Financial Position A&T Finansal Kiralama A.Ş. Annual Report 2024 54 55 PwC Bağımsız Denetim ve Serbest Muhasebeci Mali Müşavirlik A.Ş. Kılıçali Paşa Mah. Meclis-i Mebusan Cad. No:8 İç Kapı No:301 Beyoğlu/İstanbul T: +90 212 326 6060, F: +90 212 326 6050, www.pwc.com.tr Mersis Numaramız: 0-1460-0224-0500015 Convenience Translation into English of Independent Auditor’s Report Originally Issued In Turkish INDEPENDENT AUDITOR’S REPORT To the General Assembly of A&T Finansal Kiralama A.Ş. A) Report on the Audit of the Financial Statements 1. Opinion We have audited the accompanying financial statements of A&T Finansal Kiralama A.Ş. (the “Company”) which comprise the statement of financial position as at 31 December 2024 and the statement of profit or loss, statement of profit or loss and other comprehensive income, statement of changes in equity and statement of cash flows for the year then ended and the notes to the financial statements and a summary of significant accounting policies and financial statement notes. In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as at 31 December 2024, and its financial performance and its cash flows for the year then ended in accordance with “Banking Regulation and Supervision Agency (“BRSA”) Accounting and Financial Reporting Legislation” which includes “Communiqué on Uniform Chart of Accounts and Prospectus to be implemented by Financial Leasing, Factoring, Financing and Saving Financing Companies” published in the Official Gazette numbered 28861 dated 24 December 2013 and, communiqués, and circulars and, announcements made by BRSA and requirements of Turkish Financial Reporting Standards for the matters not regulated by the aforementioned legislations. 2. Basis for Opinion Our audit was conducted in accordance with the Standards on Independent Auditing (the “SIA”) that are part of Turkish Standards on Auditing issued by the Public Oversight Accounting and Auditing Standards Authority (the “POA”). Our responsibilities under these standards are further described in the “Auditor’s Responsibilities for the Audit of the Financial Statements” section of our report. We hereby declare that we are independent of the Company in accordance with the Ethical Rules for Independent Auditors (including Independence Standards) (the “Ethical Rules”) and the ethical requirements regarding independent audit in regulations issued by POA that are relevant to our audit of the financial statements. We have also fulfilled our other ethical responsibilities in accordance with the Ethical Rules and regulations. We believe that the audit evidence we have obtained during the independent audit provides a sufficient and appropriate basis for our opinion. 3. Key Audit Matters Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements of the current period. Key audit matters were addressed in the context of our independent audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. Key audit Matter How the matter is adressed in our audit Expected credit losses for financial lease receivables The Company has total expected credit losses for financial lease receivables amounting to TL 1,438,650,855 in respect to total gross financial lease receivables amounting to TL 5,641,847 which represent a significant portion of the Company’s total assets in its financial statements as at 31 December 2024. Explanations and notes related to expected credit losses for financial lease receivables are presented in Notes 2.1, 2.3 and 4 in the accompanying financial statements as at 31 December 2024. In the scope of “Regulation on Amendments Related To Regulation On Accounting Applications And Financial Statements Of Financial Leasing, Factoring And Financing Companies” that is published on the Official Gazette on 2 May 2018 and numbered 30409, the Company recognizes the expected credit losses for financial lease receivables in accordance with TFRS 9 “Financial Instruments” as of 1 January 2019. Accordingly, the classification of financial lease receivables has been recognized as per their credit risk (staging) in accordance with TFRS 9 and expected credit loss approach is applied for impairment provision for financial lease receivables. The Company exercises significant decisions using subjective judgement, interpretation and assumptions over when and how much to record as loan impairment. To determine the stage classification of loans by identifying significant increase in credit risk with quantitative and qualitative assessments and default events disclosed in the accompanying financial statements in accordance with TFRS 9. With respect to stage classification of financial lease receivables and calculation of expected credit losses in accordance with TFRS 9, we have assessed policy, procedure and management principles of the Company within the scope of our audit. We tested the design and the operating effectiveness of relevant systems and processes implemented in accordance with these principles. We have evaluated and tested the appropriateness of expected credit loss methodologies and performance of parameters (life time expected credit losses and losses given default) in line with the requirement of TFRS 9 and the Company’s policies and procedures with our financial risk experts. We have carried loan review on a selected sample of loans with the objective to identify whether the classification of finance lease receivables is performed appropriately in accordance with the applicable regulation, whether the loss event had occurred and whether the provision for impairment has been recognized in a timely manner within the TFRS 9 framework. In addition, for non-performing finance lease receivables that are subject to individual assessment based on the Company policies, we have evaluated the appropriateness of specific impairment provision with supportable input. Based on our discussions with the Company management, we have evaluated and challenged whether the key assumptions and other judgements, underlying the estimation of impairment were reasonable. PwC Bağımsız Denetim ve Serbest Muhasebeci Mali Müşavirlik A.Ş. Kılıçali Paşa Mah. Meclis-i Mebusan Cad. No:8 İç Kapı No:301 Beyoğlu/İstanbul T: +90 212 326 6060, F: +90 212 326 6050, www.pwc.com.tr Mersis Numaramız: 0-1460-0224-0500015 Convenience Translation into English of Independent Auditor’s Report Originally Issued In Turkish INDEPENDENT AUDITOR’S REPORT To the General Assembly of A&T Finansal Kiralama A.Ş. A) Report on the Audit of the Financial Statements 1. Opinion We have audited the accompanying financial statements of A&T Finansal Kiralama A.Ş. (the “Co pany”) which comprise the statement of financial position as at 31 December 2024 and the statement of profit or loss, statement of profit or loss and other comprehensive income, statement of changes in equity and statement of cash flows for the year then ended and the notes to the financial statements and a summary of significant accounting policies and financial statement notes. In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as at 31 December 2024, and its financial performance and its cash flows for the year then ended in accordance with “Banking Regulation and Supervision Agency (“BRSA”) Accounting and Financial Reporting Legislation” which includes “Communiqué on Uniform Chart of Accounts and Prospectus to be implemented by Financial Leasing, Factoring, Financing and Saving Financing Companies” published in the Official Gazette numbered 28861 dated 24 December 2013 and, communiqués, and circulars and, announcements made by BRSA and requirements of Turkish Financial Reporting Standards for the matters not regulated by the aforementioned legislations. 2. Basis for Opinion Our audit was conducted in accordance with the Standards on Independent Auditing (the “SIA”) that are part of Turkish Standards on Auditing issued by the Public Oversight Accounting and Auditing Standards Authority (the “POA”). Our responsibilities under these standards are further described in the “Auditor’s Responsibilities for the Audit of the Financial Statements” section of our report. We hereby declare that we are independent of the Company in accordance with the Ethical Rules for Independent Auditors (including Independence Standards) (the “Ethical Rules”) and the ethical requirements regarding independent audit in regulations issued by POA that are relevant to our audit of the financial statements. We have also fulfilled our other ethical responsibilities in accordance with the Ethical Rules and regulations. We believe that the audit evidence we have obtained during the independent audit provides a sufficient and appropriate basis for our opinion. 3. Key Audit Matters Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements of the current period. Key audit matters were addressed in the context of our independent audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. PwC Bağımsız Denetim ve Serbest Muhasebeci Mali Müşavirlik A.Ş. Kılıçali Paşa Mah. Meclis-i Mebusan Cad. No:8 İç Kapı No:301 Beyoğlu/İstanbul T: +90 212 326 6060, F: +90 212 326 6050, www.pwc.com.tr Mersis Numaramız: 0-1460-0224-0500015 Convenience Translation into English of Independent Auditor’s Report Originally Issued In Turkish INDEPENDENT AUDITOR’S REPORT To the General Assembly of A&T Finansal Kiralama A.Ş. A) Report on the Audit of the Financial Statements 1. Opinion We have audited the accompanying financial statements of A&T Finansal Kiralama A.Ş. (the “Company”) which comprise the statement of financial position as at 31 Dec mber 2024 and the statement of prof t or loss, statement of profit or loss and other comprehensive income, statement of changes in equity and statement of cash flows for the year then ended and the notes to the financial statements and a summary of significant accounting policies and financial statement notes. In our opinion, the financial statements pres nt fairly, in all material respects, the financial position of the Company as at 31 December 2024, and its financial performance and its cash flows for the year then ended in accordance with “Banking Regulation and Supervision Agency (“BRSA”) Accounting and Financial Reporting Legisl tion” which includes “Communiqué on Uniform Chart of Accounts and Prospectus to be implemented by Financial Leasing, Factoring, Financing and Saving Financing Companies” published in the Official Gazette numbered 28861 dated 24 December 2013 and, communiqués, and circulars and, announcements made by BRSA and requirements of Turkish Financial Reporting Standards for the atters not regulated by the aforementioned legislations. 2. Basis for Opinion Our audit was conducted in accordance with the Standards on Independent Auditing (the “SIA”) that are part of Turki h Standards Auditing issued by the Public Oversight Acc unting nd Auditing Sta dards Authority (the “POA”). Our responsibilities under these standards are further described in the “Auditor’s Responsibilities for the Audit of the Financial Statements” section of our report. We hereby declare that we are independent of the Company in accordance with the Ethical Rules for Independent Auditors (including Independence Standards) (the “Ethical Rules”) and the ethical requ e s regardi g independent audit in regulations issued by POA that are relevant to our audit of the financial statements. We have also fulfilled our other ethical responsibilities in accordance with the Ethical Rules and regulations. We believe that the audit evidence we have obtained during the independent audit provides a suff cient and ppropriate basis for our opinion. 3. Key Audit Matters Key audit matters are those m tters that, in our profes ional judgment, were of most significance in our audit of the financial statements of the current period. Key audit matters were addressed in the context of our independent audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. PwC B ğımsız Denetim ve S r est Muhasebeci Mal Müşavirlik A.Ş. Kılıçali Paşa Mah. Meclis-i Mebusan Cad. No:8 İç Kapı N :301 Beyoğ u/İstanbul T: +90 212 326 6060, F: +90 212 326 6050, www.pwc.com.tr Mersis Nu aramız: 0-1460-0224-0500015 Convenience Translation into English of Independent Auditor’s Report Originally Issued In Turkish INDEPENDENT AUDITOR’S REPORT To the General Assembly of A&T Finansal Kiralama A.Ş. A) Report on the Audit of the Financi l Statem nts 1. Opinion We have audited the accompanying financial statements of A&T Finansal Kiralama A.Ş. (the “Company”) which comprise the statement of financial position as at 31 December 2024 and the statement of profit or loss, statement of profit or loss and other comprehensive income, statement of changes in equity and stat ment of cash flows for the year the ended and the not s to the financial statements and a summary of significant accounting policies and financial statement notes. In our opinion, the financi l statem nts present fairly, in all aterial r sp c s, the fi ancial position of the Company as at 31 December 2024, and its fin cial perf rmance and its cash flows for the year then ended in accordance with “Banking Regulation and Supervision Agency (“BRSA”) Accounting and Financial Reporting Legislation” which includes “Communiqué on Uniform Chart of Accounts and Prospectus to be implemented by Financial Leasing, Factoring, Financing and Saving Financing Companies” published in the Official Gazette numbered 28861 dated 24 December 2013 and, commu iqués, a d circulars and, announcements made by BRSA and requirements of Turkish Financial Reporting Standards for the matters not regulated by the aforementioned legislations. 2. Basis for Opinion Our audit was conducted in accordance with the Standards on Independent Auditing (the “SIA”) that are part of Turkish Standards on Auditing issued by the Public Oversight Accounting and Auditing Standards Authority (the “POA”). Our responsibilities under these standards are further described in the “Auditor’s Responsibilitie for the Audit of the Financial Statements” section of our report. We hereby declare that we are indepe ent of the Comp y in ac orda ce with the Ethical Rules for Independent Auditors (including Independence Standard ) (the “Ethical Rules”) and the ethical r quiremen s regarding independe t audit in regulations issued by POA that e releva t to our audit of the financial statements. We have also fulfilled our other eth cal responsibilities in acco dance with the Ethic l Rules and regulations. We believe that the audit evidence we have obtaine during the independent audit provides a sufficient and appropriate basis for our opinion. 3. Key Audit Matters Key aud matte s are those ma ters that, in our professional judgment, were of mos significance in our audit of the financial statements of the current period. Key audit matters w re addressed i the context f ur ind pendent audi of the financial stat ments s a whole, and in forming our o inion thereon, and we do ot provide a separate opini n on these matters.
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