DOCSLIB.ORG

Yazıcılar Holding Investor Presentation G

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Yazıcılar Holding Investor Presentation G Yazõcõlar Holding Investor Presentation October 2009 Anadolu Group Extensive operating geography covering Turkey, CIS, Central Asia and Middle East • Founded in early 1950’s • Primary business segments: – beverages – automotive – financial services – other • Business alliances with multinationals including: – Coca-Cola – Heineken – Isuzu – Itochu – Kia – Samsung – Faber-Castell – Mc Donald’s 2 Anadolu Group Well-diversified and transparent portfolio with number of ppyublicly traded comp anies Yazõcõlar Özilhan Holding Sõnai Yatõrõm 68% 32% Holding A Companies Anadolu Endüstri Holding (AEH) N A D O L Main Business Beer Soft Drinks Automotive Finance Others U Groups G Anadolu Efes Coca-Cola Anadolu ABank Adel Kalem İçecek Isuzu R O Efes Major Anadolu Breweries Çelik U Group Restoran International Motor Companies (Mc P Anadolu Donald’s) Motor ABH Anadolu Ana Gõda Elektronik * Blue-boxed companies are publicly-traded Polinas 3 Anadolu Group Best positioned to benefit from market ggpprowth opportunities Turkey operations International operations Market Market Market Market Business Location Business Share Position Share Position Beer 86% 1 Russia Beer 10% 4 Coca-Cola 69% 1 Kazakhstan Beer 33% 2 LCVs 40% 1 Coca-Cola 46% 1 Flat panel TVs 20% 1 Moldova Beer 70% 1 Diesel engines 35% 1 Georgia Beer 54% 1 Gas engines 54% 1 Azerbaijan Coca-Cola 54% 1 Power products 34% 1 Kyrgyzstan Coca-Cola 70% 1 Wood-cased pencils 75% 1 Jordan Coca-Cola 11% 2 Passenger cars - Pakistan Coca-Cola 26% 2 2% 7 Import Syria Coca-Cola 9% 3 Sources: Beer: A.C. Nielsen, MEMRB, Company estimates Coca-Cola :A.C. Nielsen, Company estimates, Kazakhstan market share for 2008 Others: OSD, company estimates 4 Anadolu Group Impressive financial indicators exhibitinggg sustainable growth Net sales (Billion TL) Other Finance 2% 10% 5.9 Automotive 15% 484.8 Stationary 2.9 2% 2.8 Food 4% Beverage 2007 2008 6M2008 6M2009 67% Asset Size (Billion TL) EBITDA* (Billion TL) 10.1 10.1 0.99 9.2 0.87 7.4 0.55 0.57 2007 2008 6M2008 6M2009 2007 2008 6M2008 6M2009 *Excluding financial services 5 Yazõcõlar Holding Subsidiaries & Participations Shares (%), Shares (%), as of Jun. 30, 2009 as of Jun. 30, 2009 Subsidiaries Direct Indirect Total Subsidiaries (cont.) Direct Indirect Total Anadolu Endüstri Holding A.Ş. 68.00 - 68.00 Anadolu Endüstri Holding und Co. KG - 67.32 67.32 Alternatifbank A.Ş. - 61.75 61.75 Anadolu Restoran İşletmeleri Ltd. Şti. - 68.00 68.00 Alternatif YatõrõmA.Ş. - 61.75 61.75 Hamburger Restoran İşletmeleri A.Ş. - 68.00 68.00 Alternatif Finansal Kiralama A.Ş. - 64.94 64.94 Anadolu Varlõk Yönetim A.Ş. - 67.99 67.99 Alternatif Yatõrõm Ortaklõğõ A.Ş. - 31. 48 31. 48 Anadolu Taşõt Ticaret A.Ş.-68. 00 68. 00 Çelik Motor Ticaret A.Ş. - 68.00 68.00 Anadolu Araçlar Ticaret A.Ş. - 68.00 68.00 Anadolu Motor Üretim ve Paz. 7.35 60.58 67.93 Anadolu Termik Santralleri A.Ş. - 68.00 68.00 A.Ş. AEH Sigorta AcenteliğiA.Ş. - 68,00 68,00 Anadolu Otomot iv Dõş Ticaret ve - 66387.38 66387.38 Sanayi A.Ş. Anatolia Energy B.V. - 68.00 68.00 Anadolu Elektronik Aletler Paz. - 34.65 34.65 Participations ve Tic. A.Ş. Adel Kalemcilik Ticaret ve - 38.68 38.68 Anadolu Efes Biracõlõk ve Malt Sanayi A.Ş. 30.94 5.33 36.27 Sanayi A.Ş. Ülkü Kõrtasiye Ticaret ve Sanayi - 49.76 49.76 Joint Ventures A.Ş. Anadolu Isuzu Otomotiv San. ve Tic. A.Ş. 35.71 1.85 37.56 Efes Turizm İşletmeleri A.Ş. - 51.60 51.60 Ana Gõda Otomotiv ve İhtiyaç Mad. San. ve - 37.57 37.57 Anadolu Bilişim Hizmetleri A.Ş. - 65.53 65.53 Tic. A.Ş. Oyex Handels GmbH - 67.32 67.32 D Tes Elektrik Enerjisi Toptan Satõş A.Ş. - 17.00 17.00 Aslancõk Elektrik Enerjisi Toptan Satõş A.Ş. - 17.00 17.00 6 Yazõcõlar Holding Shareholding structure As of Jun. 30,2009; KY Trust 33.50 % 12.21% Kamil Yazõcõ & spouse & children Yazõcõlar Holding Other Yazõcõ Public *25.70% Family members 28.59% * 1.816% belongs to KY Trust 7 Yazõcõlar Holding Board Structure B type shares KY Trust (three seats on YAZICILAR Board) A type shares C&D type shares Public+KY Trust Other Yazõcõ Family (one seat on members YAZICILAR Board, (two seats on owned by KY Trust) YAZICILAR Board) Yazõcõlar Holding Board KY Trust owns 4/6 votes in Yazõcõlar Holding Board 8 KY Trust Shareholding structure The Council formed of Kamil Yazõcõ KY’s spouse & children 6 professional managers 82.9% 2.7% 14.4% KY Trust The Trust Company is managed by a Council of six non-family members, chosen among prominent figures of the Turkish business community. The Council members own A-type shares of the Trust, attached with 50 voting rights (vs. one voting right of the remaining B-type shares). Consequently, despite their 2.7% stake, the professional managers have 58% of the votes and control of the Trust Company’s board. Kamil Yazõcõ is the lifetime chief of the board of the Trust. 9 Overview & Oppgerating Results of selected Group companies Beer Anadolu Efes Shareholders & Major Participations Anadolu Yazõcõlar Özilhan AEH Public Group Holding Sõnai 56.2% 30.9% 17.5% 7.8% 43.8% Anadolu Efes 73.5% 50.3% Turkey Beer Operations Efes Breweries Coca-Cola İçecek International - EBI CCI International Beer Operations Turkey & Intl. Coca- Cola Operations (26.5% public) (24.6% public) 11 Beer Anadolu Efes Turkey Beer Operations Turkey beer operations + Consolidated market 5 breweries, 2 malteries and 1 hops Top 2 players represent c. 99% of the market. Anadolu processing plant Efes market share at 86%. 9.9 mhl beer capacity, 115.500 tons + Unmatched brand equity of malt cappyacity “Efes Pilsen ” is the top recognidized bdbrand among all food&beverage brands in Turkey (ACNielsen data, YTD Market Share Development Dec. 2008). + Strong distribution network 14% 17% 220 exclusive dealers countrywide (accounting for 62% of 40% sales) and 31 exclusive distributors in 6 metropolitan areas (accounting for 31% of sales). 83% 86% 60% - TV and radio advertisement fully restricted since 1984 - High level of excise taxes 1987 2007 2008 Anadolu Efes Others 12 Beer Turkey Beer Operations Key Financial Data Sales volume - mhl Net sales - TL mn 8.5 1182.1 7.6 967.0 4.5 4.4 690.3 608.5 2007 2008 6M2008 6M2009 2007 2008 6M2008 6M2009 EBITDA (TL mn) and EBITDA margin Net profit (TL mn) and net profit margin 43.2% 28.8% 28.0% 41.6% 511.8 31.8% 330.7 30.9% 401.8 43,9% 43,2% 278.7 187,7 219,3 267,2 298,3 2007 2008 6M2008 6M2009 2007 2008 6M2008 6M2009 13 13 Beer Anadolu Efes International Beer Operations (EBI) Public Anadolu Efes GDRs listed in LSE 73.5% 26.5% Efes Breweries International (()EBI) Efes Vitanta Moscow 96.5% Brewery Efes Brewery 90.9% Moldova Russia Efes Belarus 100.0% Efes Georgia Brewery Trade Company 100.0% Georg i a Belarus Central European 72% 28.0% Efes Karaganda Beverages Brewery Serbia * Kazakhstan *JV with Heineken 14 Beer EBI Recent Developments International beer operations 9 breweries, 4 malteries and 1 PET pre-form ! EBI and Heineken’s establishment of a JV to production facility* invest in Uzbek beer market (Jan. 2008). 25,8 mhl beer capacity, 139,000 tons of malt capacity ! EBI and Heineken’s collaboration in the Kazakh and Serbian beer markets (Jan. 2008). Sa les vo lume breakd own, 6M2009 ! EBI’s acquisition of 100% shares of “Lomisi” in Kazakhstan Georgia (Feb. 2008). 11.6% Russia MldMoldova ! Recommended cash offer for pu blicly listed 78.3% 5.3% shares of EBI by Anadolu Efes. Anadolu Efes Georgia 4.8% increased its ownership from 70,2% to 73,5% (Sept. 09). 15 Beer EBI Key Financial Data Sales volume - mhl Net sales - USD mn 14.0 13.3 1038.0 836.2 7.1 523.9 6.7 416.9 2007 2008 6M2008 6M2009 2007 2008 6M2008 6M2009 EBITDA (USD mn) and EBITDA margin Net profit (USD mn) and net profit margin 18.7% 14.8% 156.0 153.5 20,1% 37,3 15.6% 7.8 2007 81.6 83.6 -24.2 -58,8 2007 2008 6M2008 6M2009 2007 2008 6M 2008 6M 2009 16 Soft drinks Coca Cola İçecek (CCI) Shareholders & Participations Anadolu Efes TCCEC Özgörkey Public 50.3% 20.1% 5.0% 24.6% CCI Turkey Coca-Cola Bottling 100.0% 100.0% 100.0% Coca Cola Satõş CCI Int. Holland Mahmudiye Kaynak Dağõtõm (CCSD) Suyu 99.7%* Turkey Sales and CC Almaty Bottlers Source Water Distribution Company Azerbaijan 89.9%* CC Bottlers 59.5% Turkmenistan CC Bottlers Ltd. 100.0%* CC BBishkekishkek Bottlers 49.0 % CC Beverages Pakistan CC Bottling Company 90.0%* (CCBPL) of Jordan 50.0%* SSDSD, Syria 50.0%* 60.0% * Effective shareholding of CCI CC Bottling of Iraq CC Beverage Ltd. 17 Soft drinks CCI Sales volume breakdown, 6M 2009 + Strong growth with a leading portfolio in Turkey International 25,9% Market leader in sparkling beverages, fruit jijuice& nec tars, sport didrin ks, second in idiced tea and third in bottled water categories + World-leading brand portfolio in international markets in sparkling beverages, fruit juice&nectars, bottled water and iced tea categories Turkey 74,1% + Recent Developments Sales volume-m/uc ! Sales and distribution of Doğadan products by CCSD 275,6 throughout Turkey started in Sep. 2008. 242,2 ! CCI acquired 48.99% stake of CCBPL in Pakistan. 71,3 Following the share transfer, both CCI and TCCC 47,9 each own equal stakes in CCBPL.
Load more

Recommended publications
  • 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.
    [Show full text]
  • 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
    [Show full text]
  • 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%
    [Show full text]
  • 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.
    [Show full text]
  • Market Watch Tuesday, August 08, 2017 Agenda
    Market Watch Tuesday, August 08, 2017 www.sekeryatirim.com.tr Agenda 07 Monday 08 Tuesday 09 Wednesday 10 Thursday 11 Friday Germany, June industrial TurkStat, June industrial U.S., June wholesale U.S., jobless claims CBRT, June balance of production production inventories U.S., July PPI payments U.S., July CPI Outlook: Major stock markets have advanced to new highs, and the BIST100 has Volume (mn TRY) BIST 100 also tested new record-highs, closing up 1.1% at 109,781 on Monday. Total trading volume in the market was at TRY 6.6bn. Today, market participants 109.781 will follow TurkStat’s June industrial production release; there are no other 10.000 110.000 108.545 major data announcements. Asian markets have seen mixed trading this 8.000 morning, and the European stock markets are expected to open slightly 107.154 108.000 106.525 down. We expect the BIST to maintain its uptrend in parallel to rising global 6.000 106.147 risk appetite, although we caution that the likelihood of profit taking rises 106.000 after swift upsurges. We expect the BIST to open positively today, refresh- 4.000 4.912 4.958 ing its new record highs. RESISTANCE: 110,000 /111,200 SUP- 5.418 104.000 4.667 2.000 4.667 PORT: 109,100/108,600. 0 102.000 1-Aug 2-Aug 3-Aug 4-Aug 7-Aug Money Market: The Lira was positive yesterday, gaining 0.14% against the USD to close at 3.5295. Additionally, the currency depreciated by 0.07% against the basket composed of $0.50 and €0.50.
    [Show full text]
  • Koç Group UN Global Compact Communication on Progress 2016
    Koç Group UN Global Compact Communication on Progress 2016 Report Content Initiatives carried out by Koç Group Projects conducted by the Group Companies Arçelik, Aygaz, Ford Otosan, Koç Information Technologies Group, Opet, Otokar, Otokoç Otomotiv, Tat Gıda, Tofaș, TürkTraktör, Tüpraș and Yapı Kredimmis Joint projects conducted by NGOs supported by the Group, The Vehbi Koç Foundation and affiliated institutions www.koc.com.tr For more detailed information regarding our operations as well as any updates and news beginning 1 January 2017, you may visit Koç Holding corporate website along with the websites of the individual Group companies and Vehbi Koç Foundation. You may find the PDF version of Koç Group Sustainability Report on the corporate website. [email protected] Your feedbacks, suggestions and critics are the most valuable source we have to improve our reporting studies. 2 Table of Contents The Global Compact ........................................................................................................................... 4 The 10 Principles of the UN Global Compact ....................................................................................... 5 CEO’s Letter ....................................................................................................................................... 6 Sustainability Management ................................................................................................................ 7 Corporate Governance ......................................................................................................................
    [Show full text]
  • Evidence from BIST Sustainability Index in Turkey
    Journal of Business & Economic Policy Vol. 3, No. 4; December 2016 The Effects of Trading at Sustainability Index on Stocks’ Abnormal Returns: Evidence from BIST Sustainability Index in Turkey Hakan ALTIN Associate Professor Faculty of Economics and Administrative Sciences Department of Business Administration Aksaray University 68100-Aksaray/Turkey Ömer YAZAN Assistant Professor Faculty of Economics and Administrative Sciences Department of Business Administration Aksaray University 68100-Aksaray/Turkey Abstract: The main purpose of this study is to evaluate the performance of stocks that quoted on Borsa Istanbul Sustainability Index (BIST SURD) and to explain its other possible effects on these stocks. In the first stage of research, stock returns of BIST SURD and BIST 100 Index -that represents the market- have been calculated to determine abnormal stock return. In the second stage, Wald Wolfowitz Test (W-W), Kolmogorov-Smirnov (K-S) Test and Levene Test have been implemented to confirm statistical significance of results. In the third stage, correlation matrix has been calculated to determine the relationship between BIST SURD and BIST 100 Index. These results show that, there is a price anomaly in Turkey stock market to the contrary of efficient market hypothesis. Trading at BIST SURD Index has no significant influence on companies’ performance. Thus, trading at BIST SURD for companies, creates an intuitional effect for investors Key Words: Sustainability, Abnormal Returns, Financial Performance 1. Introduction The concept of Socially Responsible Investment (SRI) is related to investors’ considerations for the non-financial aspects of corporate performance based on sustainability screening (Consolandi et al. 2009:185). Correspondingly, sustainability indexes are being constituted on boards to promote companies’ environmental, social and governance (ESG) implementations and to attract SRI to the market.As trading at sustainability index, price changes could be shown when securities were added to the index or new index.
    [Show full text]
  • Annual Report
    Annual Report Karaağaç Caddesi No: 2-6, Sütlüce, Beyoğlu 34445 İstanbul | Türkiye Telefon: +90 212 314 34 34 Faks: +90 212 314 34 63 www.arcelikas.com /arcelikas 1 I live and prosper with my country. As long as democracy exists and thrives, so do we. We shall do our utmost to strengthen our economy. As our economy prospers, so will democracy and our standing in the world. Vehbi KOÇ 1 CONTENTS I ARÇELİK A.Ş. ANNUAL REPORT 2018 CONTENTS Sustainable Growth Corporate Responsibility Vision 2 Environmental Approach to Products and Almanac 2018 4 Production 70 Report of the Board of Directors and Message Environment-Friendly Applications 73 from the Chairman 6 Environment-Friendly Products 74 Message from the General Manager Social Responsibility Arçelik Group's vision of “Respecting The World, 8 76 Auditor’s Report on Annual Report 12 Awards and Achievements in 86 Respected Worldwide” aims to achieve profitable Financial Statement Summary 2018 16 and sustainable growth; to increase market share Financial Indicators 17 Corporate Governance Five-Year Consolidated Financial Review in its target market; the globe; to reach more 18 Shareholders 19 Corporate Governance Principles Compliance consumers in a fast-changing world with innovative Dividends Paid 20 Report 90 products and services; to safeguard the future with Share Performance 21 Statement of Compliance with Corporate corporate responsibility; and to integrate and Risk Management 22 Governance Principles 90 optimize the components of the global organization The Target Market; the Globe Global Organization while becoming a global group. Brands 28 Global Organization 118 Global Operational Network 29 Business Excellence 125 International Markets 30 Turkish Market 40 Consolidated Financial Statements and Independent Auditors’ Report Innovation Board of Directors 2018 128 Innovative and Superior Technology 48 Management 2018 130 Innovative Products 54 Independent Auditor's Report and Innovative Applications 60 Consolidated Financial Statements 139 2 3 ALMANAC 2018 I ARÇELİK A.Ş.
    [Show full text]
  • Members of the Board of Auditors
    2011 Annual Report 2 3 2011 Annual Report 4 THINK BIG, GET BIGGER. The biggest feature of leaders is thinking big. They work to get bigger everyday with realistic targets combining the visions and dreams. At the base of our numerous success in our pass for 49 years, from the beginning there is strong passion of getting bigger. We think big and get bigger for two years in a row with our qualified human source, right investments, and realistic targets. 5 2011 Annual Report 6 CONTENTS Chairman’s Statement ............................................................ 10 Members of The Board of Directors .................................12 Members of The Board of Auditors ................................. 13 Passenger Transportation ................................................... 14 Cargo Transportation ............................................................ 16 Defence Industry ......................................................................17 Investments and Improvements ...................................... 20 Human Resources ................................................................... 20 Social Responsibilty Works ...................................................21 Expectations from 2012 ..........................................................21 Agenda ...................................................................................... 23 Board of Directors Report ...................................................25 Auditor’s Report ..................................................................... 33 Independent
    [Show full text]
  • New Member of Anadolu Isuzu
    Kurum/Şirket içi New Member of Anadolu Isuzu Kurum/Şirket içi Kurum/Şirket içi New Member of Anadolu Isuzu Kurum/Şirket içi Kurum/Şirket içi Content GRAND TORO: Grand Member of Family . Ambition behind Grand TORO . Value . Design & Comfort . Design & Comfort for Drivers . Design & Comfort for Passangers . Performance . Functionality . Safety . Extras & Packages Kurum/Şirket içi Kurum/Şirket içi Meet The GRAND GRAND TORO; All new, dynamic & fascinating… • 2020 & BEYOND Design Concept • Front Engine Platform • 8,5 Meter Length & Up to 37 Seats • Up to 37 Seats 6 Standing People for Class 2 Kurum/Şirket içi Kurum/Şirket içi Meet The GRAND ANADOLU ISUZU introduces all new and dynamic look in new models called 2020 & Beyond. New and astonishing design combined with many interior and exterior features Kurum/Şirket içi Kurum/Şirket içi Meet The GRAND It is GRAND in terms of dimensions and capacity Specifications Grand TORO Turquoise Novo Ultra Length (mm) 8514 7720 7305 Width (mm) 2330 2320 2282 Height (mm) 3347 3330 3350 Wheelbase (mm) 4475 3815 3385 GWV (kg) 11480 10400 9800 Tyres 245/70 R17.5 215/75 R17.5 215/75 R17.5 Passengers Capacity 37 33 29 Luggage Capacity (m³) 4.6 3.6 3.1 Kurum/Şirket içi Kurum/Şirket içi It is GRAND in terms of competition… Grand TORO Sultan Mega / Navigo T Star ADL INDCAR ISUZU Otokar KARSAN ADL PLAXTON INDCAR Dimensions Grand TORO Mega- Navigo T Star CHEETAH XL NEXT Length (mm) 8514 8475 8315 9600 8860 Width (mm) 2330 2265 2436 2500 2500 Height (mm) 3347 3345 3150 3450 3340 Engine Cummins 4.5 Cummins 4.5 Lt FPT
    [Show full text]
  • Reaching out to the Future
    Reaching out to the future ANNUAL REPORT 2015 2 1 INTRODUCTION 4 Report of the Board of Directors and Message from the Chairman 6 Message from the General Manager 8 Aygaz in Figures 10 Financial and Operational Outlook 12 Subsidiaries & Affiliates 14 Vision, Mission and Strategy 16 2015: The Year of High Performance 18 Corporate History OPERATIONS IN 2015 22 2015: At a Glance 36 Subsidiaries 38 Affiliates 40 Human Resources SUSTAINABLE GROWTH 44 Quality, Environment Work Health and Safety 45 Research and Development SOCIAL RESPONSIBILITY 46 Social Responsibility Projects CORPORATE GOVERNANCE 50 Risk Management and Internal Control 52 Investor Relations 55 Corporate Governance Principles Compliance Report 62 Legal Disclosures 64 Board of Directors 66 Executive Management 68 Agenda of the Annual General Assembly Meeting 69 Proposal of the Board of Directors for Profit Distribution 70 Statements of Independence of the Independent Board Members 71 Profit Distribution Policy 71 Remuneration Policy for the Board of Directors and Senior Management 72 Independent Auditors’ Report on Annual Report CONSOLIDATED FINANCIAL STATEMENTS 75 Independent Auditors’ Report 76 Consolidated Financial Tables 81 Notes to the Audited Consolidated Financial Statements Reaching out to the future The story of Aygaz is your story. It is the story of new lives, establishing themselves with great expectations in the young Republic’s developing cities… Fifty-five years ago we entered into your homes with only a spark to accompany those expectations and we quickly became an important part of your days and nights. Soon after, we became food, light, and heat for millions of homes. Then, we established a huge presence, all originating from that single spark.
    [Show full text]
  • Automotive and Spare Parts
    © Republic of Turkey - Ministry of Economy, 2012 0 AUTOMOTIVE AND SPARE PARTS TURKEY’S VEHICLE INDUSTRY Production Vehicle industry production in Turkey dates back to the mid-1950s and the industry gained momentum in the early 1960s. After manufacturing some prototype vehicles during the 1950s, the first vehicle assembly company was established in 1954 (Turk Willys Overland Ltd.) for jeep manufacturing. By 1955, trucks, and by 1963, buses were being assembled in Turkey. Then passenger car assembly companies, namely TOFAŞ (FIAT), OYAK (RENAULT) and OTOSAN (FORD) began operations in the next three years. In 1966, the industry also began to assemble its own cars (OTOSAN). The Turkish-made passenger car of those times, “ANADOL”, is nostalgia now. The two major producers of cars, TOFAŞ and OYAK-RENAULT, under Italian and French licenses respectively, established their production lines in 1971. Recently, Japanese and South Korean car manufacturers have established joint-ventures in Turkey. In 1999, Turkish truck manufacturer BMC began to export its own design trucks to the United Kingdom, Spain and Portugal. As to passenger cars and light commercial vehicles, Turkish manufacturers are becoming world production centers of global companies, with whom they have license agreements. At present, Turkey is the biggest light commercial vehicle and bus manufacturer in the European Union. Today, 13 companies are manufacturing various types of vehicles such as passenger cars, buses, trucks, pick-ups, mini and midi-buses and trailers. Five companies are producing passenger cars (FIAT, HONDA, HYUNDAI, RENAULT, TOYOTA), ten companies are producing pick-ups and trucks (ANADOLU ISUZU, BMC, FORD OTOSAN, HYUNDAI, KARSAN, M.A.N., MERCEDES-BENZ, OTOKAR, TEMSA, TOFAŞ) and nine companies are producing buses and mini buses ( BMC, FORD, HYUNDAI, ANADOLU ISUZU, KARSAN, M.A.N, MERCEDES-BENZ, OTOKAR, TEMSA).
    [Show full text]