2002 Annual Report - Turkish Airlines

32 • 2002 TURKISH AIRLINES annual reportFX AND FX-BASED TRANSACTIONSOut of the Company’s total revenue of TL 2,392,179,802,771,160, a TL 2,145,798,051,120,690 portion was in, or convertible into, foreign currency.Foreign exchange expenses of Turkish Airlines during 2002 amounted to TL 1,313,954,721,717,860.Thus, the net foreign exchange contribution of Turkish Airlines to the Turkish economy has been TL 831,843,329,402,823. This corresponds to US$435,557,495 in terms of funds in or convertible to foreign exchange.The following table shows these figures in both Turkish lira and US dollar terms (using average exchange rates).Turkish Lira (Million)Years Revenues Expenses Difference1998 302,574,563.8 193,655,718.1 108,918,845.71999 473,154,508.7 354,239,739.1 118,914,769.62000 845,926,701.6 600,427,870.9 245,498,830.72001 1,647,000,951.9 1,265,809,494.8 381,191,457.12002 2,145,798,051.1 1,313,954,721.7 831,843,329.4US Dollar (Million)Years Revenues Expenses Difference1998 1,156.4 728.4 428.01999 1,133.4 831.7 301.72000 1,356.3 949.5 406.82001 1344.6 1025.4 319.22002 1297.4 861.9 435.5FX AND FX-BASED REVENUE AND EXPENSES (US$ MILLIONS)1,4001,2001,0008006004002000RevenueExpensesDifference19981999 2000 2001 2002Each year since 1994, Turkish Airlines has been presented the Best Exporter Award by the Istanbul Chamber of Commerce. The competition supportscompanies that earn the highest foreign exchange revenue in Turkey.Foreign exchange revenue in 2002 amounted to US$ 857,798,029.54.The following table shows the foreign exchange revenue of Turkish Airlines since 1994:FOREIGN EXCHANGE REVENUEAWARD YEAR YEAR / AMOUNT (US$) RANKING AWARD1995 1994 / 675,790,753.00 1 GOLD PLAQUE1996 1995 / 706,937,927.00 1 GOLD PLAQUE1997 1996 / 816,097,499.00 1 GOLD PLAQUE1998 1997 / 820,049,961.00 1 GOLD PLAQUE1999 1998 / 806,132,022.15 1 GOLD PLAQUE2000 1999 / 974,997,975.50 1 GOLD PLAQUE2001 2000 / 937,813,179.11 1 GOLD PLAQUE2002 2001 / 901,124,924.63 1 GOLD PLAQUE