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- No revision in targets!
No revision in targets!
Capital’s “Revision 2013” survey, which takes the pulse of the Turkish business community over the first six months of the year, has produced some striking results.
The results of the “Revision 2013” survey indicate that more than half of companies did not make any changes at all in their plans. 53.1 per cent of the 46.4 per cent who did undertake revisions realized these revisions upwards. It was clear that the “Gezi Park” protests, which occurred while the survey was being conducted, did not affect the business community’s plans. The business community is focusing on productivity during the second half of the year and note that revisions will come onto the agenda if there are fluctuations in the economy.
Click image to see the table.
WHY HAVEN'T PLANS CHANGED?
53.6 per cent of the companies which participated in the survey said that during the first six months of the year they had made no change in their targets or their plans, neither upwards nor downwards. There are several reasons why these companies have not made any revisions. These reasons are headed by the fact that they can see ahead very clearly and there is no need for any change in economic prospects. Some companies said that prevailing conditions made any changes impossible,
Ekol Lojistik CEO Tayfun Oktem, who is planning 30 per cent growth by the end of the year, says that there will be no deviation from the targets for this year because the sector is growing very rapidly. Vestel Companies Group General Manager Responsible for Marketing Ergün Güler says that they are moving ahead in line with their expectations for 2013. “There have been no changes in our targets or investment plans,” he says. “We are indebted to our forward-looking system of working for making successful plans which match our expectations.”
THOSE WHO HAVE RAISED THEIR TARGETS
More than half of those who have made revisions according to developments over the first six months of the year have raised their targets. There are a lot of companies which say that everything went much better than their expectations during the first half of the year. The majority of these companies are involved in production. In automotives, particularly in the passenger vehicle market, things went much better than expected during the first five months of the year as sales of passenger vehicles were up 21 per cent on last year. This has resulted in Toyota raising its sales targets.~
“We have increased our annual target for the number of vehicles we are hoping to sell. We have revised our sales target upwards from 35,000 to 37,000,” says Ali Haydar Bozkurt, Toyota Turkey Marketing and Sales CEO, who adds that recently they have been following movements in the exchange rate very closely.
Sanko Holding regards the economic climate as being positive and has decided to increase its investments. Sanko Holding Board Chair Abdulkadir Konukoğlu says: “We have increased our investments because we believe that tomorrow will be better than today. We have decided both to increase our investments in the textile and energy sectors and to accelerate them.”
THOSE WHO HAVE BEEN AFFECTED NEGATIVELY
Some companies have revised their targets downwards for turnover, profitability and investments. For example, İnoksan General Manager for Sales and Marketing Esra Atay says that there has been a meaningless extension of payment periods in the sector, that investors want to resolve their financing plans with the manufacturers rather than financial institutions and that for competitive reasons producers are going along with this.
Torunlar GYO has revised its expectations regarding sales and operating profit. İsmail Kazanç, Torunlar GYO Deputy General Manager Responsible for Finance, says that they have revised their forecasts for sales and operating profit down by 5 percent.
Officials from İÇDAŞ say that, at the beginning of 2013, they thought that the second half of the year would be better than the first but that, at the moment, this has been pushed back to the final quarter of the year.
HOW THE SECOND HALF LOOKS
So how does the business community see the second half of the year? Companies are split into two camps on this... One camp remains optimistic, while the other is more cautious about the second half of the year.
Sanko Holding Board Chair Abdulkadir Konukoğlu believes that, when one evaluates the current situation, Turkey will continue to be an attractive place for investment. Orka General Coordinator Osman Arar says that, when they were planning for 2013, they foresaw that there could be some disappointments in the first six months. “Even if it is only minor, recent developments have had a negative impact in June, but we believe that these will soon be overcome and we expect to realize our targets,” he says.
On the hand, companies with different structures, such as Toyota, the Kutahya Porcelain Companies Group and İttifak Holding, remain cautious. Ali Haydar Bozkurt, Toyota Turkey Marketing and Sales CEO, says: “When we consider that Turkey is changing both economically and politically and that there may be significant changes in economic indicators and market movements, then we can review our targets.” İttifak Holding CEO Tahir Atila says: “If the economic uncertainties are removed and there are no problems in terms of stability, then I think that we may see an average growth rate of around 5 per cent in the second half of the year.”
Click image to see the table.
WHY HAVEN'T PLANS CHANGED?53.6 per cent of the companies which participated in the survey said that during the first six months of the year they had made no change in their targets or their plans, neither upwards nor downwards. There are several reasons why these companies have not made any revisions. These reasons are headed by the fact that they can see ahead very clearly and there is no need for any change in economic prospects. Some companies said that prevailing conditions made any changes impossible,
Ekol Lojistik CEO Tayfun Oktem, who is planning 30 per cent growth by the end of the year, says that there will be no deviation from the targets for this year because the sector is growing very rapidly. Vestel Companies Group General Manager Responsible for Marketing Ergün Güler says that they are moving ahead in line with their expectations for 2013. “There have been no changes in our targets or investment plans,” he says. “We are indebted to our forward-looking system of working for making successful plans which match our expectations.”
THOSE WHO HAVE RAISED THEIR TARGETS
More than half of those who have made revisions according to developments over the first six months of the year have raised their targets. There are a lot of companies which say that everything went much better than their expectations during the first half of the year. The majority of these companies are involved in production. In automotives, particularly in the passenger vehicle market, things went much better than expected during the first five months of the year as sales of passenger vehicles were up 21 per cent on last year. This has resulted in Toyota raising its sales targets.~
“We have increased our annual target for the number of vehicles we are hoping to sell. We have revised our sales target upwards from 35,000 to 37,000,” says Ali Haydar Bozkurt, Toyota Turkey Marketing and Sales CEO, who adds that recently they have been following movements in the exchange rate very closely.
Sanko Holding regards the economic climate as being positive and has decided to increase its investments. Sanko Holding Board Chair Abdulkadir Konukoğlu says: “We have increased our investments because we believe that tomorrow will be better than today. We have decided both to increase our investments in the textile and energy sectors and to accelerate them.”
THOSE WHO HAVE BEEN AFFECTED NEGATIVELY
Some companies have revised their targets downwards for turnover, profitability and investments. For example, İnoksan General Manager for Sales and Marketing Esra Atay says that there has been a meaningless extension of payment periods in the sector, that investors want to resolve their financing plans with the manufacturers rather than financial institutions and that for competitive reasons producers are going along with this.
Torunlar GYO has revised its expectations regarding sales and operating profit. İsmail Kazanç, Torunlar GYO Deputy General Manager Responsible for Finance, says that they have revised their forecasts for sales and operating profit down by 5 percent.
Officials from İÇDAŞ say that, at the beginning of 2013, they thought that the second half of the year would be better than the first but that, at the moment, this has been pushed back to the final quarter of the year.
HOW THE SECOND HALF LOOKS
So how does the business community see the second half of the year? Companies are split into two camps on this... One camp remains optimistic, while the other is more cautious about the second half of the year.
Sanko Holding Board Chair Abdulkadir Konukoğlu believes that, when one evaluates the current situation, Turkey will continue to be an attractive place for investment. Orka General Coordinator Osman Arar says that, when they were planning for 2013, they foresaw that there could be some disappointments in the first six months. “Even if it is only minor, recent developments have had a negative impact in June, but we believe that these will soon be overcome and we expect to realize our targets,” he says.
On the hand, companies with different structures, such as Toyota, the Kutahya Porcelain Companies Group and İttifak Holding, remain cautious. Ali Haydar Bozkurt, Toyota Turkey Marketing and Sales CEO, says: “When we consider that Turkey is changing both economically and politically and that there may be significant changes in economic indicators and market movements, then we can review our targets.” İttifak Holding CEO Tahir Atila says: “If the economic uncertainties are removed and there are no problems in terms of stability, then I think that we may see an average growth rate of around 5 per cent in the second half of the year.”
