48 İşbank
Annual Report 2015
Subsidiaries
As of September 2015, the ŞişecamGroup recorded a total
of USD 540million of foreign exports to 136 countries.
GLASS
Şişecam
The founder and undisputed leader of
the Turkish glass industry
Founded in 1935, Türkiye Şişe ve Cam
Fabrikaları A.Ş. (Şişecam) is the holding
company of Şişecam Group; the Group
comprising of 64 companies that operate
in flat glass, glassware, glass packaging and
chemicals, mainly soda ash and chromium
chemicals. Besides Şişecam - the Group’s
parent company - some other Group
companies’ shares (Trakya Cam, Anadolu
Cam and Denizli Cam ve Soda Sanayii) are
traded in the Borsa İstanbul as well.
The Şişecam Group carries out production
in facilities and plants located in Turkey as
well as in Egypt, Russia, Georgia, Bulgaria,
Bosnia-Herzegovina, Italy, Ukraine,
Romania, Germany, Hungary, Slovakia and
India. Producing 42% of their combined
glass output outside Turkey (as measured
on a tonnage basis) and obtaining 52% of
their total sales revenue from international
sales, Group exports amounted to USD
540 million in 136 countries. Şişecam
Group works to consistently increase its
production strength through investments
aimed at creating new capacity.
Positioned as one of Europe’s and the
world’s leading companies in the glass
manufacturing industry, Şişecam Group
ranked third to fifth in the world and
second to fourth in Europe, in terms of its
production capacity in glass manufacturing
as of September 2015.
Taking the fourth spot in Europe in terms
of soda production capacity, the Group is
the world leader in the production of basic
chromium sulphate and sodium bichromate.
As September 2015, Şişecam had total
consolidated assets worth TL 14.6 billion
and TL 7.9 billion in shareholders’ equity.
In June 2015, Standard & Poor’s affirmed
Şişecam’s long-term TL and foreign
currency credit note as ‘BB+’, while it
revised its outlook to ‘negative’. Moody’s,
on the other hand, in May 2015 affirmed
the Company’s long-term foreign currency
credit rating as ‘Ba1’ and its outlook as
‘stable’. Moreover, while the Company’s
SPK Corporate Governance Rating was
announced as 9.28 by SAHA Kurumsal
Yönetim ve Derecelendirme Hizmetleri
A.Ş. in December 2014, it was upgraded in
December 2015 to 9.35.
7 of Şişecam Group companies were listed
in the 2014 edition of the “Turkey’s Top 500
Industrial Enterprises.”
TELECOMMUNICATION
Avea
On 3 August 2015, İşbank and its
subsidiaries sold their Avea İletişim
Hizmetleri A.Ş. stake of 10.0035%
to the controlling shareholder Türk
Telekomünikasyon A.Ş.
OTHER
Nemtaş
Maritime transportation
Nemtaş Nemrut Liman İşletmeleri A.Ş.
(Nemtaş) is a ship-owner company that is
active in shipping management, chartering
and brokering. The Company undertakes
business operations with a fleet of five
dry-bulk vessels with a total capacity of
252,959 DWT. At December 2015, the
company had TL 413 million in total assets
and TL 406 million in shareholders’ equity
on an unconsolidated basis.
