Debt level below standard, Yıldız Holding says


Yıldız Holding subsidiary Ülker has released a statement after reports claimed that the company is negotiating with creditors to restructure outstanding debt.

The statement released on the Public Disclosure Platform (KAP) says that Ülker Bisküvi A.Ş., the owner of Godiva, and its related companies achieved record high growth in Turkey based on production, sales and exports, as 2017 financial data prepared in accordance with the Tax Procedure Law shows.

"Compared to 2016, net sales of Ülker Bisküvi A.Ş increased 14 percent and the net profit improved 39 percent," the statement read. It continued: "Our company has a strong financial structure and its debt ratios are low compared to international standards and peers."

According to these initial evaluations, the company anticipates that its consolidated financial performance of Ülker Bisküvi A.Ş for 2017 year-end will be higher than the market consensus. Yıldız, owned by Murat Ülker, is one of Turkey's largest companies and has been aggressive in global acquisitions over the past decade or so, buying assets including Belgium's Godiva Chocolates, the U.K.'s United Biscuits Holdings Plc. and the U.S.'s DeMet's Candy Co.

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