With their average trading value up by 164% in 2023, Tofaş’s shares significantly outperformed the 113% rise in the BIST 100 index last year.

SHAREHOLDING STRUCTURE

24.3% (by value) of Tofaş shares are traded on the Borsa İstanbul stock exchange, with Koç Holding and Stellantis controlling equal stakes in the remainder. Publicly-traded Tofaş shares are included in both the BIST 30 and the BIST 100 indexes as well as in the BIST Corporate Governance and the BIST Sustainability indexes. Tofaş submits responses to Carbon Disclosure Project climate-change and water-security questionnaires.

IPO:	1 July 1991
Ticker symbol:	TOASO
Paid-in capital:	TL 500,000,000
Registered capital ceiling:	TL 1,000,000,000

 

2023 trading highlights
Closing:	TL 210.0
Market capitalization:	USD 3.56 billion
Intraday high:	TL 309.6
Intraday low:	TL 133.28
% held by international investors:	41.7%
Average trading volume:	USD 24.5 million

 

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

As of end-2023, 41.7% of Tofaş’s shares were held by foreign shareholders while the average foreign-investor share of BIST-traded companies was 38% as of the same date.

SHARE PERFORMANCE

With their average trading value up by 164% in 2023, Tofaş’s shares significantly outperformed the 113% rise in Borsa İstanbul’s BIST 100 index last year. On the basis of their twelve-month performance however, Tofaş shares gained 31% in value in 2023 while the BIST 100 index was up by 35.6%.

In 2023 Tofaş paid out a lump-sum gross dividend of TL 3,000 million on its 2022-year profits. The aggregate value of Tofaş-paid dividends between 2018 and 2023 amounts to TL 9.8 billion. The Tofaş Board of Directors has proposed paying out a total dividend of TL 10 billion on its 2023-year profits. This corresponds to a rate of return of 66.3% per share.

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”.

Saha Kurumsal Yönetim ve Kredi Derecelendirme Hizmetleri A.Ş., a corporate governance and credit rating services provider, periodically reviews and updates Tofaş’s corporate governance rating. According to a Saha-issued 26 October 2023 corporate governance report, Tofaş had been assigned a corporate governance rating of 9.26 based on a review of the company’s performance as of that date.

RELATIONS WITH CORPORATE INSTITUTIONAL INVESTORS

The Tofaş Institutional Investor Relations Department held a total of four analyst meetings in 2023. These webcast 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, a total of 169 other meetings with 68 institutional investors and 101 financial analysts in the form of company visits, teleconferences, and investor conferences in Türkiye and abroad took place during 2023. Tofaş representatives took part in two video conferences and personally attended three investor conferences in other countries, in the course of which they met with representatives of 39 mutual funds.

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.

Institutional Investor Relations Department:

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