yaşar holding a.Ş. investor presentation may 2013 · investor presentation may 2013. yaşar...
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Yaşar Holding A.Ş. Investor Presentation
May 2013
Yaşar – One of Turkey’s leading economic actors
Yaşar Group is made up of companies which contribute to the
development of the sectors that they are active in, which are
aware of their social responsibilities and which are mindful of
ethical and environmental values.The food and beverages divisionproduces and sells dairy products(milk, yoghurt, cheese, butter),processed meat products(charcuterie, ready meals, red meat,turkey, fish), natural mineral water,compound feed and other F&Bproducts
The coatings division produces andsells a variety of coatings(decorative, wood, industrial,automotive, marine) and relatedproducts (i.e. printing inks)
•68 years of Industrial Experience since 1945
• 20 Companies, 2 Foundations, 19 Factories & Facilities
• 200,000 Sales Points, more than 1,000 Distributors
• 6 listed companies with a market cap of c. 750 mn USD
( at the end of Q1)
• 2 “Superbrands” of Turkey : Pınar and Dyo
Yaşar Group Divisions
Food and Beverages Group
The most beloved flavors, themost wholesome products, themost advanced technology
• Pınar Süt (Dairy)
• Pınar Et (Meat)
• Pınar Su (Beverages)
•Pınar Foods (Dairy & Meat-Germany)
•YBP (Sales & Distribution)
•Çamlı Yem (Agribusiness)
•HDF Fzco (Sales & Dist.-Dubai)
Coatings Group
Technological leadership, strongbrands and distribution network
• Dyo Boya (Coatings)
• Dyo Matbaa (Printing Inks)
•Dyo Balkan Srl (Coatings-Romania)
•Kemipex Joint Stock Co (Coatings & Printing Inks-Russia)
•MTP Co (Coatings-Egypt)
Tissue, Trade and Tourism
Environment friendly production,innovative products and superiorservice approach
•Viking (Tissue)
•Altın Yunus (Tourism)
•Yaşar Dış Tic (Trade Business)
•Yadex (Trade Business Germany)
•Desa Enerji (Energy)
•Bintur (Tourism Agency)
•YABİM (Information Tech.)
Our Mission
Our mission is to add value to the lives of consumers byproviding high quality products and services, with our trustedbrands.
Our Corporate Values
Key Competitive Advantages
Strong track record as an innovator and pioneer
Strong presence in the high growth potential F&B and Coatings industries
Well diversified business and product portfolio
Leading brands with leading market positions:PINAR & DYO
Significant marketing and R&D expertise, strong brand portfolio
Widespread distribution network
An innovative pioneer since 1927
•First paint brand
•First paint factory
•First production of printing inks
•First tourism facility with a 1,100 bed capacity
•First privately-owned dairy plant conforming to international standards
•First privately-owned paper plant
•First spring water bottling facility
•First privately-owned modern integrated meat plant
•First fish farming facility
•First fish feed manufacturing facility
•First integrated turkey meat processing facility
• First organic milk
• First nanotechnology paints
Corporate Governance at Yaşar Holding
Out of its vision and foresight, Yaşar Holding regardscorporate governance as a very important element ofa company’s sustainability.
Yaşar Holding;
• Has contributed to the
economic and social wellbeing
of society since the day it was
founded;
• Adheres to the principles of
transparency, fairness,
responsibility, and
accountability in all of its
companies;
• Creates value for all of its
stakeholders in line with its goal
of achieving long-term,
sustainable growth.
• Seperation of responsibilities of CEO and Board of Directors
in 2000
• At the same time, explicitly defined all of its managerial
and organizational structure-related processes and
responsibilities and it published these in the form of Yaşar
Group Corporate Governance Handbook
• All group company employees fully comply with the
materials set forth in Yaşar Group Rules of Business Ethics, a
guidebook that was published in 2009
• “Corporate Reputation Project” launched in 2010
• Separate and individual audit committees and corporate
governance committees have been set up in every public
Yaşar Holding company
Board of Directors
- Yaşar Holding Board of Directors
consists of seven members; four
of which are independent
directors. There are two
subcommittees that report directly
to the Board: the Subcommittee
for Audit and Risk Management
and the Subcommittee for Human
Resources and Corporate
Governance
- Yaşar Holding’s CEO, who is also a
Board Member, is ultimately
responsible for all of the Group’s
executive functions. He reports his
conduct and fulfillment of those
responsibilities directly to the
Yaşar Holding Board of Directors.CEO
A highly responsible corporate citizen
Since the day it was founded, the Yaşar Group has been involved in social responsibilityprojects ranging from education to sports and from art to culture out of its awareness ofits duties as a good corporate citizen.
EDUCATION
- YAŞAR FOUNDATION UNIVERSITY
7 FACULTIES, 2 INSTITUTES, 2 H.SCHOOLS
5,550 STUDENTS
- 6 EDUCATIONAL INSTITUTIONS
- 5,000 STUDENT SCHOLARSHIPS
SPORTS - ARTS - CULTURE
Since...
1967 DYO PAINTING CONTEST
1981 PINAR CHILDREN PAINTING CONTEST
1987 PINAR CHILDREN’S THEATER
1996 PINAR KSK BASKETBALL TEAM
Yaşar Group and Sustainability
-Joined the UN Global Compact, world’s largest corporatecitizenship initiative, in 2007 (published its two Communication onProgress (COP) reports)
-All Global Compact, EFQM, Lean Six Sigma, Operational CostImprovement (OCI) and Energy Committee projects are unitedaround sustainability.
-Training programs performed on EFQM, determination of thegreenhouse gas emissions, determination of the carbon footrpint,energy management systems, corporate responsibility andsustainability reporting
- Aim to involve the suppliers and the customers within the system
- Recently published its “Sustainability Report” FY11
Yaşar Group companies meet the needs of customers and consumers by aninnovative approach, a sense of productivity and values created by theircontributions to sustainability.
Food and Beverage - Market Dynamics
Turkey : 2011 and 2012 Growth
After two years strong figures, growth of Turkish Economy in 2012 has slowed down to 2.2%
72,5
80
50
90
2011 2014 (t)
Dairy : Market Dynamics
Source: Tetra Pak
Source: Tetra Pak, Dairy Index Mayıs 2012
47 4942
6
5266
99
37
57
13
30 3324
0
40
80
120
World Milk Consumption (billion Lt)
Per Capita Liquid Milk Consumption (lt) Per Capita Milk Consumption in Turkey (lt)
Source: Tetra Pak
� Annual raw milk production is 714 million tons in the world; about 15 million tons in Turkey (Tetra Pak, Turk Stat)� Turkey is 15th in world’s league,� Growth is expected in the milk production/import of developing and growing countries.�World total milk and milk products market reached 300 bnliters in 2012. It constitutes 18% of all beverages.�Per capita consumption of dairy products is 44 liters in the world. 47 liters is expected to come out in 2015.
Dairy : Market Dynamics
90,391,5 92,1
83,9
87,8
90,0
2010 2011 2012
Ambalajlı Sütler Ambalajlı Peynir
0,50 TL
0,65 TL
0,80 TL
0,95 TL
Jan Apr Jul Oct
2012 2011 2010 2013
Processed Food Products Prices
Packaged Milk and Cheese Penetrations
Source: HTP
Raw Milk BasePrices for Producers
14
Source: TUİK, TCMB
Raw Milk Base Price in Turkey (TL/lt)
� Rising raw milk prices
� Increasing feed prices
� Processed Meat and Dairy Products retail
prices had an upward movement through the
end of year 2012.Packaged Milk Packaged Cheese
Dairy : Market Position
0%
20%
40%
60%
80%
100%
UHT Light
Milk
Total UHT
Milk
Spreadable
Cheese
Fresh Cheese Labaneh
Pınar En Yakın Rakip
Source: Nielsen, 2012 - Value Share
�Measurable dairy market has grown by 4,4% in terms ofvalue but has narrowed by %8,3 in terms of volume in 2012.(Nielsen)
�The share of food category within FMCG has decreased from%48,4 to %47,1 in 2012. (Nielsen)
� Plain milk comprises 65% of the total milk market and PınarSüt has a share of 32% market share in this, which is more 2,5times more than the nearest competitor. (Nielsen)
� Our market shares continued to increase in 2012.Significant market share gains were obtained, especially in ourvalue-added products.
Products Market Share Position
UHT Light Milk 65% Leader
Total UHT Milk 32% Leader
Organic Milk 100% Leader
Enriched Milk (Kids) 54% Leader
Butter 17% Second
Homogenized Yoghurt 10% Third
Spreadable Cheese 42% Leader
Fresh Cheese 82% Leader
Labaneh 56% Leader
Cream Cheese 24% Leader
2,52 2,70 2,81 2,93
16,3% 17,0% 17,9%17,5%
0,0
0,5
1,0
1,5
2,0
2,5
3,0
3,5
0%
5%
10%
15%
20%
2009 2010 2011 2012
Süt Ürünleri Pazarı (milyar TL) Pınar Ciro Payı
Source: Nielsen, 2012 - Value Share
Total dairy products are included milk, yoghurt, spreadable cheese, butter and ayran. Source: Nielsen
Nearest Competitor
Dairy : Market Share Development
Source: Nielsen, - Value Share
60,3% 58,9%
64,2% 64,5%
26,7% 27,1% 30,1%31,8%
40,9% 39,0% 39,2%41,8%
16,9% 18,4% 17,0% 17,2%
9,8% 10,9% 11,0% 10,1%
2009 2010 2011 2012
UHT Light Süt
(Lider)
Toplam UHT Süt
(Lider)
Sürülebilir
Peynir (Lider)
Tereyağı (İkinci)
Homojenize
Yoğurt (Üçüncü)
Meat : Market Dynamics
79,5
81,1
82,0
2010 2011 2012
Ambalajlı Şarküteri
Carcass Meat Average Prices (TL)
Packaged Delicatessen Penetration (%)
Source: HTP
10
15
20
Jan Apr Jul Oct
2010 2011 2012�Red meat & Poultry production in 2011 is
around 2,7 million tons. (TSI)
� Red meat market is 1 m tons, and nearly
10 billion USD
�Trend towards value -added products
�Registered delicatessen market over 100
thousand tons (1 billion USD) (Total market
is estimated to be over 200 thousand tons)
�Per capita meat consumption in Turkey
(Red meat:17kg, Poultry:20,7), though
showing improvements, is still around world
average.Packaged Delicatessen
Products Market SharePosition
Salami 37,8% Leader
Sausage 28,3% Leader
Soujouk 16,1% Leader
Total Delicatessen 20,7% Leader
Meat : Market Position
0,0%
20,0%
40,0%
Salami Sausage Soujouk Total Delicatessen
Pınar Nearest Competitor
Source: Nielsen 2012 - Value Share
Market Share Comparison
Source: Nielsen, 2012 - Value Share
� Pınar Et, increasing market share by 1,5 percent in
total delicatessen, maintained its leadership with
20,7% market share which is more than double of
nearest competitor. (2011: %19,2)
� As the leader brand Pınar, brought new reforms to
the category with new tastes.
� Market narrowed by %1 in terms of
volume and %11 in terms of value in 2012.
Despite the contraction in the market, Pınar
Et increased its market shares of all
delicatessen segments. (Nielsen)
Market Share
Meat : Market Share Development
19,4% 20,0% 19,2%20,7%
15,4% 15,7% 14,7% 16,1%
27,8%26,8% 25,8%
28,3%30,3%
33,3%35,2%
37,8%
2009 2010 2011 2012
Total Delicatessen
(Leader)
Soujouk (Leader)
Sausage (Leader)
Salami (Leader)
Source: Nielsen - Value Share
Unique Foothold in the Turkish F&B Market
� One of the leaders in the FMCG business in
Turkey with 7 operating entities, 12 production
plants & facilities, c. 5,100 employees
� Benefiting from both diversified and high
margin product portfolio and upward trends in
the market with more than 650 SKUs
� Strong brand equity, market leader in many
sub-segments of FMCG
Rank 2004 2005 2006 2007 2008 2009 2010 2011 2012
1 Ülker Ülker Ülker Ülker Ülker Ülker Ülker Ülker Ülker
2 Coca-Cola Coca-Cola Coca-Cola Coca-Cola Coca-Cola Coca-Cola Coca-Cola Coca-Cola Coca-Cola
3 Eti Gıda Pınar Pınar Pınar Pınar Eti Gıda Eti Gıda Eti Gıda Eti Gıda
4 Pınar Eti Gıda Eti Gıda Eti Gıda Eti Gıda Pınar Pınar Nestle Nestle
5 Çaykur Danone Nestle Frito Lay Frito Lay Frito Lay Nestle Pınar Pınar
Source: Nielsen 2004-2012; exc.alcoholic beverages
Consistently One of Turkey’s “Top 5 FMCG (F&B) Companies”
� Milk and livestock procurement network
power
� Distribution network power (reaching
155,000 sales points)
� Technical experience & sectoral know-
how
� High quality, hygienic and EU standard
production
�Since its launch in 1975, leading position in dairy and meat markets
�Internationally recognised, especially in the Gulf countries
�Many sub-brands with high recognition (Kido, Beyaz, Gurme, İlk Adım, Çocuk, Denge, Şölen, Doyum, etc)
�#1 Turkish brand that comes to mind in “milk” and “processed meat” categories in 2010, unchanged position
since the first year of the survey, 1995 (Nielsen-2010)
�#1 food brand in “top of mind awareness” (GFK Brand Tracking-Dec’12)
�Most trustworthy brand (GFK-Dec’12)
�Best brand in dairy and meat sectors according to “Turkey Customer Satisfaction Index” (Kalder-2007-2012)
�#1 dairy brand that the consumers feel closest (Mediacat IPSOS KMG, 2011)
�80% of all households in Turkey bought at least one Pınar product in 2012 (IPSOS Household Panel-Dec’12)
�Selected among “Turkey’s Superbrands” (SuperbrandsInternational-2012)
�-Selected among the top 10 most reputable companies in Turkey (GFK Repman-2011)
Market Leader Brand in Food and Beverages
Coatings - Market Dynamics
Construction
coatings;
56%
Furniture
coatings;
14%
Industrial
coatings;
10%
Automotive
coatings; 9%
Powder
coatings; 7%Other; 4%
Coatings : Market Dynamics
Breakdown of coatings industry on sub-sectors in Turkey
Source: BOSAD
� Turkish Coatings Industry
Market size is c. TRY 3 bn and
725 thousand tonnes in 2012.
The largest segment is
decorative coatings, with TRY
1.5 bn and c. 400 thousand
tonnes.
� The average capacity utilization
rate is around 65 %.
� It is estimated that the coatings
industry in the world will reach
USD 90 - 95 billion market size
and the market share of Turkey
be 2%.
Coatings : Market Dynamics
Major growth drivers of Turkish coatings market
- Increasing per capita income
- Rapid urbanization
- Growth potential of construction, metal and wood industries in Turkey
-Currently low per capita consumption (10 kg/year)
Current trends in Turkish coatings market
-Decorative paints incorporating new technology such as protective
properties
-Increasing demand for water-based and smart coatings (e.g.
nanotechnological products)
-Increasing demand for technical support and after-sale services
-Increasing awareness towards environmental responsibility
Coatings : Market Dynamics
Raw Material Prices � The main raw materials of
coatings business are titan,
solvents, monomers, resins,
additives, and pigments.
� The sector’s imported inputs
are primarily from the
Eurozone and the Far East
(India and China).
� In Dyo, raw materials are
supplied from more than 300
suppliers; in which 210 are
domestic suppliers.0
20
40
60
80
100
120
140
160
180 Solvent Monomer Titan
Jan 08 = 100
�One of the largest and leading coatings producers in Turkey
�5 operating entities, 4 production plants, c. 1,500 employees
�Diversified and large product portfolio , 1,100 different products.
�Different types of coatings (decorative, industrial, wood,
automotive, marine) and related products (i.e. printing inks)
�“DYO” brand, launched in 1954, is the first local brand in the
Turkish coatings industry and listed as a leader in brand awareness
with 29% share among coating brands (source: Nielsen, 2009)
�Customer focused product innovation skills, competency in R&D,
first “R&D Center” in the Turkish coatings industry (Dyo Nano
coatings series granted patent)
�Widespread distribution network (reaching 13.000 sales points,
87% of total market)
�Customer loyalty and exclusivity in decorative and industrial
coatings distributors (25 years on average)
� offering training and certification to the painters
�Dyolog, customer loyalty program
�Capability of semi-product production, e.g. synthetic resins
Market Leader Brand in Coatings
Comp1 23%
DYO 19%Comp2
16%Comp3
16%
Others 26%
Decorative Coatings
Comp1 30%
DYO 36%
Comp2 16%
Others 18%
Industrial Coatings
Comp1 40%
DYO 25%
Comp2 13%
Comp3 11%
Others 11%
Printing Inks
Source:
Company Data,
y/e 2012
Marketing, R&D and Distribution
Marketing and R&D Expertise
- Well diversified brand and productportfolio, maximum commitment tomarketing, brand management and R&D
- Continuous marketing campaignsfocused on innovative, value added andstrategic categories
- New product launches every yearsupported with effective marketingcampaigns
- “Golden Effie 2012”, “Mediacat FelisAward 2012”, “Golden Effie 2011”,“Mediacat Felis Award 2009”, “ChrystalApple Award 2009/ 2010”, “Silver Effie2009”, etc granted to Pınar’s marketingcampaigns
New Product Launches in F&B Division
New Product Launches in Coatings Division
-Enhancing nano technology coatings range
-Launch of “Dyojen” with a brand-new hybridtechnology
- Coail coatings
Marketing Campaigns in 2012
A Superior Sales and Distribution Network
-Modern and efficient production processes employing the
latest technology
-12 production plants & facilities in food and beverages
-4 production plants in coatings
-Advanced use of technology in logistics management (satellite
link technology in truck tracing, datalogger applications, double-
decker trailers -unique in Turkish FMCG sector-)
Food and Beverages division:
-Turkey’s biggest nationwide cold & frozen distribution chain:
155,000 sales points; c. 500 distributors
- Sole meat supplier of McDonald’s and İkea in Turkey
Coatings division:
-13,000 sales points; c. 580 distributors
- Lean six sigma and OCI projects to realise cost savings
International Operations
- Revenue from international operations US$ 126 mn in
2012 . Export revenue increased by %10.5 to US$ 95 mn
in 2012, from US$ 86 mn in 2011.
- C. 90% of the Group’s consolidated net sales represent
sales in Turkey in 2012, and the remainder 10%
represent sales relating to international operations
- Pınar, who launched the first Turkish labaneh in the
Gulf countries, is the market leader in labaneh in Saudi
Arabia, Kuwait and UAE, with c.29%, c.49% and c.35%
market shares in 2012, respectively (source: Nielsen-
2012 retail data).
Gulf Countries
35%
Europe 26%
Asia 17%
Others 22%
Exports By Regions
F&B 62%
Coatings 20%
Tissue 18%
Exports By Divisions
With strong brands and competitive advantages,
which were built up over the years, ideally
position Yaşar so as to take the best possible
advantage of the dynamics of domestic market
and of international market growth and export
opportunities.
In April 2013, The EU’s Directorate General forHealth and Consumers has confirmed that Turkishfirms comply with EU standards for selling dairyproducts to the EU members. Pınar is among theSix Turkish firms which have been approved toexport dairy products to the EU for the first phase.
Key Strategies and Objectives
Position to benefit from growing Turkish consumer preferences for high quality packaged food and beverage products andtechnologically advanced coatings
Emphasise and leverage on product innovation capabilities and focus on quality
Continue to invest in brands and pursue effective marketing campaigns
Maintain and enhance operational excellence
Strengthen position in international markets
Continue to implement sustainable and socially responsible business practices
Maintain financial flexibility
Financial Performance
Key Income Statement Items and EBITDA
* Other operating income and expense has been excluded, royalty charges paid to subsidiary have been normalized
TL Mn 2008 2009 2010 2011 2012
audited audited audited audited audited
Revenues (Net Sales) 1,980.7 1,763.0 2,028.1 2,254.9 2,445.3
Cost of Goods Sold (1,480.5) (1,255.5) (1,485.2) (1,657.8) (1,784.3)
Gross Profit 500.2 507.6 542.9 597.1 661.0
Gross Profit Margin 25.3% 28.8% 26.8% 26.5% 27.0%
Research and Development expenses (12.0) (10.6) (13.5) (17.3) (20.6)
Marketing and Selling expenses (252.8) (225.4) (266.5) (317.5) (357.9)
General Administrative expenses (94.7) (91.3) (101.8) (109.6) (134.4)
Operating Profit 140.7 180.3 161.1 152.7 148.1
Operating Profit Margin 7.1% 10.2% 7.9% 6.8% 6.1%
EBITDA* 201.8 239.2 230.0 228.8 238.1
EBITDA Margin 10.2% 13.6% 11.3% 10.1% 9.7%
1000
1500
2000
2500
2008 2009 2010 2011 2012
Revenue in TRY millions
Revenue Growth
With its strong brands and sustainable growth strategy, Yaşar Holding increased itsrevenue to TL 2.4 billion, with a 8.5% overall rate of growth in 2012, following thegrowth of 11% in 2011. The essential driving force of this growth came from the corebusinesses; F&B and Coatings.
8.5%
11%
Divisional Breakdown
In 2011 and 2012, Yaşar Holding once again continued with its efforts to increase itsmarket effectiveness through the deployment of its strong delivery channels and high-profile, trusted brands. In line with this strategy, new products were developed in thefood & beverages and coatings business lines, which represent the Company’sprincipal business activities and which account for more than 90% of its consolidatedrevenues and EBITDA, while additional weight was given to brand investments inparallel with the Company’s market-focused growth strategy.
Revenue by Divisions EBITDA by Divisions
8,9%
9,1%
22,3%
23,2%
68,8%
67,7%
0% 20% 40% 60% 80% 100%
2011
2012
Tissue & Others Coatings Food & Beverages
9,2%
3,4%
11,4%
27,7%
79,4%
68,9%
0% 50% 100%
2011
2012
Divisional Breakdown
In the Food & Beverages business, Yaşar Holding registered a growth rate of 6.8% yoyin revenue. Excluding the discountinued trade business, the growth in this segment is12%. With dedicated sales efforts and increased penetration in Coatings ; 13.0% rateof growth in this business have been obtained in the same period.
TL Mn 2011
audited2012
auditedGrowth (%) 2011/2012
Revenue 2,254.9 2,445.3 8,4%
Food & Beverage 1,559.7 1,665.9 6,8%
Coatings 505.0 570.4 13,0%
Tissue & Other 202.2 224.6 11,1%
Inter Segment
Eliminations (11,9) (15.6) 31,1%
TL Mn2011
audited2012
auditedEbitda Margin
2012
EBITDA 228.8 238.1 9,7%
Food & Beverage 181.7 163.9 9,8%
Coatings 25.9 65.9 11,6%
Tissue & Other 21.1 8.2 3,7%
Inter Segment
Eliminations 0.1 0.1
Key Balance Sheet Items
TL Mn 2008 2009 2010 2011 2012
audited audited audited audited audited
Cash and Cash Equivalents 38.7 32.0 62.0 64.3 52.1
Trade Receivables 286.1 283.4 362.2 448.0 489.7
Inventories and Biological Assets 169.0 171.9 217.8 245.1 299.3
Property, Plant & Equipment, Intangible Assets and Investment Properties 1,001.0 980.9 1,010.5 1,245.3 1,268.9
Capital Expenditure 50.3 19.1 57.3 60.1 80.5
Total Assets 1,644.4 1,679.6 1,887.9 2,275.5 2,364.3
Short-term Debt (including / net of derivatives) 137.7 95.6 241.2 160.6 281.1
Trade Payables 316.8 263.3 308.8 344.2 443.5
Long-term Debt (including / net of derivatives) 672.9 603.6 477.7 776.1 653.1
Total Liabilities 1,329.3 1,168.1 1,311.8 1,630.5 1,675.7
Total Equity 315.1 511.5 576.1 645.0 688.6
2008 2009 2010 2011 2012
audited audited audited audited audited
Current Ratio 1,13 1.25 1.03 1.20 1.07
Debt to Assets 0.49 0.42 0.38 0.41 0.38
Debt to EBITDA 4.01 2.93 3.13 4.07 3.74
EBITDA to Interest Expense 1.83 2.61 3.82 3.57 3.17
Key Financial Ratios
At 31 December 2012, two major long term debt of the Group become short term,Morgan Stanley loan ( EUR 25 million, swapped to TRY 48.8 million) and HSBC loan(USD 25 mn); causing a decrease in the current ratio. As at May, the indicative offersare being collected from various banks and financial institutions on the refinance ofthese loans, again as a long term debt.
Debt Structure
* The figures represent total
principal debt of the Group,
excluding interest accruals and
other financial liability, including
derivative financial instruments
As of 31/12/2012 Original Currency (million) Total Loans in TL (Mn)*
Bank / Currency USD EUR TL TL %
Total 316,1 69,3 170,7 900,6 100%
Barclays 2015 250,0 - - 447,8 50%
Morgan Stanley - - 48,7 48,7 5%
HSBC 25,0 50,0 - 162,9 18%
Other Banks 41,1 19,3 122,0 241,1 27%
ST
Debt
28%
LT
Debt
72%
ST vs. LT Debt
The Group does not have any debt secured by assets
The exchange rates as of 31 December 2012 are 1.79 for USD/TRY ( 1.89 on Dec 2011) and 2.36 for EUR/TRY (2.44 on Dec 2011)
25464
509
46 290,0
200,0400,0600,0
2013 2014 2015 2016 2017
TL m
Maturity Profile
Thank You...
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To the extent available, the industry, market and competitive position data contained in this document come from official or third party sources. Third party industry publications, studies and surveys
generally state that the data contained therein have been obtained from sources believed to be reliable, but that there is no guarantee of the accuracy or completeness of such data. While Yasar Holding
A.S. reasonably believes that each of these publications, studies and surveys has been prepared by a reputable source, Yasar Holding A.S. has not independently verified the data contained therein. In
addition, certain of the industry, market and competitive position data contained in this document come from Yasar Holding A.S.'s own internal research and estimates based on the knowledge and
experience of Yasar Holding A.S.’s management in the markets in which it operates. While Yasar Holding A.S. reasonably believes that such research and estimates are reasonable and reliable, they, and
their underlying methodology and assumptions, have not been verified by any independent source for accuracy or completeness and are subject to change. Accordingly, undue reliance should not be
placed on any of the industry, market or competitive position data contained in this document. The information contained in this document does not purport to be comprehensive.
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