Comparative Balance Sheet



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MERKEZ SIGORTA A.S.
COMPARATIVE BALANCE SHEET ANALYSIS IN PERCENTAGE METHOD
(Currency in US Dollars)
LIABILITIES   1995 PERCENTAGE   1996 PERCENTAGE   1997 PERCENTAGE   1998 PERCENTAGE   1999 PERCENTAGE
      A B     A B     A B     A B     A B
A. SHORT TERM LIABILITIES                                        
   I. PAYABLES   2.858.533 100,00 20,67   2.948.776 100,00 26,19   2.337.971 100,00 20,86   1.440.537 100,00 13,14   1.384.878 100,00 11,77
     A. Insurance and Reinsurance Companies   933.171 32,65 6,75   1.654.820 56,12 14,70   1.572.825 67,27 14,03   847.817 58,85 7,73   989.368 71,44 8,41
     B. Reserves at Insurance and Reinsurance Companies   1.547.947 54,15 11,19   937.769 31,80 8,33   406.602 17,39 3,63   457.502 31,76 4,17   371.151 26,80 3,16
     C. Taxes and Other Duties Payable   233.537 8,17 1,69   155.874 5,29 1,38   79.452 3,40 ,71   21.375 1,48 ,19   (100.908) (7,29) (,86)
     D. Other Payables   143.878 5,03 1,04   200.314 6,79 1,78   279.092 11,94 2,49   113.843 7,90 1,04   125.267 9,05 1,06
TOTAL SHORT TERM LIABILITIES   2.858.533 100 20,67   2.948.776 100 26,19   2.337.971 100 20,86   1.440.537 100 13,14   1.384.878 100 11,77
                                         
B. LONG TERM LIABILITIES                                        
  II. PROVISIONS   9.948.407 100,00 71,93   9.476.071 100,00 84,17   7.329.723 100,00 65,39   8.050.656 100,00 73,44   8.870.333 100,00 75,41
      A.Technical Reserves   9.894.352 99,46 71,54   9.283.894 97,97 82,47   7.235.182 98,71 64,55   7.926.742 98,46 72,31   8.709.653 98,19 74,05
      B. Other Provisions   54.055 ,54 ,39   192.177 2,03 1,71   94.541 1,29 ,84   123.914 1,54 1,13   160.680 1,81 1,37
  III. OTHER PAYABLES                                        
TOTAL LONG TERM LIABILITIES   9.948.407 100 71,93   9.476.071 100 84,17   7.329.723 100 65,39   8.050.656 100 73,44   8.870.333 100 75,41
                                         
C. OWNER'S EQUITY                                        
   IV. OWNER'S EQUITY   1.022.931 100,00 7,40   (1.167.145) 100,00 (10,37)   1.541.166 100,00 13,75   1.471.542 100,00 13,42   1.507.102 100,00 12,81
    A. Paid-up Capital   8.168.812 798,57 59,07   9.219.214 (789,89) 81,89   11.110.050 720,89 99,12   11.110.050 754,99 101,34   11.110.050 737,18 94,45
    B. Legal Reserves   414.698 40,54 3,00   414.698 (35,53) 3,68   414.698 26,91 3,70   414.698 28,18 3,78   414.698 27,52 3,53
    C. Extraordinary Reserves   224.105 21,91 1,62   224.105 (19,20) 1,99   224.105 14,54 2,00   224.105 15,23 2,04   224.105 14,87 1,91
    D. Voluntary Reserves                                        
    E. Revaluation Fund   444.079 43,41 3,21   653.292 (55,97) 5,80   833.689 54,09 7,44   1.042.008 70,81 9,51   1.124.816 74,63 9,56
    F. Special Funds                                        
    G. Translation Differences   (6.000.024) (586,55) (43,38)   (6.200.361) 531,24 (55,08)   (6.229.990) (404,24) (55,58)   (6.815.126) (463,13) (62,17)   (7.366.403) (488,78) (62,63)
    H. Deficit / Loss (-)            (2.488.003) (243,22) (17,99)   (5.737.357) 491,57 (50,96)   (5.737.357) (372,27) (51,19)   (5.737.357) (389,89) (52,34)   (5.737.357) (380,69) (48,78)
    I. Profit / Surplus   259.264 25,35 1,87   259.264 (22,21) 2,30   925.971 60,08 8,26   1.233.165 83,80 11,25   1.737.194 115,27 14,77
TOTAL OWNER'S EQUITY   1.022.931 100 7,40   (1.167.145) 100 (10,37)   1.541.166 100 13,75   1.471.542 100 13,42   1.507.102 100 12,81
TOTAL LIABILITIES   13.829.871   100   11.257.702   100   11.208.860   100   10.962.735   100   11.762.313   100


A.) Percentages set on these columns are calculated by dividing each account to its group total.  
B.) Percentages set on these columns are calculated by dividing each account to total assets or total liabilities and owner's equity accounts accepted with a rate of 100% .  

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