12 Months Financial Report - Turkish Airlines

TÜRK HAVA YOLLARI ANONİM ORTAKLIĞINOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSFOR THE PERIOD ENDED 31 DECEMBER, 200939 FINANCIAL INSTRUMENTS (cont’d)Fair Values of Financial Instruments (cont’d)Fair values of financial assets and liabilities are determined as follows:• First level: Financial assets and liabilities, are valued with the stock exchange prices in theactive market for the assets and liabilities same with each other.• Second level: Financial assets and liabilities are valued with input obtained while findingthe stock exchange price of the relevant asset or liability mentioned in the first level andthe direct or indirect observation of price in the market.• Third level: Financial assets and liabilties are valued by the input that does not reflect an actualdata observed in the market while finding the fair value of an asset or liability.Financial assets and liabilities, which are presented in their fair values, level reclassifications are asfollows:Fair value levelas of the reporting date31 December Level 1 Level 2 Level 3Financial assets 2009 TL TL TLFinancial assets at fair value throughprofit or lossDerivative instruments 43.196.250 - 43.196.250-Financial assets subject tohedge accountingDerivative instruments4.102.120- 4.102.120-Total 47.298.370 - 47.298.370 -Financial liabilitiesFinancial liabilities at fair valuethrough profit or lossDerivative instruments37.365.267 -37.365.267 -Financial liabilities subject tohedge accountingDerivative instruments7.866.905 - 7.866.905 -45.232.172 - 45.232.172 -76