28 February 2005 -

Report Summary


Brisa, the leader of the domestic tire market and the 6th largest producer in Europe, disclosed 2004 with a net profit of US$ 36mn in line with our estimate of US$ 37mn according to its IFRS financial results.
Net sales became as US$ 407 mn slightly higher than our estimate of US$ 393 mn and % 4.7 higher than 2003 year-end sales.
Gross margin on the other hand decreased from 30% to 27.7% as a result of increase in the raw material like rubber, carbon black etc.
Brisa continues to its net cash position of US$ 83mn by year-end with no debt.
Brisa will distribute from its net profit of 39.07 mn YTL (US$ 30,07 mn.) cash dividend to shareholders. The price for each share will be 5.25 YTL.
At its current market capitalization of US$ 562 mn, we change our recommendation for BRISA from "HOLD" to "SELL"


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