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Contents
Inside the Cover
Our Vision, Our Strategy and Goals,
Our Competitive Edge, Financial Highlights, Do¤ufl Otomotiv’s Targets
01
Corporate Profile
02
Milestones from Do¤ufl Otomotiv's History
04
Do¤ufl Otomotiv Board of Directors and Support Functions
06
Message from the Chairman
10
The Economy of Turkey and the Automotive Sector
12
2006 at Do¤ufl Otomotiv: A Year of Change and Restructuring
18
Do¤ufl Group
22
Volkswagen Passenger Cars
30
Volkswagen Commercial Vehicles
38
Audi
44
Porsche
50
SEAT
56
Skoda
62
Scania
70
Krone
76
Do¤ufl Oto
82
Do¤ufl Otomotiv Logistics Services
86
vdf Holding
94
DOD
98
Do¤ufl Motor Sports
102
Do¤ufl Insurance Agency Services
104
Corporate Governance Principles Compliance Report
112
Information on the Capital Structure and Shareholding
112
Information on Do¤ufl Otomotiv Stocks
113
General and Administrative Activities
116
Amendments to the Articles of Association in the Reporting Period
119
Dividend Distribution Proposal
120
Audit Report
121
Consolidated Financial Statements and Independent Auditor's Report
169
Authorized Dealers and Services
one
company
Annual Report 2006
seventeen brands
Do¤ufl Otomotiv Annual Report 2006
Our Vision
Do¤ufl Otomotiv aims to:
Do¤ufl Otomotiv's vision is to provide innovative service beyond expectations.
Our Strategy and Goals
Achieve the position of
perennial leader in the import
market,
Since Do¤ufl Otomotiv's presence in the market, the market share that the
Volkswagen Group brands captured in Turkey grew from 0.5% to 12% through
continuous and sustained development in 12 short years. Do¤ufl Otomotiv
has become not only the leader of the import market in the last two years
but also the increasing value of the Turkish automotive sector.
Provide quality service with
its extensive network and to
embrace a strong customer
oriented work ethos,
Since 1994 when it became the distributor and importer of the Volkswagen
brand, Do¤ufl Otomotiv has adopted a vision of quality service that is customerfocused with exemplary servicing facilities that enable it to continue to maintain
an extraordinarily high level of customer service provision.
Become a major player in
every stage of the automotive
value chain and be sizable,
Maintaining its position as a significant player in each stage of the automotive
value chain is the most important principle in Do¤ufl Otomotiv's corporate
strategy. The company has made structural changes in traditional work areas
in order to be more productive, effective and fast moving. It has also taken the
first steps into automotive manufacturing and exporting.
Secure its place among the
most trusted brands of
Turkey,
Do¤ufl Otomotiv has been able to position and secure itself among the most
trusted brands in Turkey and has successfully gathered a range of different
brands under one roof. The company secured its place among the most sound
business ventures in the country with its successful initial public offering (IPO)
and has been able to gain its stakeholders' and customers' trust with its market
proven strategy and operations.
Provide innovative service
beyond expectations,
Do¤ufl Otomotiv has arranged its business plans around the vision of providing
innovative service beyond expectations; has analyzed in detail the future of
the automotive sector; and has aimed to base its service exceeding the
expectations of its customers and shareholders on creativity, closeness and
differentiation.
Do¤ufl Otomotiv's corporate goal is based on the philosophy of BE SIZABLE, BE CLOSE and BE
CREATIVE.
With its entrepreneurial culture and ever-increasing potential, Do¤ufl Otomotiv defines its strategy as;
Specializing in the domestic market and always being the leader in the import market,
Maintaining a strong regional position in the international arena.
Our Competitive Edge
In the long run, Do¤ufl Otomotiv aims to continue its growth-driven strategy. It has differentiated itself
within the sector with its steady growth, innovation and close relations with customers and is further
strengthening its competitive edge along these lines.
Financial Highlights
(million TRY, IFRS)
Net sales
Operational Profit
Net Profit
Total Assets
Gross Profit Margin
Net Profit Margin
Do¤ufl Otomotiv's shares are traded on the Istanbul Stock Exchange (ISE) under the ticker “DOAS”.
2006
2,527
65
18
1,131
11.5%
0.7%
2005
2,466
155
106
1,018
14.4%
4.3%
Change %
2
(58)
(83)
11
page 1
CorporateProfil
Profile
Kurumsal
Do¤ufl Otomotiv differentiates itself within and leads the
Turkish automotive sector via its extensive product line,
sales volume, widespread after sales service network
and profitability.
In 2006, Do¤ufl Otomotiv was both the leading automotive
importer and one of the largest distributors in Turkey.
The company is home to 13 brands (Volkswagen
Passenger Cars, Volkswagen Light Commercial Vehicles,
Audi, Porsche, Bentley, Lamborghini, SEAT, Skoda,
Scania, Krone, Meiller, Volkswagen Marine and Scania
Marine) and 70 different models in the segments of
passenger, light commercial and heavy transport vehicles.
Do¤ufl Otomotiv is the official representative of the
Volkswagen Group brands in Turkey.
Do¤ufl Otomotiv, with its 249 sales and
276 after sales service points, has the
widest sales and service network within
the automotive sector in Turkey.
Taking a pioneer role in every stage of
the automotive value chain and having
set up its roadmap in this direction, Do¤ufl
Otomotiv also operates in related areas
such as automotive financing, spare parts
and accessories trade, logistics and after
sales services, used care trade, fleet
rental and insurance provision in addition
to its roles as importer and distributor.
In automotive financing and the used
cars trade, Do¤ufl Otomotiv has formed
strong brands such as DOD; in the
industrial and marine engines segments
it has aimed to institutionalize these fields
through distributorships of Scania and
Volkswagen Marine.
Along with its "Traffic is Life" campaign
that pioneers the development of a sense
of responsibility and education in trafficrelated issues in Turkey, Do¤ufl Otomotiv
differentiates itself with its quality of
service, innovativeness and its ability to
integrate technology into its service
process.
Do¤ufl Otomotiv is a member of the
Do¤ufl Group, one of Turkey's premier
business conglomerates, which is active
in the financial services, automotive,
construction, media, tourism, real estate
and energy sectors.
Do¤ufl Otomotiv
differentiates itself with
its quality of service,
innovativeness and its
ability to integrate
technology into its
service process.
page 2
Milestones from Do¤ufl Otomotiv's History
Do¤ufl Otomotiv operates under the principle of creating the
highest added-value and aims to grow by strengthening the
relationships with all the brands that it represents.
Do¤ufl Otomotiv's Total Car Park
Total Car Park 547,000
Volkswagen AG
Consumer
Finance Joint
Venture
Scania contract
signed
SEAT & Skoda
distributorship
Partnership with
Yüce Auto
Do¤ufl Group
established
subsidiaries
distributing
Volkswagen, Audi
and Porsche
Custom duties on
vehicles imported
from the EU
abolished
Scania Industrial
and Marine
Engines contract
signed
Market share
Market share
0.5%
5.8%
1993
1994
1995
1996
1997
1998
1999
2000
page 3
Lamborghini
Letter of Intent
Krone production
contract signed
Bentley Letter of
Intent
First dividend
paid
Do¤ufl Otomotiv
acquired 100% of
SEAT
Back Office
consolidation
Volkswagen
Marine Engines
contract signed
Second dividend
paid
Meiller contract
signed
Direct dealership
of Volkswagen
Light Commercial
Vehicle in Egypt
Merger of
Automotive
companies under
DOAS
Krone contract
signed
Used car
operations
established
2001
2002
2003
2004
Market share
Market share
11.5%
12.1%
2005
2006
page 4
Do¤ufl Otomotiv Board of Directors
D
Board of irectors
Tanju Özenç
t
Aclan Acar
Chairman and
CEO
s
tor
ec
Me
m
Me
mbe
r of th
ire
e Boar d of D
z
Has an
Hüsnü Güzelö
e
Yu
the
rt
Bo
ar
of
Özle
m
D
eniz
me
Member o
n
f
K
t
h
oc
eB
oa
ate
t
r
d
p
of
Di
r
kin
u¤te
nT
a
m
Directors
ley
d of
oar
Sü
B
the
of
r
be
Mem
ber
of
Ce
m
Me
mb
er
a
tors
Ak
irec
at
ur
of D
.M
ard
Bo
he
d
Deputy Chairman
H
y
ba
rs
cto
ire
D
of
rs
ct o
Aclan Acar
Chairman and CEO
Aclan Acar is a graduate of the Ankara Faculty of Economic and Commercial
Sciences, holds a master's degree in banking and insurance from the same
school, and a master's degree in economics from Vanderbilt University in the
United States. Mr. Acar joined the Do¤ufl Group in 1990 and has been chairman
and CEO of Do¤ufl Otomotiv and Do¤ufl Oto Pazarlama since January 2006.
page 5
Tanju Özenç
Deputy Chairman
H. Murat Aka
Member of the Board of Directors
Özlem Denizmen Kocatepe
Tanju Özenç is a graduate of Ankara
University (Department of Commercial
and Industrial Business Administration).
Mr. Özenç has served in a variety of
positions in the Do¤ufl Group since 1998.
H. Murat Aka holds a BA in business
administration from Middle East Technical
University and an MBA from Bo¤aziçi University
(Department of Business Administration). He
has served in a variety of positions at Do¤ufl
Group since 1987 and is currently a Managing
Director/Member of the Board.
Özlem Denizmen Kocatepe is a graduate
of Cornell University (Department of
Statistics) and holds an MBA from
Massachusetts Institute of Technology.
She has served in a variety of positions in
the Do¤ufl Group since 1996.
Hasan Hüsnü Güzelöz
Süleyman Tu¤tekin
Cem Yurtbay
Hasan Hüsnü Güzelöz is a graduate of
‹stanbul University (Department of Law)
and has served in a variety of positions in
the Do¤ufl Group since 1994.
Süleyman Tu¤tekin is a graduate of Bo¤aziçi
University (Department of Mechanical
Engineering) and holds a master's degree
from University of Manchester Institute of
Science and Technology. Mr. Tu¤tekin has
served in a variety of positions in the Do¤ufl
Group since 1986.
Cem Yurtbay is a graduate of the Academy
of Commercial Sciences (Department of
Business Administration) and joined the
Do¤ufl Otomotiv family in 1998.
Support Functions
Mustafa Ali Barut
General Manager,
Operations
Dr. ‹zzet Berk Ça¤dafl
Finance, Budget Planning, Risk
Management and Investor Relations
Coordinator
Osman Mehmet Sindel
Strategic Marketing and Corporate
Communication Coordinator
page 6
The year 2006 proved once again Do¤ufl Otomotiv's ability to
manage its leading position in the market, overall company
strength and human resources together with its ability to plan
effectively for the future.
Aclan Acar Chairman and CEO
2006 was a leap forward for
Do¤ufl Otomotiv
page 7
We honor the promises to our investors
We are continuing to be the leader in the
import market and as in the previous
years our company's market share
continues to grow. In 2006, we sold
76,902 vehicles, generating net revenues
of TRY 2,527 million and a gross profit
margin of 11.5%. The financial statements
were prepared in accordance with
International Financial Reporting
Standards (IFRS). For the year, the net
profit of the company was TRY 18 million.
As a result, the profit per share for 2006
was TRY 0.1911.
Do¤ufl Otomotiv, with its strong financial
structure, succeeded in achieving the
performance that it had targeted in spite
of unforeseen fluctuations in currency
rates starting from May 2006. Our
company continues to be a symbol of
trustworthiness and shares a minimum
of 50% of its distributable profit as
dividends, as declared to the investors
in the corporate profit distribution policy.
The year 2006 proved once again Do¤ufl
Otomotiv's ability to manage its leading
position in the market, overall company
strength and human resources together
with its ability to plan effectively for the
future.
Our business environment
Despite the currency fluctuations during
the year, economic performance of 2006
was stable.
Turkey has continued without any
interruption to successfully implement
its economic stabilization program that
aims for steady long-term growth and
the country now is even seen as a model
among fast-growing emerging market
economies. Although negotiations with
the EU decelerated during the year, the
membership accession process still
continues and it contributes positively to
the Turkish economy.
The country's economic situation affected
the business environment and the
favorable macroeconomic indicators
helped the automotive sector continue
its growth. While the market share of the
automotive and automotive supplier
industries is around 20% within the total
exports, Turkey is at the center of
attraction for the industry. With its
strategic location and strong economic
performance, the country continues to
be a favorite of the world's leading
automotive companies.
While these developments are taking
place in the automotive sector, Do¤ufl
Otomotiv, using its competitive
advantages and differences in every
stage of the automotive value chain,
continues to take determined steps
towards implementing its mission.
Do¤ufl Otomotiv is
moving towards fulfilling
its mission with decisive
business plans that use
the company's
differentiated and
competitive advantages
in every link of the
automotive value chain.
page 8
Our company strengthens its place within the market with
these new brands and has always endeavored to exceed
customer needs and expectations at the very highest level.
New brands joined our family
We have added four new valuable brands
to our portfolio: Bentley, Lamborghini,
Meiller and Volkswagen Marine Engines.
We now have a total of 13 brands that
we represent.
It gives us great pleasure and immense
honor to see these four brands that have
such worldwide respect become part of
the network of Do¤ufl Otomotiv sales and
after sales services. Our company
strengthens its place within the market
with these new brands and has always
endeavored to exceed customer needs
and expectations at the very highest level.
I would like to use this opportunity to
welcome our new brands to Turkey and
thank them for choosing Do¤ufl Otomotiv
as their business partner.
Our first steps in production and export
For Do¤ufl Otomotiv, that aims to be
involved in every area of the automotive
value chain, the year 2006 was one in
which it took the first steps in production
and export.
Our company has started the Egypt
operations of Volkswagen Commercial
Vehicles that is of great importance for
the export domain and our regional
growth strategy. Our biggest partner
Volkswagen Group chose to cooperate
with us in Egypt as a result of our
continuous growth success and
performance in retail and after sales
service network in Turkey. With this
decision, Volkswagen once again proves
its trust in Do¤ufl Otomotiv.
Another development that brought
excitement to our company during 2006
is the decision of partnering with the
Krone brand for the production of trailers
in Turkey. This leap will be an important
step for Do¤ufl Otomotiv's positioning as
a producer.
New business areas are attracting us
Do¤ufl Otomotiv is interested in every
direct and complementary field of activity
in the automotive value chain and is
determined to seize new business
opportunities that the market presents.
We have decided to establish a factoring
company with vdf, which provides
automotive financing and with whom we
are partners already. This new partnership
that we will establish under the aegis of
vdf primarily will work to finance our
authorized dealers.
The tender for establishing and starting
Vehicle Inspection Stations that was
offered in 2005 by the Privatization
Administration was obtained by a Do¤ufl
Otomotiv - Akfen Holding - TÜV SÜD
consortium. The new corporation, called
TÜVTURK, was established by the
consortium that same year. In the
privatization tender, it was foreseen that
a minimum of 189 Immobile Inspection
Stations, 433 Inspection Channels and
38 Mobile Inspection Stations be built
within the country and administered by
TÜVTURK for a duration of 20 years.
Within this project, the goal is to establish
in Turkey a Vehicle Safety Sector that will
be a prototype for the world. In the year
2008, it is planned to start the business
upon construction, completion and
implementation of all the stations
following the signing of a concession
that is expected to be executed within
the first half of 2007.
Our sales and after sales services are
exemplary
We own the youngest fleet and operate
the widest sales network in Turkey. These
qualifications ensure the provision of
innovative service beyond expectations
to our customers and assure our ability
to produce real value.
The logistics service with its strong
technological infrastructure, peerless
barcode system and its ability to
effectively and rapidly administer over
60,000 product varieties is based in
Gebze. There, we provide spare parts,
stock new vehicles and make deliveries
to all sales and service points. It is a very
important facility that reflects Do¤ufl
Otomotiv's deep commitment to quality
and service.
Our used car activities are developing
DOD, which was a part of vdf, joined
Do¤ufl Otomotiv in 2005 and is
capitalizing on the growing demand
for the purchase and sale of used cars.
Already showing the early signs of
success in its brief history since its
establishment, and having left 2006
behind as a year of restructuring, we
believe that DOD will grow much more
in this market in coming years.
page 9
Within DOD in 2006 we are once again
accomplishing something for the first
time in the sector by selling automobiles
through an open bidding system. This
new step that we took will especially
increase our internal capability to sell
directly to the consumer the returned
vehicles from the fleets. At the same time,
this innovation will play a role in the
transition of the Turkish automotive
market to a more organized structure.
Do¤ufl Motor Sports
Do¤ufl Motor Sports has contributed to
the publicity of our company and to
raising the general awareness of the
automotive sector in our country by
organizing the SEAT Cup and the Polo
Ladies Cup, organized for the first time
in Turkey, to which Volkswagen attaches
special importance.
OtoMotion: A lifestyle center for the
future
In the Maslak area of ‹stanbul,
construction has begun on OtoMotion,
an innovation for ‹stanbul that is causing
excitement everywhere. This interactive
experience, which is defined as a way to
bring our customers in closer contact
with our brands, is scheduled to be
opened in the fall of 2007.
OtoMotion will reflect the diverse interests
and lifestyles of our city and provide a
showcase for the cultural, creative and
business interests of our community.
OtoMotion is a unique concept, a place
where our customers and potential
customers can visit and socialize again
and again 365 days a year.
Do¤ufl Otomotiv in the future
With an eye towards its own future, Do¤ufl
Otomotiv has made detailed analyses of
companies similar to itself in the world,
their market position, profit margins and
corporate organization and positioned
itself accordingly.
After the in-depth company-wide studies,
we set Do¤ufl Otomotiv's vision as
“innovative service beyond expectations”
and we have based our corporate
strategy on the axis of be sizable, be
close and be creative.
Do¤ufl Otomotiv will deepen its sales and
used car trade activities in Turkey and
will expand to neighboring countries with
a profit-driven development strategy
based on simplicity; it will continue on
the path to becoming an even more
efficient and productive company through
adding new brands to its portfolio.
We owe much gratitude to our valued
local and foreign shareholders for trusting
us and for their continuous support. As
long as their support continues Do¤ufl
Otomotiv will be a stronger and larger
company. I also would like to express
my thanks to our valued customers who
appreciate our difference in service and
our closeness with them. I would also
like to cordially thank our workers who
compete with each other to give this high
level of service in the best way possible.
Aclan Acar
Chairman and CEO
Do¤ufl Otomotiv, with
its profit centered
development strategy
based upon lean
management
understanding, will
expand to countries in
the surrounding region
and will continue on the
road to becoming an
increasingly more
effective and productive
company.
page 10
The Economy of Turkey and the Automotive Sector
Turkey's Economy
Turkey's economy continued its
consistent growth in 2006; GNP
increased by 6% as of year-end. While
the private sector consumption and
investment expenditures are the main
sources of growth, the industrial sector
continued to show a strong performance
while in the services sector, a slight
deterioration occurred.
persistently high cost for foodstuffs. The
depreciation of the Turkish Lira from May
on has been a factor that pressured
inflation upwards. At the end of 2006, the
annual inflation rate rose to 11.58%
according to the Producer Price Index;
and to 9.65% according to the Consumer
Price Index, an increase above formal
expectations (5%).
The unwavering and strict implementation
of the economic stabilization program
that aims for steady long-term growth
provided the basis for the strong
performance of the Turkish economy in
2006.
In 2006, Turkey's foreign trade volume
continued to grow: exports increasing to
USD 85.1 billion and imports reaching
USD 137 billion. In line with the high
global commodity prices -petroleum
leading-, volatile global liquidity and
increase in the use of foreign intermediary
goods, imports have shown significant
increase. Export volume has also
increased as a consequence of the
fluctuation in the currency rates in May,
depreciation of TRY and the increase in
the interest rates
Turkey continues to be a model country
among the developing economies.
Despite the decelerated rate of
negotiations with the EU, the accession
process continues to have a positive
impact on Turkey's economy.
The continuous and
disciplined
implementation of
Turkey's economic
stabilization program
that aims for
sustainable long term
growth provided for a
strong performance in
the country's economy
in 2006.
In the first four months of 2006, inflation
started to rise again due to increasing
local demand, rigid service prices, higher
costs for raw materials and the
CPI Inflation (%)
Real GNP Growth (%)
8.77
2003
7.32
2004
7.20
2005
2006
6.0
18.36
2003
2004
2005
2006
9.32
7.72
9.65
page 11
In 2006, within the entire Turkish passenger cars market, the
sale of locally produced cars reached 118,864 units while
128,170 light commercial vehicle units were sold for the year.
Adapazar› to ‹stanbul Çerkezköy and
over to Bursa. Thanks to a strong
automotive sector infrastructure,
characterized by industry partnerships
and agreements, Turkey continues to be
an important country for companies within
the sector which are involved in
production.
Automotive Sector
In the World...
The total annual unit production of the
world automotive sector is about 60
million vehicles and the total value of this
production is over EUR 5 trillion. With a
share close to 35%, Europe is the world's
largest production base followed by the
US. Other global producers are located
in Far East countries and Japan. In recent
years, China and India have become
significant automotive producers.
According to the wholesale figures of the
Automotive Distributors Association
(ODD), in 2006, sales of passenger cars
and light commercial vehicles at the end
of December decreased by 18.3%
compared to the previous year; 614,995
units for 2006 versus 727,619 units in
2005.
The European Union coming to first place
on the producers list is due to a frenzy
of mergers, acquisitions and general
consolidation within the sector in recent
years. Since 2000, however, because of
a sluggish macroeconomic environment
a market contraction has occurred in the
EU.
Out of the 614,995 total units sold in
2006, 371,325 units were passenger cars
and 243,670 units were light commercial
vehicles. For the year, a decrease of
16.1% in sales of passenger cars
occurred while sales of light commercial
vehicles declined 14.4%. Significantly,
diesel vehicle sales increased their market
share rising to 49% of sales for 2006
versus 38% for the previous year.
In Turkey...
With a production of more than 1 million
vehicles per year, the Turkish automotive
sector has shown much progress in the
last 30 years and is well on its way to
becoming one of the main production
centers within the developing world.
In 2006, the total sales of domestically
produced passenger cars were 118,864
units while 128,170 units of light
commercial vehicles of domestic
The automotive sector is concentrated
around northwest Turkey, from Sakarya
Total Vehicle Wholesales (Unit)
452,292
2004
244,551
696,843
442,836
2005
284,783
727,619
2006
371,325
243,670
614,995
Source: ADA (Automotive Distributors Association)
Passenger
Light Commercial
Total
production were sold. The total sales of
locally produced passenger and light
commercial vehicles were 247,034 units.
For the year 2006 in the passenger cars
market, sales of imported cars totaled
252,461 units and sales of imported light
commercial vehicles amounted to
115,500 units. The total sales of imported
vehicles were 367,961 units, which
constitutes 59.83% of the total market.
The turbulence in the currency and capital
markets starting from the fifth month of
2006 is seen as the main reason for the
decrease in total sales units for the year.
The short duration of the fluctuation
provided a quick rebound for the sector
and the strong economic performance
shown overall for 2006 reflected positively
on the total sales units in the automotive
sector.
The future of the automotive industry...
The fierce competition within the
automotive sector globally in recent years
has resulted in the elimination of the
producers who cannot sufficiently control
costs and those who cannot effectively
deploy new technologies.
The current competitive environment is
expected to bring forth an investment in
human resources capital in the
automotive sector in coming years.
Automotive production that responds to
the demands and needs of customers,
that is environmentally friendly, that offers
a smaller but more comfortable vehicle
to its customers is dominating the sector.
Quests for new technologies and
increased efficiency that is a part and
parcel of the same process are also major
topics that are coming to the fore in the
automotive industry.
page 12
2006 at Do¤ufl Otomotiv:
A Year of Change and Restructuring
Do¤ufl Otomotiv added the year 2006 to
its success score board on its journey
towards becoming one of the dominant
forces in the Turkish automotive sector.
-
Since its first day of establishment, Do¤ufl
Otomotiv has shown steady and strong
development focused on creating value
for all its shareholders, and the company
has;
- undertaken important developments
and changes in the process of
restructuring,
- continued its leaps forward in an effort
to engage in every phase of the
automotive value chain,
- taken the first steps towards the
strategy of being a regional company.
-
-
-
-
-
-
-
Despite the fluctuations that occurred in 2006 in the automotive sector and a
market contraction of 15%, Do¤ufl Otomotiv through its sound business planning
maintained its competitive position, increased its market share to 12%, and attained
successful financial results.
Achieved net sales of TRY 2,527 million with 76,902 units of vehicle sales and
12% market share, Do¤ufl Otomotiv, in 2006 attained a gross profit margin of
11.5% and declared TRY 18 million in net profit. Do¤ufl Otomotiv whose total
assets reached TRY 1,131 million has provided a total asset size development
in the ratio of 11% compared to last year. Our total shareholder's equity is
TRY 486 million.
In parallel to its goal of becoming a regional player, and to replicate its success
in the domestic automotive market elsewhere, Do¤ufl Otomotiv has cooperated
with Volkswagen Group in Egypt in the light commercial vehicles segment.
Aligned with its strategy to be involved in every stage of the automotive value
chain, it has taken the first step of moving into production by signing a letter of
intent with Krone.
As necessitated by a service orientation that puts customer satisfaction above all
else, Do¤ufl Otomotiv has added four valuable and prestigious brands to its
portfolio: Bentley, Lamborghini, Meiller and Volkswagen Marine.
Continues to rigorously provide its customers creative, close and quality service
with sales and after sales service network that is the widest in the automotive
industry in Turkey.
Added DOD into the fold of Do¤ufl Otomotiv towards the end of the year 2005
and undertook a restructuring of the entity. DOD's excellent performance and
high sales capability in 2006 is noteworthy.
vdf, a partnership between Volkswagen Financial Services and Do¤ufl Otomotiv,
has shown rapid development in 2006 and its credit capacity increased at a fast
clip.
Before the IPO, created synergy by gathering brands, sales and after sales services
under the same roof. It has continued its enlargement, integration and restructuring
activities in 2006.
/ 2006
Import and Distribution
(Turkey)
Import and Distribution
(Abroad)
Production
Retail and AfterSales Services
(Egypt)
Automotive Related
Services
Logistics Center
Do¤ufl Otomotiv Independent
Authorized Dealers
Automotive
Financing*
Katalonya
Yüce Auto*
*Subsidiaries
DOD Used Car
Sales
Insurance*
Motor Sports
page 13
Continuing steady growth
Do¤ufl Otomotiv has been growing in a
strategic, planned way since the year
1994 when it became the importer and
distributor of the Volkswagen brand in
Turkey. By exceeding expectations every
year it has raised the satisfaction level of
customers and increased its market
share. It has been a leading brand in the
import market as the company that sets
the standards in service and quality.
Do¤ufl Otomotiv, with its steady growth
and determined strategic steps, makes
its presence known within the Turkish
automotive sector in a significant way.
In 2006, Do¤ufl Otomotiv has achieved
its goal of being among the key industry
players in Turkey which best evaluate
market dynamics.
Since the day it was established, Do¤ufl
Otomotiv, in an effort to strengthen its
competitiveness and diversify its revenue
streams, has supplemented its main
business lines of importation and
distributorship with provision of
automotive financing, spare parts and
accessories trade, logistics and after
sales services, used car trade, fleet rental
and insurance. The company, resulting
at the end of this developmental process,
has spread its activities in creative and
diverse services to all stages, both before
and after sales, in a wide spectrum of
the automotive industry.
Do¤ufl Otomotiv aims to be present in
every stage of the automotive value chain
and sees the year 2006 as a definitive
step taken towards this goal and a secure
future.
Our financial performance
Do¤ufl Otomotiv gained market share
with its strong product portfolio in spite
of the general contraction of 15% that
occurred as a result of the
macroeconomic developments in 2006.
Do¤ufl Otomotiv sold 76,902 vehicles
and recorded net sales of TRY 2,527
million, indicating a rise of 3% over last
year according to its independently
audited consolidated income statement,
prepared in accordance with International
Financial Reporting Standards (IFRS).
Although there was a market contraction
and more competitive pressure within
the sector, Do¤ufl Otomotiv was able to
achieve an enviable sales performance
with a gross profit margin of 11.5%.
Adhering to a controlled operating
expenses policy, Do¤ufl Otomotiv
declared TRY 65 million in operational
profit for 2006.
Aiming to be close to its investors, Do¤ufl
Otomotiv will fulfill its promise of
distributing its profit in the year 2006 as
prior years. The company declared
TRY 18 million of net profit at the end of
the year 2006.
Do¤ufl Otomotiv has spent the year 2006
investing in enhancing the automotive
value chain. Total assets of the company
grew by 11% compared to 2005 and
reached TRY 1,131million. Do¤ufl
Otomotiv, whose total shareholder's
equity was registered as TRY 486 million
with 1% growth, places great emphasis
on risk management. As of 2006, the
company generated TRY 58 million in its
net cash position and its net working
capital reached TRY 141 million.
As part of its strategy of being present
in every stage of the automotive value
chain, Do¤ufl Otomotiv invested TRY 23
million in developing its new business
activities.
In 2006, Do¤ufl
Otomotiv took a 20%
market share of the
import market and
achieved total sales of
76,902 vehicle units.
page 14
Do¤ufl Otomotiv is one
of the most valued
brands of the Turkish
automotive sector with
its institutional and
financial discipline,
strategic business
plans and savvy
investments.
Sustainable leadership in the import
market
Turkey is a center of attraction for the
world's large automotive corporations
due to its flourishing economy and
strategic geographic position. Automotive
exports and imports have significant
share in the country's foreign trade
volume.
Do¤ufl Otomotiv issued shares to the
public in 2004. At the time of its initial
public offering, the company adopted
a profit distribution policy that promised
to share with shareholders 50% of its
distributable profit for five years. Its
financial results for 2006 show that the
company continues to successfully fulfill
its promise.
The automotive sector not only steadily
propels Turkey's economy but also
carries great strategic importance for our
country on its way to becoming a global
economic player.
Be present in every area of the
automotive value chain
Do¤ufl Otomotiv harnesses its innovative
human capital and deploys advanced
technology in an effective and productive
manner, impacting every link in the
automotive value chain while achieving
profitability and delivering exemplary
service.
Do¤ufl Otomotiv combines its corporate
values and market experience to result
in sustainable leadership in the import
market. The company maintained its
leader position in the import market in
2006 garnering a share of 20% in the
said market and selling 76,902 units of
vehicles.
The company's strong performance in
the import market once again illustrates
that Do¤ufl Otomotiv is a successful
company achieving its targets and a
company which has the right strategy.
Do¤ufl Otomotiv is the symbol of trust
Since its establishment, Do¤ufl Otomotiv
has been a symbol of stability, strength
and trust to its shareholders. With its
organizational and financial discipline,
sound business plans and savvy
investments, Do¤ufl Otomotiv is an
extraordinarily solid company that is very
much appreciated in the marketplace
and the investment community. Thus, it
is no surprise that Do¤ufl Otomotiv is
among the most valued brands in the
automotive sector in Turkey.
The year 2006 was a year of making great
strides forward, and becoming involved
in every stage of the automotive value
chain. In addition, concrete steps were
taken towards becoming a regional
automotive power and commencing
production operations.
Starting operations in Egypt
Volkswagen Group chose Do¤ufl
Otomotiv as its business partner for its
new enterprise it will establish in the
segment of commercial vehicles in Egypt.
This new partnership in Egypt came to
fruition as a result of the exemplary
success attained with the passenger cars
and light commercial vehicles between
the two parties in Turkey. Extensive
market research and feasibility studies
were conducted and the two entities
agreed to partner in this new North African
automotive venture.
page 15
The fact that Volkswagen chose Do¤ufl
Otomotiv instead of its existing passenger
cars distributor in Egypt illustrates once
again the high level of respectability of
the company in the international arena.
The Egypt operation is a very important
step in the strategy of further involvement
in international marketplace and will also
be a major milestone towards regional
development and expansion.
The organizational activities in Egypt have
begun and it is foreseen that the
showroom in Cairo will open in 2007.
First steps to production
Do¤ufl Otomotiv took its first step to
entering another important link of the
automotive value chain with the
partnership agreement that was signed
with Krone.
Krone is one of the brands that Do¤ufl
Otomotiv represents and it has gained
significant market share in recent years
in Turkey. As a result of this success,
Krone in 2006 offered to make a partner
investment and signed a letter of intent
on this topic on 04 July 2006. The
company's strong position and ideal
image in the automotive and heavy
transport vehicle market is the leading
factor that played a role in Krone's
decision to choose Do¤ufl Otomotiv as
its partner in the production arena.
Construction is planned to start in 2007
with actual production commencing in
2008.
Strong brands and model varieties
Do¤ufl Otomotiv has added a number of
different brands to its portfolio and offers
models of Volkswagen Passenger Cars,
Volkswagen Commercial Vehicles, Audi,
Porsche, SEAT, Skoda, Scania and
Krone. The company provides sales, after
sales and spare parts services with its
widespread network.
Do¤ufl Otomotiv has a forward-looking,
dominant and prestigious image in the
marketplace with logistics and spare
parts trade facilities that contribute
significantly to customer satisfaction
along with its after sales services. Do¤ufl
Otomotiv has 13 leading brands in its
portfolio, including the four new brands
added in 2006, and offers 70 different
models, while being an effective and
strong partner in the international arena.
New brands joined our family
In 2006, Do¤ufl Otomotiv added four
more global automotive brands to its
product offering.
According to the terms of an agreement
effected with Bentley Motors Limited, a
subsidiary of Volkswagen AG, the
marketing of Bentley products, sales and
after sales services in Turkey will be
conducted by Do¤ufl Otomotiv. With this
agreement, the legendary English luxury
brand Bentley is represented for the first
time in the country.
Another brand that joined the family in
2006 is Lamborghini. An agreement was
signed with Lamborghini S.p.A regarding
the marketing of the Lamborghini brand
products, sales and after sales services
in Turkey stating that these activities
should be carried out by Do¤ufl Otomotiv.
According to an agreement with Meiller
Fahzeug & Maschinenfabrik - GMBH &
Co KG, the Meiller brand tipper trucks
and semi-trailer tippers sales and service
facilities shall be administered by Do¤ufl
Otomotiv in Turkey.
page 16
Do¤ufl Otomotiv added a new milestone
to its strong partnership with Volkswagen
AG. A distribution agreement was signed
between Do¤ufl Otomotiv and
Volkswagen AG regarding the operation
of sales and after sales services of
Volkswagen Marine Engines. These
activities will be conducted by Do¤ufl
Otomotiv in Turkey.
Do¤ufl Otomotiv is growing in the
marine sector
Do¤ufl Otomotiv assumed distributorship
of the Scania Industrial and Marine
Engines in 1995 and the company
continues to take advantage of the
potential that this industry harbors by
opening new dealerships.
Scania Margen opened in 's Tuzla district
in 2006 and is different from all other
Scania dealerships; it is the only one
engaged in Scania Industrial and Marine
Engine sales and after sales services.
Do¤ufl Otomotiv added the Volkswagen
Marine brand to its offering in 2006 and
with this well-known name continues its
growth in the industrial and marine
engines segments.
Do¤ufl Otomotiv
provides sales, service
and spare parts to the
brands within its
portfolio through its own
network of 249 sales
and 276 service points.
The widest sales and service network
Do¤ufl Otomotiv supplies sales, service
and spare parts to its 13 brands via its
own 249 sales and 276 service points.
With Turkey's widest automotive
dealership network, Do¤ufl Otomotiv
continues to place customer satisfaction
ahead of all else.
Do¤ufl Otomotiv's logistics center is
located in Gebze. There, spare parts and
new vehicles are stocked; products are
sent out and delivered to all the sales
and service points. With its
technologically advanced infrastructure,
the widespread and efficient network can
effectively handle over 60 thousand
different types of products. This facility
continues to hold an importance as one
of crucial part of sales and service
networks.
Used car activities
In 2005, Do¤ufl Otomotiv acquired DOD,
the leader in the used cars market in
Turkey, from vdf and restructured the
company.
In August 2006, DOD resumed its
activities in DOD City, Europe's largest
enclosed used car purchase and sales
center. For the year, DOD saw a big jump
in sales with 7,760 vehicles sold versus
4,881 units sold in 2005.
The factoring company partnered with
vdf
Do¤ufl Financial Services, in partnership
with Volkswagen, has increased its
volume of business consistently since its
establishment in 1999. vdf is a wellknown, established entity in automotive
financing with a high market share. vdf
adds dynamism to the sector and is well
aware of the importance of consumer
loans volume as an engine of future
growth within the automotive
marketplace.
Do¤ufl Otomotiv, in keeping with its “Be
sizable” strategy, decided to establish a
factoring company in partnership with
vdf. This venture will be serving the
authorized dealers and will be creating
new opportunities in the automotive
sector. Establishment of its operations is
currently ongoing and its formal
incorporation has been completed.
Vehicle inspection stations: a new
page 17
potential business area
A consortium of Do¤ufl Otomotiv, Akfen
Holding and TÜV SÜD Deutschland
signed a 20 year license agreement for
the establishment and administration of
the vehicle inspection stations in Turkey.
Lean management approach
Do¤ufl Otomotiv updated its
organizational structure after its initial
public offering in 2004, merging the
operations of all its brands under one
roof. This has endowed the company a
more modern corporate structure.
With the organizational projects that it
had given a startup, Do¤ufl Otomotiv
aims at having lean management
methods that are becoming increasingly
recognized in today's competitive
business environment around the world.
Do¤ufl Otomotiv places great emphasis
on efficient workflow management and
adoption of industry best practices to
grow strongly in market conditions where
increasing competition, ever rising costs,
and pressure on profits and sales are
unrelenting.
In 2006, additional progress was made
in this area and a participative
management system was implemented.
Numerous informational meetings were
held among company personnel, and
similar corporations in Europe and the
rest of the world were analyzed in terms
of their organizational structure and
financial performance.
We set our corporate strategy in 2006
As a result of extensive research and
analysis conducted over the year, Do¤ufl
Otomotiv developed its business plans
and main corporate strategy.
While “innovative service beyond
expectations” embodies the company's
long term vision, Do¤ufl Otomotiv's
corporate strategy is built upon the axis
of “Be sizable, Be close, Be creative.”
To Do¤ufl Otomotiv, “Be sizable” means
that the company aims to cultivate and
harness its workforce to expand the
company's operations and achieve a high
level of professionalism, productivity and
profitability in every division of its
businesses, internationally and
domestically.
“Be close” guides Do¤ufl Otomotiv to
understand all the expectations of its
stakeholders and in this way to ultimately
exceed them.
In “Be creative”, Do¤ufl Otomotiv realizes
that differentiation can transpire only
through creativity and innovation.
Creativity shows itself in teamwork driven
product development, customer service
and also in achieving a competitive
advantage within the marketplace by
being faster, having a deeper
understanding of a work concept and
remaining cost conscious.
Closeness can only be achieved
through a lean structure
Do¤ufl Otomotiv in accordance with the
vision of innovative service beyond
expectations, strives to be close to;
its customers,
its suppliers,
its investors, and
its business partners.
Do¤ufl Otomotiv will continue to stay
close and understand them, and offer its
services via a lean structure.
This approach guides the framework for
growth that Do¤ufl Otomotiv will achieve
in the future.
In the wake of projects
that Do¤ufl Otomotiv
has implemented
successfully, such as
the merger of all its
brand operations under
one roof and its initial
public offering, the
company plans to
further develop its lean
management system
which is validated more
each day in today's
competitive business
environment.
page 18
Do¤ufl Group
Established in 1951, Do¤ufl Group has taken its place among
the leading business conglomerates of Turkey and, in keeping
with its corporate vision, conducts itself as a leader in the
region. Do¤ufl Group is active in seven business sectors:
financial services, automotive, construction, media, tourism,
real estate and energy.
page 19
As of December 2006, the total
consolidated assets of Do¤ufl Group
reached USD 13 billion with revenues of
USD 3.5 billion*. By percentage of
revenues generated, the group's primary
sectors are automotive (49%) and
financial services (41%), followed by
construction (5%), media (3%) and
tourism (2%).
Behind the impressive financial
performance of Do¤ufl Holding, lies its
customer-centered and productivityoriented management style. This
successful management philosophy
results not only in enviable profitability
but also model corporate citizenship that
the whole of society benefits from today
and will continue to do so in future years.
The group sponsors a variety of social
projects especially within the education
field that focus on children and public
responsibility.
With over 18 thousand employees and
serving more than 6 million consumers,
Do¤ufl Group focuses on engendering
customer loyalty and building brand value
with its high technology infrastructure.
Do¤ufl Group thinks of its brands and
their development not only within the
country borders of Turkey but also sees
them in a regional and global context.
This outlook summarizes the company's
vision particularly within the services
sector.
Do¤ufl Group always provides its services
based upon the principles of trust and
customer satisfaction. As a result, the
group represents Turkey all over the
world by creating trustworthy brands at
world standards. The synergy realized
with global players like General Electric
and Volkswagen AG contributes to this
process in a significant way. Due to these
facts and the company's foresight, Do¤ufl
Group has been able to adjust to ever
changing global developments rapidly
and has established itself as an innovation
leader in Turkey.
*The revenue generated by Garanti Bank is proportionally consolidated in the Group's total revenue.
one
family
page 22
VOLKSWAGEN Passenger Cars
page 23
page 24
Volkswagen Passenger Cars has always been
among the top three imported automotive brands
and is one of the most popular and prestigious
brands among consumers.
Birgül Ak Karacahisarlı
Volkswagen Passenger Cars Brand General Manager
“2006 has been a successful year for Volkswagen Passenger Cars; market share and
both sales and after sales customer satisfaction, have all increased.”
Our primary goal is to reinforce
our brand’s image leading position
through a team that embodies our
philosophy of innovative service
beyond expectations and
authorized dealers that form an
exemplary organization with the
investments to strengthen our
position in the passenger cars
market; providing the highest level
of service in customer satisfaction
at sales and after sales services;
while integrating all these into our
local and national market
communications strategies.
2006 was a year that proves one more
time, the importance, success and
strength of Volkswagen Passenger Cars
under the roof of Do¤ufl Otomotiv.
Volkswagen Passenger Cars left a very
active and successful year behind by
increasing its market share.
2006: Two different market views
Looking back at the year, two different
market views were seen over the course
of 2006. The automotive market
progressed favorably until mid-May 2006
with continued its positive momentum
from 2005. In March, sales were quite
close to the sales of March 2005 and a
significant sales increase was seen in
the other months. Due to currency rate
fluctuations at the rest of the year, there
was a significant contraction in the market
70% of which is composed of import
brands.
The Auto Show which took place in the
first two weeks of November and which
for the first time is taken into international
fair calendar, had a positive impact on
sales.
In spite of the year-end promotional
campaigns and fleet sales, the year
closed with 371,325 units sold, resulting
in a contraction in the passenger cars
market of 16% from the previous year.
page 25
Always among the top three import
brands
Volkswagen Passenger Cars that targets
to provide the highest level of qualityprice equilibrium with a wide variety of
car models and exemplary after sales
services to its customers with its over 50
authorized dealers, has always been
among the top three import brands and
is also regularly cited as the most popular
and prestigious brand among
consumers.
Our market share is growing steadily
Although there was a contraction in the
total market and the import market share
fell from 70% to 67%, Volkswagen
Passenger Cars raised its own market
share from 7.2% in 2005 to 7.4% at the
end of 2006.
Total sales units were directly affected
by the market dynamics and reached
27,619 units, a 13.8% decline in sales
from the previous year.
21st century Showroom
Since 1994 till now, Volkswagen
Passenger Cars reflects the transparency
and the intimacy of Volkswagen to its
customer by the ultra-modern facilities
called “Showroom of the 21st Century”
that has been designed by Volkswagen
AG. Sales and after sales service of the
Volkswagen models are explained clearly,
quickly and creatively by an extensive
network of professionally trained
authorized dealers in these showrooms.
Since its entry into the market,
Volkswagen Passenger Cars, with its 11
models that compete across different
segments, has been one of the most
important and most respected brands in
the marketplace.
page 26
Wholesales over the Years (Unit)
2004
33,094
2005
2006
The performance of our models
- Polo was able to hold onto its position
within its segment although there were
difficulties in sourcing vehicles from the
primary producer in 2006. In a year in
which competition intensified as
competitors presented their new models,
Polo increased the competitive edge in
terms of price and equipment by Goal
series and expanded its product range
with the Cross Polo model which was
launched at the Auto Show.
- Golf, the most important player of the
compact class, realized 5,027 unit sales
and captured 11.3% from its market
segment in the year 2006. With a market
share of 9.1% in 2005 and ranging as
the 4th, both raised its segment share
by two percentage points and became
the second best-selling model. The Goal
Series, whose sales started within the
year, and the TSI Technology that was
introduced in the Auto Show had a
positive impact on Golf sales.
32,049
27,619
- Jetta, raised its market share within its
mid-sized segment in Turkey, where the
most of the sales occur. Among the
Volkswagen models, the best selling
model Jetta raised its segment market
share from 5% to over 8% and secured
its place within this segment where the
local models dominate. Jetta, became
the most important model of the
Volkswagen brand with its retail and
especially corporate sales in the country.
- Passat, one of the best-selling and most
popular models in the upper mid-size
segment, continued in its leadership
position in 2006. With unit sales of 7,626
in 2006, Passat held onto its 25%
segment market share for two years in a
row and maintained its market leading
position among its competitors. Passat
by its broadening engine options with
the availability of four-wheel drive and
200 hp gas engines, became the best
selling model within its segment with the
page 27
Wholesales Market Share Development over the Years (%)
2004
7.32
2005
7.24
2006
addition of the station wagon vehicle
Passant Variant, which increased its sales
by nearly 2.5 times.
- The EOS model, which was launched
in 2006, was the A segment coupé-cabrio
leader, outselling its competitors every
month since August and achieving sales
of 92 units for the year.
- Our luxury 4x4 vehicles Touareg that
recorded sales of 324 units in 2006 has
not undergone the market loss because
of the face lift in the beginning of 2007.
It has achieved sales targets in
conjunction with the “Off Road on
Touareg” activities that took place within
the year and the “Kong” model that
attracts attention with its rich accessories.
- Golf GTI and Beetle, our niche models,
increased their sales; in addition Golf
Plus and Touran in the MPV class, where
multi functional vehicles compete, were
positioned as the most popular
Volkswagen models by the consumer;
the Phaeton model reached a sales level
above the targets.
Launches and innovations in 2006
EOS, Cross Polo and Volkswagen's new
engine technology TSI (twincharged
direct injection) were the most important
launches of 2006.
EOS which was launched in August has
shown a very successful upward trend
and became the leader of its segment.
Cross Polo, a Crossover model with an
off-road look that meets different needs
of our customers and is appropriate for
within city drive, is added to the product
portfolio.
The TSI engine whose technology is very
important for the future of the Volkswagen
brand can be summarized as the pinnacle
of engine technology. The TSI Engine
that is a revolution in the engine industry
proves its success as the winner in the
category of “1-1.4 liters” at the Engine of
the Year International Awards and as
recipient of “The Best New Engine of the
Year 2006”. The TSI technology which
provides high performance and driving
pleasure along with minimum fuel usage
was first offered in Golf and Jetta in 2006.
Our marketing activities are highly
popular
The most important marketing activities
that took place in 2006 were the Polo
Ladies Cup, the Polo Cup Internet races
and “Off Road On Touareg”.
The Polo Cup races, held for two years
now, took place in five legs with the
7.44
page 28
intensive attention of viewers. Also this
year, the Polo Cup races were conducted
online and races held during an eight
month period on eight different tracks
reaching over 350,000 internet users.
With the Touareg events, both Touareg
users and potential customers had the
chance to test drive the high performance
vehicle under every road condition.
Volkswagen Passenger After Sales
Service - Rising Value
In keeping with the corporate philosophy
of innovative service beyond
expectations, 2006 was a year of new
records and firsts in Volkswagen
Passenger After Sales Service. Over the
year, more than 310,000 customers
received service from the Company's
authorized service providers. This was
an increase of 4% in volume compared
to 2005. Over the past three years,
increase in volume of the number of
customers serviced reached to 33%.
The year 2006 was also successful in
terms of the quality of service provided
to customers. There has been a
noteworthy rise in the index of customer
satisfaction in after sales service and
Turkey has become number one in the
world in terms of service quality provision.
Volkswagen Passenger After Sales
Service plans to forge even stronger ties
with its client base in 2007 with its
customer focused high quality service
orientation and will also carry the after
sales service concept to even higher
levels with new projects.
page 29
Unconditional customer satisfaction
is the pillar of our mission
Volkswagen Group, with its wide range
of brands and, sales and after sales
services, is one of the leading and most
respected brands in the world motor
vehicle market.
Do¤ufl Otomotiv Volkswagen, parallel to
its targets, is intensely working towards
raising the customer satisfaction and
quality of its sales and after sales services.
The mission of Volkswagen Passenger
Cars which was developed parallel to
our own corporate vision of “innovative
service beyond expectations” is providing
a wide range of product variety closely
aligned with the needs of the passenger
cars, supporting the products with the
most developed and product based need
marketing techniques, creating
profitability oriented sales and after sales
process, and providing unconditional
customer satisfaction, as a whole.
Sector leader in the index of the
customer satisfaction
At the beginning of 2006, the Turkey
Customer Satisfaction Index study
conducted by KALDER gave the first
place award in the category of passenger
cars to Volkswagen Passenger Cars.
The independent customer satisfaction
study carried out by KALDER once again
proved the great success of Volkswagen
Passenger Cars in customer satisfaction.
The future is exciting us
Volkswagen Passenger Cars is
determined to increase its performance
by adding new successes in 2007.
Volkswagen Passenger Cars is dedicated
to raising the level of customer
satisfaction index in the sales and after
sales areas, fostering customer loyalty,
increasing its market share by reaching
the optimum profitability level.
During 2007, Volkswagen Passenger
Cars will be launching face lift versions
of Touareg, Touran and Phaeton models.
In keeping with its strategic goals,
Volkswagen Passenger Cars will continue
the launch and promotion of its new
vehicles with the partnership of all of its
authorized partners who have a voice in
the provision of pre-sales and after sales
services.
Volkswagen Passenger
Cars is determined to
increase its
performance by adding
new successes in 2007.
page 30
VOLKSWAGEN Commercial Vehicles
page 31
page 32
Volkswagen Commercial Vehicle models have
been the first in offering innovation, creativity,
quality, high technology equipment and safety
within their market segments.
Vedat Uygun
Volkswagen Commercial Vehicles Brand General Manager
“In 2006, Volkswagen Commercial Vehicles reinforced its leadership in the Volkswagen
export markets and the third place in the Turkish market and, became the brand that
increased its market share the most.”
has been the third brand in the
total commercial vehicle market
for the last three years and has
also become a leader in import
commercial vehicle sales. Besides
offering many firsts in comfort and
safety in Turkey's light commercial
vehicle market, it continues to hold
its market position as a brand that
meets every sector's and
customer's demands and
expectations.
In 2006...
In 2006, the total sales of commercial
vehicles dropped 14.4% in Turkey. Total
unit sales that were 284,783 in 2005
reached 243,670 units in 2006.
Volkswagen Commercial Vehicles has
been a part of the Do¤ufl Otomotiv family
since 1994. Under the Volkswagen
Commercial Vehicles brand umbrella
there are over 100 versions of Caddy,
Transporter, Caravelle and Volt models.
An increase in market share in spite
of the contraction
maintained its third place position in the
market, increasing its market share from
11.6% in 2005 to 13.1% in 2006.
models are the first in their segments to
present innovation, creativity, quality,
high technology and safety concepts in
the market. Volkswagen Commercial
Vehicle models which are equipped with
ESP, ABS, ASR, EBC, EDL, airbags, and
air conditioning; have set the market
standards in their class.
The market increased by 6% in the first
five months of the year and then dropped
by 22% in the last seven months of 2006.
Major fluctuations were seen in the light
commercial vehicle market in May and
June. Sharp changes in the currency
rate and the loss in value of TRY in this
period provided price advantages to
locally produced brands.
page 33
- Volkswagen Commercial Vehicles
continues its ascent with its Caddy model
within the small size commercial vehicles
segment, also known as segment A. The
market share of Caddy rose from 12.2%
in 2005 to 12.8% in 2006. Caddy accounts
for 45% of Volkswagen Commercial
Vehicles sales.
- In the B segment, composed of mid
size commercial vehicles, Volkswagen
Commercial Vehicles exhibited exemplary
performance and raised its market share
from 20% to 25% compared to the
previous year. The model range
expanding strategy played an important
role in this increase in market share.
presented 174 PS engine alternatives
and positioned 105 PS engine alternatives
with competitive price index.
- Volt's market share in the C-D segment,
composed of big size commercial
vehicles, was 7.8% in 2005 and 7.4% in
2006. In the Volt models that are reaching
the end of their life cycle, a run-out period
strategy was implemented and with
special pricing applied to the fleet, the
sales units and market share targets were
reached.
In 2006, Volkswagen Commercial
Vehicles continued to offer its existing
model base with different gears and
engine alternatives. The New Generation
Transporter 174 PS and Caravelle 174
PS, which have the strongest engines in
their class, and the automatic Caddy
DSG models were launched in the market
in the first half of 2006. The Transporter
and Caravelle models with the ESP
(Electronic Stabilization Program) system
were included as a standard safety
page 34
Volkswagen Commercial Vehicles Market Shares (%)
2004
2005
2006
feature with the 2007 models. With ESP,
Transporter and Caravelle have
numerous active safety systems that were
developed, like ARP (Active Rollover
Protection), Prefill, BAS (Brake Assistant
Support), FBS (Fading Brake System)
and EBD (Electronic Brake Power
Distribution). They present the most
comprehensive safety package in their
class.
Brand communications: An important
tool on the road to success
The ongoing mass communication
constitutes a vital part in Volkswagen's
Commercial Vehicles marketing strategy.
Volkswagen Commercial Vehicle which
implements sectoral communications
that are synchronized with tactical
product communications reached its
target audience effectively; used local
channels and outdoor as well as national
media channels for its corporate and
product identity messaging.
Event marketing activities
Within the scope of the event marketing
activities, Volkswagen Commercial
11.0
11.6
13.1
Vehicles' most important projects were
roadshows and fairs (national and
sectoral).
In this respect,
- The areas in Anatolia where authorized
dealers are not located were targeted
and local Volkswagen Commercial
Vehicles marketing was done with
specially designed and manufactured
Transporter pickups. The project took
place in seven regions, 27 different cities
and at 136 points; the campaign directly
communicated with over 8,000 people
face to face.
- In 2006, Volkswagen Commercial
Vehicles took part in 8 fairs and contacted
3,100 prospective customers besides the
national fairs. Sector specific fairs (textiles,
food, tourism, automotive) which form
an appropriate medium for direct and
experiential marketing continued to be
one of the important communications
channels for Volkswagen Commercial
Vehicles brand.
- Sponsorship activities were undertaken
in an effort to strengthen direct
page 35
Volkswagen Commercial Vehicles Sales (Unit)
2004
2005
2006
communication with key sectors. Among
these activities, TÜRSAB (Turkey Travel
Agencies Association) and TKYD (Turkey
Corporate Management Association)
constitute the two most important
sponsorships. In the sponsorship of
TÜRSAB, meetings with 1,251
representatives of the tourism sector in
6 different cities were held and meetings
were organized with TKYD in 8 cities and
one on one communication with a total
of 1,050 SME bosses and high level
executives was established.
- During the month of Ramadan,
organized dinners in 8 different cities.
These Volkswagen Ramadan Talks were
held at authorized dealers and directly
targeted customers. Among those in
attendance were Deniz Gökçe, Tayfun
Talipo¤lu and Sunay Ak›n. Volkswagen
Commercial Vehicles was able to reach
1,630 people within the scope of these
activities.
- Volkswagen Commercial Vehicles
Acrobatics Show continued with new
performances in 2006 in Turkey. A first
in the world, the show utilizes light
commercial vehicles. Famous French
lining Romauld Sunny, besides
performing his one wheel show, now has
a new act called Caddy Jump Show in
which he jumps over a 20 meter distance
with the Volkswagen Caddy on platforms
specifically built for this purpose, another
world first. In 2006, Volkswagen
Commercial Vehicles Acrobatic Show
communicated one to one with over
20,000 spectators and reached an even
wider audience at the performances
which were televised.
Volkswagen Commercial Vehicles also
gives particular importance to relations
with the press. Although there was not a
new product launch in 2006, Volkswagen
Commercial Vehicles has ranked first in
news effectiveness among the light
commercial vehicles brands and will
continue its consistent communications
with the press. Besides the press
conferences held regarding the
Transporter & Caravelle 174 PS in 2006
and the new 2007 models
communications with the press have
been ongoing with the regularly issued
press releases.
Marketing Force Project
With the sales and marketing strategy,
called The Marketing Force project which
was created and executed by
Volkswagen Commercial Vehicles to
introduce the New Generation
Transporter to prospective customers
one on one, up to date customer contact
information was collected, and other
complementary products (e.g. financing,
insurance) of Do¤ufl Otomotiv Group
was cross sold.
26,984
33,163
31,947
page 36
organization as well as to have an
effective communications platform
providing the opportunity for a mutual
information sharing.
On the Volkswagen Commercial Vehicles
site there are sales and marketing reports,
announcements and team
communication data. In addition, there
are news and forum sections with
currency rate information, daily news, a
search option and other useful resources
such as a daily weather forecast.
The Marketing Force project reached
27,745 people in 2006 and 1,954 units
of the New Generation Transporter were
sold.
For an effective dealer relations
launched an intranet site
(http://Volkswagenticariarac.Volkswage
n.com.tr) that can only be used by its
authorized dealers. With this site,
Volkswagen Commercial Vehicles aims
to better communicate and have greater
cooperation with its dealers.
Intranet aims to;
- Enable great advantages in
effectiveness, productivity and economy,
- Build a fast and secure communications
channel between Volkswagen
Commercial Vehicles and the authorized
sales dealers,
- Provide the means for meaningful and
effective cooperation within the
An important factor in our success Educational Training Programs
believes that education is important for
sustainable success. In 2006, the division
administered 650 education man-days
and 6 module product trainings within
the sales department. In addition to
product training, 450 man-days in
behavioral education and 150 man-days
in external education were conducted.
Our goals for 2007 will move us forward
In 2007, total unit sales of light
commercial vehicles in Turkey are
expected to reach 240,000 units and
Volkswagen Commercial Vehicles aims
for its market share to be 12.8%.
Vehicles determined special strategies
for each segment and based its
competitive strength on the launch of
new vehicles in the light commercial
vehicle market. For the Caddy, which is
in the A segment which has been widely
accepted by customers, a strategy that
expands the target customer base and
solidifies its position in the market will be
followed. In this respect Caddy's double
purposed (private and commercial)
qualities will be communicated; new
features like bumpers and mirrors painted
page 37
the same color as the body will be added
and thus both customer groups' needs
will be met and a differentiation will be
created in terms of its outer looks. This
dual marketing strategy will enable
Caddy, which is the most equipped
vehicle in its segment, to gain more
market advantages against its
competitors with its passenger comfort
and aesthetic features.
Volkswagen Commercial Vehicles will
concentrate its sales focus on the Van
market that forms about 15% of the A
segment; in particular, it will highlight
special products for fleets that are very
important in the Combi market.
In the B segment, where greater
competition in 2005-2006 was seen, the
Van holds an important position. The Van
aims to present to the market models
oriented towards their customers whose
extra feature needs are limited and who
are price sensitive. Alternatively, the
presentation of Vans that are developed
according to the needs of customers
who will use them for both cargo and
passenger transportation purposes,
visually attractive and well equipped with
safety and comfort features is also
planned.
Caravalle which has created its own class
in the market, does not have any
competition and will continue to present
innovations. Caravalle 1+1 with short
and long chassis options, launched in
October 2006, will continue to appeal to
customers who look for high structured
VIP solutions.
The New Crafter Volt model will be offered
to the market in the first quarter of 2007
in the C-D segment. For the marketing
of this vehicle the existing Volt model
brand image will be used in the schools,
tourism, public transportation and
logistics sectors. A new model that will
serve the needs of the market with high
structured features for suitable sectors
and for customization will be presented
to the market for the first time by
Volkswagen Commercial Vehicles.
New model range will spur our
development
Vehicles plans to offer its customers a
completely refreshed model range; it will
also continue to expand its strong place
in the market with feature rich options
and equipment alternatives and present
features that its competitors lack.
Turkey's total light
commercial vehicle
sales are forecast to
reach 240,000 units in
2007, and Volkswagen
Commercial Vehicles
plans to capture a
12.8% market share.
page 38
AUDI
page 39
page 40
In 2006, the Audi brand in Turkey reached its
highest total in unit and retail sales and also
achieved a high level in customer service
satisfaction.
Ali Bilalo¤lu
Audi Brand General Manager
“In 2006, as the entire Do¤ufl Otomotiv team together with our authorized dealers, we
have earned the honor of reaching record numbers in all measurable performance data
by aiming towards the right direction combining our respective strengths. We are hoping
to continue along the same upward path together in 2007...”
The four-ring badge of Audi, one
of the world's most prestigious
brands, symbolises the founding
company Horch, as well as Audi,
DKW and Wanderer. Horch was
established in 1889 and is one of
the oldest automotive
manufacturers in Germany.
Today's Audi was structured by
Horch and was spun off as a
separate entity in 1909. Audi is a
leading global brand with its strong
history, achievements in the racing
sports arena and high technology
innovations.
2006: A year of success
Audi, which first came to Turkey via
Do¤ufl Otomotiv in 1994, saw a year
marked by success after success in 2006:
the Audi brand reached its highest retail
and total unit sales and achieved the
highest quality service levels. Audi
increased its sales force, achieved a
record market share and exhibited an
exemplary operating performance with
the lowest employee turnover.
The premium segment grew in 2006
The premium passenger cars segment
has shown a growth in the two sectoral
conjuncture periods of 2006. The
fluctuations seen in the economy in 2006
directly affected the sales of imported
automotive vehicles; while a decline
occurred in overall import sales, premium
segment sales actually increased from
16,022 units in 2005 to 17,003 units at
year end of 2006. The premium segment
market share rose to 4.6% in 2006, from
3.6% in 2005.
Audi has achieved a 5.3% growth
In Turkey, Audi wholesales in 2005 totaled
4,705 units; for 2006, sales for the
premium automotive brand reached
4,956 units, an increase of 5.3% has been
realized over the prior year. When looked
at the Audi brand that stands out with its
superior technology and innovative and
sporty design, shows a strong and
consistent sales performance. Moreover,
page 41
Audi Wholesales over the Years (Unit)
2004
2005
2006
together with its sales performance the
brand communications activities
continued without interruption throughout
the year.
On a model basis, when 2005 and 2006
wholesale units are compared, A3 SB
showed a 44% growth, A6 grew by 48.4%
and A8 registered growth of 7.7%.
The Audi Q7 model, launched in 2006,
saw total sales of 335 units and has
played a major role in the rise of
wholesales figures.
The TT model that registered 2 total unit
sales in 2005 was able to reach 36 total
sales in 2006.
The new models played a role in Audi's
strong performance
Audi added several new models to its
product portfolio in 2006.
Sales of the models that were launched
in 2006 - Audi Q7, A6 allroad, TT, S6, S8,
and RS4 - were immensely popular and
have greatly contributed to overall sales
growth.
Audi ranks top among the most
preferred brands
Audi today, as historically, is a brand that
shows a highly successful sales
performance both in Turkey and
throughout the world.
The Audi brand under the Do¤ufl
Otomotiv umbrella has adopted total
customer satisfaction principles, and has
been able to achieve a high level of
4,322
4,705
4,956
page 42
success every year in sales, marketing
and after sales service. The repeat service
rate for the brand being 12%, and the
Audi customer satisfaction level 83.56,
proves once more its after sales service
strength. All these results add up to
make Audi in Turkey one of the premium
segment's most preferred brands over
the last 12 years.
With 17 authorized sales dealers and one
boutique showroom, Audi meets its
customers at different points in Turkey.
With its superior technology, creativity,
innovative features and sporty design,
Audi has clearly differentiated itself in the
marketplace.
Marketing and launch activities
As a sponsor of the Turkey Skiing
Federation in February 2006, Audi has
supported the Audi Quattro Ski and
Snowboard Championship for the
second time. The championship attracted
both Audi customers and the press, while
providing a pleasant atmosphere to
participants and generally contributing
to Audi's brand awareness in Turkey.
In 2006, international launches of the
models Audi Q7, S6, RS4 and TT were
conducted and marketing of these
models in Turkey was done primarily
through the national press.
The Audi web site is updated regularly
and geared towards one to one marketing
activities. It aims to strengthen the brand
loyalty of existing customers with new
model micro sites, e-newsletters, e-mail
announcements, the quarterly Audi
Magazine and direct mailing on special
event days.
The arrival of the Audi Q7, Audi's first
vehicle in the SUV segment, had been
widely anticipated throughout the world
and in Turkey as well. A launch event
took place in Kapadokya at the beginning
of May that was followed by smaller scale
customer presentation launches
elsewhere in the country. At customer
presentations in ‹stanbul, Ankara, ‹zmir,
Audi Retail Sales and Market Share
Premium Market Retail Sales (Unit)
Audi Retail Sales (Unit)
Audi Premium Segment Market Share (%)
14,005
2004
4,074
29%
16,032
2005
4,689
29%
2006
4,928
29%
17,096
page 43
Audi aims to secure its leadership position in the premium
segment by focusing on customer satisfaction, and plans to
achieve sales of 5,000 units in 2007.
Antalya and Bursa, over 1,000 test drives
were completed and a high level of press
coverage was achieved.
Audi participated in the ‹stanbul Auto
Show held between 2-12 November 2006
and its special exhibition area was visited
by throngs of automobile lovers with
great interest in the brand. After its launch
at the Paris Autoshow, the Audi R8 was
first exhibited in Turkey. The launch of
the new TT was also made at the Auto
Show.
Growth along every parameter
Audi closely measures the impact of its
marketing and communications activities
on target consumers through research
conducted annually and it develops its
communications strategies based on its
findings.
According to quantitative research in
2006, Audi features steady growth in its
brand awareness, appreciation and
image criteria.
The product line will expand in 2007
Audi's attractive product line offering will
expand further in 2007.
Launches of new models such as S3, TT
Roadster, R8, and A5 Coupé will take
place in 2007 and, product alternatives
with new engine options will be offered
to customers.
Audi's goal for 2007 is to strengthen its
premium brand positioning through its
sales and after sales network and effective
marketing activities. Audi plans to achieve
sales of over 5,000 units in 2007 and
aims to secure its leadership position in
the premium segment with a high level
of customer satisfaction.
page 44
PORSCHE
page 45
page 46
In 2006, the Porsche brand performed extremely
well and shattered all previous annual sales
records.
Ali Bilalo¤lu
Porsche Brand General Manager
"Do¤ufl Otomotiv celebrated its 10th year anniversary of representing Porsche with record
sales, customer satisfaction and profit levels in 2006. I hope that the Porsche family
continues to grow in 2007 with new customers joining."
The brand Porsche, that is under
the Do¤ufl Group umbrella since
1996, has been reorganized in
2004 under Do¤ufl Otomotiv, and
performed exceedingly well in
2006. Moreover, Porsche achieved
the highest sales level in its history
in Turkey.
An impressive increase of 43.7% in
sales
In Turkey sales of passenger cars market
declined by 12%, nonetheless the luxury
car sales increased by 10% in 2006.
The Porsche brand, with sales of 153
units in 2005, sold 220 units in 2006,
which is a rise of 43.7% when compared
to the previous year. This is a much
greater increase than the average
increase in luxury vehicle segment.
Sales rose by 395.4% in the first quarter
of 2006, compared to that of the same
period in 2005. As a result of exchange
rate fluctuations in mid-May, which
adversely affected the market, the third
quarter was much more flat. By the final
quarter of 2006, restoring of exchange
rates to normal levels had a positive effect
on customer purchase decisions that
were being put on hold and hence sales
rebounded.
Performance of our models
In comparison to the 35 units of sports
cars sold in 2005, 118 sports cars were
sold in 2006. This is largely due to the
launch of the new sports car models in
2006.
The Cayman S, launched in December
2005, along with Cayman models whose
sales started in early August 2006, were
positioned to fill the gap between the
Porsche Boxster and 911 with their price
indeces and target customers profiles;
as a result the Cayman models have
garnered a great deal of customer interest
and attention. Thus, despite the fact the
Cayman model was launched in the final
period of 2005, it alone accounted for 31
units in sales of the total 118 sports car
units sold in 2006.
page 47
In 2005, total sales of Cayenne were 118
units while at year-end 2006, 102 units
were sold. There are two primary reasons
for the small decline in sales of Cayenne.
The most important factor is that the
model Cayenne launched in 2002 was
coming to the end of its product life cycle
in 2006 and thus consumers by now had
new facelift expectations. The second
reason for the sales dip is Porsche AG's
decision to continue manufacturing the
same model Cayenne with the same
production year until the facelift model
arrived. In Turkey where model transition
is very important, a sales decrease
occurred when the 2007 model was not
presented to the market even after August
2006.
Despite the slight decline in sales,
Cayenne still managed to achieve the
distinction of the highest selling gasoline
premium SUV model for 2006. Cayenne
accounted for 102 unit sales, of 243 units
in total, within the gasoline luxury SUV
segment. Cayenne is positioned far
ahead of its competitors and is the distant
market leader with its 42% segment
share.
Four launches in 2006
Porsche successfully launched the 911
Turbo, Cayenne Turbo S, Cayman and
911 Targa 4/4S in 2006. At the launch
events, invaluable direct contact with
prospective customers was realized.
page 48
Marketing activities continue at a full
pace
The Porsche Turkey web site was
revamped based upon Porsche's own
refreshed global web site, with a rich new
look and feel, revised menu, elegant style
and user friendly design. The new site
went live in August. Besides, seasonal
micro web sites offered a wealth of
information about the Porsche brand to
Porsche fans.
2006 Gasoline SUV Market
Cayenne
Mercedes-Benz ML
Volkswagen Touareg
Range Rover
BMW X5
%41.9
Audi Q7
6.1%
0.4%
19.7%
14.4%
17.2%
Do¤ufl Otomotiv-Porsche, aiming to
continue the support that Porsche AG
has given to the world of tennis globally
since 1978, assumed sponsorship of the
14th Traditional Cercle D'Orient Tennis
Tournament that takes place between
26th of August and September 10th.
Our service network is expanding
Porsche started to make investments in
new authorized dealers and service
points as a part of the restructuring
activities implemented in 2005.
With Carrera Mail that is sent with the
Christophorus magazine published every
two months, Porsche reaches out to its
customers and informs them of news
and activities.
The Porsche service network began
expanding with Do¤ufl Oto-Bursa and
Do¤ufl Oto-Ankara authorized services
that started operations in the second half
of 2005. The network continues its
expansion with new authorized dealer
investments in 2006, namely, the opening
of the Antalya Baflaran Otomotiv, Do¤ufl
Oto-Feneryolu and Izmir Gönen Motor
Vehicles showrooms.
The 2006 ‹stanbul Auto Show was a
highly productive event for Porsche: the
911 Targa 4/4S was launched at the fair.
The Porsche brand that attracts a great
deal of attention from its customers,
Porsche fans and Turkish celebrities
achieved sales of four units during the
fair.
Porsche Sales (Unit)
2004
Boxter
Cayman
911
Cayenne
3
0
17
73
2005
6
3
26
118
15
2006
31
72
102
page 49
Porsche aims to increase its sales by 13% and sell 250 units
of car in 2007. The expectation that the luxury car segment
will continue to grow does support Porsche's sales goals.
With its new authorized dealer openings
in 2006, Porsche now has a service
network composed of a total of five
authorized dealers and six authorized
service points.
Press follows Porsche's leaps closely
The marketing and launch activities that
Porsche conducted all year long was
amply covered by the press and enabled
the brand to reach its target audience
effectively.
By the attending of celebrities and
luminaries to its press events, wide press
coverage was achieved which
contributed positively to the brand's
image and awareness.
Sales of 250 units targeted for 2007
Porsche aims to increase its sales by
13% and sell 250 units of car in 2007.
The expectation that the luxury car
segment will continue to grow does
support Porsche's sales goals.
page 50
SEAT
page 51
page 52
SEAT took 18th place in the automotive market
in 2006 with total wholesales of 4,572 units and
a market share of 1.23%.
Bahadır Gören
SEAT Brand General Manager
“The SEAT brand continues to gain automobile lovers' appreciation with the sportive and
dynamic product lines.
As a result of economic
fluctuations that occurred in May
2006, the passenger cars
wholesale market sustained a
contraction of 16% compared to
last year. This contraction was
reflected to sales units and SEAT's
total wholesales decreased 26%
in 2006 compared to 2005.
However, Leon which was
launched at the end of 2005,
reflecting SEAT's up to date brand
identity, increased its market share
in 2006 within its own segment.
In December 1997, Katalonya Oto was
established as a partnership of Do¤ufl
Holding and Yüce Auto. At the end of
2006, all of Katalonyo Oto's shares were
acquired by Do¤ufl Otomotiv and
Katalonya Oto continues its sales and
after sales services as the only distributor
of SEAT in Turkey.
Katalonya Oto conducts its operations
in keeping with Do¤ufl Otomotiv's vision
and provides SEAT's models including
Ibiza, Cordoba, Leon, Altea and Toledo
to the Turkish market with 34 authorized
dealers and 40 service points.
Sales of 4,572 units
SEAT took 18th place in the automotive
market in 2006 with total wholesales of
4,572 units and a market share of 1.23%.
In 2006, the top selling SEAT models
were Ibiza, Cordoba and Leon, as in
2005.
- Cordoba, the best selling product of
the SEAT product line, composed 44%
of SEAT sales in 2005, and 36% of SEAT
sales in 2006.
- Leon, launched in September 2005
and receiving high marks with its sportive
design and high price-value ratio,
composed 20% of SEAT sales in 2005.
In 2006, Leon raised its share in SEAT
sales to 33% as a result of an effective
advertising campaign.
page 53
SEAT Sales over the Years (Unit)
2004
5,546
2005
2006
- In 2006 as an outcome of the
advertisement campaign, the Ibiza facelift
model managed to increase its share in
SEAT sales to 23% which was 14% in
2005 despite the macroeconomic
turbulence that began shortly after the
start of the campaign.
To strengthen the bond between SEAT
brand and consumer
SEAT conducted marketing activities in
2006 to raise its brand awareness and
to form a permanent emotional bond
between the brand and the consumer.
An advertising campaign that focused
on the high equipment level advantages
of Ibiza and Cordoba was executed in
February 2006 and the competitive
equipment features that these models
possess were emphasized.
SEAT exhibited a car rental campaign in
partnership with vdf, emphasizing the
Cordoba model that appealed to fleet
customers. As a result of the campaign
which was promoted through
newspapers and internet advertising for
30 days, 543 SEAT Cordoba were rented
through vdf to fleet customers.
In May 2006, a launch campaign for SEAT
New Ibiza face lift was conducted with
the slogan “Different rituals, same spirit”;
the model's monthly average market
share within its segment rose to 1.36%
from 0.95% after the launch.
In 2006, SEAT participated to ‹stanbul
Auto Show with the same stand design
that was first used at the Paris Auto Show.
At the Auto Show, SEAT took place at
the same Hall with other Do¤ufl Otomotiv
brands and exhibited 15 vehicles in total.
6,570
4,572
page 54
Altea XL, Leon Cupra and WTCC race
cars were the special models that were
exhibited.
In 2006, the third season SEAT Cup races
were organized. 16 pilots competed at
six different races. The media
communication of these races were
exhibited through press releases, radio
spots, newspaper ads, internet and
outdoor advertising. In September, the
‹stanbul leg of the WTCC (World Touring
Car Championship) races that the SEAT
sports team was a part of was held in
‹stanbul Park.
SEAT cooperation with Garanti Bank
SEAT organized a marketing campaign
with Garanti Bank between October 15thDecember 15th.
In this campaign one of the participants
who completed a questionnaire at
www.garanti.com.tr won a Leon 2.0 lt FSI
after a notarized lottery. At the same
campaign, another participant who
performed a test drive at one of the SEAT
showrooms and filled the form won an
Altea 1.6 lt.
This campaign that www.garanti.com.tr
customers showed a great interest raised
the visits to SEAT showrooms. The total
number of customers who saw the SEAT
survey pop up was 642,818; those who
participated to Leon lottery was 354,463,
and those who participated to Altea lottery
was 3,042.
With our 2006 launches our model
range had face lift
The Ibiza model, which is in A0 HB
segment, had in April 2006. Cordoba,
the best selling model of SEAT's product
range, takes place in A0 NB segment,
had face lift in June.
As a part of the face lift operations,
changes were made to both the exterior
and interior design of Ibiza while
Cordoba's face lift was mainly focused
on interior design renovations. Ibiza's
exterior design, especially front and back
bumpers, was modified to emphasize
the model's sporting image while the
interior of both Ibiza and Cordoba was
renewed by using higher quality
materials.
Breakdown of SEAT Sales by Model over the Years (%)
19
43
6
2004
9
22
14
44
2005
20
7
15
23
36
2006
33
5
3
Ibiza
Cordoba
Leon
Altea
Toledo
page 55
In 2007, SEAT will follow a strategy that will focus on the models
that have the highest sales volume (Ibiza, Cordoba and Leon)
and its activities will continuously go on for increasing brand
awareness, brand image and existing customer satisfaction.
The Leon FR 2.0 lt TFSI 200 hp model,
developed by Audi AG, is one of the most
important sportive models of SEAT was
launched at the ‹stanbul Auto Show in
November.
Leon is heading up to be the number
one
Leon FR's Tiptronic DSG version is
SEAT's first model that offers DSG
transmission in a gasoline model and
has gear shift control on its steering
wheel, was launched in Turkey in
January 2007.
In the first quarter of 2007, SEAT is
planning to launch the Leon 2.0 lt TFSI
240 hp Cupra which is the Leon product
line's most sportive version with high
performance values.
In 2007, approximately 25% of the total
wholesales of SEAT are expected to be
generated by Ibiza, 35% by Cordoba and
37% by Leon. Differing from 2005 and
2006, Leon is forecast to have the highest
share in SEAT sales in 2007 and it will
be followed by Cordoba and then Ibiza.
Altea and Toledo models will be sold in
limited numbers in 2007 since they are
considered to be niche cars with their
unique designs.
In 2007, SEAT will follow a strategy that
will focus on the models that have the
highest sales volume (Ibiza, Cordoba
and Leon) and its activities will
continuously go on for increasing brand
awareness, brand image and existing
customer satisfaction.
page 56
SKODA
page 57
page 58
Skoda is in greater demand day by day and is
growing ever more prominent within the industry
with its over 100 year tradition of quality production
and its enviable experience in the global
automotive marketplace.
Mahmut Kadirbeyo¤lu
Skoda Brand General Manager
“Skoda is a symbol of experience, production tradition dating back over 100 years and
is moving towards assuming the position it deserves in the Turkish market with a
determined strategy.”
Skoda, having delivered its
100,000th car in Turkey in 2006,
gives paramount importance to
customer satisfaction. Roomster,
Skoda's fourth model, was
presented to the liking of
customers at the ‹stanbul Auto
Show in 2006.
Yüce Auto, established in 1989, is a
subsidiary of Do¤ufl Otomotiv and
manages the distributorship of Skoda in
Turkey. Yüce Auto provides sales,
services, and spare parts for the models
Fabia, Roomster, Octavia and Superb
throughout Turkey via 31 authorized
dealers and 37 authorized service points.
Skoda, which joined the Volkswagen
Group in 1992, is produced in the Czech
Republic with advanced German
technology. Skoda is in greater demand
day by day and is growing more
prominent in the industry with its quality
production tradition dating back over 100
years and its enviable experience in the
global automotive marketplace.
A contraction occurred within the
sector in 2006
The year 2006 dampened expectations
for Skoda much like the rest of the sector.
The passenger car market closed 2005
with total sales of 442,838 units and
Skoda took a 1.78% market share from
the passenger car market with 7,888 units
in sales. In 2006, sales of the same
market declined to 371,325 units, with
5,374 passenger cars sold by Skoda
resulting in a 1.45% market share.
- In the hatchback, sedan and combi
body types of the Fabia series, the
Classic, Ambiente and Elegance models
continued to be offered with different
gear and engine options suitable to a
variety of driving styles and needs.
page 59
Skoda Wholesales over the Years (Unit)
7,002
2004
7,888
2005
2006
- The child's seat is one of the most
important details of Fabia and has an
ISOFIX system with two special safety
stability points. With this system, located
in both the front and back seats, the
maximum degree of child safety
protection is provided resulting in
increased customer appeal and
satisfaction.
- The New Octavia, which represents
Skoda's new look and image, became a
huge success with sales of over one
million units globally. It presents a more
attractive and dynamic design using the
latest technology. The New Octavia
features a roomy interior, high quality
materials, high performance and
increased fuel efficiency with different
engine options including an FSI gasoline
engine.
- In early 2006, the RS engine which
has been in Skoda's production history
over 100 years took its place in the New
Octavia models. Features of the New
Octavia models include sedan and combi
options, RS 200 hp TFSI engine, five
doors and the largest luggage area of its
class; all these captured a great deal of
attention in Turkey as worldwide.
- In 2006 in the MPV segment, two
gasoline and two diesel engines were
added to the Skoda brand line as
Roomster. Roomster created a difference
in its class with spacious interiors,
functional usage and its distinctive design.
Marketing activities contribute to the
Skoda brand
In 2006, Skoda sponsored the Karadeniz
Technical University football tournament
5,374
page 60
and participated in the ‹zmir Fair. Skoda,
together with other Do¤ufl Otomotiv
brands, was also among the exhibitors
at the ‹stanbul Auto Show which was
taken into the international fair calendar
for the first time and that took place at
the CNR-Expo Center 2-12 November.
assistance by Skoda authorized service
points and the Mobile Assistance Center.
For continous service 365 days a year,
24 hours a day
The Skoda Information Hot Line is open
365 days a year, 24 hours a day providing
continous quality customer service to
consumers with well-trained and
experienced personnel.
Yüce Auto had a total of 43 sales
points with 31 authorized dealers and
12 branches at year end in 2006.
Yüce Auto plans to raise the number of
authorized dealers to 33, reduce its
branch network to 9 and present a total
of 42 sales points.
As a part of its after sales support, Skoda
Mobile Service provides free services
such as road assistance, towing, rental
cars, hotel accommodations,
transportation and car breakdown
retrieval within the two year guarantee
starting from the car goes on the road.
These services are provided to all Skoda
customers under the continous road
As part of a study aiming towards a better,
more efficient and higher quality service
provision, the Urban Science International
GmbH surveyed 18,000 global Skoda
customers in 2006. It evaluated the sales
performance and service provision of
Skoda authorized dealers all around
Turkey as well. Changes will be effected
A sales goal of 5,500 units
Yüce Auto targets an annual sales level
of 5,500 units and market share of 1.52%
for Skoda in 2007.
page 61
In 2007, Skoda will launch the Roomster Scout, Roomster
Praktik, Octavia Scout and New Fabia and aims to raise its
average adequacy rate of its showrooms in Turkey to 85%.
in service provision in 2007 based on the
findings of this study. A study conducted
by MSX International GmbH, a firm that
audited investments and measures
management standards concerning our
authorized dealers, showed that the
adequacy rate of all of Skoda's authorized
dealer showrooms in Turkey averaged
79.18%. Skoda aims to raise the
adequacy rate of its showrooms in Turkey
to 85% in 2007.
Skoda will be launching the Roomster
Scout, Roomster Praktik, Octavia Scout
and New Fabia in 2007.
Yüce Auto, will continue to provide
continous quality service to its customers
with effective marketing activities and
new product launches.
page 62
SCANIA
page 63
page 64
Scania, one of the best selling imported heavy
commercial vehicle brands in Turkey, distinguishes
itself with the customer focused after sales services
it provides.
Tolga Senyücel
Scania Brand General Manager
“When Do¤ufl Otomotiv introduced its 10,000th Scania vehicle onto the roads of Turkey
in 2006, it had the honor of putting its home market among Scania's top 10 countries
in terms of sales volume, now for the fourth time.”
Scania delivered its 10,000th
vehicle in Turkey in 2006. With the
2,099 vehicles it sold in 2006,
Scania placed the Turkish market
on the top ten list of the highest
sales volume countries, among
the 120 to which it exports, for the
fourth time. Also in 2006, with sales
of 1,590 tractors, Scania has won
the distinction as the best selling
on-road tractor brand in the 16
tons and over import heavy
commercial vehicle market.
Scania, positioned as “A Reliable
Business Partner” under the roof of
Do¤ufl Otomotiv, is a market leader with
its wide product range, differentiated
product line and after sales services
focused on customer satisfaction, in the
16 tons and over import heavy
commercial vehicle market. Scania,
represented around Turkey at 21
locations through its authorized dealers
and services, is becoming well-known
within the sector with its strong after sales
services and 24 hour emergency help
service.
Evaluation of 2006
According to data from TAID (Commercial
Vehicles Importers Association), in 2006
in the 16 tons and above heavy
commercial vehicle market, there were
sales of 33,393 units, and the sales
volume of the previous year was
maintained. In the import market
however, total sales rose 8% to 9,441
vehicle units in 2006, up from 8,722 units
in 2005.
We have delivered our 10,000th vehicle
Organized in Turkey with a service
orientation that parallels Do¤ufl Otomotiv,
which is established upon the guiding
tenets of customer satisfaction and
dependability, the Scania brand has
developed progressively since its
distribution was assumed in 1994 with
the principle of closeness with its
customers, focused on meeting customer
page 65
demands and providing complete
satisfaction. In 2006, Scania achieved
the milestone of delivering its 10,000th
vehicle in Turkey.
In addition to holding the honor one of
the best selling imported heavy
commercial vehicle brand in Turkey,
Scania also differentiates itself via the
customer focused, after sales services it
provides.
Global Leader Scania
Scania, Europe's leader brand in heavy
commercial vehicle and bus production,
has manufactured over 1 million vehicle
units since its foundation in 1891.
Scania has over 32,000 employees
around the world, with most in Europe
and Latin America. All Scania employees
have been well trained in keeping
highway and driver safety in the forefront;
showing respect to one another,
customers and the environment;
maintaining a high level of ethics in all
the work they do; and ensuring a high
level of quality in production. These
guiding principles form the foundation
of Scania corporate culture.
The tractor leader of Turkey
Scania is the best selling imported
commercial vehicle brand in Turkey. In
2006, Scania sold 2,099 vehicle units,
1,590 of which were tractors. Tractor
sales rose in 2006 compared to the
previous year, and Scania has become
the best selling on-road tractor brand in
the 16 tons and above imported
commercial vehicle market.
page 66
Imported Heavy Commercial Vehicle
Market as of 2006 Year-end
MAN
Scania
Renault
DAF
Volvo
Iveco
Mercedes
%7
7.28%
22.71%
10.43%
11.87%
22.30%
18.41%
With its closeness to the market and its
customer base, dynamic team and
proactive business strategy, Scania is
strengthening its leading position in the
Turkish heavy commercial vehicle market
and increasing its sales.
Expanding collaboration
The Do¤ufl Group-Scania collaboration,
which began with assuming the
distributorship of Scania trucks and
tractors in Turkey in 1994, expanded with
the inclusion of industrial and marine
engine in 1995 and Scania buses with
an Irizar chassis in 1996.
In 1998, Scania's chassis manufacturing
operations in Turkey ceased, and from
2000 on, all its brand activities have been
organized under Do¤ufl Otomotiv.
- Scania offered to the Turkish market
for the first time in 2004 vehicles that had
Euro 4 motors, which could run without
the need for additives and additional
tank. As of 2006, Scania is the only brand
that can maintain its superiority and
inapproachability within this segment.
- The new R series, the sale of which
started in Turkey in 2005, has
differentiated Scania within the market
via its superior technology.
- In accordance with Scania's 2006
sales strategy, sales of the R series that
was launched in 2005 and the previous
4 series were combined. Thereby Scania
was able to differentiate itself with a wide
product range.
page 67
Efficient service network
With its extensive authorized dealer and
services network and 24 hour emergency
help service it operates throughout
Turkey, Scania is positioned as a strong
brand; striving to always deliver the fastest
helping hand to its customers wherever
they may be located; Scania has long
earned high marks in the area of
customer satisfaction.
Scania provides its range of services in
modern facilities throughout Turkey, and
delivers Scania quality to its customers
in 21 cities.
One to one marketing
Scania focuses on reaching its customers
on a one to one basis and strives to
introduce its vehicles by employing
marketing activities that optimally
communicate the differentiating features
of its products and after sales services.
The target audience of Scania's marketing
communications is divided into two
groups: transport companies and drivers
doing transport with their own vehicles.
The marketing activities that Scania
conducts are not aimed at mass
communications, but rather towards
reaching the right customers at the most
points with messaging especially
designed for different products and
customer profiles, and the most
appropriate channels.
Ranking first among these activities are
vehicle introductions at roadshows held
at regional and national fairs in 2006. At
vehicle introductions, regions with high
customer density were penetrated,
customer interest in the brand developed
and vehicles were exhibited to customers
in a detailed manner.
Following vehicle sales made to large
fleets, ceremonies were typically held to
which the press was invited. Thus, large
volume sales were announced to the
whole sector, including prospective
customers, and the fleet owners to whom
the deliveries were made were also
publicized and honored.
The most important ceremony performed
during 2006 was the delivery of the
10,000th Scania vehicle in Turkey. This
ceremony was widely covered in the
Scania provides
services in modern
facilities all around
Turkey, and delivers
Scania quality to its
customers in 21 cities.
Scania Sales by Model (Unit)
2004
864
920
53
1.837
Truck
Tractor
Construction Vehicles
Total
475
2005
1,433
165
2,073
395
2006
1,590
114
2,099
page 68
In 2007, Scania will
continue to expand its
authorized dealer and
service network; an
updating of the facilities
of existing authorized
dealers will be
implemented.
press and it was a source of tremendous
pride and honor for Do¤ufl Otomotiv and
Scania.
Scania also gave great importance to
press relations within the year and placed
advertisements in the logisticscommercial vehicle trade magazines,
which are the most target market
appropriate publication channels for the
brand.
Within its marketing and promotion
activities, Scania began publishing a
brand magazine in 2005 and thus broke
new ground. The circulation of the wellregarded magazine has now reached
6,000, thanks to ever increasing demand
by satisfied readers. The magazine
published four issues in 2006 and has
reached over 20,000 customers.
Euro 5 motor vehicles are coming
Scania will launch its Euro 5 series motor
vehicles in 2007. With the addition of
Euro 5 to the product range, an increase
in the sales of international transport
products in particular is expected. In
addition, new vehicle types which will be
presented within the truck segment in
2007 will make Scania an even more
powerful force in the marketplace.
In 2007, Scania will continue to expand
its authorized dealer and services
network; modernization of existing
facilities of authorized dealers will be
performed. This work will enable the
provision of even higher quality services
to Scania customers in more locations
all over Turkey.
In 2007…
- Communications activities will
continue to be conducted around the
concept of “Protect your Scania with
Scania Parts” with periodical and
seasonal maintenance and parts
campaigns.
page 69
- Among its social responsibility
activities, Scania will continue to support
the “Experiments with Do¤ufl Kids that
Make You Smile Project,” which aims to
make children aware of dental health and
hygiene.
- The Turkish finals of the Top Team
contest, which is held to protect Scania
vehicles by training educated and expert
service technicians and to increase
customer satisfaction, will be conducted
for the first time this year; the winning
team will represent Turkey in the
international finals.
- The Turkish election of the Young
European Tractor Trailer Driver contest,
which will be held world-wide in 2007,
will be conducted in six cities; the
contestant who wins the country finals
in ‹stanbul will represent Turkey in the
European finals.
- Within the strategies of maintaining
closeness with its customers and meeting
them one to one, Scania will participate
in all heavy commercial vehicle
exhibitions in Turkey for 2007, both
regional and national.
- Scania, which continues to develop
projects to reach ever more customers,
aims to travel all around Turkey in 2007
staging the largest roadshow in the heavy
vehicle market to date, and bring 40,000
heavy vehicle drivers together with Scania
vehicles.
- Power Passion, the ready to wear
collection of Scania, will be launched.
While the strong brand image is
reinforced by the chic collection that will
be presented to the market, the emotional
bond between the customers and the
brand will also be strengthened.
page 70
KRONE
page 71
page 72
Krone achieved rapid growth in total units sold
with its customer focused, specialized logistics
solutions offering and with an extensive after sales
service network.
Tolga Senyücel
Krone Brand General Manager
“The Turkish market achieved the distinction of Bernard Krone Holding's fastest growing
market of the past 100 years as a result of the stellar performance registered from its
cooperation with Do¤ufl Otomotiv.”
Krone, having surpassed the
1,500th unit milestone sold in
Turkey in 2006, continues its rapid
yet steady growth and is the leader
of the import trailer market with
809 total units sold for the year.
Turkey climbed to the number six
position among the highest
volume countries to which Krone
exports its products. In addition,
a letter of intent between Do¤ufl
Otomotiv and Krone regarding a
production partnership in Turkey
was signed this year.
Bernard Krone Holding GmbH & Co. KG,
established in Spelle, Germany by
Bernard Krone in 1906, began production
of commercial trailers in 1971. The
production facilities in Werlte are
considered to be the most modern and
efficient facilities in Europe. Krone
produces semi trailers, modular systems
and trailers.
Rapid development
Krone signed a distributorship agreement
with Do¤ufl Otomotiv in 2003 and then
started its sales and after sales activities
in Turkey. The company achieved rapid
growth in units sold with its customer
focused, specialized logistics solutions
offering and with an extensive after sales
service network.
Moving towards co-production
The year 2006 was an important one for
the relationship between Do¤ufl Otomotiv
and Bernard Krone Holding.
Krone opted to make a partnership
investment with Do¤ufl Otomotiv basing
its decision on Do¤ufl Otomotiv's
experience within the Turkish heavy
transport vehicle market, strong
performance and its excellent overall
company performance. The feasibility
studies which were first conducted in the
wake of this initial decision are ongoing.
By the beginning of 2008, the final
investment to complete the production
page 73
Krone Sales over the Years (Unit)
2004
2005
2006
facilities is planned, with production
starting in the second half of the year.
The Turkish market garnered the
impressive distinction of becoming
Bernard Krone Holding's fastest growing
market of the last 100 years as a result
of the stellar performance recorded from
its cooperation with Do¤ufl Otomotiv.
Krone, leader in the import trailer
market
In 2006, Turkey was able to advance to
sixth place among the top countries to
which Krone exports its products. The
primary reasons for this rapid growth are
the masterful sales team, having an
extensive knowledge on their customers,
whom they offer product lines suitable
for the Turkish market, and an extensive
after sales network.
Krone, having made a significant market
impact in sales, technical service and
customer service with Do¤ufl Otomotiv's
experience in less than three years,
ended 2006 with 101% growth, reaching
a sales level of 809 units. Krone's market
share reached 15%,
up 4 points versus 11% in 2005.
With its sales level of 809 units in 2006,
Krone captured the leadership position
in Turkey's import trailer market.
Progressively increasing market share
in every segment
Krone is showing an upward trend of
success in all its product segments.
With its Curtain Sider trailers assembled
at its Gebze facilities, Krone gained a
14% market share within this segment in
190
402
809
page 74
2006. In the frigorific trailer segment,
where it is very aggressive with its
products and advantages, Krone raised
its market share from 13% (2005) to 24%
in 2006.
Compared to 2005, the segment that
Krone increased its market share most
in 2006 was the platform segment. Krone,
having sold 5 units of platform trailers in
2005, obtained a 14% market share for
that year. In 2006, however, it significantly
increased its sales level to 48 units,
resulting in a 38% market share.
Offering products that are well-received
by customers, Krone completed the year
2006 as a leader in the imported
commercial trailer market, has led the
sector in many ways with its after sales
service team that is available to its
customers 24 hours a day.
The 1,500th Krone
The delivery of the 1,500th Krone trailer
sold was marked by a ceremony in
December 2006; this event was only one
of a wide range of promotional activities
conducted by Do¤ufl Otomotiv's
distributorship operations since 2003.
Breakdown of Krone Sales by Model over the Years
Frigorific
Platform
Textile
Curtain Sider
4 Segments
62
2004
0
14
114
190
68
5
2005
25
304
402
174
2006
48
15
572
809
Krone's competitive advantages
Krone is the only brand in Turkey that
has a 10-year rustproof guarantee for all
its products.
Krone presents a wholly unique rust
proofing system to its customers: an
application of cataphoresis that covers
and protects the trailers that it
manufactures.
One of the most important pioneering
areas for Krone is in load security, and
in particular the systems it has developed
in conjunction with R&D activities. With
Multi Block and Multi Lock cargo
fastening systems, safe and secure
transportation of load is ensured.
In addition to its advantages stemming
from its lighter weight steel front wall,
Krone is the first trailer producer which
has the ATP-HACCP certificate. Krone is
also able to boast the Cargo Security
Certificate approved by TÜV.
Our marketing activities support our
leadership
Besides its rapid growth success in sales,
Krone responds to all needs of its
customers with its round-the-clock call
center. By differentiating itself in Turkey
through exemplary sales, after sales
service and customer service, it has
moved to a dominant brand position in
the sector.
The marketing communications activities
of Krone are based upon meeting the
specific product demands and needs of
transportation companies that constitute
the target market. The main goal of
Krone's marketing activities is to reach
the most appropriate audience at the
utmost points with unique events,
page 75
specially customized for different product
and customer profiles.
In marketing organizations, Krone targets
places where customers cluster, and
strives to create an emotional bond
between the customers and the brand.
In addition, products are introduced in
close detail to prospective customers.
Some customers were taken to Krone's
European facilities to strengthen the
brand image and to have an opportunity
to show the research and development
that lies behind this strong image.
Following trailer sales to large fleets,
public ceremonies were held and the
press was invited; these large scale sales
were announced to the sector, including
prospective customers.
The marketing activities, high sales levels,
the after sales services achievements,
and various promotional campaigns were
all announced to the media via press
releases throughout the year. Press
advertising was also made in the logistics
and commercial vehicle sectoral
magazines.
Giving back to society
Krone holds a similar philosophy to
Do¤ufl Otomotiv in that it sees being of
service to the public as corporate
necessity; in keeping with this outlook,
in 2006 Krone participated in the
following:
- Bursa Logistics and Demand
Management Summit,
- UND Congress,
- ‹stanbul University Logistics Seminar,
and
- Do¤ufl Kids Smiling Experience
Project
Co-investment with Krone is opening
new horizons for us
The investment that will be made with
Bernard Krone Holding will be announced
to public in 2007 and coupled with the
trust and interest that is growing towards
Krone, is expected to further accelerate
sales.
Krone plans to widen its authorized
dealership and service network in 2007
to enable its customers to access its
quality services in more places in Turkey.
Parallel to Krone's strategy of staying
close to its customers, the Krone
magazine will be published in 2007. The
magazine will include one to one
communications with customers, the
most up-to-date and trustworthy news,
interviews and other newsworthy features
for Krone's customer base. The magazine
will increase the emotional bond
customers have with the Krone brand.
With the help of marketing organizations,
Krone will be able to meet and
communicate with its customers one on
one in regional and national commercial
vehicle fairs.
As the sponsor for the Turkish section of
The Young European Truck Drivers
Contest involving heavy trucks, Krone
once again illustrated its commitment
and support for driver safety and
education.
Krone will continue to be very active in
the sector throughout 2007 with a range
of differentiating activities and advertising.
It will be the center of attention within the
sector with “Krone meets fashion”
themed products prepared with trailer
supplies and its advertisement of the new
service package called “Long Life”.
page 76
DO⁄Ufi OTO
page 77
page 78
Do¤ufl Oto conducts the retail sales of new and
used cars, spare parts and accessories and also
provides insurance, finance and after sales
services to all Do¤ufl Otomotiv brands in all its
regions.
Zafer Baflar
Do¤ufl Oto Pazarlama ve Ticaret A.fi.
General Manager
“Do¤ufl Oto is Do¤ufl Group's service provider in the automotive sector for its ultimate
customers.”
Placing customer satisfaction and
high quality service provision
above all, Do¤ufl Oto continued
its growth in 2006.
Do¤ufl Oto increased its share in
the passenger and light
commercial vehicle market in 2006
to 3.23%, from 3.18% in 2005. The
number of vehicles going into
Do¤ufl Oto services in 2006
reached 147,124, a 14% rise over
2005's level of 128,637.
Do¤ufl Oto Pazarlama ve Ticaret A.fi., a
subsidiary of Do¤ufl Otomotiv, provides
services for six brands (VW Passenger
Cars, VW Commercial Vehicles, Audi,
Porsche, SEAT, Skoda) in ‹stanbul,
Ankara, ‹zmir and Bursa; it operates in a
total of six regions with 30 authorized
dealers, with a total enclosed area of
over 100 thousand square meters with
991 employees.
Do¤ufl Oto renders insurance, finance
and after sales services to all Do¤ufl
Otomotiv brands; it also is responsible
for the retail sales of new and used cars,
spare parts and accessories in all its
regions.
The mission of Do¤ufl Oto is to provide
sales and after sales services to the
passenger cars and commercial vehicles
that it represents in the geographic areas
that are in its portfolio. The company
aims to be Do¤ufl Group's service
provider in the automotive sector for its
ultimate customers, while acting as a
bridge to convey customer needs and
expectations to the distributor company.
Evaluation of 2006
Do¤ufl Oto sold 19,949 units of new
vehicles in 2006 whereas this figure was
22,614 in 2005.
Do¤ufl Oto had a share of 29.7% of
Do¤ufl Otomotiv Group's brands total
retail sales in 2005, and 28.6% in 2006.
The company managed to lift its market
share in the total passenger and light
commercial vehicle market from 3.18%
in 2005 to 3.23% in 2006.
page 79
Do¤ufl Oto's used car sales rose
significantly
Beside the new car sales, Do¤ufl Oto
also provides retail sales of used cars as
DOD's authorized dealer.
Although competition in new vehicle sales
in 2006 affected the used car market
negatively, Do¤ufl Oto increased its used
car sales by 65%. In 2005, Do¤ufl Oto
executed sales of 1,039 units of used
cars while in 2006 the company sold
1,732 units.
Demand for our after sales services is
rapidly increasing
Parallel to its success in the sales
channel, Do¤ufl Oto in 2006 has made
notable achievements in the after sales
services area. The number of vehicles
going into Do¤ufl Oto services in 2006
was 147,124, a 14% rise over 2005's level
of 128,637. In after sales services, Do¤ufl
Oto's total revenue increased by 22.9%
over 2005.
Headlines from 2006
A summary of highlights on the launches
and marketing activities that Do¤ufl Oto
executed in 2006 for various brands is
presented below.
- In July 2006, the Porsche showroom
went into operation on Ba¤dat Street.
This sales point is the first Porsche center
to open on ‹stanbul's Anatolian (Asian)
side.
- Test drive events that highlighted VW
Touareg's off-road and highway features
were held in Bursa, Ankara, ‹zmir and
‹stanbul Maslak.
page 80
- Do¤ufl Oto participated in two local
trade fairs in 2006. At the Bursa fair, that
took place 4-9 April, contact data for
2,356 prospective customers was
collected and sales of 13 units of vehicles
were achieved. In addition, Do¤ufl Oto
provided a children's area with Do¤ufl
Kids in its exhibition.
At the ‹zmir Motorshow, that took place
in May 2006, Do¤ufl Oto participated with
three brands: VW Passenger Cars,
VW Commercial Vehicles and Skoda.
Over the course of the fair, contact data
for 1,362 new prospective customers was
gathered and 4 units of vehicles were
sold. At its ‹zmir booth, Do¤ufl Oto again
presented a dedicated space for children
with Do¤us Kids.
- In 2006, in an effort to provide extra
value to customers, the Winter Tire
Preservation and Service campaign was
organized. During the campaign that took
place in November and December, 2,634
tires were sold and 860 customer tires
were preserved.
- At the four D-points in ‹stanbul
(Mayadrom Sport Center, Hillside Etiler,
Hillside Trio and TIM), vehicle exhibitions
were staged.
- At the 110 different marketing activities
conducted during 2006, 1,601 test drives
were held and data on a total of 12,865
prospective customers was collected, of
whom 563 were children. As a result of
these activities, 148 units of vehicle sales
and 390 units of sales reservations were
made.
Do¤ufl Oto Maslak Service
Do¤ufl Oto's VW, SEAT, Audi and
Porsche service points located in Maslak
will move to a new, nearby location in
February 2007. Do¤ufl Oto will also give
after sales service for the Skoda brand.
In the area of VW Passenger Cars service,
there will be a special admission area for
VW Touareg vehicles. Bentley and
Lamborghini brands will also be served.
The Porsche showroom located in Etiler
will move to its new location in ‹stinye
Park in summer 2007.
page 81
Service trucks are planned to be stationed
in major shopping malls in Do¤ufl Oto
cities and will give free of charge
automotive diagnostic checks, 101 points
control and used car valuations.
The test drive events that showcased
VW Touareg's off-road and highway
features will continue in all Do¤ufl Oto
regions. These activities will take place
in April-June 2007.
In an effort to reach prospective
customers who spend their winter
holidays in Kartalkaya and Uluda¤, test
drive events will be organized in those
locations in February and March 2007.
D-points vehicle exhibitions, that take
place in three locations in ‹stanbul
(Hillside Trio, Hillside Etiler and TIM), will
continue to be held by Do¤ufl Oto in
2007. The Winter Tire Preservation and
Service campaign will be held once again
in 2007.
Direct marketing activities will be
organized in parallel to Brands' new
model launches in 2007.
2007 new vehicle sales target: 19,725
units
Do¤ufl Oto aims to increase its share of
new vehicle sales within Do¤ufl Otomotiv
to 29.4%, with 19,725 units of sales and
lift its total market share to 3.29%.
Do¤ufl Oto's used car sales target in 2007
is 2,350. With this sales unit goal, the
used car sales is expected to rise 35%
compared to 2006.
For 2007, Do¤ufl Oto targets an entry of
212,398 vehicles to its service points and
aims to raise its after sales services
revenues by 57%.
For 2007, Do¤ufl Oto
targets an entry of
212,398 vehicles to its
service points and aims
to raise its after sales
services revenues by
57%.
page 82
DO⁄Ufi OTOMOT‹V LOGISTICS SERVICES
page 83
page 84
Do¤ufl Otomotiv Logistics Services uses
advanced computer technology and stock
management systems in an effort to respond to
customer needs in a timely and effective manner.
Mustafa Karabayır
Logistics Services General Manager
“Do¤ufl Otomotiv Logistics Services combines the latest and best practices with futuristic
technology to realize synergy and continuously produce value for Do¤ufl Otomotiv's
multi brand structure.”
In 2006, Do¤ufl Otomotiv Logistics
Services concluded the import
and delivery of 68,491 vehicles to
the authorized services.
technology is combined with modern
and best work practices to realize optimal
synergy under one roof; the result is
exemplary service provided to the global
brands that Do¤ufl Otomotiv represents.
The company closed the year
2006 with revenues of TRY 198.4
million with a gross profit margin
of 35% from the sale of spare parts
and accessories.
The center has a total of 150,000 m2 of
enclosed area. Within it are included a
65,000 m2 open warehouse area;
42,439 m2 temporary warehouse area;
18,000 m2 stock area; 7,500 m2 delivery
area and 13,500 m2 spare parts depot
used for stocking original spare parts.
manages spare parts importation, stock
and transportation to authorized services
of the most prestigious brands of the
world: Volkswagen, Audi, SEAT, Porsche
and Bentley, which are all represented
by Do¤ufl Otomotiv.
Despite the economic turbulence in mid2006 that negatively impacted Turkey's
automotive sector, Do¤ufl Otomotiv
Logistics Services had a successful year
in operations.
Advanced practices lead to synergy
Do¤ufl Otomotiv Logistics Services,
established in 1992, is located in Gebze
fiekerp›nar in the city of Kocaeli. At its
logistics services center, futuristic
Accurate and fast service for every
customer
Do¤ufl Otomotiv Logistics Services uses
advanced computer technology and
stock management systems for
responding to the demands of customers
in a timely and effective manner.
Effective pricing and price positioning
create synergy because of the common
spare parts usage (approximately 60%)
page 85
in the logistics activities and spare parts
of the brands. This model raises the work
level and activities' effectiveness and
quality, presents the optimized transport
option in the logistics activities and
decreases the price of the stock as a
result of the common spare part usage
that enables company's spare part
stocking.
Services and products supplied
strives, in its mission, to supply the
products and services required effectively,
productively and with a high quality to
the brands and their authorized dealers
and services and add to the ultimate level
of customer satisfaction. The company
provides these services to seven brands
with its 132 employees and 101
authorized dealers and services:
- Spare parts and accessories for
Volkswagen, Audi, SEAT, Porsche and
Bentley brands are ordered from abroad;
import and management of stock and
the delivery to the authorized dealers is
made on an order basis.
- The protection of the imported
vehicles in the warehouse and stock
areas by the brands and the distributor,
as well as the delivery to the authorized
dealers.
- The import and homologation
operation management of all the group
vehicles in the name of brand
representatives.
- The import, stock and delivery of the
spare parts and accessories of the Scania
and Krone brands by order to the
authorized dealers.
A business approach focused on
quality
Do¤ufl Otomotiv Logistics Services will
continue to develop its business
approach focused on quality and synergy
in the coming period by:
- Taking a role as a strategy
determinant in spare parts activities,
creating a vision and sharing it with brand
representatives and in this way
contributing to raising the market share
of group brands,
- Continuously implementing projects
that improve the spare parts management
systems,
- Lowering the cost and time of
deliveries that support the sales of new
vehicles which will give the opportunity
to decrease stock costs,
- Finding new opportunities in
accessories marketing in order to
increase the volume of business.
The aforementioned are among the most
prominent goals of Do¤ufl Otomotiv
Logistics Services.
page 86
vdf HOLDING
page 87
page 88
Among all consumer finance institutions, vdf
Automotive Finance's market share is 14% and
it has managed a penetration rate of 29% from
the 22 brands that it has a partnership with in
automotive financing.
Kemal Ören
vdf General Manager
“With a 14% share of the Turkish consumer credits market, vdf is a respected and
preferred service provider which leads the market.”
Financial institutions, a propelling
force of the economy, play a
particularly important role in
automotive sales. In the
automotive value chain, which is
formed with the support of the
financing system, first come sales
and R&D which account for a 39%
share and followed by after sales
services with 12%. Credit,
insurance, and fleet rental
constitute 30%, followed by vehicle
rental, used cars and accessories
services.
At vdf Group, our aim is to
participate in every link of the value
chain formed by the automotive
and finance sectors and create
additional profit and work volume
to our strategic partners.
Volkswagen Do¤ufl Tüketici Finansman›
A.fi. (vdf), was established on 30
December 1999 as a partnership of
Volkswagen Financial Services AG (51%)
and Do¤ufl Group (49%). The entity was
established to provide credits to all
products and services in the automotive
sector suitable for the budget and
payment conditions of the customers.
Today vdf is structured as a holding
composed of three companies:
Volkswagen Do¤ufl Tüketici Finansman›
A.fi. (vdf Automotive Finance), which
operates in consumer finance provision;
vdf Otomotiv Servis ve Ticaret A.fi., which
operates within the long term fleet rental
area; and vdf Sigorta Arac›l›k Hizmetleri
A.fi, an automotive insurance provider.
vdf Automotive Finance (Volkswagen
Do¤ufl Tüketici Finansman› A.fi.)
vdf Automotive Finance had a successful
year in 2006 and secured its leadership
position by capturing a 53% market share
among consumer finance companies.
page 89
Percentage Breakdown of
vdf Financings
VW
Hyundai
DOD
Skoda
SEAT
Kia
2%5%
2%
3%
3%
4%
Audi
Citroen
Other
vdf's Share in the Consumer Finance Companies Segment
Unit
56%
Value
(million TRY)
8%
17%
Among all financial institutions, vdf's
market share is 14% and it has achieved
a penetration rate of 29% from the 22
brands that has a partnership with in
automotive financing. As of year-end
2006, vdf extended a total of 50,961
vehicle credits and reached TRY 1.2
billion in annual total transaction volume.
With these results, vdf Automotive
Finance's share in the consumer finance
companies segment was 53% for 2006.
vdf Automotive Finance aims to finalize
34,242 new contracts in 2007.
The number of the brands is increasing
For vdf Automotive Finance, one of its
most important activities in 2006 was
expanding its portfolio of the brands to
which it gives service. In 2006, by order
of Suzuki, Mazda and Subaru, and Ferco
Motor brands Derbi, Gilera, Moto Guzzi,
Piaggio and Vespa have been added to
the portfolio and the total number of
brands served reached 22.
We joined Volkswagen Financial
Services Week 2006
vdf Automotive Finance joined the
2005
2006
Market
vdf
vdf Market Share
108,323
56,330
52%
95,496
50,961
53%
Market
vdf
vdf Market Share
2,295
1,248
54%
2,958
1,547
52%
vdf's Share in Banks and Special Finance Institutions
Value
(million TRY)
Market
vdf
vdf Market Share
2005*
2006*
7,928
969
12%
8,700
1,199
14%
2005
89,674
38,515
43%
2006
84,791
37,864
45%
101,682
17,802
18%
92,794
13,097
14%
191,356
56,330
29%
1,170,307
21
32
177,585
50,961
29%
1,192,926
23
33
* Only consumer loans are considered excluding corporate loans.
Comparison of 2005-2006 on Brand Basis
Do¤ufl Group Brands
Retail Sales
Credit Units
Penetration
Non-Group Brands
Retail Sales
Credit Units
Penetration
Total
Retail Sales
Credit Units
Penetration
Total Credit Amount (thousand TRY)
Average Credit Amount (thousand TRY)
Average Term (month)
page 90
Volkswagen Financial Services Week
2006 which is organized by Volkswagen
Financial Services AG every two years.
During the eventful week, which was held
in Germany in May, vdf participated in
the football tournament and other athletic
competitions. In addition, a booth was
set up at the VW FS Week 2006 fair and
information was disseminated to visitors
about the various services that vdf
Automotive Finance provides.
One of the most important activities of
2006 was the participation in the ‹stanbul
Auto Show held between 2-12 November
2006. Space was allocated within the
booths of the 13 brands that partner with
vdf Automotive Finance and solutions
were offered to fair visitors as well as the
opportunity to apply for credit online.
Our new corporate identity
New corporate identities and logo
launches of vdf Consumer Finance, vdf
Holding, and its affiliated companies were
conducted in March 2006 with the slogan
“Lucky Automobiles are born with vdf”.
Sponsorships adds to our brand value
vdf Automotive Finance has continued
to provide support to motor sports since
2004 and has continued to co-sponsor
SEAT Cup Turkey and VW Polo Ladies
Cup in 2006. The vdf drivers who have
won great successes in the past were
able to keep their positions on the
winners' podiums in 2006.
vdf showed its support in Turkish motor
sports as well and sponsored Mert
Aytu¤'s vehicle at the Turkey Race Track
Championship.
vdf Automotive Finance took over the
main sponsorship of the conference
organized by OYDER (Association of
Automotive Authorized Dealers) called
The Profitability of the Authorized Dealers
and The Future of Competition.
vdf Automotive Finance sponsored
Otohaber magazine's “What is What?”
section in July-November to promote its
leadership in the sector, its products and
its special financial solutions. Over 15
weeks, information regarding vdf's brand
partners, products and myriad
advantages was highlighted and met with
great success.
page 91
Audi
Credit Units
Penetration
SEAT
Credit Units
Penetration
Skoda
Credit Units
Penetration
Volkswagen Passenger Cars
Credit Units
Penetration
Credit Units
Penetration
Volkswagen Total
Credit Units
Penetration
Scania
Credit Units
Penetration
Porsche
Credit Units
Penetration
DOD
Credit Units
Penetration
Hyundai
Credit Units
Penetration
Citroën
Credit Units
Penetration
Kia
Credit Units
Penetration
Mazda
Credit Units
Penetration
Suzuki
Credit Units
Penetration
Subaru
Credit Units
Penetration
Kosifler
Credit Units
Penetration
Ferco Motor
Credit Units
Penetration
Jaguar
Credit Units
Penetration
Harley-Davidson
Credit Units
Penetration
Do¤ufl Group Brands
2005
2006
997
21%
1,261
24%
2,828
44%
1,521
31%
3,058
38%
2,241
41%
15,544
50%
13,239
48%
14,372
44%
15,297
48%
29,916
47%
28,536
48%
49
3%
14
0,7%
41
28%
92
42%
2,632
54%
4,199
54%
Non-Group Brands
13,328
19%
8,829
17%
1,934
12%
1,503
10%
1,447
9%
1,522
10%
-
186
5%
-
66
4%
-
47
3%
-
487
29%
-
23
5%
33
23%
348
42%
64
49%
86
60%
page 92
vdf Fleet Services Car Park
Volkswagen
SEAT
Renault
Fiat
Ford
Audi
Toyota
Honda
Other
Volvo
Skoda
Opel
Mercedes-Benz
1%
1%1%
1% 1%
1%
2%
7%
8%
8%
9%
12%
48%
vdf Fleet Services (vdf Otomotiv Servis
ve Ticaret A.fi)
vdf Fleet provides operational fleet rental
services and is the first international brand
in the market; vdf Fleet Services gained
a 9% market share on a portfolio basis
in 2006.
vdf aims to expand its long term fleet
rental services to SMEs beside the large
size fleets. It has led the sector with its
effective promotional campaigns.
vdf Küçükbakkalköy used car sales
center
With the transfer of the DOD brand from
vdf Holding to Do¤ufl Holding in 2006,
vdf organized a used car sales center in
Küçükbakkalköy for the returned vehicles
from the fleets.
Additionally, vdf Fleet Services continues
to provide a sales platform cooperate for
the sales of used cars of the fleets that
are returned to DOD's center and all its
franchise dealers.
Portfolio growth of 28%
At the end of 2006, with 2,714 new
contracts vdf Fleet Services increased
the number of vehicles in its portfolio to
5,422, up 28% compared to last year.
With a 21% increase in new contract
number, vdf Fleet Services also enlarged
its customer portfolio. Besides expanding
the car parks of over 450 existing
customers, vdf Fleet Services has added
important brands to its portfolio and has
become the main source of solutions for
its customers with its trustworthiness and
stable corporate organization compared
to its competitors in the market. Although
there are no official record-keeping in
the market, it is assumed that the long
term fleet rental market is formed of
35,000 new contracts. According to this
assumption, vdf Fleet Services has an
8% market share with 2,714 new
contracts.
Multi brand vehicle portfolio
The portfolio of vdf Fleet Services, which
operates with a multi brand vehicle
portfolio strategy in the fleet rental
business, is primarily composed of
Volkswagen, SEAT, Audi and Skoda
brands (68%). The rest 32% of the
portfolio is composed of brands like
Renault, Ford and Fiat, which also have
an important share in the fleet market.
858 units in used car sales
vdf Küçükbakkalköy used car sales center
reached a sales level of 858 units in 2006
and increased its used car sales 109%
compared to last year. The center
achieved a 43% penetration rate and
successfully provided a range of
supplemental products like automobile
and traffic insurance.
page 93
Vehicle Portfolio (Unit)
2004
2005
2,480
4,220
2006
5,422
Fleet Services Authorized Dealers
Internet system
In the face of its competition's price
sensitive strategies, vdf expanded from
beyond its single location to multiple
service points by using its partners as a
network throughout Turkey; thus, Fleet
Services Authorized Dealer Internet
System was founded, a first in the sector.
This system empowered Volkswagen
dealers to give rental offers in the name
of vdf Fleet Services.
Goal: 25% growth in new contracts
The vdf Fleet Services aims to protect its
market share in 2007 and targets more
than 25% growth in new contracts in the
rapidly growing fleet rental market.
This SME targeted project that started in
October aims to enlarge fleet rental
offering to all incorporated companies
around the slogan of “1 or 100 Cars”. All
of Volkswagen groups authorized dealers
are planned to be included in the system
in 2007.
As an offering of vdf Insurance Services
and vdf Automotive Finance's new
product KomboPlan, customers are
provided with vehicle credits along with
automobile insurance. The Kombo plan,
which is formed of one payment plan for
vehicle credit and automobile insurance,
gives its customers the opportunity to
have long term automobile insurance
with flexible payment options. vdf
Insurance Services, who also sells
automobile and traffic insurance, made
agreements with all Do¤ufl Oto authorized
dealers in 2006 and finalized a total of
13,027 insurance policies.
Marketing activities
In 2006, vdf Fleet Services executed the
following promotional activities: direct
marketing and sales campaigns were
conducted with Volkswagen; the third
annual carting event, “vdfKarting 2006,”
was held in Tuzla Autodrom track; sales
campaigns in conjunction with the group
brands and joint activities in the customer
specific organizations.
vdf Insurance Services (vdf Sigorta
Arac›l›k Hizmetleri A.fi.)
vdf Insurance Services was established
in 2004 and presents a variety of
automotive insurance products to its
customers.
page 94
DOD
page 95
page 96
In an intensely competitive environment, DOD
continued its restructuring process with successful
results and closed the year with a performance
that exceeded expectations.
Mustafa Tu¤rul Denizaflan
DOD Brand General Manager
“DOD is a company that institutionalized the used car purchase and sales market and
sets the rules of the game in the sector.”
We continue to grow rapidly with
the trust that our customers and
authorized dealers have in us. We
will continue our leadership as the
first institutional player in the used
car market in Turkey.
DOD, a brand of Do¤ufl Otomotiv,
engages in used car purchase, sales,
and trading services with authorized
dealers located all around Turkey.
In a segment with many variables, DOD
was established to standardize the
purchase, sales and trading processes;
provide universal high quality customer
oriented service; supply a service for
vehicles with a known history; and be a
brand that is trusted in the used car
market.
A year of change and development
The year 2006 was one of change and
development for the DOD brand. DOD,
having risen above the fray of the used
car market as the leading institution
despite the brisk within the used car
market, continued its restructuring
process with successful results and
closed the year with a performance that
exceeded the targets.
DOD's total sales for 2006 reached 7,760
units, a significant rise over 2005's level
of 4,881 units.
Also in 2006…
In 2006, DOD revised the sales criteria
and management system for its
authorized dealers and management
systems, relaunched its brand in the
national arena. In addition, DOD
established the foundation of after sales
services provision, increased the number
page 97
of its authorized dealers all over Turkey
and put into operation the largest
enclosed used car integrated purchase
and sales center in Europe.
The most important marketing activity of
2006 was the relaunch of the DOD brand.
Brand recognition as a result of the
relaunch activities increased to 15%.
DOD assumed car sponsorship of the
VW Polo Ladies Cup and SEAT Cup
events that are organized by Do¤ufl Motor
Sports.
Goal of 110 authorized dealers
DOD, as the most trustworthy institution
in the used car purchase and sales
market that presents its customers the
opportunity to buy and sell used cars
with trust, plans to expand its service
network to 110 authorized dealers.
In keeping with its reorganization, DOD
will continue its growth plans all around
Turkey in the coming years.
page 98
DO⁄Ufi MOTOR SPORTS
page 99
page 100
Do¤ufl Motor Sports, having endeared the exciting
world of motor sports to Turkey, reminds us with
its activities that we need to be racing not on the
streets but rather on the track.
Do¤ufl Otomotiv, with its strong
presence in every stage of the
automotive value chain, is
represented in the sports arena
by Do¤ufl Motor Sports (DMS).
Since its establishment, DMS has
created a special communications
platform which aggregates the
automotive sector and sports
world through outstanding
activities. DMS thus has been able
to reach a wide audience of sports
fans and aims to keep automotive
passion and the interest in motor
sports alive. DMS also intends to
strengthen sporty images of
Do¤ufl Otomotiv brands.
Do¤ufl Motor Sports set the agenda for
motor sports in Turkey via the activities
it organized in 2006.
Do¤ufl Motor Sports was established to
bring together both existing and also
potential customers of Do¤ufl Group
brands on the common platform of motor
sports and DMS has succeeded in
staging highly popular activities.
DMS's main activities include sponsorship
and event management, publishing, race
organizations, technical services, and
tune-ups.
SEAT Cup Turkey and VW Polo Ladies
Cup
Do¤ufl Motor Sports, by providing
dynamic communications platforms,
brings together organizations that raise
the awareness of and interest in motor
sports in Turkey; the passion for speed
and excitement is extended not only to
automotive enthusiasts but also to
everyone between the ages of 7 and 70.
The company continued to strengthen
the sporty images of the brands under
the Do¤ufl Otomotiv umbrella with the
SEAT Cup Turkey, that started in 2004
and has continued through 2006, and
the VW Polo Ladies Cup that began in
2005 and, is a first for Turkey, is where
female drivers compete.
page 101
With these events, Do¤ufl Otomotiv
presents a new life style to viewers and
has them experience the brands fully
while simultaneously allowing them to
have a great time.
SEAT Cup Turkey, which started on
4 April 2004, was the first event staged
by Do¤ufl Motor Sports in Madrid and
has always been the center of interest.
SEAT Cup Turkey continued with the
same excitement and passion and was
supported by strong corporate sponsors
such as garanti.com.tr, Castrol, Dunlop,
NTV and vdf Automotive Financing. The
race has become immensely popular
with its various race-related activities,
atmosphere of excitement and famous
drivers.
At the SEAT Cup Turkey, an enjoyable
time is provided to viewers with
entertaining activities, concerts and
shows performed in the track area; after
a tough struggle this year, the 2004
winner Mert Aytu¤ managed to become
the champion for the second time.
The VW Polo Ladies Cup, the second
race event of Do¤ufl Motor Sports, started
in 2005. It has raised the interest of
women in motor sports and has
highlighted the presence of diversity
in motoring. The female drivers of the
VW Polo Ladies Cup were fortunate to
experience the privilege of being the first
official competitors to use the ‹stanbul
Park Track in 2005.
The VW Polo Ladies Cup, presented to
race lovers again in 2006, is the first
ladies cup in Turkey in history. In addition,
it is the first single brand cup that is raced
with diesel motors in Turkey.
At the end-of-season party, which has
become a tradition being held at Reina
in Ortaköy, the champions of the 2006
races were presented with their awards.
At the party, which many special guest
attended, the VW Polo Ladies Cup's
champion driver Günefl ‹pekkan and
SEAT Cup Turkey's 2006 season
champion vdf driver Mert Aytu¤ received
their awards.
Do¤ufl Motor Sports, by
providing dynamic
communications
platforms, has been
successful in raising the
awareness of and
interest in motor sports
in Turkey.
page 102
Do¤ufl Insurance Agency Services is an
experienced and trustworthy institution that has
provided insurance services since 1984.
Do¤ufl Insurance Agency Services
aims to provide the best quality
insurance services, securely,
quickly, and efficiently, to Do¤ufl
Group companies, employees,
secondary agencies and its
customers. The company has
continued its activities in 2006
aligned to this mission and
provides efficient and effective
insurance service to its customers.
An experienced agency
Do¤ufl Insurance Agency, a part of Do¤ufl
Holding and an experienced agency,
was established on 26 March 1984.
In 1995, thanks to the partnership with
Garanti Leasing expanded its staff and
hardware and started to serve a wider
market in the sector with new products.
The company is an A group agent of
Garanti Insurance which is also an
enterprise of Do¤ufl Holding and it had
a rapidly growing progress and
strengthened its business in 2001 through
Do¤ufl Oto's 42% participation.
In its operations through 2006, risk
evaluation and marketing were areas of
especial focus. In addition, technology
was effectively deployed, policy owners
were reached faster, risk was calculated
in an optimal way and damage claims
were paid in the least amount of time. In
2006, across all products, a total of TRY
20.2 million in production and TRY 1.5
million commission revenue were
generated.
Benefiting from the group synergy,
secondary agency status was given to
all Do¤ufl Oto center and branches and
underwriting of insurance policies for
vehicles sold to third parties was
provided.
An extensive field of operations
Do¤ufl Insurance Agency Services, in
an effort to better serve its automotive
customers, signed a non-authorized
dealership agreement with Anadolu
Sigorta, ‹sviçre Sigorta, Baflak Sigorta
and Axa Oyak in 2003-2004 and
expanded its field of operations.
Developments will continue in 2007.
Do¤ufl Insurance Agency's main goals
are delivering unconditional customer
satisfaction, providing the best insurance
products that will allow for the highest
level of productivity in the partnership
with Garanti Insurance and enhancing
Do¤ufl Holding's strength and
dependability in the insurance sector.
page 103
Information on the Capital Structure and Shareholding
Information on Do¤ufl Otomotiv Stocks
General and Administrative Activities
Amendments to the Articles of Association in the Reporting Period
Dividend Distribution Proposal
Audit Report
page 104
Do¤ufl Otomotiv Faaliyet Raporu 2006
Corporate Governance Principles as published by the Capital Markets Board of Turkey have been implemented in
parallel with the explanations hereinbelow at Do¤ufl Otomotiv Servis ve Ticaret Anonim fiirketi (Do¤ufl Otomotiv
Service and Trade Corporation) in the fiscal year ended 31 December 2006.
SECTION I - SHAREHOLDERS
Shareholders Relations Unit
Relations with shareholders are carried out by the Investor Relations Department in our Company.
Investor Relations Department
Department Director
Mr. ‹zzet Berk Ça¤dafl
Investor Relations Manager
Ms. ‹dil Bora
Phone
: +90 212 335 39 01
Fax
: +90 212 335 30 90
E-mail
: [email protected]
[email protected]
Shareholders’ Exercise of their Right to Obtain Information
All queries and applications received from the shareholders during the reporting period have been responded to by
phone or e-mail without any discrimination. Phone calls were received from over 100 different individuals and
information has been provided to the same individuals upon request at different times during 2006. In addition, 150
written applications (by e-mail and fax) were received, upon which the requested information was provided to
related parties. During the reporting period, 97 one-on-one meetings and 2 teleconferences with multiple
participants were held to provide information to 169 individual and corporate investors and shareholders. All
necessary information that the shareholders will need is made available on Do¤ufl Otomotiv website and regularly
updated. The Company’s articles of association contain no provisions stipulating the appointment of a Special
Auditor as an individual right. In 2006, shareholders did not request appointment of a Special Auditor.
Information on General Assembly Meetings
In 2006 fiscal year, our Company held an Ordinary General Assembly Meeting concerning the activities in 2005.
In the meeting held on 27 March 2006 at 11:00 a.m. at Hyatt Regency Hotel at the address Taflk›flla Caddesi No:1
Taksim, ‹stanbul, from out of the 110,000,000 shares corresponding to a total share capital of TRY 110,000,000.-,
none was represented personally, and 72,172,300 shares corresponding to a share capital of TRY 72,172,300.were represented in proxy. Stakeholders and media representatives participated in the said General Assembly
Meeting. The invitation for the meeting, in the manner set forth by the Law and the Articles of Association and
including the agenda, was made within due time by announcements published in the Turkish Trade Registry
Gazette dated 10 March 2006 and no. 6510, and in national editions of Sabah and Radikal newspapers dated 10
March 2006.
In order to facilitate participation in the General Assembly Meeting, the invitation was announced in nationally
circulated newspapers.
Minutes of the General Assembly Meeting are accessible at all times by our shareholders on our website and are
also made available for examination at the Company headquarters.
Voting Rights and Minority Rights
The Company’s all share certificates are bearer certificates and grant no rights for participating in the Company
profit or voting privilege.
page 105
Do¤ufl Otomotiv Faaliyet Raporu 2006
Dividend Distribution Policy and Timing
Our Company publicly disclosed its dividend distribution policy explained hereinbelow and covered in our articles
of association via the Public Offering Circular and Prospectus. Based on this policy:
Net Profit of the Company:
Net profit of the Company is the Company’s revenues generated from its ordinary activities and extraordinary
revenues and profits less the expenses incurred in relation to such activities, depreciation and extraordinary
expenses, less corporate tax and similar compulsory taxes and funds. Net profit, less previous years’ losses, if any,
is distributed in the below order and manner:
First Legal Reserves:
Pursuant to Article 466 of the Turkish Commercial Code, 5% of the net profit shall be set aside as first legal reserve
until it reaches 1/5th of the paid-in capital of the Company.
First Dividend:
A first dividend shall be set aside in the ratio and in the amount taking into consideration Article 15 of the Capital
Market Law and in accordance with the relevant Capital Markets Board (CMB) regulations.
However, minimum 50% of the attributable profit that might arise in the balance sheets of 2004, 2005, 2006, 2007
and 2008 shall be distributed in cash or in share certificates added to the share capital pursuant to applicable
legislation.
Dividends to be Distributed to Board Members:
After the deductions mentioned above shall have been made, the General Assembly may distribute an amount up
to 4% of the attributable profit to the chairman and the members of the Board of Directors, without prejudice to the
amount of first dividend.
Dividends to be Distributed to the Personnel:
After the deductions mentioned above shall have been made, the General Assembly may distribute an amount up
to 4% of the attributable profit to the personnel, without prejudice to the amount of first dividend.
Second Dividend:
After the amounts mentioned above shall have been deducted from the net profit, the remaining portion may either
be distributed, in part or in whole, as second dividend, or may be set aside as extraordinary reserves.
Second Legal Reserve:
Second legal reserve shall be set aside pursuant to Article 466, paragraph 3 of the Turkish Commercial Code.
Principles Related to Distribution:
i. Unless the legal reserves that are legally stipulated shall have been set aside and unless the first dividend
determined for shareholders in the articles of associations shall have been distributed in cash and/or in share
certificates in accordance with the means allowed and requirements imposed by the Capital Market regulations; the
provisions of applicable legislation shall be fully adhered to, which stipulate that it may not be decided to set aside
further reserves, to carry over profit to the following year or to distribute dividends to privileged shareholders,
holders of participating shares, founder’s shares and ordinary bonus certificates, to the members of the board of
directors and to officers, janitors and workers, to foundations established for various purposes and to such persons
and/or establishments.
ii. Dividends are distributed equally to all shares existing as of the fiscal year, irrespective of their dates of issue and
acquisition.
iii. Regulations that are already or will in the future be issued by the Capital Markets Board of Turkey in relation to
dividend distribution shall be abided by.
page 106
Transfer of Shares
The Company’s articles of association contain no provisions restricting the transfer of shareholding interests.
SECTION II- PUBLIC DISCLOSURE AND TRANSPARENCY
Do¤ufl Otomotiv Disclosure Policy
The Company formulated a disclosure policy as stated in Section II, Article 1.2.2 of Corporate Governance
Principles. The aim of the policy is to ensure necessary information flow in line with public disclosure and
transparency criteria in a timely, accurate, complete, intelligible, interpretable, and easily accessible manner. The
disclosure policy is carried out and coordinated to cover organization of meetings open to public, execution of
relations with investors and shareholders and keeping the customers informed. The Company’s disclosure policy is
executed by the Chairman, Mr. Aclan Acar, or person(s) to be authorized thereby.
The Company regards implementations oriented towards individual, corporate investors and shareholders, in
addition to those geared towards its principal shareholders as a whole. In keeping with Corporate Governance
Principles, the disclosure policy of the Company is erected on the foundations of following the capital market
regulations and carrying out the relations with capital market institutions, responding to information queries of
shareholders and investors, ensuring exercise of shareholding rights, as well as providing information flow
particularly in relation to General Assembly matters employing various means including the website and ensuring
necessary coordination related thereto.
The Company holds periodic biannual meetings for keeping the investors informed; at these meetings, the
performance of the market in our sectors, the Company’s share in the market, sales figures and revenues, periodic
and cumulative profit/loss data are disclosed to our investors. In order to enable our individual and corporate
investors and shareholders to acquire in-depth knowledge of the Company’s activities, information has been
offered during visits to the showroom and logistic center. In addition, the Company’s major projects and other
information that needs to be disclosed are shared with our investors through mass media. All kinds of information
relating to meetings are also made accessible on our website.
The Ordinary General Assembly Meeting is convened every year in March and all work necessary to facilitate
participation of our shareholders in the General Assembly are recorded. The Company’s annual reports are
prepared in a form and content in compliance with legal regulations and made available in printed form, as well as
on the Internet. Periodic financial statements and reports, which are drawn up in accordance with the CMB
legislation and IFRS, are first submitted to the Istanbul Stock Exchange (ISE), published and then made available
on the Internet. The financial reports are also delivered to establishments, enterprises or persons at request. The
Company has an active and up-to-date website accessible at www.dogusotomotiv.com.tr.
Disclosure of Material Events
In 2006, the Company made 38 material event disclosures. Additional information was provided in one occasion
during the reporting period. The Company shares are not quoted on overseas stock markets.
Company Website and Its Content
Within the scope of public disclosure, the Company posts trade register information, the latest shareholding
structure, the board of directors, privileged shares, the latest version of the articles of association, annual reports,
material event disclosures, informative presentations for investors, periodical financial statements and reports,
prospectuses and public offering circulars, agendas, lists of participants and minutes of general assembly
meetings, and form for proxy voting on its website accessible at www.dogusotomotiv.com.tr.
Disclosure of Non-corporate Ultimate Shareholder(s) Having a Controlling Interest
There are no non-corporate shareholders in the Company. However, non-corporate shareholders after eliminating
the effects of indirect ownership have been disclosed in the public offering prospectus issued in 2004, and there is
sufficient public awareness that makes it unnecessary to make further disclosures on this matter.
page 107
Public Disclosure of Those Who May Have Access to Insider Information
The list of those who can have access to insider information is publicly disclosed in the organization chart
contained under the organization chart heading in the annual report.
SECTION III - STAKEHOLDERS
Keeping Stakeholders Informed
Do¤ufl Otomotiv Group stakeholders, namely the customers, shareholders, employees, suppliers, governmental
and social milieu, are informed on topics that are of relevance to them. The process of informing occurs through
making available Disclosure of Material Events made to the ISE, the minutes of general assemblies convened,
reports of independent auditors and financial statements, presentations made to individual and corporate investors
and reports drawn up about the company by third parties, by publishing the same in the press and posting them
on our website. The employees are informed on the Company-related issues via the intranet developed specifically
for them. In addition, queries or requests received by phone are taken into consideration and relevant information is
provided thereon.
Stakeholder Participation in Management
The work is ongoing in terms of addressing the Corporate Governance Principles with regard to stakeholder
participation in management.
Human Resources Policy
Based on our awareness that our greatest asset is our employees who enable us to achieve our objectives, as
Do¤ufl Otomotiv Group, our basic policy in Human Resources is to ensure human-oriented, fair and objective
management at every level adhering to corporate principles, culture and strategies. Within the framework of Do¤ufl
Otomotiv Group strategy briefly stated as Be Sizable, Be Close, Be Creative, the target is to provide all employees
working for our Group with all kinds of development opportunities necessary for them to be equipped to further
leverage our position in the sector, and enable them to carry the name of our Group to the very top by standing out
from amongst competitors, moving based on a shared synergy along the path leading to the target, with the “we”
understanding which is one of our core values. While supporting personal development of our team members with
constant training, the Human Resources policy focuses on recruiting the right person in the right position and on
hiring individuals who are well-matched with the corporate values and strategy, already specialized and are willing
to specialize in their respective fields, recognize that it is a privilege to belong to Do¤ufl community, have high
potential, and are not reactive but proactive.
The Human Resource needs are determined with consideration of the impact of the economic conjuncture across
the world and the requirements and changes resulting from the national economic status as affected by such
impact or from its own internal dynamics. In this regard, it presents great importance to employ and develop
employees who are able to cope with the rapidly evolving trends, and new strategies and targets set, who are
resistant against uncertainties, and have high self-motivation. It is our priority target to allocate the necessary
sources to achieve improvement in capturing the opportunity to work with colleagues who are able to capitalize on
the opportunities facing the entities or establishments in a business world where continuous change is the key
attribute, who are able to see the whole system, and possess a broad perspective. We give utmost importance to
being a practicer of this notion.
The Human Resources and Training Department is a central organization set up for the purpose of executing and
guiding recruitment, leaving, career planning, personnel and payroll affairs, performance management, promotions
and reassignments, training and development for the companies under the Automotive Group, as well as the
coordination of the recruitment process for the entire authorized dealer network. By virtue of recruitment, departure,
training, promotion and reassignment functions carried out by the Human Resources and Training Department, the
fundamental rights and responsibilities of employees and rules regarding attire have been put into writing,
page 108
communicated to the employees and made available for access by all employees on the intranet. Furthermore, our
employees’ feedbacks are sought in various topics via the questionnaires section on the intranet. All results are
shared with the employees again via the intranet. A suggestion encouragement system is run again on the intranet
which serves to addressing the employees’ suggestions.
Pioneering for open communication, priority is given to our own employees for any vacancy occurring in Do¤ufl
Otomotiv Group organization and such vacancies are communicated on the Career Opportunities section on the
intranet. Employees who feel they are fit for the vacant position posted in this section are able to apply directly. All
applications received are evaluated by our Recruitment Team and candidates who do not meet the criteria are
informed. Candidates meeting the respective criteria are included in the recruitment assessment process by the HR
Recruitment Team upon informing the relevant line managers.
Acting as a leader in fair and objective management, Do¤ufl Otomotiv Group companies put in place a
remuneration system built upon work families grouped according to the functions each position belongs to. In this
implementation called the band system, employees with similar tasks receive similar compensation. Career
changes, new hires and employees leaving the Group are communicated to our employees on a monthly basis.
Information on Relations with Customers and Suppliers
CRM – Customer Relations Management Unit
A CRM-Customer Relations Management Unit has been set up at our Company. The Unit works to ensure close
communication with our customers, monitors and records our relations with customers and develops initiatives that
will enhance the customer loyalty/profitability.
The principal responsibilities of the CRM Unit include the following:
• Ensuring adoption of the concept of working with a customer-focus as a corporate culture across the entire
organization;
• Taking all necessary action to ensure that data related to customers are kept accurately, up-to-date and
accessible,
• Planning and implementing customer contact and communication models on the basis of CLC (Customer Life
Cycle),
• Categorizing the customers according to their values and needs, drawing up investment plans in accord with
different value segments, and designing different service models suiting different needs,
• Conducting customer research, evaluating the results and planning appropriate next steps,
• Planning and taking necessary action to ensure and to constantly enhance customer satisfaction and customer
loyalty across the entire customer base of Do¤ufl Otomotiv,
• Conducting and reporting Customer Satisfaction Market Research (CSS, CSI, DSS, NPS, Mystery Shopper),
• Coordinating, and following-up, communication with customers by email, sms, direct mailing, and the web, in line
with the requests received from dealers and brands.
Customer Complaint Management
There is a Customer Relations and Operations Department in the Company to assure customer satisfaction. In
addition to assuring customer satisfaction, the Department also works to enhance customer retention and loyalty,
records and analyzes customer complaints/requests about our products and services received by phone, fax, email
or post, and gets back immediately to relevant customers with necessary responses. In performing these tasks,
utmost speed and attention are tried to be achieved with a view to provide the customers with a service that is
beyond their expectations. In addition, our call center offers emailing, telemarketing and launch services along with
all the services mentioned above. The Department also supervises and provides guidance to the supplier firm
providing our customers with on-the-road assistance.
page 109
Relations with Suppliers
Supplier companies are assessed based on a scoring system built upon objective and measurable criteria.
Supplier companies are selected based on documentary evidence supporting their capability to fulfill purchasing
terms and product/service specifications and their adequacy to sustain the same in a consistent and reliable
fashion. A lean and sustainable relationship is the basic principle adopted in our relations with suppliers, which are
shaped in accord with our quality policies.
Social Responsibility
Traffic is Life
Do¤ufl Otomotiv initiated a series of social responsibility activities with a view to create an elevated level of overall
responsibility, awareness and perception about traffic among the Turkish people and particularly in the young
generation. The very high ratio of children hurt in various ways in traffic accidents is the fact underlying Do¤ufl
Otomotiv’s efforts to instill a sense of responsibility and to educate the Turkish society on traffic, starting from early
ages.
Gathered under a unified roof with the slogan “Traffic is Life”, these social responsibility activities give a new
direction to traffic education. Attracting the spotlight by virtue of having succeeded in directly reaching 1.5 million
children with such organizations as “Music Contest with Traffic Theme” and the “Rear Seat Belongs to Me” within
the scope of the activities commenced in December 2004, Do¤ufl Otomotiv aims to reach a large audience and
achieve enhanced awareness in the society with its advertising campaign.
Do¤ufl Otomotiv-Volkswagen Training Lab, Samand›ra
At the “Do¤ufl Otomotiv Volkswagen Training Lab” opened in Samand›ra Industrial and Vocational School, Do¤ufl
Otomotiv provides training and employment opportunities to 18 students every year. The educational topics taught
at the lab include safety at work, introduction to VW and Do¤ufl Group, petrol engines, diesel engines, basic
electrical and current diagrams, measurement technique, ELSA and literature information, heating/AC and brake
systems, etc. Commenced from the sophomore year onwards, these lessons are taught by three teachers who are
and will continue to be trained by Do¤ufl Otomotiv along with Do¤ufl Otomotiv technical trainers.
SECTION IV – BOARD OF DIRECTORS
Structure and Formation of the Board of Directors, Independent Board Members
The members of the Board of Directors are Aclan Acar, Tanju Özenç, Hayrullah Murat Aka, Hasan Hüsnü Güzelöz,
Özlem Denizmen Kocatepe, Süleyman Kadir Tu¤tekin and Cem Yurtbay. The Chairman is Aclan Acar. Although
there are no independent members on our Company’s Board of Directors, the Board is constituted by individuals
possessing the required qualifications in line with the legal regulations.
The Company’s strategic goals, operational results and performance indicators are monitored by the Board of
Directors in regular monthly meetings.
Qualifications of Board Members
In the election of our Company’s Board members, the qualifications set forth in Section IV, Articles 3.1.1, 3.1.2 and
3.1.5 of the IFRS Corporate Governance Principles are observed and the members are elected in accordance with
the relevant provisions of the Turkish Commercial Code.
Mission, Vision and Strategic Goals of the Company
Do¤ufl Otomotiv undertook detailed work in 2006 to create its vision, mission and corporate strategies. The
strategies that will guide Do¤ufl Otomotiv’s activities in the coming years have been set by carefully blending
international comparative analyses and local experiences with an extensive participation from across the
organization.
page 110
Our Vision:
To provide innovative service beyond expectations.
Our Mission:
Do¤ufl Otomotiv is a reliable automotive company operating with a customer-focus, having an insight into its sector
and the expectations of its shareholders, defining new expectations and aiming to satisfy them at the optimum
level, possessing creative manpower, making the best of technology, targeting to offer efficient and profitable
service throughout the automotive value chain.
Our Strategy:
BE SIZABLE – BE CLOSE – BE CREATIVE
Our fundamental corporate strategies are spelled out as follows:
BE SIZABLE;
• As Do¤ufl Otomotiv, achieving systematic, productive and profitable expansion in its field of activity and growth in
added value in every aspect of the value chain in Turkey and in international markets
• Ensuring career development of its human resource to ensure, and at the same time as a result of, fast and
systematic evolution of this growth
BE CLOSE;
• Acquiring an insight into the expectations of our customers in the first place and of all our shareholders in
general, leveraging our relations with them to perfection beyond their expectations in the fastest manner possible
• Establishing efficient systems that will enable Do¤ufl Otomotiv to reach operational excellence in terms of
productivity and profitability and as such, closely monitoring and analyzing financial and operational status
BE CREATIVE;
• Creating differentiation and competitive edge through constant innovations based on a participative approach to
product development, customer service and business concept
• Developing actions and methods that will render the business “leaner, faster, cheaper” again with participation
and teamwork in process improvement
Risk Management and Internal Control Mechanism
Formulating internal audit and risk management policies and strategies and overseeing their operation ultimately
fall under the functions of the Board of Directors. Financial risks are monitored by the Financial Coordination
Department and reported to the Board of Directors and the Audit Committee. Operational risks are managed by
brand managers on the principle of compliance with company policies based on the findings of the Internal Audit
Department. The Board of Directors assigned the Audit Committee consisting of Board members with the execution
of auditing function. The Audit Committee performs its activities under the Audit Committee Guidelines.
Accordingly, there is an Internal Audit Department auditing internal control mechanisms, which operates under
DOAfi Audit Department Regulation drawn up in line with International Internal Audit Standards. The Internal Audit
Department reports the findings from the audits and matters requiring action, at least on a quarterly basis and as
and when necessary. In addition, the internal audit reports issued are kept in an environment that can be readily
accessed by the Board of Directors at all times.
Authority and Responsibilities of Board Members and Executives
The duties and powers of the Company’s Board Members and executives are spelled out in articles 12 and 13 of
the articles of association.
Operating Principles of the Board of Directors
Board of Directors meetings are set at the start of each year and communicated to participants. The Board meets at
least monthly and the meetings dates are circulated to all members in advance of such meeting.
page 111
The Board secretariat prepares a draft agenda based on input from the Chairman and sends it to other Board
members. Upon consideration by the Chairman of Board members’ suggestions to add or change agenda items,
the agenda is finalized.
The issues discussed in the Board meeting are entered into minutes and kept on file.
Board members can express opposing views on any issue and enter their commentaries in related resolutions.
There are no independent members on the Company’s Board of Directors.
Prohibition on Doing Business or Competing with the Company
The Company adopted the arrangements to be made parallel to Articles 334 and 335 of the Turkish Commercial
Code and based on the relevant General Assembly resolution with regard to whether or not to implement the
prohibition on doing business or competing with the Company for the Company’s Board of Directors during the
reporting period, and regarding the issues relating to conflicts of interest that may result from the Board members’
doing business and competing with the Company.
Code of Ethics
In keeping with the importance Do¤ufl Otomotiv Group attaches to corporate governance principles and ethical
values, the Human Resources and Training Coordination Department prepared the Ethical Principles Procedure
setting forth the codes of conduct regulating Do¤ufl Otomotiv employees’ relations with customers, suppliers and
other firms and people that have a commercial relation with the Company, and the media, as well as their
responsibilities and time and resource utilization. The Procedure was published with an announcement and made
available on the intranet accessible by all employees.
The Disciplinary Regulation spells out in writing the behaviors conflicting with the ethical principles covered in the
Procedure, contradicting with the laws, the value judgments of the society and of our Company, as well as those
infringing the rights of employees or customers, and hurting the Company and/or individuals. The penal sanctions
applicable in the case of such behaviors are also described therein. The said Regulation prepared by the Human
Resources and Training Coordination Department was published with an announcement and made available on the
intranet, accessible by all employees.
Number, Structures and Independence of the Committees under the Board of Directors
The Committees, their members and presidents set by the Board of Directors are presented below:
• Audit and Risk Committee: Murat Aka (President), Süleyman Tu¤tekin (Member)
• Dealer Development Committee: Cem Yurtbay (President)
• Logistics Committee: Süleyman Tu¤tekin (President)
• Human Resources Committee: Tanju Özenç (President)
• Strategic Planning, Business Development and Investor Relations Committee: Özlem Denizmen Kocatepe
(President)
• Legal Committee: Hasan Güzelöz (President), Murat Aka (Member)
• Corporate Governance Committee: Aclan Acar (President)
• Overseas Brand Communication and Management of Governmental Relations: Aclan Acar (President), Tanju
Özenç (Member)
Remuneration of the Board of Directors
Dividend payments can be made to the Company’s Board of Directors in accordance with the relevant provisions of
the articles of association, if and to the extent approved by the General Assembly.
page 112
INFORMATION ON THE CAPITAL STRUCTURE AND SHAREHOLDING
No changes occurred in the Company’s issued share capital during the reporting period.
From amongst our shareholders, Do¤ufl ‹nflaat ve Ticaret A.fi. sold its 3,350,000 shares corresponding to 3.045%
the Company’s share capital on 28 June 2006, and its 13,200,000 shares corresponding to 12% of the Company’s
share capital on 12 December 2006 to Do¤ufl Holding A.fi., again a shareholder in the Company. As a result of this
transaction, the interest held in our Company’s share capital by Do¤ufl ‹nflaat ve Ticaret A.fi. declined from 45.34%
to 30.29%, whereas Do¤ufl Holding’s interest therein rose from 19.96% to 35.00% by virtue of these two share
purchases.
The Company’s most recent shareholding structure after these changes is presented below.
Do¤ufl ‹nflaat
Publicly Held
Do¤ufl Holding
Katalonya
Other
Total
Shareholding Interest
(%)
45.34
34.50
19.96
0.20
0.00
100.00
31 December 2005
Number of Shares
(Million)
49,869
37,950
21,955
225
1
110,000
31 December 2006
Shareholding Interest
Number of Shares
(%)
(Million)
30.29
33,319
34.50
37,950
35.00
38,505
0.20
225
0.01
1
100.00
110,000
The Company did not distribute any profits in 2001, 2002 and 2003. However, on 19 March 2004, the Company
merged with Do¤ufl Otomotiv Holding A.fi., Do¤ufl Motor Servis ve Ticaret A.fi., Do¤ufl A¤›r Vas›ta Servis Ticaret
A.fi. and Genpar Otomotiv Ticaret A.fi., upon which dividend payments were made from extraordinary reserves. It
was decided to make a dividend distribution in the amount of TRL 53,000,000,000,000 at the Extraordinary General
Assembly held on 23 March 2004 and prior to the public offering of the Company’s stocks. The date of the
distribution was 31 March 2004, and because there were no non-corporate shareholders at such date, a net
dividend of TRL 481,8 was paid for each share of TRL 1,000 (the distribution was not subject to withholding tax,
therefore gross and net dividends were equal to one another). Out of the year-end 2004 profit, the Company paid
dividends in the amount of TRY 0.3168 to legal entities and TRY 0.2851 to real persons (after 10% Income Tax
deduction) per each share of TRY 1.00. The dividends distributed out of the 2005 profit was TRY 0.4113 per each
share of TRY 1.00 for legal entities and TRY 0.3702 per each share of TRY 1.00 for real persons (after 10% Income
Tax deduction).
INFORMATION ON DO⁄Ufi OTOMOT‹V STOCKS
Reuters symbol: DOAS.IS
Bloomberg symbol: DOAS
The initial public offering of Do¤ufl Otomotiv shares was carried out in 2004 and the Company’s shares are traded
at ‹stanbul Stock Exchange Market (ISE) under "DOAS.IS" symbol.
Performance *
Closing Price (TRY)
52 weeks – Highest (TRY) (02 May 2006)
52 weeks – Lowest (TRY) (28 June 2006)
Monthly % change
Quarterly % change
Semiannual % change
Annual % change
* figures as at 31 December 2006.
Source: Garanti Yat›r›m
5.70
11.50
4.32
-10.02
-19.10
10.70
-10.60
page 113
DOAS.IS Price and Volume (million USD)
60.0
9.00
8.00
50.0
7.00
40.0
6.00
5.00
30.0
4.00
20.0
3.00
2.00
10.0
1.00
0.0
Volume
02/07
01/07
11/06
10/06
09/06
07/06
06/06
05/06
03/06
02/06
01/06
11/05
10/05
09/05
07/05
06/05
05/05
03/05
02/05
01/05
11/04
10/04
09/04
07/04
06/04
0.00
Price
GENERAL AND ADMINISTRATIVE ACTIVITIES
In 2006, the sales quantities attained in the total market declined 14% in all the markets our brands are active,
whereas the year-on drop in the Company’s sales quantity was 10.8%.
Sales Units
Passenger Cars
Volkswagen
Audi
Porsche
SEAT
Skoda
Light Commercial Vehicles
Volkswagen
Skoda
Heavy Commercial Vehicles
Scania
Krone
Total
2004
50,068
33,094
4,297
129
5,546
7,002
26,984
26,984
2005
51,503
32,049
4,705
153
6,570
8,026
33,163
33,163
2,027
1,837
190
79,079
2,475
2,073
402
87,141
2006
42,741
27,619
4,956
220
4,572
5,374
32,062
31,947
115
2,908
2,099
809
77,711
Source: ODD (Association of Automotive Distributors) wholesales and TA‹D (Association of Commercial Vehicle
Importers) data / Do¤ufl Otomotiv
Total Market
Passenger Cars
Light Commercial Vehicles
Heavy Commercial Vehicles
Trailer Market
2004
452,292
244,551
28,829
4,952
2005
442,838
284,783
33,305
3,990
2006
371,325
243,670
33,393
5,450
Source: ODD (Association of Automotive Distributors) wholesales and TA‹D (Association of Commercial Vehicle
Importers) data / Do¤ufl Otomotiv
The Company’s revenues generated from sales as computed in accordance with IFRS accounting principles are
presented below.
Net Sales (TRY)
2004
2,307,345
2005
2,449,384
2006
2,527,200
page 114
Import amounts by years are presented below:
2004
1,061,042,867
Imports (Excluding Skoda, EURO)
2005
1,238,805,290
2006
1,219,072,143
Information on Senior Executives, 2006
Board Memebers:
Name & Surname
Aclan Acar
Tanju Özenç
Cem Yurtbay
Hasan Hüsnü Güzelöz
Murat Aka
Özlem Denizmen Kocatepe
Süleyman Tu¤tekin
Function
Chairman
Vice Chairman
Member
Member
Member
Member
Member
Employees Involved in the Management:
Name & Surname
Emir Ali Bilalo¤lu
Position
Audi and Porsche Brand General Manager
Academic Background
MSc
Tolga Senyücel
Scania, Krone and Meiller Brand General Manager Business Administration / MBA
‹zzet Berk Ça¤dafl
Finance, Budget Planning, Risk Management and
Investor Relations Coordinator
Engineering of Business
Administration / Business
Administration MBA, PhD
Tuba Köseo¤lu
Human Resources and Training Coordinator
Translation and Interpretation
Birgül Ak Karacahisarl›
VW Passenger Cars Brand General Manager
Business Administration–
Economics / MBA
Vedat Uygun
VW Commercial Vehicles Brand General Manager
Mechanical Engineering / MBA
Bahad›r ‹smail Gören
Katalonya Oto Brand General Manager
Business Administration
Zafer Baflar
Do¤ufl Oto Pazarlama ve Ticaret A.fi.
General Manager
Mustafa Ali Barut
General Manager, Operations
Mustafa Karabay›r
Acting General Manager, Logistics Services
Civil Engineering / Geological
Engineering
Bekir Sedat Yavuz
Dogus Auto Egypt General Manager
Civil Engineering / MSc
Giovanni Atilla Gino Bottaro Bentley & Lamborghini Brand General Manager
International Trade /
Mechanical Engineering
Mustafa Tu¤rul Denizaflan
DOD Brand General Manager
Economics
Osman Mehmet Sindel
Strategic Marketing and
Corporate Communication Coordinator
page 115
Employees Involved in the Management:
Academic
Background
Mechanical
Engineering
Functions in
the Partnership
in the Past
5 Years
General Manager
Reason for
Change
Departed from
the Group
Name & Surname
Erhan Ergün
Former Position
General Manager,
Logistic Services
Saffet Üçüncü
General Manager,
Do¤ufl Motor Sports;
Do¤ufl Otomotiv
Group After-Sales
Services and
Operation Management
Coordinator
Mechanical
Engineering /
Industrial
Engineering
Coordinator
Bekir Sedat Yavuz
Do¤ufl Oto
Kartal Regional Director
Civil
Engineering
Director
Dogus Auto
Egypt General
Manager
Appointment
as General
Manager
Giovanni Atilla
Gino Bottaro
Do¤ufl Oto Maslak
Regional Director
International
Trade /
Mechanical
Engineering
Director
Bentley &
Lamborghini
Corporate
Communication
Coordinator
Appointment
as General
Manager
Osman Mehmet Sindel
GÖSAfi Assistant
General Manager
Business
Administration
Assistant
General
Manager
Strategic Marketing &
Corporate
Communication
Coordinator
Transfer
within
the Group
Mustafa Ali Barut
Garanti Sigorta
Assistant General
Manager
Economicss
Assistant
General
Manager
General
Manager
Operation
Transfer
within
the Group
DO⁄Ufi OTOMOT‹V GROUP
31.12.2004
Actual
PermanentOutsourced
VW PASSENGER CARS
45
0
VW COMMERCIAL VEHICLES 39
1
VW COMMERCIAL MISR
0
0
SCANIA/KRONE/MEILLER
47
16
SCANIA & VW
MARINE ENGINES
AUDI/PORSCHE
29
0
BENTLEY/LAMBORGHINI
0
0
LOGISTIC SERVICES
88
30
SUPPORT SERVICES
101
51
DEALER MANAGEMENT
4
0
POOL MANAGEMENT AND
LEGAL PERMANENT STAFF 13
0
DO⁄Ufi OTOMOT‹V SERVICE366
98
KATALONYA
22
0
DOD
DO⁄Ufi OTO
673
197
DO⁄Ufi OTOMOT‹V GROUP1,061
295
New Position
Departed from
the Group
31.12.2005
31.12.2006
Actual
Actual
TotalPermanentOutsourced TotalPermanentOutsourced Total
45
52
0
52
47
0
47
40
46
0
46
65
0
65
0
0
0
0
1
0
1
63
71
3
74
77
0
77
0
29
0
118
152
4
13
464
22
0
870
1,356
36
0
123
174
6
0
0
4
33
0
32
540
28
4
44
0
893
1,461
60
104
0
36
0
127
207
6
39
7
126
209
9
36
584
28
0
953
1,565
23
603
24
27
991
1,645
0
0
4
16
0
0
39
7
130
225
9
5
28
25
628
0
24
1
28
23 1,014
49 1,694
page 116
AMENDMENTS TO THE ARTICLES OF ASSOCIATION IN THE REPORTING PERIOD
The Company made amendments to certain articles in its articles of association, namely to the “Objective and
Scope” due to its new lines of business, and to the relevant articles due to conversion to TRY. The amended
headings and articles are presented below in former and new versions.
Article 3 – OBJECTIVE AND SCOPE:
Article 3 – OBJECTIVE AND SCOPE:
FORMER VERSION
The Company is incorporated to engage in the importation of any
and all kinds of vehicles used in land transportation and off-road
activities, heavy construction equipment used in building and
infrastructure constructions, various vehicle engines and parts
including yacht motors used in marine transportation; in the partial
or full manufacturing, assembly, importation, maintenance and
servicing of, and spare parts manufacturing for, vehicles,
machinery and equipment used in agriculture and military fields; in
acting as the agent, representative of all kinds of products in the
automotive industry, as well as the marketing and distribution
thereof, importation, exportation, sales and assembly of spares
therefor, as well as in undertaking the maintenance and trading of
the said.
NEW VERSION
The Company is incorporated to engage in the importation of any
and all kinds of new and used vehicles used in land transportation
and off-road activities, heavy construction equipment used in
building and infrastructure constructions, various vehicle engines
and parts including yacht motors used in marine transportation; in
the partial or full manufacturing, assembly, importation,
maintenance and servicing of, and spare parts manufacturing for,
vehicles, machinery and equipment used in agriculture and
military fields; in acting as the agent, representative of all kinds of
products in the automotive industry, as well as the marketing and
distribution thereof, importation, exportation, sales and assembly
of spares therefor, as well as in undertaking the maintenance and
trading of the said; organizing events related to motor sports,
rewarding the successful participants, importing and exporting
automotive industrial products and spares related to the same;
purchasing, and procuring by leasing for importing and exporting
of all kinds of equipment, machinery, apparatus, tools and
gadgets for the service stations and workshops it will set up.
In order to conduct these activities and achieve its objective and
scope, the Company may carry out the below mentioned
transactions:
a) Establishing or building or otherwise procuring and operating
all kinds of factories, plants, workshops and warehouses, as well
as service stations, sales shops and offices necessary to realize its
objective and scope;
b) Importing and purchasing, or procuring by leasing or otherwise,
raw and semi-finished or finished materials and parts necessary
for the units to be manufactured and assembled, as well as all
kinds of installations, machinery, parts, equipment, tools and
gadgets for the factories, plants, workshops, service stations,
warehouses and other business places to be established by the
Company;
c) Carrying out all kinds of ordinary and commercial and financial
and industrial transactions and acts, and entering into business
undertakings related to its objective and scope; in brief, engaging
in importation and exportation;
d) Engaging in all kinds of commercial agency business, all kinds
of transportation in and out of the country, customs clearance,
brokerage and representation activities related to its scope,
e) Setting up, building or causing to be built, renting, operating
stores, galleries, service stations, and spares sales offices in order
to carry out marketing and distribution activities;
f) Acquiring general agency status and entering into all kinds of
related agreements. On condition that they be related with the
scope of the Company, acquiring the status of agency, consultant,
representative, and granting the status of agency, consultant,
representative to domestic and foreign companies,
g) Entering into patent, patent right, trademark, know-how
agreements in relation to its scope; purchasing, letting, renting,
and selling, if necessary, the same;
In order to conduct these activities and achieve its objective and
scope, the Company may carry out the below mentioned
transactions:
a) Establishing or building or otherwise procuring and operating
all kinds of factories, plants, workshops and warehouses, as well
as service stations, sales shops and offices necessary to realize
its objective and scope;
b) Importing and purchasing, or procuring by leasing or
otherwise, raw and semi-finished or finished materials and parts
necessary for the units to be manufactured and assembled, as
well as all kinds of installations, machinery, parts, equipment,
tools and gadgets for the factories, plants, workshops, service
stations, warehouses and other business places to be established
by the Company;
c) Carrying out all kinds of ordinary and commercial and financial
and industrial transactions and acts, and entering into business
undertakings related to its objective and scope; in brief, engaging
in importation and exportation;
d) Engaging in all kinds of commercial agency business, all kinds
of transportation in and out of the country, customs clearance,
brokerage and representation activities related to its scope,
e) Setting up, building or causing to be built, renting, operating
stores, galleries, service stations, and spares sales offices in order
to carry out marketing and distribution activities;
f) Acquiring general agency status and entering into all kinds of
related agreements. On condition that they be related with the
scope of the Company, acquiring the status of agency, consultant,
representative, and granting the status of agency, consultant,
representative to domestic and foreign companies,
g) Entering into patent, patent right, trademark, know-how
agreements in relation to its scope; purchasing, letting, renting,
and selling, if necessary, the same;
page 117
h) Provided that it is in compliance with applicable legislation,
establishing new companies with domestic or foreign companies
and firms, which are or will be established, participating in
companies and ventures already established, if so deemed
useful for the realization of its objective and scope. Purchasing
share certificates or interests and selling the same, when
necessary, provided that it shall not act as a broker. Issuing all
kinds of capital market instruments within the terms and
provisions of legal legislation. Entering into loan agreements
provided that it shall not act as a broker and securities portfolio
manager.
i) Entering into secured or unsecured long, medium or short
term loans in or out of Turkey and issuing capital market
instruments abroad in accordance with applicable legislation.
j) Acquiring, selling –when necessary-, constructing or causing
the construction of, and leasing real property necessary for the
Company’s activities; creating mortgage over the real property;
creating mortgage over the same in favor of banks or legal or
real persons as collateral for the debts of other Persons and
companies, provided that necessary disclosures within the
scope of material events as required by the Capital Markets
Board of Turkey are made so as to keep the investors informed;
k) Creating mortgage and suretyship in favor of third parties,
provided that necessary disclosures within the scope of material
events as required by the Capital Markets Board of Turkey are
made so as to keep the investors informed.
It may have mortgages revoked, pledge its movables, and
acquire and have revoked mortgage, pledge or real rights in
favor of the Company over the goods and real properties owned
by others as and when necessitated by the businesses and
undertakings assumed.
In addition to the foregoing business activities and transactions,
should it be wished to embark in the future upon other kinds of
business activities which shall be deemed beneficial and
necessary for the Company, provided that it is in compliance
with applicable legislation, the same shall be laid before the
General Assembly for its approval upon the proposal of the
Board of Directors, and the Company shall be able to be
engaged in the business activities it wishes, after such approval.
However, in order for execution of such a resolution, which is of
the nature of an amendment to the articles of association, the
required permissions shall be obtained from the Capital Markets
Board of Turkey and the Ministry of Industry and Trade as well
as from other relevant authorities, and necessary registration and
promulgation procedures shall be consummated.
h) Provided that it is in compliance with applicable legislation,
establishing new companies with domestic or foreign companies
and firms, which are or will be established, participating in
companies and ventures already established, if so deemed useful
for the realization of its objective and scope. Purchasing share
certificates or interests and selling the same, when necessary,
provided that it shall not act as a broker. Issuing all kinds of
capital market instruments within the terms and provisions of legal
legislation. Entering into loan agreements provided that it shall not
act as a broker and securities portfolio manager.
i) Entering into secured or unsecured long, medium or short term
loans in or out of Turkey and issuing capital market instruments
abroad in accordance with applicable legislation.
j) Acquiring, selling –when necessary-, constructing or causing the
construction of, and leasing real property necessary for the
Company’s activities; creating mortgage over the real property;
creating mortgage over the same in favor of banks or legal or real
persons as collateral for the debts of other Persons and
companies, provided that necessary disclosures within the scope
of material events as required by the Capital Markets Board of
Turkey are made so as to keep the investors informed;
k) Creating mortgage and suretyship in favor of third parties,
provided that necessary disclosures within the scope of material
events as required by the Capital Markets Board of Turkey are
made so as to keep the investors informed.
It may have mortgages revoked, pledge its movables, and acquire
and have revoked mortgage, pledge or real rights in favor of the
Company over the goods and real properties owned by others as
and when necessitated by the businesses and undertakings
assumed.
In addition to the foregoing business activities and transactions,
should it be wished to embark in the future upon other kinds of
business activities which shall be deemed beneficial and
necessary for the Company, provided that it is in compliance with
applicable legislation, the same shall be laid before the General
Assembly for its approval upon the proposal of the Board of
Directors, and the Company shall be able to be engaged in the
business activities it wishes, after such approval. However, in
order for execution of such a resolution, which is of the nature of
an amendment to the articles of association, the required
permissions shall be obtained from the Capital Markets Board of
Turkey and the Ministry of Industry and Trade as well as from
other relevant authorities, and necessary registration and
promulgation procedures shall be consummated.
page 118
Article 6 – SHARE CAPITAL
Article 6 – SHARE CAPITAL:
FORMER VERSION
The Company’s share capital is TL 110,000,000,000,000.- (one
hundred and ten trillion TL). The entirety of this capital is divided
into 110,000,000,000 bearer shares, each with a value of TL
1,000. The Company’s capital is fully paid-in.
NEW VERSION
The Company’s share capital is TRY 110,000,000.- (one hundred
and ten million TRY). The entirety of this capital is divided into
110,000,000 bearer shares, each with a value of TRY 1.-. The
Company’s capital is fully paid-in.
The Board of Directors may propose to the General Assembly to
increase the capital through issuing bearer share certificates in
accord with the provisions of the Turkish Commercial Code,
Capital Market Law and applicable legislation.
The Board of Directors may propose to the General Assembly to
increase the capital through issuing bearer shares in accord with
the provisions of the Turkish Commercial Code, Capital Market
Law and applicable legislation.
Article 7 – SHARE CERTIFICATES:
Article 7 – SHARE CERTIFICATES:
FORMER VERSION
All of the Company’s share certificates are bearer certificates.
The transfer of share certificates is governed by the Turkish
Commercial Code, Capital Market legislation and the provisions
of other applicable legislation. The Company’s Board of
Directors shall be authorized to issue share certificates in
denominations of various sizes representing more than one
share.
NEW VERSION
All of the Company’s shares are bearer certificates. The transfer of
shares is governed by the Turkish Commercial Code, Capital
Market legislation and the provisions of other applicable
legislation.
Article 14 – AUDITORS AND THEIR TERMS OF OFFICE
Article 14 – AUDITORS AND THEIR TERMS OF OFFICE
FORMER VERSION
The General Assembly shall elect one auditor from amongst
shareholders or non-shareholders, for a term of office of one
year.
NEW VERSION
The General Assembly shall elect at least one auditor from
amongst shareholders or non-shareholders, for a term of office of
3 years.
Auditors are obliged to perform the duties listed in Articles 353357 of the Turkish Commercial Code.
Auditors are obliged to perform the duties listed in Articles 353357 of the Turkish Commercial Code.
While the nominal value of each share was TL 1,000.-, the same
was converted into TRY 1.- within the scope of the law no. 5274
amending the TCC. Due to this conversion, the total number of
shares decreased, and 1 share of TRY 1.- shall be given in return
for 1,000 shares each with a value of TL 1,000.-. The shareholders’
rights arising from the shares they hold are reserved in the face of
the said conversion. The shares representing the capital are
tracked in dematerialized form within the principles of
dematerialization.
page 119
DIVIDEND DISTRIBUTION PROPOSAL
DO⁄Ufi OTOMOT‹V SERV‹S VE T‹CARET ANON‹M fi‹RKET‹
BOARD OF DIRECTORS RESOLUTION
Meeting No
Meeting Date
Meeting Place
: 2007/
: 15 March 2007
: Company Headquarters
The Board of Directors held a meeting chaired by Aclan Acar and discussed the following issues:
It has been unanimously resolved to propose to the General Assembly at the Company’s 2006 Ordinary General
Assembly Meeting to be convened on 29 March 2007 that the year 2006 profit, which is computed within the scope
of the balance sheet and income statement drawn up in accord with International Reporting Standards as per the
Capital Markets Board of Turkey communiqué, Serial: XI No: 25, be allocated as follows in line with the distribution
of profit principle set forth in Article 24 of the Company’s articles of association, pursuant to the CMB legislation,
Turkish Commercial Code (TCC) provisions and our articles of association, that the remaining profit be transferred
to the extraordinary reserves account and retained, and that the date of profit distribution be set by the Board of
Directors, provided that such date shall not be any later than 31 May 2007.
Net Profit for the Period
Profit from Affiliates, Subsidiaries and Partnership under Joint Management
whose General Assemblies did not decide to distribute profit (-)
I. Legal Reserve (-)
Donations in the Period (+)
Attributable Net Profit for the Period
Dividends to Shareholders (Cash)
(TRY 0.0617 Gross / TRY 0.0524 Net per each share in the amount of TRY 1.00) 50%
II. Legal Reserves
Board of Directors
21,992,000.00
8,134,000.00
1,577,971.62
1,288,233.60
13,568,261.98
6,787,000.00
128,700.00
page 120
Audit Report
Audit Report
To the General Assembly of DO⁄Ufi OTOMOT‹V SERV‹S VE T‹CARET A.fi.
Company Name
: Do¤ufl Otomotiv Servis ve Ticaret A.fi.
Headquarters
: Büyükdere Caddesi, Do¤ufl Grubu Binalar› No: 65
Maslak / ‹STANBUL
: 110.000.000,-TRY
: 110.000.000,-TRY
: Automotive Imports and Sales
Registered Capital
Paid-up Capital
Field of Activity
Statutory Auditors’ names, surnames and terms of office,
and whether they are shareholders or employees
of the Company
Number of Board of Directors meetings participated in,
and number of Board of Auditors meetings held
Scope, dates and conclusion of the examination made
on the accounts, books and documents of the Company
Number and results of the cash counts held in
the Company’s pay desk pursuant to Article 353,
paragraph 1, subparagraph 3 of
the Turkish Commercial Code
Dates and results of the examinations made pursuant
pursuant to Article 353, paragraph 1, subparagraph 4
of the Turkish Commercial Code
Complaints and irregularities received
and the actions taken in relation thereto
: Murat ‹NAN
Alp K‹NAY
Three years
They are not shareholders or employees of the Company.
: 3 Board of Directors meetings were participated in.
5 Board of Auditors meetings were held.
: In the audits performed on biannual basis, it was established that
the transactions are duly carried out in compliance with the Turkish
Commercial Code, the provisions of applicable legislation, the
Company’s articles of association, and the resolutions of the
General Assembly and the Board of Directors.
: Pursuant to Article 353, paragraph 1, subparagraph 3 of
the Turkish Commercial Code, the pay desk of the Company was
checked and counted four times and it was established
that the cash holdings conformed to the records
: Pursuant to Article 353, paragraph 1, subparagraph 4 of
the Turkish Commercial Code, assets of the Company were
were audited each month and it was established that they
conformed to the records
We have received no irregularities or complaints since the
date we were appointed as statutory auditors on 27 March 2006.
We have examined the accounts and transactions of Do¤ufl Otomotiv Servis ve Ticaret A.fi. for the period 01 January 2006 – 31
December 2006 with respect to their compliance with the Turkish Commercial Code, the Company’s articles of association, and
other applicable legislation, as well as generally accepted accounting principles and standards.
In our opinion, the attached balance sheet drawn up on 31 December 2006, the contents of which we acknowledge, fairly and
accurately presents the Company’s financial status on the date and the income statement for the period 01 January 2006 – 31
December 2006 fairly and accurately presents the operating results for the period. The suggestion on profit distribution is found
to be in compliance with the laws and the Company’s articles of association.
We hereby submit the balance sheet and income statement for your approval and the acquittal of the Board of Directors for your
voting.
Respectfully yours,
Murat ‹NAN
Alp K‹NAY
page 121
DO⁄Ufi OTOMOT‹V SERV‹S VE T‹CARET A.fi.
CONSOLIDATED FINANCIAL STATEMENTS AT 31 DECEMBER 2006
TOGETHER WITH INDEPENDENT AUDITOR’S REPORT
page 122
Baflaran Nas Ba¤›ms›z Denetim ve
Serbest Muhasebeci Mali Müflavirlik A.fi.
a member of
PricewaterhouseCoopers
BJK Plaza, Süleyman Seba Caddesi
No: 48 B Blok Kat 9 Akaretler
Befliktafl 34357 ‹stanbul-Turkey
www.pwc.com.tr
Telephone +90 (212) 326 6060
Facsimile +90 (212) 326 6050
INDEPENDENT AUDITOR’S REPORT
To the Board of Directors of Do¤ufl Otomotiv Servis ve Ticaret A.fi.
1. We have audited the accompanying consolidated financial statements of Do¤ufl Otomotiv Servis ve Ticaret A.fi. and its
subsidiaries (together, the “Group”) which comprise the consolidated balance sheet as of 31 December 2006 and the
consolidated income statement, consolidated statement of changes in equity and consolidated cash flow statement for the
year then ended and a summary of significant accounting policies and other explanatory notes.
Management’s responsibility for the financial statements
2. Management is responsible for the preparation and fair presentation of these consolidated financial statements in
accordance with International Financial Reporting Standards. This responsibility includes: designing, implementing and
maintaining internal control relevant to the preparation and fair presentation of financial statements that are free from
material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making
accounting estimates that are reasonable in the circumstances.
Auditor’s responsibility
3. Our responsibility is to express an opinion on these consolidated financial statements based on our audit. We
conducted our audit in accordance with International Standards on Auditing. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain reasonable assurance whether the financial statements are
free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial
statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material
misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to
design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies
used and the reasonableness of accounting estimates made by management, as well as evaluating the overall
presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Opinion
4. In our opinion, the accompanying consolidated financial statements present fairly, in all material respects, the
consolidated financial position of the Group as of 31 December 2006, and of its consolidated financial performance and its
consolidated cash flows for the year then ended in accordance with International Financial Reporting Standards.
Baflaran Nas Ba¤›ms›z Denetim ve
Serbest Muhasebeci Mali Müflavirlik A.fi.
a member of
PricewaterhouseCoopers
Murat Sancar, SMMM
Partner
‹stanbul, 13 March 2007
page 123
CONTENTS OF CONSOLIDATED FINANCIAL STATEMENTS AT 31 DECEMBER 2006
CONTENTS
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED STATEMENTS OF INCOME
CONSOLIDATED STATEMENTS OF RECOGNISED INCOME AND EXPENSE
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
CONSOLIDATED STATEMENTS OF CASH FLOWS
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 1 ORGANISATION AND NATURE OF OPERATIONS
NOTE 2 BASIS OF PRESENTATION OF CONSOLIDATED FINANCIAL STATEMENTS
NOTE 3 SIGNIFICANT ACCOUNTING POLICIES
NOTE 4 CASH AND CASH EQUIVALENTS
NOTE 5 BALANCES AND TRANSACTIONS WITH RELATED PARTIES
NOTE 6 TRADE RECEIVABLES
NOTE 7 INVENTORIES
NOTE 8 OTHER CURRENT ASSETS
NOTE 9 INVESTMENTS IN ASSOCIATES AND JOINT VENTURES
NOTE 10 AVAILABLE-FOR-SALE FINANCIAL ASSETS
NOTE 11 PROPERTY, PLANT AND EQUIPMENT- NET
NOTE 12 INTANGIBLE ASSETS-NET
NOTE 13 DEFERRED ASSETS/LIABILITIES
NOTE 14 OTHER NON-CURRENT ASSETS
NOTE 15 BANK BORROWINGS
NOTE 16 TRADE PAYABLES
NOTE 17 TAXES ON INCOME
NOTE 18 OTHER CURRENT LIABILITIES
NOTE 19 RESERVE FOR SEVERANCE PAYMENTS
NOTE 20 SHARE CAPITAL AND RESERVES
NOTE 21 EARNINGS PER SHARE AND DIVIDEND PAID OUT
NOTE 22 NET SALES
NOTE 23 DISTRIBUTION AND MARKETING EXPENSES
NOTE 24 GENERAL ADMINISTRATIVE EXPENSES
NOTE 25 OTHER OPERATING INCOME
NOTE 26 OTHER OPERATING EXPENSES
NOTE 27 FINANCIAL EXPENSES-NET
NOTE 28 MINORITY INTEREST
NOTE 29 FOREIGN CURRENCY POSITION
NOTE 30 COMMITMENTS AND CONTINGENCIES
NOTE 31 SUBSEQUENT EVENTS
NOTE 32 RISK MANAGEMENT DISCLOSURES
NOTE 33 OTHER DISCLOSURES WHICH MIGHT HAVE SIGNIFICANT EFFECT IN
UNDERSTANDING THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 34 CONVENIENCE TRANSLATION OF FINANCIAL STATEMENTS
PAGES
124
125
126
127
128
129
129-132
132-139
139-140
140-142
142
142
143
143
144
145-146
146-147
147-148
148
148-149
149
149-151
152
152-153
154
154-155
155
156
156
156
157
157
157
158-159
160-162
162
162-165
166
166-168
page 124
CONSOLIDATED BALANCE SHEETS AT 31 DECEMBER
(Amounts expressed in thousands of New Turkish Lira (“TRY”) unless otherwise stated.)
ASSETS
Cash and cash equivalents
Due from related parties
Trade receivables, net
Inventories
Other current assets
Notes
31 December 2006
31 December 2005
4
5
6
7
8
121,023
6,058
142,883
422,129
30,960
125,957
729
136,874
366,684
37,963
723,053
668,207
48,247
233,024
112,413
5,650
2,279
6,732
31,496
205,316
101,532
6,797
1,248
3,482
408,345
349,871
1,131,398
1,018,078
13,207
17,012
53,684
483,977
37,613
5,890
15,012
46,785
387,573
8,721
38,947
605,493
502,928
30,837
2,174
6,913
28,611
2,637
3,847
39,924
35,095
139,165
(287)
180,204
162,484
139,165
(287)
135,289
198,871
481,566
473,038
4,415
7,017
485,981
480,055
1,131,398
1,018,078
Total current assets
Investments in associates and joint ventures
Available-for-sale financial assets
Property, plant and equipment-net
Intangible assets-net
Deferred tax assets
Other non-current assets
9
10
11
12
13
14
Total non-current assets
Total assets
LIABILITIES
Short-term bank borrowings
Short-term portion of long-term bank borrowings
Due to related parties
Trade payables
Taxation on income
Other current liabilities
15
15
5
16
17
18
Total current liabilities
Long term bank borrowings
Reserve for severance payments
Deferred tax liabilities
15
19
13
Total non-current liabilities
Shareholders' equity and liabilities:
Share capital
Treasury shares
Reserves
Retained earnings
Total shareholders' equity attributable to equity
holders of the Company
Minority interest in equity
Total shareholders' equity
Total shareholders' equity and liabilities
20
28
The accompanying notes form an integral part of these consolidated financial statements
page 125
CONSOLIDATED STATEMENTS OF INCOME FOR THE YEARS ENDED 31 DECEMBER
Net sales
Cost of sales
Gross profit
Distribution and marketing expenses
General and administrative expenses
Other operating income
Other operating expense
Notes
2006
2005
22
2,527,200
(2,237,739)
2,465,691
(2,111,797)
289,461
(118,478)
(90,005)
15,118
(30,830)
353,894
(102,126)
(81,194)
14,003
(29,436)
65,266
155,141
(43,746)
2,029
-
(13,846)
13,462
(1,024)
23,549
153,733
(5,170)
(47,773)
18,379
105,960
20,981
(2,602)
107,793
(1,833)
18,379
105,960
109,774,598
109,774,598
0.1911
0.9819
23
24
25
26
Operating profit
Financial expense, net
Share in result of associates and joint ventures
Loss on monetary position, net
27
9
Profit before taxation
Taxes on income
17
Net profit for the year
Profit/(loss) attributable to:
Equity holders of the Company
Minority interest
28
Weighted average number of shares
with face value of 1 TRY each
Earnings per share for profit attributable to equity holders
of the Company during the year (TRY Full)
21
page 126
CONSOLIDATED STATEMENTS OF RECOGNISED INCOME AND EXPENSE
FOR THE YEARS ENDED 31 DECEMBER
Change in fair value of available-for-sale financial assets, net
Change in fair value of available-for-sale financial assets held by associates, net
2006
22,557
12,875
2005
92,005
-
Net income recognised directly in equity
35,432
92,005
18,379
105,960
Total recognised income for the year
53,811
197,965
Minority interest
56,413
(2,602)
199,798
(1,833)
Total recognised income for the year
53,811
197,965
Attributable to:
page 127
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
FOR THE YEARS ENDED 31 DECEMBER
Shareholders' equity attributable to equity holders of the parent company
Other reserves
Shareholders
Balance at 1 January 2005
Share
Treasury
capital
shares
139,165
(287)
Financial
equity
assets fair
attributable
Total
shareholders'
value
Legal
Total
Retained
to minority
reserves reserves
reserves
earnings
interest
equity
18,645
19,272
37,917
132,557
8,850
318,202
Transfer to legal reserves
-
-
-
5,367
5,367
(5,367)
-
-
Dividends paid
-
-
-
-
-
(36,112)
-
(36,112)
-
-
92,005
-
92,005
-
-
92,005
-
-
-
-
-
107,793
(1,833)
105,960
Balance at 31 December 2005
139,165
(287)
110,650
24,639
135,289
198,871
7,017
480,055
Balance at 1 January 2006
480,055
Change in fair value of available-for-sale
financial assets
139,165
(287)
110,650
24,639
135,289
198,871
7,017
Transfer to legal reserves
-
-
-
9,483
9,483
(9,483)
-
-
Dividends paid
-
-
-
-
-
(45,150)
-
(45,150)
-
-
-
-
-
(2,735)
-
(2,735)
-
-
22,557
-
22,557
-
-
22,557
-
-
12,875
-
12,875
-
-
12,875
-
-
-
-
-
20,981
(2,602)
18,379
139,165
(287)
146,082
34,122
180,204
162,484
4,415
485,981
Difference between the net asset acquired and the
consideration paid due to acquisition of minority
shares in subsidiary (Note 33)
Change in fair value of available-for-sale
financial assets, net
Change in fair value of available-for-sale financial
assets held by associates, net
Balance at 31 December 2006
page 128
CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED 31 DECEMBER
Notes
Operating activities:
Adjustments to reconcile net income to
net cash provided by operating activities
Gain on sales of property, plant and equipment
Provision for legal matters
Taxation charge
Depreciation and amortisation
Provision for severance payment
Warranty provision-net
Interest income
Interest expense
Accrued expenses
Impairment of goodwill
Effect of inflation on monetary items
Net cash provided from operating activities before
changes in operating assets and liabilities
Changes in operating assets and liabilities:
Change in trade receivables
Changes in due from/to related parties-net
Changes in inventories
Changes in trade payables
Changes in other assets/liabilities-net
Income taxes paid
Net cash provided by operating activities
Investing activities:
Acquisition of property, plant and equipment
Proceeds from sales of property, plant and equipment
Acquisition of intangible assets
Acquisition of minority shares of subsidiaries
Contribution to share capital of joint ventures
Contribution to share capital of available-for-sale investments
Net cash used in investing activities
Financing activities:
Interest received
Interest paid
Redemption of bank borrowings
Proceeds from bank borrowings
Redemption of loans from related parties-net
Dividends paid
Cash flows used in financing activities
Net (decrease)/increase in cash and cash equivalents
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
25
26
17
24
9
19
18
27
27
18
11
12
33
9
10
21
2006
2005
18,379
105,960
(771)
2,319
5,170
12,244
(2,029)
86
2,538
(5,521)
20,114
3,635
-
(783)
1,074
47,773
13,162
(13,462)
1,493
1,501
(1,552)
8,225
1,860
156
(649)
56,164
164,758
(6,009)
(4,470)
(56,139)
96,404
(4,957)
(19,705)
61,288
(55,697)
3,305
18,234
(13,957)
1,362
(44,324)
73,681
(22,406)
2,399
(507)
(2,735)
(1,847)
(5)
(25,101)
(9,292)
1,300
(1,084)
(5,580)
(14,656)
5,487
(18,781)
(11,916)
23,199
6,040
(45,150)
(41,121)
(4,934)
125,957
121,023
1,545
(7,219)
(24,517)
38,932
19,764
(36,112)
(7,607)
51,418
74,539
125,957
page 129
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2006
NOTE 1 - ORGANISATION AND NATURE OF OPERATIONS
Do¤ufl Otomotiv Servis ve Ticaret Afi (the “Company”) was established on 24 November 1999 as a distributor of
Volkswagen AG, and its activities include the importing, marketing and selling automobiles, commercial vehicles and spare
parts of Volkswagen Group brands (VW, Audi, Porsche, Bentley, Lamborghini, Scania, Krone, Meiller and VW Marine
Engines). The Company started its used car operations via its dealer network under the brand name “DOD”, purchased
from VDF Otomotiv Servis ve Ticaret Afi (“VDF Otomotiv”) in December 2005. The Company also organizes motorsport
activities under the brand name “Do¤ufl Motor Sporlar›” (“DMS”).
As of 31 December 2006, the Company has 3 Subsidiaries (31 December 2005: 2) 4 Associates
(31 December 2005: 4) and 2 Joint Ventures (31 December 2005: 2). The Company’s Subsidiaries as of 31 December
2006 are as follows:
• Katalonya Oto Servis ve Ticaret Afi (“Katalonya”) (Imports and distributes Seat brand),
• Do¤ufl Oto Pazarlama ve Ticaret Afi (“Do¤ufl Oto Pazarlama”) (Automobile dealer for group brands distributed by Do¤ufl
Otomotiv, Katalonya and Yüce Auto Motorlu Araçlar Ticaret A.fi. (“Yüce Auto”))
• Do¤ufl Auto Misr for Trading and Manufacturing Vehicles Joint Stock Company (“Do¤ufl Auto M›s›r JS”) has been
founded in 20 October 2006 to execute distribution and after sales services of light commercial vehicles of Volkswagen
brand with initial capital amounting to Egypt Pound 500,000.
The Company and its Subsidiaries (together referred to as the “Group”) operate in a single business segment. Since
Do¤ufl Auto M›s›r JS has begun its operations by the end of 2006, sales and operations of the Group are performed in
Turkey and no geographical segment information is considered necessary.
The Company and its subsidiaries -except for Do¤ufl Auto M›s›r JS- are registered in Turkey at the following address:
Do¤ufl Grubu Binalar›
Büyükdere Caddesi No: 65
34390 Maslak/Istanbul-Turkey
Do¤ufl Auto M›s›r JS is registered in Egypt and operates at the address below:
Sofitel Maadi Towers No 2301
Corniche El Nile Maadi -Cairo- Egypt
The number of employees of the Group as of 31 December 2006 is 1,762 (31 December 2005: 1,186).
The accompanying consolidated financial statements are authorized for issue by the Board of Directors on 13 March 2007.
NOTE 2 - BASIS OF PRESENTATION OF CONSOLIDATED FINANCIAL STATEMENTS
2.1 Accounting standards
The Company and its affiliates maintain their books of account and prepare their statutory financial statements in New
Turkish Lira (“TRY”) in accordance with the Turkish Commercial Code, tax legislation, the Uniform Chart of Accounts
issued by the Ministry of Finance and the accounting principles promulgated by the Capital Markets Board of Turkey
(“CMB”). These consolidated financial statements are based on the statutory records which are maintained under the
historical costs convention, except for certain financial assets and liabilities presented at their fair value, with the required
adjustments and reclassifications reflected for the purpose of fair presentation in accordance with International Financial
Reporting Standards (“IFRS”). The preparation of the consolidated financial statements in accordance with IFRS requires
page 130
the use of estimates and assumptions that affect the reported amounts of the assets, liabilities and disclosure of contingent
assets and liabilities at the date of the consolidated financial statements together with the reported amount of revenues
and expenses during the reporting period. Although these estimates are based on management’s best knowledge of
current events and actions, actual results may differ from these estimates.
2.2 Restatement for the effects of hyperinflation
The consolidated financial statements at 31 December 2005 are expressed in terms of the purchasing power of TRY at 31
December 2005. Effective from 1 January 2006 the restatement for the changes in the general purchasing power of TRY is
no longer required for the companies operating in Turkey for IFRS purposes. IAS 29 requires that financial statements
prepared in the currency of a hyperinflationary economy be stated in terms of the measuring unit current at the balance
sheet date, and that corresponding figures for previous periods be restated in the same terms. The restatement of the
comparative amounts was calculated by means of conversion factors derived from the Turkish nationwide wholesale price
index (“WPI”) published by the Turkish State Institute of Statistical Indices and conversion factors used to restate the
comparative amounts until 31 December 2005 are given below:
Dates
31 December 2005
31 December 2004
31 December 2003
Index
Conversion factors
Cumulative three-year
inflation rates
8,785.7
8,403.8
7,382.1
1.000
1.045
1.190
35.6%
69.7%
181.1%
2.3 Comparatives
The Group has prepared the consolidated balance sheet as of 31 December 2006 comparatively with the balance sheet at
31 December 2005, and consolidated income statement, consolidated cash flow statement and consolidated statement of
change in shareholders’ equity comparative to the period between 1 January and 31 December 2005.
2.4 Basis of consolidation
The consolidated financial statements include the accounts of the parent company, Do¤ufl Otomotiv and its Subsidiaries,
Associates and Joint Ventures, on the basis set out in sections (i), (ii) and (iii) below. The financial statements of the
companies included in the scope of consolidation have been prepared as of the date of the consolidated financial
statements.
(i) Subsidiaries
Subsidiaries are those enterprises controlled by the Group. Control exists when the Group has the power, directly or
indirectly, to govern the financial and operating policies of an enterprise so as to obtain benefits from its activities. In
assessing control, potential voting rights that are currently exercisable or convertible are taken into account. The financial
statements of the affiliates are included in the consolidated financial statements starting from the date that control
commences until the date that control ceases.
The balance sheets and statements of income of the Subsidiaries are consolidated on a line-by-line basis and the carrying
value of the investment held by Do¤ufl Otomotiv in its Subsidiaries is eliminated against the related shareholders' equity.
Intercompany transactions and balances between Do¤ufl Otomotiv and its Subsidiaries are eliminated on consolidation.
The cost of, and the dividends arising from, shares held by the Company are eliminated starting from shareholders' equity
and income for the period respectively.
Where necessary, accounting policies of the Subsidiaries have been changed to ensure consistency with the policies
adopted by the Group.
page 131
The table below sets out all the Subsidiaries included in the scope of consolidation and shows the Group’s proportion of
ownership interest at 31 December 2006 and 31 December 2005.
Name
Do¤ufl Oto Pazarlama
Katalonya
Do¤ufl Auto M›s›r JS
31 December 2006
31 December 2005
86.94
100.00
99.00
86.94
50.00
-
(ii) Associates
Associates are those enterprises in which the Group has significant influence, but does not have control, over the financial
and operating policies. The consolidated financial statements include the Group’s share of the total recognized gains and
losses of Associates on an equity accounting basis, from the date that significant influence commences until the date that
significant influence ceases. When the Group’s share of losses exceeds the carrying amount of the Associate, the carrying
amount is reduced to zero and recognition of further losses is discontinued except to the extent that the Group has
incurred obligations in respect of the Associate.
The table below sets out all the Associates included in the scope of consolidation and shows the Group’s proportion of
ownership interest at 31 December 2006 and 31 December 2005.
Name
Yüce Auto (*)
Do¤ufl Sigorta Arac›l›k Hizmetleri A.fi. (“Do¤ufl Sigorta”)
VDF Holding A.fi. (“VDF Holding”)
Volkswagen Do¤ufl Tüketici Finansman› A.fi. (“VDTF”)
31 December 2006
31 December 2005
50.00
42.00
38.22
48.00
50.00
42.00
38.22
48.00
(*) Even though the Group has 50% interest in Yüce Auto (Distributor of Skoda), the Group only exercises a significant
influence rather than joint control on the operations of Yüce Auto.
(iii) Joint Ventures
Joint Ventures are companies for which an economic activity is undertaken through contractual arrangements and subject
to joint control by the Group and one or more other parties. The Group exercises such joint control through the power to
exercise voting rights relating to shares in the companies as a result of ownership interest directly as a result of written
agreements. The Group accounts for its interest in Joint Ventures through equity method.
The table below sets out all Joint Ventures and the Group’s interest at 31 December 2006 and 31 December 2005:
Name
TÜVTURK Kuzey Tafl›t Muayene ‹stasyonlar›
Yap›m ve ‹flletim Afi (“TÜVTURK Kuzey”)
TÜVTURK Güney Tafl›t Muayene ‹stasyonlar›
Yap›m ve ‹flletim Afi (“TÜVTURK Güney”)
31 December 2006
31 December 2005
33.33
33.33
33.33
33.33
The partnership established by the Group, Akfen Holding A.fi. and TÜV - SÜD Teknik Güvenlik ve Kalite Denetim Ticaret
Limited fiirketi obtained the right to render the vehicle inspection services for 20 years by offering USD 613,500,000 at the
bid for “Privatization of Vehicle Inspection Stations in the 1st and 2nd Regions” led by the Privatization Administration of
Turkey. Accordingly vehicle inspection station services will be performed by TÜVTURK Kuzey and TÜVTURK Güney, which
page 132
were established with a share capital of TRY 50 thousand on 21 March 2005 and TRY 50 thousand on 2 May 2005,
respectively by the partnership.
NOTE 3 - SIGNIFICANT ACCOUNTING POLICIES
3.1 Revenue recognition
Revenue is recognized on an accrual basis at the time deliveries or acceptances are made, and measured at the fair value
of the consideration received or receivable. Net sales represent the invoiced value of goods shipped less sales returns and
commissions excluding sales taxes. When the arrangement effectively constitutes a financing transaction, the fair value of
the consideration is determined by discounting all future receipts using an imputed rate of interest. The difference between
the fair value and the nominal amount of the consideration is recognized as interest income in the period on an accrual
basis (Note 22).
3.2 Inventories
Inventories are valued at the lower of cost or net realisable value. Cost elements included in inventories comprise all costs
of purchase and other costs incurred in bringing the inventories to their present location and condition. The cost of
inventories is determined on specific identification basis for vehicles, moving weighted average basis for spare parts
inventory and monthly weighted average basis for other inventories. Net realisable value is the estimated selling price in
the ordinary course of business, less selling expenses (Note 7).
3.3 Property, plant and equipment and related depreciation
Property, plant and equipment are carried at cost less accumulated depreciation and impairment losses (see accounting
policy 3.5).
Expenditures incurred to replace a component of an item of property, plant and equipment that is accounted for
separately, including major inspection and overhaul costs, are capitalised. Other subsequent expenditures are capitalised
only when it increases the future economic benefits embodied in the item of property, plant and equipment. All other
expenditures are recognized in the consolidated statement of income as an expense as incurred.
Property, plant and equipment are depreciated over the estimated useful lives of the related assets from the date of
purchase or the date of installation, on a straight-line basis.
The estimated economic useful lives are as follows:
Years
Buildings
Land improvements
Machinery and equipment
Office equipment
Motor vehicles
25-50
4-50
5-10
4-15
5-10
Leasehold improvements are amortised over the periods of the respective leases, also on a straight-line basis.
Expenditures for major renewals and betterment of property, plant and equipment are capitalised and depreciated over the
remaining useful lives of the related assets.
page 133
Where the carrying amount of an asset is greater than its estimated recoverable amount, it is written down immediately to
its recoverable amount.
Gains or losses on disposals of property, plant and equipment are determined by comparing proceeds with their costs and
are included in the related income and expense accounts, as appropriate.
3.4 Intangible assets
Intangible assets comprise of information systems and softwares. Information systems and software are carried at cost less
accumulated amortization and impairment. Intangible assets are amortized on a straight-line basis over their estimated
useful lives for a period not exceeding 5 years from the date of acquisition.
Goodwill represents the difference between the acquisition price and the fair value of the assets acquired. Goodwill arising
on a purchase transaction before 31 March 2004 was capitalized and amortized on a straight-line basis over its estimated
useful life which was determined as 5 years until 31 December 2004. With the amendment in accounting standards
effective from 1 January 2005, amortization of goodwill was terminated; net book value of goodwill is reviewed annually
and is adjusted for impairment, if any.
3.5 Impairment of assets
The carrying amounts of the Group’s assets are reviewed at each balance sheet date, to determine whether there is any
indication of impairment. When an indication of impairment exists, the Group estimates the residual values of such assets.
Impairment exists if the carrying value of an asset or a cash generating unit is greater than its recoverable amount which is
the higher of value in use or fair value less costs to sell. Value in use is the present value of the future cash flows expected
to be derived from an asset or cash-generating unit. An impairment loss is recognized immediately in income statement. A
cash-generating unit is the smallest identifiable group of assets that generates cash inflows that are largely independent of
the cash flows from other assets or group of assets.
An impairment loss recognized in prior periods for an asset is reversed if there is a change in the estimates used to
determine the asset’s recoverable amount since the last impairment loss was recognized.
3.6 Financial liabilities and borrowing costs
Borrowings are recognized initially at proceeds received, net of transaction costs incurred. Borrowings are subsequently
stated at amortised cost using the effective yield method; any difference between the proceeds and redemption value is
recognized in the income statement over the period of the borrowings. Borrowing costs are charged to the income
statement when they are incurred. Financial liabilities are derecognised when they are paid or cancelled (Note 15).
3.7 Financial assets
(i) Classification
Financial instruments at fair value through profit or loss are either acquired for generating a profit from short-tem
fluctuations in price or dealer’s margin, or included in a portfolio in which a pattern of short-term profit making exists.
These include investments and derivative contracts that are not designated as effective hedging instruments. Financial
assets at fair value through profit or loss, initially recognized at cost and are subsequently remeasured at fair value based
on quoted bid prices. All related gains and losses are included in the consolidated statement of income.
Held-to-maturity assets are financial assets with fixed or determinable payments and fixed maturity that the Group has the
intent and ability to hold to maturity.
page 134
Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an
active market. Loans and receivables are financial assets other than the assets the entity intends to sell immediately or in
near term, the financial assets designated as available-for-sale and the financial assets which may not be recovered
substantially other than because of credit deterioration.
Available-for-sale assets are financial assets other than financial instruments at fair value through profit or loss, held to
maturity financial assets and loans and receivables. These are included in non-current assets unless management has the
intention of holding these investments for less than 12 months from the balance sheet date, or unless they will need to be
sold to raise operating capital, in which case they are included under current assets. The appropriate classification is
determined at the time of the purchase and evaluated by management on a regular basis. Available-for-sale instruments
include equity investments.
(ii) Recognition
Financial assets held for trading and available-for-sale assets are recognized on the date at which the asset is purchased.
Cost of purchase includes transaction costs. Subsequently any gains and losses arising from changes in fair value of the
assets are recognized as explained below in paragraph (v).
Held-to-maturity instruments and loans and receivables are recognized on the day they are transferred to the Group.
(iii) Measurement
Financial instruments are measured initially at cost, including transaction costs. Subsequent to initial recognition, all
trading instruments and all available-for-sale assets are measured at fair value, except for the instruments that do not have
a quoted market price in an active market and whose fair value cannot be reliably measured which are stated at cost,
including transaction costs, less impairment losses.
All loans and receivables and held-to-maturity assets are measured at amortised cost less impairment losses. Amortised
cost is calculated on the effective interest rate method. Premiums and discounts, including initial transaction costs, are
included in the carrying amount of the related instrument and amortised based on the effective interest rate of the
instrument.
(iv) Fair value measurement principles
The fair value of financial instruments is based on their quoted market price at the balance sheet date without any
deduction for transaction costs. If a quoted market price is not available, the fair value of the instrument is estimated by the
Group using available market information and appropriate valuation methodologies. However, judgment is necessarily
required to interpret market data to develop the estimated fair value. Accordingly, the estimates made are not necessarily
indicative of the amounts that could be realised in current market exchange.
The fair value of derivatives that are not exchange-traded is estimated at the amount that the Group would receive or pay
to terminate the contract at the balance sheet date taking into account current market conditions and the current
creditworthiness of the counter parties.
(v) Gains and losses on subsequent measurement
Gains and losses arising from changes in the fair value of trading instruments are recognized in the consolidated
statement of income.
Gains and losses arising from changes in the fair value of available-for-sale assets are recognized in equity unless a
permanent impairment occurs.
page 135
(vi) Derecognition
A financial asset is derecognized when the control over the contractual rights that comprise that asset is lost. This occurs
when the rights are realised, expire or are surrendered.
Available-for-sale assets and assets held for trading that are sold are derecognized and corresponding receivables from
the buyer for the payment are recognized as of the date the Group sell the assets. The specific identification method is
used to determine the gain or loss on derecognition.
Held-to-maturity instruments and loans and receivables are derecognized on the day they are transferred by the Group.
3.8 Business combinations
All business combinations are accounted for through applying the purchase method. Excess of acquirer’s interest in the
net fair value of the identifiable assets, liabilities and contingent liabilities over the business combination cost is accounted
for as goodwill. Goodwill recognized in a business combination is tested for impairment annually or more frequently if
events or changes in circumstances indicate impairment, instead of amortization.
Excess of acquirer’s interest in the net fair value of identifiable assets, liabilities and contingent liabilities over the cost of
business combination, is accounted for as income in the related period.
Legal mergers arising between companies controlled by the Group are not within the scope of business combinations.
Consequently, no goodwill is recognised in such transactions. Similarly the effects of all transactions between the legally
merged enterprises, whether occurring before or after the legal merger, are eliminated in the preparation of consolidated
financial statements.
Acquisition of minority interest in subsidiaries is not treated as a business combination. Therefore the net assets are not
stepped up to fair value and any excess amount paid over the Group’s share of net assets is recorded in equity.
3.9 Foreign currency transactions
Income and expenses arising in foreign currencies are translated at the exchange rates prevailing at the dates of the
transactions. Monetary assets and liabilities denominated in foreign currencies are translated into New Turkish Lira at the
exchange rates prevailing at the balance sheet dates. Exchange gains or losses arising from settlement and translation of
foreign currency items are included in the consolidated statement of income.
3.10 Earnings per share
Earnings per share disclosed in the consolidated statement of income are determined by dividing net income by the
weighted average number of shares outstanding during the period concerned. Parent Company shares owned by the
Group are not taken into consideration in the calculation of earnings per share.
In Turkey, companies can increase their share capital through pro-rata distribution of shares (‘’bonus shares’’) to existing
shareholders from retained earnings and inflation adjustment to shareholder’s equity. For the purpose of earnings per
share computations, the weighted average number of shares in existence during the period has been adjusted in respect
of bonus share issues without a corresponding change in resources, by giving them retroactive effect for the period in
which they were issued and each earlier year as if the event had occurred at the beginning of the earliest period reported.
3.11 Subsequent events
In the case of the occurrence of subsequent events after the date of the balance sheet which require the balance sheet to
be adjusted, the Group corrects its consolidated financial statements in consideration of the new events. Events which do
not require adjustments are explained in the notes to the consolidated financial statements if they are material as they
could affect investors’ decisions.
page 136
3.12 Provisions, commitments and contingencies
Provisions are recognized when the Group has a present legal constructive obligation as a result of past events, it is
probable that an outflow of resources will be required to settle the obligation, and a reliable estimate of the amount can be
made.
Where the effect of the time value of money is material, the amount of a provision shall be the present value of the
expenditures expected to be required to settle the obligation. The discount rate reflects current market assessments of the
time value of money and the risks specific to the liability. The discount rate shall be a pre-tax rate and shall not reflect risks
for which future cash flow estimates have been adjusted.
3.13 Changes and errors in accounting policies and estimates
Material changes in accounting policies and material errors are corrected retrospectively and the financial statements of
the previous period are restated accordingly. If the estimate changes are only related with the current period such changes
are reflected in the current period’s consolidated financial statements; whereas if they are related with both the current and
the following periods; they are reflected to the related periods.
3.14 Leases
Financial leases
Leases of property, plant and equipment where the Group has substantially all the risks and rewards of ownership are
classified as finance leases. Finance leases are capitalised at the inception of the lease at the lower of the fair value of the
leased property or the present value of the minimum lease payments. Each lease payment is allocated between the liability
and finance charges so as to achieve a constant rate on the finance balance outstanding. The corresponding rental
obligations, net of finance charges, are included in other current/non-current liabilities. The interest element of the finance
cost is charged to the consolidated income statement over the lease period. The property, plant and equipment acquired
under finance leases are depreciated over the shorter of the useful life of the asset or the lease term. Financial lease
obligations are accounted at the acquisition cost of the related property, plant and equipment. Interest payments, which
arise from leasing agreement, are accounted as expense in consolidated income statement during the rent period.
Operating leases
Leases where a significant portion of the risks and rewards of ownership are retained by the lessor are classified as
operating leases.
Payments made under operating leases (net of any incentives received from the lessor) are charged to the consolidated
income statement on a straight-line basis over the period of the lease.
3.15 Related parties
For the purpose of these consolidated financial statements, the Group’s ultimate parent company Do¤ufl Holding A.fi.
(“Do¤ufl Holding”) and all its subsidiaries, shareholders, key management and board members, in each case together with
their families and companies controlled by or affiliated with them, and subsidiaries are considered and referred to as
related parties. A number of transactions are entered into with related parties in the normal course of the business. These
transactions were priced predominantly at market rates.
3.16 Segment reporting
The Group operates in a single business segment. Since, Do¤ufl Auto M›s›r JS has begun its operations at 2006 year end,
sales and operations of the Group are made in Turkey and no geographical segment reporting is considered necessary.
page 137
3.17 Taxes on income
Taxes on income for the period comprise of current tax and the change in the deferred taxes. Current taxes on income
comprise tax payable calculated on the basis of expected taxable income for the period using the tax rates enacted at the
balance sheet date and any adjustment in taxes payable for previous years.
Deferred income tax is provided, using the liability method, on all taxable temporary differences arising between the
carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes,
except for differences relating to goodwill not deductible for tax purposes and initial recognition of assets and liabilities
which affect neither accounting nor taxable profit. Deferred tax liabilities and assets are recognized when it is probable that
future economic benefits resulting from the reversal of taxable temporary differences will flow to or from the Group.
Deferred tax assets are recognized to the extent that it is probable that future taxable profit will be available against which
the deferred tax asset can be utilised. Currently enacted or substantively enacted tax rates are used to determine deferred
taxes on income.
Deferred tax assets and deferred tax liabilities related to income taxes levied by the same taxation authority are offset when
there is a legally enforceable right to offset current tax assets against current tax liabilities (Note 13).
3.18 Reserve for severance payments and employee benefits
Reserve for severance payments represent the present value of the estimated future probable obligation of the Group
arising from the retirement of the employees and calculated in accordance with the Turkish Labour Law taking into account
actuarial information (Note 19). It is measured and recognised in the financial statements on an accrual basis as it is
earned by serving employees. The computation of the liabilities is based upon the retirement pay cap announced by the
Government.
An obligation under profit sharing and bonus plans result from employee service and do not form a transaction with the
Company’s owners. Therefore the Company recognises the cost of profit sharing and bonus plans not as a distribution of
net profit but as an expense.
3.19 Reclassification of comparative information
Where necessary, comparative figures are reclassified to conform to changes in presentation in the current year so that
reclassification will result in a more appropriate presentation of events or transactions.
3.20 Repurchase and resale transactions
Securities purchased under agreements to resell (“reverse repurchase agreements”) are classified under cash and cash
equivalents in the consolidated financial statements. The difference between the purchase and resale price of these
repurchase agreements is treated as interest income and accrued over the life of the reverse repurchase agreement.
3.21 Trade receivables
Trade receivables that are created by the Group by way of providing goods or services directly to a debtor are carried at
amortised cost. Short duration receivables with no stated interest rate are measured at original invoice amount unless the
effect of imputing interest is significant.
A credit risk provision for trade receivables is established if there is objective evidence that the Group will not be able to
collect all amounts due. The amount of the provision is the difference between the carrying amount and the recoverable
amount, being the present value of all cash flows, including amounts recoverable from guarantees and collateral,
discounted based on the original effective interest rate of the originated receivables at inception.
page 138
If the amount of the impairment subsequently decreases due to an event occurring after the write-down, the release of the
provision is credited to other income.
3.22 Credit finance income/charge
Credit finance income/charges represent imputed finance charges on credit sales and purchases. Such income and
charges are recognized using the effective yield method over the period of credit sales and purchases, and included under
financial income and expenses.
3.23 Financial risk management
The Group’s activities expose it to a variety of financial risks, including the effects of changes in debt and equity market
prices, foreign currency exchange rates and interest rates. The Group’s overall risk management program focuses on the
unpredictability of financial markets and seeks to minimize potential adverse effects on the financial performance of the
Group.
The risk management program is applied by the Group in line with the policies set by the Board of Directors.
(i) Foreign currency risk
The Group is exposed to foreign exchange risk through the impact of rate changes on the translation of foreign currency
denominated assets and liabilities to New Turkish Lira. These risks are monitored by management and limited by the
analysis of foreign currency position through obtaining positions within approved limits.
(ii) Interest rate risk
The Group is exposed to interest rate risk through the impact of rate changes on interest bearing financial instruments.
These exposures are managed by using natural hedges that arise from offsetting interest rate sensitive assets and
liabilities.
(iii) Credit risk
Ownership of financial assets involves the risk that counterparties may be unable to meet the terms of their agreements.
These risks are monitored by credit ratings, obtaining guarantee letters and limiting the aggregate risk to any individual
counterparty.
(iv) Liquidity risk
The ability to fund the existing and prospective debt requirements is managed by maintaining the availability of adequate
committed funding lines from lenders.
3.24 Accounting for derivative financial instruments
Derivative financial instruments are initially recognized in the balance sheet at cost and subsequently measured at their fair
value. The derivative instruments of the Group consist of foreign exchange forward and option contracts. The difference
between the fair value and the initial cost of the derivative financial instrument is recognized in the consolidated statement
of income as appropriate.
3.25 Fair value information
Fair value is the amount at which a financial instrument could be exchanged in a current transaction between willing
parties, other than in a forced sale or liquidation, and is best evidenced by a quoted market price, if one exists.
The estimated fair values of financial instruments have been determined by the Group using available market information
and appropriate valuation methodologies. However, judgment is necessarily required to interpret market data to estimate
the fair value. Accordingly, the estimates presented herein are not necessarily indicative of the amounts the Group could
realize in a current market exchange.
page 139
The following methods and assumptions were used to estimate the fair value of the financial instruments for which it is
practicable to estimate fair value:
• The fair values of balances denominated in foreign currencies, which are translated at period-end exchange rates, are
considered to approximate their carrying value.
• The fair values of cash, amounts due from banks and other monetary assets are considered to approximate their
respective carrying values due to their short-term nature.
• The carrying values of trade receivables along with the related allowances for uncollectibility are estimated to
approximate their fair values.
• The fair values of funds borrowed and other monetary liabilities are considered to approximate their respective carrying
values due to their short-term nature.
• Trading liabilities have been estimated at their fair values.
• Long-term borrowings, which are denominated in foreign currencies at variable rates, are translated at period-end
exchange rates and accordingly their fair values approximate their carrying values.
3.26 Warranties
The warranties on automobiles sold by the Group are issued by the producers (Volkswagen, Audi, Porsche, Seat, Scania,
Krone) where the Group acts as an intermediary between the customers and the producer. The claims of customers from
the Group are recognized as warranty expense. The Group recognises the amount claimed from the producers as
warranty income and offset against warranty expense. The Group incurs the cost that is not paid by the manufactures.
Accordingly, the Group recognises the estimated liability for the difference between possible warranty claims of customers
and possible warranty claims from the producers based on historical service statistics.
3.27 Offsetting
Financial assets and liabilities are offset and the net amount reported in the accompanying consolidated balance sheet
when there is a legally enforceable right to set off the recognized amounts and there is an intention to settle on a net basis,
or to realise the asset and settle the liability simultaneously.
3.28 Capital increases and dividends
Pro-rata capital increases to existing shareholders are accounted for at par value as approved. Dividend receivables from
companies, except for Subsidiaries and Joint Ventures are recognized as income in the period they are declared.
Dividends are recognised as a liability as a result of profit distribution in the period they are declared.
3.29 Cash and cash equivalents
Cash and cash equivalents comprise cash balances on hand, deposits at banks and short-term highly liquid investments
with maturities of three months or less when purchased.
NOTE 4 - CASH AND CASH EQUIVALENTS
Cash and cash equivalents comprise of the following:
Cash on hand
Cash at banks
-time deposits
-demand deposits
-credit card receivables
Total
31 December 2006
31 December 2005
37
120,986
99,942
14,158
6,886
37
125,920
91,232
28,936
5,752
121,023
125,957
page 140
As of 31 December 2006, TRY 28 thousand (31 December 2005: TRY 65 thousand) of cash at banks is blocked against a
letter of guarantee obtained from the related bank.
As of 31 December 2006 and 31 December 2005, effective interest rates on time deposits were as follows:
TRY
USD
EURO
31 December 2006
31 December 2005
18.00%
5.00%
2.89% - 3.75%
13.00% - 14.00%
3.50%
1.50% - 2.15%
NOTE 5 - BALANCES AND TRANSACTIONS WITH RELATED PARTIES
5.1 Cash and cash equivalents
The amounts due from Türkiye Garanti Bankas› A.fi. (“Garanti Bankas›”) presented under cash and cash equivalents are
as follows:
31 December 2006
31 December 2005
Deposits
Credit card receivables
33,110
3,171
61,054
4,039
Total
36,281
65,093
As of 31 December 2006, interest rate regarding TRY time deposits due from Garanti Bank is 18.00% per annum (31
December 2005: 14.00%). Interest rates for USD and Euro denominated time deposits are 5.00% and 3.00%, respectively
(31 December 2005: 3.50% and 1.50%-2.15%).
5.2 Due from related parties
Amounts due from related parties are as follows:
VDF Otomotiv Servis ve Tic. A.fi.
NTV Haber Ajans› Reklam ve Tic. A.fi.
VDF Sigorta Arac›l›k Hizmetleri A.fi.
Garanti Bankas›
Other
Total
31 December 2006
31 December 2005
5,483
195
184
102
94
224
4
81
420
6,058
729
page 141
5.3 Due to related parties
Amounts due to related parties are as follows:
31 December 2006
31 December 2005
Garanti Faktoring Hizmetleri A.fi. 1
Garanti Sigorta A.fi.
Do¤ufl Holding 2
Garanti Biliflim Teknolojisi ve Tic. A.fi.
Yüce Auto
Antur Turizm A.fi.
Do¤ufl Grubu ‹letiflim Yay›nc›l›k ve Ticaret A.fi.
Garanti Teknolojinet ‹letiflim Hizm. ve Tic. A.fi.
Other
50,000
2,376
594
259
246
91
48
43
27
30,000
173
13,960
58
697
46
113
1,738
Total
53,684
46,785
1
As of 31 December 2006, payables to Garanti Faktoring Hizmetleri A.fi. amounting to TRY 50,000 thousand (31
December 2005: TRY 30,000 thousand) are related with the factoring arrangements the Group entered into.
2
As of 31 December 2005, TRY 13,418 thousand (equivalent of USD 10,000,000) of the payables to Do¤ufl Holding
represent liabilities in relation to funds obtained from Do¤ufl Holding on
29 December 2005, with a maturity date of 3 January 2006 and an annual interest rate of 5.33%.
5.4 Transactions entered into with related companies
For the years ended 31 December, the total amount of transactions entered into with related companies are as follows:
Sales and other income generating transactions:
2006
2005
Product sales, net
Financial income
Service sales
Other sales
19,762
4,232
2,863
3,191
30,095
1,856
1,241
3,572
Total
30,048
36,764
2006
2005
Services received
Financial expenses
Other expenses
27,134
563
532
22,341
95
1,678
Total
28,229
24,114
Purchases and other expense generating transactions:
page 142
5.5 Key management personnel employee benefits
For the year ended 31 December 2006, total benefits granted to key management personnel amount to TRY 9,754
thousand (31 December 2005: TRY 6,833 thousand). For the year ended 31 December 2006, benefits granted to key
management personnel, amounting to TRY 1,211 thousand comprised of profit shares distributed out of net profit of 2005
(31 December 2005: TRY697 thousand)
5.6 Donations to related institutions and foundations
For the year ended 31 December 2006, total donations made to Ayhan fiahenk Foundation amount to TRY 34 thousand.
(31 December 2005: TRY 115 thousand)
NOTE 6 - TRADE RECEIVABLES, NET
31 December 2006
31 December 2005
Trade receivables
Notes receivable
Total trade receivables
Less: Allowance for doubtful receivables
143,169
5
143,174
(291)
126,088
10,826
136,914
(40)
142,883
136,874
As of 31 December 2006, the Group charges 4% monthly interest to the dealers regarding over due receivables (31
December 2005: 4%).
NOTE 7 - INVENTORIES
As of 31 December 2006 and 31 December 2005, inventories comprise of the following:
31 December 2006
31 December 2005
Goods in transit
Merchandise stocks – vehicles
Merchandise stocks – spare parts
Advances given
291,759
85,075
43,115
2,180
254,432
71,814
37,690
2,748
Total
422,129
366,684
Goods in transit comprise of vehicles and spare parts, customs transactions of which have not been
completed yet, but risk and rewards of which have been transferred to the Group.
page 143
NOTE 8 - OTHER CURRENT ASSETS
Other current assets comprise of the following:
31 December 2006
31 December 2005
9,820
8,929
4,971
2,756
2,705
1,779
23,726
7,865
2,544
2,450
11
1,367
30,960
37,963
Warranty claims
Prepaid expenses
Value added tax (VAT) receivable
Receivables due to insurance claims
Prepaid tax (Note 17)
Other
Total
NOTE 9 - INVESTMENTS IN ASSOCIATES AND JOINT VENTURES
At 31 December 2006 and 31 December 2005, investments in associates and joint ventures and the Group’s ownership
interest are as follows:
31 December 2006
Amount
Share (%)
Investment in associates:
VDTF
Do¤ufl Sigorta
Yüce Auto
VDF Holding
Joint ventures:
TÜVTURK Kuzey
TÜVTURK Güney
Total
31 December 2005
Amount
Share (%)
18,337
14,841
5,388
5,388
43,954
48.00
42.00
50.00
38.22
10,549
1,675
5,333
10,136
27,693
48.00
42.00
50.00
38.22
3,876
417
4,293
33.33
33.33
3,803
3,803
33.33
33.33
48,247
31,496
The movements in investments in associates and jointly controlled entities during the years ended
31 December are as follows:
2006
2005
Balance at the beginning of the period
Change in fair value of available-for-sale financial assets held by associates, net
Deferred tax effect of available-for-sale financial assets held by associates
Contribution to increase in share capital of joint ventures
Share in results of associates and joint ventures
31,496
13,553
(678)
1,847
2,029
12,454
5,580
13,462
Balance at the end of the year
48,247
31,496
page 144
NOTE 10 - AVAILABLE-FOR-SALE FINANCIAL ASSETS
At 31 December 2006 and 31 December 2005, available-for-sale investments comprise of the following:
31 December 2006
Amount
Share (%)
Do¤ufl Holding
Garanti GYO
233,019
5
Total
233,024
3.86
0.03
31 December 2005
Amount
Share (%)
205,316
-
3.86
205,316
Available-for-sale investments do not have a quoted market price in an active market. The fair value of Do¤ufl Holding
shares is estimated by the Group using available market information and appropriate valuation methodology. Since Garanti
Yat›r›m is quoted to stock exchange, fair value of the Company is calculated by considering average closing prices of the
last 5 days before the balance sheet date.
The movements in available-for-sale investments within the year are as follows:
2006
2005
Balance at 1 January
Change in fair value of available-for-sale financial assets
Contribution to share capital of available-for-sale investments
205,316
27,703
5
113,311
92,005
-
Balance at 31 December
233,024
205,316
page 145
NOTE 11 - PROPERTY, PLANT AND EQUIPMENT, NET
The movements in property, plant and equipment and related accumulated depreciation during the year ended 31
December 2006 are as follows:
Cost
Land and land improvements
Buildings
Motor vehicles
Furniture and fixtures
Leasehold improvements
Construction in progress
Advances given for fixed assets
Accumulated depreciation
Buildings
Motor vehicles
Net book value
1 January 2006
Additions
Disposals
Transfers
31 December 2006
47,568
42,501
7,231
13,610
26,951
23,531
53
-
180
19
1,348
5,212
2,212
635
12,383
1,138
(190)
(4,027)
(44)
(107)
-
12,391
(12,391)
-
47,748
42,520
8,389
14,795
29,119
36,450
45
1,138
161,445
23,127
(4,368)
-
180,204
(8,908)
(14,926)
(4,142)
(6,819)
(16,534)
(8,584)
(208)
(1,337)
(785)
(2,363)
(2,752)
(3,145)
62
2,626
14
10
-
(9,116)
(16,263)
(4,865)
(6,556)
(19,272)
(11,719)
(59,913)
(10,590)
2,712
-
(67,791)
101,532
112,413
Construction in progress comprise of service and showroom expenditures regarding Do¤ufl OtoMotion project, DOD and
Do¤ufl Oto.
page 146
The movements in property, plant and equipment and related accumulated depreciation during the year ended 31
December 2005 are as follows:
1 January 2005
Additions
Disposals
Transfers
31 December 2005
47,508
42,370
5,788
11,744
25,598
20,893
786
60
131
1,443
4,398
1,355
1,005
900
(2,532)
(2)
-
1,633
(1,633)
47,568
42,501
7,231
13,610
26,951
23,531
53
154,687
9,292
(2,534)
-
161,445
(7,025)
(11,790)
(3,566)
(7,092)
(13,987)
(6,275)
(1,883)
(3,136)
(576)
(1,742)
(2,549)
(2,309)
2,015
2
-
-
(8,908)
(14,926)
(4,142)
(6,819)
(16,534)
(8,584)
(49,735)
(12,195)
2,017
-
(59,913)
Cost
Buildings
Motor vehicles
Construction in progress
Accumulated depreciation
Buildings
Motor vehicles
Net book value
104,952
101,532
NOTE 12 - INTANGIBLE ASSETS, NET
The movements in intangible assets and related accumulated amortisation during the year ended
31 December 2006 is as follows:
Cost
Software costs
Goodwill
Other intangibles
Accumulated amortisation
Other intangibles
Net book value
1 January 2006
Additions
Disposals
Transfers
31 December 2006
9,135
9,135
507
507
-
-
9,642
9,642
(2,338)
(1,654)
-
-
(3,992)
(2,338)
(1,654)
-
-
(3,992)
6,797
5,650
page 147
The movements in intangible assets and related accumulated amortisation during the year ended
31 December 2005 are as follows:
1 January 2005
Additions
Disposals
Transfers
31 December 2005
5,963
156
2,088
1,084
(156)
-
(5,963)
5,963
9,135
8,207
1,084
(156)
-
9,135
(1,371)
(967)
-
-
(2,338)
(1,371)
(967)
-
-
(2,338)
Cost
Software costs
Goodwill
Other intangibles
Accumulated amortisation
Other intangibles
Net book value
6,836
6,797
NOTE 13 - DEFERRED TAX ASSETS/LIABILITIES
As of 31 December 2006 and 31 December 2005, deferred tax assets and liabilities are attributable to the items detailed in
the table below:
31 December 2006
31 December 2005
Temporary
Deferred tax
Temporary
Deferred tax
differences
Assets
Liabilities differences
Assets Liabilities
Fair value of available-for-sale investments
25,729
(5,144)
Differences between carrying value and tax
bases of property, plant and equipment
and intangible assets
27,668
(5,626)
24,674
(7,404)
Tax losses
(16,203)
3,241
(3,390)
1,627
Warranty provision, net
(7,193)
1,439
(4,650)
1,395
Severance pay liability
(2,174)
434
(2,640)
792
Provision for legal exposure
(1,274)
1,039
(2,877)
863
Other assets
85
(17)
(425)
128
Total deferred tax assets/(liabilities)
Liabilities and assets netted off
Total deferred tax assets/(liabilities)
6,153
(10,787)
4,805
(7,404)
(3,874)
3,874
(3,557)
3,557
2,279
(6,913)
1,248
(3,847)
page 148
The movements in deferred tax liability during the years ended 31 December are as follows:
Net deferred tax liability at the beginning of the year
Deferred tax recognised in equity due to change in
fair value of available-for-sale financial assets
Current year deferred tax (income)/expense (Note 17)
Net deferred tax liability at the end of the year
2006
2005
2,999
1,749
5,144
(3,109)
850
4,634
2,599
NOTE 14 - OTHER NON-CURRENT ASSETS
As of 31 December 2006 and 31 December 2005, other non-current assets comprise of the following:
31 December 2006
31 December 2005
Advances given
Prepaid expenses
Other
3,453
3,199
80
3,453
29
Total
6,732
3,482
The Group has made an advance payment to Do¤ufl Holding amounting to TRY 3,453 thousand (31 December 2005:
TRY 3,453 thousand) for the purchase of land owned by Do¤ufl Holding in Gebze. Since the ownership of the land has not
yet been transferred to the Group due to unresolved law suits between Do¤ufl Holding and the lessee, the asset is not
recognized in tangible assets and classified in other non-current assets as advances given in the consolidated financial
statements.
NOTE 15 - BANK BORROWINGS
As of 31 December 2006 and 31 December 2005, bank borrowings comprise of the following:
31 December 2006
Effective
interest rate
(%)
Amount
Short-term borrowings:
TRY borrowings
Short-term portion of long-term borrowings:
Foreign currency denominated borrowings (EURO)
-
13,207
-
5,890
3.6% - 4.3%
17,012
2.7% - 3.0%
15,012
Total short-term borrowings
Long-term borrowings:
Foreign currency denominated borrowings (EURO)
Total long-term borrowings
31 December 2005
Effective
interest rate
(%)
Amount
30,219
3.6% - 4.3%
30,837
30,837
20,902
2.7% - 3.0%
28,611
28,611
page 149
As of 31 December 2006, the redemption schedule of long-term bank borrowings is as follows:
Payment period
Original Amount (thousand Euro)
TRY equivalent (thousand)
2007
2008
2009
2010
2011
9,188
5,370
4,858
4,393
2,034
17,012
9,943
8,994
8,134
3,766
Total
25,843
47,849
As of 31 December 2005, the redemption schedule of long-term bank borrowings is as follows:
Payment period
Original Amount (thousand Euro)
TRY equivalent (thousand)
2006
2007
2008
2009
2010
9,456
7,345
3,860
3,552
3,266
15,012
11,661
6,128
5,638
5,184
Total
27,479
43,623
NOTE 16 - TRADE PAYABLES
As of 31 December 2006 and 31 December 2005, trade payables comprise of the following:
31 December 2006
31 December 2005
Volkswagen AG
Audi AG
Seat SA
Scania CV AB
Krone GmbH
Other
423,865
16,775
10,079
8,380
4,871
20,007
294,409
33,880
22,508
6,031
8,827
21,918
Total
483,977
387,573
NOTE 17 - TAXES ON INCOME
Turkish tax legislation does not allow for the submission of tax returns over consolidated financial statements prepared by
the parent company, which include its subsidiaries and affiliates. Accordingly tax considerations reflected in these
consolidated financial statements have been calculated separately for each of the companies in the scope of the
consolidation.
The Corporate Tax Law was amended by Law No.5520 dated 13 June 2006. Most of the articles of the new Corporate Tax
Law in question, No.5520, has come into force effective from 1 January 2006. Corporation tax is payable at a rate of 20%
(31 December 2005: 30%) on the total income of the Company and its Subsidiaries registered in Turkey after adjusting for
page 150
certain disallowable expenses, exempt income and investment and other allowances (e.g. research and development
allowance). No further tax is payable unless the profit is distributed (except for withholding tax at the rate of 19.8%,
calculated on an exemption amount if an investment allowance is granted in the scope of Income Tax Law temporary
article 61).
Dividends paid to non-resident corporations, which have a place of business in Turkey, or resident corporations are not
subject to withholding tax. Otherwise, dividends paid are subject to withholding tax at the rate of 15%. An increase in
capital via issuing bonus shares is not considered as a profit distribution and thus does not incur withholding tax.
Corporations are required to pay advance corporation tax quarterly at the rate of 20% on their corporate income. Advance
tax is payable by the 17th of the second month following each calendar quarter end. Advance tax paid by corporations is
credited against the annual corporation tax liability. If, despite offsetting, there remains an amount for advance tax amount
paid, it may be refunded or offset against other liabilities to the government.
In accordance with Tax Law No.5024 “Law Related to Changes in Tax Procedural Law, Income Tax Law and Corporate Tax
Law” published in the Official Gazette on 30 December 2003 to amend the tax base for non-monetary assets and liabilities,
effective from 1 January 2004 income and corporate taxpayers are required to prepare the statutory financial statements by
adjusting the non-monetary assets and liabilities for the changes in the general purchasing power of the Turkish lira.
In accordance with the Law in question, the cumulative inflation rate for the last 36 months and the inflation rate for the last
12 months must exceed 100% and 10% respectively (DIE WPI increase rate). Since these conditions in question were not
fulfilled in 2005 and 2006, no inflation adjustments were performed.
There is no such application for the reconciliation of payable taxes with the tax authority. Corporate tax returns are
submitted to the related tax office by the 25th day of the 4th month following the month when the accounting period ends.
In tax reviews authorized bodies can review the accounting records for the past five years and if errors are detected, tax
amounts may change due to tax assessment.
According to Turkish tax legislation, financial losses on the returns can be offset against period income for up to 5 years.
However, financial losses cannot be offset against previous years’ profits.
There are many exemptions in Corporate Tax Law regarding corporations. Those concerning the Company are explained
as follows:
Property, investment equity, preferential rights, usufruct shares, founding shares, sales exemption:
75% of the gains derived from the sale of preferential rights, usufruct shares and founding shares from investment equity
and real property which has remained in assets for more than two full years are exempt from corporate tax. To be entitled
to the exemption, the relevant gain is required to be held in a fund account and it must not be withdrawn from the entity for
a period of 5 years. The cost of the sale has to be collected up until the end of the second calendar year following the year
the sale was realized.
page 151
For the year ended 31 December 2006 taxation charge comprise of the following:
31 December 2006
31 December 2005
Current tax charge
Deferred tax income
(8,279)
3,109
(46,923)
(850)
Total
(5,170)
(47,773)
2006
2005
(8,279)
10,984
(46,923)
38,202
2,705
(8,721)
The prepaid taxes/tax liabilities as of 31 December are as follows:
Current tax charge
Less: Prepaid tax asset
Prepaid taxes/(Tax liabilities)
The tax on the Group’s profit before tax differs from the theoretical amount that would arise using the weighted average tax
rate applicable to profits of the Group as follows:
Statutory tax rate
Taxes calculated at statutory tax rate
Amendments to the tax legislation
Income not subject to tax
Tax effect of disallowable expenses
Other
Taxes on income
31 December 2006
31 December 2005
23,549
20%
4,710
(922)
(276)
1,522
136
153,733
30%
46,120
(76)
1,015
714
5,170
47,773
page 152
NOTE 18 - OTHER CURRENT LIABILITIES
As of 31 December 2006 and 31 December 2005, other current liabilities comprise of the following:
31 December 2006
31 December 2005
VAT payable
Warranty provision
Provision for legal exposure
Social security and withholding taxes payable
Accrued expenses
Advances from customers
Payable to personnel
Prepaid income
Other
11,438
7,193
5,194
4,805
3,635
3,513
748
692
395
13,707
4,655
2,875
5,337
1,860
6,106
4,172
99
136
Total
37,613
38,947
The movements in provision for warranties during the years ended 31 December are as follows:
Balance at the beginning of the year
Additions
Paid during the year
2006
2005
4,655
22,581
(20,043)
3,154
24,491
(22,990)
7,193
4,655
The movements in provision for legal exposure during the years ended 31 December are as follows:
2006
2005
Additions
2,875
2,765
(446)
1,801
1,555
(481)
5,194
2,875
NOTE 19 - RESERVE FOR SEVERANCE PAYMENTS
There are no agreements for pension commitments other than the legal requirement as explained below.
Under the Turkish Labour Law, the Company is required to pay termination benefits to each employee who has completed
at least one year of service and whose employment is terminated without due cause, or who is called up for military
service, dies or retires after completing 25 years of service (20 years for women) and achieves the retirement age (58 for
women and 60 for men). Since the legislation was changed on 23 May 2002 there are certain transitional provisions
relating to the length of service prior to retirement.
The amount payable consists of one month’s salary limited to a maximum of TRY 1,857 for each year of service as of 31
December 2006 (31 December 2005: TRY 1,727).
The liability is not funded, as there is no funding requirement.
page 153
The provision has been calculated by estimating the present value of the future probable obligation of the Group arising
from the retirement of the employees.
IFRS require actuarial valuation methods to be developed to estimate the enterprises’ obligation under defined benefit
plans. Accordingly, the following actuarial assumptions were used in the calculation of the total liability:
Discount rate (%)
Turnover rate to estimate the probability of retirement (%)
31 December 2006
31 December 2005
5.71%
6.99%
5.49%
6.58%
The principal assumption is that the maximum liability for each year of service will increase in line with inflation. Thus the
discount rate applied represents the expected real rate after adjusting for the anticipated effects of future inflation. Since
the liability cap is determined every six months, the maximum amount of TRY 1,960 which is effective from 1 January 2007
(1 January 2006: TRY 1,770) has been taken into consideration in calculating the provision.
The movements in the provision for employment termination benefits for the years ended 31 December 2006 and 2005 are
as follows:
2006
2005
Inflation effect on opening balance
Provision for the year
2,637
86
(549)
1,962
(85)
1,493
(733)
2,174
2,637
page 154
NOTE 20 - SHARE CAPITAL AND RESERVES
20.1 Share capital
The paid-in share capital of the Company comprises of 110.000.000 units of registered shares with a nominal value of TRY
1 each. There is no different type of share and no privilege given to specific shareholders.
At 31 December 2006 and 31 December 2005, the composition of the Company’s shareholding structure is as follows:
31 December 2006
Shareholding
Number of
(%)
shares
31 December 2005
Shareholding
Number of
%
shares
Do¤ufl Holding
Publicly traded
Do¤ufl ‹nflaat A.fi. (“Do¤ufl ‹nflaat”)
Katalonya
Other
35.005
34.500
30.290
0.205
0.000
38,505,226
37,950,000
33,319,041
225,402
331
19.959
34.500
45.335
0.205
0.000
21,955,226
37,950,000
49,869,040
225,402
332
Total
100.00
110,000,000
100.00
110,000,000
20.2 Legal reserves
The legal reserves consist of first and second reserves, in accordance with the Turkish Commercial Code. The first legal
reserve is appropriated out of the statutory profit at the rate of 5% until the total reserve reaches a maximum of 20% of the
Company’s paid-in capital. The second legal reserve is appropriated at the rate of 10% of all distributions in excess of 5%
of the Company’s share capital. The first and second legal reserves are not available for distribution unless they exceed
50% of the share capital.
NOTE 21 - EARNINGS PER SHARE AND DIVIDEND PAID OUT
21.1 Earnings per share
Earnings per share, is calculated by dividing net income attributable to equity holders of the Company for the year by the
weighted average number of shares of the Company during the year. For the years ended 31 December, earnings per
share is calculated as follows:
Net profit
Less: Number of treasury shares owned by the Group
Number of treasury shares taken into account in calculation
of earnings per share
Earnings per share (TRY full amount)
2006
2005
20,981
107,793
110,000,000
(225,402)
110,000,000
(225,402)
109,774,598
109,774,598
0.1911
0.9819
21.2 Dividend payout
In accordance with the declaration of CMB dated 25 February 2005 and numbered 7/242, the companies which are
subject to CMB regulations should distribute their profit stated in their financial statements prepared in accordance with
CMB regulations at the minimum level set by the CMB if such minimum distributable profit is covered by the profit in the
page 155
statutory financial statements. If the minimum distributable profit is not covered by the profit in the statutory financial
statements, all profit in the statutory financial statements should be distributed. If the net result for the year in either of the
financial statements prepared in accordance with CMB regulations or the statutory financial statements is loss, no profit
distribution should be made.
According to the same legislation, the profits of the affiliates, the financial statements of which are consolidated in
accordance with Communique Serial: XI No:25, should be considered during profit distribution of the parent company if
dividend distribution is approved in the general assembly of such affiliates. The maximum amount of profits of affiliates that
may be subject to profit distribution is the profit amount included in the consolidated financial statements of the parent
company.
CMB determined minimum profit distribution rate as 20% (31 December 2005: 30%). In accordance with the resolutions of
the general assemblies of the companies, this profit distribution can be made as cash or non-cash (stock dividend). The
profit distribution can be made in cash or in the form of stock dividends.
According to the article 24 of Articles of Association of the Company, the Company should distribute 50% of its profit as a
minimum during the 5 years.
According to the Resolution of the General Assembly held on 29 March 2006, the Company distributed dividends
amounting to TRY 45,150 thousand to shareholders out of the net profit for the year 2005, in accordance with the Article 24
in the Articles of Association.
According to the Resolution of the General Assembly held on 21 April 2005, the Company distributed dividends amounting
to TRY 36,112 thousand to shareholders out of the net profit for the year 2004.
NOTE 22 - NET SALES
For the years ended 31 December, net sales comprise of the following:
2006
2005
Domestic sales
Export sales
Sales return (-)
Sales discounts (-)
2,643,124
6,323
(10,309)
(111,938)
2,622,184
4,395
(6,668)
(154,220)
Net sales
2,527,200
2,465,691
page 156
NOTE 23 - DISTRIBUTION AND MARKETING EXPENSES
For the years ended 31 December, distribution and marketing expenses comprise of the following:
Advertising and promotion expenses
Distribution expenses
Personnel expenses
Rent expenses
Other
Total
2006
2005
66,031
23,130
15,471
6,557
7,289
57,192
23,370
12,494
4,297
4,773
118,478
102,126
NOTE 24 - GENERAL ADMINISTRATIVE EXPENSES
For the years ended 31 December, general administrative expenses comprise of the following:
2006
2005
Personnel expenses
Depreciation and amortisation expenses
Vehicle expenses
Utility expenses
Consultancy expenses
Travel expenses
Communication expenses
Taxes and duties
Insurance expense
Rent expenses
Repair and maintenance expenses
Representation expense
Other
42,048
12,244
7,069
5,776
4,962
2,476
2,361
2,119
2,084
1,474
1,467
1,041
4,884
38,402
13,162
6,356
4,965
4,874
2,091
2,133
2,152
1,552
811
1,282
909
2,505
Total
90,005
81,194
NOTE 25 - OTHER OPERATING INCOME
For the years ended 31 December, other operating income comprise of the following:
Net commission income
Service income
Contributions from original equipment manufacturers (OEM)
Gain on sales of tangible assets
Other
Total
2006
2005
6,248
2,614
2,477
771
3,008
4,894
851
6,705
783
770
15,118
14,003
page 157
NOTE 26 - OTHER OPERATING EXPENSES
For the years ended 31 December, other operating expenses comprise of the following:
2006
2005
Warranty expenses, net
After sales services expense
Provision for legal matters
Expenses due to damages under insurance coverage
Other
21,251
4,332
2,319
724
2,204
24,063
393
1,074
584
3,322
Total
30,830
29,436
NOTE 27 - FINANCIAL EXPENSES, NET
For the years ended 31 December, financial income and expenses comprise of the following:
2006
2005
Interest income on debt securities and bank deposits
Interest charge on credit purchases
Foreign exchange (loss)/gain – net
Letters of guarantee expenses
Interest on borrowings
Other financial expenses – net
5,521
(16,586)
(14,677)
(12,605)
(3,528)
(1,871)
1,552
(6,833)
3,957
(10,067)
(1,392)
(1,063)
Total
(43,746)
(13,846)
NOTE 28 - MINORITY INTEREST
For the years ended 31 December, changes in minority interest are as follows:
Losses attributable to minority interest
Balance at 31 December
2006
2005
7,017
(2,602)
8,850
(1,833)
4,415
7,017
page 158
NOTE 29 - FOREIGN CURRENCY POSITION
At 31 December 2006 and 31 December 2005, monetary assets and liabilities denominated in foreign currencies held by
the Group were as follows:
31 December 2006
Original
TRY
Amount
Equivalent
Foreign currency denominated
monetary assets:
EURO
USD
SEK
CHF
Danish Krone
GBP
47,023,129
620,375
43,476
29
-
87,063
872
9
0
-
31 December 2005
Original
TRY
Amount
Equivalent
49,977,728
10,649,291
6,550
30,850
990
87,944
Trade receivables
EURO
EURO
Total foreign currency denominated
monetary assets
79,340
14,289
1
7
2
93,639
979,540
1,814
3,493,571
5,546
5,299,363
9,812
14,945,512
23,726
99,570
122,911
As of 31 December 2006, goods in transit of the Group amount to TRY 291,759 thousand, (31 December 2005: TRY
254,432 thousand) equivalent of EURO 157,580 thousand (31 December 2005: EURO 189,620 thousand).
page 159
31 December 2006
Original
TRY
Amount
Equivalent
Foreign currency denominated
monetary liabilities:
Bank borrowings
EURO
Trade payables and other liabilities
EURO
USD
EURO
Advances taken
EURO
31 December 2005
Original
TRY
Amount
Equivalent
25,843,370
47,849
27,479,055
43,623
250,827,563
464,407
231,358,674
367,282
-
-
10,000,000
13,418
4,905,617
9,083
3,504,882
5,564
168,372
313
-
-
Total foreign currency denominated
monetary liabilities
521,652
429,887
(422,082)
(306,976)
31 December 2006
Original
TRY
Amount
Equivalent
31 December 2005
Original
TRY
Amount
Equivalent
Net foreign currency liability position
Sureties and letters of guarantee taken:
EURO
USD
SEK
121,694,276
36,646,500
-
Total
225,317
51,510
-
123,734,173
46,438,366
80,000,000
276,827
196,428
62,310
13,426
272,164
Sureties and letters of guarantee given:
EURO
USD
Total
385,888,787
97,233,000
714,472
136,671
851,143
278,942,992
115,548,517
442,822
155,043
597,865
page 160
NOTE 30 - COMMITMENTS AND CONTINGENCIES
30.1 Letters of guarantee and sureties given
As of 31 December 2006 and 2005, letters of guarantee and sureties given comprised of the following:
Letters of guarantees given
31 December 2006
31 December 2005
Volkswagen AG & Audi AG
Seat SA
Scania CV AB
Customs
Other
620,253
28,346
4,629
3,946
9,929
373,063
24,305
3,969
3,079
9,539
Total
667,103
413,955
Letters of guarantee are given for imports of spare parts and automobiles. As of 31 December 2006 and 2005, none of the
letters of guarantee are given to related parties.
Sureties given
Syndication-club loan (*)
Do¤ufl Holding
Other
Yüce Auto
Do¤ufl Holding
Do¤ufl ‹nflaat Afi.
Total
2006
2005
105,420
100,635
96,381
10,542
-
64,849
10,064
6,709
212,343
182,257
(*) Sureties given to Do¤ufl Holding represent the guarantee given on behalf of Do¤ufl Holding for a club loan amounting
to USD 75 million.
As of 31 December 2006 and 2005, all of the sureties were given to related parties.
TÜVTURK Kuzey has signed an agreement with ABN Ambro Bank NV and Bayerische Hypo-und Vereinsbank AG, at 8
April 2005, for arranging financial sources amounting to USD 552 million and for authorizing these banks to structure and
arrange such financing. The Group has been a party to this agreement as a guarantor for 33.3% of the total liability.
However, there has been no withdrawal from the loan as of 31 December 2006, and accordingly guarantee has not yet
become effective.
30.2 Letters of guarantee and sureties taken
Letters of guarantees taken
2006
2005
Dealers
146,902
133,089
Total
146,902
133,089
page 161
As of 31 December 2006, TRY 52,453 thousand (2005: TRY 46,842 thousand) of the total amount of the letters of
guarantee taken from independent dealers were given by a related party (Garanti Bankas›).
Sureties taken
2006
2005
Do¤ufl Holding
Yüce Auto
338,646
-
345,053
80
Total
338,646
345,133
30.3 Explanations on continuing legal processes regarding privatization of vehicle inspection services
The partnership established by the Group, Akfen Holding A.fi. and TÜV-SÜD Teknik Güvenlik ve Kalite Denetim Ticaret
Limited fiirketi, obtained the right to render vehicle inspection services for 20 years as of 20 December 2004.
However, the finalization of the privatization process for the rights to build and run motor vehicle inspection stations, which
is going to be the main operation area of TÜVTURK Kuzey and TÜVTURK Güney, is dependent on the results of the
various litigations against the tender, and consequently the agreement that will be signed with the Privatization
Administration. As a recent positive development, the 13th Division of the Council of State has concluded on suspension of
enforcement of the decision of 11th Ankara Administration Court dated 27 June 2006 to cancel the second tender for
privatization of vehicle inspection services.
The 13th Division of Council of State has stated in the basis of conclusion for its decision that the rights and authority of
General Directorate of Highways for vehicle inspection services has abolished following the amendments to related
legislation, as a consequence of which the Presidency of the Privatization Administration has been appointed to
privatize/execute vehicle inspection services. Due to legal and operational impracticality of the decision by Ankara 2nd
Administration Court for suspension of enactment of the decision of General Directorate of Highways dated 14 April 2003
to cancel the first privatization tender conducted in 2002, the General Directorate of Highways had announced that the first
tender had been withdrawn. As two tender processes can not be conducted legally for the same set of services, it has
been decided by the Council of State that the cancellation of second tender should be suspended from enactment.
Although the decision is not final yet, the decision made by the 13th Division of the Council of State has been evaluated as
verification of invalidity of the first tender and validity of the second tender, won by the partnership, from a legal and
operational perspective.
30.4 Operating Leases
Future lease payments under operating leases (with initial or remaining lease terms in excess of one year) as of 31
December 2006 and 31 December 2005 are as follows:
2006
2007
2008
2009
2010 and later years
2006
8,391
5,914
5,379
11,215
2005
4,671
5,491
4,984
4,435
7,215
Total
30,899
26,796
page 162
TRY 22,724 thousand of future operating lease obligations is originally denominated in USD and is equivalent of USD
16,167 thousand (31 December 2005: TRY 13,315 thousand equivalent of USD 17,866 thousand).
NOTE 31 - SUBSEQUENT EVENTS
None (31 December 2005: None).
NOTE 32 - RISK MANAGEMENT DISCLOSURES
As of 31 December 2006, the maturity profile of monetary assets and liabilities is as follows:
0 to 1
month
TRY monetary assets
Other non- current assets
Trade receivables
Total TRY monetary assets
Foreign currency monetary assets
Trade receivables
Total foreign currency monetary assets
Total monetary assets
31 December 2006
1 to 3
3 to 6
6 to12
months
months
months
Over
1 year
Total
141,043
6,760
33,079
6,058
8,925
-
3,177
-
26
2,286
-
6,732
-
6,732
6,058
141,069
21,148
33,079
180,882
14,983
3,177
2,312
6,732
208,066
1,152
4,280
87,944
191
5,532
-
175
-
173
-
123
-
1,814
9,812
87,944
93,376
5,723
175
173
123
99,570
274,258
20,706
3,352
2,485
6,855
307,656
page 163
0 to 1
month
TRY monetary liabilities
Reserve for severance pay
Short term bank borrowings
Trade payables
Total TRY monetary liabilities
Foreign currency monetary liabilities
Trade payables
Total foreign currency monetary liabilities
Total monetary liabilities
31 December 2006
1 to 3
3 to 6
6 to12
months
months
months
Over
1 year
Total
53,684
13,207
19,570
21,050
1,281
2,597
3,289
2,174
-
2,174
53,684
13,207
19,570
28,217
107,511
1,281
2,597
3,289
2,174
116,852
52,890
2,342
8,717
164,514
1,657
195,486
1,800
8,295
51,517
3,597
30,837
-
30,837
17,012
464,407
9,396
55,232 174,888
197,286
63,409
30,837
521,652
162,743 176,169
199,883
66,698
33,011
638,504
page 164
As of 31 December 2005, the maturity profile of monetary assets and liabilities is as follows:
0 to 1
month
TRY monetary assets
Other non- current assets
Trade receivables
Total TRY monetary assets
Foreign currency monetary assets
Trade receivables
Total foreign currency monetary assets
Total monetary assets
31 December 2005
1 to 3
3 to 6
6 to12
months
months
months
Over
1 year
Total
131,134
7,361
32,318
729
1,912
-
2,923
-
194
2,041
-
3,482
-
3,482
729
131,328
14,237
32,318
170,813
2,641
2,923
2,235
3,482
182,094
123
4,791
93,639
4,218
18,935
-
431
-
774
-
-
5,546
23,726
93,639
98,553
23,153
431
774
-
122,911
269,366
25,794
3,354
3,009
3,482
305,005
page 165
0 to 1
month
TRY monetary liabilities
Reserve for severance pay
Trade payables
31 December 2005
1 to 3
3 to 6
6 to12
months
months
months
Over
1 year
Total
30,000
5,890
20,292
30,508
3,367
-
1,438
1,436
2,637
-
2,637
33,367
5,890
20,292
33,382
Total TRY monetary liabilities
Foreign currency monetary liabilities
Trade payables
86,690
3,367
1,438
1,436
2,637
95,568
555
55,485
1,272
13,418
2,898
166,291
779
4,671
145,505
1,169
6,888
2,340
28,611
5
28,611
13,418
15,012
367,281
5,565
Total foreign currency monetary liabilities
57,312 183,386
151,345
9,228
28,616
429,887
144,002 186,753
152,783
10,664
31,253
525,455
Total monetary liabilities
page 166
NOTE 33 - OTHER DISCLOSURES WHICH MIGHT HAVE SIGNIFICANT EFFECT IN UNDERSTANDING
THE CONSOLIDATED FINANCIAL STATEMENTS
Acquisition of minority shares in subsidiaries
The Group acquired 50% of shares of Katalonya held by minority at 4 December 2006. Previously, the Group used to hold
50% of the shares but had control over operational and financial activities of Katalonya. The aforementioned acquisition
has not been evaluated within the scope of ‘IFRS 3 - Business Combinations’ as the Group had already controlled the
financial and operational activities of Katalonya. As of acquisition date, the Group has recognised the difference between
the consideration paid and acquired minority interest under equity. Therefore, no goodwill has arisen due to this
transaction.
Details of the acquisition of the shares held by minority in Katalonya are as follows:
Total consideration
Less: Minority interest as of acquisition date
Amount recognised under equity
Current assets
Non-current assets
Short term liabilities
Long term liabilities
Net liability amount
Plus: Unrecognised minority interest due to losses exceeding minority interest in equity
2,735
2,735
14,830
1,539
(17,834)
(11)
(1,476)
1,476
Minority interest as of acquisition date
-
NOTE 34 - CONVENIENCE TRANSLATION OF FINANCIAL STATEMENTS
US Dollar ("USD") amounts shown in the consolidated statement of income and consolidated balance sheet on the
following pages have been included solely for the convenience of the reader.
For the income statement, US Dollar amounts are translated from TRY consolidated income statement using the average
official TRY exchange rate of 1.4314 TRY/USD for the year ended 31 December 2006. For the consolidated balance sheet
at 31 December 2006, US Dollar amounts are translated from TRY using the official TRY exchange rate of 1.4056 TRY/USD
prevailing on 31 December 2006.
Consolidated balance sheet at 31 December 2005 and consolidated income statement for the year ended then are
translated into USD using the official TRY exchange rate of 1.3418 TRY/USD prevailing on 31 December 2005 as the
consolidated balance sheet and the consolidated income statement were adjusted for the effects of inflation for the year
ended 31 December 2005.
Such translation should not be construed as a representation that the TRY amounts have been converted into USD
pursuant to the requirements of IFRS or Generally Accepted Accounting Principles in the United States of America or in
any other country.
page 167
Notes
ASSETS
Inventories
4
5
6
7
8
31 December 2006 31 December 2005
USD '000
USD '000
86,101
4,310
101,653
300,319
22,026
93,872
543
102,008
273,278
28,292
514,409
497,993
34,325
165,783
79,975
4,020
1,621
4,789
23,473
153,015
75,669
5,066
930
2,595
Total non-current assets
290,513
260,748
Total assets
804,922
758,740
9,396
12,103
38,193
344,321
26,759
4,390
11,188
34,867
288,846
6,499
29,026
430,772
374,816
21,939
1,547
4,918
21,323
1,965
2,867
28,404
26,155
103,715
(214)
133,102
(14,623)
120,625
103,715
(214)
100,827
148,212
342,605
352,540
3,141
5,230
Total shareholders' equity
345,746
357,769
Total shareholders' equity and liabilities
804,922
758,740
Total current assets
Investments in associates and joint ventures
Available-for-sale financial assets
Property, plant and equipment-net
Intangible assets-net
Deferred tax assets
Other non-current assets
LIABILITIES
Short-term bank borrowings
Short-term portion of long-term bank borrowings
Trade payables
Taxation on income
9
10
11
12
13
14
15
15
5
16
17
18
Total current liabilities
Reserve for severance payments
Deferred tax liabilities
15
19
13
Total non-current liabilities
Shareholders' equity and liabilities:
Share capital
Treasury shares
Reserves
Translation reserve
Retained earnings
Total shareholders' equity attributable to equity
holders of the Company
Minority interest in equity
20
28
page 168
Notes
31 December 2006 31 December 2005
USD '000
USD '000
Net sales
Cost of sales
Gross profit
22
1,765,592
(1,563,364)
202,228
1,837,599
(1,573,853)
263,746
Distribution and marketing expenses
General and administrative expenses
Other operating income
Other operating expense
Operating profit
23
24
25
26
(82,773)
(62,881)
10,562
(21,539)
45,597
(76,111)
(60,511)
10,436
(21,938)
115,622
Financial expense, net
Loss on monetary position, net
27
9
(30,563)
1,418
16,452
(10,319)
10,033
(763)
114,573
Taxes on income
17
(3,612)
(35,604)
12,840
78,969
14,658
(1,818)
80,335
(1,366)
12,840
78,969
109,774,598
109,774,598
0.1335
0.7318
Profit/(loss) attributable to:
Minority interest
28
with face value of 1 TRY each
Earnings per share for profit attributable to equity holders
of the Company during the year (USD Full)
21
page 169
AUTHORIZED DEALERS AND SERVICES (AS OF 2006 YEAR-END)
VW AUTHORIZED DEALERS
ACARLAR OTOMOT‹V T‹C. VE SAN. LTD. fiT‹.
Rüzgarl› Bahçe Cumhuriyet Cad. No: 10 C-Blok Acarlar
‹fl Merkezi Kavac›k ‹stanbul
AHLATCI OTOMOT‹V SAN. VE T‹C. LTD. fiT‹.
Ankara Yolu 7. Km Çorum
ALTUR OTOMOT‹V SAN. VE T‹C. A.fi.
Yenibosna Bas›n Ekspres Yolu Cemal Ulusoy Cad.
No: 1 Bahçelievler ‹stanbul
ARK OTO MOTORLU ARAÇLAR SAN. VE T‹C. A.fi. Bursa Yalova Yolu Üzeri 1km 41040 ‹zmit
AVEK OTOMOT‹V ‹Nfi. TUR. SAN. VE T‹C. LTD. fiT‹. Turgut Reis Mah. Tekstilkent Bulv. Giyimkent Sitesi
No: 1 Esenler ‹stanbul
AYKAN MOTOR SERV‹S LTD. fiT‹.
Turhan Cemal Beriker Bulv. No: 418 Seyhan 01190 Adana
BAHADIR OTOMOT‹V SAN. VE T‹C. LTD. fiT‹.
Devlet Karayolu Sahil Yolu Cad. No: 48 Y›ld›zl› ‹stanbul
BAfiARAN OTOMOT‹V SAN. VE T‹C. A.fi.
Alt›nova Sinan Mah. Havaalan› Karfl›s› No: 769 07300 Antalya
BAfiARAN - ALANYA OTOMOT‹V SAN. VE T‹C. A.fi. Toptanc› Hal Kavfla¤› Çevreyolu Üzeri Telekom Yan› No: 111
Alanya Antalya
BATI OTOMOT‹V TRZM. T‹C. VE SAN. LTD. fiT‹.
Ankara Asfalt› Üzeri K›m›l Tekstil Karfl›s› 5. Km Denizli
B‹LG‹N OTOMOT‹V SERV‹S VE T‹C. A.fi.
Muslihittin Mah. Karaçay›r Mevkii Çevre Yolu Üzeri Mu¤la
ÇA⁄ OTOMOT‹V KONAKLAMA TUR. VE
Il›ca Yolu Üzeri 10. Km Il›ca Erzurum
T‹C. LTD. fiT‹.
ÇAKMAK OTOMOT‹V SAN. VE T‹C. A.fi.
Diyarbak›r Yolu 8. Km fianl›urfa
ÇALIfiKAN OTOMOT‹V TRZ. ‹Nfi. SAN. VE T‹C. A.fi. Muhittin Mah. Omurtak Cad. ‹st. K›sm› Bölge
Trafik Yan› Çorlu
D‹CLE OTOMOT‹V SAN. VE T‹CARET LTD. fiT‹.
Elaz›¤ Yolu 4. Km. Seyrantepe Diyarbak›r
DO⁄Ufi OTO PAZ. VE T‹C. A.fi. (ANKARA)
DO⁄Ufi OTO PAZ. VE T‹C. A.fi. (BURSA)
DO⁄Ufi OTO PAZ. VE T‹C. A.fi. (ESENYURT)
DO⁄Ufi OTO PAZ. VE T‹C. A.fi.
(ET‹LER LÜKS ARAÇ SHOWROOM)
DO⁄Ufi OTO PAZ. VE T‹C. A.fi. (‹ZM‹R)
DO⁄Ufi OTO PAZ. VE T‹C. A.fi. (KARTAL)
DO⁄Ufi OTO PAZ. VE T‹C. A.fi. (MASLAK)
EL‹S OTOMOT‹V PETROL ÜRÜNLER‹ ‹NfiAAT
TUR‹ZM SAN. VE T‹C. A.fi.
ERE OTOMOT‹V SAN. VE T‹C. A.fi.
EREL OTOMOT‹V ‹NfiAAT SAN. VE T‹C. A.fi.
(FB STADI)
ESK‹H‹SAR OTOMOT‹V SANAY‹ VE T‹CARET A.S.
FAT‹H OTOMOT‹V SANAY‹ VE T‹CARET LTD. fiT‹.
GENERAL OTO SERV‹S VE T‹C. LTD. fiT‹.
GÖKMEN OTOMOT‹V T‹C. A.fi
GÖNEN MOTORLU ARAÇLAR SAN. VE
GÜÇLÜ OTOMOT‹V PETROL ÜRÜNLER‹ VE
‹NfiAAT SAN. T‹C. A.fi.
Konya Yolu NO: 179 Balgat Ankara
Yak›n Çevre Yolu Üzeri Osmangazi Bursa
Nam›k Kemal Mah. Adile Naflit Bulv.
Haramidere Mevkii Esenyurt ‹stanbul
Nispetiye Cad. No: 25 Etiler ‹stanbul
Akçay Cad. No: 47 Gaziemir ‹zmir
Ankara Asfalt› Üzeri Hürriyet Mah. No: 61
81450 Kartal ‹stanbul
Do¤ufl Grubu Binalar› Büyükdere Cad No: 65
34398 Maslak ‹stanbul
Kayseri Yolu Üzeri 2. Km Kahramanmarafl
(216) 538 76 00
(364) 444
(212) 411
(100 hat)
(262) 349
(212) 440
0 185
17 00
54 00 (4 hat)
25 25
(322) 421
(462) 248
(242) 310
(242) 522
63
33
87
62
(258) 251 76
(252) 213 05
(442) 631 45
631 20 58
(414) 347 82
(282) 673 47
08
33
00
00
23 (4 lines)
50
43 82
00
(412) 339 00 20 339 00 60
(312) 583 83 83
(224) 270 81 81
(212) 456 65 00
(212) 257 11 16 257 12 53
(232) 298 70 00
(216) 453 15 00
(212) 335 36 37
(344) 235 46 00
Anadolu Bulv. 11. Sok. No: 16/A Sö¤ütözü Ankara
Altay Çeflme Mah. Seri Sok. No: 10 Maltepe ‹stanbul
fiükrü Saraco¤lu Stadyum Alt› K›z›ltoprak Kad›köy ‹stanbul
(312) 292 72 00
(216) 458 67 67
(216) 542 32 50
Yunus Emre Cad. No: 1 Pursaklar Mevkii Ankara
Ordu-Giresun Karayolu Pazarsuyu Mevkii
Bulancak 28300 Giresun
Yunus Emre Cad. No: 3 Sanayi Mah. 4.Levent ‹stanbul
Ankara Yolu No: 192 Konya
fiehitler Cad. No: 145 35230 Alsancak ‹zmir
(312) 328 99 77
(454) 315 24 25 315 81 82
(212) 280 25 25
(332) 342 55 55
(232) 463 50 75 464 49 82 (2 lines)
(222) 315 15 15
Bursa Yolu 8. Km Eskiflehir
page 170
GÜMÜfi OTOMOT‹V MOT. AR. SAN. VE
T‹C. LTD. fiT‹. (‹SKENDERUN)
GÜMÜfi ANTAKYA OTOMOT‹V MOT. AR. SAN.
VE T‹C. LTD. fiT‹.
‹KA OTOMOT‹V SERV‹S VE T‹C. LTD fiT‹.
LENA OTOMOT‹V SAN. VE T‹C. A.fi.
LENA OTOMOT‹V SAN. VE T‹C. A.fi. (KUfiADASI)
MEKA OTO T‹CARET A.fi.
MERCAN SATIfi VE SERV‹S H‹ZMETLER‹
T‹C. LTD. fiT‹. (KEfiAN)
METAL OTOMOT‹V SAN. VE T‹C. A.fi.
MEZ MOTORLU ARAÇ PAZ. T‹C. VE
SAN. LTD. fiT‹.
OPAT OTOMOT‹V ‹NfiAAT ELEKTRON‹K
TUR. GIDA PAZ. SAN VE T‹C. LTD. fiT‹.
OTOKUR OTOMOT‹V ‹NfiAAT TUR‹ZM
SANAY‹ VE T‹C. A.fi.
OTONAM DEM‹RKAYALAR OTM. TRZM. ‹Nfi.
SAN. ‹Ç. VE DIfi. T‹C. LTD. fiT‹.
ÖZÖN PETROL, PETR. ÜR. VE OTOM. T‹C. PAZ.
TRZM. NAKL. TAAH. LTD. fiT‹.
ÖZSA OTOMOT‹V T‹C. VE SAN. A.fi.
REKOR OTOMOT‹V T‹C. LTD. fiT‹.
SARDUR OTOMOT‹V GIDA AKARYAKIT ‹TH.
‹HR. SAN. T‹C. LTD. fiT‹.
fiAH‹NTAfi PETROL OTOMOT‹V SAN. VE T‹C. A.fi.
TAMAfi MOTORLU ARAÇLAR SAN. VE
T‹C. LTD. fiT‹. (TOPKAPI)
TAN MOTORLU ARAÇLAR SAN. VE T‹C. LTD. fiT‹.
UZAY OTO A.fi.
YA⁄CI OTOMOT‹V GAYR‹MENKUL ALIM SATIM
VE ‹NfiAAT MÜTH. SAN. T‹C. LTD. fiT‹.
YAZICIO⁄LU MOTORLU ARAÇLAR SAN.
ZEK‹ OTOMOT‹V GIDA SAN VE T‹C. LTD. fiT‹.
Karapelit Mevkii MKÜ Karfl›s› ‹skenderun Hatay
(326) 618 95 56
‹skenderun Yolu Üzeri 10. Km Antakya Hatay
(326) 267 35 90
Aç›kk›rlar Mevkii Atatürk Bulv. No: 313
Konac›k Bodrum Mu¤la
Ayd›n Mu¤la Karayolu 3. Km No: 3 Ayd›n
Kufladas› Davutlar Yolu Üzeri 5. Km
Uydukentalt› Kufladas› Ayd›n
Vali Zekai Gümüfldifl Cad. No: 10 60200 Tokat
Havsa Yolu Üzeri 7. Km K›rklareli Yol Kavfla¤› Edirne
(252) 363 86 11 (4 lines)
(256) 226 84 30
(256) 622 07 77
(356) 212 11 11
(284) 226 06 36
‹stanbul Yolu Üzeri 3. Km Keflan Edirne
(284) 715 00 00
Sultançiftli¤i Eski Edirne Asfalt› No: 55
34110 G.O.P. ‹stanbul
Florya Cad. Florya Kavfla¤› No: 90 Florya ‹stanbul
(212) 476 00 60
G.M.K. Bulv. Akdeniz Mah. Opat Plaza Mezitli Mersin
Eskiflehir Yolu Tank Palet Fab. Karfl›s› Andal Mevkii
Hanl› Adapazar›
Meçhul Asker Sok.No16 Mebusevleri
06580 Tando¤an Ankara
Atatürk Bulv. Çarflamba Karayolu Kutlukent Samsun
Osman Kavuncu Cad. No: 206 Kocasinan Kayseri
‹nk›lap Mah. Dr. Faz›l Küçük Cad. Site Yolu No: 28
Küçüksu Ümraniye ‹stanbul
‹pekyolu Üzeri Havaalan› Kavfla¤› 5. Km Van
Sani Konuko¤lu Bulv. Küsget Kavfla¤› fiehitkamil Gaziantep
Osmaniye Mah. Aksu Yolu Ekrem Kurt Bulv. No: 31
V.Efendi Girifl Kap›s› Karfl›s› Bak›rköy ‹stanbul
Davutpafla Cad. Emintafl San. Sit.
No: 103-384-390 Topkap› ‹stanbul
Malatya Karakavak Mevkii Ankara Asfalt› 7. Km Malatya
Piyale Pafla Bulv. Topraklar Plaza 34440 Kas›mpafla ‹stanbul
Çevre Yolu ‹zmir Kavfla¤› 10100 Bal›kesir
Müftü Mah. Çetin Apatay Bulv. VW Plaza
Karadeniz Ere¤lisi Zonguldak
‹stanbul Yolu Üzeri 2. Km Isparta
(212) 662 15 00 662 24 37 (4 lines) 468 08 08
(324) 359 46 98 (3 lines)
- 359 72 91 (5 lines)
(264) 291 09 52
(312) 212 07 77 (312) 212 57 58
(362) 266 68 00 (5 lines)
(352) 330 07 33 330 18 56 (4 lines)
(216) 632 12 12
(432) 217 37 77
(342) 241 40 40
(212) 414 00 00 543 57 15
(212) 613 83 83 674 29 50 (9 lines)
(422) 238 49 49
(212) 313 44 44
(266) 221 72 40 221 72 41
(372) 323 14 00
(246) 228 10 00 (5 lines)
VW AUTHORIZED SERVICES
ACARLAR OTOMOT‹V T‹C. VE SAN. LTD. fiT‹.
Rüzgarl› Bahçe Cumhuriyet Cad. No:
10 C-Blok Acarlar ‹fl Merkezi Kavac›k ‹stanbul
(216) 538 76 00
page 171
Yenibosna Bas›n Ekspres Yolu Cemal Ulusoy Cad.
No: 1 Bahçelievler ‹stanbul
ARK OTO MOTORLU ARAÇLAR SAN. VE T‹C. A.fi. Bursa Yalova Yolu Üzeri 1. km 41040 ‹zmit
AVEK OTOMOT‹V ‹Nfi. TUR. SAN.
Turgut Reis Mah. Tekstilkent Bulv. Giyimkent Sitesi No: 1
Esenler ‹stanbul
Turhan Cemal Beriker Bulv. No: 418 Seyhan 01190 Adana
Devlet Karayolu Sahil Yolu Cad. No: 48 Y›ld›zl› ‹stanbul
Alt›nova Sinan Mah. Havaalan› Karfl›s› No: 769 07300 Antalya
BAfiARAN OTOMOT‹V SAN. VE T‹C. A.fi. (ALANYA)Toptanc› Hal Kavfla¤› Çevreyolu Üzeri Telekom Yan› No: 111
Alanya Antalya
BATI OTOMOT‹V TRZM. T‹C. VE SAN. LTD. fiT‹.
ÇAKMAK OTOMOT‹V SAN. VE T‹C. A.fi.
Diyarbak›r Yolu 8. Km fianl›urfa
ÇALIfiKAN OTOMOT‹V TRZ. ‹Nfi. SAN. VE T‹C. A.fi.Muhittin Mah. Omurtak Cad. ‹st. K›sm› Bölge Trafik Yan› Çorlu
D‹CLE OTOMOT‹V SAN. VE T‹CARET LTD. fiT‹.
Elaz›¤ Yolu 4. Km Seyrantepe Diyarbak›r
DO⁄Ufi OTO PAZ. VE T‹C. A.fi. (ANKARA)
DO⁄Ufi OTO PAZ. VE T‹C. A.fi. (BURSA)
DO⁄Ufi OTO PAZ. VE T‹C. A.fi. (ESENYURT)
DO⁄Ufi OTO PAZ. VE T‹C. A.fi. (‹ZM‹R)
DO⁄Ufi OTO PAZ. VE T‹C. A.fi. (KARTAL)
DO⁄Ufi OTO PAZ. VE T‹C. A.fi. (MASLAK)
EL‹S OTOMOT‹V PETROL ÜRÜNLER‹ ‹NfiAAT
TUR‹ZM SAN. VE T‹C. A.fi.
ESK‹H‹SAR OTOMOT‹V SANAY‹ VE T‹CARET A.S.
FAT‹H OTOMOT‹V SANAY‹ VE T‹CARET LTD. fiT‹.
GENERAL OTO SERV‹S VE T‹C. LTD. fiT‹.
GÖKMEN OTOMOT‹V T‹C. A. fi
T‹C. LTD. fiT‹. (‹SKENDERUN)
T‹C. LTD. fiT‹. (ANTAKYA)
‹KA OTOMOT‹V SERV‹S VE T‹C. LTD fiT‹.
LENA OTOMOT‹V SAN. VE T‹C. A.fi.
Konya Yolu No: 179 Balgat Ankara
Yak›n Çevre Yolu Üzeri Osmangazi Bursa
Nam›k Kemal Mah. Adile Naflit Bulv. Haramidere Mevkii
Esenyurt ‹stanbul
Ankara Asfalt› Üzeri Hürriyet Mah. No: 61 81450
Kartal ‹stanbul
Ahi Evren Cad. Ata Center ‹fl Merkezi Maslak ‹stanbul
Altay Çeflme Mah. Seri Sok. No: 10 Maltepe ‹stanbul
Yunus Emre Cad. No: 1 Pursaklar Mevkii Ankara
Ordu-Giresun Karayolu Pazarsuyu Mevkii
Bulancak 28300 Giresun
Yunus Emre Cad. No: 3 Sanayi Mah. 4.Levent ‹stanbul
Ankara Yolu No: 192 Konya
fiehitler Cad. No: 145 35230 Alsancak ‹zmir
(364) 444 0 185
(212) 411 17 00
(100 lines)
(262) 349 54 00 (4 lines)
(212) 440 25 25
(322) 421 63 08
(462) 248 33 33
(242) 310 87 00
(242) 522 62 00
(258) 251 76 23 (4 lines)
(252) 213 05 50
(442) 631 45 43 631 20 58
(414) 347 82 82
(282) 673 47 00
(412) 339 00 20 339 00 60
(312) 583 83 83
(224) 270 81 81
(212) 456 65 00
(232) 298 70 00
(216) 453 15 00
(212) 329 22 00
(344) 235 46 00
(312) 292 72 00
(216) 458 67 67
(312) 328 99 77
(454) 315 24 25 315 81 82
(212) 280 25 25
(332) 342 55 55
(232) 463 50 75 464 49 82 (2 lines)
(222) 315 15 15
Karapelit Mevkii MKÜ Karfl›s› ‹skenderun Hatay
(326) 618 95 56
‹skenderun Yolu Üzeri 10. Km Antakya Hatay
(326) 267 35 90
(252) 363 86 11 (4 lines)
Ayd›n Mu¤la Karayolu 3. Km No: 3 Ayd›n
Kufladas› Davutlar Yolu Üzeri 5. Km
Uydukentalt› Kufladas› Ayd›n
Havsa Yolu Üzeri 7. Km K›rklareli Yol Kavfla¤› Edirne
(256) 226 84 30
(256) 622 07 77
(356) 212 11 11
(284) 226 06 36
page 172
T‹C. LTD. fiT‹. (KEfiAN)
METAL OTOMOT‹V SAN. VE T‹C. A.fi.
MEZ MOTORLU ARAÇ PAZ. T‹C.
VE SAN. LTD. fiT‹.
OPAT OTOMOT‹V ‹NfiAAT ELEKTRON‹K TUR.
GIDA PAZ. SAN VE T‹C. LTD. fiT‹.
OTOKUR OTOMOT‹V ‹NfiAAT TUR‹ZM SANAY‹
VE T‹C. A.fi.
OTONAM SERV‹S DEM‹RKAYALAR OTM. TRZM.
‹Nfi. SAN. ‹Ç. VE DIfi. T‹C. LTD. fiT‹.
ÖZÖN PETROL, PETR. ÜR. VE OTOM. T‹C. PAZ.
TRZM. NAKL. TAAH. LTD. fiT‹.
REKOR OTOMOT‹V T‹C. LTD. fiT‹.
TAN MOTORLU ARAÇLAR SAN. VE T‹C. LTD. fiT‹.
UZAY OTO A.fi.
YA⁄CI OTOMOT‹V GAYR‹MENKUL ALIM SATIM
VE ‹NfiAAT MÜTH. SAN. T‹C. LTD. fiT‹.
YAZICIO⁄LU MOTORLU ARAÇLAR SAN. VE
‹stanbul Yolu Üzeri 3. Km Keflan Edirne
(284) 715 00 00
Sultançiftli¤i Eski Edirne Asfalt› No: 55 34110 G.O.P. ‹stanbul
Florya Cad. Florya Kavfla¤› No: 90 Florya ‹stanbul
(212) 476 00 60
(212) 662 15 00 662 24 37 (4 lines) 468 08 08
(324) 359 46 98 (3 lines)
359 72 91 (5 lines)
(264) 291 09 52
Hanl› Adapazar›
Meçhul Asker Sok.No16 Mebusevleri
06580 Tando¤an Ankara
Osman Kavuncu Cad. No: 206 Kocasinan Kayseri
‹nk›lap Mah. Dr. Faz›l Küçük Cad. Site Yolu No: 28
Küçüksu Ümraniye ‹stanbul
Osmaniye Mah. Aksu Yolu Ekrem Kurt Bulv. No: 31
V.Efendi Girifl Kap›s› Karfl›s› Bak›rköy ‹stanbul
Malatya Karakavak Mevkii Ankara Asfalt› 7. Km Malatya
Piyale Pafla Bulv. Topraklar Plaza 34440 Kas›mpafla ‹stanbul
Çevre Yolu ‹zmir Kavfla¤› 10100 Bal›kesir
0312) 213 26 60 213 30 02
(362) 266 68 00 (5 lines)
(352) 330 07 33 330 18 56 (4 lines)
(216) 632 12 12
(432) 217 37 77
(342) 241 40 40
(212) 414 00 00 543 57 15
(422) 238 49 49
(212) 313 44 44
(266) 221 72 40 221 72 41
(372) 323 14 00
(246) 228 10 00 (5 lines)
AUDI AUTHORIZED DEALERS
ATTARLAR OTOMOT‹V A.fi.
AVEK OTOMOT‹V ‹NfiAAT
TUR‹ZM SAN. VE T‹C. LTD. fiT‹.
BATI OTOMOT‹V TUR‹ZM T‹C. VE SAN. LTD. fiT‹.
DO⁄Ufi OTO PAZARLAMA VE T‹C. A.fi.
(ANKARA)
(BURSA)
(ESENYURT)
Ankara Yolu Üzeri Fevzi Çakmak Mah.
No: 186 42050 Karatay Konya
Turgut Reis Mah. Tekstilkent Bulv.
Giyimkent Sitesi No: 1 34235 Esenler ‹stanbul
Turhan Cemal Beriker Bulv. No: 457 Opet Yan› Adana
Showroom: Sahilyolu Cad. No: 31 Trabzon
Service: Merkez Mah. Sahilyolu Cad. No: 48 Trabzon
Alt›ova Sinan Mah. Havaalan› Karfl›s› No: 769 Antalya
Ankara Asfalt› Üzeri 5. Km Ada Çorap Karfl›s› Denizli
Konya Devlet Yolu No: 179 06521 Balgat Ankara
Çevreyolu Üzeri Uluda¤ Gazoz Fabrikas› Arkas›
Küçük Bal›kl› Mah. Bursa
Adile Naflit Bulv. Haramidere Mevkii 34840 Esenyurt ‹stanbul
(332) 342 64 64
(212) 440 25 50
(322) 429 46 26
(322) 429 66 55
(462) 322 10 71 (3 lines)
Service: (462) 248 33 33
(242) 310 87 77
(258) 268 33 35
Service: (258) 251 76 23
(312) 583 83 53
(224) 270 81 81
(212) 456 65 00
page 173
(ET‹LER) MASLAK SATIfi NOKTASI
(KARTAL)
(MASLAK)
ERSOY OTOMOT‹V T‹C. VE SAN. A.fi.
GÖNEN MOTORLU ARAÇLAR SAN.
fiENYILDIZ TUR‹ST‹K ‹fiLETMELER VE
OTOMOT‹V T‹C. LTD. fiT‹.
Nispetiye Cad. No: 27 Befliktafl ‹stanbul
(212) 263 54 14
Ankara Asfalt› Üzeri Hürriyet Mah. No: 61
Yakac›k Kartal ‹stanbul
Dereboyu Cad. Meydan Sok. B Blok (Beybi Giz Plaza)
No: 28 Maslak ‹stanbul
Anadolu Bulv. 11.Sok. No: 16/A Sö¤ütözü Ankara
Altayçeflme Mah. Seri Sok. No: 10 Maltepe ‹stanbul
Ba¤dat Cad. No: 107/1 K›z›ltoprak Kad›köy ‹stanbul
(216) 453 15 25
fiehitler Cad. No: 159 Alsancak ‹zmir
(212) 366 46 46
(312) 292 72 97
(216) 305 75 76
(216) 414 52 09
Service: (216) 420 73 32
(232) 466 00 46
Osman Kavuncu Cad. No: 206 Kayseri
Sahilyolu Kennedy Cad. No: 90 Yenikap› Aksaray ‹stanbul
(352) 320 56 53
(212) 517 16 17
(212) 517 16 18
Bursa Yalova Yolu Üzeri 1. Km 41040 ‹zmit
Ankara Yolu Üzeri Fevzi Çakmak Mah. No: 186
42050 Karatay Konya
34235 Esenler ‹stanbul
Turhan Cemal Beriker Bulv. No: 457 Opet Yan› Adana
(364) 235 05 30
(262) 349 54 00
(332) 342 64 64
AUDI AUTHORIZED SERVICES
ARK OTO MOTORLU ARAÇLAR SAN. VE T‹C. A.fi.
AVEK OTOMOT‹V ‹NfiAAT TUR‹ZM
SAN. VE T‹C. LTD. fiT‹.
BAfiARAN OTOMOT‹V SAN. VE T‹C. A.fi. ALANYA
DO⁄Ufi OTO PAZARLAMA VE T‹C. A.fi. (ANKARA)
DO⁄Ufi OTO PAZARLAMA VE T‹C. A.fi. (BURSA)
Showroom: Sahilyolu Cad. No: 31 Trabzon
Service: Merkez Mah. Sahilyolu Cad. No: 48 Trabzon
Toptanc› Hal Kavfla¤› Çevreyolu Üzeri Telekom Yan› Alanya
Ankara Asfalt› Üzeri 5. Km Ada Çorap Karfl›s› Denizli
Konya Devlet Yolu No: 179 06521 Balgat Ankara
Adile Naflit Bulv. Haramidere Mevkii
(ESENYURT)
34840 Esenyurt ‹stanbul
DO⁄Ufi OTO PAZARLAMA VE T‹C. A.fi. (KARTAL) Ankara Asfalt› Üzeri Hürriyet Mah. No: 61
Yakac›k Kartal ‹stanbul
DO⁄Ufi OTO PAZARLAMA VE T‹C. A.fi. (MASLAK) Dereboyu Cad. Meydan Sok. B Blok (Beybi Giz Plaza)
Altayçeflme Mah. Seri Sok. No: 10 Maltepe ‹stanbul
ERSOY OTOMOT‹V T‹C. VE SAN. A.fi.
Ba¤dat Cad. No: 107/1 K›z›ltoprak Kad›köy ‹stanbul
(212) 440 25 50
(322) 429 66 55
(322) 429 46 26
(462) 322 10 71 (3 lines)
Service: 248 33 33
(242) 310 87 77
(242) 522 62 00
(258) 268 33 35
Service: (258) 251 76 23
(252) 213 05 50
(442) 631 45 43 631 20 58
(312) 583 83 53
(224) 270 81 81
(212) 456 65 00
(216) 453 15 25
(212) 366 46 46
(212) 366 46 46
(312) 292 72 97
(216) 305 75 76
(216) 414 52 09
Service: (216) 420 73 32
(232) 466 00 46
page 174
‹KA OTOMOT‹V SERV‹S VE T‹C. LTD. fiT‹.
OPAT OTOMOT‹V ‹NfiAAT ELEKTRON‹K TUR.
GIDA PAZ. SAN VE T‹C. LTD. fiT‹.
OTOKUR OTOMOT‹V ‹NfiAAT TUR‹ZM SANAY‹
VE T‹C. A.fi.
ÖZÖN PETROL, PETR. ÜR. VE OTOM. T‹C.
PAZ. TRZM. NAKL. TAAH. LTD. fiT‹.
fiENYILDIZ TUR‹ST‹K ‹fiLETMELER VE OTOMOT‹V
(222) 315 15 15
(252) 363 86 11
Hanl› Adapazar›
(324) 359 46 98 359 72 91
(264) 291 09 52
(362) 266 68 00
Sahilyolu Kennedy Cad. No: 90 Yenikap› Aksaray ‹stanbul
(352) 320 56 53
(342) 241 40 40
(212) 517 16 17 (2 lines)
Karadeniz Ere¤li Zonguldak
(372) 323 14 00
Adile Naflit Bulv. Haramidere Mevkii 34840
Esenyurt ‹stanbul
Nispetiye Cad. Dalmaz Center Girifl Kat No: 50
Etiler ‹stanbul
Ba¤dat Cad. No: 151 Feneryolu ‹stanbul
(242) 310 87 87
(212) 456 65 00
(232) 466 00 46
(246) 228 10 00
PORSCHE AUTHORIZED DEALERS
(ESENYURT)
(ET‹LER) MASLAK SATIfi NOKTASI
(FENERYOLU) MASLAK SATIfi NOKTASI
GÖNEN MOTORLU ARAÇLAR SAN. VE T‹C.
LTD. fiT‹.
(212) 263 81 30
(216) 337 62 62
PORSCHE AUTHORIZED SERVICES
DO⁄Ufi OTO PAZARLAMA VE T‹C. A.fi. (ANKARA) Konya Devlet Yolu No: 179 06521 Balgat Ankara
DO⁄Ufi OTO PAZARLAMA VE T‹C. A.fi. (BURSA)
Adile Naflit Bulv. Haramidere Mevkii 34840
(ESENYURT)
Esenyurt ‹stanbul
DO⁄Ufi OTO PAZARLAMA VE T‹C. A.fi. (MASLAK) Dereboyu Cad. Meydan Sok. B Blok (Beybi Giz Plaza)
GÖNEN MOTORLU ARAÇLAR SAN. VE T‹C.
LTD. fiT‹.
(242) 310 87 87
(312) 583 83 53
(224) 270 81 81
(212) 456 65 00
(212) 366 46 46
(232) 466 00 46
SEAT AUTHORIZED DEALERS
AKBOZ OTOMOT‹V T‹C. A.fi.
Urfa Yolu 3. Km Diyarbak›r
AKBOZ (SHOWROOM)
Ahmet Necdet Sezer Bulv. Huzur Apt. No: 222 Batman
ALMAR OTOMOT‹V SANAY‹ VE T‹CARET LTD. fiT‹. ‹ncirli Cad. Ahu Sok. No: 15 Bak›rköy ‹stanbul
Bas›n Ekspres Yolu Cemal Ulusoy Cad. No: 1
Yenibosna ‹stanbul
(412)
(488)
(212)
(212)
252
214
660
411
35
20
00
17
00
64
10
00
page 175
ATA OTOMOT‹V T‹CARET A.fi.
‹stanbul Yolu 3. Km Çiftlik Kavfla¤› Yenimahalle Ankara
Musallaba¤lar› Mah. Elmal› Cad. No: 2 Konya
AVEK OTOMOT‹V ‹Nfi. TURZ. SAN. VE
Esenler Tekstilkent ‹stanbul
AYGÜV MOTORLU ARAÇLAR SAN. VE
Mass Plaza Eski Edirne Asfalt› No: 34 B.O.P. ‹stanbul
B‹LG‹N OTOMOT‹V A.fi.
Davutpafla Cad. Serçekale Sok. No: 119 Topkap› ‹stanbul
DO⁄Ufi OTO PAZARLAMA VE T‹CARET A.fi.
U¤ur Mumcu Cad. No: 92 G.O.P. Ankara
(ANKARA)
Bal›kl› Mah. Yeni Yalova Yolu Üzeri 3. Km
(BURSA)
Erbak Uluda¤ Fab. Yan› Bursa
Adile Naflit Bulv. Haramidere Mevkii No: 8 Esenyurt ‹stanbul
(ESENYURT)
fiükrü Saraço¤lu Stadyumu Alt› K›z›ltoprak Kad›köy ‹stanbul
(KADIKÖY SHOWROOM)
(MASLAK)
EL‹S OTOMOT‹V PETROL ÜRÜN. ‹Nfi. TURZ.
SAN. VE T‹C. A.fi.
ERSES OTOMOT‹V PETROL ÜRÜN. GIDA
Sanayi Ç›k›fl› Tortum Yolu Üzeri SEAT Plaza Erzurum
SAN. T‹C. PAZ. LTD. fiT‹.
ERYA OTOMOT‹V T‹CARET A.fi.
‹mam Ramiz Sok. No: 35 34734 Sahray›cedid ‹stanbul
GÜLDEM OTOMOT‹V T‹C. VE SAN. LTD. fiT‹.
Yeni Hal Kavfla¤› T.Z.D.K. Karfl›s› fianl›urfa
GÜRTEKS MOTORLU ARAÇLAR SAN. VE T‹C. A.fi. Bölge Trafik Karfl›s› Baflp›nar Gaziantep
HASAN KAV‹ PETROL ÜRÜNLER‹ TUR‹ZM T‹C.
Sivil Havaalan› Karfl›s› BP ‹stasyonu Adana
VE SAN. A.fi.
Menderes Mah. Gazi Mustafa Kemal Bulv.
VE SAN. A.fi.
No: 495 Mezitli Mersin
HÜREL OTOMOT‹V ‹NfiAAT SAN. VE T‹C. LTD. fiT‹.Sürsürü Mah. Malatya Yolu 6. Km No: 177 Elaz›¤
KAYAD‹B‹ OTOMOT‹V T‹C. VE SAN. LTD. fiT‹.
Alemda¤ Cad. Kemerdere Mevkii No: 575 Dudullu ‹stanbul
KELEfiLER OTOMOT‹V T‹C. VE SAN. LTD fiT‹.
Yeni Bursa Yolu Kullar Sapa¤› No: 1 ‹zmit
KELEfiLER (SHOWROOM)
Mimar Sinan Sok. No: 69 U¤ur Mumcu Park› Arkas› ‹zmit
Süleyman Demirel Bulv. No: 161 Uydukentalt› Kufladas› Ayd›n
MBU YAPI OTOMOT‹V SAN. T‹C. LTD. fiT‹.
ÖZSA OTOMOT‹V SAN. VE T‹C. A.fi.
ÖZTÜRKLER OTOMOT‹V PARÇALARI SAN.
Erenler Mah. E-5 Karayolu Üzeri No: 113 Adapazar›
VE T‹C. A.fi.
RENTEL TUR‹ZM K‹RALAMA A.fi.
Zalo¤lu Sok. No: 1 Ceylan Han Yenisahra ‹stanbul
SAY‹TO⁄LU OTOMOT‹V T‹C. A.fi.
Devlet Yolu Üzeri Merkez Mah. Yal›ncak Beldesi Trabzon
TOKSÖZ OTOMOT‹V GIDA PETROL NAKL‹YAT
‹skenderun Yolu 10. Km Antakya Hatay
‹NfiAAT T‹C. LTD. fiT‹.
ZEK‹ OTOMOT‹V TUR‹ZM SAN. T‹C. LTD. fiT‹.
Havaalan› Yolu Üzeri Alt›nova Sinan Mah. No: 449/4 Antalya
ZEK‹ (SHOWROOM)
E¤irdir Yolu Migros-YKM Yan› Isparta
ZEK‹ (SHOWROOM)
Saray Mah. Mehmet Akif Ersoy Cad. No: 43 Alanya Antalya
(312) 397 57 38
(332) 236 60 06
(212) 440 25 25
(212) 417 92 12
(258) 251 88 82
(212) 481 56 57
(312) 448 22 22
(224) 272 40 40
(212) 456 65 00
(216) 542 32 32
(212) 329 22 00
(344) 235 46 00
(442) 242 01 82
(216)
(414)
(342)
(322)
302
313
337
435
55
19
46
53
44
79
56 (3 lines)
66
(324) 357 22 44
(424)
(216)
(262)
(262)
(256)
(232)
(356)
(352)
(264)
248
499
349
322
622
265
212
330
275
27
65
47
17
07
45
11
07
88
00
93
34
71
77
65
11
33
80
(216) 444 14 34
(432) 217 37 77
(462) 325 70 00
(326) 285 61 11
(242) 340 50 66
(246) 224 31 30
(242) 511 33 54
page 176
SEAT AUTHORIZED SERVICES
AKBOZ OTOMOT‹V T‹C. A.fi.
Urfa Yolu 3. Km Diyarbak›r
ALMAR OTOMOT‹V SANAY‹ VE T‹CARET LTD. fiT‹. ‹ncirli Cad. Ahu Sok. No: 15bak›rköy ‹stanbul
Bas›n Ekspres Yolu Cemal Ulusoy Cad. No: 1
Yenibosna ‹stanbul
ATA OTOMOT‹V T‹CARET A.fi.
‹stanbul Yolu 3. Km Çiftlik Kavfla¤› Yenimahalle Ankara
Musallaba¤lar› Mah. Elmal› Cad. No: 2 Konya
AVEK OTOMOT‹V ‹Nfi. TURZ. SAN. VE T‹C.
LTD. fiT‹.
Esenler Tekstilkent ‹stanbul
AYGÜV MOTORLU ARAÇLAR SAN. VE
Mass Plaza Eski Edirne Asfalt› No: 34 G.O.P. ‹stanbul
B‹LG‹N OTOMOT‹V A.fi.
Davutpafla Cad. Serçekale Sok. No: 119 Topkap› ‹stanbul
Konya Yolu No: 179 Balgat Ankara
(ANKARA)
Bal›kl› Mah. Yeni Yalova Yolu Üzeri 3. Km
(BURSA)
Erbak Uluda¤ Fab. Yan› Bursa
Adile Naflit Bulv. Haramidere Mevkii No: 8 Esenyurt ‹stanbul
(ESENYURT)
Ankara Asfalt› Üzeri No: 49 Kartal ‹stanbul
(KARTAL-SERV‹S)
(MASLAK)
EL‹S OTOMOT‹V PETROL ÜRÜN. ‹Nfi. TURZ.
SAN. T‹C. A.fi.
ERSES OTOMOT‹V PETROL ÜRÜN. GIDA SAN.
Sanayi Ç›k›fl› Tortum Yolu Üzeri SEAT Plaza Erzurum
T‹C. PAZ. LTD. fiT‹.
ERYA OTOMOT‹V T‹CARET A.fi.
GÜLDEM OTOMOT‹V T‹C. VE SAN. LTD. fiT‹.
Yeni Hal Kavfla¤› T.Z.D.K. Karfl›s› fianl›urfa
GÜRTEKS MOTORLU ARAÇLAR SAN. VE T‹C. A.fi. Bölge Trafik Karfl›s› Baflp›nar Gaziantep
Sivil Havaalan› Karfl›s› BP ‹stasyonu Adana
VE SAN. A.fi.
Menderes Mah. Gazi Mustafa Kemal Bulv.
VE SAN. A.fi.
No: 495 Mezitli Mersin
HÜREL OTOMOT‹V ‹NfiAAT SAN. VE T‹C. LTD. fiT‹.Sürsürü Mah. Malatya Yolu 6. Km No: 177 Elaz›¤
KAYAD‹B‹ OTOMOT‹V T‹C. VE SAN. LTD. fiT‹.
Alemda¤ Cad. Kemerdere Mevkii No: 575 Dudullu ‹stanbul
KELEfiLER OTOMOT‹V T‹C. VE SAN. LTD fiT‹.
Yeni Bursa Yolu Kullar Sapa¤› No: 1 ‹zmit
LENA OTOMOT‹V T‹C. VE SAN. A.fi.
Yeni Dörtyol Mevkii 7 Eylül Mah. Aypet Petrol Tesisleri Ayd›n
LENA OTOMOT‹V T‹C. VE SAN. A.fi. (KUfiADASI)
Süleyman Demirel Bulv. No: 161 Uydukentalt› Kufladas› Ayd›n
MBU YAPI OTOMOT‹V SAN. T‹C. LTD. fiT‹.
MEZ MOTORLU ARAÇLAR PAZ. T‹C. VE
Florya Cad. Florya Kavfla¤› No: 90 Florya/Bak›rköy ‹stanbul
SAN. LTD. fiT‹.
ÖNOTO OTOMOT‹V ‹NfiAAT TUR‹ZM SAN. VE
Atatürk Bulv. Samsun Ordu K.Yolu 3. Km
T‹C. LTD fiT‹.
Kirazl›k Kutlukent Samsun
ÖZSA OTOMOT‹V SAN. VE T‹C. A.fi.
ÖZTÜRKLER OTOMOT‹V PARÇALARI SAN.
Erenler Mah. E-5 Karayolu Üzeri No: 113 Adapazar›
VE T‹C. A.fi.
(412) 252 35 00
(212) 660 00 10
(212) 411 17 99
(312) 397 57 38
(332) 342 24 00
(212) 440 25 25
(212) 417 92 12
(258) 251 76 23
(212) 481 56 57
(312) 583 83 83
(224) 272 40 41
(212) 456 65 00
(216) 453 15 00
(212) 329 22 00
(344) 235 46 00
(442) 242 38 82
(216) 302 55 44
(222) 315 15 15
(414) 313 19 79
(342) 235 40 60
(322) 435 44 55
(324) 357 22 44
(424) 248 26 00
(216) 365 17 14
(262) 349 43 53
(256) 226 84 30
(256) 622 07 77
(232) 265 45 65
(356) 213 39 06
(212) 468 08 12
(362) 266 80 21
(352) 330 07 33
(264) 275 88 80
page 177
RENTEL TUR‹ZM K‹RALAMA A.fi.
TOKSÖZ OTOMOT‹V GIDA PETROL NAKL‹YAT
‹Nfi. VE T‹C. LTD. fiT‹.
ZEK‹ OTOMOT‹V TUR‹ZM SAN. T‹C. LTD. fiT‹.
ZEK‹ (SHOWROOM)
Zalo¤lu Sok. No: 1 Ceylan Han Yenisahra ‹stanbul
(216) 444 14 34
(432) 217 37 77
Devlet Yolu Üzeri Merkez Mah. Yal›ncak Beldesi Trabzon
‹skenderun Yolu 10. Km Antakya Hatay
(462) 334 28 16
(326) 285 61 11
Müftü Mah. U¤ur Mumcu Cad. No: 27/A
Havaalan› Yolu Üzeri Alt›nova Sinan Mah. No: 449/4 Antalya
E¤irdir Yolu Migros-YKM Yan› Isparta
(372) 323 14 00
‹hsaniye Mah. G.M.K. Bulv. No: 127 33070 Mersin
Göksu Mah. M. Turgut Apt. No: 157 33960 Silifke Mersin
Konya Yolu No: 255 06520 Balgat Ankara
Elaz›¤ Yolu 4. Km. Skoda Plaza 20100 ‹plik Diyarbak›r
‹stanbul Yolu 3. Km. Çiftlik Kavfla¤› 06200 Yenimahalle Ankara
Samsun Yolu Demirciler Sitesi No: 100 06150 Siteler Ankara
K›flla Cad. No: 83/21 34130 Bayrampafla ‹stanbul
Talatpafla Cad. No: 21 34180 Bahçelievler ‹stanbul
Bas›n Ekspres Yolu B Blok No: 5/1 34303 Halkal› ‹stanbul
Mimarsinan Köyü Ba¤lar Yolu Mevkii 34900
Büyükçekmece ‹stanbul
Sanayi Siteleri Tortum Yolu Üzeri 1 Blok Karfl›s›
No: 63 25050 Erzurum
Güllük Mah. Adnan Menderes Cad.
Yeniotogar Girifli 54100 Sakarya
D100 Karayolu Üzeri Çoban Mevkii 81100 Düzce
Müftü Mah. Çetin Apatay Bulv. 67320
Havaalan› Yolu Alt›nova Sinan Mah. No: 675 07170 Antalya
Çevre Yolu Kenar› 254/A 07400 Alanya Antalya
Süleyman Demirel Bulv. No: 74 32100 Isparta
Sürsürü Mah. Malatya Cad. No: 47
Tedafl Karfl›s› 23100 Elaz›¤
Atatürk Oto San. Sitesi No: 346 34398 Maslak ‹stanbul
Nam›k Kemal Mah. Adile Naflit Bulv. No: 47
Haramidere 34513 Esenyurt ‹stanbul
fiükrü Saraço¤lu Stadyumu Alt› K›z›ltoprak
34724 Kad›köy ‹stanbul
Akçay Cad. No: 45 35410 Gaziemir ‹zmir
Ankara Cad. No: 43/1 35040 Bornova ‹zmir
fiehitler Cad. 1511 Sok. No: 1 35230 Alsancak ‹zmir
Sefa Sirmen Bulv. Körfez Mah. Vinsan Karfl›s›
41100 ‹zmit Kocaeli
Çevre Yolu Eski Otogar Yan› 44200 Malatya
Çay›rhisar Mevkii ‹zmir Yolu 6. Km.10050 Bal›kesir
Incar Plaza Ankara Yolu 12. Km 38070 Melihgazi Kayseri
(324) 336 12 12
(324) 712 01 40
(312) 473 65 67
(412) 339 05 14
(312) 397 57 38
(312) 353 36 00
(212) 418 51 00
(212) 442 66 66
(212) 697 87 85
(212) 863 84 60
(242) 340 50 66
(246) 228 10 00
SKODA AUTHORIZED DEALERS
4K OTOMOT‹V
4K OTOMOT‹V
AND OTOMOT‹V
AS-KUR OTOMOT‹V
ATA OTOMOT‹V
ATA OTOMOT‹V
AT‹K OTOMOT‹V
AT‹K OTOMOT‹V
AUTO LAND OTOMOT‹V
BATI MOTOR
BAY MAK SAN. MOTORLU ARAÇLAR
BÜLBÜLLER MOTORLU ARAÇLAR
ÇA⁄ OTOMOT‹V
ÇA⁄ OTOMOT‹V
ÇA⁄ OTOMOT‹V
ÇEL‹K MOTOR OTOMOT‹V
Ç‹FTKURTLAR MVC OTOMOT‹V
DO⁄Ufi OTO
DO⁄Ufi OTO
DO⁄Ufi OTO
DONATIM OTOMOT‹V
DONATIM OTOMOT‹V
EKfi‹O⁄LU OTOMOT‹V
FAT‹H MEHMET ORHANO⁄LU
HULDE OTOMOT‹V
‹NCAR OTOMOT‹V
(442) 242 27 00
(264) 276 09 32
(380) 514 91 04
(372) 316 09 43
(242)
(242)
(246)
(424)
340
512
223
248
49
75
59
20
49
70
59
23
(212) 285 03 14
(212) 423 93 49
(216) 542 32 32
(232) 253 67 00
(232) 462 03 63
(232) 463 50 39
(262) 335 22 22
(422) 321 10 95
(266) 221 78 68
(352) 311 52 00
page 178
KESTELL‹ BOZKURT OTOMOT‹V
KONMAR
N‹fiANCI OTOMOT‹V
ÖZGEN OTOMOT‹V
ÖZYILMAZLAR OTOMOT‹V
ÖZYILMAZLAR OTOMOT‹V
PARLAR OTOMOT‹V
SAY‹TO⁄LU OTOMOT‹V
S‹VAS EK‹P OTOMOT‹V
fiEFKATLAR OTOMOT‹V
TOKSÖZ OTOMOT‹V
TOKSÖZ OTOMOT‹V
YÖN OTOMOT‹V
YÜCE MOTOR MOTORLU ARAÇLAR
YÜNCÜLER OTOMOT‹V
Yalova Yolu 6. Km. ‹timat Mobilya
Yan› Panay›r Mah.16250 Bursa
Karayollar› 3. Bölge Müd. Karfl›s› No: 160
42100 Karatay Konya
‹zmir Yolu Cad. No: 375 16110 Bursa
Turhan Cemal Beriker Bulv. Yeni Otogar Karfl›s›
No: 447 01190 Adana
fiile Yolu Kirazl›dere Mah. No: 1 34771 Tafldelen ‹stanbul
Ihlamurkuyu Mah. Alemda¤ Cad. No: 356 Tepeüstü
34760 Ümraniye ‹stanbul
Küçük Sanayi Sitesi Anafartalar Bulv. No: 1 27100 Gaziantep
Yal›ncak Beldesi Merkez Mah. Devlet Karayolu Üzeri
61220 Yal›ncak Trabzon
Arapfleyh Cad. Ö¤retmenevi Karfl›s› No: 17 58080 Sivas
Kaz›m Karabekir Cad. 30 Evler Karfl›s› No: 27 65200 Van
‹skenderun Yolu Üzeri 10. Km. 31000 Antakya Hatay
Muammer Aksoy Cad. No: 196 31200 ‹skenderun Hatay
Ankara Asfalt› Üzeri Adaçoraplar› Karfl›s› 20100 Denizli
E5 Karayolu Fil Yokuflu No: 24 34848 Maltepe ‹stanbul
‹stanbul Yolu 7. Km Atatürk Orman› Yan› 59030 Tekirda¤
(224) 211 72 81
(332) 342 73 73
(224) 413 25 25
(322) 428 18 68
(216) 484 42 64
(216) 540 87 44
(342) 235 00 26
(462) 334 28 16
(346) 224 49 16
(432) 210 15 24
(326) 285 61 11
(326) 619 03 33
(258) 268 58 88
(216) 383 98 03
(282) 231 21 75
SKODA AUTHORIZED SERVICES
4K OTOMOT‹V T‹C. VE SAN. LTD. fiT‹.
AND OTOMOT‹V T‹C. A.fi.
AS-KUR OTOMOT‹V T‹C. VE SAN. LTD. fiT‹.
ATA OTOMOT‹V T‹C. A.fi.
AT‹K OTOMOT‹V T‹C. LTD. fiT‹.
AUTO LAND OTOMOT‹V SAN. VE T‹C. A.fi.
BATI MOTOR T‹C. LTD. fiT‹.
BAY MAK-SAN MOTORLU ARAÇLAR LTD. fiT‹.
BAZ‹K‹ OTOMOT‹V SAN. VE T‹C. A.fi.
BÜLBÜLLER MOTORLU ARAÇLAR LTD. fiT‹.
ÇA⁄ OTOMOT‹V T‹C. VE SAN. LTD. fiT‹.
ÇEL‹K MOTOR OTOMOT‹V T‹C. LTD. fiT‹.
Ç‹FTKURTLAR MVC OTOMOT‹V T‹C. LTD. fiT‹.
DONATIM OTOMOT‹V SAN. T‹C. A.fi.
EKfi‹O⁄LU OTOMOT‹V T‹C. LTD. fiT‹.
ERYA OTOMOT‹V T‹C. A.fi.
FAT‹H MEHMET ORHANO⁄LU
FERHAT OTOMOT‹V LTD. fiT‹.
HULDE OTOMOT‹V T‹C. VE SAN. LTD. fiT‹.
‹NCAR OTOMOT‹V
KANTAR OTOMOT‹V YAfiAR fiEN
‹hsaniye Mah. G.M.K. Bulv. No: 127 33070 ‹çel Mersin
Konya Yolu No: 255 06520 Balgat Ankara
Elaz›¤ Yolu Üzeri 4. Km Skoda Plaza 21120 ‹plik Diyarbak›r
‹stanbul Yolu 3. Km Çiftlik Kavfla¤› 06200 Yenimahalle Ankara
Rami K›flla Cad. No: 83/21 34130 Bayrampafla ‹stanbul
Bas›n Ekspres Yolu B Blok No: 5/1 34303 Halkal› ‹stanbul
E-5 Karayolu Üzeri Ba¤lar Yolu Mevkii Mimar Sinan
34900 Büyükçekmece ‹stanbul
Artvin Yolu Üzeri Sanayi 1. Site Karfl›s› No: 62 25050 Erzurum
Diyarbak›r Karayolu Üzeri 8. Km 63300 fianl›urfa
Adnan Menderes Cad. Güllük Mah.
Yeni Terminal Girifli 54 100 adapazar›sakarya
Havaalan› Yolu Sinan Mah. No: 675 07170 Alt›nova Antalya
Sürsürü Mah. Malatya Cad. No: 47/A
Tedafl Karfl›s› 23100 Elaz›¤
Atatürk Oto Sanayi Sitesi No: 346 34398 Maslak ‹stanbul
Nam›k Kemal Mah. Adile Naflit Bulv. No: 47
Haramidere 34940 Esenyurt ‹stanbul
Akçay Cad. No: 4535 410 gaziemir ‹zmir
Ankara Cad. 43/1 35040 Bornova ‹zmir
Sefa Sirmen Bulv. Körfez Mah. Vinsan Karfl›s›
41100 ‹zmit Kocaeli
Çevreyolu Eski Otogar Yan› No: 22744 200 Malatya
Emrullahefendi Cad. No: 10 34295 Sefaköy ‹stanbul
Çay›rhisar Mevkii Yeni ‹zmir Yolu Üzeri 6. Km 10050 Bal›kesir
Incar Plaza Ankara Yolu 12. Km 38070 Melihgazi Kayseri
Küçük Sanayi Sitesi 15. Cadde No: 18 19100 Çorum
(324) 336 12 12
(312) 473 65 71
(412) 339 05 14
(312) 397 57 38
(212) 418 51 00
(212) 697 87 85
(212) 863 84 60
(442) 242 27 00
(414) 347 82 82
(264) 291 31 33
(242) 340 49 49
(424) 248 20 23
(212) 285 03 14
(212) 456 65 00
(232) 253 67 00
(232) 462 03 63
(262) 335 19 19
(216)
(422)
(212)
(266)
(352)
(364)
302
321
598
221
311
234
55
10
30
78
52
85
44
95
07
68
00
93
page 179
KESTELL‹ BOZKURT OTOMOT‹V SAN.
T‹C. VE LTD. fiT‹.
KONMAR OTOMOT‹V T‹C. LTD. fiT‹.
ÖZGEN OTOMOT‹V T‹C. SAN. LTD. fiT‹.
ÖZYILMAZLAR OTOMOT‹V T‹C. A.fi.
PARLAR ARAÇ BAKIM PAZ. LTD. fiT‹
SAMET OTOMOT‹V T‹C. LTD. fiT‹.
S‹VAS EK‹P OTOMOT‹V T‹C. VE SAN. LTD. fiT‹.
fiEFKATLAR OTOMOT‹V A.fi.
TOKSÖZ OTOMOT‹V T‹C. LTD. fiT‹.
Y.TOMURCUK OTOMOT‹V T‹C. LTD. fiT‹.
YÖN OTOMOT‹V T‹C. VE SAN. LTD. fiT‹.
YÜCE MOTOR MOTORLU ARAÇLAR T‹C. A.fi.
YÜNCÜLER OTOMOT‹V
Yeni Yalova Yolu 6. Km Panay›r Mah. No: 456
16250 Panay›r Bursa
Ankara Yolu. Karayollar› 3.Bölge Müdürlü¤ü Karfl›s›
No: 160 42100 Karatay Konya
Turan Cemal Beriker Bulv. Onur Mah. No: 361 01190 Adana
fiile Yolu Kirazl›dere Mah. Havac›lar Cad. No: 1
Ümraniye 34788 Tafldelen ‹stanbul
Çimento Fabrikas› Kavfla¤› Durdu Yetkin fiehirci Bulv.
No: 10 27100 fiehitkamil Gaziantep
1.Organize Sanayi Girifli Yerlisu Sok. No: 11
42300 Selçuklu Konya
Devlet Karayolu Üzeri Merkez Mah. Yal›ncak Beldesi
61220 Trabzon
Erzincan Karayolu 3. Km 58080 Sivas
Yeni Sanayi Sitesi 10. Blok No: 25 65200 Van
‹skenderun Yolu Üzeri 10. Km Büyük Dalyan
31000 Antakya Hatay
Beflevler Küçük Sanayi Sitesi No: 17 A Blok No: 1
16110 Beflevler Bursa
Ankara Asfalt› Üzeri Ada Çoraplar› Karfl›s› 20100 Denizli
E-5 Karayolu Fil Yokuflu No: 24 Gülsuyu
34848 Maltepe ‹stanbul
‹stanbul Yolu 7. Km. Atatürk Orman› Yan› 59030 Tekirda¤
(224) 211 72 81
(332) 342 73 73
(322) 428 18 68
(216) 484 42 64
(342) 241 58 58
(332) 251 86 00
(462) 334 28 16
(346) 215 10 50
(432) 223 07 74
(326) 285 61 11
(224) 441 12 41
(258) 251 76 23
(216) 383 98 03
(282) 231 21 75
SCANIA AUTHORIZED DEALERS
ACARSAN MOT. ARAÇ. PETR. ÜRÜN. TURZ. ‹Nfi.
AHENK OTOMOT‹V GIDA ‹NfiAAT TAAH. PETROL
ÜR. TUR‹ZM T‹C. VE SAN. LTD. fiT‹.
ASYA OTOMOT‹V SERV‹S H‹Z. T‹C. NAKL.
DO⁄Ufi OTOMOT‹V SERV‹S VE T‹C. A.fi.
ERÇAL FINDIK OTOMOT‹V SAN. VE T‹C. A.fi.
‹SOTLAR MOTOR OTOMOT‹V PET. TURZ. NAK.
‹Nfi. SAN. VE T‹C. A.fi.
KOÇASLAN OTOMOT‹V ‹Nfi. TAfi. PETR. ÜRÜN.
LAST. SAN. VE T‹C. LTD. fiT‹.
KONYA A⁄IR VASITA SERV‹S SAN. VE
MASTER TUR‹ZM YATIRIM VE
‹fiLETMEC‹L‹K LTD. fiT‹.
ÖZSA OTOMOT‹V T‹CARET VE SANAY‹ A.fi.
Nizip Yolu Üzeri 8. Km Gaziantep
(342) 238 28 85
Kuzey Çevre Yolu 2. Km Scania Plaza Erzurum
(442) 243 39 81 (3 lines)
Cumhuriyet Cad. No: 18 Erzurum Yolu 10. Km
Alkoluk Trabzon
Alt›nova Sinan Mah. Havaalan› Köprüsü Karfl›s› No: 5
Avc›lar Sok. 07300 Antalya
Ankara Yolu Üzeri Kad›yeri Mevkii Tavflanl› Köyü
Gebze Kocaeli
Zafer Mah. Atatürk Bulv. No: 620
Service: Kirazl›k Mah. Atatürk Bulv. No: 65 Kutlukent Samsun
Ankara Cad. No: 260 Bornova ‹zmir
(462) 272 55 45
(242) 310 87 97
(262) 724 95 30
(362) 230 58 58
(232) 479 60 99
Adana Mersin Karayolu Yenice Beldesi Girifli Adana
(324) 651 01 10
Beflevler Küçük Sanayi Sitesi No: 59 Blok No: 1-8 Bursa
(224) 441 55 60
Horozlu Han Mah. Efsane Sok. No: 4 Konya
(332) 251 02 01
E-5 Karayolu Üzeri No: 6 Shell Benzinlik Yan›
Beylikdüzü ‹stanbul
Osman Kavuncu Cad. No: 206 DS‹ Yan› Kayseri
(212) 852 53 00
(352) 330 07 33
page 180
SCANIA AUTHORIZED SERVICES
ACARSAN MOT. ARAÇ. PETR. ÜRÜN. TURZ. ‹Nfi. Nizip Yolu Üzeri 8. Km Gaziantep
AHENK OTOMOT‹V GIDA ‹NfiAAT TAAH. PETROL Kuzey Çevre Yolu 2. Km Scania Plaza Erzurum
ÜR. TUR‹ZM T‹C. VE SAN. LTD. fiT‹.
ASYA OTOMOT‹V SERV‹S H‹Z. T‹C. NAKL.
Alkoluk Trabzon
D‹ZSAN OTOMOT‹V SAN. VE T‹C. LTD. fiT‹.
K. Sanayi Sitesi 79. Sok. No: 8 Çorum
DO⁄Ufi OTOMOT‹V SERV‹S VE T‹C. A.fi.
Gebze Kocaeli
Zafer Mah. Atatürk Bulv. No: 620 Service: Kirazl›k Mah.
Atatürk Bulv. No: 65 Kutlukent Samsun
GÜNEY SERV‹S OTOMOT‹V DEN‹ZC‹L‹K
Kurudere Mevkii E-5 Karayolu Üzeri Payas Hatay
‹THALAT ‹HRACAT SAN. VE T‹C. LTD. fiT‹.
‹Nfi. SAN. VE T‹C. A.fi.
KAVALCIO⁄LU OTOMOT‹V SAN. VE T‹C. LTD. fiT‹. Özgürlük Mah. 63128 Sok. No: 3 Mersin
KOÇASLAN OTOMOT‹V ‹Nfi. TAfi. PETR. ÜRÜN.
LAST. SAN. VE T‹C. LTD. fiT‹.
MASTER TUR‹ZM YATIRIM VE
E-5 Karayolu Üzeri No: 6 Shell Benzinlik Yan›
‹fiLETMEC‹L‹K LTD. fiT‹.
Beylikdüzü ‹stanbul
RENDA ULUSLARARASI NAKL‹YAT VE T‹C. A.fi.
‹skenderun Yolu Üzeri Renda Küçük Sanayi Sitesi
B-Blok No: 126 Hatay
SOLAK OTOMOT‹V YEDEK PARÇA TAM‹R VE
Beflköprü Mah. Salk›m Sok. No: 20 Adapazar›
NAK. SAN. VE T‹CARET LTD. fiT‹.
(342) 324 63 82
(442) 242 78 46
(462) 272 55 45
(242) 310 87 97
(364) 234 88 15
(262) 724 95 30
(362) 266 78 21
(232) 479 60 99
(326) 755 13 75 (2 lines)
(324) 651 01 10
(324) 235 99 78
(224) 441 55 60
(332) 251 02 01
(212) 852 53 00
(352) 330 38 66
(326) 221 40 18
(264) 275 62 41
KRONE AUTHORIZED DEALERS AND SERVICES
ACARSAN MOT. ARAÇ. PETR. ÜRÜN. TURZ. ‹Nfi.
ANKARA A⁄IR VASITA SERV. TAfi. OTOMOT‹V
SAN. VE T‹C. LTD. fiT‹.
ASYA OTOMOT‹V SERV‹S H‹Z. T‹C. NAKL. VE
SAN. LTD. fiT‹.
ÇALIfiKAN TAfi. VE TUR‹ZM T‹C. A.fi.*
DO⁄Ufi OTOMOT‹V VE SERV‹S T‹CARET A.fi.
Nizip Yolu Üzeri 8. Km Dünya T›r Garaj› Gaziantep
(342) 238 38 88
‹stanbul Yolu Oto San. Sitesi Girifli 5. Cad. Adalararas› Sok.
No: 7 fiaflmaz Etimesgut Ankara
Akoluk Trabzon
Fatih Mah. Eski Ankara Yolu Tezel Sürücü Kursu Pisti Yan›
Orhanl› Beldesi Tuzla ‹stanbul
Samsun Yolu Üzeri 19 May›s Bulv. No: 669
Çal›flkan Kardefller Tesisleri Yan› Ankara
Gebze Kocaeli
(312) 278 80 60
(462) 272 55 45
(216) 304 27 04 452 45 75
(242) 340 54 85
(216) 456 37 70
(262) 724 95 30
page 181
ERÇAL FINDIK OTOMOT‹V SAN. VE T‹C. A.fi.*
HAS ‹NfiAAT VE OTOMOT‹V YATIRIMLARI A.fi.-*
‹Nfi. VE T‹C. A.fi.
KCR OTOMOT‹V SAN. VE T‹C. A.fi.
KOÇASLAN OTOMOT‹V ‹Nfi. TAfi. PETR.
ÜRÜN. LAST. SAN. T‹C. LTD. fiT‹.
* No after sales service is available.
Zafer Mah. Atatürk Bulv. No: 620
(362) 230 58 58
Service: Kirazl›k Mah. Atatürk Bulv. No: 65 Kutlukent Samsun
Gülsuyu Kavfla¤› E-5 Karayolu Yanyol Üzeri Bülbül Deresi Yan› (216) 427 94 97
No: 4 Maltepe ‹stanbul
(232) 479 60 99
Ba¤lariçi Cad. No: 27 34325 Avc›lar ‹stanbul
(212) 695 91 67
(324) 651 01 10
Ankara Asfalt› Üzeri 10. Km Akkale Denizli
(258) 267 22 22
(224) 441 55 60
(332) 251 02 01
(352) 330 07 33
page 182
NOTES
page 183
NOTES
page 184
NOTES
Kurumsal Profil
Contact
Do¤ufl Otomotiv Servis ve Ticaret A.fi.
Do¤ufl Grubu Binaları
Büyükdere Cad. No: 65,
34398 Maslak-‹stanbul-Turkey
Tel : (+90 212) 335 36 36
www.dogusotomotiv.com.tr
Investor Relations
Tel : (+90 212) 335 39 01
Fax : (+90 212) 335 30 90
www.dogusotomotiv.com.tr

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