2003 Annual Report - Turkish Airlines

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TURKISH AIRLINES INC.FINANCIAL STATEMENT ANALYSISUASIFRSRATIOS 31 December 2003 31 December 2002 31 December 2003 31 December 2002LIQUIDITY RATIOSCurrent Ratio 1.75 1.33 1.20 0.84Acid-Test Ratio 1.57 1.15 1.06 0.69Cash Ratio 1.21 0.76 0.90 0.50FINANCIAL STABILITY RATIOSEquity/Total Assets 0.45 0.37 0.30 0.19Equity/Total Liabilities 0.83 0.59 0.43 0.23Net Working Capital (Million TL) 428,761,613 171,694,765 144,457,745 (131,142,790)LEVERAGE RATIOSTotal Liabilities/Total Assets 0.55 0.63 0.70 0.81Total Liabilities/Shareholders’ Equity 1.20 1.70 2.34 4.32Times Interest Earned 114.58 401.48 5.89 5.64TURNOVER EFFICIENCY (DAYS)Receivables Turnover (Days) 24.41 28.33 17.01 16.97Payables Turnover (Days) 37.86 36.09 29.96 24.78DUPONT MODELNet Profit Margin 0.07 0.03 0.09 0.12Asset Turnover 1.87 2.20 0.85 0.83* Return On Assets 0.14 0.07 0.07 0.10Return On Equity 0.30 0.18 0.24 0.52* Return On Assets = Net Profit Margin x Asset Turnover46
TURKISH AIRLINES INC.FINANCIAL STATEMENTS COMPARISON (ACCORDING TO UNIFORM ACCOUNTING SYSTEM)BALANCE SHEETS 31.12.2003 31.12.2002 BALANCE SHEETS 31.12.2003 31.12.2002ASSETSLIABILITIESCURRENT ASSETSCURRENT LIABILITIESLiquid Assets 181 % 100 % Financial Liabilities 100 % 100 %Marketable Securities 76 % 100 % Trade Payables 107 % 100 %Trade Receivables (Net) 95 % 100 % Other Liabilities 96 % 100 %Inventories 106 % 100 % Advances Received 118 % 100 %Prepaid Expenses and Income Accruals 162 % 100 % Taxes and Other Obligations Payable 172 % 100 %Other Current Assets 84 % 100 % Provisions for Obligations and Expenses 129 % 100 %Other Receivables 95 % 100 % Unearned Revenue and Expense Accruals 106 % 100 %Total Current Assets 146 % 100% Other Current Liabilities 50 % 100 %Total Current Liabilities 111 % 100%LONG-TERM ASSETSLONG-TERM LIABILITIESTrade Receivables 20 % 100 % Financial Liabilities 0 % 0 %Other Receivables 95 % 100 % Trade Payables 83 % 100 %Financial Assets 51 % 100 % Other Liabilities 18 % 100 %Tangible Fixed Assets 100 % 100 % Advances Received 0 % 0 %Intangible Fixed Assets 110 % 100 % Provisions for Obligations and Expenses 121 % 100 %Amortizable Assets 78 % 100 % Unearned Revenue and Expense Accruals 0 % 0 %Prepaid Expenses and Income Accruals 79 % 100 % Other Long-Term Liabilities 0 % 0 %Other Long-Term Assets 117 % 100 % Total Long-Term Liabilities 118 % 100%Total Long-Term Assets 93 % 100%SHAREHOLDERS' EQUITYPaid-in Capital 100 % 100 %Capital Reserves 124 % 100 %Profit Reserves 100 % 100 %Retained Earnings 0 % 0 %Accumulated Deficits 40 % 100 %Net Current Profit or Loss 257 % 100 %Total Shareholders' Equity 159 % 100%TOTAL LIABILITIES ANDTOTAL ASSETS 100 % 129% SHAREHOLDERS’ EQUITY 129 % 100%01.01.2003 01.01.2002INCOME STATEMENTS 31.12.2003 31.12.2002A- GROSS SALES 106 % 100 %B- SALES DEDUCTIONS (-) 63 % 100 %C- NET SALES (A-B) 110 % 100 %D- COST OF SALES (-) 102 % 100 %GROSS PROFIT OR LOSS (C-D) 135 % 100 %E- OPERATING EXPENSES (-) 103 % 100 %OPERATING PROFIT OR LOSS (C-D-E) 947 % 100 %F- INCOME AND PROFIT FROM OTHER OPERATIONS 132 % 100 %G- EXPENSES AND LOSSES FROM OTHER OPERATIONS (-) 170 % 100 %H- FINANCIAL EXPENSES (-) 892 % 100 %ORDINARY PROFIT OR LOSS 258 % 100 %I- EXTRAORDINARY REVENUES AND PROFITS 190 % 100 %J- EXTRAORDINARY EXPENSES AND LOSSES (-) 118 % 100 %PROFIT OR LOSS 253 % 100 %K- PROVISIONS FOR TAXES AND OTHER STAT OBLIGATIONS PAYABLE ON CURRENT PROFIT (-) 244 % 100 %NET PROFIT OR LOSS 257 % 100 %47
Page 1 and 2: T o w a r d n e w h o r i z o n sAn
Page 3 and 4: Turkish Airlines’ Mission Stateme
Page 5 and 6: Board of Directors(as of December 3
Page 7 and 8: The fact that the United States was
Page 9 and 10: Financial FiguresProfit/Loss (TL mi
Page 11: 1994-2003 Revenue Passengers1994-20
Page 14 and 15: By the end of the year, the number
Page 16 and 17: In 2003, a total of 10.4 million pa
Page 18 and 19: While scheduled domestic flightcapa
Page 20 and 21: In an effort to meet cargo demands
Page 23 and 24: We have continued to add newdestina
Page 25 and 26: As part of the Regional Aviation Pr
Page 29 and 30: HUMAN RESOURCES1999-2003 Developmen
Page 32 and 33: 30Among the services accessible via
Page 34 and 35: Miles&Miles members who purchased t
Page 36 and 37: INFORMATION TECHNOLOGYPROJECTSProje
Page 38 and 39: CAPITAL REVIEWTurkish Airlines adop
Page 40 and 41: FOREIGN CURRENCY TRANSACTIONS(ACCOR
Page 42 and 43: TURKISH AIRLINES INC.DETAILED BALAN
Page 50 and 51: TURKISH AIRLINES INC.FINANCIAL STAT
Page 52 and 53: TURKISH AIRLINES INC.BALANCE SHEETS
Page 54 and 55: TURKISH AIRLINES INC.STATEMENTS OF
Page 56 and 57: TURKISH AIRLINES INC.STATEMENTS OF
Page 58 and 59: TURKISH AIRLINES INC.NOTES TO THE F
Page 78 and 79: TERMS AND ABBREVIATIONSAvailable Se
Page 80 and 81: ASIAAlmatyAmmanAshkhabadBahrainBang
Page 82: Our FleetA340-300Number of Aircraft

2003 Annual Report - Turkish Airlines

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