Investment Case

Value Created by Ford Otosan for Investors

Scale & growth
-    Industry leader in domestic commercial vehicles
-    Turkey’s largest manufacturer and exporter of commercial vehicles
-    Technology licensing agreements delivering royalty fees with strong growth potential

Resilience & efficiency 
-    €-denominated export revenues, including non-€ countries
-    Rising capacity utilization: Above European and Turkish industry average
-    Efficient, flexible and low-cost manufacturing and engineering competency

Strong balance sheet & prudent risk management
-    Surging FCF generation following completion of capex cycle
-    Rising volumes and profitability driven by new products
-    Natural hedge of fx-payables due to fx-denominated export revenues

Shareholder value creation
-    Dividend growth with surging FCF
-    Strong relative share performance
-    Commitment to good corporate governance