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 Convenience Translation into English of Consolidated Financial Statements Originally Issued in Turkish (Amounts expressed in Turkish Lira (“TL”) unless otherwise indicated.) 85 Çelebi Ground Handling Inc. 2019 Annual Report NOTE 5 - FINANCIAL INVESTMENTS Restricted Bank Balances: December 31, 2019 December 31, 2018 Restricted bank balances (*) 57.747.115 51.444.157 57.747.115 51.444.157 (*) TL 54.421.815 of restricted bank balances consist cash amounts collected from the customers and the cash amounts obtained for the project financing as outlined in the concession agreement signed for for cargo and ground handling services at New Delhi Airport in India.Of these balances,approximately 400 million Indian Rupee (33,3 million Turkish Lira) related to Celebi Delhi Cargo is not obliged to be kept in a blocked bank account and can be resolved at any time. Financial investments with fair value difference reflected to other comprehensive income December 31, 2019 December 31, 2018 Percentage of shares % TL Percentage of shares % TL Celebi Spain (*) 100,00 166.650 100,00 166.650 Celebi Tanzania (*) 100,00 167.640 - - 334.290 166.650 (*) As of 31 December, 2019, Celebi Spain and Celebi Tanzania have not been consolidated in the consolidated financial statements since they are not significant for the Group. They are presented in the consolidated financial statements with cost value less impairment if any, and classified as financial assets measured at fair value through other comprehensive income. NOTE 6 - INVESTMENT ACCOUNTED BY USING THE EQUITY METHOD Percentage of shares % December 31, 2019 Percentage of shares % December 31, 2018 Çelebi Nas 57,00 121.198.646 57,00 87.725.263 DASPL 24,99 8.755.472 24,99 8.000.645 129.954.118 95.725.908 The movements of investments accounted using the equity method during the periods ended December 31, 2019 and December 31, 2018 are as follows: December 31, 2019 December 31, 2018 As of January 1 95.725.908 64.991.304 Share of profit/loss 24.794.204 23.371.805 Currency translation differences 10.322.954 16.108.238 Gains (losses) on remeasurements defined benefit plans 370.427 (200.767) Dividend payments (*) (1.259.375) (8.544.672) As of December 31 129.954.118 95.725.908 (*) The dividend that DASPL and Celebi Nas paid to their shareholders from retained earnings are the shares of CASI and Çelebi Hava shares respectively. Shares of profit/loss from investments accounted using the equity method: January 1- December 31, 2019 January 1- September 31, 2018 Çelebi Nas 23.409.865 20.372.822 DASPL 1.384.339 2.998.983 24.794.204 23.371.805