faal‹yet raporu annual report
Transkript
faal‹yet raporu annual report
Genel Müdürlük Büyükdere Cad. ‹fl Kuleleri Kule-2 4.Levent, 34330 ‹stanbul Tel: (212) 350 0 350 Faks: (212) 350 0 355 www.anadolusigorta.com.tr Global Reports LLC FAAL‹YET RAPORU ANNUAL REPORT FAAL‹YET RAPORU ANNUAL REPORT Global Reports LLC Anadolu Sigorta bir kurulufludur. Anadolu Sigorta is a subsidiary. Global Reports LLC 1 2 3 4 5 6 7 8 9 10 11 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 123456789123456789123456 1 2 3 4 5 6 7 8 9 10 ‹Ç‹NDEK‹LER 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 CONTENTS 4 5 6-7 8-9 10-11 12-13 14 15 16-17 18-19 20-21 22-23 24-25 26-27 28-29 31 32-35 36-39 40-41 42-43 44-45 46-47 48 Global Reports LLC Vizyonumuz, Misyonumuz Kurumsal De¤erlerimiz Y›l›n Özeti Yönetim Kurulu Dünyada Sigortac›l›k Türkiye’de Sigortac›l›k ‹cra Kurulu Sektörü ‹çinde Anadolu Sigorta Kaza Yang›n Nakliyat Mühendislik Tar›m Ferdi Kaza Hukuksal Koruma Mali Tablolar Bilanço Gelir Tablosu Fon Ak›m Tablosu Kâr Da¤›t›m Tablosu Ba¤›ms›z Denetçi Raporu Denetçi Raporu Özeti Adresler Our Vision, Our Mission Our Corporate Values Summary of the Year Board of Directors Insurance in the World Turkish Insurance in 2003 Executive Committee Anadolu Sigorta in the Sector Accident Fire Marine Engineering Agriculture Personal Accident Legal Protection Financial Statements Balance Sheet Statement of Income Statement of Cash Flow Statement of Profit Distribution Independent Auditor’s Report Summary of Statutory Auditor’s Report Addresses V‹ZYONUMUZ OUR VISION Anadolu Sigorta’y› sigortaya ihtiyac› To make Anadolu Sigorta a olan herkesin tercih edece¤i brand that everyone who sigorta markas› yapmak. needs to be insured will prefer. Uluslararas› sigortac›l›kta da To reach to a power that is referans gösterilen also referred to in the bir güce ulaflmak. International Insurance Business. M‹SYONUMUZ Anadolu Sigorta’n›n köklü, öncü, dürüst ve güçlü kurumsal de¤erlerinin ›fl›¤›nda; > Sektöre yön vermek, > Türkiye’de sigorta bilincinin yayg›nlaflmas›n› sa¤lamak, > Müflteri odakl› hizmet anlay›fl›n› uygulamak, > Finansal gücümüzü uluslararas› standartlara yükseltmek, > fiirketimizin de¤erini art›rmakt›r. 4 Global Reports LLC OUR MISSION In the light of entrenched, leading, ethical and powerful corporate values of Anadolu Sigorta; > To orientate the sector, > To make the public awareness of insurance spread throughout Turkey, > To implement the Customer Focused service mentality, > To raise our financial power to international standards, > To increase the value of our Company. KURUMSAL OUR CORPORATE DE⁄ERLERiMiZ VALUES ANADOLU S‹GORTA VE KÖKLÜ GEÇM‹fi Atatürk’ün talimat›yla kurulmufltur ve Türkiye’nin ilk ulusal sigorta flirketidir. Sigortac›l›k birikiminin getirdi¤i güçlü bir kurumsal yap›ya sahiptir. ANADOLU S‹GORTA VE ÖNCÜLÜK Ürün yaratmada öncüdür. Hizmette öncüdür. Teknolojide öncüdür. Kendini yenileme kabiliyetiyle öncülü¤ünün devaml›l›¤›n› sa¤lar. Toplumsal sorumlulukta öncü role sahiptir. ANADOLU S‹GORTA VE DÜRÜSTLÜK Etik de¤erlere sahiptir. Verdi¤i sözleri mutlaka tutar. fieffafl›k ilkesine sahiptir. ‹nsani de¤erlerden vazgeçmez. ANADOLU S‹GORTA VE GÜÇLÜ YAPI Süreklili¤i olan bir mali güce sahiptir. Yayg›n ve etkin hizmet a¤›na sahiptir. Geliflmifl, nitelikli insan kayna¤›na sahiptir. ‹fl Bankas› sinerjisinden güç al›r. ANADOLU S‹GORTA: A COMPANY ENTRENCHED IN HISTORY Anadolu Sigorta was founded in accordance with the instructions given by Mustafa Kemal Atatürk as the Turkey’s first national insurance company. It has a powerful corporate structure built on its knowledge of insurance accumulated through the years. ANADOLU S‹GORTA AND PIONEERSHIP Pioneer in creating product; Pioneer in service; Pioneer in technology; With its self-renewing ability preserves its pioneering position; It plays a pioneering role in social responsibility. ANADOLU S‹GORTA AND INTEGRITY It has ethical merits; It fulfills its promises definitely; It inheres in transparency as principle; It never abandons human values. ANADOLU S‹GORTA AND A POWERFUL STRUCTURE It has a stable financial power; It has an extended and efficient service network; It has a sophisticated and high qualified human source; It gains power from the synergy created by ‹fl Bankas›. 5 Global Reports LLC YILIN ÖZET‹ 2003: Öncülü¤ünü üstlendi¤imiz Maksimum Hizmet anlay›fl› ile misyonumuza sahip ç›karak yine sektör birincisi oldu¤umuz anahtar bir y›l. Sektöre yön vermek bizim misyonumuz. Türkiye’de sigorta bilincinin yayg›nlaflmas›n› sa¤lamak için girdi¤imiz araflt›rmalar bizi hizmet kalitesinin yükseltilmesi yönünde ilerlemeye teflvik etti. Bugün sigortac›l›k sektörüne yön verdi¤ine inand›¤›m›z Maksimum Hizmet Sigortac›l›¤›, yani bir sigorta flirketinden alabilece¤iniz azami hizmet anlay›fl› misyonumuza ba¤l›l›¤›m›zdan do¤du. Bu misyonu üstlenmek için bize bir vizyon gerekli ise o da Anadolu Sigorta’y› sigortaya ihtiyac› olan herkesin tercih edece¤i sigorta markas› yapmakt›r. Maksimum Hizmet’in özü budur. fiirketimiz 2003 y›l›n› 445,6 trilyon TL üretimle, bir önceki y›la göre %50,2’lik bir art›flla yine sektör birincisi olarak baflar›yla bitirmifl, %12,7 ile pazardan en yüksek pay› alm›flt›r. 2003 y›l› misyonumuz aç›s›ndan önemli kilometre tafllar›ndan biri olmufltur. Hedefimiz hizmet kalitemizin ve pazar pay›m›z›n yükselmesi ile birlikte sigortal› say›s›n› da art›rmakt›r. 2004’te hizmetlerimiz aras›na kat›lan sa¤l›k sigortas› ile hizmet alan›m›z› geniflletiyor ve önemli bir branflta daha sigorta bilinci afl›lama görevini üstleniyoruz. MAL‹ GÖSTERGELER Milyar TL 2000 2001 2002 2003 Toplam Prim Geliri 121.613,0 181.477,1 296.758,8 445.639,4 Kaza Yang›n Nakliyat Mühendislik Tar›m Ferdi Kaza Hukuksal Koruma Ödenen Toplam Hasar Teknik Rezervler (Net) Özvarl›k Sermaye Kâr (Vergi Öncesi) 74.493,9 95.525,1 156.093,7 238.525,7 30.313,6 53.181,6 87.116,7 135.233,3 7.416,7 17.122,0 27.597,3 33.985,7 3.747,7 8.960,5 16.315,1 23.593,7 53,6 57,6 71,1 132,4 4.965,5 5.812,8 8.607,2 12.516,5 622,0 817,5 957,7 1.652,0 50.022,5 84.984,7 133.116,2 201.851,6 47.025,4 72.575,3 110.858,0 214.197,4 36.189,6 59.074,7 101.182,9 142.169,8 30.000,0 50.000,0 80.000,0 80.000,0 33.695,0 59.089,2 77.454,2 59.433,9 6 Global Reports LLC Hedefe do¤ru yürürken bize gerekli bütün deste¤i ise Anadolu Sigorta’n›n kurumsal de¤erlerinden al›yoruz: köklü bir geçmiflimiz, öncü bir rolümüz, dürüstlük ilkemiz ve güçlü bir yap›m›z var. SUMMARY OF THE YEAR To orientate the sector is our mission. All the researches we have set about with the aim of making the awareness of insurance widespread have urged us to get further ahead in elevating the service quality. The maximum service you can get from an insurance company, that is Maximum Service Insurance, which we believe is now orientating the insurance sector, has been born out of our philosophy of maximum service. 2003: A remarkable year in which we have again been the leader of the sector by claiming our mission with the philosophy of Maximum Service in which we have been the pioneering leader. If we need a vision to undertake this mission, it is to make Anadolu Sigorta an insurance brand, which will be preferred by everyone who needs to be insured. This is the essence of Maximum Service. Our Company has ended the year 2003 with the production of 445.6 trillion TL, which, compared to that of the previous year, means an increase of 50.2%, and has taken the largest share of 12.7% of the market. The year 2003 has been one of the important milestones regarding our mission. Our goal is to increase the number of insured while elevating the quality of our service and increasing our market share. In 2004, we have extended our service range by adding health insurance to it, thus taking up the mission of making people more aware of insurance in another important branch. Walking towards to the target, we have taking all the support we need from the corporate values of Anadolu Sigorta: we have entrenched in history, we play a pioneering role, integrity is our principle, and we have a powerful structure. FINANCIAL HIGHLIGHTS TL in Billions 2000 2001 2002 2003 Total Premium Income 121,613.0 181,477.1 296,758.8 445,639.4 Accident Fire Marine Engineering Agriculture Personal Accident Legal Protection Claims Paid Technical Provisions (Net) Shareholders’ Equity Share Capital Income (Before Tax) 74,493.9 95,525.1 156,093.7 238,525.7 30,313.6 53,181.6 87,116.7 135,233.3 7,416.7 17,122.0 27,597.3 33,985.7 3,747.7 8,960.5 16,315.1 23,593.7 53.6 57.6 71.1 132.4 4,965.5 5,812.8 8,607.2 12,516.5 622.0 817.5 957.7 1,652.0 50,022.5 84,984.7 133,116.2 201,851.6 47,025.4 72,575.3 110,858.0 214,197.4 36,189.6 59,074.7 101,182.9 142,169.8 30,000.0 50,000.0 80,000.0 80,000.0 33,695.0 59,089.2 77,454.2 59,433.9 7 Global Reports LLC YÖNET‹M KURULU BOARD OF DIRECTORS Burhan Karagöz Baflkan Chairman Burhanettin Kantar Üye Director Suat Gürsoy Üye Director Daver Orhon Üye Director Engin Murat Yüksel Üye Director Mustafa Arca Denetçi Auditor Oktay Eke Denetçi Auditor 8 Global Reports LLC Ahmet Yavuz Baflkan Vekili Deputy Chairman G. Mahir Bayyurdo¤lu Üye ve Genel Müdür Director and Chief Executive Officer Hatice Hale Erpek Üye Director Ayd›n Süha Önder Üye Director Cevdet Sözdinler Denetçi Auditor 9 Global Reports LLC DÜNYADA S‹GORTACILIK Küresel ekonomi 2003’te, 2000 y›l›ndan bu yana devam eden yavafllama ve durgunluk döneminden, ABD’nin liderli¤inde ç›km›flt›r. Irak Savafl›’yla ilgili endifleler ve Çin’de ortaya ç›kan SARS salg›n›, y›l›n ilk çeyre¤inde önemli at›l›mlar yap›lmas›na engel olmakla birlikte, 2003’ün ikinci çeyre¤inden itibaren küresel ekonomi düzelmeye bafllam›flt›r. Gayri safi global hâs›la art›fl› 2003 y›l› genelinde yaklafl›k %3,2 olup, 2004 y›l›nda ise %4,1 oran›nda art›fl beklenmektedir. Geliflmifl ülke ekonomileri ortalama %1,8’lik büyüme gösterirken, geliflmekte olan ülke ekonomileri 2003’te %5 büyümüfltür. Ayn› trendin 2004’te de sürmesi, geliflmifl ülke ekonomilerinin %2,9’luk büyümesi, geliflmekte olan ülke ekonomilerinin ise %5,6 büyümesi beklenmektedir. Genel olarak dünya ticaret hacminin 2003 y›l›nda %2,9 gibi düflük oranl› art›fl›ndan sonra 2004 y›l›nda %5,5 kadar artmas› beklenmektedir. Euro/Dolar paritesi, 2003 y›l›na Amerikan ekonomisiyle ilgili belirsizlik ve Irak’la savafl korkusuna ba¤l› olarak yükseliflle girmifl; Euro yaz bafl›na kadar sert bir de¤erlenme sergilemifl ve Aral›k ay›nda ABD Dolar› karfl›s›nda 1,23’ü de aflarak bir rekor daha k›rm›flt›r. Di¤er taraftan, ABD Dolar›’n›n de¤er kayb›, di¤er para birimlerine karfl› eflit oranda gerçekleflmemifl, Asya merkez bankalar›n›n paralar›n›n de¤erlenmemesi için azimli çabalar› ekonomik ayarlamalar›n›n daha çok Euro ile yap›lmas›na yol açm›flt›r. 2002 y›l›n›n bafllar›ndan bu yana ABD Dolar› Euro karfl›s›nda %20 oran›nda de¤er kaybetmifltir. ABD Dolar›’n›n Euro karfl›s›nda düflmesi Avrupa ekonomilerinin ihracat› için dezavantaj olufltururken, Asya ülkeleri milli paralar›n› dolar karfl›s›nda zay›f tutarak Asya'n›n Amerika'ya ihracat›n› desteklemifltir. 2003, geliflmifl borsalar için yükselifl y›l› olmufltur. ABD’de teknoloji a¤›rl›kl› NASDAQ bileflik endeksi 2003 y›l›nda %46, Dow Jones sanayi endeksi ise %20 oran›nda de¤er kazan›rken Avrupa borsalar› da ABD borsalar› ile paralel görüntü çizmifltir. 1 y›ll›k süre içinde Alman Xetra Dax %35, Frans›z CAC 40 %15, ‹ngiliz FTSE 100 ise %11 de¤er kazanm›fl, Japon ekonomisine iliflkin iyimserli¤in artarak devam etmesinin Tokyo borsas›na iyi yönde yans›mas› sonucu Nikkei 225 endeksi y›lbafl›ndan bu yana % 23 oran›nda de¤erlenmifltir. Alt›n, 346 ABD Dolar› düzeyinden girdi¤i 2003 y›l›nda dalgal› bir seyir izlemifl, alt›n fiyatlar› fiubat bafl›nda yedi y›l›n zirvesi olan 376,50 ABD Dolar›’na ç›km›flt›r. Aral›k ay›nda ise son sekiz y›l›n en yüksek düzeyi olan 410 ABD Dolar›’na dayanm›flt›r. Sanayileflmifl ülke faiz oranlar› ise son 40 y›l›n en düflük seviyelerindedir. Ham petrol fiyatlar› fiubat sonunda 39,99 ABD Dolar›/varil ile Körfez savafl›ndan sonraki en yüksek düzeyi görmüfl ve y›l sonunu OPEC’in üretim kotas›n› düflürece¤i beklentisinin yaratt›¤› bask› ile geçen senenin üzerinde 33 ABD Dolar›/varil ile kapatm›flt›r. Dünya sigortac›l›¤› 2003 y›l›nda kesinleflen verilere göre 2002 y›l›nda %12,5 art›flla bir önceki y›l›n 970 milyar ABD Dolar› hayat d›fl› prim üretimini 1.091 milyar ABD Dolar›na ç›karm›fl ve tüm dünya ekonomisinde pay› %3,38 olarak gerçekleflmifltir. Hayat d›fl› branfllar toplam›nda yaflanan 121 milyar ABD Dolar› art›fl›n 60 milyar ABD Dolarl›k k›sm› ABD sektöründen kaynaklanm›flt›r. ABD, tek bafl›na, hayat d›fl› branfllarda tüm dünyada üretilen prim miktar›n›n %47,7’sini oluflturmufltur. 2002 y›l›nda bir önceki y›lda da oldu¤u gibi Kuzey Amerika (ABD ve Kanada) bölgesinin tüm hayat d›fl› sektörü toplam› 10 Global Reports LLC içerisindeki oran› yaklafl›k %50, Avrupa ülkelerinin oran› yaklafl›k %32, Asya ülkelerinin (sadece Japonya-%8,5) oran› ise yaklafl›k %13,5 olmufltur. ‹çinde bulundu¤umuz Avrupa sigorta sektörü, %15,5’lik bir art›flla, 299,5 milyar ABD Dolarl›k üretimden 346 milyar ABD Dolarl›k prim üretimine ulaflm›flt›r. Avrupa sigorta sektörü 10,221 milyar ABD Dolarl›k Avrupa ekonomisinin %3,38’ini temsil etmifltir. Asya sigorta sektörü ise 2002 y›l›nda, bir önceki seneye göre %8,1 art›flla 138 milyar ABD Dolarl›k üretimden 149 milyar ABD Dolarl›k prim üretimine ulaflm›flt›r. Asya sigorta sektörü, toplam 8,175 milyar ABD Dolarl›k Asya ekonomisinin %1,82’sini temsil etmifltir. Genel olarak prim üretim art›fl› tüm dünyada uzun dönem ortalamas›n›n (reel olarak %2,2) üzerinde gerçekleflerek (reel olarak %9,2) son 16 y›l›n en yüksek art›fl› olmufltur. Geliflmekte olan ülkeler art›fl› ise sanayileflmifl ülkeler art›fl›n›n üzerinde gerçekleflmifltir. Art›fl trendi 2003 y›l›nda da devam etmifltir. Bu sayede aç›klanacak 2003 y›l› teknik sonuçlar›n›n da iyileflmesi beklenmektedir. Dünya sigorta ve reasürans sektörü, 2003 y›l›nda meydana gelen yaklafl›k 17 milyar ABD Dolarl›k k›sm› sigortal› olmak üzere, toplam 65 milyar ABD Dolarl›k hasara neden olan katastrofik olaylara ra¤men rekorsuz bir hasar y›l› geçirmifltir. fiirketlerin gelirlerindeki art›fllar, uluslararas› kredi derecelendirme kurulufllar› taraf›ndan verilen notlarda beklenilen art›fla yans›mam›fl, flirketler üzerindeki sermaye art›fl› bask›lar› devam etmifltir. Bu bask› geçti¤imiz bir y›l içerisinde piyasaya yaklafl›k 27 milyar ABD Dolar› net fon girifli sa¤lam›flt›r. Avrupa flirketleri kaynakl› art›fl tutar›, 2003’teki sermaye art›fl›n›n %60’›n› oluflturmufltur. Bunun neredeyse yar›s› ise Munich Re kaynakl›d›r. Munich Re’ye bankac›l›k sektöründeki yat›r›m portföyünü küçültmesi yönündeki bask› sürmektedir. Bu arada sigortal› ç›kar›n›n korunmas› aç›s›ndan yola ç›k›p reasürörlerin direkt piyasada yaratt›¤› etki nedeniyle Alman Finansal Hizmetler Denetleme Kurulu (BaFin) da reasürans flirketleri üzerindeki kontrolünü art›rma amac›ndad›r. Hatta, Avrupa Birli¤i’nin reasürans denetimine iliflkin direktifinin yay›nlanmas›n›n gelecek seneye ertelenmesi üzerine BaFin bu konuda milli düzenlemeyi hayata geçirip Birlik Direktifi’nin yay›nlanmas›ndan sonra da Direktif’e uyum için gerekirse revize bir düzenlemeyi göze almaktad›r. Reasürans flirketlerinin kapasitelerinin büyük bir k›sm›n› katastrofik hasar fazlas› anlaflmalara ay›rmas›, kapasitenin ihtiyaçtan fazla olmas›na sebep olmufl, ancak daha önce keskin art›fllar gören piyasalardaki ›l›ml› indirimler d›fl›nda teknik esaslara dayal› fiyat disiplininin sürdü¤ü gözlenmifltir. Geçmifl tecrübeler, bu aflamadan sonra bir yandan “neden teknik esasl› fiyatland›rmaya ba¤l› kal›nmas› gerekti¤i”ne dair tart›flmalar sürerken bir yandan da s›ran›n fiyatlar›n inifle geçti¤i aflamaya geldi¤ini göstermektedir. 2004‘te katastrofik bir hasar meydana gelmezse, bu hakl› tart›flman›n bu sefer do¤ru sonucu mu yarataca¤›na, yoksa fiyat döngüsündeki aflamalardan birisi olarak sadece devam› belli bir süreçte rolünü mü oynam›fl olaca¤›na tüm taraflar birlikte flahit olacaklard›r. INSURANCE IN THE WORLD In the year 2003, the global economy has left behind the deceleration and recession period continuing since 2000, through the leadership of the USA. Although the worries about the war in Iraq and the SARS outbreak in China have prevented noticeable advancements in the first quarter of the year, the recovery in the global economy has started beginning from the second quarter of the year 2003. The USA has individually supplied 47.7% of the premium production around the world in non-life fields. In the year 2002, as in the previous year, the total share of North America (USA and Canada) in the non-life sector total has been approximately 50%, while that of the European countries has been 32% and of the Asian countries (solely Japan: 8.5%) has been 13.5% approximately. Throughout the year 2003, the increase in the Gross World Product has been approximately 3.2%; and an increase of 4.1% is expected in 2004. Compared to the 1.8% average growth in the economies of developed countries, the economies of the developing countries have exhibited a 5% growth in 2003. The same trend is likely to continue in 2004, with an expected growth of 2.9% in the economies of the developed countries and 5.6% in the economies of the developing countries. Following the lower growth of 2.9% in 2003 in the general world trade volume, the 2004 growth ratio is anticipated as 5.5%. The Euro/Dollar exchange rate has begun the year 2003 with an increasing trend caused by the uncertainty about the United States economy and the fear of the war in Iraq. The Euro has exhibited a steep revaluation trend until the beginning of the summer and it has broken a record in December by exceeding the ratio of 1.23 against the US Dollar. On the other hand, the decrease in the value of the US Dollar hasn’t been realized equally against all the other currencies, and the resolute efforts of the Asian Central Banks in order to prevent the revaluation of their currencies have resulted in economic adjustments performed mainly through the Euro. Since the beginning of 2002, the US Dollar observed a 20% devaluation against the Euro. This devaluation of the US Dollar versus the Euro has created a disadvantage for the exports of the European economies, whereas the Asian countries supported the export from Asia to the United States by maintaining weaker national currencies against the Dollar. 2003 has been a year of ascent for developed stock exchange markets. In the United States, in 2003, the technology-based NASDAQ composite index has gained 46% and the Dow Jones industrial index 20% value whilst the European stock exchange markets displayed a trend similar to that which experienced by the USA stock exchange markets. Within a period of one year, the German Xetra Dax has risen by 35%, the French CAC 40 by 15% and the British FTSE 100 by 11%. As the continuing optimism concerning the Japanese economy has been positively reflected on the Tokyo stock exchange, the Nikkei 225 has risen by 23% since the new year. The value of gold, which begun the year 2003 around 346 USD, has shown a fluctuating trend and the gold prices has reached the seven-year peak of 376.50 USD in the beginning February, and has attained the eight-year apex of 410 USD in December. The interest rates in the industrialised countries are at the last 40-year lows. Crude oil prices have peaked at the end of February to the highest rate since the Gulf War with 39.99 USD per barrel and, exceeding past year’s rate, concluded the year with 33 USD/barrel through the pressure induced by the expectation that the OPEC will decrease its production quota. According to the values definitely established in 2003, in the year 2002, the world insurance sector has elevated its non-life premium production from the previous year’s 970 billion USD to 1,091 billion USD, achieving a 12.5% increase. Its share in the world economy has been 3.38%. 60 billion USD of the total increase of 121 billion USD in non-life fields has been produced by the USA. The European insurance sector, which we are also a part of, has realised a premium increase of 15.5%, from 299.5 billion USD to 346 billion USD. The European Insurance Sector has represented a 3.38% share of the European economy of 10,221 billion USD. The Asian insurance sector, on the other hand, has achieved an 8.1% growth in 2002 compared to the previous year, with a production increase from 138 billion USD to 149 billion USD. The Asian insurance sector has represented 1.82% of the Asian economy of 8,175 billion USD. In general, throughout the world, increase in the premium production (9.2% real) exceeding the (2.2% real) long term average has been the highest in the last 16 years. Meanwhile, the increase in the developing countries has been higher than the ratio in the industrialised countries. The rising trend has continued to prevail also in the year 2003. Thanks to this, the technical results of the year 2003 to be announced are expected to improve. In spite of the catastrophic events occurred in 2003 causing a total loss of 65 billion USD, of which a part of circa 17 billion USD being under insurance cover, the world insurance and reinsurance sector has been through a loss year without records. The increases in the company revenues haven’t been reflected as the anticipated improvements in the ratings of the international credit rating organisations and the capital increase pressure on the companies have been persistent. This pressure resulted in 27 billion USD net funds entrance to the market in the last year. The increase originating from the European companies has made up 60% of the capital increase in 2003. Nearly half of this has come from Munich Re. The pressure on Munich Re to shrink its investment portfolio in the banking sector is continuing. Besides, The German financial services regulator, Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) is also aiming at a stricter control on the reinsurance companies due to the influence of the reinsurers on the direct market in order to protect the benefits of the insured. Further to the postponement of issuance of the EU Directive on reinsurance supervising, the BaFin decided to establish a national regulation venturing a prospective revision for harmonisation after the issuance of the EU Directive. The allotment of the major part of the reinsurance company capacities to the catastrophe coverage agreements has caused the capacity to be larger than the demand. However, except for the mild discounts in the markets where previously sharp increases have occurred, it has been observed that the pricing discipline based on technical principles continued. Past experience shows that after this stage the debate about “the dependence on the pricing based on technical principles” continues whilst on the other hand the prices start a falling trend. In the year 2004, if no catastrophic damage occurs, all the parties will find out if this rightful debate will produce the right result, or will just have played its part as a phase in the pricing cycle in a pre-determined process. 11 Global Reports LLC TÜRK‹YE’DE S‹GORTACILIK 2003 y›l›n›n ilk yar›s›nda Türkiye ekonomisindeki büyüme trendi Irak Savafl›’n›n yaratt›¤› olumsuz beklentiler sebebiyle yavafllama kaydetmifl, ikinci yar›da bu beklentilerin ortadan kalkmas›yla büyüme trendinin h›zland›¤› gözlenmifltir. 2003 y›l›ndaki olumlu geliflmelerin katk›s›yla, sigorta sektörü %36,7 oran›nda büyürken, hayat ve sa¤l›k d›fl› branfllarda bir önceki y›la göre %34,9 art›flla 3,5 katrilyon TL prim üretilmifltir. Sigorta sektöründe yaflanan en önemli geliflme, Hazine Müsteflarl›¤›'n›n 2003 y›l›ndan itibaren tüm sigorta flirketlerinin cari rizikolar karfl›l›¤›n› gün esasl› olarak poliçe baz›nda ay›rmalar› karar› olmufltur. Bu karar sigorta flirketlerinin teknik kârl›l›klar›nda 2003 y›l›na özgü olmak üzere negatif bir etki yaratm›flt›r. Enflasyonla birlikte düflmeye bafllayan faizler flirketlerin mali kârlar›n› olumsuz yönde etkilemifltir. 2003 y›l›, sektörün mali bünyesini güçlendirmek için yeterli kâr elde edilemedi¤i, ölçüsüz fiyat rekabetinin fliddetlendi¤i, baz› sigorta flirketlerine el konuldu¤u, ruhsatlar›n›n iptal edildi¤i, baz›lar›n›n da iflas etti¤i bir y›l 12 Global Reports LLC olmufltur. Ayr›ca Sigorta Düzenleme ve Denetim Kanunu Tasar›s› IMF’ye verilen tüm taahhütlere ra¤men yasalaflt›r›lamam›flt›r. Bireysel Emeklilik Sistemi’nde yasal düzenlemeler tamamlanm›fl, Bireysel Emeklilik fiirketleri faaliyete geçmifltir. 2003'te hayat ve sa¤l›k d›fl› branfllardan elde edilen toplam teknik kâr bir y›l öncesine göre %36,6 oran›nda azalarak 156 trilyon TL olmufl ve sektörün teknik kâr oran› %4,44 seviyesinde gerçekleflmifltir. 2003 y›l› sonu itibariyle sektörde 34’ü elementer sigorta, 21’i hayat sigortas› ve 3’ü reasürans flirketi olmak üzere toplam 58 flirket faaliyet göstermektedir. fiirketimiz 2003 y›l›n› toplam prim üretiminde sektör birincisi olarak tamamlam›fl, bir önceki y›la göre %50,2 oran›nda art›flla, 445,6 trilyon TL'lik prim üretimi gerçeklefltirmifl, elementer flirketler aras›nda %12,7 ile pazarda en yüksek pay› alm›flt›r. TURKISH INSURANCE IN 2003 Because of the negative expectations induced by the war in Iraq, in the first half of the year of 2003 the growth trend of Turkish economy has slowed down, but has again gained acceleration after these negative expectations have dissipated. With the contribution of the positive progresses took place in the year 2003, in the branches except for those of life and health, a premium production of 3.5 quadrillion TL has been realized with the increase of 34.9% compared to the previous year, while the insurance sector itself has grown 36.7% by volume. The decision of calculating and booking in the unearned premium reserve of the insurance companies on policy basis and based on the number of days left to maturity, which was made by the Undersecretariat of Treasury has been the most important progress experienced in the insurance sector. Being particular to the year 2003, this decision has induced a negative effect on the technical profitabilities of insurance companies. Parallel to the reduction in inflation the decline in interest rates has had negative effects on financial profits of companies. Throughout the year 2003, companies had not been able to gain sufficient profits to strengthen their financial structures, a measureless price competition had become even more rigorous, some insurance companies had been seized and their licenses had been rendered null and some of them had gone bankrupt. On the other hand, despite all the commitments given to the IMF, the Draft Law of Insurance Verification Act has not yet been legalized. All the legal regulations related to Private Pension System have been completed, and Private Pension Companies have now become active. In the year 2003, the total technical profit gained from the branches excluding those of life and health has, compared to that of previous year’s, decreased 36.6% by volume and has been 156 trillion TL and the technical profit rate of the sector has been 4.44%. Regarding the year 2003, consisting of 34 elementary insurance, 21 life insurance and 3 reinsurance companies, totally 58 companies have been active in the sector. Our Company has closed the year 2003 as the leader of the sector, has realized the premium of 445.6 trillion TL with an increase of 50.2% compared to the year 2002, among the elementary insurance companies it has gained the largest share of 12.7% from the market. 13 Global Reports LLC ‹CRA KURULU EXECUTIVE COMMITTEE G. Mahir Bayyurdo¤lu Genel Müdür Chief Executive Officer Hasar Müdürlü¤ü, Hukuk ve Rücu ‹fllemleri Müdürlü¤ü Claims, Legal Affairs and Subrogation Bedri Özdinçer Genel Müdür Yard›mc›s› Deputy Chief Executive Organizasyon Müdürlü¤ü, Bilgi ‹fllem Müdürlü¤ü, Oto Sigortalar› Müdürlü¤ü, Sa¤l›k Sigortalar› Müdürlü¤ü Organization, EDP, Motor Insurance, Health Insurance Gürkan fienol Genel Müdür Yard›mc›s› Deputy Chief Executive Hamdi Sar›kaya Genel Müdür Yard›mc›s› Deputy Chief Executive Yang›n ve Mühendislik Sigortalar› Müdürlü¤ü, Nakliyat ve Sorumluluk Sigortalar› Müdürlü¤ü, Reasürans Müdürlü¤ü Fire and Engineering Insurance, Marine and Liability Insurance, Reinsurance E¤itim Müdürlü¤ü, ‹nsan Kaynaklar› Müdürlü¤ü, ‹nflaat Emlak ve ‹dari ‹fller Müdürlü¤ü, Muhasebe ve Mali ‹fller Müdürlü¤ü, Pazarlama ve Halkla ‹liflkiler Müdürlü¤ü, Bölge Müdürlükleri Training, Human Resources, Premises, Real Estate and Internal Services, Accounting and Finance, Marketing and Public Relations, Regional Offices Atila Macun Genel Müdür Yard›mc›s› Deputy Chief Executive 14 Global Reports LLC SEKTÖRÜ ‹Ç‹NDE ANADOLU S‹GORTA ANADOLU S‹GORTA IN THE SECTOR fiirketimiz 2003 y›l›nda 445,6 trilyon TL prim üretimi gerçeklefltirmifl ve 6,2 trilyon lira (%1,4 oran›nda) teknik kâr elde etmifltir. Bu sonuçlar ile fiirketimiz %12,7 ile pazardan en yüksek pay› alm›fl ve sektörde prim üretimi bak›m›ndan birincilik konumunu sürdürmüfltür. Toplam portföy içinde en yüksek pay› kaza branfl› alm›flt›r. Kaza branfl›n›n ard›ndan yang›n ve nakliyat branfllar› gelmektedir. In the year 2003, our company realized a premium production 445.6 trillion TL, and gained a technical profit of 6.2 trillion TL (1.4% by volume). With these outcomes, our company has the largest market share with 12.7%, and still has the leading position in the sector, regarding the premium production. The highest share in total portfolio is of the accident branch, which is followed by fire and marine branches. 15 Global Reports LLC KAZA 2003 y›l›nda kaza sigortalar› prim üretimi 2002 y›l›na göre %53 oran›nda artm›fl ve 238.526 milyar TL’ye ulaflm›flt›r. 2003 y›l›nda ekonomide yaflanan olumlu geliflmelerin otomotiv sektörüne pozitif yönde etkileri, Türk Liras›’n›n döviz karfl›s›nda de¤er kazanmas› gibi geliflmeler kasko sigortalar› prim üretiminde h›zl› bir art›fl yaflanmas›n› sa¤lam›fl ve portföyümüz üzerinde olumlu etki yaratm›flt›r. Sigorta Türü Prim Üretimi De¤iflim (Milyar TL) (%) 2002 Oto 146.381 Sorumluluk 2.032 H›rs›zl›k 1.647 Cam K›r›lmas› 151 Muhtelif 3.160 Do¤rudan Üretilen Primler 153.371 Al›nan Reasürans Primleri 2.723 Toplam Üretim 156.094 16 Global Reports LLC 2003 2002-2003 224.427 3.546 1.938 139 4.096 234.146 4.380 238.526 53 75 18 -7 30 53 61 53 ACCIDENT Compared to the year 2002, in the year 2003, accident insurances premium income has increased 53% by volume, and reached up to 238,526 billion TL. The positive effects of the progresses experienced in the economy in the year 2003 on the automotive sector, and TL’s gaining value against exchange rate have ensured a rapid increase in motor insurance premium production, and have had a favorable effect on our portfolio. Premium Production Difference (in billion TL) Type of Coverage 2002 (%) 2003 2002-2003 Car 146,381 224,427 Liability 2,032 3,546 Theft and Burglary 1,647 1,938 Plate Glass 151 139 Other 3,160 4,096 Direct Premium Income 153,371 234,146 Reinsurance Premiums Received 2,723 4,380 Total Production 156,094 238,526 53 75 18 -7 30 53 61 53 17 Global Reports LLC YANGIN 2003 y›l›nda da, önceki y›llarda oldu¤u gibi fiyat rekabeti tüm h›z›yla sürmüfl, sigorta teminat kapsamlar› giderek genifllemifl ve kâr kayb› sigortalar›na iliflkin talepler artmaya devam etmifltir. Öte yandan, 2003 y›l›nda yaklafl›k %55’lik bir art›flla 135.233 milyar TL’lik prim üretimine ulafl›lm›fl ve sektörde yang›n sigortalar› üretiminde birincili¤imiz devam etmifltir. Sigorta Türü Sivil Ticari S›nai Do¤rudan Üretilen Primler Al›nan Reasürans Primleri Toplam Üretim 18 Global Reports LLC Prim Üretimi De¤iflim (Milyar TL) (%) 2002 11.892 34.916 35.611 82.419 4.698 87.117 2003 2002-2003 14.868 52.771 60.731 128.370 6.863 135.233 25 51 71 56 46 55 FIRE As it was in the previous years, throughout also the year 2003, price competition has continued intensively at full speed, insurance coverage has gradually been widened, and demands related to loss of profits insurance have continued to increase. On the other hand, in the year 2003, with an increase of approximately 55%, a premium production of 135,233 billion TL has been realized, and our leading position in the sector regarding fire insurances production has been preserved. Premium Production Difference (in billion TL) Type of Coverage 2002 Private 11,892 Commercial 34,916 Industrial 35,611 Direct Premium Income 82,419 Reinsurance Premiums Received 4,698 Total Production 87,117 (%) 2003 2002-2003 14,868 52,771 60,731 128,370 6,863 135,233 25 51 71 56 46 55 19 Global Reports LLC NAKL‹YAT 2003 y›l›nda nakliyat branfl›nda %23 art›fl oran› ile toplam 33.986 milyar TL prim üretimi gerçekleflmifltir. Prim üretimi aç›s›ndan 2003 y›l›n› daha önceki y›llarda oldu¤u gibi yine lider olarak tamamlayan fiirketimizin, nakliyat sigortalar›ndaki pazar pay› %17 seviyesinde gerçekleflmifltir. Sigorta Türü Emtea Tekne Yat Sorumluluk Do¤rudan Üretilen Primler Al›nan Reasürans Primleri Toplam Üretim 20 Global Reports LLC Prim Üretimi De¤iflim (Milyar TL) (%) 2002 15.597 9.132 575 1.498 26.802 795 27.597 2003 2002-2003 20.125 9.570 846 2.114 32.655 1.331 33.986 29 5 47 41 22 67 23 MARINE In the year 2003, with the increase of 23%, a total premium production of 33,986 billion TL has been realized in marine branch. As it has been in the previous years, closing the year 2003 again in leading position with respect to premium production, our Company has attained 17% market share in Marine Branch. Premium Production Difference (in billion TL) Type of Coverage 2002 Cargo 15,597 Hull 9,132 Yacht 575 Liability 1,498 Direct Premium Income 26,802 Reinsurance Premiums Received 795 Total Production 27,597 (%) 2003 2002-2003 20,125 9,570 846 2,114 32,655 1,331 33,986 29 5 47 41 22 67 23 21 Global Reports LLC MÜHEND‹SL‹K 2003 y›l›nda mühendislik sigortalar› prim üretiminde 2002 y›l›na göre %45 oran›nda art›fl sa¤lanm›flt›r. 2003 y›l›nda, yenilenebilir özellikte olan makine k›r›lmas› ve elektronik cihaz branfllar›na a¤›rl›k verilmifltir. Enerji projelerinin de yer ald›¤› makine k›r›lmas› branfl›nda %63, elektronik cihaz branfl›nda ise %30 oran›nda prim art›fl› gerçeklefltirilmifltir. Montaj All Risks sigortalar›nda, yat›r›mlar›n düflük seyretmesi ve proje üretiminin s›n›rl› say›da olmas› dolay›s›yla art›fl seviyesi %9 olarak gerçekleflmifltir. Prim Üretimi De¤iflim (Milyar TL) (%) Sigorta Türü 2002 ‹nflaat All Risks Montaj All Risks Makine K›r›lmas› Elektronik Cihaz Do¤rudan Üretilen Primler Al›nan Reasürans Primleri Toplam Üretim 2.015 868 9.058 3.534 15.475 840 16.315 22 Global Reports LLC 2003 2002-2003 2.274 949 14.784 4.580 22.587 1.007 23.594 13 9 63 30 46 20 45 ENGINEERING Compared to the year 2002, in the year 2003, an increase of 45% has been ensured in the engineering insurance premium income. In the year 2003, Machinery Breakdown and Electronic Equipment branches with renewable characteristics have been given weight. In the Machinery Breakdown branch, which also covers Energy Projects, a premium increase of 63% and in the Eletronic Equipment Branch a premium increase of 30% have been realized. Because of the limited project production and branch restrictions on investments, in Erection All Risks insurance a limited increase of 9% has been realized. Premium Production Difference (in billion TL) Type of Coverage 2002 CAR 2,015 EAR 868 Machinery Breakdown 9,058 Electronic Equipment 3,534 Direct Premium Income 15,475 Reinsurance Premiums Received 840 Total Production 16,315 (%) 2003 2002-2003 2,274 949 14,784 4,580 22,587 1,007 23,594 13 9 63 30 46 20 45 23 Global Reports LLC TARIM 2003 y›l›nda tar›m branfl›nda tüm sektörde mevcut koflullar de¤iflmemifltir. Tar›m sigortalar› do¤rudan prim üretimi %32’lik bir art›fl göstermifltir. Sigorta Türü Do¤rudan Üretilen Primler Al›nan Reasürans Primleri Toplam Üretim 24 Global Reports LLC Prim Üretimi De¤iflim (Milyar TL) (%) 2002 31 40 71 2003 2002-2003 41 91 132 32 128 86 AGRICULTURE In the year 2003, in agriculture branch, the existing conditions have not changed throughout the sector. Direct premium income in agriculture insurance has shown an increase of 32%. Premium Production Difference (in billion TL) Type of Coverage Direct Premium Income Reinsurance Premiums Received Total Production 2002 31 40 71 (%) 2003 2002-2003 41 91 132 32 128 86 25 Global Reports LLC FERD‹ KAZA 2003 y›l›nda ferdi kaza sigortalar› prim üretimi hacmi 2002 y›l›na göre %45 oran›nda artm›fl ve 12.516 milyar TL’ye ulaflm›flt›r. Prim Üretimi De¤iflim (Milyar TL) (%) Sigorta Türü 2002 2003 2002-2003 Do¤rudan Üretilen Primler Al›nan Reasürans Primleri Toplam Üretim 8.359 248 8.607 12.391 125 12.516 26 Global Reports LLC 48 -50 45 PERSONAL ACCIDENT Compared to the year 2002, personal accident insurance premium income has increased 45% by volume in the year 2003, and reached up to the amount of 12,516 billion TL. Premium Production Difference (in billion TL) Type of Coverage 2002 Direct Premium Income 8,359 Reinsurance Premiums Received 248 Total Production 8,607 (%) 2003 2002-2003 12,391 125 12,516 48 -50 45 27 Global Reports LLC HUKUKSAL KORUMA 2003 y›l›nda hukuksal koruma sigortalar› prim üretimi hacmi 2002 y›l›na göre %72 oran›nda artm›fl ve 1.652 milyar TL’ye ulaflm›flt›r. Sigorta Türü Do¤rudan Üretilen Primler Al›nan Reasürans Primleri Genel Toplam 28 Global Reports LLC Prim Üretimi De¤iflim (Milyar TL) (%) 2002 958 0 958 2003 2002-2003 1.652 0 1.652 72 0 72 LEGAL PROTECTION Compared to the year 2002, in the year 2003, legal protection insurance premium income has increased by 72% and reached up to the amount of 1,652 billion TL. Premium Production Difference (in billion TL) Type of Coverage Direct Premium Income Reinsurance Premiums Received Total Production 2002 958 0 958 (%) 2003 2002-2003 1,652 0 1,652 72 0 72 29 Global Reports LLC Global Reports LLC MAL‹ TABLOLAR FINANCIAL STATEMENTS 31 Global Reports LLC B‹LANÇO 31 ARALIK 2003 TAR‹HL‹ BA⁄IMSIZ DENET‹MDEN GEÇM‹fi B‹LANÇO (M‹LYON TL) AKT‹FLER 31.12.2003 NAK‹T DE⁄ERLER Kasa Tahsil Edilecek Çekler Bankalar 36.648 231.039 31.881.646 31.12.2002 32.149.333 MENKUL DE⁄ERLER CÜZDANI Hisse Senetleri Hisse Senedi De¤er Düflüflü (-) Tahviller Tahviller De¤er Düflüflü (-) Yat›r›m Fonlar› 3.775.452 0 231.729.636 0 3.575.784 ALACAKLAR Sigortal›lar Sigortal›lar Sigortal›lardan Prim Alacak Karfl›l›¤› (-) Acenteler Acenteler Acentelerden Prim Alacak Karfl›l›¤› (-) Alacak Reeskontu (-) Zorunlu Deprem Sigortas›’ndan Borçlu Acenteler Sigorta ve Reasürans fiirketleri Cari Hesab› Sigorta ve Reasürans fiirketleri Nezdindeki Depolar ‹krazlar Do¤al Afet Sigortalar› Kurumu Cari Hesab› Di¤er Alacaklar 8.293.995 10.292.508 (1.998.513) 145.754.526 158.037.555 (6.884.698) (5.398.331) 968.233 7.296.860 1.099.695 4 (1.407.590) 14.575.093 6.403.307 47.628 213.245 6.142.434 239.080.872 186.301.030 2.035.924 (420.587) 183.711.922 (1.284.856) 2.258.627 176.580.816 ‹DAR‹ VE KANUN‹ TAK‹PTEK‹ ALACAKLAR ‹dari ve Kanuni Takipteki Alacaklar ‹dari ve Kanuni Takipteki Alacak Karfl›l›¤› (-) 2.165.398 (1.921.305) ‹fiT‹RAKLER ‹fltirakler ‹fltirakler De¤er Azal›fl Karfl›l›¤› (-) ‹fltirakler Sermaye Taahhütleri (-) 25.279.859 (2.111.622) (44.000) SAB‹T DE⁄ERLER Menkuller Menkuller Menkuller Birikmifl Amortisman (-) Gayrimenkuller Gayrimenkuller Gayrimenkuller Birikmifl Amortisman (-) 3.623.444 9.863.251 (6.239.807) 17.868.433 19.810.857 (1.942.424) 126.491.103 5.636.485 7.843.616 (2.207.131) 99.254.434 108.958.012 (5.454.175) (4.249.403) 603.491 3.296.853 739.956 277 (654.498) 17.614.105 244.093 56.064 1.358.537 (1.302.473) 23.124.237 20.956.432 25.223.896 (4.223.464) (44.000) 21.491.877 17.038.058 2.806.576 6.843.061 (4.036.485) 14.231.482 15.363.016 (1.131.534) D‹⁄ER AKT‹FLER (Net) 168.574 148.880 AKT‹F TOPLAMI 492.839.802 357.394.874 32 Global Reports LLC PAS‹FLER BORÇLAR Sigorta ve Reasürans fiirketleri Cari Hesab› Sigorta ve Reasürans fiirketlerinin Depolar› Borç Reeskontu (-) Ödenecek Vergi ve Di¤er Yükümlülükler Di¤er Borçlar KARfiILIKLAR A- Teknik Karfl›l›klar Cari Rizikolar Karfl›l›¤› Cari Rizikolar Karfl›l›¤› Reasürörler Pay› (-) Muallak Hasar Karfl›l›¤› Muallak Hasar Karfl›l›¤› Reasürörler Pay› (-) Deprem Hasar Karfl›l›¤› Di¤er Teknik Karfl›l›klar B- Serbest Karfl›l›klar K›dem Tazminat› Karfl›l›¤› Vergi Karfl›l›¤› Di¤er Serbest Karfl›l›klar D‹⁄ER PAS‹FLER Faiz Tahakkuku Vergi Karfl›l›¤› ÖZKAYNAKLAR Ödenmifl Sermaye Nominal Sermaye Ödenmemifl Sermaye (-) Kanuni Yedek Akçeler Ola¤anüstü Hasar Karfl›l›¤› ‹htiyari Yedek Akçeler Ola¤anüstü Yedek Akçeler Yeniden De¤erleme Fonu Özel Fonlar Zarar (-) Dönem Zarar› (-) KÂR Vergi Sonras› Kâr Geçmifl Y›l Kâr› PAS‹F TOPLAMI 31.12.2003 31.12.2002 53.140.032 38.136.163 2.504.516 (3.870.502) 2.638.918 13.730.937 44.958.973 36.024.657 3.650.153 (4.916.916) 1.670.585 8.530.494 255.254.088 214.197.408 127.681.454 162.282.045 (34.600.591) 45.578.069 73.898.848 (28.320.779) 40.937.885 0 41.056.680 4.002.947 17.553.360 19.500.373 164.628.880 110.857.975 56.466.272 77.346.314 (20.880.042) 29.721.488 47.236.564 (17.515.076) 24.670.215 0 53.770.905 3.440.431 30.830.101 19.500.373 395.392 395.392 0 0 142.169.763 80.000.000 80.000.000 0 8.114.000 0 0 39.321.368 14.595.269 139.126 0 0 101.182.947 80.000.000 80.000.000 0 5.159.196 0 0 5.888.098 9.803.064 332.589 0 0 41.880.527 41.880.527 0 46.624.074 46.624.074 0 492.839.802 357.394.874 33 Global Reports LLC BALANCE SHEET BALANCE SHEET AS AT 31 DECEMBER 2003 (TL IN MILLIONS) ASSETS 31.12.2003 LIQUID ASSETS Cash Checks in Collection Banks 36,648 231,039 31,881,646 MARKETABLE SECURITIES Securities Diminution in Value of Securities (-) Bonds Diminution in Value of Bonds (-) Investment Funds 32,149,333 239,080,872 RECEIVABLES IN LEGAL FOLLOW-UP Receivables in Legal Follow-up Provision for Receivables in Legal Follow-up (-) 2,165,398 (1,921,305) EQUITY PARTICIPATIONS Equity Participations Provision for Diminution in Value of Equity Participations (-) Capital Commitments to Equity Participations (-) 25,279,859 (2,111,622) (44,000) FIXED ASSETS Tangible Fixed Assets Tangible Fixed Assets Accumulated Depreciation of Tangible Fixed Assets (-) Intangible Fixed Assets Intangible Fixed Assets Accumulated Depreciation of Intangible Fixed Assets (-) 3,623,444 9,863,251 (6,239,807) 17,868,433 19,810,857 (1,942,424) TOTAL ASSETS 34 Global Reports LLC 6,403,307 47,628 213,245 6,142,434 3,775,452 0 231,729,636 0 3,575,784 RECEIVABLES Insured Parties 8,293,995 Insured Parties 10,292,508 Provision for Premium Receivables from Insured Parties (-) (1,998,513) Agencies 145,754,526 Agencies 158,037,555 Provision for Premium Receivables from Agencies (-) (6,884,698) Discount of Receivables (-) (5,398,331) Receivable from Agencies Arising Compulsory Earthquake Insurance 968,233 Current Accounts of Insurance & Reinsurance Companies 7,296,860 Deposits Insurance & Reinsurance Companies 1,099,695 Grants 4 Current Accounts of National Disaster Insurance Association (1,407,590) Other Receivables 14,575,093 OTHER ASSETS (NET) 31.12.2002 186,301,030 2,035,924 (420,587) 183,711,922 (1,284,856) 2,258,627 176,580,816 126,491,103 5,636,485 7,843,616 (2,207,131) 99,254,434 108,958,012 (5,454,175) (4,249,403) 603,491 3,296,853 739,956 277 (654,498) 17,614,105 244,093 56,064 1,358,537 (1,302,473) 23,124,237 20,956,432 25,223,896 (4,223,464) (44,000) 17,038,058 21,491,877 2,806,576 6,843,061 (4,036,485) 14,231,482 15,363,016 (1,131,534) 168,574 148,880 492,839,802 357,394,874 LIABILITIES PAYABLES Current Accounts of Insurance & Reinsurance Companies Deposits of Insurance & Reinsurance Companies Discount of Payables (-) Taxes & Dues Payable Other Payables PROVISIONS A- Technical Provisions Unearned Premium Unearned Premium Reinsurers’ Share in Unearned Premium (-) Outstanding Claims Provision Outstanding Claims Provision Reinsurers’ Share in Outstanding Claims Provision (-) Earthquake Claims Provision Other Technical Provision B- Free Reserves Retirement Pay Provision Tax Provision Other Reserves OTHER LIABILITIES Interest & Tax Accruals SHAREHOLDERS’ EQUITY Paid-in Capital Capital Unpaid Capital (-) Legal Reserves Extraordinary Claims Provision Other Reserves Extraordinary Reserves Revaluation Fund Special Funds Accumulated Loss (-) Period Loss (-) PROFIT Profit After Tax Previous Period Profit TOTAL LIABILITIES & SHAREHOLDERS’ EQUITY 31.12.2003 31.12.2002 53,140,032 38,136,163 2,504,516 (3,870,502) 2,638,918 13,730,937 44,958,973 36,024,657 3,650,153 (4,916,916) 1,670,585 8,530,494 255,254,088 214,197,408 127,681,454 162,282,045 (34,600,591) 45,578,069 73,898,848 (28,320,779) 40,937,885 0 41,056,680 4,002,947 17,553,360 19,500,373 164,628,880 110,857,975 56,466,272 77,346,314 (20,880,042) 29,721,488 47,236,564 (17,515,076) 24,670,215 0 53,770,905 3,440,431 30,830,101 19,500,373 395,392 395,392 0 0 142,169,763 80,000,000 80,000,000 0 8,114,000 0 0 39,321,368 14,595,269 139,126 0 0 101,182,947 80,000,000 80,000,000 0 5,159,196 0 0 5,888,098 9,803,064 332,589 0 0 41,880,527 41,880,527 0 46,624,074 46,624,074 0 492,839,802 357,394,874 35 Global Reports LLC GEL‹R TABLOSU ANADOLU ANON‹M TÜRK S‹GORTA fi‹RKET‹ 31 ARALIK 2003 TAR‹HL‹ BA⁄IMSIZ DENET‹MDEN GEÇM‹fi GEL‹R TABLOSU (M‹LYON TL) YANGIN 31.12.2003 31.12.2002 I. TEKN‹K GEL‹RLER 204.469.294 A- ALINAN PR‹MLER 135.233.309 B- ALINAN KOM‹SYONLAR 16.929.077 C- ÖDENEN TAZM‹NATLAR REASÜRANS PAYI 17.041.001 D- DEVREDEN TEKN‹K KARfiILIKLAR (NET) 12.033.345 a) Cari Rizikolar Karfl›l›¤› 6.588.636 b) Muallak Hasarlar Karfl›l›¤› 5.444.709 c) Di¤er Teknik Karfl›l›klar 0 E- AYRILAN TEKN‹K KARfiILIKLARDA REASÜRANS PAYI 23.114.213 a) Cari Rizikolar Karfl›l›¤›nda Reasürans Pay› 9.946.146 b) Muallak Hasarlar Karfl›l›¤›nda Reasürans Pay› 13.168.067 c) Di¤er Teknik Karfl›l›klarda Reasürans Pay› 0 F- D‹⁄ER GEL‹RLER 118.349 II. TEKN‹K G‹DERLER A- REASÜRÖRLERE VER‹LEN PR‹MLER B- ÖDENEN KOM‹SYONLAR C- ÖDENEN TAZM‹NATLAR D- AYRILAN TEKN‹K KARfiILIKLAR a) Cari Rizikolar Karfl›l›¤› b) Muallak Hasarlar Karfl›l›¤› c) Deprem Hasar Karfl›l›¤› d) Di¤er Teknik Karfl›l›klar E- D‹⁄ER G‹DERLER III. TEKN‹K KÂR/ZARAR (I-II) 36 Global Reports LLC OTO MAL‹ SORUMLULUK 31.12.2003 31.12.2002 45.489.767 27.597.325 2.989.520 3.829.885 2.311.942 988.054 1.323.888 0 8.737.530 1.800.983 6.936.547 0 23.565 263.920.715 182.956.817 3.796.928 12.489.084 49.989.763 34.416.792 15.572.971 0 14.147.289 11.454.075 2.693.214 0 540.834 176.524.531 122.657.411 2.945.771 8.528.723 33.196.064 22.681.467 10.514.597 0 8.998.023 5.626.574 3.371.449 0 198.539 77.039.937 55.568.886 2.150.351 2.312.169 14.241.118 9.365.800 4.875.318 0 2.754.584 2.089.392 665.192 0 12.829 46.724.310 33.436.323 1.707.301 1.362.017 8.030.524 4.987.203 3.043.321 0 2.179.444 1.747.545 431.899 0 8.701 199.208.001 83.564.347 18.026.625 34.717.490 60.827.432 27.949.992 22.962.545 9.914.895 0 2.072.107 115.376.462 50.255.261 12.287.428 19.224.703 31.997.483 14.548.576 9.962.759 7.486.148 0 1.611.587 50.755.933 14.033.764 5.332.786 12.635.640 18.635.028 7.027.873 11.607.155 0 0 118.715 38.037.901 13.407.496 4.140.564 7.279.915 13.170.379 3.594.054 9.576.325 0 0 39.547 284.613.440 26.599.396 26.099.167 119.950.947 110.808.981 86.112.048 24.696.933 0 0 1.154.949 178.893.278 17.639.805 18.019.989 83.204.283 59.143.023 40.198.602 18.944.421 0 0 886.178 73.387.108 9.661.964 5.863.053 24.041.498 33.776.914 25.471.644 8.305.270 0 0 43.679 39.244.932 5.478.710 3.286.987 14.195.710 16.265.326 10.958.110 5.307.216 0 0 18.199 5.261.293 12.717.807 10.110.103 7.451.866 (20.692.725) (2.368.747) 3.652.829 7.479.378 VI. MAL‹ G‹DERLER A- FA‹Z G‹DERLER‹ B- SATIfi ZARARLARI C- KAMB‹YO ZARARLARI D- KARfiILIKLAR E- ZORUNLU DEPREM S‹GORTASI KOM‹SYON G‹DER‹ F- D‹⁄ER G‹DERLER IX. NET DÖNEM KÂRI KAZA 31.12.2002 60.866.036 33.985.708 2.828.824 7.836.292 4.432.849 1.793.071 2.639.778 0 11.758.726 4.389.972 7.368.754 0 23.637 V. MAL‹ GEL‹RLER A- FA‹Z GEL‹RLER‹ B- KÂR PAYI GEL‹RLER‹ C- SATIfi KÂRLARI D- K‹RA GEL‹RLER‹ E- KAMB‹YO KÂRLARI F- ZORUNLU DEPREM S‹GORTASI KOM‹SYON GEL‹R‹ G- D‹⁄ER GEL‹RLER H- DE⁄ERLEME GEL‹RLER‹ VIII. VERG‹ KARfiILI⁄I (-) 31.12.2003 128.094.269 87.116.664 11.960.428 7.441.510 8.965.550 4.843.985 4.121.565 0 12.477.991 7.959.941 4.518.050 0 132.126 IV. GENEL G‹DERLER A- PERSONEL G‹DERLER‹ B- GENEL YÖNET‹M G‹DERLER‹ C- VERG‹ VE D‹⁄ER YÜKÜMLÜLÜKLER D- AMORT‹SMAN G‹DERLER‹ E- KARfiILIKLAR F- D‹⁄ER G‹DERLER VII. DÖNEM KÂR/ZARAR (III-IV+V-VI) NAKL‹YAT 31.12.2003 31.12.2002 MÜHEND‹SL‹K 31.12.2002 31.12.2003 31.12.2003 DOLU 31.12.2002 HUKUKSAL KORUMA 31.12.2003 31.12.2002 FERD‹ KAZA 31.12.2002 31.12.2003 GENEL TOPLAM 31.12.2002 31.12.2003 46.808.057 23.593.735 5.293.631 4.612.106 2.511.607 1.587.921 923.686 0 10.769.101 6.495.022 4.274.079 0 27.877 31.865.910 16.315.124 3.865.474 5.188.982 1.603.769 743.266 860.503 0 4.882.614 3.242.399 1.640.215 0 9.947 167.726 132.447 10.150 2.268 19.347 13.519 5.828 0 2.485 235 2.250 0 1.029 88.586 71.049 7.683 141 8.896 8.890 6 0 101 101 0 0 716 1.973.786 1.651.991 0 0 321.793 320.818 975 0 0 0 0 0 2 1.231.536 957.666 0 0 273.870 273.870 0 0 0 0 0 0 0 16.949.850 12.516.466 424.222 994.166 2.637.938 2.379.715 258.223 0 374.972 225.749 149.223 0 2.086 12.959.612 8.607.247 649.184 540.231 2.042.052 1.832.833 209.219 0 1.119.392 502.500 616.892 0 1.506 672.195.401 445.639.359 31.433.183 45.287.086 86.187.760 56.466.272 29.721.488 0 62.921.370 34.600.591 28.320.779 0 726.643 442.978.521 296.758.809 24.125.361 26.891.489 56.432.667 36.359.568 20.073.099 0 38.395.095 20.880.043 17.515.052 0 375.100 46.177.111 16.990.676 3.711.076 8.330.278 16.907.355 10.671.865 5.944.771 290.719 0 237.726 29.307.750 11.289.802 2.525.752 7.839.124 7.440.356 4.830.320 2.563.901 46.135 0 212.716 133.387 30.689 37.675 47.552 11.685 2.176 9.509 0 0 5.786 78.470 23.096 17.405 15.894 19.448 13.620 5.828 0 0 2.627 1.090.327 0 219.868 2.072 868.387 861.287 7.100 0 0 0 463.915 0 136.065 1.940 321.793 320.818 975 0 0 4.117 10.669.905 1.123.659 2.868.509 2.126.100 4.550.725 4.185.160 365.565 0 0 912 8.597.013 1.599.784 1.874.893 1.354.585 3.757.331 2.882.215 875.116 0 0 10.420 666.035.212 152.004.495 62.158.759 201.851.577 246.386.507 162.282.045 73.898.848 10.205.614 0 3.633.874 409.999.721 99.693.954 42.289.083 133.116.154 132.115.139 77.346.315 47.236.541 7.532.283 0 2.785.391 630.946 2.558.160 34.339 10.116 883.459 767.621 6.279.945 4.362.599 6.160.189 32.978.800 38.734.706 16.403.047 15.983.688 1.708.805 2.051.944 2.587.222 0 36.617.798 12.153.032 14.404.440 1.715.885 1.511.705 6.832.736 0 113.515.508 63.164.859 3.233.089 22.825.552 640.997 3.646.423 1.981.527 17.059.675 963.386 107.838.691 62.407.789 5.790.922 14.958.382 343.084 8.191.517 1.512.909 14.634.088 0 21.507.104 5.189 278.129 6.785.899 2.507.014 1.202.148 10.728.725 26.745.518 0 716.555 7.290.792 9.928.907 812.075 7.997.189 59.433.887 77.454.175 (17.553.360) (30.830.101) 41.880.527 46.624.074 37 Global Reports LLC STATEMENT OF INCOME ANADOLU ANON‹M TÜRK S‹GORTA fi‹RKET‹ STATEMENT OF INCOME FOR THE YEAR ENDED 31 DECEMBER 2003 (TL IN MILLIONS) FIRE 31.12.2003 31.12.2002 MARINE 31.12.2003 31.12.2002 ACCIDENT MOTOR THIRD PARTY LIABILITY 31.12.2003 31.12.2002 31.12.2003 31.12.2002 I. TECHNICAL INCOME 204,469,294 128,094,269 60,866,036 A- PREMIUM RECEIVED 135,233,309 87,116,664 33,985,708 B- COMMISSIONS RECEIVED 16,929,077 11,960,428 2,828,824 C- REINSURERS’ SHARE ON CLAIMS PAID 17,041,001 7,441,510 7,836,292 D- REVERSAL OF PREVIOUS YEAR’S TECH. PROVISIONS (NET) 12,033,345 8,965,550 4,432,849 a) Unearned Premium 6,588,636 4,843,985 1,793,071 b) Provision for Outstanding Claims 5,444,709 4,121,565 2,639,778 c) Other Technical Provisions 0 0 0 E- REINSURERS’ SHARE ON TECHNICAL PROVISIONS 23,114,213 12,477,991 11,758,726 a) Reinsurers’ Share on Unearned Premium 9,946,146 7,959,941 4,389,972 b) Reinsurers’ Share on Provision for Outstanding Claims 13,168,067 4,518,050 7,368,754 c) Reinsurers’ Share on Provision for Other Technical Provisions 0 0 0 F- OTHER INCOME 118,349 132,126 23,637 45,489,767 27,597,325 2,989,520 3,829,885 2,311,942 988,054 1,323,888 0 8,737,530 1,800,983 6,936,547 0 23,565 263,920,715 176,524,531 182,956,817 122,657,411 3,796,928 2,945,771 12,489,084 8,528,723 49,989,763 33,196,064 34,416,792 22,681,467 15,572,971 10,514,597 0 0 14,147,289 8,998,023 11,454,075 5,626,574 2,693,214 3,371,449 0 0 540,834 198,539 77,039,937 55,568,886 2,150,351 2,312,169 14,241,118 9,365,800 4,875,318 0 2,754,584 2,089,392 665,192 0 12,829 46,724,310 33,436,323 1,707,301 1,362,017 8,030,524 4,987,203 3,043,321 0 2,179,444 1,747,545 431,899 0 8,701 II. TECHNICAL EXPENSES A- PREMIUM CEDED TO REINSURERS B- COMMISSIONS PAID C- CLAIMS PAID D- TECHNICAL PROVISIONS a) Unearned Premium b) Provision for Outstanding Claims c) Provision for Earthquake Claims d) Other Technical Provisions E- OTHER EXPENSES 50,755,933 14,033,764 5,332,786 12,635,640 18,635,028 7,027,873 11,607,155 0 0 118,715 38,037,901 284,613,440 178,893,278 13,407,496 26,599,396 17,639,805 4,140,564 26,099,167 18,019,989 7,279,915 119,950,947 83,204,283 13,170,379 110,808,981 59,143,023 3,594,054 86,112,048 40,198,602 9,576,325 24,696,933 18,944,421 0 0 0 0 0 0 39,547 1,154,949 886,178 73,387,108 9,661,964 5,863,053 24,041,498 33,776,914 25,471,644 8,305,270 0 0 43,679 39,244,932 5,478,710 3,286,987 14,195,710 16,265,326 10,958,110 5,307,216 0 0 18,199 10,110,103 7,451,866 (20,692,725) (2,368,747) 3,652,829 7,479,378 III. TECHNICAL PROFIT/LOSS (I-II) 199,208,001 115,376,462 83,564,347 50,255,261 18,026,625 12,287,428 34,717,490 19,224,703 60,827,432 31,997,483 27,949,992 14,548,576 22,962,545 9,962,759 9,914,895 7,486,148 0 0 2,072,107 1,611,587 5,261,293 IV. GENERAL EXPENSES A- PERSONNEL EXPENSES B- GENERAL ADMINISTRATIVE EXPENSES C- TAXES AND DUES D- DEPRECIATION EXPENSES E- PROVISIONS F- OTHER EXPENSES V. FINANCIAL INCOME A- INTEREST INCOME B- DIVIDEND INCOME C- SALES INCOME D- RENT INCOME E- FOREIGN EXCHANGE INCOME F- COMPULSORY EARTHQUAKE INSURANCE COMMISSION INCOME G- OTHER INCOME H- VALUATION INCOME VI. FINANCIAL EXPENSES A- INTEREST EXPENSES B- SALES EXPENSES C- FOREIGN EXCHANGE LOSS D- PROVISIONS E- COMPULSORY EARTHQUAKE INSURANCE COMMISSION EXPENSE F- OTHER EXPENSE VII. PERIOD PROFIT/LOSS (III-IV+V-VI) VIII. TAX PROVISIONS (-) IX. NET PROFIT (LOSS) FOR THE PERIOD 38 Global Reports LLC 12,717,807 ENGINEERING 31.12.2002 31.12.2003 HAIL INSURANCE 31.12.2002 31.12.2003 LEGAL PROTECTION 31.12.2003 31.12.2002 PERSONAL ACCIDENT 31.12.2002 31.12.2003 GRAND TOTAL 31.12.2002 31.12.2003 46,808,057 23,593,735 5,293,631 4,612,106 2,511,607 1,587,921 923,686 0 10,769,101 6,495,022 4,274,079 0 27,877 31,865,910 16,315,124 3,865,474 5,188,982 1,603,769 743,266 860,503 0 4,882,614 3,242,399 1,640,215 0 9,947 167,726 132,447 10,150 2,268 19,347 13,519 5,828 0 2,485 235 2,250 0 1,029 88,586 71,049 7,683 141 8,896 8,890 6 0 101 101 0 0 716 1,973,786 1,651,991 0 0 321,793 320,818 975 0 0 0 0 0 2 1,231,536 957,666 0 0 273,870 273,870 0 0 0 0 0 0 0 16,949,850 12,516,466 424,222 994,166 2,637,938 2,379,715 258,223 0 374,972 225,749 149,223 0 2,086 12,959,612 8,607,247 649,184 540,231 2,042,052 1,832,833 209,219 0 1,119,392 502,500 616,892 0 1,506 672,195,401 445,639,359 31,433,183 45,287,086 86,187,760 56,466,272 29,721,488 0 62,921,370 34,600,591 28,320,779 0 726,643 442,978,521 296,758,809 24,125,361 26,891,489 56,432,667 36,359,568 20,073,099 0 38,395,095 20,880,043 17,515,052 0 375,100 46,177,111 16,990,676 3,711,076 8,330,278 16,907,355 10,671,865 5,944,771 290,719 0 237,726 29,307,750 11,289,802 2,525,752 7,839,124 7,440,356 4,830,320 2,563,901 46,135 0 212,716 133,387 30,689 37,675 47,552 11,685 2,176 9,509 0 0 5,786 78,470 23,096 17,405 15,894 19,448 13,620 5,828 0 0 2,627 1,090,327 0 219,868 2,072 868,387 861,287 7,100 0 0 0 463,915 0 136,065 1,940 321,793 320,818 975 0 0 4,117 10,669,905 1,123,659 2,868,509 2,126,100 4,550,725 4,185,160 365,565 0 0 912 8,597,013 1,599,784 1,874,893 1,354,585 3,757,331 2,882,215 875,116 0 0 10,420 666,035,212 152,004,495 62,158,759 201,851,577 246,386,507 162,282,045 73,898,848 10,205,614 0 3,633,874 409,999,721 99,693,954 42,289,083 133,116,154 132,115,139 77,346,315 47,236,541 7,532,283 0 2,785,391 630,946 2,558,160 34,339 10,116 883,459 767,621 6,279,945 4,362,599 6,160,189 32,978,800 38,734,706 16,403,047 15,983,688 1,708,805 2,051,944 2,587,222 0 36,617,798 12,153,032 14,404,440 1,715,885 1,511,705 6,832,736 0 113,515,508 63,164,859 3,233,089 22,825,552 640,997 3,646,423 1,981,527 17,059,675 963,386 107,838,691 62,407,789 5,790,922 14,958,382 343,084 8,191,517 1,512,909 14,634,088 0 21,507,104 5,189 278,129 6,785,899 2,507,014 1,202,148 10,728,725 26,745,518 0 716,555 7,290,792 9,928,907 812,075 7,997,189 59,433,887 77,454,175 (17,553,360) (30,830,101) 41,880,527 46,624,074 39 Global Reports LLC FON AKIM TABLOSU ANADOLU ANON‹M TÜRK S‹GORTA fi‹RKET‹ 31 ARALIK 2003 TAR‹H‹NDE SONA EREN YILA A‹T FON AKIM TABLOSU (M‹LYON TL) A - KAYNAKLAR 1- Faaliyet Kâr›ndan Sa¤lanan Kaynak a) Dönem Kâr› b) Amortismanlar (+) c) Fon Ç›k›fl› Gerektirmeyen Di¤er Giderler (+) d) Fon Girifli Sa¤lamayan Di¤er Gelirler 2- K›sa Vadeli Borçlardaki Art›fl 3- Sermaye Art›r›m› (Nakit Karfl›l›¤›) 4- Dönen Varl›k Tutar›ndaki Azal›fl 5- Duran Varl›k Tutar›ndaki Azal›fl B - KAYNAK KULLANIMLARI 1- Ödenen Vergi ve Benzerleri 2- Ödenen Temettüler 3- Dönen Varl›k Tutar›ndaki Art›fl 4- Duran Varl›k Tutar›ndaki Art›fl (Yeniden De¤erleme Hariç) NET ‹fiLETME SERMAYES‹NDEK‹ DE⁄‹fi‹M 1- Net ‹flletme Sermayesinde Art›fl 40 Global Reports LLC CAR‹ DÖNEM 31.12.2003 126.762.785 14.846.901 59.433.887 2.051.944 (930.493) (45.708.437) 111.915.884 0 0 0 ÖNCEK‹ DÖNEM 31.12.2002 171.228.578 126.214.902 77.454.175 1.511.705 142.076.784 (94.827.762) 18.013.676 27.000.000 0 0 171.228.578 126.762.785 26.515.962 27.000.000 111.003.276 6.709.340 27.376.567 10.236.000 87.167.539 1.982.679 29.996.132 30.943.967 STATEMENT OF CASH FLOW ANADOLU ANON‹M TÜRK S‹GORTA fi‹RKET‹ STATEMENT OF CASH FLOW FOR THE YEAR ENDED 31 DECEMBER 2003 (TL IN MILLIONS) CURRENT PERIOD PREVIOUS PERIOD 31.12.2003 31.12.2002 126,762,785 171,228,578 A - SOURCES 1- Sources Form Operations 14,846,901 126,214,902 59,433,887 77,454,175 a) Period Profit 2,051,944 1,511,705 b) Depreciation (+) (930,493) 142,076,784 c) Expenses Not Involving Outlay of Funds (+) (45,708,437) (94,827,762) d) Other Income That Does Not Provide Cash Flow 2- Increase in Short-Term Liabilities 111,915,884 18,013,676 3- Capital Increase (Cash Basis) 0 27,000,000 4- Decrease in Current Assets 0 0 5- Decrease in Long-Term Assets 0 0 B - USE OF FUNDS 1- Taxes and Charges Paid 2- Dividends Paid 3- Increase in Current Assets 4- Increase in Long-Term Assets (Excluding Revaluation) CHANGE IN NET WORKING CAPITAL 1- Increase in Net Working Capital 126,762,785 27,376,567 10,236,000 87,167,539 1,982,679 171,228,578 26,515,962 27,000,000 111,003,276 6,709,340 29,996,132 30,943,967 41 Global Reports LLC KÂR DA⁄ITIM TABLOSU ANADOLU ANON‹M TÜRK S‹GORTA fi‹RKET‹ 2003 YILI KÂR DA⁄ITIM TABLOSU (M‹LYON TL) CAR‹ DÖNEM 31.12.2003 (*) A1234- DÖNEM KÂRININ DA⁄ITIMI Dönem Kâr› Geçmifl Y›llar Zararlar› (-) Ödenecek Vergiler Birinci Tertip Yasal Yedek Net Da¤›t›labilir Dönem Kâr› 5- Ortaklara Birinci Temettü a) Adi Hisse Senedi Sahiplerine b) ‹mtiyazl› Hisse Senedi Sahiplerine 6- Memur ve ‹flçilere Temettü 7- Yönetim Kuruluna Temettü 8- Anasözleflme Gere¤i Emekli Sand›¤›’na Ödenen 9- Ortaklara ‹kinci Temettü 10- ‹kinci Tertip Yasal Yedek 11- Statü Yedekleri 12- Ola¤anüstü Yedek 13- Di¤er Yedekler 14- Özel Fonlar B- YEDEKLERDEN DA⁄ITIM C- H‹SSE BAfiINA KÂR (TL / %) 1- Adi Hisse Senedi Sahiplerine 2- ‹mtiyazl› Hisse Senedi Sahiplerine D- H‹SSE BAfiINA KÂR PAYI (TL / %) 1- Adi Hisse Senedi Sahiplerine 2- ‹mtiyazl› Hisse Senedi Sahiplerine (*) Genel Kurul’da onaylanan halidir. 42 Global Reports LLC ÖNCEK‹ DÖNEM 31.12.2002 (*) 59.433.887 (17.553.360) (2.094.027) 39.786.500 (7.957.300) (7.957.299) (1) 77.454.175 (30.830.101) (2.331.204) 44.292.870 (9.660.000) (9.659.999) (1) (880.000) (12.042.700) (18.906.500) - (576.000) (623.600) (33.433.270) - - - 523,51/52,35 52,35/52,35 582,80/58,28 58,28/58,28 250,00/25,00 25,00/25,00 120,75/12,08 12,08/12,08 STATEMENT OF PROFIT DISTRIBUTION ANADOLU ANON‹M TÜRK S‹GORTA fi‹RKET‹ STATEMENT OF PROFIT DISTRIBUTION (TL IN MILLIONS) CURRENT PERIOD 31.12.2003 (*) A- DISTRIBUTION OF PROFIT FOR THE PERIOD 1- Profit for the Period 2- Losses of Previous Years (-) 3- Taxes Payable 4- First Legal Reserves Distributable Net Profit for the Period 5- First Dividend to Shareholders a) To Ordinary Shareholders b) To Privileged Shareholders 6- Dividends to the Personnel 7- Dividends to the Board of Directors 8- M.C. Article 57 9- Second Dividend to Shareholders 10- Second Legal Reserves 11- Statutory Reserves 12- Extraordinary Reserves 13- Others Reserves 14- Special Reserves B- DISTRIBUTION FROM RESERVES C- PROFIT PER SHARE (TL/%) 1- To Ordinary Shareholders 2- To Privileged Shareholders D- DIVIDEND PER SHARE (TL/%) 1- To Ordinary Shareholders 2- To Privileged Shareholders PREVIOUS PERIOD 31.12.2002 (*) 59,433,887 (17,553,360) (2,094,027) 39,786,500 (7,957,300) (7,957,299) (1) 77,454,175 (30,830,101) (2,331,204) 44,292,870 (9,660,000) (9,659,999) (1) (880,000) (12,042,700) (18,906,500) - (576,000) (623,600) (33,433,270) - - - 523.51/52.35 52.35/52.35 582.80/58.28 58.28/58.28 250.00/25.00 25.00/25.00 120.75/12.08 12.08/12.08 (*) As approved by the General Assembly. 43 Global Reports LLC BA⁄IMSIZ DENETÇ‹ RAPORU ANADOLU ANON‹M TÜRK S‹GORTA fi‹RKET‹ 1 OCAK 2003 - 31 ARALIK 2003 HESAP DÖNEM‹NE A‹T BA⁄IMSIZ DENET‹M RAPORU 1. Anadolu Anonim Türk Sigorta fiirketi’nin (fiirket) 31 Aral›k 2003 tarihi itibariyle haz›rlanan mali tablolar›n› denetlemifl bulunmaktay›z. Rapor konusu mali tablolar fiirket yönetiminin sorumlulu¤undad›r. Ba¤›ms›z denetimi yapan kurulufl olarak üzerimize düflen sorumluluk, denetlenen mali tablolar üzerinde görüfl bildirmektir. 2. Sermaye Piyasas› Kanunu’nun (VII.) bölüm, 50. maddesi (a) f›kras› hükmü uyar›nca sigorta flirketleri, kurulufl, denetim, gözetim, muhasebe, mali tablo ve raporlama standartlar› konular›nda kendi özel kanunlar› hükümlerine tabidir. Dolay›s›yla iliflikteki mali tablolar sigorta ve reasürans flirketlerinin tabi oldu¤u 7397 say›l› Sigorta Murakabe Kanunu esaslar›na göre haz›rlanm›flt›r. 3. Denetim, 7397 say›l› Sigorta Murakabe Kanunu uyar›nca yürürlü¤e konulan hesap ve kay›t düzeni ile muhasebe standartlar› ve ba¤›ms›z denetim ilkelerine iliflkin düzenlemelere uygun olarak gerçeklefltirilmifltir. Bu düzenlemeler, ba¤›ms›z denetimin, mali tablolarda önemli bir hatan›n olup olmad›¤› konusunda makul bir güvenceyi sa¤lamak üzere planlanmas› ve yürütülmesini gerektirmektedir. Denetim, mali tablolarda yer alan tutar ve aç›klamalara iliflkin bilgi ve verilerin test edilerek incelenmesinin ve do¤rulanmas›n›n yan›s›ra, uygulanan muhasebe standartlar›n›n ve yönetim taraf›ndan yap›lan önemli muhasebe tahminlerinin ve mali tablolar›n bir bütün olarak sunumunun de¤erlendirilmesini içermektedir. Gerçeklefltirilen denetimin, görüflümüzün oluflturulmas›na makul ve yeterli bir dayanak oluflturdu¤una inan›yoruz. 4. fiirket geçmifl dönemlerde di¤er serbest karfl›l›klar hesab› ad› alt›nda beklenmedik riskler için ihtiyatl›l›k prensipleri dahilinde genel bir karfl›l›k ay›rm›flt›r. Ekli mali tablolarda, bu karfl›l›ktan önceki özkaynaklar 31 Aral›k 2003 tarihi itibariyle 161.670.136 milyon TL olarak gerçekleflmektedir. Cari dönemde böyle bir karfl›l›k ayr›lmad›¤› için söz konusu karfl›l›¤›n cari dönem kâr›na bir etkisi bulunmamaktad›r. 5. Görüflümüze göre, yukar›da 4. paragrafta aç›klanan hususun mali tablolar üzerindeki muhtemel etkileri haricinde iliflikteki mali tablolar, bütün önemli taraflar›yla, Anadolu Anonim Türk Sigorta fiirketi’nin 31 Aral›k 2003 tarihi itibariyle mali durumunu ve ayn› tarihte sona eren döneme ait faaliyet sonuçlar›n› 7397 say›l› Sigorta Murakabe Kanunu gere¤ince yürürlükte bulunan düzenlemelerde belirlenen muhasebe ilke ve standartlar›na uygun olarak do¤ru bir biçimde yans›tmaktad›r. 6. Görüflümüzü etkilememekle birlikte afla¤›daki hususa dikkat çekilmesi gerekli görülmüfltür: Sermaye Piyasas› Kurulu (SPK), Seri XI No: 20 say›l› “Yüksek Enflasyon Dönemlerinde Mali Tablolar›n Düzeltilmesine ‹liflkin Usul ve Esaslar Hakk›nda Tebli¤”i ve Seri XI No: 21 say›l› “Sermaye Piyasas›nda Konsolide Mali Tablolara ve ‹fltiraklerin Muhasebelefltirilmesine ‹liflkin Usul ve Esaslar Hakk›nda Tebli¤”i 1 Ocak 2003 tarihinden sonra sona eren ilk y›ll›k mali tablolardan geçerli olmak üzere yay›mlam›fl bulunmaktad›r. Ancak, T.C. Baflbakanl›k Hazine Müsteflarl›¤› taraf›ndan SPK’ya gönderilen 30 Ocak 2004 tarih ve B.02.HM.0.SGM.0.3.1.1-05425 say›l› yaz› ile Uluslararas› Finansal Raporlama Standartlar›na uygun sigortac›l›k muhasebe sistemine 1 Ocak 2005 tarihinden itibaren geçilmesi planland›¤› ve halka aç›k olan ve olmayan sigorta flirketleri aras›nda uygulama farklar›n›n ortadan kald›r›lmas› ve yeknesak raporlama düzeninin sa¤lanmas› amac›yla tüm sigorta flirketlerinin 1 Ocak 2005 tarihinden itibaren enflasyon muhasebesi uygulamas›na geçmelerine karar verildi¤i bildirilmifltir. Buna istinaden, ekte sunulan mali tablolar, yüksek enflasyon dönemlerinde enflasyon muhasebesi ile konsolide mali tablolara ve ifltiraklerin muhasebelefltirilmesine iliflkin düzeltmeleri içermemektedir. DRT DENET‹M REV‹ZYON TASD‹K YEM‹NL‹ MAL‹ MÜfiAV‹RL‹K A.fi. Member Firm of DELOITTE TOUCHE TOHMATSU Zeki Kurtçu Sorumlu Ortak Bafldenetçi ‹stanbul, 09 Mart 2004 44 Global Reports LLC INDEPENDENT AUDITOR’S REPORT ANADOLU ANON‹M TÜRK S‹GORTA fi‹RKET‹ INDEPENDENT AUDITOR’S REPORT FOR THE PERIOD 1 JANUARY 2003 – 31 DECEMBER 2003 1. We have audited the balance sheet of Anadolu Anonim Türk Sigorta fiirketi, prepared taking the date of December 31, 2003 into consideration. The financial statements subject to the report is of the Company's responsibility.Being the corporation performing the independent auditing, our responsibility is to declare our opinion about the audited balance sheet. 2. According to the paragraph (a) of the article 50 of the section (VII) of the Capital Market Law, insurance companies should conform to their own specific laws and regulations regarding the matters of establishment, auditing, accounting and financial statement and reporting standards. Therefore, the attached financial statements have been prepared in accordance with the Turkish Insurance Inspection Law applicable to Insurance and Reinsurance companies. 3. We conducted our audit in accordance with standards on auditing and accounting as stated in Government Insurance Law, No. 7397 and the related pronouncements. Those standards require that the audit is planned and performed to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. 4. In the accompanying financial statements, The Company provides a free provision for the possible losses under the caption of “other free provision”. If the Company did not provide such provision, shareholders’ equity would be 161,670,136 million TL as at 31 December 2003. Since there is no change in the provision, there is no effect on the current year income. 5. In our opinion, except for the possible effects of the matter discussed in paragraph 4, the accompanying financial statements present fairly the financial position of the Company as at 31 December 2003 and results of its operations for the year then ended in accordance with accounting principles set by Government Insurance Law, No. 7397. 6. Without qualifying our opinion we draw attention to the following: The Capital Market Board (“CMB”) published communiques “XI, No:20 – Preparation of Financial Statements in Hyperinflationary Periods” and “XI, No:21 – Consolidated Financial Statements and Accounting for Investments in Associates” which are effective for annual financial statements for periods beginning on or after 1 January 2003. However, according to a letter sent by the Undersecretariat of Treasury to the CMB (reference B.02.HM.0.SGM.0.3.1.1-05425, dated 30 January 2004), it has been declared that accounting principles in compliance with International Financial Reporting Standards will be introduced in the insurance industry on 1 January 2005 and, in order to prevent the differences in reporting standards among public and non-public insurance companies, all insurance companies should start applying these standards on 1 January 2005. Accordingly, the accompanying financial statements do not include the adjustments that would be necessary to account for the effects of inflation, consolidation and investment in associates. DRT DENET‹M REV‹ZYON TASD‹K YEM‹NL‹ MAL‹ MÜfiAV‹RL‹K A.fi. Member Firm of DELOITTE TOUCHE TOHMATSU Zeki Kurtçu Partner ‹stanbul, 9 March 2004 The accompanying financial statements are not intended to present the financial position and results of operations and cash flows in accordance with accounting principles and practices generally accepted in countries and jurisdictions other than those in Turkey. The standards, procedures and practices to audit the accompanying financial statements are those generally accepted and applied in Turkey. 45 Global Reports LLC DENETÇ‹ RAPORU ÖZET‹ ANADOLU ANON‹M TÜRK S‹GORTA fi‹RKET‹ ORTAKLAR GENEL KURULU'NA Unvan› Merkezi Sermayesi Faaliyet Konusu : Anadolu Anonim Türk Sigorta fiirketi : ‹stanbul : 80.000.000.000.000 TL : Sigortac›l›k - Denetçi veya Denetçilerin ad› ve görev süreleri, ortak veya flirketin personeli olup olmad›klar› - Kat›l›nan Yönetim Kurulu ve yap›lan Denetleme Kurulu toplant›lar› say›s› : Mustafa ARCA 1 y›l, ortak veya personel de¤il. Oktay EKE 1 y›l, ortak veya personel de¤il. Cevdet SÖZD‹NLER 1 y›l, ortak veya personel de¤il. : Her ay yap›lan Yönetim Kurulu toplant›lar›na kat›l›nm›flt›r. - Ortakl›k hesaplar›, defter ve belgeleri üzerinde yap›lan incelemenin kapsam›, hangi tarihlerde inceleme yap›ld›¤› ve var›lan sonuç : Üçer ayl›k ara bilanço dönemlerinde (Ocak, Nisan, Temmuz, Ekim aylar›nda) hesap, defter ve belgeler incelenmifl; usulüne uygun oldu¤u görülmüfltür. - Türk Ticaret Kanunu'nun 353. maddesinin 1. f›kras›n›n 3 numaral› bendi gere¤ince ortakl›k veznesinde yap›lan say›mlar›n say›s› ve sonuçlar› : Vezne Say›m Sonuçlar›: 4 Say›m Tarihleri: 31.03.2003 : 59.442.508.333 TL 30.06.2003 : 83.611.636.052 TL 30.09.2003 : 64.150.431.211 TL 31.12.2003 : 36.647.570.190 TL - Türk Ticaret Kanunu'nun 353. maddesinin 1. f›kras›n›n 4 numaral› bendi gere¤ince yap›lan inceleme tarihleri ve sonuçlar› : Her ayki Yönetim Kurulu toplant›s›n› takiben yap›lan incelemelerde ifllemlerin usulüne uygun oldu¤u tespit edilmifltir. - ‹ntikal eden flikâyet ve yolsuzluklar ve bunlar hakk›nda yap›lan ifllemler : ‹ntikal eden flikâyet ve yolsuzluk yoktur. Anadolu Anonim Türk Sigorta fiirketi’nin 1/1/2003 - 31/12/2003 dönemi hesap ve ifllemlerini Türk Ticaret Kanunu, ortakl›¤›n esas sözleflmesi ve di¤er mevzuat ile genel kabul görmüfl muhasebe ilke ve standartlar›na göre incelemifl bulunmaktay›z. Görüflümüze göre içeri¤ini benimsedi¤imiz ekli 31/12/2003 tarihi itibariyle düzenlenmifl bilanço, ortakl›¤›n an›lan tarihteki mali durumunu; 1/1/2003 - 31/12/2003 dönemine ait gelir tablosu, an›lan döneme ait faaliyet sonuçlar›n› gerçe¤e uygun ve do¤ru olarak yans›tmakta; kâr›n da¤›t›m› önerisi yasalara ve ortakl›k esas sözleflmesine uygun bulunmaktad›r. Bilançonun ve gelir tablosunun onaylanmas›n› ve Yönetim Kurulu'nun ibra edilmesini teklif ederiz. Denetçiler Mustafa ARCA Oktay EKE Cevdet SÖZD‹NLER 46 Global Reports LLC SUMMARY OF STATUTORY AUDITOR’S REPORT TO THE GENERAL ASSEMBLY OF ANADOLU ANON‹M TÜRK S‹GORTA fi‹RKET‹ Company Name Head Office Capital Sector : Anadolu Anonim Türk Sigorta fiirketi : ‹stanbul : 80,000,000,000,000 TL : Insurance - Names of auditors, duration of service, and nature of association with the Company : Mr. Mustafa ARCA, one year, not an employee or shareholder. Mr. Oktay EKE, one year, not an employee or shareholder. Mr. Cevdet SÖZD‹NLER, one year, not an employee or shareholder. - Number of meetings of the Board of Directors attended and meetings of the Board of Auditors held : The auditors attended all the monthly Board of Directors meetings. - Dates, extent and result of examination of Company accounts, books and records - Number and results of Company cash counts conducted as required by Turkish Trade Law, article 353, section 1.3 - Date and results of examinations as required by Turkish Trade Law, article 353, section 1.4 - Any complaints or irregularities brought to the auditors’s attention and the action taken : Based on examinations of accounts, books and records, conducted every three months (January, April, July and October), it was determined that they were kept according to accepted procedures. : Four cash counts were made. Dates and results of cash counts: 31.03.2003 : 59,442,508,333 TL 30.06.2003 : 83,611,636,052 TL 30.09.2003 : 64,150,431,211 TL 31.12.2003 : 36,647,570,190 TL : As a result of examinations of the Company records conducted subsequent to monthly Board of Directors meetings, it was decided that the activities are in accordance with accepted procedures. : No complaints or irregularities were received. We have audited the balance sheet and the statement of income of Anadolu Anonim Türk Sigorta fiirketi for the period between 01.01.2003 and 31.12.2003, in accordance with the Turkish Trade Law, the Company’s articles of association of foundation and other legislation and in accordance with generally accepted accounting principles and standards. In our opinion, the attached balance sheet drawn up on 31.12.2003 present fairly the financial position of the Company on the said date and the statement of income for the period between 1.1.2003 and 31.12.2003 present fairly the results of the activities pertaining to that period. The proposition for profit distribution was also found in accordance with legislation and the Company’s articles of association of foundation. We recommend that the balance sheet and the statement of income be approved and that the members of the Board of Directors be acquitted of their fiduciary responsibilities for the accounts of 2003. Auditors Mustafa ARCA Oktay EKE Cevdet SÖZD‹NLER 47 Global Reports LLC ADRESLER ADDRESSES Genel Müdürlük Büyükdere Cad. ‹fl Kuleleri Kule-2 4.Levent, 34330 ‹stanbul Tel: (212) 350 0 350 Faks: (212) 350 0 355 General Management Büyükdere Cad. ‹fl Kuleleri Kule-2 4.Levent, 34330 ‹stanbul Phone: (212) 350 0 350 Fax: (212) 350 0 355 Bak›rköy Bölge Müdürlü¤ü Merter / ‹stanbul Tel: (212) 482 95 55 Faks: (212) 350 0 120 Bak›rköy Regional Branch Merter / ‹stanbul Phone: (212) 482 95 55 Fax: (212) 350 0 120 Kad›köy Bölge Müdürlü¤ü Kozyata¤› / ‹stanbul Tel: (216) 571 88 00 Faks: (216) 571 88 48 Kad›köy Regional Branch Kozyata¤› / ‹stanbul Phone: (216) 571 88 00 Fax: (216) 571 88 48 fiiflli Bölge Müdürlü¤ü fiiflli / ‹stanbul Tel: (212) 219 05 70 Faks: (212) 350 0 180 fiiflli Regional Branch fiiflli / ‹stanbul Phone: (212) 219 05 70 Fax: (212) 350 0 180 Akdeniz Bölge Müdürlü¤ü Antalya Tel: (242) 248 26 80 (pbx) Faks: (242) 241 42 80 Akdeniz Regional Branch Antalya Phone: (242) 248 26 80 (pbx) Fax: (242) 241 42 80 Bat› Anadolu Bölge Müdürlü¤ü ‹zmir Tel: (232) 483 51 45 Faks: (232) 489 06 85 Bat› Anadolu Regional Branch ‹zmir Phone: (232) 483 51 45 Fax: (232) 489 06 85 Bat› Karadeniz Bölge Müdürlü¤ü Karadeniz Ere¤lisi / Zonguldak Tel: (372) 322 72 40 - 316 27 27 Faks: (372) 312 11 00 Bat› Karadeniz Regional Branch Karadeniz Ere¤lisi / Zonguldak Phone: (372) 322 72 40 - 316 27 27 Fax: (372) 312 11 00 Güney Anadolu Bölge Müdürlü¤ü Adana Tel: (322) 363 15 02 (4 hat) Faks: (322) 363 15 06 Güney Anadolu Regional Branch Adana Phone: (322) 363 15 02 (4 lines) Fax: (322) 363 15 06 ‹ç Anadolu Bölge Müdürlü¤ü Yeniflehir / Ankara Tel: (312) 417 03 34 (pbx) Faks: (312) 425 80 39 ‹ç Anadolu Regional Branch Yeniflehir / Ankara Phone: (312) 417 03 34 (pbx) Fax: (312) 425 80 39 Karadeniz Bölge Müdürlü¤ü Trabzon Tel: (462) 326 97 20 (2 hat) Faks: (462) 326 97 22 Karadeniz Regional Branch Trabzon Phone: (462) 326 97 20 (2 lines) Fax: (462) 326 97 22 Marmara Bölge Müdürlü¤ü Bursa Tel: (224) 211 13 30 (10 hat) Faks: (224) 211 13 45 Marmara Regional Branch Bursa Phone: (224) 211 13 30 (10 lines) Fax: (224) 211 13 45 K›br›s fiubesi Lefkofla / KKTC Tel: (392) 227 95 95 Faks: (392) 227 95 96 North Cyprus Office Lefkofla / TRNC Phone: (392) 227 95 95 Fax: (392) 227 95 96 Gaziantep ‹rtibat Bürosu fiehitkamil / Gaziantep Tel: (342) 230 06 20 Faks: (342) 231 37 20 Gaziantep Liaison Office fiehitkamil / Gaziantep Phone: (342) 230 06 20 Fax: (342) 231 37 20 48 Global Reports LLC