General information - Eureko Sigorta
General information - Eureko Sigorta
General information - Eureko Sigorta
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4. Executive Summary Submitted to the Board of Directors<br />
Dear Shareholders,<br />
2008 ANNUAL REPORT<br />
We hereby submit, for your consideration, the balance sheet and income statement for the company - currently<br />
celebrating its 19th year of establishment - for the year 2008 and greet you all with all respect.<br />
Our company recorded a growth rate of 15.2% over the market momentum when compared to the previous year<br />
and achieved a premium generation of TRY 478.5 Million in 2008. As a result, its market share reached 4.9%.<br />
Our company's financial statements drawn up pursuant to regulations, remarks and communiqués promulgated by<br />
the Turkish Accounting Standards (TMS), Turkish Financial Reporting Standards and Undersecretariat of the Treasury<br />
with regards to the accounting and financial reporting principles within the framework of arrangements in force<br />
as per the Insurance Act consist of the following items:<br />
(THOUSAND TRY)<br />
Production<br />
Current Assets<br />
Non-Current Assets<br />
Liabilities<br />
Shareholder's equity<br />
Total Assets<br />
Number of Employees<br />
Technical Profit<br />
Investment Income<br />
Investment Costs<br />
Extraordinary Income and Expenses<br />
Gross Profit for the Period<br />
Net Profit for the Period<br />
The technical profit increased by 46% and amounted to TRY 63.9 Million. Our investment income realised as TRY<br />
49.1 Million, and our profit before tax as TRY 72.3 Million, edging up by 70%. We achieved a profit-after-tax of TRY<br />
57.6 Million after deduction of taxes of TRY 14.6 Million from the gross profit.<br />
We hereby ask for your approval that, upon keeping a 5% statutory reserve, the balance remaining be allocated<br />
for excess reserves as per Article 466 of the Turkish Commercial Code, and provisions for taxes of 2008 be allocated<br />
pursuant to the Code of Tax Procedures by our company whose business activities we submit through an executive<br />
summary.<br />
Yours Faithfully,<br />
BOARD OF DIRECTORS<br />
YEAR 2008 YEAR 2007 GROWTH %<br />
478.515<br />
460.302<br />
23.380<br />
280.287<br />
203.395<br />
483.682<br />
502<br />
63.895<br />
49.174<br />
-38.242<br />
-2.506<br />
72.321<br />
57.649<br />
415.466<br />
332.535<br />
15.503<br />
206.356<br />
141.682<br />
348.038<br />
453<br />
43.804<br />
26.252<br />
-34.891<br />
7.286<br />
42.452<br />
31.042<br />
15%<br />
38%<br />
51%<br />
36%<br />
44%<br />
39%<br />
11%<br />
46%<br />
87%<br />
10%<br />
-134%<br />
70%<br />
86%<br />
25
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