2002 Annual Report - Turkish Airlines

2002 • 69TURKISH AIRLINES INC.STATEMENTS OF CASH FLOW FOR THE YEARS ENDED DECEMBER 31, 2002 AND 2001(all figures are restated to TL money values at December 31, 2002 pursuant to IAS 29)2002 2001TL 000,000 TL 000,000CASH FLOWS FROM OPERATING ACTIVITIESProfit / (loss) Prior to Taxation 282,200,524 (46,663,322)Adjustments to reconcile loss for the year to net cashprovided by operating activities:Depreciation 263,577,488 279,139,666Provision for Employee Termination Benefits 12,594,723 11,020,706Interest Income (25,719,673) (14,207,925)(Gain) / Loss on Fixed Asset Sales (9,096,710) (17,206,392)Impairment Loss / (Gain) 376,901,236 (133,138,507)(Gain) / Loss from Equity Investment (1,780,500) -Manufacturers’ Credit Adjustment for Fixed Assets - 7,697,083Interest Expense 86,707,710 206,444,706Provision for Diminution in Value of Equity Investment and Marketable Securities 12,979,059 759,303Increase / (Decrease) in Stock Provision - (1,015,001)Movement in Manufacturers' Credit (3,452,583) (949,911)Amortization of Deferred Income from USAfi Share Transfer (2,220,256) -Foreign Exchange Loss / (Gain) on Leases (Net of Monetary Gain) (321,948,440) 350,390,215Valuation of Investment in Equity Shares at Market Value - (16,281,126)Monetary gain on Deferred Tax Liability (1,847,173) -Increase / (Decrease) in Provision for Doubtful Receivable 2,304,491 3,620,072Operating Profit Before Working Capital Changes 671,199,896 629,609,567(Increase) / Decrease in Trade Receivables (10,315,452) 12,537,489(Increase) / Decrease in Due from Related Parties (10,950,953) (348,257)(Increase) / Decrease in Inventories (13,678,453) 208,911(Increase) / Decrease in Prepayments & Other Assets (1,222,756) 63,946,146(Increase) / Decrease in Other Long-Term Assets 7,044,419 7,363,492(Increase) / Decrease in Short-Term and Long-Term Advances Given 26,337,841 12,669,086Increase / (Decrease) in Trade Payables (121,191,770) 4,403,922Increase / (Decrease) in Due to Related Parties 5,261,072 (160,436)Increase / (Decrease) in Other Payables & Accrued Expenses 32,453,715 (33,268,633)Increase / (Decrease) in Advances Received 40,961,096 (886,715)Increase / (Decrease) in Advance Ticket Sales 16,030,663 (21,621,904)Increase / (Decrease) in Other Long-Term Trade Payables (126,926) (169,791)Cash Generated from Operations 641,802,392 674,282,877Retirement Benefits Paid (3,442,455) (24,697,028)Interest Paid (94,706,760) (220,541,302)Income Taxes Paid (40,930,793) -Net Cash Provided by Operating Activities 502,722,384 429,044,547CASH FLOWS FROM INVESTING ACTIVITIESChanges in Marketable Securities (2,405,099) 93,752Disposal of Investment 67,011 -Purchase of Financial Assets - (632)Cash Proceeds / (Outflows) from Sale of SubsidiaryCash Proceeds from Fixed Assets Sales 77,411,585 137,564,536Interest Received 25,719,673 14,207,925Purchases of Fixed Assets (101,730,651) (67,354,944)Net Cash (Used in) / Provided by Investing Activities (937,481) 84,510,637CASH FLOWS FROM FINANCING ACTIVITIESShare Capital Issued - 28,991,857Payment of Leases (269,267,488) (350,047,548)Payment of Loans (715,541) (114,059,379)Net Cash used in Financing Activities (269,983,029) (435,115,070)NET INCREASE IN CASH AND CASH EQUIVALENTS 231,801,874 78,440,114CASH AND CASH EQUIVALENTS AT THE BEGINNING OF YEAR 123,199,116 44,759,002CASH AND CASH EQUIVALENTS AT THE END OF YEAR 355,000,990 123,199,116