Comparative Balance Sheet



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MERKEZ SİGORTA A.Ş.
COMPARATIVE BALANCE SHEET ANALYSIS
(Currency in US Dollars)
LIABILITIES   1995   1996 DIFFERENCE   1997 DIFFERENCE   1998 DIFFERENCE   1999 DIFFERENCE
          Amount %     Amount %     Amount %     Amount %
A. SHORT TERM LIABILITIES                                    
   I. PAYABLES   2.858.533   2.948.776 90.243 3,16   2.337.971 (610.805) (20,71)   1.440.537 (897.434) (38,39)   1.384.878 (55.659) (3,86)
     A. Insurance and Reinsurance Companies   933.171   1.654.820 721.648 77,33   1.572.825 (81.995) (4,95)   847.817 (725.008) (46,10)   989.368 141.551 16,70
     B. Reserves at Insurance and Reinsurance Companies   1.547.947   937.769 (610.178) (39,42)   406.602 (531.166) (56,64)   457.502 50.900 12,52   371.151 (86.351) (18,87)
     C. Taxes and Other Duties Payable   233.537   155.874 (77.663) (33,26)   79.452 (76.422) (49,03)   21.375 (58.078) (73,10)   (100.908) (122.282) (572,09)
     D. Other Payables   143.878   200.314 56.436 39,22   279.092 78.778 39,33   113.843 (165.249) (59,21)   125.267 11.423 10,03
TOTAL SHORT TERM LIABILITIES   2.858.533   2.948.776 90.243 3,16   2.337.971 (610.805) (20,71)   1.440.537 (897.434) (38,39)   1.384.878 (55.659) (3,86)
B. LONG TERM LIABILITIES                                    
  II. PROVISIONS   9.948.407   9.476.071 (472.336) (4,75)   7.329.723 (2.146.348) (22,65)   8.050.656 720.933 9,84   8.870.333 819.677 10,18
      A.Technical Reserves   9.894.352   9.283.894 (610.458) (6,17)   7.235.182 (2.048.713) (22,07)   7.926.742 691.561 9,56   8.709.653 782.910 9,88
        a. Provisions for Current Liabilities (Net)   2.586.440   1.496.170 (1.090.270) (42,15)   478.173 (1.017.997) (68,04)   610.961 132.788 27,77   535.918 (75.043) (12,28)
        b. Reserves for Outstanding Loss (Net)   1.736.008   2.069.159 333.150 19,19   537.511 (1.531.647) (74,02)   291.907 (245.604) (45,69)   336.163 44.256 15,16
        c. Life Branch Mathematical Reserves (Net)   4.463.094   3.943.110 (519.984) (11,65)   3.909.933 (33.177) (,84)   4.389.120 479.187 12,26   4.544.027 154.908 3,53
        d. Life Branch Outstanding Indemnities Reserves (Net)   105.994   46.710 (59.284) (55,93)   31.881 (14.829) (31,75)   13.684 (18.198) (57,08)   29.051 15.368 112,31
        e. Life Branch Provision for Divident (Net)   592.066   1.223.358 631.292 106,63   1.716.438 493.080 40,31   2.513.105 796.667 46,41   3.155.635 642.531 25,57
        f. Provisions for Earthquake Loss   410.751   505.388 94.637 23,04   561.245 55.857 11,05   107.966 (453.279) (80,76)   108.857 891 ,83
      B. Other Provisions   54.055   192.177 138.121 255,52   94.541 (97.636) (50,81)   123.914 29.372 31,07   160.680 36.766 29,67
        a. Provisions for Retirement Pay Liabilities   54.055   47.855 (6.200) (11,47)   51.540 3.685 7,70   65.926 14.385 27,91   88.220 22.294 33,82
        b. Other Provisions and Liabilities       144.321 144.321     43.001 (101.321) (70,20)   57.988 14.987 34,85   72.460 14.472 24,96
  III. OTHER PAYABLES                                    
TOTAL LONG TERM LIABILITIES   9.948.407   9.476.071 (472.336) (4,75)   7.329.723 (2.146.348) (22,65)   8.050.656 720.933 9,84   8.870.333 819.677 10,18
C. OWNER'S EQUITY                                    
   IV. OWNER'S EQUITY   1.022.931   (1.167.145) (2.190.076) (214,10)   1.541.166 2.708.311 (232,05)   1.471.542 (69.624) (4,52)   1.507.102 35.560 2,42
    A. Paid-up Capital   8.168.812   9.219.214 1.050.403 12,86   11.110.050 1.890.836 20,51   11.110.050       11.110.050    
        a. Share Capital   9.219.214   9.219.214       11.110.050 1.890.836 20,51   11.110.050       11.110.050    
        b. Unpaid Capital (-)   (1.050.403)     1.050.403 (100,00)                        
    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   653.292 209.213 47,11   833.689 180.397 27,61   1.042.008 208.319 24,99   1.124.816 82.808 7,95
    F. Special Funds                                    
    G. Translation Differences   (6.000.024)   (6.200.361) (200.337) 3,34   (6.229.990) (29.629) ,48   (6.815.126) (585.136) 9,39   (7.366.403) (551.277) 8,09
    H. Deficit / Loss (-)            (2.488.003)   (5.737.357) (3.249.354) 130,60   (5.737.357)       (5.737.357)       (5.737.357)    
        a. Loss for the Period   (2.488.003)   (3.249.354) (761.351) 30,60     3.249.354 (100,00)                
        b. Accumulated Deficit       (2.488.003) (2.488.003)     (5.737.357) (3.249.354) 130,60   (5.737.357)       (5.737.357)    
    I. Profit / Surplus   259.264   259.264       925.971 666.707 257,15   1.233.165 307.193 33,18   1.737.194 504.029 40,87
        a. Profit for the Period               666.707 666.707     307.193 (359.514) (53,92)   504.029 196.836 64,08
        b. Accumulated Surplus   259.264   259.264       259.264       925.971 666.707 257,15   1.233.165 307.193 33,18
TOTAL OWNER'S EQUITY   1.022.931   (1.167.145) (2.190.076) (214,10)   1.541.166 2.708.311 (232,05)   1.471.542 (69.624) (4,52)   1.507.102 35.560 2,42
TOTAL LIABILITIES   13.829.871   11.257.702 (2.572.168) (18,60)   11.208.860 (48.842) (,43)   10.962.735 (246.125) (2,20)   11.762.313 799.578 7,29

* The differences in percentage are calculated by dividing the difference's figures to the prior year's figures.

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