MILLIRE_2019_Annual Report

Milli Re Annual Report 2019 109 Activities and Major Developments Related to Activities Financial Status Risks and Assessment of the Governing Body Unconsolidated Financial Statements Together with Independent Auditors’ Report Thereon Consolidated Financial Statements Together with Independent Auditors’ Report Thereon General Information Financial Rights Provided to the Members of the Governing Body and Senior Executives Research & Development Activities Millî Reasürans Türk Anonim Şirketi NOTES TO THE UNCONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2019 (Convenience Translation of Financial Statements and Related Disclosures and Footnotes Originally Issued in Turkish, See Note 2.1.1) (Currency: Turkish Lira (TL)) Restatement of the detailed balance sheet as of January 1, 2018: Detailed Balance Sheet Previously Reported Restated Effect January 1, 2018 January 1, 2018 B- Financial Assets and Investments with Risks on Policy Holders 485.566.843 451.080.848 (34.485.995) 1- Financial Assets Available for Sale 492.521.383 458.035.388 (34.485.995) I- Total Current Assets 2.012.824.832 1.978.338.837 (34.485.995) D- Financial Assets 883.667.032 663.651.785 (220.015.247) 2- Affiliates - 116.391.717 116.391.717 4- Subsidiaries 883.667.032 547.260.068 (336.406.964) II- Total Non-current Assets 1.421.180.876 1.201.165.629 (220.015.247) Total Assets 3.434.005.708 3.179.504.466 (254.501.242) B- Capital Reserves 112.341.037 129.183.342 16.842.305 5- Other Capital Reserves 117.058.884 133.901.189 16.842.305 C- Profit Reserves 714.872.855 376.873.982 (337.998.873) 1- Legal Reserves 64.131.019 104.684.305 40.553.286 2- Statutory Reserves - 14.966.866 14.966.866 3- Extraordinary Reserves 86.192.951 179.927.411 93.734.460 5- Revaluation of Financial Assets 565.916.100 52.911.798 (513.004.302) 6- Other Profit Reserves (1.367.215) 24.383.602 25.750.817 D- Previous Years’ Profits 250.643.385 217.988.199 (32.655.186) 1- Previous Years’ Losses 250.643.385 217.988.199 (32.655.186) F- Net Profit of the Period 103.711.833 203.022.345 99.310.512 1- Net Profit of the Period 103.711.833 203.022.345 99.310.512 Total Shareholders’ Equity 1.841.569.110 1.587.067.868 (254.501.242) Total Liabilities and Shareholders’ Equity 3.434.005.708 3.179.504.466 (254.501.242) 2.2 Consolidation Circular Related to the Preparation of the Consolidated Financial Statements of Insurance, Reinsurance and Individual Pension Companies” issued by Republic of Turkey Ministry of Treasury and Finance in the Official Gazette dated December 31, 2008 and numbered 27097 (“the Circular for Consolidation”) requires that insurance, reinsurance and individual pension companies issue consolidated financial statements starting from March 31, 2009. In this framework, separate consolidated financial statements are issued through consolidating financial statements of Anadolu Hayat Emeklilik Anonim Şirketi (Anadolu Hayat), which is an affiliate, and Miltaş A.Ş, which is a subsidiary, according to equity method and financial statements of Anadolu Anonim Türk Sigorta Şirketi (Anadolu Sigorta), which is an affiliate, in line with full consolidation method. The company recognizes its subsidiaries and affiliates through using equity method with respect to TAS 27 - “Consolidated and Separate Financial Statements” during the preparation of separate financial statements in line with “Sector Announcement regarding Recognition of Subsidiaries, Jointly Controlled Partnerships and Affiliates of Insurance and Reassurance and Pension Companies” dated August 12, 2008 and numbered 2008/36 by Republic of Turkey of Ministry of Treasury and Finance.