annual report

Transkript

annual report

ANNUAL REPORT
2 0 0 9
ENKA İNŞAAT VE SANAYİ A. Ş.
ANNUAL REPORT
2 0 0 9
ENKA İNŞAAT VE SANAYİ A. Ş.
COMPANIES
ENGINEERING AND CONSTRUCTION
Enka İnşaat ve Sanayi A.Ş.
Çimtaş Çelik İmalat Montaj ve Tesisat A.Ş.
Cimtas Mechanical Contracting B.V.
Cimtas Building Systems Limited
Kasktaş Kayar Kalıp Altyapı Sondaj Kazık ve Tecrit A.Ş.
Kasktash Arabia Ltd.
Senimdi Kurylys L.L.P.
Titaş Toprak İnşaat ve Taahhüt A.Ş.
Enet Proje Araştırma ve Müşavirlik A.Ş.
Enka Teknik Genel Müteahhitlik Bakım İşletme Sevk ve İdare A.Ş.
Limited Liability Company Enmar
Enka Holding B.V.
Enka Construction B.V.
Enka Construction and Development B.V.
BETS B.V.
AECO Development L.L.C.
Enka L.L.C.
Enka Power Systems B.V.
ENERGY
Adapazarı Elektrik Üretim Ltd. Şti.
Gebze Elektrik Üretim Ltd. Şti.
İzmir Elektrik Üretim Ltd. Şti.
Enka Enerji Üretim A.Ş.
REAL ESTATE
JSC Mosenka
JSC Moskva Krasnye Holmy
City Center Investment B.V.
Limited Liability Company Enka TC
TRADING AND MANUFACTURING
Enka Pazarlama İhracat İthalat A.Ş.
Cimtas Boru İmalatları ve Ticaret Ltd. Şti.
Cimtas (Ningbo) Steel Processing Co. Ltd.
Pimaş Plastik İnşaat Malzemeleri A.Ş.
Enwin Window Systems B.V.
Pimapen Logistic Center S.R.L.
Entaş Nakliyat ve Turizm A.Ş.
Air Enka Hava Taşımacılığı A.Ş.
(The full list of the companies can be found in the consolidated financial statements as of December 31, 2009.)
-2- Annual Report 2009
GENERAL ASSEMBLY MEETING
Date
Time
Location
: April 22, 2010
: 11:00
: Balmumcu Mahallesi, Bestekâr Şevki Bey Sokak,
Enka III. Binası, Konferans Salonu
Beşiktaş - İstanbul
AGENDA
1-
Election of the General Assembly Presidential Board;
2-
Authorization of the Presidential Board for signing the Minutes of the General Assembly
Meeting;
3-
Reading and discussing the Annual Report of the Board of Directors and the Report of
Auditors, and the Balance Sheet and Income Statement for the fiscal year 2009;
4-
Reading and discussing the Report of Independent Auditors;
5-
Informing the shareholders about the donations made within the fiscal year 2009;
6-
Approval of balance sheet and income statement accounts of 2009 and the acquittal of the
Board Members and Auditors from 2009 activities;
7-
Election of the Board Members;
8-
Election of the Auditors;
9-
Determining the salaries to be paid to the Board Members and Auditors;
10-
Determining the distribution of the balance sheet profit of 2009;
11-
Approving the selection of the Independent Auditing Firm;
12-
Informing the shareholders about the total amount of Guarantees, Pledges and
Encumbrances given to the third parties, pursuant to the resolution of CMB dated
September 9, 2009 and numbered 28/780;
13-
Authorization of the Board Members to engage in businesses mentioned in Articles 334 and
335 of the Turkish Commercial Code;
14-
Requests and recommendations.
Annual Report 2009 -3-
BOARD OF DIRECTORS
Sinan Tara – Chairman of the Board
Haluk Gerçek – Vice Chairman and General Manager
Alp Doğuoğlu - Member
Fikret Güler - Member
Gökhan Sağnaklar - Member
Burak Özdoğan - Member
Şan Gürdamar - Member
Özger İnal - Member
Kerem Kuşi - Member
CHAIRMAN’S MESSAGE
Dear Shareho ld ers,
On b eha lf o f th e Board of Directo rs o f Enka İnşa at ve
Sanayi A.Ş. we wish to ex tend our d eep est respect to
a ll o f our shareho lders and thank you fo r attend ing
our Genera l Assembly’s annua l meetin g which has
con ven ed to sha re th e a ctiv ities o f o ur Company in
2009 , as well a s our exp ectations fo r 201 0.
As o f the end o f 2009, Enka İnşaat ve Sanayi A.Ş.
rea lized the equity a t 3.7 b illion USD, the
con solidated turnov er at 5.1 billion USD and the
con solidated profit at 528 million USD.
Enka is concen trating on the segmen ts of engineering
and construction, p ower pro duction, real estate
inv estmen t and managemen t, and trading and
manufacturing.
The revenue from th e eng ineering and constru ction segment was a ffected fro m the econo mic
crisis, in line with the p rojection mad e at the last yea r’s Genera l Assemb ly, and has b een
rea lized at the level o f 2 billion USD. With the con tribu tion of big sca le constru ction
p rojects the g ross profit has impro ved by 5 percentage po in ts.
Ou r comp leted or ongoing projects in 2009 are the 415 -kilometer mo torway pro ject in
Ro mania; the 61-k ilometer moto rwa y p ro ject in Albania ; th e tou ristic city pro ject in Oman;
in Russia the 400 MW power plant in Ya jva, Sh eremetyevo Airpo rt Termina l -3 p ro ject, the
modification and ex tension works with in the scope of the Sakhalin -II Project, the
Metropolis mu lti-purpose shopping and busin ess center, the Tsvetnoy Bou levard mu ltipurpose office and resid ence complex, the White Square office bu ildings, within the Mo sco w
City p ro ject, the mu lti-purpo se office and residen ce co mplex on plot 12, the shopp ing center
on p lots 7 and 8 , the office and hotel tower p roject on plot 4; in S t. Petersb urg , the
Corinthia Nevsky Palace Ho tel; in Ka zakhstan, the offshore civil con struction works and
a rtificia l islands project in th e Bautino Region of the Caspian Sea ; the Shakhta r Donetsk
foo tba ll stadium in Ukrain e and US Embassy build ing s in Sarajevo , Djibo uti and Burund i.
In 2010 , within th e con struction segmen t, we are con tinuing to work to undertake new
p rojects, pa rticula rly in th e field o f energy, without co mpromising our criteria. In Ko sovo,
n ego tiations fo r the contra ct of the co nstru ction o f 117 -kilometer mo torway , which will be
constructed togeth er with Bechtel Intern ational, Inc. with equal shares, are in progress and
it is exp ected to be sign ed within a short p eriod.
In the energy produ ction field , with the p ower p lants that a re op erated through th e Build Own -Op erate model with a 100% ownership, Enk a stands a s the largest electricity producer
o f the p rivate sector in Tu rkey. The co ntribution of the energy segment to the conso lida ted
turnover is 2 .4 billion USD in 2009. The p roduction license wa s received fro m the Energy
Market Regula tion Boa rd for the imported coal fired power plant that is plann ed to b e build
in Izmir with an insta lled capacity o f 800 MW and it is cu rrently a t the en viron mental
impa ct assessment approval. The fina l investment decision for this plan t shall be taken
d epending on economic developments. Apa rt from this, in the nuclea r energy , Enka is
exclusiv ely cooperating to mak e an investment in Turkey o n 40% -60% ba sis with Kepco since
2008 .
In the retailing segment, Enka op erates su permarkets, hyp ermark ets and shopping cen ters by
the co mpany, which was established with a 50%-50% partnership with Mig ro s in Russia
wh ich wa s known as Ramenka and renamed Enka TC after b ecoming the sole o wner by
purchasing all sha res fro m Migros in 2007. At the beginning of 2008 and a cco rd ing to the
d ecision to orient the operatio ns of th e Company to renta l income on ly , the machinery ,
equipment and management rights of 12 hypermarkets as well as ownership of another
hyperma rket have been so ld to the Au chan Group fo r the value of 193 millio n EUR. We h ave
continued to clo se -d own or transfer a part of th e remain ing ma rk ets in 2009. Rent in come
for 20 09 has amounted to 120 million US D. The first shopping center , wh ich has sma ll
ren tab le area , is d ecided to be d emolished and rebu ild, as mu ch bigg er and modern shopp ing
center including office and resid entia l area, and start the con struction in the second half of
2010 .
In the rea l estate segment in wh ich we made a tu rnover of 283 million USD la st year, Enka
continues its activities to d evelop and manage class-A office bu ildings via its companies
established in Russia. Th e owned total ren tab le cla ss -A office sp ace, all loca ted in Moscow,
has reach ed app roximately 330,000 square meters b y the co mpletion of the la st pha se of
investmen t made by our su bsidiary MKH. In a ll bu ildings it manages, Enka h osts lead ing
international companies. Our success in real estate dev elopment and management is partially
due to Enka’s name being associated with quality , as well as to our ability to deliver our
p romises with perfection. Apa rt fro m ou r office bu ildings , th e five-star ho tel owned by our
subsid ia ry MKH and managed by Swissô tel has been operational since 2005 as the b est five sta r hotel of Mo sco w. The facts th at ou r inv estments in this segment were not realized by
d ebt, bu t with the inco me generated from th e seg men t itself an d tha t we do not possess any
ongo ing inv estmen t in this field are the ma in differences that sep arates Enka fro m o ther real
estate d evelopmen t companies. The decision prevails to withho ld our investments, which
were p art o f our gro wth strategy un til th e conditions will recov er.
The turnover o f the trad ing and manu fa ctu ring activities in a cco rdance with the econo mic
contra ction wa s 315 million USD in 2009.
With our strong financial structure and with the a wareness of responsibilities of being a
g lo bal co mpany and d espite the negativ e economic conditions , we believ e that we are
weatherin g the crisis with the lea st impa ct to our co mpany. I n this context, with you r trust
and sup port as our v aluable shareholders , we are continuing to work ha rd to resu me the
g ro wth.
We wish health and success to a ll of ou r sha reholders.
SİNAN TARA
Chairman o f th e Board
Ap ril 5, 2010
ENGINEERING AND CONSTRUCTION
Enka İnşaat ve Sanayi A.Ş.
The total sum of overseas projects undertaken by Enka İnşaat ve Sanayi A.Ş., either single-handedly or in
partnerships, has exceeded 29 billion USD.
According to Engineering News Record which ranks the world's top 225 companies with respect to
international contracting revenues, Enka has ranked 37th in 2009, maintaining its clear lead as the number
one contracting firm of Turkey.
On a consolidated basis, Enka's turnover in 2009 in the engineering and construction segment is
approximately 2 billion USD.
During our work in this segment, our lost time accident rate has reached the level of the leading companies
in the world as a result of the activities we have been maintaining parallel to our company’s ‘Zero Accident’
policy and in line with the OHSAS 18001 and ISO 14001 certificates which we obtained in 2002.
Information about the projects that were completed or had an importance in 2009 has been presented in this
annual report.
Transylvanian Motorway Project
Romania
The project that includes the construction of a high standard 2x2 lane motorway that will extend
415 kilometers from the city of Brasov in central Romania and traverse the city of Cluj to reach the
northeastern city of Bors on the Hungarian border was committed in 2004. The project, which includes
267 minor structures with a total length of 55.5 kilometers, has been estimated to be 6.2 billion EUR.
The Romanian National Company of the Motorways is the job owner and the project is going to be
completed in a 50%-50% partnership with Bechtel International Inc.
In addition to being the largest contract undertaken by Enka to date, the Romanian Transylvanian Motorway
Project is also the most extensive, ongoing motorway project in Europe.
The project was launched in June 2004, and following the completion of the mobilization activities, the
construction work of the motorway was initiated. The project is planned to be completed by the end of 2013
in full compliance with all international quality assurance standards. Bearing a critical significance in
connecting Romania to Western Europe, the project will constitute one of the fundamental parts of the
country's motorway system. A trip from Oradea at Hungarian border to Brasov now takes as long as nine
hours; after the motorway’s completion, the same journey will take less than three hours. The motorway
construction will also play an important role in the integration of the Romanian economy to the European
economic system, as it will serve as a major link between the European and Central Asian markets. Both
during the construction phase and upon completion, the motorway project is expected to yield substantial
economical returns for Romania. A new national highway will bring the country’s infrastructure in line with
that of its new economic partners in EU zone. The road will ease traffic jams, improve safety, and open up
the country to new possibilities for tourism and trade, likely becoming the preferred route between the Black
Sea and Western Europe.
In 2009, upon the request of the Romanian Government, works have been mainly carried out on the
42-kilometer part of the Section 2b between Turda and Gilau of the A3 Motorway of Europe Transportation
Corridor and this part was opened to traffic on December 1, 2009, which is the national holiday of Romania,
with a spectacular ceremony, with the attendance of the Romanian Prime Minister, Transport Minister, Mayor
of the Cluj Municipality, management of our company and other distinguished guests. Romanian Prime
Minister Mr. Emil Boc has addressed and stated that despite the constructed part of the motorway was the
most difficult and complicated construction in Romania, it has the highest quality and congratulated our
company and those who contributed. Mr. Radu Berceanu, Minister of Transportation and Public Works, has
stated that Enka and Bechtel has once again announced their name in the field of construction, and praised
the quality of the motorway.
Excavation works and construction of drainage pipes, ditches and channels, culverts, bridges and viaducts
has been performed on the section 3c, between the 6th and 30th kilometers of the motorway near Oradea
which is Romania’s border to the European Union with Hungary. On the same section, earthworks as well as
construction of reinforced concrete pile caps, pier elevations and pier heads and production and laying down
pre-cast, pre-stressed U-beams have been continued and 85% progress have been achieved at the Suplacu
Bridge, having almost 2-kilometer in length.
Enka has a major contribution to the local economy during the construction phase by procuring equipment
and resources locally, and additionally, provided work opportunity to 5,500 people including the
subcontractors as well. This figure is around 11,000 by including the work force of the providers of equipment
and resources. For successful accomplishment of the project the total number of the equipment has reached
1,600 apart from more than 800 subcontracted trucks and loaders.
In 2009, 300,000 cubic meters of reinforced concrete, 600,000 tons of asphalt, 1.6 million tons of subbase,
22,000 meters of piles, 4.5 million cubic meters of borrow excavation and 3.3 million cubic meters of
excavation, were completed. The daily maximum quantities reached by work items are 3,600 cubic meters of
reinforced concrete, 8,000 tons of asphalt, 14,000 tons of subbase, 552 meters of pile production and laying
down 15 pre-cast, pre-stressed U-beams each weighing 160 tons.
As of the end of 2009, completion rate for the section 2b near Cluj is 87.7%, while for the section 3c near
Oradea is 31.4%. The total number of technical and administrative personnel working for the project is 2,300
and 2.9 million zero-accident work-hour is accomplished while 100,000 hours of work safety training have
been given to the workers within the year.
Enka is continuing its works, in compliance with the target of the employer, to complete the 273-kilometer
part of the Transylvanian Motorway until 2012, from Targu Mureş to Hungarian border.
Rreshen-Kalimash Motorway Project
Albania
Signed in September 2006 between the Bechtel-Enka Joint Venture and the Ministry of Public Works,
Transportation and Telecommunications of Albania, Rreshen-Kalimash Motorway Project is the most
important part of the Durres-Morine Corridor which will connect Durres Port, Albania’s main port at Adriatic
Sea, to Kosovo. The road is 61 kilometers, the time for completion is 33 months, and the contract value is
420 million EUR. The contract is the biggest contract ever signed by the Albanian Government. In
conjunction with the completion of the design works and due to the increase in the main quantities,
particularly excavation, the contract value is calculated as 819 million EUR. Enka İnşaat has a 50% share in
this joint venture.
The alignment of the motorway is located in the mountainous northern region of Albania, between the cities
of Rreshen and Kalimash. The route is divided into three sections of 18.9, 26.5 and 15.6 kilometers in length.
The distance from Rreshen to Thirre, which consists of Section 1 and Section 2, will follow the valley of Fani
Vogel River. At the very beginning of third Section there is a dual-tube tunnel of 5.6 kilometers each. This
tunnel is the second longest motorway tunnel in the Balkan Peninsula.
For the 4 lane dual carriageway 29 bridges ranging in heights of 11 to 80 meters with a total length of
4,360 meters is constructed. The number of pre-tension beams used in the construction is 654, weigh
160 tons each; and were produced in five beam plants located on the route.
Designers are Egis-Scetauroute from France for Sections 1 and 3, and the Italconsult from Italy for Section 2.
In 2009, within the scope of the project, excavation and backfilling on the alignment, culvert and retaining
wall construction, bridge construction, beam productions in beam plants, tunnel excavation and tunnel
concrete lining as well as aggregate and concrete production in various locations have been done.
Number of major equipments within the machine park has reached 587 as of end of the year. Production
quantities of major items as of the end of the year stand at 32.5 million cubic meters of excavation,
11.7 million cubic meters of backfilling, 297,405 cubic meters of structural concrete and 979,316 cubic
meters of excavation.
As of end of 2009, there are 758 employees of whom 98 are technical and administrative personnel in two
camps. In 2010, south and north tubes of tunnel are planned to be opened to traffic on May and December,
respectively. The overall completion rate of the project reached 92% at the end of 2009.
Blue City Project
Blue City Project
Sultanate of Oman
The Sultanate of Oman is located in the eastern flank of the Arabian Peninsula with a coastline of about
1,700 kilometers running along the Indian Ocean, the Gulf of Oman and the Persian Gulf. It is the third
largest country of the Arabian Peninsula, spreading over an area of approximately 309,500 square
kilometers.
Phase 1 of the Blue City Development Project, a unique 32 square kilometer project and the most significant
metropolitan development in Oman, 90 kilometers away from Muscat, between the towns Barka and Sohar
and surrounding the existing Al Sawadi village, is undertaken by AECO Development LLC which is a limited
liability company established and equally owned with Aktor Ate, the largest construction company of Greece.
Blue City Company 1 S.A.O.C., the employer of the project, has planned to complete the project in ten
phases, with a total investment value of 15 billion USD. The project can be summarized as the creation of a
new city including all of its health, social, educational, cultural facilities and necessary infrastructure for
250,000 inhabitants. The initial phase of the integrated complex comprises of mixed use of touristic, leisure,
residential, and commercial facilities together with ancillary facilities and supporting infrastructure within the
scope of a master plan.
The main purpose of the Blue City Project is to create a credible world city, which will be the turning point for
Oman for the rest of the 21st century. As such, it will address contemporary issues such as sustainable
development, energy efficiency, environmental considerations, modern urban life standards and design,
together with those aspects of urban life that are particular to Oman that give it its unique character.
The scope of AECO Development LLC, a 50% joint venture of Enka, which has undertaken Phase 1 of the
project, covers the design, procurement and construction within a maximum guaranteed price on cost plus
fee basis. Within this base, to develop primary residential units and touristic residences, AECO Development
LLC will build 5,459 apartments, 382 villas, three 5-star hotels with total 670 keys, shopping centers, public
amenities, and an 18 hole golf course of 800,000 square meters area including all the related landscaping
and infrastructural works over an area of total 2.2 square kilometers, until the end of 2014 with a workforce of
8,000 people at the peak.
Immediately after signing the contract, the first phase of mobilization works for the 5,500 people capacity
camp and the construction of access roads were started and this first phase of mobilization was completed
by May 2008. The construction schedule, revised in accordance with the change in project’s master plan
introduced by the Employer showed that, there will be a need for 8,000 people working for the project at its
peak, and consequently, the second phase mobilization works were started in May 2008 and completed by
the end of 2008 by pouring 32,600 cubic meters concrete and erection of 100,000 square meters living area
comprising of workers, foremen and engineers dormitories, family houses, kitchen and dining halls,
recreation centers, sports fields, laundry, supermarket and a bank with its ATM building over a gross site
area of 386,912 square meters.
2009 has been a highly productive year for the Blue City Project, 55% of the design works have been
completed and on-site construction activities which started during February, continued intensively in
accordance with the construction schedule. During the year, construction of 400 apartments, 202 villas and a
five star hotel has continued together with infrastructure and, where necessary, soil improvement works
accumulating total production figures of 661,500 cubic meters of excavation, 1,160,000 cubic meters of
filling, 450,000 square meters of soil improvement, 133,500 cubic meters of concrete and 19,000 tons of
reinforcement. At the end of the year, progress has reached 14% and the work force on site has reached to
3,000 comprised of multi-national employees, mainly from Oman, Vietnam, India, Nepal and Turkey.
Blue City Project
Sakhalin-II, Onshore Processing Facility
Nogliki, Sakhalin Island, Russia
In May 2003, together with its partner Bechtel, Enka was awarded by SEIC (Sakhalin Energy Investment
Company) the construction contract for the OPF (Onshore Processing Facility) which is a part of the
Sakhalin-II Oil & Gas Development Project. OPF, comprising two process trains is designed for separating,
treating and processing the gas and gas condensate to be received from offshore Lunskoye gas field as well
as the crude oil and gas to be received from Piltun-Astokhskoye fields; and pump the oil and gas by means
of crude oil pumps and gas compressors to the LNG (Liquefied Natural Gas) plant and oil export terminals
located south of Sakhalin Island. OPF is the biggest oil and gas processing facility of its kind in the world.
In addition to the oil & gas process systems, OPF includes a 120 MW power plant, which will generate the
100 MW electrical power required for the operation of the OPF itself and also 19 MW required for the
Lunskoye offshore drilling platform located 30 kilometers from OPF; a plant for regeneration of
monoethyleneglycol (MEG) which is used for maintenance and operation of the pipelines; water and disposal
wells, water, storm water, wastewater treatment plants, condensate, crude oil, firewater storage tanks,
administrative and warehouse buildings, control centers, fire fighting systems and a series of other systems
along with a huge infrastructure.
OPF will daily receive, treat, process and pump 51 million cubic meters of gas and 9,500 cubic meters of
crude oil and condensate.
After completion of the first phase of the project with a contract value of 411 million USD by September 30,
2006; Phase 2 of the project comprising the extension and modifications commenced and has been
completed by July 31, 2009 with a contract value of 627 million USD. Therefore, within the scope of
Sakhalin-II OPF Project, the completed works under phases 1 and 2 has reached to 1 billion 38 million USD
excluding VAT.
In September 2008 with the arrival of gas from Piltun-Astokhskoye reservoir, partial start-up of OPF was
successfully completed. In November 2008 crude oil from Piltun-Astokhskoye also arrived at OPF,
successfully processed and exported through the pipelines to the Oil Export Terminal located at south of
Sakhalin Island. In January 2009, after arrival of additional gas and gas condensate from Lunskoye off-shore
platform, OPF has started full operation. With completion by July 31, 2009 of the remaining additional works
(New Waste Transit Area and Western By-Pass Road) performed under live plant conditions without any
Lost Time Incident, OPF Project has been successfully completed with 30 million man-hours without fatality.
In 2009, Sakhalin-II Project has been able to deliver 59 tankers of crude oil and 82 tankers of LNG,
exceeding the plan by 11% in crude oil export and by 47% in LNG export. Reliable operation of the OPF built
by ENKA and its partner Bechtel has significantly contributed to this success.
Artificial Island
Offshore Civil Construction Works and Artificial Islands Project
Bautino, Kazakhstan
Starting in 1998 the Bechtel-Enka Joint Venture undertook many projects together for the development of the
Kashagan Oil Field in Kazakhstan, the world’s largest oil field discovered in the last 30 years.
The Offshore Civil Works Contract which was signed between Enka and Agip KCO in April 2005 for building
artificial islands and miscellaneous offshore civil structures at Kashagan Oil Field reached end of its four
years primary period on October 15, 2008. However, Agip KCO used their option in the contract and
extended the contract until October 15, 2010 with an optional one year extension.
In 2009 season, Enka continued civil works on artificial islands named as A-Block, D-Complex, EPC-2,
EPC-3 and DC-05 in the basin of Kashagan Oil Field which is 180 nautical miles away from Bautino Supply
Base. At the same time, an under water island construction was completed in Kalamkas Oil Field. In addition
to civil works at multi locations, constructions of DC-01 and DC-04 islands were also commenced in 2009
construction season. Enka, managed to work all offshore locations efficiently during the 2009 season and
transferred approximately 2 million tons of filling material 180 nautical miles away from Bautino to Kashagan,
as in the last three years and kept on shaping the Kashagan Oil Field. Considering the increasing number of
islands and the distances between work locations, the number of floating hostels was raised to three and
those three accommodations served total of 600 bed space. Over the 240 days construction season
restricted by severe ice in winter, along with fill works, 20,000 tons of sheet piles were driven and 40,000
tons pre-cast concrete elements were installed offshore in multi contractors’ environment with managing
interfaces at various levels.
In the huge Kashagan Oil Field Project, Enka’s manpower went beyond 1,600 with a 20% increase in 2009.
On the other hand, the number of citizens of Republic of Kazakhstan reached 1,000 within the 2009 season.
During 2009 with the growing marine and construction fleet and manpower Enka production reached its
peaks in the history of Kashagan Project as well as HSE success. Enka team achieved 6 million man hours
without “Lost Time Incident” and 720 days free from accident in 2009.
Sheremetyevo Airport Terminal 3
Moscow, Russia
The Project consists of the design and construction works of Terminal 3 of Sheremetyevo Airport, which is
the largest international airport in the Russian Federation. The Client is JSC “Terminal”, a subsidiary of
Aeroflot, and the Project Manager, employed by the Client, is “Bovis Lend Lease International Limited”.
The total value of the contract has reached an amount of 650 million USD, excluding VAT; with the additional
agreements signed in 2008.
The complex is composed of a six-storey terminal building, four-storey car-park building with a pedestrian
bridge connecting the two buildings, apron-taxiways including infrastructure; such as re-fuelling system,
apron lighting, jet blast fence, ATC building, various utility buildings such as de-icing tanks, KPP, CPD, fire
pump building and flyovers, roads, parking areas, external utilities and lines such as power, hot water, water,
sewage storm water, storm water treatment plant and telecommunication.
With its unique structure and importance brought to the city; the project is one of the Moscow’s most famous
and prestigious projects. In between the terminal building and car-park building, a steel arch with a spanning
space of 120 meters exists, consisting of more than 1,400 tons of structural steel, including the pedestrian
bridge. At the land side of the building, main canopy and wings comprise of 700 tons of structural steel
installation.
The terminal building, which is the main object of the project, is 6 floors with a construction area of
177,000 square meters, with 23 passenger boarding bridges, 21 fixed access gates and a control tower.
Car-park building, on the other hand, has 4 floors with a construction area of 110,432 square meters,
apron-taxiways has a total area of 332,240 square meters.
As of the year end all the works were completed and as an average in 2009, 2,300 personnel were
employed in construction works. The project has been accepted by the authorities and by the client into
operation by the end of October 2009 and the commercial flights have been commenced since November
2009 from the new Terminal.
As passenger and personnel a total number of 13,050 people can be accommodated in the complex at the
same time. The terminal has an arrival plus departure capacity of 3,800 passengers per hour and arrival or
departure capacity of 2,500 passengers per hour, which is an equivalent of 33 million people per annum.
Terminal has also the capacity of distributing more than 5,600 baggages per hour at peak.
Yajva Power Plant
400 MW Yajva Power Plant Project
Yajva, Russia
The project in the Russian Federation, Perm Region, Aleksandrovsk town, Yajva Settlement, is the first
power plant project that Enka has undertaken to build in the Russian Federation on a turnkey basis. The
contract was signed in July 2008 between the consortium formed by Enka İnşaat ve Sanayi A.Ş. and Enka
Power Systems B.V. and the OGK-4 of the wholesale market of power and energy. The contract price is
327 million EUR and the completion for the project is August 2011.
During the implementation of this contract the contractor, which is the consortium formed by Enka İnşaat ve
Sanayi A.Ş. and Enka Power Systems B.V., shall carry out on a turnkey basis, engineering, procurement,
construction and commissioning of a single-shaft combined cycle power plant with a nominal capacity of
400 MW.
As of the end of year 2009, an important portion of the infrastructure and super structure works has been
executed to allow equipment erection works to start in March 2010. Also, procurement and design works
have been carried on. The work force of the project as of the end of 2009 was at a total of 587 people and
the overall project progress is at 40%.
As of the end of 2009, the safety man-hour without lost time for the project was at 1,103,646 hours.
Tsvetnoy Boulevard Project
Tsvetnoy Boulevard Project
Moscow, Russia
The project, whose employer is Capital Group, covers an area of 120,296 square meters and located in
a prominent city center of Moscow.
The total construction area of 120,296 square meters is divided into two main zones consisting of
87,078 square meters of aboveground area and 33,218 square meters of underground area. The complex
consists of A class office accommodations, three residential towers and a separate building for the
Presidential Administration, street side retail areas in 16 floors. Underground part of the building consists of
parking area in three basement floors. The floors from 1st to 7th are designed as office floors, 8th floor is
technical floor and above are residence floors.
The project commenced in August 2007. The contract is based on ’shell & core’ structure and Enka’s scope
comprises civil, architectural, electrical, mechanical works, facade, roofing and landscaping works.
As of December 31, 2009, the average number of the employees is 530 and 44% of the overall project
completion is achieved. As a result of the changes, the project with a contract value of 121 million USD is
planned to be completed in December 2010.
White Square Office Project
White Square Office Project
Moscow, Russia
The contract for the project, whose the employer is AIG Lincoln-Coalco partnership, was signed in May 2006.
With a contract value of 111 million USD, the Project consists of three office buildings near the Belarusskaya
subway station in Moscow and covers a total construction area of 109,000 square meters.
The buildings, two of which will have 16, and the other 7 stories will have an office space of 31,000, 27,000
and 9,000 square meters respectively. The project which also includes a three-storey underground parking
area with a capacity of 840 vehicles is completed by the mid-November 2009.
In addition to the ‘shell & core’ works, the fit-out works for buildings A and B have been undertaken by Enka
with two separate contracts signed in April 2008, with contract values of 43 million USD and 39 million USD,
respectively. The completion dates for building A and building B fit-out works are October 30 and June 15,
2009, respectively.
The total number of personnel who worked during the construction of all three projects is close to 1,600
including 60 technical and administrative personnel at its peak period.
Metropolis Multi-purpose Shopping and Business Center Project
Metropolis Multi-purpose Shopping and Business Center Project
Moscow, Russia
The total value of the project whose employer is Capital Partners, has reached 320 million USD including
change orders. The project has a total construction area of 340,000 square meters and includes a 51,000
square meters multi-storey over-ground car park, three office buildings with a total area of 123,000 square
meters and a total 166,000 square meters shopping center including a hypermarket, many shops, recreation
areas, food courts and a cinema complex with twelve movie theaters.
The project was launched in September 2006. Three office buildings, shopping center and parking building
and landscaping constructions were fully completed and handed over to the Customer on May 31, 2009.
During 2009, Enka has executed works such as skylight washing system, canopy between blocks, painting,
insulation, granite cladding, landscaping, asphalting, road lining, external lighting, paneling, announcement,
fire signalization, sprinkler, ducting, mechanical balancing, automation and commissioning of systems.
Moscow City Plot 7-8b Shopping Center Project
Moscow City Plot 7-8b Shopping Center Project
Moscow, Russia
The Customer of the Shopping Mall project; also named as MIBC Central Core, comprising 179,000 square
meters area is Bellgate Constructions Ltd. The project is located within Moscow City complex and has a
space framed glazed dome over atrium with an area of 10,000 square meters on the roof as an outstanding
feature. The total contract amount is 236 million USD.
The project started in January 2007 and Enka’s scope of works includes detailed design, part of the
structural works, lifts and escalators, MEP (mechanical, electrical and plumbing) works above level 124,
glazed dome and finishing works of service corridors, technical areas and staircases.
In the project there are 449 retail areas including shops and restaurants. The shopping center aims to be the
upscale shopping area of Moscow. The total number of people working on the project is 240, including
36 technical and administrative personnel. The project has been handed over to the client in January 2010.
Moscow City Plot 4 Office and Hotel Tower
Moscow City Plot 4 Office and Hotel Tower
Moscow, Russia
The project for which a contract has been signed with Flainer City consists of a multi-functional tower with
offices, a hotel, flats, underground floors and parking areas which spreads over 218,405 square meters of
construction area with 301 million USD contract value. Having 59 above ground and five underground stories
the tower is 239 meters in height. The building is planned to be completed in July 2010 and will have parking
space for 1,012 vehicles. When completed, the building will provide 350 apartment flats offering splendor
view of Moscow and Kremlin Palace, and 70,353 square meter leasable office area for premier class tenants
and a 5-star hotel with 30,000 square meters.
By the end of the year the majority of architectural, mechanical and electrical works together with the
concrete works for the 54 floors above ground were completed. The overall completion is at 88% level. 1,000
personnel including technical and administrative staff were employed for the project by the end of 2009.
Corinthia Nevsky Palace Hotel
Corinthia Nevsky Palace Hotel
St. Petersburg, Russia
A contract was signed in September 2007 with International Hotel Investments (Benelux) B.V. which is the
owner of Corinthia Hotels worldwide, for the construction, renovation and restoration works of 3 buildings at
Nevsky Prospect, St. Petersburg, for a value of 57 million EUR excluding VAT.
The scope of works include working design and construction of 14,862 square meters of a new hotel building
at no.59, construction of 15,169 square meters new ‘shell & core’ office building at no.55 and renovation of
4,522 square meters of the main hotel lobby and facility areas of the existing hotel building at no.57 including
fixtures, fittings and furniture. The façades for buildings 55 and 59 were restored in accordance with the
original façades which were constructed in 1854 and 1874.
In June 2008, the renovation and fit out works for building 57 was completed and handed over to the client.
The works for building no.59 were commenced in November 2007; and works for building no.55 were
commenced in June 2008 following the handing over of the sites by the employer. Both buildings were
handed over to the client at the end of March 2009 in compliance with the schedule.
Donbass Arena Opening Ceremony
Donbass Arena, Shakhtar Donetsk Football Stadium Project
Donetsk, Ukraine
Donbass Arena is the first stadium in Eastern Europe built in line with Elite-Class UEFA standards (5-Star
standard) for 51,540 spectators and undertaken by our group on turnkey design and build basis. Temporary
acceptance has been completed on August 26, 2009 by the client Stadium Shaktar Limited and local
authorities. Since September 2009, local games, as well as international matches have been played in
Donbass Arena. UEFA, FIFA and other football authorities as well as Club representatives who attended the
opening ceremony have admitted that Donbass Arena has come out to be one of the best and functional
stadiums of Europe among comparable sports facilities.
The stadium construction, of which the final total contract value has come to 217 million USD, was launched
in August 2006 and the stadium was completed and opened in August 28, 2009 with a great opening
ceremony. The reinforced concrete works of the stadium, as well as the roof and façade glazing,
infrastructural and architectural works within premises except shell & core areas and mechanical & electrical
works, pitch, façade and external lighting, pitch lighting, fire extinguishing, hard landscaping, BMS and
architectural works in the car park, energy center to provide heat and cold to the stadium as well as fencing
of the stadium have been performed by Enka. The client has performed IT systems, fit-out works of shell &
core areas including VIP premises and final landscaping works, which were not in the scope of the contract.
The opening of the stadium has been performed without completion of the fitness center in the stadium and
with various punch items which do not prevent the matches; which have been completed to by the end of
2009. The warranty period of Enka will continue until August 2010.
Donbass Arena Internal View
Donbass Arena has become a home pitch for FC Shakhtar and a cultural centre of the city. Concept design
of the stadium has been performed by British company ArupSport with an exceptional engineering solution
with a memorable outlook whereby the oval shape, inclined roof and the glazed façade with special lighting
has already become a landmark of the Donetsk City. Besides the fact that the semi-final game of Euro 2010
will be hosted in Donbass Arena, the facility is regarded as a venue for Champions League and UEFA Cup
finals.
Sarajevo US Embassy Project
The US Embassy Projects
Sarajevo, Djibouti and Burundi
Following the collaboration between Enka and Caddell Construction Co. of USA during the new US
Consulate building project in İstinye İstanbul, which was completed in 2003, the two companies agreed to
jointly carry out the construction of the US Embassy buildings in Cameroon, Mali, Guinea, and Sierra Leone
in 2003, and in Algeria and Nepal in 2004.
The employer for all these projects is the Bureau of Overseas Construction Operations of the US State
Department. The construction of the US Embassy building in Cameroon was completed in 2005, and the
embassy buildings in Guinea, Mali and Sierra Leone in 2006. The embassy buildings in Algeria and Nepal
were completed in 2007.
The embassy buildings in Sarajevo, Djibouti and Burundi were added in 2007, 2008 and 2009 respectively.
The total of these three projects have a value of over 312 million USD.
As of end of 2009, there are 223 employees in Sarajevo, 370 employees in Djibouti. The mobilization in
Burundi has started at the beginning of 2010. The overall completion rates of the projects are 94% for
Sarajevo and 35% for Djibouti. For Burundi project 35% of the design works has been completed as of end
of 2009.
Sarajevo project will be completed on May 15, 2010, Djibouti project will be completed on August 7, 2011,
and Burundi project will be completed on May 20, 2012, respectively and will be handed over to the job
owner.
Pressure Vessel: CO2 Absorber - Angola LNG Project
Çimtaş Çelik İmalat Montaj ve Tesisat A.Ş.
Çimtaş’ main field of activities are the fabrication of pressure vessels, structural steel, steel wind towers,
cylindrical and spherical tanks, process equipment, heat recovery steam generators and power-processturbine piping systems for its customers around the globe. In 2009, Çimtaş successfully fabricated
35,000 tons of steel products within its facilities; two in Turkey and one in the People’s Republic of China.
Çimtaş also executed 15,000 tons of structural and mechanical installation works in its projects located in
Germany, Kingdom of Saudi Arabia and Russian Federation.
Çimtaş successfully completed and shipped within the year the heaviest single piece of pressure vessel ever
exported from Turkey, a CO2 Absorber with a diameter of 5.5 meters, length of 50 meters, thickness of
163 millimeters and weighing of 1,050 tons, for the Angola LNG project, in design, supply and fabrication
basis. In addition to CO2 Absorber, 3 other vessels with a unit weight of 400 tons were exported within the
same year. During 2009, 1,550 tons of pressure vessels were timely completed and shipped to their final
destinations: Jihar Project (Syria) for Petrofac of United Arab Emirates, Moron Project (Venezuela) for Man
of Germany, Rompetrol (Rumania) and Nyas (Sweden) projects for UOP of Belgium. The new work booked
under Kero-Treating project for the Tüpraş-İzmit Refinery (7 tanks with a total of 600 tons) is going to
commence within 2010.
The fabrication of 3.000 tons of structural steel for Enka’s Yajva Power Plant Project was completed in 2009.
The 12,000 tons structural steel fabrication of the 600 meters high DOKAAE Makkah Clock Tower Project,
which Çimtaş’ scope includes the non-concrete floors of the final 250 meters, continued during 2009.
The site installation of the project commenced during the second half of the year with a planned completion
within 2010. When the project is completed Makkah Clock Tower will be the second tallest building in the
world with 4 gigantic clocks of 43 meters in diameter each, which will also be installed by Çimtaş. This
operation has been executed by Çimtaş’ local subsidiary, Cimtas Building Systems Limited.
Makkah Clock Tower
The fabrication of Enercon of Germany’s 114 units of steel wind towers with a total weight of 6,500 tons was
successfully completed and a new contract was awarded to Çimtaş for fabrication of further units in 2010.
A new order was received from Nordex of Germany for its Bilgin Enerji’s Soma Project for 36 units totaling
6,600 tons which will start in 2010. The fabrication of 10 sets of 9E turbine stacks and exhaust ducts for
GE Energy Products (France) have been successfully completed in 2009.
Steel Wind Tower Fabrication
The turbine building piping installation work, for Hitachi Europe and Hitachi Power Europe Consortium, in
Steag-EVN’s 725 MW Walsum Block-10 Coal Fired Power Plant project in Germany, has reached 95%
progress by the year end. The majority of the piping installed by Çimtaş in this Project was supplied by
Cimtas Boru under a separate purchase order.
The process pipe spool fabrications for Motiva Refinery Crude Expansion Project (USA) and Angola LNG
Export Terminal Project have been continued during the year by Cimtas Boru İmalatları ve Ticaret Ltd. Şti.
As a continuous supplier of the GE Energy (USA and France) for the last nine years, the company completed
and delivered piping systems in relation to the 9FA/B-9E-6FA/B gas turbines successfully and renewed the
contract for 2010.
Cimtas Boru has successfully completed the supply and fabrication of the critical power piping systems for
West Delta Electricity Production Company of the Ministry of Electricity and Energy of Arab Republic of
Egypt; El Tebbini, Cairo West, Sidi Krir and El Atıf Projects .
Likewise, fabrication and shipment of miscellaneous power piping systems for various international projects
of NEM (the Netherlands) and Alstom (Switzerland and USA) were completed within the year. The repeat
work awarded by Alstom for Pembroke (UK) Project is deemed to be a sign of customer satisfaction as a
result of the successful fabrication processes and performance.
In 2009, Cimtas (Ningbo) Steel Processing Co. Ltd., Çimtaş’ subsidiary in China, not only succeeded in
maintaining its business volume despite the global economic crisis, but also sustained its outstanding HSE
performance by reaching 1,790 days without lost time accidents as of the end of 2009.
Cimtas (Ningbo) continued to provide gas turbine and turbine auxiliary piping systems for various worldwide
sites of customers such as GE Energy and Aker Processing Systems while continuously upholding customer
satisfaction based on high quality, on-time delivery and integrated solutions.
Cimtas (Ningbo)’s PED 97/23 (CE-PED-H) and ISO 9001:2008 certifications as well as its ASME and NB
“U”, ”S”, ”PP” and “R” stamps are valid until the year 2012.
As a result of its successful localization policy, Cimtas (Ningbo) now procures 98% of all its raw material from
local sources and 98% of its workforce consists of local employees. Cimtas (Ningbo)'s relentless learning
and growth emphasis is also reflected in the 10% increase achieved on training hours per employee in the
year 2009.
Cimtas (Ningbo)’s corporate responsibility initiative involving collaboration with the Ningbo Technical College
targets a sustainable contribution to learning by way of providing technical education and internships to
teachers and students as well as supporting the College’s social and sports activities.
Cimtas (Ningbo) continues to receive recognition and awards for its contribution to the local social and
business community.
The consolidated annual turnover of Çimtaş and subsidiaries was 250 million USD in fiscal year 2009.
Cimtas (Ningbo), People’s Republic of China
Jeddah - Lamar Towers Project
Kasktaş Kayar Kalıp Altyapı Sondaj Kazık ve Tecrit A.Ş.
Kasktaş began soil engineering and foundation works in 1957 as an internal department of Enka and was
transformed into an individual company in 1975. With a total of 421 personnel including 61 technical and
46 administrative personnel, Kasktaş offers high-quality and economical solutions through its personnel
experienced in geotechnical design and all types of soil engineering and its special geotechnical machinery
and equipment. In addition to having a large and modern machinery park, it continues to add new machinery
and equipment to its fleet in order to meet the current requirements in the area of soil engineering.
Moreover, having successfully completed Third Party Inspection of the ISO 9001:2008 Quality Management
System, administered by BSI in 2009, Kasktaş maintains its activities without compromising on quality. The
Environmental and Occupational Health and Safety System, which had been established in the company
headquarters and the main workshop earlier in 2007, have been extended within the first half of 2009 in
order to include all construction sites both in Turkey and abroad. Its affiliate located in Kingdom of Saudi
Arabia has been also implemented with the ISO 14001 Environmental and OHSAS 18001 Occupational
Health & Safety Management Systems, which have been also certified by BSI in 2009.
The principal projects completed by Kasktaş in 2009 are listed according to their regions here below:
 Turkey: Dynamic compaction and excavation/backfilling works of Kocaeli Areva - ADH2 Manufacturing
Facility for Power Distribution Units Project, ground improvement works by means of jet grouting for
Gebze - İSU Waste Water Plant by Ataç Construction Co., Inc. Project, slurry wall installation, bored
piling and jet grouting works of Zonguldak Çatalağzı Thermal Power Station Water Intake Structure
Project, and bored piling, soil nailing and shotcrete installation works of Maslak - Acıbadem Hospital
Subway Junction Tunnel Project.
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Russia: Diaphragm wall installation of Moscow Paveletskaya Square 2nd Stage Project, bored piling
works of Moscow Festivalnaya Shopping Mall Project, tangent piling, grout injection for tangent piles,
steel pile installation of Moscow City Plot 32 Car Park Project, bored piling of Shatura 400 MW Power
Plant Gas Compression Facility Project, diaphragm wall installation of Moscow Tverskaya Zastava
Square Trade Center & Multi-phase Car Park Project, bored piling and grout injection works of Tula
Cement Factory Project, steel pile installation of Moscow City - Plot 13&14 Project, and secand piling of
Varonej 2 Project.
Algeria: Bored piling of East-West Motorway Eastern Package Camp 7 Project.
Albania: Permanent ground anchoring, micro piling and drain hole installation of Albanian Motorway
Project.
Djibouti: Bored piling of New Embassy Compound of the U.S.A. Project.
Kingdom of Saudi Arabia: Grout blanket installation, dewatering and excavation works of Jeddah Lamar
Towers Project, permanent rock anchoring & bolting works for Makkah - Jabal Omar Project, bored
piling, temporary anchoring, jet grouting and grout blanket installation of Jeddah - Al-Jawhara Tower
Project and bored piling of Jeddah - Red Sea Gateway Terminal Project.
Makkah - Jabal Omar Project
Zawia Desalination Plant
Enka Teknik Genel Müteahhitlik Bakım İşletme Sevk ve İdare A.Ş.
Since its establishment in 1981, Enka Teknik has successfully completed various turnkey projects using its
project management and implementation expertise, covering a full range of basic and detailed engineering,
fabrication, procurement, construction, erection, commissioning, and operation phases to the full satisfaction
of its clients.
Enka Teknik is a preferred partner for turnkey projects, as its expert project management teams proficiently
undertake technical consultancy, spare parts sales operations, management and maintenance services.
Enka Teknik serves investors in Turkey, North Africa, the Middle East, and Central Asia, either as the main
contractor or as a consortium partner in supplies transportation and warehouse systems, support facilities,
water treatment and environmental engineering, infrastructure and construction, electrical, control systems
and instrumentation engineering. The primary objective of Enka Teknik is customer satisfaction achieved by
effectively implementing the principles of the ISO 9001:2008 Quality Management System.
Enka Teknik has total personnel of 69 in its headquarters and a total of 1,910 personnel in construction sites
and Libya Tripoli office.
The Enka Teknik Istanbul Atatürk Airport Free Zone Office which was opened in 2004 carries on its
operations.
Enka Teknik and its consortium partner French company Sidem, are continuing the Zawia, Derna, Soussa
and Zuwara Desalination Plant projects and Zawia Potable Water Pipeline project for the Libyan Electric
Company (GECOL).
In all five projects, Sidem is undertaking procurement of technology and the primary equipment, while Enka
Teknik is undertaking the general facility design, the engineering and material supply as well as the detailed
design for the ancillary facilities, and the entire construction, mechanical and electrical installation works.
Among these plants, Zawia Desalination Plant consists of 4 desalination units, each with a capacity of
20,000 cubic meters per day; the Soussa, Derna and Zuwara Desalination Plants consist of 2 desalination
units each with a capacity of 20,000 cubic meter per day. The Zawia Potable Water Pipeline Project will
distribute clean water from the Zawia Desalination Plant to cities by using 125 kilometers of piping and
11 water storage tanks and 4 pumping stations.
The initial potable water productions were realized and test productions were started at the Derna
Desalination Plant and Soussa Desalination Plant in 2009.
Apart from these projects, Enka Teknik is continuing the construction of power plant in Libya. The Zwitina
2x285 MW Power Plant Project is a turnkey contract to add 570 MW production capacity to the existing
Zwitina Power Plant located in Benghazi area, Libya, and consists of the turnkey contract for the simple cycle
gas tribune-generator groups and their ancillary facilities. The turbines and generators are currently being
assembled and the first fire took place in 2009. The commissioning is scheduled for 2010.
Enka Teknik is utilizing all necessary engineering, project management and site works to enable timely
completion of all projects as scheduled and the value of contracts as of the end of 2009 is 230 million EUR.
Zwitina 2x285 MW Power Plant Project
Sour Gas Injection Project
Senimdi Kurylys L.L.P.
Enka has been actively involved for 16 years in the construction of petrochemical facilities in Kazakhstan
since establishing a joint venture partnership with Bechtel in 1993. The Bechtel-Enka partnership provides
engineering, construction, project management, and procurement services for the employer, Tengizchevroil.
Works to expand, upgrade and develop the Tengiz and Korolev oil fields are among the partnership's
activities.
Enka and Bechtel established a Kazakh company in 2000 named Senimdi Kurylys and transferred their
operations to this company, which has assumed the obligations under the OM 202 contract, signed with the
employer. Senimdi Kurylys is an equally owned limited liability partnership of Enka and Bechtel in
Kazakhstan, subject to Kazakh legislation and regulations and currently has license to execute an extensive
range of engineering, procurement and construction services in the Republic of Kazakhstan.
The internal quality management procedures and plans of Senimdi Kurylys are in place, and the company
has the ISO 9001 Quality Management System and OHSAS 18001 Occupational Health and Safety
Management System certificates.
Senimdi Kurylys has completed two large-scale projects; the world's largest single-train sour crude oil
processing facility Second Generation Project (SGP) and Sour Gas Injection Project (SGI), with which the
annual production capacity of the Tengiz Oil Field has increased from 13 million tons to 25 million tons.
The total revenue of SGP and SGI is realized in the sum of 640 million USD. During peak, a total of 6,000
people were employed at SGP project including 500 technical and administrative personnel. The total
employed people were 1,000 at SGI including 150 technical and administrative personnel.
In 2009, Senimdi Kurylys has realized a revenue of 26 million USD under its ongoing operations and
maintenance contract with Tengizchevroil.
Rreshen-Kalimash Motorway Project Excavation Works
Titaş Toprak İnşaat ve Taahhüt A.Ş.
Founded in 1974, Titaş with its experience of 36 years proceeds to complete any kind of undertaken works
by integrating modern construction machinery with the contemporary technology with team spirit
demonstrating high quality.
Titaş increasing its capacity in earthworks over 15 million cubic meters per year has been successfully
carrying out municipal domestic water distribution networks and housing waste water networks as well as
collectors and roads, pavements, energy, communication, natural gas, heating-cooling networks in university
campuses, industrial and public housing complexes during their construction; drainage, excavationbackfilling works and quarrying-crushing operation of highway projects under construction work schedules.
Basic element of such success of Titaş is the rational harmony of its infrastructure experience earned over
many years with the latest engineering technology and high team spirit of its employees.
Works on the Rreshen-Kalimash Motorway Project in Albania commenced in 2007 has completed in 2009.
Excavation-backfilling works with approximately 12 million cubic meters earthmoving, construction of various
size reinforced concrete vents and culverts along 9.5 kilometer part of the 61 kilometer highway undertaken
by job owner Bechtel-Enka (BEJV) is completed this year in accordance with the work schedule. Due to the
geological condition of land, more than 60% of the excavation-backfilling works under the scope consisted of
blasting excavation works.
In the same project, another part of the scope covering the quarry operations and stone crushing plant
supplying approximately 3.5 million tons of sub-base, sub-grade, asphalt, drainage and concrete aggregate
has been completed in accordance with planned capacities.
As of the end of 2009, Titaş has employed a total of 350 people, and has achieved ‘zero accident’ during the
project.
Enet Proje Araştırma ve Müşavirlik A.Ş.
Since its foundation in 1980, Enet has provided design and engineering services for Enka's domestic and
international construction projects. Additionally, industrial complexes; power facilities; transportation systems
such as motorways, highways, railways and the maintenance-management facilities, bridges, viaducts,
tunnels, and minor structures thereon; military airports; housing complexes; education and health service
centers; public and commercial buildings; water supply, drainage and treatment projects; as well as hydraulic
structures are included in Enet's main fields of expertise as consultants for public and private companies.
In this context, Enet provides complete engineering services including planning and program monitoring,
preliminary and execution designs, estimation, survey, specification and technical control, construction
control engineering services, consultancy services, and survey services at top quality levels.
Some projects performed by Enet in 2009 are:
The survey, groundwork and project engineering services for the contract for the two-lane fast train railway
project for the distance of 297 kilometers between Sivas and Erzincan comprising the 1st phase of the SivasErzincan-Erzurum-Kars Railway Project of the Ministry of Transportation, General Directorate of Seaports
and Airports (DLH) undertaken by the Altınok-Enet partnership which was signed earlier. The DivriğiErzincan section under Enet’s responsibility comprises 155 kilometer double-track railway, 35.3 kilometer
two-lane tunnels, 22.4 kilometer double-apron viaducts, two stations and, under subcontractor responsibility,
electrical and signalization works, geological and geotechnical tests and evaluation, mapping and plotting,
feasibility reports and environmental impact assessment reports.
Enet has been successfully provided project design services for interchange in front of the Istanbul Ataturk
Airport uninterrupted supply for the provision of transport which was tendered to OZKA İnşaat A.Ş. by
Istanbul Metropolitan Municipality. The scope of the project includes 7,750 meters road, 1,400 meters
retaining wall and 2,348 square meters of art structures. Construction of interchange has been planned to be
completed in April 2010.
Enet has performed engineering services for the Enka’s project in Romania, the Transylvanian Motorway,
design works of local road relocations and hydrotechnics. Earthwork quantity calculations were done for
construction site of the Blue City Project in Oman. Enet has also prepared quantity estimation calculations of
earthworks and civil structures during Enka’s tender preparation works for Muscat International Airport.
During Enka’s tender preparation process for Kosovo Motorway, which is 117 kilometers and located from
Albanian border crossing by Prishtina and continue north to the border with Serbia, Enet has prepared
quantity calculations of earthworks and structures.
In addition to this, Enet has done quantity calculations of earthwork and structures of Moscow-St Petersburg
(M10) motorway which is approximately 80 kilometers (including access roads) and Balıkesir Windfarm
Project’s access roads which is 35 kilometers.
Interchange in front of İstanbul Atatürk Airport
ENERGY
Following the decision of the Turkish government in the 1970s to utilize the lignite coal reserves in
southeastern Turkey, Enka began to take part in energy projects, realizing the fabrication and erection of
steel structures of the thermal power plants 1x150 MW Tunçbilek, 3x210 MW Yatağan, 2x210 MW Yeniköy,
and 3x210 MW Kemerköy respectively.
The experience gained through these projects enabled Enka to extend the scope of its responsibility in
subsequent turnkey power projects, either as a consortium member or a joint venture partner. Consequently,
Enka participated in the building and commissioning of the 1,200 MW Hamitabat and 1,400 MW Bursa
natural gas combined cycle power plants; 3,854 MW Gebze, Adapazarı and Izmir natural gas combined
cycle plants; 790 MW Rijnmond (the Netherlands) natural gas combined cycle plant and the 4x360 MW Afşin
Elbistan-B thermal power plant.
The contract for the turnkey engineering, procurement, erection and commissioning services of the 400 MW
combined cycle power plant in Yajva (Russia) has been signed in 2008 and the project is scheduled to be
completed in 2011.
Gebze Elektrik Üretim Ltd. Şti.
Adapazarı Elektrik Üretim Ltd. Şti.
İzmir Elektrik Üretim Ltd. Şti.
Established in 1997 as a 40%-60% partnership of Enka and InterGen respectively, InterGen-Enka was
awarded by the General Directorate of TEAŞ and the Ministry of Energy and Natural Resources the turnkey
construction and operation of the Gebze, Adapazarı and İzmir natural gas combined cycle power plants with
a total installed capacity of 3,854 MW in accordance with the Build-Own-Operate model.
Financed 25% by equity and 75% by project finance, the total investment amount for three plants is
2.04 billion USD. In this scope, the individual amounts committed by international financial institutions
totaling 1.53 billion USD are as follows: 860 million USD by US Exim (USA), 185 million USD by Hermes
(Germany), 125 million USD by OND (Belgium), 300 million USD by OPIC (USA), and 60 million USD by
various commercial banks.
The Environmental Impact Assessment Report completed in accordance with the format of the Ministry of
Environment has received the official approval of the Ministry. In addition, an Environmental Impact
Assessment Report for these plants, which are financed through the contribution of foreign project loans,
was prepared for the exclusive review of the export credit agencies in accordance with the World Bank
environmental guidelines and duly approved as it indicated minimum levels. Similar to today's prevalent
technology employed at natural gas combined cycle power plants around the world, the Adapazarı, Gebze
and İzmir plants operate below the minimum criteria regarding air quality protection, water pollution and
noise control regulations, and they are an exemplary array of investments in the field of energy in Turkey.
The turnkey construction of the Gebze, Adapazarı and İzmir natural gas combined cycle power plants was
awarded to the Bechtel-Enka Joint Venture, where Enka had a 50% share. Of these projects launched in
2000, the Gebze and Adapazarı plants were commissioned in 2002 and the İzmir plant in 2003. Together
with its partner InterGen, Enka has thus become the largest electricity producer in the private sector in
Turkey after the plants began to operate.
Adapazarı and Gebze Natural Gas Combined Cycle Power Plants
The electricity production companies have signed a 20-year Natural Gas Sales Contract with BOTAŞ and
a 20-year Electricity Sales Agreement with Turkish Electricity Trading Corporation (TETAŞ). As this 20-year
period includes the project development and construction phases, the contract period is essentially 16 years,
starting with the commissioning of the plants. The electricity generated in the plants is sold to TETAŞ, as
pronounced by the Electricity Sales Agreement, in accordance with an average tariff of 4.2 US cents per
kilowatt-hour. This makes it the cheapest electricity sold to public authorities by a private producer. Through
the use of advanced technology employed in the plants as well as the low financing costs, the Electricity
Sales Price consists of four components, namely investment costs, fuel costs, fixed operating costs, and
variable operating costs.
Among these, fuel costs item is a pass-through item, and the changes in natural gas prices are proportionally
reflected on the sales price. Thus, Enka does not take any price risks with regard to natural gas.
Enka's shares that were 40% at the completion of the plants increased following the commercial operation of
the plants, with the acquisition of all shares owned by its partner InterGen. Thus, Enka became the sole
owner of the electricity production companies.
A report conducted by TEİAŞ stated that Turkey's energy demand for 2009 was a total of 194 billion kilowatthours. Accordingly, our plants with their collective annual generation capacity of 33 billion kilowatt-hours are
capable of meeting 17% of Turkey's aggregate energy demand.
İzmir Natural Gas Combined Cycle Power Plant
Enka Enerji Üretim A.Ş.
Enka Enerji Üretim A.Ş. was established in order to investigate the investment potentials to cover the rising
energy demand of Turkey and to make investments in this field.
In accordance with this, an imported coal fired power plant with 800MWm/750MWe installed power capacity
at Izmir, Aliağa has been planned to be built and the application for the production license of such was made
to the Energy Market Regulatory Authority in June 2007 with a Production License demand for 49 years. On
March 6, 2008, the Energy Market Regulatory Authority has deemed to issue a production license and
prepared such a license in the name of Enka Enerji. Most of the necessary land has been purchased and
application to the municipality for the development plan amendment has been made accordingly.
Furthermore, the Environmental Impact Assessment Report has been completed and submitted to the
Ministry of Environment and Forestry. Current activities cover preliminary engineering works and reception of
necessary permits.
REAL ESTATE
The revenue of Enka generated from the hotel and office area in Moscow has reached to 283 million USD
in 2009. As of the year end Enka owns approximately 330,000 square meters of net rentable class-A office
area, a hotel with 235 keys and 226,000 square meters of net retail rentable area.
Paveletskaya Business Center
Enka Invest
Since 1995, Enka has accelerated its real estate investments in Moscow without engaging in partnerships. In
this context there are 12 buildings with a total of 234,700 square meters of net rentable area as of the end of
2009. All office space in the Paveletsky A, B and C blocks, office buildings 17, 19, 21 and 23 on Sretenka
Street, Tsvetnoy Palazzo, Chapligina House, and Naberezhnaya Tower A, B and C host international
companies that are leaders in their various industries.
As an investment project of Enka, a business center consisting of three office buildings called Naberezhnaya
Tower has been built within the Moscow City Project, which is erected on 100 hectares of land in the west of
Moscow city center, including 2.5 million square meters of office space, a hotel as well as shopping and
recreation facilities. The 17-storey first building of Naberezhnaya Tower with a net rentable area of about
20,100 square meters became operational in the last quarter of 2004, and the 27-storey second building with
a net rentable area of 30,100 square meters in the last quarter of 2005 and were offered to the services of
the tenants.
The construction of the third and last phase of the Naberezhnaya Tower with 60 storeys, 168,000 square
meter gross area and a net rentable area of 112,800 square meters was completed by the end of 2007. As
of the end of the year, 77,700 square meters was rented by tenants. With the completion of this building, the
net rentable class-A office space that Enka is the sole owner of has reached 234,700 square meters.
The fact that the first rent contract concerning the skyscraper, which is one of the buildings that have been
equipped with numerous security and technical control systems through the application of smart building
technology, has been signed 14 months before the actual completion date is an indication of the trust for
Enka, a company that has always performed work of superior quality.
Apart from these office buildings, the construction of the planned multi-purpose complex in Taganskaya will
not start until improvements in market conditions are witnessed.
Naberezhnaya Tower
Kapitoliy-Vernadskovo Shopping Center
Enka TC
Enka TC, formerly Ramenka, was established in Moscow as a 50%-50% equal partnership of Enka and
Migros in 1997 to establish shopping centers and supermarket chains in Russia and in November of the
same year launched its first Ramstore hypermarket and shopping center in the Kuntsevo district of Moscow,
which was constructed by Enka on a total area of 19,400 square meters. The company continued its growth
and opened its second hypermarket and shopping center Marina Rosha despite the economic crisis in
Russia in 1998. Adhering to high quality standards, Enka completed the construction of the 32,500 square
meters Marina Rosha shopping center in a short time.
Later on, between 1999 and 2003, 23 new stores were opened increasing the number of stores to 25 and
the number of shopping centers to 6 by the end of 2003. Regions out of Moscow started to be covered the
same year by the opening of stores at Krasnoyarsk, Kazan and Nizhiy Novgorod. Despite some of them
closing between 2004 and 2007 the numbers of stores were increased to 53 and the shopping centers to 10.
By the decision of concentrating only to Moscow region Enka TC will operate 17 markets in 2010.
The company used its own sources as well as International Finance Corporation (IFC) or commercial bank
loans for its investments. Total of 170.5 million USD loans have been used between 1998 and 2006 from
IFC. All of these facilities have been repaid in 2008 before their maturity dates.
Apart from the stores in shopping centers, the company started renting large scale offices in 2007 by renting
offices at the Vernadskova complex.
By purchasing the 50% share of Migros in 2007, Enka became the sole owner of the company and
consequently renamed it as Enka TC. In line with concentrating on rental as the main company line of
business, it has been decided to transfer the hypermarkets operated at the Moscow and St. Petersburg
shopping centers to Auchan by renting them. Upon completion of this operation the rentable space of Enka
TC increased from 167,000 square meters to 226,000 square meters. The 89 million USD rent income
realized in 2007 has increased to 125 million USD in 2008. Due to crises conditions rent income has
decreased to 120 million USD in 2009. It is planned for the company to pull out of the retailing segment and
solely concentrating on renting within time.
Shopping malls which owned by Enka TC and had been operated under “Ramstore” brand name started to
be operated under “Kapitoliy” brand name in 2009. Also, supermarket brand name “Ramstore” has been
renamed as “Citystore” starting from the January 2010.
Two of the most significant shopping mall developments of Enka TC won the “Best Shopping Center” awards
of the Commercial Real Estate Committee in Russia. Kapitoliy Shopping Mall in St. Petersburg was honored
with the “Best Shopping Center of St. Petersburg” award in 2006, and Kapitoliy-Vernadskovo Shopping Mall
in Moscow received the “Best Large-Scale Shopping Mall of Moscow” award of CRE in 2007. Besides,
Kapitoliy-Sevastopolsky Shopping Mall in Moscow has been awarded by the Mayor of Moscow as “The Most
Convenient Shopping Center in the South-East Administrative District of Moscow”.
Enka TC has started the project development process for re-developing its existing shopping center in
Kuntsevo which was opened in 1997. In the project, existing shopping center with total 19,400 square meters
are planned to be demolished and rebuild, as modern shopping center with net leasable area of 57,500
square meters, an office space with net leasable area of 14,300 square meters and a residential complex
with a net saleable area 23,500 square meters, a car park with a space of 2,050 cars and with approximately
a building area of 252,000 square meters in total. It has been planned to start the construction works in the
second half of 2010. Besides project development process for shopping center in Belyaevo which will
increase total area from 28,700 square meters by 13,000 square meters has started. Also, a mixed use
project is planned within the land plot of the Vernadskovo Shopping Center. In addition, it is intended to start
planning in 2010 for re-development projects for shopping centers in Marino Roscha and Kashirskaya.
Kapitoliy-Vernadskovo Shopping Center
Riverside Towers
JSC Moskva Krasnye Holmy
Having signed an investment agreement with a number of Russian partners that include the Municipality of
Moscow, Enka has established a company called Moskva Krasnye Holmy (MKH) with the specific aim to
develop, in five progressive stages, the Russian Cultural Center that includes office buildings, trade, cultural
and sports centers on a land plot of seven hectares which was leased for 49 years. Enka owns 56% of this
company which begun its operations in the summer of 1995 and so far has completed construction of
163,000 square meters of office, hotel, conference center, art gallery and car park buildings. The complex,
known as Riverside Towers®, accommodates some of the major multinational companies of the world and is
regarded as one of the best office complex in Moscow. A five-star hotel with 235 rooms, managed under the
name “Swissôtel Krasnye Holmy” by the Swissôtel group, began to operate in June 2005, and in autumn
2008 it’s panoramic bar located at 34th floor has been selected as one of the World’s Top 10 Bars. At the
end of 2009, with the completion of its new buildings, its rentable office area reached 63,000 square meters.
The corporate policy of the company emphasizes institutionalization and dictates that productivity and
profitability excel by employing the finest local staff and the best local companies to work with a core team of
Turkish administrators.
In October 2009, the company put under operation its last two buildings and consequently completed all of
its investments on its own land. The company's 2009 turnover was about 78 million USD.
JSC Moskva Krasnye Holmy employees, including the hotel, have reached to 550 people, 20 of whom are of
Turkish nationality, in addition to an outsourced workforce of 160 employees.
JSC Mosenka
Beginning in 1991, Enka capitalized on its good business relations in Russia as well as the steady economic
progress of the country and founded Mosenka in Moscow with Russian partners as the first real estate
investment company, which introduced to the country the western quality real estate services. Enka is an
80% partner in Mosenka, which developed and rented out office space, aiming to meet the increasing
demand in Moscow. To date, Mosenka has reconstructed six historic buildings with a total construction area
of 46,536 square meters and a total rentable area of approximately 33,000 square meters, converting them
to modern office buildings all of which are fully rented out. The 70 tenants of Mosenka include various
international companies such as Deutsche Bank, Goodyear, Lego, Dow Chemical, Pfizer, Thyssen Krupp,
Air Liquide and Allianz. The turnover of Mosenka was approximately 26 million USD in 2009.
Some Mosenka Office Buildings
TRADING AND MANUFACTURING
In 2009, the contribution of the trading and manufacturing segment, in Enka’s consolidated turnover is 315
million USD. In the trading segment the major portion is achieved by Enka Pazarlama with 222 million USD
turnover.
Enka Pazarlama İhracat İthalat A.Ş.
Established in 1972, Enka Pazarlama began its activities with the sales and servicing of Hitachi excavators
and Kawasaki wheel loaders and has become the representative of numerous well known international
brands of machinery and equipment. Focusing on heavy construction equipment and machinery, heavy
vehicles and industrial products, Enka Pazarlama is providing service, support and after sales service to all
of their customers all around in Turkey, through its TSE approved 4 regional branches, 2 sales offices and
over 109 dealers.
With ongoing plant investments Enka Pazarlama’s primary center is Tuzla and owns regional offices an
provides services in İstanbul on a total area of 15,200 square meters of which 7,500 square meters is
covered area; in Ankara, on a total area of 12,000 square meters of which 4,800 square meters is covered
area; in İzmir, on a total area of 13,450 square meters of which 4,882 square meters is covered area; and in
Adana, on a total area of 8,400 square meters of which 1,800 square meters is covered area.
Enka Pazarlama - Ankara Facility
Enka Finansal Kiralama A.Ş. has been established as a subsidiary of Enka Pazarlama, with a capital of
6 million TL, in the second half of 2009. With the experienced staff and knowledge, the company is trying to
support the customers of Enka Pazarlama for all products, by providing finance through leasing. Within a
very short period of time the sales figures have reached the amount of 2 million EUR, which is an indication
of the growth capacity in the coming years.
Enka Marketing is the distributor of the world's leading manufacturers, brands and products here in are:
As a distributor of the world’s leading manufacturers, Enka Pazarlama supplies the following products and
brands.
Machinery Group:

Hitachi
: Hydraulic excavators, rigid dump trucks, crawler cranes and wheel loaders

Kawasaki
: Wheel loaders and wheel dozers

Mitsubishi
: Motor graders

Tadano, Tadano-Faun : All kinds of mobile cranes

D&A
: Hydraulic breakers

MKB
: Hydraulic breakers

Hammel
: Recycling equipment

Mewa
: Recycling technologies

Tana
: Compactors

Yongmao
: Tower cranes

Bell
: Articulated dump trucks

Terex Fuchs
: Handling machinery

Hartl
: Mobile crushers and screeners
Truck and Trailer Group:

Iveco
: Trucks and tractors

Astra
: Heavy duty trucks and tractors

Schmitz
: Trailers

FFB
: Silo and tanker type trailers

Cometto
: Heavy material handling equipment
Industrial Products:

TCM – TAILIFT
: Forklifts

FPT (Iveco Motors)
: Marine engines, generators and industrial engines

Mitsubishi
: Marine engines, industrial engines

HANSHIN
: Marine engines for ships

SDMO
: Generators and lighting systems

NK – POWER
: Generators
In parallel to the world economic crisis in 2009, Enka Pazarlama’s turnover was also affected. In spite of the
contraction in the Turkish Market, Enka Pazarlama succeeded to increase it’s market share and kept the
market leader position for hydraulic excavators again in 2009, with Hitachi excavators. To turn this
economical crisis into an opportunity, the company has been trying to add new brands and products to the
portfolio and to make new distribution agreements. As a result, a new principle distributorship agreement has
been made with the German company CLAAS which is a producer of agricultural equipment.
The company's turnover in 2009 is realized as 222 million USD.
Pimaş Plastik İnşaat Malzemeleri A.Ş.
Established in 1963 for the purpose of producing construction materials, Pimaş continues its business today
worldwide. From the first day until today, it was and is always the pioneer in producing high quality products
in all categories within the scope of its business. Assuming ‘Customer Satisfaction’ as its credo, Pimaş
fought for years against unfair competition. Thanks to its experienced specialized staff, Pimaş contributes to
the development of good products and good production applications and standards in our country for the
benefit of very esteemed customers. Having a good fame for quality of all its brand products in all categories
Pimaş is a specialized and institutionalized corporation.
The brand “Pimapen” of Turkey’s first PVC-Window having been started to be produced first in 1982,
became the generic name in Turkey for both the windows products made of PVC as well as the business
sector itself. Thus, Pimaş grew rapidly with its sub-industries and all the countrywide suppliers, co-producers,
and retail, dealer and distributor network employing now thousands of people. A so-called “PEN-Sector” has
been created by emulating the brand name ‘Pimapen’. Today, the said “Pen-Sector” has been turned into a
giant business sector providing job for more than 80.000 people countrywide. All the retail dealers and
distributors of the Pimaş brands: Pimapen, Pimaş Siding, Pimaş Camoda, Pimawood, DWT and Maestro
with their more than 1.300 sales points spread out throughout the country, bear the responsibility for being in
leading position in the market thanks to and by their good productions and good constructive applications
always in compliance with Pimaş standards. Moreover, Pimapen provides its high quality products and
services also worldwide through its more than 600 window manufacturers in 29 countries.
A modern and state-of-the-art laboratory with high technology where research & development works as well
as all the product specific tests are performed in accordance with the Turkish Standards (TSE), the
European Norms (EN) as well as the German Industry Norms (DIN), is available in Pimaş’s main production
facilities in Gebze, Turkey. ‘Pimapen’ is the first TSE-quality-certified brand in the PVC-made windows sector
in Turkey. Furthermore, it has also the most comprehensive ISO 9001 (ABS Quality Evaluations) Certificate
covering certification of quality management of the design development, production, facilities and services,
besides the Environment Management System Certificate ISO 14001, and the Russian GOST-R Certificate.
Having also been duly certified by the German RAL Quality Alliance For Plastic Window Profiles, Pimapen is
also a member of the Federation of European Plastic Windows Manufactures Associations. The Pimapen
profiles are tested by the German SKZ (Süddeutsches Kunststoff-Zentrum). Pimapen has also all the
necessary Certificates of Conformity as requested by all those countries to which Pimaş products are
exported. The other quality certificates in possession of Pimapen are: the INCERC Certificate as provided by
the Romanian Ministry of Public Works, Construction, Economy and Research Commission; the EMI
Certificate as provided by the Hungarian Standards Institute, and the Certificate of Conformity with
Standards as provided by the Ukrainian Technical Standards Institute.
Pimaş Gebze Factory
Pimapen is the first and the only brand that is certified by TURQUALITY, the first and the only governmentsupported brandization program. TURQUALITY is a support platform formed for the creation of strong
brands providing much more added-value and market share to companies intending to appear in the
international arena.
As 15% of its production is exported, Pimaş resolved to invest in the countries of its main-export in order to
stay permanently and become much more effective in these countries. Pursuant to this investment decision,
the company Enwinrus, a subsidiary of Pimaş, completed within 2007 its investment program in Russia
totaling to 15 million USD, and at the end of the same year started the production in its PVC window profile
facility in Rostov having an annual production capacity of 6,000 tons.
Now celebrating its forty-seventh year of establishment, Pimaş employs, as of end of 2009, a total of 198
employees of which 122 people are technical and administrative staff. The annual sales turnover of the
company is 66 million USD in 2009, of which a total of 10,6 million USD being its export volume.
Entaş Nakliyat ve Turizm A.Ş.
Entaş was established in 1976 and became a member of IATA (International Air Transport Association) in
1982. Entaş is a member of ASTA (American Society of Travel Agents) and UFTAA (Universal Federation of
Travel Agents Associations) as well as national organizations such as TÜRSAB (Association of Turkish
Travel Agents) and İSAD (Association of İstanbul Travel Agents).
Entaş, with its excellent and high-quality approach to offering services, has secured a lasting position in the
sector and offers diverse cultural and business travel alternatives according to individual and group
requirements of national and international customers.
Entaş’s mission is to accurately comprehend customers’ requests, improve the quality of services, closely
follow the latest developments all over the world and have them implemented also in Turkey, strive to
contribute to the development of the occupation and the sector, and most importantly, to maintain its
extensive service approach and a lasting collaboration through creating customer satisfaction. Entaş
pioneered the utilization in Turkey of the latest on-line international reservation systems such as Amadeus,
Galileo and Troya and can offer customers a wide range of services, including providing worldwide airline
tickets; hotel reservations; rent-a-car services; private business trip and holiday organizations; city tours with
or without a professional tour guide; transfers; private plane rental services and VIP services; organization of
congresses, seminars, fairs, and symposia; dealership conventions and motivational trips and cruises;
catering services; internal organizations for corporate clients such as personnel dinners, award ceremonies,
special days, and launch organizations; procuring singers/artists and technical equipment, decoration, stage
design services; boat cruise organizations, Blue Voyage and special rail and cruise packages; special
packages concerning cultural, religious, sports, health, adventure, and nature tourism; special programs for
educational and language schools; private luxury packages for individuals and groups, visa services, and
travel insurance services.
In addition to giving call center services, Entaş is able to provide detailed purchasing reports in accordance
with its corporate customers’ demands and to automatically forward such reports to the related persons in
the requested period of time. The purchasing tendency and performance that can thus be determined in this
way is used by customers both for “internal audit” and “special agreement” reasons.
Entaş has preserved its leader status over the years, consistently ranking among the top five national
agencies in airline ticket sales for the past ten years and the first among the agencies serving at a single
location without any branch offices.
Airenka Hava Taşımacılığı A.Ş.
Airenka Hava Taşımacılığı A.Ş. was established following the issue of its Operation License, no. 2002-HT04, dated April 22, 2002, by the General Directorate of Civil Aviation, and as of that date, it was authorized
as an air taxi operator in domestic and international routes.
Hawker 900XP Type Corporate Jet
Beechjet 400A Type Corporate Jet
Airenka operates a Beechjet 400A aircraft and Hawker 900XP aircraft manufactured by Raytheon Aircraft in
1997 and 2009, respectively, with the latest on-board flight technology. The highly experienced flight teams
regularly advance and refresh their training in the U.S., in compliance with international aviation rules and
regulations. The Company has completed a total of 382 flight hours to 90 different cities located on
3 continents.
FOUNDATION
Sadi Gülçelik Sports Complex
Enka Foundation
The intellectual basis of the Enka Foundation, which was founded in 1983, is premised on upholding the
foundation tradition at the core of our culture with an ideal to advance the triple pursuit of human civilization.
Accordingly, elevating Turkish youth to modern levels in athletics, fostering education and social structure
constitutes the foundation’s natural mission. Sadi Gülçelik Sports Complex, as a concrete fulfillment of this
mission, was founded in 1983 on the gentle slopes of İstinye in İstanbul on 30 acres of land.
Enka Sports Club, which is contained by Enka Foundation, later followed by Enka Schools in İstinye in 1996,
Enka Schools in Adapazarı launched just after 1999 earthquake and Private Enka Technical and Industry
Vocational High School launched in 2008 with Enka Culture and Arts, work towards disseminating and
sharing the wealth of this heritage with a society at large.
Enka Sports Club
Enka Sports Club, which is involved in its sports events as of 2009, has trained and participated in national
and international competitions with 706 licensed athletes and 51 trainers, whom are expert on their event.
With 217 athletes in track and field, 225 swimmers, 92 players in tennis, 74 in water polo, 42 in volleyball,
18 in basketball, 25 in skiing and snowboard, 10 in triathlon and 3 in synchronized swimming, all of whom
are actively licensed, the goal oriented sports club adds new successes to its achievements each season.
Enka Sports Club recruits talented young people in national athletes per annum. As of 2009, 467 licensed
athletes have been trained in order to be future stars in young trainees. Enka Sports Club is built on a solid
infrastructure initially consisting of our sports schools as well as the students of the Enka Schools and
talented young people who come from a wide social background.
A race at Sadi Gülçelik Sports Complex
Track and Field
In track and field, Enka Sports Club has 389 active athletes in total, including 42 athletes competing in the
National Team, 217 active licensed athletes and 172 get in on formative stages. Every year, Enka Sports
Club selects candidates to train out of thousands of students in Sarıyer and the surrounding school districts.
With its modern facilities our club is pointed out as a model in Turkey and trains athletes not only from
İstanbul but all over Turkey.
Sultan Haydar, in the season of 2009, became the Champion in the 1500-meter at the European
Championship U23 and at the European Cross-country Championship in the U23 category. Elvan
Abeylegesse, who has double Olympics Silver medals, became the Champion with a time of 31:51.98 in the
10,000-meter at the Mediterranean Games. Pınar Aday became the World Champion in the 100 meters
Hurdles and Long Jump at the ISF World High Schools Championship. In addition to this, she renewed the
Stars National Record in the 60-meter and 100-meter Hurdles, Long Jump and Heptathlon. Halit Kılıç
became the World Champion in the 800-meter at the ISF World High Schools Championship; became the
Champion in the 800-meter at the EYOF European Youth Games and renewed the Starts National Record in
the 400-meter. Merve Aydın, who came second at the World Youth in 2008, came sixth in the European in
the 400-meter at the European Youth Championship. Ali Ekber Kayaş, Mustafa Delioğlu and Tuncay Örs,
whom are involved in the 4x100-meter relay national team, came third at the Mediterranean Games. Ezgi
Sevilmiş came fourth in the High Jump at the Mediterranean Games.
As a team, while U16 Girls, Stars Hall League in girls and boys and Throwing League in stars boys became
Champion, the league of Adults, Youth and Stars came second.
Renewed National Records by our athletes in 2009:
Result Event
Date
Pınar Aday (16) 07.10.1993
8,62 60m Hurdle
14.02.2009
8,82 60m Hurdle
14.02.2009
13,78 100m Hurdle 16.06.2009
6,05m Long Jump
25.06.2009
5,87m Long Jump
14.03.2009
4847 Heptathlon
15.08.2009
Pınar Saka (23) 05.11.1985
53,04 400m
06.02.2009
53,36 400m
17.01.2009
53,76 400m
06.02.2009
3:37,37 4x400m Relay 06.03.2009
Ali Ekber Kayaş (22) 05.04.1987
21,85 200m
17.01.2009
46,84 400m
16.07.2009
47,94 400m
21.02.2009
Halit Kılıç (17) 01.03.1992
34,40 300m
16.08.2009
47,69 400m
08.08.2009
47,88 400m
01.07.2009
İzzet Safer (19) 10.07.1990
10,65 100m
09.06.2009
21,97 200m
24.01.2009
22,18 200m
17.01.2009
Buse Arıkazan (15) 08.07.1994
3,52m Pole Vault
14.04.2009
3,50m Pole Vault
11.04.2009
Volkan Karakaş (19) 25.05.1990
17,97m Shot Put
27.02.2009
17,25m Shot Put
29.01.2009
Meliz Redif (20) 26.03.1989
3:37,37 4x400m Relay 06.03.2009
Özge Gürler (24) 17.06.1985
3:37,37 4x400m Relay 06.03.2009
Competition/Place
Record
Turkey Indoor Championship U18 / İzmir
Turkey Indoor Championship U18 / İzmir
Turkey Stars Championship / Bursa
ISF World High Schools Championship / Tallin-Estonia
Indoor Closing Contests / İzmir
Stars Record Attempt / İzmir
Stars Indoor TR
Stars Indoor TR
Stars TR
Stars TR
Stars Indoor TR
Stars TR
Frank Sevinge Husker Invitation / Lincoln
Holiday Inn Invitational / Lincoln
Frank Sevinge Husker Invitation / Lincoln
European Indoor Championship / Torino
Indoor TR
Indoor TR
Indoor TR
Indoor TR
21st Mondo - Hallenmeeting / Mainhaim
European Championship U23/ Kaunas-Lithuania
Balkan Indoor Championship / Athens
U23 Indoor TR
U23 TR
U23 Indoor TR
İstanbul Adults First / Burhan Felek
Balkan Stars Championship / Ankara
Youth League Qualifiers
Stars TR
Stars TR
Stars TR
Super League 2nd Stage / Bursa
Hallenmeisterschaften / Sindelfingen
21. Mondo-Hallenmeeting / Mainhaim
Youth TR
Youth Indoor TR
Youth TR
Ministry of Education Province Schools Comp. / Ankara Stars TR
Running Track Opening Competitions / Ankara
Stars TR
Throwing of Winter Championship / Mersin
Youth-Adults Turkey Indoor Championship / İzmir
Youth TR
Youth Indoor TR
Indoor TR
Indoor TR
Team Results:
Senior Women
Senior Men
Junior Women
Junior Men
U18 Women
U18 Men
U16 Women
U16 Men
U18 Women Indoor League
U18 Men Indoor League
Throwing League Stars Men
Second in Turkey
Second in Turkey
Second in Turkey
Second in Turkey
Second in Turkey
Second in Turkey
Champion in Turkey
Third in Turkey
Champion in Turkey
Champion in Turkey
Champion in Turkey
Tennis Courts at Sadi Gülçelik Sports Complex
Tennis
In tennis, we have total 162 active athletes, including 92 active licensed players and 70 young trainees.
In 2009, at the end of the age group tournaments (in the 10, 12, 14, 16, 18 and over age groups), which
were organized by Turkish Tennis Federation (TTF), tennis players of our club won 12 championships,
played in 17 finals and 27 semi-finals in singles. Additionally, in doubles tournaments 21 championships
were won and 24 other finals were played.
On the basis of TTF’s score ranking, which is published every year, Enka’s tennis branch ranked 1st in the
sum of 13,560 points in all age groups. Our 12 players, whom are in the category of the age of 14, 16, 18
and Adults, attended the 8 tournaments on behalf of the National Team. Our Adult Women Team became
the Champion in Turkey at the Touring 1st League.
In the athletics rating of TTF in 2009, Çağla Büyükakçay became 1st in the Women; Melis Sezer became
1st in the Women 18; Tuna Altuna became third in the Men and Cem Hızlıalp became third in the Men 14.
Çağla Büyükakçay has ranked 280th in this year’s WTA classification (2008-382nd, 2007-457th, 2006-668th)
and has continued her international success.
Çağla Büyükakçay became the Champion in singles at the 10,000 USD Women Circuit Tournaments which
took place in Istanbul. Our young tennis player Melis Sezer won singles Champions 5 times at the
International Junior Tournaments. Cem İlkel and Sinan Tuna became the Champion in doubles at the age of
14 Hitit Cup.
Young trainees at swimming lesson
Swimming
In addition to our 225 active licensed players in swimming branch in 2009, there are 132 young trainees.
13 of our swimmers have been able to qualify for the Swimming National Team in 2009.
Yeşim Giresunlu has become our first player at the Mediterranean Games and she became 10th in the
800 meter freestyle with a time of 8:56.33 by breaking the National Record. Nonetheless, Yeşim Giresunlu
has assumed the title to be the first Turkish swimmer who swam the B Final on behalf of Turkey on July 11,
2009 at the European Youth Championship.
While Kemal Erce Eşer broke 21 National Records Engin Yıldırım, has broken the National Record in the 50,
100 and 200 meters freestyle in the 13-14 age categories.
Our swimmers broke total 52 National Records.
Renewed National Records by our athletes in 2009:
Name
Kemal Erce Eşer
Yeşim Giresunlu
Merve Eroğlu
Engin Yıldırım
İlayda Damar
Cansu Burçoğlu
Barışan Ege Fırıldak
Can Yılmaz
Şarık Ömer Tara
Tolga Ozan
Event
50m Breaststroke
50m Breaststroke
50m Breaststroke
50m Breaststroke
50m Breaststroke
50m Breaststroke
100m Breaststroke
100m Breaststroke
100m Breaststroke
100m Breaststroke
100m Breaststroke
200m Breaststroke
200m Breaststroke
50m Breaststroke
50m Breaststroke
50m Breaststroke
50m Breaststroke
50m Breaststroke
50m Breaststroke
100m Breaststroke
100m Breaststroke
400m Freestyle
4x200m Freestyle
400m Freestyle
400m Freestyle
800m Freestyle
1500m Freestyle
4x100m Freestyle
4x100m Freestyle
4x200m Freestyle
4x200m Freestyle
4x200m Freestyle
4x100m Freestyle
4x100m Freestyle
4x100m Medley Relay
4x200m Freestyle
4x200m Freestyle
50m Freestyle
100m Freestyle
200m Freestyle
4x200m Freestyle
4x100m Freestyle
4x200m Freestyle
4x50m Freestyle
4x50m Freestyle
4x50m Freestyle
4x50m Freestyle
Result
00:28:27
00:29:22
00:29:39
00:29:73
00:29:79
00:29:84
01:02:74
01:02:85
01:03:68
01:04:10
01:04:25
02:17:07
02:20:00
00:29:71
00:30:00
00:30:33
00:30:44
00:30:55
00:30:59
01:04:92
01:05:90
04:20:06
08:41:10
04:22:61
04:25:17
08:57:49
17:18:17
04:02:20
04:06:62
08:37:77
08:47:66
08:41:10
04:02:20
04:06:62
04:29:63
08:37:77
08:47:66
00:24:93
00:53:50
01:54:22
08:41:10
04:06:62
08:41:10
01:48:42
01:48:42
01:48:42
01:48:42
Pool
25m
25m
25m
25m
25m
25m
25m
25m
25m
25m
25m
25m
25m
50m
50m
50m
50m
50m
50m
50m
50m
25m
25m
50m
50m
50m
50m
50m
50m
50m
50m
25m
50m
50m
50m
50m
50m
25m
25m
25m
25m
50m
25m
25m
25m
25m
25m
Competition
Turkey Short Lane Final
Winter Cup Final
Turkey High Schools Championship
MEB Selection Competitions
Isf Gynasiade Qatar
Isf Gynasiade Qatar
National Team Selections
TR Open Age Interclubs
Winter Cup Selections
Qualifying in Categories
Isf Gynasiade Qatar
National Team Selections
Multinational Meeting / Athens
Balkan Youths / Çanakkale
Age Group
15-16, 17-18
15-16
15-16
15-16
15-16
15-16
15-16
15-16
15-16
15-16
15-16
15-16
15-16
15-16
15-16
15-16
15-16
15-16
15-16
15-16
15-16
15-16, 17-18, 19+
15-16, 17-18
15-16, 17-18, 19+
15-16, 17-18
15-16, 17-18, 19+
15-16, 17-18
15-16, 17-18
15-16, 17-18
15-16, 17-18, 19+
15-16, 17-18
15-16, 17-18
15-16, 17-18
15-16, 17-18
15-16, 17-18
15-16, 17-18, 19+
15-16, 17-18
13-14
13-14
13-14
15-16, 17-18
15-16, 17-18
15-16, 17-18
13-14
13-14
13-14
13-14
Our swimming team has gained the most important success in its career as being the third in the category of
Women, Men and Total at the Turkey Open Age Swimming Championship.
Champion Water Polo Team
Water Polo
As our teams, which participated in the all Water Polo Federation leagues, became 5th at the Senior 1st
League, 2nd at the U17 League, 2nd U14 League; and became Champion at the U15, U13 and U12
leagues.
Our 15 players took part in the National Team in 2009.
Scholarships and Awards
184 talented and hard working athletes in need of financial support received scholarships during the 20082009 period. Furthermore, 33 trainers and 169 athletes who were successful in four of our categories
received achievement awards in 2009.
Summer and Winter Sports Schools
The Summer and Winter Sports Schools have had a successful year in 2009. Our club offered instruction
and training in swimming, tennis, basketball, volleyball, and football where 1,286 students participated on a
full-day and half-day basis at the Summer Sports Schools, while 1,563 students participated in the Winter
Sports Schools on weekends.
Social Members Activities
Enka Sports Club also offers a fitness center, outdoor and indoor tennis courts, an outdoor Olympic
swimming pool which can be covered in winters, two indoor swimming pools of 25 and 33 meters
respectively, outdoor sports grounds and indoors sports hall, international synthetic track and field ring, and a
health center that cater for our 8,514 members. After the restructuring the recreational center of our club
maintains its activities to provide inexpensive and high quality service primarily to our athletes and our
members in a friendly atmosphere.
Enka Schools – İstanbul
Enka Schools
1,554 students studying at our schools or in various universities are receiving scholarships from Enka group.
Enka Schools – Istanbul
Private Enka Schools; Pre-school, Primary School and High School, for which construction began in 1994
and was completed in a short time, continue to educate 1,190 students with modern methods.
For each of its students, Enka Schools aim:
to prepare them to develop their skills constantly and to the maximum of their capacity;

to lay out mental and behavioral foundations to be encouraged;

notwithstanding their origins, to inoculate the mental and moral habits that cultivate the freedom of

thought and actions for themselves as well as others; and
to help them become towering citizens of Turkey or whichever country they come from.

Established with the aim of becoming the best school and ideal model not only in Turkey but also in the
world, Enka Schools - İstanbul has taken its place in the Turkish educational system and is progressing
decidedly towards this mission with 160 teachers, 34 of whom are foreign and 126 of whom are Turkish and
a total of 241 academic and administrative staff.
Education is being carried out in the Pre-school, Elementary School and High School buildings with 18,000
square meters of usage area on a sports facility campus with exemplary qualities in every aspect, which
aims to introduce the Turkish youth with pre-school sport and raise well trained athletes.
Being in line with the mission and philosophy of Enka Schools, The Primary Years Program (PYP) of the
International Baccalaureate Organization, has been implemented in consistency with the curriculum of the
Ministry of National Education in the 2006-2007 academic year. In the High School the International
Baccalaureate Diploma Program (IBD) is being implemented since the authorization in November, 2005.
Club, after-school and school team activities play a role as important as the academic pursuits in the
educational program. These activities emphasize the development of leadership, communication skills and
responsibility as well as the sense of discovery and self confidence, that improve personal aptitude and
interest of students and help them prepare for a future life, in order to become responsible citizens, sensitive
towards the less affluent in the society. Through the clubs founded to this end, such as the Model United
Nations, Socrates, Bio-diversity, Community Service, and International Chain of Awareness, our students
represent the Enka Schools with excellence in various organizations both in Turkey and abroad.
In snowboarding our students won four national championships, one second place, and two third places
while they won one third place in skiing. In swimming our swimmers achieved six national championships,
two second places and ten third places. The girls’ junior swimming team broke the 4x200m freestyle relay
National Record at the Ministry of Education Junior National Swimming Championship. In addition to these
achievements, our swimmers received one third place, four second places; and won eight championships at
the Balkan Junior Swimming Championship, which took place in Çanakkale. At this event not only did our
team become the Balkan Champions but also they broke the National Record with their performance. The
girls’ junior tennis team won the National Championship last year, qualifying for the World Junior Tennis
Championship that was held in Belgium in 2009. Our team represented our country successfully by finishing
the event in the 7th place among 14 participating countries.
Classrooms with technologic educational equipment as well as fully-equipped chemistry and physics
laboratories are in the service of the students. All teachers have their own laptop computers and the
curriculum is being supported by technology in many levels. During the 2007–2008 academic year a multipurpose hall which contains the high school canteen was put into operation.
The school celebrated its first High School graduates in 2008 and they have all entered universities either in
Turkey or overseas.
Enka Schools – Adapazarı
Adapazarı Enka Schools was established in September 1999 near Çamyolu district in Adapazarı, just after
the Marmara Earthquake, with 240 students that half of them were boarding. The primary school was
established in September 1999 and High School was established in September 2002. Since foreign
language education got importance in education process in our country, classical high school was closed
after graduation of those students and in July 2007 Enka Private Anatolian High School was established.
Enka Schools are in a process of being an international school and have been a candidate school of Primary
Years Programme (PYP) of International Baccalaureate Organization (IBO) since September 2008.
Enka Schools - Adapazarı
There are 594 students and 80 teachers from pre-school to 12th grade for 2009-2010 academic year in
Adapazarı Enka Schools. With decrease in application of earthquake affected students, in following four
years the school administration aimed to reduce number of students to 20 in each classroom and 560 in
total, in order to benefit more effectively from the physical conditions. The school facilities include an indoor
swimming pool, a sports hall, athletics track, students' dormitory for 60 students, dance hall, theatre hall,
cafeteria for students, social lounge for teachers, libraries with over 31,000 volumes and different types of
laboratories for different subjects. The school has accepted modern education approaches as it is in İstanbul
Enka. The school is financially supported by the fund that was formed by Enka Foundation’s Management
Council. After the school has become an economic management in 2008, 15% of expenses was financed by
parents and 85% was scholarshipped by Enka Foundation. Adapazarı Enka Schools have became the most
popular school in the city with their education quality and physical conditions.
Our school has deserved appreciation of Enka Foundation and all members of Enka, with being a centre of
sports and cultural activities in the city.
Our schools have been graduating students from high school since 2005. Our graduates demonstrate
outstanding academic success in addition to their social and cultural development. Our students complete
high school with excellent foreign language and computer skills, and almost all of our graduates succeed in
the National University Entrance Exam (ÖSS) and are subsequently placed in a university.
Our school is also an education centre of Microsoft IT Academy and Medyasoft (Flash-PhotoshopDreamweaver). The required hardware and software needs of remote education are met and has been used
by students and teachers. Most of our teachers are officially certified by ECDL (European Computer Driving
License). Every certification of our school is internationally recognized and students can continue their
education up to system engineering. Our certified students have privileges in computer lessons of over ten
universities in Turkey. Their computer education starts in primary school and ends with certification exams in
12th grade.
Teachers of Adapazarı Enka Schools are very well trained and accept student based education approaches.
Their aim is to keep alive their students' natural curiosity and provocate their learning. They are keeping on
their modern education in 58,444 square meter campus.
Private Enka Technical and Industrial Vocational School - Gebze
Private Enka Technical and Industrial Vocational School - Gebze was founded in 2008 and continues
education in the field of industrial automation and machinery technologies with its 22 teachers and 93
students.
Enka Technical Schools were founded to carry out the missions; to educate in the fields of job that are
needed by the market with the latest machines and equipment and modern methods; to bring in awareness
for responsibility, professional ethics, standards for morals and sensitivity by satisfying our students’ social
and cultural needs; to raise students who have enough competence to satisfy the needs of the industrial
sectors and technical/vocational educational institutions; and to contribute to Turkish industry and to the
solution of a social problem by giving courses to the staff in industry, to the unemployed youth and to the
graduates of high school.
Our vision is to be worthy of the “ENKA” name, to realize a first in Turkey and by being aware of our
responsibility, to become a model for other institutions and to be in a leading position in Europe and in the
world in the vocational/technical fields.
With its unique education program, technical opportunities, competent education staff, our school is the first
example in Turkey. Our school’s building which has the capacity of 624 students is now under construction.
The construction is being carried out in 31,000 square meters of green area, which was donated by İstanbul
Machinery Manufacturers Industry Cooperation. In this building, which has 20,000 square meters of indoor
area, there will be 19 classrooms, 5 laboratories, 16 workshops that belongs to machinery CNC, industrial
automation and electrical and electronics departments, sports hall, auditorium and dining hall. School places,
equipment and program have been developed in cooperation with similar foreign, and especially German
educational institutions. This established mutual relationship is being supported with the “sister school”
project.
The school provisionally operates next to the Pimaş factory and although being private, it supplies all
educational services, lunch, books and commuting for free of charge. In the 2010-2011 academic year our
school will be giving education at the new permanent school building at 4th Machinery Organized Industrial
Zone.
Besides vocational education, modern and social programs and activities aiming to lead our students to
identify themselves with their vocations, to be self-confident and open-minded individuals, are crucial parts of
our mission. In this context, our school has gained concrete success even in its first years. Serkan Şimşek,
one of our students, has won the fourth prize in the field of running in Turkey.
Enka Eşref Denizhan Open Air Theatre
Culture and the Arts
Enka Culture and Arts Events, which has been spreading to the whole year with a respected and
distinguished program since 21 years, are held at the Enka Eşref Denizhan Open Air Theatre with a capacity
for an audience of 1,000 during the summer months and moreover, during the winter and spring it is held in
the Enka İbrahim Betil Auditorium with a capacity for an audience of 600.
These activities reach a very wide audience including employees of the Enka Group, the Enka Foundation
and Enka Sports Club, the athletes and students of the Enka Schools and their parents as well as various
non-governmental organizations, associations and scholarship students and its halls take part as an
important place among the 2010 European Capital of Culture İstanbul.
With its professional technical equipment, modern design stage facilities and personnel, Enka Culture and
Arts hosts a large number of local and international groups and artists. Enka Culture and Arts also
cooperates with local and international arts institutions, thus contributing to bring a variety of activities to
Turkish art lovers.
In our 21st year, a comprehensive program has reached an audience of 12,500 people in events spread
throughout the year, ranging from concerts of jazz to classical and pop to ethnic music, modern and classical
ballet and dance performances, theatrical performances, and exhibitions which are taken place in the Enka
Dr. Clinton Vickers Art Gallery from various disciplines.
Enka İbrahim Betil Auditorium
Corporate Governance Principles Compliance Report
1. Statement of Compliance with Corporate Governance Principles:
A Corporate Governance Committee consisting of four persons, two of whom are Members of the Board of
Directors, has been established within the structure of Enka İnşaat ve Sanayi A.Ş. This committee has been
assigned to present the proposals for the corporate governance policies of the company, enhance the quality
of the corporate governance applications and inform the Board of Directors about the effective pursuit of the
legislation of the Capital Markets Board related to the corporate governance principles and the generally
accepted corporate governance principles of the international capital markets, and about implementing those
principles which it deems applicable.
The Corporate Governance Principles Compliance Report of the Corporate Governance Committee have
been presented below to the review of our shareholders.
SECTION I - SHAREHOLDERS
2. Investor Relations Unit:
The Investor Relations Management was established in 2002 within the structure of Enka İnşaat ve Sanayi
A.Ş., for the purpose of arranging the relations with the shareholders.
The main activities conducted by the unit can be summarized as answering the questions on financial
statements, activities of the company, conditions to participate in the company's General Assemblies,
announcements to public, capital increases, information on issuance of new share certificates and
preparation of the company's annual reports. The numerous applications to the unit and the responses to the
investors are generally made through telephone. The Investor Relations Unit can easily be accessed through
the general telephone numbers of our company.
3. Exercise of the Shareholders' Rights to Obtain Information:
Any kind of information about the company in relation to the developments that would possibly affect
exercising of the shareholder rights, is presented to the consideration of the shareholders in the Internet
environment (www.enka.com). The Investor Relations Unit provides guidance to those shareholders who
prefer to use Internet facilities for their requests for information. The shareholders, who cannot use Internet
facilities, are informed either by fax or mail.
4. General Assembly Information:
In order to participate to the General Assembly, our shareholders are requested to obtain, through the
brokerage institutions where they hold their accounts, to the Central Registry Institution and to submit the
General Assembly Participation Letter thus obtained to our Company’s head office, one week prior to the
date of the General Assembly. The date and place of the General Assembly meetings are published in two
national newspapers, as well as through Special Conditions Disclosures transmitted to the Istanbul Stock
Exchange and on our website. The minutes of the General Assembly meetings are notified to Istanbul Stock
Exchange (ISE), in accordance with the provisions of Communiqué No: 54, Series: VIII of Capital Markets
Board, and further announced in the Turkish Trade Registry Journal. The minutes of the General Assembly
meetings are always made available to the shareholders at the Company’s head office.
The Articles of Association do not contain any provision related to decisions such as spin-off, sales,
purchase and lease of significant amount of assets, which are to be taken by the General Assembly. Due to
the structure of our company, entrusting such decisions to the authority of the General Assembly, may lead
to numerous General Assemblies held during a financial year. In order to ensure uninterrupted management
of the operations, it is obligatory that such decisions be taken under the authority of the Board of Directors.
2009 General Assemblies:
Type of the Meeting
ORDINARY
EXTRAORDINARY
Date of the Meeting
April 20, 2009
December 18, 2009
Participation Rate
86%
91%
Participation by the Beneficiaries
YES
YES
NONE
NONE
Was the right of the shareholders to ask questions used?
YES
YES
Were these questions answered?
YES
YES
NO
NO
-
-
Participation by the Media
Did the shareholders make any proposals?
Result of the proposal
In 2009, no changes have been made in the Articles of Association, except to increase, as per provisions of
the General Assembly held on 20th April 2009, the capital of the Company from 1,200,000,000 TL to
1,800,000,000 TL. Regarding the distribution of the year 2008 profit, it has resolved to distribute to
shareholders for each TL 1 (one) nominal valued share TL 0.090 gross / TL 0.765 net (as being 9% gross,
7.65% net from issued share capital) in total TL 108,000,000 cash dividend and as TL 500,000,000 from 1st
dividend and as TL 100,000,000 from 2nd dividend in total TL 600,000,000 bonus share increase (at a rate
50.00%).
Donations made and which will be submitted to the shareholders’ information at the General Assembly for
year 2009 are detailed below as Turkish Liras:
Enka Spor Eğitim ve Sosyal Yardım Vakfı
5.436.850
Türk Eğitim Vakfı
7.105
Türk Emniyet Teşkilatı Şehitleri, Malülleri, Dul ve Yetimleri Eğitim ve Yardım Vakfı (TEYEV)
5.000
İ.T.Ü. Geliştirme Vakfı
1.250
Total
5.450.205
5. Voting Rights and Minority Rights:
The shareholders or their representatives participating in the General Assembly meetings of Enka İnşaat ve
Sanayi A.Ş. have the right of 10 votes for each Group-A share and 1 vote for each Group-B share that they
hold. The partnership structure of Enka İnşaat ve Sanayi A.Ş. does not involve any legal personality
engaged in cross-shareholding relation. There is no provision for representation of the minority shares in the
management, and cumulative voting is not allowed. The share amount of each group with a nominal value of
1 Kr (One Kurus) as of the year end is stated below:
Group-A
1.167 shares
Group-B
179.999.998.833 shares
TOTAL
180.000.000.000 shares
6. Policy and Timing of Profit Distribution:
The profit distribution policy of Enka İnşaat ve Sanayi A.Ş. is as follows:
In accordance with Article 36 of the Articles of Association,
1. The 1st Dividend is reserved from the Net Distributable Period Profit at the rate designated by the
Capital Markets Board. (The donations made during the year are presented to the review of the General
Assembly and added to the base of the Net Distributable Period Profit that constitutes the basis of the
1st Dividend calculation.)
2. 5% of the remaining profit is paid to the Enka İnşaat ve Sanayi A.Ş. Founder Bonus Certificate holders.
3. 2.5% of the remaining profit is paid to bonus certificate holders of Enka Holding in proportion to their
shares.
4. 1% of the remaining profit is paid to the members of the Board of Directors in equal shares.
5. Maximum 2.5% of the remaining amount is paid to the jobholders and personnel in line with the General
Assembly resolution.
6. The decision whether to distribute the 2nd Dividend from the remaining profit and the relevant rate is
determined according to the majority voting of the existing shareholders in the General Assembly.
The Board of Directors presents a profit distribution proposal to the General Assembly by considering the
performance of the company, the economic conditions, the finalized projects, investments and cash flow of
the company in that year.
The place and date of the profit distribution agreed upon during the General Assembly in accordance with
the relevant legislation provisions is announced to the shareholders through the adverts put in the two
national newspapers, the special condition disclosure sent to Istanbul Stock Exchange and the website of
the Company.
Since the above mentioned profit distribution policy takes place in the Articles of Association of our
Company, the shareholders are informed about it. Distribution of profit is made within the period required by
the provisions of the Capital Markets Law, as set forth in the Profit Distribution Policy. Until this day, there
has been no delay in profit distribution.
7. Transfer of Shares:
Pursuant to Article 8 of the Company's Articles of Association which is related to the transfer of share
certificates, the share certificates can be freely transferred in accordance with the provisions of Turkish
Commercial Law. The transfer of shares requires full compliance with Turkish Commercial Law and Capital
Markets Law.
SECTION II - INFORMING THE PUBLIC AND TRANSPARENCY
8. Company's Disclosure Policy:
Enka İnşaat ve Sanayi A.Ş. is the largest internationally renowned construction company of Turkey that
provides construction, undertaking and contracting business services in and outside the country. The
Company makes public all the disclosures required by the legislation in relation to public clarification and
transparency, which is a corporate governance principle, taking into account all the information which is of
trade secret nature or which hinders the competitive power of the company under the international
competition conditions.
Execution of the company's disclosure policy is governed by the Corporate Governance Committee, and the
Investor Relations Unit is responsible for the relations with shareholders.
9. Special Condition Disclosures:
The 2009 special condition disclosures announced by Enka İnşaat ve Sanayi A.Ş. to the shareholders
through the Istanbul Stock Exchange is listed below in chronological order.
16.02.2009
Pursuant to the provisions of the General Communiqué on Income Taxation No: 217, our Company's Income Statement and
Balance Sheet as of December 31, 2007 as enclosed hereto, have been submitted on February 16, 2009 to the Large
Taxpayers Tax Office of the Provincial Finance Department as annex to the presented Provisional Tax Declaration, excluding
any revenues provided from construction and repair works spread over the years.
23.03.2009
The Board of Directors of our Company has unanimously decided on the acceptance of the consolidated financial statements
prepared by Güney Bağımsız Denetim ve Serbest Muhasebeci Mali Müşavirlik A.Ş. in accordance with the International
Financial Reporting Standards authorized alternatively by the communiqué No: 25, Series: XI, for the fiscal period ended on
December 31, 2008, presented to our Board by the Audit Committee of our Company; and to forward them to the Capital
Markets Board of Turkey as well as to the Istanbul Stock Exchange.
Above-mentioned consolidated financial statements and the accompanying explanatory notes have been presented to the
information of investors on our website www.enka.com.
26.03.2009
The Board of Directors of our Company has resolved to hold the Ordinary General Assembly Meeting of the Holders of Ordinary
Share Certificates and of Preferred Share Certificates of our Company on Monday, April 20, 2009 at 15:00 p.m. at Enka III.
Building Balmumcu – Besiktas, Istanbul, in order to discuss the activities of our Company in 2008 as well as the belowmentioned agenda items:
AGENDA
1. Election of the General Assembly Presidential Board;
2. Authorization of the Presidential Board for signing the Minutes of the General Assembly Meeting;
3. Reading and discussing the Annual Report of the Board of Directors and the Report of Auditors, and the Balance Sheet and
Income Statement for the fiscal year 2008;
4. Reading and discussing the Report of Independent Auditors;
5. Informing the shareholders about the donations made within the fiscal year 2008;
6. Approval of balance sheet and income statement accounts of 2008 and the acquittal of the Board Members and Auditors
from 2008 activities;
7. Election of the Board Members;
8. Election of the Auditors;
9. Determining the salaries to be paid to the Board Members and Auditors;
10. Determining the distribution of the balance sheet profit of 2008;
11. Discussing the profit distribution policy;
12. Approving the selection of the Independent Auditing Firm;
13. Authorization of the Board Members to engage in businesses mentioned in Articles 334 and 335 of the Turkish Commercial
Code;
14. Requests and recommendations.
01.04.2009
Our Company’s consolidated financial statements for the fiscal period ended on December 31, 2008 and prepared in
accordance with the International Financial Reporting Standards and the accompanying explanatory notes (in English) have
been completed and submitted to the information of investors on our website www.enka.com.
03.04.2009
It has been unanimously decided on the acceptance of the Board of Directors Annual Report 2008 presented to our Board by
the Audit Committee of our Company and prepared in accordance with the “Communiqué on the Principles Concerning
Financial Reports in Capital Markets” issued by the Capital Markets Board under No: 29, Series: XI and to send them to the
Capital Markets Board and the Istanbul Stock Exchange.
03.04.2009
Our Board of Directors has resolved on March 26, 2009 to hold the Ordinary General Assembly Meeting with the agenda for the
fiscal year 2008 of our Company, on April 20, 2009, and this resolution had been disclosed in compliance with the Capital
Markets Board’s Communiqué No: 54, Series: VIII.
With the 752 numbered resolution dated April 3, 2009, our Board of Directors has resolved, after the analysis of Consolidated
Balance Sheet and Profit - Loss statements prepared in accordance with the International Financial Reporting Standards, to
distribute from the net consolidated profit for the period January 01, 2008 to December 31, 2008;
To the share certificate holders representing the equity of TL 1.200.000.000 (as Cash)
To the share certificate holders representing the equity of TL 1.200.000.000 (as Bonus issue)
To the bonus certificate holders
To the Board of Directors
108,000,000 TL
600,000,000 TL
9,087,671 TL
1,120,813 TL
And resolved to propose to the General Assembly to distribute the cash dividend starting from May 18, 2009, to add the amount
of bonus issue to the share capital, and allocating the remaining as extraordinary reserve fund after retaining the legal reserve.
ENKA İNŞAAT VE SANAYİ A.Ş. DIVIDEND DISTRIBUTION TABLE OF 2008 (TL)
1
Paid-in / Issued Capital
2
Total Legal Reserve Fund (According to the legal entries)
1.200.000.000
121.063.658
Information on the privileged shares, if any, for the dividend distribution according to the Articles of Association
According to CMB According to Legal Entries
3
Profit for the Period
1.009.391.253
4
Taxes Payable ( - )
(238.563.387)
5
Net Profit ( = )
6
Previous Year’s Loss ( - )
7
8
1st Dividend Legal Reserve ( - )
(41.658.922)
(41.658.922)
NET DISTRIBUTABLE PROFIT ( = )
729.168.944
791.519.515
9
Donations Made Within the Year ( + )
Net Distributable Profit With Additions of the Donations Made
of which the 1st Dividend will be Calculated
1st Dividend to Shareholders
7.854.460
737.023.404
10
11
833.178.437
-
770.827.866
833.178.437
-
- Cash
108.000.000
- Bonus
500.000.000
608.000.000
12
- Total
Dividend Distributed to Privileged Shareholders
13
Dividend to Board Members and Employees etc.
1.120.813
14
Dividend Distributed to Bonus Certificate Holders
15
2nd Dividend to Shareholders
16
2nd Dividend Legal Reserve
17
Statutory Reserves
18
Special Reserves
19
EXTRAORDINARY RESERVES
20
Other Sources to be Distributed
-
9.087.671
100.000.000
5.820.848
5.139.612
67.490.183
- Previous Year’s Profit
- Extraordinary Reserves
- Other Distributable Reserves Legally or
Regarding Articles of Association
INFORMATION ON DIVIDEND DISTRIBUTION RATES
INFORMATION ON DIVIDENDS PER SHARE
(CASH) EQUIVALENT TO EACH SHARE
DIVIDENDS
GROUP
TOTAL DIVIDEND
WITH A NOMINAL VALUE OF TL 1
AMOUNT (TL)
AMOUNT (TL)
RATE (%)
GROSS
NET
A
1,05
0,0900
9,00
B
107.999.998,95
0,0900
9,00
TO TAL
108.000.000,00
A
0.89
0,0765
7,65
B
91,799,999.11
0,0765
7,65
TO TAL
91,800,000.00
THE PERCENTAGE OF THE DIVIDEND DISTRIBUTED TO THE DONATIONS ADDED NET DISTRIBUTABLE PROFIT
AMOUNT OF THE DIVIDEND
DISTRIBUTED TO THE
SHAREHOLDERS (TL)
THE PERCENTAGE OF THE DIVIDEND DISTRIBUTED TO SHAREHOLDERS TO THE
DONATIONS ADDED NET DISTRIBUTABLE PROFIT (%)
108.000.000
15
To our shareholders TL 600,000,000 (50% of the capital share) dividend will be distributed as bonus issue.
14.04.2009
The Board of Directors of our Company has unanimously resolved to select and appoint for a term of one year the auditing firm
Güney Serbest Muhasebeci Mali Müşavirlik A.Ş. as suggested by our Company's Audit Committee as the independent auditor
of our Company for the fiscal year 2009 pursuant to the Communiqué Regarding the Independent Audit in Capital Markets as
announced by the Capital Markets Board of Turkey, and to present such resolution to the approval of the General Assembly of
our Company.
20.04.2009
At our Company's Ordinary General Assembly Meeting for year 2008 held on April 20, 2009 at 15:00 pm, regarding the
distribution of the year 2008 profit, it has resolved to distribute to shareholders for each TL 1 (one) nominal valued share TL
0.090 gross / TL 0.765 net (as being 9% gross, 7.65% net from issued share capital) in total TL 108,000,000 cash dividend and
as TL 500,000,000 from 1st dividend and as TL 100,000,000 from 2nd dividend in total TL 600,000,000 bonus share increase
(at a rate 50.00%).
SCHEDULE OF DIVIDENDS OF 2008 TO BE DISTRIBUTED TO SHARE CERTIFICATES
DIVIDENDS TO BE DISTRIBUTED IN CASH
TOTAL AMOUNT OF
DIVIDENDS (TL)
DIVIDENDS EQUIVALENT TO EACH SHARE
DIVIDEND
WITH A NOMINAL VALUE OF TL 1
PAYMENT DATE
AMOUNT (TL)
RATE (%)
GROSS
108.000.000
0,0900
9,00
NET
91,800,000
0,0765
7,65
May 18, 2009
DIVIDENDS TO BE DISTRIBUTED AS SHARE CERTIFICATES
TOTAL AMOUNT OF DIVIDENDS (TL)
PROPORTION TO
CAPITAL (%)
600.000.000
50
27.04.2009
By taking into consideration the resolutions met at the 2008 Ordinary General Assembly held on April 20, 2009, it has been
unanimously resolved; to increase the capital of Enka İnşaat ve Sanayi Anonim Şirketi from TL 1,200,000,000 (One billion two
hundred million Turkish Liras) to TL 1,800,000,000 (One billion eight hundred million Turkish Liras) and to cover all the amount
of TL 600,000,000 (Six hundred million Turkish Liras) to be added from the portion of the 1st and 2nd dividends that has been
decided to be added to the equity in accordance with the resolution of the General Assembly and; to apply to the Capital
Markets Board in order to obtain a registry document.
05.05.2009
At the profit distribution table prepared by taking into consideration the resolutions met at the 2008 Ordinary General Assembly
held on April 20, 2009, “Tax and Other Legal Reserves on the Profit for the Period” calculated according to the Tax Procedure
Law has erroneously not taken into consideration. By correcting this, a decrease of TL 385,043 at 1st dividend legal reserves,
an increase of TL 32,439 at dividends distributed to bonus certificate holders and lastly an increase of TL 3,244 at 2nd dividend
legal reserves has taken place. The above-mentioned changes do not have any impact on the 1st and 2nd dividends to be paid
to our shareholders and cash dividends and bonus shares will be distributed as it was disclosed to the public.
05.05.2009
With the conclusion of the inspection; started regarding the authorization of Article 6 of the Articles of Association of our
Company, together with the resolution of the Board of Directors of our Company dated April 24, 2009 and numbered 755; the
increase of issued capital of our Company with the capital ceiling of TL 1,600,000,000, from TL 1,200,000,000 to TL
1,800,000,000 covered by TL 600,000,000 from the portion of the dividend of year 2008 that has been decided to be added to
the equity in accordance with the resolution of the General Assembly; it has been determined that TL 600,000,000 has been
transferred from the related accounts to share capital account on April 30, 2009 and has been decided as follows:
1) Since it has been determined that the capital increase of TL 600,000,000 will distributed according to the procedures of the
MKK (Central Registry Agency Inc.);
2) To inform the Capital Markets Board of the completion of the capital increase transactions in compliance with the
procedures;
3) To receive the necessary document from the Capital Markets Board and to complete the necessary act to register the
Company’s issued capital as TL 1,800,000,000 to the Trade Registry within 10 days from the registry document date.
08.05.2009
It has been unanimously decided on the acceptance of the consolidated and interim Board of Directors Activity Report and
financial statements presented to our Board by the Audit Committee of our Company and prepared in accordance with the
“Communiqué on the Principles Concerning Financial Reports in Capital Markets” issued by the Capital Markets Board under
No: 29, Series: XI and covering the period ended at March 31, 2009; and to send them to the Capital Markets Board and the
Istanbul Stock Exchange.
The above-mentioned interim Board of Directors Activity Report, consolidated financial statements and the accompanying
explanatory notes have been presented to the information of investors on our website www.enka.com.
13.05.2009
Our Company’s consolidated financial statements for the fiscal period ended at March 31, 2009 and prepared in accordance
with the International Financial Reporting Standards and the accompanying explanatory notes (in English) have been presented
to the information of investors on our website www.enka.com.
01.06.2009
Our application to Capital Markets Board for the planned increase in share capital was made public with our disclosure dated
April 27, 2009.
Our capital increase operations, registered by Capital Markets Board on May 27, 2009 and under reference 15/372 have been
completed with the Capital Markets Board document dated May 28, 2009 and reference 31/372.
In accordance with the resolutions of the General Assembly, the bonus shares for the increase of paid capital shall be
distributed as of June 3, 2009.
In accordance with our declaration on the distribution of bonus shares, our share capital of TL 1,200,000,000 shall be increased
by 50% to TL 1,800,000,000 on June 3, 2009.
08.06.2009
A ceremony took place after the completion of drilling works of the dual-tube tunnel of 5.5 kilometers each in length through the
Qafa e Kumbullės Mountain which is the most important part of the 61-kilometer Rreshen-Kalimash Motorway in Albania which
the contract was signed by Bechtel-Enka Joint Venture in 2006. The motorway will be partially opened to traffic in July 2009.
13.07.2009
Sale of Financial Fixed Assets
Date of Board Resolution Regarding the Sale
Title of the Financial Fixed Asset Sold
Subject of Activity of the Financial Fixed Asset Sold
Capital of the Financial Fixed Asset Sold
Date of Completion of the Process
Terms of the Sale
Nominal Amount of the Shares Sold
Price per Share
Total Amount
The Ratio of the Shares Sold to the Capital of the Sales (%)
The Ratio of Voting Rights Held After Sale to the Total Voting Rights of
Financial Fixed Asset (%)
The Ratio of Financial Fixed Asset Sold to the Total Assets in the Last
Financial Statement Disclosed (%)
Impact to the Activities of the Company
The Amount of Profit/Loss From the Sale
The Way of Utilization of the Profit, if any
Resolution Date of the Board of Directors on the Way of Utilization of the
Profit, if any
Name/Title of the Purchaser
The Relation of the Purchaser with the Company
The Method of the Valuation of the Financial Fixed Asset
Whether a Valuation Report Has Been Prepared or Not
The Reason if the Valuation Report Has Not Been Prepared
The Valuation Calculated with the Valuation Report
The Reason if the Transaction Is Not/Will Not Completed In Compliance
With the Result of the Valuation Report
: 13.07.2009
Gedore-Altaş El Aletleri Dövme Çelik Sanayi ve
:
Ticaret Ltd. Şti.
Miscellaneous hand tools and components, all
kinds of equipment production from steel and
:
metal sheet, importation, exportation and
wholesale trade..
: TL 3,710,000
: 16.07.2009
: TL 1 by cash in advance
: TL 1,074,300
: : TL 1
: 0
: 0
: 0
: NO IMPACT
: : : : Gedore W erkzeugfabrik Otto Dowidat KG
: No relation
The Financial Statements as of 30.06.2009 has
:
been used.
: Not prepared
: Low valuation of the participation.
: : -
ADDITIONAL DISCLOSURE:
A resolution has been unanimously taken for selling all 42,972 GEDORE-ALTAŞ EL ALETLERİ DÖVME ÇELİK SANAYİ VE
TİCARET LTD.ŞTİ. shares, recorded under the assets of our Company, with a nominal value of TL 1,074,300 to Gedore
Werkzeugfabrik Otto Dowidat KG with registered address Remscheider Str. 149 42899 Remscheid-DEUTSCHLAND against TL
1 and to authorize Ömer Tevfik Tlabar for the share transfer transactions.
Owned with 28.96% participation, the shares of Gedore-Altaş, had a value of TL 0 at the consolidated financial statements as of
31.12.2008 prepared in accordance with Communiqués issued by the Capital Markets Board. The equity of Gedore-Altaş has
turned to negative and regarding this financial asset since no exposure of liability arising from any legal or implied acceptance
has occurred or since no payment has been done on behalf of Gedore-Altaş, no additional provisions have been booked. Same
conditions prevailed as of 31.03.2009.
This resolution has been taken after being a loss making company for a long time, presently net asset value being negative,
anticipation of continuation of loss making tendency and for the sake of not bearing future losses. There is no affiliation with the
transferee company.
16.07.2009
There is no information received by Enka Enerji Üretim A.Ş. apart from the news published in the press regarding the resolution
of Plenary Session of the Administrative Law Divisions of the Presidency of Council of State.
31.07.2009
It has been unanimously decided on the acceptance of the amendment of provisional 1st article of the company’s articles of
association into the new version as attached and to apply to Capital Markets Board for necessary authorizations.
31.07.2009
It has been unanimously decided on the acceptance of the amendment of 3rd article of the company’s articles of association,
which is related to aim and subject, into the new version as attached and to apply to Capital Markets Board for necessary
authorizations.
31.07.2009
It has been necessary to increase the issued capital because of the increase of issued capital to TL 1,800,000,000 of our
Company by exceeding the capital ceiling of TL 1,600,000,000. It has been unanimously decided on the acceptance of the
attached amendment of 6th article of the company’s articles of association, which is related to capital, to increase the capital
ceiling to TL 2,800,000,000 and to apply to the Capital Markets Board for the necessary authorizations.
31.07.2009
With the result of the sale of Gretsch Unıtas Yapı Elemanları Sanayi ve Ticaret Anonim Şirketi shares to Claudia Kofler and
Beatrix Fleischmann; it has been unanimously decided to record the current account receivable of TL 1,470,000 from Gretsch
Unıtas Yapı Elemanları Sanayi ve Ticaret Anonim Şirketi as loss and that there is no more right and receivable left from the
counterpart.
31.07.2009
Sale of Financial Fixed Assets
Date of Board Resolution Regarding the Sale
Title of the Financial Fixed Asset Sold
Subject of Activity of the Financial Fixed Asset Sold
Capital of the Financial Fixed Asset Sold
Date of Completion of the Process
Terms of the Sale
Nominal Amount of the Shares Sold
Price per Share
Total Amount
The Ratio of the Shares Sold to the Capital of the Sales (%)
The Ratio of Voting Rights Held After Sale to the Total Voting Rights of
Financial Fixed Asset (%)
The Ratio of Financial Fixed Asset Sold to the Total Assets in the Last
Financial Statement Disclosed (%)
Impact to the Activities of the Company
The Amount of Profit/Loss From the Sale
The Way of Utilization of the Profit, if any
Resolution Date of the Board of Directors on the Way of Utilization of the
Profit, if any
Name/Title of the Purchaser
The Relation of the Purchaser with the Company
The Method of the Valuation of the Financial Fixed Asset
Whether a Valuation Report Has Been Prepared or Not
The Reason if the Valuation Report Has Not Been Prepared
The Valuation Calculated with the Valuation Report
The Reason if the Transaction Is Not/Will Not Completed In Compliance
With the Result of the Valuation Report
: 31.07.2009
Gretsch Unitas Yapı Elemanları Sanayi ve
:
Ticaret Anonim Şirketi
: Features and appliances of buildings,
importation, exportation and domestic sale.
: TL 6,801,441
: 31.07.2009
: TL 1 by cash in advance
: TL 2,528,540
: : TL 1
: 37.18
: 0
: 0
: No impact
: 2,330,000.00
: : : Claudia Kofler and Beatrix Fleischmann
: No Relation
The Financial Statements as of 30.06.2009
:
has been used.
: Not Prepared
: Low Valuation of the Participation
: : -
ADDITIONAL DISCLOSURE:
A resolution has been unanimously taken for selling 1.168.287 shares of Gretsch Unitas Yapı Elemanları Sanayi ve Ticaret
Anonim Şirketi, recorded under the assets of our Company, with a nominal value of TL 1,168,287 to Cladia Kofler, German
national, born in 27.07.1954, and residing at the address 53225 Geislar Geislarstr. 63-65 Bonn Germany; and with a nominal
value of TL 1,360,253 to Beatrix Fleischmann, German national, born in 09.08.1951, and residing at the adress
Tschoeranerweg 33, 91551 Bodensdorf Austria, against TL 1 each.
The shares of Gretsch Unıtas, with 37.18% participation, had a value of TL 60,000 at the consolidated financial statements as of
31 December 2008 prepared in accordance with Communiqués issued by the Capital Markets Board. With the cash advance
that was given to Gretsch Unıtas in 2009, our Company’s sale loss has been equal to TL 2,330,000.00.
This decision has been taken, since the line of business that Gretsch Unıtas has activities, is not one of our main business lines.
There is no relation with the people of the shares to be transferred.
14.08.2009
Pursuant to the provisions of the General Communiqué on Income Taxation No: 217, our Company's Income Statement and
Balance Sheet as of June 30, 2009 as enclosed hereto, have been submitted on August 14, 2009 to the Large Taxpayers Tax
Office of the Provincial Finance Department as annex to the presented Provisional Tax Declaration, excluding any revenues
provided from construction and repair works spread over the years
27.08.2009
Our Company’s consolidated financial statements for the fiscal period ended at June 30, 2009 and prepared in English in
accordance with the International Financial Reporting Standards and the accompanying explanatory notes have been submitted
to the information of investors on our website www.enka.com.
16.11.2009
The Board of Directors of our Company has convened and decided to hold the Extraordinary General Assembly Meeting of the
holders of ordinary share certificates and of preferred share certificates of our company on Friday, December 18, 2009 at 10:00
a.m. at Enka III. Building Balmumcu, Beşiktaş, İstanbul, with the below-mentioned agenda items:
1) Election of the presidential board;
2) Authorization of the presidential board for signing the minutes of the general assembly meeting;
3) Submitting the draft amendments of article 6 related with equity and provisional article 1 of the Articles of Association which
have been approved by the Capital Markets Board (the letter dated August 14, 2009 and numbered 10016 from Capital
Markets Board) and permission received from T.R. Ministry of Industry and Trade (the letter dated August 21, 2009 and
numbered 4490 from T.R. Ministry of Industry and Trade) to the approbation of the General Assembly;
4) According to the letter dated May 29, 2009 and numbered 9066 from Capital Markets Board, submitting the corrected profit
distribution table for year 2008 (dividend amount is unchanged) to the approbation of the General Assembly;
5) According to the letter dated July 17, 2009 and numbered 9066 from Capital Markets Board informing the shareholders of
the Gedore-Altaş El Aletleri Dövme Çelik Sanayi ve Ticaret Ltd.Şti. shares sold by our Company.
6) According to the letter dated August 28, 2009 and numbered 10480 from Capital Markets Board informing the shareholders
of the Gretsch Unıtas Yapı Elemanları Sanayi ve Ticaret Anonim Şirketi shares sold by our Company;
7) Requests.
17.11.2009
Our Company’s consolidated financial statements for the fiscal period ended at September 30, 2009 and prepared in
accordance with the International Financial Reporting Standards and the accompanying explanatory notes (in English) have
been presented to the information of investors on our website www.enka.com.
18.12.2009
Meeting minutes of Extraordinary General Assembly dated December 18, 2009 and the list of attendants are given here
attached.
10. Website of the Company and Its Content:
The Internet address of Enka İnşaat ve Sanayi A.Ş. is www.enka.com. This site contains all the information
listed in article 1.11.5. of Section II of the Corporate Governance Principles of the Capital Markets Board,
and this information is updated periodically.
11. Announcement of Legal Person Ultimate Controlling Shareholder/Shareholders:
The list of the legal person ultimate controlling shareholders as of December 31, 2009 is as follows:
Shareholder
Actual
Shareholding
Legal Person
Ultimate
Shareholder
48,63%
1,07%
8,08%
6,43%
6,05%
4,37%
0,66%
4,76%
4,35%
1,73%
1,55%
12,32%
100,00%
33,41%
16,30%
8,08%
6,43%
5,02%
4,76%
4,35%
1,73%
1,55%
18,38%
100,00%
Tara Holding A.Ş.
Şarık Tara
Sinan Tara
Vildan Gülçelik
Sevda Gülçelik
Enka Foundation
Alternatif Aksesuar San. ve Tic. Ltd. Şti.
Ayşe Verda Gülçelik
Ali Gülçelik
Bilgi Gülçelik
Nurdan Gülçelik
Selim Gülçelik
Free float and others
Total
Explanation
(66.49% of Tara Holding + 1.07%)
(33.51% of Tara Holding)
(99.90% of Alternatif Aksesuar + 0.66%)
(12.32% Free float + Enka Foundation + Others)
12. Disclosure of the Individuals Who Can Obtain Insider Information:
The people and entities on the list of Access to the Insider Information prepared on April 28, 2009 are stated
here below:
1. President of the Board of Directors: Mehmet Sinan Tara.
2. Members of the Board of Directors: Haluk Gerçek (Vice President and General Manager), Alp
Doğuoğlu, Mustafa Gökhan Sağnaklar, Fikret Güler, Bekir Burak Özdoğan, Cemil Şan Gürdamar, Özger
İnal, and Mehmet Kerem Kuşi.
3. Other Employees: İlhan Gücüyener (Deputy General Manager), Mert Ergil (Accounting and Financial
Issues Manager) and Sinan Yavuz Aktürk (Finance Manager).
4. Other Service Providing People and Entities: Güney Bağımsız Denetim ve SMMM A.Ş. (Independent
Audit Firm - End of Access Period: 14.04.2010) and Kuzey YMM A.Ş. (Tax Certification Entity - End of
Access Period: 31.03.2010)
SECTION III - BENEFICIARIES
13. Informing the Beneficiaries:
Our Company uses circulated announcements and the electronic media to inform the beneficiaries about the
matters that concern them and the Company.
Provided information is governed by the agreement concluded between the employee and the company on
the rights, tasks and liabilities of the personnel.
The execution procedures for the administrative and social works of the personnel at the local construction
sites have been established by the regulations. In case of update, the relevant persons are notified.
14. Beneficiaries' Participation in Management:
The Corporate Governance Committee established within the structure of Enka İnşaat ve Sanayi A.Ş.
performs, in addition to its other assignments, the necessary coordination in relation to beneficiaries'
participation in the management.
15. Human Resources Policy:
As an organization committed to the effectiveness and compliance of its services with the specifications and
the agreements that are contingent upon its employees, Enka provides the necessary working environment
and resources to meet the needs of its employees.
To ensure effective management of the activities by the qualified employees, "work flexibility and
enhancement" is focused on in each stage of the organization.
The basic criteria of the Human Resources Policy of Enka can be listed as follows:
 Achievement of the “zero accident” target,
 Achievement of the company's quality targets,
 Completion of the work contracted by the employer in accordance with the agreement and
specifications,
 Encouragement of the employees for achievement and creativity.
The personnel of Enka cannot disclose any confidential information obtained during their employment in the
company, in relation to the operating structure and technical matters of the company. Unless a legal sanction
applies, the personnel can under no circumstances make any disclosure to any authority, institution or
person.
The entire personnel of the Company can access the quality handbook through the electronic media and
obtain information about the relevant arrangements.
16. Information About the Relations with the Clients and Suppliers:
In each project it undertakes, Enka uses its best endeavors to:
 protect human beings and the environment,
 complete its tasks at the highest quality standards,
 complete each work contracted by the client before the end of the specified completion period,
 establish long-term collaboration with clients, and
 treat client satisfaction as a priority matter.
In order to effectively fulfill its obligations towards suppliers and subcontractors as a natural part of its
services, Enka uses its best endeavors to:
 establish long-term collaboration with reliable suppliers/subcontractors,
 fulfill its agreement obligations towards the reliable suppliers/subcontractors who fulfill their
responsibilities.
17. Social Responsibility:
Enka Sports, Education and Social Aid Foundation is one of the leading platforms of Turkey where Enka
İnşaat ve Sanayi A.Ş. fulfills its social responsibility. The activities carried out by Enka Foundation throughout
the year are included in the annual activity reports of Enka İnşaat ve Sanayi A.Ş., and such information is
accessible through the Company's website at www.enka.com.
In order to continue its environment-friendly and responsible attitude and minimize the risk of pollution that
could affect the construction works, Enka İnşaat ve Sanayi A.Ş. uses all the available and expedient
information in each and every country where it operates.
All the activities starting from the business development stage, including proposals, design, establishing the
construction site, construction and closing the construction site, are performed by taking into account the
environmental dimensions and effects.
By delegating power and responsibility to the necessary persons for operating the Environment Management
System, the top management of Enka enables the entire personnel to become conscious of the environment
policy and objectives and provides all the necessary resources.
Enka plans to increase the degree of diligence it exercises for the environment and the economical use of
natural sources. In order to carry out this plan, enabling the entire personnel to commit themselves to
continuously improving the Environmental Management Implementation Program constitutes the basis of this
policy.
Within this scope, Enka;
 uses due diligence to comply with all the environmental statutes and regulations of the country where
the work is carried out,
 makes economical use of the natural resources and avoids wastefulness,
 controls the wastes and minimizes their adverse environmental effects,
 minimizes the emergency risks,
 enhances the environmental consciousness of all the employees,
 fulfills the requirements of ISO 14001 Environmental Management System and provides the necessary
resources as its essential objectives.
All employees are responsible of protecting the environment and establishing the Environmental
Management System, providing support and assistance in the implementation stage and of continuously
developing the system.
During the period, no action has been brought against the Company for damages to the environment.
SECTION IV - BOARD OF DIRECTORS
18. Structure and Formation of the Board of Directors and the Independent Members:
The Board of Directors of our Company comprises nine persons. There are no independent members. The
names of the Board members are mentioned below:
The President of the Board of Directors Sinan Tara
The Vice President of the Board of Directors and General Manager Haluk Gerçek
Member of the Board of Directors Alp Doğuoğlu
Member of the Board of Directors Fikret Güler
Member of the Board of Directors M. Gökhan Sağnaklar
Member of the Board of Directors Burak Özdoğan
Member of the Board of Directors C. Şan Gürdamar
Member of the Board of Directors Özger İnal
Member of the Board of Directors M. Kerem Kuşi
19. Qualifications of the Members of the Board of Directors:
The members of the Board of Directors of the Company are qualified, experienced people who have the high
level of know-how and skills that should be expected of executives of an international construction company.
The Board members are selected from people with a high level of know-how and skills, who have worked in
various levels of the Company for long years and who can perfectly implement the working style, ethic rules,
procedures, and quality standards of the Company.
20. Mission, Vision and Objectives of the Company:
Our Mission:
Continuously increase our contribution to the economies of the countries where we work while preserving our
feature of being an enterprise which implements the tasks it undertakes with outstanding success in quality
and execution time; to be a company whose involvement is desired by its clients; to be a company that
retains a reasonable profit margin from its undertakings; and to be a company with which its employees are
proud to be associated.
Our Performance Objectives:
 To be open to innovations, using advanced technologies and always seeking the better,
 To be prudent and sensitive about work security and environment protection,
 To train our young employees in accordance with our culture as creative, hardworking and honest
employees and to ensure that our employees work as individuals who have self-confidence, are able to
communicate and use discretionary power and take responsibility,
 To seek our competitive power and profit in perfecting our management and technical skills.
Pursuit of the Objectives and Achievement of Goals:
The objectives that reflect of our sensitivity about completing the works before the end of the planned time
frame and delivering to the client, are pursued very diligently at the highest and most detailed level. The
members of the Board of Directors pursue the objectives and the degree of their achievement in relation to
the projects carried out in those countries where they are responsible and periodically resolve in the Board of
Directors to find out the leading motives of the deviations, whether the deviations affect the result of the
project and if it is necessary to create new targets and to take the necessary measures about the personnel
who have responsibility in such delay.
21. Risk Management and Internal Control Mechanism:
The Financial Control Unit within the structure of Enka İnşaat ve Sanayi A.Ş., which reports to the member of
the Board responsible for accounting, finance and cash management, periodically inspects the projects and
the group companies reporting in advance the deviations from the objectives, as well as all the potential risk
factors to the management and proposes the necessary solutions.
The internal control systems and structuring of the company is organized in a way that can eliminate all risks
to be encountered by the company.
The Financial Control Unit uses the “Hyperion Financial Management System” software for the preparation of
the Company’s consolidated financial statements. Group companies and branch offices send their own
financial tables through this software via secure Internet connection. Financial statements are controlled,
during preparation stage, by the reporting unit of the branch office or the group company and further at the
transfer stage, by the Hyperion system’s tested validation process. Financial data that fail to pass the
validation stage cannot be transferred to the system. All data received at headquarters are further controlled
by the Financial Control Unit and included in the consolidation system for the final preparation of the
consolidated financial tables.
22. Authorization and Responsibilities of the Board Members and the Managers:
In accordance with the Articles of Association of the Company, the Board of Directors is responsible for the
management of Enka İnşaat ve Sanayi A.Ş. and its representation. Validity of all documents to be given by
Enka İnşaat ve Sanayi A.Ş. and all the agreements to be concluded require the names of two persons
authorized to represent the company under the official heading and per the signature circular of Enka İnşaat
ve Sanayi A.Ş. The Board of Directors assembles at the beginning of each fiscal year and divides up the
tasks as well as the management and representation authorizations between the board members on the
basis of the countries where the company operates. The task division for the year 2009 is given below:
Sinan Tara
Haluk Gerçek
Alp Doğuoğlu
M. Gökhan Sağnaklar
Fikret Güler
Burak Özdoğan
Şan Gürdamar
Özger İnal
Kerem Kuşi
Power Plant Investments and Albania.
Engineering and Architectural Project Offices; Personnel and
Human Resources; Health, Safety and Environment; Legal
Matters; Oman; Ukraine; Embassies and Russia.
Power Plants and Quality Assurance.
Kazakhstan; Industrial and Petrochemical Projects and
Machinery Supply.
Accounting and Finance.
Moscow Projects.
Proposal Preparation and Business Development; Turkey and
Gulf Countries.
Romania and Motorway Projects.
Existing and New Investments (Except Power Plants)
23. Operational Principles of the Board of Directors:
The Board of Directors of Enka İnşaat ve Sanayi A.Ş. convened in 30 meetings in 2009. Prior to each
meeting, the secretariat of General Manager personally informs the board members about the meeting
agenda. As the vast majority of the members of the Board of Directors are based in the same location, the
meeting processes are completed dynamically. Since the IPO of Enka İnşaat ve Sanayi A.Ş., no divergent
views have been suggested by the board members.
24. Proceedings of the Company and Non-Competition:
Pursuant to the Ordinary General Assembly meeting held on April 20, 2009, the members of the Board of
Directors have been authorized to perform such proceedings and transactions as specified under Articles
334 and 335 of the Turkish Commercial Law.
25. Rules of Ethic:
The employees of Enka İnşaat ve Sanayi A.Ş.;
 do not compromise the general and professional ethic rules;
 act honestly, reliably and transparently and in accordance with the principles and strategies of the
corporation in the course of execution of their tasks;
 pay utmost attention to behave honestly toward the employer, government, dealers (suppliers),
shareholders, and subcontractors and treat quality as a priority in each and every work they perform;
 do not only fulfill our contractual obligations but also have a constructive attitude towards our employers,
customers and partners at all times;
 use their best endeavor to comply with all the relevant laws and regulations regarding the environment
in the countries where we operate;
 make economical use of the natural sources and avoid wastefulness;
 keep the wastes under control and minimize their adverse environmental effects;
 fulfill the requirements of ISO 14001 Environmental Management System and provide the necessary
resources;
 constantly improve the work security and employee health applications and ensure avoidance of work
accidents.
26. Number, Structure and Independence of the Committees Established within the Board of
Directors:
Two committees officiate in affiliation with the Board of Directors of Enka İnşaat ve Sanayi A.Ş. The
committees assemble at least four times a year.
Audit Committee:
The Audit Committee consists of the Board Members Fikret Güler and Şan Gürdamar. The Audit Committee
is responsible to inspect the financial statements and reports of Enka İnşaat ve Sanayi A.Ş. and to decide
whether these are prepared and presented in accordance with the accounting standards and the generally
accepted accounting principles and to control the truthfulness and accuracy of such financial statements and
reports in line with the Turkish Commercial Law and the capital market rules and legislation.
Corporate Governance Committee:
The Corporate Governance Committee consists of the Vice President and General Manager Haluk Gerçek,
General Manager Adviser Öcal Özpınar, Accounting and Financial Issues Manager Mert Ergil, and Finance
Manager Yavuz Aktürk. The Corporate Governance Committee is responsible for observing the compliance
of Enka İnşaat ve Sanayi A.Ş. with the corporate governance principles, taking the necessary improvement
actions and presenting proposals to the Board of Directors.
27. Financial Benefits Provided to the Board of Directors:
The total amount of the fees and similar benefits provided to the president and members of the Board of
Directors of Enka İnşaat ve Sanayi A.Ş., as well as to top executives such as the general manager and
assistant general managers on the consolidated basis within the year 2009 is 29,299,438 Turkish Liras.
Enka İnşaat ve Sanayi A.Ş. is not in any sort of debt relation whatsoever with any of the members of the
Board.
2009 AUDITOR’S REPORT
To the General Assembly of Enka İnşaat ve Sanayi A. Ş.
NAME OF THE COMPANY
HEADQUARTERS
REGISTERED CAPITAL
ACTIVITY
:
:
:
:
NAME OF THE AUDITORS
:
PERIOD OF ASSIGNMENT
:
RELATION TO AUDITED COMPANY:
MEETINGS ATTENDED
:
NUMBER OF AUDIT MEETINGS
:
ENKA İNŞAAT VE SANAYİ A.Ş.
İSTANBUL
TL 1,800,000,000
Construction
Melek Çeliker, Bahattin Güleryüz
01.01.2009 – 31.12.2009
NONE
ALL
12
- Scope of the audit applied to the Company’s accounts, statements, books and documents; dates of audit and
conclusions: The Company’s accounts, statements, books and documents have been audited during the first twenty
days of each month, and statements pertaining to the prior month have been examined. Furthermore, the statements for
the year-ended 2009 have been audited in January and March 2010, all records have been determined to be in
accordance with the documents, legislation and the Company’s main contract, and no deviation thereto has been found.
- The number and results of the counts effected at the Company’s petty cash as per The Turkish Commercial
Law, Article 353, Sub-article 1, Paragraph 3: The Company’s cash account has been inspected, without prior
notification on 15 January 2009; 16 April 2009; 18 June 2009; 12 August 2009; 17 September 2009; 13 November 2009
and 30 December 2009 and no difference between the petty cash and the accounts have been recorded.
- Date and results of the inspections effected as per The Turkish Commercial Law, Article 353, Sub-article 1,
Paragraph 4: The Company’s books have been inspected on 9 January 2009; 6 February 2009; 6 March 2009; 10 April
2009; 8 May 2009; 5 June 2009; 10 July 2009; 7 August 2009; 4 September 2009; 9 October 2009; 6 November 2009
and 11 December 2009 and found to be in accordance with the law and the regulations.
-
Reported complaints and irregularities and measures taken: No complaints or irregularities have been reported.
We have inspected the accounts of Enka İnşaat ve Sanayi A.Ş. for the fiscal year 01.01.2009 and 31.12.2009, in
accordance with the Turkish Commercial Law, the Company’s Articles of Association and universally accepted
accounting standards and principles.
In our opinion, the attached balance sheet dated 31.12.2009, the content of which we hereby adopt, reflects the
Company’s position on the mentioned date; the 01.01.2009 – 31.12.2009 Profit and Loss Statement correctly reflects
the activities undertaken in the said period; the proposal for profit distribution is in conformity with the laws and the
Company’s Articles of Association. We hereby recommend that the Balance Sheet and Profit and Loss Statement be
approved and the Board of Directors to be acquitted.
BOARD OF AUDITORS
AUDITOR
MELEK ÇELİKER
31 March 2010
AUDITOR
BAHATTİN GÜLERYÜZ
ENKA İNŞAAT VE SANAYİ A.Ş.
Balmumcu, Enka Binaları, 34349 Beşiktaş / İstanbul - Turkey
Phone: +90 212 376 10 00 – Fax: +90 212 272 88 69
e-mail: [email protected] – www.enka.com

annual report

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