12 Months Financial Report - Turkish Airlines
12 Months Financial Report - Turkish Airlines 12 Months Financial Report - Turkish Airlines
TÜRK HAVA YOLLARI ANONİM ORTAKLIĞINOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSFOR THE PERIOD ENDED 31 DECEMBER, 200938 NATURE AND LEVEL OF RISKS DERIVED FROM FINANCIAL INSTRUMENTS (cont’d)(b) Financial Risk Factors (cont’d)b.3) Market risk management (cont’d)b.3.1) Foreign currency risk management (cont’d)Foreign currency sensitivityThe Group is exposed to foreign exchange risk primarily from US dollar, Euro and GBP. The followingtable details the Group’s sensitivity to a 10% increase and decrease in US Dollars, Euro and GBP. 10% isthe sensitivity rate used when reporting foreign currency risk internally to key management personnel andrepresents management’s assessment of the possible change in foreign exchange rates. The sensitivityanalysis includes only outstanding foreign currency denominated monetary items and adjusts theirtranslation at the period end for a 10% change in foreign currency rates. The sensitivity analysis includesexternal loans as well as loans to foreign operations within the Company where the denomination of theloan is in a currency other than the currency of the lender or the borrower. A positive number indicates anincrease in profit or loss.31 December 2009Profit / (Loss) Before TaxIf foreign currencyappreciated againstTL by 10%If foreign currencyappreciated againstTL by 10%1 - US Dollar net asset / liability 43.861.485 (43.861.485)2- Part of hedged from US Dollar risk (-) - -3- US Dollar net effect (1 +2) 43.861.485 (43.861.485)4 - Euro net asset / liability (130.080.744) 130.080.7445 - Part of hedged from Euro risk (-) - -6- Euro net effect (4+5) (130.080.744) 130.080.7447 - GBP net asset / liability 1.682.730 (1.682.730)8- Part of hedged from GBP risk (-) - -9- GBP net effect (7 +8) 1.682.730 (1.682.730)10 - Other foreign currency net asset / liability 13.848.698 (13.848.698)11- Part of hedged other foreign currency risk (-) - -12- Other foreign currency net effect (10+11) 13.848.698 (13.848.698)TOTAL (3 + 6 + 9 + 12) (70.687.831) 70.687.83171
TÜRK HAVA YOLLARI ANONİM ORTAKLIĞINOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSFOR THE PERIOD ENDED 31 DECEMBER, 200938 NATURE AND LEVEL OF RISKS DERIVED FROM FINANCIAL INSTRUMENTS (cont’d)(b) Financial Risk Factors (cont’d)b.3) Market risk management (cont’d)b.3.1) Foreign currency risk management (cont’d)Foreign currency sensitivity (Cond’t)31 December 2008Profit / (Loss) Before TaxIf foreign currencyappreciated againstTL by 10%If foreign currencyappreciated againstTL by 10%1 - US Dollar net asset / liability (42.548.468) 42.548.4682- Part of hedged from US Dollar risk (-) - -3- US Dollar net effect (1 +2) (42.548.468) 42.548.4684 - Euro net asset / liability (161.468.260) 161.468.2605 - Part of hedged from Euro risk (-) - -6- Euro net effect (4+5) (161.468.260) 161.468.2607 - GBP net asset / liability 63.642 (63.642)8- Part of hedged from GBP risk (-) - -9- GBP net effect (7 +8) 63.642 (63.642)10 - Other foreign currency net asset / liability 10.472.471 (10.472.471)11- Part of hedged other foreign currency risk (-) - -12- Other foreign currency net effect (10+11) 10.472.471 (10.472.471)TOTAL (3 + 6 + 9 + 12) (193.480.615) 193.480.615As explained in Note 2.5.6, the Group uses net US Dollars sales price as the recoverable amount in theimpairment calculation of its property, plant and equipment (i.e. aircrafts, spare engines and simulations -“Aircrafts”). Accordingly, the impairment provided by the Group for the tangible assets decreases whenthe US Dollar is evaluated against TL, and increases when the US Dollar is devaluated against TL. In thiscontext, If US Dollar is appreciated by 10 % against TL, there would be an increase amounted TL360.275.994 (1 January-31 December 2008: TL 360.198.667) in the net profit for the period except forthe effects in the table above due to the decrease in the impairment of aircrafts, spare engines andsimulators. If US Dollar is devaluated by 10 % against TL, there would be a decrease amounted TL401.499.641 effect in the profit or except for the effects in the table above.72
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TÜRK HAVA YOLLARI ANONİM ORTAKLIĞINOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSFOR THE PERIOD ENDED 31 DECEMBER, 200938 NATURE AND LEVEL OF RISKS DERIVED FROM FINANCIAL INSTRUMENTS (cont’d)(b) <strong>Financial</strong> Risk Factors (cont’d)b.3) Market risk management (cont’d)b.3.1) Foreign currency risk management (cont’d)Foreign currency sensitivityThe Group is exposed to foreign exchange risk primarily from US dollar, Euro and GBP. The followingtable details the Group’s sensitivity to a 10% increase and decrease in US Dollars, Euro and GBP. 10% isthe sensitivity rate used when reporting foreign currency risk internally to key management personnel andrepresents management’s assessment of the possible change in foreign exchange rates. The sensitivityanalysis includes only outstanding foreign currency denominated monetary items and adjusts theirtranslation at the period end for a 10% change in foreign currency rates. The sensitivity analysis includesexternal loans as well as loans to foreign operations within the Company where the denomination of theloan is in a currency other than the currency of the lender or the borrower. A positive number indicates anincrease in profit or loss.31 December 2009Profit / (Loss) Before TaxIf foreign currencyappreciated againstTL by 10%If foreign currencyappreciated againstTL by 10%1 - US Dollar net asset / liability 43.861.485 (43.861.485)2- Part of hedged from US Dollar risk (-) - -3- US Dollar net effect (1 +2) 43.861.485 (43.861.485)4 - Euro net asset / liability (130.080.744) 130.080.7445 - Part of hedged from Euro risk (-) - -6- Euro net effect (4+5) (130.080.744) 130.080.7447 - GBP net asset / liability 1.682.730 (1.682.730)8- Part of hedged from GBP risk (-) - -9- GBP net effect (7 +8) 1.682.730 (1.682.730)10 - Other foreign currency net asset / liability 13.848.698 (13.848.698)11- Part of hedged other foreign currency risk (-) - -<strong>12</strong>- Other foreign currency net effect (10+11) 13.848.698 (13.848.698)TOTAL (3 + 6 + 9 + <strong>12</strong>) (70.687.831) 70.687.83171
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