Financial Analysis of Two Company

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  • Published : November 28, 2012
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07.7.2012
Bilal Elarslan 2007432031|
Dokuz Eylul University
Faculty of Business
Business Administration

ManagerialFinance| Financial Analysis of Ülker &Pınar Süt|

List of Contents

Introduction 3
1. Ülker 4
1.1 History of Ülker 4
1.2 About Ülker5
1.3 Shareholder Structure 6
1.4 Subsidaries6
1.5 Wacc of Ülker7
1.6 Leverage8
1.7 Operating and financial leverage of Ülker8
1.8 Beta Analysis9
1.9 Ülker’s Beta Coefficent…………………………………………………………………………………………………………………9 1.10 Additional financial İnformation & key ratios……………………………………………………………………………10 2.Pınar Süt………………………………………………………………………………………………………………………………………. 12 2.1 History Of Pınar Süt…………………………………………………………………………………………………………………….12 2.2 General Overview of Company………………………………………………………………………………………………....13 2.3 Shareholder Structure……………………………………………………………………………………………………………….15 2.4 Wacc of Pınar Süt………………………………………………………………………………………………………………………16 2.5 Leverage…………………………………………………………………………………………………………………………………….17 2.6 Pınar Süt’s Beta coefficent…………………………………………………………………………………………………………18 2.7 Additional informations & key ratios…………………………………………………………………………………………19 Appendix…………………………………………………………………………………………………………………………………………20 References………………………………………………………………………………………………………………………………………22

Introduction
In this research paper I prepared the financial anaıysis of Ülker & Pınar Süt. While preparing this report firstly I have to choose two company Which are; * Ülker
* Pınar süt
While preparing this report I really mentioned about what we learned during manegerial finance lessons. As a result; with this aim, I prepared my term project by combining both acconting methods and my knowledge about finance.

1. ÜLKER

2.1 History of Ülker
1944- Ülker Bisküvi was established in the Eminönü district of Istanbul.It started out as a small bakery with just three workers, producing 200 kg of biscuits per day. A few years later, the Company relocated to the Topkapı district of Istanbul. 1948- Producing a total of 75 tons of biscuits in 1944, Ülker Biscuits tripled its capacity at its Topkapı factory, built in 1948 specifically in order to increase the production volume. 1955- Ülker Biscuits decided to distribute its products throughout Turkey at factory prices and achieved a huge production increase with this innovation. 1970- In line with the growth strategy, Anadolu Gıda Sanayii A.Ş. was founded in Ankara as a multiple-shareholder company and the production capacity of Ülker Biscuits was doubled. 1974- The first biscuit export was made after choosing the Middle East as the target market. Opportunities for international competition were increased with the constitution of the R&D department in the same year. 1979- Ülker products began to be packed in cellophane-based packaging. 2003- Ülker Bisküvi merged under its own title with Anadolu Gıda, whose shares have been quoted on Istanbul Stock Exchange since 1996. 2008- Within the scope of Corporate Governance, the Articles of Association were amended and Corporate Governance and Audit Committees were set up. At the beginning of 2008, Ülker Bisküvi took part in the acquisition of the premium chocolatier brand, Godiva, with a 25.23% share.

2.2 About Ülker
As the first company established within Yıldız Holding, operating its core business for 64 years, Ülker Biscuits serves as the flagship of the Holding both in terms of sales turnover and profitability. According to the Istanbul Chamber of Industry (ICI) in 2009 list of Turkey’s Top 500 Industrial Enterprises, Ülker Biscuits was ranked 104th. Ülker Biscuits produces biscuits, crackers, chocolate covered biscuits and wafers at its factories in Istanbul/Topkapı and Ankara. As the indisputable leader in the Turkish biscuit industry, Ülker Biscuits also takes its place among the giant food producers of the world, with its 280 assorted biscuit and cracker products that are supplied to both the local and...
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