CONSOLIDATED BALANCE SHEET OF GOLDART HOLDING INC.  ( Currency : USD )
ASSETS	2004 / 12	2005 / 12
I- CURRENT ASSETS	129,601,513	186,744,418
A) LIQUID ASSETS	1,434,328	3,828,903
1- Cash	1,247,491	1,131,672
2- Banks	75,667	2,454,175
3- Other Liquid Assets	111,170	243,056
B) MARKETABLE SECURITIES		11,095,974
1- Share Certificates		11,095,747
2- Private Sector Bonds and Notes
3- Public Sector Bonds and Notes
4- Other Marketable Securities		227
5- Provisions for Decrease in Value of Marketable Securities (-)
C) TRADE RECEIVABLES	46,938,254	75,600,194
1- Customers	46,595,436	75,238,339
2- Notes Receivables
3- Deposits and Guarantees Given	171,966	159,954
4- Other Trade Receivables	170,852	201,901
5- Rediscounts on Other Notes Receivable (-)
6- Provisions for Doubtful Receivables (-)
D) OTHER RECEIVABLES	67,417	803
1- Due from Shareholders
2- Due from Affiliates
3- Due from Subsidiarie
4- Other Receivables	67,417	803
5- Rediscounts on Other Notes Receivables (-)
6- Provision for Other Doubtful Receivables (-)
E) INVENTORIES	80,969,707	95,395,418
1- Raw Material and Supplies	5,650,121	5,634,466
2- Semi Finished Goods in Production	3,019,388	7,105,204
3- Intermediate Products
4- Finished Goods	3,545,713	5,993,513
5- Trade Goods	47,738,769	67,969,048
6- Other Inventories	1,242,750	1,213,591
7- Provisions for Inventories (-)	-1,000,071	-246,347
8- Advances Given for Purchases	20,773,037	7,725,943
F) OTHER CURRENT ASSETS	191,807	823,126
II- LONG TERM ASSETS	30,652,891	37,424,911
A) TRADE RECEIVABLES	28,755	34,250
1- Customers
2- Notes Receivables
3- Deposits and Guarantees Given	28,755	34,250
4- Other Trade Receivables
5- Rediscount on Notes Receivables (-)
6- Provision for Doubtful Receivables (-)
B) OTHER RECEIVABLES
1- Due from Shareholders
2- Due from Affiliates
3- Due from Subsidiaries
4- Other Receivables
5- Rediscount on Other Notes Receivable (-)
6- Provision for Other Doubtful Receivables (-)
C) FINANCIAL FIXED ASSETS	27,204,015	29,495,398
1- Long Term Securities
2- Decrease in Value of Securities (-)
3- Affiliates	41,856,082	41,837,378
4- Capital Commitments for Affiliates (-)
5- Decrease in Value of Affiliates Shares (-)	-13,850,673	-12,341,980
6- Subsidiaries	746,084
7- Capital Commitments for Subsidiaries (-)
8- Decrease in Value of Subsidiaries Shares (-)	-1,547,478
9- Other Financial Fixed Assets
D) TANGIBLE FIXED ASSETS	2,093,601	6,610,566
1- Land		3,519,565
2- Land Improvements
3- Buildings
4- Plant, Machinery and Equipment	1,821,943	2,450,517
5- Motor Vehicles	187,909	160,480
6- Furniture and Fixtures	2,048,094	4,073,093
7- Other Tangible Fixed Assets
8- Accumulated Depreciation (-)	-1,964,345	-3,593,089
9- Construction in Progress
10- Advances Given
E) INTANGIBLE ASSETS	1,219,155	894,767
1- Establishment and Foundation Expenses	265,939	590,657
2- Rights	1,595,071	1,933,097
3- Research and Development Expenses	2,475,608	5,302
4- Other Intangible Fixed Assets	377,370	534,924
5- Accumulated Amortization (-)	-3,494,833	-2,169,213
F) OTHER FIXED ASSETS	107,365	389,930
TOTAL ASSETS	160,254,404	224,169,329
LIABILITIES
I- SHORT TERM LIABILITIES	68,215,231	122,504,902
A) FINANCIAL LIABILITIES	17,898,689	12,476,648
1- Bank Loans	17,267,225	10,879,969
2- Current Maturities of Long Term Credits and Accrued Interest
3- Current Maturities of Bonds and Accrued Interest
4- Bonds and Notes Issued
5- Other Financial Liabilities	631,464	1,596,679
B) TRADE PAYABLES	47,081,073	105,512,088
1- Suppliers	47,081,073	105,512,088
2- Notes Payables
3- Deposits and Guarantees Received
4- Other Trade Payables
5- Rediscount on Notes Payables (-)
C) OTHER LIABILITIES	882,907	434,356
1- Due to Shareholders	95,373
2- Due to Affiliates
3- Due to Subsidiaries	622,188
4- Expenditures Payable
5- Taxes, Fees and Other Deductions Payable	129,824	218,316
6- Deferred and Restructured Public Payables
7- Other Liabilities	35,522	216,040
8- Rediscount on Notes Payable (-)
D) ADVANCES RECEIVED	2,193,776	3,110,694
E) PROVISIONS FOR LIABILITIES AND EXPENSES	158,786	971,116
1- Provisions for Tax		761,352
2- Provisions for Other Debts and Liabilities	158,786	209,764
II- LONG TERM LIABILITIES	2,978,798	5,075,665
A) FINANCIAL LIABILITIES	2,512,122	4,809,999
1- Bank Loans	1,721,459	1,616,960
2- Bonds Issued
3- Other Securities Issued
4- Other Financial Liabilities	790,663	3,193,039
B) TRADE PAYABLES
1- Suppliers
2- Notes Payable
3- Deposits and Guarantees Received
4- Other Trade Payables
5- Rediscount on Notes Payable (-)
C) OTHER LIABILITIES
1- Due to Shareholders
2- Due to Affiliates
3- Due to Subsidiaries
4- Debts to the Public Sector, Deferred or Payable by Installments
5- Other Long Term Liabilities
6- Rediscount on Notes Payable (-)
D) ADVANCES RECEIVED
E) PROVISIONS FOR DEBTS AND EXPENSES	466,676	265,666
1- Provision for Termination Indemnities	454,758	255,047
2- Provision for Other Debts and Expenses	11,918	10,619
III- SHAREHOLDERS’ EQUITY	89,060,375	96,588,762
A) CAPITAL	14,902,020	44,686,081
POSITIVE DIFFERENCES OF CAPITAL ADJUSTMENT	2,183,861
B) CAPITAL COMMITMENTS (-)		-12,271,776
C) EMISSION PREMIUM	260,558
D) REVALUATION FUND INCREASE
1- Value Increase in Fixed Assets
2- Value Increase in Affiliates
3- Value Increase in Stock Exchange
E) RESERVES	35,599,251	145,846
1- Legal Reserves	3,881,882	8,337
2- Statutory Reserves
3- Special Reserves
4- Extraordinary Reserves	16,707,481	137,509
5- Cost Increase Fund
6- Revenue from Affiliates’ Share Sales and Movable Sales
7- Retained Earnings (Inflation Adjustment)	15,009,888
F) NET PROFIT FOR THE PERIOD	950,866	2,060,329
G) LOSS FOR THE PERIOD (-)
H) ACCUMULATED DEFICITS (-)	-30,268,955	-1,588,470
1- Inflation Adjustment Loss (-)	-30,268,955	-1,355,821
2- Other Accumulated Deficits (-)		-232,649
MINORITY SHARE	63,825,563	61,088,769
MINORITY PROFIT	1,607,211	2,467,983
MINORITY LOSS (-)
TOTAL LIABILITIES	160,254,404	224,169,329