Financial Statements Ifrs - Excel by lwd20628

VIEWS: 0 PAGES: 5

More Info
									          AKBANK T.A.Ş.
CONSOLIDATED FINANCIAL STATEMENTS
 PREPARED IN ACCORDANCE WITH IFRS
            30 JUNE 2004
MENTS
 IFRS
                                                       AKBANK T.A.Ş.

                                                CONSOLIDATED BALANCE SHEETS
                                           AS AT 30 JUNE 2004 AND 31 DECEMBER 2003
  (Amounts expressed in billions of Turkish Lira in terms of the purchasing power of TL at 30 June 2004)




                                                                  30 June 2004         31 December 2003

ASSETS

Cash and due from banks                                                 1,777,413                1,772,925
Trading securities                                                      5,596,889                8,357,865
Derivative financial instruments                                           73,802                  207,351
Reserve requirements with the Central Bank of Turkey                    1,572,401                1,668,837
Originated loans:
  - Loans and advances to customers                                    10,593,854                9,492,379
  - Securities                                                          6,862,341                7,643,327
Investment securities:
  - Available for sale                                                  3,208,850                1,485,709
Investment in associated companies                                        213,981                  220,107
Property and equipment                                                    660,315                  691,001
Deferred tax assets                                                              -                  73,850
Other assets and pre-payments                                             139,564                   79,561

Total Assets                                                           30,699,410               31,692,912


LIABILITIES AND SHAREHOLDERS' EQUITY

Customer deposits                                                      20,428,029               21,544,858
Derivative financial instruments                                           10,053                    5,087
Funds borrowed                                                          4,206,758                3,674,791
Debt securities in issue                                                  150,531                  297,407
Income taxes payable                                                             -                 287,883
Deferred tax liabilities                                                    6,296                         -
Other liabilities and accrued expenses                                    521,520                  487,075
Reserve for employment termination benefits                                24,819                   27,708

Total Liabilities                                                      25,348,006               26,324,809

Minority interest                                                             130                      128

Shareholders' equity
 -Share capital                                                         1,500,000                1,200,000
 -Adjustment to share capital                                           2,465,943                2,469,107

Total paid-in share capital                                             3,965,943                3,669,107
Share premium                                                               8,642                    8,642
Translation reserve                                                       (31,536)                 (30,237)
Other reserves                                                            (66,796)                   3,935
Retained earnings                                                       1,475,021                1,716,528

Total shareholders' equity                                              5,351,274                5,367,975


Total liabilities and shareholders' equity                             30,699,410               31,692,912
                                                AKBANK T.A.Ş.

                              CONSOLIDATED STATEMENTS OF INCOME
                             FOR THE 6-MONTH PERIODS ENDED 30 JUNE
    (Amounts expressed in billions of Turkish Lira in terms of the purchasing power of TL at 30 June 2004)


                                                                     30 June 2004    30 June 2003

Interest income:
Interest on originated loans:
   - Loans and advances to customers                                      783,754           458,459
   - Securities                                                           766,962           788,488
Interest on investment and trading securities                             389,806           865,540
Interest on deposits with banks                                            85,213           377,067
Other interest income                                                         494               507
Total interest income                                                   2,026,229          2,490,061

Interest expenses:
Interest on deposits                                                     (857,395)        (1,066,890)
Interest on funds borrowed and debt securities in issue                   (45,259)           (51,726)
Interest on Interbank money market deposits                                  (608)           (50,613)
Other interest expenses                                                      (849)            (1,990)

Total interest expenses                                                  (904,111)        (1,171,219)

Net interest income                                                     1,122,118          1,318,842


Foreign exchange gains and (losses), including net gains or losses
from dealing in foreign currency                                            3,607           124,698

Net interest income after foreign exchange gains and losses             1,125,725          1,443,540

Provision for loan losses                                                 (15,758)              (437)

Net interest income after foreign exchange gains and losses
and provision for loan losses                                           1,109,967          1,443,103

Fees and commission income                                                302,133            212,133
Fees and commission expense                                              (102,087)          (117,649)

Net fee and commission income                                             200,046             94,484

Net trading gains on securities                                           196,412           150,831
Dividend income                                                             1,602             2,672
Other operating income                                                      8,104            16,490

Operating income                                                        1,516,131          1,707,580

Operating expenses                                                       (450,293)          (409,274)

Income from associates                                                      7,465              7,478

Loss on net monetary position                                            (335,670)          (301,100)

Income before income taxes                                                737,633          1,004,684

Income taxes                                                             (255,667)          (374,953)

Minority interest                                                              (3)                  (4)
Net income                                                                481,963           629,727
      BRSA - IFRS net income reconciliation as of 30.06.2004
      (TL billion)

      BRSA bank only net income as of 30.06.2004                                        526,583
      Foreign currency investments valuaiton difference (1)                               6,566
      Deferred tax effect (2)                                                           (18,102)
      Dividend income net-off per consolidation purposes                                (19,862)
      others                                                                            (13,222)
      IFRS net income as of 30.06.2004                                                  481,963




(1)
      In BRSA financial statements, foreign currency equity participations are stated at
      foreign currency carrying values restated in terms of TL equivalent of respective
      foreign currency at the balance sheet date. In IFRS financial statements, foreign
      currency equity participations are stated in TL carrying values restated in terms of
      inflation. As the foreign exchange rates have decreased in 2004, both in nominal and
      inflation adjusted terms, there is a loss amounting to 6,566 TL billion in BRSA financial
      statements compared to IFRS.


(2)

      Deferred tax liability has been calculated over the difference between tax base of
      property and equipment and their carrying value in IFRS financial statements. Although
      in accordance with the new tax law, effective from 1 January 2004, the inflation-
      adjusted amount of the fixed assets is considered as tax base in corporate tax
      calculation; there is still a difference between tax base of fixed assets and their IFRS
      values. Specifically this difference is resulting from accumulated depreciation
      calculation in accordance with the tax law; and therefore, the net book value of the
      fixed assets in current tax base is lower than the one in IFRS tax base. Accordingly,
      there is 18,102 TL billion deferred tax liability provided in the IFRS financial statements.

								
To top