Ford Otomotiv Sanayi A.S.
Ford Otomotiv Sanayi A.Ş.
Ford Otomotiv Sanayi A.Ş. (Ford Otosan) is incorporated and domiciled in Turkey and manufactures, assembles and sells motor vehicles, primarily commercial vehicles, imports and sells passenger cars and manufactures and imports and sells spare parts of those vehicles. Ford Otosan was established in 1959 and presently operates as a joint venture between Ford Motor Company and the Koç Group of Companies. The company is listed on the Borsa İstanbul (BIST), where 17.89% of its shares are currently quoted. The capital structure can be seen below (Amounts are expressed in Turkish Lira):
Shareholders
Paid-in Capital
Percentage
Koç Holding A.Ş.
134,953,357
38.46%
Vehbi Koç Vakfı
3,558,449
1.01%
Koç Holding Emekli Yardım Sandığı Vakfı
3,259,202
0.93%
Temel Ticaret A.S.
2,355,885
0.67%
Total Koç Group
144,126,893
41.07%
Ford Motor Company
143,997,037
41.04%
Other (Publicly Held)
62,786,070
17.89%
Total
350,910,000
100.00%
Financial Analysis of the Company
Horizontal Analysis for the Balance Sheet
The year-end financial statements of 2015 and 2014 are analyzed in order to understand financial situation of the company. Balance sheet of Ford Otosan for the years 2015 and 2014 are as below:
31.12.2015
31.12.2014
Change
Change (%)
Current assets
4,030,872,065
2,958,148,243
1,072,723,822
Cash and cash equivalents
980,361,277
577,458,259
402,903,018
Trade receivables
1,783,732,386
1,605,733,707
177,998,679
Trade receivables from related parties
1,003,541,568
929,539,320
74,002,248
Trade receivables from third parties
780,190,818
676,194,387
103,996,431
Other receivables
181,984
230,474
-48,490
-21%
Inventories
1,000,159,224
585,077,396
415,081,828
Prepaid expenses
35,126,704
29,890,515
5,236,189
Assets related to current year tax
231,310,490
159,757,892
71,552,598
Non-current assets
4,397,340,093
4,277,244,552
120,095,541
Trade