Türk Hava Yollari Anonim Ortakligi : 2022 6 Months Financial Statements - USD

TÜRK HAVA YOLLARI ANONİM

ORTAKLIĞI AND ITS SUBSIDIARIES

Condensed Consolidated Interim

Financial Statements As at and For

The Six-Month Period

Ended 30 June 2022

TÜRK HAVA YOLLARI ANONİM ORTAKLIĞI AND ITS SUBSIDIARIES

Condensed Consolidated Interim Balance Sheet as at 30 June 2022

(All amounts are expressed in Million US Dollars (USD) unless otherwise stated.)

		Reviewed	Audited
ASSETS	Notes	30 June 2022	31 December 2021
Non-Current Assets
Financial Investments	6	118	88
Other Receivables
-Third Parties	10	833	866
Investments Accounted for Using Equity Method	3	220	237
Property and Equipment	12	4,433	4,364
Right of Use Assets	12	15,668	15,110
Intangible Assets
- Other Intangible Assets	13	73	82
- Goodwill		12	12
Prepaid Expenses		897	839
Deferred Tax Asset	26	1	1
TOTAL NON-CURRENT ASSETS		22,255	21,599
Current Assets
Cash and Cash Equivalents	5	3,521	2,677
Financial Investments	6	795	5
Trade Receivables
-Related Parties	9	23	24
-Third Parties		1,126	901
Other Receivables
-Related Parties	9	19	6
-Third Parties	10	829	791
Derivative Financial Instruments	28	203	59
Inventories		301	261
Prepaid Expenses		206	114
Current Income Tax Assets	26	20	20
Other Current Assets		65	80
TOTAL CURRENT ASSETS		7,108	4,938
TOTAL ASSETS		29,363	26,537

The accompanying notes are an integral part of these condensed consolidated interim financial statements.

1

TÜRK HAVA YOLLARI ANONİM ORTAKLIĞI AND ITS SUBSIDIARIES

Condensed Consolidated Interim Balance Sheet as at 30 June 2022

(All amounts are expressed in Million US Dollars (USD) unless otherwise stated.)

				Reviewed		Audited
LIABILITIES AND EQUITY		Notes	30 June 2022		31 December 2021
Equity
Share Capital	19		1,597	1,597
Items That Will Not Be Reclassified to
Profit or Loss
-Actuarial Losses on Retirement Pay Obligation	19		( 82)	( 71)
Items That Are or May Be Reclassified to
Profit or Loss
-Foreign Currency Translation Differences	19		( 301)	( 275)
-Fair Value Gains on Hedging Instruments	19
Entered into for Cash Flow Hedges		771	151
-Losses on Remeasuring FVOCI				( 25)	( 7)
Restricted Profit Reserves				88	76
Previous Years Profit	19		5,353	4,406
Net Profit for the Period				737		959
Equity of the Parent				8,138	6,836
Non-Controlling Interests				1		1
TOTAL EQUITY				8,139	6,837
Non- Current Liabilities
Long-Term Borrowings	7		1,418	2,333
Long-Term Lease Liabilities	7 and 14	8,287	8,574
Other Payables
-Third Parties				173	55
Deferred Income	11		97	92
Long-Term Provisions
-Provisions for Employee Benefits	17		137	113
-Other Provisions				46	46
Deferred Tax Liability	26		2,039		1,714
TOTAL NON-CURRENT LIABILITIES				12,197	12,927
Current Liabilities
Short Term Borrowings	7		1,087	883
Short-Term Portion of Long-Term Borrowings	7		1,442	1,443
Short-Term Portion of Lease Liabilities	7 and 14	1,522	1,670
Other Financial Liabilities	8		4	8
Trade Payables
-Related Parties	9		268	167
-Third Parties				1,018	724
Payables Related to Employee Benefits				122	105
Other Payables
-Related Parties	9		6	5
-Third Parties				128	169
Derivative Financial Instruments	28		45	28
Deferred Income	11		3,034	1,264
Current Tax Provision	26		16	16
Short-Term Provisions
-Provisions for Employee Benefits	15		32	18
-Other Provisions	15		7	8
Other Current Liabilities				296		265
TOTAL CURRENT LIABILITIES				9,027	6,773
TOTAL LIABILITIES AND EQUITY				29,363	26,537

The accompanying notes are an integral part of these condensed consolidated interim financial statements. 2

TÜRK HAVA YOLLARI ANONİM ORTAKLIĞI AND ITS SUBSIDIARIES

Condensed Consolidated Interim Statement of Profit or Loss and Other Comprehensive Income

For the Six-Month Period Ended 30 June 2022

(All amounts are expressed in Million US Dollars (USD) unless otherwise stated.)

		Reviewed	Not Reviewed	Reviewed	Not Reviewed
		1 January -	1 April -	1 January -	1 April -
PROFIT OR LOSS	Notes	30 June 2022	30 June 2022	30 June 2021	30 June 2021
Revenue	20	7,586	4,535	3,972	2,176
Cost of Sales (-)	21	( 6,137)	( 3,598)	( 3,450)	( 1,826)
GROSS PROFIT		1,449	937	522	350
General Administrative Expenses (-)	22	( 134)	( 65)	( 133)	( 66)
Selling and Marketing Expenses (-)	22	( 651)	( 352)	( 365)	( 188)
Other Operating Income	23	72	42	93	36
Other Operating Expenses (-)	23	( 43)	( 32)	( 44)	( 18)
OPERATING PROFIT BEFORE
INVESTMENT ACTIVITIES		693	530	73	114
Income from Investment Activities	24	106	60	104	54
Expenses for Investment Activities	24	( 23)	-	( 5)	-
Share of Investments' Profit / (Loss) Accounted
for Using The Equity Method	3	10	15	( 26)	( 9)
OPERATING PROFIT		786	605	146	159
Financial Income	25	155	118	88	35
Financial Expenses (-)	25	( 193)	( 95)	( 293)	( 283)
PROFIT / (LOSS) BEFORE TAX		748	628	( 59)	( 89)
Tax (Expense) / Income		( 11)	( 52)	58	27
Current Tax Expense	26	( 23)	( 15)	( 8)	( 8)
Deferred Tax Income	26	12	( 37)	66	35
NET PROFIT / (LOSS) FOR THE PERIOD		737	576	( 1)	( 62)

The accompanying notes are an integral part of these condensed consolidated interim financial statements

3