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| Share Name | Share Symbol | Market | Type |
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RNS Number:1609P
Turk Ekonomi Bankasi A.S.
29 August 2003
PART 2
SECTION FIVE
FOOTNOTES AND EXPLANATIONS ON CONSOLIDATED FINANCIAL STATEMENTS
I. Footnotes and Explanations Related to the Consolidated
Assets
1. Information related to the account of the Central Bank of Turkey:
Current Period Prior Period
Demand Unrestricted Amount 13,468 16,498
Time Unrestricted Amount 351,960 365,633
Total 365,428 382,131
2. Additional information of trading portfolio ( stated at net values ):
a) Trading securities given as collateral or blocked: None.
b) Trading securities subject to repurchase agreements:
Current Prior Period
Period
TL FC TL FC
Government bonds 19,206 - 18,645 -
Treasury bills 1,349 - 6,321 -
Other debt securities - - - -
Bank bonds and Bank guaranteed bonds - - - -
Asset backed securities - - - -
Other - - - -
Total 20,555 - 24,966 -
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 29,018 18,790
Quoted in a stock exchange 6,571 -
Not quoted 22,447 18,790
Share certificates 8 10
Quoted in a stock exchange - -
Not quoted 8 10
Provision for impairment (-) - -
Total 29,026 18,800
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
e) Information on investment securities available-for-sale subject to
repurchase agreements: None.
4. Information on loans :
a) Information on all types of loans and advances given to shareholders and
employees of the Bank:
Current Period Prior Period
Cash Loans Non-Cash Cash Loans Non-Cash
Loans Loans
Direct loans granted to shareholders 62,662 1,193 112,564 7,502
Corporate shareholders 62,662 1,193 112,564 7,502
Real person shareholders - - - -
Indirect loans granted to - - - -
shareholders
Loans granted to employees 703 13 839 -
Total 63,365 1,206 113,403 7,502
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 1,304,356 - 547 4,305
Discount notes 35,822 - - -
Export loans 455,678 - - -
Import loans - - - -
Loans given to financial sector 108,132 - - -
International loans 77,988 - - -
Consumer loans 23,785 - - -
Credit cards 16,415 - - -
Precious metals loans 5,422 - 547 -
Other 581,114 - - 4,305
Specialized loans - - - -
Other receivables - - - -
Total 1,304,356 - 547 4,305
c) Information on consumer loans:
Short Term Medium and Long Term Total Interest Income
Accrual
Consumer loans-TL 8,753 5,712 14,465 427
Real estate loans 153 1,000 1,153 30
Automotive loans 1,693 4,535 6,228 138
Consumer loans - - - -
Personnel loans 634 40 674 19
Other consumer loans 6,273 137 6,410 240
Consumer loans- Indexed to FC 1,628 7,692 9,320 42
Real estate loans 193 2,445 2,638 10
Automotive loans 660 5,068 5,728 24
Consumer loans 489 179 668 8
Personnel loan 13 - 13 -
Other consumer loans 273 - 273 -
Credit cards 16,415 - 16,415 -
Total Consumer Loans 26,796 13,404 40,200 469
d) Domestic and foreign loans:
Current Period Prior Period
Domestic loans 1,215,529 1,354,484
Foreign loans 93,679 104,170
Total 1,309,208 1,458,654
e) Loans granted to subsidiaries and investments: None.
f) Specific provisions provided against loans:
Current Period Prior Period
Specific provisions
Loans and receivables with limited collectibility 104 70
Loans and receivables with doubtful collectibility 254 200
Uncollectible loans and receivables 14,708 16,775
Total 15,066 17,045
g) Information on loans under follow-up account (Net) :
g.1) Information on loans and other receivables included in loans under
follow-up account which are restructured or rescheduled: None.
g.2) The movement of loans under follow-up:
III. Group IV. Group V. Group
Loans and
receivables
Loans and with doubtful
receivables with colectibility
limited Uncollectible
collectibility loans and
receivables
Prior period end balance 1,017 400 21,159
Additions (+) 673 - 1,767
Transfers from other categories of loans under 1,108 328
follow-up (+)
Transfers to other categories of loans under 1,108 328 -
follow-up (-)
Collections (-) 85 56 2,144
Write-offs (-) - - 29
Index differences (-) 144 40 2,252
Current period end balance 353 1,084 18,829
Specific provisions (-) 105 253 14,708
Net Balances on Balance Sheet 248 831 4,121
g.3) Information on foreign currency loans and other receivables under
follow-up:
III. Group: IV. Group: V. Group
Loans and Loans and
receivables with receivables with
limited doubtful Uncollectible loans
collectibility colectibility and receivables
Period end balance - - 35
Specific provisions (-) - - 35
Net Balances on Balance Sheet - - -
h) 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.
5. Information on held to maturity portfolio (Net) :
a) Information on held to maturity portfolio:
Current Period Prior Period
Debt securities 41,161 44,168
Quoted in a stock exchange 40,013 44,168
Not quoted 1,148 -
Provision for impairment (-) - -
Total 41,161 44,168
b) Movement of Held to Maturity Portfolio:
Current Period Prior Period
Beginning balance 44,168 98,814
Effect of inflation (-) 4,182 23,373
Foreign currency differences on monetary assets (613) 5,890
Purchases during year 2,437 44,168
Disposals through sales and redemptions (469) (81,331)
Impairment provision (180) -
Closing Balances 41,161 44,168
c.1) Information on accounts in which investment securities
held-to-maturity are 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 38,649 1,364 37,841 1,392 41,002 - 41,817 -
Subject to repo transactions - - - - - - - -
Held for structural position - - - - - - - -
Receivables from securities lending - - - - - - - -
Other (*) - 1,148 - 1,223 - 3,166 - 3,240
Collaterals on securities lending - - - - - - - -
Closing Balances 38,649 2,512 37,841 2,615 41,002 3,166 41,817 3,240
(*) The free marketable securities held by the Group is stated at the Other
line.
c.2) Marketable securities held to maturity given as collateral consist of
public sector debt securities of TL 40,013, 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 40,013 - 41,002 -
Other - - - -
Total 40,013 - 41,002 -
c.3) Securities held-to-maturity subject to repurchase agreements : None.
c.4) Securities held-to-maturity held for structural position: None.
6. Information on investments (Net):
a.1) Information on unconsolidated participations :
Bank's share
percentage-If
Address different voting Group's risk group
percentage(%) share percentage
Description (City/ Country) (%)
Varlik Yatirim Ortakligi A.S. Istanbul /Turkey 24.40 31.58
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
1,400 1,376 5 - - 6 55 1,020
(*) The financial statements of Varlik Yatirim Ortakligi A.S. are prepared
in accordance with the Capital Market Board Regulations. The current period data
is presented as of June 30, 2003 and the prior period income / loss amounts are
presented with their nominal values as of December 31, 2002.
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: 66%
shares of the unconsolidated participation Varlik Yatirim Ortakligi A.S. is
publicly traded.
a.4) The reason for not consolidating the unconsolidated participations and
the method of recording the unconsolidated participations at the Parent Bank's
financials: The participation is not consolidated due to materiality principle,
is quoted at the stock exchange and is valued by fair value.
b) Information on the consolidated participations:
b.1) Information on the consolidated participations:
Current Period Prior Period
Balance at the beginning of the period 5,931 4,749
Movements during the period - 1,182
Purchases - 749
Free shares obtained profit from current year's share - 433
Dividends from current year income - -
Sales - -
Revaluation increase - -
Provision for impairment - -
Balance at the end of the period 5,931 5,931
Capital commitments
Share percentage at the end of the period (%) %50.00 %50.00
b.2) Valuation of investments made to the consolidated participations:
Current Period Prior Period
Valuation with cost 5,931 5,931
Valuation with fair value - -
Valuation with equity method - -
Total 5,931 5,931
The above mentioned participation is stated at cost at the unconsolidated
financial statement of the Parent Company Bank.
b.3) Sectoral information and the related carrying amounts on consolidated
investments:
Participations Current Period Prior Period
Insurance companies/TEB Sigorta A.S. 5,931 5,931
Total 5,931 5,931
b.4) Investments which are quoted to a stock exchange: None.
b.5) Information related to investments that are included in consolidation:
Bank's share
percentage-If
Address (City / different voting Group's risk group Method of
Country)) percentage(%) share percentage Consolidation
Description (%)
TEB Sigorta Istanbul / Turkey 50.00 50.00 Full
A.S.
Since the management of the company is controlled by the Parent Bank, line by
line consolidation method is used.
Participation as presented above (*):
Income from Current
Marketable Period
Total Fixed Securities Profit /
Assets Portfolio Loss
Shareholders' Interest Prior Period Fair
Income Profit / Value
Total Equity Loss
Assets
28,354 4,866 466 211 - (2,945) 582 -
(*) The financial statements of TEB Sigorta A.S. is prepared in accordance with
the principles of Insurance Law and the current year data is stated as of June
30, 2003 and the previous period data is stated as of December 31, 2002.
b.6) Information on consolidated investments which are sold in current
period : None.
b.7) Consolidated investments purchased in the current period: None.
7. Information on Subsidiaries (Net):
a) Information on unconsolidated subsidiaries:
TEB Kiymetli Madenler Anonim Sirketi is not included in the consolidation in
accordance with AAR's materiality principle.
a.1) Information on unconsolidated subsidiaries:
Bank's share Group's risk group
percentage-If different share percentage
voting percentage(%) (%)
Description Address(City/ Country)
TEB Kiymetli Madenler A.S. Istanbul/Turkey 66.00 71.81
a.2) Information on subsidiaries as presented in table a.1 (*):
Income from
Marketable
Securities Current
Portfolio Period
Shareholders'Equity Total Fixed Interest Profit / Prior Period Fair
Assets Income Loss Profit / Loss Value
Total
Assets
231 - - - (40) 40 -
237
(*) The amounts at the fianancial statements are presented with their nominal
values as of June 30, 2003.
b) Information on the consolidated subsidiaries.
b.1) Information on the consolidated subsidiaries:
Current Period Prior Period
Balance at the beginning of the period 124,322 110,603
Movements during the period 3,157 13,719
Purchases - 7,665
Free shares obtained profit from current year's share 10,971 5,038
Dividends from current year income - -
Sales - -
Revaluation increase (*) (7,814) 1,016
Provision for impairment - -
Balance at the end of the period 127,479 124,322
Capital commitments - -
Share percentage at the end of the period (%)
(*) The foreign exchange (expense)/income generated from the difference
between the devaluation and inflation of the foreign subsidiaries.
b.2) Valuation of investments made to the consolidated subsidiaries:
Subsidiaries denominated in Turkish Lira are reflected by restating their costs
with the conversion factors applicable for the relevant dates after deducting
the capital increases generated by funds like the revaluation fund. 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 127,479 124,322
Valuation with fair value - -
Valuation with equity method - -
b.3) Sectoral information on consolidated subsidiaries and the related
carrying amounts:
Current Prior Period
Period
Banks / The Economy Bank N.V. 48,285 47,904
Other Financial Sub. / Petek International Holdings B.V. 724 863
TEB Yatirim Men.Deg. A.S. 29,851 26,936
TEB Portfoy Yonetimi A.S. 3,224 3,224
Leasing Companies / TEB Finansal Kiralama A.S. 27,951 27,951
Factoring Companies / TEB Factoring A.S. 17,444 17,444
127,479 124,322
Total
b.4) Consolidated subsidiaries which are quoted to a stock exchange: None.
b.5) Information related to subsidiaries that are included in consolidation:
Bank's share Group's risk
percentage-If group share
Address (City / different voting percentage Method of
Country)) percentage(%) (%) Consolidation
Description
The Economy Bank N.V. Netherlands 100.00 - Full
Petek International Holdings B.V. Netherlands 100.00 - Full
TEB Yatirim Menkul Degerler A.S. Istanbul/Turkey 74.80 25.20 Full
TEB Portfoy Yonetimi A.S. Istanbul/Turkey 55.89 44.11 Full
TEB Finansal Kiralama A.S. Istanbul/Turkey 68.76 31.24 Full
TEB Factoring A.S. Istanbul/Turkey 65.80 34.20 Full
Information on subsidiaries as presented in table 10. b.5:
Income from Current
Total Marketable Period
Total Shareholders' Fixed Interest Securities Profit / Loss Prior Fair
Assets (*) Equity (*) Assets (*) Income (*) Portfolio (*) (*) Period Value
Profit /
Loss (*)
1,058,720 74,250 1,407 26,505 (571) 239 8,112 -
1,630 1,630 - - - (26) 3,262 -
16,281 13,983 464 728 - 156 2,983 -
4,843 4,305 602 432 76 617 876 -
185,328 61,569 159,531 642 - 29,987 4,141 -
85,621 7,951 178 6,608 - 1,274 500 -
(*) Information is disclosed in statutory amounts.
b.6) Information on the consolidated subsidiaries that were disposed in
current period: None.
b.7) Information on the consolidated subsidiaries purchased in current
period: None.
8. Information on financial lease receivables (Net):
a) Aging of leasing receivables:
Current Period Prior Period
Gross Net Gross Net
Less than 1 year 80,528 70,198 70,890 61,960
Between 1-4 years 45,912 42,134 32,897 30,920
Over 4 years 669 608 4,269 1,925
Total 127,109 112,940 108,056 94,805
9. Information on receivables arising from term sales of assets included
in miscellaneous receivables: None.
10. Explanations related to interest and income accruals:
a) Information about accrued interest and income receivables of loans:
Current Period Prior Period
Accrued interest and income receivables TL FC TL FC
Interest accruals - due 242 1 254 -
Interest accruals - not due 8,316 8,229 10,165 10,943
Loan commissions and other income accruals - due - - - -
Loan commissions and other income accruals - not 17 5 12 1
due
Total 8,575 8,235 10,431 10,944
b) Information on other interest and income accruals:
Current Period Prior Period
Other interest and income accruals TL FC TL FC
Trading securities 5,865 99 3,874 125
Securities available for sale - 515 - 399
Securities held to maturity 780 75 815 75
Interest accruals of reverse repo transactions 6 - - -
Interest accruals of reserve deposits 1,163 175 1,026 276
Income accruals of financial derivative instruments 3,936 167 4,164 351
Interest and income accruals 4 12 - -
Income accrual of foreign exchange gains 3,932 155 4,164 351
Income accruals of financial lease income 107 455 147 669
Other 8,226 292 6,378 594
Total 20,083 1,778 16,404 2,489
11. Information on other assets:
a) Information on prepaid expenses, taxes and similar items:
Current Period Prior Period
Deferred tax 9,150 2,277
Advances given 82 206
Prepaid rent expenses 405 459
Transaction cost related to financial liabilities 812 2,291
Prepaid taxes 5,518 12,031
Financial lease agreements in progress 5,663 1,558
Leasing premium receivable 16,350 14,790
Other 16,456 10,399
Total 54,436 44,011
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.
II- Footnotes and Explanations Related to the Consolidated 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 38,708 30,855 68,804 75,042 45,474 42,108 32,104
Foreign currency 360,521 - 436,261 281,985 25,980 7,365 373
deposits
Residents in Turkey 343,323 - 426,501 277,533 25,304 6,177 357
Residents abroad 17,198 - 9,760 4,452 676 1,188 16
Public sector deposits 10,863 - - - - - -
Commercial deposits 107,531 541,432 101,041 38,451 28,749 77,732 38,784
Other institutions 38,938 - 5,458 307 11 1 -
deposits
Precious metals deposits 4,000 - - 4,688 - 637 -
Interbank deposits 8,528 - 35,099 42,565 1,200 - -
Central Bank of Turkey - - - - - - -
Domestic Banks 278 - 5,742 - - - -
Foreign Banks 3,749 - 29,357 42,565 1,200 - -
Special finance houses 4,501 - - - - - -
Other - - - - - - -
Total 569,089 572,287 646,663 443,038 101,414 127,843 71,261
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 19,576 - 87,222 42,901 13,971 3,646 15,014
Foreign currency 510,078 - 1,326,614 395,939 83,255 85,361 182,810
deposits
Residents in Turkey 437,565 - 549,798 341,789 32,943 7,880 376
Residents abroad 72,513 - 776,816 54,150 50,312 77,481 182,434
Public sector deposits 39 - - - - - -
Commercial deposits 60,390 - 107,027 4,766 9,484 5 15
Other institutions 36,517 - 478 16 8 1 -
deposits
Precious metals deposits 10,828 - - 12,627 - 1,576 -
Interbank deposits 22,211 - 77,247 16,967 - 1,115 -
Central Bank of Turkey - - - - - - -
Domestic Banks 12,293 - - - - 1,115 -
Foreign Banks 9,918 - 77,247 - - -
Special finance houses - - - 16,967- - - -
Other - - - - - - -
Total 659,639 - 1,598,588 473,216 106,718 91,704 197,839
b.1) Information on saving deposits under the guarantee of saving deposit
insurance and exceeding the limit of saving deposit insurance:
Under the Under the Exceeding
guarantee of guarantee of the limit of
saving saving Exceeding the
deposit deposit saving limit of
Saving Deposits insurance insurance deposit
saving
deposit
Current Prior Period Current Prior Period
Period Period
Saving deposits 70,102 27,164 262,993 155,167
Foreign currency saving deposits 260,263 214,995 454,612 703,850
Other deposits in the form of saving deposits 513 758 1,216 7,363
Foreign branches' deposits under foreign - - - -
authorities' insurance
Off-shore banking regions' deposits under
foreign authorities' insurance - - - -
Total 330,878 242,917 718,821 866,380
b.2) The Group 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.
2. Information on funds provided from repurchase
agreement transactions:
Current Period Prior Period
TL FC TL FC
From domestic transactions 21,928 - 24,415 -
Financial institutions and organizations 16,500 - 14,492 -
Other institutions and organizations 1,657 - 4,509 -
Real persons 3,771 - 5,414 -
From foreign transactions 2 - 1,001 -
Financial institutions and organizations - - - -
Other institutions and organizations - - 1,000 -
Real persons 2 - 1 -
Total 21,930 - 25,416 -
3. a) Information on funds borrowed:
Current Period Prior Period
TL FC TL FC
Short-term 40,698 341,217 39,385 300,687
Medium and long-term - 73,665 - 97,888
Total 40,698 414,882 39,385 398,575
4. a) Information on debt securities issued: None.
b) The explanation on the maturity structure, interest rate, type of currency
of the issued marketable securities : None.
5. Explanation on funds: None
6. Explanation on miscellaneous payables:
Current Period Prior Period
Total amount of cash collateral obtained 104 134
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. Explanations on liabilities generated from financial lease payables:
None
9. Information on interest and expense accruals:
Current Period Prior Period
TL FC TL FC
Accrued interest on deposits 7,973 6,116 5,908 9,842
Accrued interest on funds borrowed 2,288 1,807 2,297 2,436
Accrued interest on bonds - - - -
Accrued interest on repurchase agreement 23 - 31 -
transactions
Accrued interest on derivative financial 15,850 - 5,206 -
instruments
Accrued interest and expense - - - -
Foreign exchange losses accrued 15,850 - 5,206 -
Other interest and expense accruals 8,683 1,064 1,119 917
Total 34,817 8,987 14,561 13,195
10. Provisions and subordinated loans:
a) Information on general provisions:
Current Period Prior Period
General provisions 6,753 6,792
Provisions for First Group Loans and Receivables 5,711 5,762
Provisions for Second Group Loans and Receivables 21 35
Provisions for Non Cash Loans 1,021 995
Others - -
Total 6,753 6,792
b) Information on employee termination benefits and notice indemnity:
5 PPR 4 PPR 3 PPR 2P PR Prior PR Current PR
Actual Payments of Employee 56 107 947 662 435 -
Termination Benefits (**)
Reserve for Employee Termination 1,580 3,140 4,456 6,912 10,972 14,350
Benefits and Notice Indemnity (**)
Actual Payment Ratio 3.57% 3.40% 21.24% 9.59% 3.96% -
Ratio of reserve for Employee 8.35%
Termination Benefits and Notice
Indemnity (*)
Possible reserve for Employee 1,896
Termination Benefits and Notice
Indemnity
(*) 5-year actual payment rate.
(**) The liability and payment amounts regarding the prior periods are stated at
historical cost.,
As of June 30, 2003, TL 912 of reserve for employee termination benefits and
notice indemnity was reflected to the financial statements of Parent Bank
corresponding to 8.35% of total liability of TL 14,350.
The consolidated subsidiaries have calculated reserve for employee termination
benefits and notice indemnity in accordance with the regulations they apply, and
reflected an amount of TL 984 into their financial statements as of June 30,
2003.
c) Information on free reserves for possible losses : None.
d) 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 - 21,115 - 27,418
Total - 21,115 - 27,418
11. 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 Group 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.
d) Information on share capital increases from revaluation funds: None.
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 Group's income, profit and liquidity for the previous
periods and within these indicators possible affects on capital fore sighting
uncertainty : None.
g) Information on privileged shares:
7 % of the Parent Bank's remaining net income and tax after deducting
legal reserves and first dividends, corresponding to the Group's 60,000 shares
of TL 30,000,000 (in full TL) is distributed to the founder shares.
12. a) Common stock issue premiums, shares and equity instruments: None.
13. Information on shareholders having more than 10 % share:
Name/Commercial title Amounts Share Percentage Paid-in capital Unpaid portion
TEB Mali Yatirimlar A.S. 38,631 70.08% 38,631 -
III. Footnotes and Explanations Related to the Consolidated 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
total to 20% of the items that exceed 10% of the related totals are shown below.
Other interest income amounting to TL 20,840 includes financial lease interest
income amounting to TL 13,595 and factoring interest income amounting to TL
6,693.
The total other interest expense amounting to TL 20,986 consists of foreign
exchange losses amounting to TL 11,039 of foreign currency indexed loans
occurred from the devaluation of foreign currencies against TL and interest
expenses on marketable securities subject to repurchase agreements amounting to
TL 9,891
The total other fees and commissions received amounting to TL 17,245 majorly
consists of credit card fees and commissions amounting to TL 3,482 and brokerage
commissons amounting to TL 4,245. Other fees and commission expense totaling to
TL 7,112 majorly consists of fees and commissons given to credit card
tarnsactions totaling to TL 3,405, and fees and commissons paid for the
transactions generated from the interbank money market totalling to TL 817.
1. a) Information on interest income received from investments and
subsidiaries: None.
b) Information on financial lease income : None.
c) Interest received from reverse repurchase agreement transactions:
None
Current Period Prior Period
TL FC TL FC
Interest received from reverse repurchase 1,176 - 3,021 -
agreement transactions
2. a) Information on interest expense to investments and subsidiaries:
None.
b) Information on financial lease expenses : None.
c) Distribution of interest expense on deposits based on maturity of
deposits :
Time Deposits
Demand Up to 1 Up to 3 Up to 6 Up to 1 More than 1
Deposits Month Months Months Year Year
Account name Total
TL
Bankdeposits 2 5,735 - - - - 5,737
Saving deposits 334 14,311 12,361 4,847 1,012 2,997 35,862
Public sector deposits - - - - - - -
Commercial deposits 1,034 12,611 3,126 466 27 3 17,267
Other deposits 12 157 24 2 - - 195
7 days call accounts - - - - - - -
Total 1,382 32,814 15,511 5,315 1,039 3,000 59,061
FC
Foreign currency deposits 777 8,837 6,115 1,063 624 8,107 25,523
(*)
7 days call accounts 11 82 13 - - - 106
Precious metal deposits - 8 62 - 11 - 81
Total 788 8,927 6,190 1,063 635 8,107 25,710
Total 2,170 41,741 21,701 6,378 1,674 11,107 84,771
(*) Interest expense on foreign currency demand deposits includes TL 585 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 9,891 - 19,997 -
3. Net income/losses from marketable securities for investment purposes:
None
4. Information on other operating income :
The information on the factors affecting the Group'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 the Group for loans and other receivables:
Current Period Prior Period
Specific provisions for loans and other receivables 609 6,052
Unsecured - 5,152
Other groups 609 900
General provision expenses 1,679 2,176
Marketable securities impairment expense 29 1,469
Provision for impairment* 180 -
Other 562 114
Total 3,059 9,811
(*) Provision for impairment related to participations, subsidiaries and
securities held to maturity
6.a) Income and expenses relating to investments and subsidiaries: None
b) The income or expense share resulting from the investments at the
participations at The information on income and expense from related party
transactions: None.
c) The information on income and expense from related party transactions:
The Parent Bank and the Economy Bank NV, a subsidiary of the Bank, have certain
banking transactions with the 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 VI.
7. The explanations on net income / loss for the period:
a) Income/loss related to minority shares:
Current Period Prior Period
Income and loss related to minority shares (910) 1,372
8. 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.
IV- Footnotes and Explanations Related to the Consolidated Off-balance Sheet
Commitments
1.a) Disclosure to be made separately from other contingent liabilities:
a.1) The Group'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 Group'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 June 30, 2003 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 on off-balance sheet commitments:
a) Nature and amount of irrevocable loan commitments: As of June 30, 2003
and December 31, 2002, credit card spending limit commitments are TL 93,239 and
TL 75,062, respectively.
b) Nature and amount of contingent loss and commitments from off-balance
sheet items including below statements:
The Group, 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 June 30, 2003 total guarantees and commitments consist of
letter of guarantees amounting to TL 597,314 (December 31, 2002 - TL 647,257),
acceptances amounting to TL 44,625 (December 31, 2002 - TL 44,992), and letters
of credit amounting to TL 369,183 (December 31, 2002 - TL 358,932).
b.2) Guarantees, surety ships and similar transactions : The Group has other
commitments and contingencies amounting TL 8,062 (December 31, 2002 - TL 10,107)
other than the ones explained in article b.1).
3.a) Non-cash loans:
Current Period Prior Period
Guarantees given against cash loans 57,017 66,829
With maturity of 1 year or less than 1 year 21,366 25,040
With maturity of more than 1 year 35,651 41,789
Other non-cash loans 962,167 994,459
Total 1,019,184 1,061,288
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.
4. The information on the Parent Company Bank's rating by in the
international rating introductions:
The results of the work performed for the Parent Company Bank by Moody's
Investor Services and Fitch Ratings are shown below.
Moody's Investor Services: March 2003
Bank Financial Strength D+
Long Term FX Deposits B3
Fitch Ratings: March 2003
Foreign Currency Commitments
Long Term B -
View Negative
Turkish Lira Commitments
Long Term B -
View Negative
National
Long Term A (tur)
View Negative
Individual Rating C/D
Support Points 4T
Additionally, Fitch Ratings have made an announcement at July 22, 2003 with
respect to the changes in its rating methodology and stated that the support
points rate for the Bank has been decreased to 5 from 4T.
V- Footnotes And Explanations Related To Statement Of Cash Flows
1. 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
30.06.2003 30.06.2002
Cash 71,600 80,828
Cash equivalents 1,553,912 1,845,664
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.
2. Amount of cash and cash equivalents restricted for the usage of the
Group and the shareholders by legal limitations and other reasons: None.
VI- Footnotes and Explanations Related to the Risk Group of the Parent
Bank
1. Volume of The Bank's risk group transactions, income and expense
amounts involved and outstanding loan and deposit balances:
a) Current Period:
Investments and Direct and indirect Other entities included
in
Bank's Risk Group (*) subsidiaries shareholders of the
Group related parties
Cash Non-cash Cash Non-cash Cash Non-cash
Loans and other receivables
Balance at beginning of period - - 112,564 7,502 11,319 4,875
Balance at end of period - - 62,662 1,193 2,206 4,907
Interest and commission income - - 380 4 1,703 30
b) Prior Period:
Investments and Direct and indirect Other entities included
in
Bank's Risk Group (*) subsidiaries shareholders of the
Group related parties
Cash Non-cash Cash Non-cash Cash Non-cash
Loans and other receivables
Balance at beginning of period - - 23,972 1,335 120,254 6,397
Balance at end of period - - 112,564 7,502 11,319 4,875
Interest and commission income - - 4,842 510 11,667 610
c.1) Information on Bank's Risk Group deposits balances:
Investments and Direct and indirect Other entities included
in
Bank's Risk Group (*) subsidiaries shareholders of the
Group related parties
Deposits Current Prior Current Prior Current Prior
period period
period period period period
Balance at beginning of period - - 208,497 66,206 861,619 362,901
Balance at end of period - - 165,592 208,497 610,157 861,619
Interest on deposits - - 2,590 3,408 6,503 49,775
c.2) Information on forward and option agreements and other similar
agreements made with related parties:
Bank's Risk Group Investments and Direct and indirect Other entities
(*) subsidiaries shareholders of the Group included in related
parties
Current Prior Current Prior Current Prior
period period period period period period
Trading transactions
Beginning of period - - 48,281 25,826 27,295 17,475
End of period - - 13,222 48,281 24,052 27,295
Total income/loss - - (2,091) (384) 26 689
Hedging transactions purposes
Beginning of period - - - - - -
End of period - - - - - -
Total income/loss - - (2,091) (384) 26 689
(*) 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 Group with the entities controlled by the Group and
its related parties, regardless of whether there are any transactions or not:
The Parent Bank enters into banking transactions with group companies in
accordance with the Banking Law. 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
Cash loans 64,868 4.94
Noncash loans 6,100 0.60
Deposits 775,749 30.64
Forward transactions and option agreements 37,274 5.10
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 Group has financial lease agreements with TEB Finansal Kiralama A.S. The
total leasing obligations related to these agreements amounted to TL 6,058.
Additionally, the Group provides agency services for TEB Sigorta A.S. and TEB
Yatirim Menkul Degerler A.S.
Within the limits of the Banking Law, the Group renders cash and
non-cash loans to its related parties and the ratio of these to the Group's
total cash and non-cash loan portfolio is 3.04 %. Amounts of these loans are
explained in the note 1a.
As of June 30, 2003 the Group 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.
VII- 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
consolidated 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 June 30, 2003
based on the wholesale price indices announced by the State Institute of
Statistics, the cumulative three-year inflation rate in Turkey is 208%.
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 Group'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 June 30, 2003, reflecting the restatement for the
changes in the general purchasing power of the Turkish is as follows:
Conversion Factors
Index
June 30, 2003 7,222.2 1.000
June 30, 2002 5,572.0 1.296
December 31, 2002 6,478.8 1.115
December 31, 2001 4,951.7 1.459
December 31, 2000 2,626.0 2.750
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 Group 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 Group could return or settle the same values of equity to its shareholders.
Explanations regarding the economical life of assets subject to depreciation,
depreciation calculation made in accordance with the regulations and indexed
amounts, and whether expertise values are used to determine the fair values of
these assets:
In accordance with Communique No :14, the Parent Company Bank obtains expertise
reports for its buildings.
As of June 30, 2003 the total amount of legal reserves and general reserves are
TL 7,555 and TL 28,769, respectively, in the Bank's statutory books of account.
Balance sheet and income statement for the interim period ended June 30, 2003
are reviewed. Balance sheet as of December 31, 2002, is audited. Income
statement for the interim period ended June 30, 2002 is audited by another audit
firm which has ceased operations.
Income statement items do not have seasonality. However, restatement of income
statement items were made with monthly indices.
VIII- Explanations Related to Subsequent Events
a) Disclosure related to subsequent events and their impact on the financial
statements as required by the related standard: None.
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
consolidated interim financial statements of the Group: There are no significant
changes.
SECTION SIX
REPORT OF INDEPENDENT AUDITORS
I. Explanations on the Report of Independent Auditors:
The consolidated interim financial statements of the Group were reviewed by
Guney Serbest Muhasebeci Mali Musavirlik A.S. (An Affiliated Firm of Ernst &
Young International) and the review report of independent auditors, dated August
27, 2003, is presented preceding the consolidated interim financial statements.
This information is provided by RNS
The company news service from the London Stock Exchange
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