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
LIABILITIES
	I-SHORT TERM LIABILITIES						41.652.253			21.451.075
		A-Financial Payables				17.267.224			13.124.905
			1-Bank Loans		17.267.224			13.025.709							23.174.342
			2-Current Maturity Loans and Accrued Int.	Note22	-										-
			3-Other Financial Liabilities		-			99.196							-
		B-Trade Payables			-	21.528.154			6.162.246
			1-Suppliers	Note11	21.528.154			6.162.246							28.892.936
			2-Notes Payable		-										-
			3-Deposits and Guarantees Received		-										-
			4-Other Trade Payables		-										-
			5-Rediscounts on Notes Payable (-)		-										-
		C-Other Liabilities	Other Short Term Payables		-	698.105			63.442
			1-Due to Shareholders		-										-
			2-Due to Participations		-										-
			3-Due to Associated Companies		622.188										835.039
			4-Accrued Expenses		-										-
			5-Taxes and Other Duties Payable		75.917			62.869							101.888
			6-Postponed Payables to Governmental		-										-
			Agencies		-
			7-Other Short Term Payables		-			573							-
			8-Rediscounts on Notes Payable (-)		-										-
		D-Advances Taken	Advances Received		2.006.174	2.006.174		2.009.599	2.009.599						2.692.486
		E-Provisions for Liabilities and Expenses	Reserve For Payables and Expenses		-	152.595			90.883
			1-Reserve For Current Year Taxes		-										-
			2-Reserve For Other Payables and Expenses	Note22	152.595			90.883							204.798
					-
	II-LONG TERM LIABILITIES				-		2.960.444			2.365.740
		A-Financial Payables			-	2.512.122			1.876.581
			1- Bank Loans		1.721.459			1.379.465							2.310.370
			2- Bonds Issued		-										-
			3- Other Securities Issued		-										-
			4- Other Financial Payables	Note22	790.663			497.116							1.061.149
		B-Trade Payables			-	-
		C-Other Long Term Payables			-	-			11.903
			1-Due to Shareholders		-			#REF!							-
			2-Due to Participations		-			#REF!							-
			3-Due to Associated Companies		-			#REF!							-
			4-Postponed Payables to Governmental	Note22	-			11.903							-
			Agencies		-			#REF!							-
			5-Other Long Term Payables		-
			6-Rediscounts on Notes Payable (-)		-
		D-Advances Received			-	-									-
		E-Provisions for Liabilities and Expenses	Reserve For Payables and Expenses		-	448.322			477.257
			1-Reserve For Retirement Pay	Note11	436.404			341.893							585.698
			2-Reserve For Other Payables and Expenses	Note22	11.918			135.364							15.995
					-
	III-SHAREHOLDERS' EQUITY				-		99.290.544			82.176.821
		A-Share Capital		Notes2,3,4,5	59.608.077	59.608.077		57.313.364	57.313.364						80.000.000
		B-Capital Commitments (-)			-	-									-
		C-Share Premium			170.077	170.077		163.529	163.529						228.260
		D-Revaluation Fund			-	-
			1-Revaluation Fund on Fixed Assets		-										-
			2-Revaluation Fund of Participations		-										-
			3-Revaluation of Share in Stock Exchange		-										-
		E-Reserves			-	64.116.550			47.165.520
			1-Legal Reserves		2.190.371			2.106.049							2.939.697
			2-Statuary Reserves		-										-
			3-Special Reserves		-										-
			4-General Reserve		14.388.781			13.834.861							19.311.183
			5-Cost Increase Fund		-										-
			6-Gain on Sale of Fixed Assets and		-										-
			Participations to be Added to Share Capital		-										-
			7-Inflation Adjustment Difference on Equity		47.537.398			31.224.610							63.799.942
		F-Current Period Net Income			2.608.670	2.608.670									3.501.095
		G-Current Period Net Loss (-)			-	-		-          986.298	-       986.298						-
		H-Prior Period Losses (-)			-	-     27.212.830			-  21.479.295
					-
			1-Inflation Adjustment Loss (-)		-     27.212.830			-     21.479.295							-      36.522.339
			2- 2001 Losses (-)		-			-							-
			TOTAL LIABILITIES AND EQUITY		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)