Haci Omer Sabanci Holding A.s. · BIST:SAHOL
Haci Omer Sabanci Holding A.s — Hacı Ömer Sabancı Holding A.Ş. — Investor Presentation (May 2024)
70 slides from Haci Omer Sabanci Holding A.s's investor presentation, May 2024
Slide 1: Investor Presentation May 2024
MAY 2024 INVESTOR PRESENTATION
Slide 2: Disclaimer
INVESTOR PRESENTATION Disclaimer The information and opinions contained in this document have been compiled by Hacı Ömer Sabancı Holding A.Ş. (“Holding”) from sources believed to be reliable and in good faith, but no representation or warranty, expressed or implied, is made as to their accuracy, com
Slide 3: Capital Allocation
01 /08 Capital Allocation
Slide 4: Doubling CAPEX to accelerate organic and inorganic growth
CAPITAL ALLOCATION Doubling CAPEX to accelerate both organic and inorganic growth… DOUBLING CAPEX | 25/75 SPLIT BETWEEN CORE & NEW INVESTMENTS Invest in New Platforms Grow and Protect the Core Increasing share of new economy in nonbank CT INV combined revenue : T E ES Strengthen our market leading p
Slide 5: Coherent strategic plan on core and new platforms
CAPITAL ALLOCATION …with a coherent strategic plan on core and new platforms We unite Türkiye and the World Purpose for a sustainable life with leading enterprises Strategic Agile global / local footprint Future-ready Digital & AI transformation Innovation for growth Sustainability for a better life
Slide 6: Continuing to deliver on strategic initiatives: 73% of investments to new economy
CAPITAL ALLOCATION Continuing to deliver on our strategic initiatives: 73% of investments to new economy Dynamic Portfolio Management Sale of Philsa & Network Optimization Extension of Share SBS US Grinding Acquisition of PMSA Shares in Building Materials Business Buyback Program Facility Investment
Slide 7: Recent Acquisitions
02 /08 Recent Acquisitions
Slide 8: Investing in new economy for a major transformation in Sabancı Group
RECENT ACQUISITIONS Investing in new economy for a major transformation in Sabancı Group Energy & Climate Technologies Material Technologies & Mobility Solutions Digital Technologies Renewables Electrification Sustainable Telematics Chemicals loT 4.0 Cybersecurity Digital Marketing E-mobility Digita
Slide 9: Diversified energy portfolio throughout the value chain
RECENT ACQUISITIONS Diversified energy portfolio throughout the value chain 50% 50% Sabancı Holding E.ON Distribution & Retail Generation & Trade 40% 40% 20% Sabancı Holding E.ON Free Float 26 5 3.8 GW Power Plants Technologies Installed Capacity (5 GW in 2026) 14 6 Cities Metropoles 13.1 TWh 46.4%
Slide 10: Step towards +5,000 MW installed capacity target
RECENT ACQUISITIONS A significant step towards +5,000 MW installed capacity target has been taken Installed Generation Capacity Mix(1) 1000 MW YEKA-2 Wind Power Plant Investment (USD 1.2 bn) ÇANAKKALE Currently 2026 250 MW BALIKESİR 46% 60% 250 MW Renewables Renewables AYDIN 1,000MW Total Wind Power
Slide 11: Leverage core capabilities in the Energy SBU and expand the business
RECENT ACQUISITIONS It is time to leverage core capabilities in the Energy SBU & expand the business to create higher value for all stakeholders We lead energy and climate transition by bridging the gap between emerging and developed markets Sabancı Climate Technologies, wholly owned subsidiary of S
Slide 12: US attraction as second largest renewable market and largest corporate venture ecosystem
RECENT ACQUISITIONS US came to the fore with the attraction of being world’s 2nd largest renewable energy market & the largest corporate venture ecosystem Facts on Renewable Energy Investments US is the 2nd largest renewable energy market following China. Solar Resource Potential Wind Resource Poten
Slide 13: Oriana and Cutlass II solar projects
RECENT ACQUISITIONS Sabancı Group’s generation capacity to reach 500 MW in the US once the 2nd project “Oriana Solar Power Plant” completed… Oriana Cutlass II 232 MW 272 MW Solar Power Plant Project Solar Power Plant Project With 60 MW Project Acquisition: October’22 Battery Storage EPC Agreement wi
Slide 14: Region offering opportunities for future growth
RECENT ACQUISITIONS …in a region that is offering a variety of opportunities for the future growth Market potential for proxy businesses in Texas West Close to the major load centers of Houston and Corpus Christi, anticipated centers of future green fuel investment, as well as the increasing LNG rel
Slide 15: Sabancı Climate Ventures will create extended innovation ecosystem
RECENT ACQUISITIONS Sabancı Climate Ventures will create extended innovation ecosystem & enable early access to disrupting technologies… Sabancı Climate Ventures is a necessity to Value Proposition to Start-Ups position for the future and not competing with Acceleration, piloting, and commercializat
Slide 16: Investments in climate technologies funds and start-ups
ENERGY & CLIMATE TECHNOLOGIES: SABANCI CLIMATE TECHNOLOGIES ….via the investments in climate technologies funds & investments directly to start-up companies Supporting ready-to-scale start-ups Invests in scalable early-stage climate Invested in a venture fund with a active in Europe or USA whose tec
Slide 17: Global players in mobility market
RECENT ACQUISITIONS Global Players in Mobility Market Expansion in Composites Growth in New Mobility Solutions Microtex: Arvento: CT INV T E ES O PLA T PR ORE T Acquired by Kordsa Acquired by Brisa IN RMS TH & FO EC W NE GRO Deal Size: EUR24.6mn Deal Size: ~EUR22mn (1) W Product and geographic diver
Slide 18: Creation of a global digital business with acquisitions
RECENT ACQUISITIONS Creation of a global digital business with acquisitions Dx Technology Services and BV (DxBV), a wholly owned subsidiary of Sabancı Holding, established in the Netherlands undertakes Sabancı Group’s investments in digital businesses Cyber Security Digital Marketing CT INV T E ES R
Slide 19: Sustainability
03 /08 Sustainability
Slide 20: Focusing on sustainable business across all sectors
SUSTAINABILITY Focusing on sustainable business across all sectors in our portfolio Building Materials 85% 100% of cement manufactured at CSC Gold certified plants of building materials companies are aligned with the SBTi 1.5-degree pathway Energy 3GW+ 1/3 1 st Renewables portfolio will reach 3 GW+
Slide 21: Most ambitious Sustainability Roadmap among Holding companies in Türkiye
SUSTAINABILITY Most ambitious Sustainability Roadmap among all Holding companies in Türkiye TL 800 bn Best ambition level in SBTi & TL 15 bn Nature 64% Akbank’s sustainable finance pledge & balance of In terms of % CO2 reduction, decarbonizing hard Increase in the number of companies in CDP mutual f
Slide 22: Improving Corporate Governance Framework
SUSTAINABILITY Improving Corporate Governance Framework 9 BoD members (3 Independent) Shareholder Structure(1) Board Members 44% non-family, 44% women Sabancı Family 47.6% Early Detection of Risk Assumes some of the roles of the Portfolio Committee Corporate Management Committee, terminated in Gover
Slide 23: Sustainability Roadmap
SUSTAINABILITY Sustainability Roadmap Act on Climate Emergency 01 Maximize Positive Impact 02 Foster Sustainable Business Models 03 Become 'Net Zero Emissions’ and 'Zero Waste' by 2050 at the latest Create shared value for all stakeholders, Develop innovative products, services with social programs
Slide 24: Future-ready organization and talent
SUSTAINABILITY Future-ready organization & talent Key Pillars of Sabancı Group Human Capital Strategy 1 2 3 4 5 Attract and Establish Build a Enable Create Retain the Fast, Flexible, Purpose Orchestrator Human Touch Best Talent Fluid Driven, High Leadership for Ever Organization Performance For Team
Slide 25: Operational & Financial Performance
Operational & & : Financial Performance 04 /08
Slide 26: Sabancı Group global footprint, employees and business partners
OPERATIONAL FINANCIAL PERFORMANCE Sabancı Group continues to grow with its solid global footprint, thousands of employees and prominent global business partners UK Germany Hungary Türkiye 6 Business Partners Netherlands Spain 14 USA Countries Cyprus France 60K+ Thailand Malta Brazil Italy Indonesia
Slide 27: Complementary business units with increasing share of non-bank
OPERATIONAL FINANCIAL PERFORMANCE Complementary business units with increasing share of non-bank NAV(1) Breakdown Bank Bank Digital ROE: ROE(3): Other 3% 10.9% 36% 37.9% 7% 49% Consolidated Bank ROE(3): 36% Consolidated 34.4% Energy & ROE: Climate Tech. Listed NAV: 12.2% 28% USD 6.4 bn Non-Bank Non-
Slide 28: Balanced portfolio continued to support earnings growth
OPERATIONAL FINANCIAL PERFORMANCE Our balanced portfolio continued to support earnings growth Combined Revenue(1) (TL Bn) Combined EBITDA(1) (TL Bn) Consolidated Net Income(1) (TL Bn) Non-bank Bank Non-bank Bank Non-bank Bank CAGR: Y/Y: CAGR: Y/Y: CAGR: Y/Y: 60% 57% 69% 23% 82% 20% 631.5 138.9 281.8
Slide 29: ROE normalized after inflation accounting; operational cash flow solid
OPERATIONAL FINANCIAL PERFORMANCE ROE normalized after implementing inflation accounting, operational cash flow remains rock solid Return on Equity (ROE) (1) Operational Cash Flow, Combined for Non-Bank (2) (TL bn) Bank ROE Consolidated ROE Non-Bank ROE 36.0 13.7% 13.1% 13.1% 17.1% 17.1% 23.9% 23.9%
Slide 30: Holding cash more than doubled, indebtedness below mid-term target
OPERATIONAL FINANCIAL PERFORMANCE Holding cash more than doubled, group wide indebtedness remained below mid-term target Holding Only - Net cash position (TL bn) Combined Net Financial Debt to Non-Bank EBITDA (1) 2.2x 7.0 Midterm Guidance: < 2x 42% 1.5x 1.2x 3.1 0.8x 2.5 0.8x 1.7 0.5x 0.4x 1.1 2019
Slide 31: Sustainable dividend growth and effective capital allocation
FINANCIAL TRACK RECORD Sustainable dividend growth and effective capital allocation DPS (TL) Total Funds Allocated for Share Buyback (TL bn)(2) Non-bank Capex/Sales Dividend Yield (%)(1) Funds Used Funds Remained 4.41 4.42 3.79 4.27 3.2 TL3.25bn ~14.0% >2x 2.94 14% 11.4% 10.3% 10.0% 10.3% 73% 1.75 6
Slide 32: NAV & Stock Performance
05 /08 NAV & Stock Performance
Slide 33: NAV discount narrowed despite healthy NAV growth
NAV & STOCK PERFORMANCE Discount narrowed despite a healthy NAV growth, yet NAV discount remains attractive NAV (USD mn)(1) & NAV(1) Discount NAV(1) Bridge 23% 10,753 8,750 Dec 2023 Apr 2024 -38.2% -47.0% 8.8 pp Average NAV Discount: Last 3- Year Last 5-Year Last 10-Year NAV 43% 21% 26% 2% 6% 2% -36
Slide 34: More balanced portfolio with increasing share of new economy
NAV & STOCK PERFORMANCE A more balanced portfolio with increasing share of new economy April 2024 NAV Breakdown Based on Independent Valuation for Unlisted Assets(1) Energy & Climate Technologies Material Technologies 32% & Mobility Solutions 19% Digital USD10.8bn Technologies 2% Other 6% Cash Banki
Slide 35: Strategic Business Units
06 /08 Strategic Business Units
Slide 36: 2023: Strong delivery on guidance
BANKING 2023: Strong delivery on guidance Key Takeaways 2023 Guidance 2023 Momentum across all business lines & subsidiaries continued as we advance in innovative offerings, using AI & cutting-edge technology while TL Loan Growth ~ 40% 61.5% investing in our people FX Loan Growth (in USD) Low-single
Slide 37: 2024: Harnessing the power of past successes
BANKING 2024: Harnessing the power of our past successes for another year of superior performance Top-positioning Constant 2024 Guidance in the sector dynamism TL Loan Growth ~ 40% FX Loan Growth (in USD) Increase • Centering sustainable & sound • Crafting the future of banking profitability with cu
Slide 38: Banking Financial Performance
BANKING Financial Performance Capital Adequacy Ratio & Tier 1 Ratio(1) Combined Net Income (2) & Reported ROE Total Asset & Reported ROA (TL bn, %) (TL bn, %) 2023 2023 CAGR: Y/Y: CAGR: Y/Y: Excess Capital (1): Excess Tier 1 (1): 86% 8% 49% 66% TL 84.7 bn TL 73.0 bn 6.2% 17.9% 54.7% 16.9% 16.9% 15.6
Slide 39: Energy SBU: strong profitability in both businesses
ENERGY SBU Strong profitability prevailed in both businesses despite natural gas plant stoppages & lower spot prices AYEDAŞ Distribution 14 12.2 mn 22 mn & Retail BAŞKENT Cities Connections Population Ankara (Başkent) 10.7 mn 43.2 TWh 325,955 km Customers 2023 Sales Volume Network Adana 4 HEPP Gazia
Slide 40: Energy Financial Performance
ENERGY SBU Financial Performance Combined Revenue (TL Bn) Combined EBITDA(1) (TL Bn) & EBITDA(1) Margin Combined Net Income(1) (TL Bn) CAGR: Y/Y: CAGR: Y/Y: CAGR: Y/Y: 57% 13% 47% 41% 63% 53% 23% 22% 18% 17% 14% 27.4 158.3 140.5 19.5 16.8 11.0 8.7 47.0 6.8 5.9 31.1 4.3 26.0 2.4 3.0 2019 2020 2021 20
Slide 41: Türkiye's Leading Exporter: Building Materials
BUILDING MATERIALS SBU Leading Turkish Cement Player Targeting Product and Geographic Diversification for Sustainable Growth Germany Netherlands Türkiye’s Leading 3 4 2 Exporter Integrated Ports Spain Domestic Terminals plants USA Türkiye 7.1 mn ton ~25 89% Clinker capacity RMC plants Capacity Utili
Slide 42: Building Materials Financial Performance
BUILDING MATERIALS SBU Financial Performance Combined Revenue (TL Bn) Combined EBITDA(1) (TL Bn) & EBITDA(1) Margin Combined Net Income(1) (TL Bn) CAGR: Y/Y: CAGR: Y/Y: Y/Y: 77% 63% 43% 89% 299% 20% 18% 15% 13% 14% 6,956 35.1 5,184 21.6 3,016 1,736 7.9 522 1,060 226 764 3.6 4.2 548 -23 2019 2020 202
Slide 43: Tire & Composites Reinforcer: Industrial SBU
INDUSTRIAL SBU Weakness in tire reinforcement business driven by global recessionary environment offset by strong demand in tire business Germany Tire & Mobility Solutions CDP 1/2 34% of premium Global Leader International consumer tires in Türkiye Climate Change & Revenue Water Safety Categories 13
Slide 44: Industrial Financial Performance
INDUSTRIAL SBU Financial Performance Combined Revenue (TL Bn) Combined EBITDA(1) (TL Bn) & EBITDA(1) Margin Combined Net Income(1) (TL Bn) CAGR: Y/Y: CAGR: Y/Y: CAGR: Y/Y: 50% 37% 43% 29% 51% 0% 21% 19% 17% 16% 15% 44.6 6.7 32.5 3,322 3,335 5.2 2,023 3.1 14.6 1.6 1.6 9.7 8.7 776 639 2019 2020 2021 2
Slide 45: Non-Life Insurance: well positioned in non-life and life
FINANCIAL SERVICES SBU Well Positioned in Both Non-Life and Life Insurance Markets Aksigorta Gross Written Premiums Trend (bn TL) CAGR: Y/Y: 57% 101% 3,700+ 6.7% Non-Life Insurance # of Agencies Market Share Leader in 27.3 7.0 13.6 TL 27.3 bn TL 9.1 bn 4.5 5.3 GWP(2) AuM(3) 2019 2020 2021 2022 2023
Slide 46: Financial Services Financial Performance
FINANCIAL SERVICES SBU Financial Performance Combined Revenue (TL Bn) Combined EBITDA(1) (TL Bn) & EBITDA(1) Margin Combined Net Income(1) (TL Bn) CAGR: Y/Y: CAGR: Y/Y: CAGR: Y/Y: 59% 101% 47% 288% 53% 216% 3,285 3,130 34.8 17.3 1,194 999 934 989 845 9.0 697 734 569 6.6 5.5 2019 2020 2021 2022 w/o 2
Slide 47: Technology Retail
DIGITAL SBU Strong demand in electronics retail led to solid top-line growth Technology Retail 64 181(2) 105k sqm Cities Stores Sales Area ~261 mn (1) 2,868 Annual Visitors Employees (Store + e- commerce) Retail Net Merchandise Value (NMW) Teknosa GMV Panel & Techonline Market Growth by Sales Channe
Slide 48: Digital Financial Performance
DIGITAL SBU Financial Performance Combined Revenue (TL Bn) Combined EBITDA(1) (TL Bn) Combined Net Income(1) (TL Bn) +117% -32% +114% 2,998 40,531 439 18,925 297 1,379 2022 w/o 2023 w/o 2022 w/o 2023 w/o 2022 w/o 2023 w/o IAS29 IAS29 IAS29 IAS29 IAS29 IAS29 (1) Excludes non-operational and non-recur
Slide 49: Food & Non-Food Retail
RETAIL SBU Solid top-line growth exceeding inflation Food & Non-Food Retail 57 1.047 564k sqm Cities Stores Sales Area 173 mn (1) 10,519 Annual Visitors Employees Customer (mn) Alternative Channels Share Sales Area (3)(km2) Number of Stores (4) in Revenue(2) 7.6% 5.2% 1,047 175.0 173.0 17% 564 6.2%
Slide 50: Retail Financial Performance
RETAIL SBU Financial Performance Combined Revenue (TL Bn) Combined EBITDA(1) (TL Bn) Combined Net Income(1) (TL Bn) 100% 100% 2,763 35,775 19,198 1,380 -211 -273 2022 w/o 2023 w/o 2022 w/o 2023 w/o 2022 w/o 2023 w/o IAS29 IAS29 IAS29 IAS29 IAS29 IAS29 (1) Excludes non-operational and non-recurring o
Slide 51: /08
07 /08
Slide 52: Innovation & Corporate Venture Capital
HOLDING VALUE ADD Innovation & Corporate Venture Capital 3 years, 750 alumni, 90 days agile business development Launched in Sep’22, 1st batch 14 startups Investments in 12 companies (5 in 15 Ideathon projects, & collaboration platform. Over 500 accepted 8 of them got investment. 2nd 2023) and deplo
Slide 53: Investing in Tech-based Start-ups via Sabancı Ventures
HOLDING VALUE ADD Investing in Tech-based Start-ups via Sabancı Ventures 2023 & 2024 Q1 2023 & 2024 Q1 Investments Performance Singapore-based developer of modular green # of Companies hydrogen technology & equipments USD30Mn Initial Fund Size Preliminary UK based client management software designed
Slide 54: Corporate Venture Capital Investments and Timeline
HOLDING VALUE ADD Corporate Venture Capital Investments Through Subsidiaries and Timeline Establishment of Invested in Invested in Invested in Sabancı Climate Tech Invested in Safar Partnership Invested in Segmentify Invested in Fernhay Sabancı Ventures Lumnion Zack.ai Albert Health Partners, CFS an
Slide 55: Leveraging Synergies Within Sabancı Ecosystem: Eşarj
HOLDING VALUE ADD Leveraging Synergies Within Sabancı Ecosystem Eşarj Stations Solar Power Plants The first, fastest within the Group in and largest (in DC) Cooperation with E-mobility station Enerjisa Enerji network in Türkiye 75K m2 6,226 kWp 10,400 Türkiye’s With Ground Area Solar Production Capa
Slide 56: Leveraging Synergies: Bancassurance and cement
HOLDING VALUE ADD Leveraging Synergies Within Sabancı Ecosystem Strong Exclusive bancassurance agreement with Akbank Presence in all physical and digital channels Kordsa & collaboration in Cement Companies Bancassurance Joint vision in Effective Cooperation digital with Akbank governance model Banca
Slide 57: Total Income Package
HOLDING VALUE ADD Management Incentives Recognition, Appreciation Flexible Working Sabancı Group provides a range of and Supportive Practices Career Development Training Support benefits, recognition, appreciation, and Goldan Collar Awards supportive practices to employees that Recognition & Appreci
Slide 58: Management Incentives
HOLDING VALUE ADD Management Incentives Total Cash Distribution Model (%) Short Term Net Sales Net Financial Debt Sample for a company general manager (1-Year) Financial KPIs(1) EBITDA Working Capital Free / Operational Cash Flow Market Share Long Term Market Cap Growth Net Profit (maximum) 125 Shor
Slide 59: Mid-Term Guidance
08 /08 Mid-Term Guidance
Slide 60: Mid-term guidance achieved for key financial metrics
MIDTERM GUIDANCE Mid-term guidance achieved for key financial metrics, rest of the targets are well on track Mid-term financial targets announced at Capital Markets Day in November 2020 for the period of 2021-2025 2021-2025 Targets 2021-2023 Figures Status Combined Revenue Growth CPI + 8% CPI + 28%
Slide 61: Appendix
APPENDIX
Slide 62: Portfolio in Continuous Evolution
APPENDIX Portfolio in Continuous Evolution 1940s - 1960s 1970s - 2000s 2000s - 2010s Present and Future Early Growth Phase - Proliferation of Global Refocus Portfolio Growth and Transformation Initial Diversification Partnerships-Conglomeration
Slide 63: Executive Leadership
APPENDIX Executive Leadership Cenk AlperBoard Member and CEO Joined Sabancı Group in 1996. 5 years of international experience in the US and Europe with N.V. Bekaert. Led Kordsa‘s transformation and SPO as CEO. After managing Industrials SBU between 2017 and 2019, appointed as the CEO of Sabancı Hol
Slide 64: Overview of Corporate Structure
CORPORATE STRUCTURE Overview of Corporate Structure BANKING & FINANCIAL ENERGY & CLIMATE MATERIAL MOBILITY DIGITAL OTHER SERVICES TECHNOLOGIES TECHNOLOGIES SOLUTIONS TECHNOLOGIES SAHOL: 40.7% SAHOL: 40.0% SAHOL: 39.7% SAHOL: 43.6% SAHOL: 50.0% SAHOL: 57.1% Other: 6.5% E.ON: 40.0% Heidelberg Material
Slide 65: Reporting
APPENDIX Reporting Combined Net Sales EBITDA Net income Subsidiaries line by line line by line line by line Joint Ventures line by line line by line line by line Consolidated Net Sales EBITDA Net income Subsidiaries line by line line by line line by line Joint Ventures Not included Proportion of own
Slide 66: Dividend Performance
APPENDIX Dividend Performance TLmn 2020 2021 2022 2023 2024 Akbank - 255 494 3,666 4,063 Akçansa 18 42 36 99 457 Aksigorta 73 110 - - - Agesa 64 64 - 60 120 Brisa 12 107 270 479 452 Carrefoursa - - - - - Çimsa - - 109 218 545 Kordsa 35 - 114 41 - Teknosa - - - - - Enerjisa Enerji 283 454 586 1,087 1
Slide 67: Financials in detail
APPENDIX Financials in detail Combined Revenue(1) Combined EBITDA(2) Consolidated Net Income(2) 2022 w/o 2023 w/o 2022 w 2023 w 2022 w/o 2023 w/o 2022 w 2023 w 2022 w/o 2023 w/o 2022 w 2023 w MILLION TL Change Change Change Change Change Change IAS29 IAS29 IAS29 IAS29 IAS29 IAS29 IAS29 IAS29 IAS29 I
Slide 68: Details of inflation accounting on segments
APPENDIX Details of inflation accounting on segments EBITDA Margin Net Margin 2022 w/o 2022 w 2023 w/o 2023 w 2022 w/o 2022 w 2023 w/o 2023 w MILLION TL EXPLANATIONS IAS29 IAS29 IAS29 IAS29 IAS29 IAS29 IAS29 IAS29 The segment’s EBITDA margin was affected negatively as the realized hedge reserves amp
Slide 69: Sabancı Holding NAV After Independent Valuation Reports
APPENDIX Sabancı Holding NAV After Independent Valuation Reports USDmn April 2024 December 2023 Value to Sabancı Value to Sabancı Companies Free Float Direct Stake Valuation Method Mcap Holding % of NAV Holding % of NAV Akbank 53% 41% Market value 9,568 3,899 36.3% 2,629 30.0% Enerjisa Enerji 20% 40
Slide 70: Investor Relations Contacts
Meet SirA, Sabancı Holding's digital INVESTOR RELATIONS CONTACTS investor relations assistant ! Kerem TEZCAN Investor Relations Director Türkiye’s First Investor Relations Dedicated Assistant ! Şule GENÇTÜRK KARDIÇALIOĞLU Investor Relations Manager ir.sabanci.com Emine DALAN Investor Relations Speci
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