GOLDAŞ KUYUMCULUK SANAYİ  İTHALAT İHRACAT ANONİM ŞİRKETİ
INFLATION ADJUSTED  BALANCE SHEET
FOR THE YEAR ENDED DECEMBER 31,2004
(Currency-USD)
						CURRENT PERIOD			PREVIOUS PERIOD
						DECEMBER 31,2004			DECEMBER 31,2003
	ASSETS
		I-CURRENT ASSETS						98.422.070			67.497.180
			A- Hazır değerler	Liquid Assets			518.278			437.017
				1-Cash		499.373			323.744					670.209
				2-Banks		18.905			113.273					25.372
				3-Other Liquid Assets		-								-
			B- Menkul kıymetler	Marketable Securities		-	-
			C- Kısa Vadeli Ticari Alacaklar	Short TermTrade Receivables		-	60.845.281			38.915.807
				1-Customers	Note11	60.837.781			38.908.306					81.650.386
				2-Notes Receivable		-								-
				3-Deposits and Guarantees Given		7.500			7.500					10.066
				4-Other Trade Receivables		-								-
				5-Rediscounts On Notes Receivable (-)		-								-
				6-Provision For Doubtful Receivables (-)		-								-
			D-Other Receivables			-	66.814			3.137
				1-Due from Shareholders		-								-
				2-Due from Participations		-								-
				3-Due from Associated Companies		-								-
				4-Other Short Term Receivables	Note22	66.814			3.137					89.671
				5-Rediscounts On Notes Receivable (-)		-								-
				6-Provision For Doubtful Receivables(-)		-								-
			E-Inventories		Note11	-	36.858.715			27.969.049
				1-Raw Materials and Supplies		5.650.121			4.345.052					7.583.027
				2-Work in Process		3.019.388			2.117.336					4.052.320
				3-Intermediary Goods		-			-					-
				4-Finished Goods		3.545.713			3.647.952					4.758.702
				5-Merchandises		10.950.988			5.710.788					14.697.321
				6-Other Inventories		41.010			7.387					55.040
				7-Provision For Inventories (-)		(1.000.071)			-					(1.342.195)
				8-Advances Given		14.651.566			12.140.534					19.663.867
			F-Other Current Assets		Note22	132.981	132.981		172.170	172.170				178.474
						-
		II-LONG TERM ASSETS				-		45.481.171			38.496.456
			A-Long Term Trade Receivables			-	10.506			10.887
				1-Customers		-								-
				2-Notes Receivable		-								-
				3-Deposits and Guarantees Given		10.506			10.887					14.100
				4-Other Long Term Trade Receivables		-								-
				5-Rediscount On Notes Receivable (-)		-								-
				6-Provision For Doubtful Receivables (-)		-								-
			B-Other Long Term Trade Receivables			-	-							-
			C-Financial Long Term Assets			-				35.351.967
				1-Long-Term Securities		-	42.602.165							-
				2-Provision For Long-Term Securities (-)		-								-
				3-Participations		41.856.082			35.351.967					56.175.047
				4-Capital Commitments to Participations (-)		-								-
				5-Provision For Participations (-)		-								-
				6-Associated Companies		746.083								1.001.319
				7-Capital Commitments to Associated Companies (-)		-								-
				8-Provision For Associated Companies (-)		-								-
				9-Other Long-Term Financial Assets		-								-
			D- Long Term Fixed Assets	Tangible Fixed Assets	Notes8,11	-	1.785.307			1.186.947
				1-Land		-								-
				2-Land Improvements		-								-
				3-Buildings		-								-
				4-Machinery and Equipments		1.819.982			992.837					2.442.598
				5-Motor Vehicles		93.626			92.256					125.655
				6-Furniture and Fixtures		1.017.083			834.687					1.365.027
				7-Other Tangible Fixed Assets		-			-					-
				8-Accumulated Depreciation (-)		(1.145.384)			(732.833)					(1.537.220)
				9-Construction in Progress		-								-
				10-Advances Given		-								-
			E-Intangible Fixed Assets		Note11	-	1.025.949			1.886.595
				1-Preopening Costs		3.892			5.165					5.223
				2-Rights		162.500			209.757					218.092
				3-Research and Development Costs		756.064			1.546.178					1.014.713
				4-Other Intangible Fixed Assets		103.494			125.495					138.899
				5-Advances Given		-								-
			F-Other Long Term Assets		Note22	57.244	57.244		60.060	60.060				76.827
				TOTAL ASSETS		143.903.241	143.903.241	143.903.241	105.993.636	105.993.636	105.993.636			193.132.540
					(The accompanying notes form an integral part on these statements)