Consolidated Financial
Highlights

Evaluations

Board of Directors

Management Team

Business

• Flatglass
• Glassware
• Glass Packaging
• Chemicals

Support Services

Consolidated Financial Highlights

(Amount expressed in Trillion of Turkish Lira (TL) in terms of the purchasing power of TL and Millions of US Dollars at 31 December 1999.)

Balance Sheets As Of 31 December 1999 and 1998
 

	1999		1998
	TL	$	TL	$
Current assets	209	387	255	471
Long-term assets	835	1,546	846	1,567
Total assets	1,044	1,933	1,101	2,038
Current liabilities	148	274	177	329
Long-term liabilities	188	348	211	389
Minority interest	302	559	303	561
Shareholders' equity	406	752	410	759
Total liabilities and shareholders' equity	1,044	1,933	1,101	2,038

Statements of Income for the years ended 31 December 1999 and 1998
 

	1999		1998
	TL	$	TL	$
Net sales	671	1,242	595	1,102
Cost of sales	521	965	403	746
Gross profit	150	278	192	355
Finance expenses(net)	84	156	70	130
Operating expenses	146	270	141	261
Other expenses	7	13	19	35
Taxation	35	65	9	17
Monetary gain/(loss)	97	180	64	118
Net income/(loss)after taxation and moneratary gain	(25)	(46)	17	31
Minority interest	12	22	(9)	(17)
Net income/(loss)	(13)	(24)	8	15
Earning before interest and taxes(EBIT)	94	174	96	178
Deprecation and amortisation	61	113	60	111
Earnings before interest, taxes and deprecation(EBITDA)	155	287	156	289
Net financial dept	171	317	211	391

Financial Ratios (%)
 

	1999	1998
Current assets/Current liabilities	1.41	1.44
Current liabilities/total assets	0.44	0.46
Total liabilities/Total assets	0.32	0.35
Net financial dept/Total assets	0.16	0.19
Total liabilities/(shareholders equity+Minority interest)	0.47	0.54
Gross profit/Net sales	0.22	0.32
Financial expencive/Net sales	0.13	0.12