[CONSOLIDATION_METHOD_TITLE] [CONSOLIDATION_METHOD]
Related Companies
[]
Related Funds
[]
English
oda_MaterialEventDisclosureGeneralAbstract|
Material Event Disclosure General
oda_UpdateAnnouncementFlag|
Update Notification Flag
Hayır (No)
oda_CorrectionAnnouncementFlag|
Correction Notification Flag
Hayır (No)
oda_DateOfThePreviousNotificationAboutTheSameSubject|
Date Of The Previous Notification About The Same Subject
-
oda_DelayedAnnouncementFlag|
Postponed Notification Flag
Hayır (No)
oda_AnnouncementContentSection|
Announcement Content
oda_ExplanationSection|
Explanations
oda_ExplanationTextBlock|

As a result of the compensation request negotiations with the employer administration regarding the project cost increases which were reflected in our financial statements for t he Al Thumama Stadium Project, which one of our subsidiaries Tekfen İnşaat ve Tesisat A.Ş. (Tekfen Construction ) completed as a 50%-50% joint venture with Al Jaber Engineering LLC in Qatar, an agreement has been reached. Within the framework of the agreement, the Employer administration will pay a total of QAR 365,960,087 (50% Tekfen share is approximately USD 50.1 Million) to the relevant joint venture .

On the other hand, as a result of the current end-of-project budget studies regarding Tekfen Construction's North Field East Coast EPC-1 Project, which is currently ongoing in Qatar, the expected loss amount is estimated to be USD 130 million.

In addition to the already incurred loss amount of USD 20 Million for the said project, impact of the above-mentioned income and expense items on the current financial statements prepared in accordance with T FRS, it is calculated that a total negative impact of approximately USD 59.9 Million on our consolidated equity will be incurred in the year-end financial statement studies.

​