12 Months Financial Report - Turkish Airlines

TÜRK HAVA YOLLARI ANONİM ORTAKLIĞINOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSFOR THE PERIOD ENDED 31 DECEMBER, 200933 FINANCIAL EXPENSESFinance expenses are as follows1 January- 1 1 January-31 December 2009 31 December 2008Decrease in the provisions for impairmentdue to changes in exchange rate (Note 18)24.520.934 -Foreign exchange loss 1.845.975 -Financial liabilities foreign exchange loss 2.890.159 586.719.978Finance lease interest expense 116.382.383 103.921.630Gain due to changes in the fair value ofderivative instruments- 6.071.262Retirement pay interest expense 8.870.209 8.260.634Rediscount expense 17.530.474 6.801.332Other finacial debts interest expense 380.669 1.474.979Other financial expense 287.869 123.325172.708.672 713.373.14034 ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONSNone (31 December 2008: None).35 TAX ASSETS AND LIABILITIESTax liability for the current profit is as follows:31 December 2009 31 December 2008Provisions for corporate tax 70.893.068 7.673.685Prepaid taxes and funds (68.473.524) (3.487.876)2.419.544 4.185.809Tax liability consists of the following items:1 January- 1 January-31 December 2009 31 December 2008Current period tax expense 70.893.068 7.673.685Deferred tax expense / (income) 73.377.970 163.566.042Change in deferred tax for the year 2008 (foreignearnings exemption) 33.121.716 -Change in corporate tax for the year 2008 (other)508.583 -Tax expense / (income) 177.901.337 171.239.72754