Baku, Azerbaijan, March 29
By Emin Aliyev - Trend:
The assets of Azerbaijani insurance company - Buta Sigorta JSC amounted to 11.88 million manat on the results of activity in 2013 compared to 9.07 million manat at the beginning of the year, increasing by 31 percent, according to the company's balance sheet, posted on the local media.
The financial statements of Buta Sigorta audited by independent auditor Namig Abbasli.
The long-term assets of the company amounted to 1.56 million manat at the end of 2013, short-term assets - 10.32 million manat.
In 2013, the company accumulated 7.88 million manat in cash and cash equivalents, including 0.28 million manat on current account, and 7.55 million manat - deposit accounts.
The paid-up authorized capital of Buta Sigorta stood at 7.3 million manat in 2013, as it was in 2012.
The company's aggregate capital amounted to 5.39 million manat by the end of last year, decreasing by 17.71 per cent compared to 2012.
The aggregate liabilities of the company amounted to 6.49 million manat, and capital and liabilities as a whole - 11.88 million manat, compared to 9.07 million manat at the beginning of the year.
The company's revenues amounted to 6.6 million manat last year with expenses at nearly 7.76 million manat. The company completed 2013 at loss of 1.16 million manat.
Azerbaijani insurance company Temza Sığorta Qrupu has been renamed to Buta Sığorta. The rebranding of the company occurred in connection with a change in the composition of its shareholders. Now the company has six shareholders - Bank of Baku, Baku Electronics, Baku Service Company, Auto Azerbaijan and Qafqaz Lizinq which own a 19 per cent share each and NAB Holding with a five per cent of participation.
Official exchange rate on March 29 is 0,7843 AZN / USD.
Translated by S.I.
