1. Financial Management Term
Project
THYAO
Deniz Özgür Tiryaki

2. THYAO
Balance Sheet
Date:2009-2010-2011
Assets
Current Assets
Cash
Accounts receivable
Inventory
Other Current Assets
Short-term investments
2011
2010
Total current assets
1.549.524.710
1.572.092.818
251.785.807
486.223.985
213.899.678
4.073.526.998
813.936.552
2.227.148.591
172.076.283
194.545.702
84.070.372
3.491.777.500
1.090.463.875
1.192.731.594
148.995.932
143.673.757
222.298.370
2.798.163.528
Total fixed assets
296.728.464
11.147.314.872
583.806.507
46.962.939
12.074.812.782
195.312.971
6.493.007.235
214.636.988
33.099.101
6.936.056.295
153.803.499
4.859.829.050
664.360.128
10.669.612
5.688.662.289
Fixed (Long-Term) Assets
Long-term investments
Property, plant, and equipment
(Less accumulated depreciation)
Intangible assets
Other Assets
Deferred income tax
Other
-
256.607.349
Total Other Assets
Total Assets
256.607.349
221.052.190
16.404.947.129
Liabilities and Owner's Equity
Current Liabilities
Accounts payable
Short-term loans
Income taxes payable
Accrued salaries and wages
Unearned revenue
Other short term liabilities
221.052.190
10.648.885.985
2009
83.571.954
83.571.954
8.570.397.771
2.166.765.402
1.455.543.506
Total current liabilities
5.368.643
251.298.892
26.224.798
1.501.752.673
3.951.410.408
2.540.819.554
1.174.088.987
2.419.544
54.734.480
7.287.354
709.021.291
1.947.551.656
Total long-term liabilities
7.134.162.890
574.679.843
245.766.347
7.954.609.080
3.694.790.699
435.385.525
230.483.223
4.360.659.447
2.584.840.896
362.243.105
230.881.888
3.177.965.889
2.277.194.586
2.123.808.032
39.326.341
1.584.272.611
3.747.406.984
1.998.808.032
22.686.727
1.423.385.467
3.444.880.226
Long-Term Liabilities
Long-term debt
Deferred income tax
Other
Owner's Equity
Owner's investment
Retained earnings
Other
39.326.341
Total owner's equity
Total Liabilities and Owner's Equity
2.182.406.714
4.498.927.641
16.404.947.129
102.214.757
20.480.602
962.580.689
10.648.885.985
8.570.397.771

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 Income
2011
2010
2009
11.815.424.727
-9.787.529.272
2.027.895.455
-1.304.775.986
-384.604.722
159.756.551
-397.182.482
101.088.816
8.422.771.140
-6.652.115.477
1.770.655.663
-980.877.520
-327.017.860
141.579.534
-122.151.211
482.188.606
7.035.882.903
-5.200.371.472
1.835.511.431
-806.503.413
-266.173.785
91.136.104
-130.079.895
723.890.442
10.074.016
145.888.992
-127.372.360
-36.800.970
365.689.353
-79.245.992
185.795.847
736.977.617
-177.901.337
18.516.632
286.443.361
559.076.280

4. Cash Flow Statement
2011
2010
18.516.632
-79.709.524
286.443.361
23.080.351
655.055.773
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
-1.247.394.006
3.439.372.191
153.386.554
0
3.592.758.745
1.109.949.803
125.000.000
0
1.234.949.803
Net increase in cash and cash equivalents
735.588.158
-276.527.323
Cash at beginning of year
Cash at end of year
813.936.552
1.090.463.875
1.549.524.710
813.936.552
Net income
Decrease (increase) in Inventories
Decrease (increase) in Accounts Receivable
Increase (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 Ratio
Compared 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
0,71
2010
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
0,72
2011
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
0,74
•Current 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. THYAO
Balance Sheet
Date:2009-2010-2011
Assets
Current Assets
Cash
Accounts receivable
Inventory
Other Current Assets
Short-term investments
Proforma 2012
2011
2010
Total current assets
1.608.127.329
695.747.124
196.164.575
229.861.432
357.225.376
3.087.125.835
1.549.524.710
1.572.092.818
251.785.807
486.223.985
213.899.678
4.073.526.998
813.936.552
2.227.148.591
172.076.283
194.545.702
84.070.372
3.491.777.500
1.090.463.875
1.192.731.594
148.995.932
143.673.757
222.298.370
2.798.163.528
Total fixed assets
206.370.272
6.888.940.071
1.084.467.657
13.819.367
8.193.597.367
296.728.464
11.147.314.872
583.806.507
46.962.939
12.074.812.782
195.312.971
6.493.007.235
214.636.988
33.099.101
6.936.056.295
153.803.499
4.859.829.050
664.360.128
10.669.612
5.688.662.289
44.610.834
95.151.568
256.607.349
256.607.349
Fixed (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 Assets
139.762.402
11.420.485.604
Liabilities and Owner's Equity
Current Liabilities
Accounts payable
Short-term loans
Income taxes payable
Accrued salaries and wages
Unearned revenue
Other short term liabilities
16.404.947.129
221.052.190
221.052.190
10.648.885.985
1.860.078.049
4.839.088
87.205.943
8.883.553
963.580.130
83.571.954
83.571.954
8.570.397.771
2.924.586.762
5.368.643
251.298.892
26.224.798
1.501.752.673
3.951.410.408
1.455.543.506
102.214.757
20.480.602
962.580.689
2.540.819.554
1.174.088.987
2.419.544
54.734.480
7.287.354
709.021.291
1.947.551.656
Total long-term liabilities
3.830.989.888
450.045.743
245.239.413
4.526.275.045
7.134.162.890
574.679.843
245.766.347
7.954.609.080
3.694.790.699
435.385.525
230.483.223
4.360.659.447
2.584.840.896
362.243.105
230.881.888
3.177.965.889
2.277.194.586
Total owner's equity
2.133.443.112
22.686.727
1.813.493.958
3.969.623.797
2.123.808.032
39.326.341
1.584.272.611
3.747.406.984
1.998.808.032
22.686.727
1.423.385.467
3.444.880.226
Total current liabilities
Long-Term Liabilities
Long-term debt
Deferred income tax
Other
Owner's Equity
Owner's investment
Retained earnings
Other
Total Liabilities and Owner's Equity
2.166.765.402
2009
11.420.485.604
Assets-to-Equity Ratio (Total Assets / Owner's Equity)
2.182.406.714
4.498.927.641
16.404.947.129
10.648.885.985
8.570.397.771
{42}
Common Financial Ratios
Debt Ratio (Total Liabilities / Total Assets)
Current Ratio (Current Assets / Current Liabilities)
Working Capital (Current Assets - Current Liabilities)
39.326.341
0,65
1,06
162.539.073
122.116.590
2,88
0,65
1,37
0,73
1,03
{42}
0,60
1,44
950.957.946
3,65
850.611.872
2,84
2,49

8. Cash Flow Statement
Proforma 2012
2011
2010
20.500.000
18.516.632
286.443.361
102.789.875
-79.709.524
23.080.351
379.361.224
655.055.773
-1.034.416.997
Increase (decrease) in Accounts Payable
-992.676.415
711.221.896
281.454.519
Cash flows from Operations
-490.025.316
1.305.084.777
-443.438.766
Decrease (increase) in Fixed Assets
399.675.615
-5.138.756.487
-1.247.394.006
Cash flows from Investing
399.675.615
-5.138.756.487
-1.247.394.006
Increase in long term debt
162.587.033
3.439.372.191
1.109.949.803
Increase in common stock
-1.054.047.415
153.386.554
125.000.000
0
0
0
-891.460.382
3.592.758.745
1.234.949.803
-131.921.673
735.588.158
-276.527.323
Cash at beginning of year
1.549.524.710
813.936.552
1.090.463.875
Cash at end of year
1.417.603.038
1.549.524.710
813.936.552
Net income
Decrease (increase) in Inventories
Decrease (increase) in Accounts Receivable
Dividends paid
Cash flows from Financing
Net increase in cash and cash equivalents