FINANCIAL STATEMENTS

ANALYSIS REPORT
ADANA IMENTO 2012-2013-2014
Gazi niversitesi I.I.B.F 2015

Contents
Adana imento briefings and operation report..1
Adana cimento income statements.2
Adana cimento financial statements .3
Adana imento analysis and comments4

Contact Information

AHMET YILMAZ

DAMLA ACAR

MELIKE
GVEN

ALA
KORKMAZ

Student number

Student number

Student number

Student number

100720166
Email:

120720002
Email: damla-

110720081
Email:

100720092 Email:

ahmet.yilmaz2011@gazi.
edu.tr

acar@hotmail.com

melikeguvenc@hotmail
.com

caglakorkmaz1905@ho
tmail.com

Gazi niversitesi ktisadi dari Bilimler Fakltesi letme normal retim Financial Statetments Analysis dersi,
Prof. Dr. Aydn Karapnar iin hazrlanan Proje devidir. Aralk 2015
Veriler KAP.gov.tr ve Tcmb.gov.tr den elde edilmi olup son yl kapsamaktadr.

Company Information
ADANA MENTO
Large-scale development works were initiated in the emerging and developing Turkey of the
1950s. As a result of researches performed for the supply the cement to be used in these
studies, it was decided that a cement plant with a capacity of 150.000 tons / year would be
established in Adana, taking into account the development and consumption data of
Cukurova.
The efforts for incorporation were started in 1953 under the leadership of Turkiye Emlak
Bankasi, Akbank and Turkiye Is Bankasi;.
Officially launched on 26th May 1957, the plant started cement sales in June 1957. The first
cement export was performed to Cyprus in amount of 2.775 tons.
With its facilities extended to the Mediterranean Region and Cyprus, Adana imento
currently has an annual production capacity of 2 million tons of gray clinker, 300.000 tons of
white clinker, 5.15 million tons of gray cement, 350,000 tons of white cement.

CENTRAL PLANT: Gray and white cement production is performed at the central plant of
Adana Cement. The entire gray and white clinker production capacity is positioned at the
central plant, and the plant also has an annual cement production capacity of 3.5 million in
Adana.

SKENDERUN 1 PLANT: The cement grinding plant with a capacity of 1 million ton/ year,
performing activity since 1977 and purchased by Adana Cement in 2007, was launched to
process the slag which is a byproduct of Iskenderun Iron & Steel Plant; and it is the biggest
slaggy cement seller of Turkey.
SKENDERUN 2 PLANT: It is the slag and slag cement grinding plant with a capacity of 1
million ton/ year, which was put into operation in the second quarter of 2009 (April 2009),
located within the site of Iskenderun Iron & Steel Plant, and using the state-of-the-art
technologies.
KAHRAMANMARA PLANT: It is the packaging plant performing activity for East
Mediterranean market.

CYPRUS PLANT: The facility, which was launched in 2006 to perform bulk and bagged cement
marketing activities in the Turkish Republic of Northern Cyprus, continues to contribute to
the development of the region.

The plant was linked to the national railway network with the railway branch line in Jauary
2003. The clinker discharge, storage and loading plant was put into operation at the harbor
reach of Iskenderun Demir ve Celik A.S. (Isdemir) within the same year.
The title of the company, to which Armed Forces Pension Fund (OYAK) became a partner in
1963, was changed as Adana Cement Industry Trade Inc. in 1986.
10 .11.1990 tat 47,28% of our capital would be offered to public; accordingly, the shares
offered to public on 21st February 1991 were first traded at Istanbul Stock Exchange
(IMKB) with the code
- ADANA for Group A,
- ADBGR for Group B,
- ADNAC for Group C.
Adana Cement is the corporate tax champion of Adana province since 2001.

VISION,MISION AND VALUES

ADANACEMENT set up INTEGRATED MANAGEMENT SYSTEM by combining Quality
Management System, Enviromental Management System and Work Health and Safety
Management System.

PRODUCTS OF ADANA CEMENT

In Adana Cement factory, cement productions is done appropriate Ts EN 197-1 and
other related cement standards.

TS EN 197-1, TS EN 197-4, TS 21
CEM I 52,5 R (WHITE)

BP 52,5 R/85

CEM II/B-LL 42,5 R (WHITE)

CEM I 42,5 R

CEM II/B-S 42,5 R

Areas of Usage
WHITE
PORTLAND
CEMENT

High-quality white cement:

For general usage and
aesthtetic structures. It has
minimum 85%white ratio.

WHITE
PORTLAND
LIMY CEMENT

Portland limy white

cement:For general usage
and aesthtetic streuctures.It
has minimum 80% white
ratio.

PORTLAND
CEMENT

For general usage.

PORTLAND
SLAGGY
CEMENT

CEM II/B-M (S-P) 42,5 R

CEM II/B-M (S-P-Q) 42,5 N

CEM III/A 42,5 N

CEM V/A (S-P) 32,5 R

PORTLAND
COMPOSITE
CEMENT

In general, the use of

blended cements and even
in areas that require high
strength, used in the
construction of the culvert
pipe and special projects.

Coastal and port

constructions,offshore
structures, waste water
BLAST
facilities, foundatiom piles,
FURNACE SLAG water flumes, dams.These
CEMENT
are areas of usage.

COMPPSITE
CEMENT

Overall dams, plaster and

masonry martor water

CEM V/A (S-P-Q) 32,5 R

SPECIAL CEMENT TYPES

flumes,treatment plants,
mass concrete costing, is
used in the production of
concentrate road paving
and construction chemicals.
Various cement types that
have been specially
designed to meet the needs
Marmaray tunnel under
water used in cement ,
sulphate resisting cement ,
petroleum cement and so
on.

CEM I WHITE:
Special quality clay ( pyrophyllite, kaolin), white cement, lime gypsum obtained
as a result of grinding white clinker is obtained by mixing a hydraulic cement stone
produced for decorative purposes . Ambitious architecture in the world, tiles, is a
type of cement used in the assembly of components such as ceramic .

In 1998 Adana Cement, the result of the work of white clinker and cement
production factory staff has begun . In 2006, received an investment decision with
number 3 rotary kiln 16.5 million in the amount of Euros to spend a result of the
current 90,000 tons / year clinker production capacity of 300,000 tons / year ,
whiteness is an important measure of product is increased to 85%. With the new
plant to begin production in the first quarter of 2009 , Adana Cement continues to
work towards becoming a worldwide company have a say in white cement .
CEM II WHITE : the grinding phase of limestone in various percentages
obtained by adding to white clinker and white doped with a minimum rate of
over 80% are white cement type.

CEM III SLAGGY CEMENT:

Blast furnace slag is produced in the metallurgical plant effluent it can be used as
an additive in cement production due to its own hydraulic binding properties. In
1977, Alexander established to evaluate the production of cement , blast furnace
slag produced by Iskenderun Iron and Steel Plant Cement Grinding Plant ,
purchased in 2007 by Adana Cement Against chemical wastes beacues of
structures,high resistance , low heat of hydration , long-term CEM I Portland
cement from the known to be more resistant slag cement , dams, ports ,
treatment plants, irrigation canals, can be used on the bridge , and many more
projects and is increasingly more preferred due to economic . In addition, use of
this product requires less clinker , cement type which is least harmful to the
environment in today's conditions. sdemir engages in the field of Alexander II
today Adana Cement plant with annual production capacity of 2 Million Tons of
slag cement .

TLM CRUF:
Blast furnace slag ( granulatedblastfurnaceslag , GBFS ) group is one of the waste
obtained from various metallurgical plant . Pig iron production in blast furnace
slag , due to more light stays on raw iron and iron ore gangue, coke and consists of
1,400 to 1,600 degrees after the burning of limestone . The substance is hard to
grind slag cement plant in Iskenderun , in both the island can be used as additives
in processed and ready-mix concrete and cement.
OYAK Cement Group of Turkey 's cement industry capacity and market leader in the
production of cement in 5 perform factory continues the overall cement sales in 6
geographical regions of Turkey .
' Adana Cement , Mardin Cement , Bolu Cement , nye Cement , Cement Lion '

INCOME STATEMENT
ADANA MENTO (A)
2014

2013

2012

Sales Revenue

305.108.100 292.754.128 300.990.251

Cost of Sales (-)

216.677.676 191.463.622 194.964.358

Annual Gross Profit (Loss)

88.430.424 101.290.506 106.025.893

GROSS PROFIT (LOSS)

88.430.424 101.290.506 106.025.893

Marketing. Selling and Distribution

Expenses (-)

-23.008.944 -18.935.012 -20.218.978

General and administrative expenses (-) -20.191.590 -22.164.939 -21.430.576

Other Operating Income

5.277.601

5.730.451

Other Operating Expenses (-)

-4.500.868 -1.583.194 -1.201.104

OPERATING PROFIT (LOSS)

46.006.623 64.337.812 68.685.710

Investments Accounted with Equity

Method Profit / Loss Shares

(Non-operating) Financial Income

74.307.279 35.819.280 67.961.326

(Non-operating) Financial Expenses (-)

-4.683.994 -6.710.179 -10.040.967

5.510.475

-371.310

CONTINUING OPERATIONS BEFORE TAX

115.629.908 93.446.913 126.234.759
PROFIT (LOSS)
Continuing Operations Tax Income
(Expense)

-13.401.410 -14.720.133 -19.007.618

Current Tax Income (Expense)

-13.496.294 -14.290.115 -19.254.873

Deferred Tax Benefit (Expense)

94.884

CONTINUING OPERATIONS PROFIT /

LOSS

102.228.498 78.726.780 107.227.141

PROFIT (LOSS)

102.228.498 78.726.780 107.227.141

Parent Company Shares

102.228.498 78.726.780 107.227.141

-430.018

247.255

2014

2013

2012 trend
2014 trend
base2012 analysis

ASSETS
Current Assets
Cash and Cash
Equivalents
Finincial Investments
Accounts Receivable
Other Account
Receivable
Inventories
Other Current Assets
Subtotal
Non-current Assets
Other Account
Receivable
Financial Investments

2013 Trend
Analysis

2012 Trend
Analysis

0,76

0,81

1,00

85.911.468
5.065.080
51.451.919

0,19

0,57

1,00

1,86

1,58

1,00

1,14

1,04

1,00

686.112
690.959
800.207
57.635.046 43.773.879 42.263.877
6.258.069
2.056.914
9.222.883
148.815.331 156.955.425 194.715.434
580.927.581 481.042.030 365.691.353

0,86

0,86

1,00

1,36

1,04

1,00

0,68

0,22

1,00

0,76

0,81

1,00

1,59

1,32

1,00

45.761
45.761
39.721
128.170.469 208.268.828 117.451.333

1,15

1,15

1,00

1,09

1,77

1,00

1,09

1,11

1,00

0,75

1,02

1,00

1,00

1,00

1,00

0,07

0,74

1,00

1,30

1,14

1,00

2,40

0,75

1,00

144,17

0,00

1,00

0,55

0,71

1,00

0,93

1,14

1,00

1,18

0,76

1,00

148.815.331 156.955.425 194.715.434

16.189.082
9.411.154
58.635.868

48.964.060
8.001.338
53.468.275

Investment Valued By
Equity Method

186.920.830
0
0
Tangible Fixed Assets 257.555.352 261.959.804 236.575.857
923.510
1.255.261
1.229.768
Intangible Fixed Assets
7.062.941
7.062.941
7.062.941
Intangible Rights
248.718
2.449.435
3.331.733
Other Fixed Assets
729.742.912 637.997.455 560.406.787
TOTAL ASSETS
RESOURCES
Short-term Liabilities
Financial Liabilities
Trade Liabilities
Other Liabilities
Profit Tax Liability
Other Short-term
Liabilities
Subtotal
Long-term Liabilities
Provisions for Benefits
Provided to Employees
(severence pay)
Deferred Tax
Liabilities
Shareholders Equity
Equity of the Parent
Paid-in Share Capital
Growth Funds
Foreign Currency
Conversion
Adjustments
Reserves on Retained
Earnings
Accumulated
Profit/Loss

84.660.946
60.462.387
15.213.956
2.234.735
4.391.996

26.448.044
0
19.639.224
2.737.371
2.847.674

35.270.698
419.383
27.491.108
2.398.031
3.734.831

2.357.872
84.660.946
13.881.615

1.223.775
26.448.044
14.175.561

1.227.345
35.270.698
7.342.604

1,92

1,00

1,00

2,40

0,75

1,00

1,89

1,93

1,00

8.145.060

8.059.379

5.909.980

1,38

1,36

1,00

6.116.182
1.432.624
597.373.850 517.793.485
597.373.850 517.793.485
336.182.000 258.125.000
111.167.843 30.350.576

4,00

4,27

1,00

1,22

1,15

1,00

1,22

1,15

1,00

1,30

1,30

1,00

3,48

3,66

1,00

336.846

0,00

0,40

1,00

71.052.621 105.938.363

0,75

0,67

1,00

0,50

0,01

1,00

5.736.555
631.200.351
631.200.351
336.182.000
105.757.713
0
79.208.196
7.823.944

133.825

110.781

15.781.853

Period Net
ncome/Loss

0,95

0,73

1,00

0,00

0,00

1,00

1,30

1,14

1,00

305.108.100 292.754.128 300.990.251

216.677.676 191.463.622 194.964.358

1,01

0,97

1,00

1,11

0,98

1,00

88.430.424 101.290.506 106.025.893

0,83

0,96

1,00

88.430.424 101.290.506 106.025.893

0,83

0,96

1,00

-23.008.944 -18.935.012 -20.218.978

1,14

0,94

1,00

-20.191.590 -22.164.939 -21.430.576

0,94

1,03

1,00

102.228.498 78.726.780 107.227.141

0
0
33.706
Items to Other Equity
TOTAL RESOURCES 729.742.912 637.997.455 560.406.787
Income Table
Sales Revenues
Cost of Sales (-)
Gross Profit From
Commercial
Activities/Loss
GROSS
INCOME/LOSS
Marketing,Sales and
Distribution Expenses
General Administrative
Expenses
Other Operating
Income

5.277.601

5.730.451

5.510.475

0,96

1,04

1,00

-4.500.868

-1.583.194

-1.201.104

3,75

1,32

1,00

46.006.623

64.337.812

68.685.710

0,67

0,94

1,00

-371.310

0,00

0,00

1,00

(Non-operating)
Financial Income

74.307.279

35.819.280

67.961.326

1,09

0,53

1,00

(Non-operating)
Financial Expenses

-4.683.994

-6.710.179 -10.040.967

0,47

0,67

1,00

115.629.908

93.446.913 126.234.759

0,92

0,74

1,00

-13.401.410 -14.720.133 -19.007.618

0,71

0,77

1,00

-13.496.294 -14.290.115 -19.254.873

0,70

0,74

1,00

247.255

0,38

-1,74

1,00

102.228.498

78.726.780 107.227.141

0,95

0,73

1,00

102.228.498
The Main Shareholders 102.228.498

78.726.780 107.227.141
78.726.780 107.227.141

0,95

0,73

1,00

0,95

0,73

1,00

Other Operating
Expenses(-)
OPERATING
PROFIT/LOSS
Of Investments
Accounted for Using
the Equity Method
Profit/Share of Loss

From Continuing
Operations Before Tax
Profit/Loss
Contuining operations
Tax Income/Expense
Period Tax
Income/Loss
Deferred Tax
Income/Loss
Continuing Operations
Profit/Loss
PERIOD
INCOME/LOSS

94.884

-430.018

Trend Analysis
2014

2013

2012

ASSETS

trend
Base
2012

2014 trend
analysis

2013 trend
analysis

2012 trend
analysis

Current Assets

148.815.331 156.955.425 194.715.434

0,76

0,81

1,00

Short-Term Liabilities

84.660.946

26.448.044

35.270.698

2,40

0,75

1,00

Inventories

57.635.046

43.773.879

42.263.877

1,36

1,04

1,00

Commercial Debts

58.635.868

53.468.275

51.451.919

1,14

1,04

1,00

Trade Payables
Other Short Term
Liabilities

15.213.956

19.639.224

27.491.108

0,55

0,71

1,00

2.357.872

1.223.775

1.227.345

1,92

1,00

1,00

Current Assets-Current Liabilities

When we look at the current assets by 25% relative to 19% in 2013. In 2012 its clearly
decreased. Sort- term liabilities increased liquidity for decrease.But Short- term liabilities
decreased faster. Which is kinda dangerous
In 2014 compared to 2012 increased 140% proportional if we look at the current assets by
24% decreasing. While in short-term liabilities and current assets, looking endangered risk
but we can not say for quantitative liquidity reducing. Butwe can meet, its short-term
obligations.
Inventory in 2013 compared to 2012, increasing cost incurred more than 4%. So we can say
that this part is well managed.
Inventory in 2014 compared to 2012, increasing cost incurred more than 36%. So we can say
that in this period, this item is properly managed.

Income Statement

2014

2013

2012

2014

2013

Sales Revenue

305.108.100

292.754.128

300.990.251

1,01

0,97

1,00

Cost of Sales (-)

GROSS PROFIT
(LOSS)
Marketing. Selling
and Distribution
Expenses (-)
General and
administrative
expenses (-)
OPERATING
PROFIT (LOSS)

-216.677.676 -191.463.622 -194.964.358

1,11

0,98

1,00

88.430.424

101.290.506

106.025.893

0,83

0,96

1,00

-23.008.944

-18.935.012

-20.218.978

1,14

0,94

1,00

-20.191.590

-22.164.939

-21.430.576

0,94

1,03

1,00

46.006.623

64.337.812

68.685.710

0,67

0,94

1,00

PROFIT (LOSS)

102.228.498

78.726.780

107.227.141

0,95

0,73

1,00

2012

Cost of Sales- Gross Profit

Cost of sales of sales decreased by 3% in 2013 compared to 2012 because slower revenue
decline of 2% reduction. Sells not mention and this item well managed.
Cost of sales increased by 1% of sales revenue in 2014 compared to 203 due to increased
sales more faster than the income of 11%, ands not to mention the increasing costs. Sells is
better managed this year.
Both periods also not managed well in cost of sales gross profit in 2013 compared to the
year.2012 adversely affect companys gross profit decreased by 4%.
Our gross profit in 2014 compared to 2012, the cause of 17% of the cost of the item
decreased. Also as we can see there is a good management of intermediate sales.

Marketing, Sales and Distribution Expenses

In 2013 compared to 2012 revenues to remain under the marketing, sales and distribution
expenses decreased by 6% of the sales and we can say these parts that well managed.
Marketing, sales and distribution expenses in 2014 compared to 2012, revenues from sales
increased 14% faster increased. And we can not talk about this part well managed.

General and administrative expenses

In 2014 compared to 2012. There is a proportional increase in general administrative
expenses. Therefore we can say that there is a good management of these items.

Thus it has offered a proportional decrease in general and administrative expenses in 2014
compared to 2013, we can say whether this item well managed.

COMMON-SZE ANALYSS
NCOME STATEMENT

2014
Sales Revenue
Cost of Sales
(-)
GROSS PROFIT
(LOSS)
Marketing.
Selling and
Distribution
Expenses (-)
General and
administrative
expenses (-)
OPERATING
PROFIT (LOSS)
(Nonoperating)
Financial
Income
(Nonoperating)
Financial
Expenses (-)
PROFIT (LOSS)

2013

2012

2014
commonsize
analysis

2013

2012

305.108.100 292.754.128 300.990.251 1,00

216.677.676 191.463.622 194.964.358 -0,71

1,00

1,00

-0,65

-0,65

88.430.424

0,35

0,35

-23.008.944 -18.935.012 -20.218.978 -0,08

-0,06

-0,07

-20.191.590 -22.164.939 -21.430.576 -0,07

-0,08

-0,07

46.006.623

64.337.812

68.685.710

0,15

0,22

0,23

74.307.279

35.819.280

67.961.326

0,24

0,12

0,23

-4.683.994

-6.710.179

-10.040.967 -0,02

-0,02

-0,03

102.228.498 78.726.780

107.227.141 0,34

0,27

0,36

101.290.506 106.025.893 0,29

Cost of sales
In 2008 and 2009 purchased cost of sale for each 100tl. In the year katlanmtr.2010 65 TL in
cost of sales 100TL 71TL pounds cost katlanmtr.h 3 is below the income of sales in the

period, this item well ynetilmitir.fakat compared to other years, in 2010 more costs
incurred during this period for this item has not been well managed.

Marketing, Sales and Distribution Expenses

At 7 pounds for every $ 100 purchase in 2008 that revenues were below the cost endure.
Selling part well managed.
Each $ 100 purchase in 2009 at a cost of 6 pounds has also been well managed endure. Base
year sales revenue is below. 2010 year, every 100 TL change equal 8TL cost. This year was
also good because it is managed under its revenues.

General and administrative expenses

No matter how little it is good for us, so we can not associate general and administrative
expenses for the sales.
Because increased in 2013 compared to 2012 has been well managed in 2013. We can not
say.
In 2014; This year has been better managed than we can say for that decrease.

Gross Profit Profit -Activity

In 2012, 35% of the income generated each 100 TL total profit margin is 23% of the items
changed . short range is 12. Operations %5 in profits.
In 2013, 35% of the income generated each 100 TL total profit margin is 22% of the items
changed. Short range is 13. Operations % in profits.
In 2014, like 29% of the income generated each $ 100 profit is 15% of the total share of items
in changed. short 14. operation in profits.

Horizontal Analysis
Income Statement
2014

2013

2012

2013-2012

Sales
Revenue

305.108.100 292.754.128 300.990.251 -8236123

Cost of Sales 216.677.676
191.463.622
194.964.358 3500736
(-)
GROSS
PROFIT
(LOSS)

88.430.424

101.290.506 106.025.893 -4735387

Perchantage %
2013 - 2012
2014-2013

Perc. %20142013

-3

12353972

-2

-25214054

12

-4

-12860082

-15

Cost of Sales Profit Gross(brt)

2012 -2013 Revenues Looking at the rate of % change is decreased by 3% And we look at the cost of sales in
as we seen. Same period decreased by 2%. thjats why we see this item doesnt managed well. as a result of
gross ABS too in adversely affect the expected. n Gross we see at a 4% decreased. We can say not good for
this item managed to remain behind the selling.
2012- 2014 sale of a cost increase of the sales. Same period by 4% if we look at the income of rate of change
of 12%(increased) .thats why 15% decrease is mentioned by purple area. Firms gross is negatively affected
gross profit as a result of this item not well manage. And this item is lagging in behind . Selling not well
managed.

Sat Gelirleri

Marketing.
Selling and
Distribution
Expenses (-)
General and
administrative
expenses (-)
OPERATING
PROFIT (LOSS)
((Non-operating)
Financial Income
(Non-operating)
Financial
Expenses (-)
CONTINUING
OPERATIONS
BEFORE TAX
PROFIT (LOSS)
PROFIT (LOSS)

305.108.100 292.754.128 300.990.251 -8236123

-3

12353972

-23.008.944 18.935.012 -20.218.978 1283966

-4073932

18

-20.191.590 22.164.939 -21.430.576 -734363

1973349

-10

46.006.623

64.337.812 68.685.710

-4347898

-6

-18331189

-40

74.307.279

35.819.280 67.961.326

-32142046

-47

38487999

52

-4.683.994

-6.710.179 -10.040.967 3330788

-33

2026185

-43

115.629.908 93.446.913 126.234.759 -32787846

-26

22182995

19

102.228.498 78.726.780 107.227.141 -28500361

-27

23501718

23

Marketing, Sales and Distribution Expenses

In 2014 compared to 2013, sales revenues for the MSDE (marketing, sales and distribution expenses) We
have to be increased by 4% compared to sales revenues increased by 18% faster. Selling in MSDE income
can not say that this pen is well managed.
Our sales revenue in 2013 compared to 2012 decreased by 3% than increase to 6%. Selling MSDE part is
decreased our revenue. This decreased due to increased MSDE poorly managed.

General and administrative expenses

We can talk about that when we look at overheads in 2014 compared to 2013 and
decreased %10.And that part matter how little it is for company. also managed well this year
showed a decrease for this item.
we can not say this year has been well managed in 2013 compared to 2012 because overheads
have increased 3%.

Operating Profit Loss

Looking at the detriment of operating profit in 2014 compared to 2013. 40% of that
decreased as we can see. This is because lack of management. There is Good reason why
operating profit in the intervening part cause, company had a negative impact on our loss.
Has not been well managed operating profit negative impact to our detriment, our operating
profit by intervening parts by damages in 2009, and 6% decreased in the same year.y 2012.

Non-Operating Financial Income

Our sales revenue in 2014 compared to 2013, showing an increase of 4% of our nonoperating financial income rise over 52% of our sales. Income increased.and shows that
well-managed.
Our sales revenues in 2013 decreased by 3% compared to 2012. Our non-operating financial
income has been managed well to decreased. Selling income decreased faster than 47%. Sdf

(Non-Operating) Financial Expenses

Compared to 2013 in 2014, our sales revenue increased 4%, while non-financial operating
expenses were reduced by 43%. Under our sales revenue, for this we can mention the pen
administered well. Non-operating financial income also compared with 52% of our income if
we increased 43% decrease in expenses. Therefore, we can say that the pen well managed.
Compared to 20013, in 2013 decreased 3% of our sales revenue, mainly non-financial activity
has shown that 33% of our expenses decrease. Again, in the same way that sales have
decreased faster than you can say for this pen is well managed. In addition, non-financial
income decreased 47% of our main activity is based on non-financial income 33% of our
activity has decreased. Main activity decreased more slowly than non-financial income. We
can not say this pen for best manage.

Profit Loss
in 2014 compared to 2013 earnings increased 23% loss for this pen(part). This is because the
pen is the best administe position.

If we looking to 2013, according to the 2012 there is a 27% decrease. The reason for this is
that the good management rather than others. Companys loss has been a negative impact

2014

204

2012

2013-2012

Per.%
2009 2012

The
Returned Assets

148815331

156955425

194715434

-37760009

-19

-8140094

-5

Stocks

57635046

43773879

42263877

1510002

13861167

24

Short
Term Liabilities

84660946

26448044

35270698

-8822654

-25

58212902

69

Non-Current
Liabilities

13881615

14175561

7342604

6832957

93

-293946

-2

2014-2013

Perc %20102013

on earnings.

Short Term Liabilities

Compared to 2012, in 2013 decreased 19% of our current assets current liabilities were
reduced by 25%. Our current assets short-term debt decreased faster than our company has
increased liquidity.
Current assets in 2014 compared to 2013, decreased by 5% and our our short-term debt
increased by 69%. (Liquidity has decreased). The company has increased profitability by
taking more risk.

Stocks
Compared to 2012, in 2013 decreased by 19% of current assets and increased 4% in stock. To
see more of this pen to the inventory cost is well managed.
If we returning in 2014 compared to 2013 assets decreased by 5% and increased 24% in
stock. Again, in the same way to see more of this pen to the inventory cost is well managed.

Sells Income

305.108.100 292.754.128 300.990.251 -8236123

-3

12353972

Trade Receivables

58635868

53468275

51451919

2016356

5167593

Trade Payables

15213956

19639224

27491108

-7851884

-29

-4425268

-29

Trade Receivables
Compared to 2012, in 2013 decreased 3% of our sales revenue, our commercial credit has
increased by 4%. Here we talk about policy of the maturity of our sales revenue increased
faster than commercial credit points to days overdue.
And compared to 2013 in 2014, sales revenue increased 4% our our commercial credit
increased by 9%. Similarly, we can say that the finance charge policy is widening.

Trade Payables
If compared to 20013, in 2013, the sales revenue decreased 3% of our commercial debts were
reduced by 29%. In here the term policy of education talk.
And compared to 2013 in 2014, our sales revenue increased 4% commercial debts were
reduced by 29%. The term of the previous period continued to implement the policy in the
same way.

Ratio Analysis
Current Ratio
current assets
Short-Term Liabilities

2014

2013

2012

148815331
84660946

156955425
26448044

194715434
35270698

Current Ratio

2014 Ratio analysi

2013 ratio analysis

1,76

1,85

Looking at the current rate of 1.85 2013.1 in the short term debts for it is over. Also Therefore liquid.
looking at the current rate of 1.76 in 2010. 1 in their short-term debt for it is over. Therefore liquid .

Acid Test Ratio

2014

2013

2012

Current Assets

148815331

156955425

194715434

Inventories

57635046

43773879

42263877

Short-Term Liabilities

84660946

26448044

35270698

Acid test ratio

2014 Ratio analysi

2013 Ratio analysis

1,08

4,28

If we looking at the acid test ratio for 2013 to be above the company's stock has 4.28. In
addiction.

And if we looking at the 2014 acid test ratio to 1:08 .Over again that addiction is the
company's stock.

Currancy Ratio;
2014

2013

2012

Cash and Cash Equivalents

16189082

48964060

85911468

Short-Term Liabilities

84660946

26448044

35270698

Currancy ratio

2014 Ratio Anlys.

2013 Ratio Analys.

0,19

1,85

Cash ratio; It is sufficient to have cash enough to carry out daily activities. It will be folded into the hands of the
opportunity costs of having more money. This rate was 1.85 in 2013, 0.19 in 2014 and we see that there is less
opportunity cost incurred in 2014.

Account receivebles turnover Rate;

2014

20014

2012

Sales Revenue

305.108.100

292.754.128

300.990.251

Commercial debts

58635868

53468275

51451919

2014 oran analys.

2013 ratio analysis

Receivables turnover

5,44

5,58

Average Collection Period

66,14

64,51

In 2014, the company has collected will be slower than in 2013 and went to extend the term policy path. The
average collection period is longer term expands.
Receivables charged 64.51 a day in 2014, while in 2013, has a 66.14 charge per day.

Inventory Turnover;
2014

20014

2012

Cost of Sales (-)

-216.677.676

-191.463.622

-194.964.358

Inventories

57635046

43773879

42263877

2014 Ratio Anayls

2013 Ratio analy

Inventory Turnover

-4,27

-5,04

Average residence time in Stock

-84,24

-71,47

Inventory costs incurred in the year 2014 more than in 2013.

In 204 a stockpile hand removing 71.47 84.24 days in 2014 could not manage their
inventories subtracting days from a hand.

Continious Capital;
2013

2012

2012

Long-Term Liabilities

13881615

14175561

7342604

Equity

631200351

597373850

517793485

Fixed Assets

580927581

481042030

365691353

Fixes Assets/ Continuous Capital

2013 ratio
analysis

2012 ratio analysis

0,90

0,79

We expect this ratio to be less than 1 . 0.79 percent in 2012 because it did not incur any risk to below
1.
If we look at the year 2013; We see that at the 0.90 to 1 . This year also shows that bear less risk .