TÜRK HAVA YOLLARI A.O.

Quarterly Report • Aug 5, 2024

TÜRK HAVA YOLLARI ANONİM ORTAKLIĞI AND ITS SUBSIDIARIES Condensed Consolidated Interim Statement of Financial Position as at 30 June 2024

TÜRK HAVA YOLLARI ANONİM ORTAKLIĞI AND ITS SUBSIDIARIES Condensed Consolidated Interim Statement of Financial Position as at 30 June 2024 (All amounts are expressed in Million Turkish Lira (TL) unless otherwise stated.)
	Reviewed	Audited
ASSETS	30 June 2024	31 December 2023
Current Assets
Cash and Cash Equivalents	33.184	20.115
Financial Investments	157.193	157.311
Trade Receivables
-Related Parties	1.654	1.464
-Third Parties	36.648	23.728
Other Receivables -Related Parties	506	280
-Third Parties	37.380	25.916
Derivative Financial Instruments	2.319	531
Inventories	16.390	12.311
Prepaid Expenses	22.708	6.975
Current Income Tax Assets	1.166	1.210
Other Current Assets	2.882	3.202
TOTAL CURRENT ASSETS	312.030	253.043
Non-Current Assets
Financial Investments	19.652	11.724
Other Receivables
-Related Parties	197	-
-Third Parties	43.137	41.076
Investments Accounted by Using Equity Method	16.271	14.626
Investment Property	1.417	1.271
Property and Equipment	214.770	178.849
Right of Use Assets	558.306	498.310
Intangible Assets
- Other Intangible Assets	3.188	2.557
- Goodwill	877	787
Prepaid Expenses	50.940	38.085
Deferred Tax Assets	13.058	9.763
TOTAL NON-CURRENT ASSETS	921.813	797.048
TOTAL ASSETS	1.233.843	1.050.091

Condensed Consolidated Interim Statement of Financial Position as at 30 June 2024

TÜRK HAVA YOLLARI ANONİM ORTAKLIĞI AND ITS SUBSIDIARIES Condensed Consolidated Interim Statement of Financial Position as at 30 June 2024 (All amounts are expressed in Million Turkish Lira (TL) unless otherwise stated.)
	Reviewed	Audited
LIABILITIES	30 June 2024	31 December 2023
Current Liabilities
Short Term Borrowings -Third Parties
-Bank Borrowings Short-Term Portion of Long-Term Borrowings	34.942	39.662
-Related Parties -Bank Borrowings	2.164	9.964
-Third Parties
-Bank Borrowings -Lease Liabilities	7.924 55.365	8.267 51.917
Trade Payables
-Related Parties -Third Parties	8.798 40.846	8.390 29.670
Payables Related to Employee Benefits Other Payables	11.860	12.315
-Related Parties -Third Parties	50 7.524	122 7.019
Derivative Financial Instruments	147	2.971
Deferred Income Current Tax Provision	137.043 1	79.776 1.148
Short-Term Provisions -Provisions for Employee Benefits	3.035	1.467
-Other Provisions Other Current Liabilities	243 21.651	173 15.095
TOTAL CURRENT LIABILITIES	331.593	267.956
Non- Current Liabilities Long-Term Borrowings
-Related Parties -Bank Borrowings	78	6.050
-Third Parties
-Bank Borrowings -Lease Liabilities	1.125 323.990	7.877 296.435
Other Payables -Third Parties	1.346	749
Deferred Income Long-Term Provisions	5.266	3.185
-Provisions for Employee Benefits	8.385	6.752
-Other Provisions Deferred Tax Liability	2.618 1.675	2.498 1.477
TOTAL NON-CURRENT LIABILITIES Equity	344.483	325.023
Share Capital Inflation Adjustment on Share Capital	1.380 1.124	1.380 1.124
Treasury Shares Items That Will Not Be Reclassified to	( 655)	( 655)
Profit or Loss -Actuarial Losses on Retirement Pay Obligation -Foreign Currency Translation Differences Items That Are or May Be Reclassified to	( 9.830) 239.759	( 8.073) 195.569
Profit or Loss -Foreign Currency Translation Differences	38.584	29.215
-Fair Value Gains on Hedging Instruments Entered into for Cash Flow Hedges	19.849	8.282
-Gains/(Losses) on Remeasuring FVOCI Restricted Profit Reserves	328 714	615 714
Previous Years Profit Net Profit for the Period	229.086 37.309	66.088 162.998
Equity of the Parent Non-Controlling Interests	557.648 119	457.257 ( 145)
TOTAL EQUITY	557.767	457.112

	Reviewed	Not Reviewed	Reviewed	Not Reviewed
PROFIT OR LOSS	1 January 30 June 2024	1 April- 30 June 2024	1 January 30 June 2023	1 April- 30 June 2023
Revenue	330.113	182.875	189.690	107.633
Cost of Sales (-)	( 278.727)	( 147.629)	( 150.222)	( 80.383)
GROSS PROFIT	51.386	35.246	39.468	27.250
General Administrative Expenses (-)	( 6.942)	( 3.610)	( 4.424)	( 2.580)
Marketing Expenses (-)	( 28.840)	( 15.124)	( 17.214)	( 9.370)
Other Operating Income	6.849	3.410	6.505	4.067
Other Operating Expenses (-)	( 2.146)	( 818)	( 5.045)	( 2.228)
OPERATING PROFIT BEFORE
INVESTMENT ACTIVITIES	20.307	19.104	19.290	17.139
Income from Investment Activities	23.822	14.240	7.313	4.458
Expenses from Investment Activities Share of Investments' Profit/(Loss) Accounted	( 66)	( 16)	( 285)	( 64)
by Using The Equity Method	624	550	625	857
OPERATING PROFIT	44.687	33.878	26.943	22.390
Financial Income	11.826	5.679	8.212	1.490
Financial Expenses (-)	( 23.735)	( 11.874)	( 10.857)	( 4.800)
PROFIT/(LOSS) BEFORE TAX	32.778	27.683	24.298	19.080
Tax Income/(Expense)	4.531	2.708	( 6.125)	( 5.322)
Current Tax Expense	-	-	( 77)	1
Deferred Tax Income / (Expense)	4.531	2.708	( 6.048)	( 5.323)
NET PROFIT FOR THE PERIOD	37.309	30.391	18.173	13.758
Attributable to:
Non-controlling interest	( 17)	( 4)	1	4
Equity holders of the parent	37.326	30.395	18.172	13.754

		Reviewed	Not Reviewed	Reviewed	Not Reviewed
		1 January	1 April-	1 January	1 April-
	Notes	30 June 2024	30 June 2024	30 June 2023	30 June 2023
OTHER COMPREHENSIVE INCOME
Items That May Be Reclassified Subsequently To
Profit or Loss		20.649	4.224	8.516	3.875
Currency Translation Adjustment		9.369	760	7.466	4.470
(Losses)/Gains on Remeasuring FVOCI		( 360)	49	( 96)	( 192)
Related Tax of Remeasuring FVOCI		73	( 13)	19	38
Fair Value Gains on Hedging Instruments
Entered into for Cash Flow Hedges		13.757	4.087	1.721	( 448)
Fair Value Gains/(Losses) Hedging Instruments of Investment Accounted by Using the Equity Method
Entered into for Cash Flow Hedges		738	106	( 312)	( 103)
Related Tax of Other Comprehensive Income		( 2.928)	( 765)	( 282)	110
Items That Will Not Be Reclassified Subsequently To
Profit or Loss		42.433	7.629	61.238	60.168
Currency Translation Adjustment		44.190	8.766	63.143	61.926
Actuarial Losses on Retirement Pay Obligation		( 2.202)	( 1.417)	( 2.381)	( 2.191)
Related Tax of Other Comprehensive Income		445	280	476	433
OTHER COMPREHENSIVE INCOME FOR THE PERIOD		63.082	11.853	69.754	64.043
TOTAL COMPREHENSIVE INCOME		100.391	42.244	87.927	77.801
FOR THE PERIOD			22,03	13,17	9,97
Basic Profit Per Share (Kr)		27,04

TÜRK HAVA YOLLARI ANONİM ORTAKLIĞI AND ITS SUBSIDIARIES Condensed Consolidated Interim Statement of Changes in Equity For the Six-Month Period Ended 30 June 2024 (All amounts are expressed in Million Turkish Lira (TL) 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 Foreign Instruments Equity Inflation Actuarial Losses Currency Currency Entered Into For Gains on Restricted Previous Net Profit Holders Non
Share Adjustment on Treasury Retirement Pay Translation Translation Cash Flow Remeasuring Profit Years for The of the controlling Capital Share Capital Shares Obligation Differences Differences Hedges FVOCI Reserves Profit Period Parent Interests	Total Equity
As of 1 January 2024 1.380 1.124 (655) (8.073) 195.569 29.215 8.282 615 714 66.088 162.998 457.257 (145)	457.112
Transfers - - - - - - - - - 162.998 (162.998) - - Total comprehensive income - - - (1.757) 44.190 9.369 11.567 (287) - - 37.309 100.391 -	- 100.391
Transactions with non-controlling interests - - - - - - - - - - - - 264	264
As of 30 June 2024 1.380 1.124 (655) (9.830) 239.759 38.584 19.849 328 714 229.086 37.309 557.648 119	557.767

								Profit	Period	Parent	Interests	Total Equity
Inflation Adjustment on Share Capital	Treasury Shares	Actuarial Losses Retirement Pay Obligation	Foreign Currency Translation Differences	Foreign Currency Translation Differences	on Hedging Instruments Cash Flow Hedges	Losses on Remeasuring FVOCI	Restricted Profit Reserves	Previous Years Profit	Net Profit for The Period	Equity Holders of the Parent	Non controlling Interests	Total Equity
1.124	-	(4.273)	96.441	10.555	9.653	(260)	59	19.311	47.432	181.422	5	181.427
- -	- -	- (1.905)	- 63.143	- 7.466	,	- (77)	-	46.847 -	18.173	-	- -	- 87.927
-	-	-	-	-	-	-	-	-	-	-	116	116
												(585) 268.885
	-	(585)	-	Items That Will Not Be Reclassified Subsequently To Profit or Loss	- -	Fair Value Gains Entered Into For 1.127 -	Items That May Be Reclassified Subsequently -		585 - -	-	(47.432) (585)	87.927 - 1.124 (585) (6.178) 159.584 18.021 10.780 (337) 644 66.158 18.173 268.764 121

Condensed Consolidated Interim Statement of Cash Flows

Condensed Consolidated Interim Statement of Cash Flows For the Six-Month Period Ended 30 June 2024
(All amounts are expressed in Million Turkish Lira (TL) unless otherwise stated.)
	Reviewed	Reviewed
	1 January	1 January
	30 June 2024	30 June 2023
Net Profit for the period	37.309	18.173
Adjustments to Reconcile Profit Adjustments for Depreciation and Amortisation Expense	33.961	19.701
Adjustments for Provisions Related with Employee Benefits	2.016	1.060
Adjustments for Provisions for Other Accruals	69	32
Adjustments for Reversal of Probable Risks	(134)	36
Adjustments for Interest Income Adjustments for Interest Expense	(21.012) 9.535	(6.398) 5.039
Adjustments For Unrealised Foreign Exchange Gains	(19.929)	15.201
Adjustments for Fair Value Losses/(Gains) on Derivative Financial Instruments
Adjustments for Fair Value Gains	10.775 5.261	(3.272) -
Adjustments for Undistributed (Gains)/Losses of Associates	(624)	(625)
Adjustments for Tax Income Adjustments for Gains Arised From Sale of Tangible Assets	(5.678) (104)	6.044 (321)
Adjustments for Losses Arised from Sale of
Other Non-Current Assets	1.201	674
Operating Profit Before Changes in Working Capital	52.646	55.344
Increase in Trade Receivables from Related Parties (Increase)/Decrease in Trade Receivables from Non Related Parties	(21) (9.804)	(219) 2.076
Increase in Other Receivables from Related Parties	(379)	-
Decrease/(Increase) in Other Receivables from Third Parties	7.612	(2.290)
Adjustments for Increase in Inventories	(2.295)	(520)
Adjustments for Increase in Prepaid Expenses	(22.518)	(6.239)
Increase in Trade Payables to Related Parties Decrease in Trade Payables to Non Related Parties	(552)	(1.181)
Adjustments for Increase in Payables Due to Employee Benefits	7.397 (1.822)	3.156 681
Decrease in Other Operating Payables to Related Parties	(83)	(253)
(Decrease)/Increase in Other Operating Payables to Third Parties	405	966
Increase in Deferred Income	52.758	24.094
Increase/(Decrease) in Other Assets Related with Operations	795	(14)
Cash Flows From Operations Payments for Provisions Related with Employee Benefits	84.139 (239)	75.601 (139)
Income Taxes Received	(44)	419
Net Cash From Operating Activities	83.856	75.881
CASH FLOWS FROM/(USED IN) INVESTING ACTIVITIES
Cash Receipts Proceed From Sales of Property, Plant, Equipment and Intangible Assets	958	519
Cash Payments From Purchasing of Property, Plant,
Equipment and Intangible Assets	(17.903)	(10.212)
Payments From Purchasing of Other Short and Long-term Assets	5.943	(54.168)
Other Cash Advances and Loans	(16.022)	(685)
Dividends Received Interest Received	1.092 17.397	588 3.991
Net Cash Used In Investing Activities	( 8.535)	( 59.967)
CASH FLOWS FROM/(USED IN) FINANCING ACTIVITIES
Payments to Acquire Entity's Shares	-	(585)
Proceeds From Loans Repayments of Loans	39.142 (68.582)	27.442 (32.921)
Payments of Lease Liabilities	(29.781)	(17.115)
Interest Paid	(6.646)	(3.630)
Interest Received	2.103	2.520
Net Cash Used in Financing Activities Net Change in Cash and Cash Equivalents	( 63.764) 11.557	( 24.289) ( 8.375)
CASH AND CASH EQUIVALENTS
AT THE BEGINNING OF THE PERIOD	19.900	75.864
CASH AND CASH EQUIVALENTS	31.457	67.489
AT THE END OF THE PERIOD