© Irem Nuhoglu BU 2021
Quick Financial Analysis
● COMPARATIVE STATEMENTS
YILLAR İTİBARİYLE KARŞILAŞTIRMA
● COMMON SIZE COMPARISON
ORTAK BAZDA KARŞILAŞTIRMA
● SOURCES AND USES
KAYNAK KULLANIM TABLOSU
● FINANCIAL RATIOS
FİNANSAL ORANLAR
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PAP-İM
KAĞIT VE ÜRÜNLERİ
TİC.A.Ş.
(TL)
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COMPARATIVE
STATEMENT
ANALYSIS
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Financial
Position
(TL)
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A S S E T S
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ASSETS
2019
I.CURRENT ASSETS
CASH AND EQUIVALENTS
1.500
FINANCIAL ASSETS HELD for SALE
700
TRADE RECEIVABLES
8.300
Accounts Receivable
6.000
Notes Receivable
2.300
INVENTORIES
8.800
Merchandise
8.800
Advances Given
OTHER CURRENT ASSETS
240
TOTAL CURRENT ASSETS
19.540
II.NON-CURRENT ASSETS
FINANCIAL NON-CURRENT ASSETS
18.000
Participations
7.000
Subsidiaries
11.000
TANGIBLE FIXED ASSETS
42.700
Building
48.600
Machinery
4.500
Vehicles
3.400
Furniture and Fixture
2.600
Accumulated Depreciation
(16,400)
Construction in Progress
Advances Given
TOTAL LONG TERM ASSETS
60.700
TOTAL ASSETS
80.240
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2020
CHANGE
2.500
4.500
61.700
21.000
40.700
1.000
3.800
53.400
15.000
38.400
23.700
22.700
1.000
%
67
543
643
250
1.670
14.900
13.900
1.000
170
158
680
93.080
440
73.540
183
376
19.000
1.000
6
7.500
11.500
500
500
52.400
7
5
9.700
58.000
9.400
4.500
5.000
1.600
5.600
3.000
(28,600)
12.200
3.700
3.700
4.200
4.200
71.400
10.700
164.480
84.240
23
19
47
115
74
18
105
LIABILILITIES
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LIABILITIES
I.CURRENT LIABILITIES
BANK BORROWINGS
TRADE PAYABLES
Accounts Payable
Notes Payable
TAX PAYABLES
ADVANCES RECEIVED
TOTAL CURRENT LIABILITIES
2019
8.240
14.540
6.040
8.500
TOTAL SHAREHOLDERS' EQUITY
TOTAL LIABILITIES
CHANGE
24.200
44.800
20.200
24.600
%
15.960
30.260
14.160
16.100
194
208
234
189
1.100
4.680
2.560
17.740
1.460
13.060
133
279
28.560
89.300
60.740
213
10.000
10.000
10.000
10.000
40.000
8.600
3.080
40.000
17.680
7.500
9.080
4.420
148
367
51.680
65.180
13.500
26
80.240
164.480
84.240
105
II.NON-CURRENT LIABILITIES
BANK BORROWINGS
TOTAL NON-CURRENT LIABILITIES
III.SHAREHOLDERS' EQUITY
CAPITAL STOCK
RESERVES
RETAINED EARNINGS
2020
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Financial
Performance
(TL)
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Financial Performance
GROSS SALES
Domestic Sales
Export Sales
SALES DISCOUNTS
2019
2020
Change
%
66.000
150.000
84.000
127
(6,000)
(10,000)
(4,000)
67
60.000
(42,000)
140.000
(90,000)
80.000
48,000
133
114
18.000
50.000
32.000
177
OPERATING EXPENSES
Research and Development
Marketing, Selling and Distribution
General Administrative
(400)
(7,000)
(10,000)
(1,000)
(20,500)
(14,500)
600
13.500
4.500
150
193
45
Total Operating Expenses
(17,400)
(36,000)
18.600
107
600
14.000
13.400
2.233
3.000
4.700
(6,500)
4.500
10.000
(21,000)
1.500
5.300
14.500
50
113
223
INCOME (before tax)
TAXES
1.800
(360)
7.500
(1,500)
5.700
1.140
317
317
NET INCOME (after tax)
1.440
6.000
4.560
317
NET SALES
COST OF GOODS SOLD
GROSS PROFIT
OPERATING PROFIT
FINANCIAL INCOME
Dividend Income
Interest Income
FINANCIAL EXPENSES
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COMMON
SIZE
COMPARISON
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A. Financial Position
ASSETS
2019
2020
2
1
10
11
-
2
3
38
14
-
24
57
II.NON-CURRENT ASSETS
FINANCIAL NON-CURRENT ASSETS
TANGIBLE FIXED ASSETS
22
54
12
31
TOTAL ASSETS
100
100
I.CURRENT ASSETS
CASH AND EQUIVALENTS
FINANCIAL ASSETS HELD for SALE
TRADE RECEIVABLES
INVENTORIES
OTHER CURRENT ASSETS
TOTAL CURRENT ASSETS
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2019
2020
10
18
1
6
15
27
1
11
35
54
II.NON-CURRENT LIABILITIES
BANK BORROWINGS
-
6
III.SHAREHOLDERS' EQUITY
CAPITAL STOCK
RESERVES
RETAINED EARNINGS
50
11
4
24
11
5
65
40
100
100
LIABILITIES
I.CURRENT LIABILITIES
BANK BORROWINGS
TRADE PAYABLES
TAX PAYABLE
ADVANCES RECEIVED
TOTAL CURRENT LIABILITIES
TOTAL SHAREHOLDERS' EQUITY
TOTAL LIABILITIES
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B. Financial Performance
2019
100
2020
100
SALES DISCOUNTS
9
7
COST OF GOODS SOLD
64
60
OPERATING EXPENSES
26
24
FINANCIAL INCOME
12
10
FINANCIAL EXPENSES
10
14
NET INCOME (before taxes)
3
5
2,4
4
GROSS SALES
NET INCOME (after taxes)
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SOURCES AND USES STATEMENT
•
SOURCES
TL
•
USES
•
Trade Payables
TL
30,260
•
Trade Receivables
53,400
•
Current Bank Borrowings 15,960
•
Inventories
14,900
•
Non-Current Bank Bor.
10,000
•
Tangible Fixed Assets
9,700
•
Advances Received
13,060
•
Other Assets
6,240
•
Other Current Liabilites
•
Shareholders’ Equity
13,500
•
TOTAL SOURCES
84,240
•
TOTAL USES
84,240
1,460
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FINANCIAL
RATIOS
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FINANCIAL RATIOS
Working Capital:
2019
2020
%
(9,020)
3,780
141
0.68
1.04
53
0.38
0.78
105
0.08
0.08
0
7.2 times
4 times
44
51 days
91 days
78
4.8 times
5.5 times
15
76 days
66 days
13
0.75 times
1.14 times
52
(Current Assets – Current Liabilities)
Current Ratio:
(Current Assets) / (Current Liabilities)
Acid-test:
(Current Assets – Inventories) / (Current Liabilities)
Cash (Liquidity) Ratio:
(Cash and Equivalents + Financial Assets) / (Current Liab.)
Receivables Turnover:
(Net Sales) / (Average Trade Receivables)
Days Sales Uncollected: 365*(1/Receivables Turnover)
Inventory Turnover:
(Cost of Goods Sold) / (Average Inventories)
Days Inventory Held: 365*(1 / Inventory Turnover)
Assets Turnover:
Net Sales (Revenues) / Av. Total Assets
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Change
Shareholders’ Equity Ratio:
2019
2020
%
64%
40%
37.5
36%
60%
66.7
55%
152%
176.4
10%
16%
60
2.8%
9.2%
229
0.036
0.15
317
2.4%
4%
50
(Shareholders’ Equity) / (Total Liab. and Share.’ Equity)
Liabilities Ratio:
(Total Liabilities) / (Total Liab. and Shareholders’ Equity)
Debt-Equity Ratio:
(Total Liabilities) / (Total Shareholders’ Equity)
Return On Assets (ROA):
(Net Income + Financial Expenses) / (Total Assets)
Return On Equity (ROE) :
(Net Income) / (Total Shareholders’ Equity)
Earnings Per Share(lot) (EPS):
(Net Income) / (Capital Stock)
Sales Profitability:
(Net Income) / (Net Sales)
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Change