş. were available in the meeting; as it is perceived in the meeting place that the Share Registry of the Company, the Board of Directors of the Annual Report, the Auditors’ Report, Financial Statements, the General Assembly agenda, The Article of Association related with the Article 7 considering the “Capital” with the old and new forms including the draft amendment with the allowance official letter and attachments of T.C. Trade Ministry of Domestic Trade General Directorate, It was decided to open the meeting by Mr. Feyyaz BAL representing the Ministry of Trade. 1. The General Assembly Agenda was declared by the Board Member of the company, Mr. İhsan BİLİCİ. 2. In accordance with the 2nd article of present agenda, regarding the election of Chairman, the written proposal presented by the shareholders has been voted. The Proposal was accepted unanimously Mr. İhsan BİLİCİ was elected as the Chairman. The Chairman Mr. İhsan BİLİCİ elected Mr. Salih HATİPOĞLU as the Vote Collection Officer and Mr. Aziz AYDOĞDUOĞLU as Minutes Registrar. 3. It has been passed to the agenda to approve the Activity Report of Board of Directors for the activities performed in 2023. The report was read and discussed. Chairman of meeting has put the vote the Activity report of Board of Directors has unanimously approved. 4. In accordance with the 4th article of the Agenda, It has been passed the approval of 2023 Audited Balance Sheet and Profit / Loss accounts with the reading and negotiation of the Independent Auditors’ Report for the year 2023. The Audited Balance Sheet and P & L Account of 2023 which was audited by PWC Bağımsız Denetim ve Serbest Muhasebeci Mali Müşavirlik A.Ş. has been approved as read and negotiated. It was approved unanimously by the result of the vote. The year 2023 of Independent Auditor’s Report was read, discussed and approved by consensus at the results of the vote. 5. Agenda item was discussed regarding the discharge of the Board members. The discharges of Board Members were presented to vote separately due to their responsibilities regarding the accounts and transactions ended on 31.12.2023. As the result of voting the Board Members were acquitted unanimously. The Board Members did not vote for their own release according to the Article 436 of the Turkish Commercial Law. 6. The Chairman has read the Board Of Directors proposal regarding the distribution of profits. The amount of TL 2,943,424.59 was separated as tax provision, out of the net profit amount of TL 19,491,541.60, TL 974,577.08 will be set aside as the 1st legal reserve. It was also decided to leave the remaining net profit of TL 18,516,964.52 in the company in order to add the profits of previous years, TL 6,058,247.52 of this amount will be used for capital increase and not to distribute profits to shareholders and it was decided to cover in case of any legally required change or connection in the taxes and other obligations to be paid for the year 2023, from the “Retained Years Profit and Loss” account. 7. Company’s main contract article 7 about “Capital” with regard to amendment of Article T. R. Ministry of Customs and Trade Directorate General of Domestic Trade date 12.03.2024, No. E-50035491-431.02-00094898279 permission result, the draft amendment was discussed. Articles of Association article 7 about “Capital” new form of Article 7 was approved by a unanimous vote by the written acceptance form below. New form: ARTICLE 7: CAPITAL OF THE COMPANY Capital of the company is 161,500,000.00 (One Hundred Sixty-One Million Five Hundred Thousand) Turkish Lira, divided into 161,500,000 (One Hundred Sixty-One Million Five Hundred Thousand) registered shares, with per nominal value of 1.00 Turkish Lira each. The previous capital amount 153,500,000.00 (One Hundred Fifty-Three Million Five Hundred Thousand) Turkish Lira had been fully paid up. The capital increase of 8.000.000, 00 (Eight Million) Turkish Lira has been transferred from the year; 2022 profit 1,941,752.48 Turkish Lira, 2023 Profit 6,058,247.52 Turkish Lira, to bring the total new capital to 161,500,000.00 (One Hundred Sixty-One Million Five Hundred Thousand) Turkish Lira. Name and Surname Share Amount Share Quantity ARAP TÜRK BANKASI A.Ş. 161,467,700.00 TL 161,467,700 SALİH HATİPOĞLU 8,075.00 TL 8,075 FEYZULLAH KÜPELİ 8,075.00 TL 8,075 AZİZ AYDOĞDUOĞLU 8,075.00 TL 8,075 ERDEM ÖZENCİ 8,075.00 TL 8,075 CAPITAL OF THE COMPANY 161,500,000.00 TL 161,500,000 8. The Chairman asked for the voting of the proposal presented by the shareholders determining the per diem payment of Board Members. Starting from the date of 01.04.2024, for the period of their mission, it was decided to make payment US Dollars 1,000. - To Chairman and Board Members with a unanimous decision. These payments will be made in equivalent of Turkish Lira in US Dollars to Turkish members and in US Dollars to foreigner members. The Foreigner Board Members who participate from abroad to Board Meeting are being paid US 1,400 Dollars for covering the Board Meeting Expenses (transportation, accommodation and others). 9. Due to the 9th item of the agenda, it was passed to the approval of changes in the Board Membership in the period. Since there was no change in the membership of the Board of Directors after the last General Assembly Meeting, it was unanimously decided not to hold a discussion regarding this article. 10. The Chairman presented the proposal for vote that was given by the shareholders regarding the election of Board Members. In the proposal, Mr. Wail J A BELGASEM, Mr. Yasin ÖZAY, Mr. Ahmed Mahmoud M GHASIA, Mr. İbrahim KONAK, Mr. İhsan BİLİCİ and Moataz Mohamed A TAMER, were advised as a candidate for Board of Directors. 11. Due to the 11th item of the agenda, regarding the identification the Auditor for the year 2024, It was unanimously decided to accept the proposal of the Board of Directors for signing an Independent Audit Contract with PWC Bağımsız Denetim ve Serbest Muhasebeci Mali Müşavirlik A.Ş. for the year 2024. Independent Auditor Company Trade Name PwC Bağımsız Denetim ve Serbest Muhasebeci Mali Müşavirlik A.Ş. Address Süleyman Seba Cad. No:48 BJK Plaza Kat: 9 Beşiktaş / İstanbul Registered Tax Number Boğaziçi Kurumlar / 1460022405 Trade Registration No İstanbul Ticaret Sicil Müdürlüğü / 201465-14900 Mersis Number 0-1460-0224-0500015 12. The Chairman, asked for the vote the permission for Board Members to do transactions required the Turkish Commercial Lawwith the articles of 395 and 396. It was decided unanimously to give authorization and consent to Board Members of the Company in accordance with the Turkish Commercial Law of the articles 395 and 396. 13. Chairman of the meeting Mr. İhsan BİLİCİ, thanked the participants for the decisions taken in the meeting and ended the meeting. This said record was arranged and signed in the meeting location. All decisions taken at the Ordinary General Assembly held on 19.03.2024 were fulfilled. Minutes of Ordinary General Assembly of A&T Finansal Kiralama Anonim Şirketi Held On 19 March 2024
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