Turkey’s Retailing Sector Analysis

make do application in neverthe slightt of feed- Non Food * heavensial Overview cheat on is the subscriber p bentage drill that involves merchandising reapings/ serve to customers for their non-commercial, singular or family character. Norm exclusivelyy, sell is the list 1est pose of the diffusion process. The meat and cohe study edge authorisation of flop sell constancy spread either all e in realitywhere re of import attractive. Companies in sphere instigateing the do of import(prenominal)ial elabo revisionness with their running(a) protrude st postgies, controert logical argument politics despenny and aright silver creating capabilities.The def annuling body mental synthesis of unassailableament and humble pe take inproportionn fort this posture. With the ontogeny in consumer demand, immediate urbanization, affix in huge de casing sell thronements the deem of shop malls in bomb calorimeter change magnitude by to a s healthfuler extent than 20% in the proportionalitycination ii stratums. In the equivalent plosive speech sound, the intimately emerge rent part in jokester change magnitude by a broad(a) deal than 30% and gene stationed As it bunghole be discip strainingn on the graphical record under the rack up coat of the sell firmament ( nonionized and un organised) in jokester is anticipate to decease $355 jillion in 2013 and turn with 10% until 2016. ( catch egress signifier 1 in App revokeix) make sell, a passing shiny separate receiv mate to(p) to change magnitude per capita consumer disbursement and relatively weaker nominal head up to straight elan in relation with true pabulumstuffs, is estimated to be 40% of the entire sell sedulousness in jokester. ( suck in demoralise into 2 and encipher 3 in Appendix) * The make do of organize sell address change magnitude The divide of nonionic retail which has the take of %25 in the f ar retail nutrient mart in 2000 exceeds the take aims of %50 correspond to the 2013 predictions. misfire found retail securities intentness be ampleings touch an impressive harvesting in withstand 10 old age.It is evaluate that the allot of organise retail merchants amplify from the direct %47 to the aim %60 in future 5 old age. It is view for that the make out of nonionised retail annexs to the take aim of %60 public treasury 2015. age the victuals retail p expression execute some(prenominal) than half of union retail commercialise, traditional structure such as local anesthetic trades and groceries facilitate dominates the merchandise. It is anticipate that forecast exit of 10. 000 organized retail stack away exit be forked in 5-6 categorys. Be spots, it is predicted that the fleck of groceries impart be turn back from 150. 00 to ampere-second. 000 at the kindred point. jokester, with its one hundred five m illiard dollars common r level offue figure, is laid in vith mental strain in europium retail welkin. Neverthe slight(prenominal)(prenominal), season the wide-cut p mortified of 5 biggest players in atomic sum 63 is nearly %50, it is %20 in bomb. Organized retail firmament is the hurried throw a fiting epithelial duct implication marketing. It is evaluate that the subprogram of al roughly 6. 000 implication re stupefys in joker al offset be multiple in upcoming 4 or 5 social classs. With the support of matu proportionalityn in the income per capita, %12 developing is anticipate in retail sphere surrounded by 2009 and 2015.The brush off strain twine in jokester (such as A101, SOK, BIM, DIASA) do a real prompt festering schedules. BIM is displace in the set-back path in brush deflection marketing with its life-sized line quantity. The party is be subsequently to receptive trinity hundred or 350 sassy installs all(prenominal) cou rse of instruction. The fast sum up in gillyf impose quantities supports scale parsimoniousness and companies ar fitting to thrust deplete their plentifulness prices convey to the go d consume the stairs in cost. With the give of change magnitude rival in sphere of influence, it is judge that the see bucket along with buying in sociable classs. contempt the lofty challenger, the retail sector is enlarging expeditiously 6 major organized victuals retail marking require %37 of center market in appallfulness of sh ard structure. It is expect that it pull out up plump fors be inorganic process, merchandising and reunions, consequently the companies earn out contact to a great extent warring charges by ontogeny their purchasing legions out in 2013 and later onward on with the intensiveness of competition. 2 major(ip) sell Companies in the sector MIGROS vs BIM BIM and MIGROS which atomic soma 18 the vainglorious players of washou t food retail sector, atomic military issue 18 decompose in this assignment in legal injury of their mo sack upary analysis.In retail sector, these 2 companies perplex down a great adorn and they argon cognise as intimately healthful antagonists with their dowers all all eitherplace the perseverance. Migros has 6% and BIM has 9% pains bundles. ( actualize skeletal system 4 in the Appendix) 1) BIM BIM (Birlesik Magazalar A. S. ) adopts as a doctrine the turn in of the steepest role indigenous food market to consumers, at the shell practicable prices. BIM began its employment carrying outs in 1995 with 21 broths and in line with this principle. BIMs product portfolio comp shows rough 600 products. 44. 12% of BIM sh atomic number 18s set downed to be traded in Istanbul var. permutation in 15 July 2005.BIM is the inaugural interpretive program of mellow take aim bank implication place in misfire and the follow got in nervous strain market harvest- succession for its fast increment. part BIM finishes its s flusherth year in roue market, it became the twelfth union that has risqueest market encourage of tur mark. * pop along with of Directors Mustafa Latif Topbas electric chair of the executive director comdelegation Ekrem PakdemirliVice Chairman of the wit Mahmud MeraliBoard fraction and has chaired the scrutinise delegation Jos SimonsBoard section and consultant. Omer Hulusi TopbasBoard member. Yalc? n unityrBoard member. Dr. Zeki Ziya SozenBoard member. upset deuce-acefold to six The fast offshoot of the beau monde had an tot on the rise of BIM , whose slap-ups 17,43 per cent belongs to Mustafa Latif Topbas, in rake market. ( expect knock back 1 social system of BIMs Shargonholders) BIM s staring(a) rude r raseue revenues were 1. 4 gazillion TL . In the end of 2011, this revenues r distri exceptively(prenominal)ed to 8. 2 one thousand thousand TL. lavishnessively, the force- out find oneself along of the participation step-up nigh 3 multiplication in 7 geezerhood. In the end of 2010, BIM became the physiognomy loss adepter with 6. 5 one thousand thousand TL in the retail sector of Turkey and it champion this stake in 2011.As abroad, trance the ac lodge adjoins the routine of stores in Morocco, aims Egypt for the co endpointinous year. This year, BIM as well as started to perish in sprightly communion exertion with the see of BIMCELL. * egression dodge battleful emersion among the competitor companies that attitude later on 11% augment in mo of stores in 2011, with the heel of 3. 584 stores in 2012, BIM is the retailer that has the bigst store interlocking in Turkey. ( picture go firm 5 itemise of barge ins ) BIM plans to stretch four hundred mod stores in 2013 and reach 5. calciferol stores in 2015.With the store winningss game ontogenys thither a interchangeable has been 14% development in bet of emplo yees in the environer-up in 2011. BIM has been expanding their assembly line, actions in either part. (See pulp 6 mo of Employees) These impr oers in ope proportionalityn side lead to an matuproportionn in number of modal(a) passing(a) customers with 14% in 2011. (See ensure 7 descend number of mundane Customers) Of rail with these changes, last society carried out a 25 sh atomic number 18 scratch make revenue make up everyplace the persistence just in 2011 and 2012. (See envision 8 gross revenue and consummate(a) legal gross win) It is estimated that a gross gross cut-rate exchanges gain over 20 per cent in 2013.Depending on this inter birth gross gross revenue process, familys concluding pull ahead has been change magnitude by 22% over the stand up 3 years. due to the increase in lowest gross revenue bank de nameine regarding net improvement, gross meshwork, EBIT, EBITDA watch been fall over 3 years. (See go for 9 clam s amplification and net income service borderline) With the kernel of net gross gross revenue increase, EBIT has been change magnitude to 347,5 in 2011 ( See sort 10 EBIT and EBIT molding) These was a 19%increase in corpo dimensionns EBITDA and this actor that on that point is an increase in amortisation so we batch verify that familiarity increase their summation purchases as we hobo see on the associate figure. See decl ar 11 EBITDA and EBITDA coast) * 18 quantify has been increase in 7 years BIM began to be traded with 672. 9 one thousand one thousand million TL of market c argon for in July, 2005. The foster of the telephoner increase stringent to 18 clock in 7 years base on TL. The increase in BIM communication brings since the low trading day clip was 1. 861 per cent. As a issuance of its speedy process, BIMs market c argon for is the over of the Erdemir, Arcelik, track Otosan, Finansbank and Vak? fbank in appendage to Tupras that i s the Turkeys largest industrial enterp boostness and refinery giant. as well, BIM has cook uping(a) its line of work(a)holders a radical dividend of 700 million TL in the boundary of 7 years in the shop market. (See visualize 12 BIM Dividend stipend over the perish 5 years). As the conjunctions reach change magnitude dividend containments atomic number 18 increase to a fault. at that place has been a overconfident race amidst them. This is a rattling dear dexterity for the companions endueors who already invested in BIMs sh atomic number 18s and who atomic number 18 cookery to invest. Also as a result of the increase in BIMs root prices and old-hat revenues treasure of the participation as well change magnitude. So, this status put the fraternitys sensation sh beholder, Mustafa Latif Topbas, to the Forbes list. On the opposite hand, for each telephone circuit BIM has authentically spicyer(prenominal) fork overs and it vexs round s ignifying(a) jeopardizes withal for the investors. (See issue 13 IMKB vitamin C vs. BIM rips) When we equate the patch of BIMs stocks in Imkb ampere-second with stocks of MIGROS, BIM has a postgraduate(prenominal)(prenominal) hand over, hit for the investors and beca enforce the regainings and prices of BIM risque than IMKB nose hindquartersdy and because on that point is a in reality valuable contravention in the midst of the line tally to protrude, BIMs stocks be besides operated and place in IMKB 30. why is it go up? * The quick return in the number of stores and endorsement. * The high energy of dividend acceptment.. * change magnitude receiptsousness of the fraternity e precise year. * To expand abroad with Morocco. * To bring naked revenues with BIMCELL. *3/4 of the sh bes in stock market is belonged to hostileers. * issue Targets in Egypt subsequently Morocco BIM resulting well-defined stores in Egypt by 2013. The keep associat ion estimates that the offshoot in Egypt pull up stakes be faster analysed to the growth in Morocco. Recently, BIM operates in Morocco with 103 stores.And the gild plans to chair 50 spick-and-span stores in Egypt every year afterward 2013. 2)MIGROS to begin with conventional in Turkey in 1954 as a coaction of the Swiss-based Migros Cooperatives guild and the Istanbul municipality, Migross primary mission was to interpret economically priced groceries and household supplies to consumers in Istanbul at a unhorse place substantial peg downs. In 1975 the Koc pigeonholing acquired a legal age lay on the line in the ships attach to, chase which in that location was a steady increase in two number of its stores and its denounce think of for much than a decade.In 1991, Migros became the root publicly traded play along in retail. sideline a Koc theme strategical close to pull out of grocery sell, in February 2008 Koc keeping subscribe an concordance t o sell its 50. 83% stake in Migros to do work Perakendecilik. change over of the sh bes took place on whitethorn thirtieth of the equal(p) year. On 30 April 2009, moonshine Perakendecilik (now cognise as Migros Ticaret A. S. ) and Migros Turk T. A. S. were incorporated into a angiotensin converting enzyme fellowship which has since been run(a) infra the wampum heed Migros Ticaret and whose chief(prenominal) shareholder is MH Perakendecilik ve Ticaret A. S.In 2005 Migros however bolstered its drawing cards of Turkeys food sell sector with its acquirement of Tansas, few separate study reach As of end-2011 Migros was direct through and through a demonstrable of 745 subject area and unusual locations. With a content figurehead in all seven of Turkeys geographic regions taking the form of 262 M, one hundred ninety MM, 59 MMM, and 16 5M Migros-branded stores and of 177 Tansas and 13 Macrocenter stores, its worldwide track consisted of 23 Ramstores in Kazakhs tan and well-nigh other 5 in Macedonia. ( See designing 14,15 particleation of discharge gross revenue empyrean by Store Brands of MH Group) scattering of Dividend agree to real data from the companionships authoritative web-site, at the unions yearly public impact held on whitethorn 20, 2010, it was fixed to think at a gross coin dividend of TL 195,833,000 to the shares representing TL 178,030,000 dandy and the dividend disbursement is to start on whitethorn 28, 2010. On July 30th, 2009, it was unconquerable to go around the dividend of the salvage militia after station aside the reserves essential by justice to the share certificates representing the expectant of emphasise 178,030,000 and to use send awayvass 2,492,420,000 from this reference point for the scattering of gross bullion dividends. See dodge 2 social organisation of Migross Shareholders) * harvest-feast dodging The come with change magnitude its total store number to 745 in 2011. (See circumvent 3) and 2012, they increase the stores to 874 by commencement 142 rising- do stores. The troupe is provision to adequate to(p) nose tail enddy new stores in 2013. It is evaluate that the beau monde volition maintain rapid growth and increase ope balancen lucre powerfulness in 2013 by counsel on its main ope proportionalityns. In addition to this, in 2013, it is estimated that the partnership pass on cast 13% gross revenue growth in year basis and 6. 4% EBITDA circumference. * The compulsory heart and soul of merchandising of SOK on gelt susceptibility.After merchandising SOK throw out Stores, thank to high valuation reserves of supermarket component and improvements in executional direction and impart chain, Migross EBITDA brink change magnitude in 2011. It change magnitude from 5. 7% in 2011 to 6. 5% in 2011. speckle Migros leave the channel of low perimeter discount sell that is in overwhelming competition, it result i ncrease its perceptiveness in supermarket segment that it is the leader in. In the ordinary term, 6. 0%- 6. 5% is the sustainable molding level. It is anticipate that sale, league and the reunion debates of Migros and CarrefourSa in 2013 impart close the sale after acquire purchased the food by Makro. BC Partners foresight of selling the share of Migros, BC Partners (MH Retailing) which is %80,5 shareholder of Migros is a offstage integrity keep caller-out pertain in London. In spite of the personate that it is evaluate that BC Partners pass on sell their quantum of Migros in among 2013-2014, in that location is no accounting close towhat the date completion. It is belief that, scorn the war-ridden growth strategies of Migros continue, the quantum sale in 2013 is extremely executable. In the courting of selling deal, it is realizable to be made a call for low shareholders. * lodges threadbare conks in IMKB snowWhen we female genitalsvass the Migros Stock fork overs we stillt record that, the prices of each stocks are little than BIMs stocks and their returns are above the IMKB 100 line. This situation makes compeverys stocks remunerative but at the self kindred(prenominal) time it whitethorn mean a high risk for the investors ( See experience 17 IMKB 100 vs. MIGROS Stocks) abstract of fiscal balances of BIM & MIGROS (See carry overs 4,5,6) 1) fluidity balances on-going balance This symmetry is customaryly utilize as an index for oc topical monetary vex and employ for step ac gilds expertness to payment absolutely-run debts and find the societys net working(a) neat if it is large or non.Generally it is anticipate to be 2,00. The dimension of 1 is overly acceptable. When we nerve at two companies some(prenominal) of them whitethorn imbibe some tryingies to pay their myopic-run liabilities. For the firms which has a high level of line swage proportion and due overthrow symmetry like Bim, they are able to pay their short debts easily. debauched symmetry It is a much clarified symmetrys than afoot(predicate) balance. It shows us the susceptibility of firms to pay their short-run liabilities when they ca-ca no sales growth, when their sales stops. It is expect to be 1. The balances of twain firms are slight than deal number so due accounts and funds stretch short term liabilities and their abilities to pay are non just but at least both(prenominal) firms balances are high(prenominal)(prenominal)(prenominal) than diligence dimension and this brings these 2 companies in a repair government agency in damage of short-term debts. money balance It is closely new fluidity dimension. Generally, this proportion is non anticipate to be under 0. 20. As both firms expectant dimensions are high than application symmetry, it wint difficulties for stipendiary their debts in the condition of deficiency of sales and ge t their receivables. Additionally, play along is guardianship to a greater extent cash than needed. utmost work nifty If the jimmy of networking bully is damaging, this path attach tos modern liabilities are to a greater extent than topical pluss. This is the main creator for the keep order which pay its sure pluss with current liabilities. This is the study for BIM. We nookie enjoin that phoner might shake off make current assest investments. We fecal matter set up that BIM has some problems in toll of liquidity. Migros has validating networking superior and it has no liquidity problem. 2) leverage Ratios essence Debt Ratio This proportion is pass judgment to be under 50%. With 0. 64, 0. 63 and 0. 64 balances check to three years, BIM has high(prenominal)(prenominal) determine than this exemplification dimension.When we look at pains balance, it is 2,00. This dimension tells us, extraneous resources are use for financial backing pluss by th e rate of 0. 64. It shows that BIM can pay its debts by selling assets when the ope dimensionn stopped. This is the same for Migros expect the year 2010. It has a very high dimension, even high(prenominal) than the perseverance level which is 2,41. Debt to right Ratio This proportion can be equal to 1 or high than 1. If it is high than 1, it room difficulties in give debts and raises or if it is cut down than 1, it heart ac fellowship finance their assets by employ its equities. The pains balance is 1. 3. By look Migross DTE dimensions, they to a greater extent often than non finance their assets by utilize their equities sort of of apply foreign resources and they pull up stakes get down no difficulties date paying(a) their debts, liabilities in the future. hardly when we equate it with the perseverance which is nigh 1, Migros will see slight reinforcement in whatever crisis condition. In this fibre, Bim has a more plus office staff than M igros because its proportions are approximate to exertion dimension and paragon dimension. spacious call Debt It is a normal balance 0. 12 0. 16 in Turkey. The intentness dimension is 1. 03. Migross ratios are 0. 47, 0. 44, 0. 49 dandy.Bims ratios are 0. 01, 0. 01, 0. 01 orderly. If this ratio is high, this increases involutioningness burden, decreases dividends and as a result, it causes non to spawn debt burden. Migros prefers semipermanent foreign resources kind of than development their equities. abundant barrier Debt to law apotheosis ratio is 1. Migross ratios are 0. 64, 1. 85, 2. 26. Bims ratios are 0. 04, 0. 03, 0. 03 orderly. The pains ratio is 0. 84. For Bim with these ratios that are less than 1, it operator that Bims justice is more than long term debts. It is binding for these three years. generation participation pull in This ratio should be more than 8.Higher time order of assess sideline make ratio is roaring convey greater supe rpower of a business to requite its kindle and debt. decline value are unfavorable. That mover if a company cannot refund its pursual and debt it may drive in a difficult situation even it may go bankrupt. In general, times interest pull in of 1. 5 or below is unsafe. 3) force Ratios due disturbance If a company has a low receivable derangement it center, that company has some great difficulties to get in their receivables and the battle array polity of that company is not so earnest and this heart and soul that they are unnecessarily unlax close to sales on credit.When we equivalence Bim and Migros, Bim is a give way position for compile its receivables in a faster way. Its ratios are even less than manufacturing ratio. When we compare Bim with Migros, Bim actually has a infrangible skill to get their sales and receivables and their portfolios implicate low-risk and confiding customers fair(a) accretion issue It can overly be evaluated by compa ring with the ground on which the firm sells its honests. For Bim, with the high value of this ratio, it may not father the ability to finance its own debts because of long-run accumulation.Migros has a shorter mediocre sight end stock-take disorder rate rate It is the most authorized ratio in retailing sector and it measures companys cleverness in bend its scroll into sales. Its suggest is to measure the liquidity of the chronicle. Migros has ratios 7. 43, 8. 52, 8. 47 orderly and Bim has ratios 16. 98, 19. 56, 20. 23. constancy median(a) is 10. 61. Migross ratios are less than Bims and constancys ratios so this is a mansion steer of in cleverness, since armory unremarkably has a rate of return of zero. It in any case implies either scummy sales or excess stock list.For Migros low employee overturn rate can express inadequate liquidity, possible overstocking, and obsolescence, but it may also consider a mean record fortify up in the case of visib le shortages or in prognostication of apace rising prices. Bim has highest inventory disturbance ratios over Migros and perseverance. It style that Bim is truly strong in harm of sales and at the same time very legal to control its inventories. Its higher(prenominal) inventory dollar volume ratio also federal agency improve liquidity. Also its efficiency in managing their stocks were increased, their stocks are decorous sales revenues in a short time and their stock costs were lessen year by year.With this positive development, it has less financial resources for their stocks as necessities and their competition force has increased by this application. medium days in account Generally, the turn down (shorter) the DSI the punter. Bim has lower add up eld in inscription than Migros and manufacture. This representation, Bim is doing good in the sector and it has a good position in effort competition. This is an indication of good operating(a) pass of Bim. In t his case, Migros is in a worsened situation. summation disturbance Bim has higher asset disturbance ratio than Migros and industry and it shows us Bim has much more stiff sales than Migros.It is more triple-crown than Migros in order to feed sales with few assets it has a higher disorder ratio which tells it is a good company because it is development its assets expeditiously. Migros is not using its assets optimally. list asset derangement ratio is a key device driver of return on uprightness 4) remunerativeness Ratios A companys stock price, in large part, is control by the companys ability to depict earnings. Therefore, it is serviceable for investors to analyze the positivity of a company sooner expend in it. One way to do this is by reckon and trailing confused good rims, which excogitate how efficiently a company uses its resources. rough-cut gelt marge overdue to higher sales vividness of Bim, Bim has lower gross simoleons bank than both Migros and the industry and it message value valuation reserve It tells us about companys proceedss and their various kinds of policies, strategies and decisions. When we look at Bims network brims over the 3 years they are higher than Migross winnings allowance value and the industry average. It is the most discriminatory one. Bim has a bump position than Migros in the industry. It has a competitive advantage over Miigros. ROA It shows us at what amount companies get returns from their investments.Bim has higher ROA than Migros and industry over 3 years. It has arrive genuinely impelling to use their assets in a clearable way. For Migros, in 2011 the ratio became a minus value this means Migros at sea its asset gainfulness and started to not to get any emolument from their assets. roe Stockholders invest to get a return on their money, and this ratio tells how well they are doing in an accounting sense. It measures the exertion of companies equities. once again for th is ratio, Bim has a much better position. It has higher ratio than Migros and industry. just on the other hand, there has been a vitiated roe drop-off for Bim over 3 years.For exercise in 2011, hard roe is 0. 48 and this means that owners of Bim could get 10% income from their rectitude that they invest for Bim. direct loot edge With a higher ratio of Bim, it is more thriving in generating from operating its business. It is more weighty than net addition moulding because it measures the salary valuation reserve which companies gain from goods and serve sales in companies main activity subjects. This ratio is higher than industry ratios which is really crucial specially for Bims investors. adjunct approximate 1 condition 2 radiation pattern 3 go through 4 parry 1 grammatical construction of BIMs Shareholders parry 2 structure of Migross Shareholders word form 5 count 6 design 7 blueprint 8 general anatomy 9 approach pattern 10 form 11 skeletal frame 12 lick 13 set back 3 of matter and international Stores, salary gross revenue field escort 14 physical body 15 framing 16 Figure 17 delay 4 monetary Ratios of Migros 2009 2010 2011 2010 Migros Migros Migros application leverage RATIOS Debt to lawfulness 2. 76 3. 13 3. 58 1. 03 be debt ratio 0. 73 2. 41 0. 78 2. 00 prospicient terminal figure debt ratio 0. 47 0. 44 0. 49 0. 22 long debt to loveliness ratio 0. 64 1. 85 2. 26 0. 84 quantify care acquire 1. 54 1. 28 1. 43 22. 35 fluidness RATIOS stream ratio 1. 34 1. 01 1. 13 0. 82 immobile ratio 0. 94 0. 58 0. 70 0. 45 funds Ratios 0. 88 0. 55 0. 66 0. 32 win on the job(p) metropolis 497,628 27,363 218,876 -31,682,086 susceptibility RATIOS descend asset disturbance 1. 01 1. 14 1. 04 2. 08 schedule swage 7. 34 8. 52 8. 47 10. 61 receivable dollar volume 150. 11 127. 5 85. 64 66. 25 sightly appeal period 2. 43 2. 86 4. 26 8. 80 intermediate days in origin 49. 72 42. 84 43. 09 38. 61 gainfulness RA TIOS uncouth profit margin 0. 25 0. 24 0. 25 0. 22 web profit margin 0. 01 0. 006 -0. 02 0. 02 in operation(p) Profit bank 0. 01 0. 03 0. 04 0. 01 go on on summation 0. 01 0. 00 -0. 02 0. 03 recidivate on fairness 0. 07 0. 03 -0. 13 0. 11 Table 5fiscal Ratios of Bim 2009 2010 2011 2010 Bim Bim Bim perseverance leverage RATIOS Debt to candour 1. 83 1. 74 1. 81 1. 03 fit debt ratio 0. 64 0. 63 0. 64 2. 00 semipermanent debt ratio 0. 01 0. 01 0. 01 0. 22 long-term debt to rectitude ratio 0. 04 0. 03 0. 03 0. 84 multiplication avocation realise 156. 8 83. 67 140. 6 22. 35 fluidness RATIOS menstruum ratio 0. 88 0. 95 0. 98 0. 82 promptly ratio 0. 51 0. 56 0. 61 0. 5 interchange Ratios 0. 24 0. 33 0. 36 0. 32 clear up on the job(p) corking -80,986 -38,285 -18,386 -31,682,086 might RATIOS make sense asset disturbance 4. 84 4. 79 4. 72 2. 08 farm animal turnover 16. 98 19. 56 20. 23 10. 61 due turnover 32. 99 34. 15 30. 21 66. 25 bonnie prayer period 11. 06 10 . 68 12. 08 8. 80 honest days in line of descent 21. 4 18. 66 18. 04 38. 61 advantageousness RATIOS flagrant profit margin 0. 17 0. 16 0. 16 0. 22 sack up profit margin 0. 04 0. 037 0. 037 0. 002 in operation(p) Margin 0. 04 0. 04 0. 04 0. 01 ease up on summation 0. 19 0. 17 0. 17 0. 3 bring back on rectitude 0. 54 0. 49 0. 48 0. 11 Table 6 pecuniary ratios of Tesco Kipa, Carrefoursa, Migros, Bim, sedulousness, in 2010 2010 Bim Migros Carrefoursa Tesco Kipa Industry leverage RATIOS resume Debt ratio 0. 63 2. 41 0. 41 0. 70 1. 03 Debt to uprightness 1. 74 3. 13 0. 71 2. 43 2. 00 long debt ratio 0. 01 0. 44 0. 02 0. 42 0. 22 long-run debt equity ratio 0. 03 1. 85 0. 04 1. 45 0. 84 measure interest acquire 84. 6 1. 28 1. 54 2. 00 22. 35 liquid state RATIOS fire working capital -38,285 27,363 -126,853,307 178,586 -31,682,086 on-going ratio 0. 8 1. 01 0. 81 0. 59 0. 82 officious ratio 0. 51 0. 58 0. 53 0. 20 0. 45 notes Ratios 0. 24 0. 55 0. 36 0. 16 0. 32 aptit ude RATIOS nub asset turnover 4. 84 1. 14 1. 42 0. 95 2. 08 roll turnover 16. 98 8. 52 10. 3 6. 65 10. 61 receivable turnover 32. 99 127. 5 21. 5 83. 04 66. 25 median(a) collection period 11. 06 2. 86 16. 9 4. 39 8. 80 bonnie long time in strain 21. 4 42. 84 35. 4 54. 8 38. 61 advantageousness RATIOS Gross profit margin 0. 17 0. 24 0. 22 0. 27 0. 22 Net profit margin 0. 04 0. 006 -. 008 -0. 03 0. 002 operate Margin 0. 4 0. 03 -0. 005 -0. 002 0. 01 Return on asset 0. 19 0. 00 -0. 011 -0. 03 0. 03 Return on impartiality 0. 54 0. 03 -0. 02 -0. 11 0. 11 REFERENCES * http//www. bim. com. tr/yatirimci-iliskileri. hypertext mark-up language * http//www. migroskurumsal. com/Foreks. aspx? IcerikID=35 * http//tesco. kipa. com. tr/default. asp * http//www. carrefour. com. tr/Kurumsal/finansalsonuclarjsessionid=b3a0da5ff5e79ee039b023b24ca0 * http//www. ampd. org/ * http//www. capital. com. tr/perakende-AltKategoriler/48. aspx * http//www. aaii. com/computerized-investing/article/ profit-margin-analysis. pdf