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4Q 2017
ANADOLU CAM
Investor Presentation
Contents
2
Anadolu Cam Sanayii A.Ş. Operational Results & Financial Performance
Glass Packaging Business Segment Overview
3
16
Appendix19
Şişecam Group Overview23
3
29
ANADOLU CAM SANAYİİ A.Ş.
OPERATIONAL RESULTS
&
FINANCIAL PERFORMANCE
Key Financial Indicators
4
4Q 2017 Highlights
14% YoY increase in consolidated sales volume; a) domestic up
by 30%, b) international up by 3%
Average price increases; a) Turkey: 8% in TRY b) Russia: 9% in
RUB
48% to 52% revenue split between domestic and international
sales
Start of the forth furnace investment with 150K ton/p.a.
capacity in Eskişehir plant Completion of Ufa plant C furnace
(120K ton/p.a. capacity) cold repair process
As of Mar. 1st; Mcap: USD 671mn, 3M Avg. Daily Trading Vol.:
2,6mn shares
TRY mn
460643
4Q 2016 4Q 2017
Revenue
111
182
4Q 2016 4Q 2017
Gross Profit
7497
4Q 2016 4Q 2017
Capex
-203
31
Free Cashflow
2016 2017
38
14
4Q 2016 4Q 2017
Net Income
76
145101
164
4Q 2016 4Q 2017
EBITDA
25
18One-offGains
Important Notice: Şişecam and its Group Companies Anadolu Cam and Soda Sanayii were reporting thirdparty logistic expenses by deducting from gross revenues. Starting from 4Q 2017, these expenses are nowbooked under S&M expenses. 2017 and 2016 financial statements were restated accordingly
Key Financial Indicators
5
Revenue Contribution by Geography
EBITDA Contribution by Geography
TRY mn
TRY mn
460
643100
83
4Q 2016 Turkey Russia, Ukraine&Georgia 4Q 2017
76
145
4115
-0,6
14
4Q 2016 Turkey Russia, Ukraine&Georgia Netherlands Reconciliations 4Q 2017
101
164
One-off gain
25
18One-off
gain
Anadolu Cam Sanayii – Financial Results
TRY mn
Consolidated Financial Results
1.459 1.523 1.555 1.5521.831
2.411
460643
323 242 269 328 457671
111 182
312 341 387 393
747615
101 164
2012 2013 2014 2015 2016 2017 4Q2016 4Q2017
Net Sales Gross Profit EBITDA
Gross Margin
EBIT Margin
EBITDA Margin
EBITDA Margins Adjusted to One-off GainsOne-off gains;
- 2013: TRY 100mn (Topkapı land sale)- 2014: TRY 120mn (Paşabahçe & Soda shares sale)- 2015: TRY 73mn (Soda shares sale)- 2016: TRY 342mn (Soda shares sale) + TRY 27mn (Revaluation gain Eurobond investments)- 2017: TRY 32mn (OMCO stake sale) + TRY 30mn (Revaluation gain Eurobond investments)- 4Q2016: TRY 25mn (Revaluation gain Eurobond investments)- 4Q2017: TRY 18mn (Revaluation gain Eurobond investments)
6
EBITDA Margins
Adjusted EBITDA Margins
22% 16% 17% 21% 25% 28% 24% 28%
9% 9% 10% 11% 27% 13% 8% 13%
21% 22% 25% 25% 41% 25% 22% 25%
21% 22%25% 25%
41%
25%
22%
25%
21%16%
17%21% 21%
23%
17%
23%
2012 2013 2014 2015 2016 2017 4Q2016 4Q2017
Anadolu Cam Sanayii – Financial Results
7
Consolidated EBITDA & CAPEX Consolidated EBITDA & NET DEBT
TRY mn
0,7%
0,5%
22%
19,7%
10,6%
46,5%
>5 yrs
4-5 yrs
3-4 yrs
2-3 yrs
1-2 yrs
0-1 yr
Maturity Breakdown of Debt Currency Breakdown of Debt*2017 2017
312 341387
393
747
615
101164
308 313221
323 332 33974 97
2012 2013 2014 2015 2016 2017 4Q2016 4Q2017
EBITDA CAPEX
867 934
599
1.002747
1.009
2,8 2,7
1,5
2,6
1,01,6
2012 2013 2014 2015 2016 2017
NET DEBT NET DEBT/EBITDA
Revenues;- 50% in TRY- 35% in RUB- 4% in USD- 6% in EUR- 5% in Other currencies
RUB; 51%
EUR; 24%
USD; 23%
UAH; 3%
*Currency breakdown of financial debt adjusted to the outstanding cross-currency and interest swaps
TRY mn
Anadolu Cam Sanayii – Operational Results
Consolidated Revenues Breakdown
8
*International Sales include sales from foreign operations + exports from foreign operations + exports from Turkey
Glass Packaging Production Breakdown
K Tons TRY mn
856 814 814 865 910 970
237 256
1.001889 931 899 930 940
250 245
1.8571.703 1.745 1.764 1.841 1.909
486 501
2012 2013 2014 2015 2016 2017 4Q2016 4Q2017
Domestic International
731 835 853 933 9071.195
186 306
728688 702 619
924
1.216
274337
1.459 1.523 1.555 1.552
1.831
2.411
460643
2012 2013 2014 2015 2016 2017 4Q2016 4Q2017
Domestic International*
Anadolu Cam Sanayii – Sales Breakdown
4Q 20174Q 2016
Anadolu Cam Turkey - Value Based Sales Mix
23%
14%
5%5%
18%
10%
15%
11%Mineral Water
Beer
High Spirits
Wine
Food
Non-alcoholic Beverages
Exports
Other
21%
15%
6%4%15%
8%
18%
11%
9
Anadolu Cam Sanayii – Sales Breakdown
4Q 20174Q 2016
Anadolu Cam Russia – Value Based Sales Mix
2%
41%
17%
19%
4%
3%
15%Mineral Water
Beer
High Spirits
Wine
Food
Non-alcoholic Beverages
Exports
1%
38%
18%
20%
6%
4%
13%
10
Anadolu Cam Sanayii – Sales Breakdown
11
Anadolu Cam Turkey
Growing Share of Exports in Revenue Mix
Anadolu Cam Russia
2015 FY
1Q 2016
2Q 2016
3Q 2016
4Q 2016
2016 FY
6%
12% 13%
2015 2016 2017
15%14% 14%
2015 2016 2017
Anadolu Cam Sanayii History
12
Single Plant Glass Packaging Production (Modest Growth)
Establishment of Topkapı & Çayırova Plants Acquisition of Anadolu Cam Sanayii A.Ş.
(Regional Expansion)
FDI to Russia & Georgia (International Expansion)
Production started in Yenişehir Plant, (Further Expansion in Domestic Market)
Acquisition of Merefa Plant (Ukraine) (International Expansion)
Closure of Topkapı Plant, Start of Production in Eskişehir Plant,
Temporary Shut Down of Merefa Plant due to Modernization Process
Acquisiton of Partner's Stake in Ruscam & Elimination of Non-core Assets through Soda
Sanayii Stake Sale
Sale of the 50% Stake in OMCOAcquisition of the Minority Interests in
Yenişehir & Eskişehir PlantsYenişehir & Eskişehir Plants' Merger under
Anadolu Cam Sanayii A.Ş.
1935-1969 1960-1996 1998-2002 2006 2011 2012-2014 2015-2016 2017
Corporate Structure
13
ANADOLU CAM SANAYİİ A.Ş.
AC Glass Holding BV
Balsand BV.Anadolu Cam
Investment BV.
48%
100%
52% 76%
24%
LLC Energosystems
LLC Ruscam Management Co.
LLC Ruscam Glass Packaging Holding
Merefa Glass Company Ltd.
CJSC Brewery Pivdenna
JSC Mina
Camiş Elektrik Üretim A.Ş.
26%
100%
100%
100%
100%
100%
90% 10%
Production facilities consolidated under
"Anadolu Cam San. A.Ş." legal entity;- Mersin Plant
- Yenişehir (Bursa) Plant - Eskişehir Plant
Production facilities consolidated under "LLC Ruscam Glass Packaging Holding"
legal entity;- Gorokhovets Plant
- Pokrovsky Plant
- Ufa Plant- Kirishi Plant- Kuban Plant
Vision, Mission, Strategy & Sustainability
14
“... Being a global glass packaging company which constantly adds value to people and environment by providing
customized products and services to its customers and being a solution partner with creative processes…’’
MISSION
“Şişecam is a company that respects people and nature with its high quality and value added products’’
VISION
SUSTAINABILITY
Anadolu Cam published its first sustainability report for the year 2016
http://www.sisecamcamambalaj.com/sites/catalogs/en/Documents/sustainability/anadolucam_eng.pdf
Strategy & Competitive Advantage
15
COMPETITIVE ADVANTAGE
Strong technological know-how
Financial strength
Experience in developing markets
Fast growth ability
High quality and wide portfolio of products
Experienced and qualified technical teams
ANADOLU CAM will continue to enjoy its strenght and experience in the industry for itsambitious growth plans and new expansion opportunities.
STRATEGY
Continue to be the leading glass packaging supplier in the region
Strengthen its current position in the global glass packaging market
GLASS PACKAGING BUSINESS SEGMENT OVERVİEW
16
29
Glass Packaging – Anadolu Cam
17
Turkey – Mersin, Eskişehir and Yenişehir Plants
Total Capacity of 1.025K tons/year
Ukraine – Merefa Plant85K tons/year
#5
#5
Glass Packaging Group Market Shares
57%
30%
6,3%
2,5%
Georgia
Russia
Europe
Global
77%
23% F. Float
Şişecam
SHAREHOLDERSOperations & Global Presence
Anadolu Cam, operational in 4 regions with 2,3mn tons/year installed capacity, is Şişecam Group’s leading brand name in the glass packaging segment with a
portfolio focusing on food, alcoholic and non-alcoholic beverages, mineral water and pharmaceuticals sectors
Russia – Gorokovets, Pokrov, Ufa, Kirishiand Kuban Plants
Total Capacity of 1.165K tons/year
Georgia – Mina Plant60K tons/year capacity
#1
#1
Global Glass Packaging Market
18
~USD 45 Billion global market accounting for ~9%-10% of global packaging industry
Annual glass container consumption of +450 Billion units incl. on trade sales
In unit terms 86% of glass containers produced are purchased by beverage industry and 12% by food sector
5 producers dominate 40% of the market
Asia Pacific & Europe, being the largest consumers, compose 70% of the market
While Asia Pacific (including China and India) and Eastern Europe have high growth potentials on the back of increasing alcoholic beverage consumption in the former and EU accession of the latter, Middle East & Africa region is also promising with young population and growing disposible income
High barriers to entry in small markets with highly fragmented customer base and wide range of products
Consumption GrowthECAGR
Demand by Regions4Q 2017
Demand By Segments4Q 2017
Global Turkey*
North America
SouthAmerica
Russia
M.East & Africa
Asia Pacific
Europe
40 Plants
22 Plants
5 Plants
38 Plants
106 Plants
21 Plants
Regional Breakdown of Glass Packaging Production Capacity4Q 2017
Industry Dynamics
*Global market ECAGR is in value terms, growth figure given for Turkish glass packaging market is in volume terms
%4,55,5%
2017-2022 2017-2022
Food 40%
Beverage34%
Pharma 14%
Personal Care 9%
Other 4%
Asia Pacific38%
W. Europe24%
S. America15%
N. America9%
E. Europe 9%
M. East & Africa 4% Australia & Asia 2%
Global Players # of Plants
Installed Capacity
(mn tons) Market Share
Owens Illinois 79 16,7 19,5%
Ardagh 35 5,9 7,1%
Verallia 33 5,3 6,4%
BA Vidro 18 3,9 4,6%
Anadolu Cam 10 2,3 2,5%
Appendix
19
Summary Financials
20
SUMMARY BALANCE SHEET (Million TL) 2016 1Q 2017 1H 2017 9M 2017 2017 YoY Change
Total Assets 4.417 4.598 4.403 4.374 4.183 -5%
Cash & Cash Equivalents 808 873 830 795 569 -30%
Financial Assets & Derivatives 197 235 201 243 257 31%
Trade Receivables 387 534 579 557 558 44%
Inventories 351 382 330 326 326 -7%
Equity-Pickups 36 32 16 16 17 -54%
Property, plant and equipment 2.046 2.151 2.115 2.123 2.192 7%
Intangible assets 4 4 4 4 4 11%
Tax & Deferred Tax Assets 188 204 234 234 192 2%
Other* 400 184 95 74 69 -83%
Total Liabilities 2.506 2.801 2.568 2.484 2.291 -9%
Interest Bearing Liabilities &
Derivatives 1.789 1.959 1.708 1.739 1.807 1%
Trade Payables 203 233 256 245 273 35%
Provisions 56 80 82 87 81 45%
Tax & Deferred Tax Liabilities 34 20 12 1 1 -97%
Other** 425 509 510 412 128 -70%
Equity 1.911 1.797 1.835 1.889 1.892 -1%
Equity holders of the parent 1.803 1.797 1.835 1.889 1.892 5%
Minority Interest 108 0 0 0 0 -100%
*Other Receivables, Prepaid Expenses, Other Current & Non-Current Assets
**Other Payables, Deferred Income
Summary Financials
21
SUMMARY INCOME STATEMENT (Million TL) 1Q 2017 1H 2017 9M 2017 4Q 2016 4Q 2017 YoY Change 2016 2017 YoY Change
Revenue 514 1.117 1.767 460 643 40% 1.831 2.411 32%
Cost of Goods Sold -394 -852 -1.278 -349 -462 32% -1.373 -1.740 27%
Gross Profit 120 266 489 111 182 63% 457 671 47%
Research and development -1 -1 -2 -3 0 -100% -10 -2 -83%
Sales and marketing -37 -83 -188 -58 -58 0% -186 -246 32%
General and administrative -45 -93 -145 -45 -32 -29% -166 -177 7%
Other income (expense), net 13 13 26 3 -24 -1004% 15 2 -88%
Income from Equity Pick-ups 5 7 8 2 0 -91% 11 8 -23%
Income from Investing Activities 11 39 44 25 18 -26% 381 62 -84%
EBIT 67 148 232 35 86 144% 502 318 -37%
EBITDA 138 292 451 101 164 62% 747 615 -18%
Financial Expense, net -22 -66 -103 0 -32 -37364% -2 -135 6532%
Income before Tax 44 82 129 35 54 53% 500 183 -63%
Tax Expense, net -1 33 41 3 -40 1588% -35 1 102%
Net income 43 114 170 38 14 -63% 465 184 -60%
Net income after Minority Interest 41 112 167 38 14 -63% 457 181 -60%
Minority Interest 3 3 3 0 0 -100% 8 3 -69%
Earnings per share (TL): 0,09 0,25 0,22 0,05 0,02 -63% 0,61 0,24 -60%
Summary Financials
22
CASH FLOW STATEMENT (Million TL) 2012 2013 2014 2015 2016 2017
Net Profit 54 73 14 31 465 184
Non-cash 255 180 262 252 -107 428
Operating cash flows provided before changes w/c 308 253 276 283 358 612
Change in w/c 120 49 -255 122 -105 -12
Cash flows from operating activities 428 302 22 405 253 600
Interest paid -77 -109 -117 -117 -144 -188
Interest received 16 8 22 28 53 59
Dividend paid -19 -33 0 -8 -6 -60
Taxes paid -42 -39 -39 -48 -27 -41
Capex -308 -313 -221 -323 -332 -339
Free Cash Flow -2 -184 -332 -62 -203 31
Proceeds from sale of property, plant and equipment
20 14 21 18 22 14
Other cash flows from operating activities -6 -12 -5 -12 -5 -6
Other cash flows from investing activities -41 346 152 63 243 -137
Proceeds from financial liabilities 599 742 628 783 682 861
Repayments of financial liabilities -658 -495 -445 -667 -824 -1.069
Other cash flows from financing activities 18 26 -39 -207 0 0
FX gain/loss on cash and cash equivalents -7 18 -26 202 199 85
Net decrease/increase in cash and cash equivalents
-77 455 -45 119 113 -221
ŞİŞECAM GROUP OVERVIEW
23
29
Şişecam at a Glance
24
$3 BillionRevenue
4,8 Million TonsGlass Production
2,3 Million TonsSoda Production
21.327Employees
Presence in 13 Countries
3rd GlasswareProducer Globally
5th GlassPackagingProducer Globally
10th Soda AshProducer Globally
Leader Producer in Basic
ChromiumSulfate Globally
4th Chromic AcidProducer Globally
5th Flat GlassProducer Globally
İşbank66%
Efes Holding
8%
Anadolu Hayat
Emeklilik0,05%
Free Float26%
42 ProductionPlants
150 ExportCountries
Listed Companysince 1986
ŞİŞECAM
82 year of corporate history
$2,9 BillionMarket Cap.
Key Financial Indicators
25
Sustained Growth in Revenue with Improving EBITDA Margin
5.320 5.9546.876 7.415
8.569
11.318
966 1.223 1.365 1.764 2.1203.120
7%
12%
15%
8%
16%
32%
18%21% 20%
24% 25%28%
2012 2013 2014 2015 2016 2017
Revenue EBITDA Revenue Growth Y-o-Y EBITDA Margin
TRY mn
35%
21%
21%
19%
4%
2016
Flat Glass Glassware Glass Packaging Chemicals Other*
8.569
11.318
+1.312 +164+579
+656 +38
2016 Flat Glass Glassware GlassPackaging
Chemicals Other* 2017
Financial Highlights - Revenue
Segments’ Contribution to Revenue
* Consists of energy trade of Şişecam
26
38%
17%
21%
21%
3%
2017TRY mn
33%
13%18%
34%
2%
2016
Flat Glass Glassware Glass packaging Chemicals Other*
39%
10%19%
29%
3%
2017
1.919
2.806
+458 +27+193
+158 +50
2016 Flat Glass Glassware GlassPackaging
Chemicals Other* 2017
Financial Highlights - EBITDA
*Consists of energy trade of Şişecam** Excluding income from revaluation gain from financial instruments, sale of Eskişehir Oluklu and Omco
27
TRY mn
Segments’ Contribution to EBITDA**
23%
14%
40%
23%
2017
Revenue & Cash Generation
Revenue by Geography
28
20%
11%
46%
23%
2016
Europe Russia & Georgia & Ukraine Domestic Export
TRY bn
53% 47% 49% 49% 46% 40%
24% 24%23% 23% 23%
23%23% 28%
28% 28%31%
37%
5,36,0
6,97,4
8,6
11,3
2012 2013 2014 2015 2016 2017
Domestic Export from Turkey Sales from Foreign Operations
Revenue & Cash Generation
Exports from Turkey
29
North & Middle
America
SouthAmerica
Middle East
Africa
Asia
Far East
Oceania
Europe
6%
5%
10%
15%
49%13%
1%
1%
Top 10 CountriesExports of USD 740 Million in 2017 to 150 countries Italy 13%
Egypt 6%
USA 5%
China 4%
Bulgaria 4%
UK 4%
France 4%
Spain 4%
Lebanon 4%
Germany 4%
Global Presence
Strong Global Player with Competitive Profitability
30Sources: Bloomberg & Company Websites
Calculations were made based on 2017 financials
28%
19%
25%
17%
27%
32%
17%16%
11%
16%
10%
28%
Asahi Glass Owens Illinois St Gobain Ardagh NSG Şişecam
Gross Margin EBITDA Margin
Owens Illinois 100%
NSG 100%
Şişecam 77%
Asahi Glass 50%
Ardagh 39%
St Gobain 26%
Glass Revenues' Share in Total
Şişecam HistoryGlassware and container production – Paşabahçe
(Modest Growth)
Expansion of product range State of the art Technologies,
institutional R&D «The World is our Market»
Reaching World glass volumes, Efficient Management Structure
Investments Abroad
Regional leadership achieved, Higher market share
regionally
1935-1960 1960-1990 1990’s 2000’s 2014’s Onwards
InvestmentStructuring
Strong Growth Global Vision
To Be Among The Top 3 Producers Globally
31
Corporate Structure
32* Publicly traded at BIST
1.Şişecam, Trakya Cam and Anadolu Cam have shares on Camiş Elektrik2.Şişecam and Trakya Cam have shares on Çayırva Cam Sanayi3.Şişecam and Paşabahçe have shares on Camiş Ltd4.Çayırova Cam have shares on Cam Elyaf
Operating Territories
33
PRODUCTION PLANTS IN TURKEY
Yenişehir Plant - Bursa
Polatlı Plant - Ankara
Şişecam Otomotiv A.Ş.
Şişecam Otomotiv Plant - Kırklareli
Paşabahçe Cam San. Ve Tic. A.Ş.
Kırklareli Plant
Eskişehir Plant
Denizli Cam San. Ve Tic. A.Ş.
Denizli Plant
Camiş Ambalaj Sanayii A.Ş.
Trakya Cam Sanayii A.Ş.
Trakya Plant - Kırklareli
Mersin Plant - Mersin
Trakya Yenişehir Cam Sanayii A.Ş.
Yenişehir Plant - Bursa
Trakya Polatlı Cam Sanayii A.Ş.
Tuzla Plant- İstanbul
Gebze Plant- Kocaeli
Camiş Madencilik
Cam Elyaf San. A.Ş.
Anadolu Cam Sanayi A.Ş.
Mersin Plant
Anadolu Cam Yenişehir Sanayi A.Ş.
Anadolu Cam Eskişehir Sanayi A.Ş.
Eskişehir Plant
Soda Sanayi A.Ş.
Soda Plant - Mersin
Kromsan Krom Bileşikleri Plant - Mersin
Cities in operation: Aydın, Balıkesir, Bilecik,
İstanbul, Karabük, Kırklareli, Mersin
Oxyvit Kimya San. ve Tic. A.Ş.
Mersin Plant
ŞİŞECAM FLAT GLASS ŞİŞECAM GLASSWARE ŞİŞECAM GLASS PACKAGING ŞİŞECAM CHEMICALS
Prudent Risk Management Policies
34
Leverage
Liquidity
FX Position
Interest Rate
Derivatives
Leverage with conservative NET DEBT / EBITDA levels
Maintain sufficient liquidity to meet short-term funding and financeequity portion of Capex
FX position limited to +/- 25% of shareholder’s equity
CounterpartyNot only a diversified relationship banks portfolio, but also access to international debt capital and loan markets at favorable rates.
Balanced fixed and variable rate loan book
Limited to hedging only, no speculative trading
Credit & Corporate Governance Ratings
35
Corporate Governance Rating of Sisecam was revised to 9,48 from 9,44 in December 2017.As a Corporate Policy, Şişecam continues to strive for reaching the highest level of Corporate Governancepractices, where its heritage of «good corporate governance practices» has already been evidenced by therecent rating received.Sustainability remains at the core of operations and strategy, with continuously improved practices.http://www.sisecam.com.tr/en/investor-relations/corporate-overview-and-governance/corporate-governance-policieshttp://www.sisecam.com.tr/en/sustainability/sustainability-reports
Corporate Governance
MOODY’S LT FCY Rating Ba1 Stable
S&P LT FCY Rating BB Negative
Credit Ratings
Sustainability
36
DisclaimerThis information in this document has been obtained by Anadolu Cam A.Ş. from sources believed to be reliable , however,Anadolu Cam A.Ş. cannot guarantee the accuracy , completeness, or correctness of such information. This document hasbeen issued for information purposes only. The financial reports and statements announced by Anadolu Cam A.Ş. to thepublic and the relevant corporations are accepted to be the sole material. Anadolu Cam A.Ş. does not accept any liabilitywhatsoever for any direct or consequential loss arising from any use of this document or its contents due to themisleading information in this document. All estimations contained in this document are the opinions of Anadolu CamA.Ş. and can be subject to change without notice. This document cannot be interpreted as an advice to the investors andAnadolu Cam A.Ş. cannot be held responsible for the results of investment decisions made on account of this document.This document has been issued specially to the person, whom the document is concerned and may not be reproduced,distributed or shared with third parties for any purpose.
FX Rates
37
2012 2013 2014 2015 2016 2017 4Q 2016 4Q 2017
USD/TL
Period End 1,78 2,13 2,32 2,91 3,52 3,77 3,52 3,77
Period Average 1,79 1,90 2,19 2,72 3,02 3,64 3,28 3,80
EUR/TL
Period End 2,35 2,94 2,82 3,18 3,71 4,52 3,71 4,52
Period Average 2,30 2,53 2,90 3,02 3,34 4,11 3,54 4,47
Contact Details
Görkem Elverici, Chief Financial [email protected] Tel: (+90) 850 206 3885Başak Öge, Investor Relations [email protected] Tel: (+90) 850 206 3262
Investor Relations Team
Hande Özbörçek
[email protected] Tel: (+90) 850 206 3374
Sezgi Eser Ayhan
[email protected] Tel: (+90) 850 206 3791
Anadolu Cam A.Ş.Şişecam Genel MerkeziD-100 Karayolu Cad. No:44A 34947 Tuzla/İstanbul TurkeyTel : (+90) 850 206 50 50 Fax: (+90) 850 206 40 40