BORUSAN MANNESMANN BORU (BMB)
BORUSAN MANNESMANN BORU (BMB)
Investor Conference / June 28BMB at a Glance
BMB at a Glance
Borusan
Borusan is a highly reputable conglomerate focused in six strategic business units
Steel
Distributorship
New Businesses
BMW / MINI / Land Rover $ 394 m Caterpillar $ 502 m Logistics $ 73 m Flat Steel $ 740 m Telekom$ 61 m
Borusan Mannesmann Boru BM Vobarno Tubi, Italya BM Espana, Spain Borusan Otomotiv Borusan Oto Borusan Makina Borusan Güç Sistemleri Borusan Lojistik* Borçelik
Kerim Çelik Borusan Telekom
2000 2001 2002 2003 2004 2005 2006 Net Sales 875 540 691 1.019 1.589 1.952 2.350 Exports 96 51 77 105 186 143 225 PPE,net 423 420 464 552 577 558 607 Total Assets 750 660 801 1.020 1.306 1.343 1.618 Welded Steel Pipes
Shareholders
Turkey’s leading industrial group Borusan and Europe’s pioneer in pipe sector
Salzgitter have joined forces in steel pipe production.
77% 23% Free Float 16% Others 11% 100% 100% 73% BM Pipe Investment Company Borusan Group
– one of Turkey’s major industry and service groups, founded in 1958
– active in four primary business areas of steel, distributorship, logistics and telecommunications. – 2006 consolidated turnover is 2,4bn$, targeting
5bn$by 2010.
Salzgitter Group
– one of Europe's leading steel and technology companies, founded in 1858
– the Group is structured in four divisions -Steel, Tubes, Trading and Services .
– 2006 consolidated turnover is 8,4bn€ of which 1,5bn€ from tube division.
•BMB quoted on Istanbul Stock Exchange in 1994, ticker:BRSANBRSAN
•Current free float rate is 16% with an average daily trading volume of 0,2mn$ in last six months.
•MCap is 225mn$ by June,22 2007
•Targeting fast growing linepipe demand in Iberian peninsula. (investment phase)
•Acquired in 2001 to target European automotive industry with high value added special pipes.
•Achieved 525mn$ turnover and ~700k tons of sales volume in 2006.
•Leader with %33 market share in Turkish steel pipe industry.
LISTED COMPANY
Management Tools
BMB’s management model is an integral part of its competitive edge.
Drive to succeed Personal initiative and responsibility Customer Orientation Integrity Contribution to community
Our Values
Kocabıyık Family Shareholders & Strategic
Business Partners Focus on voice of customer
+
Modern HR Management 360° performance evaluation / competency management Career PlanningLeader Development Program
High Level of Compliance with Corporate Governance
Principles
Independent Board Members IFRS accounts audited since 1984 Dividend distribution policy
Success-Driven Management
Dynamic management with focus on KPI’s.
Average age for top management is 39.
Steel Pipe Business
PROCUREPROCURE PRODUCEPRODUCE SELL/DISTRIBUTESELL/DISTRIBUTE CUSTOMERSCUSTOMERS
• Hot Rolled Coil (HRC)
• Import ~80% • Turkey ~20%
=800k tons in 2006
• Electric Resistance Welded (ERW)
• Spirally Sub-Merged Arc Welded (SSAW)
Sales Breakdown
• Water & Gas Pipes 30% • Pressure Pipes 14% • Construction Pipes 12% • Special Pipes 10% • Industrial Pipes 5% • Linepipes-spiral 18% • Other 11% • 3 plants in Turkey • 1 in Italy (Vobarno)
• 1 in Spain (under constr.)
Capacity • 625k tons in ERW • 200k tons in SSAW • +50k tons in ERW by ‘07Q3 • +50k tons in SSAW by ‘08Q3 = 925k tons
• 460k tons domestic (leader with 30% market share)
• 240k tons export (1/3 of total volume)
=700k tons sales in 2006 • ~150 exclusive/non-exclusive
dealers in domestic market. • Widespread along the country • Non-exclusive dealers in export markets •Projects Segment; Government Institutions, pipeline contractors •Construction Segment; Residential & superstructure (hotel, shopping mall, airport) construction companies, water, heating, firefighting system installation
companies •Specialized
Manufacturers;
Bicycle, furniture, green house, towel warmer, shelf manufacturers
•Automotive Segment;
OEMs, component manufacturers in European and Turkish automotive industry
~23
Specialized in welded steel pipe business while serving different customer
segments with a wide range of product portfolio.
%
~62%
~6%
Historical Background
Backed by almost 50-years of experience in pipe sector, BMB is to offer future
growth stories, as it was the case in the past.
Borusan Boru (BBF) founded in Halkalı, Istanbul
‘58
Halkalıplant started operations
‘68
Gemlik, plant started operations
‘74
BBF Quoted on Istanbul Stock Exchange
‘94
Acquisition of Mannesmann Boru (MB) shares from Privatization Administration.
‘98
Acquisition of Vobarno (Italy)
‘01
‘04
‘06
Merger of BBF and MB, company name is amended as Borusan Mannesmann Boru (BMB) BMB set up its 2010 strategy; started
investments to increase capacity
115 219 264 273 327 398 75 75 106 151 193 243 2002 2003 2004 2005 2006 2007B Domestic Exports 190 294 370 424 520 641 >> 28% CAGR>> 28% CAGR 304 391 390 432 458 534 184 169 152 187 241 272 2002 2003 2004 2005 2006 2007B Domestic Export 488 560 542 619 700 806 >> 11% CAGR>> 11% CAGR
Turnover (mn$)*Turnover (mn$)*Turnover (mn$)*
Volume (ktons)*Volume (ktons)*Volume (ktons)*
Production Plants
Production plants are highly specialized in serving customer requirements in terms
of product development, production quality and delivery time.
Halkalı Vobarno, Italy
• 100k tons p.a. ERW capacity • Serves Turkish and European
automotive market.
• 200k tons p.a. SSAW capacity • 100k tons p.a. ERW capacity • Serves oil & gas market for
linepipe projects
TURKEYTURKEY EUROPEEUROPE
• 400k tons p.a. ERW capacity • +50k tons p.a. ERW by
2007Q3
• Serves mainly to construction industry
• Port facility provide easy access to supply sources and export destinations
• 25k tons p.a. ERW capacity • Specialized in serving
European automotive market.
BM Espana,Spain
• 50k tons p.a. ERW capacity
• Specialized in serving linepipe market in iberian peninsula. • Planned to the commissioned by 2008Q3. UN DER CO NST RUC TIO N • Special Pipes • Industrial Pipes • Special Pipes • Spiral Pipes İzmit Gemlik BMB pursuits investment BMB pursuits investment opportunities for being a local opportunities for being a local
producer in target markets (Europe, producer in target markets (Europe, N.Africa, M.East are in scope)
N.Africa, M.East are in scope)
• Spiral Pipes • Construction
Pipes
• Water & Gas pipes
• Pressure Pipes • OCTG
Financial Figures
Key Financial Figures* 2004 2005
542 390 152 619 432 187 431 280 151 25 6% 41$/t Net Debt (mn$) 38,7 (2,6) 33,3 12 251 8% 370 264 106 44 12% 81$/t 11 250 14% 2006
Sales Volume (k tons)
–Domestic –Export 700 458 241 Turnover (mn$) –Domestic –Export 525 332 193 EBITDA (mn$) –Margin –Per ton 48 9% 69$/t Capex (mn$) 28 Capital Employed (mn$) 329 ROIC % 9%
EBITDA(mn$) & EBITDA ($/ton)
25 44 30 23 18 23 48 52 49 38 48 54 81 41 69 65 0 10 20 30 40 50 60 2000 2001 2002 2003 2004 2005 2006 2007B EBITDA EBITDA/ton Margins 10% 11% 12% 10% 12% 6% 9% 8% 12% 9% 14% 13% 17% 11% 15% 12% 0% 5% 10% 15% 20% 2000 2001 2002 2003 2004 2005 2006 2007B EBITDA GP
Back to upward trend in profit margins after a sluggish performance caused by
unexpectedly sharp price declines in 2005.
• Raw material (HRC) cost constitutes almost 80% of total production costs in pipe business. • Sales prices are immediately affected by HRC
price trend however cost base adjusts with a time lag of ~3 months due to order-to-delivery period of imported HRC.
• Since 2005, HRC steel prices followed a very different price pattern with short cycles, high price volatility and upward trend.
HRC Price Trend
A new HRC price pattern evolved; short cycle period, high volatility and upward
trend.
HRC Prices
Russian Export FOB Prices Black Sea USD/ton
480 340 225 165 150 0 100 200 300 400 500 600 700 A ug-96 Dec-9 6 A pr-97 A ug-97 Dec-9 7 A pr-98 A ug-98 Dec-9 8 A pr-99 A ug-99 Dec-9 9 A pr-00 A ug-00 Dec-0 0 A pr-01 A ug-01 Dec-0 1 Ap r-02 A ug-02 Dec-0 2 Ap r-03 A ug-03 Dec-0 3 A pr-04 A ug-04 Dec-0 4 Ap r-05 A ug-05 Dec-0 5 Ap r-06 A ug-06 Dec-0 6 Ap r-07 Source: CRUMonitor 35 Months Stdev: 40$/ton 17 Months Stdev: 80$/ton 10 Months Stdev: 36$/ton 33 Months Stdev: 31$/ton Rockbottoms level up after each cycle • Sharp variations in HRC affect profit margins in pipe business.
• In near future, HRC prices are expected to stay strong but be more stable – as the control on supply side is increasing through consolidations – production oriented approach in mills turns into customer orientation – share of long term contracts in product portfolio is increasing
Turkish Steel Pipe Market
Turkish Steel Pipe Market
Turkish Steel Pipe Market
Consistently growing welded steel pipe demand while export is a tool to optimize
capacity utilization
0 200 400 600 800 1.000 1.200 2001 2002 2003 2004 2005 2006 ERW SSAWMarket Evaluation (kton)Market Evaluation (kton)
700 1800 458 240 942 960 Produ ction Impo rts Expo rts Con sum p. BMB Rest 2.500 100 1.200 1.400
Market Balance (kton) - 2006Market Balance (kton) - 2006
CAGR: 12%
Constant demand for linepipes
Baku-Tiflisi-Ceyhan (BTC) project : ~270k tons
• Local market demand is well below installed capacities. • Industry’s average capacity utilization ratio (CUR) is ~70%. • Exports are critical for capacity optimization.
• BMB represents
–~28% of production –~20% of export
–~30% of local market demand
–while CUR is well above industry average at ~80%. • ERW market consistently grow by 12% p.a. as the
macroeconomic stability achieved after 2001 crisis. • SSAW market demand provides a reliable
groundbase at ~0,3mn tons p.a. but outperforms as international oil&gas projects, like BTC, are realized.
Product Positioning
Niche product segments outperform volume driven segments in term of
profitability.
• Fragmentation:Few competitors even though profit margins are high.
• Barriers to entry:Production quality, customer orientation, project management know-how, corporate identity is a must for customers.
• Competition on “Best Solution Provider”
• BMB’s Strategy:To increase its share in high value added product segments
• Fragmentation:highly fragmented. Competition is based on price and availability which results low profit margins.
• Barriers to Entry:easy entry, economies of scale is important rather than customer orientation and quality
• Competition on “Lowest Price”
• BMB’s Strategy:To achieve economies of scale in high volume product segments
20% 55% 40% 15% 20% 68%
Bubble size represents #of competitors. X% represents BMB’s market share
Product PositioningProduct Positioning
Constr. Pressure W&G Linepipe Special Industrial 0% 0 100 200 300 400 500
Local Market Volume (ktons)
10% 20% 30% 40% 50% Ap p ro x. G P L evels
Market Drivers
Market Drivers
Turkish Steel Pipe Market - Potential
Moderate but consistent growth in demand is expected with opportunities in high
value add product segments
1.415 300 60 275 370 80 330 0 200 400 600 800 1000 1200 1400 1600 Linepipe W&G Pressure Const. Industrial Special Market
• Pursuing international linepipe projects, as Turkey being a transit country.
• Increasing demand for pressure pipes in Anatolian cities due to growing natural gas usage • Investments on airports, railways and superstructures (hotels, shopping malls etc.) drive
demand for construction pipes
• Usage of steel pipes in furniture industry and economic growth drives demand for industrial pipes.
• Turkey becomes a production base for automotive industry, positively affects special pipe sales CAGR 1.860 300 90 400 510 130 430 0 200 400 600 800 1000 1200 1400 1600 1800 2000 Linepipe W&G Pressure Const. Industrial Special Market k tons 2006 2010 BMB Market Share ~68% ~15% ~20% ~55% ~40% ~20% ~33% • BMB well positioned to cultivate future growth prospects. • Upcoming capacity investments target high value added product segments. High End Products
Low End Products
11% 10% 8% 13% 7% -8%
Oil & Gas Industry (Linepipes)
Main pipelines in Turkey have already been completed. However international
pipeline projects may create sizable opportunities.
• Main backbone is constructed in Turkey.
– Blue Stream Gas Pipeline 2000 64k tons
– Baku-Tiflisi-Ceyhan Oil Pipeline 2003 268k tons
– Turkey Greece Gas Pipeline 2005 50k tons
– Shah Deniz Gas Pipeline 2005 38k tons
– West Anatolia Gas Pipeline 2005 61k tons
• It is expected that the loop lines will
continue to provide stable demand of
~300k tons p.a.
• International projects such as Nabucco
may gear up the local demand significantly.
Nabucco
– Gas pipeline to connect 5 countries; Turkey, Bulgaria, Romania, Hungary and Austria.
– Total length of pipeline is ~3,3k km of which ~2k km in Turkey.
– 56” diameter pipeline for onshore sections and 36” for offshore section across Marmara sea.
– Total budget of the project is ~5bn€. – Planned construction of 1stphase starts
Oil & Gas Industry (Linepipes)
Opportunity window is wide open especially in North Africa, Middle East and
Europe due to increasing pipeline investments, triggered by high energy prices.
Algeria
• Crude oil and natural gas will continue to be the main energy resource of the world.
• In foreseeable future, demand for oil and natural gas will increase especially in emerging economies.
• High oil and gas prices favor pipeline
investments since feasibility is a key issue in deciding such infrastructure investments.
– Pipeline projects exist to form an oil and natural gas pipeline network between country’s natural energy resource fields and Mediterranean coast.
– Development plan along the Mediterranean coast, based on the large gasification plan, construction of several desalinization plants, connections with water reservoirs.
Spain
– New pipelines as well as replacement of existing lines especially for oil & gas network.
Iran
– Transition of newly discovered energy resources to international markets, to overcome dependence on Russia, drive international projects, like BTC.
Natural Gas Industry (Pressure Pipes)
Increasing usage of natural gas in Turkey drives infrastructure investments
especially in Anatolian cities.
0 10.000 20.000 30.000 40.000 50.000 60.000 70.000 2006 2007 2008 2009 2010 2015 2020
Natural Gas Demand & Supply Forecast by BOTAS Consumption Supply CAGR 10% CAGR 4%
• According to current supply and demand
forecasts, natural gas demand in Turkey will
increase by 10% CAGR till 2010 then
expected to slow down to 4%.
• Most of the Anatolian cities will complete
their infrastructure investments within the
period of 2006-2010.
• According to base case scenario, total of 61
cities will convert their residential heating
system via completing infrastructure
investments, (33 cities in 2007 and 24 cities
in 2009)
Oil & Gas Industry (Pressure Pipes-OCTG)
High energy prices also drives the demand for OCTG pipes. North America is the
leading market representing ~40% of worldwide demand.
• OCTG pipe demand is highly correlated with the
oil / gas extraction activity and the number of
active oil and gas production installations, or “rigs”,
both offshore and onshore.
• The rig count is historically most closely correlated
with the price of oil. High energy prices will
stimulate investments in rigs and then demand for
OCTG pipes.
• Welded pipes have a disadvantage over seamless since the general perception is “any weld in
casing and tubing would increase the risk of pipe failure”.
• On the other hand, share of welded pipes in total consumption slightly increased over the last
decade with the advantage of lower manufacturing costs.
• Historical data indicate that welded pipes will constitute approx. 1/3 of total OCTG market.
OCTG = Oil Country Tubular GoodsConstruction Industry (Const. Pipes & Profiles)
Forthcoming projects in housing, building, superstructures will continue to create
demand in Turkey.
% Change on yoy basis
-15% -10% -5% 0% 5% 10% 15% 20% 25% 1995 1996 1997 1998 1999 2000 2001 2002 200 3 200 4 2005 Const. GNP
• Assuming that the macroeconomic stability will
persist, growth in construction sector will
continue but probably with a diminishing
marginal growth rate.
Macroeconomic crisis in 2001 severely affected the construction industry and recovery took place with a time lag of 2 years.
• In scope of the IX. State Development
Programme, expected growth rate for
construction industry is set under 3 scenario for
next decade.
– Optimistic (EU Membership) 10,7% CAGR – Base Case 7,8%
– Worst Case 5,4%
• Apart from the increasing business activity in
Turkey, considerable amount of projects run
by Turkish constructors in abroad.
• Total project size undertaken by Turkish
constructors has increased 65% CAGR
between 2003 to 2005.
Automotive Industry (Special Pipes)
Turkey becomes a production base for automotive industry, positively affects
special pipe sales
• According to OICA, total of 20,8mn units of motor
vehicles was produced in Europe, representing 4%
increase over previous year.
• Germany represents 27% of total production,
followed by France 17% and Spain 14%.
• According to TUIK data, vehicle production is listed
as one of the fastest growing industry in Turkey with
33% CAGR since 2001.
• Automotive main industry • Shock absorber manufacturers • Drive shaft manufacturers • Car seat manufacturers • Axle manufacturers • Air cylinder manufacturers
• Rubber – metal parts manufacturers • Hydraulic equipment manufacturers
Vehicle Production in Turkey
0 20.000 40.000 60.000 80.000 100.000 120.000 140.000 2001 2002 2003 2004 2005 Other Vehicles 0 100000 200000 300000 400000 500000 600000 700000 Automobile Truck Pickup Bus Minibüs Tractor Automobile
Application AreasApplication Areas
BMB
Strategic Targets
Considering market drivers, BMB identified its 2010 strategic targets
Be a 1bn $ company
Be 1 mn ton company
2006 : ~525 mn $ company 2006 : ~700k ton companyEBITDA > 11%
2006 : ~9%PBT > 7%
2006 : ~7%ROIC > 14%
2006 : ~9%50% of sales outside Turkey
2006 : ~34% (volume based)20% of production outside Turkey
2006 : only 20k ton in VobarnoMarket Share: 1/3 of each market segment in Turkey
2006 : ~33% (overall)Achieve >4 Sigma levels on all key customer processes
Achieve corporate culture enhancement targets
Growth Path
BMB’s investment plan is the integral part of its 2010 strategic plan
VisionVision
To be a globally recognized, leading steel pipe company
Mission
Mission
Be a preferred supplier while growing in each segment and provide sustainable profit to stakeholders
Be A Preferred Supplier
Be A Preferred Supplier Grow in Each SegmentGrow in Each Segment Provide Sustainable ProfitProvide Sustainable Profit
•Improve customer focus and regional business intelligence in
Turkish steel pipe market
•New investments in high value add product lines
•Diversify and strengthen Oil & Gas market penetration
•Keep market shares at target level
•Attract, retain and develop key and high potential employees
•Optimize use of assets and processes for operational efficiencies
•Secure consistent flow of best buy raw material with minimum cost
• Spiral Pipes • Turkey, North Africa,
Middle East, CIS, Europe
• Be a major player in Oil & Gas
market
• Oil & Gas
Industry
• Special Pipes • Pressure Pipes
• Turkey, Europe • Secure mother pipe supply • Increase market share • Automotive
Investment Steps
BMB has already initiated capacity investment plans to cultivate market
opportunities
STEP-by-STEP GROWTH PLAN
1.000 750 50 50 50 0 150 300 450 600 750 900 1. 050 1. 200 Current Capacity
Step1 Step2 Step3 2010 Target
K Tons Location Welding Product Coverage Turkey Spiral 150k ton ERW 600k ton Line pipe Water Pipes Pressure Pipes Precision pipes Special Pipes Construction Pipes Turkey Spiral Line pipe Spain Spiral Line pipe Turkey ERW Mother pipe production for special pipes Forthcoming Investment Plans Achieve over 1mn tons of sales volume Start up date 2007Q1 2007Q3 2008Q3
HIGH VALUE ADD PRODUCT LINES AND MARKET SEGMENTS WILL BE IN-SCOPE FOR FORTHCOMING INVESTMENT PLANS •INVESTMENT COST IS ~40MN$ •EXPECTED TURNOVER AT FULL CAPACITY IS ~140MN$ •EXPECTED EBITDA CONTRIBUTION IS ~25MN$
1) Spiral Pipe Investment - Izmit Plant
Capacity restriction in Izmit plant eased; more flexibility in tendering linepipe
projects in target markets.
New capacity commissioned by 2007Q1.
Potential demand for spiral pipes in target markets.
• Major natural gas and oil pipelines in Turkey have been completed or tendered so far. However,
–A stable demand at ~300k tons/year exists for the construction of loop lines between cities and ERW linepipes within the city border limits. –Sizable demand is located in developing
regions such as North Africa and Middle-East.
Breakdown of Spiral Pipe Sales (k tons)
57 61 38 39 21 33 85 106 0 20 40 60 80 100 120 140 160 2004 2005 2006 2007B Export Domestic
• In line with the business strategy, BMB increased its penetration into export markets but with a limited spiral pipe production capacity of 100k tons in Izmit plant.
• Considering the high demand and brand recognition in international markets,
BMB comissioned a spiral pipe production line with a capacity of 50k tonsby
2007Q1.
• Sales profile of the additional capacity will be approx. 80% water and gas
linepipes and 20% piling pipes, serving mostly for the potential projects in North Africa, Middle East and Turkey.
• Total investment cost is ~7mn$ against total contribution to turnover by
~43mn$and EBITDA contribution by ~9mn$ at full capacity utilization in 2008.
PROJECT POOL Project size (mn tons) Hot Projects Algeria 1.7 Iran 0.4 2.1 Follow Up Projects North Africa 2.9 Turkey 0.4 Iran 0.3 Lybia-Egypt 0.3 Jordan 0.3 Algeria 0.1 Syria 0.1 4.4 Grand Total 6.5
2) Special Pipe Upstream Integration - Gemlik Plant
BMB will become one of the top notch mother tube producer in Europe while
increasing pressure pipe sales at the same time.
• The investment is classified as an upstream investment and brings a competitive
advantage to BMB in mother tube production, which is required to produce drawn tubes. • Drawn tubes are high value add “special pipes” with strict dimension tolerances, high
surface quality and special mechanical property requirements.
• Apart from having flexibility and efficiency in mother tube production, new investment will ease capacity bottleneck in existing lines.
• As the demand in natural gas market is increasing in Turkey, current SRM* capacity is overbooked in producing natural gas pipes, mother pipes and OCTG pipes. Therefore, the investment will create more room to grow in high value add natural gas market where the demand is consistently growing.
Mother Tube Drawn Tube HRC Industry Automotive (Turkey, Europe) +50k tons new capacity Customers OEMs, Component Manufacturers, Service Centers Application Areas
Shock absorbers, Drive shafts, Axle components, Camshafts, Anti-vibration parts, Steering systems, Hydraulic cylinders, (pneumatic/telescopic), Airbag components, Stabilizers, Gas springs
• Production line is expected to be commissioned by 2007Q3
in Gemlik plant and will bring an additional 50k tons p.a. at full capacity.
• Total investment cost is forecasted as ~15 mn$, including
machinery/equipment, building and commissioning costs,
against total contribution to turnover by ~40 mn$ and to
EBITDA by ~6 mn$ as of 2008.
A new production hall is constructed in Gemlik plant
3) Spiral Pipe Investment - Espana Plant
BMB positioned Iberian peninsula as one of the target markets.
• Large gasification plan being rolled out by Enagas will drive potential demand in gas line pipes. On the other hand, development plan along the Mediterranean coast in the next 3-5 years, based on the construction of several desalinization plants and connections with water reservoirs will create further demand.
• Considering the positive demand outlook in Iberian peninsula, BMB has decided to be a local producer in Spain to gain competitive advantage.
• A spirally welded pipe mill, having 50k tons of capacity, will be commissioned by
2008Q3in Hellin, South East of Spain.
• BMB and Socotherm created a strategic alliance where BMB will own a spiral pipe manufacturing plant next to Socotherm Coating Mill in Hellin which will provide exclusive coating service to BM Espana SA, newly incorporated subsidiary of BMB.
• Investment is expected to deliver ~60mn$ turnover at maximum capacity of 50k
tons and 15% EBITDA marginagainst ~16mn$ of total investment cost.
• The capacity of the greenfield investment in Spain shall be increased to 100k tons considering the growth potential of line pipe market.
Land improvement activity in Hellin, Spain
Share Performance
Share Performance
Market Performance
BRSAN is highly correlated with ISE 100 with average Mcap of 220mn$ in last six
months.
BRSAN MCap vs ISE 100
0 50 100 150 200 250 300 Jun -06 Jun-06 Jul-06 Aug-06 Se p-06 Oct-0 6 Nov -06 Dec -06 Jan-07 Feb-07 Mar-0 7 Apr -07 May -07 Jun-07 mn$ 0,00 5,00 10,00 15,00 20,00 25,00 30,00 35,00 40,00 Index BRSAN Mcap mn$ ISE 100 $
Correlation between BRSAN and ISE 100 = 0,85
~25% increase in ISE-100 ~11% increase in BRSAN March-to-June 2007 Min. ~197mn$ Max. ~240mn$ Average ~220mn$ Mcap in 2007
http://www.borusan.com
http://www.borusanmannesmann.com
bmb.investor@borusan.com
Investor Relations
Disclaimer
Forward-Looking Statements
Statements in this presentation describing the Company’s objectives, projections, estimates, expectations may be “forward looking statements” within the meaning of applicable securities laws and regulations. Forward-looking statements might be identified by the words “believe”, “expect”, “anticipate”, “target” or similar expressions. Although Company’s management believes that the expectations reflected in such forward-looking statements are reasonable, investors are cautioned that forward-looking information and statements are subject to numerous risks and uncertainties. Actual results could differ materially from those expressed or implied. Important factors that could make a difference to the Company’s operations include, among others, economic conditions affecting demand, supply and price conditions in the domestic and overseas markets in which Company conducts business transactions, changes in Government regulations, tax laws and other incidental factors.
