| MERKEZ SİGORTA A.Ş. | ||||||||||||||||||
| COMPARATIVE BALANCE SHEET ANALYSIS | ||||||||||||||||||
| (Currency in US Dollars) | ||||||||||||||||||
| LIABILITIES | 1995 | 1996 | DIFFERENCE | 1997 | DIFFERENCE | 1998 | DIFFERENCE | 1999 | DIFFERENCE | |||||||||
| Amount | % | Amount | % | Amount | % | Amount | % | |||||||||||
| A. SHORT TERM LIABILITIES | ||||||||||||||||||
| I. PAYABLES | 2.858.533 | 2.948.776 | 90.243 | 3,16 | 2.337.971 | (610.805) | (20,71) | 1.440.537 | (897.434) | (38,39) | 1.384.878 | (55.659) | (3,86) | |||||
| A. Insurance and Reinsurance Companies | 933.171 | 1.654.820 | 721.648 | 77,33 | 1.572.825 | (81.995) | (4,95) | 847.817 | (725.008) | (46,10) | 989.368 | 141.551 | 16,70 | |||||
| B. Reserves at Insurance and Reinsurance Companies | 1.547.947 | 937.769 | (610.178) | (39,42) | 406.602 | (531.166) | (56,64) | 457.502 | 50.900 | 12,52 | 371.151 | (86.351) | (18,87) | |||||
| C. Taxes and Other Duties Payable | 233.537 | 155.874 | (77.663) | (33,26) | 79.452 | (76.422) | (49,03) | 21.375 | (58.078) | (73,10) | (100.908) | (122.282) | (572,09) | |||||
| D. Other Payables | 143.878 | 200.314 | 56.436 | 39,22 | 279.092 | 78.778 | 39,33 | 113.843 | (165.249) | (59,21) | 125.267 | 11.423 | 10,03 | |||||
| TOTAL SHORT TERM LIABILITIES | 2.858.533 | 2.948.776 | 90.243 | 3,16 | 2.337.971 | (610.805) | (20,71) | 1.440.537 | (897.434) | (38,39) | 1.384.878 | (55.659) | (3,86) | |||||
| B. LONG TERM LIABILITIES | ||||||||||||||||||
| II. PROVISIONS | 9.948.407 | 9.476.071 | (472.336) | (4,75) | 7.329.723 | (2.146.348) | (22,65) | 8.050.656 | 720.933 | 9,84 | 8.870.333 | 819.677 | 10,18 | |||||
| A.Technical Reserves | 9.894.352 | 9.283.894 | (610.458) | (6,17) | 7.235.182 | (2.048.713) | (22,07) | 7.926.742 | 691.561 | 9,56 | 8.709.653 | 782.910 | 9,88 | |||||
| a. Provisions for Current Liabilities (Net) | 2.586.440 | 1.496.170 | (1.090.270) | (42,15) | 478.173 | (1.017.997) | (68,04) | 610.961 | 132.788 | 27,77 | 535.918 | (75.043) | (12,28) | |||||
| b. Reserves for Outstanding Loss (Net) | 1.736.008 | 2.069.159 | 333.150 | 19,19 | 537.511 | (1.531.647) | (74,02) | 291.907 | (245.604) | (45,69) | 336.163 | 44.256 | 15,16 | |||||
| c. Life Branch Mathematical Reserves (Net) | 4.463.094 | 3.943.110 | (519.984) | (11,65) | 3.909.933 | (33.177) | (,84) | 4.389.120 | 479.187 | 12,26 | 4.544.027 | 154.908 | 3,53 | |||||
| d. Life Branch Outstanding Indemnities Reserves (Net) | 105.994 | 46.710 | (59.284) | (55,93) | 31.881 | (14.829) | (31,75) | 13.684 | (18.198) | (57,08) | 29.051 | 15.368 | 112,31 | |||||
| e. Life Branch Provision for Divident (Net) | 592.066 | 1.223.358 | 631.292 | 106,63 | 1.716.438 | 493.080 | 40,31 | 2.513.105 | 796.667 | 46,41 | 3.155.635 | 642.531 | 25,57 | |||||
| f. Provisions for Earthquake Loss | 410.751 | 505.388 | 94.637 | 23,04 | 561.245 | 55.857 | 11,05 | 107.966 | (453.279) | (80,76) | 108.857 | 891 | ,83 | |||||
| B. Other Provisions | 54.055 | 192.177 | 138.121 | 255,52 | 94.541 | (97.636) | (50,81) | 123.914 | 29.372 | 31,07 | 160.680 | 36.766 | 29,67 | |||||
| a. Provisions for Retirement Pay Liabilities | 54.055 | 47.855 | (6.200) | (11,47) | 51.540 | 3.685 | 7,70 | 65.926 | 14.385 | 27,91 | 88.220 | 22.294 | 33,82 | |||||
| b. Other Provisions and Liabilities | 144.321 | 144.321 | 43.001 | (101.321) | (70,20) | 57.988 | 14.987 | 34,85 | 72.460 | 14.472 | 24,96 | |||||||
| III. OTHER PAYABLES | ||||||||||||||||||
| TOTAL LONG TERM LIABILITIES | 9.948.407 | 9.476.071 | (472.336) | (4,75) | 7.329.723 | (2.146.348) | (22,65) | 8.050.656 | 720.933 | 9,84 | 8.870.333 | 819.677 | 10,18 | |||||
| C. OWNER'S EQUITY | ||||||||||||||||||
| IV. OWNER'S EQUITY | 1.022.931 | (1.167.145) | (2.190.076) | (214,10) | 1.541.166 | 2.708.311 | (232,05) | 1.471.542 | (69.624) | (4,52) | 1.507.102 | 35.560 | 2,42 | |||||
| A. Paid-up Capital | 8.168.812 | 9.219.214 | 1.050.403 | 12,86 | 11.110.050 | 1.890.836 | 20,51 | 11.110.050 | 11.110.050 | |||||||||
| a. Share Capital | 9.219.214 | 9.219.214 | 11.110.050 | 1.890.836 | 20,51 | 11.110.050 | 11.110.050 | |||||||||||
| b. Unpaid Capital (-) | (1.050.403) | 1.050.403 | (100,00) | |||||||||||||||
| 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 | 209.213 | 47,11 | 833.689 | 180.397 | 27,61 | 1.042.008 | 208.319 | 24,99 | 1.124.816 | 82.808 | 7,95 | |||||
| F. Special Funds | ||||||||||||||||||
| G. Translation Differences | (6.000.024) | (6.200.361) | (200.337) | 3,34 | (6.229.990) | (29.629) | ,48 | (6.815.126) | (585.136) | 9,39 | (7.366.403) | (551.277) | 8,09 | |||||
| H. Deficit / Loss (-) | (2.488.003) | (5.737.357) | (3.249.354) | 130,60 | (5.737.357) | (5.737.357) | (5.737.357) | |||||||||||
| a. Loss for the Period | (2.488.003) | (3.249.354) | (761.351) | 30,60 | 3.249.354 | (100,00) | ||||||||||||
| b. Accumulated Deficit | (2.488.003) | (2.488.003) | (5.737.357) | (3.249.354) | 130,60 | (5.737.357) | (5.737.357) | |||||||||||
| I. Profit / Surplus | 259.264 | 259.264 | 925.971 | 666.707 | 257,15 | 1.233.165 | 307.193 | 33,18 | 1.737.194 | 504.029 | 40,87 | |||||||
| a. Profit for the Period | 666.707 | 666.707 | 307.193 | (359.514) | (53,92) | 504.029 | 196.836 | 64,08 | ||||||||||
| b. Accumulated Surplus | 259.264 | 259.264 | 259.264 | 925.971 | 666.707 | 257,15 | 1.233.165 | 307.193 | 33,18 | |||||||||
| TOTAL OWNER'S EQUITY | 1.022.931 | (1.167.145) | (2.190.076) | (214,10) | 1.541.166 | 2.708.311 | (232,05) | 1.471.542 | (69.624) | (4,52) | 1.507.102 | 35.560 | 2,42 | |||||
| TOTAL LIABILITIES | 13.829.871 | 11.257.702 | (2.572.168) | (18,60) | 11.208.860 | (48.842) | (,43) | 10.962.735 | (246.125) | (2,20) | 11.762.313 | 799.578 | 7,29 | |||||