Balance Sheet



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MERKEZ SİGORTA A.Ş.
BALANCE SHEETS FOR THE YEARS ENDED 30.09.1999 , 31.12.1998 , 31.12.1997 , 31.12.1996 AND 31.12.1995
                     
(Currency in US Dollars)
                     
LIABILITIES   1995   1996   1997   1998   1999
                     
   I. PAYABLES   2.858.533   2.948.776   2.337.971   1.440.537   1.384.878
     A. Insurance and Reinsurance Companies   933.171   1.654.820   1.572.825   847.817   989.368
     B. Reserves at Insurance and Reinsurance Companies   1.547.947   937.769   406.602   457.502   371.151
     C. Taxes and Other Duties Payable   233.537   155.874   79.452   21.375   (100.908)
     D. Other Payables   143.878   200.314   279.092   113.843   125.267
  II. PROVISIONS   9.948.407   9.476.071   7.329.723   8.050.656   8.870.333
      A.Technical Reserves   9.894.352   9.283.894   7.235.182   7.926.742   8.709.653
        a. Provisions for Current Liabilities (Net)   2.586.440   1.496.170   478.173   610.961   535.918
        b. Reserves for Outstanding Loss (Net)   1.736.008   2.069.159   537.511   291.907   336.163
        c. Life Branch Mathematical Reserves (Net)   4.463.094   3.943.110   3.909.933   4.389.120   4.544.027
        d. Life Branch Outstanding Indemnities Reserves (Net)   105.994   46.710   31.881   13.684   29.051
        e. Life Branch Provision for Divident (Net)   592.066   1.223.358   1.716.438   2.513.105   3.155.635
        f. Provisions for Earthquake Loss   410.751   505.388   561.245   107.966   108.857
      B. Other Provisions   54.055   192.177   94.541   123.914   160.680
        a. Provisions for Retirement Pay Liabilities   54.055   47.855   51.540   65.926   88.220
        b. Other Provisions and Liabilities       144.321   43.001   57.988   72.460
  III. OTHER PAYABLES                    
   IV. OWNER'S EQUITY   1.022.931   (1.167.145)   1.541.166   1.471.542   1.507.102
    A. Paid-up Capital   8.168.812   9.219.214   11.110.050   11.110.050   11.110.050
        a. Share Capital   9.219.214   9.219.214   11.110.050   11.110.050   11.110.050
        b. Unpaid Capital (-)   (1.050.403)                
    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   833.689   1.042.008   1.124.816
    F. Special Funds                    
    G. Translation Differences   (6.000.024)   (6.200.361)   (6.229.990)   (6.815.126)   (7.366.403)
    G. Deficit / Loss (-)            (2.488.003)   (5.737.357)   (5.737.357)   (5.737.357)   (5.737.357)
        a. Loss for the Period   (2.488.003)   (3.249.354)            
        b. Accumulated Deficit       (2.488.003)   (5.737.357)   (5.737.357)   (5.737.357)
    H. Profit / Surplus   259.264   259.264   925.971   1.233.165   1.737.194
        a. Profit for the Period           666.707   307.193   504.029
        b. Accumulated Surplus   259.264   259.264   259.264   925.971   1.233.165
                     
TOTAL LIABILITIES   13.829.871   11.257.702   11.208.860   10.962.735   11.762.313

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