MIRA INFORM REPORT

 

 

Report Date :           

04.10.2011

 

IDENTIFICATION DETAILS

 

Name :

ULKER BISKUVI SANAYI A.S.

 

 

Registered Office :

Davutpasa Cad., No:10, Topkapi, Zeytinburnu, Istanbul, 34015

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2010

 

 

Year of Establishment :

1944

 

 

Legal Form :

Public Subsidiary Company

 

 

Line of Business :

food Processing

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually Correct 

 

 

Litigation :

Clear

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

 

ECGC Country Risk Classification List – March 31st, 2011

 

Country Name

Previous Rating

                   (31.12.2010)                  

Current Rating

(31.03.2011)

Turkey

b1

b1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Company name & address 

 

Ulker Biskuvi Sanayi A.S.

Davutpasa Cad.

No:10

Topkapi, Zeytinburnu

Istanbul, 34015

Turkey

Tel:       90-212-5676800

Fax:      90-212-6139090

Web:    www.ulkerbiskuvi.com.tr

 

           

Synthesis

 

Employees:                  4,928

Company Type:            Public Subsidiary

Corporate Family:          240 Companies

Ultimate Parent:             Yildiz Holding AS

Traded:                         Istanbul Stock Exchange:           ULKER

Incorporation Date:         1944

Auditor:                        DRT Bagimsiz Denetim ve Serbest Muhasebeci Mali Musavirlik    

Financials in:                 USD (Millions)

Fiscal Year End:            31-Dec-2010

Reporting Currency:       New Turkish Lira

Annual Sales:                1,010.6  1

Net Income:                   122.6

Total Assets:                1,875.2  2

Market Value:                774.9

(23-Sep-2011)

 

 

Business Description     

 

Ulker Biskuvi Sanayi A.S. (Ulker), formerly Ulker Gida Sanayi ve Ticaret A.S., is a Turkey-based food manufacturer, specializing in cookies, crackers, chocolate covered cookies and wafers. It offers products under such brands as Biskrem, Clip, Cizi, Hanimeller, Halley, Ikram, Rondo, Alpella, Haylayf, Canpare, Tempo, Hasat and Altinbasak. In addition to Turkey, the Company has production facilities in Algeria, Saudi Arabia, Ukraine, Romania and Kazakhstan. Its subsidiaries include Ideal Gida Sanayi ve Ticaret A.S., Biskot Biskuvi Gida Sanayi ve Ticaret A.S., Istanbul Gida Dis Ticaret A.S., Atlas Gida Pazarlama Sanayi ve Ticaret A.S., Birlesik Dis Ticaret A.S. and Birlik Pazarlama Sanayi ve Ticaret A.S. For the six months ended 30 June 2011, Ulker Biskuvi Sanayi A.S. Anonim Sirketi's total sales decreased 9% to TRY737.4M. Net income for the period increased from TRY59.9M to TRY604.8M. Total sale reflects decreased demand for the Company's products and services. Net income benefited from decreased selling and marketing expenses as well as significantly decreased general and administration expenses.

Industry

Industry            Food Processing

ANZSIC 2006:    1173 - Biscuit Manufacturing (Factory based)

NACE 2002:      1582 - Manufacture of rusks and biscuits; manufacture of preserved pastry goods and cakes

NAICS 2002:     311821 - Cookie and Cracker Manufacturing

UK SIC 2003:    1582 - Manufacture of rusks and biscuits; manufacture of preserved pastry goods and cakes

US SIC 1987:    2052 - Cookies and Crackers

 

           

Key Executives   

 

Name

Title

Sener Astan

Group Vice President - Bakery Products

Ilhan Turan Usta

Financial Affairs Director

Yasar Yazgan

Quality, Health and Research & Development Manager

Sadettin Atilla

Ankara Factory Manager

Selim Celebi

Human Resources Manager

 

 

Significant Developments

 

Topic

#*

Most Recent Headline

Date

Mergers & Acquisitions

3

Ulker Biskuvi Sanayi A.S. Acquires 91.67% Stake In Ulker Cikolata San. A.S.

26-Aug-2011

Divestitures / Spin-offs

3

Ulker Biskuvi Sanayi A.S. Sells Its Stake In PNS Pendik Nisasta A.S., Besler Gida ve Kimya Sanayi ve Tic. A.S. and Saglam GYO A.S.

24-Jun-2011

Equity Investments

1

Ulker Biskuvi Sanayi A.S. Completes Sale of G New Inc and Godiva Belgium BVBA Shares

23-Sep-2011

Dividends

1

Ulker Biskuvi Sanayi A.S. Announces Dividend Payment For FY 2010

20-Apr-2011

 

 

 

* number of significant developments within the last 12 months     

             

 

 

News

 

Title

Date

Yildiz Holding Increases Participation in Investor Conferences
Investment Weekly News (438 Words)

8-Jun-2011

 

 



Financial Summary

             

 

As of 30-Jun-2011

Key Ratios

Company

Industry

Current Ratio (MRQ)

2.41

1.53

Quick Ratio (MRQ)

2.27

0.78

Debt to Equity (MRQ)

0.56

1.14

Sales 5 Year Growth

2.31

6.97

Net Profit Margin (TTM) %

52.10

7.06

Return on Assets (TTM) %

26.60

7.05

Return on Equity (TTM) %

51.94

21.45


Stock Snapshot    

 

 

Traded: Istanbul Stock Exchange: ULKER

 

As of 23-Sep-2011

   Financials in: TRY

Recent Price

5.30

 

EPS

0.71

52 Week High

6.26

 

Price/Sales

0.93

52 Week Low

4.22

 

Dividend Rate

0.05

Avg. Volume (mil)

0.57

 

Price/Earnings

2.08

Market Value (mil)

1,423.58

 

Price/Book

0.98

 

 

 

Beta

0.87

 

Price % Change

Rel S&P 500%

4 Week

-0.38%

-5.01%

13 Week

-5.36%

4.30%

52 Week

23.21%

40.43%

Year to Date

-2.77%

13.95%

 

 

1 - Profit & Loss Item Exchange Rate: USD 1 = TRY 1.507473

2 - Balance Sheet Item Exchange Rate: USD 1 = TRY 1.539

 

Corporate Overview

 

Location

Davutpasa Cad.

No:10

Topkapi, Zeytinburnu

Istanbul, 34015

Turkey

Tel:       90-212-5676800

Fax:      90-212-6139090

Web:    www.ulkerbiskuvi.com.tr

           

Quote Symbol - Exchange

ULKER - Istanbul Stock Exchange

Sales TRY(mil):             1,523.5

Assets TRY(mil):           2,885.9

Employees:                   4,928

Fiscal Year End:            31-Dec-2010

Industry:                        Food Processing

Incorporation Date:         1944

Company Type:             Public Subsidiary

Quoted Status:              Quoted

Previous Name:             Ãœlker Gida San ve Tic AS

Chairman of the Board:   Murat Ulker

 

Company Web Links

·         Company Contact/E-mail

·         Corporate History/Profile

·         Employment Opportunities

·         Executives

·         Financial Information

·         Home Page

·         Investor Relations

·         News Releases

·         Products/Services

 

Contents

·         Industry Codes

·         Business Description

·         Brand/Trade Names

·         Financial Data

·         Market Data

·         Shareholders

·         Key Corporate Relationships

 

 

Industry Codes

 

ANZSIC 2006 Codes:

1173     -          Biscuit Manufacturing (Factory based)

 

NACE 2002 Codes:

1582     -          Manufacture of rusks and biscuits; manufacture of preserved pastry goods and cakes

 

NAICS 2002 Codes:

311821  -          Cookie and Cracker Manufacturing

 

US SIC 1987:

2052     -          Cookies and Crackers

 

UK SIC 2003:

1582     -          Manufacture of rusks and biscuits; manufacture of preserved pastry goods and cakes

 

Business Description

Ulker Biskuvi Sanayi A.S. (Ulker), formerly Ulker Gida Sanayi ve Ticaret A.S., is a Turkey-based food manufacturer, specializing in cookies, crackers, chocolate covered cookies and wafers. It offers products under such brands as Biskrem, Clip, Cizi, Hanimeller, Halley, Ikram, Rondo, Alpella, Haylayf, Canpare, Tempo, Hasat and Altinbasak. In addition to Turkey, the Company has production facilities in Algeria, Saudi Arabia, Ukraine, Romania and Kazakhstan. Its subsidiaries include Ideal Gida Sanayi ve Ticaret A.S., Biskot Biskuvi Gida Sanayi ve Ticaret A.S., Istanbul Gida Dis Ticaret A.S., Atlas Gida Pazarlama Sanayi ve Ticaret A.S., Birlesik Dis Ticaret A.S. and Birlik Pazarlama Sanayi ve Ticaret A.S. For the six months ended 30 June 2011, Ulker Biskuvi Sanayi A.S. Anonim Sirketi's total sales decreased 9% to TRY737.4M. Net income for the period increased from TRY59.9M to TRY604.8M. Total sale reflects decreased demand for the Company's products and services. Net income benefited from decreased selling and marketing expenses as well as significantly decreased general and administration expenses.

 

More Business Descriptions

Production of chocolates, biscuits, sweets, gums and cakes

 

Brand/Trade Names

ULKER

 

Financial Data

Financials in:

TRY(mil)

 

Sale:

1,523.5

Net Income:

184.8

Assets:

2,885.9

Long Term Debt:

508.0

 

Total Liabilities:

1,427.0

 

Working Capital:

0.2

 

 

 

Date of Financial Data:

31-Dec-2010

 

1 Year Growth

1.1%

79.6%

5.7%

 

Market Data

Quote Symbol:

ULKER

Exchange:

Istanbul Stock Exchange

Currency:

TRY

Stock Price:

5.3

Stock Price Date:

09-23-2011

52 Week Price Change %:

23.2

Market Value (mil):

1,423,580.0

 

SEDOL:

B03MYX3

ISIN:

TREULKR00015

 

Equity and Dept Distribution:

12/2005, Scrip Issue, 1 new share for every 100 share held. 08/2007, Company Name change from Ulker Gida Sanayi ve Ticaret A.S. 12/2007, Scrip Issue, 0.114 new share for every one share held.

 

 

Shareholders

 

 

Major Shareholders

Yildiz Holding AS (42.09%); Dynamic Growth Fund (26.57%)

 

 

 

Key Corporate Relationships

Auditor:

DRT Bagimsiz Denetim ve Serbest Muhasebeci Mali Musavirlik

 

Auditor:

DRT Bagimsiz Denetim ve Serbest Muhasebeci Mali Musavirlik

 

 

 

 

 

 

 

 

Corporate Family

Corporate Structure News:

 

Yildiz Holding AS
Ulker Biskuvi Sanayi A.S.

Total Corporate Family Members: 240 
Excluded Small Branches and/or Trading Addresses: 229 (Available via export) 

 

 

Company Name

Company Type

Location

Country

Industry

Sales
(USD mil)

Employees

 

Yildiz Holding AS

Parent

Istanbul

Turkey

Miscellaneous Financial Services

10,900.0

29,500

 

Ulker Biskuvi Sanayi A.S.

Subsidiary

Istanbul

Turkey

Food Processing

1,010.6

4,928

 

Godiva Chocolatier, Inc.

Subsidiary

New York, NY

United States

Food Processing

875.0

500

 

Godiva Belgium

Subsidiary

Bruxelles

Belgium

Food Processing

78.6

300

 

Moka General Trading

Subsidiary

Dubai

United Arab Emirates

Food Processing

 

100

 

Godiva Chocolatier

Branch

Reading, PA

United States

Retail (Grocery)

35.7

300

 

Godiva U.K. Ltd.

Subsidiary

London

United Kingdom

Retail (Grocery)

6.1

50

 

Godiva Chocolatier

Branch

Costa Mesa, CA

United States

Retail (Grocery)

4.2

35

 

Kerevitas Gida Sanayi ve Ticaret A.S.

Subsidiary

Istanbul

Turkey

Food Processing

117.7

1,199

 

Datateknik Bilgisayar Sistemleri Ticaret ve Sanayi AS

Subsidiary

Istanbul

Turkey

Software and Programming

 

300

 

FFK Fon Finansal Kiralama A.S.

Subsidiary

Istanbul

Turkey

Rental and Leasing

14.6

15

 

 

 

Executive report

 

Board of Directors

 

Name

Title

Function

 

Murat Ulker

 

Chairman of the Board

Chairman

 

Reuters Biography (Ulker Biskuvi Sanayi A.S.)

Mr. Murat Ulker has been performing as Chairman of the Board of Directors of Ulker Biskuvi Sanayi A.S. since May 22, 2006. He was elected Board Member of the Company on June 29, 2004, and was appointed as Vice Chairman of the Board in December 2004. He began his professional career in 1982, paicipating in a variety of professional training courses overseas, including AIB and ZDS. Upon completion of these courses, he interned at Continental Baking in the United States. He then spent two years touring more than 60 American and European cookie, chocolate and food plants and facilities, as well as paicipating in several IESC projects. He first took up his responsibilities at Ulker Group in 1984, working as Control Coordinator. Following that, he served as Assistant General Manager of Operations, and then as General Manager before becoming Member of the Executive Board and Board Member of several group companies. Mr. Ulker was elected as Chairman of the Board of Yildiz Holding in 2000. Mr. Ulker graduated from the Administrative Sciences Faculty of Bogazici Universitesi with a degree in Business Administration.



Management, Bogazici Universitesi

Orhan Ozokur

 

Vice Chairman of the Board

Vice-Chairman

 

 

Reuters Biography (Ulker Biskuvi Sanayi A.S.)

Mr. Orhan Ozokur has been performing as Vice Chairman of Ulker Biskuvi Sanayi A.S. since May 22, 2006. He was elected as Member of the Board of the Company on June 29, 2004. He joined Ulker Group in 1973, as Trade Manager. He served as Chairman or Board Member of several group companies throughout his career. In 2000, he was appointed as Vice Chairman of the Board of Yildiz Holding. Mr. Ozokur graduated from Sisli Iktisadi ve Ticari Ilimler Akademisi Depament of Economics.



Economics, Sisli Iktisadi ve Ticari ilimler Akademisi

Ali Ulker

 

Vice Chairman of the Board

Vice-Chairman

 

 

Reuters Biography (Ulker Biskuvi Sanayi A.S.)

Mr. Ali Ulker is performing as Vice Chairman of the Board of Ulker Biskuvi Sanayi A.S. He has been Board Member of the Company since December 8, 2005. He was appointed as General Manager of the Company on March 31, 2005, and resigned from his General Manager post on August 1, 2006. His career within the Ulker Group began in 1985, as an intern in the Quality Control Depament. Between 1986 and 1998, he continued his internship and management training rotating through chocolate production and various roles within Atlas Gida Pazarlama A.S., including Sales Director, Sales Coordinator, Product Group Coordinator and Product Group Manager. In 1998, Mr. Ulker was appointed as General Manager of Atlas Gida Pazarlama A.S., and in 2000 he became Group President reponsible for Marketing and Chain Store Consumers. In 2001, he took over General Manager post of Merkez Gida Pazarlama A.S. In 2002, he became Vice President of the Food Division. Mr. Ulker also actively paicipated in the Kaizen project implementation led by the De Boccard & York Consulting Company in 1992, as well as the Sales System Development and Organizational Restructuring project led by IESC in 1997. Mr. Ulker was appointed as President of the Ulker Division (Cookies, Chocolate and Confections) in 2005. He graduated from Bogazici Universitesi with a degree in Economics and Business Administration. He also paicipated in various educational programs in IMD, Harvard and Whaon Business schools.



Economics and Business Administration, Bogazici Universitesi

Mahmut Mahir Kusculu

 

Independent Member of the Board

Director/Board Member

 

 

Reuters Biography (Ulker Biskuvi Sanayi A.S.)

Mr. Mahmut Mahir Kusculu has been performing as Independent Member of the Board of Ulker Biskuvi Sanayi A.S. since April 25, 2006. He also acts as Chairman of the Audit Committee of the Company. He held various managerial posts and Board memberships in his family-owned companies, Tamcam A.S. and Arsal Cam Sanayii, from 1970. He established Kutas Dis Ticaret ve Pazarlama A.S. in 1982, and Erdem Dis Ticaret A.S. in 1985. He has been active in the Occupation Committee of Istanbul Ticaret Odasi and Istanbul Sanayi Odasi for 20 years. He has also been acting as Member of Istanbul Sanayi Odasi for 13 years. Mr. Kusculu went to Istanbul Erkek Lisesi during his high school education. He graduated from the Economics Faculty of Istanbul Universitesi, and received his Masters degree in Marketing from the United States.



, Istanbul Universitesi

Guven Obali

 

Independent Member of the Board

Director/Board Member

 

 

Reuters Biography (Ulker Biskuvi Sanayi A.S.)

Mr. Guven Obali has been serving as Independent Member of the Board of Ulker Biskuvi Sanayi A.S. since May 27, 2008. He also acts as Member of the Audit Committee of the Company. He staed his career as Assistant Accounts Specialist at the Ministry of Finance in 1964, and became Accounts Specialist in 1967. In 1971, he was sent to Germany to practice tax law. Mr. Obali joined Turkiye Sinai Kalkinma Bankasi (TSKB) in 1975 as Finance Analyst, and held several managerial positions thereafter. During his term in TSKB, he performed as Member of the Board of Directors and Audit Board of Sise Cam Grubu, Koruma Tarim Ilaclari A.S., Celik Halat A.S. and Bakirsan A.S., representing the company. Upon retiring from TSKB in 1994, he founded ABC Yeminli Mali Musavir Sirketi, and performed as Ceified Accountant until 2004. Currently, he is Member of the Audit Board of Kuveyt Turk Katilim Bankasi, and Board Member of Ulker Cikolata A.S., Atlas Gida Pazarlama A.S., Atlantik Gida Pazarlama A.S., Bizim Toplu Tuketim A.S. and Saglam Gayrimenkul Yatirim Oakligi A.S. He is honorary member of several associations and foundations. Mr. Obali graduated from Ankara Yildirim Beyazit Oaokulu in 1957, from Ankara Gazi Lisesi in 1960, and received his degree in Finance and Economics from the Political Sciences Faculty of Ankara Universitesi in 1964.



Finance and Economics, Ankara Universitesi

Ahmet Ozokur

 

Member of the Board

Director/Board Member

 

 

Cengiz Solakoglu

 

Independent Member of the Board

Director/Board Member

 

 

Reuters Biography (Ulker Biskuvi Sanayi A.S.)

Mr. Cengiz Solakoglu has been performing as Independent Member of the Board of Ulker Biskuvi Sanayi A.S. since April 25, 2006, and also as Chairman of the Governance Committee since August 5, 2008. He began his career as Sales Representative in Beko Ticaret A.S., and later was appointed as Regional Sales Manager in 1969; General Sales Manager in 1975, and General Manager in 1977. Mr. Solakoglu joined Koc Group in 1983, as General Manager of Atilim Sirketi, and served in this post for eight years. He was appointed as Vice President of the Koc Holding Consumption Group in 1991, and served as Member of the Executive Board of the group between 1996 and 1998. He became President of the Koc Holding Consumption Group in 2002. After working in Koc Group for 37 years, Mr. Solakoglu retired from the group at the age of 60. He is one of the founders of 1907 Fenerbahce Dernegi ve Egitim Gonulluleri Vakfi. He was awarded Leader of Civil Society by the Ekonomist magazine in 2003. Mr. Solakoglu graduated from Istanbul Iktisadi Ticari Ilimler Akademisi, currently known as Marmara Universitesi, in 1964.



, Marmara Universitesi

Alain Strasser

 

Independent Member of the Board

Director/Board Member

 

 

Reuters Biography (Ulker Biskuvi Sanayi A.S.)

Mr. Alain Strasser is performing as Independent Board Member of Ulker Biskuvi Sanayi AS. He gained a degree in Mathematics and Philosophy in 1964 and received Masters degrees on Management in 1968 and on Economics in 1970 from E.S.C. Paris (Ecole Superieure de Commerce de Paris). He taught in Dakar University and staed his career in the private sector in 1972 in Unilever and performed in sales and marketing depaments. He joined Tambrands in 1982 and performed as French Sales and Marketing Director (1982-1983), as France General Manager (1983-1987), as England General Manager (1987-1989), as Europe Group Vice President (1990-1993) and as International President (1993-1994). He was appointed as Europe President of Campbell Soup in 1994. He was also the President of Delacre Biskuvi and Liebig Soup until 1998. Between 1998 and 2007, he worked in Aal Group (Belgium) Harry's SAS as CEO. He joined Ulker Group in January 2008 as International Operations Group President. He serves as Board Member in SSL (London), Mood Media and Benedicta (Galapagos), Alpina (France) and Mankattan (China).



M Economics, Ecole Superieure de Commerce de Paris
M Management, Ecole Superieure de Commerce de Paris

Mehmet Tutuncu

 

Member of the Board

Director/Board Member

 

 

 

Executives

 

Name

Title

Function

 

Sener Astan

 

Group Vice President - Bakery Products

Division Head Executive

 

Irfan Demiryol

 

General Manager

Division Head Executive

 

Reuters Biography (Ulker Biskuvi Sanayi A.S.)

Dr. Irfan Demiryol is performing as General Manager of Ulker Biskuvi Sanayi AS. He staed his career at Oyak Group company, Tukas Sut Fabrikasi as a Quality Control and R&D Manager. He joined Ulker Group in 2006.

Ilhan Turan Usta

 

Financial Affairs Director

Finance Executive

 

 

Reuters Biography (Ulker Biskuvi Sanayi A.S.)

Mr. Ilhan Turan Usta performs as Financial Affairs Director of Ulker Biskuvi Sanayi A.S. He staed his career at the Ministry of Finance in 1993, and joined Ulker Group in 1997 as Auditor.

Selim Celebi

 

Human Resources Manager

Human Resources Executive

 

 

Hafize Nuac Ziyal

 

Shareholder Relations Unit Manager

Investor Relations Executive

 

 

Yasar Yazgan

 

Quality, Health and Research & Development Manager

Research & Development Executive

 

 

Sadettin Atilla

 

Ankara Factory Manager

Manufacturing Executive

 

 

Halil Murat Yilmaz

 

Istanbul Plant Manager

Manufacturing Executive

 

 

Reuters Biography (Ulker Biskuvi Sanayi A.S.)

Mr. Halil Murat Yilmaz serves as Istanbul Plant Manager of Ulker Biskuvi A.S. He began his career at Filiz Makarna in 1992, and joined Ulker Group in 1996.

 

 

Significant Developments

 

Ulker Biskuvi Sanayi A.S. Completes Sale of G New Inc and Godiva Belgium BVBA Shares Sep 23, 2011

 

Ulker Biskuvi Sanayi A.S. announced that it has completed the sale of 6% stake in G New Inc and Godiva Belgium BVBA.

 

Ulker Biskuvi Sanayi A.S. Acquires 91.67% Stake In Ulker Cikolata San. A.S. Aug 26, 2011

 

Ulker Biskuvi Sanayi A.S. announced that it has acquired 91.67% stake in Ulker Cikolata San. A.S. from Yildiz Holding A.S. and Dynamic Growth Fund for TRY 850 million.

 

Ulker Biskuvi Sanayi A.S. Subsidiary To Take Over AGS Anadolu Gida San. A.S. Aug 26, 2011

 

Ulker Biskuvi Sanayi A.S. announced that its subsidiary, Biskot Biskuvi Gida San. ve Tic. A.S., will take over AGS Anadolu Gida San. A.S. and the two companies will merge under the former's name.

 

Ulker Biskuvi Sanayi A.S. Sells Its Stake In PNS Pendik Nisasta A.S., Besler Gida ve Kimya Sanayi ve Tic. A.S.

and Saglam GYO A.S. Jun 24, 2011

 

Ulker Biskuvi Sanayi A.S. announced that it has sold its 7% stake in Besler Gida ve Kimya Sanayi ve Tic. A.S. for TRY 23,200,000; its 23% stake in PNS Pendik Nisasta A.S. for TRY 24,850,000, and its 10.71% stake in Saglam GYO A.S. for TRY 5,400,000, to Yildiz Holding A.S. With these transactions, the Company does not have any stake in these companies.

 

Ulker Biskuvi Sanayi A.S. Subsidiary Sells Stake In Hero Gida San. ve Tic. A.S. Jun 24, 2011

 

Ulker Biskuvi Sanayi A.S. announced that its subsidiary, Birlik Pazarlama San. ve Tic. A.S., has sold its 40% stake in Hero Gida San. ve Tic. A.S. to Yildiz Holding A.S. for TRY 14,800,000.

 

Ulker Biskuvi Sanayi A.S. To Sell Its Stake In BIM Birlesik Magazalar A.S. Apr 21, 2011

 

Ulker Biskuvi Sanayi A.S. announced that it will sell its 10.05% stake in BIM Birlesik Magazalar A.S. for TRY 774,462,255 to its Group companies and other market participants. The Company will not have any stake in BIM Birlesik Magazalar A.S. with this sale.

 

Ulker Biskuvi Sanayi A.S. Announces Dividend Payment For FY 2010 Apr 20, 2011

 

Ulker Biskuvi Sanayi A.S. announced that it will distribute a total of gross TRY 17,966,877.78, equivalent to gross TRY 0.051689 per share and net TRY 0.043935 per share, as cash dividends for the fiscal year 2010. The proposed distribution date is May 27, 2011.

 


Ulker Biskuvi Sanayi A.S. Purchases New Facility Dec 31, 2010

 

Ulker Biskuvi Sanayi A.S. announced that it has acquired a production facility from its subsidiary, Fresh Cake Gida Sanayi ve Ticaret A.S. in Esenyurt, Istanbul. The facility is acquired at a price of TRY 33,615,000.

 

 

Annual Income Statement

 

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)           

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
31-Dec-2010

Reclassified Normal 
31-Dec-2010

Reclassified Normal 
31-Dec-2009

Restated Normal 
31-Dec-2008

Restated Normal 
31-Dec-2007

Filed Currency

TRY

TRY

TRY

TRY

TRY

Exchange Rate (Period Average)

1.507473

1.553646

1.304493

1.305796

1.436808

Auditor

DRT Bagimsiz Denetim ve Serbest Muhasebeci Mali Musavirlik

DRT Bagimsiz Denetim ve Serbest Muhasebeci Mali Musavirlik

DRT Denetim Revizyon Tasdik

DRT Denetim Revizyon Tasdik

RSM International

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Net Sales

-

-

-

-

108.0

    Gross Sale

1,281.1

1,261.5

1,395.9

1,328.1

1,608.6

    Sales Returns and Allowances

-270.4

-291.9

-313.3

-249.2

-375.1

Sale

1,010.6

969.6

1,082.5

1,078.9

1,341.4

Total Sale

1,010.6

969.6

1,082.5

1,078.9

1,341.4

 

 

 

 

 

 

    Cost of Sale

791.6

725.9

847.7

843.7

1,072.6

Cost of Sale, Total

791.6

725.9

847.7

843.7

1,072.6

Gross Profit

219.0

243.7

234.8

235.3

268.8

 

 

 

 

 

 

    Selling/General/Administrative Expense

191.8

170.5

179.4

177.9

203.7

Total Selling/General/Administrative Expenses

191.8

170.5

179.4

177.9

203.7

Research & Development

0.7

0.7

0.7

0.8

0.7

Total Operating Expense

984.1

897.1

1,027.8

1,022.4

1,277.1

 

 

 

 

 

 

Operating Income

26.5

72.5

54.7

56.6

64.4

 

 

 

 

 

 

        Interest Expense - Non-Operating

-

-

-

-15.4

-17.7

    Interest Expense, Net Non-Operating

-

-

-

-15.4

-17.7

        Interest Income - Non-Operating

-

-

-

23.7

-

        Investment Income - Non-Operating

-9.1

-2.2

-11.4

3.3

-

    Interest/Investment Income - Non-Operating

-9.1

-2.2

-11.4

27.1

-

Interest Income (Expense) - Net Non-Operating Total

-9.1

-2.2

-11.4

11.6

-17.7

Gain (Loss) on Sale of Assets

-4.7

1.2

-

-

-

    Other Non-Operating Income (Expense)

135.8

22.0

-25.1

44.7

16.0

Other, Net

135.8

22.0

-25.1

44.7

16.0

Income Before Tax

148.4

93.5

18.2

112.9

62.7

 

 

 

 

 

 

Total Income Tax

21.4

16.4

3.4

18.3

0.1

Income After Tax

127.0

77.1

14.8

94.6

62.6

 

 

 

 

 

 

    Minority Interest

-4.4

-10.9

-2.8

-5.7

-0.6

Net Income Before Extraord Items

122.6

66.2

12.0

88.9

62.1

Net Income

122.6

66.2

12.0

88.9

62.1

 

 

 

 

 

 

Income Available to Common Excl Extraord Items

122.6

66.2

12.0

88.9

62.1

 

 

 

 

 

 

Income Available to Common Incl Extraord Items

122.6

66.2

12.0

88.9

62.1

 

 

 

 

 

 

Basic/Primary Weighted Average Shares

268.6

268.6

268.6

268.6

268.6

Basic EPS Excl Extraord Items

0.46

0.25

0.04

0.33

0.23

Basic/Primary EPS Incl Extraord Items

0.46

0.25

0.04

0.33

0.23

Diluted Net Income

122.6

66.2

12.0

88.9

62.1

Diluted Weighted Average Shares

268.6

268.6

268.6

268.6

268.6

Diluted EPS Excl Extraord Items

0.46

0.25

0.04

0.33

0.23

Diluted EPS Incl Extraord Items

0.46

0.25

0.04

0.33

0.23

Dividends per Share - Common Stock Primary Issue

0.03

0.03

0.01

0.07

0.06

Gross Dividends - Common Stock

9.2

7.0

2.3

18.6

16.8

Interest Expense, Supplemental

-

-

-

15.4

17.5

Depreciation, Supplemental

17.5

18.6

16.7

18.5

18.0

Total Special Items

4.7

-1.2

7.1

3.6

-

Normalized Income Before Tax

153.2

92.3

25.3

116.4

62.7

 

 

 

 

 

 

Effect of Special Items on Income Taxes

0.7

-0.2

1.3

0.6

-

Inc Tax Ex Impact of Sp Items

22.1

16.2

4.7

18.9

0.1

Normalized Income After Tax

131.0

76.1

20.6

97.6

62.6

 

 

 

 

 

 

Normalized Inc. Avail to Com.

126.7

65.2

17.8

91.9

62.1

 

 

 

 

 

 

Basic Normalized EPS

0.47

0.24

0.07

0.34

0.23

Diluted Normalized EPS

0.47

0.24

0.07

0.34

0.23

Amort of Intangibles, Supplemental

0.3

1.3

1.3

1.5

2.0

Research & Development Exp, Supplemental

0.7

0.7

0.7

0.8

0.7

Normalized EBIT

26.5

72.5

61.8

60.1

64.4

Normalized EBITDA

44.3

92.4

79.8

80.1

84.4

    Current Tax - Domestic

24.8

17.0

3.2

23.9

19.8

Current Tax - Total

24.8

17.0

3.2

23.9

19.8

    Deferred Tax - Domestic

-3.4

-0.6

0.3

-5.6

-19.7

Deferred Tax - Total

-3.4

-0.6

0.3

-5.6

-19.7

Income Tax - Total

21.4

16.4

3.4

18.3

0.1

Interest Cost - Post-Retirement

0.2

0.2

0.2

0.2

-

Service Cost - Post-Retirement

2.5

1.9

1.7

0.1

-

Actuarial Gains and Losses - Post-Retir.

0.1

0.5

-0.2

0.0

-

Post-Retirement Plan Expense

2.7

2.7

1.6

0.3

-

Total Pension Expense

2.7

2.7

1.6

0.3

-

Discount Rate - Domestic

4.66%

5.92%

6.26%

5.71%

5.71%

Total Plan Interest Cost

0.2

0.2

0.2

0.2

-

Total Plan Service Cost

2.5

1.9

1.7

0.1

-

 

 

 

Annual Balance Sheet

 

Financials in: USD (mil)

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

UpdateType/Date

Updated Normal 
31-Dec-2010

Updated Normal 
31-Dec-2009

Restated Normal 
31-Dec-2009

Restated Normal 
31-Dec-2008

Restated Normal 
31-Dec-2007

Filed Currency

TRY

TRY

TRY

TRY

TRY

Exchange Rate

1.539

1.49895

1.5435

1.17225

1.4165

Auditor

DRT Bagimsiz Denetim ve Serbest Muhasebeci Mali Musavirlik

DRT Bagimsiz Denetim ve Serbest Muhasebeci Mali Musavirlik

DRT Denetim Revizyon Tasdik

DRT Denetim Revizyon Tasdik

RSM International

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Cash & Equivalents

400.6

186.4

99.9

29.8

19.7

    Short Term Investments

1.8

0.6

0.5

0.9

0.4

Cash and Short Term Investments

402.4

187.0

100.4

30.7

20.0

        Accounts Receivable - Trade, Gross

342.2

599.0

445.6

361.3

101.6

        Provision for Doubtful Accounts

-1.9

-2.0

-6.0

-6.9

-8.1

    Trade Accounts Receivable - Net

434.3

667.7

497.5

437.4

296.9

    Other Receivables

19.2

9.7

10.0

3.6

1.7

Total Receivables, Net

453.5

677.4

507.5

440.9

298.7

    Inventories - Finished Goods

27.7

34.6

35.0

29.3

24.5

    Inventories - Work In Progress

1.6

1.2

1.0

1.3

0.2

    Inventories - Raw Materials

61.3

70.5

55.0

62.9

32.4

    Inventories - Other

0.9

0.9

0.2

4.3

6.7

Total Inventory

91.6

107.2

91.2

97.8

63.8

    Other Current Assets

34.7

20.1

27.6

26.2

5.4

Other Current Assets, Total

34.7

20.1

27.6

26.2

5.4

Total Current Assets

982.3

991.7

726.6

595.7

387.8

 

 

 

 

 

 

        Buildings

110.9

129.3

111.0

135.3

116.5

        Land/Improvements

6.5

6.6

6.4

7.7

6.3

        Machinery/Equipment

260.6

235.7

208.4

270.7

210.5

        Construction in Progress

1.1

0.3

12.2

11.6

1.4

        Other Property/Plant/Equipment

12.6

12.4

12.0

15.4

18.3

    Property/Plant/Equipment - Gross

391.7

384.3

349.9

440.7

353.0

    Accumulated Depreciation

-196.4

-189.1

-165.4

-207.2

-157.4

Property/Plant/Equipment - Net

195.2

195.2

184.6

233.5

195.6

Goodwill, Net

1.0

1.0

1.0

1.3

-

Intangibles, Net

0.4

3.9

1.0

2.0

2.4

    LT Investment - Affiliate Companies

684.7

622.6

393.4

337.4

148.4

Long Term Investments

684.7

622.6

393.4

337.4

148.4

Note Receivable - Long Term

0.2

0.6

0.2

0.1

0.0

    Deferred Income Tax - Long Term Asset

5.0

0.7

4.5

5.4

0.9

    Other Long Term Assets

6.4

5.2

6.6

8.3

-

Other Long Term Assets, Total

11.4

5.9

11.1

13.7

0.9

Total Assets

1,875.2

1,820.9

1,317.9

1,183.7

735.1

 

 

 

 

 

 

Accounts Payable

171.9

286.5

189.3

228.4

98.8

Notes Payable/Short Term Debt

294.4

359.8

311.6

197.7

110.2

Current Portion - Long Term Debt/Capital Leases

3.1

6.0

2.3

-

21.6

    Customer Advances

-

-

-

-

3.8

    Income Taxes Payable

12.9

5.1

0.0

4.0

-

    Other Payables

19.7

166.7

70.3

8.2

-

    Other Current Liabilities

12.5

12.4

10.2

9.8

15.9

Other Current liabilities, Total

45.1

184.1

80.4

22.0

19.7

Total Current Liabilities

514.4

836.4

583.6

448.2

250.3

 

 

 

 

 

 

    Long Term Debt

328.1

159.0

218.8

56.1

54.6

    Capital Lease Obligations

2.0

2.1

4.4

-

1.0

Total Long Term Debt

330.1

161.1

223.2

56.1

55.5

Total Debt

627.5

526.9

537.1

253.9

187.3

 

 

 

 

 

 

    Deferred Income Tax - LT Liability

32.2

27.3

18.8

25.1

16.7

Deferred Income Tax

32.2

27.3

18.8

25.1

16.7

Minority Interest

44.4

41.0

30.9

37.6

27.5

    Pension Benefits - Underfunded

5.5

4.1

2.5

3.1

3.8

    Other Long Term Liabilities

0.7

-

-

2.6

2.2

Other Liabilities, Total

6.2

4.1

2.5

5.8

6.0

Total Liabilities

927.2

1,069.9

859.0

572.8

356.0

 

 

 

 

 

 

    Common Stock

174.5

179.2

174.0

229.1

170.2

Common Stock

174.5

179.2

174.0

229.1

170.2

Retained Earnings (Accumulated Deficit)

773.4

571.8

284.9

381.8

208.9

Total Equity

947.9

751.0

459.0

610.9

379.1

 

 

 

 

 

 

Total Liabilities & Shareholders’ Equity

1,875.2

1,820.9

1,317.9

1,183.7

735.1

 

 

 

 

 

 

    Shares Outstanding - Common Stock Primary Issue

268.6

268.6

268.6

268.6

268.6

Total Common Shares Outstanding

268.6

268.6

268.6

268.6

268.6

Employees

5,010

5,631

5,846

4,492

4,182

Accumulated Intangible Amort, Suppl.

1.7

15.6

13.8

16.6

12.5

Deferred Sale - Current

4.0

46.2

27.1

5.6

3.8

Total Long Term Debt, Supplemental

618.4

513.5

529.9

248.8

61.2

Long Term Debt Maturing within 1 Year

290.3

354.5

311.1

196.1

6.6

Long Term Debt Maturing in Year 2

261.5

66.3

71.7

52.7

54.6

Long Term Debt Maturing in Year 3

66.6

67.3

55.8

-

-

Long Term Debt Maturing in Year 4

0.0

25.5

66.1

-

-

Long Term Debt Maturing in Year 5

-

-

25.1

-

-

Long Term Debt Maturing in 2-3 Years

328.1

133.5

127.6

52.7

54.6

Long Term Debt Maturing in 4-5 Years

0.0

25.5

91.2

-

-

Long Term Debt Matur. in Year 6 & Beyond

0.0

0.0

0.0

0.0

0.0

Total Capital Leases, Supplemental

5.0

8.1

6.7

5.1

-

Capital Lease Payments Due in Year 1

3.1

6.0

2.3

1.6

-

Capital Lease Payments Due in Year 2

0.8

1.9

2.5

1.1

-

Capital Lease Payments Due in Year 3

0.7

0.2

1.8

1.2

-

Capital Lease Payments Due in Year 4

0.4

0.0

0.1

1.1

-

Capital Lease Payments Due in 2-3 Years

1.6

2.1

4.3

2.3

-

Capital Lease Payments Due in 4-5 Years

0.4

0.0

0.1

1.1

-

Discount Rate - Domestic

4.66%

5.92%

6.26%

5.71%

5.71%

 

 

Annual Cash Flows

 

Financials in: USD (mil)

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
31-Dec-2010

Updated Normal 
31-Dec-2009

Updated Normal 
31-Dec-2008

Reclassified Normal 
31-Dec-2008

Restated Normal 
31-Dec-2007

Filed Currency

TRY

TRY

TRY

TRY

TRY

Exchange Rate (Period Average)

1.507473

1.553646

1.304493

1.305796

1.436808

Auditor

DRT Bagimsiz Denetim ve Serbest Muhasebeci Mali Musavirlik

DRT Bagimsiz Denetim ve Serbest Muhasebeci Mali Musavirlik

DRT Denetim Revizyon Tasdik

DRT Denetim Revizyon Tasdik

RSM International

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

Net Income/Starting Line

127.0

77.1

14.8

94.6

62.1

    Depreciation

17.5

18.6

16.7

18.5

18.2

Depreciation/Depletion

17.5

18.6

16.7

18.5

18.2

    Amortization of Intangibles

0.3

1.3

0.2

1.5

2.0

Amortization

0.3

1.3

0.2

1.5

2.0

Deferred Taxes

21.4

16.4

3.4

18.3

0.1

    Unusual Items

14.5

0.6

42.6

-10.4

4.1

    Equity in Net Earnings (Loss)

-

-

11.4

-3.3

-4.3

    Other Non-Cash Items

-64.2

6.1

11.2

4.1

1.1

Non-Cash Items

-49.6

6.7

65.2

-9.6

0.9

    Accounts Receivable

-69.8

-29.8

7.4

-17.1

11.5

    Inventories

11.6

-11.4

-17.7

-26.6

31.4

    Other Assets

-

-

-

-

0.0

    Accounts Payable

-110.0

116.6

46.0

108.8

-32.8

    Accrued Expenses

-

-

-

-

4.5

    Other Operating Cash Flow

-17.9

-13.5

-15.4

-24.7

-22.2

Changes in Working Capital

-186.0

61.9

20.2

40.4

-7.6

Cash from Operating Activities

-69.4

182.0

120.5

163.7

75.7

 

 

 

 

 

 

    Purchase of Fixed Assets

-36.3

-19.2

-206.8

-95.9

-18.7

    Purchase/Acquisition of Intangibles

-0.2

-4.0

-0.1

-2.3

-2.1

Capital Expenditures

-36.5

-23.2

-206.9

-98.2

-20.8

    Acquisition of Business

-0.1

-

0.0

-1.8

0.0

    Sale of Business

134.7

-

-

-

-

    Sale of Fixed Assets

6.1

2.1

20.9

8.3

19.2

    Investment, Net

254.3

-108.1

-213.0

-70.7

-72.0

    Other Investing Cash Flow

-

-

0.0

3.6

1.0

Other Investing Cash Flow Items, Total

395.0

-106.0

-192.1

-60.6

-51.8

Cash from Investing Activities

358.5

-129.3

-399.0

-158.8

-72.6

 

 

 

 

 

 

    Other Financing Cash Flow

-138.7

66.6

0.0

-0.9

-3.6

Financing Cash Flow Items

-138.7

66.6

0.0

-0.9

-3.6

    Cash Dividends Paid - Common

-9.3

-4.2

-24.1

-23.9

-18.9

Total Cash Dividends Paid

-9.3

-4.2

-24.1

-23.9

-18.9

        Long Term Debt Issued

552.3

244.1

479.7

138.8

193.8

        Long Term Debt Reduction

-466.9

-279.7

-85.7

-113.4

-280.9

    Long Term Debt, Net

82.5

-34.5

394.1

25.5

-87.1

Issuance (Retirement) of Debt, Net

82.5

-34.5

394.1

25.5

-87.1

Cash from Financing Activities

-65.5

27.9

369.9

0.6

-109.6

 

 

 

 

 

 

Net Change in Cash

223.7

80.6

91.4

5.4

-106.5

 

 

 

 

 

 

Net Cash - Beginning Balance

185.4

99.2

26.8

21.3

125.9

Net Cash - Ending Balance

409.0

179.9

118.2

26.8

19.4

Cash Interest Paid

-

-

0.0

0.0

0.0

Cash Taxes Paid

16.7

12.5

15.1

25.6

21.2

 

 

 

Annual Income Statement

 

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)           

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
31-Dec-2010

Reclassified Normal 
31-Dec-2010

Reclassified Normal 
31-Dec-2009

Restated Normal 
31-Dec-2008

Restated Normal 
31-Dec-2007

Filed Currency

TRY

TRY

TRY

TRY

TRY

Exchange Rate (Period Average)

1.507473

1.553646

1.304493

1.305796

1.436808

Auditor

DRT Bagimsiz Denetim ve Serbest Muhasebeci Mali Musavirlik

DRT Bagimsiz Denetim ve Serbest Muhasebeci Mali Musavirlik

DRT Bagimsiz Denetim ve Serbest Muhasebeci Mali Musavirlik

DRT Denetim Revizyon Tasdik

DRT Denetim Revizyon Tasdik

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Domestic Sales

1,092.5

1,026.3

1,167.6

1,071.6

1,438.0

    Export Sales

182.5

217.9

196.5

196.6

170.5

    Other Sales

6.0

17.3

31.7

59.8

-

    Sales Returns

-28.9

-41.8

-57.1

-33.5

-40.8

    Sales Discounts

-241.5

-250.1

-256.2

-215.7

-334.3

    Other Deductions

-

-

-

-

0.0

    Other Sale

-

-

-

-

108.0

Total Sale

1,010.6

969.6

1,082.5

1,078.9

1,341.4

 

 

 

 

 

 

    Cost of Sales

791.6

725.9

847.7

843.7

1,072.6

    R&D Expenses

0.7

0.7

0.7

0.8

0.7

    Selling&Marketing

151.3

128.7

139.3

149.7

183.0

    General&Admin.

40.5

41.8

40.1

28.2

20.7

Total Operating Expense

984.1

897.1

1,027.8

1,022.4

1,277.1

 

 

 

 

 

 

    Gain on Sale of Asset

0.3

1.3

-

-

-

    Other Income

19.3

22.5

22.9

28.0

28.2

    Loss on Sale of Asset

-5.0

-0.1

-

-

-

    Other Loss

-2.6

-1.6

-3.0

-8.3

-21.7

    Investments

-9.1

-2.2

-11.4

3.3

-

    Interest Income

-

-

-

23.7

-

    Financial Income

275.2

153.9

188.2

92.9

-

    Financing Expense

-156.2

-152.8

-233.2

-67.9

9.5

    Interest Expense

-

-

-

-15.4

-17.7

Net Income Before Taxes

148.4

93.5

18.2

112.9

62.7

 

 

 

 

 

 

Provision for Income Taxes

21.4

16.4

3.4

18.3

0.1

Net Income After Taxes

127.0

77.1

14.8

94.6

62.6

 

 

 

 

 

 

    Minority Interest

-4.4

-10.9

-2.8

-5.7

-0.6

Net Income Before Extra. Items

122.6

66.2

12.0

88.9

62.1

Net Income

122.6

66.2

12.0

88.9

62.1

 

 

 

 

 

 

Income Available to Com Excl ExtraOrd

122.6

66.2

12.0

88.9

62.1

 

 

 

 

 

 

Income Available to Com Incl ExtraOrd

122.6

66.2

12.0

88.9

62.1

 

 

 

 

 

 

Basic Weighted Average Shares

268.6

268.6

268.6

268.6

268.6

Basic EPS Excluding ExtraOrdinary Items

0.46

0.25

0.04

0.33

0.23

Basic EPS Including ExtraOrdinary Items

0.46

0.25

0.04

0.33

0.23

Diluted Net Income

122.6

66.2

12.0

88.9

62.1

Diluted Weighted Average Shares

268.6

268.6

268.6

268.6

268.6

Diluted EPS Excluding ExtraOrd Items

0.46

0.25

0.04

0.33

0.23

Diluted EPS Including ExtraOrd Items

0.46

0.25

0.04

0.33

0.23

DPS-Ordinary Shares

0.03

0.03

0.01

0.07

0.06

Gross Dividends - Common Stock

9.2

7.0

2.3

18.6

16.8

Normalized Income Before Taxes

153.2

92.3

25.3

116.4

62.7

 

 

 

 

 

 

Inc Tax Ex Impact of Sp Items

22.1

16.2

4.7

18.9

0.1

Normalized Income After Taxes

131.0

76.1

20.6

97.6

62.6

 

 

 

 

 

 

Normalized Inc. Avail to Com.

126.7

65.2

17.8

91.9

62.1

 

 

 

 

 

 

Basic Normalized EPS

0.47

0.24

0.07

0.34

0.23

Diluted Normalized EPS

0.47

0.24

0.07

0.34

0.23

Research & Development Exp

0.7

0.7

0.7

0.8

0.7

Interest Expense

-

-

-

15.4

17.5

Amort of Intangibles

0.3

1.3

1.3

1.5

2.0

Depreciation

17.5

18.6

16.7

18.5

18.0

    Current Tax

24.8

17.0

3.2

23.9

19.8

Current Tax - Total

24.8

17.0

3.2

23.9

19.8

    Deferred Tax

-3.4

-0.6

0.3

-5.6

-19.7

Deferred Tax - Total

-3.4

-0.6

0.3

-5.6

-19.7

Income Tax - Total

21.4

16.4

3.4

18.3

0.1

Interest Cost

0.2

0.2

0.2

0.2

-

Service Cost

2.5

1.9

1.7

0.1

-

Actuarial Cost

0.1

0.5

-0.2

0.0

-

Post-Retirement Plan Expense

2.7

2.7

1.6

0.3

-

Total Pension Expense

2.7

2.7

1.6

0.3

-

Discount Rate

4.66%

5.92%

6.26%

5.71%

5.71%

 

 

Annual Balance Sheet

Financials in: USD (mil)

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

UpdateType/Date

Updated Normal 
31-Dec-2010

Updated Normal 
31-Dec-2009

Restated Normal 
31-Dec-2009

Restated Normal 
31-Dec-2008

Restated Normal 
31-Dec-2007

Filed Currency

TRY

TRY

TRY

TRY

TRY

Exchange Rate

1.539

1.49895

1.5435

1.17225

1.4165

Auditor

DRT Bagimsiz Denetim ve Serbest Muhasebeci Mali Musavirlik

DRT Bagimsiz Denetim ve Serbest Muhasebeci Mali Musavirlik

DRT Bagimsiz Denetim ve Serbest Muhasebeci Mali Musavirlik

DRT Denetim Revizyon Tasdik

DRT Denetim Revizyon Tasdik

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Cash&Equiv.

400.6

186.4

99.9

29.8

19.7

    Mktbl. Secs.

1.8

0.6

0.5

0.9

-

    Shares

-

-

-

-

0.3

    Public Bond/Note

-

-

-

-

0.1

    Customer Rcvbls.

135.6

127.9

96.9

139.2

101.6

    Dpst.&Guarantees

-

-

-

-

0.0

    Prov. for Doubtful Trade

-1.9

-2.0

-6.0

-6.9

-8.1

    Due Rcvbls./Related Parties

94.0

70.7

57.9

82.9

203.4

    Due Rcvbls.(non Trade)

206.6

471.1

348.7

222.1

-

    Other ST Rcvbls.

19.2

9.7

10.0

3.6

1.7

    Raw Materials

61.3

70.5

55.0

62.9

32.4

    Semi-Finished

1.6

1.2

1.0

1.3

0.2

    Finished Goods

21.1

25.2

23.6

22.0

15.6

    Trading Goods

6.6

9.4

11.4

7.3

8.9

    Other Inventories

1.8

1.1

0.8

7.6

2.1

    Devalueation

-0.9

-0.2

-0.6

-3.3

-

    Advance Pymnts.

-

-

-

-

4.6

    Other ST Assets

34.7

20.1

27.6

26.2

5.4

Total Current Assets

982.3

991.7

726.6

595.7

387.8

 

 

 

 

 

 

    Dpst.&Guarantees

-

-

-

-

0.0

    Trade Receivables

0.1

0.6

0.2

0.1

-

    Due-Subsidiaries

0.1

0.0

0.0

0.1

-

    Mktbl.Asset-Aff.

530.3

456.6

227.1

314.9

128.2

    Inv.-Affiliates

154.4

166.0

166.3

22.6

19.8

    Inv.-Subsidiary

-

-

-

-

0.4

    Goodwill, Net

1.0

1.0

1.0

1.3

-

    Land

2.5

2.6

2.5

2.7

2.3

    Land Improvement

3.9

4.0

3.8

4.9

4.0

    Buildings

110.9

129.3

111.0

135.3

116.5

    Machinery&Equip.

235.2

210.0

183.7

234.4

181.3

    Motor Vehicles

1.6

2.0

2.2

9.8

7.7

    Special Cost

11.1

10.9

10.5

13.8

11.1

    Furniture&Fixt.

23.8

23.6

22.5

26.5

21.5

    Other Prop.&Equip.

1.5

1.6

1.5

1.6

1.3

    Depreciation

-196.4

-189.1

-165.4

-207.2

-157.4

    Constr. in Prog.

1.1

0.3

12.2

11.6

1.4

    Advance Pymnts.

-

-

-

-

5.9

    Intangibles, Net

0.4

3.9

1.0

2.0

2.4

    Deferred Tax

5.0

0.7

4.5

5.4

0.9

    Other Assets

6.4

5.2

6.6

8.3

-

Total Assets

1,875.2

1,820.9

1,317.9

1,183.7

735.1

 

 

 

 

 

 

    Bank Loans ST

290.3

354.5

311.1

197.7

110.2

    Curr. Port. Loans

-

-

-

-

6.6

    Financial Lease

3.1

6.0

2.3

-

14.9

    Other Borrowings

4.1

5.3

0.5

-

-

    Supplier Pybls. ST

59.3

49.6

44.8

144.7

35.2

    Dpst.&Guarantees

-

-

-

83.2

0.8

    Due Pybls./Related Parties

112.6

236.9

144.5

0.5

62.8

    Other ST Payable - Related Parties

15.3

-

-

-

-

    Other ST Payable

4.4

166.7

70.3

8.2

-

    Customer Advance

-

-

-

-

3.8

    ST Debt Prov.

1.5

1.3

1.4

1.6

7.4

    Tax Provisions

12.9

5.1

0.0

4.0

-

    Severance Payments

6.7

7.1

4.3

1.1

-

    Other Current Liabilities

4.3

4.0

4.5

7.0

8.5

Total Current Liabilities

514.4

836.4

583.6

448.2

250.3

 

 

 

 

 

 

    Bank Loans LT

328.1

159.0

218.8

56.1

54.6

    Financial Lease

2.0

2.1

4.4

-

1.0

Total Long Term Debt

330.1

161.1

223.2

56.1

55.5

 

 

 

 

 

 

    Other LT Trade

0.7

-

-

-

-

    Due Pybls. to Related Parties

-

-

-

2.6

2.2

    Severance Payments

5.5

4.1

2.5

3.1

3.8

    Deferred Tax

32.2

27.3

18.8

25.1

16.7

    Minority Interest

44.4

41.0

30.9

37.6

27.5

Total Liabilities

927.2

1,069.9

859.0

572.8

356.0

 

 

 

 

 

 

    Share Capital

174.5

179.2

174.0

229.1

170.2

    Reval.-Fixed Assets

-

-

-

129.5

40.8

    Reval.-Affiliates

-

-

-

-

-81.2

    Capital Adjustments

70.2

72.1

70.0

-

-

    F/X Adjustments

22.7

20.9

22.2

0.0

-

    Legal Reserves

23.7

19.7

18.6

17.7

8.2

    Other Reserves

-

-

-

-

2.7

    Extra. Reserves

-

-

-

-

19.4

    Cost. Incr. Fund

396.3

297.8

81.4

-

-

    Sale of Real Estate&Affiliates

-

-

-

-

18.8

    Net Profit/Loss

120.1

68.7

10.2

99.0

62.9

    Prior Year Income/Loss

140.4

92.6

82.5

43.4

34.0

    Inf. Adj.

-

-

-

92.2

103.3

Total Equity

947.9

751.0

459.0

610.9

379.1

 

 

 

 

 

 

Total Liabilities & Shareholders' Equity

1,875.2

1,820.9

1,317.9

1,183.7

735.1

 

 

 

 

 

 

    S/O-Ordinary Shares

268.6

268.6

268.6

268.6

268.6

Total Common Shares Outstanding

268.6

268.6

268.6

268.6

268.6

Acc. Intang. Amort.

1.7

15.6

13.8

16.6

12.5

Deferred Sale - Current

4.0

46.2

27.1

5.6

3.8

Full-Time Employees

5,010

5,631

5,846

4,492

4,182

Maturing within 1 Year

290.3

354.5

311.1

196.1

6.6

Maturing within 1-2 Years

261.5

66.3

71.7

52.7

54.6

Maturing within 2-3 Years

66.6

67.3

55.8

-

-

Maturing within 3-4 Years

0.0

25.5

66.1

-

-

Maturing within 4-5 Years

-

-

25.1

-

-

Total Long Term Debt, Supplemental

618.4

513.5

529.9

248.8

61.2

Maturing within 1 Year

3.1

6.0

2.3

1.6

-

Maturing within 1-2 Years

0.8

1.9

2.5

1.1

-

Maturing within 2-3 Years

0.7

0.2

1.8

1.2

-

Maturing within 3-4 Years

0.4

0.0

0.1

1.1

-

Total Capital Leases

5.0

8.1

6.7

5.1

-

Discount Rate

4.66%

5.92%

6.26%

5.71%

5.71%

 

 

Annual Cash Flows

Financials in: USD (mil)

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
31-Dec-2010

Updated Normal 
31-Dec-2009

Updated Normal 
31-Dec-2008

Reclassified Normal 
31-Dec-2008

Restated Normal 
31-Dec-2007

Filed Currency

TRY

TRY

TRY

TRY

TRY

Exchange Rate (Period Average)

1.507473

1.553646

1.304493

1.305796

1.436808

Auditor

DRT Bagimsiz Denetim ve Serbest Muhasebeci Mali Musavirlik

DRT Bagimsiz Denetim ve Serbest Muhasebeci Mali Musavirlik

DRT Bagimsiz Denetim ve Serbest Muhasebeci Mali Musavirlik

DRT Denetim Revizyon Tasdik

DRT Denetim Revizyon Tasdik

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

Net Income

127.0

77.1

14.8

94.6

62.1

    Depreciation

17.5

18.6

16.7

18.5

18.2

    Amortisation of Intangibles

0.3

1.3

0.2

1.5

2.0

    Advertising Turned to Expense

3.4

-

-

-

-

    Doubtful Rvbls

-0.1

-3.9

1.0

-0.5

4.6

    Interest Expense

3.6

9.0

10.6

4.2

-

    Provision for Severance Payment

2.7

2.6

-0.5

-0.1

0.5

    Currency Difference

30.6

-4.3

-

-

-

    Mktbl Secs.

-

-

-

-

6.5

    Minority Interest

-

-

-

-

0.6

    Accrued Credit Interest

-

-

-

-

4.5

    Sale of Mktbl Secs.

4.7

-1.2

-7.1

-3.6

-2.4

    Financial Asset Sale

-104.4

-

-

-

-

    Devalu.of Inventories

0.7

-0.4

-2.2

2.9

-

    Income/Loss from Uncons. Subs.

9.1

2.2

52.0

-9.7

0.0

    Gain/Loss on Sale

0.0

-1.1

1.0

-

-

    Sale of Affilliates/Income

-

-

-

-

0.0

    Provision for Court Cases

-

-

-

-

0.0

    Deferred Tax

21.4

16.4

3.4

18.3

0.1

    Income from Affiliates/Equ. Method

-

-

11.4

-3.3

-4.3

    Trade Receivables

-20.1

-26.3

10.1

-19.1

73.0

    Inventories

11.6

-11.4

-17.7

-26.6

31.4

    Due from Related Parties

-17.6

-10.7

6.0

17.5

-96.3

    Other Receivables

-32.0

11.2

-9.7

-15.0

30.1

    Trade Payables

12.4

1.9

-21.7

36.5

-53.9

    Due Pybls./Related Parties

-120.6

85.1

40.9

67.4

35.8

    Other Payables

-1.7

29.6

26.8

4.9

-14.7

    Advances Received

-

-

-

-

0.0

    Taxes Paid

-16.7

-12.5

-15.1

-25.6

-21.2

    Severance Benefit Paid

-1.2

-1.1

-0.4

-1.3

-1.0

    Interest Paid

-

-

0.0

0.0

0.0

    Cash/ Increased Capital

0.0

0.1

0.1

2.1

0.0

Cash from Operating Activities

-69.4

182.0

120.5

163.7

75.7

 

 

 

 

 

 

    Purch. of F.A.

-39.5

-18.1

-39.7

-28.9

-16.8

    Purchase of Intangibles

-0.2

-4.0

-0.1

-2.3

-2.1

    Effect of Consolidation

-

-

0.0

3.6

1.0

    Sale of F.A.

6.1

2.1

20.9

8.3

19.2

    Financial Lease / Fixed Asset

3.3

-1.1

-167.2

-67.0

-2.0

    Acqusition of Business

-0.1

-

0.0

-1.8

0.0

    Financial Assets / Trading

-

-

-

-

6.6

    Sub & Fin. Asset Sale

134.7

-

-

-

-

    Financial Assets/ Change

254.3

-108.1

-213.0

-70.7

-78.6

    Other Investing Cash Flow

-

-

-

0.0

0.0

Cash from Investing Activities

358.5

-129.3

-399.0

-158.8

-72.6

 

 

 

 

 

 

    Long Term Debt/Received

552.3

244.1

479.7

138.8

192.6

    Credit Payment

-466.9

-279.7

-135.6

-108.6

-280.8

    Dividends Paid

-9.3

-4.2

-24.1

-23.9

-18.9

    Other Change

-

0.3

-

-

-

    Minority Interest

-

0.3

0.0

-0.9

-3.6

    Financial Lease Debt / Change

-2.9

1.1

-

-

0.0

    Debt not to Related Parties

-138.7

66.1

-

-

-

    Financial Lease Debt / Repayment

-

-

49.9

-4.8

-0.1

    Increase in Financial Lease Debt

-

-

-

-

1.3

Cash from Financing Activities

-65.5

27.9

369.9

0.6

-109.6

 

 

 

 

 

 

Net Change in Cash

223.7

80.6

91.4

5.4

-106.5

 

 

 

 

 

 

Net Cash - Beginning Balance

185.4

99.2

26.8

21.3

125.9

Net Cash - Ending Balance

409.0

179.9

118.2

26.8

19.4

    Cash Interest Paid

-

-

0.0

0.0

0.0

    Cash Taxes Paid

16.7

12.5

15.1

25.6

21.2

 

 

Financial Health

 

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)           

Key Indicators USD (mil)

 

Quarter
Ending
30-Jun-2011

Quarter
Ending
Yr Ago

Annual
Year End
31-Dec-2010

1 Year
Growth

3 Year
Growth

5 Year
Growth

Total Sale1

235.6

-9.68%

1,010.6

1.13%

2.64%

2.31%

Research & Development1

0.3

163.01%

0.7

-3.95%

-0.42%

-0.60%

Operating Income1

1.5

-71.20%

26.5

-64.54%

-18.52%

-16.71%

Income Available to Common Excl Extraord Items1

375.8

5,884.42%

122.6

79.61%

16.78%

22.79%

Basic EPS Excl Extraord Items1

1.40

5,884.97%

0.46

79.59%

16.78%

22.78%

Capital Expenditures2

15.2

198.74%

36.5

52.29%

-24.61%

-1.45%

Cash from Operating Activities2

36.3

-

-69.4

-

-

-

Free Cash Flow

20.4

-

-103.7

-

-

-

Total Assets3

1,670.4

-3.53%

1,875.2

5.73%

27.64%

18.04%

Total Liabilities3

752.5

-18.16%

927.2

-11.02%

28.57%

15.16%

Total Long Term Debt3

140.8

-61.97%

330.1

110.35%

97.64%

73.93%

Employees3

-

-

5010

-11.03%

3.70%

6.35%

Total Common Shares Outstanding3

268.6

0.00%

268.6

0.00%

0.00%

0.00%

1-ExchangeRate: TRY to USD Average for Period

1.565785

 

1.507473

 

 

 

2-ExchangeRate: TRY to USD Average for Period

1.571222

 

1.507473

 

 

 

3-ExchangeRate: TRY to USD Period End Date

1.624000

 

1.539000

 

 

 

Key Ratios

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

Profitability

Gross Margin

21.67%

25.13%

21.69%

21.81%

20.04%

Operating Margin

2.62%

7.48%

5.05%

5.24%

4.80%

Pretax Margin

14.68%

9.65%

1.68%

10.46%

4.67%

Net Profit Margin

12.13%

6.83%

1.11%

8.24%

4.63%

Financial Strength

Current Ratio

1.91

1.19

1.25

1.33

1.55

Long Term Debt/Equity

0.35

0.21

0.49

0.09

0.15

Total Debt/Equity

0.66

0.70

1.17

0.42

0.49

Management Effectiveness

Return on Assets

6.82%

5.03%

1.13%

10.17%

7.82%

Return on Equity

14.30%

11.22%

2.20%

18.53%

16.34%

Efficiency

Receivables Turnover

1.78

1.68

2.17

3.00

4.47

Inventory Turnover

7.91

7.48

8.66

10.75

13.89

Asset Turnover

0.54

0.63

0.83

1.16

1.68

Market Valuation USD (mil)

P/E (TTM)

1.95

.

Enterprise Value2

801.4

Price/Sales (TTM)

1.01

.

Enterprise Value/Sale (TTM)

0.92

Price/Book (MRQ)

0.95

.

Enterprise Value/EBITDA (TTM)

39.91

Market Cap as of 23-Sep-20111

774.9

.

 

 

1-ExchangeRate: TRY to USD on 23-Sep-2011

1.837100

 

 

 

2-ExchangeRate: TRY to USD on 30-Jun-2011

1.624000

 

 

 

 

 

Annual Ratios

 

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)           

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

Financial Strength

Current Ratio

1.91

1.19

1.25

1.33

1.55

Quick/Acid Test Ratio

1.66

1.03

1.04

1.05

1.27

Working Capital1

467.9

155.3

143.0

147.5

137.5

Long Term Debt/Equity

0.35

0.21

0.49

0.09

0.15

Total Debt/Equity

0.66

0.70

1.17

0.42

0.49

Long Term Debt/Total Capital

0.21

0.13

0.22

0.06

0.10

Total Debt/Total Capital

0.40

0.41

0.54

0.29

0.33

Payout Ratio

7.51%

10.52%

19.18%

20.83%

27.08%

Effective Tax Rate

14.44%

17.58%

18.71%

16.19%

0.15%

Total Capital1

1,575.4

1,277.9

996.0

864.8

566.4

 

 

 

 

 

 

Efficiency

Asset Turnover

0.54

0.63

0.83

1.16

1.68

Inventory Turnover

7.91

7.48

8.66

10.75

13.89

Days In Inventory

46.14

48.77

42.15

33.96

26.28

Receivables Turnover

1.78

1.68

2.17

3.00

4.47

Days Receivables Outstanding

205.24

217.89

168.03

121.76

81.60

Sale/Employee2

197,593

178,480

156,502

267,557

325,357

Operating Income/Employee2

5,182

13,350

7,908

14,025

15,608

EBITDA/Employee2

8,666

17,006

10,501

18,971

20,463

 

 

 

 

 

 

Profitability

Gross Margin

21.67%

25.13%

21.69%

21.81%

20.04%

Operating Margin

2.62%

7.48%

5.05%

5.24%

4.80%

EBITDA Margin

4.39%

9.53%

6.71%

7.09%

6.29%

EBIT Margin

2.62%

7.48%

5.05%

5.24%

4.80%

Pretax Margin

14.68%

9.65%

1.68%

10.46%

4.67%

Net Profit Margin

12.13%

6.83%

1.11%

8.24%

4.63%

R&D Expense/Sale

0.07%

0.07%

0.07%

0.07%

0.05%

COGS/Sale

78.33%

74.87%

78.31%

78.19%

79.96%

SG&A Expense/Sale

18.98%

17.58%

16.57%

16.49%

15.19%

 

 

 

 

 

 

Management Effectiveness

Return on Assets

6.82%

5.03%

1.13%

10.17%

7.82%

Return on Equity

14.30%

11.22%

2.20%

18.53%

16.34%

 

 

 

 

 

 

Valuation

Free Cash Flow/Share2

-0.39

0.61

-0.27

0.27

0.21

Operating Cash Flow/Share 2

-0.25

0.70

0.38

0.68

0.29

1-ExchangeRate: TRY to USD Period End Date

1.539

1.49895

1.5435

1.17225

1.4165

2-ExchangeRate: TRY to USD Average for Period

1.539

1.49895

1.5435

1.17225

1.4165

 

Current Market Multiples

Market Cap/Earnings (TTM)

1.95

Market Cap/Equity (MRQ)

0.95

Market Cap/Sale (TTM)

1.01

Market Cap/EBIT (TTM)

290.43

Market Cap/EBITDA (TTM)

43.65

Enterprise Value/Earnings (TTM)

1.78

Enterprise Value/Equity (MRQ)

0.87

Enterprise Value/Sale (TTM)

0.92

Enterprise Value/EBIT (TTM)

265.51

Enterprise Value/EBITDA (TTM)

39.91

 

 

 

 

Annual Income Statement

Standardized

 

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)           

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
31-Dec-2010

Reclassified Normal 
31-Dec-2010

Reclassified Normal 
31-Dec-2009

Restated Normal 
31-Dec-2008

Restated Normal 
31-Dec-2007

Filed Currency

TRY

TRY

TRY

TRY

TRY

Exchange Rate (Period Average)

1.507473

1.553646

1.304493

1.305796

1.436808

Auditor

DRT Bagimsiz Denetim ve Serbest Muhasebeci Mali Musavirlik

DRT Bagimsiz Denetim ve Serbest Muhasebeci Mali Musavirlik

DRT Denetim Revizyon Tasdik

DRT Denetim Revizyon Tasdik

RSM International

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Net Sales

-

-

-

-

108.0

    Gross Sale

1,281.1

1,261.5

1,395.9

1,328.1

1,608.6

    Sales Returns and Allowances

-270.4

-291.9

-313.3

-249.2

-375.1

Sale

1,010.6

969.6

1,082.5

1,078.9

1,341.4

Total Sale

1,010.6

969.6

1,082.5

1,078.9

1,341.4

 

 

 

 

 

 

    Cost of Sale

791.6

725.9

847.7

843.7

1,072.6

Cost of Sale, Total

791.6

725.9

847.7

843.7

1,072.6

Gross Profit

219.0

243.7

234.8

235.3

268.8

 

 

 

 

 

 

    Selling/General/Administrative Expense

191.8

170.5

179.4

177.9

203.7

Total Selling/General/Administrative Expenses

191.8

170.5

179.4

177.9

203.7

Research & Development

0.7

0.7

0.7

0.8

0.7

Total Operating Expense

984.1

897.1

1,027.8

1,022.4

1,277.1

 

 

 

 

 

 

Operating Income

26.5

72.5

54.7

56.6

64.4

 

 

 

 

 

 

        Interest Expense - Non-Operating

-

-

-

-15.4

-17.7

    Interest Expense, Net Non-Operating

-

-

-

-15.4

-17.7

        Interest Income - Non-Operating

-

-

-

23.7

-

        Investment Income - Non-Operating

-9.1

-2.2

-11.4

3.3

-

    Interest/Investment Income - Non-Operating

-9.1

-2.2

-11.4

27.1

-

Interest Income (Expense) - Net Non-Operating Total

-9.1

-2.2

-11.4

11.6

-17.7

Gain (Loss) on Sale of Assets

-4.7

1.2

-

-

-

    Other Non-Operating Income (Expense)

135.8

22.0

-25.1

44.7

16.0

Other, Net

135.8

22.0

-25.1

44.7

16.0

Income Before Tax

148.4

93.5

18.2

112.9

62.7

 

 

 

 

 

 

Total Income Tax

21.4

16.4

3.4

18.3

0.1

Income After Tax

127.0

77.1

14.8

94.6

62.6

 

 

 

 

 

 

    Minority Interest

-4.4

-10.9

-2.8

-5.7

-0.6

Net Income Before Extraord Items

122.6

66.2

12.0

88.9

62.1

Net Income

122.6

66.2

12.0

88.9

62.1

 

 

 

 

 

 

Income Available to Common Excl Extraord Items

122.6

66.2

12.0

88.9

62.1

 

 

 

 

 

 

Income Available to Common Incl Extraord Items

122.6

66.2

12.0

88.9

62.1

 

 

 

 

 

 

Basic/Primary Weighted Average Shares

268.6

268.6

268.6

268.6

268.6

Basic EPS Excl Extraord Items

0.46

0.25

0.04

0.33

0.23

Basic/Primary EPS Incl Extraord Items

0.46

0.25

0.04

0.33

0.23

Diluted Net Income

122.6

66.2

12.0

88.9

62.1

Diluted Weighted Average Shares

268.6

268.6

268.6

268.6

268.6

Diluted EPS Excl Extraord Items

0.46

0.25

0.04

0.33

0.23

Diluted EPS Incl Extraord Items

0.46

0.25

0.04

0.33

0.23

Dividends per Share - Common Stock Primary Issue

0.03

0.03

0.01

0.07

0.06

Gross Dividends - Common Stock

9.2

7.0

2.3

18.6

16.8

Interest Expense, Supplemental

-

-

-

15.4

17.5

Depreciation, Supplemental

17.5

18.6

16.7

18.5

18.0

Total Special Items

4.7

-1.2

7.1

3.6

-

Normalized Income Before Tax

153.2

92.3

25.3

116.4

62.7

 

 

 

 

 

 

Effect of Special Items on Income Taxes

0.7

-0.2

1.3

0.6

-

Inc Tax Ex Impact of Sp Items

22.1

16.2

4.7

18.9

0.1

Normalized Income After Tax

131.0

76.1

20.6

97.6

62.6

 

 

 

 

 

 

Normalized Inc. Avail to Com.

126.7

65.2

17.8

91.9

62.1

 

 

 

 

 

 

Basic Normalized EPS

0.47

0.24

0.07

0.34

0.23

Diluted Normalized EPS

0.47

0.24

0.07

0.34

0.23

Amort of Intangibles, Supplemental

0.3

1.3

1.3

1.5

2.0

Research & Development Exp, Supplemental

0.7

0.7

0.7

0.8

0.7

Normalized EBIT

26.5

72.5

61.8

60.1

64.4

Normalized EBITDA

44.3

92.4

79.8

80.1

84.4

    Current Tax - Domestic

24.8

17.0

3.2

23.9

19.8

Current Tax - Total

24.8

17.0

3.2

23.9

19.8

    Deferred Tax - Domestic

-3.4

-0.6

0.3

-5.6

-19.7

Deferred Tax - Total

-3.4

-0.6

0.3

-5.6

-19.7

Income Tax - Total

21.4

16.4

3.4

18.3

0.1

Interest Cost - Post-Retirement

0.2

0.2

0.2

0.2

-

Service Cost - Post-Retirement

2.5

1.9

1.7

0.1

-

Actuarial Gains and Losses - Post-Retir.

0.1

0.5

-0.2

0.0

-

Post-Retirement Plan Expense

2.7

2.7

1.6

0.3

-

Total Pension Expense

2.7

2.7

1.6

0.3

-

Discount Rate - Domestic

4.66%

5.92%

6.26%

5.71%

5.71%

Total Plan Interest Cost

0.2

0.2

0.2

0.2

-

Total Plan Service Cost

2.5

1.9

1.7

0.1

-

 

 

 Interim Income Statement

Standardized

 

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)           

 

 

 

30-Jun-2011

31-Mar-2011

31-Dec-2010

30-Sep-2010

30-Jun-2010

Period Length

3 Months

3 Months

3 Months

3 Months

3 Months

UpdateType/Date

Updated Normal 
30-Jun-2011

Updated Normal 
31-Mar-2011

Updated Normal 
31-Dec-2010

Updated Normal 
30-Sep-2010

Reclassified Normal 
30-Jun-2011

Filed Currency

TRY

TRY

TRY

TRY

TRY

Exchange Rate (Period Average)

1.565785

1.576504

1.464156

1.515454

1.540387

 

 

 

 

 

 

    Net Sales

235.6

233.8

-

-

-

    Gross Sale

-

-

279.0

299.0

344.8

    Sales Returns and Allowances

-

-

-65.2

-61.5

-79.7

Sale

235.6

233.8

213.9

237.5

265.1

Total Sale

235.6

233.8

213.9

237.5

265.1

 

 

 

 

 

 

    Cost of Sale

187.4

185.5

179.9

187.8

198.5

Cost of Sale, Total

187.4

185.5

179.9

187.8

198.5

Gross Profit

48.2

48.3

34.0

49.7

66.6

 

 

 

 

 

 

    Selling/General/Administrative Expense

46.4

38.9

50.6

41.0

61.3

Total Selling/General/Administrative Expenses

46.4

38.9

50.6

41.0

61.3

Research & Development

0.3

0.3

0.2

0.1

0.1

Total Operating Expense

234.1

224.7

230.7

228.9

259.9

 

 

 

 

 

 

Operating Income

1.5

9.1

-16.9

8.6

5.2

 

 

 

 

 

 

        Interest Expense - Non-Operating

-4.1

-3.2

-

-5.9

-5.6

    Interest Expense, Net Non-Operating

-4.1

-3.2

-

-5.9

-5.6

        Interest Income - Non-Operating

10.7

11.1

-

4.8

5.5

        Investment Income - Non-Operating

-5.9

0.9

2.4

-5.6

-5.7

    Interest/Investment Income - Non-Operating

4.9

12.0

2.4

-0.8

-0.2

Interest Income (Expense) - Net Non-Operating Total

0.7

8.7

2.4

-6.7

-5.8

Gain (Loss) on Sale of Assets

0.8

0.9

-1.0

0.1

-4.0

    Other Non-Operating Income (Expense)

394.2

-2.6

100.3

16.3

11.1

Other, Net

394.2

-2.6

100.3

16.3

11.1

Income Before Tax

397.2

16.1

84.8

18.3

6.5

 

 

 

 

 

 

Total Income Tax

21.0

4.3

13.1

3.7

-1.8

Income After Tax

376.2

11.8

71.7

14.6

8.4

 

 

 

 

 

 

    Minority Interest

-0.4

-1.4

-0.7

-0.8

-2.0

Net Income Before Extraord Items

375.8

10.4

71.0

13.8

6.4

Net Income

375.8

10.4

71.0

13.8

6.4

 

 

 

 

 

 

Income Available to Common Excl Extraord Items

375.8

10.4

71.0

13.8

6.4

 

 

 

 

 

 

Income Available to Common Incl Extraord Items

375.8

10.4

71.0

13.8

6.4

 

 

 

 

 

 

Basic/Primary Weighted Average Shares

268.6

268.6

268.6

268.6

268.6

Basic EPS Excl Extraord Items

1.40

0.04

0.26

0.05

0.02

Basic/Primary EPS Incl Extraord Items

1.40

0.04

0.26

0.05

0.02

Diluted Net Income

375.8

10.4

71.0

13.8

6.4

Diluted Weighted Average Shares

268.6

268.6

268.6

268.6

268.6

Diluted EPS Excl Extraord Items

1.40

0.04

0.26

0.05

0.02

Diluted EPS Incl Extraord Items

1.40

0.04

0.26

0.05

0.02

Dividends per Share - Common Stock Primary Issue

0.00

0.00

0.04

0.00

0.00

Gross Dividends - Common Stock

0.0

0.0

9.5

0.0

0.0

Interest Expense, Supplemental

4.1

3.2

-

5.9

5.6

Depreciation, Supplemental

4.6

4.5

4.6

4.0

4.4

Total Special Items

-0.8

-0.9

1.0

-0.1

4.0

Normalized Income Before Tax

396.4

15.2

85.8

18.2

10.5

 

 

 

 

 

 

Effect of Special Items on Income Taxes

0.0

-0.2

0.2

0.0

1.4

Inc Tax Ex Impact of Sp Items

21.0

4.0

13.3

3.7

-0.4

Normalized Income After Tax

375.4

11.2

72.6

14.5

10.9

 

 

 

 

 

 

Normalized Inc. Avail to Com.

375.0

9.8

71.8

13.7

9.0

 

 

 

 

 

 

Basic Normalized EPS

1.40

0.04

0.27

0.05

0.03

Diluted Normalized EPS

1.40

0.04

0.27

0.05

0.03

Amort of Intangibles, Supplemental

0.0

0.0

0.2

0.0

-0.5

Rental Expenses

2.9

2.7

-

2.9

3.0

Research & Development Exp, Supplemental

0.3

0.3

0.2

0.1

0.1

Normalized EBIT

1.5

9.1

-16.9

8.6

5.2

Normalized EBITDA

6.1

13.6

-12.0

12.6

9.0

    Current Tax - Domestic

20.5

3.4

13.1

3.5

1.5

Current Tax - Total

20.5

3.4

13.1

3.5

1.5

    Deferred Tax - Domestic

0.5

0.8

0.1

0.2

-3.4

Deferred Tax - Total

0.5

0.8

0.1

0.2

-3.4

Income Tax - Total

21.0

4.3

13.1

3.7

-1.8

Discount Rate - Domestic

-

-

4.66%

-

-

 

 

 

 

Annual Balance Sheet

Standardized

 

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)           

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

UpdateType/Date

Updated Normal 
31-Dec-2010

Updated Normal 
31-Dec-2009

Restated Normal 
31-Dec-2009

Restated Normal 
31-Dec-2008

Restated Normal 
31-Dec-2007

Filed Currency

TRY

TRY

TRY

TRY

TRY

Exchange Rate

1.539

1.49895

1.5435

1.17225

1.4165

Auditor

DRT Bagimsiz Denetim ve Serbest Muhasebeci Mali Musavirlik

DRT Bagimsiz Denetim ve Serbest Muhasebeci Mali Musavirlik

DRT Denetim Revizyon Tasdik

DRT Denetim Revizyon Tasdik

RSM International

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Cash & Equivalents

400.6

186.4

99.9

29.8

19.7

    Short Term Investments

1.8

0.6

0.5

0.9

0.4

Cash and Short Term Investments

402.4

187.0

100.4

30.7

20.0

        Accounts Receivable - Trade, Gross

342.2

599.0

445.6

361.3

101.6

        Provision for Doubtful Accounts

-1.9

-2.0

-6.0

-6.9

-8.1

    Trade Accounts Receivable - Net

434.3

667.7

497.5

437.4

296.9

    Other Receivables

19.2

9.7

10.0

3.6

1.7

Total Receivables, Net

453.5

677.4

507.5

440.9

298.7

    Inventories - Finished Goods

27.7

34.6

35.0

29.3

24.5

    Inventories - Work In Progress

1.6

1.2

1.0

1.3

0.2

    Inventories - Raw Materials

61.3

70.5

55.0

62.9

32.4

    Inventories - Other

0.9

0.9

0.2

4.3

6.7

Total Inventory

91.6

107.2

91.2

97.8

63.8

    Other Current Assets

34.7

20.1

27.6

26.2

5.4

Other Current Assets, Total

34.7

20.1

27.6

26.2

5.4

Total Current Assets

982.3

991.7

726.6

595.7

387.8

 

 

 

 

 

 

        Buildings

110.9

129.3

111.0

135.3

116.5

        Land/Improvements

6.5

6.6

6.4

7.7

6.3

        Machinery/Equipment

260.6

235.7

208.4

270.7

210.5

        Construction in Progress

1.1

0.3

12.2

11.6

1.4

        Other Property/Plant/Equipment

12.6

12.4

12.0

15.4

18.3

    Property/Plant/Equipment - Gross

391.7

384.3

349.9

440.7

353.0

    Accumulated Depreciation

-196.4

-189.1

-165.4

-207.2

-157.4

Property/Plant/Equipment - Net

195.2

195.2

184.6

233.5

195.6

Goodwill, Net

1.0

1.0

1.0

1.3

-

Intangibles, Net

0.4

3.9

1.0

2.0

2.4

    LT Investment - Affiliate Companies

684.7

622.6

393.4

337.4

148.4

Long Term Investments

684.7

622.6

393.4

337.4

148.4

Note Receivable - Long Term

0.2

0.6

0.2

0.1

0.0

    Deferred Income Tax - Long Term Asset

5.0

0.7

4.5

5.4

0.9

    Other Long Term Assets

6.4

5.2

6.6

8.3

-

Other Long Term Assets, Total

11.4

5.9

11.1

13.7

0.9

Total Assets

1,875.2

1,820.9

1,317.9

1,183.7

735.1

 

 

 

 

 

 

Accounts Payable

171.9

286.5

189.3

228.4

98.8

Notes Payable/Short Term Debt

294.4

359.8

311.6

197.7

110.2

Current Portion - Long Term Debt/Capital Leases

3.1

6.0

2.3

-

21.6

    Customer Advances

-

-

-

-

3.8

    Income Taxes Payable

12.9

5.1

0.0

4.0

-

    Other Payables

19.7

166.7

70.3

8.2

-

    Other Current Liabilities

12.5

12.4

10.2

9.8

15.9

Other Current liabilities, Total

45.1

184.1

80.4

22.0

19.7

Total Current Liabilities

514.4

836.4

583.6

448.2

250.3

 

 

 

 

 

 

    Long Term Debt

328.1

159.0

218.8

56.1

54.6

    Capital Lease Obligations

2.0

2.1

4.4

-

1.0

Total Long Term Debt

330.1

161.1

223.2

56.1

55.5

Total Debt

627.5

526.9

537.1

253.9

187.3

 

 

 

 

 

 

    Deferred Income Tax - LT Liability

32.2

27.3

18.8

25.1

16.7

Deferred Income Tax

32.2

27.3

18.8

25.1

16.7

Minority Interest

44.4

41.0

30.9

37.6

27.5

    Pension Benefits - Underfunded

5.5

4.1

2.5

3.1

3.8

    Other Long Term Liabilities

0.7

-

-

2.6

2.2

Other Liabilities, Total

6.2

4.1

2.5

5.8

6.0

Total Liabilities

927.2

1,069.9

859.0

572.8

356.0

 

 

 

 

 

 

    Common Stock

174.5

179.2

174.0

229.1

170.2

Common Stock

174.5

179.2

174.0

229.1

170.2

Retained Earnings (Accumulated Deficit)

773.4

571.8

284.9

381.8

208.9

Total Equity

947.9

751.0

459.0

610.9

379.1

 

 

 

 

 

 

Total Liabilities & Shareholders’ Equity

1,875.2

1,820.9

1,317.9

1,183.7

735.1

 

 

 

 

 

 

    Shares Outstanding - Common Stock Primary Issue

268.6

268.6

268.6

268.6

268.6

Total Common Shares Outstanding

268.6

268.6

268.6

268.6

268.6

Employees

5,010

5,631

5,846

4,492

4,182

Accumulated Intangible Amort, Suppl.

1.7

15.6

13.8

16.6

12.5

Deferred Sale - Current

4.0

46.2

27.1

5.6

3.8

Total Long Term Debt, Supplemental

618.4

513.5

529.9

248.8

61.2

Long Term Debt Maturing within 1 Year

290.3

354.5

311.1

196.1

6.6

Long Term Debt Maturing in Year 2

261.5

66.3

71.7

52.7

54.6

Long Term Debt Maturing in Year 3

66.6

67.3

55.8

-

-

Long Term Debt Maturing in Year 4

0.0

25.5

66.1

-

-

Long Term Debt Maturing in Year 5

-

-

25.1

-

-

Long Term Debt Maturing in 2-3 Years

328.1

133.5

127.6

52.7

54.6

Long Term Debt Maturing in 4-5 Years

0.0

25.5

91.2

-

-

Long Term Debt Matur. in Year 6 & Beyond

0.0

0.0

0.0

0.0

0.0

Total Capital Leases, Supplemental

5.0

8.1

6.7

5.1

-

Capital Lease Payments Due in Year 1

3.1

6.0

2.3

1.6

-

Capital Lease Payments Due in Year 2

0.8

1.9

2.5

1.1

-

Capital Lease Payments Due in Year 3

0.7

0.2

1.8

1.2

-

Capital Lease Payments Due in Year 4

0.4

0.0

0.1

1.1

-

Capital Lease Payments Due in 2-3 Years

1.6

2.1

4.3

2.3

-

Capital Lease Payments Due in 4-5 Years

0.4

0.0

0.1

1.1

-

Discount Rate - Domestic

4.66%

5.92%

6.26%

5.71%

5.71%

 

Interim Balance Sheet

Standardized

 

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)           

 

 

30-Jun-2011

31-Mar-2011

31-Dec-2010

30-Sep-2010

30-Jun-2010

UpdateType/Date

Updated Normal 
30-Jun-2011

Updated Normal 
31-Mar-2011

Reclassified Normal 
30-Jun-2011

Updated Normal 
30-Sep-2010

Updated Normal 
30-Jun-2010

Filed Currency

TRY

TRY

TRY

TRY

TRY

Exchange Rate

1.624

1.54385

1.539

1.44645

1.58325

 

 

 

 

 

 

    Cash & Equivalents

626.2

109.2

400.6

10.9

10.3

    Short Term Investments

2.3

2.8

1.8

0.7

0.6

Cash and Short Term Investments

628.5

112.0

402.4

11.6

10.9

        Accounts Receivable - Trade, Gross

207.8

241.8

229.6

260.6

253.3

        Provision for Doubtful Accounts

-1.0

-1.8

-1.9

-4.0

-2.0

    Trade Accounts Receivable - Net

567.2

632.1

434.3

735.8

796.2

    Other Receivables

22.1

21.6

19.2

18.9

17.8

Total Receivables, Net

589.3

653.6

453.5

754.7

814.0

    Inventories - Finished Goods

33.5

26.3

27.7

29.8

30.8

    Inventories - Work In Progress

2.2

1.8

1.6

2.0

1.4

    Inventories - Raw Materials

44.0

55.7

61.3

81.8

34.7

    Inventories - Other

1.1

-0.6

0.9

0.4

0.5

Total Inventory

80.7

83.2

91.6

113.9

67.5

    Other Current Assets

32.1

36.7

34.7

25.5

22.1

Other Current Assets, Total

32.1

36.7

34.7

25.5

22.1

Total Current Assets

1,330.6

885.4

982.3

905.8

914.4

 

 

 

 

 

 

        Buildings

105.0

110.0

110.9

116.5

111.6

        Land/Improvements

6.0

6.3

6.5

6.9

6.3

        Machinery/Equipment

253.9

264.6

260.6

247.1

225.0

        Construction in Progress

3.6

2.8

1.1

3.8

1.3

        Other Property/Plant/Equipment

12.5

13.1

12.6

12.9

11.8

    Property/Plant/Equipment - Gross

380.9

396.8

391.7

387.2

356.0

    Accumulated Depreciation

-193.9

-199.9

-196.4

-204.6

-184.5

Property/Plant/Equipment - Net

187.1

196.9

195.2

182.6

171.5

Goodwill, Net

0.9

1.0

1.0

1.1

1.0

Intangibles, Net

0.3

0.4

0.4

0.3

0.3

    LT Investment - Affiliate Companies

142.9

683.6

684.7

713.7

681.8

Long Term Investments

142.9

683.6

684.7

713.7

681.8

Note Receivable - Long Term

0.2

0.3

0.2

0.4

0.5

    Deferred Income Tax - Long Term Asset

3.1

3.3

5.0

1.2

1.3

    Other Long Term Assets

5.3

5.5

6.4

6.7

5.4

Other Long Term Assets, Total

8.4

8.8

11.4

7.8

6.7

Total Assets

1,670.4

1,776.4

1,875.2

1,811.7

1,776.2

 

 

 

 

 

 

Accounts Payable

134.6

150.0

171.9

170.3

154.4

Notes Payable/Short Term Debt

365.5

237.1

290.3

242.1

280.1

Current Portion - Long Term Debt/Capital Leases

3.5

3.6

3.1

3.1

3.1

    Income Taxes Payable

21.2

6.1

12.9

4.3

2.6

    Other Payables

13.8

14.1

19.7

32.2

35.9

    Other Current Liabilities

12.5

16.7

12.5

15.1

13.3

Other Current liabilities, Total

47.4

36.9

45.1

51.6

51.8

Total Current Liabilities

551.0

427.6

510.3

467.0

489.5

 

 

 

 

 

 

    Long Term Debt

136.0

304.6

332.2

366.2

377.9

    Capital Lease Obligations

4.8

4.0

2.0

2.2

1.7

Total Long Term Debt

140.8

308.7

334.1

368.4

379.6

Total Debt

509.7

549.4

627.5

613.5

662.9

 

 

 

 

 

 

    Deferred Income Tax - LT Liability

10.5

31.1

32.2

28.4

27.9

Deferred Income Tax

10.5

31.1

32.2

28.4

27.9

Minority Interest

43.6

45.3

44.4

45.6

41.9

    Pension Benefits - Underfunded

6.6

6.4

5.5

5.3

4.2

    Other Long Term Liabilities

0.1

0.7

0.7

-

-

Other Liabilities, Total

6.7

7.1

6.2

5.3

4.2

Total Liabilities

752.5

819.8

927.2

914.5

943.2

 

 

 

 

 

 

    Common Stock

165.4

174.0

174.5

185.7

169.7

Common Stock

165.4

174.0

174.5

185.7

169.7

Retained Earnings (Accumulated Deficit)

752.6

782.6

773.4

711.4

663.4

Total Equity

917.9

956.6

947.9

897.1

833.1

 

 

 

 

 

 

Total Liabilities & Shareholders’ Equity

1,670.4

1,776.4

1,875.2

1,811.7

1,776.2

 

 

 

 

 

 

    Shares Outstanding - Common Stock Primary Issue

268.6

268.6

268.6

268.6

268.6

Total Common Shares Outstanding

268.6

268.6

268.6

268.6

268.6

Employees

4,928

5,156

5,010

4,942

4,873

Accumulated Intangible Amort, Suppl.

1.7

1.8

1.7

0.9

0.8

Deferred Sale - Current

2.1

3.1

4.0

4.7

7.4

Total Long Term Debt, Supplemental

498.5

539.1

618.4

604.1

653.2

Long Term Debt Maturing within 1 Year

365.5

234.4

290.3

237.9

275.2

Long Term Debt Maturing in Year 2

133.0

268.3

261.5

263.4

246.2

Long Term Debt Maturing in Year 3

-

36.4

66.6

102.8

131.8

Long Term Debt Maturing in Year 4

-

-

0.0

0.0

0.0

Long Term Debt Maturing in 2-3 Years

133.0

304.6

328.1

366.2

377.9

Long Term Debt Maturing in 4-5 Years

-

-

0.0

0.0

0.0

Long Term Debt Matur. in Year 6 & Beyond

0.0

0.0

0.0

0.0

0.0

Total Capital Leases, Supplemental

8.3

7.6

5.0

5.2

4.8

Capital Lease Payments Due in Year 1

3.5

3.6

3.1

3.1

3.1

Capital Lease Payments Due in Year 2

2.2

1.8

0.8

1.3

1.6

Capital Lease Payments Due in Year 3

2.3

1.7

0.7

0.5

0.1

Capital Lease Payments Due in Year 4

0.3

0.6

0.4

0.4

0.0

Capital Lease Payments Due in 2-3 Years

4.5

3.5

1.6

1.8

1.7

Capital Lease Payments Due in 4-5 Years

0.3

0.6

0.4

0.4

0.0

Discount Rate - Domestic

-

-

4.66%

-

-

 

 

 Annual Cash Flows

Standardized

 

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)           

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
31-Dec-2010

Updated Normal 
31-Dec-2009

Updated Normal 
31-Dec-2008

Reclassified Normal 
31-Dec-2008

Restated Normal 
31-Dec-2007

Filed Currency

TRY

TRY

TRY

TRY

TRY

Exchange Rate (Period Average)

1.507473

1.553646

1.304493

1.305796

1.436808

Auditor

DRT Bagimsiz Denetim ve Serbest Muhasebeci Mali Musavirlik

DRT Bagimsiz Denetim ve Serbest Muhasebeci Mali Musavirlik

DRT Denetim Revizyon Tasdik

DRT Denetim Revizyon Tasdik

RSM International

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

Net Income/Starting Line

127.0

77.1

14.8

94.6

62.1

    Depreciation

17.5

18.6

16.7

18.5

18.2

Depreciation/Depletion

17.5

18.6

16.7

18.5

18.2

    Amortization of Intangibles

0.3

1.3

0.2

1.5

2.0

Amortization

0.3

1.3

0.2

1.5

2.0

Deferred Taxes

21.4

16.4

3.4

18.3

0.1

    Unusual Items

14.5

0.6

42.6

-10.4

4.1

    Equity in Net Earnings (Loss)

-

-

11.4

-3.3

-4.3

    Other Non-Cash Items

-64.2

6.1

11.2

4.1

1.1

Non-Cash Items

-49.6

6.7

65.2

-9.6

0.9

    Accounts Receivable

-69.8

-29.8

7.4

-17.1

11.5

    Inventories

11.6

-11.4

-17.7

-26.6

31.4

    Other Assets

-

-

-

-

0.0

    Accounts Payable

-110.0

116.6

46.0

108.8

-32.8

    Accrued Expenses

-

-

-

-

4.5

    Other Operating Cash Flow

-17.9

-13.5

-15.4

-24.7

-22.2

Changes in Working Capital

-186.0

61.9

20.2

40.4

-7.6

Cash from Operating Activities

-69.4

182.0

120.5

163.7

75.7

 

 

 

 

 

 

    Purchase of Fixed Assets

-36.3

-19.2

-206.8

-95.9

-18.7

    Purchase/Acquisition of Intangibles

-0.2

-4.0

-0.1

-2.3

-2.1

Capital Expenditures

-36.5

-23.2

-206.9

-98.2

-20.8

    Acquisition of Business

-0.1

-

0.0

-1.8

0.0

    Sale of Business

134.7

-

-

-

-

    Sale of Fixed Assets

6.1

2.1

20.9

8.3

19.2

    Investment, Net

254.3

-108.1

-213.0

-70.7

-72.0

    Other Investing Cash Flow

-

-

0.0

3.6

1.0

Other Investing Cash Flow Items, Total

395.0

-106.0

-192.1

-60.6

-51.8

Cash from Investing Activities

358.5

-129.3

-399.0

-158.8

-72.6

 

 

 

 

 

 

    Other Financing Cash Flow

-138.7

66.6

0.0

-0.9

-3.6

Financing Cash Flow Items

-138.7

66.6

0.0

-0.9

-3.6

    Cash Dividends Paid - Common

-9.3

-4.2

-24.1

-23.9

-18.9

Total Cash Dividends Paid

-9.3

-4.2

-24.1

-23.9

-18.9

        Long Term Debt Issued

552.3

244.1

479.7

138.8

193.8

        Long Term Debt Reduction

-466.9

-279.7

-85.7

-113.4

-280.9

    Long Term Debt, Net

82.5

-34.5

394.1

25.5

-87.1

Issuance (Retirement) of Debt, Net

82.5

-34.5

394.1

25.5

-87.1

Cash from Financing Activities

-65.5

27.9

369.9

0.6

-109.6

 

 

 

 

 

 

Net Change in Cash

223.7

80.6

91.4

5.4

-106.5

 

 

 

 

 

 

Net Cash - Beginning Balance

185.4

99.2

26.8

21.3

125.9

Net Cash - Ending Balance

409.0

179.9

118.2

26.8

19.4

Cash Interest Paid

-

-

0.0

0.0

0.0

Cash Taxes Paid

16.7

12.5

15.1

25.6

21.2

 

 

 

Interim Cash Flows

Standardized

 

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)           

 

 

 

30-Jun-2011

31-Mar-2011

31-Dec-2010

30-Sep-2010

30-Jun-2010

Period Length

6 Months

3 Months

12 Months

9 Months

6 Months

UpdateType/Date

Updated Normal 
30-Jun-2011

Updated Normal 
31-Mar-2011

Updated Normal 
31-Dec-2010

Updated Normal 
30-Sep-2010

Updated Normal 
30-Jun-2010

Filed Currency

TRY

TRY

TRY

TRY

TRY

Exchange Rate (Period Average)

1.571222

1.576504

1.507473

1.521918

1.525538

 

 

 

 

 

 

Net Income/Starting Line

386.8

11.8

127.0

56.8

42.2

    Depreciation

9.1

4.5

17.5

12.9

8.9

Depreciation/Depletion

9.1

4.5

17.5

12.9

8.9

    Amortization of Intangibles

0.1

0.0

0.3

0.1

0.1

Amortization

0.1

0.0

0.3

0.1

0.1

Deferred Taxes

-

-

21.4

8.6

4.9

    Unusual Items

-391.0

-1.0

5.4

-8.9

-8.8

    Equity in Net Earnings (Loss)

4.9

-0.9

9.1

11.4

5.8

    Other Non-Cash Items

31.9

0.6

-67.8

-2.9

44.9

Non-Cash Items

-354.1

-1.2

-53.3

-0.4

41.9

    Accounts Receivable

8.3

-14.5

-69.7

-68.4

-84.2

    Inventories

6.5

8.1

11.6

-3.2

35.5

    Accounts Payable

-32.5

-12.5

-110.0

-123.4

-123.9

    Accrued Expenses

2.3

-0.9

3.6

5.2

8.2

    Taxes Payable

25.2

4.3

-

-

-

    Other Operating Cash Flow

-15.4

-16.4

-17.9

-14.0

-11.5

Changes in Working Capital

-5.6

-31.9

-182.3

-203.8

-175.9

Cash from Operating Activities

36.3

-16.8

-69.4

-125.9

-78.1

 

 

 

 

 

 

    Purchase of Fixed Assets

-15.1

-6.9

-36.3

-10.6

-5.2

    Purchase/Acquisition of Intangibles

-0.1

0.0

-0.2

0.0

0.0

Capital Expenditures

-15.2

-6.9

-36.5

-10.6

-5.2

    Acquisition of Business

0.2

-

-0.1

-

0.0

    Sale of Business

-

-

134.7

-

-

    Sale of Fixed Assets

2.0

1.0

6.1

6.8

6.6

    Sale/Maturity of Investment

532.5

-

-

-

-

    Investment, Net

-

-0.8

254.3

-1.9

-102.6

    Purchase of Investments

-

-

-

0.0

0.0

    Other Investing Cash Flow

-170.1

-182.3

-

25.6

12.3

Other Investing Cash Flow Items, Total

364.7

-182.0

395.0

30.5

-83.7

Cash from Investing Activities

349.5

-188.9

358.5

19.9

-88.9

 

 

 

 

 

 

    Other Financing Cash Flow

-3.4

-4.7

-138.7

-127.3

-121.4

Financing Cash Flow Items

-3.4

-4.7

-138.7

-127.3

-121.4

    Cash Dividends Paid - Common

-11.4

-0.2

-9.3

-9.2

-9.2

Total Cash Dividends Paid

-11.4

-0.2

-9.3

-9.2

-9.2

        Long Term Debt Issued

6.5

12.4

552.3

507.6

425.3

        Long Term Debt Reduction

-126.3

-88.6

-466.9

-435.4

-297.2

    Long Term Debt, Net

-116.2

-73.7

82.5

69.2

125.1

Issuance (Retirement) of Debt, Net

-116.2

-73.7

82.5

69.2

125.1

Cash from Financing Activities

-131.0

-78.5

-65.5

-67.3

-5.5

 

 

 

 

 

 

Net Change in Cash

254.8

-284.2

223.7

-173.3

-172.5

 

 

 

 

 

 

Net Cash - Beginning Balance

392.4

391.1

185.4

183.6

183.2

Net Cash - Ending Balance

647.3

106.9

409.0

10.3

10.7

Cash Taxes Paid

14.6

16.2

16.7

12.9

10.8

 

 

 Annual Income Statement

As Reported

 

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)           

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
31-Dec-2010

Reclassified Normal 
31-Dec-2010

Reclassified Normal 
31-Dec-2009

Restated Normal 
31-Dec-2008

Restated Normal 
31-Dec-2007

Filed Currency

TRY

TRY

TRY

TRY

TRY

Exchange Rate (Period Average)

1.507473

1.553646

1.304493

1.305796

1.436808

Auditor

DRT Bagimsiz Denetim ve Serbest Muhasebeci Mali Musavirlik

DRT Bagimsiz Denetim ve Serbest Muhasebeci Mali Musavirlik

DRT Bagimsiz Denetim ve Serbest Muhasebeci Mali Musavirlik

DRT Denetim Revizyon Tasdik

DRT Denetim Revizyon Tasdik

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Domestic Sales

1,092.5

1,026.3

1,167.6

1,071.6

1,438.0

    Export Sales

182.5

217.9

196.5

196.6

170.5

    Other Sales

6.0

17.3

31.7

59.8

-

    Sales Returns

-28.9

-41.8

-57.1

-33.5

-40.8

    Sales Discounts

-241.5

-250.1

-256.2

-215.7

-334.3

    Other Deductions

-

-

-

-

0.0

    Other Sale

-

-

-

-

108.0

Total Sale

1,010.6

969.6

1,082.5

1,078.9

1,341.4

 

 

 

 

 

 

    Cost of Sales

791.6

725.9

847.7

843.7

1,072.6

    R&D Expenses

0.7

0.7

0.7

0.8

0.7

    Selling&Marketing

151.3

128.7

139.3

149.7

183.0

    General&Admin.

40.5

41.8

40.1

28.2

20.7

Total Operating Expense

984.1

897.1

1,027.8

1,022.4

1,277.1

 

 

 

 

 

 

    Gain on Sale of Asset

0.3

1.3

-

-

-

    Other Income

19.3

22.5

22.9

28.0

28.2

    Loss on Sale of Asset

-5.0

-0.1

-

-

-

    Other Loss

-2.6

-1.6

-3.0

-8.3

-21.7

    Investments

-9.1

-2.2

-11.4

3.3

-

    Interest Income

-

-

-

23.7

-

    Financial Income

275.2

153.9

188.2

92.9

-

    Financing Expense

-156.2

-152.8

-233.2

-67.9

9.5

    Interest Expense

-

-

-

-15.4

-17.7

Net Income Before Taxes

148.4

93.5

18.2

112.9

62.7

 

 

 

 

 

 

Provision for Income Taxes

21.4

16.4

3.4

18.3

0.1

Net Income After Taxes

127.0

77.1

14.8

94.6

62.6

 

 

 

 

 

 

    Minority Interest

-4.4

-10.9

-2.8

-5.7

-0.6

Net Income Before Extra. Items

122.6

66.2

12.0

88.9

62.1

Net Income

122.6

66.2

12.0

88.9

62.1

 

 

 

 

 

 

Income Available to Com Excl ExtraOrd

122.6

66.2

12.0

88.9

62.1

 

 

 

 

 

 

Income Available to Com Incl ExtraOrd

122.6

66.2

12.0

88.9

62.1

 

 

 

 

 

 

Basic Weighted Average Shares

268.6

268.6

268.6

268.6

268.6

Basic EPS Excluding ExtraOrdinary Items

0.46

0.25

0.04

0.33

0.23

Basic EPS Including ExtraOrdinary Items

0.46

0.25

0.04

0.33

0.23

Diluted Net Income

122.6

66.2

12.0

88.9

62.1

Diluted Weighted Average Shares

268.6

268.6

268.6

268.6

268.6

Diluted EPS Excluding ExtraOrd Items

0.46

0.25

0.04

0.33

0.23

Diluted EPS Including ExtraOrd Items

0.46

0.25

0.04

0.33

0.23

DPS-Ordinary Shares

0.03

0.03

0.01

0.07

0.06

Gross Dividends - Common Stock

9.2

7.0

2.3

18.6

16.8

Normalized Income Before Taxes

153.2

92.3

25.3

116.4

62.7

 

 

 

 

 

 

Inc Tax Ex Impact of Sp Items

22.1

16.2

4.7

18.9

0.1

Normalized Income After Taxes

131.0

76.1

20.6

97.6

62.6

 

 

 

 

 

 

Normalized Inc. Avail to Com.

126.7

65.2

17.8

91.9

62.1

 

 

 

 

 

 

Basic Normalized EPS

0.47

0.24

0.07

0.34

0.23

Diluted Normalized EPS

0.47

0.24

0.07

0.34

0.23

Research & Development Exp

0.7

0.7

0.7

0.8

0.7

Interest Expense

-

-

-

15.4

17.5

Amort of Intangibles

0.3

1.3

1.3

1.5

2.0

Depreciation

17.5

18.6

16.7

18.5

18.0

    Current Tax

24.8

17.0

3.2

23.9

19.8

Current Tax - Total

24.8

17.0

3.2

23.9

19.8

    Deferred Tax

-3.4

-0.6

0.3

-5.6

-19.7

Deferred Tax - Total

-3.4

-0.6

0.3

-5.6

-19.7

Income Tax - Total

21.4

16.4

3.4

18.3

0.1

Interest Cost

0.2

0.2

0.2

0.2

-

Service Cost

2.5

1.9

1.7

0.1

-

Actuarial Cost

0.1

0.5

-0.2

0.0

-

Post-Retirement Plan Expense

2.7

2.7

1.6

0.3

-

Total Pension Expense

2.7

2.7

1.6

0.3

-

Discount Rate

4.66%

5.92%

6.26%

5.71%

5.71%

 

 

Interim Income Statement

As Reported

 

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)           

 

 

 

31-Mar-2011

31-Dec-2010

30-Sep-2010

30-Jun-2010

31-Mar-2010

Period Length

3 Months

3 Months

3 Months

3 Months

3 Months

UpdateType/Date

Updated Normal 
31-Mar-2011

Updated Normal 
31-Dec-2010

Updated Normal 
30-Sep-2010

Updated Normal 
30-Jun-2010

Reclassified Normal 
31-Mar-2011

Filed Currency

TRY

TRY

TRY

TRY

TRY

Exchange Rate (Period Average)

1.576504

1.464156

1.515454

1.540387

1.510521

 

 

 

 

 

 

    Net Sales

233.8

-

-

-

-

    Domestic Sales

-

263.6

254.7

296.2

267.5

    Export Sales

-

16.2

45.3

60.5

59.3

    Other Sales

-

-0.8

-1.0

3.2

-

    Sales Returns

-

183.5

-61.5

-85.4

-57.9

    Sales Discounts

-

-248.6

0.0

0.0

-

Total Sale

233.8

213.9

237.5

274.6

269.0

 

 

 

 

 

 

    Cost of Sales

185.5

179.9

187.8

207.0

205.3

    R&D Expenses

0.3

0.2

0.1

0.1

0.2

    Selling&Marketing

29.4

40.2

33.2

49.1

28.8

    General&Admin.

9.5

10.4

7.8

12.3

10.0

Total Operating Expense

224.7

230.7

228.9

268.4

244.2

 

 

 

 

 

 

    Gain on Sale of Asset

0.9

0.0

0.1

0.0

0.2

    Other Income

3.9

-0.2

1.9

1.8

6.3

    Loss on Sale of Assets

0.0

-1.0

0.0

-4.0

0.0

    Other Loss

-2.4

-1.5

-0.7

-0.1

-0.4

    Investments

0.9

2.4

-5.6

-5.7

0.0

    Interest Income

-

-

4.8

5.4

-

    Financial Income

15.4

119.0

21.7

107.3

30.5

    Interest Expense

-

-

-5.9

-5.5

-

    Financial Exp.

-11.7

-17.1

-6.6

-98.7

-20.5

Net Income Before Taxes

16.1

84.8

18.3

6.5

40.8

 

 

 

 

 

 

Provision for Income Taxes

4.3

13.1

3.7

-1.8

6.8

Net Income After Taxes

11.8

71.7

14.6

8.4

34.1

 

 

 

 

 

 

    Minority Interest

-1.4

-0.7

-0.8

-2.0

-0.9

Net Income Before Extra. Items

10.4

71.0

13.8

6.4

33.2

Net Income

10.4

71.0

13.8

6.4

33.2

 

 

 

 

 

 

Income Available to Com Excl ExtraOrd

10.4

71.0

13.8

6.4

33.2

 

 

 

 

 

 

Income Available to Com Incl ExtraOrd

10.4

71.0

13.8

6.4

33.2

 

 

 

 

 

 

Basic Weighted Average Shares

268.6

268.6

268.6

268.6

268.6

Basic EPS Excluding ExtraOrdinary Items

0.04

0.26

0.05

0.02

0.12

Basic EPS Including ExtraOrdinary Items

0.04

0.26

0.05

0.02

0.12

Diluted Net Income

10.4

71.0

13.8

6.4

33.2

Diluted Weighted Average Shares

268.6

268.6

268.6

268.6

268.6

Diluted EPS Excluding ExtraOrd Items

0.04

0.26

0.05

0.02

0.12

Diluted EPS Including ExtraOrd Items

0.04

0.26

0.05

0.02

0.12

DPS-Ordinary Shares

0.00

0.04

0.00

0.00

0.00

Gross Dividends - Common Stock

0.0

9.5

0.0

0.0

0.0

Normalized Income Before Taxes

15.2

85.8

18.2

10.5

40.7

 

 

 

 

 

 

Inc Tax Ex Impact of Sp Items

4.0

13.3

3.7

-0.4

6.8

Normalized Income After Taxes

11.2

72.6

14.5

10.9

33.9

 

 

 

 

 

 

Normalized Inc. Avail to Com.

9.8

71.8

13.7

9.0

33.0

 

 

 

 

 

 

Basic Normalized EPS

0.04

0.27

0.05

0.03

0.12

Diluted Normalized EPS

0.04

0.27

0.05

0.03

0.12

Research & Development Exp

0.3

0.2

0.1

0.1

0.2

Interest Expense

-

-

5.9

5.5

-

Rental Expense

2.7

-

2.9

3.0

3.1

Amort of Intangibles

0.0

0.2

0.0

-0.5

0.6

Depreciation

4.5

4.6

4.0

4.4

4.5

    Current Tax

3.4

13.1

3.5

1.5

7.0

Current Tax - Total

3.4

13.1

3.5

1.5

7.0

    Deferred Tax

0.8

0.1

0.2

-3.4

-0.2

Deferred Tax - Total

0.8

0.1

0.2

-3.4

-0.2

Income Tax - Total

4.3

13.1

3.7

-1.8

6.8

Discount Rate

-

4.66%

-

-

-

 

 

 Annual Balance Sheet

As Reported

 

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)           

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

UpdateType/Date

Updated Normal 
31-Dec-2010

Updated Normal 
31-Dec-2009

Restated Normal 
31-Dec-2009

Restated Normal 
31-Dec-2008

Restated Normal 
31-Dec-2007

Filed Currency

TRY

TRY

TRY

TRY

TRY

Exchange Rate

1.539

1.49895

1.5435

1.17225

1.4165

Auditor

DRT Bagimsiz Denetim ve Serbest Muhasebeci Mali Musavirlik

DRT Bagimsiz Denetim ve Serbest Muhasebeci Mali Musavirlik

DRT Bagimsiz Denetim ve Serbest Muhasebeci Mali Musavirlik

DRT Denetim Revizyon Tasdik

DRT Denetim Revizyon Tasdik

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Cash&Equiv.

400.6

186.4

99.9

29.8

19.7

    Mktbl. Secs.

1.8

0.6

0.5

0.9

-

    Shares

-

-

-

-

0.3

    Public Bond/Note

-

-

-

-

0.1

    Customer Rcvbls.

135.6

127.9

96.9

139.2

101.6

    Dpst.&Guarantees

-

-

-

-

0.0

    Prov. for Doubtful Trade

-1.9

-2.0

-6.0

-6.9

-8.1

    Due Rcvbls./Related Parties

94.0

70.7

57.9

82.9

203.4

    Due Rcvbls.(non Trade)

206.6

471.1

348.7

222.1

-

    Other ST Rcvbls.

19.2

9.7

10.0

3.6

1.7

    Raw Materials

61.3

70.5

55.0

62.9

32.4

    Semi-Finished

1.6

1.2

1.0

1.3

0.2

    Finished Goods

21.1

25.2

23.6

22.0

15.6

    Trading Goods

6.6

9.4

11.4

7.3

8.9

    Other Inventories

1.8

1.1

0.8

7.6

2.1

    Devalueation

-0.9

-0.2

-0.6

-3.3

-

    Advance Pymnts.

-

-

-

-

4.6

    Other ST Assets

34.7

20.1

27.6

26.2

5.4

Total Current Assets

982.3

991.7

726.6

595.7

387.8

 

 

 

 

 

 

    Dpst.&Guarantees

-

-

-

-

0.0

    Trade Receivables

0.1

0.6

0.2

0.1

-

    Due-Subsidiaries

0.1

0.0

0.0

0.1

-

    Mktbl.Asset-Aff.

530.3

456.6

227.1

314.9

128.2

    Inv.-Affiliates

154.4

166.0

166.3

22.6

19.8

    Inv.-Subsidiary

-

-

-

-

0.4

    Goodwill, Net

1.0

1.0

1.0

1.3

-

    Land

2.5

2.6

2.5

2.7

2.3

    Land Improvement

3.9

4.0

3.8

4.9

4.0

    Buildings

110.9

129.3

111.0

135.3

116.5

    Machinery&Equip.

235.2

210.0

183.7

234.4

181.3

    Motor Vehicles

1.6

2.0

2.2

9.8

7.7

    Special Cost

11.1

10.9

10.5

13.8

11.1

    Furniture&Fixt.

23.8

23.6

22.5

26.5

21.5

    Other Prop.&Equip.

1.5

1.6

1.5

1.6

1.3

    Depreciation

-196.4

-189.1

-165.4

-207.2

-157.4

    Constr. in Prog.

1.1

0.3

12.2

11.6

1.4

    Advance Pymnts.

-

-

-

-

5.9

    Intangibles, Net

0.4

3.9

1.0

2.0

2.4

    Deferred Tax

5.0

0.7

4.5

5.4

0.9

    Other Assets

6.4

5.2

6.6

8.3

-

Total Assets

1,875.2

1,820.9

1,317.9

1,183.7

735.1

 

 

 

 

 

 

    Bank Loans ST

290.3

354.5

311.1

197.7

110.2

    Curr. Port. Loans

-

-

-

-

6.6

    Financial Lease

3.1

6.0

2.3

-

14.9

    Other Borrowings

4.1

5.3

0.5

-

-

    Supplier Pybls. ST

59.3

49.6

44.8

144.7

35.2

    Dpst.&Guarantees

-

-

-

83.2

0.8

    Due Pybls./Related Parties

112.6

236.9

144.5

0.5

62.8

    Other ST Payable - Related Parties

15.3

-

-

-

-

    Other ST Payable

4.4

166.7

70.3

8.2

-

    Customer Advance

-

-

-

-

3.8

    ST Debt Prov.

1.5

1.3

1.4

1.6

7.4

    Tax Provisions

12.9

5.1

0.0

4.0

-

    Severance Payments

6.7

7.1

4.3

1.1

-

    Other Current Liabilities

4.3

4.0

4.5

7.0

8.5

Total Current Liabilities

514.4

836.4

583.6

448.2

250.3

 

 

 

 

 

 

    Bank Loans LT

328.1

159.0

218.8

56.1

54.6

    Financial Lease

2.0

2.1

4.4

-

1.0

Total Long Term Debt

330.1

161.1

223.2

56.1

55.5

 

 

 

 

 

 

    Other LT Trade

0.7

-

-

-

-

    Due Pybls. to Related Parties

-

-

-

2.6

2.2

    Severance Payments

5.5

4.1

2.5

3.1

3.8

    Deferred Tax

32.2

27.3

18.8

25.1

16.7

    Minority Interest

44.4

41.0

30.9

37.6

27.5

Total Liabilities

927.2

1,069.9

859.0

572.8

356.0

 

 

 

 

 

 

    Share Capital

174.5

179.2

174.0

229.1

170.2

    Reval.-Fixed Assets

-

-

-

129.5

40.8

    Reval.-Affiliates

-

-

-

-

-81.2

    Capital Adjustments

70.2

72.1

70.0

-

-

    F/X Adjustments

22.7

20.9

22.2

0.0

-

    Legal Reserves

23.7

19.7

18.6

17.7

8.2

    Other Reserves

-

-

-

-

2.7

    Extra. Reserves

-

-

-

-

19.4

    Cost. Incr. Fund

396.3

297.8

81.4

-

-

    Sale of Real Estate&Affiliates

-

-

-

-

18.8

    Net Profit/Loss

120.1

68.7

10.2

99.0

62.9

    Prior Year Income/Loss

140.4

92.6

82.5

43.4

34.0

    Inf. Adj.

-

-

-

92.2

103.3

Total Equity

947.9

751.0

459.0

610.9

379.1

 

 

 

 

 

 

Total Liabilities & Shareholders' Equity

1,875.2

1,820.9

1,317.9

1,183.7

735.1

 

 

 

 

 

 

    S/O-Ordinary Shares

268.6

268.6

268.6

268.6

268.6

Total Common Shares Outstanding

268.6

268.6

268.6

268.6

268.6

Acc. Intang. Amort.

1.7

15.6

13.8

16.6

12.5

Deferred Sale - Current

4.0

46.2

27.1

5.6

3.8

Full-Time Employees

5,010

5,631

5,846

4,492

4,182

Maturing within 1 Year

290.3

354.5

311.1

196.1

6.6

Maturing within 1-2 Years

261.5

66.3

71.7

52.7

54.6

Maturing within 2-3 Years

66.6

67.3

55.8

-

-

Maturing within 3-4 Years

0.0

25.5

66.1

-

-

Maturing within 4-5 Years

-

-

25.1

-

-

Total Long Term Debt, Supplemental

618.4

513.5

529.9

248.8

61.2

Maturing within 1 Year

3.1

6.0

2.3

1.6

-

Maturing within 1-2 Years

0.8

1.9

2.5

1.1

-

Maturing within 2-3 Years

0.7

0.2

1.8

1.2

-

Maturing within 3-4 Years

0.4

0.0

0.1

1.1

-

Total Capital Leases

5.0

8.1

6.7

5.1

-

Discount Rate

4.66%

5.92%

6.26%

5.71%

5.71%

 

 

Interim Balance Sheet

As Reported

 

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)           

 

 

 

31-Mar-2011

31-Dec-2010

30-Sep-2010

30-Jun-2010

31-Mar-2010

UpdateType/Date

Updated Normal 
31-Mar-2011

Updated Normal 
31-Dec-2010

Updated Normal 
30-Sep-2010

Updated Normal 
30-Jun-2010

Updated Normal 
31-Mar-2010

Filed Currency

TRY

TRY

TRY

TRY

TRY

Exchange Rate

1.54385

1.539

1.44645

1.58325

1.5222

 

 

 

 

 

 

    Cash & Cash Equiv.

109.2

400.6

10.9

10.3

13.0

    Mktbl. Secs.

2.8

1.8

0.7

0.6

0.8

    Customer Rcvbls.

134.7

135.6

154.0

140.9

171.4

    Prov. for Doubtful Trade

-1.8

-1.9

-4.0

-2.0

-2.0

    Trade Rcvbls./Due from Related Parties

107.1

94.0

106.6

112.4

94.9

    Due from Related Parties

392.1

206.6

479.2

545.0

335.3

    Other ST Rcvbls.

21.6

19.2

18.9

17.8

13.5

    Raw Materials

55.7

61.3

81.8

34.7

55.0

    Semi-Finished

1.8

1.6

2.0

1.4

1.8

    Finished Goods

18.7

21.1

22.1

23.7

19.6

    Trading Goods

7.6

6.6

7.7

7.1

7.2

    Other Inventories

0.2

1.8

0.4

0.5

0.3

    Provision for Devaluation of Inventories

-0.8

-0.9

0.0

0.0

0.0

    Other ST Assets

36.7

34.7

25.5

22.1

18.5

Total Current Assets

885.4

982.3

905.8

914.4

729.1

 

 

 

 

 

 

    Notes Receivable

0.2

0.1

0.3

0.4

0.7

    Due-Subsidiaries

0.1

0.1

0.1

0.1

0.1

    Mktbl.Asset-Aff.

526.1

530.3

559.9

529.9

508.6

    Inv.-Affiliates

157.5

154.4

153.8

151.9

161.4

    Goodwill, Net

1.0

1.0

1.1

1.0

1.0

    Land

2.5

2.5

2.7

2.5

2.6

    Land Improvement

3.8

3.9

4.2

3.8

3.9

    Buildings

110.0

110.9

116.5

111.6

128.9

    Machinery&Equip.

239.6

235.2

220.3

200.8

207.4

    Furniture&Fixt.

23.4

23.8

25.0

22.6

23.4

    Motor Vehicles

1.7

1.6

1.8

1.6

1.7

    Special Cost

11.6

11.1

11.3

10.3

10.7

    Other Prop.&Equip.

1.5

1.5

1.6

1.5

1.6

    Constr. in Prog.

2.8

1.1

3.8

1.3

0.7

    Depreciation

-199.9

-196.4

-204.6

-184.5

-190.4

    Intangibles, Net

0.4

0.4

0.3

0.3

3.3

    Deferred Tax

3.3

5.0

1.2

1.3

0.8

    Other LT Assets

5.5

6.4

6.7

5.4

5.4

Total Assets

1,776.4

1,875.2

1,811.7

1,776.2

1,601.1

 

 

 

 

 

 

    Bank Loans ST

234.4

290.3

237.9

275.2

312.3

    Fin. Lease Pybl.

3.6

3.1

3.1

3.1

5.0

    Other Borrowings

2.7

4.1

4.2

4.9

5.3

    Supplier Pybls. ST

68.6

59.3

104.9

101.5

97.0

    Due to Related Parties

81.4

112.6

65.3

52.9

67.6

    Other ST Payables

3.7

4.4

5.3

35.9

29.5

    Other ST Payables to Related Parties

10.4

15.3

26.9

-

-

    Severance Payment

7.7

6.7

6.0

5.6

8.7

    Debt Provisions

1.5

1.5

2.0

1.3

1.3

    Tax Provisions

6.1

12.9

4.3

2.6

6.9

    Other Curr. Liabs.

7.5

4.3

7.1

6.5

12.3

Total Current Liabilities

427.6

514.4

467.0

489.5

545.8

 

 

 

 

 

 

    Bank Loans LT

304.6

328.1

366.2

377.9

145.4

    Fin. Leases

4.0

2.0

2.2

1.7

2.3

Total Long Term Debt

308.7

330.1

368.4

379.6

147.7

 

 

 

 

 

 

    Other LT Trade

0.7

0.7

-

-

-

    Severance Payments

6.4

5.5

5.3

4.2

4.6

    Deffered Tax

31.1

32.2

28.4

27.9

30.0

    Minority Interest

45.3

44.4

45.6

41.9

41.4

Total Liabilities

819.8

927.2

914.5

943.2

769.5

 

 

 

 

 

 

    Share Capital

174.0

174.5

185.7

169.7

176.5

    Reval.-Capital

70.0

70.2

74.7

68.2

71.0

    F/X Adjustments

25.3

22.7

16.3

20.2

18.5

    Legal Reserves

23.6

23.7

25.2

23.0

19.4

    Cost. Incr. Fund

392.9

396.3

391.1

374.6

354.4

    Net Profit/Loss

10.6

120.1

55.9

37.9

32.9

    Prior Year Inc./Loss

260.2

140.4

148.3

139.5

158.8

Total Equity

956.6

947.9

897.1

833.1

831.5

 

 

 

 

 

 

Total Liabilities & Shareholders' Equity

1,776.4

1,875.2

1,811.7

1,776.2

1,601.1

 

 

 

 

 

 

    S/O-Ordinary Shares

268.6

268.6

268.6

268.6

268.6

Total Common Shares Outstanding

268.6

268.6

268.6

268.6

268.6

Acc. Intag. Amort.

1.8

1.7

0.9

0.8

15.9

Deferred Sale - Current

3.1

4.0

4.7

7.4

10.9

Full-Time Employees

5,156

5,010

4,942

4,873

5,844

Maturing within 1 Year

234.4

290.3

237.9

275.2

312.6

Maturing within 1-2 Years

268.3

261.5

263.4

246.2

86.5

Maturing within 2-3 Years

36.4

66.6

102.8

131.8

33.5

Maturing witihn 3-4 Years

-

0.0

0.0

0.0

25.4

Total Long Term Debt, Supplemental

539.1

618.4

604.1

653.2

458.0

Maturing within 1 Year

3.6

3.1

3.1

3.1

5.0

Maturing within 1-2 Years

1.8

0.8

1.3

1.6

2.2

Maturing within 2-3 Years

1.7

0.7

0.5

0.1

0.0

Maturing witihn 3-4 Years

0.6

0.4

0.4

0.0

0.0

Total Capital Leases

7.6

5.0

5.2

4.8

7.2

Discount Rate

-

4.66%

-

-

5.92%

 

 

 

Annual Cash Flows

As Reported

 

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)           

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
31-Dec-2010

Updated Normal 
31-Dec-2009

Updated Normal 
31-Dec-2008

Reclassified Normal 
31-Dec-2008

Restated Normal 
31-Dec-2007

Filed Currency

TRY

TRY

TRY

TRY

TRY

Exchange Rate (Period Average)

1.507473

1.553646

1.304493

1.305796

1.436808

Auditor

DRT Bagimsiz Denetim ve Serbest Muhasebeci Mali Musavirlik

DRT Bagimsiz Denetim ve Serbest Muhasebeci Mali Musavirlik

DRT Bagimsiz Denetim ve Serbest Muhasebeci Mali Musavirlik

DRT Denetim Revizyon Tasdik

DRT Denetim Revizyon Tasdik

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

Net Income

127.0

77.1

14.8

94.6

62.1

    Depreciation

17.5

18.6

16.7

18.5

18.2

    Amortisation of Intangibles

0.3

1.3

0.2

1.5

2.0

    Advertising Turned to Expense

3.4

-

-

-

-

    Doubtful Rvbls

-0.1

-3.9

1.0

-0.5

4.6

    Interest Expense

3.6

9.0

10.6

4.2

-

    Provision for Severance Payment

2.7

2.6

-0.5

-0.1

0.5

    Currency Difference

30.6

-4.3

-

-

-

    Mktbl Secs.

-

-

-

-

6.5

    Minority Interest

-

-

-

-

0.6

    Accrued Credit Interest

-

-

-

-

4.5

    Sale of Mktbl Secs.

4.7

-1.2

-7.1

-3.6

-2.4

    Financial Asset Sale

-104.4

-

-

-

-

    Devalu.of Inventories

0.7

-0.4

-2.2

2.9

-

    Income/Loss from Uncons. Subs.

9.1

2.2

52.0

-9.7

0.0

    Gain/Loss on Sale

0.0

-1.1

1.0

-

-

    Sale of Affilliates/Income

-

-

-

-

0.0

    Provision for Court Cases

-

-

-

-

0.0

    Deferred Tax

21.4

16.4

3.4

18.3

0.1

    Income from Affiliates/Equ. Method

-

-

11.4

-3.3

-4.3

    Trade Receivables

-20.1

-26.3

10.1

-19.1

73.0

    Inventories

11.6

-11.4

-17.7

-26.6

31.4

    Due from Related Parties

-17.6

-10.7

6.0

17.5

-96.3

    Other Receivables

-32.0

11.2

-9.7

-15.0

30.1

    Trade Payables

12.4

1.9

-21.7

36.5

-53.9

    Due Pybls./Related Parties

-120.6

85.1

40.9

67.4

35.8

    Other Payables

-1.7

29.6

26.8

4.9

-14.7

    Advances Received

-

-

-

-

0.0

    Taxes Paid

-16.7

-12.5

-15.1

-25.6

-21.2

    Severance Benefit Paid

-1.2

-1.1

-0.4

-1.3

-1.0

    Interest Paid

-

-

0.0

0.0

0.0

    Cash/ Increased Capital

0.0

0.1

0.1

2.1

0.0

Cash from Operating Activities

-69.4

182.0

120.5

163.7

75.7

 

 

 

 

 

 

    Purch. of F.A.

-39.5

-18.1

-39.7

-28.9

-16.8

    Purchase of Intangibles

-0.2

-4.0

-0.1

-2.3

-2.1

    Effect of Consolidation

-

-

0.0

3.6

1.0

    Sale of F.A.

6.1

2.1

20.9

8.3

19.2

    Financial Lease / Fixed Asset

3.3

-1.1

-167.2

-67.0

-2.0

    Acqusition of Business

-0.1

-

0.0

-1.8

0.0

    Financial Assets / Trading

-

-

-

-

6.6

    Sub & Fin. Asset Sale

134.7

-

-

-

-

    Financial Assets/ Change

254.3

-108.1

-213.0

-70.7

-78.6

    Other Investing Cash Flow

-

-

-

0.0

0.0

Cash from Investing Activities

358.5

-129.3

-399.0

-158.8

-72.6

 

 

 

 

 

 

    Long Term Debt/Received

552.3

244.1

479.7

138.8

192.6

    Credit Payment

-466.9

-279.7

-135.6

-108.6

-280.8

    Dividends Paid

-9.3

-4.2

-24.1

-23.9

-18.9

    Other Change

-

0.3

-

-

-

    Minority Interest

-

0.3

0.0

-0.9

-3.6

    Financial Lease Debt / Change

-2.9

1.1

-

-

0.0

    Debt not to Related Parties

-138.7

66.1

-

-

-

    Financial Lease Debt / Repayment

-

-

49.9

-4.8

-0.1

    Increase in Financial Lease Debt

-

-

-

-

1.3

Cash from Financing Activities

-65.5

27.9

369.9

0.6

-109.6

 

 

 

 

 

 

Net Change in Cash

223.7

80.6

91.4

5.4

-106.5

 

 

 

 

 

 

Net Cash - Beginning Balance

185.4

99.2

26.8

21.3

125.9

Net Cash - Ending Balance

409.0

179.9

118.2

26.8

19.4

    Cash Interest Paid

-

-

0.0

0.0

0.0

    Cash Taxes Paid

16.7

12.5

15.1

25.6

21.2

 

 

Interim Cash Flows

As Reported

 

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)           

 

 

 

31-Mar-2011

31-Dec-2010

30-Sep-2010

30-Jun-2010

31-Mar-2010

Period Length

3 Months

12 Months

9 Months

6 Months

3 Months

UpdateType/Date

Updated Normal 
31-Mar-2011

Updated Normal 
31-Dec-2010

Updated Normal 
30-Sep-2010

Updated Normal 
30-Jun-2010

Reclassified Normal 
31-Mar-2011

Filed Currency

TRY

TRY

TRY

TRY

TRY

Exchange Rate (Period Average)

1.576504

1.507473

1.521918

1.525538

1.510521

 

 

 

 

 

 

Net Income

11.8

127.0

56.8

42.2

34.1

    Depreciation

4.5

17.5

12.9

8.9

4.5

    Amortisation of Intangibles

0.0

0.3

0.1

0.1

0.6

    Advertising Turned to Expense

-

3.4

-

-

-

    Prov. for Doubtful Rvbls

-0.1

-0.1

1.8

3.4

0.0

    Provision for Severance Payment

0.7

2.7

2.1

1.0

0.9

    Intangibles Written Off

-

-

3.5

3.5

-

    Accrued Credit Interest

-0.9

3.6

5.2

8.2

5.1

    Sale of Tangible Assets

-0.9

-

-

3.8

-0.2

    Mktbl Secs.

-

0.0

3.7

-

-

    Sale of Marketable Securities

-

4.7

-

-

-12.6

    Sale of Financial Asset

-

-104.4

-

-

-

    Sale of Subsidiary Stocks

-

-

-12.4

-12.5

-

    Devalue. of Inventories

-0.1

0.7

-0.2

-0.2

-0.2

    Foreign Currency Loss on Credits

0.0

30.6

-10.3

37.0

4.9

    Tax Expense

4.3

-

-

-

6.8

    Deferred Tax

-

21.4

8.6

4.9

-

    Income from Affiliates/Equ. Method

-0.9

9.1

11.4

5.8

0.0

    Trade Receivables

0.3

-20.1

-29.4

-28.5

-46.0

    Inventories

8.1

11.6

-3.2

35.5

22.1

    Due from Related Parties

-13.1

-17.6

-23.6

-39.2

-25.5

    Other Receivables

-1.7

-32.0

-15.4

-16.5

-3.0

    Trade Payables

9.3

12.4

13.7

6.2

18.9

    Due Pybls./Related Parties

-30.2

-120.6

-133.6

-127.4

-137.3

    Other Payables

8.4

-1.7

-3.4

-2.6

-31.6

    Taxes Paid

-16.2

-16.7

-12.9

-10.8

-5.0

    Severance Benefit Paid

-0.2

-1.2

-1.1

-0.7

-0.3

    Cash Flow Adjustment

-

0.0

-

-

-

Cash from Operating Activities

-16.8

-69.4

-125.9

-78.1

-164.1

 

 

 

 

 

 

    Purch. of F.A.

-6.9

-39.5

-10.6

-5.2

-2.8

    Purchase of Intangibles

0.0

-0.2

0.0

0.0

0.0

    Acqusition of Business

-

-

-

0.0

-

    Sale of F.A.

1.0

6.1

6.8

6.6

0.2

    Financial Lease / Fixed Asset

-

3.3

-

-

-

    Sale of Sub. & Fin. Asset

-

134.7

-

-

-

    Joint Contr. Business Purchase

-

-0.1

-

-

-

    Due from Related Parties

-182.3

-

5.4

-

129.6

    Subsidairy Share Sale

0.0

-

20.3

-

18.3

    Financial Assets / Trading

-0.8

-

-1.9

-

-0.2

    Purchase of Financial Assets

-

-

0.0

0.0

-

    Financial Assets/ Change

-

254.3

-

-102.6

-

    LT Sale of F.A.

-

-

-

12.3

-

Cash from Investing Activities

-188.9

358.5

19.9

-88.9

145.1

 

 

 

 

 

 

    Long Term Debt/Received

12.4

552.3

507.6

425.3

73.9

    Credit Payment

-88.6

-466.9

-435.4

-297.2

-132.2

    Dividends Paid

-0.2

-9.3

-9.2

-9.2

0.0

    Financial Lease Debt / Change

2.5

-2.9

-3.0

-2.9

-0.7

    Debt not to Related Parties

-4.7

-138.7

-127.3

-121.4

-93.9

Cash from Financing Activities

-78.5

-65.5

-67.3

-5.5

-153.0

 

 

 

 

 

 

Net Change in Cash

-284.2

223.7

-173.3

-172.5

-171.9

 

 

 

 

 

 

Net Cash - Beginning Balance

391.1

185.4

183.6

183.2

185.0

Net Cash - Ending Balance

106.9

409.0

10.3

10.7

13.1

    Cash Taxes Paid

16.2

16.7

12.9

10.8

5.0

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.49.42

UK Pound

1

Rs.76.72

Euro

1

Rs.65.85

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

 

Large

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

 

Fairly Large

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

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NB

New Business

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This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                 Payment record (10%)

Credit history (10%)                    Market trend (10%)                                Operational size (10%)

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.