Pegasus Hava Tasimaciligi Anonim Sirketi : Q1 2024 Financial Results

PEGASUS HAVA TAŞIMACILIĞI A.Ş. AND ITS SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS OF 31 MARCH 2024

(Amounts are expressed in full Turkish Lira (TL) unless otherwise stated.)

	Current period	Prior period
	(Not Reviewed)	(Audited)
	31 March	31 December
	2024	2023
ASSETS
Current assets	57.334.193.973	48.001.577.327
Cash and cash equivalents	28.307.772.879	16.078.358.927
Financial assets	11.883.811.812	18.534.625.942
Trade receivables	2.908.823.287	1.668.899.597
Trade receivables from third parties	2.908.823.287	1.668.899.597
Other receivables	189.615.355	184.612.285
Other receivables from related parties	4.844.550	44.138
Other receivables from third parties	184.770.805	184.568.147
Derivative financial instruments	173.497.087	12.607.533
Inventories	1.326.051.817	1.075.273.755
Prepaid expenses	12.296.217.397	10.201.603.776
Current income tax assets	28.570.217	19.552.842
Other current assets	219.834.122	226.042.670
Non-Current assets	165.848.176.742	153.953.502.230
Financial assets	2.646.919.413	1.674.235.495
Other receivables	2.040.196.057	1.778.877.878
Other receivables from third parties	2.040.196.057	1.778.877.878
Derivative financial instruments	107.805.797	-
Investments accounted by using the equity method	674.872.216	602.491.387
Property and equipment	12.069.077.610	10.377.700.527
Intangible assets	726.134.120	643.504.105
Right of use assets	119.742.264.230	113.509.023.248
Prepaid expenses	14.311.751.465	12.718.004.262
Deferred tax assets	13.529.155.834	12.649.665.328
TOTAL ASSETS	223.182.370.715	201.955.079.557

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PEGASUS HAVA TAŞIMACILIĞI A.Ş. AND ITS SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS OF 31 MARCH 2024

(Amounts are expressed in full Turkish Lira (TL) unless otherwise stated.)

	Current period	Prior period
	(Not Reviewed)	(Audited)
	31 March	31 December
	2024	2023
LIABILITIES
Current liabilities	50.073.336.598	37.183.794.680
Short term borrowings	9.536.127.481	5.353.784.770
Short term portion of long term borrowings	2.070.438.699	1.944.707.759
Short term portion of long term lease liabilities	12.028.707.708	11.326.083.111
Trade payables	7.529.264.754	6.526.115.717
Trade payables to related parties	28.812.998	17.811.962
Trade payables to third parties	7.500.451.756	6.508.303.755
Employee benefit obligations	1.156.859.322	398.269.511
Other payables	457.276.399	260.455.138
Other payables to third parties	457.276.399	260.455.138
Passenger flight liabilities	14.227.665.647	8.418.318.534
Derivative financial instruments	-	109.079.828
Deferred income	967.849.438	782.027.857
Short term provisions	2.099.147.150	2.064.952.455
Short term provisions for employee benefits	1.683.117.498	1.587.893.487
Other short term provisions	416.029.652	477.058.968
Non-Current liabilities	117.913.356.557	110.102.098.656
Long term borrowings	12.748.550.837	12.312.016.907
Long term lease liabilities	94.059.150.296	88.581.646.542
Derivative financial instruments	-	64.250.780
Deferred income	5.193.498.158	3.506.810.209
Long term provisions	5.912.157.266	5.637.374.218
Long term provisions for employee benefits	1.289.896.021	1.201.242.173
Other long term provisions	4.622.261.245	4.436.132.045
SHAREHOLDERS' EQUITY	55.195.677.560	54.669.186.221
Paid-in share capital	102.299.707	102.299.707
Share premiums on capital stock	455.687.025	455.687.025
Other comprehensive income/expense
not to be reclassified to profit or loss
Actuarial losses on defined benefit plans	(98.677.189)	(105.998.793)
Currency translation differences	31.248.007.219	27.604.819.459
Other comprehensive income/expense
to be reclassified to profit or loss
Currency translation differences	416.494.014	368.154.236
Hedge fund	200.606.965	(129.997.940)
Gain on financial assets measured at fair value	46.339.958	48.328.332
Restricted profit reserves	20.459.941	20.459.941
Retained earnings	26.305.434.254	5.397.932.457
Net income for the period	(3.500.974.334)	20.907.501.797
TOTAL LIABILITIES AND EQUITY	223.182.370.715	201.955.079.557

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PEGASUS HAVA TAŞIMACILIĞI A.Ş. AND ITS SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE PERIOD ENDED 31 MARCH 2024

(Amounts are expressed in full Turkish Lira (TL) unless otherwise stated.)

	Current period	Prior period
	(Not Reviewed)	(Not Reviewed)
	1 January-	1 January-
Profit or loss	31 March 2024	31 March 2023
Sales	17.390.800.996	8.793.440.699
Cost of sales (-)	(17.952.561.068)	(8.550.724.970)
Gross profit	(561.760.072)	242.715.729
General administrative expenses (-)	(572.186.285)	(296.236.333)
Marketing expenses (-)	(451.408.923)	(217.842.800)
Other operating income	314.342.294	35.944.167
Other operating expenses (-)	(54.673.031)	(38.420.372)
Operating gain	(1.325.686.017)	(273.839.609)
Income from investing activities	740.724.907	147.809.735
Expenses from investing activities (-)	(169.947.660)	-
Share of investments income accounted for
using the equity method	14.639.828	10.039.957
Operating gain before financial expense	(740.268.942)	(115.989.917)
Financial income	352.049.203	516.175.096
Financial expense (-)	(3.238.424.067)	(1.007.907.516)
Profit before tax	(3.626.643.806)	(607.722.337)
Tax income/(expense)	125.669.472	9.602.754
Deferred tax income/(expense)	125.669.472	9.602.754
Profit for the period	(3.500.974.334)	(598.119.583)
Income/(loss) per share	(34,22)	(5,85)
Other comprehensive income
Items not to be reclassified to profit or loss
Actuarial (losses) / gains on defined benefit plans	9.762.138	(57.701.488)
Deferred tax effect	(2.440.534)	11.540.298
Currency translation differences	3.643.187.760	1.054.197.842
Items to be reclassified to profit or loss
Currency translation differences	48.339.778	(147.828.232)
Gain on financial assets measured at fair value	(2.651.155)	(12.190.934)
Cash flow hedge	440.806.561	(339.163.991)
Deferred tax effect	(109.538.875)	70.270.993
Other comprehensive income	4.027.465.673	579.124.488
Total comprehensive income	526.491.339	(18.995.095)

3

PEGASUS HAVA TAŞIMACILIĞI A.Ş. AND ITS SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE PERIOD ENDED 31 MARCH 2024

(Amounts are expressed in full Turkish Lira (TL) unless otherwise stated.)

			Other comprehensive		Other comprehensive
			income items		income items
			not to be reclassified		to be reclassified to
			to profit or loss		profit or loss			Retained earnings
		Share	Actuarial	Currency	Currency
	Paid in	premiums on	gains/(losses) on	translation	translation	Hedge	Gain on financial assets	Restricted profit		Net profit/(loss) for
	share capital	capital stock	defined benefit plans	differences	differences	reserve	measured at fair value	reserves	Retained earnings	the year	Shareholders' equity
As at 1 January 2023	102.299.707	455.687.025	(74.584.475)	11.667.935.448	165.445.988	282.719.523	26.847.705	20.459.941	(1.702.212.691)	7.100.145.148	18.044.743.319
Transfers	-	-	-	-	-	-	-	-	7.100.145.148	(7.100.145.148)	-
Net profit/(loss) for the period	-	-	-	-	-	-	-	-	-	(598.119.583)	(598.119.583)
Other comprehensive income / (expense)	-	-	(46.161.190)	1.054.197.842	(147.828.232)	(271.331.185)	(9.752.747)	-	-	-	579.124.488
As at 31 March 2023	102.299.707	455.687.025	(120.745.665)	12.722.133.290	17.617.756	11.388.338	17.094.958	20.459.941	5.397.932.457	(598.119.583)	18.025.748.224
As at 1 January 2024	102.299.707	455.687.025	(105.998.793)	27.604.819.459	368.154.236	(129.997.940)	48.328.332	20.459.941	5.397.932.457	20.907.501.797	54.669.186.221
Transfers	-	-	-	-	-	-	-	-	20.907.501.797	(20.907.501.797)	-
Net profit/(loss) for the period	-	-	-	-	-	-	-	-	-	(3.500.974.334)	(3.500.974.334)
Other comprehensive income / (expense)	-	-	7.321.604	3.643.187.760	48.339.778	330.604.905	(1.988.374)	-	-	-	4.027.465.673
As at 31 March 2024	102.299.707	455.687.025	(98.677.189)	31.248.007.219	416.494.014	200.606.965	46.339.958	20.459.941	26.305.434.254	(3.500.974.334)	55.195.677.560

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PEGASUS HAVA TAŞIMACILIĞI A.Ş. AND ITS SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE PERIOD ENDED 31 MARCH 2024

(Amounts are expressed in full Turkish Lira (TL) unless otherwise stated.)

Current period	Prior period
(Not Reviewed)	(Not Reviewed)
1 January-	1 January-
31 March 2024	31 March 2023

A. CASH FLOWS FROM OPERATING ACTIVITIES

Income/(loss) for the period

Adjustments to reconcile the income/(loss)

Depreciation and amortization

Adjustments related with impairments

Provision for doubtful receivable

Adjustments related with financial investment impairments

Adjustments related with provisions

Provision for employee benefits

Legal provison

Change in redelivery provision

Interest and commission income

Adjustments related with fair value expense (income)

Adjustments related with fair value expense (income) of financial assets Gain on equity investments accounted for

using the equity method Current tax expense

Other provisions related with investing or financing activities

Changes in working capital

Increase in trade receivables

Increase in other receivables, prepayments and other assets

Increase in inventories Increase in trade payables

Increase in deferred income, other payables and other current liabilities

Net cash generated from operating activities

Payment for the employee benefits provisions

Payment for other provisions

B. CASH FLOWS FROM INVESTING ACTIVITIES

Net cash changes from acquisition and sale of debt instruments of other entities

Net cash changes from purchase and sale of property, equipment and intangible assets

Interest received from financial investment Changes in cash advances and payables Other cash changes

C. CASH FLOWS FROM FINANCING ACTIVITIES

Increase in borrowings

Repayment of borrowings

Repayment of principal in lease liabilities

Interest and commission paid

Interest received

NET DECREASE IN CASH AND CASH EQUIVALENTS

BEFORE TRANSLATION EFFECT (A+B+C)

D. TRANSLATION DIFFERENCES EFFECT ON CASH AND CASH EQUIVALENTS NET (DECREASE) / INCREASE IN CASH AND CASH EQUIVALENTS (A+B+C+D)

E. CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD AT THE BEGINNING OF THE PERIOD

AT THE END OF THE PERIOD (A+B+C+D+E)

(3.500.974.334)	(598.119.583)
2.767.509.190	1.475.564.359
166.616.775	28.888.041
(3.330.885)	35.929.715
169.947.660	(7.041.674)
93.177.515	(89.414.244)
67.728.444	11.974.716
4.469.077	2.907.868
20.979.994	(104.296.828)
1.362.039.070	794.900.576
2.651.156	12.190.937
2.651.156	12.190.937
(14.639.828)	(10.039.957)
(125.669.472)	(9.602.754)
759.835.943	(442.183.758)
(1.081.197.140)	94.716.044
(2.852.161.410)	(21.436.544)
(170.728.194)	(1.556.150)
536.307.357	(538.609.483)
7.230.320.315	1.529.667.062
5.173.086.943	2.224.964.546
(25.193.349)	(44.854.807)
(240.217)	(312.956)
5.147.653.377	2.179.796.783

2.021.471.70126.829.274

1.524.069.908(90.006.146)

523.619.528152.149.572

(1.469.195.292)(867.601.632)

4.473.687.609(147.189.075)

7.073.653.454(925.818.007)

3.122.247.7832.250.888.380

(498.263.350) (1.573.581.095)

(2.822.024.849) (1.694.798.427)

(1.596.063.628)(607.924.929)

682.999.68665.708.884

(1.111.104.358) (1.559.707.187)

11.110.202.473(305.728.411)

1.119.211.479597.526.949

12.229.413.952291.798.538

16.078.358.927 10.558.266.871

28.307.772.879 10.850.065.409

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