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Bu çalışmada Türkiye ekonomisinde önemini korumaya devam eden gıda üreticileri sektörünün E7 ülkeleri (gelişmekte olan yedi ülke) ile karşılaştırmalı olarak güncel verilerle finansal analizi gerçekleştirilmiştir. E7 ülkeleri borsalarında listelenen gıda üreticilerinin 2010-2020 dönemi yıllık verileri ile hesaplanan sektör ortalamalarına oran analizi uygulanmıştır. Karşılaştırmalı oran analizi sonuçlarına göre Türk gıda üreticileri E7 ülkeleri içinde en düşük karlılık oranları, en düşük aktif devir hızı ve nakit düzeyi ile faaliyet göstermiştir. İlgili dönemde E7 ülkelerine kıyasla Türk gıda sektörünün likiditesi nispeten düşük, nakit dönüşüm süresi ortalamaya yakın ve finansal riski kabul edilebilir seviyede olmuştur. Türk gıda ürünleri imalatçılarının finansal oranlarının 11 yıllık gelişimine göre 2018 yılından sonra nakit dönüşüm süresi uzamış, varlık devir hızı düşmüş buna karşılık karlılığı yükselmiştir. Nakit dönüşüm süresi artışından kaynaklanan finansman ihtiyacının yükselen karlılıklar ile desteklenmesi kısa ve uzun vadeli borç ödeme gücü oranlarına olumlu yansımıştır. Bu değerlendirmeler neticesinde, Türk gıda üreticileri sektörünün finansal sağlamlığını artırmak için katma değerli sermaye yatırımlarına ve etkin çalışma sermayesi yönetimine odaklanması gerektiği önerilmektedir.
In this study, a financial analysis was carried out with current data compared to the E7 countries (seven developing countries) of the food producers sector that continue to maintain their importance in the Turkish economy. An analysis of the industry average of food producers listed on the stock exchanges in the E7 countries was implemented by the annual data for the period 2010-2020. According to the comparative rate analysis results, Turkish food producers have operated with the lowest profitability rates in the E7 countries, the lowest active turnover rate and the cash level. In the relevant period, the liquidity of the Turkish food sector compared to the E7 countries was relatively low, the cash conversion time was close to the average and the financial risk was acceptable. According to the 11 year development of the financial rates of the Turkish food manufacturers, the period of cash conversion has been extended after 2018, the rate of asset conversion has decreased, and the profitability has increased. Supporting the need for funding caused by the increase in cash conversion time with increasing profitability has been a positive reflection of the short and long-term debt payability rates. As a result of these assessments, it is recommended that Turkish food producers focus on added-value capital investments and effective management of work capital to improve the financial stability of the sector.
In this study, the financial analysis of the food producers sector, which continues to maintain its importance in the Turkish economy, was carried out with current data in comparison with the E7 countries (seven developing countries). Ratio analysis was applied to the sector averages calculated with the annual data of the food producers listed on the stock exchanges of E7 countries for the period of 2010-2020. According to the results of the comparative ratio analysis, Turkish food producers operated with the lowest profitability rates, the lowest asset turnover rate and the lowest cash level among the E7 countries. The liquidity of the Turkish food sector was relatively low compared to the E7 countries, the cash conversion cycle was close to the average and its financial risk was at an acceptable level. According to the 11-year development of the financial ratios of Turkish food products manufacturers, after 2018, the cash conversion cycle has lengthened, the asset turnover rate has decreased, but the profitability has increased. Supporting the financing need arising from the increase in cash conversion cycle with rising profitability had a positive impact on short and long-term solvency ratios. As a result of these evaluations, it is recommended that the Turkish food producers sector should focus on value-added capital investments and effective working capital management in order to increase its financial soundness.
Alan : Sosyal, Beşeri ve İdari Bilimler
Dergi Türü : Uluslararası
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