CELEBI GROUND HANDLING ANNUAL REPORT 2018

ÇELEBİ HAVA SERVİSİ A.Ş. 111 Çelebi Ground Handling 2018 Annual Report Convenience Translation into English of Consolidated Financial Statements Originally Issued in Turkish NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS AT AND FOR THE YEAR ENDED 31 DECEMBER 2018 (Amounts expressed in Turkish Lira (“TL”) unless otherwise indicated.) December 31, 2017 TL Equivalent USD EUR GBP 1. Trade receivables 70.374.520 2.877.913 13.181.114 - 2. Monetary financial assets 72.724.439 4.965.388 11.915.397 37.698 3. Other 3.238.854 25.630 695.798 60 4. Current Assets (1+2+3) 146.337.813 7.868.931 25.792.309 37.758 5. Other 103.712 - 22.968 - 6. Non-current assets (5) 103.712 - 22.968 - 7. Total assets (4+6) 146.441.525 7.868.931 25.815.277 37.758 8. Trade payables 32.084.375 1.418.924 5.917.469 2.363 9. Financial liabilities 47.375.378 24.778 10.471.026 - 10. Other monetary liabilities 8.453.804 178.392 1.650.178 64.868 11. Short-term liabilities (8+9+10) 87.913.557 1.622.094 18.038.673 67.231 12. Financial liabilities 214.847.161 35.827 47.550.000 - 13. Other monetary liabilities - - - - 14. Long-term liabilities (12+13) 214.847.161 35.827 47.550.000 - 15. Total liabilities (11+14) 302.760.718 1.657.921 65.588.673 67.231 16. Net foreign currency asset/ (liability) position (7-15) (156.319.193) 6.211.010 (39.773.396) (29.473) 17. Net monetary foreign currency asset/(liability) position (7-15) (156.319.193) 6.211.010 (39.773.396) (29.473) Capital risk management The Group’s objectives when managing capital is able to maintain operations of the Group for maintaining optimal capital structure in order to provide return for its shareholders, reduce capital cost and benefit for other shareholders. The shareholders’ of the Company, in order to maintain or modify capital structure, can change the amount of dividends paid to shareholders, return capital to shareholders, issue new shares and sell assets to decrease financing needs, in consistency with the regulations of the CMB. Consistent with others in the industry, the Group monitors capital on the basis of the debt/equity ratio. This ratio is found by dividing net debt to total capital. Net debt is calculated as total liabilities less cash and cash equivalents. Total capital invested is calculated as equity, as shown in the consolidated balance sheet, plus net debt. Net debt is calculated by deducting cash and cash equivalents and deferred tax liabilities from total debt. Total capital is calculated by adding equity and net debt as presented in the balance sheet. The net debt/(equity + net debt) ratio as of December 31, 2018 and December 31, 2017 is as follows: December 31, 2018 December 31, 2017 Total financial liabilities 721.814.428 341.352.806 Less: Cash and cash equivalents (197.023.791) (113.572.241) Less: Restricted cash (51.444.157) (13.369.356) Net debt 473.346.480 214.411.209 Shareholder’s equity 353.087.514 168.855.174 Capital invested 826.433.994 383.266.383 Net debt/capital invested 0,57 0,56