CELEBİ 2021 ANNUAL REPORT
20 Çelebi Ground Handling Inc. 2022 Annual Report Winning the tender for providing airport ground handling services at Delhi International Airport for a 10-year term, Celebi Ground Handling Delhi Private Limited (“Celebi GH Delhi”) was established on 18 November 2009 with a shareholding rate of 99.9%. In order to fulfill the obligations arising from the Implementation Contract signed with the contracting authority and to ensure the realization of the projected investments, the Company has made legal and premium capital payment amounting to Indian Rupee 1,901,266,830 on its subsidiary of Celebi GH Delhi to meet the equity needed. Under the ongoing concession agreements, the Company carries on with ground handling services at New Delhi, Ahmedabad, Cochin, Bangalore and Hyderabad airports. On 15 March 2018, the company’s name was changed as Celebi Airport Services India Private Limited (“CASI”). Based on the authorization granted on 9 December 2019, CASI will continue to provide ground handling services for another 10 years following the expiration of the existing concession period at the Delhi International Airport. Çelebi Kargo Depolama ve Dağıtım Hizmetleri A.Ş. (“Çelebi Kargo”) was established on 20 November 2008 to carry out transportation, cargo storage and distribution operations. Celebi Cargo GmbH (“Celebi Cargo”), the subsidiary of Çelebi Kargo with a 100% ownership, and located in Frankfurt, Germany was established in November 2009 with a paid-in capital of EUR 11,140,000, has rented storage and warehouse facilities at International Frankfurt Airport Cargo (Frankfurt Cargo City Süd) and carry out flight cargo storage and handling services. The Company has a 58.70% share in KSU Aviation Private Limited (“KSU”) located in India, which was established on 8 May 2019 to provide “taxiing” services to aircraft at airports in India. For this purpose, a legal and premium capital payment of Indian Rupee 450,675,770 was made by the Company. Celebi GH Delhi, a subsidiary of the Group, participated in DASPL by acquiring 16.66% stake in the company. DASPL resides in New Delhi, India, has a paid-in capital of INR 250,000,000 and was set up to ensure execution of air conditioning units installed on passenger bridges in the airport’s passenger terminal, generator and utility water services in compliance with international standards. On 14 November 2016, Celebi GH Delhi acquired an additional 8.33% share in DASPL, and the Group’s shareholding interest in DASPL rose to 24.99%. The Group recognizes DASPL in its consolidated financial statements by equity method. DASPL’s operations ended as of 1 April 2022, and the net loss for the period after 31 March 2022 is shown under “Profit / (loss) for the period from discontinued operations” 9. INFORMATION ABOUT FINANCIAL STATEMENTS AND REPORTS The summary consolidated financial statements of the Group are issued in compliance with the Capital Markets Board of Turkey (CMB) Communiqué Serial: II, No: 14.1 on Principles of Financial Reporting in the Capital Markets, which is published in the Official Gazette no. 28676 and dated 13 June 2013. In accordance with Article 5 of the communiqué, the Turkish Accounting Standards/Turkish Financial Reporting Standards (TAS/TFRS) released by the Public Oversight Accounting and Auditing Standards Authority (KGK) and the related annexes and comments were taken as a basis in the publication of the consolidated financial statements. Moreover, the financial statements are presented in accordance with the formats specified in the “Announcement regarding IFRS Taxonomy” published by the KGK on 15 April 2019, and in the Illustrative Financial Statements and User Guide published by the CMB. By its decision passed on 17 March 2005, the CMB announced that publicly-held companies operating in Turkey did not need to apply inflation accounting effective 1 January 2005. The Company’s financial statements have been drawn up within the frame of this decision. When keeping their accounting records and preparing their mandatory financial statements, the Group and the Group companies located in Turkey conform to the principles and conditions set forth by KGK, as well as the Turkish Commercial Code (TCC), tax legislation, and the requirements of the Uniform Chart of Accounts issued by the Republic of Turkey Ministry of Treasury and Finance (“Ministry of Finance”). The accounting records and financial statements of the subsidiaries, joint venture and associate operating in foreign countries, on the other hand, have been drawn up in accordance with the laws and regulations applicable in the countries where they are active. Consolidated financial statements are based on the statutory records of the Company, its subsidiaries, JV and associate, and have been issued to incorporate the required adjustments and reclassifications for the purpose of fair presentation pursuant to the Turkish Financial Reporting Standards. Assets and liabilities of consolidated foreign partnerships have been translated into Turkish lira using the exchange rate on the date of the consolidated financial condition statement, whereas income and expenses have been translated using the average exchange rate. Exchange differences resulting from the closing and the use of average exchange rate are followed up under the FC translation differences account under shareholders’ equity. BOARD OF DIRECTORS 2022 Annual Report
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