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Serious Challenges for a CFO | Capital / March 1, 2019

We are today passing through a challenging period that is rife with uncertainties. Basic indicators such as the economy, growth, demand, expectations and inflation are all following a downward trend, and this is made worse by high exchange and interest rates. The signals from the European market, as well as the new policies of the United States, are a source of grave concern for the business community. In this environment, the hardest of tasks fall on the shoulders of CFOs.

Commenting on these developments, Kerim Kemahlı, CFO of Nurol Holding, says: “Foremost among the challenges is the volatility that we experience in the exchange and interest rates. Nearly 85 percent of Nurol’s consolidated turnover is in foreign currency. What affects us is not so much the exchange rate per say, but rather its volatility, which leads to difficulties in budgeting and planning. The fact that interest rates have doubled in one year is inflating our financial expenses. Finally, we are seeing a reduction in the willingness of the banking sector to give credits, which complicates the financing of operational capital. Nurol Holding is working to overcome these challenges by using certain hedging instruments. Despite generally having a high share of foreign currency in its turnover, it protects itself from the risk of devaluation by carrying a greater amount of Turkish lira credit in its credit stock. To obtain liquidity, it opts for timed loans, and stretches its payments to the market over longer terms. To reduce its interest expenses, it relies on its export strength, and benefits from the relatively more economical credits provided by Eximbank.” Noting that these measures enable them to fulfil all their financial obligations on time, despite the difficult market conditions, Kemahlı added, “This instills confidence in our creditors and other stakeholders. And as we maintain confidence, our creditors continue to work with us under more favorable conditions, while our customers continue to place new orders.”

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