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    Uelker - grossartige Kekse und mehr - Ülker - 500 Beiträge pro Seite

    eröffnet am 18.05.05 11:16:03 von
    neuester Beitrag 11.01.06 18:22:54 von
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     Ja Nein
      Avatar
      schrieb am 18.05.05 11:16:03
      Beitrag Nr. 1 ()
      Hallo,
      bin durch Zufall vor kurzem bei einem Gemüsehändler auf unglaubliche Kekse gestossen.

      Der Hersteller heißt Ülker, wie dem Titel ja zu entnehmen ist. Die Recherche zu diesem Wert hat sich schwierig gestaltet. Immerhin, er wird in Deutschland "gehandelt". Der Umsatz ist mit dünn wohlwollend beschrieben. Allerdings nur der Aktienumsatz, denn der Umsatz der Ülker-Gruppe liegt im Milliardenbereich. Eine Geschichte, die mich zumindest überrascht hat. Die Marktkapitalisierung beträgt laut comdirect rund eine halbe Mrd. Euro. Viel mehr habe ich bislang nicht in ERfahrung bringen können.

      Mehr Informationen sollten daher möglichst in diesem thread zusammen getragen werden.

      Ich mache mal den Anfang mit ein paar Informationen, die sich beim googlen gefunden haben.

      gruss

      lukoil
      Avatar
      schrieb am 18.05.05 11:22:53
      Beitrag Nr. 2 ()
      www.westfalia-separator.com/ de/news/download/digest/digestn…

      Seite 14 aufrufen.

      einfach anklicken. bei der html-version hat sich mein Rechner leider aufgehängt.
      Avatar
      schrieb am 18.05.05 11:38:12
      Beitrag Nr. 3 ()
      Die Erfolgsgeschichte der türkischen Ülker-
      Gruppe begann 1944.
      In diesem Jahr startete Sabri Ülker im Herzen
      Istanbuls die Produktion von Keksen.
      Nachdem diese überaus erfolgreich war,
      eroberte Ülker den Schokoladen- und Konditoreimarkt
      der Türkei.Damit nicht genug: Ülker
      baute im Lebensmittelsektor zudem eine Produktionspalette
      auf, die sich fast wie ein Backrezept liest: Stärke, Molkereiprodukte sowie Öl und Margarine. Abgerundet
      wird das Portfolio durch Fruchtsaftgetränke
      und diverse andere Aktivitäten. In nur 58 Jahren wurde aus der Idee vom Gründer Sabri Ülker eine breit diversifizierte, international agierende
      Gruppe mit über 1,5 Milliarden USD Gesamtumsatz.Über 40 Unternehmen mit 11.000 Mitarbeitern
      Insgesamt umfasst die heutige Ülker-
      Gruppe mehr als 44 Unternehmen im In- und Ausland. Neben Lebensmittelproduktionsstätten besitzt Ülker auch
      Verpackungshersteller, Investmentgesellschaften,
      Maschinenproduzenten und Transportunternehmen. Die Gruppe
      beschäftigt rund 11.000 Mitarbeiter. Das Gesamtunternehmen ist nach wie vor im Besitz der Gründerfamilie.
      Der rasante Aufstieg zum größten türkischen Lebensmittelproduzenten resultiert zu einem Großteil aus der Stärke der Marke Ülker. „Ülker ist für den
      türkischen Verbraucher das Synonym für hohe
      Qualität zu angemessenen Preisen.“
      In den türkischen Top-Ten der Markenartikler gibt es genau zwei Lebensmittelproduzenten: Ülker und
      Coca-Cola. Während sich Ülker zwischen
      1998 und 2001 auf Rang 5 vorarbeitete,
      rutschte Coca-Cola auf Position 9 ab. Ülker hat aber auch in anderen Bereichen seine Hausaufgaben gemacht.
      So liegt die Wahrscheinlichkeit, in einem x-beliebigen Lebensmittelgeschäft in der Türkei Produkte von
      Ülker zu finden, bei rund 99 Prozent.
      Besler Food: Ülker-typische Erfolgsgeschichte in Öl
      Die Aktivitäten im Öl- und Speisefettbereich
      bündelt Besler Food. Besler Food wurde 1992 als 17. Firma der Ülker-Gruppe gegründet. Nahezu 13 Trillionen Türkische Lira investierte Ülker in das Unternehmen. Allein diese
      Tatsache macht Besler in der türkischen Lebensmittelproduktion einzigartig:
      Kein anderes Unternehmen wurde bei einer vergleichbaren Investitionssumme ausschließlich mit türkischem Kapital
      realisiert. Besler Food unterhält zwei Produktionsstätten.
      Nahe Istanbul ist die Speiseölproduktion lokalisiert – in direkter Sichtweite der Ülker-Stärkefabrik.
      Die Ülker-Gruppe umfasst 44 Unternehmen
      im In- und Ausland. Der Gesamtumsatz der Gruppe liegt bei über 1,5 Milliarden USD. Zur kontinuierlichen
      Speiseölveredelung arbeiten bei Besler zwei Separatoren-Linien von Westfalia Separator im Dauerbetrieb.
      1995 von Unilever übernommen, konzentriert
      sich auf die Margarine- Produkte. Sowohl Öl als auch Margarine werden für den Einzelhandel und
      den Industriebereich hergestellt. Die Kapazität der Produktionsstätte in Istanbul stieg von der Gründung mit
      60.000 t pro Jahr auf heute 220.000 t. Inklusive Adana verfügt Besler zur Zeit über eine Produktionskapazität von
      300.000 t. Besler ist damit der größte Hersteller für Speiseöl, Fett und Margarine in der Türkei. In zehn Jahren an die Spitze – Besler folgt damit den Ülker-typischen Erfolgsgeschichten.
      Produktion nach ISO 9001
      zertifiziert Besler verarbeitet überwiegend Sonnenblumenöl.
      Der zweite wichtige Rohstoff ist Maiskeimöl. Mit einem eigenen Olivenöl bedient Besler seit 1995
      darüber hinaus die höherpreisigen Segmente.
      Das Sonnenblumen- und Maisölbezieht bezieht Besler vom Weltmarkt. Die Produktionsstätte in Istanbul betreibt
      daher keine eigenen Ölpressen. Von der Veredelung der Rohöle bis hin zur Abfüllung und Verpackung findet dagegen
      alles in Istanbul statt. Abgefüllt wird das Öl in Kunststoff-Gebinde der unterschiedlichsten Volumina. Die Anlage in Istanbul ist für einen Dreischichtbetrieb
      ausgelegt. In Spitzenzeiten wird rund um die Uhr an 7 Tagen
      in der Woche gearbeitet. Die Produktion ist nach ISO 9001, das Umweltmanagement nach ISO 14001 zertifiziert.
      Ein HACCP-System ist für Besler selbstverständlich. „Qualität ist in unserer Strategie immer der Schlüsselfaktor“, erklärt Serdarhan Günay, Assistent des General Managers. „Danach richten wir unseren Fokus auf den Konsumenten und die Distribution.“
      Avatar
      schrieb am 18.05.05 11:40:35
      Beitrag Nr. 4 ()
      uelker gruppe ist eine HOLDING.
      die verkaufen nicht nur kekse ,sondern auch babynahrung,getränke und noch andere sachen.
      die sind nummer 1 in der TÜRKEI.
      Avatar
      schrieb am 18.05.05 11:44:07
      Beitrag Nr. 5 ()
      das ist richtig, deshalb geht es jetzt auch weiter (Die Kekse waren aber das, was meine Aufmerksamkeit geweckt hat: Biskrem, Kekse mit Schokoladenfüllung, dh. keine klebrigen Finger, aber leckerer Bisquitmantel (wie Löffelkekse) mit leckerer Schokofüllung):

      Nationales Getränk:
      Türkische Cola – ein Erfolgsrezept aus Istanbul
      Exakt seit dem Tag, an dem US-Truppen im
      Irak elf türkische Soldaten festnahmen, ist
      die Brause auf dem Markt – der
      Lebensmittelkonzern Ülker trifft damit
      genau den Geschmack der Türken.
      EM – Ob Zufall oder
      nicht, just an jenem
      Tag, an dem USTruppen
      im Nordirak
      elf türkische Soldaten
      festgenommen haben,
      ist die Coca-Cola-Konkurrenz „Cola Turka“
      am Bosporus auf den Markt gekommen. Der
      Vorfall damals verstärkte die seit dem Irak-
      Krieg ohnehin starken antiamerikanischen
      Gefühle in der Türkei. Laut einer
      Untersuchung des Marktforschungsinstituts
      Ropper ASW in der Türkei ist der Verkauf USamerikanischer
      Produkte kurz darauf um über
      13 Prozent zugunsten nationaler türkischer
      Erzeugnisse zurückgegangen.
      Dies mag auch ein Grund dafür sein, warum
      Cola Turka sofort ein Markterfolg wurde. Cola
      Turka hat nach Angaben des Unternehmens
      Ülker bereits 19 Prozent des türkischen Cola-
      Marktes erobert. Bis zum Jahresende werde die
      25-Prozent-Marke angepeilt. Vor der
      Einführung von Cola Turka habe Coca Cola
      den Markt zu 70 Prozent beherrscht und
      Konkurrenten wie Pepsi in den Hintergrund
      gedrängt. Die Türkei ist für
      Getränkeproduzenten aus den USA ein
      beachtlicher Markt. Jedes Jahr werden
      zwischen den türkischen Städten Erzerum und
      Edirne 1,1 Milliarden Liter Cola getrunken.
      Der US-Konzern hat in der Türkei bislang 500
      Millionen Dollar investiert.
      Aber auch der Konzern Ülker ist kein
      Leichtgewicht. Mit über 750 Produkten, von
      Kaugummi bis Kaffee, setzt er im Jahr 2,3
      Milliarden Dollar um. Zudem hat Besitzer
      Sabri Ülker gute Freunde. Premier Tayyip
      Erdogan hat vor seinem politischen Aufstieg
      das Vertriebsnetz von Ülker auf der asiatischen
      Seite Istanbuls aufgebaut. Und im gepanzerten
      Dienstwagen des Regierungschefs waren
      bereits Cola Turka-Dosen zu sehen, berichten
      türkische Medien.
      Der Bruder der Grand-Prix-Siegerin Erener
      wirbt für Cola Turka
      Serdar Erener, Leiter der Agentur
      Yung&Rubicam, die die Cola-Turka-
      Kampagne leitet sagte den lokalen Medien
      „wir nutzen in dieser Kampagne das Konzept
      des positiven Nationalismus“. Werbemann
      Serdar Erener ist der Bruder der diesjährigen
      türkischen Grand-Prix-Siegerin Sertab Erener,
      die mit ihrem englisch gesungenen Titel,
      internationale Musikmärkte erobern möchte.
      Der amerikanische Komiker Chevy Chase ist
      wegen eines Werbespots für Cola Turka zum
      neuen Star des türkischen Fernsehens
      avanciert. Chase spielt in dem Streifen einen
      bulligen US-Bürger namens Johnny, wie alle
      Amerikaner von den Türken gerne genannt
      werden. Auf dem New Yorker Times Square
      sieht Johnny erst jede Menge in rot-weiße
      Landesflaggen gehüllte Türken, die den Sieg
      ihrer Fußball-Nationalmannschaft feiern, dann
      betritt er eine Bar und wird von einem Kumpel
      mit Cowboyhut auf türkisch angesprochen.
      Der Cowboy trinkt aus einer Dose Cola Turka
      und will die Rechnung für den Ankömmling
      bezahlen, wie es Türken höflichkeitshalber
      eben tun. In einem weiteren Spot kostet Chase
      selbst die türkische Brause – und da wächst
      ihm plötzlich ein Schnurrbart unter der Nase.
      „Die Werbung für Cola Turka spielt mit dem
      amerikanischen Way-of-Life, aber sie hält ihm
      das türkische Spiegelbild entgegen“, schreibt
      Christiane Schlötzer in der „Süddeutschen
      Zeitung“.
      In den türkischen Supermärkten außerhalb der
      Türkei ist das süße Getränk aus dem
      Mutterland noch nicht angekommen. Reisende,
      die aus der Türkei zurückkamen berichteten, es
      habe etwas weniger Kohlensäure als das USProdukt
      Coke und sei auch etwas
      zuckerhaltiger. Die jugoslawische
      Nachrichtenagentur Tanjug berichtete, der
      Lebensmittelkonzern Ülker dementiere, daß
      sein Erfrischungsgetränk etwas mit dem
      Thema Irak zu tun habe. Es solle mit diesem
      eigenen Landesprodukt ein
      Cola TurkaErfrischungsgetränk angeboten werden, das
      „türkische Lebensart“ zum Ausdruck bringe.
      Nicht nur die Türkei hat ihre Cola-Konkurrenz.
      Der Iran produziert seit einem Jahrzehnt
      Zemzem Cola, garantiert ohne US-Rezeptur. In
      Frankreich stellen Muslime ebenfalls politisch
      korrekte braune Brause her, mit den Namen
      Kibla Cola und Mecca Cola.
      Barbara Gutmann

      Trading Spotlight

      Anzeige
      Rallye II. – Neuer Anstoß, News und was die Börsencommunity jetzt nicht verpassen will…mehr zur Aktie »
      Avatar
      schrieb am 18.05.05 12:01:58
      Beitrag Nr. 6 ()
      Schade, daß so wenige Aktien gehandelt werden - letzter Umsatz Anfang April.

      http://finance.yahoo.com/q/bc?s=LHQ.BE&t=3m&l=on&z=m&q=l&c=


      .
      Avatar
      schrieb am 18.05.05 12:04:24
      Beitrag Nr. 7 ()
      @abdulbaba,
      könntest Du noch ein paar Aussagen zu gewinnen, Dividendenpolitik etc machen?
      habe am Samstag die IR-Abteilung des Unternehmens angeschrieben, bislang ohne Antwort.


      Hier übrigens der link zu der homepage
      http://www.ulker.com.tr/ulkerportal/en/corporate/vision/succ…
      Avatar
      schrieb am 18.05.05 12:05:34
      Beitrag Nr. 8 ()
      http://www.ulker.com.tr/ulkerportal/en/

      das ist die Startseite der homepage
      Avatar
      schrieb am 18.05.05 12:23:43
      Beitrag Nr. 9 ()
      ist nicht ganz richtig,

      letzter Umsatz gestern in Berlin.

      1000 Stück. Da hat wohl jemand einen Fuss in die Tür gestellt ;)

      War gestern mal bei meiner Sparkasse, die haben mir gesagt, dass man über sie auch in Istanbul handeln könnte.
      Comdirect konnte das nicht leisten. Mein Konto bei der DB will ich auflösen, daher habe ich da nicht nachgefragt. Erinnere mich aber an hohe Kosten für Auslandsordern bei denen.

      Könnte also günstiger sein, in D zu kaufen, auch wenn der Kurs etwas höher liegt, als in der Türkei. Zum traden wegen der Liquidität in D nicht geeignet, als Langfrist-investment schon.

      So sehe ich das jedenfalls.

      Eine Überlegung ist, dass Ülker gegenüber den ganzen westlichen Konzernen einen erheblichen Wettbewerbsvorteil im arabischen Raum hat, dorthin also perfekt exportieren kann.

      Auch der Familienanteil an dem Unternehmen gefällt mir. Macht alles einen sehr guten Eindruck.
      Avatar
      schrieb am 18.05.05 12:34:19
      Beitrag Nr. 10 ()
      Die Kekse von denen sind okay.:D
      Avatar
      schrieb am 18.05.05 13:33:39
      Beitrag Nr. 11 ()
      du wirst hier keine Investoren finden,95% WO"ler sind anti türkisch.
      Avatar
      schrieb am 18.05.05 13:41:14
      Beitrag Nr. 12 ()
      das kann ich mir nicht so recht vorstellen. Hier sind sicher mehr als 5 % der Teilnehmer rational denkende Menschen, die bereit sind in Unternehmen, gleich welcher Nationalität zu investieren.

      Ein kleines Problem sehe ich darin, dass für viele die Türkei noch nicht in den Fokus gerückt ist. Das wird sich aber schon noch ändern. Allerdings dann nicht mehr zu solchen Kursen.

      Ich hoffe ja immer noch auf 2, 3 user, die mitwirken....

      gruss

      lukoil


      ps woher dein glaube, dass 95 % hier antitürkisch seien?
      Avatar
      schrieb am 18.05.05 14:02:27
      Beitrag Nr. 13 ()
      ps woher dein glaube, dass 95 % hier antitürkisch seien?

      schaue dir hier die "türkei" threads an.
      übrigends, ich persönlich glaube, die türkische wirtschaft wird spätestens in 10 jahren das"China" europas sein.
      Avatar
      schrieb am 18.05.05 14:02:29
      Beitrag Nr. 14 ()
      Wenns ums profitieen geht, sind 95% pro-türkisch.:D

      lukoil, ich kenne Ülker nicht als Unternehmen, trotzdem wäre ich vorsichtig.

      Auch wenn die Türkei eines Tages zur EU gehören wird; in erster Linie wird von den internationalen Konzernen abgegrast werden; ähnlich wie hier im Osten nach der öffnung. Und sicher auch wie demnächst im Osten der EU.
      Avatar
      schrieb am 18.05.05 14:16:59
      Beitrag Nr. 15 ()
      @ #13
      denke auch, dass die Türkei sich gut entwickeln wird. Wie gut muss man sicher abwarten. Potential ist jedenfalls vorhanden.

      von postings einzelner kann man wohl eher nicht auf die Gesamtheit schliessen. Meistens erkennt man die Dummen ja gerade daran, dass sie sich in die erste Reihe stellen und krakeelen.

      @ # 14
      Diesen Gedanke hatte ich auch, die Entwicklung im Osten Deutschlands ist noch in Erinnerung.
      Aber hier liegt es anders. Die Marken sind bereits da. Siehe Coca Cola, denen Marktanteile durch Türk-kola abgenommen wurden.

      Auch denke ich, dass es sich eher verhält wie cadbury zu bahlsen. Nur mit dem Unterschied, dass Ülker günstig herstellt und eine starke Marke in dieser Region hat. Auch ist das Produkt wirklich gut. Das war sicher nicht bei allen Ostunternehmen so.

      Sie schaffen es halt eine Marke mit günstigen Preisen zu kreuzen :D
      Avatar
      schrieb am 18.05.05 14:18:12
      Beitrag Nr. 16 ()
      kaufe ein n.
      Gedanken hatte ich auch :look:
      Avatar
      schrieb am 19.05.05 08:58:16
      Beitrag Nr. 17 ()
      Search Company Reports

      COMPANY PROFILE:
      Ulker Gida Sanayi Ve Ticaret As
      Exchanges: (IST: ULKER)

      Wright Quality Rating:BBNN

      Ulker Gida Sanayi Ve Ticaret As. The Company`s principal activities are the manufacturing, production and sale of biscuit, chocolate and wafers for domestic and export markets.The Company exports its goods to 95 Countries with 4,000 trucks mainly Europe, America, Africa and Middle East.

      Price / Earnings Ratio 23.29
      Dividend Yield 2.02%
      Price / Sales Ratio 0.23
      Payout Ratio 47.06%
      Price / Book Ratio 3.37 %
      Held by Insiders 76.04%

      Vom wichtigen KUV gesehen, noch sehr billig. KGV und KBV sind schon etwas teurer, aber das KUV ist das relvanteste fundamentale Kennzeichen. Kann man kaufen, da billige Aktie. Marktführer in der Türkei.
      Avatar
      schrieb am 19.05.05 09:03:02
      Beitrag Nr. 18 ()
      COMPANY RESEARCH REPORT:Ulker Gida Sanayi Ve Ticaret As
      Data as of: 5/13/05

      Company Description

      Ulker Gida Sanayi Ve Ticaret As. The Company`s principal activities are the manufacturing, production and sale of biscuit, chocolate and wafers for domestic and export markets.The Company exports its goods to 95 Countries with 4,000 trucks mainly Europe, America, Africa and Middle East.

      Competitor Analysis

      Ulker Gida Sanayi Ve Ticaret As operates in the Food preparations sector. This analysis compares Ulker Gida Sanayi Ve Ticaret As with three other miscellaneous food companies in Africa / Mid East: Osem Investments Limited of Israel (2003 sales of 2.36 billion Israel Shekels [US$538.84 million] of which 75% was Food Production), Penguen Gida Sanyii AS (57.26 million Turkish Liras [US$41.45 million] ), and AVI Limited which is based in South Africa (6.56 billion South African Rands [US$1.03 billion] of which 64% was Branded consumer good).

      Sales Analysis

      Ulker Gida Sanayi Ve Ticaret As reported sales of 4.08 billion Turkish Liras (US$2.96 billion) for the year ending December of 2003.

      Most of the company`s 2003 sales were in its home market of Turkey: in 2003, this region`s sales were 3.37 billion Turkish Liras, which is equivalent to 82.5% of total sales.

      Ulker Gida Sanayi Ve Ticaret As currently has 1,888 employees. With sales of 4.08 billion Turkish Liras (US$2.96 billion) , this equates to sales of US$1,565,614 per employee.


      Sales Comparisons (Fiscal Year ending 2003)
      Company Year
      Ended
      Sales

      (US$blns)
      Sales
      Growth Sales/
      Emp (US$) Largest Region
      Ulker Gida Sanayi Ve Ticaret As Dec 2003
      2.956 N/A 1,565,614 Turkey (82.5%)
      Osem Investments Limited Dec 2003 0.539 3.8% N/A Israel (87.4%)
      Penguen Gida Sanyii AS Dec 2003 0.041 -86.7% 46,522 Turkey (39.9%)
      AVI Limited Jun 2003 1.030 13.6% 87,565 South Africa (78.8%)

      Recent Stock Performance


      For the 52 weeks ending 5/13/05, the stock of this company was down 24.2% to
      3.96 Turkish Liras.
      During the past 13 weeks, the stock has fallen 26.0%.

      During the 12 months ending 12/31/03, earnings per share totalled 0.17 Turkish Liras per share. Thus, the Price / Earnings ratio is 23.29.

      This company is currently trading at 0.23 times sales. This is at a lower ratio than all three comparable companies, which are trading between 0.61 and 1.56 times their annual sales. Ulker Gida Sanayi Ve Ticaret As is trading at 3.37 times book value.

      Summary of company valuations
      Company Date P/E Price/
      Book Price/
      Sales 52 Wk
      Pr Chg
      Ulker Gida Sanayi Ve Ticaret As 5/13/05 23.3 3.37 0.23 -24.20%
      Osem Investments Limited 5/10/05 19.2 4.00 1.56 -16.92%
      Penguen Gida Sanyii AS 5/13/05 N/A N/A 0.78 -48.73%
      AVI Limited 5/13/05 11.6 2.40 0.61 34.29%

      The market capitalization of this company is 945.25 million Turkish Liras (US$684.22 million) . Closely held shares (i.e., those held by officers, directors, pension and benefit plans and those shareholders who own more than 5% of the stock) amount to over 50% of the total shares outstanding: thus, it is impossible for an outsider to acquire a majority of the shares without the consent of management and other insiders. The capitalization of the floating stock (i.e., that which is not closely held) is 2.27 billion Turkish Liras (US$1.64 billion) .

      Dividend Analysis

      During the 12 months ending 12/31/03, Ulker Gida Sanayi Ve Ticaret As paid dividends totalling 0.08 Turkish Liras per share. Since the stock is currently trading at 3.96 Turkish Liras, this implies a dividend yield of 2.0%.

      During the same 12 month period ended 12/31/03, the Company reported earnings of 0.17 Turkish Liras per share. Thus, the company paid 47.1% of its profits as dividends.

      Profitability Analysis

      On the 4.08 billion Turkish Liras in sales reported by the company in 2003, the cost of goods sold totalled 3.09 billion Turkish Liras, or 75.6% of sales (i.e., the gross profit was 24.4% of sales). There was a wide variation in the gross profit margins at the three comparable companies, from 9.9% of sales to 46.3% of sales. Some of this disparity may be due to different accounting standards.

      The company`s earnings before interest, taxes, depreciation and amortization (EBITDA) were 493.00 million Turkish Liras, or 12.1% of sales.

      In 2003, earnings before extraordinary items at Ulker Gida Sanayi Ve Ticaret As were 406.66 million Turkish Liras, or 10.0% of sales.

      Profitability Comparison
      Company Year Gross
      Profit
      Margin EBITDA
      Margin Earns
      bef.
      extra
      Ulker Gida Sanayi Ve Ticaret As 2003 12.1% 10.0%
      Osem Investments Limited 2003 46.3% 13.6% 5.7%
      Penguen Gida Sanyii AS 2003 9.9% -5.4% -18.1%
      AVI Limited 2003 45.9% 19.1% 10.1%

      Inventory Analysis

      As of December 2003, the value of the company`s inventory totalled 787.34 million Turkish Liras. Since the cost of goods sold was 3.09 billion Turkish Liras for the year, the company had 93 days of inventory on hand (another way to look at this is to say that the company turned over its inventory 3.9 times per year).

      Financial Position

      As of December 2003, the company`s long term debt was 155.21 million Turkish Liras and total liabilities (i.e., all monies owed) were 1.88 billion Turkish Liras. The long term debt to equity ratio of the company is very low, at only 0.06.

      As of December 2003, the accounts receivable for the company were 842.80 million Turkish Liras, which is equivalent to 75 days of sales.

      Financial Positions

      Company Year LT Debt/
      Equity Days
      AR Days
      Inv.
      Ulker Gida Sanayi Ve Ticaret As 2003 0.06 75 93
      Osem Investments Limited 2003 0.03 74 56
      Penguen Gida Sanyii AS 2003 N/A 94 151
      AVI Limited 2003 0.02 68 88

      User Selected Comparisons

      If you would rather compare this company to different companies than the ones above, simply enter their names or ticker symbols below, and this report will be re-written with these new companies. You may enter the ticker symbol or the first few letters of a word in the company`s name (you must enter at least four characters for a name, and at least one character for a ticker). You must enter in three companies; if you don`t, there can be no competitive analysis and the computer will choose.

      AVI ist billiger und ist im Gegensatz zu Ulker im letzten Jahr gestiegen. Keine Ahnung, ob die auch in Deutschland gehandelt werden.

      Also Uker ist billig, der türkische MArkt steigt im Ganzen an, das Börsenumfeld dürfte in den nächsten Monaten positiv bleiben, man kann nicht viel falsch machen. Villeicht findet man aber auch noch bessere Investitionsmöglichkeiten.
      Avatar
      schrieb am 19.05.05 12:03:18
      Beitrag Nr. 19 ()
      Danke Diego!

      Was mir im ersten moment gar nicht aufgefallen ist:
      Das kgv bezieht sich auf die gewinne aus 2003!
      wenn man das mal bei anderen Aktien anschaut, würde sich auch einiges an der Bewertung tun! Mal sehen, ob sich da noch etwas findet. Vielleicht antwortet mir ja ülker eines guten Tages.

      trotzdem super, jetzt haben wir endlich Fundamentaldaten, die noch mehr Aufschluss über ülker geben. Danke Diego! könntest Du eine Quelle benennen? wäre super.

      Besonders gut hat mir natürlich der Rückgang der letzten wochen gefallen. Langfristig evtl. eine sehr günstige gelegenheit.

      gruss
      lukoil
      Avatar
      schrieb am 19.05.05 12:21:31
      Beitrag Nr. 20 ()
      Wenn sich Ülker mit den neusten Zahlen melden würde, wäre das schon gut.

      Das KGV kommt mir für einen Konsumwert doch etwas hoch vor, auch die Verbindlichkeiten von 1,8 Mrd. sind nicht ohne.

      Zurzeit dürften die Kosten durch höhere Löhne in der Türkei weiter ansteigen. Ob das durch höhere Preise kompensiert werden kann? Dazu drängen immer mehr europäische Hersteller auf den türkischen Lebensmittelmarkt. Die Schweizer Migros z.B. ist in der Türkei schon gut vertreten; angeboten werden dort meist europäische Erzeugnisse.

      Ülker wird so einer immer größer werdenden Konkurrenz ausgesetzt.

      grüße
      Avatar
      schrieb am 19.05.05 12:52:40
      Beitrag Nr. 21 ()
      The long term debt to equity ratio of the company is very low, at only 0.06. da steht etwas von 155 mio türk.lira. muss später mal genauer schauen.

      rührt evtl von der übernahme der margarine-sparte´/speiseöl? von unilever her. übrigens ein gutes beispiel, genau wie die cola-turka geschichte.

      setze mal als gegenargument zu Deiner These ülker werde immer größerer konkurrenz ausgesetzt, dass sie immer weiter ins ausland expandieren und dadurch langfristig expandieren werden. Zudem machen sie ihrer Konkurrenz auch auf deren Märkten konkurrenz.
      gut für ülker ist zum beispiel, dass du in jeder deutschen grossstadt beim türksichen gemüsehändler ülkerprodukte bekommst. Perfektes product-placement in abgewandelter form :D

      Mal schauen.
      Avatar
      schrieb am 23.05.05 15:23:30
      Beitrag Nr. 22 ()
      Ein bisschen Hintergrund:

      Turkey, which is larger than any country in Western Europe, has a land area equal in size to Texas (800,000 square kilometers). Turkey is a richly endowed with 23 million hectares of cultivated land and a wide range of climatic conditions (temperate, Mediterranean and subtropical) suitable for agricultural and livestock production. Its water resources are also abundant. Land under irrigation is steadily increasing. Currently 180,000 acres of farmland is being irrigated in the Harran plain.

      Overall, 35 percent of Turkey`s population is engaged in agriculture and livestock production. This figure rises to 55 percent if employment figures in agro-related industries are added. About 15 percent of total income in Turkey is obtained from agriculture. Together with the agro-industry and agriculture-based service sector, agriculture and food production accounts for 40 percent of GNP.

      Turkey is one of the few countries in the world, which is self-sufficient in food production. At present, Turkey is the largest producer and exporter of agricultural products in the Near East and North Africa. Exports of agricultural commodities and food products were valued at USD 4 billion in 2002 and accounted for 12.8 percent of Turkey`s total export earnings.

      Turkey`s food processing and packaging machinery market is currently valued at $550 million. In 2001, Turkish imports of food processing and packaging machinery amounted to USD741 million. The market decrease is due to a severe devaluation of the Turkish Lira and the subsequent economic crises. The size of the sector continued to decrease in 2002 but is expected to rebound in 2003, albeit at a slower pace than the 1990`s when the growth rate averaged 4-5 percent per year.

      Turkey is a very dynamic market for processed foods. It has a large (70 million) and young (50% under age 25) population and rising income levels (especially in urban areas). Increased travel by Turks abroad and by tourists to Turkey is also stimulating significant changes in the attitudes and consumption patters of Turks. Moreover, rapid urbanization and the growing numbers of working women are increasing the demand for processed foods. It is fair to say that the vast majority of processed food items available in all types of retail and wholesale outlets are made in Turkey of local ingredients. This can be accredited to diversity of Turkey`s agricultural production, a relatively well developed (and protected) processing sector, and an import regulation regime that discriminates against processed food imports. Major U.S. exports to Turkey, which enter the food processing sector include rice and vegetable oils. For other ingredients and ready to consume items, the U.S. share of imports is very small.

      While domestic production of food packaging and processing machinery is significant, it is generally concentrated in the low-tech subsector. The competitive environment for U.S. imports is identical to other markets where U.S. firms meet their traditional adversaries from Western Europe, particularly from Germany, Switzerland, and Italy. However, U.S. suppliers have been able to obtain good market share in livestock/poultry feeding systems, grain storage, and analytical quality control machinery. The products that are covered by this ISA are as follows:

      Product HS Number

      Size reduction machinery 8423

      Filtering/purifying 8421

      Refrigeration units 8418

      Oil/fat extractors 8479

      Barcode machinery 8470

      Computerized inventory 8471

      Process/quality control 9027

      Machinery for filling/closing 8422.30

      Machinery for packaging tobacco 8439

      Marking systems 8443.59

      Ink jet printing 8443.51




      MARKET HIGHLIGHTS & BEST PROSPECTS
      Market Profile

      The total market size for food processing and packaging is growing due to population increase, government projects like the South East Anatolia Project (GAP), and new opportunities in exports to the European Union and to the NIS. The aforementioned strong agricultural potential in Turkey`s food industry, changing lifestyles and tastes due to increased industrialization and urbanization, the increase of working women and time shortage for preparing meals, and increases in urban family income have resulted in a strong food processing sector.

      The production of processed foods increased by about five percent per year during 1990`s, but since late 2000 the economic situation has slowed growth in the industry. According to Turkey`s State Planning Organization (SPO), production rose only by 1 percent in 2002. The sectors hit the hardest were those which were growing the fastest prior to the crises, such as the poultry and meat processing sectors. These sectors are also poised to recover rapidly (especially poultry) due to the restructuring that took place in the sector. The rise in the retail sector is also giving way to an increasing variety of milk and dairy product production.

      In the meat sector, low quality breeding stocks have led to extremely low yields. Turkey needs to invest in all aspects of herd improvement. Still, a wide variety of locally processed lambs, beef, turkey and chicken products are available. While Turkey does not allow imports of meat products, there are significant imports of other ingredients for the sausage and meat processing industry.

      Flour and flour-based products account for about one-third of processed food output, a reflection of Turkey`s role as a major producer of wheat (16-19 million tons per year) and barley (7-8 million tons per year). Bread and flour products are a major part of the Turkish diet. Per capita bread and pasta consumption totals about 200 kg per year. Turkey also has a large pasta manufacturing industry with nearly 400,000MT produced annually. The Government of Turkey (GOT) offered significant regional investment incentives for the flour milling industry, which facilitated the establishment of a very large milling industry with total number of about 1,100 mills with total capacity of 35 MMT. Due to the large number of mills, capacity utilization of the industry is only about forty percent. Exports of flour have declined in recent years to about 170,000MT in 2002 from 550,000MT in 1994.

      Milk consumption – at only 15 liters per capita – is still low in Turkey (one-tenth that of many European countries). However, dairy consumption and new development in the dairy industry has led to the privatization of 41 plants of Sut Endustrisi Kurumu (SEK), the state dairy producer, now mostly owned by

      the Koc group. Other major companies are Pinar Milk, Nestle (Mis Milk), Bizim Sut/Ulker and Sutas. The gap in milk supply is expected to reach 3.5 million tons by the year 2005. Demand for powdered milk is growing, mainly in cheese production. In 2000, powder milk imports reached US$ 12 million while imports of cheese were US$ 12 million as well. In 2001, however, imports of milk powder and cheese declined nearly 50 percent in value. Butter consumption is on the rise, reaching 128,000MT in 2000 of which 5,700MT was imported. The Turkish ice cream market is also growing and total domestic consumption is about 70,000 MT. Unilever`s Algida brand and Schoeller are market leaders.

      In the vegetable oil processing industry, Turkey has insufficient domestic oilseed production to meet the local demand. In 2001 the production of oilseeds decreased by 14 percent and vegetable oils accounted for nearly 25 percent of the total food ingredients imported into Turkey. There is also over-capacity in the vegetable oil manufacturing (crushing and refining) sector, with only 45 percent of capacity being utilized. Despite significant over-capacity, many crushing and refining plants are investing in modernization. Per capita consumption of vegetable oil in Turkey is around 16.5 kg. Turkey is also an important regional exporter of refined edible oils.

      Turkey is the fifth largest producer of vegetables in the world and the ninth largest producer of fruit. Processed fruit and vegetable production grew an average of 9 percent in the late 1990`s. Processed fruits and vegetables have also been an important part of Turkey`s total food exports. Due to large volumes of orange exports, Turkey is importing some orange concentrates for domestic processing. Given the preference for fresh produce, processed fruit and vegetables are not as popular in Turkey. Tropical fruit and vegetables both fresh and canned and off-season items have strong potential. The large majority of these products are exported, although exports have fallen from US$578 million in 1996 to US$ 363 million in 2000. The frozen food (meals and fruits) market is growing by over 10 percent annually and the production is expected to reach 232,000MT in 2005.

      COMPETITIVE ANALYSIS
      The market niche for which U.S. products compete is not challenged by domestic production, which is typically low-tech and labor intensive. The challenge comes from third country EU imports, which dominate the $600 million import sector in sub-sectors like canning, bottling, baking and juice extraction. Price is the most important competitive factor, but added to it is the market`s awareness that with customs union accession, Turkey has taken a very large step closer to Europe. EU product specifications and ISO criteria are now the standards of reference in Turkey for such imports.

      Domestic Production

      Turkey with its rich agricultural base has a well-developed food-processing industry. According to the most recent census (1998) there are over 24,000 food processing firms in Turkey. Most are small to medium sized enterprises and many are utilizing outdated equipment. All major processing sectors have significant over-capacity. Only about 4,000 of these firms use modern equipment and have a quality control system. The average utilization rate in the food processing industry was 70 percent of total capacity between 1995 to 1999. However, utilization deceased in 2001 to as low as 50 percent in some industries (oil, confectionery, pasta) due to the economic crises.

      One of the most promising sub-sectors of the Turkish machinery industry in exports is food processing and packaging machinery and equipment. The Turkish food processing machinery manufacturers follow European and international standards and norms. Companies exporting to the European Union affix the "CE Mark" under the "New Approach" Directives. The Turkish packaging sector has also reached world standards in terms of quality. The number of firms which have ISO 9000 Quality Systems Certificates and ISO 14001 Certificates are increasing in Turkey. The research and development and new product development activities in the sector have gained more importance in order to achieve competitiveness after joining the Customs Union with the European Union. The principal machinery/equipment produced/used in the Turkish food processing and packaging industry is as follows:

      Flour and grain mill machinery; bakery and pasta making machinery; bakery ovens; industrial machinery for food and drink preparation; machinery for extraction/preparation of fats and oils; machinery for cleaning/sorting/grading seeds and grains; cacao and confectionery machinery; presses and crushers for wine, fruit juice and beverages; tomato paste production equipment; pasteurizes and sterilizators; machinery for sugar manufacture; meat and poultry processing machinery; milking machinery; dairy machinery; machinery for the preparation of fruits and vegetables; cream separators and brewery machinery; bottling and bottle washing equipment; plastic injection equipment; can making equipment; vacuum-packing, strapping, bag-making machinery, and conveyors and handling equipment.

      There is a significant amount of foreign investment in the Turkish food processing and packaging industry. Foreign investment has large shares in the vegetable oils and fats, beverages, candy and chewing gum, dairy products, confectionery, beer and artificial sweeteners industries. Some of these international companies have been operating in Turkey for many years (Unilever`s margarine plant has been operating since 1955, Coca-Cola and Pepsi since 1965). Some companies invested in Turkey after the 1980`s when the GOT started to open up the local market to international companies. Also, during the past two years some international companies bought Kent, a leading Turkish candy producer, Pepsi bought Fruko-Tamek, a local but large beverage and food canning company, and Kraft bought Karsu, the local market leader of chips and snacks.
      Avatar
      schrieb am 23.05.05 15:26:32
      Beitrag Nr. 23 ()
      so, das sollte erst einmal genügen - fürs erste:D

      The following end-users are large public sector enterprises engaged in food processing and packaging:

      Turkiye Seker Fabrikalari (TSF) [Turkish Sugar Mills]: The only sugar producing organization in Turkey with sugar plants throughout the country. TSF also owns and operates large sugar machinery manufacturing facilities. Its equipment purchases from abroad are very limited.

      Tekel: The state monopoly, which produces cigarettes, tea, salt, and most alcoholic spirits in Turkey. Its plants are located in various regions of the country.


      Caykur: Tea processing agency in the Black Sea region.

      (Note—Most of the public sector enterprises have been listed in the privatization program of the Turkish Government. Although progress on privatization has been slow so far, privatization of Ministry of Agriculture-related operations has been somewhat more successful. Almost all of the plants in the Turkish Feed Industries (YEM SAN), Turkish Dairy Industries (SEK) and Meat and Fish Organization (EBK) have been sold).

      The following are the largest private sector end-users (major brands) engaged in food processing and packaging:

      Milk and milk based products, ice cream:
      Yasar Holding/Pinar Sut, Mis Sut, Tikvesli, Sutas Sut, Algida, AK Gida/Ulker, Sek

      Meat and meat based products:
      Yasar Holding/Pinar Meat, Maret, Aytac

      Poultry and egg:
      Banvit, Koytur, Mudurnu, Beypi

      Fish and fish processing/frozen food:
      Dardanel, Kerevitas (Superfresh), Penguen

      Vegetable, fruit juice/soft drinks:
      Dolfin Gida, Tamek, Kerevitas (Superfresh), Tat, Penguen, Tukas, Merko, Frigopak, Akfa, Meysu, Aroma, Fruko Tamek, Dimes, Ersu, Frigopak, Ozgorkey, Pepsi Cola, Coca Cola, Turk Tuborg, Anadolu Efes

      Liquid and hydrogenated oils/vegetable oils:
      Trakya Birlik, Marsa, Besler, Kucukbay Yag, Taris, Edirne Yag, Ege Yag, Cukobirlik, Antbirlik, Turyag, Komili, Sabanci/Marsa-Kraft, Unilever

      Flour and flour based products, macaroni and pasta:
      Ulker, Eti, Filiz, Ankara Un, Istanbul Halk Ekmek, Oba Makarna, Beslen, Maktas/Piyale, Kartal/Pastavilla

      Sugar and confectionery:
      Turkiye Seker Sanayi, Ulker, Konya Sugar, Kent Food, Eti, Ender, Nestle, Sabanci/Kraft-Marsa, Sagra, Bifa

      Snack food, dried fruit type snacks (such as figs, hazelnuts), spices:
      Uzay, Sagra, Fiskobirlik, Seymen Gida

      For both public and private sectors, price is generally the most important factor in purchasing decisions. Another factor is the advantage of buying complete lines of equipment from the same source. A buyer may prefer to buy a product from the supplier of the rest of the machinery even though the particular product may be cheaper and already available in Turkey, to be able to hold a single source responsible for any defects or problems.

      Another very important sub-sector is equipment for bakeries. Baked goods constitute the largest subsector in the Turkish food industry, accounting for about 35 percent of total processed food capacity, followed by fruits/vegetables, meat, and dairy industries. In addition to the private sector, government-owned food processing companies engaged largely in sugar production, milk processing and meat processing, are also important end-users of food processing and packaging equipment. However, the private sector owns the overwhelming majority of existing food processing and packaging facilities.



      D. MARKET ACCESS


      The Economy

      Turkey`s economy is a mix of modern industry and commerce along with traditional agriculture, which still accounts for nearly 40% of employment. It has a growing private sector, yet the state still plays a major role in basic industry, transport and communication. Erratic economic growth, substantial fiscal deficits and high double-digit inflation have marked the economic situation. Since June 1999, Turkey has been implementing an IMF-faced reform program, including a tighter budget, social security reform, banking reform, and privatization of parastatal institutions. The country experienced financial crisis in late 2000 and again in early 2001, including sharp declines in the stock market and foreign exchange reserves.

      Because to the economic slow-down attributed to the November 2000 and February 2001 financial crises, GNP decreased by 9.4 percent in 200. Agriculture, accounting for 6.4 percent of GNP had a 13.1 percent decline in revenues.

      Import Climate

      After 1983, the Turkish government began to liberalize import policies. As a result, imported food products that were not previously available are becoming more familiar to Turkish consumers. Likewise, newly imported products that have enjoyed good sales are now beginning to be produced domestically. More confectionery products, beverages, snack foods and fruit yogurts, are not produced locally. While many ingredients enjoy improved access, there is a ban on meat and meat product imports and strict limitations on dairy product imports. There have been no U.S. wheat exports to Turkey for the past several years. Turkey satisfies its demand for high quality milling wheat through a quota arrangement with EU and Black Sea countries.

      In conjunction with its January 1, 1996 accession to the European Union`s customs union, Turkey has adopted a new import regime. The new regime applies the EU`s common external customs tariff for third country imports and provides zero duty rates for non-agricultural items of EU/EFTA origin.

      Distribution/Business Practices

      As a general rule, government agencies conduct their procurement by issuing tenders, announced in Turkey`s Official Gazette. Private companies may buy from the exporter of their choice.

      An important channel in sales of food processing and packaging equipment is through foreign supplier`s agents or representatives. Although agents usually do not themselves import the equipment, they play an essential role in the promotion and marketing of the products of the companies they represent. Importing and distribution of food processing and packaging equipment by supplier`s representatives is not common and is restricted to a relatively small number of specific kinds of machines.

      In Turkey, agency/representation agreements are private contracts between agents and their foreign suppliers. There are no regulations, which govern commission rates, but payment of commissions is controlled. The personal contact is a very important marketing tool in Turkey and creates confidence regarding spare part availability, after-sales service and overall reliability of the supplier.


      Larger U.S. companies should consider establishing a liaison or other office in Turkey to follow market trends closely, monitor tenders, and carry out aggressive promotion programs. U.S. suppliers of food processing and packaging equipment can enhance their market share by producing in Turkey. Turkey benefits from a talented, technically able, and by Western standards, very inexpensive labor forces, and is thus expected to rely increasingly on food processing and packaging machinery produced locally by foreign investors, joint ventures and domestic firms.


      Financing

      Price is generally the most important factor in purchasing decisions. Credit terms and the length of the repayment period are also important on high-value procurement. The most common form of payment for imports is by letter of credit. "Cash against goods" and "cash against documents" terms are also used, but not recommended, between parties who have had no previous trading experience.

      EX-IM Bank Financing

      The Export Import Bank of the United States (Ex-Im Bank) provides financing to creditworthy private and sovereign foreign buyers when private financing is unavailable. To qualify for Ex-Im Bank support, the product or service must have at least 50 percent U.S. content and must not affect the U.S. economy adversely.

      Ex-Im Bank supports the sales of U.S. exports worldwide. Ex-Im Bank will finance the export of all types of goods or services, including commodities, as long as they are not military-related (certain exceptions exist). Two of its major goals are to increase the export of environmental goods and services, which are in strong demand among the developing nations, and to expand the number of U.S. small businesses using Ex-Im Bank programs. Ex-Im provides several programs to assist U.S. exporters with their financing needs. The following information is provided as a guide as to those services.

      The Working Capital Guarantee Program is a pre-export financial tool to enable exporters to obtain necessary working capital in order to bid, construct or enhance production and complete foreign contract awards. Delegated authority is available to lenders enabling them to commit Ex-Im Bank`s guarantee and to share in the fee income.

      The Export Credit Insurance program helps U.S. exporters develop and expand their overseas sales by protecting them against loss should a foreign buyer or other foreign debtor default for political or commercial reasons.

      To encourage the export of U.S. goods and services, Ex-Im Bank has tailored its policies to meet the insurance needs of exporters and financial institutions. For example, insurance policies may apply to shipments to one buyer or to many buyers, insure comprehensive (commercial and political) credit risks or only specific political risks, or cover short-term as well as medium-term sales. Three policies, the Small Business Policy, the Small Business Environmental Policy and the Umbrella Policy, are geared specifically to small businesses just beginning their export sales program. Eligibility criteria differ for each type of policy.
      Avatar
      schrieb am 26.05.05 15:10:09
      Beitrag Nr. 24 ()
      aus einem interview mit der schweizer hero und deren internationale Strategie. Hier wird also die Zusammenarbeit mit ülker gesucht, anstatt ihnen Konkurrenz zu machen, was auch ein Zeichen für die Marktstärke Ülkers ist:

      You have mentioned the development of international
      markets as a focus area for 2003. Could you elaborate?

      Let us first consider Vitrac.With this acquisition we have
      achieved a major step forward in our expansion strategy inthe Middle East. The brand is strong and can be extended
      across the whole Middle East region. Our Egyptian partners
      are experienced businessmen with excellent connections
      in the Arab world. Then, there’s Turkey. The joint venture
      with Ülker transforms our presence in south-east
      Europe on to a new footing. The distribution power of
      Ülker opens for us totally new opportunities in Turkey and
      other countries in this region. Ülker offers a wide assortment of food products with extremely good in-house
      distribution.

      In Turkey a new joint venture has been
      established with Ülker. Ülker is Turkey’s
      leading food producer and has the
      country’s strongest national distribution
      network and excellent coverage in neighbouring
      states. The joint venture envisages
      developing local production of baby cereals
      for the local market as well as an export
      platform for the Middle East and Central
      Asian markets.

      Die Türkei ist von der Population her sehr jung. Das eröffnet gutes Potential für Babynahrung.
      Avatar
      schrieb am 27.05.05 17:58:25
      Beitrag Nr. 25 ()
      ganz interessant hinsichtlich des Gesamtmarktes türkei:


      Die türkische Börse bleibt stabil
      Am Sonntag stimmen die Franzosen über die EU-Verfassung ab. Eine Ablehnung würde den ohnehin wackeligen


      Am Sonntag stimmen die Franzosen über die EU-Verfassung ab. Eine Ablehnung würde den ohnehin wackeligen Beitritt der Türkei gefährden. Der FONDS.com sprach mit Mike Bayer von der Ceros Vermögensverwaltung über die möglichen Auswirkungen des Referendums auf die Türkei und den türkischen Aktienmarkt. Bayer ist bei Ceros für das Management des Türkei 75 Plus (WKN 989 402) verantwortlich.

      DER FONDS.com: Was bedeutet Frankreichs Referendum für die Türkei?

      Mike Bayer: Ein „Nein“ der Franzosen zur EU-Verfassung ist ein klares Signal dafür, dass die französische Bevölkerung die Türkei als Vollmitglied in der EU ablehnt. Dabei sollten sie jedoch nicht vergessen, dass die Türkei ja nicht in ihrem derzeitigen Zustand in die EU aufgenommen wird. Für eine endgültige Aufnahme müssen in dem Land noch einige Reformen umgesetzt werden.

      DER FONDS.com: Was für Reformen sind das?

      Bayer: Das wichtigste Ziel besteht sicherlich darin, die Staatsfinanzen zu stabilisieren. Vom Internationalen Währungsfonds (IWF) hat die Türkei die Auflage bekommen, dass sie in den kommenden Jahren Überschüsse im Haushalt erwirtschaften muss. Hinzu kommen die Privatisierung der Unternehmen und eine Gewährung der Rechtsstaatlichkeit. Ein weiterer wichtiger Punkt auf der Agenda ist die Anerkennung Zyperns als eigenständiges Land.

      DER FONDS.com: Welche Auswirkungen hat negatives Referendum auf den türkischen Aktienmarkt?

      Bayer: Da der türkische Markt bereits von einem „Nein“ der Franzosen zur EU-Verfassung ausgeht, ist dieses Ergebnis größtenteils schon im Markt eingepreist. Es kann aber trotzdem zu einer kleinen Verkaufswelle kommen, wenn der Ausgang der Abstimmung amtlich ist. Ich gehe jedoch nicht von einer so starken Reaktion wie nach den angekündigten Neuwahlen von Bundeskanzler Gerhard Schröder am vergangenen Wochenende aus. Der türkische Aktienmarkt hat seit Montag rund 5 Prozent eingebüßt.

      DER FONDS.com: Wie schätzen Sie die weitere Entwicklung am Markt ein?

      Bayer: Das Referendum am Sonntag ist sicherlich nicht der wichtigste Meilenstein für den EU-Beitritt der Türkei. Die Beitrittsgespräche sind zugesagt und werden daher auch im Oktober beginnen. Allerdings sind sie an bestimmte Bedingungen, wie die Zypern-Frage geknüpft. Wenn sich die Franzosen am Sonntag also quer stellen sollten, dauert der ganze Prozess zwar länger, aber die EU-Phantasie ist dadurch nicht vorbei. Langfristig sind wir darum sehr optimistisch gestimmt, zumal die Reformen gut laufen und auch die fundamentalen Daten in der Türkei stimmen.

      DER FONDS.com: Können Sie das genauer sagen?

      Bayer: Die politische Lage im Land ist stabil und auch die wirtschaftliche Situation stabilisiert sich zunehmend. Im diesem Jahr rechnen wir mit einem Wirtschaftswachstum von rund 5 Prozent. Zudem geht die Inflation stetig zurück. Während die Inflationsrate im vergangenen Jahr noch bei 10 Prozent lag, wird sie 2005 zwischen 6 und 8 Prozent betragen. 2001 lag sie sogar noch bei rund 70 Prozent. Die Türkei hat also auch ohne Beitrittsphantasien sehr viel Potenzial. Die momentanen Kurskorrekturen nutzen wir darum für Nachkäufe.

      DER FONDS.com: In welchen Bereichen stocken Sie auf?

      Bayer: Derzeit halten wir vor allem zwei Werte für sehr attraktiv. Dabei handelt es sich zum einen um die Yapikredi Bank, die kurz vor der Übernahme durch eine große Familien-Holding steht. Da sie derzeit sehr runtergewirtschaftet ist, wird ihr die Übernahme neuen Aufwind verleihen. Bei dem anderen Wert handelt es sich um die Sabanci Holding, ebenfalls ein Familienunternehmen. Die Firma ist in sehr vielen verschiedenen Bereichen aktiv und hat daher enorm viel Potenzial nach oben. Wir gehen von einem Wachstumspotenzial von rund 20 bis 30 Prozent aus.
      Avatar
      schrieb am 02.06.05 15:13:04
      Beitrag Nr. 26 ()
      und schon ist meine Position wieder im plus. würde mal vermuten, dass wir die Tiefstkurse gesehen haben. Jedenfalls schlafe ich mit dieser position sehr ruhig. und gleich gibts zum kaffee erstmal ÜLKER BISKREM:lick:
      :cool:
      Avatar
      schrieb am 03.06.05 13:26:18
      Beitrag Nr. 27 ()
      Ülker: We Achieved $4Billion We Are Focused on Growing Abroad
      Closing 2004 with sales turnover of $billion and exports amounted $333 million, Ülker Grup, set 2005 as the year of productivity and investment abroad. Having 7 factories abroad, Ülker, is prepared to launch its biscuits factory in Romania, and starts its investments in Egypt.

      Ülker Group closed 2004 approx. $4 billion sales turnover, $333 million exports and with employees over 21 thousands, shall focus on productivity at home and on investment abroad in year 2005. Having 7 factories in 6 different countries other than Turkey, Ülker is prepared to start production in its biscuits factory in Romania and starts a new biscuits investment in Egypt. In order to maintain the quality in the countries where it produces biscuits and chocolate Ülker plans to establish an oil factory.


      It Is Time For Abroad

      Metin Yurdagül, Member of Board of Executives and Chairman of Food Group Ülker, said “2004 was a year in which new products especially Cola Turka and Ülker Gold ice cream established. We will focus on abroad in year 2005”


      Increasing the Prices Is Harder

      Noticing that increasing the prices would be hard due to decreasing inflation and gaining value of Turkish Lira in year, Yurdagül continued “Year 2003 was the year in which economy started to boom and 2004 was the year experienced this boom fully. Due to different factors such as decrease of inflation, gaining value of Turkish Lira, we regard 2005 as a year in which Ülker shall focus on organizing, picking up and productivity. Because it was easy to increase the prices in past times where monthly inflation was 10 person, now Turkish economy will not accept price hikes easily. It shall certainly look for the reasons. Even, it will demand deduction. Marking up is harder. We will have the difficulties to increase the prices even if our costs increase."


      Our Foreign Investments Strengthened

      Noting that Ülker closed 2004 with $3.6 billion sales turnover and strengthened its foreign investments, Metin Yurdagül said that they expect their sales turnover of 2005 to be $5 billion. Expressing that their sales turnover abroad yielded by 7 factories in 6 countries exceed $300 million, Yurdagül added that they will continue to increase strengthen their foreign investment in year 2005.


      We are the leader in Kazakhstan

      Yurdagül said ``We are market leader in Kazakhstan with market share over 30%. Iran is also one of our very good markets, we have two factories in Tebriz and Tehran. We have factories in Uzbekistan, Ukraine, Saudi Arabia. We will start production of biscuits in Romania soon. We are prepared to manufacture biscuits and chocolates in Egypt”. Yurdagül stated that the investment in Romania would be $10 million and in Egypt may vary between $7-10 million. Expressing that Ülker Group exports amounted at $333 million to 100 countries and added “There are some countries we present with the name Ülker. In some countries our presence is under brands other than Ülker.


      No New Category In Food

      Mentioning that while turnover of food group of conglomerate Ülker was $600 million in 2003, it was increased to $800 million in 2004. Yurdagül stated that they estimate their growth in 2005 to be in its normal trend. Yurdagül said “In some products the market is full in some products. Markets such as biscuit, oil do not grow any longer, even used tonnage in margarine does not increase, market decrease”. Reminding that they put soy products in the markets in last months of 2004, Yurdagül stated that they will not enter a new food category in 2005 and that they will continue to diversify the products in current categories. Yurdagül reminded that Ülker has more than 1800 products in different food categories.


      We Make Turkish Consumer Love Soy

      Mentioning that they aimed at endearing Turkish consumers love soy with soy mixtures ÜLKER Bizim Mutfak introduced to the markets, Metin Yurdagül noted that soy is an important agricultural product in terms of health and economy. Yurdagül said “We let the people to taste soy products in markets” and added “Soy is a very important product from point of view of health. Soy protein is in seems like meat or minced meat but is wholly vegetal. It contains no cholesterol. Imported soy products used to be sold in Turkey and we started to produce for the first time. We have the mission to create a market. There are some companies that crush and mix the soy from which pulp is produced and sell as minced soy with very low prices. We established two facilities in Istanbul and Adana with an investment of $17 million. Flour industry use soy to retard the becoming stale of bread.


      50 Thousand Persons Apply Per Year

      Stating that conglomerate of ÜLKER employs 18 thousand persons at home and 3 thousand abroad total 21 thousand persons, Metin Yurdagül mentioned that number of people wanting to work in the conglomerate significantly increased. 200 persons were hired by Ülker conglomerate only at medium and top management levels within last 6 years.


      We Have Not Considered to Give Up Ülkerspor So Far

      Expressing that achievements of Ülkerspor in basketball which was established 12 years ago made Ülker Conglomerate happy, Metin Yurdagül said “We continued to invest in team even in crisis period. We have so far not considered to give up basketball, however no one can know what future holds”. Reminding that average annual expenses of a basketball team is not less than $5-6 million, Yurdagül stated “ Unfortunately this figure is less than $1 million for many team in Turkey. It is around $20 million in Europe``.


      We Entered To Coke Market And Changed The Rank

      Stating that Cola Turka and Ülker Golf Ice Cream entered into the market in 2003 made the market to grow, Metin Yurdagül added “Coke market in Turkey was a very hard one, we entered knowing this. Currently we rank the second with a significant difference, we have changed the rank in coke market.” Indicating that it is not possible to instantly move fast in the market where two coke giants are player in the field, Yurdagül added “We have reached 20 percent that was our first target. Coke is a market very sensitive to the promotion and price. Therefore, our market share may vary certain points. Our market share increased to 25 percent sometimes, sometimes it decreases to 16-17 percent. We introduced ice cream in summer of 2004. Our market share was 8 percent at the beginning. Now it is approx. 25 percent. Ülker has an expanding effect in the markets it enters rather than to acquire current shares. Market growth is also beneficial to our rivals´´


      Where Ülker Has Investmens?


      Saudi Arabia

      Kazakhstan

      Uzbekhstan

      Ukraine

      Iran (2 factories)

      Das dürften wohl gute wachstumsperspektiven sein. Die Ausrichtung in Richtung Export verschafft die Wachstumsperspektive die im türkischen Markt schon erfolgreich genutzt wurde.

      4 Mrd Umsatz und eine MK von 500 mio euro....
      Avatar
      schrieb am 03.06.05 13:27:32
      Beitrag Nr. 28 ()
      und auch in china ist man aktiv:


      Ülker enters into Chinese Market with “Misafir Kral”
      Showing itself off in many countries of the world with its products, Ülker enters into Chinese market with “Misafir Kral” brand.

      Peter K.W Wong, Marketing Director Heng Tair Consumables Group Limited engaged in transportation and importation of supplies, wet vegetables and fruits said that Ülker will enter to Chinese market with Misafir Kral (You KE) in next month. Stating that they conducted a market research in order to carry Ülker to China, Wong expressed in Shanghai Exhbition on foods and participated by Turkish Companies that they have contacts both with Ülker conglomerate and Kent Group. Wong stated that they have chosen Ülker conglomerate since they have wider range of products.


      Permissions are obtained

      Stating that permissions necessary to import 13 products under Misafir Kral (You KE) brand to be exported by Ülker to China from next month, Wong said that the goods to be imported shall be offered for sale in stores in and around Shanghai at 400 sales points to which they deliver goods. Reminding that logo of Ülker shall also be available on the packages of the goods specially produced in Turkey for China, Wong said that they conducted a market research on investment further to the demand from Ülker. Reminding that it is still early to talk about market of Ülker products to be offered for sale, Wong added “Ülker that will compete with the government in Chinese market shall have a share in the market. The products shall be distributed form 400 sales points in and around Shanghai. The products according to taste of Chinese people. There will be some advertisements to draw the interest of customers. The products to be placed in flashy packages shall draw the interest of the consumers.


      Heng Tai Distributes 2 Thousand Products in Chinese Market

      Mentioning that they are Hong Kong based company, Peter K.W Wong, Marketing Director Heng Tair Consumables Group Limited, stated that they have been engaged and invested in imports, distribution and marketing of supplies, wet vegetables and fruits and transportation since 20 years.


      Reminding that their company has been active since 20 years, that they have a turnover of $88 million and that they distribute 2 thousand products to Chinese market, Wong noted that they will establish a facility in Shanghai which will carry out dry and wet packing with an investment of $50 million. He added that they render market research, distribution and investment services for the companies that want to enter to the market.
      Avatar
      schrieb am 03.06.05 13:29:35
      Beitrag Nr. 29 ()
      Ülker Gida to be named ‘Candy Company of the Year in Europe’ Ülker Gida was chosen the “Candy Company of the Year in Europe” by “Europen Candy Kettle Club” which is made up of companies providing machines and facilities to the European candy sector.

      Ülker Gida was chosen the “Candy Company of the Year in Europe” by “Europen Candy Kettle Club” which is made up of companies providing machines and facilities to the European candy sector. According to the statement made by Ülker, a meeting come dinner will be organized tomorrow at the Rahmi Koç Industrial Museum. The dinner will be attended by Ülker Group high official managers, European Candy Kettle Club president and managers, and its 48 members from European countries, During the dinner European Candy Kettle Club officials will provide information about the club, explain why they chose Ülker and answer questions.
      Avatar
      schrieb am 03.06.05 13:30:41
      Beitrag Nr. 30 ()
      Nur damit später keiner jammert, er hätte es nicht wissen können :D
      Avatar
      schrieb am 03.06.05 15:10:31
      Beitrag Nr. 31 ()
      Nur damit das nicht nur von einer Seite kommt: Lukoil, stimme Dir voll zu. Die Globalplayer ala Danone haben eher ein Verhältnis von 1:1 (Umsatz zu MK)----Ulker liegt da eher 7:1 O.K. die sind zwar profitabler, denke jedoch, dass Ulker eher auf Wachstum setzt und aggressiv reinvestiert...bei den NAhrungsmittelläden in Europa (Unilever, Danone etc.) ist das Wachstum jedoch ziemlich ausgereizt. Da schauen sich die Multis um...und investieren in den EM...da wo ULKER gerade expandiert und sein Exposure hat...
      Avatar
      schrieb am 20.07.05 23:14:25
      Beitrag Nr. 32 ()
      Ülker will enter to the neighbors with Bizim

      Bizim Toptan Satis Magazalari which operates at the structure of Ülker, reached 40 shops in 27 cities at second anniversary of its establishment.
      Aiming to reach 1 million tax payers by creating an alternative distribution channel, Bizim Toptan Satis Magazalari is planning to increase the numbers of shops over 100 this year by franchising system. Deputy General Manager Nusret Kayhan who made a speech at 2 nd anniversary of establishment presentation indicated the rehabilitation of relations with southern neighbor countries in time and opening the borders which are closed right now will cause expanding the volume of trading to neighbor countries and after those, they target to open shops over there.
      Avatar
      schrieb am 21.07.05 12:15:37
      Beitrag Nr. 33 ()
      sollte schon überraschen, wenn die entwicklung nicht weiter positiv verläuft. meines erachtens ist da deutlich eine inverse SKS-Formation zu erkennen.

      Avatar
      schrieb am 31.08.05 18:25:28
      Beitrag Nr. 34 ()
      A `glo-cal` approach
      This year`s European Candy Kettle Club winner, the Ulker Group, has demonstrated a knack for weathering economic and political volatility. Now, with Turkey`s economy racing along at a double-digit clip, the company hasn`t missed a beat, remaining ahead of the country`s growth curve by posting 20% sales gains.

      The Economist`s headline in its September 18-24 issue didn`t mince words. "Why Europe must say yes to Turkey." the cover boldly stated.


      Given the discussion surrounding Turkey`s application to become a member of the European Union, it was - not surprisingly - timely. In fact, earlier this month, the European Commission gave the green light to enter into negotiations, the Turkish par-liament`s recent passage of a new penal code helping assure a positive vote. Full membership is expected to take 10 years.


      Regardless of the time frame, the Ulkers — Sabri. honorary chairman and founder, as well as Murat. his son and chairman of Istanbul-based the Ulker Group, had long ago cast their ballots, affirming Turkey`s viability as a place to do business.


      Since the company`s founding in 1944. when Sabri began producing biscuits with just three employees, the Ulkers have steadfastly believed that Turkey - just like its more established and developed European neighbors to the north and west - would embrace quality confectionery products.


      The company`s evolution from a modest biscuit baker to Turkey`s largest food and beverage enterprise with sales topping $3.6 billion spans 60 years. During that time, the Ulkers not only built up their biscuit base, naturally evolving into chocolate and sugar confectionery products, they also pursued related, yet ancillary, opportunities.


      In doing so. the company not only turns outs biscuits, chocolates, sugar confections, bubble gum, cakes and wafers, it`s also involved in the production of oils. fats, soft drinks, dairy products, glucose, starches, soups and ice cream.


      Aside from its horizontal food growth, the Ulker Group has also pursued vertical integration, opting to roast its own hazelnuts, process its own cocoa beans, manufacture its own films and packaging, even produce its own food processing equipment when relevant. With 35 plants and 17.000 employees, the Ulker Group has moved well beyond its first year`s output of 75 tons of biscuits. In fact, the Ulker Division, which primarily consists of confectionery products and is the Group`s largest unit, does more than 900.000 tons annually.


      Back
      Avatar
      schrieb am 30.09.05 13:27:11
      Beitrag Nr. 35 ()
      die entwicklung der letzten tage ist wirklich grossartig.
      jetztschon 2,8 Euro. macht ein plus von 20 % plus dividende in weniger als einem halben jahr. mit einem konservativen türkeiinvestment. das stimmt froh:)
      Avatar
      schrieb am 04.10.05 18:32:23
      Beitrag Nr. 36 ()
      es ist schon beachtlich, dass solche unternehmen kaum jemdanden interessieren. grundsolides, konservatives geschäftsmodell, eine unglaubliche Erfolgsgeschichte seit 60 Jahren und am expandieren.

      nur hier interessiert sich kaum jemand dafür.

      mich freuts. rund 40 % in einem halben jahr zzgl dividende.
      bringt entspannung und leise freude:)
      Avatar
      schrieb am 29.12.05 19:47:40
      Beitrag Nr. 37 ()
      heute wurde bei mir für je hundert Aktien eine Bonusaktie eingebucht. Sehr schön, denn die gibt es ja zur Dividende noch dazu.

      Ich hatte kurz überlegt, wegen der Handelbarkeit an deutschen Börsen meine ülker-aktien zu verkaufen. Hätte meine Gewinne dann aber versteuern müssen. Ausserdem hat sich fundamental ja nichts geändert. Nach einem Gespräch mit der deutschen Börse und clearstream habe ich aber den Eindruck gewonnen, dass die Aussetzung vom Handel wohl eher vorübergehender Natur ist. Ausserdem ist mein Horizont langfristiger Natur, so dass ich die Dinge die da noch kommen mögen mal abwarte.
      Avatar
      schrieb am 11.01.06 18:22:54
      Beitrag Nr. 38 ()
      da aktuell die kursentwicklung nicht verfolgt werden kann, hier ein link, über den man den kurs in der türkei verfolgen kann:

      http://finans.tr.net/borsa.jsp


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