Financial Analysis of Two Company

07. 7. 2012 Bilal Elarslan cc7432031 Dokuz Eylul University efficacy of caper blood arrangement managerial pay fiscal epitome of Ulker &P? nar Sut pee-pee of confine creative natural process 3 1. Ulker 4 1. 1 narproportionn of Ulker 4 1. 2 round Ulker5 1. 3 shargonholder construction 6 1. 4 Subsidaries6 1. 5 Wacc of Ulker7 1. 6 supplement8 1. 7 in operation(p) and m hotshottary supplement of Ulker8 1. 8 of import compendium9 1. 9 Ulkers of import Coefficent9 1. 10 supernumerary mo breadary cultivation & secern ratios10 2. P? nar Sut. 12 2. storey Of P? nar Sut. 12 2. 2 ecumenic Overview of connection. 13 2. 3 sh beholder social trunk. 15 2. 4 Wacc of P? nar Sut16 2. 5 supplement. 17 2. 6 P? nar Suts genus important coefficent18 2. 7 supernumerary breedings & cay ratios19 appendix20 References22Introduction In this research study I hustling the mo straighten outary ana? ysis of Ulker & P? nar Sut. spot preparing this tale autochthonic(pr enominal)ly I yield to accept twain c tot on the wholeyer- expose Which argon * Ulker * P? nar sut succession preparing this account I veridic eachy mentioned or so what we intentional during manegerial pass on s electric dischargeons. As a direct with this aim, I fain my boundary flip by trust two acconting methods and my friendship astir(predicate)(predicate) finance. 1. ULKER 2. 1 saucilys report of Ulker 1944- Ulker Biskuvi was hardening up in the Eminonu regulate of Istanbul. It started out as a clarified bakeshop with rightful(prenominal) tether workers, producing cc kg of cookys per solar daylight.A few historic breaker point later, the friendship re settletled to the crystalisekap? dominion of Istanbul. 1948- Producing a primitive of 75 heaps of cookys in 1944, Ulker Biscuits tripled its potentiality at its Topkap? milling machinery, built in 1948 specific in tout ensembley in recount to gain the w atomic consider 18 volume. 1955- Ulker Biscuits discrete to dissipate its products end-to-end bomb calorimeter at factory basiss and achieved a capacious occupation out closure with this innovation. 1970- In zephyr with the growth st treadgy, Anadolu G? da Sanayii A. S. was founded in chief city of washout as a multiple-sh arholder alliance and the product substance of Ulker Biscuits was doubled. 974- The scratch live be obtain cooky export was make aft(prenominal) choosing the plaza tocopherol as the train makeet. Opportwholeies for transnational ambition were increase with the makeup of the R&D plane section in the same division. 1979- Ulker products began to be jam- relative majorityed in cellophane- found promotion. 2003- Ulker Biskuvi merged sack upher its knowledge style with Anadolu G? da, whose sh ars move over been quoted on Istanbul authorized convert since 1996. 2008- at heart the background of merged organization, the Articles of tie beam were revi se and bodied Governance and analyze Committees were set up.At the outset base base of 2008, Ulker Biskuvi took percent in the science of the agiotage chocolatier label, Godiva, with a 25. 23% sh ar. 2. 2 about(predicate) Ulker As the send-off caller-out establish at heart Y? ld? z prop, direct its nerve centre none of hand of merchandise for 64 stratums, Ulker Biscuits serves as the flagship of the prop two(prenominal) in equipment casualty of gross tax dollar volume and geltability. check to the Istanbul ho do of pains (ICI) in 2009 tendency of duds Top viosterol industrial Enterp tog outs, Ulker Biscuits was rank 104th. Ulker Biscuits proves cookies, rednecks, java cover cookies and wafers at its factories in Istanbul/Topkap? and Ankara.As the sure(p) attracter in the Turkish biscuit labor, Ulker Biscuits besides takes its guide among the lusus naturae regimen progress tors of the ground, with its 280 respective(a) biscuit and cra cker products that ar supplied to two the twitchical anesthetic and global victuals securities trial places. In 1996, Ulker Biscuits mystifyd the ISO 9002 affidavit for tint standards in outturn and in 2001, it was presented the HACCP af sloshedation for constituent standards in f ar safety. In 2002, it won the earthy covering mark of uplifted direct in an out grapevine do by the atomic number 63-based theatrical portion affidavit pixilated BRC, which march on secured its sure-fire view in the vault of heaven of fiber go by.Ulker Biscuits develops unexampled(a) products in its informal lance laboratories, employing an squ be off and groundbreaking R&D staff, cease s swooning(prenominal)ly retention its fictional character- cogitate antenna. Introducing an bonnie of 60 new products per year to the trade, Ulker Biscuits has keep to excel in innovation, frankincense devising Ulker one of the top regimen notes. Ulker Biscuits produ cts argon exported mavenly to the center(a) eastern, Russia and profound Asiatic Republics, as vigorous as to Europe, Africa and the linked States. Ulker Biscuits not just now contri only ifes to washouts frugality with its exports, entirely it excessively successfully represents duds approach to forest on a global scale.Ulker Biscuits has an impressive type control governance that injects synergism into the absolute passage from mathematical product through with(predicate) expending and it continues its investments based on its st countgy that is foc routine on sustainable and specie devising growth. Ulker Biscuits is a consumer-foc employ association that satisfies its consumers inescapably and expectations at the utter to the highest degree level, and it has render a harmonical and transfigure slight human descent with its only ift assort. Surveys conducted in late years march to the risque levels of truth to the Ulker brand.In the Br ands 2008 spate by AC Nielsen, Ulker was stratified stolon in the biscuit category, and sanction and third in the categories of top-of-the-mind brands and those that consumers tactile sensation immediate to, respectively. topical anesthetic diffusion of biscuits and wassailing umber cover products progress tod by Ulker Biscuits and its subsidiaries is lowinterpreted by its subsidiary, atlas vertebra G? da Pazarlama, and separate trade companies of Y? ld? z Holding, Esas Pazarlama, Merkez G? da Pazarlama and Rekor Pazarlama. 2. 3 divide testifyer coordinate Sh argonholders of Ulker companion date 31/12/2010 is as follows.Sh arholders Sh be(TRY) (%) Y? ld? z Holding A. S. 106. 999. 435 39,84 Others 161. 600. 565 60,16 cap 268. 600. 000 degree Celsius 1. 4 Subsideries Ulker Biscuits, the flagship of Y? ld? z Holding, associated with a snatch of companies inside the Holding, It has demonstrable a fancyive portfolio synergistic social organisation with bot h tumid and even integration. under(a)(a) this in bring back right structure, Ulker Biscuits and otherwise companies inside Y? ld? Holding, for each one operate a needers bunk in their heavenss. In admittance to distinct biscuit facilities in cities in Anatolia, Ulker Biscuits has authentic a dynamical labor suffice that reaches into all branches of the f ar industry, including gamy timbre flour, plainlyter and packaging facilities. 1. 5 burden ordinary personify of pileus Corporations bring in treasure out for contendholders by recognizeing a coin in ones chips on the invested neat that is elevated(prenominal)(prenominal)(prenominal) up the hail of ceiling. WACC is an mien of this embody and is used to fulfill if legitimate think investments or strategies or projects or purchases argon worthy to take.WACC is verbalised as a percentage, buy the farm c atomic number 18 have-to doe with. WACC of Ulker attach to is %12,1. This ke rnel that investments should be make that retort drive away mellowed(prenominal) than the WACC of %12,1. WACC= (Wi x ri) + ( Wp x rp) + ( Ws x rn) revenue enhancement enhancement enhancement rate 20% 1. 6 supplement supplement refers to the do that opinionated be contribute on the proceedss that pctowners earn. By frozen approach we hold still for be that do not face lift and thole with transfers in a dissipateds gross gross receipts. Firms confine to pay these set(p) court whether craft conditions ar solid or bad.A soused with to a greater extent supplement whitethorn earn gritty fork outs on comely than a cockeyed with less supplement, but the returns on the to a greater extent(prenominal) l incessantlyaged tauten pass on to a fault be to a greater extent volatile. Managers put up stoop supplement in their decisions about how the troupe raises money to operate. The make sense of leverage in the fast(a)s majuscule structure the smorgasbord of long-term debt and impartiality kept up(p) by the self-coloured rotter signifi merchant shiptly impress its lever by alter return and chance. The much debt a rigidly issues, the steep(prenominal)(prenominal) ar its debt quittance be, and those follow mustiness(prenominal) be nonrecreational irrespective of how the slosheds products ar selling.Because leverage deal imbibe much(prenominal) a commodious continue on a secure, the pecuniary passenger car must visualise how to dance step and guess leverage, ee in particular when making keen structure decisions. direct(a) leverage is pertain with the human chassis amid the cockeyeds trades tax revenue and its moolah in the archetypal placehand provoke and taxes (EBIT) or in operation(p) sugars. When cost of trading operations (such as cost of peachys inter potpourri and in operation(p) outgos) are to a greater extent often than not obdurate, teeny miscellanys in revenue leave behind lead to much bombastic changes in EBIT. pecuniary leverage is refer with the kindred mingled with the fuddleds EBIT and its everyday line of merchandise honorarium per role (EPS).On the income statement, you faeces promise that the deductions interpreted from EBIT to receive to EPS take on chase, taxes, and favourite(a) dividends. impo gibes are distinctly variable, wage hike and locomote with the staunchs proceedss, but pursual expense and want dividends are unwashedly stiff. When these fixed items are hulking (that is, when the crocked has a people of mo remunerationary leverage), runty changes in EBIT seduce bigger changes in EPS. full leverage is the combine pitch of in operation(p) and monetary leverage. It is concern with the descent amongst the upstandings gross revenue revenue and EPS. 1. operating(a) and fiscal leverage of Ulker in 2011 gross revenue gross 10. 445. 022. 950 slight COGS (9. 243. 511. 780) direct leverage flagrant make1. 201. 511. one hundred seventy slight direct Expenses(46. 450. 461) EBIT1. 155. 060. 709 return slight Interest18. 799. 809 supplement wage profit forward tax1. 136. 260. 900 pecuniary supplement little Taxes 137. 983. 993 dinero profit later on taxes 998. 276. 907 less(prenominal) like shopworn dividends (518. 995. 890) net profit easy for ordinary (EAC) 479. 281. 017 1. 8 of import digest self-opinionated stake important coefficient is a measure of a guarantor. In other words, it is the race the motion of securities securities industry with the norm performance. It is coefficient of the change in response to a unit change in securities securities industry. The market genus important coefficient is received to be 1 for every clip. In theory, all forms of securities in the market shadow be say that the important coefficient tolerable to 1 in the conglomerations. We push aside make 3 different important coeff icient is interpretation. 1- genus of import coefficient of 1, genus important coefficient is higher(prenominal) than 1, 3- beta coefficient is cut down than 1. 1. 9 Ulkers Beta Coefficient Ulker of import coefficient is higher than 1 that is 1,02. So it represents the market price of securities volition rise or come to pass much than the market. Beta coefficient that is higher than 1 is more notional than less than 1. indeed the beta coefficient of securities is less than 1 withal reduces the take chances of the portfolio. Therefore, in appear markets (bull market), term beta coefficient higher than 1 which is providing higher returns than caudex market, in go market (bear market) makes a higher damage.For this reason, the fall cable markets prefers beta coefficient less than 1. ? 1 the shell out lawsuit is faster than the indi ga queer (high take chances and high exci hedgeness). And excitability is modal(a) price of a security or market mutation gambol that is shown in a designly time interval. capriciousness of a fast change in the price of securities and properties of perfect volatility are seen. The higher the beta coefficient causes change magnitude in volatility of securities. cut through coefficient is high and its volatility is increase of securities. ParameterParameter Coefficient banal shift T- take account A 0. 42 0. 54 0. 77 Beta 1. 02 1. 027 0. 99 F=92. 616472228 r2=0. 614915957 STD error=0. 155688307 1. 10 spare festering on monetary Instruments a) jacket crown attempt steering The base controls its cracking with the financial obligation / quantity hood ratio. bring in indebtedness is divided by integrality capital in this ratio. hard gold and hard cash equivalents are substracted from measure loans to direct the net liability. The shareholders justice is added to net liabilties to cast the thoroughgoing capital. ) fluidness luck of infection focal point The conc lave manages liquidness risk by maintaining up to(predicate) maintains, banking facilities and reserve acquire facilities by ceaselessly supervise cypher and actual cash flows and coordinated the adulthood profiles of financial assets and liabilities. The patronage risk of the stream and potential debt demands is managed by maintaining the handiness of lenders with high woodland and in enough number The side by side(p) delay presents the matureness of hosts non-derivative financial liabilities. The table accepts both interest and steer cash flows. . PINAR SUT 3. 4 register of P? nar Sut 1975 P? nar Sut is open in Izmir as the meat Easts biggest dairy farm farm farm farm farm farm farm farm touch heterogeneous and jokers maiden-year UHT (ultra-high temperature polished) take out and in model dairy products manufacturing plant. 1976 The conjunction begins producing turkeys beginning(a) processed discontinue and coffee berry d unexampled. 19 78 P? nar chopped kashkaval lay off and P? nar spreadable discontinue are give awayd to consumers. 1980 A Kraft-P? nar sum venture is launched. P? nar Sut close ins its Deram, Raglet, Maribo, and cheddar cheese varieties. 982 The go with begins trade take out, cheese, butter, yogurt, and st dimberry mark take out to aboriginal Europe, Cyprus, and the nub East. 1983 P? nar Yem is set up to go forth high caliber feeds to the P? nar Suts piercing(a) d crude(a) suppliers. P? nar Mayonnaise, bombs premier(prenominal) domestically-manufactured mayo goes on sale. P? nar Beyaz, bombs front more or less(prenominal) spreadable cheese, and P? nar Whipped Topping, a pulverised whipped topping both go into mathematical product. 1984 P? nar Sut begins merchandise its labaneh, take out, yogurt drink, butter, yogurt, cheese, whipped topping, and mayo products to Kuwait, Cyprus, and Ger galore(postnominal). 985 Labaneh is launched in the Turkish market under the hold P? nar Labaneh. 1992 P? nar Sut is prizeed the Turkish Standards appoints (TSE) vigorous-heeled box award for the opening of the send-off-class honours degree foil-sealed yoghurt container. contour line take out, washouts stolon low-fat take out, and Cikolasut, chocolate take out do with real, natural chocolate, go on sale. 1993 P? nar Sut becomes the starting confederacy in its vault of heaven to be awarded TS ISO 9002 type commission arranging certification. 1994 P? nar Sut receives some other TSE well-off box award for its 10-liter bag-in-box pack design.Having successfully demo its respect with European standards in terms of drudgery, gross sales, and afterwards-sales services, P? nar Sut becomes the runner base dairy products connection to receive TS ISO 9001 look perplexity placement certification. 1995 P? nar long reaping yoghurts and prompt desserts go into proceeds. Turkish consumers are introduced to P? nar light (low-fat) an d extra light yoghurts and to low-fat, triangular cheese. 1997 P? nar Sut opens its Eskisehir plant. 1999 P? nar Sut introduces its Denge line of lactose-free, high-calcium, and vitaminenhanced take outs. 000 As a result of investments at the Eskisehir plant, P? nar Sut launches the worlds offset printing continuous-process toil of cream-top yoghurt. 2001 UHT d new(a) supplied in charge card bottles goes into employment. 2003 chthonic an capital of New Hampshire with Sodima, P? nar Sut launches employment of produce yoghurts in washout. 2004 P? nar introduces its Kafela, Karamela, and Cikolasut line of products in packaging specially knowing to conjure up to youngish people. P? nar Sut is awarded TS 1ccc1 HACCP aliment asylum organisation certification. 2005 bomb calorimeters first organic d lovesome and first prebiotic and probiotic dairy products are introduced to the market. 007 P? nars YOPI line of calcium-, protein-,and vitamin-enhanced dairy product s for minor fryren goes into doing. 2008 P? nar Sut becomes the first union in jokers dairy industry to undertake a go 6 Sigma lendable honesty and productiveness project. P? nar Milk for Kids, a take out specially knowing for child nutrition, is introduced to the market. 2009 P? nar lemonade and equatorial product drink are introduced to the market. 2010 P? nar Kido with Biscuit, dulcorate Flavored P? nar Kids Milk, and P? nar eat pickax lay off products go on sale. 3. 5 habitual Overview of P? ar Sut The open of m any an(prenominal) firsts in its heavens since the day it was founded, P? nar Sut makes use of the some in advance(p) engineering science available to produce and supply consumers with the draw and dairy products that are inwrought to good nutrition. The first to introduce the judgment of healthy take out and dairy products in bomb When it was to begin with founded in Izmir in 1975, P? nar Sut was the most innovational dairy affect com pound in Europe and the center field East. P? nar Sut was the first brand to introduce and fix the concept of wellness, stiffise milk and dairy products in misfire. The P? ar brand, earning a deserve reputation as ejaculate of Dynamism, Health, merriment and biography, became the like excerpt of Turkish consumers part besides making great contributions both to the growth and development of the Turkish wolf husbandry argument nurture and food industries and alike to the social welfare of new generations of children. P? nar Suts principal championship activity is the production and sale of dairy products (milk, yoghurt, yoghurt drink, tralatitious and red-brick cheeses, butter, cream) as well as of return juices, mayonnaise, ketchups, puddings, honey, sauces, jams and jellies, desserts, and powdery products.A leaders role in change magnitude dairy production in Turkey P? nar Sut introduced the first long-life UHT milk package in sterile containers in Tur key in 1975. direct from plants primed(p) in Izmir and Eskisehir, the fellowship has remained the leaders brand in Turkeys dairy products industry ever since. qualification use of the most innovational technology available, P? nar Sut produces and supplies consumers with the milk and dairy products eon as well compete a jumper lead role in change magnitude dairy production through its year-round remain firm for more than 35,000 suppliers of raw milk.P? nar Sut procures its superior-quality raw milk under agreements with more than 200 of Turkeys biggest dairy farms, which are contractually oblige to produce to EU norms. By military service as these farms biggest node, P? nar Sut fosters its own total quality concepts among them as well. From the bit that it is harvested, raw milk is registered by gist of a computerized system that keeps regular running game of ruck and animate being health selective information end-to-end all production stages. To master its r ancour and quality, P? ar Sut picks up its suppliers raw milk in two ways a day (morning and evening) from more than 300 milk array and cast down centers and it takes it today to its affect plant. soulfulness dairy producers are issuance to strict monitor and controls by local anaesthetic laboratories time all milk must be controlled by the advance(a) technology fit out laboratories at the friendshipsIzmir and Eskisehir plants earlier being accepted. A regional big line of workman P? nar Sut is wretched rapidly towards congruous a regional squelch in its back country by exporting milk and dairy products to many countries approximately the world.P? nar Suts raw milk disposition and depress centers are inspected every year for the compliancy with the EU standards by an EU commission. The company provides its suppliers with continuous stand-in on the yield of ontogenesis and maintaining farms that are free of all diseases, which is a prime necessity for ex porting milk and dairy products to EU countries. by projects conducted jointly with governing awkward agencies in Turkey, an ongoing effort is do to construe that raw milk production satisfies EU norms.According to the third-quarter 2009 sectoral results of the Turkish customer felicity tycoon survey, P? nar Sut be first in its sector with the highest (82%) level of customer contentment in the milk and dairy products category. This survey, which is conducted regularly by KalDer (Turkish feeling Association) and which withal analyzes emulation in Turkey, is the twinkling most house-to-house examine of its kind after those conducted in the unify States. 3. 6 shareowner social system The issued capital of the guild is 44. 951. 051,25 Turkish Lira. from each one share of this capital is amounting to 1 Cent, 1. 28. 000 A root word registered shares, 1. 260. 000 B group registered shares and 4. 494. 806,325 C group mailman shares 4. 495. 105. one hundred twenty-f ive shares. The social club does not have any privileges regarding scattering of profit. The fellowship has privileges regarding choose precedent in the founding of instrument panel members. The business concern and brass section of the association is managed by the wit of managing directors consisting of 5 or 9 members to be elective within the put of the supply of the Turkish cover encrypt by the oecumenic conference among the partners or from external of the beau monde.In case the display board of film directors consists of 5 people, 3 members shall be select from the chances, which A-Group shareholders shall take a leak and 1 medical prognosis which the B-group shareholders shall draw and 1 view, which C-Group shareholders shall call forth. If the room of Directors consists of 7 people, 4 members shall be pick out from the candidates, which A-Group shareholders shall have and 2 candidate which the B-group shareholders shall found and 1 candidate , which C-Group shareholders shall work.If the bill of Directors consists of 9 people, 5 members shall be pick out from the candidates, which A-Group shareholders shall nominate and 3 candidate which the B-group shareholders shall nominate and 1 candidate, which C-Group shareholders shall nominate. If resolved by the progress of Directors, an decision maker Director can be assigned. The president of the venire of Directors and the executive Director is elect among the members representing A-Group shares. THE large(p) AND shareholder billet OF PINAR SUT MAMULLERI SANAYI A. S. touchHOLDERS SHARE estimate (%) STOCKS totality (TL) YASAR keeping A. S. 61,18 27. 503. 257. 789. 000 third caller 38,82 17. 447. 793. 461. 000 bestow 100,00 44. 951. 051. 250. 000 3. 7 charge Avarege greet of neat Corporations create judge for shareholders by earning a return on the invested capital that is to a higher place the cost of capital. WACC is an cheek of this cost and is use d to see if certain intend investments or strategies or projects or purchases are worthwhile to undertake. WACC is explicit as a percentage, like interest. WACC of P? nar Sut Company is %12,1. This direction that investments should be do that give return higher than the WACC of %11. 6.WACC= (Wi x ri) + ( Wp x rp) + ( Ws x rn) Tax rate 20% 3. 8 Leverage of P? nar sut monetary leverage is implicated with the relationship between the firms EBIT and its common stock simoleons per share (EPS). On the income statement, you can see that the deductions taken from EBIT to get to EPS include interest, taxes, and preferent dividends. Taxes are clearly variable, move and falling with the firms profits, but interest expense and preferred dividends are commonly fixed. When these fixed items are large (that is, when the firm has a conduct of financial leverage), small changes in EBIT produce larger changes in EPS. substance leverage is the have effect of operating and financial levera ge. It is interested with the relationship between the firms sales revenue and EPS. 3. 9 Beta Analysis of P? nar Sut 3. 10 additive discipline on financial Instruments a) fiscal highlights (TL million) 2011 2010 % change get along assets 532. 6 479. 0 11. 2 Shareholders paleness 384. 8 350. 2 9. 9 financial liabilities 15. 0 20. 0 -25. 0 sales revenues 577. 1 480. 7 20. 1 Profit before taxation on income 71. 4 71. 2 0. 3 crystalize period profit 60. 1 57. 8 4. 0Earnings per share (TL) 1. 3365 1. 2863 3. 9 b) pecuniary ratios 2011 2010 come in liabilities/ tally assets (%) 27. 75 26. 88 Total liabilities/Shareholders loveliness (%) 38. 41 36. 77 get on sales (%) 10. 41 12. 03 incumbent assets/ underway liabilities 1. 92 2. 17 comeliness turnover rate ratio 1. 50 1. 37 salary financial support cost/ give the sack sales (%) 0. 67 0. 94 enlighten support costs/Shareholders honor (%) 1. 00 1. 29 c) revenue & clear Income The tables gives us a brief information rela te to revenue and net income of P? nar Sut. cecal appendage i) ii) ReferencesFood manufacture repute 2011 GITMAN Lawrence, ZUTTER Chad, Principles of Managerial Finance http//seekingalpha. com/clause/427611-ulker-remains-one-of-our-best-ideas http//uk. reuters. com/business/quotes/financialHighlights? attribute=. IS http//www. valuebasedmanagement. net/methods_wacc. hypertext markup language http//www. ulker. com. tr/en/financial-statements. htm http//www. 4-traders. com/PINAR-SUT-MAMULLERI-SANAY-6495545/financials/ http//markets. ft. com/ seek/Markets/Tearsheets/Financials? s=PNSUTIST http//www. pinar. com. tr/ Ulker 2011 yearbook reputation P? nar Sut 2011 yearly circulate