31 March 2015 - Lokman Hekim Hastanesi

Transkript

LOKMAN HEKİM ENGÜRÜSAĞ SAĞLIK, TURİZM EĞİTİM
HİZMETLERİ VE İNŞAAT TAAHHÜT A.Ş.
01 January 2015 – 31 March 2015
Independent Auditor’s Report
1 / 45
INDEPENDENT AUDITOR’S REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS OF
LOKMAN HEKİM ENGÜRÜSAĞ SAĞLIK, TURİZM, EĞİTİM HİZMETLERİ VE İNŞAAT TAAHHÜT A.Ş.
FOR 1 JANUARY – 31 MARCH 2015
To the Board of Directors of
Lokman Hekim Engürüsağ Sağlık, Turizm, Eğitim Hizmetleri ve İnşaat Taahhüt A.Ş.
Introduction
We have reviewed the accompanied consolidated financial statements of Lokman Hekim Engürüsağ
Sağlık, Turizm, Eğitim Hizmetleri ve İnşaat Taahhüt A.Ş. (the “Group”) which compromise the consolidated
balance sheet as of 31 March 2014, consolidated mid-term statement of comprehensive income,
consolidated statement of changes in equity, consolidated statement of cash flows and summary of
significant accounting policies and their footnotes. Management is responsible for the preparation and fair
presentation of the financial statements in accordance with Turkish Accounting Standards published by
Public Oversight Accounting and Auditing Standards Authority (“KGK”). Our responsibility is to express an
opinion on these mid-term consolidated financial statements based on our limited audit.
Scope of Limited Independent Audit
We conducted our limited independent audit in accordance with standards on auditing issued by Capital Market
Board. interim financial information consists of making inquiries, primarily of persons responsible for financial
reporting process, and applying analytical and other review procedures. . A review is substantially less in scope
than an audit conducted in accordance with standards on auditing issued by Capital Market Board and
consequently does not enable us to obtain assurance that we would become aware of all significant matters that
might be identified in an audit. Accordingly, we do not express an audit opinion.
Opinion
In our opinion, except for the effects of the issue stated in the base of qualified opinion paragraph., the
financial statements present fairly, in all material respects, the financial position of Lokman Hekim Engürüsağ
Sağlık, Turizm, Eğitim Hizmetleri ve İnşaat Taahhüt A.Ş.’s financial situation, financial performance and cash flow
statement for 3 months period by the date of 31.3.2015
18.05.2015, Ankara
Karar Bağımsız Denetim ve Danışmanlık A.Ş.
Member Firm of JHI Association
Ali Osman Eflatun
Auditor in Charge
TABLE OF CONTENTS
STATEMENT OF FINANCIAL POSITION ....................................................................................................................... 5-6
COMPREHENSIVE INCOME STATEMENT........................................................................................................................ 4
STATEMENT OF CHANGES IN EQUITY ............................................................................................................................ 5
STATEMENT OF CASH FLOW ............................................................................................................................................. 6
NOTES TO THE FINANCIAL STATEMENTS ..................................................................................................................... 6
Lokman Hekim Engürüsağ Sağlık, Turizm, Eğitim Hizmetleri ve İnşaat Taahüt A.Ş.
Consolidated Statement of Financal Position For The Period Ended 31 March 2015
(Amounts are expressed in Turkish Lira unless otherwise stated)
Notes
31.3.2015
31.12.2014
43,437,450
41,422,051
ASSETS
Current Assets
Cash and cash equivalents
[4]
1,036,142
463,806
Trade receivables
[6]
30,799,637
28,926,160
132,805
669,055
30,666,832
28,257,105
543,332
543,332
543,332
543,332
[8]
4,642,731
5,567,279
Prepaid expenses
[16]
5,436,820
4,991,760
Assets related with current tax period
[16]
30
0
Other current assets
[16]
978,758
929,714
978,758
929,714
87,321,115
88,259,274
-Due from related parties
-Other
Other receivables
[7]
-Other
Inventories
-Other
Non-Current Assets
Other receivables
[7]
56,367
57,224
Biological assets
[9]
3,354,900
3,052,650
[10]
73,833,891
74,754,175
Property, plant and equipment
-Finance lease
-Other
7,723,230
8,127,841
66,110,661
66,626,334
Intengible assets
[11]
9,901,457
10,052,193
- Goodwill
[12]
1,969,390
1,969,390
7,932,067
8,082,803
174,500
343,032
130,758,565
129,681,325
-Other non-current assets
Prepaid expenses
[16]
TOTAL ASSETS
4 / 45
LIABILITIES
Short-Term Liabilities
45.903.238
42.397.256
Short-term borrowings
[5]
12,757,545
13,718,008
Trade payables
[6]
16,774,278
16,281,523
The short term portions of the long term borrowings
-Due to related parties
-Other
[5]
6,429,691
5,366,450
2,826,809
3,013,601
13,947,469
13,267,922
Due to the scope of benefits provided to employees
[16]
4,580,438
4,290,284
Other liabilities
[7]
1,217,418
510,874
1,213,780
337,076
3,638
173,798
-Due to related parties
-Other
Deferred revenue
[16]
898,051
316,487
Short-term provisions
[13]
220,503
198,503
Current period income tax and other legal requirements
[24]
- Other short term provisions
Other short term liabilities
[16]
Long-term borrowings
[5]
Long Term Liabilities
Deferred revenue
Long term provisions
[16]
-Due to the scope o benefits provided to employees
[15]
Deferred tax liabilities
[24]
Liabilities on current periods taxes
Equity
[15]
Parent Company Equity
Share Capital
Unrecoverable accumulated revenues and expenses
-Increasing in valuation of assets
-Identified benefits plan and remeasurement of gain and
(loss
Recoverable accumulated revenues and expenses
-Foreign currency conversion adjustments
Legal reserve
Previous years profits / losses
Net income (loss) for the period
Minority interest
TOTAL LIABILITIES AND EQUITY
[17]
[17]
[17]
[17]
[17]
373,010
116,935
220,503
198,503
2,652,304
1,598,192
23,886,395
26,762,852
10,661,099
13,959,889
1,144,223
1,006,628
589,925
589,925
1,144,223
1,006,628
10,256,483
10,046,989
60,968,932
60,521,217
59,395,044
59,437,076
24,000,000
24,000,000
29,062,701
29,062,701
-1,030,885
-888,849
-1,565,474
-532,808
-1,565,474
-532,808
947,880
947,880
1,234,665
28,031,816
1,159,421
28,173,852
6,848,152
5,153,542
1,132,670
1,694,610
1,573,888
1,084,141
130,758,565
129,681,325
Consolidated Statement of Income For the Period 1 January 2015- 31 March 2015
1.1.2015
31.3.2015
1.1.2014
31.3.2014
34,573,382
(29,712,079)
28,895,983
(26,132,805)
[19]
[19]
[20]
[21]
(1,239,858)
(272,648)
251,582
(714,791)
2,885,588
(1,049,177)
(250,324)
746,675
(590,800)
1,619,552
[22]
[23]
1,351,399
1,518,127
Notes
Comprehensive Income Statement
[18]
[18]
Revenue
Cost of Goods Sold (-)
4,861,303
Gross Profit/Loss
General Administrative Expenses (-)
Selling & Marketing Expenses (-)
Other Operational Revenues and Income
Other Operational Expenses and Losses (-)
Operating Profit/Loss Before Financing Expenses
Financial Income
Financial Expenses (-)
2,763,178
(2,130,807)
(1,991,840)
[24]
[24]
(483,763)
(373,010)
(110,753)
1,622,417
147,064
(163,716)
310,780
1,292,903
Earnings Per Share
[25]
0,067601
0,080806
Distribution of Net Profit/Loss
[17]
1,622,417
489,747
1,132,670
1,292,903
216,862
1,076,041
01,01,2015
31,03,2015
01,01,2014
31,03,2014
1,622,417
1,292,903
(142,036)
(136,924)
(177,545)
(169,904)
35,509
32,980
Changes in Currency Translation Differences
(1,032,666)
(1,032,666)
(52,865)
(52,865)
Other Comprehensive Income (After Tax)
(1,174,702)
(189,789)
447,715
1,103,114
447,715
403,446
44,269
1,103,114
196,396
906,718
2,106,180
Before Tax Profit/Loss
Tax Income/Expenses
Current Period Tax Expense
Deferred Tax Income/Expense
Net Profit/Loss
Non-Controling Shares
Parent Company Shares
Other Comprehensive Income Statement
Net Profit/Loss
[17]
Not-Reclassified In Profit / Loss
Increasing/Decreasing in valuation of tangible assets
Identified benefits plan and remeasurement of gain and loss
Other comprehensive income's tax revenue / loss that are not reclassified in
profit / loss
Reclassified in Profit / Loss
Total Comprehensive Income
[17]
Distribution of Comprehensive Income
Non-Controlling Shares
Parent Company Shares
6 / 45
1,145,839
Consolidated Statement of Changes in Shareholders’ Equity
For the period 1 January 2015 – 31 March 2015
Accumulated comprehensive
revenue / expenses that are not
reclassified in profit / loss
Notes
1.1.2014
[17]
Shared
capital
16,000,000
Gain / Loss of
Tangible Assets
revaluation and
remeasurement
Share
premium
7,694,861
29,062,701
Identified
Benefits Plan
and
Remeasurement
of Gain and
(Loss)
-534
Foreign Currency Translation Differences
Accumulated
comprehensive
revenue /
expenses that are
not reclassified in
profit / loss
Currency
exchange
diffirences
-32
Accumulated Profit
Restricted
Reserve
Throug
profit
749
Previous
Years Profit
/ loss
Net Profit /
Loss
Noncontrolling
shares
5,470,242
1,151,848
394
-52,865
Identified Benefits Plan and Remeasurement of Gain and (Loss)
-169,904
32,98
16,000,000
7,694,861
29,062,701
-671,191
24,000,000
0
29,062,701
-888,849
59,956,119
-52,865
-169,904
32,98
Minority Shares
Current Period Net Profit /Loss
TOTAL
1,076,041
216,862
1,292,903
610,774
61,059,233
-84,869
748,826
6,622,090
1,076,041
-532,808
947,88
5,153,542
1,694,610
31.12.2014
1.1.2015
[17]
Foreign Currency Translation Differences
1,084,141 60,521,217,00
-1,032,666
Identified Benefits Plan and Remeasurement of Gain and (Loss)
-1,032,666,00
-177,545
Tax Income / Expenses
-177,545,00
35,509
35,509,00
Current Period Net Profit /Loss
31.3.2015
24,000,000
0
29,062,701
-1,030,885
-1,565,474
947,88
6,848,152
1,132,670
489,747
1,622,417,00
1,132,670
1,573,888
60,968,932
Consolidated Cash Flow Statement
For the period 1 January 2015 –31 March 2015
Notes
A. Cash Flows from Operating Activities
Cash Inflows Income Operating Activities
Cash Inflow Through Sale of Goods and Services
Change in Trade Receivables
Cash Outflows Income Operating Activities
Payments to Suppliers for Goods and Services
Change in Inventories
Change in Trade Payables
Cash Outflow from Operating Activities
[18]
[7]
[18]
[9]
[7]
[19]
Net Cash Flow From Operating Activities ;
Cash Inflow From Other Profit and Revenues
Cash Outflow From Other Expenses and Losses
Cash Inflow From Financial Revenues
Cash Outflow From Financial Expenses
Cash Flow From Other Assets and Liabilities
Tax Refund
B. Cash Flows From Investiment Activities
Cash Inflow Through Sale of Tangible Assets
Cash Outflow From Sale of Tangible /Intangible Assets
C. Cash Flows From Financing Activities
Cash Outflows/Inflow From Short-Term Financial
Liabilities (net)
Cash Outflows/Inflow From Long-Term Financial
Liabilities (net)
Net Change in Leasing Activities
Cash Outflows From Short-Term Financial Liabilites
Cash Outflows From Long-Term Financial Liabilites
Paid Divended
[20]
[21]
[22]
[23]
[8,15]
[24]
[10,11]
[10,11]
[6]
[6]
D. Effects of Currency Differences on Cash and Cash
Equivalents
E. Cash Flow From Operating Activities
F. Cash and Cash Equivalents at the Beginning of the
Period
[3]
G. Cash and Cash Equivalents at the End of the Period
[3]
1.1.2015
31.3.2015
1.1.2014
31.3.2014
4,739,356
33,068,209
34,821,346
(1,753,137)
(27,979,957)
(27,513,072)
616,632
428,989
(1,512,506)
3,135,848
26,070,710
29,607,891
(3,537,181)
(24,392,116)
(24,524,609)
1,177,551
254,443
(1,299,501)
5,088,252
1,678,594
251,582
(666,498)
85,911
(668,400)
1,021,519
(373,010)
732,809
(459,690)
203,091
(853,428)
1,998,188
(163,716)
(855,642)
19,209
19.209
(874,851)
(874,851)
(1,816,683)
124,839
124,839
(1,941,522)
(1,941,522)
(3,311,378)
(3,311,378)
4,653
(2,669,629)
(646,402)
(1,354,261)
(1,354,261)
(753,491)
(55,220)
(545,550)
0
0
572,336
(35,096)
463,806
481,825
1,036,142
446,729
Notes to the Consolidated Financial Statements
At 31 March 2015
1.
Company’s Organization and Main Activity
Lokman Hekim Engürüsağ Sağlık, Turizm, Eğitim Hizmetleri ve İnşaat Taahhüt A.Ş. (“Parent
Company”, “Gruop”, or “Company”) was established in Ankara in 1996. Firstly, it started to operate sale
of medical stuff and procurement of medical equipment.
Company amended the main contract in the meeting which was conducted on May 23 2010 after
the 2009 Ordinary General Assembly Meeting. Compay’s tittle of “Engürüsağ Sağlık, Turizm, Eğitim
Hizmetleri ve İnşaat Taahhüt A.Ş.” was changed as “Lokman Hekim Engürüsağ Sağlık, Turizm, Eğitim
Hizmetleri ve İnşaat Taahhüt A.Ş.” relying on this amendment.
Company’s recorded adress is General Tevfik Sağlam Caddesi No: 119 Etlik/Ankara.
Main partnership’ capital and partnership structureis;
Group A
Group B
Total
TL
31.3.2015
193,208
23,806,792
%
24,000,000
1
99
TL
100
31.12.2014
193,208
23,806,792
24,000,000
%
1
99
100
A category shares are registered and cannot be sold in the stock exchange market. They cannot
be transferred partially to 3rd parties. A category shareholder has priority for sale of shares relying on
real value (the value which is set jointly between parties). In the situation of conflict, valuation of share
will be made during a month by independent auditing firm which is jointly decided. At the transfer of A
category share, in the situation that there is one or more than one A category shareholder which will
take over, shares are transferred equally. When there is no A category shareholder to take over A
category shares which are settled its value, shareholder is free to sell his shares to 3rd parties over its
settled value.
Affairs and management of company are conducted by board of directors consisted of minimum
7 or 9 people which are elected by General Board. If board of directors will consist of 7 people elected
by General Board, 5 of it; and if board of directors will consist of 9 people, 6 of it will be elected by
General Board between candidates jointly nominated by shareholders who have more than 51 percent
of A category shares.
There is no granted privilege to B category shares.
Subsidiaries which are in the group, are subjected to consolidation, are direct, and sphere of
activities of these subsidiaries with its rate of share are like below;
Companies
Lokman Hekim Van Sağlık Hizmetleri ve İnşaat Taahhüt A.Ş.
Hay Süt ve Süt Ürünleri Hayvancılık Gıda ith. İhr. A.Ş
Engürüsağ Genel Ticaret Ltd. Şti. (Erbil) (Iraq) *
Principle activity
Health
Livestock, Dairy
Health
Participation rate (%)
31.3.2015
31.12.2014
50,99
50,99
95,00
95,00
73,62
73,62
At 31 March 2015
Lokman Hekim Etlik Hospital;
5 floor hospital building which is on the indoor area of 2.900 m2 in the district of Etlik in Ankara,
has been rented for 15 years in 1999 and this contract has been renewed as 5+5 years. There are 2
operating room, 2 delivery room, 3 newborn intensive care incubator, 3 intensive care bed and hospital has
37 inpatient bed availability in total.
The hospital has TUV-CERT ISO 9001:2008 Certificate of Quality Management System and it
supports the project of Baby -Friendly Hospital which is conducted by UNİCEF and Ministry of Health. In this
scope, hospital has Certificate of Baby - Friendly Hospital.
Lokman Hekim Sincan Hospital;
8 floor hospital building with 17.500 m2 indoor area in Sincan district in Ankara is Company’s own
asset. The hospital has 6 operation room and one heliport for air ambulance. The hospital has 38 intensive
care room, 10 intensive care for cardiology department, 1 coronary room with 4 beds and 15 newborn
intensive care incubator with a total capacity of 201 beds.
The hospital has granted with the TSE EN ISO 9001: 2008 Quality Management System Certificate in
August, 2008 by Turkish Institute of Standards.
The hospital has a Baby-Friendly-Hospital certificate from a project of Unicef and Ministry of
Health in 12.07.2010.
Lokman Hekim Van Hospital;
The 9 floor hospital building in Van city centre with 12.500 m2 indoor area The hospital has 5
operating room, 21 general intensive care beds, 3 beds for intensive care for cardiology department, 20
coronary rooms, 64 newborn intensive care incubators, 9 beds for child intensive care and 99 patient beds
with a total capacity of 207 beds.
Lokman Hekim Hayat Hospital;
The hospital which is In Van and has 4.500m2 indoor area has 52 bed capacity. The hospital has 5
general care room, 17 newborn intensive care incubator, 2 operating room and total capacity of 52 beds.
The hospital has started to operate on 25.02.2013.
Engürüsağ Genel Ticaret Ltd. Şti.
The center was established to provide imaging and diagnostic facilities in Erbil, Iraq on 13.05.2013
with an owners’ equity of 12.000$ (15 million Iraqi Dinars). The group has %70 percent of the shares and
titled as co-founder. The company will operate in an indoor area of approximately 2,000 m2. which includes
Radiology and Laboratory units located in the center.Company’s participation rate has increased %70 to
%95 at 08.09.2014
Laboratories
The lab centres in the hospitals are members of Bio – Rad Laboratories Egas, College of American
Pathologists Cap in America and Randox Laboratories in London, Rigas External Quality Control Programs
and UK Megas and reliabilities of the results and laboratory equipment are checked periodically.
At 31 March 2015
Medical Units
Anaesthesia and Reanimation, Nutrition and Diet, Brain and Neurosurgery, Child Care and Paediatric,
Child Neurology, Dermatology, Physical Med and Rehabilitation, Gastroenterology, General Surgery,
Pulmonology, Eye Diseases, Internal Diseases, Gynaecological Diseases and Delivery, Cardiology,
Cardiovascular Surgery, Otorhinolaryngology, Neurology, Nephrology Orthopaedics and Traumatology,
Medical Oncology, IVF Unit, Urology, Dental Services
Personnel;
Position
31.3.2015
31.12.2014
Doctor
Health services (Nurse, ATT, Health Officer, Health Tech., Pharmacist, Dietician
etc.)
Health support services (Health Support Personnel, Patient Relations)
161
168
559
542
376
346
Management support service
279
271
73
75
Veterinary and laborers
9
9
Construction engineers and construction worker
6
12
1.463
1.423
Management
Total
2.
PRINCIPLES REGARDING TO THE PRESENTATION OF FINANCIAL STATEMENTS
2.1. Main Principles regarding to the Presentation
2.1.1. Legal Books and Financial Statements
Within the scope of standards as TMS/TFRS respectively; Turkish Accounting Standard and
Turkish Financial Reporting System, Public oversight, Accounting and Auditing Standards Authority
(“KGK”) 5411 numbered Banking Law, Turkish Capital Markets Board of Turkey (“SPK”) 6362 numbered
Capital Markets Law and with 5684 numbered Insurance Law and also 4683 numbered Individual
Retirement and Investment Law are published on 20.05.2013, on Official Journal in 28652.
According to the Principles of Financial Reporting in Capital Markets Notification (II-14.1) of
Capital Markets Board of Turkey (SPK), financial market institutions, with exclusion of exported capital
market tools, the transactions in the stock market of investment funds and partnership, housing finance
and asset finance funds, has to prepare its financial statement appropriately to the TMS/TFRS.
In the number of the meeting 20/670 of Capital Markets Board of Turkey (SPK), the number of
notification II-14.1 for the financial market institutions, with exclusion of exported capital market tools,
the transactions in the stock market of investment funds and partnership, housing finance and asset
finance funds after the interim periods of 31.03.2013, the methods came into force. This methods
announced in the weekly newsletter at the date 07.07.2013 and in the number of 2013/19. The
company prepared its consolidated financial statement after 30.07.2013 according to this standards.
The decision taken on 17 March 2005, operating in Turkey and preparing their financial
statements in accordance with Capital Markets Board(“CMB”) Financial Reporting Formats for
companies with effect from 1 January 2005, application of inflation accounting is no longer required.
The financial statements for 1 January 2005, provided that the No. 29 "Financial Reporting in
Hyperinflationary Economies" Standard ("IAS 29") applied.
The Group prepare its Financial Statements in according to Turkish Commercial Code (“TCC”)
and Ministry of Finance Standards. And the currency is Turkish Lira(s).
The consolidated financial statements are prepared in accordance with the historical cost basis
records for the purpose of fair presentation in accordance with TMS/TFRS.
At 31 March 2015
2.1.2Principles of Consolidation;
Company
Principal Activity
Lokman Hekim Van Sağlık Hizmetleri ve İnşaat Taahhüt A.Ş.
Health
Hay Süt ve Süt Ürünleri Hayvancılık Gıda ith. İhr. A.Ş.
Engürüsağ Genel Ticaret Ltd. Şti. (Erbil-Iraq)
Milk production
and livestock
Health
Participation rate (%)
31.3.2015
31.12.2014
50,99
50,99
95,00
95,00
73,62
All the companies above is consolidated accordance to the principles below.
Consolidation Method
• Consolidated balance sheets and income statement items of the partnerships are consolidated through
adding up to each other. Book values of the shares owned by Main Partnership in consolidated subsidiaries
are set off from the shareholders’ equity accounts of the subsidiary.
• Receivables and payables , sale of good and services and income and loss items resulting from the
transactions between the partnerships from each other which are within the scope of consolidation are set
off.
• Tangible and intangible assets purchased between the partnerships which are subject to consolidation
method are presented in the consolidated balance sheet through their costs of acquisition after the
necessary adjustments are made.
• The amounts equal to the external shares of main partnership and subsidiaries are deducted from all
shareholders’ equity items, including the paid/issued capitals of the subsidiaries which are within the scope
of consolidation, and are presented as “Minority Shares” before the shareholders’ equity account group in
the balance sheet.
• Cost of acquisition of shares in the capital of subsidiary by main partnership as of the date when the
partnership within the scope of consolidation become subsidiary and just for the one time for the following
share purchases, is set off from the value in the shareholders’ equity in the re -valued balance sheet of the
subsidiary based on the fair value as of the purchase date.
• Acquisition of the Group is accounted through purchase method. In this method, acquisition is registered
based on cost. The group, starting from the acquisition date, includes the operation results of the company
which is acquired in its income statement and also presents each definable asset and liability of the acquired
company as well as the goodwill or negative goodwill aroused as a result of the acquisition in the balance
sheet as of this date.
2.1.3. Functional Currency;
Functional currency of the Group is Turkish Lira (TL) and attached financial statements and footnotes are
presented in Turkish Lira (TL).
2.1.4. Declaration of Conformity;
Attached financial statements of Group have been confirmed by the Board of Directors of the
Company as of 12.11.2014 The right to change the attached financial statements belongs to the General
Assembly of the Company or legal authorities
73,62
At 31 March 2015
2.1.5. Netting / Set Off
Financial assets and liabilities are presented at their net values in cases of a required legal right, related
assets and liabilities are intended to be netted or acquisition of assets are followed by the performing of the
liabilities.
2.1.6. Financial Statement of Partnerships in Foreign Countries
Financial statements of partnerships and subsidiaries in foreign countries are prepared in accordance with
the host countries’ standards and law. The accounting principles of the Group are adjusted according to
these laws and standards.
If the currencies of
method is below;
•
•
the Group companies are different from reporting currency. Then the conversion
All the assets and liabilities are converted with the exchange rate on the date of balance sheet.
Revenues and expenses are converted with the exchange rate on the date of balance sheet. And the
difference of conversion is stated in the comprehensive income statement.
2.1.7. New and Revised Turkish Accounting / Financial Reporting Standards:
Changes in International Fnancial Reporting System (IFRS)
a) Amendments and comments to existing standards and new standards that are effective as of 31
March 2015
IAS 19 Defined benefit plans ; effective for annual periods beginning on or after 1 July 2014.
Annual Improvements for the period 2010-2012; effective for annual periods beginning on or after
1 July 2014.
• Annual Improvements for the period 2011-2013; effective for annual periods beginning on or after
1 July 2014.
b) Standards are published as of 31 March 2015 but had not yet entered into force
•
•
•
•
•
•
•
•
•
•
•
•
•
IFRS 11, Amended by accounting for acquisitions of ınterests in joint operations; effective for annual
periods beginning on or after 1 January 2016.
IAS 16 ,IAS 41 ; Agriculture bearer plants; effective for annual periods beginning on or after 1
January 2016.
IAS 16 and IAS 38; Tangible assets and intangible assets ; effective for annual periods beginning on
or after 1 January 2016.
IFRS 14 Regulatory defferal accounts issued ; effective for annual periods beginning on or after 1
January 2016.
IAS 27 Seperate financial statements; effective for annual periods beginning on or after 1 January
2016.
IFRS 10 Consolidated financial statements and IAS 28 Investments in associates and joint ventures ;
effective for annual periods beginning on or after 1 January 2016.
Annual Improvements for 2014 ; effective for annual periods beginning on or after 1 January 2016.
IAS 1 Presentation of financial statements ; effective for annual periods beginning on or after 1
January 2016.
IFRS 10 Consolidated financial statements and IAS 28 Investments in associates and joint ventures;
effective for annual periods beginning on or after 1 January 2016.
IFRS 15 Revenue from contracts with costumers ; effective for annual periods beginning on or after
1 January 2017.
IFRS 9 Financial instruments; effective for annual periods beginning on or after 1 January 2018
At 31 March 2015
2.2. Changes and Mistakes in the Accounting Policies
An enterprise can only changes its accounting policies only in case of following conditions and apply
backwards;
•
Required by a standard or an interpretation
•
If it is in a character which provides a more appropriate and trustable way to present the
effects of the transactions and events on the financial statement, performance or cash flow of
the enterprise
Parties who use the financial statements should have the opportunity to compare the financial
statements throughout the time in order to find out the trends of the financial position, performance
and cash flow. Therefore, as long as a change in an accounting policy does not meet one of the criteria
described above, same accounting policies should be used in every period and financial period.
Comparative information and restatement of prior period financial statements
Company reclassified its deferred tax liabilties which was classified as other long term liabilities
before. 5.292.224 TL is stated in the Liabilities Related Current Period Tax under the Long-term
Liablities, before 31.12.2013 it is was stated in Other Short-term Liabilities. This tax liabilities are
deferred regarding to announcement of force majeure by Revenue Administration in Van because of
earthqueke in 23.11.2013. The end date of force majeure will be announced by administration.
Capital Markets Board of Turkey (SPK) issued financial statement samples and user guide at the date
of 07.07.2013 and in the 20/670. Meeting for the financial market institutions which is covered in Principles
of Financial Reporting in Capital Markets Notifications, after the interim period of March 31, 2013. According
to this enacted methods, various classifications are made in the consolidated financial statement,
consolidated profit/loss and other comprehensive income statement.
2.3. Summary of Important Accounting Policies
2.3.1. Revenue;
Revenue means – in exchange of the health services provided – invoice amount of the invoiced services, the
amount to be invoiced for the performed but not invoiced services and the amount calculated based on the
completion level for not invoiced but still continuing services, less returns and discounts.
In case an uncertainty arises to collect a revenue amount which was presented in the financial statements,
uncollectable or the amount which becomes impossible to collect are considered as cost in the financial
statements rather than adjusting the first registered revenue.
2.3.2. Inventories;
Costs of inventories are compromise of cost of all purchases, conversion costs and other costs burdened to
perform the current position and condition of the inventories. For the inventory purchases with interim
payments, the differences between the cash value and future value are recognised as finance costs in the
period it occurred.
Inventory method is weighted average cost method.
Inventories are valued with the lowest of cost and net realisable value. Net realisable value is the value
expected sales value under normal conditions less the total of expected costs of completion and expected
sales costs in order to perform the sale.
At 31 March 2015
It is assumed that the production activities would be at normal capacity on the distribution of fixed general
production costs to conversion costs. Normal capacity is the expected average production amount under
normal conditions within one or a few periods or sessions considering the loss of capacity due to the
planned repair and maintenance works. If the real production level is close to the normal capacity, then this
capacity is considered as normal capacity. If the actual production level is continuously below from the predetermined normal capacity, then the normal capacity is accepted as realized actual capacity and all the
fixed production costs add into the production costs of services.
The Company's actual capacity in Ankara Hospital of Sincan continued for periods, and has been
accepted as the normal capacity and this capacity calculations were made accordingly. Therefore, the
cost of an idle capacity has not been occured.
2.3.3. Biological Assets
Biological assets are registered with their costs at the time of purchase. At the end of each reporting
period, they are evaluated based on fair value. In cases where fair value cannot be calculated or determined
clearly, so-called biological asset is re-valued through its cost less all related accumulated depreciation and
accumulated provisions for loss. Gains or losses on the values are linked with the period profit or loss
2.3.4. Tangible Fixed Assets
Tangible assets which are expected to be used within the company for more than one year are registered
with their costs at the time of purchase. In the following periods, revaluation method for lands and buildings
are revalua
ted based on the method for cost of other tangible assets. Costs of other tangible assets
which were purchased prior to 01.01.2005 are costs which are adjusted for inflation effects.
The group used pro rata depreciation for tangible assets according to normal depreciation method. When
the
Group determines the depreciation lives for its tangible assets, it considers the useful life of the asset.
Costs of tangible assets which are purchased through leasing are the costs less the interest and foreign
exchange difference. Interests and foreign exchange differences are registered as financial costs in the
relevant period.
Group’s beneficial life for tangible assets are ;
Buildings
Machinery, plants and equipment
Vehicles
Fixtures
Assets Purchased Through Leasing
Other non-tangible fixed assets
50 Years
5 – 20
Years
5 Years
2 – 20
Years
5 – 15
Years
5 – 20
Years
2.3.5. Non-Tangible Fixed Assets
Non-tangible assets which are expected to be used within the company for more than one year are
registered with its costs at the time of purchase. They are re-valued based on the cost model in the
following periods. Cost of non-tangible assets which were purchased prior to 01.01.2005 are costs which are
adjusted for the inflation effect.
At 31 March 2015
Doctor staff costs and hospital license are reported in non tangible assets as Rights for Lokman Hekim
Van Hospital and Lokman Hekim Hayat Hospital.
According to the issued change in the Official Gazette in 11.07.2013, transfer of staff and licence is
allowed with article 6 of Private Hospital Regulation.
The Group takes the useful lives of the assets into consideration when determining the depreciation lives of
the non-tangible assets.
The Group determined useful lives for its non-tangible assets 3 to 15 years.
2.3.6. Goodwill
Purchase price burdened related to the purchase of a company is distributed to the identifiable assets,
liabilities and conditional liabilities at the time of purchase of the purchased company. The difference
between purchase price and fair value of the identifiable assets, liabilities and conditional liabilities of the
purchased company is registered as goodwill in the consolidated financial statements. In the mergers,
assets, non-tangible assets and conditional liabilities which are not stated in the financial statements of the
purchased company/enterprise but can be separated from the goodwill are reflected to the consolidated
financial statements with their fair values. Goodwill in the financial statements of purchased company are
not considered as identifiable assets.
In case of the buyers’ share of the fair values of the purchased identifiable assets, liabilities and conditional
liabilities exceeds the purchase price, then the difference is linked with the consolidated income statement.
In case any value decline in the goodwill amount, its effect is reflected to the period results. Test for the
value decline at the same time every year to determine whether there is a value decline in the goodwill
amount or not.
Legal mergers among the enterprises which are under the control of the Group are considered within the
scope of UFRS 3. Therefore, no goodwill is calculated in such mergers. Moreover, transactions occurred
during legal mergers are subject to adjustment process during the preparation of consolidated financial
statements.
2.3.7. Decline in the Values of Assets
According to IAS 36 – Decline in the Values of Assets standard, book values of tangible and intangible assets
and their recoverable values can be compared if it is deemed necessary due to domestic and international
economic indications. If it is forecasted that the book value of the asset exceeds the recoverable value, then
it is accepted that there is decline in the value of the asset. Recoverable value is the lesser of the exercise
price and market price. Forecasted decline in the value is registered as loss at the term in which it is
determined.
However, existence of such decline in value is out of question.
2.3.8. Financial Instruments
a) Cash and Cash Equivalents
Cash on hand of the Group consists of cash and bank deposits. Cash equivalents consist of receivables from
credit card.
Bank deposit balances of foreign currencies are re-valued from the foreign exchange rate of TC Central Bank
at the date of balance sheet. Current values of the cash in the balance sheet and deposits in the bank and
receivables from credit card are the fair value of these assets.
b) Trade Receivables and Payables
At 31 March 2015
Trade receivables and payables resulting from providing a service to a customer by the Group or purchasing
a good or service from a supplier are presented after clarified from deferred financing revenues and costs.
It is assumed that the discounted values of trade receivables and provision for doubtful receivables are
equivalent to the fair values of the assets.
The group, in case there is an objective proof that the collecting is impossible, makes provisions for doubtful
receivables. The amount of this provision is registered value of the receivable less the guarantees and
warrantees.
Following making a provision for the doubtful receivables, in case all or a portion of the doubtful receivable
is not collected, the collected amount is written off from doubtful receivables and registered as other
revenues.
It is assumed that the discounted values of the trade receivables are equivalent to the fair values of the
assets.
c) Other Receivables, Payables and Liabilities
Registered based on accrual basis and it is assumed that the registered values are equivalent to fair values.
2.3.9. Benefits for Employees / Termination Indemnity
According to applicable Labour Law, the company shall pay a termination indemnity not less than 30 days
for each year for the employee who is fired from the company except those fired due to bad behaviours. For
this reason, the company has to estimate the total cost to be paid and discount the estimated payments so
that find the net present value. Therefore, the company reports its total liability at the date of balance sheet
which is discounted to net present value.
It is assumed that man who has worked 25 years and woman who has worked 20 years would be retired and
termination indemnity would be paid at that time. Accordingly, the company tries to find out the expected
termination indemnity liability which it would pay at the time of retirement or firing its employees in the
future. Net present value of the portion of the termination indemnity right hold by the employee at the date
of balance sheet within this total liability which is expected to be paid is registered into the balance sheet as
provision for termination indemnity. It is assumed that ratio of the number of employees who were fired or
leave the company in the previous periods without getting any termination indemnity to the total number
of employees would be the same in the following periods and total liability is declined at this rate.
The difference of the total termination indemnity between the two periods is distributed to cost of interest,
cost of service for the current period and actuarial income / loss. Cost of interest is the cost of use of the
liability in the previous period’s balance sheet during the period and equals to the liability amount at the
beginning of the period for the employees who are still working multiplied by discount rate used in that
year. The cost of service for the current period is the portion of the termination indemnity at the time of it is
going to be paid which the employees get the right for termination indemnity for their services at the time
of balance sheet through discount rate. All other differences are reflected to actuarial income and loss.
Actuarial income / loss, cost of interest and cost of services for the current period are presented in the
comprehensive income statement.
Except from the wages, bonuses and other social benefits provided to employees, there is not any
contribution plan to be paid after the retirement or resigning period.
At 31 March 2015
2.3.10. Taxation
Tax payable in the attached financial statements is consist of tax provision for the current period and
deferred tax. The provision for the liabilities regarding to the corporate tax to be resulted from the activities
in the current period is set based on the legal tax rates at the time of balance sheet. Deferred tax
asset/liability is the difference between account value and tax value (timing difference). Current tax rate is
considered on the calculation of deferred tax asset.
Deferred tax liability is presented in the financial statements for all taxable or deductible provisional
differences but deferred tax asset is presented in the financial statements provided that there are taxable
profits are possible from which the deductible provisional differences can be set off. Net deferred tax assets
resulting from the timing differences are reduced at the rate of the tax deductions provided that it is not
certain that they can be used in the following years according to the information on hand.
2.3.11. Related Parties
Parallel to the aim of these financial statements, related parties are considered and defined as the
companies which are linked to the shareholders, important managerial employees and board members,
their families and controlled by them or related to them, subsidiary and partnerships and minority partners
of the affiliates.
Shareholders, major managers of these companies and members of the board of the Company and their
families are also considered as related parties. Transactions made with the related parties are generally in
accordance with the market conditions. Key managerial employees are also defined as the related parties of
the company. The companies which are considered as related parties and the level of relation are as follows:
•
Owner of Afşar Matbaacılık is shareholder of Lokman Hekim A.Ş.
•
Owner of Akgül Grup Gıda Ltd. Şti. is shareholder of Lokman Hekim A.Ş.
•
Owner of Bartek Bilgisayar is shareholder of Lokman Hekim A.Ş.
•
Owner of B Ajans Medya Yayın ve Org. San. Tic. Ltd. Şti. is indirectly shareholder of Lokman
Hekim A.Ş.
•
Owner of Bilgen İnşaat Konf. Taah. Tic. Ltd. Şti. is shareholder of Lokman Hekim
•
Owner of Çetin Matbaacılık is shareholder of Lokman Hekim A.Ş.
•
Owner of Lokman Hekim Tıbbi Hizmetler Tic. Ltd. Sti is shareholder of Lokman Hekim A.Ş.
•
Owner of Özdemir İnşaat is shareholder of Lokman Hekim A.Ş.
•
Owner of Pozitron Sağlık Hizmetleri San. ve Tic. Ltd. Şti. is shareholder of Lokman Hekim A.Ş.
•
Owner of Şekerciler Gıda Tic. Ltd. Şti. is shareholder of Lokman Hekim A.Ş.
•
Owner of Kardiyotek Ltd. Şti. is shareholder of Lokman Hekim A.Ş.
•
Owner of Koç Medikal is shareholder of Lokman Hekim A.Ş.
•
Owner of Özkanlar Paz. İth. İhr. Gıda Mad. Tic. Ltd. Şti. is shareholder of Lokman Hekim A.Ş.
•
Owner of Medisina Sağlık A.Ş. is shareholder of Lokman Hekim A.Ş.
•
Owner of Özer Yapı Vizyon Ltd. Şti. is shareholder of Lokman Hekim A.Ş.
•
Owner of Van Divan Sağlık Eğitim Turizm Sanayi Ticaret A.Ş. is related party of Lokman Hekim Van
A.Ş.
•
Owner of Safi Sağlık Sanayi Ticaret A.Ş. is related party of Lokman Hekim Van A.Ş.
At 31 March 2015
•
2.3.12. Costs of Borrowing
Bank loans with interest are registered at their net amounts after deducting the cost of borrowing. Revenues
or costs which are arising at the time of amortization or registration of the liabilities are linked to income
statement. Costs of borrowings are also registered based on accruals even if the maturities have not
become due yet at the time they arise.
2.3.13. Earnings (Loss) Per Share
Earnings (Loss) per share are calculated through net profit or loss of the period divided by the weighted
average of the number of commons share in the current period.
In Turkey companies, can increase their owners’ equity by distributing accumulated profits arise from
inflation adjustments with shares (free) to their existing stockholders.
2.3.14. Events after the Balance Sheet Date
In case there are some events after the balance sheet date which require adjustment entries, these amounts
in the financial statements are adjusted according to the new situation; but in case there are events after the
balance sheet date which do not require any adjustment entry, there are explanations in the related period if
the events are important.
2.3.15. Provisions, Conditional Liabilities and Conditional Assets
Provisions:
Provisions are the accruals provided that there would be a liability (legal or structural liability) resulting from
the events happened in the past, and it is probable that this liability will cause a decline in the asset items
and the liability amount can be determined reliably. Accrued provisions are reviewed in every balance sheet
period and revised in order to reflect the current expectations.
Conditional Liabilities and Conditional Assets
Transactions which cause commitment and conditional liability mean the conditions which are linked to the
result of one or more than one event that may happened in the future. Therefore, since some transactions
have possible damage, risk and uncertainty in the future, they are defined as items out of balance sheet. In
case there is a forecast for possible obligations or losses to be occurred in the future, these liabilities are
considered as costs and debt for the Company. However, income and profits which are probable to occur in
the future are presented in the financial statements.
2.3.16. Assets and Liabilities In terms of Foreign Currency
Assets in the balance sheet in terms of foreign currencies are converted to Turkish Lira based from buying
rate of foreign exchange and liabilities from selling rate of foreign exchange published by T.C. Central Bank.
Transactions with foreign currencies within the period are converted to Turkish Lira from the actual rates at
the date of transaction. Foreign exchange gains and losses arising from these transactions are presented in
the income statements. Rates used in the financial statements in 31.12.2014 and 31.12.2013 reports are as
follows;
Dollar
Euro
31.3.2015
2,6102
2,8309
31.12.2014
2,3189
2,8207
At 31 March 2015
2.3.17. Important Accounting Review, Forecast and Assumptions
Preparation of financial statements requires management to apply policies and make decisions, forecasts
and assumptions which affect the assets, liabilities, incomes and losses which are repor ted. Real outcomes
may be different from these forecasts.
Forecasts and assumptions which are the basis of the forecasts should be revised all the time.
Important forecasts and assumptions used by the Company during the preparation of the financial
statements are as follows:
3.
•
Useful lives of tangible and intangible assets
•
Discount rate used for trade receivables and payables
•
Provision rates for the receivable from SSI
•
Regarding to the employee benefits, retirement term, increase rate, discount rate, rate for not to
get any termination indemnity
•
Rates used for deferred tax calculation
OPERATION SEGMENT
The Company prepared its sales based on hospitals, based on large customers, based on operation
kind and based on outpatient care – inpatient treatment.
01.01.2015 - 31.03.2015
Amount
Etlik Hospital service sales
Sincan Hospital service sales
Van Hospital service sales
Hayat Hospital service sales
Erbil Diagnosis Center service sales
6,746,914
13,039,772
10,776,252
2,398,264
270,982
Total Sales
33,232,183
%
20
39
32
7
1
100
01.01.2015 - 31.03.2015
01.01.2014 - 31.03.2014
Amount
6,197,111
12,746,720
8,543,501
820,698
172,170
28,480,200
%
21
45
30
3
1
100
01.01.2014 - 31.03.2014
Amount
%
Amount
%
Sales to SSI
20,402,665
61
20,920,394
73
Other sales
12,829,518
39
7,559,806
27
Total Sales
33,232,183
100
28,480,200
100
Health service sales revenue
Biological assets and milk sales
Biological assets revaluation
Construction incomes
Total
01.01.2015 - 31.03.2015
Amount
%
33,232,183
96
332,940
1
158,754
0
849,505
2
34,573,382
100
01.01.2014 - 31.03.2014
Amount
%
28,480,200
99
336,501
1
79,282
0
0
28,895,983
100
At 31 March 2015
01.01.2015 - 31.03.2015
Amount
%
Amount
%
25,947,079
90
25,763,519
96
2,822,219
10
1,200,464
4
28,769,298
100
26,963,983
100
Receivables from SSI (*)
Other receivables
Total Receivables
01.01.2014 31.12.2014
(*)The biggest client of the company is SSI.
Revenue based on treatment sort is as follows
01.01.2015 - 31.03.2015
Number of patient
Net
Sales
Net Sales
(%)
Number of patient
Net Sales
Net Sales
(%)
211,874
41
13,625,195
203,610
12,112,890
43
13,094
59
19,606,988
12,534
16,367,310
57
224,968
100
33,232,183
216,144
28,480,200
100
Outpatient
Inpatient
Total
4.
01.01.2014 - 31.03.2014
Cash and Cash Equivalents
31.3.2015
31.12.2014
Cash
445,217
341,504
Banks
590,925
122,302
Total
1,036,142
463,806
5.
Financial Liabilities
Short-term Financial Liabilities
Short-term loans
Short term portion of long term borrowings
Financial leasing borrowings
- Financial leasing borrowings
- Deferred interest cost
Total
31.3.2015
31.12.2014
10,230,321
11,173,543
2,527,224
2,544,465
6,429,691
2,740,911
-214
5,366,450
2,907,903
-363
19,187,236
19,084,458
Long Term Financial Liabilities
31.3.2015
31.12.2014
Long term loans
9,291,766
11,961,395
- Financial leasing borrowings
1,667,502
2,265,170
Financial leasing borrowings
- Deferred interest cost
Total
1,369,333
-298
10,661,099
1,998,494
-267
13,959,889
At 31 March 2015
Bank loans and leasing liabilities’ maturities are as below;
Bank Loans
0 - 3 Months
3 - 12 Months
1 - 5 Year
Undated
Total
31.3.2015
1,722,725
2,904,171
11,094,560
10,230,321
25,951,778
31.12.2014
2,040,646
3,325,858
486,915
22,647,968
28,501,388
Leasings
0 - 3 Months
3 - 12 Months
1 - 5 Year
Total
31.3.2015
661,487
1,776,799
14,582,71
3,896,557
31.12.2014
656,950
1,861,859
2,024,149
4,542,959
Mortgages and gurantees are given for credit as the amount of 56,646,148 TL (31.12.2014− 56,270,000 TL),
6.
Trade Receivables / Trade Payables
31.3.2015
31.12.2014
Trade receivables
28,263,489
26,625,641
Notes receivables
632,726
475,446
-659,525
-806,158
1,173,731
1,147,438
-1,173,731
-1,147,438
2,430,142
1,962,176
132,805
669,055
30,799,637
28,926,160
Rediscount
Doubtful trade receivables
Provisions for doubtful trade receivables
Credit card receivables
Receivables from related parts
Total
The interest rate that is used for discounting the receivables is 10%, (31.12.2014− %10),
The avarage due date for credit card receivables is 40 days.(31.12.2014: 40 days)
Current term transactions of doubtful receivables is like below and provision is made for all of it,
Beginning
Uncoilectible receivables Collections / Cancelation
Additions
End of term
31.3.2015
31.12.2014
1,147,438
968,515
26,293
-56,051
-
234,974
1,173,731
1,147,438
Company’s receivables based on large receivables are as below;
01.01.2015 - 31.03.2015
Receivables from SSI
Receivables from others
Total Receivables
01.01.2014 31.12.2014
Amount
%
Amount
%
20,402,665
61
20,920,394
73
33,232,183
100
28,480,200
100
12.829.518
39
7,559,806
27
At 31 March 2015
31.3.2015
31.12.2014
Trade payables
8,454,357
Notes payables
5,898,475
8,252,646
Rediscount
Other trade payables
Payables to related parties
Total
5,484,162
-426,166
-489,932
20,803
21,046
2,826,809
3,013,601
16,774,278
16,281,523
The interest rate that is used for discounting the receivables is 10%, (31.12.2014− %10),
7.
Other Receivables / Other Payables
Other short-term receivables
31.3.2015
31.12.2014
Depositos and guarantees given
Other receivables
543,332
543,332
Total
543,332
543,332
31.3.2015
31.12.2014
Depositos and guarantees given
56,367
57,224
Total
56,367
57,224
Other short-term payables
31.3.2015
31.12.2014
Due to shareholders
1,213,780
203,110
-
133,966
3,638
173,798
1,217,418
510,874
31.3.2015
31.12.2014
1,679,978
-128,015
262,045
2,801,711
1,649,830
-68,813
391,177
3,568,070
4,642,731
5,567,279
Other long-term receivables
Due to related parties
Other payables
Total
8.
Inventories
Medical inventories
Financial expenses
Feedstocks
Housing constructions
Other inventories
Total
27,012
27,016
Average cost is used for measurement of cost of stock and there is no stock which is demonstrated in
net realizable value,
At the end of period, late charge of 128,015 TL in the current stocks is reported in the financial
expenses, (31.12.2014− 68,813 TL),
At 31 March 2015
9.
Biological Assets
Biological Assets
31.3.2015
31.12.2014
Book value
3,348,983
2,961,856
3,354,900
3,052,650
Changes in the fair value
5,917
Total
90,794
Biological assets are recorded with its cost value firstly, At the end of each report period, it is evaluated
on the basis of fair value, In the current period, the basis of the fair value decreased 158,754 TL,
(31.12.2014: 630,505 TL
10.
Tangible Assets
Tangible Assets
1.1.2015
Lands
12,266,000
11,171,991
Buildings
Vehicles
Furniture and fittings
Leasing assets
Other fixed assets
Ongoing Investments
Total
Accumulated Depreciation
Buildings
Inputs
37,198,257
55,335
571,051
20,280,221
15,254
452,442
564,021
91,164
95,017,414
624,975
1.1.2015
Depreciation expense
-966,038
12.965.873
-
−
−
−
586,305
20,732,663
12,965,873
655,185
−
-1,169,845
-25,118
−
-1,545,258
74,754,174
11,182,771
37,253,592
-203,807
-20,263,240
Net Value
-
31.3.2015
-660,793
-404,612
Total
12,266,000
Foreign
Currency
-9,083,990
-4,838,032
-360,370
-
95,642,389
Leasing assets
Other tangible assets
31.3.2015
−
-4,824,832
-189,978
Foreign
Currency
-
10,780
Vehicles
Outputs
-234,987
-15,941
Outputs
−
-5,059,819
-215,096
−
−
-9,744,783
-5,242,644
−
-21,808,498
−
-376,311
73,833,891
At 31 March 2015
Tangible Assets
Lands
Buildings
Vehicles
Leasing assets
Other fixed assets
Ongoing Investments
01.01.2014
Inputs
12,266,000
35,183,482
11,010,091
665,529
18,799,828
11.165.138
555,801
89,639
2,014,775
161,900
150,722
1,500,081
1,800,735
11,837
Total
89,735,508
Birikmiş Amortismanlar
01.01.2013
Buildings
Vehicles
Leasing assets
Other tangible assets
Total
-229,779
-3,904,548
-117,604
-6,528,448
-3,369,139
-309,019
-14,458,537
Net Value
5,640,050
Depreciation
expense
-736,259
-920,284
-83,526
-2,563,968
-1,468,893
-51,351
-5,824,280
Outputs
31.12.2014
-245,200
-19,688
12,266,000
37,198,257
11,171,991
571,051
20,280,221
12,965,873
564,021
0
-3,617
-89,639
-358,143
95,017,414
Outputs
31,12,2014
11,152
8,426
-966,038
-4,824,832
-189,978
-9,083,990
-4,838,032
-360,370
19,578
-20,263,239
75,276,971
74,754,175
Amount of mortgages over land and buildings is 58,030,000 TL (31.12.2014− 59,825,000 TL), Total
amount of assurance of tangible assets is 153,775,350 TL (31.12.2014: 153,775,350 TL),
There is a rent annotation on the transformer over the company’s land of hospital building with license
and occupancy permit in the district of Sincan in the province of Ankara (Lokman Hekim Sincan
Hospital) in favor of TEDAŞ for 99 years at the amount of 1 TL.(31.12.2014)
11.
Intangible Assets
Intangible Assets
Special cost
Rights
Total
1.1.2015
2,788,471
8,024,237
10,812,708
Inputs
249,879
0
249,879
Outputs
−
-19,209
19,209
31.3.2015
3,038,350
8,005,028
11,043,378
Depreciation
Special cost
Rights
Total
1.1.2015
-1,106,582
-1,623,323
2,729,905
Depreciation Costs
-258,879
-122,527
-794,833
Outputs
−
19,206
19,206
31.3.2015
-1,365,461
-1,745,850
-3,111,311
Net Value
8,082,803
7,932,067
At 31 March 2015
Intangible Assets
Special cost
Rights
01.01.2014
Inputs
Outputs
31.12.2014
2,155,826
8,024,237
632,645
-
2,788,471
-
Total
10,180,063
632,645
Depreciation
01.101.2014
Depreciation Costs
-386,018
-1,035,515
Special cost
Rights
Total
Net Value
-720,564
-587,808
-1,308,372
8,024,237
-
10,812,708
Outputs
31.12.2014
-1,106,582
-1,623,323
-
-1,421,532
-
-2,729,905
8,082,804
8,871,691
The amount appeared in rights of 8,024,237 TL composes costs of doctor’s staff,
According to the issued change in the Official Gazette in 11.07.2013, transfer of staff and licence is
allowed with article 6 of Private Hospital Regulation,,
12.
Goodwill
Goodwill
13.
31.3.2015
31.12.2014
1,969,390
1,969,390
Provisions, Conditional Assets and Liabilities
Lawsuits and Provisions;
Lawsuits and Provisions- 31.03.2015
Amount
Provision
Lawsuits to be filed by the Company, enforcement proceedings
220,503
-220,503
1,173,731
-1,173,731
Lawsuits and Provisions- 31.12.2014
Amount
Provision
Lawsuits to be filed by the Company, enforcement proceedings
198,503
-198,503
1,147,438
-1,147,438
Company against claims arising from labor service
The case against SSI
Company against claims arising from labor service
The case against SSI
At 31 March 2015
Contingent Liabilities;
Type
Issued Place
31.3.2015
31.12.2014
Letter of Collaterals
Başkent Elkt Dağ. A.Ş.
34,218 TL
44,218 TL
Enerjisa
60,000 TL
60,000 TL
Altu Mimarlık
5,000 TL
5,000 TL
8. Asliye Hukuk Mahkemesi
69.581 TL
69,581 TL
Mamak Belediyesi
54,500 TL
70,100 TL
Keçiören Belediyesi
14,040 TL
14,040 TL
Türk Telekom
9,448 TL
9,448 TL
Başkent Doğalgaz
258,000 TL
258,000 TL
Alternatif İnşaat A.Ş.
100,000 €
100,000 €
Botaş International
385,000 TL
-
Başkent Edaş
Mortgages(Bank Credit)
Türkiye Halk Bankası A.Ş.
Albaraka Türk A.Ş.
Vakıfbank A.Ş.
Denizbank A.Ş.
Total TL Provision
Type
Issued Place
Guarantee checks and bonds
Guarantee checks and bonds
Letter of collaterals
Costumer
Costumer
Costumer
Total TL Provision
14.
10,000 TL
-
4,540,000 TL
4,030,000 TL
52,000,000 TL
-
106,148 TL
52,240,000 TL
1,490,000 TL
-
59,319,535
57,189,115
31.3.2015
31.12.2014
1,887,120
47,810 €
200,000 TL
1,874,119 TL
45,500 €
200,000 TL
2,222,709
2,202,692
Commitments
A CPM's given for companies own legal personality
B CPM's given on behalf of fully consolidated companies
31.3.2015
31.12.2014
59,319,535
57,189,115
59,319,535
57,189,115
C CPM's given for continuation of its activities on behalf of third parties
D Total amount of other CPM's
- - Total amount of CPM's given on behalf of the majority shareholder
- Total amount of CPM's given to on behalf of other Group Companies which are not in scope
of B and C,
- Total amount of CPM's given on behalf of third parties which are not in scope of C,
Total
There is a cross-sureties in favor to eachother for bank credit in the scope of consolidation of
companies
At 31 March 2015
15.
Benefits Provided to Employees
31.3.2015
31.12.2014
849,017
687,434
1,144,223
1,006,628
Severance pay provision
Provisions for days off
Total
295,206
319,194
The company assumes that the men will leave their jobs after working 25 years and women after 20
years, It is assumed as of the date of Balance Sheet Date that the termination indemnity will increase
by %5 annually (increase on wages of employee) until the date of retirement(31.12.2014: %5 So that
the termination indemnity is calculated on the retirement date at the time of balance sheet date, This
amount is discount by %8 in accordance with the remaining time for retirement and net present value
is calculated Cap for termination indemnity is 3,541 TL (31.12.2014− 3,541 TL)
Assumptions on the calculation of termination indemnity are as follows;
Working period
Increase of wage
Not receive severance pay rate
Discount rate
31.3.2015
31.12.2014
F: 20years,
F: 20years,
M: 25
years
90%
M: 25 years
90%
8%
8%
Transactions within the period related to termination indemnity are as follows ;
Beginning of the term
Payments
31.3.2015
31.12.2014
687,434
596,084
-121,045
-578,666
Actuarial gain / loss
54,736
177,544
183,938
End of Period
849,016
687,434
Interest cost
Period expense
50,347
42,852
443,227
Actuarial income and losses are reported in income statement,
Provisions for Days Off
According to the applicable Code of Labour in Turkey, in case a labour agreement is terminated for any
reason, the company has to pay wages for the annual days off which the employee did not take to the
employee or his/her legal representatives at the time of termination,
In-period activities for days off are given as below:
Payments / Cancellations
Additional
End of period
31.3.2015
31.12.2014
319,194
291,995
-
27,199
295,206
319,194
23,988
-
At 31 March 2015
Scope of Benefits Provided to Employee Liabilities
31.3.2015
31.12.2014
Accured fee to personnel
3,442,753
3,181,479
4,580,438
4,290,284
SSI premiums payable
Total
1,137,685
1,108,805
16. Other Current – Non-Current Assets / Other Liabilities, Prepaid Expenses, Current Period TaxRelated Assets, Payables under Employee Benefits, Deferred Revenues
Other Current Asset
31.3.2015
31.12.2014
Deferred VAT
Work advances
Advances to personnel
455,839
511,272
11,647
459,512
461,052
9,150
Total
978,758
929,714
Other Short-term Liabilities
31.3.2015
31.12.2014
Taxes and funds payable
Restructured deferred tax and SSI liabilities
Prepaid salary promotional contract revenue
603,624
1,235,510
156,780
1,040,291
2,652,304
1,598,192
Prepaid Expenses and Income Accruals
31.3.2015
31.12.2014
Advances given
1,224,283
736,111
692,407
328,801
3,520,130
3,926,848
5,436,820
4,991,760
Doctor premuims
Total
Prepaid expenses
Unbilled service income accrual *
Total
Assets related current period tax
213,806
656,390
344,095
31.3.2015
31.12.2014
Prepaid tax and funds
30
-
Total
30
-
31.3.2015
31.12.2014
Expenses of next years
174,500
343,032
Total
174,500
343,032
Prepaid expenses (long-term)
At 31 March 2015
Liabilities related current period tax
31.3.2015
31.12.2014
10,256,483
10,046,989
10,256,483
10,046,989
31.3.2015
31.12.2014
Advances Recieved (Short Term)
898,051
316,487
Total
898,051
316,487
Restructured deferred tax and SSI liabilities (*)
Total
Deferred Incomes
(*)Restructured, deferren tax liabilities are deferred regarding to announcement of force majeure by
Revenue Administration in Van because of earthqueke in 23,11,2011, The end date of force majeure will
be announced by administration
Deferred revenues (Long run)
31.3.2015
31.12.2014
Advance premium of Bağkaya Konutları
589,925
589,925
Total
589,925
589,925
31.3.2015
31.12.2014
24,000,000
24,000,000
24,000,000
24,000,000
17.
Shareholder’s Equity
Capital
Paid capital
The company has increased registered capital ceiling from 100.000.000 TL to 200.000.000 TL to be
effective in 2015-2019 years.
Share Issuance Premiums;
Share premiums consist of cash inflows caused as a result of the sale of the shares from market prices,
These premiums are presented under shareholders’ equity and cannot be distributed, However, they
can be used for capital increase
Revaluation Funds;
Revaluation funds
Revaluation fund on fixed assets
Effect of deferred tax
Total
31.3.2015
31.12.2014
30,592,317
-1,529,616
30,592,317
-1,529,616
29,062,701
29,062,701
Value increases contain the increases in the value which tangible assets with a fair value of land
and buildings are displayed, In the calculation of the increase in value of deferred tax, the assumption
of right to use 75% of exception has been considered which referred to in Article 5 of the Corporate
Tax Law, Eventually, net of deferred tax effect has been 5%, The Company has taken a value
assessment report from Zirve Real Estate Inc, for the land and buildings which include to tangible fixed
At 31 March 2015
assets, According to report, the real value of lands and buildings raised 21,206,768TL from value of
recent financial statement records,
Defined Benefit Plans Re-measurement gains / losses (Actuarial Gain / Loss);
Defined Benefit Plans Re-measurement gains
/ losses (Actuarial Gain / Loss)
31.3.2015
31.12.2014
-888,849
-534,267
Additons within the period
-177,545
-443,227
35,509
88,645
-1,030,885
-888,849
Deferren tax
Total
The total burden of severance pay between the two periods is divided into interest expense, current
period service cost and actuarial gains / losses, Interest expense is the cost of the use of the liability in
the period that existed in the balance sheet of the previous accounting period and is the amount of
liability of those who continue to work at the beginning of the period and also the one that was
multiplied by the amount of the discount rate used in that year,
A total severance pay burden between the two periods, interest expense in the current period service
cost and actuarial gains / losses are divided into sections, Interest cost of the previous fiscal year and
the cost of the use of the balance sheet or in the period of the obligation to those who continue to
work for the amount of the liability at the beginning of the period, multiplied by the amount of the
discount rate used in that year, Current service cost in the current accounting period of the severance
pay they deserve to be paid for work of employees in the amount of the discount rate, expected to
reach the part resulting from the balance sheet day, Other than that the differences reflect the actuarial
gains and losses, Actuarial gains / losses recognized in equity and current service cost and interest cost
is recognized in the statement of comprehensive income,
Foreign Currency Translation Differences;
The Group's functional currency is the Turkish Lira, Iraq One of the Group companies Engürüsağ
General Trading Co,, Ltd,, Sti, (Erbil) which operates in Iraq prepares its financial statements in U,S,
dollars, Related company's financial statements are translated into the functional currency, Financial
statements have been exhanged into Turkish Lira in accordance with the International Accounting
Standards (IAS) No, 21, "The Effects of Changes in Foreign Exchange Rates”,
Exhange differences
Beginning of term
Additons within period
Total
31.3.2015
31.12.2014
-532,808
-1,032,666
-32,004
-500,804
-1,565,474
-532,808
In terms of exchange;
Assets and liabilities are translated into TL at the date of balance sheet, shareholder’s equity translated
into TL by using historic rate, income/expenses are translated into TL with the transaction date of
currency.
At 31 March 2015
Legal Reserves;
Restricted reserves
31.3.2015
31.12.2014
Legal reserves in beginning
947,880
748,826
Total
947,880
947,880
Legal reserves from previous period’ profit
-
199,054
According to Turkish Commercial Code, legal reserves consist of first and second class legal reserves,
First class legal reserves are reserved by %5 of the legal period profit until it reaches %20 of the
company’s capital,
Previous years Profit
Extraordinary reserves
- Beginning term
- coming from previous year profit
- Additions
Previous year profit / loss
Total
31.12.2014
31.12.2014
3,492,171
3,492,171
3,355,981
3,492,171
985,042
2,812,268
-305,139
1,661,371
6,848,152
5,153,542
The company has decided to make 1.200.000 TL dividend payment in 2014’s general assembly .
Non-controlling shares;
Non-controlling shares;
31.3.2015
31.12.2014
Minority shares
1,412,673
1,412,673
489.747
328,124
1,573,888
1,084,141
Minority shares in previous year’s profit
Minority shares in period’s profit / loss
Total
18.
-328.391
-656,656
Sales and Cost of Sales
Sales of health care
01.01.2015 31.3.2015
01.01.2014 31.03.2014
33,232,183
28,480,200
Sales of biological assets and milk
332,940
336,501
Biological assets value rising
158,754
79,282
Sales of construction
849,505
-
Total
34,573,382
28,895,983
Cost of sales health servicing
-28,859,997
-25,675,300
Cost of sales biological assets and milk
-259,800
-457,505
Cost of sales construction
-592,282
-
-29,712,079
-26,132,805
4,861,303
2,763,178
Total
Gross Profit
At 31 March 2015
Costs of service sales based on their character are as follows:
01.01.2015
31.3.2015
01.01.2014
31.03.2014
-15,300,141
-13,694,903
Raw material and supplies
-7,378,217
-6,153,651
Depreciation and amortization
-1,789,995
-1,623,220
Energy, fuel and water charges
-1,130,087
-1,258,585
Fees and fees related expenses
Maintenance service expenses
Rental expenses
Representation expenses
Communication, shiipping, food expenses
Consultancy expenses
Miscellaneous expenses
Total
-512,151
-653,355
-1,223,323
-1,027,003
-128,806
-108,072
-1.547.560
-1,069,146
-696,430
-544,868
-5,369
-
-29,712,079
-26,132,805
Late interest regarding to the stocks in the period at an amount of 100.090 TL is reported under
financial costs. (31.12.2014−371.037 TL ).
19. Marketing, Sales and Distribution Costs, General Administrative Costs
01.01.2015
31.3.2015
01.01.2014
31.3.2014
-1,239,858
-272,648
-1,049,177
-250,324
Total
-1,512,506
-1,299,501
Marketing, sales and distribution expenses
01.01.2015
31.3.2015
01.01.2014
31.3.2014
Advertising Expenses
-272,648
-244,622
Total
-272,648
-250,324
Marketing, sales and distribution expenses
Operating expenses
Miscellaneous Expenses
-
-5,702
At 31 March 2015
01.01.2015
31.3.2015
01.01.2014
31.03.2014
-704,622
-550,317
-41.791
-68,567
-298.339
-262,411
-39,642
-52,015
-5,237
-13,339
-66,903
-59,870
-7,452
-2,320
Depreciation
-60,638
-40,339
General assembly
Operating expenses
Fees and similar expenses
Representation, travel and transportation expenses
Consultancy, advisory, litigation execution and notary
expenses
Energy, fuel and water charges
Maintenance service expenses
Rent expenses
Communication expenses
-10,760
-
Other
-4,474
-
Total
-1,239,858
-1,049,178
20.
Other Income
01.01.2015
31.03.2015
01.01.2014
31.03.2014
Provisions no longer required
14,321
13,866
The revenues from the Bank's salary contracts
57,027
73,622
0
250,380
145,668
87,972
Sales of consumables
Rent income
Insurance income
0
25,605
27,518
67,273
0
203,895
Severance Payments
5,277
24,062
Other
1,771
-
Total
251,582
746,675
Incentives and support revenue
Profit from sales of electric
21.
Other Costs
Provision expenses
Loss from sales of tangible assets
Donations and grants
Missing collections from SSI
Sponsorship expenses
Tax and other penalties
Comission expenses
Previous year's cost of land
Other
Total
01.01.2015
31.03.2015
-166,964
-6,372
-19,375
-11,457
0
-28,620
0
-479,466
-2,537
-714,791
01.01.2014
31.03.2014
-131,110
-84,867
-30,537
-48,569
-31,693
-3,836
-260,188
-590,800
At 31 March 2015
22.
Financial Income
Interest revenue
Foreign exchange gains
Accrued interest revenue
Total
23.
01.01.2014
31.03.2014
1,351,399
1,518,127
01.01.2015
31.03.2015
01.01.2014
31.03.2014
-3,516
-1,347,041
-702,357
-77,893
-54,691
-1,105,328
-676,494
-155,327
-2,130,807
-1,991,840
23,919
61,992
1,265,488
2,333
200,758
1,315,036
Financial Costs
Foreign exchange losses
Accrued interest loss
Interest expenses – Short Term
Interest expenses – Long Term
Total
24.
01.01.2015
31.03.2015
Tax Revenue / Expense
Corporate Tax
The rate of corporate tax is %20 which is calculated on legal tax base that is the commercial income of
the companies plus non-deductible costs which are not allowed according to tax regulations less the
exemptions which are allowed according to tax codes.
There is withholding on the dividend payments and this withholding liability is accrued in the dividend
payment period. Dividend payments made to limited liable tax payer institutions which gain income
through a company in Turkey or permanent agent and corporations resides in Turkey are subject to
withholding tax at a rate of %15. Double Taxation Agreements are also taken into consideration on the
determination of withholding rates on the dividend payments made to limited liable tax payers and real
persons. Contribution of previous years’ profits to capital are not considered as dividend payment,
therefore not subject to withholding tax.
Rules regarding to transfer pricing are set under Article 13 of Corporate Tax Law, section “Hidden
dividend distribution through transfer pricing”. General Commun iqué on the hidden dividend
distribution through transfer pricing dated 18 November 2007 includes regulations about the
implementation. If a tax payer interacts with a related party through selling / buying of goods or
services and prices cannot be determined in such a way that independent of both parties and each no
has control on the other, then related profits are considered to be distributed in a hidden way through
transfer pricing. Such hidden dividend distributions cannot be deducted from corporate tax calculation.
According to Turkish tax regulations, financial losses can be carried forward for 5 years in order to be
written off from the future corporate profits. However, financial losses cannot be written off from
previous years’ profits. There is not any procedure like reaching a mutual agreement with the tax office
for the taxes to be paid in Turkey. Corporate tax declarations are submitted in for months following
end of financial year. Tax authorities can inspect the tax declarations and related documents for 5
consecutive years and make necessary adjustments based on the findings;
At 31 March 2015
Tax income / expense as follows:
Current tax provision
31.3.2015
31.3.2014
Tax provison of current income
373,010
-163,717
Net
373,010
-163,717
Prepaid taxes
-
-
Investment Deduction
It has been ruled that according to Provisional Article 69 which was added to Income Tax Law
numbered 193 through Law numbered 5479 and become effective after 1 January 2006 and published
in Official Gazette numbered 26133 and dated 8 April 2006, within the scope of this article tax payers
can only deduct the calculated investment deduction amount – in accordance with the rules applicable
on 31. December 2012 – (including the rules regarding the tax rates) from their corporate incomes for
the financial years 2006, 2007 and 2008; therefore, implementation of investment deduction has
abolished as of 31 January 2006. Under this frame, tax payers which have not used a portion or all of
their right to deduct investment deduction incentive in three year period had lost their rights as of 31
December 2008. On the other hand, Article 2 and 15 of law numbered 5479 and Article 19 of Income
Tax Law has been abolished as of 1 January 2006 and so that it is not allowed to use the investment
deduction incentive on the investment costs which has been made between 1 January 2006 and 8 April
2006.
Contribution to Investment
(* ) Corporate Tax Law Article 32 / A of the application with the reduced corporate tax came into force
on 28.02.2009. The promotion of investment since 2009 has started on a different system than before.
These systems are based on the 2009/15199 and 2012/3305 are described by the Council of Ministers
Decision.
Reduced corporate tax investments to be made with the application of the proceeds from the
contribution amount until it reaches the reduced corporate tax rate of taxation is intended. These
investments contribute to the system by determining the rate and amount of investment gains in the
amount of the contribution is based on the principle of less taxation. Defined contribution amount for
each investment until the reduced corporate tax rate by applying the tax to be charged in the amount
of the contribution of the investment is promoted.
Contribution to investment amount, reduced corporate tax to be applied for collection with the
foregone tax through investments amount to be covered by the state. The investment contribution rate
is represented by the division of total contribution amount by the total investment incentive.Reduced
corporate tax contribution amount will be applied until it reaches to amount of contribution
investment.. Therefore, reduction in corporate tax practice is not limited to a certain period.
At 31 March 2015
Deferred tax - 31.03.2015
Investment discount
Valuation differences of biological assets
Valuation increases in the fixed assets (*)
Value adjustments of fixed assets (**)
Stock adjustment
Doctor’s progress payment premiums
Provisions for employee benefits
Receivable provision
Financial Losses
Credit rediscount
Dept rediscount
Accrued income related with ongoing treatment of patients
Case provision
Maintenance expense adjustments
Exchange differences and interest accruals
Income accruals
Gelir tahakkukları
Total
Temporary Differences
2,756,364
5,917
30,592,317
6,751,719
128,015
116,127
1,144,223
1,084,372
2,750,594
686,156
426,166
100,670
173,001
75,065
-
Tax asset
496,145
-1,183
25,603
23,225
228,844
216,875
550,119
137,231
20,134
34,600
6,974
1,738,567
NET
Tax liabilities
1,529,616
1,350,344
85,233
8,039
2,973,232
1,234,665
Deferred tax
Deferred Tax - 31.12.2014
Contribution to investment
Valuation differences of biological assets
Valuation increases in fixed assets (*)
Value adjustments of fixed assets (*)
Value adjustments of fixed assets (**)
Stock Adjustment
Doctor’s progress payment premiums
Provisions for employee benefits
Receivable provision
Financial Losses
Credit rediscount
Dept rediscount
Accrued income related with ongoing treatment of patients
Case provisions
Maintenance expense adjustments
Exchange differences and interest accruals
Total
NET
Temporary
Differences
2,339,360
-152,837
30,592,317
6,951,951
68,813
137,084
1,006,628
1,076,662
5,159,333
827,661
489,932
900,450
78,670
230,670
453,014
Tax assets
421,085
30,567
13,762
27,417
201,326
215,333
1,031,866
165,532
15,734
46,134
7,764
2,176,520
Tax liabilities
1,529,616
1,390,390
97,986
235,111
82,838
3,335,941
1,159,421
(*)Company made the calculation of deferred tax of appreciation which occurred after the result of
valuation of land and buildings with assumption of getting benefit from the exception at the rate of %75
which is indicated in Article 5 in Corporate Tax Law. Conditions for getting benefit from this exception are
like below;
At 31 March 2015
•
Immovable will be in company’s asset minimum for 2 years.
•
Profits arising from sale of immovable will be held in a private fund account at liabilities
during 5 years.
•
Sale price will be collected at the end of following the second year after sale is made.
(**)This amount is net correction over the other intangible assets separated from intangible assets that
valuation made for it (value correction which is made over its amortizations because of calculation of
amortization according to its cost and useful life) and effect of deferred tax is considered as %20.
25.
Earnings Per Share
Profit / Loss
01.01.2015
31.03.2015
01.01.2014
31.03.2014
1,622,417
1,292,903
24,000,000
Number of Shares
16,000,000
0,067601
Earnings / Loss per share
0,080806
26. Explanations regarding to Related Parties
31.12.2014
Commercial
Receivables from related
parties
Payables to related parties
-694,958
Total
-688,905
NET
31.12.2013
Non-commercial
6,053
-688,905
Commercial
Noncommercial
669.055
-
-
-3.013.601
-337.076
-
-2.344.546
-337.076
-2,681,622
At 31 March 2015
Revenue/ Expenses
Afşar Matbaacılık Ofset Ve Tipo Tesisleri
Akgül Grup Gıda
31.3.2015
31.12.2014
Revenu
Expenses
Revenue
Expenses
-
-50,283
-
-293.583
60,000
-6,684
197.060
-20.580
Çetin Matbaacılık Ofset Tipo
-
-
-
-1.400
Lokman Hekim Tıbbi Hizmetler Tic.Ltd.Şti.
-
-539,439
-
-1.024.787
Koç Medikal Tıbbi Hizmetler
-
-38,666
5.140
-159.171
Özdemir İnşaat Tah. Müh. Ve Orm. Ürün. Tic Ltd.Şti
-
-
-
-91.000
Özkanlar Paz.İth. İhr. Gıda Mad. Tic. Ltd. Şti.
-
-
-
-9.049
Medisina Sağlık A.Ş.
-
-27,960
-
-80.220
Pozitron Sağlık Hiz. San. Ve Tic. Ltd. Şti.
-
-393,901
324
-1.376.614
Şekerciler Gıda Tic. Ltd. Şti.
-
-730
-
-2.555
Necmettin DİN
-
-
-
-579
Mustafa SARIOĞLU
-
-
-
-15
Mehmet BARCA
-
-
321
-
İrfan GÜVENDİ
-
-
222.772
-24.125
Hamdi ÖZKAN
-
-
-
-22
Celil GÖÇER
-
-
-
-15
Bilgen İnş.Konf.Taah.San.Tic.Ltd.Şti.
-
-
1.116.475
-
Safi Sağlık Ticaret A.Ş.
-
-
10.320
-18.000
Van Divan Sağlık Eğitim A.Ş.
-
-
-
-420.000
Benefits provided for managing the top managerial staff
-
-146,046
-
-1.157.070
Benefits provided to Senior management for professional activities
-
-237,568
-
-1.246.257
Benefits to employed partners in the company
-
-293,448
-
-1.323.219
60,000 -1,734,726
1.552.412
-7.248.525
TOTAL
NET
-1,674,726
-5,696,113
Carges paid to key managers are in the “providing benefits to top managerial staff because of the
management”. Key managerial personnel are not provided any other benefit aside from charge.
At 31 March 2015
27. Levels and Characteristics of Risks Arising from Financial Instruments
Credit Risk: Company’s credit risk can arise from its trade receivables. Company management evaluates its trade receivables considering past experiences and
current economic situation. Company management does not envision additional risk about trade receivables.
31.3.2015
Maximum exposed credit risk as of reporting date (A+B)
- Secured portion of the maximum credit risk by guarantees, etc
A. Net book value of financial assets either are not due or not impaired
Receivables
Maximum exposed credit risk as of reporting date (A+B)
- Secured portion of the maximum credit risk by guarantees, etc
A. Net book value of financial assets either are not due or not impaired
B. Net book value of impaired assets
- Overdue (Gross book value)
- Impairment (-)
Other
Trade Receivables
Related Parties
126,752
Other
30,672,885
Other Receivables
Related Parties
0
Other
543,332
590,925
445,217
132,805
30,672,885
0
543,332
590,925
445,217
Bank
Deposits
Other
B. Net book value of impaired assets
31.12.2014
Bank
Deposits
0
1,173,731
-1,173,731
Receivables
Trade Receivables
Related Parties
669,055
Other
26,294,929
669,055
26,294,929
1,147,438
-1,147,438
Other Receivables
Related Parties
Other
543,332
122,302 341,504
543,332
122,302 341,504
At 31 March 2015
Liquidity Risk: Liquidity Risk is that company does not fulfill its obligation of net funding. Decrease in the fund resources su ch as breakdowns in the markets
or reducing credit score causes emergence of liquidity risk. Company management manages the liquidity risk by means of distributing the fund resources and
holding enough cash and cash equivalents to fulfill its current and possible obligations. Statement that demonstrates the company’s current and previous
liquidity risk is below.
31.3.2015
Contractual maturities
Book value
Total of contract based
0-3 month (I)
cash outflow (=I+II+III+IV)
Non-derivative financial
liabilities
Financial liabilites
25,951,778
25,951,778
1,722,725
Financial leasing liabilities
3,896,557
3,896,557
661,487
Expected maturities
liabilities
Trade payables
Other payables
Book value
Total of contract based
0-3 month (I)
cash outflow (=I+II+III+IV)
16,774,278
1,217,418
16,774,278
1,217,418
14,369,965
Current income tax liabilities
373,010
373,010
373,010
Debt provisions
Other liabilities
Provisions related employee
benefits
220,503
2,760,225
220,503
2,760,225
1,144,223
1,144,223
603,624
3-12
months (II)
1-5 years (III)
5years
(IV)
2,904,171 11,094,560
1,776,799
3-12
months (II)
1,772,838
921,091
Demand
deposit
10,230,322
1,458,271
1-5 years (III)
31,365
1,235,510
5years
(IV)
Demand
deposit
600,110
220,503
1,144,223
At 31 March 2015
31.12.2014
Contractual maturities
Total of contract based cash
outflow (=I+II+III+IV)
Book value
0-3 month (I)
3-12 months
(II)
1-5 years (III)
5years
(IV)
Demand
deposit
liabilities
Financial liabilites
Financial leasing liabilities
Expected maturities
28,501,388
28,501,388
2,040,646
3,325,858
486,915
4,542,959
4,542,959
656,95
1,861,859
2,024,149
Total of contract based cash
outflow (=I+II+III+IV)
Book value
0-3 month (I)
3-12 months
(II)
1-5 years (III)
22,647,968
5years
(IV)
Demand
deposit
liabilities
Trade payables
8,273,692
8,273,692
Other payables
510,874
510,874
Current income tax liabilities
Debt provisions
198,503
Other liabilities
Provisions related employee
benefits
198,503
11,645,181
1,006,628
1,006,628
198,503
1,040,291
557,901
10,046,989
1,006,628
At 31 March 2015
Currency Risk;
Foreign Currency Position Table - 31.12.2014
TL Equivalent
(Functional
currency)
Dollars
Euro
240,441
16,735
75,600
6,411
-
-
367,884
625,060
128,348
210,359
5. Trade payables
-
-
6a. Monetary financial liabilities
-
6b. Non-monetary financial assets
-
-
3,772
3,772
761,193
238,804
-
1,200
1,200
262,269
50,709
-
12a. Other monetary liabilities
-
-
12b. Other non-monetary liabilities
-
-
238,804
50,709
14. Trade Payables
-
-
15. Financial Liabilities
-
-
16 a. Other monetary liabilities
-
-
238,804
50,709
40,779
390,028
160,850
-11,425
18,372
31,302
-24,263
1. Trade receivables
2a. Monetary financial assets (Cash, Bank accounts included etc.)
3. Other
4. Current Assets (1 +2 +3)
7. Other
8. Fixed Assets (5 +6 +7)
9. Total Assets (4 +8)
10. Trade Payables
13. Short-Term Liabilities (10+11+12)
16 b. Other non-monetary liabilities
17Long-Term Liabilities (14+15+16)
18. Total Liabilities (13 +17)
19. Off-balance sheet foreign currency derivative instruments Net Asset /
(Liability) Position (19a-19b)
19a. Active-balance sheet foreign currency derivative assets
19b. Off-balance Sheet Foreign Currency Derivative assets
20. Net foreign currency asset / (liability) position (9-18+19)
21. Monetary accounts net foreign Currency Asset / (Liability) Position
(=1+2a+5+6a-10-11-12a-14-15-16a)
22. Fair value of financial instruments used to manage foreign currency
position
23. Amount of Hedged Foreign Currency Assets
24. Amount of Currency Hedged Liabilities
25. Export
26. Import
16,516
12,593
29,109
245
245
29,354
40,779
40,779
-
At 31 March 2015
Foreign Currency Position Table - 31.12.2014
1. Trade receivables
2a. Monetary financial assets (Cash, Bank accounts included etc.)
3. Other
4. Current Assets (1 +2 +3)
5. Trade payables
6a. Monetary financial liabilities
7. Other
8. Fixed Assets (5 +6 +7)
9. Total Assets (4 +8)
10. Trade Payables
12a. Other monetary liabilities
12b. Other non-monetary liabilities
13. Short-Term Liabilities (10+11+12)
14. Trade Payables
16 a. Other monetary liabilities
16 b. Other non-monetary liabilities
17Long-Term Liabilities (14+15+16)
18. Total Liabilities (13 +17)
19. Off-balance sheet foreign currency derivative instruments Net Asset /
(Liability) Position (19a-19b)
19a. Active-balance sheet foreign currency derivative assets
19b. Off-balance Sheet Foreign Currency Derivative assets
20. Net foreign currency asset / (liability) position (9-18+19)
21. Monetary accounts net foreign Currency Asset / (Liability) Position
(=1+2a+5+6a-10-11-12a-14-15-16a)
22. Fair value of financial instruments used to manage foreign currency
position
23. Amount of Hedged Foreign Currency Assets
24. Amount of Currency Hedged Liabilities
25. Export
26. Import
TL Equivalent
(Functional
currency)
39,396
464
Dollars
200
Euro
8,028
9,872
49,732
2782
200
1200
3,500
11,528
2,782
52,514
6,582
1,200
1,400
1150
0
11,528
1,364
6,582
1,150
1,364
6,582
1,150
1,364
45,932
250
10,164
36,060
250
6,664
At 31 March 2015
Sensitivity analysis;
Sensitivity analysis is done with the assumption that all variables are constant such as in the situations
of depreciation or appreciation of TL by %10 against exchange rate and interest rates as from the date
of 31.3.2015 .and 31.12.2014.
31.3.2015
Gain / Loss
Foreign exchange
appreciation
Foreign exchange
depreciation
In case+/-10% fluctuation of USD rate:
1- U.S. Dollar net asset / liability
41,985
-41,985
41,985
-41,985
-2,982
2,982
6- EURO Net Effect (4+5)
-2,982
2,982
TOTAL (3+6)
39,003
-39,003
2- Hedged portion from U.S. Dollar risk (-)
3- U.S. Dollar Net Effect (1 +2)
In case +/-10% fluctuation of EURO rate
4- EURO net asset / liability
5- Hedged portion from EURO risk (-)
31.12.2014
Gain / Loss
Foreign exchange
appreciation
Foreign exchange
depreciation
In case+/-10% fluctuation of USD rate:
1- U.S. Dollar net asset / liability
2- Hedged portion from U.S. Dollar risk (-)
3- U.S. Dollar Net Effect (1 +2)
In case +/-10% fluctuation of EURO rate
4- EURO net asset / liability
5- Hedged portion from EURO risk (-)
6- EURO Net Effect (4+5)
TOTAL (3+6)
267
-267
267
-267
2,872
-2,872
2,872
3,139
-2,872
-3,139

31 March 2015 - Lokman Hekim Hastanesi

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