TAV Havalimanlari : Interim Condensed Consolidated Financial Statements As at and for the Six-Month Period Ended 30 June 2022

TAV Havalimanları Holding A.Ş.

and its Subsidiaries

Interim Condensed Consolidated Financial Statements As at and for the Six-Month Period Ended 30 June 2022

Report Date 27 July 2022

This report contains the "Interim Condensed Consolidated Financial Statements and their explanatory notes" comprising 51 pages.

TAV Havalimanları Holding A.Ş.

and its Subsidiaries

Table of Contents

Interim Condensed Consolidated Statement of Financial Position

Interim Condensed Consolidated Statement of Profit or Loss and Comprehensive Income Interim Condensed Consolidated Statement of Changes in Equity

Interim Condensed Consolidated Statement of Cash Flows

Notes to the Interim Condensed Consolidated Financial Statements

Notes to the interim condensed consolidated financial statements

		Page
1	Reporting entity	8-10
2	Basis of preparation	10-11
3	Changes in accounting policies	12-14
4	Determination of fair values	15-16
5	Operating segment	16-22
6	Operating revenue	22
7	Tax expense	23-24
8	Finance income and finance cost	24-25
9	Airport operation right	26-27
10	Other receivables, current and non-current assets	28
11	Trade receivables	28
12	Cash and cash equivalents	29
13	Restricted bank balances	30
14	Capital and reserves	31
15	Earnings per share	32
16	Loans and borrowings	33-35
17	Other payables	35-36
18	Financial assets	36
19	Derivative financial instruments	37
20	Financial instruments	38-41
21	Commitments, contingencies and contractual obligations	42-43
22	Related parties	43-46
23	Interests in other entities	47-50
24	Discontinued operations	50-51
25	Acquisitions of subsidiary	51
26	Subsequent events	51

TAV Havalimanları Holding A.Ş. and its Subsidiaries

Interim Condensed Consolidated Statement of Financial Position

As at 30 June 2022

(Amounts expressed in thousands of Euro unless otherwise stated. Currencies other than Euro also expressed in thousands unless otherwise stated.)

			Reviewed		Audited
			30 June		31 December
	Notes	2022	2021
ASSETS
Property and equipment		462,733	370,958
Intangible assets		18,359	12,193
Airport operation right	9	1,684,868	1,680,901
Right of use assets		58,581	58,293
Equity-accounted investees	23	727,060	319,197
Goodwill		221,022	213,441
Derivative financial instruments	19	33,425	-
Trade receivables	11	5,078	9,683
Non-current due from related parties	22	133,843	204,265
Other non-current assets	10	104,531	110,089
Deferred tax assets			19,379		18,468
Total non-current assets			3,468,879		2,997,488
Inventories		17,533	20,740
Financial assets	18	21,462	-
Trade receivables	11	114,816	85,471
Due from related parties	22	43,590	34,441
Other receivables and current assets	10	150,721	131,439
Cash and cash equivalents	12	215,562	92,939
Restricted bank balances	13		68,678		82,211
Total current assets			632,362		447,241
TOTAL ASSETS			4,101,241		3,444,729

The accompanying notes form an integral part of these interim condensed consolidated financial statements.

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TAV Havalimanları Holding A.Ş. and its Subsidiaries

Interim Condensed Consolidated Statement of Financial Position As at 30 June 2022

(Amounts expressed in thousands of Euro unless otherwise stated. Currencies other than Euro also expressed in thousands unless otherwise stated.)

			Reviewed
			30 June
	Notes	2022
EQUITY
Share capital	14	162,384
Share premium		220,286
Legal reserves		121,975
Other reserves		(32,073)
Treasury reserves	14	(4,282)
Purchase of shares of entities under common control		40,064
Cash flow hedge reserve		25,270
Translation reserves		(26,546)
Retained earnings			624,540
Total equity attributable to equity holders of the Company		1,131,618
Non-controlling interests	23	17,692
Total Equity		1,149,310
LIABILITIES
Loans and borrowings	16	930,293
Reserve for employee severance indemnity		12,718
Due to related parties	22	455,026
Derivative financial instruments	19	3,002
Deferred income		13,013
Other payables	17	729,859
Liabilities from equity-accounted investees		20,165
Deferred tax liabilities			91,312
Total non-current liabilities			2,255,388
Bank overdraft	12	284
Loans and borrowings	16	478,958
Trade payables		59,812
Due to related parties	22	638
Derivative financial instruments	19	103
Current tax liabilities	7	9,866
Other payables	17	136,612
Provisions		6,008
Deferred income			4,262
Total current liabilities			696,543

Audited

31 December 2021

162,384

220,286

121,975

(52,523)

(4,282)

40,064

(17,895)

(64,975)

590,668

995,702

14,951

1,010,653

847,600

10,973

153,623

24,521

13,204

732,089

90,076

74,627

1,946,713

424

344,067

41,931

590

-

3,296

88,572

5,147

3,336

487,363

Total Liabilities	2,951,931	2,434,076
TOTAL EQUITY AND LIABILITIES	4,101,241		3,444,729

The accompanying notes form an integral part of these interim condensed consolidated financial statements.

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