Annual Report 2007

Transkript

Annual Report 2007

We add value to our costomers’ projects.
responsibility
ANNUAL REPORT 2007
Contents
01 Agenda
02 Çimsa in Brief
03 Financial Highlights
04 Milestones
06 Message from the Chairman
08 Board of Directors and Audit Committee
09 Senior Management
11 Worldwide Developments in the Cement Industry in 2007
12 Developments in the Turkish Cement Industry in 2007
13 From an Investors’ Perspective
14 Activities in 2007
14 Our Production Plants
14 Çimsa Mersin Plant
16 Çimsa Kayseri Plant
17 Çimsa Eskiflehir Plant
18 Çimsa Ni¤de Plant
20 Ankara Cement Grinding and Packaging Facility
20 Çimsa Plant Information
21 Sales
21 2007 Production Figures
21 Capacity Utilization Rates of Rotating Kilns in 2007
21 Malatya Cement Packaging Plant
23 Products
26 Ready-Mixed Concrete
29 Cement and Ready-Mixed Concrete Plants
31 Investments in 2007
32 Organizational Studies and Training
32 Çimsa Development Programs
32 Senior Management Development Programs
32 Learning Organization Training
32 Behavioral and Vocational Training
34 Learning Organization Project
37 A New Performance Criterion: Measurement of the Organizational Climate
39 Çimsa’s Strategy Map
41 Links and Terminals Abroad
41 Çimsa Cementos Espãna S.A.U. - Spain
41 CSN Cement Sales North GmbH - Germany
41 Çimsa Cement Free Zone Ltd - Cyprus
41 C‹MSAROM Marketing Distributie S.R.L. - Romania
42 2007 Marketing Activities
47 Report on Compliance with Corporate Governance Principles
54 Annual Report 2007
55 Consolidated Financial Statements Together with Peport of Independent Auditors
103 Domestic Selling Points and Suppliers
128 Abroad Supply Points and Telephone Numbers
AGENDA
Ç‹MSA Ç‹MENTO SANAY‹ VE T‹CARET A.fi.
The agenda was reviewed at the Board of Directors Meeting number 1128 on
March 18, 2008 and submitted to the General Assembly for endorsement.
The Agenda of the Regular General Assembly to be held at 14.00 hours on
Tuesday, April 8, 2008.
AGENDA:
1- Call to order and composition of the Administrative Board,
2- Authorization of the Administrative Board to approve the meeting minutes
3- Reading and discussion of the Board of Directors' Annual Report and the
Auditors' Reports,
4- Reading, discussion and approval of the balance sheet and income
statement; consideration of and decision on the dividend distribution
proposal,
5- Release of Board of Directors and Auditor Committee from their liabilities
6- General Assembly ratification of the board members elected by the board of
Directors to replace the outgoing members,
7- Re-election of board members whose terms have expired and specification of
their new terms,
8- Re-election of members of the Audit Committee whose terms have expired
and specification of their new terms and compensation,
9- Informing shareholders of donations made during the year,
10- Ratification of the independent auditing company selected by the Board of
Directors,
11- Authorization of the Chairman and Members of the Board of Directors to
conduct procedures set out in articles 334 and 335 of the Turkish Commercial
Code.
Authorized Capital Ceiling
: TRY 200,000,000
Issued Capital
: TRY 135,084,442
Date of Incorporation
: December 21, 1972
Plant Location
: Yenitaflkent Beldesi, Mersin / TURKEY
Tel:
+90 (324) 454 00 60 - 454 00 68 (pbx)
Fax:
+90 (324) 454 00 75 - 454 00 76
Website:
www.cimsa.com.tr
Address:
Toroslar Mah., Tekke Cad.,
Yenitaflkent 33013, Mersin,
Turkey
Annual Report 01
Ç‹MSA IN BRIEF
Çimsa aspires to
achieve business
excellence at an
international standard
in terms of its Quality
Management,
Environmental
Management, and
Occupational Health
and Safety Systems.
A leading Turkish manufacturer of
cement and ready-mixed concrete
products, Çimsa produces special
products such as white cement and
calcium aluminate cement, as well as
gray cement. Founded in 1972, the
company began operations in 1975. In
the space of three decades the
company has managed to triple its
production. Çimsa is the market leader
in the production of special-type
cement, and it currently operates
cement and ready-mixed concrete
plants in Adana, Mersin, Kayseri,
Eskiflehir, Ni¤de, Ankara, Antalya,
Nevflehir, Osmaniye, Kahramanmarafl,
Aksaray, Karaman, Konya, Bilecik, and
Kütahya.
it is an international company creating
employment for the national economy
of Turkey.
Çimsa aspires to achieve business
excellence at an international
standard in terms of its Quality
Management, Environmental
Management, and Occupational
Health and Safety Systems. The
introduction of the waste-burning unit
in 2006 has brought significant
benefits towards protecting the
environment while cutting fuel costs.
The company also organizes scores of
activities that contribute to the social
and cultural development of Turkey.
Çimsa exports cement to thirty-five
countries. As illustrated by its most
recent investment of US$ 80.2 million,
Çimsa Cement Net Sales and EBITDA
(US$ Million)
450
440
Net Sales - US$ Million
400
EBITDA - US$ Million
354
350
Cumulative Average Growth Rate
: %15
Net Sales
: %16
EBITDA
300
250
121
117
112
98
160
121
100
50
219
173
200
150
267
44
42
36
39
41
49
1998
1999
2000
2001
2002
2003
79
164
100
0
02 Annual Report
2004
2005
2006
2007
Note: the figures are stand-alone values between 1997 and 2002, and consolidated figures
for 2003 and after.
FINANCIAL HIGHLIGHTS
(Currency- New Turkish Lira (TRY))
Key Balance Sheet Indicators
Cash and Cash Equivalents
Marketable Securities (net)
Trade Receivables (net)
Inventory (net)
2007
56,106,226
84,778,910
89,401,544
2006
53,748,963
64,351,750
59,283,064
Current Assets Total
268,317,077
207,731,229
Financial Assets (net)
Property, Plant and Equipment (net)
289,655,470
420,086,190
262,250,857
350,312,729
20,396,240
21,602,208
863,357,198
767,661,786
1,131,674,275
975,393,015
Shareholders' Equity
926,572,046
702,697,758
Key Income Statement Indicators
Sales (net)
Income and Profit from Other Operations
Operating Profit before Tax
Net Profit for the Year
2007
574,985,695
167,391,122
331,569,542
290,274,845
2006
471,447,540
21,868,675
152,936,552
136,096,434
Intangible Assets (net)
Fixed Assets Total
Total Assets
1,200,000,000
Total Assets
(TRY)
Shareholders' Equity
(TRY)
Sales (Net)
(TRY)
(TRY)
07
07
07
07
1,000,000,000
800,000,000
600,000,000
400,000,000
200,000,000
0
06
06
06
06
Annual Report 03
MILESTONES
1972
• The company is established in Mersin.
1975
• Production commences with an annual production
capacity of 1,000,000 tons.
1983
• Coal mill enters operation at the plant to bring down costs.
• Kiln units are installed.
1988
• Construction work starts on ready-mixed concrete plants.
1990
• Grey/white cement clinker production plant entered
operation, producing world-class white cement, and gray
cement as required.
1993
• Quality assurance system is established; the company
gains the TS-EN-ISO 9002 Quality Assurance System
Certificate.
1995
• Grinding/packing plant acquired in Kayseri.
1996
• A 500,000 tons capacity storage/packing plant in Antalya is
acquired, in addition to another packing plant in Malatya.
2000
• Çimsa becomes the world's largest white cement producer
under one roof with the establishment of the Hac› Sabanc›
Production Plant, Çimsa's second white cement production
line.
2002
• The quality assurance system is revised in accordance
with the new ISO 9000 standard in order to convert to a
quality management system. The Company is also awarded
the TS-EN-ISO 9001:2000 Quality System Certificate.
• Production commences at a new plant, manufacturing
calcium aluminate cement, a special type of hydraulic
binder resistant to high temperatures, chemical corrosion
and water, and that can rapidly reach high compressive
strength.
2003
• Closure of storage and packaging facility in Antalya.
• Initiation of the “Work Excellence Project” which
accelerates and enhances performance as well as
ensuring greater job security.
2005
• Çimsa submits the highest bid in a Turkish Saving Deposits
Insurance Fund auction of Standart Cement (the Eskiflehir
Cement Plant and the Ankara Cement Grinding Facility),
resulting in Çimsa's acquisition of Standart Cement, which
now supplies its products to the market under the Çimsa
brand.
• A completely new gray clinker production plant with a
daily capacity of 1,800 tons is established in Kayseri.
Hence, the existing cement grinding and packing plant
becomes an integrated plant by the end of the year,
reaching an annual capacity of 600,000 tons of clinker
production.
• To increase ready-mixed concrete production and
capacity, ready-mixed concrete plants enter service in
Osmaniye and Kahramanmarafl. In addition, one mobile
concrete terminal, two concrete pumps and 10 mixers are
added to the production and services fleet.
• Dust and gas emissions released during operations are
brought under control thanks to electro-filters and bag
filters. As part of a systematic approach to protect and
preserve the environment and individual health and to
raise awareness among employees, the company
established the TS-EN-ISO-14001 Environment Management
System and attained certification.
04 Annual Report
• To ensure the safety of employees, contracted employees
and visitors, the company implemented the TSE 18001
Occupational Health and Safety Management System and
attained certification.
• Çimsa obtained an Alternative Fuel Usage Certificate from
the Ministry of Environment and Forestry enabling the
incineration of category I and II waste oil.
• Erçim Çimento Sanayi Ltd. fiti., based in the Turkish
Republic of Northern Cyprus, was acquired becoming the
first international Çimsa subsidiary.
2006
• A new cement mill with a capacity of 100 tons per hour and
a clinker silo with a capacity of 70,000 tons were built in
Kayseri.
• A new cement mill with an 85 ton per hour capacity, a new
cement storage plant with a capacity of 5,000 tons, and a
closed trass (natural puzzolanic) silo were added to the
Ankara Facility.
• Our second international subsidiary, Cimsarom Marketing
Distributie S.R.L. was established in Romania.
• The new Production Line II went into operation in Mersin
to produce calcium aluminate cement, a special type of
hydraulic binder resistant to high temperatures, chemical
corrosion and water, and that can rapidly reach high
compressive strength.
• An agreement was signed with FLS at the end of July to
renovate the clinker cooling and kiln units of the Mersin
Production Facility I. The project is set to be completed in
early 2009.
• In Eskiflehir, the new coal mill, with a grinding capacity of
40 tons of petroleum coke per hour to serve both
production lines, went into service at the end of October.
• Oysa Ni¤de Cement Factory was taken over at the
beginning of November under the name of Çimsa Çimento
San ve Tic. A.fi. Ni¤de Cement Factory.
• A 50% stake in the Germany-based Cement Sales North
GmbH was acquired in June 2006, making it the third
international subsidiary.
• The investment in Production Line II, with a production
capacity of 2,300 tons of clinker per day, was completed
in Eskiflehir, and the facility was operating by the end of
the year.
• Exportaciones Sabanc› S.A., located in Spain, was
acquired to become Çimsa's fourth international subsidiary.
• Construction began on a 600 tons cement silo at the
Malatya Terminal, to be finished in February 2008.
• License to Use Alternative Fuels as Supplementary Fuels
was obtained for Plant I in Mersin.
• Operations were underway to establish new cement
terminals in Spain (Alicante), Romania (Constanta) and
Russia (Novorossiysk).
• The ‹ncirlik Ready-Mixed Concrete Plant entered
operation. In addition, the Tarsus Ready-Mixed Concrete
Plant was purchased and the Bat›kent Ready-Mixed
Concrete Plant was leased.
• License to Use Alternative Fuels as Supplementary Fuels
obtained for Plant I in Mersin in 2006 was revised to extend
its scope.
• Twenty-five mixers and two pumps were bought for readymixed concrete operations.
2007
• An agreement was signed with Loesche in April for the
modernization of the Mersin Cement Mill III. The project is
set for completion in mid-2008.
• Investment for modernizing Production Line I in Eskiflehir
Plant was completed in May; the plant went back into
operation.
• The new 85 tons per hour capacity cement mill in Eskiflehir
was operating by the end of May.
• New ready-mixed concrete plants were opened in
Bilecik, Silifke, Karahan, and Kütahya plants. Twenty new
trans-mixers and two concrete pumps were added to the
fleet of vehicles.
• Twenty mixers and two pumps were bought for readymixed concrete operations. Twenty-seven mixers and five
pumps were taken over from Oysa.
• Silifke and Ambarl› Plants went into operation. Plants
were taken over from Oysa in Aksaray, Karaman, and Ere¤li
on November 1, 2007. P›nar Ready-Mixed Concrete in
Bilecik was taken over on May 17, 2007. The lease of a
plant in Kütahya on November 1, 2007 concluded the plant
purchases and leases for 2007.
Annual Report 05
MESSAGE FROM THE CHAIRMAN
To efficiently manage
the synergy and
coordinate our
increasing number of
plants in Turkey, our
headquarters was
moved to Istanbul and
work to create the
infrastructure for
growth abroad is
underway.
Dear Shareholders,
Cement consumption is rising around
the world. In Turkey, too, the cement
sector has been among the most
vibrant in the past few years. Cement
consumption in Turkey demonstrated
consistent double-digit growth from
2004 to 2006 and, despite the
economic difficulties, it grew by 2% in
2007, surpassing 42 million tons. We
believe that in the forthcoming years,
provided macroeconomic policies
continue with structural reforms that
strengthen competition, reliability, and
investment in business, cement
consumption per capita in Turkey will
rise from the current level of 650 kg to
800-1000 kg, as seen in the EU.
Although this bright picture of rising
demand is overshadowed in part by
the new production capacity of 8-10
million tons that will come on line in
the short-term, we still view the future
positively.
By the end of 2005, we invested
approximately US$ 100 million in our
Eskiflehir and Ankara plants,
purchased from the Saving Deposits
Insurance Fund. As a result of these
investments in clinker lines and mills,
06 Annual Report
our clinker and cement grinding
capacity has tripled. These
investments and the improved
capacity utilization lowered fuel and
coal consumption. After the Saving
Deposits Insurance Fund handed over
these two plants, their high dust
emissions were reduced to levels
compliant with environmental
standards.
In all markets where we operate we
continued to expand our ready-mixed
concrete business, led by Eskiflehir,
Bilecik, and Kütahya, through
takeovers and building plants. In 2007,
the merger with Oysa was completed
and the Ni¤de plant was incorporated
into Çimsa.
To efficiently manage the synergy and
coordinate our increasing number of
plants in Turkey, our headquarters
was moved to Istanbul and work to
create the infrastructure for growth
abroad is underway. In 2008, we will
grow via new investments in the
Mediterranean and Black Sea basins,
and enlargement of our terminal
network in Germany, Spain, Romania,
and TRNC.
As one of the three key players in the
global white cement sector, Çimsa's
sales exceeded one million tons in
2007. Similarly we have become the
biggest supplier in the calcium
aluminate cement sector, which we
entered relatively recently. In order to
meet increasing export demand, a
second kiln came on stream doubling
our capacity.
Following “Ekobeyaz”, we marketed
“Ekoharç” maintaining our efforts to
offer our customers economic and
ecological products. Our turnover
reached US$ 440 million and our
operational profit (EBITDA) attained
the US$ 163 million mark.
While growing, we aim to make
contributions that create benefits for
the future. To this end we support
formal and vocational education
activities and environmental projects,
especially in the regions where we
operate.
In recognition of social
responsibilities, we have contributed
to the preservation of the natural
habitat in those of our plants which
were awarded the License to Use
Wastes as Supplementary Fuels. In
Mersin, 50,000 saplings are being
planted for the rehabilitation of
quarries. An artificial lake is being
made out of the old clay furnace in the
Eskiflehir plant to create a new habitat
for diverse animal and plant species
compatible with the geography, on
50,000 m2 of land.
For many years, we have organized
panels, contests, and sponsorship
activities to help preserve our artistic
and cultural heritage and to support
new talent. The most recent link in this
chain of events was the sponsorship
of a book entitled, “A Historic Tour of
the Asian Side of Istanbul” by Gönül
Hal›c›. Within this framework, we
Championship she took second place,
earning a place on the Turkish
National Chess Team.
I thank everyone who contributed to
and supported Çimsa's growth
objectives.
Best regards,
Erhan Kam›fll›
Chairman of the Board
continued our sponsorship for the
2007 Archiprix-Turkey Architecture
Students Graduation Projects Contest.
We are delighted with the
achievement of ‹rem Yak›c›, whom we
have supported since 2006. She was
73rd in the category for 10-year-olds
at the 2007 World Chess
Championships, in which 105
contestants from 52 countries
participated. In the Turkish
Annual Report 07
BOARD OF DIRECTORS AND AUDIT COMMITTEE
Board of Directors
1 Erhan Kam›fll›
2 Mehmet Göçmen
3 M. Nedim Bozfak›o¤lu
4 Tamer Güven
5 Y›lmaz Külcü
6 Mehmet Hac›kamilo¤lu
Chairman
Vice Chairman
Member
Member
Member
General Manager
2
Audit Committee
Mehmet Sert
Bahad›r Boran
08 Annual Report
Auditor
Auditor
5
1
3
6
4
SENIOR MANAGEMENT
8
7
10
3
2
1
5
4
6
9
1
2
3
4
Mehmet Hac›kamilo¤lu
Hüseyin Özkan
Basri Dinçer
Tamer Denizci
5
6
7
8
9
10
fiahap Sar›er
Mutlu Do¤ruöz
Mehmet fiahin
Fikret Uluakay
Do¤an Özkul
Naci Rüzgar
General Manager
Assistant General Manager (Marketing and Sales)
Assistant General Manager (Cement Production)
Assistant General Manager (Financial and Administrative
Departments)
Assistant General Manager (Ready-Mixed Concrete)
Assistant General Manager (Investment and Automation)
Plant Manager (Kayseri)
Plant Manager (Eskiflehir)
Plant Manager (Ni¤de)
Plant Manager (Ankara)
Annual Report 09
01
02
03
04
2,557
2,278
2,110
2,012
1,680
00
1,832
1,640
98 99
1,543
1,589
(in millions of tons)
2,755
Global Cement Consumption
2,934
In each and every task, our aim
is high performance.
performance
MERS‹N
05 06T 07T 08T
Source: The Global Cement Report, 7th Edition, 2007
WORLDWIDE DEVELOPMENTS IN THE CEMENT INDUSTRY
IN 2007
Another good year... What about 2008?
A shining star in the business firmament
over the last few years, the global cement
sector continued to bustle in 2007.
Regardless of world economic growth of
5.1%, the global construction sector is still
making baby steps for the most part,
particularly in emerging economies and
Asian countries. Urbanization, the massive
shortage of housing stock, and expanding
infrastructural investments keep the
demand for construction materials alive.
One view of the cement sector reveals that
global consumption in 2007 decelerated
slightly due to economic developments,
with growth falling back to 7.7% to total
2.76 billion tons. Although demand for
cement has been strong in many
developed or developing countries, it has
slid in the USA - traditionally one of the
biggest markets for cement - under the
impact of the housing market turmoil.
The dynamism of Asian economies, a
driving force in the growth of the global
economy, broke the shipping costs records
set in 2005. Since the cost of transporting
raw materials spiked, especially between
Latin America (e.g. Brazil) and Asia,
transportation costs in the cement sector
(for raw materials, fuel, and also for
export) were exorbitant and it also became
difficult to find ships to fix cargoes. On top
of this, soaring oil and coal prices drove
cement production costs up still further up.
However, increased oil revenue caused
construction work in oil producing Middle
Eastern countries and Russia to boom,
heightening the demand for cement.
the big cement producers more obvious.
To reinforce their market position in
developed countries, they have vertically
integrated in ready-mixed concrete and
aggregates, while shifting cement
production to developing markets. The
takeovers of Orascom (active in
developing markets) and Hanson PLC
(producer of construction materials) by
Lafarge and HeidelbergCement,
respectively, are the best examples of this
strategy.
Influenced by debates around shrinking
fossil-fuel levels, the Kyoto Protocol, and
the restrictions on CO2 emissions, the
issues of using alternative raw materials
and fuels, and the production of cement
with higher quantities of admixtures have
stayed at the top of the agenda for the
cement sector.
The global economic unrest surfacing
towards the end of 2007, the mortgage
crises, and the slowing world economy
hint that 2008 will be tough in general, and
the abundance of liquidity will dwindle. For
the cement sector specifically, the leaps in
prices of oil, fuels, raw materials and
freight, and the fact that capacity
investments made recently will come on
line, cast a question mark over 2008.
Global economic developments and their
effect on the construction sector in recent
years have made the general strategies of
Annual Report 11
DEVELOPMENTS IN THE TURKISH CEMENT INDUSTRY IN 2007
Housing construction fueled cement
consumption…
Running parallel to GNP and the construction
sector, cement consumption in Turkey recorded
the highest level in its history in 2006 with growth
of 19%. As GNP rose 4% by the third quarter of
2007, the construction sector grew by 11.5%
acting as an important factor in the increase in
domestic cement consumption. In 2007, cement
consumption in Turkey stood at about 42 million
tons, according to the Turkish Cement
Manufacturers Association.
The relatively warm winter allowed the
construction sector to keep busy, but there was a
hiatus when early elections were announced in
the second quarter. In previous years, the third
quarter was always a time of high demand in the
construction and cement sectors. However, the
third quarter of 2007 was dampened by the
elections and the anticipated demand didn't
materialize. Hence, the growth for the first three
quarters stayed at 3.6%. Lower than expected
consumption in the final quarter brought the
annual figure to 42 million tons, only 2% up on
2006.
Although no cement was imported in 2007, 909,000
tons of clinker was imported to meet demand in
the high season. Cement exports were up by 17%
to reach 6.6 million tons while clinker exports
were up by 1% to total 1.6 million tons. In exports,
the Iraqi market remained crucial, while Russia
and Syria became more attractive.
From the second half of the year, dramatic
increases in shipping freight costs, fuel prices
(coal, petroleum coke) and, as a result, raw
material prices, pushed cement production costs
up. Rising fuel and raw material prices will speed
up cement producers move to alternative fuels
(waste tires, waste oils, industrial waste, etc) and
alternative raw materials (slag, fly ash, etc.) Other
factors, such as rising electricity prices, will
adversely influence cement production costs.
The significant development of the Turkish
construction and cement sectors in the last four
years has proved attractive to new investors.
Investment in around 18 million tons of a new
clinker capacity is planned for the upcoming
years and it is projected that almost half of these
investments will come on line in 2008. Such a
buoyant market has drawn in foreign investors. In
2007, two new international cement producers
came to Turkey through partnerships.
For 2008, negative developments in the
construction and more especially the housing
sectors will feed through to the cement sector in
parallel with economic trends. This together with
the new capacities coming on line in 2008 will
induce the sector to turn to exports as an
alternative to domestic sales.
Turkey's Cement Exports
Domestic Cement Sales and
Consumption per Capita
(million tons)
6.6
5.6
5.2
98
2.8
1.1
1.6
2.1
2.5
3
3.4
4.5
4.5
3.4
3.3
12 Annual Report
0.7
41,610
35,083
30,670
30,999
34,127
31,530
98 99 00 01 02 03 04 05 06 07 08T
Source: Turkish Cement Manufacturers Association, Group Estimate
1.6
610
487
402
425
387
26,811
28,106
470
371
25,082
490
6
600
45,300
570
538
42,456
7.4
7.7
8.2
Cement Export
Clinker Export
Domestic Cement Sales (thousand tons)
Consumption per Capita (kg per capita)
99
00
01
02
03
04
Source: Turkish Cement Manufacturers Association
05
06
07
FROM INVESTORS’ PERSPECTIVE
JPMorgan
We think that the diversity of its product portfolio
will partly insulate Çimsa from the uncongenial
market conditions that may occur in the domestic
market in 2008 and 2009. Concurrently, we
estimate that Çimsa will expand its main market
share. We predict that Çimsa will meet 9% of
domestic demand in 2009, as opposed to 5.6% in
2006.
In 2008, Çimsa will raise its grey clinker capacity
to 4.2 million tons in addition to the current
capacity of 1.1 million tons. This will place Çimsa
in third in the national market in terms of capacity.
Deutche Bank
The 2007 Third Quarter Financial Results were
parallel to our estimates.
By the end of the third quarter, Çimsa
announcement of TRY 142 million in earnings, TRY
59 million in EBITDA, and TRY 44 million in net
profit verified our forecast of TRY 140 million, TRY
60 million, and TRY 42 million, respectively.
Finans Investment
The Best Cement Company on the Istanbul Stock
Exchange
Thanks to the diversity of its product portfolio and
the balanced distribution of its export and
domestic sales, Çimsa was less affected than its
competitors by the drop in grey cement prices.
We think Çimsa is the best cement company in
the sector.
Balanced Distribution of Exports and Domestic
Sales
Due to its flexible production structure, Çimsa has
become the third biggest white cement producer
in the world. We think that in the period between
2007 and 2009, the company will prevail in the
Syrian market, compensating for the fragility of
the national market where competition is intense.
‹fl Investment
Çimsa is Well-Positioned in Turkey
Çimsa has a 20% market share in Anatolia and a
19% share in the Mediterranean region of Turkey,
both rapidly growing Turkish regions. The
company benefits from the demand for cement,
which expands in conjunction with
industrialization in those regions.
The World's Third Biggest Cement Company
With an annual production capacity of 1.1 million
tons, Çimsa is the third largest white cement
company in the world following Cemex and
Aalborg. This commanding competitive advantage
has differentiated Çimsa from its rivals and given
it a distinct position in the national market.
Annual Report 13
ACTIVITIES IN 2007
Our Production Plants
Çimsa Mersin Plant
First Production Line
The rotating kiln, which entered production
in 1975, has a diameter of 5.25 meters with
two cyclone lines, each equipped with
four-stage preheating. It has a production
capacity of 3,350 tons per day with 10 plant
type-UNAX coolers. In 1983, cool grinding
and burning systems were added to the
plant to improve fuel efficiency. This kiln
burns 100% petrocoke (with 4.5% sulfur
content), enabling significant cuts in fuel
costs. In 2006 a waste incineration unit
was brought into operation, also providing
additional income for the plant. In this unit,
wastes such as residual petroleum tank
sludge, used air bag filters, used shop rags
and petroleum spilled soil are burned.
Work to increase the capacity of the unit is
continuing. The waste menu was
expanded in 2007 and work continues on
enhancing the capacity of the wasteburning unit.
The plant has two crushers, one
prehomogenization plant, two ball mills for
raw materials, two raw meal silos, and two
enclosed stockholes for clinker reserves.
The cement grinding process takes place
in two ball mills and one vertical mill. The
cement conveyance system, which had
been pneumatic, was adapted into a
system with air slide and elevator delivery
in 2004, obtaining savings in electricity.
Again in 2004, the number two cement mill
was converted into a one-cabin mill and by
installing a roller-press system with VSK
separator, grinding capacity was improved
and energy consumption of the mill was
reduced.
Produced cement is stored in four 10,000
tons, one 3,000 tons and three 2,000 tons
silos. Packing is carried out by five
packing machines, each with a capacity of
100 tons per hour and two 1.5 tons big-bag
filling machines.
Bulk cement is loaded through the filling
points below the silo.
Limestone and clay are the two main raw
materials used during production.
Second Production Line
The production line consists of crushers, a
raw material mill with prehomogenization
systems, two raw meal silos, a rotating kiln
and a clinker stockhole. It is possible to
produce gray or white clinker in the kiln,
which entered service in December 1989.
As a result of improvements to the raw
meal conveyance systems in 2003 and
2004, the company was able to cut its
electricity consumption. In 2004, a new
installation allowed hot waste gas from the
clinker cooler to be used in the raw meal
mill, which brought significant fuel savings
through deactivation of the drying kiln.
With the completion of its precalcination
modification in 2005, the usage of 4.5%
sulphurized petrocoke was improved from
85% to 100%, allowing for considerable
fuel savings.
14 Annual Report
One of Mimar Sinan’s works
reliable
The 'SA' in our name means reliability.
KAYSER‹
OUR PRODUCTION PLANTS (CONTINUED)
Third Production Line
This line, which entered operation in December
1999, produces white cement. The plant
comprises of a crusher, a raw material mill with a
pre-homogenization plant, a raw meal silo, a
rotating kiln and a stockhole for clinker. A white
cement grinding mill with a capacity of 100 tons
per hour is also available at the plant. The kiln
burns 100% (4.5% sulphur) petroleum coke.
Produced white cement is stored in two 5,000 tons
silos and one 2,000 tons silo.
The packaging unit consists of three packing
machines, each with a capacity of 100 tons per
hour, and two big-bag filling machines. Bulk
cement is loaded through the filling points below
the silo. The plant also includes one palletizing
machine and one plastic wrapping unit without
pallet.
Calcium Aluminate Cement Production Plant
The plant, which became operational in 2002,
comprises of a kiln with a clinker production
capacity of 2 tons per hour, a cement mill with a
grinding capacity of 5 tons per hour and a
packaging unit. In 2007, the second kiln with a
clinker production capacity of two tons an hour
became operational.
Çimsa Kayseri Plant
The plant was established by Akçimento, a
Sabanc› Group company, in 1992. It was acquired
by Çimsa in 1995. It original annual grinding and
packaging capacity of 820,000 tons of cement was
supplemented in 2005 by a rollerpress to increase
the grinding capacity and to reduce energy
consumption.
16 Annual Report
Work begun on a clinker production line on
October 9, 2004 to transform the plant into an
integrated cement plant. After the plant's
construction and assembly process was
completed, it entered operation, producing its first
clinker on December 26, 2005. The plant boasts
state-of-the-art technology comprising an ILCtype base unit, a low nitrous oxide emission
precalcination system, a pre-heater with a fivestage cyclone, and a 55 meters long, 3.6 meters
diameter rotating kiln. The plant's initial daily
production capacity of 1,800 tons of clinker was
increased to 2,000 tons after improvements. In
addition, the plant has a raw material crusher
with an annual capacity of 300 tons, clay and
limestone pre-homogenization facilities, a raw
meal mill and a 5,000 tons capacity raw meal silo.
The trass mill was modified into a coal mill with a
capacity of 20 tons per hour. The clinker cooler is
a SF-type grate cooler.
A second 110 tons per hour cement mill entered
operation in August 2006, in addition to the
existing 100 tons per hour ball mill. Again in 2006,
a second clinker storage plant with 70,000 tons
capacity was added to the existing 65,000 tons
capacity unit in order to prevent pollution and
maintain the clinker quality. The trass (puzzolanic)
silo was converted into a 1,500 tons cement silo in
2007.
The plant's packaging unit has two automatic
rotary packers with a capacity of 100 tons per
hour, and three bulk cement loading stations are
available. The plant produces CEM I 42.5N
Portland, CEM II/B-M (P-L) 32.5R and CEM II/A-M
(P-L) 42.5R composite Portland cement.
Production of masonry cement (Ekomasonry) TS
EN 413-1 MC 12.5X has also begun.
In 2007, the Kayseri plant broke a record by
producing 766,000 tons of clinker, 27% above its
capacity at founding.
Moreover, waste burning operations were carried
out in 2007. The Alternative Fuel Burning
Operation License was obtained. Initially limited to
waste oils and contaminated waste, successful
trial burns allowed the license's scope to be
extended to burn waste oils, contaminated waste,
dye stuff, sludge, refinery waste, and scrap tires
as secondary fuels.
Subsequently:
•
•
Çimsa Eskiflehir Plant
The Eskiflehir Plant is located 22 kilometers along
the Eskiflehir-Istanbul highway on a site of about
1,800 m2. Having entered operation in 1957, the
plant utilized a 3.6 meters diameter, 125 meters
long (German MIAG technology) wet kiln with an
annual capacity of 150,000 tons until 1987.
The total annual production capacity of the line
was raised to 425,000 tons in 1976 with the
addition of a 3.6 meters diameter, 52 meters long
MIAG technology three-graded pre-heater dry kiln
with an annual production capacity of 275,000
tons.
A surge in energy prices in the 1980s and
technical developments in the sector encouraged
the replacement of the dry system production
line's preheater with the Polysius four-graded
pre-calcination pre-heater in 1987. Following this
and other modifications, the line's annual
production capacity was expanded to 440,000
tons. The wet kiln unit, by then economically and
functionally obsolete, was halted and uninstalled
in 2006.
•
•
In 1990, the laboratory building was
refurbished. Automation by FLS technology
was put in use for laboratory and process
management.
In 1994, the Polycom roller pres clinker precrusher became operational, raising the first
cement mill's capacity from 27 to 40 tons per
hour and the second cement mill's capacity to
95 tons per hour.
In 1997 preparations and plans to raise the
clinker capacity of the production line from
1,400 tons per day to 1,950 tons per day were
completed. However, these plans were only
partially realized due to financial constraints.
Currently, the kiln has a daily production
capacity of approximately 1,500 tons per day.
In 1998, the capacity of the second cement
mill was raised from 60 to 75 tons per hour
after transforming it into a closed circuit
system with the addition of a Polysius Sepol
dynamic separator.
On December 22, 1999, Esbank was transferred to
the Banking Regulation and Supervision Board
(BDDK). Esbank was the majority shareholder in
Eskiflehir Cement. This company eventually
transferred from the BDDK to the Rumeli
Corporation, and then to the Saving Deposits
Insurance Fund. Finally, on December 27, 2005,
Çimsa acquired the plant.
The plant was able to produce a record 486,000
tons of clinker in the first year following its
acquisition by Çimsa.
In order to meet regional demand and be
prepared for upcoming years, the following steps
were taken to grow capacity by 30% and they
were completed in May 2007:
•
Installation of a new dynamic separator in
place of the old static separator located in the
raw material mill
Annual Report 17
•
•
•
•
•
Renewal of the pre-heating units and
expansion and renovation in the first stage
cyclones
Replacement of the existing clinker cooler
with a new high efficiency clinker cooler unit
Installation of a new electro filter in the kiln
unit
Replacement of burning dosage system and
kiln burner
Setting up a new closed-circuit cement mill
with a capacity of 85 tons per hour in addition
to the present two cement mills
On November 6, 2006, similar to the investment
made in the Kayseri production line, the following
were completed for usage at the end of the year:
•
•
•
The establishment of a new coal mill with a
capacity of 40 tons per hour that can feed
production lines I and II
Raw meal crusher and conveyance systems
with a capacity of 750 tons per hour (which
will support both production lines) and 2 x
20,000 tons of mix materials, 2 x 4,000 tons of
calcareous homogenization plants and raw
meal conveyance systems
A new clinker production line with an output
capacity of 2,300 tons of per day.
The Eskiflehir Plant's production capacity was
raised from an initial 480,000 tons of clinker, to
700,000 tons of clinker in 2006, to 1.4 million tons
of clinker in the last two years.
The plant produces three types of cement, CEM I
42.5R Portland cement, CEM II/B-M (PL) 32.5R
composite Portland cement and MC 12.5X
Masonry cement. The products are mainly
marketed in Eskiflehir, Kütahya, Bilecik, Sakarya,
and Ankara.
Çimsa Ni¤de Plant
Turkish Cement Industry Inc. established the
Ni¤de Cement Plant in 1957 under the name Ni¤de
Cement Industry Inc. with the participation of 758
founding partners for the development of Ni¤de
and neighboring cities.
The wet system cement plant was built by F.
Krupp on a 523 km2 area, three kilometers from
the city center with a capacity of 85,000 tons/year.
It went into production in 1964. After a capital
increase on November 16, 1965, it was made a
public organization under Çitosan.
In 1972, when the wet system could no longer
satisfy demand, the construction of production
Line II by K.H.D. Humboldt with an annual
capacity of 265,000 tons, and using pre-heated dry
system technology, was started. The line was in
operation on September 2, 1976 and raised the
plant's total annual production capacity to 350,000
tons.
Over time, 824 km2 of land was bought to fulfill the
extra need for raw materials arising from the
operation of Production Line II, after which the
total size of the plant increased to 1,348 km2.
Under resolution 89/4 of the High Board of
Planning on March 30, 1989, 99.385% of the shares
of Çitosan in the Ni¤de Cement Plant were
handed over for privatization. On March 23, 1992,
it was sold to Hac› Ömer Sabanc› Holding and the
Armed Forces Pension Fund (Oyak). The plant
changed its name to Oysa-Ni¤de Cement Industry
Inc.
The plant's wet system production line, an
outdated and costly system, idle since 1989, was
sold as scrap in 2004. The silos of this system are
now being used by the new system.
18 Annual Report
Following the Turkish Competition Authority's
November 1, 2007 decision to revoke the
partnership between Sabanc› and Oyak, the plant
was re-named Çimsa Cement Industry and Trade
Inc. Ni¤de Cement Plant and production continues
under that title.
The improvements in the double rotor, hammer
crusher unit, manufactured by the sugar plant,
raised capacity from 250 tons per hour to 325 tons
per hour.
The plant has a roller mill with 77 tons per hour
capacity built by K.H.D. Humboldt in 1976.
The pre-heating dry system added to the roller
mill in 1998 after privatization, reduced raw meal
humidity levels from 8-10% to 2-3%. Improvements
raised the mill's capacity to 125 tons per hour.
The pre-heating dry system project won first prize
in the Industrial Sector 2001 Energy Efficiency
Project contest organized by the Energy and
Natural Resources Ministry.
The pre-heating dry system includes a rotary kiln
made by K.H.D. Humboldt (3.8 meters in diameter,
52 meters in length) with a daily capacity of 850
tons (265,000 tons per year). It was put into
operation in 1976.
After privatization, the replacements of the
cyclone, cooling, burning system, flue gas and
electrofilter, and the modernization of conveyors
raised the kiln's daily capacity from 850 tons to
1,150 tons.
The F.L.S.-type open cement mill commenced
operation in 1976. After privatization, to increase
mill capacity and cement quality, and to reduce
energy consumption, a sepax dynamic separator,
pre-crushing roller press, and V separator were
added to the mill, improving capacity from 60 tons
per hour to 130 tons per hour.
The plant has two packaging units, eight cement
silos and two train loading band systems (loading
packaged cement onto trains directly from the
silo). It is also possible to transport bulk cement
and clinker on the same line.
The Ni¤de Plant has the Flue Gas Refinery
Facilities Certificate, Permit for Category A
Emissions, License for Opening Non-Sanitary
Facilities, TS EN ISO 9001 Quality Management
System Certificate, TSE Certificate of Compliance
with Turkish Standards (TS EN 197-1), Production
Competence Certificate, OHSAS 18001 ‹SG
Management System Certificate and the BS EN
ISO 14001 Environment Management System
Certificate.
The plant runs a quality control system in
compliance with TS EN ISO 9001 Quality
Management System requirements. The quality
control of the output is in accordance with the TS
EN 196 standards series, conformity evaluations
and the TS EN 197-1 standard.
The products of the plant, which have the TSE
Production Competence Certificate and the TSE
Certificate of Compliance with Turkish Standards,
are:
• TS EN 197-1 CEM I 42.5 R
Portland Cement
• TS EN 197-1 CEM II/A-M(P-L) 42.5 R
Portland Composite Cement
• TS EN 197-1 CEM IV/B (P) 32.5 R
Puzzolanic Cement
• TS 10157 SDÇ 32.5
Sulphate Resistant Cement
Annual Report 19
Ankara Cement Grinding and Packaging Facility
Construction of the Ankara Cement Grinding
Facility started in January 2001 and was
completed in July 2002, when it was opened. The
Ankara Cement Grinding Facility is located on the
Ankara-Samsun Highway, 35 kilometers from
Ankara and on a 92 acre site. The plant joined the
Çimsa family after the sale was completed by the
Saving Deposits Insurance Fund on December 27,
2005.
The plant consists of:
•
•
•
The facility came on stream with annual grinding
capacity of 150,000 tons in July 2002. After
Çimsa's takeover, capacity was raised to 85 tons
per hour with a closed system ball mill (700,000
tons per year capacity) and cement silo (5,000
tons capacity).
•
•
•
•
A hammer crusher of 80 tons per hour
capacity
A two-compartment ball mill (closed system)
and a cement mill of 85 tons per hour capacity
Two cement silos with capacities of 5,000 and
6,500 tons each
One rotating scale with 16 platforms and 100
tons per hour capacity
Two automatic chutes with a 100 tons per
hour capacity
A clinker silo of 16,500 tons
Three weighing scales of 80 tons of capacity
each
Ç‹MSA PLANT INFORMATION
Clinker
Production
Mersin Çimsa
Capacity
Kiln Diameter
Production Line
(Tons/Day)
(m)
Cooler Type
Mill Type
Fuel Type
Plant 1
3,380 Gray Clinker
5.25
Unax Cooler
Ball Mill
100% petrocoke
Plant 2
1,785 Gray Clinker or
1,450 White Clinker
3.60
Grilled Cooler
Roller Mill
100% petrocoke
1,750 White Clinker
3.75
Grilled Cooler
Roller Mill
100% petrocoke
2,175 Gray Clinker
3.60
Grilled Cooler
Roller Mill
100% petrocoke
Production Line 1
1,700 Gray Clinker
3.60
Grilled Cooler
Roller Mill
Production Line 2
2,300 Gray Clinker
3.60
Cross Bar Cooler
Vertical Mill
Imported Steam Coal
Production Line
1,200 Gray Clinker
3.80
Grilled Cooler
Ball Mill
100% petrocoke
Ankara Çimsa
Mill Production
Mill Diameter Mill Length
Plant 3
Raw Meal
Kayseri Çimsa
Production Line
Domestic Lignite,
Eskiflehir Çimsa
Imported Steam Coal
Domestic Lignite,
Ni¤de Çimsa
Grinding Facility
Capacity (Tons/Day) (m)
2,040
20 Annual Report
4.2
Cement
(m)
Mill Type
13
Ball Mill
Sales
Çimsa specializes in the production and sale of white/gray clinker, white/gray cement and calcium aluminate cement. In 2007,
42 million tons of cement was sold in Turkey. In the same period, Çimsa sold 4.4 million tons of cement/clinker.
2007 Production Figures
Clinker Production
Gray Clinker
2,400,000 tons
White Clinker
1,076,000 tons
Calcium Aluminate Clinker 20,000 tons
Sulphate Resistant Clinker 11,000 tons
TOTAL
3,507,000 tons
•
•
Cement Production
Gray Cement
3,250,000 tons
White Cement
923,000 tons
Calcium Aluminate Cement 20,300 tons
Masonry Cement
34,500 tons
TOTAL
4,227,800 tons
Ready-Mixed Concrete
1,584,000 m3
A closed trass stockpile measuring 54x35x6.5
meters
A hot air furnace fed by natural gas with a
capacity of 3.5 million Kcal/hour.
In 2007:
•
•
The Çimsa Kayseri Plant supplied clinker, the
main input, in 2007. In 2008, the Çimsa Eskiflehir
Plant will supply it. The Ankara plant produces
CEM I 42.5R (PÇ 42.5R) and CEM II 32.5R (PKÇ
32.5R) cements, which are marketed to Ankara
and the surrounding areas. The Çimsa Mersin
Plant supplies the paper bags used for bagged
cement.
•
•
•
The Ankara Plant has; Permit for Category B
Emissions, License for Opening 1st Class NonSanitary Organization, OHSAS 18001 ISG
Management System Certificate, ISO 9001
Certificate, Production Competence Certificate,
CE Certificate for CEM I 42.5R production, CE
Certificate for CEM II 32.5R production, TSE
Certificate of Compliance with Turkish Standards,
Operation Certificate, Industrial Registration
Certificate and Capacity Report.
Capacity Utilization Rates of Rotating
Kilns in 2007
Mersin Rotating Kiln I
90%
Mersin Rotating Kiln II
96%
Mersin Rotating Kiln III
98%
Kayseri Rotating Kiln
97%
Eskiflehir Rotating Kiln
83%
There were no lost days through work
accidents
Work for the Business Excellence Project has
continued since 2006 as well as Uptime and
KPI activities
The Learning Organization system was
launched in December 2007
Following the introduction of OHSAS
Occupational Health and Safety measures, the
certification inspection was finalized
successfully on December 26, 2007
As part of the company's environmental
awareness concept, 2,908 saplings of various
types (in total 5,205) were planted.
Malatya Cement Packaging Plant
The Malatya terminal, located near the Malatya
Battalgazi train station, has an annual storage and
packaging capacity of 40,000 tons.
Annual Report 21
We know our business.
know-how
ESK‹fiEH‹R
PRODUCTS
Portland Cement
TS EN 197-1 CEM I 42.5 R
Amongst high strength concrete classes
and in the construction of tall reinforced
concrete buildings, this is the most
commonly used cement type. It is
especially preferred in pre-tensioned
prefabricated applications, and also used
in tunnel system segments on major
residential projects.
Composite Portland Cement
TS EN 197-1 CEM II/B-M (V/L) 32.5 R
Concrete made from this cement releases
low levels of hydration heat in the early
stages of the hydration process. Therefore
it is suitable for concreting in hot weather
conditions.
TS EN 197-1 CEM II/B-M (V-L) 42.5 N
The finely blended puzzolanic materials,
silical fly ash, used in the production of
composite Portland cements, ensures
higher final strength and durability by
accelerating later stage reactions and
improving resistance to external factors. It
is especially preferred in high strength
concrete classes, in the construction of
tall reinforced concrete buildings, and in
pre-tensioned prefabricated applications,
and is also used in tunnel system
segments on major residential projects.
White Portland Cement
TS 21 BPÇ 52.5 N
With an average degree of whiteness of
85.5%, White Portland Cement has the
highest comprehensive strength of all the
white and gray Portland cements sold in
Turkey. It is resistant to alkaline aggregate
reactions and it provides solidity, as well
as an exquisite appearance in structural
materials used in all kinds of works of art
and architectural projects.
White Limestone Cement (Eco White)
TS EN 197-1 CEM II/B-L 42.5 R
This cement, with an 86% whiteness
average, is classified in the early
compressive strength cement category. It
provides high resistance to alkaline
reactions and has a high level of
impermeability. It is used in pre-cast
applications, ready plaster, adhesive, and
pointing and grouting materials, city
furniture, floor tile production, and all kinds
of artistic applications.
Annual Report 23
PRODUCTS (CONTINUED)
Calcium Aluminate Cement (Is›daç) TS 6271
This cement is used for airport runways, bridges,
dams, highway and road construction, mining,
pipes and wastewater engineering, and internal
lining of sewerage systems (due to its high
resistance to chemical reactions), and in
industrial furnaces, stairs, lintels and beams, floor
coverings which need to be used quickly, plaster
and various repair work, and concrete elements
which may be exposed to sulphurized water or
sea water. It is also highly popular in the
refracting industry, in the production of refracting
plasters, ovens, and fireplaces. Furthermore,
when mixed with Portland cement, calcium
aluminate cement can also be used in repair work
and blocking water leaks from doors and
windows.
TS 10157 SDÇ
This cement can be used on sulphate surfaces, in
damn construction, around ports and docking
areas, in the renewal of water treatment facilities
and similar water-related structures.
Masonry Cement (EKOHARÇ - ECOMASONRY)
TS EN 413-1 MC 12.5 X
Masonry cement (MC12.5X) can be used to erect
walls with bricks, briquettes, stone, etc., in
plastering interior or exterior facades, flooring
concrete, and laying mosaics, wall or floor
ceramics, fixing wall tiles and natural stone, etc.,
by merely mixing it with appropriate amounts of
sand and water. Masonry cement is suitable as
floor concrete, thanks to its low shrinkage. It is
also suitable for exterior plastering because of its
CE Marking Certificates
EN 197-1 CEM I 52.5 N
EN 197-1 CEM I 42.5 R
EN 14647
EN 197-1 CEM II/B-L 42.5 R
EN 197-1 CEM II/B-M (V-L) 32.5 R
EN 413-1 MC 12.5 X
Gray Portland Cement
Calcium Aluminate Cement
White Portland Limestone Cement
Masonry Cement
Kitemark Certificates
BS EN 197-1 CEM I 42.5 R
BS EN 197-1 CEM I 52.5 N
Certificate of Conformity with Spanish Standard
BL I 52.5 N UNE 80305
Certificate of Conformity with EC
CEM I 42.5 R
CEM II/B-M (V-L) 32.5 R
CEM II/B-M (V-L) 42.5 N
CEM II/A-L 42.5 R (White)
Portland Cement
Portland Limestone Cement
24 Annual Report
resistance to humidity and climatic extremes. It
provides smooth, hard surfaces that can breathe,
which makes it also suitable for interior
plastering.
CE Marking, EC, TSE and Other Suitability
Documents
TS EN 197-1 Documents of General Cement
Standard Suitability
To launch cement products on EU member
country markets, it is compulsory to acquire EC
Certification and CE marking. For this reason, all
our export products are Kitemark Quality certified
by the British Standards Institute along with EC
Certification and CE marking.
In compliance with EU harmonization efforts, new
adapted cement standards were established on
the request of the Ministry of Public Works.
Casting aside the previous cement standards
applied to all types of cement sold on the
domestic market, Çimsa acquired Turkish
Standards set in accordance with the EU
harmonization process.
For products which fall outside the scope of CE
marking, documents suitable to the target country
are acquired.
Products
Mersin
Kayseri
Eskiflehir
Ni¤de
Ankara
Plant
Plant
Plant
Plant
Facility
TS EN 197-1
CEM I 42.5 R
Portland Cement (Gray)
x
x
x
x
x
TS EN 197-1
CEM II B/M (V-L) 32.5 R
x
TS EN 197-1
CEM II B/M (V-L) 42.5 N
x
TS EN 197-1
CEM I 52.5 N
Portland Cement (White)
x
TS EN 197-1
CEM II A-L 42.5 R
Portland Limestone Cement (White)
x
EN 413-1
MC 12.5 X
Masonry Cement (ECOMORTAR)
x
x
x
x
EN 14647
TS EN 197-1
CEM II/A/M (P-L) 42.5 R
TS EN 197-1
CEM II/A/M (P-L) 42.5 N
TS EN 197-1
CEM II B/M (P-L) 32.5 R
x
x
x
x
x
EN 197-1:2000 CEM II/B-L 42.5 R
x
EN 197-1-2000 CEM IV/B (P) 32.5 R
Puzzolanic Cement
x
TS 10157
Sulphate-resistant Cement
x
SDÇ 42.5 R
Annual Report 25
READY-MIXED CONCRETE
Çimsa Ready-Mixed Concrete started
production with the establishment of the
Zeytinli Ready-Mixed Concrete Plant in
1988. It currently operates 24 ready-mixed
concrete plants, 19 with dry systems and
five with wet systems. Çimsa owns 23 of
these plants and another is rented and
operated by Çimsa. After merging with
Ni¤de Cement on November 1, 2007,
Aksaray, Karaman and Ere¤li (Konya)
Ready-Mixed Concrete Plants, which
belonged to Ni¤de, are now part of Çimsa.
Total annual capacity of these readymixed concrete plants is 2.4 million cubic
meters. In 2007, concrete production
amounted to 1.5 million cubic meters,
representing a capacity utilization rate of
66%. The plants are staffed by 76
experienced and specialized employees,
and equipped with 218 trans-mixers, 46
mobile pumps, and five fixed pumps. Çimsa
owns 184 of the trans-mixers, 42 of the
mobile pumps, and all of the fixed pumps.
Çimsa closely follows technological and
scientific developments in its sector to
offer new products, new equipment and
services to its customers.
Though new to the market, production of
concrete with dramix, one of the special
products line, has matured. As a result, in
2007, it sold 13,000 m3 of special product
from ready-mixed concrete plants.
26 Annual Report
The company introduced 20 new transmixers and 2 new 47 meters pumps in 2007.
In addition, as a result of merging with
Ni¤de Cement Plant, 27 trans-mixers and
five mobile pumps used in Ni¤de readymixed concrete plants were added to
Çimsa's assets.
Tekke ready-mixed concrete plant was
closed and relocated to Silifke, Adana
Karsl› ready-mixed concrete plant was
closed and relocated to Adana Karahan.
On May 17, 2007, a ready-mixed concrete
plant which belonged to P›nar Concrete in
Bilecik was bought by the company.
Another ready-mixed concrete plant has
been leased and it started production in
Kütahya in November 2007. In addition to
these, it is planned that three new plants,
one in central Eskiflehir, another in Adana
Kozan, and the other in Mersin Limonlu,
will come on line in early 2008.
In order to purify waste water and improve
the external appearance of plants, Çimsa,
as an indication of the Company's
sensitivity to the environment, has carried
out significant improvements, beginning
with plants in the Adana and Mersin
regions in 2007. Studies about Employee
Health and Work Safety in Ready-Mixed
Concrete started in 2007 and training
sessions have been held.
profitable growth
Profitability for continued growth.
N‹⁄DE
READY-MIXED CONCRETE (CONTINUED)
1. Dost Beton (Self-Compacting and Self-Leveling
Concrete)
Dost Beton is a special, highly fluid concrete that
has long durability due to its unique design. It selflevels anywhere by gravity, requiring no vibration.
It is free of condensation and decomposition
problems and is also self-compacting.
2. Aqua Beton (Underwater Concrete)
Aqua Beton can flow easily underwater without
washing away or decomposition. It is self-leveling
and self-compacting, and requires no vibrators or
any other equipment. It has very low permeability,
high viscosity, reliable strength, and is of a nondeteriorating quality.
3. Art Beton (Decoratively Colored and Imprinted
Concrete)
Art Beton is an easy-to-use base coating material
for both indoors and outdoors, and is well-known
as textured and decoratively colored concrete, or
simply imprinted concrete. Its specific
characteristics include ageing capability and the
ability to provide a surface appearance tailored to
customer needs.
4. Drabeton (Concrete with Dramix and Fiber)
Drabeton is particularly suitable for use as field
concrete, floor coating concrete, retaining or
sustaining concrete and spraying concrete. Due
to its dramix content, Drabeton is highly resistant
to and efficient against shrinkage cracks.
5. Yol Betonu (High Resistance Strength Concrete
with Reinforced Tension Strength)
This concrete is used as a surface material for
roads, using cement as its binder. Its structural
life exceeds any material which uses an asphalt
based binder.
28 Annual Report
6. S›vamiks (Ready-to-use Wet Plaster)
S›vamiks was created using Çimsa technology to
replace the so-called black plaster, which is
hand-blended and therefore lacks consistent
quality. This cement has strong adhesive
properties and offers sound water resistance and
heat insulation due to the absence of lime or
similar materials in its formula. It can be painted
over relatively quickly compared with plaster
since it has only a 72 hours settling period,
enabling projects to be completed quickly. All
these factors ensure that S›vamiks is much more
economic than manually prepared plaster.
7. Renkli Beton (Colored Concrete)
Renkli Beton provides an exquisite appearance
and strength for all types of architectural,
aesthetic and artistic applications and building
materials. It also offers any desired color through
pigment addition, and surface texture by using
special patterns. It is hydraulically very active and
when this characteristic is utilized, it increases
both the speed of production and the quality of
the product. During the production of
prefabricated concrete elements, Renkli Beton
does not require steam curing and contains only
low-alkaline class cement. Çimsa remains
committed to constant customer satisfaction and
product quality improvement. In line with this
principle Çimsa manufactures, in addition to the
above products, high-resistance concrete (C50)
and a range of C14 to C50 concretes specified by
the Turkish Standards Institute.
Cement and Ready-Mixed Concrete Plants
1.
2.
3.
4.
5.
29
3
30
5
23
Ready-Mixed Concrete Plant
Cement Plant
2
25
Cement Production Plant
6
Cement Terminal
26
21
22
27
20
4
24
28
19
15
7
1
8
17 14
Packaging Types
Bagged
Bagged, 3 - layer
Bagged, 4 - layer
Bagged, 2+1+1 - layer
Bagged, 2+1 - layer
Sling palletless
Big Bag
Laminated
Laminated
Palletized Wooden 15x100x120 cm
Palletized Wooden 15x100x120 cm
Others
Bulk
Clinker
Bulk
Big Bag
13
9
16
11
12
18
10
6.
7.
8.
9.
10.
11.
12.
13.
14.
15.
16.
Mersin Plant
Kayseri Plant
Eskiflehir Plant
Ni¤de Plant
Ankara Cement Grinding
and Packaging Facility
Malatya Cement Terminal
Zeytinli-Adana
Karahan-Adana
Misis-Adana
Adana Mobil
‹ncirlik-Adana
Osmaniye
Kahramanmarafl
Tece-Mersin
Yenihal-Mersin
Bat›kent-Mersin
17.
18.
19.
20.
21.
22.
23.
24.
25.
26.
27.
28.
29.
30.
Silifke-Mersin
Tarsus-Mersin
Alanya-Antalya
Manavgat-Antalya
Çak›rlar-Antalya
Gebiz-Antalya
Kumarl›-Kayseri
Anbar-Kayseri
Nevflehir
Aksaray
Karaman
Ere¤li-Konya
Bilecik
Kütahya (leased)
Polypropylene
Polypropylene
30-40 bags (50 kg)
64 bags (25 kg)
Loading Capacity
50 kg
50 kg
50 kg
50 kg
50 kg
25 kg
25 kg
1.95 tons
800 tons/day
1.5 tons
800 t/d
1.5 tons
800 t/d
1 ton
800 t/d
1.5-2 tons
800 t/d
1.6 tons
800 t/d
Silobus
15-40 tons
4,000 t/d
Vessel
Laminated Polypropylene
1-1.5 tons
2,500 t/d
800 t/d
3-layer kraft paper
4-layer kraft paper
1-layer white, 1-layer laminated brown, and 2-layer hard-brown kraft paper
2-layer laminated brown, and 1-layer laminated hard-brown kraft paper
39 bags
Cement Types and Standards
Standard
EN 197-1:2000
EN 197-1:2000
EN 197-1:2000
EN 197-1:2000
EN 197-1-2000
TS 10157
Class
CEM I 42.5 R
CEM I 52.5 N
CEM II/B-L 42.5 R
CEM IV/B (P) 32.5 R
SDÇ 42.5 R
Type
Puzzolanic Cement
Export Market
ASTM C-150
UNE 80-305:96
NM 10.01-F.004
TS 6271
TS 21:1194
TS EN 197-1:2002
TS EN 197-1:2002
TS EN 197-1:2002
Tip I
BL I 52.5
CPA 55
4. SINIF
BPÇ 42.5/85
CEM II/B-M (V-L) 42.5 N
CEM II/B-L 42.5 R
Domestic Market
TS EN 197-1:2002
TS 22 ENV 413-1
TS 6271
CEM I 42.5 R
MC 12.5X
4. SINIF
Masonry Cement
Annual Report 29
We follow Atatürk's lead.
leadership
ANKARA
INVESTMENTS IN 2007
The most important investment activity of
2007 is the completion of the Eskiflehir
project, begun one year previously.
Eskiflehir Cement Plant became a part of
Çimsa at the end of 2005. Then, at the
beginning of 2006, investment activities
commenced quickly. The project was
initiated in May 2006 and construction work
began in July 2006. By the end of July 2006
all of the connections for exported goods
and services were made and contracts
were signed. Eskiflehir investment activities
were executed in the form of four main
projects:
1. Modernization of the Product Line 1.
This project, given priority, commenced
in May 2006 and was completed at the
end of May 2007. In particular, the
clinker units were renewed and,
thereby, the production capacity of gray
clinker was targeted to increase to
1,950 t/d from 1,450 t/d.
2. The construction of a new grinding
plant. A new mill and grinding group
with 85 t/h capacity, imported from
China, was put into operation at the end
of May 2007.
3. The establishment of a coal mill with a
petrocoke grinding capacity of 40 t/h.
The new coal mill started operating at
the end of October 2007.
4. The construction of a completely new II
Gary Clinker Production Line with a
capacity of 2,300 t/d. This was
completed and production started at the
end of 2007.
Eskiflehir Investments:
1. Modernization
2. Cement mill
3. Coal mill
4. Production Line II
Total
US$ 9.2 million
US$ 8.0 million
US$ 8.7 million
US$ 64.6 million
US$ 90.5 million
After the completion of the Eskiflehir
investments, Çimsa made significant
progress in a leadership capacity.
In Mersin, Production Line II for calcium
aluminate cement, which is a special kind
of hydraulic plaster which attains strong
resistance to high heat, chemical
corruption, and water in a short time, was
brought into operation at the end of June
2007.
Towards the end of 2007, Mersin Plant was
connected to the natural gas system. It is
planned that the necessary connections for
the firing and annealing of ovens will be
done during overhauls of the ovens in 2008.
A contract was signed with Loesche for the
modernization of Mersin Plant's Cement
Mill III, and this work is planned to be done
towards the middle of 2008.
At the Malatya Plant, a new cement silo
construction with a capacity of 600 tons
was commenced and is planned to be
completed in February 2008.
The construction of three cement plants is
underway in Spain (Alicante), Romania
(Constanta), and Russia (Novorossiysk).
These projects will continue in 2008.
A contract was signed between Çimsa and
FLS in July 2007 to renew the clinker cooler
and oven units of the Mersin Plant's
Production Line I. This project is scheduled
to be completed in the first quarter of 2009.
Annual Report 31
ORGANIZATIONAL STUDIES AND TRAINING
Çimsa Development Programs
Senior Management Development
Programs
Çimsa development programs encompass
workshop-based training founded on the
360-degree feedback system, coaching
and other activities to improve executive
competence and the skills of senior and
intermediary level executives, and to
enhance the organizational climate. In
2007, development programs were carried
out in three categories:
•
•
•
The Sabanc› Leadership Team (SALT)
Leadership Executive Program
Strategic Leadership Program
Learning Organization Training
Learning Organization activities are a vital
part of Çimsa's organizational development
process and training sessions continued in
2007 in three categories:
1. Training for Learning Organization
Team Members
a. Learning Organization Application
Team Training
2. Training for Learning Organization
Coaching Candidates
a. Organizational Transformation and
Training the Trainer
b. Coach Training
c. Coaching Refresher Training
3. Training for Implanting the Learning
Organization Culture in Çimsa
a. Organizational Transformation and
Leadership Training
Behavioral and Vocational Training
Vocational training to maximize Çimsa
employees' contributions by developing
their technical competence and
performance is conducted every year.
These training sessions were intensified in
2007.
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
32 Annual Report
2007 CSI Vibration Analysis and
Predictive Maintenance Training
6 Sigma Training (Green Belt)
89-106-EEC Directive TS-EN 197-1/2
Product Safety Regulations of the
Council for Quality and the Environment
Use of Alternative Fuels
The Impact of Burning Waste at Kilns
(Turkish Cement Manufacturers
Association)
Environmental Regulations and
Management in the EU process
BEX Training
BW (Business Warehouse) IT Training
CO2 Calculation and Climate Change
Orientation Training in the Cement
Industry
New Standards in the Cement and
Concrete Sector and Characteristics of
Blended Cement
Foreign Trade Training Program
Ergonomics Training
Influencing Skills
Kiln (Gale) Settings
FLS Kiln Operation (Denmark)
Security Information Form Certificate
Training
(Gale) Settings
Haznedar Refractory Training
Targeted Selection
Hydraulic Training
brand awareness
We champion our brand in domestic and
international markets.
MALATYA
ORGANIZATIONAL STUDIES AND TRAINING (CONTINUED)
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
Second Mining and Environment Symposium
International Quality Control Seminar
Internal Quality Examination Training
Payment and Delivery Terms in Export
Training for Investigation of Work Accidents
Protection from Lumbar and Back Aches at
Work - Ergonomics Training
Quality Management Inspection Training
Welding Technology and the Importance of
Lubrication
Chemical Admixtures Fly Ash, Aggregates, CE
Certification
Inter-Laboratory Test Program Training
OHSAS 18001 Internal Auditor Training
Changes brought by the OHSAS 18001-2007
Revision
Orientation Training
Automation Control System Training
Automatic Command and PLC Training
Explosives and Explosion Techniques Course
III Training
Manufacturing Hard Facing and Non-Abrasive
Plates
Siemens Automation and Drive Technology
Products Introduction Seminar
Strategic Purchasing Management
TE‹Afi (Turkish Electricity Transmission
Company) SOMA Facilities - Operation
Technician Training
TE‹Afi (Turkish Electricity Transmission
Company) SOMA Facilities - Heavy Current
Technician Training
Technical Training
TSE EN ISO 9001-2000 Quality Management
System Training
TS-EN-ISO/IEC 17025:2005 Laboratory
Accreditation Training
IFRS (International Financial Reporting
Standards) (PWC)
Construction/Building Materials Certification
Training
Learning Organization Project
A learning organization continuously learns from
experience, adapts these lessons to changing
circumstances within a system that can also be
developed by employees and, as a result, it exists
as a constantly changing, developing, and selfrenovating dynamic enterprise.
For an organization, the learning process not only
includes objective information but also the
opinions, judgments or intuitions of employees.
First, the organization creates an environment that
allows for the formation of these opinions,
judgments and intuitions. Then, opportunities are
made to share the information with the rest of the
employees. Finally, the same information is put
into use for the efficiency of the organization.
Becoming a learning organization is a difficult
process.
Classic companies are referred to as knowing
organizations. In these companies, 'well-
Knowing
Organization
Understanding
Organization
Thinking
Organization
Learning
Organization
informed' management and specialists offer the
best-known solutions for the problems or issues
that come up. Employees apply the solutions. The
by-products of learning are not found in these
organizations. Instead, they change in reaction to
the changes taking place around them.
Understanding organizations aim to find the best
by adding the personal conceptions and
judgments of employees. In this stage, the
34 Annual Report
organization does not just view issues by what is
best but stresses that there may be different
'bests', depending on circumstances, individual
perceptions, and judgments. As well as the
human element, the values brought by the
corporate culture, written rules and control
mechanisms are also at play.
At the next level is the thinking organization.
Thinking organizations develop the systems and
models that would rectify and even preclude
disruptions in their operations. They train
executives in the quick identification of problems
and immediate action by analysis.
In the final stage of the development process, the
climax of all these aforementioned processes, is
the learning organization. This stage involves
continuous learning (between employees, from
customers, suppliers, etc.), identification/solution
of problems and learning from experience. The
corporatization of information becomes an
organizational reflex. This stage accompanies the
process of change in which case both employees
and the organization take on responsibilities.
Since the changing process began in 2004, Çimsa
has been taking assured steps towards becoming
a learning organization. Besides changes in
strategy management, human resources
management, and the overall management
approach, plans are made so that the process will
include all employees, step by step, through the
learning of organizational application teamwork.
The reason for starting the learning of
organizational application team work was to make
ongoing team work (e.g. concerning cost cutting,
raising efficiency, saving, improvements for
environmental) much more systematic and
human-oriented. However, apart from these basic
goals, there have been additional benefits, such
as improving internal communication within the
organization, development of employee
awareness of individual competence and
performance, and cultivating the culture of basing
arguments on data.
Since such benefits and activities will give
momentum to Çimsa's transformation towards
becoming a customer-oriented and innovative
company, they are being spread rapidly to all
production facilities and plants.
Individual
Learning
Çimsa as a Learning
Organization
Learning as an
Organization
Learning as
Teams
Annual Report 35
The course of the organizational teams over a four-year period is projected in the table on a time line.
One team in Ankara
Two teams in Kayseri
One team in Ni¤de
Two teams in Mersin
One team in Ready-mixed Concrete
Two teams in Eskiflehir
2004
2007
2008
13 teams
130 members
39 coaches
22 teams
211 members
57 coaches
The tangible benefits accomplished by the teams as the result of learning organization activities since
2004 are demonstrated in this table.
Team
Target
Result
K›v›lc›m
9% reduction in truck and grab use
20% saving, 26% fall in truck and grab use
Kar Damlac›klar›
1% reduction in annual raw meal,
TRY 1,250,000 of savings
fuel and energy costs
Turkuaz
15% reduction in consumption of water
Total saving of 500 tons per day, 25% lower
cost, Saving of drinking water for 2,500
people/day
Greenpeace
50% reduction in dust emissions
65% fall in dust emissions
Transformation
Recycling wastes: 2% raw meal and
Recycling wastes: 1.32% raw meal and
12% admixtures
11.32% admixtures
Reducing spare part stocks, etc to 25%
36% saving, reduction to TRY 1,823,000
Optimum
from TRY 2,830,000
Çoban Y›ld›z›
Crushing Power
15% saving in energy spending
58% saving without changing lighting quality
Reducing 178 hours of unplanned pauses in
Reduction to 48 hours: 73% improvement
the crusher unit
Argus
Reducing peak-time hours from 19% to
Total saving of US$ 549,500
16% and reducing electricity usage for
grinding by 3% per product
Sentez
Reducing customer complaints by 30%
74% drop in customer complaints
Increasing customer satisfaction by 10%
Redüktör
Energy Hunters
Live Coverage
Kumtafl›
De¤iflimsa
Reducing stocks from TRY 18,824,000
Drop in stocks, new source of TRY 3.6 million
and 155 days to TRY 15,640,000 and 120 days
in operating capital
7% saving in consumption of energy for grinding
Saving of 9.84% and extra earnings of
Reducing work-related accidents to 5
TRY 815,000
Increase of 35% in mixer performance, 50%
in increase in mixer performance of 86% in
mobile pump performance
Mersin, 97% in Adana; increase in mobile
pump Performance of 85% in Mersin, 89%
in Adana
Reducing cement costs (from 100 units) to
reduction to CEM I=97.76; CEM II=99.00,
CEM I=92.68; CEM II=98.25 ; CEM III=91.83
CEM III=99.00
50% saving on the internal transport costs of
Cumulative average of TRY 0.84/ton
TRY 1.20/ton Reducing accidents that cause
a 29.71% improvement
absenteeism to “0”
36 Annual Report
The following critical factors played an
instrumental role in the achievement of the
savings above and the rapid results gained by
learning organization activities within Çimsa:
•
•
•
Constant follow-up and contribution of the
General Manager
Participation of the sponsors in presentations
and meetings; consistent and constructive
provision of feedback to teams
Support by all function heads to team
members.
The intangible contributions of the learning
organization activities to Çimsa were:
•
•
•
•
•
•
Increase in the number of employees who
suggest solutions rather than waiting for the
executives to find one
The adoption, especially by junior-level
executives, of a democratic and coaching
management style that encourages
participation and learning, instead of solving
problems as a 'well-informed' executive
An environment suitable for identifying and
testing candidates for executive positions
The reflection and reinforcement of our values
Disseminating the habit of showing up in
meetings prepared, basing arguments on data,
and focusing on the main subject
Development of skills that would contribute to
employees' professional and personal lives.
In the first six months of 2008, the nine learning
organization teams are set to work on projects to
improve Çimsa's corporate performance,
competitive advantage, corporate reputation, and
employee satisfaction.
A New Performance Criterion: Measurement of
the Organizational Climate
Over three decades of research has shown that
good executives make a considerable impact on
the financial results of companies. This impact is
perceived more discernibly in circumstances
when the sector is constrained and the conditions
are severe.
The approaches and attitudes of executives
directly influence the organizational climate and
the feelings of employees regarding the work
environment.
Concisely, “Organizational climate” is the mood of
the work environment. It is the measurement of
whether an environment has been set up in which
executives and employees can convey their
energies and sincere contributions to their work.
The average impact of the executive on the
organizational climate is calculated as 70%. A
positive organizational climate is found to
influence the company's financial results.
Employees working in companies with a favorable
organizational climate express that:
• The work environment motivates them and
they work efficiently and with pleasure
• They perform to the best of their ability and
know that it is appreciated.
In companies where the organizational climate is
regarded as unfavorable, the reverse is the case.
Annual Report 37
The most practical method for measuring the
organizational climate is by questionnaire.
By analyzing the replies given to the questions
“What is the current situation in the company?”
and “What would be the ideal situation?”
questionnaires can measure employee morale in
relation to the style of management and the
organization's performance.
The following is a summary of the six approaches
to be taken by management for employees to do
their best:
1. Clarity: providing clarity as to where the company goes and how employees can contribute to this
2. Standards: persistent emphasis on excellence and performance enhancement
3. Responsibility: delegating responsibility to ensure employees do their work properly and holding
those authorized responsible
4. Flexibility: making sure that there are no unnecessary rules and procedures, and that good ideas
are put into practice
5. Rewards: appreciation of the extent of contributions to results.
6. Team Commitment: creating an environment of trust and pride.
Companies that would like to sustain their success acknowledge that organizational climate has a
notable effect on company performance. It can be assessed, measured, and improved just like other
measurable performance criteria (e.g. ROIC, EBITDA, market share, uptime-production performance).
In the context of SALT (Sabanc› Leadership Team), which has been the senior management
development platform of the Sabanc› Group since 1999, all senior management employees have been
going through a 360-degree survey in connection with the organizational climate they induce, their
management style, and competence. They receive feedback in return, and activities are geared towards
improving the organizational climate. The Çimsa senior management team has been taking part in such
work since 2000. The 360-degree survey and feedback-coaching meetings take place about once every
two years. In 2007, most of the Çimsa senior management underwent the 360-degree survey. Executives
participated in a five-day workshop with coaching sessions, and worked on their individual action plans.
These activities are planned for 2008 as well.
For executives at each level to receive feedback concerning the organizational climate they generate
and for the Çimsa management team to make action plans for improvement, six workshops were held in
Mersin, Ankara, Ni¤de, Kayseri and Eskiflehir plants and including 221 non-union ready-mix concrete
employees, at the end of the year. During these workshops, an organizational climate SWOT analysis
was conducted. Mini surveys were made verbally and written statements and suggestions for
improvements about the organizational climate in the company were collected from Çimsa employees.
As a result of this work, general and regional reports were written for feedback and suggestions of
improvement. The next goal is to prepare and put into practice the improvement action plans.
38 Annual Report
Çimsa's Strategy Map
“MOST VAUABLE CONCRETE AND CEMENT ORGANIZATION OF TURKEY”
Financial/Value
“HIGH-PERFORMANCE CULTURE FOR PROFITABLE GROWTH”
Profitable Growth
Develop New Production Capacities
in Strategic Regions/Markets
Achieve Outstanding Business Results
Increase Generated Value
High Performance Culture
Cost Leadership
Optimize Capital Structure
“INCREASE VALUE TO CUSTOMER”
Customer
Know Your Customer
Exceed Customer Expectations
Internal Processes
“HIGH PERFORMANCE PROCESSES”
Segment Management
Operational Efficiency
Supply Chain Management
Optimize Sales Mix
(Customer/Product/Region)
Adapt Operational Best Practices
Improve Raw Materials & Cementitious
Materials/Resources Management
Enhance Communication for Reputation
Management
Decrease Optimize Production Costs and Energy
Usage
Increase Logistics Effinicy
Identify Corporate Risks and Take Precautions
Learning & Growth
“Ç‹MSA DNA”
Information Capital
Human Capital
Organizational Capital
Implement a Strategic Performance
Management Model
Ensure Implementation of Effective HR
Management System and Framework
Standardize Our Way of Doing Business
Harmonize & Unify the Information Platforms
Develop Leadership & Management
Capabilities
Create Value through Organizational Synergies
Our Values: Reliable - Customer Focused - Collaborative
Annual Report 39
SPAIN
GERMANY
TRNC
ROMANIA
Pushing the limits.
international player
LINKS AND TERMINALS ABROAD
Çimsa Cementos Espãna S.A.U.
Spain
Owned entirely by Çimsa, the terminal was
put into operation in 1996 in Seville, one of
Spain's key ports.
Çimsa's super white bulk cement is
shipped from the company's Mersin
Plants. Using the packaging systems of
two silos with 5,000 tons of capacity, the
product is offered to the Spanish market in
bulk or as packaged cement. The plant
also produces flooring materials using
white cement, and has an established
group of buyers in the Spanish market.
CSN Cement Sales North GmbH
Germany
CSN was founded by a partnership
between the German CTN GmbH and
Çimsa. It has a cement silo with a capacity
of 7,500 tons and markets white cement in
Germany.
Çimsa Cement Free Zone Ltd.
Cyprus
Çimsa follows growth potential in its
catchment area closely. In accordance
with the 2005 investment decision
concerning the Turkish Republic of
Northern Cyprus, Çimsa bought Erçim
Cement Industry Ltd. Subsequent
investments revamped the Famagusta port
facility for stockpiling and selling bulk
cement. The facility has the capacity to
stockpile 5,000 tons of bulk cement. In
2007, about 50,000 tons of grey cement
was sold. The sales target for 2008 in the
Cyprus market is 70,000 tons of grey
cement.
C‹MSAROM Marketing Distributie S.R.L.
Romania
This facility was established by Çimsa
(with 100% ownership) in Romania's
Constanta port in February 2006 to market
and distribute white cement in and outside
of Romania.
Annual Report 41
2007 MARKETING ACTIVITIES
A variety of technical support activities
were carried out to enhance customer
satisfaction and commitment and to satisfy
customer needs before and after sales.
These activities were conducted through
the Çimsa Application Center laboratories
and in the field.
Çimsa's mission, to become the preferred
business partner in the cement and
concrete sector, implies the necessity of
building customer relations on solid
foundations. As the leader of its sector,
especially white cement and special
products, Çimsa places great stress on
customer satisfaction in existing and new
markets, both before and after sales. In
this regard, the research on applications
for Çimsa products (white/grey Portland
cement and calcium aluminate cement)
conducted in the Cement Application
Center was shared with customers.
Promotions were organized to win new
customers and differentiate the product.
Through customer visits, the production
processes of customers were examined
and their expectations and demands were
noted. Research on applications was
conducted to meet these demands.
Customer satisfaction surveys were
administered to measure the level of
satisfaction of domestic and foreign
customers and distributors, and to define
their expectations.
Projects were run in conjunction with the
travertine sector, an important area in
which super white cement is used.
Travertine producers were visited to find
ways to enhance the performance of the
grout made from white cement. Seminars
were held to bolster the knowledge and
extend the experience of travertine
producers in the usage of white cement.
To expand the use of white cement in the
pre-cast sector, Çimsa cooperated with
pre-cast producers to work on highstrength concrete. The characteristics of
white cement, such as not requiring steam
curing, allow for early removal of concrete
molds, and early/high strength is achieved.
ISIDAÇ 40, a variety of calcium aluminate
cement, is predominantly used in the
building chemicals and refractory sectors.
Customers in these sectors were visited
and meetings were organized throughout
the year to share the latest developments.
Funding was provided to research projects
run by the Middle East Technical
University and abroad on this product's
high resistance to shock and impact.
Prior to 2007 our masonry cement brand
Ekoharç was offered only around
Eskiflehir. In 2007, it was made available to
42 Annual Report
strong
infrastructure
We are laying powerful groundwork for the future.
ANTALYA
ADANA
KAHRAMANMARAfi
2007 MARKETING ACTIVITIES (CONTINUED)
customers in all areas of operation. Promotional
meetings were organized in Eskiflehir, Mersin,
Adana, Kayseri and Kahramanmarafl to launch
this product on the market. Visits were made to
distributors and builders working in construction
sites to promote the use of Ekoharç as plaster,
masonry and alum, and to underline its
advantages. Demonstrations were performed onsite.
To enhance brand image, increase brand
awareness, and share products with customers,
Çimsa participated in building and construction
fairs in Russia and Romania, and the Istanbul
Building Fair in Turkey.
Our traditional Architecture and Art Panels were
held this year in Bahçeflehir University and
Isparta's Süleyman Demirel University.
The manager of the Kayseri Plant, Mehmet fiahin,
participated in the urban development seminar
organized by Erciyes University and Kayseri
Metropolitan Municipality, with his presentation
“Çimsa: Past and Present”, communicating
Çimsa's history, products and fields of application.
44 Annual Report
Within the framework of cooperation between
university and industry and in the context of social
responsibility, joint activities were carried out
with the Fine Arts Faculty of Mersin University. As
in previous years, the “Environment and
Sculpture” course was given in the Cement
Application Center in 2007.
Articles and papers were published or presented
in various national and international scientific
journals, congresses, and symposiums, to
elucidate the characteristics of cement products
in application, to promote them to those involved,
and to support scientific activities related to the
sector.
Çimsa participated in the “International
Symposium on Sustainability in Cement and
Concrete”, organized by the Turkish Cement
Manufacturers Association, held May 21-23, 2007
in Istanbul. Çimsa's Marketing Manager, Dr.
Önder K›rca, presented his study, “Effects of
Ordinary Portland Cement Addition on the
Properties of Calcium Aluminate Cement” at that
symposium. The study offered theoretical and
practical information on the usage of ISIDAÇ 40
cement in the building chemicals sector. In
addition, a scientific article by Mr. K›rca, entitled
“Use of Binary and Ternary Blends in High
Strength Concrete”, was published in the June
2007 issue of “Construction and Building
Materials”, which is listed in the Science Citation
Index. The article analyzed results of the research
and development work conducted at Çimsa
Cement Application Center for high-strength
concrete technology. The same results were
shared with producers of pre-cast concrete
components during customer visits, while fulfilling
their need for technical support.
A series of social responsibility and sponsorship
activities were carried out to foster Çimsa's
corporate image, reputation, and brand
awareness, and to serve the needs of each
plant's social environment.
Çimsa was the main sponsor of the 2007 Archiprix
Architecture Students Design Contest Awards
and Exhibition. Among the goals of the contest
were: to provide opportunities to young talented
architects to practice their profession; to fuel
competition between architecture teaching
institutions in Turkey; to promote the architectural
profession to the public sector; to elevate the
reputation of architecture; and to create a context
in which to strengthen the relationship between
theory and practice. This national contest of
graduate dissertations of Turkish students of
architecture was held for the seventh time with
Çimsa as the main sponsor.
The symposium “Innovations and Training in Precast Concrete”, organized by the Turkish Pre-cast
Concrete Association and the Fine Arts Faculty of
Mimar Sinan University, took place on November
13, 2007. Çimsa was the main sponsor of the
event, which was attended by academics,
architects and engineers from the sector. Çimsa
participated in the symposium through a speech
by its Marketing Manager, Dr. Önder K›rca, and a
special display stand.
The exhibition “Letters in Gold” opened in Spain's
capital Madrid, sponsored by Çimsa Cementos
Espana S.A.U. It featured the Ottoman calligraphy
collection of the Sabanc› Museum and it played a
key role in promoting Turkish culture and the
Sabanc› Group.
Furthermore, Çimsa acted as sponsor of the
Mimar Sinan Commemoration Ceremony, The
Polyphonic Choirs Festival by the Mersin
Polyphonic Choirs Association, Bahçeflehir
International IAPS Architecture Symposium,
Mersin University's National Environment
Symposium and Mersin Forest Week.
Besides activities that contributed to higher
education and the development of the social
environment, middle-level education was
supported, too. Çimsa funded a class in the
Vocational School of the Mersin Chamber of
Commerce and Industry, and donated a smart
board to Eyüp Aygar High School, which became
the first such school in Mersin to use smart
boards.
Annual Report 45
We owe our profitability and consistent performance flexibility.
flexibility
NEVfiEH‹R
OSMAN‹YE
B‹LEC‹K
KÜTAHYA
REPORT ON COMPLIANCE WITH CORPORATE
GOVERNANCE PRINCIPLES
1. Statement of Compliance of Corporate
Governance Principles
Çimsa Çimento Sanayi ve Ticaret A.fi.
applies the Corporate Governance
Principles published by the Capital
Markets Board (CMB).
Part I - SHAREHOLDERS
2. Shareholders Relations Unit
Abdullah Kaplan, chief accountant in the
Finance Department is responsible for
shareholder relations; his e-mail address is
[email protected].
During the term of activity, 20 applications
were received from shareholders for share
replacement transactions, and these
transactions were carried out, with a
printed record provided.
3. Use of the Shareholders' Rights to
Receive Information
During the activity term, a total of 28
annual reports were requested by
shareholders and these were mailed to
them. Verbal questions concerning share
replacement transactions were responded
to. Special Case Disclosure forms, issued
through the Istanbul Stock Exchange,
announced any events that may concern
the shareholders.
After the announcement of the interim
financial statements, informative meetings
were held with brokerage houses and
sector analysts. Two meetings were held
in Turkey in 2007, and three meetings were
held abroad.
The Company's Articles of Association do
not include any rules on the appointment
of a special auditor, and there has been no
request pertaining to this from the
shareholders.
4. Annual General Meeting Information
The Annual General Meeting was held on
April 17, 2007 with a meeting quorum of
73.19%. Shareholders who had completed
the necessary formalities attended the
meeting. The call for the meeting was
issued in accordance with the terms set
out by the Ministry of Industry and
Commerce and certified by the Ministerial
Superintendent. During the meeting
shareholders were given the opportunity to
ask questions, all of which were answered
with due explanations. The Annual Report
prepared beforehand was distributed to
those shareholders who took part in the
meeting. In addition, these shareholders
were informed of the previous year's
operations. Guided by the shareholders
resolutions, an election was held to
appoint Members of Board of Directors
and the Board of Auditors.
The Annual General Meeting Report is
available at the head office of the
company and is available at shareholder's
request. Additionally, the report and the
results of the Annual General Meeting
were also published in the Commercial
Registry Newspaper.
No regulations have been incorporated
into the Articles of Association to the
effect that the General Assembly should
take important resolutions. No such
Annual Report 47
REPORT ON COMPLIANCE WITH CORPORATE GOVERNANCE PRINCIPLES
(CONTINUED)
regulation was deemed necessary as the Board
of Directors represented the will of the General
Assembly report and the List of Attendance is
available on the company's website:
www.cimsa.com.tr.
5. Voting Rights and Minority Rights
No privileged voting rights are present in the
Articles of Association.
No regulations acknowledging accumulated
voting rights were set out in the Articles of
Association.
When the present percentages and the structure
of the partnership were considered, no such
regulations were made, as accumulated voting
rights could compromise the harmonious
management of the Company.
6. Dividend Distribution Policy and Dividend
Payment Date
The terms of dividend distribution are defined
under Article 26 of the Articles of Association.
Accordingly, after the deduction of due taxes from
the gross profit, the remaining net profit is used to
distribute the profit at a rate proposed by the
Board of Directors and approved by the General
Assembly, in compliance with the provisions of
the Articles of Association and Capital Markets
Board (CMB) regulations. In 2007, the CMB set a
requirement that at least 20% of the distributable
profits should be distributed as dividends. Our
company accepted the policy of 'distributing at
least 50% of the distributable profits until the end
of May following the computation period'.
This policy may be reconsidered each year by the
Board of Directors in the light of national and
global conditions, current projects, and the
condition of funds.
There are no privileges in dividend distribution.
48 Annual Report
7. Transfer of Shares
The Company's Articles of Association include no
regulation restricting the transfer of shares.
SECTION II - PUBLIC DISCLOSURE AND
TRANSPARENCY
8. Disclosure Policy
The Company has no specific public disclosure
policy. Financial statements are announced
publicly in the third, sixth, ninth, and twelfth month
of every year.
9. Disclosure of Specific Events
The Company issued 20 public disclosures of
specific events in 2007. The Capital Markets
Board (CMB) required an additional disclosure
and this was issued on March 12, 2007.
The Board of Directors was ordered to pay a fine
of TRY 11,836 per person by reason of not
informing shareholders during the 2006 Annual
General Meeting of why Enerji A.fi., one of the
associated companies, did not participate in
raising cash capital.
Our company's shares are not listed in any
foreign stock markets.
10. The Company Website and its Content
The Company's website, www.cimsa.com.tr,
published information listed in Article 1.11.5 of
Section II on the Compliance Report of Corporate
Governance Principles. The content of the
website is structured according to a decision
taken by the Capital Markets Board in meeting
No. 48/1588, dated December 12, 2004.
11. Disclosure of Ultimate Controlling Individual
Shareholder(s)
As the Company only has bearer shares, there are
no ultimate controlling shareholders.
12. Public Announcement of Insiders Who can
Access Information
Individuals privy to inside information include
members of the Board of Directors and the
executive management, as announced to the
public through the Annual Report.
SECTION III - STAKEHOLDERS
•
•
•
13. Providing Stakeholders with Information
Stakeholders are informed by the Istanbul Stock
Exchange, through the company website and
public disclosures using specific case forms.
Moreover, employees are informed through bimonthly circulars, the Intranet and annual
information meetings.
14. Participation of the Stakeholders in Company
Management
Meetings are held at least once a year for
employees wherein the operations of the previous
year are evaluated, the objectives of the next year
are shared, and feedback is received.
As part of the business excellence and learning
organization projects, teamwork is encouraged
and participation in project teams is fostered in
matters such as target identification, process
improvement, and investment.
15. Human Resources Policy
Çimsa has drafted a Corporation Human
Resources Policy and the basic principles of this
policy as cited in article 4 of the charter are
defined below:
• To recruit employees who are well trained in
their field, knowledgeable and highly skilled
•
•
•
•
To form an organizational structure of
employees with a sense of responsibility,
reliability and loyalty to the company
To recruit employees who are motivated,
enthusiastic, cooperative within the scope of
their status and position, ready to fulfill and
recognize their responsibilities, fully
authoritative within their status and willing to
take decisions
To promote a professional work environment
and conditions that can foster employees'
potential
To maintain a positive atmosphere by creating
harmony between the established employees
and newcomers
To establish career goals that encourage
employees to develop themselves by
objectively evaluating aims and performance
To create a company environment that
encourages and rewards success and
perfection
To carry out scientific studies so as to provide
employees with opportunities and a
satisfactory salary based on their position,
skills, and performance.
To-date, there have been no complaints of
discrimination from our employees.
16. Information about Relations with Customers
and Suppliers
Domestic
- Customer Visits
Marketing, sales, and R&D employees periodically
visit customers who use white cement and
calcium aluminate cement products. They collect
suggestions, and note customer expectations,
problems, and satisfaction levels on the spot.
These visits ensure a warm working relationship
with customers.
- Meetings with Distributors
In regional meetings held several times a year,
Annual Report 49
(CONTINUED)
distributors are informed of developments in the
company and receive technical information to
enable them to better support end-customers. In
addition, information regarding product quality is
updated. Distributors' problems are dealt with
during these meetings, where some solutions
require negotiation.
- Dinners for Distributors
On special occasions (Ramadan, New Year's Eve,
etc.), distributors are invited to dinners both in
their regions and at our facilities to foster warm
relationships.
- Fairs
Marketing and sales employees introduce our
gray, white, and calcium aluminate cement
products at fairs, during which the products of our
customers are present too. Our sales and
marketing employees also visit the stands of our
other customers in the construction and
refractory materials fairs in the interests of
maintaining good relationships.
- Brochures and Booklets
The Sales & Marketing and R&D departments
prepare and distribute promotional and
informative publications that answer frequently
asked questions on gray, white, and calcium
aluminate cement products.
- Seminars and Panels
With the contributions of the Sales & Marketing
and R&D departments, annual panels and
seminars are organized for students and
university staff in the architecture and/or civil
engineering faculties of three or four universities.
During these activities, we provide information
concerning the quality of our white and calcium
aluminate cement products, their applications and
their advantages.
- Corrective Action
As soon as a form of corrective action is
prepared, product complaints from customers are
sent to the related section, which works to
resolve the problem quickly and inform the
customers of the process.
Foreign
- Customer Visits
Visits to international customers take place at
least once a year, not only to strengthen
relationships but also to examine the dynamics of
the market at first hand.
- Fairs
The company takes part in construction fairs in
new markets which are deemed to offer high
potential (Russia, Ukraine, etc.), with the aim of
introducing our products and making contact with
potential users.
- Trips
Distinguished architects are taken to Spain, which
has the highest per-capita consumption of white
and gray cement, and presentations on what can
be produced with white cement are made to bring
a new vision.
- Trips for Distributors
Trips to various countries organized for the
company's most successful distributors provide
an opportunity for the Sales & Marketing
department to listen to suggestions, problems,
and evaluations in a relaxed, social atmosphere
and to enhance our distributors' motivation.
- Customer Trips
We periodically invite to the company's facilities
members of Turkish companies that use or
purchase our white and calcium aluminate
cement in our target markets. We offer a detailed
presentation of our facilities and products during
these trips. Our customers have the opportunity to
offer their suggestions or expectations.
50 Annual Report
Raw materials and additives that may influence
our product quality are purchased from suppliers
in our ISO 9001:2000 Quality Management System,
and their performance is constantly monitored.
17. Social Responsibility
Our company is aware of the importance and
impact of all investments and actions on
humankind and the environment, for the future of
our country and the world.
With this point of view, Çimsa works with the
Ministry of Environment and Forestry to plant
trees in the areas used for raw material. With this
in mind, more than 50,000 young trees were
planted in Mersin alone in 2007.
In addition, other industrial waste is burned in the
company's plants' ovens (at 1400 degrees Celsius)
in order to completely get rid of materials
hazardous to the environment. With a lack of
comprehensive solutions for the total annihilation
of industrial waste in Turkey, Çimsa tries to
improve and enlarge these applications.
Çimsa is aware of the importance of formal and
informal education and sponsors many education
projects. Therefore, to improve the quality of
schools, Çimsa supports the construction of
schools, laboratories and classes in its region of
activity. Besides these activities, our company
supports faculties of architecture with panel
discussions, competitions, etc. to improve the
sector.
With this frame of mind, an architectural tour was
organized abroad to improve students'
experience, knowledge and creativeness. In
addition, our company organizes architectural and
art panels, and sponsors architectural
competitions, summer schools, and student
meetings in various universities throughout
Turkey.
Domestic Cement-Concrete sharing meetings are
organized with a view to provide support for the
sector.
Çimsa, in addition, provides a significant
contribution to the social and cultural
development of society by supporting various
activities. The Company is the main sponsor of the
Mersin International Music Festival, and sponsors
the Mersin University Environmental Engineering
National Environmental Symposium, the Mersin
Aclape Chamber Choir, the Mersin Polyphonic
Choirs Association, and other organizations and
establishments.
Çimsa devotes a great deal of effort to pioneering
the necessary precautions to protect human
health and the environment. Some of these efforts
are listed below:
In our plants, dust and gas emissions resulting
from production activities are controlled with
electro and bag filters. To protect human health
and the environment more systematically, and to
raise employee awareness towards the issue, the
TS EN ISO 14001 Environmental Management
System was established and certified. A license
for Alternative Fuel Usage was received from the
Ministry of Environment and Forestry for the
disposal of Category I and II waste oils.
In addition, the TSE 18001 Occupational Health
Safety Management System was established and
certified to ensure the safety of employees,
contractors, and visitors.
Annual Report 51
(CONTINUED)
PART IV - BOARD OF DIRECTORS
18. The Structure and Composition and the
Independent Members of the Board of Directors
Chairman
: Erhan KAMIfiLI
Vice President : Mehmet GÖÇMEN
Member
: M. Nedim BOZFAKIO⁄LU
Member
: Tamer GÜVEN
Member
: Y›lmaz KÜLCÜ
General Manager : Mehmet HACIKAM‹LO⁄LU
All members are non-executive board members.
According to the Articles of Association, the
Board of Directors is composed of five members
elected from amongst the shareholders. There is
no independent member elected in the General
Assembly.
19. Qualifications of the Board Members
Although there are no regulations in the Articles
of Association regarding the qualifications
required for the election of Board Members, the
members must conform to the qualifications
stated in part IV of the Capital Markets Board
Corporate Governance principles, articles 3.1.1,
3.1.2, and 3.1.5.
20. The Mission, Vision and Strategic Goals of the
Company
The Company's vision and mission have been
defined and announced on the Company's
website. The rates of fulfillment of the objectives
determined in the annual budgets are discussed
in the monthly meetings.
52 Annual Report
Our Vision: is to be the most valuable cement and
concrete company.
Our Mission: is to be a business partner to
cement and concrete users at a global level.
Main Strategic Targets:
1. High performance culture for profitable
development
2. Enhancing the value of service to customers
3. High performance processes
4. Creating Çimsa 'DNA' in knowledge, human,
and organization infrastructure
21. Risk Management and Internal Control
Mechanism
The Company's policies and procedures
concerning production, sales, stocks, commercial
and financial affairs, and human resources
require processes to be carried out with business
discipline. Business flows have been designed to
assign people to execute and monitor the work,
and auto-control mechanisms have been put in
place where appropriate. Report systems to
monitor production, purchases, sales, and some
expenditure items have been developed, the
results of which are evaluated in regular meetings
at various levels and in various settings.
Authorization is required for administrative,
financial, and commercial processes. In addition
to this internal control system, compliance with
the laws, internal procedures and instructions is
evaluated by periodic internal checks, along with
the risks in the system and control mechanisms.
Accordingly, inefficient areas are improved on
and new control mechanisms are developed. With
this in mind a Risk Management Department has
been set up and its administrators appointed.
The Board of Directors' resolution requires
Internal Auditing Specialists to report to the
Committee in Charge of Auditing.
22. Duties and Responsibilities of Board
Members and Executives
The duties and responsibilities of the Board of
Directors and the General Manager are clearly
presented in the Articles of Association.
23. Operating Principles of the Board Members
As stated in the Articles of Association, the Board
of Directors holds meetings concerning Company
business and transactions at least once a month,
as deemed necessary. The Board of Directors
gathered 31 times and made 90 resolutions in
2007.
There is no particular format for the meetings
described in the Articles of Association. The
meeting agenda is decided upon as a result of the
Chairman's meeting with the General Manager.
The secretariat sends the agenda and the content
of the agenda to the Board Members for their
perusal prior to the meeting, and distributes the
meeting minutes after the meeting, via e-mail.
24. Prohibited Transactions and Engagement with
the Company
During their terms, Board Members did not
engage in any prohibited transactions with the
company.
25. Ethical Rules
Çimsa's ethical rules for employees are listed in
part III of the Human Resources Directive.
Company bylaws are announced to employees via
the company Intranet. Additionally, SA-ETHICS
have been announced to all employees.
26. The Number, Composition, and Independence
of Committees Formed in the Board of Directors
An audit committee, consisting of members with
non-executive duties, was formed under the
charge of the Board of Directors. Since the Board
of Directors deals with corporate governance
principles and the fulfillment of these principles, it
was not considered necessary to form a separate
committee for this purpose.
27. Remuneration of the Board of Directors
General Assembly decides the rights, benefits or
fees of the board members.
dividend for board membership decided by the
General Assembly is paid to the shareholding
corporate entity they represent. Board members
and executives did not receive any loans during
the term.
Annual Report 53
ANNUAL REPORT 2007
1- Report Period: January 01, 2007 - December 31, 2007
2- Title of the Company: Çimsa Çimento Sanayi ve Ticaret A.fi.
3- Board of Directors and Audit Board during the period:
A- Board of Directors:
Erhan KAMIfiLI
Mehmet GÖÇMEN
M. Nedim BOZFAKIO⁄LU
Tamer GÜVEN
Y›lmaz KÜLCÜ
The Members of the Board of Directors have been elected for two years, at the Annual Ordinary General Meeting of the Shareholders held
on May 2, 2006, until the Ordinary General Meeting of the Shareholders in 2008, where the results of the 2007 activities will be discussed.
B- Audit Board:
Mehmet SERT
Bahad›r BORAN
Members of the Audit Board were elected for one year, on the first Ordinary General Meeting of the Shareholders held on April 17, 2007.
4- Change in the Articles of Association during the Period:
During the period, article 6 of the Articles of Association related with capital has been changed due to the capital increase resulting from the
merge by taking over Oysa Çimento Sanayii ve Ticaret A.fi.
5- Information about Equity Securities and Shareholders:
The price of our equity securities trading on Istanbul Stock Exchange is between TRY 6,35 and TRY 6,75.
Paid Out Dividend Rates for the Last Three Years:
Paid Out Dividend Rate from 2004 Profit: 39%
Shareholders Holding 10% and more Shares:
Shareholders
Hac› Ömer Sabanc› Holding A.fi.
Adana Çimento Sanayi T.A.fi.
54 Annual Report
Share Amount (TRY)
63.646.864
19.074.226
Share %
47,12
14,12
(CONVENIENCE TRANSLATION OF FINANCIAL STATEMENTS AND
FOOTNOTES ORIGINALLY ISSUED IN TURKISH)
Ç ‹ M S A Ç ‹ M E N T O S A N A Y ‹ V E T ‹ C A R E T A N O N ‹ M fi ‹ R K E T ‹
CONSOLIDATED FINANCIAL STATEMENTS
TOGETHER WITH
REPORT OF INDEPENDENT AUDITORS
DECEMBER 31, 2007
(CONVENIENCE TRANSLATION OF FINANCIAL STATEMENTS AND FOOTNOTES ORIGINALLY ISSUED IN TURKISH)
Ç ‹ M S A Ç ‹ M E N T O S A N A Y ‹ V E T ‹ C A R E T A N O N ‹ M fi ‹ R K E T ‹ A N D I T S S U B S I D I A R I E S
CONSOLIDATED BALANCE SHEET
AS AT DECEMBER 31, 2007
(CURRENCY - NEW TURKISH LIRA)
ASSETS
Notes
Current Assets
Marketable Securities, net
Trade Receivables, net
Finance Lease Receivables, net
Due from Related Parties, net
Other Receivables, net
Biological Assets, net
Inventories, net
Receivables from Construction Contracts, net
Deferred Tax Assets
Other Current Assets
4, 9
5, 9
7
8
9
10
11
12
13
14
15
Non-Current Assets
Trade Receivables, net
Finance Lease Receivables, net
Due from Related Parties, net
Other Receivables, net
Financial Assets, net
Positive/Negative Goodwill, net
Investment Property, net
Property, Plant and Equipment, net
Intangible Assets, net
Deferred Tax Asset
Other Non-Current Assets
Total Assets
7
8
9
10
16
17
18
19
20
14
15
Current Period
Audited
December 31,
2007
Prior Period
Audited
December 31,
2006
268.317.077
207.731.229
56.106.226
84.778.910
3.239.842
34.135.857
89.401.544
654.698
53.748.963
64.351.750
6.850.415
22.694.956
59.283.064
802.081
863.357.198
767.661.786
502.350
289.655.470
132.353.859
420.086.190
20.396.240
363.089
447.637
262.250.857
132.397.926
350.312.729
21.602.208
241.845
408.584
1.131.674.275
975.393.015
The accompanying policies and explanatory notes on pages 59 through 96 form an integral part of the consolidated financial statements.
56 Annual Report
Current Period
Audited
December 31,
2007
148.119.281
Prior Period
Audited
December 31,
2006
139.290.996
748.337
65.340.311
44.459.233
4.273.092
1.542.829
1.168.306
30.587.173
154.995
74.033.200
20.786.978
6.967.384
392.265
12.641.470
24.314.704
56.982.948
133.404.261
6, 9
8
10
7
9
21
23
14
10
31.489.376
10.252.959
15.240.613
-
109.572.016
7.837.271
15.994.974
-
24
-
-
926.572.046
702.697.758
135.084.442
179.655.872
30.131
47.666.858
131.958.883
121.170.517
62.486.425
59.100.239
-
121.305.600
205.180.772
25.569
93.615.592
111.539.611
80.769.211
31.756.362
49.814.544
-
(416.147)
290.274.845
200.386.370
(801.695)
136.096.434
159.345.741
1.131.674.275
975.393.015
Notes
LIABILITIES
Current Liabilities
Financial Liabilities
Current Portion of Long-Term Financial Liabilities, net
Finance Lease Payables, net
Other Financial Liabilities, net
Trade Payables, net
Due to Related Parties, net
Advances Taken
Deferred Income from Construction Contracts (net)
Provisions
Deferred Tax Liabilities
Other Current Liabilities, net
6, 9
6
8
10
7
9
21
13
23
14
10
Total Non-Current Liabilities
Finance Lease Obligations, net
Other Financial Liabilities, net
Trade Payables, net
Due to Related Parties, net
Advances Taken
Provisions
Deferred Tax Liability
Other Non-Current Liabilities, net
Minority Interest
Equity
Share Capital
Treasury Shares
Share Capital Reserves
Share Premiums
Income on Common Stock Disposals
Revaluation Fund
Financial Assets Value Increase Fund
Inflation Adjustment Differences on Equity
Other Reserves
Profit Reserves
Legal Reserves
Status Reserves
Extraordinary Reserves
Special Reserves
Other Reserves
Gain on Sale of Participation Shares and Plant and Equipment to be
Transferred to Share Capital
Currency Translation Differences
Prior Year Profit
Total Liabilities and Equity
25, 27
25
26, 27
27
26
27
27
28
Annual Report 57
CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED DECEMBER 31, 2007
(CURRENCY - NEW TURKISH LIRA)
Operating Income
Sales, net
Cost of Sales (-)
Service Income, net
Other Income from Operational Activities/Interest + Dividend + Rent, net
Notes
Current Period
Audited
January 1 December 31,
2007
Prior Period
Audited
January 1 December 31,
2006
9, 35, 36
9, 35, 36
36
36
574.985.695
(364.745.352)
-
471.447.540
(261.129.875)
-
210.240.343
210.317.665
(35.727.597)
(29.513.560)
174.512.746
180.804.105
167.391.122
(29.951.852)
19.617.526
21.868.675
(24.417.141)
(25.319.087)
331.569.542
152.936.552
Gross Profit
Operational Expenses (-)
9, 35, 37
Profit From Operations, net
Other Operating Income
Other Operating Expense (-)
Financial Expense, net (-)
9, 38
9, 38
9, 39
Operating Profit
Net Monetary Loss
40
-
-
Minority Interest
24
-
-
331.569.542
152.936.552
Profit Before Taxation
Taxes
41
(43.033.742)
(25.194.130)
Net Profit From Continued Operations
Net Profit From Discontinued Operations
35
288.535.800
1.739.045
127.742.422
8.354.012
290.274.845
12.360.207.367
136.096.434
12.130.560.000
0,0233
0,0001
0,0105
0,0007
Net Profit
Average Number of Shares 1 New Kurufl (YKr) Per Value Each
Earnings Per Share from Continued Operations (YKr)
Earnings Per Share from Discontinued Operations (YKr)
42
42
58 Annual Report
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(CURRENCY - NEW TURKISH LIRA, UNLESS OTHERWISE INDICATED)
1. CORPORATE INFORMATION
General
Çimsa Çimento Sanayi ve Ticaret A.fi. (Çimsa) was founded with registration date at December 16, 1972 and announced at Turkish Trade
Registry Gazette numbered 4729 and dated December 21, 1972. Operations of the Company consist of production and sales of cement, clinker
and ready-mixed concrete. The ultimate shareholder of the Company is Hac› Ömer Sabanc› Holding A.fi. (Sabanc› Holding).
The registered office address of the Company is Toroslar Mah., Tekke Cad., Yenitaflkent 33013, Mersin/Turkey
Subsidiaries and Jointly Controlled Entities
Oysa Çimento Sanayi ve Ticaret A.fi. (Oysa Çimento) was established in Ni¤de and its operations consist of production, marketing and sales
of cement and clinker. Oysa Çimento was established as a joint venture by its shareholders Çimsa and Ordu Yard›mlaflma Kurumu (OYAK).
However, on October 19, 2006, the Board of Directors of the Çimsa decided to end the partnership with OYAK lasting for 15 years considering
the decision of the Competition Board dated October 3, 2006 and numbered 930-267. In these circumstances on March 22, 2007, Share
Transfer Agreement was signed between Sabanc› Holding and shareholders of Oysa Çimento, OYAK, Adana Çimento Sanayii T.A.fi. (Adana
Çimento) and Mardin Çimento Sanayii T.A.fi. (Mardin Çimento). Furthermore on the same date Asset Sale Agreement was signed between
Oysa Çimento and Adana Çimento. With this agreement, it has been decreased to sell ‹skenderun Cement Grinding Facility and related ready
made concrete facilities owned by Oysa Çimento to Adana Çimento at the amount of USD 70.775.700 and Oysa Çimento shares owned by
OYAK, Adana Çimento and Mardin Çimento were sold to Sabanc› Holding at the amount of USD 70.800.000. Furthermore, on April 24, 2007, the
Competition Board approved the realization of such transactions and as of April 30, 2007 aforementioned sales transactions have been
realized.
On May 30, 2007, the Board of Directors of Çimsa decided to merge Çimsa Çimento Sanayi ve Ticaret A.fi. with Oysa Çimento Sanayi ve
Ticaret A.fi. via acquisition in accordance with Turkish Commercial Code Article 451 and Corporate Tax Legislation Articles 18, 19 and 20.
Then, related permission application was made to Turkish Republic Prime Ministry Capital Market Board on July 19, 2007.
In the application file, reports prepared by the official appraiser charged by Turkish Republic Mersin Commercial Court of First Instance and
expert firm Akis Ba¤›ms›z Denetim ve SMMM A.fi. were included. In the report prepared by Akis Ba¤›ms›z Denetim ve SMMM A.fi. dated
June 26, 2007, merger rates were determined in accordance with Discounted Cash Flow (“DCF”), Market Multipliers Analysis and Equity
Method as stated below:
Method
DCF
Market Multipliers Analysis
Equity Method
Merger Rate
89,7998%
94,8265%
89,6910%
Conversion Rate›
66,3219%
31,8553%
67,1109%
DCF method based on non-consolidated financial statements prepared as of April 30, 2007 in accordance with financial reporting standards
published by Capital Market Board was determined as merger method and share conversion rate was determined as 66,3219%. This
conversion rate was identified as fair and adequate by both of the expert firm and the official appraiser.
Extraordinary General Assembly meeting of Çimsa related with Oysa Çimento merger via acquisition has been held on October 30, 2007 and
due to decrees of the Merger (Acquisition) Agreement, it has been decided to merge Oysa Çimento with Çimsa via dissolution with nonliquidation method and total succession of all assets and liabilities of Oysa Çimento in accordance with Turkish Commercial Code Article 451
and Corporate Tax Code Articles 18-20. Official registration of the merger as of October 31, 2007 was announced in the trade registry gazette
dated November 5, 2007.
Related to the distribution of shares after the increase in the issued share capital of Çimsa from TRY 121.305.600 to TRY 135.084.442 at the
amount of TRY 13.778.842 due to the merger with Oysa Çimento via acquisition, it has been announced to the public that the shareholders of
Oysa Çimento have the right to change their 1 share in Oysa Çimento at the nominal amount of YKr 1 with 0,663219 share in Çimsa at the
nominal amount of YKr 1. Due to such acquisition, the shares of Oysa Çimento were delisted in ISE National-All Shares and ISE NationalIndustrials-Non-Metal Mineral Products indices, effective from December 9, 2007. Effective from November 9, 2007 it has been taken into
account that the share capital of Çimsa is TRY 135.084.442 and the custody rate is 29%.
Annual Report 59
1. CORPORATE INFORMATION (continued)
After the aforementioned realization of the asset sales agreement between Oyak group companies and Sabanc› Holding, Oysa Çimento and
Çimsa has become entities under common control of Sabanc› Holding. Until April 30, 2007, Çimsa's effective shareholding rate on Oysa
Çimento was 41,09%. Same as the previous periods, financial statements of Oysa Çimento was consolidated via proportional consolidation
method until April 30, 2007 and after that date financial statements of Oysa Çimento was fully consolidated as Çimsa and Oysa Çimento are
the entities under common control of Sabanc› Holding. At the time of legal merger at October 31, 2007, purchase accounting in accordance
with IFRS 3 “Business Combinations” was not applied to the financial statements of Oysa Çimento and differences arising from the merger
the were included in related equity accounts in the consolidated financial statements of Çimsa as of December 31, 2007 via “pooling of
interests” method (Notes 27-28).
The Company purchased Çimsa Cement Free-Zone Limited (Çimsa Cement, previously named Erçim Çimento Limited) on October 12, 2005,
which is located in Gazi Ma¤usa Serbest Liman ve Bölge in Turkish Republic of Northern Cyprus (TRNC) and operating in packing, marketing
and sales of cement Çimsa Cement is fully consolidated since this date.
On February 8, 2006, the Company invested in 99% of CIMSAROM Marketing Distributie S.R.L. (Çimsarom) as the founder shareholder, which
was established to operate in cement packaging, sales and marketing industry in Romania Kostence Harbor. Çimsarom has been
consolidated since the establishment date.
On June 27, 2006, the Company purchased 50% of Cement Sales North Gmbh (CSN), operating in white cement marketing in Germany having
a paid-in share capital of Euro 30,000 from another Sabanc› Group company, Exsa (UK) Limited, by paying 100.000 Euro (TRY 200.950). As of
December 31, 2007 the share of the Company in CSN is 50% and CSN is proportionately consolidated.
On July 7, 2006, the Company purchased Çimsa Cementos Espana, S.A.U. (Cementos Espana, previously named Exportaciones Sabanc›
S.A.U.), the owner of the cement terminal in Seville Harbor to supply bulk and packed cement to white cement market and having a nominal
value of EURO 2 per share consisted of 150.000 shares, from Exsa (UK) Limited by paying Euro 2.300.000. The financial statements of
Cementos Espana were consolidated into the financial statements of the Company since the purchase date.
For the purpose of presentation of consolidated financial statements, Çimsa, the proportionally consolidated CSN, and fully consolidated
subsidiaries Çimsa Cement, Çimsarom and Cementos Espana, will be together referred to as “the Group”.
Nature of Activities
The Group is engaged in production and sales of cement, clinker and ready-mixed concrete
The consolidated financial statements of Çimsa were authorized for issue by the management on March 17, 2008. The General Assembly and
certain regulatory bodies have the power to amend the statutory financial statements after issue.
The Group has 916 employees as of December 31, 2007 (December 31, 2006-801).
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Preparation
The financial statements of the Group have been prepared in accordance with accounting and reporting standards as prescribed by the
Turkish Capital Market Board (the CMB) (“CMB Accounting Standards”). The CMB has issued Communiqué No. XI-25 “Communiqué on
Accounting Standards in Capital Markets” which sets out a comprehensive set of accounting principles. In this Communiqué, the CMB
stated that, as an alternative, application of accounting standards prescribed by the International Accounting Standards Board (IASB) and
the International Accounting Standards Committee (IASC) will also be considered to be compliant with the CMB Accounting Standards. With
the decision taken on March 17, 2005, the CMB has declared that effective from January 1, 2005 application of inflation accounting is no
longer required for companies operating in Turkey which are reporting in accordance with CMB Accounting Standards. The financial
statements have been prepared under the alternative application defined by the CMB as explained above. The financial statements and
explanatory notes are presented using the compulsory standard formats as prescribed by the CMB
Çimsa maintains its books of accounts and prepare its statutory financial statements in New Turkish Lira (TRY) in accordance with the
regulations on accounting and reporting framework and accounting standards promulgated by the Turkish Capital Market Board (CMB), (for
publicly traded companies) and Turkish Commercial Code and Tax Legislation and the Uniform Chart of Accounts issued by the Ministry of
60 Annual Report
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
Finance. The foreign subsidiaries maintain their books of accounts in accordance with the laws and regulations in force in the countries
where they are registered. The consolidated financial statements have been prepared from statutory financial statements of the Group and
presented in New Turkish Lira (TRY) with adjustments and reclassifications for the purpose of fair presentation in accordance with CMB
Accounting Standards. Main adjustments are; consolidation with proportional consolidation and equity method, accounting for goodwill,
deferred taxes, discounting of receivables and payables, employee termination benefits and provisions.
Functional and Reporting Currency
The functional and reporting currency of Çimsa, and its proportionally consolidated subsidiary Exsa Export Sanayi Mamülleri Sat›fl ve
Araflt›rma A.fi (Exsa) is TRY. Functional currency of Çimsa Cement is United States Dollar (USD), functional currency of CSN and Cementos
Espana is EUR and the functional currency of Çimsarom is New Rumanian Lei. Based on International Accounting Standard (IAS) 21, the
exchange rate used for translating the balance sheet items is the exchange rate at the balance sheet date; for income statement and the
cash flow items, the average exchange rate of the related period. The resulting foreign currency gain/loss is recorded under the “Currency
Translation Differences” account in equity.
In accordance with the Capital Market Board's resolution dated March 17, 2005 and numbered 11/367, financial statements were restated in
accordance with IAS 29 (Financial Reporting in Hyperinflationary Economies) for the last time as of December 31, 2004 since the objective
conditions which require the application of restatement of financial statements have not been realized and that based on the existing data
CMB has foreseen that the indications whether such conditions are going to be realized in the future is no longer probable. Therefore, nonmonetary assets, liabilities and equity items including the share capital as of December 31, 2007 and 2006 have been restated by applying the
relevant conversion factors through December 31, 2004 and carrying additions after December 31, 2004 at their nominal values.
Comparative Information and Reclassifications Made to the Previous Year's Financial Statements
In the Group's consolidated income statements for the year then ended December 31, 2007, accounts comprising from economic unit of
Iskenderun operations owned by Oysa Çimento are presented in a separate line as “Net Profit from Discontinued Operations”. Therefore the
consolidated income statements of the year 2006 have been comparatively reclassified, accordingly.
Changes in Accounting Policies
The accounting policies adopted are consistent with those of the previous financial year except as follows:
The Group has adopted the following new and amended IFRS and IFRIC interpretations during the year which are effective from
January 1, 2007
Adoption of New and Amended Financial Reporting Standards
IFRS 7, Financial Instruments: Disclosures
IAS 1 - Presentation of Financial Statements - Capital Disclosures
IFRIC 8, IFRS 2 Scope of Share Based Payments
IFRIC 9, Reassessment of Embedded Derivatives
IFRIC 10, Interim Financial Reporting and Impairment
Except UFRS 7, Adoption of new and amended financial reporting standards and interpretations has no material effect on the Group's
financial statements and related disclosures.
Standards and Interpretations that are issued but not yet effective as of December 31, 2007
Certain new standards, amendments and interpretations to existing standards have been published that are mandatory for later periods, but
which the Group has not early adopted, as follows:
IFRS 2, Share Based Payments (Amended) (effective for annual periods beginning on or after January 1, 2009).
Annual Report 61
IFRS 3 “Business Combinations” and IAS 27 “Consolidated and Separate Financial Statements” and related amendments (effective for
annual periods beginning on or after July 1, 2009).
IFRS 8, Operating Segments (effective for annual periods beginning on or after January 1, 2009).
IAS 1, Presentation of Financial Statements (Amended) (effective for annual periods beginning on or after January 1, 2009).
IAS 23 Revised - Borrowing Costs (effective for annual periods beginning on or after January 1, 2009).
IAS 32 ve IAS 1 Puttable Financial Instruments (effective for annual periods beginning on or after January 1, 2009).
IFRIC 11- IFRS 2-Group and Treasury Share Transactions (effective for financial years beginning on or after March 1, 2007).
IFRIC 12 - Service Concession Arrangements (effective for annual periods beginning on or after January 1, 2008)
IFRIC 13- Customer Loyalty Programmes (effective for annual periods beginning on or after July 1, 2008)
IFRIC 14 - IAS 19, The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction (effective for annual periods
beginning on or after January 1, 2008)
The Group has not early adopted the above mentioned standards mentioned above.
Basis of Consolidation
The consolidated financial statements comprise the financial statements of Çimsa and its fully consolidated subsidiaries Çimsa Cement,
Çimsarom and Cementos Espana and the financial statements of CSN consolidated at %50.
Subsidiaries
Subsidiaries are consolidated from the date on which control is transferred to the Company and ceased to be consolidated from the date on
which control is transferred from the Company.
This control is normally evidenced when Çimsa owns, either directly or indirectly, more than 50% of the voting rights of a company's share
capital and is able to govern the financial and operating policies of an enterprise so as to benefit from its activities. Accordingly, the financial
statements of Çimsa Cement, Cementos Espana and Çimsarom are fully consolidated in accordance with IAS 27 “Consolidated and Separate
Financial Statements”.
Jointly Controlled Entities
CSN and until April 30, 2007 Oysa Çimento are the entities jointly controlled by Çimsa and other shareholders, with a participation ratio of
50% and 41,09%, respectively. In this respect, interests in Oysa Çimento until April 30, 2007 and CNS are recognized using proportionate
consolidation as the benchmark treatment mentioned in the IAS 31 “Interests in Joint Ventures”.
Balance sheet and income statement items (for Oysa Çimento, income statement only for the period between January 1 - April 30, 2007) of
the jointly controlled entities have been added to the balance sheet and income statement items of Çimsa by considering the shareholding
percentage of Çimsa in the joint venture. Receivables and payable balances of Çimsa from/to these companies and income statement items
have been eliminated based on the shareholding interest.
Consolidated financial statements include the financial statements of Çimsa and its subsidiaries and jointly controlled entities. Consolidated
financial statements are prepared using uniform accounting policies for like transactions and other events in similar circumstances.
Associates
The associate of the Company, Exsa, is accounted by using the equity method, which is classified under financial assets. The investment in
an associate is carried on the balance sheet at cost plus post-acquisition changes in the Company's share of net assets of the associates.
Consolidated income statement reflects the share of the Company on the results of operations of the associate.
62 Annual Report
Offsetting
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is a legally enforceable right to net off
the recognized amounts and there is an intention to settle on a net basis or realize the asset and settle the liability simultaneously.
Significant Accounting Judgments, Estimates and Assumptions
The preparation of financial statements requires Group management to make estimates and assumptions that affect the reported amounts of
assets and liabilities and disclosure of contingent assets and liabilities at the date of the balance sheet. Actual results may vary from the
current estimates. These estimates are reviewed periodically, and, as adjustments become necessary, they are reported in earnings in the
periods in which they become known.
The key assumptions concerning the future and other key resources of estimation uncertainty at the balance sheet date and the significant
judgments with the most significant effect on amounts recognized in the consolidated financial statements are discussed in the relevant
sections of the notes below, which are mainly related to the use of actuarial assumptions in the calculation of retirement pay liabilities,
useful lives of tangible and intangible assets and key assumption used in the impairment test of goodwill based on discounted cash flow
method.
3. BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES
For the purpose of the presentation of the consolidated cash flow statement, cash and cash equivalents comprise cash on hand, cash in
banks, checks and short-term deposits with an original maturity of three months or less.
Trade Receivables
Trade receivables are recognized and carried at original invoice amount less an allowance for any uncollectible amounts and an allowance
for unearned interest calculated using the effective interest rate method (interest rates are 15% for TRY, 4,3% for USD and 4,8% for EUR).
(December 31, 2006 - 20% for TRY, 5,3% for USD and 2,9% for EUR)
Notes and post-dated checks, which are classified within trade receivables are measured at amortized cost using the effective interest rate
method.
The allowance for doubtful receivables is established through a provision charged to expenses. Provision is made when there is objective
evidence that the Group will not be able to collect the debts. The allowance is an estimated amount that Group management believes to be
adequate to absorb possible future losses on existing receivables that may become uncollectible due to current economic conditions and
inherent risks in the receivables. Bad debts are written off when identified.
Inventories
Inventories are valued at the lower of cost and net realizable value. Cost incurred in bringing each product to its present location and
conditions are accounted for as follows:
Raw materials and supplies - restated cost determined on moving weighted average basis.
Finished goods and work-in-process - cost of direct materials and labor and a proportion of manufacturing overheads based on normal
operating capacity. Inventory valuation is made on moving weighted average basis.
Net realizable value is the estimated selling price in the ordinary course of business, less estimated costs of completion and the estimated
costs necessary to make the sale.
Investments Available for Sale
Investments available for sale are presented under “Financial Assets” in the balance sheet.
All investments are initially recognized at cost, being the fair value of the consideration given, and including acquisition charges associated
with the investment.
Annual Report 63
3. BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES (continued)
After initial recognition, investments which are classified as available-for-sale are measured at fair value. Interest earned on available for
sale investments is reported as interest income. Gains or losses on available-for-sale investments are recognized as a separate component
of equity until the investment is sold, collected or otherwise disposed of, or until the investment is determined to be impaired, at which time
the cumulative gain or loss previously reported in equity is included in income.
For investments that are actively traded on the organizational structures, fair value is determined by reference to market prices at the close
of business on the balance sheet date. For investments where there is no market price and where reasonable estimate of the fair value
could not be determined since other methods are inappropriate and impractical, they are stated at cost less any impairment in value.
Property, Plant and Equipment
Property, plant and equipment are stated at cost less accumulated depreciation and any impairment in value. The initial cost of property,
plant and equipment comprises its purchase price, including import duties, non-refundable taxes and any directly attributable costs of
bringing the asset to its working condition and location for its intended use. Expenditures incurred after the property, plant and equipment
have been put into the operation, such as repairs and maintenance are normally charged to expense in the period the costs are incurred.
Expenditures are added to cost of property, plant and equipment items if the expenditures provide economic added value for the future use
of the related property, plant and equipment. When assets are sold or retired, their cost and accumulated depreciation are eliminated from
the accounts and any gain or loss resulting from their disposal is included in consolidated income statement.
Land is not depreciated. Depreciation is calculated on all property, plant and equipment on a straight-line basis over the estimated useful life
of the asset as follows:
Land improvements
Buildings
Machinery and equipment
Furniture and fixtures
Motor vehicles
Other
Leasehold improvements
10-50 years
25-50 years
5-20 years
3-15 years
5-14 years
5-10 years
Lease period
Intangible Assets
Intangible assets which are composed of mining rights and computer licenses are capitalized at purchase value. Intangible assets are
recognized if it is probable that the future economic benefits that are attributable to the asset will flow to the enterprise; and the cost of the
asset can be measured reliably. After initial recognition, intangible assets are measured at cost less accumulated amortization and any
accumulated impairment losses. Intangible assets excluding development costs, created within the business are not capitalized and
expenditure is charged against profits in the year in which it is incurred. The useful lives of intangible assets are assessed to be either finite
or indefinite. Intangible assets with finite lives are amortized on a straight line basis over the best estimate of their useful lives. The
amortization period and the amortization method for an intangible asset with a finite useful life are reviewed at least at each financial yearend. Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset is
accounted for by changing the amortization period or method, as appropriate, and treated as changes in accounting estimates. The
amortization expense on intangible assets with finite lives is recognised in the income statement in the expense category consistent with the
function of the intangible asset.
Intangible assets are amortized on a straight-line basis over the best estimate of their useful lives.
Mining rights
Computer licenses
20 year
5 year
The Company has no intangible assets that have indefinite useful life.
The carrying values of intangible assets are reviewed for impairment when events or changes in circumstances indicate that the carrying
value may not be recoverable.
64 Annual Report
Impairment on Assets
The carrying values of assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be
recoverable. Whenever the carrying amount of an asset exceeds its recoverable amount, an impairment loss is recognized in income for the
period. The recoverable amount of the asset is the greater of net selling price and value in use. The recoverable amount is determined for
each asset, if possible; if not it is determined for the cash-generating unit to which the asset belongs. Reversal of impairment losses
recognized in prior years is recorded in the income statement when there is an indication that the impairment losses recognized for the
asset no longer exist or have decreased. But, any reversal of impairment loss is recognized in income statement, to the extent that the
carrying value of the asset does not exceed its value before the impairment.
Goodwill
Goodwill represents the excess of the cost of the acquisition over the fair value of identifiable net assets of the acquiree at the date of
acquisition.
The goodwill arising from the business combinations is not amortized in accordance with IFRS 3 “Business Combinations”. Goodwill is
reviewed for impairment, at least annually if events or changes in circumstances indicate that the carrying value may be impaired.
As explained in detail in Note 17 and Note 32, the Company purchased Standart Çimento Sanayi A.fi. (Standart Çimento) - Eskiflehir Plant and
Lalahan Grinding Facility from Saving Deposit Insurance Fund (SDIF) on December 26, 2005. As explained in detail in Notes 1, 17 and 32, the
Company also purchased Çimsa Cement on October 12, 2005. The Company initially recognized the identifiable assets and liabilities of the
aforementioned purchases at fair values at the date of the agreements, and the excess of the cost of the purchases over the identifiable
assets and liabilities were recognized as goodwill, net off deferred tax, in accordance with IFRS 3 “Business Combinations”.
Foreign Currency Transactions
Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction to TRY. Monetary assets and liabilities
denominated in foreign currencies are retranslated at the rate of exchange ruling at the balance sheet date. Exchange gains or losses
arising on settlement and translation of foreign currency items have been included in the related income or expense accounts as
appropriate.
Foreign currency translation rates used by the Group as of respective year-ends are as follows:
Date
December 31, 2005
December 31, 2006
December 31, 2007
TRY/USD
1,3418
1,4056
1,1647
TRY/EURO
1,5875
1,8515
1,7102
Bank Borrowings
All borrowings are initially recognized at cost, being the fair value of the consideration received net of issue costs associated with the
borrowing.
After initial recognition, borrowings are subsequently measured at amortized cost using the effective interest rate method. Amortized cost is
calculated by taking into account any issue costs, and any discount or premium on settlement.
Gains and losses are recognized in net profit or loss when the liabilities are derecognized, as well as through the amortization process.
Trade Payables
Trade payables are carried at amortized cost which is the fair value of the consideration to be paid in the future for goods and services
received, whether or not billed to the Group. Interest rates used when determining the amortized cost are 15% for TRY, 4,3% for USD and
4,8% for EUR. (December 31, 2006 - TRY: 20%, USD 5,3%, EUR: 2,9%).
Annual Report 65
Provisions, Contingent Assets and Liabilities
Provisions
Provisions are recognized when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that an
outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the
amount of the obligation. If the effect of the time value of money is material, provisions are determined by discounting the expected future
cash flows at a pre-tax rate that reflects current market assessments of the time value of money and, where appropriate, the risks specific
to the liability. Where discounting is used, the increase in the provision due to the passage of time is recognized as an interest expense.
Contingent Liabilities and Assets
Contingent liabilities are not recognized in the financial statements; they are disclosed only if they do not bear high probability of an outflow
of resources embodying economic benefits. Contingent assets are explained in the footnotes only in case of a highly-probable inflow of
economic benefit.
Income Tax
Tax expense (income) is the aggregate amount included in the determination of net profit or loss for the period in respect of current and
deferred tax.
Deferred income tax is provided, using the liability method, on all temporary differences at the balance sheet date between the tax bases of
assets and liabilities and their carrying amounts for financial reporting purposes. Deferred income tax liabilities are recognized for all taxable
temporary differences.
Deferred income tax assets are recognized for all deductible temporary differences, carry-forward of unused tax assets and unused tax
losses, to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, carry-forward
of unused tax assets and unused tax losses can be utilized. The carrying amount of deferred income tax assets is reviewed at each balance
sheet date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the
deferred income tax asset to be utilized.
Deferred income tax assets and liabilities are measured at the tax rates that are expected to apply to the period when the asset is realized or
the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the balance sheet date (Note 14).
Deferred income tax assets and deferred income tax liabilities are offset, if a legally enforceable right exists to set off current tax assets
against current income tax liabilities and the deferred income taxes relate to the same taxable entity and the same taxation authority (Note 14).
Employee Termination Benefits
a) Defined Benefit Plans:
In accordance with existing social legislation in Turkey, the entities operating in Turkey is required to make lump-sum termination
indemnities to each employee who has completed over one year of service with the Group and whose employment is terminated due to
retirement or for reasons other than resignation or misconduct.
As explained in detail in Note 23, the Group has reflected a liability using the “Projected Unit Credit Method” based on the actuarial valuation
performed by independent actuaries. The employee termination benefits are discounted to the present value of the estimated future cash
outflows using the interest rate estimate of qualified actuaries.
On the consolidated balance sheets, the liabilities for employee termination benefits are reflected under non-current liabilities.
b) Defined Contribution Plans:
The Group pays contributions to the Social Security Institution of Turkey on a mandatory basis. The Group has no further payment obligations
once the contributions have been paid. The contributions are recognized as employee benefit expense when they are due.
66 Annual Report
Related Parties
Parties are considered to be related if any of the conditions stated below exists:
(a) directly, or indirectly through one or more intermediaries, the party:
(i) controls, is controlled by, or is under common control with, the Company (this includes parents, subsidiaries and fellow
subsidiaries);
(ii) has an interest in the Company that gives it significant influence over the Company; or
(ii) has joint control over the Company;
(b) the party is an associate of the Company;
(c) the party is a joint venture in which the Company is a venturer;
(d) the party is member of the key management personnel of the Company or its parent;
(e) the party is a close member of the family of any individual referred to in (a) or (d);
(f) the party is an entity that is controlled, jointly controlled or significantly influenced by, or for which significant voting power in such entity
resides with, directly or indirectly, any individual referred to in (d) or (e);
(g) the party is a post-employment benefit plan for the benefit of employees of the Company, or of any entity that is a related party of the
Company.
A related party transaction is a transfer of resources, services or obligations between related parties, regardless of whether a price is
charged.
Currency Translation Differences
The assets and liabilities of foreign subsidiaries are translated at the rate of exchange ruling at the balance sheet date. The income
statements of foreign subsidiaries are also translated at monthly average exchange rates. Differences resulting from the translation were
taken to equity as “Currency Translation Differences”. Differences resulting from the deviation between the inflation rate (until December 31,
2004) and the appreciation of foreign currencies against the New Turkish Lira related to equity accounts of consolidated subsidiaries were
taken to equity as “Currency Translation Differences”.
Revenue Recognition
Revenue is recognized to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably
measured. Revenues are stated net of discounts, value added and sales taxes. The following specific recognition criteria must also be met
before revenue is recognized.
Sales of Goods
Revenue is recognized when the significant risks and rewards of ownership of the goods have passed to the buyer at the invoiced values
and the amount of revenue can be measured reliably. Net sales represent the invoiced value of goods shipped net of sales discounts and
commission.
Rendering of Services
Revenue from rendering services is recognized by reference to the stage of completion when it can be measured reliably. Where the
contract outcome cannot be measured reliably, revenue is recognized only to the extent of the expenses recognized that are recoverable.
Interest
Revenue is recognized as the interest accrues unless collectibility is in doubt.
Dividends
Revenue is recognized when the Shareholders have the right to receive the payment.
Discontinued Operations
As also detailed in Note 1, due to “Asset Sale Agreements” signed between Oysa Çimento and Adana Çimento on March 22, 2007, the
economic unit of Iskenderun operation was sold to Adana Çimento at the amount of equivalent TRY of USD 70.775.000 as of April 30, 2007.
In the Group's consolidated financial statements for the year ended December 31, 2007, accounts comprising from economic unit of
Iskenderun operation owned by Oysa Çimento are presented in a separate line as “Net Profit from Discontinued Operations”.
Annual Report 67
Borrowing Costs
Borrowing costs are expensed as incurred.
Earnings per Share
Basic earnings per share (EPS) in the consolidated income statement are calculated by dividing the net profit for the year by the weighted
average number of ordinary shares outstanding during the year.
In Turkey, companies can increase their share capital by making distribution of free shares to existing shareholders from various internal
resources. For the purpose of the EPS calculation such share issues are regarded as stock dividend. Accordingly the weighted average
number of shares used in EPS calculation is derived by giving retroactive effect to the issue of such shares
Subsequent Events
Post-year-end events that affect the Group's position at the balance sheet date (adjusting events), are reflected in the financial statements. Postyear-end events that are not adjusting events are disclosed in the notes according to their materiality.
Trade and Settlement Date Accounting
All "regular way" purchases and sales of financial assets are recognized on the trade date, in other words, the date the Group commits to
purchase the asset. Regular way purchases or sales are purchases or sales of financial assets that require delivery of assets within the time
frame generally established by regulation or convention in the market place.
Recognition and De-Recognition of Financial Instruments
The Group recognizes a financial asset or financial liability in its balance sheet when and only when it becomes a party to the contractual
provisions of the instrument. The Group derecognizes a financial asset or a portion of financial asset when and only when it loses control of
the contractual rights that comprise the financial asset or a portion of financial asset. The Group derecognizes a financial liability when and
only when a liability is extinguished that is when the obligation specified in the contract is discharged, cancelled and expired.
Financial Risk Management Objectives and Polices
The Group's principal financial instruments comprise, bank loans, cash and short-term deposits. The main purpose of these financial
instruments is to raise financing for the Group's operations. The Group has various other financial instruments such as trade receivables and
trade payables, which arise directly from its operations.
The main risks arising from the Group's financial instruments are interest rate risk, foreign currency risk, liquidity risk and credit risk. The
management reviews and agrees policies for managing each of these risks as summarized below. The Group also monitors the market price
risk arising from all financial instruments.
Foreign Currency Risk
The Group is exposed to foreign exchange risk arising from various currency exposures primarily with respect to U.S. Dollar, Euro and other
foreign currency denominated held by the Group assets and liabilities.
The Group also has transactional currency exposures. Such exposures arise from sales or purchases or borrowings by the Group in
currencies other than the Group's functional currency and holding foreign currency denominated bank loans.
The Group manages foreign currency risk by using natural hedges that arise from offsetting foreign currency denominated assets and
liabilities. Net foreign currency exposure of the Company at December 31, 2007 and December 31, 2006 is approximately TRY 76.784.000 and
TRY 169.593.651 short, respectively (Note 29).
The reason of the Group's short position at December 31, 2007 and 2006 is the loans used for the purchase of the fixed assets, which was
acquired by competitive bidding of the Saving Deposit Insurance Fund (SDIF).
Interest Rate Risk
The Group's exposure to market risk for changes in interest rates relates primarily to the Group's interest bearing assets and liabilities. The
Group manages interest rate risk and cash flow of interest rate risk through natural hedges that arise from offsetting the same interest
bearing assets and liabilities.
68 Annual Report
Price Risk
Price risk is a combination of currency, interest and market risks which the Group manages through natural hedges that arise from offsetting
the same currency receivables and payables, interest bearing assets and liabilities. Market risk is closely monitored by the management
using the available market information and appropriate valuation methods.
Credit Risk
Credit risk is the risk that one party to a financial instrument will fail to discharge an obligation and cause the other party to incur a financial
loss. The Group attempts to control credit risk by monitoring credit exposures, limiting transactions with specific counterparties, and
continually assessing the creditworthiness of the counterparties.
The Group seeks to manage its credit risk exposure through diversification of sales activities to avoid undue concentrations of risks with
individuals or groups of customers in specific locations or businesses. The Company also obtains security when appropriate.
Liquidity Risk
Liquidity risk is the risk that an entity will be unable to meet its net funding requirements. The risk is mitigated by matching the cash in and
out flow volume supported by committed lending limits from qualified credit institutions.
Fair Values
Fair value is the amount for which an asset could be exchanged, or a liability settled between knowledgeable, willing parties in an arm's
length transaction.
The financial assets and liabilities which are denominated in foreign currencies are evaluated by the foreign exchange rates prevailing on
the date of balance sheet which approximate to market rates.
The following methods and assumptions were used to estimate the fair value of each class of financial instrument for which it is practicable
to estimate a fair value.
Financial Assets
The fair values of certain financial assets carried at cost, including cash and cash equivalents plus the respective accrued interest and other
financial assets are considered to approximate their respective carrying values due to their short-term nature and negligible credit losses.
The carrying value of trade receivables along with the related allowance for uncollectibility is estimated to be their fair values.
Trade payables and other monetary liabilities are considered to approximate their respective carrying values due to their short-term nature.
The bank borrowings are stated at their amortized costs and transaction costs are included in the initial measurement of loans and bank
borrowings. The fair value of bank borrowings are considered to state their respective carrying values since the interest rate applied to bank
loans and borrowings are updated periodically by the lender to reflect active market price quotations.
Capital Management
The Group manages it capital by maintaining permanence of its operations and on the other hand by reviewing terms of the trade
receivables, trade payables and financial liabilities and cash from operations which was gained from operations by using the debt and equity
ratio in the most efficient way. The Group's top management evaluates the risks which are associated with the cost of capital and every
equity account, and presents risks to Board of Directors which are depended to their decision. The Group's objective is to maintain the
stability of capital structure by taking new debts or repayment of debts and also via dividend payments by depending on the decisions of
Board of Directors.
No changes were made in the objectives, policies or processes as compared to prior period.
Segment Reporting
The Company realizes majority of its sales in Turkey. Since there are not various product types and geographic locations which require
segment reporting, the Company's management does not perform segment reporting.
Annual Report 69
4. CASH AND CASH EQUIVALENTS
Bank accounts (including short-term time deposits)
Checks in collection with maturities before year end
Cash on hand
December 31, 2007
54.912.400
1.193.826
-
December 31, 2006
52.020.326
1.726.799
1.838
56.106.226
53.748.963
Total
Time deposits are made for varying periods having maturities between 2 and 43 days (December 31, 2006 - between 6 and 34 days) for TRY
denominated funds and earns interest at 15,75% - 18,8% (2006 - 14,96% - 20,5%). Remaining time deposits denominated in foreign currencies
amounting to TRY 30.954 are the amounts taken as a guarantee from the dealers. TRY 2.842 of such amount is denominated in Euro, TRY
28.112 is denominated in USD. In case of the guarantee amount is paid back then the guarantee amount with the interest amount earned is
given back to the dealer.
5. MARKETABLE SECURITIES (NET)
The Group does not have marketable securities as of December 31, 2007 and December 31, 2006.
6. BORROWINGS (NET)
Short-Term Financial Liabilities
Non secured loans
Currency
TRY
December 31, 2007
Effective Interest Rate
Minimum
Maximum
-
Maturity
January 2, 2008
Balance
748.337
748.337
Non secured loans
Currency
TRY
December 31, 2006
Maturity
Balance
-
Minimum
January 4, 2007
Maximum
154.995
154.995
70 Annual Report
6. BORROWINGS (NET) (continued)
Long-Term Financial Liabilities
December 31, 2007
Currency and Amount
Non Secured Loans
USD 83.137.019
Less-current term portion
(USD 56.100.550)
Minimum
Maximum
6,03%
6,23%
Maturity
June 22, 2009 - December 22, 2010
Balance
(TRY)
96.829.687
December 31, 2007 - December 23, 2008
(65.340.311)
31.489.376
December 31, 2006
Currency and Amount
Non Secured loans
USD 130.624.087
Less-current term portion
(USD 52.670.176)
Minimum
Maximum
5,75%
6,1%
Maturity
Balance
(TRY)
183.605.216
(74.033.200)
109.572.016
As of December 31, 2007 and 2006 interest and principal payments of loans which the Company used from various banks amounting to USD
82.857.142 and USD 130.000.000 will be paid semiannually in equal installments. This loans are variable rate loans and the interest rate of
these loans change between Libor + %1,05 and Libor+ %1,25.
Repayment schedule of long-term financial liabilities shown below:
2007
2008
2009
2010
December 31, 2007
December 31, 2006
65.340.311
16.651.419
14.837.957
74.033.200
74.118.809
18.843.755
16.609.452
96.829.687
183.605.216
The Company has performed sensitivity analysis of its loans' interest rates in accordance with IFRS 7 “Financial Instruments” which is
effective from January 1, 2007 and presented the effects on the consolidated financial statements for the year ended December 31, 2007 as
follows:
Percentage Change in Interest Rat
5%
(5%)
Income/(Expense) Effect
(295.439)
295.439
Annual Report 71
7. TRADE RECEIVABLES AND PAYABLES (NET)
Trade Receivables
a) Current Trade Receivables
Trade receivables, net
Notes receivable and post-dated checks
Less : Allowance for doubtful receivables
December 31, 2007
45.716.604
39.896.902
(834.596)
December 31, 2006
33.998.263
30.710.582
(357.095)
84.778.910
64.351.750
Trade receivables terms vary due to quality of the product and agreements made with customers and the average term is 50 days (December
31, 2006 - 50 days). Average term of notes receivable and post-dated checks are 30 days (December 31, 2006 - 30 days).
b) Non-Current Trade Receivables
Deposits and guarantees given
December 31, 2007
502.350
December 31, 2006
447.637
502.350
447.637
Trade Payables
Current Trade Payables
Trade payables, net
Guarantees taken from customers
December 31, 2007
43.517.851
941.382
December 31, 2006
19.635.922
1.151.056
44.459.233
20.786.978
Avarage term of trade payables are 30 days (December 31, 2006 - 30 days).
The Group does not have any non-current trade payables as of December 31, 2007 and December 31, 2006.
The table below summarizes the maturity profile of the Company's trade receivables at December 31, 2007 and December 31, 2006:
On Demand
Less than
3 Months
Between 3 and
12 Months
Total
5.715.599
-
80.257.948
(44.266.372)
4.036
-
85.977.583
(44.266.372)
252.717
-
64.714.199
(20.913.988)
250.119
-
65.217.035
(20.913.988)
December 31, 2007
Trade Receivables
Trade Payables
December 31, 2006
Trade Receivables
Trade Payables
72 Annual Report
7. TRADE RECEIVABLES AND PAYABLES (NET)
The table below summarizes the maturity profile of the Company's due dated trade receivables at December 31, 2007 and December 31, 2006:
On Demand
Overdue Between
1-3 Months
Overdue More
than 3 Months
5.715.599
5.567.313
148.286
December 31, 2007
Trade Receivables
8. FINANCE LEASE RECEIVABLES AND PAYABLES (Net)
The Group does not have any finance lease receivables and payables as of December 31, 2007 and December 31, 2006.
9. RECEIVABLES AND PAYABLES FROM RELATED PARTIES (Net)
Balances with related parties as of December 31, 2007 and 2006, and total amount of related parties and total amount of transactions with
them comprise mainly the following:
December 31, 2007
December 31, 2006
2.310.775
4.623.372
Other
Oysa Çimento (1)
Oyak Beton Sanayi ve Ticaret A.fi. (Oyak Beton) (*)
Adana Çimento (2)
Enerjisa Enerji Üretim A.fi. (Enerjisa) (1)
Oytafl ‹ç ve D›fl Ticaret A.fi. (Oytafl) (*)
Akçansa Çimento Sanayi ve Ticaret A.fi. (Akçansa) (2)
Receivables from personnel
Other
10.531
2.008
96.741
899.807
1.248.163
162.342
1.514
152.565
116.424
623.277
Discount on receivables to related parties (-)
(80.020)
(77.242)
3.239.842
6.850.415
Receivables from related parties (net)
Associates
Exsa (associate of Çimsa)
(1) Entities owned by Sabanc› Holding (the ultimate parent of the Company)
(2) Shareholder companies
(*) Oyak group entities are no longer related party as of December 31, 2007.
Annual Report 73
9. RECEIVABLES AND PAYABLES FROM RELATED PARTIES (Net) (continued)
December 31, 2007
December 31, 2006
Shareholders
Adana Çimento (2)
Akçansa Çimento Sanayi ve Ticaret A.fi. (Akçansa) (1)
Aksigorta A.fi. (Aksigorta) (1)
Other
6.058
20.849
366.948
157.826
184.882
243.700
Associates
Exsa
119.872
43.807
387.579
2.612.576
666.564
111.221
41.650
260.440
2.893.838
2.131.515
470.436
564.792
(18.575)
(25.502)
4.273.092
6.967.384
52.527.624
-
49.250.646
1.524.251
52.527.624
50.774.897
40.114.596
112.900.021
Payables to related parties (net)
Other
Oyka Kâ¤›t Ambalaj Sanayi A.fi. (Oyka Kâ¤›t) (*)
Bimsa Uluslararas› ‹fl Bilgi ve Yönetim Sistemleri A.fi. (Bimsa) (2)
Enerjisa (2)
Exsa UK Ltd. (2)
Payable to personnel
Other
Discount on payables to related parties (-)
Bank Balances
Akbank T.A.fi. (Akbank) (2) (**)
Oyakbank A.fi. (Oyakbank) (*)
Bank Borrowings
Akbank (2) (***)
(*) Oyak group entities are no longer related party as of December 31, 2007
(**) As of December 31, 2007 TRY 43.816.959 of such amount consist of time deposit with interest rates varying between 15,75% and 18,80%.
(December 31, 2006-time deposit amounting to TRY 26.615.425 and interest rates varying between 18%-20,5% ).
(***) Such loans are in USD with an interest rate of 6,23% as of December 31, 2007 (December 31, 2006-6,41%-6,76%).
74 Annual Report
January 1 December 31, 2007
January 1 December 31, 2006
23.375.693
43.666.038
4.747.295
36.983
3.331.812
17.297.891
22.841
1.377.875
-
31.491.783
62.364.645
Shareholders
Aksigorta (2)
Akçansa (2)
Sabanc› Holding (the ultimate shareholder of Çimsa)
2.532.769
31.599
160.138
2.094.007
1.902.277
354.979
Other
Enerjisa
Adana Çimento (2)
Beksa Çelik Kord Sanayi ve Ticaret A.fi. (Beksa) (1)
Oyka Kâ¤›t (*)
Omsan Lojistik A.fi. (*)
Bimsa (1)
Oytafl (*)
Axa Oyak Sigorta A.fi. (*)
Ak Emeklilik A.fi. (1)
Other
30.917.946
401.815
94.780
1.014.307
27.997.848
6.342.526
1.247.801
346.989
1.305.455
21.494
205.330
705.373
35.153.354
42.524.079
4.540.280
-
8.141.827
504.462
2.747
4.540.280
8.649.036
4.809.958
7.562.061
4.809.958
7.562.061
Sales made to related parties
Associates
Exsa (the associates of Çimsa)
Other
Oysa Çimento (Not 1)
Enerjisa (1)
Oyak Beton (*)
Other
Purchases from related parties
Interest income from related parties
Akbank (1)
Oyakbank (*)
Oyak Yat›r›m Menkul De¤erler A.fi. (*)
Interest paid to related parties
Akbank
(*) Oyak group entities are no longer related party as of December 31, 2007
Annual Report 75
Compensation to Top Management
In 2007, compensation paid to top managerial is TRY 3.107.270 (2006 - TRY 2.763.011). Net salaries paid is TRY 2.540.270 (2006 - TRY 1.934.092)
and premiums paid to Social Security Institution (SSI) is TRY 99.342 (2006 - TRY 78.552). No employee termination benefit is paid to top
managerial in 2007 (2006 - TRY 38.974).
10. OTHER RECEIVABLES AND LIABILITIES (Net)
Other Short-Term Receivables
VAT receivable waiting for approval
Receivables from tax administration
Job advances
Other
December 31, 2007
23.657.593
9.162.182
1.111.229
204.853
December 31, 2006
19.405.748
2.869.553
115.408
304.247
34.135.857
22.694.956
December 31, 2007
23.657.593
4.524.068
1.354.435
888.622
162.455
December 31, 2006
19.405.748
2.187.580
1.338.846
1.158.751
223.779
30.587.173
24.314.704
December 31, 2007
61.163.239
19.285.673
6.735.559
1.584.746
632.327
December 31, 2006
35.336.478
17.414.838
4.407.937
792.906
1.330.905
89.401.544
59.283.064
Other Short-Term Liabilities
VAT payable waiting for approval
Due to tax administration
Taxes and other duties payable
Social security payables
Other accruals and liabilities
11. BIOLOGICAL ASSETS (Net)
The Group does not have any biological asset as of December 31, 2007 and 2006.
12. INVENTORIES (Net)
Raw materials
Work-in-process
Finished goods
Goods in transit
Advances given
13. RECEIVABLES AND DEFERRED INCOME FROM CONSTRUCTION CONTRACTS (NET)
The Group does not have any receivable and payable from continuing construction contracts as of December 31, 2007 and 2006.
76 Annual Report
14. DEFERRED TAX ASSETS AND LIABILITIES
The details of deferred tax assets and liabilities of the Group as December 31, 2007 and 2006 are as follows:
Deferred Tax Assets
December
December
31, 2006
31, 2007
Temporary differences on property,
plant and equipment
Temporary differences on intangible assets
Goodwill
Inventories
Provision for employee termination benefits
Provision for seniority incentive premium
Rediscount of receivable and payables
Provision for unused vacation pay
Other temporary differences, net
Provision for site restoration
Deferred Tax Liabilities
December
December
31, 2007
31, 2006
Net
December
December
31, 2007
31, 2006
667.498
231.719
1.326.478
355.306
279.990
261.809
107.000
1.143.385
220.268
188.505
203.801
129.712
-
(112.175)
(4.077.634)
(14.238.317)
(42.287)
-
(932.421)
(4.305.223)
(12.302.020)
(68.634)
(30.502)
-
555.323
(4.077.634)
(14.238.317)
231.719
1.326.478
355.306
237.703
261.809
107.000
(932.421)
(4.305.223)
(12.302.020)
(68.634)
1.143.385
220.268
158.003
203.801
129.712
-
3.229.800
1.885.671
(18.470.413)
(17.638.800)
(15.240.613)
(15.753.129)
The movement table of net deferred tax assets and liabilities are as follows:
December 31, 2007
15.753.129
(655.150)
142.634
December 31, 2006
22.441.231
(6.688.102)
-
15.240.613
15.753.129
Deferred tax assets
-
241.845
Deferred tax liability
15.240.613
15.994.974
Balance at January 1
Deferred income tax recognized in income statement (Not 41)
Oysa Çimento merger effect
Net balance
As of December 31, 2006 the deferred tax assets of TRY 241.845 is related with Oysa Çimento.
15. OTHER CURRENT/NON-CURRENT ASSETS
Other Current Assets
Prepaid insurance expense
Other
December 31, 2007
263.612
391.086
December 31, 2006
420.250
381.831
654.698
802.081
December 31, 2007
274.440
88.649
December 31, 2006
361.714
46.870
363.089
408.584
Other Non-Current Assets
Prepaid expense
Other
Annual Report 77
16. FINANCIAL ASSETS (NET)
Associates
Entity
Exsa
Principal Activities
Intermediary for import and export
Long-Term Available for Sale Assets
Entity
Enerjisa
Mesbafl Mersin Serbest Böl. ‹fll. A.fi. (Mesbafl)
Bat› Akdeniz Liman ‹fll. A.fi. (Bat› Akdeniz)
Anfafl Antalya Fuar. A.fi. (Anfafl)
Temsa Araflt›rma, Gelifltirme ve Teknoloji A.fi.
Provision for impairment (Enerjisa)
Total financial assets
December 31, 2007
Ownership
Interest
Net Book
(%)
Value
32,88
289.581.734
December 31, 2006
Ownership
Interest
Net Book
(%)
Value
32,88
239.635.679
289.581.734
239.635.679
December 31, 2007
Ownership
Percent
%
Amount
0,41
52.712
8,32
9.258
0,02
4.266
0,00
7.500
December 31, 2006
Ownership
Percent
%
Amount
6,38
31.293.287
0,41
52.712
8,32
9.258
0,02
4.267
-
73.736
31.359.524
-
(8.744.346)
289.655.470
262.250.857
Associates
The assets, liabilities and net profit of Exsa, which is consolidated via equity pick up method as of December 31, 2007 and 2006 are as follows
(the amounts are multiplied by the participation rate of 32,875%):
Assets
Liabilities
Net profit (Note 38)
December 31, 2007
333.816.954
(44.235.221)
95.017.076
December 31, 2006
404.672.520
(165.215.130)
2.954.940
Jointly Controlled Entities
As stated in Note 1, Çimsa and Oysa Çimento were merged via acquisition as of October 31, 2007. As of April 30, 2007 and December 31, 2006,
current assets, fixed assets, short-term liabilities, long-term liabilities, revenues and expenses of Oysa Çimento, which is consolidated via
proportionate consolidation method, are as follows (the amounts are multiplied by the participation rate of 41,09%):
Current assets
Non-current assets
Short-term liabilities
Long-term liabilities
Revenues
Expenses
(*) Includes “net profit from discontinued operations”.
78 Annual Report
December 31, 2007
61.340.128
5.725.576
9.861.496
716.561
December 31, 2006
33.243.723
18.827.796
4.480.186
1.701.826
33.190.708(*)
(5.635.369)
66.654.676
(47.022.883)
16. FINANCIAL ASSETS (NET) (continued)
As of December 31, 2007 and 2006, the current assets, fixed assets, short-term liabilities, long-term liabilities, revenues and expenses CSN,
which is consolidated via proportionate consolidation method, are as follows (the amounts are multiplied by the participation rate of 50%):
Current assets
Non-current assets
Short-term liabilities
Long-term liabilities
December 31, 2007
392.680
42.136
420.816
-
December 31, 2006
159.060
40.788
247.046
-
3.881.319
(3.285.595)
474.592
(275.971)
Revenues
Expenses
Long-Term Available for Sale Assets
On May 31, 2007, 16.580.104 unit shares with nominal value of TRY 16.580.104 at TRY 2,09 par value each shares, which was determined via
bargaining method, of Enerjisa, one of the available for sale financial assets of the Company was sold to Verbund (Österreichische
Elektrizitatswirtschafts- Aktiengesscllschaft) at total amount of EUR 19.465.853 equivalent TRY 34.651.496 and profit amounting TRY 12.102.555
(Note 38) to was gained from this sale. After the sale, the Company has no longer voting rights and participation in Enerjisa.
The investments in Mesbafl, Bat› Akdeniz and Anfafl are carried at cost (adjusted for inflation until the end of 2004) since their fair value
could not be reliably measured.
17. POSITIVE/NEGATIVE GOODWILL (NET)
As of December 31, 2007 and December 31, 2006 goodwill arising from the purchase of Standart Çimento in 2005 is amounting to TRY
132.140.806. The remaining amount of TRY 213.053 (December 31, 2006-TRY 257.120) is related with Çimsa Cement.
As a result, the movement of the goodwill related to the purchase of Standart Çimento is as follows:
Goodwill
As of January 1, 2007
Currency translation difference
As of December 2007
December 31, 2007
257.120
(44.067)
213.053
As of December 31, 2007, the Company performed impairment test of the goodwill based on “value in use” study and concluded that no
impairment is required for such goodwill. Value in use study is based on the discounted cash flow which was computed until the end of 2015
and weighted average cost of capital before tax was computed as 11,2%.
18. INVESTMENT PROPERTY (Net)
There is no investment property of the Company as of December 31, 2007 and 2006.
Annual Report 79
32.096.760
32.096.760
Land
Lands Improvements
30.066.698
13.746.424
December 31, 2007, net
December 31, 2007
Cost
Accumulated depreciation
Net book value
December 31, 2005 net
244.468.186
696.290.953
(451.822.767)
13.250.485
77.377.212
There is no pledge or mortgage on assets of the Company as of December 31, 2007 and December 31, 2006.
Pledge and mortgages on assets
30.022.858
Net book value
184.179.288
653.667.142
(469.487.854)
30.022.858
-
December 31, 2006
Cost
Accumulated depreciation
135.659.413
(58.282.201)
184.179.288
77.377.212
13.250.485
30.022.858
30.174.294
(16.923.809)
742.650
308
1.152.566
(54.718)
24.820.638
(30.560.001)
725.124
89.601
(1.578.610)
7.971.775
(4.314.276)
Machinery and
Buildings
Equipment
74.483.598
188.077.845
105.115.723
158.539.644
(53.423.921)
244.468.186
182.084
45.526
578.779
(1.302.328)
13.486.244
30.222.688
(16.736.444)
105.115.723
Machinery and
Buildings
Equipment
77.377.212
184.179.288
960.923
4.371.043
(50.353)
(138.573)
437.528
1.796.822
(2.327.999)
(8.615.711)
33.102.752
92.369.991
(4.384.340)
(29.494.674)
375.804
(419.644)
-
Additions through purchased subsidiary and plant
Purchases
Sales/disposals, net
Transfers
Depreciation charge for the year
32.096.760
Additions through legal merge with Oysa Çimento, net
Additions
Sales/disposals, net
Transfers
Depreciation charge for the year
13.486.244
Lands
30.022.858
2.037.116
720.202
(883.416)
200.000
-
Land
Improvements
13.250.485
179.602
(12.068)
455.388
(661.493)
1.738.850
(1.464.520)
The table below summarizes the net movement of tangible assets as of December 31, 2007:
19. TANGIBLE ASSETS (Net)
2.009.375
5.962.348
(3.952.973)
2.009.375
12.941.426
77.246.100
(64.304.674)
12.941.426
1.199
606.878
(279.023)
5.979.798
(2.225.512)
1.605.623
6.407.133
(4.801.510)
1.605.623
8.295
368
620.032
(16.324)
15.261
(354.638)
Furniture and
Vehicles
Fixture
8.858.086
1.332.629
14.618.116
69.987.290
(55.369.174)
14.618.116
Vehicles
12.941.426
160.026
(152)
7.019
(60.912)
4.382.853
(2.812.144)
Furniture and
Fixture
1.605.623
203.273
17.933
473.805
(140.134)
179.791
(330.916)
11.839
49.913
(38.074)
11.839
35.247
(23.408)
596.164
716.255
(120.091)
596.164
6.109
234.150
(40.420)
23.147.596
23.147.596
-
23.147.596
19.558
61.764.337
(39.234.879)
-
7.180.238
7.180.238
-
7.180.238
6.336.745
(365.522)
-
Advances
Given
1.209.015
3.940.033
-
3.940.033
Other
Tangible Leasehold Construction in
Assets Improvements
Progress
396.325
598.580
2.549.500
-
2.549.500
3.940.033
1.581.346
1.864.694
(283.348)
1.581.346
Advances
Given
7.180.238
168.712
(3.408.917)
-
2.549.500
220.907
241.255
(20.348)
220.907
Other
Tangible Leasehold Construction in
Assets Improvements
Progress
11.839
596.164
23.147.596
2.552
(11.839)
(120.601)
238.960
1.148.440
111.494.190
(131.974.237)
(18.053)
(163.258)
-
350.312.729
964.270.942
(613.958.213)
350.312.729
1.693.400
21.433
70.997.598
(2.348.319)
(38.820.583)
Total
318.769.200
420.086.190
1.001.695.165
(581.608.975)
420.086.190
Total
350.312.729
8.083.247
(315.653)
116.772.354
(16.098.582)
(38.667.905)
20. INTANGIBLE ASSETS (Net)
Additions
Amortization charge for the year
Additions through legal merge with Oysa Çimento
Disposals
Mining
Rights
21.526.116
(1.137.944)
-
Other
Intangible
Assets
76.092
(127.713)
59.689
-
(1.265.657)
59.689
-
At December 31, 2007
20.388.172
8.068
20.396.240
Cost (*)
Accumulated amortization
22.758.890
(2.370.718)
33.185
(25.117)
22.792.075
(2.395.835)
Net book value
20.388.172
8.068
20.396.240
At December 31, 2005, net
Additions (*)
Amortization charge for the year
22.758.890
(1.232.774)
122.603
21.860
(68.371)
22.881.493
21.860
(1.301.145)
At December 31, 2006, net
21.526.116
76.092
21.602.208
Cost (*)
Accumulated amortization
22.758.890
(1.232.774)
319.016
(242.924)
23.077.906
(1.475.698)
Net book value
21.526.116
76.092
21.602.208
Total
21.602.208
(*) Rights recognized during the purchase of Standart Çimento.
21. ADVANCES TAKEN
Short-Term Advance Taken
Advances taken
December 31, 2007
1.542.829
December 31, 2006
392.265
1.542.829
392.265
22. PENSION PLANS, (Net)
The Company does not have any pension plan as of December 31, 2007 and 2006.
Annual Report 81
23. PROVISIONS
Short-Term Provisions
Provision for corporate tax (Note 41)
Provision for the penalty of Competition Board (Note 31-b)
Provision for lawsuit (Note 31-b)
Other
December 31, 2007
817.818
341.607
8.881
December 31, 2006
8.258.738
4.040.286
217.651
124.795
1.168.306
12.641.470
Long-Term Provisions
Provision for seniority incenty premium
Provision for unused vacation pay
Provision for rehabilitation of mining areas (Note 31)
December 31, 2007
6.632.388
1.776.530
1.309.041
535.000
December 31, 2006
5.716.926
1.101.341
1.019.004
-
10.252.959
7.837.271
Provision for Employee Termination Benefits
In accordance with existing labor legislation in Turkey, the Group is required to make lump-sum payments to employees whose employment
is terminated due to retirement or for reasons other than resignation or misconduct. Such payments are calculated on the basis of 30 days'
pay (limited to a maximum of TRY 2.030 at December 31, 2007 and TRY 1.857 at December 31, 2006, respectively) per year of employment at
the rate of pay applicable at the date of retirement or termination. As of December 31, 2007 this liability is reflected in the consolidated
financial statements, in the frame of actuarial methods and assumptions, by using the “Projected Unit Credit Method” and based upon the
calculations of professional actuary. All actuary gains and losses are reflected to income statements.
The principal actuarial assumptions used at the balance sheet dates are as follows:
Discount rate
Estimated salary increase rate
Personel turnover rate
December 31, 2007
11%
5%
9,85%
December 31, 2006
11%
5%
9,54%
Movement of the provision for the employee termination benefits as of December 31, 2007 and 2006 is as follows:
Provision for Employee Termination Benefits
At January 1
Effect of Oysa Çimento merger, net
Paid
Effect of discontinued operations
Interest expense
Actuarial (gain)/loss
Charge for the year, net
December 31
December 31, 2007
5.716.926
860.459
(1.569.449)
(320.474)
523.683
217.118
1.204.125
December 31, 2006
5.089.266
(973.134)
814.283
(356.397)
1.142.908
6.632.388
5.716.926
As of January 1, 2008 maximum amount for the retirement pay has been increased at an amount to TRY 2.088.
There is no unrecognized actuarial gains/losses.
82 Annual Report
24. MINORITY INTEREST
As of December 31, 2007 and 2006, the Company has no minority interest.
25. SHARE CAPITAL
December 31, 2007
December 31, 2006
13.508.444.200
121.305.600.000
Number of ordinary shares (authorized, issued and outstanding)
1 YKr (2006 - 0,001 TRY) par value
As aforementioned in Note 1, the Company' s paid in share capital has been increased from TRY 121.305.600 to TRY 135.084.442 (historical
cost) as a result of the legal merger with Oysa Çimento as of October 31, 2007.
As of December 31, 2007 and 2006, the composition of shareholders and their respective percentage of ownership can be summarized as
follows:
Hac› Ömer Sabanc› Holding A.fi.
Adana Çimento San. ve Tic. A.fi.
Akçansa Çimento San. ve Tic. A.fi.
Aksigorta A.fi.
Hac› Ömer Sabanc› Vakf›
Other and publicly traded shares
Nominal share capital total
Restatement effect
Total per financial statements
December 31, 2007
Amount
%
60.166.610
47,12
21.235.274
14,12
13.508.444
8,98
3.471.670
2,31
162.102
0,11
36.540.342
27,36
135.084.442
100,00
December 31, 2006
Amount
%
54.035.517
44,54
19.074.226
15,72
12.130.560
10,00
3.118.344
2,57
145.567
0,12
32.801.386
27,05
121.305.600
41.741.516
36.259.743
176.825.958
157.565.343
100,00
26. CAPITAL RESERVES
As of December 31, 2007, “Financial Assets Value Increase Fund” amounting to TRY 47.666.858 (December 31, 2006 - TRY 93.615.592), which is
included in share capital reserves, consists of the fair value differences of the available-for-sale assets of Exsa, which is consolidated with
the equity method.
27-28. PROFIT RESERVES - RETAINED EARNINGS
Legal Reserves
The legal reserves consist of first and second legal reserves in accordance with the Turkish Commercial Code. The first legal reserve is
appropriated out of the statutory profits at the rate of 5%, until the total reserve reaches a maximum of 20% of the Company's share capital.
The second legal reserve is appropriated at the rate of 10% of all distributions in excess of 5% of the Company's share capital. The legal
reserves are not available for distribution unless they exceed 50% of paid-in share capital, however, can be used to offset losses in the
condition that extraordinary reserves are exhausted.
Listed companies are subject to dividend distribution requirements regulated by the CMB.
Based on the CMB Decree 7/242, dated February 25, 2005, if the amount of profit distributions calculated in accordance with the net
distributable profit requirements of the CMB does not exceed the statutory net distributable profit the whole amount of distributable profit
should be distributed. If it exceeds the statutory net distributable profit, the whole amount of the statutory net distributable profit should be
distributed. If loss exists in the financial statements prepared in accordance with CMB regulations and statutory financial statements in any
period, then the profit is not going to be distributed.
Annual Report 83
27-28. PROFIT RESERVES - RETAINED EARNINGS (continued)
In accordance with the Communique No:XI/25 Section 15 paragraph 399, the accumulated deficit amounts arising from the first application of
inflation adjustment, in line with CMB's profit distributions are considered to be deductible when computing the distributable profit. The
accumulated deficit will first be netted-off from net income and retained earnings and the remaining amount of deficit from extraordinary
reserves, legal reserves and equity inflation reserves. The lower of the amount in the financial statements prepared in accordance with CMB
accounting principles and Turkish Commercial Code is going to be considered in capital increases made from internal sources.
Based on the CMB Decree 2/53, dated January 18, 2007, the quoted companies are required to distribute a minimum of 20% of their
distributable 2006 profits over financial statements prepared in accordance with CMB Accounting Standards in accordance with
Communique No: XI/25. This distribution may be made by either as cash or free shares or as a combination of both over the minimum limit of
20% depending on the decisions of the General Assemblies of the companies.
In the calculation of net distributable profit, the profit of the subsidiaries, the participations under common control and the participations
which exist in the consolidated financial statements are not considered if the general assemblies of such companies did not decide to
distribute profits.
Inflation adjustment to shareholders' equity can only be netted-off against prior years' losses and used as an internal source in capital
increase where extraordinary reserves can be netted-off against prior years' loss and used in the distribution of bonus shares and dividends
to shareholders. However, inflation adjustment differences will be subject to corporate tax when they are included in the cash profit
distribution.
After the legal merge with Oysa Çimento on October 31, 2007, the Company's share capital, share premium, legal reserves and extraordinary
reserves as of December 31, 2007 can be summarized as follows:
December 31, 2007
Share capita
Share premium
Legal reserves
Extraordinary reserves
Historica
(Statutory)
Amount
135.084.442
30.131
62.486.425
59.100.239
Inflation Inflation Adjustment
Adjusted
Differences on
Amount
Equity Accounts
41.741.516
176.825.958
3.209.410
3.179.279
117.750.956
55.264.531
90.873.796
31.773.557
256.701.237
388.660.120
131.958.883
As of December 31, 2006 the Company's share capital, share premium, legal reserves and extraordinary reserves can be summarized as
follows:
December 31, 2006
Share capital
Share premium
Legal reserves
Extraordinary reserves
84 Annual Report
Historical
(Statutory)
Amount
121.305.600
25.569
31.756.362
49.814.544
Inflation Inflation Adjustment
Adjusted
Differences on
Amount
Equity Accounts
157.565.343
36.259.743
2.864.307
2.838.738
82.084.782
50.328.420
71.927.254
22.112.710
202.902.075
314.441.686
111.539.611
385.548
(416.147)
(45.948.734)
479.850
59.100.239
14.241.489
62.486.425
131.958.883
47.666.858
30.131
135.084.442
Balance at December 31, 2007
-
20.419.272
-
8.805.845
-
(801.695)
76.014
-
-
-
16.488.574
-
49.814.544
-
16.189.656
-
(45.948.734)
4.562
-
-
31.756.362
-
7.300.437
-
Currency
Translation
Differences
(877.709)
13.778.842
-
-
111.539.611
-
-
Legal Extraordinary
Reserves
Reserves
24.455.925
33.624.888
-
93.615.592
(1.786.617)
-
-
Inflation
Adjustment
Difference on
Equity
111.539.611
-
25.569
-
121.305.600
-
-
Paid-in
Share Capital
121.305.600
Financial
Share Assets Value
Premium Increase Fund
25.569
95.402.209
Transfers
Dividends paid
Unrealized net gain on investments
available-for-sale (Note 26)
Effect of Oysa Çimento merger (Not e1)
Currency translation differences
Current year profit
Balance at December 31, 2006
Transfers
Dividends paid
The effect of purchased subsidiaries
Unrealized net gain on investments
available-for-sale
Currency translation differences
Current year profit
Balance at January 1, 2006
Statement of Changes in Equity
27-28. PROFIT RESERVES - RETAINED EARNINGS (continued)
Annual Report 85
290.274.845
290.274.845
(30.560.562)
(105.535.872)
136.096.434
136.096.434
-
(51.952.234)
(44.883.072)
-
Net Profit
for the Year
96.835.306
200.386.370
35.774.486
-
5.266.143
-
159.345.741
-
28.462.141
(3.090.930)
Prior Year
Profits
133.974.530
926.572.046
84.698.501
385.548
290.274.845
(105.535.872)
702.697.758
(1.786.617)
76.014
136.096.434
(44.883.072)
(3.090.930)
Total
Equity
616.285.929
29. FOREIGN CURRENCY POSITION
USD
Original Currency
EURO
GBP
Total
(TRY)
5.053.922
8.475.463
82.560
2.503.099
8.672.246
2.019.007
213.823
232.683
-
10.664.434
25.243.844
3.549.063
Liabilities
Trade Payables (net)
(11.710.852)
(83.137.019)
(3.146.473)
(228.586)
-
(19.020.727)
(97.220.614)
Net Balance Sheet Position
(81.235.926)
9.819.293
446.506
(76.784.000)
December 31, 2006
Assets
USD
Original Currency
EURO
CHF
Total
TRY
424.096
4.718.558
387.344
4.744.377
4.681
3.224
1.326.183
15.425.507
Liabilities
Trade Payables (net)
(819.822)
(130.656.127)
-
(2.585.626)
(183.759.715)
Net Balance Sheet Position
(126.333.295)
(774.121)
(59.121)
ˆ
4.298.479
˜7.905
(169.593.651)
December 31, 2007
Assets
Inventory (Advances Given)
The foreign currency position sensitivity analysis due to the foreign currency (short) position of the Group and profit/loss before tax of
related foreign currency as of December 31, 2007 is given as follows:
Income/(Expense Effect)
EURO
USD
(4.730.773)
839.648
4.730.773
(839.648)
Change in Rates
5%
(5%)
GBP
51.925
(51.925)
Total
(3.839.200)
3.839.200
30. GOVERNMENT INCENTIVES
Investment Type
December 31, 2007
Bottleneck Overcome Production of Cement,
Ready Made Mixture and Concrete
Cement, Ready Made Mixture and Concrete
Modernization-Eskiflehir Normal Region
Incentive
Certificate
Number
Receipt Date
of Incentive
Certificate
Completion
Start Date of
Investment
Date of
Investment
Investment
Amount in
TRY
81325
83711
84346
82150
14.10.2005
21.04.2006
14.06.2006
23.12.2005
03.10.2005
03.04.2006
10.05.2006
08.12.2005
03.10.2008
03.04.2008
10.05.2009
08.12.2008
3.500.001
7.000.000
30.750.000
3.000.000
74230
27.01.2004
15.01.2004
31.12.2006
42.500.000
81325
83711
84346
82150
14.10.2005
21.04.2006
14.06.2006
23.12.2005
03.10.2005
03.04.2006
10.05.2006
08.12.2005
03.10.2008
03.04.2008
10.05.2009
08.12.2008
3.500.001
7.000.000
30.750.000
3.000.000
December 31, 2006
Clinker Production Unit (Kayseri)
Bottleneck Overcome Production of Cement,
Ready Made Mixture and Concrete
Modernization-Eskiflehir Normal Region
86 Annual Report
31. CONTINGENT ASSETS AND LIABILITIES
a) As of December 31, 2007 and 2006, guarantees/mortgages received and given are as follows:
Letter of guarantees received
Mortgages received
Cheques and notes received
Pledges
Currency
Type
EUR
USD
TRY
TRY
EUR
USD
TRY
TRY
December 31, 2007
Original
Amount
6.166.738
1.039.500
192.400
50.424
Total guarantees given
December 31, 2006
Original
Amount
3.915.336
130.000
180.000
47.300
151.805.998
Total guarantees received
Letter of guarantees given
Letter of guarantees given
TRY
Equivalent
10.546.355
1.210.706
71.529.470
43.364.126
329.042
58.729
21.353.170
3.414.400
TRY
USD
-
10.950.061
10.950.061
TRY
Equivalent
7.249.245
182.728
46.754.314
33.195.852
333.270
66.485
16.627.587
1.402.400
105.811.881
160.000
4.094.862
224.896
4.319.758
The total of letter of guarantees, mortgages, cheques-notes received from customers and pledge transactions as of December 31, 2007 are
as follows; TRY 83.286.531, TRY 43.364.126, TRY 21.740.942 and TRY 3.414.000, respectively (as of December 31, 2006; TRY 54.186.287,
TRY 33.195.852, TRY 17.027.342 and TRY 1.402.400, respectively).
b) Litigations
As a result of the tax inspection of the Company covering the years 2000-2003, a tax/penalty notification amounting to TRY 20.664.140,
consisting of additional tax and tax penalty at the amounts of TRY 8.852.080 and TRY 11.812.060, respectively, has been declared by the Tax
Office to the Company on July 11, 2006, based on the report of the income controller. In the report of the income controller, the recording of
foreign currency differences and interest payments of the loans taken from Akbank in 1999 as expense, and not calculating interest for the
receivables from Exsa have been criticized. Since the Company management thinks that these tax and penalties are unfair and refused to
conciliate with the Tax Authority and instead took the case to Mersin Tax Court, as the Company management believes that the court will
result in favor of the Company. No provision for these tax and penalties has been recorded in the consolidated financial statements. There
has not been any court decision taken as of the preparation date of the consolidated financial statements
- As of December 31, 2006 in the consolidated financial statements, a provision amounting to TRY 4.040.286 has been booked for the penalty
charged by the Competition Board and the court cases opened against such penalty at the Council of State is still continuing.
- As of December 31, 2007, the total amount of outstanding lawsuits filed against the Company is TRY 3.476.781 (December 31, 2006 - TRY
2.898.954). Based on the opinion of the legal advisors the Company has booked a provision amounting to TRY 341.607 (December 31, 2006 TRY 217.651) for the cases which is probable that will result against the Company. (Note 23)
c) Possible Contingencies Relating to Environment Law and Land Protection and Utilization Law
According to the Environment Law, no: 2872, dated 09.08.1983, (the law has been changed with the law no: 5491, dated 26.04.2006) and to the
Land Protection and Utilization Law, no: 5403, dated March 7, 2005, the operations of the Company such as mining, cement production are
subject to legislation in Turkey. In accordance with the communiqué of Environment and Forestry Ministry named as “The Rehabilitation of
Territories Damaged from Mining Activities” published in the Official Gazette dated December 14, 2007 numbered 26730, and the official
correspondence of the General Directorate of Forestry dated January 4, 2008 which have been sent to Regional Forestry Offices, the
Company has estimated a liability at the amount of TRY 535.000 (Note 23) for the areas that have been excavated and operating licenses are
still continuing but outside the production destination. In the aforementioned communiqué, companies have one year period of application
and negotiations with the relevant authorities are still continuing. The Company has estimated to use dozers and to make leveling and
piercing in the areas that will be rehabilitated. The liability was calculated assuming TRY 1.000 cost/per 1.000 square meters and was booked
the related provision as “provision for rehabilitation of mining areas” under the accounts “long term provisions” and “other operating
income and expenses”.
Annual Report 87
32. BUSINESS COMBINATIONS
As aforementioned in Note 1, Oysa Çimento's legal merger with Çimsa via dissolution with non-liquidation method via total succession of all
assets and liabilities in accordance with Turkish Commercial Code Article 451 and Corporate Tax Code Articles 18-20 was registered on
October 31, 2007. Same as the previous periods, financial statements of Oysa Çimento was consolidated via proportional consolidation
method until April 30, 2007, after that date financial statements of Oysa Çimento was fully consolidated to Çimsa since Çimsa and Oysa
Çimento are the entities under common control of Sabanc› Holding. Purchase accounting in accordance with IFRS 3 “Business
Combinations” was not applied to the financial statements of Oysa Çimento at the time of legal merger as of October 31, 2007 and differences
arising from the merger were included in the related equity accounts of the consolidated financial statements of Çimsa as of December 31,
2007 via “pooling of interests” method (Notes 27-28).
33. SEGMENT REPORTING
The Company does not have any operation that requires segment information as of December 31, 2007 and 2006.
34. SUBSEQUENT EVENTS
a) Due to the expiration of the collective labor agreement applied in the Company's job site as of December 31, 2007, negotiations for the new
“Group Collective Labor Agreement” has begun between Cement Industry Syndicate and Labor Syndicate Turkish Çimse-Labor Union.
However, dispute on the Article 29 has not been solved and unilateral dispute minute was prepared and it was decided to apply to the
Ministry of Labor and Social Security with the request of assignation of a legal arbitrator.
b) As it was announced to the public on January 2, 2008, the Company's modernization and building of a new production line in Eskiflehir
Cement Facility which are in the context of Investment Incentive numbered 84346 and dated June 14, 2006, have been finished with total cost
approximately amounting to TRY 115.000.000, which was totally financed through internal resources. Furthermore second revolving kiln has
been fired. The Company is aiming to increase its production capacity covering all production units via modernization of second grey cement
production line with the production capacity of 2.100 tones/day clinker, 85 tones/hour cement and via modernization of the first klin with the
production capacity from 495.000 tones/year to 1.400.000 tones/year.
c) The Board of Directors of the Company decided to incorporate “Çimsa-Rus Çimento Ticaret Limited fiirketi” with the share capital amount
of EUR 1.500.000 at Krasnador State of Russian Federation with the decision taken on February 4, 2008.
d) With the decision taken on February 4, 2008, the Board of Directors of the Company entitled the General Management to make the
necessary transactions to purchase the total land of 15.710 m2 in Mersin and total land of 42.000 m2 in Kayseri with the aim of meeting the
needs of production facilities.
88 Annual Report
35. DISCONTINUING OPERATIONS
As explained in Note 1, the Group reclassified the items related with economic unit of ‹skenderun operations in a single line as “net profit
from discounted activities” in the consolidated income statement for the year ended December 31, 2007, with the sale of ‹skenderun
operations that belongs to Oysa Cement to Adana Cement at April 30, 2007.
2007
2006
10.801.915
(7.340.590)
35.411.522
(22.088.465)
Operating Income from Discounted Operations
3.461.325
13.323.057
Selling, Marketing and Distribution Expenses (-)
General Administrative Expenses (-)
Operating Expenses (-)
(486.512)
(801.008)
(1.287.520)
(1.503.312)
(1.404.569)
(2.907.881)
Net Operating Income from Discounted Operations
2.173.805
10.415.176
Taxes
(434.760)
(2.061.164)
Net Income from Discounted Operations
1.739.045
8.354.012
Profit from the sales of discounted operations
Tax related with the sale of discounted operations
25.650.286
(2.021.381)
-
Net profit from the sales of discounted operations.
23.628.905
-
Income from Discounted Operations
Sales, net
Cost of sales (-)
Annual Report 89
36. OPERATING INCOME (including discounted operations)
2007
2006
454.467.353
150.466.509
71.736
(16.879.893)
(2.338.095)
402.772.831
119.529.897
351.319
(13.408.343)
(2.386.642)
585.787.610
506.859.062
10.801.915
574.985.695
35.411.522
471.447.540
585.787.610
506.859.062
Sales (Net)
Domestic sales
Foreign sales
Other income
Other deductions (-)
Sale discounts (-)
Discounted operations
Continued operations
Cost of Sales
Cost of goods sold
Cost of merchandises sold
(367.615.825)
(4.470.117)
(281.114.549)
(2.103.791)
Total production cost
(372.085.942)
(283.218.340)
Direct material and supplies expenses
Direct labor expenses
Depreciation and amortization expenses
Other production expenses
(97.468.222)
(3.422.047)
(38.080.414)
(232.843.599)
(78.464.624)
(3.009.934)
(36.229.115)
(173.433.902)
Total production cost
(371.814.282)
(291.137.575)
1.870.835
(17.414.838)
19.285.673
9.086.997
(8.327.841)
17.414.838
Finished goods movement
Beginning finished goods
Ending finished goods
2.327.622
(4.407.937)
6.735.559
936.029
(3.471.908)
4.407.937
Cost of merchandises sold
(4.470.117)
(2.103.791)
Total
(372.085.942)
(283.218.340)
Cost of sales of the discounted operations
Cost of sales of the continued operations
(7.340.590)
(364.745.352)
(22.088.465)
(261.129.875)
(372.085.942)
(283.218.340)
Work-in-process (WIP) movement
Beginning WIP
Ending WIP
90 Annual Report
37. OPERATING EXPENSES (including discounted operations)
General and administrative expenses
Sales and marketing expenses
General and Administrative Expenses
Personnel expenses
Employee termination expenses
Services obtained from outside
Tax, duty and charge expenses.
Depreciation expenses
Rent expenses
Insurance expenses
Travel expenses
Consulting expenses
Communication and advertisement expenses
Maintenance expenses
Other several expenses
General administrative expenses from continued operations
General administrative expenses from discounted operations
Sales and Marketing Expenses
Personnel expenses
Services obtained from outside
Tax, duty and charge expenses.
Depreciation expenses
Paper bag expenses
Big-bag expenses
Rent expenses
Insurance expenses
Travel expenses
Consulting expenses
Miscellaneous expenses
Selling and marketing expenses from continued operations
Selling and marketing expenses from discounted operations
2007
(29.582.092)
(7.433.025)
2006
(25.146.737)
(7.274.704)
(37.015.117)
(32.421.441)
(15.504.230)
(394.397)
(841.537)
(1.005.563)
(627.914)
(436.606)
(21.435)
(909.408)
(1.915.812)
(773.587)
(172.357)
(6.979.246)
(13.843.306)
(357.898)
(895.039)
(396.902)
(1.247.208)
(255.609)
(89.187)
(550.122)
(1.833.119)
(487.493)
(319.325)
(4.871.529)
(29.582.092)
(25.146.737)
(28.781.084)
(801.008)
(23.742.167)
(1.404.570)
(29.582.092)
(25.146.737)
(2.423.577)
(1.240.842)
(71.890)
(192.782)
(1.040.359)
(16.619)
(136.440)
(34.412)
(87.863)
(72.549)
(2.115.692)
(1.921.117)
(2.423.635)
(8.388)
(417.066)
(1.198.036)
(78.328)
(99.753)
(21.231)
(70.606)
(219.360)
(817.184)
(7.433.025)
(7.274.704)
(6.946.513)
(486.512)
(5.771.392)
(1.503.312)
(7.433.025)
(7.274.704)
Annual Report 91
38. OTHER OPERATING INCOME AND EXPENSES
2007
2006
95.017.076
25.650.286
16.882.716
2.631.020
9.299.456
406.778
12.102.555
145.512
5.255.723
2.954.940
8.694.849
1.166.499
5.619.188
175.125
3.258.074
167.391.122
21.868.675
(20.024.428)
(3.670.126)
(535.000)
(666.210)
(234.864)
(169.168)
(4.652.056)
(4.635.795)
(2.158.335)
(1.825.731)
(1.174.235)
(8.744.346)
(3.453.748)
(2.424.951)
(29.951.852)
(24.417.141)
Tangible Fixed Assets
Cost of production
Other operating expenses
Sales and distribution expenses
36.460.440
1.711.129
381.798
114.538
36.229.115
720.416
948.279
922.773
Total depreciation expenses (Note 19)
38.667.905
38.820.583
Intangible Fixed Assets
Cost of production
Other operating expenses
Sales and distribution expenses
899.531
41.766
246.116
78.244
1.237.389
26.023
28.625
9.108
Total amortization expenses (Note 20)
1.265.657
1.301.145
33.570.082
2.810.878
24.367.354
1.600.794
36.380.960
25.968.148
Other Operating Income
Income from Exsa that is consolidated with equity pick up method
Profit on sales of discounted operations (Note 35)
Interest income
Gain on term difference
Foreign exchange gains
Gain on sale of marketable securities
Previous year income and profit
Income from sale of a financial asset
Provisions no longer required
Other
Other Operating Expenses (-)
Foreign exchange losses
Idle capacity expenses
Provision for rehabilitation of mining areas (Note 23)
Other provision expenses
Loss on sale of property, plant and equipment, net
Donations
Allowance for impairment of financial assets (Note 16)
Provision for the penalty of Competition Board
Other
Depreciation and Amortization Expenses (including discounted expenses)
Personnel expenses
Wages, salaries, and SSI premium of employer
Provision/(reversal) for employee termination benefits
92 Annual Report
39. FINANCIAL EXPENSES (Net)
Short-term financial income/(expense), net
Long-term financial income/(expenses), net
2007
4.009.346
15.608.180
2006
(3.296.381)
(22.022.706)
Total financial income/(expenses), net
19.617.526
(25.319.087)
(523.683)
32.160.300
(10.720.419)
(1.298.672)
(11.051.531)
(14.535.675)
268.119
19.617.526
(25.319.087)
Interest expense of retirement pay liability (Not 23)
Exchange losses
Interest expenses
Other financial expenses, net
Total financial income/(expenses), net
40. MONETARY GAIN/LOSS
Based on a decision of CMB dated March 17, 2005, numbered 11/367, it is declared that the restatement application of the financial
statements as of 2005 has been terminated due to the objective conditions for restatement in hyperinflationary economies is no longer
available. Therefore, the consolidated financial statements as of December 31, 2007 and 2006 are not restated for inflation accounting and no
monetary gain or loss was recognized in the consolidated financial statements and there is no monetary gain/loss in the consolidated
income statement.
41. INCOME TAXES
General Information
The Group is subject to taxation in accordance with the tax procedures and the legislation effective in the countries where the Group is
operating.
In Turkey, the corporation tax rate is 20% (December 31, 2006 - 20%) Corporate tax returns are required to be filed until the fifteenth of the
fourth month following the balance sheet date and paid in one installment until the end of the fourth month. The tax legislation provides for a
temporary tax of 20% (2006 - 20%) to be calculated and paid based on earnings generated for each quarter. The amounts thus calculated and
paid are offset against the final corporate tax liability for the year.
With the new law enacted, effective from January 1, 2006, Turkish government ceased to offer investment incentives for capital investments,
companies having unused qualifying capital investment amounts from periods prior to December 31, 2005 will be able to deduct such
amounts from corporate income until the end of December 31, 2008; however, the corporate tax rate will be 30% for them, furthermore,
qualifying capital investments to be made until the end of December 31, 2008 within the scope of the investment projects started before
December 31, 2005 will be subject to investment incentive until the end of December 31, 2008. The Company elected not to utilize from the
investment incentives.
In Turkey, the tax legislation does not permit a parent company and its subsidiaries to file a consolidated tax return. Therefore, provision for
taxes, as reflected in the consolidated financial statements, has been calculated on a separate-entity basis.
Corporate tax losses can be carried forward for a maximum period of five years following the year in which the losses were incurred. The
tax authorities can inspect tax returns and the related accounting records for a retrospective maximum period of five years. There is no
carried financial loss of the Group as of December 31, 2007.
The dividend payments made other than to the companies resident in Turkey that are not responsible from the corporate and income tax and
the dispensed ones and to resident and nonresident individuals and nonresident legal entities in Turkey are due to 15% (2006 - 15%) income
tax. The dividend payments made from the resident companies in Turkey to again resident companies in Turkey are not due to tax, and in
case of not calculating the profit or not adding to capital, the income tax is not calculated.
Annual Report 93
41. INCOME TAXES (continued)
As of December 31, 2007 and 2006, income taxes payables are summarized as follows:
Current income tax
Prepaid taxes in current period
December 31, 2007
44.123.652
(43.305.834)
December 31, 2006
33.943.396
(25.684.658)
Income taxes payable (Note 23)
817.818
8.258.738
Major components of income tax expense as of December 31, are as follows (tax expenses of discounted operations included):
2007
2006
Consolidated income statement
Current income tax
Deferred income tax (Note 14)
(44.123.652)
655.150
(33.943.396)
6.688.102
Income tax expense reported in the consolidated income statement
(43.468.502)
(27.255.294)
Tax expenses from continued operations
Tax expenses from discounted expenses (Note 35)
(43.033.742)
(434.760)
(25.194.130)
(2.061.164)
(43.468.502)
(27.255.294)
A reconciliation of income tax expense applicable to “profit before income tax” at the statutory income tax rate to income tax expense
reported in the consolidated income statements for the year ended December 31, 2007 and 2006 are as follows:
Profit before tax from continued operations
Profit before tax from discounted operations
2007
331.569.542
2.173.805
2006
152.936.552
10.415.176
Profit before income tax
333.743.347
163.351.728
At the effective statutory income tax rate of 20% (2005 - 30%)
Effect of change in tax rate
Effect of income exempt from tax
Net effect of other/expense not subject to tax
(66.748.669)
24.381.754
(1.101.587)
(32.670.346)
2.619.601
601.979
2.193.472
(43.468.502)
(27.255.294)
42. EARNINGS PER SHARE
Earnings per share (EPS) is calculated by dividing the net profit for the year attributable to ordinary shareholders by the weighted average
number of ordinary shares outstanding during the year. Dilution means decrease of earning/profit per share or increase of loss per share
with increase in amount of shares. After merger with Oysa Çimento at October 31, 2007, the 121.305.600.000 unit of shares with nominal value
of TRY 0,001 has been decreased to 13.508.444.200 unit with nominal value of Ykr 1 and for the year ended December 31, 2007, the weighted
average share amount has been 12.360.207.367 with nominal value of YKr 1.
94 Annual Report
42. EARNINGS PER SHARE (continued)
Earnings per share:
Net income from continued operations
Net income from discounted operations
Average number of shares at nominal value of TRY 0,001
2007
288.535.800
1.739.045
2006
127.742.422
8.354.012
12.360.207.367 12.130.560.000 (*)
Earnings per share from continued operations (YKr)
0,0233
0,0105
Earnings per share from discounted operations (YKr)
0,0001
0,0007
2007
105.535.872
2006
44.883.072
12.360.207.367
0,0085
12.130.560.000
0,0037
(*) Stated as YKr in order to be consistent with current year's presentation.
Distributed earnings per share:
For the year ended December 31, 2007 and 2006 distributed earnings per share is as follows:
Dividend distributed
Average number of shares
Net dividend distributed per share (YKr)
There have been no other transactions involving ordinary or potential ordinary shares as of the date of the preparation of these financial
statements.
Annual Report 95
43. CASH FLOW STATEMENT
Notes
2007
2006
331.569.542
2.173.805
152.936.552
10.415.176
39.933.562
(114.399)
(25.650.286)
1.944.927
675.189
21.989
(551.243)
(95.017.076)
535.000
(12.102.555)
(32.160.300)
40.121.728
1.816.440
1.600.794
365.122
1.019.004
14.535.675
(2.954.940)
8.744.346
3.453.748
210.429
11.051.531
Operating profit before changes in working capital
211.258.155
243.315.605
Changes in operating assets and liabilities
Trade receivables and receivables from related parties
Inventories
Other assets and liabilities
Trade payables and payables to related parties
Employee termination benefits paid
Penalty of Competition Board paid and other provisions
Income taxes paid
(4.534.943)
(25.362.763)
(7.915.810)
17.172.886
(1.569.449)
(4.289.623)
(51.564.572)
(24.593.596)
(17.202.539)
6.960.718
7.218.004
(973.134)
(28.396.039)
133.193.881
186.329.019
(116.772.354)
3.310.731
38.232.061
70.449.533
34.651.496
(72.690.998)
(21.860)
531.879
2.500.267
(2.496.695)
-
29.871.467
(72.177.407)
Cash flows from financing activities
Dividend payments
Proceeds from borrowings
Repayment of borrowings
Interest paid
(105.535.872)
748.337
(45.526.104)
(10.394.446)
(44.883.072)
109.959
(35.540.000)
(15.418.859)
Net cash (used in) financing activities
(160.708.085)
(95.731.972)
2.357.263
18.419.640
Cash flows from operating activities
Profit before tax from continued operations
Profit before tax from discounted operations
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization
Loss/(gain) on sale of property, plant and equipment from continued operations
(Profit) from the sales of discounted operations
Provision for seniority incentive premium
Unused vacation pay liability
Interest expense
Income from associates
Provision for the impairment of affiliates
Provision for the penalty of Competition Board
Other provisions
Provision expense of site restoration
Gain on sale of a financial asset (Enerjisa)
Foreign exchange losses on loans
35
39
38
23
23
Net cash provided by operating activities
Cash flows from investing activities
Purchase of property, plant and equipment
Purchase of intangible assets
Proceeds from sale of property, plant and equipment
Dividend income from associates
Purchase of a company and factory
Sales revenue of the tangible fixed assets from the discounted operations.
Cash inflow due to the legal merger with Oysa Çimento
Proceeds from sale of a financial asset
19
20
Net cash provided by/(used in) investing activities
Net increase in cash and cash equivalents
Cash and cash equivalents at the beginning of the period
4
53.748.963
35.329.323
Cash and cash equivalents at the end of the period
4
56.106.226
53.748.963
44. OTHER MATTERS WHICH ARE SIGNIFICANT TO THE FINANCIAL STATEMENTS OR WHICH SHOULD BE DISCLOSED FOR THE PURPOSE
OF TRUE AND FAIR PRESENTATION AND INTERPRETATION OF THE FINANCIAL STATEMENTS
None.
96 Annual Report
2007 ADMINISTRATIVE OPERATIONS
Hac› Ömer Sabanc› Holding A.fi. Cement Group Chairmanship
Erhan KAMIfiLI
1. Senior Management:
Mehmet HACIKAM‹LO⁄LU
Hüseyin ÖZKAN
Tamer DEN‹ZC‹
Basri D‹NÇER
fiahap SARIER
Mutlu DO⁄RUÖZ
Mehmet fiAH‹N
Fikret ULUAKAY
Do¤an ÖZKUL
Naci RÜZGAR
2. Executives:
fiükrü Deniz fiAH‹N
Mustafa fiANLI
Erbil KOÇAK
Halim S›rr› GÖKTÜRK
Sebalinestin TOPAK
Orhan ÇAKIRKAYA
Memduh GÜLLÜ
Ayd›n KAYA
R›za ‹lham OFLAZ
Ayfer GÜREfi
Emin Ali TARLAKAZAN
Yalç›n ÇÖLÜO⁄LU
Önder KIRCA
Levent ÇELENK
Levent ÖNCEL
Mustafa TURAN
Adnan GÜVEN
Caner TÜRKYENER
Yaflar Enis SOLAKO⁄LU
Mustafa Erkin TOZO⁄LU
Murat BURAKÇIN
Fatih ‹fiÇ‹MEN
Mustafa Türker BED‹Z
Yusuf TURAN
Gürol ÖZER
Ali KADAK
Mustafa DEM‹RC‹
Mustafa Mehmet fiENDO⁄AN
Behiç Faruk KURT
Hac› Mehmet ÖZY‹⁄‹TO⁄LU
Chairman
General Manager
Assistant General Manager (Marketing and Sale - Cement)
Assistant General Manager (Financial)
Assistant General Manager (Cement Production)
Assistant General Manager (Ready-Mixed Concrete)
Assistant General Manager (Investment and Automation)
Plant Manager (Cement Plant - Kayseri)
Plant Manager (Cement Plant - Eskiflehir)
Plant Manager (Cement Plant - Ni¤de)
Plant Manager (Cement Plant - Ankara)
Electrical Maintenance Manager
Corporate Risk Management Team Leader
Marketing and Sales Manager (Mersin)
Marketing and Sales Manager (Kayseri - Ni¤de)
Marketing and Sales Manager (Eskiflehir - Ankara)
Internal Audit Manager
Finance Manager
Administrative and Financial Affairs Manager
Purchasing Manager
Corporate Development and Human Resources Manager
Strategy and Information Management Systems Manager
Administrative Affairs Manager
Marketing Manager
White Cement and Special Products Sales Manager
Production Manager
Production Manager (Cement Plant - Kayseri)
Production Manager (Cement Plant - Ni¤de)
Production Manager (Cement Plant - Eskiflehir)
Raw Material Manager
Quality Control Manager
Process Development and Application Manager
Electrical Maintenance Manager
Machinery Maintenance Manager
Maintenance Manager (Cement Plant - Eskiflehir)
Automation and Control Systems Manager
Investment Manager
Ready-Mixed Concrete Regional Manager (Mersin)
Ready-Mixed Concrete Regional Manager (Antalya)
Technical Manager (Ready-Mixed Concrete)
Equipment Performance Development Manager (Ready-Mixed Concrete)
3. Employee and Worker Turnover:
As of December 31, 2007, total number of personnel and workers at the headquarter and other plants of our Company is 905. In 2007, 98 personnel
and workers quit their jobs, on the other hand, 313 personnel and workers were employed.
4. Collective Labor Agreements:
Our Collective Bargaining Agreement, expired December 31, 2007, was agreed by
Turkey Çimse-Work Trade Union and Employers' Organization of Cement Industry Federation on March 21, 2008 and was carried into effect as of
January 1, 2008, for 3 years; expire date is December 31, 2010.
5. Liabilities for Severance Pay:
Severance pay obligation to our Company as of December 31, 2007 is TRY 6.632.387,65.
6. Rights and Benefits of Staff and Workers:
Personnel External Scope
: Fee +4 Fee Bonus Annual
: Fee +4 Fee Bonus Annual
Personnel and Workers, Collective Bargaining Agreement Applied
TRY 115/Monthly Social Relief
Clothning, Birth, Death, Marriage, Food, Transportation and Other Social
Benefits are Made.
In 2007 TRY 1.569.449 of severance pay is paid.
Annual Report 97
PROFIT DISTRIBUTION TABLE
(CURRENCY - NEW TURKISH LIRA UNLESS OTHERWISE STATED)
(TRY)
A- DISTRIBUTION OF PROFITS OF THE PERIOD
1- Profits of the period
2- Taxes due
- Corporation Tax
- Income Tax
- Other Taxes and Similar Liabilities
3- Statutory Reserves of Sequence 1
NET DISTRIBUTABLE PROFITS OF THE PERIOD
4- S1 Dividends to Shareholders
- Payable to Holders of Ordinary Shares
5- Dividends to the Board of Directors
6- S2 Dividends to Shareholders
7- Statutory Reserves of Sequence 2
EXTRAORDINARY RESERVES
B- DISTRIBUTION FROM RESERVES
1- Payable to Shareholders
C- DIVIDEND PER SHARE (TRY/%) (*1)
1- Payable to Holders of Ordinary Shares (TRY/%)
D- DIVIDEND PER SHARE (TRY/%) (*2)
1- Payable to Holders of Ordinary Shares (TRY/%)
Consolidated
Current Period
December 31, 2006
Consolidated
Current Period
December 31, 2007
333.743.348
(43.468.503)
163.351.728
(27.255.294)
(43.468.503)
-
(27.255.294)
290.274.845
(39.085.388)
(6.541.515)
129.554.919
(23.560.450)
(39.085.388)
(23.560.450)
(89.048.401)
(81.975.422)
(89.048.401)
(81.975.422)
(12.137.957)
150.003.100
(9.947.059)
14.071.988
21.809.942
-
21.809.942
2,15 TRY/214,88%
2,15 TRY/214,88%
1,12 TRY/112,19%
1,12 TRY/112,19%
1,11 TRY/111%
1,11 TRY/111%
0,87 TRY/87%
0,87 TRY/87%
(*1) Dividend per share is calculated over nominal capital.
(*2) Dividend per share is calculated over gross dividend payable to shareholders and nominal capital.
149.943.730,62
PROFIT DISTRIBUTION PROPOSAL AND CONCLUSION
We propose that, of TRY 290.274.845, the net profits of the period 2007 which appear on the consolidated financial statements prepared in
accordance with Statements of International Financial Reporting Standards (IFRS) and which remain after deduction of taxes and other
statutory liabilities,
a) TRY 128.133.788,61 from the profit of 2007, TRY 21.809.942,01 from extraordinary reserve funds and gross total of TRY 149.943.730,62 to be
distributed as dividends to shareholders, taking account of the provisions of the Capital Market Act,
b) TRY 12.137.956,65 to be retained as Statutory Reserves of Sequence 2,
c) the remainder thereof be retained as Extraordinary Reserves,
d) profit distribution to be payable in cash and started as from April 14, 2008, also in view of the financial position of the Company.
Dear shareholders,
We hereby submit to your approval, the Balance Sheet and the Income Statement for the accounting period of January 1, 2007 to December
31, 2007.
With respects,
For the Board of Directors
Mehmet GÖÇMEN
Deputy Chairman
98 Annual Report
RATIOS
(CURRENCY - NEW TURKISH LIRA UNLESS OTHERWISE STATED)
Consolidated
2007
TRY 120.197.796
Consolidated
2006
TRY 68.440.233
I- Liquidity Ratios:
1- Current Ratio = Current Assets/Short-Term Debts
2- Liquidity Ratio = Current Assets-Inventories-Other Current Assets/Short-Term Debts
1,81
1,20
1,49
1,06
II- Financial Position Ratios:
1- Total Debts/Shareholders' Equity
2- Short-Term Debts/Total Assets
3- Long-Term Debts/Total Assets
0,22
0,13
0,05
0,39
0,14
0,14
III- Profitability Ratios:
1- Net Profits of the Period/Net Sales
2- Net Profits of the Period/Total Assets
3- Net Profits of the Period/Shareholders' Equity
0,50
0,26
0,31
0,27
0,14
0,19
Net Working Capital = Current Assets - Current Liabilities
Annual Report 99
REPORT OF INDEPENDENT AUDITORS
To the Board of Directors of
Çimsa Çimento Sanayi ve Ticaret Anonim fiirketi
We have audited the accompanying consolidated financial statements of Çimsa Çimento Sanayi ve Ticaret Anonim fiirketi (Çimsa) and its
subsidiaries (hereafter together referred to as the Company), which comprise the consolidated balance sheet as of December 31, 2007, the
consolidated income statement for the year then ended, and a summary of significant accounting policies and other explanatory notes.
Management's Responsibility for the Financial Statements
Management is responsible for the preparation and fair presentation of these financial statements in accordance with financial reporting
standards published by the Capital Market Board in Turkey. This responsibility includes: designing, implementing and maintaining internal
control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to
fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the
circumstances.
Auditor's Responsibility
Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with
standards on auditing published by Capital Market Board in Turkey. Those standards require that we comply with ethical requirements and
plan and perform the audit to obtain reasonable assurance whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The
procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity's
preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances,
but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. An audit also includes evaluating the
appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating
the overall presentation of the financial statements.
We believe that the audit evidence we have obtained are sufficient and appropriate to provide a basis for our audit opinion.
Opinion
In our opinion the accompanying consolidated financial statements give a true and fair view of the financial position of Çimsa Çimento
Sanayi ve Ticaret Anonim fiirketi and its subsidiaries as of December 31, 2007, and of their financial performance for the year then ended in
accordance with financial reporting standards (Note 2 and 3) published by the Capital Market Board in Turkey.
Güney Ba¤›ms›z Denetim ve Serbest Muhasebeci Mali Müflavirlik Anonim fiirketi
An Affiliated Firm of Ernst & Young International
Metin Cano¤ullar›, SMMM
Partner, Principal Auditor
March 17, 2008
‹stanbul, Turkey
100 Annual Report
AUDITORS' REPORT
TO GENERAL ASSEMBLY OF Ç‹MSA Ç‹MENTO SANAY‹ VE T‹CARET A.fi.
The Company's Trade Name
Location of Headquarters
Share Capital
Line of Business
: Çimsa Çimento Sanayi ve Ticaret A.fi.
: Mersin
: TRY 135.084.442
: Cement production and trade
- Auditors'
Name
Terms in Office
Shareholders or not
: Mehmet SERT - Bahad›r BORAN
: One year - One year
: We are not shareholders of the Company.
Meetings attended and Number of
Board of Auditors Meetings held
: We attended none of the Board of Directors Meetings.
The Board of Audit held four meetings.
Scope of the audit made on the Company's accounts,
books and documents; dates of auditing
and the results thereof
: Commercial Law and Tax Regulations
Audits have been conducted in June, September, December 2007 and
February 2008, any effect of criticism has not been encountered.
Dates and results of the cash counts made at the cash
desk of the Company, according to Turkish Commercial
Code, Article, 353, Paragraph 1/3
: At the cash counts made during the year it has been established that the
existing petty cash was compliant with the records.
Dates and results of the cash counts made at the cash
desk of the Company, according to Turkish Commercial
Code, Article, 353, Paragraph 1-4
: In the analysis made every month it has been confirmed that commercial
papers and certificates exist and compatible with the book records.
Complaints and corruption assertions
acknowledged and actions taken
: There has been no complaint or corruption assertion.
We have examined the accounts and transactions of Çimsa Çimento Sanayi ve Ticaret A.fi. in the period from 01.01.2007 to 31.12.2007 in
accordance with the Turkish Commercial Code, other regulations, as well as the Articles of Association of the Company and generally
accepted accounting principles and standards.
In our opinion, the attached balance sheet prepared as of December 31, 2007 and the Income Statement for the period from 01.01.2007 to
31.12.2007 accurately reflect the true financial position and the true business results, respectively, of the Company for said period. The
Annual Report, which is found to be true, and the profit distribution proposal are in accordance with the applicable laws and with the
Articles of Association of the Company.
We hereby request the approval of the balance sheet and the income Statement and the release of the Board of Directors from liabilities.
March 17, 2008
BOARD OF AUDITORS
Mehmet SERT
Bahad›r BORAN
Annual Report 101
DOMESTIC SELLING POINTS AND SUPPLIERS
GRAY CEMENT SALES OFFICES
CITY
ADANA
ADAPAZARI
ADIYAMAN
AFYON
AKSARAY
ANKARA
ANTALYA
B‹LEC‹K
104 Annual Report
SELLER
ALIÇ KARDEfiLER ‹Nfi. T‹C. LTD. fiT‹.
MIZRAK ‹Nfi. T‹C. LTD. fiT‹.
MUSTAFA ALTAfi ‹Nfi. LTD. fiT‹
NEC‹P COfiKUN
ORHAN TOPTAN ‹Nfi. LTD. fiT‹.
ÖZDEM‹R T‹CARET-MUH‹TT‹N ÖZDEM‹R
SABAHfiEN ‹Nfi. MALZ. TAAH. LTD. fiT‹.
SA⁄LAM ‹Nfi. MALZ. SAN. T‹C. LTD. fiT‹.
SERLINES ‹Nfi. LTD. fiT‹.
YUSUF KURTGÖZ ‹Nfi. MALZ. T‹C.
MO⁄OL T‹CARET
Ç‹⁄DEM NAKL. ‹Nfi. LTD. fiT‹.
H‹LM‹ YILDIZ ‹Nfi. NAK. SAN. T‹C. LTD. fiT‹.
MERKEZ T‹CARET-RECEP/MEHMET HAMMAZ
ÖZDEM‹R ‹NfiAAT-ADNAN ÖZDEM‹R
ACARLAR ‹Nfi. MALZ. TAAH. LTD. fiT‹.
DAKÇ‹M ‹Nfi. A.fi.
ENES ‹Nfi. MALZ. SAN. T‹C. LTD. fiT‹.
ATILIM M‹M. MÜH. ‹Nfi. LTD. fiT‹.
GÜVENLER YAPI MALZ. LTD. fiT‹.
‹ÇL‹ YAPI MALZ. ‹Nfi. LTD. fiT‹.
‹K‹ZLER T‹CARET
KARACA ‹Nfi. SAN. VE T‹C. LTD. fiT‹.
KARDEfiLER LTD. fiT‹.
RAMAZAN KARGIN LTD. fiT‹.
RÜSTEM DA⁄DAfi
VEDAT YILDIZ
YARDIMLILAR YAPI MALZ. LTD. fiT‹.
Y‹⁄‹T T‹C. ‹Nfi. MALZ. VE KÖMÜR T‹C.
DEM‹RYÜREKLER LTD. fiT‹.
DURMAZLAR LTD. fiT‹.
KÖSEO⁄ULLARI LTD. fiT‹.
AKSU MOZA‹K ‹Nfi. SAN. T‹C. LTD. fiT‹.
BEfi‹KTAfiLI ‹Nfi. MALZ. LTD. fiT‹.
KARTALKAYA K‹REÇ ‹Nfi. MALZ. A.fi.
ÖZKAN NAKL‹YAT LTD. fiT‹.
UYSAL KARDEfiLER ‹Nfi. LTD. fiT‹.
UZER LTD. fiT‹.
VOLKAN ACATAY ‹Nfi. VE YAPI MALZ.
AS-META ‹Nfi. T‹C. LTD. fiT‹.
EFE ‹NfiAAT LTD. fiT‹.
HÜSEY‹N ÇOBAN
MANAVGAT fiAH‹NLER LTD. fiT‹.
ARI HAFR‹YAT NAKL. ‹Nfi. LTD. fiT‹.
BOZKAYA ‹Nfi. GIDA SAN. T‹C. A.fi.
‹MDAT KILAVUZ
TEVF‹K EROL ‹Nfi. MALZ. T‹CARET
UMUTLU T‹CARET-FUAT UMUTLU
TEL
(90 322) 336 30 30
(90 322) 311 16 49
(90 322) 248 77 43
(90 322) 248 88 77
(90 322) 361 65 10
(90 322) 891 48 43
(90 322) 361 84 10
(90 322) 515 81 95
(90 322) 248 73 66
(90 322) 515 09 20
(90 322) 781 86 79
(90 322) 581 50 39
(90 264) 241 00 84
(90 264) 517 50 50
(90 264) 279 23 42
(90 416) 223 29 91
(90 272) 214 00 66
(90 222) 218 22 22
(90 382) 214 19 22
(90 382) 215 10 10
(90 382) 215 09 78
(90 382) 215 15 95
(90 382) 215 75 55
(90 382) 215 06 33
(90 382) 215 57 06
(90 382) 215 04 54
(90 382) 215 88 61
(90 382) 215 16 86
(90 382) 436 27 37
(90 382) 351 36 96
(90 382) 351 57 25
(90 382) 351 36 56
(90 312) 349 14 76
(90 312) 349 05 47
(90 312) 353 12 86
(90 312) 351 49 42
(90 312) 268 88 59
(90 312) 384 30 97
(90 312) 350 81 81
(90 242) 335 55 81
(90 242) 518 11 56
(90 242) 572 15 42
(90 242) 742 69 11
(90 228) 315 16 90
(90 228) 315 75 80
(90 228) 315 75 00
(90 228) 381 21 61
(90 228) 212 27 36
FAX
(90 322) 336 40 40
(90 322) 454 30 21
(90 322) 361 87 44
(90 322) 248 73 67
(90 322) 781 86 79
(90 264) 241 00 85
(90 264) 517 54 33
(90 264) 279 23 42
(90 416) 216 03 57
(90 272) 216 50 25
(90 222) 218 08 79
(90 382) 214 19 23
(90 382) 215 01 64
(90 382) 215 17 48
(90 382) 215 60 14
(90 382) 215 75 55
(90 382) 215 06 03
(90 382) 215 66 54
(90 382) 215 89 61
(90 382) 215 17 94
(90 382) 436 27 67
(90 382) 351 36 37
(90 382) 351 57 25
(90 382) 351 49 37
(90 312) 350 41 21
(90 312) 349 18 96
(90 312) 353 94 87
(90 312) 348 96 86
(90 312) 271 63 04
(90 312) 623 63 32
(90 312) 350 81 81
(90 242) 339 57 90
(90 242) 518 18 43
(90 242) 572 27 59
(90 242) 742 27 37
(90 228) 315 45 62
(90 228) 315 32 08
(90 228) 315 30 98
(90 228) 381 21 61
(90 228) 212 43 16
ESK‹fiEH‹R
KAHRAMANMARAfi
KARAMAN
KAYSER‹
KAYSER‹
KONYA
CÖNGER ‹Nfi. MALZ. SAN. T‹C. LTD. fiT‹.
ERPA ‹Nfi. MALZ. LTD. fiT‹.
HACIBEK‹RO⁄ULLARI LTD. fiT‹.
HA-DO ‹Nfi. MALZ. SAN. LTD. fiT‹.
‹NMA ‹Nfi. MALZ. A.fi.
KIRÇILLAR ‹Nfi. MALZ. LTD. fiT‹.
ÖZEN TARIM ‹Nfi. T‹C. LTD. fiT‹.
ÖZMENLER TARIM TAfiM. SAN. T‹C. LTD. fiT‹.
ÖZORTAKLAR ‹Nfi. MALZ. LTD. fiT‹.
SARIPEKMEZ ‹Nfi. MALZ. LTD. fiT‹.
GÖKÇEO⁄LU LTD. fiT‹.
KAMALAK YAPI MALZ. ‹Nfi. NAKL. LTD. fiT‹.
MABE ‹Nfi. TAfiIMACILIK
MASTER ‹Nfi. TEKST‹L SAN. T‹C. LTD. fiT‹.
KIRAÇ ‹Nfi. T‹C. LTD. fiT‹.
DEM‹R T‹CARET
‹SP‹R-EMEK ‹Nfi. T‹C. LTD. fiT‹.
TUNÇ T‹CARET
GÜVENÇ T‹CARET
ÖZO⁄ULLARI YAPI MALZ. LTD. fiT‹.
SELAM‹ KELEfi ‹Nfi. MALZ. LTD. fiT‹.
YAMANLAR ‹Nfi. LTD. fiT‹.
YEfi‹LDERE ‹Nfi. LTD. fiT‹.
FAT‹H ‹NfiAAT-AHMET YILDIRIR
FAT‹H ‹Nfi. MALZ. VE T‹C. LTD.
ARI MARKETÇ‹L‹K
ARIKAN T‹CARET
BARBAROS YAPI MALZ. LTD. fiT‹.
CEYHAN T‹CARET
ERAS PROJE VE MÜfi. A.fi.
ERS‹N fiAH‹N
GÜLER T‹CARET
H. TATARO⁄LU ‹Nfi. MALZ. A.fi.
HIRKA T‹CARET
NET YAPI LTD. fiT‹.
ÖZCEYHAN T‹CARET
SERAY T‹CARET
SER‹M T‹CARET
TÜRKMEN T‹CARET
ULUTAfi ‹Nfi. MALZ. A.fi.
YÜCER T‹CARET
A. CENG‹ZHAN T‹CARET
U⁄URLU ‹Nfi. T‹C. LTD. fiT‹.
GÜLERYÜZ T‹C. LTD. fiT‹.
YILDIRIR ‹Nfi. MALZ. LTD. fiT‹.
ARSLAN OTM. SAN. T‹C. LTD. fiT‹.
ÖZÜDO⁄RU NAKL. ‹Nfi. T‹C. LTD. fiT‹.
AKSOY YAPI MARKET LTD. fiT‹.
PORTAfi M‹M. PLAN ORG. T‹C. LTD. fiT‹.
RAMAZAN ZORLU ‹Nfi. MALZ. LTD. fiT‹.
(90 222) 313 05 20
(90 222) 218 22 22
(90 222) 227 91 81
(90 222) 310 14 52
(90 222) 325 01 10
(90 222) 250 81 11
(90 222) 541 30 20
(90 222) 711 43 25
(90 222) 239 42 60
(90 222) 250 33 33
(90 344) 235 02 24
(90 344) 231 98 65
(90 344) 234 12 02
(90 344) 235 03 65
(90 344) 511 45 68
(90 344) 413 39 62
(90 344) 413 45 64
(90 344) 413 59 27
(90 344) 714 10 17
(90 338) 213 65 47
(90 338) 411 20 43
(90 338) 212 62 57
(90 338) 212 96 30
(90 352) 611 41 35
(90 352) 240 27 99
(90 352) 336 50 32
(90 352) 326 28 48
(90 352) 231 68 14
(90 352) 336 49 91
(90 352) 322 09 76
(90 352) 330 26 26
(90 352) 336 79 56
(90 352) 245 18 28
(90 352) 338 13 50
(90 352) 240 82 82
(90 352) 240 97 97
(90 352) 336 82 01
(90 352) 336 49 94
(90 352) 336 36 12
(90 352) 224 08 07
(90 352) 240 11 11
(90 352) 621 24 39
(90 352) 512 17 22
(90 352) 811 27 78
(90 352) 611 32 23
(90 332) 345 19 07
(90 332) 871 20 23
(90 332) 713 29 76
(90 332) 710 46 36
(90 332) 710 10 75
(90 222) 313 05 22
(90 222) 218 08 79
(90 222) 237 77 67
(90 222) 310 14 54
(90 222) 325 01 11
(90 222) 250 87 38
(90 222) 541 27 85
(90 222) 712 57 69
(90 222) 239 23 99
(90 222) 250 83 86
(90 344) 231 98 65
(90 344) 234 12 02
(90 344) 235 27 25
(90 344) 511 30 14
(90 344) 413 15 75
(90 344) 413 28 71
(90 344) 413 06 13
(90 344) 714 10 17
(90 338) 214 75 12
(90 338) 411 26 98
(90 338) 214 16 63
(90 338) 212 85 13
(90 352) 611 72 69
(90 352) 240 40 83
(90 352) 331 58 95
(90 352) 326 96 25
(90 352) 231 32 64
(90 352) 336 50 30
(90 352) 330 21 15
(90 352) 330 26 28
(90 352) 320 52 02
(90 352) 240 10 50
(90 352) 338 70 38
(90 352) 245 12 56
(90 352) 245 08 08
(90 352) 331 58 95
(90 352) 320 13 15
(90 352) 224 06 04
(90 352) 240 97 55
(90 352) 621 87 44
(90 352) 512 16 42
(90 352) 811 24 19
(90 352) 611 23 14
(90 332) 345 19 09
(90 332) 871 27 56
(90 332) 710 35 39
(90 332) 713 21 56
(90 332) 712 59 80
Annual Report 105
GRAY CEMENT SALES OFFICES (CONTINUED)
KONYA
KÜTAHYA
MALATYA
MERS‹N
106 Annual Report
SÜLLÜ ‹Nfi. MALZ. LTD. fiT‹.
TOPBAfi ‹Nfi. LTD. fiT‹.
TÜRKO⁄LU ‹Nfi. LTD. fiT‹.
GÜNER ELEKTR‹K MALZ. A.fi.
ÖZATILGANLAR ‹Nfi. MAD. LTD. fiT‹.
ÖZMETAL ‹Nfi MALZ. LTD. fiT‹.
ACARTAfi ‹Nfi. MLZ. LTD. fiT‹.
ALAN T‹CARET-OSMAN ALAN
Ç‹MPA ‹Nfi. MLZ. LTD. fiT‹.
DERYA YAPI LTD. fiT‹.
LEVENT T‹CARET LEVENT ENG‹NOL
REfiANLAR LTD. fiT‹.
BEfiDO⁄ANLAR ‹Nfi. NAK. LTD. fiT‹.
ADAfi T‹CARET-EKREM KOÇ
ADER ‹Nfi. GIDA T‹C. LTD. fiT‹.
AHMET YÜKSEL ‹Nfi. MALZ. LTD. fiT‹.
AKDEN‹Z T‹CARET-MUHAMMET USTA
ALER ‹Nfi. OTOM. PET. ÜRN. SAN. T‹C. LTD. fiT‹.
AYDO⁄ANLAR ‹Nfi. MALZ. LTD. fiT‹.
B‹LG‹ END. MALZ. YAPI TAAH. TURZ. LTD. fiT‹.
B‹LG‹N ‹NfiAAT ‹Nfi. MALZ. OTO T‹C. LTD. fiT‹.
BORTAfi B‹MS LOJ‹ST‹K ‹Nfi. T‹C. LTD. fiT‹.
BUCAK T‹C. TUR. SAN. VE PAZ. LTD. fiT‹.
EKREM UYSAL LTD. fiT‹.
ERKOÇ M‹MARLIK ‹Nfi. T‹C. LTD. fiT‹.
ERSOYLAR ‹Nfi. SAN. VE T‹C. LTD. fiT‹.
GÜLEÇ ‹NfiAAT-ADEM GÜLEÇ
GÜNAY T‹CARET-AL‹ VAROL GÜNAY
GÜNEY ‹NfiAAT MALZ. LTD. fiT‹.
GÜZEL ‹Nfi. MALZ. TÜT. MAM. LTD. fiT‹.
IfiIK ‹Nfi. MALZ. GIDA NAK. LTD. fiT‹.
‹BRAH‹M ÖZTÜRK ‹Nfi. SAN. LTD. fiT‹.
‹N-SER-CAM ‹Nfi. SERACILIK LTD. fiT‹.
KABADAYILAR ‹Nfi. MALZ. LTD. fiT‹.
KAYA BR‹KET-MEHMET KAYA
KOCAO⁄LU ‹NfiAAT TAAHHÜT LTD. fiT‹.
MEHMET KARAGÖZLÜ T‹CARET
META TAfiIMACILIK TUR‹ZM LTD. fiT‹.
OKYAYLAR ‹Nfi. SANAY‹ VE LTD. fiT‹.
ÖZÇEL‹K DEM‹R T‹CARETHANES‹
ÖZERO⁄LU Z‹R. ‹LAÇ K‹M. GÜB. LTD. fiT‹.
ÖZKAN T‹CARET-AL‹ ÖZKAN
ÖZPAR ‹NfiAAT SAN. VE T‹C. LTD. fiT‹.
fiAH‹NLER YAPI MARKET NAK. LTD. fiT‹.
fiIKfiIK GIDA TARIM YEM ‹Nfi. OTO. LTD. fiT‹.
TASGÜL TAfiIMACILIK LTD. fiT‹.
TEBER‹K ‹Nfi. LTD. fiT‹.
TOSLAKLAR ‹Nfi. T‹C. LTD. fiT‹.
TÜMAY ‹Nfi. T‹C. LTD. fiT‹.
UYSAL ‹Nfi. MALZ. LTD. fiT‹.
(90 332) 713 47 47
(90 332) 710 36 29
(90 332) 713 21 82
(90 274) 615 11 40
(90 274) 638 32 74
(90 274) 513 15 95
(90 422) 322 55 47
(90 422) 841 23 86
(90 422) 336 22 88
(90 422) 326 05 54
(90 422) 336 50 56
(90 422) 311 64 77
(90 422) 615 14 59
(90 324) 715 10 91
(90 324) 515 20 93
(90 324) 320 08 35
(90 324) 814 35 97
(90 324) 226 11 38
(90 324) 625 20 51
(90 324) 320 32 32
(90 324) 324 15 48
(90 324) 322 73 95
(90 324) 614 20 91
(90 324) 714 17 47
(90 324) 613 10 66
(90 324) 321 64 79
(90 324) 774 72 19
(90 324) 814 48 87
(90 324) 320 40 30
(90 324) 816 44 60
(90 324) 774 68 28
(90 324) 814 17 23
(90 324) 841 31 22
(90 324) 336 70 15
(90 324) 774 56 01
(90 324) 841 31 34
(90 324) 625 05 00
(90 324) 226 35 35
(90 324) 234 18 91
(90 324) 625 02 16
(90 324) 714 60 76
(90 324) 751 75 14
(90 324) 226 11 56
(90 324) 613 62 62
(90 324) 774 02 27
(90 324) 624 93 73
(90 324) 774 32 46
(90 324) 851 22 11
(90 324) 328 00 68
(90 324) 320 05 65
(90 332) 713 43 81
(90 332) 710 36 29
(90 332) 713 21 82
(90 274) 612 13 14
(90 274) 638 32 84
(90 274) 513 77 07
(90 422) 322 55 47
(90 422) 841 40 41
(90 422) 336 53 65
(90 422) 326 39 47
(90 422) 336 20 33
(90 422) 311 64 78
(90 422) 615 33 41
(90 324) 515 20 93
(90 324) 321 33 34
(90 324) 625 72 46
(90 324) 324 00 79
(90 324) 624 46 44
(90 324) 613 03 49
(90 324) 814 99 78
(90 324) 321 01 10
(90 324) 336 70 17
(90 324) 841 35 04
(90 324) 613 55 54
(90 324) 234 09 20
(90 324) 714 28 75
(90 324) 226 28 94
(90 324) 613 85 83
(90 324) 774 16 28
(90 324) 328 00 68
(90 324) 336 11 72
MERS‹N
NEVfiEH‹R
N‹⁄DE
OSMAN‹YE
S‹VAS
UfiAK
UYSALLAR NAK. ‹Nfi. LTD. fiT‹.
UZUNLAR ‹Nfi. LTD. fiT‹.
YEfi‹LOVA ‹Nfi. T‹C. LTD. fiT‹.
YEfi‹LOVACAN ‹NfiAAT TAAH. LTD. fiT‹.
YILDIRIM T‹CARET-SAL‹H YILDIRIM
YILDIRIMLAR SAN. VE T‹C. LTD. fiT‹.
YILMAZ ‹Nfi. NAKL. T‹C. SAN. LTD. fiT‹.
YILMAZ ‹NfiAAT NAKL‹YE LTD. fiT‹.
Z‹RVE YAPI MALZ. ‹Nfi. PAZ. LTD. fiT‹.
ÖNCÜL YAPI MALZ. LTD. fiT‹.
YALAP ‹Nfi. TURZ. LTD. fiT‹.
GÜL B‹MS ‹Nfi. LTD. fiT‹.
KAYMAKTAfi ‹Nfi. MALZ. LTD. fiT‹.
BONCUK T‹CARET-AHMET TOSUN
ÇAKMAK ‹Nfi. LTD. fiT‹.
ABDURRAHMAN BÜYÜKAKKAfi
ÇA⁄LAR T‹CARET-KORAY ÇA⁄LAR
DEL‹CEO⁄LU T‹CARET-MUSTAFA DEL‹CE
ERY‹⁄‹T NAK. ‹Nfi. LTD. fiT‹.
GEYLAN‹ ‹Nfi. MALZ. LTD. fiT‹.
GÜNER ÜNAL MANDACI
ILIKKANLAR ‹Nfi. VE MALZ. LTD. fiT‹.
MUSTAFA ULUPINAR
ÖZÇA⁄LAYAN ‹Nfi. MALZ. LTD. fiT‹.
fiAH‹NERLER ‹Nfi. VE MALZ. LTD. fiT‹.
fiEHNAZ TEOMAN-MERCAN T‹CARET
YÜCEL T‹CARET-ERDAL SEZER
ÖNEN ‹Nfi. LTD. fiT‹.
ÜNSAL PETROL
GÜLO⁄LU T‹CARET-MEHMET GÜLO⁄LU
SEDA ‹Nfi. T‹C. LTD. fiT‹.
ÖZGÜVEN‹M ‹Nfi. NAK. T‹C. LTD. fiT‹.
ÜÇLER ‹Nfi. MALZ. LTD. fiT‹.
(90 324) 851 39 10
(90 324) 774 30 83
(90 324) 226 00 36
(90 324) 226 34 95
(90 324) 751 76 40
(90 324) 323 04 55
(90 324) 774 12 59
(90 324) 851 35 64
(90 324) 323 23 17
(90 384) 213 18 91
(90 384) 213 53 49
(90 384) 218 24 56
(90 384) 218 29 29
(90 384) 341 31 17
(90 388) 311 33 48
(90 388) 233 16 90
(90 388) 213 14 97
(90 388) 213 19 05
(90 388) 232 85 43
(90 388) 232 52 95
(90 388) 213 70 21
(90 388) 232 93 91
(90 388) 232 98 08
(90 388) 233 35 41
(90 388) 213 67 67
(90 388) 232 60 52
(90 388) 213 44 78
(90 388) 511 22 45
(90 388) 541 28 26
(90 328) 814 85 30
(90 328) 812 34 55
(90 346) 512 37 70
(90 276) 223 39 22
(90 324) 851 21 95
(90 324) 774 20 34
(90 324) 751 35 74
(90 324) 323 04 56
(90 324) 774 25 27
(90 324) 851 32 16
(90 384) 213 88 32
(90 384) 212 33 82
(90 384) 218 32 12
(90 384) 218 22 85
(90 384) 341 85 40
(90 388) 311 33 48
(90 388) 233 61 95
(90 388) 232 06 32
(90 388) 213 19 24
(90 388) 232 75 90
(90 388) 212 02 25
(90 388) 232 77 47
(90 388) 213 75 70
(90 388) 213 49 42
(90 388) 213 62 80
(90 388) 232 98 68
(90 388) 213 13 81
(90 388) 511 82 84
(90 388) 541 28 92
(90 328) 324 85 29
(90 328) 814 89 38
(90 346) 512 13 87
(90 276) 227 76 76
Annual Report 107
WHITE CEMENT SALES OFFICES
CITY
ADANA
ADIYAMAN
AFYON
AKSARAY
ANKARA
ANTALYA
ARDAHAN
ARTV‹N
BALIKES‹R
BARTIN
BATMAN
B‹TL‹S
BURSA
ÇANAKKALE
DEN‹ZL‹
D‹YARBAKIR
ELAZI⁄
ERZ‹NCAN
ERZURUM
ESK‹fiEH‹R
108 Annual Report
SELLER
MO⁄OL T‹CARET
MUSTAFA ALTAfi ‹Nfi. NAK. T‹C. LTD. fiT‹.
NEC‹P COfiKUN
BED‹R BALKAN
AFYON B‹RL‹K LTD. fiT‹.
KARACA ‹Nfi. LTD. fiT‹.
AKSU LTD. fiT‹.
BEfi‹KTAfiLI ‹Nfi. LTD. fiT‹.
CANGÜL ‹Nfi. SAN. VE T‹C. A.fi.
KARTALKAYA K‹REÇ A.fi.
ÖZKUL BETON EL. LTD. fiT‹.
SERA BETON ELEMANLARI LTD. fiT‹.
UYSAL KARDEfiLER ‹Nfi. LTD. fiT‹.
VOLKAN ACATAY
BAfiERGÜN ‹Nfi. LTD. fiT‹.
Ç‹MPA A.fi.
HÜSEY‹N ÇOBAN
KONURLAR ‹Nfi. LTD. fiT‹.
MANAVGAT fiAH‹NLER ‹Nfi. SAN. VE T‹C. LTD. fiT‹.
YILDIRIMLAR ‹Nfi. LTD. fiT‹.
YILDIZ ‹Nfi. MALZ. LTD. fiT‹.
ERDEM‹ROCAK ‹NfiAAT
KES‹MAL A.fi.
BORÇ‹M ‹Nfi. LTD. fiT‹.
YAZLAR PAZ. A.fi.
KURTBAfiLAR LTD. fiT‹.
L‹S YAPI MALZEMELER‹
CENG‹ZLER MADENC‹L‹K LTD. fiT‹.
YURDAKUL YAPI
ÇET‹N ‹Nfi. MALZ. LTD. fiT‹.
NAMLI ‹Nfi. LTD. fiT‹.
SULAYICI ‹Nfi. A.fi.
ÇAVUfiO⁄LU ‹Nfi. LTD. fiT‹.
TAfi T‹CARET
BEfi‹KTAfiLAR ‹Nfi. LTD. fiT‹.
DEM‹RC‹O⁄LU A.fi.
HASAN AKAL
ERPA ‹NfiAAT LTD. fiT‹.
TEL
(90 322) 336 30 30
(90 322) 311 16 49
(90 322) 781 86 79
(90 322) 248 77 43
(90 322) 248 88 77
(90 322) 361 65 10
(90 322) 891 48 43
(90 322) 361 84 10
(90 322) 515 81 95
(90 322) 248 73 66
(90 322) 515 09 20
(90 416) 223 29 91
(90 416) 225 25 00
(90 272) 215 17 91
(90 382) 215 12 22
(90 312) 349 14 76
(90 312) 349 05 47
(90 312) 354 50 80
(90 312) 353 12 86
(90 312) 351 49 42
(90 312) 363 68 78
(90 312) 350 76 77
(90 312) 268 88 59
(90 312) 348 80 49
(90 242) 335 55 81
(90 242) 338 35 20
(90 242) 221 18 21
(90 242) 518 11 56
(90 242) 572 15 42
(90 242) 722 32 36
(90 242) 742 69 11
(90 242) 326 05 67
(90 242) 722 60 70
(90 478) 511 26 44
(90 466) 312 35 77
(90 266) 614 60 61
(90 378) 264 55 55
(90 488) 214 07 27
(90 434) 226 82 10
(90 224) 413 24 34
(90 286) 712 13 00
(90 258) 814 60 12
(90 258) 213 63 04
(90 258) 264 07 44
(90 412) 229 31 26
(90 424) 233 19 95
(90 446) 214 90 55
(90 442) 213 38 81
(90 442) 213 36 84
(90 222) 218 22 22
FAX
(90 322) 336 40 40
(90 322) 781 86 79
(90 322) 454 30 21
(90 322) 361 87 44
(90 322) 248 73 67
(90 416) 216 03 57
(90 416) 225 25 00
(90 272) 213 64 08
(90 312) 350 41 21
(90 312) 349 18 96
(90 312) 354 44 05
(90 312) 353 94 87
(90 312) 348 96 86
(90 312) 362 24 18
(90 312) 350 79 69
(90 312) 271 63 04
(90 312) 348 80 49
(90 242) 339 57 90
(90 242) 338 35 23
(90 242) 221 08 71
(90 242) 518 18 43
(90 242) 572 27 59
(90 242) 722 17 09
(90 242) 742 27 37
(90 242) 326 05 67
(90 242) 722 77 17
(90 478) 511 23 20
(90 466) 312 53 87
(90 266) 614 57 60
(90 378) 264 51 76
(90 488) 213 44 16
(90 434) 226 84 55
(90 224) 413 21 20
(90 286) 712 34 12
(90 258) 814 60 12
(90 258) 213 07 38
(90 258) 265 11 05
(90 424) 237 64 81
(90 442) 213 38 82
(90 442) 213 40 07
(90 222) 218 08 79
ESK‹fiEH‹R
GAZ‹ANTEP
G‹RESUN
‹SKENDERUN
‹STANBUL
‹ZM‹R
KAHRAMANMARAfi
KARS
KASTAMONU
KAYSER‹
KONYA
KÜTAHYA
MALATYA
MAN‹SA
MARD‹N
‹NMA A.fi.
MIHÇIO⁄LU MOL‹TEKS A.fi.
YARAMANLAR ‹Nfi. LTD. fiT‹.
TANER ‹Nfi. LTD. fiT‹.
ÖZER T‹CARET LTD. fiT‹.
ÖZTÜRKLER A.fi.
BAYRAK KÖMÜR LTD. fiT‹.
Ç‹⁄L‹ MOZA‹K LTD. fiT‹.
KARAO⁄LU ‹Nfi. LTD. fiT‹.
fiATAFLAR ‹Nfi. LTD. fiT‹.
DEM‹R T‹CARET
GÖKÇEO⁄LU GÜBRE Z‹RA‹ ‹LAÇ TAR. ÜRN. LTD. fiT‹.
GÜVENÇ T‹CARET
TUNÇ T‹CARET
KARAKAfi ZAH. LTD. fiT‹.
POSOF T‹C. LTD. fiT‹.
TONBULLAR HAZ. BET. VE ‹Nfi.
ARIKAN T‹CARET
CEYHAN T‹CARET
ERS‹N fiAH‹N
GÜLER T‹CARET
H. TATARO⁄LU ‹Nfi. MALZ. A.fi.
HIRKA T‹CARET
ÖZCEYHAN T‹CARET
SERAY T‹CARET
SER‹M T‹CARET
TÜRKMEN T‹CARET
YÜCER T‹CARET
ARSLAN OTO LTD. fiT‹.
ALKANLAR ‹Nfi. LTD. fiT‹.
GÜNER A.fi.
ÖZMETAL NAK. LTD. fiT‹.
ACARTAfi ‹Nfi. LTD. fiT‹.
Ç‹MPA LTD. fiT‹.
REfiANLAR KAYISI ‹Nfi. LTD. fiT‹.
KARAATA ‹Nfi. LTD. fiT‹.
PARLAKLAR PAZ. LTD. fiT‹.
(90 222) 325 01 10
(90 342) 325 76 76
(90 454) 216 16 54
(90 326) 614 26 00
(90 216) 352 30 32
(90 212) 871 32 22
(90 232) 436 28 38
(90 232) 329 05 13
(90 232) 435 07 37
(90 232) 433 10 10
(90 344) 413 39 62
(90 344) 235 02 24
(90 344) 714 10 17
(90 344) 413 45 64
(90 344) 231 98 65
(90 344) 511 45 68
(90 344) 235 03 65
(90 344) 413 59 27
(90 474) 223 42 36
(90 474) 223 49 73
(90 366) 214 10 96
(90 352) 240 27 99
(90 352) 621 24 39
(90 352) 336 50 32
(90 352) 326 28 48
(90 352) 231 68 14
(90 352) 336 49 91
(90 352) 322 09 76
(90 352) 330 26 26
(90 352) 336 79 56
(90 352) 811 27 78
(90 352) 245 18 28
(90 352) 338 13 50
(90 352) 240 82 82
(90 352) 240 97 97
(90 352) 336 82 01
(90 352) 336 49 94
(90 352) 336 36 12
(90 352) 512 17 22
(90 352) 224 08 07
(90 352) 240 11 11
(90 332) 346 19 07
(90 274) 615 14 16
(90 274) 612 15 30
(90 274) 513 15 95
(90 422) 322 55 47
(90 422) 615 14 59
(90 422) 336 22 88
(90 422) 311 64 77
(90 236) 313 13 08
(90 482) 482 20 02
(90 222) 325 01 11
(90 342) 325 76 77
(90 216) 371 25 29
(90 212) 871 32 29
(90 232) 467 00 21
(90 232) 329 53 72
(90 232) 435 72 03
(90 232) 433 74 70
(90 344) 413 15 75
(90 344) 714 10 17
(90 344) 413 28 71
(90 344) 231 98 65
(90 344) 511 30 14
(90 344) 235 27 25
(90 344) 413 06 13
(90 474) 223 78 92
(90 366) 214 42 72
(90 352) 240 40 83
(90 352) 621 87 44
(90 352) 331 58 95
(90 352) 326 96 25
(90 352) 231 32 64
(90 352) 336 50 30
(90 352) 330 21 15
(90 352) 330 26 28
(90 352) 320 52 02
(90 352) 811 24 19
(90 352) 240 10 50
(90 352) 338 70 38
(90 352) 245 12 56
(90 352) 245 08 08
(90 352) 331 58 95
(90 352) 320 13 15
(90 352) 512 16 42
(90 352) 224 06 04
(90 352) 240 97 55
(90 332) 346 19 09
(90 274) 612 13 14
(90 274) 513 77 07
(90 422) 615 33 41
(90 422) 336 53 65
(90 482) 462 17 83
Annual Report 109
WHITE CEMENT SALES OFFICES (CONTINUED)
MERS‹N
MU⁄LA
NEVfiEH‹R
110 Annual Report
AYDO⁄ANLAR ‹Nfi. MALZ. LTD. fiT‹.
EKREM UYSAL NAKL‹YE ‹Nfi. MALZ. LTD. fiT‹.
GÜNEY ‹NfiAAT MALZEMELER‹ LTD. fiT‹.
IfiIK ‹Nfi. MALZ. GIDA. NAK. LTD. fiT‹.
KABADAYILAR ‹Nfi. MALZ. NAK. OTOMT. LTD. fiT‹.
ÖZPAR ‹NfiAAT SANAY‹ VE T‹C. LTD. fiT‹.
TASGÜL TAfiIMACILIK AKARYAKIT ‹Nfi. LTD. fiT‹.
TEBER‹K ‹Nfi. VETER. VE T‹C. LTD. fiT‹.
UYSAL ‹Nfi. MALZ. T‹C. VE SAN. LTD. fiT‹.
UYSALLAR NAK. ‹Nfi. GALER‹C‹L‹K LTD. fiT‹.
UZUNLAR ‹Nfi. GIDA NAK. HAYV. LTD. fiT‹.
Z‹RVE YAPI MALZEMELER‹ ‹Nfi. PAZ. LTD. fiT‹.
YAPIT ‹Nfi. LTD. fiT‹.
BONCUK T‹CARET
HEK‹MO⁄LU ‹Nfi. LTD. fiT‹.
YALAP ‹Nfi. LTD. fiT‹.
(90 324) 715 10 91
(90 324) 515 20 93
(90 324) 320 08 35
(90 324) 814 35 97
(90 324) 226 11 38
(90 324) 625 20 51
(90 324) 320 32 32
(90 324) 324 15 48
(90 324) 322 73 95
(90 324) 614 20 91
(90 324) 714 17 47
(90 324) 613 10 66
(90 324) 321 64 79
(90 324) 774 72 19
(90 324) 814 48 87
(90 324) 320 40 30
(90 324) 816 44 60
(90 324) 774 68 28
(90 324) 814 17 23
(90 324) 841 31 22
(90 324) 336 70 15
(90 324) 774 56 01
(90 324) 841 31 34
(90 324) 625 05 00
(90 324) 226 35 35
(90 324) 234 18 91
(90 324) 625 02 16
(90 324) 714 60 76
(90 324) 751 75 14
(90 324) 226 11 56
(90 324) 613 62 62
(90 324) 774 02 27
(90 324) 624 93 73
(90 324) 774 32 46
(90 324) 851 22 11
(90 324) 328 00 68
(90 324) 320 05 65
(90 324) 851 39 10
(90 324) 774 30 83
(90 324) 226 00 36
(90 324) 226 34 95
(90 324) 751 76 40
(90 324) 323 04 55
(90 324) 774 12 59
(90 324) 851 35 64
(90 324) 323 23 17
(90 252) 316 65 14
(90 384) 341 31 17
(90 384) 561 29 20
(90 384) 213 53 49
(90 324) 515 20 93
(90 324) 321 33 34
(90 324) 625 72 46
(90 324) 324 00 79
(90 324) 624 46 44
(90 324) 613 03 49
(90 324) 814 99 78
(90 324) 321 01 10
(90 324) 336 70 17
(90 324) 841 35 04
(90 324) 613 55 54
(90 324) 234 09 20
(90 324) 714 28 75
(90 324) 226 28 94
(90 324) 613 85 83
(90 324) 774 16 28
(90 324) 328 00 68
(90 324) 336 11 72
(90 324) 851 21 95
(90 324) 774 20 34
(90 324) 751 35 74
(90 324) 323 04 56
(90 324) 774 25 27
(90 324) 851 32 16
(90 252) 316 77 39
(90 384) 341 85 40
(90 384) 561 28 26
(90 384) 212 33 82
OSMAN‹YE
R‹ZE
S‹VAS
fiANLIURFA
TOKAT
UfiAK
VAN
YALOVA
H. KARAMEHMETO⁄LU
TÖRE ‹Nfi. LTD. fiT‹.
YILTAfi ‹Nfi. A.fi.
MEHMET TAC‹R
ÖZ UYANIKO⁄LU ‹Nfi. LTD. fiT‹.
ATSIZO⁄LU ‹Nfi. LTD. fiT‹.
YAKAR M‹M. ISI ‹Nfi. A.fi.
ÜÇLER ‹NfiAAT LTD. fiT‹.
AKSEL ALTAYLI
‹BRAH‹M CALP
CEM‹L DEM‹RYÜREK LTD. fiT‹.
(90 328) 814 85 30
(90 328) 812 34 55
(90 464) 217 13 20
(90 346) 221 47 92
(90 346) 787 60 34
(90 346) 512 37 70
(90 414) 313 39 57
(90 414) 313 45 58
(90 356) 214 86 10
(90 356) 214 84 24
(90 276) 223 39 22
(90 432) 216 10 36
(90 432) 216 82 40
(90 226) 813 47 63
(90 328) 324 85 29
(90 328) 814 89 38
(90 346) 223 60 26
(90 346) 787 62 63
(90 346) 512 13 87
(90 414) 312 04 09
(90 414) 314 44 84
(90 356) 214 18 55
(90 356) 213 30 23
(90 276) 227 76 66
(90 432) 216 73 20
(90 226) 812 15 82
Annual Report 111
ECOMORTAR SALES OFFICES
CITY
ADANA
ADAPAZARI
ADIYAMAN
AFYON
ANKARA
ANTALYA
B‹LEC‹K
ESK‹fiEH‹R
KAHRAMANMARAfi
112 Annual Report
SELLER
MUSTAFA ALTAfi ‹NfiAAT NAK. T‹C. LTD. fiT‹.
NEC‹P COfiKUN
MO⁄OL T‹CARET
H‹LM‹ YILDIZ ‹Nfi. NAK. SAN. T‹C. LTD. fiT‹.
MERKEZ T‹CARET-RECEP/MEHMET HAMMAZ
ÖZDEM‹R ‹NfiAAT-ADNAN ÖZDEM‹R
DAKÇ‹M ‹Nfi. A.fi.
ENES ‹Nfi. MALZ. SAN. T‹C. LTD. fiT‹.
AKSU MOZA‹K ‹Nfi. SAN. T‹C. LTD. fiT‹.
BEfi‹KTAfiLI ‹NfiAAT MALZ. LTD. fiT‹.
KARTALKAYA K‹REÇ ‹Nfi. MALZ. ‹Nfi. A.fi.
UYSAL KARDEfiLER ‹Nfi. NAK. T‹C. LTD. fiT‹.
UZER LTD. fiT‹.
VOLKAN ACATAY ‹Nfi. VE YAPI MALZ.
HÜSEY‹N ÇOBAN
MANAVGAT fiAH‹NLER ‹Nfi. LTD. fiT‹.
ARI HAFR‹YAT NAKL. ‹Nfi. LTD. fiT‹.
BOZKAYA ‹Nfi. GIDA SAN. T‹C. A.fi.
‹MDAT KILAVUZ
TEVF‹K EROL ‹Nfi. MALZ. T‹CARET
UMUTLU T‹CARET-FUAT UMUTLU
CÖNGER ‹Nfi. MALZ. SAN. T‹C. LTD. fiT‹.
ERPA ‹Nfi. MALZ. LTD. fiT‹.
HACIBEK‹RO⁄ULLARI LTD. fiT‹.
HA-DO ‹Nfi. MALZ. SAN. LTD. fiT‹.
‹NMA ‹Nfi. MALZ. A.fi.
KIRÇILLAR ‹Nfi MALZ. LTD. fiT‹.
ÖZEN TARIM ‹Nfi. T‹C. LTD. fiT‹.
ÖZMENLER TARIM TAfiM. SAN. T‹C. LTD. fiT‹.
ÖZORTAKLAR ‹Nfi. MALZ. LTD. fiT‹.
SARIPEKMEZ ‹Nfi. MALZ. LTD. fiT‹.
GÖKÇEO⁄LU GÜBRE Z‹RA‹ ‹LAÇ TAR. ÜRN. LTD.
DEM‹R T‹CARET
TUNÇ T‹CARET
GÜVENÇ T‹CARET
TEL
(90 322) 336 30 30
(90 322) 311 16 49
(90 322) 248 77 43
(90 322) 248 88 77
(90 322) 361 65 10
(90 322) 891 48 43
(90 322) 361 84 10
(90 322) 515 81 95
(90 322) 248 73 66
(90 322) 515 09 20
(90 322) 781 86 79
(90 264) 241 00 84
(90 264) 517 50 50
(90 264) 279 23 42
(90 416) 223 29 91
(90 272) 214 00 66
(90 222) 218 22 22
(90 312) 349 14 76
(90 312) 349 05 47
(90 312) 353 12 86
(90 312) 351 49 42
(90 312) 268 88 59
(90 312) 384 30 97
(90 312) 350 81 81
(90 242) 335 55 81
(90 242) 518 11 56
(90 242) 572 15 42
(90 242) 742 69 11
(90 228) 315 16 90
(90 228) 315 75 80
(90 228) 315 75 00
(90 228) 381 21 61
(90 228) 212 27 36
(90 222) 313 05 20
(90 222) 218 22 22
(90 222) 227 91 81
(90 222) 310 14 52
(90 222) 325 01 10
(90 222) 250 81 11
(90 222) 541 30 20
(90 222) 711 43 25
(90 222) 239 42 60
(90 222) 250 33 33
(90 344) 235 02 24
(90 344) 231 98 65
(90 344) 235 03 65
(90 344) 511 45 68
(90 344) 413 39 62
(90 344) 413 45 64
(90 344) 413 59 27
(90 344) 714 10 17
FAX
(90 322) 336 40 40
(90 322) 454 30 21
(90 322) 361 87 44
(90 322) 248 73 67
(90 322) 781 86 79
(90 264) 241 00 85
(90 264) 517 54 33
(90 264) 279 23 42
(90 416) 216 03 57
(90 272) 216 50 25
(90 222) 218 08 79
(90 312) 350 41 21
(90 312) 349 18 96
(90 312) 353 94 87
(90 312) 348 96 86
(90 312) 271 63 04
(90 312) 623 63 32
(90 312) 350 81 81
(90 242) 339 57 90
(90 242) 518 18 43
(90 242) 572 27 59
(90 242) 742 27 37
(90 228) 315 45 62
(90 228) 315 32 08
(90 228) 315 30 98
(90 228) 381 21 61
(90 228) 212 43 16
(90 222) 313 05 22
(90 222) 218 08 79
(90 222) 237 77 67
(90 222) 310 14 54
(90 222) 325 01 11
(90 222) 250 87 38
(90 222) 541 27 85
(90 222) 712 57 69
(90 222) 239 23 99
(90 222) 250 83 86
(90 344) 231 98 65
(90 344) 235 27 25
(90 344) 511 30 14
(90 344) 413 15 75
(90 344) 413 28 71
(90 344) 413 06 13
(90 344) 714 10 17
KAYSER‹
KONYA
KÜTAHYA
MALATYA
MERS‹N
ARIKAN T‹CARET
CEYHAN T‹CARET
ERS‹N fiAH‹N
GÜLER T‹CARET
H.TATARO⁄LU ‹Nfi. MALZ. A.fi.
HIRKA T‹CARET
ÖZCEYHAN T‹CARET
SERAY T‹CARET
SER‹M T‹CARET
TÜRKMEN T‹CARET
YÜCER T‹CARET
ÖZÜDO⁄RU NAKL. ‹Nfi. T‹C. LTD. fiT‹.
GÜNER ELEKTR‹K MALZ. A.fi.
ÖZATILGANLAR ‹Nfi. MAD. LTD. fiT‹.
ÖZMETAL ‹Nfi. MALZ. LTD. fiT‹.
AYDO⁄ANLAR ‹Nfi. MALZ. T‹C. LTD. fiT‹.
EKREM UYSAL NAKL‹YE ‹Nfi. MALZ. LTD. fiT‹.
IfiIK ‹Nfi. MALZ. GIDA. NAK. LTD. fiT‹.
KABADAYILAR ‹Nfi. MALZ. NAK. OTOMT. LTD. fiT‹.
(90 352) 240 27 99
(90 352) 336 50 32
(90 352) 326 28 48
(90 352) 231 68 14
(90 352) 336 49 91
(90 352) 322 09 76
(90 352) 330 26 26
(90 352) 336 79 56
(90 352) 245 18 28
(90 352) 338 13 50
(90 352) 240 82 82
(90 352) 240 97 97
(90 352) 336 82 01
(90 352) 336 49 94
(90 352) 336 36 12
(90 352) 224 08 07
(90 352) 240 11 11
(90 352) 621 24 39
(90 352) 512 17 22
(90 352) 811 27 78
(90 332) 871 20 23
(90 274) 615 11 40
(90 274) 638 32 74
(90 274) 513 15 95
(90 422) 615 14 59
(90 324) 715 10 91
(90 324) 515 20 93
(90 324) 320 08 35
(90 324) 814 35 97
(90 324) 226 11 38
(90 324) 625 20 51
(90 324) 320 32 32
(90 324) 324 15 48
(90 324) 322 73 95
(90 324) 614 20 91
(90 324) 714 17 47
(90 324) 613 10 66
(90 324) 321 64 79
(90 324) 774 72 19
(90 324) 814 48 87
(90 324) 320 40 30
(90 324) 816 44 60
(90 324) 774 68 28
(90 324) 814 17 23
(90 324) 841 31 22
(90 324) 336 70 15
(90 324) 774 56 01
(90 324) 841 31 34
(90 324) 625 05 00
(90 324) 226 35 35
(90 324) 234 18 91
(90 324) 625 02 16
(90 352) 240 40 83
(90 352) 331 58 95
(90 352) 326 96 25
(90 352) 231 32 64
(90 352) 336 50 30
(90 352) 330 21 15
(90 352) 330 26 28
(90 352) 320 52 02
(90 352) 240 10 50
(90 352) 338 70 38
(90 352) 245 12 56
(90 352) 245 08 08
(90 352) 331 58 95
(90 352) 320 13 15
(90 352) 224 06 04
(90 352) 240 97 55
(90 352) 621 87 44
(90 352) 512 16 42
(90 352) 811 24 19
(90 332) 871 27 56
(90 274) 612 13 14
(90 274) 638 32 84
(90 274) 513 77 07
(90 422) 615 33 41
(90 324) 515 20 93
(90 324) 321 33 34
(90 324) 625 72 46
(90 324) 324 00 79
(90 324) 624 46 44
(90 324) 613 03 49
(90 324) 814 99 78
(90 324) 321 01 10
(90 324) 336 70 17
(90 324) 841 35 04
(90 324) 613 55 54
(90 324) 234 09 20
Annual Report 113
ECOMORTAR SALES OFFICES (CONTINUED)
MERS‹N
OSMAN‹YE
S‹VAS
UfiAK
114 Annual Report
ÖZPAR ‹NfiAAT SANAY‹ VE T‹C. LTD. fiT‹.
TASGÜL TAfiIMACILIK AKARYAKIT ‹Nfi. LTD. fiT‹.
TEBER‹K ‹Nfi. VETER. VE T‹C. LTD. fiT‹.
UYSALLAR NAK. ‹Nfi. GALER‹C‹L‹K LTD. fiT‹.
UZUNLAR ‹Nfi. GIDA NAK. HAYV. LTD. fiT‹.
Z‹RVE YAPI MALZEMELER‹ ‹NfiAAT PAZ. LTD. fiT‹.
ÜÇLER ‹Nfi. MALZ. LTD. fiT‹.
(90 324) 714 60 76
(90 324) 751 75 14
(90 324) 226 11 56
(90 324) 613 62 62
(90 324) 774 02 27
(90 324) 624 93 73
(90 324) 774 32 46
(90 324) 851 22 11
(90 324) 328 00 68
(90 324) 320 05 65
(90 324) 851 39 10
(90 324) 774 30 83
(90 324) 226 00 36
(90 324) 226 34 95
(90 324) 751 76 40
(90 324) 323 04 55
(90 324) 774 12 59
(90 324) 851 35 64
(90 324) 323 23 17
(90 328) 814 85 30
(90 328) 812 34 55
(90 346) 512 37 70
(90 276) 223 39 22
(90 324) 714 28 75
(90 324) 226 28 94
(90 324) 613 85 83
(90 324) 774 16 28
(90 324) 328 00 68
(90 324) 336 11 72
(90 324) 851 21 95
(90 324) 774 20 34
(90 324) 751 35 74
(90 324) 323 04 56
(90 324) 774 25 27
(90 324) 851 32 16
(90 328) 324 85 29
(90 328) 814 89 38
(90 346) 512 13 87
(90 276) 227 76 76
ISIDAÇ SALES OFFICES
CITY
ADANA
ADANA
ADIYAMAN
AFYON
AKSARAY
ANKARA
ANTALYA
ARDAHAN
ARTV‹N
BALIKES‹R
BARTIN
BATMAN
B‹TL‹S
BURSA
ÇANAKKALE
DEN‹ZL‹
D‹YARBAKIR
ELAZI⁄
ERZ‹NCAN
ERZURUM
ESK‹fiEH‹R
GAZ‹ANTEP
G‹RESUN
‹SKENDERUN
SELLER
MUSTAFA ALTAfi ‹NfiAAT NAK. T‹C. LTD. fiT‹.
NEC‹P COfiKUN
SABAHfiEN ‹Nfi. MALZ. TAAH.
ACARLAR ‹Nfi. MALZ. TAAH.
BED‹R BALKAN
AFYON B‹RL‹K LTD. fiT‹.
KARACA ‹Nfi. LTD. fiT‹.
AYK YAPI K‹MYASALLARI SAN. VE LTD. fiT‹.
UZUNO⁄LU fiAHVENT SAN. VE T‹C. LTD. fiT‹.
BEfi‹KTAfiLI ‹Nfi. LTD. fiT‹.
AKSU LTD. fiT‹.
VOLKAN ACATAY
SERA BETON ELEMANLARI
KARTALKAYA K‹REÇ
ÖZKAN NAKL‹YAT
UYSAL KARDEfiLER
CANGÜL ‹Nfi. SAN. VE T‹C. A.fi.
EFE ‹NfiAAT
HÜSEY‹N ÇOBAN
MANAVGAT fiAH‹NLER ‹Nfi. SAN. VE T‹C.
Ç‹MPA A.fi.
KONURLAR ‹NfiAAT
YILDIZ ‹Nfi. MALZ. LTD. fiT‹.
BAfiERGÜN ‹NfiAAT
YILDIRIMLAR ‹NfiAAT
ERDEM‹ROCAK ‹NfiAAT
KES‹MAL A.fi.
BORÇ‹M ‹NfiAAT
YAZLAR PAZ. A.fi.
KURTBAfiLAR
L‹S YAPI MALZEMELER‹
CENG‹ZLER MADENC‹L‹K
YURDAKUL YAPI
SULAYICI ‹NfiAAT
NAMLI ‹NfiAAT
ÇET‹N ‹Nfi. MALZ. LTD. fiT‹.
ÇAVUfiO⁄LU ‹NfiAAT
TAfi T‹CARET
BEfi‹KTAfiLAR ‹Nfi. LTD. fiT‹.
HASAN AKAL
DEM‹RC‹O⁄LU A.fi.
‹NMA A.fi.
ERPA ‹NfiAAT LTD. fiT‹.
MIHÇIO⁄LU MOL‹TEKS A.fi.
YARAMANLAR ‹NfiAAT
TANER ‹NfiAAT
TEL
(90 322) 311 16 49
(90 322) 248 77 43
(90 322) 248 88 77
(90 322) 891 48 43
(90 322) 361 84 10
(90 322) 515 09 20
(90 322) 515 81 95
(90 416) 223 29 91
(90 416) 225 25 00
(90 272) 215 17 91
(90 382) 215 12 22
(90 312) 814 48 14
(90 312) 354 15 41
(90 312) 349 05 47
(90 312) 349 14 76
(90 312) 348 80 49
(90 312) 350 76 77
(90 312) 353 12 86
(90 312) 351 49 42
(90 312) 268 88 59
(90 312) 354 50 80
(90 242) 335 55 81
(90 242) 518 11 56
(90 242) 572 15 42
(90 242) 742 69 11
(90 242) 221 18 21
(90 242) 722 32 36
(90 242) 722 60 70
(90 242) 338 35 20
(90 242) 326 05 67
(90 478) 511 26 44
(90 466) 312 35 77
(90 266) 614 60 61
(90 378) 264 55 55
(90 488) 214 07 27
(90 434) 226 82 10
(90 224) 413 24 34
(90 286) 712 13 00
(90 258) 264 07 44
(90 258) 213 63 04
(90 258) 814 60 12
(90 412) 229 31 26
(90 424) 233 19 95
(90 446) 214 90 55
(90 442) 213 36 84
(90 442) 213 38 81
(90 222) 325 01 10
(90 222) 218 22 22
(90 342) 325 76 76
(90 454) 216 16 54
(90 326) 614 26 00
FAX
(90 322) 454 30 21
(90 322) 361 87 44
(90 416) 216 03 57
(90 272) 213 64 08
(90 312) 815 48 16
(90 312) 385 97 74
(90 312) 349 18 96
(90 312) 350 41 21
(90 312) 350 79 69
(90 312) 353 94 87
(90 312) 348 96 86
(90 312) 271 63 04
(90 312) 354 44 05
(90 242) 339 57 90
(90 242) 518 18 43
(90 242) 572 27 59
(90 242) 742 27 37
(90 242) 221 08 71
(90 242) 722 17 09
(90 242) 722 77 17
(90 242) 338 35 23
(90 242) 326 05 67
(90 478) 511 23 20
(90 466) 312 53 87
(90 266) 614 57 60
(90 378) 264 51 76
(90 488) 213 44 16
(90 434) 226 84 55
(90 224) 413 21 20
(90 286) 712 34 12
(90 258) 265 11 05
(90 258) 213 07 38
(90 258) 814 60 12
(90 424) 237 64 81
(90 442) 213 40 07
(90 442) 213 38 82
(90 222) 325 01 11
(90 222) 218 08 79
(90 342) 325 76 77
Annual Report 115
ISIDAÇ SALES OFFICES (CONTINUED)
‹STANBUL
‹ZM‹R
KAHRAMANMARAfi
KARS
KASTAMONU
KONYA
KÜTAHYA
MALATYA
MAN‹SA
MARD‹N
MERS‹N
116 Annual Report
ÖZTÜRKLER A.fi.
K‹LTAfi REFRAKTER MALZ. LTD. fiT‹.
SÖRMAfi SÖ⁄ÜT REFRAKTER MALZ. A.fi.
TEKNO YAPI A.fi.
ÖZER ‹Nfi. T‹C. LTD. fiT‹.
Ç‹⁄L‹ MOZA‹K
fiATAFLAR ‹NfiAAT
BAYRAK KÖMÜR LTD. fiT‹.
KARAO⁄LU ‹NfiAAT
GÖKÇEO⁄LU GÜBRE Z‹RA‹ ‹LAÇ TAR. ÜRN.
KAMALAK YAPI MALZ. ‹Nfi. NAKL.
POSOF T‹CARET
TONBULLAR HAZ. BET. VE ‹NfiAAT
ARSLAN OTO LTD. fiT‹.
ALKANLAR ‹NfiAAT
ÖZMETAL NAK. LTD. fiT‹.
GÜNER A.fi.
ACARTAfi ‹NfiAAT
Ç‹MPA LTD. fiT‹.
REfiANLAR KAYISI LTD. fiT‹.
KARAATA ‹NfiAAT
PARLAKLAR PAZ. LTD. fiT‹.
ADER ‹NfiAAT GIDA LTD. fiT‹.
ALER ‹Nfi. OTOM. PET. ÜRN. SAN. LTD. fiT‹.
AYDO⁄ANLAR ‹Nfi. ML. LTD. fiT‹.
B‹LG‹ END. MALZ. LTD. fiT‹.
B‹LG‹N ‹NfiAAT ‹Nfi. MALZ. LTD. fiT‹.
EKREM UYSAL NAKL‹YE ‹NfiAAT MALZ. LTD. fiT‹.
‹BRAH‹M ÖZTÜRK
‹N-SER-CAM ‹Nfi. MALZ. LTD. fiT‹.
IfiIK ‹Nfi. MALZ. LTD. fiT‹.
KABADAYILAR ‹Nfi. MALZ. LTD. fiT‹.
KOCAO⁄LU ‹NfiAAT LTD. fiT‹.
MEHMET KARAGÖZLÜ
OKYAYLAR ‹Nfi. LTD. fiT‹.
ÖZERO⁄LU Z‹R. ‹LAÇ LTD. fiT‹.
ÖZPAR ‹NfiAAT LTD. fiT‹.
fiAH‹NLER YAPI MARKET LTD. fiT‹.
fiIKfiIK GIDA TARIM YEM ‹Nfi. LTD. fiT‹.
TASGÜL TAfiIMACILIK ‹Nfi. A.fi.
YEfi‹LOVA ‹Nfi. T‹C. LTD.
YEfi‹LOVACAN ‹NfiAAT LTD. fiT‹.
(90 212) 871 32 22
(90 212) 332 08 25
(90 228) 361 35 27
(90 216) 429 10 00
(90 216) 352 30 32
(90 232) 329 05 13
(90 232) 433 10 10
(90 232) 436 28 38
(90 232) 435 07 37
(90 344) 235 02 24
(90 344) 231 98 65
(90 344) 235 03 65
(90 474) 223 49 73
(90 366) 214 10 96
(90 332) 346 19 07
(90 274) 615 14 16
(90 274) 513 15 95
(90 274) 612 15 30
(90 422) 322 55 47
(90 422) 336 22 88
(90 422) 311 64 77
(90 236) 313 13 08
(90 482) 482 20 02
(90 324) 715 10 91
(90 324) 515 20 93
(90 324) 320 08 35
(90 324) 814 35 97
(90 324) 226 11 38
(90 324) 625 20 51
(90 324) 320 32 32
(90 324) 324 15 48
(90 324) 614 20 91
(90 324) 714 17 47
(90 324) 321 64 79
(90 324) 814 48 87
(90 324) 320 40 30
(90 324) 814 17 23
(90 324) 841 31 22
(90 324) 774 68 28
(90 324) 336 70 15
(90 324) 841 31 34
(90 324) 625 05 00
(90 324) 226 35 35
(90 324) 234 18 91
(90 324) 714 60 76
(90 324) 226 11 56
(90 324) 613 62 62
(90 324) 774 02 27
(90 324) 624 93 73
(90 324) 320 05 65
(90 324) 226 00 36
(90 324) 226 34 95
(90 212) 871 32 29
(90 212) 332 08 15
(90 228) 361 56 46
(90 216) 429 02 00
(90 216) 371 25 29
(90 232) 329 53 72
(90 232) 433 74 70
(90 232) 467 00 21
(90 232) 435 72 03
(90 344) 231 98 65
(90 344) 235 27 25
(90 474) 223 78 92
(90 366) 214 42 72
(90 332) 346 19 09
(90 274) 513 77 07
(90 274) 612 13 14
(90 422) 336 53 65
(90 482) 462 17 83
(90 324) 515 20 93
(90 324) 321 33 34
(90 324) 625 72 46
(90 324) 324 00 79
(90 324) 624 46 44
(90 324) 814 99 78
(90 324) 321 01 10
(90 324) 336 70 17
(90 324) 841 35 04
(90 324) 613 55 54
(90 324) 234 09 20
(90 324) 714 28 75
(90 324) 226 28 94
(90 324) 613 85 83
(90 324) 336 11 72
MERS‹N
MU⁄LA
NEVfiEH‹R
OSMAN‹YE
R‹ZE
S‹VAS
fiANLIURFA
TOKAT
UfiAK
VAN
YALOVA
ZONGULDAK
YILDIRIMLAR SAN VE T‹C. LTD. fiT‹.
Z‹RVE YAPI MALZ. ‹Nfi. PAZ. LTD. fiT‹.
YAPIT ‹NfiAAT
YALAP ‹NfiAAT
HEK‹MO⁄LU ‹NfiAAT
BONCUK T‹CARET-AHMET TOSUN
H. KARAMEHMETO⁄LU
TÖRE ‹NfiAAT
YILTAfi ‹NfiAAT
MEHMET TAC‹R
ÖZ UYANIKO⁄LU ‹NfiAAT
ATSIZO⁄LU ‹NfiAAT
YAKAR M‹M. ISI ‹NfiAAT
ÜÇLER ‹NfiAAT LTD. fiT‹.
‹BRAH‹M CALP
AKSEL ALTAYLI
CEM‹L DEM‹RYÜREK
ZONGULDAK YATIRIM A.fi.
(90 324) 323 04 55
(90 324) 774 12 59
(90 324) 851 35 64
(90 324) 323 23 17
(90 324) 328 00 68
(90 324) 322 73 95
(90 324) 613 10 66
(90 252) 316 65 14
(90 384) 213 53 49
(90 384) 561 29 20
(90 384) 341 31 17
(90 328) 814 85 30
(90 328) 812 34 55
(90 464) 217 13 20
(90 346) 221 47 92
(90 346) 787 60 34
(90 414) 313 39 57
(90 414) 313 45 58
(90 356) 214 86 10
(90 356) 214 84 24
(90 276) 223 39 22
(90 432) 216 82 40
(90 432) 216 10 36
(90 226) 813 47 63
(90 372) 623 12 14
(90 324) 323 04 56
(90 324) 774 25 27
(90 324) 851 32 16
(90 324) 328 00 68
(90 324) 613 03 49
(90 252) 316 77 39
(90 384) 212 33 82
(90 384) 561 28 26
(90 384) 341 85 40
(90 328) 324 85 29
(90 328) 814 89 38
(90 346) 223 60 26
(90 346) 787 62 63
(90 414) 312 04 09
(90 414) 314 44 84
(90 356) 214 18 55
(90 356) 213 30 23
(90 276) 227 76 66
(90 432) 216 73 20
(90 226) 812 15 82
(90 372) 623 10 07
Annual Report 117
READY-MIXED CONCRETE NETWORK INFORMATION
MERS‹N PLANT
Tel
Fax
e-mail
: (90 324) 454 00 60 Pbx
: (90 324) 454 00 75 - 454 00 76
: [email protected]
MERS‹N REGION
YEN‹HAL PLANT
TECE PLANT
BATIKENT PLANT
TARSUS PLANT
S‹L‹FKE PLANT
e-mail
: (90 324) 235 73 14 (2 lines)
: (90 324) 482 26 07 (2 lines)
: (90 324) 341 68 82
: (90 324) 235 73 14 (2 lines)
: (90 324) 235 73 15
: [email protected]
Fax: (90 324) 235 73 17
Fax: (90 324) 482 26 09
Fax: (90 324) 341 68 84
Fax: (90 324) 235 73 17
ANTALYA REGION
ÇAKIRLAR PLANT
GEB‹Z PLANT
MANAVGAT PLANT
ALANYA PLANT
e-mail
: (90 242) 227 70 90 (2 lines) - 227 87 42
: (90 242) 732 34 37
: (90 242) 747 61 74 (2 lines)
: (90 242) 545 42 04 (2 lines)
: [email protected]
Fax: (90 242) 227 70 90
Fax: (90 242) 732 34 37
Fax: (90 242) 747 61 74
Fax: (90 242) 545 42 04
KAYSER‹ PLANT
Tel
Fax
e-mail
: (90 352) 712 16 48 - 712 16 07
: (90 352) 712 22 59
: [email protected]
KAYSER‹ REGION
KUMARLI PLANT
ANBAR PLANT
NEVfiEH‹R PLANT
e-mail
: (90 352) 224 67 40 (3 lines)
: (90 352) 326 92 43
: (90 384) 232 83 95 - 232 82 62
: [email protected]
Fax: (90 352) 224 67 44
Fax: (90 352) 326 92 44
Fax: (90 384) 232 82 62
ADANA REGION
ZEYT‹NL‹ PLANT
M‹S‹S PLANT
K.MARAfi PLANT
OSMAN‹YE PLANT
MOB‹L PLANT
‹NC‹RL‹K PLANT
KARAHAN PLANT
e-mail
: (90 322) 441 19 01 (3 lines)
: (90 322) 394 34 20 (2 lines)
: (90 344) 234 13 10 - 234 13 11
: (90 328) 633 24 59 - 633 24 60
: (90 533) 472 56 35
: (90 322) 346 56 02 - 346 56 04
: (90 533) 472 56 35
: [email protected]
Fax: (90 322) 441 18 99
Fax: (90 322) 394 34 21
Fax: (90 344) 234 13 11
Fax: (90 328) 633 24 59
ESK‹fiEH‹R PLANT
Tel
Fax
e-mail
: (90 222) 411 32 00 Pbx
: (90 222) 411 31 31
: [email protected]
ESK‹fiEH‹R REGION
B‹LEC‹K PLANT
KÜTAHYA PLANT
e-mail
: (90 228) 216 01 16 - 17
: (90 228) 216 01 16
: [email protected]
N‹⁄DE PLANT
Tel
Fax
e-mail
: (90 388) 232 36 30 Pbx
: (90 388) 232 36 34
: [email protected]
N‹⁄DE REGION
AKSARAY PLANT
KARAMAN PLANT
ERE⁄L‹ (KONYA) PLANT
e-mail
: (90 382) 266 21 16 - 17
: (90 388) 224 10 26
: (90 332) 710 00 51
: [email protected]
118 Annual Report
Fax: (90 322) 346 56 02
Fax: (90 228) 216 01 18
Fax: (90 228) 216 01 18
Fax: (90 382) 266 21 18
Fax: (90 388) 224 10 94
Fax: (90 332) 710 00 52
OUR ISO 9000 CERTIFICATED SUPPLIERS FOR THE YEAR 2007
Ç‹MSA MERS‹N
GYPSUM
ARISOY MADENC‹L‹K T‹C. LTD. fiT‹.
DARBO⁄AZ KASABASI
ULUKIfiLA, N‹⁄DE / TURKEY
TEL
: (90 388) 522 43 11 - 522 42 36 522 40 62 - (90 522) 216 92 54
‹NKAYA MADENC‹L‹K SAN. VE T‹C.
LTD. fiT‹.
REfiATBEY MAH. FUZUL‹ CAD. NO: 83
ADANA / TURKEY
TEL
: (90 322) 457 42 86
EKER MADENC‹L‹K ‹NfiAAT NAKL‹YAT
OTOMOT‹V HAYVANCILIK SANAY‹ VE
T‹CARET LTD. fiT‹.
fiELALE CAD. FEVZ‹ ÇAKMAK KARAKOLU
KARfiISI
TARSUS, MERS‹N / TURKEY
TEL
: (90 324) 613 18 29, 624 43 80
FAX
: (90 324) 613 05 22
ÖZTAY ‹NfiAAT TAAHHÜT SANAY‹ VE
T‹CARET LTD. fiT‹.
KÜLTÜR MAH. ATATÜRK CAD. NO: 124/3
MERS‹N / TURKEY
TEL
: (90 324) 231 14 73
S‹VAS KAOLIN
‹ÇEL MADENC‹L‹K PETROL NAKL‹YAT
‹NfiAAT SAN. VE T‹C. LTD. fiT‹.
ÇAKMAK CAD. KAD‹RBEY APT. NO: 25/3
MERS‹N / TURKEY
TEL : (90 324) 232 13 78 - 233 34 39
ALBITE
CAM-SER MADENC‹L‹K SAN. VE T‹C. A.fi.
BAHÇEL‹EVLER MAH. fiAH‹N SOK. NO: 16/A
BALIKES‹R / TURKEY
: (90 266) 221 30 30
TEL
FAX
: (90 266) 221 72 22
KALTUN MADENC‹L‹K T‹C. A.fi.
AYDIN MU⁄LA KARAYOLU 35. KM.
Ç‹NE, AYDIN / TURKEY
TEL
: (90 256) 729 16 00
FAX
: (90 256) 729 16 15
Ç‹NE AKMADEN MADENC‹L‹K T‹C. A.fi.
AYDIN MU⁄LA KARAYOLU KARPUZLU YOL
AYRIMI 33. KM.
Ç‹NE, AYDIN / TURKEY
: (90 256) 711 32 17-18
TEL
FAX
: (90 256) 711 32 19
YER MAD. NAKL. ‹MALAT ‹fi MAK. TAH.
TAR. LTD. fiT‹.
Z‹YAPAfiA BUL. KURUKÖPRÜ MAH.
A⁄ANLAR APT. NO: 85/C KAT: 4/7
SEYHAN / TURKEY
TEL
: (90 322) 363 12 52
: (90 322) 363 35 87
FAX
PYROPHYLYTE
PYRITE ASH
‹MRÜN ENDÜSTR‹ M‹NERALLER‹
M‹KRON‹ZE Ö⁄ÜTME SAN. T‹C. LTD. fiT‹.
ATATÜRK CAD. PAKKAZANÇ ‹fiHANI
KAT: 3 NO: 87
MALATYA / TURKEY
TEL
: (90 422) 561 20 95 - 322 50 55 397 21 80
FAX
: (90 422) 561 24 44 - 397 21 81
‹ÇEL MADENC‹L‹K PETROL NAKL‹YAT
‹NfiAAT SAN. VE T‹C. LTD. fiT‹.
ÇAKMAK CAD. KAD‹RBEY APT. NO: 25/3
MERS‹N / TURKEY
TEL
: (90 324) 232 13 78 - 233 34 39
KARABULUT MAD. END. M‹N. MERMER ‹TL.
‹HR. Z‹R. VE ‹LAÇ ‹Nfi. NAK. GIDA MAD.
SAN. VE T‹C. LTD. fiT‹.
YEN‹KÖY, MALATYA / TURKEY
TEL
: (90 422) 397 21 80
KOBALT MADENC‹L‹K. NAK. ‹Nfi. PET.
TURZ. SAN. VE T‹C. LTD. fiT‹.
HALSETT‹N MAH. KAHTALI SOK. YEN‹
ADL‹YE SARAYI YANI
MALATYA / TURKEY
TEL
: (90 422) 321 43 11
: (90 422) 326 01 10
FAX
DO⁄A M‹NERAL MAD. PET. NAK. ‹Nfi. SAN.
VE T‹C. LTD. fiT‹.
TOROS MAH. KENAN EVREN BULV. 78075
SOK. NO: 41 ÇATI APT. KAT: 1 D: 1
ADANA / TURKEY
TEL
: (90 322) 235 43 56
FAX
: (90 322) 233 42 77
YED‹TEPE MAD. END. TAfi. PET. ÜRÜN. ‹TL.
‹HR. SAN. VE DIfi. T‹C. LTD. fiT‹.
‹SMET ‹NÖNÜ BUL. YAfiAT ‹fi HANI
KAT: 4/15
MERS‹N / TURKEY
TEL
: (90 324) 239 09 29
TOROS TARIM SAN. VE T‹C. A.fi.
TEKFEN TOWER NO: 209
4.LEVENT, ‹STANBUL / TURKEY
TEL
: (90 212) 357 02 02
FAX
: (90 212) 357 02 31
DEM‹RELLER KOLL. fiT‹.
HACI CAD. NO: 5
ERE⁄L‹, KONYA / TURKEY
TEL
: (90 332) 713 11 83
FAX
: (90 332) 713 04 19
BEYKROM MADENC‹L‹K T‹C. VE SAN. A.fi.
U⁄UR MUMCU CADDES‹ NO: 61/2
G.OSMANPAfiA, ANKARA / TURKEY
TEL
: (90 312) 447 25 94
SLAG
TÜRK‹YE DEM‹R VE ÇEL‹K ‹fiLETMELER‹
GENEL MÜDÜRLÜ⁄Ü
‹SKENDERUN SATIfi MÜDÜRLÜ⁄Ü
‹SKENDERUN / TURKEY
TEL
: (90 326) 755 51 84
: (90 326) 755 51 84
FAX
KARDEM‹R KARABÜK DEM‹R ÇEL‹K SAN.
VE T‹C. A.fi.
KARABÜK / TURKEY
: (90 372) 418 33 85
TEL
FAX
: (90 372) 412 58 40
KRAFT PAPER BAG-BROWN
SEKA AKDEN‹Z MÜESSESES‹
TAfiUCU, S‹L‹FKE / TURKEY
TEL
: (90 324) 741 25 92 (7 lines)
FAX
: (90 324) 741 49 97
Annual Report 119
OYKA KA⁄IT AMBALAJ SAN. VE T‹C. A.fi.
CEYHAN YOLU 12. KM. PK: 312
ADANA / TURKEY
TEL
: (90 322) 332 92 40
FAX
: (90 322) 332 94 26
SEGEZHA PULPAND PAPER MILL
186420 SEGEZHA, KRALIN
RUSIA
SHELTON FORESTRY PRODUCTS LTD.
SUITE 23 PARK ROYAL HAUSE 23 PARK
NROYAL
LONDON NW10
‹NTERPAP DIfi T‹C. VE MÜM. A.fi.
YAPI KRED‹ PLAZA C BLOK 1/B
80620 LEVENT, ‹STANBUL / TURKEY
TEL
: (90 212) 270 55 80
FAX
: (90 212) 270 54 83
KRAFT PAPER BAG-WHITE
V‹K‹NG KA⁄IT VE SELÜLOZ A.fi.
YILDIZ POSTA CAD. KOZA APT. KAT: 3
‹STANBUL / TURKEY
TEL
: (90 212) 274 93 21 - 274 28 65
FAX
: (90 212) 274 42 02
UPM KYMMENE COPR.
SEVE SEAS P.O. BOX: 380 FI-00101
HELSINKI, FINLAND
TEL
: (00 358) 204 15111
FAX
: (00 358) 204 15110
F‹NEKS A.fi.
fiAfiMAZ PLAZA SAN‹YE ERMUTLU SOK.
NO: 4/16 KAT: 8
KOZYATA⁄I, ‹STANBUL / TURKEY
: (90 216) 464 53 64
TEL
FAX
: (90 216) 464 53 63
LAMINATED KRAFT PAPER
CARTIERA DEL CHISE
Via tito speri, 81 25018 Mont›chiari
ITALY
TEL
: (00 390) 309 653711
: (00 390) 309 651962
FAX
120 Annual Report
ALTES MÜM. ‹Ç VE DIfi T‹C. LTD. fiT‹.
‹K‹TELL‹ ATATÜRK SANAY‹ S‹TES‹
2. SOK. NO: 29
‹K‹TELL‹, ‹STANBUL / TURKEY
: (90 212) 221 63 32
TEL
FAX
: (90 212) 221 63 39
DEM‹RC‹O⁄LU MADENC‹L‹K T‹C. LTD. fiT‹.
KURTULUfi MAH. 17. SOK. SEDA APT.
KAT: 1/2
ADANA / TURKEY
: (90 322) 453 06 18
TEL
FAX
: (90 322) 458 03 38
ELECTRICAL MAINTENANCE SERVICES
U⁄UR MUMCU CADDES‹ NO: 61/2
G.OSMANPAfiA, ANKARA / TURKEY
TEL
: (90 312) 447 25 94
SFM ELEKTR‹K MAK‹NE OTOMASYON SAN.
MAHMUD‹YE MAH. ZEYT‹NL‹ BAHÇE CAD.
METROPOL ‹fi MRK.
MERS‹N / TURKEY
TEL
: (90 324) 336 47 63
: (90 324) 336 74 37
FAX
ÇET‹N ELEKTR‹K ELEKTRON‹K ‹Nfi. MAK.
TAfi. SAN. VE T‹C. LTD. fiT‹.
NUSRAD‹YE MAH. GMK BULVARI NO: 117/C
MERS‹N / TURKEY
TEL
: (90 324) 337 02 37
FAX
: (90 324) 337 02 34
MECHANICAL MAINTENANCE SERVICES
MERS‹N MAK‹NE SANAY‹ A.fi.
TOROSLAR MAH. TEKKE CAD. NO: 14
MERS‹N / TURKEY
TEL
: (90 324) 454 01 19 (3 LINES)
FAX
: (90 324) 454 01 20
CETA MAK‹NA SANAY‹ VE T‹CARET A.fi.
LALE SOKAK NO: 11
80620 1. LEVENT, ‹STANBUL / TURKEY
TEL
: (90 212) 281 99 28 - 281 87 66
: (90 212) 264 20 06
FAX
DEMTEKS TEKST‹L ‹TH. ‹HR. LTD. fiT‹.
ADANA / TURKEY
TEL
: (90 322) 453 06 18
: (90 322) 458 03 38
FAX
T‹MUÇ‹NLER MADENC‹L‹K PETROL ÜRÜN.
‹Nfi. TAAH. NAK. SAN. VE T‹C. A.fi.
KAYSER‹ / TURKEY
TEL
: (90 352) 240 05 46
FAX
: (90 352) 240 72 47
S‹S MADENC‹L‹K PETROL ÜRÜNLER‹ SAN.
KAYSER‹ / TURKEY
TEL
: (90 352) 221 09 06
FAX
: (90 352) 221 09 06
FERMAD MADENC‹L‹K TUR‹ZM ‹Nfi. SAN.
VE T‹C. A.fi.
ANKARA / TURKEY
: (90 312) 287 54 10
TEL
FAX
: (90 312) 287 54 10
LIMESTONE
TUVENAN (UNCRUSHED LIMESTONE)
SEYHAN MAK‹NE END. SAN. VE T‹C. LTD. fiT‹.
MERS‹N YOLU ÜZER‹ 10. KM
SEYHAN, ADANA / TURKEY
: (90 322) 441 13 73
TEL
FAX
: (90 322) 441 12 33
IRON ORE
ÖZDEM‹RLER MADENC‹L‹K SAN. VE T‹C.
LTD. fiT‹.
KIZILMURAT MAH. 164 SOK. NO: 5/7
: (90 324) 624 23 79
TEL
FAX
: (90 324) 624 03 76
LTD. fiT‹.
TEL
: (90 324) 624 23 79
FAX
: (90 324) 624 03 76
ÖZTAY ‹Nfi. TAAH. SAN. VE T‹C. LTD. fiT‹.
MERS‹N / TURKEY
TEL
: (90 324) 231 14 73, 237 64 14
: (90 324) 237 59 72
FAX
T‹MIÇ‹N NAK. HAFR‹YAT T‹C. VE SAN. A.fi.
H‹PODROM KARfiISI
ADANA / TURKEY
TEL
: (90 322) 428 09 23 - 428 05 57
: (90 322) 428 16 42
FAX
ÖZ-ER ‹NfiAAT TAAHHÜT NAKL‹YE PETROL
TUR‹ZM SAN. VE T‹C. LTD. fiT‹.
SANAY‹ S‹TES‹ E/18 BLOK NO: 5 KAT: 2
MERS‹N / TURKEY
TEL
: (90 324) 235 13 09
KAYAD‹B‹ HARF. MADEN TAR. NAK.
AKARY. SAN. T‹C. LTD. fiT‹.
ACIPINAR MEVK‹
TEL
: (90 532) 297 14 62
ARISOY MADENC‹L‹K T‹C. LTD. fiT‹.
DARBO⁄AZ KASABASI
:(90 388) 522 43 11 - 522 42 36 TEL
522 40 62
ÖZTAY ‹NfiAAT TAAH. SAN. VE T‹C.
LTD. fiT‹.
MERS‹N / TURKEY
TEL
: (90 324) 231 14 73 - 237 64 14
FAX
: (90 324) 237 59 72
DOLOMITE
CANO⁄ULLARI ‹Nfi. TAAH. SAN. LTD. fiT‹.
KURTULUfi MAH. Z‹YAPAfiA BULVARI
9. SOK. NO: 8 BÜfiRA APT. ASMA KAT
TEL
: (90 322) 459 06 26
FAX
: (90 322) 453 61 15
T‹MUÇ‹N NAK. HAFR‹YAT T‹C. VE SAN. A.fi.
H‹PODROM KARfiISI
ADANA / TURKEY
TEL
: (90 322) 428 09 23 - 428 05 57
FAX
: (90 322) 428 16 42
ALACA AKARYAKIT NAKL‹YAT, MADENC‹L‹K
‹NfiAAT SANAY‹‹ VE T‹C. LTD. fiT‹.
fiEH‹T‹SHAK MAH. 3323 SOK. KAT: 1/5
TEL
: (90 324) 625 04 34
FAX
: (90 324) 625 89 98
CANO⁄ULLARI ‹Nfi. TAAH. SAN. LTD. fiT‹.
KURTULUfi MAH. Z‹YAPAfiA BULVARI
9. SOK. NO: 8 BÜfiRA APT. ASMA KAT
TEL
: (90 322) 459 06 26
FAX
: (90 322) 453 61 15
CAC‹MLER ‹NfiAAT VE T‹C. LTD. fiT‹.
GMK BULVARI ‹ÇEL APT. KAT: 3
MERS‹N / TURKEY
TEL
: (90 324) 328 58 39
FAX
: (90 324) 327 95 55
CAC‹MLER ‹NfiAAT VE T‹C. LTD. fiT‹.
GMK BULVARI ‹ÇEL APT. KAT: 3
MERS‹N / TURKEY
TEL
: (90 324) 328 58 39
FAX
: (90 324) 327 95 55
AGGREGATE (CRUSHED LIMESTONE)
ALACA AKARYAKIT NAK. MADENC‹L‹K
‹Nfi. SAN. VE T‹C. LTD. fiT‹.
fiEH‹T‹SHAK MAH. 3323 SOK. KAT: 1/5
: (90 324) 625 04 34
TEL
FAX
: (90 324) 625 89 98
LTD. fiT‹.
: (90 324) 624 23 79
TEL
FAX
: (90 324) 624 03 76
ORTAfi NAK. ‹Nfi. TAAH. OTO. PETROL
ÜRÜN. MADENC‹L‹K SAN. VE T‹C. LTD. fiT‹.
KÜLTÜR MAH. 223 SOK. SÜMER APT.
NO: 9/1
MERS‹N / TURKEY
TEL
: (90 324) 232 47 55 - 56 - 57
FAX
: (90 324) 232 47 58
MARBLE (MOSAIC)
ÖZÇA⁄LAR PETROL ‹Nfi. MALZ. T‹C. VE
SAN. LTD. fiT‹.
TERM‹NAL YANI
N‹⁄DE / TURKEY
TEL
: (90 388) 213 74 11 - 213 48 11 212 08 89
FAX
: (90 388) 213 48 11
BUR-CAN MADENC‹L‹K TAAHHÜT NAKL‹YE,
PETROL SANAY‹‹ VE T‹C. LTD. fiT‹.
KÜLTÜR MAH. 4316 SOK. HALE APT.
KAT: 1/1
MERS‹N / TURKEY
TEL
: (90 324) 231 14 73
FAX
: (90 324) 237 64 14
CLAY-TRASS
ARISOY MADEN SAN. T‹C. LTD. fiT‹.
DARBO⁄AZ KASABASI
TEL
: (90 388) 522 40 11
T‹MUÇ‹N NAK. HAFR‹YAT T‹C. VE SAN. A.fi
H‹PODROM KARfiISI
ADANA / TURKEY
TEL
: (90 322) 428 09 23 - 428 05 57
FAX
: (90 322) 428 16 42
E. ÖZCAN ALTUNCU YIKANMIfi KUM ÇAKIL
VE TIR NAK. TAAHHÜT ‹fiLER‹
ADANA YOLU N‹⁄BAfi A.fi. KARfiISI
N‹⁄DE / TURKEY
TEL
: (90 388) 213 12 26 - 213 99 24
BAUXITE
DEM‹RELLER TARIM MADENC‹L‹K PET.
ATATÜRK CAD. NO: 60
AYRANCI, KARAMAN / TURKEY
TEL
: (90 332) 713 11 83
: (90 332) 713 04 19
FAX
CAM-SER MADENC‹L‹K SAN. VE T‹C. A.fi.
BAHÇEL‹EVLER MAH. fiAH‹N SOK. NO: 16/A
BALIKES‹R / TURKEY
TEL
: (90 266) 221 30 30
: (90 266) 221 72 22
FAX
ARISOY MADEN SAN. T‹C. LTD. fiT‹.
DARBO⁄AZ KASABASI
: (90 388) 522 40 11 - 522 42 36
TEL
Annual Report 121
SAND
EKER MADENC‹L‹K ‹Nfi. NAK. OTO.
HAYVANCILIK SAN. VE T‹C. LTD. fiT‹.
fiELALE CAD. FEVZ‹ ÇAKMAK KARAKOLU
KARfiISI
TEL
: (90 324) 613 18 29 - 624 43 80
: (90 324) 613 05 22
FAX
BAYSALO⁄LU NAK. MADEN HURDA
KIRTAS‹YE OTOMOTIV AKARYAKIT SAN.
VE. T‹C. LTD. fiT‹.
TARSUS-MERS‹N ORGAN‹ZE SANAY‹ G‹R‹fi‹
NO: 5 HUZURKENT
TEL
: (90 324) 646 37 09
FAX
: (90 324) 646 44 98
DEN‹Z ‹NfiAAT LTD. fiT‹.
GÜNDO⁄DU MAH. Ç‹FÇ‹LER CAD.
NO: 50 DEN‹Z PETROL
MERS‹N / TURKEY
TEL
: (90 324) 234 92 34
FAX
: (90 324) 235 26 45
ADK MADENC‹L‹K OTO. ‹fi. MAK. PET. TUR.
‹Nfi. MAK. TAH. NAK. GIDA. REK. SAN. T‹C.
LTD. fiT‹.
ONUR MAH. 77. SOK. NO: 59 KAT: 1
TEL
: (90 322) 456 19 11
KARSER MADENC‹L‹K NAK. ‹Nfi. ‹TH. ‹HR.
MAHMUTLU MAH. ZEYT‹NBEL‹ SOK. NO: 1
KOZAN, ADANA / TURKEY
TEL
: (90 322) 515 00 67
: (90 322) 515 00 67
FAX
H‹PODROM KARfiISI
ADANA / TURKEY
TEL : (90 322) 428 09 23 - 428 05 57
ASYA NAKL‹YAT VE DIfi T‹C. LTD. fiT‹.
ADANA / TURKEY
: (90 322) 441 13 13
TEL
: (90 322) 441 00 28
FAX
SANER T‹CARET LTD. fiT‹.
G.M.K. BULVARI NO: 54 KARTEPE APT. 1/7
MERS‹N / TURKEY
TEL
: (90 324) 323 33 04 - 05
122 Annual Report
PAPER BAG MANUFACTURING
OYKA KA⁄IT AMBALAJ SAN. VE T‹C.A.fi.
CEYHAN YOLU ÜZER‹ 12. KM PK: 312
ADANA / TURKEY
TEL
: (90 322) 332 92 40
FAX
: (90 322) 332 94 26
(KRAFT) PAPER BAG FACILITY OPERATIONS
INDUSTRIAL FACILITY OPERATIONS
METROPOL ‹fi MRK.
MERS‹N / TURKEY
TEL
: (90 324) 441 46 02
FAX
: (90 324) 441 46 04
H‹PODROM KARfiISI
ADANA / TURKEY
TEL
: (90 322) 428 09 23 - 428 05 57
FAX
: (90 322) 428 16 42
ASYA NAKL‹YAT VE DIfi T‹CARET LTD. fiT‹.
ADANA / TURKEY
TEL
: (90 322) 441 13 13
: (90 322) 441 00 28
FAX
CONSTRUCTION MACHINERY AND
SERVICES
CRUSHING OPERATIONS
METROPOL ‹fi MRK.
MERS‹N / TURKEY
TEL
: (90 324) 337 02 37
FAX
: (90 324) 337 02 34
‹S BETON TAfi. ‹Nfi. SAN. T‹C. LTD. fiT‹.
M. KEMAL MAH. ‹. KARAO⁄LANO⁄LU CAD.
NO: 102 SÖ⁄ÜT APT.
‹SKENDERUN, LINESAY / TURKEY
: (90 326) 618 34 90
TEL
FAX
: (90 326) 614 34 89
H‹PODROM KARfiISI
ADANA / TURKEY
TEL
: (90 322) 428 09 23 - 428 05 57
: (90 322) 428 16 42
FAX
ASYA NAKL‹YAT VE DIfi T‹CARET LTD. fiT‹.
MERS‹N YOLU ÜZER‹ 10.KM
ADANA / TURKEY
: (90 322) 441 13 13
TEL
FAX
: (90 322) 441 00 28
OYKA KA⁄IT AMBALAJ SAN. VE T‹C. A.fi.
CEYHAN YOLU ÜZER‹ 12.KM PK: 312
ADANA / TURKEY
TEL
: (90 322) 332 92 40
FAX
: (90 322) 332 94 26
MERS‹N / TURKEY
TEL
: (90 324) 323 33 04 - 05
METROPOL ‹fi MRK.
MERS‹N / TURKEY
TEL
: (90 324) 337 02 37
FAX
: (90 324) 337 02 34
LOADING-UNLOADING
MERS‹N / TURKEY
: (90 324) 323 33 04 - 05
TEL
FAX
: (90 324) 323 33 06
PACKAGING-FILLING-LOADING
METROPOL ‹fi MRK.
MERS‹N / TURKEY
TEL
: (90 324) 337 02 37
FAX
: (90 324) 337 02 34
USTAO⁄LU MÜTEAHH‹TL‹K-MET‹N
USTAO⁄LU
Ç‹MSA KAYSER‹ TES‹S‹ YANI
KAYSER‹ / TURKEY
TEL
: (90 352) 712 20 93
GSM : (90 532) 285 00 87
CEMAH TUR‹ZM ‹NfiAAT NAK. PET. ÜR.
T‹C. VE SAN. LTD. fiT‹.
AHMET ERSOY CAD. ALACA ‹fiHANI
NO: 9 KAT: 7
MERS‹N / TURKEY
TEL
: (90 324) 337 35 60
FAX
: (90 324) 337 35 59
G.M.K.BULVARI NO: 54 KARTEPE APT. 1/7
MERS‹N / TURKEY
TEL
: (90 324) 323 33 04 - 05
GÖKHAN ‹NfiAAT TAHM‹L TAHL‹YE T‹C.
LTD. fiT‹.
ÇINARLI MAH. 5. SOK. C‹VAN ‹fiHANI
KAT: 4 NO: 9
ADANA / TURKEY
TEL
: (90 322) 336 37 52
FAX
: (90 322) 363 02 91
BAMAK KATI YAKIT SAN. A.fi.
ORGAN‹ZE SANAY‹ BÖLGES‹
SARI SEK‹, ‹SKENDERUN / TURKEY
TEL
: (90 326) 656 27 70
: (90 326) 656 27 72
FAX
‹RTEMCEM LTD. fiT‹.
SEDAT S‹MAV‹ SOKAK. 21/A
ÇANKAYA, ANKARA / TURKEY
: (90 312) 438 70 78
TEL
FAX
: (90 312) 442 88 43
ATAKAfi T‹C. VE NAK. LTD. fiT‹.
ÇAY MAH. SAH‹L CAD. NO: 24/1
: (90 326) 613 00 82
TEL
FAX
: (90 326) 613 57 89
Ç‹MSA KAYSER‹
LIMESTONE QUARRY OPERATIONS
T‹MUÇ‹NLER MADENC‹L‹K PETROL
ÜRÜNLER‹ ‹Nfi. TAAH. SAN. VE T‹C. A.fi.
TALATPAfiA MAH. ULUBATLI CAD. NO: 13
ARGINCIK, KAYSER‹ / TURKEY
TEL
: (90 352) 240 05 46 - 240 72 67 - 68
FAX
: (90 352) 240 72 47
QUARRY OPERATIONS
TRASS SELLERS
H‹PODROM KARfiISI
ADANA / TURKEY
TEL
: (90 322) 428 09 23 - 428 05 57
: (90 322) 428 16 42
FAX
PETROCOKE
TCP PETCOKE CORP.
1114 AVENUE OF THE AMERICAS.
NEWYORK, USA
TEL
: 001 212 512 9720
: 001 212 719 2249
FAX
CAPEX INDUSTRIES L‹M‹TED
MARNE HAUSE 24 MOUNT EPHRA‹M ROAD
TUNBR‹DGE WELLS
KENT TN1 1ED
: 001892 546400
TEL
FAX
: 001892 546118
TEL
: (90 352) 240 05 46 - 240 72 67 - 68
: (90 352) 240 72 47
FAX
GYPSUM QUARRY OPERATIONS
TEL
: (90 352) 240 05 46 - 240 72 67 - 68
: (90 352) 240 72 47
FAX
CLAY QUARRY OPERATIONS
TEL
: (90 352) 240 05 46 - 240 72 67 - 68
FAX
: (90 352) 240 72 47
IGNIMBIRIT RESIDUE SELLERS
K‹LTAfi ‹NfiAAT KUM HAFR‹YAT LTD. fiT‹.
‹NÖNÜ BLV. GÖNÜL ‹fi MRK. NO: 22/702
KAYSER‹ / TURKEY
TEL
: (90 352) 320 06 23
: (90 352) 320 98 73
FAX
TRANSPORTATION
UYMAZ HAR. NAK. ‹Nfi. TAH. TAfi. MAD.
PETROL TAR. ÜR. BES. GIDA. ET VE ET ÜR.
A⁄IRNAS KASABASI ESENYURT CAD. NO: 4
MEL‹KGAZ‹, KAYSER‹ / TURKEY
TEL
: (90 533) 352 34 54
AR-AS NAKL‹YAT PETROL TIR GARAJI
‹fiLETMES‹ T‹C. SAN. LTD. fiT‹.
TARSUS YOLU ÜZER‹ SERBEST BÖLGE
KARfiISI
MERS‹N / TURKEY
TEL
: (90 324) 234 21 65
: (90 324) 234 78 37
FAX
GAR‹P LOJ‹ST‹K H‹ZMETLER LTD. fiT‹.
‹SMET ‹NÖNÜ BULVARI TARSUS CAD.
YILMAZ ‹fiHANI NO: 68
MERS‹N / TURKEY
: (90 324) 454 01 52 - 53 - 54
TEL
FAX
: (90 324) 454 01 55
S. S. PINARBAfiI MOTORLU TAfiIYICILAR
KOOPERAT‹F‹
HASTANE CAD. BELED‹YE DÜKKANLARI
NO: 38
PINARBASI, KAYSER‹ / TURKEY
TEL
: (90 352) 512 11 24
FAX
: (90 352) 512 38 62
Annual Report 123
ÖZ-TRANS ULUSL. NAK. ‹Nfi. ‹TH. ‹HR. SAN.
T‹C. LTD. fiT‹.
SAVAfi MAH. fiEH‹T PAM‹R CAD. SAL‹M
‹fiHANI KAT: 3
TEL
: (90 326) 613 70 10
: (90 326) 614 61 32
FAX
PACKAGING
SFM MÜHEND‹SL‹K TEKN‹K H‹ZMETLER
NAK. TEM. YEM. SANAY‹ VE T‹C. LTD. fiT‹.
‹ST‹KLAL CAD. T.S.G. L‹SES‹ KAR. MAHMUT
SUD‹ APT. A BLOK KAT: 6 NO: 15
MERS‹N / TURKEY
: (90 324) 238 09 80
TEL
FAX
: (90 324) 238 10 95
SECURITY SERVICES
METTEK GÜVENL‹K ORG. A.fi.
MET GROUP PLAZA BARBAROS MAH.
YAVUZ SEL‹M CAD. NO: 21
YEN‹SAHRA, ‹STANBUL / TURKEY
TEL
: (90 216) 472 89 21
FAX
: (90 216) 472 89 17
CRUSHING OPERATIONS
MERT CEM TEKN‹K H‹ZMETLER NAK. TEM.
YEM. SAN. VE T‹C. LTD. fiT‹.
‹ST‹KLAL CAD. T.S.G. L‹SES‹ KAR. MAHMUT
SUD‹ APT. A BLOK KAT: 6 NO: 15
MERS‹N / TURKEY
: (90 324) 238 09 80
TEL
FAX
: (90 324) 238 10 95
CATERING SERVICES
KAR‹ZMA RESTAURANT
ERC‹YES KAYAK MERKEZ‹
H‹SARCIK, KAYSER‹ / TURKEY
: (90 533) 514 69 55
TEL
CLEANING SERVICES
BURAK TEM‹ZL‹K
HACIMANSUR MAH. KARAKUfi SOK. ERAS
‹fi MERKEZ‹ NO: 5/412
KAYSER‹ / TURKEY
TEL
: (90 352) 330 50 12
: (90 352) 330 50 36
FAX
124 Annual Report
Ç‹MSA ESK‹fiEH‹R
GYPSUM
LIMESTONE-CLAY-INTERNAL
TRANSPORTATION SERVICES
AKYÜZ MADENC‹L‹K ‹Nfi. ORM. ÜRÜN. ‹Ç
VE DIfi T‹C. LTD. fiT‹.
GÜFTE SOKAK
KAVAKLIDERE, ANKARA / TURKEY
: (90 312) 417 62 26
TEL
FAX
: (90 312) 417 62 28
ÖZÇ‹FTAY ‹Nfi. MAD. TUR. SAN. T‹C. A.fi.
A. ÖVEÇLER 77. SOK. NO: 18/8
D‹KMEN, ANKARA / TURKEY
: (90 312) 472 76 77
TEL
: (90 312) 472 20 87
FAX
TRASS
CENG‹Z MADENC‹L‹K
PEHL‹VAN SOK. NO: 1 KAT: 2
BOZÜYÜK, B‹LEC‹K / TURKEY
TEL
: (90 228) 314 53 63
FAX
: (90 228) 314 78 09
ÇINAR MADENC‹L‹K
ESK‹fiEH‹R CAD. NO: 7
SÖ⁄ÜT, B‹LEC‹K / TURKEY
TEL
: (90 222) 411 32 11
FAX
: (90 222) 411 28 30
BAUXITE
BOZKAYA ‹NfiAAT GIDA SAN. VE T‹C. A.fi.
KUMLUK CAD. NO: 1
TEL
: (90 228) 315 10 67
FAX
: (90 228) 315 32 08
U⁄UR MUMCU CAD. NO: 61/2
GOP, ANKARA / TURKEY
TEL
: (90 312) 447 25 94
FAX
: (90 312) 436 37 62
IRON ORE
fiENKA YAPI SANAY‹ T‹C. A.fi.
MEfiRUT‹YET CAD. NO: 46/12
ANKARA / TURKEY
: (90 312) 430 35 07
TEL
FAX
: (90 312) 430 35 09
ÖZÇ‹FTAY ‹Nfi. MAD. TAHH. TURZ. SAN. VE
T‹C. A.fi
A. ÖVEÇLER 77. SOK. NO: 18/8
D‹KMEN, ANKARA / TURKEY
TEL
: (90 312) 472 76 77
FAX
: (90 312) 472 20 87
GYPSUM (CRUSHED)
ECZACIBAfiI ALÇI KIRI⁄I
ESK‹fiEH‹R KARAYOLU ÜZER‹ 4. KM.
TEL
: (90 228) 314 04 00
: (90 228) 314 09 00
FAX
ESV‹T ALÇI KIRI⁄I
OSB. 9. CAD. NO: 48
ESK‹fiEH‹R / TURKEY
TEL
: (90 222) 236 16 76
FAX
: (90 222) 236 16 81
COAL (Local Lignite)
G.L.‹. TUNÇB‹LEK KÖMÜR ‹fiLETMELER‹
TAVfiANLI, KÜTAHYA / TURKEY
TEL
: (90 274) 614 10 07
FAX
: (90 274) 614 59 94
TK‹. EGE L‹NY‹TLER‹ ‹fiLETMES‹
PK: 6
SOMA, MAN‹SA / TURKEY
TEL
: (90 236) 637 10 10
: (90 236) 613 20 13
FAX
CENG‹Z MAD. NAKL. VE ‹Nfi. SAN. LTD. fiT‹.
: (90 228) 314 53 63
TEL
FAX
: (90 228) 314 78 09
COAL (Imported Dust)
TORBAPAK MAD. SAN. T‹C. A.fi.
ÇERKEfiL‹ KÖYÜ ÖREN MEVK‹
D‹LOVASI, GEBZE / TURKEY
TEL
: (90 212) 222 27 00
: (90 212) 222 78 84
FAX
CENG‹Z MAD. NAKL. VE ‹Nfi. SAN. LTD. fiT‹.
TEL
: (90 228) 314 53 63
: (90 228) 314 78 09
FAX
TSE
NECAT‹BEY CAD. NO: 112
ANKARA / TURKEY
TEL
: (90 312) 416 62 00
: (90 312) 416 64 18
FAX
ODAK ‹NfiAAT MÜH. MAD. SAN. T‹C. A.fi.
fiEH‹T MEHMET FAT‹H ÖNGÜL SOK. NO: 6
: (90 216) 372 14 00
TEL
SECURITY SERVICES
CEMENT CHEMICAL ADDITIVES
GRACE A.fi.
‹ST. K‹MYA SAN. O.S.B. E/8 BLOK
‹STANBUL / TURKEY
TEL
: (90 216) 593 09 63
FAX
: (90 216) 593 09 63
KATSAN K‹MYA SAN. LTD. fiT‹.
fiAfiMAZ S‹TES‹ A BLOK CEMALBEY ‹fiHANI
KAT: 5 NO: 21
TEL
: (90 216) 380 09 89
FAX
: (90 216) 380 10 49
CHRYSO-KAT KATKI MALZEMELER‹ SAN.
VE T‹C. A.fi.
AfiURO⁄LU DERES‹ KUYULAR MEVK‹‹
SANAY‹ CAD. NO: 26
GEBZE / TURKEY
TEL
: (90 262) 653 91 46
: (90 262) 653 78 31
FAX
KRAFT BAG MANUFACTURING
OYKA KA⁄IT AMBALAJ
CEYHAN YOLU 12. KM.
ADANA / TURKEY
TEL
: (90 322) 332 92 40
FAX
: (90 322) 332 94 26
CALIBRATION
KALMET LTD. fiT‹.
SIRAM EfiELER MAH. KANARYA CAD. NO:18
BURSA / TURKEY
TEL
: (90 224) 232 17 37
FAX
: (90 224) 232 17 38
MET GRUP GÜVENL‹K ORG. A.fi.
MAH. YAVUZ SEL‹M CAD. NO: 21
YEN‹SAHRA, ‹STANBUL / TURKEY
TEL
: (90 216) 472 89 21
FAX
: (90 216) 472 89 17
PERSONNEL TRANSPORTATION
‹SMA‹L AYAZ SEYALINES ‹fiLETMES‹
ZAFER MAH. CAM‹ SOK. 13
ESK‹fiEH‹R / TURKEY
TEL
: (90 222) 227 89 89
FAX
: (90 222) 227 89 47
CLEANING SERVICES
ISS TES‹S YÖNET‹M H‹ZMETLER‹ A.fi.
KORE fiEH‹TLER‹ CAD. M‹THAT
ULUÜNLÜBEY SOK. NO: 23
Z‹NC‹RL‹KUYU, ‹STANBUL / TURKEY
TEL
: (90 212) 354 74 00
FAX
: (90 212) 217 85 76
CATERING SERVICES
ÖMÜR YEMEK A.fi.
SARAYCIK CAD. NO: 6
: (90 228) 314 49 30
TEL
FAX
: (90 228) 314 49 35
DISPACHTING LOADING SERVICES
CEMAH TUR‹ZM ‹Nfi. NAK. AKAR. ÜRÜN.
SAN. T‹C. LTD. fiT‹.
A.MENDERES BLV. 1208 SOK. SÖZMEN APT.
C BLOK NO: 7
MERS‹N / TURKEY
TEL
: (90 324) 328 90 11
FAX
: (90 324) 328 89 79
MECHANICAL MAINTENANCE SERVICES
B‹LG‹N MAK‹NACI
BELED‹YE ‹fi HANI NO: 102
TEL
: (90 228) 314 12 56
: (90 228) 314 12 56
FAX
Ç‹MSA N‹⁄DE
GYPSUM
ARISOY LOJ‹ST‹K H‹Z. MAD. T‹C. LTD. fiT‹.
DARBO⁄AZ KASABASI
TEL
: (90 324) 614 69 00 - 01
GSM : (90 533) 435 23 23
‹NKAYA MADENC‹L‹K SAN. VE LTD. fiT‹.
YOLGEÇEN MAH. T. CEMAL BER‹KEL BLV.
NO: 579
ADANA / TURKEY
TEL
: (90 322) 441 03 43
FAX
: (90 322) 441 17 16
CLAY - TRASS - MARL (LIMESTONE)
E. ÖZCAN ALTUNCU YIKANMIfi KUM NAK.
TAH. ‹fiL.
ADANA YOLU N‹⁄BAfi A.fi. KARfiISI
N‹⁄DE / TURKEY
TEL
: (90 388) 232 60 19
FAX
: (90 388) 213 99 24
BEST‹M BETON TES. T‹C. VE SAN. LTD. fiT‹.
KAYSER‹ YOLU 1 . KM
N‹⁄DE / TURKEY
TEL
: (90 388) 213 37 15
: (90 388) 232 39 40
FAX
fiAH‹NER ‹Nfi. TUR. NAK. LTD. fiT‹.
STADYUM CAD. NO: 16
N‹⁄DE / TURKEY
TEL
: (90 388) 232 12 12
FAX
: (90 388) 212 62 80
Annual Report 125
D‹NÇ HAFR‹YAT - SEYF‹ D‹NÇ
ÖNADIM PASAJI NO: 18
N‹⁄DE / TURKEY
TEL
: (90 388) 213 14 95
: (90 388) 233 36 43
FAX
‹MGE ‹Nfi. SAN. T‹C. LTD. fiT‹.
MESUD‹YE MAH. 110. CAD. NO: 66/A
MERS‹N / TURKEY
: (90 324) 337 04 44
TEL
FAX
: (90 324) 337 28 44
ERKA ERC‹YES ‹Nfi. NAK. SAN. VE T‹C.
LTD. fiT‹.
SANAY‹ S‹TES‹ E/18 BLOK NO: 10
MERS‹N / TURKEY
TEL
: (90 324) 234 16 50
FAX
: (90 324) 235 13 09
ASYA NAKL‹YAT DIfi T‹C. LTD. fiT‹.
ADANA / TURKEY
TEL
: (90 322) 441 13 13
FAX
: (90 322) 441 00 28
T‹MUÇ‹N NAKL‹YAT HAFR‹YAT VE T‹C. A.fi.
H‹PODROM KARfiISI
ADANA / TURKEY
TEL
: (90 322) 428 09 23
FAX
: (90 322) 428 16 42
PACKAGING
KARDEfiLER MÜT. LTD. fiT‹.
ELHACI MAHMUT CAD. AKDO⁄AN ‹fi MRK.
KAT: 2 NO: 14
N‹⁄DE / TURKEY
TEL
: (90 388) 232 62 47
: (90 388) 233 95 15
FAX
CEMAH TUR. ‹Nfi. NAK. PET. ÜRÜN. T‹C. VE
SAN. LTD. fiT‹.
PALM‹YE MAH. ADNAN MENDERES BLV.
1208 SOK. SÜZMEN APT.
MERS‹N / TURKEY
: (90 324) 328 90 11
TEL
FAX
: (90 324) 328 89 79
GÖKHAN ‹Nfi. TAHM‹L TAHL. T‹C. LTD. fiT‹.
ÇINARLI MAH. 5. SOK. C‹VAN ‹fi HANI NO: 9
ADANA / TURKEY
TEL
: (90 322) 363 02 91
FAX
: (90 322) 363 41 55
126 Annual Report
SFM MÜH. TEK. H‹Z. T‹C. LTD. fiT‹.
CAM‹‹ fiER‹F MAH. 5213 SOK. TUNCAY ‹fi
HANI KAT: 4 NO: 7
MERS‹N / TURKEY
: (90 324) 238 09 80
TEL
FAX
: (90 324) 238 10 95
‹BRAH‹M CAVGA ‹Nfi. SAN. T‹C. LTD. fiT‹.
M‹NAREC‹K MAH. ANKARA CAD. SANCAK
‹fi HANI KAT: 4 NO: 24
AKSARAY / TURKEY
: (90 382) 212 54 94
TEL
FAX
: (90 382) 212 62 62
MAV‹ ANADOLU ‹Nfi. T‹C. LTD. fiT‹.
ATATÜRK MAH. 57. SOK. EM‹N APT.
MERS‹N / TURKEY
TEL
: (90 324) 358 33 94
FAX
: (90 324) 358 48 71
KÜÇÜKER ‹Nfi. TAH. MAD. SAN. T‹C.
LTD. fiT‹.
‹MARET MAH. MEHMET BEY. CAD. NO: 19/B
KARAMAN / TURKEY
TEL
: (90 338) 213 25 80
FAX
: (90 338) 214 94 95
ERY‹⁄‹T NAK. ‹Nfi. TUR. OTO T‹C. LTD. fiT‹.
Ç‹MENTO FABR‹KASI CAM‹‹ YANI
N‹⁄DE / TURKEY
: (90 388) 232 85 43
TEL
SS. 57 NOLU TAfiIYICILAR KOOP.
fi. SOYER BLV. ÇAVDARO⁄LU APT. NO: 1
N‹⁄DE / TURKEY
TEL
: (90 388) 232 24 98
FAX
: (90 388) 232 29 95
READY-MIXED CONCRETE AGGREGATE SAND
CÖMERTLER ‹Nfi. SAN. VE T‹C. LTD. fiT‹.
SOMUNCUO⁄LU PSJ. KAT: 2
AKSARAY / TURKEY
: (90 382) 213 21 95
TEL
FAX
: (90 382) 212 21 14
‹NCEÖZ NAK. TUR. OTO. GIDA. SAN. VE T‹C.
LTD. fiT‹.
E. KAPU MAH. ATATÜRK BLV. ASLAN APT.
ALTI NO: 80/A
AKSARAY / TURKEY
TEL
: (90 382) 213 54 36
: (90 382) 212 76 21
FAX
DÜDEN MAD. ‹Nfi. NAK. LTD. fiT‹.
DALMAZ MAH. M. EVRAN CAD DO⁄A APT.
NO: 29 ERE⁄L‹, KONYA / TURKEY
TEL
: (90 332) 712 93 08
FAX
: (90 332) 715 46 38
YUNUS ‹Nfi. TUR. VE T‹C. A.fi.
SEK‹ÇEfiME MAH. fiAMKAPI CAD. NO: 14
KARAMAN / TURKEY
TEL
: (90 338) 213 19 81
: (90 338) 213 19 81
FAX
OTAN ‹Nfi. NAK. PET. TUR. SAN. VE T‹C.
LTD. fiT‹.
NALÇACI CAD. NO: 100
KONYA / TURKEY
: (90 332) 238 62 80
TEL
FAX
: (90 332) 233 10 89
AK HAZIR BETON ‹Nfi. MAD. NAK. PET.
SAN. T‹C. LTD. fiT‹.
E. SARAY CAD. SAFA ‹fi HANI 4/7
AKSARAY / TURKEY
TEL
: (90 382) 216 05 17
FAX
: (90 382) 216 05 15
ÖZCEYLAN PET. Z‹RA‹‹ ÜRÜN. SAN. T‹C.
LTD. fiT‹.
F. ÇAKMAK MAH. BOZCA MAHMUT
YAYLASI
ESK‹L, AKSARAY / TURKEY
TEL
: (90 382) 424 50 39
FAX
: (90 324) 424 50 82
Ç‹MSA ANKARA
TRASS
KAYAD‹B‹ MADENC‹L‹K TAfi.
‹Nfi. PET. ÜRÜN. NAK. VE T‹C. LTD. fiT‹.
‹SMETPAfiA MAH. ÜN SOK.
NO: 4/3
ELMADA⁄, ANKARA / TURKEY
: (90 312) 863 55 50
TEL
FAX
: (90 312) 863 52 38
GYPSUM
LABORATORY EQUIPMENT
DÖNMEZ T‹CARET KAM‹L DÖNMEZ
HURDACILAR S‹TES‹ E/4 BLOK
NO: 603
‹VED‹K, ANKARA / TURKEY
TEL
: (90 312) 396 43 77
‹LDAM K‹MYA
58 SOK. 18
OST‹M, ANKARA / TURKEY
TEL
: (90 312) 385 11 73
FAX
: (90 312) 354 31 67
PACKAGING
ARMA
CEVAT DÜNDAR CAD. KAVACIKLI
‹fi MERKEZ‹ NO: 17/5
TEL
: (90 312) 385 43 71
FAX
: (90 312) 385 43 70
HAV‹N TEKST‹L ‹Nfi. TAAH. LTD. fiT‹.
KAKLIK KASABASI
HONAZ, DEN‹ZL‹ / TURKEY
TEL
: (90 532) 503 76 56
FAX
: (90 258) 372 22 17
CATERING SERVICES
LÜKS GIDA SAN. TUR. ‹Nfi. TEKS. OTO
NAK. T‹CARET
‹VED‹K ORGAN‹ZE SAN. BÖLGES‹ HAS
EMEK S‹TES‹ 22 CAD. 664 SOK. NO: 85
TEL
: (90 312) 394 14 06
FAX
: (90 312) 394 14 06
BAfiARAN GIDA TEM. TURZ. TAfiIMA
fiEH‹T RAFET SEVER CAD. 119/B
ULUBEY, ANKARA / TURKEY
TEL
: (90 312) 353 34 56
JSP
fiAH‹N HARF‹YAT MUSTAFA fiAH‹N
Y. PEÇENEK KÖYÜ
ALTINDA⁄, ANKARA / TURKEY
: (90 542) 295 50 16
TEL
TRANSPORTATION
ÖNDER KUM
TCDD GÜMRÜKLÜ AMB. MÜDÜRLÜ⁄Ü
SAHA ‹Ç‹
BEH‹ÇBEY, ANKARA / TURKEY
TEL
: (90 312) 334 88 83 - 84
FAX
: (90 312) 334 44 66
KOÇ‹NTOK LAB. MALZEMELER‹ T‹C. VE
SAN. A.fi.
ANADOLU BULVARI 2 CAD. ATB ‹fi MERK.
MACUNKÖY, ANKARA / TURKEY
TEL
: (90 312) 397 32 02
FAX
: (90 312) 397 82 02
GASOLINE - DIESEL
BORA PETROL T‹C SAN. LTD. fiT‹.
30 KM.
HASANO⁄LAN, ANKARA / TURKEY
TEL
: (90 312) 865 25 50
FAX
: (90 312) 865 25 52
LIMESTONE
ERDEM K‹REÇ
MESTAN SOKAK NO: 5/A
ETL‹K, ANKARA / TURKEY
TEL
: (90 312) 323 40 25
: (90 312) 866 22 54
FAX
RENT A CAR
ANATOLIA RENT A CAR C‹BR‹L AHMAD
TUNALI H‹LM‹ CAD. 65/35
KAVAKLIDERE, ANKARA / TURKEY
TEL
: (90 312) 466 04 24
FAX
: (90 312) 466 46 96
Annual Report 127
ABROAD SUPPLY POINT AND TELEPHONE NUMBERS
Çimsa Spain
Çimsa Cementos Espãna S.A.U.
Carretera de la Esclusa, s/n
Dársena del Batán Norte
Puerto de Sevilla
41011 Sevilla, SPAIN
Tel: +34 95 427 50 68
Fax: +34 95 427 19 36
e-mail: [email protected]
Çimsa Germany
CSN Cement Sales North GmbH
Office
Nesserlander Str. 5 - D-26721
Emden, GERMANY
Tel: +49 407 02 09 30
Fax: +49 407 02 09 320/22
Terminal
Julianahaven, Westlob 2 NL-9979
Emshaven, NETHERLANDS
Tel: +31 596 54 64 12
Fax: +31 596 51 66 51
Çimsa Romania
Cimsarom Marketing Si Distributie Srl.
Bd. Mamamia, Office Nr.5, Nr251-253,
ET. 4 Constanta, ROMANIA
Tel/Fax: +40 241 58 53 33
Çimsa Turkish Republic of Northern Cyprus
Çimsa Cement Free Zone Ltd.
Serbest Liman
Magosa, TRNC
Tel: +90 392 365 14 75 - 365 49 80
Fax: +90 392 365 49 81
128 Annual Report
Çimsa Head Office
: (90 216) 651 53 00 - 651 05 00
Tel
Fax
: (90 216) 651 14 15
Adress : Sarkuysan-Ak ‹fl Merkezi S Blok
Altunizade 34662 ‹stanbul - Turkey
e-mail : [email protected]
Çimsa Mersin
Tel
: (90 324) 454 00 60 - 454 00 68 (Pbx)
: (90 324) 454 00 75 - 454 00 76
Fax
Çimsa Kayseri
Tel
: (90 352) 712 16 48 - 712 16 07
(90 352) 712 16 90 - 712 22 65
Fax
: (90 352) 712 22 59
Çimsa Eskiflehir
Tel
: (90 222) 411 32 00
Fax
: (90 222) 411 31 31
Çimsa Ni¤de
Tel
: (90 388) 232 36 30
Fax
: (90 388) 232 36 34
Çimsa Ankara
Tel
: (90 312) 865 23 96 - 97
Fax
: (90 312) 865 23 95
Çimsa Malatya
Tel
: (90 422) 841 36 77 - 841 32 20
Fax
: (90 422) 841 32 30
K›s›kl› Cad. No: 4, Sarkuysan-Ak ‹fl Merkezi, S Blok Altunizade, Istanbul, Turkey
Tel: +90 (216) 651 53 00 - 651 05 00 - 651 03 85 Fax: +90 (216) 651 14 15
www.cimsa.com.tr

Annual Report 2007

Transkript

Benzer belgeler