Corporate Credit Rating Non- Financial Sector

Transkript

TURKEY
Corporate Credit Rating
Non- Financial Sector
Holding
Long
Term
İHLAS HOLDİNG A.Ş. & CONSOLIDATED SUBSIDIARIES
Short
Term
Financial Data
National International
Total Assets (000 USD)
Foreign currency
BB
Local currency
BB
Total Assets (000 TL)
B
Equity (000 TL)
Outlook
Stable
Stable
Local Rating
A (Trk)
A-1 (Trk)
Outlook
Sponsor Support
Stand Alone
Sovereign*
B
1,426,867 1,115,965 1,038,347
822,263
Net Profit (000 TL)
37,309
867,033
788,166
444,777
498,091
478,576
46,097 -111,676
-17,905
-43,924
620,997
Net Profit Margin (%)
5.53
8.37
-25.74
-4.59
-11.44
ROAA (%)
3.34
5.88
-12.59
-2.50
-4.15
ROAE (%)
5.89
11.88
-25.45
-4.24
-7.17
Equity/Assets (%)
57.63
55.65
42.84
57.45
60.72
51.52
-
Net Working Capital/T.Assets (%)
82.84
65.48
72.90
61.75
-
Leverage Ratio (%)
42.37
44.35
57.16
42.55
39.28
Asset Growth Rate (%)
27.86
7.48
19.76
10.01
-14.50
B
BB
B
Local currency
BB
B
Overview
Outlook
Stable
Stable
İHLAS HOLDİNG A.Ş. (İhlas Holding or Group), with activities dating back to
the 1970s, is one of the most highly effective entrepreneurial groups covering
the production-distribution-customer lines through its portfolio of 52 companies
(6 of them publicly traded including the Holding itself) and a large dealer
network. It has a very high level of internal synergy, horizontal and vertical
integration through its operations in fields as diverse as media, construction,
education, health, tourism, mining, carbonated beverages, marketing, trade
fairs and event organization, two and three-wheeled vehicles production,
electrical and electronic small household appliances production, internet and
mobile services, warehousing, and financial asset management.
*End of year
ROAA (%)
ROAE (%)
Equity/Total Assets (%)
Net Working Capital/Total Assets (%)
Leverage Ratio %
Annual Growth Rate (%)
The Holding‟s shares began to be publicly traded on IMKB (ISE-Istanbul Stock
Exchange) in 1994 and currently have a free float of 83.78% of its capital.
However, 13.20% of the Holding‟s total capital is owned by the group
companies, Ihlas Pazarlama A.S. and Ihlas Ev Aletleri Imalat San.ve Tic.A.S..
The largest qualifying shareholder of Ihlas Holding is Enver ÖREN, Ph.D.
from the Ören Family, who currently owns a total of 11.07% of the Group‟s
shares.
55
40
25
10
(5)
(20)
(35)
2006
2007
2008
2009
2010
The Group maintains its principal operations in Turkey with a staff force of
2,821 and has IHA (Ihlas News Agency) offices in the Middle East countries.
Strengths

2006*
560,733
2
70


2007*
744,426
Foreign currency
85

2008*
686,601
Positive
Analyst: Zeki Metin ÇOKTAN +90 212 352 56 73
[email protected]



2009*
741,160
Stable
*Affirmed by Japan Credit Rating Agency, JCR on February 21, 2011



2010*
922,941
Funding structure improved by recent capital injection
Upward trend and recent significant improvements in working capital
Having a broad-based marketing network of widespread dealers and
effective distribution as a multi-faceted group operating in several sectors
Positive outlooks in all sectors it operates in
Offering diversified services in the media field through an integrated structure
Above sector average advances received reducing the Group‟s need for costly
funding resources
Continuity in conservation of asset quality by full provisioning policies
regarding warranties for products sold, losses in asset values and difficulties in
collection of receivables
High compliance level with corporate governance practices
Cessation of obligations and adverse effects assumed during the crises in
2000s
Initiation of IT projects regarding groupwide operational procedures and
managerial reporting
Publication Date: October 11, 2011
Constraints






Trade payables item in a predominant position among external
resources complicating liquidity management
A high level of off-balance sheet commitments and contingencies
despite following a downward trend
High level of doubtful receivables ratios
Threat imposed by the sectoral competition on the sustainability of
market shares
Absence of systems for corporate and comprehensive financial risk
management and customer scoring
Inadequate resources allocated for R&D studies
“Global Knowledge supported by Local Experience”
Copyright © 2011 by JCR Eurasia Rating. Nispetiye Cad.Firuze Sok. Ceylan Apt. No:1-D:8 Akatlar/İSTANBUL Telephone: +90.212.352.56.73 Fax: +90 (212) 352.56.75
Reproduction is prohibited except by permission. All rights reserved. All of the information has been obtained from sources JCR ER believes are reliable. However, JCR-ER does not
guaranty the truth, accuracy, adequacy of this information. A JCR ER Rating is an objective and independent opinion as to the creditworthiness of a security and issuer, not a
recommendation to buy, hold, sell any security and to issue a loan. This rating report has been composed within the frameworks of SPK (Capital Markets Board of Turkey) regulations
and internationally accepted rating principles and guidelines. http://www.jcrer.com.tr
Holding
1. Rating Rationale
Funding and equity structure, asset quality, risk
management practices, market shares, diversification level
of business activities on one hand and synergy level within
the Group depending on the effectiveness of business
network on the other and growth rates of the companies
were taken into account as effective factors in the
determination and the risk assessment of the long-term
international local currency and foreign currency grades as
well as the national grades of Ihlas Holding and its group
companies. The development of risks in the markets, growth
potential in the Group‟s fields of activities, level of free
float, the financial and non-financial positions of the main
controlling shareholders and their expected support were
also considered vital.
Besides the primary importance of interest rate, exchange
rate and price risks in the determination of the short-term
grades, critical emphasis is also laid upon the business
environment, the outlooks of the sectors in which the group
companies have been involved, the continuing state of the
balance sheet and management against the other existing
risks in the market as well as the profit & loss realized in
the last three years have been decisive.
Although the profitability level achieved through the
principal activities of Ihlas Holding is affirmative and
adequate, the results of losses faced through the high level
of activities expenses have put pressure on the internal
equity generation and liquidity management.
The key drivers that bolster the current rating grades are;
the Holding‟s (i) broad-based marketing network and
distribution channels, (ii) improvements in its funding
structure through recent capital injection which in turn
underpins its robust growth uptrend, (iii) adequate net
working capital level, (iv) improvement of internal synergy
level within the Group through its interrelated diversified
businesses and (v) competitive strength attained through its
business track record.
Market efficiency of Ihlas Holding‟s business partners and
customers and its high market reputation result in an ease
of debt collections and inspire sufficient confidence in its
creditors. This situation significantly curbs the risks to be
caused by sudden liquidity needs. Additionally, net
working capital figures followed an upward trend in recent
years and significantly improved during 1H2011.
Our rating process was based on the consolidated
independent auditors‟ reports within the context of IFRS.
Information regarding the sectors was obtained through
JCR Eurasia‟s own studies, research company reports and
statistical data of TUIK and relevant ministries.
İhlas Holding A.Ş. & Consolidated Subsidiaries
1
Ihlas Holding, through its 52 companies (37 included in the
consolidation and 15 excluded from the consolidation, of
which 4 are inactive and 1 in the process of liquidation), has
operations primarily in the fields of media, construction,
marketing, food and beverage, and furthermore in health,
education, tourism and hotel management, trade fairs and
event organization, IT, mining, motor and non-motor vehicles.
Eleven companies are active in the field of media, 7 in
construction, 13 in marketing and production, 3 in health and
tourism, 1 in education and 2 in other fields.
Consolidated Subsidiaries
Active Share %
2009
June 2010
2010
İhlas Gazetecilik A.Ş.
95.45
62.51
46.24
İhlas Ev Aletleri İmalat San.Tic.A.Ş.
21.79
21.78
21.06
İhlas Pazarlama A.Ş.
98.19
98.18
98.18
İhlas Haber Ajansı A.Ş.
97.50
97.49
83.12
İhlas Yayın Holding A.Ş.
97.91
97.90
69.15
İhlas Madencilik A.Ş.
31.09
31.08
30.48
99.56
99.67
99.67
96.73
96.72
67.92
86.71
94.03
94.03
99.88
99.87
99.87
İhlas Motor A.Ş.
92.29
92.28
89.10
TGRT Haber TV A.Ş.
96.89
96.88
68.43
TGRT Dijital TV Hizmetleri A.Ş.
Bisan Bisiklet Moped
Oto. San. Tic. A.Ş.
Bisiklet Pazarlama ve Tic. A.Ş.
93.02
93.01
65.69
96.39
96.38
94.16
96.51
96.50
94.28
87.36
87.35
64.09
55.01
67.13
67.13
100.01
100.00
100.00
98.64
98.63
69.44
30.78
30.77
4.72
82.25
82.24
58.09
İhlas Fuar Hizmetleri A.Ş.
75.67
75.66
53.44
Detes Enerji Üretim A.Ş.
21.76
21.75
21.03
Armutlu Tatil ve Turizm İşletmeleri A.Ş.
Bayındır Madencilik ve TAŞ
(Okan Tekstil Sanayi ve Ticaret A.Ş. )
İhlas Holding A.Ş. - İhlas Yapı Turizm ve
Sağlık A.Ş. Ortak Girişimi 2
İhlas Holding A.Ş. - İhlas Yapı Turizm ve
Sağlık A.Ş. Ortak Girişimi 3
İhlas Holding A.Ş.-İhlas Yayın Holding A.Ş.
Ve İhlas Pazarlama A.Ş. Ortak Girişim
Kristal Kola ve Meşrubat San. Tic. A.Ş.
78.55
90.76
90.76
4.81
4.86
4.77
99.56
99.67
99.67
59.51
70.41
70.41
98.25
98.24
85.30
39.08
38.22
Kristal Gıda Dağıtım Pazarlama ve Ticaret A.Ş.
İhlas Meşrubat Üretim ve Pazarlama A.Ş.
(eski ünvanı: Atmaca Gıda Üretim ve TAŞ
İhlas İnşaat Holding A.Ş.
60.87
60.87
53.86
37.67
94.54
94.54
İhlas Pazarlama Yatırım Holding A.Ş.
İhlas İnşaat Proje Taahhüt
Turizm ve Tic. A.Ş.
Alternatif Medya Görsel İletişim Sis. Ltd Şti.
95.91
95.91
İhlas Holding A.Ş. –
İhlas Yapı Turizm ve Sağlık A.Ş. Ortak Girişimi
Promaş Profosyonel Medya
Reklam ve Film Hizm. A.Ş.
Kuzuluk Kapl. İnş. Tur.
Sağ. Petr.Ür.Tic.A.Ş.
İhlas Net A.Ş.
İletişim Magazin Gazt. Yayın
San. ve Tic. A.Ş.
İhlas Yapı Turizm ve Sağlık A.Ş.
Kıbrıs Bürosu
İhlas Reklam Ajans
Hizmetleri Ltd. Şti.
Mir İç ve Dış Tic. Maden
San. Ltd. Şti.
İhlas Gelişim Yayıncılık A.Ş.
İhlas Genel Antrepo Nakliyat ve Ticaret A.Ş.
İhlas İletişim Hizmetleri A.Ş.
89.82
69.22
41.43
41.43
41.43
23.82
Holding
2. Outlook
JCR Eurasia Rating‟s affirmations of „stable‟ outlooks on the
international short and long term and national long term
rating perspectives of Ihlas Holding are based on the
business track record reached by Ihlas Holding and its
group companies, expected growth opportunities in the
involved business lines, Ihlas‟s competitive edge supported
by its scale and internal synergy achieved through its
horizontally and vertically integrated structure, means for
acquisition of internal and external funds required for
further growth and improvements in the resiliency of its
revenues.
Asset growth rates in the last four years and a significant
increase in the first half of FY2011 became expressive
accompanied by the attained profit figures in the last two
years. Additionally, taking into account the increased
capitalization level via capital injection by a rights issue
within 1H2011 and its expected effects on the
improvement of the liability mix of the Company and
sustainability of the growth impetus, we are of the opinion
that these factors indicate a „positive‟ outlook on the
Company‟s ratings of the short term national perspective.
The principal considerations which may be factored into
any decision on a rating change in the future are (i) the
sovereign rating of Turkey and (ii) macroeconomic
developments, issues of domestic and international politics
in Turkey following parliamentary elections.
In Company-specific terms, these are (i) improvements in
the profitability indicators of the Holding particularly
through construction activities, (ii) continuation of net
working capital structure, (iii) generation of alternative
funding channels and (iv) risk appetite regarding growth
strategies of the Company.
3. Sponsor Support and Stand Alone
 Sponsor Support grades and their risk estimations reflect
financial and nonfinancial standings of and expected
backing potential by the main controlling shareholder of
Ihlas Holding, the Ören Family and small investors holding
the majority shares. It is considered that the shareholders
have the willingness and propensity to supply long term
liquidity or equity to the Group as and when financial
needs arise and the adequate experience to provide
efficient operational support. Additionally, the fact that
the main shareholder has commercial, industrial and
financial activities in other fields is also an indicator of
their adequate financial strength.
On the other hand, considering the high ratio of free
float, the potential for additional capital support by
small investors always bear uncertainties for their
contributions and are closely dependant on developments
2
in the market. However, the support regarding equity has
been affirmed by the participation of the shareholders in the
capital increase which took place within 1H2011. Based on
these assessments, the Sponsor Support grade of Ihlas
Holding has been affirmed at (2), which denotes a high
probability level of external support.
 The Stand Alone grade for Ihlas Holding has also been
affirmed commensurate with attained business scale,
improvements in profitability indicators to the extent of
generating internal equity, asset quality, improved equity
composition, business agility, risk management practices,
market shares, growth rates of Ihlas Holding and the group
companies and the development of existing risks in the
markets and business environment.
JCR-ER concludes that the Ihlas Group has the capabilities,
experience and facilities to manage the incurred risks on its
balance sheet via its core business operations
notwithstanding that the shareholders do not provide any
financial assistance as long as it maintains its clientele,
business volume and efficiency in the market. Within this
context, the Stand Alone grade of the Ihlas Group has been
determined as (B) in JCR-ER‟s notation system, which denotes
a high level of financial strength.
4. Company Background
a) History
İhlas Holding A.Ş., with foundations going back to the
establishment of Türkiye Gazetesi in the 1970s, was
established under the trade name “İhlas Matbaacılık ve
Dağıtım Anonim Şirketi” in 1980 and changed its trade
name in 1986 and 1993 to “İhlas Matbaacılık ve Sağlık
Hizmetleri A.Ş.” and “İhlas Holding A.Ş.”, respectively.
The primary activities of the Holding under the umbrella of its
own legal personality are construction, health, education, and
domestic trade.
The total number of staff employed by the Group was 2,821
as of FYE2010 (FYE2009: 2,525). Of these, 868 (FYE2009:
787) were employees of the parent company.
b) Trading Activities
Ihlas Holding group companies operate in the fields of media,
construction, education, health, tourism, mining, carbonated
beverages, marketing, trade fair and event organization, the
production of two and three-wheeled vehicles, the production
of electrical and electronical small household appliances,
internet and mobile services, warehousing, and financial asset
management. Through its widespread dealership network and
effective distribution and marketing companies, products and
services produced by the Group as well as world renowned
brands are marketed domestically and internationally.
Holding
5. Organization & Employees
auditors deteriorates the level of compliance with the
corporate governance principles.
Within the organizational structuring of the Holding, the
Audit Committee, Shareholders Relations Department and
the Corporate Governance Practice Directorate perform
their duties as subordinate of the board. In addition, there
are 8 departments organized as coordinatorship,
directorship, unit, consultancy and presidency apart from
Human Resources Department. The same structuring is valid
in the other group companies including the publicly traded
ones.
A staff force of 2,821 was employed in the Holding and
its 37 group companies at the end of 2010. Of this total
staff, in parallel with statistics on educational profile in
Turkey, 51.40% were white-collared and 48.60%, bluecollared. On the other hand, 42.96% graduated from high
schools, 31.58% held undergraduate degrees and 2.48%
attained graduate degrees. As for the Holding itself,
85.37% were white-collared and 14.63%, blue-collared,
and 37.90% graduated from high schools, 44.70% held
undergraduate degrees and 5.99% attained graduate
degrees.
6. Shareholders, Subsidiaries and Affiliates
Of Ihlas Holding A.Ş.‟s registered capital of TL900 mn,
TL395,2 mn was issued and 83.78% of it was publicly
traded as of FYE2010. However, 13.20% of the Holding‟s
total capital is owned by the group companies, Ihlas
Pazarlama A.S. and Ihlas Ev Aletleri Imalat San.ve Tic.A.S..
The Group increased its capital to TL790.4 mn through a
rights issue in May, 2011.
Group B
Shareholders
(B) Group Share
Enver Ören
21,690
Ahmet Mücahit Ören
13,860
Ali Tubay Gölbaşı
1,260
Rıdvan Büyükçelik
1,260
Zeki Celep
1,260
Abdullah Turalı
1,260
Alaettin Şener
2,520
Ceyhan Aral
1,890
Total
Shares of İhlas Holding itself and İhlas Gazetecilik A.Ş, Ihlas
Madencilik A.Ş. (former titles: Bayındır Madencilik ve Ticaret
A.Ş. and Okan Tekstil Sanayi ve Ticaret A.Ş.), Kristal Kola
ve Meşrubat Sanayi Tic. A.Ş. and İhlas Ev Aletleri İmalat
San. Tic. A.Ş are publicly traded. İhlas Yayın Holding A.Ş.
began trading on IMKB national market on November 5,
2010. IMKB performances of the publicly traded companies
other than Ihlas Yayın Holding A.Ş., Ihlas Gazetecilik A.Ş. and
Ihlas Madencilik A.Ş. are exhibited in the charts below:
Lowest Price-Ihlas Holding A.Ş.%
Lowest Index ISE30 %
40
20
Shareholding Structure
Capital (000 TL): 395,200
2009 Share
Shareholders
Enver ÖREN, Ph.D.
A.Mücahit ÖREN
Other
Public
11.07%
1.66%
1.20%
86.08%
(20)
(40)
2010 Share
(60)
11.07%
1.66%
3.49%
83.78%
(80)
(100)
Considering the high rate of free float, the Holding‟s
general meeting issued (B) group shares in order to restrict
smaller investors obtaining the majority for appointing the
members of the board of directors and auditors. Thus,
these members are elected by the general meeting from
amongst the candidates determined by the owners of (B)
group shares. The names and amounts of shares of the
shareholders who have the right to determine the majority
of candidates of the membership to the board of directors
and auditors are listed below.
The fact that the shareholders owning a very small share of
0.0114% of the company‟s total capital determine the
majority of members of the board of directors and
3
45,000
Lowest Price-Kristal Cola %
40
20
(20)
(40)
(60)
(80)
(100)
Holding
Lowest Price-Ihlas Ev Aletleri
MEDYA GROUP COMPANIES
1
İhlas Yayın Holding A.Ş: (İYH A.Ş.)
2
İhlas Gazetecilik A.Ş. (Türkiye Gazetesi)
40
3
İHA-İhlas Haber Ajansı
20
4
TGRT Haber TV A.Ş.-TGRT FM
-
5
TGRT Dijital TV Hizmetleri A.Ş. (TGRT Belgesel TV)
(20)
6
İhlas Reklam Ajans Hizmetleri Ltd. Şti.
(40)
7
(60)
8
İletişim Magazin Gazete Yayın San ve T.A.Ş.
(80)
9
İhlas Fuar Hizm. A.Ş.
(100)
10
Alternatif Medya Görsel İletişim Sist. Görsel Ltd.Şti
11
İhlas İletişim Hizmetleri A.Ş.
The share prices of these 3 companies on IMKB were not
parallel to ISE 30 and ISE 100 indices. On the other hand,
Ihlas Madencilik A.Ş. (formerly Bayındır Madencilik ve
Ticaret A.Ş. and Okan Tekstil Sanayi ve Ticaret A.Ş.),
staying a long period on Watch List Companies Market,
was excluded from this market and began trading again in
the Second National Market following the partnership by
Ihlas Holding in its shareholding structure.
On the other hand, the shares corresponding to 2.02% of
the total capital had been owned by one of the group
companies “İhlas Ev Aletleri İmalat San. Tic. A.Ş.” and
this company offered these shares on April 24, 2008 as
collateral to Lehman Brothers Finance S.A. for the option
contract dated July 24, 2009. This option contract was
signed in order to attract corporate foreign investors
towards the Holding shares traded on IMKB and hence to
increase the liquidity level of the shares. However, Lehman
Brothers Holding Inc. declared bankruptcy and Lehman
Brothers Finance S.A., the counterparty of the option
contract, also became insolvent.
The Holding applied to the related court and on March,
10, 2009 to eliminate the possible risks on the stocks that
the Holding had given as a guarantee and about putting
temporary injunction on the said 8,000,000 lots of shares
given as guarantee and the court decided in this effect.
The Holding filed a lawsuit on March 13, 2009 for the
return of the shares given as a pledge or for the collection
of the present value of the shares if return was not
possible. In the court trial dated April 22, 2010, it was
decided that 8,000,000 lots of shares given as a pledge
be returned to Ihlas Ev Aletleri. The results of these
attempts are still pending.
We, as JCR-ER, are of the opinion that this situation does
not constitute a significant risk.
Media Group Companies:
İhlas Holding A.Ş having 11 companies in the field of
media offers services in a wide spectrum of newspaper,
broadcasting, magazine, news agency, advertising, trade
fairs and event organization, internet and mobile services.
4
Türkiye Gazetesi (Ihlas Gazetecilik A.Ş.), which is one
amongst Ihlas Holding's media companies, is a highly
competitive daily newspaper with a widespread brand
awareness, strong readership base as well as strong technical
and distribution infrastructure (vendors and manual delivery).
It has newspaper printing facilities in Istanbul, Ankara, Izmir,
Adana, Trabzon and Antalya. The capacity of the Istanbul
facility alone is 80,000 newspapers per hour. As a result of
the six local printing facilities in Ankara, Izmir, Adana, Trabzon
and Antalya, they are able to create a clear advantage over
competitors as leaders in delivering local news. Daily printing
capacities of all these facilities amount to a total of
3,220,000 copies.
On the other hand, through a printing house within İhlas
Gazetecilik A.Ş., integration of publishing management has
been enhanced while printing services within the scope of
commercial activity are provided to national and local
newspapers, other publishing houses and advertising agencies.
The daily circulation of Türkiye Gazetesi is around 130,000.
The shares of İhlas Gazetecilik A.Ş. (Türkiye Gazetesi) have
been publicly traded on IMKB since 1H2010.
The shares of Ihlas Yayın Holding A.Ş., corresponding to
28.75% of its capital, began trading on IMKB National
Market as of November 5, 2010.
IHA-Ihlas News Agency, delivering video and text news via
satellite and internet to nearly 1,300 radio, television and
newspaper subscribers in Turkey and many other countries
with a staff force of 800 people, 32 uplink stations and 140
offices, has strategic importance within the country and the
entire Middle Eastern region with its technological
infrastructure. Due to its large news and video archive, IHA has
operations, in addition to Turkey, in Iran, Iraq, Afghanistan,
Pakistan, Russia, Greece, Kosovo, Israel, Palestine, Central
Asian Turkic Republics, Egypt, and Yemen.
TGRT News TV, having a considerable audience since its
establishment on October 29, 2004, has been broadcasting
news bulletins on an hourly basis nationally with the
infrastructural and news support provided by IHA.
Holding
TGRT Documentary TV, formerly established to realize
marketing activities via television with the method of
remote sales and broadcasts to all regions of Turkey,
Eastern Europe, the Balkan countries, Turkic Republics and
the Middle East and serving under the name TGRT
Marketing, was changed into TGRT Belgesel (documentary)
on April 22, 2010.
İhlas Reklam Ajansı (Advertising Agency), established in
2005, serves in the areas of advertising, publicity, public
relations, media planning, media buying, media marketing,
education film, animation, cartoon, web design and printing
such as (catalogs, brochures, billboards, banners, etc.) as
well as responds to the needs of customers in audio
activities of radio advertising, audio, dubbing and jingles.
İhlas Dergi Grubu (Magazine Group) publishes 16
magazines including 9 sectoral magazines, 2 topical
magazines, 6 international publications, as well as
appendices, catalogs, official trade fair issues. This
magazine group's customer base is composed of readers
of Türkiye Gazetesi and SMEs. İhlas Fuarcılık, serving its
customers since 1993 in sectoral publishing and fair
services sector in the field of organizations for trade fair
and international congress with 15 periodical publications.
 Construction Group Companies:
Construction activities of Ihlas Holding are realized by 7
group companies and from 1990s onwards, construction of
11,290 households in 9 projects other than non-residential
buildings was accomplished.
Completed, ongoing and planned construction projects of Ihlas
Holding‟s construction group are summarized in the table
below:
Project
Location
İhlas İnşaat Holding A.Ş.
2
İhlas İnşaat Proje Taahhüt Turizm A.Ş:
3
İhlas Yapı Turizm ve Sağlık A.Ş. (İYTS)
4
İhlas Holding A.Ş.-İYTS A.Ş. Ortak Girişimi
5
İhlas Holding A.Ş.-İYTS A.Ş. Ortak Girişimi-2
6
İhlas Holding A.Ş.-İYTS A.Ş. Ortak Girişimi-3
7
İhlas Holding A.Ş.-İYH A.Ş. Ve İhlas Paz. A.Ş.-Ortak Girişimi
Ihlas Construction Group, with a focus on upper middleclass income groups, establishes settlement areas with high
standards, builds and operates thermal resorts and
timeshare systems on the property it had purchased in
Istanbul and surrounding locations. In addition, it made
agreements with TOKI-Mass Housing Administration and
TOKI‟s subsidiary Emlak Konut GYO (Real Estate Housing
REIT) on a system of "Revenue Sharing on Sale of Land"
and major projects have been carried out in this regard.
The contracts with TOKI in the areas of housing, shopping
centres and social facilities contribute to efficiency,
development and increase in market share of Ihlas Holding
in the field of construction and provide it with a wide
range of opportunities.
5
Project
Summary
Owner
Status
TOKI and
Ihlas Holding
Completed
Emlak Konut
GYO and
Ihlas Holding
Completed
Ihlas Holding
Completed
Ihlas Holding
Completed
134 Villas
Ihlas Holding
Completed
675 Villas
Ihlas Holding
Completed
Ihlas Holding
Completed
Ihlas Holding
Completed
Ihlas Holding
Completed
Ihlas Holding
Completed
Ihlas Holding
Completed
Ihlas Holding
Completed
COMPLETED
Bizim Houses I
Istanbul
Bahçeşehir
Bizim Houses II
Istanbul
Avcılar
Marmara
Houses I
Istanbul
Haramidere
Marmara
Houses II
Marmara
Villas
Istanbul
Haramidere
Istanbul
Yakuplu
Istanbul
Güzelce
Istanbul
Yenibosna
Güzelşehir
Ihlas Yuva
Houses
720 residences
and social
facilities
522 residences,
a shopping mall,
a mosque and
social facilities in
9 blocks
2,856 residences
and social
facilities
2,186 residences
and social
facilities
Ihlas Holding
Head Office
Istanbul
Bahçelievler
Education
Campus
Istanbul
Marmara
Houses
Education
Campus
Istanbul
996 residences
1686 apartments
and 37,092
time-shares
1479 apartments
and 32,538
time-shares
73,000 sq.m
indoor space,
conference hall
and recreational
facilities
30,000 sq.m
indoor space, 78
classrooms,
dormitory for
600, conference
hall for 450 and
recreational
facilities
17,500 sq.m
indoor space, 96
classrooms,
conference hall
for 450 and
recreational
facilities
Kristalşehir
Project
Istanbul
Esenyurt
680 residences
and a mall
5104 residences,
76 commercial
zones and social
facilities in 18
blocks
Güzelşehir
Villas
Istanbul
Güzelşehir
Armutlu
Holiday Resort
Kuzuluk
Thermal
Houses
Yalova
Sakarya
Akyazı
CONSTRUCTION GROUP COMPANIES
1
Project
ONGOING
Bizim Houses III
Bizim Houses
IV
TOKI and
Ihlas Holding
Ihlas Holding,
Municipality
of Esenyurt
and land
owners
Ihlas Holding
135 villas and a and land
school
owners
768 residences
Emlak Konut
and 106
GYO and
commercial zones Ihlas Holding
in 2012
in 2014
and 2015
in 2011
in 2013
PLANNED
Marmara
Houses III
Istanbul
Büyükçekmece 400 residences
planned in
2011
Holding
 Marketing and Production Group Companies:
Ihlas Holding maintains its activities in the fields of
marketing and production with 13 companies 10 of which
were gathered under Ihlas Pazarlama Yatırım Holding A.Ş.
in 2010.
companies in Turkey in terms of market shares in bicycle and
moped productions and annual production capacities
(180,000 bicycles, 5,100 mopeds, 9,885 motorbikes, 72,000
indoor cycles, 25,000 scooters, 16,000 treadmills and 16,000
wheelchairs).
MARKETING AND PRODUCTION
GROUP COMPANIES
The marketing activities of the products of publicly traded
company named Kristal Kola ve Meşrubat Sanayi Tic. A.Ş.
which produces soft drinks, water, mineral water and fruit
juices under the brand names of Kristal, Chat, Rival, Tombik,
Redline and Bwin in the factories in Balıkesir, Sapanca,
Kırıkkale and Edremit in an area of 108,589 sq.m are
performed by Kristal Gıda Dağıtım Pazarlama San. Tic. A.Ş..
There is no external license needed for these products. The
company has a free float of 59.09% and employs a staff
force of 78 people.
1
İhlas Pazarlama ve Yatırım Holding A.Ş
2
3
İhlas Ev Aletleri İmalat San.Tic. A.Ş.
4
Kristal Kola ve Meşrubat Sanayi Tic. A.Ş.
5
Kristal Gıda dağıtım Pazarlama San. Tic. A.Ş.
6
Bisan Bisiklet Mopet Oto. San.Tic. A.Ş.
7
8
İhlas Meşrubat Üretim ve Pazarlama A.Ş:
9
10
Bayındır Madencilik A.Ş.
11
Mir İç ve Dış Tic. Maden San. Ltd.Şti.
12
Detes Maden Enerji ve Çevre Teknik Sis. Lt. Şti.
13
İhlas Motor A.Ş.
 Other Group Companies:
Ihlas Holding also has activities in fields of tourism and health
with 1 hospital, 2 thermal resorts and 1 thermal hotel.
HEALTH AND TOURISM
GROUP COMPANIES
Other than world renowned products, particularly electrical
and electronical household appliances produced by İhlas
Ev Aletleri İmalat San.Tic. A.Ş. are marketed and
distributed by Ihlas Pazarlama (Marketing) through 1,073
points of sales in total by a dealership system widespread
in Turkey. These points include 192 exclusive Ihlas stores,
327 publicity offices, 384 distribution offices and 170
authorized services. Ihlas Pazarlama enjoys the synergy
generated by Türkiye Gazetesi (Newspaper) subscription
system in contacting clients.
İhlas Ev Aletleri İmalat San.Tic.A.Ş., among the
production group companies and with a free float of
82.15% as of FYE2010, produces such electrical and
electronical small household appliances as cleaning robots,
reverse osmosis water purification systems, water heaters
and electric quartz stoves as well as vacuum cleaners, PTF
cookware sets, tea sets, ventilators and insect killers. In
particular, like cleaning robots, water purification systems
have good market position. It is selling these products to a
total of 34 countries including Kazakhstan, Poland,
Hungary, Denmark, Malaysia, Uzbekistan, Saudi Arabia,
Russia, Germany, Greece, Italy and South Africa.
Bisiklet Pazarlama ve Tic. A.Ş. carries out marketing
activities for the products by Bisan Bisiklet Moped Oto.
San.Tic. A.Ş. which manages the production, assemblage
and domestic and international sales of bicycles, mopeds,
motorcycles, wheelchairs, treadmills, scooters and their
spare parts. The company has a staff force of 115 people
and enjoys a network of 262 dealers, 492 points of aftersales services and 56 wholesalers of spare parts. Bisan
Bisiklet Moped Oto. San.Tic. A.Ş. is among the largest
6
1
2
3
Türkiye Gazetesi Hastanesi
(Operating under the legal entity of Ihlas Holding A.Ş.)
Kuzuluk Kaplıcaları Sağlık, İnş, Turizm, Sağ, Petrol Ürün. Tic. A.Ş.
Armutlu Tatil ve Turizm İşletm. A.Ş.
EDUCATION GROUP COMPANY
1
İhlas Eğitim Kurumları
(Operating under the legal entity of Ihlas Holding A.Ş.)
1
2
İhlas Net A.Ş.
İhlas Genel Antrepo Nakliyat ve Tic. A.Ş.
OTHER GROUP COMPANIES
Türkiye Gazetesi Hastanesi, located in the center of Istanbul
in a historic building over an area of 17,000 m2, is one of the
major investments of the Group, which operates under the
legal entity of Ihlas Holding A.Ş.. All types of diagnostic and
treatment services are performed there in both the internal
and surgical departments of internal medicine, respiratory,
gastroenterology, neurology, dermatology, physical therapy
and rehabilitation, dietetics, cardiovascular surgery,
cardiology, neurosurgery, general surgery, pediatric surgery,
anesthesiology and intensive care, orthopedics, traumatology,
otolaryngology, plastic surgery, urology, obstetrics &
gynecology, pediatrics and oral and dental diseases. The
hospital has a total of 60 beds, a state-of-the-art equipped
laboratory, diagnostic units, 90 specialist physicians (41 being
own staff) and 270 medical staff.
The Group has an edge in the field of health tourism thanks to
its established facilities in regions of natural thermal baths and
"timeshare system" through its companies Kuzuluk Kaplıcaları
Sağlık, Inş, Turizm, Petrol Ürün. Tic. A.Ş. and Armutlu Tatil
ve Turizm Işletm. A.Ş.. These facilities are furnished with a
view to providing health and vacation services in one
Holding
package. In addition, Kuzuluk Termal Otel is located
within Kuzuluk Hot Springs having the capacity of 140
beds.
In the field of education, two elementary schools and 5
high schools within the campuses of Bahçelievler and
Marmara Evleri have also been founded under the legal
entity of Ihlas Holding A.Ş.:
Ihlas Finans Kurumu. Of the pledged bail amount, all of the
aforementioned debt amounting to USD400 mn was paid by
the debtors and Ihlas Finans Kurumu discharged the Holding
by returning the provisional certificates of registered shares.
The list including all of the Ihlas Group companies is given in
the appendix.
7. Stabilities of Sectors







Özel Bahçelievler İhlas İlköğretim Okulu,
Özel İhlas Anadolu Lisesi,
Özel İhlas Lisesi,
Özel İhlas Anadolu Meslek Lisesi,
Özel Marmara Evleri İhlas İlköğretim Okulu,
Özel Marmara Evleri İhlas Anadolu Lisesi,
Özel İhlas Karma Anadolu Lisesi,
The fields of activities of the companies within Ihlas Holding
A.Ş. are exhibited below:
Both campuses have nursery schools, various sports
grounds/halls, a canteen, a service room, demonstration
and lecture halls, laboratories, rest rooms, health rooms,
presentation and video rooms, workshops, school playing
fields and an infirmary. In these educational institutions, elearning system is also carried out. Since 2007, student
achievements have begun to be prominent and among the
many students that graduate from these educational
institutions, several have attained countrywide success.
In the mining sector, the Group has activities through its
three companies named Ihlas Madencilik A.Ş., Mir Iç ve
Dış Maden San. Ltd. Şti. and Detes Maden Enerji ve
Çevre Tek. Sist. Ltd. Şti.. A total of 87 exploration and 3
operating licenses (2 of the latter held by Mir Iç ve Dış
Maden San. Ltd. Şti.) are held in categories of gold, coal,
chrome, copper, zinc, lead, plaster, manganese, marble
and industrial composite materials. Of the exploration
licenses, applications of operating licenses were submitted
for 21 of them. A probable reserve of 563,000 tons of
lead and zinc with grades of 4.59% Pb and 5.13% Zn,
respectively is also owned. Besides these, Ihlas Madencilik
A.Ş. owns 90% shares of a company with a capital of
USD270,000 in Ghana named Ihlas Mining Ltd. Şti..
The group companies named Ihlas Madencilik and
Bayındır Madencilik took decisions of a merger on
January 11, 2011, specifying the acquisition of former by
the latter and changing the business title of Bayındır into
"Ihlas Madencilik A.S.". The capital amount of the new
company was decided to be raised to TL79.5 mn from
TL36 mn. This process of merger was finalized on May 18,
2011.
Though Tasfiye Halinde (In Liquidation) İhlas Finans
Kurumu A.Ş. was excluded from consolidation, the Group
allocated provision for all of its capital shares. Ihlas
Holding pledged the provisional certificates of registered
shares of Ihlas Pazarlama A.Ş. for the debts of vendor
companies in an amount of USD400 mn to Tasfiye Halinde
7











Media,
Construction,
Education,
Health,
Health and Thermal Tourism,
Mining,
Carbonated Beverages,
Marketing,
Trade Fair and Event Organizations,
Production of Two and Three-Wheeled Vehicles,
Production of Electrical and Electronical Small
Household Appliances,
 Internet and Mobile Services,
 Warehousing,
 Financial Asset Management.
In this part of the report, outlooks and stabilities of only
media, construction, health, education, small household
appliances and carbonated beverages sectors have been
analyzed.
Turkish Media Sector:
The Turkish media sector has recently acquired an
important position in the globalized world (especially
television broadcasting). According to TUIK (TurkStat-Turkish
Statistical Institute) data, number of newspapers and
magazines in Turkey in 2010 increased by 6.4% compared to
that in 2009. In 2010, 6,459 newspapers and magazines
were published. Of these, 57% were magazines. Of the
newspapers published in 2010, 90% were local, 3.3%
regional and 6.7% national. Of the magazines in the same
period, 35.8% were local, 7.2% regional and 57% national.
Of the newspapers and magazines in general, 59.1% were
local, 5.5% regional and 35.4% national. Circulation in Turkey
during 2010 increased by 13.4% compared to that in 2009.
The total annual circulation of all newspapers and magazines
published in Turkey in 2010 was 2,571,694,304 and 94.6%
of this figure consisted of newspapers. Of the total circulation
of newspapers and magazines, 16.6% were local, 3.4%
regional and 80% national. Of the total annual circulation of
newspapers, 90.1% consisted of daily newspapers. Daily
published newpapers amounted to 14.4% while 31% were
weekly. 86.2% of the newpapers had political, news and
current affairs contents and 8.8% published supplements. Of
Holding
the total annual circulation of the magazines, 47.4% were
published monthly and 19% weekly. 23.2% of the
magazines were published monthly and 22.6% quarterly.
21% of the magazines had sectoral and professional
contents and 9.5% published supplements.
According to the data by T.C. Başbakanlık BasınYayın ve Enformasyon Genel Müdürlügü (Office of the
Prime Minister, Directorate General of Press and
Information), the most extensive news agencies in Turkey
including Ihlas News Agency are listed alphabetically
below:











Agency Europe & Anatolia
Anadolu Ajansı
Anka Haber Ajansı
Anses-Net Haber Ajansı
Cihan Haber Ajansı
Dogan Haber Ajansı(DHA)
Elektronik Bilgi Merkezi Haber Ajansı
Ihlas Haber Ajansı
TGRT Haber
Türk Ekonomik Haber Ajansı(TEBA)
Türk Haberler Ajansı(THA)
TRT's (Turkish Radio and Television) monopoly in
the field of broadcasting, which had been protected by the
Constitution, was circumvented by the time many private
radio and television channels began broadcasting in 1990
before the relevant legal framework came into effect.
With the amendments of the article 133 of the Constitution,
the public monopoly in the field of broadcasting in Turkey
was abolished. With the Law No.3984 issued in 1994
named "On the Establishment and Broadcasting of Radio
and Television Organizations", Radio and Television
Supreme Council (RTUK) was established as an autonomous
and impartial public legal entity with regulation authority
in order to constitute the regulations with which the private
radio stations, television channels and TRT had to comply.
As a result of technological developments in recent years,
new digital communication methods via cable and satellite
environments began and competitive environment became
fierce with the rapid increase in the number of radio and
television organizations. Currently, excluding TRT television
channels, 228 television channels and over 1,000 local
radio stations have been operating in Turkey. There are 76
television channels in the cable system in Turkey.
Private channels primarily receive financing
through advertisement revenues. On the other hand, the
public television TRT provides financing from television
stamps, advertisements and other public sources with the
mixed funding system.
8
Digitization has resulted in an increase in the number
of communication services giving rise to competition for the
benefit of private broadcasting organizations. The digital
satellite platforms operating under a few brands already
provide many different radio and television services together
with many additional services offered within their packages.
While digital satellite platforms prepare to start operations,
TRT continues to develop pilot applications of digital terrestrial
broadcasts in some major cities such as Istanbul, Ankara and
Izmir. New communication technologies and services,
converging technology of internet and digital data services
have already begun to become a part of daily life in Turkey.
Relevant public authorities, institutions and private
entrepreneurs are making plans to execute these new
technologies, and in this context, the Turkish broadcasting laws
are in a process to make changes to adapt to challenges and
opportunities of the new media services.
The downsizing process observed in the Turkish media
sector was in parallel with the global decline due to the
global crisis in 2009 and turned into a growth period
especially in the television, digital media and internet
advertising areas, which are the extensions of the printed
media. The size of the entertainment & media sector in Turkey
increased to USD6.1 bn in 2010, while average annual
growth rates of above 12% in 2011 and over 13% in the
following years are expected and it is estimated that in 2015
it will reach above USD11 bn. Hence, it is believed that the
sector has a positive outlook.
The fundamental issues of the Turkish media sector can be
stated as follows:
- Due to the monopolization, requirements of significant levels
of capital in order to reach to a national activity level for
the new channels, new newspapers or the ones with
local/regional scales which aim to broadcast on a national
level,
- Non-unionization and wage inequalities in the area of
employment,
- Restrictions on freedom of the press,
- Deficiencies in ethical principles,
- Inadequacy of circulation and promotions, and difficulties in
distribution,
- Insufficiency of on-the-job training activities,
- Difficulties in adopting new technologies with high costs and
adapting to them,
- Local media‟s deprivation of content and difficulty in
employing skilled personnel.
Construction Sector:
During the FY2008 and FY2009, world construction sector
contracted by 1.2% and 3.7%, respectively whereas
European construction sector, 5.2% and 5.9%. The Turkish
construction sector, which is a labor intensive business
Holding
employing a workforce of about 1.5 mn and contributing
nearly 6% of the total employment rate, shrank by 8.1%
and 16.1% in the same period following a continuous and
fluctuating growth period between 2002 and 2007
supported by booming housing demand. After consecutive
eight quarters of contraction, the sector in Turkey recorded
a growth rate of 17.1% during FY2010 while GDP grew
by 8.9%. In this period, the share of the sector within GDP
was 5.62% (FY2009: 5.21%). For the ongoing year,
nearly 10% growth is expected in the sector.
Expected contraction in retail housing loans in line with
recent measures taken by public authorities,
Unregistered and unsupervised activities still
prevailing in the sector,
Anomy in terms of entry to the sector,
Excessive housing stock in big cities,
Absence of any professional organizations with
regulatory and sanctionary powers,
Deficiencies in the implementation of building
inspection regulations,
Bureaucratic difficulties and additional costs caused
by differing practices by local authorities in areas of
processes and pricing within the construction permit
phase,
Turmoils and political unstability in MENA countries,
High level of sovereign debts of some of the
European countries and growing concerns about
second global financial crisis following the
downgrade of US‟s sovereign rating,
Unskilled labor,
Difficulties in financing,
TOKI‟s decisive and guiding public authority
throughout the sector.
-
Turkish construction sector has undertaken an amount of
nearly USD188 bn of a total 5,910 overseas contracting
projects during the period between 1972 and 2010. The
distribution of undertaken overseas contracting projects in
terms of the amount is as follows; CIS: 39.3%, Middle East:
33.0% and African Countries: 19.2%. During FY2010, 517
projects in 48 countries amounting to USD20.3 bn were
undertaken (USD22.3 bn in FY2009). The distribution on a
country basis was; Turkmenistan: 20.9%, Libya: 12.1%,
Iraq: 10.8% and Russian Federation: 8.3%.
-
-
For the ongoing year, the contraction trend in the sector in
both USA and Europe continues as was expected due to
increasing inflationary pressure, debt concerns in some
European countries, slow recovery in developed economies,
high unemployment rates as well as growing concerns
about second global financial crisis.
At the beginning of FY2011, in some MENA countries, riots
and civil commotions commenced, and political turmoil and
unrest in society still persist. Under these circumstances,
Turkish construction sector and Turkish firms, which operate
in these regions, are expected to be adversely affected.
According to World‟s Biggest 225 International Contractors
List (2010) which was published by the Engineering News
Record Magazine, there are six Turkish Companies namely
in the top 100. According to the overseas operations
revenue rank, 33 Turkish companies took second position
following China as in the previous year.
Health Sector:
Due to series of reforms and "Health Transformation
Programme" in order to improve the quality and efficiency of
the health system and facilitate the access to health
establishments, a considerable change has been and is
expected to be observed in the health system in Turkey
between 2003 and 2013.
During the period between 2006 and 2010, number of
private hospitals (47.73% increase) outnumbered those of
state (9.91% increase) and university hospitals (10.71%
increase). Total number of hospitals increased by 236
reaching 1,439 as of FYE2010 within the same period.
Ministry of Health
University
Private
Other
900
800
For public infrastructure investments are the most important
area regarding the construction sector, tendency toward
such investments in order to create economic activity all
over the world as well as in Turkey and fiscal policies to
meet the expectations of the sector are observed.
Particularly the maintenance of projects by General
Directorate of Highways, General Directorate of State
Hydraulic Works and TOKI becomes an outset of revival in
the construction sector. Additionally, significant support
provided by the banking sector to overseas operations of
Turkish contractors has been beneficial for the construction
sector.
The following points can be stated as fundamental and
structural issues of the sector:
9
700
600
500
400
300
200
100
0
2006
2007
2008
2009
2010
Number of Hospitals by Years and Sectors
Source: General Directorate of Curative Services
During the period between 2006 and 2010, the total number
of health staff increased by 100,257 reaching 430,943 as of
FYE2010. Number of physicians increased by 18.16% while
Holding
those of health officers and nurses significantly increased
by 61.52% and 38.91% respectively within the same
period.
Midwives
Nurses
Health Officers
Pharmacists
Dentists
Physicians
450,000
400,000
350,000
300,000
250,000
200,000
150,000
Turkish Education Sector:
The Turkish national education system consists of two main
parts: "formal education" and "non-formal education" to meet
the educational needs of individuals in a holistic manner.
Formal education is regular education performed within a
school with programs tailored to specific age groups and
individuals of the same level. Formal education covers
preschool education, primary, secondary and higher education
institutions. Non-formal education is developed, besides or
other than the formal education, to teach literacy and to
complete inadequate education of individuals who have never
enrolled in the formal education system or, are in any stage of
education or have departed from one of these stages based
on their interests and needs.
100,000
2007
2008
2009
2010
Number of Hospitals by Years and Sectors
Source: General Directorate of Personnel
However, among 34 OECD countries, Turkey ranks 33rd in
terms of physician density and nurse density –
outperforming only Chile.
The share of the health expenditures exceeded 6% of the
GDP of Turkey compared to 4.8% in 1999 and it has been
estimated that total amount of health expenditures will
increase to nearly USD55 bn 2013.
Turkey is the 16th biggest pharmaceutical market in the
world and 6th in Europe. Rx drugs market constituting 90%
of the pharmaceutical market which operates within
minimum levels of unregistered business activity is expected
to continue its dominance in the following years.
With respect to the medical equipment market which is a
promising element of the health sector, Turkey ranks
amongst the top 30 countries in the world.
Per capita health expenditures in Turkey is expected to
increase due to the gradual introduction of general health
insurance programs, the annual per capita income growth,
the increase in health consciousness in general, the average
life expectancy (2009: 75, 2000: 70 and 1990: 65) and
continuously increasing elderly population.
Turkey attracts many well-known multinational companies
since 2004, which operate in sub-sectors of the health
sector. Many international companies have been
establishing manufacturing bases to take advantages of
Turkey's geographical position, qualified human resources
in production and management areas and unsaturated
domestic market with high growth potential. Although the
need for reduction in budget deficits created by the social
insurance system is one of the most important threats for
the sector, JCR-ER considers that the industry has a positive
outlook in line with all of these developments and
evaluations.
10
School /
unit
26,681
Type of school
-Preschool education
Student
Teacher
980,654
42,716
33,310
10,916,943
485,677
-General high school
-Vocational and
technical high school
-Faculty and higher education
school
4,067
2,420,691
111,896
4,846
1,819,448
94,966
1,495
2,757,828
100,504
Total
70,399
18,895,564
835,759
-Primary education
Breakdown of public and private schools excluding faculty
and higher education schools is given in the table below.
According to this, 9.30% of pre-primary education schools,
2.64% of primary education schools, 17.43% of general high
schools and 0.45% of vocational and technical high schools
are operated by the private sector.
Type of School
School / unit
2006
According to 2010 statistics of the Turkish Ministry of National
Education, the total numbers of primary, secondary and high
schools throughout Turkey are given in the table below.
Accordingly, there are 70,399 schools, 18.9 million students
and 835,759 teachers.
Public
Private
Total
Pre - primary education
24,383
3,223
27,606
Primary education
31,899
898
32,797
General high school
3,328
774
4,102
Vocational and technical high School
5,155
24
Total
64,765
4,919
Student
0
5,179
69,684
1,015,391
100,427
1,115,818
Primary education
10,713,806
267,294
10,981,100
General high school
2,547,677
128,446
2,676,123
1,837,924
1,951
1,839,875
Total
16,114,798
498,118
16,612,916
Teacher
50,000
38,208
10,122
48,330
473,904
29,424
503,328
General high school
101,473
16,905
118,378
104,003
324
104,327
Total
717,588
56,775
Primary education
774,363
Holding
Within the 10-year perspective, the rate of private sector
schools is expected to increase to around 15-20%. For such
reasons as young population, low school enrollment rates,
increasing need for education due to internal migration,
studies to upgrade the level of education in line with the
European Union accession process, the adequacy of skilled
labor, JCR-ER is of the opinion that investments to be
realized in the education sector for many years regarding
the private sector will have a positive outlook provided
that high standards are ensured.
Small Household Appliances Sector:
“Electrical small household appliances” sector comes first
among those with highest growth rates in all economies
since 2000s for reasons such as comfort, lifestyle, culture,
fashion, beauty, fitness and entertainment. The size of the
market under the SDA (Small Domestic Appliances)
segment in Turkey has reached nearly TL2 bn. A fierce
competition prevails in the sector. According to statistics,
vacuum cleaners and steam irons are the two products
groups which are sold most in all markets. Besides,
epilators, hair care products and water heaters are among
the staple merchandise products.
The global market size represents EUR26.5 bn. According
to GfK figures, the SDA market size in Western Europe for
the year 2010 was worth EUR14.5 bn. In the second
quarter of 2011, the sector in Turkey reached the highest
sales value seen in the last three years and recorded
TL533 mn, an increase of 16.5% when compared to that of
the previous year.
This market segment experienced some significant changes
in recent years, particularly; (i) concentration of global
production in countries where production costs are lowered
comparatively, (ii) high growth rates in emerging countries,
(iii) market polarization through growing demand in
segments other than the mid-range one, (iv) increasing
partnerships between manufacturers and other companies
to boost products, and (v) consolidation in the industry.
renewal durations of these products are the other factors that
provide the sector with durability through the crises.
With the anticipation of continuing growth in the sector during
the future periods and further increase in the demand for
quality products, JCR-ER is of opinion that the sector will have
a positive outlook.
Carbonated Beverages Sector:
Meder-Meşrubatçılar Dernegi (The Association of Beverage
Companies), representing 95% of the carbonated beverage
sector, of which Coca Cola, Pepsi Cola, Cola Turka, ErbakUludag and Kristal Kola are members, was founded in 1994.
In order to further improve its effectiveness domestically and
to develop its relations internationally, Meşrubatçılar Dernegi
has become a member of Gıda Dernekleri Federasyonu
(Federation of Food Associations) and UNESDA-CISDA (Union
of European Beverages Association), respectively. Carbonated
beverage sector, operating under the arrangements by Turkish
Food Codex, has become one of the sectors showing the
fastest growth in recent years in Turkey. Turkey's young
population and consumer demand for cheap products drove
the companies located in Turkey to begin studies on the
production of carbonated beverages.
The biggest problem in the sector is the high costs of
machinery and equipment (boiler, filling plant, packaging
machinery and equipment, etc.) required to pace with the
ever-evolving technology. In addition, there is stiff competition
with multinational foreign organizations. Conditions of unfair
competition are valid due to uncontrolled production by some
local manufacturers in the sector and this unfair competition
cannot be prevented by any current measures.
Continuous renewal and diversification of products listed
are amongst the factors that make the market of small
household appliances grow and attract dynamism in the
sector in terms of technology. One of the other most
important factors is R&D activities of well-established firms
operating in this field in order to increase the comfort of
usage and reflection of the results on the products.
Carbonated beverages sector has been steadily growing in
Turkey. The biggest factor in this growth is the huge size of the
young population and the market in Turkey. While sales of
carbonated beverages in Turkey are increasing on the one
hand, exports of these have started to rise in parallel. The
Middle East and Central Asian countries come first in the
export of the carbonated beverages. In Europe, EU member
countries like Germany and France take place at the
forefront. There are also foreign carbonated beverage
manufacturers in Turkey. These firms produce not only for
Turkey but also for the countries of the Middle East and
Central Asian region. The main reason for their production
preference in Turkey is that they evaluate Turkey as a
gateway to Central Asia and the Middle East.
Electrical small household appliances sector, thanks to its
sturdiness, succeeded in steering out of the economic crisis.
Compared to the white goods and larger electronic
products, this sector did not contract during the crisis as
affordable price levels did not lead to abandonment of
comfort or postponement of purchase decision and with
longer payment terms in the Turkish market despite the
high price sensitivity. Turkish population density, the
realization of 500 thousand new marriages in a year (and
ironically divorces too, on the other hand) and shorter
Carbonated beverage industry in Turkey today is in
compliance with international standards at every stage of
production in terms of quality and packaging. Hygiene level
of products is beyond doubt in sufficient conditions and in fact
there is no complaint which resulted unfavorably. The most
contemporary and modern technologies are used in labelling
and quality control. Although customers‟ tendency toward
healthier options poses threat on the industry, the carbonated
beverage sector in Turkey can be assessed as a profitable
business field having a positive outlook.
11
Holding
8. Financial Indicators
 Indices relating to size
In terms of asset size, İhlas Holding A.Ş. has experienced
a slow growth period between 2006 and 2009 by
recording a 21.06% cumulative growth rate. However, the
growth rate was accelerated in FY2010 and reached
54.78% cumulatively between 2006 and 2010.
factor in reducing the Group‟s dependency on other costly
funding mechanisms.
Other Liabilities %
Advances Received %
Trade Payables %
Financial Liabilities %
Distribution of Liabilities
100%
90%
25.98
16.40
19.57
18.13
15.01
80%
Annual %
Cumulative %
70%
60%
Asset Growth Rate
60%
50%
54.78%
29.80
25.14
21.99
20%
30%
26.49
12.64%
20%
10.01%
0%
19.76%
7.48%
2008
2009
-14.50%
-5.95%
-14.50%
2006
2007
36.33
33.05
29.19
25.97
2005
2006
2007
2008
32.35
38.30
0%
27.86%
10%
24.98
19.06
10%
21.06%
27.65
36.84
29.24
30%
40%
-20%
21.41
40%
50%
-10%
20.76
16.27
10.07
2010
The Holding‟s assets decreased by 14.50% in 2006, and
increased by 10.01% in 2007, 19.76% in 2008 and
7.48% in 2009. During FY2010, it had a high growth rate
of 27.86%, as displayed in the graph above, and the
Holding‟s assets reached TL1,427 mn.
Growth strategies in FY2009 and FY2010 were based
particularly on the internal resources generated although
total liabilities also played an important role in the growth
rate attained during FY2010. This tendency is expected to
be maintained and improved during FY2011 regarding
100% increase in issued capital amount via a rights issue.
The Holding‟s asset size already reached TL2,172 mn by
the end of June, 2011.
When resources were prioritized within the external
funding structure for 2010, the biggest item was the loans
obtained from the financial sector, the second was trade
payables and the third was advances received. By having
access to above average levels of advances and this item
playing a significant role among the funding components,
they have remained the single most substantial positive
12
2009
2010
However, the dominant position of the trade payables within
the funding structure exerts pressure on the Group in terms of
liquidity management. On the other hand, existence of the
items with high amounts among other liabilities to be
transferred from liabilities to revenues in future periods has a
positive effect on the liquidity management.
A significant portion of the assets in the balance sheet is
composed of current assets and 66.43% (ascending from
39.25% as of FYE2005 by an ever increasing trend) of the
total resources are utilized to finance current assets and
33.57%, non-current assets.
A significant portion of the current assets is composed of trade
receivables (55.39%) and that of non-current assets, of
tangible assets (81.51%) as of FYE2010 (FYE2009: 60.17%
and 66.95%, respectively). Hence, considerable amounts of
the funds are utilized to finance the assets that do not
generate “cash revenue” but are necessary in ensuring the
continuity of production, service and sales processes.
 Indices relating to profitability
İhlas Holding has incurred losses from its activities between
2006 and 2008, however, these figures turned into profits
from 2009 onwards. Despite the ordinary course and
sufficiency of sales revenues the main reason for losses was
the high activities expenses.
Holding
Net profit or loss from principal activities
Financing Expenses/ Net Sales Revenues
Activities expenses
0%
-1%
2005
140%
-2%
-2.65%
120%
-3%
Breakdown of the Gross Profit From Principal Activities
100%
80%
27.06%
60%
40%
120.12%
101.83%
17.66%
12.70%
82.34%
87.30%
-16.64%
-20.12%
2009
2010
-2.50%
-2.58%
-3.49%
-7%
-8%
-1.83%
-20%
2008
-6%
20%
0%
2007
-4%
-5%
116.64%
72.94%
2006
-6.70%
-8.53%
-9%
-40%
2005
2006
2007
2008
2009
2010
Other major determinants of previous years‟ profits/losses
were differences between income and expenses from other
activities and high level of financing expenses. Reasons for
the high levels of previous 5 years‟ activities expenses can
be stated as follows:






Loss on sale of subsidiaries of the Group in FY2005 and
FY2006,
High values of provisions for impairment of financial
assets in FY2008,
High levels of outsourced benefits and services between
FY2007 and FY2010,
High levels of provisions for doubtful receivables
between FY2007 and FY2010,
High amounts of tax penalties paid in FY2008 and
FY2009,
High levels of paid compensation obligations arising from
contracts.
All of these expenses have exerted negative pressure on
net sales revenues by 40.60% in a 6-year average.
Moreover, the pressure rate of 121.98% in FY2008
caused these expenses to exceed sales revenues.
TL mn
GROSS PROFIT
& LOSS FROM
PRINCIPAL
ACTIVITIES
THE EXPENSES
WHICH HAVE
NEGATIVE
IMPACT ON THE
PROFITABILITY
Loss on Sales of
Subsidiaries and
Associates
Impairment of
Financial Assets
Contractual
Expenses
Outsourced
Benefits and
Services
IPO Expenses
Provision for
Doubtful
Receivables
Paid Amounts of
Compensation
and Liability
Social Security
Contributions and
Tax Penalties
INFLUENCE
RATE
2010
150.28
2009
143.29
2008
120.75
2007
2006
92.43
91.53
2005
161.20
Total
759.48
53.46
60.14
147.29
26.08
15.63
5.79
308.38
8.25
-
-
-
12.66
3.35
24.25
-
-
11.04
0.80
1.47
2.44
15.75
6.62
16.60
-
-
1.50
-
24.72
-
13.74
30.17
21.28
-
-
65.18
8.25
-
-
-
-
-
8.25
26.98
15.84
21.95
0.10
-
-
64.87
3.36
5.50
25.97
3.30
-
-
38.13
-
8.45
58.16
0.60
-
-
67.21
35.57%
41.97%
121.98%
28.21%
17.07%
3.59%
40.60%
13
The portion of net sales revenues allocated for the financial
expenses was 2.65% in 2005, 6.70% in 2006, 2.50% in
2007, 8.53% in 2008, 2.58% in 2009 and 3.49% in 2010,
following a fluctuating pattern. All of these ratios are within
acceptable boundaries and below international reference
values. Thus, adversities to be generated by these on the
Group‟s profit generation have therefore been restrained to a
narrow extent. The primary determinant of the level of
financial expenses is the reduction in the dependency level on
loans with interest expenses due to the high levels of advances
received.
Net
Profit
Margin
(%)
ROAA
(%)
15
10
5
(5)
ROAE
(%)
(10)
(15)
(20)
Gross
Profit
(25)
Margin
(%)
(30)
2006
2007
2008
2009
2010
-11.44
-4.59
-25.74
8.37
5.53
ROAA (%)
-4.15
-2.50
-12.59
5.88
3.34
ROAE (%)
-7.17
-4.24
-25.45
11.88
5.89
Gross Profit Margin (%)
-4.80
-0.43
-4.63
4.60
2.83
The indicators like gross/net profit margins, ROAA and ROAE
all turned into negative values before 2009 for three
consecutive years. Though all of these indicators reached
positive values in FY2009, they regressed to lower values by
the end of FY2010 but still denote positive values. The reason
for these negative values was not the level of net sales
revenues. As seen in the below chart, gross profit from
principal activities to the sales revenues ratios of the Group
was 25.68% in FY2005, 23.84% in FY2006, 23.70% in
FY2007, 27.83% in FY2008, 26.02% in FY2009 and 22.26%
in FY2010, following a stable pattern. Essentially, the reason
for the negative values of the indicators of net profit margin,
ROAA and ROAE was the high level of activities expenses.
Holding
Besides, no “minimum capital adequacy requirement ratio
standard” has been developed for the sector. Due to the legal
loopholes in this field, the enhancement of market share and
the maintenance of the activities have been regularly
achieved by increasing the leverage ratios rather than the
cash increases of the equity to the extent that the demand
level in the sector enables so.
However, the leverage ratio of the Holding was at the level of
42.37% in FY2010. This ratio is in an optimal level and does
not pose an obstacle as yet for obtaining external resources
for the following growth periods.
In the management of foreign exchange risk at reasonable
levels within the balance sheet, hedging transactions are
realized by derivative instruments.
a) Risk Management
Within the Holding, as subordinate to the Board;

The Corporate Governance Committee with two
independent board members and a staff having
the relevant license by SPK,

The Audit Committee with two board members,
and

The Shareholders Relations Department
Exposed to short position risk in its balance sheet to an extent
not so high, Ihlas Holding‟s “total foreign currency
position/equity ratio” regressed to -7.81% in FY2009 from 12.36% in FY2006 but the same ratio rose again to -10.32%
in FY2010. This short position is not at a point of deteriorating
the asset quality at present, however, it will move the currently
insignificant adverse sensitivity of the balance sheet to higher
levels within the existing foreign currency liability structure in
case of devaluation of the local currency.
were established and continue their functional activities. In
addition, Internal Audit Unit, Corporate Governance
Practice Directorate, Financial Affairs Coordinatorship and
Finance Coordinatorship carry out activities in the field of
risk monitoring and internal audit in an integrated manner
based on a division of labor and according to their fields
of expertise.
The main financial risks such as interest, liquidity, foreign
exchange, credit and operational risks become effective
through processes of credit supply and maintenance of
operational procedures. Although the constitution of a
corporate and financial risk management model has been
planned, no financial risk management and asset-liability
management models have been designated by the Group.
A risk management committee is planned to be established
and become functional within 1H2012.
However, because of its activities, the Group is exposed to
changes in such factors as price, foreign exchange and
interest rates and the relevant financial risks. Risks
emerging in these areas are monitored by the Group‟s
managers through expert methods without depending on
any system. No derivative instruments are utilized for
group-wide risk particularly with respect to price
movements.
There have been no legal and obligatory regulations
regarding the formation, elimination, restriction and
management of financial risks in a sectoral context.
14
On the other hand, high level of off-balance sheet
contingencies and commitments compared to equity and assets
reduces the asset quality and raises the general risk levels.
Holding
b) Asset Quality
The largest item among the assets is receivables at
40.86% followed by tangible assets at 27.36% as of
FYE2010. Due to absence of customer risk analysis and
scoring systems, the ratio of doubtful receivables among
total receivables is relatively high at 14.19% as of
FYE2010.
The working capital ratios related to the short term liabilities
have gradually improved as of FYE2010 from low levels
compared to international levels. In this respect, the ratio of
net working capital/short term liabilities was 69.67% in 2006
and rose to a level of 112.05% in 2010. However, some of
the liquid assets are devoted as cash collaterals to the loans
utilized by other group companies.
Full provisions for warranties are allocated in return of
maintenance and repair costs incurred by companies for
the goods they manufacture and sell, workmanship and
material costs incurred by authorized services within the
warranty period of such goods and initial maintenance
costs undertaken by companies, as well as estimated levels
of possible returns and repairs based on previous years‟
data in consequent years for products revenues of which
were recorded as income in the current year.
As long as the share of the short term liabilities within the
balance sheet structure is maintained at the existing level, the
ratios of working capital will cease to deteriorate and
additional working capital requirements will be limited.
Others
Tangible Assets
Receivables
Liquid Assets
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
Inventories (Net)
Distribution of Assets
15.83%
18.63%
22.00%
25.35%
16.48%
41.80%
40.43%
34.18%
25.53%
29.11%
7.14%
The high shares of trade payables amongst total resources
reached 29.80% in 2006 and had a downward tendency by
declining to 19.06% in 2008. It again increased for two
consecutive years by reaching 26.49% in 2010, increasing the
uncertainty in liquidity management. Moreover, this fact
curtails the efficiency that could have been provided by the
working capital on one hand and has a potential to result in a
decline of the ratios of liquid assets and cash in the balance
sheet on the other.
27.36%
Other Liabilities %
Advances Received %
Trade Payables %
Financial Liabilities %
6.03%
Distribution of Liabilities
7.97%
6.92%
30.00%
32.41%
31.35%
38.61%
6.35%
5.18%
6.81%
7.27%
6.72%
9.26%
70%
2005
2006
2007
2008
2009
2010
60%
32.79%
19.06%
8.55%
100%
40.86%
90%
25.98
16.40
19.57
18.13
15.01
80%
The share of liquid assets among the total assets, which had
an upward trend in the previous 5 years, is within the
international reference values.
c) Liquidity
The main liquidity means for the Company are direct sales
to the customers, the additional loans provided by the
financial institutions, payables from trading activities and
advances received.
The working capital adequacy ratios related to the long
term liabilities are above the optimum levels by reaching
317.83% as of FYE2010.
50%
20.76
16.27
21.41
29.80
40%
25.14
21.99
27.65
36.84
26.49
24.98
29.24
19.06
30%
20%
10.07
36.33
33.05
29.19
25.97
2005
2006
2007
2008
10%
32.35
38.30
0%
2009
2010
In order to increase the efficiency of working capital in
absolute terms, it is necessary to increase the long term
liabilities rather than the short term ones.
Net Working Capital/Long Term Liabilities %
Net Working Capital/Noncurrent Assets %
Net Working Capital/Equity %
350
317.83
300
251.79
250
197.77
200
162.58
150
100
50
-
111.08
58.86
39.90
13.60
12.42
2005
55.51
33.33
45.74
2006
2007
64.35
104.57
76.15
60.47
52.19
60.91
2008
2009
2010
15
Although interest coverage ratio rose to 181.48% in 2009
and to 165.18% in 2010 in line with profitability level
attained, in the previous years and FY2010, this ratio
Holding
remained below the international reference values due to
the low level of profits or losses caused by high activities
expenses.
JCR ER is of the opinion that the revenues acquired through
the group companies‟ balance sheets and principal
activities will conserve the capacity to generate liquidity at
required levels if the financial techniques in the existing
structure are maintained. However, in case the pressure
imposed on profitability by activities expenses and
adverse effects of trade payables on liquidity are not
remedied, interest coverage ratio is expected to decline
further, and hence, the means to secure additional
resources for growth via alternative methods like local
currency bond issues with longer term maturities, fixed
rates and nonsensitivity to exchange rate risk will be
preferable.
As can be seen in the above charts, the leverage ratio in 2008
was 57.16% and decreased to 42.37% in 2010, and within
the same period, the share of equity in the balance sheet
increased to 57.63% from 42.84%.
The funding structure and ratios of Ihlas Holding in FY2010
are marked with an optimum composition as can be seen in the
chart below:
Financial Liabilities
Advances Received
Equity
Trade Payables
Other Liabilities
16.23%
11.22%
In addition to the development of new fund raising fields
for liquidity requirements, improvement of equity is
expected to provide the continuity of the planned growth
process. Likewise, in line with Ihlas Holding‟s budget
estimations designed to provide this, the Group increased
its capital to TL790.4 mn through a rights issue during May,
2011.
d) Funding and Adequacy of Equity
Until 2008, the ratio of equity/total assets had a
downward trend while that of leverage a gradual upward
trend. This situation started to improve through the increase
in equity particularly owing to the profit figure in 2009
and is expected to further improve through the capital
increase in May 2011.
57.63%
10.65%
4.27%
Distribution of Liabilities & Equity / FYE2010
The Holding has a 43.91% (87.82% as of May 2011) issued
capital of a registered capital ceiling of TL900 mn.
The fact that the Holding and some of the Group companies
provide cash collaterals for the loans utilized by other Group
companies which are in need of additional funds result in
decreases in overall funding costs.
9. Information Technology
Technological infrastructure of the Holding and group
companies regarding their areas of expertise and
manufacturing/service fields in which they operate is capable
to meet their existing needs. Many types of software
considering the fundamental requirements have been
developed by IT departments established within the Group.
The investments in the field of hardware amount nearly to
USD1.5 mn in terms of historical costs.
Following the actions beginning in November 2010, it was
decided that ERP system would be utilized to perform all
16
Holding
operational procedures and managerial reporting
activities throughout the Holding and Group companies. An
action was initiated to implement the system in one of the
Group companies first in May 2011 and this is planned to
be in use by January 2011. A Corporate Development
Coordinatorship was also established within the Holding in
order to extend this project to other Group companies. In
addition to current measures for maintenance of operations
and disaster recovery implementations to a certain extent,
a backup & disaster recovery center outside Istanbul is
planned to be established following the first phase of the
aforementioned project.
Technologically, although business processes and
bookkeeping activities of the Holding and group
companies are in a satisfactory and adequate level,
technological investments are required in the systems of
scoring and ranking regarding risk measurement monitoring
(market risks, credit risks, operational risks) as well as asset
& liability management.
10. Corporate Governance
The corporate governance rating report of Ihlas Holding
was prepared by JCR Eurasia Rating in light of its original
methodological procedures in accordance to the Corporate
Governance Principles set by SPK (CMB-Capital Market
Board) and published on December 28, 2010.
The Board, shareholders, stakeholders and practices of the
Holding in terms of public disclosure and transparency
have been assessed within the framework of SPK
regulations and information as well as the findings
ascertained therein has been quantified by assessments
regarding weighting factors on which JCR ER has
predicated the subcategories.
Distinct levels of 4 main categories regarding compliance
with the corporate governance principles are exhibited in
the following table. The overall score was calculated
based on weightings assessed for these 4 categories by
SPK regulations.
Numerical Convergence
Notch
Outlook
Value
Level
Degree
AA (Trk)
(b)
Shareholders
71.12
Positive
(Merit)
(Adequate)
Public Disclosures
AAA (Trk)
(a)
85.97
Positive
and Transparency
(Distinctive) (Excellent)
AA (Trk)
(bb)
Stakeholders
75.39
Positive
(Merit)
(Good)
AA (Trk)
(b)
Board of Directors 71.67
Positive
(Merit)
(Adequate)
AA (Trk)
(bb)
Overall
77.09
Positive
(Merit)
(Good)
Fields
Ihlas Holding carries out the necessary activities for the
effective management of the Holding and group
17
companies by securing the rights of shareholders and
stakeholders through "Investor Relations Department" formed
in 1999. Through this department, all of the general meetings
held and all annual reports published since 2003 are carried
out with a high level of compliance with the corporate
governance principles determined by SPK. On the web site of
the Holding which is the most important platform for public
disclosure, annual reports, financial statements, company
documents related to the general meetings and up-to-date
publicity information on the Group are presented for the
attention of all investors. All this information together with the
Group‟s publicly stated information policy and public
disclosure practices improves the level of transparency,
provides shareholders with adequate information on the
company and facilitates the exercise of their rigths.
The board consists of 11 members- 5 executive and 6 nonexecutive. Moreover, 4 members are of independent status.
Audit and Corporate Governance Committees having two
members each within the board have been assessed as
effective instruments to perform the functions of leading and
supervision in an efficient manner. Arrangement of a board
meeting at least once a month or instantly in urgent cases and
inclusion of top-level managers in the meetings when required
are indicators of monitoring and supervision of senior
management. This functionality of the board has been
assessed as a factor to curb the operational risks.
Deficiencies like the absence of (i) the right to demand the
appointment of a special auditor as an individual right in the
articles of association, (ii) any provision to invite stakeholders
and media to general meetings, (iii) any provision to take
crucial decisions in the general meeting, (iv) any provisions to
broaden the exercise of minority rights beyond the current
legislation, (v) a cumulative voting system undermine the
compliance level. The privilege on the B Group shares to elect
the majority of the board members, while ensuring the stability
of the management, impedes the representation of the
majority shareholders in the board.
In addition, the lack of disclosure in the field of future plans
and budget, absence of compliance audit of these plans (no
such compliance audit tradition exists throughout Turkey),
absence of a member in the Board to represent the staff,
absence of any association of a union among staff, absence of
any publicly disclosed Corporate Social Responsibility Policy,
absence of objective performance evaluation methods,
absence of a separate risk management department within
the Holding, partial nondisclosure of remunerations provided
for the board members and managers, nondisclosure of
qualifications and election procedures of candidates for the
board, absence of statements of responsibility and written
undertakings by the board members and managers have been
evaluated as encumbering factors for improvement of
corporate governance practices.
Holding
IHLAS HOLDING & CONSOLIDATED SUBSIDIARIES
ASSETS
I. CURRENT ASSETS
A. Liquid Assets
B. Marketable Securities
1.Bond
2.Share Certificates
3.Other
(Year end)
2010
USD
(Converted)
(Year end)
2010
TL
(Original)
(Year end)
2010
TL
(Average)
(Year end)
2009
TL
(Original)
(Year end)
2009
TL
(Average)
(Year end)
2008
TL
(Original)
(Year end)
2008
TL
(Average)
(Year end)
2007
TL
(Original)
613,116,114
85,495,002
17,097,963
947,877,513
132,175,273
26,433,451
819,118,318
103,589,326
19,196,874
690,359,122
75,003,378
11,960,297
655,378,413
75,240,305
17,600,648
620,397,704
75,477,232
23,240,999
538,516,704
67,266,148
15,252,801
456,635,703
59,055,063
7,264,602
10,163,001
6,934,962
15,712,000
10,721,451
9,896,000
9,300,874
4,080,000
7,880,297
13,222,000
4,378,648
22,364,000
876,999
12,408,250
2,844,551
2,452,500
4,812,102
339,582,282
341,988,639
0
62,870,199
-44,305,477
-20,971,080
838,970
29,184,633
29,184,633
524,994,208
528,714,436
415,371,163
414,072,882
70,027,689
-44,991,217
-23,738,191
494,506
4,313,178
4,313,178
363,370,899
353,139,510
0
83,522,686
-47,152,415
-26,138,882
2,769,008
2,443,660
2,443,660
311,370,634
292,206,137
97,197,328
-68,496,267
-32,421,289
1,297,048
45,119,442
45,119,442
470,182,686
471,393,659
0
83,612,509
-56,743,742
-28,079,740
895,777
24,716,310
24,716,310
97,017,682
-49,313,612
-28,539,573
5,043,509
574,141
574,141
290,038,640
291,079,770
6,884
65,703,654
-41,851,619
-24,900,049
2,867,606
689,694
689,694
268,706,645
289,953,402
13,767
34,389,625
-34,389,625
-21,260,524
691,702
805,246
805,246
55,688,597
55,835,821
86,094,571
86,322,179
82,889,989
71,004,505
79,685,407
55,686,830
75,757,456
61,127,750
71,829,504
66,568,669
70,466,739
47,313,732
69,103,974
28,058,794
29,392,847
29,392,847
45,441,341
45,441,341
46,642,852
46,642,852
47,844,363
47,844,363
57,068,690
57,068,690
66,293,016
66,293,016
44,621,347
44,621,347
22,949,677
22,949,677
309,825,033
8,324,697
8,324,697
478,989,501
12,869,982
12,869,982
452,297,598
12,023,604
12,023,604
425,605,695
11,177,226
11,177,226
421,777,251
12,381,805
14,837,756
417,948,806
13,586,384
18,498,286
414,173,181
12,529,286
16,470,193
410,397,556
11,472,187
14,442,099
-2,455,951
-4,911,902
-3,940,907
-2,969,912
4.Provision for Decrease in Value of Marketable Securities (-)
C. Trade Receivables & Leasing
1.Customers & Notes Receivables
2.Other Receivables
3.Doubtful Trade Receivables
4.Provision for Doubtful Trade Receivables (-)
5. Rediscount on Notes Receivables (-)
D. Due From Related Parties (Net)
E. Other Receivables
1.Other Receivables
2.Other Doubtful Receivables
3.Rediscounts on Other Notes Receivable (-)
4.Provision for Other Doubtful Receivables (-)
F. Live Assets (net)
G. Inventories (net)
H. Contract Progress Income (net)
I. Deferred Tax Assets
J. Other Current Assets
1.Other Current Assets
2.Provision for Other Current Assets (-)
II. NONCURRENT (FIXED) ASSETS
A. Trade Receivables & Leasing
1. Customers & Notes Receivables & Leasing
2.Other Receivables
3. Doubtful Trade Receivables
4. Provision for Doubtful Trade Receivables (-)
5. Rediscount on Notes Receivables (-)
B. Due From Related Parties (net)
C. Other Receivables
1.Other Receivables
2.Other Doubtful Receivables
3.Rediscounts on Other Notes Receivables (-)
4.Provision for Other Doubtful Receivables (-)
D. Financial Fixed Assets (net)
1. Long Term Securities (net)
2. Affiliates (net)
3. Subsidiaries (net)
4.Other Financial Fixed Assets (net)
E. Tangible Assets
F. Other Fixed Assets
TOTAL ASSETS
662,824
662,824
1,024,726
1,024,726
937,211
937,211
849,696
849,696
763,479
763,479
677,261
677,261
704,343
704,343
731,425
731,425
9,483,092
14,660,860
26,361,777
38,062,694
28,881,255
19,699,816
20,601,772
21,503,727
2,929,935
6,553,157
252,529,983
38,824,437
922,941,147
4,529,679
10,131,181
390,411,353
60,022,580
1,426,867,014
4,574,131
21,787,647
337,670,690
75,304,316
1,271,415,916
4,618,582
33,444,112
284,930,027
90,586,052
1,115,964,817
4,894,199
23,987,056
293,588,254
86,162,459
1,077,155,664
5,169,816
14,530,000
302,246,480
81,738,865
1,038,346,510
5,355,584
15,246,188
299,295,948
81,041,833
952,689,885
5,541,352
15,962,375
296,345,416
80,344,801
867,033,259
18
As % of
2010
Assets
(Original)
As % of
2009
Assets
(Original)
As % of
2008
Assets
(Original)
2010
Growth
Rate
2009
Growth
Rate
2008
Growth
Rate
66.43
9.26
1.85
n.a
1.10
0.75
61.86
6.72
1.07
n.a
0.37
0.71
59.75
7.27
2.24
n.a
2.15
0.08
37.30
76.23
121.01
n.a
285.10
36.05
11.28
-0.63
-48.54
n.a
-81.76
798.55
35.86
27.81
219.92
n.a
811.89
-81.78
n.a
n.a
n.a
n.a
n.a
n.a
36.79
37.05
n.a
6.81
-4.80
-2.27
0.09
3.16
3.16
n.a
n.a
n.a
n.a
6.03
6.05
n.a
3.18
3.18
n.a
33.57
0.90
0.90
n.a
n.a
n.a
n.a
n.a
0.07
0.07
n.a
n.a
n.a
1.03
n.a
n.a
0.32
0.71
27.36
4.21
100.00
37.22
37.10
n.a
6.28
-4.03
-2.13
0.04
0.39
0.39
n.a
n.a
n.a
n.a
7.14
4.99
n.a
4.29
4.29
n.a
38.14
1.00
1.00
n.a
n.a
n.a
n.a
n.a
0.08
0.08
n.a
n.a
n.a
3.41
n.a
n.a
0.41
3.00
25.53
8.12
100.00
29.99
28.14
n.a
9.34
-4.75
-2.75
0.49
0.06
0.06
n.a
n.a
n.a
n.a
6.92
6.41
n.a
6.38
6.38
n.a
40.25
1.31
1.78
n.a
n.a
n.a
-0.47
n.a
0.07
0.07
n.a
n.a
n.a
1.90
n.a
n.a
0.50
1.40
29.11
7.87
100.00
26.39
27.69
n.a
38.80
52.24
36.58
162.29
946.08
946.08
n.a
n.a
n.a
n.a
8.04
55.01
n.a
-5.02
-5.02
n.a
12.54
15.14
15.14
n.a
n.a
n.a
n.a
n.a
20.60
20.60
n.a
n.a
n.a
-61.48
n.a
n.a
-1.92
-69.71
37.02
-33.74
27.86
33.40
41.71
n.a
-27.82
-8.77
-16.82
-90.20
651.24
651.24
n.a
n.a
n.a
n.a
10.94
-16.35
n.a
-27.83
-27.83
n.a
1.83
-17.73
-39.58
n.a
n.a
n.a
-100.00
n.a
25.46
25.46
n.a
n.a
n.a
93.21
n.a
n.a
-10.66
130.17
-5.73
10.82
7.48
15.88
0.78
-100.00
182.11
43.40
34.24
629.14
-28.70
-28.70
n.a
n.a
n.a
n.a
3.94
137.25
n.a
188.86
188.86
n.a
1.84
18.43
28.09
n.a
n.a
n.a
65.39
n.a
-7.41
-7.41
n.a
n.a
n.a
-8.39
n.a
n.a
-6.70
-8.97
1.99
1.74
19.76
-
-
Holding
(Year end)
(Year end)
(Year end)
(Year end)
(Year end)
(Year end)
(Year end)
(Year end)
As % of
As % of
2010
2010
2010
2009
2009
2008
2008
2007
2010
2009
As % of
2008
2010
2009
2008
LIABILITIES & EQUITY
USD
TL
TL
TL
TL
TL
TL
TL
Assets
Assets
Assets
Growth
Growth
Growth
Rate
Rate
Rate
(Converted)
(Original)
(Average)
(Original)
(Average)
(Original)
(Average)
(Original)
(Original)
(Original)
(Original)
I. SHORT TERM LIABILITIES
289,142,212
447,013,860
406,630,304
366,246,748
358,847,881
351,449,013
290,126,301
228,803,589
31.33
32.82
33.85
22.05
4.21
53.60
A. Financial Liabilities
133,231,966
205,976,619
170,566,836
135,157,053
135,410,413
135,663,773
111,040,655
86,417,537
14.44
12.11
13.07
52.40
-0.37
56.99
B. Trade Payables
103,562,307
160,107,327
141,828,833
123,550,339
117,848,033
112,145,727
109,816,343
107,486,959
11.22
11.07
10.80
29.59
10.17
4.33
343,484
531,027
512,767
494,506
489,610
484,713
453,786
422,859
0.04
0.04
0.05
7.39
2.02
14.63
349,027
0.00
0.04
0.21
-83.97
-80.60
521.54
3.64
5.09
3.20
-8.62
70.85
n.a
n.a
n.a
n.a
n.a
n.a
n.a
2,435,063
n.a
n.a
0.00
n.a
-100.00
-99.10
C. Due to Related Parties
43,646
67,476
244,173
420,870
1,295,099
2,169,327
1,259,177
33,568,913
51,897,540
54,345,917
56,794,293
45,018,582
33,242,870
16,621,435
D. Other Financial Liabilities
E. Advances Received
F. Contract Progress Ongoing Construction Contracts (net)
G. Deferred Tax Liabilities
H. Provisions for Liabilities
I. Other Liabilities
II. LONG TERM LIABILITIES
A. Financial Liabilities
11,018
22,036
1,228,550
6,088,878
9,413,406
9,272,745
9,132,083
28,253,104
47,374,125
25,814,009
4,253,893
0.66
0.82
4.56
3.08
-80.72
1,013.67
12,303,017
19,020,465
29,859,035
40,697,604
30,522,023
20,346,442
23,892,347
27,438,251
1.33
3.65
1.96
-53.26
100.02
-25.85
101,934,246
157,590,345
143,155,595
128,720,845
185,420,828
242,120,811
191,129,944
140,139,077
11.04
11.53
23.32
22.43
-46.84
72.77
16,541,072
25,572,498
25,212,558
24,852,618
21,387,319
17,922,020
19,555,312
21,188,604
1.79
2.23
1.73
2.90
38.67
-15.42
275,446
550,891
422,455
294,018
n.a
n.a
0.05
n.a
-100.00
87.37
n.a
n.a
n.a
n.a
n.a
n.a
B. Trade Payables
C. Due to Related Parties
27,886
43,111
22,281
1,451
3,220
4,989
4,989
4,989
0.00
0.00
0.00
2,871.12
-70.92
0.00
64,729,290
100,071,483
90,007,678
79,943,872
132,297,269
184,650,665
132,852,044
81,053,422
7.01
7.16
17.78
25.18
-56.71
127.81
n.a
n.a
n.a
n.a
n.a
n.a
16.95
-30.54
26.52
D. Other Financial Liabilities
E. Advances Received
F. Contract Progress Ongoing Construction Contracts (net)
G. Deferred Tax Liabilities
9,463,556
14,630,657
13,570,352
12,510,046
15,260,579
18,011,112
16,123,402
14,235,691
1.03
1.12
1.73
H. Provisions for Liabilities
11,172,442
17,272,596
14,254,268
11,235,939
15,207,190
19,178,441
15,315,871
11,453,301
1.21
1.01
1.85
53.73
-41.41
67.45
88,460
176,919
989,806
1,802,693
6,855,873
11,909,052
n.a
0.02
0.17
-100.00
-90.19
-84.86
549,785,899
494,967,593
544,268,709
593,569,824
481,256,245
368,942,666
42.37
44.35
57.16
22.15
-16.61
60.88
n.a
n.a
n.a
n.a
n.a
n.a
32.41
39.62
-10.70
I. Other Liabilities (net)
391,076,459
TOTAL LIABLITIES
604,604,205
MINORITY INTEREST
F- EQUITY
531,864,689
822,262,809
721,630,017
620,997,224
532,886,955
444,776,686
471,433,640
498,090,593
57.63
55.65
42.84
a) Prior year's equity
298,573,247
461,594,240
404,447,194
347,300,148
390,006,917
432,713,685
437,488,768
442,263,851
32.35
31.12
41.67
32.91
-19.74
-2.16
19,019,731
29,404,504
48,800,754
68,197,004
47,229,943
26,262,882
17,308,717
8,354,552
2.06
6.11
2.53
-56.88
159.67
214.35
190,139,227
293,955,245
226,679,115
159,402,984
128,439,761
97,476,538
81,426,723
65,376,908
20.60
14.28
9.39
84.41
63.53
49.10
24,132,484
37,308,820
41,702,954
46,097,088
-32,789,666
-111,676,419
-64,790,569
-17,904,718
2.61
4.13
-10.76
-19.06
-141.28
523.73
922,941,147
1,426,867,014
1,271,415,916
1,115,964,817
1,077,155,664
1,038,346,510
952,689,885
867,033,259
1 USD = TRY
1.546
1.5123
1.1647
b) Equity (Added from internal & external resources at this year)
c) Minority Interest
d) Profit & Loss
TOTAL LIABILITIES & EQUITY
19
1.5057
100.00
100.00
100.00
27.86
7.48
19.76
Holding
INCOME STATEMENT (TL)
I. Principal Activity Revenues
2010
2009
2008
2007
2006
2005
150,281,984.00
143,286,604.00
120,751,225.00
92,432,027.00
91,530,406.00
161,197,524.00
A. Sales Revenues (Net)
675,132,906.00
550,709,338.00
433,876,712.00
389,969,869.00
383,942,526.00
627,672,902.00
1.Domestic Sales
648,720,638.00
529,646,634.00
418,113,355.00
376,876,059.00
360,022,585.00
605,248,544.00
2.Export Sales
32,537,622.00
26,517,165.00
25,867,859.00
24,494,832.00
23,919,941.00
22,424,358.00
3.Sales Deductions (-)
-6,125,354.00
-5,454,461.00
-10,104,502.00
-11,401,022.00
-524,850,922.00
-407,422,734.00
-313,125,487.00
-297,537,842.00
-292,412,120.00
-466,475,378.00
B. Cost Of Sales (-)
C. Service Revenues (net)
D. Other Revenues From Principal Activities
1.Interest
2.Dividend
3.Rent
4.Other
GROS PROFIT & LOSS FROM PRINCIPAL ACTIVITIES
Activities Expenses (-)
150,281,984.00
143,286,604.00
120,751,225.00
92,432,027.00
91,530,406.00
161,197,524.00
-131,199,450.00
-117,980,504.00
-140,847,086.00
-94,128,145.00
-109,945,045.00
-117,575,685.00
NET PROFIT & LOSS FROM PRINCIPAL ACTIVITIES
19,082,534.00
25,306,100.00
-20,095,861.00
-1,696,118.00
-18,414,639.00
43,621,839.00
Income & Profit From Other Activities
81,237,560.00
92,752,028.00
40,388,427.00
9,427,744.00
36,860,398.00
14,955,312.00
-34,278,646.00
-40,533,743.00
-103,268,229.00
-18,671,006.00
-19,749,830.00
-11,265,069.00
33,686,885.00
42,372,437.00
49,366,693.00
25,627,510.00
58,305,306.00
35,576,414.00
-57,243,447.00
-56,572,676.00
-86,362,926.00
-35,385,841.00
-84,012,809.00
-52,207,812.00
42,484,886.00
63,324,146.00
-119,971,896.00
-20,697,711.00
-27,011,574.00
30,680,684.00
-8,485,483.00
474,540.00
PRETAX PROFIT & LOSS
42,484,886.00
63,324,146.00
-119,971,896.00
-20,697,711.00
-35,497,057.00
31,155,224.00
Taxes (-/+)
-5,176,066.00
-17,227,058.00
8,295,477.00
2,792,993.00
-8,426,807.00
-17,398,323.00
NET PROFIT FOR THE PERIOD
37,308,820.00
46,097,088.00
-111,676,419.00
-17,904,718.00
-43,923,864.00
13,756,901.00
Expenses & Losses From Other Activities (-)
Financing Income
Financing Expenses (-)
OPERATING PROFIT & LOSS
Net Monetary Position Profit &Loss (+/-)
MINORITY PROFIT (LOSS)
20
Holding
FINANCIAL RATIOS
2010
2009
2008
5.89
3.34
110.33
55.80
7.84
2.93
11.82
69.06
5.00
11.88
5.88
129.73
64.18
11.13
4.28
13.30
74.68
8.32
-25.45
-12.59
113.22
56.02
-3.53
-11.72
12.67
122.56
-22.75
22.26
2.83
5.53
77.74
19.43
8.48
14.77
26.02
4.60
8.37
73.98
21.42
10.27
21.77
27.83
-4.63
-25.74
72.17
32.46
19.90
-7.75
174.22
165.18
211.93
181.48
-38.92
-29.31
4.50
16.23
5.25
14.34
9.07
14.79
11.12
26.23
35.10
19.29
212.05
182.62
35.48
9.08
6.03
334.99
60.28
40.05
7.79
17.57
29.04
14.00
188.50
153.67
23.74
11.54
7.14
350.48
60.86
37.65
9.51
16.63
25.90
22.20
176.53
137.22
28.09
11.58
6.92
351.85
51.09
30.53
57.63
136.00
82.84
6.37
8.08
27.36
1.73
0.00
55.65
125.46
65.48
19.64
13.27
25.53
5.89
0.00
42.84
74.93
45.31
6.07
-25.81
29.11
4.26
0.00
-33.98
22.59
32.41
27.86
633.19
57.64
139.66
261.35
319.00
370.06
98.63
220.36
82.42
163.67
199.94
149.27
93.56
53.10
4.78
-132.52
26.93
39.62
7.48
537.80
67.87
149.66
243.89
311.76
344.91
105.82
205.93
84.03
185.72
187.58
130.57
103.34
51.13
4.77
460.61
11.26
-10.70
19.76
444.36
82.14
141.08
258.73
340.87
284.04
128.50
212.37
80.57
174.68
144.97
104.76
92.03
45.54
5.83
14.19
34.42
3.06
13.99
36.08
8.94
23.72
37.92
4.71
-5.95
-10.32
-4.34
-7.81
-5.61
-13.11
42.37
31.33
11.04
18.59
79.22
37.74
73.93
217.02
247.74
38.30
52.10
90.42
44.35
32.82
11.53
19.93
85.99
43.11
73.99
270.98
221.36
32.33
63.97
114.96
57.16
33.85
23.32
52.33
70.41
52.49
59.21
259.06
124.83
25.87
76.30
178.12
Profitability
Relationship Between Capital and Profit
ROAE- Pre-tax Profit/Equity (avg)
ROAA - Pre-tax Profit/Total Assets (avg)
Total Income/Equity
Total Income/Total Asset
Economic Profitability(( Financing Expenses+Pre-tax Profit)/ (Total Liabilities) (avg)
ROAA – Net Profit & Loss/Total Assets (avg)
Operating Profitı/Total Assets (avg)
Financial Expenses/Inventories Ratio
Return on Long Term Sources
Relationship Between Sales and Profit
Profit Margin of Operating= Ordinary Activities Incomes/Net Sales Income
Gross Major Operating Incomes/Net Sales Income
Net Profit Margin= Net Profit/Net Sales Income
Cost of Sales/ Net Sales Income
Activities Expenses/Net Sales Income
Financing Expenses/Net Sales Income
EBIT= (Gross Profit +Financing Expenses)/NetSales Income
Relationship Between Financing Liabilities and Profit
Interest Coverage Ratio 1=Pretax Profit+Financing Expenses/Financing Expenses
Interest Coverage Ratio 2 =Net Profit+Financing Expenses/Financing Expenses
Structure of Income and Expenditure account
Financing Expenses/T.Liabilities
Financial Liabilities/Assets
Liquidity
(Liquid Assets+Marketable Securities)/ T.Assets
(Liquid Assets+Marketable Securities)/ T.Liabilities
Net Working Capital/T.Assets
Liquid Assets/Equity
Current Ratio
Acid Test Ratio
Cash Ratio
Inventories/Current Asset
Inventories/Total Asset
Inventories Dependency Ratio
Short Term Receivables/Total Current Assets
Short Term Receivables/Total Assets
Capital and Funding
Equity/T.Assets
Equity/Liabilities
Net Working Capital/T.Liabilities
Equity generation/prior year‟s equity
Internal equity generation/prior year‟s equity
Tangible Assets/Total Asset
Fixed Assets/(Equity+Long Term Liabilities)
Minority Interest/Equity
Efficiency
Net Profit Margin Growth
Net Sales Growth
Equity Growth
Asset Growth
Inventories Turnover
Days Inventories Utilization
Receivables Turnover
Days' Accounts Receivable
Efficiency Period
Payables Turnover
Days'Payments In Accounts Payables
Cash Turnover Cycle
Current Assets Turnover
Net Working Capital Turnover
Tangible Assets Turnover
Fixed Asset Turnover
Equity Turnover
Asset Turnover
Export sales/Total sales
Asset Quality
Impairment of Receivables /T.Receivables
Non Performing Asset/T.Assets
Financial Fixed Assets/Non Current Assets
Sensitivity of Foreign Currency
Total Foreign Currencies Position/Asset
Total Foreign Currencies Position/Equity
Indebtedness
Leverage Ratio
Short Term Liabilities/Total Asset
Long Term Liabilities/Total Asset
Long Term Liabilities/(Equity+Long Term Liabilities)
Fixed Asset/Liabilities
Fixed Asset/(Long Term Liabilities+Equity)
Short Term Liabilities/ T.Liabilities
Short Term Liabilities/Short Term Financial Liabilities
Tangible Assets/Long Term Liabilities
Financial Liabilities/Total Liabilities
Off Balance Liabilities/(Assets)
Off Balance Liabilities/(Equity)
21
Holding
Subsidiaries Included in Consolidation
(according to the active ratio)
Number
Activity
1
Electrical, electronics, home appliances, consumer goods, trade, building construction, and trade
2
İhlas Gazetecilik A.Ş
Journalism
3
İhlas Ev Aletleri İmalat San.Tic.A.Ş.
The production of electrical household appliances
4
İhlas Haber Ajansı A.Ş.
News agency
5
İhlas Yayın Holding A.Ş.
All kinds of written, visual and audio publishing, advertising, news agency, investor participation
6
Mining activities
7
Mir İç ve Dış Tic. Maden San. Ltd. Şti.
Mining activities
8
İhlas Holding A.Ş. - İhlas Yapı Turizm ve Sağlık A.Ş. Ortak Girişimi
Housing construction and land sales for revenue sharing with TOKİ
9
Promaş Profosyonel Medya Reklam ve Film Hizm. A.Ş
Advertising, photography and advertising notices
10
Kuzuluk Kaplıca İnşaat Turizm Sağlık ve Petrol Ürünleri Tic.A.Ş.:
Spa tourism and trade in health management
11
İhlas Motor A.Ş.
Motorized and non-motorized vehicles and spare parts manufacturing, assembly and trade
12
TGRT Haber TV A.Ş.
Television and radio broadcast, television, film, video and advertising
13
TGRT Dijital TV Hizmetleri A.Ş.
Television and radio broadcast, television, film, video and advertising programs
14
Bisan Bisiklet Moped Oto. San. Tic. A.Ş.
Bicycle, moped, automobile and spare parts for their production and trade
15
16
İhlas Net A.Ş.
Bicycle, moped and marketing of spare parts
Information services, Internet services, build networks and
computer networking equipment purchase and sale
17
İletişim Magazin Gazt. Yan. San ve Tic. A.Ş.
Newspaper, magazines, books, etc.. print and marketing
18
İhlas Yapı Turizm ve Sağlık A.Ş.
All related construction, plumbing and contracting business investments and tourism and health
19
Kıbrıs Bürosu
Newspaper distribution and electric home appliances marketing
20
İhlas Reklam Ajans Hizmetleri Ltd. Şti
All kinds of advertising, photography, ad agency
21
Turkish and foreign newspapers and publications of all kinds
22
İhlas Fuar Hizmetleri A.Ş.
Organization of trade fairs and exhibitions and publicity, travel agency
23
Detes Enerji Üretim A.Ş.
The establishment of the electrical energy production plant, commissioning, leasing
24
Armutlu Tatil ve Turizm İşletmeleri A.Ş.
All kinds of thermal spa tourism management
25
Bayındır Madencilik ve Ticaret A.Ş. (Okan Tekstil Sanayi ve Ticaret A.Ş.)
Mining activities
26
İhlas Holding A.Ş. - İhlas Yapı Turizm ve Sağlık A.Ş. Ortak Girişimi-2:
Real Estate residential land sales with revenue sharing for construction works
27
Construction joint venture with Real Estate Marketing
28
İhlas Holding A.Ş. - İhlas Yapı Turizm ve Sağlık A.Ş. Ortak Girişimi-3:
İhlas Holding A.Ş. – İhlas Yayın Holding A.Ş. ve İhlas Pazarlama A.Ş.
Ortak Girişimi
29
Kristal Kola ve Meşrubat Sanayi Ticaret A.Ş.
Marketing of the production of PET bottles, gas production of beverages
30
All kinds of food and beverage distribution, marketing and trade
31
Kristal Gıda Dağıtım Pazarlama San. ve Tic. A.Ş.
İhlas Meşrubat Üretim ve Pazarlama A.Ş. (eski ünvanı: Atmaca
Gıda Üretim ve Ticaret A.Ş.):
32
İhlas İnşaat Holding A.Ş
Participating institutions in the field of construction
33
İhlas Pazarlama Yatırım Holding A.Ş.
Participating institutions in the field of construction, marketing
34
Tourism investments and construction
35
İhlas İnşaat Proje Taahhüt Turizm ve Tic. A.Ş.
Alternatif Medya Görsel İletişim Sis. Ltd. Şti. (Fikirevim Reklam
Ajans Hiz. Ltd. Şti.)
36
İhlas Genel Antrepoculuk Nakliyat ve Tic.A.Ş.
Warehousing
37
İhlas İletişim Hizmetleri A.Ş.:
Telephone and telecommunications and other communication services
Construction joint venture with Real Estate Marketing
Food and packaging material production, trade, electricity, electronic materials, trade
Advertising, photography, advertising agency
Subsidiaries Excluded in Consolidation
(according to the active ratio)
Activity
1
İhlas Dış Ticaret A.Ş. (eski ünvanı: İhlas İnşaat
Yapı Taahhüt ve Tic. A.Ş.):
Tourism investments
2
Bur-yal Bursa Yalova Enerji Dağıtım Ltd. Şti.:
Production of electrical energy
3
Tasfiye Halinde İhlas Finans Kurumu A.Ş.
Private Finance Institute (into liquidation)
4
Kia-İhlas Motor San. ve Tic. A.Ş.
Distributor of Kia brand vehicles (into liquidation)
5
İhlas Mining Ltd. Şti
Mining
6
İhlas Enerji Üretim Dağıtım ve Tic. A.Ş.
Inactive
7
İhlas Net Ltd. Şti
Inactive
8
İhlas İnşaat Proje Taahhüt Turizm ve Tic. A.Ş.
Tourism investment and management, real estate purchase and sale
9
İhlas Zahav Otomotiv A.Ş.
Automobile production
10
İhlas Kimya San. Ltd. Şti
Into inactive condition
11
İhlas Oxford Mortgage İnş. ve Tic. A.Ş.
Building and trade of real estate
12
Naturel GmbH (eski ünvanı:Aura GmbH)
Manufacture and trade of small household appliances
13
Swiss PB AG
Asset management, professional brokerage
14
Detes Maden Enerji ve Çevre Tek. Sis. Ltd. Şti.
Mining activities
15
Doğu Yatırım Holding A.Ş.:
Invest in East and South East Anatolia Regions
22

Corporate Credit Rating Non- Financial Sector

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