2002 Annual Report - Turkish Airlines

80 • 2002 TURKISH AIRLINES annual reportTÜRK HAVA YOLLARI ANON‹M ORTAKLI⁄INOTES TO THE FINANCIAL STATEMENTS / continued(all figures are restated to TL money values at December 31, 2002 pursuant to IAS 29)14- OTHER LONG-TERM RECEIVABLES AND ASSETSOther receivables and long-term assets consist of the followingDecember 31, 2002 December 31, 2001TL 000,000 TL 000,000Prepaid Expenses Related to A Type Handling License - 2,976,179Prepaid Aircraft Financing Expense 3,669,340 3,577,811Prepaid Eximbank USA Guarantee and Exposure Fee 9,166,596 10,097,370Due from personnel 1,592,148 -Receivable from Sales of Equity Investment (*) 27,359,795 32,165,839Other Receivables 111,686 130,75741,899,565 48,947,956(*) Receivable from sale of equity investment is related to the sale of the shares of Cyprus Turkish Airlines on December 31, 2000. THY converted thisreceivable to Turkish Lira and started to accrue interest at 40% per annum starting from December 2002. Because maturity of this receivable has notbeen determined yet, receivable balance as of December 31, 2002 and 2001 has been reclassified as long-term from other short-term receivables andassets.15- BANK LOANSBank Loans consist of the following:December 31, 2002 December 31, 2001TL 000,000 TL 000,000Short-Term Portion of Long-term Bank Loans 742,960 738,326Long-Term Bank Loans - 720,176742,960 1,458,50216- CAPITAL LEASE OBLIGATIONSThe future lease rental payments under financial leases are:December 31, 2002 December 31, 2001TL 000,000 TL 000,000Not later than one year 229,056,279 397,331,974Between 1 & 2 years 199,844,695 392,964,680Between 2 & 5 years 337,926,715 677,540,264Over 5 years 1,355,883,912 1,358,272,7462,122,711,601 2,826,109,664Less: Future interest expense (142,200,776) (376,731,896)Present value of future rentals shown in the balance sheets 1,980,510,825 2,449,377,768Represented by:Current Liabilities (*) 300,454,567 320,965,024Long-Term Liabilities 1,680,056,258 2,128,412,7441,980,510,825 2,449,377,768Interest RangeFloating rate obligations 355,845,866 456,441,791Fixed rate obligations 1,624,664,959 1,992,935,9771,980,510,825 2,449,377,768As of December 31, 2002, the US$ denominated lease obligations’ interest rates are LIBOR plus a margin ranging between 0.02% and 1.44%.