8TH YEAR EXCLUSIVE INTERVIEW Chairman of TİM, İsmail Gülle, Answered the Questions About Many Issues and Evaluated the Current State of Turkish Economy
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1 Ocak 2021 Itibariyle Şirketlerin Katilim Endeksi
1 OCAK 2021 İTİBARİYLE ŞİRKETLERİN KATILIM ENDEKSİ KRİTERLERİNE UYGUNLUK DURUMU & ARINDIRMA ORANLARI Faaliyet alanı, grubu ve pazarı uygun olmayan şirketlerin finansal kriterleri hesaplanmamaktadır. Faizli krediler / (piyasa değeri ya da aktif toplamdan büyük olanı) < %33 kriterini geçemeyen şirketlerin diğer finansal kriterleri hesaplanmamaktadır. Faiz Getirili Nakit/(piyasa değeri ya da aktif toplamdan büyük olanı)<%33 kriterini geçemeyen şirketlerin diğer finansal kriterleri hesaplanmamaktadır. Toplam Faizli Uygunsuz Krediler / Piyasa (Nakit+Menkul Uygun Olmayan Sıra Hisse Kodu Hisse Adı Gerekçe Değeri veya Aktif (< Kıymet)/Piyasa Değeri Faaliyetlerden Gelir / %33) veya Aktif (<%33) Toplam Gelir (< %5) 1 BIMAS Bim Mağazalar Uygun 0,0% 0,0% 0,2% 2 EREGL Ereğli Demir Çelik Uygun 14,4% 25,3% 2,7% 3 ASELS Aselsan Uygun 9,6% 5,5% 1,5% 4 THYAO Türk Hava Yolları Uygun 18,3% 4,6% 4,3% 5 CCOLA Coca Cola İçecek Uygun 29,5% 18,4% 1,8% 6 GUBRF Gübre Fabrik. Uygun 22,7% 11,5% 0,3% 7 BERA Bera Holding Uygun 26,3% 0,0% 0,5% 8 TKFEN Tekfen Holding Uygun 14,0% 15,6% 1,2% 9 OYAKC Oyak Çimento Uygun 9,7% 6,2% -22,6% 10 PGSUS Pegasus Uygun 7,5% 12,4% 2,6% 11 EGEEN Ege Endüstri Uygun 4,3% 22,0% 2,1% 12 TTRAK Türk Traktör Uygun 30,7% 32,9% 2,3% 13 MAVI Mavi Giyim Uygun 30,2% 22,6% 1,5% 14 LOGO Logo Yazılım Uygun 7,6% 7,9% 2,8% 15 KARTN Kartonsan Uygun 0,0% 7,4% 1,8% 16 SELEC Selçuk Ecza Deposu Uygun 0,6% 10,6% 0,7% 17 ISDMR İskenderun Demir Çelik Uygun 4,9% 0,2% 1,3% 18 RTALB RTA Laboratuvarları Uygun 1,5% 0,1% 2,8% 19 CEMAS Çemaş Döküm Uygun 0,3% 17,9% -
Global Turkey in Europe. Political, Economic, and Foreign Policy
ISSN 2239-2122 9 IAI Research Papers The EU is changing, Turkey too, and - above all - there is systemic change and crisis all G round, ranging from economics, the spread of democratic norms and foreign policy. LOBAL The IAI Research Papers are brief monographs written by one or N.1 European Security and the Future of Transatlantic Relations, This research paper explores how the EU and Turkey can enhance their cooperation in more authors (IAI or external experts) on current problems of inter- T edited by Riccardo Alcaro and Erik Jones, 2011 URKEY GLOBAL TURKEY national politics and international relations. The aim is to promote the political, economic, and foreign policy domains and how they can find a way out of the stalemate EU-Turkey relations have reached with the lack of progress in accession greater and more up to date knowledge of emerging issues and N. 2 Democracy in the EU after the Lisbon Treaty, IN trends and help prompt public debate. edited by Raaello Matarazzo, 2011 negotiations and the increasing uncertainty over both the future of the European project E after the Eurozone crisis and Turkey’s role in it. UROPE IN EUROPE N. 3 The Challenges of State Sustainability in the Mediterranean, edited by Silvia Colombo and Nathalie Tocci, 2011 A non-profit organization, IAI was founded in 1965 by Altiero Spinel- li, its first director. N. 4 Re-thinking Western Policies in Light of the Arab Uprisings, SENEM AYDIN-DÜZGIT is Assistant Professor at the Istanbul Bilgi University and Senior POLITICAL, ECONOMIC, AND FOREIGN POLICY edited by Riccardo Alcaro and Miguel Haubrich-Seco, 2012 Research Affiliate of the Istanbul Policy Centre (IPC). -
Strong Foundations Healthy Performance
STRONG FOUNDATIONS HEALTHY PERFORMANCE 2019 ANNUAL REPORT 2019 ANNUAL REPORT CONTENTS Anadolu Isuzu continues its Introduction 2 CORPORATE PROFILE operations in line with its growth 4 2019 FINANCIAL AND OPERATIONAL HIGHLIGHTS 6 HIGHLIGHTS IN 2019 strategy without interruption with 12 MESSAGE FROM THE CHAIRMAN OF THE BOARD OF DIRECTORS the market diversity its product 14 MESSAGE FROM THE PRESIDENT OF THE AUTOMOTIVE GROUP 16 MESSAGE FROM THE GENERAL MANAGER portfolio provides, its marketing 20 ANADOLU ISUZU FROM PAST TO PRESENT 22 SHAREHOLDERS OF ANADOLU ISUZU competencies and the support of 26 ANADOLU ISUZU’S PRODUCT PORTFOLIO its shareholders in the light of its 42 THE ECONOMY IN TURKEY AND THE WORLD 43 OVERVIEW OF THE SECTOR strengthening financial structure. In 2019 Tuğrul Arıkan 46 IN SUMMARY General Manager 47 EXPORT ACTIVITIES 53 MARKETING AND DEALER NETWORK DEVELOPMENT ACTIVITIES 55 AFTER-SALES SERVICES 56 SUPPLY CHAIN AT ANADOLU ISUZU 58 R&D AT ANADOLU ISUZU 62 PRODUCTION 64 ANADOLU ISUZU AND THE ENVIRONMENT 67 INDUSTRY 4.0 AND DIGITALIZATION PROJECTS 69 IM GLOBAL LEADER COMPANY 71 ENERGY PERFORMANCE OF ANADOLU ISUZU 72 HUMAN RESOURCES 78 OHS/EMPLOYEE SAFETY 79 SOCIAL AWARENESS PROJECTS AT ANADOLU ISUZU Corporate Governance 82 BOARD OF DIRECTORS 87 SENIOR MANAGEMENT 90 ORGANIZATION CHART 92 INDEPENDENT AUDIT REPORT 94 OTHER INFORMATION ABOUT ACTIVITIES 102 2019 AFFILIATE REPORT 103 CORPORATE GOVERNANCE Financial Information 125 CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD 31 DECEMBER 2019 AND INDEPENDENT AUDITOR’S REPORT FOR -
Finanzmarktreport
Finanzmarktreport Ausgabe 6/2013 DenizBank AG Economic Research and Development Inhaltsverzeichnis Währungen ....................................................................................................................................................................... 2 Hauptwährungen ......................................................................................................................................................... 2 EUR/USD ....................................................................................................................................................................... 3 Staatsanleihen ................................................................................................................................................................. 3 Aktien Indizes .................................................................................................................................................................. 4 ATX ................................................................................................................................................................................ 4 Börse Istanbul (BIST) .................................................................................................................................................. 5 Rohstoffe .......................................................................................................................................................................... 6 Edelmetalle .................................................................................................................................................................. -
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% -
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. -
Republic of Turkey) $1,750,000,000 4.750% Notes Due January 26, 2026 $1,750,000,000 5.875% Notes Due June 26, 2031
PROSPECTUS SUPPLEMENT (To the Prospectus dated May 6, 2020) $3,500,000,000 TÜRKİYE CUMHURİYETİ (The Republic of Turkey) $1,750,000,000 4.750% Notes due January 26, 2026 $1,750,000,000 5.875% Notes due June 26, 2031 The Republic of Turkey (the “Republic” or “Turkey”) is offering $1,750,000,000 principal amount of its 4.750% Notes due January 26, 2026 (the “2026 notes”) and $1,750,000,000 principal amount of its 5.875% Notes due June 26, 2031 (the “2031 notes” and, together with the 2026 notes, the “notes”). The notes will constitute direct, general and unconditional obligations of the Republic. The full faith and credit of the Republic will be pledged for the due and punctual payment of all principal and interest on the notes. The Republic will pay interest on the notes, with respect to the 2026 notes, on January 26 and July 26 of each year, commencing on July 26, 2021, and with respect to the 2031 notes, on June 26 and December 26 of each year, commencing with a short first coupon payable June 26, 2021 (such short first coupon in respect of the period from and including the Issue Date to but excluding June 26, 2021). This prospectus supplement and accompanying prospectus dated May 6, 2020 constitute a prospectus for the purposes of Article 6 of Regulation (EU) 2017/1129 (the “Prospectus Regulation”). This prospectus supplement and the accompanying prospectus has been approved by the Commission de Surveillance du Secteur Financier of the Grand Duchy of Luxembourg (the “CSSF”), as competent authority under the Prospectus Regulation. -
Exports: the Heart of Nep
How to Export to 2018 Turkey This report includes all the information related to trade basics and detailed data regarding export from Brazil to Turkey. This report is for information purposes only and Tumer Eng. will not be liable to any direct, indirect, incidental, special, consequential or exemplary damages, including but not limited to, damages for loss of profits, goodwill, use, data, or other intangible losses. Ver:1.0 2018 1 Contents 1 Why Turkey.................................................................................................................................... 12 1.1 General Information .............................................................................................................. 12 1.2 Geography ............................................................................................................................. 13 1.2.1 Distances ....................................................................................................................... 18 1.2.2 Climate of Turkey .......................................................................................................... 19 1.2.2.1 Air temperature changes until now .......................................................................... 20 1.2.2.2 Precipitation changes until now ................................................................................ 21 1.2.2.3 Air temperature changes in the 21st century ........................................................... 21 1.2.2.4 Precipitation changes in the 21st century ................................................................ -
Satınalma Ve Ted Ik Yöneticil I CPO Türkiye'de Buluşuy
Satınalma ve Tedarik Yönetimi Zirvesi 17-19 Eylül 2020 İTO Merkez Binası Exponext Dijital Platform HİBRİT Etkinlik www.cpoturkiye.org Satınalma ve Tedik Yöneticil i CPO Türkiye’de buluşuy Düzenleyenler: Satınalma ve Tedarik Yönetimi Zirvesi 17-19 Eylül 2020 İTO Merkez Binası - Exponext Dijital Platform HİBRİT Etkinlik www.cpoturkiye.org Değerli Meslektaşlarımız; Satınalma ve Tedarik Zinciri Yönetimi alanında mesleki standartlar geliştirmek, meslektaşlarımızın güçlendirilmesi ve yeni mesleki unvanların tanımlanması ile Türkiye tedarikçi portföyünün geliştirilmesi, milli ve yerli üreticilerin desteklenerek, dışa bağımlılığın azaltılması, daha rekabetçi bir Türkiye amacıyla satınalma ve tedarik yönetimi sektörünün güçlü liderlerini bir araya getirecek olmanın mutluluğunu meslektaşlarımız ve tedarikçilerimizle paylaşmak istiyoruz. CPO Türkiye; Satınalma ve Tedarik Yönetimi Zirvesi ile deneyimli satınalmacılarla, bu meslekte yeni ve genç meslektaşlarımızı aynı platformda buluşturup, bilgi ve deneyim paylaşımı ile yeni teknoloji ve trendlerin tanıtılması bu etkinliğin başlıca çıktısı olacaktır. Bu arada satınalma ve tedarik zinciri yönetimiyle ilgili sektörel çalıştaylarla, tedarik yönetiminin tüm taraflarını aynı masa etrafında bir araya getirerek, meslektaşlarımız, tedarikçilerimiz ve temsil ettiğimiz kurumların yararına ortak tutum geliştirmeyi de TÜSMOD olarak önemli buluyoruz. Pandemi sonrası yeni normalde gerçekleştireceğimiz zirvede “Sürdürülebilir ekonomik gelişimde yerli ve milli olmanın önemi” teması ile tüm satınalmacılarla tedarikçi -
Mori Ottoman Fund
31 MAY 2018 | FUND FACTSHEET Mori Ottoman Fund Fund Objective Investment Process The Fund seeks long-term capital appreciation through investment primarily in a portfolio of Emerging European securities. The Fund may also invest opportunistically Middle East and North Africa region securities from time to time. • Bottom-up stock picking The Fund manager specialises in investment in Emerging Europe and uses a bottom-up approach that incorporates • In-house qualitative and quantitative both stock and sector views. The stock-picking style uses proprietary valuation models, target prices, stock market proprietary valuation database capitalisation, liquidity and view on management’s quality. • Unconstrained, non-benchmark • Active Beta management (1) Cash Historical Performance1 (Since Inception to 31 May 2018, EUR A-Share Class) management (2) Opportunistic use of futures, options and FX hedging MSCI EM Europe 10/40 Net TR EUR Mori Ottoman Fund • Disciplined “sell” process 60% 30% Fund Summary 0% Fund Type UCITS RETURN -30% Domicile Dublin -60% Currency EUR January January January January January January January January January January January January January MSCI EM Europe 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Index 10/40 Index 2 Aziz Unan 5-Year Rolling Returns (Since Inception to 31 May 2018, EUR A-Share Class) Fund Manager (Since inception) Launch Date 3 January 2006 120% OUT-PERFORMANCE AuM EUR 40.5m 80% 40% Portfolio Characteristics UNDER-PERFORMANCE FUND 0% Fund Index MSCI EM Europe 10/40 NET TR -40% (%) -
Policy Implications of Trends in Turkey's Meat Sector with Respect to 2023 Vision Fahri Yavuz ⁎, Abdulbaki Bilgic, Mustafa Terin, Irfan O
A.1.4 Meat Science 95 (2013) 798–804 Contents lists available at SciVerse ScienceDirect Meat Science journal homepage: www.elsevier.com/locate/meatsci Policy implications of trends in Turkey's meat sector with respect to 2023 vision Fahri Yavuz ⁎, Abdulbaki Bilgic, Mustafa Terin, Irfan O. Guler Department of Agricultural Economics, Ataturk University, 25240, Erzurum, Turkey article info abstract Article history: Turkey has become one of the leading emerging economies in the world being second after China as the Received 14 February 2013 highes ecoonomically growing country with 8.9% economic growth rate in 2010. Forecasting impacts of Accepted 21 March 2013 this development in coming 10 years might have very important policy implications for the meat sector in the framework of 2013 vision of Turkey. In this study, annual time series data which contain several key vari- Keywords: ables of meat sector in last 26 years (1987–2012) are used to forecast the variables of the coming twelve Turkey years (2013–2024) to drive policy implications by considering the impacts of high economic growths, crises Meat industry 2023 vision and major policy changes. Forecasted future values of the variables for 2023 in the sector are assessed and com- Time series pared with recent national and international values to drive policy implications. The results show that the eco- Forecasting nomic growth results in the increase in per capita income and thus increased demand for meat seemed to Economic policy foster the meat sector. Therefore, these macroeconomic indicators need to be better in addition to improvements at micro level for establishing competitive meat sector and thus reaching aimed consumption level of meat. -
Ten Global Brands by 2023: a Sweet Fantasy?
TEN GLOBAL BRANDS BY 2023: A SWEET FANTASY? Over the past decade, ambitious bureaucrats in Ankara have pledged bold goals. Many observers saw these as mere fantasy. In 2012, the mixing of economic and geostrategic aspirations in the same pot was introduced to the Turkish public as the “2023 vision”. This article analyzes one of the ambitious 2023 targets: having 10 Turkish-owned global brands. On its path to create global brands Turkey will have to address the challenges which today’s developed countries have faced in the past. Ergin Hava* Summer 2013 * Ergin Hava is the Business Editor of the Istanbul-based English language daily Today’s Zaman. 139 VOLUME 12 NUMBER 2 ERGİN HAVA ver the past decade of single-party rule, the Turkish economy has branched out into new markets and cultivated sustainable trade rela- tions, becoming more integrated within the global economy than ever O before. This was mainly the result of growing self-confidence bol- stered by political and financial stability at home. During this period, ambitious bureaucrats in Ankara pledged bold goals, which many observers saw as mere fantasy. These goals, in a sense, were the result of the government’s motivation to force the limits of vision and imagination as far as pos- sible, even though some of them seemed very hard to achieve at first. The mixing of economic and geostrategic aspirations in the same pot was introduced in 2012 to the Turkish public as the “2023 vision” – in reference to the centennial anniversary of the foundation of modern Turkey. Among the targets that the 2023 vision introduced, the most prominent is to make Turkey one of the world’s top-10 economies.