1. Financial Management Term Project THYAO Deniz zgr Tiryaki

2. THYAOBalance Sheet Date:2009-2010-2011Assets Current Assets Cash Accounts receivable Inventory Other Current Assets Short-term investments20112010Total current assets1.549.524.710 1.572.092.818 251.785.807 486.223.985 213.899.678 4.073.526.998813.936.552 2.227.148.591 172.076.283 194.545.702 84.070.372 3.491.777.5001.090.463.875 1.192.731.594 148.995.932 143.673.757 222.298.370 2.798.163.528Total fixed assets296.728.464 11.147.314.872 583.806.507 46.962.939 12.074.812.782195.312.971 6.493.007.235 214.636.988 33.099.101 6.936.056.295153.803.499 4.859.829.050 664.360.128 10.669.612 5.688.662.289Fixed (Long-Term) Assets Long-term investments Property, plant, and equipment (Less accumulated depreciation) Intangible assets Other Assets Deferred income tax Other-256.607.349Total Other Assets Total Assets256.607.349221.052.19016.404.947.129Liabilities and Owner's Equity Current Liabilities Accounts payable Short-term loans Income taxes payable Accrued salaries and wages Unearned revenue Other short term liabilities221.052.19010.648.885.985200983.571.954 83.571.954 8.570.397.7712.166.765.4021.455.543.506Total current liabilities5.368.643 251.298.892 26.224.798 1.501.752.673 3.951.410.4082.540.819.5541.174.088.987 2.419.544 54.734.480 7.287.354 709.021.291 1.947.551.656Total long-term liabilities7.134.162.890 574.679.843 245.766.347 7.954.609.0803.694.790.699 435.385.525 230.483.223 4.360.659.4472.584.840.896 362.243.105 230.881.888 3.177.965.8892.277.194.5862.123.808.032 39.326.341 1.584.272.611 3.747.406.9841.998.808.032 22.686.727 1.423.385.467 3.444.880.226Long-Term Liabilities Long-term debt Deferred income tax Other Owner's Equity Owner's investment Retained earnings Other39.326.341 Total owner's equityTotal Liabilities and Owner's Equity2.182.406.714 4.498.927.641 16.404.947.129102.214.757 20.480.602 962.580.68910.648.885.9858.570.397.771 3. Income Statement Sales Cost of Goods Sold Gross Profit Sales&Advertising Expenses Management Expenses Other Operating Incomes Other Operating Expenses Operating Income Non Operating Income/Expense EBIT Income Tax Net Income20112010200911.815.424.727 -9.787.529.272 2.027.895.455 -1.304.775.986 -384.604.722 159.756.551 -397.182.482 101.088.8168.422.771.140 -6.652.115.477 1.770.655.663 -980.877.520 -327.017.860 141.579.534 -122.151.211 482.188.6067.035.882.903 -5.200.371.472 1.835.511.431 -806.503.413 -266.173.785 91.136.104 -130.079.895 723.890.44210.074.016 145.888.992 -127.372.360-36.800.970 365.689.353 -79.245.992185.795.847 736.977.617 -177.901.33718.516.632286.443.361559.076.280 4. Cash Flow Statement 2011201018.516.632 -79.709.524286.443.361 23.080.351655.055.773 711.221.896 1.305.084.777-1.034.416.997 281.454.519 -443.438.766-5.138.756.487 -5.138.756.487-1.247.394.006 -1.247.394.0063.439.372.191 153.386.554 0 3.592.758.7451.109.949.803 125.000.000 0 1.234.949.803Net increase in cash and cash equivalents735.588.158-276.527.323Cash at beginning of year Cash at end of year813.936.5521.090.463.8751.549.524.710813.936.552Net income Decrease (increase) in Inventories Decrease (increase) in Accounts ReceivableIncrease (decrease) in Accounts Payable Cash flows from Operations Decrease (increase) in Fixed Assets Cash flows from Investing Increase in long term debt Increase in common stock Dividends paid Cash flows from Financing 5. Current Ratio Quick Ratio Net Working Capital Ratio Current Liabilities to Inventory Ratio Cash Ratio Operating Ratio Advertising Expense to Sales Ratio Marketing Expense to Sales Ratio Fixed Assets Turnover Ratio Total Assets Ratio Assets to Equity Ratio Profit Margin Ratio Basic Earnings Power Ratio Total Debt Ratio Debt/Equity RatioCompared Ratios 2009 1,44 1,36 0,1 13,07 0,56 0,18 0,11 0,04 1,24 0,82 1,19 0,08 0,09 0,6 0,712010 1,37 1,31 0,09 14,77 0,32 0,25 0,12 0,04 1,21 0,79 1,11 0,03 0,03 0,65 0,722011 1,03 0,97 0,01 15,69 0,39 3,93 0,01 0,03 0,98 0,72 1,02 0,01 0,01 0,73 0,74Current ratios of THYAO is decreasing. If we assume current ratio is between 1 and 2, the firm is on the down limit. Quick ratio is also decreasing with current ratio. THYAO can be faced with liquidity problems on 2012. Operating ratio is decreasing with the decrease of the net income of company. Profit margin is 0,01 which is 0,08 on the 2009. The debt of the firm is also increasing. Debt over equity is increaseing with the debt. 6. Proforma Balance Sheet&Cash Flow Cash will increase a little according to 2011. The decrease of accounts receivable will continue. Inventory will be at the same level with 2010. Short term investment will continue to increase. I quess that they will sale some of the fixed assets to handle with the liquidity problems. The long term and short term liabilities will pay of the %40 percent of 2011. There will no change at the equities. 7. THYAOBalance Sheet Date:2009-2010-2011Assets Current Assets Cash Accounts receivable Inventory Other Current Assets Short-term investmentsProforma 201220112010Total current assets1.608.127.329 695.747.124 196.164.575 229.861.432 357.225.376 3.087.125.8351.549.524.710 1.572.092.818 251.785.807 486.223.985 213.899.678 4.073.526.998813.936.552 2.227.148.591 172.076.283 194.545.702 84.070.372 3.491.777.5001.090.463.875 1.192.731.594 148.995.932 143.673.757 222.298.370 2.798.163.528Total fixed assets206.370.272 6.888.940.071 1.084.467.657 13.819.367 8.193.597.367296.728.464 11.147.314.872 583.806.507 46.962.939 12.074.812.782195.312.971 6.493.007.235 214.636.988 33.099.101 6.936.056.295153.803.499 4.859.829.050 664.360.128 10.669.612 5.688.662.28944.610.834 95.151.568256.607.349 256.607.349Fixed (Long-Term) Assets Long-term investments Property, plant, and equipment (Less accumulated depreciation) Intangible assets Other Assets Deferred income tax Other Total Other Assets Total Assets139.762.402 11.420.485.604Liabilities and Owner's Equity Current Liabilities Accounts payable Short-term loans Income taxes payable Accrued salaries and wages Unearned revenue Other short term liabilities16.404.947.129221.052.190 221.052.190 10.648.885.9851.860.078.049 4.839.088 87.205.943 8.883.553 963.580.13083.571.954 83.571.954 8.570.397.7712.924.586.7625.368.643 251.298.892 26.224.798 1.501.752.673 3.951.410.4081.455.543.506 102.214.757 20.480.602 962.580.689 2.540.819.5541.174.088.987 2.419.544 54.734.480 7.287.354 709.021.291 1.947.551.656Total long-term liabilities3.830.989.888 450.045.743 245.239.413 4.526.275.0457.134.162.890 574.679.843 245.766.347 7.954.609.0803.694.790.699 435.385.525 230.483.223 4.360.659.4472.584.840.896 362.243.105 230.881.888 3.177.965.8892.277.194.586Total owner's equity2.133.443.112 22.686.727 1.813.493.958 3.969.623.7972.123.808.032 39.326.341 1.584.272.611 3.747.406.9841.998.808.032 22.686.727 1.423.385.467 3.444.880.226Total current liabilities Long-Term Liabilities Long-term debt Deferred income tax OtherOwner's Equity Owner's investment Retained earnings OtherTotal Liabilities and Owner's Equity2.166.765.402200911.420.485.604Assets-to-Equity Ratio (Total Assets / Owner's Equity)2.182.406.714 4.498.927.641 16.404.947.12910.648.885.9858.570.397.771 {42}Common Financial Ratios Debt Ratio (Total Liabilities / Total Assets) Current Ratio (Current Assets / Current Liabilities) Working Capital (Current Assets - Current Liabilities)39.326.3410,65 1,06162.539.073122.116.590 2,880,65 1,370,73 1,03{42}0,60 1,44950.957.946 3,65850.611.872 2,842,49 8. Cash Flow Statement Proforma 20122011201020.500.00018.516.632286.443.361102.789.875-79.709.52423.080.351379.361.224655.055.773-1.034.416.997Increase (decrease) in Accounts Payable-992.676.415711.221.896281.454.519Cash flows from Operations-490.025.3161.305.084.777-443.438.766Decrease (increase) in Fixed Assets399.675.615-5.138.756.487-1.247.394.006Cash flows from Investing399.675.615-5.138.756.487-1.247.394.006Increase in long term debt162.587.0333.439.372.1911.109.949.803Increase in common stock-1.054.047.415153.386.554125.000.000000-891.460.3823.592.758.7451.234.949.803-131.921.673735.588.158-276.527.323Cash at beginning of year1.549.524.710813.936.5521.090.463.875Cash at end of year1.417.603.0381.549.524.710813.936.552Net income Decrease (increase) in Inventories Decrease (increase) in Accounts ReceivableDividends paid Cash flows from FinancingNet increase in cash and cash equivalents