| MERKEZ SIGORTA A.S. | ||||||||||||||||||
| COMPARATIVE INCOME STATEMENT ANALYSIS | ||||||||||||||||||
| (Currency in US Dollars) | ||||||||||||||||||
| 1995 | 1996 | DIFFERENCE | 1997 | DIFFERENCE | 1998 | DIFFERENCE | 1999 | DIFFERENCE | ||||||||||
| Amount | % | Amount | % | Amount | % | Amount | % | |||||||||||
| I.TECHNICAL INCOMES | 34.745.187 | 30.615.203 | (4.129.983) | (11,89) | 20.346.859 | (10.268.345) | (33,54) | 17.768.609 | (2.578.250) | (12,67) | 13.801.651 | (3.966.959) | (22,33) | |||||
| A) Collected Premiums | 17.580.835 | 13.769.992 | (3.810.843) | (21,68) | 7.640.900 | (6.129.092) | (44,51) | 6.864.180 | (776.720) | (10,17) | 4.439.047 | (2.425.133) | (35,33) | |||||
| B) Collected Commissions | 1.888.436 | 1.598.945 | (289.491) | (15,33) | 1.057.315 | (541.631) | (33,87) | 1.006.527 | (50.788) | (4,80) | 669.548 | (336.978) | (33,48) | |||||
| C) Reinsurers' Shares in Indemnities Payable | 4.404.614 | 2.512.189 | (1.892.425) | (42,96) | 1.724.394 | (787.796) | (31,36) | 2.033.342 | 308.948 | 17,92 | 867.032 | (1.166.310) | (57,36) | |||||
| D) Transferred Technical Provisions | 7.277.930 | 8.959.406 | 1.681.476 | 23,10 | 8.057.895 | (901.512) | (10,06) | 6.402.011 | (1.655.883) | (20,55) | 6.876.414 | 474.402 | 7,41 | |||||
| a) Provisions for Current Liabilities | 4.202.020 | 3.147.145 | (1.054.875) | (25,10) | 1.996.162 | (1.150.983) | (36,57) | 1.188.199 | (807.963) | (40,48) | 658.298 | (529.902) | (44,60) | |||||
| b) Reserves for Outstanding Loss | 3.075.910 | 2.210.151 | (865.760) | (28,15) | 2.504.248 | 294.098 | 13,31 | 761.382 | (1.742.866) | (69,60) | 629.861 | (131.521) | (17,27) | |||||
| c) Life Branch Mathematical Reserves | 2.715.114 | 2.715.114 | 3.094.126 | 379.012 | 13,96 | 3.553.568 | 459.441 | 14,85 | ||||||||||
| d) Life Branch Provision for Divident | 842.370 | 842.370 | 1.358.303 | 515.934 | 61,25 | 2.034.688 | 676.384 | 49,80 | ||||||||||
| e) Other Technical Provisions | 3.602.111 | 3.602.111 | (3.602.111) | (100,00) | ||||||||||||||
| E) Reinsurers' Shares in Technical Provisions | 3.581.731 | 3.764.243 | 182.512 | 5,10 | 1.857.046 | (1.907.197) | (50,67) | 1.450.272 | (406.774) | (21,90) | 940.977 | (509.295) | (35,12) | |||||
| a) Reinsurers' Shares in Current Liabilities | 2.146.693 | 1.806.043 | (340.650) | (15,87) | 1.341.998 | (464.045) | (25,69) | 879.343 | (462.656) | (34,48) | 609.099 | (270.244) | (30,73) | |||||
| b) Reinsurers' Shares in Outstanding Loss | 1.435.038 | 1.958.200 | 523.162 | 36,46 | 515.048 | (1.443.153) | (73,70) | 570.930 | 55.882 | 10,85 | 331.878 | (239.051) | (41,87) | |||||
| c) Reinsurers' Shares in Other Technical Provisions | ||||||||||||||||||
| F) Other Incomes | 11.640 | 10.427 | (1.213) | (10,42) | 9.310 | (1.118) | (10,72) | 12.277 | 2.967 | 31,87 | 8.633 | (3.644) | (29,68) | |||||
| II. TECHNICAL EXPENSES | 37.227.048 | 33.821.763 | (3.405.286) | (9,15) | 22.639.095 | (11.182.668) | (33,06) | 20.711.648 | (1.927.446) | (8,51) | 16.928.933 | (3.782.715) | (18,26) | |||||
| A) Premiums Given to Reinsurers | 7.210.016 | 6.503.636 | (706.380) | (9,80) | 4.536.341 | (1.967.295) | (30,25) | 3.496.564 | (1.039.777) | (22,92) | 2.286.632 | (1.209.932) | (34,60) | |||||
| B) Commissions Paid | 2.228.994 | 1.652.512 | (576.481) | (25,86) | 701.293 | (951.219) | (57,56) | 814.407 | 113.114 | 16,13 | 471.968 | (342.440) | (42,05) | |||||
| C) Indemnities Paid | 10.453.328 | 7.662.990 | (2.790.338) | (26,69) | 4.471.897 | (3.191.093) | (41,64) | 4.143.166 | (328.730) | (7,35) | 2.382.334 | (1.760.833) | (42,50) | |||||
| D) Technical Provisions | 13.139.722 | 15.132.793 | 1.993.071 | 15,17 | 10.641.922 | (4.490.871) | (29,68) | 10.941.517 | 299.595 | 2,82 | 11.062.919 | 121.401 | 1,11 | |||||
| a) Provisions for Current Liabilities | 5.261.498 | 3.732.271 | (1.529.227) | (29,06) | 1.969.088 | (1.763.183) | (47,24) | 1.617.780 | (351.308) | (17,84) | 1.088.694 | (529.086) | (32,70) | |||||
| b) Reserves for Outstanding Loss | 3.556.591 | 4.682.252 | 1.125.661 | 31,65 | 1.261.765 | (3.420.487) | (73,05) | 940.282 | (321.484) | (25,48) | 766.618 | (173.663) | (18,47) | |||||
| c) Life Branch Mathematical Reserves | 3.763.597 | 5.076.512 | 1.312.916 | 34,88 | 5.127.596 | 51.084 | 1,01 | 5.304.908 | 177.312 | 3,46 | 5.409.069 | 104.160 | 1,96 | |||||
| d) Life Branch Provision for Divident | 427.317 | 1.574.998 | 1.147.682 | 268,58 | 2.250.985 | 675.987 | 42,92 | 3.037.463 | 786.478 | 34,94 | 3.756.370 | 718.907 | 23,67 | |||||
| e) Provision for Earthquake Losses | 130.720 | 66.760 | (63.960) | (48,93) | 32.488 | (34.273) | (51,34) | 41.084 | 8.596 | 26,46 | 42.167 | 1.084 | 2,64 | |||||
| f) Other Technical Provisions | ||||||||||||||||||
| E) Reinsurers' Shares in Transferred Technical Provisions | 3.660.963 | 2.201.760 | (1.459.204) | (39,86) | 2.013.262 | (188.497) | (8,56) | 1.120.590 | (892.672) | (44,34) | 705.132 | (415.458) | (37,07) | |||||
| a) Reinsurers' Shares in Current Liabilities | 2.138.954 | 1.304.148 | (834.806) | (39,03) | 965.941 | (338.207) | (25,93) | 809.797 | (156.144) | (16,16) | 322.687 | (487.110) | (60,15) | |||||
| b) Reinsurers' Shares in Outstanding Loss | 1.522.009 | 897.612 | (624.398) | (41,02) | 1.047.321 | 149.709 | 16,68 | 310.793 | (736.528) | (70,32) | 382.445 | 71.652 | 23,05 | |||||
| c) Reinsurers' Shares in Other Technical Provisions | ||||||||||||||||||
| F) Other Expenses | 534.026 | 668.072 | 134.046 | 25,10 | 274.380 | (393.692) | (58,93) | 195.403 | (78.977) | (28,78) | 19.949 | (175.454) | (89,79) | |||||
| III.TECHNICAL PROFIT / (LOSS) (I-II) | (2.481.862) | (3.206.559) | (724.698) | 29,20 | (2.292.236) | 914.323 | (28,51) | (2.943.039) | (650.803) | 28,39 | (3.127.283) | (184.243) | 6,26 | |||||
| IV.GENERAL EXPENSES | 4.417.245 | 5.625.206 | 1.207.961 | 27,35 | 2.110.685 | (3.514.521) | (62,48) | 1.774.959 | (335.726) | (15,91) | 1.397.775 | (377.184) | (21,25) | |||||
| A) Personnel Expenses | 1.489.491 | 1.747.212 | 257.722 | 17,30 | 958.961 | (788.251) | (45,11) | 909.620 | (49.342) | (5,15) | 589.737 | (319.883) | (35,17) | |||||
| B) Administrative Expenses | 2.344.425 | 1.521.777 | (822.648) | (35,09) | 804.968 | (716.809) | (47,10) | 671.072 | (133.896) | (16,63) | 547.800 | (123.272) | (18,37) | |||||
| C) Taxes and Other Duties | 10.730 | (10.730) | (100,00) | |||||||||||||||
| D) Depreciation Expenses | 229.653 | 227.270 | (2.383) | (1,04) | 176.460 | (50.810) | (22,36) | 152.237 | (24.224) | (13,73) | 82.014 | (70.222) | (46,13) | |||||
| E) Provisions | 218.748 | 2.055.871 | 1.837.123 | 839,84 | 134.656 | (1.921.215) | (93,45) | (134.656) | (100,00) | 176.857 | 176.857 | |||||||
| F) Other Expenses | 124.198 | 73.075 | (51.123) | (41,16) | 35.639 | (37.436) | (51,23) | 42.030 | 6.391 | 17,93 | 1.366 | (40.665) | (96,75) | |||||
| V.FINANCIAL INCOMES | 4.430.952 | 5.827.104 | 1.396.151 | 31,51 | 5.294.510 | (532.593) | (9,14) | 5.556.091 | 261.581 | 4,94 | 5.203.867 | (352.224) | (6,34) | |||||
| A) Interest Income | 2.835.932 | 4.567.890 | 1.731.957 | 61,07 | 4.676.178 | 108.289 | 2,37 | 2.000.946 | (2.675.232) | (57,21) | 4.319.607 | 2.318.661 | 115,88 | |||||
| B) Gains from Dividents | 12.546 | (12.546) | (100,00) | |||||||||||||||
| C) Gains from Sales | 629.501 | 230.137 | (399.364) | (63,44) | 111.202 | (118.935) | (51,68) | 2.168.076 | 2.056.874 | 1.849,67 | 882.107 | (1.285.969) | (59,31) | |||||
| D) Rental Income | 1.763 | (1.763) | (100,00) | 1.281 | 1.281 | 25.552 | 24.271 | 1.894,69 | 1.216 | (24.337) | (95,24) | |||||||
| E) Exchange Income | 545.818 | 1.026.083 | 480.265 | 87,99 | 503.725 | (522.357) | (50,91) | 1.359.208 | 855.482 | 169,83 | 938 | (1.358.269) | (99,93) | |||||
| F) Other Income and Gains | 405.393 | 2.995 | (402.398) | (99,26) | 2.124 | (871) | (29,09) | 2.309 | 186 | 8,74 | (2.309) | (100,00) | ||||||
| VI.FINANCIAL EXPENSES | 19.849 | 244.693 | 224.843 | 1.132,75 | 224.882 | (19.811) | (8,10) | 530.900 | 306.018 | 136,08 | 174.781 | (356.119) | (67,08) | |||||
| A) Interest Expenses | 29 | 29 | 1.242 | 1.213 | 4.208,19 | (1.242) | (100,00) | 13.223 | 13.223 | |||||||||
| B) Loss from Sales | 2.162 | 2.162 | (2.162) | (100,00) | 296.691 | 296.691 | 67.707 | (228.984) | (77,18) | |||||||||
| C) Exchange Expenses | 19.849 | 242.502 | 222.653 | 1.121,72 | 223.640 | (18.862) | (7,78) | 157.777 | (65.863) | (29,45) | 93.851 | (63.926) | (40,52) | |||||
| D) Provisions | 76.432 | 76.432 | (76.432) | (100,00) | ||||||||||||||
| E) Other Expenses | ||||||||||||||||||
| VII.ELEMENTER BRANCH TECHNICAL PROFIT / (LOSS) | (2.481.862) | (3.206.559) | (724.698) | 29,20 | (2.292.236) | 914.323 | (28,51) | (2.943.039) | (650.803) | 28,39 | (3.127.283) | (184.243) | 6,26 | |||||
| VIII.PROFIT / (LOSS) FROM OTHER OPERATIONS | (6.142) | (42.795) | (36.653) | 596,80 | 2.958.943 | 3.001.738 | (7.014,25) | 3.250.233 | 291.289 | 9,84 | 3.631.312 | 381.079 | 11,72 | |||||
| IX.TOTAL PROFIT / (LOSS) | (2.488.003) | (3.249.354) | (761.351) | 30,60 | 666.707 | 3.916.061 | (120,52) | 307.193 | (359.514) | (53,92) | 504.029 | 196.836 | 64,08 | |||||