march-2011 cmb report

March-2011 CMB March-2011 CMB ReportReport

Current Period Previous Period

31 March 2011 31 December 2010

ASSETS 1.287.760.167 1.231.806.821

Current Assets 365.170.379 310.009.661

Cash Equivalents 68.157.832 40.167.702

Trade Receivables (Net) 190.090.653 183.146.207

Other Receivables (net) 6.609.483 7.869.906

Inventories (net) 95.834.060 76.501.580

Other Current Assets 4.478.351 2.324.266

Sub Total 365.170.379 310.009.661

Non Current Assets 922.589.788 921.797.160

Other Receivables (net) 257.106 242.295

Financial Assets (net) 149.517.708 147.698.124

Tangible Asset (net) 598.985.040 600.408.583

Intangibles Assets (net) 35.544.093 35.795.399

Goodwill 129.457.887 129.457.887

Deferred Tax Assets 1.993.262 1.905.201

Other Non Current Assets 6.834.692 6.289.671

Consolidated Balance Sheet



LIABILITIES 474.417.261 390.670.782

Short-Term Liabilities 298.101.262 175.503.708

Financial Payables (Net) 147.540.734 49.135.105

Other Financial Liabilities(Net) - -

Trade Payables (Net) 90.419.439 110.349.022

Other Payables (Net) 51.649.003 9.966.411

Tax Payables 2.602.503 1.500.241

Provisions 5.889.583 4.552.929

Other Liabilities (Net) - -

Sub Total 298.101.262 175.503.708

Non-Curent Assets Held for Sale and Discontinued Operations

- -

Long-Term Liabilities 176.315.999 215.167.074

Financial Payables (Net) 111.587.643 151.581.547

Provisions 2.806.901 2.615.726

Provision Related to Employee Benefits 17.363.307 16.453.559

Deferrred Tax Liabilities 44.558.148 44.516.242




EQUITY 813.342.906 841.136.039

Parent Equity 802.658.675 830.295.205

Capital 424.624.650 424.624.650

Legal Reserves 92.734.743 87.576.615

Unrealized Gains on investments available for Sale 104.693.744 102.965.139

Actuerial gain / (loss) (320.518) (320.518)

Profits/Losses From Previous Years 171.241.502 156.189.595

Net Income/Loss 9.684.554 59.259.724

Minetory Interest 10.684.231 10.840.834

Total Equity and Liabilities 1.287.760.167 1.231.806.821



OPERATING INCOME 31 March 2011 31 March 2010 %

Income from sales (net) 209.682.699 169.596.638 23,6

Cost of sales (-) (181.594.715) (151.221.965) (20,1)

GROSS OPERATING PROFIT/LOSS 28.087.984 18.374.673 52,9

Marketing, sales and distribution expenses (2.068.744) (1.894.799) (9,2)

General and administrative expenses (7.210.097) (6.236.815) (15,6)

Other operating income 965.081 919.372 5,0

Other operating expenses (-) (1.995.935) (2.827.734) 29,4

NET OPERATING INCOME/EXPENSE 17.778.289 8.334.697 113,3

Financial gains 6.826.727 6.008.219 13,6

Financial expense (-) (12.568.347) (9.133.908) (37,6)

OPERATING INCOME/LOSS 12.036.669 5.209.008 131,1

Income Tax (2.508.718) (1.268.538) 97,8

Corporation Tax (2.645.852) (827.094) (219,9)

Deferred Tax 137.134 (441.444) 131,1

PRE-MINETORY INTEREST PROFIT/LOSS 9.527.951 3.940.470 141,8Distribution of Profif /Loss

Minetory Interest (156.603) (218.467) 28,3

Parent Share 9.684.554 4.158.937 132,9

Earnings per share - Basic (Ykr) 0,05 0,02

Consolidated P & L


31 March 2011 31 March 2010 %

Net Income / (Loss) 9.527.951 3.940.470 141,8

Change in Unrealized Gain on Investments Available for Sale 1.819.584 12.464.726 (85,4)

Tax income / (loss) from other comprehensive income items (90.979) (686.901) 86,8

Other Comprehensive Income After Tax 1.728.605 11.777.825 (85,3)

Total Comprehensive Income 11.256.556 15.718.295 (28,4)

Distribution of Other Comprehensive Income

Minetory Interest (156.603) (218.467) 28,3

Parent Share 11.413.159 15.936.762 (28,4)

Consolidated P & L (Comprehensive Income)

EBITDA

Income from sales (net) 207.633.285 168.293.413

Earnings on services (net) 2.049.414 1.303.225

Cost of sales (-) (181.594.715) (151.221.965)

Depreciation 12.738.278 13.147.971

Gross Operating Profit 40.826.262 19,5 31.522.644 18,6

Operating expense (-) (9.278.841) (8.131.614)

Depreciation 523.883 473.197

EBITDA 32.071.304 15,3 23.864.227 14,1

EBIT

Income from sales (net) 207.633.285 168.293.413

Earnings on services (net) 2.049.414 1.303.225

Cost of sales (-) (181.594.715) (151.221.965)

Depreciation - -

Gross Operating Profit 28.087.984 13,4 18.374.673 10,8

Operating expense (-) (9.278.841) (8.131.614)

Depreciation - -

Net Operating income 18.809.143 9,0 10.243.059 6,0

31 March 2011 31 March 2010

31 March 2011 31 March 2010

Share Capital

Inflation Adjustment of Paid in Share

Capital

Legal ReservesUnrealized Gain on Investments

Available for Sale

Actuarial Gain / (Loss)

Net Profit for the Period

Accumulated Profits

Parent Equity Minority Interest Total

Balances at January 1, 2010 191.447.068 233.177.582 78.033.880 74.921.074 (254.656) 75.008.370 156.160.570 808.493.888 10.732.686 819.226.574

Transfers - - 9.542.735 - - (75.008.370) 65.465.635 - - -

Dividend paid - - - - - - (65.436.608) (65.436.608) - (65.436.608)

Current year profit - - - - - 4.158.937 - 4.158.937 (218.467) 3.940.470

Other comprehensive income - Net Unrealized Gain on Investments Available for Sale

- - - 12.464.726 - - - 12.464.726 - 12.464.726

Tax income / (loss) from other comprehensive income items

- - - (686.901) - - - (686.901) - (686.901)

Total Comprehensive Income - - 9.542.735 11.777.825 - (70.849.433) 29.027 (49.499.846) (218.467) (49.718.313)

Balance @ 31 March 2010 191.447.068 233.177.582 87.576.615 86.698.899 (254.656) 4.158.937 156.189.597 758.994.042 10.514.219 769.508.261

Balances at January 1, 2011 191.447.068 233.177.582 87.576.615 102.965.139 (320.518) 59.259.724 156.189.595 830.295.205 10.840.834 841.136.039

Transfers - - 5.158.128 - - (59.259.724) 54.101.596 - - -

Dividend paid - - - - - - (39.049.689) (39.049.689) - (39.049.689)

Current year profit - - - - - 9.684.554 - 9.684.554 (156.603) 9.527.951

Other comprehensive income - Net Unrealized Gain on Investments Available for Sale

- - - 1.819.584 - - - 1.819.584 - 1.819.584

Tax income / (loss) from other comprehensive income items

- - - (90.979) - - - (90.979) - (90.979)

Total Comprehensive Income - - 5.158.128 1.728.605 - (49.575.170) 15.051.907 (27.636.530) (156.603) (27.793.133)

Balance @ 31 March 2011 191.447.068 233.177.582 92.734.743 104.693.744 (320.518) 9.684.554 171.241.502 802.658.675 10.684.231 813.342.906

Consolidated Equity Movement

31 March 2011 31 March 2010

Cash flows from operating activities:

Profit before tax, minority interest and loss on net monetary position 12.036.669 5.209.008Adjustments to reconcile net profit before monetary loss, minority interest and income tax to net cash provided by operating activities:

Unrealized foreign exchange losses 46.000 1.405.214

Depreciation and amortization 13.368.774 13.775.255

Provision for employee termination benefits 1.419.627 866.514

Provision for Restoration 191.175 81.345

Gain/Loss on sale of property, plant and equipment (46.578) (15.936)

Interest expense 5.873.037 2.443.807

Provision for Litigation 856.995 (2.590)

Provision for doubtful receivables 72.704 34.151

Net profit adjusted for non-cash items 33.818.403 23.796.768

Consolidated Cash Flow

Changes in operating assets and liabilities 31 March 2011 31 March 2010

Trade receivables (Short Term) (7.047.876) 2.634.559

Other receivables 1.260.423 (8.129.621)

Inventories (19.332.480) (19.912.415)

Prepayments and other current assets (2.154.085) (2.139.219)

Prepayments and other non-current asset (545.021) (320.184)

Trade payables (19.929.583) (10.115.460)

Other payables 2.632.903 3.413.226

Current provisions 479.659 514.550

Taxes paid (1.543.590) (2.465.932)

Employee termination benefits paid (383.293) (832.673)

Litigation incentive premium paid (126.585) -

Collections from doubtful receivables 15.915 (12.288)

Net cash provided by operating activities (12.855.210) (13.568.689)


31 March 2011 31 March 2010

Cash flows from investing activities

Purchase of property, plant and equipment (11.729.981) (5.460.340)

Purchase of intangible assets - (54.273)

Proceeds from sale of property, plant and equipment 82.634 61.361

Net cash used in investing activities (11.647.347) (5.453.252)

Cash flows from financing activities

Proceeds from short-term borrowings 100.832.301 38.063.120

Repayment of short-term borrowings (45.123.222) (16.285.658)

Repayment of short- term lease obligations (251.428) (1.072.495)

Interest paid (2.964.964) (2.451.382)

Net cash used in financing activities 52.492.687 18.253.585

Net increase in cash and cash equivalents 27.990.130 (768.356)

Cash and cash equivalents at the beginning of the year 40.167.702 40.091.509

Cash and cash equivalents at the end of period 68.157.832 39.323.153

Cash received by the Company for interest 160.397 227.472


SEGMENT REPORTING (PERIO D END)

1 January - 31 March 2011Cement RMC Unallocatable Elimination Total

Sales, net 147.257.676 90.206.294 - (27.781.271) 209.682.699Cost of sales (-) (122.017.874) (87.358.112) - 27.781.271 (181.594.715)

Gross profit 25.239.802 2.848.182 - - 28.087.984

Operating expenses (-) (7.396.655) (1.882.186) - - (9.278.841)Other operating income / expenses (-), net (723.564) (307.290) - - (1.030.854)

Operating income 17.119.583 658.706 - 17.778.289

Financial income / expenses (-), net (5.586.613) 5.212 (160.219) - (5.741.620)

Operating income / (loss) before tax 11.532.970 663.918 (160.219) - 12.036.669

Income tax, net - - (2.508.718) - (2.508.718)

Corporation Tax - - (2.645.852) - (2.645.852)Deferred Tax - - 137.134 - 137.134

Period Profit / (Loss) From ContinuingOperations 11.532.970 663.918 (2.668.937) - 9.527.951


1 January - 31 March 2010Cement RMC Unallocatable Elimination Total

Sales, net 120.373.701 68.875.426 - (19.652.489) 169.596.638Cost of sales (-) (105.460.930) (65.413.524) - 19.652.489 (151.221.965)

Gross profit 14.912.771 3.461.902 - - 18.374.673

Operating expenses (-) (6.542.886) (1.588.728) - - (8.131.614)Other operating income / expenses (-), net (1.947.670) 39.308 - - (1.908.362)

Operating income 6.422.215 1.912.482 - - 8.334.697

Financial income / expenses (-), net 276.258 29.371 (3.431.318) - (3.125.689)

Operating income / (loss) before tax 6.698.473 1.941.853 (3.431.318) - 5.209.008

Income tax, net - - (1.268.538) - (1.268.538)

Corporation Tax - - (827.094) - (827.094)Deferred Tax - - (441.444) - (441.444)

Period Profit / (Loss) From ContinuingOperations 6.698.473 1.941.853 (4.699.856) - 3.940.470


31 March 2011

Cement RMC Unallocatable Elimination Total

Assets and liabilities

Segment assets 696.693.121 72.886.874 - - 769.579.995Financial investments - - 149.517.708 - 149.517.708Unallocatable assets - - 368.662.464 - 368.662.464

Total assets 696.693.121 72.886.874 518.180.172 - 1.287.760.167

Segment liabilities - - - - -Unallocatable liabilit ies - - 1.287.760.167 - 1.287.760.167

Total l iabilities - - 1.287.760.167 - 1.287.760.167

1 January - 31 March 2011

Other segment informations

Investment expendituresFixed assets 10.533.429 1.221.656 - - 11.755.085

Total investment expenditures 10.533.429 1.221.656 - - 11.755.085

Depretiation expense 11.755.529 1.361.939 - - 13.117.468Amortization expense 227.378 23.928 - - 251.306


31 March 2010

Cement RMC Unallocatable Elimination Total

Assets and liabilities

Segment assets 699.615.393 65.236.719 - - 764.852.112Financial investments - - 130.711.622 - 130.711.622Unallocatable assets - - 297.421.467 - 297.421.467

Total assets 699.615.393 65.236.719 428.133.089 - 1.192.985.201

Unallocatable liabilit ies - - 1.192.985.201 - 1.192.985.201

Total l iabilities - - 1.192.985.201 - 1.192.985.201

1 January - 31 March 2010

Other segment informations

Investment expendituresFixed assets 5.186.643 327.971 - - 5.514.614

Total investment expenditures 5.186.643 327.971 - - 5.514.614

Depretiation expense 12.367.272 1.149.737 - - 13.517.009Amortization expense 240.634 17.612 - - 258.246


Bank accounts (including short-term time deposits) 64.290.154 35.918.427

Checks with maturities until report end 3.867.334 4.248.669

Cash in hand 344 606

68.157.832 40.167.702

CASH & CASH EQUIVALENT

% Amount % Amount

Çimsa Çimento Sanayi ve Ticaret A.Ş. (Çimsa) 8,98 123.125.184 8,98 121.305.600

Liman İşletmeleri ve Nakliyecilik A.Ş. (Liman İşletmeleri) 15,00 22.662.688 15,00 22.662.688

Eterpark Endüstri Ürünleri İmalat Ticaret İthalat İhracat Pazarlama A.Ş. (Eterpark) 8,73 2.686.527 8,73 2.686.527

Arpaş Ambarlı Römorkaj Pilataj Ticaret A.Ş. (Arpaş) 16,00 841.399 16,00 841.399

Altaş Ambarlı Liman Tesisleri Ticaret A.Ş. (Altaş) 12,25 201.910 12,25 201.910

149.517.708 147.698.124

INVESTMENTS AVAILABLE FOR SALE (Non-current)


31 March 2011Currency Maturity Balance

Unsecured creditsTL (**) 30.000.000 02.05.11 31.073.250TL (**) 60.000.000 24.11.11 60.475.417TL (**) 10.000.000 18.04.11 10.850.444TL (**) 20.000.000 22.07.11 20.040.250TL (**) 20.000.000 22.08.11 20.040.500TL (*)(**) 858.409 - 858.409

143.338.270

31 March 2011Currency Maturity Balance

USD 10.039.607 02.05.13 15.544.324USD 10.038.808 02.05.13 15.543.086TL 8.500.000 13.09.12 8.935.561TL 16.500.000 13.09.12 17.345.501TL 25.000.000 13.09.12 26.281.064TL 30.000.000 02.05.12 31.140.750

Short Term Portion of Long Term Credit TL 13.09.11 (1.281.064)TL 13.09.11 (845.501)TL 13.09.11 (435.561)TL 20.10.11 (1.140.750)

Short Term Portion of Long Term Credit ABD$ (43.866) 31.05.11 (67.918)

111.019.492

Unsecured credits

SHORT-TERM FINANCIAL DEBTS (NET)

LONG-TERM FINANCIAL DEBTS (NET)

(*) (*) Interest-free short-term loans used for temporary purposeInterest-free short-term loans used for temporary purpose

(**) Fixed-rate loans(**) Fixed-rate loans

RECEIVABLES

0-1 Month 1-2 m 2-3 m 3-4 m 4 m> Total31 March 2011 98.880.378 3.248.985 213.187 237.622 34.164 421.070 103.035.406

31 December 2010 83.867.449 1.464.583 485.845 514.193 321.424 301.592 86.955.086

OVERDUE RECEIVABLES

AGEING FOR RECEIVABLES


Accounts receivable (Net) 103.035.406 86.955.086Notes receivable and post-dated checks 73.247.269 70.699.135Due from Shareholders 7.154 -Due from Investments 212.517 347.589Due from holding companies 13.588.307 25.144.397Doubtfull debt 4.762.461 4.705.672Less: Provision for impairment (4.762.461) (4.705.672)

190.090.653 183.146.207

SHORT-TERM TRADE RECEIVABLES (NET)


Accounts payables (Net) 85.667.603 106.370.586Due to Affiliates 159.490 227.384Due to holding companies 4.592.346 3.748.055Due to Shareholders - 2.997

90.419.439 110.349.022

SHORT-TERM TRADE PAYABLES (NET)


Deposits and guarantees given 1.589.172 3.097.271Deferred Vat 2.685.624 1.947.594Vat receivables 1.006.641 1.485.714Due from Personal 1.053.114 769.446Work Advances 9.550 9.550Other 265.382 560.331

6.609.483 7.869.906

SHORT-TERM OTHER RECEIVABLES (NET)


Deposits and guarantees taken 2.639.729 2.560.001Taxes and Funds Payable 1.305.785 2.169.128Advances taken for Purchases 4.445.347 1.629.210Social Security Withholdings Payable 1.363.675 1.319.365

Other liabilities 1.040.180 826.579Dividend payables 39.857.510 811.878Due to Personnel 981.959 633.653Other Payables 14.818 16.597

51.649.003 9.966.411

SHORT-TERM OTHER PAYABLES (NET)


Deposits and guarantees given 257.106 242.295

257.106 242.295

LONG-TERM OTHER RECEIVABLES (NET)


Raw materials and supplies 66.737.197 59.756.505Semi-finished goods 14.007.547 10.343.809Finished goods 6.101.301 4.470.415Goods in transit 8.988.015 1.930.851

95.834.060 76.501.580

INVENTORIES

January 1, 2011 AdditionsTransfers from construction-in-

progressDisposals 31 March 2011

Cost

Land and land improvements 132.639.044 2.250 87.972 - 132.729.266

Buildings 251.324.881 - - - 251.324.881

Machinery and equipment 1.082.923.899 51.457 1.391.694 (19.063) 1.084.347.987

Furniture, fixtures and motor vehicles 69.241.364 45.962 110.429 (220.517) 69.177.238

Leasehold improvements 46.146.233 - 117.260 - 46.263.493

Construction-in-progress 43.724.439 11.655.416 (1.707.355) - 53.672.500

Total 1.625.999.860 11.755.085 - (239.580) 1.637.515.365

Less: Accumulated DepreciationLand and land improvements 67.027.636 746.737 - - 67.774.373

Buildings 109.801.696 3.533.475 - - 113.335.171

Machinery and equipment 771.410.829 7.513.631 - - 778.924.460

Furniture, fixtures and motor vehicles 47.692.932 849.432 - (178.420) 48.363.944

Leasehold improvements 29.658.184 474.193 - - 30.132.377

Total 1.025.591.277 13.117.468 - (178.420) 1.038.530.325

Property, plant and equipment, net 600.408.583 598.985.040

PROPERTY, PLANT AND EQUIPMENT

January 1, 2011 AdditionsTransfers from construction-in-

progress31 March 2011

CostRights and Other Intangibles 51.116.727 - - 51.116.727

Less: Accumulated AmortizationRights and Other Intangibles 15.321.328 251.306 - 15.572.634

Intangible assets, net 35.795.399 (251.306) - 35.544.093

INTANGIBLE ASSETS

31 March 2011

1 January 2009 Opening 129.457.887

Impairment -

129.457.887

GOODWILL


Provision on Vacations 3.016.815 2.537.156Litigations 2.372.768 1.515.773Premium payable to executive board 500.000 500.000

5.889.583 4.552.929

SHORT-TERM PROVISIONS

Litigations Vacations Jestion

January-2010 1.515.773 2.537.156 500.000Charge for the year - 479.659 -(Gain)/Loss from change in provision due to change in estimations 856.995 - -

31 March 2011 2.372.768 3.016.815 500.000


Provision for Restoration 2.806.901 2.615.726

2.806.901 2.615.726

LONG-TERM PROVISIONS

COMMITMENTS

Operating Lease Commitments 31 March 2011 31 December 2010

0-1 year 159.860 253.8711-5 year 3.934.709 4.208.2545> year 2.320.500 2.340.000

6.415.069 6.802.125

Financial Lease Commitments 31 March 2011 31 December 2010

0-1 year 462.446 638.9991-5 year 577.003 650.075

1.039.449 1.289.074

Interest payable (39.627) (54.141)

Present value of financial lease payables 999.822 1.234.933

EMPLOYEE BENEFITS


ETB 14.932.820 14.223.282Provision on Seniority 2.430.487 2.230.277

17.363.307 16.453.559

ETB 31 March 2011 31 December 2010

01.Jan. 11-11 14.223.282 11.866.887ETB liability paid (383.293) (1.329.884)Actuarial gain/loss - 82.328Interest Cost 163.000 692.384Charge of the year 929.831 2.911.567

14.932.820 14.223.282

THE OTHER ASSETS AND LIABILITIES


The Other Current AssetsPrepaid Expenses 4.380.247 2.308.889Given Advances 191 1.038Other* 97.913 14.339

4.478.351 2.324.266


The Other Non-Current AssetsPrepaid rent 1.241.717 1.257.275Fixed asset advances given 5.592.975 5.032.396

6.834.692 6.289.671

COMPOSITION OF SHAREHOLDERS : Amount % Amount %

Hacı Ömer Sabancı Holding A.Ş. 76.035.136 39,72 76.035.136 39,72

HeidelbergCement Mediterranean Basin Holdings S.L 76.035.135 39,72 76.035.135 39,72

Publicly-held part 39.376.797 20,56 39.376.797 20,56

Total in historical YTL 191.447.068 100 191.447.068 100

Restatement effect 233.177.582 233.177.582

Total per financial statements 424.624.650 424.624.650

FAIR VALUE GAIN/LOSS ON THE INVESTMENTS AVAILABLE FOR SALE


Çimsa Çimento San. A.Ş 110.203.940 108.384.356

110.203.940 108.384.356


CAPITAL RESERVES- PROFIT RESERVES


Legal reserves 92.734.708 87.576.580

Statutory reserves 35 35

Extraordinary reserves 4.533.747 4.533.673

Accumulated profits 7.758.970 7.758.970

Renewal fund 2.812.924 2.812.924

Other reserves 879.596 935.812

108.719.979 103.617.994

MINORITY INTERESTS


Beginning 10.840.834 10.732.686

Dividends declared (156.603) 108.148

10.684.231 10.840.834

Sales Income 31 March 2011 31 March 2010 %

Domestic sales 168.730.343 118.672.008 42,2

Overseas sales 44.240.936 53.780.833 (17,7)

Sales discount (-) (726.953) (698.214) (4,1)

Other discount (-) (4.611.041) (3.461.214) (33,2)

207.633.285 168.293.413 23,4

Earnings on services 31 March 2011 31 March 2010 %

Sale of services 2.049.414 1.303.225 57,3

2.049.414 1.303.225

COST OF SALES 31 March 2011 31 March 2010

Direct material cost 148.248.537 120.646.852

Direct labour cost 11.165.563 10.217.565

Amortization & Depreciation 12.738.278 13.147.971

Other production cost 13.784.764 12.097.815

Total Production Cost 185.937.142 156.110.203

Change in semi-final products (3.663.738) (4.677.286)

Opening 10.343.809 6.737.478

End-of-period 14.007.547 11.414.764

Change in final products (1.630.886) (429.868)

Opening 4.470.415 4.293.823

End-of-period 6.101.301 4.723.691

Cost of trade goods 569.019 44.622

Cost of service sold 383.178 174.294

Total Cost of Sales 181.594.715 151.221.965

OPERATING EXPENSES 31 March 2011 31 March 2010

General and administrative expenses 7.210.097 6.236.815Marketing, sales and distribution expenses 2.068.744 1.894.799

9.278.841 8.131.614

General and administrative expenses Salaries and expenses of personnel 4.169.455 3.843.986Consultancy expenses 731.045 802.476Depriciation and amortisation 495.873 446.043Rent expenses 326.070 170.211Taxes, duties and fees 221.153 176.629External utilities and services obtained 247.461 160.508Traveling expenses 254.688 159.654ETB 88.218 44.070Insurance expenses 26.811 18.266Miscellaneous expenses 649.323 414.972

7.210.097 6.236.815

Marketing, sales and distribution expenses Salaries and expenses of personnel 1.368.289 1.282.381Rent expenses 143.677 126.538Sales guarantee expenses 91.269 113.744Traveling expenses 118.567 108.491External utilities and services obtained 97.736 72.962ETB 70.124 60.449Depriciation and amortisation 28.010 27.154Taxes, duties and fees 5.830 3.357Doubtful receivables expenses 56.789 21.863Miscellaneous expenses 88.453 77.860

2.068.744 1.894.799

OTHER OPERATING INCOME 31 March 2011 31 March 2010

Gain on sale of property, plant and equipment, net 46.578 15.936

Rent income 160.725 136.526

Income from insurance contracts 42.608 609.129

Other 715.170 155.191

965.081 919.372

OTHER OPERATING EXPENSES 31 March 2011 31 March 2010

Idle time expense 36.332 1.863.612

Donations 236.268 94.799

Property and estate taxes 40.338 43.410

Depreciation expense of rented terminals 106.613 110.278

Penalty and Imdenty 53.135 112.840

Provision expense for legal actions 856.995 -

Provision expense for recultivation 191.175 81.345

Other 475.079 521.450

1.995.935 2.827.734

Amortization & Depreciation

31 March 2011 31 March 2010

Tangible Fixed AssetsProduction cost 12.596.831 12.959.613General and administrative expenses 386.014 382.385Other operating cost 106.613 147.857Marketing, sales and distribution expenses 28.010 27.154

Total Depreciation Expences 13.117.468 13.517.009

Intangible Fixed AssetsProduction cost 141.447 188.358General and administrative expenses 109.859 63.658Other operating expenses - 6.230

Total Amortization Expences 251.306 258.246

Financial Gain 31 March 2011 31 March 2010

Fx gain 6.429.696 5.675.812Interest income 231.926 203.757Gain on Interest cost from Customers, (net) 165.105 119.911Discount expenses - 8.739

Total financial gains 6.826.727 6.008.219

Financial Loss 31 March 2011 31 March 2010

Fx loss 6.194.183 6.444.789Interest expenses 5.873.037 2.443.807Loss from forward transaction - 97.629Rediscount loss, (net) 501.127 147.683

Total financial loss 12.568.347 9.133.908

31 March 201131 December

2010 31 March 201131 December

2010 31 March 201131 December

2010

Property, plant and equipment - - (24.925.772) (25.789.375) 863.603 1.392.927Goodwill - - (22.000.002) (20.702.811) (1.297.191) (5.188.767)Inventories 3.703.118 3.806.137 - - (103.019) 46.616

Provision for employee termination benefits 2.986.564 2.844.657 - - 141.907 471.279Allowance for unearned/unaccrued interest( included in receivables and payables, net ) 342.866 242.651 - - 100.215 (486.510)Recultivation provision 561.380 523.145 - - 38.235 30.553

Other timing differences, net 1.649.626 1.320.672 - - 328.954 225.344Period loss 547.400 482.970 - - 64.430 (67.645)Tax income/expense related to othercomprehensive income items - - (5.430.066) (5.339.087) (90.979) (1.459.537)

9.790.954 9.220.232 (52.355.840) (51.831.273) 46.155 (5.035.740)

DEFERRED TAX ASSETS/LIABILITIES (COMPANY)Deferred Tax Assets Deferred Tax Liabilities Deffered tax income

31 March 2011 31 December 2010Consolidated balance sheet

Current year corporation tax 2.645.852 9.352.020

Prepaid taxes (43.349) (7.851.779)Taxes to be demanded - -

Income tax to be paid 2.602.503 1.500.241

31 March 2011 31 March 2010Consolidated income statementCurrent year corporation tax (2.645.852) (827.094)

Deferred tax137.134 (441.444)

Tax in consolidated financials (2.508.718) (1.268.538)

NET FOREIGN CURRENCY POSITION

Currency Amount YTL Amount Currency Amount YTL Amount

ASSETS

USD 17.927.207 27.756.695 USD 17.785.669 27.496.644

EURO 685.922 1.496.407 EURO 1.058.585 2.169.147

GBP 675 1.677 GBP 885 2.114

SEK 5 1 - - -

TO TAL 29.254.780 29.667.905

LIABILITIES

USD (27.221.393) (42.146.883) USD (21.676.477) (33.511.833)

EURO (241.413) (526.668) EURO (418.916) (858.401)

GBP - - GBP - -

TO TAL (42.673.551) (34.370.234)

31 March 2011Total Export 44.240.936

Total Import 8.678.749

Hedge Rate of Currency Liabilities 0%


Foreign Currency Risk Table

CurrencyDevaluation of YTL against Foreign Currency

Efect on profit before tax (YTL)

USD/YTL 10% (1.439.019)

EURO/YTL 10% 96.974

FX Sensitivity Analysis Valuation rate (% ) 10

Revaluation of foreign currency

Devaluation of foreign currency



1- US Dollar net asset/liability (1.439.019) 1.439.019 - -2- Hedged amount in US Dollar (-) - - - -3- US Dollar Net Effect (1+2) (1.439.019) 1.439.019 - -

4- EURO net asset/liability 96.974 (96.974) - -5- Hedged amount in EURO (-) - - - -6- EURO Net Effect (4+5) 96.974 (96.974) - -

7- Other FX net asset/liability 168 (168) - -8- Hedged amount in other FX (-) - - - -9- Other assets in FX Net Effect (7+8) 168 (168) - -TOTAL (3+6+9) (1.341.877) 1.341.877 - -





1- US Dollar net asset/liability (601.519) 601.519 - -2- Hedged amount in US Dollar (-) - - - -3- US Dollar Net Effect (1+2) (601.519) 601.519 - -

4- EURO net asset/liability 131.075 (131.075) - -5- Hedged amount in EURO (-) - - - -6- EURO Net Effect (4+5) 131.075 (131.075) - -

7- Other FX net asset/liability 211 (211) - -8- Hedged amount in other FX (-) - - - -9- Other assets in FX Net Effect (7+8) 211 (211) - -TOTAL (3+6+9) (470.233) 470.233 - -

Current periodProfit/loss Equity

Revaluation of US Dollar against TRL at the rate of 10% :

Revaluation of US Dollar against TRL at the rate of 10% :

Revaluation of EURO against TRL at the rate of 10% :

Revaluation of other FX against TRL at the rate of 10% :

Revaluation of EURO against TRL at the rate of 10% :

Revaluation of other FX against TRL at the rate of 10% :

Previous periodProfit/loss Equity


31.087.410 31.013.597

Interest rate position table

Variable rated financial instrumentsFinancial liabilities

Interest Rate Risk Table

Increase in basis point Efect on profit before tax

0,5% (38.708)

Related parties

Third parties

Related parties

Third parties

Maximum amount of credit risk as of report date (A+B+C+D+E) (1) 13.807.978 176.282.675 1.053.114 5.556.369 68.157.488 - -

- Secured amount of maximum risk by guarantees etc.* - 99.016.276 1.053.114 2.951.006 - - -

- - - - - - -

A. Net book value of uenxpired or not impaired financial assets (2) 13.807.978 171.550.875 1.053.114 5.556.369 68.157.488 - -

B. Net book value of financial assets, conditions about them discussed otherwise they are stated as overdue (3)

- 576.772 - - - - -

C. Net book value of not impaired but became overdue financial assets(6) - 4.155.028 - - - - -

- The part under guarantee etc.* - 2.437.746 - - - - -

D. Net book value of impaired assets (4) - - - - - - -

- Overdue (gross book value) - 4.762.461 - - - - -

- Impairment (-) - (4.762.461) - - - - -

- Under guarantee part of net value* - - - - - - -

- Unexpired (gross book value) - - - - - - -

- Impairment (-) - - - - - - -


E. Issues including off balance sheet credit risk (5) - - - - - - -

Credit Risk Table

Current period

Receivables

Deposit at banks Derivatives Other

Trade receivables Other receivables

Related parties

Third parties

Related parties

Third parties

Maximum amount of credit risk as of report date (A+B+C+D+E) (1) 25.491.986 157.654.221 769.446 7.100.460 40.167.096 - -

- Secured amount of maximum risk by guarantees etc.* - 84.696.206 769.446 2.507.925 - - -

- - - - - - -

A. Net book value of uenxpired or not impaired financial assets (2) 25.491.986 153.539.182 769.446 7.100.460 40.167.096 - -

B. Net book value of financial assets, conditions about them discussed otherwise they are stated as overdue (3)

- 1.027.402 - - - - -

C. Net book value of not impaired but became overdue financial assets(6) - 3.087.637 - - - - -

- The part under guarantee etc.* - 1.178.365 - - - - -

D. Net book value of impaired assets (4) - - - - - - -

- Overdue (gross book value) - 4.705.672 - - - - -

- Impairment (-) - (4.705.672) - - - - -


- Unexpired (gross book value) - - - - - - -

- Impairment (-) - - - - - - -


E. Issues including off balance sheet credit risk (5) - - - - - - -

Credit Risk Table

Previous period

Receivables

Deposit at banks Derivatives Other

Trade receivables Other receivables

Liquidity risk tableCurrent period

Due dates according to agreements Book value

Total cash outflows

according to agreement

(=I+II+III+IV) < 3 months (I) 3-12 months (II) 1-5 years (III) > 5 years (IV)

Non-derivative Financial Liabilities 349.547.817 367.516.252 134.179.625 112.839.678 120.496.949 -

Bank loans 258.128.556 275.451.392 43.038.603 112.492.843 119.919.946 -Bonds issued - - - - - -Financial leasing payables 999.822 1.039.450 115.612 346.835 577.003 -Trade payables 90.419.439 91.025.410 91.025.410 - - -

Previous period

Due dates according to agreements Book value

Total cash outflows

according to agreement

(=I+II+III+IV) < 3 months (I) 3-12 months (II) 1-5 years (III) > 5 years (IV)

Non-derivative Financial Liabilities 311.065.674 339.496.107 116.339.567 55.107.149 168.049.391 -

Bank loans 199.481.719 227.176.546 5.149.330 54.627.899 167.399.317 -Bonds issued - - - - - -Financial leasing payables 1.234.933 1.289.074 159.750 479.250 650.074 -Trade payables 110.349.022 111.030.487 111.030.487 - - -

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