TÜRK HAVA YOLLARI ANONİM
ORTAKLIĞI AND ITS SUBSIDIARIES
Condensed Consolidated Interim
Financial Statements As at and For
The Nine-Month Period
Ended 30 September 2023
TÜRK HAVA YOLLARI ANONİM ORTAKLIĞI AND ITS SUBSIDIARIES
Condensed Consolidated Interim Balance Sheet as at 30 September 2023
(All amounts are expressed in Million US Dollars (USD) unless otherwise stated.)
Not Reviewed | Audited | ||||
ASSETS | Notes | 30 September 2023 | 31 December 2022 | ||
Non-Current Assets | |||||
Financial Investments | 6 | 368 | 165 | ||
Other Receivables | |||||
-Third Parties | 9 | 1,072 | 957 | ||
Investments Accounted for Using Equity Method | 3 | 349 | 277 | ||
Investment Property | 69 | 69 | |||
Property and Equipment | 11 | 5,809 | 4,654 | ||
Right of Use Assets | 11 | 16,411 | 16,577 | ||
Intangible Assets | |||||
- Other Intangible Assets | 12 | 83 | 77 | ||
- Goodwill | 27 | 27 | |||
Prepaid Expenses | 1,232 | 914 | |||
Deferred Tax Asset | 25 | 7 | 2 | ||
TOTAL NON-CURRENT ASSETS | 25,427 | 23,719 | |||
Current Assets | |||||
Cash and Cash Equivalents | 5 | 910 | 4,075 | ||
Financial Investments | 6 | 5,586 | 626 | ||
Trade Receivables | |||||
-Related Parties | 8 | 57 | 31 | ||
-Third Parties | 810 | 964 | |||
Other Receivables | |||||
-Related Parties | 8 | 19 | 13 | ||
-Third Parties | 9 | 899 | 864 | ||
Derivative Financial Instruments | 27 | 199 | 44 | ||
Inventories | 359 | 331 | |||
Prepaid Expenses | 312 | 176 | |||
Current Income Tax Assets | 25 | 48 | 35 | ||
Other Current Assets | 86 | 66 | |||
TOTAL CURRENT ASSETS | 9,285 | 7,225 | |||
TOTAL ASSETS | |||||
34,712 | 30,944 |
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 September 2023
(All amounts are expressed in Million US Dollars (USD) unless otherwise stated.)
Not Reviewed | Audited | |||||
LIABILITIES AND EQUITY | Notes | 30 September 2023 | 31 December 2022 | |||
Equity | ||||||
Share Capital | 18 | 1,597 | 1,597 | |||
Treasury Shares | (33) | - | ||||
Items That Will Not Be Reclassified to | ||||||
Profit or Loss | ||||||
-Actuarial Losses on Retirement Pay Obligation | 18 | (238) | (228) | |||
Items That Are or May Be Reclassified to | ||||||
Profit or Loss | ||||||
-Foreign Currency Translation Differences | 18 | (324) | (294) | |||
-Fair Value Gains on Hedging Instruments | 18 | |||||
Entered into for Cash Flow Hedges | 630 | 515 | ||||
-Losses on Remeasuring FVOCI | (9) | (14) | ||||
Restricted Profit Reserves | 18 | 69 | 36 | |||
Previous Years Profit | 18 | 8,097 | 5,405 | |||
Net Profit for the Period | 2,788 | 2,725 | ||||
Equity of the Parent | 12,577 | 9,742 | ||||
Non-Controlling Interests | 5 | - | ||||
TOTAL EQUITY | 12,582 | 9,742 | ||||
Non- Current Liabilities | ||||||
Long-Term Borrowings | 7 | 589 | 1,115 | |||
Long-Term Lease Liabilities | 7 and 13 | 9,242 | 9,177 | |||
Other Payables | ||||||
-Third Parties | 126 | 24 | ||||
Deferred Income | 10 | 104 | 108 | |||
Long-Term Provisions | ||||||
-Provisions for Employee Termination Benefits | 16 | 230 | 273 | |||
-Other Provisions | 77 | 61 | ||||
Deferred Tax Liability | 25 | 2,884 | 2,220 | |||
TOTAL NON-CURRENT LIABILITIES | 13,252 | 12,978 | ||||
Current Liabilities | ||||||
Short Term Borrowings | 7 | 1,488 | 1,058 | |||
Short-Term Portion of Long-Term Borrowings | 7 | 705 | 1,100 | |||
Short-Term Portion of Lease Liabilities | 7 and 13 | 1,619 | 1,589 | |||
Trade Payables | ||||||
-Related Parties | 8 | 256 | 270 | |||
-Third Parties | 1,067 | 930 | ||||
Payables Related to Employee Benefits | 233 | 183 | ||||
Other Payables | ||||||
-Related Parties | 8 | 2 | 13 | |||
-Third Parties | 168 | 112 | ||||
Derivative Financial Instruments | 27 | 23 | 211 | |||
Deferred Income | 10 | 2,802 | 2,394 | |||
Current Tax Provision | 25 | 16 | 3 | |||
Short-Term Provisions | ||||||
-Provisions for Employee Benefits | 14 | 55 | 39 | |||
-Other Provisions | 14 | 6 | 6 | |||
Other Current Liabilities | 438 | 316 | ||||
TOTAL CURRENT LIABILITIES | 8,878 | 8,224 | ||||
TOTAL LIABILITIES AND EQUITY | 34,712 | 30,944 |
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 Nine-Month Period Ended 30 September 2023
(All amounts are expressed in Million US Dollars (USD) unless otherwise stated.)
Not Reviewed | Not Reviewed | Not Reviewed | Not Reviewed | ||||||
1 January - | 1 July - | 1 January - | 1 July - | ||||||
PROFIT OR LOSS | Notes | 30 September 2023 | 30 September 2023 | 30 September 2022 | 30 September 2022 | ||||
Revenue | 19 | 15,823 | 6,321 | 13,654 | 6,068 | ||||
Cost of Sales (-) | 20 | (11,752) | (4,185) | (10,335) | (4,198) | ||||
GROSS PROFIT | 4,071 | 2,136 | 3,319 | 1,870 | |||||
General Administrative Expenses (-) | 21 | (330) | (103) | (220) | (86) | ||||
Selling and Marketing Expenses (-) | 21 | (1,316) | (450) | (998) | (347) | ||||
Other Operating Income | 22 | 362 | 166 | 92 | 20 | ||||
Other Operating Expenses (-) | 22 | (143) | (13) | (92) | (49) | ||||
OPERATING PROFIT BEFORE | |||||||||
INVESTMENT ACTIVITIES | 2,644 | 1,736 | 2,101 | 1,408 | |||||
Income from Investment Activities | 23 | 774 | 326 | 190 | 84 | ||||
Expenses for Investment Activities | 23 | (58) | (43) | (23) | - | ||||
Share of Investments' Profit Accounted | |||||||||
for Using The Equity Method | 3 | 146 | 116 | 104 | 94 | ||||
OPERATING PROFIT | 3,506 | 2,135 | 2,372 | 1,586 | |||||
Financial Income | 24 | 496 | 179 | 401 | 246 | ||||
Financial Expenses (-) | 24 | (561) | (9) | (299) | (106) | ||||
PROFIT BEFORE TAX | 3,441 | 2,305 | 2,474 | 1,726 | |||||
Tax Expense | (653) | (385) | (222) | (211) | |||||
Current Tax Expense | 25 | (28) | (22) | (32) | (9) | ||||
Deferred Tax Expense | 25 | (625) | (363) | (190) | (202) | ||||
NET PROFIT FOR THE PERIOD | 2,788 | 1,920 | 2,252 | 1,515 |
The accompanying notes are an integral part of these condensed consolidated interim financial statements
3
TÜRK HAVA YOLLARI ANONİM ORTAKLIĞI AND ITS SUBSIDIARIES
Condensed Consolidated Interim Statement of Profit or Loss and Other Comprehensive Income
For the Nine-Month Period Ended 30 September 2023
(All amounts are expressed in Million US Dollars (USD) unless otherwise stated.)
Not Reviewed | Not Reviewed | Not Reviewed | Not Reviewed | ||||||
1 January - | 1 July - | 1 January - | 1 July - | ||||||
OTHER COMPREHENSIVE INCOME | Notes | 30 September 2023 | 30 September 2023 | 30 September 2022 | 30 September 2022 | ||||
Items That May Be Reclassified Subsequently To | |||||||||
Profit or Loss | 90 | 210 | 765 | 189 | |||||
Currency Translation Adjustment | (30) | (7) | (30) | (4) | |||||
Gains / (Losses) on Investments Remeasured FVOCI | 6 | 5 | (24) | (1) | |||||
Fair Value Gains on Hedging Instruments | |||||||||
Entered into for Cash Flow Hedges | 132 | 242 | 1,008 | 251 | |||||
Fair Value Gains Hedging Instruments of | |||||||||
Investment Accounted by Using the Equity Method | |||||||||
Entered into for Cash Flow Hedges | 12 | 25 | 10 | (14) | |||||
Related Tax of Other Comprehensive Income | (30) | (55) | (199) | (43) | |||||
Items That Will Not Be Reclassified Subsequently | |||||||||
To Profit or Loss | (10) | 1 | (12) | (1) | |||||
Actuarial Losses on Retirement Pay | |||||||||
Obligation | (12) | 2 | (15) | (1) | |||||
Related Tax of Other Comprehensive Income | 2 | (1) | 3 | - | |||||
OTHER COMPREHENSIVE INCOME | |||||||||
FOR THE PERIOD | 80 | 211 | 753 | 188 | |||||
TOTAL COMPREHENSIVE INCOME | |||||||||
FOR THE PERIOD | 2,868 | 2,131 | 3,005 | 1,703 | |||||
Basic Earnings Per Share (Full US Cents) | 26 | 2.02 | 1.39 | 1.63 | 1.10 | ||||
Diluted Earnings Per Share (Full US Cents) | 26 | 2.02 | 1.39 | 1.63 | 1.10 |
The accompanying notes are an integral part of these condensed consolidated interim financial statements
4
TÜRK HAVA YOLLARI ANONİM ORTAKLIĞI AND ITS SUBSIDIARIES
Condensed Consolidated Interim Statement of Changes in Equity
For the Nine-Month Period Ended 30 September 2023
(All amounts are expressed in Million US Dollars (USD) unless otherwise stated.) | ||||||||||||||
Items That Will Not | ||||||||||||||
Be Reclassified | ||||||||||||||
Subsequently To | Items That May Be Reclassified Subsequently | |||||||||||||
Profit or Loss | To Profit or Loss | Retained Earnings | ||||||||||||
Fair Value Gains | ||||||||||||||
on Hedging | ||||||||||||||
Foreign | Instruments | Equity | ||||||||||||
Actuarial Losses | Currency | Entered Into For | Losses on | Restricted | Previous | Net Profit | Holders | Non- | ||||||
Share | Treasury | Retirement Pay | Translation | Cash Flow | Remeasuring | Profit | Years | for The | of the | controlling | Total | |||
Capital | Shares | Obligation | Differences | Hedges | FVOCI | Reserves | Profit | Period | Parent | Interests | Equity | |||
As of 1 January 2023 | 1,597 | - | (228) | (294) | 515 | (14) | 36 | 5,405 | 2,725 | 9,742 | - | 9,742 | ||
Transfers | - | - | - | - | - | - | 33 | 2,692 | (2,725) | - | - | - | ||
Total comprehensive income | - | - | (10) | (30) | 115 | 5 | - | - | 2,788 | 2,868 | - | 2,868 | ||
Increase through treasury share | ||||||||||||||
transactions | - | (33) | - | - | - | - | - | - | - | (33) | - | (33) | ||
Transactions with non- | ||||||||||||||
controlling interests | - | - | - | - | - | - | - | - | - | - | 5 | 5 | ||
As of 30 September 2023 | 1,597 | (33) | (238) | (324) | 630 | (9) | 69 | 8,097 | 2,788 | 12,577 | 5 | 12,582 | ||
Items That Will Not | ||||||||||||||
Be Reclassified | ||||||||||||||
Subsequently To | Items That May Be Reclassified Subsequently | |||||||||||||
Profit or Loss | To Profit or Loss | Retained Earnings | ||||||||||||
Fair Value | ||||||||||||||
Losses on | ||||||||||||||
Hedging | ||||||||||||||
Foreign | Instruments | Equity | ||||||||||||
Actuarial Losses | Currency | Entered Into For | Losses on | Restricted | Previous | Net Profit | Holders | Non- | ||||||
Share | Treasury | Retirement Pay | Translation | Cash Flow | Remeasuring | Profit | Years | for The | of the | controlling | Total | |||
Capital | Shares | Obligation | Differences | Hedges | FVOCI | Reserves | Profit | Period | Parent | Interests | Equity | |||
As of 1 January 2022 | 1,597 | (71) | (275) | 151 | (7) | 76 | 4,406 | 959 | 6,836 | 1 | 6,837 | |||
Transfers | - | - | - | - | - | - | 12 | 947 | (959) | - | - | - | ||
Total comprehensive income | - | - | (12) | (30) | 814 | (19) | - | - | 2,252 | 3,005 | - | 3,005 | ||
As of 30 September 2022 | 1,597 | - | (83) | (305) | 965 | (26) | 88 | 5,353 | 2,252 | 9,841 | 1 | 9,842 |
The accompanying notes are an integral part of these condensed consolidated interim financial statements.
5
TÜRK HAVA YOLLARI ANONİM ORTAKLIĞI AND ITS SUBSIDIARIES Condensed Consolidated Interim Statement of Cash Flows
For the Nine-Month Period Ended 30 September 2023
(All amounts are expressed in Million US Dollars (USD) unless otherwise stated.)
Notes | |
Net Profit for the period | |
Adjustments to Reconcile Profit | |
Adjustments for Depreciation and Amortisation Expense | 11 and 12 |
Adjustments for Provisions Related to Employee Benefits | 14 and 16 |
Adjustments for Provisions for Other Accruals | 14 |
Adjustments for Reversal of Probable Risks | |
Adjustments for Interest Income | 23 and 24 |
Adjustments for Interest Expense | 16 and 24 |
Adjustments For Unrealised Foreign Exchange Gains | |
Adjustments for Fair Value Gains on Derivative | |
Financial Instruments | 24 |
Adjustments for Undistributed Gains of Associates | 3 |
Adjustments for Tax Expense | 25 |
Adjustments for Losses Arised From Sale of Tangible Assets | 23 |
Adjustments for Losses Arised from Sale of Other Non-Current Assets | 11 |
Operating Profit Before Changes in Working Capital | |
Increase in Trade Receivables from Related Parties | 8 |
Decrease / (Increase) in Trade Receivables from Third Parties | |
Increase in Other Receivables from Related Parties | 8 |
Increase in Other Receivables from Third Parties | 9 |
Adjustments for Increase in Inventories | |
Adjustments for Increase in Prepaid Expenses | |
(Decrease) / Increase in Trade Payables to Related Parties | 8 |
Increase in Trade Payables to Third Parties | |
Adjustments for Increase in Payables Due to | |
Employee Benefits | |
Decrease in Other Payables to Related Parties | 8 |
Increase in Other Payables to Third Parties | |
Increase in Deferred Income | 10 |
(Increase) / Decrease in Other Assets | |
Cash Flows From Operations | |
Payments for Provisions Related with Employee Benefits | 16 |
Income Taxes Received | 25 |
Net Cash From Operating Activities | |
CASH FLOWS FROM / (USED IN) INVESTING ACTIVITIES |
Proceeds From Sales of Property, Plant and Equipment and Intangible Assets
Payments For Purchasing of Property, Plant and Equipment and | |
Intangible Assets | 11 and 12 |
Payments For Purchasing of Other Short and Long-term Assets | 6 |
Other Cash Advances and Loans | 9 |
Dividends Received | |
Interest Received | 23 |
Net Cash Flows Used In Investing Activities | |
CASH FLOWS FROM / (USED IN) FINANCING ACTIVITIES | |
Payments to Acquire Entity's Shares | |
Proceeds From Loans | 7 |
Repayments of Loans | 7 |
Payments of Lease Liabilities | 7 |
Interest Paid | |
Interest Received | 24 |
Other Cash Outflows | |
Net Cash Used in Financing Activities | |
Net Change in Cash and Cash Equivalents | |
CASH AND CASH EQUIVALENTS | |
AT THE BEGINNING OF THE PERIOD | |
CASH AND CASH EQUIVALENTS | |
AT THE END OF THE PERIOD | 5 |
Not Reviewed | Not Reviewed | |
1 January - | 1 January - | |
30 September 2023 | 30 September 2022 | |
2,788 | 2,252 | |
1,458 | 1,373 | |
72 | 67 | |
2 | 1 | |
- | (3) | |
(655) | (152) | |
405 | 240 | |
(276) | (544) | |
(356) | (120) | |
(146) | (104) | |
638 | 185 | |
25 | 17 | |
55 | 31 | |
4,010 | 3,243 | |
(26) | (3) | |
151 | (222) | |
(6) | (18) | |
(75) | (43) | |
(28) | (41) | |
(454) | (219) | |
(14) | 86 | |
137 | 258 | |
50 | 89 | |
(11) | (5) | |
158 | 276 | |
529 | 1,116 | |
(20) | 20 | |
4,401 | 4,537 | |
(11) | (4) | |
13 | 12 | |
4,403 | 4,545 | |
62 | 29 | |
(846) | (653) | |
(5,163) | (926) | |
(208) | (96) | |
38 | 6 | |
517 | 73 | |
(5,600) | (1,567) | |
(33) | - | |
1,897 | 1,060 | |
(2,387) | (1,751) | |
(1,303) | (1,244) | |
(280) | (190) | |
138 | 79 | |
- | (4) | |
(1,968) | (2,050) | |
(3,165) | 928 | |
4,075 | 2,677 | |
910 | 3,605 |
The accompanying notes are an integral part of these consolidated financial statements.
6
TÜRK HAVA YOLLARI ANONİM ORTAKLIĞI AND ITS SUBSIDIARIES
Notes to the Condensed Consolidated Interim Financial Statements
As At And For the Nine-Month Period Ended 30 September 2023
(All amounts are expressed in Million US Dollars (USD) unless otherwise stated.)
1. GROUP ORGANIZATION AND ITS OPERATIONS
Türk Hava Yolları Anonim Ortaklığı (the "Company" or "THY") was incorporated in Türkiye in 1933. As of 30 September 2023, and 31 December 2022, the shareholders and their respective shareholdings in the Company are as follows:
30 September 2023 | 31 December 2022 | ||
Türkiye Wealth Fund | 49.12 % | 49.12 % | |
Republic of Türkiye Treasury and Finance | |||
Ministry Privatization Administration | - | - | |
Other (publicly held and tresuary share) | 50.88 % | 50.88 % | |
Total | 100.00 % | 100.00 % |
The Company is controlled by Türkiye Wealth Fund.
The number of employees working for the Group as of 30 September 2023 is 52,414(*) (31 December 2022: 40,264). The average number of employees working for the Group for the period ended 30 September 2023 and 2022 are 49,458(*) and 38,009 respectively. The Group is registered in İstanbul, Türkiye and its head office address is as follows:
Türk Hava Yolları A.O. Genel Yönetim Binası, Yeşilköy Mahallesi, Havaalanı Caddesi No: 3/1 34149 Yeşilköy İSTANBUL.
The Company's shares have been traded on Borsa İstanbul ("BIST") since 1990. The Company and its subsidiaries will be referred to as "Group".
- THY Destek Hizmetleri A.Ş. while its employees were working in different companies within the scope of outsourced services before 06.03.2023, they joined the Group as of this date.
7
TÜRK HAVA YOLLARI ANONİM ORTAKLIĞI AND ITS SUBSIDIARIES
Notes to the Condensed Consolidated Interim Financial Statements
As At And For the Nine-Month Period Ended 30 September 2023
(All amounts are expressed in Million US Dollars (USD) unless otherwise stated.)
1. GROUP ORGANIZATION AND ITS OPERATIONS (cont'd) Subsidiaries and Joint Ventures
The table below sets out the consolidated subsidiaries of the Group as of 30 September 2023 and 2022:
Name of the Company
THY Teknik A.Ş.
(Turkish Technic)
THY Uçuş Eğitim ve Havalimanı İşletme A.Ş. (TAFA)
THY Uluslararası Yatırım ve Taşımacılık A.Ş.
THY Teknoloji ve Bilişim A.Ş. (Turkish Technology)
THY Hava Kargo Taşımacılığı A.Ş. (Widect)
THY Destek Hizmetleri A.Ş. (*) (TSS)
THY Özel Güvenlik ve Koruma Hizmetleri A.Ş. (**)
AJet Hava Taşımacılığı A.Ş. (***)
THY Finansal Teknolojiler A.Ş. (****)
TCI Kabin İçi Sistemleri San ve Tic. A.Ş. (TCI) (*****)
TSI Seats INC
Ownership Rate | Country of | ||
Principal Activity | 30 September 2023 | 31 December 2022 | Registration |
Aircraft Maintenance | |||
Services | 100% | 100% | Türkiye |
Training & Airport | |||
Operations | 100% | 100% | Türkiye |
Cargo and Courier | |||
Transportation | 100% | 100% | Türkiye |
Information Technologies | |||
and Consulting | 100% | 100% | Türkiye |
Cargo Transportation | 100% | 100% | Türkiye |
Support Services | 100% | - | Türkiye |
Security Services | 100% | - | Türkiye |
Air Transportation | 100% | - | Türkiye |
Financial Services / | |||
Financial Technologies | 100% | - | Türkiye |
Cabin Interior Products | 80% | 50% | Türkiye |
Cabin Interior Products | 80% | 100% | USA |
- THY Destek Hizmetleri A.Ş. was established on 06.03.2023 in order to meet the support service needs of the Incorporation's and subsidiaries' out of core business activities.
- THY Özel Güvenlik ve Koruma Hizmetleri A.Ş. was established on 12.05.2023 as a 100% THY Destek Hizmetleri A.Ş. subsidiary in order to meet the private security services.
- AJet Hava Taşımacılığı A.Ş. was established on 07.08.2023 in order to perform its activities as a low-cost airline at global standards and to strengthen its competitive position in the market.
(****) THY Finansal Teknolojiler A.Ş. was established on 18.08.2023 in order to meet carry out new business areas that the Company/Group will create through digital payment/collection channels, to transform its existing potential into a value-creating business model and to operate in the field of financial technologies.
(*****) The merger of the subsidiaries established for the design, production, marketing, and sales of cabin interior products, Uçak Koltuk Üretim Sanayi ve Ticaret A.Ş. ("TSI") and Cornea Havacılık Sistemleri Sanayi ve Ticaret A.Ş. ("Cornea") were dissolved without liquidation and TCI Kabin İçi Sistemleri Sanayi ve Ticaret A.Ş. ("TCI") to take over TSI and Cornea with all its assets and liabilities is completed on 15.02.2023. TSI Seats INC which is a subsidiary of ("TCI") operates in the USA.
8
TÜRK HAVA YOLLARI ANONİM ORTAKLIĞI AND ITS SUBSIDIARIES Notes to the Condensed Consolidated Interim Financial Statements
As At And For the Nine-Month Period Ended 30 September 2023
(All amounts are expressed in Million US Dollars (USD) unless otherwise stated.)
1. GROUP ORGANIZATION AND ITS OPERATIONS (cont'd) Subsidiaries and Joint Ventures (cont'd)
The table below sets out the joint ventures of the Group as of 30 September 2023 and 2022:
Company Name
Güneş Ekspres Havacılık A.Ş. (Sun Express)
THY DO&CO İkram Hizmetleri A.Ş. (Turkish DO&CO)
TGS Yer Hizmetleri A.Ş. (TGS)
THY OPET Havacılık Yakıtları A.Ş. (THY Opet)
P&W T.T. Uçak Bakım Merkezi Ltd. Şti. (TEC)
Air Albania SHPK (Air Albania)
We World Express Ltd. (We World Express)
Goodrich Thy Teknik Servis Merkezi Ltd. Şti. (TNC) (Goodrich)
TFS Akaryakıt Hizmetleri A.Ş. (TFS Akaryakıt)
Vergi İade Aracılık A.Ş. (*)
Ownership Share and Voting Power | ||||||
Country of | ||||||
Registration and | ||||||
Operations | 30 September 2023 | 31 December 2022 | Principal Activity | |||
Türkiye | 50% | 50% | Aircraft | |||
Transportation | ||||||
Türkiye | 50% | 50% | Catering Services | |||
Türkiye | 50% | 50% | Ground Services | |||
Aviation Fuel | ||||||
Türkiye | 50% | 50% | Services | |||
Maintenance | ||||||
Türkiye | 49% | 49% | Services | |||
Albania | 49% | 49% | Aircraft | |||
Transportation | ||||||
Hong Kong | 45% | 45% | Cargo and Courier | |||
Transportation | ||||||
Maintenance | ||||||
Türkiye | 40% | 40% | Services | |||
Türkiye | 25% | 25% | Aviation Fuel | |||
Services | ||||||
Türkiye | - | 30% | VAT Return and | |||
Consultancy | ||||||
The Group owns 49%, 49%, 45%, 40% and 25% equity shares of TEC, Air Albania, We World Express Ltd., Goodrich and TFS Akaryakıt Hizmetleri A.Ş. respectively. However, based on the contractual arrangements between the Group and the other respective investors, decisions about the relevant activities of the arrangements require both the Group and the other respective investor agreement. Thus, the Group concluded that it has joint control over TEC, Air Albania, We World Express, Goodrich and TFS Akaryakıt Hizmetleri A.Ş..
(*) An agreement was reached to sell 30% of the Company's shares of Vergi İade Aracılık A.Ş., a share transfer agreement was signed between the Company and the buyers, and the closing procedures for the share transfer were completed on May 18, 2023.
2. BASIS OF PRESENTATION OF FINANCIAL STATEMENTS 2.1 Basis of Presentation
Statement of Compliance
The condensed consolidated interim financial statements as at and for the nine-month period ended 30 September 2023 have been prepared in accordance with IAS 34 "Interim Financial Reporting". They do not include all of the information required for complete annual financial statements and should be read in conjunction with the consolidated financial statements of the Group as at and for the year ended 31 December 2022.
The Board of Directors has approved the condensed consolidated interim financial statements as of 30 September 2023 on 1 November 2023. General Assembly and the related regulatory bodies have the authority to modify the statutory financial statements.
Basis of Preparation
The consolidated financial statements, except for some financial instruments that are stated at fair value, have been prepared on the historical cost basis. Historical cost is generally based on the fair value of the consideration given in exchange for goods or services.
9
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Turkish Airlines AO published this content on 02 November 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 02 November 2023 11:59:51 UTC.