Annual Report

Transcription

Annual Report

2010 annual report
Acıbadem Sağlık Hizmetleri ve Ticaret A.Ş.
INDEX
4
Message from the Chairman of the Board
71
Management
Acıbadem Healthcare and Education Foundation
14
75
History of Acıbadem Healthcare Group
Investments
16
79
Hospitals
Accomplishments and Quality
41
84
Outpatient Treatment Centers
Health of Turkish Sport Entrusted to us
51
93
Index
6
Development
3
Medical Technology and Infrastructure
60
98
Healthcare Support Services
General Assembly and Financial Reports
MESSAGE FROM THE CHAIRMAN
Message from the Chairman
General View and the Difference of Acıbadem
4
In recent years, our country has experienced
important structural changes in every field.
Our economy has also achieved high level
of growths one after another, both by being
influenced by these changes and by making
use of business opportunities which have
emerged in neighboring geographies. As a
result of this, by recovering itself, the country
has undergone, at a fast pace, the process of
the economic crisis that has existed during
the last two years and that has had still effects
especially on Europe; besides, our country had
a big growth rate like 8.9% at the end of 2010.
During this period, the health sector of our
country has experienced radical changes
and has showed important improvements.
Public health services have become equally
accessible by everyone. That people could
make use of public funding and special
health service providers easily has been
made possible and the access of people both
to doctors and to medicines has got easy.
With the increase of the budget allocated
to health, important restorations have been
realized in structural, technical and medical
infrastructures of public health service
providers and these restorations still continue.
The patient satisfaction has increased
consequently all around the country. The
competition of public-private sectors has
become strong in a good way.
For the first time, public health service
providers have been also added to the list
of the health service providers like Joint
Commission International (JCI), which have
the certificate of respecting international
quality standards; it has become a country
which has the most of JCI accreditation
beside the USA. All of these changes has
combined with the reality that our country
has improved its relations with its neighboring
geographies in every field, and this situation
has led to that which public services
presented in the country have been demanded
and appreciated by the patients coming from
abroad. This phenomenon named with
“Health Tourism” has begun to take an
important place in agendas of many service
providers. Acıbadem focuses on making
accessible to more people its top quality
health services and infrastructures in every
year; and Acıbadem thinks that it presents
limitless growth opportunities, in every
field, both to our country and to neighboring
geographies. It forms and applies its own
business strategy under this philosophy
and belief. In this context, like in 2010,
Acıbadem has continued to grow, improve
and to realize applications which make
differences in the sector:
We have continued to increase the
range of our services:
With the applications of Breast
Center, Obesity Center, Robotic
Surgery Center, Esthetic and Beauty
Center which have been formed within
our hospitals, ‘service more focused’
in its field started to be offered to our
patients last year. For the first time,
the field of “organ transplantation”
was invested and International
Hospital Transplantation Center was
put into service. It was decided that
transplantation service which is seen
as a service of the most advanced
medical level, would be applied within
the other hospitals according to the
limits of regulations; and the required
applications have been made. In
the meantime, the investment
of Acıbadem Kozyatağı Hospital
Marrow Transplant Center has been
completed and its application for
license has been made.
We have continued to be the first
preference of qualified work force:
Doctors who are the most wellequipped and the most trustable in
their field, young nurses and health
officers who aim at performing their
job perfectly, administrative staff who
want to build a career in the field
of health, have continued to choose
Acıbadem as a private institution
where they can collaborate and join
forces; and in 2010, 283 doctors,
1024 nurses/health officers and 1,442
staffs joined to the Group.
We have increased the use of
advanced medical technology:
In addition to the advanced diagnosis
and treatment devices like Gamma
knife, Intraoperatif MRI, Cyberknife,
Rapidarc, Triology, da Vinci, we have
started to use, in our Hospitals, Flash
CT which is the most rapid and the
lowest-level radioactive tomography
device of the world, four dimensional
breast ultrasonography, digital
mammography with tomosynthesis
and all-body MRI method which is
one of the most effective diagnosis
method.
We have started to sell “know-how”
abroad:
Acıbadem broke an important new
ground once again in 2010. By signing
a know-how transfer contract for
five years with Sistina Hospital which
is the most well-equipped and the
newest private hospital of Macedonia,
Acıbadem has become the first
private institution who has transferred
abroad know-how by selling it; and in
this context, the doctors, the nurses
and the administrative staffs of
Sistina have started to be educated
and oriented by Acıbadem staffs.
We have raised the bar in health
tourism:
In 2010, the number of the patients
who preferred Acıbadem and came
from abroad doubled as compared
to the previous year and this number
approached to 15,000. A part of these
patients received services within the
limits of agreements signed between
Acıbadem and Ministries of Health
from abroad. This has proved that
Acıbadem is seen as a trustable group
not only by persons but also by foreign
public authorities; and Acıbadem has
become another source of pride for
our country.
We have continued to be among the
most valuable brands:
Acıbadem has changed his place
from 148 to 112 in Fortune 500 rating;
it has become the 32th among 100
brands in “The Most Valuable Brands
in Turkey” rating of Nielsen, and
in 2010 it was chosen three times
successively as the Superbrand of
Health by Superbrands.
We have developed our most
important social responsibility
project:
We see Acıbadem University -which
was founded by Acıbadem Healthcare
and Education Foundation in
2007- as our most important social
responsibility project that we can
contribute to our country. Acıbadem
University - which we evaluate as the
most meaningful way to transfer all
of our knowledge in the field of health
to future generations – has continued
to advance towards its aim of being
the most distinguished foundation
university dedicated to health in
our country with its investment to
Acıbadem Campus, 2,3 student
average per professor and with the
53% rate of scholarship student.
We have raised the Turkish
Volleyball to the World Champion
Level:
Acıbadem - who has undertaken the
health sponsorship of all of Turkish
National Football, Basketball and
Volleyball teams and many teams like
Fenerbahçe, Beşiktaş – has made the
biggest contribution for Fenerbahçe
Acıbadem Women Volleyball Team
– for which it has become the
institutional sponsor for four years –
to be the World Champion in World
Women Volleyball Championship
between sports clubs organized in
Qatar; and thanks to this success, it
raised the Turkish Volleyball to the
world champion level. Besides, it
contributed to Fenerbahçe Acıbadem
Women Volleyball Team to be the
second in Europe Championship
League Quaternary Final and to
represent our country successfully
and to become the champion of the
Women Volleyball League of Turkey
once again.
We have continued to create
resources for our future:
In the year of 2010 when the economy
of our country got over effects of
the crisis, Acıbadem continued to
develop within the strategies of
sustainable growth and creating
value, and it managed to increase
its revenues more than 30% As
Acıbadem, we are planning to
present high-quality health services
to larger masses by making use of
investment opportunities both in our
country and in peripheral countries
with the experience -which we have
created-, with our knowledge and a
vision holder administration. With
the power that we have got from our
country, our strong infrastructures,
our experienced staffs and our
applications which make differences,
we will continue to advance with big
steps in 2011.
Yours respectfully,
Message from the Chairman
We have continued to expand our
service network:
After it opened Maslak, Adana
and Kayseri Hospitals in 2009,
Acıbadem provided 200 beds and
additional employment opportunity
for 1,700 persons by opening Fulya
and Eskişehir Hospitals whose
investments were ensured completely
in 2010. The investments of Bodrum
and Ankara Hospitals which are
planned to be opened in 2012, started
to be ensured in this period. The
renovation project of Our Bakırköy
Hospital has been completed; and
in our Bursa, Maslak and Adana
Hospitals, especially additional
capacity investments for cancer
treatment have been ensured and
they have been taken into service.
Konur Health Services who has a
successful history in Bursa, has
participated to Acıbadem Healthcare
Group by taking over shares, license
and administration; and our activity in
this city has increased.
5
Mehmet Ali Aydınlar
The Chairman of the Board
Acıbadem Healthcare Services Trade
Incorporated Company
MANAGEMENT
Mehmet Ali AYDINLAR
Chairman of the Board of Directors
Şinasi CAN, MD
Member of the Board
Ali Fuat GÜVEN
Member of the Board
Selçuk YORGANCIOĞLU
Member of the Board
Management
H. Seher AYDINLAR
Deputy Chairman of the Board of Directors
6
MEHMET ALİ AYDINLAR
Chairman of the Board of Directors
Dr. Şinasi CAN
Member of the Board
He first went into business in 1981 as Certified
Public Accountant. In 1993, he branched out
into the healthcare sector with Ac›badem
Hospital. He holds an honorary doctorate
degree from Dumlup›nar University, Institute
of Social Sciences. In 1998, he was awarded
with “Excellence in Management” in the
World Young Entrepreneur Businessman
Contest. In 2006, Mehmet Ali Ayd›nlar was
chosen the “Male Entrepreneur of the Year”
in the “Business Person of the Year” survey
conducted by Ekonomist Magazine. He was
also chosen as the “Business Executive of
the Year” by Dünya Newspaper and İstanbul
University School of Business Administration.
In 2006, Referans Newspaper chose Ac›badem
Healthcare Group as the Most Rapid Fish of
Turkey. In 2007, the Association of Healthcare
Volunteers chose Mehmet Ali Ayd›nlar as the
“Person who volunteers the most to contribute
towards healthcare”. In 2008, he was awarded
with an “Honour Award” by Hospital Magazine.
Aydınlar has received T.B.M.M outstanding
service award in 2010 and has also received
“Sportsman of the Year” award in “Sportsman
of the Year Awards” in 2011.
He graduated from İstanbul
University School of Medicine in1966. His
compulsory duty took him to Kars for 3 years
where he served as a primary care physician
and physician for the commander troops
in Sar›kam›ş during his military service.
Throughout 1971–1991, for a period of 21
years, he worked at Şişli Etfal Research and
Training Hospital I. General Surgical Clinic
as specialist, chief fellow and assistant
supervisor. He acted as advisor in 1991 during
the establishment phase of Ac›badem Hospital
in the construction, arrangement, staffing
and licensing stages. He was chief physician
and physician responsible to the Ministry at
Ac›badem Hospital throughout 1991–2000. He
served as general surgeon and the President
of the ethical board at Ac›badem Healthcare
Group throughout 2000–2006.
Following her graduation from the Chemistry
Department of Galatasaray University, she
went into healthcare industry in 1993 by taking
office at Acibadem Hospital. Currently, she
serves as Deputy Chairman of the Board of
Ac›badem Healthcare Group.
Ali Fuat GÜVEN
Member of the Board
Ali Fuat Güven is a graduate of İstanbul
University Law School. He held offices such
as Sub-governor in many districts of Anatolia,
Branch Director, Department Chairman and
Assistant General Director at the Ministry
of the Interior. He served for 14 years as
governor of Eskişehir, Uşak and Bursa.
He was awarded with Honorary PhD from
Eskişehir Anadolu University. Having served
as the Director of Bursa Ac›badem Hospital
throughout 2006-2008, Mr. Güven has been
holding office as a Member of the Board of
Directors since 2006.
He started out as a management trainee at
Interbank in 1992. Throughout 1992 -1998, he
worked at the London and Amsterdam offices
of ABN AMRO Group as part of the team of
investment banking in charge of emerging
markets. He was on the “Emerging Europe”
group primarily focusing on Turkey, Russia,
Kazakhstan, Poland, the Czech Republic,
Hungary and Romania. Throughout 1998–
2000, he served as Deputy General Manager
of different participations at Finansbank. He
was part of the upper management in the
London office of Deutsche Bank throughout
2000–2008, working on investment banking in
emerging markets. He was made Turkey CEO
of Deutsche Bank during 2007–2008. Since
April 2008, Yorganc›oğlu has been working
at Abraaj Capital as Executive Director in
charge of the Turkish market. A graduate
of İstanbul University School of Economics,
Selçuk Yorganc›oğlu has completed his MBA
on Finance at New Haven University in USA.
Yorgancioglu still serves as Board Member in
Acıbadem Healthcare Group.
Management
H. Seher AYDINLAR
Deputy Chairman of the Board of Directors
Selçuk YORGANCIOĞLU
Member of the Board
7
CENTRAL MANAGEMENT
Prof. Ahmet ŞAHİN, MD
Director of Medical Services
Yalç›n NAK
Deputy General Manager
Birol SÜMER
Rengin AKILLIOĞLU
Saliha KOÇ
Director of Nursing Services
Hüseyin GÖKSEL
Director of Hospitals
Coordination
Asım GÜN
Director of Financial Affairs
Tahsin GÜNEY
Director of Planning and
Business Development
Tanzer ÖZDİL
Director of Information Systems
Kemal KAPLAN
Director of Information
Technology and Technical
Services
Hakan Ertem EVSİNE
Director of Purchasing,
Logistics and Biomedical
Services
Central Management
Prof. M. Necmettin PAMİR, MD
President of Ac›badem University
President of the Medical
Executive Committee
8
Beril ÖNGEN
Director of International
Business Development
Mehmet ÇEVİK
Director of Financial Affairs
for Subsidiaries
Muzaffer AKINCI
Executive Affairs and Security
Coordinator
Yasin KAYA
Deputy Director Responsible for
International Hospital Financial
Affairs
Efe ONGANER, MD
Deputy Director of Medical
Services
Çağlayan SARAL
Deputy Director of Medical
Standardization and Quality
Zeynep Çuhacı AYAZ
Deputy Director of Marketing,
Corporate Communication
Central Management
Ayşin ALTUNİÇ
Director of HR and
Organizational Development
9
Ozan YAZICI
Capital Market and Corporate
Management Coordinator
Oğuzhan SÜRAL
Field Promotion Coordinator
İlyas BENVENİSTE
International Patient Services
Coordinator
M. Göksel AYDEMİR
Technical Services Coordinator
Management of Hospitals & Medical Centers
MANAGEMENT OF HOSPITAL AND
MEDICAL CENTERS *
Mustafa CANDAN, MD
Director of Ac›badem Kad›köy
Hospital
Demet ÇETİN
Director of Ac›badem Bak›rköy
Hospital
Demet DİNÇ, MD
Director of Ac›badem Kozyatağ›
Hospital
Tahir ASLAN, MD
Director of International
Hospital
Arzu KARATAŞ
Director of Ac›badem Bursa
Hospital
Serpil SARIAYDIN
Director of Ac›badem Kocaeli
Hospital
Hüseyin ÇELİK
Director of Ac›badem Adana
Hospital
Öznur Yeğen ÇOBAN
Director of Ac›badem Maslak
Hospital
Cemalettin YILMAZ
Director of Ac›badem Kayseri
Hospital
Burcu TANER
Director of Acıbadem Fulya
Hospital
Celal DAĞ
Director of Acıbadem Eskişehir
Hospital
Ömer BUHŞEN, MD
Director of Bursa Konur
Surgical Medical Center and
Gemlik Konur Medical Center
Nihan KARAÇAM
Deputy Director of Ac›badem
Kozyatağı Hospital
Neslihan ERKİŞ NAK
Deputy Director of Acıbadem
Kadıköy Hospital
10
* Listed according to opening and group involvement dates of the hospitals.
CHIEF PHYSICIANS*
Mehmet BAŞ, MD
Chief Physician of Regulations
and Official Relations
Engin ÇAKMAKÇI, MD
Chief Physician of Ac›badem
Bak›rköy Hospital
Demet DİNÇ, MD
Kozyatağ› Hospital
Tahir ASLAN, MD
Chief Physician of International
Hospital
Prof. Hakk› Kaya AKSOY, MD
Bursa Hospital
Mustafa İDİZ, MD
Kocaeli Hospital
Prof. Mustafa KİBAR, MD
Adana Hospital
Prof. Çağlar ÇUHADAROĞLU, MD
Maslak Hospital
Ömer AKBEYAZ, MD
Kayseri Hospital
Chief Physicians
Mustafa CANDAN, MD
Kad›köy Hospital
Associate Prof. Reha BARAN, MD
Fulya Hospital
Associate Prof. Mehmet Ali
ÖZATİK, MD
Chief Physician of Acıbadem
Eskişehir Hospital
11
CHIEF PHYSICIANS*
Haluk SARICA, MD
Etiler Medical Center
Türker KUNDAK, MD
Beylikdüzü Surgical Medical
Center
Nihat AYAN, MD
Göktürk Medical Center
M. Tanzer ÖLÇER, MD
Chief Physician of Acıbadem
Ataşehir Surgical Medical
Center
Ömer BUHŞEN, MD
Head Physician of Bursa Konur
Surgical Medical Center and
Gemlik Konur Medical Center
Chief Physicians
Ali DEMİR, MD
Bağdat Caddesi Medical Center
12
Sedat ARTUKOĞLU
Advisor to the Board of
Directors in charge of
Investments and New Projects
General Manager of Ac›badem
Project Management
Associate Prof.
İbrahim ÜNSAL, MD
Labmed,
Deputy Director of Ac›badem
Healthcare Group Medical
Services
Gökhan GÜRCAN
General Manager of Acıbadem
Insurance
Member of the Board of
Acıbadem Insurance
Candan GÖKSU
General Manager of APlus
Özgür TURGAY, MD
Mobile Healthcare Services
Attorney Umur YAŞAR
Legal Advisor to Ac›badem
Healthcare Group
Attorney Okan BEYGO
Legal Advisor to Ac›badem
Healthcare Group
Fikret BALABAN
Advisor to the Board of
Directors in charge of
International Hospital Technical
Services
Arno FRATERMAN, MD
Member of the Board and
Advisor to Ac›badem Labmed
General Man. and Adv. of Group Comp.
GENERAL MANAGERS AND ADVISORS OF
GROUP COMPANIES
13
History of the Acıbadem Healthcare Group
2005
2004
2003
2000
1996
1991
History of Acıbadem
Acıbadem
Kadıköy
Hospital
14
1995
Acıbadem
Bağdat
Caddesi
Medical
Center
Acıbadem
Etiler
Medical
Center
1999
Acıbadem
Kadıköy
Hospital
Annex
Service
Buildings
Acıbadem
Bakırköy
Hospital
IPO in ISE
2001
Acıbadem
Healthcare
Group
Centralized
Laboratories
Acıbadem
Insurance
Purchase of
International
Hospital
Collaboration
2002 with Harvard
Purchase of
Acıbadem
Acıbadem
Medical
Labmed International
Education International
Etiler Medical
and Health
Center
Acıbadem
Foundation
Cord Blood
Kozyatağı
Bank
Opening of
Hospital
Genetic
New Service
Diagnosis
ISO 9001
Building of
Acıbadem
Center
Quality Etiler Eyecare
Acıbadem
Certificate
Bağdat
Center
Call Center
Caddesi
“Alo Centralized
Medical
EFQM
PACS
Acıbadem”
Center
Committed
Radiology to Excellence
Information
Quality
Certificate
System
Accreditation
Kalder by JCI (Joint
National Commission
Quality International)
Movement
Acıbadem
Project
Management
2011
2009
2008
2007
2006
Acıbadem
Bursa
Hospital
Acıbadem
Beylikdüzü
Surgical
Medical
Center
Acıbadem
Kocaeli
Hospital
Acıbadem
Labmed
Adana
Acıbadem
Uludağ
Outpatient
Clinic
APlus
Acıbadem
Göktürk
Medical
Center
Acıbadem
Labmed
Antalya
Acıbadem
University
Acıbadem
Ataşehir
Surgical
Medical Center
Acıbadem
Mobile Health
Services
Renewal of
JCI (Joint
Commission
International)
Accreditation
Acıbadem
Maslak
Hospital
Acıbadem
Adana
Hospital
Acıbadem
Kayseri
Hospital
First
admission
to Acıbadem
University
Acıbadem
Eskişehir
Hospital
Purchase of
Konur
Surgical
Medical
Center
Laying
Foundation
for Acıbadem
Bodrum
Laying
Foundation for
Acıbadem
Ankara
Hospital
Macedonia
Sistina
Hospital
Affiliation
Purchase of
JFK Hospital
Purchase of
Göztepe Şafak
Hospital
History of Acıbadem
2010
Acıbadem
Fulya
Hospital
Renewal of
JCI (Joint
Commission
International)
Accreditation
15
18
Acıbadem Kadıköy Hospital
20
30
Acıbadem Kozyatağı Hospital
Acıbadem Bursa Hospital
22
32
Acıbadem Maslak Hospital
24
Hospitals
Acıbadem Fulya Hospital
26
Acıbadem Bakırköy Hospital
16
28
International Hospital
Acıbadem Kocaeli Hospital
34
Acıbadem Adana Hospital
36
Acıbadem Kayseri Hospital
38
Acıbadem Eskişehir Hospital
hospitals
17
ACIBADEM KADIKÖY HOSPITAL
Our first hospital
First hospital of Acıbadem Healthcare Group… First qualified private hospital of
Anatolian Side of İstanbul… It was thought as a local hospital at first, but it maintained
its importance with proud of being the first and always raised the bar. Acıbadem Kadıköy
Hospital, which gave its name to the Acıbadem brand, is Acıbadem Healthcare Group’s
firstborn and being so, quite special.
Acıbadem Kadıköy Hospital is the first ring
of the healthcare chain of our group. The
hospital has been put into service in Acıbadem
district of Anatolian Side of İstanbul in 1991.
Hospitals
Throughout first couple of years, the
hospital has offered service under the name
“Acıbadem Hospital” as a small local hospital.
This name also became inspirer for brand
18
name of our group, which takes giant steps on
the way to fulfill its objectives and growth.
Along with the increase in the number of
Acıbadem hospitals, this hospital’s name
has become Acıbadem Kadıköy Hospital in
2004. The hospital, which is the first qualified
hospital of Anatolian Side of İstanbul,
maintains its special status in the history of
our group.
Acıbadem Kadıköy Hospital,
which makes a difference
with its services, stands out
with its specialized and
experienced staff especially
in in-vitro fertilization
and high-risk pregnancy. It
also gets recognition with
intensive care service offered
to critical patients in the clinic
constituted in order to provide
better service in orthopedics.
Heart surgery is another field
that draws attention with
successful results…
Services that make difference
Our group is pioneering the reflection of
new advancements in health sector to
Acıbadem Kadıköy Hospital and the making
of difference in service. The hospital, which
works in this manner, stands out with its
staff of experienced obstetricians specialized
especially in in-vitro fertilization and high-risk
pregnancy. Orthopedics and Traumatology
Clinic, which is specialized in different fields of
orthopedics, stands out with its intensive care
unit services that can offer service for critical
patients. The hospital also draws attention
with its success in hand surgery. Again, with
heart surgery unit, which has successful
results that have been shared on our web
site, Cardiology Clinic and all other units, the
hospital offers 24-hour non-stop service.
Advanced medical technology
Acıbadem Kadıköy Hospital uses devices
that are produced with advanced medical
technology; the hospital put 2 x 64 Dual
Source Computerized Tomography device into
service in 2006 for the first time in Turkey.
This device has brought convenience and
comfort in cardiac vein screening.
Due to this technology, more accurate,
practical and reliable results are obtained
in diagnosis of cardiovascular diseases in
shorter span of time. Also, with its 2 x 64 Slice
screening feature, it provides clear, bloodless
and painless screening in all kinds of cardiac
rhythm, and performs cardiac angiography in
6 seconds.
Flash CT, which is the fastest computerized
tomography device with lowest radiation, can
perform whole body tomography in 4 seconds
and cardiac angiography in 0.25 seconds.
3-dimensional Tomosynthesis Mammography
device provides significant advantage in early
diagnosis of breast cancer, thanks to its
multi-Slice examination. Again, 3-dimensional
MRI device Magnetom Aera facilitates MRI
scanning for claustrophobic patients, children
and over-weight patients with its wide-angled
design.
Hospitals
Special Services in
Different Fields...
Acıbadem Kadıköy Hospital has been renewed
in 1998 in order to meet the increasing
number of patients. As a result of these
efforts, it turned out to be a fully-equipped
hospital with 17.600 m2 of indoor area, with its
modern architecture and advanced medical
technology. In 2008, the renewal operations
of all patient floors and polyclinic areas
have been completed in accordance with the
modern architecture of the building. Today,
with its patient-oriented modern architecture,
advanced medical technology and full range of
diagnosis and treatment units, it offers service
for its customers in all branches of medicine
as a fully-equipped hospital.
19
ACIBADEM KOZYATAĞI HOSPITAL
Service manner aiming for excellence in oncology and
neurologic sciences
A hospital specialized in neurologic sciences and oncology… A modern structure, which
is equipped with advanced medical technology and a branch, becomes prominent for
the first time in Acıbadem. With its Radiation Oncology Center, Acıbadem Kozyatağı
Hospital is one of the 5 “Cancer Treatment Centers” of the group.
Hospitals
Acıbadem Kozyatağı Hospital is 3rd ring of the
healthcare chain of our group and has been
offering service since 2004. With its 13.700 m2
of indoor area, the hospital draws attention
with its modern structure, advanced medical
technology and different services. Acıbadem
Kozyatağı Hospital, which offers service in
all branches of medicine, but specialized
especially in neurologic sciences and
oncology, is mentioned as the first hospital of
the group that some of the branches become
prominent.
20
Acıbadem Kozyatağı Hospital provides all
subsidiary health services in all sub-branches
of neurologic sciences and oncology under
one single roof. With its technology and
competent and experienced physicians, the
Department of Neurological Sciences offers
service as a reference center in this field.
In this department, which offers service in
a multidisciplinary structure, Ophthalmic
(neuro-ophthalmology), Otolaryngology
(neuro-otology) and Radiology branches
work together and make comprehensive
evaluations. Besides the department of
neurologic sciences, the other exclusive
departments also make Kozyatağı Hospital
very unique. Among these, “Motion Analysis
Center” is the first among the other private
hospitals in Turkey, both with its structure
and with the exclusive services offered.
In this center, special treatments are
administered against disorders emerged as
a result of spasticity and various orthopedic
and neurologic problems that manifest
with movement disorders. Stroke Center is
another featured units of this hospital. With its
specialist staff, who have apoplexy education
and experience, the hospital offers world class
service.
Gamma Knife for
brain tumors
holds one out of 5 radiotherapy
centers of the group. The
state-of-art treatment devices
are used in this field. Gamma
Knife, which is considered as
‘golden standard’ in radiosurgical treatment of brain
tumors, is another technology
that makes Kozyatağı Hospital
exclusive. Since Gamma Knife
is able to demolish or diminish
tumors with radiotherapy
in one session, it provides
non-surgical and painless
treatment.
There are many different devices in Acıbadem
Kozyatağı Hospital that have been produced
with advanced technology used in oncology
field. 3 Tesla Intra-operative MRI, 1.5 Tesla
Open MRI, PET-BT and Gamma Knife devices
stand out in this wide range of devices. 3
Tesla Intra-operative MRI, which also provides
spectrum in brain surgeries, is used only in
Acıbadem Kozyatağı Hospital surgery room
in Turkey. The key feature of this device is
its ability to take cerebral images. Only if a
special mechanism is provided, it can also
provide the surgeon with images of the
surgery area without waking the patient up
during operation. Thus, these images are
evaluated during operation and the operation
continues more efficiently. This advantage
considerably decreases the possibility of
second operation.
Again, with 1.5 Tesla Open MRI, high-quality
images can be obtained for claustrophobic
and over-weight patients. In addition to these
entire advance technology infrastructures in
cancer treatment, another device has joined
to the team in 2008. The new LINAC (Linear
Accelerator) device that provides treatment
with IGRT (Image Guided Radiotherapy), which
has been applied for the first time in Turkey
and which is considered as the most advanced
radiotherapy treatment. “Respiratory Gating
System”, which provides treatment for tumors
in organs that replaces with respiration
without damaging the surrounding organs,
is another advantage that Linear Accelerator
technology provides.
Hospitals
The investments that Acıbadem Healthcare
Group has made for early diagnosis and
treatment of cancer makes the group serve
as “Cancer Treatment Center”. Acıbadem
Kozyatağı Hospital is one of the 5 hospitals
that have Radiation Oncology Centers that
provide diagnosis and treatments with
advanced technology devices. The hospital
serves as reference center in this field.
21
ACIBADEM MASLAK HOSPITAL
A giant step to become a global brand!
A hospital that is a candidate to become a global brand with its architecture, technological
infrastructure, device range, special units and experienced specialists… Acıbadem Maslak
Hospital, which is the proof that Turkey competes with its global competitors in health
sector, is the right pride of Acıbadem Healthcare Group with its “5 star” service quality
in health care field.
Hospitals
As Acıbadem Healthcare Group, we take
each step on the way to become a global
brand in health sector. One of the significant
indicators of our intention is Acıbadem
Maslak Hospital that we have put into
service in 2009. A hospital that suits to
become a global brand with its 40.000 m2 of
indoor area, its architecture, technological
infrastructure, device range, special units
and experienced specialists… From being
constructed in forestland to its entirely
digital infrastructure, each detail has been
designed and implemented to be a model to
the world. Acıbadem Maslak Hospital, which
is nothing like a hospital with its colors,
lighting, landscape and interior design,
provides ‘5 star’ hotel service. The hospital
has “smart building” technology, which
22
operates different systems by integrating
them from a single center, and it proceeds on
the track of becoming a ‘paperless hospital’
by presenting all sorts of medical information
to the physicians and patients safely by using
electronic record system.
The hospital offers all kinds of medical
service. However, there are also other
specialized units, such as, Electrophysiology
Laboratory, Arrhythmia Clinic, Headache
Clinic, Stroke Center, Breast Diseases Center,
Thyroid Clinic, Iodine Treatment Unit, Diabetes
Clinic, Obesity Clinic, Reproductive Health
Center, Sexual Dysfunctions Center, Sleep
Disorders Clinic and Allergic Diseases Center.
Being “Cancer Treatment Center” is among
Patient oriented
hospital which
considers the
patient’s comfort…
In Acıbadem Maslak Hospital,
which offers patient-oriented
service, the diagnosis and
treatment of the patient can
or medical center. When
necessary, secondary opinion
and superior specialties
are easily accessible. These
procedures can be completed
in special units without
walking around the hospital.
The children were considered
as well, when the hospital
was established. Considering
the fact that children may
influence more quickly and
negatively in the hospital
environment, an exclusive
area has been designed for the
children. Peculiarly designed
Pediatrics Clinic is just like a
play ground, besides providing
service as a diagnosis and
treatment center for the
children
the priority targets of Acıbadem Maslak
Hospital. The hospital serves as a reference
center in this respect. An advanced version
of Pyxis, “Electronic Medicine Management
System” is being used in this hospital. This
system provides zero-error margin, safe use
of medicines and therefore maximum patient
safety.
The hospital has the first fully-equipped
digital radiology department in Turkey and
offers 24/7 service with state-of-art devices.
Acıbadem Maslak Hospital Oncology Center
has a wide range of radiotherapy devices.
The fact that these devices are being used
in this hospital for the first time in Turkey
makes Acıbadem Maslak pretty unique. In
brief, this hospital has advance technology
Linear Accelerator (LINAC) Trilogy device,
which minimizes the risk of normal tissues
to be affected adversely during cancer
treatment. “RapidArc” (Volumetric Intensity
Modulated Arc Treatment) technology that
can decrease 30-minute cancer treatments
down to 2 minutes. CyberKnife that can be
safely used in treatment of tumors, which
are impossible to remove by operation, which
cannot be treated by classic radiotherapy
and which require complex operations. ‘da
Vinci SI’ robot that can perform laporascopic
operations with robotic surgery. And Flash
CT, which is the fastest computerized
tomography with lowest radiation that can
perform cardiac angiography in 0.25 seconds
and whole body tomography in 4 seconds. All
of these are available in our hospital. Also,
an advanced technology product Full-Field
Digital Mammography with Tomosynthesis
CAD feature provides a great advantage in
diagnosis of breast cancer with its superior
image quality. Detecting the smallest
tumors and even some symptoms that can
be considered as cancer precursors are
among these advantages. Also, the patient
receives lower amount of radiation during this
operation.
Hospitals
be completed without the
need of any other hospital
23
ACIBADEM FULYA HOSPITAL
In the center of İstanbul,
a hospital that prominent with its ‘mosts’
The hospital is located in Fulya, which is one of the ‘most central’ districts of İstanbul…
Owns the ‘most advanced’ Athlete Health Care Center of Turkey… Embodies the ‘most
advanced’ Breast Health Care Center… Makes a difference with services offered in
orthopedics and physiotherapy fields… Acıbadem Fulya Hospital, which offers service in
all branches of medicine, stands out with its unique health services simmered with ‘mosts’.
Hospitals
Acıbadem Fulya Hospital, which is located
in Beşiktaş Fulya, one of the ‘most central’
districts of İstanbul, completes the structure
of the group in İstanbul. The hospital
offers service as 6th hospital of Acıbadem
Healthcare Group in İstanbul and 10th
hospital throughout Turkey. The hospital
was established in Süleyman Seba Trade
Center in 22.000 m2 of area, and since it is
located in downtown, it has the advantage
of accessibility. Acıbadem Fulya Hospital
offers service in all branches of medicine
and acts in a patient-oriented manner in
every aspect from its building to service
variety. Due to its contemporary design,
the hospital offers physical conditions to
24
patients that will boost the spirit throughout
the treatment process. The building has an
architectural design that minimizes the need
to go back and forth between departments
for diagnosis and treatment for outpatients
and inpatients. Resuscitation and intervention
units at the ambulance entrance of emergency
room, which offers 24/7 service, have vital
importance in fast and complete immediate
intervention.
Acıbadem Fulya Hospital offers service
that make difference especially in athletes’
health care, orthopedics, physiotherapy and
Traumatology fields. With these features, the
In this hospital, which hosts the most
advanced Breast Health Center in Turkey,
protective health services are also offered
for women. Here, the most impressive
clinical applications are performed from
high-resolution imaging to 3-D imaging.
Unnecessary biopsy operations are reduced
with elastography method, which separates
parenchyma from normal tissue.
State-of-the-art devices are used in this
hospital. There are 1.5 Tesla MRI, which
is defined as “half-open”, and which is
more comfortable for claustrophobic and
obese patients; state-of-the-art digital
mammography, which is considered the
best image quality in Turkey; new generation
ultrasonography devices and digital panoramic
x-ray. Also, with CT, which has double-tube
and 128-detector dual energy, advanced
cardiac imaging, coroner CT angiography,
CT-colonoscopy and CT-bronchoscopy can
be performed besides regular diagnostic
examinations. Cool cap, which is a brand new
device used in newborn unit, is used for the
treatment of newborns, who undergo brain
damage (hypoxic-ischemic enspallopati)
caused by oxygen deficit in the brain. By
keeping the body temperature in a safe level,
it prevents the temperature increases that
may occur in the brain.
Hospitals
hospital is candidate for being the only one in
Turkey and among the best reference center
of the world. In this hospital, which is the only
one in Turkey that branches out in treatment
of sport injuries and athletes’ health, there
are special units for amateur and professional
athletes’ health care. Besides the regular
performance follow-up of the athletes in
these units, it is aimed to compare pre-injury
and post-injury or operation performances.
Specific exercise programs are built up for
cardiac patients. Cardiac rehabilitation helps
the cardiac patients recover quickly and go
back to their physical, mental and social
functions as good as possible. The exercises
in cardiac rehabilitation program are personal
and ECG controls are applied for the patients
in need. This service is not only offered for
patients, but also for healthy individuals.
25
ACIBADEM BAKIRKÖY HOSPITAL
Acıbadem’s first hospital on European side of İstanbul
Acıbadem Bakırköy Hospital is simply the ‘millennium baby’ of Acıbadem Healthcare
Group that grows rapidly and surely. In year 2000, one of the general-purpose and biggest
hospitals in European side of İstanbul and the first hospital of Acıbadem in European side.
In order to provide better service to patients
and to meet the increasing need, Acıbadem
Bakırköy Hospital has renewed its inpatient
floors and operation rooms with regard to
their infrastructure and technology in 2008
and 2009. Renewed gynecology service,
baby’s room and newborn intensive care unit
continue to offer service to expectant mothers,
mothers and their babies with its new and
modern structure. In Acıbadem Bakırköy
Hospital, which has 17.500 m2 of indoor
area and a modern building, there is ‘smart
building’ system. With this system, which can
enable control from 6.500 points, all kinds of
problems within the building can be interfered
immediately.
Hospitals
In Acıbadem Bakırköy Hospital, there are
special delivery rooms (LDRP), which have
been designed for postpartum needs and
which can be transformed into fully-equipped
26
delivery rooms, for convenience of expectant
mothers. In Newborn Intensive Care Unit,
experienced nurses and pediatric surgery
physicians also provide service besides
neonatology and pediatric physicians for
newborns with risky and serious diseases.
This unit, in which 24-hour bedside
monitoring, digital x-ray, ultrasonography,
echocardiography, auditory scanning and EEG
are available, is supported by all sub-branches
of pediatrics. The health conditions of the
mother and the newborn, who have been
released from the hospital, are monitored
by the assigned nurse at home. These visits
enable early interruptions by identifying the
problems of mother-baby interaction, and
also enable evaluation of nutrition, hepatitis
and newborn adaptation. Owing to the heliport
in intensive care and operation floor, which
has been designed for prompt intervention
for emergency patients, it is possible to start
treatment within a few seconds. Acıbadem
Successful child
cardiac surgeries
Acıbadem Bakırköy is an
international reference center
in child cardiology and cardiac
surgery. In Child Cardiac
Center formed within the
body of the hospital, pediatric
cardiology, neonatology,
child cardiac surgery, child
cardiac anesthesia and cardiac
intensive care units work in
an integrated system. In Child
Cardiac Center, including
newborns and infants,
complex cardiac surgeries
and treatments are performed
with a success ratio in world
standards
surgery and other branches.
The hospital is able to offer quicker and more
comfortable service to patients in cardiac health
care with 2 x 64 Dual Source Computerized
Tomography devices that can perform heart
angiography in 6 seconds. Also, along with the
renewal of angiography-floscopy device, the
hospital offers service with the most advanced
technology in procedural processes and
ERCP processes. 2 x 64 Slice Computerized
Tomography Device Coronary CT angiography
ensures clear and excellent imaging of all
kinds of cardiac rhythm. Also, with renewed
MRI device, more detailed and high-quality
images are obtained. With advanced breast
MRI examinations, breast biopsy in company
with MRI becomes possible. With advanced
cardiac MRI imaging, the patients are not
exposed to radiation in diagnosis and treatment
of congenital cardiac diseases. Laparoscopic
operations can be performed with da Vinci
robot. Following the da Vinci operation, the
patient is able to move back on to his/her active
life in a shorter span of time. With the renewed
angiography device, the radiation dosage that
the patient would be exposed to is lowered and
the image quality is increased.
Hospitals
Bakırköy Hospital is among the best cardiac
health centers in Turkey with its advanced
technological infrastructure in Cardiology
and Cardiovascular Surgery and with
experienced and famous physicians. The
fact that cardiology, cardiac surgery, cardiac
anesthesia and special cardiac intensive
care units work in an integrated system, is
the leading service that makes a difference
in cardiovascular sciences field. Besides all
kinds of cardiac surgeries and procedural
cardiologic processes for adult cardiac
disease treatment, the hospital is also an
international reference center especially in
child cardiology and cardiac surgery. In the
Child Cardiac Center that has been formed
within the body of the hospital, pediatric
cardiology, neonatology, child cardiac
surgery, child cardiac anesthesia and special
cardiac intensive care departments work
within an integrated system. In Child Cardiac
Center, including newborns and infants,
complex cardiac surgeries and treatments
are performed with a success ratio in world
standards. Obesity Center in Acıbadem
Bakırköy Hospital provides health care for
patients in struggle against obesity, which
is considered as one of the most important
health problems of today. Whenever needed,
the hospital provides personal solutions with
obesity surgery applications. The hospital
is a reference center in this region with
its experienced staff in general surgery,
orthopedics, urology, gynecology, brain
27
INTERNATIONAL HOSPITAL
The hospital of the ‘Firsts’
The first open heart surgery operation, first in-vitro fertilization center, first MRI…
International Hospital is known as the hospital of the ‘firsts’… Also the first private hospital
in Turkey… The hospital that introduced Turkish people with modern health care services;
International Hospital… After joining Acıbadem Healthcare Group, International Hospital
is now more modernized and continues to offer services with high-quality.
International Hospital, which is known as the
first private hospital in Turkey, introduced its
patients with modern health care services.
The hospital started patient admissions in
1998 and has joined to our group in 2005.
Along with the renewal works started in 2006,
all polyclinic areas, physician examination
rooms and inpatient floors became more
comfortable both for employees and for the
patients. International Hospital has been
offering service in health sector for 20 years
with its 19.000 m2 of indoor area and continues
to offer service with its new look under the
roof of our group.
Hospitals
Since it was established, International
Hospital has introduced many ‘firsts’ in
Turkey. It has accomplished many ‘firsts’
among private hospitals. Here are some of
those ‘firsts’:
28
• First open heart surgery,
• First in-vitro fertilization center,
• First MRI,
• First newborn intensive care unit,
• First sea ambulance,
• First ambulance with intensive care unit
features,
• First PET scanning,
• First image transfer system.
International Hospital has become a
hospital, which is preferred by foreign
patients since day one. Today, the hospital
maintains this mission, as well. Within the
scope of the renewal process in 2006, there
have been many innovations. Parallel with
the developments in medicine, in order to
ensure patient privacy as well as for ethical
and scientific reasons, patient-specific
intensive care room formation have been
applied in intensive care units. Outpatient
service to patients. Along with spatial comfort,
physiotherapy unit maintains its physiotherapy
and rehabilitation services with state-ofthe-art computerized devices. The new
Transplantation Center offers service with its
experienced staff and advanced technology
infrastructure on international standards. This
Center offers free health care services that
are provided under SGK agreement. Enables
release at the soonest possible date with
laparoscopic method. In this center, which
offers service with experienced staff, there is
an operation room, laboratory and intensive
care unit equipped with advanced technology.
With Donor Protection Program, the postoperation medical check-up of the donor are
performed free of charge.
Since the date it was established, there
have been some significant investments to
the intensive care unit of the International
Hospital. As a result of these efforts, intensive
care units (general intensive care, open heart
surgery intensive care, coroner intensive
care and newborn intensive care) have been
established. Besides these units, there
are emergency observation beds and postcoroner angiology observation units. Thanks
to 1.5-Tesla MRI device, advance monitoring
is also performed and the patients experience
great comfort during cancer diagnosis,
staging and treatment procedures.
Hospitals
Chemotherapy Unit, which has been planned
in world standards for cancer patients, aims
to offer treatment by boosting the morale of
the patient. There are five beds in the service,
which has been established under the name
“Multidisciplinary Service”. This unit has a
separate entrance. Daily surgical procedures
are performed in the operation room located
on the same floor. The patients, who are not
required to lie down, and who has conditions
that require monitoring only for a few hours,
can benefit from this service. In Sleep
Laboratory, which is equipped with modern
devices, the patients with sleeping disorder
receive diagnosis, prognosis and treatment
services in an environment, where they can
feel comfortable with advanced medical
opportunities. In this laboratory, where the
patients visit and get their examinations
seven days a week, measurements can be
performed in 24 different parameters with
polysomnography device. Neurology polyclinic
and neurology laboratory are also among the
departments, which have been renewed. In
this unit, advanced neurologic examinations
are performed with devices that have been
equipped with state-of-the-art utilities
for diagnosis and treatment of neurologic
diseases. Besides all of these units, there are
also catheter laboratory and angiology service
with eight beds. Physiotherapy department
has been moved into a 300 m2 of area with
harden and sea view, in order to provide better
29
ACIBADEM BURSA HOSPITAL
The hospital where Anatolia met the Acıbadem brand for
the first time…
Acıbadem’s first hospital outside of Istanbul and in Anatolia… Offers service in every
single branch of modern medicine… With these features of Acıbadem Bursa Hospital, Bursa
residents do not feel the need to go to another city for diagnosis and treatment. Cancer
Treatment Center is one of the 5 radiotherapy centers that Acıbadem has equipped with the
latest technology. Thus, it is the reference hospital of Bursa and Turkey.
Hospitals
As Acıbadem Healthcare Group, we have
completed Acıbadem Bursa Hospital, which
was our first investment outside of İstanbul,
in 2006. The hospital has 30.000 m2 of indoor
area and it is known as one of the most
beautiful hospitals in Turkey. Bursa, which is
historically and industrially an important city
of Anatolia, has met modern medical services
with this hospital and now, the local residents
of Bursa do not need to go to İstanbul for
health care services. 30
A worldwide cancer treatment center has
been built in Acıbadem Bursa Hospital. In
this unit, which is called Acıbadem Bursa
Hospital Cancer Treatment Center, oncology
and radiotherapy are under the same roof.
The latest methods and state-of-the-art
devices are used in cancer diagnosis and
treatment. As so in all advanced cancer
treatment centers, this unit offers service in
multidisciplinary approach. It is considered
physiotherapy and rehabilitation specialists,
nutritionists and psychiatry specialists.
Therefore, the reasons that cause weight
gain are examined and personal solutions
are offered.
In Acıbadem Bursa Hospital, which holds
many advanced technology devices for
diagnosis and treatment purposes, there are
two angiology rooms with Gamma Camera,
64 Slice Computerized Tomography, 1.5-Tesla
MRI and coroner and DSA. In Nuclear
Medicine Department of the hospital, there
is a PET Computerized Tomography device,
which is used in diagnosis, staging, evaluation
of response to treatment and radiotherapy
planning processes of many cancer types.
IMRT (intensity modulated radiotherapy), IGRT
(image guided radiotherapy), 2 advanced linear
accelerators, digital imaging system and
conventional simulators, which are used in
Cancer Treatment Center, serve as advanced
technology devices of Acıbadem.
Hospitals
as one of the reference Oncology and
Radiotherapy Centers of Bursa and Turkey.
Thanks to ready-to-use heliport and air
ambulance for emergency situations, it is
possible to start treatments of patients from
other cities as soon as possible. There is an
isolation room specially designed for patients
arriving at the emergency department with
suspected infection, and a decontamination
room specially designed for patients arriving
with chemical and nuclear injuries. In sleep
laboratories, chest diseases, neurology and
otolaryngology specialists come together and
arrange treatments for the patient with ‘sleep
councils’. In-vitro fertilization Center helps
satisfying parenting desires of couples with
successful diagnosis-treatment methods.
Specific departments are created considering
common health problems. Obesity Clinic is
one of them. Obesity Clinic, which has been
designed for patients struggling with
obesity, provides very unique services.
They evaluate and monitor the patients
together with endocrinology specialists,
31
ACIBADEM KOCAELİ HOSPITAL
Health care services to Kocaeli and surrounding cities with
Acıbadem quality
Even though this hospital is physically the smallest hospital of Acıbadem Healthcare
Group, it is the most efficient one, considering the healthcare services that are brought
to Kocaeli… Acıbadem Kocaeli Hospital is located very close to İstanbul, but it offers
services that eliminate the patients’ need to go to İstanbul for healthcare services. It is also
available 24 hours for occupational accidents and all kinds of traumas.
Hospitals
Acıbadem Kocaeli Hospital has been put into
service in 2006 as 6th hospital of our group.
With its 6.500 m2 of indoor area, it is ‘the
smallest yet effective’ hospital of our group.
Since it is located very close to İstanbul, it can
work integratedly with Acıbadem hospitals in
İstanbul. Besides modern medical services
offered to Kocaeli and surrounding cities, the
hospital brings many health care innovations
to that region. Since it is very close to the
express way, Acıbadem Kocaeli Hospital is
easily accessible and thus, the patients from
surrounding cities can come and benefit from
high-quality health care services of Acıbadem
in Kocaeli. The hospital keeps offering service
in all branches of medicine with its fullyequipped infrastructure.
32
Acıbadem Kocaeli Hospital offers 24/7
service with a multidisciplinary approach
and with its staff of plastic surgery and
orthopedics specialists for all kinds of
occupational accidents and all kinds of
post-traumatic injuries. In order to perform
timely intervention for emergency patients
it is crucial to have ready-to-serve trauma
units for occupational accidents that are
frequently seen in Kocaeli and Gebze, which
are developed industrial regions. Offering
24 hours of service to the patients after the
accidents with excellent equipment and
specialists is among the crucial services that
Acıbadem Kocaeli Hospital has to offer.
With “Corporate healthcare programs”,
which are prepared for workplace doctors
and employees, both the information that is
required by the corporations for health care
are conveyed and private health care services
are provided in industrial city of Kocaeli.
Acıbadem Kocaeli Hospital is also a reference
center for the region in childbirth and the
hospital organizes “free pregnant education
seminars” intended for preparation for
delivery and obtaining information about this
Along with its developing patient profile and
increasing number of patients,
Acıbadem Kocaeli Hospital has
increased investments to advanced
technology devices. In diagnosis, staging,
evaluation of response to treatment
and radiotherapy planning processes
of many cancer types, PET Computerized
Tomography (PET CT) technology is
used in Kocaeli Hospital. This device is
only available in Acıbadem Kocaeli
Hospital in Kocaeli region. Also,
Gamma Camera System is used in
Nuclear Medicine Unit.
Hospitals
special process. Acıbadem Kocaeli Hospital
also offers exclusive services for cardiac
patients. In order to provide information for
cardiac patients, cardiac rehabilitation nurses
offer training sessions in pre-op and post-op
periods. Acıbadem Kocaeli Hospital is one of
the most important centers of the region in
Procedural Cardiology and Cardiovascular
Surgery. In Neonatal intensive care units,
experienced staff is working for babies’ health
with the help of modern devices.
33
ACIBADEM ADANA HOSPITAL
Çukurova’s “Health Base”
With its modern face and advanced technology devices, this hospital is the reference
center of Çukurova region in health care services… Along with Çukurova, it is a
center of attraction for Cypriots, as well… Acıbadem Adana Hospital has one of the 5
“radiotherapy centers” that the group has equipped with advanced technology devices,
and there is no reason to go to other regions for treatment.
As Acıbadem Healthcare Group, we have
opened Acıbadem Adana Hospital in 2009.
The hospital offers diagnosis and treatment
services in all branches of medicine and
it carried Acıbadem quality to Adana and
Çukurova region. Acıbadem Adana Hospital
covers 22.000 m2 of indoor area and ensures
the local community meets with modern
medical services. The hospital makes
difference with its services from Çukurova to
Cyprus. There is no need for the local people
to go to İstanbul, Ankara or İzmir for better
Hospitals
diagnosis and treatment.
34
Radiation oncology department in Acıbadem
Adana Hospital works as a reference center
in cancer treatment in this region with its
experienced staff and advanced technology
devices. Breast Health Care Center that has
been established within the body of Acıbadem
Adana Hospital offers service with its expert
physician staff consisting of general surgery,
radiology and pathology specialists in a
multidisciplinary approach. Cardiovascular
Surgery Department of the hospital provides
analytic approaches to the patients with its
Acıbadem Adana Hospital,
which offers health care
services to Çukurova with
Acıbadem quality, brings
health to Çukurova region
with its experienced staff and
technological infrastructure.
Owing to advanced technology
devices that are used in
diagnosis and treatment of
cancer, the patients do not
need to go to other cities to
receive better treatment.
and respiratory therapists.
Acıbadem Adana Hospital, which introduces
the latest technologies with the people of
Adana and surrounding regions, makes a
name with its state-of-the-art devices in
diagnosis and treatment. The most important
of these devices is 2 x 64 Dual Source
Computerized Tomography Device, which is
used in diagnosis of cardiac diseases.
This device beats heart rate and enables
diagnosis with 90 percent of accuracy
rate even in fast heart rhythm.
2 x 64 Dual Source Computerized
Tomography Device is available only in
Acıbadem Adana Hospital in this region. With
PET Computerized Tomography (PET CT)
device, which is one of the most advanced
technologies in nuclear medicine, cancer can
be diagnosed in early stages. In Radiation
Oncology Unit, IMRT (Intensity Modulated
Radiotherapy) and IGRT (Image Guided
Radiotherapy) supported radiotherapy
devices are used in cancer treatment.
Breast Health Care Center of the
Hospital offers service with one and
only state-of-the-art Digital Mammography
Device of the region. Greenlight technology,
which is used in prostate treatment, is
among the advanced technology services
that Acıbadem Adana Hospital has to offer to
patients.
Hospitals
The hospital that
brings health to
Çukurova:
Acıbadem Adana
advanced technologic equipments and
expert physician staff. KVC, Cardiovoscular
Surgery service with Bed Side Monitor System,
which constantly monitors all hemodynamic
data of patients that have gone through open
heart surgery, in order to provide better
service. In this unit, the patients are prepared
to be transferred to the post-operation room
with the assistance of experienced physicians
35
ACIBADEM KAYSERİ HOSPITAL
The new center of attraction for health in Central Anatolia…
Acıbadem Kayseri Hospital, which appeals not only to Kayseri, but also to Central
Anatolia with high-quality services, is the reference center of the region. Also has one of
the 5 radiotherapy centers of Acıbadem. The hospital has developed by renovating the
old historical “Memleket Hospital”, which dates back to early Republic period, and offers
service in all branches of medicine.
We, as Acıbadem Healthcare Group, have
opened Acıbadem Kayseri Hospital, which has
been designed to be able to offer service to
entire Central Anatolia, on 22.000 m2 of indoor
area in 2009. The hospital, which offers service
in all branches of medicine, has 2 separate
buildings. Acıbadem Healthcare Group has
objected “Memleket Hospital”, which is
known as the historical building and which
has been opened by Mustafa Kemal Atatürk
in 1924, to remain idle and renovated the
building. Thus, the old “Memleket Hospital”
has become a part of Acıbadem Kayseri
Hospital. Now, in accordance with its purpose
of establishment, the building serves the
patients again. The historical building, which
Hospitals
Modern Building
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Historical Building
Ground Floor Entrance Hall
is used as administration and conference
center of the hospital, hosts various events
and organizations of local people of Kayseri.
Examination rooms of the hospital are
designed on the cutting edge. Advanced
technology equipments ensure patient
comfort and security. All procedural
operations are on the same floor with
operation room and this is another advantage
for the patients. The recovery room that will
offer service to these units is planned on
the same area and supports patience safety.
Emergency service of Acıbadem Kayseri
Hospital has been specifically designed, as
well: This design optimizes the movement of
the patient within the hospital, prevents waste
of time and enables the patient to perform all
necessary applications over the same line. In
this unit, which has emergency ambulance
and outpatient entrances, there is a special
decontamination area for the patients with
chemical and nuclear injuries.
In Acıbadem Kayseri Hospital, advanced
technology devices are used in both diagnosis
and treatment. Devices, such as, 2 x 64
Dual Source Computerized Tomography
Ground Floor Chemotherapy Clinic
and PET Computerized Tomography, which
are available only in Acıbadem Kayseri
Hospital in Kayseri, become prominent in
diagnosis. 2 x 64 Dual Source Computerized
Tomography device, which can perform
cardiac angiography in 6 seconds, can present
data rapidly and comfortably. The device can
perform this action without slackening the
heart rate, without the need for catheter,
and by ensuring clear vein image. Thus,
more precise, more practical and more
reliable results are obtained in diagnosis of
cardiovascular diseases. By means of PET
Computerized Tomography, which is an
advanced imaging technique used in tumor
detection, the potentiality of early diagnosis
of cancer increases. With Gamma Camera,
which is available in Nuclear Medicine
Department of the hospital, whole body bone
scintigraphy, kidney, liver, thyroid, parathyroid,
gastric and cardiac images are obtained
as soon as possible in high resolution. The
hospital applies advanced methods in cancer
diagnosis and treatment and slowly becomes
the reference cancer center for Central
Anatolia Region. The patients are treated with
IMRT (Intensity Modulated Radiotherapy) and
IGRT supported (Image Guided Radiotherapy)
radiotherapy devices in “Oncology and
Radiotherapy Center”.
Hospitals
1st Floor Eye Clinic
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ACIBADEM ESKİŞEHİR HOSPITAL
The new health center rising in Anatolia
Acıbadem Eskişehir Hospital offers high-quality medical service to the patients from
Eskişehir and other surrounding cities, such as, Afyon, Kütahya and Bilecik. The hospital
carries the Acıbadem quality to Eskişehir with its many different features.
Acıbadem Eskişehir Hospital offers service
in all branches of medicine, and especially
draws attention with exceptional service in
cardiology, cardiovascular surgery, oncology,
general surgery, gynecology, orthopedics
and pediatrics. Acıbadem Eskişehir Hospital,
which offers exclusive service in intensive
care, isolation units and neonatal intensive
care unit fields, aims to become a reference
hospital with its team of scientists. Acıbadem
Eskişehir Hospital is the first among the
other private hospitals, which works with
the maximum number of academic
members in the city.
Hospitals
The hospital, which has the facility to
respond emergency patients with its heliport
that has been designed for air ambulance
landing, has 20.000 m2 of indoor area. The
hospital, which has 5 operation rooms, 1
delivery room, 1 infant care room, operates
with smart building system that can be
controlled from one thousand different
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points. Acıbadem Eskişehir Hospital
offers service in all branches of medicine
and provides 24/7 high-quality health care
services.
In Acıbadem Eskişehir Hospital, which
brings Acıbadem quality to Eskişehir, not
only the treatment process is evaluated, but
also the previous processes are evaluated
and protective health care services are
provided. In the hospital, which works with
a perspective that considers different needs
of different patient groups, there are many
different services from Menopause Clinic to
Blepharoplasty Center, from Headache and
Balance Center to Growth and Adolescence
Center.
Acıbadem Eskişehir Hospital aims to be
a pioneer by bringing new services to
Eskişehir. Among these innovations, there
is patient-oriented service by architectural
There are independent
isolated Emergency Service
Observation Rooms in form of
cabins, General Intensive Care
Service that works with Box
and Monitorization System
and Isolation Units, as well
as Pyretic Child Washing
Unit, 3 CPR Rooms and a
Decontamination Room for
the patients, who are exposed
to radioactive, biological and
chemical attack or substances
comfort, “smart building feature” that can
be controlled from one thousand points and
minimizes infection risk. General Surgery,
Pediatrics and Gynecology Units with 24
hours of service, and polyclinic service that is
open until 08.00 pm, are among the services
offered by Acıbadem Eskişehir Hospital. by
means of labor pain and patient room that
can be transformed into delivery room with
LDRP system for comfortable child birth and
post-natal period, it is possible to perform the
entire delivery process within the same room.
Post-natal infant visits and domiciliary care
services are other privileges that Acıbadem
Eskişehir Hospital has to offer to newborns
and their parents.
Within the frame of patient-oriented working
principles, Acıbadem Eskişehir Hospital has
been furnished with “living spaces” that will
make the patients and their relatives feel
like home. As a result of patient-oriented
approach, it becomes possible to complete
diagnosis and treatment of the patient without
any assistance from another hospital and
to easily access the secondary opinions and
superior specialties. Within the frame of this
approach, the patients can be released from
the floor, where they have been treated, and
they can also make their payments at the
same floor. The private doctor visiting room
with lobbies in operation rooms and intensive
care unit provides a comfortable environment
for patient relatives while waiting for the
results and it aims to protect the privacy
of the patient and patient relatives during
private doctor meetings. In Standard and suite
type patient rooms, which are positioned to
receive more daylight, the artificial lighting
system has been designed as to not to disturb
the patients. Acıbadem Eskişehir Hospital
places emphasis on cardiac diseases,
which are one of the most important health
problems throughout the world and in Turkey.
Cardiologists perform medical
screening related to heart and all
anomalies are treated by determining
personal risk ratios. Along with every-day
polyclinic service in Cardiology Department,
diagnosis-driven examinations are
performed with Echocardiography, Stress
Echocardiography, Electrocardiogram,
Treadmil ECG and Holter methods.
Advanced techniques are used in diagnosis
and treatment of coronary artery disease,
hypertension, cardiac rhythm disorders and
cardiac valve diseases. Also, with tomographic
angiography technique, a diagnosis can
be established even for asymptomatic
cardiovascular diseases in less than 6
seconds.
In Acıbadem Eskişehir Hospital, all branches,
except for dentistry, are covered by SGK. Price
difference is not collected from patients with
SGK in medical oncology (cancer treatment)
and chemotherapy (medicated cancer
treatment), cardiology and cardiovascular
surgery.
There are private recreation areas and
“daytime rooms” in patient floors for guests
and patient relatives. Patient relatives can
spend time in these areas by reading, relaxing
or watching TV. There are clinic-specific
admission, reception and guidance personnel
in each floor.
By means of the Cerebral system, which
provides fast treatment process with
instant electronic information flow, medical
information is checked with electronic
information network. Thus, Acıbadem
Eskişehir becomes a ‘paperless hospital’.
All radiological images of the patients are
recorded with PACS system and can be
displayed in all Acıbadem hospitals in
real-time.
Hospitals
In Acıbadem
Eskişehir
Hospital,
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Acıbadem Bağdat Caddesi Medical Center
43
46
Acıbadem Ataşehir Surgical Medical Center
Acıbadem Göktürk Medical Center
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47
Acıbadem Etiler Medical Center
Uludağ Outpatient Clinic
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48
Acıbadem Beylikdüzü Surgical Medical Center
Konur Surgical Medical Center
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outpatient
treatment centers
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BAĞDAT CADDESİ MEDICAL CENTER
Our First Outpatient Treatment
Center is 15 Years Old!
Acıbadem Bağdat Caddesi Medical Center
used to offer only polyclinic services, but
in line with the increasing demand, it
has been expanded and turned into a
medical center. The medical center meets
the health care needs of the local people
with renovated countenance and modern
medical services.
Acıbadem Bağdat Caddesi Medical Center,
which is located in one of the most important
settlements in Anatolian Side of İstanbul, and
which has gained medical center status in
2007, offers service with its expanded capacity
and new applications. There are 2 surgical
intervention rooms and 6 observation rooms in
this center.
Medical services
The center offers service with its emergency
service 6 days a week until 08.00 pm
and it works integratedly with Acıbadem
Kozyatağı and Kadıköy Hospitals for high
level examinations and treatments. When
necessary, the patients are directed to these
hospitals.
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In Diabetes Center, which is within the
body of Acıbadem Bağdat Caddesi Medical
Center, diabetes patients are treated with
multidisciplinary approach. Also, in the
“School of Diabetes”, which maintains its
studies within the frame of Patient Education
Program, education programs are organized
for diabetes patients and certificates are
granted to participants.
In the center, laser hair removal, which is
one of the modern day epilation methods, and
Fractional Laser applications, which are used
in treatment of skin blemishes, is applied in
control of experienced doctors.
ATAŞEHİR SURGICAL MEDICAL CENTER
Advanced technology health care services for
the residents of Ataşehir
Acıbadem Ataşehir Surgical Medical Center, which offers service in all branches of
medicine, meets health care needs of the residents of Ataşehir 24/7 with its experienced
and competent staff and advanced technological infrastructure.
Medical services
In this center, which offers service in all
branches of medicine, daily operations
are performed, as well. In Radiology
Department, the advanced technology MRI,
CT, Mammography, X-ray, Ultrasound and
Panoramic X-ray devices are used.
Exclusive services are offered in sports
injuries. Specific medical solutions are
developed for injuries, such as, muscle,
tendon, soft tissue, arthrosis and bone and
health problems that are usually encountered
in athletes, such as nerve entrapment. In this
field, the treatments of problems caused by
sport injuries are supported by ESWT device.
In the center, where specific services for skin
health and rejuvenation and daily surgical
interventions are performed, plastic and
dermatological applications are performed
that ensures that the patient can go back
to his/her daily life as soon as possible. In
Ataşehir Surgical Medical Center, laser hair
removal, Fractional Laser and ultrasonic local
weight loss methods are applied in control of
experienced doctors. With Fractional Laser, a
significant diminution is ensured in treatment
of marks on the skin that have been formed
after pregnancy or by rapid weight loss and
gain in puberty. With Ultrasonic Local Weight
Loss method, it is aimed to work off the fat
that has been built up in belly, waist and
hip regions, in spite of sport activities. With
advanced technology laser hair removal
applications, it is possible to get rid of
unwanted hair.
Acıbadem Healthcare Group has opened
Acıbadem Ataşehir Surgical Medical Center
in Ataşehir, which is a significant and rapidly
growing district. The center has been put into
service in 2008 and has been in service of the
residents of Ataşehir 24/7 with its experienced
and competent staff and advanced
technological infrastructure.
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ETİLER MEDICAL CENTER
Modern and gracious medical service
Acıbadem Etiler Medical Center, which offers service in all branches of medicine, meets
health care needs of residents of Etiler with Acıbadem quality.
Acıbadem Etiler Medical Center, which has
been put into service in 1996, has gained
medical center status in 2007 by expanding its
polyclinic service capacity. The center offers
modern diagnosis and treatment services in
all branches. Emergency service unit offers
service 6 days of week until 08.00 pm.
Medical services
In endoscopy unit, which has been established
within the body of this center, gastroscopy,
colonoscopy, rectoscopy and cauterization
operations are applied with advanced
technologies in diagnosis and treatment of
gastrointestinal disorders.
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Digital mammography, which is superior to
classical mammography for early diagnosis of
breast cancer, is available in this center. With
digital mammography, the amount of radiation
given off to the patient is reduced and the
duration of x-ray becomes shorter. Along
with digital x-ray, there is panoramic digital
x-ray in Acıbadem Etiler Medical Center,
which overtops other methods with its highresolution in diagnosis of dental problems.
There is also laser hair removal service, which
is one of the modern epilation methods of
today. These applications are performed in
control of experienced doctors by determining
personal laser type and dosage.
BEYLİKDÜZÜ SURGICAL MEDICAL CENTER
24/7 service in rapidly growing district of İstanbul
Acıbadem Beylikdüzü Surgical Medical Center
offers service in all branches of medicine.
In comfortable and spacious polyclinics,
the patients can get their laboratory and
radiological inspections done, as well as
their examinations. There is a 24/7 active
emergency service in the center. This
service has all necessary features that are
required for a hospital emergency unit.
Also, all facilities are available for expectant
mothers to have a comfortable delivery. In
this center, where outpatient treatments are
available, there are all kinds of daily surgical
interruptions, as well. When high-level
examinations are necessary, the patient can
optionally be directed to Acıbadem Bakırköy
Hospital or International Hospital. In this
center, which offers 24/7 service, there are
panoramic x-ray, USG, mammography,
bone density, direct x-ray and CT devices
and echocardiography and effort devices.
There is a fully-equipped Physiotherapy and
Rehabilitation Unit available in Acıbadem
Beylikdüzü Medical Center. Here, all preop and post-op physiotherapy services are
available.
Acıbadem Beylikdüzü Surgical Medical Center has been put into service in 2006, in
order to meet health care needs of residents of Beylikdüzü, which has a rapidly growing
population. Along with polyclinic services, the center offers wide range of services from
child birth to daily surgical interventions.
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GÖKTÜRK MEDICAL CENTER
Health care services for Göktürk and surrounding regions
Acıbadem Göktürk Medical Center, which offers service in all branches of medicine,
provides medical services for Göktürk and surrounding regions, from family practice to
personal check-up programs.
Acıbadem Göktürk Medical Center has been
offering service in all branches of medicine,
since its opening in Göktürk district of
Kemerburgaz in 2007. With its emergency
service unit, which offers service in
international standards, the center offers 24hour emergency unit service and all kinds of
initial interventions can be performed. Among
the other facilities that the emergency unit
of the center offers, which provide 24-hour
ambulance service, there are laboratory and
radiology services, as well.
Medical services
Family practice is the primary service among
the exclusive services that Acıbadem Göktürk
Medical Center has to offer. Family physicians
offer protective and remedial health care
services for each member of a family. The
family physician, who acts as a mentor, when
necessary, for all kinds of health problems of
a family, plans regular controls and check-ups
and evaluates the results.
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The center offers check-up programs, which
are developed separately for each individual.
By means of these programs, timely diagnosis
and treatment becomes possible and
precautions are taken for possible illnesses
that may cause serious health problems.
On top of standard check-up programs, the
check-up is applied by examining life-styles,
personal characteristics, habits, expectations
and familial tendencies and by determining
the risks that they bear.
By means of “Integrated Patient Admissions
System”, the medical history, which contains
diagnosis and treatment, results and
physician notes, given to each patient from
any Acıbadem hospital or medical center,
is recorded. The patients, who have been
treated in Göktürk Medical Center, receive an
“Acıbadem Card”. By using their Acıbadem
Cards, the patients can go to www.acibadem.
com.tr and log in to “My Health Care File”
section, which is located in “e-patient”
section. In this section, the patients can see
their admission dates, all reports written
within one group from analysis to examination
results and their contractual insurance
information, and they can also update their
identification, address, contact and e-mail
information.
ULUDAĞ OUTPATIENT CLINIC
Expert specialist team in first aid and search & rescue!
At the Acıbadem Uludağ Outpatient Clinic, the Acıbadem Ski Patrol which is experienced
in first aid and search & rescue, intervene in emergencies. The casualties are taken by
helicopter or a fully equipped land ambulance to the Acıbadem Bursa Hospital or to an
institution preferred by the patient.
medical interventions are performed in
Acıbadem Uludağ Outpatient Clinic and if
necessary, the patient is taken to Acıbadem
Bursa Hospital or another medical center
of patient’s choice, by helicopter or fullyequipped ambulance as soon as possible.
The emergency medical service is provided
by skiing patrol team, which is well aware
of mountain conditions and winter sports.
Acıbadem Skiing Patrol immediately
intervenes in many emergency cases from
serious head-neck injuries to upper-lower
limb indispositions and injuries. Acıbadem
Healthcare Group offers service not only in
Acıbadem Uludağ Outpatient Clinic, but also in
Ağaoğlu and Grand Yazıcı Hotels.
In Acıbadem Uludağ Outpatient Clinic, which
has been established by considering the
features of the region oriented to winter
tourism, an experienced team of first aid and
search & rescue renders service in skiing
season. Acıbadem Skiing Patrol team patrols
all day long throughout winter season in
Uludağ. The team checks up on all tracks
regularly and informs Acıbadem Uludağ
Outpatient Clinic on all kinds of emergency
situations, especially on trauma cases through
the radio. The medical team is ready-toserve in the polyclinic and arrives at the
accident scene with specially-equipped snow
motorcycles or tracked snow mobiles. The
medical team takes the casualty, who has
been treated by Acıbadem Skiing Patrol, to
the center with a chair sledge. The advanced
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KONUR SURGICAL MEDICAL CENTER
Konur, offering outstanding service to Bursa
Konur Surgical Medical Center has joined Acıbadem Healthcare Group in 2010,
and offers contractual service with SGK and all private insurance companies.
Konur Surgical Medical Center has been
opened in Bursa, and the services offered
in this center are internal diseases, general
surgery, neurology, neuropsychiatry,
neurosurgery, pediatrics, pediatric surgery,
gynecology, plastic surgery, microsurgery and
hand surgery, cardiovascular surgery, urology,
KBB diseases, ophthalmic, orthopedics and
Traumatology, dermatology, physiotherapy
and rehabilitation, microbiology and infection
diseases, pathology, nuclear medicine,
radiology, biochemistry, algology, acupuncture
and anesthesia reanimation. Konur Surgical
Medical Center has also registered its
service quality and standards. In 1996, Konur
Surgical Medical Center has been certificated
with ‘Laboratory Competence Certificate
in Hospitals’ of Turkish Standards Institute
(TSE) for the first time in Turkey. In 1997,
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the hospital has accomplished to become
the 3rd hospital to receive TS-EN-ISO 9002
Quality Assurance System Certificate. In
June 1999, the hospital has raised its quality
management system to ISO 9001. In June
2002, the hospital has accomplished to
become 2nd hospital to receive TS EN 9001:
2000 version in Turkey by certifying its quality
again.
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50
Medical technology and infrastructure
medical technology
and infrastructure
51
STATE OF THE ART TECHNOLOGY AT ACIBADEM
Diagnosis and
Imaging Devices
PET/CT
PET/CT is one of the most efficient imaging
techniques of today. Especially in oncology,
it is used in detecting tumors, determining
tumor spreading level, radiotherapy planning,
and evaluation of response to treatment and
in some cases, in determining whether the
existing mass is benign or malign.
PET/CT is not only used in oncology, but also
plays a crucial role in neurological cases such
as determining epilepsy focus and Alzheimer
disease and in examination of existence of
living tissues in heart following a heart attack.
The Centers Where it is Utilized:
Acıbadem Maslak, Acıbadem Kozyatağı, International Hospital,
Acıbadem Bursa, Acıbadem Kocaeli, Acıbadem Adana, Acıbadem
Kayseri Hospitals
INTRA-OPERATIVE 3 TESLA MRI
State Of The Art Technology
52
Intra-operative 3 Tesla MRI is an advanced
technology imaging device. As it is used for
whole body imaging, it also helps ablation of
tumor in brain surgeries with quick imaging.
By means of its ability to obtain image during
operation, the surgeon can perform sterilized
examination in any location without waking
up the patient or closing the operation zone.
Since the risks, such as, failing to clean
residues completely, causing damage in
functional zones and performing on wrong
locations are put away; there is no need for a
second operation.
FLASH CT
World’s fastest tomography device with lowest
rate of radiation. Especially in cardiac and
lung screening, it can provide imaging in
almost every single part of the body. By means
of its ability to perform quick screening by
using low radiation dosage, it provides major
ease of use especially in cardiac check-up
programs. The device can perform whole body
tomography in 4 seconds, heart angiography
in 0.25 seconds and lung screening in 0.6
seconds without holding breath. With freedom
of action and short imaging durations, it
provides major advantages for traumatic
patients, children and obese patients.
Acıbadem Maslak, Acıbadem Kadıköy Hospitals
3-DIMENSIONAL DIGITAL
MAMMOGRAPHY WITH
TOMOSYNTHESIS FEATURE
With this mammography device, which
has two dimensional and multi-slice three
dimensional tomosynthesis imaging with
minimum dosage capacity, it provides
opportunities that break a new ground in early
diagnosis of cancer. This device takes a series
of digital images as thin layers and from these
layers, it synthesizes three dimensional image
of the breast. All tissue problems are not
analyzed over one single image like routine
mammography devices, but analyzed over
digital images of the breast, which are viewed
as thin layers. Thus, it is impossible to miss
out problematic zones and breast cancer.
4-DIMENSIONAL MAMMARY
ULTRASONOGRAPHY
With ABVS (Automatic Breast Volumetric
Scanner), which is the latest technological
innovation in mammary ultrasonography
and which is also known as 4-dimensional
mammary ultrasonography, the entire
breast is viewed in standard poses and these
image sets are evaluated by the physician
on a special screen. These images can be
regenerated in desired sectional plane on this
screen and the measurements can be made
again. Any part of the breast is not overlooked
and the practitioner mistakes are minimized.
Magnetic Resonance (MRI) is one of the most
effective diagnosis methods among the new
imaging technologies. This method ensures
that all tumoral masses are seized at the
early stage before the findings are formed.
MRI examination, which is performed for
cases that may be missed out in classical
screening methods, enables tumor diagnosis.
With parallel imaging and integrative software
programs, image is taken within 30 minutes
with optimum resolution and quality from
the patient lying on movable table of MRI
device. While the patient is lying within the
cylinder, which creates a strong magnetic
effect, MRI sends radio waves that cause
energy release of hydrogen atoms within the
body. Information that belongs to thousands
of hydrogen atoms moving with the magnetic
effect are gathered in the computer. This
information is analyzed and very accurate and
high-quality images are obtained.
WHOLE BODY MRI
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STATE OF THE ART TECHNOLOGY AT ACIBADEM
Treatment Devices
TRILOGY
The Centers Where it is Applied:
Acıbadem Maslak, Acıbadem Kozyatağı, Acıbadem Bursa,
Acıbadem Adana, Acıbadem Kayseri Hospitals
It is a Linear Accelerator (LINAC) which has
3 different radiotherapy methods, namely
IGRT, IMRT and SRT/SRC. It is used for
both diagnosis and treatment purposes and
provides significant advantages to the patient.
Image guided radiotherapy can be performed
with IGRT. Intensity modulated irradiation can
be performed with IMRT. Thus, the intensity of
radiation in treatment areas can be adjusted
and the dose dispersion becomes almost
ideal. While high doses are applied to tumors,
healthy tissues are protected at a maximum
level. Punctual irradiation is applied with SRT/
SRC technology. With this method, punctual
irradiation can be applied to millimetric
tumors. Thus, while the tumor is exposed
to high doses of radiation, the surrounding
normal tissues receive less radiation.
RAPIDARC
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Rapidarc is an advanced technology cancer
treatment device, which is also known
as “Volumetric Intensity Modulated Arc
Treatment”. Rapidarc, which reduces 15-30
minutes of image radiotherapy treatment
down to 2 minutes, provides major comfort
and ease in treatment. Unlike other devices, it
enables irradiation while the patient revolves
around, in other words, while he/she is in
motion. Thus the treatment is carried out
quickly, without allowing the patient to move.
By means of Rapidarc, which is a Linear
Accelerator (LINAC), IGRT time is reduced
down to 2 minutes, and the time period spent
on the table goes down to 2 minutes, as well.
This makes the whole process completed
within 4 minutes. Therefore, 30-45 minutes of
treatment would be reduced to 4 minutes.
GAMMA KNIFE
Gamma Knife, which is used to treat brain
tumors without any surgical operations, is a
tested and scientifically approved radiosurgery
method. With Gamma Knife, brain tumors can
be treated quickly and bloodlessly without
the necessity of any sensitive and risky
surgical operations. General anesthesia is
not applied in Gamma Knife treatment; it can
be completed within couple of hours and the
patients go back to their homes within the
same day.
CYBERKNIFE
CyberKnife, which is defined as space scalpel,
is the first and only robotic radiosurgery
system, which is designed to perform cancer
treatment in more precise accuracy than
millimeter in whole body. By means of this
system, radiation beams are used focally and
all cancerous zones in brain and body are
treated with high doses. During treatment,
normal tissues can be protected from the
effects of radiation at a maximum level.
da VINCI
Acıbadem Maslak, Acıbadem Bakırköy and
Acıbadem Kadıköy Hospitals
Robot da Vinci, which has been produced
by NASA in order to perform surgical
operations on astronauts in space, performs
operations with micro lacerations and
provides 3-dimensional images. Thus, the
hardest operations can be easily performed.
For this, only a doctor is needed to sit down
in a console outside of the operation area
and direct the robot. It is used in many
fields, especially in urology, cardiovascular
surgery, general surgery, otolaryngology and
gynecology.
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INFRASTRUCTURE AND
TECHNOLOGY USED IN ACIBADEM
Technical Services
Periodical and planned maintenance,
repair and renovation/modification works of
electrical, mechanical and constructional
equipments of 11 hospitals, 7 polyclinics, 2
management buildings and APlus, Acıbadem
University, Acıbadem Mobile Health Care
and laboratories within the body of Acıbadem
Healthcare Group are carried out by technical
services.
Environmental Management Unit follows
up all liabilities and applications that are
required to be adapted in all locations within
the scope of Environmental Legislation
and has an active role in taking necessary
precautions for minimizing negative effects to
the environmental health that may be caused
by the operation.
With the works of Energy Management Unit,
it is aimed to minimize the amount of water
consumed annually without disquieting the
comfort, by the engineers, who have Energy
Management Certificate.
Significant infrastructure equipments in ASG
buildings:
Infrastructure
a) Heating-Ventilating-Air Conditioning
(HVAC) System: In all hospitals of the group,
comfort and energy efficiency are provided
together by using highly efficient heating and
ventilating groups, pumps, fans and frequency
converters.
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b) Back-up Power Systems: With
synchronization system, which enables
simultaneous operation of power
transformers, diesel generators,
uninterruptable power supplies, cogeneration
units, power automation and systems,
continuous, clean and economical energy is
provided in the hospitals.
c) Building Automation System (Smart
Building):
Energy is saved with this system by managing
the operation without any mistakes.
d) Nurse Paging Systems: With this system,
the nurses are available for patients and for
those, who needs them, from patient rooms,
restrooms and from any place by means of
paging buttons.
e) Fire Sensing Systems: With fire sensing
systems, smoke and sudden heat increases
in any part of the building are detected
immediately. In the event of a real fire call,
the system automatically makes ventilating
regulations in the area of fire call and
prevents spreading of smoke.
f) Water Treatment System: The water
treatment system in hospitals consists of
softening, reverse-osmosis, ultraviolet devices
and various filters. Thus, mains water is
disinfected and softened before general use.
Then, the water undergoes reverse-osmosis
device, the distilled water is disinfected again
and supplied to laboratories and sterilization
units; minerals are added and disinfection
is performed on distilled water and water is
transformed into potable water.
g) Medical Gas System: All medical gases that
are required by the patients are redundant
and remotely monitored. Also, there are
reserves for at least 10 days.
Radiological images of the patients can be
quickly transferred between hospitals in
electronic environment. Radiological images
and reports of the patients can be kept in
electronic environment for years.
ENDOCAM – Operating Room Register
System:
It is used as Mobile Register System in
Acıbadem Hospital operation department.
Fiber Infrastructure Projects: Fiber
infrastructure is used in network
communication infrastructure of the hospitals.
Internet Authentication Systems Project:
The configuration of systems, which can make
identity authentication in wireless internet
casts for the guests in hospitals, is being
made.
h) CCTV System: General areas, other than
medical areas are monitored and recorded 24
hours by security unit with cameras and.
Server Virtualization Project: 75 percent of
physical servers are virtualized and electrical
consumption is reduced and they occupy less
space in system rooms by means of green
information system infrastructure.
I) Solar Energy System: In Adana and soonto-be opened Bodrum Hospitals, hot water is
derived by solar panels.
Patient records in all hospitals and
laboratories are kept in a system,
which can be accessed instantly, since
2000. Maintenance and management of
technological medical equipments are
performed in JCI (Joint Commission of
International) quality standards.
RIS/PACS System: Digital images, which
are obtained in Acıbadem Hospitals’ imaging
centers, are evaluated by the physicians
through intranet by means of digital archiving,
communication and radiological information
management system (PACSRIS), and
diagnosis and treatment of the patients start
sooner.
Infrastructure
Information Technologies
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Information Systems
Information Systems Directorate conducts
which has been developed on the application
business processes and analysis,
used by Acıbadem Healthcare Group. LABMED
development, application assistance and
Application covers Acıbadem Labmed Group,
training processes of softwares/applications
CELLULA Application covers Acıbadem
of Acıbadem Healthcare Group and its
Pathology Group, and LabVital Foodstuff
affiliates.
Laboratory Application covers all operational,
financial and medical processes of Acıbadem
Labvital Foodstuff Control Laboratories.
In-room Digital Patient Screens: racking of
the requests of patients are made through
the digital screens in patient rooms, medical
reports are viewed and electronic patient
forms are filled out.
CRM - Acıbadem Insurance: With this
application, all marketing operations of the
customers are managed with one common
Patient Admission Revision Project:
infrastructure by combining all customers of
Optimization of all patient admission
Acıbadem Healthcare Group and its affiliates
processes, follow up of the documents
in one context.
required by institutions over the system and
receiving of the data in SVS (National Health
Infrastructure
You are the Doctor Portal Application: A
social networking portal, which gathers the
members that can meet all health groups
and subjects with health professionals, and
in which each user can create his/her own
personal health care record track.
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Medical Coaching Application: A development
system, which enables the presentation and
follow up of medical coaching services over
personal health data of the members, and
Care Data Set) standards are carried out.
Medical Sets
In Acıbadem Healthcare Group Hospitals,
open, laparascopic and endoscopic operations
can be performed in all branches depending
upon the type of the disease. Advanced
technology devices and surgical sets are
used in operation rooms. All kinds of surgical
interventions are performed in all hospitals
of the group; unlike other hospitals, organ
transplantation operations are performed at
International Hospital, brain tumor operations
with Intra-operative MRI are performed at
Acıbadem Kozyatağı Hospital, robotic surgery
interventions are performed at Maslak,
Bakırköy and Kadıköy Hospitals with da Vinci
in urology, general surgery and gynecology
fields. Aesculap and Storz surgical sets are
mainly used in operations.
surgery and Arthrex and Acufex for
orthopedics are preferred in addition to
mainly used brands.
Medical sets
Besides these two main brands, sets and
tools of other specific brands are used in
some specific branches depending upon
the type of the operation. H. Geuder for eye
operations, Codman, Elekta-Leksell and
Brainlab for some operation types in
brain surgery, Fehling in cardiovascular
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healthcare support
services
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ACIBADEM LABMED
Turkey’s first accredited clinical laboratory
The need for reference laboratory services for medical and industrial purposes brings
forth Labmed, which is a reference laboratory model. With its modern and technological
infrastructure, Labmed meets the laboratory requirements of Acıbadem and shares these
services with the entire health care sector.
In 2004, Acıbadem Healthcare Group has
entered into an important partnership with
Labmed Group (Labmed Dortmund GmbH),
which has been operation in Germany for over
30 years, on “reference laboratory services”.
Thus, the accredited laboratory service, which
is usually provided from abroad for clinical
researches, has begun to be offered in Turkey
with Acıbadem Labmed. Acıbadem Labmed
Clinical Laboratory has been granted “ISO
15189” Certificate, which has been given by
“Deutsche Akkreditierungsstelle Chemie
Gmbh” (DACH), for the first time in Turkey,
and became the first clinical laboratory in
Turkey, which is accredited and internationally
recognized.
Again, it has become the first laboratory in
Turkey, which has been accredited by “Turkish
Accreditation Institution” (TURKAK), in 2010.
ACIBADEM PATOLOJİ
Another first in Turkey with the ‘Telepathology’ system
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Acıbadem Central Pathology Laboratory,
which has been opened in 2006, has reached
to highest number in public and private sector
by examining 77.000 cases in 2009. In order
to meet the increasing demand, a second
laboratory has been opened in Acıbadem
Maslak Hospital in 2009. The laboratory in
Altunizade, which offers service in Anatolian
Side, and the laboratory in Maslak, which
offers service in European Side are of equal
strength to back up each other completely
for a certain period of time. In all Acıbadem
hospitals, there are also terminals, which
perform pathology consultation (frozen
section) for operations, macroscopic
examination, bedside sample evaluation,
hospital sample collection and transportation.
Between central laboratories and terminals,
which are connected to each other with
telepathology system, physician-physician
and physician-technician communication is
performed at the highest level and the entire
system can be worked in the same standards.
A “telepathology” application in this level is
still the first and only in Turkey. Pathology
Laboratory cooperates with Acıbadem Labmed
Clinical Laboratory and especially with
Genetika Laboratory. This service enables
“personal” or “targeted” treatment methods
to be given to especially cancer patients.
Telepathology System, which
one of the ‘firsts’ of laboratory
services of Acıbadem, enables
all specialists in all hospitals
to simultaneously evaluate
the pathology results on video
and audio.
ACIBADEM STEM CELL LABORATORY
and CORD BLOOD BANK
Turkey’s highest capacity Cord Blood Bank
In Acıbadem Stem Cell Laboratory and Cord Blood Bank, where all scientifically
approved tissues can be kept, there are over 5000 tissues.
Acıbadem Stem Cell Laboratory and Cord
Blood Bank, which is rapidly developing
storage and production laboratory, where
researches that are prudential treatment
methods are carried out. The laboratory has
an infrastructure, where all scientifically
approved tissues can be kept and all
treatment-purpose cell procedures are
conducted with GMP (Good Manufacturing
Practice) standards. Cord Blood Bank is the
most common example of Cell and tissue
storage (banking) applications. Cord blood,
which is one of the most valuable stem
cell resources, is kept upon the request
of the family, for the purpose of further
demand. There are over 5000 samples in
Blood Bank, which works in accordance
with legal regulations and with approval
of Ministry of Health. With this aspect, it is
the oldest Cord Blood Bank with highest
capacity. In addition to cord blood, peripheral
stem cells or bone marrow samples, which
are collected for the patients treated in
Acıbadem Healthcare Group, are freezestored until the time they will be used. In
Blood Bank, the cells, such as, chondrocyte,
fibroblast and mesenchymal stem cells, can
be produced by reproducing in cell culture
environment in order to be used for the same
patient (autologous-purposes). Following
the completion of R&D works in this aspect,
approval of work has been obtained from
Ministry of Health in January 2011 and offered
to Turkish Medicine.
ACIBADEM GENETIKA
Genetika offers diagnosis,
conductive and protectivepurpose genetic diagnosis
service for over 200 illnesses.
With its equipment,
experienced staff and highstandards, Genetika also offers
genetic consultancy services for
the physician and the patient
Private Acıbadem Genetic Diseases Diagnosis
Center is a part of Acıbadem Genetic Diagnosis
Center, which is represented by Genetika brand.
In this center, well-equipped and high-standard
services are offered for the purpose of diagnosis
and prevention of genetic diseases in humans.
Among these services, there are genetic
consultancy for doctors, genetic consultancy for
patients, prenatal genetic diagnosis, postnatal
genetic diagnosis, pre-implantation genetic
diagnosis and genetic selection of embryos,
cytogenetic and molecular genetics diagnosis
tests. Diagnosis, conductive and protectivepurpose genetic diagnosis services are offered
for over 200 illnesses, including infertility,
abortion cases, beta thalassemia, cystic
fibrosis, familial Mediterranean fever, fragile-x,
Duchenne and Becker muscular dystrophy,
Charcot-Marie-Tooth disease, spinocerebellar
ataxias, hemophilia A, hemophilia B, myotonic
dystrophy, thrombosis risk, spinal muscular
atrophy, phenylketonuria, genetic breast and
ovarian cancers, colon cancers, thyroid cancer
and blood cancer. By means of pre-implantation
genetic diagnosis, which is performed for the
purpose of HLA consistency in thalassemia
and blood cancer cases, many pregnancies
have been carried out and ill siblings have been
treated with stem cell treatment.
High standards in genetic diagnosis
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ACIBADEM LABVITAL
A significant brand in food safety
In Labvital Food Laboratory, food and all food-related equipments are analyzed in
accordance with international standards from production to consumption stages.
In order to offer its food control and services
with Acıbadem quality, Acıbadem Healthcare
Group has established Acıbadem Labvital
Food Control Laboratory in Ataşehir in 2009.
Labvital, which has been permitted by T.R.
Ministry of Agriculture and Rural Affairs,
is another ring of high-quality laboratory
service chain of Acıbadem Healthcare Group,
which continuously grows and expands its
service area. Our mission is to offer fast,
accurate and high-quality service, to pioneer
the application of new analysis, to serve as
a model and provide high-quality service to
our domestic and foreign customers with
quality and accuracy assurance ensured by
our internationally recognized certificates
by following the scientific innovations and
developments. Our vision is to become a
reference laboratory, which is the symbol
of reliability, preferred and recommended,
recognized and trusted by other countries,
with our high-standard service approach.
How does Labvital work?
All services provided by Labvital are devoted
to optimizing and developing products and
services, and securing the quality.
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• Labvital works with well-trained and
qualified staff in all stages of food and foodrelated substances and equipments from
production to consumption.
Labvital, which works in physics, chemistry,
microbiology, additive and residue, toxin,
instrument laboratories with well-trained
and qualified staff and advanced technology
devices, performs all kinds of food analysis
with internationally recognized methods.
Labvital performs specifically defined and
projected hygiene and sanitation auditing
and observation for each area, including
production, processing, passing, sold and
consumed and provides training services for
the staff working in those areas.
• While providing these services, Labvital
works by securing all information related to
private or corporate persons and institutions,
with a privacy statement by concealing,
keeping secret and not sharing within the
laboratory in terms of impartiality of its staff.
ACIBADEM MOBILE HEALTH CARE SERVICES
Brings health care to you, and takes you to health care
Acıbadem Mobile Health Care Services offers its mobile health care services with Acıbadem
Healthcare Group quality, which are integrated with its experienced and specialist staff.
Acıbadem Mobile
Health Care Services
Medical Coaching Emergency Health Care
Services
• Intensive Care Equipped Ambulance
• Air Ambulance
Domiciliary Nursing Services
• Long-Term Professional Nursing
• Procedural Nursing
• Domiciliary / Workplace Doctor, Domiciliary
/ Workplace Check-Up
Permanent Sick Room Setups
• Workplace Health Care Units
• Worker’s Health Protective Services
Mobile Medical Screening
• Obligatory Medical Screening
• CRM / Medical Truck and Medical Bus
Health Care Organizations
• Having Mobile Health Care Team
• Mass Organization Health Care Management
Tele-medicine
• Remote Patient Tracking
• Chronic Disease Management
• Wellness Programs
Acıbadem Mobile Health Care Services INC.,
which has been established in July 2008,
provides high-quality emergency and nonemergency health care services for prehospital and post-hospital periods. With over
300 employees, of whom 100 are physicians,
and advanced technology equipment in mobile
medicine technology, Acıbadem Mobile Health
Care Services offer both private and corporate
services as from 2010. In order to benefit
from these services offered by Acıbadem
Mobile Health Care, Mobile Health Care Line
can be called 24/7 by dialing 444 9 724 and
assistance can be received from health care
personnel. With this assistance, services, such
as Ambulance, Medical coaching, Domiciliary
Examination/Physiotherapy, Domiciliary
Injection, Domiciliary Medical Dressing,
Domiciliary Laboratory, Domiciliary Disease
Tracking, Domiciliary tracking of Weight and
Blood Value by Dieticians and other specialists
in related branches and Domiciliary Check-Up
services can be received in a short period of
time and with high-quality.
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INSTITUTIONS THAT OFFER SERVICE UNDER THE SAME BRAND
ACIBADEM INSURANCE
Indispensable part of health care system
Acıbadem Health and Life Insurance INC. has been established in 2004 to adapt the
success and the experiences that Acıbadem Healthcare Group has acquired in health
sector to insurance sector. From that day on, the company maintains its activities in life
and personal accident insurance branches.
Acıbadem Health and Life Insurance INC.
has become more powerful with 50 percent
partnership of Abraaj Group in 2007. Acıbadem
Insurance, which has increased its paid-in
capital 5 times since 2004, aims to develop
the market as to provide solutions to different,
major populations with its strong financial
structure.
Acıbadem Insurance
Acıbadem Insurance’s Head Office is located
in Küçükyalı; it keeps growing with its Eastern
Marmara, Aegean, Central Anatolia and
Southern Anatolia District Offices, Kozyatağı
Branch Office, 215 employees and 239
agencies, in order to increase its service
speed and quality. In line with this objective,
a transformation period has begun in the
second half of year 2010, where all products
and business processes were being restructured.
Today, Acıbadem Insurance is the primary
choice of corporate customers, due to its
“corporate productivity” approach that
supports the optimization of health care
expenses, its quick decision-making and
implementation ability, ability to provide
private service to VIP customers and ability to
present the price advantage that it provides
by means of its manner of work. With its
transparent and measurable working manner
and people-oriented insurance insight,
Acıbadem Insurance maintains its operations
in order to accomplish “Becoming a value
creating, leader and market determinant
company” vision.
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ACIBADEM INSURANCE
PRODUCT RANGE
Acıbadem Insurance provides solutions
for different masses, with insurance types
developed in line with the requirements.
HEALTH INSURANCE PRODUCTS
Acıbadem 3A
Acıbadem 2A
Acıbadem PRIVATE
Acıbadem EMERGENCY
Acıbadem SOS
Acıbadem TRAVEL
EXTREME SPORTS INSURANCE PRODUCTS
Practical Health Insurance
Acıbadem FormA
Acıbadem Parapant
Acıbadem Pruva
Acıbadem BMS
Acıbadem ScubA
LIFE AND RISK INSURANCE PRODUCTS
Acıbadem Career
Acıbadem Savings
Acıbadem School / Acıbadem Credit
Acıbadem Future
Acıbadem Inheritance
Acıbadem Accident
FOR CORPORATE INSURANCE HOLDERS
DoctorA; A “Corporate Health Care
Management Program”, which has been
developed in cooperation with background
knowledge of Acıbadem Healthcare Group and
Acıbadem Insurance.
ACIBADEM PROJECT MANAGEMENT
‘Turn-key’ services for major investments
Acıbadem Project Management, which embodies planning, implementation, control and
consultancy services, offers ‘turn-key’ services for major investments, such as hospitals,
and turns these investments into success.
Services offered by APM:
Investment Planning Process Services
• Determination of Investor’s Expectations
• Strategic Site Selection
• Preparation of Feasibility Report
• Preparation of Pre-Budget
• Fulfillment of Master Business Program
Designing Process Services
• Determination of Design Criteria and
Architectural Requirement Program
• Determination of Design Teams and Private
Consultants
• Functional Planning and Concept Projects
• Material Selection
• Drawing of Implementation Projects
• Legal Permission Consultancy
• Exploration and Footage Works
• Preparation of Technical Specification
Building (Construction) Process Services
• Document Management
• Construction Site Utilization Planning
• Preparation of Construction Management
Plan
• Time Management
• Quality Auditing / Management
• Cost Control / Management
• Conducting of Agreements
• Temporary Acceptance / Final Acceptance
Operational Process Services
• Know - How Transfer / Consultancy
• Facility Management
• Preparation of Emergency Scenarios
Acıbadem Project Management
Acıbadem Project Management offers all of
the planning, implementation, control and
consultancy services in project management,
which is a major problem in Turkey, with
its expert team and domestic-international
solution partners. It offers ‘turn-key’ service
for investors, who would like to sturdily
actualize their major investments, such as
hospitals. Acıbadem Project Management,
which has started with conducting all
planning, implementation, medical allocation
and project financing operations of all
investments of Acıbadem Healthcare Group,
now continues as an independent company.
Along with physical growth of Acıbadem
Healthcare Group, Acıbadem Project
Management has undertaken the planning and
supplying of medical equipments and apart
from in-group services, it also offers service
to domestic and international health care
investors for design and project management
implementations of social responsibility
projects.
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APLUS HOSPITAL AND HOTEL SERVICES
The brand that brings different services under
the same roof from catering to cleaning
APlus Hospital and Hotel Services, which has been established in 2006, offers health
sector-oriented food-catering, cleaning, laundry, facility management and human
resources services.
APlus, which has been organized considering
“Hospital is a hotel, in which health care
services are provided” principle, gathers the
requirements of health institutions, such as
catering, hygiene and transportation, under
one single roof.
APlus Hospital and Hotel Services
Services that make a difference in catering
APlus is known as one of the pioneers of cook
& chill industrial catering production sector.
Cook & chill catering is based on storing the
foods by reducing their temperature down
to 0-4°C within a short period of time (90120 mins.) by using European Gastronomy
technology and then heating once and for all
at the service point.
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Cleaning and Hygiene
APlus, which owns one of the largest hygienic
laundry rooms in Turkey, offers hygienic
washing, standard washing and dry cleaning
services in its facilities with 21 tons of washing
capacity per day. APlus, which works with
“Healthguard” system that is implemented in
health sector in European Union, offers wellrounded cleaning and disinfection services
that minimize the cross-contamination risk,
which have been developed for health care
institutions.
APlus standards;
• ISO 9001 (Quality Management System)
• ISO 22000 (Food Safety Quality Management
System)
• OHSAS 18001 (Occupational Health and
Safety)
• RAL - GZ 992 (Professional Fabric
Maintenance Quality and Test Specifications)
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Healthcare and Education Foundation
social responsibility
Acıbadem healthcare and
education foundation
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ACIBADEM UNIVERSITY
When it comes to healthcare, knowledge and
background is everything
Acıbadem University, which has been established in May 18, 2007 by Acıbadem Healthcare
and Education Foundation, is the first University in Turkey, which has been established
by a health group. With this university, the group aims to carry its knowledge to academic
environment. Acıbadem University is a foundation university with highest scholarship rate.
University
Acıbadem Healthcare and Education
Foundation has been established in May
28, 2002, for the purposes of increasing
educational level, establishing and operating
universities, specialization academies,
hospitals, health care facilities and specialty
institutes. In order to train qualified health
care personnel, to contribute education with
in-kind and financial aids to students, to do
researches that will enable more productive
service, to create and carry out projects,
Acıbadem University has been established in
May 18, 2007 by the Foundation. Acıbadem
University, which has started student
admissions in 2008-2009 academic year, has
accomplished to meet the quota 100 percent
by admitting students in Faculty of Medicine,
Faculty of Medical Sciences and Health
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Care Services Vocational High School. The
number of students in Acıbadem University
has reached 633 in 2010-2011 academic year.
Acıbadem University has an academic staff
that embraces academic members, who are
nationally and internationally recognized.
With average of 2.3 students per academic
member, Acıbadem University has made a
difference in education quality.
The vision of Acıbadem University is to
become an academic institution, which
has high level of excellence in education,
culturally and socially well-equipped,
which raises individuals with ethical values,
keeps the free thought alive with modern,
innovator, and leading practices, Kemalist,
which sets a model in Turkey and which is
viewed as reference in the world. One of the
most important advantages that Acıbadem
University, which aims to raise individuals
with high levels of knowledge, dedicated,
inquisitive, prone to academic studies, who
can efficiently use technology, produce
science and innovative, provide to students
is the opportunity to work within the body of
Acıbadem Healthcare Group after graduation.
ACADEMIC UNITS OF
ACIBADEM UNIVERSITY
• Faculty of Medicine
• Faculty of Medical Sciences
• Faculty of Engineering
• Faculty of Economics and Administrative
Sciences
• Faculty of Science and Letters
• Faculty of Communication Arts
• Health Care Services Vocational High School
• Vocational High School
• Institute of Medical Sciences
• Institute of Science
• Institute of Social Sciences
Besides these faculties, education has been
commenced in seven associate degree
programs of Health Care Services Vocational
High School, with Faculty of Medicine,
Faculty of Medical Sciences, Physiotherapy
and Rehabilitation, Nursing and Health
Management Departments. When the
construction of the campus is completed, the
other units will begin student admissions.
In Acıbadem University, only the Institute
of Medical Sciences admits post graduate
students. Other institutes will begin post
graduate student admissions in the following
academic years. Acıbadem University also
carries out certificate programs by Continuous
Training and Development Center.
University
Acıbadem University provides education
temporarily in Maltepe Campus. The university
will move out to Ataşehir Campus in 20112012 academic year, and the construction
continues at full stream. In Acıbadem
University, where the students in need are
aimed to receive education with scholarship,
247 students receive education on 100 percent
scholarship. In addition to LYS scholarships,
43 percent of the students receive free
education with Kerem Aydınlar Foundation
scholarship. With these scholarship
percentages, Acıbadem University takes its
place among the foundation universities with
highest scholarship rates.
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Investment
Investments
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2010 INVESTMENTS
ACIBADEM FULYA HOSPITAL
Acıbadem Fulya Hospital, which is located
in Beşiktas Fulya, one of the ‘most central’
districts of İstanbul, completes the structure
of the group in İstanbul. The hospital
was established in Süleyman Seba Trade
Center in 22.000 m2 of area, and since it is
located in downtown, it has the advantage of
accessibility.
athletes’ health care. In this hospital, it is
planned to create specific exercise programs
for cardiac patients. In Turkey’s most
advanced Breast Health Center, which is
located in Acıbadem Fulya Hospital, most
impressive clinical applications are performed
from high resolution breast imaging to 4D
imaging.
Acıbadem Fulya Hospital offers services
that make difference especially in athletes’
health care, orthopedics, physiotherapy and
traumatology fields. With these features, the
hospital is candidate for being the only one in
Turkey and among the best reference center
of the world. In this hospital, which is the only
one in Turkey that branches out in treatment
of sport injuries and athletes’ health, there
are special units for amateur and professional
State-of-the-art devices are used in this
hospital. There are 1.5 Tesla MRI, which
is defined as “half-open”, and which is
more comfortable for claustrophobic and
obese patients; state-of-the-art digital
mammography, which is considered the
best image quality in Turkey; new generation
ultrasonography devices and digital panoramic
x-ray.
ACIBADEM ESKİŞEHİR HOSPITAL
Investment
Acıbadem Eskişehir Hospital offers service
in all branches of medicine, and especially
draws attention with exceptional service in
cardiology, cardiovascular surgery, oncology,
general surgery, gynecology, orthopedics
and pediatrics. The hospital, which has the
facility to respond emergency patients with
its heliport that has been designed for air
ambulance landing, has 20.000 m2 of indoor
area. The hospital, which has 5 operation
rooms, 1 delivery room, 1 infant care room,
operates with smart building system that can
be controlled from one thousand different
points.
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In the hospital, which works with a
perspective that considers different needs
of different patient groups, there are many
different services from Menopause Clinic to
Blepharoplasty Center, from Cephalalgia and
Balance Center to Growth and Adolescence
Center. Among the innovations within the
body of the hospital, there is patient-oriented
service by architectural comfort, “smart
building feature” that can be controlled from
one thousand points and minimizing infection
risk by Close Air-conditioning System.
By means of the Cerebral system, which
provides fast treatment process with
instant electronic information flow, medical
information is checked with electronic
information network. Thus, Acıbadem
Eskişehir becomes a ‘paperless hospital’.
2012 INVESTMENTS
ACIBADEM ANKARA HOSPITAL
Acıbadem Healthcare Group continues the
construction works of Acıbadem Ankara
Hospital, which is located in Oran, one of the
most central districts of Ankara. The hospital,
which will be established to bring Acıbadem
quality to Ankara, is planned to be built on
10.000 m2 of area. The hospital, which is
planned to offer service in all branches of
medicine with modern methods, will be put
into service with an advanced infrastructure.
As is in all Acıbadem Hospitals, Acıbadem
Ankara Hospital will offer service with
advanced technological applications within the
frame of patient-oriented working notion, and
comfortable environments will be created for
patients and patient relatives.
ACIBADEM BODRUM HOSPITAL
Thus, the citizens of metropolitan cities will
be receiving the health care service that they
are used to in Acıbadem Bodrum Hospital with
its medical services offered in all branches
in 12.000 m2 of indoor area, the hospital will
bring Acıbadem quality to Bodrum.
Investment
Bodrum, which is one of the most prominent
vacation spots in Turkey, will be hosting the
opening of Acıbadem Bodrum Hospital in
2012. The hospital, which will be offering
service for local residents, for many foreign
citizens, who live in Bodrum, and for foreign
tourists, will be offering first class service to
the patients.
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accomplishments and
quality
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ACCOMPLISHMENTS and AWARDS
Acıbadem has become the “Super Brand”
The results of Turkey for Superbrands List, which is active in 86 countries and which has been applied
globally since 1993, has been announced. According to 2010 results of Superbrands List, which has been
performed biennially since 2005 in Turkey, Acıbadem Healthcare Group has become the “Super Brand”.
TBMM Outstanding Service Award
Acıbadem Healthcare Group Board Chairman Mehmet Ali Aydınlar has been
deemed worthy of TBMM 2010 Outstanding Service Award, which is given in
order to reward the individuals, who renders outstanding service in national and
international level and who serves for the state and the nation and helps the
presentation of Turkey.
Sportsman of the Year
21st Conventional Sportsman of the Year Awards of Zaman Newspaper has been
granted in 2011. Acıbadem Healthcare Group Board Chairman Mehmet Ali Aydınlar
has been deemed worthy of “Sportsman of the Year” award, and Fenerbahce
Acıbadem Women’s Volleyball team has been deemed worthy of “Team of the
Year” award.
Milliyet Sportsman of the Year Honorary Award
Conventional “Milliyet Sportsman of the Year” Awards has been granted for 57th
time with popular vote in 2010. Fenerbahce Acıbadem Women’s Volleyball Team
has been deemed worthy of Namik Sevik Service Award, Mehmet Ali Aydınlar has
been deemed worthy of Namik Sevik honorary and gratitude award.
Acıbadem has been elected as the “fastest fish” of Turkey
Acıbadem has received the “Fast Fish” award in 2006, which has been granted
by Referans Newspaper by considering facts, such as profitability, growth,
employment, productivity, export and innovations.
“Male Entrepreneur of the Year”
According to “Business People of the Year in Economics in 2006” survey
results, which has been arranged by Ekonomist Magazine, Acıbadem
Healthcare Group Board Chairman Mehmet Ali Aydınlar has been elected
as “Male Entrepreneur of the Year”.
“Businessman of the Year”
80
Mehmet Ali Aydınlar has been elected as “Businessman of the Year” in
Businessmen of the Year award ceremony organized together by İstanbul
University Faculty of Management and Dunya Newspaper in 2006.
Winners Awarded their Hastane (Hospital) Magazine
Healthcare Management Awards
“Hastane Magazine Healthcare Management Awards” are organized with the creed that employees’
individual efforts have a great importance in the development of the healthcare sector and with the
purpose of honouring and encouraging successful healthcare managers who are recognized in their
field with their successful practices. Mr. Mehmet Ali Aydınlar, the Chairman of the Board of Acıbadem
Healthcare Group, received an Honorary Award and Mr. Hüseyin Çelik, Hospital Director, Acıbadem
Adana Hospital received the Hospital Management Award.
32nd Most Valuable Brand of Turkey: Acıbadem
Acıbadem Healthcare Group has gone up to 32nd row among 100 companies in ‘Turkey’s most
Valuable Brands Survey’, which has been prepared by Capital in 2010.
Acıbadem is on “The Best 100 Turkish Companies”
List of Forbes
In “The Best 100 Turkish Companies” Research of Forbes, which has been prepared
in accordance with market value, total assets, net sales and net profit of annual
statements of Turkish public companies, Acıbadem Healthcare Group had 81st place.
Acıbadem is on “500 Major Private Companies of Turkey” list
Acıbadem Healthcare Group had 199th place in “Turkey’s 500 Major Private
Companies” Survey of Capital in companies in biggest endorsement category in
2009. Acıbadem Health Group also had 14th place in “Turkey’s 500 Major Private
Companies” Survey of Capital in companies that generate most employment
category.
2007 Customer Friendly Golden Quality Award
In 9th Customer Friendly Golden Quality Summit, Acıbadem has been awarded
with “Customer Friendly Golden Quality Award” in Medicine-Health Institution-Life
Products category.
The Person Who Voluntarily Contributed
Most to Health Sector Award
Acıbadem Healthcare Group Board Chairman Mehmet Ali Aydınlar has been deemed
worthy of “The Person Who Voluntarily Contributed Most to Health Sector” Award in “Social
Responsibility in Health Sector Awards” organized by Health Volunteers Association.
The First Health Care Institution that Comes to
Consumer’s Mind
Kariyer.net 9th Respect Awards
Due to the fact that Acıbadem Healthcare Group has high levels of respond rate of
applications for job advertisements, “Employment Department” has been deemed
worthy of “Respect Awards” by kariyer.net.
The Most Known Brand: Acıbadem
In ‘Brands Survey’ which has been organized by Nielsen Research Company for
16 years, Acıbadem has been identified as ‘the first private hospital that comes
to mind’ in all categories by the consumers. In private hospital category, only
Acıbadem Healthcare Group takes place with 10.8 percent of ‘indication rate’.
ANKA Consultancy Group has conducted survey with 10.035 people. “The First
Brands that come to Consumer’s Mind” have been identified. “The First Health
Care Institution that Comes to Consumer’s Mind” is Acıbadem.
81
QUALITY MANAGEMENT
Certificates and Quality Certificates
Joint Commission International Accreditation
82
Joint Commission International (JCI)
Accreditation, which is internationally wellaccepted and recognized evaluation model,
is generally evaluated independently, by an
institution independent from the government
in order to determine whether health care
organizations meet a series of standard
requirements designed to increase health
care quality. After JCI, which constitutes
international branch of JCAHO, which is
the biggest accreditor and which accredits
around 20.000 health care institutions in
USA, has developed international standards,
today; approximately 350 hospitals in 43
countries have JCI accreditation. Hospital
accreditation program, which is also owned
by Acıbadem Healthcare Group and which
has been initiated in 1999, has been designed
to evaluate all functions of the hospitals
including outpatient services and clinical
laboratories and it applies the same for all
hospitals. JCI standards have been collected
under 13 main titles as patient-oriented and
organization-oriented.
Patient-Oriented Standards
1. Access to and Continuation of Health Care
2. Rights of Patients and Patient Relatives
3. Patient Evaluation
4. Patient Nursing
5. Anesthesia and Surgical Nursing
6. Medicine Management and Use
7. Patient and Patient Relative Training
Organization-Oriented Standards
8. Quality Optimization and Patient Safety
9. Prevention and Control of Infections
10. Governance, Leadership and Orientation
11. Facility Management and Security
12. Quality and Education of the Employees
13. Communication and Information
Management
With the inspection carried out by JCI for
the first time in January 31 – February 5
2005, Acıbadem Healthcare Group has been
accredited with Acıbadem Bakırköy, Kadıköy,
Kozyatağı Hospitals; Bağdat Caddesi Medical
Center, Etiler Medical Center, Soyak Polyclinic
and Central Laboratory.
Acıbadem Bakırköy Hospital and Beylikdüzü
Surgical Medical Center have qualified to be
accredited again with inspections carried
out in March 25-28 2008; Acıbadem Kadıköy
Hospital, Etiler Medical center and Göktürk
Medical Center have qualified to be accredited
again with inspections carried out in March
30 – April 3 2008; Acıbadem Kozyatağı
Hospital and Bağdat Caddesi Medical Center
have qualified to be accredited again with
inspections carried out in April 7-10 2008.
Acıbadem Bursa Hospital has been accredited
by JCI in June 30-July 4 2008; International
Hospital and International Etiler Medical
Center have been accredited by JCI in July
7-10 2008; Acıbadem Kocaeli Hospital has
been accredited by JCI in July 14-16 2008.
Acıbadem Adana Hospital has been accredited
in September 20-24 2010; Acıbadem Maslak
Hospital has been accredited in September
27-October 1 2010.
Acıbadem Healthcare
Group works in order to
provide safe and highquality health care to the
patients. With the services
offered, the group uses Joint
Commission International
(JCI) Accreditation, ISO
9001 Quality Management
System, EFQM Excellence
Model, Laboratory
Accreditations and Nuclear
Medicine European
Accreditations with regard
to quality optimization in
management processes and
patient safety
All units of Acıbadem Labmed, which
offers clinical laboratory services, have
been accredited by DACH (Deutsche
Akkreditierungsstelle Chemie) in accordance
with TS EN ISO/IEC 15189 Medical
Laboratories – Specific Conditions for Quality
and Competence standard in October 20,
2005. The scope of accreditation includes
biochemistry, hematology, immunology,
microbiology and molecular biology. The
accreditation inspection of Acıbadem
Labmed has been completed in August 2010
by TURKAK (Turkish Accreditation Agency)
and the accreditation certificate has been
renewed. In November 2010, Acıbadem
Labvital Laboratory has been accredited in
accordance with General Conditions standard
of TS EN ISO/IEC 17025 Competence of
Experiment and Calibration Laboratories.
Acıbadem Labcell Cell Laboratory and Cord
Blood Banking has been designed and built
in accordance with the conditions of cGMP
(current Good Manufacturing Practice), which
is the highest international standard in cell
and gene treatments. This is the only center
in Eastern Europe and Middle East, which is
still in the process of JACIE accreditation.
cGMP is a standard, which ensures medicine
production in suitable conditions. JACIE is an
accreditation agency for cell treatments and
bone marrow transfers in Europe.
ISO 9001
Quality Management System
Central Sterilization Units of Acıbadem
Kadıköy and Acıbadem Bakırköy Hospitals
have received ISO 9001 Quality Management
System certificate for the first time in
August 15, 2003 at the end of the inspections
conducted by SGS. With the new hospitals
opened, Central Sterilization Units of
Acıbadem Kozyatağı in 2005, of Acıbadem
Bursa in 2006, of Acıbadem Kocaeli Hospital
and Beylikdüzü Surgical Medical Center in
2007 and of International Hospital in 2008
have been included in this certificate. In 2009,
Acıbadem Kayseri and Acıbadem Adana,
Acıbadem Maslak Hospital and Acıbadem
Ataşehir Surgical Medical Center have been
included in this certificate.
EFQM (European Foundation
For Quality Management)
Excellence Model
The excellence journey of Acıbadem
Healthcare Group has started with its
membership to Kalder and EFQM (European
Foundation For Quality Management) in
2002. The “Excellence Model”, which has
been developed by EFQM, is a model, which
helps the institutions for developing their
management systems by measuring their
improvements in excellence. At the end of
the field visit by KalDer following the first
self-evaluation in March 2003, Acıbadem
Healthcare Group has gained the right to
receive (EFQM) “Determination in Excellence”
certificate in January 12, 2004. The reason
of existence of EFQM, which resembles to
some well-regarded awards, such as Deming
in Japan and Malcolm Balridge in USA, is
to ensure the establishment of sustainable
excellence culture.
European Nuclear Medicine
Accreditation
Nuclear Medicine Centers in Europe are
accredited by European Board of Nuclear
Medicine-EBNM of European Union of Medical
Specialists-UEMS. 11 out of 60 accredited
Nuclear Medicine Centers In Europe, which
have been started to be accredited in 2003,
are in Turkey and 5 of these are Acıbadem
Kadıköy Hospital, Acıbadem Bakırköy Hospital,
Acıbadem Kozyatağı Hospital, Acıbadem bursa
Hospital and International Hospital Nuclear
Medicine Departments. Nuclear Medicine
Departments of Acıbadem Healthcare Group
also have ISO 9001 Quality Management
System certificate since April 2006.
Laboratory Accreditations
83
Fenerbahce Acıbadem Women’s Volleyball Team
Health of Turkish Sport
Turkish Football Federation
Turkish Basketball Federation
Turkish Volleyball Federation
84
Beşiktaş GC
Fenerbahçe SC
Eskişehir SC
Bursaspor
Çaykur Rizespor
Kayserispor
Sivasspor
Tofaş SAS SC
Banvit Basketball Club
İpek Şenoğlu
Marsel İlhan
Hazal Sarıkaya
health of Turkish sport
entrusted to us
85
86
The Team that Breaks All the Records
FIVB World Clup Championship Winner (2010/2011)
Third Place in CEV European Cup (2008/2009)
Second Place in CEV European Champions League (2009/2010)
Third Place in CEV European Champions League (2010/2011)
Turkey Cup Champion (2009/2010)
Turkey Super Cup Winner (2008/2009, 2009/2010)
Turkey Women’s Volleyball 1. League Champion (2008/2009, 2009/2010, 2010/2011)
87
88
Turkish Football Federation
Turkish Basketball Federation
89
Turkish Volleyball Federation
Fenerbahçe SC
Beşiktaş GC
90
Bursaspor
Kayserispor
Eskişehir SC
Sivasspor
Other Clubs
Marsel İlhan
İpek Şenoğlu
Individual Sports
In addition to teams, Acıbadem also supports individual athletes such as tennis players İpek Şenoğlu
and Marsel İlhan and swimmer Hazal Sarıkaya.
Acıbadem is the healthcare sponsor of other teams such as Çaykur Rize Spor, Tofaş Basketball Club
and Banvit Basketball Club as well.
91
92
Development
development
TURKISH HEALTH SECTOR and ACIBADEM
Even though health care services in countries, where social state consciousness is strong, are considered as
inseparable part of fundamental civil rights, the fact that health care services are offered by private sector
in the countries, where these concepts are efficaciously in practice, shows that private sector goes hand in
hand with public sector for many fundamental rights in this sense.
The main difference of health care services offered by private sector is the ability to make quick decisions
for using the resources efficiently. Another feature is that unlike public hospitals, people are able to find
out methods that facilitate access to services that cannot be obtained by high-quality service, advanced
technology and individual resources in private hospitals.
While, the fact that the utmost point in technological advancements and service delivery in health care
sector has been brought to our country and brought significant background information to the health care
personnel, this acquisition in health care has been increasing by providing these services to our people with
equal and accessible quality.
As it is well known by the public, Acıbadem Healthcare Group (ASG) is known as a group, which complies
with international accreditation rules, as well as health care legislation, which meets advanced technology
with our people and health care personnel, and thus, which produces bilateral high value added service in
health care system.
Capacities and Utilization of Hospitals in Turkey
1. N
umber of Hospitals:
The total number of hospitals, which was 1.155 in 2002, has reached 1.389 in 2009 with average of 2.7%
annual growth rate. Within the same period, the number of private hospitals went up from 270 to 450, with
average of 7.6% annual growth rate. The average annual growth rate of hospitals affiliated to Ministry of
Health, universities and other institutions was 1%.
Development
Number of Hospitals
94
2008
834
2002
774
0
200
400
Source: Ministry of Health – 2009
59
600
MH
450
50
270
800
1.000
UNIVERSITY
46
61
1.200
PRIVATE
1.400
OTHER
2. Bed Capacity:
In parallel with the increase in number of hospitals, the average annual growth rate in total number of beds has
reached 2.8% from 2002 to 2009. Within the same period, the average annual growth rate in bed capacity of private
hospitals was 9.6%.
Bed Capacity – Thousand Beds
2009
122
2002
30
103
0
20
40
60
80
Source: Ministry df Health – 2009
27
13
100
120
140
MH
UNIVERSITY
25
18
19
160
180
PRIVATE
200
OTHER
3. Total Number of Patients:
It can be seen that from 2002 to 2009, the total number of patients has approximately increased 2.4 times
and the private hospitals have contributed this increase year after year.
Total Number of Patients – Million People
2009
228
2002
110
0
19
48
96
50
100
150
200
MH
250
UNIVERSITY
300
PRIVATE
While the private hospitals in Turkey had 4.8% of share in 2002 in total number of patients (throughout the
entire hospitals), this share has increased up to 16.2% in 2009. When the number of inpatients is analyzed,
while the private hospitals had 10% of share in 2002, this percentage went up to 25.3% in 2009.
2009
5.935
1.463
Development
Number of Inpatients – Thousand People
2.504
95
2002
0
4.170
1.000
2.000 3.000
782 556
4.000
5.000
6.000 7.000
MH
8.000
9.000
UNIVERSITY
10.000
PRIVATE
ACIBADEM HEALTHCARE GROUP IS IN THE
LEADING POSITION IN HEALTH CARE SECTOR
1. Bed Capacity
The increase in bed capacities of private hospitals in Turkey has reached to 9.6% with average annual growth rate
between 2002 and 2009.
Number of Beds (Turkey) – Thousand
YOBO*
%9.6
30
25
25
20
15
10
13
5
0
2002
2009
* Average Annual Growth Rate
Number of Beds – Acıbadem
YOBO*
%17.4
1.000
900
860
Development
800
96
700
600
500
400
300
200
280
100
0
2002
Source: Acıbadem Healthcare Group
2009
2. Number of Patients:
Increase in the number of patients from 2002 to 2009
While the total number of patients in the hospitals throughout Turkey was 124 million people in 2002, this number went
up to 295 million people in 2009 with average of 13.2% annual growth rate.
Total Number of Patients (Turkey) – Million People
YOBO*
%13.2
295
124
2002
2009
Acıbadem Healthcare Group has achieved average of 22.4% annual growth rate by increasing the total number of
patients from 500.000 to 2.060.000 from 2002 to 2009.
When key performance indicators of Acıbadem Healthcare Group have been analyzed, it can be seen that the growth
potential from the previous years have continued. The Group will remain in the leading position in health care sector,
which keeps growing each day.
Total Number of Patients (Acıbadem) – Thousand People
YOBO*
%22.4
2.250
2.000
2.060
1.000
Development
1.750
750
97
1.500
1.250
500
250
0
500
2002
Source: Acıbadem Healthcare Group
2009
General Assembly and Financial Reports
98
100
Agenda of Ordinary General Assembly
102
Compliance with Corporate Governance Principles
114
Financial Reports
187
Summary of Auditor’s Report
General assembly and
financial reports
AGENDA OF ORDINARY GENERAL ASSEMBLY 2010
Agenda for the Acıbadem Sağlık Hizmetleri ve
Ticaret A.Ş. Ordinary General Assembly held on
29.07.2011 for the year 2010
1. Opening, the appointment of the presiding officers and their authorization to sign the minutes of the
meeting.
2. Reading and discussion of the Board of Directors Annual Report, Auditor`s Report and Independent Audit
Report for 2010,
3. Reading, discussion and approval of the Balance Sheet and Statement of Profit and Loss for the year 2010,
4. Reading of the Board of Directors’ proposal regarding profit distribution, discussion and approval of the
same,
5. Disclosure of the profit distribution policy in line with Corporate Governance Principles of the Company,
6. Approval of merger agreement and merger financial statements signed between our Company and our
subsidiary Acıbadem Kayseri Hastanesi A.Ş. within the related laws and regulations,
7. Presentation to the shareholders of the donations, including those made during the year, for approval,
8. Approval of the Independent Audit Company “Akis Bağımsız Denetim ve Serbest Muhasebeci Mali
Müşavirlik A.Ş.” appointed by the Board of Directors,
9. Informing shareholders on Collaterals, Pledges and Mortgages (CPM) given in favor of 3rd parties as well
as revenues and benefits obtained as per Capital Market Board Resolution numbered 28 / 780 and dated
Agenda of General Assembly
09.09.2009;
100
10. Exonoration of the Members of Board of Directors and Auditors for the year 2010,
11. Election of the Members of the Board of Directors and determination of their salaries,
12. Election of Auditors and determination of their salaries,
13. Authorizing the Members of the Board of Directors to act in matters relating to Articles 334 and 335 of
Turkish Commercial Code,
14. Wishes and requests.
The annual report prepared has been drafted in accordance with the communiqués issued by the Capital
Market Board and EFQM Excellence Model.
HIGHLIGHTS
Acıbadem Financial Highlights (TL)*
2010
2009
Total Assets
769.595.056
704.206.111
564.977.007
2008
Fixed Assets
530.130.533
511.403.155
434.367.912
Depreciation and Retirement Pay Provisions
75.335.841
59.760.417
39.991.174
Share Capital
100.000.000
100.000.000
100.000.000
Shareholders’ Equity
131.323.682
128.800.332
117.262.036
Net Sales
731.582.530
558.832.776
427.995.411
Net Period Profit
10.168.423
15.788.967
-37.018.173
EBITDA**
137.374.40783.047.63366.768.773
Acıbadem Operational Highlights
2009
Number of Outpatients
2008
2007
1.632.354
1.374.484
1.397.306
Number of Inpatients
70.547
52.362
55.426
Number of Surgical Cases
50.000
39.000
44.404
Number of Deliveries
4.000
3.500
3.163
* Based on Consolidated Amounts in Accordance with SPK Regulations Numbered XI, 29.
** Earnings before Interest Tax Depreciation and Amortization
In 2010, Acıbadem Healthcare Group’s revenue has increased by 31% and reached to approximately 732
million TL (488 million US Dollars) in total. Although new hospitals operates with low capacity in the first
periods, Earning Before Interest Depreciation and Amortization (EBITDA) has increased by 65% and reached to
137 million TL (91 million US Dollars).
The last five years consolidated audited financial information of the group is as follows. The profit margins are
(MIO TL)
20102009 2008 20072006
Net Sales
731,6558,8 428,0 394,0334,1
Cost of Services Rendered
589,7
356,1
331,5
273,2
Gross Profit
141,9
80,3
71,8
62,4
60,9
Gross Profit Margin
19%
14%
17%
16%
18%
Net Operating Profit
10,2
23,3
26,7
21,5
21,2
Operating Profit Margin
1,4%
4,2%
6,3%
5,5%
6%
478,6
EBITDA
137,483,0 66,7 59,2 54,0
EBITDA Margin
19%15% 16% 15%16%
Highlight
expected to increase as a result of the increased capacity of new branches.
101
Compliance with Corp. Governance prim.
Corporate Governance Principles
Compliance Statement
102
Corporate Governance Principles have been
grow and sustain growth under the increasingly
established to assist OECD and non-OECD countries
competitive conditions brought about by globalization;
in assessing and developing the legislative, corporate
our company has restructured its management
and regulatory framework relating to corporate
organization to conduct the necessary harmonization
governance in their countries. It further aims to
and implementation work on a national and
pioneer and make recommendations to stock
international scale.
exchanges, investors, companies and other institutions
At the same time, as a result of all the reorganization
which play a role in the development process of good
work, there has been a transition from a central
corporate governance. These principles are focused
structure to a profit/loss focused structure by
on those companies whose shares are traded on the
enterprise. This was also conducted in order
securities exchange.
for the notion of performance management to
Although it is not binding, the Corporate Governance
become widespread on an organizational scale and
Principles published in our country by the Capital
the creation of enhanced career options for the
Markets Committee aims for companies to re-
employees.
examine their own corporate governance principles
The hospitals have been transformed into enterprises
and implement those principles. It consists of four
of independent operations with common standard
main sections under the headings of share owners,
implementations and their Hospital Directorate offices
public disclosure and transparency, shareholders and
report to the General Manager of Acibadem Health
the board.
Group. This structuring allows for hospital directors
In a world where integration is on the rise due to the
to make faster decisions and also strengthens the
high mobility of capital, companies cannot afford to
central support functions and standards.
ignore investors’ expectations for more harmonized
With the reinforcement of corporate culture, central
corporate governance practices. The reinforcement
approach and standards, Acibadem Health Group has
of investors’ trust in the companies and securities
delegated the responsibility of local administration
markets of a country is of utmost significance both
and performance responsibility to the hospitals
in terms of the long term competitive skills of the
themselves. Apart from the re-examination and
companies and in terms of the strength of the national
improvement of the decision taking mechanisms in the
economy.
organization, the identification of group strategies by
Our company is totally committed to its ongoing work
medical branch and performance monitoring are also
on Corporate Governance Principles, monitoring
included in the objectives of the organization work.
the developments, implementing the principles in
Capital Market and Corporate Governance Directorate
question, re-examining the practices in the light of
which is connected to Chairman of Board has been
changing circumstances and revising as necessary.
established in 2008. The mission of Capital Market
There has arisen no conflict of interest in our company
and Corporate Governance Directorate is to track
from non-compliance with the corporate governance
compliance of corporate governance principles, to
principles.
attend to enhancing exercises, making proposals to
Within this framework, in order to be able to
the Board and confirm the application of principles.
Section I - Shareholders
1.1. Shareholders Relations Department
The exercise of shareholders rights is based on the
and measures are taken to ensure the exercise of
related laws and regulations, the main articles of
such rights.
association and other internal company regulations
Investor Relations Directorate has been established
with the aim of overseeing shareholder relations and
• Supervision and surveillance of all issues concerning
providing right to information.
public disclosure, including the related legislation and
• Keeping proper, secure and up-to-date records of
information policy of the company.
shareholders,
36,18% of our shares are quoted in stock exchange.
• Responding to the shareholders’ written queries
Abraaj Capital Limited, a private equity company
for information regarding the company, excluding the
from Dubai, has purchased nearly 46% of trade and
undisclosed information that is confidential and trade
non-trade shares of our company whereby Almond
secret,
Holding A.Ş in 2008. The portion of the shares of
• Ensuring that the general shareholder meeting
Mehmet Ali Aydınlar and Hatice Seher Aydınlar is also
is conducted in accordance with the legislation, the
46% whereby Almond Holding A.Ş. The owners of rest
corporate statute and other in-house regulations,
shares, 8%, are real person investors. Representing
• Preparing the documents to be used by the
Abraaj Capital, a member of Board and Deputy
shareholders in the general shareholder meeting.
General Manager in charge of Financial Affairs have
• Keeping the records of voting results and
been assigned. Shareholders are informed by regular
ensuring that all reports related to the resolutions
monthly assemblies.
of the general shareholder meeting are sent to the
99,99 % of the shares of our company has been
shareholders,
registered by Central Registry Agency Inc. as of 2006.
All information required to exercise shareholders’
electronic form.
rights in a sound manner should be made available to
There have been 21 information requests from
all shareholders. The information should be submitted
shareholders throughout the current term. These
as complete, accurate and in a timely and diligent
requests have usually been for purchasing new shares
manner. Non discrimination principle is considered
following capital increases and requesting information
among shareholders for the right of information and
about general assemblies and the state of the company
observation.
in general. All developments which may potentially
Obligation to inform shareholders includes legal or
impact the shareholders are announced on a daily
commercial relationships with other enterprises
basis to be published in the stock exchange bulletin
or individuals with whom there is a direct/indirect
“Clarifications of Special Situations”.
managerial, administrative, supervisory or ownership
Request for the appointment of a special auditor has
related relationship.
not been stipulated as an individual right in the main
The general shareholder meeting or the board may
articles of association. There has not been any request
refuse to disclose information, only based on protection
for the appointment of a special auditor throughout the
of trade secrets and the company’s interests.
current term.
In order to broaden the scope of shareholders right to
Using of right of information has been obeyed related
obtain and evaluate information, any type of information
laws and regulations and main articles of association.
that may affect the way in which shareholders exercise
There have not been any verbal and written complaints
such rights, must be updated on a regular basis in an
received from shareholders in 2010.
1.2.The Exercise of the Shareholders Right to Information
103
1.3.General Assembly Information
2009 General Assembly meeting of our company
It is the Board of Directors who calls the General
has convened on 07.06.2010 with a participation
Assembly to convene. Extraordinary General Assembly
representing %94 of the capital on the part of the
may be called for by both the Board of Directors and
share owners.
the General Council of Auditors. The right of the 5%
minority to obtain a court order is reserved. In calling
charge of significant decisions such as division and
the General Assembly to convene, the related laws
the purchasing, selling, leasing of significant amounts
and regulations of the Turkish Commercial Code and
of property. The Board of Directors is fully authorised
Capital Markets Code prevail.
to represent the company in the broadest sense. The
The invitation announcing the agenda, date, hour and
Board of Directors informs the shareholders of their
the location of the General Assembly is published
important activities in the general assembly meetings.
at least twice a month in advance of the date of the
In order to facilitate attendance to the general
meeting in one national circulation newspapers, in the
assembly, share owners who have not applied within
İMKB (Istanbul Securities Exchange) bulletin and TTSG
the legal time frame and share owners whose names
(Turkish Commercial Registration Gazette). Registered
have not been registered in the company share
share owners are also invited through registered mail
registry may attend the meeting provided that they
and no time frame is foreseen for registration in the
authenticate their shares on the date of the general
share registry to guarantee participation in the general
assembly. The minutes of the General Assembly
assembly.
meeting are published in the stock exchange bulletin
No provisions have been stipulated in the main articles
and our website.
of association about the General Assembly being in
1.4. Voting Rights and Minority Rights
4 members to be elected to the board of directors are
is entitled to 1 (one) vote. The provision of article 387 of
selected from among (A) group share owners or their
the Turkish Commercial Code is reserved.
nominees; the remaining 1 member is selected from
In the current management system, minority
among (B) group share owners or their nominees.
shares are not represented and there is no room for
In ordinary and extraordinary general assembly
accumulated voting method in the general assembly.
meetings, each and every (A) group share owner or
There are no cross shareholdings in the partnership
their deputy is entitled to 100 (one hundred) votes and
structure of our company.
each and every (B) group share owner or their deputy
104
1.5. Profit Distribution Policy
The profit distribution offers submitted to the approval
distributed as bonus shares. In the absence of such
of the General Assembly by our Board of Directors is
a requirement, the dividends shall remain in the
prepared within the framework a profit distribution
partnership without being distributed to shareholders.
policy which takes note of the sensitive balance
c) There are no royalties with respect to receiving
between the expectations of our shareholders and
shares from profit.
the growth requirements of our Company, and the
d) Despite the presence of a provision in our main
profitability of our Company. Based on this;
articles of association with respect to paying profit
a)Provided that there are no contradictory provisions in
shares to our members of the Board of Directors and
the Capital Markets Board regulations, due to ongoing
Employees, there has been no practise to this effect.
investments, our company shall not be distributing any
e)As it has been set forth in our main articles of
dividends in cash for a period of 3 years starting as of
association, provided that the General Assembly
2007 term profit.
approves of dividend payments in cash to the partners
b) In the event that there is an obligation to distribute
and donations, our Company donates dividend shares
the dividends within the scope of the Capital Markets
at a rate of 2% of net profit to foundations established
Board regulations, a minimum of 30% of it shall be
for different purposes.
f)There are no regulations in our main articles of
profit share payments are completed within the
association which provide for the distribution of profit
shortest period of time, latest by the end of the 5th
share advances.
month as it has been provided for in the related laws
g)Our profit share payments have been made within
and regulations.
the legal timeframes. Care is taken to ensure that
1.6. Transfer of Shares
The articles of association has not contain provisions to impede the transfer of shares.
Section II - Public Disclosure and Transparency
2.1. Company Information Policy
2.1.1. Objective:
The objective of the Information Policy of Acıbadem
laws and regulations of Capital Markets and other
Healthcare Services and Trade Inc. (Acıbadem/
legal arrangements. The basic aim is to present
Company) is to provide active information to the
the information in a manner that will protect the
public regarding the administrative, financial and
rights and the interests of Acıbadem and in a timely,
legal situation within the framework of Capital
accurate, complete, clear, understandable, analysable,
Markets Board Corporate Governance Principles,
easy to reach and at a low cost.
The administrative board prepares the body of
the printed and visual media can only be made by the
principles, which may be named as Information Policy,
board chairman, general manager and deputy general
and submits these principles to the information of
managers in writing or verbally.
shareholders and declares them to the public. In
case there is an amendment in information policy, the
Apart from this, unless they are particularly
amended provisions and their reasons are submitted
authorized, Acıbadem employees cannot answer
to the information of general assembly after they are
any questions asked by any institution/person. The
approved by the administrative board and then they
requests are conveyed to the board chairman or
are declared to the public. Press briefings made to
related deputy general managers.
2.1.3. Information Disclosed to Public:
In accordance with the fundamental principles of the
• Material fixed assets and relevant transactions
Capital Markets Board Communiqué Series: VIII, No:
• Changes concerning the activity of the partnership
54, information disclosed to the public encompasses
• Changes concerning the financial structure of the
the following amendments minimum.
partnership
• External circumstances having an indirect effect on
• Changes concerning financial fixed assets
the company
• Other changes having an impact on the value of the
• Changes in managerial and auditor cadres
capital markets instruments and investment decisions
• Administrative and legal investigations
• Information regarding borrowing instruments
• Significant amounts of extraordinary revenues and
• Generally used indicators
profits
• Changes in the control of management
• Mergers and acquisitions
2.1.2. Liabilities:
105
2.1.4. Methods and Tools:
Acıbadem has identified the following methods and tools for use while setting its public disclosure and
information policy:
2.1.4.1. Disclosure of Special Events
Disclosure of special events are prepared by the
(Istanbul Securities Exchange). Disclosure of special
Management of Auditing and Reporting, signed by the
events are conveyed to IMKB either through fax or
capital markets and corporate governance coordinator
KAP.
and the director of financial affairs, and sent to IMKB
2.1.4.2. Periodical financial statement and reports
The periodical financial statement and the footnotes
announced to the public, financial statements
are prepared in a manner that will reflect the true
and footnotes are submitted to the approval of
financial status of the Company and later announced
the board accompanied by a conformance report
to the public. Acıbadem’s financial statements are
obtained from the audit committee within the scope
prepared within the framework of the regulations of
of Capital Markets Regulations. Furthermore,
the Capital Markets Board, subjected to independent
financial statements conveyed to legal authorities are
audit and later informed to IMKB. Before being
simultaneously sent to IMKB.
2.1.4.3. Annual report
106
The annual report should be prepared in compliance
relating to other benefits such as salaries, bonuses
with the Capital Markets Regulations and Capital
etc qualify as commercial secrets and therefore they
Markets Board Corporate Governance Principles
are stated without indicating name, title or position.
and in detail, so the public access to all kinds of
Privileges accorded to the members of the board
information regarding the Company’s activities.
determined at the General Shareholders Meeting and
The annual report is signed by the president of the
announced to the public. Furthermore, issues such
board/general director and the statement indicating
as social rights of employees, vocational training and
that the current periodical financial statements
environmental protection are also included.
completely reflects the true financial status of the
Current and past annual reports are announced to the
company and that the company acts in accordance
public through our website in Turkish and in English.
with the related legislation should be provided.
Care is taken to declare the annual reports to the
The annual report includes the subjects indicated in
attention of the shareholders at least three weeks
Chapter II Article 3.2 of the Corporate Governance
prior to the date of the General Shareholders Meeting.
Principles. Based on company policies, explanations
2.1.4.4. Advertisements and announcements made through the Turkish Trade Registry
Gazette (TTSG) and daily newspapers
As per Capital Market laws and regulations, Turkish
general shareholders meetings, capital increase and
Commercial Code and our own main articles of
dividend payments are made through TTSG and daily
association, announcements pertaining to mergers,
newspapers.
2.1.4.5. Press announcements made in written format and through the visual media for
the purpose of periodical disclosure or every time there is an important development.
Based on the important developments that take place
Care is taken to make sure that information appearing
throughout the year, Management of Marketing and
on the visual media is announced simultaneously
Management of Corporate Communications ensure
on ISE. Depending on the content of the actual
controlled flow of news to the press and the visual
development, this disclosure may also be made by
media, providing detailed information to the public.
means of a press meeting.
2.1.4.6. Corporate website (www.acibadem.com.tr)
Acıbadem website has been prepared in Turkish
• Corporate governance
and English and in accordance with the Corporate
• Corporate governance compliance report
Governance Principles. The content is continuously
• Headquarter and branches
updated. The following is a summary of the headings
• Partnership composition
found on the website:
• Privileged shares
• History
• Information policy
• Mission, vision and values
• Profit distribution policy
• Members of the Board of Director
• The list of those who have access to internal
• Management Team
information
• Quality Policy
• Disclosure of special events
• Social Responsibility
• Research reports
• Main Articles of Association
• Information relating to shares
• Annual Reports
• Investments
• Financial statements and audit reports
• Frequently asked questions
• General Shareholders Meeting information
All written announcements shared with the visual
conveyed to the news agencies. Members of the press
media and the press by the Directorate of Marketing
are invited to watch all press meetings provided the
and Management of Corporate Communications are
content of the announcement warrants their presence.
2.1.4.8. Access to presentations and reports through meetings held one on one or via
teleconference with a certain group of investors, shareholders and analysts
Management of Investor Relations reports to the
and prepare presentations, question/answer tables
board and it has been established with the aim of
and summary information. As such, they provide
managing the relations among the current and
information to the shareholders regarding the
potential shareholders at Acıbadem, responding to
operational and financial performance of Acıbadem,
investors’ queries in the most productive manner
its vision, strategy and targets. All meeting requests
and the execution of those activities oriented towards
coming from shareholders receive positive response
increasing the value of the company. Relations with
and meetings are arranged at the highest possible
shareholders are managed through this unit. Deputy
level. Our regularly-updated website allows for close
general director in charge of financial affairs and
monitoring of developments by our shareholders and
the director of investor relations frequently come
analysts.
together with intermediaries, analysts and investors
2.1.4.7.Disclosures to electronic data distribution organisations
107
2.1.5. Disclosures Concerning Future Statements
From time to time and based on strategic goals, there
similar issues. It is always emphasised that these
may be disclosures regarding future expectations with
statements are based on certain assumptions and
respect to sales, productivity, market share, revenue
actual results may deviate from these.
generating capacity, profitability, debt/equity ratio and
2.1.6.The Follow-up of the News and Hearsay concerning the Company:
News about Acıbadem appearing in the press and
from Acıbadem in response to any news and hearsay
visual media are collected on a daily basis by media
appearing in the press and television, but necessitating
watch agencies and followed by investor relations,
no special case disclosure as per the Communiqué,
corporate management, financial affairs, marketing
the president of the board /general director is duly
and corporate communication units. Furthermore,
informed and an announcement is made by the capital
news announced by data distribution companies is also
markets and corporate governance coordinator and the
reviewed. In the event of an announcement request
director of financial affairs.
2.1.7. Criteria used in the setting of people with Administrative Responsibility
108
People endowed with administrative responsibility who
managers mostly working at the headquarters are in
may have access to internal information are determined
possession of detailed information about the entire
as per the scope of information they may access.
business of the Company not only as it stands today,
Accordingly, managers and other staff who have
but also as it relates to the future. These people are
detailed information regarding only a certain aspect
considered as staff qualified to have access to internal
of Acıbadem’s business, but limited information
information.
regarding the bigger picture are not qualified to have
In accordance with the related provisions of the
access to internal information.
communiqué issued by the Capital Markets Board,
However, members of the board, the general director
a list is prepared based on these criteria and shared
and deputy general directors and some upper level
with the public.
2.1.8. Ensuring Confidentiality of the Information that needs to be disclosed to the Public
Care is taken to strike a certain balance between the
No Acıbadem employee is allowed to engage in
way Acıbadem employees make use of the internal
any revenue generating activities arising from the
information they may access, transparency and
purchasing or selling of Acıbadem share certificates
the protection of commercial secrets. Information
based on internal information obtained while
qualified as commercial secret is information
performing his/her duties.
presenting current or potential commercial value,
Acıbadem applies the practise of a “Silent Period”
unknown by third parties, unavailable through regular
during which Company Representatives refrain from
channels and that which the owner aims to keep
sharing with the public any information prior to the
confidential. The safety and protection of Acıbadem’s
official announcement of periodical results. The Silent
commercial secrets is essential. However, the
Period starts two weeks before the announcement
company is obliged to act right, honest and with good
of activity results and ends following the day the
intentions concerning the rights of interested parties
information is sent to IMKB.
to obtain information.
2.2. Disclosures of Special Events
Throughout 2009, there have been 17 special event
shares of our company are not quoted on international
disclosures in accordance with the Capital Markets
stock exchanges. There are no sanctions imposed by
Board regulations; Capital Markets Board (SPK) or
the Capital Markets Board for missing a deadline for
IMKB (Istanbul Securities Exchange) have demanded
the submission of special event disclosures.
additional clarifications for 1 of these disclosures. The
2.3. Company Internet Site and the Contents
The website primarily consists of introductory
reports, periodical financial table and reports,
information on the company and the group,
potential insider traders and information policy.
information on the current partnership and
Company information may be accessed by clicking on
management structure, detailed information on
the Investment Relations tab at www.acibadem.com.tr.
privileged shares, main articles of association,
Our internet site has been redesigned in accordance
corporate governance compliance report, annual
with corporate governance principles.
2.4. The Disclosure of Ultimate Controlling Individual Shareholder / Shareholders
Mehmet Ali Aydınlar and Hatice Seher Aydınlar has
indirectly.
50% share of Almond Holding A.Ş. indirectly, whereas
The partnership structure of our company has been
Almond Holding A.Ş. has 91,97% share of our Company.
explained in footnote number 18 of the independent audit
Abraaj Capital Limited has 50% of the remaining shares
report to be found in the “Financial Results” section.
When identifying information within the scope of trade
accordance with the rules of accuracy, reliability and
secret, a balance should be maintained between
good faith. In order to prevent insider trading all the
providing transparency and protecting the interests of
necessary measures and precautions are taken.
the company. Security and protection of trade secrets
In the event of any important developments in
of the company are essential. However, in cases where
company activities, these are published in the stock
the stakeholders seek to exercise his/her right to
exchange bulletin on the same day as special situation
obtain information, the company is obliged to act in
clarifications.
Section III - Stakeholders
3.1. Disclosure to Stakeholders
Company disclosure policy calls for the notification
terminology and avoid using vague or indefinite
of stakeholders through the fastest communication
expressions that would result in confusion. In
channels in matters concerning their interest.
cases when it may become absolutely essential
Aim of the public disclosure and transparency is
to use technical terms, relevant explanations are
to provide stakeholders and investors accurate,
to be provided in order to make such information
complete, comprehensible and easy-to-analyze
comprehensible to everyone.
information which is also accessible at a low cost and
Disclosed information should be unbiased. Any
in a timely manner.
information disclosed to benefit the information needs
While disclosing information, the company is
of a particular group of shareholders as opposed
recommended to use most basic concepts and
to others is unacceptable. Under no circumstances
2.5. Public Disclosure of Potential Insider Traders
109
should a company refuse to disclose information,
disclosed should not be in the nature of a trade secret
which is required to be publicly disclosed, even if
and not result in any harm to the company through
such information may be detrimental to the company.
interruption of the company’s competitive power.
However, in any case, the company information to be
3.2. The Participation of the Stakeholders in Management
The company establishes mechanisms and models
employees at the board and obtaining opinions of
to encourage participation of the stakeholders in the
stakeholders on company related material issues
management of the company while giving priority to
should be given priority.
employees and not hindering company operations
Should incentives regarding the review of the
Any planned mechanism or model that the company
management and operations of the company be
will adopt is acknowledged in the internal regulations
granted to a particular group of stakeholders, any
as much as possible. There are no provisions in the
information which is classified as trade secret and
articles of association relating to the participation of
obtained as a result of this privilege, may not be used
stakeholders in the management of the company.
so as to violate the equal opportunity among different
In means of such mechanisms, representation of
groups of stakeholders.
3.3. H
uman Resources Policy
110
When establishing employment policies and preparing
the employees is determined and disclosed by the
career plans, the company adopts employment
executives to the employees. While determining
policies that would provide equal opportunities to
compensation and other benefits, productivity and
individuals who have similar specifications. The
other factors that are deemed material have been
employment criteria are in written form and be applied
prioritized. Working conditions of the company’s
in applications. Each employee has been treated
personnel should be safe and secure and should
on equal grounds in education and promotion and
be maintained and improved in time. The opinions
training plans and policies are designed to enhance
of relevant trade unions regarding the rights of the
knowledge, skills and manners of employees. In order
employees and changes in the working conditions are
to establish a collaborative working environment, the
taken into careful consideration. Measures are taken
company conducts regular informative meetings that
in order to prevent race, religion, language and sex
would enable the company’s personnel to be informed
discrimination among the employees and to protect
of and to discuss issues such as company’s financial
the employees against any physical, spiritual and
capability, remuneration, career planning, training
emotional mistreatments in the company.
and health. Employees or their representatives are
There is the Directorate of Human Resources
acknowledged of any significant development or
to manage employee relations and it has been
decision taken by the company that clearly affects
continuously improving the human resources policy
them. Definitions of tasks and their distribution
within the framework of Corporate Governance
and performance related reward mechanisms
Principles. There have been no employee complaints
and other issues that are vital to the productivity of
arising from discrimination.
3.4. Information about Relations with Customers and Suppliers
The company takes all measures in order to ensure
corporate agreements of customers are handled in a
that its customers are fully satisfied with health
quick and efficient manner, and any delay in handling
care services. The requests patient relatives and
customers’ requests and the reasons thereof should
be acknowledged. The company adheres to the norms
Within the scope of trade secret, confidentiality of
of quality standards in the production of its goods
information relevant to customers and suppliers
or in the offering of its services. This would ensure
should be respected. Patient Relations, Contracted
that the level of quality is preserved. The goods and
Institutions Management and Patient Safety
services that fail to meet the quality standards are
Committees ensure in order to establish good
compensated and indemnified. Information relating
relations with its customers and suppliers free from
to quality studies within this scope can be found in the
any unfair advantage and to comply with the provisions
activity report.
of the agreements among the parties.
3.5. Social Responsibility
Ever sensitive in terms of social responsibility, our
the framework of corporate citizenship. These
company has been producing policies in compliance
are elaborated upon in the “Organizational Social
with ethical rules and the related regulations about
Responsibility” section of the activity report. During
environment, consumer and public health.
the period, there have not been any cases against the
Our company has a wide range of activities within
company due to pernicious effects to the environment.
Bölüm IV - The Board of Directors
Name, Last Name
Title
Executive
Independent
Chairman
Yes
No
Deputy Chairman
No
No
Selçuk Yorgancıoğlu
Member No
Yes
Şinasi Can
Member No
No
Ali Fuat Güven
Member
No
No
Hatice Seher Aydınlar
The Board of Directors of our company is as follows;
and experience is of paramount importance in
The Chairman of the Board and CEO/Managing
decision making processes; therefore, founding
Director has been indicated separately on the
doctors are represented on the Board of Directors.
organization scheme. The case, the Chairman of
One independent member exists on the board. There
the Board Mehmet Ali Aydınlar is continuing his
is no practice which limits the members of the board
post as Managing Director within the scope of this
from accepting any other duty or duties outside of the
restructuring.
company only because they have capitalist or physician
In our sector, accumulation of technical knowledge
status.
4.2. The Qualifications of the Members of the Board of Directors
In principle, candidates with high level of knowledge
Minimum requirements required for candidates for
and skills and a qualified specific experience and
board membership positions are capable of analyzing
background should be considered as eligible and from
and interpreting financial statements and reports, having
among such candidates; members of the board should
basic knowledge about the legal regulations applicable
be appointed. General rules in this respect should
to the company for daily or long term business as well
be incorporated in the articles of association of the
as dispositions, being able to participate in all board
company.
meetings in the relevant budget year.
4.1. The Structure and the Formation of the Board of Directors and Independent Members
111
4.3. Strategic Targets about the Mission and the Vision of the Company
Mission and vision of our company are as follows;
Mission
conditions,
As Acıbadem Healthcare Group, our mission is to
• To support new information and applications
accomplish the following, in order to increase the
in every aspect of health care by offering the
quality of life of the society and contribute to the
opportunities for academic studies and scientific
development of medicine;
researches in medical sciences,
• To offer protective and curative health care services
• To train physicians and health care professionals,
at the ultimate level of medicine, within a widespread
who are dedicated, superior and who value human
and integrated structure and in suitable economic
life.
Vision
leading applications, Acıbadem Healthcare Group;
With its excellence level in medical services,
Aims to establish a model in Turkey and to become
determination in satisfying patients and patient
one of the academic health care institutions that is
relatives, superior staff, modern infrastructure and
considered as reference.
4.4. Risk Management and Internal Control Mechanism
The Internal Audit Department set up in the Acibadem
company, we undergo two independent audits per
Health Group ensures an effective audit mechanism
year together with all of our participations and joint
for the protection of the rights and the interests of the
partnerships.
investors. Furthermore, as a result of being a public
4.5. The Authority and the Responsibilities of Board Members and Directors
112
The authority and the responsibilities of the board
and the responsibilities of company directors have
members of our company have been specified
been specified as written procedures in their job
within the framework of legislative regulations
descriptions and have not been provided for in the
in the main articles of association. The authority
main articles of association.
4.6. Substantial Activities of the Board
The Board of Directors performs and executes the
and papers written and submitted on behalf of the
duties ascribed to it by the Turkish Commercial Code,
company and all of the connections and agreements
the main articles of association and the decisions
entered into on behalf of the company to be valid
taken by the general assembly of the company.
and be able to represent the company, these need
In accordance with the provisions of article 319 of the
to be signed by the person or persons upon whom
Turkish Commercial Code, the Board of Directors
the board has bestowed the power of signature. The
may transfer part of its authority and duties and
board has specified the extent, place, mode and
the authority of representation to a committee or
the circumstances under which this power can be
commission or managing director or directors,
exercised and has had them procedurally registered
manager or managers.
and announced.
Transacting on behalf of the company, representing
Regardless of the term of the administrative or
and binding the company fall under the authority of
representative duty, in the first board meeting
the board of directors. In order for the documents
following the annual ordinary general assembly
meeting, members elect a chairman among
number of board meetings held throughout this term
themselves and a deputy chairman to act in his
is 45.
absence. The chairman and the deputy chairman who
The presence of half of the current number of
have completed their term may be elected again.
members plus one is required for the start of board
The agenda of the meeting consists of the written or
negotiations. However, for issues that relate to article
verbal messages communicated by the members to
2.17.4 of Section IV of Capital Markets Committee
the board secretariat. Unless one of the members
Corporate Governance Principles, it is mandatory for
demands a negotiation, the board can make decisions
all members to be present. Majority board decisions
by obtaining the written approvals of others on a
have been taken unanimously throughout the current
proposal made by one of the members relating to a
term there have been no records of dissenting opinion,
specific issue.
none have been communicated to company auditors in
The meeting of the board of directors is held at the
written form, nor has there been a need for any public
company headquarters as needed and at least once
disclosure.
a month. All of the members are previously notified
about the location and the agenda of the meeting. The
4.7. Prohibition of Transaction and Competition with the Company
Prohibition of transaction and competition with the
been exercised throughout the current term. There
company for our board members is subject to the
has arisen no conflict of interest.
permission of the general assembly and it has not
4.8. Ethical Rules
The board has set up committees and councils with
to the employees. However, no public disclosure has
the objective of creating ethical rules for the company
been made on the subject.
4.9. The Number, Structure and Independence of the Committees set up on the Board
“Quality Improvement and Patient Safety Committee”
legal obligation to do so, no corporate governance
(KIHGK) has been established besides the Committee
committee has been established. The chairmen and
In Charge of Auditing (DSK) with the objective of
the members of the committees are as follows;
helping the board fulfil its duties and responsibilities
in an accurate manner. Due to the absence of any
4.10. Remuneration of the Board of Directors
Commensurate with their performance and with the
guaranties have been extended to any board member
approval of the general assembly, board members
or director.
are paid a certain attendance fee. No loans, credits or
and the employees and these have been announced
113
Name, Last Name
Committee
Title
Executive
Independent
KHİGK
Chairman
Yes
No
Ali Fuat Güven
DSK
Chairman
No
No
Şinasi Can
DSK
Member
No
No
Financial Reports
TABLE OF CONTENTS
BALANCE SHEET
STATEMENT OF COMPREHENSIVE INCOME
STATEMENT OF CHANGES IN EQUITY
STATEMENT OF CASH FLOWS
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
1 Organization and Nature of Business
2 Basis of presentation of the consolidated financial statements
3 Business combinations
4 Segment reporting
5 Cash and cash equivalents
6 Financial liabilities
7 Trade receivables and payables
8 Other receivables and payables
9Inventories
10 Tangible assets
11 Intangible assets
12 Goodwill
13 Provisions, contingent assets and liabilities
14Commitments
15 Employee benefits
16 Post employment benefits
17 Other assets and liabilities
18Equity
19 Sales and cost of sales
20 Selling, marketing and distribution expenses, general administrative expenses
21 Expenses by nature
22 Other operating income and expenses
23 Financial income
Financial reports
24 Financial expenses
114
25 Tax assets and liabilities
26 Earnings per share
27 Related parties
28 Nature and level of risks arising from financial instruments
29 Financial Instruments: Fair Value Disclosure
30 Subsequent events
31 Other matters that may have a material effect on, or preventing the clear understanding of the
consolidated finacial statements
Acıbadem Sağlık Hizmetleri ve Ticaret Anonim Şirketi and Its Subsidiaries
Notes to the Consolidated Financial Statements
As at and for the year ended 31 December 2010
Audited
Notes
31 December 2010
31 December 2009
ASSETS
Current Assets
160.651.615 122.764.407
Cash and cash equivalents
5 25.985.237 19.286.318
Trade receivables
78.226.457 62.131.053
-Due from related parties
27 8.655.743 6.803.649
-Other trade receivables
7 69.570.714 55.327.404
Other receivables
492.468 839.198
-Other receivables from related parties 27 36.867 412.911
-Other receivables
8 455.601 426.287
Inventories
9 14.146.518 11.862.886
Other current assets
17 41.800.935 28.644.952
Non-current Assets
608.943.441 581.441.704
Other receivables
8 987.983 1.566.755
Tangible assets
10 527.086.675 508.943.995
Intangible assets
11 3.043.858 2.459.160
Goodwill
12 47.074.667 45.527.560
Deferred tax asset
25 25.441.111 22.113.712
Other non-current assets
5.309.147 830.522
-Advances given to related parties
27 -- --Other advances
17 5.309.147 830.522
TOTAL ASSETS
769.595.056 704.206.111
LIABILITIES
Current Liabilities
245.083.870 158.838.484
Financial liabilities
6 91.803.086 41.053.133
Trade payables
81.952.592 61.842.383
- Due to related parties
27 9.571.893 7.098.836
- Other trade payables
7 72.380.699 54.743.547
Other payables
21.030.901 21.869.433
- Other payables to related parties
27 503.601 2.025.806
- Other payables
8 20.527.300 19.843.627
Taxes on income
25 2.653.826 857.126
Provisions
13 24.130.524 16.662.404
Other current liabilities
17 23.512.941 16.554.005
Non-current Liabilities
393.187.504 416.567.295
6 379.928.404 382.398.880
Trade payables
6.687.034 12.463.888
- Other trade payables 7 6.687.034 12.463.888
Other payables
-- 18.068.400
- Other payables
8 -- 18.068.400
Employee benefits
15 2.111.563 1.863.930
Deferred tax liability
25 3.960.115 962.227
Other non-current liabilities
17 500.388 809.970
EQUITY
131.323.682 128.800.332
Shareholders’ Equity
125.709.772 119.768.115
Share capital
18 100.000.000 100.000.000
Reserves
18 7.079.766 6.326.653
Retained earnings/(Accumulated losses)
18 7.176.607 (4.411.276)
Net profit for the period
11.453.399 17.852.738
Non controlling interests
18 5.613.910 9.032.217
TOTAL EQUITY AND LIABILITIES
769.595.056 704.206.111
Financial reports
Amounts expressed in Turkish Lira(“TL”) unless otherwise stated
115
Consolidated Statement of Comprehensive Income
Amounts expressed in Turkish Lira (“TL”) unless otherwise stated
Audited
Notes
1 January - 31 December 2010
1 January 31 December 2009
Revenues19731.582.530 558.832.776
Cost of sales (-)
19
(589.677.655)
(478.564.152
GROSS PROFIT141.904.875 80.268.624
Selling, marketing and
distribution expenses (-)
20
(32.596.131)
(20.278.987)
Administrative expenses (-)
20
(45.085.029)
(37.763.532)
Other operating income
22
5.495.280 4.286.106
Other operating expense (-)
22
(7.680.429)
(3.224.995)
PROFIT FROM OPERATIONS
62.038.566 23.287.216
Financial income2319.237.634 15.563.344
24
(63.017.947)
(41.742.215)
PROFIT BEFORE TAX
18.258.253 (2.891.656)
Financial expense
Income tax (expense)/benefit(8.089.830)18.680.623
Current tax expense
25
(8.419.341)
(578.483)
Deferred tax expense
25
329.511 19.259.106
NET PROFIT /(LOSS) FOR THE PERIOD
10.168.423 15.788.967
Other comprehensive income---TOTAL COMPREHENSIVE INCOME
10.168.423 15.788.967
Attributable to:10.168.42315.788.967
Non-controlling interests
(1.284.976)
(2.063.771)
Owners of the Company
11.453.399 17.852.738
Financial reports
Earnings per share
116
(for 1.000 shares)
26
114,53 178,53
Reserves
100.000.000
6.031.160
30.501.469
Retained
earning (acc
umulated
losses)
(34.617.252)
Net profit (loss)
for the period
101.915.377
Total before
noncontrolling
interest
15.346.659
Noncontrolling
interest
117.262.036
Total
--
--
--
17.852.738
17.852.738
(6.314.442)
11.538.296
--
--
--
17.852.738
17.852.738
(6.314.442)
11.538.296
100.000.000
Balances at 31 December 2009
6.326.653
295.493
(4.411.276)
(34.912.745)
17.852.738
34.617.252
119.768.115
--
9.032.217
--
128.800.332
--
--
--
--
11.453.399
11.453.399
(1.284.976)
10.168.423
18
--
--
(5.511.742)
--
(5.511.742)
(2.751.694)
(8.263.436)
--
753.113
17.099.625
(17.852.738)
--
--
--
Financial reports
Balances at 31 December 2010100.000.000
7.079.7667.176.60711.453.399125.709.772
5.613.910131.323.682
Transfers
Dividend payments--------------
without a change in control
Acquisition of non-controlling interests Acquisition of a new subsidiary----------618.363618.363
Capital increase--------------
Total comprehensive income------11.453.39911.453.399(1.284.976)10.168.423
Total other comprehensive income--------------
Profit for the year
Total comprehensive income for the year--------------
Balances at 1 January 2010100.000.000
6.326.653(4.411.276)17.852.738119.768.115
9.032.217128.800.332
--
Transfers Effect of change in groups structure--------------
Capital increase--------------
Total comprehensive income for the year
Total other comprehensive income--------------
Profit for the year
Total comprehensive income for the year--------------
Balances at 1 January 2009
Share Notes
capital Acıbadem Sağlık Hizmetleri ve Ticaret Anonim Şirketi and Its Subsidiaries
Consolidated Statements of Changes in Equity
117
Consolidated Statements of Cash Flows
Audited
Cash flows from operating activities
Notes
2010
2009
Profit for the year10.168.42315.788.968
Adjustments for:
Depreciation and amortisation of tangible and intangible assets
10,11
72.474.363
62.325.489
Provision for employee termination indemnity
15
2.861.478
(2.565.072)
Allowance for trade receivables7
2.166.622976.840
Unearned financial expense 58.224298.340
Inpatients income accruals
(2.440.238)
(2.706.956)
Doctor expense accruals13.564.34312.509.028
Deferred tax benefit
25
(321.735)
(19.259.106)
Corporate tax charge4.369.4091.269.546
Provision for legal cases2.966.263427.521
Accruals related to forward transactions
(1.044.252)
(1.141.180)
Accruals related to swap transactions
13
2.673.444
(1.625.746)
Interest income
(811.381)
(1.153.900)
Interest expense15.887.4839.696.479
Gain on sale of property and equipment (net)
(234.933)
(1.150.936)
Net operating profit before changes in assets and liabilities
122.337.513
73.689.315
Change in trade receivables (16.630.682)
(28.747.828)
Change in inventory (2.170.553)
(3.815.531)
Change in other receivables 925.502594.618
Change in other current assets
(10.583.936)
(2.758.724)
Change in other non-current assets (4.484.282)
22.403.534
Change in trade payables 11.139.871
16.966.264
Change in due to related parties 2.430.103
(7.503.420)
Change in provisions 13
1.976.0335.549.922
Corporate taxes paid
(2.572.709)
(990.903)
Change in other trade payables
(17.379.070)
36.115.169
Change in other liabilities6.278.1085.832.115
Financial reports
Employee severance indemnity paid
118
15
Provisions paid
(2.629.722)
(1.742.276)
(12.667.711)
(5.688.628)
Change in non-controlling interest18
118.6581.284.736
Net cash from operating activities76.087.123111.188.363
Cash flow from investing activities Acquisition of tangible assets 10 (74.971.901)
(114.429.663)
Proceeds from sale of tangible assets 10 3.075.860
10.452.151
Acquisition of intangible assets 11 (681.755)
753.831
Proceeds from sale of intangible assets
11 --
8.148
Acquisition of subsidiary, net off cash acquired
12 (2.035.535)
(53.462.129)
(74.613.331)
(156.677.662)
Net cash (used in)/from investing activities
Cash flow from financing activities Proceeds from bank borrowings
6
Repayment of bank borrowings
134.679.028
92.959.297
(112.576.369)
(61.106.414)
Changes in finance lease liabilities8.188.20518.598.536
Proceeds from borrowings obtained from related parties
27 (1.522.205)
1.393.703
Acquisition of non-controlling interest
(8.263.435)
--
Interest paid
(16.091.478)
(10.599.872)
Interest received859.9051.049.948
5.273.651
42.295.198
Net decrease (increase) in cash and cash equivalents
6.747.443
(3.194.101)
Cash and cash equivalents at 1 January
5
19.234.342
22.428.443
Cash and cash equivalents 31 December
5
25.981.785
19.234.342
Organization and Nature of Business
Acıbadem Sağlık Hizmetleri ve Ticaret A.Ş. (“the Company”) was incorporated in 1991 in İstanbul, The
Company provides health services in eleven general hospitals (Kadıköy, Bakırköy, Kozyatağı, Fulya, Eskişehir,
Bursa, Kocaeli, Maslak, Kayseri, Adana and International Hospital) and eight medical centers (Ataşehir,
Beylikdüzü, Bağdat, International Etiler, Acıbadem Etiler, Uludağ Polikliniği and Konur Sağlık), policlinics,
center laboratories (Labmed Klinik laboratuarları, Merkez Patoloji laboratuarı, Genetik Tanı ve Hücre Tedavi
Merkezi) and branches located in 21 different areas. In addition to its core business in health care, the
Company organizes courses and seminars about first aid, diabetics, smokeless living and infant care.
The Company also applies “Joint Commission International” accredition standards and ISO 9001 Quality
Management System standards in its services in order to provide better quality care and security for the
patients.
Acıbadem Sağlık Hizmetleri ve Ticaret A.Ş. is subject to Capital Market Board (“CMB”) regulations and its
shares have been traded on the İstanbul Stock Exchange (“ISE”) since 15 June 2000.
The head office is located at Fahrettin Kerim Gökay Caddesi, Altunizade Mahallesi, No: 49, Üsküdar-İstanbul.
Financial reports
1
Net cash (used in)/from financing activities
119
As at 31 December shareholder structure of the Company is as follows:
31 December 2010
31 December 2009
Share(%)
Share(%)
0.40
0.40
0.00
0.00
57.90
34.07
57.90
34.07
Armağan Özel
Yunus Ergüz
1.00
1.00
1.00
1.00
Osman Morgül
0.00
0.00
Other 17 Individuals
3.52
3.52
Other Public Shares
2.11
2.11
100.00
100.00
Shareholder’s Name
Almond Holding Anonim Şirketi
Almond Holding Anonim Şirketi (Publicly traded)
Acıbadem Kadıköy Hospital
The hospital is located in Acıbadem- İstanbul and having an indoor area of 17,600 m². The hospital building
has been rented on a long term basis from the Turkish Police Foundation for 25 years starting from 1 July
1995. The hospital is the Group’s first hospital and has been operating since 1991. The hospital includes 7
surgery rooms (5 of them are general, one is septic and the other one is for in vitro fertilization), intensive
care units used for neonatal, general, coronary ailments and cardio operations with 23 beds and five
emergency follow up unit with 32 beds. Total inpatient bad availability of the hospital is 132.
Acıbadem Bakırköy Hospital
The hospital was built at the Carousel Shopping Centre in Bakırköy- İstanbul and started to provide health
care services in July 2000. The hospital has 15 floors and is built over a total area of 17,500 m². The hospital
building has been rented for 15 years starting from 1 July 1999. Hospital building includes 5 intensive care
units used for new born, general, coronary and cardio operations with 27 beds, 25 bed emergency care
rooms and 8 operating theatres. The total inpatient bad availability of the hospital is 127.
The hospital building, located in Kozyatağı- İstanbul on a land having an indoor area of 14,000 m² that has
Financial reports
been rented for a period of 15 years starting from 1 May 2001. The hospital has started to accept patients as
120
from 29 June 2004 and is used especially as a neurology and cancer treatment centre. The hospital building
includes an intensive care unit used with 10 beds, 9 emergency follw-up beds and 4 surgery rooms. Total
inpatient bad availability of the hospital is 93.
Acıbadem Fulya Hospital
Acıbadem Fulya Hospital has started its operations in September 2010. The hospital has a closed area of
22,000 m² with 120 bed capacity and 6 surgery rooms. The hospital building has been rented on a long term
basis from Beşiktaş Jimnastik Kulübü Derneği for 20 years and hospital infrastructure and equipment
investments made by the Group.
Acıbadem Eskişehir Hospital
Acıbadem Eskişehir Hospital has started its operations in September 2010. The hospital has a closed area of
20,000 m² and has 5 surgery rooms, 1 new born unit, 1 baby care room, decontamination room, emergency
follw-up rooms and single isolated intensive care units, with a capacity of 120 beds. For all branches except
dendistry an agreement with Social Security Instution (“SGK”) has been signed. The hospital building has
been rented for 20 years and hospital infrastructure and equipment investments have been made by the
Group.
Acıbadem Bursa Hospital
Acıbadem Bursa Hospital is a 10 storey building built over an indoor area of 30,000 m², consisting of 5
intensive care units with 67 beds used for 1 coronary, 1 internal diseases, 1 general surgery, 1 heart surgery
and 1 new born unit. The Hospital has 7 surgery rooms and 5 emergency follow-up beds with a total capacity
of 164 beds. The hospital has started to formally accept patients from 19 February 2006.
Acıbadem Kocaeli Hospital
Acıbadem Kocaeli Hospital has started its operations in November 2006. The hospital has a closed area of
6,500 m² and 6 floors. The rental contract is for a period of ten years starting from 23 April 2006. The rental
payments started in 1 January 2007. The hospital building was already completed and ready for service
when the rental contract signed. The hospital has 5 intensive care units with 18 beds rendring services in 1
coronary, 1 internal diseases, 1 general surgery, 1 heart surgery and 1 new born units. The hospital has 3
surgery rooms, 7 incentive care beds and 1 birth-room. Total inpatient bad availability of the hospital is 68.
Acıbadem Maslak Hospital started its operations on 2 March 2009. The hospital has an indoor area of
40,000 m² with 88 bed capacity and has 15 surgery rooms (8 of them has high technology and sterilized).
The hospital is serving in all branches of medicine, infertility treatment and in vitro fertilization, the third
level infant intensive care and provides superior service with rapidarc technology in oncology treatments.
The primary aim of the hospital is to provide healthcare that would require the utmost specialty in General
Surgery, Obstetrics and Gynecology Internal Diseases and in Infant Diseases. Besides the hospital has high
level diagnosis and treatment laborotories of electrophysiology and interventional radiology. The hospital
has 5 intensive care units with 50 beds and 40 follow up beds rendring services in 1 coronary, 1 internal
diseases, 1 general surgery, 1 heart surgery and 1 new born units. Total inpatient bad availability of the
hospital is 178.
Acıbadem Adana Hospital
Acıbadem Adana Hospital has started to accept patients as from 17 February 2009. The hospital has an
indoor area of 20,000 m² and has 117 bed capacity, 6 surgery rooms, intensive care unit with 7 beds for new
rendring services in 1 coronary, 1 internal diseases, 1 general surgery, 1 heart surgery and 1 new born units.
Furthermore, the Group has hospital buildings under construction in Ankara and Bodrum.
As at 31 December 2010 consolidated subsidiaries comprised the following:
- Acıbadem Poliklinikleri Anonim Şirketi (“Acıbadem Poliklinikleri”)
- Acıbadem Labmed Sağlık Hizmetleri Anonim Şirketi (“Acıbadem Labmed”)
- International Hospital İstanbul Anonim Şirketi (“International Hospital”)
- International Hospital Sağlık Yatırımları Anonim Şirketi (“International Hospital Sağlık Yatırımları”)
- Acıbadem Kayseri Hastanesi Anonim Şirketi (“Acıbadem Kayseri”)
- Konur Sağlık Hizmetleri Anonim Şirketi (“Konur Sağlık”)
- Acıbadem Mobil Sağlık Hizmetleri Anonim Şirketi (“Acıbadem Mobil”)
Financial reports
born and 2 sleep laboratories. The hospital has 5 intensive care units with 26 beds and 19 follow up beds
121
As at 31 December 2009 consolidated subsidiaries comprised the following:
- Acıbadem Poliklinikleri Anonim Şirketi (“Acıbadem Poliklinikleri”)
- Acıbadem Labmed Sağlık Hizmetleri Anonim Şirketi (“Acıbadem Labmed”)
- International Hospital İstanbul Anonim Şirketi (“International Hospital”)
- International Hospital Sağlık Yatırımları Anonim Şirketi (“International Hospital Sağlık Yatırımları”)
- Acıbadem Kayseri Hastanesi Anonim Şirketi (“Acıbadem Kayseri”)
- Acıbadem Mobil Sağlık Hizmetleri Anonim Şirketi (“Acıbadem Mobil”)
Acıbadem Sağlık Hizmetleri ve Ticaret Anonim Şirketi and consolidated subsidiaries are collectively named
as “Group”.
The natures of the activities of the consolidated subsidiaries are as follows:
Acıbadem Poliklinikleri
Acıbadem Poliklinikleri have 6 polyclinics at Etiler, Bağdat Caddesi, Ataşehir, Göktürk, Beylikdüzü and Uludağ
locations for outpatients. The polyclinic at Etiler has been rented for from 1 May 2006, the polyclinic at Bağdat
Caddesi has been rented for from 1 May 2004, Ataşehir has been rented for from 1 May 2008, Göktürk has been
rented for from 1 February 2007, Beylikdüzü has been rented for from 1 April 2006 and Uludağ has been rented
for from 29 February 2006.
Acıbadem Göz Sağlığı Hizmetleri Anonim Şirketi was established in June 2003 in İstanbul and was merged in
the body of Acıbadem Poliklinikleri, on 24 October 2008 by transfering all of its assets and liabilities.
Acıbadem Ayaktan Tedavi Merkezleri Anonim Şirketi was established on 17 April 2006 in Beylikdüzü, İstanbul
and was merged in the body of Acıbadem Poliklinikleri, on 24 October 2008 by transfering all of its assets and
liabilities. The building has been rented for 5 years from 1 January 2006. Acıbadem Uludağ Polikliniği has
started to accept patients as from 30 December 2006, Göktürk polikliniği has started as from 5 October 2006
and the medical center in Ataşehir has started as from May 2008.
Acıbadem Labmed
Acıbadem Labmed was established on 28 August 2001 under the name of Acıbadem Sağlık Yönetimi Anonim
Şirketi, in İstanbul. On 24 February 2004 the name of the Company was changed to Acıbadem Labmed
Sağlık, and a partnership was established with Labmed Dortmund Gmbh (located in Germany) to engage in
laboratory services. There are 2 branches in Adana and Antalya.
Financial reports
122
International Hospital was established in 1989 on 19,300 m² indoor area and engaged in providing inpatient,
outpatient and emergency care services with 5 intensive care units with 26 beds rendering services in 1 coronary,
1 internal diseases, 1 general surgery, 1 cardio surgery and 1 new born units at its hospital located in Yeşilköy,
İstanbul. The hospital has 6 surgery rooms, 22 follow up beds, 73 patient beds and total inpatient bed availability of
the hospital is 121.
The Company has acquired (90% of) International Hospital, on 20 August 2005 (50%) and on 27 March 2009 (40%).
The Hospital launched a large-scale renovation in the hospital building and not only the building’s architectural
and technological infrastructure, the service infrastructure has also been converted to Acıbadem standards. In the
accompanying consolidated financial statements as at 31 December 2010, International Hospital Sağlık Yatırımları
was fully consolidated with International Hospital.
International Hospital Sağlık Yatırımları
The polyclinic was established in Etiler, İstanbul in December 2002. It has ear-nose and throat units,
cardiology, orthopaedic and traumatology, neurology, neurosurgery, psychiatry and psychology, radiology,
laboratory and internal diseases units available for outpatients. The building where the polyclinic services
are conducted has been rented for a period of 10 years from 1 June 2005.
Acıbadem Kayseri Hospital
In accordance with the nationwide expansion project, the Company has acquired the 51% of Memleket
Medikal Cerrahi Özel Sağlık Hizmetleri Anonim Şirketi in 2007 and then increased its shares to 99.99%.
The hospital has started to accept patients from 23 March 2009. The hospital is built over an indoor area of
20,000m², consisting of 5 intensive care units and 26 beds used for 1 coronary, 1 internal diseases, 1 general
surgery, 1 cardio surgery and 1 new born units. The hospital has 6 operating theatres, 23 follow up beds, 63
patient beds and total inpatient bed availability of the hospital is 112.
Acıbadem Mobil
Acıbadem Mobil has been providing emergency health care services and ambulance services since 7 July
2008. It is fully consolidated in the accompanying consolidated financial statements.
The related parties of the Group are as follows:
- Acıbadem Holding Anonim Şirketi (“Acıbadem Holding”)
- Acıbadem Sağlık ve Hayat Sigorta Anonim Şirketi (“Acıbadem Sigorta”)
- Acıbadem Proje Yönetimi Anonim Şirketi (“Acıbadem Proje”)
- Aplus Hastane ve Otelcilik Hizmetleri Anonim Şirketi (“Aplus Otelcilik”)
- Acıbadem Sağlık Yatırımları Holding Anonim Şirketi (“Acıbadem Yatırım”)
- Almond Holding Anonim Şirketi (“Almond Holding”)
- Abraaj Capital Limited (“Abraaj Capital”)
- Akademia Sağlık Hizmet ve Sistemleri Yönetim ve Danışmanlık Anonim Şirketi (“Akademia”)
- Çamlıca Turizm ve Yatçılık Anonim Şirketi (“Çamlıca Turizm”)
- Acıbadem Diş Sağlığı Hizmetleri Anonim Şirketi (“Acıbadem Diş”)
- Acıbadem Eğitim ve Sağlık Vakfı (“Acıbadem Vakfı”)
- Telepati Tanıtım Hizmetleri Anonim Şirketi (“Telepati Tanıtım”)
- Çukurova Bilim Laboratuarları Anonim Şirketi (“Çukurova Bilim”)
- Kerem Aydınlar Vakfı (“Kerem Aydınlar”)
- BLAB Laboratuvar Hizmetleri Anonim Şirketi (“BLAB”)
These companies have neither direct nor indirect capital and management relationships with the Group and
accordingly are excluded from consolidation in the accompanying financial statements.
As at 31 December 2010, the Group employed 7,883 personnel (31 December 2009: 6,643), consisting of 777
(31 December 2009: 653) administrative personnel, 5,953 (31 December 2009: 5,281) doctors, nurses and
medical personnel and 1,153 (31 December 2009: 709) personnel employed on contractual basis.
Financial reports
- Acıbadem Üniversitesi (“Acıbadem Üniversite”)
123
2
Basis of presentation of the consolidated financial
statements
2.1. Basis of presentation
2.1.1. Statement of compliance
The Group maintains its book of accounts and prepares its statutory financial statements in TL in accordance
with the Turkish Uniform Chart of Accounts promulgated by Capital Markets Board of Turkey (“CMB”), Turkish
Commercial Code and Turkish Tax Code.
The accompanying consolidated financial statements, legal records, and corrections based on the classification of
the financial statements reflect the principle of truth in the CMB accounting and reporting principles published by
the appropriate authorities. The Group’s accompanying consolidated financial statements of Capital Market Board
(“CMB”) 9 April 2008, and 26,842 of the Official Gazette Series XI, 29 No. “Basis for Financial Reporting in the Capital
Markets” (“Communiqué No:XI-29”) was prepared in accordance with the provisions.According to the notification
of the 5, companies will apply the form adopted by the European Union, The International Accounting/Financial
Reporting Standards (“IAS / IFRS”).But Communiqué by the Transitional Article 2, 5 of the Communiqué The article
in the implementation of the European Union adopted by the IAS / IFRS International Accounting Standards Board
(“IASB”) published by differences Turkey Accounting Standards Board (“TASB”) announced by the till IAS / IFRS are
applied. In this regard, the Company ended on 31 December 2010 consolidated financial statements for the period
has been prepared in accordance of IAS / IFRS.
CMB, 17 March 2005 have taken the decision, for the companies that are operating in Turkey and the CMB
Accounting Standards financial statements prepared for, 1 January 2005 with effect from the application of inflation
accounting is no longer required has been announced. So in the accompanying consolidated financial statements,
since January 1, 2005, published by TASB No. 29 “Financial Reporting in hyperinflationary economies” standard
(“TAS 29”) is not implemented.
The accompanying consolidated financial statements of the Group have been approved by the board of directors
of the Group on 8 April 2011. The general assembly of the shareholders and legal authorities have the authority to
change the accompanying consolidated financial.
Additional paragraph for convenience translation to English
The differences between accounting principles, as described in the preceding paragraphs, and the accounting
principles generally accepted in countries, in which the accompanying consolidated financial statements are to be
distributed, may have significant influence on the accompanying consolidated financial statements. Accordingly, the
Financial reports
accompanying consolidated financial statements are not intended to present the financial position and results of
124
operations in accordance with the accounting principles generally accepted in such countries.
accounting principles generally accepted in countries, in which the accompanying consolidated financial
statements are to be distributed, may have significant influence on the accompanying consolidated financial
statements. Accordingly, the accompanying consolidated financial statements are not intended to present the
financial position and results of operations in accordance with the accounting principles generally accepted in such
countries.
2.1.2. Functional and presentation currency
These consolidated financial statements are presented in TL, which is the Group’s functional currency. All
financial information presented in TL unless otherwise stated. All other currencies are stated full unless
otherwise stated.
2.1.3. Basis of consolidation
As at 31 December 2010, the consolidated financial statements comprised the accounts of Acıbadem Sağlık
Hizmetleri ve Ticaret Anonim Şirketi and its subsidiaries.
(i) Subsidiaries
The consolidated financial statements include the financial statements of the Company and entities
controlled by the Company (its subsidiaries). Control is achieved where the Company has the power to govern
the financial and operating policies of an entity so as to obtain benefits from its activities by
(a) having a power over 50% of the voting rights acquired through shareholding interest held either directly
or indirectly;
(b) or having a power and authority to govern the financial and operating policies of the entity, so as to obtain
benefits from its activities, although not having more than 50% of the voting rights.
This power to control is evidenced when the Group is able to govern the financial and operating policies of an enterprise
so as to benefit from its activities. Subsidiaries are consolidated from the date on which control is transferred to the Group
and cease to be consolidated from the date on which control is transferred out of the Group.
As at 31 December, the subsidiaries in which the Group owns direct or indirect controls their operations and
the shareholding interests are given below:
Subsidiary
Acıbadem Polyclinics
Acıbadem Labmed International Hospital International Hospital Sağlık Yatırımları Acıbadem Kayseri Acıbadem Mobil Konur Sağlık
Shareholding percentage(%)
20102009
99.99
99.99
49.99
49.99
90.00
90.00
99.99
99.99
99.99
72.42
99.99
99.99
50.00
--
As at 31 December, ‘‘full consolidation method’’ is used to consolidate the financial statements of these
subsidiaries.
(ii) Transaction eliminated on consolidation
The balance sheets and income statements of subsidiaries are consolidated by using the full consolidation
method and investments in subsidiaries and related share capital reflected in the equity are eliminated. Net
assets of the subsidiaries which are not directly and /or indirect under the control of the parent company
not under the control of the parent company, is reflected as “Non-controlling Interest” line in the income
statement. Transactions and balances between consolidated companies are eliminated during consolidation.
Profit and loss occurred transactions of participation, main partnership and consolidated subsidiaries, were
classified/ arranged in accordance with share of main partnership in participation. However, if losses after
all these transactions showed the decline of value, then classification/arrangement did not exercise.
2.1.4. Comparative Information
The accompanying consolidated financial statements are prepared comparatively to represent the trend in
the financial position, financial performance and cash flows of the Group. If necessary, in order to meet the
consistency with the presentation of the financial statements in the current period, comparative information
is reclassed and reclassifications are summarized below.
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are reflected as “Non-controlling Interest” line of the balance sheet, and the net profit or loss which is
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Social Security Instution (“SGK”) uses Medula System for all accounting and billing transactions with all
hospitals which have agreements with SSI. A charge for this common usage of the system and additionally
charges for the missing documentation made by the hospitals are deducted from payables to hospitals by
SSI. As at 31 December 2010, the Group management decided to provide for these possible deductions from
its receivables from SSI by considering the deduction rates realized in the past (Note 13).
The Group also made the reclassifications below in order to meet the consistency with the presentation of
the consolidated financial statements in the current period:
For the year ended 31 December 2009, unearned finance income amounting to TL 1,014,027 that is presented
in gross is classified into the changes in trade receivables and payables by the difference between two
periods in consolidated statement of cash flow.
For the year ended 31 December 2009, goodwill amounting to TL 53,462,129 that has been paid in cash for
the purchase of subsidiaries reclassified under change in non-controlling interests and intangible assets in
consolidated statement of cash flow.
For the year ended 31 December 2009, consolidated statement of cash flow has been presented by
subtracting tax income amounting to TL 18,680,623 and represented from the net profit amounting to TL
15,788,968.
For the year ended 31 December 2009, gross change in financial liabilities in consolidated statement of cash
flow is classified to loan received by TL 92,959,297, repayment of loans by 61,106,414, interest paid by TL
10,599,872, change in finance lease liabilities by TL 18,598,536 and interest expense by TL 9,696,479.
For the year ended 31 December 2009, fixed assets acquired through the finance lease amounting to TL
19,058,930 have been presented under tangible assets are netted off with the change in finance lease liability
that has been presented under the addition to tangible assets in consolidated statement of cash flow.
For the year ended 31 December 2009, income accrual for inpatients amounting to TL 2,706,956 have been
classified to inpatients income accruals under the heading of adjustments that has been presented under the
changes in other current assets in consolidated statement of cash flow.
For the year ended 31 December 2009, gain on sale of property and equipment amounting to TL 1,150,936
that has been presented under proceeds from sales of tangible assets have been classified to gain on sale of
property and equipment under the heading of adjustments in consolidated statement of cash flow.
2.1.5. Changes is accounting policies
The accounting policies set out below have been applied consistently by the Group to all periods presented
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in the consolidated financial statements. The Group consistently recognizes measures and presents the
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transactions, other events and situations with the same nature. Material changes in accounting policies
or material errors (if any) are corrected, retrospectively; restating the prior period consolidated financial
statements.
i) Overview
Starting as of 1 January 2010, the Group has changed its accounting policies in the following areas:
• Accounting for business combinations
• Accounting for increases in non-controlling interests
• Presentation of financial statements
• Financial liabilities and borrowing costs
ii) Accounting for business combinations
From 1 January 2010, the Group has applied IFRS 3 Business Combinations (2008) in accounting for business
combinations. The change in accounting policy is applied prospectively and had no material impact on
earnings per share (“EPS”).
Business combinations are accounted for using the acquisition method as at the acquisition date, which
is the date on which control is transferred to the Group. Control is the power to govern the financial and
operating policies of an entity so as to obtain benefits from its activities. In assessing control, the Group
takes into consideration potential voting rights that currently are exercisable.
Acquisitions on or after 1 January 2010
For acquisitions on or after 1 January 2010, the Group measures goodwill at the acquisition date as:
• the fair value of the consideration transferred; plus
• the recognised amount of any non-controlling interests in the acquiree; plus if the business combination
is achieved in stages, the fair value of the existing equity interest in the acquiree; less
• the net recognised amount (generally fair value) of the identifiable assets acquired and liabilities
assumed.
When the excess is negative, a bargain purchase gain is recognised immediately in profit or loss.
The consideration transferred does not include amounts related to the settlement of preexisting
relationships. Such amounts are generally recognised in profit or loss.
Costs related to the acquisition, other than those associated with the issue of debt or equity securities, that
the Group incurs in connection with a business combination are expensed as incurred.
Any contingent consideration payable is recognised at fair value at the acquisition date. If the contingent
consideration is classified as equity, it is not remeasured and settlement is accounted for within equity. Otherwise,
subsequent changes to the fair value of the contingent consideration are recognised in profit or loss.
Acquisitions before 1 January 2010
For acquisitions before 1 January 2010, goodwill represents the excess of the cost of the acquisition over
the Group’s interest in the recognised amount (generally fair value) of the identifiable assets, liabilities and
contingent liabilities of the acquiree. When the excess was negative, a bargain purchase gain was recognised
immediately in profit or loss.
Transaction costs, other than those associated with the issue of debt or equity securities, that the Group
incurred in connection with business combinations were capitalised as part of the cost of the acquisition.
iii) Accounting for increases in non-controlling interests
From 1 January 2010, the Group has applied IAS 27 Consolidated and Separate Financial Statements (2008)
in accounting for acquisitions of non-controlling interests. The change in accounting policy has beeen
Under the new accounting policy, acquisitions of non-controlling interests are accounted for as transactions
with owners in their capacity as owners and therefore no goodwill is recognised as a result of such
transactions. The adjustments to non-controlling interests are based on a proportionate amount of the net
assets of the subsidiary.
Previously, goodwill was recognised on the acquisition of non-controlling interests in a subsidiary, which
represented the excess of the cost of the additional investment over the carrying amount of the interest in
the net assets acquired at the date of the transaction.
iv) Presentation of financial statements
As explained in Note 2.1.7, the Group adopted Revised TAS “Presentation of Financial Statements”. As a
result of this adoption, the Group started to present the statement of changes in equity with transactions
with shareholders. To be in line with revised TAS 1, the change is also applied retrospectively. The change
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applied prospectively and has had no material impact on EPS.
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in accounting standards only affects the presentation of financial statements and does not have an effect on
earnings per share.
IFRS 8 “Operating Segments” amended to state that segment information for total assets only required if
such information is regularly reported to chief operating decision-maker. The revised IFRS 8 is applied on
the 2010 financial statements of the Company and do not have any effect on the financial statements of the
Company.
v) Financial liabilities and borrowing costs
Financial liabilities are recognised initially at fair value plus any directly attributable transaction costs.
Subsequent to initial recognition these financial liabilities are measured at amortised cost using the effective
interest method, through the life of related financial liabilities.
Revised IAS 23 “Borrowing Costs” removes the option to expense borrowing costs and requires that an entity
capitalizes borrowing costs directly attributable to the acquisition, construction or production of a qualifying
asset as part of the cost of that asset. The revised IAS 23 is applied on the accompanying 2009 consolidated
financial statements. Other borrowing costs are expensed in the consolidated statement of comprehensive
income.
2.1.6. Changes in accounting estimates and errors
Effect of changes in accounting estimates affecting current period (if any) is recognized in the current period;
effect of changes in accounting estimates affecting current and future periods is recognized in the current
and also in future periods.
2.1.7. New Standards and Interpretations Adopted in 2010
Revised IFRS 5 “Non-current assets Held for Sale and Discountinued Operations” clarifies that the required
disclosures for non-current assets (or disposal groups) classified as held for sale or discontinued operations
are specified in IFRS 5. The revised IFRS 5 is applied on the 2010 financial statements of the Company and do
not have any effect on the financial statements of the Company.
Revised IAS 1 “Presentation of Financial Statements” The amendments clarify that the classification of
the liability component of a convertible instrument as current or non-current is not affected by terms that
could, at the option of the holder of the instrument, result in settlement of the liability by the issue of equity
instruments. The revised IAS 1 is applied on the 2010 financial statements of the Company and do not have
any effect on the financial statements of the Company.
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Revised IAS 7 “Statement of Cash Flows” The amendments clarify that only expenditures that result in the
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recognition of an asset can be classified as a cash flow from investing activities. Changes in the standard do
not have any impact on the cash flow of the Company.
Revised to IAS 17 “Leases” The International Accounting Standarts Board (“IASB”) deleted guidance stating
that a lease of land with an indefinite economic life normally is classified as an operating lease, unless at
the end of the lease term title is expected to pass to the lessee. The amendments clarify that when a lease
includes the land and building elements, an entity should determine the classification of each element based
on paragraphs 7 - 13 of IAS 17, taking account of the fact that land normally has an indefinite economic life.
The revised IAS 17 is applied on the 2010 financial statements of the Company and do not have any effect on
the financial statements of the Company.
Revised IAS 36 “Impairment of Assets” The amendments clarify that the largest unit to which goodwill should
be allocated is the operating segment level as defined in IFRS 8 before applying the aggregation criteria
of IFRS 8. The amendments apply prospectively. Changes in the standard do not have any impact on the
impairment tests of the Company.
IAS 38“Intangible Assets” Amendments clarify the description of valuation techniques commonly used to
measure fair value of intangible assets acquired in a business combination for which no active market exists.
The revised IAS 38 is applied on the 2010 financial statements of the Company and do not have any effect on
the financial statements of the Company.
Amendments to IAS 39 “Financial Instruments: Recognition and Measurement”
The amendments:
• provide additional guidance on determining whether loan prepayment penalties result in an embedded
derivative that needs to be separated;
• clarify that the scope exemption in IAS 39 paragraph 2(g) is restricted to forward contracts, i.e. not
options, between an acquirer and a selling shareholder to buy or sell an acquiree that will result in a
business combination at a future acquisition date within a reasonable period normally necessary to obtain
any required approvals and to complete the transaction; and
• clarify that the gains or losses on a cash flow hedge should be reclassified from other comprehensive
income to profit or loss during the period that the hedged forecast cash flows impact profit or loss.
2.1.8. New Standards and Interpretations Not Yet Adopted As At 31 December 2010
As at 31 December 2010, some new standards, amendments to standards and interpretations which are not
effective have not been applied during the preparation of the accompanying consolidated financial statements.
The amendments which are presented below have not been isuued by Turkish Accounting Standarts Board
(“TASB”) yet, but is prospected near future, these have been took place in International Financial Reporting
Standard (“IFRS”) however, do not any effect on the accompanying consolidated financial statements of the
Group.
As at 31 December 2010, the Turkish Accounting Standarts Board (“TASB”) issued two narrow amendments to
IFRS 1.
The first amendment replaces references to a fixed transition date of ‘1 January 2004’ with ‘the date of transition
to IFRSs’, thus eliminating the need for companies adopting IFRSs for the first time to restate derecognition
how an entity should resume presenting financial statements in accordance with IFRSs after a period when the
entity was unable to comply with IFRSs because its functional currency was subject to severe hyperinflation.
IFRS 7 “Financial Instruments” is amended to add an explicit statement that the interaction between qualitative
and quantitative disclosures better enables users to evaluate an entity’s exposure to risks arising from financial
instruments. The amendment is effective for annual periods beginning on or after 1 January 2011 and it is not
expected to have any impact on the financial statements.
IFRS 7 “Financial Instruments” is amended to will allow users of financial statements to improve their
understanding of transfer transactions of financial assets (for example, securitisations), including understanding
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transactions that occurred before the date of transition to IFRSs. The second amendment provides guidance on
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the possible effects of any risks that may remain with the entity that transferred the assets. The amendments
also require additional disclosures if a disproportionate amount of transfer transactions are undertaken around
the end of a reporting period.
IFRIC 13 “Customer Loyalty Programmes - Fair Value of Award Credit” amended to state that the fair value
of award credits takes into account the amount of discounts or incentives that otherwise would be offered to
customers that have not earned the award credits. The amendment is effective for annual periods beginning on
or after 1 January 2011 and it is not expected to have any impact on the financial statements.
IAS 34 “Interim Financial Reporting - Significant Events and Transactions” A number of examples have been
added to the list of events or transactions that require disclosure under IAS 34. The amendment is effective for
annual periods beginning on or after 1 January 2011 and it is not expected to have any impact on the financial
statements.
IAS 27 “Consolidated and Separate Financial Statements – Transition requirements for amendments made as a
result of IAS 27 (2008) to IAS 21, IAS 28 and IAS 31” Consequential amendments to IAS 21 The Effects of Changes
in Foreign Exchange Rates, IAS 28 Investments in Associates and IAS 31 Interests in Joint Ventures (as a result
of prior amendments to IAS 27) to be applied prospectively, except for the amendments to IAS 28 and IAS 31 that
solely are the result of renumbering in IAS 27 (2008). The amendment is effective for annual periods beginning
on or after 1 January 2011 and it is not expected to have any impact on the financial statements.
IFRS 9 “Financial Instruments” has been issued on November 2009, by the IASB as the first step in its project
to replace IAS 39 Financial Instruments: Recognition and Measurement. IFRS 9 retains but simplifies the mixed
measurement model and establishes two primary measurement categories for financial assets: amortized
cost and fair value. The basis of classification depends on the entity’s business model and the contractual cash
flow characteristics of the financial asset. The guidance in IAS 39 on impairment of financial assets and hedge
accounting continues to apply. The amendment is effective for annual periods beginning on or after 1 January
2013, although entities are permitted to adopt them earlier Prior periods need not be restated if an entity adopts
the standard for reporting periods beginning before 1 January 2013.
Amendments to IFRIC 19 “Extinguishing Financial Liabilities with Equity Instruments” addresses the accounting
by an entity when the terms of a financial liability are renegotiated and result in the entity issuing equity
instruments to a creditor of the entity to extinguish all or part of the financial liability. It does not address the
accounting by the creditor. The amendment is effective for annual periods beginning on or after 1 July 2010 and
earlier application is permitted. It is not expected to have any impact on the financial statements.
IASB issued interpretations about prepayments of a minimum funding (interpretations for IFRIC 14) on 26
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November 2009. The amendments to IFRIC 14, which is itself an interpretation of IAS 19 applies in the limited
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circumstances when an entity is subject to minimum funding requirements and makes an early payment of
contributions to cover those requirements. The amendment permits such an entity to treat the benefit of such an
early payment as an asset. The amendment, Prepayments of a Minimum Funding Requirement, has an effective
date for mandatory adoption of 1 January 2011, with early adoption permitted.
The revised IAS 24 “Related Party Disclosures” amends the definition of a related party and modifies certain
related party disclosure requirements government-related entities. The main changes to IAS 24 are:
• A partial exemption from the disclosure requirements for transactions between a government-controlled
reporting entity and that government or other entities controlled by that government; and
• Amendments to the definition of a related party.
IASB agreed that the partial exemption from the disclosure requirements should be required to be made
retrospectively, because this should result in a reduction of ‘clutter’ in the footnotes and an identification of
better information about the nature and extent of significant transactions with the government.
In addition, IASB agreed that the definition of a related party should also be applied retrospectively from the
effective date.
In addition, the Board agreed that an entity should be permitted to adopt the partial exemption for governmentcontrolled entities before the effective date even if it does not adopt the amended definition of related party until
a later date.
The International Accounting Standards Board (IASB) has issued amendments to IAS 12 Income Taxes as at 31
December 2010. The amendments set out in Deferred Tax: Recovery of Underlying Assets, result from proposals
published for public comment in an exposure draft in September.
IAS 12 requires an entity to measure the deferred tax relating to an asset depending on whether the entity
expects to recover the carrying amount of the asset through use or sale. It can be difficult and subjective
to assess whether recovery will be through use or through sale when the asset is measured using the fair
value model in IAS 40 Investment Property. The amendment provides a practical solution to the problem by
introducing a presumption that recovery of the carrying amount will, normally be , be through sale.
As a result of the amendments, SIC-21 Income Taxes—Recovery of Revalued Non-Depreciable Assets would
no longer apply to investment properties carried at fair value. The amendments also incorporate into IAS 12 the
remaining guidance previously contained in SIC-21, which is accordingly withdrawn. The amendment is effective
for annual periods beginning on or after 1 January 2012.
2.1.9. Offsetting
The Group’s financial assets and liabilities are offset and the net amount is presented in the balance sheet
when and only when there is a legally enforceable right to set off the amounts and there is an intention to
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settle on a net basis or to realize the asset and settle the liability simultaneously.
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2.2. Summary of significant accounting policies
Significant accounting policies applied during the preparation of the consolidated financial statements are
summarized as follows:
2.2.1. Revenue
Revenue of the Group comprised the income from the inpatient/outpatient services given at the hospitals,
polyclinics, laboratories and eye centers of the Group. The revenues for these services are mostly realized in cash
or collectible from the insurance companies. The interest rate which reduces the nominal value of the related
service to its cash sale price is used to determine the present value of the receivables. The difference between the
nominal value of the sale price and the fair value obtained by this way is reflected as interest income to the related
periods.
When an uncertainty arises about the collectability of an amount already included in revenue, the doubtful
receivable amount is recognized as an expense, rather than as an adjustment of the revenue already recognized.
Net sales represents invoiced gross sales amount minus returns and discounts.
2.2.2. Inventories
Inventories are stated at the lower of cost or net realizable value. Cost elements included in inventories are all
procurement costs, conversion costs and all other relevant costs in bringing the inventories into their current
state of location. The cost of inventories is determined on the weighted average basis. Net realizable value is the
estimated selling price in the ordinary course of the business, less the selling expenses.
2.2.3. Tangible assets
i) Recognition and measurement
The costs of tangible assets purchased before 1 January 2005 are restated for the effects of inflation current at 31
December 2004 less accumulated depreciation and impairment losses. The costs of tangible assets purchased
after 31 December 2004 are carried at cost less accumulated depreciation and impairment losses.
Cost includes expenditure that is directly attributable to the acquisition of the asset. The cost of self-constructed
assets includes the cost of materials and direct labour, any other costs directly attributable to bringing the asset
to a working condition for its intended use, and capitalized borrowing costs.
ii) Subsequent expenditures
The cost of replacing part of an item of tangible asset is recognised in the carrying amount of the item if it is
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probable that the future economic benefits embodied within the part will flow to the Group. The costs of the day-
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to-day servicing of tangible asset are recognised in the consolidated statement of income comprehensive as
incurred.
iii) Depreciation
Depreciation is recognized on a straight-line basis over the useful lives of the tangible assets from the date of
acquisition or assembly. Leasehold improvements are depreciated on a straight-line basis over the lease period.
Depreciation expenses are presented under cost of sales on the consolidated statement of comprehensive
income. Land is not depreciated, since useful live of it is accepted as infinite.
The estimated useful lives are as follows:
Buildings50 years
Machinary and equipments
3-20 years
Vehicles4-7 years
Furniture and fixtures
3-50 years
Leased Assets
5-12 years
Leashold improvements
During the lease period
Depreciation methods, useful lives and residual values are reviewed at each financial year-end and adjusted if
appropriate.
iv) Disposal
Gains and losses on disposal of an item of tangible asset are recognised in related profit or loss account, their
costs and accumulated depreciations are written off from related accounts.
2.2.4.Intangible assets
Intangible assets consist of acquired software and other intangible assets. The costs of intangible assets
purchased before 1 January 2005 are restated for the effects of inflation current at 31 December 2004 less
accumulated amortization and impairment losses. The costs of intangible assets purchased after 31 December
2004 are carried at cost less accumulated amortization and impairment losses. The carrying amount of an
intangible asset is reduced to its recoverable amount if there is impairment.
i) Amortization
Intangible assets are amortized on a straight-line basis in the income statement over their estimated useful lives
for a period.
The estimated useful lives for the current periods are as follows:
Software
3-14 year
Other intangible assets 3-14 year
2.2.5. Goodwill
After 1 January 2005, in accordance with TFRS 3 “Business Mergers”, the excess amount of fair value of
identified assets, liabilities and conditional liabilities that are acquired purchasing price over is recorded as
goodwill. The goodwill arising from the merger is not amortised. Goodwill is subject to impairment test once
a year or more frequently when there is an indication of impairment.
i) Financial assets
A financial asset is considered to be impaired if objective evidence indicates that one or more events have had a
negative effect on the estimated future cash flows of that asset.
An impairment loss in respect of a financial asset measured at amortized cost is calculated as the difference
between its carrying amount and the present value of the estimated future cash flows discounted at the original
effective interest rate.
Individually significant financial assets are tested for impairment on an individual basis. The remaining financial
assets are assessed collectively in groups that share similar credit risk characteristics. All impairment losses are
recognized in the consolidated statement of comprehensive income.
An impairment loss is reversed if the reversal can be related objectively to an event occurring after the
impairment loss was recognized. The reversal of the impairment in respect of the discounted financial assets is
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2.2.6. Impairment of assets
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ii) Non-financial assets
At each balance sheet date the Group reviews the carrying amount of the assets to determine whether there is an
indication of impairment. If any such indication exists then the asset’s recoverable amount is estimated.
Impairment losses are recognized if the carrying amount of the assets or the cash generating unit exceeds its
estimated recoverable amount. Assets are grouped together into the smallest group of assets that generates
cash inflows from continuing use that are largely independent of the cash inflows of other assets or groups of
assets. Impairment losses are recognized in the consolidated statement of comprehensive income.
Impairment losses recognized in respect of the cash generating units are allocated first to reduce the carrying
amount of goodwill then to reduce the carrying amounts of the other assets in the unit (group of units) on a pro
rata basis.
The recoverable amount of an asset or cash generating unit is the greater of its value in use and its fair value less
costs to sell. In assessing value in use, the estimated future cash flows are discounted to their present value using
a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific
to that asset.
In respect of other assets, impairment losses recognized in prior periods are assessed at each reporting date for
any indications that the loss has decreased or no longer exists. An impairment loss is reversed if there has been
a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the
extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined,
net of depreciation or amortization, if no impairment loss had been recognized.
According to TAS 36 “The Standard on Impairment of Assets”, if there are changes in conditions and
circumstances that would be an indication of impairment in goodwill, the impairment tests are performed more
frequently than once a year.
2.2.7. . Financial Instruments
i) Non derivative financial assets
The Group initially recognises receivables on the date that they are originated. All other financial assets (including
assets designated at fair value through profit or loss) are recognised initially on the trade date at which the Group
becomes a party to the contractual provisions of the instrument.
The Group derecognises a financial asset when the contractual rights to the cash flows from the asset expire,
or it transfers the rights to receive the contractual cash flows on the financial asset in a transaction in which
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substantially all the risks and rewards of ownership of the financial asset are transferred.
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The difference between the initial amount of the financial assets and their present value as determined by
discounting their repayment amounts by applying the effective interest rate is reflected in the consolidated
financial statements.
Financial assets and liabilities are offset and the net amount presented in the statement of financial position
when, and only when, the Group has a legal right to offset the amounts and intends either to settle on a net basis
or to realise the asset and settle the liability simultaneously.
Non-derivative financial assets of the Group comprise trade and other receivables, cash and cash equivalents.
ii) Non derivative financial liabilities
Financial assets and liabilities are offset and the net amount presented in the statement of financial position
when, and only when, the Group has a legal right to offset the amounts and intends either to settle on a net basis
or to realise the asset and settle the liability simultaneously.
Non-derivative financial liabilities of the Group comprise loans and trade payables and other payables.
Financial liabilities are initially recorded at their initial costs less any transaction costs. In the periods subsequent
to their initial recognition the difference between their initial amounts their present value as determined by
discounting their repayment amounts by applying the effective interest rate is reflected in the consolidated
statements of comprehensive income.
iii) Paid-in capital Ordinary shares are classified as paid-in capital.
iv) Derivative financial instruments
The Group holds derivative financial instruments to hedge its foreign currency and interest rate risk exposures.
Derivatives are recognised initially at acquisiton cost; attributable transaction costs are recognised in profit or loss
when incurred. Subsequent to initial recognition, derivatives are measured at fair value. The Group’s derivative
financial instrument consists of mainly forward transactions and interest rate swap. Although these financial
instruments provide effective economic protection against risks, they are accounted for as derivative financial
instruments reflected as trading securities or other financial liabilities because they do not meet the hedge
accounting criteria under TAS 39.
2.2.8. Foreign Currency Transactions
Transactions in foreign currencies have been translated to TL at the exchange rates prevailing at the dates
of the transactions. Monetary assets and liabilities denominated in foreign currencies have been translated
into TL at the exchange rates prevailing at the balance sheet dates. Foreign exchange gains or losses arising
from the settlement of such transactions and from the translation of monetary assets and liabilities are
As at 31 December, Central Bank of the Republic of Turkey (“Central Bank”)’s buying foreign currency rates
are as follows:
2010
2009
US Dollar (“USD”) 1.5460
1.5057
Euro2.0491
2.1603
2.2.9. Earnings per share
Earnings per share disclosed in the consolidated statement of comprehensive income is determined by dividing
net earnings by the weighted average number of shares that have been outstanding during the related period
In Turkey, companies can increase their share capital by making a pro-rata distribution of shares (“bonus
shares”) to existing shareholders from retained earnings and inflation adjustments on equity items. Such bonus
shares are taken into consideration in the computation of earnings per share as issued share certificates. For
the purpose of earnings per share computations, the weighted average number of shares outstanding during
the period has been adjusted in respect of bonus shares issued without a corresponding change in resources,
by giving them retroactive effect for the year in which they were issued and each earlier year.
2.2.10. Subsequent events
Subsequent events cover all the events between balance sheet date and the date of authorization for release
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concerned.
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of the financial statements even if these events arise after any announcement about profit or loss or
disclosures of selected financial information to the public.
If there has been events after the balance sheet date that would require the restatement of the consolidated
financial statements; the Group restates the consolidated financial statements accordingly. If such events
are significant but do not require the restatement of the consolidated financial statements, they are
disclosed in the related notes.
2.2.11. Provisions, Contingent Assets and Liabilities
A provision is recognized in the accompanying consolidated financial statements if as a result of a past event,
the Group has a present legal or constructive obligation that can be estimated reliably and it is probable
that an outflow of economic benefits will be required to settle the obligation. Contingent liabilities are
reviewed to determine if there is a possibility that the outflow of economic benefits will be required to settle
the obligation. Except for the economic benefit outflow possibility is remote such contingent liabilities is
disclosed in the notes to the financial statements. If the inflow of economic benefits is probable contingent
assets have been disclosed in the notes to the financial statements. If the inflow of the economic benefit
is more than likely to occur such asset and income statement effect has been recognized in the financial
statements at the relevant period that income change effect occurs.
2.2.12. Leasing transactions
Leases in terms of which the Group assumes substantially all the risks and rewards of ownership
are classified as finance leases. The tangible assets acquired through financial leasing in the Group’s
consolidated balance sheet, are recorded on the asset side at the lower of its fair value or the present value
of the minimum lease payments, and related obligation is reflected on the liability side at the present value
of the minimum lease payments. Interest element included in the lease instalments are reflected in the
consolidated income statement. The tangible assets obtained by way of financial leases are depreciated
through their useful lives.
When the lease period is shorter than the useful life of the leased asset and it is not certain whether the
Group will purchase the leased asset at the end of the lease period, it is depreciated during the period of
lease. When the leased asset’s useful life is shorter than leased period, leased assets are depreciated during
the useful life.
The lease transactions are classified as operational leasing where the risks and rewards are on the part
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of the lessor. Operational lease payments are recorded as expense in the consolidated statement of
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comprehensive income on a linear basis.
2.2.13. Related parties
Subsidiaries, shareholders of the Group and companies of the shareholders, and also other companies
managed by these companies or related to these companies and managers and directors of these
companies are referred to as related parties in the accompanying consolidated financial statements. In
general, the Group may enter into ordinary transactions with the related parties.
2.2.14. Segment reporting
The Group’s main business activity consists of inpatient, outpatient and emergency care services. As a result of
the activity variation, the Group sales are allocated as inpatients, outpatients and hospital branches. All Group
sales have been realized in domestic basis; accordingly no geographical classification has been presented.
The operating segments of the Group are presented in Note 4.
2.2.15. Income taxes
Income tax comprises current and deferred tax. Income tax expense is recognised in profit or loss except to the
extent that it relates to a business combination, or items recognised directly in equity or in other comprehensive
income. Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or
substantively enacted at the reporting date, and any adjustment to tax payable in respect of previous years.
Deferred tax is recognised in respect of temporary differences between the carrying amounts of assets and
liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not
recognised for the following temporary differences: the initial recognition of assets or liabilities in a transaction
that is not a business combination and that affects neither accounting nor taxable profit, and differences relating
to investments in subsidiaries and jointly controlled entities to the extent that it is probable that they will not
reverse in the foreseeable future. In addition, deferred tax is not recognised for taxable temporary differences
arising on the initial recognition of goodwill. Deferred tax is measured at the tax rates that are expected to
be applied to the temporary differences when they reverse, based on the laws that have been enacted or
substantively enacted by the reporting date. Deferred tax assets and liabilities are offset if there is a legally
enforceable right to offset current tax liabilities and assets, and they relate to income taxes levied by the same tax
authority on the same taxable entity, or on different tax entities, but they intend to settle current tax liabilities and
assets on a net basis or their tax assets and liabilities will be realised simultaneously.
A deferred tax asset is recognised for unused tax losses, tax credits and deductible temporary differences, to the
extent that it is probable that future taxable profits will be available against which they can be utilised. Deferred
tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the
related tax benefit will be realized.
Transfer pricing regulations
In Turkey, the transfer pricing provisions have been stated under the Article 13 of the Corporate Tax Law with
the heading of “disguised profit distribution via transfer pricing”. The General Communiqué on disguised profit
distribution via Transfer Pricing, dated 18 November 2007 sets details about implementation.
If a taxpayer enters into transactions regarding the sale or purchase of goods and services with related parties,
where the prices are not set in accordance with the arm’s length principle, then related profits are considered to
be distributed in a disguised manner through transfer pricing. Such disguised profit distributions through transfer
2.2.16. Employee Benefits
In accordance with the existing Labour Law in Turkey, the Group entities operating in Turkey are required to
make lump-sum payments to employees who have completed one year of service and whose employment is
terminated without cause or who retire, are called up for military service or die.
In the accompanying consolidated financial statements, the Group has used statistical valuation method to
estimate its obligation.
As at 31 December, the following assumptions were used in the calculation of the total liability:
2010
Discount rate %4.66
Turnover rate %77
2009
%5.92
%77
Financial reports
pricing are not accepted as tax deductible for corporate income tax purposes.
137
Reserve for employee termination benefits is calculated based on the ceiling amount which is determined
by the Government. As at 31 December 2010 and 31 December 2009, the ceiling amount has been limited to
TL 2,517 and TL 2,365 per year of employment, respectively. The liability is not funded, as there is no funding
requirement.
2.2.17. Cash Flows Statement
Cash flows for the period are reported based on operating, investing and financing activities. Cash flows
from operating activities represent the Group’s cash flows generated from operating activities. The Group
presents the cash flows by using the indirect method such as adjusting the accruals for cash inflows and
outflows from gross profit/loss, other non-cash transactions, prior and future transactions or deferrals.
Cash flows from investing activities represent the cash flows used in/provided from investing activities
(capital expenditures).
Cash flows from financing activities represent the funds used in and repayment of the funds during the
period.
Cash and cash equivalents, represents on cash on hand and deposits at banks with a maturity less than
three months and investments which have a maturiy less than three months at the date of initial recognition.
Cash and cash equivalents included in the cash flow statement comprise cash and bank deposits and
financial assets which mature in less than three months.
2.2.18. Expenses
Expenses are accounted for on accrual basis. Expenses related to cost of sales and operating expenses are recognized
as they incur. Rent payments are recorded as expense on installments in the consolidated comprehensive income
statement during the rent period.
Financial incomes and expenses
Interest income and expenses in income statement are accounted on accrual basis considering the effective
interest rate and applicable variable interest rate on the related asset. Interest income and expenses consist
of the present value of the difference or premium or discount of the accounted value of an interest bearing
instrument and the due date value calculated with the effective interest rate system. Finance expenses
related to the investment cost can be capitalized during the investment process.
2.3. Use of estimates and judgements
Financial reports
The preparation of consolidated financial statements requires management to make judgments, estimates and
138
assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income
and expenses. Actual results may differ from these estimates.
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are
recognized in the period in which the estimates are revised and in any future periods affected.
In preparation of the consolidated financial statements, the significant estimates and judgments used by the Group are
as follows:
Note 2.2.3- 2.2.4 - Useful life of tangible and intangible assets
Note 7
- Provision for impairment on trade receivables
Note 13
- Provisions, contingent assets and liabilities
Note 15
- Employee benefits
Note 25
- Tax assets and liabilities
Note 29
- Financial instruments: Fair value disclosures
Business combinations
a) The Group purchased 50% of the shares of International Hospital on 20 August 2005 from Hospimed
Health Corporation at a share purchase price of USD 25,000,000. 52% of purchase price paid in cash and the
remaining USD 12,000,000 is payable in four instalments on quarterly basis. A preliminary share valuation
report was prepared by a brokerage firm on 26 August 2005 in respect of the share acquisition based on the
unaudited financial statements of International Hospital İstanbul for the year ended 31 December 2004 and
for the six-month period ended 30 June 2005.
The share acquisition price was determined on the basis of market conditions, expectations and negotiations
conducted by parties rather than the preliminary share valuation report and hence no final valuation report
was deemed necessary as the parties had reached agreement. The preliminary share valuation report
was prepared by using International Valuation Methods including the asset method, discounted cash flow
method and market multiple factors method. Because the discounted cash flow and the market price
multiplier factors methods reflected better the ability of the company to generate net worth compared to the
net asset value method, the value of the shares was determined as USD 52,5 million and USD 55,6 million,
respectively. The equity value computed as a result of these two methods is set out below:
Method
Equity value
Based on net assets value method USD 21.9 million
Based on discounted cash flow method USD 52.5 million
Based on market price multiplier method
USD 55.6 million
According to the expertise report dated 17 December 2005 prepared by Acıbadem Proje, a related party of
the Group, for the hospital building of International Hospital, the fair value of the hospital land and building
were separately determined as TL 18,250,375 (equivalent to USD 13,750,000) and TL 27,873,300 (equivalent to
USD 21,000,000), respectively.
b) The Group has increased its share to 90% as of 27 March 2009 by purchasing 40 % (400.000 share) of
International Hospital from the Hospimed Health Corporation in accordance with the decision of Board
of Directors meeting dated 27 March 2009. The amount for purchasing of these shares is USD 32,436,750
and USD 20,436,750 of this amount has been paid, and remaining USD 12,000,000 will be paid in quarterly
installments until the end of 2011.
Additionally, a purchasing option has been determined for 9.99% of capital with 99.990 shares, until the end
of 2012. The Group has a right to use its option to buy these shares with a payment of USD 15,000,000 in any
date of the period until the end of 2012.
As at 29 December 2009, an appraisal report has been prepared by a consultancy firm in order to determine
the market value of International Hospital. The financial statements based on the analysis performed in this
appraisal report are audited and prepared in accordance with IFRS. The updated financial figures of 2009 are
also taken into consideration in the preparation of this appraisal report.
The appraisal report was prepared by using International Valuation Methods including the net asset value
method, discounted cash flow method and market price multiplier method. An independent real estate value
assessment report is taken into consideration for the valuation of the Group’s tangible assets. Net assets
value is not used since the discounted cash flow and the market price multiplier methods reflected better
the ability of the company to generate net worth compared to the net asset value method.
Financial reports
3
139
The value computed as a result of each methods is set out below:
Method
Value (100%)
Based on discounted cash flow method
Between TL 90 millon-TL 123 million
Based on market price multiplier method
Between TL 96 million-TL 101 million
Based on net asset value method
TL 27,1 million
As per the real estate assesment report dated 30 June 2009; the value determined for land and buildings was
TL 11,281,569 for machinary and equipment was TL 2,032,335 for furnitures and fixtures was TL 2,142,673 for
vehicles was TL 50,008 and for rights was TL 428,878.
Acıbadem Kayseri
Group increased its ownership percentage to 99.99 % by acquiring 27.58 % of Acıbadem Kayseri’s
outstanding shares from other third party shareholders at an amount of TL 8,263,435 based on a decision
taken at board of directors meeting held on 11 October 2010. TL 6,197,576 was paid as of reporting balance
sheet date and remaining TL 2,065,859 was paid during 2011. Resulting additional goodwill amount due
to the acquisition is accounted under Retained Earnings/ (Accumulated Loss) account in accordance with
revised IFRS 3 (Note 18).
31 December 2010
Acquisition Amount
8,263,435
Net Book Value of the Subsidiary (Additional 27.58% acquisition)
(2,751,694)
Goodwill (11 October 2010)
5,511,741
Net Book Value of the goodwill
5,511,741
4 Segment reporting
The Group’s main business activity consists of inpatient, outpatient and emergency care services. The Group sales
are allocated as inpatients, outpatients and hospital branches.
As at 31 December 2010, composition of sales and cost of sales of the Group is as follows:
Financial reports
According to the type of treatment
140
Type of
Number of
Net Sales
Tedavi türüne göre raporlama
Treatment
Patient Net Sales Ratio (%)
Cost of Sales
Gross Profit
Inpatients 99,124 414,145,16357337,485,44276,659,721
Outpatients1,960,788 317,437,36743252,192,21365,245,154
Total731,582,530
100
589,677,655
141,904,875
Type of
Number of
Net Sales
Treatment
Patient Net Sales Ratio (%)
Cost of Sales
Gross Profit
Inpatients 70,547 285,936,24351246,545,66339,390,580
Outpatients1,632,354 272,896,53349232,018,48940,878,044
Total558,832,776
100
478,564,152
80,268,624
According to the hospitals
İstanbul
Revenues
Cost of sales (-)
Gross Profit
Other than Istanbul
Total
554.223.286
177.364.902
731.582.530
(407.956.448)
(181.721.207)
(589.677.655)
146.266.838
(4.356.305)
Operating expenses
141.904.875
(77.681.160)
Other operating income/expense (net)
(2.185.149)
Financial income/expense (net)
(43.780.313)
Tax expense
(8.089.830)
Net profit for the periıod
10.168.423
İstanbul
Cost of sales (-)
Gross Profit
447.143.298
111.689.480
558.832.776
(342.371.341)
(136.192.810)
(478.564.152)
104.771.957
(24.503.330)
80.268.624
Operating expenses
(58.042.519)
Other operating income/expense (net)
1.061.111
Financial income/expense (net)
5
Total
(26.178.871)
Tax expense
18.680.623
Net profit for the periıod
15.788.968
As at 31 December 2010, cash and cash equivalents comprised the following:
Cash on hand
Banks – demand deposits
Banks – time deposits
Mutual fund (B type liquid fund)
Credit card receivables
31 December 2010 31 December 2009
424,837
433,845
4,985,662
1,406,795
18,249,666
16,808,973
147,676
--
2,177,396
636,705
25.985.237
19.286.318
Financial reports
Revenues
Other than Istanbul
141
As at 31 December 2010 time deposits are matured between 1-11 days (31 December 2009: 1-11 days) in order to
meet the Group’s urgent needs in TL. The effective interest rates for the time deposits in TL were between 6% and
7% (31 December 2009: 6.50% - 9.25%).
As at 31 December 2010, the Group has blocked deposits at an amount of TL 16,512,214 (31 December 2009: TL
5,925,000) in Türkiye Garanti Bankası Anonim Şirketi (‘‘Garanti Bankası’’) in purpose of a guarantee for six month
periodic interest payments of bank borrowing amounting to USD 196,000,000.
As at 31 December 2010, the interest and maturity details of time deposits at banks are as follows:
I nterest 31 December
2010
Rate
(%)
Currency
Maturity
Principal
Interest
Type
Amount (TL)
Accruals
Total
Time deposit 7.00%
10.01.2011
TL
16,512,214
3,167
16,515,381
Time deposit
6.00%
03.01.2011
TL
1,234,000
203
1,234,203
Time deposit
6.00%
03.01.2011
TL
500,000
82
500,082
18.249.666
I nterest 31 December
2010
Rate
(%)
Currency
Maturity
Principal
Interest
Type
Amount (TL)
Accruals
Total
Time deposit
9.25%
11.01.2010
TL
12,662,000
3,205
12,665,205
Time deposit
7.25%
04.01.2010
TL
2,743,030
488
2,743,518
Time deposit
6.50%
04.01.2010
TL
920,000
164
920,164
Time deposit
6.50%
04.01.2010
TL
280,000
50
280,050
Time deposit
6.50%
04.01.2010
TL
200,000
36
200,036
16.808.973
For purposes of the statement of cash flows, cash and cash equivalents include bank deposits and short-term
investments that are easily convertible to cash with high liquidity and with a maturity of up to three months.
Cash and cash equivalents included in the statement of cash flows for the periods ended 31 December is
Financial reports
comprised of the followings:
142
2010
Cash on hand
Banks – demand deposits
Banks – time deposits
Mutual fund (B type liquid fund)
2009
424,837
433,845
4,985,662
1,406,795
18,249,666
16,808,973
147,676
--
Credit card receivables
2,177,396
636,705
Less: Interest accruals
(3,452)
(51,976)
25.981.785
19.234.342
As at 31 December, short term financial liabilities comprised the following:
Short term bank borrowings and short term portion of long
term bank borrowings
Financial lease liabilities, net
31 December 2010
31December2009
77,722,338
34.613.235
14,080,748
6.439.898
91,803,086
41.053.133
As at 31 December, long term financial liabilities comprised the following:
31 December 2010
296.198.560
Long term bank borrowings
Financial lease liabilities, net
31December2009
316.988.060
83.729.844
65.410.820
379.928.404
382.398.880
Bank borrowings
As at 31 December, the details of short term bank borrowings comprised the following:
Bank Name
Garanti Bankası A.Ş.
Type Currency
type
Operating
Denizbank
Operating
Türkiye İş Bankası Anonim
Şirketi (“İş Bankası”)
Operating
Tax
Operating
Tax
Operating
Türkiye İş Bankası Anonim
Şirketi (“İş Bankası”)
Operating
T. Vakıflar Bankası A.Ş.
TEB
Denizbank
Yapı ve Kredi Bankası Anonim
Şirketi
İş Bankası Bahreyn Branch
Tax
Tax
Tax
Operating
Vehicle
Operating
Tax
Operating
Original
currency amount
Interest
Rate(%)
31 December
2010
TL
18.676.000
7,50
18.676.000
TL
10.700.000
7,35
10.700.000
TL
3.000.000
7,60
3.000.000
TL
2.882.686
--
2.882.686
TL
2.400.534
7,60
2.400.534
TL
285.219
--
285.219
TL
250.053
7,50
250.053
TL
210.996
7,50
210.996
TL
200.442
--
200.442
TL
191.778
--
191.778
TL
153.989
--
153.989
TL
79.300
7,50
79.300
TL
40.908
11,50
40.908
TL
29.368
7,60
29.368
TL
6.705
--
6.705
USD
2.011.183
3,30
3.109.289
42.217.267
Short term portion of long term bank borrowings:
Currency
Bank name
Type
Type
Garanti Bankası
Investment
Türkiye Vakıflar Bankası T.A.O
Investment
(“Vakıfbank”)
Bayerische Hypovereinsbank AG Hermes
Financial reports
6
143
Original Currency
Amount
Interest
Rate (%)
31 December
2010
USD
18.339.657
Libor + 3,9
28.353.109
USD
2.518.917
Libor +4,25
3.894.246
Euro
1.589.828 Euribor +0,625
3.257.716
35.505.071
77.722.338
As at 31 December the details of long term bank borrowings comprised the following:
Name of the Bank
Garanti Bankası
Type
Investment
Currency Original Amount Interest Rate (%) 31 December 2010
USD
182.000.000
Libor + 3,9
281.372.000
Vakıfbank
Bayerische
Hypovereinsbank AG
Investment
USD
7.500.000
Libor +4,25
11.595.000
Hermes
Euro
1.577.063
Euribor +0,625
3.231.560
296.198.560
As at 31 December 2010, repayment schedule of the long term bank borrowings Group is as follows:
Years
Currency type
Original currency amount
TL amount
2012
USD
30.500.000
47.153.000
2013
USD
30.500.000
47.153.000
2014
USD
30.500.000
47.153.000
2015
USD
28.000.000
43.288.000
2016
USD
28.000.000
43.288.000
2017
USD
28.000.000
43.288.000
2018
USD
14.000.000
21.644.000
2012
Euro
1.577.063
3.231.560
296.198.560
As at 31 December 2010, the maturities of bank borrowings are as follows:
Maturity
0 – 3 months
3 months – 1 year
31 December 2010
38.826.706
38.895.632
1 - 5 years
187.978.560
5 years and more
108.220.000
373.920.898
According to the bank borrowing agreement signed with Garanti Bankası that has a limit of USD 200,000,000; the
Group has committed to comply some financial covenants and as at 31 December 2010, the Group complies with
Financial reports
all covenants.
144
As at 31 December 2010, the guarantees given related to the bank borrowings are as follows:
Type of Guarantee
Mortgage
Currency Type
USD
31 December 2010
Original currency amount
164.865.000
TL Amount
254.881.290
Commercial Pledge
TL
--
600.000.000
Blocked Deposit
TL
--
16.512.214
164.865.000
871.393.504
Garanti Bankası has 1st and 2nd degree of pledges on the shares of the Company owned by Almond Holding A.Ş.
and the Company’s shares at its subsidiaries (Note 14). Additionally, the Group has assigned 80% of the trade
receivables as a guarantee (Note 7) to the banks.
As at 31 December 2009, short term bank borrowings comprised the following:
Bank name
Türkiye İş Bankası Anonim Şirketi
(“İş Bankası”)
Tekstil Bankası Anonim Şirketi
(“Tekstil Bankası”)
Garanti Bankası
Type
Operating
Currency
type
Original Currency
Amount
Interest
Rate (%)
31 December
2009
TL
--
7,50
7.600.000
Operating
TL
--
7,75
3.000.000
Tax
TL
--
--
2.043.046
241.046
İş Bankası
Tax
TL
--
--
Garanti Bankası
Operating
TL
--
10,00
210.331
Garanti Bankası
Tax
TL
--
--
165.574
Garanti Bankası
Tax
TL
--
--
138.813
Garanti Bankası
Tax
TL
--
--
136.587
Garanti Bankası
Yapı ve Kredi Bankası
Anonim Şirketi
Garanti Bankası
Tax
TL
--
--
73.450
Tax
Investment
TL
--
--
14.823
USD
2.017.568
4,40
3.037.851
16.661.521
As at 31 December 2009, the details of short term portion of long term bank borrowings are as follows:
Bank Name
Garanti Bankası
Türkiye Vakıflar Bankası T.A.O
(“Vakıfbank”)
Bayerische Hypovereinsbank AG
Currency Original Currency
Type
Amount
USD
9.615.104
Interest 31 December 2009
Rate (%)
Libor + 3,9
14.477.462
USD
20.017
Libor +4,25
30.140
Euro
1.594.275
Euribor + 0,625
3.444.112
17.951.714
34.613.235
As at 31 December 2009, long term bank borrowings comprised the following:
Garanti Bankası
Currency Original Currency
Type
Amount
USD
196,000,000
Interest 31 December 2009
Rate (%)
Libor + 3.9
295,117,200
Vakıfbank
USD
10,000,000
Libor +4.25
15,057,000
Bayerische Hypovereinsbank AG
Euro
3,154,127
Euribor +0.625
6,813,860
316.988.060
Financial reports
Bank Name
145
As at 31 December 2009, repayment schedule of the long term bank borrowings is as follows:
Years
Currency Type
Original Currency Amount
2009
USD
16.500.000
TL Amount
24.844.050
2012
USD
30.500.000
45.923.850
2013
USD
30.500.000
45.923.850
2014
USD
30.500.000
45.923.850
2015
USD
28.000.000
42.159.600
2016
USD
28.000.000
42.159.600
2017
USD
28.000.000
42.159.600
21.079.800
2018
USD
14.000.000
2011
Euro
1.577.063
3.406.930
2012
Euro
1.577.063
3.406.930
316.988.060
As at 31 December 2009, the maturities of bank borrowings are as follows:
Maturity
0 – 3 months
31 December 2009
3.023.669
3 months – 1 year
31.589.566
1 – 5 years
211.589.060
5 years and more
105.399.000
351.601.295
As at 31 December 2009, the guarantees given related to the bank borrowings are as follows:
31 December 2009
Type of guarantee
Mortgage
Currency Type
USD
164.865.000
TL Amount
248.237.231
Pledge of assets
TL
--
600.000.000
Blocked deposits
TL
--
5.925.000
164.865.000
854.162.231
Financial reports
Garanti Bankası has 1st and 2nd degree of pledges on the shares of the Company owned by Almond Holding A.Ş.
146
and the Company’s shares at its subsidiaries (Note 14). Additionally, the Company has assigned 80% of the trade
receivables as a guarantee (Note 7) to the banks.
Finance lease liabilities:
As at 31 December, short term finance lease liabilities are as follows:
Financial lease liabilities
Deferred financial lease liabilities (-)
31 December 2010
21.763.748
31 December 2009
13.150.028
(7.683.000)
(6.710.130)
14.080.748
6.439.898
As from December 31, the debts of the Group arising from long-term financial leasing liabilities are as follows:
Deferred financial lease liabilities(-)
31 December 2010
107,639,335
31 December 2009
89.488.251
(23,909,491)
24.077.431)
83,729,844
65.410.820
Years
Currency Type
TL Amount
2012
Euro
3.241.915
6.643.008
2013
Euro
3.198.677
6.554.410
2014
Euro
2.864.818
5.870.298
2015
Euro
2.493.137
5.108.686
2016
Euro
2.054.326
4.209.520
2017
Euro
563.332
1.154.324
2018
Euro
3
5
2012
USD
2.964.635
4.583.326
2013
USD
1.646.673
2.545.756
2014
USD
867.403
1.341.005
2015
USD
856.057
1.323.464
2016
USD
805.439
1.245.208
2017
USD
144.310
223.103
2018
USD
4
6
2012
CHF
6.721.862
11.049.397
2013
CHF
6.721.862
11.049.397
2014
CHF
6.721.862
11.049.397
2015
CHF
6.721.862
11.049.397
2016
CHF
6.721.862
11.049.397
2017
CHF
7.050.876
11.590.230
107.639.335
Financial reports
As at 31 December 2010, repayment schedule of the long term financial lease liabilities is as follows:
147
As at 31 December 2009, repayment schedule of the long term financial lease liabilities is as follows:
Years
Currency Type Original Currency Amount TL Amount
2011
Euro
2.033.913
4.393.863
2012
Euro
1.248.702
2.697.570
2013
Euro
1.205.463
2.604.162
2014
Euro
876.415
1.893.319
2015
Euro
528.756
1.142.271
2016
Euro
396.577
856.725
2011
USD
2.040.856
3.072.917
2012
USD
2.040.856
3.072.917
2013
USD
722.894
1.088.462
2011
CHF
6.721.858
9.741.317
2012
CHF
6.721.858
9.741.317
2013
CHF
6.721.858
9.741.317
2014
CHF
6.721.858
9.741.317
2015
CHF
6.721.858
9.741.317
2016
CHF
6.721.858
9.741.317
2017
CHF
7.050.886
10.218.143
89.488.251
As at 31 December, the maturities of finance lease liabilities are as follows:
31 December 2010
0 – 3 months
7
31 December 2009
2.934.926
2.431.357
3 months – 1 year
18.828.820
10.718.871
1 – 5 years
94.671.664
68.672.065
5 years and more
12.967.673
20.816.186
129.403.083
102.638.279
Trade receivables and payables
Financial reports
As at 31 December, trade receivable comprised the following:
148
Trade receivable
31 December 2010
68.862.305
Notes receivable
1.041.068
172.713
Unearned financial expense(-)
(332.659)
(383.476)
Doubtful receivables
5.473.602
4.396.956
Allowance for doubtful receivables(-)
31 December 2009
55.538.167
(5.473.602)
(4.396.956)
69.570.714
55.327.404
The Company has borrowed a loan amounting to USD 200,000,000 based on an agreement signed between
Garanti Bankası on 10 January 2008. The purpose of the loan was funding the constructions in progress and the
repayment of existing loans at that time. The Company has ceded 80% of the trade receivables as a guarantee for
the outstanding bank loan of USD 196,000,000 of the USD 200,000,000 loan.
As at 31 December, the aging analysis of the trade receivable is as follows:
Overdue receivables
Up to 3 month
31 December 2010
9.555.207
31 December 2010
4.971.369
60.348.166
50.739.511
69.903.373
55.710.880
As at 31 December 2010, overdue receivables are amounting to TL 9,555,207 (31 December 2009: TL 4,971,369).
No allowance has been recorded for these receivables as they were found to be overdue due to commercial
reasons and were expected to be collected within a time period. Additionally 90 days overdue is accepted as
normal trade term in the sector which the Group operates.
The aging analysis of overdue trade receivable as at 31 December is as below:
31 December 2010
31 December 2010
Between 1-30 days
3.666.678
1.555.579
Between 31-60 days
1.440.137
1.120.802
61 days and more
4.448.392
2.294.988
9.555.207
4.971.369
As at 31 December 2010, the effective interest rates applied to trade receivables are shown as below:
Maturity
Between 1-30 days
Between 31-60 days
61 days and more
Rate (%)
6,50-6,59
6,54
6,54-6,62
The Group records allowance for doubtful receivable on customer terms. Allowances comprised the customers
which are not expected to repay. For the years ended 31 December, the movement of the allowances for doubtful
Beginning balance
Additions
Collections (-)
Write-offs (-)
2010
2009
4.396.956
3.531.232
2.166.622
976.840
(1.088.806)
(111.116)
(1.170)
--
5.473.602
4.396.956
Financial reports
receivable is as follows:
149
As at 31 December, short term trade payable comprised the following:
31 December 2010
66.673.077
31 December 2009
50.321.389
Notes payable
6.253.911
4.963.791
Unpaid financial income (-)
(546.289)
(541.633)
72.380.699
54.743.547
Trade payables
As at 31 December, long term trade payable comprised the following:
31 December 2010
6.310.079
31 December 2009
7.967.452
Notes payable
431.848
4.503.253
Unpaid financial income (-)
(54.893)
(6.817)
6.687.034
12.463.888
Trade payables
As at 31 December, the aging analysis of trade payables is as below:
0 - 3 months
3 months-1 year
1 year-5 years
31 December 2010
61.020.698
31 December 2009
42.776.428
11.906.290
12.508.752
6.741.927
12.470.705
79.668.915
67.755.885
As at 31 December 2010, the effective interest rates applied to trade payables are as follows:
Maturity
Between 1-30 days
Between 31-60 days
61 days and more
8
Rate (%)
0,26-6,59
6,54
0,30-6,62
Other receivables and payables
Financial reports
As at 31 December, other short-term receivables comprised the following:
150
Receivables from tax office
Deposits and guarantees given
Rent and advances given to other
suppliers
Other
31 December 2010
31 December 2009
338.933
272.001
84.148
71.781
--
27.084
32.520
55.421
455.601
426.287
As at 31 December, other long-term receivables comprised the following:
Due from personel
Deposits and guarantees given
31 December 2010
737.954
31 December 2009
1.333.946
250.029
232.809
987.983
1.566.755
As at 31 December, other short-term payables comprised the following:
Hospimed Health Corporation*
Advances received from patients
Other
31 December 2010
31 December 2009
18.552.000
18.068.400
1.936.570
1.775.227
38.730
--
20.527.300
19.843.627
As at 31 December, other long-term payables comprised the following:
Hospimed Health Corporation*
31 December 2010
--
31 December 2009
18.068.400
--
18.068.400
(*)The Company has increased its shares to 90% by purchasing 40% (400.000 shares) of International
Hospital’s shares from Hospimed Health Corporation at 27 March 2009 (Note 3).
Inventories
As at 31 December, inventories comprised the following:
Medical materials and medicine
Other inventories
31 December 2010
13.877.534
31 December 2009
11.839.219
268.984
23.667
14.146.518
11.862.886
At 31 December, inventories are accounted at cost and no inventory was recognized at its net
realizable value.
Financial reports
9
151
152
--
Transfer (*)
--
--
--
--
--
1 January 2010
Additions from
acquisitions
Charge for period
Disposals
As at 31 December
2010
20.841.603
--
4.154.184
--
16.687.419
53.128
(98.432)
1.238.025
77.301
(22.311)
572.295
25.683
1.797.643
215.476.593 2.373.310
(2.389.633)
25.273.572
12.548
192.580.106
294.741.728 4.388.225
5.709.747
(2.463.145)
6.344.514
339.368
3.118.203
Vehicles
48.112.446
(80.675)
7.887.346
443.838
39.861.937
77.213.252
3.604.697
(99.266)
4.717.402
705.917
68.284.501
and fixture
Furniture
36.076.951
(480.754)
17.392.554
--
19.165.151
117.483.640
18.840.215
(627.478)
17.771.669
--
81.499.234
Assets
Leased
62.016.019
(46.201)
15.977.811
223.214
45.861.195
202.253.250
27.937.277
(2.291.552)
14.897.262
543.244
161.167.019
improvements
Total
(101.423)
(5.860.503)
91.403.282
1.665.830
(3.019.574)
71.278.798
705.283
527.086.675
-- 384.975.839
--
--
--
-- 316.011.332
2.249.366 912.062.514
(56.246.487)
(280.630)
32.845.645
--
25.930.838 824.955.328
progress
184,658,966, Accumulated Depreciation: TL 184,658,966; 31 December 2009 Cost: TL 165,598,379, Accumulated Depreciation: TL 165,598,379).
For the years ended 31 December 2010 and 2009, the Company utilizes tangible assets which have nil net book value on its accounts (31 December 2010 Cost: TL
As at 31 December 2010, tangible assets are pledged to the extent of TL 254,881,290 (31 December 2009: TL 248,237,231).
and TL 2,121,135 (31 December 2009: TL 1,458,778) has been included under administrative expenses.
For the year ended 31 December 2010, depreciation expenses amounting to TL 69,157,663 (31 December 2009: TL 60,370,491) has been recognised under cost of sales
78.917
--
21.036
--
57.881
563.536
--
--
--
--
563.536
Assets
in
Other Construction
Leasehold Tangible
As at 31 December 2010, tangible assets have been insured to the extent of TL 848,276,863 (31 December 2009: TL 634,872,058).
(*) Tangible assets amounting to TL 101,423 has been transferred to other intangible assets.
Net book value
--
--
1.709.133
--
31.645.702 181.523.816
--
Disposals
As at 31 December
2010
Accumulated
depreciation
11.879.632
--
284.811.244
Buildings and Devices
19.766.070 179.814.683
Lands
Additions
Additions from
acquisitions
1 January 2010
Cost
Machinery
For the year ended 31 December 2010, the movement in tangible assets is as follows:
Financial reports
10 Tangible assets
Lands
Buildings
equipments
Vehicles
and and fixture
Furniture
Assets improvements
Leasehold Leased 3.848.843
--
--
--
58.706.100
--
11.281.569
105.978.171
19.766.070
--
--
16.687.419
3.541.836
--
--
13.145.583
--
192.580.106
(3.895.967)
25.537.875
170.938.198
284.811.244
37.229.599
(4.282.526)
2.032.335
21.788.742
228.043.094
1.797.643
(20.740)
474.365
1.344.018
3.118.204
44.970
(27.207)
50.008
383.637
2.666.796
39.861.937
(2.347.807)
6.905.514
35.304.230
68.284.501
15.582.220
(2.485.376)
2.142.673
5.502.557
47.542.427
19.165.151
--
11.273.689
7.891.462
81.499.234
44.745.498
--
19.058.930
17.694.806
45.861.195
(2.037.065)
14.077.010
33.821.250
161.167.019
74.756.759
(11.950.755)
16.535.839
81.825.176
Other Financial reports
--
66.321.852
190.904.913
in progress
57.881
--
18.980
38.901
563.536
--
--
--
--
25.930.838
-- (231.295.927)
(7.864)
48.193
523.207
assets
tangible Construction
Net Book Value
As at 31 December 2009
Disposals
Charge for period
1 January 2009
Accumulated
depreciation
As at 31 December 2009 19.766.070 179.814.683
Transfer
Disposals
Transfer from goodwill
Additions
1 January 2009
Cost
Machinery
For the period ended 31 December 2009, the movement in tangible assets is as follows:
508,943,995
316.011.332
(8.301.579)
61.829.269
262.483.642
824.955.329
(230.781)
(18.753.728)
15.506.585
133.488.593
694.944.660
Total
153
Construction in progress
31 December 2010
Project
Expenditure Amount (TL)Total Cost of Project (TL)
Acıbadem Ankara Hospital
631,700
20,000,000
Acıbadem Bodrum Hospital
1,563,955
20,000,000
2,195,655
40,000,000
Acıbadem Ankara Hospital
According to the agreement at 23 July 2010, the hospital project, which is located in Dikmen District Çankaya in
Ankara, will have 16 floors and closed area of 10,000 m². Medical devices and equipment for the hospital is the
responsibility of the Company and the main construction will be completed by a subcontractor. The hospital is
planned to be completed at the end of 2011.
Acıbadem Bodrum Hospital
The Company has a hospital project, which is located Ortakent District in the town of Bodrum in Muğla province
with closed area of 11,500 m2. The hospital is planned to be completed at the end of 2011.
11 Intangible assets
For the year ended 31 December 2010, movement in the intangible assets is as follows:
Other
Intangible
Cost
Fixed Assets
Total
2.041.462
4.737.282
6.778.744
315.502
594.752
910.254
61.058
2.245
63.303
Transfer
10.809
90.614
101.423
1 January 2010
Additions
Financial reports
Disposals
154
Rights
--
--
--
31 December 2010
2.428.831
5.424.893
7.853.724
Accumulated Amortization
1 January 2010
1.173.011
3.146.573
4.319.584
146.654
308.867
455.521
Charge for year
34.298
463
34.761
31 December 2010
Additions from acquisitions
1.353.963
3.455.903
4.809.866
Net Book Value
1.074.868
1.968.990
3.043.858
For the year ended 31 December 2009, movement in the intangible assets is as follows:
Other
Intangible
Cost
Rights AssetsTotal
1 January 2009
1.403.069
4.329.647
5.732.716
Additions
217.648
179.457
397.105
428.748
--
428.748
--
230.781
230.781
Transfer
Disposals
31 December 2009
(8.003)
(2.603)
(10.606)
2.041.462
4.737.282
6.778.744
Accumulated Amortization 1 January 2009
Charge for period
1.023.531
2.802.291
3.825.822
149.480
346.740
496.220
Disposals
31 December 2009
--
(2.458)
(2.458)
1.173.011
3.146.573
4.319.584
Net Book Value
2.459.160
For the year ended 31 December 2010, amortization expenses amounting to TL 455,521 (31 December 2009: TL
496,220) have been included in administrative expenses.
As at 31 December 2010 and 2009, the Company utilizes intangible assets which have nil net book value on its
accounts (31 December 2010 Cost: TL 3,900,693, Accumulated Amortization: TL 3,900,693; 31 December 2009
Cost: TL 3,251,727, Accumulated Amortization: TL 3,251,727).
Goodwill
As at 31 December, the goodwill is comprised the acquisitions shown below:
31 December 2010
31 December 2009
39.292.955
39.292.955
Acıbadem Polyclinics
6.234.605
6.234.605
Konur Sağlık Hizmetleri
1.547.107
--
47.074.667
45.527.560
In the accompanying consolidated financial statements, details of the goodwill according to acquisition dates for
International Hospital is given below:
2010
1st Acquisition
Acquisition cost
2009
33.182.500
33.182.500
(10.054.636)
(10.054.636)
Fair value adjustment of land
23.127.864
(8.983.435)
23.127.864
(8.983.435)
Fair value adjustment of buildings
(6.842.863)
(6.842.863)
7.301.566
7.301.566
Subsidiaries net book value (50%)
Goodwill net book value (1st aquisition)
Financial reports
12
155
2010
2009
2nd Acquisition
Acquisition amount
53.462.129
53.462.129
Subsidiaries net book value
(5.535.407)
(5.535.407)
Goodwill at acquisition date (27 March 2009)
Fair value adjustment of buildings
47.926.722
(11.281.569)
47.926.722
(11.281.569)
Fair value adjustment of furniture and fixtures
(2.032.335)
(2.032.335)
Fair value adjustment of machinery and equipment
(2.142.673)
(2.142.673)
Fair value adjustment of vehicles
Fair value adjustment of rights
Goodwill net book value (2nd aquisition)
(50.008)
(50.008)
(428.748)
(428.748)
31.991.389
31.991.389
Under the growth strategies of the ‘Group’, the Company acquired 736.802 shares of Acıbadem Poliklinikleri
amounting to USD 5,710,217 and those shares correspond 36.84 % of the share capital. Before acquisition,
the Company owned 63.15 % of the share capital, so the Company increased its share to 99.99% in Acıbadem
Poliklinikleri. The value of Acıbadem Poliklinikleri was determined as USD 15,500,000 by considering inter-parties
meetings and market conditions. The detail of the goodwill computed is as below:
Acquisition cost
2010
6.948.763
2009
6.948.763
Subsidiaries net book value (additional 36.84%)
(714.158)
(714.158)
Goodwill of acquisition date (10 July 2008)
6.234.605
6.234.605
Goodwill net book value
6.234.605
6.234.605
Konur Sağlık
As at 13 February 2010, Acıbadem Poliklinikleri, the consolidated subsidiary of the Company purchased the 50 %
of the shares of Konur Sağlık Hizmetleri Anonim Şirketi, a medical center operating in Bursa, Turkey. The detail of
the goodwill computed is as below:
31 December 2010
Financial reports
Acquisition cost
156
2.046.814
Subsidiaries net book value ( additional %50)
(499.707)
Goodwill (13 February 2010)
1.547.107
Goodwill net book value
1.547.107
Provisions, contingent assets and liabilities
As at 31 December, short-term provisions comprised the following:
13.564.343
12.509.028
Doctor payments expense provisions
Accrual for interest rate swap transaction
4.299.190
1.625.746
Lawsuit provisions
3.677.494
869.914
Consultancy commission provisions
669.953
--
Provisions for invoices returned from contracted institutions
326.491
160.966
Accrued Social Security Institution (“SGK”) expenses
286.608
22.538
Provisions for miscellaneous expenses
264.311
194.415
Accrual for forward transaction
Other
96.928
1.141.180
945.206
138.617
24.130.524
16.662.404
As at 31 December, the lawsuits and disputes about Group, an explanation is as follows:
There are 72 lawsuits (31 December 2009: 46) against the Group amounting to TL 15,132,129 (31
December 2009: TL 8,988,061) and 118 related to personnel (31 December 2009: 75) amounting to TL
706,034 (31 December 2009: TL 869,914). The Group has provided provisions for the lawsuits which
the probability of losing is greater than the probability of winning in the accompanying consolidated
financial statements.
The movement of provisions for year ended 31 December 2010 is as follows:
Doctor payments expense
provisions
Accrual for interest rate swap
transaction
Lawsuit provisions
Consultancy commission
provisions
Provisions for invoices returned
from contracted institutions
Accrued Social Security
Institution (“SGK”) expenses
Provisions for miscellaneous
expenses
Inventory provision
Other
1 January
2010
Additions
Payments
Resersals
31 December
2010
12.509.028
13.564.343
(12.509.028)
--
13.564.343
1.625.746
4.299.190
--
(1.625.746)
4.299.190
869.914
2.966.263
(158.683)
--
3.677.494
--
669.953
--
--
669.953
146.250
180.241
--
--
326.491
22.538
286.608
(22.538)
194.415
264.311
(194.415)
--
264.311
--
107.224
--
--
107.224
1.141.180
96.928
--
(1.141.180)
96.928
153.333
837.982
(153.333)
--
837.982
16.662.404 23,273,043 (13,037,997)
(2,766,926)
24.130.524
286.608
Financial reports
13
157
The movement of provisions for year ended 31 December 2009 is as follows:
1 January 2009
Doctor payments expense
provisions
Lawsuit provisions
Provisions for invoices returned
from related institutions
Provisions for miscellaneous
expenses
Payments Resersals
--
12.509.028
427.521
--
--
869.914
90.937
146.250
(90.937)
--
146.250
362.456
194.415
(362.456)
--
194.415
38.637
--
(16.099)
--
22.538
--
1.141.180
--
--
1.141.180
Accrual for interest rate swap
transaction
--
1.625.746
--
--
1.625.746
8.436
144.897
--
--
153.333
6.631.487 16.189.037 (6.158.120)
--
16.662.404
Other
12.509.028 (5.688.628)
31 December 2009
442.393
Accrued Social Security
Institution (“SGK”) expenses
5.688.628
Additions
The annotations and arrestments on the Group’s assets are explained below:
Annotations
There is a decision which was given by the Bakırköy Municipality to demolish the supplement International
Hospital building. On the same property there are two annotations of 99 yearly rent statements in favour of Turkish
Electricity Administration (“TEK”) and in favour of Turkish Electricity Distribution Administration (“TEDAŞ”).
Additionally, there are two annotations of 99 yearly rent statements in favour of İstanbul Public Transportation
Administration (“IETT”) and also two annotations in favour of Avcılar Municipalityon the land owned by the Group at
Avcılar District.
14 Commitments
According to the decision of CMB on 29 September 2009 related to the commitments of publicly owned companies
given on behalf of third party.
The commitments given;
i) For their own corporate identities,
ii) In favor of consolidated subsidiaries,
Financial reports
iii) In favor of third parties to continue its operations.
158
After the decision is published, publicly owned companies will not give commitments to individuals or
corporations other than on behalf of the parties mentioned at the bullets (i) and (ii) above or to third parties other
than mentioned at the bullet (iii). If any commitments are already given it will be reduced to nil until 31 December
2014.
As at 31 December 2010, commitments given are as follows:
31 December 2010
TL Equivalents
A Commitments given on behalf of own corporate identities
B Commitments given on behalf of consolidated
subsidiaries
C Commitments given on behalf of third parties to continue
its operations
D Other commitments given
- on behalf of parent company
- on behalf of group companies other than mentioned in
bullets B and C
- on behalf of third parties other than mentioned in bullet
iii)
Total
792.036.316
46.919.316
TL
USD
606.725.026 119.865.000
22.769.250
15.621.000
--
--
--
3.120.000
3.120.000
--
--
--
--
3.120.000
3.120.000
--
--
--
--
--
842.075.632
632.614.276 135.486.000
As at 31 December 2010, the ratio of the commitments given by the Group is 2.38% of the equity (31 December
2009: 2.31%).
As at 31 December 2009, commitments given are as follows:
31 December 2009
C Commitments given on behalf of third parties to
continue its operations
D Other commitments given
- on behalf of parent company
- on behalf of group companies other than mentioned in
bullets B and C
- on behalf of third parties other than mentioned in bullet
iii)
Total
786.486.819
46.794.540
TL
USD
603.310.885 121.655.000
23.274.000
15.621.000
--
--
--
2.970.000
2.970.000
--
--
--
---
2.970.000
2.970.000
--
--
--
--
836.251.358
629.554.885 137.276.000
Financial reports
A Commitments given on behalf of own corporate
identities
B Commitments given on behalf of consolidated
subsidiaries
TL Equivalents
159
The total value of mortgages and pledges on the Group’s assets are as follows:
Mortgages
Collateral type
Duration
Cause of collateral and place
Pledged asset
31 December
2010 (USD)
Mortgage 1st degree Relevance of the mortgage
Loan Collateral – Garanti Bankası Acıbadem Bursa Hospital
77,000,000
Loan Collateral – Garanti Bankası Acıbadem Küçükyalı building
12,000,000
Loan Collateral – Garanti Bankası Acıbadem Küçükyalı warehouse
2,000,000
Loan Collateral – Garanti Bankası Acıbadem Adana Hospital
24,000,000
Loan Collateral – Garanti Bankası
Cumhuriyetköy Acıbadem
Eğitim ve Sosyal Tesisleri
1,350,000
Loan Collateral – Garanti Bankası International Hospital
Loan Collateral – Garanti Bankası
Loan Collateral – Garanti Bankası Manolya Apt. No: 2-3
Loan Collateral – Vakıfbank
Erkan Apt. various flats and
apartments
Acıbadem Kayseri
32,000,000
1,820,000
1,695,000
13,000,000
164,865,000
Financial reports
Collateral type
160
Duration
Cause of collateral and place
Pledged asset
31 December
2009 (USD)
Mortgage 1st degree
Relevance of the mortgage Loan Collateral – Garanti Bankası Acıbadem Bursa Hospital
77,000,000
Mortgage 1st degree
Relevance of the mortgage Loan Collateral – Garanti Bankası Acıbadem Küçükyalı building
12,000,000
Mortgage 1st degree
Relevance of the mortgage Loan Collateral – Garanti Bankası Acıbadem Küçükyalı warehouse
Mortgage 1st degree
Relevance of the mortgage Loan Collateral – Garanti Bankası Acıbadem Adana Hospital
24,000,000
Mortgage 1st degree
Acıbadem
Relevance of the mortgage Loan Collateral – Garanti Bankası Cumhuriyetköy
Eğitim ve Sosyal Tesisleri
1,350,000
Mortgage 1st degree
Relevance of the mortgage Loan Collateral – Garanti Bankası International Hospital
Mortgage 1st degree
Relevance of the mortgage Loan Collateral – Garanti Bankası
Mortgage 1st degree
Relevance of the mortgage Loan Collateral – Garanti Bankası Manolya Apt. No: 2-3
Mortgage 1st degree
Relevance of the mortgage Loan Collateral – Vakıfbank
Erkan Apt. various flats and
apartments
Acıbadem Kayseri
2,000,000
32,000,000
1,820,000
1,695,000
13,000,000
164,865,000
Pledges
Pledges
The Group has ceded 80% of account receivable and blockage on the bank deposit amounting to TL 16,512,214
related with the bank borrowing from Garanti Bankası. The shares of the Company owned by Almond Holding,
which constitute 18.62% of the Company’s capital has been pledged at first degree and 63.82% of the Company’s
shares has been pledged at second degree, 90% share of International Hospital has been pledged at first degree,
99.99% share of Acıbadem Kayseri has been pledged at first degree, 49.99% share of Acıbadem Labmed has been
pledged at first degree, 99% share of Acıbadem Poliklinikleri has been pledged at first degree.
The details of the letter of gurantees given are as follows:
Collateral type
Duration
Given to
Letter of guarantee Continuing Roche Müstahzarları A.Ş.
Letter of guarantee Continuing İGDAŞ
769,924
666,194
Letter of guarantee Continuing Ak Enerji Elektrik Enerjisi İth.İhr.ve Toptan Tic.A.Ş.
620,000
640,000
Letter of guarantee Continuing Adana Numune Eğitim ve Araştırma Hast.
550,000
550,000
Letter of guarantee Continuing Bursa Şehiriçi Doğalgaz Dağ. A.Ş.
319,684
319,684
Letter of guarantee Continuing İBB.İtfaiye Daire Başk. Acil Yard.ve Can Kutr.Md.
285,000
220,000
Letter of guarantee Continuing Türk Telekomünikasyon A.Ş.
196,105
118,315
Letter of guarantee Continuing Türkiye Jokey Klübü
150,000
150,000
Letter of guarantee Continuing Bakırköy 2. İcra Müdürlüğü
--
401,270
Letter of guarantee Continuing TC.Ankara Valiliği Sağlık Müdürlüğü
--
270,000
Letter of guarantee Continuing Accuray Incorporated
--
2,258,550
1,561,718
1,226,864
8,452,431
7,670,877
Other
Employee benefits
Reserve for Employement Termination Benefits
Under the Turkish Labour Law, the Company and its subsidiaries are required to pay termination benefits to each
employee who has completed one year of service and whose employment is terminated without due cause, is
called up for military service, dies or who retires after completing 25 years of service (20 years for women) and
reaches the retirement age (58 for women and 60 for men). Since the legislation was changed on 8 September
1999, there are certain transitional provisions relating to length of service prior to retirement. The termination
benefits is calculated as one month gross salary for every employment year and as at 31 December 2010 the
ceiling amount has been limited to TL 2,517 (31 December 2009: TL 2,365). Termination benefits is computed
and reflected in the financial statements on a current basis. The reserve has been calculated by estimating the
present value of future probable obligation of the Company and its Turkish subsidiaries and joint ventures arising
from the retirement of the employees. The calculation was based upon the retirement pay ceiling announced by
the government.
The provision has been calculated by estimating the present value of the future probable obligation of the
Company and its subsidiaries arising from the retirement of employees. IFRSs require actuarial valuation
methods to be developed to estimate the Group’s obligation. Accordingly, the following actuarial assumptions
were used in the calculation of the total liability:
The principal assumption is that the maximum liability for each year of service will increase in line with inflation.
Thus, the discount rate applied represents the expected real rate after adjusting for the anticipated effects of
future inflation. Consequently, in the accompanying consolidated financial statements as at 31 December 2010,
the provision has been calculated by estimating the present value of the future probable obligation of the Group
arising from the retirement of the employees. The provision at 31 December 2010 has been calculated assuming
an annual inflation rate of 5.10 % and a discount rate of 10.00% resulting in a real discount rate of approximately
4.66% (31 December 2009: annual inflation rate of 4.80% and a discount rate of 11.00% resulting in a real
discount rate of approximately 5.92%). It is planned that retirement rights will be paid to employees at the end of
concession periods. Accordingly, present value of the future probable obligation has been calculated based on the
concession periods.
Financial reports
15
31
31
December December
2010
2009
4,000,000
850,000
161
Opening balance
31 December 2010
1,863,931
31 December 2009
6,171,278
3,519,952
1,726,618
653,881
1,649,333
(2,629,722)
(1,742,276)
(1,296,479)
(5,941,023)
2,111,563
1,863,930
Interest cost
Cost of services
Payments made
during the period
Actuarial difference
Actuarial difference arises from the changes in interest rates and changes in expectations about the salary
increases. Actuarial differences are recorded as incurred. As at 31 December 2010, TL 2,711,499 of interest cost,
cost of services and actuarial difference are recorded as cost of sales (31 December 2009: TL 2,354,686 expense),
TL 163,713 is recorded as general administrative expenses (31 December 2009: TL 183,266 expense) and TL 2,142
is recorded as selling, marketing and distribution expenses (31 December 2009: TL 28,030).
16 Post employment benefits
None.
17 Other assets and liabilities
As at 31 December, other current assets comprised the following:
Income accrual for SGK receivables
31 December 2010
10.471.935
31 December 2009
4.724.494
12.428.529
VAT receivable
7.824.728
Prepaid rent expenses
5.855.203
214.597
Income accrual for patients
5.654.774
3.526.761
Prepaid advertisement expenses
3.230.830
3.009.813
Prepaid insurance expense
2.947.928
2.480.741
1.625.145
Advances given to personnel
2.399.761
Prepaid taxes and funds
1.590.991
4.382
Advances given for inventory
1.310.437
207.947
Prepaid maintanence expense
Financial reports
Job advances
162
Prepaid subscription expense
Other
173.007
67.115
69.103
250.914
22.402
14.321
249.836
90.193
41.800.935
28.644.952
31 December 2010
31 December 2009
As at 31 December, other non-current assets comprised the following:
Social security and taxes payable
4.054.360
--
Payable to personnel
1.231.714
830.522
Deferred rent income
15.590
--
7.483
--
5.309.147
830.522
Other
(*) Advances given to suppliers for the hospital construction projects of the Group.
As at 31 December, other current liabilities comprised the following:
31 December 2010
10.505.163
31 December 2009
8.332.400
Payable to personnel
12.925.746
8.015.423
Deferred rent income
82.032
206.182
23.512.941
16.554.005
Social security and taxes payable
As at 31 December 2010 and 2009, the other long term liabilities consist of transfer of salary payment rights.
Equity
Paid-in capital
As at 31 December 2010 paid-in capital of the Group is TL 100,000,000 (31 December 2009: TL 100,000,000), made
up of 100.000.000 shares with a par value of TL 1.00 each. As at 31 December 2010 and 2009, the composition of
shareholders and their respective percentage of ownership are summarized as follows:
31 December 2010
31 December 2009
Shareholder’s name
Share (%)
Amount
Share (%)
Amount
0,40
395.826
0,40
395.826
0,00
1
0,00
1
Almond Holding A.Ş.
57,90
57.897.946
57,90
57.897.946
Almond Holding A.Ş.- (publicly traded)
34.071.176
34,07
34.071.176
34,07
Armağan Özel
1,00
998.314
1,00
998.314
Yunus Ergüz
1,00
1.000.000
1,00
1.000.000
Osman Morgül
Other 17 individuals
Other publicly traded shares
--
--
--
--
3,52
3.522.958
3,52
3.522.958
2,11
2.113.779
2,11
2.113.779
100,00 100.000.000
100,00
100.000.000
Mehmet Ali Aydınlar and Hatice Seher Aydınlar are also the 50% shareholders of Almond Holding, indirectly.
Abraaj Capital Limited is the 50% shareholders of Almond Holding indirectly. Furthermore, Mehmet Ali Aydınlar is
executive director and the chairman of the board of directors of Almond Holding.
31 December 2010
Series
Type Registered/Bearer
Nominal Value (TL)
3, 4, 5
A
Registered
(Almond Holding A.Ş.)
3, 4, 5
B
Bearer
4.249.973
95.750.027
Privilege
Right to nominate board
members, right to vote
--
Financial reports
18
163
31 December 2009
Series
Type
3, 4, 5
A
3, 4, 5
B
Registered/Bearer
Registered
(Almond Holding A.Ş.)
Bearer
Nominal Value (TL)
4.249.973
95.750.027
Privilege
Right to nominate board
members, right to vote
--
The favorable vote of Group A shares is required in order to decide an increase in share capital. Group A
shareholder has the right to nominate four out of five board members, and Group B shareholders has the right
to nominate one out of five board members. Each Group A share has 100 votes against one vote of Group B
shareholders.
The registered share capital of the Company is TL 250,000,000. Capital Market Board approved the registered
share capital system with the permission dated 9 August 2001 and numbered 37/1033.
Pledges on Shares
Based on the share pledge contract signed on 10 January 2008 and the other additional contracts signed on 6
February 2008 and 6 August 2008, the share of Almond Holding A.Ş. in the share capital of Company was pledged
(1st and 2nd degree) by Garanti Bankası as a guarantee of the loans.
Legal reserves
Reserves consist of legal reserves. The legal reserves consist of first and second legal reserves in accordance to
the Turkish Commercial Code (“TCC”). The first legal reserves are generated by annual appropriations amounting
to 5 percent of income disclosed in the Company’s statutory accounts until it reaches 20 percent of paid-in share
capital. If the dividend distribution is made in accordance with Communiqué XI-29, a further 1/10 of dividend
distributions, in excess of 5 percent of paid-in capital is to be appropriated to increase second legal reserves. If
the dividend distribution is made in accordance with statutory records, a further 1/11 of dividend distributions, in
excess of 5 percent of paid-in capitals are to be appropriated to increase second legal reserves. Under the TCC,
the legal reserves can be used only to offset losses and are not available for any other usage unless they exceed
50 percent of paid-in capital. As at 31 December 2010, the Group’s legal reserves are amounting to TL 7,079,766
(31 December 2009: TL 6,326,653).
Dividend distribution:
Publicly traded companies distribute dividends based on the Capital Market Board (“CMB”) regulations as
explained below:
According to CMB’s decision on 27 January 2010 numbered 02/51 Companies traded on the stock exchange
market are not obliged to distribute a specified amount of dividends (2009: 20 percent). For companies that will
distribute dividends, in relation to the resolutions in their general meeting the dividends may be in cash, may be
bonus shares by adding the profit into equity, or may be mixture of cash and bonus shares, it is also permitted
Financial reports
not to distribute determined first party dividends falling below 5 percent of the paid-in capital of the company but,
164
companies that increased capital before distributing the previous year’s dividends and as a result their shares are
separated as “old” and “new” are obliged to distribute first party dividends in cash.
There is no requirement for profit distribution in year 2010 since in the financial statements there is no
distributable profit in the statutory accounts after netting off with the accumulated losses for the year 2010.
Retained Earnings / (Accumulated Losses)
Extraordinary Reserves
49.302.324
30.172.528
(42.125.717)
(34.583.804)
7.176.607
(4.411.276)
Inflation restatement differences arising from TAS 29 implementation and presented in the account “retained
earnings / (accumulated losses)” are required to take into consideration as a deduction base, in frame of the
arrangements of CMB related to dividend distribution, while deciding the distributable profit according to the
adjusted financial statements. Besides, it is possible for the amount following in “loss from previous year” to
be deducted from period’s profit; if there is, undistributed retained earnings, and for the remaining respectively
excess reserves, legal reserves, capital reserves resulting from adjustments of capital items according to
inflationary accounting.
The movement of retained earnings / (accumulated losses) is as follows:
31 December 2010
(4.411.276)
Beginning balance
Change in non-controlling interest
(5.511.742)
--
Transfer of period profit to retained earnings
17.099.625
(34.912.745)
7.176.607
4.411.276
For the year ended 31 December 2010, the movement in non-controlling interest is as follows:
31 December
2009
Change in noncontrolling
shares
Transfer
Capital
7.970.444
(6.236.950)
--
798.508
Premium in access of par value
1.660.868
(1.660.868)
--
--
--
143.713
6.516
--
5.000
155.229
12.692
(853)
--
--
11.839
(1.437)
--
--
2.130.837
3.177.429 (1.909.800)
(166.322)
123.334
Legal reserves
Extraordinary reserves
Inflation restatement difference
Retained Earnings / (Accumulated
Losses)
Net profit/(loss) for the period
2.132.274
(977.974)
Additions
31
from December
acquisitions
2010
2.532.001
(1.909.800)
533.883
1.909.800
126.787
660.670
9.032.217
(4.182.280)
--
763.973
5.613.910
Financial reports
31 December 2009
30.501.469
165
For the year ended 31 December 2009, the movement in non-controlling interest is as follows:
31 December
2008
Change
in noncontrolling
shares
Transfer
31 December
2009
Capital
7.637.477
332.962
--
7.970.444
Premium in access of par value
1.660.868
--
--
1.660.868
714.757
(571.045)
--
143.713
60.670
(47.972)
--
12.692
Inflation restatement difference
10.655.618
(8.523.344)
--
2.132.274
(2.981.810)
4.404.757
(2.400.921)
(977.974)
Net profit/(loss) for the period
(2.400.921)
(1.909.800)
2.400.921
(1.909.800)
15.346.659
(6.314.442)
--
9.032.217
Legal reserves
Extraordinary reserves
19 Sales and cost of sales
For the years ended 31 December, sales and cost of sales comprised the following:
2010
812.136.178
2009
623.508.805
(3.151.060)
(2.937.912)
Sales returns and discounts
(77.402.588)
(61.738.117)
Net sales
731.582.530
558.832.776
Cost of sales
(589.677.655)
(478.564.152)
Gross profit
141.904.875
80.268.624
Domestic sales
Unearned finance expense
20 Selling, marketing and distribution expenses, general
administrative expenses
Selling, marketing and distribution expenses
Financial reports
For the years ended 31 December, selling, marketing and distribution expenses comprised the following:
166
2010
2009
19.225.656
14.385.953
Comission expenses
5.090.999
1.498.549
Personnel expenses
4.208.630
2.866.797
Representation expenses
1.006.434
189.741
Consultancy expense
871.289
424.037
Publishing expenses
811.851
560.212
Travel expenses
579.278
278.751
Rent expenses
210.190
--
Mail, newspaper, magazine expenses
180.096
29.897
Other
411.708
45.050
32.596.131
20.278.987
Advertisement and sponsorship expenses
General administrative expenses
For the years ended 31 December, general administrative expenses comprised the following:
2010
23.609.219
2009
21.104.394
Consultancy, legal, notary expenses
5.109.292
5.123.606
Communication and other office expenses
2.358.313
1.350.944
Depreciation and amortization expenses
2.316.267
1.954.998
Allowance for doubtful receivable
2.166.622
976.840
Rent expense
1.410.008
1.479.562
Donations
1.372.777
441.020
Energy expenses
1.302.346
598.190
Cleaning and meal expenses
Personnel expenses
1.240.902
1.227.622
Representation and travel expenses
889.192
644.151
Repair and maintenance expenses
630.277
664.971
2.679.814
2.197.234
45.085.029
37.763.532
Others
21
Expenses by nature
Amortization and depreciation expenses
Cost of sales
Personnel expenses
Cost of sales
22
2010
69.352.353
2009
60.370.491
2.316.267
1.954.998
106.398
--
71.775.018
62.325.489
2010
2009
220.228.688
249.953.212
23.609.219
21.104.394
4.208.630
2.866.797
248.046.537
273.924.403
Other operating income and expenses
For the years ended 31 December, other operating income comprised the following:
Insurance compensation gain
Recovery of allowance for doubtful receivables
Premium from bank related salary payment right
assignment (*)
Gain on sale of fixed assets
Rent income
Other income
2010
2009
2.302.306
1.863.204
734.322
112.943
468.007
309.583
325.761
1.274.459
70.155
131.611
1.594.729
594.306
5.495.280
4.286.106
(*)The premium arose from the change of the bank from which salary payments are made.
Financial reports
For the years ended 31 December, expenses by nature comprised the following:
167
For the years ended 31 December, other operating expense comprised the following:
2010
2009
Damage compensation loss
3.034.808
2.617.590
Provision for the lawsuits
2.988.143
409.996
90.828
123.523
Loss on sale of fixed assets
Other
1.566.650
73.886
7.680.429
3.224.995
23 Financial income
For the years ended 31 December, financial income comprised the following:
2010
2009
14,269,661
10,763,071
Discount on trade payables
3,058,162
3,616,762
Unearned finance income
1,075,127
--
811,381
1,153,900
Foreign exchange gain
Interest income
Other financial income
23,303
29,611
19,237,634
15,563,344
24 Financial expenses
Financial reports
For the years ended 31 December, financial expenses comprised the following:
168
Foreign exchange loss
2010
29.863.116
2009
16.447.450
Interest expense on bank loans
15.887.483
9.696.479
Finance lease interest expense
5.411.959
4.973.543
Credit card commission expenses
5.877.668
4.132.255
Expense accrual related to swap transaction
4.299.190
1.625.746
Interest expense on credit sales
909.554
2.544.965
Letter of credit and other bank commission expenses
590.319
800.685
Expense accrual related to forward transaction
96.928
1.141.180
Other
81.730
379.912
63.017.947
41.742.215
25 Tax assets and liabilities
Corporate tax
Corporate tax is applied on taxable corporate income, which is calculated from the statutory accounting profit by
adding non-deductible expenses, and by deducting dividends received from resident companies, other exempt
income and investment incentives utilised. In Turkey, advance tax returns are filed on a quarterly basis. The
advance corporate income tax rate at 31 December 2010 is 20%.
There is also a withholding tax on the dividends paid and is accrued only at the time of such payments. The
withholding tax rate on the dividend payments other than the ones paid to the non-resident institutions generating
income in Turkey through their operations or permanent representatives and the resident institutions is 15
percent. In applying the withholding tax rates on dividend payments to the non-resident institutions and the
individuals, the withholding tax rates covered in the related Double Tax Treaty Agreements are taken into account.
Appropriation of retained earnings to capital is not considered as profit distribution and therefore is not subject to
withholding tax.
According to the Corporate Tax Law, 75 percent of the capital gains arising from the sale of tangible assets and
investments owned for at least two years are exempted from corporate tax on the condition that such gains
are reflected in equity from the date of the sale. The remaining 25 percent of such capital gains are subject to
corporate tax.
The transfer pricing law is covered under Article 13 “disguised profit distribution via transfer pricing” of the
Corporate Tax Law. The General Communique on disguised profit distribution via transfer pricing dated 18
November 2007 sets details about implementation. If a tax payer enters into transactions regarding sale or
purchase of goods and services with related parties, where the prices are not set in accordance with arm’s length
basis, then related profits are considered to be distributed in a disguised manner through transfer pricing. Such
disguised profit distributions through transfer pricing are not accepted as a tax deductable for corporate income
tax purposes.
In Turkey, the tax legislation does not permit a parent company and its subsidiaries to file a consolidated tax
return. Therefore, provision for taxes shown in the consolidated financial statements reflects the total amount of
taxes calculated on each entity that are included in the consolidation.
Under the Turkish taxation system, tax losses can be carried forward to be offset against future taxable income
for up to five years. Tax losses cannot be carried back.
In Turkey, there is no procedure for a final and definitive agreement on tax assessments. Companies file their tax
returns within four months following the close of the accounting year to which they relate. Tax returns are open
for five years from the beginning of the year that follows the date of filing during which time the tax authorities
have the right to audit tax returns, and the related accounting records on which they are based, and may issue
re-assessments based on their findings.
Investment allowance
The Temporary Article 69 added to the Income Tax Law no.193 with the Law no.5479, which became effective
starting from 1 January 2006, upon being promulgated in the Official Gazette no.26133 dated 8 April 2006,
stating that taxpayers can deduct the amount of the investment allowance exemption which they are entitled
to according to legislative provisions effective at 31 December 2005 (including rulings on the tax rate) only from
as of 1 January 2006. At this perspective, an investment allowance which cannot be deducted partially or fully
in three years time was not allowed to be carried forward to the following years and became unavailable as of
31 December 2008. On the other side, the Article 19 of the Income Tax Law was annulled and the investment
allowance practice was ended as of 1 January 2006 with effectiveness of the Article 2 and the Article 15 of the
Law no.5479 and the investment allowance rights on the investment expenditures incurred during the period of 1
January 2006 and 8 April 2006 became unavailable.
However, at 15 October 2009, the Turkish Constitutional Court decided to cancel the clause no.2 of the Article 15
of the Law no.5479 and the expressions of “2006, 2007, 2008” in the Temporary Article 69 related to investment
allowance mentioned above that enables effectiveness of the Law as of 1 January 2006 rather than 8 April 2006,
Financial reports
the taxable income of 2006, 2007 and 2008. Accordingly, the investment incentive allowance practice was ended
169
since it is against the Constitution. Accordingly, the time limitations for the carried forward investment allowances
that were entitled to in the previous period of mentioned date and the limitations related with the investments
expenditures incurred between the issuance date of the Law promulgated and 1 January 2006 were eliminated.
According to the decision of Turkish Constitutional Court, cancellation related with the investment allowance
became effective with promulgation of the decision on the Official Gazette and the decision of the Turkish
Constitutional Court was promulgated in the Official Gazette no.27456 dated 8 January 2010.
According to the decision mentioned above, the investment allowances carried forward to the year 2006 due to the
lack of taxable income and the investment allowances earned through the investments started before 1 January
2006 and continued after that date constituting economic and technical integrity will be used not only in 2006, 2007
and 2008, but also in the following years. In addition, 40% of investment expenditures that are realized between
1 January 2006 and 8 April 2006, within the context of the Article 19 of the Income Tax Law will have the right for
investment allowance exemption.
As at 31 December, current year corporate tax payable comprised the following:
Corporate tax provision
Prepaid taxes and funds
31 December 2010
4.369.409
31 December 2009
1.848.029
(1.715.583)
(990.903)
2.653.826
857.126
Fort he years ended 31 December, tax expenses comprised the following:
Current year corporate tax provision
Reversal for the excess of the previous year tax
provision
Deferred tax credit / (charge)
2010
2009
(8.419.341)
(1.848.029)
--
1.269.546
329.511
19.259.106
(8.089.830)
18.680.623
The reported tax expense for the years ended 31 December is different than the amounts computed by applying
statutory tax rate to profit before tax as shown in the following reconciliation:
2010
2009
%
Profit before tax
Financial reports
Tax rate
170
Taxes on reported profit per statutory tax rate
Non-deductible expenses
Tax exempt income
Tax effect of investment allowance
Unused current year tax losses
Permanent differences
Consolidation adjustments
Other
Taxation credit/ (charge)
18.258.253
%
(2.891.656)
20
20
(3.651.651)
(20)
578.331
(20)
(280.101)
1,5
(1.368.502)
47
132.109
0,7
495.036
(17)
(453)
--
--
13.085.154
8.988
0,05
4.117.304
(142)
(3.734.431)
(20,4)
22.495
(0,78)
3.179
0,02
--
--
1.750.805
(61)
(38.13)
18.680.623
(647)
(567.923)
(8.089.830)
Deferred tax assets and liabilities
The Group recognizes deferred tax assets and liabilities based upon temporary differences arising between the
financial statements prepared in accordance with the Communiqué No: XI-29 and the statutory tax financial
statements. Related temporary differences are subject to different period records according to articles and to tax
laws for profit and lost items.
According to the decision of the Turkish Constitutional Court promulgated in the Official Gazette no.27456 dated 8
January 2010, the investment allowances carried forward to the year 2006 due to the lack of taxable income and
the investment allowances earned through the investments started before 1 January 2006 and continued after
that date constituting economic and technical integrity will be used not only in 2006, 2007 and 2008, but also in
the following years. In addition, 40% of investment expenditures that are realized between 1 January 2006 and 8
April 2006, within the context of the Article 19 of the Income Tax Law will have the right for investment allowance
exemption. As per this decision, the Group has provided deferred tax asset amounting to TL 12,166,011 over the
investments the started before 1 January 2006 and continued after that date constituting economic and technical
integrity amounting to TL 60,830,054.
Deferred tax assets and liabilities deducted for the factors that there is a legally applicable right to deduct the
current year tax assets and liabilities and there is intent of the occurrence of the current year tax assets and
liabilities concurrently are valid.
The unrecorded deferred taxes are re-evaluated at every balance sheet date. If it is possible to make profits in the
Financial reports
future the unrecorded deferred tax assets are reflected to the financial statements.
171
Deferred tax assets and deferred tax liabilities as at 31 December were attributable to the items detailed in the
table below:
31 December 2010
Deferred
tax base
Deferred
tax asset/
(liability)
31 December 2009
Deferred
tax base
Deferred
tax asset/
(liability)
Net difference between carrying values and
tax bases of tangible and intangible assets
Interest accrual on bank loans
Unearned financial expense
Unearned financial income
Reserve for employee termination indemnity
Investment allowance
Allowance for doubtful receivables
(7,934,415) (1,586,883)
3,718,200
743,640
(1,207,611)
(241,522)
(1,003,616)
(200,723)
(688,119)
(137,624)
444,224
88,845
(118,467)
401,376
80,275
(592,335)
2,111,554
422,311
1,863,930
372,786
60,830,054 12,166,011
65,425,769
13,085,154
832,111
166,422
786,600
157,320
3,677,494
735,499
869,914
173,983
(11,783)
(2,357)
3,000
600
Income accrual for inpatients
(5,654,774) (1,130,955)
(3,214,537)
(642,907)
Expense accrual for doctor fees payable
13,564,340
2,712,868
12,509,028
2,501,806
Provision for lawsuits
Financial lease adjustment
Accruals related to forward transactions
96,928
19,386
1,141,180
228,236
4,299,191
859,838
1,625,746
325,149
Sales return accruals
451,365
90,273
160,966
32,193
Other income accruals
(170,065)
(34,013)
36,742
7,348
Other expense accruals
187,841
37,568
(650)
(130)
Losses carried forward
36,619,494
7,323,899
21,983,262
4,396,652
Accruals related to swap transactions
107,404,981 21,480,996
105,757,423 21,151,485
Under the Turkish taxation system, tax losses can be carried forward to be offset against future taxable income
for up to five years. Tax losses cannot be carried back to offset profits from previous periods. The Group
management anticipated that there will be taxable profits in the following years. Therefore, as at 31 December
2010, deferred tax asset is recognized in the accompanying consolidated financial statements for the losses
Financial reports
carried forward amounting to TL 36,619,494 (31 December 2009: TL 21,983,262).
172
31 December 2010
31 December 2009
Deferred tax assets
25.441.111
22.113.712
Deferred tax liabilities
(3.960.115)
(962.227)
Deferred tax assets, net
21.480.996
21.151.485
For the years ended 31 December, the movement of the deferred tax assets/(liabilities) comprised the
following:
2010
Beginning balance
Period tax credit/ (expense)
Ending balance
2009
21.151.485
1.892.379
329.511
19.259.106
21.480.996
21.151.485
26
Earnings per share
The calculation of basic earnings per share was calculated by dividing the the income attributable to ordinary
shareholders in consolidated statement of comprehensive income of this report to the weighted average number
of ordinary shares outstanding:
2010
11.453.399
Net income/ (loss)for the period
Weighted average number of shares
100.000.000 100.000.000
Earnings per 1.000 shares
114,53
178,53
Related parties
As at 31 December, short-term trade receivables from related parties as follow:
Trade receivables
Unearned financing expense
Other receivables
31 December 2010
31 December 2009
8.724.460
(38.210)
6.841.859
(38.210)
(68.717)
(38.210)
36.867
412.911
8.692.610
7.216.560
As at 31 December, short-term trade payables to related parties as follow:
Trade payables
31 December 2010
9.658.830
31 December 2009
7.142.727
Unearned financing income
(86.937)
(43.891)
Other payables
503.601
2.025.806
10.075.494
9.124.642
Since intra-Group balances and transactions between the Company and its subsidiaries are eliminated at
the preparation of the consolidated financial statements they are not disclosed in this note. The details of the
transactions between the Group and other related parties are described below.
Financial reports
27
2009
17.852.738
173
Due from related parties
31 December 2010
Trade
Other
Receivable
Receivable
31 December 2009
Trade
Other
Receivable
Receivable
Shareholders
--
149
--
--
Said Haifawi
--
--
--
155.751
165.932
Group companies
Acıbadem Sigorta
7.527.102
735
5.666.000
Çukurova Bilim
939.510
--
941.508
566
Acıbadem Diş
185.569
13.068
195.925
33.647
24.988
--
22.751
--
5.312
--
8.385
--
Akademia
17.342
1.668
7.090
28.120
Aydınlar Sağlık Hizmetleri
24.637
882
--
--
Aplus
--
17.692
200
2.339
Telepati Tanıtım
--
2.141
--
--
BLAB
--
266
--
265
Acıbadem Holding
Acıbadem Üniversitesi
Kerem Aydınlar Vakfı
--
266
--
15.226
Acıbadem Yatırım
--
--
--
8.014
Almond Holding
--
--
--
1.633
Acıbadem Vakfı
--
--
--
1.268
Acıbadem Proje
--
--
--
150
8.724.460
36.867
6.841.859
412.911
Due to related parties
31 December 2010
31 December 2009
Trade
Receivable
Other
Receivable
Trade
Receivable
Other
Receivable
--
15.461
--
15.058
--
1.546
--
1.506
Said Haifawi
--
36.070
--
--
Other
--
1.755
--
1.729
Acıbadem Proje
1.460.349
38.277
3.328.100
7.513
Aplus
6.454.852
--
2.484.234
--
912.545
--
689.902
--
Financial reports
Shareholders
174
Group companies
Telepati Tanıtım
Acıbadem Diş
440.519
77.503
298.595
--
Acıbadem Sigorta
278.768
332.536
209.584
--
Acıbadem Holding
2.000.000
111.737
437
128.520
Acıbadem Vakfı
--
16
--
--
Acıbadem Üniversitesi
60
--
--
--
Çukurova Bilim
--
--
3.792
--
9.658.830
503.601
7.142.727
2.025.806
Related party transactions (Sales)
For the years ended 31 December, sales and services to related parties are as follows:
2010
Services
Fixed Assets
Others
52.252.824
--
499.616
Çukurova Bilim
935.132
--
3.600
Acıbadem Holding
225.857
700
--
107
--
48.037
Acıbadem Sigorta
Acıbadem Diş
41.614
--
145.343
Acıbadem Sağlık Yatırımları Holding A.Ş.
Aplus
--
--
2.904
Almond Holding A.Ş.
--
--
2.904
128
--
--
--
--
90.920
1.910
--
178.088
--
--
62.400
53.457.572
700
1.033.812
Acıbadem Sigorta
Services
39.290.897
Fixed Assets
--
Others
379.254
Çukurova Bilim
380.555
--
--
Acıbadem Holding
201.096
--
--
Acıbadem Diş
Akademia
Aydınlar Sağlık Hizmetleri Ltd.Şti
Acıbadem Proje Yönetimi
Telepati Tanıtım
2009 158.395
--
--
Aplus
69.638
--
453.952
Acıbadem Proje Yönetimi
17.924
--
159.378
70
--
60.000
40.118.575
--
1.052.584
Telepati Tanıtım
Related party transactions (Purchases)
For the years ended 31 December, the purchases from related parties are as follows:
Acıbadem Proje(*)
Services
30.773.162
Fixed Assets
76.494
Others
--
Aplus
34.187.926
--
111.502
Acıbadem Sigorta
5.946.472
--
467.487
Telepati Tanıtım
5.261.870
--
--
489.932
--
--
1.379
--
--
182.808
--
--
47
--
--
76.843.596
76.494
578.989
Acıbadem Diş
Almond Holding
Acıbadem Holding
Akademia
Financial reports
2010
175
2009 Services
Others
Acıbadem Proje(*)
26.320.272
26.152
--
Aplus
20.253.392
--
--
Acıbadem Sigorta
4.877.446
--
475.692
Telepati Tanıtım
2.998.289
--
--
Acıbadem Diş
954.444
--
--
Çukurova Bilim
141.112
--
--
22.618
--
29.264
3.327
80.397
--
55.676.158
106.549
504.956
Acıbadem Holding
Akademia
Fixed Assets
(*) Serviced purchased from Acıbadem Proje comprised the construction services for the construction of hospital buildings.
Guarantees and similar obligations given on behalf of related parties
As at 31 December 2010, the details of the guarantees given as security for the credits used by the subsidiaries
which are included in consolidation and to the other related parties are as follows:
Financial reports
Guarantee given
176
Date
Currency
type
Amount
(Foreign Currency)
Amount
(TL)
Acıbadem Labmed
18.01.2005
USD
5.000
7.730
Acıbadem Labmed
04.08.2005
USD
1.000.000
1.546.000
1.538.270
Acıbadem Labmed
26.12.2006
USD
995.000
Acıbadem Labmed
10.12.2010
--
--
850.000
31.05.2005
--
--
2.000.000
15.10.2007
--
--
869.250
04.11.2004
--
--
950.000
500.000
05.10.2006
--
--
Acıbadem Mobil
09.10.2008
--
--
70.000
Acıbadem Mobil
21.01.2009
--
--
215.000
Acıbadem Mobil
03.06.2009
--
--
15.000
Acıbadem Mobil
14.07.2009
--
--
400.000
Acıbadem Mobil
02.06.2010
--
--
300.000
Acıbadem Mobil
25.11.2010
--
--
500.000
Acıbadem Kayseri
15.03.2008
USD
200.000
309.200
Acıbadem Kayseri
28.04.2008
USD
421.000
650.866
Acıbadem Kayseri
18.09.2008
USD
5.000.000
7.730.000
Acıbadem Kayseri
22.10.2009
--
--
10.000.000
Aplus
20.09.2006
--
--
150.000
Aplus
06.09.2007
--
--
420.000
Aplus
05.10.2007
--
--
200.000
Aplus
12.02.2008
--
--
500.000
31.08.2009
--
--
6.100.000
22.10.2009
USD
2.000.000
3.092.000
14.04.2006
USD
6.000.000
9.276.000
Acıbadem Holding
12.04.2005
--
--
1.850.000
50.039.316
As at 31 December 2010, the Acıbadem Poliklinikleri, consolidated subsidary has given guarantees on behalf of
Acıbadem Holding A,Ş, one of the other related parties, regarding to cash credit line up to TL 2,850,000 from İş
Bankası, on behalf of International Hospital regarding to cash credit line up to TL 4,089,858 and cash credit line up
to USD 2,000,000 from İş Bankası and on behalf of Acıbadem Kayseri to cash credit line up to TL 3,024,000 from
Vakıflar Bankası, which are available for use in the future.
As at 31 December 2010, Mehmet Ali Aydınlar, shareholder of the Company and Acıbadem Poliklinikleri, consolidated
subsidiary gave guarantees on behalf of the Company regarding to the cash credit line up to TL 1,760,181 and non-cash
credit line up to USD 7,887,794 (LC) from İş Bankası which are available for use in the future.
Key management compensation
For the year ended 31 December 2010, sum of the compensation to key management is TL 7,412,679 (31
December 2009: TL 3,175,108)
Nature and level of risks arising from financial
instruments
Financial Risk Management Policies
The main financial instruments of the Group are bank loans, cash and short term bank deposit. The main reason
for the usage of these financial instruments is providing funds for the Group’s activities. The Group also has trade
receivables and trade payables that directly occur during the main activities.
The financial risks are currency risk, interest risk, credit risk and liquidity risk. The Group management manages
these risks as explained below:
Capital Risk Management
The primary objective of the Group is ensuring the continuity of operations while increasing profitability by using
the balance between liabilities and equity in a most effective way. The capital structure of the Group is consists
of the items which include the liabilities, cash and cash equivalents, paid-in capital which is explained in Note 18,
capital reserves and profit reserves.
The cost of capital and the risks associated with each share capital component are evaluated by the key
management of the Group. During these evaluations, if the acceptance of Board of Directors is needed, the key
management represents the evaluation to the Board of Directors for their evaluation.
The general policy and procedure of the Group is not different from the previous period’s.
Significant Accounting Policies
Credit risk is the risk of handling a financial loss which is caused by another related party by not fulfilling the
Financial reports
28
obligations regarding to a financial instrument.
177
The significant accounting policies of the Group are summarized in Note 2 (Basis of Presentation of Financial
Statements).
Credit Risk
Having the financial instruments gives the risk of not fulfilling the requirements of the agreement by the other
parties. The collection risk of the Group is mainly caused from its trade receivables. Trade receivables are
evaluated by management according to the Group’s procedure and policies and are carried in the balance sheet
as the net of impairment provision (Note 7).
As at 31 December, credit risk details are as follows:
Receivables
Trade receivables
31 December 2010
Maximum exposure to credit risk at the reporting date
(A+B+C+D+E)
Other receivables
Related
party Other party
Related
party
Other party
Bank
deposits Other
8.655.743
69.570.714
36.867
455.601
23.235.327
--
--
--
--
--
--
--
8.655.743
60.015.507
36.867
455.601
23.235.327
--
B, Carrying amount of financial assets whose terms were
renegotiated, otherwise are overdue and impaired
--
--
--
--
--
--
C, Carrying amount of assets that are overdue but not
impaired
--
9.555.207
--
--
--
--
- Carrying amount secured with collateral
--
--
--
--
--
--
- Secured portion of maximum credit risk with collateral
A, Carrying amount of financial assets that are not
overdue and not impaired
D, Carrying amount of assets that are impaired
--
--
--
--
--
--
- Overdue (gross carrying amount)
--
5.473.602
--
--
--
--
- Impairment (-)
--
(5.473.602) - Carrying amount secured with collateral
--
- Not overdue (gross carrying amount
--
--
--
---
--
--
--
--
--
--
--
- Impairment (-)
--
--
--
--
--
--
--
--
--
--
--
--
E, Factors that include off balance sheet credit
risks
--
--
--
--
--
--
Receivables
31 December 2009
Financial reports
Maximum exposure to credit risk at the reporting date
(A+B+C+D+E)
- Secured portion of maximum credit risk with
collateral
A, Carrying amount of financial assets that are not
overdue and not impaired
178
Trade receivables Other receivables Bank deposits
Related
Other Related
Other
party
party
party
party
Other
6.803.649
55.327.404
412.911
426.287
18.215.768
--
--
--
--
--
--
--
6.803.649
50.356.035
412.911
426.287
18.215.768
--
B, Carrying amount of financial assets whose terms
were renegotiated, otherwise are overdue and impaired
--
--
--
--
--
--
C, Carrying amount of assets that are overdue but not
impaired
--
4.971.369
--
--
--
--
--
--
--
--
--
--
--
--
--
--
D, Carrying amount of assets that are impaired
--
--
- Overdue (gross carrying amount)
--
4.396.956
--
--
--
--
- Impairment (-)
-- (4.396.956)
-- --
--
--
--
--
--
--
--
--
--
--
--
--
--
--
- Not overdue (gross carrying amount
- Impairment (-)
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
E, Factors that include off balance sheet credit risks
Liquidity Risk
The Group manages its liquidity needs by regularly planning its cash flows or by maintaining sufficient funds and
borrowing sources by matching the maturities of liabilities and assets.
Liquidity risk is probability of not fullfill fund obligations of the Group. Prudent liquidity risk management implies
maintaining sufficient cash, securing availability of funding through an adequate amount of committed credit
facilities and the ability to close out market positions. The Group manages its present and future funding risk
by maintaining a balance between continuity and availability of funding through the use of bank loans and other
borrowing sources from high quality lenders.
The tables listed below are representing the maturities of non-derivative financial liabilities.
As at 31 December 2010, maturities of non-derivative financial liabilities are as follows:
Contractual maturities
Non-derivative financial
liabilities
Carrying
value
Less
than 3
months(I)
Between
3-12
months (II)
Between 1-5
years (III)
Over 5 years
(IV)
Without
maturity
373.920.898
443.382.126
46.029.958
47.167.258
238.740.015
111.444.895
--
97.810.592
129.403.083
2.934.926
18.828.820
94.671.662
12.967.673
--
Carrying
value
Expected total cash
out flow (=I+II+III+IV)
Between
Less
3-12
than 3
kısa (I) months (II)
Between 1-5
years (III)
Over 5 years
(IV)
Without
maturity
Trade payables
88.639.626
89.327.745
70.679.528
11.922.326
6.725.891
--
--
Other payables
21.030.900
21.030.900
21.030.900
--
--
--
--
Expected maturities
liabilities
STotal cash outflow
per agreement
(=I+II+III+IV)
As at 31 December 2009, maturities of non-derivative financial liabilities are as follows:
Carrying value
Between 1-5
Without
years (III) Over 5 years (IV) maturity
liabilities
Expected maturities
351.601.295
351.601.295
3.023.669
31.589.566
211.589.060
105.399.000
--
71.850.718
102.638.279
2.431.357
10.718.671
68.672.065
20.816.186
--
Carrying value
liabilities
Between
Expected total cash Less than 3
3-12
out flow (=I+II+III+IV)
months (I) months (II)
Between 1-5
Without
Over 5 years (IV)
years (III)
maturity
Financial reports
Contractual maturities
Total cash outflow
Between
per agreement Less than 3
3-12
(=I+II+III+IV)
month (I) months (II)
179
Trade payables
74.306.271
74.898.612
49.919.155
12.508.752
12.470.705
--
--
Other payables
39.937.833
21.869.433
21.869.433
--
18.068.400
--
--
Market risk
The Group is exposed to market risk arising from changes in interest rates, foreign currency or in the fair value of
financial assets and other financial contracts that may affect the Group adversely. The major risks for the Group
are currency risk and interest rate risk, which result from operating activities.
Foreign currency risk and related sensitivity analysis
Foreign exchange risk of Group mainly results from that the Group has liabilities denominated in USD and Euro.
Additionally, the Group has foreign exchange risk resulting from the transactions it makes. These risks are
derived from good purchases and sales and use of loans and finance leases in foreign currency which is different
from the Group’s functional currency.
As at 31 December 2010 and 2009, the net foreign currency position of the Group is TL 451,099,396 (short) and TL
457,507,196 (short) position, respectively.
31 December 2010
Foreign currency denominated assets
31 December 2009
3.642.949
Foreign currency denominated liabilities
441.058
(471.122.122)
Hedged foreign currency denominated liabilities
Net foreign currency position
(479.028.054)
16.379.777
21.079.800
(451.099.396)
(457.507.196)
FOREIGN CURRENCY POSITION
2010
CONSOLIDATED
1. Trade receivables
2a.Monetary financial assets (include cash and bank deposit)
2b. Non-monetary financial assets
Euro
GBP
CHF
186
--
2.904.708
774.977
829.344
2.673
487
--
--
--
--
--
--
1.218
2.906.997
775.163
829.344
2.673
1.705
--
--
--
--
737.954
--
360.136
--
--
--
--
--
--
--
7. Other
--
--
--
--
--
4. Current Assets (1+2+3)
6a. Monetary financial assets
8. Non Current Assets (5+6+7)
Financial reports
USD
2.002 3. Other
180
TL Equivalent
(Functional
currency)
287
9. Total Assets (4+8)
737.954
--
360.136
--
--
3.644.951
775.163
1.189.480
2.673
1.705
10. Trade payables
10.452.615
3.077.757
2.778.340
547
--
11. Financial liabilities
55.830.853
25.546.360
4.144.047
--
4.772.243
12a. Other monetary liabilities
18.552.000
12.000.000
--
--
--
12b. Other non-monetary liabilities
13. Current Liabilities (10+11+12)
14. Trade payables
--
--
--
--
--
84.835.468
40.624.117
6.922.387
547
4.772.243
6.310.079
3.500.000
438.768
--
--
379.928.405
195.992.096
14.072.921
--
29.254.048
--
--
--
--
--
--
--
--
--
--
2010
TL Equivalent
(Functional
currency)
USD
Euro
GBP
CHF
17. Non-Current Liabilities (14+15+16)
386.238.484
199.492.096
14.511.688
--
29.254.048
18. Total Liabilities (13+17)
471.073.952
240.116.212
21.434.075
547
34.026.291
16.379.777
10.594.940
--
--
--
19a. Off balance sheet foreign currency
denominated derivatives assets amount
152.736.977
98.794.940
--
1.218
19b. Off balance sheet foreign currency
denominated derivatives liabilities amount
136.357.200
88.200.000
--
--
--
(451.049.224) (228.746.110)
(20.244.596)
2,126
(34.024.586)
(467.431.003)
(239.341.050)
(20.244.596)
2,126
(34.025.804)
--
--
--
CONSOLIDATED
19. Off balance sheet foreign currency
denominated derivatives net assets/liabilities
position (19a-19b)
20. Net foreign currency denominated assets /
(liabilities) position (9-18+19)
21. Monetary accounts net foreign currency
denominated assets /(liabilities) position
(=1+2a+5+6a-10-11-12a-14-15-16a
22. Fair value of hedging financial instruments
23. Hedged foreign currency denominated assets
--
--
--
--
--
24. Hedged foreign currency denominated liabilities
--
--
--
--
--
25. Export
--
--
--
--
--
26. Import
--
--
--
--
--
CONSOLIDATED
2a.Monetary financial assets (include cash and bank
deposit)
3. Other
TL Equivalent
(Functional
currency)
USD
Euro
JPY
GBP
CHF
Other
1.624
146
650
-- --
--
-- 439.434
176.984
63.885
-- 14.338
470
--
--
--
--
--
--
--
--
--
--
--
--
-- 14.338
470
--
--
--
--
441.058
177.130
64.535
--
--
--
--
--
--
--
6a. Monetary financial assets
--
--
--
--
--
--
--
--
--
--
--
--
--
--
7. Other
--
--
--
--
--
--
--
--
--
--
--
-- 14.338
470
--
2.637
--
--
4. Current Assets (1+2+3)
8. Non Current Assets (5+6+7)
9. Total Assets (4+8)
10. Trade payables
--
--
--
441.058
177.130
64.535
18.334.783
4.295.132
5.490.879
--
27.428.721
13.239.109
3.347.557
--
--
181.387
--
20.835.326
13.837.634
--
--
--
--
--
--
--
--
--
--
--
--
66.598.830
31.371.875
8.838.436
--
2.637
181.387
--
7.950.546
4.000.000
892.351
--
--
--
--
383.398.878
210.327.681
8.563.522
--
--
32.575.705
--
13. Current Liabilities (10+11+12)
14. Trade payables
Financial reports
2009
181
TL
Equivalent
(Functional
currency)
21.079.800
USD
Euro
JPY
GBP
CHF
Other
14.000.000
--
--
--
--
--
--
--
--
--
--
36.766.471
--
17. Long term liabilities (14+15+16)
412.429.124
228.327.681
9.455.873
--
--
32.575.705
--
18. Total Liabilities (13+17)
479.028.054
259.699.557
18.249.310.
--
2.367
32.757.092
--
19. Off balance sheet foreign currency
denominated derivatives
net assets/liabilities position (19a-19b)
--
--
--
--
--
--
--
19a. Off balance sheet foreign currency
denominated derivatives assets amount
--
--
--
--
--
--
--
19b.Off balance sheet foreign currency
denominated derivatives liabilities amount
--
--
--
--
--
--
--
20.Net foreign currency denominated assets /
(liabilities) position (9-18+19)
(478.586.996) (259.522.427)
(18.229.775)
--
11.971
(32.756.622)
--
21. Monetary accounts net foreign currency
denominated assets /(liabilities) position
(=1+2a+5+6a-10-11-12a-14-15-16a)
(474.586.996) (259.522.427)
(18.229.775)
--
11.971
(32.756.622)
--
CONSOLIDATED
22. Fair value of hedging financial instruments
19.938.619
13.242.093
--
--
--
--
--
--
--
--
--
--
--
--
21.079.800
14.000.000
--
--
--
--
--
25. Export
--
--
--
--
--
--
--
26. Import
--
--
--
--
--
--
--
23. Hedged foreign currency denominated
assets
24. Hedged foreign currency denominated
liabilities
The foreign currency risk of the Group is related to the bank loans borrowed and financial lease liabilities. The
Group has a pricing policy that changes according to the deviations in the long term borrowings and volatility
of foreign exchange rates for minimizing this risk. Furthermore, the Company hedges 18 months portion of
Financial reports
principles and the related interest payments related to the long term bank loans of USD 200,000,000 used from
182
Garanti Bankası at the “Future Transactions Market”. These forward transactions are comprised purchasing of
USD 10,594,940 in total in January 2011. The Group has a right to purchase USD 10,594,940 at an exchange rate of
1.5585.
The changes in foreign currency position of the Group as of the balance sheet date are as follows:
Foreign currency sensitivity analysis
31 December 2010
Profit/Loss
Increase of foreign
currency
Equity
Increase
of foreign
currency
Decrease of
foreign currency
Decrease
of foreign
currency
Change of USD exchange rate against TL by 10%:
1- USD denominated net assets/liabilities
2- Hedged amount against USD Dollar risk (-)
3- Net effect of USD (1+2)
(37.002.126)
37.002.126
--
--
-- --
--
--
(37.002.126)
37.002.126
--
--
Change of Euro exchange rate against TL by 10%:
4- Euro denominated net assets/liabilities
5- Hedged amount against Euro risk (-)
6- Net effect of Euro (4+5)
(4.148.320)
4.148.320
--
--
--
--
--
(4.148.320)
4.148.320
--
--
Change of other currencies against TL by 10%:
TOTAL (3+6+9)
(5.592.454)
(5.592.654)
--
--
--
--
--
(5.592.454)
(5.592.654)
--
--
(46.742.900)
35.557.793
--
--
Foreign currency sensitivity table
31 December 2009
Profit/Loss
Decrease
Increase of
of foreign
foreign currency
currency
Change of USD exchange rate against TL by 10%:
1- USD denominated net assets/liabilities
(38.775.152)
38.775.152
2- Hedged amount against USD Dollar risk (-)
Equity
Increase
Decrease
of foreign
of foreign
currency
currency
--
--
2.107.980
(2.107.980)
--
--
(36.667.172)
36.667.172
--
--
Change of Euro exchange rate against TL by 10%:
4- Euro denominated net assets/liabilities
(3.938.178)
3.938.178
5-Hedged amount against Euro risk (-)
3- Net effect of USD (1+2)
--
--
-- --
--
--
(3.938.178)
3.938.178
--
--
Change of other currencies against TL by 10%:
7- Other foreign currency denominated net
(4.744.230)
4.744.229
assets/liabilities
8- Hedged amount against other foreign risk (-)
-- --
--
--
--
--
9- Net effect of other foreign currency (7+8)
6- Net effect of Euro (4+5)
TOTAL (3+6+9)
Financial reports
7- Other foreign currency denominated net
assets/liabilities
8- Hedged amount against other foreign
risk (-)
9- Net effect of other foreign currency (7+8)
183
(4.744.230)
4.744.230
--
--
(45.349.580)
45.349.580
--
--
Interest rate risk
The Group is exposed to interest rate risk arising from interest rate sensitive financial liabilities. As part of its fund
management policy, the interest risk of interest bearing assets is calculated by performing sensitivity analysis.
The sensitivity of interest sensitive assets in response to changes in market interest rates is computed based on
the average maturities and average interest sensitive assets; the interest rate risk arising from the securities
portfolio held as part of fund management function is monitored within expectations of market rates by closely
watching the financial markets.
Additionally, as at 31 December 2010, the Company has swap transactions which are hedging USD 88,200,000
portion of outstanding USD 196,000,000 credit used from Garanti Bankası from the risk of interest rate changes.
The interest rate position table is as follows:
Interest rate position
2009
2010
Fixed interest bearing financial instruments
Financial assets
Time deposits
18.249.666
16.808.973
140.027.859
88.512.239
Variable interest bearing financial instruments
Financial assets
--
--
331.703.631
334.939.774
As at 31 December 2010, interest bearing assets and liabilities consist of bank loan, bank deposits and financial
leases, after deducting the effect of the above-mentioned interest swap, if the interest rates applied to Group
increase by 1 percent, the net profit of the period will increase by TL 2,773,794 (31 December 2009: TL 7,301);
if the interest rates applied to Group decrease by 1 percent, the net profit of the period will decrease by TL
4,493,922 (31 December 2009: TL 7,301).
29 Financial Instruments: Fair Value Disclosure
As at 31 December, fair value of financial assets and liabilities are as below:
2010
Note
5
Trade receivables
7
Trade receivables from related parties
25
Other receivables from related parties
25
36.867
36.867
412.911
412.911
8
1.109.405
1.109.405
1.993.042
1.993.042
Financial reports
Financial Assets
184
2009
Carrying
Amount
Other receivables
Other current and non-current assets
Fair Value
Carrying
Amount
Fair Value
25.985.237
25.985.237
19.286.318
19.286.318
69.570.714
69.570.714
55.327.404
55.327.404
8.655.743
8.655.743
6.803.649
6.803.649
15
26.846.686
26.846.686
29.475.474
29.475.474
132.204.652
132.204.652
113.298.798
113.298.798
2010
2009
6
Carrying
Amount
471.731.490
471.731.490
Carrying
Amount
423.452.013
Trade payables
7
79.067.733
79.067.733
67.207.435
67.207.435
25
9.571.893
9.571.893
7.098.836
7.098.836
Note
Fair Value
Fair Value
423.452.013
Trade payables to related parties
Other payables to related
parties
Other payables
25
503.601
503.601
2.025.806
2.025.806
8
18.590.729
18.590.729
37.912.027
37.912.027
Other liabilities
15
12.925.746
12.925.746
17.363.975
17.363.975
592.391.192
592.391.192
555.060.092
555.060.092
Fair value is the amount which can be measurable with closest market price that can be obtained in a sale
process except forced sale or liquidation in which there are applicants for both selling and buying.
The estimated fair values of financial instruments have been determined using available market information by
the Group, using appropriate valuation methodologies. However, judgement is necessarily required to interpret
market data to determine the estimated fair value. While the management of the Company has used available
market information in estimating the fair values, the market information may not be fully reflective of the value
that could be realized in the current circumstances. The following methods and assumptions are used for the
determination of fair values of financial instruments:
Fair values of cash and cash equivalents, including accrued interest, and other financial assets are assumed to
approximate their carrying amounts due to their short-term maturity and being subject to insignificant credit risk.
Fair values of trade receivables net of doubtful receivables are assumed to approximate their carrying amounts.
Classification of fair value measurement
IFRS 7 – Financial Instruments: Disclosures requires the measurements of fair value of financial instruments to
be classified in a hierarchy that reflects the significance of the valuation inputs used. This classification prioritises
observable data, using market data obtained from independent sources, in preference to unobservable data that
relies, for example on the use of predictions and assumptions about market prices by the Group. This sort of
categorization generally results in the classifications below:
Level 1: Fair value measurements using quoted prices (unadjusted) in active markets for identical assets or
liabilities.
Level 2: Fair value measurements using inputs other than quoted prices included within Level 1 that are observable
for the asset or liability, either directly (i.e., as prices) or indirectly (i.e., derived from prices).
data (i.e. unobservable inputs).
The classification of fair value measurements of financial assets and liabilities measured at fair value is as follows:
2010
Financial investments
2009
Financial investments
Level 1
Level 2
Level 3
-
(4.299.190)
-
-
(4.299.190)
-
Level 1
Level 2
Level 3
-
(2.766.926)
-
-
(2.766.926)
-
Financial reports
Level 3: Fair value measurements using inputs for the assets or liability that are not based on observable market
185
30 Subsequent events
A letter of intent to acquire %50 of Sistina Medikal and Sistina Hospital shares owned by Macedonian firm Orka Holding
for Euro 20,000,000 is signed by the Group. Sistina Hospital operates general purpose hospital building of 16,000 m²
area and plans to make investment of 3,500 m² oncology and 3,500 m² logistic support center. After valuation, the
final agreement that defines the rights and obligations of parties will be signed. There is no capital and management
relationship between the Group and Orka Holding.
According to Board of Director resolution dated 22 March 2011, the Company will merge with Acıbadem Kayseri
Hastanesi, consolidated subsidiary of the Company whose 99.99% of its capital owned by the Company, in terms of
Turkish Commercial Code (“TTC”) 146-151 and 451th Articles of Turkish Commercial Code, 19th and 20th Articles of
Corporate Tax Law and Serial:1 No.31 and No.41 decrees of CMB. The merger will be made by using 31 December 2010
financial statements of Acıbadem Kayseri by taking whole assets and liabilities by the Company. The legal process has
been started. Increasing efficiency, providing saving and stronger financial position is aimed by this merger.
According to Board of Director resolution dated 9 March 2011, Acıbadem Polikinikleri which is the consolidated
subsidary of the Company has increased its shares to 85% by acquiring additional 35% shares of its subsidiary Konur
Sağlık. The determined price for shares is amounting to USD 945,000, the payment will be made in three equal
installments.
Acıbadem Mobil which is the consolidated subsidiary of the Company has increased its paid in capital from TL 1,000,000
to TL 4,500,000 by additional payment amounting to TL 3,500,000. The total increase is committed by Acıbadem
Poliklinikleri, consolidated subsidiary of the Company, in cash and as a result of the increase the share of the Group
rose to 82.22%.
The group has started negotiations to acquire 100% shares of Göztepe Şafak Hospital located in Göztepe, İstanbul and
John F. Kennedy (“JFK”) Hospital located in Bahçelievler, İstanbul. There is no capital and management relationship
between Group and owners of those hospitals.
31 Other matters that may have a material effect
on, or preventing the clear understanding of the
consolidated financial statements
Financial reports
None.
186
Abstract of Independent Auditor’s Report
To the Board of Directors of ACIBADEM SAĞLIK HİZMETLERİ VE TİCARET A.Ş. and Its Subsidiaries
Name of the Partnership:
: ACIBADEM SAĞLIK HİZMETLERİ VE TİCARET A.Ş.
Headquarter:
: Acıbadem, Tekin Sok. No. 18 Kadıköy / 34718 Istanbul
Issued Capital:
: 100.000.000,00-TL
Field of Operation:
: Hospital Management
Names, surnames, term of duty, whether they
are shareholders or personnel of the company.
: Armağan ÖZEL – Emin Gökalp BAŞ
2 (two) Years, Company Shareholders
Number of Administrative Board Meetings and
Auditing Board Meetings
Attended
: All Meetings
Scope of the audit on partnership accounts,
books and documents dates of examination and
conclusion
: After examining the legal books and documents every 3 months,
it is concluded that the records are regular and accurate
The number and conclusion of the counting of
the cash in accordance with the sub clause 3 of
paragraph 1 of the article 353 of Turkish Trade
Law
: The Company’s cash was counted 4 times and actual currents
and book records are deemed appropriate.
Auditing date and conclusions in accordance
with the sub clause 4 of paragraph 1 of the
article 353 of Turkish Trade Law
: As a result of the monthly examinations, it was concluded that
the submitted valuable papers are available are in conformity
with the book records.
Submitted complaints and corruptions and the
actions taken accordingly
: There is not any complaint or corruption submitted.
We have audited the accounts and transactions of ACIBADEM SAĞLIK HİZMETLERİ VE TİCARET A.Ş. for the period
between 01.01.2010 – 31.12.2010 in accordance with the Turkish Trade Law, articles of incorporation, and other
legislation and generally accepted accounting principles and standards.
In our opinion, the accompanying Balance Sheet prepared as of 31.12.2010 gives the actual financial state of the
Company on the date mentioned; the Income Statement of the 01.01.2010 – 31.12.2010 gives the operation results of
the mentioned period in an appropriate and fair way.
We respectfully submit the Balance Sheet and Income Statement for approval and the Administrative Board for
laundering.
Auditor
Armağan ÖZEL Auditor
Emin Gökalp BAŞ
Financial reports
190
Ratios (*)
Financial Analysis
Liquidity Analysis
1. Current Rate
Revolving Assets / Short Term Debts
2. Liquidity Rate
Revolving Assets - Stocks / Short Termed Loan Capitals
3. Cash Rate
Liquid Assets / Short Termed Loan Capitals
Financial Structure Analysis
1. Debt Rate
Total Debts / Assets Total
2. Shareholders’ Equity Rate
Shareholders’ Equity / Assets Total
3. Rate of Shareholders’ Equity to Debts Total
Shareholders’ Equity / Total debts
4. Rate of Short Termed Debts to Assets Total
Short Termed Loan Capitals / Assets Total
5. Rate of Long Termed Debts to Assets Total
Long Termed Loan Capitals / Assets Total
6. Rate of Covering Interests
Fixed Assets / Shareholders’ Equity
7. Rate of Covering Interests
Interest Costs + Pre-tax Profit / Interest Costs
Activity Rates
1. Stock Transfer Rate
Cost of Goods Sold / Average Stock
2. Receivable Transfer Rate
Net Sales / Short Termed Trade Receivables, net
3. Average Collection Period of Receivables
-Day
-Month
4. Assets Transfer Rate
Net Sales / Assets Total
5. Shareholders’ Equity Transfer Rate
Net Sales / Average Shareholders’ Equity
Profitability Rates
1. Gross Sales Profit Rate
Gross Sales Profit / Net Sales x100
2. Operating Profit Rate
Operating Profit / Net Sales x 100
3. Rate of Net Profit to Net Sales
Net Profit / Net Sales x100
4. Rate of Net Profit to Shareholders’ Equity
Net Profit / Shareholders’ Equity
Per Share Information
1. Number of Shares
2. Net Sales Per Share
3. Net Profit Per Share
- To Ordinary Shares
- To Preferred Shares
4. Dividend Per Share
- To Ordinary Shares
- To Preferred Shares
5. Book Value (Shareholders’ Equity - Dividend)
6. Book Value of A Share
Growth Rate
1. Net Sales
2. Net Profit
3. Shareholders’ Equity Growth
Price / Earning Rates
1. Dividend Amount
2. Total Market Value
Capital x Market Price
3. Price / Earning Rate
Market Value / Net Profit
4. Dividend Efficiency
(Total Dividend / Market Share)
5. Market Share / Book Value
2010
2009
0,66
0,77
0,60
0,70
0,11
0,12
0,83
0,82
0,17
0,18
0,21
0,22
0,32
0,23
0,51
0,59
4,04
3,97
1,29
0,93
45,34
48,07
9,35
8,99
39,03
1,28
40,58
1,33
0,95
0,79
5,62
4,54
19,40
14,36
8,48
4,17
1,39
2,18
0,08
0,12
100.000.000
7,32
100.000.000
5,59
0,10
0,10
0,16
0,16
0,00
0,00
131.323.682
1,31
0,00
0,00
128.800.332
1,29
0,31
0,31
-0,36
0,02
-1,43
0,10
0
0,00
1.265.000.000
870.000.000
124,40
55,10
0,00
0,00
9,63
6,75
(*) Based on consolidated amounts in accordance with CMB Communique Series:XI No:29
Information and Progresses Pertinent to
Financial Issues for 2010
1. Fixed Asset Investments:
Investment expenditures pertinent to fixed assets amount is 96.308.346 TL in total.
Investment groups can be summarized as follows;
Buildings
Medical Device and Equipment
Vehicle Purchase
Fixture Purchase
Construction Expenditures
Intangible Fixed Asset Expenditures
2010 (TL)
46.673.636
37.555.161
1.368.713
7.397.168
2.249.366
1.064.302
2. Modifications on Articles of Incorporation within the Period: None.
3. . Modifications on Capital of Partnership within the Period, Dividends, Partnership Structure and Trend
of Share Prices:
3.1. There was no modification in the total capital amount within the period.
3.2. Information on dividend distributed in the last three years is as follows;
Years
2008
2009
2010
Non Cash
----
Cash (YTL)
----
Total
Rate
----
----
3.3. Partnership structure of our company is demonstrated in balance sheet note 18.
Date
31.12.2009
31.01.2010
28.02.2010
31.03.2010
30.04.2010
31.05.2010
30.06.2010
30.07.2010
31.08.2010
30.09.2010
27.10.2010
30.11.2010
31.12.2010
Lowest
8,65
8,80
7,70
8,90
11,00
10,90
12,40
12,60
12,80
13,90
13,40
12,55
12,55
Highest
8,75
8,90
7,90
9,35
11,30
11,40
12,60
12,90
13,40
14,30
13,70
12,80
12,70
Closure
8,70
8,85
7,85
9,00
11,30
11,20
12,50
12,90
13,00
14,00
13,50
12,70
12,65
Amount
14.293
12.356
9.942
68.873
56.159
46.880
30.655
12.862
59.963
31.102
16.294
15.079
5.571
Volume (TL)
124.199
109.456
77.505
629.404
625.104
525.175
381.934
164.161
787.688
440.284
220.807
191.121
70.269
Market Value (TL)
870.000.000
885.000.000
785.000.000
900.000.000
1.130.000.000
1.120.000.000
1.250.000.000
1.290.000.000
1.300.000.000
1.400.000.000
1.350.000.000
1.270.000.000
1.265.000.000
Financial reports
3.4. Trend of share prices as of the end of each month is as follows. (İMKB Code: ACIBD)
191
ACIBADEM SAĞLIK HİZMETLERİ VE TİC. A.Ş. OFFER FOR
DISTRIBUTION OF EARNINGS TO BE PRESENTED TO ORDINARY
GENERAL MEETING RELATED TO THE YEAR 2010
(Amounts are given as TL)
Kindly submitted for your authorization and appreciation for not distributing of the dividends from the profit
of 2010 period to the shareholders because of the continuing investments.
ACIBADEM SAĞLIK HİZMETLERİ VE TİC. A.Ş.
The Year 2010, table of Distribution of Earnings (TL)
1. Issued Capital
100,000,000.00
4,976,803.90
2. Total 1st disposal legal reserve (according to legal records)
There is no information related to the privilege if there is so in accordance with articles of incorporation.
According to Capital
According to Legal
Market Board (CMB)
Records (LR)
3. Profit of the Period
18,258,253.00
31,334,733.99
4. Taxes Payable ( - )
-8,089,830.00
-3,974,053.48
5. Net Profit of the period ( = )
10,168,423.00
27,360,680.51
6. Accumulated losses ( - )
0,00
-21,268,116.40
7. First Disposal Legal Reserve ( - )
-304,628.21
-304,628.21
8. Amount of the distributable profit of subsidiaries included in
-12,626,262.36
the consolidation (*), which is not decided to be distributed ( - )
9. NET DISTRIBUTABLE PROFIT OF THE PERIOD ( = )
0,00
5,787,935.90
10. Donations during the year ( + )
1,147,500.00
11. Net distributable profit of the period added with donations
0.00
being calculated the first dividend
12. First dividends to shareholders
0.00
- Cash
- Non Cash
- Total
13. The dividends distributed to shareholders owning preferred
0.00
share
14. The dividends to the members of the board of directors,
0.00
employees, etc , Acıbadem Eğitim ve Sağlık Vakfı
15. The dividends to the owners of redeemed shares
0,00
16. Second dividends to shareholders
0.00
17. Second Disposal Legal Reserve
0.00
18. Statutory Reserves
19. Special Reserves
20. EXTRAORDINARY RESERVES
9,863,794.79
27,056,052.30
21. Other estimated distributable resources
0.00
0.00
- Accumulated Profit
- Extraordinary Reserves
- Other distributable reserves in accordance with the legislation
and article of incorporation
Financial reports
(*) The partnership concept is used to comprise the main establishment, subsidiaries and participations.
192
INFORMATION ABOUT THE RATIO OF THE DISTRUBTED PROFIT SHARE (1)
DIVIDENDS INFORMATION PER SHARE
TOTAL AMOUNT
OF DIVIDEND
DIVIDENDS FOR 1 TL- PAR VALUE
(YTL)
AMOUNT
RATIO
GROUP
(TL)
(%)
GROSS
A
0
0
0
B
0
0
0
TOTAL
0
0
0
NET
A
0
0
0
B
0
0
0
TOTAL
0
0
0
DISTRIBUTED PROFIT SHARING TO DONATIONS ADDED NET DISTRIBUTABLE PROFIT OF THE PERIOD RATIO
THE AMOUNT OF THE PROFIT SHARE DISTRIBUTED TO SHAREHOLDERS (TL): 0
DISTRIBUTED PROFIT SHARE TO SHAREHOLDERS TO DONATIONS ADDED NET DISTRIBUTABLE PROFIT OF
THE PERIOD RATIO (%): 0
(1) In case of the existence of preferred share group, discrimination of the groups will be done.
Stockholders Information Directory
Share Certificate Information
Share certificates of Acıbadem Health Services and Trade Inc are quoted in IMKB under code ‘’ACIBD’’. Price
and amount information of share certificates for 2010 can be attained from web pages of mediator agencies,
daily newspapers, Financial Department of Acıbadem General Directorate.
Status of Benefiting form Incentive Measures:
Explained under balance sheet note 25.
Status of Employment and Severance Pay Obligation:
Explained under balance sheet notes 1 and 15.
Affiliates and Subsidiaries:
Explained under balance sheet footnotes 1 and 27.
Investor Relations:
Annual operational reports pertinent to our company can be supplied from the following address free of
charge.
Corporate Communication Directorate
Acıbadem General Directorate
Fahrettin Kerim Gökay Cad.
No:49 Altunizade – İSTANBUL/TURKEY
Annual Ordinary General Council
Annual Ordinary General Council will be held on 29.07.2011 at 10:30 at company headquarters (Acıbadem,
Tekin Sok. No:8 34718 Kadıköy-İSTANBUL)
Independent Auditor
Akis Bağımsız Denetim ve Serbest Muhasebeci Mali Müşavirlik A.Ş.
A Turkish Corporation and a Member Firm of KPMG International
Büyükdere Cad. Yapı Kredi Plaza C Blok Kat 17
Levent / İstanbul
Financial reports
Tax Adviser
Mazars Denge Denetim Yeminli Mali Müşavirlik A.Ş.
Hürriyet Mah. Dr. Cemil Bengü Cad. Hak İş Merkezi No:2
K.1-2 34403 Çağlayan / İstanbul
193

Annual Report

Transcription

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