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Transcript of tatks
7/30/2019 tatks
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Investor Presentation
February 2010
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T a t
P2
Agenda
Profile – Brief Overview
Vision Statement
Strategy and Goals
Shareholder Structure
Key Competitive Advantages
Key Company Figures
Annexes – Financials and Other Data
Contacts
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T a t
P3
Agenda
Profile – Brief Overview
Vision Statement
Strategy and Goals
Shareholder Structure
Key Competitive Advantages
Key Company Figures
Annexes – Financials and Other Data
Contacts
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T a t
P4
Profile – Brief History
1967
Foundation of TAT Konserve
Public Offer of Tat
Shares Merger between Tat, Sek,Maret and Pastavillamerged under TatKonserve umbrella
1992
2003• 1981: One of the world’s three
firms in the aseptic filling
technology in tomato paste.
• 1984: Foundation of MARET A.Ş.
• 1989: Aseptic Diced Tomato
Technology for the first time in
Turkey with TAT
• 1995 : Acquisition of Pastavilla by
Koç Group
• 1997: Acquisition of majority
shares of SEK by Koc Group
• 1998: Public offer of Pastavillashares
2004: Establishment of a JV
between Tat and Tariş, a local
agricultural co-operative, toproduce and sell rakı, the
traditional and most consumed
spirit drink in Turkey.
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T a t
P5
Profile – Key Highlights
Strong brandnames
One of the largestfood company in
Turkey
“The mostsatisfying brand”,
Q3 2006, TCSI byKalder
Highly experiencedemployees
Customer loyalty,
product quality
Fast growingmarket and
positive economic
outlook
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T a t
P6
Profile – Key Highlights (continued...)
• One of the largest tomato paste producer in Europe
• Targeting to be the largest tomato paste producer in Europe and one of thefirst 5 producers around the world in three years
• Winner of “Kırmızı” Award in the Best Advertisement Text category, Success
Award in the Best Beverage Advertisement in Press category and in the Best
Advertisement Campaign in Press with “Sek Milk Stories”
• Tat Ketchup, Tat Tomato Paste and Tat Mayonnaise- The most recognized brands
by ACNielsen, 2008
• Tat Ketchup- the best radiospots and outdoor activities by Ekonomist*, 2009
• SEK Pasteurized Milk- the best radiospots by Ekonomist*, 2009
• SEK- the most growing milk brand in Turkey by Capital, 2009**
• SQMS ( Supplier Quality Management System ) Approval
• ISO 9001:2000 Quality Management Certificate* Weekly Economy Magazine , ** Monthly Business Magazine
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T a t
P7
Profile - Key Highlights (continued...)
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T a t
P8
Profile - Key Highlights (continued...)
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T a t
P9
Profile – Brief Overview of Operations
• One of the largest food company
in the sector
• Manufacturing tomato, dairy,
meat and pasta products
Key Indicators
Stock Info- as of Jan 31, 2010
Ticker TATKS.IS
Price TL 3,26
MCap. $ 299 mio
* The paid-in capital has been increased from TRY 86 mio to TRY 136 mio in July, 2007.
TL Million, as of Dec.07 Dec.08 Dec.09
Total Revenues 547 629 694
Gross Profit 97 114 140
EBITDA 40 51 70
Total Employees 1. 145 1.222 1.013
Registered Share Capital 250
Paid-in Capital* 136MCap. $ 276 mio
Stock Info- as of December 31, 2009
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T a t
P10
Profile – Merger Operation
Advantages Created by Merger ;
Synergy between the brands,
Reduction of the costs,
Utilization of the sources more efficiently
Being one of the largest food companies in Turkey
In 2003, Tat, Maret, Sek and Pastavilla mergedunder Tat’s umbrella.
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T a t
P11
Profile –Production Facilities & Brand Portfolio
Canning & Tomato ProcessingFoundation: 1967Facilities : Mustafa Kemal Pasa, Karacabey,
TorbaliCapacity : 182.000 tons/year
Meat ProcessingFoundation : 1984Facility : TuzlaCapacity : 36.000 tons/year
Pasta ProductionFoundation : 1928Facility : İzmirCapacity : 87.000 tons/year
Dairy ProductsFoundation : 1963Facility : Mustafa Kemal PasaCapacity : 139.000 tons/year
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T a t
P12
Agenda
Profile – Brief Overview
Vision Statement
Strategy and Goals
Shareholder Structure
Key Competitive Advantages
Key Company Figures
Annexes – Financials and Other Data
Contacts
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T a t
P13
Vision Statement
Our Mission...
To become a profitably developing company together with the strong brands
which presents renovated and unique products being close to the consumers
with innovations, high R&D structure, increasing productivity and consistency in
the area of food production and distribution.
Our Vision...
“To be the revolutionary, leading food production and distribution company in
Turkey.”
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T a t
P14
Agenda
Profile – Brief Overview
Vision Statement
Strategy and Goals
Shareholder Structure
Key Competitive Advantages
Key Company Figures
Annexes – Financials and Other Data
Contacts
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T a t
P15
Strategy and Goals
We aim to reach a company that
• Is the leader in its sector
• Maximizes the shareholders’ earnings
• Keeps its technology up to date
• Keeps the environmental sensitivity
• Maximizes the application of Corporate Governance Principles
• Keeps the sensitivity to customers’ expectations
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T a t
P16
Agenda
Profile – Brief Overview
Vision Statement
Strategy and Goals
Shareholder Structure
Key Competitive Advantages
Key Company Figures
Annexes – Financials and Other Data
Contacts
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T a t
P17
Shareholder Structure
47 % of the shares are traded in ISE
41,4
9,6
5,3
43,7
Koc Holding Kagome & Sumitomo Other Koç Group Public&Other
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T a t
P18
Agenda
Profile – Brief Overview
Vision Statement
Strategy and Goals
Shareholder Structure
Key Competitive Advantages
Key Company Figures
Annexes – Financials and Other Data
Contacts
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T a t
P19
Key Competitive Advantages/ Strong Brands
Product Differentiation
Tomato Paste Market Share
Source:AC Nielsen
0
10
20
30
40
Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009 Q3 2009 Q4 2009
%
Tat Tukaş Tamek Akfa
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T a t
P20
Key Competitive Advantages / Strong Brands
Product Differentiation
Premium Pasta Market Share
Source:AC Nielsen
0
20
40
60
80
Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009 Q3 2009 Q4 2009
%
Pastavilla Barilla La Fiamma Veronelli
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T a t
P21
Key Competitive Advantages/Strong Brands
Product Differentiation
Meat Products Market Share
Source:AC Nielsen
4
9
14
19
24
Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009 Q3 2009 Q4 2009
%
Maret Pınar Aytaç Polonez
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T a t
P22
Key Competitive Advantages/Strong Brands
Product Differentiation
Yoghurt Market Share
Source:AC Nielsen
0
5
10
15
20
25
30
Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009 Q3 2009 Q4 2009
%
Sek Danone Sütaş Ülker Pınar Yörsan
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T a t
P23
Key Competitive Advantages
Sales Network
Duzey Tuketim Mallari Pazarlama A.S. : is a Koc Group company that operates in thesales and distrubution area of consumer goods. Tat utilizes the sales and distributionnetwork of Duzey in domestic market that penetrates almost all of Turkey.
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T a t
P24
Agenda
Profile – Brief Overview
Vision Statement
Strategy and Goals
Shareholder Structure
Key Competitive Advantages
Key Company Figures
Annexes – Financials and Other Data
Contacts
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T a t
P25
Net Sales
TL Mio
380350
448
547
629
694
2004 2005 2006 2007 2008 2009
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T a t
P26
Net Sales Breakdown by Product Group
132 124 128 164
112 91
201
3841
44
56
13
182167
276
184
221
171
8590
105
143
160
66
50
4
2004 2005 2006 2007 2008 2009
Tomato Paste & Canned Food Meat Dairy Pasta Other
TL Mio
380 350 448
547
Total
629
694
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T a t
P27
Net Sales Breakdown by Region
84 89 92 94 93 95
16 116
8 76
2004 2005 2006 2007 2008 2009
Domestic Export
%
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T a t
P28
EBITDA
7051
-36
4024
1
10,1%
-9,4%
0,4%
7,2%8,1%
5,4%
-60
-40
-20
0
20
40
60
80
2004 2005 2006 2007 2008 2009
-15%
-10%
-5%
0%
5%
10%
15%
EBITDA EBITDA Margin %
TL Mio %
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T a t
P29
Gross Profit
114
97
71
4010
140
2,7%
11,3%
15,8%
20,2%
17,7%
18,1%
0
20
40
60
80
100
120
140
160
2004 2005 2006 2007 2008 2009
0%
5%
10%
15%
20%
25%
Gross Profit Gross Margin %
%TL Mio
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T a t
P30
Gross Profit Margin by Product Group
5 5
-4
1012
9
16
22
19
9
16
26
19
9
19
28
19
10
16
28
23
13
23
11
-10
-5
0
5
10
15
20
25
30
Tomato Paste&Canned
Food
Dairy Meat Pasta
2004 2005 2006 2007 2008 2009
%
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T a t
P31
Net Operating Profit
56
3831
17-17
-56
6,1%
8,0%
3,9%
-5,0%
-14,7%
5,7%
-80
-60
-40
-20
0
20
40
60
80
2004 2005 2006 2007 2008 2009
-20%
-15%
-10%
-5%
0%
5%
10%
EBIT EBIT Margin
%TL Mio
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T a t
P32
Net Income
7
-4
11
-19
-15
-54
4,9%
-0,7%
-4,3%-4,4%
-14,2%
2,0%
-60
-50
-40
-30
-20
-10
0
10
20
30
40
2004 2005 2006 2007 2008 2009
-20%
-15%
-10%
-5%
0%
5%
10%
Net Income Margin
%TL Mio
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T a t
P33
Agenda
Profile – Brief Overview
Vision Statement
Strategy and Goals
Shareholder Structure
Key Competitive Advantages
Key Company Figures
Annexes – Financials and Other Data
Contacts
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T a t
P34
Annexes
Summary Profit & Loss Statement
Summary Balance Sheet
CapEx
Agenda -2010
Tomato Plantation in Turkey & Tomato Processing in Tat
Tomato Processing Investment in Urfa
Why GAP Region?
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T a t
P35
Summary Income Statement
Net Sales in 2009 increased to 694 mio TL from 629 mio TL by 10% YoY.
Gross Profit in 2009 increased to 140 mio TL from 114 mio TL by 23% YoY, and Gross Margin in 2009realized as 20,2% compared to 18,1% in 2008.
EBIT in 2009 increased to 56 mio TL from 38 mio TL by 45% YoY,and EBIT Margin in 2009 realizedas 8,0% compared to 6,1% in 2008.
EBITDA increased to 70 mio TL from 51 mio TL by 39% YoY, and EBITDA Margin in 2009 realizedas 10,1% compared to 8,1% in 2008.
Net Income increased to 34 mio TL from -4 mio TL by 888% YoY, and Net Margin in 2009 realized
as 4,9%.
Summary Income Statement (Millions TL) 2004 2005 2006 2007 2008 2009
Net Sales 380 350 448 547 629 694
Gross Profit 10 40 71 97 114 140
EBITDA -36 1 24 40 51 70
Net Operating Profit -56 -17 17 31 38 56
Net Income -54 -15 -19 11 -4 34
Main Indicators (%) 2004 2005 2006 2007 2008 2009
Gross Profit Margin 2,7 11,3 15,8 17,7 18,1 20,2
EBITDA Margin (9,4) 0,3 5,4 7,2 8,1 10,1
Net Operating Profit Margin (14,7) (5,0) 3,9 5,7 6,1 8,0
Net Margin (14,2) (4,4) (4,3) 2,0 (0,7) 4,9
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T a t
P36
Summary Balance Sheet
TL million 2004 2005 2006 2007 2008 2009
Current Assets 183 168 190 219 323 343
Non-current Assets 170 147 141 179 204 196
Total Assets 352 315 331 397 526 538
Current Liabilities 231 181 191 149 332 239
Non-current Liabilities 10 40 68 100 36 100
Shareholder's Equity 111 94 73 149 158 199
Total Liabilities 352 315 331 397 526 538
Current Ratio 0,79 0,93 1,00 1,47 0,97 1,43
Liquidity Ratio 0,26 0,40 0,52 0,49 0,42 0,62
Debt/Equity 1,49 1,81 2,79 1,17 1,84 1,29
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T a t
P37
Capital Expenditures
Capital Expenditures for up-to-date technologies
$ Million 2005 2006 2007 2008* 2009*
Machinery , Equipment, Modernization 5 2 5 20 6
Infrastructure& Construction 3 1 6 14 4
Other 0 1 1 1 1
Total 8 4 12 35 11
* Includes Harranova investments in GAP region
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T a t
P38
Agenda 2010
Milestone Project in Harranova,GAP had already begun in 2008.
141.000 tons of tomato harvested and 21.000 tons of tomato paste produced in GAP in 2009.
22.000 decars of plantation and over 200.000 tons of tomato harvesting are planned in 2010.
Higher penetration to both domestic and export market.
After full integration of slaughterhouse to Harranova in 2008, the debonning unit was engaged by 350
tons/month capacity in 2009. The capacity target is 700 tons/month for 2010.
Research for new markets in pasta business, and new products have launched
Lasagne, Tortellini
Sale of idle plant, buildings and machineries creating quite positive impact to both P&L and cash flow
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T a t
P39
Tomato Plantation in Turkey & Tomato Processing in Tat
Tomato Processing by Tat (000 tons)
220 250330
500
340415
780
950
1300
0
200
400
600
800
1000
1200
1400
2005 2006 2007 2008 2009 2010P 2011P 2012P 2013P
Tomato Paste by Tat (000 tons)
34
145
120
6552
72
55
39
200
0
50
100
150
200
2005 2006 2007 2008 2009 2010P 2011P 2012P 2013P
(tons/year) 2004 2005 2006 2007 2008 2009
Total TomatoProduction in Turkey
1.861.500 1.679.000 1.513.800 1.541.000 2.800.000 2.000.000
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T a t
P40
Tomato Processing Investment in Urfa
Location ; Sanliurfa
Total Plantation Area ; 15.000-100.000
decars
Production Start Date(P) ; June 2008
Season Length ; 56 days
Tomato Processing; 1.000K tons/year
after year 2012
Tomato Paste ; 160.000 tons/year after
year 2012
First Tomato Investment in Southeastern Anatolia Project (GAP)
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T a t
P41
Tomato Processing Investment in Urfa
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T a t
P42
Tomato Processing Investment in Urfa
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T a t
P43
Tomato Processing Investment in Urfa
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T a t
P44
Tomato Processing Investment in Urfa
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T a t
P45
Why GAP Region
Why GAP Region?
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T a t
P46
Why GAP Region ?
Close to export markets
Source: Prime Ministry Southeastern Anatolia Project Regional Development Administration
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T a t
P47
GAP REGION9.7 %OTHER
90.3 %
ECONOMICALLY IRRIGABLE AREA
GAP REGION20.0 %
OTHER 80.0 %
Land Potential
TOTAL AREA
Why GAP Region ?
Source: Prime Ministry Southeastern Anatolia Project Regional Development Administration
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T a t
P48
Why GAP Region ?
Price of Land in Organized Industrial Zones
(per square m eters)
$27.00
$9.66
$100.00
$5.17
Denizli(centre)
İstanbul(Tuzla)
Bursa(centre)
Diyarbakır
Land Prices
Source: Prime Ministry Southeastern Anatolia Project Regional Development Administration
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T a t
P49
Why GAP Region ?
State Incentives
Investment Encouragement
Scheme Custom Duties And Fund Exemption
VAT Exemption On Imported And Locally Procured Machinery &Equipment
Exemption From CertainStamps Duties And Charges
Subsidized Credit Cost
5084
Others
Source: Prime Ministry Southeastern Anatolia Project Regional Development Administration
2009/15199
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T a t
P50
Why GAP Region ?
Law 5084
80%-100% exemption onincome withholding tax on labor,
80%-100% exemption onsocial security premiums on labor;
20%-50% reduction on energy costs;
Subsidized Credit Cost for specific regions and investments
Allocation of free land.
Investment EncouragementScheme
State Incentives
Others
Source: Prime Ministry Southeastern Anatolia Project Regional Development Administration
2009/15199
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T a t
P51
Why GAP Region ?
2009/15199
Credit upto 500K TL with 5% and 2% subsidyin interest rates On TL and F/X based loans respectively,
Corporate Income Tax Rate of 2%.
45 TL/decar incentive for corn silage plantation(In 2010, as a second crop, corn silage would be planted
on 25K decars of land.)
Investment EncouragementScheme
5084
State Incentives
Source: Prime Ministry Southeastern Anatolia Project Regional Development Administration
Others
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T a t
P52
Why GAP Region ?
Others
INVESTMENT ALLOWANCE(40% FIXED)
KOSGEB(National SME Development Agency)
Executes a comprehensiveSME support Scheme
UNDERSECRETARIAT for FOREIGN TRADEsupports exporters
Investment EncouragementScheme
5084
State Incentives
Source: Prime Ministry Southeastern Anatolia Project Regional Development Administration
2009/15199
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T a t
P53
Why GAP Region ?
Labour Costs
272,6
371,1419,3
529,8547,2558,4
934
0
100
200
300
400
500
600
700
800
900
1000
Slovenia Czech Rep. Poland Hungary Slovakia Turkey GAP Region
Monthly Salaries (Minimum Wage Rate €)
* Source: ILO for data on other countries.
* Minimum Wage Rate in Turkey from MoLSS .
* Cost to the employer in GAP Region is based on incentives offered by Law No 5084.
Source: Prime Ministry Southeastern Anatolia Project Regional Development Administration
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T a t
P54
Why GAP Region ?
I t a l y
J a p a n
I r e
l a n d
D e n m a r k
P o r t u g a l
H u n g a r y
S w i t z e r l a n d
S l o v a k R e p .
F i n l a n d
G r e e c e
C z e c h R e p .
U K
P o l a n d
M e x i c o
C h
i n e s e T a i p e i
N e w Z e a l a n d
K o r e a
F r a n c e
U n
i t e d S a t e s
G e r m a n y
S p a i n
N o r w a y
A u s t r a l i a
S . A f r i c a
A u s t r i a
T u r k e y ( 2 ) ; $ 0 , 0 6 2 4 k W h
T u r k e y ( 1 ) ; $ 0 , 0 9 1 7 k W h
G A P R e g i o n ( 3 ) , $ 0
. 0 4 9 9 k W h
G A P R e g i o n ( 4 ) ; $ 0 , 0 3 1 2 k W
h
Law no 5084 allows for
20%-50% savings on
electricity costs.
(1) Turkey, normal tariff
(2) Special tariff for less developed regions
(3) Tariff based on 20% exemption from electricity costs as per Law no 5084
(4) Tariff based on 50% exemption from electricity costs as per Law no 5084
Energy Prices
Industrial Electricity Prices in Selected OECD Countries
Source: Prime Ministry Southeastern Anatolia Project Regional Development Administration
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T a t
P55
Why GAP Region ?
Manufacturing Cost
14.90%100.0%Total
0.00%26.5%Others
6.25%12.5%Energy
3.40%8.5%Labor
5.25%52.5%Raw Material
Savings in GAPRegion
Average Costs
Frozen Food Manufacturers
Source: Prime Ministry Southeastern Anatolia Project Regional Development Administration
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T a t
P56
THANK YOU
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T a t
P57
Agenda
Profile – Brief Overview
Vision Statement
Strategy and Goals
Shareholder Structure
Key Competitive Advantages
Key Company Figures
Annexes – Financials and Other Data
Contacts
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T a t
P58
Contacts
• Guclu TOKER
CEO
+90 216 430 00 30
• Tamer SOYUPAK
CFO
+ 90 216 430 01 92
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T a t
P59
Disclaimer
This presentation contains forward-looking statements that reflect the
Company management’s current views with respect to certain future events. Although it is believed that the expectations reflected in these statements are
reasonable, they may be affected by a variety of variables and changes in
underlying assumptions that could cause actual results to differ materially.
Neither Tat Konserve nor any of its directors, managers or employees nor anyother person shall have any liability whatsoever for any loss arising from use of
this presentation.