Bizim Toptan Satis Magazalari AS (BIZIM) is a Turkish company that engages in wholesale trade. According to its financial statements for the periods ending December 31, 2021, 2020, and 2019: - Total assets increased from TRY 1,140.65 million in 2019 to TRY 2,138.5 million in 2021, with current assets growing from TRY 767.9 million to TRY 1,540.87 million over the same period. - Total revenue grew from TRY 4,520.67 million in 2019 to TRY 7,173.14 million in 2021, while net income increased from TRY 33.08 million to TRY 82

1. Bizim Toptan Satis Magazalari AS (BIZIM)
BIZIM Balance Sheet
Period Ending:
2021
31/12
2020
31/12
2019
31/12
Total Current Assets 1540.87 1053.22 767.9
Cash and Short Term Investments 503.86 327.22 399.04
Cash 42.99 35.08 32.03
Cash & Equivalents - 173.57 3.71
Short Term Investments 460.88 292.14 367
Total Receivables, Net 256.62 269.81 66.33
Accounts Receivables - Trade, Net 255.08 269.56 66.21
Total Inventory 733.56 437.5 296.43
Prepaid Expenses 42.87 18.69 6.1
Other Current Assets, Total 3.96 - -
Total Assets 2138.5 1520.08 1140.65
Property/Plant/Equipment, Total -
Net
496.63 424.71 331.37
Property/Plant/Equipment,
Total - Gross
847.91 696.46 540.09
Accumulated Depreciation, Total -351.27 -271.76 -208.72
Goodwill, Net - - -
Intangibles, Net 58.9 34.86 38.32
Long Term Investments - - -
Note Receivable - Long Term 4.49 3.18 2.42
Other Long Term Assets, Total 37.61 4.12 0.64
Other Assets, Total - - -
Total Current Liabilities 1730.32 1198.55 860.71
Accounts Payable 1540.38 1055.61 751.69
Payable/Accrued - - -
Accrued Expenses 53.28 39.62 32.26
Notes Payable/Short Term Debt - - -
Current Port. of LT Debt/Capital
Leases
77.95 70.98 57.31
Other Current liabilities, Total 58.71 32.34 19.44

2. Total Liabilities 1922.38 1367.39 999.37
Total Long Term Debt 143.91 137.19 115.1
Long Term Debt - - -
Capital Lease Obligations 143.91 137.19 115.1
Deferred Income Tax - - -
Minority Interest -0.02 -0 -
Other Liabilities, Total 48.17 31.65 23.56
Total Equity 216.12 152.69 141.28
Redeemable Preferred Stock, Total - - - -
Preferred Stock - Non Redeemable,
Net
- - - -
Common Stock, Total 60 60 60 60
Additional Paid-In Capital - - - -
Retained Earnings (Accumulated
Deficit)
191.22 128.19 98.27
75.
5
Treasury Stock - Common -13.53 -13.53 -13.53
ESOP Debt Guarantee - - - -
Unrealized Gain (Loss) - - -
Other Equity, Total -21.57 -21.97 -3.46
Total Liabilities &
Shareholders' Equity
2138.5 1520.08 1140.65
Total Common Shares
Outstanding
60 60 60
Total Preferred Shares
Outstanding
- - -
* In Millions of TRY (except for per share items)

3. BIZIM Income Statement
Period Ending:
2021
31/12
2020
31/12
2019
31/12
Total Revenue 7173.14 5361.82 4520.67
Revenue 7173.14 5361.82 4520.67
Other Revenue, Total - - -
Cost of Revenue, Total 6290.32 4780.18 4005.21
Gross Profit 882.82 581.64 515.46
Total Operating Expenses 7024.2 5267.53 4441.74
Selling/General/Admin. Expenses,
Total
485.14 329.93 260.13
Research & Development - - -
Depreciation / Amortization 95.13 76.04 66.91
Interest Expense (Income) - Net
Operating
-17.19 -0.31 -0.32
Unusual Expense (Income) 6.56 2.14 2.38
Other Operating Expenses, Total 164.23 79.55 107.43
Operating Income 148.95 94.29 78.93
Interest Income (Expense), Net Non-
Operating
-62.64 -41.71 -34.83
Gain (Loss) on Sale of Assets -10.6 -2.24 -1.13
Other, Net -1.62 -1.78 -1.41
Net Income Before Taxes 74.08 48.56 41.56
Provision for Income Taxes -8.16 10.38 8.48
Net Income After Taxes 82.25 38.18 33.08
Minority Interest 0.02 0.01 -
Equity In Affiliates - - -
U.S GAAP Adjustment - - -
Net Income Before Extraordinary
Items
82.27 38.19 33.08
Total Extraordinary Items - - -
Net Income 82.27 38.19 33.08
Total Adjustments to Net Income - - -
Income Available to Common
Excluding Extraordinary Items
82.27 38.19 33.08
Dilution Adjustment -0.02 - -
Diluted Net Income 82.25 38.19 33.08
Diluted Weighted Average Shares 58.84 58.84 58.84
Diluted EPS Excluding Extraordinary
Items
1.4 0.65 0.56
DPS - Common Stock Primary Issue - 0.32 0.14
Diluted Normalized EPS 1.59 0.71 0.61

4. References
https://www.investopedia.com/terms/f/financial-statement-analysis.asp
https://corporatefinanceinstitute.com/resources/knowledge/finance/analysis-of-financial-
statements/
http://accioneduca.org/admin/archivos/clases/material/financial-analysis-in-
vertical_1564010300.pdf
https://www.investing.com/equities/bizim-magazalari-income-statement