2003 Annual Report - Turkish Airlines

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TURKISH AIRLINES INC.NOTES TO THE FINANCIAL STATEMENTS AS OF 31 DECEMBER 2003 AND 2002 / continued30. OPERATING EXPENSEOperating expenses consist of the following:31 December 2003 31 December 2002TL 000,000 TL 000,000Fuel Oil Expenses 345,280,716 374,261,250Maintenance Expenses 97,288,395 123,604,118Passenger Service and Catering Expenses 140,409,360 159,938,987Landing and Navigation Expenses 209,604,829 232,371,071Handling and Station Expenses 154,453,011 192,088,052Staff Expenses 494,205,944 516,263,024Marketing and Selling Expenses 281,316,551 359,114,177General Operations 49,030,956 58,016,673General Administrative Expenses 31,421,556 38,204,303Hull Insurance 27,022,562 31,494,302Depreciation Expenses 276,145,633 300,326,508Operating Lease Expenses 68,304,240 76,357,892Impairment Loss - 105,351,293Other Operating Expenses 190,992 218,1722,174,674,745 2,567,609,82231. FINANCIAL INCOME/(EXPENSE) (NET)Financial income/(expenses) consist of the following:31 December 2003 31 December 2002TL 000,000 TL 000,000Interest Income 39,462,868 29,305,612Income from Investment Accounted from Equity Method 2,735,030 2,028,744Decrease in Impairment Loss Provision of Available-for-Sale Investments 3,582,482 -Foreign Exchange Gains 499,796,760 211,114,426Discount Income 2,942,859 1,978,089Financial Income 548,519,999 244,426,871Foreign Exchange Losses (223,180,002) (564,828,278)Interest Expense-3.Parties (4,623,753) (321,919)Capital Lease Interest Expense (54,063,970) (98,474,924)Retirement Pay Interest Cost (5,180,361) (4,562,388)Diminution in Value of Financial Assets - (14,788,651)Discounting Expense (1,736,041) (312,571)Finance Expense (288,784,127) (683,288,731)Finance Income/(Expense) (Net) 259,735,872 (438,861,860)32. INCOME FROM OTHER OPERATIONSIncome from other operations consists of the following:31 December 2003 31 December 2002TL 000,000 TL 000,000Commission Income 924,834 3,082,773Dividend Income 3,147,053 329,330Insurance Claims Received 4,178,404 1,292,229Gain from Sale of Fixed Assets - 10,365,009Discounts Received From Spare Parts Suppliers 7,627,275 3,695,226Prior Years Revenue 1,501,679 6,553,265Manufacturer’s Credit Income 1,763,498 1,261,094No Charge Materials Income 1,473,232 1,161,173Reversal of Unnecessary Provision 5,084,101 3,575,258Cancellation of Type A Handling License - 8,843,875Decrease in Provision for Impairment of Fixed Assets 59,459,995 -Other 4,788,522 3,540,47989,948,593 43,699,71174
TURKISH AIRLINES INC.NOTES TO THE FINANCIAL STATEMENTS AS OF 31 DECEMBER 2003 AND 2002 / continued33. LOSS FROM OTHER OPERATIONSLoss from other operations consists of the following:31 December 2003 31 December 2002TL 000,000 TL 000,000Penalty Expenses 5,000 98,663Provision Expenses 5,534,761 3,283,761Loss from Sale of Fixed Assets 142,704 -Other Expenses 4,999,275 4,768,12210,681,740 8,150,54634. TRANSACTIONS WITH RELATED PARTIESFor the purposes of the accompanying financial statements, the Company's shareholders and the Company's equity participationsare referred to as related parties.31 December 2003 31 December 2002TL 000,000 TL 000,000Services given to SUN EXPRESS 1,461,109 2,370,379Services given to USAfi 201,141 252,0271,662,250 2,622,406Services taken from SUN EXPRESS 341,668 594,810Services taken from USAfi 59,869,094 61,622,21360,210,762 62,217,023Dividend Income from Equity Investments are as follows:31 December 2003 31 December 2002TL 000,000 TL 000,000Uçak Servisi A.fi. 1,751,261 -Emek ‹nflaat ve ‹flletme A.fi. 1,584 1,2441,752,845 1,24475
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T o w a r d n e w h o r i z o n sAn
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Turkish Airlines’ Mission Stateme
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Board of Directors(as of December 3
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The fact that the United States was
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Financial FiguresProfit/Loss (TL mi
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1994-2003 Revenue Passengers1994-20
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By the end of the year, the number
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In 2003, a total of 10.4 million pa
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While scheduled domestic flightcapa
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In an effort to meet cargo demands
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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 48 and 49: TURKISH AIRLINES INC.FINANCIAL STAT
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
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2003 Annual Report - Turkish Airlines

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