DOĞUŞ OTOMOTİV. Investor Relations Presentation. November 2011
|
|
|
- Juliana James
- 7 years ago
- Views:
Transcription
1 DOĞUŞ OTOMOTİV Investor Relations Presentation November 2011
2 Agenda Doğuş Group Doğuş Otomotiv Macroeconomic Outlook Automotive Market Doğuş Otomotiv Financial Performance New Projects Appendix Expectations 2
3 Group Structure 3
4 Agenda Doğuş Group Doğuş Otomotiv Macroeconomic Outlook Automotive Market Doğuş Otomotiv Financial Performance New Projects Appendix Expectations 4
5 Doğuş Otomotiv / Value Chain 2011 Import and Distribution Retail Production Krone* Doğuş Otomotiv Independent Authorized Dealers Meiller* ** Used Vehicle Sales DOD Used Vehicle Sales Other Investments TÜVTURK* Yüce Auto* Finance Automotive Financing* Insurance* Leaseplan* Replacement Parts and After Sales Services Quick Fix to all Brands Centre of Logistics Insurance* 5 Presence in Every Link of Automotive Value Chain * Subsidiaries ** Representative Offices
6 Widest Retail & Services Network in Turkey More than 500 customer points, widest among the competitors (*) DOAS brands, including VW, Audi, Porsche, Scania, Seat, Krone, VW Marine, Scania Marine, Skoda as of July
7 Success Story of DOAS Partnership with LeasePlan in fleet rental Bugatti representative Car park more than 700K units Porsche Dealership in Lausanne Krone & Meiller Production Agreements IPO TÜV TURK Doğuş Group established subsidiaries for distributing VW, Audi & Porsche Seat & Skoda contract signed (Partnership with Yūce Oto) Krone contract signed Bentley LOI OTO-FIX Lamborghini LOI Scania contract signed JV in consumer financing with VW Financial Services AG Meiller Distribution Thermoking Distribution VW Marine Engines Used car operations established Merger of automotive companies under DOAS M/S:Market Share M/S: 0.5% M/S: 5.8% M/S: 12.0% M/S: 10.6% After Dogus Otomotiv became the sole importer and distributor of VW brand vehicles in Turkey, VW brands market share increased from 0.5% in 1993 to 12% in
8 Key Strengths of DOAS Leader in import market in Turkey with 16% m/s among c. 30 pure importers Advanced financial risk management systems daily monitoring of the FX position One-stop shopping concept showroom, after sales services, consumer financing, insurance Well-positioned multi-brand products 14 different brands Widespread network and customer base, widest network with c.500 customer points Youngest fleet in the market with new launches every year, has more than 75 models Profit oriented growth strategy profitability always kept without losing market share Creating its own brands DOD, Oto-fix Well-equipped IT infrastructure Customer focus, close relations with customers result in loyalty to the brands 8
9 DOAS Position in the Market PV Volkswagen highest market share ever Passat retains its 1st position in its Segment. VW PVs ranked 5th in the market Scricco is the new leader of the sport segment LCV VW LCV ranked 4th in the commercial vehicles market, as 3rd among import brands Transporter is the best selling combi vehicle in its segment Leader in the import market HCV Luxury Segment 14 Bentleys, 4 Lamborghinis sold in 2010 Audi is SUV premium segment leader. Audi sold units in 2010 (Highest sales ever). Porsche is the best selling brand of luxury sport segment Scania ranked the best selling brand for the s eight time in the 16 tons and above import heavy commercial vehicle market Krone is the best selling import trailer with 12.0% m/s 9
10 New Launches Polo GTI, Touareg, New Touran, Jetta A8, RS 5, A1, R8 Spyder, A7 Panamera V6, 911 Turbo S, Cayenne, GT2 RS Mulsanne Gallardo LP Superleggera Ibiza Cupra, Ibiza Bocanegra, Ibiza ST 10 Scania G-Series ve Scania 730 Engine Cool Liner Duoplex Steel
11 Agenda Doğuş Group Doğuş Otomotiv Macroeconomic Outlook Automotive Market Doğuş Otomotiv Financial Results New Projects Appendix Expectations 11
12 Current Macroeconomic Outlook Global economic activity continues to decelerate In addition to weak external demand, there is an ongoing slowdown in the domestic demand since the second quarter CBRT s two scenarios regarding the global outlook: ) The measures taken/will be taken by the EU and US authorities will be effective in reversing a double dip but the fresh global liquidity that would be injected by the ECB and FED will flow to EMs. ) Global recession becomes deeper and triggers an outflow from risk assets. Price stability and financial stability Upward trend in annual inflation to continue in the coming few months The banking system liquidity need maintained its high levels in August and was funded through daily one-week repo auctions. In the mean time, volatility observed in O/N interest rates has slightly decreased compared to previous months Rebuilding global financial architecture 12
13 M-07 M-07 J-07 S-07 N-07 J-08 M-08 M-08 J-08 S-08 N-08 J-09 M-09 M-09 J-09 S-09 N-09 J-10 M-10 M-10 J-10 S-10 N-10 J-11 M-11 M-11 J-11 S-11 J-08 M-08 M-08 J-08 S-08 N-08 J-09 M-09 M-09 J-09 S-09 N-09 J-10 M-10 M-10 J-10 S-10 N-10 J-11 M-11 M-11 J-11 S-11 J-07 M-08 O-08 M-09 D-09 J-10 F-11 S-11 Macroeconomic Indicators YoY Inflation (%) 20,00% 15,00% 10,00% Annual CPI Annual PPI 12,58% 2,30 2,10 1,90 1,70 Nominal Exchange Rates USD/TRY EUR/TRY Basket(0,5USD+0,5EUR) 2,41 2,11 1,75 5,00% 7,66% 0,00% -5,00% 1,50 1,30 1,10 Source: TURKSTAT Benchmark & O/N Interest Rates (%) Source: CBT, Garanti Bank 35,0% 30,0% 25,0% 20,0% Benchmark Int. Rates (compound, %) O/N Int. Rates (compound,%) Source: CBT, ISE 15,0% 10,0% 5,0% 0,0% 9,96% 5,1% 13
14 M-05 A-05 J-06 J-06 N-06 A-07 S-07 F-08 J-08 D-08 M-09 O-09 M-10 A-10 J-11 J-11 J-08 M-08 M-08 J-08 S-08 N-08 J-09 M-09 M-09 J-09 S-09 N-09 J-10 M-10 M-10 J-10 S-10 N-10 J-11 M-11 M-11 J-11 S-11 Macroeconomic Indicators 230,00 180,00 130,00 80,00 12 Month trailing foreign trade volume US$, mn export import FDI Inflows in OECD Countries (US$bn) Source: TURKSTAT 0 Czech Republic Hungary Mexico Slovak Republic Source: OECD Trends and Recent Developments in FDI Report Turkey TL Monthly Auto Loan Rates (%) 2,70 110,00 Consumer Confidence Index EURO USD 2,20 100,00 98,25 % 93,7 1,70 90,00 %1,24 1,20 80,00 % 0,67 0,70 70,00 60,00 68,88 % 0,20 14 Source: VDF Source: TURKSTAT
15 Agenda Doğuş Group Doğuş Otomotiv Macroeconomic Outlook Automotive Market Doğuş Otomotiv Financial Performance New Projects Expectations Appendix 15
16 Turkish Automotive Market Outlook Total Car Parc / 100 Household Parc Density/1000 inhabitants Turkey Bulgaria UK Germany Greece 16 Total Car Parc : 1,5 X to reach Bulgaria level Parc Density : 2,5 X to reach Bulgaria level
17 Units (thousands) Sales (thousan units) Turkish Automotive Market Outlook Auto Sales &2001 Economic crisis Turbulance in Global markets Effects of Global Recession TR Elections CAGR: 7 %* Russia Crisis Production CAGR: 9 %* *
18 Market Review Dec' 09 Dec' 10 Change Wholesale Vehicle Market Development (January- December Period) Wholesale Market Passenger Vehicle Luxury Segment Light Commercial Heavy Commercial Dec' 09 Dec' 10 Change DOAŞ Performance (January- December Period) Wholesale Market 18 Source: ADS / wholesale figures Passenger Vehicle Luxury Segment Light Commercial Heavy Commercial
19 Market Review % Oct-10 Oct-11 Change Retail Market Jan-October % % 34% % Market PC Premium LCV HCV % Oct-10 Oct-11 Change 38% % 22% % DOAS Total PC Premium LCV HCV DOAŞ Performance Jan-October
20 Retail Market Share (%) TOP 5 PC TOP 5 OCTOBER 11 16,1 13,8 10,2 10,0 8,6 RENAULT DOAS FORD TOFAS OPEL LCV TOP 5 OCTOBER 11 26,3 26,0 9,7 10,3 7,5 TOFAŞ FORD RENAULT DOAS PEUGEOT LV TOP 5 OCTOBER 11 14,1 15,2 15,1 12,7 6,1 RETAIL MARKET YTD YTD 10/11 YTD AUGUST 2010/2011 Oct-10 Oct-11 CHANGE CHANGE PASSENGER CARS % RENAULT 17,6 17,5 17,5 16,1-1,4-1,4 DOGUS OTOMOTİV 10,6 12,0 12,7 13,8 1,8 1,1 FORD 9,0 10,8 10,8 10,2-0,6-0,6 TOFAS 8,1 9,0 8,8 10,0 1,0 1,2 OPEL 6,1 7,8 7,1 8,6 0,8 1,5 HYUNDAI 16,4 9,3 10,3 7,8-1,5-2,5 TOYOTA 6,4 7,6 7,2 6,1-1,5-1,1 PEUGEOT 3,7 3,7 3,9 2,7-1,0-1,2 OTHER 22,1 22,3 21,7 24,7 2,4 3,0 LIGHT COMMERCIAL VEHICLES % TOFAŞ 29,5 25,8 25,4 26,3 0,5 0,9 FORD 27,4 25,5 25,5 26,0 0,5 0,5 RENAULT 9,3 10,0 9,9 9,7-0,3-0,2 DOGUS OTOMOTİV 5,7 9,6 9,7 10,3 0,7 0,6 PEUGEOT 8,9 9,8 9,9 7,5-2,3-2,4 HYUNDAI 2,0 0,9 1,0 1,0 0,1 0,0 OPEL 1,1 0,7 0,6 0,7 0,0 0,1 TOYOTA 0,6 0,6 0,5 0,5-0,1 0,0 OTHER 15,5 17,1 17,5 18,0 0,9 0,5 PC + LCV % RENAULT 14, ,0 14,1-0,9-0,9 TOFAŞ 15,2 14,5 14,3 15,2 0,7 0,9 FORD 15,2 15,7 15,7 15,1-0,6-0,6 DOGUS OTOMOTİV 8,9 11,3 11,8 12,7 1,4 0,9 OPEL 4,4 5,5 5,0 6,1 0,6 1,1 HYUNDAI 11,5 6,6 7,2 5,6-1,0-1,6 PEUGEOT 5,5 5,7 5,9 4,1-1,6-1,8 TOYOTA 4,5 5,3 5,0 4,3-1,0-0,7 OTHER 20,0 20,4 20,1 22,8 2,4 2,7 20 RENAULT TOFAS FORD DOAS OPEL
21 DOAS Sales Performance by brands WHOLESALES (unit) 10M'11 10M'10 YoY VW % VW PV % VW LCV % AUDI % PORSCHE % BENTLEY % LAMBORGHINI % SEAT % SKODA % PC TOTAL % LCV TOTAL % LV TOTAL % SCANIA % KRONE % MEILLER % GRAND TOTAL % MARKET SIZE* PV % LCV % HCV % TOTAL % DOAS Market Share PV 13,3% 12,6% 11,9% 10,7% 11,0% LCV 11,2% 9,7% 9,4% 5,6% 10,0% HCV 8,7% 10,0% 9,8% 6,8% 9,4% TOTAL 12,6% 11,7% 11,2% 9,0% 10,7% 21 (*) Source: Automotive Distributors Association, Company Data (HCV)
22 Agenda Doğuş Group Doğuş Otomotiv Macroeconomic Outlook Automotive Market Doğuş Otomotiv Financial Performance New Projects Expectations Appendix 22
23 Financial Performance Income Statement Vehicle Sales Volume 9M 11 9M 10 YoY Unit sales % 2nd hand sales % P&L (CMB, Mn TL) 9M 11 9M 10 YoY Revenues % Gross Profit % Gross Margin 12,6% 14,6% - Operating Profit % Operating Margin 5,3% 6,5 % - EBITDA % EBITDA Margin 5,7 % 7,2 % - Net Profit (15) % Net Margin 3,1 % 5,7% - 23
24 Financial Performance Balance Sheet BS (CMB, mntl) 31-Sept Dec-2010 Total Assets % Shareholders' Equity % Capital Expenditures % Net Cash (Debt) (559) (323) 73 % Turnovers (days) Receivable Turnover Inventory Turnover % Payable Turnover % 24
25 Financial Performance 2010 Vehicle Sales Volume Unit sales 2nd hand sales % % P&L (IFRS, TL mn) Revenues Gross Profit Gross Margin Operating Profit Operating Margin EBITDA EBITDA Margin Net Profit Net Margin % % 14.1 % 14,2% % 5.9 % 3,6% % 6.5 % 4,5% % 4.4 % 1,4% 25
26 Financial Performance 2010 BS (IFRS, TLmn) 31-Dec Dec-2009 Total Assets % Shareholders' Equity % Capital Expenditures (45) % Net Cash (Debt) (323) (403) (20) % Turnovers (days) Receivable Turnover (41) % Inventory Turnover (15) % Payable Turnover (10) % 26
27 Agenda Doğuş Group Doğuş Otomotiv Macroeconomic Outlook Automotive Market Doğuş Otomotiv Financial Performance New Projects Appendix Expectations 27
28 Trailer Production with Krone In 2003, Dogus Otomotiv has become the main exclusive importer and distributor of Krone trailers in Turkey. Dogus Otomotiv and Krone reached a new agreement in 2007 and formed a JV company to produce trailers in Turkey. In the newly established JV company Dogus Otomotiv holds 49% stake, while the remaining 51% is owned by Krone. Estimated capex is US$20 mn for 49% share. Production plant will become operational in 2011 with an initial capacity of 5,000 units which is planned to be increased to10,000 after the 1st year. 90% of production will be diverted to exports. Krone is the leader of the import trailer market in Turkey with 45% market share (12% in total trailer market, ranked 4th). 28
29 Tipper Production with Meiller Dogus Otomotiv has become the main exclusive importer and distributor of Meiller brand in Turkey in February As per the Letter of Intent (LoI) signed in October 2007, Dogus Otomotiv and Meiller formed a joint venture (JV) company. The JV is manufacturing Meiller brand tippers and semi-trailer tippers in Turkey. In the newly established JV company Dogus Otomotiv holds 49% stake, while the remaining 51% is owned by Meiller. The plant has become operational in 1Q08, with 3,000 units annual production capacity. Almost 80% of the production is diverted to exports. Dogus Otomotiv and Meiller have invested a total EUR10mn for the plant. 29
30 D-AUTO SUISSE SA 30
31 Porsche Sales in Lausanne In 2007, Dogus Otomotiv was granted by Porsche AG for the marketing, sales and after-sales retail operations of Porsche brand in Lausanne, Switzerland. In Switzerland; an important market for Porsche, 1,924 units of Porsche cars sold in 2008 vs 157 in Turkey. Switzerland s largest Porsche outlets. Operations started in 2H09. Estimated investment is US$18 mn. 160 new 58 used vehicle sold in 2010 and 108 vehicles (new&used) as of end of June
32 VDF is a hidden value January -August New contracts: 24,617 units (55% yoy decrease) Credits Given: TRY 857 mn (92% yoy decrease) Portfolio: 56,814 units ( 4% yoy decrease) Consumer Finance 2010 New contracts: units ( 36% yoy increase) Credits Given: TRY 768 mn (41% yoy increase) Portfolio: units (10% yoy decrease) 2009 New contracts: units ( 21% yoy decrease) Credits Given: TRY 544 mn (27% yoy decrease) Portfolio: units (26% yoy decrease) 32 (*) Estimated data.
33 Motor Vehicle Inspection Stations (MVIS) TUVTURK a cash cow business of DOAS, Bridgepoint and TÜV SÜD TuvTurk consortium was granted by Turkish Privatization Administration the right to build & operate MVISs in Turkey for 20 years in exchange of US$552mn. 191 fixed and 80 mobile inspection stations are fully operational as of end-1q09, with an investment of US$200mn. The operations in every region, except Istanbul, are being carried out by the business associates (BA) for 20 years in exchange of one-time license fees totalling US$750mn collected by the TuvTurk consortium. The BAs will share their revenues with the government: 1-3rd years: 30%; 4-10th years: 40% and 11-20th years: 50%...and with TUVTURK consortium: 1-10th years 7% and 11-20th years: 20% The MVIS business is expected to generate US$15bn revenues in 20 years with US$2.5bn EBITDA. 33
34 DOD: Used Car Sales Almost 100% of the second-hand vehicles sales market is non-organized. The market is expected to grow exponentially in the coming years, due to increase in consumer awareness about organized side and much more favourable tax rates compared to new cars. DOD is the largest organized retailer of the used car business. The only brand that provides guarantee for the second hand cars which increases the consumer confidence vehicles sold in 2010 SALES PERFORMANCE CAGR 17% E
35 CSR at Doğuş Otomotiv As of May 2010, we signed UN Global Compact. We aim to be the pioneer in automotive sector in Turkey, by publishing our GRI certified CSR Report in October
36 DOAŞ: FIRST GRI REPORTER IN AUTOMOTIVE SECTOR IN TURKEY Economic Impact Value Chain Multiple Brand Management Supply Chain Business Continuity Quality & Process Management Lean Applications Risk Management Information Technologies Sales & After Sales Services Authorized Sales & After Sales Strategy and Vision Environmental Impact Climate Change Environmentally Friendly Technologies & Products Energy Efficiency Water Consumption Waste & Scrap Management Material Issues Approach to Sustainability Corporate Governance and Ethics 36 Social Impact Products & Services Employees Employee Health &Safety Customers Customer Health &Safety Traffic is Life Human Rights Community Engagement Stakeholder Engagement
37 Agenda Doğuş Group Doğuş Otomotiv Macroeconomic Outlook Automotive Market Doğuş Otomotiv Financial Results New Projects Appendix Expectations 37
38 Expectations AUTO MARKET Total Market > 800 K 799K 564 K (PV,LCV,HCV) DOAŞ Market Share 12-13% % 11 9% DOD Used Car Sales FINANCIALS (CMB) Revenues ( TL,mn) > 4,000 3,428 2,129 Gross Margin % 14.2 % 14.2% Operating Profit Margin 5,0-6,0 % 5.9 % 3.6 % Average US$/TRY Rate 1,55 1,49 1,54 38
39 Stock Performance 1,20 IMKB-100 Relative DOAS (TL) 8,00 1,00 0,80 7,00 6,00 5,00 0,60 4,00 0,40 0,20 3,00 2,00 1,00 0,00 - SHAREHOLDERS STRUCTURE % Share Amount (TL) DOĞUŞ HOLDİNG A.Ş % DOĞUŞ ARAŞTIRMA GEL. VE MÜŞ. HİZM.A.Ş % OTHER DOĞUŞ GROUP COMPANIES 0.00% 696 PUBLICLY TRADED 34.50% TOTAL % Closing Price (TRY) ( 07 Oct 11) 4,27 52 wk High (TRY) (14 Dec 10) 7,06 52 wk Low (TRY) (1 1 Aug 11) 3,55 % Price Change 1 Month Ago 6.48 % Price Change 3 Months Ago % Price Change 6 Months Ago % Price Change 1 Year Ago Ave. Trading Volume (US$mn) 2.8 Mcap (US$mn) (07 Jul 11) 512
40 40 Thank You..
41 Contact Doğuş Otomotiv Investor Relations Verda Beste Taşar Tel: +90 (0) Fax: +90 (0) Address: Doğuş Otomotiv Servis ve Ticaret A.Ş. Atatürk Mahallesi, Anadolu Caddesi, No:22, Şekerpınar, Çayırova/Kocaeli, TURKEY / 41
42 Disclaimer Dogus Otomotiv Servis ve Ticaret A.S. (the DOAS ) has prepared this presentation documents (the Document ) consisting of documents and appendixes thereto for the sole purposes of providing information and projections and statements relating to the DOAS (the Information ). DOAS cannot guarantee the accuracy, adequacy, or completeness of such information, and cannot be responsible for the results. The Information is subject to change without any notice. Neither the Document nor the Information can construe any investment advise, or an offer to buy or sell DOAS shares. This Document and/or the Information cannot be copied, disclosed or distributed to any person other than the person to whom the Document and/or Information delivered or sent by DOAS or who required a copy of the same from the DOAS. Any and all information contained in this document are strictly confidential. 42
Otomotiv J n a u n a u r a y, y 20 2 1 0 0
Doğuş Otomotiv January, 2010 Agenda Doğuş Group Doğuş Otomotiv Macroeconomic Outlook Automotive Market Doğuş Otomotiv Financial Results New Projects Expectations Appendix 2 Group Structure Financial Services
Doğuş Otomotiv. March, 2009
Doğuş Otomotiv March, 2009 Agenda Doğuş Group Doğuş Otomotiv Macroeconomic Outlook Automotive Market Doğuş Otomotiv Financial Results New Projects Expectations Appendix 2 Group Structure Financial Services
DOĞUŞ OTOMOTIV Ak Securities Turkey Outlook 2007. Investor Relations
DOĞUŞ OTOMOTIV Ak Securities Turkey Outlook 2007 Investor Relations Agenda Agenda I. I. Doğuş Group Doğuş Group II. II. Doğuş Otomotiv (DOAS) Doğuş Otomotiv (DOAS) III. III. Current Market Outlook Current
Dogus Otomotiv. Dogus Otomotiv. Steering towards the fast lane... Rating: BUY
Dogus Otomotiv Steering towards the fast lane... Stock Data 03/10/2007 DOAS.TI Shares Outstanding (mn) : 110.0 Stock Price (YTL) : 7.95 Price range (12 months) 5.35-8.25 Average Daily Volume (US$ mn):
Poised for growth in the domestic automotive market
October 25, 2005 Equity Research TURKEY DOGUS OTOMOTIV Poised for growth in the domestic automotive market Rating: Market Outperformer Current Price: YTL4.26 / USD3.14 Target Price: YTL5.80 / USD4.25 Ticker:
DOGUS OTOMOTIV AUTOMOTIVE BUY
28 Mar 2007 EQUITY RESEARCH DOGUS OTOMOTIV AUTOMOTIVE BUY Adding value via differentiation! We initiate coverage of DOAS with a BUY rating. Our DCF driven price target is TRY8.1 per share, implying 31%
Dogus Otomotiv DOGUS OTOMOTIV. Trading at a bargain basement price... Recommendation : BUY Upside Potential : 49%
DOGUS OTOMOTIV Trading at a bargain basement price... Recommendation : BUY Upside Potential : 49% Company Data 31/10/2005 Shares Outstanding (mn) 110 Stock Price (US$ ) 3.67 Target Stock Price (US$) 5.45
onecompany seventeen brands Contents Annual Report 2006
Contents Inside the Cover Our Vision, Our Strategy and Goals, Our Competitive Edge, Financial Highlights, Do ufl Otomotiv s Targets 01 Corporate Profile 02 Milestones from Do ufl Otomotiv's History 04
Dogus Otomotiv. Awaiting a Catalyst. Automotive. Growth strategy through new initiatives. A strong margin recovery expected in 2008
Company Report Dogus Otomotiv Awaiting a Catalyst Automotive Growth strategy through new initiatives The company was awarded for the distribution, sales and after-sales services of Volkswagen LCVs in Egypt
RAYMOND JAMES - TURKEY
RAYMOND JAMES - TURKEY Dogus Otomotiv Growth in bottom-line with new projects Recovery in the market beginning from 2H07 Auto market contracted by 28% yoy in 1H07. Banks started to cut auto loan rates
TOFAŞ 2009 Q1ANALYST PRESENTATION
TOFAŞ 2009 Q1ANALYST PRESENTATION Agenda 2009 Q1 Performance Highlights Market Outlook Domestic Market & Tofaş Domestic Sales Market Share Exports Performance Sales Capacity Utilization Financial Results
The Key to Mobility. Creating Value with Financial Services. Fixed Income Investor Update - December 2010. Volkswagen Financial Services AG
The Key to Mobility Creating Value with Financial Services Fixed Income Investor Update - December 2010 Bernd Bode Head of Group Treasury and Investor Relations Volkswagen Financial Services Nils Allnoch
Integrating Automotive and Financial Services
Integrating Automotive and Financial Services Frank Witter, CEO Volkswagen Financial Services AG Frank Fiedler, CFO Volkswagen Financial Services AG Ehra-Lessien, 11 March 2009 Agenda Financial Services
Consolidated Results 2011
SAG GEST Soluções Automóvel Globais, SGPS, SA Listed Company Estrada de Alfragide, nº 67, Amadora Registered Share Capital: 169,764,398 euros Registered at the Amadora Registrar of Companies under the
Buy on revival in demand and prospects for business diversification
YKY Company Note Research DOGUS OTOMOTIV Buy Tulin Tekin Senior Analyst tulin.tekin@yky.com TURKEY DOAS.IS Coverage initiation +90 212 284 1933 TL US Share Price 4.54 0.03 MCap (US$ mn) 371 Price Performance
DOGUS OTOMOTIV BUY TARGET MCAP UPGRADE
www.agco.com login request DOGUS OTOMOTIV BUY TARGET MCAP UPGRADE December 12, 2005 Price: TRL 6.05 Turkey [Automotive] Bloomberg: [ DOAS TI] Market Cap: USD 493.00 m Outstanding Shares: 110.00 m Six Month
2008 2009 2010E 2011E
INDEKS Turkey - Equity - Information Technology 11 January 2011 Current Price / Mcap: TL2.70 / US$96mn INDEKS 11 January 2011 Price Performance (TL) 3.0 2.6 2.2 1.8 1.4 1.0 01.10 02.10 03.10 04.10 05.10
January March 2015 Conference Call and Webcast 29 April 2015
January March 2015 Conference Call and Webcast 29 April 2015 Disclaimer The following presentations contain forward-looking statements and information on the business development of the Volkswagen Group.
VOLKSWAGEN AG Deutsche Bank German Corporate Conference. Oliver Larkin Senior Investor Relations Manager, Volkswagen AG. Tokyo, September 2005
VOLKSWAGEN AG Deutsche Bank German Corporate Conference Oliver Larkin Senior Investor Relations Manager, Volkswagen AG Tokyo, September 2005 Agenda H1 2005 Strategy and Targets 2008 2 H1 2005: Volkswagen
Volkswagen Financial Services AG
Volkswagen Financial Services AG Klaus-Dieter Schürmann Member of the Board of Management Morgan Stanley 7 th Annual European Automotive Conference 29 June 2004 2 Volkswagen Financial Services AG Introduction
Corporate Finance in the Automotive Arena. - Navigating the next decade. of auto industry transformation -
Corporate Finance in the Automotive Arena - Navigating the next decade of auto industry transformation - Jens Diehlmann Partner at IBM Global Business Services; Global Leader Captive Finance Agenda 1 Who
BMC 20% SCANIA MAN FORD 20% ASKAM MERCEDES 25% RENAULT VOLVO IVECO DAF IVECO VOLVO DAF 12% 14% MAN 16% MERCEDES SCANIA RENAULT 23% 20%
Skoda - Yüce Auto Skoda became part of the Volkswagen Group, thereby entering the global market, in 1992. The union of Skoda s 110 year tradition with German technology transformed Skoda into a brand that
Check against delivery. Hans Dieter Pötsch Speech at the Annual Media Conference and Investor Conference on March 13, 2014.
Check against delivery Hans Dieter Pötsch Speech at the Annual Media Conference and Investor Conference on March 13, 2014 Part II Good morning, Ladies and Gentlemen, I, too, would like to wish you a very
Aksa Enerji Outperform (Maintained)
01.14 03.14 05.14 07.14 09.14 11.14 01.15 03.15 05.15 May 26, 2015 Outperform (Maintained) Turkey - Equity - Company Update On the verge of a new era s commissioning of the Company s first lignite power
Société Générale Roadshow Hans Dieter Pötsch, Member of the Board of Management Volkswagen Aktiengesellschaft. Paris, 2 June 2008
Société Générale Roadshow Hans Dieter Pötsch, Member of the Board of Management Volkswagen Aktiengesellschaft Paris, 2 June 2008 Agenda Operating Performance Emerging Markets Profitable Growth 2 Our roadmap
Monetary Policy in the Post-Crisis Period
Monetary Policy in the Post-Crisis Period A. Hakan Kara Research and Monetary Policy Department EAF Conference October 10, 2011 Contents I. Changing View of Central Banking II. Capital Flows to Emerging
LOGO BUSINESS SOLUTIONS
LOGO BUSINESS SOLUTIONS Analyst Presentation for FY 2014 Gülnur Anlaş Chief Financial Officer February 16, 2015 12 1 Disclaimer This presentation contains information and analysis on financial statements
One ring to hold them all
Global Equity Research Company Focus GEMs Turkey Auto/Motor Vehicles 18 May 2004 Dogus Otomotiv One ring to hold them all Initial Public Offering One stop shop in the Turkish automotive business Dogus
Marketing and Sales Highlights of the Volkswagen Group. Investor Meeting London, 13 July 2006
Marketing and Sales Highlights of the Volkswagen Group Stefan Jacoby, Executive Vice President Marketing & Sales Volkswagen Group Investor Meeting London, 13 July 2006 1. Marketing and Sales structure
Petkim. MARKETPERFORM (Previous: U.R) Upside Potential 6% Most of the future prospects are priced in. Equity / Mid Cap. / Petroleum and Energy
Equity / Mid Cap. / Petroleum and Energy Petkim Company Update Most of the future prospects are priced in Petrochemical margins improving but demand is weak due to anticipation on further price reduction.
VOLKSWAGEN AG Credit Suisse First Boston First Global Automotive Conference. Mr. Frank Witter CFO Volkswagen of America. New York, 8 September 2004
VOLKSWAGEN AG Credit Suisse First Boston First Global Automotive Conference Mr. Frank Witter CFO Volkswagen of America New York, 8 September 2004 Agenda H1 Results Volkswagen Group ForMotion Tariff Negotiations
AUSTRIAN POST INVESTOR PRESENTATION Q1 2016. Georg Pölzl/CEO, Walter Oblin/CFO Vienna, May 13, 2016
AUSTRIAN POST INVESTOR PRESENTATION Q1 2016 Georg Pölzl/CEO, Walter Oblin/CFO Vienna, May 13, 2016 1. HIGHLIGHTS AND OVERVIEW 2. Strategy Implementation 3. Group Results Q1 2016 4. Outlook 2016 INVESTOR
Corporate bond issuance news
Corporate bond issuance news 107 28.04.2014 Corporate bond issuances New applications for corporate bond issuances are as follows: Application to the Capital Markets Board Company Type of instrument Nominal
Corporate Profile 4 Financial Indicators 5 Milestones from Doğuş Otomotiv s History 6 Doğuş Otomotiv Board of Directors 8 Doğuş Otomotiv Executive
Annual Report 2013 2 Contents Corporate Profile 4 Financial Indicators 5 Milestones from Doğuş Otomotiv s History 6 Doğuş Otomotiv Board of Directors 8 Doğuş Otomotiv Executive Board 9 Chairman s Massage
Index. Copyright material from - licensed to npg - PalgraveConnect - 2016-09-16
Index AMIA (Mexican Association of the Automotive Industry), 90, 108 automobile demand ageing of population, 9 emerging economies, 206 7 financing, 8 post-recession, 1 2 role of income distribution and
Daimler Business in China
Daimler Business in China Deutsche Bank Investor Fieldtrip November 26, 2013 Beijing, China Hubertus Troska / Chairman & CEO of Daimler Greater China Deutsche Bank Investor Fieldtrip 2 Contents 1 Significance
Full-year results 2014. December 02, 2014
Full-year results 2014 December 02, 2014 Disclaimer Stabilus S.A. (the Company, later Stabilus ) has prepared this presentation solely for your information. It should not be treated as giving investment
China Harmony Auto 1H 2013 NDR Presentation. September 2013
China Harmony Auto 1H 2013 NDR Presentation September 2013 Disclaimer This document is confidential and is being prepared and supplied to you by China Harmony Auto Holding Limited (the Company") solely
2008 FIRST HALF ANALYST PRESENTATION
2008 FIRST HALF ANALYST PRESENTATION 08 2008 Index 2008 First half performance highlights Market Outlook Domestic Market & Tofaş Local Sales Market Share Exports Performance Financial Results Investments
ISBANK EARNINGS PRESENTATION 2016 Q1
ISBANK EARNINGS PRESENTATION 2016 Q1 2016 Q1 Recent Developments in the Economy Binler Global Outlook Main Indicators of Turkey US EA Moderate expansion in the US economy Solid labor market data Still
Chart I.1. Difference between Primary Surplus (PS) and Bond Yield Spreads in Selected EU 1 Countries
LIST OF CHARTS Chart I.1. Difference between Primary Surplus (PS) and Bond Yield Spreads in Selected EU 1 Countries Chart I.2. Gross Debt Stock and Budget Deficits of Selected Countries as of 2010 1 Chart
Results Presentation FY2014
Results Presentation FY2014 Important Notice This presentation has been prepared by the Company and its contents have been reviewed by the Company s Sponsor, CIMB Bank Berhad, Singapore Branch ( Sponsor
Preliminary results FY2015. November 27, 2015
Preliminary results FY2015 November 27, 2015 Disclaimer Stabilus S.A. (the Company, later Stabilus ) has prepared this presentation solely for your information. It should not be treated as giving investment
DARREN LEIGH Managing Director Baltics Market
DARREN LEIGH Managing Director Baltics Market Market Overview Population 6.9m Languages Estonian, Latvian, Lithuanian, Russian Currencies Euro and Euro pegged Lat and Lita Capital Cities Tallinn, Riga,
MARKET BRIEF: Motor Vehicle Manufacturing in Slovakia
2009 MARKET BRIEF: Motor Vehicle Manufacturing in Slovakia Production Developments Production Forecasts Key Players MARKETiN CEE s.r.o. www.marketincee.com September 2009 MOTOR VEHICLE MANUFACTURING IN
Renminbi Depreciation and the Hong Kong Economy
Thomas Shik Acting Chief Economist thomasshik@hangseng.com Renminbi Depreciation and the Hong Kong Economy If the recent weakness of the renminbi persists, it is likely to have a positive direct impact
About the Report 4 About Doğuş Otomotiv 6 - Performance Summary 6 - Featured 13 - Awards 13 - Associations and Memberships 14
1 Contents About the Report 4 About Doğuş Otomotiv 6 - Performance Summary 6 - Featured 13 - Awards 13 - Associations and Memberships 14 Chairman s Message 18 CEO s Message 22 Corporate Responsibility
Overview of AAA Auto Group N.V. AAA Auto Group N.V.
Overview of AAA Auto Group N.V. AAA Auto Group N.V. Privately owned company based in the Netherlands. We operate a network of used car centres throughout the Czech Republic, Slovakia, Russia and Hungary.
2012 Southwest IDEAS Investor Conference
2012 Southwest IDEAS Investor Conference November 14, 2012 This presentation contains statements which constitute forward-looking statements, within the meaning of the Private Securities Litigation Reform
A million thanks to all our stakeholders sharing our success...
A million thanks to all our stakeholders sharing our success... ANNUAL REPORT - 2012 2 Contents Corporate Profile 4 Vision-Mission, Strategy, Human Resourses Approach and Financial Highlights 5 Milestones
PANORAMA Automotive Sector Central Europe
PANORAMA Automotive Sector Central Europe July 2015 COFACE ECONOMIC PUBLICATIONS by Grzegorz Sielewicz, Coface Economist based in Warsaw, Poland The automotive sector plays an important role in the CEE
RAJESH EXPORTS LIMITED GLOBAL PRESENCE IN GOLD AND GOLD PRODUCTS. Earnings Presentation Q2 FY16
RAJESH EXPORTS LIMITED GLOBAL PRESENCE IN GOLD AND GOLD PRODUCTS Earnings Presentation Q2 FY16 Company Overview COMPANY OVERVIEW Rajesh Exports Ltd. (REL) was incorporated in 1989. Currently REL is a leader
MACROECONOMIC OVERVIEW
MACROECONOMIC OVERVIEW MAY 20 Koç Holding CONTENTS Global Economy... 3 Global Financial Markets... 3 Global Economic Growth Forecasts... 3 Turkey Macroeconomic Indicators... Economic Growth... Industrial
Volume XV: January December 2015
BIST TRENDS REPORT By TUYID TURKISH INVESTOR RELATIONS SOCIETY & MKK CENTRAL REGISTRY AGENCY Volume XV: January December 2015 January 15, 2016 1 / 22 January 15, 2016 Dear Readers, We proudly present Volume
Inflation. Credit. Coincident indicator (Ita-coin) and Italian GDP (1) (percentage changes)
NUMBER 16 FEBRUARY 216 Economic activity and employment Foreign trade and competitiveness Inflation Credit The Public Finances Macroeconomic projections 1 7 8 11 12 Directorate general for economics, statistics
Inaugural Bond Issuance of Volkswagen Bank RUS OOO Irrevocable offer of Volkswagen Financial Services AG November 2013
The Key to Mobility Creating Value with Financial Services Inaugural Bond Issuance of Volkswagen Bank RUS OOO Irrevocable offer of Volkswagen Financial Services AG November 2013 Katja Hauer Investor Relations
Corporate bond issuance news
Corporate bond issuance news 101 17.03.2014 Corporate bond issuances New applications for corporate bond issuances are as follows: Application to the Capital Markets Board Com pany Type of instrument Nominal
ECONOMIC ACTIVITY AND EMPLOYMENT FOREIGN TRADE AND COMPETITIVENESS INFLATION CREDIT THE PUBLIC FINANCES
NUMBER 99 JULY 21 ECONOMIC ACTIVITY AND EMPLOYMENT FOREIGN TRADE AND COMPETITIVENESS INFLATION CREDIT THE PUBLIC FINANCES MACROECONOMIC PROJECTIONS 1 7 8 11 12 Directorate general for economics, statistics
Income Statement. January - December 2012 *) % 2013 % million
Highlights Volkswagen reports successful fiscal year 2013 in a challenging environment: - Sales revenue rises by 2.2% to 197.0 billion - Operating profit exceeds record prior-year level at 11.7 billion
Press Release Corporate News Vienna, 18 March 2015
Press Release Corporate News Vienna, 18 March 2015 IMMOFINANZ with stable operating performance in the first three quarters, Net profit reduced New share buyback program resolved KEY FIGURES (in MEUR)
This is a licensed product of Ken Research and should not be copied
1 TABLE OF CONTENTS 1. The US Used Car Industry Introduction 2. The US Used Car Market Size, 2006-2011 2.1. By Revenue, 2006-2011 2.2. By Units Sold, 2006-2011 2.3. By Late Model Sales, 2006-2011 3. The
PEER GROUPS CMP MARKET CAP EPS P/E (X) P/BV(X) DIVIDEND Company Name (Rs.) Rs. in mn. (Rs.) Ratio Ratio (%)
BUY CMP 196.40 Target Price 225.00 STYLAM INDUSTRIES LIMITED Result Update (PARENT BASIS): Q2 FY16 DECEMBER 16 th. 2015 ISIN: INE239C01012 12 th h, 2013 Index Details Stock Data Sector Plastic Products
Teknosa İç ve Dış Ticaret A.Ş. 1Q14 Results
Investor Presentation Teknosa İç ve Dış Ticaret A.Ş. 1Q14 Results «Leader of A Growing Market» Korhan Bilek, CFO Erman Tütüncüoğlu, Head of IR May 5, 2014 Investment Theme 1 Strong Leadership Having the
Analyst Presentation. for the year ended 28 February 2014
Analyst Presentation for the year ended 2014 Agenda 1. General commentary on the period Kevin Hodgson 2. Financial commentary Cobus Loubser 3. Questions Page 2 General Commentary Review of the period Group
Marti Otel. Martı REIT OUTPERFORM MARKETPERFORM. 01 November 2010. Equity / Small Cap. / Tourism. Upside Potential* 38%
Equity / Small Cap. / Tourism 01 November 2010 Marti Otel Bloomberg: MARTI TI Reuters: MARTI IS Equity / Small Cap. / Real Estate Investment Trust Martı REIT Bloomberg: MRGYO TI REIT IPO unlocks the value
DOĞUŞ OTOMOTİV CORPORATE SOCIAL RESPONSIBILITY REPORT
On the road Movement is the dynamics of life. Journeys long or short, going through desert roads, small villages, the wild, gigantic cities and festivals are experienced every day. The roads change, countries
Full Year 2012 Results. Madrid, February 28 th, 2013
Full Year 2012 Results Madrid, February 28 th, 2013 Our progress in 2012 1. A new company identity and mission 2. A fully integrated organization 3. A strong plan going forward 4. Solid business and financial
124th Annual General Meeting AUDI AG Neckarsulm
Speech Axel Strotbek 124th Annual General Meeting AUDI AG Neckarsulm May 16, 2013 Axel Strotbek Member of the Board of Management of AUDI AG Finance and Organization Speech at the 124th Annual General
2013FIRSTHALFRESULTS. JERÓNIMO MARTINS Strategic Overview
2013FIRSTHALFRESULTS JERÓNIMO MARTINS Strategic Overview Disclaimer Statements in this presentation that are forward-looking statements are based on current expectations of future events and are subject
Committed to the NAFTA Region and Increasing Local Footprint
Committed to the NAFTA Region and Increasing Local Footprint Andreas Buchta Investor Relations Americas, Volkswagen Group of America West Coast Roadshow with HSBC, Los Angeles, San Diego & San Francisco
Doğuş Otomotiv Servis ve Ticaret AŞ and its Affiliates
Doğuş Otomotiv Servis ve Ticaret AŞ and its Affiliates Consolidated Financial Statements As of 31 December 2005 With Independent Auditors Report Thereon Akis Serbest Muhasebeci Mali Müşavirlik Anonim Şirketi
Automotive Sector Turkey
Automotive Sector Turkey May 2014 Produced by: - 1 - Table of Contents I. Sector Overview 1. Sector Highlights 2. Economic Importance 3. Main Sector Indicators 4. Automotive Sector Forecasts 5. Government
Doğuş Otomotiv continued to be Turkey s leading
Annual Report 2015 CONTENTS Corporate Profile 4 Financial Indicators 6 Stock Performance 7 Milestones 8 Board of Directors 10 Executive Board 12 Chairman s Message 14 Chief Executive Officer s Message
2 nd Quarter 2014 Financial Results Celulosa Arauco y Constitución S.A.
Conference Call Presentation 2 nd Quarter 2014 Financial Results Celulosa Arauco y Constitución S.A. Gianfranco Truffello, C.F.O. Santiago, August 28 th, 2014 Disclaimer Forward-looking statements are
Jean Van der hasselt CEO Russia and the Nordics
Jean Van der hasselt CEO Russia and the Nordics Market Overview Russia Population 140.4 million Language(s) Russian Currency Ruble Capital City Moscow GDP US$1.465 trillion Source: IMF Russia is the largest
Mobile Advertising Market - India
Mobile Advertising Market - India February 2015 Executive Summary Market Overview Global market size of mobile advertising stood at INR a1 bn in 20--, growing at a CAGR of a2% from the previous year Market
Full Year Results 2012. Conference Call Presentation, 21 st March 2013
Full Year Results 2012 Conference Call Presentation, 21 st March 2013 0 Disclaimer This presentation may contain forward-looking statements based on current assumptionsandforecastsmadebybrenntag AG and
Presentation to Stockbrokers
9 September 2008 Company Announcements Office ASX Limited 20 Bridge Street SYDNEY NSW 2000 Re: Presentation to Stockbrokers Please find attached today s presentation to Taylor Collison. Yours faithfully
Economic and Market Report. EU Automotive Industry Quarter 4 2015
Economic and Market Report EU Automotive Industry Quarter 4 2015 March 2016 CONTENTS Passenger cars... 2 Registrations... 2 World... 2 The European Union... 5 Production... 7 World... 7 The European Union...
Speech at the annual press conference on the 2010 financial year Bonn, February 25, 2011
The spoken word shall prevail Speech at the annual press conference on the 2010 financial year Bonn, February 25, 2011 Timotheus Höttges Chief Financial Officer Deutsche Telekom AG Thank you, René Obermann!
QSC AG. Company Presentation. Results Q2 2014 Cologne, August 11, 2014
QSC AG Company Presentation Results Q2 2014 Cologne, August 11, 2014 AGENDA 1. Operating development Q2 2014 2. Financial development Q2 2014 3. Outlook for 2014 4. Questions & Answers 2 DISAPPOINTING
Turkish Arab Economic Forum June 29, 2012. Mehmet Şimşek. Minister of Finance
Turkish Arab Economic Forum June 29, 2012 Mehmet Şimşek Minister of Finance 1 Outline Turkey: Short Term Outlook Managing a Soft Landing Fallout from the Euro Crisis Turkey & MENA REBALANCING Growing ON
CBI Product Factsheet: Exhaust Systems in Eastern Europe
CBI Product Factsheet: Exhaust Systems in Eastern Europe Practical market insights for your product Eastern Europe is a growing market for exhaust systems. The key automotive OEM markets are the Czech
Chapter 5 Macroeconomic Measurement: The Current Approach Macroeconomics In Context (Goodwin, et al.)
Chapter 5 Macroeconomic Measurement: The Current Approach Macroeconomics In Context (Goodwin, et al.) Chapter Overview In this chapter, you will be introduced to a fairly standard examination of the National
TVN GROUP RESULTS FOR THE SECOND QUARTER AND FIRST HALF OF 2015 WARSAW, AUGUST 4 TH, 2015
TVN GROUP RESULTS FOR THE SECOND QUARTER AND FIRST HALF OF 2015 WARSAW, AUGUST 4 TH, 2015 Disclaimer This presentation (the Presentation ) has been prepared by TVN S.A. (the Company ) solely for use by
Country update TURKEY
Summary Slower growth in the second quarter helped calm the economy, thereby reducing the risk of overheating. Still, wide current account and trade deficits are a major source of concern. In 211, we expect
Delticom AG: Company Presentation. Hanover, 13 November 2014
Delticom AG: Hanover, 13 November 2014 Agenda 3-7 Delticom group overview 8-11 Replacement tyre business 12-15 Strategy 16-22 Financials 9M/14 23-25 Outlook 2014 Hanover, 13 November 2014 2 Agenda 3-7
IFRS results for the year ended December 31, 2006 April 2, 2007 Michael A. O Neill CEO
IFRS results for the year ended December 31, 2006 April 2, 2007 Michael A. O Neill CEO 1 Forward-Looking Statements This presentation includes forward-looking statements including, but not limited to,
Possible Implications of Russia's Sanctions on Turkish Economy
Possible Implications of Russia's Sanctions on Turkish Economy December 2015 Eren Demir Assistant Economist Economic Research Division 1 After a Russian warplane violated Turkish airspace near the Syrian
SKODA - SWOT ANALYSIS IN ACTION. 1: Introduction
SKODA - SWOT ANALYSIS IN ACTION 1: Introduction In 1895 in Czechoslovakia, two keen cyclists, Vaclav Laurin and Vaclav Klement, designed and produced their own bicycle. Their business became Skoda in 1925.
CESEE DELEVERAGING AND CREDIT MONITOR 1
CESEE DELEVERAGING AND CREDIT MONITOR 1 November 4, 214 Key Developments in BIS Banks External Positions and Domestic Credit In 214:Q2, BIS reporting banks reduced their external positions to CESEE countries
Results for the Quarter Ended June 30, 2014 September 2014
Results for the Quarter Ended June 30, 2014 September 2014 Summary This is the first set of unaudited interim condensed consolidated financial statements for the quarter ended June 30, 2014, and accordingly
2016 Interim Results Presentation 24 November 2015
2016 Interim Results Presentation 24 November 2015 Disclaimer This presentation includes statements that are, or may be deemed to be, forward-looking statements. These forward-looking statements can be
Focus on fleet customers SAF-HOLLAND Annual Financial Statements 2013
Focus on fleet customers SAF-HOLLAND Annual Financial Statements 213 Detlef Borghardt, CEO Wilfried Trepels, CFO March 13, 214 Agenda 1 Financials 3 2 Appendix 21 2 Executive Summary 1 2 3 Group sales
Third quarter results FY2015. August 17, 2015
Third quarter results FY2015 August 17, 2015 Disclaimer Stabilus S.A. (the Company, later Stabilus ) has prepared this presentation solely for your information. It should not be treated as giving investment
NATIONAL ASSOCIATION OF AUTOMOBILE MANUFACTURERS OF SOUTH AFRICA
NATIONAL ASSOCIATION OF AUTOMOBILE MANUFACTURERS OF SOUTH AFRICA PO BOX 40611, ARCADIA 0007 TELEPHONES: (012) 323 2980/1 323 2003 TELEFAX: (012) 326 3232 WEB ADDRESS: www.naamsa.co.za E MAIL ADDRESS: naamsa@iafrica.com
Extended Warranties for New and Used Cars in Europe
Extended Warranties for New and Used Cars in Europe Report Prospectus October 2013 Web: www.finaccord.com. E-mail: info@finaccord.com 1 Prospectus contents Page What is the research? What is the rationale?
of Fiscal 2006 (Consolidated)
Outline of Financial Results for the 3rd Quarter of Fiscal 2006 (Consolidated) Feb.3, 2006 For Immediate Release Company Name (URL http://www.fhi.co./jp/fina/index.html ) : Fuji Heavy Industries Ltd. (Code
Quarter Report 2014 ESSANELLE HAIR GROUP AG
Quarter Report 2014 ESSANELLE HAIR GROUP AG Q1 2 Q1/2014 ESSANELLE HAIR GROUP KEY FIGURES for 1 January to 31 March 2014/2013 (IFRS) million 2014 2013 Change* Consolidated sales 32.3 30.8 +4.7% essanelle
How To Understand The Turkish Economy
BRSA Bank Only Macro Outlook Q1 GDP growth at 3.2%, mostly backed by net exports. Budget deficit was TRY 6.7 billion in H1 12, one third of Latest GDP figure is supportive of the soft landing the government