Ac badem Sa k Hizmetleri ve Ticaret Anonim irketi and Its Subsidiaries Convenience Translation into English of Condensed Consolidated Financial

Size: px
Start display at page:

Download "Ac badem Sa k Hizmetleri ve Ticaret Anonim irketi and Its Subsidiaries Convenience Translation into English of Condensed Consolidated Financial"

Transcription

1 Ac badem Sa k Hizmetleri ve Ticaret Anonim irketi and Its Subsidiaries Convenience Translation into English of Condensed Consolidated Financial Statements as at and for the Six-Month Period Ended 30 June 2011 With Independent Auditors Review Report Thereon

2 Convenience Translation of the Independent Auditor s Review Report As at 30 June 2011 Originally Prepared and Issued in Turkish To the Board of Directors of Ac badem Sa k Hizmetleri ve Ticaret A.. and its subsidiaries, Introduction We have reviewed the accompanying condensed consolidated statement of financial position of Ac badem Sa k Hizmetleri ve Ticaret A.. and its subsidiaries ( the Group ) as at 30 June 2011, and the condensed comprehensive income statement, condensed consolidated statement of changes in shareholders equity, condensed consolidated statement of cash flows for the six month period ended, and a summary of significant accounting policies and other explanatory notes. The Group s management is responsible for the preparation and the fair presentation of these condensed consolidated interim financial statements in accordance with the financial reporting standards of Capital Market Board of Turkey. Our responsibility is to express a conclusion on these consolidated interim financial statements based on our review. Scope of Review We conducted our review in accordance with the auditing standards promulgated by Capital Market Board of Turkey. A review of condensed consolidated interim financial statements consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with the auditing standards promulgated by Capital Market Board of Turkey and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. Conclusion Based on our review, nothing has come to our attention that causes us to believe that the condensed consolidated interim financial statements do not give a true and fair view of the financial position of Ac badem Sa k Hizmetleri ve Ticaret A.. and its subsidiaries as at 30 June 2011, and of its financial performance and its cash flows for the six month period then ended in accordance with the financial reporting standards of Capital Market Board of Turkey. stanbul, 25 August 2011 Akis Ba ms z Denetim ve Serbest Muhasebeci Mali Mü avirlik A Özkan Genç stanbul, Turkey Additional paragraph for convenience translation to English: The accompanying financial statements are not intended to present the financial position and results of its operations in accordance with accounting principles and practices generally accepted in countries and jurisdictions other than Turkey.

3 Ac badem Sa k Hizmetleri ve Ticaret Anonim irketi and Its Subsidiaries Table of Contents Independent Auditors Review Report Condensed Consolidated Statement of Financial Position Condensed Consolidated Statement of Comprehensive Income Condensed Consoldiated Statement of Changes in Equity Condensed Consolidated Statement of Cash Flows

4 TABLE OF CONTENTS CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION 1 CONDENSED CONSOLIDATED COMPREHENSIVE INCOME STATEMENT 2 CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS EQUITY 3 CONDENSED CONSOLIDATED STATEMENT OF CASH FLOW 4 NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 5-55 PAGE 1 Organization and nature of business 5 2 Basis of presentation of the condensed consolidated financial statements 7 3 Business combination 12 4 Segment reporting 12 5 Tangible assets 15 6 Intangible assets 17 7 Goodwill 18 8 Financial liabilities 19 9 Provisions, contingent assets and liabilities Commitments Equity Financial income Financial expenses Related parties Earnings per share Nature and level of risks arising from financial instruments Financial Instruments fair value disclosures Subsequent events Other matters that significantly affect the financial statements or make the financial statements clear, interpretable, and understandable 54

5 Notes to the Condensed Consolidated Financial Statements Amounts expressed in Turkish Lira ( TL ) unless otherwise stated 1 Organization and Nature of Business Ac badem Sa k Hizmetleri ve Ticaret A.. ( the Company ) was incorporated in 1991 in stanbul, The Company provides health services in thirteen general hospitals (Kad köy, Bak rköy, Kozyata, Fulya, Eski ehir, Bursa, Kocaeli, Maslak, Kayseri, Adana, International Hospital, John F. Kennedy and Göztepe afak) and eight medical centers (Ata ehir, Beylikdüzü, Ba dat, International Etiler, Ac badem Etiler, Uluda Poliklini i, Konur Sa k and Gemt p), center laboratories (Labmed Klinik laboratuarlar, Merkez Patoloji laboratuar, Genetik Tan ve Hücre Tedavi Merkezi, Labvital G da Kontrol Laboratuvar ). In addition to its core business in health care, the Company organizes courses and seminars about first aid, diabetics, smokeless living and infant care. The Company also applies Joint Commission International accredition standards and ISO 9001 Quality Management System standards in its services in order to provide better quality care and security for the patients. Ac badem Sa k Hizmetleri ve Ticaret A.. is subject to Capital Market Board ( CMB ) regulations and its shares have been traded on the stanbul Stock Exchange ( ISE ) since 15 June The head office is located at Fahrettin Kerim Gökay Caddesi, Altunizade Mahallesi, No: 49, Üsküdar- stanbul. As at 30 June 2011 and 31 December 2010 shareholder structure of the Company is as follows: 30 June December 2010 Shareholder s Name Share(%) Share(%) Mehmet Ali Ayd nlar Hatice Seher Ayd nlar Almond Holding Anonim irketi Almond Holding Anonim irketi (Publicly traded) Arma an Özel Yunus Ergüz Osman Morgül Other Individuals Other Public Shares

6 Notes to the Condensed Consolidated Financial Statements Amounts expressed in Turkish Lira ( TL ) unless otherwise stated 1 Organization and Nature of Business (continued) As at 30 June 2011 consolidated subsidiaries comprised the following: - Ac badem Poliklinikleri Anonim irketi ( Ac badem Poliklinikleri ) - Ac badem Labmed Sa k Hizmetleri Anonim irketi ( Ac badem Labmed ) - International Hospital stanbul Anonim irketi ( International Hospital ) - International Hospital Sa k Yat mlar Anonim irketi ( International Hospital Sa k Yat mlar ) - Ac badem Kayseri Hastanesi Anonim irketi ( Ac badem Kayseri ) - Yeni Sa k Hizmetleri ve Ticaret Anonim irketi ( Yeni Sa k ) - Konur Sa k Hizmetleri Anonim irketi ( Konur Sa k ) - Gemt p Özel Sa k Hizmetleri Sanayi ve Ticaret Limited irketi ( Gemt p ) - Ac badem Mobil Sa k Hizmetleri Anonim irketi ( Ac badem Mobil ) As at 31 December 2010 consolidated subsidiaries comprised the following: - Ac badem Poliklinikleri Anonim irketi ( Ac badem Poliklinikleri ) - Ac badem Labmed Sa k Hizmetleri Anonim irketi ( Ac badem Labmed ) - International Hospital stanbul Anonim irketi ( International Hospital ) - International Hospital Sa k Yat mlar Anonim irketi ( International Hospital Sa k Yat mlar ) - Ac badem Kayseri Hastanesi Anonim irketi ( Ac badem Kayseri ) - Konur Sa k Hizmetleri Anonim irketi ( Konur Sa k ) - Ac badem Mobil Sa k Hizmetleri Anonim irketi ( Ac badem Mobil ) Aç klama [o1]: Yeni Sa k n buraya eklenmesi gerekiyor Ac badem Sa k Hizmetleri ve Ticaret Anonim irketi and consolidated subsidiaries are collectively named as Group. Related parties of the Group are listed as following: - Ac badem Holding Anonim irketi ( Ac badem Holding ) - Ac badem Sa k ve Hayat Sigorta Anonim irketi ( Ac badem Sigorta ) - Ac badem Proje Yönetimi Anonim irketi ( Ac badem Proje ) - Aplus Hastane ve Otelcilik Hizmetleri Anonim irketi ( Aplus Otelcilik ) - Ac badem Sa k Yat mlar Holding Anonim irketi ( Ac badem Yat m ) - Almond Holding Anonim irketi ( Almond Holding ) - Abraaj Capital Limited ( Abraaj Capital ) - Akademia Sa k Hizmet ve Sistemleri Yönetim ve Dan manl k Anonim irketi ( Akademia ) - Çaml ca Turizm ve Yatç k Anonim irketi ( Çaml ca Turizm ) - Ac badem Di Sa Hizmetleri Anonim irketi ( Ac badem Di ) - Ac badem E itim ve Sa k Vakf ( Ac badem Vakf ) - Telepati Tan m Hizmetleri Anonim irketi ( Telepati Tan m ) - Çukurova Bilim Laboratuarlar Anonim irketi ( Çukurova Bilim ) - Ac badem Üniversitesi ( Ac badem Üniversite ) - Kerem Ayd nlar Vakf ( Kerem Ayd nlar ) - Ayd nlar Sa k Hizmetleri Limited irketi ( Ayd nlar Sa k ) - BLAB Laboratuvar Hizmetleri Anonim irketi ( BLAB ) Since these organizations are not in relation with the capital of Group, they are not consolidated. 6

7 Notes to the Condensed Consolidated Financial Statements Amounts expressed in Turkish Lira ( TL ) unless otherwise stated 2 Basis of presentation of the condensed consolidated financial statements 2.1 Basis of presentation Statement of compliance The Group maintains its book of accounts and prepares its statutory financial statements in TL in accordance with the Turkish Uniform Chart of Accounts promulgated by Capital Markets Board of Turkey ( CMB ), Turkish Commercial Code and Turkish Tax Code. Subsidiaries maintain their records and prepare their statutory financial statements in accordance with the generally accepted accounting principles and the related legislation applicable in the countries they operate The accompanying condensed consolidated financial statements of the Group have been prepared in accordance with the accounting and reporting principles issued by CMB ( CMB Financial Reporting Standards ). CMB published Communiqué No: XI-29 Basis for Financial Reporting in the Capital Markets ( Communiqué No: XI-29 ). In Communiqué No: XI-29, CMB determines the principles, procedures and basis for composing financial reports. Communiqué No: XI-29 is effective from the first interim period reporting after 1 January 2008 which supersedes Communiqué No: XI-25 The Accounting Standards in Capital Markets ( Communiqué No: XI-25 ). In accordance with Communiqué No: XI-29, the companies are required to prepare their financial statements in accordance with the International Financial Reporting Standards as accepted the European Union ( EU GAAP ). However, until Turkish Accounting Standards Board ( TASB ) publishes the differences between the European Union accepted International Accounting Standards ( IAS ) and International Financial Reporting Standards ( IFRS ) issued by International Accounting Standards Board ( IASB ), IAS/IFRS has to be applied by the companies. Within the above mentioned scope, Turkish Financial Reporting Standards ( TFRS ) issued by TASB will be applied if there is not inconsistency in the standards applied. As at the date of this report, the differences between EUGAAP and IFRS issued by IASB have not been issued by TASB, the accompanying financial statements have been prepared in accordance with TFRS which are identical to IAS/IFRS to conform with Communiqué No: XI-29. The financial statements and notes to the financial statements have been presented in accordance with the amendments to Communiqué XI- 29 issued by CMB on 17 April 2008 and 9 January 2010, which advises the templates to be used for financial statements and notes to the financial statements. CMB allows the companies to present their interim financial statements in accordance with IAS 34 Interim Financial Statements. As at 30 June 2011, the interim condensed consolidated financial statements of the Group are prepared and presented as condensed financial statements. Notes to financial statements to be prepared in accordance with Communiqué No: XI-29 are summarized or not presented in accordance with IAS 34. The accompanying condensed consolidated financial statements should be taken into consideration together with the consolidated financial statements and accompanying notes for the year ended 31 December Interim financial results do not solely represent the year end financial results. The Group continued to apply the accounting policies and accounting estimates presented in the consolidated financial statements as at 31 December 2010, except reclassifications stated below: Changes presented under the debt provision section in the cash flow statement dated 30 June 2010 related to the forward transaction amounted TL 688,617 and swap transaction amounted TL 246,452 have been classified to other financial liabilities. Swap expense accrual amounting to 4,299,190 as at 30 June 2010 has been classified to other financial liabilities in the financial position table. The accompanying condensed consolidated financial statements of the Group have been approved by the board of directors of the Group on 25 August The general assembly of the shareholders and legal authorities have authority to change the accompanying condensed consolidated financial statements. 7

8 Notes to the Condensed Consolidated Financial Statements Amounts expressed in Turkish Lira ( TL ) unless otherwise stated 2 Basis of presentation of the condensed consolidated financial statements (continued) 2.1 Basis of presentation (continued) Basis of consolidation (i) As at 30 June 2011, the condensed consolidated financial statements comprised the accounts of Ac badem Sa k Hizmetleri ve Ticaret Anonim irketi and its subsidiaries. Subsidiaries The condensed consolidated financial statements include the financial statements of the Company and entities controlled by the Company (its subsidiaries). Control is achieved where the Company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities by. (a) having a power over 50% of the voting rights acquired through shareholding interest held either directly or indirectly; (b) or having a power and authority to govern the financial and operating policies of the entity, so as to obtain benefits from its activities, although not having more than 50% of the voting rights. This power to control is evidenced when the Group is able to govern the financial and operating policies of an enterprise so as to benefit from its activities. Subsidiaries are consolidated from the date on which control is transferred to the Group and cease to be consolidated from the date on which control is transferred out of the Group. As at 30 June 2011 and 31 December 2010, the subsidiaries in which the Group owns direct or indirect controls their operations and the shareholding interests are given below: Capital share ratio (%) Subsidiary 30 June December 2010 Ac badem Polyclinics Ac badem Labmed International Hospital International Hospital Sa k Yat mlar Ac badem Kayseri Yeni Sa k Konur Sa k Gemt p Ac badem Mobil (ii) As at 30 June 2011 and 31 December 2010, full consolidation method is used to consolidate the financial statements of these subsidiaries. Transaction eliminated on consolidation The balance sheets and income statements of subsidiaries are consolidated by using the full consolidation method and investments in subsidiaries and related share capital reflected in the equity are eliminated. Net assets of the subsidiaries which are not directly and /or indirect under the control of the parent company are reflected as "Non-controlling interest" line of the balance sheet, and the net profit or loss which is not under the control of the parent company, is reflected as Non-controlling interests line in the income statement. Transactions and balances between consolidated companies are eliminated during consolidation. Profit and loss occurred transactions of participation, main partnership and consolidated subsidiaries, were classified/ arranged in accordance with share of main partnership in participation. However, if losses after all these transactions showed the decline of value, then classification/arrangement did not exercise. 8

9 Notes to the Condensed Consolidated Financial Statements Amounts expressed in Turkish Lira ( TL ) unless otherwise stated 2 Basis of presentation of the condensed consolidated financial statements (continued) 2.1 Basis of presentation (continued) New standards and interpretations adopted in 2011 that have no effect on the Group s financial statements As of June 30, 2011, IASB ("International Accounting Standards Committee") of IAS1 "Presentation of Financial Statements" published in the two changes. The first change is related to change fixed date of 1 January 2004 and first transition date to IFRS. It eliminates the necessity of implementing derecognition of transactions for the companies that apply IFRS for the first time, before the date of transition to IFRS. Amendment will be effective for financial statements prepared after 1 January 2011 and will have no effect on the Group's financial statements. The second change is described in standards and interpretations were not in effect in 2011section. IFRS 7 Financial Instruments is amended to add an explicit statement that the interaction between qualitative and quantitative disclosures better enables users to evaluate an entity s exposure to risks arising from financial instruments. The amendment is effective for annual periods beginning on or after 1 January 2011 and it is not expected impact on the financial statements. IFRIC 13 Customer Loyalty Programmes - Fair Value of Award Credit amended to state that the fair value of award credits takes into account the amount of discounts or incentives that otherwise would be offered to customers that have not earned the award credits. The amendment is effective for annual periods beginning on or after 1 January 2011 and it is not expected to impact on the financial statements. IAS 34 Interim Financial Reporting - Significant Events and Transactions A number of examples have been added to the list of events or transactions that require disclosure under IAS 34. The amendment is effective for annual periods beginning on or after 1 January 2011 and it is not expected impact on the financial statements. The revised IAS 24 Related Party Disclosures amends the definition of a related party and modifies certain related party disclosure requirements government-related entities. The main changes to IAS 24 are: A partial exemption from the disclosure requirements for transactions between a governmentcontrolled reporting entity and that government or other entities controlled by that government; and Amendments to the definition of a related party. IASB agreed that the partial exemption from the disclosure requirements should be required to be made retrospectively, because this should result in a reduction of 'clutter' in the footnotes and an identification of better information about the nature and extent of significant transactions with the government. In addition, IASB agreed that the definition of a related party should also be applied retrospectively from the effective date. In addition, the Board agreed that an entity should be permitted to adopt the partial exemption for government-controlled entities before the effective date even if it does not adopt the amended definition of related party until a later date. IAS 27 Consolidated and Separate Financial Statements Transition requirements for amendments made as a result of IAS 27 (2008) to IAS 21, IAS 28 and IAS 31 Consequential amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates, IAS 28 Investments in Associates and IAS 31 Interests in Joint Ventures (as a result of prior amendments to IAS 27) to be applied prospectively, except for the amendments to IAS 28 and IAS 31 that solely are the result of renumbering in IAS 27 (2008). The amendment is effective for annual periods beginning on or after 1 January 2011 and it is not expected to have any impact on the financial statements. 9

10 Notes to the Condensed Consolidated Financial Statements Amounts expressed in Turkish Lira ( TL ) unless otherwise stated 2 Basis of presentation of the condensed consolidated financial statements (continued) 2.1 Basis of presentation (continued) New standards and interpretations not yet adopted as at 30 June 2011 The Company has applied all the standards issued by IASB and all the interpretations issued by IASB s International Financial Reporting Interpretation Committee ( IFRIC ) which are effective as at 30 June Some new standards, amendments to standards and interpretations which are not effective as at 30 June 2011 have not been applied during the preparation of the accompanying condensed consolidated financial statements. As at 20 December 2010, the International Accounting Standards Board (IASB) issued two narrow amendments to IFRS 1. The first amendment is disclosed in New standards and interpretations adopted in 2011 that have no effect on the Company s financials. The second amendment provides guidance on how an entity should resume presenting financial statements in accordance with IFRSs after a period when the entity was unable to comply with IFRSs because its functional currency was subject to severe hyperinflation. The amendment is effective for annual periods beginning on or after 1 July 2011 and it is not expected to have any impact on the financial statements. IFRS 7 Financial Instruments is amended to will allow users of financial statements to improve their understanding of transfer transactions of financial assets (for example, securitisations), including understanding the possible effects of any risks that may remain with the entity that transferred the assets. The amendments also require additional disclosures if a disproportionate amount of transfer transactions are undertaken around the end of a reporting period. The amendment is effective for annual periods beginning on or after 1 July 2011 and it is not expected to have any impact on the financial statements. The amendment is effective for annual periods beginning on or after 1 July 2011 and it is not expected to have any impact on the financial statements. IFRS 9 Financial Instruments has been issued on November 2009, by the IASB as the first step in its project to replace IAS 39 Financial Instruments: Recognition and Measurement. IFRS 9 retains but simplifies the mixed measurement model and establishes two primary measurement categories for financial assets: amortized cost and fair value. The basis of classification depends on the entity s business model and the contractual cash flow characteristics of the financial asset. The guidance in IAS 39 on impairment of financial assets and hedge accounting continues to apply. The amendment is effective for annual periods beginning on or after 1 January 2013 although entities are permitted to adopt them earlier prior periods need not be restated if an entity adopts the standard for reporting periods beginning before 1 January The International Accounting Standards Board (IASB) has issued amendments to IAS 12 Income Taxes as at 31 December The amendments set out in Deferred Tax: Recovery of Underlying Assets, result from proposals published for public comment in an exposure draft in September. IAS 12 requires an entity to measure the deferred tax relating to an asset depending on whether the entity expects to recover the carrying amount of the asset through use or sale. It can be difficult and subjective to assess whether recovery will be through use or through sale when the asset is measured using the fair value model in IAS 40 Investment Property. The amendment provides a practical solution to the problem by introducing a presumption that recovery of the carrying amount will, normally be through sale. As a result of the amendments, SIC-21 Income Taxes Recovery of Revalued Non-Depreciable Assets would no longer apply to investment properties carried at fair value. The amendments also incorporate into IAS 12 the remaining guidance previously contained in SIC-21, which is accordingly withdrawn. The amendment is effective for annual periods beginning on or after 1 January 2012 and it is not expected to have any impact on the financial statements. IFRS 10 Consolidated Financial Statements standard is effective for annual periods beginning on or after 1 January 2013 and are applied on a modified retrospective basis. This new Standard may be adopted early, but IFRS 11 Joint Arrangements and IFRS 12 Disclosure of Interests in Other Entities should be also adopted early. IFRS 11 Joint Arrangements standard is effective for annual periods beginning on or after 1 January 2013 and are applied on a modified retrospective basis. This new Standard may be adopted early, but IFRS 10 10

11 Notes to the Condensed Consolidated Financial Statements Amounts expressed in Turkish Lira ( TL ) unless otherwise stated 2 Basis of presentation of the condensed consolidated financial statements (continued) 2.1 Basis of presentation (continued) New standards and interpretations not yet adopted as at 30 June 2011 (continued) Consolidated Financial Statements and IFRS 12 Disclosure of Interests in Other Entities should be also adopted early. The standard describes the accounting for joint ventures and joint operations with joint control. Among other changes introduced, under the new standard, proportionate consolidation is not permitted for joint ventures. The Company does not expect that this standard will have a significant impact on the financial position or performance of the Company. IFRS 12 Disclosure of Interests in Other Entities standard is effective for annual periods beginning on or after 1 January 2013 and are applied on a modified retrospective basis. This new Standard may be adopted early, but IFRS 10 Consolidated Financial Statements and IFRS 11 Joint Arrangements should be also adopted early. IFRS 12 includes all of the disclosures that were previously in IAS 27 Consolidated and Separate Financial Statements related to consolidated financial statements, as well as all of the disclosures that were previously included in IAS 31 Interests in Joint Ventures and IAS 28 Investment in Associates. These disclosures relate to an entity s interests in subsidiaries, joint arrangements, associates and structured entities. Under the new standard it is expected that more comprehensive disclosures will be given for interests in other entities. Revised IFRS 13 Fair Value Measurement provides guidance on how to measure fair value under IFRS but does not change when an entity is required to use fair value. It is a single source of guidance under IFRS for all fair value measurements. The new standard also brings new disclosure requirements for fair value measurements. IFRS 13 is effective for annual periods beginning on or after 1 January 2013 and will be adopted prospectively. Early application is permitted. The new disclosures are only required for periods beginning after IFRS 13 is adopted that is, comparative disclosures for prior periods are not required. The Company is in the process of assessing the impact of the new standard on the financial position or performance of the Company. IFRS 10 replaces the portion of IAS 27 Consolidated and Separate Financial Statements that addresses the accounting for consolidated financial statements. A new definition of control is introduced, which is used to determine which entities are consolidated. This is a principle based standard and require preparers of financial statements to exercise significant judgment. The Company does not expect that this standard will have a significant impact on the financial position or performance of the Company. It will be effective from 1 January 2013 or for annual periods beginning after that date. Amended IAS 19 Employee Benefits standard is effective for annual periods beginning on or after 1 January 2013, with earlier application permitted. With very few exceptions retrospective application is required. Numerous changes or clarifications are made under the amended standard. Among there numerous amendments, the most important changes are removing the corridor mechanism and making the distinction between short-term and other long-term employee benefits based on expected timing of settlement rather than employee entitlement. The Company is in the process of assessing the impact of the new standard on the financial position or performance of the Company. The amendments to IAS 1 Presentation of Financial Statements are effective for annual periods beginning on or after 1 July The amendments to IAS 1 change only the grouping of items presented in other comprehensive income. Items that could be reclassified to profit or loss at a future point in time would be presented separately from items which will never be reclassified. IAS 28 Investments in Associates and Joint Ventures (2011) has taken place of IAS 28 (2008) and it will be effective on 1 January 2013 or for annual periods beginningafter that date. 11

12 Notes to the Condensed Consolidated Financial Statements Amounts expressed in Turkish Lira ( TL ) unless otherwise stated 3 Business combinations Konur Sa k One of the Group s subsidiaries Ac badem Poliklinikleri acquired over 35% of the shares of Konur Sa k from other third party shareholders based on the board of directors decision dated 9 March 2011 and has increased its shares to 85%. The agreed amount to be paid for this acquisition is amounting to USD 945,000. Goodwill arising on the acquisition of shares is presented in the retained earnings/ (accumulated loss) in accordance with revised IFRS 3. (Note:7) Yeni Sa k Based on the board of directors decision taken at 28 April 2011, 99.90% of the shares of Yeni Sa k, which owns and operates Göztepe afak Hospital in Göztepe ditrict of stanbul John F. Kennedy Hospital ( JFK ) in Bahçelievler district of stanbul has been acquired. The agreed amount for the acquisition of these shares is amounting to USD 28,239,250 and the payments will be done from the end of the 11st month following the the actual share transfer with the installments of USD 1,000,000. The price has been determined with the mutual discussions and negotiations. Goodwill arising from the acquisition of shares are shown in the note 7. Gemt p Konur Sa k, which is subsidiary of Ac badem Poliklinikleri has acquired 58% shares of Gemt p Özel Sa k Hizmetleri which operates in Gemlik/Bursa district for outpatient. The amount paid for the acquisition is amounting to TL 14,500. Since the amount is negligible for the condensed consolidated financial statements, no goodwill amount has been booked. The condensed consolidated financial statements of Ac badem Poliklinikleri as at 30 June 2011, which are consolidated to accompanying condensed consolidated financial statements of the Group, include the condensed consolidated financial statements of Konur Sa k and Gemt p. 4 Segment reporting The Group s main business activity consists of inpatient, outpatient and emergency care services. The Group sales are allocated as inpatients, outpatients and hospital branches. All Group sales have been realized in domestic basis; accordingly no geographical classification has been presented. As at 30 June 2011, composition of sales and cost of sales of the Group is as follows: According to the type of treatment 1 January - 30 June 2011 Type of Treatment Number of Patient Net Revenue Revenue Ratio (%) Cost of Revenue Gross Profit Inpatients 87, ,658, (227,374,407) 62,283,850 Outpatients 1,249, ,970, (155,275,353) 48,694,751 1,336, ,628, (382,649,760) 110,978,601 1 April - 30 June 2011 Type of Treatment Number of Patient Net Revenue Revenue Ratio (%) Cost of Revenue Gross Profit Inpatients 45, ,611, (120,359,638) 30,252,224 Outpatients 616,838 97,670, (74,378,124) 23,292, , ,282, (194,737,762) 53,544,744 12

13 Notes to the Condensed Consolidated Financial Statements Amounts expressed in Turkish Lira ( TL ) unless otherwise stated 4 Segment Reporting (continued) According to the type of treatment (continued) 1 January - 30 June 2010 Type of Treatment Number of Patient Revenue Revenue Ratio (%) Cost of Revenue Gross Profit Inpatients 46, ,342, (162,453,016) 42,889,757 Outpatients 1,011, ,446, (121,615,061) 36,831,714 1,058, ,789, (284,068,077) 79,721,471 1 April - 30 June 2010 Type of Treatment Number of Patient Revenue Revenue Ratio (%) Cost of Revenue Gross Profit Inpatients 24, ,358, (84,768,927) 20,589,507 Outpatients 542,950 80,401, (62,076,996) 18,324, , ,760, (146,845,923) 38,914,254 According to the hospital locations 1 January - 30 June 2011 stanbul Other than Istanbul Total Revenues 365,058, ,570, ,628,361 Cost of revenue (-) (261,150,727) (121,499,033) (382,649,760) Gross Profit / (Loss) 103,907,396 7,071, ,978,601 Operating expenses (46,419,621) Other operating income/expense (net) 1,102,788 Financial income/expense (net) (46,808,581) Tax expense (6,116,018) Net profit / (Loss) for the period 12,737,169 13

14 Notes to the Condensed Consolidated Financial Statements Amounts expressed in Turkish Lira ( TL ) unless otherwise stated 4 Segment Reporting (continued) According to the hospital location (continued) 1 April - 30 June 2011 Istanbul Other than Istanbul Total Revenues 182,041,241 66,241, ,282,506 Cost of revenue (-) (131,645,585) (63,092,177) (194,737,762) Gross Profit / (Loss) 50,395,656 3,149,088 53,544,744 Operating expenses (27,167,301) Other operating income/expense (net) (1,673,904) Financial income/expense (net) (39,678,562) Tax expense 1,784,362 Net profit / (Loss) for the period (13,190,661) 1 January - 30 June 2010 Istanbul Other than Istanbul Total Revenues 280,857,006 82,932, ,789,548 Cost of revenue (-) (200,129,817) (83,938,260) (284,068,077) Gross Profit / (Loss) 80,727,189 (1,005,718) 79,721,471 Operating expenses (41,449,264) Other operating income/expense (net) 1,754,847 Financial income/expense (net) (24,764,580) Tax expense (3,546,635) Net profit / (Loss) for the period 11,715,839 1 April - 30 June 2010 Istanbul Other than Istanbul Total Revenues 141,612,257 44,147, ,760,177 Cost of revenue (-) (102,014,667) (44,831,256) (146,845,923) Gross Profit / (Loss) 39,597,590 (683,336) 38,914,254 Operating expenses (25,579,041) Other operating income/expense (net) 1,321,909 Financial income/expense (net) (18,242,644) Tax expense (1,968,711) Net profit/ (Loss) for the period (5,554,233) 14

15 Notes to the Condensed Consolidated Financial Statements Amounts expressed in Turkish Lira ( TL ) unless otherwise stated 5 Tangible assets For the six months perioed ended 30 June 2011, movement in the tangible assets is as follows: Cost Land Buildings Machinery and equipment Motor vehicles Furniture and fixtures Financial leased tangible assets Leasehold improvements Other tangible assets Construction in progress Total Balances at 1 January ,645, ,523, ,741,728 4,388,225 77,213, ,483, ,253, ,536 2,249, ,062,515 Additions 2,134, ,692 8,014, ,561 3,073,585 3,181,935 6,199, ,646,424 28,989,787 Additions from acquisition of a new subsidiary ,462, ,434, ,276, ,173,032 Disposals (676,516) (293,536) (486,940) -- (15,896,639) -- (26,746) (17,380,377) As at 30 June ,780, ,065, ,541,727 4,292,250 82,234, ,665, ,832, ,536 7,869, ,844,957 Accumulated depreciation 1 January ,841, ,476,593 2,373,310 48,112,446 36,076,951 62,016,019 78, ,975,839 Charge for the period -- 2,084,465 12,058, ,007 4,083,056 10,702,101 8,707,076 10, ,011,787 Additions from acquisition of a new subsidiary , , , ,000 Disposals (489,760) (209,854) (482,684) -- (3,097,903) (4,280,201) Closing balance as at 30 June ,926, ,152,837 2,529,463 51,743,221 46,779,052 67,634,686 89, ,854,425 Net book value as at 30 June ,990,532 As at 30 June 2011, tangible assets have been insured to the extent of TL 873,789,468 (31 December 2010: TL 848,276,863). As at 30 June 2011, tangible assets are pledged to the extent of TL 268,762,923 (31 December 2010: TL 254,881,290). As at 30 June 2011 and 31 December 2010, the Company utilizes tangible assets which have nil net book value on its accounts. (30 June 2011 Cost: TL 206,253,587, Accumulated Depreciation: TL 206,253,587; 31 December 2010 Cost: TL 184,658,966; Accumulated Depreciation: TL 184,658,966). 15

16 Notes to the Condensed Consolidated Financial Statements Amounts expressed in Turkish Lira ( TL ) unless otherwise stated 5 Tangible assets (continued) For the year ended 31 December 2010, the movement in tangible assets is as follows: Cost Land Buildings Machinery and equipment Motor vehicles Furniture and fixtures Financial leased tangible assets Leasehold improvements Other tangible assets Construction in progress Total Balances at 1 January ,766, ,814, ,811,244 3,118,203 68,284,501 81,499, ,167, ,536 25,930, ,955,328 Additions from acquisition of a new subsidiary ,368 77, , , ,665,830 Additions 11,879,632 1,709,133 6,344,514 1,238,025 4,717,402 17,771,669 14,897, ,845,645 91,403,282 Disposals (2,463,145) (98,432) (99,266) (627,478) (2,291,552) -- (280,630) (5,860,503) Transfer (*) ,709,747 53,128 3,604,697 18,840,215 27,937, (56,246,487) (101,423) As at 31 December ,645, ,523, ,741,728 4,388,225 77,213, ,483, ,253, ,536 2,249, ,062,514 Accumulated depreciation Balances at 1 Jan ary ,687, ,580,106 1,797,643 39,861,937 19,165,151 45,861,195 57, ,011,332 Additions from acquisition of a new subsidiary ,548 25, , , ,283 Charge for the period -- 4,154,184 25,273, ,295 7,887,346 17,392,554 15,977,811 21, ,278,798 Disposals (2,389,633) (22,311) (80,675) (480,754) (46,201) (3,019,574) Closing balance as at 31 December ,841, ,476,593 2,373,310 48,112,446 36,076,951 62,016,019 78, ,975,839 Net book value as at 31 December ,086,675 (*)Tangible assets amounting to TL 101,423 has been transferred to other intangible assets. 16

17 5 Tangible assets (continued) Construction in progress 30 June 2011 Project Expenditure Amount Total Cost of Project Ac badem Ankara Hospital 3,559,126 20,000,000 Ac badem Bodrum Hospital 4,309,918 20,000,000 7,869,044 40,000,000 Ac badem Ankara Hospital According to the agreement dated July 23, 2010, Group has a project located in Ankara, Cankaya, Dikmen district which is an hospital project on approximately 10,000 m 2 covered area with 16 floors. The Company will acquire medical device and equipment and the construction of the building will be completed by subcontractor firms. The hospital is expected to accept its patients in Ac badem Bodrum Hospital Group has a hospital project on 11,500 m 2 closed area in Ortakent district located in Bodrum, Mu la. This hospital is expected to accept its patients in Intangible assets For the six-months period ended 30 June 2011, movement in the intangible assets is as follows: Rights Other intangible assets Total Cost 1 January ,428,831 5,424,893 7,853,724 Additions from acquisition of a new subsidiary 199, , ,107 Additions 2,610, ,200 2,768,400 Disposals (800) -- (800) As at 30 June ,237,642 5,791,789 11,029,431 Accumulated Amortization 1 January ,353,963 3,455,903 4,809,866 Additions from acquisition of a new subsidiary 10, ,755 Charge for the period 108, , ,584 Disposals (44) (44) 1,473,642 3,605,519 5,079,161 Net book value as at 30 June ,950,270 17

18 6 Intangible Assets (continued) For the year ended 31 December 2010, movement in the intangible assets is as follows: Rights Other intangible fixed assets Total Cost 1 January ,041,462 4,737,282 6,778,744 Additions 315, , ,254 Additions from acquisition of a new subsidiary 61,058 2,245 63,303 Transfer 10,809 90, ,423 Closing balance as at 31 December ,428,831 5,424,893 7,853,724 Accumulated Amortization 1 January ,173,011 3,146,573 4,319,584 Charge for the period 146, , ,521 Additions from acquisition of a new subsidiary 34, ,761 1,353,963 3,455,903 4,809,866 Net book value as at 31 December ,074,868 1,968,990 3,043,858 At 30 June 2011 and 31 December 2010, the Company has intangible assets in use which have nil net book value on its accounts. (30 June 2011 Cost: TL 4,027,103, Accumulated Amortization: TL 4,027,103, 31 December 2010 Cost: TL 3,900,693, Accumulated Amortization: TL 3,900,693). 7 Goodwill As at 30 June 2011 and 31 December 2010 the goodwill comprised the acquisitions shown below: 30 June December 2010 Yeni Sa k 46,417, International Hospital 39,292,955 39,292,955 Ac badem Policlinics 6,234,605 6,234,605 Konur Sa k 1,547,107 1,547,107 93,491,924 47,074,667 18

19 7 Goodwill (continued) Konur Sa k One of the Group s subsidiaries Ac badem Poliklinikleri has acquired 35% of the shares of Konur Sa k from other third party shareholders based on the board of directors decision dated 9 March 2011 and has increased its shares to 85%. The agreed amount to be paid for this acquisition is amounting to USD 945,000. Goodwill arising on the acquisition of shares is presented in the retained earnings/ (accumulated loss) in accordance with revised IFRS June 2011 Acquisition cost 1,493,100 Subsidiaries equity (additional 35.00%) (534,782) Goodwill (9 March 2011) 958,318 Goodwill net book value 958,318 Yeni Sa k Based on the board of directors decision taken at 28 April 2011, 99.90% of the shares of Yeni Sa k which owns and operates Göztepe afak Hospital in Göztepe district of stanbul and John F. Kennedy Hospital ( JFK ) in Bahçelievler district of stanbul has been acquired. The agreed amount for the acquisition of these shares is amounting to USD 28,239,250 and the payments will be done from the end of the 11st month following the the actual share transfer with the installments of USD 1,000,000. The price has been determined with the mutual discussions and negotiations. Goodwill arising from the acquisition of shares are shown in the following table. 30 June 2011 Acquisition cost 47,823,972 Subsidiaries equity ( 99,90%) (1,406,715) Goodwill (31 May 2011) 46,417,257 Goodwill net book value 46,417,257 Gemt p Konur Sa k which is a subsidiary of Ac badem Poliklinikleri has acquired 58% shares of Gemt p Özel Sa k Hizmetleri which operates in Gemlik/Bursa district for outpatient. The amount paid for the acquisition is amounting to TL 14,500. Since the amount is negligible for the condensed consolidated financial statements, no goodwill amount had been booked. The condensed consolidated financial statements of Ac badem Poliklinikleri as at 30 June 2011, which are consolidated to accompanying condensed consolidated financial statements of the Group, include the condensed consolidated financial statements of Konur Sa k and Gemt p. 8 Financial liabilities As at 30 June 2011 and 31 December 2010, short term financial liabilities comprised the following: June December 2010 Short term bank borrowings and short term portion of long term bank borrowings 78,582,848 77,722,338 Financial lease liabilities (net) 18,758,817 14,080,748 97,341,665 91,803,086

20 8 Financial liabilities (continued) As at 30 June 2011 and 31 December 2010, long term financial liabilities comprised the following: 30 June December 2010 Long term bank borrowings 285,914, ,198,560 Financial lease liabilities (net) 89,703,941 83,729, ,618, ,928,404 Bank borrowings As at 30 June 2011, the details of short term bank borrowings comprised the following: Bank name Type Curreny type Original currency Interest rate (%) 30 June 2011 Garanti Bankas Operations TL 16,636, ,636,000 Garanti Bankas Tax TL 3,033, ,033,805 Bankas Operations TL 3,000, ,000,000 Bankas Operations TL 344, ,850 Garanti Bankas Tax TL 327, ,610 Garanti Bankas Operations TL 320, ,000 Garanti Bankas Tax TL 292, ,311 Garanti Bankas Operations TL 280, ,000 Vak fbank Tax TL 242, ,607 Garanti Bankas Tax TL 231, ,279 Garanti Bankas Tax TL 182, ,395 Garanti Bankas Tax TL 159, ,185 Bankas Operations TL 90, ,171 Denizbank Operations TL 7, ,820 TEB Vehicle Loan TL 6, ,028 Bankas Investment USD 2,043, ,330,879 28,484,940 Short term portion of long term bank borrowings Bank name Currency type Collateral Original currency amount Interest rate(%) 30 June 2011 Garanti Bankas USD Yes 25,943,351 Libor ,292,851 Bayerische Hypovereinsbank AG EURO Yes 1,577,063 Euribor ,704,838 Vak fbank USD Yes 2,515,163 Libor ,100,219 50,097,908 78,582,848 20

EKO FAKTORİNG A.Ş. FINANCIAL STATEMENTS AT 31 DECEMBER 2013 TOGETHER WITH INDEPENDENT AUDITOR S REPORT

EKO FAKTORİNG A.Ş. FINANCIAL STATEMENTS AT 31 DECEMBER 2013 TOGETHER WITH INDEPENDENT AUDITOR S REPORT FINANCIAL STATEMENTS TOGETHER WITH INDEPENDENT AUDITOR S REPORT FINANCIAL STATEMENTS CONTENTS PAGES BALANCE SHEET (STATEMENT OF FINANCIAL POSITION)... 1 STATEMENT OF COMPREHENSIVE INCOME... 2 STATEMENT

More information

AKDENİZ GÜVENLİK HİZMETLERİ A.Ş. CONVENIENCE TRANSLATION INTO ENGLISH OF CONSOLIDATED FINANCIAL STATEMENTS ORIGINALLY ISSUED IN TURKISH AS OF

AKDENİZ GÜVENLİK HİZMETLERİ A.Ş. CONVENIENCE TRANSLATION INTO ENGLISH OF CONSOLIDATED FINANCIAL STATEMENTS ORIGINALLY ISSUED IN TURKISH AS OF AKDENİZ GÜVENLİK HİZMETLERİ A.Ş. CONVENIENCE TRANSLATION INTO ENGLISH OF CONSOLIDATED FINANCIAL STATEMENTS ORIGINALLY ISSUED IN TURKISH AS OF 01.01-30.09.2012 TOGETHER WITH INDEPENDENT AUDITORS REPORT

More information

AKDENİZ GÜVENLİK HİZMETLERİ A.Ş. CONVENIENCE TRANSLATION INTO ENGLISH OF CONSOLIDATED FINANCIAL STATEMENTS ORIGINALLY ISSUED IN TURKISH AS OF

AKDENİZ GÜVENLİK HİZMETLERİ A.Ş. CONVENIENCE TRANSLATION INTO ENGLISH OF CONSOLIDATED FINANCIAL STATEMENTS ORIGINALLY ISSUED IN TURKISH AS OF AKDENİZ GÜVENLİK HİZMETLERİ A.Ş. CONVENIENCE TRANSLATION INTO ENGLISH OF CONSOLIDATED FINANCIAL STATEMENTS ORIGINALLY ISSUED IN TURKISH AS OF 01.01-30.06.2012 TOGETHER WITH INDEPENDENT AUDITORS REPORT

More information

İŞ FACTORING FİNANSMAN HİZMETLERİ ANONİM ŞİRKETİ FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2008

İŞ FACTORING FİNANSMAN HİZMETLERİ ANONİM ŞİRKETİ FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2008 İŞ FACTORING FİNANSMAN HİZMETLERİ ANONİM ŞİRKETİ FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2008 (Translated into English from the Original Turkish Report). CONVENIENCE TRANSLATION OF THE INDEPENDENT

More information

EFESAN DEMİR SANAYİ VE TİCARET A.Ş. FINANCIAL STATEMENTS AT 31 DECEMBER 2010 TOGETHER WITH AUDITOR S REPORT

EFESAN DEMİR SANAYİ VE TİCARET A.Ş. FINANCIAL STATEMENTS AT 31 DECEMBER 2010 TOGETHER WITH AUDITOR S REPORT EFESAN DEMİR SANAYİ VE TİCARET A.Ş. FINANCIAL STATEMENTS AT 31 DECEMBER 2010 TOGETHER WITH AUDITOR S REPORT BALANCE SHEETS AS OF 31.12.2010 AND 2009 (Amounts translated into US Dollars at the respective

More information

KİLER ALIŞVERİŞ HİZMETLERİ GIDA SANAYİ VE TİCARET A.Ş. CONSOLIDATED FINANCIAL STATEMENTS AS AT AND FOR THE YEAR ENDED 01.01. 31.12.

KİLER ALIŞVERİŞ HİZMETLERİ GIDA SANAYİ VE TİCARET A.Ş. CONSOLIDATED FINANCIAL STATEMENTS AS AT AND FOR THE YEAR ENDED 01.01. 31.12. KİLER ALIŞVERİŞ HİZMETLERİ GIDA SANAYİ VE TİCARET A.Ş. CONSOLIDATED FINANCIAL STATEMENTS AS AT AND FOR THE YEAR ENDED 01.01. 31.12.2012 TOGETHER WITH AUDITOR S REPORT KİLER ALIŞVERİŞ HİZMETLERİ GIDA SANAYİ

More information

EKO FAKTORİNG A.Ş. FINANCIAL STATEMENTS AT 31 DECEMBER 2012 TOGETHER WITH INDEPENDENT AUDITOR S REPORT

EKO FAKTORİNG A.Ş. FINANCIAL STATEMENTS AT 31 DECEMBER 2012 TOGETHER WITH INDEPENDENT AUDITOR S REPORT FINANCIAL STATEMENTS TOGETHER WITH INDEPENDENT AUDITOR S REPORT FINANCIAL STATEMENTS CONTENTS PAGES BALANCE SHEET (STATEMENT OF FINANCIAL POSITION)... 1 STATEMENT OF COMPREHENSIVE INCOME... 2 STATEMENT

More information

Yapı Kredi Sigorta Anonim Şirketi

Yapı Kredi Sigorta Anonim Şirketi (Convenience translation of independent auditors report and financial statements originally issued in Turkish) Yapı Kredi Sigorta Anonim Şirketi Unconsolidated financial statements as of December 31, 2011

More information

PDF created with pdffactory Pro trial version www.pdffactory.com

PDF created with pdffactory Pro trial version www.pdffactory.com EFESAN DEMİR SANAYİ VE TİCARET A.Ş. FINANCIAL STATEMENTS AT 31 DECEMBER 2011 TOGETHER WITH AUDITOR S REPORT BALANCE SHEETS AS OF 31.12.2011 AND 2010 (Amounts translated into US Dollars at the respective

More information

ANADOLU ANONİM TÜRK SİGORTA ŞİRKETİ DETAILED BALANCE SHEET

ANADOLU ANONİM TÜRK SİGORTA ŞİRKETİ DETAILED BALANCE SHEET ASSETS I- Current Assets Audited Current Period Audited Previous Period A- Cash and Cash Equivalents 14 1.606.048.714 1.153.712.216 1- Cash 14 37.347 49.256 2- Cheques Received 3- Banks 14 1.356.733.446

More information

CONVENIENCE TRANSLATION OF REPORT AND FINANCIAL STATEMENTS ORIGINALLY ISSUED IN TURKISH PEGASUS HAVA TAŞIMACILIĞI ANONĐM ŞĐRKETĐ AND ITS SUBSIDIARIES

CONVENIENCE TRANSLATION OF REPORT AND FINANCIAL STATEMENTS ORIGINALLY ISSUED IN TURKISH PEGASUS HAVA TAŞIMACILIĞI ANONĐM ŞĐRKETĐ AND ITS SUBSIDIARIES CONVENIENCE TRANSLATION OF REPORT AND FINANCIAL STATEMENTS ORIGINALLY ISSUED IN TURKISH PEGASUS HAVA TAŞIMACILIĞI ANONĐM ŞĐRKETĐ AND ITS SUBSIDIARIES CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE

More information

Near East Bank Limited And its Subsidiary. Consolidated financial statements as at and for the year ended December 31, 2012

Near East Bank Limited And its Subsidiary. Consolidated financial statements as at and for the year ended December 31, 2012 Near East Bank Limited And its Subsidiary Consolidated financial statements as at and for the year ended 2012 Consolidated statement of income...1 Consolidated statement of comprehensive income......2

More information

International Accounting Standard 28 Investments in Associates

International Accounting Standard 28 Investments in Associates International Accounting Standard 28 Investments in Associates Scope 1 This Standard shall be applied in accounting for investments in associates. However, it does not apply to investments in associates

More information

NOTES TO THE FINANCIAL STATEMENTS... 6-53

NOTES TO THE FINANCIAL STATEMENTS... 6-53 CONTENTS PAGE NUMBERS STATEMENT OF FINANCIAL POSITION... 1-2 STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME... 3 STATEMENT OF CHANGES IN EQUITY... 4 STATEMENT OF CASH FLOWS... 5... 6-53 NOTE

More information

VAKIF FİNANS FACTORİNG HİZMETLERİ ANONİM ŞİRKETİ

VAKIF FİNANS FACTORİNG HİZMETLERİ ANONİM ŞİRKETİ CONVENIENCE TRANSLATION INTO ENGLISH OF FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2014 TOGETHER WITH INDEPENDENT AUDITOR S REPORT ORIGINALLY ISSUED IN TURKISH CONVENIENCE TRANSLATION INTO ENGLISH

More information

Investments in Associates and Joint Ventures

Investments in Associates and Joint Ventures International Accounting Standard 28 Investments in Associates and Joint Ventures In April 2001 the International Accounting Standards Board (IASB) adopted IAS 28 Accounting for Investments in Associates,

More information

Consolidated financial statements 2014. Zurich Insurance Group Annual Report 2014

Consolidated financial statements 2014. Zurich Insurance Group Annual Report 2014 Consolidated financial statements 2014 Annual Report 2014 2 Annual results 2014 Consolidated financial statements Contents Consolidated income statements 3 Consolidated statements of comprehensive income

More information

International Accounting Standard 27 Consolidated and Separate Financial Statements

International Accounting Standard 27 Consolidated and Separate Financial Statements International Accounting Standard 27 Consolidated and Separate Financial Statements Scope 1 This Standard shall be applied in the preparation and presentation of consolidated financial statements for a

More information

İŞ GİRİŞİM SERMAYESİ YATIRIM ORTAKLIĞI ANONİM ŞİRKETİ. Condensed Financial Statements As at and For the Three-month Period Ended 31 March 2014

İŞ GİRİŞİM SERMAYESİ YATIRIM ORTAKLIĞI ANONİM ŞİRKETİ. Condensed Financial Statements As at and For the Three-month Period Ended 31 March 2014 İŞ GİRİŞİM SERMAYESİ YATIRIM ORTAKLIĞI ANONİM ŞİRKETİ Condensed Financial Statements As at and For the Three-month Period Ended 31 March 2014 (Convenience Translation of Financial Statements and Related

More information

Factoring Finansman Hizmetleri Anonim irketi

Factoring Finansman Hizmetleri Anonim irketi Factoring Finansman Hizmetleri Anonim irketi Financial Statements As at and for the Year Ended 31 December 2011 With Independent Auditors' Report {Convenience Translation of Financial Statements and Related

More information

Jollibee Foods Corporation and Subsidiaries

Jollibee Foods Corporation and Subsidiaries Jollibee Foods Corporation and Subsidiaries Consolidated Financial Statements December 31, 2013 and 2012 and Years Ended December 31, 2013, 2012 and 2011 and Independent Auditors Report SyCip Gorres Velayo

More information

CEZ GROUP CONSOLIDATED FINANCIAL STATEMENTS PREPARED IN ACCORDANCE WITH INTERNATIONAL FINANCIAL REPORTING STANDARDS AS OF DECEMBER 31, 2011

CEZ GROUP CONSOLIDATED FINANCIAL STATEMENTS PREPARED IN ACCORDANCE WITH INTERNATIONAL FINANCIAL REPORTING STANDARDS AS OF DECEMBER 31, 2011 CEZ GROUP CONSOLIDATED FINANCIAL STATEMENTS PREPARED IN ACCORDANCE WITH INTERNATIONAL FINANCIAL REPORTING STANDARDS AS OF DECEMBER 31, 2011 TOGETHER WITH INDEPENDENT AUDITOR S REPORT INDEPENDENT AUDITOR'S

More information

Independent Auditors Report 1 2. Financial Statements Balance Sheet. 3 Income Statement... 4 Statement of Changes in Equity. 5 Cash Flow Statement..

Independent Auditors Report 1 2. Financial Statements Balance Sheet. 3 Income Statement... 4 Statement of Changes in Equity. 5 Cash Flow Statement.. FİNANS FİNANSAL KİRALAMA ANONİM ŞİRKETİ TABLE OF CONTENTS Page Independent Auditors Report 1 2 Financial Statements Balance Sheet. 3 Income Statement... 4 Statement of Changes in Equity. 5 Cash Flow Statement..

More information

Philippine Financial Reporting Standards (Adopted by SEC as of December 31, 2011)

Philippine Financial Reporting Standards (Adopted by SEC as of December 31, 2011) Standards (Adopted by SEC as of December 31, 2011) Philippine Financial Reporting Framework for the Preparation and Presentation of Financial Statements Conceptual Framework Phase A: Objectives and qualitative

More information

Yapı Kredi Sigorta Anonim Şirketi

Yapı Kredi Sigorta Anonim Şirketi (Convenience translation of independent auditors report and financial statements originally issued in Turkish) Yapı Kredi Sigorta Anonim Şirketi Consolidated financial statements as of December 31, 2011

More information

Consolidated financial statements

Consolidated financial statements Summary of significant accounting policies Basis of preparation DSM s consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted

More information

MİGROS TİCARET ANONİM ŞİRKETİ

MİGROS TİCARET ANONİM ŞİRKETİ CONVENIENCE TRANSLATION INTO ENGLISH OF CONSOLIDATED FINANCIAL STATEMENTS AS AT AND FOR THE YEAR ENDED 31 DECEMBER 2009 TOGETHER WITH INDEPENDENT AUDITOR S REPORT (ORIGINALLY ISSUED IN TURKISH) CONVENIENCE

More information

LİDER FAKTORİNG HİZMETLERİ A.Ş. FINANCIAL STATEMENTS TOGETHER WITH INDEPENDENT AUDITOR S REPORT AT 31 DECEMBER 2012

LİDER FAKTORİNG HİZMETLERİ A.Ş. FINANCIAL STATEMENTS TOGETHER WITH INDEPENDENT AUDITOR S REPORT AT 31 DECEMBER 2012 FINANCIAL STATEMENTS TOGETHER WITH INDEPENDENT AUDITOR S REPORT AT 31 DECEMBER 2012 INDEX TO FINANCIAL STATEMENTS AT 31 DECEMBER 2012 CONTENTS PAGE BALANCE SHEET (STATEMENT OF FINANCIAL POSITION)...

More information

ANADOLU ANONİM TÜRK SİGORTA ŞİRKETİ DETAILED BALANCE SHEET ASSETS

ANADOLU ANONİM TÜRK SİGORTA ŞİRKETİ DETAILED BALANCE SHEET ASSETS ASSETS ANADOLU ANONİM TÜRK SİGORTA ŞİRKETİ I- Current Assets Audited Current Audited Previous Period Period Notes 31/12/2015 31/12/2014 A- Cash and Cash Equivalents 14 2.304.904.212 1.606.048.714 1- Cash

More information

NET TURİZM TİCARET VE SANAYİ ANONİM ŞİRKETİ AND IT S SUBSIDIARIES CONSOLIDATED FINANCIAL STATEMENTS AND INDEPENDENT AUDITORS REPORT FOR THE PERIOD

NET TURİZM TİCARET VE SANAYİ ANONİM ŞİRKETİ AND IT S SUBSIDIARIES CONSOLIDATED FINANCIAL STATEMENTS AND INDEPENDENT AUDITORS REPORT FOR THE PERIOD NET TURİZM TİCARET VE SANAYİ ANONİM ŞİRKETİ AND IT S SUBSIDIARIES CONSOLIDATED FINANCIAL STATEMENTS AND INDEPENDENT AUDITORS REPORT NET TURİZM TİCARET VE SANAYİ ANONİM ŞİRKETİ CONTENTS PAGE CONSOLIDATED

More information

Türkiye İş Bankası A.Ş. Separate Financial Statements As at and for the Year Ended 31 December 2015

Türkiye İş Bankası A.Ş. Separate Financial Statements As at and for the Year Ended 31 December 2015 Türkiye İş Bankası A.Ş. Separate Financial Statements As at and for the Year Ended 2015 29 April 2016 This report includes 93 pages of separate financial statements together with their explanatory notes.

More information

The accompanying notes are an integral part of these financial statements. 1

The accompanying notes are an integral part of these financial statements. 1 CONTENTS PAGE Statement of Financial Position (Balance Sheet) 1-2 Statement of off-balance sheet items 3 Statement of profit or loss 4 Statement of profit or loss and other comprehensive income 5 Statement

More information

NET TURIZM TİCARET VE SANAYİ ANONİM ŞİRKETİ AND IT S SUBSIDIARIES CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED AT 31 MARCH 2015

NET TURIZM TİCARET VE SANAYİ ANONİM ŞİRKETİ AND IT S SUBSIDIARIES CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED AT 31 MARCH 2015 NET TURIZM TİCARET VE SANAYİ ANONİM ŞİRKETİ AND IT S SUBSIDIARIES CONSOLIDATED FINANCIAL STATEMENTS NET TURİZM TİCARET VE SANAYİ ANONİM ŞİRKETİ CONTENTS PAGE CONSOLIDATED BALANCE SHEETS 1-2 CONSOLIDATED

More information

TURKISH BANK A.Ş. CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2008

TURKISH BANK A.Ş. CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2008 CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2008 To the Board of Directors of Turkish Bank A.Ş. Đstanbul INDEPENDENT AUDITOR S REPORT We have audited the accompanying consolidated

More information

International Accounting Standard 7 Statement of cash flows *

International Accounting Standard 7 Statement of cash flows * International Accounting Standard 7 Statement of cash flows * Objective Information about the cash flows of an entity is useful in providing users of financial statements with a basis to assess the ability

More information

2 This Standard shall be applied by all entities that are investors with joint control of, or significant influence over, an investee.

2 This Standard shall be applied by all entities that are investors with joint control of, or significant influence over, an investee. International Accounting Standard 28 Investments in Associates and Joint Ventures Objective 1 The objective of this Standard is to prescribe the accounting for investments in associates and to set out

More information

EGELİ & CO TARIM GİRİŞİM SERMAYESİ YATIRIM ORTAKLIĞI A.Ş. (Formerly known as Egeli & Co Yatırım Ortaklığı A.Ş. )

EGELİ & CO TARIM GİRİŞİM SERMAYESİ YATIRIM ORTAKLIĞI A.Ş. (Formerly known as Egeli & Co Yatırım Ortaklığı A.Ş. ) EGELİ & CO TARIM GİRİŞİM SERMAYESİ YATIRIM ORTAKLIĞI A.Ş. CONVENIENCE TRANSLATION INTO ENGLISH OF FINANCIAL STATEMENTS FOR THE PERIOD 1 JANUARY - 31 DECEMBER 2011 TOGETHER WITH INDEPENDENT AUDITORS REPORT

More information

Model financial statements for the year ended 30 June 2011

Model financial statements for the year ended 30 June 2011 Model financial statements for the year ended Illustrative example of general purpose financial statements prepared in accordance with the Financial Reporting Act 1993, the Companies Act 1993, applying

More information

Investments in Associates and Joint Ventures

Investments in Associates and Joint Ventures IFAC Board Exposure Draft 50 October 2013 Comments due: February 28, 2014 Proposed International Public Sector Accounting Standard Investments in Associates and Joint Ventures This Exposure Draft 50, Investments

More information

BEYAZ FİLO OTO KİRALAMA A.Ş.

BEYAZ FİLO OTO KİRALAMA A.Ş. CONVENIENCE TRANSLATION INTO ENGLISH OF CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 1 JANUARY- 31 DECEMBER 2011 TOGETHER WITH INDEPENDENT AUDITOR S REPORT (ORIGINALLY ISSUED IN TURKISH) CONVENIENCE

More information

ANADOLU ISUZU OTOMOTİV SANAYİ VE TİCARET ANONİM ŞİRKETİ CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD 1 JANUARY - 30 SEPTEMBER 2012

ANADOLU ISUZU OTOMOTİV SANAYİ VE TİCARET ANONİM ŞİRKETİ CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD 1 JANUARY - 30 SEPTEMBER 2012 ANADOLU ISUZU OTOMOTİV SANAYİ VE TİCARET ANONİM ŞİRKETİ CONSOLIDATED FINANCIAL STATEMENTS ANADOLU ISUZU OTOMOTİV SANAYİ VE TİCARET A.Ş. CONSOLIDATED FINANCIAL STATEMENTS CONTENTS PAGE CONSOLIDATED BALANCE

More information

Statement of Cash Flows

Statement of Cash Flows HKAS 7 Revised February November 2014 Hong Kong Accounting Standard 7 Statement of Cash Flows HKAS 7 COPYRIGHT Copyright 2014 Hong Kong Institute of Certified Public Accountants This Hong Kong Financial

More information

Consolidated financial statements

Consolidated financial statements Consolidated financial statements Year ended December 31, 2009 (in blank) Consolidated Financial Statements 2 CONSOLIDATED INCOME STATEMENT... 6 STATEMENT OF COMPREHENSIVE INCOME... 7 CONSOLIDATED STATEMENT

More information

Destek Finans Faktoring Hizmetleri AŞ and Its Subsidiary

Destek Finans Faktoring Hizmetleri AŞ and Its Subsidiary Destek Finans Faktoring Hizmetleri AŞ and Its Subsidiary Consolidated Financial Statements As at and for the year ended 31 December 2010 With Independent Auditor s Report Thereon Akis Bağımsız Denetim

More information

TÜRK HAVA YOLLARI ANONİM ORTAKLIĞI AND ITS SUBSIDIARIES CONSOLIDATED FINANCIAL STATEMENTS AS OF 30 SEPTEMBER 2009

TÜRK HAVA YOLLARI ANONİM ORTAKLIĞI AND ITS SUBSIDIARIES CONSOLIDATED FINANCIAL STATEMENTS AS OF 30 SEPTEMBER 2009 CONVENIENCE TRANSLATION OF REPORT AND FINANCIAL STATEMENTS ORIGINALLY ISSUED IN TURKISH TÜRK HAVA YOLLARI ANONİM ORTAKLIĞI AND ITS SUBSIDIARIES CONSOLIDATED FINANCIAL STATEMENTS AS OF 30 SEPTEMBER 2009

More information

CEZ GROUP CONSOLIDATED FINANCIAL STATEMENTS PREPARED IN ACCORDANCE WITH INTERNATIONAL FINANCIAL REPORTING STANDARDS AS OF DECEMBER 31, 2015

CEZ GROUP CONSOLIDATED FINANCIAL STATEMENTS PREPARED IN ACCORDANCE WITH INTERNATIONAL FINANCIAL REPORTING STANDARDS AS OF DECEMBER 31, 2015 CEZ GROUP CONSOLIDATED FINANCIAL STATEMENTS PREPARED IN ACCORDANCE WITH INTERNATIONAL FINANCIAL REPORTING STANDARDS AS OF DECEMBER 31, 2015 PRELIMINARY UNAUDITED ACCOUNTS Prepared as of March 14, 2016

More information

ENKA İNŞAAT VE SANAYİ ANONİM ŞİRKETİ AND ITS SUBSIDIARIES CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2011

ENKA İNŞAAT VE SANAYİ ANONİM ŞİRKETİ AND ITS SUBSIDIARIES CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2011 ENKA İNŞAAT VE SANAYİ ANONİM ŞİRKETİ AND ITS SUBSIDIARIES CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2011 TABLE OF CONTENTS PAGE CONDENSED CONSOLIDATED BALANCE SHEET... 1-2

More information

Consolidated Financial Statements. FUJIFILM Holdings Corporation and Subsidiaries. March 31, 2015 with Report of Independent Auditors

Consolidated Financial Statements. FUJIFILM Holdings Corporation and Subsidiaries. March 31, 2015 with Report of Independent Auditors Consolidated Financial Statements FUJIFILM Holdings Corporation and Subsidiaries March 31, 2015 with Report of Independent Auditors Consolidated Financial Statements March 31, 2015 Contents Report of Independent

More information

Illustrative Financial Statements Prepared Using the Financial Reporting Framework for Small- and Medium-Entities

Illustrative Financial Statements Prepared Using the Financial Reporting Framework for Small- and Medium-Entities Illustrative Financial Statements Prepared Using the Financial Reporting Framework for Small- and Medium-Entities Illustrative Financial Statements This component of the toolkit contains sample financial

More information

IFRS Hot Topics. Full Text Edition February 2013. ottopics...

IFRS Hot Topics. Full Text Edition February 2013. ottopics... IFRS Hot Topics Full Text Edition February 2013 ottopics... Grant Thornton International Ltd (Grant Thornton International) and the member firms are not a worldwide partnership. Services are delivered

More information

CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 1 JANUARY - 31 MARCH 2015

CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 1 JANUARY - 31 MARCH 2015 CONVENIENCE TRANSLATION INTO ENGLISH OF CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 1 JANUARY - 31 MARCH 2015 (ORIGINALLY ISSUED IN TURKISH) CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

More information

Growing with. our customers. Bâloise-Holding Financial Report 2006

Growing with. our customers. Bâloise-Holding Financial Report 2006 Growing with our customers Bâloise-Holding Financial Report 2006 Contents Consolidated annual financial statements of the Baloise Group Consolidated balance sheet 2 Consolidated income statement 4 Consolidated

More information

CEZ GROUP CONSOLIDATED FINANCIAL STATEMENTS PREPARED IN ACCORDANCE WITH INTERNATIONAL FINANCIAL REPORTING STANDARDS AS OF DECEMBER 31, 2010

CEZ GROUP CONSOLIDATED FINANCIAL STATEMENTS PREPARED IN ACCORDANCE WITH INTERNATIONAL FINANCIAL REPORTING STANDARDS AS OF DECEMBER 31, 2010 CEZ GROUP CONSOLIDATED FINANCIAL STATEMENTS PREPARED IN ACCORDANCE WITH INTERNATIONAL FINANCIAL REPORTING STANDARDS AS OF DECEMBER 31, 2010 TOGETHER WITH INDEPENDENT AUDITOR S REPORT INDEPENDENT AUDITOR'S

More information

NET TURIZM TİCARET VE SANAYİ ANONİM ŞİRKETİ AND IT S SUBSIDIARIES CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED AT 31 DECEMBER 2014

NET TURIZM TİCARET VE SANAYİ ANONİM ŞİRKETİ AND IT S SUBSIDIARIES CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED AT 31 DECEMBER 2014 NET TURIZM TİCARET VE SANAYİ ANONİM ŞİRKETİ AND IT S SUBSIDIARIES CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED AT 31 DECEMBER 2014 NET TURİZM TİCARET VE SANAYİ ANONİM ŞİRKETİ CONTENTS CONSOLIDATED

More information

NET TURİZM TİCARET VE SANAYİ ANONİM ŞİRKETİ AND IT S SUBSIDIARIES CONSOLIDATED FINANCIAL STATEMENTS AND INDEPENDENT AUDITOR S REPORT FOR THE PERIOD

NET TURİZM TİCARET VE SANAYİ ANONİM ŞİRKETİ AND IT S SUBSIDIARIES CONSOLIDATED FINANCIAL STATEMENTS AND INDEPENDENT AUDITOR S REPORT FOR THE PERIOD NET TURİZM TİCARET VE SANAYİ ANONİM ŞİRKETİ AND IT S SUBSIDIARIES CONSOLIDATED FINANCIAL STATEMENTS AND INDEPENDENT AUDITOR S REPORT NET TURİZM TİCARET VE SANAYİ ANONİM ŞİRKETİ AND ITS SUBSIDIARIES CONTENTS

More information

ANADOLU ANONİM TÜRK SİGORTA ŞİRKETİ DETAILED BALANCE SHEET. ASSETS Unaudited Current Audited Previous Dipnot I- Current Assets

ANADOLU ANONİM TÜRK SİGORTA ŞİRKETİ DETAILED BALANCE SHEET. ASSETS Unaudited Current Audited Previous Dipnot I- Current Assets ASSETS Unaudited Current Audited Previous Dipnot I- Current Assets A- Cash and Cash Equivalents 14 2.364.314.943 2.304.904.212 1- Cash 14 38.784 18.864 2- Cheques Received 3- Banks 14 1.961.058.269 1.937.834.876

More information

Notes to Consolidated Financial Statements Note 1: Basis of Presentation

Notes to Consolidated Financial Statements Note 1: Basis of Presentation NOTES TO CONSOLIDATED FINANCIAL STATEMENTS to Consolidated Financial Statements Note 1: Basis of Presentation Bank of Montreal ( the bank ) is a public company incorporated in Canada having its registered

More information

Anadolu Hayat Emeklilik Anonim Şirketi Consolidated Balance Sheet As At 31 December 2015 (Currency: Turkish Lira (TRY))

Anadolu Hayat Emeklilik Anonim Şirketi Consolidated Balance Sheet As At 31 December 2015 (Currency: Turkish Lira (TRY)) Consolidated Balance Sheet As At ASSETS I- Current Assets A- Cash and Cash Equivalents 14 302,999,458 216,428,429 1- Cash 14 3,385 27,952 2- Cheques Received 3- Banks 14 145,598,543 87,301,020 4- Cheques

More information

AMWAL BROKERAGE L.L.C.

AMWAL BROKERAGE L.L.C. AMWAL BROKERAGE L.L.C. Review report and interim financial information for the three month period ended 31 March 2012 Amwal Brokerage L.L.C. Review report and interim financial information for the three

More information

AvivaSA Emeklilik ve Hayat Anonim Şirketi

AvivaSA Emeklilik ve Hayat Anonim Şirketi BALANCE SHEET AS OF 30 SEPTEMBER 2015 ASSETS Audited I- CURRENT ASSETS Note 31 December 2014 A- Cash and Cash Equivalents 14 431.210.641 394.414.565 1- Cash 14 603 142 2- Cheques Received - - 3- Banks

More information

IFrS. Disclosure checklist. July 2011. kpmg.com/ifrs

IFrS. Disclosure checklist. July 2011. kpmg.com/ifrs IFrS Disclosure checklist July 2011 kpmg.com/ifrs Contents What s new? 1 1. General presentation 2 1.1 Presentation of financial statements 2 1.2 Changes in equity 12 1.3 Statement of cash flows 13 1.4

More information

Consolidated Balance Sheets

Consolidated Balance Sheets Consolidated Balance Sheets March 31 2015 2014 2015 Assets: Current assets Cash and cash equivalents 726,888 604,571 $ 6,057,400 Marketable securities 19,033 16,635 158,608 Notes and accounts receivable:

More information

GOODYEAR (THAILAND) PUBLIC COMPANY LIMITED FINANCIAL STATEMENTS 31 DECEMBER 2011

GOODYEAR (THAILAND) PUBLIC COMPANY LIMITED FINANCIAL STATEMENTS 31 DECEMBER 2011 GOODYEAR (THAILAND) PUBLIC COMPANY LIMITED FINANCIAL STATEMENTS 31 DECEMBER 2011 AUDITOR S REPORT To the Shareholders of Goodyear (Thailand) Public Company Limited I have audited the accompanying statements

More information

ATS AUTOMATION TOOLING SYSTEMS INC.

ATS AUTOMATION TOOLING SYSTEMS INC. Interim Consolidated Financial Statements For the period ended June 29, 2014 (Unaudited) (Condensed) Interim Consolidated Statements of Financial Position (in thousands of Canadian dollars unaudited) June

More information

AvivaSA Emeklilik ve Hayat Anonim Şirketi

AvivaSA Emeklilik ve Hayat Anonim Şirketi BALANCE SHEET AS OF 31 DECEMBER 2015 ASSETS I- CURRENT ASSETS Notes 31 December 2015 31 December 2014 A- Cash and Cash Equivalents 14 447.814.449 394.414.565 1- Cash 14-142 2- Cheques Received 3- Banks

More information

Shin Kong Investment Trust Co., Ltd. Financial Statements for the Years Ended December 31, 2014 and 2013 and Independent Auditors Report

Shin Kong Investment Trust Co., Ltd. Financial Statements for the Years Ended December 31, 2014 and 2013 and Independent Auditors Report Shin Kong Investment Trust Co., Ltd. Financial Statements for the Years Ended, 2014 and 2013 and Independent Auditors Report INDEPENDENT AUDITORS REPORT The Board of Directors and stockholder Shin Kong

More information

IPSAS 7 INVESTMENTS IN ASSOCIATES

IPSAS 7 INVESTMENTS IN ASSOCIATES IPSAS 7 INVESTMENTS IN ASSOCIATES Acknowledgment This International Public Sector Accounting Standard (IPSAS) is drawn primarily from International Accounting Standard (IAS) 28 (Revised 2003), Investments

More information

VESTEL BEYAZ EŞYA SANAYİ VE TİCARET ANONİM ŞİRKETİ FINANCIAL STATEMENTS AT 31 DECEMBER 2009 TOGETHER WITH AUDITORS REPORT

VESTEL BEYAZ EŞYA SANAYİ VE TİCARET ANONİM ŞİRKETİ FINANCIAL STATEMENTS AT 31 DECEMBER 2009 TOGETHER WITH AUDITORS REPORT VESTEL BEYAZ EŞYA SANAYİ VE TİCARET ANONİM ŞİRKETİ FINANCIAL STATEMENTS AT 31 DECEMBER 2009 TOGETHER WITH AUDITORS REPORT INDEPENDENT AUDITOR S REPORT To the Shareholders and Board of Directors of Vestel

More information

NET TURİZM TİCARET VE SANAYİ ANONİM ŞİRKETİ AND IT S SUBSIDIARIES CONSOLIDATED FINANCIAL STATEMENTS FOR THE INTERIM PERIOD ENDED AT 31 MARCH 2016

NET TURİZM TİCARET VE SANAYİ ANONİM ŞİRKETİ AND IT S SUBSIDIARIES CONSOLIDATED FINANCIAL STATEMENTS FOR THE INTERIM PERIOD ENDED AT 31 MARCH 2016 NET TURİZM TİCARET VE SANAYİ ANONİM ŞİRKETİ AND IT S SUBSIDIARIES CONSOLIDATED FINANCIAL STATEMENTS FOR THE INTERIM PERIOD ENDED AT 31 MARCH 2016 NET TURİZM TİCARET VE SANAYİ ANONİM ŞİRKETİ CONTENTS PAGE

More information

Condensed Consolidated Interim Financial Statements Q4 2014. aegon.com

Condensed Consolidated Interim Financial Statements Q4 2014. aegon.com Condensed Consolidated Interim Financial Statements Q4 2014 aegon.com The Hague, February 19, 2015 Table of contents Condensed consolidated income statement 2 Condensed consolidated statement of comprehensive

More information

EXPLANATORY NOTES. 1. Summary of accounting policies

EXPLANATORY NOTES. 1. Summary of accounting policies 1. Summary of accounting policies Reporting Entity Taranaki Regional Council is a regional local authority governed by the Local Government Act 2002. The Taranaki Regional Council group (TRC) consists

More information

Sri Lanka Accounting Standard LKAS 28. Investments in Associates

Sri Lanka Accounting Standard LKAS 28. Investments in Associates Sri Lanka Accounting Standard LKAS 28 Investments in Associates CONTENTS SRI LANKA ACCOUNTING STANDARD LKAS 28 INVESTMENTS IN ASSOCIATES paragraphs SCOPE 1 DEFINITIONS 2 12 Significant influence 6 10 Equity

More information

TSKB Gayrimenkul Yatırım Ortaklığı Anonim Şirketi

TSKB Gayrimenkul Yatırım Ortaklığı Anonim Şirketi TSKB Gayrimenkul Yatırım Ortaklığı Anonim Şirketi Table of contents Independent auditors review report Statement of financial position Income statement Statement of comprehensive income Statement of changes

More information

(unaudited expressed in Canadian Dollars)

(unaudited expressed in Canadian Dollars) Condensed Consolidated Interim Financial Statements of CARGOJET INC. For the three month periods ended (unaudited expressed in Canadian Dollars) This page intentionally left blank Condensed Consolidated

More information

Address: 296, Jen Ai Road, Sec. 4, Taipei, Taiwan, R.O.C. Telephone: 886-2-2755-1399

Address: 296, Jen Ai Road, Sec. 4, Taipei, Taiwan, R.O.C. Telephone: 886-2-2755-1399 Consolidated Statements For The Years Ended 2013 and With Independent Auditors Report The reader is advised that these financial statements have been prepared originally in Chinese. These financial statements

More information

ČEZ, a. s. FINANCIAL STATEMENTS PREPARED IN ACCORDANCE WITH INTERNATIONAL FINANCIAL REPORTING STANDARDS AS OF DECEMBER 31, 2015

ČEZ, a. s. FINANCIAL STATEMENTS PREPARED IN ACCORDANCE WITH INTERNATIONAL FINANCIAL REPORTING STANDARDS AS OF DECEMBER 31, 2015 ČEZ, a. s. FINANCIAL STATEMENTS PREPARED IN ACCORDANCE WITH INTERNATIONAL FINANCIAL REPORTING STANDARDS AS OF DECEMBER 31, 2015 PRELIMINARY UNAUDITED ACCOUNTS Prepared as of March 14, 2016 ČEZ, a. s. BALANCE

More information

INDEX TO FINANCIAL STATEMENTS. Balance Sheets as of June 30, 2015 and December 31, 2014 (Unaudited) F-2

INDEX TO FINANCIAL STATEMENTS. Balance Sheets as of June 30, 2015 and December 31, 2014 (Unaudited) F-2 INDEX TO FINANCIAL STATEMENTS Page Financial Statements Balance Sheets as of and December 31, 2014 (Unaudited) F-2 Statements of Operations for the three months ended and 2014 (Unaudited) F-3 Statements

More information

Transition to International Financial Reporting Standards

Transition to International Financial Reporting Standards Transition to International Financial Reporting Standards Topps Tiles Plc In accordance with IFRS 1, First-time adoption of International Financial Reporting Standards ( IFRS ), Topps Tiles Plc, ( Topps

More information

SAMPLE MANUFACTURING COMPANY LIMITED CONSOLIDATED FINANCIAL STATEMENTS. Year ended December 31, 2011

SAMPLE MANUFACTURING COMPANY LIMITED CONSOLIDATED FINANCIAL STATEMENTS. Year ended December 31, 2011 SAMPLE MANUFACTURING COMPANY LIMITED CONSOLIDATED FINANCIAL STATEMENTS Year ended SAMPLE MANUFACTURING COMPANY LIMITED CONSOLIDATED FINANCIAL STATEMENTS For the year ended The information contained in

More information

Acıbadem Sağlık Hizmetleri ve Ticaret Anonim Şirketi and Its Subsidiaries

Acıbadem Sağlık Hizmetleri ve Ticaret Anonim Şirketi and Its Subsidiaries Acıbadem Sağlık Hizmetleri ve Ticaret Anonim Şirketi and Its Subsidiaries Convenience Translation into English of Consolidated Financial Statements as at and for the year ended With Independent Auditors

More information

International Accounting Standard 21 The Effects of Changes in Foreign Exchange Rates

International Accounting Standard 21 The Effects of Changes in Foreign Exchange Rates International Accounting Standard 21 The Effects of Changes in Foreign Exchange Rates Objective 1 An entity may carry on foreign activities in two ways. It may have transactions in foreign currencies or

More information

5. Provisions for decrease in value of marketable securities (-)

5. Provisions for decrease in value of marketable securities (-) Balance sheet ASSETS I. CURRENT ASSETS A. Liquid Assets: 1. Cash. 2. Cheques received. 3. Banks. 4. Cheques given and payment orders (-). 5. Other liquid assets. B. Marketable Securities: 1. Share certificates.

More information

Acerinox, S.A. and Subsidiaries. Consolidated Annual Accounts 31 December 2014. Consolidated Directors' Report 2014. (With Auditors Report Thereon)

Acerinox, S.A. and Subsidiaries. Consolidated Annual Accounts 31 December 2014. Consolidated Directors' Report 2014. (With Auditors Report Thereon) Acerinox, S.A. and Subsidiaries Consolidated Annual Accounts 31 December 2014 Consolidated Directors' Report 2014 (With Auditors Report Thereon) (Free translation from the original in Spanish. In the event

More information

Global Menkul Değerler Anonim Şirketi and Its Affiliates

Global Menkul Değerler Anonim Şirketi and Its Affiliates Global Menkul Değerler Anonim Şirketi and Its Affiliates Consolidated Financial Statements for the Year Ended December 31, 2014 Together with Auditor s Report Legal Bağımsız Denetim Yeminli Mali Müşavirlik

More information

LİDER FAKTORİNG A.Ş. FINANCIAL STATEMENTS AT 31 DECEMBER 2015 TOGETHER WITH INDEPENDENT AUDITOR S REPORT

LİDER FAKTORİNG A.Ş. FINANCIAL STATEMENTS AT 31 DECEMBER 2015 TOGETHER WITH INDEPENDENT AUDITOR S REPORT FINANCIAL STATEMENTS AT TOGETHER WITH INDEPENDENT AUDITOR S REPORT FINANCIAL STATEMENTS AT CONTENTS PAGES STATEMENT OF FINANCIAL POSITION... 1 STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME...

More information

AKENERJİ ELEKTRİK ÜRETİM A.Ş. Consolidated Financial Statements for the year ended 31 December 2009 and Independent Auditors Report

AKENERJİ ELEKTRİK ÜRETİM A.Ş. Consolidated Financial Statements for the year ended 31 December 2009 and Independent Auditors Report Consolidated Financial Statements for the year ended 31 December 2009 and Independent Auditors Report Consolidated Financial Statements for the year ended 31 December 2009 and Independent Auditors Report

More information

FUBON LIFE INSURANCE CO., LTD. AND SUBSIDIARIES. CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS JUNE 30, 2013 and 2012

FUBON LIFE INSURANCE CO., LTD. AND SUBSIDIARIES. CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS JUNE 30, 2013 and 2012 FUBON LIFE INSURANCE CO., LTD. AND SUBSIDIARIES CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS JUNE 30, 2013 and 2012 (with Independent Auditors Report Thereon) Address: 14F, No. 108, Sec. 1, Tun

More information

KOREAN AIR LINES CO., LTD. AND SUBSIDIARIES. Consolidated Financial Statements

KOREAN AIR LINES CO., LTD. AND SUBSIDIARIES. Consolidated Financial Statements Consolidated Financial Statements December 31, 2015 (With Independent Auditors Report Thereon) Contents Page Independent Auditors Report 1 Consolidated Statements of Financial Position 3 Consolidated Statements

More information

The Depository Trust Company

The Depository Trust Company The Depository Trust Company Unaudited Condensed Consolidated Financial Statements as of March 31, 2016 and December 31, 2015 and for the three months ended March 31, 2016 and 2015 THE DEPOSITORY TRUST

More information

ARABIAN SCANDINAVIAN INSURANCE COMPANY P.L.C.

ARABIAN SCANDINAVIAN INSURANCE COMPANY P.L.C. ARABIAN SCANDINAVIAN INSURANCE COMPANY P.L.C. Financial statements and independent auditor s report for the year ended 31 December 2012 ARABIAN SCANDINAVIAN INSURANCE COMPANY P.L.C. Contents Pages Independent

More information

FUBON LIFE INSURANCE CO., LTD. AND SUBSIDIARIES. CONSOLIDATED INTERIM FINANCIAL STATEMENTS June 30, 2014 and 2013

FUBON LIFE INSURANCE CO., LTD. AND SUBSIDIARIES. CONSOLIDATED INTERIM FINANCIAL STATEMENTS June 30, 2014 and 2013 CONSOLIDATED INTERIM FINANCIAL STATEMENTS 2014 and (with Independent Accountants Report Thereon) Address: 14F, No. 108, Sec. 1, Tun Hua S. Road, Taipei, Taiwan Telephone: 886-2-8771-6699 - 1 - 2014 and

More information

DESTEK FINANS FAKTORING A.Ş. AND ITS SUBSIDIARIES CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2005

DESTEK FINANS FAKTORING A.Ş. AND ITS SUBSIDIARIES CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2005 DESTEK FINANS FAKTORING A.Ş. AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER To the Board of Directors of DESTEK FINANS FAKTORING A.Ş. İstanbul INDEPENDENT AUDITOR S REPORT 1. We have

More information

IFRS. Disclosure checklist. August 2012. kpmg.com/ifrs

IFRS. Disclosure checklist. August 2012. kpmg.com/ifrs IFRS Disclosure checklist August 2012 kpmg.com/ifrs Contents About this publication 1 What s new? 2 The Checklist 3 1. General presentation 3 1.1 Presentation of financial statements 3 1.2 Changes in equity

More information

Anadolu Anonim Türk Sigorta Şirketi

Anadolu Anonim Türk Sigorta Şirketi (Convenience Translation of Financial Statements and Related Disclosures and Footnotes Originally Issued in Turkish, See Note 2.1.1) Anadolu Anonim Türk Sigorta Şirketi 31 December 2014 Unconsolidated

More information

WAM ACQUISITION, S.A.

WAM ACQUISITION, S.A. CONSOLIDATED STATEMENT OF FINANCIAL POSITION FOR THE YEARS ENDED ASSETS 31/12/2009 31/12/2008 31/12/2007 Tangible assets (note 7) Land and buildings 87,200 87,870 90,327 Data processing hardware and software

More information

Summary of Significant Accounting Policies FOR THE FINANCIAL YEAR ENDED 31 MARCH 2014

Summary of Significant Accounting Policies FOR THE FINANCIAL YEAR ENDED 31 MARCH 2014 46 Unless otherwise stated, the following accounting policies have been applied consistently in dealing with items which are considered material in relation to the financial statements. The Company and

More information

OMAN INSURANCE COMPANY P.S.C. AND SUBSIDIARIES. Review report and interim financial information for the three months period ended 31 March 2014

OMAN INSURANCE COMPANY P.S.C. AND SUBSIDIARIES. Review report and interim financial information for the three months period ended 31 March 2014 OMAN INSURANCE COMPANY P.S.C. AND SUBSIDIARIES Review report and interim financial information for the three months period ended 31 March 2014 OMAN INSURANCE COMPANY P.S.C. AND SUBSIDIARIES Contents Pages

More information

NEPAL ACCOUNTING STANDARDS ON INVESTMENT IN ASSOCIATES

NEPAL ACCOUNTING STANDARDS ON INVESTMENT IN ASSOCIATES NAS 25 NEPAL ACCOUNTING STANDARDS ON INVESTMENT IN ASSOCIATES CONTENTS Paragraphs SCOPE 1-2 DEFINITIONS 3-13 Significant influence 7-11 Equity method 12-13 APPLICATION OF THE EQUITY METHOD 14-33 Impairment

More information

eqube Gaming Limited Condensed Interim Consolidated Financial Statements For the Three and Nine Months Ended November 30, 2015 (Unaudited)

eqube Gaming Limited Condensed Interim Consolidated Financial Statements For the Three and Nine Months Ended November 30, 2015 (Unaudited) Condensed Interim Consolidated Financial Statements For the Three and Nine Months Ended November 30, 2015 Notice to Reader The following interim consolidated financial statements and notes have not been

More information

BANK ALBILAD (A Saudi Joint Stock Company)

BANK ALBILAD (A Saudi Joint Stock Company) UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX-MONTHS PERIOD ENDED JUNE 30, INTERIM CONSOLIDATED STATEMENT OF FINANCIAL POSITION Notes SAR 000 (Unaudited) December 31, SAR

More information