MILLIRE_2019_Annual Report

Milli Re Annual Report 2019 141 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)) As of December 31, 2019, the Company operates in life and non-life branches and is not required to present segment reporting since its debt or equity instruments are not traded in a public market. 6 Tangible assets Movement in tangible assets in the period from January 1 to December 31, 2019 is presented below: January 1, 2019 Additions Foreign currency translation effect (*) Disposals Revaluation surplus December 31, 2019 Cost: Investment properties (Note 7) 392.041.000 157.865 - - 23.692.135 415.891.000 Buildings for own use 179.340.000 - - - - 179.340.000 Furniture and fixtures 6.065.122 1.606.880 160.219 (297.182) - 7.535.039 Land vehicles 2.270.724 - 98.466 (43.639) - 2.325.551 Operating leases - 2.617.283 321.653 - - 2.938.936 579.716.846 4.382.028 580.338 (340.821) 23.692.135 608.030.526 Accumulated depreciation: Buildings for own use 139.868 559.473 - - - 699.341 Furniture and fixtures 4.906.281 595.361 154.415 (295.445) - 5.360.612 Land vehicles 792.720 457.312 63.597 (43.639) - 1.269.990 Operating leases - 1.463.920 69.438 - - 1.533.358 5.838.869 3.076.066 287.450 (339.084) - 8.863.301 Carrying amounts 573.877.977 599.167.225 (*) Foreign currency translation effect resulted from Singapore Branch. Movement in tangible assets in the period from January 1 to December 31, 2018 is presented below: January 1, 2018 Additions Foreign currency translation effect (*) Disposals Revaluation surplus December 31, 2018 Cost: Investment properties (Note 7) 365.981.000 1.174.094 - - 24.885.906 392.041.000 Buildings for own use 147.915.000 - - - 31.425.000 179.340.000 Furniture and fixtures 5.695.006 364.595 355.977 (350.456) - 6.065.122 Land vehicles 1.604.238 741.355 215.830 (290.699) - 2.270.724 521.195.244 2.280.044 571.807 (641.155) 56.310.906 579.716.846 Accumulated depreciation: Buildings for own use 478.643 471.236 - - (810.011) 139.868 Furniture and fixtures 4.467.547 452.122 334.603 (347.991) - 4.906.281 Land vehicles 621.264 359.029 91.626 (279.199) - 792.720 5.567.454 1.282.387 426.229 (627.190) (810.011) 5.838.869 Carrying amounts 515.627.790 573.877.977 (*) Foreign currency translation effect resulted from Singapore Branch.