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Textile and Clothing

Sector Turkey

December 2013



Table of Contents

I. Sector Overview

1. Sector Highlights

2. Economic Importance

3. Industry Forecast

4. Industrial Production and Turnover Indices

5. Capacity Utilisation and Producer Prices

6. Wholesale and Consumer Prices

7. Employment and Salary & Wage Indices

II. Subsectors

1. Fabrics Industry

2. Home Textiles Exports

3. Yarn Industry

4. Yarn Exports

5. Clothing Exports

6. Denim Exports

7. Hosiery Exports

8. Underwear and Bed Clothes

9. Carpets and Rugs

III.Main Players

1. Top 20 M&A Deals in Textiles and Clothing 2010-2013

2. Top 20 M&A Deals in Textiles and Clothing 2010-2013 (contd)

3. Aksa Akrilik Kimya

4. Aksa Akrilik Kimya (contd)

5. Altinyildiz Mensucat

6. Altinyildiz Mensucat (contd)

7. Menderes Tekstil

8. Royal Hali



I. Sector Overview



Sector Highlights

The textile and clothing industry was the first industrial sector that developed in Turkey. The establishment of customs union with the European

Union gave a major boost to the industry in 1990s and it currently is the largest manufacturing subsector in Turkey in terms of production and

employment.

Leading Sector

Competitiveness

The exports of Turkish textile and clothing goods has been on the rise in the recent years, however, its share in the country's total exports is

decreasing. In 2012, Turkey was the ninth-biggest textiles supplier in the world with a 3.0% market share and seventh-largest clothing supplier with

a 3.4% share. Turkish textiles exports rose by 2.6% to USD 13.3bn in 2012 while clothing exports increased by 2.8% to nearly USD 12bn.

With the recent removal of international trade barriers for China, the Turkish textile sector has started losing its labour cost advantage and in order

to maintain its competitiveness, many local producers have moved toward new designs, fashions and quality labels, targeting higher income

customers. The decision by the European Union to enter Free Trade Agreements with supplier countries for the sector, such as India and South

Korea, is also affecting the local textile sector. In order to support international expansion, the Turkish government has launched the Turquality

programme, which is designed to provide assistance in marketing, quality upgrade and strategic positioning.

The Turkish textile and clothing industry is highly competitive with the number of sector companies exceeding 56,000. About 81% and 86% of the

companies in the textile and clothing sectors, respectively, employ less than ten people. The number of people working in the two sectors is

estimated at around 2.0 million, most of whom are employed without a proper contract. The companies are mainly concentrated in the Marmara,

Aegean and Cukurova regions.

Companies

Exports



Source:

Economic Importance

Textiles sector in figures

Turkstat

2008 2009 2010 2011 2012

GDP (TRY mn) 950,534 952,559 1,098,799 1,297,713 1,416,817

GDP (USD mn) 730,337 614,554 731,608 773,980 786,293

GDP real growth (%) 0.7 -4.8 9.2 8.8 2.2

Net foreign direct investment (USD mn) 19,504 8,411 9,038 16,047 12,387

Foreign capital inflow in manufacturing (USD mn) 3,971 1,642 923 3,573 4,392

Foreign capital inflow in textiles industry (USD mn) 187 78 94 148 375

Total exports (USD mn) 132,027 102,143 113,883 134,907 152,462

Total manufacturing exports (USD mn) 125,188 95,449 105,467 125,963 143,194

Textiles exports (USD mn) 11,323 9,559 10,932 12,920 13,259

Apparel exports (USD mn) 11,504 9,603 10,618 11,633 11,955

Total imports (USD mn) 201,963 140,928 185,544 240,842 236,545

Total manufacturing imports (USD mn) 150,252 111,031 145,367 183,930 176,235

Textiles imports (USD mn) 5,093 4,345 6,059 6,881 5,454

Apparel imports (USD mn) 1,902 1,764 2,338 2,748 2,282



Source:

Comments

Industry Forecast

Garments manufacturing is forecasted to remain among the slowest growing industries in Turkey in 2012-16 with an average annual growth of

2.9%, The entire textiles, leather and clothing sector is expected to grow by an average 3.7% over the period.

Textiles, leather and clothing output accounted for 7.94% of Turkish manufacturing and 1.63% of the country's GDP in 2011. These figures are

forecast to decrease to 7.61% and 1.55% respectively in 2016.

Output forecasts

Oxford Economics

2013 2014 2015 2016 2017

Garments (TRY mn) 19,341 20,239 21,392 22,712 24,199

Garments (USD mn) 10,651 10,649 10,753 11,249 11,808

Leather goods (TRY mn) 5,372 5,633 5,966 6,346 6,775

Leather goods (USD mn) 2,958 2,964 2,999 3,143 3,306

Textiles, leather & clothing (TRY mn) 81,788 85,489 90,257 95,720 101,871

Textiles, leather & clothing (USD mn) 31,430 31,368 31,618 33,017 34,594

Total manufacturing (TRY mn) 1,777,316 1,908,963 2,066,219 2,245,679 2,434,906

Total manufacturing (USD mn) 978,732 1,004,408 1,038,647 1,112,272 1,188,108



Source:

Industrial Production and Turnover Indices

Industrial production index

Industrial turnover index

Turkstat

70

80

90

100

110

120

130

Industrial Production Index Textile Industry Apparel

708090

100110120130140150160170180

Turnover Index Textile Industry Apparel



Source:

Capacity Utilisation and Producer Prices

Capacity utilisation (%)

Producer prices

Turkstat

50

55

60

65

70

75

80

85

Manufacturing Capacity Utilization Textiles Apparel

100

120

140

160

180

200

220

240

Producer Price Index Textile Products Apparel



Source:

Wholesale and Consumer Prices

Wholesale prices

Consumer prices

Turkstat

5,000

7,000

9,000

11,000

13,000

15,000

17,000

Wholesale Price Index Textile Clothing

0

50

100

150

200

250

Consumer Price Index Clothing



Source:

Employment and Salary & Wage Indices

Employment index Wage & salary index

Turkstat

70

80

90

100

110

120

130

Mar

-09

Jun-

09

Sep

-09

Dec

-09

Mar

-10

Jun-

10

Sep

-10

Dec

-10

Mar

-11

Jun-

11

Sep

-11

Dec

-11

Mar

-12

Jun-

12

Sep

-12

Dec

-12

Mar

-13

Jun-

13

Sep

-13

Industry (general) Textile Industry Apparel

70

90

110

130

150

170

190

Mar

-09

Jun-

09

Sep

-09

Dec

-09

Mar

-10

Jun-

10

Sep

-10

Dec

-10

Mar

-11

Jun-

11

Sep

-11

Dec

-11

Mar

-12

Jun-

12

Sep

-12

Dec

-12

Mar

-13

Jun-

13

Sep

-13

Industry (general) Textile Industry Apparel



II. Subsectors



Source:

Fabrics Industry

Textiles production (000 m)

The Turkish fabrics industry produces a wide variety

of fabrics for apparel, home textiles, upholstery and

technical applications.

Turkey has large-scale fabrics companies with

vertically integrated production facilities in addition to

many small-sized non-integrated firms, serviced by a

well-developed finishing industry.

A large part of the industry is based on cotton.

Turkey is the sixth-largest cotton producer in the

world with some 954,000 tons in 2010/11. Domestic

output does not fully meet local demand and the

country is the third-largest cotton importer after

China and Bangladesh.

Turkish man-made textile sector claims the eighth

largest synthetics capacity in the world. 62% of the

companies in this sector have finishing plants and

75% of their raw material needs are met by domestic

production.

The fabrics mills are mainly concentrated in Istanbul,

Bursa, Adana, Denizli, Kahramanmaras, Izmir,

Gaziantep, Tekirdag, Kayseri and Usak. Many of the

integrated mills are located in Istanbul, Bursa,

Kahramanmaras, Adana and Gaziantep.

Turkstat, Economy Ministry

745,152

1,219,237

1,032,766

967,724

874,227

986,412

1,334,448

33,924

36,438

37,348

32,225

25,760

30,830

53,157

610,919

563,673

589,465

591,209

773,841

824,074

466,801

2005

2006

2007

2008

2009

2010

2011

Synthetic Woolen Cotton



Comments

Source:

Home Textiles Exports

Turkey exported homes textiles worth nearly USD 1.8bn to 172 countries in 2012. Home textiles exports decreased by 10% in 2012,

compared with the slight rise of 0.7% in the total textile and clothing exports. Despite increased volumes, the share of homes textiles in

Turkey's total textile and clothing exports has been gradually decreasing over the last decade to 7.5% in 2012 from around 12.5% ten years

ago. Among the most exported items are towels, bathrobes and dressing gowns, bed linens, furnishing and curtain fabrics.

Exports Biggest exports markets (2012)

ITKIB

2.05 1.59 1.72

1.95 1.76

9.4 8.7 8.4 8.4

7.5

2008 2009 2010 2011 2012

Home textiles exports (USD bn)

Share in textiles and clotging exports (%)Germany

25.6%

USA 11.0%

France 7.6%

Russia 5.7%

UK 4.8%

Italy 4.3%

Netherlands 4.1%

Other 36.9%



Source:

Yarn Industry

Yarn production (000 tons)

Some 2,200 companies in Turkey are active in the

fibers and yarns sector.

Turkey ranks one of the largest in the world in terms

of its cotton yarn production capacity.

The country has an installed spinning capacity of 6.9

million short-staple spindles, 835,700 long-staple

spindles and 617,500 open-end rotors, according to

data of the ITMF-International Textile Machinery

Federation. The country's machinery equipment

accounts for 2.7% of global short-staple spindle

capacities, 5.6% of the global long-staple spindle

capacities and 7.4% of the world's open-end rotor

capacities.

The country has also a well-developed man-made

segment.

The mills are spread out all over the country with

most of them located in Istanbul, Bursa,

Kahramanmaras, Gaziantep, Adana, Izmir, Kayseri,

Malatya, Tekirdag, Usak, Hatay and Denizli.

Most of the large mills have integrated fibers

production into clothing.


724

1,199

1,224

967

932

108

831

37

67

65

70

53

76

37

850

1,008

1,075

972

852

1,095

1,015

2005

2006

2007

2008

2009

2010

2011

Synthetic Wool Cotton



Comments

Source:

Yarn Exports

The Turkish yarn exports declined 0.8% to USD 1.62bn in 2012, down from an all-time high USD 1.64bn, achieved in the previous year.

Synthetic yarns comprised 57.6% of the entire yarn exports in 2012, followed by cotton yarns with 28.6%.

Yarn exports to Italy dropped by 22.6% to USD 176.8mn in 2012, but, despite the decrease, the country remains the biggest overseas

market, followed by Russia and the UK. Most of the cotton yarns is destined to Italy, Portugal, Russia, Germany and Poland.

Yarns made up 33.8% of the Turkish total textile imports in 2012. Most of the yarn imports came from China, India and Vietnam.

Yarn foreign trade (USD bn) Biggest exports markets (2012)

ITKIB

1.196 1.021

1.268

1.637 1.624

2.214

1.784

2.668

3.029 2.935

2008 2009 2010 2011 2012

Exports ImportsItaly 10.9%

Russia 7.5% UK 7.1%

Brazil 7.1%

Portugal 5.8%

Germany 5.4%

Belgium 4.8%

Other 51.4%



Comments

Source:

Clothing Exports

Turkish clothing exports rose by 2.5% some USD 13.8bn in 2012, according to data of the Economy Ministry. Around 65% of the Turkish

clothing production is bound for exports. Cotton clothing accounts for some 80% of the exports, while knitted clothing and accessories make

up over 60% of the total clothing exports. Woven clothing had a share of 39% with a value of USD 5.4bn. T-shirts and pullovers are the most

important export items in the knitted clothing sector.

Exports (USD mn) Biggest exports markets (2011)

Economy Ministry, ITKIB

7.83

6.93

7.73 8.39 8.42

5.33

4.29 4.64

5.12 5.43

2008 2009 2010 2011 2012

Knitted or Crocheted Clothing Woven Clothing

Germany 21.6%

UK 13.9%

Spain 9.0%

France 6.4%

Netherlands 5.3%

Italy 4.5% Denmark 3.1%

Other 36.2%



Comments

Source:

Denim Exports

Denim clothing exports represented 27.4% of Turkey's total woven clothing exports in 2012. In recent years, this share has been gradually

decreasing from an all-time high of 39.8% in 2005. Turkey exports denim clothing mainly to Germany, the United Kingdom, Spain,

Netherlands and Italy, while denim fabrics exports are destined mainly to Italy, Tunisia, Egypt and Morocco.

Clothing exports (USD mn) Denim fabric exports (USD mn)

Turkstat

1,742 1,401 1,502

1,556 1,489

5,327

4,295 4,636

5,124 5,431

2008 2009 2010 2011 2012

Denim clothing Total woven clothing

369

329

389

427

372

2008 2009 2010 2011 2012



Comments

Source:

Hosiery Exports

Turkey is world's third-largest hosiery exporter with a market share of 8%. The country is the second-biggest hosiery supplier to the European

Union market after China.

Turkey's hosiery exports totaled USD 992mn in 2012, down 6.1% from the previous year, when figure reached an all-time high of USD

1.056bn. The hosiery exports represented 11.8% of entire Turkish knitwear exports in 2012, down from 12.6% in the previous year.

Exports (USD mn) Biggest exports markets (2012)

ITKIB

872 881

953

1,057 992

2008 2009 2010 2011 2012UK 27.5%

Germany 20.2%

France 8.1%

Spain 7.6%

Netherlands 4.2%

Sweden 3.5%

Belgium 3.4%

Other 25.6%



Comments

Source:

Underwear and Bed clothes

Underwear and bed clothes represented 4.2% of the Turkish total clothing exports in 2012. Turkey exported underwear and bed clothes to

144 countries in 2012 with Germany being the biggest market.

The country imported underwear and bed clothes from 82 countries. Most of the imports come from China, Sri Lanka. India and Bangladesh.

Foreign trade (USD mn) Biggest exports markets (2012)

ITKIB

606 627 659

129 165

71

2010 2011 2012

Exports Imports

Germany 18.2%

UK 11.3%

France 7.7%

Netherlands 3.9%

Russia 3.8%

USA 3.7%

Algeria 3.5% Other 48.0%



Source:

Carpets and Rugs

Exports (USD mn)

The Turkish carpets and rugs industry consists of two

main types of production: hand-woven carpets and

machine-made carpets.

Machine-made carpets account for some 90% of the

local market. According to the Union of Chambers

and Commodity Exchanges of Turkey, the machine-

made carpet industry has a capacity of over 200

million sq m.

Most of the machine-made carpets producers are

located in Gaziantep, southeastern Turkey, as well

as in Kayseri, central Turkey, and Istanbul.

Turkish carpet exports rose by nearly 25% to an all-

time high USD 2.0bn in 2012. Most of the exports

was bound for Saudi Arabia, Iraq, the United States

and Germany.

In 2012, Turkish carpet imports rose by 8.8% to USD

177mn. The biggest exporters to Turkey are Belgium.

India and China.

Production (sq m 000)


166,044 169,744 175,464

208,949

66,632

2007 2008 2009 2010 2011

992 1,158

1,075

1,267

1,602

1,998

2007 2008 2009 2010 2011 2012



III. Main Players



Source:

Top 20 M&A Deals in Textiles and Clothing 2010-2013

DealWatch

Date Target Company Deal Type Stake % Buyer Country of Buyer Deal Industries Deal Value USD

(mn)

Jun-12 Koton Magazacilik Acquisition 50 Turkven Private Equity Turkey Clothing and Clothing

Accessories Stores 500

May-13 Boyner Buyuk Magazacilik;

Beymen Magazacilik Minority stake purchase Boyner Holding Turkey

Clothing and Clothing


May-11 Yargici Konfeksiyon Acquisition 75 Global Investment House Kuwait Clothing and Clothing


Sep-13 Boyner Buyuk Magazacilik Tender offer 35 Altinyildiz Mensucat Turkey Clothing and Clothing


Feb-12 YKM Acquisition 63 Boyner Buyuk

Magazacilik Turkey



Oct-10 Wenice Minority stake purchase 49

Balkan Accession Fund,

Eurasia Capital Partners,

FMO

United States; Hong

Kong; Netherlands



Oct-13 YKM; YKM Pazarlama Minority stake purchase Boyner Buyuk

Magazacilik Turkey



Apr-13 Royal Hali IPO 29 Institutional and private

investors Textile Product Mills 43

Oct-13 CLK Holding ; Celik Iplik Minority stake purchase Ossis Sinai Yatirimlar

Holding Turkey

Support Activities for

Mining; Textile Mills 27

May-11 Bilici Yatirim IPO 33 Institutional and private

investors Textile Mills 17

Apr-11 Ceylan Yatirim Holding Acquisition 65 Mintay Dis Ticaret Turkey Apparel Manufacturing 16



Source:

Top 20 M&A Deals in Textiles and Clothing 2010-2013 (contd)

DealWatch

Date Target Company Deal Type Stake % Buyer Country of Buyer Deal Industries Deal Value USD

(mn)

Jun-11 Dagi Giyim IPO 35 Institutional and

private investors

Apparel

Manufacturing 15

Dec-11 Silk&Cashmere Minority stake purchase 50 Eastgate Capital

Group UAE



Mar-13 Celik Iplik Acquisition 55 Karkim Sondaj Turkey Textile Mills 14

May-11 Denim manufacturing

factory in Kayseri Acquisition 100

Orta Anadolu

Mensucat Turkey Textile Mills 14

Mar-12 Yarn factory in Zonguldak Acquisition 100 Dinarsu Imalat ve

Ticaret Turkey Textile Mills 13

Jul-13 Ak-Tops Tekstil Sanayi Acquisition 40 Aksa Akrilik Kimya Turkey

Artificial and Synthetic

Fibers and Filaments

Manufacturing

11

Mar-12 Hitit Holding IPO 25 Institutional and

private investors

Holdings &

Management of

Companies and

Enterprises

10

Feb-11 Metem Enerji ve Tekstil Minority stake purchase 19 Isiklar Holding Turkey Textile Mills 10

Jan-11 Hateks Hatay IPO 15 Institutional and

private investors Textile Product Mills 9

Mar-10 Dunya Hali Acquisition 100 Beks Corap Turkey Textile Product Mills 8



Highlights

Source:

Aksa Akrilik Kimya

Financial performance (USD mn)

Ownership

Aksa Akrilik was established in 1968 and next year it

entered into a license agreement with Italian acrylic

manufacturer Chatillon (now Montefibre). The

company launched production of staple fibre and tops

in 1971.

Currently, Aksa is the ninth largest carbon fibre

manufacturer in the world and the only one in Turkey.

It has an installed capacity of 308,000 tons/year and a

14% global market share.

In 2011, Aksa signed a joint venture agreement with

Dow Chemical Company under which it span off its

carbon fibre business and sold half of it to the U.S.

firm.

Aksa is part of Turkey's Akkok Group, which includes

17 commercial and industrial companies, operating in

the chemicals, energy and real estate sectors.

In July 2013, Aksa Akrilik Kimya became full owner of

its tops and bumps production and textiles dyeing unit

Ak-Tops Tekstil after acquiring 40% of the company

from Emniyet Ticaret and the Akkok group for USD

10.54mn.

Company data

851 978

907

85 108 109 37 57 93

2010 2011 2012

Net sales EBIDTA Net profit

Shareholder Stake (%)

Akkok Sanayi 39.59

Emniyet Ticaret 18.72

Other 41.69



Source:

Aksa Akrilik Kimya (contd)

Domestic sales breakdown (June 2013)

Company investment (USD mn)

Exports breakdown (June 2013)

Capacity utilisation (%)

Company data

86

93

95

2010 2011 2012

96

159

45

2010 2011 2012

Middle East 31%

Europe 21%

Africa 7% USA 18%

China 18%

Other 5%

Knitwear 60%

Carpets 31%

Handknit 4%

Other 5%



Highlights

Source:

Altinyildiz Mensucat

Financial performance (TRY mn)

Production

Altinyildiz Mensucat, part of Turkish non-food retail

group Boyner Holding, started producing fabrics in

1952 and began garment manufacturing in 1995.

The company produced 11.5 million m of fabrics and

1.8 million units of garment in 2012, when it worked at

86% and 97% of its capacity, respectively.

Altinyildiz Mensucat produces clothing apparel under

the Altinyildiz Tekstil, NetWork, Fabrika Altinyildiz and

Que brands. It also manufactures for a number of

local and international brands.

The company operates a network of own stores,

which stood at 109 at the end of 2012.

Altinyildiz Mensucat employs nearly 2,700, including

870 in its textile division, 680 in its garments division

and 1,120 in the retail unit AY Magazacilik.

The company has been listed on the Istanbul Stock

Exchange since 1991. Currently, 20.8% of its shares

are publicly traded.

Company data

9.5

13.7

11.5

1.5 1.9 1.8

2010 2011 2012

Fabrics (mn metres) Garment (mn units)

375

611 598

100 146

20 78

28

-63 2010 2011 2012

Revenues EBIDTA Net profit/loss



Source:

Altinyildiz Mensucat (cont d)

Sales

Store sizes (sq m)

Investment (USD mn)

Number of stores

Company data

9.2

14.1

11.1

3.8

5.6 6.1

2010 2011 2012

Fabrics (mn metres) Garment (mn units)

20.9 20.3

7.6

2010 2011 2012

16,342

29,329

22,049

13,898 12,517 13,097

2010 2011 2012

Altinyildiz Retailer - Corner (including Boyner - YKM stores)

91

125 109 103 100

133

2010 2011 2012

Altinyildiz Retailer - Corner (including Boyner - YKM stores)



Highlights

Source:

Menderes Tekstil


Balance sheet (TRY mn)

Menderes Tekstil is an integrated cotton and synthetic

textiles producer. The company was established in

Denizli, western Turkey, in 1958.

Menderes Tekstil has an annual capacity of 1,060 tons

of knitted fabrics, 2.4 million bedding sets, 6.3 million

pillow covers and 28.08 million bed sheets.

The company employs some 3,400 people.

Menderes Tekstil is listed on Borsa Istanbul and 52%

of its share capital is publicly-held. The company is

part of Akca Holding, which has interests also in the

food production, energy and car inspection sectors.

Company data

303

380 410

32 75

28 11 49

-6 2010 2011 2012

Net sales EBITDA Net profit/loss

2010 2011 2012

Fixed assets 187.9 182.5 192.7

Total assets 364.2 444.8 460.2

Shareholders equity 229.6 278.8 272.7



Highlights

Source:

Royal Hali


Balance sheet (TRY mn)

Royal Hali is a leading Turkish carpet and carpet yarn

producer, based in Gaziantep, south-eastern Turkey.

The company was established by the Nakiboglu family

in 2000 and now it is part of their Naksan Holding.

Royal Hali produces under brands Royal Hali, Pierre

Cardin and Atlas Hali. It acquired local rival Atlas Hali,

established in Kayseri, central Turkey, in 2011.

Carpet operations account for 53% of the companys

net sales, while the yarn operations contribute for a

38% share.

Royal Hali sells 80% of its carpet output on the

domestic market and exports over 90% of its yarn

production.

In April 2013, the company went public by selling

28.75% of its share capital for TRY 76.8mn (USD

42.7mn).

Company data

175

212 222

8

40 51

7

43 27

2010 2011 2012

Net sales EBITDA Net profit/loss

2010 2011 2012

Fixed assets 103.8 141.6 120.9

Total assets 217.3 274.8 230.3

Shareholders equity 57.9 107 136.8



Contact:

Corporate Headquarters

Nestor House

Playhouse Yard

London EC4V 5EX

UK

Voice: +44 207 779 8471

Fax: +44 207 779 8224

Americas Headquarters

225 Park Avenue South

New York, New York 10003

US

Voice: +1 212 610 2900

Fax: +1 212 610 2950

Asia Headquarters

Eucharistic Congress Bldg. No.

III

4th Floor, 5 Convent Street

Mumbai 400 001

India

Voice: +91 22 22881123

Fax: +91 22 22881137

Disclaimer:

The material is based on sources which we believe are reliable, but no warranty, either expressed or implied, is provided in relation to the accuracy or completeness

of the information. The views expressed are our best judgment as of the date of issue and are subject to change without notice. EMIS and Euromoney Institutional

Investor PLC take no responsibility for decisions made on the basis of these opinions.

Any redistribution of this information is strictly prohibited. Copyright 2014 EMIS, all rights reserved. A Euromoney Institutional Investor company.

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