12 Months Financial Report - Turkish Airlines
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12 Months Financial Report - Turkish Airlines

12 Months Financial Report - Turkish Airlines 12 Months Financial Report - Turkish Airlines

turkishairlines.com
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11.07.2015 Views

TÜRK HAVA YOLLARI ANONİM ORTAKLIĞINOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSFOR THE PERIOD ENDED 31 DECEMBER, 200927 SHAREHOLDERS’ EQUITY (cont’d)Distribution of Dividends (Cont’d)Furthermore, based on the afore-mentioned decree, companies that are required to prepare consolidatedfinancial statements should calculate their net distributable profits, to the extent that they can berecovered from equity in their statutory records, by considering the net profit for the period in theconsolidated financial statements which are prepared and disclosed in accordance with the CommuniquéSerial: XI, No: 29;Within the frame of Communiqué Series: XI, No: 29, amount disclosed in notes to financialstatements based on the Board decision dated 9 January 2009; following the deduction ofcompanies’ retained earnings, total of remaining profit for the period and other total resourcesthat may apply to profit distribution;Within the frame of 6 th bulletin of Communiqué Series: IV No: 27, application of related period aboutprofit distribution time;a) If all dividends are distributed in cash, dividends made to continue the adoption of distributing until theend of following fifth month of the fiscal period.b) If dividends are distributed as share, the Entity should apply for Capital Markets Board until the end offollowing fifth month of the fiscal period and finish profit distribution until the end of following sixthmonth of the fiscal period as the purpose of exported shares are recorded by Capital Markets Board.c) In the case of combination of the options "a" and "b", it was decided that operations described earliershould be performed separately but within the time that referred to in subparagraphThe items of shareholders’ equity of the Company in the statutory records as of 31 December 2009 are asfollowsPaid-in capital 875.000.000Share premium 181.185Legal reserves 39.052.952Extraordinary reserves (*) 7.806.889Other profit reserves 9Special funds 53.064.572Retained earnings (*) 303.035.058Net profit for the period (*) 332.792.278Total shareholders’ equity 1.610.932.943* According to legitimate regulations, total amount, subject to dividend distribution is TL643.634.22549

TÜRK HAVA YOLLARI ANONİM ORTAKLIĞINOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSFOR THE PERIOD ENDED 31 DECEMBER, 200927 SHAREHOLDERS’ EQUITY (cont’d)Hedge Fund against the Cash Flow RiskHedge fund against cash flow risk arises from the accounting under shareholders’ equity for thechanges in the fair values of effective derivative financial instruments designated against financialrisks of future cash flows. Total of deferred gain/loss arising from hedging against financial riskare accounted when the effect of the hedged item goes into the income statement.28 SALES AND COST OF SALESDetails of gross profit are as follows:1 January- 1 January-31 December 2009 31 December 2008Scheduled flightsPassenger 6.242.396.046 5.415.875.828Cargo and mail 442.452.326 381.265.205Scheduled flights 6.684.848.372 5.797.141.033Unscheduled flights 60.234.596 79.011.633Other revenue 290.836.108 247.035.147Gross sales 7.035.919.076 6.123.187.813Less: discounts and sales returns (36.173) (13.604)Net sales 7.035.882.903 6.123.174.209Cost of sales (-) (5.135.949.144) (4.542.670.584)Gross profit 1.899.933.759 1.580.503.625Geographical details of revenue from the scheduled flights are as follows:31 December 2009 31 December 200831 Aralık 2009 31 Aralık 2008- Europe 2.621.154.415 2.349.389.459- Far East 1.113.861.041 961.855.198- Middle East 858.064.501 703.042.695- Africa 380.388.615 254.735.557- America 317.489.740 221.418.430Total international flights 5.290.958.312 4.490.441.339Domestic flights 1.393.890.060 1.306.699.694Total revenue from scheduled flights 6.684.848.372 5.797.141.03350

TÜRK HAVA YOLLARI ANONİM ORTAKLIĞINOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSFOR THE PERIOD ENDED 31 DECEMBER, 200927 SHAREHOLDERS’ EQUITY (cont’d)Hedge Fund against the Cash Flow RiskHedge fund against cash flow risk arises from the accounting under shareholders’ equity for thechanges in the fair values of effective derivative financial instruments designated against financialrisks of future cash flows. Total of deferred gain/loss arising from hedging against financial riskare accounted when the effect of the hedged item goes into the income statement.28 SALES AND COST OF SALESDetails of gross profit are as follows:1 January- 1 January-31 December 2009 31 December 2008Scheduled flightsPassenger 6.242.396.046 5.415.875.828Cargo and mail 442.452.326 381.265.205Scheduled flights 6.684.848.372 5.797.141.033Unscheduled flights 60.234.596 79.011.633Other revenue 290.836.108 247.035.147Gross sales 7.035.919.076 6.<strong>12</strong>3.187.813Less: discounts and sales returns (36.173) (13.604)Net sales 7.035.882.903 6.<strong>12</strong>3.174.209Cost of sales (-) (5.135.949.144) (4.542.670.584)Gross profit 1.899.933.759 1.580.503.625Geographical details of revenue from the scheduled flights are as follows:31 December 2009 31 December 200831 Aralık 2009 31 Aralık 2008- Europe 2.621.154.415 2.349.389.459- Far East 1.113.861.041 961.855.198- Middle East 858.064.501 703.042.695- Africa 380.388.615 254.735.557- America 317.489.740 221.418.430Total international flights 5.290.958.3<strong>12</strong> 4.490.441.339Domestic flights 1.393.890.060 1.306.699.694Total revenue from scheduled flights 6.684.848.372 5.797.141.03350

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