2006_Faaliyet Raporu

Transkript

2006
FAAL‹YET RAPORU ANNUAL REPORT
YÖNET‹M KURULU
(BOARD OF DIRECTORS)
Okan Balc›
Yönetim Kurulu Baflkan›
Chairman
Klaus Wilhelm Allerdissen
Yönetim Kurulu Baflkan Vekili
Vice-Chairman
Josef Kreiterling
Üye
Member
Murat Balc›
Üye
Member
2006
Üye
Member
an nua l r epor t
fa ali yet ra poru
Otto Klaus Flemming
n
1
‹çindekiler
n
Yönetim Kurulu Baflkan›’ndan
......5
n
2006 Y›l›na Bak›fl
......6
n
Denetçi Raporu
......7
n
Bilanço
......8
n
Gelir Tablosu
......10
n
31.12.2006 ve 2005 tarihlerindeki mali tablolar›na
iliflkin dipnotlar
......11
2006
fa ali yet ra poru
an nua l r epor t
Contents
2n
n
Chairman’s Statement
......27
n
Summary of Operations in 2006
......28
n
Auditor’s Report
......29
n
Balance Sheet
......30
n
Income Statement
......32
n
Notes to the financial statements as of
31 December 2006 and 2005
......33
‹SV‹ÇRE PORTFÖY
YÖNET‹M‹ A.fi.
2006
an nua l r epor t
fa ali yet ra poru
2006 Faaliyet Raporu
n
3
Yönetim Kurulu Baflkan›’ndan
2006 y›l›na damgas›n› vuran en önemli olay yaz aylar›nda finansal piyasalarda meydana
gelen dalgalanma oldu. Özellikle Amerika'da enflasyonun Nisan ay›nda yükselmesi dolay›s›
ile beliren Amerikan Merkez Bankas›'n›n h›zl› faiz art›r›m› ihtimaline T.C. Merkez Bankas›
Baflkan›'n›n atama sürecinin iyi yönetilememesinin eklenmesi, YTL'de h›zl› de¤er kayb›na yol
açt›. Süreç T.C. Merkez Bankas›'n›n dövize müdahalesi ve gecelik faizleri önemli ölçüde art›rmas›
ile son buldu.
‹MF program›n›n uygulanmaya devam etmesi, özellefltirmelerin h›zlanmas› ve özellikle finans
piyasas›nda yabanc› sermaye ortakl›klar›n›n gerçekleflmesi, dalgalanma sonras›nda iyimserli¤in
korunmas›nda önemli rol oynad›.
Uzun vadede geliflmenin en önemli yap› tafllar›ndan biri olan fiyat istikrar› konusunda 2006
y›l›nda ilerleme sa¤lanamad›. 2005'de y›llar sonra tek haneye düflen tüketici enflasyonu, 2006
y›l›nda özellikle yaz aylar›nda meydana gelen dalgalanma nedeniyle yükselerek %9,6 olarak
gerçekleflti. Enflasyonda hedefin üzerinde kal›nmas›na ra¤men tek haneli gerçekleflme teselli
kayna¤› oldu.
Kamu maliyesinin s›k› bir disiplinle takip edilmesi sonucu konsolide bütçe aç›¤›n›n milli gelire
oran› 2006 sonunda %0,5 seviyesine inerek 2005'den sonra 2006'da da Maastricht kriterlerine
uygun olarak gerçekleflti.
Hazine'nin ortalama borçlanma maliyeti 2005 y›l›ndaki %16 seviyesinden 2006 y›l›nda %18,1
seviyesine yükseldi. Borçlanma vadeleri 2005 y›l›ndaki seviyesinde kal›rken, kamu net borç
stokunun milli gelire oran› düflüfl gösterdi.
2006 y›l›nda gayri safi milli has›la %6 büyürken, maalesef iflsizlik ve cari aç›k konular›yla ilgili
endifleler devam etti. Di¤er taraftan Türkiye'nin cari aç›¤›n› finanse etme gücü, do¤rudan yabanc›
yat›r›mlar›ndaki art›flla birlikte kuvvetlendi. 2006 y›l›nda do¤rudan yabanc› yat›r›mlar› girifli,
2005 y›l›ndaki 9,7 milyar dolar seviyesinden 16,3 milyar dolara yükseldi.
2005 y›l›nda hayata geçen Vadeli ‹fllem ve Opsiyon Borsas›'ndaki ifllem hacmi 2006 y›l›nda
17 milyar YTL'yi geçti.
Portföy yönetimi sektöründe flirket say›s› art›fl› 2004 senesinde durmufl, hatta birleflme nedeni
ile flirket say›s› bir azalarak 20'ye inmiflti. 2005 ve 2006 y›llar›nda da ayn› trend devam etti ve
yaflanan iki birleflme nedeni ile flirket say›s› 18'e düfltü. 2005 y›l›nda 25 milyar dolar olan yat›r›m
fonlar› ve yat›r›m ortakl›klar›n›n toplam büyüklü¤ü, 2006 y›l›nda piyasalarda yaflanan dalgalanma
sebebiyle 20 milyar dolar seviyesine geriledi.
Yat›r›mc›lar›m›z› bilgilendirdi¤imiz “Art› De¤er Toplant›lar›”n›n üçüncüsü Haziran ay›nda ‹smail
Zühtü Pafla Kona¤›'nda baflar› ile gerçeklefltirildi.
2006 senesinde al›nan sonuçlara katk›lar›ndan dolay› de¤erli Yönetim Kurulu üyelerimize,
yöneticilerimize ve tüm çal›flanlar›m›za teflekkür ederim.
2006
an nua l r epor t
fa ali yet ra poru
Okan Balc›
Yönetim Kurulu Baflkan›
n
5
2006 y›l›nda ‹sviçre Portföy için en önemli geliflme, ‹sviçre Sigorta'n›n %75'lik hissesinin Alman sigorta
devi ERGO taraf›ndan sat›n al›nmas› oldu. Bu de¤iflimin önümüzdeki y›llarda ‹sviçre Portföy Yönetimi'nin
daha güçlü bir yap›ya sahip olmas›na ve daha h›zl› büyümesine olanak sa¤layaca¤›na inan›yoruz.
2006 Y›l›na Bak›fl
Bu y›l fiirketimizin yat›r›mlar› devam etti. Yat›r›m fonlar›m›z›n Vadeli Opsiyon Borsas›'nda ifllem yapabilmesine
olanak sa¤layacak yeni yaz›l›mlar sat›n al›nd›. Sistemimizin daha verimli çal›flabilmesi için yeni bilgisayar ve
server yat›r›mlar› da bu sene yap›ld›. Ürünümüz “biriktiriyorum” için www.biriktiriyorum.com sitesi haz›rland›.
Yat›r›m fonlar›m›za artan talep ›fl›¤›nda, ‹sviçre Hayat Sigorta A tipi de¤iflken fonun sermayesi 2,5 milyon
YTL.'den 5 milyon YTL.'ye, ‹sviçre Hayat Sigorta B tipi de¤iflken fonun sermayesi de 5 milyon YTL.'den
10 milyon YTL.'ye yükseltildi.
2006 y›l›nda hem yurtiçi, hem yurtd›fl›ndaki ileri gelen, araflt›rmaya a¤›rl›k veren arac› kurum ve yat›r›m
bankalar› ile iliflkilerimiz gelifltirmeye devam edildi. 2007 Ocak sonu itibariyle araflt›rma rapor taban›m›zda
Türkiye, dünya piyasalar› ve flirketlerle ilgili rapor say›s› 17.763'e ulaflt›. 2006 Ocak sonu itibariyle bu
rakam 12.715 idi. Yat›r›mc›lar›m›za her gün düzenli olarak gönderdi¤imiz “Günlük Bilgi Hazinesi” raporunda
elimize ulaflan tüm bu raporlar›n özetleri paylafl›ld›.
2006 y›l› sonu itibariyle ‹sviçre Sigorta B Tipi Likit Fon 5.646.714-YTL, ‹sviçre Hayat Sigorta B Tipi De¤iflken
Fon 9.613.828-YTL, ‹sviçre Sigorta A Tipi De¤iflken Fon 3.927.635-YTL, ‹sviçre Hayat Sigorta A Tipi De¤iflken
Fon 4.797.973-YTL ve Evgin A Tipi De¤iflken Fon 226.723-YTL büyüklü¤üne ulaflt›.
2006 y›l›nda yönetilen portföylerin büyüklü¤ü bireysel müflteriler için 10,3 milyon YTL, kurumsal müflteriler
(Yat›r›m Fonlar›) için 24,2 milyon YTL, Tüzel kifli müflteriler için 6 milyon YTL'ye ulaflt›. Yönetimimiz
alt›ndaki toplam portföy büyüklü¤ü 2006 y›l› sonunda 40,6 milyon YTL'ye ulaflt›.
fiirketimizin kuruluflunu takiben yönetmeye bafllad›¤›m›z ilk iki fonumuzun yönetime
bafllad›¤›m›z 01/06/2001 tarihinden 2006 sonuna kadarki getirisi afla¤›daki flekilde gerçekleflti.
Fon çeflitlemesine gitti¤imiz 2003 senesinde kurdu¤umuz üç yeni fonumuzun 11.8.2003
tarihinden 2006 sonuna kadarki getirisi ise afla¤›daki flekilde gerçekleflti.
01/06/2001 - 31/12/2006 ARASI FON KISTAS KARfiILAfiTIRMALARI
11/08/2003 - 31/12/2006 ARASI FON - KISTAS KARfiILAfiTIRMALARI
120%
500%
95.89%
90%
400%
300%
108.90%
468.6%
247.6%
283.4%
259.6%
294.8%
76.61%
80.39%
71.76%
58.61%
60%
200%
30%
16.5%
100%
0%
0%
Evgin A Tipi A Tipi Fon
De¤iflken
Endeksi
‹MKB 100
Dolar
‹sviçre Sigorta O/N Repo
B Tipi Likit Fon
IHD
IHD K›stas
IHB
DIBS End.
ISA
ISA K›stas
IHD K›stas: %35 ‹MKB-100 + %35 TCMB USD Y›ll›k Mevduat + %30 O/N Repo
ISA K›stas: %25 ‹MKB-100 + %75 TCMB USD Y›ll›k Mevdat
* Likit Fon 09/11/2001 tarihine kadar tahvil bono fonu olarak yönetilmifltir.
Bu 3 Fon 11/08/2003 tarihinde kurulmufltur.
Yönetimimiz alt›ndaki Evgin Menkul A Tipi De¤iflken Fon, yönetmeye bafllad›¤›m›z 01/06/2001 tarihinden 2006 y›l› sonuna kadarki dönemde, %468,63'lik
bir getiri sa¤lam›flt›r. Fonumuzun hem bu y›lki, hem de uzun vadeli baflar›s›n›n arkas›nda önemli özellikler bulunmaktad›r.
1) Tüm kararlar Yat›r›m Komitesi taraf›ndan al›nm›flt›r. Komite, 2006 y›l›nda borsada 328 hisseden 127 tanesini “Yat›r›m yap›labilir” listesine alarak
riskleri s›n›rlam›flt›r. Getiri, yüksek riskli hisseler al›narak sa¤lanmam›flt›r.
2) Bu fon, en az %80 hisse bulundurarak IMKB-100 endeksini geçmeyi amaçlayan bir fondur. Fonda geçti¤imiz y›l içinde sadece 45 de¤iflik hisseye
yat›r›m yap›lm›flt›r. Günlük al-sat ile para kazanmak fonun stratejileri aras›nda de¤ildir.
EVA KURULUfiUNDAN BER‹ A T‹P‹ DE⁄‹fiKEN FONLAR ‹LK BEfi
750%
674.77%
625%
500.19%
2006
fa ali yet ra poru
an nua l r epor t
500%
6n
fiirketimizin sermayesi 2006 y›l›nda de¤iflmeyerek 952.210 YTL
olarak kalm›flt›r.
fiirketimizin 2006 y›l›na ait Bilanço ve Gelir Tablosu Genel Kurul'a
sunulmufltur.
fiirketimizde 2006 y›l› içerisinde çal›flan say›s› 11 kiflidir.
468.63%
374.65%
375%
341.02%
250%
125%
0%
Strateji A Tipi
De¤iflken Fon
Finans Yat›r›m
A Tipi De¤iflken
Fon
EVG Menkul
A Tipi De¤iflken
Fon
Fortisbank A Tipi
De¤iflken Fon
‹fl Yat›r›m A Tipi
De¤iflken Fon
‹sviçre Portföy Yönetimi Anonim fiirketi'nin (fiirket) 'nin 31 Aral›k 2006 ve 2005 tarihleri itibariyle
haz›rlanan ve ekte yer alan bilançolar›n›, ayn› tarihlerde sona eren y›llara ait gelir tablolar›n›, öz
sermaye de¤iflim tablolar›n› ve nakit ak›m tablolar›n›, önemli muhasebe politikalar›n›n özetini ve
dipnotlar› denetlemifl bulunuyoruz.
‹flletme yönetimi finansal tablolar›n Sermaye Piyasas› Kurulunca yay›mlanan finansal raporlama
standartlar›na göre haz›rlanmas› ve dürüst bir flekilde sunumundan sorumludur. Bu sorumluluk,
finansal tablolar›n hata ve/veya hile ve usulsüzlükten kaynaklanan önemli yanl›fll›klar içermeyecek
biçimde haz›rlanarak, gerçe¤i dürüst bir flekilde yans›tmas›n› sa¤lamak amac›yla gerekli iç kontrol
sisteminin tasarlanmas›n›, uygulanmas›n› ve devam ettirilmesini, koflullar›n gerektirdi¤i muhasebe
tahminlerinin yap›lmas›n› ve uygun muhasebe politikalar›n›n seçilmesini içermektedir.
Sorumlulu¤umuz, yapt›¤›m›z ba¤›ms›z denetime dayanarak bu finansal tablolar hakk›nda görüfl
bildirmektir. Ba¤›ms›z denetimimiz, Sermaye Piyasas› Kurulunca yay›mlanan ba¤›ms›z denetim
standartlar›na uygun olarak gerçeklefltirilmifltir. Bu standartlar, etik ilkelere uyulmas›n› ve ba¤›ms›z
denetimin, finansal tablolar›n gerçe¤i do¤ru ve dürüst bir biçimde yans›t›p yans›tmad›¤› konusunda
makul bir güvenceyi sa¤lamak üzere planlanarak yürütülmesini gerektirmektedir.
Ba¤›ms›z denetimimiz, finansal tablolardaki tutarlar ve dipnotlar ile ilgili ba¤›ms›z denetim kan›t›
toplamak amac›yla, ba¤›ms›z denetim tekniklerinin kullan›lmas›n› içermektedir. Ba¤›ms›z denetim
tekniklerinin seçimi, finansal tablolar›n hata ve/veya hile ve usulsüzlükten kaynaklan›p kaynaklanmad›¤›
hususu da dahil olmak üzere önemli yanl›fll›k içerip içermedi¤ine dair risk de¤erlendirmesini de
kapsayacak flekilde, mesleki kanaatimize göre yap›lm›flt›r. Bu risk de¤erlendirmesinde, iflletmenin
iç kontrol sistemi göz önünde bulundurulmufltur. Ancak, amac›m›z iç kontrol sisteminin etkinli¤i
hakk›nda görüfl vermek de¤il, ba¤›ms›z denetim tekniklerini koflullara uygun olarak tasarlamak
amac›yla, iflletme yönetimi taraf›ndan haz›rlanan finansal tablolar ile iç kontrol sistemi aras›ndaki
iliflkiyi ortaya koymakt›r. Ba¤›ms›z denetimimiz, ayr›ca iflletme yönetimi taraf›ndan benimsenen
muhasebe politikalar› ile yap›lan önemli muhasebe tahminlerinin ve finansal tablolar›n bir bütün
olarak sunumunun uygunlu¤unun de¤erlendirilmesini içermektedir.
Ba¤›ms›z denetim s›ras›nda temin etti¤imiz ba¤›ms›z denetim kan›tlar›n›n, görüflümüzün oluflturulmas›na
yeterli ve uygun bir dayanak oluflturdu¤una inan›yoruz.
Görüflümüze göre, iliflikteki finansal tablolar, ‹sviçre Portföy Yönetimi A.fi.'nin 31 Aral›k 2006 ve
2005 tarihleri itibariyle gerçek finansal durumunu, ayn› tarihlerde sona eren y›llara ait finansal
performans›n› ve nakit ak›mlar›n›, Sermaye Piyasas› Kurulunca yay›mlanan finansal raporlama
standartlar› çerçevesinde do¤ru ve dürüst bir biçimde yans›tmaktad›r.
ATA Uluslararas› Ba¤›ms›z Denetim ve Serbest Muhasebeci Mali Müflavirlik A.fi.
Member Firm of Kreston International
Dr. Ali YÜRÜDÜ
Sorumlu Ortak, Bafl Denetçi
‹stanbul, 19 Ocak 2007
2006
an nua l r epor t
fa ali yet ra poru
31 ARALIK 2006
HESAP DÖNEM‹NE
A‹T MAL‹ TABLOLARA
‹L‹fiK‹N BA⁄IMSIZ
DENET‹M RAPORU
n
7
31.12.2006 ve 31.12.2005
TAR‹HLER‹NDEK‹
B‹LANÇOLARI
Sermaye Piyasas›nda Muhasebe
Standartlar› Hak›nda Tebli¤'e
(Seri: XI, No:25) uygun olarak
haz›rlanm›flt›r.
Tutarlar Yeni Türk Liras›
olarak ifade edilmifltir.
Ba¤›ms›z
Denetim’den Geçmifl
31/12/2006
Ba¤›ms›z
31/12/2005
Cari / Dönen Varl›klar
Haz›r De¤erler
Menkul K›ymetler (net)
Ticari Alacaklar (net)
Finansal Kiralama Alacaklar› (net)
‹liflkili Taraflardan Alacaklar (net)
Di¤er Alacaklar (net)
Canl› Varl›klar (net)
Stoklar (net)
Devam Eden ‹nflaat Sözleflmelerinden Alacaklar (net)
Ertelenen Vergi Varl›klar›
Di¤er Cari/Dönen Varl›klar
Cari Olmayan / Duran Varl›klar
Ticari Alacaklar (net)
Finansal Kiralama Alacaklar› (net)
‹liflkili Taraflardan Alacaklar (net)
Di¤er Alacaklar (net)
Finansal Varl›klar (net)
Pozitif/Negatif fierefiye (net)
Yat›r›m Amaçl› Gayrimenkuller (net)
Maddi Varl›klar (net)
Maddi Olmayan Varl›klar (net)
Di¤er Cari Olmayan/Duran Varl›klar
1.850.403
743.233
981.692
0
0
8.409
25.340
0
0
0
0
91.729
233.350
137
0
0
0
158.157
0
0
30.601
37.563
6.892
0
1.350.319
1.092.342
133.671
0
0
49.018
12.284
0
0
0
0
63.004
294.059
137
0
0
0
197.305
0
0
38.201
49.681
8.735
0
TOPLAM VARLIKLAR
2.083.753
1.644.378
VARLIKLAR
2006
fa ali yet ra poru
an nua l r epor t
Ekli notlar bu tablolar›n ayr›lmaz parças›d›r.
8n
Tutarlar Yeni Türk Liras›
olarak ifade edilmifltir.
Ba¤›ms›z
31/12/2005
K›sa Vadeli Yükümlülükler
Finansal Boçlar (net)
Uzun Vadeli Finansal Borçlar›n K›sa Vadeli K›s›mlar› (net)
Finansal Kiralama ‹fllemlerinden Borçlar (net)
Di¤er Finansal Yükümlülükler (net)
Ticari Borçlar (net)
‹liflkili Taraflara Borçlar (net)
Al›nan Avanslar
Devam Eden ‹nflaat Sözleflmeleri Hakedifl Bedelleri (net)
Borç Karfl›l›klar›
Ertelenen Vergi Yükümlülü¤ü
Di¤er Yükümlülükler (net)
Uzun Vadeli Yükümlülükler
Finansal Borçlar (net)
Finansal Kiralama ‹fllemlerinden Borçlar (net)
Di¤er Finansal Yükümlülükler (net)
Ticari Borçlar (net)
‹liflkili Taraflara Borçlar (net)
Al›nan Avanslar
Borç Karfl›l›klar›
Ertelenen Vergi Yükümlülü¤ü
Di¤er Yükümlülükler (net)
ANA ORTAKLIK DIfiI PAYLAR
ÖZSERMAYE
Sermaye
Karfl›l›kl› ‹fltirak Sermaye Düzeltmesi
Sermaye Yedekleri
Hisse Senetleri ‹hraç Primleri
Hiss Senedi ‹ptal Karlar›
Yeniden De¤erleme Fonu
Finansal Varl›klar De¤er Art›fl Fonu
Öz Sermaye Enflasyon Düzeltmesi Farklar›
Kar Yedekleri
Yasal Yedekler
Statü Yedekleri
Ola¤anüstü Yedekler
Özel Yedekler
Sermayeye Eklenecek ‹fltirak Hisseleri ve Gayrimenkul Sat›fl Kazançlar›
Yabanc› Para Çevrim Farklar›
Net Dönem Kar›/Zarar›
Geçmifl Y›llar Kar/Zararlar›
276.822
0
0
0
0
2.038
127.811
0
0
112.881
0
34.092
38.476
0
0
0
0
0
0
36.608
1.868
0
0
1.768.455
952.210
0
347.261
0
0
0
0
347.261
49.687
16.441
0
33.246
0
0
0
416.624
2.673
121.662
0
0
0
0
13.187
610
0
0
81.835
0
26.030
29.896
0
0
0
0
0
0
28.558
1.338
0
0
1.492.820
952.210
0
347.261
0
0
0
0
347.261
0
0
0
0
0
0
0
235.285
(41.936)
TOPLAM ÖZ SERMAYE VE YÜKÜMLÜLÜKLER
2.083.753
1.644.378
2006
31.12.2006 ve 31.12.2005
TAR‹HLER‹NDEK‹
B‹LANÇOLARI
Ba¤›ms›z
31/12/2006
YÜKÜMLÜLÜKLER
an nua l r epor t
fa ali yet ra poru
n
9
01.01.-31.12.2006 ve
01.01.-31.12.2005
DÖNEMLER‹NE A‹T
GEL‹R TABLOLARI
Tutarlar Yeni Türk Liras› olarak
ifade edilmifltir.
GEL‹R TABLOSU
Ba¤›ms›z
31/12/2006
Ba¤›ms›z
31/12/2005
ESAS FAAL‹YET GEL‹RLER‹
Sat›fl Gelirleri (net)
Sat›fllar›n Maliyeti (-)
Hizmet Gelirleri (net)
Esas Faaliyetlerden Di¤er Gelirler / faiz+temettü+kira (net)
BRÜT ESAS FAAL‹YET KARI/ZARARI
Faaliyet Giderleri (-)
NET ESAS FAAL‹YET KARI/ZARARI
Di¤er Faaliyetlerden Gelir ve Karlar
Di¤er Faaliyetlerden Gider ve Zararlar (-)
Finansman Giderleri (-)
FAAL‹YET KARI/ZARARI
Net Parasal Pozisyon Kar/Zarar›
ANA ORTAKLIK DIfiI KAR/ZARAR
VERG‹ ÖNCES‹ KAR/ZARAR
Vergiler
NET DÖNEM KARI/ZARARI
H‹SSE BAfiINA KAZANÇ
1.178.555
30.455.472
(30.429.646)
1.152.729
0
1.178.555
(951.428)
227.127
329.119
(2.371)
(25.383)
528.492
0
0
528.492
(111.868)
416.624
0,0004
987.147
79.968.841
(79.925.199)
941.174
0
984.816
(784.997)
199.819
153.263
(540)
(40.215)
312.327
0
0
312.327
(77.042)
235.285
0,0002
2006
fa ali yet ra poru
an nua l r epor t
10 n
31 ARALIK 2006
MAL‹ TABLO
D‹PNOTLARI
1. fi‹RKET'‹N ORGAN‹ZASYONU VE FAAL‹YET KONUSU
‹sviçre Portföy Yönetimi A.fi. (“fiirket”) Sermaye Piyasas› Kanunu ve ilgili mevzuat hükümleri çerçevesinde
sermaye piyasas› araçlar›ndan oluflan portföyleri, müflterilerle sözleflme yapmak suretiyle ve vekil s›fat›yla
yönetmek ve sermaye piyasas› faaliyetlerinde bulunmak amac›yla 1 Kas›m 2000 tarihinde ‹stanbul'da
kurulmufltur. Ayr›ca fiirket portföy yöneticili¤i faaliyeti kapsam›nda yerli ve yabanc› yat›r›m fonlar›, yat›r›m
ortakl›klar› ile özel ve tüzel kiflilerle yat›r›m flirketleri ve benzeri giriflimlerin portföylerini de mevzuat
hükümleri çerçevesinde yönetme faaliyetlerinde bulunabilir. fiirket Sermaye Piyasas› Kurulu taraf›ndan
5 fiubat 2001 tarihinden itibaren portföy yöneticili¤i faaliyeti belgesini alm›flt›r.
fiirket'in bünyesinde 31.12.2006 tarihi itibariyle istihdam edilen personel say›s› 11 (31.12.2005: 10) kiflidir.
fiirket'in hisselerinin ço¤unlu¤unu elinde bulunduran hissedarlar ve hisse oranlar› afla¤›daki gibidir:
Ad›
Ergo ‹sviçre Sigorta A.fi.
Ergo ‹sviçre Hayat Sigorta A.fi.
Ertan Y›lmaz
Di¤er
Avrupa Holding A.fi.
Pamir Sezener
Cüneyt Demirgürefl
Toplam
31 Aral›k 2006 (%)
31 Aral›k 2005 (%)
85.769997%
13.230000%
1.000000%
0.000003%
0.000000%
0.000000%
0.000000%
20.000000%
50.040000%
1.000000%
1.393442%
13.566558%
9.000000%
5.000000%
100%
100%
fiirket, Türkiye'de kay›tl› olup flirket merkezi afla¤›daki adreste bulunmaktad›r:
‹sviçre Portföy Yönetimi A.fi.
Kofluyolu Tophanelio¤lu Caddesi, ‹smail Zühtü Pafla Kona¤› No:11 Altunizade/ ‹STANBUL
2. MAL‹ TABLOLARIN SUNUMUNA ‹L‹fiK‹N ESASLAR
Uygulanan Muhasebe Standartlar›
fiirket'in mali tablolar›, Sermaye Piyasas› Kurulu (“SPK”) taraf›ndan yay›mlanan Seri XI, No: 25 “Sermaye
Piyasalar›nda Muhasebe Standartlar›” tebli¤ine uygun olarak haz›rlanm›flt›r. SPK, 17 Mart 2005 tarih ve
11/367 say›l› karar› ile Türkiye'de faaliyette bulunan ve SPK Muhasebe Standartlar›'na uygun mali tablo
haz›rlayan flirketler için, 1 Ocak 2005 tarihinden itibaren geçerli olmak üzere enflasyon muhasebesi
uygulamas›n›n gerekli olmad›¤›n› ilan etmifltir. Mali tablolar ve dipnotlar SPK taraf›ndan 20 Aral›k 2004
tarihli duyuru ile uygulanmas› zorunlu k›l›nan formatlara uygun olarak sunulmufltur.
fiirket, Yeni Türk Liras› cinsinden muhasebe kay›tlar›n›n tutulmas›nda ve kanuni mali tablolar›n›n
haz›rlanmas›nda Türkiye Sermaye Piyasas› Kurulu (“SPK”) taraf›ndan ç›kar›lan prensipler ve flartlara, Türk
Ticaret Kanunu (“TTK”), vergi mevzuat› ve Maliye Bakanl›¤› taraf›ndan ç›kar›lan Tekdüzen Hesap Plan›
flartlar›na uymaktad›r. Mali tablolar, kanuni kay›tlara Sermaye Piyasas› Kurulu (“SPK”) taraf›ndan yay›mlanan
Seri: XI, No: 25 “Sermaye Piyasalar›nda Muhasebe Standartlar›” tebli¤ine uygunluk aç›s›ndan gerekli
düzeltme ve s›n›fland›rmalar yans›t›larak düzenlenmifltir.
Yüksek Enflasyon Dönemlerinde Mali Tablolar›n Düzeltilmesi
SPK, “Uygulanan Muhasebe Standartlar›” nda da belirtildi¤i üzere Türkiye'de faaliyette bulunan ve SPK
Muhasebe Standartlar›'na uygun mali tablo haz›rlayan flirketler için, 1 Ocak 2005 tarihinden itibaren geçerli
olmak üzere enflasyon muhasebesi uygulamas›n›n gerekli olmad›¤›n› ilan etmifltir. Bu sebeple, fiirket
1 Ocak 2005 tarihinden itibaren enflasyon muhasebesi uygulamam›flt›r.
Konsolidasyon Esaslar›
fiirket solo mali tablo haz›rlamaktad›r.
Karfl›laflt›rmal› Bilgiler ve Önceki Dönem Mali Tablolar›n›n Düzeltilmesi
Mali tablolar ve dipnotlar› Sermaye Piyasas› Kurulu'nun Seri:XI, No:25 say›l› tebli¤ine uygun olarak
haz›rlanm›flt›r. Cari dönem mali tablolar›n sunumu ile uygunluk sa¤lanmas› aç›s›ndan karfl›laflt›rmal› bilgiler
gerekli görüldü¤ünde yeniden s›n›fland›r›lm›flt›r.
2006
Para Ölçüm Birimi ve Raporlama Birimi
31.01.2004 tarih ve 25363 say›l› Resmi Gazete'de yay›mlanan Türkiye Cumhuriyeti Devletinin Para Birimi
Hakk›ndaki 5083 say›l› Kanun'a göre , 01.01.2005 tarihinden itibaren Türkiye Cumhuriyeti Devletinin para
birimi Yeni Türk Liras› , Yeni Türk Liras›n›n alt birimi Yeni Kurufl olmufl ve bir Yeni Türk Liras› (YTL) yüz Yeni
Kurufla (YKr) eflitlenmifltir. Bir milyon Türk Liras› (1,000,000 TL) bir Yeni Türk Liras›na (1 YTL) eflit olacak
flekilde Türk Liras› de¤erler Yeni Türk Liras›na dönüfltürülmüfltür.
an nua l r epor t
fa ali yet ra poru
(Tutarlar aksi belirtilmedikçe
Yeni Türk Liras› olarak ifade
edilmifltir.)
n
11
Netlefltirme / Mahsup
Finansal varl›k ve yükümlülükler, gerekli kanuni hak olmas›, söz konusu varl›k ve yükümlülükleri net olarak
de¤erlendirmeye niyetli olmas› veya varl›klar›n elde edilmesi ile yükümlülüklerin yerine getirilmesinin
birbirini takip etti¤i durumlarda net olarak gösterilmifltir.
3. UYGULANAN DE⁄ERLEME ‹LKELER‹ VE MUHASEBE POL‹T‹KALARI
Haz›r De¤erler
Nakit ve nakit benzeri de¤erler kasadaki nakdi ve bankalardaki mevduat› içermektedir. Nakit ve nakit
eflde¤eri elde etme maliyetleri ve tahakkuk etmifl faizlerinin toplam› ile gösterilmifltir.
Menkul K›ymetler
Al›m-Sat›m Amaçl› Finansal Araçlar
Al›m-sat›m amaçl› finansal varl›klar, k›sa vadeli dalgalanmalardan kar elde etmek amac›yla al›nan finansal
varl›klard›r. Al›m-sat›m amaçl› finansal varl›klar mali tablolara ilk al›nd›¤›nda al›fl maliyeti ile, daha sonra
bilanço tarihindeki piyasa fiyat› baz al›nmak suretiyle makul de¤eri ile de¤erlendirilir. Gerçekleflmifl ve
gerçekleflmemifl tüm kazanç ve kay›plar ortaya ç›kt›¤› dönemde gelir tablosuna yans›t›l›r.
Vadeye Kadar Elde Tutulacak Finansal Varl›klar
Vadesine kadar elde tutulacak menkul k›ymetler, belirli bir vade yap›s› ve belirli tutardaki ödemeleri içeren
ve iflletmenin vadesine kadar elde tutma niyeti ve gücü olan k›ymetlerdir. Vadesine kadar elde tutulacak
menkul k›ymetler etkin faiz oran› kullan›larak iskonto edilmifl de¤erleriyle de¤erlenmektedir. Gerçekleflmifl
ve gerçekleflmemifl tüm kazanç ve kay›plar ortaya ç›kt›¤› dönemde gelir tablosuna yans›t›l›r.
Ters Repo ‹fllemleri
K›sa dönemli geri sat›m taahhüdünde bulunulan ifllemlerdir. Menkul k›ymet olarak devlet tahvili ve hazine
bonosu kullan›lmaktad›r. Ters repo de¤erlemesi sözleflmede belirtilen fiyatlar› esas al›narak geçen süreye
isabet eden k›s›m için faiz gelirleri hesaplanmakta ve “Faaliyetle ‹lgili Di¤er Gelirler ve Karlar” kalemi
alt›nda s›n›fland›r›lmaktad›r.
Maddi Duran Varl›klar
Maddi duran varl›klar elde etme maliyetinden birikmifl amortisman›n düflülmesi ile gösterilmektedir.
Amortismana tabi tutulan varl›klar, maliyet tutarlar› üzerinden tahmini ekonomik ömürlerine dayanan
oranlarla do¤rusal amortisman yöntemine göre aktife girdikleri tarih dikkate al›narak k›st amortismana
tabi tutulmaktad›r. Tamir ve bak›m harcamalar›, masraf yap›ld›¤› tarihte ilgili masraf hesab›na intikal
ettirilmektedir.
Afla¤›da belirtilen amortisman süreleri, ilgili aktiflerin tahmini faydalanma süreleri dikkate al›narak
oluflturulmufltur:
Amortisman Süreleri
Makine, tesis ve cihazlar
Tafl›tlar
Demirbafllar
5 y›l
5 y›l
5 y›l
Maddi Olmayan Duran Varl›klar
Maddi olmayan duran varl›klar elde etme maliyetlerinden normal amortisman yöntemine göre ayr›lan itfa
paylar› düflüldükten sonra net olarak gösterilmektedir ve befl y›lda k›st amortisman usulü ile itfa edilmektedir.
2006
fa ali yet ra poru
an nua l r epor t
Varl›klarda De¤er Düflüklü¤ü
Çeflitli olay ve durumlar karfl›s›nda duran varl›klar›n tafl›nan de¤erleri gerçekleflebilir/gelecekte o aktiften
elde edilebilecek de¤erlerinin alt›na düfltü¤ü tespit edilmesi halinde maddi ve gayr› maddi sabit k›ymetler
de¤er kayb› aç›s›ndan teste tabi tutulmaktad›r. Maddi ve gayri maddi sabit k›ymetin defter de¤erinin
gerçekleflebilir veya o varl›¤›n iktisab›ndan ileride elde edilebilecek de¤erinin üstünde kalmas› halinde
duran varl›k de¤er düflüklü¤ü karfl›l›¤› ayr›lmaktad›r.
12 n
‹liflkili Taraflar
Bu mali tablolar›n amac› do¤rultusunda ortaklar, önemli yönetim personeli ve Yönetim Kurulu üyeleri,
aileleri ve onlar taraf›ndan kontrol edilen veya onlara ba¤l› flirketler, ifltirak ve ortakl›klar iliflkili taraflar
olarak kabul ve ifade edilmifllerdir. Bu flirketlerin ortaklar› ve bafll›ca yöneticiler ve fiirket'in yönetim kurulu
üyeleri ve aileleri de alakal› kurulufl kapsam›na girmektedir. Bu ifllemler genel olarak piyasa koflullar›na
uygun olarak gerçeklefltirilmifltir.
Di¤er Bilanço Kalemleri
Di¤er bilanço kalemleri esas olarak kay›tl› de¤erleriyle yans›t›lm›fllard›r.
Vergilendirme
‹liflikteki mali tablolarda, vergi gideri dönem cari vergi karfl›l›¤› ve ertelenmifl vergiden oluflmaktad›r. Dönem
faaliyet sonuçlar›ndan do¤acak kurumlar, gelir vergisine iliflkin yükümlülükler için bilanço tarihinde geçerli
olan yasal vergi oranlar› çerçevesinde bir karfl›l›k ayr›lm›flt›r. Ertelenmifl vergi aktifi ve pasifi muhasebe ve
vergilendirmenin farkl› muamelesi sonucu önemli zamanlama farklar›ndan (ileride vergilendirilebilir zamanlama
farklar›) kaynaklanmakta ve “borçlanma” metodu kullan›larak cari vergi oran› üzerinden hesaplanmaktad›r.
Ertelenmifl vergi borçlanma metodu kullan›larak aktif ve pasiflerin raporlanan mali tablolarda tafl›d›klar›
de¤erler ile vergi amaçl› haz›rlanan yasal mali tablolardaki de¤erleri aras›ndaki geçici farklar üzerinden
muhasebelefltirilmektedir. Ertelenmifl vergi pasifi genellikle tüm vergilendirilebilir veya düflülebilir geçici
farklar için mali tablolara al›nmakta; ancak ertelenmifl vergi aktifi indirilebilir geçici farklar›n mahsup
edilebilece¤i vergilendirilebilir karlar›n olmas›n›n muhtemel olmas› durumunda muhasebelefltirilmektedir.
Zamanlama farklar› üzerinden ortaya ç›kan net ertelenmifl vergi aktifleri, eldeki veriler ›fl›¤›nda gelecek
y›llarda kullan›labilece¤inin kesin olmad›¤› durumlarda, vergi indirimleri nisbetinde azalt›lmaktad›r.
Çal›flanlara Sa¤lanan Faydalar/K›dem Tazminatlar›
• K›dem Tazminat›
fiirket, mevcut ifl kanunu gere¤ince, en az bir y›l hizmet verdikten sonra emeklilik nedeni ile iflten ayr›lan
veya istifa ve kötü davran›fl d›fl›ndaki nedenlerle ifline son verilen personele belirli miktarda k›dem tazminat›
ödemekle yükümlüdür. Bu yükümlülük çal›fl›lan her y›l için, 31.12.2006 tarihi itibariyle, azami 1,857 YTL
(31.12.2005: 1,727 YTL) olmak üzere, 30 günlük toplam brüt ücret ve di¤er haklar esas al›narak hesaplanmaktad›r.
fiirket, iliflikteki mali tablolarda yer alan K›dem Tazminat› karfl›l›¤›n› “Projeksiyon Metodu”nu kullanarak
ve fiirket'in personel hizmet süresini tamamlama ve k›dem tazminat›na hak kazanma konular›nda geçmifl
y›llarda kazand›¤› deneyimlerini baz alarak hesaplam›fl ve bilanço tarihinde devlet tahvilleri kazanç oran›
ile iskonto etmifltir. Hesaplanan tüm kazançlar ve kay›plar gelir tablosuna yans›t›lm›flt›r.
Bilanço gününde kullan›lan temel varsay›mlara ait oranlar afla¤›daki gibidir:
31 Aral›k 2006
31 Aral›k 2005
Reeskont oran›
11%
16%
Enflasyon oran›
5%
10%
• Sosyal Sigortalar Primleri
fiirket, Sosyal Sigortalar Kurumu'na zorunlu olarak sosyal sigortalar primi ödemektedir. fiirket'in, bu primleri
ödedi¤i sürece baflka yükümlülü¤ü kalmamaktad›r. Bu primler ödendikleri dönemde personel giderleri
olarak yans›t›lmaktad›r.
Yabanc› Para Cinsinden Varl›k ve Borçlar:
Yabanc› para ifllemleri, ifllem tarihindeki cari kurlardan muhasebelefltirilmektedir. Yabanc› para cinsinden
kay›tlara geçirilmifl olan aktif ve pasif hesaplar dönem sonlar›ndaki kurlar esas al›narak evalüasyona tabi
tutulmaktad›r. Evalüasyon iflleminden do¤an kur farklar› kambiyo kar› veya zarar› olarak gelir tablosuna
yans›t›lmaktad›r.
USD ve EURO için dönem sonlar›nda kullan›lan kurlar afla¤›daki gibidir:
31 Aral›k 2006
31 Aral›k 2005
US $
1.4056
1.3418
EURO
1.8515
1.5875
Baflar› primleri hesapland›klar› dönemlerde kay›tlara gelir olarak yans›t›lmaktad›r. Baflar› primleri, anlaflmalara
ba¤l› olarak müflteri portföylerinin oluflturuldu¤u tarihten itibaren üç ayl›k sürenin tamamlanmas› aflamas›nda
hesaplan›p tahsil edilmektedir.
2006
Finansal Araçlar
• Kredi riski
fiirket'in kulland›r›lan kredileri bulunmad›¤›ndan dolay› karfl› taraf›n anlaflma yükümlülüklerini yerine
getirememesinden kaynaklanan bir risk mevcut de¤ildir.
an nua l r epor t
fa ali yet ra poru
Yönetim Komisyonu ve Baflar› Primi
fiirket, her ay sonu itibariyle yönetti¤i müflteri portföyleri üzerinden anlaflmalarla belirlenen oranlar› ve
portföy yönetim sürelerini göz önüne alarak yönetim komisyonu hesaplamaktad›r. Ayr›ca, müflterilerin
portföy getirilerinin anlaflma esnas›nda müflteri taraf›ndan belirlenen k›stas getiriyi aflmas› halinde oluflan
art› getiri üzerinden, müflteri portföyünün oluflturuldu¤u tarihten bafllamak üzere her üç ayda bir baflar›
primi hesaplanmaktad›r.
n
13
• Faiz oran› riski
Piyasa faiz oranlar›ndaki de¤iflmelerin finansal araçlar›n fiyatlar›nda dalgalanmalara yol açmas›, fiirket'in
faiz oran› riskiyle bafla ç›kma gereklili¤ini do¤urur. Bu risk faiz de¤iflimlerinden etkilenen varl›klar› genellikle
k›sa vadeli elde tutmak suretiyle yönetilmektedir.
• Likidite riski
Likidite riski, fiirket'in net fonlama yükümlülüklerini yerine getirmeme ihtimalidir. Piyasalarda meydana
gelen bozulmalar veya kredi puan›n›n düflürülmesi gibi fon kaynaklar›n›n azalmas› sonucunu do¤uran
olaylar›n meydana gelmesi, likidite riskinin oluflmas›na sebebiyet vermektedir. fiirket yönetimi, fon
kaynaklar›n› da¤›tarak mevcut ve muhtemel yükümlülüklerini yerine getirmek için yeterli tutarda nakit ve
benzeri kayna¤› bulundurmak suretiyle likidite riskini yönetmektedir.
• Kur riski
Yabanc› para varl›klar, yükümlülükler ve bilanço d›fl› yükümlülüklere sahip olma durumunda ortaya ç›kan
kur hareketlerinden kaynaklanacak etkilere kur riski denir. Dönem içinde gerçekleflen dövizli ifllemler, ifllem
tarihlerinde geçerli olan döviz kurlar› üzerinden çevrilmifltir. Dövize dayal› parasal varl›k ve yükümlülükler,
dönem sonunda geçerli olan döviz kurlar› üzerinden çevrilmifltir. Dövize dayal› parasal varl›k ve yükümlülüklerin
çevrimlerinden do¤an kur kazanc› veya zararlar›, kar/zarar tablosuna yans›t›lm›flt›r.
• Finansal araçlar›n rayiç de¤eri
Makul de¤er, zorunlu sat›fl veya tasviye gibi haller d›fl›nda, bir finansal arac›n cari bir ifllemde istekli taraflar
aras›nda al›m sat›ma konu olan fiyat›n› ifade eder. Kote edilmifl piyasa fiyat›, flayet varsa, bir finansal
arac›n makul de¤erini en iyi yans›tan de¤erdir. fiirket'in finansal araçlar›n makul de¤erleri Türkiye'deki
finansal piyasalardan ilgili ve güvenilebilir bilgiler edinilebilece¤i ölçüde, tahmin edilmifltir. Burada sunulan
tahminler, fiirket'in bir piyasa iflleminde edinebilece¤i tutarlar› yans›tmayabilir. fiirket'in finansal araçlar›n›n
makul de¤erlerinin tahmininde afla¤›da belirtilen yöntemler ve varsay›mlar kullan›lm›flt›r:
Rayiç de¤erleri tahmin edilmesi pratikte mümkün olan finansal enstrümanlar›n rayiç de¤erlerinin tahmini
için afla¤›daki yöntem ve varsay›mlar kullan›lm›flt›r:
Finansal Aktifler
Makul de¤eri defter de¤erine yaklaflan parasal aktifler:
- Yabanc› para bakiyeleri dönem sonu kuru üzerinden çevrilmektedir.
- Bilançoda maliyet bedeli üzerinden gösterilen baz› finansal aktiflerin (kasa-banka) makul de¤erlerinin
bilanço de¤erlerine yaklafl›k olduklar› varsay›lmaktad›r.
- Ticari alacaklar›n makul de¤erinin, karfl›l›klar ayr›ld›ktan sonra, tafl›nd›klar› de¤ere yak›n oldu¤u tahmin
edilmektedir.
Finansal Pasifler
Makul de¤eri defter de¤erine yaklaflan parasal pasifler:
- K›sa vadeli krediler ve di¤er parasal pasiflerin makul de¤erlerinin, k›sa dönemli olmalar› dolay›s›yla,
defter de¤erlerinin yaklafl›k oldu¤u varsay›lmaktad›r.
- Yabanc› para cinsinden olan ve dönem sonu kurlar› üzerinden çevrilen uzun vadeli borçlar›n›n makul
de¤erinin defter de¤erine eflit oldu¤u varsay›lmaktad›r.
- Üçüncü flah›slara ödenecek tahmini tutarlar› temsil eden ticari borçlar ile tahakkuk etmifl giderlerin
bilançoda tafl›nan defter de¤erlerinin piyasa de¤erlerine yaklafl›k oldu¤u varsay›lm›flt›r.
Bilanço Tarihinden Sonraki Olaylar
Bilanço tarihi ile bilançonun yetkilendirme tarihi aras›nda mali tablolarda düzeltme gerektiren bir olay›n
ortaya ç›kmas› durumunda mali tablolara gerekli düzeltmeler yap›lmakta, düzeltme gerektirmeyen durumlarda
ilgili olay bilanço dipnotlar›nda aç›klanmaktad›r.
2006
fa ali yet ra poru
an nua l r epor t
Karfl›l›klar, fiarta Ba¤l› Yükümlülükler ve fiarta Ba¤l› Varl›klar
Karfl›l›klar
Karfl›l›klar geçmiflteki olaylardan kaynaklanan olas› bir yükümlülük olmas› (hukuki veya yap›sal yükümlülük),
bu yükümlülü¤ün gelecekte yerine getirilmesi için gerekli aktif kalemlerde bir azal›fl›n muhtemelen söz
konusu olmas› ve yükümlülük tutar›n›n güvenilir bir biçimde saptanabilmesi durumunda tahakkuk ettirilmektedir.
Tahakkuk ettirilen bu karfl›l›klar her bilanço döneminde gözden geçirilmekte ve cari tahminlerin yans›t›lmas›
amac›yla revize edilmektedir.
14 n
fiarta Ba¤l› Yükümlülükler ve fiarta Ba¤l› Varl›klar
Taahhüt ve flarta ba¤l› yükümlülük do¤uran ifllemler, gerçekleflmesi gelecekte bir veya birden fazla olay›n
neticesine ba¤l› durumlar› ifade etmektedir. Dolay›s›yla, baz› ifllemler ileride do¤mas› muhtemel zarar, risk
veya belirsizlik tafl›malar› aç›s›ndan bilanço d›fl› kalemler olarak tan›nm›flt›r. Gelecekte gerçekleflmesi
muhtemel mükellefiyetler veya oluflacak zararlar için bir tahmin yap›lmas› durumunda bu yükümlülükler
fiirket için gider ve borç olarak kabul edilmektedir. Ancak gelecekte gerçekleflmesi muhtemel gözüken gelir
ve karlar mali tablolarda yans›t›lmaktad›r.
Muhasebe Politikalar›, Muhasebe Tahminlerinde De¤ifliklik ve Hatalar
‹liflikteki mali tablolar›n Sermaye Piyasas› Muhasebe Standartlar› ile uyumlu bir flekilde haz›rlanmas›
Yönetim taraf›ndan haz›rlanm›fl mali tablolarda yer alan baz› aktif ve pasiflerin tafl›d›klar› de¤erler, muhtemel
mükellefiyetlerle ilgili verilen aç›klamalar ile raporlanan gelir ve giderlerin tutarlar›na iliflkin olarak baz›
tahminler yap›lmas›n› gerektirmektedir. Gerçekleflen tutarlar tahminlerden farkl›l›klar içerebilir. Bu tahminler
düzenli aral›klarla gözden geçirilmekte ve bilindikleri dönemler itibariyle gelir tablosunda raporlanmaktad›r.
Nakit ak›m tablosu
fiirket, nakit ak›m tablosunu, SPK Tebli¤i'ne uygun olarak haz›rlamaktad›r.
4. HAZIR DE⁄ERLER
31 Aral›k 2006
Kasa
Banka
- Vadeli mevduat
- Vadesiz mevduat
Toplam
5
743,228
532,791
210,437
743,233
31 Aral›k 2005
791
1,091,551
1,032,076
59,475
1,092,342
Vadeli mevduatlar Yeni Türk Liras› ve yabanc› para mevduatlardan oluflmaktad›r. Yeni Türk Liras› vadeli
mevduatlar için faiz oran› %18.75 ve %19'dur. Yabanc› para vadeli mevduatlar için faiz oran› %3.5'tur.
Vadeli mevduatlar için faiz tahakkuku hesaplanm›fl olup mali tablolara yans›t›lm›flt›r.
5. MENKUL KIYMETLER, net
31 Aral›k 2006
31 Aral›k 2005
971,612
10,080
981,692
133,671
133,671
Kamu kesimi tahvil, senet ve bonolar›
Yat›r›m fonu
Toplam
31.12.2006
Al›m-Sat›m Amaçl› Kamu kesimi tahvil,
senet ve bonolar›
Devlet Tahvili
Devlet Tahvili (Ters Repo)
Yat›r›m fonu
Maliyet Bedeli
Borsa Rayici
De¤er Art›fl›/(Azal›fl›)
894,744
10,820
10,185
915,749
960,776
10,836
10,080
981,692
960,776
10,836
10,080
981,692
Maliyet Bedeli
Borsa Rayici
133,572
133,572
133,671
133,671
99
99
31.12.2005
Al›m-Sat›m Amaçl› Kamu kesimi tahvil,
senet ve bonolar›
Toplam
6. F‹NANSAL BORÇLAR, net
Yoktur (31.12.2005-Yoktur).
7. T‹CAR‹ ALACAK VE BORÇLAR, net
7.1 Ticari Alacaklar
K›sa Vadeli
Verilen depozito ve teminatlar
Toplam
31 Aral›k 2006
31 Aral›k 2005
137
137
137
137
31 Aral›k 2006
31 Aral›k 2005
2,038
2,038
13,187
13,87
Ticari Borçlar
Toplam
2006
7.2 Ticari Borçlar
an nua l r epor t
fa ali yet ra poru
Uzun Vadeli
31.12.2006 tarihleri itibariyle ticari borçlar rakam›n›n 384 YTL'lik k›sm› ters bakiye veren müflterilerden
oluflmaktad›r. (31.12.2005- 7,079 YTL)
n
15
8. F‹NANSAL K‹RALAMA ALACAKLARI VE BORÇLARI, net
Yoktur (31.12.2005-Yoktur)
9. ‹L‹fiK‹L‹ TARAFLARDAN ALACAKLAR VE BORÇLAR, net
‹liflkili taraflardan alacaklar ve borçlar afla¤›daki gibidir:
31 Aral›k 2006
31 Aral›k 2005
Alacaklar
Ticari
Borçlar
Ticari Olmayan
Ticari
Alacaklar
Borçlar
Ticari Olmayan
Ticari
Ticari Olmayan
Ticari
Ticari Olmayan
6
-
2,795
-
41,997
-
-
-
‹sviçre Sigorta A.fi.
5,941
-
130
-
4,755
-
6
-
Avrupa Holding Afi.
-
-
4
-
307
-
2
-
‹sviçre Hayat Sigorta A.fi.
-
-
-
-
-
-
7
-
-
-
-
-
-
-
2
-
-
-
6
-
527
-
2
-
2,003
-
11
-
1,239
-
11
-
Pamir Sezener
-
-
-
-
-
-
1
-
Mert Balc›
-
-
1
-
-
-
-
-
Murat Balc›
Okan Balc›
-
-
4
-
-
-
3
-
‹zver Balc›
245
-
4
-
-
-
-
-
‹sviçre Sigorta K›br›s Ltd.
214
-
855
-
193
-
571
-
-
-
124,001
-
-
5
-
8,409
-
127,811
-
-
610
-
Asbim Bilgi ‹fllem Hizm.
Müflavirlik ve Tic. Ltd. fiti.
49,018
‹liflkili taraflarla yap›lan ifllemler afla¤›daki gibidir:
Fon yönetim ücreti gelirleri (Not 36.3)
01.01.-31.12.2006
01.01.-31.12.2005
358,961
527,023
885,984
365,139
355,302
720,441
01.01.-31.12.2006
01.01.-31.12.2005
19,409
1,448
338
61,611
14,875
97,681
15,787
1,150
1,489
28,781
9,448
8,933
255
65,843
01.01.-31.12.2006
01.01.-31.12.2005
2,785
10,637
13,422
2,764
12,175
14,939
01.01.-31.12.2006
01.01.-31.12.2005
17,080
17,080
12,120
12,120
Portföy yönetim komisyonu ve baflar› primi gelirleri (Not 36.3)
Okan Balc›
Murat Balc›
Mert Balc›
Sigorta Giderleri (Not 37)
2006
fa ali yet ra poru
an nua l r epor t
16 n
Kira giderleri (Not 37)
10. D‹⁄ER ALACAKLAR VE BORÇLAR, net
10.1 Di¤er Alacaklar
Müflteri yönetim komisyonlar› ve baflar› primleri
Di¤er
Toplam
31 Aral›k 2006
31 Aral›k 2005
24,607
733
25,340
11,145
1,139
12,284
10.2 Di¤er Borçlar
Yoktur (31.12.2005- Yoktur).
11.CANLI VARLIKLAR, net
12.STOKLAR, net
13.DEVAM EDEN ‹NfiAAT SÖZLEfiMELER‹ ALACAKLARI VE HAKED‹fi BEDELLER‹, net
14.ERTELENEN VERG‹ VARLIKLARI VE YÜKÜMLÜLÜKLER‹
fiirket'in ertelenmifl vergi aktifi ve yükümlülü¤ü Tebli¤'e göre haz›rlanan mali tablolar ile fiirket'in
yasal kay›tlar› aras›ndaki geçici farklardan oluflmaktad›r. Bu farklar Tebli¤ ve vergi amaçl› haz›rlanan
tablolarda gelir ve giderlerin de¤iflik raporlama dönemlerinde vergilendirilmesinden
kaynaklanmaktad›r.
fiirket'in kurumlar vergisi yükümlülü¤ü afla¤›daki gibidir:
31 Aral›k 2006
Bilanço: Vergi borçlar›
Kurumlar vergisi karfl›l›¤›
Peflin ödenen vergiler
Ertelenmifl vergi varl›klar› / (yükümlülükleri)
31 Aral›k 2005
(109,495)
65,098
(5,024)
(49,421)
(78,123)
32,288
(7,397)
(53,232)
01.01.-31.12.2006
01.01.-31.12.2005
(109,495)
(2,373)
(111,868)
(78,123)
1,081
(77,042)
Gelir tablosu vergi durumu
Cari y›l›n Kurumlar Vergisi
Ertelenmifl vergi geliri / (gideri)
Toplam
fiirket'in iliflikteki mali tablolarda ayr›lan ertelenmifl vergi varl›klar› ve yükümlülükleri afla¤›da özetlenmifltir:
31 Aral›k 2006
31 Aral›k 2005
34,342
118
6,868
24
6,892
28,558
557
8,567
168
8,735
Ertelenen Vergi Yükümlülükleri
Ba¤l› menkul k›ymetler düzeltmesi
Maddi ve maddi olmayan duran varl›klar
Gelir tahakkuklar›
Di¤er
(1,549)
(7,790)
-
(310)
(1,558)
(1,868)
(3,685)
(353)
(420)
(1,106)
(106)
(126)
(1,338)
Ertelenen vergi varl›klar›/(yükümlülük.), net
5,024
2006
K›dem tazminat› karfl›l›klar›
Di¤er
an nua l r epor t
fa ali yet ra poru
Kümülatif
Kümülatif
Ertelenmifl
Ertelenmifl
Zamanlama
Zamanlama
Vergi
Vergi
Fark›
Fark›
7,397
31.12.2006 tarihinden sonra gerçekleflecek geçici farklar üzerinden yükümlülük metoduna göre hesaplanan
ertelenen vergi alaca¤› ve yükümlülü¤ü için uygulanacak oran %20'dir (2005: %30).
n
17
15. D‹⁄ER CAR‹/CAR‹ OLMAYAN VARLIKLAR VE KISA/UZUN VADEL‹ YÜKÜMLÜLÜKLER
15.1 Varl›klar
Cari
31.12.2006
31.12.2005
Peflin ödenen stopajlar
Gelecek aylara ait giderler
Peflin ödenen geçici vergi
20,025
6,606
65,098
22,306
8,410
32,288
Toplam
91,729
63,004
31.12.2006
31.12.2005
Ödenecek sosyal güvenlik primleri
Ödenecek gelir vergisi
Personele borçlar
Di¤er yükümlülükler
8,851
9,814
678
14,749
8,620
11,928
5,482
Toplam
34,092
26,030
15.2 Yükümlülükler
K›sa Vadeli
16. F‹NANSAL VARLIKLAR, net
31.12.2006
Ba¤l› Menkul K›ymetler
Maliyet Bedeli
Bugünkü De¤er
146,008
146,008
158,157
158,157
12,149
12,149
Maliyet Bedeli
Bugünkü De¤er
101,706
92,926
194,632
102,678
94,627
197,305
972
1,701
2,673
TRT 090408 T 17
Toplam
31.12.2005
Ba¤l› Menkul K›ymetler
TRT 150306 T12
TRT 240506 T19
Toplam
17. POZ‹T‹F / NEGAT‹F fiEREF‹YE, net
fiirket konsolidasyona tabi de¤ildir.
18. YATIRIM AMAÇLI GAYR‹MENKULLER, net
2006
fa ali yet ra poru
an nua l r epor t
19. MADD‹ VARLIKLAR, net
18 n
Maliyet
Tafl›tlar
Demirbafllar
Toplam
Bakiye, 31.12.2004
Girifl
Ç›k›fl
Bakiye, 31.12.2005
Girifl
Ç›k›fl
Bakiye, 31.12.2006
Birikmifl Amortisman
Bakiye, 31.12.2004
Girifl
Ç›k›fl
Bakiye, 31.12.2005
Girifl
Ç›k›fl
Bakiye, 31.12.2006
Net Defter De¤eri, 31.12.2005
34,152
34,152
34,152
92,297
4,653
96,950
6,760
103,710
126,449
4,653
131,102
6,760
137,862
7,400
6,830
14,230
6,830
21,060
19,922
13,092
63,939
14,732
78,671
7,530
86,201
18,279
17,509
71,339
21,562
92,901
14,360
107,261
38,201
30,601
Maddi duran varl›klar üzerindeki toplam sigorta tutar› 95,150 YTL'dir.
Döneme iliflkin amortisman gideri 14,360 YTL'dir.
20.MADD‹ OLMAYAN VARLIKLAR, net
Maliyet
Haklar
Bakiye, 31.12.2004
Girifl
Bakiye, 31.12.2005
Girifl
Bakiye, 31.12.2006
Birikmifl Amortisman
Bakiye, 31.12.2004
Girifl
Bakiye, 31.12.2005
Girifl
Bakiye, 31.12.2006
95,349
29,489
124,838
17,473
142,311
49,781
25,376
75,157
29,591
104,748
49,681
37,563
Döneme iliflkin itfa pay› gideri 29,591 YTL'dir.
21. ALINAN AVANSLAR
Yoktur (31.12.2005- Yoktur)
22. EMEKL‹L‹K PLANLARI
23. BORÇ KARfiILIKLARI
K›sa vadeli
31 Aral›k 2006
31 Aral›k 2005
Ba¤›ms›z denetim gider karfl›l›¤›
Vergi Karfl›l›¤›
Di¤er
3,245
109,495
141
2,950
78,123
762
Toplam
112,881
81,835
31 Aral›k 2006
31 Aral›k 2005
K›dem Tazminat› Karfl›l›¤›
Dava Karfl›l›¤›
34,342
2,266
28,558
-
Toplam
36,608
28,558
Uzun vadeli
24. ANA ORTAKLIK DIfiI PAYLAR/ANA ORTAKLIK DIfiI KAR ZARAR
25. SERMAYE/KARfiILIKLI ‹fiT‹RAK SERMAYE DÜZELTMES‹
31.12.2006 ve 31.12.2005 tarihleri itibariyle fiirket'in ödenmifl sermayesi her biri 0.1 Ykr nominal de¤erli
952,210,000 adet hisseye bölünmüfltür.
Ortaklar›n›n dökümü ile ortakl›k yüzdeleri afla¤›daki gibidir:
31 Aral›k 2006
31 Aral›k 2005
Tutar›
%
816,710.49
125,977.38
9,522.10
0.03
952,210
85.769997%
13.230000%
1.000000%
0.000003%
0.000000%
0.000000%
0.000000%
100%
190,442.00
476,485.88
9,522.10
13,268.50
129,182.12
85,698.90
47,610.50
952,210
20.000000%
50.040000%
1.000000%
1.393443%
13.566558%
9.000000%
5.000000%
100%
2006
Ergo‹sviçre Sigorta A.fi.
Ergo‹sviçre Hayat Sigorta A.fi.
Ertan Y›lmaz
Di¤er
Pamir Sezener
Toplam
%
an nua l r epor t
fa ali yet ra poru
Pay
Pay
Tutar›
n
19
26.SERMAYE YEDEKLER‹
31 Aral›k 2006
31 Aral›k 2005
Öz Sermaye Enflasyon Düzeltmesi Farklar›
347,261
347,261
Toplam
347,261
347,261
Özsermaye enflasyon düzeltme farklar› hesab› mali tablolar›n ilk defa enflasyona göre düzeltilmesi sonucunda
oluflan geçmifl y›l zararlar› ile mahsup edilmifltir (Not 44.4).
27.KAR YEDEKLER‹
31 Aral›k 2006
31 Aral›k 2005
16,441
33,246
49,687
-
Yasal Yedekler
Ola¤anüstü yedekler
Toplam
fiirket 21.02.2006 tarih ve 86 no'lu yönetim kurulu toplant›s›nda 2005 y›l› sonu itibariyle yap›lacak kar
da¤›t›m›na iliflkin hususlar› afla¤›daki gibi belirlemifltir;
fiirket kar da¤›t›m›nda, da¤›t›lacak tutarlar› yasal (VUK) kay›tlar›ndan karfl›lamay› kararlaflt›rm›flt›r. Bununla
birlikte dönem kar› olan 307,546 YTL'den 71,994 YTL geçmifl y›l zararlar›, 78,123 YTL ödenecek vergi ve
yasal yükümlülükler ve 7,871 YTL birinci tertip yasal yedek akçeler düflüldükten sonra kalan da¤›t›labilir
kar tutar›n› 149,558 YTL olarak belirlemifltir. TTK ve flirket ana sözleflmesi hükümlerine göre ortaklara
birinci temettü olarak 47,611 YTL, memur ve iflçilere 7,688 YTL ödendikten sonra kalan 94,259 YTL'lik
tutar›n 8,569 YTL'sinin ikinci tertip yasal yedek akçe olarak ayr›lmas›n› ve 85,690 YTL'sinin ortaklara ikinci
temettü olarak ödenmesini; SPK mevzuat›na göre haz›rlanan mali tablolarda yer alan vergi öncesi 312,327
YTL tutar›ndaki kar›n da ayn› flekilde da¤›t›ma konu edilerek kalan bakiyenin ola¤anüstü yedeklere aktar›lmas›
hususlar›n› karara ba¤layarak kar da¤›t›m ifllemini gerçeklefltirmifltir.
28. GEÇM‹fi YIL KAR/ZARARLARI
Kanuni defterlerdeki birikmifl kârlar, afla¤›da belirtilen kanuni yedeklerle ilgili hüküm haricinde da¤›t›labilirler.
Türk Ticaret Kanunu'na göre, yasal yedekler birinci ve ikinci tertip yasal yedekler olmak üzere ikiye ayr›l›r.
Türk Ticaret Kanunu'na göre birinci tertip yasal yedekler, flirketin ödenmifl sermayesinin %20'sine ulafl›l›ncaya
kadar, kanuni net kar›n %5'i olarak ayr›l›r. ‹kinci tertip yasal yedekler ise ödenmifl sermayenin %5'ini aflan
da¤›t›lan kar›n %10'udur. Türk Ticaret Kanunu'na göre, yasal yedekler ödenmifl sermayenin %50'sini
geçmedi¤i sürece sadece zararlar› netlefltirmek için kullan›labilir, bunun d›fl›nda herhangi bir flekilde
kullan›lmas› mümkün de¤ildir.
Seri XI No:25 say›l› tebli¤ uyar›nca enflasyona göre düzeltilen ilk mali tablo düzenlenmesi sonucunda özsermaye
kalemlerinden “Sermaye, Emisyon Primi, Yasal Yedekler, Statü Yedekleri, Özel Yedekler ve Ola¤anüstü Yedek
kalemlerine bilançoda kay›tl› de¤erleri ile yer verilir. Bu hesap kalemlerinin düzeltilmifl de¤erleri toplu halde
özsermaye grubu içinde “özsermaye enflasyon düzeltmesi farklar›” hesab›nda yer verilir.
SPK'n›n 30 Aral›k 2003 tarihli ve 66/1630 say›l› karar›na göre, enflasyona göre düzeltilen ilk mali tablo
denklefltirme iflleminde ortaya ç›kan ve “geçmifl y›llar zarar›nda” izlenen tutar›n, SPK'n›n kar da¤›t›m›na
iliflkin düzenlemeleri çerçevesinde, enflasyona göre düzeltilmifl mali tablolara göre da¤›t›labilecek kar
rakam› bulunurken indirim kalemi olarak dikkate al›nmas› esast›r. Bununla birlikte “geçmifl y›l zarar›” nda
izlenen söz konusu tutar›n, varsa dönem kar› ve da¤›t›lmam›fl geçmifl y›l kar›, kalan zarar miktar›n›n ise
s›ras›yla ola¤anüstü yedek akçeler, yasal yedek akçeler, ve özkaynak kalemlerinin enflasyon muhasebesine
göre düzeltilmesinden kaynaklanan sermaye yedeklerinden mahsup edilmesi mümkün bulunmaktad›r. fiirket
31.12.2005 tarihi itibariyle mahsup ifllemini gerçeklefltirmifltir (Not 44.4)
29. YABANCI PARA POZ‹SYONU
Yoktur.
30. DEVLET TEfiV‹K VE YARDIMLARI
2006
fa ali yet ra poru
an nua l r epor t
31. KARfiILIKLAR, fiARTA BA⁄LI VARLIK VE YÜKÜMLÜLÜKLER
20 n
32. ‹fiLETME B‹RLEfiMELER‹
33. BÖLÜMLERE GÖRE RAPORLAMA
34. B‹LANÇO TAR‹H‹NDEN SONRAK‹ OLAYLAR
01.01.2007 tarihinden geçerli olmak üzere k›dem tazminat› tavan› 1,961 YTL olarak yeniden belirlenmifltir.
fiirket ortaklar›ndan ‹sviçre Hayat Sigorta A.fi.'nin ünvan› 27.12.2006 tarihinde tescil edilmifl olup 05.01.2007
tarih 6717 say›l› Ticaret Sicil Gazetesinde ilan edilerek Ergo ‹sviçre Hayat Sigorta A.fi. olarak de¤iflmifltir.
fiirket ortaklar›ndan ‹sviçre Sigorta A.fi.'nin ünvan› 27.12.2006 tarihinde tescil edilmifl olup 04.01.2007
tarih 6716 say›l› Ticaret Sicil Gazetesinde ilan edilerek Ergo ‹sviçre Sigorta A.fi. olarak de¤iflmifltir.
35. DURDURULAN FAAL‹YETLER
Yoktur (31.12.2005-Yoktur)
36. ESAS FAAL‹YET GEL‹RLER‹
36.1 Sat›fl Gelirleri, net
Hazine Bonosu Sat›fllar›
Devlet Tahvili Sat›fllar›
Di¤er Menkul K›ymet Sat›fllar›
Toplam
01.01.-31.12.2006
01.01.-31.12.2005
831,641
29,551,377
72,454
30,455,472
1,917,539
77,915,363
135,939
79,968,841
01.01.-31.12.2006
01.01.-31.12.2005
826,957
29,525,184
77,505
30,429,646
1,915,828
77,867,580
141,791
79,925,199
01.01.-31.12.2006
01.01.-31.12.2005
901,729
251,000
1,152,729
730,972
208,772
1,430
941,174
01.01.-31.12.2006
01.01.-31.12.2005
36.2
Sat›fllar›n maliyeti (-)
Hazine Bonosu Sat›fllar›
Devlet Tahvili Sat›fllar›
Di¤er Menkul K›ymet Sat›fllar›
Toplam
36.3 Hizmet gelirleri (net)
Hizmet gelirlerinin detay› afla¤›daki gibidir:
Fon yönetimi komisyon gelirleri
Portföy yönetimi ücreti ve baflar› primi gelirleri
Di¤er
Toplam
‹liflkili flirketlerle yap›lan ifllemlerin detay› afla¤›daki gibidir;
Fon yönetim komisyon gelirleri (Not 9)
Toplam
358,961
527,023
885,984
365,139
355,302
720,441
Portföy yönetim ücreti ve baflar› primi gelirleri (Not 9)
Okan Balc›
Murat Balc›
Mert Balc›
Toplam
01.01.-31.12.2006
01.01.-31.12.2005
19,409
1,448
338
61,611
14,875
97,681
15,787
1,150
1,489
28,781
9,448
8,933
255
65,843
01.01.-31.12.2006
01.01.-31.12.2005
120,762
830,666
951,428
2006
Pazarlama Sat›fl ve Da¤›t›m Giderleri
Genel Yönetim Giderleri
Toplam
an nua l r epor t
fa ali yet ra poru
37. FAAL‹YET G‹DERLER‹
82,564
702,433
784,997
n
21
Pazarlama sat›fl ve da¤›t›m giderlerinin detay› afla¤›daki gibidir:
01.01.-31.12.2006
01.01.-31.12.2005
66,056
6,310
26,292
20,041
2,063
120,762
45,441
8,685
14,946
12,913
579
82,564
01.01.-31.12.2006
01.01.-31.12.2005
574,513
18,650
550
41,476
13,217
5,280
2,785
6,061
43,951
3,511
26,935
15,199
13,335
18,234
46,969
830,666
498,834
12,231
262
31,387
11,800
4,804
2,883
3,502
46,938
1,961
25,934
11,211
11,521
12,120
27,045
702,433
Temsil a¤›rlama giderleri
Reklam ilan giderleri
Seyahat ve konaklama giderleri
Komisyon giderleri
Di¤er giderler
Toplam
Genel yönetim giderlerinin detay› afla¤›daki gibidir:
Personel Giderleri
Tafl›t giderleri
Temsil a¤›rlama giderleri
Bak›m onar›m giderleri
Denetim giderleri
Posta ve kargo giderleri
Sigorta giderleri
K›rtasiye ve bas›l› evrak giderleri
Amortisman giderleri
Seyahat giderleri
Vergi, resim ve harçlar
K›dem tazminat› karfl›l›¤›
Haberleflme giderleri
Kira giderleri
Di¤er giderler
Toplam
Personel giderleri içerisinde 10,637 YTL tutar›nda grup flirketlerine ödenen personel sa¤l›k ve hayat sigorta
gideri, sigorta giderleri içerisinde 2,785 YTL tutar›nda grup flirketlerine ödenen sabit k›ymet sigorta gideri
bulunmaktad›r.(Not 9)
Kira giderlerinin 17,080 YTL'lik k›sm› grup flirketlerinden ‹sviçre Hayat Sigorta A.fi.'ye ödenen kira tutar›ndan
oluflmaktad›r. (Not 9)
38. D‹⁄ER FAAL‹YETLERDEN GEL‹R/G‹DER VE KAR/ZARARLAR
38.1 Di¤er faaliyetlerden gelir ve karlar
01.01.-31.12.2006
Faiz Gelirleri
Kur fark› gelirleri
Devlet tahvili ve hazine bonosu reeskont gelirleri
Alt›n de¤erleme geliri
Di¤er
Toplam
117,853
101,665
77,786
22,399
9,416
329,119
01.01.-31.12.2005
102,811
46,602
99
3,751
153,263
38.2 Di¤er faaliyetlerden gider ve zararlar
2006
fa ali yet ra poru
an nua l r epor t
Dava karfl›l›¤›
Di¤er
Toplam
22 n
01.01.-31.12.2006
01.01.-31.12.2005
2,266
105
2,371
540
540
01.01.-31.12.2006
01.01.-31.12.2005
25,383
25,383
40,215
40,215
39. F‹NANSMAN G‹DERLER‹
Kur fark› giderleri
Toplam
40. NET PARASAL POZ‹SYON KAR/ZARARI
Dipnot 2'de belirtildi¤i üzere, 01.01.2005 tarihinden itibaren SPK'n›n 17.03.2005 tarih ve 11/367 say›l› karar›
ile 2005 için mali tablolar›n enflasyona göre düzeltilmesi uygulamas›na son verilmifl olup, fiirket'in 31.12.2005
tarihli mali tablolar›nda enflasyon muhasebesi uygulanmam›flt›r. Cari dönemde enflasyon muhabesi
uygulanmamas› sebebiyle fiirket'in gelir tablosunda net parasal pozisyon kar/zarar hesab› bulunmamaktad›r.
41. VERG‹LER
fiirket, Türkiye'de yürürlükte bulunan vergi mevzuat› ve uygulamalar›na tabidir.
01.01.2006 tarihi itibariyle 5520 say›l› Kurumlar Vergisi Kanunu uygulamaya bafllam›flt›r.
01.01.2006 tarihi itibariyle Kurumlar Vergisi oran› 20% (31.12.2005: 30%)'dir.
Bu kanuna göre Kurumlar vergisi, mükelleflerin bir hesap dönemi içinde elde ettikleri safî kurum kazanc›
üzerinden hesaplan›r. Safî kurum kazanc›n›n tespitinde, Gelir Vergisi Kanununun ticarî kazanç hakk›ndaki
hükümleri uygulan›r.
Kurumlar Vergisi Matrah›, kurumlar›n ticari kazanc›na vergi yasalar› gere¤ince indirimi kabul edilmeyen
giderlerin ilave edilmesi, vergi yasalar›nda yer alan istisna ve indirimlerin indirilmesi sonucu bulunur. Kar
da¤›t›lmad›¤› takdirde baflka bir vergi ödenmemektedir.
Vergi mevzuat› uyar›nca üçer ayl›k dönemler itibariyle oluflan kazançlar üzerinden 01.01.2006 tarihinden
itibaren uygulanmak üzere %20 (31.12.2005: 30%) oran›nda geçici vergi hesaplanarak ödenmekte, ödenen
tutarlar y›ll›k kazanç üzerinden hesaplanan vergiden mahsup edilmektedir.
Kurumlar vergisi beyannamesi, hesap döneminin kapand›¤› ay› izleyen dördüncü ay›n birinci gününden
yirmibeflinci günü akflam›na kadar mükellefin ba¤l› oldu¤u vergi dairesine verilecek ve üç ayl›k devreler
itibariyle ödenen geçici vergiler o y›la ait Kurumlar Vergisi borcundan düflüldükten sonra kalan bakiye
beyannamenin verildi¤i ay›n sonuna kadar ödenecektir.
Kurumlar vergisi mükelleflerinin hesap dönemi içerisinde elde ettikleri kurum kazanc› üzerinden ödemek
zorunda olduklar› kurumlar vergisi d›fl›nda ayr›ca baz› hallerde Gelir Vergisi Kanunu (GVK) hükümlerine göre
gelir vergisi tevkifat› (stopaj›) ödeme mükellefiyetleri do¤maktad›r.
Tam mükellef kurumlar taraf›ndan tam mükellef gerçek kiflilere ve gelir ve kurumlar vergisi mükellefi
olmayanlara da¤›t›lan kar paylar› %15 oran›nda tevkifata tabidir
Tam mükellef kurumlarca kar›n sermayeye eklenmesi kar da¤›t›m› say›lmayaca¤›ndan tevkifat yap›lmayacakt›r.
Tam mükellef kurumlar taraf›ndan dar mükellef gerçek kiflilere, dar mükellef kurumlara (Türkiye'de bir iflyeri
veya daimi temsilci arac›l›¤› ile kar pay› elde edenler hariç) ve gelir ve kurumlar vergisinden muaf olan dar
mükelleflere da¤›t›lan kar paylar› % 10 oran›nda tevkifata tabidir
Di¤er taraftan 4842 say›l› Yasa ile istisna kazançlardan stopaj uygulamas›na son verilmifltir. Bu nedenle,
istisna olsun veya olmas›n tüm kazançlar da¤›t›m› halinde stopaja tabidir.
Bu durumun istisnas›, eski rejime göre (4842 say›l› yasa öncesi hükümlere göre) kullan›lan yat›r›m indirimi
için %19,8 oran›ndaki stopaj›n devam etmesi halidir.
Halka aç›k olan veya olmayan flirketlerle ilgili stopaj oranlar›ndaki de¤ifliklik kald›r›lm›flt›r. Tüm kurumlar
yukar›da belirtilen flekilde kar da¤›tmalar› halinde %15 oran›nda stopaj yapacaklard›r.
Türk vergi mevzuat›na göre beyanname üzerinde gösterilen mali zararlar 5 y›l› aflmamak kayd›yla dönem
kurum kazanc›ndan indirilebilirler. Ancak, mali zararlar, geçmifl y›l karlar›ndan mahsup edilemez.
Türkiye'de ödenecek vergiler konusunda vergi otoritesi ile mutabakat sa¤lamak gibi bir uygulama
bulunmamaktad›r. Vergi incelemesine yetkili makamlar befl y›l zarf›nda muhasebe kay›tlar›n› inceleyebilir
ve hatal› ifllem tespit edilirse ödenecek vergi miktarlar› de¤iflebilir.
42. H‹SSE BAfiINA KAZANÇ
Hisse Bafl›na düflen kar (Tam Yeni Kurufl)
952,210,000
2006
Adi hisselerin a¤›rl›kl› ortalama hisse miktar›
(Hisselerin her biri 0.1 Yeni Kurufl)
416,624
an nua l r epor t
fa ali yet ra poru
Net Dönem Kar›
0.0004
43. NAK‹T AKIM TABLOSU
Nakit ak›m tablosu, SPK Tebli¤i'ne uygun olarak haz›rlanmaktad›r.
n
23
44. MAL‹ TABLOLARI ÖNEML‹ ÖLÇÜDE ETK‹LEYEN YA DA MAL‹ TABLOLARIN AÇIK, YORUMLANAB‹L‹R
VE ANLAfiILAB‹L‹R OLMASI AÇISINDAN AÇIKLANMASI GEREKL‹ OLAN D‹⁄ER HUSUSLAR
44.1 Saklama veya anapara ve gelirlerinin tahsili amac›yla emanet olarak b›rak›lan menkul k›ymet
ve kuponlar›n›n toplam nominal tutarlar›
31.12.2006
Menkul K›ymet Türü
Hisse senetleri
Devlet tahvili ve hazine bonosu
Yat›r›m fonu
Hisse senetleri (yabanc›)
Dövize endeksli tahvil ve hazine bonosu
Döviz
31.12.2005
Nominal
Nominal
Nominal
Nominal
Yabanc› Para
Cinsi Yabanc› Para
YTL Tutar›
YTL Tutar›
Tutar›
Tutar›
USD
USD
USD
EURO
38,201
2,130,000
1,171,980
844,413
250,374
9,698,543
1,013,927
-
38,201
3,055,000
947,846
954,885
387,708
6,242,391
916,589
-
44.2 Portföylerinde bulunan menkul k›ymetlerin toplam nominal tutarlar›:
Menkul K›ymet Türü
31.12.2006
Devlet Tahvili
Devlet Tahvili (Blokaj)
Toplam
1,200,000
11,543
200,000
1,411,543
31.12.2005
133,572
200,000
333,572
44.3 Yönetim Kurulu baflkan ve üyeleri ile genel müdür, genel müdür yard›mc›lar› ve idari koordinatör
gibi üst yöneticilere cari dönemde sa¤lanan ücret ve benzeri menfaatlerin toplam tutar›
Yönetim kurulu baflkan ve üyeleri ile genel müdür, genel müdür yard›mc›lar› ve idari koordinatör gibi üst
yöneticilere cari dönemde sa¤lanan ücret ve benzeri menfaatlerin toplam tutar› 256,800 YTL
(01.01.-31.12.2005- 196,700 YTL)
44.4 Özsermaye Enflasyon Düzeltme Farklar›, Yasal Yedekler Ve Ola¤anüstü Yedeklerin Kay›tl›
De¤erleri Hakk›nda Aç›klama
Sermaye Piyasas› Kurulu'nun 11.01.2005 tarih ve B.02.1.SPK.0.17-11/1025 say›l› yaz›s›nda mali tablolar›n
enflasyona göre ilk defa düzeltilmesinde ortaya ç›kan ve özsermaye hesap grubu içerisinde “geçmifl y›llar
zarar›nda” izlenen tutarlar›n SPK'n›n kar da¤›t›m›na iliflkin düzenlemeleri çerçevesinde, enflasyona göre
düzeltilmifl mali tablolara göre da¤›t›labilecek kar rakam› bulunurken indirim kalemi olarak dikkate al›nmas›
esas olup, geçmifl y›llar zarar›nda izlenen söz konusu tutar›n, varsa dönem kar› ve da¤›t›lmam›fl geçmifl y›l
karlar›, kalan zarar miktar›n›n ise, s›ras›yla ola¤an üstü yedek akçeler, yasal yedek akçeler ve özsermaye
kalemlerinin enflasyon muhasebesine göre düzeltilmesinden kaynaklanan sermaye yedeklerinden mahsup
edilmesini mümkün k›lm›flt›r.
fiirket, 2005 y›l› içerisinde geçmifl y›l zararlar›n›n özsermaye enflasyon düzeltme farklar› ile mahsuplaflt›r›lmas›
ifllemini 2004 Y›l›na ‹liflkin Ola¤an Genel Kurul Karar›'na istinaden gerçeklefltirmifltir.
2006
fa ali yet ra poru
an nua l r epor t
44.5 31.12.2006 tarihi itibariyle fiirket aleyhine aç›lm›fl ve halen devam etmekte olan davalar:
‹stanbul 2. Fikri ve Sinai Haklar Hukuk Mahkemesi'nde 03.03.2006 tarihinde Serimaj Stok Film Foto¤raf
ve Reklam Hizmetleri Ltd. fiti. taraf›ndan pazarlama yetkisine sahip oldu¤u 3 adet görsel ö¤enin fiirket'in
internet sayfas›nda kullan›lmas› nedeniyle 2,266 YTL tutar›nda dava aç›lm›fl olup rapor tarihi itibariyle dava
devam etmektedir. Davaya iliflkin yükümlülükler fiirket taraf›ndan mali tablolara yans›t›lm›flt›r.
24 n
2006
an nua l r epor t
fa ali yet ra poru
2006 Annual Report
n
25
Chairman's Statement
The most important development in 2006 was the volatility in the financial markets during the
May-June period. After the US inflation had increased in April, the tension in financial markets
elevated as the probability of a faster than anticipated rate hike by the FED increased. In
addition to this, the process for the assignment of the new chairman of the Central Bank of
Turkey wasn't managed market friendly. These factors caused a fast devaluation of TRY against
hard currencies. The devaluation period ended with the intervention of CBT to the foreign
exchange and the hike of the overnight interest rates.
The renewal of the IMF standby program, the acceleration of privatization efforts and significant
foreign core investment into especially the finance sector played an important role in the
maintenance of the optimism after the volatility in the financial markets.
In the long term price stability is the most important factor for the growth. Unfortunately there
weren't any progress in the price stability in 2006. Consumer price index, which had decreased
to one-digit numbers in 2005, increased again in 2006 after the volatility in the summer and
reached 9,6%. Although the inflation was above the target, the financial markets derived
comfort from the one-digit number.
A strong discipline on public finances resulted in the ratio of the consolidated budget deficit
to gross national product of 0,5% in 2006. This ratio is again full filled the limits of Maastricht
criteria after 2005.
The average financing cost of the Treasury increased to 18,1% in 2006, from 16% in 2005.
While the average maturity stayed same with the 2005 level, the ratio of the public debt to
gross national product continued to decline.
Although the economy grew at a strong pace of 6% in 2006, unemployment and current account
deficit remained to create concern. On the other hand financing quality of Turkey for the current
account deficit improved with the increase of foreign direct investment. FDI inflows increased
to $16,3 billion in 2006, from $9,7 billion in 2005.
The trading volume of the Futures and Options Exchange, which first participated in the capital
markets in 2005 rose above 17 billion TRY in 2006.
The increase in the number of asset management companies had stopped in 2004, and in fact,
it had declined by one due to a merger. The same happened in 2005 and in 2006 and the
number of asset management companies declined to 18 due to two more mergers. The total
size of open-end mutual funds and close-end investment companies declined to $20 billion in
2006, from $25 billion in 2005 because of the volatility.
The third “Art› De¤er” meeting which was arranged to inform our investors about the financial
markets was successfully realized at Ismail Zuhtu Pasa Kona¤i in June.
I would like to thank our members of the Board of Directors, our managers and all of our staff
for their contributions to the results obtained in 2006.
2006
an nua l r epor t
fa ali yet ra poru
Okan Balc›
Chairman
n
27
In 2006, 75 % stake of Isvicre Insurance was acquired by German giant insurance company Ergo. This
was the most important development during the period. We believe this acquisition will place ‹sviçre
Portföy to a stronger structure and will bring new oppurtunities for faster growth.
Summary of
Operations 2006
Our Company continued to grow in the year 2005. Database server was renewed and the
software programme for the futures market was bought. IT infrastructure of the Company was enhanced
via server investments. 'www.biriktiriyorum.com' web site was constituted for our new product 'I'm
Saving'.
During 2006 with the rising demand for mutual funds, the capital of Isvicre Life Insurance A Type Variable
Fund was increased to 5 million TRY from 2.5 million TRY, the capital of Isvicre Life Insurance B Type
Variable Fund was increased to 10 million TRY from 5 million TRY.
We have continued to improve our relations with major research-oriented intermediary corporations and
investment banks, both domestic and international. The number of reports on Turkish and foreign firms
and markets in our database has reached to 17,763 as of January 2007, from 12,715 as of January 2006.
By the end of 2006, Isvicre Insurance B Type Liquid Fund has reached 5,646,714-TRY, ‹svicre Life Insurance
B Type Variable Fund has reached 9,613,828-TRY, Isvicre Insurance A Type Variable Fund has reached
3,927,635-TRY, Isvicre Life Insurance A Type Variable Fund has reached 4,797,973-TRY and Evgin A Type
Variable Fund has reached 226,723-TRY.
In 2006, funds managed on behalf of individuals was 10,3 million TRY, on behalf of investment funds
was 6,0 million TRY, on behalf of corporate accounts was 24,2 million TRY. Finally, overall total assets
under management in 2006 were 40,6 million TRY.
The performances of Isvicre Insurance B Type Liquid Fund and Evgin A Type Variable Fund,
two funds that were under our Company's management since establishment, for the period
01.06.2001 and 31.12.2006 are provided below.
We also provide the performances of our three remaining funds, which we had introduced
in 2003.
COMPARATIVE RETURNS BETWEEN 11/08/2003 - 12/31/2006
COMPARATIVE RETURNS BETWEEN 06/01/2001 - 12/31/2006
120%
500%
108.90%
95.89%
468.6%
90%
76.61%
400%
300%
247.6%
283.4%
259.6%
80.39%
71.76%
58.61%
60%
294.8%
200%
30%
16.5%
100%
0%
0%
Evgin A-Type A-Type
Variable Fund Fund Index
ISE-100
Dollar ‹sviçre Insurance
B Type Liquid Fund
O/N
IHD
IHD
Benchmark
IHB
ISE G.D.S.
Index
ISA
ISA
Benchmark
IHD Benchmark: %35 ISE-100 + %35 CB Annual FX Interest Rate + %30 O/N
ISA Benchmark: %25 ISE-100 + %75 CB Annual FX Interest Rate
* Liquid fund had been managed as “bond fund” until the date of 11/09/2001.
These 3 funds have been established as of 11/08/2003
Finally, between 01/06/2001 and 31/12/2006, since our Company took over the management of the Evgin A Type Flexible Fund from Evgin Securities,
it had an outstanding performance of %468,6. There are some noteworthy characteristics of the fund:
1) All decisions have been made by the Investment Committee. In 2006 for example, the committee has chosen 179 stocks as “investible”, thereby
setting significant limitations to the risks taken. The high yield, therefore, has not been achieved through risky stocks.
2) The management strategy of the fund is to include at least %80 of Turkish equities with the benchmark of ISE-100. In the year 2006, fund had
invested 45 different listed stocks only. Daily trading is not among the strategies of this fund.
FIRST FIVE A TYPE VARIABLE FUNDS SINCE THE ESTABLISMENT OF EVA
750%
674.77%
625%
500.19%
2006
f aal iye t ra poru
an nual re port
500%
28 n
The capital of our company stayed at 952.210 YTL in 2006.
Balance Sheet and Income Statement of the year 2006 was
presented to the General Shareholders.
In 2006, the average number of employees was 11.
468.63%
374.65%
375%
341.02%
250%
125%
0%
Strateji A Type
Variable Fund
Finans Invest A
EVG Securities A Fortisbank A Type
Type Variable Fund Type Variable Fund
Variable Fund
‹fl Invest A Type
Variable Fund
We have audited the accompanying balance sheets of ‹sviçre Portföy Yönetimi Anonim fiirketi
(Company) as of 31 December 2006 and 2005 and the related income statements, statement of
changes in shareholder's equity and cash flow statements for the years then ended.
Company's management is responsible for preparing and representing financial statements in
accordance with the financial reporting standards published by Capital Markets Board fairly. This
responsibility includes necessary conception, practice and progress of internal control, necessary
forecasting on the given circumstances and preference of compatible accounting policy in order to
present the financial statements free of significant mistake and/or manipulation derived from
inconsistency with the established rules of procedure.
Our responsibility is to express opinions on these financial statements based on our independent
audit. Our independent audit is eventuated compatible with the standards of independent audit
published by Capital Markets Board. These standards require us to plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of material misstatement.
Our independent audit involves independent audit techniques in order to collect independent audit
evidences related to balances in the financial statements and notes to financial statements. The
preference of the independent audit techniques are performed on the basis of professional contentment
on risk evaluation in terms of whether there is significant mistakes are present or not including error
and/or deception derived from unlawfulness. In this risk evaluation, the internal control the company
is taken into consideration. However, our objective is not to give opinion the internal control system,
is to follow up the relationship in between internal control system and the financial statements
which are prepared by the management of the company. The audit includes the assessment of the
accounting principles used and significant estimates made by management, as well as evaluating
the overall presentation of the financial statements.
We believe the collected evidences during the audit are adequate and consistent basis to constitute
our opinion on financial statements.
In our opinion, the accompanying financial statements represent fairly, in all material respects, the
financial position of ‹sviçre Portföy Yönetimi A.fi. as of 31 December 2006 and 2005 and income
statement, shareholders' equity movements and cash flows for the years then ended, in accordance
with financial reporting standards published by Capital Markets Boards.
ATA Uluslararas› Ba¤›ms›z Denetim ve Serbest Muhasebeci Mali Müflavirlik A.fi.
Member Firm of Kreston International
Dr. Ali YÜRÜDÜ
Managing Partner
Istanbul, 19 January 2007
2006
an nua l r epor t
fa ali yet ra poru
INFLATION ADJUSTED
FINANCIAL
STATEMENTS
AND INDEPENDENT
AUDIT REPORT AS OF
31 DECEMBER 2006
n
29
BALANCE SHEETS
AS OF 31.12.2006 and
31.12.2005
Amountsin New Turkish Lira
ASSETS
Audited
31/12/2006
Audited
31/12/2005
CURRENT ASSETS
Cash and cash equivalents
Marketable securities, net
Trade receivables, net
Lease receivables, net
Due from related parties, net
Other receivables, net
Alive assets, net
Inventories, net
Running construction contracts and contract progress price, net
Deffered tax assets
Other current assets
NON-CURRENT ASSETS
Trade receivables, net
Lease receivables, net
Due from related parties, net
Other receivables, net
Financial instruments
Positive/negative goodwill, net
Investment purposed real assets, net
Tangible assets, net
Intangible assets, net
Deffered tax assets
Other non-current assets
1.850.403
743.233
981.692
0
0
8.409
25.340
0
0
0
0
91.729
233.350
137
0
0
0
158.157
0
0
30.601
37.563
6.892
0
1.350.319
1.092.342
133.671
0
0
49.018
12.284
0
0
0
0
63.004
294.059
137
0
0
0
197.305
0
0
38.201
49.681
8.735
0
TOTAL ASSETS
2.083.753
1.644.378
2006
fa ali yet ra poru
an nua l r epor t
The accompanying notes form an integral part of these standalone financial statements.
30 n
Amountsin New Turkish Lira
SHORT-TERM LIABILITIES
Bank loans, net
Current instalments of long term loans
Lease payables, net
Other financial liabilities, net
Trade payables, net
Due to related parties, net
Advances received
Running construction contracts and contract progress price, net
Other provisions
Deffered tax liabilities
Other liabilities
LONG-TERM LIABILITIES
Bank loans, net
Lease payables, net
Other financial liabilities, net
Trade payables, net
Due to related parties, net
Advances received
Other provisions
Deffered tax liabilities
Other liabilities
MINORITY INTEREST
SHARE CAPITAL
CAPITAL
Karfl›l›kl› ‹fltirak Sermaye Düzeltmesi
CAPITAL RESERVES
Premium in access of participations
Profit on cancelled shares
Revaluation reserve
Revaluation reserve of equity participations
Inflation adjustment of share capital
PROFIT RESERVES
Legal reserves
Statu reserves
Extraordinary reserves
Other profit reserves
Net Income/(Loss)
Previous years profits/(losses)
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
Audited
31/12/2006
Audited
31/12/2005
276.822
0
0
0
0
2.038
127.811
0
0
112.881
0
34.092
38.476
0
0
0
0
0
0
36.608
1.868
0
0
121.662
0
0
0
0
13.187
610
0
0
81.835
0
26.030
29.896
0
0
0
0
0
0
28.558
1.338
0
0
952.210
952.210
347.261
0
0
0
0
347.261
49.687
16.441
0
33.246
0
416.624
2.673
347.261
0
0
0
0
347.261
0
0
0
0
0
235.285
(41.936)
2.083.753
1.644.378
2006
BALANCE SHEETS
AS OF 31.12.2006 and
31.12.2005
LIABILITIES
an nua l r epor t
fa al iyet ra por u
n
31
INCOME STATEMENT
FOR THE PERIODS ENDED
01.01.-31.12.2006 and
01.01.-31.12.2005
INCOME STATEMENT
Audited
31/12/2006
Audited
31/12/2005
OPERATION INCOME
Sales, net
Cost of sales(-)
Service Income (net)
Other Operating Income/ interest+dividend+rent (net)
GROSS OPERATING PROFIT/LOSS
Operation expenses(-)
NET OPERATING PROFIT/LOSS
Other income
Other expense
Financial expenses
OPERATING PROFIT/ LOSS
Net Monetary Gain/(Loss)
MINORITY INTEREST
INCOME BEFORE TAXES
Taxes
NET INCOME/(LOSS) FOR THE PERIOD
EARNINGS PER SHARE
1.178.555
30.455.472
(30.429.646)
1.152.729
0
1.178.555
(951.428)
227.127
329.119
(2.371)
(25.383)
528.492
0
0
528.492
(111.868)
416.624
0,0004
987.147
79.968.841
(79.925.199)
941.174
0
984.816
(784.997)
199.819
153.263
(540)
(40.215)
312.327
0
0
312.327
(77.042)
235.285
0,0002
2006
fa ali yet ra poru
an nua l r epor t
32 n
NOTES TO THE
INFLATION ADJUSTED
FINANCIAL STATEMENTS
AS OF 31.12.2006
1. ORGANISATION AND NATURE OF ACTIVITIES
‹sviçre Portföy Yönetimi A.fi. (“the Company”) was incorporated on 1 November 2000 in Istanbul and is
mainly engaged in providing portfolio management and investment consultancy services carried out on
the basis of the portfolio management agreements signed with customers and in conformity with the
regulations and licenses obtained from Capital Markets Board (CMB). The Company can also engage in
the FINANCIAL management of investment funds and investment partnership portfolios.
On 5 February 2001, the Company has obtained the required license from the Capital Markets Board. As
of 31 December 2006, 11 personnel (31 December 2005: 10) are employed at the Company.
The shareholding structure of the Company as of 31.12.2006 and 31.12.2005 is as follows:
Ertan Y›lmaz
Other
Pamir Sezener
Total
31.12.2006 (%)
31.12.2005 (%)
85.769997%
13.230000%
1.000000%
0.000003%
0.000000%
0.000000%
0.000000%
20.000000%
50.040000%
1.000000%
1.393442%
13.566558%
9.000000%
5.000000%
100%
100%
Company is located in Turkey and company's registered address of headquarter is following:
‹sviçre Portföy Yönetimi A.fi.
Kofluyolu Tophanelio¤lu Caddesi, ‹smail Zühtü Pafla Kona¤› No: 11 Altunizade/ ISTANBUL
2. BASIS OF PRESENTATION OF THE FINANCIAL STATEMENTS
Accounting principles
The financial statements of the Company have been prepared in accordance with Communiqué XI No: 25
“Accounting Standards in Capital Markets” published by the Capital Markets Board (“CMB”). With the
decision numbered 11/367 taken on 17 March 2005, the CMB has announced that, effective from 1 January
2005, the application of inflation accounting is no longer required for companies operating in Turkey and
preparing their financial statements in accordance with CMB Accounting Standards. Inflation accounting
application is abolished for accompanying financial statements since 01 January 2005. Financial statements
and notes are presented in accordance with the formats required by CMB.
Company prepares their statutory financial statements in accordance with the principles of CMB, Turkish
Commercial Code (“TCC”) and Tax Legislation and the Uniform Chart of Accounts issued by the Ministry
of Finance and presents in New Turkish Liras. Financial statements are prepared on statutory records,
which are maintained with historical cost, with the necessary adjustments and reclassifications made for
the fair presentation in accordance with CMB Accounting Standards.
Inflation accounting
CMB has announced article numbered 375 that effective from 01 January 2005, the application of inflation
accounting is no longer required for companies operating in Turkey and preparing their financial statements
in accordance with CMB Accounting Standards. Accordingly, no inflation accounting has been applied
since 1 January 2005.
Consolidation methodology
Company prepares solo financial statement.
Comparative information and previous periods' adjustments:
Accompanying financial statements and notes are prepared and presented in accordance with Communiqué
XI No: 25 published by CMB. When it is necessary to be compatible with current period reporting the
comparative information is reclassified.
2006
Measurement currency and reporting currency
Refering to the law numbered 5083, which was published on the Commercial Registry Gazette dated
31.01.2004 and numbered 25363, in accordance with the currency of the Turkish Republic, from 01.01.2005
the currency of the Turkish Republic was equaled to New Turkish Lira and the subcurrency of New Turkish
Lira was equaled to New Kurush and one New Turkish Lira (TRY) was equaled to one hundred New Kurush
(YKr).
an nua l r epor t
fa al iyet ra por u
(Currency- In Amounts of
New Turkish Lira unlases
stated otherwise)
n
33
Offsetting
Financial assets and liabilities are offsetted and the net amount reported in the balance sheet when there
is a legally enforceable right to set off the recognized amounts and there is an intention to settle on a net
basis or realize the asset and settle the liability simultaneously.
3. BASIS OF PRESENTATION OF THE FINANCIAL STATEMENTS
Cash and Cash Equivalents
Cash and cash equivalents are carried in the balance sheet at cost. Cash and cash equivalents include all
short-term, highly liquid investments that are readily convertible to known amounts of cash and near to
maturity that they present an insignificant risk of changes in value because of changes in interest rates.
Marketable Securities
Marketable securities for purpose of Buying-Selling
Marketable securities for purpose of Buying-Selling are purchased to have a rake off on short term price
movements. Marketable securities for purpose of Buying-Selling are carried at cost in purchase date, and
then at the period end these securities are valued by market price. All the realized and unrealized gains
and losses are reflected in the income statement of the related period.
Witholding financial instruments till maturity
Witholding financial instruments are securities which have a specific maturity structure and these securities
include specific payments. These securities are valued by internal rate of return.All the realized and
unrealized gains and losses are reflected in the income statement of the related period.
Reverse Repurchase Agreements
The Company enters into short-term purchase of securities (consisted of public bonds and treasure bills)
under agreements to resell such securities. Securities purchased under agreements to resell are stated
at cost plus accrued interest for the period from the acquisition date to the balance sheet date. The
difference between purchase and resale price is treated as interest income, accrued over the life of the
reverse repurchase agreement and classified under “Other Income from Operations”.
Tangible Fixed Assets
Tangible fixed assets are carried at cost. Depreciation is provided on the amounts of property, plant and
equipment on a straight-line basis with pro-rate method. Expenditure on repairs and maintenance of
property, plant and equipment are charged to expenses in the year in which they are incurred.
The depreciation periods tangible fixed assets, which approximate the economic useful lives of such assets,
are as follows:
Years
Machinery and Equipment
Motor Vehicles
Furniture and Fittings
5
5
5
Intangible Assets
Intangible assets are carried at cost. Amortization is provided on the restated amounts of assets on a
straight-line method with pro-rate basis for five years.
Impairment of Assets
Property, plant and equipment and intangible assets are reviewed for impairment whenever events or
changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Whenever
the carrying amount of an asset exceeds its recoverable amount, an impairment loss is recognized in
income for items of property, plant and equipment and intangibles carried at cost.
2006
fa ali yet ra poru
an nua l r epor t
Related Parties
For the purpose of the accompanying financial statements, shareholders of the Company and related
companies, group companies and the companies related to those companies, their directors and key
management personnel and groups to which they are known to be related, are considered and referred
to as related companies.
34 n
Other Balance Sheet Items
Other balance sheet items are stated at their nominal values.
Taxation
Tax expense / (income) is the aggregate amount included in the determination of net profit or loss for the
period in respect of current and deferred tax. The charge for current tax is based on the results for the year
as adjusted for items which are non-assessable or disallowed. It is calculated using tax rates that have
been enacted or subsequently enacted by the balance sheet date. Deferred tax is accounted for using the
liability method in respect of temporary differences arising from differences between the carrying amounts
of assets and liabilities in the financial statements and the corresponding tax basis used in the computation
of taxable (statutory) profit. Deferred tax liabilities are generally recognized for all taxable temporary
differences and deferred tax assets are recognized to the extent that it is probable that taxable profits will
be available against which deductible temporary differences can be utilized.
Employee Termination Benefits/Severance Pay
• Severance Pay
Under Turkish Labor Law, the Company is required to pay termination benefits to each employee who has
completed one year of service and whose employment is terminated without due cause, or who retires
in accordance with social insurance regulations or is called up for military service or dies. Such payments
are calculated on the basis of 30 days pay limited to a maximum of TRY 1,857 (31.12.2005: TRY 1,727)
as of 31 December 2006 per year of employment at the rate of pay applicable at the date of retirement.
Company used “Projection Method” to calculate the termination benefits and the duration to be completed
based on the past experience and discounted with rate of treasury bond at balance sheet date. The
calculated profits and losses are reflected in income statements.
The rates of basic assumptions used at balance sheet date are as follows:
31.12.2006
31.12.2005
11%
5%
16%
10%
Rediscount Rate
Inflation Rate
• Social Insurance Contributions
Company compulsorily pays social insurance contributions to Social Security Instutition. Company does
not have any other liabilities as long as it pays these contributions. These contributions are reflected as
personnel expenses in the period they are paid.
Foreign Currency Transaction
Transactions in foreign currencies during the periods have been converted at the exchange rates prevailing
at the dates of these transactions. Balance sheet items denominated in foreign currencies have been
converted at the exchange rates prevailing at the balance sheet dates. Foreign exchange gains and losses
occurred from foreign currency transactions are reflected in the income statements.
The period end rates used for US $ and EURO are shown below:
US $
EURO
31.12.2006
31.12.2005
1.4056
1.8515
1.3418
1.5875
Investment Fund Management Fees and Performance Premiums
At the end of each month, the Company computes an investment fund management fees over each client's
investment portfolio taking into account the total management periods and the rates specified by mutual
agreements. Furthermore, should the actual yield exceed the client's expected yield specified in the
agreement, once in every three months since the commencement of the agreement, a performance premium
is to be computed over the difference between the actual yield and expected yield.
Performance premiums are recorded to income in the periods they are computed. The collection of
performance premiums from clients are realized after the completion of the three month periods.
Financial Instruments
• Credit Risk
The Company doesn't have extended credit so the Company doesn't have any credit risk related with
adverse parties.
2006
• Liquidity Risk
Fair liquidity risk management implies maintaining sufficient cash and marketable securities, the availability
of funding through an adequate amount of committed credit facilities and the ability to close out market
positions. Due to the dynamic nature of the underlying business Company aims at maintaining flexibility
in funding by keeping committed credit lines.
an nua l r epor t
fa al iyet ra por u
• Interest Rates Risk
The oscillation in price of financial instruments due to changes in the interest rate of the market generates
necessaty to deal with interest rate risk. This changing interest rate risk is managed mostly by holding short
term assets.
n
35
• Foreign Currency Risk
The Company takes on exposure to effects of fluctuations in the prevailing exchange rates on its financial
position and cash flows. The level of exposure is monitored by currency on a periodic basis. The Company
also has transactional currency exposures. Such exposures arise from sales or purchases or borrowings
by the Company in currencies other than the Company's measurement currency and they are converted
with the foreign exchange rate of the transaction date. The gains and losses from the conversion of assets
and liabilities in foreign cureencies are recorded in the income statement.
• Fair Value of Financal Instruments
Fair value is the amount at which a financial instrument could be exchanged in a current transaction between
willing parties, other than in a forced sale or liquidation, and is best evidenced by a quoted market price, if
one exists to the extent relevant and reliable information is available from the financial markets in Turkey,
the fair value of the financial instruments of the Company is based on such market data. The fair values of
the remaining financial instruments of the Company can only be estimated. The estimates presented herein
are not necessarily indicative of the amounts the Company could realize in a current market exchange. The
following methods and assumptions were used to estimate the fair value of the Company's financial instruments:
The following methods and assumptions are used to estimate the current market value of financial
instruments those are possible to be estimated in practice:
Financial Assets
Monetary assets for which fair value approximates carrying value:
- Balances denominated in foreign currencies are converted at period/year-end exchange rates.
- The fair value of certain financial assets carried at cost, including cash and cash equivalents are
considered to approximate their respective carrying amounts in the financial statements.
- The carrying value of trade receivables, net of allowances for possible non-recovery of uncollectibles
are considered to approximate their fair values.
Financial Liabilities
Monetary liabilities for which fair value approximates carrying value:
- The fair value of short-term bank loans and other monetary liabilities are considered to approximate
their respective carrying values due to their short-term nature.
- The fair values of long-term bank borrowings and lease payables, which are denominated in foreign currencies
and translated at period/year-end exchange rates, are considered to approximate their carrying values.
- The carrying amount of accounts payable and accrued expenses reported in the financial statements
for estimated third party payer settlements approximates its fair values.
Subsequent Events:
In the case of the occurrence of subsequent events after the date of the balance sheet which require the
balance sheet to be adjusted, the Company corrects its financial statements in consideration of the new
events. Events which do not require adjustments are explained in the notes of the report if they are material
as they could affect investors' decisions.
Provisions, Commitments and Contingencies
Provisions
A provision is recognized when, and only when an enterprise has a present obligation (legal or constructive) as a
result of a past event and it is probable (i.e. more likely than not) that an outflow of resources embodying economic
benefits will be required to settle the obligation, and a reliable estimate can be made of the amount of the
obligation. Provisions are reviewed at each balance sheet date and adjusted to reflect the current best estimate.
2006
fa ali yet ra poru
an nua l r epor t
Commitments and Contingencies
Transactions that may give rise to contingencies and commitments are those where the outcome and the
performance of which will be ultimately confirmed only on the occurrence or non occurrence of certain future
events, unless the expected performance is not very likely. Accordingly, contingent losses are recognized in
the financial statements if a reasonable estimate of the amount of the resulting loss can be made. Contingent
gains are reflected only if it is probable that the gain will be realized.
36 n
Accounting Policies and Use of Estimates
The preparation of financial statements in conformity with Communiqué XI No: 25 standards, requires the
use of estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure
of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues
and expenses during the reporting period. Although these estimates are based on management's best knowledge
of current event and actions, actual results ultimately may differ from those estimates. The estimates are
evaluated periodically, if necessary revised and reflected in the related period's income statement.
Cash Flow Statement
The Company prepared cash flow statement according to the related commniqués of CMB.
4. CASH AND CASH EQUIVALENTS
Cash
Banks
- Time deposits
- Demand deposits
Total
31.12.2006
31.12.2005
5
743,228
532,791
210,437
743,233
791
1,091,551
1,032,076
59,475
1,092,342
Time deposits consist of TRY and foreign currency deposits. Interest rates for TRY time deposits are 18.75%
and 19%. Interest rate for foreign exchange time deposits is 3.5%. Accrual of interest for time deposits
is calculated and reflected to financial statements.
5. MARKETABLE SECURITIES, Net
Public sector bond, notes and bills
Investment fund
Total
31.12.2006
31.12.2005
971,612
10,080
981,692
133,671
133,671
31.12.2006
Marketable Securities for the purpose of
Buying-Selling
Government Bonds
Government Bonds (Reverse Repo)
Investment Fund
Cost
Market Value
Increase/(Decrease)
In Value
894,744
10,820
10,185
915,749
960,776
10,836
10,080
981,692
66,032
16
(105)
65,943
Cost
Market Value
Increase/(Decrease)
In Value
133,572
133,572
133,671
133,671
99
99
31.12.2005
Marketable Securities for the purpose of
Buying-Selling
Government Bonds (Reverse Repo)
6. BORROWINGS, Net
None (31.12.2005- None).
7. TRADE RECEIVABLES AND PAYABLES, Net
7.1 Trade receivables
Short term
None (31.12.2005- None).
Long term
Deposits and guarantees given
Total
31.12.2006
31.12.2005
137
137
137
137
31.12.2006
31.12.2005
2,038
2,038
13,187
13,87
7.2 Trade payables
Trade payables
Total
2006
8. LEASE RECEIVABLES AND PAYABLES, Net
None (31.12.2005-None).
an nual rep ort
fa ali ye t ra poru
As of 31.12.2006, TRY 384 of the trade payables consists of creditted customers. (31.12.2005- TRY 7,079)
9. RELATED PARTY TRANSACTIONS
The receivables from and payables to the related parties are as following:
n
37
31.12.2006
31.12.2005
Due From
Trade
Due to
Non-Trade
Trade
Due From
Due to
Non-Trade
Trade
Non-Trade
Trade
Non-Trade
6
-
2,795
-
41,997
-
-
-
5,941
-
130
-
4,755
-
6
-
Avrupa Holding Afi.
-
-
4
-
307
-
2
-
-
-
-
-
-
-
7
-
-
-
-
-
-
-
2
-
Murat Balc›
-
-
6
-
527
-
2
-
11
-
1,239
-
11
-
-
-
-
-
1
-
Okan Balc›
Pamir Sezener
2,003
-
-
Mert Balc›
-
-
1
-
-
-
-
-
-
-
4
-
-
-
3
-
‹zver Balc›
245
-
4
-
-
-
-
-
‹sviçre Sigorta K›br›s Ltd.
214
-
855
-
193
-
571
-
-
-
124,001
-
-
5
-
8,409
-
127,811
-
-
610
-
Asbim Bilgi ‹fllem Hizmetleri
Müflavirlik ve Ticaret Ltd. fiti.
49,018
Related party transactions are as folows:
Fund management fee income (Note 36.3)
01.01.-31.12.2006
01.01.-31.12.2005
358,961
527,023
885,984
365,139
355,302
720,441
Portfolio management commission and efficiency premium income (Note 36.3)
Okan Balc›
Murat Balc›
Mert Balc›
01.01.-31.12.2006
01.01.-31.12.2005
19,409
1,448
338
61,611
14,875
97,681
15,787
1,150
1,489
28,781
9,448
8,933
255
65,843
01.01.-31.12.2006
01.01.-31.12.2005
2,785
10,637
13,422
2,764
12,175
14,939
01.01.-31.12.2006
01.01.-31.12.2005
17,080
17,080
12,120
12,120
Insurance expenses (Note 37)
2006
fa ali yet ra poru
an nua l r epor t
38 n
Rent expenses (Note 37)
10. OTHER RECEIVABLES AND PAYABLES, Net
10.1 Other Receivables
31.12.2006
31.12.2005
24,607
733
25,340
11,145
1,139
12,284
Portfolio management commissions and efficiency premiums
Other
Total
10.2 Other payables
None (31.12.2005- None).
11. BIOLOGICAL ASSETS, Net
None (31.12.2005- None).
12. INVENTORIES, Net
None (31.12.2005- None).
13. RUNNING CONSTRUCTION CONTRACT RECEIVABLES AND CONTRACT PROGRESS PRICE, Net
None (31.12.2005- None).
14. DEFERRED TAX ASSETS AND LIABILITIES
As of 31 December 2006, the potential deferred tax assets/(liabilities) of the Company represents the tax
effects of temporary differences, arising between the financial statements reported for CMB's principals,
purposes and the statutory tax financial statements. Such differences arise due to the different treatment
of certain items of income and expense included in the CMB's financial statements compared to the local
tax return, in accordance with applicable tax laws.
The corporation tax liabilities are as following:
Balance Sheet: Tax payables
Corporation tax
Prepaid Taxes
Deferred tax assets/(liabilities)
31.12.2006
31.12.2005
(109,495)
65,098
(5,024)
(49,421)
01.01.-31.12.2006
(78,123)
32,288
(7,397)
(53,232)
01.01.-31.12.2005
(109,495)
(2,373)
(111,868)
(78,123)
1,081
(77,042)
Income Statement Tax Position
Current year corporation tax
Deferred tax revenue / expense
Total
The analysis of deferred tax assets and liabilities for financial reporting purposes are detailed below:
Deferred
Tax
Cumulative
Temporary
difference
Deferred
Tax
Deferred Tax Assets
Provisions for severance pay
Other
34,342
118
6,868
24
6,892
28,558
557
8,567
168
8,735
Deferred Tax Liability
Adjustment of long term securities
Tangible and intangible fixed assets
Income accruals
Other
(1,549)
(7,790)
-
(310)
(1,558)
(1,868)
5,024
(3,685)
(353)
(420)
(1,106)
(106)
(126)
(1,338)
7,397
Deferred tax assets/liabilities, net
2006
Cumulative
Temporary
difference
31.12.2005
an nual rep ort
fa ali ye t ra poru
31.12.2006
The ratio of deferred tax assets and liabilities calculated according to liability method out of temporary
differences which is going to be realized after 31.12.2006 is 20%. (2005: 30%).
n
39
15. OTHER CURRENT/NON CURRENT ASSETS AND SHORT/LONG TERM LIABILITIES
15.1 Assets
Current
Prepaid stoppage
Prepaid expenses
Prepaid temporary tax
31.12.2006
31.12.2005
20,025
6,606
65,098
91,729
22,306
8,410
32,288
63,004
31.12.2006
31.12.2005
8,851
9,814
678
14,749
34,092
8,620
11,928
5,482
26,030
15.2 Liabilities
Short term
Social security premium payable
Witholding tax payable
Due to personnel
Other liabilities
16. FINANCIAL INSTRUMENTS, Net
31.12.2006
Long term securities
TRT 090408 T 17
Cost
Present Value
Increase/(Decrease)
In Value
146,008
146,008
158,157
158,157
12,149
12,149
Cost
Present Value
Increase/(Decrease)
In Value
101,706
92,926
194,632
102,678
94,627
197,305
972
1,701
2,673
31.12.2005
Long term securities
TRT 150306 T12
TRT 240506 T19
17. GOODWILL
Company is not subject to consolidation.
18. INVESTMENT PURPOSED REAL ASSETS, Net
None (31.12.2005- None).
19. TANGIBLE ASSETS, Net
Cost
Motor Vehicles
Fixtures and Fittings
Total
Balance at 31.12.2004
Addition
Disposal
34,152
-
92,297
4,653
-
126,449
4,653
-
Addition
Disposal
34,152
-
96,950
6,760
-
131,102
6,760
-
34,152
103,710
137,862
Addition
Disposal
7,400
6,830
-
63,939
14,732
-
71,339
21,562
-
Addition
Disposal
14,230
6,830
-
78,671
7,530
-
92,901
14,360
-
21,060
86,201
107,261
Net Book Value 31.12.2005
19,922
18,279
38,201
13,092
17,509
30,601
2006
fa ali yet ra poru
an nua l r epor t
Accumulated Depreciation
40 n
Property, plant and equipment were insured for TRY 95,150. Depreciation expense for the period is TRY 14,360.
20. NTANGIBLE ASSETS, Net
Cost
Rights
Addition
95,349
29,489
Addition
124,838
17,473
142,311
Accumulated Depreciation
Addition
49,781
25,376
Addition
75,157
29,591
104,748
49,681
37,563
Amortisation expense for the period is TRY 29,591.
21. ADVANCES RECEIVED
None (31.12.2005- None).
22. RETIREMENT PLANS
None (31.12.2005- None).
23. OTHER PROVISIONS
Short term
Provision for audit fee
Provision for tax
Other
Total
31.12.2006
31.12.2005
3,245
109,495
141
112,881
2,950
78,123
762
81,835
31.12.2006
31.12.2005
34,342
2,266
36,608
28,558
28,558
Long term
Provision for severance pay
Provision for law suit
Total
24. MINORITY PART OF SHAREHOLDER'S EQUITY /MINORITY INTEREST
None (31.12.2005- None).
25. CAPITAL
The issued capital shares of the company comprised of 952,210,000 shares of par value YKR 0.1 as of
31 December 2006 and 31 December 2005.
31.12.2005
Share
Share
Amount
%
Amount
%
816,710.49
125,977.38
9,522.10
0.03
952,210
85.769997%
13.230000%
1.000000%
0.000003%
0.000000%
0.000000%
0.000000%
100%
190,442.00
476,485.88
9,522.10
13,268.50
129,182.12
85,698.90
47,610.50
952,210
20.000000%
50.040000%
1.000000%
1.393443%
13.566558%
9.000000%
5.000000%
100%
2006
Ertan Y›lmaz
Other
Pamir Sezener
Total
31.12.2006
an nua l r epor t
fa al iyet ra por u
Details of the shareholding structure of the Company are as follows:
n
41
26.CAPITAL RESERVE
31.12.2006
31.12.2005
347,261
347,261
347,261
347,261
Difference from inflation adjustment of shareholders' equity
Inflation adjustments of Shareholders' Equity are set off with previous year's loss account which arises
from first time application of inflation adjustment on financial statements (Note 44.4)
.
27.PROFIT RESERVES
31.12.2006
31.12.2005
16,441
33,246
49,687
-
Legal reserves
Extraordinary reserves
Total
-
Subjects related to profit distribution of end of the year 2005 are determined by the company at 21.02.2006
dated and 86 numbered board meeting and they go as follows:
Company decided to offset the amounts for profit distribution from legal records. Nonetheless remaining
distributable profit is determined as 149,558 TRY after deduction of 71,994TRY previous year loss, 78,123TRY
taxes payable and fiscal liabilities and 7,871TRY first type legal reserves from 307,546 TRY profit of the
period. Distribution of profit was decided and realized as: within the frame of the Turkish Commercial Code
and the main agreement of the company, first part dividents of TRY 47,611 is to be distributed to the
shareholders, TRY 7,688 of it to employees and TRY 8,569 of remaining TRY 94,259 part is allocated as
second type legal reserve and TRY 85,690 of it as second part dividents; according to the Capital Market
Boards, the profit before tax, TRY 312,327 is to be distributed as above and the remaining balance is to
be recorded as Extraordinary Reserve.
28. PREVIOUS YEARS PROFIT AND LOSS
Profits in legal registry books can distribute as mentioned above.
According to the Turkish Commercial Code, reserves consist of first and second type legal reserves. Primary
legal reserves can be allocated as the 5% of the net profit and the upper limit of this amount is 20% of
paid capital. Secondary legal reserves can be allocated 10% of distributed profit and upper limit of this
amount is 5% of paid capital. According to the Turkish Commercial Code, legal reserves can be used for
offsetting loss as long as legal reserves is not more than 50% of the paid capital, other than that it is not
possible to be used in any wise.
According to the Communique serial XI number 25, Capital, Share Premium, Legal Reserves, Statu Reserves,
Extraordinary Reserves and Other Profit Reserves occured from first time application of inflation adjustment
on financial statements are presented at historic amount in the financial statements. Total inflation effects
of these accounts are presented as inflation adjustments on share capital under shareholders' equity.
According to the decision dated 30 December 2003 and numbered 66/1630 of Capital Market Board,
previous year's loss account which arises from first time application of inflation adjustment on financial
statements is taken into consideration as deductible item, during the calculation of distributable profit for
the inflation adjusted financial statements under the profit distribution principles of the Capital Market
Board. Nonetheless, it is also possible to set off prior year loss with the Company's current profit and
accumulated profit. The remaining part of prior year' loss is possibly set off extraordinary reserves, legal
reserves and inflation effect on shareholder's equity account, respectively. As of 31.12.2005, the company
carried out the transaction of offsetting (Note 44.4).
29. FOREIGN CURRENCY STRUCTURE OF ASSETS AND LIABILITIES
31.12.2006
2006
fa ali yet ra poru
an nua l r epor t
Banks
42 n
Time deposits
Principal amount
- USD
- EUR
Interest amount
- USD
- EUR
Foreign Currency Amount
Foreign Currency Rate
TRY Equivalent
66,800
89,858
1.4056
1.8515
93,894
166,372
179
189
1.4056
1.8515
252
350
260,868
30. GOVERNMENT PROMOTIONS
None (31.12.2005- None).
31. CONTINGENT LIABILITIES AND COMMITMENTS
None (31.12.2005- None).
32. CONSOLIDATION
None (31.12.2005- None).
33. SEGMENTATION
None (31.12.2005- None).
34. POST BALANCE SHEET EVENTS
Severance pay ceiling was increased to TRY 1,961 as of 01.01.2007.
The name of the “‹sviçre Hayat Sigorta A.fi.”, one of the Company's shareholders, was changed as “Ergo
‹sviçre Hayat Sigorta A.fi.”. The name was registered in 27.12.2006 and announced in 05.01.2007 dated
6717 numbered Trade Registry Gazette. The name of the “‹sviçre Sigorta A.fi.”, one of the Company's
shareholders, was changed as “Ergo ‹sviçre Sigorta A.fi.”. The name was registered in 27.12.2006 and
announced in 04.01.2007 dated 6716 numbered Trade Registry Gazette.
35. ABOLISHED OPERATIONS
None (31.12.2005- None).
36. OPERATION INCOME
36.1 Sales, net
01.01.-31.12.2006
01.01.-31.12.2005
831,641
29,551,377
72,454
30,455,472
1,917,539
77,915,363
135,939
79,968,841
01.01.-31.12.2006
01.10.-31.12.2005
1,915,828
77,867,580
141,791
79,925,199
358,949
8,258,645
113,209
8,730,803
01.01.-31.12.2006
01.01.-31.12.2005
Treasury bills sales
Government bonds sales
Oher marketable securities sales
36.2 Cost of sales (-)
Treasury bills
Government bonds
Other marketable securities
36.3 Service Income (net)
Details of service income are as follows:
Fund management fee
Investment fund management fees and
performance premiums
Other
901,729
730,972
251,000
1,152,729
208,772
1,430
941,174
01.01.-31.12.2006
01.01.-31.12.2005
The detail of the transactions with related parties is as follows:
358,961
527,023
885,984
2006
an nua l r epor t
fa al iyet ra por u
Fund management commission income (Note 9)
365,139
355,302
720,441
n
43
Portfolio management fee and efficiency premium income (Note 9)
Okan Balc›
Murat Balc›
Mert Balc›
01.01.-31.12.2006
01.01.-31.12.2005
19,409
1,448
338
61,611
14,875
97,681
15,787
1,150
1,489
28,781
9,448
8,933
255
65,843
01.01.-31.12.2006
01.01.-31.12.2005
120,762
830,666
951,428
82,564
702,433
784,997
37. OPERATIONAL EXPENSES
Marketing, selling and distribution expenses
General administrive expenses
Detail of marketing, selling and distribution expense is as follows:
Accomodation expenses
Advertisement expenses
Travelling expenses
Commission expenses
Other expenses
01.01.-31.12.2006
01.01.-31.12.2005
66,056
6,310
26,292
20,041
2,063
120,762
45,441
8,685
14,946
12,913
579
82,564
01.01.-31.12.2006
01.01.-31.12.2005
574,513
18,650
550
41,476
13,217
5,280
2,785
6,061
43,951
3,511
26,935
15,199
13,335
18,234
46,969
830,666
498,834
12,231
262
31,387
11,800
4,804
2,883
3,502
46,938
1,961
25,934
11,211
11,521
12,120
27,045
702,433
Detail of general administrive expense is as follows:
Personnel expenses
Vehicle expenses
Accomodation expenses
Repair and maintenance expenses
Audit expenses
Mail and cargo expenses
Insurance expenses
Stationery expenses
Depreciation expenses
Travelling expenses
Tax and duities expenses
Severance pay provision expenses
Communication expenses
Rent expenses
Other expenses
Personel expenses include TRY 10,637 health and life insurance expense paid to group companies and
Insurance expenses include TRY 2,785 of fixed asset insurance expense paid to group companies (Note 9).
Rent expenses amounted to TRY 17,080 consists of rent paid to ‹sviçre Hayat Sigorta A.fi. which is one of
the group companies (Note 9).
2006
fa ali yet ra poru
an nua l r epor t
38. OTHER INCOME/EXPENSE
38.1 Other income
44 n
Interest income
Foreign exchange gain
Rediscount of government bonds and treasury bills
Gold valuation income
Other
Total
01.01.-31.12.2006
01.01.-31.12.2005
117,853
101,665
77,786
22,399
9,416
329,119
102,811
46,602
99
3,751
153,263
38.2 Other expense
Provision for law suits
Other
Total
01.01.-31.12.2006
01.01.-31.12.2005
2,266
105
2,371
540
540
01.01.-31.12.2006
01.01.-31.12.2005
25,383
25,383
40,215
40,215
39. FINANCIAL EXPENSES
Foreign exchange loss
Total
40. MONETARY GAIN / (LOSS)
As mentioned in paragraph 2, as of 01.01.2005 inflation accounting policy is not applicant within the
frame of decision of Capital Market Boards dated 17.03.2005 numbered 11/367. For this reason, financial
statements as of 31 December 2005 are not subject to inflationary accounting. Due to inapplicancy of
inflationary accounting, there is no net monetary gain/ (loss) account in the income statement.
41. TAXES
Company is subject to the Turkish Tax Legislation.
The Corporate Tax Legislation numbered 5520 were published in Official Gazette dated 21 June 2006
and numbered 26205 and become effective since 1 January 2006.
As of 1 January 2006, the Corporate Tax rate is 20% (31 December 2005: 30%).
According to the law, Corporation tax is calculated over net corporation profit which was gained in one
fiscal period.Provisions of Income Tax Law about commercial earnings are applied for determination
of net corporation profit.
Corporation tax is payable at a rate of 20% on the total income of the Company after adjusting for certain
disallowable expenses, corporate income tax exemptions (participation exemption, etc.) and corporate
income tax deductions (investment allowance, etc.). No further tax is payable unless the profit is distributed.
Corporations are required to pay advance corporation tax quarterly at the rate of 20% (31 December
2005: 30%) beginning on 01 January 2006. Advance tax is required to be declared till 10th day and paid
by the 17th of the second month following each calendar quarter end. The balance of the advance tax paid
sets off against other liabilities to the government.
Corporation Tax Declaration has to be delivered to the registered Tax Administration following the
closing fiscal period in between 1st and evening of 25th of the 4th month. Post deduction of threemonth-period Advance Tax payment from the tax amount for a year, the remaining amount is to be paid
before the end of the month in which the declaration is delivered.
Other than Corporation tax which has to be paid over corporation profit gained in a fiscal period, furthermore
Corporation tax payers have to pay income tax withholding according to Income Tax Law in some cases.
Distributed profit share by full fledge taxpayer establishments to individuals who are full fledge or
limited liability taxpayer or not is obligated to Income taxation of 15% of the share.
If tax paying companies increase its capital with the profit, then payments within the charge is no more
obligatory since increase in capital is not considered as share distribution.
2006
On the other hand, execution of the withholding tax on exceptional earning is abolished by law numbered
4842. Henceforth, the distribution of the profit share is compulsory to withholding tax with regarding
whether profit is exceptional or not. Exceptional to this condition, investment tax credit according to
previous policy (according to priors to 4842 numbered law) with 19.8% is still in charge.
an nua l r epor t
fa al iyet ra por u
The distributed profit share by full fledge taxpayer establishments to limited liability individuals and
establishments (except those who earns profit through regular agency) and tax exempted limited liability
taxpayers from income and corporation tax are obligated to payments within the charge of 10%.
The alternatives related payments within the charge for the public offered or not offered companies are
abolished. All establishments are subject to 15% of shares in case of distribution as mentioned above.
n
45
By Turkish Tax Legislation, the financial losses shown in declaration can be deducted from the periodical
corporation earnings in only 5 years. However, financial losses are not subject to be deductible from
prior year's profits.
In Turkey, there is no enforcement regarding correspondence of tax payments. Agencies that are
authorized to inspect taxation can do the inspection of last 5 years accounting record and if there is
an error made, the payable tax is subject to changes.
42. PROFIT PER SHARE
Net Income
416,624
Weighted average share amount of ordinary shares
(Each share: 0.1 YKr)
952,210,000
Profit per share (YKr)
0.0004
43. CASH FLOW STATEMENT
Cash flow statement was prepared according to the policies of CMB.
44. OTHER EXPLANATIONS ADDED TO THE FINANCIAL STATMENTS
44.1 Nominal value of securities and coupons given as guarantee either for custody or for collecting
the principal and associated income
31.12.2006
Type of Securities
Currency
Shares
Government bonds and tresuary bills
Investment fund
Shares (foreign)
Currency Indexed Bonds
Foreign currency
USD
USD
USD
EUR
31.12.2005
Amount of
Nominal Foreign
Exchange
Amount of
Nominal TRY
Amount of
Nominal Foreign
Exchange
Amount of
Nominal TRY
38,201
2,130,000
1,171,980
844,413
250,374
9,698,543
1,013,927
-
38,201
3,055,000
947,846
954,885
387,708
6,242,391
916,589
-
44.2 Nominal value of securities included in the Company's portfolio
Type of Securities
31.12.2006
31.12.2005
Government bonds
Government bonds and treasury bills (reverse repo)
Government bonds (blocked)
1,200,000
11,543
200,000
1,411,543
133,572
200,000
333,572
44.3 The remuneration provided by the Company to its Chairman, members of Board of Directors,
General Manager, Assistant General Managers, General Coordinators and other top level
managers
The remuneration paid by the Company to its Chairman, members of Board of Directors, General Manager,
Assistant General Managers, General Coordinators and other top level managers amounted to TRY 256,800
(01.01.-31.12.2005- TRY 196,700)
2006
fa ali yet ra poru
an nua l r epor t
44.4 Explanation for adjustment of share capital in accordance with inflation, legal reserves and
extraordinary reserves
46 n
According to the decision dated 11 January 2005 and numbered B.02.1.SPK.0.17-11/1025 of Capital Market
Board, previous year's loss account which arises primary application of inflation adjustment on financial
statements is taken into consideration as deductible item, during the calculation of distributable profit for
the inflation adjusted financial statements under the profit distribution principles of the Capital Market
Board. Nonetheless, it is also possible to set off prior year loss with the Company's current profit and
accumulated profit. The remaining part of prior year's loss is possibly set off extraordinary reserves, legal
reserves and inflation effect on shareholder's equity account, respectively. The company carried out the
transaction of offsetting.
The Company carried out the offsetting transaction of previous year's loss for 2005 based on the decision
taken in regular meeting of 2004.
2006
an nua l r epor t
fa ali yet ra poru
44.5 As of 31.12.2006, the ongoing law suits against to or in favor of the Company is as follows:
For the reason of Company using 3 visual materials whose marketing rights are owned by Serimaj Stok
Film Foto¤raf ve Reklam Hizmetleri, in the Company's web page; Serimaj Stok Film Foto¤raf ve Reklam
Hizmetleri filed a claim for TRY 2,266 in ‹stanbul 2nd Court for Intellectual and Industrial Property Rights
on 03.03.206. The suit is still in progress as of report date. Liabilities related to the court are reflected in
the financial statements of the Company.
n
47
2006
fa ali yet ra poru
an nua l r epor t
48 n
‹SV‹ÇRE PORTFÖY YÖNET‹M‹ A.fi.
Kofluyolu Tophanelio¤lu Cad.
‹smail Zühtü Pafla Kona¤› No:11 Altunizade 34662 ‹STANBUL
Tel: 0216 544 05 00 Faks: 0216 544 05 20
www.isvicreportfoy.com

2006_Faaliyet Raporu

Transkript

Benzer belgeler

DenizHayat Sigorta Anonim fiirketi

2013 Faaliyet Raporu

Faaliyet Raporu

2012 Yılı Faaliyet Raporu

2007 Faaliyet Raporu - T-Bank

Untitled

15.03.2007 142637 Finansal Tablo Dipnot Açıklamaları