ÇHS AR21-ENG-030622

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2021 ÇELEBİ HAVA SERVİSİ ANONİM ŞİRKETİ AND ITS SUBSIDIARIES (Amounts expressed in Turkish Lira (“TL”) unless otherwise indicated.) 116 Çelebi Ground Handling Inc. 2021 Annual Report Foreign currency risk The Group is exposed to foreign exchange rate risk through operations done using multiple currencies. The main principle in the management of this foreign currency risk is maintaining foreign exchange position in a way to be affected least by the fluctuations in foreign exchange rates. For this reason, the proportion of the positions of these currencies to total equity amount is aimed to be controlled under certain limits. Derivative financial instruments are also used, when necessary. In this context, the Group’s primary method is utilizing forward foreign currency transactions. The Group is exposed to foreign exchange rate risk mainly for EUR, USD and GBP. As of 31 December 2021, while other variables being constant, if the TL was to appreciate/depreciate by 10% against the USD, the net profit/loss arising from foreign exchange gains/losses resulting over net foreign currency position in this currency would increase/decrease by TL 18.667.730 (31 December 2020: TL 7.072.936). As of 31 December 2021, while other variables being constant, if the TL was to appreciate/depreciate by 10% against the EUR, the net profit/loss arising from foreign exchange gains/losses resulting over net foreign currency position in this currency would increase/decrease by TL 7.945.935 (31 December 2020: TL 87.325.685 ). As of 31 December 2021, while other variables being constant, if the TL was to appreciate/depreciate by 10% against the GBP, the net profit/loss arising from foreign exchange gains/losses resulting over net foreign currency position in this currency would increase/decrease by TL 129.049 (31 December 2020: TL 223.796). As of 31 December 2021, while other variables being constant, if the TL was to appreciate/depreciate by 10%, the net profit/ loss arising from foreign exchange gains/losses resulting over net foreign currency position in this currency would increase/ decrease by TL 27.707.551. Foreign currency denominated assets and liabilities of the Group as of 31 December 2021 and 2020 are as follows: 31 December 2021 31 December 2020 Assets denominated in foreign currency 570.324.424 473.184.688 Liabilities denominated in foreign currency (-) (582.553.765) (1.275.474.228) Net foreign currency position (12.229.341) (802.289.540)