12 Months Financial Report - Turkish Airlines

TÜRK HAVA YOLLARI ANONİM ORTAKLIĞINOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSFOR THE YEAR ENDED 31 DECEMBER, 200916 INVESTMENTS ACCOUNTED FOR EQUITY METHOD (Cont’d)Details of investments accounted for equity method as of 31 December 2009 are as follows:Country ofregistration OwnershipCompany name and operation Share Voting power Principle ActivityGüneş Ekspres HavacılıkA.Ş. (Sun Express)Turkey 50% 50%Air transportationTHY DO&CO İkramHizmetleri A.Ş.Turkey 50%50%Catering servicesP&W T.T. Uçak BakımMerkezi Ltd. Şti Turkey 49%49%Maintanance servicesBosnia Herzegovina AirlinesBosniaHerzegovina 49% 49% Air transportationTGS Yer Hizmetleri A.Ş. Turkey 50% 50%Ground servicesTHY OPET HavacılıkYakıtları A.Ş. 50% 50% Aviation fuel17 INVESTMENT PROPERTY1 January - 1 January -31 December 2009 31 December 2008Opening balance, January 1 48.130.000 53.700.000Purchases 758.086 -Loss due to the change in fair value (78.086) (5.000.000)Disposal - (570.000)Closing balance, December 31 48.810.000 48.130.000Fair values of Group’s investment property were obtained from the valuation performed by anindependent valuation firm, which is not a related party to Group. Valuation was performed bythe independent valuation firm, which is authorized by Capital Markets Board with reference tomarket prices.38