Koc Holding A.s. · BIST:KCHOL

Koc Holding A.s — Investor Presentation (November 2015)

67 slides from Koc Holding A.s's investor presentation, November 2015

  1. Slide 1: Koç Holding: Turkey's Leading Investment Holding Company

    Koç Holding TURKEY’S LEADING INVESTMENT HOLDING COMPANY creating one common legacy for 89 years Investor Presentation – November 2015

  2. Slide 2: A Leading Investment Holding Company

    A Leading Investment Holding Company KOÇ HOLDING: TURKEY’S LEADING INVESTMENT HOLDING COMPANY  Koç Group is Turkey’s largest industrial and services group in terms of revenues, exports, employees , taxes paid and market capitalization on the Borsa İstanbul. PROFITABLE AND HIGH GROWTH MODEL, FOCUSIN

  3. Slide 3: Koç Group History

    Koç Group History Today Turkey's largest industrial and services group 2006-08 Proactive disposals 2006 Koç Holding signs the UN Global Compact 2005-06 Acquisition of Tüpraş, Yapı Kredi Bank & Tansaş 2003 Third generation of Koç Family takes the reins 2001 Financial services consolidated under one r

  4. Slide 4: Strong Beneficiary of the Growth Potential in Turkey

    Strong Beneficiary of the Growth Potential in Turkey We have the right size to benefit from economies We continuously out-perform the growth rates of scale in Turkey 17 15 Combined Revenues / GDP* 8% 11 9 Total Exports / Turkey’s Exports* 9% 7 6 6 5 5 5 4 4 3 3 Total Market Cap. on Borsa İstanbul* 1

  5. Slide 5: One of the Few Companies in Turkey with Investment Grade

    One of the Few Companies in Turkey with Investment Grade Ratings* Outlook* Moody’s Baa3 Positive S&P BBB- Stable Moody’s Koç Holding's Baa3 issuer rating reflects the company's strong financial profile and investments in a balanced portfolio of mature and high-growth companies, which have diversifie

  6. Slide 6: Best Positioned to Benefit once the Economy Normalizes

    Best Positioned to Benefit once the Economy Normalizes  Maturing democracy with a functioning market economy  Strategic location at the crossroads of continents, cultures and economies  Favorable demographics: 76.7 mn people; Median age at 29.7 vs. 41.5 in EU  Unsaturated domestic market as most

  7. Slide 7: Strong, Stable and Supportive Shareholder

    Strong, Stable and Supportive Shareholder Koç Family Temel Members  Koç Family has its own internal governance and Ticaret* 25.9% 42.6% investment vehicle, which provides stability and consistency Koç Pension  Koç Family mainly assumes Board level Fund responsibility 2.0%  Business run by highly

  8. Slide 8: Leadership Positions in Strategic and Lucrative Business Lines

    Leadership Positions in Strategic and Lucrative Business Lines Energy Automotive Consumer Durables Finance Automotive Main Companies Main companies Main Companies Main Companies Tüpraş* / Opet / Aygaz* / Entek Ford Otosan* / Tofaş* / Arçelik* Yapı Kredi Bankası* TürkTraktör* / Otokar* / Otokoç Domes

  9. Slide 9: Energy: Defensive business profile with significant growth prospects

    ENERGY Defensive business profile with significant growth prospects Competitive Advantages Low Penetration Robust diesel demand in Turkey Final Energy Consumption mn tones 18 +4%  Strong and sustainable demand for per Head – TOE +7% 16 +6% energy products with 2011-14 CAGR of 2.2 diesel at 6%, jet

  10. Slide 10: Automotive: Well-positioned both domestically and globally

    AUTOMOTIVE Well-positioned both domestically and globally Low Penetration Robust domestic demand Competitive Advantages Motorization rate per ‘000 New plato of ~ 860k annual sales  Low auto penetration levels in Turkey offering 563 Auto market average high growth propects; Koç Group companies will

  11. Slide 11: White Goods: Truly global with strong brand awareness

    WHITE GOODS Truly global with strong brand awareness Competitive Advantages  Strength in Turkey with c. 50% market share  60% of revenues from international sales  Rising market share in EU: Beko no 2 brand in EU (7th in 2008)  Competitive cost structure with low cost manufacturing centers in Tu

  12. Slide 12: Banking: High growth prospects with a sound structure

    BANKING Offers high growth prospects with a sound structure Competitive Advantages of Yapı Kredi Bank Underpenetrated market Loans + Deposits / GDP Mortgage loans / GDP  4th largest private bank in terms of asset size (%, 2014) (%, 2014) 226  Extensive branch network, no 2 among private banks 42 1

  13. Slide 13: Investment Focus on Sectoral Diversification

    Investment Focus on Sectoral Diversification to be Resilient to Different Risk Profiles (mn) TL895* TL2,435** TL32,885 Key Risks & Sensitivites Key Strengths 100 • Strong growth potential , esp. for large banks Domestic credit and interest • Profitability ROATE: 12.0% 15 Finance rate risk, regulatio

  14. Slide 14: Balanced Portfolio Between Defensive & Growth Assets

    Balanced Portfolio Between Defensive & Growth Assets Wealth preservation Bank on growth 55%  Yapı Kredi 45%  Tüpraş  Arçelik  Otokar  Otokoç  Aygaz  Entek  Opet  Koçtaş  Tofaş  Tat, Düzey  Ford Otosan  Demir Export  Türk Traktör  KoçFinansman  Setur  KoçSistem  Marinas  Divan High

  15. Slide 15: Further Diversification via Geographic Coverage

    Further Diversification via Geographic Coverage: International Sales Continues To Grow Combined International Sales (US$ billion) 2009  2014 regional breakdown and percentages 14% CAGR 18.6 18.6 18.7 16.6 13.2 $0.6b  $0.7b $6.5b  $11.3b $1.7b  $4.2b 29.3% 6%  4% 68%  61% 18%  23% 9.6 27.6% 27

  16. Slide 16: Resilient & Improving Performance Despite Volatile Domestic Market

    Resilient & Improving Performance Despite Volatile Domestic Market 9.2 8.8 10.0 Turkey GDP Growth (%) 4.2 5.0 2.9 2.1 Source: TurkStat 0.0 2009 2010 2011 2012 2013 2014 -5.0 -4.8 CAGR: 14% 4.0 Net Profit 2.7 3.0 2.7 attributable to 2.1 2.3 Equity Holders of 2.0 1.7 1.4 the Parent 1.0 (TL billion) 0.

  17. Slide 17: High Resilience Against Risks: Strong B/S & Cash Position

    High Resilience Against Risks Strong B/S & Cash Position Our net cash position enables us to be proactive Our combined net financial debt remains at 2.3 in new M&As times EBITDA* Koç Holding Stand-Alone Consolidated Net Debt / Cash Excl. Finance Net Cash Position 1H15 9M15 ~US$ -4.4bn ~US$ -4.4bn To

  18. Slide 18: Major Portfolio Companies Have Strong Current Ratios

    Major Portfolio Companies Have Strong Current Ratios Group’s(*) Current Ratio 31 December 2014 Total Current Assets: TL35.6 bn Total Current Liabilities: TL27.8 bn Current Ratio : 1.3 8,472 6,816 3,624 3,137 2,958 1,319 714 672 7 Current Assets (TL mn) 8,362 4,431 2,972 2,932 198 575 715 635 738 Cur

  19. Slide 19: Average Duration of Financial Debt is Lengthened by ~12 Months

    Average Duration of Financial Debt is Lengthened by ~12 Months September 2012 September 2015 Combined Financial Debt Combined Financial Debt Average duration: ~22 months Average duration: ~34 months 1. Eurobond Transactions:  Koç Holding - US$ 750 mn, 7 yrs in April 13 (3.5% p.a. - coupon rate)  T

  20. Slide 20: FX Position

    FX Position Koç Holding Stand-Alone FX Position 1H15 9M15 US$ + 65mn US$ +46mn Koç Holding Consolidated FX Position FX Position Weighted by Effective Ownership 1H15 9M15 1H15 9M15 US$ -2.8bn US$ -2.8bn* US$ -1.2bn US$ -1.2bn * The natural hedging mechanisms due to FX linked pricing of Tüpraş invento

  21. Slide 21: Adjusted Net FX Position / Equity Ratio Meets Policy Limits

    Adjusted Net FX Position / Equity Ratio Meets Policy Limits for Major Portfolio Companies 31 December 2014 Group’s Adjusted Net FX Position Group’s Adj. Net FX Position/Equity US$259 mn 2.3% 31 December 2014 72 10 Net FX Position (US$ mn) (Reported) -245 -5 0 -30 -688 -519 -2,903 72 54 14 35 18 34 N

  22. Slide 22: Active Player in M&As and Privatizations

    Active Player in M&As and Privatizations Opportunistic M&A strategy to consolidate leadership positions and reach optimal portfolio diversification Acquisitions ahead of 2008 Koç Holding Share: US$ 6.6 billion  51% for US$ 4,140mn  Consolidated as of January 2006  Through privatization  Turkey’s

  23. Slide 23: Profitable Disposals

    Profitable Disposals Divested Companies Sector Held Since Buyer Closing Date IT 2000 Vodafone 30 November 2011 Auto Supplies 1963 Continental A.G. 28 August 2008 Insurance 1974 Allianz SE 21 July 2008 2003 Heating & Ventilation (spin-off of Ada Metal 26 June 2008 Demirdöküm) Retailing 1975 BC Partne

  24. Slide 24: Focus on Large Investments with High Returns

    Focus on Large Investments with High Returns Ongoing investments to increase efficiency Opportunistic M&A activities in core business lines Combined Investments – TL bn  New manufacturing and R&D  Opportunistic projects for export markets buyouts in 7.6 with our JV partners international markets a

  25. Slide 25: Disciplined Investment Strategy

    Disciplined Investment Strategy Consolidate leading positions to benefit the most from the growth potential Exploit new growth opportunities Only consider very (Privatizations, secondary M&A opportunistic plays market as well as greenfield investments) www.koc.com.tr 25

  26. Slide 26: Systematic Investment Evaluation

    Systematic Investment Evaluation Strategy Main Investment Criteria  Standardized investment evaluation process for  IRR Criteria: risk adjusted cost of capital applied to investments that require Holding Evaluation calculate IRR threshold in different projects  Treating all investments on the sam

  27. Slide 27: Proactive Investor Relations Management

    Proactive Investor Relations Management We endeavor to maximize the value we create for our shareholders  Executive compensation based on economic profit and share performance  Proactive investor relations management  Cash dividend payout  Strong share performance Strong relative stock performan

  28. Slide 28: Main Goal: Maximizing Shareholder Value

    Main Goal: Maximizing Shareholder Value One of the few Turkish Companies which Links Executive Compensation to Share Performance Shareholder Value L-T Strategic Targets Economic Profit Market Cap to Maximize Future Shareholder Value Customer Technology Satisfaction Development Aggressive Sustainable

  29. Slide 29: Leading Positions in R&D and Technology Investments

    Leading Positions in R&D and Technology Investments Turkey’s largest intellectual property portfolio with more than: 7,100 trademarks 3,000 patent families 6,600 patents 700 industrial design registrations 4,200 Internet domain names 4 Koç Group companies ranked in the top 10 on the Turkish Koç Grou

  30. Slide 30: Leading Corporate Citizen

    Leading Corporate Citizen Vehbi Koç Foundation : Institutionalization for social development  Established in 1969 as Turkey’s first private foundation;  to make philanthropic endowments for the public good  to create sustainable and replicable projects and programs in education, healthcare, cultu

  31. Slide 31: Corporate Solutions for Social Advancement

    Corporate Solutions for Social Advancement Our projects’ commonalities are unity, synergy and leadership established through our companies, employees and dealers “For My Country” project Vocational Education: A Crucial Matter for  Grassroots initiative organized annually since the Nation 2006, to s

  32. Slide 32: Commitment to the Environment

    Commitment to the Environment Koç Group endeavors to preserve national and natural resources in the most efficient way and minimize or recycle waste at the source With practices in water management, over 83 Koç Group companies million m³ of water was reused in production, invested TL 228 million and

  33. Slide 33: Key Takeaways: Value Propositions

    Key Takeaways : Value Propositions Largest investment Robust top-line growth holding company in Leading positions in enabling the benefits of Turkey sectors with strong economies of scale Best proxy to growth potential Well-proven track record in the Turkish Strong commitment portfolio restructuring

  34. Slide 34: Operational Excellence and Leadership in Core Business Segments

    Operational Excellence and Leadership in Core Business Segments Slide # 35 Energy Sector Strongest Player in the Turkish Energy Sector 40 Automotive Sector Undisputable Leaders of Turkish Automotive Industry 47 Consumer Durables Sector Strong Global Network 49 Finance Sector Focus on Lucrative Busin

  35. Slide 35: Why Energy Sector?

    Why Energy Sector? High growth potential Strong demand dynamics Final Energy Consumption per Head – Toe  Among the fastest growing energy markets in the world parallel to its economic growth 2.2  Growing domestic oil demand coupled with 1.1 insufficient diesel capacity  Offers a wide range of opp

  36. Slide 36: Tüpraş: Turkey's Sole Refining Company

    TÜPRAŞ Turkey’s Sole Refining Company  4 refineries with 28.1 MT total capacity 7th largest refinery in  One of the most complex refineries in the Europe and Mediterranean and globally with Nelson 28th largest in the world Complexity of 9.5  Among the most profitable refineries in Europe and the

  37. Slide 37: Residuum Upgrade Project (RUP) of Tüpraş

    Residuum Upgrade Project (RUP) of Tüpraş RUP is completed as of June 2015 and all units are working at full capacity: Not only will RUP have a US$ 1bn positive impact on the Turkish C/A balance, but also will bring significant improvement for Tüpraş in terms of Nelson complexity, capacity utilizatio

  38. Slide 38: Aygaz: Turkey's Undisputable Market Leader in LPG

    AYGAZ Turkey’s Undisputable Market Leader in LPG for more than 50 years  Generic brand in Turkey for LPG with 29% market share in total LPG market Leading LPG  43% market share in cyclinder LPG distributor of Turkey (2nd largest LPG market in  24% market share in autogas Europe)  Fully integrate

  39. Slide 39: Opet: Turkey's Fastest Growing Fuel Distribution Company

    OPET Turkey’s Fastest Growing Fuel Distribution Company  Fastest growing player of its sector while maintaining profitability Highest customer  Unrivaled leader in customer satisfaction in its sector for 9 & station 2nd in white consecutive years products in Turkey satisfaction  Retail and wholes

  40. Slide 40: Automotive Sector: A Global Manufacturing and Distribution Hub

    Automotive Sector A Global Manufacturing and Distribution Hub Dynamic market with high growth potential Strong domestic demand Motorization Rate per ‘000 Turkish automotive market : New plato of ~ 860k annual sales 563 Auto market average 1000 857 900 173 800 700 632 911 893 600 793 818 807 EU27/EFT

  41. Slide 41: Koç Group in the Automotive Sector

    Koç Group in the Automotive Sector  Almost half of the Turkish manufacturing and export of motor vehicles are realized by Koç Companies  Present in high growth segments both in Turkey & in EU Highest quality and safety  Largest distribution network of production among the  Highly skilled and exp

  42. Slide 42: Ford Otosan: Turkey's Largest Installed Production Capacity

    FORD OTOSAN Turkey’s Largest Installed Production Capacity  50-50% JV with Ford – Ford’s center of excellence for heavy trucks and heavy duty diesel powertrains Largest R&D staff Highest Ford in the Turkish market share in  Export champion of Turkish Automotive Industry (62% of Turkey’s CV exports

  43. Slide 43: Ford Otosan: Major Investment Plan is Completed

    FORD OTOSAN Major Investment Plan is Completed US$ 1.4bn investment of Ford Otosan is finalized with its capacity increase & complete new product portfolio Investments of Ford Otosan US$ mn Ford Otosan expects in 2015 700 682  Market share gains in the domestic market 600 523  Rising exports on EU

  44. Slide 44: Tofaş: Defensive Portfolio via Take-or-pay Contracts

    TOFAŞ Defensive Portfolio via Take-or-pay Contracts  50-50% JV with Fiat Chrysler Automobiles  The only domestic manufacturer and exporter of both PCs & Among Fiat’s 3 main R&D LCVs centers globally  Extensive dealer and after-sales network  Owns the full intellectual and industrial property rig

  45. Slide 45: Tofaş: Investing in New Models

    TOFAŞ Investing in New Models Tofaş entered a new investment phase in 2014 Investment of Tofaş Capex Period  Adaptation of New Doblo* is complete and its export to US & Canada markets has already started in 4Q14 Total Investment US$1.4 bn 2014-2016  US$ 1.04bn investment to produce 1.3mn units of

  46. Slide 46: Other Automotive Companies

    Other Automotive Companies TÜRK TRAKTÖR – Turkey’s Largest Farm Tractor Manufacturer  50-50% JV with Case New Holland Undisputable market  Utilising “flexible manufacturing system” in tractors, providing a high degree leader of flexibility with c. 50% share  Strong dealership network and reputabl

  47. Slide 47: Consumer Durables Sector: Low Penetration Levels and Strong Margins

    Consumer Durables Sector Low Penetration Levels and Strong Margins Underpenetrated segments, renewals, rapid Rising domestic demand household formation & urbanization drive growth Turkish White Goods market : New plato of ~ 6.6mn annual sales White Goods Penetration – % 92 mn Refrigerator Washing ma

  48. Slide 48: Arçelik: Products and Services to Over 100 Countries

    ARÇELİK Provides Products and Services to Over 100 Countries Worldwide  Privileged position in Turkey with superior exclusive dealer Turkey’s market leader in white network (Extensive sales & after-sales network) goods (50%),  Highest level of brand recognition in Turkey TVs and air-conditioners U

  49. Slide 49: Why Finance Sector?

    Why Finance Sector? Low Penetration Levels, Providing an Opportunity for Rapid Growth Loans + Deposits / GDP – % (2014) Branches per million inhabitants Mortgage loans / GDP – % (2014) 226 434 42 127 20 144 7 EU-27 Turkey EU-27 Turkey Euro Area Poland Turkey Source: European Central Bank, BRSA, CBRT

  50. Slide 50: Yapı Kredi Bank: Market share gains with sustainable profitability

    YAPI KREDİ BANK Market share gains with sustainable profitability Increasing market shares Resilient fundamentals Ytd ∆ Loans/Deposits Ratio3 Capital Adequacy Ratio (bank-only) (bank-only) YKB Private State Sector Market Ytd ∆ Banks Banks Share (bps) YKB: -3pp ytd ~+40bps (Sector : +1 pp) in Oct’15

  51. Slide 51: Yapı Kredi Bank: Targeting above-sector growth

    YAPI KREDİ BANK Targeting above-sector growth 2015 Expectations 2014 2015E 9M15 Banking Sector 22% Loan growth 18% +20% ytd (+12% excl. FX impact) 22% Deposit growth 10% +20% ytd (+9% excl. FX impact) NIM -20bps flat -14bps ytd CoR flat +15bps +7bps ytd NPL +20bps +10bps +3bps ytd Yapı Kredi Bank Lo

  52. Slide 52: Yapı Kredi Subsidiaries and Other Finance Companies

    Yapı Kredi Subsidiaries and Other Finance Companies YAPI KREDİ YAPI KREDİ YAPI KREDİ LEASING FACTORING ASSET MANAGEMENT  Leader with 18% share  Leader with 19% share  2nd in the market with 18% share YAPI KREDİ KOÇFİNANS INVEST  Turkey’s first consumer finance  2nd in in equity transaction comp

  53. Slide 53: Table of Contents

    Table of Contents Page 1. 9M15 Earnings Review 54 2. Shareholder Structures 64 3. Disclaimer 65 4. Contacts 66 www.koc.com.tr 53

  54. Slide 54: Group's Overall Financial Performance

    Group’s Overall Financial Performance Consumer 9M15 Change Over TL million Energy Automotive Finance Other Durables Total 9M14 Total Combined Revenues * 47,157 25,045 10,505 15,481 7,119 105,308 7% Combined Gross Profit 4,025 3,136 3,273 6,425 1,144 18,002 29% Combined Operating Profit ** 2,709 1,72

  55. Slide 55: Combined Revenues

    Combined Revenues Combined Revenues – TL mn Segmental Combined Revenues Breakdown – % +7% 105,308 98,339 Automotive 24% Energy 45% Consumer Durables 10% Finance 9M14 9M15 15% Other 7% Segment Contribution to Combined Revenues – TL mn -9% 52,020 47,157 +35% 25,045 +11% +27% +15% 18,494 15,481 9,491 1

  56. Slide 56: Combined Operating Profit

    Combined Operating Profit * Combined Operating Profit – TL mn Segmental Combined Operating Profit Breakdown – % Energy +47% 7,489 36% 5,098 Automotive 23% Other 1% Consumer Durables 9M14 9M15 Finance 11% 30% Segment Contribution to Combined Operating Profit – TL mn +197% +4% 2,709 +42% 2,219 2,124 1

  57. Slide 57: Combined Net Income

    Combined Net Income Combined Net Income – TL mn Segmental Combined Net Income Breakdown – % +13% 5,821 Energy 5,174 Automotive 31% +21% 23% 4,798* Other Consumer 3% Durables 12% 9M14 9M15 Finance 31% Segment Contribution to Combined Net Income – TL mn +7% +31% +18% 1,805 1,698 1,819 1,378 1,360 1,14

  58. Slide 58: Consolidated Net Income

    Consolidated Net Income Consolidated Net Income – TL mn Segmental Consolidated Net Income Breakdown – % +5% 2,214 2,113 Energy 32% Automotive +22% 25% 1,814* Other 4% Consumer Durables 9M14 9M15 Finance 12% 27% Segment Contribution to Consolidated Net Income – TL mn +6% +35% +16% 703 607 551 570 522

  59. Slide 59: Combined Exports & International Sales

    Combined Exports & International Sales Combined Exports – US$mn Combined International Sales – US$mn 11,029 -9% -14% 9,991 13,636 11,710 9M14 9M15 9M14 9M15 www.koc.com.tr 59

  60. Slide 60: Combined Investments

    Combined Investments Combined Investments – TLmn Segmental Investments Breakdown – % -12% Automotive 4,959 47% 4,357 Consumer Energy Durables 31% 10% 9M14 9M15 Other Finance 5% 7% www.koc.com.tr 60

  61. Slide 61: Koç Holding Net Cash Position

    Koç Holding Net Cash Position Koç Holding Stand-Alone 30.09.2015 Net Cash Position Total Debt: ~US$ 0.76 bn Total Cash: ~US$ 1.41 bn Net Cash: ~US$ 650mn Consolidated Net Debt / Cash Excl. Finance 1H15 9M15 ~US$ -4.4bn ~US$ -4.4bn www.koc.com.tr 61

  62. Slide 62: FX Position

    FX Position Koç Holding Stand-Alone FX Position 1H15 9M15 US$ + 65mn US$ +46mn Koç Holding Consolidated FX Position FX Position Weighted by Effective Ownership 1H15 9M15 1H15 9M15 US$ -2.8bn US$ -2.8bn* US$ -1.2bn US$ -1.2bn * The natural hedging mechanisms due to FX linked pricing of Tüpraş invento

  63. Slide 63: Consolidated Main Financial Indicators

    Consolidated Main Financial Indicators € Mn* US$ Mn* TL Mn TL Mn Change Change 30.Sep.2015 30.Sep.2015 30.Sep.2015 30.Sep.2014 %, TL %, US$ Revenues 17,320 19,309 51,276 51,314 q -0.1 q -19 Gross Profit 2,689 2,997 7,960 5,599 p 42 p 16 Operating Profit 1,447 1,614 4,285 2,625 p 63 p 33 Profit Befor

  64. Slide 64: Shareholder Structures as of September 2015

    Shareholder Structures as of September 2015 Koç Holding Koç Family: 68.51% Free Float: 22.35% Vehbi Koç Foundation: 7.15% Koç Pension Fund: 1.99% Consumer Energy Automotive Finance Other Durables Ford Otosan Arçelik Tat Gıda Tüpraş KH share: 38.46% Koç Financial Services SPV share: 51.00% KH share:

  65. Slide 65: Disclaimer

    Disclaimer This presentation does contain forward-looking statements that reflect the Company management’s current views with respect to certain future events based on the base-case assumptions. Although it is believed that the expectations reflected in these statements are reasonable, they may be a

  66. Slide 66: For Further Questions, Please Contact

    For Further Questions, Please Contact : investorrelations@koc.com.tr www.koc.com.tr Funda Güngör Akpınar, Coordinator Investor Relations fundag@koc.com.tr +90 216 531 0535 Gizem Bodur, Manager Investor Relations gizemb@koc.com.tr +90 216 531 0533 Neslihan Aycıl, Manager Investor Relations neslihana@

  67. Slide 67: Main Group Companies' Contacts

    Main Group Companies’ Contacts Arçelik Otokar Tüpraş Doğan Korkmaz, Finance Director Hüseyin Odabaş, AGM Finance Tuncay Önbilgin, Head of IR dogan.korkmaz@arcelik.com hodabas@otokar.com.tr tuncay.onbilgin@tupras.com.tr +90 212 314 3185 +90 264 229 2244 Ext. 6000 +90 262 316 3085 Doğan Seçkinler, Fin

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