Otokar 2020 Annual Report Contents
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Turkey Aerospace & Defense
TURKEY AEROSPACE & DEFENSE 2016 AEROSPACE TURKEY TURKEY AEROSPACE & DEFENSE 2016 Aerospace - Defense - Original Equipment Manufacturers Platforms - Clusters - Multinationals - Sub-Tier Suppliers Distinguished GBR Readers, Since the inception of the Undersecretariat for Defense Industries 30 years ago, significant steps have been taken to achieve the goals of having the Turkish armed forces equipped with modern systems and technologies and promoting the development of the Turkish defense industry. In the last decade alone, the aerospace and defense (A&D) sector's total turnover quadrupled, while exports have increased fivefold, reaching $5.1 billion and $1.65 billion in 2014, respectively. The industry's investment in research and development (R&D) reached almost $1 billion in 2014. The total workforce in the A&D industry reached 30,000 personnel, of which 30% are engineers. Even more remarkable, Turkey is now at the stage of offering its own platforms for both the local market and to international allies, and has commenced a series of follow up local programs. Although this progress has been achieved under the circumstances of a healthy and consistent political environment and in parallel with sustained growth in the Turkish economy, the proportion of expenditure for defense in the national budget and as a percentage of Turkey’s GDP has been stable. With the help of the national, multinational and joint defense industry projects that have been undertaken in Turkey by the undersecretariat, the defense industry has become a highly capable community comprising large-scale main contractors, numerous sub- system manufacturers, small- and medium-sized enterprises, R&D companies who are involved in high-tech, niche areas, research institutes, and universities. -
KOC SS RAPORU 08 Buke.Fh11
Corporate Social Responsibility Report 2008 Contents 02 Message from the Chairman Message from the CEO of the Ko Group 04 06 Scope of the Report Values of the Ko Group 07 08 Creating Value at Ko R&D and Innovation at Ko 10 18 Social Responsibility at Ko Group Respect for Human Rights at Ko Group 32 38 Working Environment at Ko Group Environmentally-Friendly Practices of Ko Group 50 66 Ethical Values at Ko The Global Compact 69 THE KO GROUP 01 CORPORATE SOCIAL RESPONSIBILITY REPORT 2008 We, Ko Group, with all our people, aspire to ensure customer satisfaction and sound growth by providing products and services of universal quality and standards. We are committed to being a symbol of trust, continuity and esteem for our country, customers, shareholders, dealers, and suppliers. Message from the Chairman We regard corporate social responsibility as an indispensible part of our business approach, in line with the conscience transmitted to us by the late Vehbi Ko. Distinguished Shareholders, In the era of globalization, even though there are still humanity, the coming generations, and for ourselves as geographic boundaries, economic boundaries no longer well. exist. Developments in one country affect another country on the other side of the world with unprecedented speed. During this difficult crisis period that, we, the Ko Group, The latest example is the financial crisis originating in the continue to be a driving force forwards economic U.S.A. and causing turbulence in all economies around development with domestic investments, steps towards the world in a very short time. developing new sectors of production, and our globally known brands. -
Retirement Strategy Fund 2060 Description Plan 3S DCP & JRA
Retirement Strategy Fund 2060 June 30, 2020 Note: Numbers may not always add up due to rounding. % Invested For Each Plan Description Plan 3s DCP & JRA ACTIVIA PROPERTIES INC REIT 0.0137% 0.0137% AEON REIT INVESTMENT CORP REIT 0.0195% 0.0195% ALEXANDER + BALDWIN INC REIT 0.0118% 0.0118% ALEXANDRIA REAL ESTATE EQUIT REIT USD.01 0.0585% 0.0585% ALLIANCEBERNSTEIN GOVT STIF SSC FUND 64BA AGIS 587 0.0329% 0.0329% ALLIED PROPERTIES REAL ESTAT REIT 0.0219% 0.0219% AMERICAN CAMPUS COMMUNITIES REIT USD.01 0.0277% 0.0277% AMERICAN HOMES 4 RENT A REIT USD.01 0.0396% 0.0396% AMERICOLD REALTY TRUST REIT USD.01 0.0427% 0.0427% ARMADA HOFFLER PROPERTIES IN REIT USD.01 0.0124% 0.0124% AROUNDTOWN SA COMMON STOCK EUR.01 0.0248% 0.0248% ASSURA PLC REIT GBP.1 0.0319% 0.0319% AUSTRALIAN DOLLAR 0.0061% 0.0061% AZRIELI GROUP LTD COMMON STOCK ILS.1 0.0101% 0.0101% BLUEROCK RESIDENTIAL GROWTH REIT USD.01 0.0102% 0.0102% BOSTON PROPERTIES INC REIT USD.01 0.0580% 0.0580% BRAZILIAN REAL 0.0000% 0.0000% BRIXMOR PROPERTY GROUP INC REIT USD.01 0.0418% 0.0418% CA IMMOBILIEN ANLAGEN AG COMMON STOCK 0.0191% 0.0191% CAMDEN PROPERTY TRUST REIT USD.01 0.0394% 0.0394% CANADIAN DOLLAR 0.0005% 0.0005% CAPITALAND COMMERCIAL TRUST REIT 0.0228% 0.0228% CIFI HOLDINGS GROUP CO LTD COMMON STOCK HKD.1 0.0105% 0.0105% CITY DEVELOPMENTS LTD COMMON STOCK 0.0129% 0.0129% CK ASSET HOLDINGS LTD COMMON STOCK HKD1.0 0.0378% 0.0378% COMFORIA RESIDENTIAL REIT IN REIT 0.0328% 0.0328% COUSINS PROPERTIES INC REIT USD1.0 0.0403% 0.0403% CUBESMART REIT USD.01 0.0359% 0.0359% DAIWA OFFICE INVESTMENT -
Memorial De Infantería 73
MEMORIAL DE INFANTERÍA Número 73 ● Año 2016 MEMORIAL DE INFANTERÍA Cuarta época • Año 2016 • Número 73 Fundado en 1852 TOLEDO ASPECTOSMEMORIAL INSTITUCIONALES DE INFANTERÍA Revista del Arma de Infantería Núm. 73 - año 2016 DIRECTOR Coronel Inspector del Arma de Infantería. D. Luis Manuel Candal Añón. SUBDIRECTOR Coronel Secretario del Arma de Infantería. D. Fernando Gil Franco. VOCALES TCol. D. Pedro Agustín Delgado Pérez. Jefe de Plana Mayor de Dirección. TCol. D. Francisco Martínez Méndez. Jefatura de Estudios (Dpto. de Ciencia Militar). TCol. D. Jesús Lozano Aragüés. Jefatura de Estudios (Núcleo de Formación Profesional). TCol. D. José María Pascual Orbe. Jefatura de Estudios (Dpto. Técnica Militar). TCol. D. Antonio Gómez Zambudio. Jefatura de Apoyo y Servicios. TCol. D. Antonio Piñana Martínez. DIDOM-JADINF (Área de Orgánica y Materiales). TCol. D. Carlos Vera Sibajas. DIDOM-JADINF (Área de Investigación y Análisis). TCol. D. Florentino Nebrera Parra. DIDOM-JADINF (Área de Doctrina). TCol. D. Lorenzo Martín Coba. EGE-Jefatura Escuela de Educación Física. SMBY D. Julio Núñez Rodríguez. Academia de Infantería. PUBLICACIÓN Academia de Infantería. Teléfonos 925 24 78 00 Exts. 3043 - 3045 - 3047 RCT. 881 3043 - 881 3045 - 881 3047 Distribución: Centro de Publicaciones C/. Camino de Ingenieros, 6 - 28047 (Madrid) Telf.: 91 364 74 21. Fax: 91 364 74 07. Los números editados se pueden consultar en formato electrónico en: http://publicaciones.defensa.gob.es/inicio/revistas APP Revistas Defensa: disponible en tienda Google Play http://play.google.com/store para dispositivos Android, y en App Store para iPhones y iPads, http://store.apple.com/es Este Memorial se puede solicitar en papel en la modalidad de impresión bajo demanda. -
Exports Excl. F. Trac. 900 800 828 791 700 754 730 723 600 684 629
Automotive Production excl. F.Trac. 1,400 1,200 1,189 1,126 1,000 1,095 1,073 929 937 Thousand Thousand Units 800 870 600 400 200 0 2009 2010 2011 2012 2013 2013 10 2014 10 Months Months Retail Sales 1,000 900 800 911 893 818 700 793 600 675 Thousand Thousand Units 500 576 570 400 300 200 100 0 2009 2010 2011 2012 2013 2013 10 2014 10 Months Months Exports excl. F. Trac. 900 800 828 791 700 754 730 723 600 684 629 Thousand Thousand Units 500 400 300 200 100 0 2009 2010 2011 2012 2013 2013 10 2014 10 Months Months (Units) 2010 2011 2012 2013 10M2013 10M2014 %Chg Oct-13 Oct-14 %Chg Production 1,094,557 1,189,131 1,072,978 1,125,534 928,722 936,759 0.9% 88,579 100,977 14.0% Retail sales 793,172 910,867 817,620 893,124 674,511 569,615 -15.6% 71,037 70,186 -1.2% Exports 754,469 790,966 729,923 828,471 683,679 722,518 5.7% 65,539 69,187 5.6% CUR (%) 72.2% 75.2% 67.8% 74.4% 73.7% 67.1% 70% 72% (Units) 2010 2011 2012 2013 Oct-13 Oct-14 %Chg 10M2013 10M2014 %Chg Aug-14 Aug-13 Sept-Oct% Passenger Car 603,394 639,734 577,296 633,604 51,984 62,001 19.3% 516,514 593,493 14.9% 72,120 65,199 -14.0% Commercial Vehicle 491,163 549,397 495,682 491,930 36,595 38,976 6.5% 412,208 343,266 -16.7% 44,161 46,317 -11.7% Minibus 16,978 22,475 29,335 37,750 3,201 3,331 4.1% 31,542 27,471 -12.9% 3,656 4,122 -8.9% Midibus 2,658 3,509 4,158 5,197 448 394 -12.1% 4,255 4,584 7.7% 290 550 35.9% Bus 5,268 6,907 6,427 8,345 538 435 -19.1% 7,255 5,327 -26.6% 446 734 -2.5% Pick-Up 442,408 479,110 426,633 410,556 30,094 32,363 7.5% 344,390 281,745 -18.2% 36,589 38,111 -11.5% -
2019 Financial Results INTRODUCTION
2019 Financial Results INTRODUCTION Turkey’s the largest private and 100% domestically owned company in defense industry A global company, intellectual property rights belong to itself and its products are in use on 5 continents as well as in more than 60 countries Turkey’s leading supplier and exporter of land platforms For the 11th time, the market leader in the total segments in which it operates 1 1 VISION & MISSION Vision Otokar’s vision is to preserve the local and national identity of its products by developing technologies in-house, also to provide continued satisfaction for its clients, employees, and shareholders with total excellence philosophy. Mission Otokar’s primary mission is to design, manufacture and market commercial vehicles and various defense industry products with global competitive strength, all developed to meet customer expectations. 2 2 BRIEF HISTORY 1963 1970s 1980s 1990s 2000s 2010s . Establishment .Turkey’s first .Production of .Military armoured .Merge with the .Establishment of Otokar . Production of interciy bus 4x4 tactical vehicles by own İstanbul Fruehauf Europe (OESAS) buses under .The first Turkish vehicle under desing A.S. .Multi-wheeled armoured the license of Armoured the license of .Turkey’s first .Production of small tactical vehicle family Magirus-Deutz Vehicle Land Rover export of tactical and mid size buses .Production of City Buses production armoured vehicle .Production of .Turkey’s first electric bus Turkey’s first hybrid .Atlas Light Truck .Partnering with .Sakarya bus .Introduced new armoured Koç Group plant/factory .The prime contractor tactical wheeled vehicle, URAL of ALTAY Project .Tracked Armoured Vehicle TULPAR .POYRAZ midibus .Establishment of Otokar Land Systems (OLS) in U.A.E .Turkey’s first electric armoured vehicle, AKREP Iıe .Establishment of Otokar Central Asia Limited (OCAL) 3 OVERVIEW Koç Holding USD 340 MILLION 45% EXPORT REVENUES IN 2019 FOUNDED IN 1963 SHAREHOLDING Ünver Holding A.Ş. -
Army Guide Monthly • Issue #5 (152)
Army G uide monthly # 5 (152) May 2017 BAE Teams With Ray Service to Support Swedish Mjolner Mortar Program NIOA joins Rheinmetall Defence Land 400 Team General Dynamics European Land Systems demonstrates the PIRANHA 8X8 Wheeled Armoured Vehicle to the Bulgarian Army Otokar showcases 15 vehicles at IDEF 2017 Supacat wins Queen’s Award for International Trade for Outstanding Short Term Growth FNSS Showcases the Future of Land Platforms at IDEF 2017 Oshkosh Defense Delivers Proposal For FMTV A2 Production L&T Wins Largest Private Sector Defence Order for Artillery Guns Elbit Systems Presents SPEAR MK2 – Latest Version of the Fully Autonomous Mortar System for Lightweight Combat Vehicles General Dynamics European Land Systems handover the first PIRANHA Wheeled Armoured Vehicle to Denmark The 8x8 CAESAR® artillery system has been selected by Denmark to equip the Danish land forces www.army-guide.com Army Guide Monthly • #5 (152) • May 2017 Defence Industry Rheinmetall Defence Australia today announced Brisbane-based NIOA as the company’s key supplier BAE Teams With Ray Service to Support of ammunition and armament services for its Land Swedish Mjolner Mortar Program 400 Phase 2 offer to the Commonwealth of Australia. The partnership between the two companies is underpinned by a commercial relationship spanning 20 years and a shared commitment towards placing BAE Systems has contracted Czech manufacturer Australian Industry Capability at the centre of Ray Service to deliver key components for the Rheinmetall’s offer to deliver the BOXER CRV -
Defence Turkey an Interview with Mr.Leventissue Şenel 33/2012 on Turkish Land Platforms
1 DEFENCE TURKEY AN INTERVIEW WITH MR.LEVENTISSUE ŞENEL 33/2012 ON TURKISH LAND PLATFORMS TURKISH LAND FORCES: VOLUME 7 ISSUE 37 YEAR 2012 ISSN 1206 6000 A BRIGHT STAR IN PEACE AN OVERVIEW ON TURKISH LAND PLATFORMS FNSS INCREASE ITS POWER WITH JOINT PRODUCTION AN ARTICLE ON ARMOURED LAND VEHICLES AND TURKEY THE FIRST PROTOTYPES OF ALTAY TNMBT DEMONSTRATED THEIR MOBILITY RADAR AND ELECTRONIC WARFARE SOLUTIONS IN LAND PLATFORMS SPECIAL ISSUE LAND SYSTEMS DEFENCE TURKEY 2 ISSUE 33/2012 VOLUME: 7 ISSUE: 37 YEAR: 2012 ISSN 1206 6000 Publisher Company İmge Co. 6 Publisher & Editor in Chief Ayşe AKALIN [email protected] General Coordinator Cem AKALIN [email protected] Administrative Coordinator Yeşim BİLGİNOĞLU [email protected] Translation Tanyel AKMAN 14 [email protected] Graphics & Design Gülsemin BOLAT Görkem ELMAS [email protected] Advisory Board (R) Major General Fahir ALTAN (R) Navy Captain Zafer BETONER (R) Col. Fevzi BARUTÇU Prof Dr. Nafiz ALEMDAROĞLU Asst. Prof. Dr. Altan ÖZKİL Kaya YAZGAN 22 Philipp REUTER Ali KALIPÇI Nadir BIYIKOĞLU Zeynep KAREL İMGE Co. Mahatma Gandi Cad. No:33/7 06700 GOP-Ankara / Turkey DEFENCE TURKEY Administrative Office Mahatma Gandi Cad. No:33/7 06700 GOP-Ankara / Turkey Tel: +90 (312) 447 1320 [email protected] 24 www.defence-turkey.com Printing Görsel Grup Basım İstanbul Caddesi, İstanbul Çarşısı Kat:2 No:4864 İskitler / Ankara Tel: (0312) 428 88 53 www.gorselbasim.com.tr Basım Tarihi EKİM - KASIM 2012 Yayın Türü Süreli İMGE Co. 50 © All rights reserved. No part of publication may be reproduced by any means without written permission. -
Main Heading Goes Here
Karsan Turkey / equity / automotive Turnaround story begins in 2015 May 21, 2014 Turning into an OEM producer from contract auto manufacturer. Karsan has been MARKET OUTPERFORMER producing commercial vehicles for the world’s leading brands such as Peugeot, Renault (initiated) and Hyundai through its flexible manufacturing facilities. However, it has been suffering KARSN.IS KARSN TI from being a contract manufacturer as the profitability is very low for contract manufacturers. Eventually, Karsan has decided to become an OEM producer, producing Stock Data its own products rather than being a contract manufacturer, and taken some steps (such Current Price (TL) 1.16 as; Hyundai deal, expiry of PSA and Renault agreements, enrichment of product mix 12M Target Price (TL) 1.60 with own brands and establishing a JV with Chinese producer) to improve its profitability Upside potential 38% and balance sheet, which will start paying off in 2015. Current Mcap (TLmn) 534 Hyundai deal to ignite turnaround. Karsan signed an agreement with Hyundai Motor Free Float (FF) 34.35% Company (HMC) for the production of more than 200k light commercial vehicles FF. Mcap (TLmn) 183 between 2014-2021. According to our calculation, Karsan will generate more than TL1bn Foreign Share in FF 3.26% Report priced as of May 20, 2014 revenue from (protected by take-or pay clause) Hyundai vehicle sales in 2015 (2014E top-line: TL537mn), totaling c.TL15.7bn between 2014-2021. Relative Performance to BIST-100 Strong growth in P&L is on the way. Deriving strength from Hyundai project, 1m 3m 6m 12m profitable BredaMenarinibus sales and upcoming new product launches, we expect the 10% 5% 8% 31% company to post substantial growth in P&L as we expect revenues, EBITDA and net Avg. -
Turkey to Mass Produce Altay Tank
MIDDLE EAST, NORTH AFRICA Turkey to Mass Produce Altay Tank OE Watch Commentary: On 9 November 2018 the Presidency “The contract for the mass production of (Turkish) of Defense Industries of Turkey (SSB in its Turkish acronym) signed a deal with Turkish defense contractor BMC to mass Altay tank was signed in a ceremony at the state produce 250 Altay main battle tanks. The Altay tank is believed to Defense Industries Presidency (SSB).” be an improved version of South Korea’s K2 Black Panther tank. The accompanying passage from the state-owned Anadolu Ajansı Source: Necati Keleş, “Altay tankının seri üretim sözleşmesi imzalandı provides information about the agreement for the production of (Contract signed for the mass production of Altay tank),” Anadolu Ajansı, 9 November 2018. https://www.aa.com.tr/tr/gunun-basliklari/ Altay tanks. altay-tankinin-seri-uretim-sozlesmesi-imzalandi/1306982 According to the passage, in the initial phase, 250 Altay tanks will be manufactured and the Turkish Land Forces Command will The contract for the mass production of Altay tank was signed in a ceremony at the state Defense Industries Presidency (SSB)… receive the delivery of the first tank within 18 months. The Turkish and Qatari joint venture BMC will manufacture the tank, with …The state Defense Industries President [Ismail] Demir, ... armored additional involvement of Turkish firms Roketsan, Aselsan, MKE vehicle maker BMC’s Chairman Ethem Sancak, Chairman of Aselsan Haluk Görgün, and General Manager of Roketsan Selçuk Yasar were and Havelsan. BMC’s CEO Ethem Sancak, during the signing present at the signing ceremony for the Altay [tank] mass production ceremony, stated that SSB and the Turkish armed forces requested contract. -
Otokar 2019 Annual Report
OTOKAR 2019 ANNUAL REPORT CONTENTS 2 CHAIRMAN’S MESSAGE 4 ABOUT 6 OTOKAR IN NUMBERS 8 SUMMARY FINANCIAL INFORMATION 10 AREAS OF OPERATION 12 MILESTONES 14 HIGHLIGHTS OF 2019 18 GENERAL ASSEMBLY 38 COMMERCIAL VEHICLES 40 DEFENSE INDUSTRY 42 R&D ACTIVITIES 44 CREATING VALUE FOR STAKEHOLDERS 46 DIGITAL TRANSFORMATION 48 SUSTAINABILITY 50 HUMAN RESOURCES 52 INVESTOR RELATIONS 54 FUTURE 56 CORPORATE GOVERNANCE 72 FINANCIAL STATEMENTS 149 INFORMATION DOCUMENTS 154 CORPORATE GOVERNANCE COMPLIANCE REPORT 166 GLOSSARY WE EMBARKED ON A JOURNEY WITH THE IDEA OF INTRODUCING A FIRST IN OUR COUNTRY. WE WORKED HARD AND WENT FAR WITH FIRM STEPS. INNOVATIONS AND NEW FIRSTS FOLLOWED. ON EVERY PATH WE SET OFF, SAYING, “WE CAN!”, WE PROVED OURSELVES. WE TRANSCENDED BORDERS WITH OUR NAME AND OPENED UP TO THE WORLD. WE STARTED TO TRAVEL THE ROADS IN MORE THAN 60 COUNTRIES ON FIVE CONTINENTS. WE CONTINUED TO PURSUE OUR GOALS WITH DETERMINATION. EMPOWERED BY OUR PROUD ACHIEVEMENTS, WE NEVER LOST SIGHT OF OUR GOALS. WE ARE ON A JOURNEY TOWARD THE FUTURE SINCE THE VERY FIRST DAY, ALWAYS AIMING TO STAY AHEAD OF THE CURVE, AND TAKING EACH STEP WITH EYES FIRMLY FIXED ON OUR GOALS. WE ARE READY FOR THE FUTURE! OVERVIEW GENERAL ASSEMBLY OTOKAR IN 2019 CORPORATE GOVERNANCE FINANCIAL STATEMENTS INFORMATION DOCUMENT CORPORATE GOVERNANCE COMPLIANCE REPORT CHAIRMAN’S MESSAGE OTOKAR CONTINUED TO REMAIN FOCUSED ON THE LONG-TERM GOALS AND ACHIEVED A RECORD GROWTH OF 45 PERCENT IN 2019 WITH TL 2.4 BILLION IN SALES. 2 OTOKAR 2019 ANNUAL REPORT Esteemed Shareholders, Partners domestic market, we continued to In commercial vehicles, our 2020 and Employees, be the most preferred bus brand target is to increase bus sales globally in our specifc segments, with one and especially in the European I am proud to report that 2019 was a out of every three buses sold in market. -
Looking Ahead Is the Key for Progress… Contents
Annual Report looking ahead is the key for progress… Contents 3 Vision 34 Corporate Governance 62 Reports and Financial Statements 3 Mission 36 Members of the Board of 63 Report by the Committee 4 Otokar in Brief Directors and Committees Responsible from Audit 6 1963-2013 Milestones 37 CV’s of Nominees for the Board of 65 Independent Auditors’ Report Directors 8 Otokar’s Competitive Advantages 67 Financial Statements and Notes 38 Declarations of Independence of 10 Otokar’s Operational Lines 124 Information Document the Board of Directors Nominees 12 Key Indicators 39 Remuneration Policy 16 Chairman’s Message 40 Independent Auditor Report on 18 Board of Directors Annual Report 20 Senior Management 41 Meeting Agenda 22 2013 Activities 42 Board of Directors Report 24 Commercial Vehicles 46 Profit Distribution Policy 24 Public Transportation 47 Profit Distribution Proposal 25 Logistic Vehicles 48 Legal Disclosures 26 Defence Industry 49 Corporate Governance Principles 28 R&D Operations Compliance Report 29 Productivity Operations 58 Risk Management 30 After Sales Services 60 Internal Control System and 31 Toward the Future… Internal Audit 32 Sustainability 60 Report on Related Parties 32 Corporate Social Responsibility 61 Report on Affiliated Companies 32 Environment 33 Human Resources The most important attributes which have made placed Otokar in the position it is today are its dedication to always stand by its customers, and to produce solutions for their expectations, needs and requests in the most ideal manner. As one of the building blocks in the development of the Turkish automotive industry, Otokar has lit the torch which it has been carrying with the same excitement and belief for 50 years.