ÇELEBİ AR19-270720 (1)

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 58 Çelebi Ground Handling Inc. 2019 Annual Report The accompanying notes form an integral part of these consolidated financial statements. Notes Current Period Audited Prior Period Audited January 1 - December 31 2019 January 1 - December 31 2018 A. Cash flows from operating activities 319.778.575 322.036.269 Net period profit/loss 195.463.901 208.450.271 Adjustment for reconciliation of net for the period profit/loss 255.322.232 290.764.169 Adjustment related depreciation and amortisation expenses 11,12,13 127.438.468 66.961.944 Adjustments related impairment (reversals) 8 25.810.499 9.508.554 Adjustment related to provisions 23.537.942 60.286.992 - Adjustment related to provisions for employee benefits 23.537.942 10.768.247 - Adjustments related other provisions (reversals) - 49.518.745 Adjustments related to interest income and expense 23, 24 41.137.505 12.681.076 - Adjustment related to interest income (17.684.568) (11.894.091) - Adjustment related to interest expense 58.822.073 24.575.167 Adjustment related to unrealized related foreing exchange translation differences 46.537.566 161.977.903 Adjustment related to tax (income) expense 19.457.693 6.361.830 Adjustment related to undistributed profit of investments are accounted by the equity method 6 (24.794.204) (23.371.805) Adjustment related to (gain/loss) on sales of property, plant and equipment, net 25 (3.803.237) (3.642.325) Changes in working capital (60.084.966) (142.798.748) Increase/decrease in financial investments (6.365.828) (38.346.116) Adjustment related to increase/decrease in trade receivables (67.828.664) (67.501.053) - Increase/decrease in due from related parties (2.264.740) 93.524 - Increase/decrease in due from third parties (65.563.924) (67.594.577) Adjustment related to increase/decrease in other receivables related with operations (28.707.267) (57.573.370) Adjustment related to increase/decrease in inventories (2.411.108) (1.651.630) Increase/decrease in prepaid expenses 1.317.820 (28.589.119) Adjustment related to increase/decrease in trade payables 34.735.087 22.567.191 - Increase/decrease in due to related parties 12.298.298 (1.612.877) - Increase/decrease in due to third parties 22.436.789 24.180.068 Increase/decrease in payables related to employee benefits 14.775.265 11.184.496 Adjustment related to increase/decrease in other payables related with operations (5.600.271) 17.110.853 Cash flows from operating activities 390.701.167 356.415.692 Payment related to provisions for employee benefit 14 (19.634.958) (11.129.629) Payments related to other provision (394.799) (242.504) Tax payments/returns (50.892.835) (23.007.290) CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE PERIOD OF 1 JANUARY - 31 DECEMBER 2019