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New Horizons Strong Performance

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New Horizons Strong Performance NEW HORIZONS STRONG PERFORMANCE 2018 ANNUAL REPORT 2018 ANNUAL REPORT CONTENTS “We will steadfastly maintain our Introduction 2 CORPORATE PROFILE efforts towards our goal of strong 4 2018 FINANCIAL AND OPERATIONAL HIGHLIGHTS 6 HIGHLIGHTS IN 2018 export growth in the 2019-2020 8 MESSAGE FROM THE CHAIRMAN OF THE BOARD OF DIRECTORS period. We are determined to 10 MESSAGE FROM THE PRESIDENT OF THE AUTOMOTIVE GROUP 12 MESSAGE FROM THE GENERAL MANAGER expand the area which we export to 16 ANADOLU ISUZU FROM PAST TO PRESENT 18 SHAREHOLDERS OF ANADOLU ISUZU with the addition of new markets, 22 ANADOLU ISUZU’S PRODUCT PORTFOLIO especially in Europe, and to 36 THE ECONOMY IN TURKEY AND THE WORLD 37 OVERVIEW OF THE SECTOR reinforce the contribution which we In 2018 offer to both the Turkish economy 40 IN SUMMARY and our stakeholders.” 41 EXPORT ACTIVITIES 47 MARKETING AND DEALER NETWORK DEVELOPMENT ACTIVITIES 49 AFTER-SALES SERVICES Tuğrul Arıkan 50 SUPPLY CHAIN General Manager 52 R&D AT ANADOLU ISUZU 56 PRODUCTION 58 ANADOLU ISUZU AND THE ENVIRONMENT 61 INDUSTRY 4.0 AND DIGITALIZATION PROJECTS 63 IMM GLOBAL LEADER COMPANY 65 THE ANADOLU ISUZU ENERGY POLICY 66 HUMAN RESOURCES 72 OHS/EMPLOYEE SAFETY 73 SOCIAL AWARENESS PROJECTS AT ANADOLU ISUZU Corporate Governance 76 BOARD OF DIRECTORS 81 SENIOR MANAGEMENT 84 ORGANIZATION CHART 86 INDEPENDENT AUDIT REPORT 88 OTHER INFORMATION ABOUT ACTIVITIES 96 2018 AFFILIATE REPORT 97 CORPORATE GOVERNANCE Financial Information 119 CONSOLIDATED FINANCIAL STATEMENTS TOGETHER WITH REPORT OF INDEPENDENT AUDITORS FOR THE PERIOD 1 JANUARY - 31 DECEMBER 2018 FOR MORE YOU CAN VISIT THE INVESTOR RELATIONS SECTION OF OUR WEBSITE https://www.anadoluisuzu.com.tr/en/investor-relations ANADOLU ISUZU 2018 ANNUAL REPORT INTRODUCTION HIGHLIGHTS OF 2018 1 Introduction Highlights of 2018 EUR 93 million TL 1,118 million New record in exports Healthy growth of sales revenues In 2018 TL 81.8 million TL 48.7 million Improvement in EBITDA Increase in Operating Profit Strategy Corporate Governance Strong and Fast Growth in the Global Market Towards New Horizons and New Businesses Strong Customer Value Proposition and Market Positioning Goal of Increasing Efficiency in All Processes from End-to-End Financial Information 2 ANADOLU ISUZU 2018 ANNUAL REPORT INTRODUCTION CORPORATE PROFILE INTRODUCTION Corporate Profile TOTAL NUMBER OF EMPLOYEES AT ANADOLU ISUZU 802 AS OF 2018 ANADOLU ISUZU IN BRIEF Anadolu Isuzu, which operates in the Anadolu Isuzu’s sustainable growth path commercial vehicle segment of the began in 1965. automotive sector, has a wide product range, high added value after-sales The foundations of Anadolu Isuzu were services and an extensive dealer and laid in 1965 where the production of technical service structure. Carrying trucks and motorcycles were carried out vehicle production in the truck, out in the first stage of activities, which light truck, midi bus, bus and pick-up started under the title of the Steel segments, Anadolu Isuzu commands an Assembly. Production of the Skoda ambitious position in export markets. branded light truck continued until 1986. Carrying out the production and Anadolu Isuzu assumed its current title marketing of commercial vehicles, the with the license agreement reached with Company’s production facilities are Isuzu Motors Ltd. in 1983. Production located in Şekerpınar, Çayırova. The of Isuzu vehicles started at the Istanbul annual production capacity of Anadolu Kartal Plant in 1984. Isuzu’s production facilities, which are located on 300,000 m2 of land, Anadolu Isuzu today continues its stands at 19,000 vehicles in single shift activities as a joint venture consisting of production. leading groups in Turkey and the world: Serving its customers in 63 provinces • Anadolu Group (55.40%) across Turkey through 102 authorized service points, Anadolu Isuzu has • Isuzu Motors Ltd. (16.99%) distributors in more than 30 countries • Itochu Corporation (12.74%) abroad. As of the end of 2018, Anadolu • Other (14.87%) Isuzu employed a total workforce of 802 people. Anadolu Isuzu shares have been trading on the BIST under the “ASUZU” ticker since 1997. FOR MORE INFORMATION PLEASE VISIT OUR WEBSITE: www.anadoluisuzu.com.tr ANADOLU ISUZU 2018 ANNUAL REPORT INTRODUCTION CORPORATE PROFILE 3 The annual production capacity of Anadolu Isuzu’s Introduction production facilities, which are located on 300,000 m2 of land, stands at 19,000 vehicles in single shift production. In 2018 Corporate Governance Financial Information 4 ANADOLU ISUZU 2018 ANNUAL REPORT INTRODUCTION 2018 FINANCIAL AND OPERATIONAL HIGHLIGHTS 2018 Financial and Operational Highlights TOTAL ASSETS EQUITY CAPITAL NET SALES (Thousand TL) (Thousand TL) (Thousand TL) 2018 1,605,868 2018 557,921 2018 1,187,862 2017 1,453,484 2017 628,126 2017 963,126 2016 885,067 2016 262,465 2016 829,811 2015 881,203 2015 323,362 2015 935,495 2014 692,637 2014 333,902 2014 729,114 GROSS PROFIT INVESTMENT EXPENDITURES NUMBER OF EMPLOYEES (Thousand TL) (Thousand TL) (People) 2018 193,028 2018 55,267 2018 802 2017 124,964 2017 33,458 2017 875 2016 108,101 2016 28,708 2016 823 2015 156,298 2015 54,690 2015 944 2014 125,287 2014 40,341 2014 869 NUMBER OF PRODUCTS NUMBER OF SALES 2018 4,461 2018 4,918 2017 6,366 2017 6,678 2016 5,240 2016 7,333 2015 11,162 2015 9,907 2014 7,680 2014 8,898 ANADOLU ISUZU 2018 ANNUAL REPORT INTRODUCTION 2018 FINANCIAL AND OPERATIONAL HIGHLIGHTS 5 Introduction FINANCIAL METRICS (TL) 2018 2017 Sales 1,187,862,785 963,126,462 Gross Profit 193,028,440 124,964,542 Operating Profit 48,670,438 2,108,003 In 2018 EBITDA 81,824,403 28,818,636 Profit Before Tax -80,679,954 -68,292,697 Net Profit (Controlling shares) -67,225,774 -48,388,364 PROFITABILITY 2018 2017 Gross Profit Margin 16.30 13.00 Operating Margin 4.10 0.20 Net Profit Margin -5.70 -5.00 Return on Equity -12.00 -7.70 Operational Expenses/Net Sales 12.20 12.80 Financial Expenses/Net Sales -10.90 -7.30 EBITDA Margin 6.90 3.00 CURRENT RATIOS 2018 2017 Current Ratio 1.04 1.38 Corporate Governance Cash Ratio 0.11 0.17 Liquidity Ratio 0.51 0.81 SOLVENCY RATIOS 2018 2017 Trade Payables/Equity 57.40 47.30 Total Financial Liabilities/Equity 115.20 68.90 (Trade Payables+Total Financial Liabilities)/Equity 172.60 116.20 Total Liabilities/Total Assets 65.30 56.80 Equity/Total Assets 34.70 43.20 MARKET VALUE (TL) 2018 2017 ASUZU 519,120,000 764,400,000 SHAREHOLDING STRUCTURE The shareholding structure of Anadolu Isuzu as of 2018 year-end is as follows: Financial Information SHAREHOLDER’S NAME AMOUNT (TL) SHARE (%) Anadolu Group 46,535,401.00 55.40 Isuzu Motors Ltd. 14,275,509.00 16.99 Itochu Corporation 10,706,534.00 12.74 Others 12,482,556.00 14.87 Total 84,000,000.00 100.00 6 ANADOLU ISUZU 2018 ANNUAL REPORT INTRODUCTION HIGHLIGHTS IN 2018 Highlights in 2018 THE LARGEST EXPORT CONTRACT IN ANADOLU ISUZU’S HISTORY Anadolu Isuzu won the EBRD tender for the delivery of 104 Citiport vehicles to the Constanta Municipality. With this contract, Anadolu Isuzu has undertaken the largest bus export contract signed to date with Romania, and indeed is the largest in the Company’s own history. After winning this large tender, Anadolu Isuzu also won the tender opened by the Sibiu Municipality for 38 Citiport vehicles, and delivered the vehicles. As a result of these tenders, the number of vehicles for which the Company signed sales contracts in Romania - its biggest export market - reached 234. 2018 ISUZU NOVOCITI LIFE EUROPE DEMO TOUR Within the scope of the Europe Demo Tour 2018, which started on 6 September 2018, the new Novociti Life midibuses were presented to local authorities and public transportation companies in the 25 countries covered during the tour. TURKEY’S FIRST DOMESTIC ELECTRIC ANADOLU ISUZU LAUNCHES FIVE NEW TRUCK MODELS AT THE IAA HANNOVER FAIR The world launch of Turkey’s first Anadolu Isuzu made the first domestic electric truck was carried demonstration of its five new vehicles out in 2018 IAA Hannover Fair on 19 at the IAA Hannover 2018 Commercial September 2018. The R&D work for Vehicle Fair, which was closely followed the electric truck, which was one of the worldwide. At the fair held between 20 ONE IN EVERY THREE MID-CLASS vehicles to make a strong impression in and 27 September 2018, the Citiport the fair, was 100% carried out by Turkish 18, the Citiport 12 HyPer, the Novociti TRUCKS COMING ONTO THE ROADS IS engineers together with the local project Life Premium, the Visigo HyPer, the AN ISUZU. partners. Turquoise and Turkey’s first 100% electric truck were introduced to potential customers. ANADOLU ISUZU 2018 ANNUAL REPORT INTRODUCTION HIGHLIGHTS IN 2018 7 Introduction ANADOLU ISUZU WINS THREE A TOTAL OF 362 ISUZU NOVOCITI LIFE DIFFERENT AWARDS IN THE A’DESIGN VEHICLES DELIVERED TO DIFFERENT AWARDS & COMPETITION REGIONS OF THE COUNTRY Three different vehicles designed and The Isuzu Novociti Life continued to manufactured at the Anadolu Isuzu receive a high volume of orders across plants in Turkey won one platinum and Turkey in 2018. The Novociti Life two gold design awards at the A’Design received a total of 362 orders, including Award & Competition, one of the world’s 80 from Bingöl, 87 from Sivas, 36 from most prestigious design competitions, in Afyon, 130 from Hatay, 22 from Mardin, 2018. Among the vehicles designed by 4 from Istanbul, 2 from Diyarbakır and 1 the Turkish Engineers, the Visigo won from Muş. In 2018 the Platinum Award, while the Citiport and Novociti Life won the Gold one.
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