Transcript Slide 1

June-2006 CMB Report
Consolidated Balance Sheet
Current Period
Previous Period
June-2006
December-2005
ASSETS
813.662.489
856.253.477
Current Assets
241.711.080
269.156.838
Cash Equivalents
40.510.311
148.298.901
Marketable Securities (Net)
30.322.980
0
107.660.549
66.526.220
Receivables From Related Parts (net)
4.537.888
6.318.330
Other Receivables (net)
4.347.813
3.259.061
52.229.296
43.454.233
Other Current Assets
2.102.243
1.300.093
Non Current Assets
571.951.409
587.096.639
15.508
15.455
Financial Assets (net)
148.822.916
186.498.089
Tangible Asset (net)
405.076.278
380.773.104
13.289.256
13.665.767
Deferred Tax Assets
2.976.633
4.496.774
Other Non Current Assets
1.770.818
1.647.450
813.662.489
856.253.477
Trade Receivables (Net)
Inventories (net)
Trade Receivables (Net)
Intangibles Assets (net)
Total Assets
Consolidated Balance Sheet
Current Period
Previous Period
June-2006
December-2005
105.714.254
106.543.329
70.759.488
57.430.659
1.892.126
7.262.263
0
0
Trade Payables (Net)
31.147.950
22.314.151
Payables to Related Parts(Net)
10.328.207
5.964.656
2.323.268
1.407.403
17.799.780
16.166.474
7.268.157
4.315.712
34.954.766
49.112.670
Financial Leasing Payables (Net)
1.442.610
1.207.620
Provisions
9.052.240
8.647.568
Deferrred Tax Liabilities
24.459.916
39.257.482
MINORITY INTEREST
11.287.920
11.233.909
LIABILITIES I
Short-Term Liabilities
Financial Payables (Net)
Financial Leasing Payables (Net)
Advances taken
Provisions
Other Liabilities (Net)
Long-Term Liabilities
Consolidated Balance Sheet
Current Period
Previous Period
June-2006
December-2005
EQUITY
696.660.315
738.476.239
Capital
191.447.068
166.475.712
Capital Reserves
233.177.582
235.418.128
Equity Inflation Difference
233.177.582
235.418.128
Profit Reserves
95.843.043
131.607.950
29.370.297
16.493.413
35
35
2.591.080
10.656.637
Special Reserves
0
1.358.666
Investments Grants
0
0
63.881.631
103.099.199
Net Income/Loss
87.132.053
113.565.095
Profits/Losses From Previous Years
89.060.569
91.409.354
813.662.489
856.253.477
LIABILITIES II
Legal Reserves
Statutory Reserves
Extraordinary Reserves
Unrealized Gains on investments available for Sale
Total Equity and Liabilities
Consolidated P & L
Current Period
Previous Period
June-2006
June-2005
Income from sales (net)
256.102.942
185.450.854
38,10
Cost of sales (-)
(169.854.583)
(139.387.212)
21,86
2.379.150
1.468.162
62,05
88.627.509
47.531.804
86,46
(10.338.329)
(10.293.585)
0,43
78.289.180
37.238.219
110,24
26.579.812
40.598.677
(34,53)
(11.833.886)
(6.534.490)
81,10
(197.463)
(150.568)
31,15
92.837.643
71.151.838
30,48
0
0
(54.011)
(590.709)
(90,86)
92.783.632
70.561.129
31,49
(5.651.579)
(9.631.068)
(41,32)
87.132.053
60.930.061
43,00
0,4551
0,3183
OPERATING INCOME
Service revenues (net)
GROSS OPERATING PROFIT/LOSS
Operatıng Expense (-)
NET OPERATING INCOME/EXPENSE
Other operating income
Other operating expenses (-)
Financial expense (-)
OPERATING INCOME/LOSS
Loss/Gain on net monetary position
MINORITY INTEREST PROFIT/LOSS
PRE-TAX PROFIT/LOSS
Income Tax
NET PROFIT/LOSS
EARNINGS PER SHARE
Earnings per share - Basic (Ykr)
%
Consolidated Equity Movement
S hare Capital Investment Grants
Balances at January 1, 2005
Unrealized Gain on
Legal Reserves and
Investments Available for S ale Accumulated Profits
44.741.120
Total
401.893.840
35.589
172.191.479 618.862.028
-
-
-
(52.273.374)
(52.273.374)
-
35.589
-
-
(35.589)
available for sale
-
-
58.358.079
-
58.358.079
Current year profit
-
-
-
113.565.095
113.565.095
401.893.840
0
103.099.199
AppropriationsDividends declared
Amortization of investment grants
Net unrealized gain on investments
Balance @ December-2005
AppropriationsDividends declared
22.730.810
(22.730.810)
-
-
-
-
0
-
available for sale
-
-
(39.217.568)
Current year profit
-
-
-
424.624.650
0
63.881.631
Amortization of investment grants
233.483.200 738.476.239
0
(89.730.409) (89.730.409)
-
0
Net unrealized gain on investments
Balance @ June-2006
- (39.217.568)
87.132.053
87.132.053
208.154.034 696.660.314
EBITDA
2005-06
2005-12
2006-06
185.450.854
415.049.192
256.102.942
1.468.162
3.497.784
2.379.150
(139.387.212)
(293.200.252)
(169.854.583)
Depreciation
15.497.790
30.998.035
16.734.224
Gross O perating Profit
63.029.594
Operating expense (-)
(5.056.316)
(20.909.531)
(10.338.329)
657.558
1.265.865
594.578
Income from sales (net)
Earnings on services (net)
Cost of sales (-)
Depreciation
EBITDA
EBIT
58.630.836
33,72
31,37
156.344.759
136.701.093
37,35
32,66
105.361.733
95.617.982
2005-06
2005-12
2006-06
185.450.854
Earnings on services (net)
1.468.162
Cost of sales (-)
(139.387.212)
415.049.192
3.497.784
(293.200.252)
256.102.942
2.379.150
(169.854.583)
0
0
Income from sales (net)
Depreciation
0
Gross O perating Profit
47.531.804
Operating expense (-)
(5.056.316)
(20.909.531)
(10.338.329)
0
0
0
Depreciation
Net O perating income
42.475.488
25,43
22,72
125.346.724
104.437.193
29,95
24,95
88.627.509
78.289.180
40,76
36,99
34,29
30,29
Consolidated Cash Flow
June-2006
June-2005
92.837.643
71.151.838
306.584
10.875
18.175.766
17.046.297
996.235
975.969
(889.549)
(573.785)
197.463
150.568
0
152.587
(439.952)
(17.774)
(76.900)
125.343
(4.656.536)
(30.248.914)
106.450.754
58.773.004
Cash flows from operating activities:
Profit before tax, minority interest and loss on net monetary position
Adjustments to reconcile net profit before monetary loss, minority interest and
income tax to net cash provided by operating activities:
Unrealized foreign exchange losses
Depreciation and amortization
Provision for employee termination benefits
Gain on sale of property, plant and equipment
Interest expense
Amortization of investment grants
Rediscount of competion Board Penalty
Provision for doubtful receivables
Dividend income
Net profit adjusted for non-cash items
Consolidated Cash Flow
Changes in operating assets and liabilities
June-2006
June-2005
Trade receivables (Short Term)
(41.057.429)
(28.391.800)
Trade receivables (Long Term)
(53)
2.256
1.780.442
1.200.246
Other receivables
(1.088.752)
(740.289)
Inventories
(8.775.063)
(580.640)
Prepayments and other current assets
(802.150)
(686.192)
Prepayments and other non-current asset
(123.368)
(15.878)
Trade payables
8.833.799
417.333
Payables to related parts
4.363.551
157.522
915.865
(1.086.606)
2.952.445
533.104
303.552
(46.625)
(329.877)
(241.236)
(17.159.298)
(5.977.067)
(591.563)
(249.315)
55.672.855
23.067.817
Receivables from related parts
Advances received
Other liabilities
Current provisions
Interest paid
Taxes paid
Employee termination benefits paid
Net cash provided by operating activities
Consolidated Cash Flow
June-2006
June-2005
Change in investments available for sale
(31.865.375)
38.102.884
Purchase of property, plant and equipment
(42.313.993)
(18.661.427)
Purchase of intangible assets
(216.092)
(792.407)
Proceeds from sale of property, plant and equipment
1.317.205
676.960
Dividend from Investments
4.656.536
30.248.914
(68.421.719)
49.574.924
Proceeds from short-term borrowings
2.220.813
7.833.653
Repayment of short-term borrowings
(7.765.120)
(9.505.628)
(89.730.409)
(52.273.374)
234.990
(52.995)
(95.039.726)
(53.998.344)
0
0
(107.788.590)
18.644.397
Cash and cash equivalents at the beginning of the year
148.298.901
48.865.902
Cash and cash equivalents at the end of period
40.510.311
67.510.299
8.451.482
13.250.166
Cash flows from investing activities
Net cash used in investing activities
Cash flows from financing activities
Dividend paid
Repayment of short- term lease obligations
Net cash used in financing activities
Net monetary loss on restatement of cash transactions
Net increase in cash and cash equivalents
Cash received by the Company for interest
CASH & CASH EQUIVALENT
Bank accounts (including short-term time deposits)
* Time deposit
* Demand deposit
Checks with maturities until report end
Funds lent under reverse repurchase agreements
Cash in hand
June-2006
December-2005
39.035.900
145.769.645
33.544.972
143.092.680
5.490.928
2.676.965
1.466.220
2.525.003
0
0
8.191
4.253
40.510.311
148.298.901
MARKETABLE SECURITIES (NET)
December-2005
June-2006
Amount
YTL Treasury bills
30.322.980
Interest Rate
Min
Max
13,23
17,1
Maturity
Amount
Min
07.Mar.07
USD Treasury bills
30.322.980
Interest Rate
0
Max
Maturity
SHORT-TERM TRADE RECEIVABLES (NET)
June-2006
December-2005
Accounts receivable (Net)
63.473.911
38.617.760
Notes receivable and post-dated checks
45.367.377
28.374.102
Discount on checks
(1.180.739)
(465.643)
1.935.913
2.012.813
(1.935.913)
(2.012.813)
107.660.549
66.526.220
June-2006
December-2005
Due from Shareholders
0
623.231
Due from Arpaş dividend
0
0
448.746
353.584
3.709.358
5.095.265
379.785
246.251
4.537.888
6.318.330
Doubtfull debt
Less: Provision for impairment
RECEIVABLES FROM RELATED PARTS (NET)
Due from Affiliates
Due from holding companies
Due from Personnel
PAYABLES TO RELATED PARTS (NET)
June-2006
December-2005
724.212
296.034
0
0
Due to Affiliates
5.355.299
4.788.525
Due to holding companies
3.710.168
277.037
538.527
603.060
10.328.207
5.964.656
June-2006
December-2005
1.969.305
864.005
0
0
Vat receivables
1.042.992
850.774
Others
1.335.516
1.544.282
4.347.813
3.259.061
Due to Shareholders
Due to Arpaş dividend
Due to Personnel
OTHER RECEIVABLES (NET)
Work Advances
Prepaid Taxes and Funds
INVENTORIES
June-2006
December-2005
35.230.122
31.031.833
Work-in-process
3.763.744
4.215.555
Finished goods
3.351.941
2.921.446
Goods in transit
5.288.066
207.428
Advances given
4.595.423
5.077.971
52.229.296
43.454.233
Raw materials and supplies
OTHER CURRENT ASSETS
Prepaid Expenses
Other
June-2006
December-2005
2.101.500
1.292.226
743
7.867
2.102.243
1.300.093
June-2006
December-2005
15.508
15.455
15.508
15.455
LONG-TERM FINANCIAL
Deposits and Guarantees Given
INVESTMENTS AVAILABLE FOR SALE (Non-current)
June-2006
%
December-2005
Amount
%
Amount
Çimsa Çimento Sanayi ve Ticaret A.Ş. (Çimsa)
10,00
78.242.112
10,00
115.846.848
Enerjisa Enerji Üretim A.Ş. (Enerjisa)
5,30
44.016.283
9,19
44.016.283
Liman İşletmeleri ve Nakliyecilik A.Ş. (Liman İşletmeleri)
15,00
22.662.688
15,00
22.662.688
Eterpark Endüstri Ürünleri İmalat Ticaret İthalat İhracat Pazarlama A.Ş. (Eterpark)
8,73
2.686.527
8,73
2.686.527
Arpaş Ambarlı Römorkaj Pilataj Ticaret A.Ş. (Arpaş)
16,00
841.399
16,00
841.399
Altaş Ambarlı Liman Tesisleri Ticaret A.Ş. (Altaş)
12,25
201.910
12,25
201.910
Lafarge Aslan Çimento A.Ş. (Lafarge)
0,05
171.998
0,05
242.434
148.822.916
186.498.089
PROPERTY, PLANT AND EQUIPMENT
Cost
January 1, 2006 Additions
Transfers (*)
Disposals
(***)
June-2006
Land and land improvements
102.689.394
0
3.245.430
(216.119)
0
105.718.705
Buildings
168.959.979
0
70.036
0
0
169.030.015
Machinery and equipment
835.446.810
5.449
2.366.655
(1.266.369)
0
836.552.545
59.204.091
14.164
966.510
(2.923.484)
0
57.261.281
6.402.848
0
0
0
0
6.402.848
40.765.484
0
179.547
0
0
40.945.031
4.098.559
42.510.472
(7.044.270)
0
0
39.564.761
1.217.567.165 42.530.085
(216.092)
(4.405.972)
0
1.255.475.186
Furniture, fixtures and motor vehicles
Leased assets (**)
Leasehold improvements
Construction-in-progress and advances given
Total
Less: Accumulated Depreciation
Land and land improvements
51.216.079
1.514.260
0
0
0
52.730.339
Buildings
65.358.633
1.545.423
0
0
0
66.904.056
651.476.998
11.029.090
0
(1.114.120)
0
661.391.968
43.966.957
2.332.342
0
(2.864.193)
0
43.435.106
1.184.805
10.339
0
0
0
1.195.144
23.590.589
1.151.709
0
0
0
24.742.298
Total
836.794.061 17.583.163
0
(3.978.313)
0
850.398.911
Property, plant and equipment, net
380.773.104
0
0
0
405.076.275
Machinery and equipment
Furniture, fixtures and motor vehicles
Leased assets
Leasehold improvements
0
INTANGIBLE ASSETS
Cost
Rights and Other Intangibles
January 1, 2006
Additions /
Charge
Transfers from
construction-in-progress
21.906.891
0
8.241.124
592.603
13.665.767
(592.603)
Disposals
June-2006
216.092
0
22.122.983
0
0
8.833.727
216.092
0
13.289.256
Less: Accumulated Amortization
Rights and Other Intangibles
Intangible assets, net
DEFERRED TAX ASSETS/LIABILITIES (COMPANY)
Deferred Tax Assets
Temporary Differences On
June-2006 December 2004
Property, plant and equipment
Deferred Tax Liabilities
June-2006 December-2005
(26.240.966)
(41.480.098)
Deffered tax income
June-2006
15.239.132
Inventories
1.973.148
3.120.572
(1.147.424)
Provision for employee termination benefits
1.810.448
2.594.270
(783.822)
Allowance for unearned/unaccrued interest
( included in receivables and payables, net )
318.647
193.656
124.991
Other timing differences, net
655.439
810.891
(155.452)
4.757.682
6.719.389
(26.240.966)
(41.480.098)
13.277.424
AKÇANSA DEFERRED TAX LIABILITY
Per Statutory
Per Ias
Deferred Tax Base
Asset/Lıabılıty
59.755.777
49.814.493
9.941.284
1.988.257
254.768.745
402.213.110
(147.444.365)
(28.673.642)
(8.965.055)
8.965.055
1.793.011
Rediscount On Checks
(817.866)
817.866
163.573
Litigation
(616.746)
616.746
123.349
0
0
0
(1.138.601)
1.138.601
227.720
410.923
(410.923)
(82.185)
314.524.522
440.900.257
(126.375.735)
(24.459.916)
December-2005
June-2006
Deferred tax benefit
39.257.482
24.459.916
14.797.566
Temporary Differences On
Inventories
Fixed Assets (including lands)
Etb
Rediscount On Comp. Board Penalty
Ias39 On Receivables
Ias39 On Payables
KARÇİMSA DEFERRED TAX ASSETS
Per Statutory
Per Ias
Deferred Tax Base
Asset/Lıabılıty
28.102.554
16.388.598
11.713.956
2.432.676
2.339.260
2.414.803
(75.543)
(15.109)
(60.442)
(76.905)
16.462
4.939
0
(87.186)
87.186
17.437
(113.018)
(856.775)
743.757
223.127
Provision For Premium (Buyers)
0
(62.238)
62.238
18.671
Rediscount On Checks
0
(31.041)
31.041
9.312
2.797.579
0
2.797.579
285.353
Ias39 On Receivables
0
(42.138)
42.138
12.641
Ias39 On Payables
0
41.386
(41.386)
(12.416)
Prepaid expenses
0
0
0
0
Fiscal Loss
0
0
0
0
33.065.933
17.688.505
15.377.428
2.976.633
December-2005
June-2006
Deferred tax Loss
4.496.774
2.976.633
(1.520.141)
Temporary Differences On
Fixed Assets
Inventories
Doubtful Receivables
Etb
Litigation Provision
Investment incentives
OTHER NON-CURRENT ASSETS
Prepaid rent
Properties obtained from customers against uncollectible receivables
Other
June-2006
December-2005
1.534.650
1.411.275
236.167
236.175
0
0
1.770.818
1.647.450
SHORT-TERM FINANCIAL DEBTS (NET)
June-2006
Currency Min Max
Unsecured credits
USD 811.697 5,66 5,66
YTL (*)
(*)
Maturity
Balance
29.09.2006
1.301.070
05.07.2006
591.056
1.892.126
December-2005
Unsecured credits
Currency Min Max
Maturity
Balance
USD 5.012.658 4,5 4,916
29.03.2006
6.725.985
03.01.2006
536.278
YTL (*)
(*)
7.262.263
( * ) Short-term credits taken without interest cost.
SHORT-TERM TRADE PAYABLES (NET)
June-2006
December-2005
30.886.575
22.015.633
0
0
(452.309)
(192.585)
Deposits and Guarantees Received
320.851
415.667
Other Trade Payables
392.833
75.436
31.147.950
22.314.151
Trade payables (Net)
Notes payable
Rediscount on Payable (-)
ADVANCES RECEIVED
June-2006
December-2005
2.323.268
1.407.403
0
0
2.323.268
1.407.403
June-2006
December-2005
10.650.715
8.881.009
Competition Board Penalty
5.675.544
6.115.497
Litigations
1.473.521
1.169.969
17.799.780
16.166.474
Advances taken for Purchases
Other advances taken
SHORT-TERM PROVISIONS
Taxation reserve (including prepaid tax) (Net)
SHORT TERM PROVISIONS
At January 1, 2006
Competition Board
Penalty
6.115.496
Charge for the year
Interest due to discounting of the provision
Payment (-)
Litigations
Total
1.169.969
7.285.465
303.553
303.553
(439.952)
(439.952)
0
0
Fx difference (Net)
0
Monetary gain
@ JUNE-2006
At January 1, 2005
0
5.675.544
Competition Board
Penalty
5.771.667
Charge for the year
Interest due to discounting of the provision
Payment (-)
1.473.521
7.149.065
Litigations
Total
656.423
6.428.090
527.004
527.004
345.284
345.284
(1.454)
(1.454)
Fx difference (Net)
(13.459)
Monetary gain
@ DECEMBER-2005
0
(13.459)
0
6.115.496
1.169.969
7.285.465
OTHER LIABILITIES (NET)
June-2006
December-2005
5.191.081
2.349.055
Social Security Withholdings Payable
859.385
803.799
Other Payables
149.039
296.016
Other liabilities
25.659
16.068
1.042.993
850.774
7.268.157
4.315.712
June-2006
December-2005
At January 1
8.647.568
7.101.896
ETB liability paid
(591.562)
(1.158.860)
Actuarial gain
141.770
(546.824)
Interest cost
449.792
426.122
Increase for the year
404.673
2.825.234
0
0
9.052.240
8.647.568
June-2006
December-2005
12%
16%
6,12%
10%
Taxes and Funds Payable
Suspensible VAT
LONG-TERM PROVISIONS
Provision for employee termination benefits
Monetary gain
Discount rate
Expected rates of salary/limit increases
MINORITY INTERESTS
Beginning
Share of net profit (loss) of subsidiary
June-2006
December-2005
11.233.909
8.867.638
54.011
2.366.271
11.287.920
11.233.909
June-2006
COMPOSITION OF SHAREHOLDERS :
Amount
December-2005
%
Amount
%
Hacı Ömer Sabancı Holding A.Ş.
61.722.378
32,24
53.671.632
32,24
Ak Sigorta A.Ş.
14.312.758
7,48
12.445.877
7,48
CBR International Holding B.V.
76.035.135
39,72
66.117.509
39,72
Publicly-held part
39.376.797
20,56
34.240.694
20,56
Total in historical YTL
191.447.068
100
166.475.712
100
Restatement effect
233.177.582
235.418.128
Total per financial statements
424.624.650
401.893.840
FAIR VALUE GAIN/LOSS ON THE INVESTMENTS AVAILABLE FOR SALE
Çimsa Çimento San. A.Ş
Aslan Çimento A.Ş.
Treasury Bills
June-2006
December-2005
65.320.868
102.925.604
103.158
173.595
(1.542.395)
0
63.881.631
103.099.199
CAPITAL RESERVES- PROFIT RESERVES
June-2006
Before Restatement
Restatement Effect
Total
29.361.748
8.549
29.370.297
35
0
35
2.445.116
145.964
2.591.080
0
7.758.970
7.758.970
509.079
0
509.079
0
0
0
Before Restatement
Restatement Effect
Total
16.484.864
8.549
16.493.413
35
0
35
Extraordinary reserves
10.327.990
145.964
10.473.954
Profit on sale of marketable securities (Akbank)
21.372.144
0
21.372.144
485.606
6.876.250
7.361.856
0
0
509.079
1.358.666
0
1.358.666
Legal reserves
Statutory reserves
Extraordinary reserves
Accumulated profits
Renewal fund
Other reserves
December-2005
Legal reserves
Statutory reserves
Accumulated profits
Renewal fund
Other reserves
Foreign Currency Risk
June-2006
USD
EURO
SEK
GBP
CHF
TOTAL (YTL)
ASSETS
Current Assets
Marketable Securities (Net)
Trade Receivables (Net)
Other Receivables (net)
14.361.289
12.125.938
0
2.235.350
0
2.402.968
1.885.521
0
0
517.447
4
4
0
0
0
1
1
0
0
0
0
0
0
0
0
27.848.478
23.225.625
0
3.583.043
1.039.810
LIABILITIES
Trade Payables (net)
Financial Payables (Net)
Financial Leasing Payables (Net)
Provisions
(3.332.109)
(1.620.412)
(811.697)
(900.000)
0
(867.066)
(396.988)
0
0
(470.078)
0
0
0
0
0
(30.000)
0
0
0
(30.000)
(24.809)
(24.809)
0
0
0
(7.202.422)
(3.426.924)
(1.301.070)
(1.442.610)
(1.031.819)
Net Currency Risk
11.029.180
1.535.902
4
(29.999)
(24.809)
20.646.055
Foreign Currency Risk
December-2005
USD
EURO
SEK
GBP
TOTAL (YTL)
ASSETS
Current Assets
Marketable Securities (Net)
Trade Receivables (Net)
Other Receivables (net)
46.092.638
42.939.813
3.152.825
-
1.839.663
558.577
552.501
728.585
4
4
-
3
3
-
64.767.575
58.503.390
5.107.556
1.156.629
LIABILITIES
Trade Payables (net)
Financial Payables (Net)
Financial Leasing Payables (Net)
Provisions
(5.912.658)
0
(5.012.658)
0
(900.000)
40.179.980
(1.060.430)
(594.910)
0
0
0
779.233
0
0
0
4
(59.307)
(33.817)
0
0
0
(59.304)
(9.754.161)
(1.022.609)
(6.725.984)
0
0
0
55.013.414
Net Currency Risk
Sales Income
June-2006
June-2005
%
Domestic sales
250.129.825
180.207.121
38,80
Overseas sales
22.674.626
16.842.072
34,63
Sales discount (-)
(10.632.055)
(7.615.769)
39,61
Other discount (-)
(6.069.454)
(3.982.570)
52,40
256.102.942
185.450.854
June-2006
June-2005
%
2.379.150
1.468.162
62,05
2.379.150
1.468.162
Earnings on services
Sale of services
COST OF SALES
June-2006
June-2005
Direct material cost
122.730.080
99.257.574
Direct labour cost
11.818.547
10.520.386
Amortization
16.734.224
13.196.879
Other production cost
14.810.651
12.153.147
166.093.502
135.127.986
451.811
306.381
Opening
4.215.555
3.393.791
End-of-period
3.763.744
3.087.410
(430.495)
696.249
Opening
2.921.446
3.689.201
End-of-period
3.351.941
2.992.952
Cost of trade goods
3.476.631
2.936.197
263.134
320.399
169.854.582
139.387.212
Total Production Cost
Change in semi-final products
Change in final products
Cost of service sold
Total Cost of Sales
OTHER OPERATING INCOME
June-2006
June-2005
Dividend gain
4.656.536
30.248.914
Interest income
7.358.916
6.712.608
12.444.897
2.169.843
Gain on sale of property, plant and equipment, net
889.549
573.785
Rent income
342.679
317.306
Gain on Interest cost from Customers, net
142.076
137.276
0
0
122.405
2.232
Forward transactions gain, net
0
0
Gains on Litigation
0
0
622.754
436.713
26.579.812
40.598.677
Fx gain
Rediscount gain
Collections from doubtful receivables
Other
OTHER OPERATING EXPENSES
June-2006
June-2005
Fx difference loss
7.188.876
2.755.054
Donations
1.641.690
209.890
800.016
793.918
98.251
1.184.388
Property and estate taxes
657.237
435.980
Provision for litigations
303.553
0
Rediscount loss,net
482.760
290.246
45.505
127.575
615.998
737.439
11.833.886
6.534.490
Depreciation expense of rented terminals
Idle time expense (comprise mainly of depreciation expense)
Provision for doubtful receivables
Other
DIVIDEND INCOME
June-2006
June-2005
0
23.240.129
Çimsa
4.488.307
4.730.918
Arpaş
160.000
1.050.170
Other
8.228
1.227.697
4.656.536
30.248.914
Short-term financial expenses
197.463
79.651
Total financial expenses
197.463
79.651
June-2006
December-2005
Current year corporation tax
18.929.004
31.094.415
Prepaid tax paid in current year
(8.278.289)
(22.213.406)
Akbank
FINANCIALS EXPENSES
TAX
Previous year tax payable
Income tax to be paid
0
10.650.715
8.881.009
(18.929.004)
38.296.636
Deferred tax
13.277.425
(3.535.928)
Tax benefits in consolidated financials
(5.651.579)
34.760.708
Consolidated income statement
Current year corporation tax
* 20% rate is used in tax calculations of the financial statements.