2002 Annual Report - Turkish Airlines

2002 • 31AFFILIATES AND SUBSIDIARIESCompany Name Subscribed Held % Commitments Paid-inSubsidiariesTHY SRL (**) 254,016,480 100 - 254,016,480Sun Express A.fi. (*) 24,000,000,000 50 6,000,000,000 18,000,000,000AffilitiesEmek ‹nflaat ve ‹flletme A.fi. 6,000,000,000 0,3 - 6,000,000,000Uçak servisi A.fi. (USAfi) 570,000,000,000 10 - 570,000,000,000TOTAL 600,254,016,480 6,000,000,000 594,254,016,480PROFIT SHARES TRANSFERRED TO BALANCE SHEET FROM AFFILIATES 2000 2001Emek ‹nflaat ve ‹flletme A.fi. 1,055,604,342 937,579,071(*) Qualiflyer Yer Hizmetleri Ltd. fiti. 24,050,093,760(*) In the Board of Directors meeting held on October 10, 2001, the decision was made to conclude our membership legally in the Qualifyer Group.EMEK ‹NfiAAT VE ‹fiLETME A.fi.Operates in the construction and property management industries. Major shareholders are the Turkish Pension Fund (49%) and the Turkish Red CrescentFoundation (49%).GÜNEfi EKSPRESS A.fi.An airlines company that operates charter flights for tourists. The other major shareholder is Condor (50%).THY SRLTHY SRL, a wholly owned subsidiary of Turkish Airlines incorporated in Kishinev under Moldavian law, started operations on October 12, 2000 with theintroduction of the Kishinev route. However, the Board decided on October 5, 2001 that its representative office status be cancelled and the Companyliquidated without disrupting business activities.UÇAK SERV‹S‹ A.fi.According to Article Two of the share transfer agreement signed on November 15, 2001 between USAfi’ major shareholder, Gate Gourmet HoldingA.G. (GGH) and Turkish Airlines, regarding a five-year catering contract, GGH USAfi agreed to transfer to Turkish Airlines its Class B shares as bonusshares (10% in April 2002, 5% on January 1, 2003, 1.25% on January 1, 2004, 1.25 % on January 1, 2005, and 1.25% on January 1, 2006). Thiscorresponds to 5% of GGH USAfi’ total capital. A total of 570 million Class B shares, with a total nominal value of TL 570 billion (corresponding to 10%of the paid-in capital of USAfi) were transferred to Turkish Airlines on April 1, 2002. The shares were physically delivered to Turkish Airlines on June 21,2002, completing the 10% participation of Turkish Airlines in the paid-in capital of USAfi.