12 Months Financial Report - Turkish Airlines
12 Months Financial Report - Turkish Airlines
12 Months Financial Report - Turkish Airlines
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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 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 (-) - -<strong>12</strong>- Other foreign currency net effect (10+11) 10.472.471 (10.472.471)TOTAL (3 + 6 + 9 + <strong>12</strong>) (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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