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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Turbine Aviation Inc (CE) | USOTC:TURA | OTCMarkets | Common Stock |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.0001 | 0.00 | 01:00:00 |
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RNS Number:9842H
Turk Ekonomi Bankasi A.S.
26 February 2003
PART 2
IV- EXPLANATIONS AND FOOTNOTES ON ASSETS
1. Information related to the account of the Central Bank of Turkey:
Current Period Prior Period
Demand Unrestricted Amount 14,800 2,520
Time Unrestricted Amount 327,997 1,802
Total 342,797 4,322
2. Information about trading portfolio:
a) Trading securities given as collateral or blocked: None.
Current Period Prior Period
TL FC TL FC
Share certificates - - - -
Bond, treasury bill and similar investment - - - -
securities
Other - - - -
Total - - - -
b) Trading securities subject to repurchase agreements:
Current Period Prior Period
TL FC TL FC
Government bonds 16,726 - - -
Treasury bills 5,670 - - -
Other debt securities - - - -
Bank bonds and bank guaranteed bonds - - - -
Asset backed securities - - - -
Other - - - -
Total 22,396 - - -
The repurchase and reverse repurchase agreements are included in the balance
sheet accounts after February 1, 2002 due to substance over form principle in
accordance with the December 13, 2001 dated and BDDK DZM. 2/13 numbered official
writing of the Banking Regulation and Supervision Agency announced at the "
Banking Accounting Standards, Uniform Chart of Accounts and Its Explanation"
effective with the temporary article 2-a of the Banking Law 4389. Additionally,
the above stated financial assets are classified according to their acquisition
purposes in accordance with the Communique No:1 of the "ARR" effective from
October 1, 2002. As December 31, 2001 the total amount of marketable securities
subject to repurchase agreements is TL 141,246 and included in off-balance sheet
items.
3. Information on foreign bank accounts:
Unrestricted Amount Restricted Amount
Current Prior Period Current Period Prior Period
Period
European Union countries 136,383 39,821 - -
USA and Canada 53,117 156,750 - -
OECD Countries* 8,238 2,994 - -
Off-shore banking regions 562 - - -
Other 136 306 - -
Total 198,436 199,871 - -
* OECD countries other than European Union countries, USA and Canada
4. Information on reverse repurchase agreements: None
Current Period Prior Period
TL FC TL FC
From domestic transactions - - - -
Central Bank of Turkey - - - -
Banks - - - -
Brokerage Firms - - - -
Other financial institutions - - - -
Other institutions - - - -
Real persons - - - -
From foreign transactions - - - -
Central Banks - - - -
Banks - - - -
Brokerage Firms - - - -
Other financial institutions - - - -
Other institutions - - - -
Real persons - - - -
Total - - - -
5. Information on available for sale portfolio:
a) Main types of available for sale securities: public sector debt
securities, and other marketable securities and share certificates.
b) Information on available for sale portfolio:
Current Period Prior Period
Debt securities 16,856 -
Quoted in a stock exchange - -
Not quoted 16,856 -
Share certificates 9 -
Quoted in a stock exchange - -
Not quoted 9 -
Provision for impairment (-) - -
Total 16,865 -
These financial assets are classified according to their acquisition purposes as
of October 1, 2002 in accordance with the Communique No:1 of the ARR.
Accordingly information on prior period cannot be presented.
c) Available for sale securities given as collateral or blocked: None.
d) Information on investment securities available-for-sale given as
collateral or blocked : None
Current Period Prior Period
TL FC TL FC
Share certificates - - - -
Bond, bills and similar investment securities - - - -
Other - - - -
Total - - - -
e) Information on investment securities available-for-sale subject to
repurchase agreements: None.
Current Period Prior Period
TL FC TL FC
Government bonds - - - -
Treasury bills - - - -
Other debt securities - - - -
Bank bonds and bank guaranteed bonds - - - -
Asset backed securities - - - -
Others - - - -
Total - - - -
6. Information on loans :
a) Information on all types of loans and advances given to shareholders and
employees of the Bank:
Current Period Prior Period
Non-Cash Non-Cash
Loans Loans
Cash Loans Cash Loans
Direct loans granted to shareholders 594 6,730 748 1,198
Corporate shareholders 594 6,730 748 1,198
Real person shareholders - - - -
Indirect loans granted to - - - -
shareholders
Loans granted to employees 753 - 517 -
Total 1,347 6,730 1,265 1,198
b) Information about the first and second group loans and other receivables
including loans that have been restructured or rescheduled:
Loans and Other Receivables Under
Close Monitoring
Standard Loans and Other Receivables
Loans and Other Restructured or Loans and Other Restructured or
Receivables Rescheduled Receivables Rescheduled
Cash Loans
Non-specialized loans 790,614 - 836 5,460
Discount notes 16,797 - - -
Export loans 387,669 - - -
Import loans - - - -
Loans given to financial sector 46,967 - - -
International loans 12,885 - - -
Consumer loans 16,115 - - -
Credit cards 14,715 - - -
Precious metals loans 20,406 - 834 -
Other 275,060 - 2 5,460
Specialized loans - - - -
Other receivables - - - -
Total 790,614 - 836 5,460
c) Loans according to their maturity structure :
Loans and Other Receivables Under
Close Monitoring
Standard Loans and Other Receivables
Loans and Other Restructured or Loans and Other Restructured or
Receivables Rescheduled Receivables Rescheduled
Cash Loans
Short-term loans 754,149 - 2 5,460
Non-specialized loans 754,149 - 2 5,460
Specialized loans - - - -
Other receivables - - - -
Medium and long-term loans 36,465 - 834 -
Non-specialized loans 36,465 - 834 -
Specialized loans - - - -
Other receivables - - - -
Total 790,614 - 836 5,460
d) Information on consumer loans :
Medium and Long Interest Income
Term Accrual
Short Term Total
Consumer loans-TL 9,280 2,654 11,934 385
Real estate loans 537 639 1,177 23
Automotive loans 3,323 2,014 5,337 112
Consumer loans - - - -
Personnel loans 573 - 573 30
Other consumer loans 4,846 - 4,846 220
Consumer loans- Indexed to FC 3,986 195 4,181 1,756
Real estate loans 1,052 60 1,112 148
Automotive loans 2,417 48 2,465 1,553
Consumer loans 366 - 366 45
Personnel loan 113 10 122 7
Other consumer loans 39 78 117 3
Credit cards 14,715 - 14,715 142
Total Consumer Loans 27,981 2,849 30,830 2,283
e) Loans according to type of borrowers :
Current Period Prior Period
Public 8,205 6,625
Private 788,705 571,297
Total 796,910 577,922
f) Domestic and foreign loans:
Current Period Prior Period
Domestic loans 784,025 575,542
Foreign loans 12,885 2,380
Total 796,910 577,922
g) Loans granted to subsidiaries and investments:
Current Period Prior Period
Direct loans granted to subsidiaries and investments 184 81
Indirect loans granted to subsidiaries and investments - -
Total 184 81
h) Specific provisions provided against loans:
Current Period Prior Period
Specific provisions
Loans and receivables with limited collectibility 63 2,883
Loans and receivables with doubtful collectibility 180 1,548
Uncollectible loans and receivables 15,007 2,483
Total 15,250 6,914
j) Information on loans under follow-up account (Net) :
j.1) Information on loans and other receivables included in loans under
follow-up account which are restructured or rescheduled: None.
III. Group: IV. Group: V. Group
Loans and
receivables
Loans and with doubtful
receivables with colectibility
limited Uncollectible
collectibility loans and
receivables
(Gross amounts before the specific reserves) - - -
Loans and other receivables which are restructured - - -
Rescheduled loans and other receivables - - -
j.2) The movement of loans under follow-up:
III. Group: IV. Group: V. Group
Loans and
receivables with
Loans and doubtful
receivables with colectibility
limited Uncollectible
collectibility loans and
receivables
Prior period end balance 16,444 3,713 2,484
Additions (+) 2,004 3,719 3,390
Transfers from other categories of loans under - 12,977 15,434
follow-up (+)
Transfers to other categories of loans under 12,977 15,434 -
follow-up (-)
Collections (-) 683 3,741 1,775
Write-offs (-) - - 6
Current period end balance 3,876 875 584
Specific provision (-) 912 359 18,941
Prior period end balance 63 180 15,007
Net Balances on Balance Sheet 849 179 3,934
j.3) Information on foreign currency loans and other receivables under
follow-up: None.
III. Group: IV. Group: V. Group
Loans and
receivables
Loans and with doubtful
receivables with colectibility
limited Uncollectible
collectibility loans and
receivables
Period end balance - - -
Specific provision (-) - - -
Net Balances on Balance Sheet - - -
k) Liquidation policies for the uncollectible loans and other receivables :
The loans and other receivables decided to be uncollectible are written off from
the assets according to the Tax Law by the decision of the top management in
accordance with the "Communique on Methods and Principles for the Determination
of Loans and Other Receivables to be Reserved for and Allocation of Reserves"
related to the clause 12 of article 11 and clause 11 of the article 3 of the
Bank Law 4389 changed by the laws 4672 and 4491and announced at the Official
Gazette numbered 24448 and dated June 30,2001.
7. Information on factoring receivables: None.
Current Period Prior Period
TP FC TP FC
Short term - - - -
Medium and Long Term - - - -
Total - - - -
8. Information on held to maturity portfolio (Net) :
a) Information on held to maturity portfolio:
Current Period Prior Period
Debt securities 36,557 86,672
Quoted in a stock exchange 36,557 48,099
Not quoted - 38,573
Provision for impairment (-) - -
Total 36,557 86,672
b) Movement of Held to Maturity Portfolio :
Current Period Prior Period
Beginning balance 86,672 -
Effect of inflation (-) 20,426 -
Foreign currency differences on monetary assets 5,284 -
Purchases during year 36,557 -
Disposals through sales and redemptions (71,530) -
Impairment provision
Closing Balances 36,557 -
Financial assets are classified according to their acquisition purposes as of
October 1, 2002 in accordance with Communique No:1 related to the ARR. For this
reason, information on prior period cannot be presented.
c.1) Information on accounts in which investment securities held-to-maturity
recorded:
Current Period Prior Period
Historical Cost Valuation Historical Cost Valuation
TL FC TL FC TL FC TL FC
Held to Maturity Portfolio
Given as collateral or blocked 36,557 - 37,215 - 48,099 38,573 53,114 40,049
Subject to repo transactions - - - - - - - -
Held for structural position - - - - - - - -
Receivables from securities lending - - - - - - - -
Collaterals on securities lending - - - - - - - -
Closing Balances 36,557 - 37,215 - 48,099 38,573 53,114 40,049
Other than the above items, there are no held to maturity securities which are
not given as collateral.
c.2) Marketable securities held to maturity given as collateral consist of
public sector debt securities of TL 36,557, given as collateral for statutory
requirements.
Securities held-to-maturity given as collateral or blocked:
Current Period Prior Period
TL FC TL FC
Share certificates - - - -
Bonds and similar investment securities 36,557 - 48,099 38,573
Other - - - -
Total 36,557 - 48,099 38,573
c.3) Securities held-to-maturity subject to repurchase agreements : None.
Current Period Prior Period
TL FC TL FC
Government Bonds - - - -
Treasury Bills - - - -
Other debt securities - - - -
Bank bonds and bank guaranteed bonds - - - -
Asset backed securities - - - -
Other - - - -
Total - - - -
c.4) Securities held-to-maturity held for structural position: None.
Current Period Prior Period
Government Bonds - -
Treasury Bills - -
Bank bonds and bank guaranteed bonds - -
Other - -
Total - -
9. Information on investments (Net):
a.1) Information on investments (Net):
Bank's share
percentage-If different
Address voting percentage(%) Bank's risk group
share percentage
Description (City/ Country) (%)
TEB Sigorta A.S. Ystanbul /Turkiye 50.00 50.00
Varlyk Yatyrym Ortaklyoy A.S. Ystanbul /Turkiye 24.40 34.00
a.2) Information on investments as presented in table a.1: (*) :
Marketable Current
Securities Period
Total Total Total Interest Income Income/Loss Prior Period
Assets Income Income/Loss
Equity Fixed Assets Fair Value
18,122 4,670 381 139 463 442 709 -
1,396 1,371 5 160 - 55 365 1,323
(*) The financial statements of Varlyk Yatyrym Ortaklyoy A.S. are
prepared in accordance with the Capital Market Board Regulations and the
financial statements of TEB Sigorta A.S. are prepared in accordance with
Insurance Supervision Regulations. The current period data is presented as of
December 31, 2002 and the prior period income / loss amounts are presented with
their nominal values as of December 31, 2001.
a.3) Out of Group members / shareholders who has the control power with the
parent company and/or other members of the financial group are explained: Not
applicable.
a.4) Accounting policies for investments: The investments quoted to stock
exchange are reflected at fair value. The investments which are not quoted at
the stock exchange are reflected with their restated costs.
Explanation on investments:
b.1) Information on investments :
Current Period Prior Period
Balance at the beginning of the period 4,620 4,560
Movements during the period 1,023 60
Purchases 672 -
Free shares obtained profit from current year's share 389 -
Dividends from current year income - -
Sales - -
Revaluation increase (38) 60
Provision for impairment - -
Balance at the end of the period 5,643 4,620
Capital commitments - -
Share percentage at the end of the period (%)
b.2) Valuation of investments:
Current Period Prior Period
Valuation with cost 5,320 4,260
Valuation with fair value 323 360
Valuation with equity method - -
Total 5,643 4,620
b.3) Sectoral information and the related carrying amounts on investments:
Investments Current Prior Period
Period
Insurance companies/TEB Sigorta A.S. 5,320 4,260
Other financial investments / Varlyk Yatyrym Ortaklyoy A.S. 323 360
Total 5,643 4,620
b.4) Investments which are quoted to a stock exchange:
Current Period Prior Period
Quoted to domestic stock exchanges 323 360
Quoted to international stock exchanges - -
Total 323 360
b.5) Information related to investments that are included in consolidation:
Not applicable.
Bank's share
percentage-If
Address (City / different voting Bank's risk group Method of
Country)) percentage(%) share percentage Consolidation
Description (%)
Information related to investments that are included in consolidation as
presented in table 9. b.5): Not applicable.
Income from
Marketable
Total Securities
Fixed Portfolio
Shareholders' Assets Interest Current Prior Period
Equity Income Period Profit Profit / Loss
Total Assets / Loss Fair Value
b.6) Information on investments which are sold in current period : None.
Market or Stock Price at Sale Information on Cash and/or Term
Date Sales
Description Sale price
- - - -
- - - -
- - - -
b.7) Investments purchased in the current period: None.
Market or Stock Price at Information on Cash and/or Term
Purchase Date Purchase
Description Purchase Price
- - - -
- - - -
10. Information on Subsidiaries (Net):
a) Information on subsidiaries:
Out of Group members / shareholders who has the control power with the parent
company and/or other members of the financial group: Not applicable.
a.1) Information on subsidiaries:
Bank's share Bank's risk group
percentage-If different share percentage
voting percentage(%) (%)
Description Address(City/ Country)
The Economy Bank N.V. Netherlands 100.00 100.00
Petek International Holdings B.V. Netherlands 100.00 100.00
TEB Yatyrym Menkul Deoerler A.S. Ystanbul/Turkey 74.80 99.86
TEB Finansal Kiralama A.S. Ystanbul/Turkey 68.76 75.18
TEB Kyymetli Madenler A.S. Ystanbul/Turkey 66.00 75.00
TEB Factoring A.S. Ystanbul/Turkey 65.80 73.20
TEB Portfoy Yonetimi A.S. Ystanbul/Turkey 55.89 99.63
a.2) Information on subsidiaries as presented in table a.1:
Income from
Marketable
Securities Prior Period
Portfolio (*) Profit / Loss
Shareholders'Equity(*) Total Fixed Interest Current (*) Fair
Assets(*) Income (*) Period Profit Value (*)
Total / Loss (*)
Assets
1,219,225 76,746 536 90,850 205 8,112 9,922 -
1,769 - 3 - 3,262 10,830 -
1,780
13,899 533 916 11,892 2,983 3,289 -
16,558
32,212 125,541 2,722 143 4,141 (4,067) -
143,421
231 27 - - 40 67 -
280
6,679 196 10,084 812 500 (911) -
57,395
3,573 682 163 93 876 1,032 -
4,202
(*) From statutory historical financial statements.
b) Information on subsidiaries
b.1) Information on subsidiaries:
Current Period Prior Period
Balance at the beginning of the period 90,095 76,817
Movements during the period 11,077 13,278
Purchases 6,876 149
Free shares obtained profit from current year's share 3,290 15,896
Dividends from current year income - -
Sales - (10)
Revaluation increase (*) 911 3,226
Provision for impairment - -
Balance at the end of the period 101,172 90,095
Capital commitments - -
Share percentage at the end of the period (%)
(*) The exchange income generated from the difference between the
devaluation and inflation of the foreign subsidiaries.
b.2) Valuation of subsidiaries:
Subsidiaries denominated in Turkish Lira are reflected by restating their costs
and the capital increases after deducting the ones generated by means of adding
the values accumulated at the revalution like funds to the capital of the
subsidiaries with the conversion factors applicable for the relevant dates. When
there is a permanent diminution in value of the subsidiaries then a provision is
set. Subsidiaries denominated in foreign currency are translated into Turkish
Lira by applying the exchange rates prevailing at balance sheet dates.
Current Period Prior Period
Valuation with cost 101,172 90,095
Valuation with fair value - -
Valuation with equity method - -
b.3) Sectoral information on subsidiaries and the related carrying amounts:
Current Prior
Period Period
Subsidiaries
Banks / The Economy Bank N.V. 42,973 35,205
Insurance Companies - - -
Factoring Companies / TEB Factoring A.S. 14,166 14,166
Leasing Companies / TEB Finansal Kiralama A.S. 23,025 23,025
Finance Companies / - - -
Other Subsidiaries / TEB Yatyrym Men.Deo. A.S. 18,352 15,336
TEB Portfoy Yonetimi A.S. 1,586 1,306
Petek Internatyonal Holdyngs B.V. 774 761
TEB Kyymetli Madenler A.S. 296 296
Total 101,172 90,095
b.4) Subsidiaries which are quoted to a stock exchange: None.
Current Period Prior Period
Quoted to domestic stock exchanges - -
Quoted to international stock exchanges - -
b.5) Information related to subsidiaries that are included in consolidation:
Not applicable.
Description Address (City Bank's share Bank's risk group Method of
/ Country)) percentage-If share percentage Consolidation
different voting (%)
percentage(%)
Information on subsidiaries as presented in table 10. b.5: Not applicable.
Income from Current
Marketable
Total Period
Securities
Total Shareholders' Fixed Interest Profit / Prior Fair
Portfolio Loss Period
Assets Equity Assets Income Profit / Value
Loss
b.6) Information on the subsidiaries that were disposed in current period:
None.
Description Sale price Market or stock price Information on cash and/or
at term sales
sale date
- - - -
b.7) Information on the subsidiaries purchased in current period: None.
Description Purchase price Market or stock price Information on cash and/or
at purchase date term purchase
- - - -
11. Information on other investments: None.
a) The obligations of the Bank relating to the joint venture, except for the
other obligations, the obligations on capital or share on the capital
obligations among other investors and the goup's share on capital obligations on
other subsidiaries: None
b) Information on joint ventures : None.
Joint ventures Shareholding Shareholding Current Non-current Long-term Income Expense
percentage of percentage of Assets Assets Borrowings
the parent the Group
Bank
- - - - - - - -
c) The Bank which does not prepare consolidated financial statements due to
not being a parent company should disclose the information related to joint
ventures in unconsolidated financials : Not applicable.
d) The reason for unconsolidation of the unconsolidated joint ventures and
the recording method of the joint ventures at the unconsolidated financial
statements of the parent company Bank is explained: Not applicable.
12. Information on financial lease receivables (Net): None.
a) Aging of leasing receivables
Current Period Prior Period
Gross Net Gross Net
Less than 1 year - - - -
Between 1-4 years - - - -
Over 4 years - - - -
Total - - - -
b) Information on net lease receivables: None.
Current Period Prior Period
Gross lease receivable - -
Unearned finance income - -
Cancelled lease agreements (-) - -
Net Investment on Financial Lease - -
c) Related to lease agreements, criteria used in determining conditional
lease installments, conditions for renewal or purchasing options and updating
agreement quantities and restrictions on lease agreements, and some points like,
event of being default or not, agreements renewed or not, if renewed the
conditions of the renewal, restrictions of the renewal and general explanations
about other important decisions that are included in leasing agreement: None.
13. Information on receivables arising from term sales of assets included
in miscellaneous receivables: None.
Current Period Prior Period
From sale of subsidiaries, associates and joint ventures - -
From sale of buildings - -
From sale of other assets - -
Total - -
14. Explanations related to interest and income accruals :
a) Information about accrued interest and income receivables:
Current Period Prior Period
Accrued interest and income receivables TL FC TL FC
Interest accruals - due 228 - 259 4
Interest accruals - not due 9,093 2,622 8,672 4,806
Loan commissions and other income accruals - due - - 1,032 -
Loan commissions and other income accruals - not 11 1 7 -
due
Total 9,332 2,623 9,970 4,810
b) Information on other interest and income accruals :
Current Period Prior Period
Other interest and income accruals TL FC TL FC
Trading securities 3,348 16 12,224 1,671
Securities available for sale - 357 - -
Securities held to maturity 658 - - -
Interest accruals of reverse repo transactions - - - -
Interest accruals of reserve deposits 920 247 818 -
Income accruals of financial derivative instruments 4,394 - 666 -
Interest and income accruals - - - -
Income accrual of foreign exchange gains 4,394 - 666 -
Income accruals of financial lease income - - - -
Other 5,408 127 1,337 1,060
Total 14,728 747 15,045 2,731
15. Information on fixed assets: (Net) :
Land and Leased Vehicles Other Total
buildings tangible
fixed assets fixed assets
Prior Period End :
Cost 10,348 22,775 3,684 35,916 72,723
Accumulated depreciation(-) 2,606 11,105 2,035 23,477 39,223
Net book value 7,742 11,670 1,649 12,439 33,500
Current Period End : - - - - -
Net book value-beginning of 7,742 11,670 1,649 12,439 33,500
period
Additions - 5,489 1,259 7,917 14,665
Disposals(-) - - 53 1,489 1,542
Impairment (*) (625) - - - (625)
Depreciation (-) 225 4,499 763 4,527 10,014
Currency translation
differences resulting from
foreign investments - - - - -
Net book value-end of period 8,142 12,660 2,092 14,340 37,234
(*) Allowance for impairment of the buildings related to prior year is
reversed since it became not applicable according to the current expertise
report.
a) If an asset impairment amount recorded or reversed in the current
period is important for the general of the financial statements:
a.1) Events and conditions for recording or reversing impairment :
Allowance for impairment of the buildings related to prior year is reversed
since it became not applicable according to the current expertise report.
a.2) Amount of recorded or reversed impairment in the financial statements:
The amount of impairment reversed is TL 625.
b) The diminishing in value amounts set or cancelled in the current period
according to the asset groups, that totals to an amount that effects the
financial statements even though some or each of the amounts are not important
individually and the reason and conditions for this: None
16. Information stated below, should be explained separately for each class
of intangible fixed assets.
a) Useful life or depreciation rates :
The value of the intangible fixed asset subject to depreciation is
distributed systematically to its useful life and the depreciation period,
starting from the effective usage date of the asset is depreciated for its
estimated useful life.
b) Depreciation method : Intangible fixed assets is depreciated by using
over, straight-line method with a rate of 20% over restated book values.
c) Book value and accumulated depreciation amounts at beginning and end of
period :
Current Period Prior Period
Gross Book Value 6,591 4,998
Accumulated Depreciation (3,627) (2,674)
Total 2,964 2,324
d) Movement of intangible assets for the current period:
Current Period
Beginning balance 2,324
Amounts formed internally -
Additions due to mergers, transfers and acquisitions 1,593
Not used and disposed items -
Increases or decreases in the revaluation fund -
Impairment charges -
Reversal of impairment charges -
Depreciation expenses (-) 953
Currency translation differences arising from foreign investments -
Other differences in book values -
Period end balance 2,964
e) Disclosures for book value, description and remaining depreciation time
for a specific intangible fixed asset that is material to the financial
statements: None.
f) Disclosure for intangible fixed assets acquired through government
incentives and accounted at fair value : None.
Current Period
Fair value at the initial recognition -
Book value -
g) The method of subsequent remeasurement for intangible fixed assets that
are acquired through government incentives and recorded at fair vale at the
initial recognition : None.
h) The book value of intangible fixed assets that are pledged or restricted
for use : None.
i) Amount of purchase commitments for intangible fixed assets : None.
j) Information on revalued intangible assets according to their types:
None.
Revalued Revaluation Book value of Book value without Beginning Ending
intangible assets date revalued revaluation revaluation revaluation
intangible assets fund amount fund amount
- - - - - -
- - - - - -
k) Amount of total research and development expenses recorded in income
statement within the period if any : None.
l) Positive or negative consolidation goodwill that comes from
consolidated parties is explained on related party basis: Not applicable.
m) Information on goodwill : None.
Current Period
Goodwill arising from consolidation -
From tangible fixed assets -
From intangible assets -
From non-monetary assets -
Goodwill arising from mergers and acquisitions -
From tangible fixed assets -
From intangible assets -
From non-monetary assets -
n) Reconciliation of movements on goodwill in the current period: None.
Current Period
Gross value at the beginning of the period -
Accumulated depreciation (-) -
Impairment provision (-) -
Movements within the period : -
Additional goodwill -
Corrections arising from the changes in value of -
assets and liabilities
Goodwill written off due to the end of an operation in current period or
complete /partial sale of an asset (-) -
Depreciation (-) -
Impairment provision (-) -
Reversal of impairment provision (-)* -
Other differences occurred in the book value -
Gross value at the end of the period -
Accumulated depreciation (-) -
Impairment provision (-) -
* In addition to these , the explanations for the impairment of goodwill in the " Impairment of Assets"
standard should also be disclosed.
o) Reconciliation of movements on negative goodwill in the current period:
None.
Current Period
Gross value at the beginning of the period -
Accumulated negative goodwill recognized in the
income statement -
Period movements : -
Additional negative goodwill -
Corrections arising from the changes in value of
assets and liabilities -
Negative goodwill written off due to the end of an
operation in current period -
or complete /partial sale of an asset (-)
Negative goodwill recognized in the income
statement * -
Other differences occurred in the book value -
Gross value at the end of the period -
Accumulated negative goodwill recorded as income -
*The income booked in accordance with the 16th article of " Accounting of Bank Mergers, Transfers and
Acquisition" standart should be disclosed separately.
17. Information on other assets:
a) Information on prepaid expenses, taxes and similar items :
Current Period Prior Period
Deferred tax 2,034 1,955
Assets held for sale - -
Advances given 185 4
Prepaid rent expenses 376 483
Transaction cost related to financial liabilities 2,055 393
Prepaid taxes 9,119 8,791
Other 6,848 7,933
Total 20,617 19,559
b) Other assets and liabilities which exceed 10 % of the balance sheet total
(excluding off-balance sheet commitments) and breakdown of these which
constitute at least 20% of grand total: None
V- EXPLANATIONS AND FOOTNOTES ON LIABILITIES
Explanations for the liabilities
1. a) Information on maturity structure of deposits:
a.1) Current period :
Demand 7 day Call Up to 1 1-3 Month 3-6 Month 6 Month-1 1 Year and
Accounts month Year over
Saving deposits 17,561 - 78,244 38,485 12,533 3,271 13,469
Foreign currency 408,719 - 508,889 312,232 31,996 8,384 354
deposits
Residents in Turkey 392,526 - 493,207 306,609 29,552 7,069 337
Residents abroad 16,193 - 15,682 5,623 2,444 1,315 17
Public sector 35 - - - - - -
deposits
Commercial deposits 53,543 - 75,362 4,275 8,508 5 13
Other institutions 32,758 - 429 14 8 1 -
deposits
Precious metals 9,714 - - 11,327 - 1,414 -
deposits
Interbank deposits 19,746 - 26,443 12,755 - 1,000 -
Central Bank of - - - - - - -
Turkey
Domestic Banks 11,028 - - - - 1,000 -
Foreign Banks 8,718 - 26,443 12,755 - - -
Special finance - - - - - - -
houses
Other - - - - - - -
Total 542,076 - 689,367 379,088 53,045 14,075 13,836
a.2) Prior period :
Demand 7 day Call Up to 1 1-3 Month 3-6 Month 6 Month-1 1 Year and
Accounts month Year over
Saving deposits 7,138 24,970 63,460 23,278 7,283 4,780 -
Foreign currency 309,047 - 425,811 337,394 19,114 7,925 149
deposits
Residents in Turkey 300,741 - 419,603 332,222 15,637 7,373 149
Residents abroad 8,306 - 6,208 5,172 3,478 552 -
Public sector 122 - - - - - -
deposits
Commercial deposits 57,543 47,935 5,011 10,190 1,557 3 -
Other institutions 397 109 378 8 3 154 -
deposits
Precious metals 6,897 - - 5,384 - 1,985 -
deposits
Interbank deposits 4,026 - 14,110 5,464 - - -
Central Bank of - - - - - - -
Turkey
Domestic Banks 274 - 2,617 - - - -
Foreign Banks 3,752 - 11,493 5,464 - - -
Special finance - - - - - - -
houses
Other - - - - - - -
Total 385,170 73,014 508,770 381,718 27,957 14,847 149
b.1) Information on saving deposits under the guarantee of saving deposit
insurance and exceeding the limit of saving deposit insurance:
Under the guarantee of Exceeding the limit of
saving deposit insurance
Saving Deposits saving deposit
Current Prior Period Current Prior Period
Period Period
Saving deposits 24,368 50,858 139,195 80,051
Foreign currency saving deposits 192,865 232,525 631,402 452,050
Other deposits in the form of saving 680 922 6,605 5,858
deposits
Foreign branches' deposits under foreign - -
authorities' insurance
- -
Off-shore banking regions' deposits under - -
foreign authorities' insurance
- -
Total 217,913 284,305 777,202 537,959
b.2) The bank which has settled abroad should disclose, the total amount of
savings deposit in Turkey branch, and insured in the country of head office :
None
b.3) Saving deposits which are not under the guarantee of deposit insurance
fund : None.
Current Period Prior Period
Foreign branches' saving deposits - -
Off-shore banking regions' saving deposits - -
Total - -
2. Information on funds provided from repurchase agreement
transactions:
Current Period Prior Period
TL FC TL FC
From domestic transactions 21,902 - - -
Financial institutions and organizations 13,000 - - -
Other institutions and organizations 4,045 - - -
Real persons 4,857 - - -
From foreign transactions 898 - - -
Financial institutions and organizations - - - -
Other institutions and organizations 897 - - -
Real persons 1 - - -
Total 22,800 - - -
The transactions regarding the repurchase agreements had been followed as an
off-balance sheet item in 2001, as explained in Part IV, footnote 2b and
accordingly, prior period information is not presented.
3. a) Information on funds borrowed:
Current Period Prior Period
TL FC TL FC
Short-term 15,945 189,485 25,652 227,047
Medium and long-term - 57,607 - 91,314
Total 15,945 247,092 25,652 318,361
b) Additional explanations on concentration of the Bank's liabilities:
The Bank's funding resources include customer deposits and loans borrowed from
overseas. As of December 31, 2002 the Bank's foreign funds borrowed includes USD
100 million of syndicated loan with a maturity of October 30, 2003.
The client concentration of branches are reviewed periodically and short and
long term precautions are taken for those branches that experience client
concentration.
The Bank's 69.46 % of bank deposits, and 79.25 % of other deposits are
denominated in foreign currencies.
4. a) Information on debt securities issued: None.
a.1) Current period :
Current Period Maturity Gross Gross issued Debt Redemption Foreign
balance amount securities amount exchange
issuing difference
differences
Bills - - - - - -
Asset backed - - - - - -
securities
Bonds - - - - - -
Other - - - - - -
Total - - - - - -
a.2) Prior period :
Prior Period Maturity Gross Gross issued Debt Redemption Foreign
balance amount securities amount exchange
issuing difference
differences
Bills - - - - - -
Asset backed - - - - - -
securities
Bonds - - - - - -
Other - - - - - -
Total - - - - - -
b) Information on convertible bonds: None.
Current Period Prior Period
Maturity - -
Interest - -
Gross amount - -
Gross issued amount - -
Issuing difference - -
Conversion price - -
Conversion proportion - -
The explanation, if any correction made on convertibility rate : Not applicable.
c) The explanation on the maturity structure, interest rate, type of
currency of the issued marketable securities : None.
c.1) Current period:
Maturity structure Interest structure Currency type
Short-term Medium and Fixed Variable EURO USD TL Other
long-term
- - - -
- - - -
c.2) Prior period:
Maturity structure Interest structure Currency type
Short-term Medium and Fixed Variable EURO USD TL Other
long-term
- - - -
- - - -
5. Explanation on funds: None
a) Current period:
Maturity structure Interest structure Currency type
Short-term Medium and Fixed Variable EURO USD TL Other
long-term
- - - -
- - - -
b) Prior period:
Maturity structure Interest structure Currency type
Short-term Medium and Fixed Variable EURO USD TL Other
long-term
- - - -
- - - -
6. Explanation on miscellaneous payables:
Current Period Prior Period
Total amount of cash collateral obtained 120 1,060
The table consists of blocked accounts regarding cash collateral, loans, import
and export transactions
7. Other assets and liabilities which exceed 10 % of the balance sheet
total (excluding off-balance sheet commitments) and breakdown of these which
constitute at least 20% of grand total: None
8. Information on taxes, duties and premium payables:
a) Information on taxes payable :
Current Period Prior Period
Corporate taxes payable - -
Taxation of securities 1,967 2,574
Property tax 119 110
Banking Insurance Transaction Tax (BITT) 1,253 1,200
Foreign Exchange Transaction Tax 527 987
Value Added Tax Payable 37 10
Other 1,366 1,198
Total 5,269 6,079
b) Information on premiums :
Current Period Prior Period
Social Security Premiums-Employee 258 182
Social Security Premiums-Employer 365 255
Bank Social Aid Pension Fund Premium-Employee - -
Bank Social Aid Pension Fund Premium-Employer - -
Pension Fund Membership Fees and Provisions-Employee - -
Pension Fund Membership Fees and Provisions-Employer - -
Unemployment insurance-Employee 18 25
Unemployment insurance-Employer 37 39
Other - -
Total 678 501
9. Explanations on factoring payables: None.
Current Period Prior Period
TL FC TL FC
Domestic - - - -
Short-term - - - -
Medium and long-term - - - -
Foreign - - - -
Short-term - - - -
Medium and long-term - - - -
Total - - - -
10.a) The general explanations on criteria used in determining installments of
financial lease agreements, renewal and purchasing options and
restrictions in the agreements that create significant obligations to the bank :
In the financial lease agreements, installments are based on useful life, usage
periods and on the basis of Tax Procedural Code.
b) The explanation on modifications in agreements and new obligations that
these modifications cause: None.
c) Explanation on financial lease obligations:
Current Period Prior Period
Gross Net Gross Net
Less than 1 2,124 1,960 1,814 1,814
Between 1-4 Years 6,051 4,786 1,810 1,810
More than 4 Years - - - -
Total 8,175 6,746 3,624 3,624
d) Footnotes and explanations regarding operational leases:
Except for the head-office and Yzmir-Konak branch building, all branch premises
of the Bank are leased under operational leases. As of December 31, 2002, the
operating lease expense, amounting to TL 9,906 was reflected to the income
statement. The lease periods vary between 1 and 10 years and lease agreements
are cancelable subject to a period of notice.
e) Information about sale and lease back transactions : None.
11. Information on interest and expense accruals:
Current Period Prior Period
TL FC TL FC
Accrued interest on deposits 5,243 1,012 6,160 1,518
Accrued interest on funds borrowed 1,622 1,425 1,629 3,521
Accrued interest on bonds - - - -
Accrued interest on repurchase 28 - - -
agreement transactions
Accrued interest on derivative 4,567 - 730 -
financial instruments
Accrued interest and expense - - - -
Foreign exchange losses accrued 4,567 - 730 -
Other interest and expense accruals 995 - 2,587 -
Total 12,455 2,437 11,106 5,039
12. Provisions and subordinated loans :
a) Information on general provisions::
Current Period Prior Period
General provisions 6,093 4,828
Provisions for First Group Loans and Receivables 5,170 4,041
Provisions for Second Group Loans and Receivables 31 15
Provisions for Non Cash Loans 892 772
Others - -
Total 6,093 4,828
b) Information on employee termination benefits and notice indemnity:
5 PP 4 PP 3 PP 2 PP Prior Current
Period
Period
Actual Payments of Employee 32 56 107 947 662 -
Termination Benefits
Reserve for Employee Termination 723 1,580 3,140 4,456 6,912 10,972
Benefits and Notice Indemnity
Actual Payment Ratio %4.38 %3.57 %3.40 %21.24 %9.59 %8.44
Ratio of reserve for Employee - - - - - %8.44
Termination Benefits and Notice
Indemnity
Possible reserve for Employee - - - - - 926
Termination Benefits and
Notice Indemnity
As of December 31, 2002, TL 926 of reserve for employee termination benefits and
notice indemnity was reflected to the financial statements corresponding to
8.44% of total liability of TL 10,972.
As of December 31, 2002, the Bank provided a reserve of TL 217 for the unused
vacation periods constituting 8.44% of total liability.
(*) 5-year actual payment rate.
c) Liabilities on pension rights: None.
c.1) Liabilities for pension funds established in accordance with "Social
Security Institution": None
2 PP Prior Period Current Period
Reserve Amount - - -
Actual and Technical Deficit Amount - - -
Reserve Ratio - - -
c.2) All kinds of liabilities resulting from pension funds, foundations
etc, which provide benefits for the employees after retirement: None.
Current Period Prior Period
Long term liability - -
Expected salary increases - -
Long term reserve - -
d) The uncertainties related to the timing of expected payment amount and
nature of provisions : None.
The nature of provisions is explained in the items a and b. For these
provisions no payment is expected short-term.
e) Information on free reserves for possible losses : None.
Current Period Prior Period
Free reserves for possible losses - -
f) Amount, quantity, maturity, interest rate, lender name and share
certificate conversion option if any, of subordinated loans:
The Bank has signed an agreement with the International Finance Corporation
(IFC) on July 17, 2002, for a subordinated loan. The facility is a US$15
million, subordinated convertible loan, with a maturity of October 15, 2009 and
with an interest rate of LIBOR+4.5%. The loan matches BRSA's Tier II Capital
definitions as well as contributing the Bank's capital adequacy ratio in a
positive manner. The mentioned loan has share convertibility option.
g) Information on subordinated loans:
Current Period Prior Period
TL FC TL FC
From Domestic Banks - - - -
From Other Domestic Institutions - - - -
From Foreign Banks - - - -
From Other Foreign Institutions - 24,596 - -
13. Information of Shareholders' Equity:
a) Presentation of paid-in capital:
Current Period Prior Period
Common stock 55,125 55,125
Preferred stock - -
b) Paid-in capital amount, explanation as to whether the registered share
capital system is applicable to the Bank if so, amount of registered share
capital ceiling :
Capital System Paid-in capital Ceiling
Registered capital system 55,125 100,000
c) Information on share capital increases and their sources; other
information on increased capital shares in current period: None
Date of increase Amount of increase Cash Reserves Revaluation Fund
- - - - -
- - - - -
d) Information on share capital increases from revaluation funds: None.
Revaluation of Revaluation of Profit on sales of Profit on sales of Leasehold
fixed assets investments fixed assets investments Improvement
Revaluation Fund
- - - -
-
- - - -
-
e) Capital commitments in the last fiscal year and at the end of the
following interim period, the general purpose of these commitments and projected
resources required to meet these commitments : None.
f) Indicators of the Bank's income, profit and liquidity for the previous
periods and within these indicators possible affects on capital foresighting
uncertainty : Not applicable.
g) Information on privileged shares :
7 % of the Bank's remaining net income and tax after deducting legal
reserves and first dividends, corresponding to the Bank's 60,000 shares of TL
30,000,000 (in full TL) is distributed to the founder shares.
14. a) Common stock issue premiums, shares and equity instruments: None
Current Period Prior Period
Number of shares (Thousand) - -
Preferred stock - -
Common stock issue premium - -
Common stock cancellation profit - -
Other equity instruments - -
Total common stock issue - -
15. a) Information on marketable securities value increase fund:
a.1) Information on marketable securities value increase fund:
Current Period Prior Period
TL FC TL FC
From associates and subsidiaries 201 - - -
From securities available-for-sale - - - -
From securities held for structural - - - -
position
Total 201 - - -
a.2) Information on marketable securities value increase fund: None
Current Period Prior Period
Foreign currency marketable securities value increase fund - -
Foreign exchange gains resulting from foreign currency associates,
subsidiaries, and securities available for sale related to the above amount
- -
Total - -
b) The information on presentation of foreign exchange gains related to
foreign currency participations, subsidiaries, securities available for sale in
the financial statements :
Foreign exchange gains are include in income statement.
c) The amount of accumulated exchange difference included in equity coming
from previous periods related to the first time application of "Effects of
Changes in Foreign exchange Rates" standard, except for cases where the amount
could not be identified : None.
16. Information on revaluation fund: None.
Current Period Prior Period
TL FC TL FC
Fixed Assets - - - -
Buildings - - - -
Gain on sale of property and investments and - - - -
subsidiaries to be added to capital
Revaluation fund for leasehold improvements - - - -
17. The explanations on the elements of the revaluation fund are made: None
18. Information on legal reserves:
Current Period Prior Period
First legal reserves - 22,588
Second legal reserves - 26,795
Other legal reserves appropriated in accordance with special - 1,119
legislation
Total - 50,502
Accumulated deficit amounting to TL 209,500 as of December 31, 2001, resulting
from inflation accounting application was netted off as TL 254,893 as restated
in the equivalent purchasing power at September 30, 2002, in consecutive order,
from period income, general reserves, legal reserves and effect of inflation
accounting on share capital accounts in accordance with the letter of BRSA dated
July 29, 2002, numbered DZM 2/25-8760 depending on the authorization given to
the Board of Directors by the Annual General Assembly meeting resolution dated
July 10, 2002.
19. Information on extraordinary reserves: None.
Current Period Prior Period
Reserves appropriated by the General Assembly - -
Retained earnings - -
Accumulated losses - -
Foreign currency share capital exchange difference - -
As mentioned in the note 18, as of December 31, 2002, the Bank does not have any
extraordinary reserves.
20. a) Information on minority shares : Not applicable.
Current Period Prior Period
Balance at the beginning of period - -
Net profit share from subsidiaries - -
Prior period dividend - -
Balance at the end of the period - -
b) Information on shareholders having more than 10 % share:
Name/Commercial title Amounts Share Percentage Paid-in capital Unpaid portion
Teb Mali Yatyrymlar A.S. 38,631 70.08% 38,631 -
Total 38,631 70.08% 38,631 -
VI. FOOTNOTES AND EXPLANATIONS RELATED TO INCOME STATEMENT
There is no fundamental error for any groups or items related to the prior
period. There is no change in accounting estimates for the fiscal year.
The breakdown of other interest and non-interest income and expense accounts
that exceed 10% of the related totals are shown below.
Other interest expense amounting to TL 30,096 includes interest expense on
marketable securities subject to repurchase agreements for the period from
February 1, 2002, amounting to TL 28,737.
Other fee and commission income amounting to TL 19,193 includes fees and
commissions on credit cards amounting to TL 6,778, and other fee and commission
expense amounting to TL10,616 includes fees and commissions on credit card and
interbank money marked transactions amounting to TL 5,497 and TL 1,233,
respectively.
1. a) Information on interest income received from investments and
subsidiaries:
Current Period Prior Period
Interest received from investments and subsidiaries 33 219
b) Information on financial lease income: None.
Current Period Prior Period
Financial lease income - -
c) Interest received from reverse repurchase agreement transactions:
Current Period Prior Period
TL FC TL FC
Interest received from reverse repurchase 53 - 9,948 -
agreement transactions
d) Information on factoring receivables:
Current Period Prior Period
Interest on factoring receivables - -
2. a) Information on interest expense to investments and subsidiaries: None
Current Period Prior Period
Interest expense to investments and subsidiaries 519 5,555
b) Information on financial lease expenses :
Current Period Prior Period
Financial lease expense 359 1,721
c) Distribution of interest expense on deposits based on maturity of
deposits :
Time Deposits
Demand Up to 1 Up to 3 Up to 6 More than 1
Deposits Month Months Months Year
Account name Up to 1 Total
Year
TL
Bank deposits 1 7,846 - - - - 7,847
Saving deposits 32 23,943 12,098 5,129 2,362 1,178 44,742
Public sector deposits 4 - - - - - 4
Commercial deposits 347 5,131 1,912 2,325 19 2 9,737
Other deposits 1 134 2 4 14 - 155
7 days call accounts - 28,228 - - - - 28,228
Total 386 65,282 14,012 7,457 2,396 1,180 90,713
FC
Foreign currency 891 9,836 7,963 871 454 12 20,027
deposits (*)
7 days call accounts - - - - - - -
Precious metal - 40 88 - 18 - 146
deposits
Total 891 9,876 8,051 871 472 12 20,173
Total 1,277 75,158 22,063 8,328 2,868 1,192 110,886
(*) Interest expense on foreign currency demand deposits includes TL 624 of
foreign bank deposits interest expense.
d) Interest expense on repurchase agreements :
Current Period Prior Period(*)
TL FC TL FC
Interest expense on repurchase agreements 28,737 - - -
(*) Since interest on repurchase agreements are included in the Uniform Chart of
Accounts after February 1, 2002, the information for prior period is not
presented.
e) Information about interest expense on factoring payables: None.
Current Period Prior Period
Interest expense on factoring payables - -
3. Net income/losses from marketable securities for investment purposes:
Current Period Prior Period(*)
From securities available-for-sale 770 -
From securities held-to-maturity 32,283 -
Total 33,053 -
(*) Since "AAR" became effective after October 1, 2002, information for prior
period is not presented.
4. Information on other operating income :
The information on the factors affecting the Bank's income including
extraordinary items and new developments, and the explanation on nature and
amount of income earned from extraordinary items : None.
5. Provision expenses of banks for loans and other receivables:
Current Period Prior Period
Specific provisions for loans and other receivables 12,227 7,583
Unsecured - 4,719
Other groups 12,227 2,864
General provision expenses 3,266 2,132
Marketable securities impairment expense 280 2,206
Provision for impairment* - -
Other
Total 15,773 11,921
(*) Provision for impairment related to participations, subsidiaries and
securities held to maturity
6.a) Information related to other operational expenses:
Current Period Prior Period
Personnel expenses 44,360 44,759
Reserve for employee termination benefits 888 1,126
Provision for social aid fund deficits - -
Depreciation expense of fixed assets 10,014 10,028
Amortization expense of intangible assets 953 659
Other operating expenses 22,692 37,908
Maintenance expenses 772 1,967
Advertisement expenses 3,635 3,749
Other expenses 18,285 32,192
Loss on sales of assets 34 -
Operational lease expenses 9,906 10,084
Other (*) 24,383 15,885
Total 113,230 120,449
(*) Saving Deposits Insurance Funds premium amounting of TL 8,898 is
included in other operating expenses
b) The nature and amount of extraordinary expenses and current period, tax
expenses on extraordinary items: None.
c.1) Income statement item including goodwill and amortization: None.
c.2) If present, it is stated that the negative goodwill is determined in
accordance with the principles in Communique 16 of ARR related to "Acquisition
and Merger of Banks and Acquisitions of Subsidiaries", the timing and amount of
expected expenses and losses, the periods when the negative goodwill will be
recorded as income and the income statement accounts in which it will be
recorded: None.
7.a) Income and expenses relating to investments and subsidiaries :
Current Period Prior Period
Income and loss from subsidiaries (+/-) 6,481 30,220
Income and loss from investments (+/-) 383 -
Total 6,864 30,220
b) Income / loss from investments, which are accounted for under the equity
method : None.
c) The information on income and expense from related party
transactions:
The Bank has certain banking transactions with group companies. These are
commercial transactions, which are realized in line with market rates. These are
reflected in income statement. The related amounts are presented in Part XI.
8. Income and expenses occurred from unconsolidated subsidiaries and
participations : Not applicable.
Unconsolidated subsidiaries and participations Current Period Prior Period
Profit / Loss Profit / Loss
- - -
- -
9. The explanations on net income / loss for the period:
a) The nature and amount of certain income and expense items from ordinary
operations is disclosed if the disclosure for nature, amount and repetition rate
of such items is required for a complete understanding of the Bank's performance
for the period : None
b) Effect of changes in accounting estimates on income statement for the
current and, if any for subsequent periods : None.
c) Income/loss related to minority shares: None
Current Period Prior Period
Income and loss related to minority shares - -
10. Nature and amount of changes in accounting estimates, which have a
material effects on current period or expected to have a material effect on
subsequent periods : None.
VII. FOOTNOTES AND EXPLANATIONS RELATED TO OFF-BALANCE SHEET ITEMS
1.a) Disclosure to be made separately from other contingent liabilities :
a.1) The Bank's share in contingent liabilities of joint ventures together
with other ventures : None.
a.2) Share of joint ventures in their own contingent liabilities: None.
a.3) The Bank's contingent liabilities resulting obligations of other
ventures in joint ventures : None.
b) Accounting and presentation of contingent assets and liabilities in the
financial statements :
b.1) For contingent assets, if realization probability is close to certain,
then it is accounted. If realization probability is low, then it is explained in
the footnotes. As of December 31, 2002 there are no contingent assets needed to
be explained.
b.2) For contingent liabilities, if realization probability is close to
certain, then provision is set. If there is low or no realization probability,
then it is explained in the footnotes : None.
2. Information related to derivative financial instruments:
Derivative transactions according to purposes
Trading Hedging
Current Period Prior Period Current Prior Period
Period
Types of trading transactions
Foreign currency related derivative
transactions:
Forward FC transactions 295,276 279,931 - -
FC swap transactions 298,224 3,780 -
Futures FC transactions - - - -
Option FC transactions - - - -
Total of FC derivative transactions (I) 593,500 283,711 - -
Interest related derivative transactions :
Interest rate swap transactions - - - -
Forward rate agreements - - - -
Interest option transactions - - - -
Other interest agreements - - - -
Futures interest transactions - - - -
Interest option transactions - - - -
Total of interest derivative transactions - - - -
(II)
Total trading derivative transactions 593,500 283,711
(I+II)
Types of hedging transactions
Fair value hedges(2):
Futures currency transactions - - - -
Swap interest transactions - - - -
Total - - - -
Cash flow hedges (3):
Swap currency transactions - - - -
Currency call options - - - -
Total - - - -
Total hedging related derivatives (4). - - - -
Total Derivative Transactions 593,500 283,711 - -
(1) Share change in convertible bonds
(2) Derivative transactions arranged for protection from the fair value
risk
(3) Derivative transactions arranged for protection from cash flow risk
(4) Derivative transactions arranged for protection from total risk
Related to agreements of forward transactions and options; the information based
on the type of forward and options transactions are disclosed separately,
specified with related amounts, type of agreement, purpose of transaction,
nature of risk, strategy of risk management, hedging relationship, possible
affects on the Bank's financial position, time of cash flow, reasons of
unrealized transactions which previously projected to be realized, income and
expenses that could not be linked to income statement in the fiscal year because
of the agreements :
As of December 31, 2002, the Bank has no option contracts. The Bank's forward
foreign exchange and swap transactions agreements are based on protection from
interest and currency fluctuations. According to AAR, they do not qualify as
hedging instruments and are remeasured at fair value.
Breakdown of the Bank's foreign currency forward and swap transactions based on
currencies are disclosed below in their TL equivalents :
FORWARD FORWARD SWAP SWAP
BUY SELL BUY SELL
Current Period
TRL 21,004 61,531 - -
USD 66,717 54,024 143,249 4,734
EURO 58,141 25,225 5,155 126,513
Other 574 8,060 - 18,573
Total 146,436 148,840 148,404 149,820
Prior Period
TRL 5,375 7,479 - -
USD 65,001 70,018 1,893 -
EURO 60,986 56,108 - -
Other 8,489 6,475 - 1,887
Total 139,851 140,080 1,893 1,887
TL 47,128 of forward transactions for the current period are commitments from
arbitrage transactions. Maturities of the outstanding agreements vary between
January 2003 and October 2003.
3. Information on off-balance sheet liabilities :
a) Nature and amount of irrevocable loan commitments : None.
b) Nature and amount of contingent loss and commitments from off-balance
sheet items including below statements:
The Bank, within the context of banking activities, undertakes certain
commitments, consisting of loan commitments, letters of guarantee, acceptance
credits and letters of credit.
b.1) Non-cash loans including guarantees, acceptances, financial collaterals
and other letters of credits:
As of December 31, 2002 total guarantees and commitments consist of
letter of guarantess amounting to TL 515,959, acceptances amounting to TL 40,361
and letters of credit amounting to TL 243,960.
b.2) Guarantees, surety ships and similar transactions : None other than the
ones explained in article b.1).
4. Concentration of off-balance sheet commitments: Sectoral
concentration is disclose in Section VII.8.a.
The information requested in this article will be reported after January 1,
2004.
5.a) Non-cash loans:
Current Period Prior Period
Guarantees given against cash loans 59,951 119,238
With maturity of 1 year or less than 1 year 22,463 77,311
With maturity of more than 1 year 37,488 41,927
Other non-cash loans 747,958 668,020
Total 807,909 787,258
b) Collateral, mortgage and other restrictions on tangible fixed assets, the
amount of capital expenditures related to expenses construction of tangible
fixed assets, intangible fixed asset purchase commitments: None.
6. Custodian and intermediary services :
The Bank provides trading and custodian services in the name and account of
third parties.
7. The information on the Bank's rating by in the international rating
introductions :
The results of the trading performed by Moody's Investor Services and Fitch
Ratings are shown below:
Moody's Investor Services: January 2002
Bank Financial Strength D+
Long Term FX Deposits B3
Fitch Ratings: July 2002
Foreign Currency Commitments
Long Term B
View Stable
Turkish Lira Commitments
Long Term B
View Stable
National
Long Term A (tur)
View Stable
Individual Rating C/D
Support Points 4T
8.a) Sectoral breakdown of non-cash loans :
Current Period Prior Period
TL (%) FC (%) TL (%) FC (%)
Agricultural 5,903 2.25 11,410 2.09 2,339 0.99 8,456 1.54
Farming and Raising 3,579 1.37 2,339 0.43 671 0.28 2,660 0.48
livestock
Forestry 2,306 0.88 9,071 1.66 1,641 0.69 5,796 1.05
Fishing 18 0.01 - - 27 0.01 - -
Manufacturing 174,368 66.57 350,179 64.14 157,860 66.77 292,226 53.05
Mining 3,577 1.37 5,713 1.05 167 0.07 43 0.01
Production 167,122 63.81 343,079 62.84 154,479 65.34 289,075 52.48
Electric, gas and water 3,669 1.40 1,387 0.25 3,213 1.36 3,107 0.56
Construction 14,081 5.38 5,353 0.98 8,895 3.76 5,575 1.01
Services 64,605 24.67 123,782 22.67 65,323 27.63 155,717 28.27
Wholesale and retail trade 38,315 14.63 20,921 3.83 27,705 11.72 12,421 2.25
Hotel, food and beverage 256 0.10 3,477 0.64 56 0.02 213 0.04
services
Transportation and 9,680 3.70 10,464 1.92 6,906 2.92 23,997 4.36
telecommunication
Financial institutions 13,429 5.13 82,064 15.03 22,180 9.38 109,932 19.96
Real estate and renting 1,689 0.64 6,127 1.12 5,948 2.52 4,358 0.79
services
Self-employment services 103 0.04 - - 1,270 0.54 1,349 0.24
Education services 92 0.04 - - 56 0.02 839 0.15
Health and social services 1,041 0.40 729 0.13 1,201 0.51 2,608 0.47
Other 2,957 1.13 55,271 10.12 1,998 0.85 88,869 16.13
Total 261,914 100 545,995 100 236,415 100 550,843 100
b) Information about non-cash loans in1st and II Group :
I st Group - Standard II nd Group - Loans and
loans and other other receivables under
receivables close follow-up
Noncash loans TL FC TL FC
Letters of guarantee 261,842 254,117 - -
Bank acceptances - 40,361 - -
Letters of credit 72 243,888 - -
Endorsements - - - -
Underwriting commitments - - - -
Other commitments and contingencies - 7,629 - -
Total 261,914 545,995 - -
The Bank provided TL 303 of reserve for non-cash loans of TL 1,300.
VIII. FOOTNOTES AND EXPLANATIONS RELATED TO STATEMENT OF SHAREHOLDERS' EQUITY
MOVEMENT
1. Explanations on the adjustments made in the current period related to
the first time application of Accounting Standards on Financial Instruments:
a) There are no increases resulting from securities available for sale.
Gain or loss generated from remeasurement of securities included in
shareholders' equity in the current period available for sale, excluding those
related to hedging : None.
b) Increase in cash flow risk hedging items: None.
b.1) Reconciliation of beginning and ending balances are provided : None.
b.2) Amount of gains or losses related to hedging derivative instruments in
cash flow hedges, which are recorded to the shareholders' equity in the current
period is explained at the footnotes: None.
c) Reconciliation of beginning and ending balances of the foreign currency
differences : None.
2. Explanations on the adjustments made in the current period regarding
the application of Accounting Standard on Financial Instruments: None.
a) Information on securities available for sale: None.
Amount of gain/loss, recorded in income statement resulting from remeasurement
of securities available for sale at fair value, which was previously recorded in
shareholders' equity : None.
b) Information on cash flow hedges: None.
Amount of gain/loss recorded in income statement resulting from remeasurement of
hedged assets and liabilities in cash flow hedges, which was previously recorded
in shareholders' equity.
3. Information on dividend: None.
a) Dividends declared subsequent to the balance sheet date, but before the
announcement of the financial statements: None.
b) Dividends per share proposed subsequent to the balance sheet date: Profit
appropriation will be resolved in the General Assembly meeting which has not
been conducted as of the date of this report.
4. Amounts transferred to legal reserves: None
Current Period Prior Period
Amount transferred to legal reserves from retained earnings(+) - -
5. Information on shares issued: None.
a) The Bank explains the rights, priorities and restrictions regarding all
the capital share classes including the distribution of income and repayment of
the capital: None.
IX. FOOTNOTES AND EXPLANATIONS RELATED TO STATEMENT OF CASH FLOWS
1. The effects of the other items stated in the cash flow statement and
the changes in foreign currency exchange rates on cash and cash equivalents:
Cash Flow Statement, Explanation of Item 1.1.9 Current Period Prior Period
Net monetary gain / loss (41,158) (92,669)
Fees and commissions given (12,414) (15,137)
Provision for loans and other receivables (15,773) (11,921)
Depreciation expense of tangible and intangible fixed assets (10,967) (10,687)
Other operating expenses (32,599) (53,793)
Provision for retirement pay liability (888) (1,126)
Foreign exchange gain / loss (net) 1,129 34,743
Total (112,670) (150,590)
Total cash out flow for prepaid taxes and prepaid expenses included in other
assets is TL 1,245.
Cash out flow in the other liabilities relate to miscellaneous payables.
The effect of changes in foreign exchange rates on cash and cash equivalents.
The effect of changes in foreign exchange rates on cash and cash equivalents and
the unrealized gain/loss on the other non-monetary items are reflected at the
relevant section in the statement of cash flows.
2. Cash flows related to acquisition of participations, subsidiaries
and other investments:
Total cash outflow of TL 11,218 relate to capital increase of subsidiaries in
the current period.
3. Information on disposals of the participations, subsidiaries and
other investments: None
4. Cash and cash equivalents at beginning and end of periods:
The reconciliation of the components of cash and cash equivalents, accounting
policies used to determine these components, the effect of any change made in
accounting principle in the current period, the recorded amounts of the cash and
cash equivalent assets at the balance sheet and the recorded amounts in the cash
flow statement:
Current Period Prior Period
Cash 86,683 163,651
Cash equivalents 943,382 928,238
Cash includes of cash in TL and cash in foreign currency, cash equivalents
include the balances of the Central Bank, banks and interbank funds sold which
mature in less than three months.
5. Amount of cash and cash equivalents restricted for the usage of the
Bank and the shareholders by legal limitations and other reasons: None
6. a. Amount of unused borrowing facilities that can be used in funding
banking operations and fulfillment of capital obligations and limitations
related to these, if any: None
b. The share of the Bank in banking, investment and financing operations of
the joint ventures that are consolidated on a pro-rata basis: Not applicable
c. Total cash flows required to increase the capacity of banking operations,
apart from the required cash flows for maintaining current banking operation
capacity: None.
X. EXPLANATION AND FOOTNOTES RELATED TO MERGERS AND ACQUISITIONS
No disclosures are required for mergers and acquisitions.
1. The commercial name and type of the merged subsidiaries in the
financial statements regarding the merger period, accounting policies applied in
mergers, effective date of the merger and explanations on ceased operations on
all mergers including transfers: None
2. a) The explanations related to acquisitions in the period: None.
Percentage of Shares with Acquisition Cost Purchase Cost to be Paid or to
Voting Right be Conditionally Paid
Name of the Acquired Bank
1. - - -
-
2. - - -
-
3. - - -
-
...
b) Provisions set for decreased or ceased operations related to acquisitions
and total amount of provision set for each of the acquisitions in accordance
with the accounting standard on the "Allowances, Contingent Liabilities and the
Assets" : None
c) The relevant explanations if the fair values of the assets and the
liabilities or the acquisition costs of the acquisition cannot be determined as
of the end of the acquisition period; the relevant explanations if there are any
adjustments made to the temporarily determined fair values: None
3. Explanations on transfers and acquisitions :
a) Definition and quantity of shares issued, share of each shareholder and
exchange of shares in case of voting of interests: None
b) The amount of assets and liabilities included in the merger by each
bank: None
c) The sale income, other operational income, extraordinary income/expenses
and net income or expense before the merger, that are included at the income or
loss generating at the financial statements of the Bank after the merger: None
4. The explanations on mergers that occur subsequent to the after
balance sheet date and before the approval and announcement of the financial
statements: None
XI. FOOTNOTES AND EXPLANATIONS FOR RELATED PARTY TRANSACTIONS
1. Volume of related party transactions, income and expense amounts
involved and outstanding loan and deposit balances :
a) Current Period :
Related Parties (*) Investments and Direct and indirect Other entities included
in
subsidiaries shareholders of the Bank
related parties
Cash Non-cash Cash Non-cash Cash Non-cash
Loans and other receivables
Balance at beginning of period 81 36,285 748 1,198 4,893 5,531
Balance at end of period 184 14,683 594 6,730 10,154 2,484
Interest and commission income 1,620 98 35 457 2,078 458
b) Prior Period :
Related Parties (*) Investments and Direct and indirect Other entities included
in
subsidiaries shareholders of the
Bank related parties
Cash Non-cash Cash Cash Non-cash
Loans and other receivables
Balance at beginning of period 99 89,759 20 1,468 5 13,649
Balance at end of period 81 36,285 748 1,198 4,893 5,531
Interest and commission income 6,080 552 3,312 11 67 123
received
c.1) Information on related party deposits balances:
Related parties (*) Investments and Direct and indirect Other entities included
subsidiaries shareholders of the
Bank in related parties
Deposits Current Prior Current Prior Current Prior
period period
period period period period
Balance at beginning of 9,336 9,076 59,391 38,069 12,276 4,532
period
Balance at end of period 5,966 9,336 182,042 59,391 13,928 12,276
Interest on deposits 481 5,555 2,450 9,338 11,139 4,597
c.2) Information on forward and option agreements and other similar
agreements made with related parties :
Related Parties (*) Investments and Direct and indirect Other entities included
subsidiaries shareholders of the in related parties
Bank
Current Prior Current Prior Current Prior
period period period
period period period
Trading transactions
Beginning of period 53,940 367,832 23,168 30,798 15,676 1,623,999
End of period 52,455 53,940 43,311 23,168 24,485 15,676
Total income/loss 806 (186) (344) 48 618 (73)
Hedging transactions
purposes
Beginning of period - - - - - -
End of period - - - - - -
Total income/loss 806 (186) (344) 48 618 (73)
(*) The scope of the related parties are defined in the Article 20-2 of
the "Regulation on the Establishment and Operations of Banks".
2. Disclosures for related parties ;
a) The relations of the Bank with the entities controlled by the Bank and
its related parties, regardless of whether there are any transactions or not:
The Bank enters into baking transactions with related parties. These are
commercial transactions and realized on an arms-length basis.
b) Besides the structure of relationship, nature of the transaction,
amount and ratio to the total volume of transactions, amount of major items and
ratio to all items, pricing policies and other factors:
% According to the Amounts at
the Financial Statements
Amount
Securities held to maturity - -
Cash loans 10,932 1.37
Noncash loans 23,897 2.96
Deposits 201,936 11.93
Forward transactions and option agreements 120,251 20.26
Other receivables - -
These transactions are priced in accordance with the general pricing policies of
the Bank and are in line with market rates.
c) In the case that disclosing items separately, total of similar items
is disclosed in order to present the total impact on financial statements :
Explained in the article b.
d) Investments accounted for under the equity method : None.
e) Disclosures related to purchase and sale of real estate and other
assets, trading of services, agency contracts, leasing contracts, transferring
information as a result of research and development, license contracts,
financing (loans and cash or real capital supports included), guarantees, and
management contracts :
The Bank has financial lease agreements with TEB Finansal Kiralama A.S.. The
total leasing obligations related to these agreements amounted to TL 6,746.
Additionally, the Bank provides agency services for TEB Sigorta A.S. and TEB
Yatyrym Menkul Deoerler A.S.
Within the limits of the Banking Law, the Bank renders cash and non-cash
loans to its related parties and the ratio of these to the Bank's total cash and
non-cash loan portfolio is 2.17 %. Amounts of these loans are explained in the
note XI-1a.
As of December 31, 2002 the Bank has no purchases and sale of real
estate and other assets, transfer of information as a result of research and
development, license and management contracts with the related parties.
XII- FOOTNOTES AND EXPLANATIONS RELATED TO INFLATION ACCOUNTING
Inflation Accounting
The accompanying financial statements are prepared by applying inflation
accounting to the financial statements, which are prepared on a historical cost
basis, except for the revaluation of fixed assets in line with Turkish Tax
Legislation, in accordance with the provisions of Communique No : 14 "Accounting
Standard Related to the Preparation of Financial Statements in Hyperinflationary
Periods" related to ARR. Communique No:14 requires banks to restate their
financials in the equivalent purchasing power of Turkish Lira at the balance
sheet date. One characteristic that necessitates the application of inflation
accounting under the provisions of Communique No : 14 is a cumulative three-year
inflation rate approaching or exceeding 100%. As of December 31, 2002 based on
the wholesale price indices announced by the State Institute of Statistics, the
cumulative three-year inflation rate in Turkey is 227.3%.
Communique No:14 requires that the financial statements should be restated in
the equivalent purchasing power at the balance sheet date and the financial
statements of prior year should be restated in their entirety to the measuring
unit current at the balance sheet date.
The main guidelines for inflation accounting are as follows:
Cash and monetary assets and liabilities, which maintain their nominal balances
but experience a decline in purchasing power are not restated because they are
already expressed in terms of the monetary unit current at that balance sheet
date.
Non-monetary assets and liabilities which are not carried at amounts current at
the balance sheet date and other components of shareholders' equity (except for
the revaluation surplus which is eliminated) are restated by applying the
relevant conversion factors; being the change in the general price index from
the date of acquisition to the closing date. The inflation adjusted share
capital amount has been derived by indexing each capital increase other than
bonus shares from statutory revaluation fund from the date they were
contributed. Transfers to share capital from general reserves, gain on sale of
property and investments and inappropriate profits are considered as cash
contributions and are restated from the date of contribution.
Fixed assets subject to depreciation are restated from their historical
acquisition costs after eliminating the statutory revaluation increments.
Depreciation is not separately restated in the income statement since it is
computed over restated amounts.
Non-monetary items reflected at current values are not restated since they are
already stated in the current purchasing power.
Investments and subsidiaries denominated in Turkish Lira are reflected at
restated costs by converting historical acquisition costs, excluding free shares
from revaluation fund, with the relevant conversion factors. Transfers to share
capital from general reserves, gain on sale of property and investments and
inappropriate profits are considered as cash contributions and are restated from
the date of contribution. Investments and subsidiaries denominated in foreign
currency are converted to Turkish Lira with the exchange rates prevailing and
year-end.
All items in the statements of income are restated by applying the appropriate
conversion factors.
The effect of inflation on the Bank's net monetary position is included in the
statements of income and separately disclosed as a net monetary gain or loss.
The effect of inflation accounting on prior year financial statements in
included in retained earnings and the effect of restatement is disclosed
separately under shareholders' equity.
Indices and conversion factors that are used to restate the accompanying the
financial statements as of December 31, 2002, reflecting the restatement for the
changes in the general purchasing power of the Turkish is as follows;
Dates Index Conversion Factors
December 31, 2002 6,478.8 1.000
December 31, 2001 4,951.7 1.308
December 31, 2000 2,626.0 1.886
Restatement of balance sheet and income statement items through the use of a
general price index and relevant conversion factors does not necessarily mean
that the Bank could realize or settle the same values of assets and liabilities
as indicated in the balance sheets. Similarly, it does not necessarily mean that
the Bank could return or settle the same values of equity to its shareholders.
In accordance with Communique No :14, the Bank obtains expertise reports for its
buildings.
The total amount of legal reserves and general reserves are TL 5,142 and TL
28,769, respectively, in the Bank's statutory books of account.
Prior year financial statements were subject to special independent audit in
accordance with the temporary article 4 of the Banking Law no. 4389.
Income statement items do not have seasonality. However, restatement of income
statement items were made with monthly indices.
XIII- THE INFORMATION ON THE BANK'S DOMESTIC, FOREIGN, OFF-SHORE BRANCHES
AND FOREIGN REPRESENTATIVES
Information relating to the domestic, foreign, offshore branches and foreign
representatives of the Bank:
Number of
Employees
Number
Domestic branch 74 1,673
Country of Incorporation
Foreign representatives - - -
Total Statutory Share
Assets Capital
Foreign branch - - - - -
Offshore banking region
branches
- - - - -
XIV- FOOTNOTES AND EXPLANATIONS RELATED TO SUBSEQUENT EVENTS
a) Disclosure related to subsequent events and their impact on the financial
statements as required by the related standard.
a.1) As of January 1, 2003 retirement pay liability ceiling was increased
to TL 1.324.
a.2) The Bank is in the process of establishing a branch in Bahrain in an
offshore bank status based on the permission of the Under secretariat of
Treasury to the Prime Ministry of Turkish Republic and the branch is planned to
start operations in March 2003.
b) The impact of significant changes in foreign exchange rates subsequent to
the balance sheet date on the foreign currency transactions, items and on the
financial statements of the Bank : There are no significant changes.
XV- OTHER EXPLANATIONS
Matters required to be disclosed due to having a significant effect on the
financial statements or for the purpose of clarification of the balance sheet :
21 branches have been acquired from Kentbank (a bank under control of Saving
Deposits Insurance Fund) in January 2002, and 3 branches have been acquired from
Toprakbank (a bank under control of Saving Deposits Insurance Fund) in October
2002.
XVI- AUDITORS' REPORT
The financial statements of the Bank were audited by Guney Serbest Muhasebecilik
Mali Mupavirlik A.S. (An Affiliated Firm of Ernst &Young International) and
the auditors' report dated February 21, 2003 is presented preceding the
financial statements.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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