12 Months Financial Report - Turkish Airlines

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AUDITOR’S REPORTTo the Board of Directors ofTürk Hava Yolları A.O.We have audited the accompanying consolidated balance sheet of Türk Hava Yolları A.O. and itssubsidiary (together the “Group”) as at 31 December 2009 and the related consolidated statementof comprehensive income, consolidated change in shareholder’s equity statement andconsolidated cash flow statement for the year ended 31 December 2009, and a summary ofsignificant accounting policies and other explanatory notes.Management Responsibility on <strong>Financial</strong> StatementsThe management is responsible for preparation and fair presentation of these financial statementsin accordance with accounting standards published by Capital Markets Board. This responsibilityincludes: designing, implementing and maintaining internal control relevant to the preparationand fair presentation of financial statements that are free from material misstatement, whetherdue to fraud or error; selecting and applying appropriate accounting policies; and makingaccounting estimates that are reasonable in the circumstances.Auditor’s ResponsibilityOur responsibility is to express an opinion on these consolidated financial statements based onour audit. We conducted our audit in accordance with auditing standards published by the CapitalMarkets Board. Those standards require that we comply with ethical requirements and plan andperform the audit to obtain reasonable assurance whether the financial statements are free frommaterial misstatement. An audit involves performing procedures to obtain audit evidence aboutthe amounts and disclosures in the consolidated financial statements. The procedures selecteddepend on the auditor’s judgment, including the assessment of the risks of material misstatementof the financial statements, whether due to fraud or error. In making those risk assessments, theauditor considers internal control relevant to the Group’s preparation and fair presentation of thefinancial statements in order to design audit procedures that are appropriate in the circumstances,but not for the purpose of expressing an opinion on the effectiveness of the Group’s internalcontrol. An audit also includes evaluating the appropriateness of accounting policies used and thereasonableness of accounting estimates made by the Group, as well as evaluating the overallpresentation of the financial statements.
Auditor’s Responsibility (Cont’d)We believe that the audit evidence we have obtained is sufficient and appropriate to provide abasis for our audit opinion.<strong>Financial</strong> statements of Gunes Ekspres Havacılık A.Ş. and THY DO&CO Ikram Hizmetleri A.Ş.that are joint ventures of the company and accounted on the equity method have been audited byother independent audit firms. %0, 7 of total assets of accompanying financial statements iscontributed by those companies. Those statements were audited by other auditors whose reportshave been furnished to us and our opinion, insofar as it relates to the amounts included for theseentities is solely based on reports of the other auditors.ConclusionIn our and other audit firms’ opinion, accompanying consolidated financial statements of theGroup as of 31 December 2009 and for the year then ended have been properly prepared, in allmaterial respects in accordance with generally accepted accounting standards issued by CapitalMarkets Board.Without qualifying our opinion, we would like to draw attention to the following matter:As it is explained in detail in Note 41, the Group has classified the financial statements for theyear ended 31 December 2008 and balance sheet as of 1 January 2008.İstanbul, 5 April 2010DRT BAĞIMSIZ DENETİM VE SERBEST MUHASEBECİ MALİ MÜŞAVİRLİK A.Ş.Member of DELOITTE TOUCHE TOHMATSUBerkman ÖzataPartner
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