2002 Annual Report - Turkish Airlines

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58 • 2002 TURKISH AIRLINES annual reportTURKISH AIRLINES INC.NOTES TO THE FINANCIAL STATEMENTS / continued(Unless otherwise is stated TL amounts are in Million TL, foreign currency amounts appear in full)k- Other Deductions 38,234,867 8,251,191Advance Mileage Credit Sales 37,058,098 -Environment Protection Fund 917,307 886,113OHAL Region Deductions 259,462 7,365,078l- Other Operating Income 176,656,001 150,810,319Foreign Exchange Income 165,195,456 125,108,414Interest Discount Income 5,645,442 -Purchase Piscounts 2,856,823 4,846,946Commission Income 2,534,321 219,584Aircraft Rent Income - 2,899,696Marketable Securities Valuation Income - 13,017,468Advertisement Income - 4,580,249Other 423,959 137,962m- Other Extraordinary Income 17,230,851 105,513,128Income from the Cancellation of A Type Handling License 7,718,351Credit Notes Received from Spare Parts Repair Suppliers 2,877,529 1,874,037Income Recognized in 2002 Related to Free Usafl Shares Received Basedon 5 Years Catering Service Agreement 1,909,500 -Protocol Income from Yap› Kredi 1,389,540 -Insurance Claim and Indemnity Income 996,508 1,878,690Free Material Income 899,991 604,766Manufacturers’ Credit Income 196,170 2,393,863Fixed Asset Sales Income 213,746 4,049,336Income from Other Penalty and Indemnity 105,161 59,744Income from the Indemnities Collected from Leaving Personnel 51,762 25,608Aircraft Sales Income - 93,206,394Other 872,593 1,420,690n- Other Extraordinary Expenses 2,649,129 13,608,053Overhaul Expenses for Sold or Delivered Aircrafts 1,983,880 2,504,649Delay Interest 7,130 10,211,344Fixed Asset Disposal Expense 270,106 595,976Social Aid for Retired Employees 207,564 185,221Penalty Expenses 61,157 9021999 Additional Taxes - 88,6932002 Additional Taxes (Earthquake Tax) 115,116 -Other 4,176 21,268o- Other Operating Expenses 124,593,621 31,253,906Exchange Rate Difference Expenses 92,981,256 29,286,816Foreign Currency Expense 26,816,574 -DHM‹ Interest Expense 3,909,399 50,380Passengers Without Visas 719,031 454,998Garanti Bank Co-Branded Interest Expense 107,745 -Diminution in Value of Inventories - 836,277Rediscount of Receivables - 619,167Other 59,619 6,26823- Other short-term liabilities as of December 31, 2002 include accrued personnel expense of TL 14,212,404 for personnel working in Turkey or abroad(31.12.2001: 22,323,194 TL)
2002 • 59TURKISH AIRLINES INC.NOTES TO THE FINANCIAL STATEMENTS / continued(Unless otherwise is stated TL amounts are in Million TL, foreign currency amounts appear in full)24- There are no doubtful receivables related to shareholders, equity participations and subsidiaries.25- Doubtful receivable for both overdue receivables and not overdue receivables as of December 31, 2002 are TL 21,485,859(31.12.2001: 14,660,706 TL).26- The names, participation rates and the balances of the shareholders, subsidiaries and participations are as follows:31.12.2002 31.12.2002 31.12.2001Net Period Net PeriodAmount Part. Rate Profit / Loss Profit / LossSubsidiaries 18,254Sun Express A.fi. (*) 24,000 50% 4,417,930 119,650THY SRL 254 100% - -Capital Commitments (-) (6.000)Equity Participations 8,020,080Uçak Servis Afi. (USAfi) 8,020,080 10% 21,721,844 -Investments Portfolio 6,000Emek ‹nflaat ve ‹flletme A.fi. 6,000 0.3% 1,366,726 408,750(*) It was resolved by the Board of Directors of the Company dated 12 January 1990, numbered 15; to make a payment to Sun Express for a 10%of the capital belonging to Meftun Yurdagül and Atilla Parla who are the founder shareholders of a Charter Company (Sun Express A.fi.) against the‘Obligation and Authority Certificate’ received from these people by the Company for the establishment of a Charter Company (Sun Express A.fi.) with40% THY participation with Lufthansa German Airways. As of March 1999, 40% of participation shares of Lufthansa have been transferred to Condorand 10% shares of Meftun Yurdagül and Atilla Parla transferred to Yusuf Bolay›rl› and Gürol Yüksel. However, due to retirement of Yusuf Bolay›rl› asof 17 February 2003, 5% share belonging to Yusuf Bolay›rl› has been transferred to the Company’s new General Manager Abdurrahman Gündo¤duwith the Board of Directors Decision dated 21 February 2003, numbered 17.These shares were given to these personnel during Sun Express A.fi.’s establishment phase on deposit, and they do not have possession over theseshares. There are no such shares of Sun Express are issued physically and the right to sell and transfer are entirely remain with the Company.The financial statements of subsidiaries, equity participations and investments portfolio (Emek ‹nflaat A.fi. and Sun Express) that are not traded at theorganized stock exchanges, have not been audited according to Capital Market Board accounting principles. Financial statements of Uçak Servis A.fi.(USAfi) have been audited.27- Free share amount, which resulted from capital increase occurred from the internal resources of Emek ‹nflaat ve ‹flletme A.fi. is TL 2,082 in thecurrent period.28- There are no non-cash rights on immovable.29- Revaluations of tangible fixed assets in the last three years are as follows:Revaluation Surplus Revaluation Surplus on Net RevaluationOn Fixed Asset Cost Accumulated Depreciation SurplusYear TL Million TL Million TL Million31.12.2000 131,029,019 92,035,335 38,993,68431.12.2001 137,092,368 88,911,349 48,181,01931.12.2002 212,145,072 145,818,390 66,326,681
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contentsHighlights of the Year 2002
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2002 • 05utilization also went up
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2002 Annual Report - Turkish Airlines

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