We left behind 2010, a year in which we witnessed extraordinary developments in global and national economies. We began 2010 under a cloud of pessimism in view of the uncertainty in global developments, but closed the year with optimistic expectations.
Positive results were achieved in a number of countries with the cooperation of financial institutions and as measures were put in practice to end the crisis. However, the real surprise came from developing countries. The driving force behind the growth ofthe global recovery was developing countries, including Turkey.
Our country's GDP grew by 8.9% in 2010, thanks to the lessons that our country learned from past crises as well as its sensitivity towards matters such as risk management, efficiency, flexibility, and government policies aiming to strengthen the economic parameters.
We believe this positive trend will continue in 2011 despite the risks emerging from the public deficits in USA and European countries, developments in Northern Africa and the Middle East and the earthquake disaster in Japan.
Our most important target is to ensure that Turkey's sustainable growth and competitive edge increase through firm steps. Under this framework, our priority must be to grow in high-technology and value-added sectors by giving priority to R&D and innovation in all business lines.
Thanks to a manufacturing approach which meets global standards, its innovative and high-quality products, and its vision, Vestel is a strong player in its sector, guiding the market not only in Turkey but also on a global platform.
With its technological and design capabilities, Vestel is among the world's largest manufacturers, competing with the world's giant companies in the sector, and exports to the countries all over the world. As a Company that pioneers innovations, Vestel has gained success by conducting a significant portion of its sales to many countries in the world, especially in Europe.
In parallel with our strong position in Europe and in the surrounding region, we maintained our position as the "leading manufacturer" in the LCD TV segment in Turkey this year, as in the previous year. While we continue to raise our market share in the white goods segment both in Europe and in the domestic market.
The fundamental basis of Vestel's achievements and its ability to set ambitious targets as a technology producing company is the importance it attaches to R&D and innovation. Accordingly, the awards we receive in white goods and electronics segments for our innovative products strengthen our achievements, while our investments vindicate our approach. With an R&D team of 800 people and the unlimited budget we allocate to R&D, we will continue to invest in innovative products and new technologies like IPTV, Connected TV, smart board, and thus keep growing in the coming periods.
During this period, our primary criteria will be to develop environmentally and consumer friendly technologies and to maximize energy savings. With such an awareness, Vestel's own development has been tied closely to that of the community for a quarter of a century, and the Company will continue to keep its promise in every segment as a "friendly technology" brand which penetrates every field of consumers' lives, while also succeeding in being a part of their everyday lives.
Zorlu Group's greatest asset is its human resources. With this belief, we will continue to restructure our human resources based on sustainable quality, respect and sectoral leadership.
I would like to take this opportunity to extend my gratitude to our shareholders, employees, suppliers and business partners for their support and contributions to the achievements we have gained in our products and services, business processes and social responsibilities.
Yours sincerely,
Ahmet Zorlu
Chairman of the Board of Directors
