Türk Hava Yollari Anonim Ortakligi : 2022 3 Months Financial Statements - USD

TÜRK HAVA YOLLARI ANONİM ORTAKLIĞI AND ITS SUBSIDIARIES

Condensed Consolidated Interim Financial Statements As at and For

The Three-Month Period Ended 31 March 2022

Not Reviewed	Audited
ASSETS	Notes	31 March 2022	31 December 2021
Non-Current Assets
Financial Investments	6	126	88
Other Receivables
-Third Parties	10	901	866
Investments Accounted for Using Equity Method	3	235	237
Property and Equipment	12	4,394	4,364
Right of Use Assets	12	15,058	15,110
Intangible Assets
- Other Intangible Assets	13	77	82
- Goodwill	12	12
Prepaid Expenses	878	839
Deferred Tax Asset	26	1	1
TOTAL NON-CURRENT ASSETS	21,682	21,599
Current Assets
Cash and Cash Equivalents	5	2,545	2,677
Financial Investments	6	576	5
Trade Receivables
-Related Parties	9	29	24
-Third Parties	964	901
Other Receivables
-Related Parties	9	6	6
-Third Parties	10	719	791
Derivative Financial Instruments	28	230	59
Inventories	286	261
Prepaid Expenses	166	114
Current Income Tax Assets	26	12	20
Other Current Assets	59	80
TOTAL CURRENT ASSETS	5,592	4,938
TOTAL ASSETS	27,274	26,537

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

LIABILITIES AND EQUITY Equity

NotesNot Reviewed31 March 2022

Audited

31 December 2021

Share Capital

19

1,597

1,597

Items That Will Not Be Reclassified to Profit or Loss

-Actuarial Losses on Retirement Pay Obligation Items That Are or May Be Reclassified to

19

• ( 74)

  • ( 71)

    Profit or Loss

    -Foreign Currency Translation Differences -Fair Value Losses on Hedging Instruments Entered into for Cash Flow Hedges -(Losses) / Gains on Remeasuring FVOCI

    19 19

• ( 289)

  • ( 275)

• 394

  ( 8)

  Restricted Profit Reserves

  76

Previous Years Profit Net Profit for the Period Equity of the Parent Non-Controlling Interests TOTAL EQUITY

19

5,365

161 7,222

1 7,223

• 151 ( 7) 76 4,406 959 6,836 1

6,837

Non- Current Liabilities Long-Term Borrowings Long-Term Lease Liabilities Other Payables

7 7 and 14

1,884 8,282

2,333 8,574

-Third Parties Deferred Income Long-Term Provisions

-Provisions for Employee Benefits

11 17

192 89

55 92

109 113

-Other Provisions

44 46

Deferred Tax Liability

26

1,811 1,714

TOTAL NON-CURRENT LIABILITIES Current Liabilities

12,411

12,927

Short Term Borrowings

Short-Term Portion of Long-Term Borrowings Short-Term Portion of Lease Liabilities

7 7 7 and 14

Other Financial Liabilities 8 Trade Payables

9741,617 1,618 5

883 1,443 1,670 8

-Related Parties 9

-Third Parties

Payables Related to Employee Benefits Other Payables

132 737 136

167 724 105

-Related Parties 9

-Third Parties

Derivative Financial Instruments 28

6 80 75

5 169 28

Deferred Income Current Tax Provision Short-Term Provisions

-Provisions for Employee Benefits

-Other Provisions

11 26 15 15

1,922 1,264

8 16

34 18

8 8

Other Current Liabilities

288 265

TOTAL CURRENT LIABILITIES TOTAL LIABILITIES AND EQUITY

7,64027,274

6,773 26,537

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

Condensed Consolidated Interim Statement of Profit or Loss and Other Comprehensive Income For the Three-Month Period Ended 31 March 2022

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

Not Reviewed	Not Reviewed
PROFIT OR LOSS	Notes	31 March 2022	31 March 2021
Revenue	20	3,051	1,796
Cost of Sales (-)	21	( 2,539)	( 1,624)
GROSS PROFIT	512	172
General Administrative Expenses (-)	22	( 69)	( 67)
Selling and Marketing Expenses (-)	22	( 299)	( 177)
Other Operating Income	23	35	57
Other Operating Expenses (-)	23	( 16)	( 26)
OPERATING PROFIT / (LOSS) BEFORE
INVESTMENT ACTIVITIES	163	( 41)
Income from Investment Activities	24	46	50
Expenses for Investment Activities	24	( 23)	( 5)
Share of Investments' Loss Accounted
for Using The Equity Method	3	( 5)	( 17)
OPERATING PROFIT / (LOSS)	181	( 13)
Financial Income	25	74	147
Financial Expenses (-)	25	( 135)	( 104)
PROFIT BEFORE TAX	120	30
Tax Income	41	31
Current Tax Expense	26	( 8)	-
Deferred Tax Income	26	49	31
NET PROFIT FOR THE PERIOD	161	61
OTHER COMPREHENSIVE INCOME
Items That May Be Reclassified Subsequently To
Profit or Loss	228	302
Currency Translation Adjustment	( 14)	( 14)
Losses on Remeasuring FVOCI	( 1)	( 6)
Fair Value Gains on Hedging Instruments
Entered into for Cash Flow Hedges	290	397
Fair Value Gains Hedging Instruments of
Investment Accounted by Using the Equity Method
Entered into for Cash Flow Hedges	20	5
Related Tax of Other Comprehensive Income	( 67)	( 80)
Items That Will Not Be Reclassified Subsequently
To Profit or Loss	( 3)	5
Actuarial (Losses) / Gains on Retirement Pay
Obligation	( 4)	6
Related Tax of Other Comprehensive Income	1	( 1)
OTHER COMPREHENSIVE INCOME
FOR THE PERIOD	225	307
TOTAL COMPREHENSIVE INCOME
FOR THE PERIOD	386	368
Basic Earnings Per Share (Full US Cents)	27	0.12	0.04
Diluted Earnings Per Share (Full US Cents)	27	0.12	0.04

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 Changes in Equity

For the Three-Month Period Ended 31 March 2022

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

As of 1 January 2022

As of 1 January 2021

1,597 - -

(71)

(275)

151 -(7)

Transfers

Total comprehensive income As of 31 March 2022

- (3)

- (14)

243 394

- (1)

1,597

(74)

(289)

(8)

Transfers

Total comprehensive income As of 31 March 2021

1,597 - - 1,597

- 5 (43)

(48)

(215)

(201)

- (14)

321 (129)

(450)

-

(3)

2 - (5)

76

75

76 - -

72 - 3

Previous	/ Gain
Years	for The
Profit	Period
5,246	(836)
(836)	836
(4)	61
4,406	61

Equity
Holders	Non-
of the	controlling	Total
Parent	Interests	Equity
6,836	1	6,837
-	-	-
386	-	386
7,222	1	7,223
Retained Earnings
Net (Loss)	Equity
Holders	Non-
of the	controlling	Total
Parent	Interests	Equity
5,382	1	5,383
-	-	-
367	-	367
5,749	1	5,750

4,406 959 -

959 (959)

161

5,365

161

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

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