Ratios



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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

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