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