ÇELEBİ AR19-270720 (1)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS AT AND FOR THE YEAR ENDED 31 DECEMBER 2019 ÇELEBİ HAVA SERVİSİ ANONİM ŞİRKETİ (Amounts expressed in Turkish Lira (“TL”) unless otherwise indicated.) Convenience Translation into English of Consolidated Financial Statements Originally Issued in Turkish 118 Çelebi Ground Handling Inc. 2019 Annual Report December 31, 2018 TL Equivalent USD EUR GBP 1. Trade receivables 92.065.131 3.684.404 15.707.005 - 2. Monetary financial assets 157.118.118 1.639.996 27.952.305 44.652 3. Other 30.626.117 215.996 4.892.134 - 4. Current Assets (1+2+3) 279.809.366 5.540.396 41.533.649 44.652 5. Other 95.869.812 - 15.904.083 - 6. Non-current assets (5) 95.869.812 - 15.904.083 - 7. Total assets (4+6) 375.679.178 5.540.396 57.437.732 44.652 8. Trade payables 22.635.330 471.529 3.343.342 150 9. Financial liabilities 200.228.549 28.652 33.191.409 - 10. Other monetary liabilities 6.724.362 188.929 879.043 64.868 11. Short-term liabilities (8+9+10) 229.588.241 689.110 37.413.794 65.018 12. Financial liabilities 391.560.646 12.399 64.946.154 - 13. Other monetary liabilities - - - - 14. Long-term liabilities (12+13) 391.560.646 12.399 64.946.154 - 15. Total liabilities (11+14) 621.148.887 701.509 102.359.948 65.018 16. Net foreign currency asset/(liability) position (7-15) (245.469.709) 4.838.887 (44.922.216) (20.366) 17. Net monetary foreign currency asset/(liability) position (7-15) (245.469.709) 4.838.887 (44.922.216) (20.366) 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.