Financial - Turkish Airlines

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(Convenience Translation of Report and Financial Statements Originally Issued in Turkish)TÜRK HAVA YOLLARI ANONİM ORTAKLIĞI AND ITS SUBSIDIARIESNotes to the Audited Consolidated Financial StatementsFor the Year Ended 31 December 2012(All amounts are expressed in Turkish Lira (TL) unless otherwise stated.)20 GOODWILLNone (31 December 2011: None).21 GOVERNMENT GRANTS AND INCENTIVESIncentive certificate no:28.12.2011 / 99256 was obtained from Turkish Treasury for financing the aircrafts planned forthe period after 2010. According to this certificate, the Company will use the adventages for reduction of corporate tax,customs duty exemption and support for insurance premium of employers. Please refer to Note: 2.7 for the accountingof the related investment assistance.22. PROVISIONS, CONTINGENT ASSETS AND LIABILITIESProvisions for short-term liabilities are as follows:31 December 2012 31 December 2011Provisions for legal claims 35.516.181 26.224.798Changes in the provisions for legal claims at 31 December 2012 and 2011 periods set out below:1 January - 1 January -31 December 2012 31 December 2011Provision at the beginning of the year 26.224.798 20.480.602Charge for the period 15.507.398 6.236.668Provisions released (7.170.892) (581.703)Foreign currency translation adjustment 954.877 89.231Provision at the end of the year 35.516.181 26.224.798The Group recognizes provisions for lawsuits against it due to its operations. The law suits against the Group are usuallyreemployment law suits by former employees or related to damaged luggage or cargo.42 TÜRK HAVA YOLLARI ANNUAL REPORT 2012
(Convenience Translation of Report and Financial Statements Originally Issued in Turkish)TÜRK HAVA YOLLARI ANONİM ORTAKLIĞI AND ITS SUBSIDIARIESNotes to the Audited Consolidated Financial StatementsFor the Year Ended 31 December 2012(All amounts are expressed in Turkish Lira (TL) unless otherwise stated.)a) Guarantees/Pledges/Mortgages (“GPM”) given by the group: Amount of letter of guarantees given is TL 103,501,040(31 December 2011: TL 97,177,999)Foreigncurrency amount31 December 2012 31 December 2011TL equivalentForeigncurrency amountTL equivalentA. Total amounts of GPM given on thebehalf of its own legal entity - 103.501.040 - 97.177.999-CollateralsTL 11.882.222 11.882.222 10.419.036 10.419.036EUR 6.719.618 15.802.526 7.536.458 18.417.595USD 40.957.707 73.011.209 35.434.308 66.931.865Other 2.805.083 - 1.409.503B. Total amounts of GPM given onthe behalf of subsidiaries that areincluded in full consolidation - - - -C. Total amounts of GPM given inorder to guarantee third partie debtsfor routine trade operations - - - -D. Total amounts of other GPM given - - - -i. Total amount of GPM given onbehalf of the Parent - - - -ii. Total amount of GPM given onbehalf of other group companies notcovered in B and C - - - -iii. Total amount of GPM given onbehalf of third parties not coveredin C - - - -103.501.040 97.177.999The other CPMs given by the Company constitute 0% of the Company’s equity as of 31 December 2012(31 December 2011: 0%).b) The Group’s discounted retirement pay provision is TL 234,019,405. The Group’s liability for retirement pay would beapproximately TL 421,270,210 as of 31 December 2012, if all employees were dismissed on that date.43
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