2002 Annual Report - Turkish Airlines

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04 • 2002 TURKISH AIRLINES annual reportmessage from the chairmanThe year 2001 was a year of crisesboth in Turkey and throughout theworld with the civil aviation sectorparticularly hard hit. Turkish Airlineswas one of the few airlines to endthe year with a profit as the resultof effective cost-cutting measuresput into place upon timelyassessments, well-planned capacityutilization, a flexible fleet and theability to make fast and prudentdecisions.Through rational strategiesimplemented continually andconsistently as well as the teamspirit that has permeated theCompany from the onset, TurkishAirlines maintained its profitabilityagain in 2002, closing the year witha record before-tax profit ofTL 137.3 trillion and an after-taxprofit of TL 104.9 trillion based onthe Turkish Capital Market Boardstandards.One of the most pleasing aspects ofthis financial achievement during2002 is the fact that the operationallosses of the previous years havebeen turned into a recordoperational profit totaling TL 157.6trillion.Passenger Load Factor is the bestindicator of effective capacityutilization in an airline. As a result ofcapacity reduction measuresimplemented in 2001, TurkishAirlines reached its best PassengerLoad Factor rates to date. In 2002,Passenger Load Factor was 70.8%for domestic routes, 68.6% ininternational routes and 68.9% intotal.Although there wasn’t any cargoaircraft in its fleet, Turkish Airlinesrealized a record cargo haul capacityof 119,000 tons and generated arevenue of TL 225.5 trillion. Cargo
2002 • 05utilization also went up from 58%of 2001 to 68% in 2002.In 2002, Turkish Airlines beganimplementing an accountingprocedure used by many airlinesaround the world conforming to thegenerally accepted accountingprinciple of periodicity. Utilizing thissystem, the price of the passengerticket is included in the operationalrevenue heading of the incomestatement only when service isactually rendered, tickets not usedare not included in the incometables but are accounted for underfuture months’ revenue headings;the commission shares for thesetickets are recorded under thefuture months’ expenses caption ofthe balance sheet.Without this accounting procedure,our before-tax profit would havebeen TL 233.8 trillion with an aftertaxprofit of TL 156 trillion, basedon Turkish Capital Market Boardstandards.Turkish Airlines was one of the firstairlines in the world to implementthe “Airline Passenger ServiceCommitment” promulgated by theEuropean Airlines Association. ThePassenger Service Commitment isgeared toward customer satisfactionand commits the airline to providehigh standard of quality service toits customers before, during andafter the flight.Turkish Airlines owes its success in2002 in no small measure toservices sales offered at its TechnicalCenter, one of the region’s largest,most reliable maintenance centerand its modern and advanced FlightTraining Center, as well as to itscore business of passenger andcargo transport.I would like to take this opportunityto extend my thanks to our Board ofDirectors, first and foremost to ourGeneral Manager Yusuf Bolay›rl›, allof our managers and our colleagueswho have supported us by theirhardwork and devotion.I am confident that AbdurrahmanGündo¤du, who has taken the flagfrom Yusuf Bolay›rl›, retiring afterhaving served Turkish Airlines formany years with great success, willtake the Company to new heights.I wish him great success in hisendeavors.I also believe that with the supportand involvement of our passengers,employees as well as our laborunion, our business partners and allinstitutions with which wecooperate, the success of TurkishAirlines will increase considerably inthe years to follow.On behalf of the Board of Directors,Cem M. KOZLUChairman
Page 2: contentsHighlights of the Year 2002
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2002 Annual Report - Turkish Airlines

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