As of end-2019, 78.9% of Tofaş’s shares were held by international investors. Last year of BIST-traded shares held by such investors was 61.1%.

MEETINGS WITH INSTITUTIONAL INVESTORS

The Tofaş Corporate Investor Relations Department conducted a total of four analyst meetings. These meetings were attended by members of senior management and consisted of a presentation of all the year’s quarterly results announced as of that date.

In addition to these four analyst meetings, 288 other meetings consisting of company visits, teleconferences, and investor conferences held in Turkey and abroad were attended, with the participation of 209 institutional investors and 79 financial analysts last year.

Tofaş took part in four international investor conferences and two investor conferences in Turkey during the year while 57 teleconferences were conducted with analysts and investors.

SHARE PERFORMANCE

The average value of Tofaş’s publicly-traded shares was 9.9% lower in 2019 than it was in 2018. The company’s stock also underperformed the BIST 100 index during a year in which the index fell by 2.6%.

Taking year-end prices into account however, the value of Tofaş’s stock increased by 73.2% in 2019, thus outperforming the BIST 100 index, which was up by 25.4% in 2019.

Tofaş’s prior dividend payments are shown below.

(TL million)	2015	2016	2017	2018	2019
Net profit	831	970	1,283	1,330	1,482
Dividend	365	350	800	880	1,200
Dividend / Net profit (%)	44	36	62	66	81

Tofaş’s management proposes to pay out a 2019 dividend totaling TL 1,200 million in value. This figure corresponds to a 81% dividend based on its 2019 profit.

DEVELOPMENTS IN INTERNATIONAL INVESTORS’ OWNERSHIP OF PUBLICLY-TRADED TOFAŞ SHARES

As of end-2019, 78.9% of Tofaş’s shares were held by international investors. Last year of BIST-traded shares held by such investors was 61.1%.

CORPORATE GOVERNANCE AT TOFAŞ

The implementation of corporate governance principles as a dynamic process made necessary by developments in capital markets is a matter of decisive and increasing importance for Tofaş. Having committed itself to compliance with the Capital Markets Board’s published corporate governance principles and adopted corporate governance as an inhouse corporate culture, TOFAŞ conducts its operations making such improvements and changes as emergent conditions may require. TOFAŞ takes a sustainable approach in the conduct of its corporate governance practices in keeping with the principles of transparency, accountability, fairness, and responsibility as spelled out in the Capital Markets Board’s Corporate Governance Communique.

TOFAŞ has its compliance with corporate governance principles independently audited in a process in which its practices are individually rated under the headings of “Shareholders”, “Public disclosure and transparency”, “Stakeholders”, and “Board of Directors”.

Audited by SAHA, a corporate governance and credit rating services firm, Tofaş’s corporate governance rating was reviewed as scheduled and revised once last year. Based on the results of a review of its 2019 operations, the company’s corporate governance rating was announced as 9.26 in a report issued as of 1 November 2019. The complete text of this report as well as of previous ones in both Turkish and English is available for examination on our company’s corporate website.

TOFAŞ’S CORPORATE GOVERNANCE RATING (%)
Shareholders	86.70
Public disclosures & transparency	94.53
Stakeholders	99.51
Board of Directors	92.41
Average	92.58

Tofaş’s shares have been included in the BIST Corporate Governance Index since 2007. Because of the importance that the company gives to corporate governance principles, its compliance with this index’s criteria is continuously and dynamically reviewed on a regular basis.

CONTACT INFORMATION

Tofaş’s official investor relations webpages in Turkish and English are located at the addresses given below. These pages provide access to current information about analysts’ presentations concerning the interpretation of the company’s quarterly financial results, financial reports, a calendar of investor relations activities, and other matters that may be of importance to investors.

Tofaş Investor Relations webpage (Turkish):

https://www.tofas.com.tr/YatirimciIliskileri/GenelBakis

Tofaş Investor Relations webpage (English):

https://www.tofas.com.tr/en/InvestorRelations/GeneralOverview

Institutional Investor Relations Department:

Devran AYDIN
Accounting Manager & Investor Relations Executive
Telephone: +90 212 275 3390 Extension: 2754
Email: [email protected]

Mehmet A. Ağyüz, CFA
Investor Relations Manager
Telephone: +90 212 275 3390 Extension: 2751
Email: [email protected]