2002 Annual Report - Turkish Airlines

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78 • 2002 TURKISH AIRLINES annual reportTURKISH AIRLINES INC.NOTES TO THE FINANCIAL STATEMENTS / continued(all figures are restated to TL money values at December 31, 2002 pursuant to IAS 29)12- FINANCIAL ASSETSThe investment accounted for using the equity method is as follows:December 31, 2002 December 31,2002TL 000,000 TL 000,000Günefl Ekspress Havac›l›k A.fi. (Sun Express) 3,837,000 2,056,730Other financial assets accounted at cost are as follows:December 31, 2002 December 31,2002TL 000,000 TL 000,000Qualiflyer Ground Services Ltd. - 67,011Emek ‹nflaat ve ‹flletme A.fi. 15,479 15,248Sita Inc 1,376,692 1,376,691Diminution in Value of Sita Inc. Shares (976,456) -THY SRL 688 686Uçak Servisi A.fi. (USAfi) 11,101,281 -Diminution in Value of USAfi Shares (3,081,201) -8,436,483 1,459,636The tender for the catering service was won by Uçak Servis A.fi. (USAfi) and service agreement was signed in January 1, 2002. Based on share transferagreement made between USAfi’s main partner Gate Gourmet Holding A.G. (GGH) and the Company, USAfi will transfer its group B free sharescorresponding to 15% of its total capital to the Company. According to agreement, ownership of the first 10% share was transferred in June, 2002,and the remaining 5% will be transferred 1.25% per year during years 2003 and 2006. 570 million shares corresponding to the first 10% share ofUSAfi’s capital, which was transferred on June 21, 2002 to the Company, was recorded to “Financial Assets” and “Deferred income” accounts frommarket value of TL 11,101,281 million. “Deferred income” amount will be amortized to income during 5 years catering service agreement on a straightlinebasis.Details of the Company’s long-term financial assets at December 31, 2002 are as follows:Place of Incorporation Proportion of Proportion ofName of the Company and Operation Ownership Interest Voting Power Held Principal ActivityGünefl Ekspress Havac›l›k A.fi. (SUN EXPRESS) Turkey 50% 50% Air TransportationEmek ‹nflaat ve ‹flletme A.fi. Turkey 0.3% 0.3% ConstructionSita INC. Holland Less than 0.1% None Information &TelecommunicationServicesTHY SRL Kiflinev 100% 100% Sales BureauUçak Servis A.fi. (USAfi) Turkey 10% 10% Catering
2002 • 79TURKISH AIRLINES INC.NOTES TO THE FINANCIAL STATEMENTS / continued(all figures are restated to TL money values at December 31, 2002 pursuant to IAS 29)13- FIXED ASSETSTechnical OtherLand, Land Equipment, Equipment, Rotables and Other LeasedImprovement & Simulator and Fixtures and Aircraft and Repairable Construction Total Leased Fixed Assets & TotalBuilding Vehicles Software Spare Engines Spare Parts In Progress Owned Assets Aircraft Simulator Leased Assets TotalAcquisition CostOpening balanceJanuary 1,2002 116,200,381 229,658,267 222,545,124 566,914,619 201,857,742 1,173,237 1,338,349,370 3,219,860,517 48,642,472 3,268,502,989 4,606,852,359Additions 1,715,259 8,032,789 2,452,695 10,396,797 79,133,101 10 101,730,651 129,912,779 435,271 130,348,050 232,078,701Disposals - (3,484,573) (3,222,044) (95,644,568) (6,315,583) (1,111,732) (109,778,500) (78,471,281) - (78,471,281) (188,249,781)Revaluation - - - - - - - (137,330,001) (137,330,001) (137,330,001)Closing balanceDecember 31, 2002 117,915,640 234,206,483 221,775,775 481,666,848 274,675,260 61,515 1,330,301,521 3,133,972,014 49,077,743 3,183,049,757 4,513,351,278Accumulated DepreciationOpening balanceJanuary 1,2002 14,510,615 172,353,046 176,682,777 329,795,673 109,576,727 - 802,918,838 678,260,730 29,832,004 708,092,734 1,511,011,572Charge for the year 2,326,048 15,055,069 15,085,184 25,518,895 52,164,556 - 110,149,752 149,967,466 3,460,270 153,427,736 263,577,488Revaluation - - - - - - - (17,698,992) (17,698,992) (17,698,992)Disposals - (3,385,171) (887,402) (52,918,083) (6,315,583) - (63,506,239) (47,628,761) - (47,628,761) (111,135,000)Closing balanceDecember 31,2002 16,836,663 184,022,944 190,880,559 302,396,485 155,425,700 - 849,562,351 762,900,443 33,292,274 796,192,717 1,645,755,068AccumulatedImpairment - - - 27,473,556 - - 27,473,556 410,954,150 4,709,093 415,663,243 443,136,799NBV at December31, 2002 101,078,977 50,183,539 30,895,216 151,796,807 119,249,560 61,515 453,265,614 1,960,117,421 11,076,376 1,971,193,797 2,424,459,411NBV at December31, 2001 101,689,766 57,305,221 45,862,347 203,294,035 92,281,015 1,173,237 501,605,621 2,500,783,949 18,415,778 2,519,199,727 3,020,805,348
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contentsHighlights of the Year 2002
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2002 • 05utilization also went up
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08 • 2002 TURKISH AIRLINES annual
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2002 • 11flight and traffic devel
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There are two multi-purpose total a
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Passengers who purchase ticketsfor
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2002 Annual Report - Turkish Airlines

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