Pegasus Hava Tasimaciligi Anonim Sirketi : Q4 2023 Financial Results

CONVENIENCE TRANSLATION OF

THE REPORT AND FINANCIAL STATEMENTS ORIGINALLY ISSUED IN TURKISH

PEGASUS HAVA TAŞIMACILIĞI

ANONİM ŞİRKETİ AND ITS SUBSIDIARIES

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 TOGETHER WITH THE INDEPENDENT AUDITOR'S REPORT

Güney Bağımsız Denetim ve SMMM A.Ş.	Tel: [phone]
Maslak Mah. Eski Büyükdere Cad.	Fax: [phone]
Orjin Maslak İş Merkezi No: 27	ey.com
Daire: 57 34485 Sarıyer	Ticaret Sicil No : 479920
İstanbul - Türkiye	Mersis No: 0-4350-3032-6000017

(Convenience translation of a report and consolidated financial statements originally issued in Turkish)

INDEPENDENT AUDITOR'S REPORT

To the Shareholders of Pegasus Hava Taşımacılığı Anonim Şirketi

1. Report on the Audit of the Consolidated Financial Statements

1. Opinion

We have audited the consolidated financial statements of Pegasus Hava Taşımacılığı Anonim Şirketi ("the Company") and its subsidiaries ("the Group"), which comprise the consolidated statement of financial position as at December 31, 2023, and the consolidated statement of profit or loss and other comprehensive income, consolidated statement of changes in equity and consolidated statement of cash flows for the year then ended, and notes to the consolidated financial statements, including a summary of significant accounting policies.

In our opinion, the accompanying consolidated financial statements present fairly, in all material respects, the consolidated financial position of the Group as at December 31, 2023, and its consolidated financial performance and its consolidated cash flows for the year then ended in accordance with the Turkish Financial Reporting Standards ("TFRS").

1. Basis for Opinion

We conducted our audit in accordance with standards on auditing as issued by the Capital Markets Board of Turkey and Independent Auditing Standards (InAS) which are part of the Turkish Auditing Standards as issued by the Public Oversight Accounting and Auditing Standards Authority of Turkey (POA). Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Consolidated Financial Statements section of our report. We are independent of the Group in accordance with the Code of Ethics for Independent Auditors (Code of Ethics) as issued by the POA and other ethical principles included in CMB legislation, and we have fulfilled our other ethical responsibilities in accordance with the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

1. Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the consolidated financial statements of the current period. These matters were addressed in the context of our audit of the consolidated financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

A member firm of Ernst & Young Global Limited

(Convenience translation of a report and consolidated financial statements originally issued in Turkish)

Key audit matter	How the matter was addressed in the audit
Redelivery maintenance provision
As explained in Note 15, as of December 31,	The following audit procedures are applied in order
2023, the Group has recognized a provision of	to be able to test the reasonable calculation of the
TL 4.879.947 thousand for the redelivery	redelivery maintenance provision:
maintenance provision costs at the delivery
date of the aircraft where the aircrafts are	The design of controls have been examined to
leased without purchase option (operating	ensure the appropriateness of the calculation
lease).	designed by the management. The assumptions
	used in the calculation of the redelivery
Regarding the aircrafts that are leased without	maintenance provision are evaluated with the
purchase option, during the hand-over of these	technical maintenance supports team performing
aircrafts, the Group is contractually committed	the calculation, and the data used in these
to either comply with the conditions set forth in	assumptions are compared with the costs used in
the contract or to compensate the lessor for the	the maintenance contracts made by the Group.
difference between the contractual hand-over
conditions and the actual hand-over conditions	The actual maintenance amounts for the delivered
of the airframe, engines and life-limited parts. A	aircraft are compared with the amounts calculated
redelivery maintenance provision is made for	in the previous periods for these aircrafts and an
this contractual obligation over the lease term,	assessment is made to see if there is a significant
based on the present value of the estimated	difference. Furthermore, substantive procedures
future cost calculated by reference to the	are applied to the maintenance payments made by
number of hours flown and cycles operated	the Group for the aircrafts that are leased without
during the year.	purchase option. The records of the maintenance
	costs incurred during the year are compared with
Redelivery maintenance provision amounts are	the corresponding invoices.
at significant levels in the consolidated financial
statements and they are based on certain	In addition, we have evaluated the adequacy of the
assumptions, such as; likely utilization rates of	disclosures in Note 2.5 and Note 15 in accordance
the aircraft, the expected cost and the time of	with TAS 37 "Provisions, Contingent Liabilities and
the heavy maintenance, the condition of the	Contingent Assets".
aircraft and the lifespan of life-limited parts. The
changes in the assumptions may affect the
consolidated financial statements significantly,
hence, the matter is considered a key audit
matter.

(2)

A member firm of Ernst & Young Global Limited

(Convenience translation of a report and consolidated financial statements originally issued in Turkish)

Revenue recognition - complete and accurate recording of revenue and determination of passenger flight liability

The Group generates its revenues from	The following procedures have been applied to
international and domestic flight operations. In	ensure the accurate and complete recording of
order to perform the aforementioned operations,	the revenue and to determine the passenger
the Group uses information systems in which large	flight liability:
volumes of data are processed. Due to the nature	-We have assessed the appropriateness of
of operations, the ticket sales processes take place
before the process of revenue recognition. The	the revenue recognition policy of the
Group also earns ancillary income apart from the	Group.
passenger transportation income and monitors this	-The Group's revenue recognition process and
side income separately.		the design and implementation of controls
					designed by management in the process have
Revenue recognition has been identified as key	been examined and tested.
-Information	Technology	("IT")	experts	of
audit matter	since	the amount of	revenue is
another entity that is a part of the same audit
significant	in	the	accompanying	consolidated
network	have	been	included	in	the audit
financial	statements, the information systems,
process	for	the audit of	the	revenue. The
through processing large-volume of data, affects
suitability	and	effectiveness	of	automated
the period in which the revenue will be recorded
controls and IT systems established to record
and revenue recognition includes risks specific to
passenger revenues have been tested through
the sector.
			the help of our IT specialists. In addition, the
The accounting policy for the recognition of	suitability and effectiveness of non-automated
key controls have been also tested.
revenue of the Group is given in Note 2.4 and
-Procedures	have	been	implemented	to
details of the revenue amount is presented in Note
evaluate the completeness and accuracy of the
21.
				end-to-end data flow between invoicing,
					collection and general ledger records.
					-Substantive analytical tests have been applied
					for revenue. The data obtained from the
					accounting systems, traffic data and passenger
					flight reports were compared in order to test the
					accuracy of the revenue amount and accuracy
					of the data used in these tests.
					In addition, the conformity of the disclosures in
					the consolidated financial statements as to
					TFRS has been also evaluated.

1. Responsibilities of Management and Those Charged with Governance for the Consolidated Financial Statements

Management is responsible for the preparation and fair presentation of the consolidated financial statements in accordance with TFRS, and for such internal control as management determines is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the consolidated financial statements, management is responsible for assessing the Group's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so.

Those charged with governance are responsible for overseeing the Group financial reporting process.

(3)

A member firm of Ernst & Young Global Limited

(Convenience translation of a report and consolidated financial statements originally issued in Turkish)

1. Auditor's Responsibilities for the Audit of the Consolidated Financial Statements

In an independent audit, our responsibilities as the auditors are:

Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with standards on auditing as issued by the Capital Markets Board of Turkey and InAS will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements.

As part of an audit in accordance with standards on auditing as issued by the Capital Markets Board of Turkey and InAS, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group's internal control.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
• Conclude on the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group's ability to continue as a going concern.
  If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the consolidated financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are
  based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Group to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the consolidated financial statements, including the disclosures, and whether the consolidated financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
• Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion.

(4)

A member firm of Ernst & Young Global Limited

(Convenience translation of a report and consolidated financial statements originally issued in Turkish)

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the consolidated financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor's report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

1. Report on Other Legal and Regulatory Requirements

1. Auditors' report on Risk Management System and Committee prepared in accordance with paragraph 4 of Article 398 of Turkish Commercial Code ("TCC") 6102 is submitted to the Board of Directors of the Company on March 4, 2024.
2. In accordance with paragraph 4 of Article 402 of the TCC, no significant matter has come to our attention that causes us to believe that the Company's bookkeeping activities for the period 1
   January - 31 December 2023 and financial statements are not in compliance with laws and provisions of the Company's articles of association in relation to financial reporting.
3. In accordance with paragraph 4 of Article 402 of the TCC, the Board of Directors submitted to us the necessary explanations and provided required documents within the context of audit.

The name of the engagement partner who supervised and concluded this audit is Sinem Arı Öz.

Güney Bağımsız Denetim ve Serbest Muhasebeci Mali Müşavirlik Anonim Şirketi A member firm of Ernst & Young Global Limited

Sinem Arı Öz, SMMM

Partner

March 4, 2024 İstanbul, Turkey

(5)

A member firm of Ernst & Young Global Limited

INDEX		PAGE
CONSOLIDATED BALANCE SHEET	1-2
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER
COMPREHENSIVE INCOME	3
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY	4
CONSOLIDATED STATEMENT OF CASH FLOWS	5
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS	6-84
NOTE 1	ORGANISATION AND OPERATIONS OF THE GROUP	6-7
NOTE 2	BASIS OF PRESENTATION OF FINANCIAL STATEMENTS	7-29
NOTE 3	INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD	30-31
NOTE 4	SEGMENT REPORTING	31
NOTE 5	RELATED PARTY DISCLOSURES	31-33
NOTE 6	TRADE RECEIVABLES AND PAYABLES	34
NOTE 7	OTHER RECEIVABLES AND PAYABLES	35
NOTE 8	INVENTORIES	35
NOTE 9	PREPAID EXPENSES, DEFERRED INCOME AND PASSENGER FLIGHT LIABILITIES	36-37
NOTE 10	PROPERTY AND EQUIPMENT	38-40
NOTE 11	INTANGIBLE ASSETS	41
NOTE 12	RIGHT OF USE ASSETS	41-42
NOTE 13	GOVERNMENT GRANTS AND INCENTIVES	42
NOTE 14	BORROWING COSTS	42
NOTE 15	PROVISIONS, CONTINGENT ASSETS AND LIABILITIES	42-44
NOTE 16	COMMITMENTS	44-46
NOTE 17	EMPLOYEE BENEFITS	47-49
NOTE 18	EXPENSES BY NATURE	49
NOTE 19	OTHER ASSETS AND LIABILITIES	50
NOTE 20	SHAREHOLDERS' EQUITY	50-51
NOTE 21	SALES AND COST OF SALES	52-53
NOTE 22	GENERAL ADMINISTRATIVE EXPENSES AND MARKETING EXPENSES	53-54
NOTE 23	OTHER OPERATING INCOME AND EXPENSES	54
NOTE 24	INCOME AND EXPENSES FROM INVESTING ACTIVITIES	55
NOTE 25	FINANCIAL INCOME AND EXPENSES	55-56
NOTE 26	ANALYSIS OF OTHER COMPREHENSIVE INCOME ITEMS	56-57
NOTE 27	TAXATION ON INCOME (INCLUDING DEFERRED TAX ASSETS AND LIABILITIES)	58-62
NOTE 28	EARNINGS / LOSS PER SHARE	62-63
NOTE 29	EFFECTS OF EXCHANGE RATE CHANGES	63
NOTE 30	DERIVATIVE FINANCIAL INSTRUMENTS	63
NOTE 31	FINANCIAL INSTRUMENTS	63-69
NOTE 32	NATURE AND LEVEL OF RISKS DERIVING FROM FINANCIAL INSTRUMENTS	69-78
NOTE 33	FINANCIAL INSTRUMENTS (FAIR VALUE AND HEDGE ACCOUNTING DISCLOSURES)	79-82
NOTE 34	EVENTS AFTER REPORTING PERIOD	82
NOTE 35	EXPLANATIONS RELATED TO STATEMENT OF CASH FLOW	83
NOTE 36	NON-CURRENT ASSETS HELD FOR SALE AND DİSCONTİNUED	84
NOTE 37	THE INDEPENDENT AUDITOR'S FEE	84
APPENDIX - EURO SELECTED NOTES	85

(Convenience Translation of The Report and Financial Statements Originally Issued in Turkish)

PEGASUS HAVA TAŞIMACILIĞI A.Ş. AND ITS SUBSIDIARIES

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

AS OF 31 DECEMBER 2023

(Amounts are expressed in full TL and full Euros unless otherwise stated.)

		Current period	Prior period	(*)	(*)
		(Audited)	(Audited)	EUR	EUR
		31 December	31 December	31 December	31 December
	Notes	2023	2022	2023	2022
ASSETS
Current assets		48.001.577.327	20.717.301.827	1.473.620.823	1.039.247.843
Cash and cash equivalents	35	16.078.358.927	10.558.266.871	493.596.374	529.637.313
Financial assets	31	18.534.625.942	2.261.353.238	569.002.359	113.436.899
Trade receivables	6	1.668.899.597	1.175.047.670	51.234.258	58.944.247
Trade receivables from third parties	6	1.668.899.597	1.175.047.670	51.234.258	58.944.247
Other receivables	7	184.612.285	187.841.639	5.667.491	9.422.753
Other receivables from related parties	5	44.138	603.250	1.355	30.261
Other receivables from third parties		184.568.147	187.238.389	5.666.136	9.392.492
Derivative financial instruments	30	12.607.533	267.091.000	387.044	13.398.161
Inventories	8	1.075.273.755	501.705.715	33.010.286	25.167.205
Prepaid expenses	9	10.201.603.776	5.614.389.822	313.183.370	281.636.217
Current income tax assets	27	19.552.842	8.816.150	600.261	442.247
Other current assets	19	226.042.670	142.789.722	6.939.380	7.162.801
Non-Current assets		153.953.502.230	75.085.744.611	4.726.283.979	3.766.546.965
Financial assets	31	1.674.235.495	4.277.060.923	51.398.067	214.551.411
Other receivables	7	1.778.877.878	686.474.209	54.610.528	34.435.799
Other receivables from third parties	7	1.778.877.878	686.474.209	54.610.528	34.435.799
Derivative financial instruments	30	-	86.308.409	-	4.329.513
Investments accounted by using the equity method	3	602.491.387	365.909.936	18.496.139	18.355.243
Property and equipment	10	10.377.700.527	3.514.594.995	318.589.424	176.303.241
Intangible assets	11	643.504.105	286.951.642	19.755.206	14.394.436
Right of use assets	12	113.509.023.248	58.751.535.645	3.484.661.746	2.947.169.820
Prepaid expenses	9	12.718.004.262	7.116.908.852	390.435.418	357.007.502
Deferred tax assets	27	12.649.665.328	-	388.337.451	-
TOTAL ASSETS		201.955.079.557	95.803.046.438	6.199.904.802	4.805.794.808

(*)The functional currency of the Group is Euro. However, the presentation currency is determined as Turkish Lira. See Note 2.1 for the conversion of Euro and Turkish Lira amounts.

The accompanying notes form an integral part of these consolidated financial statements.

1

(Convenience Translation of The Report and Financial Statements Originally Issued in Turkish)

PEGASUS HAVA TAŞIMACILIĞI A.Ş. AND ITS SUBSIDIARIES

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

AS OF 31 DECEMBER 2023

(Amounts are expressed in full TL and full Euros unless otherwise stated.)

		Current period	Prior period	(*)	(*)
		(Audited)	(Audited)	EUR	EUR
		31 December	31 December	31 December	31 December
	Notes	2023	2022	2023	2022
LIABILITIES
Current liabilities		37.183.794.680	20.759.664.303	1.141.521.116	1.041.372.884
Short term borrowings	31	5.353.784.770	2.119.867.677	164.358.114	106.339.519
Short term portion of long term borrowings	31	1.944.707.759	1.096.867.696	59.701.410	55.022.483
Short term portion of long term lease liabilities	31	11.326.083.111	6.669.837.262	347.704.239	334.580.924
Trade payables	6	6.526.115.717	3.930.557.016	200.348.000	197.169.638
Trade payables to related parties	5	17.811.962	9.595.784	546.817	481.356
Trade payables to third parties		6.508.303.755	3.920.961.232	199.801.183	196.688.282
Employee benefit obligations	17	398.269.511	219.603.277	12.226.645	11.016.021
Other payables	7	260.455.138	476.784.279	7.995.823	23.917.064
Other payables to third parties	7	260.455.138	476.784.279	7.995.823	23.917.064
Passenger flight liabilities	9	8.418.318.534	4.314.917.421	258.437.538	216.450.417
Derivative financial instruments	30	109.079.828	-	3.348.688	-
Deferred income	9	782.027.857	708.853.304	24.007.806	35.558.408
Short term provisions		2.064.952.455	1.222.376.371	63.392.853	61.318.410
Short term provisions for employee benefits	17	1.587.893.487	676.745.918	48.747.417	33.947.796
Other short term provisions	15	477.058.968	545.630.453	14.645.436	27.370.614
Non-Current liabilities		110.102.098.656	56.998.638.816	3.380.071.120	2.859.238.761
Long term borrowings	31	12.312.016.907	6.459.025.794	377.971.840	324.005.929
Long term lease liabilities	31	88.581.646.542	44.654.342.098	2.719.405.614	2.240.008.332
Derivative financial instruments	30	64.250.780	-	1.972.462	-
Deferred income	9	3.506.810.209	1.233.022.744	107.657.057	61.852.467
Long term provisions		5.637.374.218	3.927.476.098	173.064.147	197.015.089
Long term provisions for employee benefits	17	1.201.242.173	574.013.046	36.877.444	28.794.378
Other long term provisions	15	4.436.132.045	3.353.463.052	136.186.703	168.220.711
Deferred tax liabilities	27	-	724.772.082	-	36.356.944
SHAREHOLDERS' EQUITY		54.669.186.221	18.044.743.319	1.678.312.566	905.183.163
Paid-in share capital	20	102.299.707	102.299.707	60.544.134	60.544.134
Share premiums on capital stock		455.687.025	455.687.025	194.089.305	194.089.305
Other comprehensive income/expense
not to be reclassified to profit or loss
Actuarial losses on defined benefit plans	26	(105.998.793)	(74.584.475)	(3.254.102)	(3.741.402)
Currency translation differences	26	27.604.819.459	11.667.935.448	-	-
Other comprehensive income/expense
to be reclassified to profit or loss
Currency translation differences		368.154.236	165.445.988	8.808.787	8.071.040
Hedge fund	26	(129.997.940)	282.719.523	(3.990.862)	14.182.139
Gain on financial assets measured at fair value		48.328.332	26.847.705	1.483.652	1.346.769
Restricted profit reserves		20.459.941	20.459.941	4.047.406	4.047.406
Retained earnings		5.397.932.457	(1.702.212.691)	626.643.772	195.884.759
Net income for the period		20.907.501.797	7.100.145.148	789.940.474	430.759.013
TOTAL LIABILITIES AND EQUITY		201.955.079.557	95.803.046.438	6.199.904.802	4.805.794.808

(*)The functional currency of the Group is Euro. However, the presentation currency is determined as Turkish Lira. See Note 2.1 for the conversion of Euro and Turkish Lira amounts.

The accompanying notes form an integral part of these consolidated financial statements.

2

(Convenience Translation of The Report and Financial Statements Originally Issued in Turkish)

PEGASUS HAVA TAŞIMACILIĞI A.Ş. AND ITS SUBSIDIARIES

CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE PERIOD ENDED 31 DECEMBER 2023

(Amounts are expressed in full TL and full Euros unless otherwise stated.)

		Current period	Prior period	(*)	(*)
		(Audited)	(Audited)	EUR	EUR
		1 January-	1 January-	1 January-	1 January-
Profit or loss	Notes	31 December 2023	31 December 2022	31 December 2023	31 December 2022
Sales	21	70.531.531.601	42.732.213.696	2.670.391.155	2.449.374.176
Cost of sales (-)	21	(53.713.132.638)	(31.155.507.983)	(2.027.996.010)	(1.761.803.639)
Gross profit		16.818.398.963	11.576.705.713	642.395.145	687.570.537
General administrative expenses (-)	22	(1.715.182.260)	(1.007.032.961)	(71.879.343)	(57.007.136)
Marketing expenses (-)	22	(1.280.527.235)	(935.511.653)	(50.271.821)	(52.128.071)
Other operating income	23	18.938.419	197.181.269	798.175	11.284.752
Other operating expenses (-)	23	(754.278.875)	(155.868.657)	(31.813.205)	(7.445.576)
Operating gain		13.087.349.012	9.675.473.711	489.228.951	582.274.506
Income from investing activities	24	1.410.583.172	509.587.801	46.364.466	27.995.102
Expenses from investing activities (-)	24	(67.433.199)	(60.058.174)	(2.204.032)	(3.433.006)
Share of investments income accounted for
using the equity method	3	19.845.984	19.302.435	771.984	1.110.071
Operating gain before financial expense		14.450.344.969	10.144.305.773	534.161.369	607.946.673
Financial income	25	1.676.170.226	265.198.837	66.229.951	15.659.884
Financial expense (-)	25	(6.011.831.262)	(3.790.556.116)	(230.277.959)	(220.520.860)
Profit before tax		10.114.683.933	6.618.948.494	370.113.361	403.085.697
Tax income/(expense)		10.792.817.864	481.196.654	419.827.113	27.673.316
Deferred tax income/(expense)	27	10.792.817.864	481.196.654	419.827.113	27.673.316
Profit for the period		20.907.501.797	7.100.145.148	789.940.474	430.759.013
Income/(loss) per share (TL) / (EUR)	28	204,37	69,41	7,72	4,21
Other comprehensive income
Items not to be reclassified to profit or loss
Actuarial (losses) / gains on defined benefit plans	26	(48.101.149)	(78.504.889)	337.949	(3.673.796)
Deferred tax effect	26	16.686.831	15.700.978	149.351	734.759
Currency translation differences		15.936.884.011	3.854.943.408	-	-
Items to be reclassified to profit or loss
Currency translation differences		202.708.248	98.993.570	737.747	3.545.018
Gain on financial assets measured at fair value		30.878.129	33.559.631	294.741	1.683.461
Cash flow hedge	26	(526.730.017)	189.830.321	(23.048.824)	6.587.111
Deferred tax effect	26	104.615.052	(39.770.929)	4.717.965	(1.319.898)
Other comprehensive income		15.716.941.105	4.074.752.090	(16.811.071)	7.556.655
Total comprehensive income		36.624.442.902	11.174.897.238	773.129.403	438.315.668

(*)The functional currency of the Group is Euro. However, the presentation currency is determined as Turkish Lira. See Note 2.1 for the conversion of Euro and Turkish Lira amounts.

The accompanying notes form an integral part of these consolidated financial statements.

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