Copyright © 2025 KAP
Central Securities Depository & Trade Repository of Türkiye
Related Companies | [] | ||||||||
Related Funds | [] | ||||||||
English | |||||||||
oda_MaterialEventDisclosureGeneralAbstract| |
| ||||||||
oda_UpdateAnnouncementFlag| |
| Hayır (No) | |||||||
oda_CorrectionAnnouncementFlag| |
| Hayır (No) | |||||||
oda_DateOfThePreviousNotificationAboutTheSameSubject| |
| - | |||||||
oda_DelayedAnnouncementFlag| |
| Hayır (No) | |||||||
oda_AnnouncementContentSection| |
| ||||||||
oda_ExplanationSection| |
| ||||||||
oda_ExplanationTextBlock| | The Company's financial results for the period ended 30 September 2026 were scheduled to be announced on 19 October 2026. In our material event disclosure dated 19 October 2026, we announced that our financial results would not be released on that date and stated that developments would be shared with all stakeholders simultaneously. The Technical and Financial Analysis Audit being conducted at the Company by the Insurance and Private Pension Regulation and Supervision Authority (SEDDK) has been largely completed, and the Authority has requested an additional audit regarding its final finding, which does not relate to financial investments. The total potential impact (after tax) of the risk subject to this additional audit is at the level of +/-1% of total assets in our draft financial statements. Due to this request, it has become clear that our financial statements as of 30 September 2026 cannot be disclosed to the public within the statutory deadline. Accordingly, the Company has applied to the Capital Markets Board (SPK) for an extension of the deadline for the disclosure of its stand-alone financial statements, which expires on 30 October 2026 and the extension has been granted up to and including November 16, 2026. To ensure that the public is accurately informed during this process, we would also like to share the following. Our material event disclosure dated 7 October 2026 related to balances in the funds subject to liquidation and to the equities on our balance sheet, and this information remains valid as of 30 September 2026. The Company has no balance in any of the 131 funds subject to liquidation, and the only equities on its balance sheet are 141,401,116.58 TURSG shares. Within the scope of the SEDDK audit and the review conducted at the Company, in line with the relevant Board resolutions of SEDDK and in accordance with the prudence principle, provisions have been set aside for the full amount (100%) of the following risk amounts, to be reflected in our draft financial statements as of 30 September 2026: (i) TL 8,963,261,741, being the total risk amount for government domestic debt securities not returned at maturity under securities lending transactions, (ii) TL 3,983,344,231, being the total risk amount for private sector bonds, asset-backed securities (VDMK) and participation accounts of issuers that defaulted when coupon or redemption payments fell due, (iii) TL 2,685,122,487, being the total risk amount for securities for which a provision was deemed appropriate due to risk relating to the group of companies to which the issuer belongs, although no default has occurred (including those making coupon payments). These issuers are not related parties of the Company. The pre-tax (gross) expense impact of these additional provisions on our draft financial statements as of 30 September 2026 is TL 15,631,728,459, and the after-tax net expense impact is TL 10,942,209,921. The securities and receivables subject to the provisions are not unit balances held in the funds subject to liquidation; they arise from debt instruments in the Company's own portfolio and from securities lending transactions. All of the losses and risks requiring additional provisions stem from developments in and after September 2026. Including the provision of TL 707,817,990 set aside for securities that defaulted before September, total provisions in the Company's draft balance sheet amount to TL 16,339,546,449. The amounts stated above reflect the Company's assessment as of the date of this disclosure and take into account, in the most prudent manner, the findings of the SEDDK and Company audits relating to financial investments. The audit process regarding the other finding identified in the SEDDK audit, which does not relate to financial investments, is ongoing, and the total potential impact (after tax) of this risk is at the level of +/-1% of total assets in our draft financial statements. The results will be finalised upon completion of the audit and its official notification to the Company, and no other impact is expected. Developments on this matter will continue to be disclosed to the public, simultaneously to all stakeholders. With the awareness and responsibility of being the sector's leading company in premium production according to Insurance Association of Türkiye (TSB) data for September 2026, we wish to emphasise once again that we are conducting this process with the utmost care and taking every possible impact into account. Throughout this period, our insurance operations have continued without interruption. We thank all our stakeholders for their support throughout this process. Respectfully announced to the public. In the event of any discrepancy between the Turkish and English versions of this public disclosure statement, the Turkish version shall prevail. | ||||||||
We proclaim that our above disclosure is in conformity with the principles set down in “Material Events Communiqué” of Capital Markets Board, and it fully reflects all information coming to our knowledge on the subject matter thereof, and it is in conformity with our books, records and documents, and all reasonable efforts have been shown by our Company in order to obtain all information fully and accurately about the subject matter thereof, and we’re personally liable for the disclosures.
PDF
WORD
EXCEl