| MERKEZ SIGORTA A.S. | |||||||||||||||
| COMPARATIVE INCOME STATEMENT ANALYSIS IN PERCENTAGE METHOD | |||||||||||||||
| (Currency in US Dollars) | |||||||||||||||
| 1995 | % | 1996 | % | 1997 | % | 1998 | % | 1999 | % | ||||||
| I.TECHNICAL INCOMES | 34.745.187 | 100,00 | 30.615.203 | 100,00 | 20.346.859 | 100,00 | 17.768.609 | 100,00 | 13.801.651 | 100,00 | |||||
| A) Collected Premiums | 17.580.835 | 50,60 | 13.769.992 | 44,98 | 7.640.900 | 37,55 | 6.864.180 | 38,63 | 4.439.047 | 32,16 | |||||
| B) Collected Commissions | 1.888.436 | 5,44 | 1.598.945 | 5,22 | 1.057.315 | 5,20 | 1.006.527 | 5,66 | 669.548 | 4,85 | |||||
| C) Reinsurers' Shares in Indemnities Payable | 4.404.614 | 12,68 | 2.512.189 | 8,21 | 1.724.394 | 8,47 | 2.033.342 | 11,44 | 867.032 | 6,28 | |||||
| D) Transferred Technical Provisions | 7.277.930 | 20,95 | 8.959.406 | 29,26 | 8.057.895 | 39,60 | 6.402.011 | 36,03 | 6.876.414 | 49,82 | |||||
| E) Reinsurers' Shares in Technical Provisions | 3.581.731 | 10,31 | 3.764.243 | 12,30 | 1.857.046 | 9,13 | 1.450.272 | 8,16 | 940.977 | 6,82 | |||||
| F) Other Incomes | 11.640 | ,03 | 10.427 | ,03 | 9.310 | ,05 | 12.277 | ,07 | 8.633 | ,06 | |||||
| II. TECHNICAL EXPENSES | 37.227.048 | 107,14 | 33.821.763 | 110,47 | 22.639.095 | 111,27 | 20.711.648 | 116,56 | 16.928.933 | 122,66 | |||||
| A) Premiums Given to Reinsurers | 7.210.016 | 20,75 | 6.503.636 | 21,24 | 4.536.341 | 22,30 | 3.496.564 | 19,68 | 2.286.632 | 16,57 | |||||
| B) Commissions Paid | 2.228.994 | 6,42 | 1.652.512 | 5,40 | 701.293 | 3,45 | 814.407 | 4,58 | 471.968 | 3,42 | |||||
| C) Indemnities Paid | 10.453.328 | 30,09 | 7.662.990 | 25,03 | 4.471.897 | 21,98 | 4.143.166 | 23,32 | 2.382.334 | 17,26 | |||||
| D) Technical Provisions | 13.139.722 | 37,82 | 15.132.793 | 49,43 | 10.641.922 | 52,30 | 10.941.517 | 61,58 | 11.062.919 | 80,16 | |||||
| E) Reinsurers' Shares in Transferred Technical Provisions | 3.660.963 | 10,54 | 2.201.760 | 7,19 | 2.013.262 | 9,89 | 1.120.590 | 6,31 | 705.132 | 5,11 | |||||
| F) Other Expenses | 534.026 | 1,54 | 668.072 | 2,18 | 274.380 | 1,35 | 195.403 | 1,10 | 19.949 | ,14 | |||||
| III.TECHNICAL PROFIT / (LOSS) (I-II) | (2.481.862) | (7,14) | (3.206.559) | (10,47) | (2.292.236) | (11,27) | (2.943.039) | (16,56) | (3.127.283) | (22,66) | |||||
| IV.GENERAL EXPENSES | 4.417.245 | 12,71 | 5.625.206 | 18,37 | 2.110.685 | 10,37 | 1.774.959 | 9,99 | 1.397.775 | 10,13 | |||||
| A) Personnel Expenses | 1.489.491 | 4,29 | 1.747.212 | 5,71 | 958.961 | 4,71 | 909.620 | 5,12 | 589.737 | 4,27 | |||||
| B) Administrative Expenses | 2.344.425 | 6,75 | 1.521.777 | 4,97 | 804.968 | 3,96 | 671.072 | 3,78 | 547.800 | 3,97 | |||||
| C) Taxes and Other Duties | 10.730 | ,03 | |||||||||||||
| D) Depreciation Expenses | 229.653 | ,66 | 227.270 | ,74 | 176.460 | ,87 | 152.237 | ,86 | 82.014 | ,59 | |||||
| E) Provisions | 218.748 | ,63 | 2.055.871 | 6,72 | 134.656 | ,66 | 176.857 | 1,28 | |||||||
| F) Other Expenses | 124.198 | ,36 | 73.075 | ,24 | 35.639 | ,18 | 42.030 | ,24 | 1.366 | ,01 | |||||
| LOSS BEFORE FINANCIAL ITEMS | (6.899.106) | (19,86) | (8.831.765) | (28,85) | (4.402.921) | (21,64) | (4.717.998) | (26,55) | (4.525.057) | (32,79) | |||||
| V.FINANCIAL INCOMES | 4.430.952 | 12,75 | 5.827.104 | 19,03 | 5.294.510 | 26,02 | 5.556.091 | 31,27 | 5.203.867 | 37,70 | |||||
| A) Interest Income | 2.835.932 | 8,16 | 4.567.890 | 14,92 | 4.676.178 | 22,98 | 2.000.946 | 11,26 | 4.319.607 | 31,30 | |||||
| B) Gains from Dividents | 12.546 | ,04 | |||||||||||||
| C) Gains from Sales | 629.501 | 1,81 | 230.137 | ,75 | 111.202 | ,55 | 2.168.076 | 12,20 | 882.107 | 6,39 | |||||
| D) Rental Income | 1.763 | ,01 | 1.281 | ,01 | 25.552 | ,14 | 1.216 | ,01 | |||||||
| E) Exchange Income | 545.818 | 1,57 | 1.026.083 | 3,35 | 503.725 | 2,48 | 1.359.208 | 7,65 | 938 | ,01 | |||||
| F) Other Income and Gains | 405.393 | 1,17 | 2.995 | ,01 | 2.124 | ,01 | 2.309 | ,01 | |||||||
| VI.FINANCIAL EXPENSES | 19.849 | ,06 | 244.693 | ,80 | 224.882 | 1,11 | 530.900 | 2,99 | 174.781 | 1,27 | |||||
| A) Interest Expenses | 29 | ,00 | 1.242 | ,01 | 13.223 | ,10 | |||||||||
| B) Loss from Sales | 2.162 | ,01 | 296.691 | 1,67 | 67.707 | ,49 | |||||||||
| C) Exchange Expenses | 19.849 | ,06 | 242.502 | ,79 | 223.640 | 1,10 | 157.777 | ,89 | 93.851 | ,68 | |||||
| D) Provisions | 76.432 | ,43 | |||||||||||||
| E) Other Expenses | |||||||||||||||
| VII.ELEMENTER BRANCH TECHNICAL PROFIT / (LOSS) | (2.481.862) | (7,14) | (3.206.559) | (10,47) | (2.292.236) | (11,27) | (2.943.039) | (16,56) | (3.127.283) | (22,66) | |||||
| VIII.PROFIT / (LOSS) FROM OTHER OPERATIONS | (6.142) | (,02) | (42.795) | (,14) | 2.958.943 | 14,54 | 3.250.233 | 18,29 | 3.631.312 | 26,31 | |||||
| IX.TOTAL PROFIT / (LOSS) | (2.488.003) | (7,16) | (3.249.354) | (10,61) | 666.707 | 3,28 | 307.193 | 1,73 | 504.029 | 3,65 | |||||