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Thy Investor Relations TURKISH AIRLINES 1Q’19 Results Summary 1 Key Financial Data IFRS16 2017 2018 Change (USD mn) 1Q'18 1Q'19 Change Impact 10.958 12.855 17,3% Revenue 2.763 2.768 0,2% - 9.403 10.918 16,1% Passenger Revenue 2.303 2.275 -1,2% - 1.317 1.647 25,1% Cargo Revenue 386 406 5,2% - 794 1.169 47,2% Net Operating Profit / Loss 3 -203 - +9 1.022 1.191 16,5% Profit From Main Operations 41 -150 - +9 223 753 237,7% Net Income -86 -229 - -4 2,0% 5,9% 3,8 pt Net Income Margin -3,1% -8,3% -5,2 pt - 3.017 3.349 11,0% EBITDAR 528 358 -32,1% +5 27,5% 26,0% -1,5 pt EBITDAR Margin 19,1% 12,9% -6,2 pt - 2 Revenue Development (1Q’18 vs 1Q’19) (mn USD) Cargo and Other Load Factor Pax RASK Revenue (Ex- Volume Currency (Ex-Currency, Ex- Currency) -13 L/F) +51 +54 -192 +105 2.275 2.303 Passenger (%-1) Cargo (%5) 386 406 Other (%18) 74 87 ∑ 2.763 Total Revenue (%0) ∑ 2.768 1Q’18 1Q’19 3 Unit Revenue Development RASK (USc) %1,8 %10,9 6,30 6,44 6,01 5,90 5,81 5,56 1Q'18 1Q'19 1Q'19 ex-currency 2017 2018 2018 ex-currency R/Y (Usc) %5,3 %9,3 7,50 7,22 7,32 6,86 6,66 6,87 1Q'18 1Q'19 1Q'19 ex-currency 2017 2018 2018 ex-currency R/Y: Revenue Yield : Passenger Revenue / RPK (Scheduled and Unscheduled) RASK: Passenger and Cargo Revenue / ASK* (Scheduled and Unscheduled) *ASK value is adjusted for cargo operations. 4 Regional Yield Development in USD (1Q’18 vs 1Q’19) America Europe Asia / Far East R/Y ex- R/Y ex- R/Y ex- ASK RASK R/Y currency ASK RASK R/Y currency ASK RASK R/Y currency 7,7% 5,0% 3,9% 1,8% 2,0% 6,7% -0,8% -3,5% -6,7% -0,5% -12,0% -9,4% Africa Domestic Middle East R/Y ex- R/Y ex- R/Y ex- ASK RASK R/Y currency ASK RASK R/Y currency ASK RASK R/Y currency 19,5% 10,2% 4,4% 7,3% 6,8% 2,4% -0,5% -0,2% -1,1% -4,7% -9,7% -10,2% 5 Profit From Main Operations Bridge (1Q’18 vs 1Q’19) (mn USD) Ex-Fuel Unit Cost Load RASK Other* Fuel (Ex-Currency, Ex- Utilization Factor (Ex-Currency, +15 -8 Utilization, Ex-L/F) Ex-L/F) +20 -11 Currency +46 +163 Revenue Effect: - 192 mn USD Cost Effect: +355 mn USD -416 +41 -150 1Q’18 Profit from Main Operations 1Q’19 *Includes other operating income, other operating expense and FX gains/losses from operational activities. 6 Operational Expense Breakdown 2017 2018 Change (mn USD) 1Q'18 1Q'19 Change 2.866 3.768 31,5% Fuel 804 855 6,3% 1.761 1.772 0,6% Personnel 452 517 14,4% 1.593 1.682 5,6% Aircraft Ownership 419 434 3,6% 978 1.056 8,0% Airports & Air Navigation 248 245 -1,2% 841 986 17,2% Sales & Marketing 265 310 17,0% 656 733 11,7% Ground Handling 175 189 8,0% 510 560 9,8% Passenger Services & Catering 145 141 -2,8% 645 804 24,7% Maintenance 170 192 12,9% 314 325 3,5% Other1 82 88 7,3% 10.164 11.686 15,0% TOTAL 2.760 2.971 7,6% ASK Growth: 5,2% ASK Growth: 2,2% 1Includes General Administration and Other Cost of Sales. 7 CASK Breakdown 2017 2018 Change (USc) 1Q'18 1Q'19 Change 1,66 2,07 25,0% Fuel 1,93 2,00 4,0% 1,02 0,97 -4,3% Personnel 1,08 1,21 11,9% 0,92 0,92 0,4% Aircraft Ownership 1,00 1,02 1,3% 0,57 0,58 2,7% Airports & Air Navigation 0,59 0,57 -3,4% 0,49 0,54 11,5% Sales & Marketing 0,64 0,73 14,4% 0,38 0,40 6,2% Ground Handling 0,42 0,44 5,6% 0,29 0,31 4,4% Passenger Services & Catering 0,35 0,33 -4,9% 0,37 0,44 18,5% Maintenance 0,41 0,45 10,5% 0,18 0,18 -1,6% Other 0,20 0,21 5,0% 5,87 6,42 9,3% TOTAL 6,62 6,97 5,3% Ex-Fuel CASK : 3,2% Ex-Fuel CASK : 5,8% 8 Selected KPI’s 2017 2018 Change 1Q'18 1Q'19 Change 591 714 20,7% Fuel Price (Usd/ton) 667 676 1,3% 3,29 3,31 0,6% Fuel Consumption (lt) per 100 ASK2 3,31 3,28 -0,9% 1.171 1.174 0,3% Aircraft Ownership Cost per BH 1.257 1.261 0,3% 474 561 18,4% Maintenance Cost per BH 510 558 9,4% 1.397 1.484 6,2% Handling Cost per Landing 1.547 1.675 8,3% 1.184 1.219 2,9% Airports & Air Navigation Cost per km Flown 1.241 1.186 -4,5% 7,43 7,45 0,3% Passenger Services & Catering Cost per Pax 8,65 8,42 -2,7% 7,7% 7,7% -0,0 pt Sales & Marketing Cost / Total Revenue 9,6% 11,2% 1,6 pt 9 EBITDAR Calculation IFRS16 2017 2018 Change EBITDAR (mn USD) 1Q'18 1Q'19 Change Impact 10.958 12.855 17,3% Sales Revenue 2.763 2.768 0,2% - 8.762 10.136 15,7% Cost of Sales (-) 2.347 2.504 6,7% - 2.196 2.719 23,8% GROSS PROFIT / (LOSS) 416 264 -36,5% - 275 260 -5,5% General Administrative Expenses (-) 71 72 1,4% - 1.127 1.290 14,5% Marketing and Sales Expenses (-) 342 395 15,5% - 794 1.169 47,2% NET OPERATING PROFIT / (LOSS) 3 -203 - +9 264 165 -37,5% Other Operating Income 48 61 27,1% - 36 143 297,2% Other Operating Expense (-) 10 8 -20,0% - 1.022 1.191 16,5% Profit / (Loss) from Main Operations 41 -150 - +9 164 185 12,8% Adjustments 19 -2 - Share of Investments' Profit / Loss Accounted 102 123 20,6% 3 -15 - - by Using The Equity Method 62 62 0,0% Income From Government Incentives 16 13 -18,8% - 1.186 1.376 16,0% EBIT 60 -152 - +9 1.066 1.087 2,0% Depreciation 269 360 33,8% +77 2.252 2.463 9,4% EBITDA 329 208 -36,8% +86 654 743 13,7% Adjusted Operating Lease Expenses1 163 115 -29,3% -81 Adjusted Short term Lease Expenses (Wet- 112 142 27,6% 36 35 -1,5% lease)2 3.017 3.349 11,0% EBITDAR 528 358 -32,1% +5 27,5% 26,0% -1,49 EBITDAR MARGIN 19,1% 12,9% -6,15 Notes: - For 1Q’19 Turkish Technic’s contribution to EBITDAR through consolidation is 70 mn USD, compared to 61 mn in 1Q’18. - For 1Q’19 adjustments for heavy maintenance of operational lease expenses is 105 mn USD compared to 78 mn USD in 1Q’18. 1 Adjusted for A/C heavy maintenance 10 2 Adjusted for A/C rent and heavy maintenance portion (Aprox. 55%) TURKISH AIRLINES 1Q’19 Results 11 Aviation Sector & Economy Turkish Market Growth (mn passengers) Domestic (*) International ’13-’21F CAGR 4,4% 5,0% 104,8 108,5 97,2 101,1 80,3 84,0 83,5 73,3 71,2 54,8 56,4 53,0 53,0 53,8 48,5 51,2 42,7 38,1 2013 2014 2015 2016 2017 2018 2019F 2020F 2021F Source: General Directorate of State Airports Authority (DHMI) – May 2019 (*)Adjusted for double count on Domestic Pax Annual RPK Growth (%) 26,7% 22,9% 23,2% 16,2% 11,6% 8,9% 7,4% 7,9% 6,3% 7,3% 5,3% 5,2% 5,7% 8,0% 6,3% 6,5% 2011 2012 2013 2014 2015 2016 2017 2018 Source: IATA World RPK Growth THY RPK Growth 12 Turkish Airlines Historical Growth 2017 - 329 Aircraft 12.000 69m pax 4x growth in fleet, 2016 – 334 Aircraft 5x growth in pax, 63m pax 11.000 3x growth in # destinations since 2005 2018 - 332 Aircraft 55m pax 61m pax 75m pax 10.000 Weekly Flights 2015 9.000 2014-261 –299 48m pax 8.000 2013-233 39m pax 7.000 33m pax 6.000 29m pax 2012-202 25m pax 2011-180 5.000 23m pax 2010-153 2009-132 20m pax 4.000 2008-127 17m pax 14m pax 2007-101 3.000 2006-103 2005-83 2.000 Destinations 1.000 100 110 120 130 140 150 160 170 180 190 200 210 220 230 240 250 260 270 280 290 300 310 320 Note: Diameters of the bubbles are proportional to the number of passengers carried. 13 We Fly to 124 Countries EUROPE AFRICA MIDDLE EAST FAR EAST 43 COUNTRIES, 114 CITIES 37 COUNTRIES, 56 CITIES 13 COUNTRIES, 34 CITIES 22 COUNTRIES, 37 CITIES Germany Russia Belgium Moldova Egypt Gabon Saudi Arabia UAE China Bangladesh Munich Moscow Brussels Chisinau Cairo Libreville Jeddah Dubai Beijing Dhaka Frankfurt Sochi Bulgaria Poland Alexandria Mali Madinah Abu Dhabi Guangzhou Indonesia Berlin St. Petersburg Sofia Warsaw Hurghada Bamako Riyadh Lebanon Shanghai Jakarta Stuttgart Kazan Varna Belarus Sharmel-Sheikh Burkina Faso Dammam Beirut Taipei Maldives Düsseldorf Rostov Romania Minsk Algeria Ougadougou Yanbu Jordan Hong Kong Male Cologne Ekaterinburg Bucharest Slovakia Algiers Cote D'Ivore El Qassim Amman Pakistan Singapore Hamburg Ufa Cluj Kosice Oran Abidjan Taif Akabe Karachi Singapore Hanover Astrakhan Constanta Constantine Chad Iran Qatar Islamabad Sri Lanka Nuremberg Novosibirsk Hungary Tlemcen N'Djamena Tehran Doha Lahore Colombo Bremen Stravropol Budapest Batna Benin Mashad Bahrain Kyrgyzstan Uzbekistan Friedrichshafen Voronezh Czech Rep.
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