Financial Position

TOKİ is one of the public organizations with exclusive responsibilities with respect to housing and settlement issues in Turkey due to its mission. In this respect, the Administration is not in a competitive environment.

In virtue of its legal status as a public agency, TOKİ has no share capital, it cannot be declared bankrupt and its assets are immune from attachment.

TOKİ prepares corporate annual reports (income statements and balance sheets) by finalizing the legal ledgers it keeps "on balance sheet basis".

TOKİ takes over lands with and/or without a price from the Treasury, public entities and government agencies and municipalities.

All of TOKİ's accounts are audited and discharged by the Turkish Court of Accounts, in the name of Grand National Assembly of Turkey.

The receivables portfolio of the Administration consists of the receivables from the sales of the social welfare housing projects, land sales, Administration's share from the receivables from the Revenue Sharing Projects and the receivables from the housing loans.

Other income, including items such as budget appropriation and levies on Turkish citizens travelling abroad, has reduced as a share of total revenue due to cuts in those items and increases in the housing units sold.

Credit lines are also kept available for TOKI with banks (either public or private) for funding needs that may arise in case of a possible liquidity problem.

TOKİ's expenditure is mainly directed towards developing land plots and constructing housing units.

In line with the development of the regulatory environment, TOKİ has options for alternative funding mechanisms, including debt issuance through tailored financial vehicles. In the past, the Administration had contributed to the work for a regulation on the issuance of asset-backed debt securities of Capital Markets Board of Turkey using its expertise drawn from its asset pool.