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Annual Reports

TWF Annual Report 2018

Financial Statements

TWF Consolidated Financial Statements 31 December 2018


TWF Fitch Rating

Consolidated financial statements of TWF as of and for the year ended 31 December 2017 includes the consolidated financial statements of two companies (THY and BIST) where the other companies in the portfolio (Ziraat Bankası, Halkbank, Türksat, PTT, Çaykur, Etimaden, Botaş ve Türkiye Petrolleri Anonim Ortaklığı) were not consolidated and accounted as fair value through other comprehensive income financial investments. As of and for the year ended 31 December 2018, consolidated financial statements of TWF included the financial statements of all companies (THY, BIST, Ziraat Bankası, Halk Bankası, Türksat, PTT, BOTAŞ, TPAO, Eti Maden and Çaykur).