Comparative Income Statement %



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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

*The percentages are calculated by dividing each item to the technical income account of related years.

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