MIRA INFORM REPORT

 

 

Report No. :

345952

Report Date :

19.10.2015

 

IDENTIFICATION DETAILS

 

Name :

ARCELIK A.S.

 

 

Registered Office :

Sutluce Karaagac Cad No:2-6 34445 Beyoglu Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.03.2015 (Consolidated)

 

 

Date of Incorporation :

21.01.1955

 

 

Com. Reg. No.:

54957

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacture and trade of electrical household goods

 

 

No. of Employees :

24.870

 

 

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 :

No Complaints

 

 

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 31, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

Turkey

B1

B1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

TURKEY - ECONOMIC OVERVIEW

 

Turkey's largely free-market economy is increasingly driven by its industry and service sectors, although its traditional agriculture sector still accounts for about 25% of employment. An aggressive privatization program has reduced state involvement in basic industry, banking, transport, and communication, and an emerging cadre of middle-class entrepreneurs is adding dynamism to the economy and expanding production beyond the traditional textiles and clothing sectors. The automotive, construction, and electronics industries are rising in importance and have surpassed textiles within Turkey's export mix.

Oil began to flow through the Baku-Tbilisi-Ceyhan pipeline in May 2006, marking a major milestone that has brought up to 1 million barrels per day from the Caspian region to market. Several gas pipeline projects also are moving forward to help transport Caspian gas to Europe through Turkey, which over the long term will help address Turkey's dependence on imported oil and gas, which currently meets 97% of its energy needs.

After Turkey experienced a severe financial crisis in 2001, Ankara adopted financial and fiscal reforms as part of an IMF program. The reforms strengthened the country's economic fundamentals and ushered in an era of strong growth averaging more than 6% annually until 2008. Global economic conditions and tighter fiscal policy caused GDP to contract in 2009, but Turkey's well-regulated financial markets and banking system helped the country weather the global financial crisis, and GDP rebounded strongly to around 9% in 2010-11, as exports returned to normal levels following the recession. Two rating agencies upgraded Turkey's debt to investment grade in 2012 and 2013, and Turkey's public sector debt to GDP ratio fell to 33% in 2014. The stock value of Foreign Direct Investment reached nearly $195 billion at year-end 2014.

Despite these positive trends, GDP growth dropped to 4.4% in 2013 and 2.9% in 2014. Growth slowed considerably in the last quarter of 2014, largely due to lackluster consumer demand both domestically and in Europe, Turkey’s most important export market. High interest rates have also contributed to the slowdown in growth, as Turkey sharply increased interest rates in January 2014 in order to strengthen the country’s currency and reduce inflation. Turkey then cut rates in February 2015 in a bid to spur economic growth.

The Turkish economy retains significant weaknesses. Specifically, Turkey's relatively high current account deficit, domestic political uncertainty, and turmoil within Turkey's neighborhood leave the economy vulnerable to destabilizing shifts in investor confidence. Turkey also remains dependent on often volatile, short-term investment to finance its large current account deficit.

 

 

Source : CIA

 

 

 

 

COMPANY IDENTIFICATION

 

 

NAME

:

ARCELIK A.S.

HEAD OFFICE ADDRESS

:

Sutluce Karaagac Cad No:2-6 34445 Beyoglu Istanbul / Turkey

PHONE NUMBER

:

90-212-314 34 34 (Head Office)

90-212-585 85 85 (Factory)

90-212-872 20 00

 

FAX NUMBER

:

90-212-314 34 63

90-212-314 34 90 (Head Office)

90-212-585 85 80 (Factory)

 

WEB-ADDRESS

:

www.arcelik.com.tr

E-MAIL

:

kurumsal@arcelik.com

 

 

LEGAL STATUS AND HISTORY

 

 

TAX OFFICE

:

Buyuk Mukellefler

TAX NO

:

0730018000

REGISTRATION NUMBER

:

54957

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

21.01.1955

ESTABLISHMENT GAZETTE DATE/NO

:

01.02.1955/

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

AUTHORIZED CAPITAL

:

TL   1.500.000.000

PAID-IN CAPITAL

:

TL   675.728.205

HISTORY

:

Previous Address

:

Ankara Asfalti Tuzla - Istanbul

Changed On

:

13.04.2006 (Commercial Gazette Date /Number 19.04.2006/ 6538)

Merger

:

According to the decision taken at the General Assembly Meeting dated 29.06.2009, the subject has decided to take over and merge with "Grundig Elektronik A.S.".

Changed On

:

30.06.2009 (Commercial Gazette Date /Number 03.07.2009/ 7346)

Other Changes

:

The paid-in capital was increased from TL 399.960.000 to TL 659.934.000

Changed On

:

18.06.2009 (Commercial Gazette Date /Number 24.06.2009/ 7339)

Other Changes

:

The paid-in capital was increased from TL 659.934.000 to TL 675.728.205

Changed On

:

30.06.2009 (Commercial Gazette Date /Number 03.07.2009/ 7346)

 

 

OWNERSHIP / MANAGEMENT

 

NOTES ON OWNERSHIP / MANAGEMENT

:

Quoted at Stock Exchange.

 

 

SHAREHOLDERS

:

 

Koc Holding A.S.

40,51 %

Teknosan Buro Makine ve Levazimi Ticaret ve Sanayi A.S.

12,05 %

Burla Ticaret ve Yatirim A.S.

5,56 %

Koc Holding Emekli ve Yardim Sandigi Vakfi

5,14 %

Temel Ticaret ve Yatirim A.S.

2,75 %

Semahat Sevim Arsel

2,72 %

Suna Kirac

2,60 %

Rahmi Mustafa Koc

2,44 %

Mustafa Vehbi Koc

0,91 %

Vehbi Koc Vakfi

0,17 %

Others

25,15 %

 

GROUP

:

KOC GROUP OF COMPANIES

 

GROUP PARENT COMPANY

:

KOC HOLDING A.S.

 

SISTER COMPANIES

:

AES ENTEK ELEKTRIK URETIMI A.S.

AKPA DAYANIKLI TUKETIM LPG VE AKARYAKIT URUNLERI PAZARLAMA A.S.

ARCELIK-LG KLIMA SANAYI VE TICARET A.S.

ARK INSAAT SANAYI VE TICARET A.S.

AVAS GAYRIMENKUL YATIRIM VE DANISMANLIK LTD. STI.

AYGAZ A.S.

AYGAZ DOGAL GAZ ILETIM A.S.

AYGAZ DOGAL GAZ TOPTAN SATIS A.S.

BEKO DEUTSCHLAND GMBH

BEKO ELECTRICAL APPLIANCES CO. LTD.

BEKO ELEKTRONICS ESPANA S.L.

BEKO FRANCE S.A

BEKO ITALY S.R.L.

BEKO PLC

BEKO S.A.

BEKO SHANGHAI TRADING CO.

BEKO SLOVAKIA S.R.O

BILKOM BILISIM HIZMETLERI A.S.

CENGELHAN OTELCILIK TURIZM ORGANIZASYON INSAAT VE RESTORASYON A.S.

DEMIR EXPORT A.S.

DITAS DENIZ ISLETMECILIGI VE TANKERCILIGI A.S.

DIVAN TURIZM ISLETMELERI A.S.

DUZEY TUKETIM MALLARI SANAYI PAZARLAMA VE TICARET A.S.

ELEKTRA BREGENZ AG

ENERJI YATIRIMLARI A.S.

FORD OTOMOTIV SANAYI A.S.

INVENTRAM FIKRI MULKIYET HAKLARI YONETIM TICARET VE YATIRIM A.S.

KOC BILGI VE SAVUNMA TEKNOLOJILERI A.S.

KOC FIAT KREDI FINANSMAN A.S.

KOC FINANSAL HIZMETLER A.S.

KOC FINANSMAN A.S.

KOC HOLDING A.S.

KOC HOLDING EMEKLI VE YARDIM SANDIGI VAKFI

KOC SISTEM BILGI VE ILETISIM HIZMETLERI A.S.

KOC YAPI MALZEMELERI TICARET A.S.

KOCTAS YAPI MARKETLERI TICARET A.S.

MOMENT EGITIM ARASTIRMA SAGLIK HIZMETLERI VE TICARET A.S.

NAKKAS GAYRIMENKUL YATIRIM VE DANISMANLIK LTD. STI.

NAKKAS GAYRIMENKUL YATIRIM VE DANISMANLIK TICARET A.S.

OPET FUCHS MADENI YAG SANAYI VE TICARET A.S.

OPET INTERNATIONAL LONDON LTD

OPET PETROLCULUK A.S.

ORIENTE KLASSIK GIYIM VE ANTIKACILIK SANAYI VE TICARET A.S.

OTOKAR OTOMOTIV VE SAVUNMA SANAYI A.S.

OTOKOC OTOMOTIV TICARET VE SANAYI A.S.

OTOKOC SIGORTA ARACILIK HIZMETLERI A.S.

RAHMI M.KOC VE MAHDUMLARI MADEN INSAAT TURIZM ULASTIRMA YATIRIM VE TICARET A.S.

RAM DIS TICARET A.S.

RAM SIGORTA ARACILIK HIZMETLERI A.S.

RMK MARINE GEMI YAPIM SANAYII VE DENIZ TASIMACILIGI ISLETMESI A.S.

RMK YATCILIK VE YAT SERVISLERI A.S.

SARIYER TANKERCILIK A.S.

SETAIR HAVA TASIMACILIGI VE HIZMETLERI A.S.

SETUR SERVIS TURISTIK A.S.

TANI PAZARLAMA VE ILETISIM HIZMETLERI A.S.

TAT GIDA SANAYI A.S.

TEMEL TICARET VE GAYRIMENKUL YATIRIM LTD. STI.

TEMEL TICARET VE YATIRIM A.S.

THY OPET HAVACILIK YAKITLARI A.S.

TOFAS TURK OTOMOBIL FABRIKASI A.S.

TURK TRAKTOR VE ZIRAAT MAKINELERI A.S.

TURKIYE PETROL RAFINERILERI A.S. (TUPRAS)

VEHBI KOC VAKFI

YAPI KREDI BANK AZERBAYCAN

YAPI KREDI BANK MOSKOW

YAPI KREDI BANK NEDERLAND N.V.

YAPI KREDI FAKTORING A.S.

YAPI KREDI FINANSAL KIRALAMA ANONIM ORTAKLIGI

YAPI KREDI KULTUR SANAT YAYINCILIK TICARET VE SANAYI A.S.

YAPI KREDI PORTFOY YONETIMI A.S.

YAPI KREDI YATIRIM MENKUL DEGERLER A.S.

YAPI KREDI-KORAY GAYRIMENKUL YATIRIM ORTAKLIGI A.S.

YAPI VE KREDI BANKASI A.S.

ZER MERKEZI HIZMETLER VE TICARET A.S.

 

BOARD OF DIRECTORS

:

Rahmi Mustafa Koc

Chairman

Mustafa Vehbi Koc

Vice-Chairman

Mehmet Barmanbek

Member

Kutsan Celebican

Member

Tunc Ulug

Member

Kadri Kaynak Kucukpinar

Member

Fatih Kemal Ebiclioglu

Member

Mehmet Omer Koc

Member

Levent Cakiroglu

Member

Robert Sonman

Member

Yildirim Ali Koc

Member

Semahat Sevim Arsel

Member

 

 

DIRECTORS

:

Hakan Hamdi Bulgurlu                                                                                                                                                                                                                                                                                   

General Manager

Cemal Can Dincer                                                                                                                                                                                                                                                                                   

Deputy General Manager

Mehmet Ragip Balcioglu                                                                                                                                                                                                                                                                                   

Deputy General Manager

Tulin Karabuk                                                                                                                                                                                                                                                                                   

Deputy General Manager

Ismail Hakki Sagir                                                                                                                                                                                                                                                                                   

Deputy General Manager

Cemal Seref Oguzhan Ozturk                                                                                                                                                                                                                                                                                   

Deputy General Manager

Polat Sen                                                                                                                                                                                                                                                                                   

Deputy General Manager

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Manufacture and trade of electrical household goods.

 

NACE CODE

:

DK.29.71

 

TRADEMARKS OWNED

:

Arcelik

Beko

Grundig

 

NUMBER OF EMPLOYEES

:

24.870

 

REMARKS ON NUMBER OF EMPLOYEES

:

The number of employees is the consolidated figure as of 31.03.2015.

NET SALES

:

49.472 TL Thousand

(1995) 

87.449 TL Thousand

(1996) 

165.286 TL Thousand

(1997) 

274.201 TL Thousand

(1998) 

569.304 TL Thousand

(1999) 

864.877 TL Thousand

(2000) 

1.207.816 TL Thousand

(2001) 

3.048.544 TL Thousand

(2002) 

3.340.969 TL Thousand

(2003) 

4.906.835 TL Thousand

(2004) 

5.102.907 TL Thousand

(2005) 

6.958.683 TL Thousand

(2006) 

6.622.544 TL Thousand

(2007) 

6.775.538 TL Thousand

(2008) 

6.591.895 TL Thousand

(2009) 

6.936.420 TL Thousand

(2010) 

8.437.239 TL Thousand

(2011) 

10.556.861 TL Thousand

(2012) 

11.097.711 TL Thousand

(2013) 

12.514.033 TL Thousand

(2014) 

2.866.760 TL Thousand

(01.01-31.03.2015) 

 

 

PRODUCTION

:

LCD  ( units )

WHITE GOODS  ( units )

 

 

3.777.000

437.000

 

(01.01-31.03.2015)

 

 

 

 

 

IMPORT VALUE

:

273.319.410 USD

(1998)

245.395.973 USD

(1999)

270.143.783 USD

(2000)

173.742.021 USD

(2001)

204.801.196 USD

(2002)

291.064.502 EUR

(2003)

435.458.179 EUR

(2004)

481.102.353 EUR

(2005)

534.677.303 EUR

(2006)

589.563.666 EUR

(2007)

1.785.875.000 TL

(2008)

1.519.125 TL Thousand

(2009)

1.765.745 TL Thousand

(2010)

2.317.779 TL Thousand

(2011)

2.881.445 TL Thousand

(2012)

2.772.461 TL Thousand

(2013)

3.063.689 TL Thousand

(2014)

788.906 TL Thousand

(01.01-31.03.2015)

 

 

IMPORT COUNTRIES

:

Germany

France

Italy

U.K.

Netherlands

Far East Countries

 

MERCHANDISE IMPORTED

:

Intermediary goods

Investment goods

Spare parts

 

EXPORT VALUE

:

43.348.000 TL

(1998)

104.189.000 TL

(1999)

203.000.000 USD

(2000)

250.950.000 USD

(2001)

409.759.000 EUR

(2002)

543.345.000 EUR

(2003)

669.977.002 EUR

(2004)

2.188.853.000 TL

(2005)

3.671.139.000 TL

(2006)

3.793.178.000 TL

(2007)

2.700.933.000 TL

(2008)

2.574.213 TL Thousand

(2009)

2.712.265 TL Thousand

(2010)

3.268.594 TL Thousand

(2011)

4.122.624 TL Thousand

(2012)

4.310.607 TL Thousand

(2013)

5.056.186 TL Thousand

(2014)

1.152.656 TL Thousand

(01.01-31.03.2015)

 

 

EXPORT COUNTRIES

:

Germany

France

Italy

U.K.

Netherlands

Northern Cyprus Turkish Republic

Russia

Slovakia

U.A.E.

Portugal

China

Egypt

Spain

Greece

Finland

Switzerland

Denmark

Australia

 

MERCHANDISE  EXPORTED

:

Air conditioner

Cooker

Dishwasher

Hood

Mini/midi oven

Refrigerator

Vacuum cleaner

Washing machine

 

HEAD OFFICE ADDRESS

:

Sutluce Karaagac Cad No:2-6 34445 Beyoglu  Istanbul / Turkey

 

BRANCHES

:

Factory  :  Organize Sanayi Bolgesi Altinordu Cad. No:5 Ankara/Turkey  (109.000 sqm)

 

Factory  :  Cumhuriyet Mah. E-5 Yanyol No: 1 Beylikduzu Buyukcekmece Istanbul/Turkey

 

Factory  :  Ankara Asfalti Yani 34950 Tuzla Istanbul/Turkey

 

Factory  :  Cerkezkoy Organize Sanayi Bolgesi Ataturk Cad. Cerkezkoy Tekirdag/Turkey

 

Factory  :  Cerkezkoy Tekirdag/Turkey  (75.000 sqm)

 

Factory  :  Organize Sanayi Bolgesi 1. Cad. 26110 Eskisehir/Turkey

 

Factory  :  Kirzhach /Russia  (57.000 sqm)

 

Factory  :  Changzhou /China  (20.000 sqm)

 

Factory  :   Eskisehir/Turkey

 

Factory  :  Yukari Soku Koyu Deliktas Mevkii 14300 Bolu/Turkey (86.000 sqm)

 

Factory  :   /Romania

 

Factory  :   /South Africa

 

Factory  :   /South Africa

 

Factory  :   /South Africa

           

 

TREND OF BUSINESS

:

There was an upwards trend in  2014.

SIZE OF BUSINESS

:

Giant

FINANCE

 

 

MAIN DEALING BANKS

:

T. Is Bankasi Beyoglu Branch

Yapi ve Kredi Bankasi Gebze Branch

 

CREDIT FACILITIES

:

The subject company is making active use of credit facilities.

 

PAYMENT BEHAVIOUR

:

No payment delays have come to our knowledge.

 

 

KEY FINANCIAL ELEMENTS

:

 

(2011) TL Thousand

(2012) TL Thousand

(2013) TL Thousand

(2014) TL Thousand

(01.01-31.03.2015) TL Thousand

Net Sales

8.437.239

10.556.861

11.097.711

12.514.033

2.866.760

Profit (Loss) Before Tax

580.828

602.448

719.930

710.728

121.977

Stockholders' Equity

3.651.641

3.927.235

4.138.756

4.398.698

4.293.782

Total Assets

9.197.753

10.228.153

11.410.916

12.395.005

12.498.097

Current Assets

6.033.849

6.736.678

7.659.118

8.471.757

8.371.186

Non-Current Assets

3.163.904

3.491.475

3.751.798

3.923.248

4.126.911

Current Liabilities

3.530.620

3.949.762

4.091.143

4.430.803

4.669.349

Long-Term Liabilities

2.015.492

2.351.156

3.181.017

3.565.504

3.534.966

Gross Profit (loss)

2.540.230

3.053.837

3.388.385

3.978.832

871.701

Operating Profit (loss)

645.894

757.137

1.136.346

968.789

222.014

Net Profit (loss)

506.506

524.764

597.845

617.084

141.532

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Fair As of 31.03.2015

Liquidity

High As of 31.03.2015

Remarks On Liquidity

The unfavorable gap between average collection and average payable period has an adverse effect on liquidity.

Profitability

Good Operating Profitability  in 2011

High Net Profitability  in 2011

Good Operating Profitability  in 2012

Good Net Profitability  in 2012

High Operating Profitability  in 2013

Good Net Profitability  in 2013

Good Operating Profitability  in 2014

Good Net Profitability  in 2014

Good Operating Profitability (01.01-31.03.2015)

Good Net Profitability (01.01-31.03.2015)

 

Gap between average collection and payable periods

Unfavorable in 01.01-31.03.2015

General Financial Position

Satisfactory

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 2001 )

88,60 %

1,1991

1,0714

1,7300

 ( 2002 )

30,80 %

1,5168

1,3741

2,2001

 ( 2003 )

13,90 %

1,5302

1,7141

2,4982

 ( 2004 )

13,84 %

1,4266

1,7666

2,6001

 ( 2005 )

2,66 %

1,3499

1,6882

2,4623

 ( 2006 )

11,58 %

1,4309

1,7987

2,6377

 ( 2007 )

5,94 %

1,3075

1,7901

2,6133

 ( 2008 )

8,11 %

1,2858

1,8876

2,3708

 ( 2009 )

5,93 %

1,5460

2,1529

2,4094

 ( 2010 )

8,87 %

1,5128

2,0096

2,3410

 ( 2011 )

13,33 %

1,6797

2,3378

2,6863

 (01.01-30.09.2012)

3,34 %

1,8029

2,3233

2,8527

 ( 2012 )

2,45 %

1,7995

2,3265

2,8593

 ( 2013 )

6,97 %

1,9179

2,5530

3,0178

 ( 2014 )

6,36 %

2,1891

2,8989

3,6060

 (01.01-31.03.2015)

2,60 %

2,4709

2,8023

3,7626

 (01.01-30.04.2015)

4,06 %

2,5088

2,8371

3,8329

 

NOTES ON FINANCIAL STATEMENTS

:

Financial statements are consolidated..

 

BALANCE SHEETS

 

 

 ( 31.12.2011 )  TL Thousand

 

 ( 31.12.2012 )  TL Thousand

 

 ( 31.12.2013 )  TL Thousand

 

 ( 31.12.2014 )  TL Thousand

 

 ( 31.03.2015 )  TL Thousand

 

CURRENT ASSETS

6.033.849

0,66

6.736.678

0,66

7.659.118

0,67

8.471.757

0,68

8.371.186

0,67

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

1.173.889

0,13

1.740.789

0,17

1.266.575

0,11

1.621.221

0,13

1.644.892

0,13

Marketable Securities

2.932

0,00

2.176

0,00

6.651

0,00

7.783

0,00

0

0,00

Account Receivable

3.180.870

0,35

3.261.477

0,32

4.182.140

0,37

4.433.898

0,36

4.306.149

0,34

Other Receivable

0

0,00

0

0,00

0

0,00

0

0,00

9.004

0,00

Inventories

1.530.141

0,17

1.599.658

0,16

1.988.373

0,17

2.124.946

0,17

2.122.859

0,17

Advances Given

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Assets

146.017

0,02

132.578

0,01

215.379

0,02

283.909

0,02

288.282

0,02

NON-CURRENT ASSETS

3.163.904

0,34

3.491.475

0,34

3.751.798

0,33

3.923.248

0,32

4.126.911

0,33

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Receivable

16.018

0,00

10.969

0,00

27.456

0,00

24.423

0,00

155.849

0,01

Financial Assets

651.956

0,07

821.355

0,08

731.574

0,06

893.799

0,07

884.084

0,07

Tangible Fixed Assets (net)

1.453.282

0,16

1.608.502

0,16

1.843.135

0,16

1.818.675

0,15

1.868.279

0,15

Intangible Assets

979.261

0,11

964.681

0,09

1.058.974

0,09

1.091.195

0,09

1.140.152

0,09

Deferred Tax Assets

63.387

0,01

85.968

0,01

90.659

0,01

77.353

0,01

78.547

0,01

Other Non-Current Assets

0

0,00

0

0,00

0

0,00

17.803

0,00

0

0,00

TOTAL ASSETS

9.197.753

1,00

10.228.153

1,00

11.410.916

1,00

12.395.005

1,00

12.498.097

1,00

CURRENT LIABILITIES

3.530.620

0,38

3.949.762

0,39

4.091.143

0,36

4.430.803

0,36

4.669.349

0,37

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

1.629.138

0,18

2.155.116

0,21

1.687.876

0,15

1.806.434

0,15

1.981.943

0,16

Accounts Payable

1.249.531

0,14

1.168.774

0,11

1.644.900

0,14

1.781.442

0,14

1.546.899

0,12

Loans from Shareholders

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Other Short-term Payable

183.691

0,02

164.984

0,02

240.985

0,02

288.541

0,02

582.159

0,05

Advances from Customers

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Taxes Payable

23.250

0,00

24.008

0,00

19.648

0,00

18.154

0,00

3.258

0,00

Provisions

232.390

0,03

233.377

0,02

258.548

0,02

263.992

0,02

283.834

0,02

Other Current Liabilities

212.620

0,02

203.503

0,02

239.186

0,02

272.240

0,02

271.256

0,02

LONG-TERM LIABILITIES

2.015.492

0,22

2.351.156

0,23

3.181.017

0,28

3.565.504

0,29

3.534.966

0,28

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

1.528.237

0,17

1.859.103

0,18

2.632.339

0,23

2.964.986

0,24

2.943.471

0,24

Securities Issued

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Payable

70.539

0,01

59.540

0,01

62.427

0,01

57.823

0,00

62.145

0,00

Loans from Shareholders

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Other Long-term Liabilities

228.415

0,02

238.111

0,02

265.383

0,02

274.024

0,02

258.339

0,02

Provisions

188.301

0,02

194.402

0,02

220.868

0,02

268.671

0,02

271.011

0,02

STOCKHOLDERS' EQUITY

3.651.641

0,40

3.927.235

0,38

4.138.756

0,36

4.398.698

0,35

4.293.782

0,34

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Paid-in Capital

675.728

0,07

675.728

0,07

675.728

0,06

675.728

0,05

675.728

0,05

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Inflation Adjustment of Capital

468.811

0,05

468.811

0,05

468.811

0,04

468.811

0,04

468.811

0,04

Equity of Consolidated Firms

106.049

0,01

85.583

0,01

75.906

0,01

43.073

0,00

44.770

0,00

Reserves

1.537.646

0,17

1.686.668

0,16

2.326.468

0,20

2.555.917

0,21

2.334.813

0,19

Revaluation Fund

356.901

0,04

485.681

0,05

-6.002

0,00

38.085

0,00

628.128

0,05

Accumulated Losses(-)

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

506.506

0,06

524.764

0,05

597.845

0,05

617.084

0,05

141.532

0,01

TOTAL LIABILITIES AND EQUITY

9.197.753

1,00

10.228.153

1,00

11.410.916

1,00

12.395.005

1,00

12.498.097

1,00

 

REMARKS ON FINANCIAL STATEMENT

:

The financial statements of "Arcelik A.S." have been prepared by the consolidation of the financial statements of its participations.

 

 

 

INCOME STATEMENTS

 

 

(2011) TL Thousand

 

(2012) TL Thousand

 

(2013) TL Thousand

 

(2014) TL Thousand

 

(01.01-31.03.2015) TL Thousand

 

Net Sales

8.437.239

1,00

10.556.861

1,00

11.097.711

1,00

12.514.033

1,00

2.866.760

1,00

Cost of Goods Sold

5.897.009

0,70

7.503.024

0,71

7.709.326

0,69

8.535.201

0,68

1.995.059

0,70

Gross Profit

2.540.230

0,30

3.053.837

0,29

3.388.385

0,31

3.978.832

0,32

871.701

0,30

Operating Expenses

1.894.336

0,22

2.296.700

0,22

2.252.039

0,20

3.010.043

0,24

649.687

0,23

Operating Profit

645.894

0,08

757.137

0,07

1.136.346

0,10

968.789

0,08

222.014

0,08

Other Income

443.936

0,05

371.349

0,04

466.102

0,04

510.546

0,04

273.575

0,10

Other Expenses

0

0,00

0

0,00

2.857

0,00

1.377

0,00

67

0,00

Financial Expenses

474.421

0,06

499.114

0,05

854.811

0,08

746.336

0,06

373.810

0,13

Minority Interests

-34.581

0,00

-26.924

0,00

-24.850

0,00

-20.894

0,00

265

0,00

Profit (loss) of consolidated firms

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Profit (loss) Before Tax

580.828

0,07

602.448

0,06

719.930

0,06

710.728

0,06

121.977

0,04

Tax Payable

71.996

0,01

85.824

0,01

120.939

0,01

80.892

0,01

4.153

0,00

Postponed Tax Gain

-2.326

0,00

8.140

0,00

-1.146

0,00

-12.752

0,00

23.708

0,01

Net Profit (loss)

506.506

0,06

524.764

0,05

597.845

0,05

617.084

0,05

141.532

0,05

 

 

FINANCIAL RATIOS

 

 

(2011)

(2012)

(2013)

(2014)

(01.01-31.03.2015)

LIQUIDITY RATIOS

 

Current Ratio

1,71

1,71

1,87

1,91

1,79

Acid-Test Ratio

1,23

1,27

1,33

1,37

1,28

Cash Ratio

0,33

0,44

0,31

0,37

0,35

ASSET STRUCTURE RATIOS

 

Inventory/Total Assets

0,17

0,16

0,17

0,17

0,17

Short-term Receivable/Total Assets

0,35

0,32

0,37

0,36

0,35

Tangible Assets/Total Assets

0,16

0,16

0,16

0,15

0,15

TURNOVER RATIOS

 

Inventory Turnover

3,85

4,69

3,88

4,02

0,94

Stockholders' Equity Turnover

2,31

2,69

2,68

2,84

0,67

Asset Turnover

0,92

1,03

0,97

1,01

0,23

FINANCIAL STRUCTURE

 

Stockholders' Equity/Total Assets

0,40

0,38

0,36

0,35

0,34

Current Liabilities/Total Assets

0,38

0,39

0,36

0,36

0,37

Financial Leverage

0,60

0,62

0,64

0,65

0,66

Gearing Percentage

1,52

1,60

1,76

1,82

1,91

PROFITABILITY RATIOS

 

Net Profit/Stockholders' Eq.

0,14

0,13

0,14

0,14

0,03

Operating Profit Margin

0,08

0,07

0,10

0,08

0,08

Net Profit Margin

0,06

0,05

0,05

0,05

0,05

Interest Cover

2,22

2,21

1,84

1,95

1,33

COLLECTION-PAYMENT

 

Average Collection Period (days)

136,40

111,59

136,56

128,26

560,33

Average Payable Period (days)

80,59

58,94

79,73

77,58

290,35

WORKING CAPITAL

2503229,00

2786916,00

3567975,00

4040954,00

3701837,00

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.64.97

UK Pound

1

Rs.100.55

Euro

1

Rs.73.99

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

ASH

               

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

 

--

NB

New Business

--

 

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.