Financial - Turkish Airlines
Financial - Turkish Airlines
Financial - Turkish Airlines
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(Convenience Translation of Report and <strong>Financial</strong> Statements Originally Issued in <strong>Turkish</strong>)TÜRK HAVA YOLLARI ANONİM ORTAKLIĞI AND ITS SUBSIDIARIESNotes to the Audited Consolidated <strong>Financial</strong> StatementsFor the Year Ended 31 December 2012(All amounts are expressed in <strong>Turkish</strong> Lira (TL) unless otherwise stated.)Hedging againstfuel riskHedging againstinterest riskIncrease/(decrease) in fair values ofderivativeinstruments for hedging purposes 9.765.473 (59.464.968) (49.699.495)The amount of financial expenses insidehedge funds - (1.255.299) (1.255.299)Reclassified amount for ineffecient part inthe risk elimination of fair value of hedginggains of fuel hedging derivative instrumentto financial revenues 5.679.985 - 5.679.985Foreign currency translation adjustment (1.567.896) (9.888.384) (11.456.280)Total 13.877.562 (70.608.651) (56.731.089)Deferred tax (2.775.512) 14.121.730 11.346.218Hedge reserve as of 31 December 2012 11.102.050 (56.486.921) (45.384.871)Total76 TÜRK HAVA YOLLARI ANNUAL REPORT 2012