Polisan Holding

POLİSAN HOLDİNG
March 2016
NOTICE
2
This presentation may contain statements that are forward looking.
These statements are based on current expectations and assumptions
that are subject to risks and uncertainties which may cause actual
results to differ materially due to factors discussed in Polisan Holding’s
prospectus filed during the IPO of the Company in compliance with the
procedures of the Capital Markets Board of Turkey. We undertake no
duty to update or revise any forward looking statements, whether as a
result of new information, future events or otherwise.
POLİSAN HOLDİNG: POISED FOR GROWTH IN ALL BUSINESS LINES
CHEMICAL
ACTIVITIES
PAINT
100%
100%
100%
40%
INTERNATIONAL
EXPANSION
3
100%
PORT
OPERATIONS
AGRICULTURE
93%
100%
REAL ESTATE
100%
POLİSAN HOLDİNG STRATEGY: TO MAXIMIZE SHAREHOLDER VALUE
Sustaining Profitable Growth of Existing Businesses
Maximizing Intra-Group Synergies
Forming Strategic Alliances to Expand in High Margin, New Business Lines
Utilizing Holding’s Other Assets in its Portfolio
Professional Management Dedicated to Have a High Level of Corporate Governance
4
POLİSAN HOLDİNG: PROFITABLE REVENUE GROWTH CONTINUES
TRY mln
2014
2015
YoY (%)
2016 Guidance
Revenue
772.7
906.4
17.3%
~15-20% increase
EBITDA
104.4
128.3
22.9%
EBITDA Margin
13.5%
14.2%
0.7 p.p.
50.8
35.4
-30.3%
Net Income


-
17.3% YoY growth in total: Paint, port and chemical activities, and Z Office Project real estate
sales
0.7 p.p. increase in EBITDA margin:

Positive f/x impact on Poliport due to $ denominated revenues and TRY based costs

Revenue and profitability growth in Polisan Kimya’s Formaldehyde and Resins business line

Decrease in Polisan Hellas’s operational loss
TRY35.4 million net income recorded:

5
A few point increase
In 2015, Polisan Holding grew revenues on all business lines:


-
Increasing financial expenses of Polisan Boya and Polisan Kimya due to fluctuating f/x rates
POLİSAN HOLDİNG: SUSTAINABLE GROWTH ON ALL BUSİNESS LINES
Holding Revenue Breakdown* (2015)
2014-2015 Revenue and EBITDA Margin Evolution
906
Polisan
Kimya
17%
Polisan
Hellas
17%
773
Other
4%
55.4%
49.1%
473
432
13.5% 14.2%
Poliport
11%
Polisan
Boya
51%
13.8%
(*): The ratios on the pie chart do not reflect intra-group eliminations.
72
98
138
159
138
154
6.3% 9.7%
Polisan Holding
6
15.8%
Polisan Boya
Poliport
Polisan Kimya
Polisan Hellas
-2.5%
-10.8%
TURKEY PAINT INDUSTRY: EVER GROWING DEMAND
TURKEY PAINT INDUSTRY
With ~$2 billion,
Europe’s 3rd largest market
POLİSAN BOYA
Decorative Segment, which has
~60% share, drives growth
7%
5%
5%
Growing Production Over the Years
2% 2% 1% 1%
5%
Powder
Coil Paints
Relatively lower consumption
suggesting further growth
Water-based
Solvent-based
7
UK
Turkey China
105%
68%
0.5
India
2014
France
1.6
Road Marking Paint
Market
2007
US
7.0
2006
17.0
2005
19.5
Glue
One of the Leaders in Decorative Paint Growing
Faster than the Market
Polisan
22.0
Thinner
2013
Industrial
Maintenance
2012
Wood
Printing Ink
Packaging
2011
4 major players capture 70% share
in the market
Decorative
Automotive
Marine
2010
Spain
France
Turkey
2009
Germany
2008
Italy
Great Britain
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
61%
11%
POLİSAN BOYA’S DIFFERENTIATION STRATEGY: VALUE FOR MONEY
1

Introduced Home
Cosmetics concept to the
World






Turkey’s first water based
new generation mix system



3
SALES
Turkey’s widest sales
network
34 distributor
650
merchandizing


4
SERVICE
World’s first exterior
insulation insurance

2,500 sales points
Production at factory
quality with Modula
system
3 Chain
Interior and Exterior
6,000 dealer Direct Retailer Stores
162 Shops
paints
1,000 EXCLUSIVE SHOPS
Water based metal paint
Plastic spray paint
 Polisan Shop concept
Turkey’s first private label
and hybrid brand producer
8

Decoart Effect Series
Wall Motives
Paint Perfume
Innovative products
undersigning firsts in Turkey


2
PRODUCT
First Logistic Center

24/7 Call Center

Turkey’s first loyalty
program through POS

QUALITY
Global brand awareness
with quality certificates

Turkey’s 1., Europe’s 3.
Environmental Product
Declaration Certificate

TURQUALITY
R&D Center


Home Cosmetics brand
communication for A,B,C &
25+ group
Collection through 1,150
 Revive Me Polisan
cash register POS and
Policlub
 New Facility at global
standards in 2017

$35 mln investment;
550,000 ton/yr capacity
STRATEGY: CONTINUE LEADERSHIP WITH PROFITABLE GROWTH
There are 18 million households in Turkey to be renovated and isolated
Young & growing
population
INDUSTRIAL
Obligation to isolate
exterior walls
FURNITURE
Renovation and new
buildings
Insulation Revenues
2008-2015 CAGR: 54%
MARINE
2008
To grow in all segments in
paint
9
2009
2010
2011
2012
2013
2014
2015
To be one of the leaders of
growing insulation market
To expand auxiliary product
business
TURKEY SEABORNE TRADE: 5. IN EUROPE
TURKEY: AVERAGE 7.1% GROWTH BETWEEN 2006 AND 2015
GLOBALLY: AVERAGE 3.6% GROWTH BETWEEN 2006 AND 2015
2006
2007
2008
2009
2010
2011
2012
2013
2014
%35
%30
%25
%20
%15
%10
%5
%0
-%5
-%10
2015E
2006
2007
2008
GDP
Global Seaborne Trade
GDP
AVERAGE
GROWTH:
TURKEY IS THE 5. IN EUROPE IN SEABORNE TRADE
2009
2010
2011
2012
Seaborne Trade
3.9%
2014
Poliport
7.1%
11.7%
45.0
120%
500,000
400,000
27.3
383,121
25.0
21.1
300,000
28%
213,105
200,000
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Holland
UK
Italy
Spain
Turkey
France
2015
POLİPORT CONTINUES ITS PROFITABLE GROWTH TREND
600,000
32.7
29.4
26.3
23.3
39%
38%
44%
41%
35.9
28.6
42%
49%
55%
5.0
70%
20%
Germany
CARGO HANDLED
(2004-2014):
29%
-12%
-9%
14%
81
80%
-9%
12%
CAGR
(2004-2014):
2.6%
-1.3%
-0.9%
1.4%
%6,8
6.0%
-1.0%
1.1%
10
2013
2008
-15.0
2009
2010
Revenue
Source: Republic of Turkey, Ministry of Transport, Maritime Affairs and Communications Directorate General of Merchant Marine
GDP: http://www.imf.org/external/datamapper/index.php
Cargo handled in Europe: http://ec.europa.eu/eurostat/tgm/table.do?tab=table&init=1&language=en&pcode=ttr00009&plugin=1
2011
2012
EBITDA
2013
2014
EBITDA Margin
2015
-30%
KOCAELİ PORT: TURKEY’S LARGEST NATURAL PORT
TURKEY SEABORNE TRADE
BY CARGO TYPES
416 mln ton/2015
KOCAELI PORT
2%
35%
KOCAELİ PORT
LEADS TOTAL CARGO HANDLED WITH 16%
15.5%
19.7%
21%
18.8%
3.1%
2.5%
3.6%
8.7%
15%
27%
Container
Bulk Liquid
General Cargo
Vehicles
ROTTERDAM PORT
Kocaeli
İskenderun
Gemlik
Dry Bulk
11.7%
8.7%
TURKEY SEABORNE TRADE
BY REGIMES
7.7%
Botaş
Ambarlı
Others
Aliağa
Tekirdağ
Mersin
Ereğli
KOCAELİ PORT
LEADS FOREIGN TRADE WITH 18%
416 mln ton/2015
17.9%
20.7%
15%
13%
ANVERS PORT
7.3%
3.5%
3.0%
4.1%
8.0%
72%
14.4%
10.8%
Foreign Trade
11
Transit
Cabotage
Source: Republic of Turkey, Ministry of Transport, Maritime Affairs and Communications Directorate General of Merchant Marine
Kocaeli
İskenderun
Gemlik
Botaş
Ambarlı
Others
10.2%
Aliağa
Tekirdağ
Mersin
İzmir
POLİPORT: THE LEADING TERMINAL IN KOCAELİ PORT
TEM highway
Cargo handled in 2015: 4.6 mln ton
3
2
Dry Bulk and
General Cargo
Loading &
Unloading
CLOSE PROXIMITY TO STRATEGIC GATEWAYS





12
Close to İstanbul, Sabiha Gökçen
Airport, TEM and D-100 Highways
Crossed by the Railway
One of EU’s 10 major ports
Located on an industrial zone where
~42% of Turkey’s GDP generated
103 km sheltered coastline with
easy access and 80 mln ton capacity



Services on a 160,000 m2 land
Terminal and General Cargo
Services total handling capacity:
6 mln ton/year
Bulk liquid storage capacity:
200.000 m³
Storage and logistic services at
48,000 m2 warehouse*
* Capacity of the warehouse facility is to increase to 48,000 m2 from 29,000 m2 by the begining of 2016.
1
Warehouse
Bulk Liquid
Storage
Bulk Liquid
Loading &
Unloading
LONG TERM GROWTH STRATEGY
HIGH MARGIN SERVICES

3
Railway




New business opportunities with
multinational companies
Further capacity increase through
relocation of Polisan Paint
Change in the supply-demand
balance in favor of Poliport
Increasing revenues and profitability
in the niche market
PORT VALUATIONS
Poliport
Mersin Port
Samsun Port
I skenderun Port
Derince Port
Transaction date:
August 14, 2005
Transaction date:
May 16, 2008
Transaction date:
September 28, 2010
Transaction date:
June 5, 2014
Transaction date:
December 19, 2014
Cargo handled:
4.6 mln tons (2015)
Cargo handled:
17.2 mln tons (2004)
Cargo handled:
1.6 mln tons (2007)
Cargo handled:
2.4 mln tons (2009)
Cargo handled:
2.4 mln tons (2013)
Greenfield
Operation
Dry bulk:
3.7 $/ton
General Cargo:
3.7 $/ton
Bulk liquid:
20 $/ton
$755 mln
$125 mln
6%
44%
34%
16%
2%
0%
Bulk Liquid
13
43%
Dry Bulk
$543 mln
$372 mln
3%
30%
35%
39%
0%
55%
34%
G. Cargo
Container
0%
57%
Petkim
$250 mln
28%
Petkim sold 30%
of Petlim Port
to Goldman
Sachs.
26%
46%
CHEMICAL ACTIVITIES: POLISAN; FROM BASEMENT TO ROOF ...
POLISAN
CHEMICALS


14
Revenue breakdown
(2015):
 Formaldehyde and
resins: 69%
 Concrete and Cement
Admixtures: 18%
 Aus-32/AdBlue©: 7%
New Products (2015):
 Windshield Washer
Fluid
 Anti Freeze
ROHM & HAAS
(DOW)
POLISAN
CONSTRUCTION
CHEMICALS

Marketing and sales of:
 Concrete and
cement admixtures
produced by Polisan
Chemicals for the
cement industry


Polisan Chemicals is the
Turkey’s 1st emulsion
polymer producer
 Selling and marketing
of emulsion polymers,
their raw materials
In 2004, a JV was formed
with Rohm & Haas;
 Partnership continues
with Dow Chemicals
since Rohm & Haas’
acquitision in 2009
POLISAN
HELLAS


Operational in Greece
The sole Polyethylene
Terephthalate (PET) resin
and preform producer in
Greece and Balkan region
POLİSAN HELLAS: INTERNATIONAL EXPANSION
TRANSACTION HIGHLIGHTS




15
Polisan Hellas bought 100% of the assets of Artenius
Hellas in Greece
Polisan Hellas is being controlled by Polisan Holding
The sole Polyethylene Terephthalate (PET) resin and
preform producer in Greece and Balkan region
Capacity: Production of over 80,000 tons/annum of
PET resin or bottle preforms
UTILIZING LOGISTIC SYNERGIES





Over 35,000 m2 industrial land with all required
infrastructure and staff
A potential market for Polisan Holding operations
Chemicals distribution opportunity in the mid-term
Acting as a marketing company in the EU for all
products currently produced in Turkey
Substantial EU grants for new industrial investments
POLİSAN HOLDİNG’S PROPERTIES: ~TRY817 MILLION
ONGOING PROJECTS
Z OFFICE
28 shops, 85 offices
TRY63 mln**
• Rapid urbanization area
• Easy transportation
• Access to Çağlayan –
Kağıthane road
• DAP Yapı (58%) and Polisan
Yapı (42%) commercial real
estate project
• 41 offices and 2 shops sold
and 11 shops were leased
16
PENDIK
POLIPORT
POLISAN
180,821 m2 land
TRY184 mln**
146,051 m2
TRY300 mln*
90,142 m2
TRY122 mln
• Next to Sabiha Gokcen Airport
• On the Istanbul-Ankara Fast
Railway Line
• Construction agreement in
return for land share
• DAP Yapı – DOP Yapı JV: 66%
• Polisan Yapı: 34%
• DAP Yapı plans a TRY1.5 bln
investment for 3,000-unit city
OTHER PROPERTIES
PRODUCTION FACILITIES
• In Kocaeli Dil
İskelesi
• Rented for 49
years
• In Kocaeli
Dilovası
• Owned by
Polisan Kimya
INVESTMENT PROPERTIES
Other land and real estates
TRY148 mln
•
•
•
•
•
•
Kocaeli – GebKim:
Kocaeli – DOSB:
Kocaeli – Farm***:
Aydın****:
Balıkesir-İvrindi****:
Kocaeli-Aysan*****:
TRY71 mln
TRY26 mln
TRY14 mln
TRY5 mln
TRY4 mln
TRY29 mln
Source: Polisan Holding
* Poliport land is not owned by Polisan Holding, but leased for 49 years, instead.
** All expertise values are as of 2014 year end except for the land in Pendik and the unsold real estates of Kağıthane Z Office Project , whose expertise values are as of 2015 year end.
*** There is 1,500 decare forestry, taken care by Polisan Kimya, around the 190 decare farm in Kocaeli, Gebze.
**** The value of the agricultural land in Aydın Karacasu and Balıkesir İvrindi is the total of the expertise values of the related lands as of the 2014 year end and the additional purchase cost in 2015.
*** The land in Kocaeli, Aysan is purchased for €9 million in 2013 and that its value is calculated based on the Turkish Central Bank’s € Buying Rate (3.1776) as of December 31, 2015.
POLİSAN TARIM: BUYS LAND FOR ALMOND AND WALNUT GARDENS
tons
tons
250,000
100,000
200,000
80,000
150,000
60,000
100,000
40,000
50,000
20,000
Imports
Exports
Production
WALNUT
Imports
2013/14
2012/13
2011/12
2010/11
2009/10
2008/09
2007/08
2006/07
2005/06
2004/05
2003/04
2002/03
2000/01
2013/14
2012/13
2011/12
2010/11
2009/10
2008/09
2007/08
2006/07
2005/06
2004/05
2003/04
2002/03
2001/02
2000/01
Exports
2001/02
0
-
Production
ALMOND

Turkey’s walnut production in 2013-2014:
212,140 tons
 Exports: 14,171 tons
 Imports: 30,479 tons

Turkey’s almond production in 2013-2014:
82,850 tons
 Exports: 22,670 tons
 Imports: 30,413 tons

Ministry of Forestry and Water Affairs’ Action
Plan:
 5 mln walnut seedlings through 2013/16

Ministry of Forestry and Water Affairs’ Action
Plan:
 8 mln almond seedlings through 2013/17
17
POLİSAN HOLDİNG: CASH POSITION AND CAPITAL EXPENDITURES
Balance Sheet (TRY mln)
2014
2015
80.5
116.4
1,422.3
1,644.2
Short Term Debt
335.5
431.7
Long Term Debt
77.9
124.3
Net Debt
332.9
439.6
Total Equity
781.1
831.8
Cash & Cash Equivalents
Total Assets
TRY mln* - 2015
Cash
TL
33%
116.4
21%
431.7
ST Debt
Capex (TRY mln)
2014
2015
84.2
92.1
Paint
10.3
10.6
Port
22.4
38.1
Chemical activities
21.9
35.4
Consolidated Capex
79%
18%
LT Debt
124.3
82%
18
67%
*The figures on this slide based on IFRS report and F/X vs TRY breakdown of cash and debt breakdown is as of 2015 year end.
FX
POLİSAN HOLDİNG: 2015 RESULTS AND 2016 GUIDANCE
2015 ACTUAL
2016 TARGETS
Annual
Revenue
Growth
Revenue increase in all
business lines
~15-20%
growth
compared to
2015
14.2%
Polisan Hellas:
aiming breakeven
Polisan Boya, Polisan Kimya:
similar levels
Poliport:
higher profitability
A few point
increase
compared to
2015
TRY92 mln
New paint production
facility, Poliport’s capacity
increase, and maintenance
TRY906 mln
17% YoY Growth
Annual
EBITDA
Margin
Capex
19
2016 GUIDANCE
Polisan Boya: $35 mln
Poliport: $15 mln
Other: $5 mln
BACK UP
POLİSAN HOLDİNG: BOARD OF DIRECTORS
Necmettin Bitlis
Chairman
Ahmet Faik
Bitlis
Board Member
Fırat
Yemeniciler
Board Member
21
High School
72 years of work experience
Dilovası Industrial Zone Chairman
Chairman of Polisan Holding, Polisan Boya,
Polisan Kimya, Poliport, Polisan Tarım, Polisan
Yapı and Şark Mensucat
Founding member of Malatya Education Fund
President of Dilovası Industrial Zone
Entrepreneurs’ Board
Member of Turkish Industry and Business
Association
Deutsche High School
Bosphorus University, Industrial Engineer (BSc)
27 years of work experience
Board member of Polisan Holding, Polisan Boya,
Polisan Kimya, Polisan Tarım, Polisan Yapı, Şark
Mensucat, Poliport and Rohm and Haas
Chairman of Polisan YapıKim
Member of Board of Directors at Deutsche High
School Culture and Education Fund
BOSAD Chairman
İMMİB Board Member
Saint Joseph High School
University of Istanbul, Chemical Engineer (BSc)
University of Brussels, Petrochemicals (MSc)
General Manager of Union Carbide between
1993-1995
At Polisan Holding since 1995
Board member of Polisan Holding, Polisan
Hellas and Poliport
GM of Poliport
Vice President of Port Operations Committee
Council Member at Chamber of Shipping
Mehmet Emin
Bitlis
Deputy Chairman
Fatma Nilgün
Kasrat
Board Member
İzzet Özberki
Independent
Board Member
Bundesaufbau Gymnasium
Wirtschafts Universität (BSc),
Austria
29 years of work experience
Deputy Chairman of Polisan
Holding, Polisan Boya, Polisan
Kimya, Polisan Tarım and
Polisan Yapı
Board member of Poliport,
Polisan Hellas, Şark Mensucat
and Rohm and Haas
Notre Dame de Sion High
School
ITU, Chemical Engineer (BSc)
27 years of work experience
Board member of Polisan
Holding, Polisan Boya, Polisan
Kimya, Polisan Tarım, Polisan
Yapı, Şark Mensucat and
Poliport
Galatasaray High School
University of Ankara; Political
Sciences (BSc)
METU, Economics (MSc)
Research Fellow at Gazi
University for 5 years
30 years of work experience
Corporate Financier (CF)
degree from the Institute of
Chartered Accountants of
England and Wales
Ahmet Ertuğrul
Bitlis
Board Member
Erol Mizrahi
Board Member
Ahmet Temizyürek
Independent
Board Member
University of Boston ,USA
Production Engineer (BSc) and
Mechanic Engineer (MSc)
28 years of work experience
Board member of Polisan
Holding, Polisan Boya, Polisan
Kimya, Polisan Tarım, Polisan
Yapı and Şark Mensucat
Deputy Chairman of Poliport
University of Istanbul, Faculty
of Law
At Polisan Holding since 1976
Polisan Holding CEO since 2005
Board member of Polisan
Holding, Polisan Boya, Poliport,
Polisan Kimya, Polisan YapiKim,
Polisan Hellas, Polisan Tarım,
Polisan Yapı, Rohm and Haas,
and Şark Mensucat
University of Ankara; Political
Sciences (BSc)
University of Boston, Financial
Economy, E-Trade, Systems
and Technologies (MSc)
17 years of Auditing
experience as State Officer
Sworn Financial Advisor for 2
years
POLİSAN HOLDİNG: EXECUTIVE COMMITTEE
University of Istanbul, Faculty of Law
At Polisan Holding since 1976
Polisan Holding CEO since 2005
Board member of Polisan Holding, Polisan Boya,
Poliport, Polisan Kimya, Polisan YapiKim, Polisan
Hellas, Polisan Tarım, Polisan Yapı, Rohm and
Haas, and Şark Mensucat
Erol Mizrahi
Polisan Holding
CEO
Necati Hakoğlu
Polisan Kimya
General Manager
22
Fırat Yemeniciler
Poliport
General Manager
ITU, Chemical Engineering
IU, Institute for Excellence in Business Education
(MBA)
30 years work experience at Henkel and Cognis
after spin-off of Henkel
At Polisan Holding since 2008
Worked as Holding Site Director, then General
Manager of Sark Mensucat
Kocaeli Chamber of Industry, Board Member
Turkish Chemical Manufacturers Association,
Board Member
Saint Joseph High School
University of Istanbul, Chemical Engineer (BSc)
University of Brussels, Petrochemicals (MSc)
General Manager of Union Carbide between
1993-1995
At Polisan Holding since 1995
Board member of Polisan Holding, Polisan Hellas
and Poliport
GM of Poliport
Vice President of Port Operations Committee
Council Member at Chamber of Shipping
Hacettepe University;
Faculty of Economics & Administrative Sciences,
Department of Economics
31 years work experience, various managerial
positions in Banking and Manufacturing
HR Director at Polisan Holding since July 2012
Member of Peryön
Ahmet Türkselçi
Polisan Holding
HR Director
POLİSAN HOLDİNG: MILESTONES
Polisan Boya
EPD Certificate
2015
2014
2013
2012
Launch of Polisan POS
Loyalty Programme
Introduced «Home
Cosmetics» concept globally
2008
2006
Launch of Mix Centers
2000
1985
The first manufacturer of
Formaldehyde in Turkey
The first manufacturer of
emulsion resins in Turkey
Launch of Şark Mensucat
at Kağıthane
1971
1968
1964
1961
1956
23
First textile plant at Zeytinburnu
Establishment of Poliport
2004
2011
2009
Production of concrete
additives and AdBlue©
Z Office
Project
Pendik
Project
SOCIAL RESPONSIBILITY PROJECTS AND SPONSORSHIPS
WOMEN

EVERY VOICE, ONE BREATH –
2015
 Two Projects realized
 Has been granted 2
prestigious awards
 Bazaart / Art for Each Home
YOUTH




24
POLİSAN SCHOOLS
 M. Emin Bitlis Primary School
 Polisan Secondary School
 Polisan Education, Culture,
and Indoors Sports Facility
Turkey’s 7 Color
İstanbul’s Stars
Hand in Hand with Small Hearts
ENVIRONMENT/ART






100.000 trees
International İstanbul Biennial
Official Sponsorship
İstanbul Carbon Summit
Municipality Joint Projects
Paint the Town
Fener/Balat Rehabilitation
Studies
TURKEY: 16TH LARGEST ECONOMY IN THE WORLD
GROWING ECONOMY WITH A YOUNG POPULATION

6th largest
economy in the EU

Institutionalized
economy fueled by
$144 billion FDI in
the last decade

Inflation at single
digits
25
Source: www.invest.gov.tr
Turkish Statistical Institute (TurkStat)
2013
2014
GDP (Current Prices)
$820 billion
$800 billion
GDP Per Capita
$10,782
$10,404
Population
76,667,864
76,667,864
Foreign Direct Investment
$12.9 billion
$12.5 billion
Inflation Rate
7.4%
8.2%
Current Deficit / GDP
-7.9%
-5.7%
Unemployment
9.0%
9.6%
TURKEY: STRONG GROWTH TREND CONTINUES
4.2
4.4

Increasing role of private sector

Enhancing efficiency and
resiliency of the financial sector

Social security system on a more
solid foundation

Solid macroeconomic
fundamentals
3.5
3.5
2.5
3.4
Real GDP growth of ~5% on average
between 2002 - 2013:
26
Source: www.invest.gov.tr
Turkey
Chile
Slovakia
Poland
Romania
Brazil
South Africa
Bulgaria
Czech Republic
Mexico
USA
Hungary
0.9
Japan
Euro Zone (17)
0.8
1.2
1.8
2.5
3.2
4.0
4.9
AVERAGE ANNUAL REAL GDP GROWTH (%) 2002-2013
TURKEY: ECONOMIC OUTLOOK
Continuing
GDP
growth
6%
5%
9%
8%
2003
2004
2005
$ billion
Single
digit
inflation
5%
9%
1%
2006
2007
2008
22.0
20.2
2009
1.1
1.7
2.8
2002
2003
2004
2005
2006
2010
2011
20.0
10.0
2%
4%
3%
3%
2012
2013
2014
2015E
13.3
12.5
12.8
2007
2008
2012
2013
2014
6%
7%
8%
9%
2012
2013
2014
2015
16.2
8.6
9.1
2009
2010
2011
30%
18%
2002
27
9%
-5%
2002
Foreign
Direct
Investment
Inflows
7%
2003
9%
8%
10%
8%
10%
2004
2005
2006
2007
2008
Source: GDP: http://www.imf.org/external/datamapper/index.php
FDI: http://data.worldbank.org/indicator/BX.KLT.DINV.CD.WD
Turkish Statistical Institute (TurkStat)
7%
6%
2009
2010
10%
2011
THANK YOU
Telephone
Fax
Email address:
00 90 216 5785600
00 90 216 5737792
[email protected]
[email protected]
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