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Investor Presentation April 2021 Turkey and ASELSAN’S Place in Global Defense

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Investor Presentation April 2021 Turkey and ASELSAN’S Place in Global Defense Investor Presentation April 2021 Turkey and ASELSAN’s Place in Global Defense 2020 Top 10 Spenders vs. Turkey Military Spending of Turkey (5 year averages) (Billion $) (Billion $) USA 778 20,00 China 252 18,00 India 73 16,00 14,00 Russia 62 12,00 United Kingdom 59 10,00 Saudi Arabia 58 8,00 Germany 53 6,00 France 53 4,00 Japan 49 2,00 South Korea 46 0,00 … … Turkey 18 SIPRI SIPRI Military Spending as a % of GDP ASELSAN Global Defense Ranking (TURKEY) 48. %3,0 %2,7 %2,8 1.400 52. %2,5 55. 57. %2,5 1.200 58. %2,0 %2,0 %2,1 %2,1 %1,9 %1,9 1.000 62. %2,0 %1,8 67. 800 74. nominal nominal terms) %1,5 - 76. 600 80. %1,0 86. 400 20182019 90. 93. 20162017 %0,5 200 97. 2015 GDP (Billion (Billion $ GDP 20132014 Military Spending Military Spending of a GDPas% 20112012 %0,0 0 20092010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 20072008 2 SIPRI, TÜİK Defense News Top 100 Shareholder Structure Shareholder Structure Turkish Armed Forces Foundation (TAFF) ASELSAN, TAFF BOARD OF TRUSTEES -President (Chairman) is the only defense company listed on BIST. -Vice President - Minister of National Defense - Chief of General Staff - President of Defence Industries Free Float TAFF 74,2% Board of Directors 25,8% Turkish Armed ASELSAN TAI ROKETSAN HAVELSAN ASPİLSAN İŞBİR Forces Foundation TAFF was established by the merger of Land, Navy and Air Forces Foundations. TAFF’s objective is to enhance the warfare capability of Turkish Armed Forces through national defense industry. TAFF owns several defense companies operating in separate fields. The only privilege of the shares owned by TAFF is nominating 6 members of the 9 members of Board of Directors. 3 Field of Activities TRANSPORTATION, COMMUNICATION MICROELECTRONICS RADAR, ELECTRONIC DEFENSE SYSTEMS SECURITY, ENERGY, INFORMATION GUIDANCE and WARFARE TECHNOLOGIES AUTOMATION and TECHNOLOGIES ELECTRO-OPTICS HEALTHCARE COMMUNICATION AVIONIC RADAR SYSTEMS AIR and MISSILE DEFENSE SECURITY SATELLITE SYSTEMS ELECTRO-OPTIC ELECTRONIC WARFARE LAND and WEAPON SYSTEMS TRANSPORTATION GUIDANCE and IT and CYBER MICROWAVE PRODUCTS TRAFFIC and AUTOMATION UNMANNED SYSTEMS COMMAND CONTROL SECURITY 4 MICROELECTRONICS NAVAL SYSTEMS ENERGY and HEALTH Our Affiliates ROKETSAN ASELSANNET ASELSAN KONYA SİLAH SİS. ASELSAN BİLKENT MİKRO NANO Share :15% Share:51% Partner: Konya Partner: TAFF Share :100% Share:50% Defence Industry Partner: BİLKENT Ünv. Founded: 1988 Founded: 2004 Founded: 2018 Assets: 1,3 Bio $ Founded: 2014 Assets: 253 Mio $ Assets: 54,6 Mio $ Assets: 29,8 Mio $ EHSİM ULAK ASELSAN HASSAS OPTİK ASPİLSAN Share:50% Share:51% Share :1% Partner:SSTEK A.Ş. Share:50% Partner: Havelsan, SSTEK Partner: TAFF Founded: 2017 Partner:Sivas Optik Founded: 1981 Founded: 1998 Assets: 21,9 Mio $ Founded: 2014 Assets: 13,9 Mio $ (*) Assets: 25 Mio $ Assets: 20,2 Mio $ TEKNOHAB MİKROELEKTRONİK BİTES TÜYAR Share:15% Share:85% Share :51% Partner: HAB,TUSAŞ Partner: İTÜ ETA Vakfı Share :51% Partner: TÜBİTAK, SSM GAZİ Ünv. Founded: 2004 Partner: Real Person Founded: 2017 Founded: 2018 Assets: 4,6 Mio $ Founded: 2001 Assets: 2,3 Mio $ Assets: 5,8 Mio $ Assets: 3,2 Mio $ DASAL TR EĞİTİM VE TEKNOLOJİ A.Ş. ASELSAN GLOBAL Share :40% Share:35% Share :100% Partner: Altınay A.Ş. Partner: TUSAŞ Founded: 2019 Founded: 2019 Founded: 2018 Assets: 0,4 Mio $ Assets: 1,8 Mio $ Assets: 0,6 Mio $ KAZAKHSTAN ASELSAN ASELSAN MIDDLE EAST (JORDAN) SOUTH AFRICA BRANCH IGG ASELSAN INTEGRATED ENGINEERING (KAZAKHSTAN) SYSTEMS (UNITED ARABIAN Share : 49% Share: 49% Share: 100% EMIRATES) Founded: 2011 Partner: Kazakhstan Partner: KADDB Share: 49% Assets: 5,4 Mio $ Engineering Investment Group Partner: IGG Founded: 2011 Founded: 2012 Founded: 2011 Assets: 32,8 Mio $ Assets: 16,3 Mio $ Assets: 5,2 Mio $ MACEDONIA BRANCH ASELSAN BAKÜ BARQ QSTP (QATAR) (AZERBAIJAN) Share : 48% Share: 100% Share: 100% Partner: BARZAN Holding, Founded: 2014 Founded: 1998 SSTEK A.Ş. Assets: 1,8 Mio $ Assets: 1,7 Mio $ Founded: 2018 Assets: 0,3 Mio $ * Assets are given as of 31.12.2020.. 5 Human Resources Talent Management Total Employees : 8.941 University-Industry Cooperation Engineers : 5.357 Location and Fringe Benefits Back to Turkey Project 6% Administrative 4% Projects Carried Out with Universities Support 30% Technicians Internship and Co-op Opportunities for High school and University Students Masters and Doctorate Program Incentives 60% Engineers for Employees ASELSAN Academy ASELSAN Vocational and Technical Anatolian High School 6 Domestic Sales and Exports MILLION TL Domestic Sales Exports 16.104 16.000 1.540 14.000 13.013 12.000 1.574 10.000 9.009 889 8.000 14.564 5.412 6.000 11.439 3.850 784 3.173 4.000 2.739 8.120 2.171 2.535 485 200 1.633 460 547 2.000 398 4.628 272 3.365 2.973 2.192 1.361 1.773 2.075 0 7 2021 1st Quarter Summary Financials 114 Million 9 Billion 3.173 Million +23% 24,0% USD USD TL New Increase in EBITDA Backlog Revenue Contracts EBITDA Margin Financial Highlights (Million TL) March'20 March'21 ∆% Net Sales 2.595 3.173 22 Gross Profit 752 932 24 Gross Profit Margin 29,0% 29,4% ↑ Operating Profit (EBIT) 555 664 20 Operating Profit (EBIT) Margin 21,4% 20,9% EBITDA 621 761 23 EBITDA Margin 23,9% 24,0% ↑ Net Profit 920 1.229 34 8 Net Profit Margin 35,5% 38,7% ↑ Our Backlog Backlog History (Billion USD) $9,7 $9,5 $9,1 $9,0 $6,8 2017 2018 2019 2020 2 0 2 1 1 Q New Contract Awards (Million USD) 4.057 3.043 2.070 1.279 114 2017 2018 2019 2020 2021 1Q >300 411 1.947 942 0 0 50-300 701 1.704 1.206 426 94 9 <50 958 406 895 853 20 Our Backlog TAI 9% Ministry of National Defense BMC 6% ASFAT 13% STM Caspian Region ROKETSAN Other 3% 8% Exports 12% Europe and Americas 1% Presidency of Defense Middle East and Asia Industries 8% 52% EUR Defense Non- TRY 11% 94% Defense 16% 6% EUR 38% Backlog Cost Backlog Distribution USD Distribution Distribution 25% (Currency) (Currency) TRY 64% USD 46% 10 Prospective Projects and Potential Business Areas Prospective Projects Indigenous MILGEM I-Class Laser Guidance Kit Frigate Helicopter Non-Defense Areas Railway Signaling Energy Management and Health Systems Systems Smart Grid Systems 11 The Biggest R&D Spender in Turkey The incentive periods provided for Technology Development Zones and R&D design centers have been extended from 31.12.2023 to 31.12.2028. R&D Spending MilyonMillion TL Externally-Funded R&D Internally-Funded R&D 4.000 3.356 3.500 2.975 481 3.000 316 2.500 2.163 912 2.000 1.675 289 312 1.500 2.875 2.659 861 1.000 1.874 161 1.363 500 700 0 2017 2018 2019 2020 2021 1Q 12 2021 Guidance Net Sales 40% - 50% Growth EBITDA Margin 20% - 22% CAPEX 2.000 Million TL 13 Our Stakeholder Map Employees Customers Employee Satisfaction Survey Customer Satisfaction Employees’ Voice Workshops Surveys Surveys on the Working Website Experience Call Center Society Exhibitions in and outside Investors Turkey Website Analyst Meetings Social Media and Press Investor Conferences and Social Responsibility Projects Roadshows ASİL Solidarity Foundation Investor Relations Website Investor Relations E-Mail Address Investor Relations Interactive Voice Response Future COMMUNICATION Generations APPROACH Career Fairs WITH OUR Cooperation with the Ministry of National Education STAKEHOLDERS ASELSAN Vocational and Technical High Suppliers/Subcontractors School Techno Adventure Supplier Portal Workshops and Alimhane Training Courses “Gücümüz Bir (Powerful Together)” Platform Supplier Satisfaction Survey Power Union Summit Public Institutions, Universities Sectoral and Non- Conferences/Panels/Workshops Governmental Internally Funded R&D Projects Organizations ASELSAN Academy Conferences/Panels/Workshops 14 Cooperation within the scope of legal regulations APPENDIX 15 Consolidated Balance Sheet (Million TL) Assets Liabilities (Milllion TL) 31.12.2020 31.03.2021 (Milllion TL) 31.12.2020 31.03.2021 CURRENT ASSETS 19.594 19.291 CURRENT LIABILITIES 12.320 11.349 Cash and Cash Equivalents 4.082 3.149 Short-term Financial Liabilities 3.007 3.394 Trade Receivables 7.147 7.152 Trade Payables 4.251 3.232 Inventories 5.533 5.860 Deferred Income 2.657 2.341 Prepaid Expenses 1.779 1.944 Other Short-Term Liabilities 2.405 2.382 Other Current Assets 1.055 1.186 NON-CURRENT LIABILITIES 3.676 3.664 NON-CURRENT ASSETS 14.500 15.060 Long-term Financial Liabilities 883 835 Financial Investments 1.183 1.184 Long-term Trade Payables 0 0 Long-term Trade Receivables 7.469 7.836 Deferred Income 1.764 1.782 Property, Plant and Equipment 2.342 2.506 Other Long-term Liabilities 1.028 1.047 Intangible Assets 1.555 1.717 EQUITY 18.098 19.338 Prepaid Expenses 374 375 Share Capital 2.280 2.280 Deferred Tax Assets 353 253 Share Premiums 2.797 2.797 Other Long-term Assets 1.223 1.189 Other Funds 2.040 2.046 TOTAL ASSETS 34.094 34.351 Retained Earnings 10.981 10.981 Net Profit for the Period - 1.234 TOTAL LIABILITIES AND EQUITY 34.094 34.351 16 Income Statement Consolidated Income Statement (Million TL) (Milllion TL) 31.03.2020 31.03.2021 PROFIT OR LOSS Revenue 2.595 3.173 Cost of sales (-) (1.843) (2.241) GROSS PROFIT 752 932 General administrative expenses (-) (96) (111) Marketing expenses (-) (45) (114) Research and development expenses (-) (56) (43) Other operating income 1.403 1.881 Other operating expenses (-) (743) (984) OPERATING PROFIT 1.215 1.561 Income from investing activities 0 2 Share of Losses of Equity-Accounted Investments (8) (5) OPERATING PROFIT BEFORE FINANCIAL EXPENSE 1.207 1.558 Financial income 164 175 Financial expenses (-) (395) (404) PROFIT BEFORE TAX FROM CONTINUING OPERATIONS 976 1.329 Tax income/ (expense) from continuing operations (56) (100) - Current tax expense (2) (1) Deferred tax income / (expense) (54) (99) PROFIT FOR THE PERIOD FROM CONTINUING 920 1.229 OPERATIONS Profit for the period attributable to: Non-controlling interest 0 (5) Owners of the Company 920 1.234 17 Forward Looking Statements The information contained herein has been prepared by ASELSAN (the Company).
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