| MERKEZ SIGORTA A.S. | |||||||||||
| RATIO ANALYSIS OF FINANCIAL STATEMENTS | |||||||||||
| 1995 | 1996 | 1997 | 1998 | 1999 | |||||||
| LIQUIDITY RATIOS | |||||||||||
| *Current Ratio | 4,420 | 3,570 | 4,596 | 7,339 | 8,269 | ||||||
| LEVERAGE RATIOS | |||||||||||
| *Debt to Total Assets Ratio | ,926 | 1,104 | ,863 | ,866 | ,872 | ||||||
| *Debt to Equity Ratio | ,537 | ,465 | ,746 | ,757 | ,708 | ||||||
| ACTIVITY RATIOS | |||||||||||
| *Average Collection Period in Days | 73,926 | 27,706 | 43,492 | 49,959 | 56,225 | ||||||
| *Average Pay Up Period in Days | 28,518 | 32,768 | 36,934 | 27,253 | 33,312 | ||||||
| *Fixed-Assets Turnover | 47,784 | 44,637 | 43,981 | 45,452 | 44,439 | ||||||
| *Total-Assets Turnover | 2,512 | 2,719 | 1,815 | 1,621 | 1,173 | ||||||
| PROFITABILITY RATIOS | |||||||||||
| *Gross Profit Margin % | (,071) | (,105) | (,113) | (,166) | (,227) | ||||||
| *Net Operating Margin % | (,188) | (,219) | (,208) | (,263) | (,315) | ||||||
| *Profit Margin on Sales % | (,072) | (,106) | ,033 | ,017 | ,037 | ||||||
| *Return on Total Assets % | (,180) | (,289) | ,059 | ,028 | ,043 | ||||||
| *Return on Equity % | (,335) | (,621) | ,080 | ,037 | ,060 | ||||||
| OTHER RATIOS | |||||||||||
| *Earning per Share | (,0124) | (,0162) | ,0013 | ,0006 | ,0010 | ||||||
| *Pre-tax Profit Margin on Gross Profit | 1,002 | 1,013 | 1,013 | (,291) | (,161) | ||||||
| OTHER INFOS | |||||||||||
| Net Underwriting Results | (2.481.862) | (3.206.559) | (2.292.236) | (2.943.039) | (3.127.283) | ||||||
| Net Fixed Asset Value | 727.131 | 685.877 | 462.624 | 390.935 | 310.578 | ||||||
| Net Technical Reserves | 9.894.352 | 9.283.894 | 7.235.182 | 7.926.742 | 8.709.653 | ||||||
| Premiums Written | 17.580.835 | 13.769.992 | 7.640.900 | 6.864.180 | 4.439.047 | ||||||
| Technical Reserves | 5.861.792 | 6.173.387 | 2.584.027 | 4.539.506 | 4.186.505 | ||||||
| Net Incurred Claims | 10.934.008 | 10.135.091 | 3.229.413 | 4.322.066 | 2.519.091 | ||||||