| MERKEZ SİGORTA A.Ş. | ||||||||||
| INCOME STATEMENTS FOR THE YEARS 1999,1998,1997,1996 AND 1995 | ||||||||||
| (Currency in US Dollars) | ||||||||||
| 1995 | 1996 | 1997 | 1998 | 1999 | ||||||
| I.TECHNICAL INCOMES | 34.745.187 | 30.615.203 | 20.346.859 | 17.768.609 | 13.801.651 | |||||
| A) Collected Premiums | 17.580.835 | 13.769.992 | 7.640.900 | 6.864.180 | 4.439.047 | |||||
| B) Collected Commissions | 1.888.436 | 1.598.945 | 1.057.315 | 1.006.527 | 669.548 | |||||
| C) Reinsurers' Shares in Indemnities Payable | 4.404.614 | 2.512.189 | 1.724.394 | 2.033.342 | 867.032 | |||||
| D) Transferred Technical Provisions | 7.277.930 | 8.959.406 | 8.057.895 | 6.402.011 | 6.876.414 | |||||
| a) Provisions for Current Liabilities | 4.202.020 | 3.147.145 | 1.996.162 | 1.188.199 | 658.298 | |||||
| b) Reserves for Outstanding Loss | 3.075.910 | 2.210.151 | 2.504.248 | 761.382 | 629.861 | |||||
| c) Life Branch Mathematical Reserves | 0 | 0 | 2.715.114 | 3.094.126 | 3.553.568 | |||||
| d) Life Branch Provision for Divident | 0 | 0 | 842.370 | 1.358.303 | 2.034.688 | |||||
| e) Other Technical Provisions | 0 | 3.602.111 | 0 | 0 | 0 | |||||
| E) Reinsurers' Shares in Technical Provisions | 3.581.731 | 3.764.243 | 1.857.046 | 1.450.272 | 940.977 | |||||
| a) Reinsurers' Shares in Current Liabilities | 2.146.693 | 1.806.043 | 1.341.998 | 879.343 | 609.099 | |||||
| b) Reinsurers' Shares in Outstanding Loss | 1.435.038 | 1.958.200 | 515.048 | 570.930 | 331.878 | |||||
| c) Reinsurers' Shares in Other Technical Provisions | 0 | 0 | 0 | 0 | 0 | |||||
| F) Other Incomes | 11.640 | 10.427 | 9.310 | 12.277 | 8.633 | |||||
| II. TECHNICAL EXPENSES | 37.227.048 | 33.821.763 | 22.639.095 | 20.711.648 | 16.928.933 | |||||
| A) Premiums Given to Reinsurers | 7.210.016 | 6.503.636 | 4.536.341 | 3.496.564 | 2.286.632 | |||||
| B) Commissions Paid | 2.228.994 | 1.652.512 | 701.293 | 814.407 | 471.968 | |||||
| C) Indemnities Paid | 10.453.328 | 7.662.990 | 4.471.897 | 4.143.166 | 2.382.334 | |||||
| D) Technical Provisions | 13.139.722 | 15.132.793 | 10.641.922 | 10.941.517 | 11.062.919 | |||||
| a) Provisions for Current Liabilities | 5.261.498 | 3.732.271 | 1.969.088 | 1.617.780 | 1.088.694 | |||||
| b) Reserves for Outstanding Loss | 3.556.591 | 4.682.252 | 1.261.765 | 940.282 | 766.618 | |||||
| c) Life Branch Mathematical Reserves | 3.763.597 | 5.076.512 | 5.127.596 | 5.304.908 | 5.409.069 | |||||
| d) Life Branch Provision for Divident | 427.317 | 1.574.998 | 2.250.985 | 3.037.463 | 3.756.370 | |||||
| e) Provision for Earthquake Losses | 130.720 | 66.760 | 32.488 | 41.084 | 42.167 | |||||
| f) Other Technical Provisions | 0 | 0 | 0 | 0 | 0 | |||||
| E) Reinsurers' Shares in Transferred Technical Provisions | 3.660.963 | 2.201.760 | 2.013.262 | 1.120.590 | 705.132 | |||||
| a) Reinsurers' Shares in Current Liabilities | 2.138.954 | 1.304.148 | 965.941 | 809.797 | 322.687 | |||||
| b) Reinsurers' Shares in Outstanding Loss | 1.522.009 | 897.612 | 1.047.321 | 310.793 | 382.445 | |||||
| c) Reinsurers' Shares in Other Technical Provisions | 0 | 0 | 0 | 0 | 0 | |||||
| F) Other Expenses | 534.026 | 668.072 | 274.380 | 195.403 | 19.949 | |||||
| III.TECHNICAL PROFIT / (LOSS) (I-II) | -2.481.862 | -3.206.559 | -2.292.236 | -2.943.039 | -3.127.283 | |||||
| IV.GENERAL EXPENSES | 4.417.245 | 5.625.206 | 2.110.685 | 1.774.959 | 1.397.775 | |||||
| A) Personnel Expenses | 1.489.491 | 1.747.212 | 958.961 | 909.620 | 589.737 | |||||
| B) Administrative Expenses | 2.344.425 | 1.521.777 | 804.968 | 671.072 | 547.800 | |||||
| C) Taxes and Other Duties | 10.730 | 0 | 0 | 0 | 0 | |||||
| D) Depreciation Expenses | 229.653 | 227.270 | 176.460 | 152.237 | 82.014 | |||||
| E) Provisions | 218.748 | 2.055.871 | 134.656 | 0 | 176.857 | |||||
| F) Other Expenses | 124.198 | 73.075 | 35.639 | 42.030 | 1.366 | |||||
| V.FINANCIAL INCOMES | 4.430.952 | 5.827.104 | 5.294.510 | 5.556.091 | 5.203.867 | |||||
| A) Interest Income | 2.835.932 | 4.567.890 | 4.676.178 | 2.000.946 | 4.319.607 | |||||
| B) Gains from Dividents | 12.546 | 0 | 0 | 0 | 0 | |||||
| C) Gains from Sales | 629.501 | 230.137 | 111.202 | 2.168.076 | 882.107 | |||||
| D) Rental Income | 1.763 | 0 | 1.281 | 25.552 | 1.216 | |||||
| E) Exchange Income | 545.818 | 1.026.083 | 503.725 | 1.359.208 | 938 | |||||
| F) Other Income and Gains | 405.393 | 2.995 | 2.124 | 2.309 | 0 | |||||
| VI.FINANCIAL EXPENSES | 19.849 | 244.693 | 224.882 | 530.900 | 174.781 | |||||
| A) Interest Expenses | 0 | 29 | 1.242 | 0 | 13.223 | |||||
| B) Loss from Sales | 0 | 2.162 | 0 | 296.691 | 67.707 | |||||
| C) Exchange Expenses | 19.849 | 242.502 | 223.640 | 157.777 | 93.851 | |||||
| D) Provisions | 0 | 0 | 0 | 76.432 | 0 | |||||
| E) Other Expenses | 0 | 0 | 0 | 0 | 0 | |||||
| VII.ELEMENTER BRANCH TECHNICAL PROFIT / (LOSS) | -2.481.862 | -3.206.559 | -2.292.236 | -2.943.039 | -3.127.283 | |||||
| VIII.PROFIT / (LOSS) FROM OTHER OPERATIONS | -6.142 | -42.795 | 2.958.943 | 3.250.233 | 3.631.312 | |||||
| IX.TOTAL PROFIT / (LOSS) | -2.488.003 | -3.249.354 | 666.707 | 307.193 | 504.029 | |||||