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The effects of global economic crisis of 2008 to financial statements and liquidity ratios which companies are settled in bist energy sector (2005-2013 term review).

Aim of this study is to compare and analyze whether the 2008 global economic crisis affected the balance of the energy companies which are listed in the Istanbul Stock Exchange and have shown continuity in 2005-2013 period by using a variety of analyzing methods. Companies that demonstrate continuity between the years 2005-2013 were not assessed in this study. Horizontal and vertical analyses were made on the financial statements of the companies which are evaluated and liquidity ratios were assessed. As a result of the analysis the companies have been found to be affected to different degrees by the crisis.

Keywords: Financial Crisis, Balance Sheets, Financial Analysis

JEL Codes: F65, G12, O16

1. Introduction

"Crisis" word, etymologically coming from Greek "krisis", is used as a synonym of "depression" and "despondence" in social sciences and means serious breakdowns in normal relationship in the face of an unexpected social, economic or psychological development and situations occurred after the failure of existing solutions to solve the problem (Isik, 2011: 3). In 20th century, world economy witnessed to Great Depression of 1929 considered as the biggest crisis globally and the Mortgage Housing Financing Crisis originated from USA. Global economic crisis of 2008 is considered as the worst financial crisis ever since 1930.

2008 economic crisis took effect in Europe and our country, but mainly in the USA. Despite all the negative effects of the crisis, it is not possible to tell the same thing for the real sector in our country in which all banks survived. Interest rates increased under the influence of the crisis, inflation pressure, currency fluctuations and demand shrinking both inland and outland seriously affected the real sector (Gumus and Aydemir, 2014: 2).

The aim of this study is to investigate the effects of 2008 global economic crisis on the financial statements and liquidity ratios of the energy sector companies operating in Istanbul Stock Exchange (BiST). 2005-2008 and 2008-2013 periods were subjected to the analysis separately to reveal the pre-crisis and post-crisis periods, respectively. Statements were examined using ratio analysis, horizontal and vertical analyses techniques.

According to the results, there was no situation which is common for all energy companies. Some of the companies maintained the financial discipline and preferred a balanced growth in the time of crisis. Others did not gave up getting into debt and continue to grow and acquire real assets. Eventually, every single company was affected by the crisis at different levels, because their financial structure and strategic projections are distinct.

2. Crises In Globalized Economies

Economic crises emerging particularly in large economies in parallel with the liberalization of the capital movements and globalization of capitalism is spreading to the global area readily and rapidly (Terzi, 2009: 153). A crisis emerging in any country does not affect not only the country it out-broken in, but also many other countries depending on the size of the crisis due to the absence of borders in trade.

Crises deeply affect particularly developing countries. Developing countries have to attract the capital necessary for growth to their territories. Otherwise, economic growth will decelerate and, even de-growth will emerge. Developing countries must review their macro-economic policies in such periods and introduce new regulations based on the current conditions.

A slowdown is experienced in world economy together with the 2008 global economic crisis and many countries grew at a slower pace compared to the past. Money and capital flow towards the developing countries were also affected and many countries faced financing problems.

Mortgage is a consumer credit in which the creditor bank receives temporary housing hypothec from the customer as repayment warrant. Customers can buy any house or finance any of their needs through a mortgage credit in exchange for a house to give the bank as mortgage.

(http://www.denizmortgage.com.tr/mortgage_nedir).

A great deal of participants such as individual investors, institutional investors and investment banks are involved in mortgage markets which comprises of primary markets regulating the mortgage credit and secondary markets in which instruments created based on these credits are traded. Mortgage credits are based on certain distinctions such as the mode of payment, structure of interest and the reputation of the borrower. As such, mortgage credits can be divided into three main categories:

Prime or A-quality (high-income group)

Subprime or risky group (low-income group)

The aim of this distinction is to ensure that the credit is provided on the basis of the interest rates suitable for the risk structure by determining the risks according to the group the borrower. Although subprime and Sub-A concepts are not an official description developed by an authority or rating institution, these concepts are developed in order for gaining a better understanding of the difference between more risky debtors and other debtors. Particularly subprime mortgage credit is an innovation formed for the people who have a high possibility of being insolvent due to the risk factors in relation to the credit or lower credit quality and fall into the low-income group to become a homeowner (Ozturk and Gbvdere, 2010: 384).

The securitization process of mortgage credits as primary market products to be traded in secondary markets is a process based on the issuance of securities by the bank for the price of the real estate after pledging. Credits provided by the bank are sold for long-range to the domestic and foreign direct investors or intermediary firms. This system transfers the interest expense paid by the borrower to the holders of the security as interest income. By this means, financial intermediary firms both distribute the interest risk in financial statements and generate intermediary and commission revenue. House acquisition purpose of the mortgage credits provided in the USA changed to a housing speculatorship particularly due to the lack of inspection and problems started to arise in the system (Ozturk and Gbvdere, 2010: 384).

In early 2000's, providing housing credits to the economic actors carrying the risk of high repayment and earning low income in the USA and this resulted in defaults together with the increase in the interests and decrease in the house prices. Outbreak of financial crisis in the USA in 2007 affected the real sectors of other countries in a negative way by spreading to the rest of the world economy, particularly as of 2008 Fall (even as of the early 2008 in certain countries). Serious decreases in industrial production and massive increases in unemployment rates were experienced as of 2007, after the enormous increases in house prices in the USA reversed in the early 2006. Thereafter, a great regression occurred in the merchandise trade of the world in the second half of 2008 (http://mpra.ub.unimuenchen.de/29470/1/MPRA_paper_29470.pdf).

Many finance experts points the 2008 global economic crisis as the result of hand-over of mortgage credits on a large scale. This hand-over operation called as derivative products includes the agreements that allows companies for subject their risks coming from other operations to commerce. These agreements served to taking the default risk of the debtor from the creditor and transfer it to the third parties. While the company transferring the risk can take much bigger risks, the investments made on derivative products through these credits were growing like a snowball. Derivative products that served to transfer the risk and as such, functioned as insurance in the system started to become a risk factor increasingly. 2008 crisis is a financial crisis given rise by the combination of mortgage credits provided to individuals and institutions through marginal areas and derivative products with no end. Insufficient regulations and lack of inspection are considered as the main causes of that growth of this problematic area (Egilmez, 2011: 67-68).

A cash measurement package towards the banking system in Turkey was not needed for at the first stage in 2008 global economic crisis. The application of a similar package after 2001 crisis may be considered as the most important reason of the lack of additional measurements in banking system for the 2008 global economic crisis. Many of the bailout packages and regulations applied by many countries towards the financial markets in 2008 crisis had already been implemented in Turkey after 2001 February crisis. However, whether it was necessary to prepare a package involving the utilization of public resources and provision of credit support by public sector to real sector was debated seriously (Berberoglu, 2011: 110).

Growth rates in agriculture, industry and service sectors in Turkey economy decelerated as of 2007, and therefore GDP had a stable course in 2008. GDP shrank 4.8% in 2009 due to the spread of the crisis. Rates of capacity utilization also dropped in those years, due to the demand insufficiency of companies (Yildirim, 2010: 54).

3. Data Set And Application

3.1. Companies Included in Evaluation

Financial statements whose data is open to access in the relevant period and which belong to the companies traded in Istanbul Stock Exchange (BIST) were evaluated in order for revealing the effects of crisis on the financial statements of energy companies. Companies subject to the study are listed in Table 1.

Liquidity ratios of Ak Enerji A.S. covering the years between 2008-2013 are shown in Table 3. 2008-2013 ratios of Ak Enerji A.S fell below the generally accepted ratios and this fall continued from 2008 to 2012. Other ratios except for Cash Ratio remained below the generally accepted ratios in the end of 2013.

Financial statements of 2005-2008 and 2008-2013 were evaluated separately to compare the pre-crisis term, crisis term and post-crisis term. One or more techniques of horizontal analysis, rate analysis and vertical analysis were used for every single company individually and pre-crisis, crisis and post-crisis terms were evaluated by comparing the findings obtained.

3.2. Examining the Financial Statements on the Basis of Companies

Current ratios of 200% for the companies whose liquidity rations are evaluated by Western finance councils and 150% for the countries with a high inflation are considered as sufficient. These councils considered the 100% liquidity ratio and 20% cash ratio as sufficient (http://www.bilgaz.net/dosyalar/OranAnalizi.pdf).

Calculations of liquidity ratios are as given below:

Current ratio % = Rev. Ass. / STL

Liquidity ratio % = Liquid Assets (Cash Equivalents+trade receivables+other receiables) / STL

Cash ratio % = Cash Equvalents / STL

Financial statements of 4 energy companies whose financial data for related to the period between 2005-2013 are evaluated separately for the pre-crisis and post-crisis terms.

Liquidity ratios of Ak Enerji A.S. covering the years between 2005-2008 are shown in Table 2. As can be seen in the data of Table 2, 2005-2008 ratios of Ak Enerji A.S can be considered as having good ratios, because these are above the generally accepted ratios. However, there seems to be a great decline in 2008 in which the crisis emerged, despite sufficient ratios.

Ak Enerji A.S.'nin 2008-2013 yillarini kapsayan likidite RATIOSI Table 3'de gosterilmektedir. Ak Enerji A.S'nin 2008-2013 donemi RATIOSI, genel kabul gormus oranlarin altina dusmus ve 2008 yilindan 2012 yilina kadar dusus devam etmistir. 2012 ile birlikte duzelme baslasa da 2013 yili sonu itibariyle Nakit Orani haric diger oranlar genel kabul gormus oranlarin altinda kalmistir.

As can be seen in the Table including the 2005-2008 liquidity ratios of Aksu Enerji A.S, the liquidity ratio in 2005 seem to be quite low. In addition to this, it can be said that STL's were kept low and the company operated with high cash position, because liquidity ratios of 2006-2008 were significantly above the generally accepted ratios.

2008-2013 liquidity ratios of Aksu Enerji A.S are given in Table 5. 2008-2013 ratios of Aksu Enerji A.S. are significantly above the generally accepted ratios. It shows that the company preferred to keep cash and similar assets high.

2005-2008 liquidity ratios of Ayen Enerji A.S are given in Table 6. Current ratios and liquidity ratios of Ayen Enerji. A.S remained under the generally accepted ratios, however current ratios are above the generally accepted ratios, despite fluctuating.

As can be seen in Table 7 including the liquidity ratios of Ayen Enerji in 2008-2013, current ratios and liquidity ratios of Ayen Enerji A.S seem to remain under the generally accepted ratios and these ratios continued to get smaller after the crisis, however these ratios had a course above the generally accepted ratios in last two years.

2005-2008 liquidity ratios of Zorlu Enerji A.S. are given in Table 8. In this period, all ratios of Zorlu Enerji A.S were under the generally accepted ratios. Particularly cash ratio seems to be quite low.

As can be seen in Table 9 including the liqudity ratios of Zorlu Enerji A.S. in 2008-2013, all ratios of Zorlu Enerji A.S. remained under the generally accepted ratios after the crisis, and no recovery was achieved.

Table 10 shows the consolidated balance sheet including the items of Ak Enerji A.S on a pro rata basis. As can be seen in the relevant Table, the share taken by current assets item from active assets in 2005-2008 seem to be gradually decreasing. Share of current assets decreased from 36% in 2005 to 28% in 2008. Real assets item showed a substantial increase in the same term. Although there was no serious difference in short-term borrowing in terms of ratios, long-term borrowing showed a significant increase on a pro rata basis.

Table 11 shows the consolidated balance sheet including the items of Ak Enerji A.S on a pro rata basis. The share taken by current assets from active assets in 2008-2013 seems to gradually decrease. Share of current assets decreased from 28% in 2008 to 12% in 2013. In spite of this, real assets item quadrupled in 5 years. Long-term borrowing in the same period showed a serious increase. Net working capital became a deficit account in those years due to great increases in short-term liabilities of the company and the lack of a change in the current assets.

Table 12 shows the consolidated balance sheet including the items of Ak Enerji A.S on a pro rata basis. As can be seen in the Table, the share taken by current assets from active assets in 2005-2008 seems to gradually decrease. Share of current assets decreased from 100% in 2005 to 14% in 2008. Real assets investments of the company showed a substantial increase in this 4 years period. Long-term borrowing in the same period increased significantly. However, these liabilities do not occupy share in passive total liabilities due to the strong structure of the equity capital of the company.

Table 13 shows the consolidated balance sheet including the items of Aksu Enerji A.S on a pro rata basis. As can be seen in the Table, no significant change exist with respect to the share taken by current assets item from active assets in 2008-2013, however current assets item showed a 20% increase. Regarding the borrowing structure of this period, short-term liabilities seem to increase 3 times in 2009 in which the impacts of crisis were felt, compared to the previous year, however this amount has a small share in total amount. Real assets doubled in the 5 years after the crisis. We can conclude that the structure of the equity capital of the company is strong. The company did not achieve its pre-crisis growth in the post-crisis term and showed a stable growth.

Table 14 shows the consolidated balance sheet including the items of Ayen Enerji A.S on a pro rata basis. As can be seen in the Table, the share taken by current assets item from active assets in 2005-2008 seems to gradually increase on a pro rata basis. Share of current assets decreased from 10% in 2005 to 26% in 2008. Real assets investments of the company significantly decreased in 2007, both quantitatively and proportionally. With respect to the liabilities, both short-term and long-term liabilities of the company in the same period decreased both quantitatively and proportionally. Net working capital of the company remained as a deficit account in 2005, 2006 and 2007. Current assets of the company are quite low in this period. Net working capital of the company rose to account in credit together with the significant increase in current assets in 2008.

Table 15 shows the consolidated balance sheet including the items of Ayen Enerji A.S on a pro rata basis. As can be seen in the Table, while there were a significant decrease in the share taken by current assets item from active assets in 2008-2011, great increases were seen in the following years, contrary to this situation. Real assets item had almost no change in 2008-2010, however a great increase was observed in 2011 and 2013. With respect to the liabilities, although short-term liabilities reduced in 2009 and 2010, a 3.2 times increase was observed in the following year. Long-term liabilities structure was also reduced in 2009 and 2010, however high amounts of increases were observed in the following years. The period between 2008 and 2010 as a whole, the share of the liabilities in total resources increased from 55% to 81%. In parallel with current assets remaining low, net working capital of the company had a negative course in the last three years.

Table 16 shows the consolidated balance sheet including the items of Ayen Enerji A.S on a pro rata basis. As can be seen in the Table, active assets of the company in 2005-2008 seem to increase every year consistently. A high amount of increase was observed particularly in real assets item. With respect to the liabilities, both short-term and long-term liabilities showed significant increases both quantitatively and pro rata basis in parallel with the increases in the real assets. Net working capital had a negative course in 2006, 2007 and 2008, because short-term liabilities showed an increase in high amounts in proportion to the current assets.

Table 17 shows the consolidated balance sheet including the shares taken by the items of Ayen Enerji A.S on a pro rata basis. As can be seen in the Table, while no significant change in the share taken by current items from active assets in 2008-2010 observed, a great increase is seen in 2011, contrary to this situation. This fluctuating increase continued in the following two years. Real assets item had almost no change in 2008-2010, despite the significant increases in the following year. With respect to the liabilities in this period, a significant increase in short-term liabilities for every year is observed. Long-term liabilities were reduced in 2009-2010; however these liabilities showed a significant increase in 2011. Although the liabilities were decreased in 2012, these increased again in 2013 and their share in the total resources became 61%. Net working capital was in deficit account in this 5 years period, because short-term liabilities of the company increased consistently and current assets couldn't respond to this.

4. Conclusions and Recommendations

Global economic crisis emerged in 2008 took effect around the world, particularly in the USA and Europe. The crisis increased the need of developing countries for an external financing. Generally, developing countries can finance their foreign trade deficit due to the lack of sufficient savings. Therefore, these countries that are dependent on finance markets are necessarily affected by any negative development in finance markets. Turkey as a developing country also affected by the global economic crisis in 2008 and fluctuations were observed in exchange rates, inflation and interest rates. In this study, the effects of 2008 global economic crisis on the financial statements and liquidity ratios of energy sector companies traded in BIST. 2005-2008 and 2008-2010 periods were evaluated separately and compared to demonstrate the pre-crisis and post-crisis terms, respectively. Balance sheets were evaluated by using ratio analysis and vertical and horizontal analysis techniques.

When looked at the effects of 2008 global crisis on financial statements and liquidity ratios of energy companies traded in BIST and evaluated within the scope of this study, it can be said that no common situation is in effect and every single company had individual situations due to the different operations of their financial structures. Pursuant thereto;

When a horizontal and vertical analysis is applied for the balance sheet of Ak Enerji A.S; it can be seen that short and long term liabilities showed a significant increase and, in the following 3 years, the company operated with negative net working capital in parallel with the significant increase in short-term liabilities. This situation is an indicator of facing a cash problem in the short term. While liquidity ratios of the company were above the generally accepted ratios, they remained under the standards after the crisis. In the light of all these data, Ak Enerji A.S. can be considered as negatively affected by the crisis.

Although the turnover of Aksu Enerji A.S. was relatively lower than other companies evaluated, there were no risk in terms of liquidity ratios and balance sheet analysis, because the company preserved its financial discipline in both pre-crisis and post-crisis terms. Equity capital structure and net working capital are positive. Therefore, this company is considered as not affected by the crisis.

It can be said that Ayen Enerji A.S did not affected by the crisis financially, through the vertical and horizontal analysis on the balance sheets. There was no considerable increase in the share of liabilities in the total balance sheet of the country in both pre-crisis and post-crisis term. The company continued its investments in the years in which the effects of the crisis reduced in the world and in our country, and acquired real assets by increasing the short and long term liabilities. There was an increase in the liquidity ratios of the company in immediately before and after the crisis. This indicates that the company received the signals of the crisis and increased its cash level. There seem to be a decline in liquidity ratios of the company, because the effects of the crisis reduced in the world and in our country in the following years.

Zorlu Enerji A.S. acquired real assets in crisis years and financed this acquisition by both short-term and long-term liabilities. The company did not give up this tendency after the crisis and turned onto acquisition of real assets through huge liabilities. The company operated with negative net working capital in those years and this amount showed an increase in every passing year. Therefore, the risk of finding short-term cash for the company gradually increased. Debts of the company decreased considerably, because the company preferred to grow in crisis periods too. While the share of liabilities in balance sheet was 75% before the crisis, this increased to 107% after the crisis. Given that the liquidity ratios remained low continuously, the company can be considered as affected by the crisis in a negative way.

As can be understood from the analysis results of the companies evaluated, they affected by the crisis in different ways due to the differences in their strategies. With reference to these data, no negative effect of the crisis can be considered as common for whole energy sector. 2 of 4 companies are affected by the crisis financially in a negative way. When looked at the turnover increases of the companies, there were great increases and the energy companies of our country maintained their growth policies. As a result of all these evaluations, given foreign-source dependency of our country in energy area, these energy companies need to adopt financial discipline as e central focus. To have an energy sector with a competitive, strong financial body and a sustainable profitability in global markets is crucial for our national economy. Matters such as branding, technology, R&D investments should be put maximum importance to provide a healthy development and produce products with added value. Governments must employ policies directed at both contributing to the growth of energy sector and reducing the foreign-dependency in energy.

5. REFERENCES

[1] BERBEROGLU, B. (2011). 2008 Global Krizinin Turkiye ve Avrupa Birligi'ndeki Etkilerinin Kumeleme Analizi ile incelenmesi.

[2] EGILMEZ, M. (2011), "Kuresel Finans Krizi", Piyasa Sisteminin Elestirisi icinde Edt, Saadet OZKAL, Remzi Kitabevi A.S., Istanbul, ss: 42-43

[3] GUMUS, F. B.,ve AYDEMIR, L. (2014). 2008 Kuresel Finans Krizinin Sektorel Bazda Sirket Bilancolarina Etkilerinin Analizi. Isletme Bilimi Dergisi, 2(1), 37-64.

[4] ISIK, E. (2011), "2008 Kuresel Finansal Krizin Isletmelerin Calisma Sermayeleri Uzerindeki Etkilerinin Oranlar Araciligi ile Tespiti, IMKB' de bir arastirma" Eskisehir Osmangazi Universitesi, Yuksek Lisans Tezi (Cevrimici), https://tez.yok.gov.tr/UlusalTezMerkezi/tezSorguSonucYeni.jsp

[5] OZTURK, S., ve GOVDERE, B. (2010). Kuresel Finansal Kriz Ve Turkiye Ekonomisine Etkileri The Effects Of The Global Financial Crisis And Turkish Economy.

[6] TERZI, N. (2009); "Hedge Fonlar: Kuresel Finans Piyasalarinin Gizemli Oyunculari" Beta yayinlari; Mart, istanbul.

[7] YILDIRIM, S. (2010). 2008 Yili Kuresel Ekonomi Krizinin Dunya ve Turkiye Ekonomisine Etkileri. KMU Sosyal ve Ekonomik Arastirmalar Dergisi, 12(18), 47-55.

[8] http://mpra.ub.uni-muenchen.de/29470/1/MPRA_paper_29470.pdf Erisim Tarihi: 12.11.2014

[9] http://www.bilgaz.net/dosyalar/OranAnalizi.pdf Erisim Tarihi: 14.11.2014

[10] http://www.denizmortgage.com.tr/mortgage_nedir/ Erisim Tarihi: 18.11.2014

Selcuk Kendirli (1[??]), Muhammet Cankaya (2) and Altug Cagatay (3)

(1) Hitit University, FEAS, Banking and Finace Department

(2) Hitit University Sungurlu Vacational School

(3) Gaziosmanpasa University, Almus Vocational School

(*) A version of this research was presented at the 3rd International Conference on Economic Sciences and Business Administration - ICESBA2016, held on 29-30th September 2016.

([??]) Assoc. Prof. Dr. Selcuk KENDIRLI. Tel.: +90 543 323 92 38; fax:+90 364 277 10 10. E-mail address: selcukkendirli@hitit.edu.tr.
Table 1: BIST Energy Companies included in evaluation.

Code   Name of the Company

AKENR  AKENERJI ELEKTRIK URETIM A.S
AKSUE  AKSU ENERJI VE TICARET A.S
AYEN   AYEN ENERJI A.S.

Table 2: 2005-2008 Liquidity Ratios of Ak Enerji A.S

                   AK ENERJI
RATIOS             2005  2006  2007  2008

Current Ratio %    345   322   297   203
Liquidity Ratio %  200   251   254   187
Cash Ratio %       173   215   154   91

Table 3: 2008-2013 Liquidity Ratios of Ak Enerji A.S.

                   AK ENERJI
RATIOS             2008  2009  2010  2011  2012 2013

Current Ratio %    203   83    40    36    63   104
Liquidity Ratio %  187   71    37    28    55    90
Cash Ratio %        91   44     9    14    36    64

Table 4: 2005-2008 Liquidity Ratios of Aksu Enerji A.S.

                   AKSU ENERJI
RATIOS             2005  2006   2007   2008

Current Ratio %    20    7.059  1.912  2.968
Liquidity Ratio %   0    6.229  1.797  2.828
Cash Ratio %        0    5.930  1.647  2.825

Table 5: 2008-2013 Liquidity Ratios of Aksu Enerji A.S.


                   AKSU ENERJI
RATIOS             2008   2009  2010   2011   2012   2013

Current Ratio %    2.968  949   1.275  1.473  3.392  754
Liquidity Ratio %  2.828  870   1.186  1.354  3.381  741
Cash Ratio %       2.825  108   1.136  1.249  3.357  717

Table 6: 2005-2008 Liquidity Ratios of Ayen Enerji A.S.


                   AYEN ENERJI
RATIOS             2005  2006  2007  2008

Current Ratio %    50    76    133   166
Liquidity Ratio %  44    61      9    60
Cash Ratio %       22    51      1    47

Table 7: 2008-2013 Liquidity Ratios of Ayen Enerji A.S.

                    AYEN ENERJI
RATIOS              2008  2009  2010  2011  2012  2013

Current Ratio %     166   108   145   36    72    62
Liquidity Ratio %    60    36    49    8    38    43
Cash Ratio %         47    14    24    1    24    29

Table 8: 2005-2008 Liquidity Ratios of Zorlu Enerji A.S.

                   ZORLU ENERJI
RATIOS             2005  2006  2007  2008

Current Ratio %    100   30    24    62
Liquidity Ratio %   78   16     7    29
Cash Ratio %         1    0     2     1

Table 9: 2008-2013 Liquidity Ratios of Zorlu Enerji A.S.

                   ZORLU ENERJI
RATIOS             2008  2009  2010  2011  2012  2013

Current Ratio %    62    48    49    64    39    32
Liquidity Ratio %  29    37    39    34    35    24
Cash Ratio %        1     6    17     7    13    10

Table 10: Balance Sheet Changes and Ratios of Ak Enerji A.S. in
2005-2008

FINANCIAL SITUATION TABLE
TYPE OF FINANCIAL TABLE  CONSOLIDATED   %            CONSOLIDATED  %

TERM                      31.12.2005         CHANGE   31.12.2006
REPORT CURRENCY          TL                  %        TL
ASSETS
CURRENT ASSETS           228.624.754    36   -9      208.929.728    33
REAL ASSETS              399.269.278    64    7      428.333.721    67
TOTAL ASSETS             627.894.032   100    1      637.263.449   100
SOURCES
SHORT-TERM LIABILITIES    63.876.868    10    1       64.826.024    10
LONG-TERM LIABILITIES     74.660.331    12   91      142.813.239    22
EQUITY CAPITALS          488.259.491    78  -12      428.340.381    67
PAID-CAPITAL              65.340.000    10    0       65.340.000    10
NET TERM PROFIT/LOSS     -79.091.304   -13  -24      -59.790.065    -9
NET WORKING CAPITAL      164.747.886    26   14      144.103.704    23


TYPE OF FINANCIAL TABLE           CONSOLIDATED  %

TERM                      CHANGE   31.12.2007        CHANGE
REPORT CURRENCY           %       TL                 %
ASSETS
CURRENT ASSETS            -6      196.027.872    33    21
REAL ASSETS               -7      399.016.736    67    56
TOTAL ASSETS              -7      595.044.608   100    45
SOURCES
SHORT-TERM LIABILITIES   -12      556.877.292    10    95
LONG-TERM LIABILITIES      4      148.848.268    25    85
EQUITY CAPITALS           -9      388.013.975    65    24
PAID-CAPITAL               0       65.340.000    11     0
NET TERM PROFIT/LOSS     -33      -40.280.291    -7  -321
NET WORKING CAPITAL        4      139.150.580    23    10


TYPE OF FINANCIAL TABLE  CONSOLIDATED  %

TERM                      31.12.2008
REPORT CURRENCY          TL
ASSETS
CURRENT ASSETS           238.049.931   28
REAL ASSETS              622.744.754   72
TOTAL ASSETS             860.794.685  100
SOURCES
SHORT-TERM LIABILITIES   111.161.309   13
LONG-TERM LIABILITIES    270.428.208   31
EQUITY CAPITALS          479.205.168   56
PAID-CAPITAL              65.340.000    8
NET TERM PROFIT/LOSS     126.888.622   10
NET WORKING CAPITAL      126.888.622   15


Table 11: Balance Sheet Changes and Ratios of Ak Enerji A.S. in
2008-2013

FINANCIAL SITUATION TABLE
TYPE OF FINANCIAL TABLE  CONSOLIDATED               CONSOLIDATED

TERM                      31.12.2008        CHANGE   31.12.2009
REPORT CURRENCY          TL           %     %       TL
ASSETS
CURRENT ASSETS           238.049.931   28    48     352.724.408
REAL ASSETS              622.744.754   72    85       1.152.868.719
TOTAL ASSETS             860.794.685  100    76       1.505.593.127
SOURCES
SHORT-TERM LIABILITIES   111.161.309   13   283     426.230.535
LONG-TERM LIABILITIES    270.428.208   31    35     364.785.475
EQUITY CAPITALS          479.205.168   56    49     714.577.117
PAID-CAPITAL              65.340.000    8   156     167.328.910
NET TERM PROFIT/LOSS      88.950.920   10   -74      23.422.693
NET WORKING CAPITAL      126.888.622   15  -273     -73.506.127
TOTAL SOURCES            860.974.685  100   -43       1.505.593.127


TYPE OF FINANCIAL TABLE               CONSOLIDATED

TERM                          CHANGE  31.12.2010             CHANGE
REPORT CURRENCY           %   %       TL               %     %
ASSETS
CURRENT ASSETS            23   -22    274.897.785       14   -20
REAL ASSETS               77    42      1.638.274.143   86    23
TOTAL ASSETS             100    27      1.913.171.928  100    17
SOURCES
SHORT-TERM LIABILITIES    28    11    471.568.868       25    30
LONG-TERM LIABILITIES     24    86    676.880.446       35    61
EQUITY CAPITALS           47     7    764.724.614       40   -31
PAID-CAPITAL              11   125    375.814.000       20     0
NET TERM PROFIT/LOSS       2  -213   -126.369.923       -1   700
NET WORKING CAPITAL       -5   -63   -196.689.083      -10   -50
TOTAL SOURCES            100   -21      1.913.173.928  100   -14


TYPE OF FINANCIAL TABLE   CONSOLIDATED

TERM                       31.12.2011           CHANGE
REPORT CURRENCY           TL                 %  %
ASSETS
CURRENT ASSETS            220.195.047       10   139
REAL ASSETS                 2.009.016.999   90    14
TOTAL ASSETS                2.229.212.046  100    27
SOURCES
SHORT-TERM LIABILITIES    611.824.119       27   -21
LONG-TERM LIABILITIES       1.092.808.294   49    28
EQUITY CAPITALS           524.579.633       24    80
PAID-CAPITAL              375.814.000       17     0
NET TERM PROFIT/LOSS     -211.048.080       -9  -137
NET WORKING CAPITAL      -391.629.072      -18    -1.058
TOTAL SOURCES               2.229.212.046  100   -21


TYPE OF FINANCIAL TABLE  CONSOLIDATED                  CONSOLIDATED

TERM                      31.12.2012           CHANGE    31.12.2013
REPORT CURRENCY          TL               %    %       TL
ASSETS
CURRENT ASSETS           525.686.641       19   -24     398.264.030
REAL ASSETS                2.297.863.384   81    22       2.803.118.614
TOTAL ASSETS               2.823.550.025  100    13       3.201.382.644
SOURCES
SHORT-TERM LIABILITIES   484.794.349       17   -21     381.928.345
LONG-TERM LIABILITIES      1.394.321.527   49    43       1.991.426.717
EQUITY CAPITALS          944.434.149       33   -12     828.027.582
PAID-CAPITAL             375.814.000       13    94     729.164.000
NET TERM PROFIT/LOSS      79.014.305        3  -261    -127.081.836
NET WORKING CAPITAL       40.892.292        1   150      16.335.685
TOTAL SOURCES              2.823.550.025  100   -12       3.201.382.644


TYPE OF FINANCIAL TABLE

TERM
REPORT CURRENCY            %
ASSETS
CURRENT ASSETS             12
REAL ASSETS                88
TOTAL ASSETS              100
SOURCES
SHORT-TERM LIABILITIES     12
LONG-TERM LIABILITIES      62
EQUITY CAPITALS            26
PAID-CAPITAL               23
NET TERM PROFIT/LOSS       -4
NET WORKING CAPITAL         1
TOTAL SOURCES             100

Table 12: Balance Sheet Changes and Ratios of Aksu Enerji A.S. in
2005-2008

FINANCIAL SITUATION TABLE
TYPE OF FINANCIAL TABLE    CONSOLIDATED                 CONSOLIDATED

TERM                       31.12.2005          CHANGE   31.12.2006
REPORT CURRENCY            TL              %   %        TL
ASSETS
CURRENT ASSETS              4.638.219    100   -32       3.151.701
REAL ASSETS                19.938          0   123.539  24.651.067
TOTAL ASSETS                4.658.157    100   497      27.802.768
SOURCES
SHORT-TERM LIABILITIES    210.468          5   -79      44.647
LONG-TERM LIABILITIES       0              0  #SAYI/0!   1.959.610
EQUITY CAPITALS             4.447.689     95   480      25.798.511
PAID-CAPITAL              858.000         18   873       8.352.000
NET TERM PROFIT/LOSS      779.493         17  -310      -1.635.028


TYPE OF FINANCIAL TABLE               CONSOLIDATED

TERM                          CHANGE   31.12.2007        CHANGE
REPORT CURRENCY          %    %       TL            %    %
ASSETS
CURRENT ASSETS            11   41       4.442.149    16   16
REAL ASSETS               89   -3      23.869.435    84   28
TOTAL ASSETS             100    2      28.311.584   100   26
SOURCES
SHORT-TERM LIABILITIES     0   420    232.377         1  -26
LONG-TERM LIABILITIES      7    -3      1.900.973     7   74
EQUITY CAPITALS           93     1     26.178.234    92   23
PAID-CAPITAL              30     0      8.352.000    30    0
NET TERM PROFIT/LOSS      -6  -123    379.723         1   33


TYPE OF FINANCIAL TABLE  CONSOLIDATED

TERM                      31.12.2008
REPORT CURRENCY          TL            %
ASSETS
CURRENT ASSETS             5.161.524    14
REAL ASSETS               30.585.674    86
TOTAL ASSETS              35.747.198   100
SOURCES
SHORT-TERM LIABILITIES   172.326         0
LONG-TERM LIABILITIES      3.298.456     9
EQUITY CAPITALS           32.276.416    90
PAID-CAPITAL               8.352.000    23
NET TERM PROFIT/LOSS     505.252         1

Table 13: Balance Sheet Changes and Ratios of Aksu Enerji A.S. in
2008-2013

FINANCIAL SITUATION TABLE
TYPE OF FINANCIAL TABLE   CONSOLIDATED               CONSOLIDATED

TERM                       31.12.2008        CHANGE   31.12.2009
REPORT CURRENCY           TL             %   %        TL           %
ASSETS
CURRENT ASSETS             5.161.524     14   23       6.349.938    16
REAL ASSETS               30.585.674     86    8      33.025.589    84
TOTAL ASSETS              35.747.198    100   10      39.375.527   100
SOURCES
SHORT-TERM LIABILITIES    172.326         0  288     669.319         2
LONG-TERM LIABILITIES       3.298.456     9   16       3.826.594    10
EQUITY CAPITALS            32.276.416    90    8      34.879.614    89
PAID-CAPITAL                8.352.000    23    0       8.352.000    21
NET TERM PROFIT/LOSS      505.252         1  681       3.948.202    10


TYPE OF FINANCIAL TABLE          CONSOLIDATED

TERM                     CHANGE   31.12.2010        CHANGE       CHANGE
REPORT CURRENCY          %       TL            %    %        %   %
ASSETS
CURRENT ASSETS             3       6.514.787    16   -74      5   116
REAL ASSETS                2      33.674.270    84    -7     95    19
TOTAL ASSETS               2      40.189.057   100   -18    100    24
SOURCES
SHORT-TERM LIABILITIES   -24     511.003         1   -77      0   -12
LONG-TERM LIABILITIES      8       4.134.814    10    -8     12    26
EQUITY CAPITALS            2      35.543.240    88   -18     88    24
PAID-CAPITAL               0       8.352.000    21     0     25     0
NET TERM PROFIT/LOSS     -40       2.377.654     6  -314    -15  -239


TYPE OF FINANCIAL TABLE  CONSOLIDATED               CONSOLIDATED

TERM                      31.12.2012        CHANGE   31.12.2013
REPORT CURRENCY          TL            %    %       TL
ASSETS
CURRENT ASSETS             3.678.984    9     27      4.670.125
REAL ASSETS               37.488.836    91    -3     36.538.007
TOTAL ASSETS              41.167.820   100     0     41.208.132
SOURCES
SHORT-TERM LIABILITIES   102.085         0   490    602.364
LONG-TERM LIABILITIES      4.801.392    12    36      6.542.895
EQUITY CAPITALS           36.264.343    88    -6     34.062.873
PAID-CAPITAL               8.352.000    20     0      8.352.000
NET TERM PROFIT/LOSS       7.056.159    17  -131     -2.201.469

Table 14: : Balance Sheet Changes and Ratios of Ayen Enerji A.S. in
2005-2008

FINANCIAL SITUATION TABLE
TYPE OF FINANCIAL TABLE   CONSOLIDATED  %            CONSOLIDATED  %

TERM                       31.12.2005        CHANGE   31.12.2006
REPORT CURRENCY           TL                 %       TL
ASSETS
CURRENT ASSETS             57.076.549    10   24      70.734.487    14
REAL ASSETS               516.119.156    90  -14     444.856.884    86
TOTAL ASSETS              573.195.705   100  -10     515.591.371   100
SOURCES
SHORT-TERM LIABILITIES    117.255.403    21  -22      92.045.151    18
LONG-TERM LIABILITIES     240.388.745    43   -6     225.898.780    44
EQUITY CAPITALS           207.606.107    37   -7     193.678.785    38
PAID-CAPITAL              119.610.000    21    0     119.610.000    23
NET TERM PROFIT/LOSS        4.897.216     1  419     -15.642.328    -3
NET WORKING CAPITAL       -60.178.854   -11  182     -21.310.664    -4


TYPE OF FINANCIAL TABLE           CONSOLIDATED  %

TERM                     CHANGE    31.12.2007         CHANGE
REPORT CURRENCY          %        TL                  %
ASSETS
CURRENT ASSETS            -30      49.225.880    11   174
REAL ASSETS               -12     391.032.539    89     0
TOTAL ASSETS              -15     440.258.419   100    19
SOURCES
SHORT-TERM LIABILITIES    -25      68.999.980    16    18
LONG-TERM LIABILITIES     -36     144.805.322    34    40
EQUITY CAPITALS            11     215.299.149    50     7
PAID-CAPITAL                0     119.610.000    28     0
NET TERM PROFIT/LOSS     -238      21.620.364     5    93
NET WORKING CAPITAL         8     -19.774.100    -5  -137


TYPE OF FINANCIAL TABLE  CONSOLIDATED  %

TERM                      31.12.2008
REPORT CURRENCY          TL
ASSETS
CURRENT ASSETS           135.020.216    26
REAL ASSETS              390.712.315    74
TOTAL ASSETS             525.732.531   100
SOURCES
SHORT-TERM LIABILITIES    81.502.885    16
LONG-TERM LIABILITIES    203.204.192    39
EQUITY CAPITALS          231.345.374    45
PAID-CAPITAL             119.610.000    23
NET TERM PROFIT/LOSS      41.721.884     8
NET WORKING CAPITAL       53.517.331    10

Table 15: Balance Sheet Changes and Ratios of Ayen Enerji A.S. in
2008-2013

FINANCIAL SITUATION TABLE
TYPE OF FINANCIAL TABLE   CONSOLIDATED  %            CONSOLIDATED  %

TERM                       31.12.2008        CHANGE   31.12.2009
REPORT CURRENCY           TL                 %       TL
ASSETS
CURRENT ASSETS            135.020.216    26   -36     86.392.716    17
REAL ASSETS               390.712.315    74     5    408.946.174    83
TOTAL ASSETS              525.732.531   100    -6    495.338.890   100
SOURCES
SHORT-TERM LIABILITIES     81.502.885    16    -2     79.751.500    16
LONG-TERM LIABILITIES     203.204.192    39   -20    161.890.911    33
EQUITY CAPITALS           231.345.374    45     5    241.888.340    50
PAID-CAPITAL              119.610.000    23     0    119.610.000    25
NET TERM PROFIT/LOSS       41.721.884     8    12     46.759.410    10
NET WORKING CAPITAL        53.517.331    10   706      6.641.216     1


TYPE OF FINANCIAL TABLE          CONSOLIDATED  %

TERM                     CHANGE   31.12.2010        CHANGE
REPORT CURRENCY          %       TL                 %
ASSETS
CURRENT ASSETS            -2      84.410.348    17    5
REAL ASSETS                0     408.915.079    83    101
TOTAL ASSETS               0     493.325.427   100     84
SOURCES
SHORT-TERM LIABILITIES   -27      58.386.755    12    323
LONG-TERM LIABILITIES      8     174.374.570    36    110
EQUITY CAPITALS            3     249.067.431    52      9
PAID-CAPITAL               0     119.610.000    26     43
NET TERM PROFIT/LOSS     -13      40.852.812     8    -42
NET WORKING CAPITAL      -74      26.023.593     5   -116

TYPE OF FINANCIAL TABLE  CONSOLIDATED  %             CONSOLIDATED  %

TERM                       31.12.2011        CHANGE    31.12.2012
REPORT CURRENCY          TL                  %        TL
ASSETS
CURRENT ASSETS             88.521.817    10   56      138.090.340   14
REAL ASSETS               821.464.551    90    0      821.937.671   86
TOTAL ASSETS              909.986.368   100    5      960.028.011  100
SOURCES
SHORT-TERM LIABILITIES    246.718.196    28  -22      193.082.267   21
LONG-TERM LIABILITIES     366.825.290    41   30      476.363.986   51
EQUITY CAPITALS           272.536.947    31   -5      260.196.926   28
PAID-CAPITAL              171.042.300    19    0      171.042.300   16
NET TERM PROFIT/LOSS       23.587.121     3   -4       22.611.347    2
NET WORKING CAPITAL      -158.196.381   -18  188      -54.991.927  -16

TYPE OF FINANCIAL TABLE          CONSOLIDATED      %

TERM                     CHANGE    31.12.2013
REPORT CURRENCY          %       TL
ASSETS
CURRENT ASSETS             50     206.919.140       18
REAL ASSETS                17     961.357.557       82
TOTAL ASSETS               22       1.168.276.697  100
SOURCES
SHORT-TERM LIABILITIES     71     331.113.199       29
LONG-TERM LIABILITIES      24     594.765.388       52
EQUITY CAPITALS           -16     219.855.345       19
PAID-CAPITAL                0     171.042.300       15
NET TERM PROFIT/LOSS     -316     -48.846.437       -4
NET WORKING CAPITAL       -56    -124.194.059      -11

Table 16: Balance Sheet Changes and Ratios of Zorlu Enerji A.S. in
2005-2008

FINANCIAL SITUATION TABLE
TYPE OF FINANCIAL TABLE   CONSOLIDATED                CONSOLIDATED

TERM                       31.12.2005         CHANGE   31.12.2006
REPORT CURRENCY           TL             %    %       TL            %
ASSETS
CURRENT ASSETS            113.055.828    10   -24      86.337.863    10
REAL ASSETS               445.291.748    80    70     755.675.566    90
TOTAL ASSETS              558.347.576   100    51     842.013.429   100
SOURCES
SHORT-TERM LIABILITIES     66.780.090    12   328     285.605.093    35
LONG-TERM LIABILITIES     169.133.706    31    49     252.618.336    31
EQUITY CAPITALS           315.287.305    57    -9     285.779.429    35
PAID-CAPITAL               81.665.350    15     0      81.665.350    10
NET TERM PROFIT/LOSS       46.275.738     2  -655     -46.143.724    -6


TYPE OF FINANCIAL TABLE          CONSOLIDATED

TERM                     CHANGE   31.12.2007           CHANGE
REPORT CURRENCY          %       TL               %    %
ASSETS
CURRENT ASSETS            74     150.188.054       13   112
REAL ASSETS               30     983.024.706       87   131
TOTAL ASSETS              35       1.133.212.760  100   129
SOURCES
SHORT-TERM LIABILITIES   116     618.162.091       57   -17
LONG-TERM LIABILITIES    -22     197.277.287       18   956
EQUITY CAPITALS           -4     273.380.013       25  -100
PAID-CAPITAL               0      81.665.350        8     0
NET TERM PROFIT/LOSS     -79      -9.553.735       -1     3.420

TYPE OF FINANCIAL TABLE  CONSOLIDATED

TERM                       31.12.2008
REPORT CURRENCY          TL                %
ASSETS
CURRENT ASSETS            318.055.000       12
REAL ASSETS                 2.275.008.000   88
TOTAL ASSETS                2.593.063.000  100
SOURCES
SHORT-TERM LIABILITIES    509.991.000       20
LONG-TERM LIABILITIES       2.083.437.000   80
EQUITY CAPITALS          -365.000            0
PAID-CAPITAL               81.665.350        3
NET TERM PROFIT/LOSS     -336.254.000      -13

Table 17: Balance Sheet Changes and Ratios of Zorlu Enerji A.S. in
2008-2013

FINANCIAL SITUATION TABLE
TYPE OF FINANCIAL TABLE  CONSOLIDATED

TERM                       31.12.2008            CHANGE
REPORT CURRENCY          TL                %     %
ASSETS
CURRENT ASSETS            318.055.000       12    9
REAL ASSETS                 2.275.008.000   88   -9
TOTAL ASSETS                2.593.063.000  100   -7
SOURCES
SHORT-TERM LIABILITIES    509.991.000       20    41
LONG-TERM LIABILITIES       2.083.437.000   80   -30
EQUITY CAPITALS          -365.000            0   -62.917
PAID-CAPITAL               81.665.350        3   245
NET TERM PROFIT/LOSS     -336.254.000      -13  -129
NET WORKING CAPITAL      -191.936.000       -7   -49
TOTAL SOURCES               2.593.063.000  100     7


TYPE OF FINANCIAL TABLE  CONSOLIDATED

TERM                       31.12.2009            CHANGE
REPORT CURRENCY          TL                %     %
ASSETS
CURRENT ASSETS            345.937.000       14    11
REAL ASSETS                 2.068.433.000   86     8
TOTAL ASSETS                2.414.370.000  100     8
SOURCES
SHORT-TERM LIABILITIES    721.476.000       30     9
LONG-TERM LIABILITIES       1.463.613.000   61    14
EQUITY CAPITALS           229.281.000        9   -32
PAID-CAPITAL              281.665.000       12     0
NET TERM PROFIT/LOSS       97.891.000        4  -168
NET WORKING CAPITAL      -315.539.000      -16    -7
TOTAL SOURCES               2.414.370.000  100    -8


TYPE OF FINANCIAL TABLE  CONSOLIDATED                   CONSOLIDATED

TERM                      31.12.2010            CHANGE    31.12.2011
REPORT CURRENCY          TL                %    %       TL
ASSETS
CURRENT ASSETS            383.157.000       15    69     648.001.000
REAL ASSETS                 2.228.113.000   85    57       3.489.399.000
TOTAL ASSETS                2.611.270.000  100    58       4.137.400.000
SOURCES
SHORT-TERM LIABILITIES    785.499.000       30    40       1.103.209.000
LONG-TERM LIABILITIES       1.668.733.000   64    99       3.327.161.000
EQUITY CAPITALS           157.038.000        6  -289    -296.089.000
PAID-CAPITAL              281.665.000       11     0     281.665.000
NET TERM PROFIT/LOSS      -66.725.000       -3   511    -407.362.000
NET WORKING CAPITAL      -402.342.000      -15   -12    -455.208.000
TOTAL SOURCES               2.611.270.000  100   -37       4.134.281.000


TYPE OF FINANCIAL TABLE               CONSOLIDATED

TERM                          CHANGE    31.12.2012           CHANGE
REPORT CURRENCY          %    %       TL                %    %
ASSETS
CURRENT ASSETS            16   -10     581.471.000       13   1
REAL ASSETS               84    13       3.944.507.000   87  46
TOTAL ASSETS             100     9       4.525.978.000  100  40
SOURCES
SHORT-TERM LIABILITIES    27    35       1.491.185.000   33    13
LONG-TERM LIABILITIES     80   -15       2.843.196.000   63    37
EQUITY CAPITALS           -7  -164     189.394.000        4   304
PAID-CAPITAL               7    78     500.000.000       11     0
NET TERM PROFIT/LOSS     -10  -247     598.585.000       13  -152
NET WORKING CAPITAL      -11   -50    -909.714.000      -20   -17
TOTAL SOURCES            100    -9       4.523.775.000  100   -29


TYPE OF FINANCIAL TABLE  CONSOLIDATED

TERM                       31.12.2013
REPORT CURRENCY          TL                %
ASSETS
CURRENT ASSETS            586.365.000       9
REAL ASSETS                 5.767.605.000   91
TOTAL ASSETS                6.353.970.000  100
SOURCES
SHORT-TERM LIABILITIES      1.685.479.000   27
LONG-TERM LIABILITIES       3.897.566.000   61
EQUITY CAPITALS           764.217.000       12
PAID-CAPITAL              500.000.000        8
NET TERM PROFIT/LOSS     -309.171.000       -5
NET WORKING CAPITAL        -1.099.114.000  -17
TOTAL SOURCES               6.347.262.000  100
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Author:Kendirli, Selcuk; Cankaya, Muhammet; Cagatay, Altug
Publication:Journal of Economic Development, Environment and People
Article Type:Report
Geographic Code:7TURK
Date:Jan 1, 2017
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