TAV IT

TAV AIRPORTS HOLDING AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
AS AT AND FOR THE YEAR ENDED 31 DECEMBER 2008
(Amounts expressed in Euro unless otherwise stated)
Equity
Profit or loss
31 December 2008
USD 33,310,535 (5,152,864)
TRY - 4,212,636
Other - 2,531,786
Total 33,310,535 1,591,558
31 December 2007
USD - (4,085,749)
TRY - 3,434,629
Other - 831,833
Total - 180,713
10 percent weakening of the EUR against the above currencies at 31 December would have had the equal but opposite effect on the
above currencies to the amounts shown above, on the basis that all other variables remain constant.
Interest rate risk
The Group has used material amounts of bank borrowings from foreign sources and banks. Although most of these loans used
have floating interest rates, the Group management and banks fixed interest rates by using derivative financial instruments. TAV
İstanbul, TAV İzmir, TAV Esenboğa and TAV Tunisie use interest rate swap as hedging of fluctuations in Euribor and Libor rates (i.e.
100%, 80%, 100% and 100% of floating loans for TAV İstanbul, TAV İzmir, TAV Esenboğa and TAV Tunisie, respectively are fixed).
Profile
At the reporting date, the interest rate profile of the Group’s interest-bearing financial instruments was:
Carrying amount
31 December 2008 31 December 2007
Fixed rate instruments
Financial assets 268,297,889 265,061,812
Financial liabilities (132,324,186) (38,570,236)
135,973,703 226,491,576
Carrying amount
31 December 2008 31 December 2007
Variable rate instruments
Financial assets 11,937,503 2,327,826
Financial liabilities (1,081,959,709) (968,045,973)
(1,070,022,206) (965,718,147)
Fair value sensitivity analysis for fixed rate instruments:
The Group does not account for any fixed rate financial assets and liabilities at fair value through profit or loss, and the Group does
not designate derivatives (interest rate swaps) as hedging instruments under a fair value hedge accounting model. Therefore, a
change in interest rates at the reporting date would not affect profit or loss.