| MERKEZ SİGORTA A.Ş. | ||||||||||
| BALANCE SHEETS FOR THE YEARS ENDED 30.09.1999 , 31.12.1998 , 31.12.1997 , 31.12.1996 AND 31.12.1995 | ||||||||||
| (Currency in US Dollars) | ||||||||||
| LIABILITIES | 1995 | 1996 | 1997 | 1998 | 1999 | |||||
| I. PAYABLES | 2.858.533 | 2.948.776 | 2.337.971 | 1.440.537 | 1.384.878 | |||||
| A. Insurance and Reinsurance Companies | 933.171 | 1.654.820 | 1.572.825 | 847.817 | 989.368 | |||||
| B. Reserves at Insurance and Reinsurance Companies | 1.547.947 | 937.769 | 406.602 | 457.502 | 371.151 | |||||
| C. Taxes and Other Duties Payable | 233.537 | 155.874 | 79.452 | 21.375 | (100.908) | |||||
| D. Other Payables | 143.878 | 200.314 | 279.092 | 113.843 | 125.267 | |||||
| II. PROVISIONS | 9.948.407 | 9.476.071 | 7.329.723 | 8.050.656 | 8.870.333 | |||||
| A.Technical Reserves | 9.894.352 | 9.283.894 | 7.235.182 | 7.926.742 | 8.709.653 | |||||
| a. Provisions for Current Liabilities (Net) | 2.586.440 | 1.496.170 | 478.173 | 610.961 | 535.918 | |||||
| b. Reserves for Outstanding Loss (Net) | 1.736.008 | 2.069.159 | 537.511 | 291.907 | 336.163 | |||||
| c. Life Branch Mathematical Reserves (Net) | 4.463.094 | 3.943.110 | 3.909.933 | 4.389.120 | 4.544.027 | |||||
| d. Life Branch Outstanding Indemnities Reserves (Net) | 105.994 | 46.710 | 31.881 | 13.684 | 29.051 | |||||
| e. Life Branch Provision for Divident (Net) | 592.066 | 1.223.358 | 1.716.438 | 2.513.105 | 3.155.635 | |||||
| f. Provisions for Earthquake Loss | 410.751 | 505.388 | 561.245 | 107.966 | 108.857 | |||||
| B. Other Provisions | 54.055 | 192.177 | 94.541 | 123.914 | 160.680 | |||||
| a. Provisions for Retirement Pay Liabilities | 54.055 | 47.855 | 51.540 | 65.926 | 88.220 | |||||
| b. Other Provisions and Liabilities | 144.321 | 43.001 | 57.988 | 72.460 | ||||||
| III. OTHER PAYABLES | ||||||||||
| IV. OWNER'S EQUITY | 1.022.931 | (1.167.145) | 1.541.166 | 1.471.542 | 1.507.102 | |||||
| A. Paid-up Capital | 8.168.812 | 9.219.214 | 11.110.050 | 11.110.050 | 11.110.050 | |||||
| a. Share Capital | 9.219.214 | 9.219.214 | 11.110.050 | 11.110.050 | 11.110.050 | |||||
| b. Unpaid Capital (-) | (1.050.403) | |||||||||
| B. Legal Reserves | 414.698 | 414.698 | 414.698 | 414.698 | 414.698 | |||||
| C. Extraordinary Reserves | 224.105 | 224.105 | 224.105 | 224.105 | 224.105 | |||||
| D. Voluntary Reserves | ||||||||||
| E. Revaluation Fund | 444.079 | 653.292 | 833.689 | 1.042.008 | 1.124.816 | |||||
| F. Special Funds | ||||||||||
| G. Translation Differences | (6.000.024) | (6.200.361) | (6.229.990) | (6.815.126) | (7.366.403) | |||||
| G. Deficit / Loss (-) | (2.488.003) | (5.737.357) | (5.737.357) | (5.737.357) | (5.737.357) | |||||
| a. Loss for the Period | (2.488.003) | (3.249.354) | ||||||||
| b. Accumulated Deficit | (2.488.003) | (5.737.357) | (5.737.357) | (5.737.357) | ||||||
| H. Profit / Surplus | 259.264 | 259.264 | 925.971 | 1.233.165 | 1.737.194 | |||||
| a. Profit for the Period | 666.707 | 307.193 | 504.029 | |||||||
| b. Accumulated Surplus | 259.264 | 259.264 | 259.264 | 925.971 | 1.233.165 | |||||
| TOTAL LIABILITIES | 13.829.871 | 11.257.702 | 11.208.860 | 10.962.735 | 11.762.313 | |||||