Message From The Chairman Of The Board Of Directors

Dear Shareholders,

“That the growth rate of the world economy remained at 3.1% in 2015 suggests that growth has slackened in the economies of developing countries. Undoubtedly, that global economic growth is less than expected is also reflected in our national economy. Political instability, as well as conflicts in neighboring countries and in our region was the most important obstacles to our economic development. Successive elections held in Turkey also diverted attention from the economy.

During this period, we drew up and implemented a cautious expansion program at Ülker Bisküvi with regard to our financial and administrative management. We monitored economic conditions both in Turkey and in the international arena, and took all necessary strategic measures. As such, and despite the challenges we faced in 2015, Ülker Bisküvi continued to successfully pursue its objectives. We worked hard in 2015, keeping one eye on the foreign markets and the other on Turkey.

While 2015 was challenging in economic terms, we reached our growth and profitability targets by the year end. As a result of these efforts, our Company increased its consolidated sales by 6% and its shareholding profit by 23% in 2015. During this period, we invested a total of TL 168 million in developing our business in alignment with our strategies. I believe that these results demonstrate the precision of our strategies and their successful executions.

During the year 2015, our colleagues developed processes to improve the efficiency of Ülker in global markets; for instance, in such companies as United Biscuits, Godiva and Demet’s Candy. We will announce new developments with regard to Ülker’s operations in this area in the near future. We are poised for further expansion in the region and intend to consolidate our leadership in the markets where we are dominant; we will continue to claim leadership in others.


Determining our sustainability principles was another significant priority for Ülker in 2015. We stated both our approach and our promises to our stakeholders in June. Ülker’s inclusion in the BIST Sustainability Index as its first food company contributed to our reputation.

Ülker strengthened its bond with consumers through its campaign ‘Happiness is Everywhere’; and expanded it to our global companies as well. As Yıldız Holding, this year we celebrated our “Make Happy, Be Happy” Day globally.

In 2016, Ülker will continue to hold on to our ongoing understanding of quality, pay attention to what our customers, stakeholders and employees say, thus be able to respond to their needs and demands in a faster and more efficient way by appreciating their priorities, and enhance our integrity with our stakeholders. We will continue to support and grow our business with investments in 2016, and advance innovative products and new tastes to our consumers, strengthened by the synergy of Yıldız Holding companies.


In 2015, Ülker continued to successfully fulfill its social responsibilities. We maintained our investments towards children’s social, cultural and intellectual development and their education. Strongly believing that engagement with the arts enhances the aesthetics and sensitivities of our children, the Ülker Children’s Film Festival hosted 82,000 children in 56 cities in 2015: in eight years of the Festival, we have reached a total of one million children. In the Children’s Art Workshop, established to encourage children to develop an appreciation for the arts, we have hosted 13,000 children in four years. We expanded the number of children reached through our sports projects to 275,000. Sabri Ülker Food Research Foundation continued to support projects that contribute to the development of a healthy and balanced diet for children; through the Balanced Diet Training Project, we have reached out to nearly one million teachers, students and families.

There are indications that 2016 will be a more positive year for both the Turkish and the global economy, compared to 2015. Although risk still exists in the global economy, growth is expected to gain momentum, reaching 3.6%. The targeted growth rate of 4.5% for Turkey, along with the implementation of proposed economic reforms, will certainly have a positive impact on both our industry and our Company.

I would like to take this opportunity to congratulate our business partners, consumers and customers and, in particular, our employees, who contributed to our success in 2015, and to extend my thanks and appreciation. I am looking forward to equally successful results in our operations in the coming period.

Respectfully yours,

Murat ÜLKER

Chairman