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07. six. 2012 Bilal Elarslan 2007432031| Dokuz Eylul University Faculty of Business Business Administration ManagerialFinance| Economic Analysis of Ulker &P? nar Sut| List of Contents Introduction three or more 1 .
Ulker 4 1 . 1 Great Ulker 4 1 . 2 About Ulker5 1 . three or more Shareholder Framework 6 1 ) 4 Subsidaries6 1 . a few Wacc of Ulker7 1 ) 6 Leverage8 1 . six Operating and financial leveraging of Ulker8 1 . eight Beta Analysis9 1 . 9 Ulker’s Beta Coefficent¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦9 1 . 10 Additional financial Info & essential ratios¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦10 2 . P? nar Sut¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦. doze 2 . History Of P? nar Sut¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦. 12 2 . two General Summary of Company¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦,. 13 2 . 3 Shareholder Structure¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦. 15 installment payments on your 4 Wacc of P? nar Sut¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦16 2 . a few Leverage¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦. 17 2 . 6 P? nar Sut’s Beta coefficent¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦18 installment payments on your 7 Additional informations & key ratios¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦19 Appendix¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦20 References¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦22
Introduction With this research newspaper I well prepared the monetary ana? ysis of Ulker & L? nar Sut. While setting up this record firstly I can choose two company Which can be, * Ulker * L? nar sut While preparing this record I really described about what we learned during manegerial fund lessons. As a result, with this aim, We prepared my own term task by merging both acconting methods and my knowledge about finance. 1 ) ULKER 2 . 1 Good Ulker 1944- Ulker Biskuvi was established inside the Eminonu section of Turki. It started out as a tiny bakery with just 3 workers, making 200 kilogram of cookies per day.
Some three years later, the Company relocated for the Topkap? region of Istanbul. 1948- Producing a total of 75 a lot of biscuits in 1944, Ulker Biscuits tripled its ability at its Topkap? factory, built-in 1948 especially in order to boost the production amount. 1955- Ulker Biscuits decided to distribute its products throughout Turkey at manufacturer prices and achieved a huge production boost with this innovation. 1970- In line with the growth strategy, Anadolu G? ag Sanayii A. S. opened in Ankara as a multiple-shareholder company plus the production capability of Ulker Biscuits was doubled. 974- The initial biscuit foreign trade was made after choosing the Middle East as the target industry. Opportunities pertaining to international competition were elevated with the metabolic rate of the R&D department in the same yr. 1979- Ulker products began to be packed in cellophane-based product packaging. 2003- Ulker Biskuvi merged under its very own title with Anadolu G? da, whose shares had been quoted about Istanbul Stock Exchange since 1996. 2008- Within the range of Company Governance, the Articles of Association had been amended and company Governance and Audit Committees were create.
At the beginning of 08, Ulker Biskuvi took component in the purchase of the superior chocolatier manufacturer, Godiva, with a 25. 23% share. 2 . 2 About Ulker While the first company proven within Sumado a? ld? z . Holding, operating its core business for 64 years, Ulker Biscuits serves as the flagship in the Holding both in terms of sales yield and earnings. According to the Turki Chamber of Industry (ICI) in 2009 set of Turkey’s Top 500 Professional Enterprises, Ulker Biscuits was ranked 104th. Ulker Biscuits produces biscuits, crackers, candy covered biscuits and wafers at its industries in Istanbul/Topkap? and Ankara.
As the indisputable innovator in the Turkish biscuit sector, Ulker Biscuits also takes a place among the giant food producers on the planet, with its 280 assorted biscuit and cracker products which can be supplied to both the neighborhood and worldwide markets. In 1996, Ulker Biscuits received the INTERNATIONALE ORGANISATION FÜR STANDARDISIERUNG 9002 documentation for quality standards in production, in addition to 2001, it absolutely was awarded the HACCP documentation for top quality standards in food safety. In 2002, it earned the top indicate of “High Level within an analysis made by the Europe-based quality certification firm BRC, which even more secured its successful position in the field of quality control.
Ulker Biscuits grows new products in the independent labs, employing a skilled and ground breaking R&D staff, always keeping their quality-focused procedure. Introducing typically 60 new items per year to the market, Ulker Biscuits offers continued to excel in innovation, thus making Ulker one of the top rated food brands. Ulker Biscuits products will be exported largely to the Midsection East, The ussr and Central Asian Republics, as well as to Europe, Africa plus the United States. Ulker Biscuits not only contributes to Turkey’s economy through its export products, but it also efficiently represents Turkey’s approach to top quality on a global scale.
Ulker Biscuits comes with an effective top quality control system that injects synergy into the entire procedure from production through usage, and it continues it is investments based upon its technique that is focused on sustainable and profitable expansion. Ulker Biscuits is a consumer-focused company that satisfies their consumers’ demands and objectives at the maximum level, and it has produced a unified and long-term relationship using its target group. Surveys done in recent years attest to the high levels of loyalty to the Ulker brand.
In the “Brands 2008 survey by AC Nielsen, Ulker was ranked first in the biscuit category, and second and third in the categories of “top-of-the-mind brands and the ones that customers feel closest to, correspondingly. Local division of biscuits and chocolates covered products produced by Ulker Biscuits as well as its subsidiaries is usually undertaken by simply its supplementary, Atlas G? da Pazarlama, and other marketing companies of Y? ld? z Possessing, Esas Pazarlama, Merkez G? da Pazarlama and Rekor Pazarlama. 2 . 3 Aktionär Structure Shareholders of Ulker company went out with 31/12/2010 is just as follows.
Shareholders Share(TRY) (%) Y? ld? z Holding A. T. 106. 999. 435 39, 84 Other folks 161. six hundred. 565 62, 16 Capital 268. six hundred. 000 95 1 . four Subsideries Ulker Biscuits, the flagship of Y? ld? z Holding, associated with many companies in the Holding, They have developed a very good portfolio synergistic structure with both vertical and horizontal the use. Under this mutually helpful structure, Ulker Biscuits and other companies inside Y? ld? Holding, every occupy a top position inside their sectors. Moreover to various cookie facilities in cities in Anatolia, Ulker Biscuits is rolling out a energetic production procedure that actually reaches into all branches of the food market, including top quality flour, rechausser and packaging facilities.
WACC is expressed as a percentage, like curiosity. WACC of Ulker Company is %12, 1 . This means that investments needs to be made that give return above the WACC of %12, 1 . WACC= (Wi x ri) + ( Wp x rp) + ( Ws by rn) Duty rate: 20% 1 . 6th Leverage Influence refers to the effects that set costs possess on the earnings that shareholders earn. By simply “fixed costs we imply costs which often not surge and fall season with changes in a business’s sales. Firms have to pay these types of fixed costs whether business conditions are good or negative.
A firm with more leverage may well earn higher returns on average than a organization with fewer leverage, nevertheless the returns on the more leveraged firm is likewise more unpredictable. Managers can influence power in their decisions about how the business raises funds to operate. The amount of leverage in the firm’s capital structure the mix of long term debt and equity maintained by the firm can substantially affect their value by affecting return and risk. The more personal debt a firm concerns, the higher will be its personal debt repayment costs, and those costs must be paid out regardless of how the firm’s products are selling.
Since leverage can easily have these kinds of a large influence on a firm, the financial director must understand how to measure and evaluate leverage, particularly when producing capital structure decisions. Operating leverage is concerned with the relationship between the firm’s sales income and its income before curiosity and taxes (EBIT) or perhaps operating profits. When costs of businesses (such since cost of products sold and operating expenses) are typically fixed, small changes in revenue will result in much larger within EBIT. Monetary leverage is concerned with the romance between the business’s EBIT as well as common share earnings every share (EPS).
On the profits statement, you can view that the deductions taken from EBIT to get to EPS include interest, taxes, and preferred returns. Taxes are clearly changing, rising and falling with all the firm’s profits, but interest expense and preferred payouts are usually set. When these types of fixed items are large (that is, when the firm contains a lot of economic leverage), tiny changes in EBIT produce bigger changes in EPS. Total leveraging is the merged effect of working and economic leverage. It is concerned with the relationship between the business’s sales income and EPS. 1 . Functioning and Monetary Leverage of Ulker this year Sales Revenue 10. 445. 022. 950 Less: COGS (9. 243. 511. 780) Operating Influence Gross Profit1. 201. 511. 170 Fewer: Operating Expenses(46. 450. 461) EBIT1. 155. 060. 709 Total Significantly less: Interest18. 799. 809 Influence Net income before tax1. 136. 260. 900 Monetary Leverage Significantly less: Taxes 137. 983. 993 Net earnings after income taxes 998. 276. 907 Fewer: Preferred stock dividends (518. 995. 890)
Earnings readily available for common (EAC) 479. two-hundred eighty-one. 017 1 ) 8 Beta Analysis Organized risk beta coefficient is known as a measure of a security. In other words, it’s the relationship the performance of securities market with the average performance. It truly is coefficient in the change in response to a unit change in securities industry. The market beta coefficient is usually accepted being 1 for each time. In theory, all types of securities available in the market can be said the beta coefficient equal to 1 in the quantités. We can produce 3 several beta agent is interpretation. 1- Beta coefficient of just one, , Beta coefficient is definitely higher than 1, 3- Beta coefficient is lower than 1 ) 1 . being unfaithful Ulker’s Beta Coefficient Ulker beta agent is above 1 that is certainly 1, 02. So it signifies the market selling price of investments will rise or fall more than the marketplace. Beta coefficient that is more than 1 is far more risky than less than 1 . Hence the beta agent of investments is less than you also decreases the risk of the portfolio. Consequently , in emerging markets (bull market), while beta coefficient higher than one particular which is providing higher results than wall street game, in dropping market (bear market) constitutes a higher destruction.
For this reason, the falling stock markets wants beta pourcentage less than 1 .? >, one particular the reveal movement is definitely faster compared to the index (high risk and high volatility). And volatility is normal price of a security or market fluctuation feature that is certainly shown in a short time interval. Unpredictability of a excessive change in the cost of securities and properties of maximum volatility are noticed. The higher the beta coefficient causes elevating in movements of investments. Ford coefficient is large and its movements is increasing of investments. Parameter
Unbekannte | Coefficient| Standard Problem | T- value| A| 0. 42 | 0. 54| zero. 77| Beta| 1 . 02 | 1 . 027 | 0. 99| F=92. 616472228 r2=0. 614915957 STD error=0. 155688307 1 . 10 Info on financial Instruments a) Capital risk management The Group controls their capital with the liability / total capital ratio. Net liability can be divided simply by total capital in this percentage. Cash and cash equivalents are substracted from total loans to calculate the net liability. The shareholder’s value is included with net liabilties to calculate the total capital. ) Fluid risk management The Group manages liquidity risk by maintaining adequate reserves, bank facilities and reserve credit facilities by simply continuously monitoring forecast and actual cash goes and coordinating the maturity profiles of economic assets and liabilities. The funding risk of the current and prospective financial debt demands is usually managed by maintaining the availability of lenders with high quality and sufficient amount The following table presents the maturity of Group’s non-derivative financial financial obligations. The desk includes both interest and principal cash flows.. PINAR SUT three or more. 4 History of P? nar Sut 1975 , G? nar Sut is established in Izmir while the Middle East’s biggest dairy processing intricate and Turkey’s first UHT (ultra-high heat processed) dairy and manufactured dairy products manufacturing plant. 1976 , The company begins producing Turkey’s first processed cheese and chocolate milk. 1978 , P? nar sliced kashkaval cheese and P? nar spreadable dairy products are introduced to consumers. 80 , A Kraft-P? nar joint venture is launched. P? nar Sut introduces its Deram, Raglet, Maribo, and Cheddar parmesan cheese varieties. 982 , The organization begins exporting milk, cheese, butter, yoghurt, and strawberry milk to Central Europe, Cyprus, plus the Middle East. 1983 , P? nar Yem is to establish to provide superior quality feeds towards the P? nar Sut’s natural milk suppliers. P? nar Mayonnaise, Turkey’s first domestically-manufactured mayonnaise goes on sale. P? nar Beyaz, Turkey’s initial spreadable mozzarella cheese, and P? nar Whipped Topping, a powdered pulled topping the two go into development. 1984 , P? nar Sut begins exporting its labaneh, milk, yoghurt drink, butter, yogurt, cheese, whipped topping, and mayonnaise goods to Kuwait, Cyprus, and Germany. 985 , Labaneh is launched in the Turkish market as “P? nar Labaneh. 1992 , L? nar Sut is awarded the European Standards Institute’s (TSE) “Golden Packaging honor for the introduction of the 1st foil-sealed yoghurt container. Contact form Milk, Turkey’s first low-fat milk, and Cikolasut, chocolates milk made with real, organic chocolate, carry on sale. 1993 , S? nar Sut becomes the first company in its sector to be awarded TS ISO 9002 Top quality Management System recognition. 1994 , P? nar Sut will get another TSE”Golden Packaging prize for its 10-liter bag-in-box bunch design.
Having successfully proven its compliance with Western standards with regards to production, sales, and after-sales services, L? nar Sut becomes the first dairy products company to receive TS INTERNATIONALE ORGANISATION FÜR STANDARDISIERUNG 9001 Quality Management System certification. 1995 , P? nar “long-life fruits yoghurts and also desserts go into production. Turkish consumers are brought to P? nar light (low-fat) and extra mild yoghurts and low-fat, triangular cheese. 1997 , S? nar Sut opens it is Eskisehir plant. 1999 , P? nar Sut presents its “Denge line of lactose-free, high-calcium, and vitaminenhanced milks. 000 , As a result of purchases at the Eskisehir plant, S? nar Sut launches the world’s 1st continuous-process creation of cream-top yoghurt. 2001 , UHT milk provided in plastic containers goes into creation. 2003 , Under a contract with Sodima, P? nar Sut roll-outs production of fruit yoghurts in Turkey. 2004 , P? nar introduces the Kafela, Karamela, and Cikolasut line of products in packaging specially designed to appeal to the younger generation. P? nar Sut is usually awarded TS 13001 HACCP Food Security System certification. 2005 , Turkey’s initial organic dairy and initial prebiotic and probiotic dairy food are brought to the market. 007 , G? nar’s YOPI line of calcium-, protein-, and vitamin-enhanced milk products for children goes into production. 08 , P? nar Sut becomes the first company in Turkey’s dairy industry to undertake a Trim 6 Sigma operational brilliance and production project. P? nar Dairy for Kids, a milk specially designed for kid nutrition, is introduced to industry. 2009 , P? nar lemonade and tropical fruit drink are introduced to the industry. 2010 , P? nar Kido with Biscuit, Darling Flavored S? nar Baby’s Milk, and P? nar Breakfast Cream Cheese products embark on sale. 3. 5 Standard Overview of L? ar Sut The pioneer of many firsts in its sector since the working day it was founded, P? nar Sut makes use of the most modern technology available to produce and supply consumers with the milk and milk products that are necessary to good nutrition. The first to present the concept of healthier milk and dairy products in Turkey Because it was at first founded in Izmir in 1975, L? nar Sut was the sophisticated dairy processing complex in Europe as well as the Middle East. P? nar Sut was the first company to present and entrench the concept of well being, standardized milk and dairy products in Chicken. The G? ar company, earning a deserved standing as “Source of Dynamism, Health, Enjoyment and Life, became the most well-liked choice of Turkish consumers whilst also making huge contributions both towards the growth and development in the Turkish Dog husbandry stock raising and food sectors and also to the well-being of new generations of youngsters. P? nar Sut’s main business activity is the creation and sale of dairy products (milk, yoghurt, yogurt drink, traditional and contemporary cheeses, butter, cream) along with of fruit juices, mayonnaise, ketchups, puddings, honey, sauces, jams and jellies, desserts, and powdered products.
A leading function in improved dairy development in Chicken P? nar Sut presented the initial “long-life UHT milk manufactured in aseptic containers in Turkey in 1975. Working from vegetation located in Izmir and Eskisehir, the company has always been the leading brand in Turkey’s dairy products sector ever since. Taking a most modern technology available, L? nar Sut produces and supplies customers with the milk and milk products while likewise playing a top role in increased dairy products production through its 365 days a year support for more than 35, 1000 suppliers of raw dairy.
P? nar Sut procures its superior-quality raw milk under agreements with more than 2 hundred of Turkey’s biggest dairy products farms, that happen to be contractually obliged to produce to EU rules. By offering as these farms’ biggest client, P? nar Sut encourages its own “total quality concepts among them too. From the moment that it must be harvested, organic milk is registered using a computerized program that keeps standard track of küchenherd and animal health info throughout every production periods. To ensure it is freshness and quality, S? ar Sut picks up it is suppliers’ organic milk two times a day (morning and evening) from a lot more than 300 milk collection and chilling centers and it requires it instantly to it is processing herb. Individual milk producers are subject to strict monitoring and controls by simply local laboratories while almost all milk has to be controlled by the modern technology equipped labs at the company’sIzmir and Eskisehir plants ahead of being approved. A regional force S? nar Sut is going rapidly towards becoming a local force in its hinterland simply by exporting dairy and milk products to many countries around the world.
P? nar Sut’s raw milk collection and chilling centers are inspected every year for the conformity with the EU standards by simply an EUROPEAN commission. The organization provides their suppliers with continuous support on the couple of developing and maintaining farms that are clear of all illnesses, which is a prime requisite for exporting milk and milk products to EU countries. Through projects carried out jointly with government agricultural organizations in Chicken, an ongoing work is made to make sure that raw milk production complies with EU rules.
According to the third-quarter 2009 sectoral results in the Turkish Client satisfaction Index study, P? nar Sut positioned first in its sector together with the highest (82%) level of customer satisfaction in the milk and milk products category. This survey, which is conducted regularly by KalDer (Turkish Top quality Association) and which also analyzes competition in Turkey, is the second most comprehensive poll of its kind after those executed in the United States. several. 6 Shareholder Structure The issued capital of the Firm is 44. 951. 051, 25 Turkish Lira. Each share on this capital is usually amounting to at least one Cent, 1 ) 28. 500 A group registered shares, 1 . 260. 1000 B group registered stocks and shares and four. 494. 806, 325 C group bearer shares some. 495. one zero five. 125 stocks and shares. The Company does not have any privileges concerning distribution of profit. The Company has benefits regarding voting power in the establishment of board people. The business and administration from the Company is definitely managed by the Board of Directors composed of 5 or perhaps 9 members to be chosen within the framework of the conditions of the European Trade Code by the Standard Assembly among the list of partners or from beyond the Company.
In the event that the Plank of Directors consists of your five people, several members shall be elected from your candidates, which will A-Group investors shall nominate and 1 candidate that this B-group investors shall nominate and 1 candidate, which usually C-Group shareholders shall nominate. If the Table of Owners consists of 7 people, 4 members will probably be elected from the candidates, which A-Group shareholders shall nominate and 2 candidate which the B-group investors shall nominate and 1 candidate, which will C-Group shareholders shall nominate.
If the Board of Administrators consists of 9 people, your five members shall be elected in the candidates, which will A-Group shareholders shall nominate and three or more candidate that the B-group investors shall nominate and you candidate, which C-Group investors shall nominate. If fixed by the Plank of Company directors, an Professional Director may be assigned. The President from the Board of Directors plus the Executive Movie director is elected among the members representing A-Group shares. THE CAPITAL AND SHAREHOLDER STATUS OF PINAR SUT MAMULLERI SANAYI A. S i9000. SHAREHOLDERS | SHARE LEVEL (%)| STOCKS AND OPTIONS AMOUNT (TL)| YASAR HAVING A. S. 61, 18 | 28. 503. 257. 789. 000| 3rd PARTY| 38, 82| 17. 447. 793. 461. 000| TOTAL| 100, 00| 44. 951. 051. two hundred and fifty. 000| | 3. several Weighted Avarege Cost of Capital Corporations generate value for shareholders by earning a return on the invested capital that is above the cost of capital. WACC is a manifestation of this expense and is accustomed to see if particular intended assets or approaches or projects or purchases are advantageous to undertake. WACC is indicated as a percentage, like interest. WACC of P? nar Sut Company is %12, 1 . This means that investments ought to be made that provide return above the WACC of %11. 6.
WACC= (Wi times ri) + ( Wp x rp) + ( Ws back button rn) Taxes rate: 20% 3. almost eight Leverage of P? nar sut Economic leverage is involved with the romantic relationship between the firm’s EBIT and its particular common inventory earnings every share (EPS). On the income statement, you can see that the rebates taken from EBIT to get to EPS include curiosity, taxes, and preferred payouts. Taxes happen to be clearly varying, rising and falling while using firm’s profits, but curiosity expense and preferred payouts are usually set. When these types of fixed goods are large (that is, if the firm has a lot of economical leverage), tiny changes in EBIT produce much larger changes in EPS.
Total leverage is the merged effect of operating and monetary leverage. It is concerned with the partnership between the business’s sales income and EPS. 3. being unfaithful Beta Analysis of P? nar Sut 3. twelve Additional Information on financial Devices a) Monetary highlights: (TL million)| 2011| 2010| % change| Total assets| 532. 6| 479. 0| eleven. 2| Shareholders’ equity| 384. 8| 350. 2| being unfaithful. 9| Financial liabilities| 15. 0| twenty. 0| -25. 0| Revenue revenues| 577. 1| 480. 7| 20. 1| Profit before taxation on income| 71. 4| 71. 2| 0. 3| Net period profit| 70. 1| 57. 8| 5. 0|
Earnings per talk about (TL)| 1 ) 3365| 1 ) 2863| 3. 9| b) Financial proportions | 2011| 2010| Total liabilities/Total assets (%)| twenty-seven. 75| 26. 88| Total liabilities/Shareholders’ collateral (%)| 32. 41| thirty six. 77| Return on sales (%)| 10. 41| doze. 03| Current assets/Current liabilities| 1 . 92| 2 . 17| Equity proceeds ratio| 1 . 50| 1 ) 37| Net financing costs/Net sales (%)| 0. 67| 0. 94| Net auto financing costs/Shareholders’ equity (%)| 1 ) 00| 1 . 29| c) Revenue & Net Income The tables gives us a brief information related to revenue and net income of P? nar Sut. Appendix i) ii) References
Food Industry Report 2011 GITMAN Lawrence, ZUTTER Chad, Concepts of Bureaucratic Finance http://seekingalpha. com/article/427611-ulker-remains-one-of-our-best-ideas http://uk. reuters. com/business/quotes/financialHighlights? symbol=. IS USUALLY http://www. valuebasedmanagement. net/methods_wacc. html code http://www. ulker. com. tr/en/financial-statements. htm http://www. 4-traders. com/PINAR-SUT-MAMULLERI-SANAY-6495545/financials/ http://markets. foot. com/Research/Markets/Tearsheets/Financials? s=PNSUT: IST http://www. pinar. com. tr/ Ulker 2011 Total annual Report L? nar Sut 2011 Annual Report
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