2003 Annual Report - Turkish Airlines

TURKISH AIRLINES INC.BALANCE SHEETS AS AT 31 DECEMBER 2003 AND 31 DECEMBER 2002 / continued(All figures are restated to TL money values at 31 December 2003 pursuant to IAS 29)31 December 200231 December 2003 TL 000,000LIABILITIES Note TL 000,000 (As Restated)Bank Loans 15 - 846,546Short-Term CapitalLease Obligations 16 243,716,034 342,345,135Accounts Payable 180,964,338 176,710,883Due to Related Parties 17 5,370,456 6,119,358Other Short-Term Payables 18 49,830,210 54,110,889Deposits and Advances Received 19 55,843,581 60,545,935Passenger Flight Liabilities 20 112,186,108 95,503,684Other Accrued Liabilities 21 65,089,400 74,402,790Corporate Tax Payable 22 19,262,442 -TOTAL SHORT-TERM LIABILITIES 732,262,569 810,585,220Long-Term CapitalLease Obligations 16 1,201,436,117 1,914,296,367Long-Term Trade Payables - 136,727Manufacturers’ Credit (Net) 23 4,250,459 8,024,105Long-Term Deferred Tax Liabilities 22 43,666,728 56,139,913Retirement Pay Provision 24 78,644,063 87,418,602Other Long-Term Payables 18 5,478,941 7,589,443TOTAL LONG-TERM LIABILITIES 1,333,476,308 2,073,605,157SHAREHOLDERS’ EQUITYCapital 25 1,681,308,782 1,681,308,782Additional Paid in Capital 786,622 786,622Reserves 25 123,999,146 123,999,146Accumulated Loss (924,986,642) (1,138,846,505)TOTAL SHAREHOLDERS’ EQUITY 881,107,908 667,248,045TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY 2,946,846,785 3,551,438,422The accompanying notes form an integral part of these financial statements.51