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 4- Cheques Given and Payment Orders 14 (114.706) (125.585) 5- Bank Guaranteed Credit Card Receivables with Maturities Less Than Three Months 14 403.332.596 367.176.057 6- Other Cash and Cash Equivalents B- Financial Assets and Financial Investments with Risks on Policyholders 11 609.995.925 680.812.513 1- Available-for-Sale Financial Assets 11 458.217.481 569.121.106 2- Held to Maturity Investments 11 15.446.996 15.555.214 3- Financial Assets Held for Trading 11 136.427.390 96.232.135 4- Loans and Receivables 5- Provision for Loans and Receivables 6- Financial Investments with Risks on Saving Life Policyholders 7- Company s Own Equity Shares 8- Diminution in Value of Financial Investments 11 (95.942) (95.942) C- Receivables from Main Operations 12 967.651.599 928.282.683 1- Receivables from Insurance Operations 12 886.698.876 869.275.449 2- Provision for Receivables from Insurance Operations 2.21,12 (8.307.451) (8.305.178) 3- Receivables from Reinsurance Operations 12 83.122.948 59.472.101 4- Provision for Receivables from Reinsurance Operations 5- Cash Deposited to Insurance and Reinsurance Companies 12 6.137.226 7.840.311 6- Loans to the Policyholders 7- Provision for Loans to the Policyholders 8- Receivables from Individual Pension Operations 9- Doubtful Receivables from Main Operations 12 156.625.713 150.758.235 10- Provision for Doubtful Receivables from Main Operations 12 (156.625.713) (150.758.235) D- Due from Related Parties 12 1- Due from Shareholders 2- Due from Associates 3- Due from Subsidiaries 4- Due from Joint Ventures 5- Due from Personnel 12 6- Due from Other Related Parties 7- Rediscount on Receivables from Related Parties 8- Doubtful Receivables from Related Parties 9- Provision for Doubtful Receivables from Related Parties E- Other Receivables 12 21.641.780 10.378.575 1- Finance Lease Receivables 2- Unearned Finance Lease Interest Income 3- Deposits and Guarantees Given 357.920 357.920 4- Other Miscellaneous Receivables 21.283.860 10.020.655 5- Rediscount on Other Miscellaneous Receivables 6- Other Doubtful Receivables 7- Provision for Other Doubtful Receivables F- Prepaid Expenses and Income Accruals 336.840.282 280.651.377 1- Prepaid Expenses 17 329.874.498 275.073.222 2- Accrued Interest and Rent Income - 3- Income Accruals 10,12 6.965.784 5.577.825 4- Other Prepaid Expenses - 330 G- Other Current Assets 30.814.546 23.705.128 1- Stocks to be Used in the Following Months 470.839 1.049.275 2- Prepaid Taxes and Funds 19 27.947.839 22.398.667 3- Deferred Tax Assets 4- Job Advances 12 1.383.288 253.035 5- Advances Given to Personnel 12 1.012.580 4.151 6- Inventory Count Differences 7- Other Miscellaneous Current Assets 12 8- Provision for Other Current Assets I- Total Current Assets 4.331.259.075 4.228.734.488
ASSETS II- Non-Current Assets Unaudited Current Audited Previous Dipnot A- Receivables from Main Operations 1- Receivables from Insurance Operations 2- Provision for Receivables from Insurance Operations 3- Receivables from Reinsurance Operations 4- Provision for Receivables from Reinsurance Operations 5- Cash Deposited for Insurance and Reinsurance Companies 6- Loans to the Policyholders 7- Provision for Loans to the Policyholders 8- Receivables from Individual Pension Business 9- Doubtful Receivables from Main Operations 10- Provision for Doubtful Receivables from Main Operations B- Due from Related Parties 1- Due from Shareholders 2- Due from Associates 3- Due from Subsidiaries 4- Due from Joint Ventures 5- Due from Personnel 6- Due from Other Related Parties 7- Rediscount on Receivables from Related Parties 8- Doubtful Receivables from Related Parties 9- Provision for Doubtful Receivables from Related Parties C- Other Receivables 2.357.805 2.207.981 1- Finance Lease Receivables 2- Unearned Finance Lease Interest Income 3- Deposits and Guarantees Given 4- Other Miscellaneous Receivables 2.839.780 2.839.780 5- Rediscount on Other Miscellaneous Receivables (481.975) (631.799) 6- Other Doubtful Receivables 7- Provision for Other Doubtful Receivables D- Financial Assets 9 454.280.000 495.280.000 1- Investments in Equity Shares 2- Investments in Associates 9 454.280.000 495.280.000 3- Capital Commitments to Associates 4- Investments in Subsidiaries 5- Capital Commitments to Subsidiaries 6- Investments in Joint Ventures 7- Capital Commitments to Joint Ventures 8- Financial Assets and Financial Investments with Risks on Policyholders 9- Other Financial Assets 10- Impairment in Value of Financial Assets E- Tangible Assets 6 93.019.832 90.862.004 1- Investment Properties 6,7 54.278.600 54.343.600 2- Impairment for Investment Properties 3- Owner Occupied Property 6 11.532.400 11.532.400 4- Machinery and Equipments 6 46.083.986 41.909.394 5- Furniture and Fixtures 6 12.523.855 12.253.700 6- Motor Vehicles 6 619.736 619.736 7- Other Tangible Assets (Including Leasehold Improvements) 6 20.361.991 20.322.655 8- Tangible Assets Acquired Through Finance Leases 6 4.166.354 4.166.354 9- Accumulated Depreciation 6 (56.547.090) (54.285.835) 10- Advances Paid for Tangible Assets (Including Construction in Progress) F- Intangible Assets 8 51.519.670 52.009.300 1- Rights 2- Goodwill 8 16.250.000 16.250.000 3- Pre-operating Expenses 4- Research and Development Costs 5- Other Intangible Assets 8 93.368.048 93.201.169 6- Accumulated Amortization 8 (71.055.672) (66.877.216) 7- Advances Paid for Intangible Assets 8 12.957.294 9.435.347 G- Prepaid Expenses and Income Accruals 17 1.485.621 5.221.880 1- Prepaid Expenses 17 1.485.621 5.221.880 2- Income Accruals 3- Other Prepaid Expenses and Income Accruals H- Other Non-Current Assets 21 17.591.966 13.229.325 1- Effective Foreign Currency Accounts 2- Foreign Currency Accounts 3- Stocks to be Used in the Following Years 4- Prepaid Taxes and Funds 5- Deferred Tax Assets 21 17.591.966 13.229.325 6- Other Miscellaneous Non-Current Assets 7- Amortization on Other Non-Current Assets 8- Provision for Other Non-Current Assets II- Total Non-Current Assets 620.254.894 658.810.490 TOTAL ASSETS 4.951.513.969 4.887.544.978
LIABILITIES III- Short Term Liabilities Unaudited Current Audited Previous Dipnot A- Financial Liabilities - 210.669.647 1- Borrowings from Financial Institutions 2- Finance Lease Liabilities 3- Deferred Leasing Costs 4- Current Portion of Long Term Debts 5- Principal Instalments and Interests on Bonds Issued 6- Other Financial Assets Issued 7- Valuation Differences of Other Financial Assets Issued 8- Other Financial Liabilities - 210.669.647 B- Payables Arising from Main Operations 19 348.141.408 339.189.344 1- Payables Arising from Insurance Operations 19 236.951.110 226.165.931 2- Payables Arising from Reinsurance Operations 3- Cash Deposited by Insurance and Reinsurance Companies 10,19 3.017.212 4.365.775 4- Payables Arising from Individual Pension Business 5- Payables Arising from Other Main Operations 19 108.173.086 108.657.638 6- Discount on Payables from Other Main Operations C- Due to Related Parties 140.592 92.190 1- Due to Shareholders 2- Due to Associates 3- Due to Subsidiaries 4- Due to Joint Ventures 5- Due to Personnel 140.592 92.190 6- Due to Other Related Parties D- Other Payables 19 69.187.532 60.481.800 1- Deposits and Guarantees Received 3.621.186 3.177.561 2- Medical Treatment Payables to Social Security Institution 32.110.395 27.524.238 3- Other Miscellaneous Payables 34.028.013 30.287.110 4- Discount on Other Miscellaneous Payables (572.062) (507.109) E- Insurance Technical Provisions 17 3.130.750.222 2.844.320.564 1- Reserve for Unearned Premiums - Net 17 1.598.886.760 1.451.927.808 2- Reserve for Unexpired Risks - Net 2.26,17 6.470.860 6.485.214 3- Mathematical Provisions - Net 4- Provision for Outstanding Claims - Net 17 1.525.392.602 1.385.907.542 5- Provision for Bonus and Discounts Net 6- Other Technical Provisions Net F- Provisions for Taxes and Other Similar Obligations 19 34.743.367 37.087.955 1- Taxes and Funds Payable 31.938.087 34.487.522 2- Social Security Premiums Payable 2.805.280 2.600.433 3- Overdue, Deferred or By Instalment Taxes and Other Liabilities 4- Other Taxes and Similar Payables 5- Corporate Tax Payable 35 4.719.906 1.769.959 6- Prepaid Taxes and Other Liabilities Regarding Current Income (4.719.906) (1.769.959) 7- Provisions for Other Taxes and Similar Liabilities G- Provisions for Other Risks 1- Provision for Employee Termination Benefits 2- Provision for Pension Fund Deficits 3- Provisions for Costs H- Deferred Income and Expense Accruals 79.539.407 87.824.309 1- Deferred Income 19 57.743.351 54.739.019 2- Expense Accruals 23 21.790.303 33.076.660 3- Other Deferred Income and Expense Accruals 5.753 8.630 I- Other Short-Term Liabilities 23 1.967.449 1.492.709 1- Deferred Tax Liabilities 2- Inventory Count Differences 3- Other Various Short-Term Liabilities 23 1.967.449 1.492.709 III Total Short-Term Liabilities 3.664.469.977 3.581.158.518
LIABILITIES IV- Long Term Liabilities Unaudited Current Audited Previous Dipnot A- Financial Liabilities 1- Borrowings from Financial Institutions 2- Finance Lease Liabilities 3- Deferred Leasing Costs 4- Bonds Issued 5- Other Financial Assets Issued 6- Valuation Differences of Other Financial Assets Issued 7- Other Financial Liabilities B- Payables Arising from Main Operations 1- Payables Arising from Insurance Operations 2- Payables Arising from Reinsurance Operations 3- Cash Deposited by Insurance and Reinsurance Companies 4- Payables Arising from Individual Pension Business 5- Payables Arising from Other Operations 6- Discount on Payables from Other Operations C- Due to Related Parties 1- Due to Shareholders 2- Due to Associates 3- Due to Subsidiaries 4- Due to Joint Ventures 5- Due to Personnel 6- Due to Other Related Parties D- Other Payables 1- Deposits and Guarantees Received 2- Medical Treatment Payables to Social Security Institution 3- Other Miscellaneous Payables 4- Discount on Other Miscellaneous Payables E-Insurance Technical Provisions 17 95.772.420 89.248.488 1- Reserve for Unearned Premiums Net 2- Reserve for Unexpired Risks - Net 3- Mathematical Provisions - Net 4- Provision for Outstanding Claims - Net 5- Provision for Bonus and Discounts Net 6- Other Technical Provisions Net 17 95.772.420 89.248.488 F-Other Liabilities and Relevant Accruals 1- Other Liabilities 2- Overdue, Deferred or By Instalment Taxes and Other Liabilities 3- Other Liabilities and Expense Accruals G- Provisions for Other Risks 23 16.000.876 15.244.930 1- Provision for Employee Termination Benefits 23 16.000.876 15.244.930 2- Provision for Pension Fund Deficits H-Deferred Income and Expense Accruals 1- Deferred Income 2- Expense Accruals 3- Other Deferred Income and Expense Accruals I- Other Long-Term Liabilities 1- Deferred Tax Liabilities 2- Other Long-Term Liabilities IV- Total Long-Term Liabilities 111.773.296 104.493.418
SHAREHOLDERS'S EQUITY V- Shareholders's Equity Dipnot Unaudited Current Audited Previous A- Paid in Capital 500.000.000 500.000.000 1- (Nominal) Capital 2.13,15 500.000.000 500.000.000 2- Unpaid Capital 3- Positive Capital Restatement Differences 4- Negative Capital Restatement Differences 5- Register in Progress Capital B- Capital Reserves 15 28.428.903 25.887.403 1- Share Premiums 2- Cancellation Profits of Equity Shares 3- Profit on Asset Sales That Will Be Transferred to Capital 4- Currency Translation Adjustments 5- Other Capital Reserves 15 28.428.903 25.887.403 C- Profit Reserves 613.095.825 580.597.470 1- Legal Reserves 15 37.374.983 34.311.746 2- Statutory Reserves 15 17.547.144 11.726.993 3- Extraordinary Reserves 15 113.109.908 60.728.553 4- Special Funds 5- Revaluation of Financial Assets 15 401.897.177 430.663.565 6- Other Profit Reserves 15 43.166.613 43.166.613 D- Retained Earnings 31.601.927 31.601.927 1- Retained Earnings 31.601.927 31.601.927 E- Accumulated Losses 1- Accumulated Losses F-Net Profit/(Loss) for the 2.144.041 63.806.242 1- Net Profit for the 2.144.041 61.264.743 2- Net Loss for the 3- Profit not Available for Distribution 15-2.541.499 V- Total Equity 1.175.270.696 1.201.893.042 TOTAL EQUITY AND LIABILITIES 4.951.513.969 4.887.544.978
INCOME STATEMENT Unaudited Current Unaudited Previous Notes 31/03/2016 31/03/2015 A- Non-Life Technical Income 780.135.754 676.747.420 1- Earned Premiums (Net of Reinsurer Share) 710.361.449 589.480.727 1.1- Written Premiums (Net of Reinsurer Share) 17 857.306.047 648.318.999 1.1.1- Gross Premiums 17 1.088.123.614 818.207.473 1.1.2- Premiums Assigned to Reinsurer (-) 10,17 (198.707.230) (151.943.839) 1.1.3- Premiums Assigned to Socail Security Institution (-) (32.110.337) (17.944.635) 1.2- Change in Unearned Premium Provisions (Net of Reinsurers Shares and Reserves Carried Forward) (+/-) 17,29 (146.958.952) (70.740.788) 1.2.1- Unearned Premium Provisions (-) 17 (165.268.389) (78.950.552) 1.2.2- Unearned Premium Provisions Assigned to Reinsurer 17 11.916.242 8.310.343 1.2.3- Unearned Premium Provisions Assigned to Socail Security Institution 6.393.195 (100.579) 1.3- Changes in Unexpired Risk Reserves (Net of Reinsurer Share and Reserves Carried Forward)(+/-) 29 14.354 11.902.516 1.3.1- Unexpired Risk Reserves (-) 2.237.602 10.361.137 1.3.2- Unexpired Risk Reserves Assigned to Reinsurer(-) (2.223.248) 1.541.379 2- Investment Income Transfered from Non-Technical Divisions 72.150.554 76.341.718 3- Other Technical Income (Net of Reinsurer Share) 1.219.480 522.185 3.1- Other Technical Income -gross 1.219.480 522.185 3.2- Other Technical Income -ceded 4- Accured Salvage nd Subrogation Income (3.595.729) 10.402.790 B- Non-Life Technical Expense (-) (772.483.534) (636.694.446) 1- Realized Claims (Net of Reinsurer Share) 17 (587.101.672) (482.110.990) 1.1- Claims Paid (Net of Reinsurer Share) 17,29 (447.616.612) (403.375.305) 1.1.1- Claims Paid (-) 17 (541.377.642) (441.904.601) 1.1.2- Claims Paid Assigned to Reinsurer 10,17 93.761.030 38.529.296 1.2- Changes in Outstanding Claims Provisions (Net of Reinsurer Share and Reserves Carried Forward) (+/-) 17,29 (139.485.060) (78.735.685) 1.2.1- Outstanding Claims Provisions (-) 17 (107.250.959) (136.889.283) 1.2.2- Outstanding Claims Provisions Assigned to Reinsurer 17 (32.234.101) 58.153.598 2- Changes in Bonus and Discount Provisions (Net of Reinsurer Share and Reserves Carried Forward) (+/-) 2.1- Bonus and Discount Provisions (-) 2.2- Bonus and Discount Provisions Assigned to Reinsurer (+) 3- Changes in Other Technical Reserves (Net of Reinsurer Share and Reserves Carried Forward) (+/-) 29 (6.523.932) (4.063.840) 4- Operating Expenses (-) 32 (153.251.500) (138.036.995) 5- Change in Mathematical Provisions 5.1- Change in Mathematical Provisions-gross 5.2- Change in Mathematical Provisions-ceded 6- Change in Other Technical Provisions 2.25 (25.606.430) (12.482.621) 6.1- Change in Other Technical Provisions-gross 2.25 (25.606.430) (12.482.621) 6.2- Change in Other Technical Provisions-ceded C- Non Life Technical Profit (A-B) 7.652.220 40.052.974 C- Non Life Technical Profit 7.652.220 40.052.974 J- Total Technical Profit (C) 7.652.220 40.052.974 K- Investment Income 100.922.734 102.166.026 1- Income From Financial Investments 4.2 46.432.753 28.544.111 2- Income from Sales of Financial Assets 4.2 2.448.592 3.217.876 3- Revaluation of Financial Assets 4.2 26.899.163 19.542.655 4- Foreign Exchange Gains 4.2 4.534.267 38.379.462 5- Dividend Income from Affiliates 4.2 20.000.000 12.000.000 6- Income form Subsidiaries and Joint Ventures 7- Real Estate Income 422.406 481.922 8- Income from Derivative Instruments 4.2 185.553-9- Other Investments 10- Investment Income transferred from Life Technical Division L- Investment Expenses (-) (105.461.461) (106.946.808) 1- Investment Management Expenses (including interest) (-) 4.2 (173.487) - 2- Valuation Allowance of Investments (-) 4.2 (1.393.850) (2.135.948) 3- Losses On Sales of Investments (-) 4.2 (7.598.340) (1.555.777) 4- Investment Income Transferred to Non - Life Technical Division (-) (72.150.554) (76.341.718) 5- Losses from Derivative Instruments (-) 4.2 (689.485) - 6- Foreign Exchange Losses (-) 4.2 (17.004.986) (19.121.626) 7- Depreciation Expenses (-) 6,8 (6.450.759) (7.791.739) 8- Other Investment Expenses (-) M- Other Income and Expenses (+/-) 1.980.495 (9.906.406) 1- Reserves (Provisions) account (+/-) 47 (7.172.448) (5.295.010) 2- Rediscount account (+/-) 47 2.446.294 (2.978.588) 3- Mandatory Earthquake Insurance Account (+/-) 4- Inflation Adjustment Account (+/-) 5- Deferred Tax Asset Accounts(+/-) 35 6.739.861-6- Deferred Tax Liability Expense (+/-) 35 - (1.437.067) 7- Other Income and Revenues 125.287 153.876 8- Other Expense and Losses (-) (158.499) (349.617) 9- Prior Income 10- Prior Losses (-) N- Net Profit / (Loss) 2.144.041 23.561.886 1- Profit /(Loss) Before Tax 5.093.988 25.365.786 2- Taxes Provisions (-) 35 (2.949.947) (1.803.900) 3- Net Profit (Loss) after Tax 2.144.041 23.561.886 4- Inflation Adjustment Account (+/-)
STATEMENT OF CHANGES IN EQUITY (31/03/2015) Unaudited Previous Notes Paid-in Capital Previous Own Shares of the Company Revaluation of Financial Assets Inflation Adjustments Currency Translation Adjustments Legal Reserves Statutory Reserves Other Reserves and Retained Earnings Net Profit / (Loss) Retained Earnings Total I Balance at the end of the previous year 31.12.2014 500.000.000-336.666.816 30.779.762 7.262.220 73.564.468 71.699.601 31.462.272 1.051.435.139 II Change in Accounting Standards - III Restated balances (I+II) 1.1.2015 500.000.000-336.666.816 30.779.762 7.262.220 73.564.468 71.699.601 31.462.272 1.051.435.139 A- Capital increase (A1+A2) - 1- In cash - 2- From reserves - B- Purchase of own shares - C- Gains or losses that are not included in the statement of income - D- Change in the value of financial assets 11,15 (6.585.729) - (6.585.729) E- Currency translation adjustments - F- Other gains or losses - G- Inflation adjustment differences - H- Net profit for the period 23.561.886-23.561.886 I Dividends paid 2.23 (23.561.886) - (23.561.886) J Transfers to reserves 15-3.531.984 4.464.773 41.103.224 (49.134.895) 34.914 - II - Balance at the end of the period 31.03.2015 500.000.000-330.081.087 34.311.746 11.726.993 114.667.692 22.564.706 31.497.186 1.044.849.410 STATEMENT OF CHANGES IN EQUITY (31/03/2016) Unaudited Current Notes Paid-in Capital Current Own Shares of the Company Revaluation of Financial Assets Inflation Adjustments Currency Translation Adjustments Legal Reserves Statutory Reserves Other Reserves and Retained Earnings Net Profit / (Loss) Retained Earnings Total I Balance at the end of the previous year 31.12.2015 500.000.000-430.663.565 34.311.746 11.726.993 129.782.569 63.806.242 31.601.927 1.201.893.042 II Change in Accounting Standards - III Restated balances (I+II) 1.1.2016 500.000.000-430.663.565 34.311.746 11.726.993 129.782.569 63.806.242 31.601.927 1.201.893.042 A- Capital increase (A1+A2) - 1- In cash - 2- From reserves - B- Purchase of own shares - C- Gains or losses that are not included in the statement of income - D- Change in the value of financial assets 11,15 (28.766.387) - (28.766.387) E- Currency translation adjustments - F- Other gains or losses - G- Inflation adjustment differences - H- Net profit for the period 2.144.041-2.144.041 I Dividends paid 2.23 - J Transfers to reserves 15-3.063.237 5.820.151 54.922.854 (63.806.242) II - Balance at the end of the period 31.03.2016 500.000.000-401.897.178 37.374.983 17.547.144 184.705.423 2.144.041 31.601.927 1.175.270.696
CASH FLOW STATEMENT Unaudited Current (01/01/2016-31/03/2016) Unaudited Previous (01/01/2015-31/03/2015) Notes A - Cash flows from operating activities 1- Cash provided from insurance activities 1.185.476.444 858.588.315 2- Cash provided from reinsurance activities 3- Cash provided from individual pension business 4- Cash used in insurance activities (1.023.327.231) (863.532.505) 5- Cash used in reinsurance activities (21.947.762) (26.838.478) 6- Cash used in individual pension business 7- Cash provided by operating activities 140.201.451 (31.782.668) 8- Interest paid 9- Income taxes paid 19 (24.997.892) (6.494.980) 10- Other cash inflows 10.139.719 (30.655.596) 11- Other cash outflows (259.555.886) (9.224.262) 12-Net cash provided by operating activities (134.212.608) (78.157.506) B - Cash flows from investing activities 1- Proceeds from disposal of tangible assets - (147.360) 2- Acquisition of tangible assets 6,8 (8.288.822) (5.737.826) 3- Acquisition of financial assets 11 (175.610.708) (102.182.653) 4- Proceeds from disposal of financial assets 289.237.920 173.724.751 5- Interests received 56.468.630 46.323.904 6- Dividends received 14.000.000 6.000.000 7- Other cash inflows 17.507.387 39.008.744 8- Other cash outflows (265.338.646) 63.093.108 9- Net cash provided by investing activities (72.024.239) 220.082.668 C- Cash flows from financing activities 1- Equity shares issued 2- Cash provided from loans and borrowings 3- Finance lease payments 4- Dividends paid - (22.459.965) 5- Other cash inflows 6- Other cash outflows 7- Net cash used in financing activities - (22.459.965) D- Effect of exchange rate fluctuations on cash and cash equivalents 3.934.235 5.996.250 E- Net increase in cash and cash equivalents (202.302.612) 125.461.447 F- Cash and cash equivalents at the beginning of the year 14 1.670.201.688 1.043.729.224 G- Cash and cash equivalents at the end of the year 14 1.467.899.076 1.169.190.671