Message From the Chairman of the Board of Directors

Dear Shareholders,

We have completed another difficult year shaped by the economic fluctuations in the world and in our country, due to the geopolitical developments on a global scale. Trade wars, protectionism policies, Brexit uncertainty, interest rate cuts and sanctions expected to be applied to Iran were again some of the notable agenda items. The new expansionary steps coming from the central banks of developed countries have perhaps help prevent a major global crisis.

The Turkish economy picked up growth again as of the third quarter of 2019, following the negative impacts experienced in 2018. With falling interest rates and inflation, some stabilization in the markets and significant improvements in basic macroeconomic indicators were observed.

In the light of all these developments, Aksa Acrylic manifested a strong performance in 2019. Thanks to our investments in technology for sustainable growth and profitability for

many years, we have successfully overcome serious difficulties in supply and demand by keeping our costs under control. While the turnover of our Company reached TL 3.6 billion, EBITDA rose by 4% compared to the previous year and reached TL 574 million.

With a TL 2.5 billion market value, our Company continues to be one of Turkey’s leading institutions. Sharing a significant portion of its profits with its shareholders, our Company has once again emerged among the listed companies with the highest dividend payout rate in 2019.

2019 was a year when we started to receive the feedback of our R&D studies, which we carried out with the aim of finding new areas of use, especially for acrylic fiber. Our first stage of investments in the field of acrylic filament, modacrylic and artificial hair are progressing in line with our expectations. In this context, in addition to capacity and new product investments, growing with strategic collaborations will be among our priorities in the upcoming periods.

Shaping its activities with a fair, transparent, responsible and accountable management approach, our Company’s financial results have brought along rewards and successes. In 2019, we raised our score from 9.7 to 9.72 in the Borsa Istanbul (BIST) Corporate Governance Index among 49 listed companies and we added the “Corporate Governance Award” given by the “Corporate Governance Association of Turkey” to our awards and achievements over the past five years. In this way, we are proud to have once again registered the accuracy of our management approach.

On the other hand, being shown among the companies that have long been contributing to the development of the chemical industry in Turkey at the award ceremony of the Turkish Chemical Manufacturers Association, brought us pride and joy.

Our Company, which has been organizing all its production and activities on efficient use of resources and protecting the environment since the first day, brings a holistic perspective to its processes by adding sustainability to the focus of all its strategies. Being included the in the “BIST Sustainability Index”, which includes 50 companies, for the second time this year, we have demonstrated our sensitivity in many areas from global warming to health, from water resources to employment and efficient use of resources.

In addition to all these data and progress in our business, one of our top priorities is occupational safety and employee health. By designing all our processes with this awareness, we are determined to raise the security culture at Aksa to a high level.

2019 was full of pride for Aksa. Just as for 51 years, creating sustainable value for our shareholders in the coming years will continue to be our main priority.

We realized all the developments in 2019 together with our valuable and devoted employees, loyal customers and business partners who have placed their trust in us. I wish to proceed together in many more successes, and I hope our successes will raise exponentially next year.





Raif Ali Dinçkök

Chairman of the Board of Directors

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