2021 9 Months Financial Statements - USD

TÜRK HAVA YOLLARI ANONİM

ORTAKLIĞI AND ITS SUBSIDIARIES

Condensed Consolidated Interim

Financial Statements As at and For

The Nine-Month Period

Ended 30 September 2021

TÜRK HAVA YOLLARI ANONİM ORTAKLIĞI AND ITS SUBSIDIARIES

Condensed Consolidated Interim Balance Sheet as at 30 September 2021

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

			Not Reviewed		Audited
ASSETS	Notes	30 September 2021		31 December 2020
Non-Current Assets
Financial Investments	6		70	75
Other Receivables
-Third Parties	10		1,038	1,200
Investments Accounted for Using Equity Method	3		258	256
Property and Equipment	12		4,331	4,145
Right of Use Assets	12		15,203	14,777
Intangible Assets
- Other Intangible Assets	13		84	89
- Goodwill			12	12
Prepaid Expenses			814	798
TOTAL NON-CURRENT ASSETS			21,810	21,352
Current Assets
Cash and Cash Equivalents	5		2,984	1,811
Financial Investments	6		11	18
Trade Receivables
-Related Parties	9		21	18
-Third Parties			918	619
Other Receivables
-Related Parties	9		12	6
-Third Parties	10		831	1,095
Derivative Financial Instruments	28		88	2
Inventories			269	305
Prepaid Expenses			135	141
Current Income Tax Assets	26		18	38
Other Current Assets			63		125
TOTAL CURRENT ASSETS			5,350	4,178
TOTAL ASSETS
		27,160	25,530

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

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TÜRK HAVA YOLLARI ANONİM ORTAKLIĞI AND ITS SUBSIDIARIES

Condensed Consolidated Interim Balance Sheet as at 30 September 2021

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

				Not Reviewed		Audited
LIABILITIES		Notes	30 September 2021		31 December 2020
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		( 50)	( 48)
Items That Are or May Be Reclassified to
Profit or Loss
-Foreign Currency Translation Differences	19		( 229)	( 201)
-Fair Value Losses on Hedging Instruments	19
Entered into for Cash Flow Hedges		( 4)	( 450)
-(Losses) / Gains on Remeasuring FVOCI				( 3)	2
Restricted Profit Reserves				76	72
Previous Years Profit	19		4,406	5,246
Net Profit / (Loss) for the Period				734		( 836)
Equity of the Parent				6,527	5,382
Non-Controlling Interests				1		1
TOTAL EQUITY				6,528	5,383
Non- Current Liabilities
Long-Term Borrowings	7 and 14	2,775	2,681
Long-Term Lease Liabilities	7 and 14	9,035	9,579
Other Payables
-Third Parties				69	22
Deferred Income	11		95	109
Long-Term Provisions
-Provisions for Employee Benefits	17		131	134
-Other Provisions				48	49
Deferred Tax Liability	26		1,414		1,119
TOTAL NON-CURRENT LIABILITIES				13,567	13,693
Current Liabilities
Short Term Borrowings	7		1,437	1,527
Short-Term Portion of Long-Term Borrowings	7 and 14	1,399	1,186
Short-Term Portion of Lease Liabilities	7 and 14	1,671	1,728
Other Financial Liabilities	8		5	17
Trade Payables
-Related Parties	9		129	141
-Third Parties				715	720
Payables Related to Employee Benefits				100	90
Other Payables
-Related Parties	9		4	-
-Third Parties				191	88
Derivative Financial Instruments	28		27	64
Deferred Income	11		1,071	614
Current Tax Provision	26		9	-
Short-Term Provisions
-Provisions for Employee Benefits	15		22	16
-Other Provisions	15		10	10
Other Current Liabilities				275		253
TOTAL CURRENT LIABILITIES				7,065	6,454
TOTAL LIABILITIES AND EQUITY				27,160	25,530

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 2021

(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 2021	30 September 2021	30 September 2020	30 September 2020
Revenue	20	7,377	3,405	4,962	1,528
Cost of Sales (-)	21	( 5,864)	( 2,414)	( 4,873)	( 1,399)
GROSS PROFIT		1,513	991	89	129
General Administrative Expenses (-)	22	( 209)	( 76)	( 165)	( 49)
Selling and Marketing Expenses (-)	22	( 583)	( 218)	( 515)	( 139)
Other Operating Income	23	151	58	257	139
Other Operating Expenses (-)	23	( 77)	( 33)	( 33)	( 5)
OPERATING PROFIT / (LOSS) BEFORE
INVESTMENT ACTIVITIES		795	722	( 367)	75
Income from Investment Activities	24	160	56	130	39
Expenses for Investment Activities	24	( 7)	( 2)	( 9)	( 9)
Share of Investments' Profit / (Loss) Accounted
by Using The Equity Method	3	48	74	( 96)	( 5)
OPERATING PROFIT / (LOSS)		996	850	( 342)	100
Financial Income	25	107	121	52	6
Financial Expenses (-)	25	( 292)	( 101)	( 628)	( 354)
PROFIT / (LOSS) BEFORE TAX		811	870	( 918)	( 248)
Tax (Expense) / Income		( 77)	( 135)	132	116
Current Tax Expense	26	( 17)	( 9)	-	-
Deferred Tax (Expense) / Income	26	( 60)	( 126)	132	116
NET PROFIT / (LOSS) FOR THE PERIOD		734	735	( 786)	( 132)

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

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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 2021

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

OTHER COMPREHENSIVE INCOME	Notes
Items That May Be Reclassified Subsequently To
Profit or Loss
Currency Translation Adjustment
Losses on Remeasuring FVOCI
Fair Value Gains / (Losses ) on Hedging Instruments
Entered into for Cash Flow Hedges
Fair Value Gains / (Losses ) Hedging Instruments of
Investment Accounted by Using the Equity Method
Entered into for Cash Flow Hedges
Related Tax of Other Comprehensive Income
Items That Will Not Be Reclassified Subsequently
To Profit or Loss
Actuarial Losses on Retirement
Pay Obligation
Related Tax of Other Comprehensive Income
OTHER COMPREHENSIVE INCOME / (EXPENSE)
FOR THE PERIOD
TOTAL COMPREHENSIVE INCOME / (EXPENSE)
FOR THE PERIOD
Basic Gain / (Loss) Per Share (Full US Cents)	27
Diluted Gain / (Loss) Per Share (Full US Cents)	27

Not Reviewed	Not Reviewed	Not Reviewed	Not Reviewed
1 January -	1 July -	1 January -	1 July -
30 September 2021	30 September 2021	30 September 2020	30 September 2020
413	128	( 438)	( 197)
( 28)	( 1)	( 28)	( 9)
( 6)	( 2)	( 7)	( 3)
548	160	( 497)	( 232)
12	4	( 13)	-
( 113)	( 33)	107	47
( 2)	-	( 7)	-
( 3)	-	( 8)	-
1	-	1	-
411	128	( 445)	( 197)
1,145	863	( 1,231)	( 329)
0.53	0.53	( 0.57)	( 0.10)
0.53	0.53	( 0.57)	( 0.10)

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

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