Annual Report, 2002

Transcription

Annual Report, 2002

Big and strong
OYAK’s alternative delivery channels
OYAK Group
FINANCIAL SERVICES GROUP
CEMENT GROUP
AUTOMOTIVE GROUP
FOOD-CHEMICALS GROUP
SERVICES GROUP
OYAK on the WEB
ADANA Ç‹MENTO
OYAK RENAULT
HEKTAfi
OYAK ‹NfiAAT
OYAK ANKER BANK
BOLU Ç‹MENTO
MA‹S
TUKAfi
OYAK TUR‹ZM
OYAK EUROPEAN FINANCE
ÜNYE Ç‹MENTO
OMSAN LOJ‹ST‹K
TAM GIDA
OYTAfi
OYAK PORTFÖY YÖNET‹M‹
MARD‹N Ç‹MENTO
OMSAN FRANCE S.A.R.L.
OYAK TEKNOLOJ‹
ELAZI⁄ Ç‹MENTO
OMSAN GmbH
OYAK SAVUNMA
OYAK YATIRIM
OYSA N‹⁄DE Ç‹MENTO
OMSAN LOJ‹ST‹K EOOD
OYAK KONUT
AXA OYAK HOLD‹NG
OYSA ‹SKENDERUN Ç‹MENTO
OYAK BANK
AXA OYAK S‹GORTA
GOODYEAR
OYKA KA⁄IT AMBALAJ
ET‹ PAZARLAMA
www.oyak.com.tr
E-MAIL
OYCEM
udten@oyak.com.tr
OYAK CALL CENTER
OYAK ENERJ‹
(90 312) 415 61 00
OYPA
AXA OYAK HAYAT S‹GORTA
ALO-OYAK INFORMATION LINE
HALK LEASING
(90 312) 434 09 80
FAX
(90 312) 430 37 33
(90 312) 434 12 50
(90 312) 431 83 27
About the cover
OYAK Renault, Adana Çimento, Bolu Çimento, Ünye Çimento, Mardin Çimento, TUKAfi, Goodyear, and TAM
G›da are all included in the list of Turkey’s 500 biggest industrial companies (ISO 500), published by the ‹stanbul
Chamber of Industry, (ISO), based on 2001’s figures.
Adana Çimento, Bolu Çimento, Mardin Çimento, Ünye Çimento, Ni¤de Çimento, Goodyear, HEKTAfi and TUKAfi
are publicly traded on the ‹stanbul Stock Exchange’s National Market.
41 kere maflallah (May God preserve from harm forty-one times) is a Turkish
folk saying that is used to ward the evil eye away from anything that is
successful, beautiful, or good.
Glass beads called nazar boncu¤u (literally “evil eye bead”) are also popularly
used to protect cherished things against the harm that might be caused by
those who are envious or covetous of them. Such beads can be seen in Turkey
dangling from the bumpers of taxi cabs, pinned to the clothes of babies, built
into the foundations of modern office buildings, and nowadays even inserted
into the code of web sites.
Inspired by this venerable Turkish saying, we’ve decided to put a nazar
boncu¤u on the cover of this report of our forty-first year of operation.
2002 Annual Report
www.oyak.com.tr
OYAK’s Mission
OYAK is a supplementary social security organization and a pension fund
committed to achieving the highest financial returns for its members. It also
functions as a holding company that manages a variety of portfolio and equity
investments distinguished by their social and environmental value, in order
to earn maximum returns for members while maintaining a sound actuarial
balance.
OYAK’s Vision
OYAK aspires to achieve member satisfaction by being a forerunner of new
ideas in Turkey, making investments that are beneficial both to herself and
to the nation, and distributing consistently a higher profit to members every
41year
st
2002
Annual Report
year without putting its assets at risk.
OYAK’s Common Values
The common values that direct our behavior, decisions and business:
Integrity
Transparency
Innovation
Excellence
Mutual Respect
Accountability
Justice
Competitiveness
Member and Employee Satisfaction
OYAK’s Highlights
2002
(TL Trillion)
2001
(TL Trillion)
2002
(USD Million)
494.7
1,622.7
594.4
966.6
326.1
1,069.7
100.9
58.2
55.6
53.4
66.5
38.4
(%)
(%)
ANNUAL RATE OF RETURN TO MEMBERS
41.1
94.9
RATE OF RETURN (above WPI)
RATE OF RETURN (above CPI)
33.4
38.4
7.1
38.5
30.8
29.7
88.6
68.5
(TL Trillion)
(TL Trillion)
(USD Million)
368.2
3,913.8
22,072.8
1,606.7
225.1
5,930.8
635.9
3,453.2
18,745.6
1,267.9
305.5
5,154.1
242.7
2,579.9
14,550.2
982.9
148.3
3,628.5
(TL Trillion)
(TL Trillion)
(USD Million)
1,040.2
236.0
577.5
242.0
685.7
155.6
ACTUARIAL PROFIT
TOTAL ACTUARIAL ASSETS
TOTAL LEGAL BENEFITS PAID
TOTAL SOCIAL BENEFITS PAID
WPI (Wholesale Price Index)
CPI (Consumer Price Index)
A - OYAK GROUP COMPANY HIGHLIGHTS
PRE-TAX PROFIT
TOTAL GROSS SALES (1)
TOTAL TRANSACTION VOLUME (2)
TOTAL SHAREHOLDERS’ EQUITY
TOTAL TAXES PAID
TOTAL ASSETS
(1) The total of gross sales revenues for production and sales companies.
(2) Total transaction volume of OYAK Bank, OYAK Yat›r›m and Halk Leasing.
B - OYAK FINANCIAL INVESTMENT HIGHLIGHTS
TOTAL FUNDS UNDER MANAGEMENT (by year-end)
RETURN ON FINANCIAL INVESTMENTS
Average USD/TL rate 1,517,018 / year end USD/TL rate 1,634,501 (for the year ended 31 December 2002)
Contents
1 OYAK’s Operational Results 2 OYAK in Brief 6 A Message from the Chairman 8 A Message from the Chief Executive
Officer 10 The Turkish Economy 14 OYAK: 41 Years of Growth 16 OYAK: An Assessment of Activities in 2002
18 Developments in OYAK Subsidiaries 26 Developments in Member Services 32 Financial Services Group
38 Cement Group 46 Automotive Group 50 Food-Chemicals Group 54 Services Group 60 Board of Directors and
Board of Auditors 61 Executive Management 62 Auditors’ Report 67 Directory
OYAK in
OYAK, (Ordu Yard›mlaflma Kurumu / Armed Forces
Pension Fund), is a supplementary social security
institution that was founded in 1961 by her own law for
the purpose of providing for the futures of Turkish Armed
Forces personnel and their families. Under its governing
statutes, OYAK, as a corporate entity and a pension fund
that is financially and administratively autonomous, is
only subject to the provisions of private law.
20
37
subsidiaries
2
OYAK annual report 2002
in five
groups
15,922
employees
n brief
OYAK is the first private pension fund in Turkey.
OYAK also acts as an insurance company, offering life and
health insurance to its members, specifically retirement
assistance, pension packages, and death and disability
provisions.
02
OYAK also lends money to thousands of members and their
families, providing them with financing or loans for a variety of
needs including housing, like a credit institution.
206,036
members
TL 494.7
trillion
actuarial profit
3
Turkey’s
Since its inception, OYAK has maintained solid and
sustainable actuarial balances throughout all its
investments, focusing on its key goals of both providing
its members with the highest standards of service and
maximizing the returns on their contributions. OYAK
accomplishes these goals though its financial
investments and through the activities of its subsidiary
companies.
Macroeconomically, OYAK is an important
contributor to Turkey as a whole thanks to the
role it plays as both a pioneer and a model in
providing employment, generating new business,
encouraging exports and attracting foreign
investment.
OYAK subsidiaries are grouped under the
headings: financial services, cement, automotive,
food and chemical, and services.
As of year-end 2002, OYAK subsidiaries held
assets of TL 5,931 trillion, total equity of TL 1,607
trillion, and made pretax profits of TL 368 trillion.
The Company’s production and marketing
subsidiaries enjoyed total sales of TL 3,914 trillion
while its financial services subsidiaries handled
business worth a total of TL 22,074 trillion. It is this
kind of volume of business that puts OYAK at the
forefront of Turkey’s multi-sector corporate groups.
4
As of the end of 2002, the total actuarial
assets stood at TL 1.6 quadrillion, a
67.9% increase in a year in which
monetary inflation was held to 30%.
On a US dollar basis, this is comparable
to an increase of around 38.0%.
OYAK’s actuarial profit in 2002 reached
TL 495 trillion, providing members with
a return of 41.1% on their savings. This
result is 38.4% higher than the increase
in wholesale prices and 33.4% higher
than the increase in consumer prices.
largest
supplementary social security
institution
As of year-end 2002, OYAK had become a
“lifelong partner” for 206,036 members. The
phrase “lifelong partner” succinctly sums up
OYAK’s business philosophy: where members
and company share in OYAK’s success and
where long-term relationships are encouraged
and developed.
A lifelong partner to its members
OYAK is a lifelong partner to the 206,036
members it was serving as of year-end 2002.
This principle of shared profit and long-term
relationship is the rudder that guides all of OYAK’s
investments and how it conducts the day to day
running of its businesses.
The contributions that OYAK receives from its
members are invested with a long term view to
balancing risk with return. OYAK also is always
sensitive to social and environmental issues in
all its investments. Discerning, accurate and
sensitive investment decisions have made it
possible for OYAK to fulfill all its pension
commitments and to provide its members with
consistent returns.
principled business practices, ranks as high as
its commitment to sound financial structuring
and economic strength. This probity has ensured
that OYAK is seen as a model of its kind not only
in Turkey but abroad as well.
OYAK enjoys an infrastructure streamlined by
the very latest technological innovations. This
allows OYAK to provide its members with worldclass standards of service and world-class
products. OYAK can offer an unrivalled range of
ways to access its products and services: through
the internet, via call center, in person, by post
and most recently through the “member service
synergy”, developed with OYAK Bank, (the
flagship company of the OYAK Financial Services
Group)
To OYAK, its commitment to ethical investing
and a resolute adherence to transparent,
5
A Message from the Chairman
Y. Selçuk Saka
(Ret.) Lieutenant General
Chairman
Dear members of the OYAK community and esteemed
friends,
I take great pride and pleasure in presenting to you this
report of our 41st year of operation. Not only have the
benefits that we provide our members been increasing
steadily since 1961, but we also support the national
economy by providing employment and by offering highquality goods and services. Our continuously increasing
export volume is also an important source of foreign
currency for our country. The taxes we pay also make a
sizeable contribution to the national budget’s revenues. In
the course of the last 41 years, our country’s economy has
witnessed many highs and lows. Yet, OYAK has continued
to prosper, maintaining a sound actuarial balance. We
have always fulfilled our legal and social obligations towards
our membership.
We continue to produce goods and to offer services through
our subsidiaries. We are mindful in all that we do and all
that we achieve of how important a role production,
employment and exports play in the struggles of Turkey
to claim its rightful place in the international community.
We believe that using the very latest modern technology
is not only necessary for competitiveness but also vital in
the wider dynamic of social progress and development in
Turkey as a whole. To be at the very cutting edge is
essential for our nation. We shape all our actions with this
wider sense of community in mind. We view the future with
both hope and confidence.
6
We are a pension fund, in other words we offer a supplement
or alternative to government social security benefits. All
the enormous assets that our Company can call upon
today are simply the result of the careful management and
judicious investment of the modest savings of its individual
members. We believe that our record in this respect
provides an excellent example of how to manage a pension
fund.
Social dynamics
Turkey possesses a social and economic structure that is
highly dynamic, and our country is rich in resources. We
believe that, if the problems confronting us internationally
are resolved, we will quickly return to a growth economy
and soon be on a par with the advanced economies. The
resolution of issues that are in debate will not only embolden
the Turkish people, but will also increase the inflow of
foreign investment. This in turn will also further strengthen
the position of Turkish businessmen and entrepreneurs in
the global markets.
Economic realities
When we came before you a year ago with our report for
2001, we spoke of having just experienced an extraordinary
amount of economic contraction. Compared with that year,
2002 has produced better results. The 9.4% shrinkage in
GNP in Turkey during 2001 rallied thanks to 7.8% of growth
in 2002. That improvement, however, did not prevent the
unemployment, the bankruptcies and the widespread
economic stagnation that have plagued nearly every
sector.
To sum up, difficulties at both the macro and
microeconomic levels, the lingering aftereffects of
Turkey’s financial crisis and the pressures of external
events made 2002 a difficult year for us all.
and of OYAK Yat›r›m Menkul De¤erler, our securities
brokerage subsidiary. In the cement sector, we have
completed important investments in Ünye on the Black
Sea and have also bought a paper sack factory.
In discussing our new ventures, I would particularly like
to single out for mention OYAK Emeklilik, a private
pension fund company that we set up in 2002.
OYAK: An example of stable growth
OYAK itself as you know is a pension fund for Turkish
armed forces personnel. As the oldest, most successful
and most respected provider of private supplementary
pension funds in Turkey, we are confident in the
knowledge and experience that we have built up over
more than four decades and we invite everyone in our
country to take advantage of this.
The rate of return on contributions, which is the most
important issue for our members, was 41.1% in 2002.
That figure is 11.4 points higher than the posted rate
of WPI inflation in our country last year. In other words,
our Company’s contribution to the wealth of its members
amounts to 38.4% of their savings. Our financial results
further consolidate our position among the forefront of
Turkey’s major multi-company groups and also build
upon OYAK’s track record for stable growth.
During 2002 we continued to improve the service that
we offer our members. One of the most exciting projects
that we undertook was the planning of satellite towns
that will offer our members all the conveniences of
modern life.
In its 41st year of operation, OYAK achieved an actuarial
profit of TL 495 trillion. This result proves that OYAK
can successfully manage the assets at its disposal
even under the most volatile market conditions. It also
evidences a high level of competence in assessing
and exploiting risk.
Our subsidiaries continue to go from strength to strength.
Our principal financial services arm, OYAK Bank, has
completed its first year of activity in its newly
reconstituted form, continuing to grow bigger and
stronger thanks in part to the success of our other
financial services subsidiaries. Our principal automotive
industry subsidiary maintained its position as Turkey’s
leading manufacturer of automobiles for domestic and
foreign markets, as well as its distinction of having the
country’s largest and most extensive sales and aftersales network. TUKAfi continued to grow and HEKTAfi
remains the national market leader in the manufacture
of agricultural chemicals and pharmaceuticals.
During 2002, OYAK pursued two guiding principles: it
restructured where necessary and undertook new
ventures where possible. In an economic climate of
weak markets plagued by low supply and demand in
nearly every sector, we successfully restructured and
invested, particularly with a view to taking advantage
of the recovery that we expect to begin in the second
half of 2003. OYAK at all times has focused on improving
efficiency and productivity and therefore improving
profitability.
Based on our expectations of an economic recovery,
we have undertaken a diverse program of investment:
we have set up new subsidiaries that will be active in
the retirement pensions, housing, and energy sectors.
In the financial services sector we continued to achieve
steady growth thanks to the successes of OYAK Bank
The outlook for 2003
Despite all the upheavals inside and outside of Turkey,
we believe that the second half of 2003 will be a period
of relative recovery and renewal for the Turkish economy.
Through its subsidiaries and employees, OYAK is ideally
placed to take the best possible advantage of the
growth opportunities. We relish competition because
it is a sign of a vibrant economy. Our group of companies
share a common business philosophy and a corporate
culture that accept the realities of an economic
environment characterized by sustainable macro-level
growth and competition in global markets.
We will carry on tirelessly with our efforts to achieve
our mission, convinced that we will do so through
expertise, efficiency and continuity. In closing, I wish
to thank all those who are working with us to that end.
Y. Selçuk Saka
(Ret.) Lieutenant General
Chairman
7
A Message from the Chief Executive Officer
fierif Coflkun Ulusoy, Ph.D.
Chief Executive Officer
Change The pace of change is speeding up not just in Turkey
but worldwide. We are witnessing changes taking place faster
than ever before in history and, at the same time, we also know
that this pace is going to continue to accelerate. As we have
in previous years, we greeted and experienced 2002 mindful
of this.
At last year’s shareholders meeting we noted that “the rain
clouds are gathering and enormous storms are approaching”.
In our annual report for 2001 we also said that 2002 was going
to be a difficult year. When we look back upon the economic
results and the sociopolitical developments that took place
both nationally and internationally in 2002, we can see that our
fears were justified.
8
OYAK in 2002
Even during so difficult a year as 2002 proved to be,
OYAK maintained its record for uninterrupted service
to its members.
We continued our efforts to achieve results that were
the best possible as much for Turkey as for OYAK itself
and in those efforts, we never once lost our faith either
in our country or in its people.
OYAK’s strategy for 2002 combined proactive investment
and expansion with sound retrenchment and
restructuring. Above all, we have put in place the
structures best designed to take advantage of the
coming economic upturn. Ongoing projects continued
to flourish and we began a number of new ventures.
OYAK succeeded in maintaining our actuarial balance
whilst at the same time allocating funds for high-return
(above inflation) investments. Over the year I am pleased
to announce that we balanced prudence with expansion.
A year of achievements
We continued to search out and discover new investment
opportunities to ensure that OYAK continued giving its
membership a good return on their investment. We set
up two new companies: OYAK Konut, whose purpose
is to manage the ongoing OYAK Ça¤dafl Evler (OYAK
Contemporary Houses) project, while also developing
new housing projects; and OYAK Enerji, an energy
production and distribution company that will be
supplying the needs of both group companies and the
market at large. We also began preparations for the
formation of OYAK Emeklilik, a private pension fund
company that will be putting our 41 years of experience
in this field to work in the business of individual retirement
plans. We completed the formalities of OYAK Emeklilik’s
incorporation in early 2003.
As well as new investments, our subsidiaries also
restructured a number of ongoing investments to bring
them into line with current economic conditions. YADAfi,
a software house that joined the Group as a Sümerbank
subsidiary in 2001, was reorganized under the name
OYAK Teknoloji, and given the task of supplying OYAK
Bank and OYAK subsidiaries with the technology,
consultation, and operations services that they require.
We incorporated OB Menkul De¤erler, a brokerage
house belonging to OYAK Bank, into OYAK Menkul
De¤erler and we renamed the resulting company OYAK
Yat›r›m Menkul De¤erler. We increased our minority
stake in Adana Ka¤›t Torba, a paper sack manufacturer,
to 75%. That company now operates under the name
OYKA Ka¤›t Ambalaj.
While investing in new areas and restructuring our
existing investments, we also withdrew from areas of
business that we did not consider to be profitable
enough. At an extraordinary shareholders meeting of
OYAK, the commercial activities of that company (OYPA)
were suspended. We have also disposed of our stake
in SELYAK and sold our shares to TOTAL FINA-ELF.
.
Concerning the future…
Underlying everything we do is our goal of making
OYAK one of the top three corporate groups in Turkey.
We believe that we possess everything necessary to
accomplish this. During 2002, we have worked hard on
building the infrastructure that is vital to achieve this, on
building up our cash position and on striking out in new
directions.
We believe that 2003 will be a year for more aggressive
investment. Turkey’s economic upturn will allow us to
move into what we consider key areas of expansion:
energy, telecommunications, transportation and mining.
Along with our investments in the financial sectors, we
believe that industry will reward us with high, long-term
returns.
Now, in the early months of 2003, we are at what the
world will remember as one of history’s turning points.
There is no doubt that the ramifications will be felt very
strongly in Turkey and in the world at large. We, at
OYAK, are very mindful of these developments and
believe that we have shaped a strategy that can combine
prudence with risk, that allows us both to restructure
and rationalize and to invest and speculate. What will
guide us through all this change will be OYAK’s vision
and its shared values.
With my respects,
9
The Turkish economy: An assessment of 2002 and the outlook for 2003
Turkey
2002 was a year marked by rapid growth and
by an intensification of the effort to combat
inflation.
An IMF-backed program and a search for
political stability
The terrorist attacks of 11 September 2001 had
an adverse impact on international financial
markets causing resources to dry up, be diverted,
or become more expensive. For Turkey, the
upshot of this was to create an unsustainable an
external financing deficit. To deal with it, the
country chose the option of signing a new
standby agreement with the IMF covering the
years 2002-2004.
The IMF-backed economic program is founded
on the principles of maintaining fiscal discipline,
combating inflation, and continuing with structural
reforms. The first half of 2002, a year in which
efforts were made to bind the national economy’s
wounds in the wake of the previous year’s crises,
was a period in which expectations improved.
Mounting political uncertainties after the middle
of the year however eventually led the country
into early general elections that were held on
November 3rd.
10
What emerged from those elections was a
parliament in which all of the seats were held by
just two political parties. With a commanding
majority of 363 MPs, AKP formed a single-party
government in late November. This development
was heralded both in Turkey and abroad as an
important new beginning from the standpoint of
the country’s quest to achieve economic and
political stability.
Rapid growth while combating inflation
2002 was a year marked by rapid growth and
by an effort to combat inflation that proved to be
even more intense than had been called for.
Real growth in GNP is put at 7.8% in 2002, a
year in which the 12-month inflation in wholesale
prices plummeted to 30.8%, down from 88.6%
the year before while consumer price inflation
also shriveled from 68.5% to 29.7%. The Central
Bank’s tight-money policies, markets dominated
by a relative degree of confidence, and the fact
that economic growth was not being nourished
by domestic demand were all influential in
achieving these lower inflation figures.
Turkish economy: 1998-2002 key figures
2002
2001
2000
1999
1998
7.8
116,165
273,463,168
2,584
(9.5)
107,783
176,483,953
2,123
6.3
119,145
125,596,129
2,948
(6.1)
112,044
78,282,967
2,880
3.9
119,303
53,518,332
3,255
WPI (Annual % increase)
CPI (Annual % increase)
30.8
29.7
88.6
68.5
32.7
39.0
62.9
68.8
54.3
69.7
Exports ($ billion)
Imports ($ billion)
35.1
50.8
31.3
41.4
27.8
54.5
26.6
40.7
27.0
45.9
Total Reserves* ($ billion)
CBT Reserves ($ billion)
38.9
26.7
30.2
18.8
34.2
22.2
33.8
23.2
29.5
19.7
GNP Growth (%)
GNP (fixed prices - TL billion)
GNP (current prices - TL billion)
GNP Per Capita ($)
* As announced by CBT. Includes CBT, gold, and banks’ gross international reserves.
To a large degree, the economic growth
experienced in 2002 was driven by
manufacturers renewing stocks that had been
run down to the bare minimum during and
immediately after the financial system crisis of
2001 as well as by record-breaking increases
in the country’s exports. In real terms on the
other hand, total consumption and investment
in 2002 was up only 9.2% in the public sector
while in the private sector it rose by a barely
perceptible 0.4%.
Central Bank policies
Sluggish domestic demand and a real
appreciation in the value of the Turkish lira as
measured against a number of major currencies
prevented accumulated cost-push inflation in
wholesale prices (which had been regarded as
a serious threat in the anti-inflationary campaign
at the beginning of the year) from being reflected
in consumer prices. The Central Bank’s policy
of setting short-term interest rates according to
its inflation targets and the fact that the country
was having a bumper crop year were two other
significant contributors to the fight against
inflation.
Positive developments in Treasury borrowing
The overall course of the Treasury’s borrowing
activities presented a favorable picture during
most of 2002. With the exception of a spate of
mounting political uncertainties in June and July,
the cost of the Treasury’s borrowings adhered
to a fairly stable tendency to decline. Indeed the
year-end average cost of TL borrowing, 63.8%,
was below both the Treasury’s own projections
and those of the IMF.
An increased appetite for Treasury debt
instruments among investors as well as the
restoration of the market-making system in
September also had the effect of making life
easier for the Treasury, which experienced no
serious lack of demand at its auctions throughout
the year. In the run-up to the early general
elections that were held on November 3rd, there
were some elevated concerns over the
sustainability of the Treasury’s debt. Nevertheless,
the fact that the rise in the Treasury’s costs
remained a low two points a month is another
very noteworthy development.
11
The Turkish economy: An assessment of 2002 and the outlook for 2003
In the implementation of fiscal policies during
2003, it will be vitally important that due care
be given to maintaining the non-interest surplus
as well as the price stability that is an essential
prerequisite for sustainable growth.
Developments in the stock of public debt
Despite brief periods of uncertainty in 2002, the
Treasury suffered from no fundamental problems
in its borrowing and this greatly facilitated its
ability to service its debt. The fact that principal
was being repaid by means of new borrowing
however caused the nominal increase in the
stock of domestic debt to continue to rise. As of
year-end 2002, the total stock of domestic debt
amounted to TL 149.9 quadrillion (USD 91.7
billion), corresponding to a net year-on increase
of TL 27.7 quadrillion (USD 6.8 billion).
At year-end 2002, total public debt on a
consolidated budget basis was equal to USD
148.3 billion, of which amount USD 91.7 billion
consisted of domestic debt and USD 56.6 billion
of foreign debt. (The latter figure does not include
the foreign debt incurred by state-owned
enterprises, municipalities, or other public entities
including the Central Bank.) The net increase in
total consolidated budget public debt in 2002
was USD 24.8 billion. USD 6.8 billion of this is
the result of an increase in domestic debt. The
remaining USD 18 billion increase stemmed from
12
net foreign indebtedness, of which slightly more
than half (USD 9.9 billion) was received from the
IMF.
Although public debt rose in nominal terms during
2002, GNP growth turned out to be higher than
anticipated for the year. The result is that the
ratio of the stock of public debt to GNP has
declined by what is now estimated to be
something like 15%.
At year-end 2001, Turkey’s total stock of foreign
debt amounted to USD 115.2 billion. Twelve
months later, this had reached USD 131.6 billion.
Favorable developments in exports
Turkey’s exports rose 12% in 2002 over their
2001-year figure and reached USD 35.1 billion.
During the same period, imports rose 22.8% to
USD 50.8 billion. Because the increase in imports
was significantly higher than that in exports, the
country’s foreign trade deficit amounted to USD
15.7 billion: an increase of 56% over the previous
year’s figure of USD 10.1 billion
The appreciation of the Turkish lira (as measured
against foreign currencies) witnessed during
2002 appears to have somewhat stimulated the
importation of consumer goods as well as that of
capital goods: the year-on increase in consumer
goods imports in 2002 was 21.9%.
51.5% of Turkey’s exports in 2002 were directed
to EU countries, signifying a 12% increase in the
country’s exports to the euro zone as compared
with 2001.
2003
The outlook for 2003
The three most important developments expected
to take place in 2003 are these:
• A program will be formulated to ensure the
continuation of IMF and World Bank support.
• The ongoing process of reform both in the
Turkish banking industry and in the public sector
will become systematized.
• Due care will be given to maintaining both the
non-interest budget surplus (which is the only
parameter of debt sustainability over which
anyone has direct control) and price stability
(which is an essential prerequisite for sustainable
growth).
The 58th government that emerged from the early
general elections held in November has
announced that it will be bound by the targets of
a non-interest surplus/GNP ratio of 6.5% and of
an annualized 20% rate of inflation.
The targets of 20% for consumer price inflation
and of 5% for overall growth look like being
difficult ones to meet for the simple reason that,
despite the expected recovery in domestic
demand, there is as yet no evidence of a serious
increase in the private sector’s willingness to
invest.
For there to be real growth, it is crucially important
that a climate of confidence be maintained, that
the country’s structural reforms be completed,
and that there be no serious international crisis
to contend with. At the EU summit in Copenhagen
in late 2002, Turkey was given until December
2004 to set in place all the political criteria needed
so that accession negotiations could begin. If
markets perceive that those negotiations are
going to begin as scheduled, the likely impact
will be to increase inflows of foreign direct
investment into the country.
A US-led operation against Iraq that was being
talked about all year long in 2002 finally was
launched towards the end of March 2003.
Although some measures have been taken to
minimize the adverse impact of this war on our
country’s markets, the conflict cannot help but
have an impact on our economy.
13
OYAK: 41 years of growth
1961-2002
1969
1961
OYAK is founded on 1 March 1961. OYAK posts its first actuarial profit
in just eight years since it was
founded and begins paying its
1962
members dividends. The same
OYAK acquires a stake in
year, the Company signs a
Goodyear, Turkey.
partnership agreement with the
giant automotive manufacturer,
1963
OYAK establishes Ordu Pazarlar›. Renault, while also continuing its
These markets catering to military investments in the cement industry
personnel and their dependents by acquiring stakes in Bolu
Çimento, Ünye Çimento, and
are the first example of a chain
Mardin Çimento.
store operation in Turkey. The
same year, OYAK expands its
investments by acquiring Çukurova 1970
OYAK’s membership reaches
Çimento and HEKTAfi.
77,000. Since the year it was
founded, the US dollar value of the
1966
retirement pension it pays has
The Company successfully
increased twofold.
completes its first ventures into
satisfying members’ needs for
1975
housing by turning over to them
the keys to their new dwellings in The Company acquires a stake in
Aselsan (electronics).
Ankara and ‹stanbul.
1978
1967
OYAK acquires a stake in TUKAfi OYAK acquires a stake in Omsan,
a leading company in the transport
(canned foods) investments.
industry.
1968
1982
OYAK founds MA‹S, its first
Deciding to pursue growth in the
investment in the automotive
food industry, the Company
sector. The same year, it also
acquires stakes in ET‹ Pazarlama
undertakes its OYAK Sigorta
and TAM G›da. OYAK ‹nflaat, a
investment.
construction company, is set up to
better address members’ housing
needs.
14
1984
Paralleling developments in
Turkey’s capital markets, the
Company’s brokerage house
OYAK Menkul De¤erler, which was
originally set up in 1982,
commences operations.
1989
OYAK sets up its Donation Based
Retirement Income System, which
provides its members with a way
to secure additional income after
retirement.
1990
117,000. The Company acquires
stakes in First National Bank of
Boston and in Selyak (ELF).
1992
OYAK acquires stakes in two
privatized cement companies,
Ni¤de Çimento and ‹skenderun
Çimento.
1993
OYAK transfers a part of its
shareholding interest in MA‹S to
Renault, its French partner in the
automotive sector.
The 41st year in OYAK’s corporate history was
one of new progress and new undertakings
made towards achieving the Company’s
mission.
1994
The Company acquires full
ownership of Türk Boston Bank
(formerly First National Bank of
Boston).
1995
AXA OYAK Hayat Sigorta, a life
insurance company, is set up in a
joint venture with the AXA Group.
The same year, OYAK’s first mutual
fund is launched.
1996
Türk Boston Bank is renamed
Oyak Bank. OYAK members are
offered three new services:
Retirement Monthly Pension
System, Supplementary Housing
Preaccumulation Fund, and
Combining the Reserve Officer
Service.
2000
179,000. The Company is
reorganized and its management
principles are restructured. Radical
changes are made in
management positions. The
Company begins cooperating with
Vak›fbank in its lending services.
Since the Company was founded,
the US dollar value of the
retirement benefits it pays its
members has increased tenfold.
2001
193,000. The Company’s
restructuring is completed.
Sümerbank, YADAfi, and Yaflar
Yat›r›m are acquired and the
processes of merging Sümerbank
with OYAK Bank and Yaflar Yat›r›m
with OYAK Menkul are begun.
1998
The Ordu Pazarlar› supermarket New projects are launched in
chain is renamed and rebranded housing construction. Mehmetçik
as OYPA and begins serving the Sigortas›, a group life insurance
program for military personnel that
general public.
was inaugurated in 2000, is
expanded. With corporate
1999
communications and transparency
All of the Company’s insurance
becoming more and more
activities are brought together
important in OYAK, the Company
under the roof of AXA OYAK
Holding, a joint venture with AXA. publishes its first annual report for
the year 2000 that is intended for
general public release.
2002
The number of OYAK members
has reached 206,000. There are
now more than 17,000 members
in the Supplementary Housing
Preaccumulation Fund and more
than 84,000 members in the
Voluntary Additional Contribution
Retirement Annuity System.
Changes have been made in the
regulations governing the
Retirement Pension System. Work
has begun on creating a new
retirement system called a
“Lifelong Supplementary Pension”.
The work of merging Sümerbank
into OYAK Bank and Yaflar Yat›r›m
and OB Menkul De¤erler into
OYAK Yat›r›m Menkul De¤erler has
been completed. OYAK Teknoloji
has been restructured. The
outstanding 50% stake in Adana
Ka¤›t Torba has been acquired by
the Group and the Company has
been reconstituted as OYKA Ka¤›t
Ambalaj. Two new companies,
OYAK Konut and OYAK Enerji,
have been founded. Work has also
begun on setting up another two:
OYAK Emeklilik and OYAK Haz›r
Beton. Work has begun on another
project to merge the OYSA Ni¤de
and OYSA ‹skenderun cement
companies under a single roof
(OYSA Ni¤de). The OYAK Group’s
stake in SELYAK has been sold.
At an extraordinary shareholders
meeting it was decided to suspend
the commercial activities of OYPA.
15
OYAK: An assessment of activities in 2002
During 2002
OYAK continued to create added value for its
members, for its employees, and for the Turkish
economy as a whole while also pursuing stable
growth.
While successfully transforming the opportunities
created by the changing and dynamic structure
of the national economy into new undertakings,
OYAK managed the assets under its control in
light of its accurate business strategies and by
taking a prudent approach towards risk. As a
model of how to achieve sustainable growth, OYAK
continues to fulfill all its obligations towards all its
members.
All of the active companies in the OYAK
subsidiaries portfolio completed 2002 posting
successful financial results. Three important
mergers were completed during the year. One of
the Group’s banking subsidiaries Sümerbank was
merged into OYAK Bank while its three capital
market operations were reduced to one when
Yaflar Yat›r›m and OB Menkul De¤erler were
merged into OYAK Yat›r›m Menkul De¤erler. OYSA
‹skenderun Çimento has been merged into OYSA
Ni¤de Çimento. The Group also decided to
withdraw from business activities that were
regarded as unproductive.
The group-wide reorganization that was begun in
2000 continued with the successful completion of
its 2002-year schedule. Viewing the stagnation
that was plaguing markets as a perfect opportunity
to restructure, OYAK guided its subsidiaries through
the reorganizations that they required. All of these
preparations have put the OYAK Group in a
stronger and more competitive position for the
time when, in the near future, the Turkish economy
begins growing again.
OYAK continued the efforts it has been making to
improve its members’ satisfaction. The number of
OYAK members now exceeds 206,000. In addition
to being in closer contact with its members and
maintaining a genuine and sincere dialog with
them however, OYAK is also involved in projects
to provide its members with services and products
at standards and quality equal to that of similar
organizations operating in the world’s advanced
economies today. Particularly encouraging results
In general
OYAK’s overall performance in 2002 was
successful.
16
have been achieved through the use of newly
introduced alternative delivery channels of such
as the internet and OYAK Call Center.
As a pension fund and social security institution,
OYAK stands by its members, providing them with
social services and systems that address their
particular needs at different stages of their lives
while also doing everything it can to maximize their
retirement benefits. To this end, OYAK takes
measures to ensure that the costs entailed by the
social services and systems have as little impact
as possible on retirement benefits. The Company
successfully maintained its actuarial balance in
2002 as in the years before and it booked TL 494.7
trillion as actuarial profit. In a year when increase
Total Actuarial Assets
in consumer prices was running around 30%,
OYAK secured a return of 41.1% for its members.
The total value of legal benefits provided by OYAK
to its members in 2002 stood at the TL 159 trillion
level. The total actuarial assets of OYAK reached
TL 1.6 quadrillion, a year-on increase of 67.9%
Recognizing that its human resources are an
essential foundation stone of both its future and
of its achieving sustainable growth, throughout the
year OYAK demonstrated its ability to be an
institution that draws as much public esteem for
the level of its professionalism and the importance
it gives to corporate management as for its human
resources policies and practices.
Membership
(TL Trillion)
1,622
192,937
206,036
The total actuarial assets of
OYAK increased by 67.9%
in 2002.
2002
2001
2002
2001
967
The number of OYAK members
increased 6.8% in 2002.
strength
confidence
17
Developments in OYAK subsidiaries
OYAK has 37 direct and indirect subsidiaries
that are grouped in five main areas of business. The
service and sales network that these subsidiaries
create gives the Group as a whole an extensive
reach.
The Financial Services Group
In general
Overall, 2002 was a year during which OYAK
subsidiaries continued to achieve stable growth and
development. We successfully implemented a wide
range of restructuring projects throughout our
subsidiaries during the year, including measures to
improve effectiveness and productivity, investment
programs and human resources-related projects.
Despite the economic sluggishness experienced
countrywide in 2002, OYAK successfully continued
to widen its financial portfolio investments. With the
exception of Ünye Çimento, (which undertook a
substantial amount of investment during the year),
and OYPA, (whose activities were suspended), all
of OYAK’s subsidiaries showed growth in profitability
and in operational results.
As of year-end 2002, OYAK’s subsidiaries held total
assets worth TL 5,931 trillion and total equity worth
TL 1,607 trillion. Their aggregate pretax profit stood
at TL 368 trillion. Total sales by the Company’s
production and marketing subsidiaries amounted to
TL 3,914 trillion for the year while its financial services
subsidiaries secured a total of TL 22,073 trillion worth
of business volume.
18
Turkey’s financial services industry became embroiled
in a serious crisis during the second half of 1999, the
effects of which can still be felt. For the sector as a
whole, 2002 was a year spent contending with the
lingering after-effects of this crisis, an economy largely
in transition, and spent undergoing radical
restructuring. During 2002, many players in the sector
either dropped out or were ruled out, especially in
banking but also in financial management, leasing,
factoring, and insurance fields. What the survivors
shared was robust capitalization, transparency and
a strong corporate commitment to ethical values.
This shake up has decreased the number of banks
active in the sector. At year-end 1999 there were 81
banks active; three years on, there are 55. We can
see equally dramatic changes in the number of
branches, down to 1,687 in September 2002, from
2,494 at the end of 2001; and in personnel, more
than halved, down from 61,601 to 30,896 during the
same period.
In the capital markets as well 2002 was a rather
dismal year. The ISE National-100 Index, beginning
2002 at 13,782, closed at 10,370 on the year’s last
day of trading, a net loss to investors of some 25%.
share of the ISE’s trading in corporate stocks and its
70,000 clients have moved it into the top five
brokerage organizations in Turkey.
A bank whose sphere of operation encompasses
all of Turkey
In line with OYAK’s decision to continue to expand
its financial services activities, in 2001 the Company
acquired control of Sümerbank, a bank that the
Savings Deposit Insurance Fund had had to take
over. After purchase OYAK decided to merge the
acquisition into OYAK Bank. The merger was
completed on 11 January 2002.
A growing service network with a philosophy of
integrated service
OYAK’s financial services subsidiaries make up a
network of successful, growing, and highly diversified
and complementary products and services ranging
from banking to portfolio management. By effective
communication, by investing in related fields and by
investing in integrated technology, during 2002,
OYAK continued to take advantage of every possible
cross-sale and complementary sale opportunity that
presented itself among its subsidiaries to increase
both its own profitability and customer satisfaction.
This merger confirmed OYAK Bank’s position in the
market as a growth-oriented institution. Having
transformed itself from a bank with just 11 branches
to one with more than 220 in a very short time, OYAK
Bank immediately set about providing service to
customers across Turkey. OYAK Bank posted
successful results during 2002 and promises to live
up to its potential.
OYAK Teknoloji, the OYAK Group’s technology
subsidiary, represents the latest example of the
Group’s planning and implementation strategies.
YADAfi, a software house that joined the Group as
a subsidiary of Sümerbank, was restructured and
given a new identity, strategy and mission, and also
renamed OYAK Teknoloji. The goals of this new
company are to provide group-wide technological
services and to develop and maintain technological
support. The synergies created between OYAK Bank
and the members of the OYAK Cement Group in
2002, for example, are an encouraging example of
the synergies possible within OYAK Group.
The great potential in investment banking
OYAK also decided to merge three independent
securities brokerage subsidiaries. In late 2001 Yaflar
Yat›r›m was merged into OYAK Yat›r›m and in 2002,
OB Menkul De¤erler was also merged into OYAK
Yat›r›m. The objectives of this two-stage restructuring
were to take greater advantage of economies of
scale, achieve a greater business volume and
increase effectiveness by reducing costs. OYAK
Yat›r›m is OYAK’s oldest financial services subsidiary.
Despite an adverse business climate created by
weak market trading volumes, the Company’s 2.8%
Group’s Total Assets
Total Shareholders’ Equity
(TL Trillion)
(TL Trillion)
1,607
5,931
5,154
Total assets of OYAK’s 27
subsidiaries increased 15.1%
in 2002.
2002
2001
2002
2001
1,268
In 2002 OYAK’s subsidiaries
registered a 26.7% increase in
their total equity.
a solid equity
structure
19
The Automotive Group
Under the e-cement project that has been
undertaken, companies in the OYAK Cement Group
have been restructured with e-business, e-learning,
cement intranet, and cement web applications for
the purposes of installing technologies that support
information-sharing, communication, and training
on electronic platforms, of lowering costs while
increasing productivity and effectiveness, and
enhancing creativity.
Turkey’s automotive industry suffered from shrinking
domestic demand and from the adverse effects of
intense competition during 2002.
AXA OYAK, the Group’s non-life insurance subsidiary,
succeeded in increasing its number of premiums by
34% last year. In 2002, AXA OYAK became the first
insurance company in Turkey to pass the TL 200
trillion mark in terms of premium revenue.
The Turkish automotive industry in recent years has
looked to export markets for growth. However, the
profit margins in such markets are considerably
tighter than the domestic markets, which has stunted
growth here too. The general contraction in the
domestic market during 2002 resulted in a year-on
decline of 30% in the automotive industry’s business
volume.
The leasing sector spent much of its time last year
trying to recover from 2001. During the year, Halk
Leasing, OYAK’s leasing subsidiary, overhauled its
financial structure. The Company also focused its
efforts on debt collection, increasing its collection
rate to 118%. During 2002, the Company generated
USD 20 million worth of business, eight times the
USD 2.5 million of 2001.
OYAK Portföy Yönetimi is a portfolio and assets
management company that ranks 5th among the 20
portfolio management companies active in the market.
In 2002, the Company continued to successfully
manage the portfolios customers consisting of private
individuals, institutions, and foundations.
OYAK Anker Bank and OYAK European Finance,
the Finance Group’s two foreign subsidiaries, not
only achieved real results in 2002 but, more
importantly, generated significant volumes of
complementary sales in foreign trade financing,
private banking services and leasing.
20
The enormous volatility in domestic demand since
1998 has destabilized the whole automotive sector.
Many domestic automobile manufacturers continue
to produce well below capacity and the industry has
endured substantial cuts in employment.
Pursuing export-focused growth
In 2002, OYAK Renault again continued to focus on
foreign markets. The Company performed
successfully, exporting a total of 87,219 automobiles.
This made OYAK Renault the leading exporter of
automobiles in Turkey last year again.
OYAK Renault is responsible for 49% of all automobile
manufacturing in Turkey. It believes passionately in
the export potential of its product.
A leading company in the domestic market
The other automotive subsidiary in the OYAK Group
is MA‹S. While MA‹S did experience some of the
stagnation in the Turkish automotive sector, sales of
16,716 automobiles during 2002 nevertheless gave
it a 17.6% market share to maintain its position as
sector leader.
MA‹S’s achievements are the result not only of
its successful advertising campaigns and other
promotional activities, but also of timely and
insightful cost cutting and restructuring measures.
This ensured that MA‹S was one of a very few
automotive sales companies in Turkey that showed
a profit during 2002.
Increasing the ability to provide integrated service
in the EU
The stagnation that plagued the automotive sector
during 2002, also affected the logistics services and
tire-manufacturing sectors as well. The contraction in
the economy squeezed foreign as well as domestic
trade, though exports did turn out to be one of the
few areas to register positive growth in our country
over the last two years. While the general contraction
in the volume of trade did have an impact on logistic
services providers, the increases in both imports and
exports during 2002 provided an important stimulus
for those companies who do possess an international
network.
Even while other logistic services providers were
being affected by economic problems, OMSAN
Lojistik, OYAK’s subsidiary, continued to grow and
defend its position as a leader in its field.
Making bold decisions to optimize resources
OYAK’s guiding principle is to put its resources (the
funds that come from the contributions of its members
and the returns generated by them) to work in
investments which are effective and profitable. This
is the criterion by which OYAK measures every existing
and potential investment. When circumstances dictate,
bold decisions leading to substantial changes in
investment policies are made based on subsidiary
company performance and market trends.
Guided by this philosophy OYAK decided to sell its
stake in the fuels distribution sector and to use those
resources in alternative ventures that would provide
greater long-term benefit. Resulting from negotiations
begun in 2001, OYAK’s 25% share and MA‹S’s 7%
share in SELYAK, a fuels distributor and a manufacturer
of lubricants, were sold to that company’s principal
shareholder, TOTAL-FINA ELF, in the first half of 2002.
Because of continued weakness in the Turkish
automotive sector and reacting to cutbacks in MA‹S’s
demand for road transport services, OMSAN Lojistik
turned its attentions increasingly to private and specialpurpose transport as a way of diversifying its markets.
During 2002, OMSAN Lojistik entered into a
cooperation agreement with Transfesa, one of Europe’s
logistic operators. OMSAN also formed a subsidiary
in Bulgaria, OMSAN Lojistik EOOD, to increase its
ability to provide an integrated logistics service across
the EU. Bulgaria will become a full member of the EU
in 2007 and this new fleet of vehicles is a foothold in
the lucrative European markets.
Total Gross Sales
Total Transaction Volume
(TL Trillion)
(TL Trillion)
3,914
22,074
OYAK’s production and
marketing subsidiaries are
active in more than a dozen
sectors. Their overall sales
were up 13.3% in 2002.
2002
2001
18,746
2002
2001
3,453
OYAK Bank, OYAK Yat›r›m, and
Halk Leasing increased their
overall business volumes 17.8%
during 2002.
professional
management
21
The Cement Group
Cement and ready-mix concrete are two industries
that are entirely in the hands of the private sector in
Turkey. In the first ten months of 2002, Turkey
produced about 28.8 million tons of cement, exporting
4.9 million tons of that. However, clinker production
has slowed because of overcapacity, a slow market
and price-cutting during 2002.
Unusually, the cement industry enjoys a virtual
monopoly, apart from steel, as a building material;
however, the industry does suffer from instability
because of its dependence on the state of the
domestic and the global economy. In times of
economic crisis, demand for cement plummets as
public sector investment dwindles and new building
dries up. Many producers around the world have
sought to penetrate foreign markets as a way of
counterbalancing the volatility in their home markets.
The OYAK Cement Group
The OYAK Cement Group consists of eight companies
seven of which are cement producers and one of
which is a manufacturer of ancillary supplies. Together
they rank as Turkey’s biggest cement producer, with
a total annual production capacity of 12.6 million
tons.
The OYAK Cement Group’s facilities, employing the
latest technology and enjoying a fully integrated
production line (from raw materials to paper
packaging), can be found serving the whole of Turkey.
The Group’s plants are the first cement mills to be
granted full environmental certification in Turkey. The
OYAK Cement Group also posted a solid export
performance during 2002, its members making a
substantial contribution to the OYAK Group’s foreign
sales.
22
Precalcination investment reduces costs
The modernization and capacity increase investments
that were begun at Ünye Çimento in 1999 have been
completed and the mill’s precalcination unit was
launched on 19 October 2002. This project was one
of the biggest investments ever undertaken in the
Turkish cement industry and on its own it has been
responsible for reducing Ünye Çimento’s production
costs by 10.7% on a foreign-currency basis.
Another project that was carried out under Ünye
Çimento’s investment program involved repairing the
damage that Ünye’s port facilities suffered from in a
natural disaster that occurred in 1999. Thanks to this
work, the facilities are once again at the service of
the national economy.
A merger and economies of scale
The Group bought the OYSA Ni¤de and OYSA
‹skenderun cement plants upon their privatization in
1992. Today, both companies are equipped with
modern facilities. They were merged in order to take
advantage of economies of scale and improve
efficiency. The merger was completed in March 2003.
OYSA Çimento, the Company resulting from the
merger, will be much more effective in both domestic
and foreign markets thanks to greater capacity and
lower operating costs. We expect that OYSA Çimento
will become one of the strongest firms in the sector
in the near future.
From cement to paper sacks
An important goal of the OYAK Cement Group is to
enjoy a fully integrated production process.
The Group took one of the most important steps in
this direction when it increased its stake to 75% in
Adana Ka¤›t Torba, a paper sack manufacturer.
Adding the shares held by other OYAK Group
members, the company became a wholly owned
OYAK subsidiary. Then OYAK reorganized it and gave
it a new corporate mission and identity. Renamed
OYKA Ka¤›t Torba, the Company is responsible for
about 20% of Turkey’s paper sack production.
One of Turkey’s biggest cement producers
The leader of the OYAK Cement Group is Adana
Çimento, which is also the second largest cement
producer in Turkey. The Company controls a 28%
share of cement production and a 32% share of clinker
production in Turkey’s Mediterranean region. Because
of weak domestic demand during 2002, Adana
Çimento focused on export markets where profit
margins are tighter. The Company posted a very
successful export performance last year, shipping
products to countries like Israel, Spain, and Saudi
Arabia. The growing volume of exports enables the
Company to make more effective use of its existing
capacity while also giving it greater competitive weight.
Developments in our other cement subsidiaries
Bolu Çimento is responsible for 5% of all the cement
sales in Turkey. As of the third quarter of 2002, it
ranked third among sixteen public cement companies
in terms of increased profitability on the previous year.
Mardin Çimento, another regional cement producer,
exported products to northern Iraq during 2002.
Elaz›¤ Çimento is a company that is very strong in the
Eastern Anatolian market. During 2002, it increased
its share of the local market to 38%. The Company
has begun investing in a new clinker production line
to increase competitive advantage and to satisfy
market demand. This investment should be completed
mid-2003. When this modern dry system begins
production, it should dramatically reduce costs,
increasing output and sales and margins considerably.
Total Number of Employees
15,922
2002
2001
16,586
Despite the economic crisis and
its aftermath in Turkey, there
were no major cuts in the OYAK
Group’s workforce in 2002, due
to the growth in business and
to newly formed companies.
specialization
23
OYAK’s subsidiaries in 2002 once again achieved
successful financial and operational results despite
countrywide economic slowdown.
The Foods and Chemicals Group
The market for agricultural chemicals and
pharmaceuticals in Turkey is one that has great
potential for sustained growth. The competition among
the companies in this sector has been increasing
recently. In the 1990s, there were many small
producers within Turkey’s agricultural chemicals
industry, many of whom have disappeared as a result
of mergers and acquisitions or closure.
The market leader in agricultural chemicals
HEKTAfi, OYAK’s agricultural chemicals subsidiary,
successfully defended its position as domestic market
leader in 2002 despite having to compete with global
companies that had entered the domestic market
through mergers and acquisitions.
Because a large part of the raw materials that it needs
must be imported, HEKTAfi’s production costs are
seriously affected by exchange rate volatility,
particularly when that volatility is the result of economic
crises and uncertainties. Because exchange rates
remained fairly stable during 2002 and there was no
major depreciation in the value of the Turkish lira, the
Company secured a profit greater than expected,
partly also thanks to careful planning and cost cutting
strategies.
24
The consumer’s first choice
TUKAfi is a force in the fruit and vegetable processing
industry, which also suffered from the general
economic malaise that prevailed in 2002.
A unique feature of this sector is that harvesting and
processing is concentrated at certain times of the
year whilst sales go on throughout the year. The
economic slowdown of 2002 reduced consumers’
purchasing power and also created cash-flow
problems for a significant number of manufacturers.
TUKAfi posted a successful growth performance in
2002; a year in which the Company introduced nearly
60 new products, many of them instant dried food
products. As of year-end 2002, TUKAfi ranked among
the top three in nearly every product category in its
sector.
The continued growth of the Company’s market share
in the face of a shrinking market and the widening
of product categories show that TUKAfi’s growth and
diversification strategy was successful. Also, TUKAfi
now ranks as one of the OYAK Group’s most high
achieving exporters.
In the services sectors
OYAK’s activities in the services group are highly
diversified, ranging from construction to energy. As
is true across the board, 2002 saw OYAK Services
Group’s operations and sales fall in each of their
market segments. Many companies were working at
substantially less than full capacity.
searching for and identifying land suitable for the
project to develop.
As was true in 2001, tourism continued to be a growth
area during 2002. The volume of foreign currency
entering the country as a result of tourism topped
USD 10 billion for the first time.
In late 2002, OYPA’s shareholders convened in an
extraordinary meeting and voted to suspend OYPA’s
commercial activities. However, it was also decided
not to wind the Company up totally but rather to keep
it in waiting to take advantage of any possible future
growth in the market.
New gains, new undertakings, and new decisions
OYAK Turizm performed well in 2002. During the year
the Company renewed its information system
infrastructure, completed a wide-ranging reorganization
and opened a new reservations office inside the
Fenerbahçe Officers’ Club in ‹stanbul. OYAK Turizm
is well on its way to becoming one of the leading
companies in Turkey’s tourism industry.
OYTAfi continued to grow as a specialized foreign
trade company. The recovery in Turkey’s imports and
exports during 2002 helped to improve OYTAfi’s
operational results.
OYAK ‹nflaat, the Group’s construction company,
continues to work on the Zirvekent housing project.
The foundations of the third phase consisting of 192
units were laid in 2002. The Zirvekent project is slated
for completion during 2004.
OYPA, the Group’s retailer, was unfortunately unable
to achieve the profitability and productivity targets set
for it, despite restructuring measures.
OYAK Savunma ve Güvenlik Sistemleri, the Group’s
private security services company, closed the year
in profit. The Company serves an extensive clientele
in addition to group companies. During 2003, the
Company will focus on projects installing electronic
and mechanical security systems and also on
expanding the scope of its product line.
Energy ranks high among those sectors in Turkey that
have tremendous growth potential. More and more
investment is moving into this sector each year. OYAK
Enerji, OYAK’s energy subsidiary, was founded in
2002. The Company is currently working on developing
projects.
In 2002 OYAK set up OYAK Konut, a housing
development company whose aim is to make every
OYAK member a homeowner. This company is now
in charge of the OYAK Ça¤dafl Evler (OYAK
Contemporary Houses) project and is currently
High-quality products
Extensive service network
25
Developments in member services
continuity
reliability
quality
In general
In 2002, OYAK again secured returns in excess of
inflation for the members of its Retirement Pension
System. This rate of return (41.1%) was 38% higher
than the rate of wholesale price inflation (29.7%)
issued by the State Statistics Institute for 2002.
This very important success means that since 1988
year on year, OYAK has proudly achieved doubledigit real returns for its members. Considering the
testing economic conditions that Turkey has
experienced in the last 4 or 5 years, the significance
and value of this performance becomes even more
impressive.
OYAK also continued to lend funds to its members
during 2002. OYAK’s credit services for its members
take two main forms: one consisting of personal loans
that help a member’s short-term need for cash or
other financial assistance; the other consisting of
long-term loans that are extended so that members
can, for instance, become homeowners.
We call OYAK’s credit activities on behalf of its
members a “social service”. During 2002, the
Company loaned a total of TL 58.2 trillion to its
members as social service payments.
During the same period, OYAK paid out a total of TL
100.9 trillion to its members. As the chart depicting
total legal benefits paid to members shows, retirement
benefits account for the largest share.
Changes in the Retirement Pension System
Interest in the OYAK Retirement Pension System
continues to increase. As of year-end 2002, the
number of OYAK members joining the system
approached 25,000.
In 2002, OYAK paid out TL 66 trillion to the 3,063
members who were entitled to receive pensions.
OYAK-paid legal benefits include retirement benefits,
dues refunds, dividends on dividends, pensions,
death benefits, and disability benefits.
At OYAK’s 42nd annual shareholders meeting held
on 30 March 2002, a number of decisions were taken
to improve further the OYAK Retirement Pension
System. Out of this we have developed the Fixed
Annuity Program, which was approved by the Board
26
Continuity… Reliability… Quality… These three words
continue to guide all of OYAK’s investments and other
activities acting as a lifelong partner to each of its
members.
Rate of Return vs WPI
Rate of Return vs CPI
(%)
(%)
100
100
90
Rate of return
80
80
70
70
60
60
50
50
41.1%
40
30
CPI
41.1%
40
29.7%
WPI
30.8%
20
20
10
10
2002
2001
2000
Total Legal Benefits Paid
(TL Trillion)
2002
0
0
2001
30
Rate of return
2000
90
2002-Breakdown of Total
Legal Benefits Paid by Value
(%)
101
Retirement Benefits
23.8%
Withdrawals from the
Retirement Pension System
5.1%
Retirement Benefits
66.2%
56
2002
2001
Death and Disability
Benefits, Dues and Refunds
4.9%
27
Returns on Donation Based
Retirement Income System (%)
Returns on Supplementary
Housing Preaccumulation
Fund (%)
140
140
120
120
100
100
Return
80
Return
80
71.4%
60
66.0%
60
40
CPI
29.7%
2000
0
2002
0
2001
20
2000
20
29.7%
2002
CPI
2001
40
of Directors. Changes made in the Retirement Pension
System’s regulations went into effect on 15 July 2002.
After the new option was offered to our 25,000
members, many took advantage of it. In November
and December alone, 6,245 members requested
that they be moved over to the Fixed Annuity Program.
A fund to help people become homeowners
The Supplementary Housing Preaccumulation Fund,
which OYAK has set up to make it possible for its
members to save the deposit they need to buy a
home of their own, paid its participants a return of
66.0% in 2002.
A high-return investment option
OYAK’s Donation Based Retirement Income System
makes it possible for members to earn additional
income payable while on active duty and/or after
retirement. The system is based on a mutual fund
that ranks among the thirteen biggest “Type B” mutual
funds in Turkey. Last year the fund outstripped all
others in the sector by paying its shareholders the
highest rate of return (71.4% per annum) of any
mutual fund in the country.
Making each and every one of its members a
homeowner is a goal which is, for OYAK, at least as
important as its commitment to providing them with
a secure retirement. The best evidence of the success
of the Supplementary Housing Preaccumulation Fund
is the steady increase in the number of participating
members over the last four years. In 1999 there were
around 17,000 participating members. This increased
to 38,000 in 2000 and to more than 55,000 in 2001.
Last year the number of participating members
passed 84,000.
A total of TL 19.3 trillion was paid out to the fund’s
shareholders at quarterly intervals during 2002 while
another TL 16 trillion was added to the fund’s reserves.
As of 31 December 2002, the voluntary system’s
capitalization stood at TL 147.6 trillion.
28
As of 31 December 2002, the Supplementary Housing
Preaccumulation Fund’s capitalization totaled TL
118.5 trillion.
Developments in social services
Under the umbrella of “social services”, OYAK offers
its members a range of services including short-term
loans and long-term mortgages. These funds are
made available out of OYAK’s own resources as well
as those of Vak›fbank under an agreement with that
bank. OYAK comes to the aid of its members with
financial support to deal with unexpected eventualities
and also offers its members the opportunity of owning
their own home through mortgages.
Home procurement services are offered including
“Personal Housing Loans”, “Building Cooperative
Loans”, and “Mass Housing Production Loans”. This
finance is available on repayment terms ranging from
three to ten years, and with a variety of fixed and
flexible installment options. In 2002, OYAK lent TL
12.9 trillion in housing loans to 868 of its members.
OYAK lent a total of TL 37.9 trillion to 39,130 of its
members from its own resources. The amount loaned
is calculated on up to twice the individual’s salary.
The loans are repayable in fixed installments over 6,
9, or 12 months. It is now possible for members to
apply for loans online at the OYAK website. During
2002, 3,777 members applied for these online loans.
bank’s own resources: personal loans and fixedinstallment consumer loans.
Increasing synergy with OYAK Bank
OYAK and OYAK Bank are continuing to work with
one another to achieve their common goals of
developing member services and increasing member
satisfaction. As part of this program, an OYAK Bank
ATM was installed at the OYAK Headquarters
entrance and an OYAK Bank Member Services
Branch has also been opened inside the headquarters
building itself.
Both completed a joint project together in April 2002:
now Donation Based Retirement Income allowances
and dividends and Retirement Pension System
pensions can be paid through OYAK Bank. By the
end of 2002, the number of OYAK members who
were also using OYAK Bank had reached 28,630.
Since 1 May 2002, members have been able to make
all their payments related to OYAK services at any
of more than 220 OYAK Bank branches located
around the country without charge.
As an alternative to loans from OYAK, under an
agreement with Vak›fbank, members can apply to
that bank for two types of loans provided from the
Total Social Benefits Paid
2002-Breakdown of Total
Social Benefits Paid by Value
(TL Trillion)
(%)
53
58
Comissary Services
6.7%
Housing Services
23.7%
Lump-sum Loans
of up to 80% of Members’
Reserves
4.5%
2002
2001
Lending Services
65.1%
As a supplementary social security
institution, OYAK places great
importance on the social services
that it offers its members. Total social
service payments, in the form of
loans and mortgages, increased 9%
in real terms during 2002.
sustainable
performance
29
OYAK’s services are shaped by a technologyintensive approach and it is this approach that makes
it possible for OYAK to provide its members with
products and services that conform to the highest
standards of convenience and quality.
Low-cost but effective communication with
members
By prioritizing and investing in technology, OYAK is
able to offer its members with the very latest products
and services in the most efficient and direct manner
possible. Members are able to access OYAK’s
services in a variety of ways: on the internet
(www.oyak.com.tr), through the OYAK Call Center,
and by means of OYAK Bank ATMs. OYAK is
committed to giving its members every possible
channel of communication to increase accessibility
and efficiency.
OYAK Call Center: Since April 2002, eight customer
representatives have been on duty at the OYAK Call
Center. They handled a total of 330,096 calls during
2002.
The OYAK web site: OYAK’s web site was updated
in 2001, and a variety of new modules added in 2002,
the year when the website became OYAK members’
most popular way of contacting their pension provider.
A total of 672,747 people visited the site at
www.oyak.com.tr and 393,449 of them took advantage
of the Online Member Services module to manage
30
their personal accounts. 17,813 members used the
website to apply for a variety of services. The number
of members who take advantage of the site’s free
personal e-mail service has reached 4,421.
Members can also access OYAK by e-mail. In 2001,
a total of 1,274 e-mails were received from members;
this increased to 5,485 during 2002. An average of
22 e-mails a day were received by the OYAK Member
Services Department during 2002.
ALO-OYAK: Another channel of communication
between members and OYAK is the ALO-OYAK
automated services system. A total of 19,024
members used this option during 2002. Of these
calls, 17,319 were to obtain personal information
about OYAK services. 1,705 members called up to
obtain information about new programs and changes
in existing ones.
Mail and fax: During 2002, the Member Services
Department received a total of 12,289 queries by
mail and fax from members dealing with issues other
than applications for loans, pensions, annuities and
different topics.
An example of customer-focused quality service
Since OYAK was founded, it has made providing
customer-focused, world class standards of service
the cornerstone on which its success has been built.
The Member Services Department is based at OYAK
headquarters and is open to all members. Any
member may walk in and discuss matters directly
with OYAK representatives. During 2002, a total of
46,986 of the members took advantage of our faceto-face services in this way.
Despite the growing popularity of alternative channels
of distribution in recent years, OYAK is fully aware
of how important the Member Services Department
is for its members. The Company continues to
develop new ways to improve the convenience and
effectiveness of the services provided by the
department as it addresses members’ individual
and personal needs.
More than one million contacts in a single year
During all of 2002, OYAK came into contact with its
members a total of 1,070,046 times. This number
includes all the telephone calls, emails, letters, faxes,
ALO-OYAK calls, and website visits made by
members last year.
An approach that gives the highest priority to
members’ interests
All the packages and financing that OYAK has put
together for its members are born out of the belief
in putting their savings to work and in distributing
the returns on these investments to members fairly
and in full.
OYAK focuses its activities on pooling members’
contributions and the returns from investing their
funds to make it possible for its members to enjoy
a satisfactory standard of living in their retirement
years. In other words, OYAK is honor and duty bound
to make a profit by placing the savings entrusted to
it by its members in investments that maximize return
while minimizing risk, and to hold that profit in
safekeeping for its members’ futures.
While it is true that not all of OYAK’s products and
services are related exclusively to members’
pensions, all the products and services that it does
provide within the limits prescribed by law are
governed by the considerations of maintaining a
sound actuarial balance and of ensuring its members’
well-being when they do retire.
OYAK: guaranteeing its
members’ futures
31
Financial
Services
Group
OYAK Bank
OYAK Yat›r›m
220 branches
The Group’s
oldest financial services
subsidiary
ATM, telephone banking,
and internet banking
services
70,000
customers
retail, corporate and commercial
banking products & services
2.8%
of ISE trading volume
AXA OYAK Holding
10th biggest
brokerage in Turkey
Combining the strengths
of OYAK and AXA (France)
Halk Leasing
AXA OYAK Sigorta
financial leasing services
AXA OYAK Hayat Sigorta
USD 20 million
worth of business in one year
Life, non-life and health insurance
products and services
34% increase in premium
production
in non-life branch
32
OYAK BANK A.fi.
Date of Establishment 1984
OYAK Group’s Participation 1990
Field of Activity Banking
OYAK Group’s Share 100.00%
www.oyakbank.com.tr
OYAK Bank is a national bank whose goal is to
become the leader of its sector.
For its customers, OYAK Bank means productivity,
reliability, soundness, and innovation.
This identity is what makes it possible for OYAK
Bank to fill out its global vision with high-quality
and competitively-priced products and services
and to keep its eye on achieving sustainable, real
growth in whatever it does.
The reorganization program that was carried out
after the merger that took place on 11 January
2002 made it possible for OYAK Bank to quickly
take its rightful place among Turkey’s leading
banks. Its growth-focused strategy made OYAK
Bank one of the banks most preferred by customers
to work with in 2002.
As of year-end 2002 OYAK Bank had a network
of 220 branches (including a branch in Bahrain)
as well as a highly developed system of physical
and alternative channels of distribution including
ATMs and internet and telephone banking
applications. OYAK Bank provides a complete
range of banking products and services to
customers located all over Turkey in the corporate,
commercial, and retail banking market segments.
According to inflation-adjusted figures for yearend 2002, OYAK Bank had total assets worth
nearly TL 3.5 quadrillion, a figure that represents
a year-to-year increase of 15%. During the same
period, the Bank’s total equity reached TL 414
trillion and its capital adequacy ratio was a solid
22.56%. As of the same date, OYAK Bank held a
total of TL 2.8 quadrillion in deposits.
OYAK Bank’s professionalism is what guides the
Bank in its efforts to provide its customers with
high-quality banking services. According to
Moody’s, the Bank’s expertise in foreign trade
financing, in corporate, commercial, and retail
banking, in cash management, and in securities
trading complement the bank’s ability to supply
funding, its sound balance sheet, and the quality
of its assets.
Precisely-defined target groups and appropriately
designed products and services are what are
encouraging more and more companies and
individuals to choose OYAK Bank with every
passing day. Insightful strategies are what make
it possible for customers to receive banking
products and services of the highest quality
possible in return for the fees and commissions
that they pay. This in turn ensures a sustainable
balance of customer satisfaction and loyalty.
During 2002, OYAK Bank successfully marketed
products in all its basic business segments and
achieved substantial growth in both customer and
transaction volumes. The Bank’s innovations and
accomplishments have transformed banking into
an easily accessible service for customers located
all over the country.
OYAK Bank has five subsidiaries. Three of them
are located in Turkey: OYAK Yat›r›m (securities
brokerage and investment services), OYAK Portföy
Yönetimi (portfolio management), and OYAK
Teknoloji (technology support and management).
In addition it owns OYAK Anker Bank, a German
bank with branches in four different cities, and
OYAK European Finance, a finance institution
based in Dublin.
33
OYAK ANKER BANK GMBH
Field of Activity Banking
www.oyakankerbank.de
OYAK EUROPEAN FINANCE PLC
Field of Activity Financial Services
www.oyakeuro.com
OYAK Anker Bank has been an OYAK Bank
subsidiary since 1996. Its headquarters are located
in Koblenz and there are branches in Berlin, Bonn,
Mannheim, and Augsburg. OYAK Anker Bank is
a commercial bank and a member of the German
Banks Association.
OYAK Anker Bank is at the service of German and
international customers, with a particular focus on
international trade finance and retail banking. Retail
banking services–especially retail loans–make up
the most important component of the Bank’s
activities.
In 2002 the Bank began devoting more and more
of its attention to international trade finance as
well. As of year-end, OYAK Anker Bank had total
assets of EUR 260 million, total deposits of
EUR 228 million, and total loans of EUR 212 million.
34
OYAK European Finance (OEF) is a financial
services company based in the Dublin International
Finance Center in Ireland.
Since 1994 OEF has been serving customers in
a variety of business lines ranging from corporate
finance consultation to project financing. All of its
activities are subject to Irish law. At year-end 2002
OEF had total assets of USD 71.7 million and loans
amounting to USD 51.8 million on its books.
OYAK PORTFÖY YÖNET‹M‹ A.fi.
Field of Activity Portfolio Management
www.oyakportfoy.com.tr
OYAK TEKNOLOJ‹
B‹L‹fi‹M VE KART H‹ZMETLER‹ A.fi.
Field of Activity Information Technologies
www.oytek.com.tr
OYAK Portföy Yönetimi a joint venture owned
by OYAK Bank and OYAK Yat›r›m, was the first
portfolio management company set up for the
express purpose of providing customers with
portfolio management services. The Company is
at the service of numerous private individuals as
well as institutions such as foundations whose
portfolios it manages.
OYAK Portföy Yönetimi registered substantial
growth in 2002. As of year-end, the value of all the
assets under its management topped USD 173
million. As of the third quarter of the year it ranked
10th among 53 mutual fund managers and 5th
among 20 portfolio management companies who
were active in the market.
The Company manages a total of ten different
Type A and B mutual funds that belong to OYAK,
OYAK Bank, OYAK Yat›r›m, and AXA OYAK.
OYAK Teknoloji is the only information technology
company in the Group. Its core was a software
house called YADAfi, which was acquired along
with Sümerbank by OYAK in 2002. That company
was reorganized and given a new identity and
mission along with a new name, OYAK Teknoloji.
The Company’s mission is to be a technology
solution and system integration partner for all OYAK
subsidiaries and to respond to their technology
needs in an effective manner.
OYAK Teknoloji is structured to provide services
in five different primary groups: basic financial
applications software, card systems and services,
alternative delivery channels and corporate
solutions, CRM and data warehousing, and
technological services.
OYAK Teknoloji develops strategic business
partnerships with leading IT manufacturers and
service providers in Turkey and around the world.
Its customer-focused approach to service is
supported by ongoing investments in advanced
technology as well as by a growing team of
specialists.
35
OYAK YATIRIM MENKUL DE⁄ERLER A.fi.
Field of Activity Capital market brokerage services
www.oyakyatirim.com.tr
OYAK Yat›r›m is one of the oldest and most
respected brokerage houses active in Turkey
today. The OYAK Group’s first venture into financial
services, the Company was founded in 1982 and
ever since then it has been fulfilling its service
commitments towards its customers with its market
experience, its customer-focused management
and business philosophy, its technological
expertise, and its transaction volume. OYAK Yat›r›m
has been awarded an ISO 9002 Quality Assurance
System certificate.
OYAK Yat›r›m has a highly diversified client base
consisting of more than 70,000 customers that
include Turkish and foreign private investors and
international mutual funds and institutional investors
for whom the Company is the premier choice when
investing in today’s complex and volatile markets.
OYAK Yat›r›m offers all the products and services
needed in the areas of capital markets and
investment banking so that investors can make
sound investment decisions, precisely balancing
their taste for risk versus return. The Company’s
services include a wealth of in-depth research,
investment consulting, brokerage services in
Turkish and international markets, and mutual
funds management among others.
36
In late 2001, OYAK Yat›r›m took over Yaflar Yat›r›m
and then OB Menkul De¤erler in 2002 as well.
These consolidations of OYAK subsidiaries were
part of OYAK’s strategy to pursue growth in the
financial services industry and as a result of them
the Company is now able to reach its customers
through six branches of its own as well as through
60 OYAK Bank branches that have trading halls
and act as OYAK Yat›r›m’s agent and through
other OYAK Bank branches all over the country.
Thanks to the synergies created by its cooperation
with OYAK Bank, to the volume of customer funds
entrusted to it, to an ISE trading volume worth TL
5.9 trillion, and to a 2.8% market share, OYAK
Yat›r›m is a company that is advancing confidently
into the future. By achieving a 138% year-on
increase in the volume of the business it handles,
OYAK Yat›r›m rose to first place among 15
brokerages in 2002.
In addition to its physical service outlets, OYAK
Yat›r›m also makes successful use of alternative
channels of distribution as well, providing rapid
and effective service over the internet (OYAKNET),
by telephone (OYAKTEL), and through its call
center (OYAKBORSA). OYAK Yat›r›m operates
two mutual funds of its own. The OYAK Menkul
ISE-30 Index Fund and the OYAK Menkul Type B
Liquid Fund.
AXA OYAK HOLD‹NG A.fi.
Field of Activity To participate in
insurance companies
AXA OYAK S‹GORTA A.fi.
Field of Activity Insurance (non-life)
AXA OYAK HAYAT S‹GORTA A.fi.
Field of Activity Insurance (life and health)
www.axaoyak.com.tr
HALK F‹NANSAL K‹RALAMA A.fi.
Field of Activity Leasing
www.halkleasing.com.tr
AXA OYAK Holding was founded in 1999 for
the purpose of bringing together all the insurancerelated activities of OYAK and the French AXA
Group in Turkey under a single roof. Shares in
two Turkish insurers (AXA OYAK and AXA OYAK
Hayat), jointly-owned subsidiaries of the two
groups, were turned over to the newly-formed
holding company.
restructuring that it completed in 2002 after which
it began serving customers using the same
delivery channels as its sister company AXA
OYAK Sigorta. The Company conducts its
business through regional and liaison offices,
OYAK Bank branches, and a network of 755
agents. In 2002, the Company’s premium
production amounted to TL 70 trillion.
The change in the companies’ ownership
structure has had a positive impact on the results
of both from the standpoint of more effective use
of the AXA OYAK trademark. In 2002, the two of
them produced a total of TL 353 trillion in
premiums.
Halk Leasing is one of Turkey’s leading financial
leasing companies. Its two principal shareholders
are Halk Bank and OYAK. Combining the strength
that arises from its partnership structure and
robust capitalization with its experienced and
professional staff, Halk Leasing provides domestic
and foreign investors, private and public sector
organizations, and industrial concerns of every
size with rapid, convenient, and cost-effective
leasing services.
AXA OYAK Sigorta is an insurer in all branches
except for life insurance. AXA OYAK Holding
controls a 70.9% stake in AXA OYAK Sigorta.
The Company is particularly active in the fire,
shipping, accident, engineering, personal
accident, legal liability, and agriculture branches.
In addition to its headquarters unit in ‹stanbul,
the Company has ten regional offices (‹stanbul,
Corporate, Kad›köy, Bak›rköy, Ankara, ‹zmir,
Bursa, Adana, Antalya, and Samsun), three liaison
offices (Trabzon, Denizli, and Erzurum), and an
extensive network of 1,364 agents.
OYAK Bank branches are also an important
distribution network for AXA OYAK Sigorta’s
products and services. In 2002, the Company’s
premium production amounted to TL 283 trillion.
The Company’s services and support include a
broad range of options ranging from multi
currency transactions to shipping, and from
importation to investment tax incentives.
For Halk Leasing, 2002 was a year in which the
Company restructured itself financially. Focusing
on making collections, the Company increased
its collection rate to 118%. In the economic crisis
environment of 2001, Halk Leasing saw its
transaction volume shrink to USD 2.5 million; in
2002, it raised it to USD 20 million.
AXA OYAK Hayat Sigorta is a wholly-owned
subsidiary of AXA OYAK Holding that specializes
in life and health insurance products and services.
In 2001 the Company embarked upon a
37
Cement
Group
Adana Çimento
Bolu Çimento
Turkey’s
2nd biggest producer
34% market share
in the Black Sea region
Ünye Çimento
Mardin Çimento
1.5 million tons/year
of clinker
640 thousand tons/year
of clinker
of cement
of cement
Elaz›¤ Çimento
OYSA Ni¤de Çimento
38% market share
in the Eastern Anatolia region
of clinker
OYSA ‹skenderun
Çimento
1 million tons/year
of cement
38
of cement
OYKA Ka¤›t Ambalaj
One of Turkey’s
biggest manufacturers of
paper sacks and packaging
ADANA Ç‹MENTO SANAY‹‹ T.A.fi.
Field of Activity Production and sale of clinker
and cement, ready-mix concrete
www.oyakcimento.com
GROUP A Listed in 1991 Ticker Symbol ADANA
GROUP B Listed in 1991 Ticker Symbol ADBGR
GROUP C Listed in 1995 Ticker Symbol ADNAC
Adana Çimento is Turkey’s second biggest cement
producer with annual capacities of 2.3 million tons
of clinker and 3.5 million tons of cement. The
Company’s output and processes are certified by
a TS-EN-ISO 9001: 2000 Quality Management
System certificate and by a TS-EN-ISO 14001
Environmental Management System certificate. Its
output is sold to markets both in Turkey and abroad.
Adana Çimento controls a 28% share of cement
production in Turkey’s Mediterranean region. Its
shares of total Turkish production are 4.88% in the
case of cement and 5.75% in the case of clinker.
The Company owns a packaging plant in
Kahramanmarafl and has 18 ready-mix concrete
plants located in different provinces. Adana Çimento
also manufactures fresh ready-mix plaster for sale
and delivery at its plants in Adana, Mersin, and
Kahramanmarafl.
Responding to the contraction of its markets in
Turkey during 2002, Adana Çimento turned its
attentions towards foreign markets where its sales
of cement increased 85% year-on while clinker
sales were also up 30%. As a result, the proceeds
from the Company’s export sales went from USD
29 million in 2001 to USD 40 million in 2002. For
this performance, Adana Çimento was cited by
Globus magazine as the years’ “Star Exporter”.
Adana Çimento has completed its railway line
investment, which is expected to start paying off
immediately by significantly lowering the
transportation costs of the raw materials and fuel
needed for production as well as the shipping costs
of its exports.
The cement manufactured by Adana Çimento is
shipped in sacks, shrink bags, sling bags, big
bags, and bulk form. By means of the railway
system installed at the plant, it is possible for goods
to be transported to points of sale by rail as well
as by highway and sea. The railway line begins at
the production point and extends a total of 6.5
kilometers to the State Railways’ ‹ncirlik station.
Thanks to this private line, Adana Çimento is fully
connected to the national railway system through
the station at ‹ncirlik.
Adana Çimento enjoys a strong position in its sector
thanks to its qualified workforce, its hefty production
capacity, and its extensive product range. It further
entrenched that position through solid growth in
2002.
39
BOLU Ç‹MENTO SANAY‹‹ A.fi.
www.oyakcimento.com
Listed in 1986
Ticker Symbol BOLUC
Bolu Çimento has an annual production capacity
of 1.3 million tons of clinker and 2.6 million tons of
cement. The Company has six ready-mix concrete
plants, one milling and packaging plant, and two
gravel plants located in different provinces in
Turkey’s Black Sea region.
Bolu Çimento has been awarded an TS-EN-ISO
9002 Quality Assurance System certificate.
According to September 2002 figures published
by Turkish Cement Manufacturers Association,
Bolu Çimento is responsible for 34% of cement
sales in the Black Sea region and a 5% share of
such sales nationwide. Because of its physical
location, Bolu Çimento has a broad sales hinterland
extending from the Marmara region to the Western
Black Sea and down into Central Anatolia.
As a result of its pricing policy in 2002, Bolu
Çimento managed to defend its market share in
territories close to it, increasing its profitability by
reducing the adverse impact of shipping charges
on its prices.
Bolu Çimento’s first priority for 2003 is to continue
defending its current 57% share of cement sales
in nearby territories and to pursue further growth
to the extent that market conditions permit.
40
ÜNYE Ç‹MENTO SAN. VE T‹C. A.fi.
www.oyakcimento.com
Listed in 1990
Ticker Symbol UNYEC
Ünye Çimento last year significantly lowered its
operating costs as a result of an investment that
it completed and commissioned on 19 October
2002. The Company’s precalcination investment
has resulted in a 10.7% reduction (on a foreigncurrency basis) in fixed costs while also increasing
clinker production capacity to 1.5 million tons and
cement production capacity to 1.8 million tons a
year.
The precalcination investment was begun in 1999
and completed in 2002 at a total investment cost
of USD 90 million.
Ünye Çimento has five ready-mix concrete plants
located in different provinces as well as a pumping
and packaging plant at the Limanköy port facilities
in Rize and storage and loading facilities in Ünye.
The Company’s production has been awarded a
TS-EN-ISO 9002 Quality Assurance System
certificate.
41
MARD‹N Ç‹MENTO SAN. VE T‹C. A.fi.
Field of Activity Production and sale of clinker,
cement, and ready-mix concrete.
www.oyakcimento.com
Listed in 1987
Ticker Symbol MRDIN
Mardin Çimento exported goods worth USD 6.3
million, increasing the volume of its foreign sales
by 12% in 2002. The Company, which has been
awarded a TS-EN-ISO 9002 Quality Assurance
System certificate, has an annual production
capacity of 640 thousand tons of clinker and 1.3
million tons of cement. The Company has two
ready-mix concrete plants located in different
provinces.
In addition to exporting, Mardin Çimento also
makes sales to domestic markets as well. Last
year the Company exported 70 thousand tons to
42
Northern Iraq under the United Nations program
there. In 2002, Mardin Çimento distinguished itself
as a company that expanded the scope of the
OYAK Cement Group’s operations, playing an
influential role in the national market as well as in
the markets of neighboring countries and
conducting its activities within the framework of a
common vision of being a respected, leading, and
trusted company. Regarding the happiness of its
customers and employees as one of its underlying
corporate values, Mardin Çimento is a company
that enjoys the admiration of the people of Mardin
and is respected everywhere throughout the region.
ELAZI⁄-ALTINOVA Ç‹MENTO SAN. T.A.fi.
OYAK Group’s Share 70%
www.oyakcimento.com
Elaz›¤ Çimento was originally founded as a
state-owned enterprise in 1954 to supply Elaz›¤
and its neighboring provinces with the cement
they needed. The Company was privatized in
1996, the year in which OYAK acquired it. As a
result of a program of rehabilitation,
modernization, and other investments, Elaz›¤
Çimento has become a modern plant capable
of supplying the needs of Turkey’s eastern and
southeastern provinces. The Company has one
ready-mix concrete plant.
Elaz›¤ Çimento currently makes cement using
the semi-dry production system, which is very
high-cost. A feasibility study was carried out in
2001 to begin a dry system project employing
modern technology however the investment was
postponed due to that year’s economic crisis.
Work has now begun on an investment worth
EUR 16.1 million to install a dry system clinker
production line with a capacity of 1,500 tons a
day. This modernization and quality-improvement
investment is slated for completion and
commissioning around the middle of 2004. When
the investment comes on stream, it will reduce
the Company’s clinker costs by USD 10 a ton
and cement-production costs by around USD 6
a ton.
a 38% market share. Completion of this new
investment will further strengthen the Company’s
ability to compete with factories that are already
using the dry system to produce lower-cost clinker
and cement.
The Company’s production operations are
covered by a TS-EN-ISO 9002 Quality Assurance
System certificate.
In 2002, Elaz›¤ Çimento registered a 24% rate
of growth in its sales of ready-mix concrete.
Elaz›¤ Çimento enjoys an extremely strong
position in eastern Anatolia, where it commands
43
OYSA-N‹⁄DE Ç‹MENTO SAN. VE T‹C. A.fi.
www.oysanigde.com.tr
Listed in 1991
Ticker Symbol NIGDE
OYSA-‹SKENDERUN Ç‹MENTO
SAN. VE T‹C. A.fi.
Field of Activity Production and sale of cement
and ready-mix concrete.
www.oysa.com.tr
OYSA Ni¤de Çimento has an annual production
capacity of 410 thousand tons of clinker and 916
thousand tons of cement, making it one of Turkey’s
leading cement producers. The Company again
posted successful results in 2002.
OYSA Ni¤de Çimento’s cement manufacturing
processes have been awarded a TS-EN-ISO 9002
Quality Assurance System certificate. In addition
to its facilities in Ni¤de, the Company has three
ready-mix concrete plants in different locations.
In 2002, OYSA Ni¤de Çimento saw its profitability
increase 40% as compared with the previous year
while also raising its share of the Central Anatolia
region market from 6.8% to 9% and of the Turkish
national market from 14% to 19%.
During the first half of 2003, OYSA ‹skenderun
Çimento will be merged into OYSA Ni¤de Çimento
under a decision that was taken in 2002 and is
strategically important for the Company’s future.
As a result of this merger, OYSA Ni¤de Çimento
will gain significant advantages from the
standpoints of capacity and lower costs, which
will give additional impetus to its sales both at
home and abroad and further strengthen its position
44
in the sector. With the completion of the merger,
the Company’s annual production capacity will
increase to 415 thousand tons of clinker and 1.9
million tons of cement.
In 2002, OYSA Ni¤de Çimento sold a total of 717
thousand tons of cement.
OYSA ‹skenderun Çimento was originally founded
in 1974. The Company has an annual cement
milling capacity of 1 million tons and two readymix concrete plants in addition to its facilities in
‹skenderun.
OYSA ‹skenderun Çimento production processes
have been awarded a TS-EN-ISO 9002 Quality
Assurance System certificate. Under a decision
taken in 2002, the Company is to be merged into
OYSA Ni¤de Çimento, a sister company in the
OYAK Cement Group, in 2003.
The Company that results from this merger will be
significantly stronger in terms of its production and
marketing competitiveness and from the standpoint
of economies of scale.
OYKA KA⁄IT AMBALAJ A.fi.
Field of Activity Packaging materials
www.oyakcimento.com
OYKA Ka¤›t Ambalaj is one of Turkey’s leading
manufacturers of paper sacks and packaging.
The Company, which has been awarded a TSEN-ISO 9002 Quality Assurance System certificate,
produces a full range of paper sacks and
packaging materials for cement, quicklime, and
other products.
OYKA Ka¤›t Ambalaj has an annual production
capacity of 80 million paper sacks, making it one
of the biggest manufacturers in the country. The
Company, which also exports to a number of
countries, is responsible for some 20% of Turkey’s
paper sack production in a sector where there are
five other producers and a domestic market for
about 400 million paper sacks a year.
45
Automotive
Group
OYAK Renault
MA‹S
Turkey’s leading
automobile exporter
Turkey’s biggest
automobile sales network
170,000 vehicles a year
production capacity
17.6% share of the domestic
market
OMSAN Lojistik
The leader of Turkey’s
automobile market since
1998
Combined highway, sea, and air
transport
Integrated service
in the European Union
Goodyear
OYAK’s first subsidiary
Turkey’s
leading tire manufacturer
A global experience of more
than a century
46
OYAK RENAULT OTOMOB‹L FABR‹KALARI A.fi.
Field of Activity Manufacturing of Renault
automobiles and their spare parts
www.renault.com.tr
OYAK Renault is the export champion of Turkey’s
automotive industry. Operating under a license
from the French automotive giant Renault, the
Company has been manufacturing motor cars,
engines, components, and spare parts since 1971,
the year it commenced production with an annual
capacity of 20,000 vehicles. Today the Company
can turn out 700 vehicles a day and 170,000
vehicles a year.
Due to the extraordinary contraction experienced
in the domestic market in 2002, OYAK Renault
continued to give emphasis to its foreign markets.
The Company sold a total of 100,191 automobiles
in 2002, 87,219 of which were shipped abroad.
As a result of this excellent international sales
performance, OYAK Renault once again ranked
first in 2002 as Turkey’s leading exporter of
automobiles.
The quality of OYAK Renault’s production and
processes was demonstrated when the Company
was awarded both an ISO 9001 Quality Assurance
System certificate and an ISO 14001 Environmental
Management System certificate in 1996. The
Company exports a substantial portion of its output
to world markets, many of which are western
European countries. Indeed OYAK Renault’s export
performance is the best possible proof that the
Company’s production meets world standards.
The Company’s plant, which is located in Bursa,
consists of two separate units: one assembles
bodies and the other manufactures engines and
transmission elements.
47
MA‹S MOTORLU ARAÇLAR ‹MAL VE SATIfi A.fi.
Field of Activity Sale and after-sale services for
Renault motor vehicles
www.renault.com.tr
MA‹S is the Turkish general distributor for Renault
automobiles. With six branches (located in ‹stanbul,
Ankara, ‹zmir, Bursa, Adana, and Diyarbak›r) and
with an authorized dealership network that reaches
everywhere in the country, MA‹S is Turkey’s biggest
automobile sales network.
A total of 94,898 automobiles were sold in the
Turkish market in 2002. 16,716 of them were sold
by MA‹S, giving it a 17.6% share of the domestic
market. The Clio Symbol once again finished the
year as the automobile most sold in Turkey, just
as it did in 2001. In 2001, 8,071 of these vehicles
were sold, giving them a market share of 8.5%.
With the inclusion of commercial vehicles as well,
MA‹S sold a total of 21,858 units in 2002.
MA‹S has not surrendered its leadership of Turkey’s
automobile market since 1998. In 2002 it continued
to strengthen its position through investments and
by providing products, sales, and after-sale
services that fully addressed customers’ needs.
48
OMSAN LOJ‹ST‹K A.fi.
Field of Activity Logistical services; national
and international highway, air, and sea
transport.
www.omsan.com.tr
GOODYEAR LAST‹KLER‹ T.A.fi.
Field of Activity Production of tires and inner
tubes; manufacturer of tread rubber
www.goodyear.com.tr
Listed in 1986
Ticker Symbol GOODY
OMSAN Lojistik is one of Turkey’s leading
transport companies, providing integrated highway,
sea, and air transport services with a fleet of 550
dry bulk carriers, automobile carriers, and cement
carriage trucks.
new areas of operation. OMSAN Lojistik ranked
among the top companies cited by the newspaper
Dünya as “the year’s most successful companies
in their individual sectors” survey that it conducts
every year.
Having developed its strategy of providing
integrated services in the European Union, OMSAN
Lojistik has set up a new subsidiary in Bulgaria
called OMSAN Lojistik EOOD. Bulgaria is set to
become a full member of the EU in 2007 and the
country is an important link in OMSAN Lojistik’s
chain of investments aimed at achieving integration
and competitive strength in Europe. OMSAN Lojistik
also has two other European subsidiaries–OMSAN
GmbH in Germany and OMSAN SARL in
France–and a liaison office in the Italian port city
of Trieste. During 2002 OMSAN Lojistik entered
into a cooperation agreement with Transfesa,
Europe’s leading logistic services company. This
agreement will further strengthen the Company’s
ability to provide services at the global level.
All of OMSAN Lojistik’s processes and activities
have been audited and awarded an ISO 9002
Quality Assurance System certificate.
Goodyear is a joint venture set up by Goodyear
USA and OYAK. The Company also has the
distinction of being OYAK’s first subsidiary and its
stock has been trading on the ISE National Market
since 1986. Goodyear has two plants, one in ‹zmit
and the other in Adapazar›, in which it manufactures
tires for automobiles, trucks, pickups, buses,
minibuses, tractors, and heavy-duty equipment
as well as tread rubber for use in tire rebuilding.
Despite the condition of recession that has been
plaguing the Turkish economy, OMSAN Lojistik
continued to grow in 2002. The Company ranks
among its sector’s trailblazers from the standpoints
of volume of business handled and of the quality
of its products and services.
In 2002 OMSAN Lojistik turned its attentions to
private transport services. The Company is also
involved in feasibility studies looking into possible
49
Food and
Chemicals
Group
HEKTAfi
TUKAfi
The leader of the
agricultural chemicals market
A leader
in its sector
Distributor for
Dupont, FMC, and Uniroyal
Chemical
300 products and
an HACCP total quality system
Nearly 200 products
Production capacity of
Products suitable for
organic farming
Exports to
51 countries
TAM G›da
ET‹ Pazarlama
Manufacturer of ET‹,
one of Turkey’s most
venerable food brands
A leading company
in its sector
50
Exports to
five continents
HEKTAfi T‹CARET T.A.fi.
Field of Activity Manufacturing and sale of
agricultural chemicals
www.hektas.com.tr
Listed in 1986
Ticker Symbol HEKTS
HEKTAfi has been manufacturing, importing, and
selling agricultural chemicals essential for farming
since 1956. The Company is also the Turkish
distributor for such world giants as Dupont, FMC,
and Uniroyal Chemical.
HEKTAfi has a diversified product line of nearly
200 chemicals. It is also involved in a number of
activities to support organic farming, the produce
of which has been enjoying a rising tide of
consumer demand in recent years. HEKTAfi
has already put out fifteen new products in this
category. The Company plans to further expand
its product line with the introduction of veterinary
pharmaceuticals in 2003.
Despite the difficulties besetting the Turkish
economy last year, HEKTAfi managed to post a
profit in excess of its target by means of costcutting made possible by the short, medium, and
long-term measures it has been taking. HEKTAfi
is the leader of its sector, a position it enjoys thanks
to the enduring confidence that its customers have
in it. The Company produced a total of 10,603 tons
in 2002 and sold 10,725 tons. HEKTAfi’s market
share continues on the rising trend it has been
following in recent years and has reached 21.1%.
The Company’s activities and processes have
been awarded an ISO 9001 Quality Assurance
System certificate.
The correct use of agricultural chemicals is of
crucial importance from the standpoint of
agricultural productivity. In keeping with its own
acknowledged social responsibilities, every year
HEKTAfi provides thousands of dealers and
farmers with information about agricultural
chemicals in order to be certain that those who
sell its products and those who use them are
knowledgeable.
HEKTAfi has production facilities in Gebze and
fianl›urfa and it operates through seven regional
departments.
51
TUKAfi GIDA SAN. VE T‹C. A.fi.
Field of Activity Production and sale of canned
goods, pickles, ketchups, mayonnaises, jams
and jellies and instant dried foods
www.tukas.com.tr
Listed in 1994
Ticker Symbol TUKAS
TUKAfi is a strong leader of Turkey’s processed
foods sector has been in business for more than
four decades. Founded in 1962, TUKAfi joined
the OYAK Group in 1967. As a member of OYAK,
a powerful group of companies that actively
contribute to our country’s economic and social
life, TUKAfi has continued to pile up success upon
success in the years since.
TUKAfi’s headquarters are located in ‹zmir and
the Company has production facilities in Turgutlu,
Torbal›, and Manyas. Its factories’ processes have
been awarded ISO 9001 and HACCP total quality
system certificates.
TUKAfi’s product line consists of approximately
300 different items including tomato paste, canned
fruits and vegetables, ketchups, ready-to-eat foods,
pickles, honey, jams and jellies, cheeses, butter,
olives, mayonnaise, sauces, and instant dried
foods.
Currently undergoing a process of radical change
and renovation, TUKAfi continued to grow in 2002
while further increasing its brand strength and
product category market shares. The modernization
of the Manyas plant, which was acquired in
December 2001, has been completed and the
52
plant commenced operation in May 2002. The
Manyas plant has made it possible for the
Company’s total production capacity to reach
about 130,000 tons a year, which amounts to a
76% increase in its overall output.
Product research and development efforts
continued in 2002, a year in which sixty new
products were added to the Company’s product
line and supplied to market. Efforts to further
develop marketing activities have resulted in
increased brand strength and market shares for
individual products. As of year-end 2002, TUKAfi
ranked among the top three companies from the
standpoint of market share in every product
category in which it was active. Sales in 2002 were
up year-on 109% in terms of their Turkish lira value
and 58% in terms of tonnage. TUKAfi has also
been as energetic in exports as it is in the domestic
market. The number of countries to which the
Company sells its goods has reached 51.
Customer-focused and innovative, TUKAfi is one
of Turkey’s food industry pioneers. In a competition
conducted by Tüketici Raporu, the Consumer
Report, TUKAfi received the 2002 golden award
for consumer-friendliness in the foods category.
TAM GIDA SAN. VE T‹C. A.fi.
Field of Activity Manufacture of biscuits,
crackers, cakes etc.
www.tamgida.com.tr
ET‹ PAZARLAMA VE SAN. A.fi.
Field of Activity Marketing and distribution
of biscuits, crackers, cakes etc.
www.etipazarlama.com.tr
TAM G›da manufactures biscuits, crackers,
chocolate products, creams, and specialties under
the “ET‹” brand name as well as a line of health
products.
ET‹ Pazarlama a leading marketer of foods,
handles the sale and distribution of TAM G›da
products. The Company significantly increased
its market share in 2002.
During 2002 the Company expanded its product
line while also increasing production quantities in
response to a resurgence in domestic market
demand.
As a company with great export potential, ET‹
Pazarlama gives particular importance to foreign
markets. During 2002 ET‹ Pazarlama sold and
marketed the full line of ET‹ products through
distributors located in about 50 countries on five
continents.
53
Services
Group
OYAK ‹nflaat
OYTAfi
From housing
to industrial plants
Expertise in foreign trade
Zirvekent
Housing Project
21st-century
construction techniques
Leading trader
in coal and petrocoke
OYAK Savunma ve
Güvenlik Hizmetleri
OYAK Turizm
Security
services
Serving
national and international
customers
Transporting
cash, negotiable instruments,
and valuables
IATA
member
Electronic and physical
security systems
Class A
travel agent
OYAK Enerji
OYAK Konut
Real estate development
Contemporary Houses Project
54
OYPA
OYAK ‹NfiAAT A.fi.
Field of Activity Project, construction,
and installation works for any kind of
building
www.oyakinsaat.com.tr
OYAK ‹nflaat is the OYAK Group’s construction
company. Founded in 1982, OYAK ‹nflaat
undertakes the design and the construction and
installation works for all types of construction
projects including housing, hospitals, industrial
plants, touristic facilities, and military facilities.
In addition to being the prime contractor for the
Social Security Corporation, the Company is also
successfully conducting its own Zirvekent project
to build housing for the general market. The third
phase of this project, consisting of 192 units, was
launched in 2002 and the homes are slated for
completion during 2004.
OYAK ‹nflaat has the organizational talent and
capacity to make use of advanced 21st-century
construction techniques such as prefabrication,
tunnel molds, and steel construction as well as
classical construction systems and it has been
devoting more and more attention to this new area.
OYAK ‹nflaat is also pursuing its efforts to undertake
projects outside Turkey as part of its efforts to
become an international contractor.
The Company’s activities and processes have
been awarded an ISO 9001-2000 certificate.
55
OYTAfi ‹Ç VE DIfi T‹C. A.fi.
Field of Activity Domestic and
international trade
www.oytas.com.tr
OYTAfi is a foreign trade company that specializes
in exploiting the OYAK Group’s import and export
potential. The Company engages in all forms of
foreign trade and has commanded a respected
position in its sector for more than a quarter of a
century thanks to its expertise and professionalism
in import/export and to its skilled personnel.
OYTAfi’s services all have ISO 9002 certification.
In imports, OYTAfi is the leading company in
Turkey in the business of importing and selling
coal for heating purposes and petrocoke. The
Company also procures the coal and other
materials needed by OYAK Group cement
companies, seeking out suitable sources and
buying high-quality goods under the most
economical conditions possible.
In 2002 OYTAfi exported 779,123 tons of clinker
and 514,579 tons of cement. The Company also
sold a total of 1.3 million paper sacks manufactured
by its sister company OYKA Ka¤›t Ambalaj.
56
OYAK TUR‹ZM VE T‹C. A.fi.
Field of Activity Tourism and trade in all
relevant goods and supplies
www.oyaktur.com.tr
OYAK Turizm conducts its activities under the
OYAK guarantee of quality, employing a young
and dynamic team and professional managers to
provide painstaking, top-notch service. The
Company posted successful results in 2002, a
year in which it renovated its information systems
in order to serve its customers better and increase
its market share. OYAK Turizm’s reorganization
has also been completed.
OYAK Turizm’s principal services include domestic
and international flight bookings and organizing
national and international events such as
congresses, conferences, seminars, courses, and
company and dealers’ meetings. The Company
also operates the sports facilities at Zirvekent in
Ankara. OYAK Turizm is a member of IATA and
holds a Class A travel agency license.
In 2002 OYAK Turizm opened a new reservation
office inside the Fenerbahçe Officers’ Club in
‹stanbul. The Company is well on its way towards
its goal of becoming one of the leaders of the
Turkish tourism industry.
57
OYAK SAVUNMA VE GÜVENL‹K
S‹STEMLER‹ A.fi.
Field of Activity Security services
www.oyakguvenlik.com.tr
OYAK Savunma ve Güvenlik Sistemleri
is a private security company. It was founded in
2000 to provide solutions for OYAK Group
members and for Turkish and foreign companies
interested in receiving quality-guaranteed service
in the areas of security, transport of cash and
valuables, consultancy, and investigations and
intelligence.
The Company quickly and successfully completed
its startup phase after which it began serving its
customers. It showed a profit in 2002. Originally
founded as OYAK Güvenlik (OYAK Security), the
Company was renamed OYAK Savunma ve
Güvenlik Sistemleri (OYAK Defense and Security
Systems) in December 2002.
In 2003 the Company plans to devote more
attention to projects related to the setting up of
electronic and physical security systems while
continuing to rapidly increase both the size of its
customer portfolio and the range of its products
and services.
58
OYAK KONUT ‹NfiAAT A.fi.
Field of Activity Housing project
development and management
OYAK Enerji
OYAK ENERJ‹ SAN. VE T‹C. A.fi.
Field of Activity Energy production-distribution
OYPA OYAK BÜYÜK MA⁄AZACILIK A.fi.
Field of Activity retailing and wholesaling
OYAK Konut is a new subsidiary founded by
OYAK in 2002 and is active in the design and
management of housing and land development
projects. OYAK Konut’s highest-priority mission is
to develop housing projects for OYAK members
and for the general market. One of its goals is to
make every OYAK member a homeowner.
The Company is currently managing the OYAK
Ça¤dafl Evler (OYAK Contemporary Houses)
project that it inaugurated a few years ago.
OYAK firmly believes in the crucial importance
that the energy sector has for our country, regarding
it as a business that will be providing many new
opportunities in the near future. OYAK Enerji is
currently involved in a number of projects to identify
which areas it will be serving. As soon as these
are finalized, its organization will be set up and
the Company will commence operations.
In keeping with OYAK’s primary mission of ensuring
that its members can enjoy a modern and
comfortable standard of living in their retirement
years, OYAK Konut is also working together with
OYAK on developing a long-term, low-cost
mortgage financing model.
OYAK Enerji was founded in 2002 by OYAK to
seek out opportunities to exploit the great potential
in Turkey’s energy sector and to develop and carry
out projects to transform that potential into added
value.
OYPA is one of the oldest retail chains in Turkey.
Originally founded in 1963 to own and operate
military commissaries, the Company was
transformed into a joint-stock company in 1998.
As OYPA failed to achieve a desirable level of
profitability, OYPA’s commercial activities were
suspended in the third quarter of 2002 by a decision
taken at an extraordinary shareholders meeting
and the Company was put into dormancy.
59
Board of Directors
1
2
3
4
5
6
7
1
Y. Selçuk Saka (Ret.) Lieutenant General
Chairman
2
‹brahim Aç›kmefle Major General Gendarmerie
Board Member
3
Cevat Temel Özkaynak Major General
Board Member
4
Bekir Ata Y›lmaz Air Force Brigadier General
Board Member
5
Mehmet Tafl Brigadier General
Board Member
6
Nafiz Kartal Rear Admiral
Board Member
7
Lütfi Fikret Tuncel
Board Member
8
CEO and Board Member
Sabri Demirezen Brigadier General
Board Member
Resigned on 13 August 2002.
8
Board of Auditors
1
Ahmet Feyyaz Ö¤ütcü Rear Admiral (UH)
Member
2
Haydar Gezmifl
Member
Ekrem Keskin, Ph.D.
Member
1
60
2
Executive Management
1
2
4
1
2
Caner Öner, Ph.D.
Executive Vice President
Investments and Information Systems
3
Dr. Ayd›n Müderriso¤lu
New Business Development
4
Hülya Atahan
Financial and Administrative Affairs
5
Ergün Oktay Okur
Member Services
6
Celalettin Ça¤lar
Head of Cement and Automotive Groups
3
5
6
61
Denetim Serbest
Mali Müflavirlik A.fi.
‹ran Caddesi 33/4 06700
Gaziosmanpafla - Ankara
Türkiye
Tel: (312) 427 62 35
Faks: (312) 427 62 02
www.deloitte.com.tr
ORDU YARDIMLAfiMA KURUMU
(ARMED FORCES PENSION FUND)
INDEPENDENT AUDITORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2002
1. We have audited the accompanying balance sheet of Ordu Yard›mlaflma Kurumu (Armed Forces
Pension Fund) (‘OYAK – the ‘Institution’) as at 31 December 2002 and the related statement of income
for the year then ended. These financial statements are the responsibility of the Institution’s management.
Our responsibility is to express an opinion on these financial statements based on our audits.
2. We conducted our audits in accordance with International Standards on Auditing. Those standards
require that we plan and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audits provide a reasonable basis for our
opinion.
3. Under the terms of the existing social legislation in Turkey and the labor union agreement, the Institution
is required to make lump-sum payments to employees whose employment is terminated due to retirement
or for reasons other than resignation or misconduct. However, as of December 31, 2002 the Institution
did not provide a reserve for the retirement pay liability of TL 2,266 billion (31 December 2001: TL 1,724
billion) since such reserve is not compulsory under the Uniform Chart of Accounts. (Note: 18)
4. As of December 31, 2002, the Institution did not provide a reserve for the Civilian Defence Fund liability,
amounting to TL 2,473 billion (31 December 2001: TL 2,972 billion) in the accompanying financial statements
(Note: 17).
5. The banks operating in Turkey have to eliminate the effects of inflation from their financial statements
according to the International Accounting Standards and during profit distribution, inflation adjusted profit
has to be taken as basis according the decisions taken by Banking Regulation and Supervision Agency
(BRSA) in 2002. According to the regulations of Law published on 31.01.2002 in the Official Gazette which
amends Law Number: 4389, bank’s financial statements as of 31.12.2001 were subject to a special
independent audit with an enlarged scope. According to the results of the independent audit, the financial
statements of the Bank which were the basis of the dividend income accrual have changed. As a result,
the total dividend income of TL 148,776 Billion from Oyakbank and Sümerbank decreased to TL 123,468
Billion. The difference of TL 25,308 Billion was recorded as ‘Inflation Accounting Difference’ under the
participations account in the accompanying financial statements by considering the profit distribution
62
principles stated in the Turkish Commerce Law (Note: 10b). Same accounting method is applied for the
difference of TL 25,542 Billion arose by the end of the year 2002 (Note:10b). These dividends gained
according to the principles of Turkish Commerce Law are recorded to the ‘Retained Earnings’ account
in the statutory financial statements of the Oyak Bank A.fi and uncertainty about the distribution of these
dividends in the future periods from Oyak Bank A.fi. is still continuing as of the reporting date.
6. The commercial operations of Oyak Büyük Ma¤azac›l›k Ticaret A.fi (OYPA), which is a subsidiary of
OYAK with a cost value of TL 30,755 Billion as of 31.12.2002, is decided to be suspended at the Extraordinary
General Meeting of the Institution on 5 October 2002, due to the continuing losses. According to this
decision, commercial operations of OYPA are stopped and liquidation for the stores is still in process.
Agreements for the transfer of stores are in the signing stage with Migros Türk A.fi for the 11 stores for
an amount of USD 5.6 Million, and Gima T.A.fi for the 2 stores for an amount of USD 770 Thousand. Nature
of future commercial operations and last financial position of OYPA are still uncertain by the reporting
date.
7. In our opinion, except for the effects of the matters discussed in the paragraphs above, the financial
statements referred above present fairly, in all material respects, the financial position of the Ordu
Yard›mlaflma Kurumu (Armed Forces Pension Fund) as of 31 December 2002 and the results of its
operations for the year then ended in accordance with the rules and principles indicated in Law of Oyak
(Law Number 205 "the Code"- Note 1) and generally accepted accounting principles in Turkey.
Ankara, 3 March 2003
DENET‹M SERBEST MAL‹ MÜfiAV‹RL‹K A.fi.
Member Firm of DELOITTE TOUCHE TOHMATSU
Bülent BEYDÜZ
Partner
Translated from Turkish original
63
OYAK ORDU YARDIMLAfiMA KURUMU
BALANCE SHEETS AS AT 31 DECEMBER 2002 AND 2001 (Billion TL)
I. CURRENT ASSETS
A. Cash and Cash Equivalents
1. Cash
2. Banks
3. Cheques Given and Payment Orders (-)
4. Other cash equivalents
B. Marketable Securities
1. Share Certificates
2. Private Sector Notes, Bonds and Bills
3. Public Sector Notes, Bonds and Bills
C. Short Term Trade Receivables
1. Receivables from Retired Members
2. Receivab. from Govern. Finan. Offices and Serv. Borr.
3. Dividends Receivable
4. Other Trade Receivables
5. Doubtful Trade Receivables
D. Other Receivables
1. Receivables from Participations
2. Receivables from Subsidiaries
3. Investments with Social Purposes
4. Receivables from the Personnel
5. Other Various Receivables
E. Inventories
1. Raw material
2. Trade Goods
F. Short Term Prepaid Expenses and Income Accruals
1. Prepaid Expenses
2. Income Accruals
G. Other Current Assets
1. VAT Carry-forward
2. VAT Deductible
3. Job Advances
4. Personnel Advances
5. Other Current Assets
II. NON CURRENT ASSETS
A. Trade Receivables
1. Deposits and Guarantees
B. Financial Non-Current Assets
1. Participations
2. Capital Commitments to Participations
3. Subsidiaries
4. Capital Commitments to Subsidiaries
5. Other Financial Non-Current Assets
C. Fixed Assets
1. Land
2. Buildings
3. Machinery and Equipment
4. Vehicles
5. Furnitures and Fixtures
6. Other Tangible Fixed Assets
7. Accumulated Depreciation
8. Construction in Progress
D. Intangibles
1. Rights
2. Leasehold Improvements
3. Accumulated Depreciation
E. Other Non-Current Assets
TOTAL ASSETS
Housing Pre-Accumulation Fund
Retirement Income System Based On Donations
TOTAL ASSETS INCLUDING FUNDS
64
TECHNICAL
ASSETS
31.12.2002
TECHNICAL
ASSETS
31.12.2001
1,012,162
592,600
28
592,442
(26)
156
153,739
16,943
1,332
135,464
134,364
1,215
841
120,467
2,580
9,261
94,198
1
16,528
77,517
152
1,396
71
1,325
31,883
9
31,874
3,982
3,739
25
218
811,693
426,921
23
427,114
(325)
109
12,396
1,435
10,961
294,956
1,163
1,050
282,160
10,145
438
71,439
2
253
71,027
157
1,476
35
1,441
2,713
4
2,709
1,792
1,780
12
766,055
725,407
138,754
586,653
39,367
7,366
31,141
944
71
2,414
2
(3,399)
828
1,274
72
1,380
(178)
7
446,241
418,609
91,481
327,128
26,380
6,728
19,008
854
41
1,149
2
(1,980)
578
1,247
1,380
(133)
5
1,778,217
1,257,934
127,568
156,659
52,605
69,555
2,062,444
1,380,094
BALANCE SHEETS AS AT 31 DECEMBER 2002 AND 2001 (Billion TL)
TECHNICAL
LIABILITIES
31.12.2002
TECHNICAL
L LIABILITIES
31.12.2001
8,973
1,698
1,282
279
137
1,293
1
543
1
748
505
232
115
158
381
381
4,982
4,750
232
114
9
105
7,937
820
598
120
102
835
2
307
1
525
410
203
74
133
160
160
5,618
5,524
94
94
94
-
579
579
579
-
1,214
1,214
1,214
-
III. EQUITY
A. Reserves
B. Revaluation Funds
C. Profit
1. Current Year Income
D. Capitals of Army Markets
1,768,665
1,273,974
494,691
494,691
-
1,248,783
654,401
594,382
594,382
-
TOTAL LIABILITIES
1,778,217
1,257,934
127,568
156,659
52,605
69,555
2,062,444
1,380,094
I. SHORT TERM LIABILITIES
A. Trade Payables
1. Suppliers
2. Payables to Members
3. Payables to Financial Offices
4. Deposits and Guarantees Taken
B. Other Payables
1. Payables to Participations
2. Payables to Subsidiaries
3. Payables to Personnel
4. Other Miscellaneous Payables
C. Advances Received
1. Resources for House Constructions
D. Taxes and Other Liabilities Payable
1. Taxes and Funds Payable
2. Social Security Deductions Payable
3. Other Liabilities Payable
E. Reserves
1. Reserves for Taxes
2. Other Reserves
F. Deferred Income and Expense Accruals
1. Short Term Deferred Income
2. Expense Accruals
G. Other Short Term Liabilities
1. Current Accounts of Headquarter and Branches
2. Count Differences
3. Other Short Term Liabilities
II. LONG TERM LIABILITIES
A. Trade Payables
1. Deposits and Guarantees Taken
B. Deferred Income and Expense Accruals
1. Long Term Deferred Income
C. Retirement Pay Liabilities
Housing Pre-Accumulation Fund
Retirement Income System Based On Donations
TOTAL LIABILITIES INCLUDING FUNDS
65
INCOME STATEMENTS FOR THE YEARS ENDED 31 DECEMBER 2002 AND 2001 (Billion TL)
TECHNICAL
INCOME
31.12.2002
TECHNICAL
INCOME
31.12.2001
A. Investment Income
1. Income from Participations
2. Income from Subsidiaries
3. Rent Income
4. Income from Placements
B. Income from Social Investments
1. Income from Army Markets
2. Loan Lending Assis. and Commodity Credits Inc.
3. Housing Aid Income
C. Other Income
1. Interest and Commissions Income
2. Other Income
D. Revaluation Funds
391,348
47,384
102,091
5,655
236,218
31,356
1,757
12,725
16,874
37,838
2,101
35,737
59,346
530,012
75,345
207,908
4,637
242,122
19,407
1,645
5,421
12,341
12,872
2,692
10,180
45,817
TOTAL INCOME
519,888
608,108
E. Administrative Expenses
1. Personnel Expenses
2. Legal Branch Expenses
3. Office Expenses
4. Fixed Assets Expenses
5. Miscellaneous Expenses
6. Social and Cultural Expenses
7. Depreciation Expenses
F. Financial Expenses
1. Bank Commission Expenses
2. Share Certificate Commissions and Expenses
3. Other Financial Expenses
G. Real Estate Operational Expenses
H. Other Expenses
(18,339)
(11,025)
(213)
(1,195)
(363)
(4,320)
(571)
(652)
(1,120)
(288)
(697)
(135)
(396)
(2,668)
(11,416)
(7,657)
(151)
(740)
(201)
(2,024)
(373)
(270)
(434)
(282)
(152)
(313)
(162)
TOTAL EXPENSES
(22,523)
(12,325)
OPERATIONAL INCOME
497,365
595,783
(2,674)
(1,401)
I. Technical Income/(Expense), net
J. Civilian Defense Fund
NET CURRENT YEAR PROFIT
66
-
-
494,691
594,382
Directory
ORDU YARDIMLAfiMA KURUMU
Ziya Gökalp Cad. No: 64
06600 Kurtulufl/Ankara-TURKEY
Phone: (90 312) 415 60 00
Fax: (90 312) 432 27 05
www.oyak.com.tr
Financial Services
OYAK BANK A.fi.
Phone (90 212) 335 10 00
Fax (90 212) 335 20 05
Eski Büyükdere Cad.
Ayaza¤a Köy Yolu No: 6
Maslak 34398 fiiflli/‹stanbul-TURKEY
AXA OYAK A.fi.
Phone (90 212) 334 24 24
Fax (90 212) 249 48 28
Meclisi Mebusan Cad.
OYAK ‹fl Han› No: 81
34433 Sal›pazar›/‹stanbul-TURKEY
OYAK YATIRIM MENKUL
DE⁄ERLER A.fi.
Phone (90 212) 319 12 00
Fax (90 212) 351 05 99
Ebulula Cad. F-2 C Blok
Akatlar 34335 Levent/‹stanbul-TURKEY
HALK F‹NANSAL K‹RALAMA A.fi.
Phone (90 212) 230 92 48
Fax (90 212) 246 63 79 - 230 46 69
19 May›s Cad. Golden Plaza No: 1
Kat: 2 34360 fiiflli/‹stanbul-TURKEY
OYAK PORTFÖY YÖNET‹M‹ A.fi.
Phone (90 212) 216 41 44
Fax (90 212) 216 31 52
Keskinkalem Sok. No: 13
Esentepe 34394 fiiflli/‹stanbul-TURKEY
OYAK TEKNOLOJ‹ B‹L‹fi‹M VE KART
H‹ZMETLER‹ A.fi.
Phone (90 212) 339 23 00
Fax (90 212) 339 23 17-22
Büyükdere Cad. Polat Plaza
Ali Kaya Sok. No: 4 A Blok
Levent /‹stanbul-TURKEY
Cement
ADANA Ç‹MENTO SAN. T.A.fi.
Phone (90 322) 332 99 50
Fax (90 322) 332 95 01- 332 97 32
Ceyhan Yolu Üzeri
01321 Adana-TURKEY
MARD‹N Ç‹MENTO SAN. VE T‹C. A.fi.
Phone (90 482) 226 64 30
Fax (90 482) 226 64 36-37
Savuryolu 6. Km.
47019 Mardin-TURKEY
BOLU Ç‹MENTO SAN. A.fi.
Phone (90 374) 226 50 60
Fax (90 374) 226 50 68 - 69
Mengen Yolu Üzeri
14001 Çaydurt/Bolu-TURKEY
ELAZI⁄-ALTINOVA Ç‹MENTO
SAN. T.A.fi.
Phone (90 424) 224 39 21
Fax (90 424) 224 16 70
K›z›lay Mah. Kaz›m Karabekir Cad.
No: 12 23200 Elaz›¤-TURKEY
ÜNYE Ç‹MENTO SAN. VE T‹C. A.fi.
Phone (90 321) 321 11 00
Fax (90 321) 321 11 30
Devlet Sahil Yolu, Cevizdere Mevkii
52301 Ünye/Ordu-TURKEY
OYSA-N‹⁄DE Ç‹MENTO
Phone (90 388) 232 36 30
Fax (90 388) 232 36 34-232 09 83
Hac› Sabanc› Bulvar›
51270 Ni¤de-TURKEY
OYSA ‹SKENDERUN Ç‹MENTO
Phone (90 326) 654 25 10
Fax (90 326) 654 25 00
Karay›lan Beldesi Bitifli¤i
31201 ‹skenderun-TURKEY
OYKA KA⁄IT AMBALAJ A.fi.
Phone (90 322) 332 92 40
Fax (90 322) 332 94 26
Ceyhan Yolu Üzeri 11. km
Adana Çimento Fabrikas› ‹çi
01321 Adana-TURKEY
67
Automotive
OMSAN LOJ‹ST‹K A.fi.
Phone (90 216) 458 55 55
Fax (90 216) 458 54 54
Tugay Yolu No: 10 Maltepe
34846 Cevizli/‹stanbul-TURKEY
GOODYEAR LAST‹KLER‹ T.A.fi.
Phone (90 212) 329 50 00
Fax (90 212) 276 62 25
Büyükdere Cad. Maslak Meydan›
No: 41 34398 Levent/‹stanbul-TURKEY
TAM GIDA SAN. VE T‹C. A.fi.
Phone (90 222) 236 00 09
Fax (90 222) 236 03 49
Organize Sanayi Bölgesi
26110 Eskiflehir-TURKEY
ET‹ PAZARLAMA VE SAN. A.fi.
Phone (90 212) 325 21 71
Fax (90 212) 325 22 60
Gültepe Mah. Harman Cad.
Ali Kaya Sok. Polat Plaza B Blok
No: 2 Kat: 7-8
34394 1. Levent/‹stanbul-TURKEY
OYAK ‹NfiAAT A.fi.
Phone (90 312) 286 53 10
Fax (90 312) 286 49 96
Eskiflehir Devlet Yolu No: 6
Sö¤ütözü Mevkii
06520 Befltepe/Ankara-TURKEY
OYAK SAVUNMA VE GÜVENL‹K
S‹STEMLER‹ A.fi.
Phone (90 312) 232 06 88
Fax (90 312) 231 15 34-231 15 67
Necatibey Cad. OYAK ‹fl Merkezi
No: 51/30 K›z›lay/Ankara-TURKEY
OYAK ENERJ‹ SAN. VE T‹C. A.fi.
Polat Plaza Ali Kaya Sok. No: 4 A Blok
Levent/‹stanbul-TURKEY
OYTAfi ‹Ç VE DIfi T‹C. A.fi.
Phone (90 212) 293 42 10
Fax (90 212) 293 42 20–21
Kemeralt› Cad. No: 28 K: 2-3
80030 Karaköy/‹stanbul-TURKEY
OYAK KONUT ‹NfiAAT A.fi.
Phone (90 212) 324 54 54
Fax (90 212) 324 54 59
Polat Plaza Büyükdere Cad.
Ali Kaya Sok. No: 4 Kat:10
34394 4. Levent/‹stanbul-TURKEY
OYAK RENAULT OTOMOB‹L
FABR‹KALARI A.fi.
Phone (90 212) 326 44 44
Fax (90 212) 326 44 66
Barbaros Plaza,
Emirhan Cad. No: 145/C
80700 Dikilitafl/‹stanbul-TURKEY
MA‹S MOTORLU ARAÇLAR ‹MAL VE
SATIfi A.fi.
Phone (90 212) 316 66 66
Fax (90 212) 268 04 20
Büyükdere Cad. No: 175
34394 Levent/‹stanbul-TURKEY
Food-Chemicals
HEKTAfi T‹C. T.A.fi.
Phone (90 262) 751 14 12
751 37 40-41
Fax (90 262) 751 14 22
Gebze Organize Sanayi Bölgesi
‹hsan Dede Cad. 700. Sok.
Gebze/Kocaeli-TURKEY
TUKAfi GIDA SAN. VE T‹C. A.fi.
Phone (90 232) 445 97 77
Fax (90 232) 482 12 22
Nadir Nadi Cad. No.15/1
35260 Konak/‹zmir-TURKEY
Services
OYAK TUR‹ZM VE T‹C. A.fi.
Phone (90 216) 474 11 11
Fax (90 216) 474 23 23
‹stanbul Office:
Mahir ‹z Cad. No: 50/1 Altunizade
81190 Üsküdar/‹stanbul-TURKEY
68
OYAK BÜYÜK MA⁄AZACILIK
T‹C. A.fi.
Phone (90 216) 411 06 06-09
Fax (90 216) 411 06 14-15
105 Evler, Halk Sok. No: 1
34734 Kozyata¤›/‹stanbul-TURKEY

Annual Report, 2002

Transcription

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