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
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Turkish Airlines AO published this content on 10 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 10 August 2022 15:40:09 UTC.