March-2011 CMB Report
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Transcript of March-2011 CMB Report
March-2011 CMB March-2011 CMB ReportReport
Current Period Previous Period
31 March 2011 31 December 2010
ASSETS 1.287.760.167 1.231.806.821
Current Assets 365.170.379 310.009.661
Cash Equivalents 68.157.832 40.167.702
Trade Receivables (Net) 190.090.653 183.146.207
Other Receivables (net) 6.609.483 7.869.906
Inventories (net) 95.834.060 76.501.580
Other Current Assets 4.478.351 2.324.266
Sub Total 365.170.379 310.009.661
Non Current Assets 922.589.788 921.797.160
Other Receivables (net) 257.106 242.295
Financial Assets (net) 149.517.708 147.698.124
Tangible Asset (net) 598.985.040 600.408.583
Intangibles Assets (net) 35.544.093 35.795.399
Goodwill 129.457.887 129.457.887
Deferred Tax Assets 1.993.262 1.905.201
Other Non Current Assets 6.834.692 6.289.671
Consolidated Balance Sheet
Current Period Previous Period
31 March 2011 31 December 2010
LIABILITIES 474.417.261 390.670.782
Short-Term Liabilities 298.101.262 175.503.708
Financial Payables (Net) 147.540.734 49.135.105
Other Financial Liabilities(Net) - -
Trade Payables (Net) 90.419.439 110.349.022
Other Payables (Net) 51.649.003 9.966.411
Tax Payables 2.602.503 1.500.241
Provisions 5.889.583 4.552.929
Other Liabilities (Net) - -
Sub Total 298.101.262 175.503.708
Non-Curent Assets Held for Sale and Discontinued Operations
- -
Long-Term Liabilities 176.315.999 215.167.074
Financial Payables (Net) 111.587.643 151.581.547
Provisions 2.806.901 2.615.726
Provision Related to Employee Benefits 17.363.307 16.453.559
Deferrred Tax Liabilities 44.558.148 44.516.242
Consolidated Balance Sheet
Current Period Previous Period
31 March 2011 31 December 2010
EQUITY 813.342.906 841.136.039
Parent Equity 802.658.675 830.295.205
Capital 424.624.650 424.624.650
Legal Reserves 92.734.743 87.576.615
Unrealized Gains on investments available for Sale 104.693.744 102.965.139
Actuerial gain / (loss) (320.518) (320.518)
Profits/Losses From Previous Years 171.241.502 156.189.595
Net Income/Loss 9.684.554 59.259.724
Minetory Interest 10.684.231 10.840.834
Total Equity and Liabilities 1.287.760.167 1.231.806.821
Consolidated Balance Sheet
Current Period Previous Period
OPERATING INCOME 31 March 2011 31 March 2010 %
Income from sales (net) 209.682.699 169.596.638 23,6
Cost of sales (-) (181.594.715) (151.221.965) (20,1)
GROSS OPERATING PROFIT/LOSS 28.087.984 18.374.673 52,9
Marketing, sales and distribution expenses (2.068.744) (1.894.799) (9,2)
General and administrative expenses (7.210.097) (6.236.815) (15,6)
Other operating income 965.081 919.372 5,0
Other operating expenses (-) (1.995.935) (2.827.734) 29,4
NET OPERATING INCOME/EXPENSE 17.778.289 8.334.697 113,3
Financial gains 6.826.727 6.008.219 13,6
Financial expense (-) (12.568.347) (9.133.908) (37,6)
OPERATING INCOME/LOSS 12.036.669 5.209.008 131,1
Income Tax (2.508.718) (1.268.538) 97,8
Corporation Tax (2.645.852) (827.094) (219,9)
Deferred Tax 137.134 (441.444) 131,1
PRE-MINETORY INTEREST PROFIT/LOSS 9.527.951 3.940.470 141,8Distribution of Profif /Loss
Minetory Interest (156.603) (218.467) 28,3
Parent Share 9.684.554 4.158.937 132,9
Earnings per share - Basic (Ykr) 0,05 0,02
Consolidated P & L
Current Period Previous Period
31 March 2011 31 March 2010 %
Net Income / (Loss) 9.527.951 3.940.470 141,8
Change in Unrealized Gain on Investments Available for Sale 1.819.584 12.464.726 (85,4)
Tax income / (loss) from other comprehensive income items (90.979) (686.901) 86,8
Other Comprehensive Income After Tax 1.728.605 11.777.825 (85,3)
Total Comprehensive Income 11.256.556 15.718.295 (28,4)
Distribution of Other Comprehensive Income
Minetory Interest (156.603) (218.467) 28,3
Parent Share 11.413.159 15.936.762 (28,4)
Consolidated P & L (Comprehensive Income)
EBITDA
Income from sales (net) 207.633.285 168.293.413
Earnings on services (net) 2.049.414 1.303.225
Cost of sales (-) (181.594.715) (151.221.965)
Depreciation 12.738.278 13.147.971
Gross Operating Profit 40.826.262 19,5 31.522.644 18,6
Operating expense (-) (9.278.841) (8.131.614)
Depreciation 523.883 473.197
EBITDA 32.071.304 15,3 23.864.227 14,1
EBIT
Income from sales (net) 207.633.285 168.293.413
Earnings on services (net) 2.049.414 1.303.225
Cost of sales (-) (181.594.715) (151.221.965)
Depreciation - -
Gross Operating Profit 28.087.984 13,4 18.374.673 10,8
Operating expense (-) (9.278.841) (8.131.614)
Depreciation - -
Net Operating income 18.809.143 9,0 10.243.059 6,0
31 March 2011 31 March 2010
31 March 2011 31 March 2010
Share Capital
Inflation Adjustment of Paid in Share
Capital
Legal ReservesUnrealized Gain on Investments
Available for Sale
Actuarial Gain / (Loss)
Net Profit for the Period
Accumulated Profits
Parent Equity Minority Interest Total
Balances at January 1, 2010 191.447.068 233.177.582 78.033.880 74.921.074 (254.656) 75.008.370 156.160.570 808.493.888 10.732.686 819.226.574
Transfers - - 9.542.735 - - (75.008.370) 65.465.635 - - -
Dividend paid - - - - - - (65.436.608) (65.436.608) - (65.436.608)
Current year profit - - - - - 4.158.937 - 4.158.937 (218.467) 3.940.470
Other comprehensive income - Net Unrealized Gain on Investments Available for Sale
- - - 12.464.726 - - - 12.464.726 - 12.464.726
Tax income / (loss) from other comprehensive income items
- - - (686.901) - - - (686.901) - (686.901)
Total Comprehensive Income - - 9.542.735 11.777.825 - (70.849.433) 29.027 (49.499.846) (218.467) (49.718.313)
Balance @ 31 March 2010 191.447.068 233.177.582 87.576.615 86.698.899 (254.656) 4.158.937 156.189.597 758.994.042 10.514.219 769.508.261
Balances at January 1, 2011 191.447.068 233.177.582 87.576.615 102.965.139 (320.518) 59.259.724 156.189.595 830.295.205 10.840.834 841.136.039
Transfers - - 5.158.128 - - (59.259.724) 54.101.596 - - -
Dividend paid - - - - - - (39.049.689) (39.049.689) - (39.049.689)
Current year profit - - - - - 9.684.554 - 9.684.554 (156.603) 9.527.951
Other comprehensive income - Net Unrealized Gain on Investments Available for Sale
- - - 1.819.584 - - - 1.819.584 - 1.819.584
Tax income / (loss) from other comprehensive income items
- - - (90.979) - - - (90.979) - (90.979)
Total Comprehensive Income - - 5.158.128 1.728.605 - (49.575.170) 15.051.907 (27.636.530) (156.603) (27.793.133)
Balance @ 31 March 2011 191.447.068 233.177.582 92.734.743 104.693.744 (320.518) 9.684.554 171.241.502 802.658.675 10.684.231 813.342.906
Consolidated Equity Movement
31 March 2011 31 March 2010
Cash flows from operating activities:
Profit before tax, minority interest and loss on net monetary position 12.036.669 5.209.008Adjustments to reconcile net profit before monetary loss, minority interest and income tax to net cash provided by operating activities:
Unrealized foreign exchange losses 46.000 1.405.214
Depreciation and amortization 13.368.774 13.775.255
Provision for employee termination benefits 1.419.627 866.514
Provision for Restoration 191.175 81.345
Gain/Loss on sale of property, plant and equipment (46.578) (15.936)
Interest expense 5.873.037 2.443.807
Provision for Litigation 856.995 (2.590)
Provision for doubtful receivables 72.704 34.151
Net profit adjusted for non-cash items 33.818.403 23.796.768
Consolidated Cash Flow
Changes in operating assets and liabilities 31 March 2011 31 March 2010
Trade receivables (Short Term) (7.047.876) 2.634.559
Other receivables 1.260.423 (8.129.621)
Inventories (19.332.480) (19.912.415)
Prepayments and other current assets (2.154.085) (2.139.219)
Prepayments and other non-current asset (545.021) (320.184)
Trade payables (19.929.583) (10.115.460)
Other payables 2.632.903 3.413.226
Current provisions 479.659 514.550
Taxes paid (1.543.590) (2.465.932)
Employee termination benefits paid (383.293) (832.673)
Litigation incentive premium paid (126.585) -
Collections from doubtful receivables 15.915 (12.288)
Net cash provided by operating activities (12.855.210) (13.568.689)
Consolidated Cash Flow
31 March 2011 31 March 2010
Cash flows from investing activities
Purchase of property, plant and equipment (11.729.981) (5.460.340)
Purchase of intangible assets - (54.273)
Proceeds from sale of property, plant and equipment 82.634 61.361
Net cash used in investing activities (11.647.347) (5.453.252)
Cash flows from financing activities
Proceeds from short-term borrowings 100.832.301 38.063.120
Repayment of short-term borrowings (45.123.222) (16.285.658)
Repayment of short- term lease obligations (251.428) (1.072.495)
Interest paid (2.964.964) (2.451.382)
Net cash used in financing activities 52.492.687 18.253.585
Net increase in cash and cash equivalents 27.990.130 (768.356)
Cash and cash equivalents at the beginning of the year 40.167.702 40.091.509
Cash and cash equivalents at the end of period 68.157.832 39.323.153
Cash received by the Company for interest 160.397 227.472
Consolidated Cash Flow
SEGMENT REPORTING (PERIO D END)
1 January - 31 March 2011Cement RMC Unallocatable Elimination Total
Sales, net 147.257.676 90.206.294 - (27.781.271) 209.682.699Cost of sales (-) (122.017.874) (87.358.112) - 27.781.271 (181.594.715)
Gross profit 25.239.802 2.848.182 - - 28.087.984
Operating expenses (-) (7.396.655) (1.882.186) - - (9.278.841)Other operating income / expenses (-), net (723.564) (307.290) - - (1.030.854)
Operating income 17.119.583 658.706 - 17.778.289
Financial income / expenses (-), net (5.586.613) 5.212 (160.219) - (5.741.620)
Operating income / (loss) before tax 11.532.970 663.918 (160.219) - 12.036.669
Income tax, net - - (2.508.718) - (2.508.718)
Corporation Tax - - (2.645.852) - (2.645.852)Deferred Tax - - 137.134 - 137.134
Period Profit / (Loss) From ContinuingOperations 11.532.970 663.918 (2.668.937) - 9.527.951
SEGMENT REPORTING (PERIO D END)
1 January - 31 March 2010Cement RMC Unallocatable Elimination Total
Sales, net 120.373.701 68.875.426 - (19.652.489) 169.596.638Cost of sales (-) (105.460.930) (65.413.524) - 19.652.489 (151.221.965)
Gross profit 14.912.771 3.461.902 - - 18.374.673
Operating expenses (-) (6.542.886) (1.588.728) - - (8.131.614)Other operating income / expenses (-), net (1.947.670) 39.308 - - (1.908.362)
Operating income 6.422.215 1.912.482 - - 8.334.697
Financial income / expenses (-), net 276.258 29.371 (3.431.318) - (3.125.689)
Operating income / (loss) before tax 6.698.473 1.941.853 (3.431.318) - 5.209.008
Income tax, net - - (1.268.538) - (1.268.538)
Corporation Tax - - (827.094) - (827.094)Deferred Tax - - (441.444) - (441.444)
Period Profit / (Loss) From ContinuingOperations 6.698.473 1.941.853 (4.699.856) - 3.940.470
SEGMENT REPORTING (PERIO D END)
31 March 2011
Cement RMC Unallocatable Elimination Total
Assets and liabilities
Segment assets 696.693.121 72.886.874 - - 769.579.995Financial investments - - 149.517.708 - 149.517.708Unallocatable assets - - 368.662.464 - 368.662.464
Total assets 696.693.121 72.886.874 518.180.172 - 1.287.760.167
Segment liabilities - - - - -Unallocatable liabilit ies - - 1.287.760.167 - 1.287.760.167
Total l iabilities - - 1.287.760.167 - 1.287.760.167
1 January - 31 March 2011
Other segment informations
Investment expendituresFixed assets 10.533.429 1.221.656 - - 11.755.085
Total investment expenditures 10.533.429 1.221.656 - - 11.755.085
Depretiation expense 11.755.529 1.361.939 - - 13.117.468Amortization expense 227.378 23.928 - - 251.306
SEGMENT REPORTING (PERIO D END)
31 March 2010
Cement RMC Unallocatable Elimination Total
Assets and liabilities
Segment assets 699.615.393 65.236.719 - - 764.852.112Financial investments - - 130.711.622 - 130.711.622Unallocatable assets - - 297.421.467 - 297.421.467
Total assets 699.615.393 65.236.719 428.133.089 - 1.192.985.201
Unallocatable liabilit ies - - 1.192.985.201 - 1.192.985.201
Total l iabilities - - 1.192.985.201 - 1.192.985.201
1 January - 31 March 2010
Other segment informations
Investment expendituresFixed assets 5.186.643 327.971 - - 5.514.614
Total investment expenditures 5.186.643 327.971 - - 5.514.614
Depretiation expense 12.367.272 1.149.737 - - 13.517.009Amortization expense 240.634 17.612 - - 258.246
31 March 2011 31 December 2010
Bank accounts (including short-term time deposits) 64.290.154 35.918.427
Checks with maturities until report end 3.867.334 4.248.669
Cash in hand 344 606
68.157.832 40.167.702
CASH & CASH EQUIVALENT
% Amount % Amount
Çimsa Çimento Sanayi ve Ticaret A.Ş. (Çimsa) 8,98 123.125.184 8,98 121.305.600
Liman İşletmeleri ve Nakliyecilik A.Ş. (Liman İşletmeleri) 15,00 22.662.688 15,00 22.662.688
Eterpark Endüstri Ürünleri İmalat Ticaret İthalat İhracat Pazarlama A.Ş. (Eterpark) 8,73 2.686.527 8,73 2.686.527
Arpaş Ambarlı Römorkaj Pilataj Ticaret A.Ş. (Arpaş) 16,00 841.399 16,00 841.399
Altaş Ambarlı Liman Tesisleri Ticaret A.Ş. (Altaş) 12,25 201.910 12,25 201.910
149.517.708 147.698.124
INVESTMENTS AVAILABLE FOR SALE (Non-current)
31 March 2011 31 December 2010
31 March 2011Currency Maturity Balance
Unsecured creditsTL (**) 30.000.000 02.05.11 31.073.250TL (**) 60.000.000 24.11.11 60.475.417TL (**) 10.000.000 18.04.11 10.850.444TL (**) 20.000.000 22.07.11 20.040.250TL (**) 20.000.000 22.08.11 20.040.500TL (*)(**) 858.409 - 858.409
143.338.270
31 March 2011Currency Maturity Balance
USD 10.039.607 02.05.13 15.544.324USD 10.038.808 02.05.13 15.543.086TL 8.500.000 13.09.12 8.935.561TL 16.500.000 13.09.12 17.345.501TL 25.000.000 13.09.12 26.281.064TL 30.000.000 02.05.12 31.140.750
Short Term Portion of Long Term Credit TL 13.09.11 (1.281.064)TL 13.09.11 (845.501)TL 13.09.11 (435.561)TL 20.10.11 (1.140.750)
Short Term Portion of Long Term Credit ABD$ (43.866) 31.05.11 (67.918)
111.019.492
Unsecured credits
SHORT-TERM FINANCIAL DEBTS (NET)
LONG-TERM FINANCIAL DEBTS (NET)
(*) (*) Interest-free short-term loans used for temporary purposeInterest-free short-term loans used for temporary purpose
(**) Fixed-rate loans(**) Fixed-rate loans
RECEIVABLES
0-1 Month 1-2 m 2-3 m 3-4 m 4 m> Total31 March 2011 98.880.378 3.248.985 213.187 237.622 34.164 421.070 103.035.406
31 December 2010 83.867.449 1.464.583 485.845 514.193 321.424 301.592 86.955.086
OVERDUE RECEIVABLES
AGEING FOR RECEIVABLES
31 March 2011 31 December 2010
Accounts receivable (Net) 103.035.406 86.955.086Notes receivable and post-dated checks 73.247.269 70.699.135Due from Shareholders 7.154 -Due from Investments 212.517 347.589Due from holding companies 13.588.307 25.144.397Doubtfull debt 4.762.461 4.705.672Less: Provision for impairment (4.762.461) (4.705.672)
190.090.653 183.146.207
SHORT-TERM TRADE RECEIVABLES (NET)
31 March 2011 31 December 2010
Accounts payables (Net) 85.667.603 106.370.586Due to Affiliates 159.490 227.384Due to holding companies 4.592.346 3.748.055Due to Shareholders - 2.997
90.419.439 110.349.022
SHORT-TERM TRADE PAYABLES (NET)
31 March 2011 31 December 2010
Deposits and guarantees given 1.589.172 3.097.271Deferred Vat 2.685.624 1.947.594Vat receivables 1.006.641 1.485.714Due from Personal 1.053.114 769.446Work Advances 9.550 9.550Other 265.382 560.331
6.609.483 7.869.906
SHORT-TERM OTHER RECEIVABLES (NET)
31 March 2011 31 December 2010
Deposits and guarantees taken 2.639.729 2.560.001Taxes and Funds Payable 1.305.785 2.169.128Advances taken for Purchases 4.445.347 1.629.210Social Security Withholdings Payable 1.363.675 1.319.365
Other liabilities 1.040.180 826.579Dividend payables 39.857.510 811.878Due to Personnel 981.959 633.653Other Payables 14.818 16.597
51.649.003 9.966.411
SHORT-TERM OTHER PAYABLES (NET)
31 March 2011 31 December 2010
Deposits and guarantees given 257.106 242.295
257.106 242.295
LONG-TERM OTHER RECEIVABLES (NET)
31 March 2011 31 December 2010
Raw materials and supplies 66.737.197 59.756.505Semi-finished goods 14.007.547 10.343.809Finished goods 6.101.301 4.470.415Goods in transit 8.988.015 1.930.851
95.834.060 76.501.580
INVENTORIES
January 1, 2011 AdditionsTransfers from construction-in-
progressDisposals 31 March 2011
Cost
Land and land improvements 132.639.044 2.250 87.972 - 132.729.266
Buildings 251.324.881 - - - 251.324.881
Machinery and equipment 1.082.923.899 51.457 1.391.694 (19.063) 1.084.347.987
Furniture, fixtures and motor vehicles 69.241.364 45.962 110.429 (220.517) 69.177.238
Leasehold improvements 46.146.233 - 117.260 - 46.263.493
Construction-in-progress 43.724.439 11.655.416 (1.707.355) - 53.672.500
Total 1.625.999.860 11.755.085 - (239.580) 1.637.515.365
Less: Accumulated DepreciationLand and land improvements 67.027.636 746.737 - - 67.774.373
Buildings 109.801.696 3.533.475 - - 113.335.171
Machinery and equipment 771.410.829 7.513.631 - - 778.924.460
Furniture, fixtures and motor vehicles 47.692.932 849.432 - (178.420) 48.363.944
Leasehold improvements 29.658.184 474.193 - - 30.132.377
Total 1.025.591.277 13.117.468 - (178.420) 1.038.530.325
Property, plant and equipment, net 600.408.583 598.985.040
PROPERTY, PLANT AND EQUIPMENT
January 1, 2011 AdditionsTransfers from construction-in-
progress31 March 2011
CostRights and Other Intangibles 51.116.727 - - 51.116.727
Less: Accumulated AmortizationRights and Other Intangibles 15.321.328 251.306 - 15.572.634
Intangible assets, net 35.795.399 (251.306) - 35.544.093
INTANGIBLE ASSETS
31 March 2011
1 January 2009 Opening 129.457.887
Impairment -
129.457.887
GOODWILL
31 March 2011 31 December 2010
Provision on Vacations 3.016.815 2.537.156Litigations 2.372.768 1.515.773Premium payable to executive board 500.000 500.000
5.889.583 4.552.929
SHORT-TERM PROVISIONS
Litigations Vacations Jestion
January-2010 1.515.773 2.537.156 500.000Charge for the year - 479.659 -(Gain)/Loss from change in provision due to change in estimations 856.995 - -
31 March 2011 2.372.768 3.016.815 500.000
31 March 2011 31 December 2010
Provision for Restoration 2.806.901 2.615.726
2.806.901 2.615.726
LONG-TERM PROVISIONS
COMMITMENTS
Operating Lease Commitments 31 March 2011 31 December 2010
0-1 year 159.860 253.8711-5 year 3.934.709 4.208.2545> year 2.320.500 2.340.000
6.415.069 6.802.125
Financial Lease Commitments 31 March 2011 31 December 2010
0-1 year 462.446 638.9991-5 year 577.003 650.075
1.039.449 1.289.074
Interest payable (39.627) (54.141)
Present value of financial lease payables 999.822 1.234.933
EMPLOYEE BENEFITS
31 March 2011 31 December 2010
ETB 14.932.820 14.223.282Provision on Seniority 2.430.487 2.230.277
17.363.307 16.453.559
ETB 31 March 2011 31 December 2010
01.Jan. 11-11 14.223.282 11.866.887ETB liability paid (383.293) (1.329.884)Actuarial gain/loss - 82.328Interest Cost 163.000 692.384Charge of the year 929.831 2.911.567
14.932.820 14.223.282
THE OTHER ASSETS AND LIABILITIES
31 March 2011 31 December 2010
The Other Current AssetsPrepaid Expenses 4.380.247 2.308.889Given Advances 191 1.038Other* 97.913 14.339
4.478.351 2.324.266
31 March 2011 31 December 2010
The Other Non-Current AssetsPrepaid rent 1.241.717 1.257.275Fixed asset advances given 5.592.975 5.032.396
6.834.692 6.289.671
COMPOSITION OF SHAREHOLDERS : Amount % Amount %
Hacı Ömer Sabancı Holding A.Ş. 76.035.136 39,72 76.035.136 39,72
HeidelbergCement Mediterranean Basin Holdings S.L 76.035.135 39,72 76.035.135 39,72
Publicly-held part 39.376.797 20,56 39.376.797 20,56
Total in historical YTL 191.447.068 100 191.447.068 100
Restatement effect 233.177.582 233.177.582
Total per financial statements 424.624.650 424.624.650
FAIR VALUE GAIN/LOSS ON THE INVESTMENTS AVAILABLE FOR SALE
31 March 2011 31 December 2010
Çimsa Çimento San. A.Ş 110.203.940 108.384.356
110.203.940 108.384.356
31 March 2011 31 December 2010
CAPITAL RESERVES- PROFIT RESERVES
31 March 2011 31 December 2010
Legal reserves 92.734.708 87.576.580
Statutory reserves 35 35
Extraordinary reserves 4.533.747 4.533.673
Accumulated profits 7.758.970 7.758.970
Renewal fund 2.812.924 2.812.924
Other reserves 879.596 935.812
108.719.979 103.617.994
MINORITY INTERESTS
31 March 2011 31 December 2010
Beginning 10.840.834 10.732.686
Dividends declared (156.603) 108.148
10.684.231 10.840.834
Sales Income 31 March 2011 31 March 2010 %
Domestic sales 168.730.343 118.672.008 42,2
Overseas sales 44.240.936 53.780.833 (17,7)
Sales discount (-) (726.953) (698.214) (4,1)
Other discount (-) (4.611.041) (3.461.214) (33,2)
207.633.285 168.293.413 23,4
Earnings on services 31 March 2011 31 March 2010 %
Sale of services 2.049.414 1.303.225 57,3
2.049.414 1.303.225
COST OF SALES 31 March 2011 31 March 2010
Direct material cost 148.248.537 120.646.852
Direct labour cost 11.165.563 10.217.565
Amortization & Depreciation 12.738.278 13.147.971
Other production cost 13.784.764 12.097.815
Total Production Cost 185.937.142 156.110.203
Change in semi-final products (3.663.738) (4.677.286)
Opening 10.343.809 6.737.478
End-of-period 14.007.547 11.414.764
Change in final products (1.630.886) (429.868)
Opening 4.470.415 4.293.823
End-of-period 6.101.301 4.723.691
Cost of trade goods 569.019 44.622
Cost of service sold 383.178 174.294
Total Cost of Sales 181.594.715 151.221.965
OPERATING EXPENSES 31 March 2011 31 March 2010
General and administrative expenses 7.210.097 6.236.815Marketing, sales and distribution expenses 2.068.744 1.894.799
9.278.841 8.131.614
General and administrative expenses Salaries and expenses of personnel 4.169.455 3.843.986Consultancy expenses 731.045 802.476Depriciation and amortisation 495.873 446.043Rent expenses 326.070 170.211Taxes, duties and fees 221.153 176.629External utilities and services obtained 247.461 160.508Traveling expenses 254.688 159.654ETB 88.218 44.070Insurance expenses 26.811 18.266Miscellaneous expenses 649.323 414.972
7.210.097 6.236.815
Marketing, sales and distribution expenses Salaries and expenses of personnel 1.368.289 1.282.381Rent expenses 143.677 126.538Sales guarantee expenses 91.269 113.744Traveling expenses 118.567 108.491External utilities and services obtained 97.736 72.962ETB 70.124 60.449Depriciation and amortisation 28.010 27.154Taxes, duties and fees 5.830 3.357Doubtful receivables expenses 56.789 21.863Miscellaneous expenses 88.453 77.860
2.068.744 1.894.799
OTHER OPERATING INCOME 31 March 2011 31 March 2010
Gain on sale of property, plant and equipment, net 46.578 15.936
Rent income 160.725 136.526
Income from insurance contracts 42.608 609.129
Other 715.170 155.191
965.081 919.372
OTHER OPERATING EXPENSES 31 March 2011 31 March 2010
Idle time expense 36.332 1.863.612
Donations 236.268 94.799
Property and estate taxes 40.338 43.410
Depreciation expense of rented terminals 106.613 110.278
Penalty and Imdenty 53.135 112.840
Provision expense for legal actions 856.995 -
Provision expense for recultivation 191.175 81.345
Other 475.079 521.450
1.995.935 2.827.734
Amortization & Depreciation
31 March 2011 31 March 2010
Tangible Fixed AssetsProduction cost 12.596.831 12.959.613General and administrative expenses 386.014 382.385Other operating cost 106.613 147.857Marketing, sales and distribution expenses 28.010 27.154
Total Depreciation Expences 13.117.468 13.517.009
Intangible Fixed AssetsProduction cost 141.447 188.358General and administrative expenses 109.859 63.658Other operating expenses - 6.230
Total Amortization Expences 251.306 258.246
Financial Gain 31 March 2011 31 March 2010
Fx gain 6.429.696 5.675.812Interest income 231.926 203.757Gain on Interest cost from Customers, (net) 165.105 119.911Discount expenses - 8.739
Total financial gains 6.826.727 6.008.219
Financial Loss 31 March 2011 31 March 2010
Fx loss 6.194.183 6.444.789Interest expenses 5.873.037 2.443.807Loss from forward transaction - 97.629Rediscount loss, (net) 501.127 147.683
Total financial loss 12.568.347 9.133.908
31 March 201131 December
2010 31 March 201131 December
2010 31 March 201131 December
2010
Property, plant and equipment - - (24.925.772) (25.789.375) 863.603 1.392.927Goodwill - - (22.000.002) (20.702.811) (1.297.191) (5.188.767)Inventories 3.703.118 3.806.137 - - (103.019) 46.616
Provision for employee termination benefits 2.986.564 2.844.657 - - 141.907 471.279Allowance for unearned/unaccrued interest( included in receivables and payables, net ) 342.866 242.651 - - 100.215 (486.510)Recultivation provision 561.380 523.145 - - 38.235 30.553
Other timing differences, net 1.649.626 1.320.672 - - 328.954 225.344Period loss 547.400 482.970 - - 64.430 (67.645)Tax income/expense related to othercomprehensive income items - - (5.430.066) (5.339.087) (90.979) (1.459.537)
9.790.954 9.220.232 (52.355.840) (51.831.273) 46.155 (5.035.740)
DEFERRED TAX ASSETS/LIABILITIES (COMPANY)Deferred Tax Assets Deferred Tax Liabilities Deffered tax income
31 March 2011 31 December 2010Consolidated balance sheet
Current year corporation tax 2.645.852 9.352.020
Prepaid taxes (43.349) (7.851.779)Taxes to be demanded - -
Income tax to be paid 2.602.503 1.500.241
31 March 2011 31 March 2010Consolidated income statementCurrent year corporation tax (2.645.852) (827.094)
Deferred tax137.134 (441.444)
Tax in consolidated financials (2.508.718) (1.268.538)
NET FOREIGN CURRENCY POSITION
Currency Amount YTL Amount Currency Amount YTL Amount
ASSETS
USD 17.927.207 27.756.695 USD 17.785.669 27.496.644
EURO 685.922 1.496.407 EURO 1.058.585 2.169.147
GBP 675 1.677 GBP 885 2.114
SEK 5 1 - - -
TO TAL 29.254.780 29.667.905
LIABILITIES
USD (27.221.393) (42.146.883) USD (21.676.477) (33.511.833)
EURO (241.413) (526.668) EURO (418.916) (858.401)
GBP - - GBP - -
TO TAL (42.673.551) (34.370.234)
31 March 2011Total Export 44.240.936
Total Import 8.678.749
Hedge Rate of Currency Liabilities 0%
31 March 2011 31 December 2010
Foreign Currency Risk Table
CurrencyDevaluation of YTL against Foreign Currency
Efect on profit before tax (YTL)
USD/YTL 10% (1.439.019)
EURO/YTL 10% 96.974
FX Sensitivity Analysis Valuation rate (% ) 10
Revaluation of foreign currency
Devaluation of foreign currency
Revaluation of foreign currency
Devaluation of foreign currency
1- US Dollar net asset/liability (1.439.019) 1.439.019 - -2- Hedged amount in US Dollar (-) - - - -3- US Dollar Net Effect (1+2) (1.439.019) 1.439.019 - -
4- EURO net asset/liability 96.974 (96.974) - -5- Hedged amount in EURO (-) - - - -6- EURO Net Effect (4+5) 96.974 (96.974) - -
7- Other FX net asset/liability 168 (168) - -8- Hedged amount in other FX (-) - - - -9- Other assets in FX Net Effect (7+8) 168 (168) - -TOTAL (3+6+9) (1.341.877) 1.341.877 - -
Revaluation of foreign currency
Devaluation of foreign currency
Revaluation of foreign currency
Devaluation of foreign currency
1- US Dollar net asset/liability (601.519) 601.519 - -2- Hedged amount in US Dollar (-) - - - -3- US Dollar Net Effect (1+2) (601.519) 601.519 - -
4- EURO net asset/liability 131.075 (131.075) - -5- Hedged amount in EURO (-) - - - -6- EURO Net Effect (4+5) 131.075 (131.075) - -
7- Other FX net asset/liability 211 (211) - -8- Hedged amount in other FX (-) - - - -9- Other assets in FX Net Effect (7+8) 211 (211) - -TOTAL (3+6+9) (470.233) 470.233 - -
Current periodProfit/loss Equity
Revaluation of US Dollar against TRL at the rate of 10% :
Revaluation of US Dollar against TRL at the rate of 10% :
Revaluation of EURO against TRL at the rate of 10% :
Revaluation of other FX against TRL at the rate of 10% :
Revaluation of EURO against TRL at the rate of 10% :
Revaluation of other FX against TRL at the rate of 10% :
Previous periodProfit/loss Equity
Current Period Previous Period
31.087.410 31.013.597
Interest rate position table
Variable rated financial instrumentsFinancial liabilities
Interest Rate Risk Table
Increase in basis point Efect on profit before tax
0,5% (38.708)
Related parties
Third parties
Related parties
Third parties
Maximum amount of credit risk as of report date (A+B+C+D+E) (1) 13.807.978 176.282.675 1.053.114 5.556.369 68.157.488 - -
- Secured amount of maximum risk by guarantees etc.* - 99.016.276 1.053.114 2.951.006 - - -
- - - - - - -
A. Net book value of uenxpired or not impaired financial assets (2) 13.807.978 171.550.875 1.053.114 5.556.369 68.157.488 - -
B. Net book value of financial assets, conditions about them discussed otherwise they are stated as overdue (3)
- 576.772 - - - - -
C. Net book value of not impaired but became overdue financial assets(6) - 4.155.028 - - - - -
- The part under guarantee etc.* - 2.437.746 - - - - -
D. Net book value of impaired assets (4) - - - - - - -
- Overdue (gross book value) - 4.762.461 - - - - -
- Impairment (-) - (4.762.461) - - - - -
- Under guarantee part of net value* - - - - - - -
- Unexpired (gross book value) - - - - - - -
- Impairment (-) - - - - - - -
- Under guarantee part of net value* - - - - - - -
E. Issues including off balance sheet credit risk (5) - - - - - - -
Credit Risk Table
Current period
Receivables
Deposit at banks Derivatives Other
Trade receivables Other receivables
Related parties
Third parties
Related parties
Third parties
Maximum amount of credit risk as of report date (A+B+C+D+E) (1) 25.491.986 157.654.221 769.446 7.100.460 40.167.096 - -
- Secured amount of maximum risk by guarantees etc.* - 84.696.206 769.446 2.507.925 - - -
- - - - - - -
A. Net book value of uenxpired or not impaired financial assets (2) 25.491.986 153.539.182 769.446 7.100.460 40.167.096 - -
B. Net book value of financial assets, conditions about them discussed otherwise they are stated as overdue (3)
- 1.027.402 - - - - -
C. Net book value of not impaired but became overdue financial assets(6) - 3.087.637 - - - - -
- The part under guarantee etc.* - 1.178.365 - - - - -
D. Net book value of impaired assets (4) - - - - - - -
- Overdue (gross book value) - 4.705.672 - - - - -
- Impairment (-) - (4.705.672) - - - - -
- Under guarantee part of net value* - - - - - - -
- Unexpired (gross book value) - - - - - - -
- Impairment (-) - - - - - - -
- Under guarantee part of net value* - - - - - - -
E. Issues including off balance sheet credit risk (5) - - - - - - -
Credit Risk Table
Previous period
Receivables
Deposit at banks Derivatives Other
Trade receivables Other receivables
Liquidity risk tableCurrent period
Due dates according to agreements Book value
Total cash outflows
according to agreement
(=I+II+III+IV) < 3 months (I) 3-12 months (II) 1-5 years (III) > 5 years (IV)
Non-derivative Financial Liabilities 349.547.817 367.516.252 134.179.625 112.839.678 120.496.949 -
Bank loans 258.128.556 275.451.392 43.038.603 112.492.843 119.919.946 -Bonds issued - - - - - -Financial leasing payables 999.822 1.039.450 115.612 346.835 577.003 -Trade payables 90.419.439 91.025.410 91.025.410 - - -
Previous period
Due dates according to agreements Book value
Total cash outflows
according to agreement
(=I+II+III+IV) < 3 months (I) 3-12 months (II) 1-5 years (III) > 5 years (IV)
Non-derivative Financial Liabilities 311.065.674 339.496.107 116.339.567 55.107.149 168.049.391 -
Bank loans 199.481.719 227.176.546 5.149.330 54.627.899 167.399.317 -Bonds issued - - - - - -Financial leasing payables 1.234.933 1.289.074 159.750 479.250 650.074 -Trade payables 110.349.022 111.030.487 111.030.487 - - -