Comparative Income Statement



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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


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