< PreviousAUGUST 2021 29 Sectoral Distribution of Exports Sectors Exports ($ Thousand) (*) Share in Total (%) Change (%) 2019202020192020 05-08Mining and quarrying 859,1781,217,4411.21.941.7 10Manufacture of food products 4,651,8595,512,8966.38.618.5 11Manufacture of beverages 105,59190,5410.10.1-14.3 12Manufacture of tobacco products 402,969400,9910.50.6-0.5 13Manufacture of textiles 2,490,1902,502,1783.43.90.5 14Manufacture of wearing apparel 1,423,5621,285,4581.92.0-9.7 16Manufacture of wood and of products of wood and cork (except furniture) 460,186556,8700.60.921.0 17Manufacture of paper and paper products 608,377607,6440.80.9-0.1 19Manufacture of coke and refined petroleum products 4,357,5202,540,4065.94.0-41.7 20Manufacture of chemicals and chemical products 3,269,5922,361,5454.43.7-27.8 21 Manufacture of basic pharmaceutical products and pharmaceutical preparations 183,599292,5650.20.559.3 22Manufacture of rubber and plastic products 2,091,0311,942,8362.83.0-7.1 23Manufacture of other non-metallic mineral products 1,432,5571,822,2781.92.827.2 24Manufacture of basic metals 11,731,40810,227,96416.016.0-12.8 25 Manufacture of fabricated metal products (except machinery and equipment) 1,480,8011,511,7432.02.42.1 26Manufacture of computer, electronic and optical products 1,466,1681,230,9722.01.9-16.0 27Manufacture of electrical equipment 6,514,8685,942,2808.99.3-8.8 28Manufacture of machinery and equipment N.E.C. 1,670,3391,610,6672.32.5-3.6 29Manufacture of motor vehicles, trailers and semi-trailers 25,016,87620,171,02134.031.5-19.4 30Manufacture of other transport equipment 1,591,101966,8732.21.5-39.2 31Manufacture of furniture 124,897111,0220.20.2-11.1 32Other manufacturing 1,495,3221,156,1492.01.8-22.7 32.1Manufacture of jewellery, bijouterie and related articles 1,495,3221,156,1492.01.8-22.7 35Electricity, gas, steam and air conditioning supply8081,6620.00.0105.6 Total73,515,29164,104,481100.0100.0-12.8 manufacture of food products showed the highest perfor- mance with 18.5 percent. The exports of the manufactu- re of textiles showed a limited increase with 0.5 percent. The exports of the manufacture of wood and products of wood (21 percent), manufacture of pharmaceutical pro- ducts (59.3 percent), mineral products (27.2 percent) and manufacture of fabricated metal products (2.1 percent) closed 2020 with growth. percent, 41.7 percent and 27.8 percent, respectively. The exports of the manufacture of electrical equipment and manufacture of machinery and equipment also experien- ced contraction but to a lesser extent with 8.8 percent and 3.6 percent, respectively. Exports of the manufacture of we- aring apparel also contracted by 9.7 percent. Among the sectors exports of which increased in 2020, the (*)According to the GTS.30 AUGUST 2021 FOREIGN-INVESTED ENTERPRISES Foreign-invested enterprises continue to play an important role in the Turkish industrial sector. Accordingly, the ISO 500 Industrial Enterprises survey also evaluates the indicators of foreign-invested enterprises. The number of foreign-invested enterprises fell to 110. In 2020, the number of foreign-invested enterprises wit- hin the ISO 500 saw its sharpest decline in recent years, dropping to 110. While the number of foreign-invested enterprises in the ISO 500 had dropped gradually since 2009, this recession took a U-turn in 2018 with the addi- tion of two more enterprises, with their numbers totaling 117. In 2019, it remained unchanged at 117. However, the number of foreign-invested enterprises decreased by 7 in 2020, recording a significant decline. The shares of foreign-invested enterprises in all indicators fell. The number of foreign-invested enterprises within the ISO 500 decreased by 7 in 2020. Accordingly, the shares of foreign-invested enterprises in the basic indicators also decreased in 2020. In 2020, the share of the 110 foreign-invested enterprises within the ISO 500 in total production-based sales drop- ped from 32.1 percent to 31.3 percent, their share in gross value-added at producers’ prices from 40.6 percent to 40 percent, their share in total profit and loss for the peri- od from 23.9 percent to 22.7 percent, their share in profit and loss before interest, tax, depreciation and amorti- zation from 26.9 percent to 25.8 percent, their share in exports from 46.1 percent to 43 percent and their share in the number of wage employees from 28.4 percent to 26.6 percent. As such, foreign-invested enterprises continue to play an important role in Turkey’s exports. Following an 18.6 per- cent decline, the exports of foreign-invested enterprises within the ISO 500 dropped from UDS 33.9 billion to USD 27.6 billion in 2020. Their share in Turkey’s overall exports fell from 18.7 percent in 2019 to 16.2 percent in 2020. NUMBER OF FOREIGN-INVESTED ENTERPRISES 200 150 100 50 0 20102011201220142013 148 140 138 20152016 126 125 123 20172018 115 117 2019 117 2020 110 137 The number of foreign-invested enterprises in the top 50 dropped to 13. When the foreign-invested enterprises are analyzed in groups of 50, 13 enterprises were among the top 50 in 2020. The number of foreign-invested enterprises in the top 50, which was 14 in 2018 and remained unchanged in 2019, decreased by one in 2020 to 13. AUGUST 2021 31 In terms of basic economic indicators, 110 foreign- invested companies are distributed more evenly among groups of 50. This distribution shows that foreign-invested enterprises are quite similar in terms of scale. In 2020, 13 foreign-invested enterprises listed in the top 50 had a share of 18.2 percent in production-based sales and 11.8 percent in gross value-added at producers’ prices. Shares in these two indicators saw a YoY drop. In 2020, the 13 foreign-invested enterprises listed in the top 50 had a share of 11.7 percent in total profit and loss for the period, up by 1.1 points YoY. Their share in total loss and earnings before interest, tax, depreciation and amortization increased by 0.9 points to 13.2 percent. Their share in exports and employment, which had been 29.7 percent and 9 percent, respectively, declined YoY. Auto industry has the most foreign-invested firms. The ISO 500 enterprises operate in 25 sub-sectors. In 2019, there were foreign-invested enterprises in 19 sub- sectors, which remained unchanged in 2020. While the industry with the most foreign-invested enterprises was the manufacture of motor vehicles with 23 enterprises, the number of enterprises in this industry decreased by three. While there were 18 enterprises in the manufacture of food products, this number was down by one YoY. While there were nine enterprises were in the manufacture of chemical products, this number decreased by one YoY. Enterprises with a foreign capital of over 50 percent maintained their dominance. The 110 foreign-invested enterprises that are among the ISO 500 are separated into three groups based on the scale of their foreign capital ownership. Accordingly, the number of enterprises with a foreign capital share of 50 percent or more in 110 foreign-inves- ted enterprises was 79. These enterprises hold a significant weight among the 110. As the share of foreign ownership drops, so does the enterprise’s share in absolute aggregates. Weight of Foreign-Invested Enterprises by Years (%) Number of Enterprises Prodution-based Sales (Net) Gross Value Added (at Producers' Prices) Total Profit and Loss for the Period (before tax) EBITDAExports Wage Employees 200915333.440.338.7-48.929.8 201014831.637.028.7-47.830.0 201114031.335.432.8-45.431.1 201213829.742.731.4-43.031.1 201313728.542.029.730.841.828.7 201412629.640.333.732.340.828.3 201512531.139.932.029.642.129.4 201612333.438.728.728.347.830.0 201711532.037.727.828.348.428.8 201811731.139.521.025.446.628.9 201911732.140.623.926.946.128.4 202011031.340.022.725.843.026.632 AUGUST 2021 Indicators of Foreign-Invested Enterprises (%) Share of Foreign Capital (%) 0.01 - 2525.01 - 5050+ Number of Enterprises82379 Ratio of Number of Enterprises (%)7.320.971.8 Production-based Sales (Net)10.430.159.5 Net Sales9.630.559.9 Exports (According to GTS, $ Thousand)4.433.062.6 Total Profit and Loss for the Period (Before Tax)-12.230.182.1 EBITDA4.037.858.1 Equity Capital11.815.972.3 Total Assets21.830.647.6 Wage Employees6.825.967.3 Gross Value Added (at Producers' Prices)13.717.069.3 Sectoral Distribution of Foreign-Invested Enterprises SectorsNumber of Foreign-Invested Enterprises 05-08Mining and quarrying1 10Manufacture of food products18 11Manufacture of beverages4 12Manufacture of tobacco products2 14Manufacture of wearing apparel2 17Manufacture of paper and paper products4 19Manufacture of coke and refined petroleum products2 20Manufacture of chemicals and chemical products9 21Manufacture of basic pharmaceutical products and pharmaceutical preparations3 22Manufacture of rubber and plastic products8 23Manufacture of other non-metallic mineral products1 24Manufacture of basic metals7 25Manufacture of fabricated metal products (except machinery and equipment)6 26Manufacture of computer, electronic and optical products1 27Manufacture of electrical equipment8 28Manufacture of machinery and equipment N.E.C.6 29Manufacture of motor vehicles, trailers and semi-trailers23 30Manufacture of other transport equipment3 35Electricity, gas, steam and air conditioning supply234 AUGUST 2021 The number of ICI-member enterprises declined to 161 in 2020. On a yearly basis, the number of ICI members follows a general downward trend. Having stood at 197 in 2010, the number of ICI members declined to 166 in 2018. In 2019, the number of ISO member organizations rose by three to 169, breaking away from a long flat curve, while the number of ICI-member enterprises decreased again in 2020 to 161. All cities, industries and enterprises took a hard hit when the pandemic broke out in 2020. Istanbul ranked first in While the ISO 500 covers all industrial companies across Turkey, the survey also evaluates the progress of Istanbul Chamber of Industry members. ICI MEMBERS IN THE ISO 500 the pandemic by number of cases and other criteria and was one of the cities that experienced the negative effects of the pandemic the most. Other cities also faced similar challenges to varying degrees. The higher magnitude of the pandemic’s impact on Istanbul is cited among the drivers behind the decrease in the number of ICI-member enterprises. The share of ICI members in producti- on-based sales increased. Despite the decrease in the number of ICI members, the shares of these enterprises in the main aggregates of ISO 500 followed different trajectories. In this regard, produc- tion-based sales serve as a key indicator, which also de- termines the ranking of the ISO 500 list. The share of ICI members in production-based sales inc- reased from 39.2 percent in 2019 to 40.6 percent in 2020. While the share had followed a declining curve for two consecutive years, it recovered back to surpass the 40 percent mark again in 2020. The share of ICI members in exports and wage employe- es decreased, albeit to a limited extent, in 2020. The share of ICI members in exports declined from 46.2 percent to 45.6 percent, and in wage employees from 37.8 percent to 36.7 percent. SHARE OF ICI MEMBERS (%)ICI MEMBERS (#) 0 50 100 150 200 250 2017 2019 2020 2018 2016 2015 2014 2013 2012 2011 193 198 192 190 182 180 174 166 169 161 2019 39.2% 46.2 % 2020 40.6% 45.6 % ExportsProduction-based Sales (Net)AUGUST 2021 35 The share of profit as national income in net value-added increased significantly. The ICI members’ share of profit as national income in net value-added surged by 18.9 points in 2020 to reach 29.1 percent. While being faced with the pandemic conditions in 2020, industrial enterprises managed to increase their profits in absolute and real terms. Accordingly, the share of profit as national income in net value-added, which had dropped all the way down to 0.5 percent after the financial shock in 2018 and risen back to 10.2 percent in 2019, recorded a significant jump in 2020. In 2020, the share of interest paid in the net value-added generated suffered a 4.4-point fall to hit 25.7 percent. Due to the relatively low interest rates in 2020, the share of interest paid in net value-added continued to decline. The share of ICI members in wages and salaries paid was 45.1 percent in 2020, down from 59.7 percent in 2019. The MAIN INDICATORS BREAKDOWN OF FACTOR INCOME OF ICI MEMBERS (%) Salaries and Wages Paid Profit as National Income Interest Paid 45.1 25.7 29.1 share of wages and salaries paid decreased, which was mostly due to the relatively rapid increase in profits. The wages and salaries paid continued to increase in nominal terms. SHARE OF PROFIT IN THE FACTOR INCOME OF ICI MEMBERS (%) 0 2016 2017 2018 2019 2020 2015 2014 2013 2012 2011 28.0 0.5 10.2 29.2 34.6 31.8 27.0 24.1 18.3 22.1 2030401036 AUGUST 2021 Continued on next page Main Indicators of the ICI Members (TL) A Top 500 Industrial Enterprises B 161 ICI Members B/A (%) Production-based Sales (Net)1,178,600,842,346478,189,295,99640.6 Net Sales1,325,312,216,229544,105,188,83241.1 Exports (According to GTS, $ Thousand)64,104,48129,259,58745.6 Profit for the Period (Before Tax)113,635,788,47344,451,989,63339.1 Loss for the Period21,132,316,1533,305,790,46515.6 Total Profit and Loss for the Period (Before Tax)92,503,472,32041,146,199,16844.5 EBITDA184,446,547,33169,925,320,58437.9 Total Debts881,106,972,024295,464,701,00733.5 --Short-term Debts530,018,291,388201,764,239,40138.1 > Financial Debts206,022,030,93069,865,135,05433.9 > Other Debts323,996,260,459131,899,104,34740.7 --Long-term Debts351,088,680,63693,700,461,60626.7 > Financial Debts293,544,247,61583,214,219,44828.3 > Other Debts57,544,433,02010,486,242,15818.2 Equity Capital407,229,662,949140,779,714,87734.6 --Paid-up Capital159,507,465,06540,872,151,48825.6 --Capital Reserves19,137,779,7295,910,466,96330.9 --Profit Reserves217,043,481,88274,990,746,48034.6 --Net Period Profit99,985,426,39238,227,899,33138.2 --Accumulated Loss88,444,490,11919,221,549,38421.7 Total Assets1,288,336,634,979436,244,415,88133.9 --Current Assets820,993,456,177302,880,352,38436.9 --Fixed Assets467,343,178,802133,364,063,49728.5 > Tangible Fixed Assets297,094,549,26972,258,637,91024.3 > Other Fixed Assets170,248,629,53261,105,425,58735.9 --Accumulated Depreciation322,911,022,412123,203,146,55738.2 > AUGUST 2021 37 Continued from previous page MAIN INDICATORS Main Indicators of the ICI Members (TL) A Top 500 Industrial Enterprises B 161 ICI Members B/A (%) Wage Employees716,962263,02236.7 Salaries and Wages Paid78,330,672,94330,120,284,65238.5 Interest Paid44,536,462,77017,172,858,49538.6 Profit as National Income53,308,717,22319,421,859,77036.4 Net Value Added (at Factors' Prices)176,175,852,93666,715,002,91737.9 Amortization41,174,360,54014,534,424,18035.3 Other Indirect Taxes1,667,209,127634,825,58238.1 Gross Value Added (at Basic Prices)219,017,422,60381,884,252,67937.4 VAT + Special Consumption Tax Paid127,678,491,60050,096,649,56139.2 Subsidies663,318,16858,426,6258.8 Gross Value Added (at Producers' Prices)346,032,596,035131,922,475,61538.1 Weight of the ICI Members (%) Number of ICI Members Net Sales Production- based Sales (Net) Exports Total Profit and Loss for the Period (Before Tax) Total Assets Equity Capital Wage Employees Gross Value Added 201019746.545.154.536.938.637.439.641.5 201119345.244.151.237.639.436.241.543.8 201219843.243.051.740.938.936.842.041.5 201319240.441.249.035.638.034.840.138.9 201419045.643.950.946.640.739.041.744.5 201518245.444.052.137.739.736.440.641.1 201618042.941.749.833.935.432.139.737.8 201717441.540.246.637.035.832.539.237.2 201816639.438.647.038.034.732.638.037.4 201916939.639.246.239.633.732.637.837.7 202016141.140.645.644.533.934.636.738.138 AUGUST 2021 The number of publicly traded enterprises in the ISO 500 was 67. While there were 69 publicly traded enterprises within the ISO 500 in 2017, 67 in 2018, and 66 in 2019, this number went back up to 67 in 2020. While there was not a sig- nificant change in the number of enterprises, the share of publicly traded enterprises in the basic indicators and total aggregates of the ISO 500 showed different trends. From 2019 to 2020, the share of publicly traded enterprises in production-based sales fell from 32.4 percent to 29.5 per- cent, their share in exports from 33 percent to 29.8 percent, and their share in total profit and loss for the period from 37.5 percent to 36.7 percent. Their shares in sales, exports and profit and loss for the period decreased. However, their shares in other basic indicators went up. Their share in total assets increased to 31 percent, up from 29.2 percent, and their share in equity capital to 29 percent, up from 27 percent. The share of publicly traded enterprises in net value-added generated increased from 26.9 percent to 28.7 percent and in wage employees from 21.8 percent to 23.9 percent. As can be seen, the 2020 performance of publicly traded en- terprises showed different trends in terms of basic indicators. PERFORMANCE OF PUBLICLY TRADED ENTERPRISES SHARE OF PUBLICLY TRADED ENTERPRISES IN MAIN INDICATORS (%) 2019 2020 Production-Based Sales (Net)32.429.5 Exports (**) 33.029.8 Total Profit/Loss for the Period (Before Tax)37.536.7 Earnings before Interest, Tax, Depreciation and Amortization 29.630.3 Total Debt30.132.0 Equity27.029.0 Total Assets29.231.0 Wage Employees21.823.9 Net Value-Added (at Factor Cost)26.928.7 SHARE OF PUBLICLY TRADED ENTERPRISES IN MAIN INDICATORS (%) 32.0% Total Debt 31.0% Total Assets 30.3%EBITDA 29.0% Equity 36.7% Profit/Loss for the Period (Before Tax) (*) Publicly traded shares are based on the information declared by the enterprises in the survey. (**) According to the GTS. (*)Next >