Turkish Armed Forces Foundation Celebrating its 30th Establishment Anniversary
Celebrating its 30th anniversary of establishment, the Turkish Armed Forces Foundation (TSKGV) Acting General Manager Mr. Sadık Piyade shared the 2016 results with the public regarding equity capital size, sales and contractual business volume of Founding Companies.
Currently, in addition to the six companies, of which it holds more than 50% of the capital, the Foundation is the shareholder of 29 more companies. In the public announcement, it was stated that by the end of year 2016, regarding Aselsan, TAI, Roketsan, Havelsan, İşbir and Aspilsan companies with foundation partnerships, total assets reached 23 billion TL (est.$6.4 billion), with total equity capital increasing to 5.8 billion TL. (est.$1.6 billion) and sales reached 7.8 billion TL (est. $2.6 billion). Remaining contract bound business volume reached 22.5 billion TL (est. $6.25 billion) and in addition 31% of the total sales consisted of exports. In the statement, it was also noted that $1 billion in payments were made to the local sub-contractors as of 2016.
Within the scope of the press statement, it was point out that great importance was attached to the R&D centers and R&D activities conducted by the Technoparks as part of the Universities, noting that the Foundation Companies transferred a total resource of $755 million to R&D activities by the end of 2016.
In accordance with its law of establishment and the articles of foundation, a large part of the revenues of the Turkish Armed Forces Foundations, together with its companies, are distributed to the modernization projects of the Turkish Armed Forces and the remaining part of the revenue is allocated in order to be used in the development of the national defense industry, in the financing of the investments of the Foundation Affiliates and new industrial facilities conducting production for defense industry. A total of 561 million TL (est.$155 million) was a transfer of funds to the procurement of the systems required by the Turkish Armed Forces since the day of its establishment.
