BOLU 2005 FAAL YET RAPORU 2005 ANNUAL REPORT

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1 BOLU 2005 FAAL YET RAPORU 2005 ANNUAL REPORT

2 TÜRKÇE ENGLISH 2005 ÇALIfiMA YILI YILLIK OLA AN GENEL KURULU Tarih: Saat: 11:00 Yer: Mengen Yolu Üzeri, Çaydurt Mevkii BOLU adresindeki fiirket merkezi 2005 ANNUAL ORDINARY GENERAL ASSEMBLY Date: Time: 11:00 Venue: Company Headquarters at Mengen Road, Çaydurt Region, BOLU BOLU Ç MENTO SANAY A.fi. Kay tl Sermaye: ,00 YTL Ç kar lm fl Sermaye: ,00 YTL Kurulufl Tarihi: 5 A ustos 1968 Telefon: (0374) (7 hat) Telefaks: (0374) Web Sitesi: E-posta: bilgi@bolucimento.com.tr Fabrika Adresi: Mengen Yolu Üzeri, Çaydurt Mevkii Bolu Telgraf Adresi: Bolçim-Bolu Ticaret Sicil no: 1180 Posta Kutusu: 16-Bolu Sanayi Sicil No: Vergi No: ANKARA Ö ÜTME VE PAKETLEME TES S Telefon: (0312) (6 hat) Telefaks: (0312) STANBUL Ç MENTO PAKETLEME TES S Telefon: (0216) (2 hat) Telefaks: (0216) BOLU CEMENT INDUSTRIES INC. Registered Capital: 180,000, YTL Issued Capital: 128,564, YTL. Date of Foundation: 5 August 1968 Telephone: ( ) (7 lines) Facsimile: ( ) Web Site: bilgi@bolucimento.com.tr Factory Address: Mengen Yolu Üzeri, Çaydurt Mevkii Bolu Telgraph: Bolçim-Bolu Trade Registration Number: 1180 P.O. Box: 16-Bolu Industry Registration Number: Tax Number: ANKARA GRINDING AND PACKING FACILITY Telephone: ( ) (6 lines) Facsimile: ( ) STANBUL CEMENT PACKING FACILITY Telephone: ( ) (2 lines) Facsimile: ( ) Ç NDEK LER CONTENTS Ön kapak içi Inside front cover Finansal Göstergeler Financial Highlights Bafll ca Göstergeler Basic Highlights 01 Sermaye ve fltirakler Capital and Participations 02 Kurumsal Tarih Corporate History 03 Vizyon, Misyon ve De erler Mission, Vision and Values 04 Yönetim Kurulu Baflkan n n Mesaj Message from the Chairman 08 Yönetim Kurulu Board of Directors 09 Üst Yönetim Senior Management Denetim Kurulu Board of Auditors 10 Türkiye Ekonomisindeki Geliflmeler Developments in the Turkish Economy Y l nda Dünyada ve Türkiye de Çimento Sektörü The Cement Sector in the World and in Turkey in Faaliyetler Activities 28 OYAK

3 BAfiLICA GÖSTERGELER BASIC HIGHLIGHTS F NANSAL GÖSTERGELER FINANCIAL HIGHLIGHTS (YTL 000) De iflim (%) Change (%) Toplam Varl klar Total Assets ,18 Özkaynaklar Equity Capital ,17 Net Kâr Net Profit ,88 TEMEL RASYOLAR BASIC RATIOS (%) Cari Oran (Dönen Varl klar/k sa Vadeli Borçlar) Current Rate (Liquid Assets/Short Term Liabilities) 9,06 6,11 Mali Yeterlilik (Özkaynaklar/Yabanc Kaynaklar) Financial Sufficiency (Equity/Foreign Resources) 13,90 9,84 Disponibilite Oran (Haz r De erler/k sa Vadeli Borçlar) Liquid Assets (Cash Equivalents/Short Term Liabilities) 1,57 0,28 Likidite Oran (Dönen Varl klar-stoklar/k sa Vadeli Borçlar) Liquidity Rate (Liquid Assets-Stocks/Short Term Liabilities) 7,59 5,26 Özsermaye Kârl l (Net Kâr/Özsermaye) Equity Profitability (Net Profit/Equity) 0,21 0,14 ÜRET M (ton) PRODUCTION (tons) Çimento Cement Klinker Clinker Haz r Beton (m 3 ) Ready Mix Concrete (m 3 ) M c r Crushed Stone

4 Bolu Çimento 2005 y l nda bir önceki y la göre klinker üretiminde %1,65 çimento üretiminde %3,38 art fl sa lam flt r. Bolu Cement Industries Inc. has achieved a 1.65% increase in clinker and 3.38% increase in cement production. Ç MENTO ÜRET M (milyon ton) CEMENT PRODUCTION (million tons) 1, , ,4

5 1 Bolu Çimento, Ordu Yard mlaflma Kurumu (OYAK) nun sanayi sektöründeki ifltiraklerinden biridir. Bolu Cement is one of the participations of Armed Forces Pension Fund (OYAK) in the industrial sector. SERMAYE CAPITAL Ortaklar Shareholders (%) YTL (%) YTL Ordu Yard mlaflma Kurumu (OYAK) Armed Forces Pension Fund (OYAK) 51, , Di er Gerçek ve Tüzel Kifliler Other Real and Juridical Persons 48, , Nominal Sermaye Nominal Capital 100, , fit RAKLER PARTICIPATIONS fiirket Company Pay Oran (%) Share Rate (%) OYAK Enerji ve San. Tic. A.fi. 19,60 OYAK Energy and Industry Trade Inc. Elaz -Alt nova Çimento San. ve Tic. A.fi 18,00 Elaz -Alt nova Cement Industry and Trade Inc. OYAK Beton San. ve Tic. A.fi. 16,31 OYAK Concrete Industry and Trade Inc. Birçim Çimento ve Mad. San. ve Tic. A.fi. 18,00 Birçim Cement and Mining Industry and Trade Inc. Bolu Cement Industries Inc. Annual Report 2005

6 2 KURUMSAL TAR H CORPORATE HISTORY Bolu Çimento Türkiye de her y l ilk 500 firma aras nda yer almaktad r. Bolu Cement continuously takes place among the first 500 companies in Turkey y l nda Bolu Ticaret Odas Yönetim Kurulu taraf ndan gelifltirilen fikir sonucunda Bolu ya bir çimento fabrikas kurulmas karar verilmifl ve bu do rultuda çal flmalara bafllanm flt r. 23 A ustos 1968 tarihinde Bol-Bak G da Sanayii ve Ticaret A.fi., Kamil Bilgihan, Naz m Adasal, Mustafa Çizmecio lu, stanbul Bankas ve Bolu Karaköy tüzel kiflili i kurucu ortak olarak TL sermayeli Bolu Çimento Sanayii A.fi. yi kurmufllard r. Ana sözleflmesinde de ifliklik yap larak sermayesinin TL ye yükseltilmesi karar al nan Bolu Çimento Sanayii A.fi. için ortak aray fl na bafllanm fl, Türkiye Çimento Sanayii ve Ordu Yard mlaflma Kurumu (OYAK) ile gerçeklefltirilen müzakereler sonucunda %25 hisse OYAK a, %16 hisse T. Çimento Sanayii ne (Çisan) devredilmifltir. Kurulufl prosedürü tamamlanan fabrikan n 26 Eylül 1969 tarihinde temeli at larak inflaat çal flmalar bafllat lm flt r y l nda montaj tamamlanarak deneme üretimlerine geçen fabrika, 1 Haziran 1974 tarihinde iflletmeye aç lm flt r. fiirket sermayesi 1969 y l nda TL ye, 1972 y l nda TL ye, daha sonra da TL ye ç kar lm flt r. Ana üretim alan çimento olan Bolu Çimento Sanayii A.fi., y llar içinde kapasitesini art rm fl, haz r beton ve m c r üretimi yat r mlar n tamamlayarak geliflimini sürdürmüfl ve sektörde önemli bir konuma sahip olmufltur. Bolu Çimento nun y ll k klinker üretim kapasitesi 1,3 milyon ton, çimento üretme kapasitesi 2,6 milyon tondur. Ankara'da ö ütme ve paketleme, stanbul Samand ra'da paketleme tesisleri bulunan fiirket, TSE standartlar na uygun tipte çimento üretimi yapmaktad r. In 1967 the Board of Directors of Bolu Chamber of Commerce decided to constitute a cement factory in Bolu and commenced the studies. On August 23, 1968 Bol-Bak Food Industry and Trade Inc., Kamil Bilgihan, Naz m Adasal, Mustafa Çizmecio lu, Istanbul Bank and Bolu Karaköy entity established Bolu Cement Industries Inc. with a capital of 500, TL as founder partners. A study on shareholder search was started with the decision on raising the capital to 40,000, TL by an amendment in the Main Agreement; after negotiations with Turkish Cement Industries and Armed Forces Pension Fund (OYAK), 25% of the shares were transferred to OYAK and 16% to T. Cement Industries (Çisan). After completion of the establishment procedures the foundation of the factory was laid and the construction started on September 26, In 1973 the assemblage of the factory was completed and test production started. The factory started operation on June 1, The capital of the Company was raised to 50,000, TL in 1969, to 75,000, TL in 1972 and then to 125,000, TL. Bolu Cement Industries Inc. whose main production line is cement, has increased its capacity by time and by the investments in ready mix concrete and crushed stone reached an important point in the sector. The annual clinker production capacity of Bolu Cement is 1.3 million tons and cement production capacity is 2.6 million tons. The Company that has grinding and packing facility in Ankara, packing facility in Istanbul, Samand ra is producing cement consistent with the TSE standards. Bolu Çimento Sanayii A.fi. Faaliyet Raporu 2005

7 3 Faaliyetlerini küresel rekabet ve de iflen ihtiyaçlar karfl s nda en verimli flekilde sürdürebilmek amac yla, kuruldu undan itibaren sektördeki teknolojik geliflmeleri yak ndan takip eden Bolu Çimento, bu geliflmeler paralelinde çeflitli yenileme, modernizasyon, darbo az giderici ilave yat r mlar na devam etmifltir. Türkiye de her y l ilk 500 firma aras nda yer alan ve sektöründe önemli bir pazar pay na sahip olan Bolu Çimento, Bolu ili kurumlar vergisi rekortmenli ini sürdürmektedir. Bolu Çimento Sanayii A.fi. nin hisseleri 30 Ocak 1986 tarihinden itibaren BOLUC sembolü ile MKB'de ifllem görmektedir. In order to keep its operations in continuous productivity against the global competition and changing requirements, Bolu Cement closely monitors the technological developments in the sector and has kept going with the bottleneck preventing additional investments with various renewing and modernising developments. Bolu Cement that continuously take place among the first 500 companies in Turkey has an important share in the market and keeps holding the tax paying record within the boundaries of Bolu. The shares of Bolu Cement Industries Inc. have been traded in ISE as of January 30, 1986 under the symbol BOLUC. Ana hissedar m z OYAK n vizyon, misyon ve de erleri do rultusunda In the direction of the vision, mission and values of OYAK, our main shareholder V ZYON Çimento kullan m alanlar n gelifltiren, ülke pazar nda etkin rol oynayan, sayg n, lider ve güvenilir bir flirket olmak. M SYON Topluma ve çevreye sayg l, verimli, etkin ve yüksek sorumluluk bilinci içerisinde çal flarak sürdürülebilir kârl l sa lamak. DE ERLER Yarat c l k, fleffafl k, dürüstlük, kat l mc l k, rekabetçilik, insana ve çevreye sayg, müflteri ve çal flanlar n mutlulu u, mükemmeliyet, OYAK kültürü. VISION IS to be a respectful, reliable and a leader Company developing the Cement utilisation areas and playing an active role in the domestic market. MISSION IS to maintain a continuous profitability by working with productive, effective and high responsible conscious, respecting the society and the environment. VALUES ARE Creativity, transparency, honesty, cooperation, competitiveness, respectful to the human and the environment, customer and employee satisfaction, perfectionism, OYAK culture. Bolu Cement Industries Inc. Annual Report 2005

8 4 YÖNET M KURULU BAfiKANI NIN MESAJI MESSAGE FROM THE CHAIRMAN Celalettin ÇA LAR Baflkan Chairman Bolu Çimento Sanayii A.fi. Faaliyet Raporu 2005

9 5 30 y ldan bu yana parlak bir geçmifl ile faaliyet gösteren Bolu Çimento, 2005 y l n da sat fl ve kârl l kta art fl göstererek tamamlad. Operating with a bright past for the last 30 years, Bolu Cement Industries Inc. has concluded the year 2005 with increase both in sales and profitability. De erli Ortaklar m z, fiirketimiz, sektör ve Türkiye olarak büyüme ve istikrar n ön planda oldu u, temel göstergelerin olumlu seyretti i bir y l geride b rakt k y l boyunca 360 milyar dolar n üzerinde mal ve hizmet üretip satt k, herhangi bir krizle karfl laflmad k ve tüm sektörlerde çeflitli oranlarda büyüme gözlemledik y l nda da benzer beklentilere sahibiz y l boyunca tüm sektörler büyümüfl olsa da aç k ara büyüme liderli i inflaat ve dolay s yla çimento sektöründeydi. Düflük faizlerin etkisiyle konut talebinin patlama yapt y l boyunca çimento sektörü de %14 ün üzerinde büyüme kaydetti ve iç sat fllarda tarihi bir rekora imza att k. 35 milyon tonu aflan yurt içi sat fllar 25 milyon tona kadar geriledi imiz 2001 y l nazara al n rsa 4 y ll k büyümemizin %40 oldu una iflaret ediyor. Dear Shareholders, We have concluded a year in which growth and stability were in the foreground and where the fundamental indicators positively progressed for our Company, the sector and Turkey. We have produced 360 billion dollars worth products and services during 2005, did not come across any crisis and observed growth in every sector at various rates. We do have the similar expectations for Although all the sectors grew throughout 2005, the leadership was by a large margin in the hands of the construction, in other words the cement sector: with the effect of low interest rates there has been a boom in housing demand which resulted in over a 14% increase in cement sales that led to a historical record. Domestic sales over 35 million tons point out a 40% increase in 4 years considering the sales of 2001, so low as 25 million tons. Bolu Cement Industries Inc. Annual Report 2005

10 6 YÖNET M KURULU BAfiKANI NIN MESAJI MESSAGE FROM THE CHAIRMAN Önümüzdeki y l da sektörün %7 civar nda büyümesini bekliyoruz. Her ne kadar rekorlara imza atm fl olsak da, önümüzde uzun bir yol var y l nda kifli bafl na çimento tüketimi 500 kg olurken bu rakam geliflen, büyüyen, Avrupa Birli i ne yönelen ülkelerde kg mertebesine kadar ç k yor, bizlerin de bu noktalara ulaflmas gerekir. Katk l çimento kullan m m z art rmal y z, zira bu yolla karbondioksit emisyonumuzu azaltabiliriz, çimentonun bize ve gelecek nesillerimize maliyetini düflürebiliriz. hracat m z ile duydu umuz övünç s n rl olmal, çünkü çimento lokal bir mal ve üretildi i bölgede tüketilmeli, amac m z mümkün oldu u kadar üretti imizi yak nda tüketmektir. Sektör için güzel geçen 2005 y l OYAK Çimento Grubu için ise ortalamalar n çok üzerinde baflar l idi. En temel verileri de erlendirmek gerekirse sat fllar m z %14, ciromuzu %28, esas faaliyet ve dönem kârlar m z %100 dolaylar nda yukar çektik, %19 u aflan pazar pay na ulaflt k, bu flekilde de Türkiye Çimento Endüstrisi nde pazar pay liderli imizi aç k ara sürdürdük, y l boyunca %100 ün üzerine ç kan kapasite kullan m oranlar na ulaflt k y l nda ayr ca özellefltirme ihalelerine girdik ve son geliflmelerin de gösterdi i üzere OYAK ve di er hissedarlar m z n menfaati yönünde karar verdik. Türk toplumuna karfl sorumluluklar m z hiç ihmal etmedik. Sürekli ve artan bir flekilde kâr etmeyi amaçl yoruz ve kâr sadece hissedarlar m za ödedi imiz temettüyü de il, ayn zamanda devlete ödedi imiz vergiyi art r yor, bu vergilerle de ülkemiz daha müreffeh yar nlara do ru yol al yor. Yüksek kârl l a ulaflan fiirketlerimiz, flehirlerinde vergi rekortmeni oldular, içinde bulundu umuz bölgeleri kalk nd rmak her zaman akl m zda oldu. Ayr ca, art k gelenekselleflen Matematik Yar flmalar ile Türkiye nin soyut düflünmesi, fen ve mühendislik alanlar nda daha ileri gidebilmesi için kar nca karar nca tüm topluma geri dönüflü olacak çal flmalar yürütüyoruz boyunca tüm yat r mlar m z çevre bilinci içinde, çimento üretirken yaratt m z karbondioksit emisyonunu ve yurt d fl ndan sat n ald m z kömür ve elektrik kullan m n azaltmaya yönelik idi. We are expecting the growth to be around 7% this year. Despite all the records we have broken there is still a long way to go. The consumption of cement in 2005 was 500 kg per person, whereas it is more or less 1,000 kg in the developing and growing countries on their way to EU. We have to cover this gap. We have to increase the use of cement with additives to reduce carbon dioxide emission and the cost of cement to us and to our future generations. Our pride with exportation should not be exaggerated because cement is a local product to be consumed in the region produced. Therefore, our aim is to sell it to the possible closest locations was a prosperous year for the sector and very successful, far over average, for the OYAK Cement Group: we have increased our sales by 14%, our turnover by 28% and our main operation and term profit over 100%, and reached over 19% market share; thus by our market share we have continued to be the leader in the Turkish Cement Industry and reached over 100% capacity usage all around the year. We also took active role in privatization bids and as the latest developments reveal, gave decisions for the benefit of OYAK and our other shareholders. We never neglect our responsibilities for the Turkish society. We aim to increase our profit continuously: the increase in profit does not only increase the dividends we pay to our shareholders but also the tax we pay to our state which will help our country to proceed to a more prosperous future. With the high profitability they have realized, our Companies became tax record holders in their cities. We always have in mind to develop the regions we operate. Besides, we have been organizing our traditional Maths Contests to help our country proceed in abstract thought, science and engineering branches, in other words we are humbly trying to achieve some activities with positive feedbacks to the society. Throughout 2005, with an environmental consciousness, all our investments were towards reducing the carbon dioxide emission and consumption of imported coal and energy during cement production. Bolu Çimento Sanayii A.fi. Faaliyet Raporu 2005

11 7 Bolu Çimento 2005 y l nda verimlili i ve kârl l art r c, maliyetleri azalt c yat r mlar n tamamlad. In 2005 Bolu Cement Industries Inc. completed its cost cutting, efficient and profitable investments. Yollar n kesiflme noktas nda 30 y ldan bu yana parlak bir geçmifl ile faaliyet gösteren Bolu Çimento, 2005 y l n da sat fl ve kârl l kta art fl göstererek tamamlad. Ankara da bulunan ö ütme ve paketleme ve stanbul da yer alan paketleme tesisleri ile Türkiye nin bu iki büyük flehri ve aralar nda kalan bölgede sat fllar n yapan Bolu Çimento, bölgesindeki üstün konumu devam ettirdi, verimlili i ve kârl l art r c, maliyetleri azalt c yat r mlar n tamamlad ve y l sadece iç pazara yapt 1,7 milyon ton çimento sat fl ile tamamlad da ise, çok düflük bir maliyetle klinker kapasitemizi %10 dolay nda art rm fl olaca z. Çimento de irmenlerinde yapt m z teknolojik iyilefltirme yat r m ise kapasitemizi yukar, maliyetlerimizi afla çekecek, çimentomuzdaki katk oran n yükselterek kârl l m z art raca z. Üretim ve sat fllar m zda, yat r mlar m zda ve att m z her ad mda, ön planda olan verimlilik ve yarat c l k ile maliyetler iyilefltirilecektir y l boyunca bizlere duydu unuz güven ve verdi iniz deste in 2006 y l nda da devam edece ine dair inanc m tamd r. Siz de erli hissedarlar m za teflekkür ederim. Sayg lar mla, Celalettin ÇA LAR Yönetim Kurulu Baflkan Operating at the junction of roads for the last 30 years, Bolu Cement Industries Inc., with a bright past, has concluded the year 2005 with increase both in sales and profitability. With the grinding and packing facilities in Ankara and packing facilities in Istanbul, Bolu Cement Industries Inc. sold its products in these two cities and the region in between, kept its superior position in the region, completed its cost cutting, efficient and profitable investments and concluded the year with 1.7 million tons of only domestic cement sales. In 2006 we shall increase our clinker production capacity by approximately 10% at a very low cost. The technological modifications on cement mills will increase our capacity while decreasing our costs. We shall raise our profitability by increasing the additive ratios in cement. With the efficiency and creativity in the foreground, in production and sales the costs will be bettered by the investments and by every step we put forward. I have complete belief that the confidence and support you have shown to us in 2005 will continue in I present my warm thanks to our shareholders. Sincerely Yours, Celalettin ÇA LAR Chairman of the Board of Directors Bolu Cement Industries Inc. Annual Report 2005

12 8 YÖNET M KURULU BOARD OF DIRECTORS Celalettin ÇA LAR Baflkan Chairman brahim TÜLÜ Baflkan Yard mc s Deputy Chairman fiinasi DEM R Üye Member Enis Sinan KURU Üye Member Ali R za ALTIPARMAK Üye Member Ayfle Aydan KASIMO LU Üye Member Güney ARIK Üye Member DENET M KURULU BOARD OF AUDITORS Mustafa ÇEL K Denetçi Auditor Mustafa TOKGÖZ Denetçi Auditor Mustafa BAYSAL Denetçi Auditor YÖNET M KURULU BOARD OF DIRECTORS Baflkan Chairman Celalettin ÇA LAR ( ) Devam Ediyor Continuing Baflkan Yard mc s Deputy Chairman brahim TÜLÜ ( ) Devam Ediyor Continuing Üye Member fiinasi DEM R ( ) Devam Ediyor Continuing Üye Member Enis Sinan KURU ( ) Devam Ediyor Continuing Üye Member Ali R za ALTIPARMAK ( ) Devam Ediyor Continuing Üye Member Ayfle Aydan KASIMO LU ( ) Devam Ediyor Continuing Üye Member Ali Kamil UZUN ( ) Üye Member Güney ARIK ( ) Devam Ediyor Continuing DENET M KURULU BOARD OF AUDITORS Üye Member Ferit AYDIN ( ) Üye Member Mustafa ÇEL K ( ) Devam Ediyor Continuing Üye Member Mustafa TOKGÖZ ( ) Devam Ediyor Continuing Üye Member Abdullah BELGE ( ) Üye Member Mustafa BAYSAL ( ) Devam Ediyor Continuing GENEL MÜDÜR GENERAL MANAGER K. Ümit ÖZEL ( ) Devam Ediyor Continuing Bolu Çimento Sanayii A.fi. Faaliyet Raporu 2005

13 9 ÜST YÖNET M SENIOR MANAGEMENT K. Ümit ÖZEL Genel Müdür General Manager Memifl VANLI Genel Müdür Yard mc s (Mali ve dari) Assistant General Manager (Financial and Administrative) Ertu rul AKDAfi Muhasebe Müdürü Accounting Manager Selim ÖZTÜRK Sat fl Müdürü Sales Manager Mehmet Levend GÜRSES Lojistik Hizmetler Müdürü Logistic Services Manager Nurdan ÖNEY Kalite Kontrol ve Yönetimi Müdürü Quality Control and Management Manager rfan YORULMAZ Üretim Müdürü Production Manager Ali R za TUNÇB LEK Teknik Hizmetler Müdürü Technical Services Manager A. Kenan KARAERKEK Bilgi fllem fiefi Chief, Data Processing Bolu Cement Industries Inc. Annual Report 2005

14 10 TÜRK YE EKONOM S NDEK GEL fimeler DEVELOPMENTS IN THE TURKISH ECONOMY AB müzakerelerinin bafllamas, uluslararas yat r mc lar n ülkemize artan ilgileri, büyük tutarlara ulaflan özellefltirmelerin gerçekleflmesi; Türkiye nin yükselen pazar olma özelli ini art rd n n göstergeleridir y l nda GSMH daki büyüme %7,6 oran nda gerçekleflmifltir. Böylelikle Türkiye ekonomisi büyüme yolundaki 4. y l n tamamlam flt r y l nda sanayi üretiminde göreceli bir düflüfl yaflanm flt r. De erli YTL ve düflük döviz kuru nedeniyle ithalat n giderek art fl, Çin in pazar istilas, enerji ve özellikle petrol fiyatlar ndaki yükselifl bu yavafllaman n en büyük etkenleridir y l nda sanayi üretimi art fl ortalamas %5,5 olarak gerçekleflmifltir (2004: %9,8). malat sanayi üretim art fl ise 2004 teki %10,4 seviyesine karfl l k, 2005 y l nda %4,9 a düflmüfltür. Merkez Bankas, fiyat istikrar temel hedefi do rultusunda 2002 y l ndan beri sürdürdü ü enflasyon hedeflemesi politikas n, 2005 y l nda da devam ettirmifltir y l nda %8 lik hedefin alt nda gerçekleflen %7,72 lik TÜFE oran, ayn zamanda 37 y l n en düflük oran olma özelli ini de tafl maktad r. Ayn dönem için ÜFE %2,66 olmufltur y l verilerine göre ihracat 2004 y l na oranla %16 artarak 73,3 milyar ABD dolar ; ithalat ise %19,3 artarak 116,4 milyar ABD dolar olarak gerçekleflmifltir. D fl ticaret aç, %25 oran nda artarak 43,1 milyar ABD dolar na yükselmifltir. Commencement of the EU negotiations, the increasing interest of the international investors to Turkey and realisation of the denationalisations reaching great amounts indicate that Turkey has increased its feature as a rising market. The growth in the GNP (Gross National Product) has been realised as 7.6% in Thus Turkey s economy has completed its 4th year in thepath of growth. In 2005 a relative recession has been experienced in industrial production in Turkey. Increase of importation due to valuable YTL and low foreign currency rates, invasion of the market by the Chinese and the increase in energy and especially in petroleum have been the most important factors of this slowdown. The average increase in the industrial production was 5.5% (in 2004 it was 9.8%). The manufacturing industry production increase in 2005 was 4.9% against the 10.4% increase of The Central Bank has kept on with its inflation targeting policy in 2005 as well, which had been its basic target in the direction of price stability since The CPI rate realised as 7.2% in 2005, below the targeted 8%, has been the lowest rate for the last 37 years. The PPI for the same term has been 2.66%. According to the data of 2005, exportation realised was 73.3 billion USA Dollars with a 16% increase as compared to 2004; and importation realised was billion USA Dollars with a 19.3% increase. The foreign trade deficit has been raised by 25% and reached 43.1 billion USA Dollars. Bolu Çimento Sanayii A.fi. Faaliyet Raporu 2005

15 y l nda GSMH daki büyüme %7,6 oran nda gerçekleflmifltir. The growth in the GNP (Gross National Product) has been realised as 7.6% in y l nda YTL, uluslararas piyasalarda ABD dolar lehine geliflen Euro/Dolar paritesinin de etkisiyle ABD dolar karfl s nda %0,1 de er kaybederken, Euro karfl s nda %12,9 de er kazanm flt r. Cari aç k büyümeye devam ederken 2005 y l nda %47,4 artarak 23 milyar ABD dolar na yükselmifltir. Ancak, yabanc sermaye giriflinin sürmesi ve TCMB rezervlerinin yüksek seviyesini korumas, bu aç n ekonomi aç s ndan riskini hafifletmektedir. TCMB rezervlerinin cari aç a oran 2005 y l sonu itibariyle %2,29 dur sonunda 318,9 milyar ABD dolar olan konsolide bütçe toplam borç stokunun, %9,6 artarak 2005 y l sonunda 349,6 milyar ABD dolar na ulaflt tahmin edilmektedir. Bu tutar n %51 i iç borç ve %49 u d fl borçtur y l bafl nda %18 seviyesinde olan gecelik borçlanma faizleri, istikrarl ekonomik ortam n, AB ile müzakere sürecinin bafllamas n n ve uluslararas derecelendirme kurulufllar n n Türkiye ye iliflkin olumlu de erlendirmelerinin etkisiyle y l n sonunda %13,5 e kadar gerilemifltir y l nda MKB-100 endeksi %60 l k yüksek bir art fl performans göstermifltir. Endeks y l puandan kaparken, dolar baz nda 2,95 sente ç km flt r. In 2005, in the international markets, YTL lost 0.1% value against USA Dollars with the effect of the Euro/Dollar parity developed in favour of the USA Dollar; but gained 12.9% value against Euro. The current deficit kept on growing and reached to 23 billion USA Dollars in 2005 with a 47.4% increase. But the continuation of the external capital investments and preservation of the high level reserves by the Central bank reduced the risk of this deficit from the point of economy. The rate of the Central Bank s reserves against the current deficit as end of 2005 is 2.29%. It is estimated that the total consolidated budget debit stock, as end of 2005, has reached to billion USA Dollars by a 9.6% increase; which was billion USA Dollars at the end of % of this amount is the internal and 49% of it is the external debit. The overnight loan interest that was 15% at the beginning of 2005 has been reduced to 13.5% by the end of the year with the effects of stable economic circumstances, commencement of the negotiation period with EU and the positive evaluations of the international evaluation establishments. In 2005 the ISE-100 index has shown a performance of 60% increase. The index has been raised to 2.95 cents, based on dollars, while closing the year at 39,777 points. Bolu Cement Industries Inc. Annual Report 2005

16 YILINDA DÜNYADA VE TÜRK YE DE Ç MENTO SEKTÖRÜ THE CEMENT SECTOR IN THE WORLD AND IN TURKEY IN y l dünya çimento ihracat flampiyonu Türkiye nin bu konumunu 2005 y l nda da sürdürmesi beklenmektedir. It is expected that Turkey would keep the exportation championship title of the world with 2005 figures as in Son y llarda sürekli büyüyen dünya çimento endüstrisi, 2004 y l n milyar ton üretim ve milyar ton tüketim ile tamamlam flt r. Bu rakamlar n 2005 sonu itibariyle milyar ton üretim ve milyar ton tüketim olarak gerçekleflmesi ve tüketimin %4 artmas beklenmektedir. Dünya çap nda en fazla üretim ve tüketim 2005 y l nda da Çin taraf ndan gerçeklefltirilmifl, ülke çap nda üretilen çimento %11,8 lik art flla milyar tona ulaflm flt r y l dünya çimento ihracat flampiyonu Türkiye nin bu konumunu 2005 rakamlar itibariyle de sürdürmesi beklenmektedir. thalatta ise ABD aç k ara birincidir. Türkiye de y l boyunca düflük seyreden konut kredisi faizlerinin etkisi ve Toplu Konut daresi taraf ndan organize edilen yat r mlar sayesinde inflaat sektörü ortalaman n çok üzerinde, %21,5 lik bir büyüme ile y l tamamlam flt r. Bu duruma ba l olarak çimento sektörü de 2005 y l boyunca bir önceki y la oranla iç sat fllar n %14,4 oran nda art rm fl, kifli bafl na çimento tüketimi 487 kg. olmufltur. Ayn dönemde Gayrisafi Milli Has la n n art fl oran %7,6 olarak gerçekleflmifltir. Mortgage sisteminin 2006 y l nda aktif hale gelmesi ve çimento sat fllar na olumlu katk da bulunmas beklenmektedir. As a result of continuous growth, the world cement industry has completed 2004 with 2,186 billion tons of production and 2,160 billion tons of consumption. As end of 2005 these figures are estimated to be 2,270 billion tons of production and 2,244 billion tons of consumption with a 4% increase in consumption. In 2005 the China has been the leading producer and consumer on earth. The production of cement in Turkey has been raised by 11.8% and reached to 1,048 billion tons. It is expected that Turkey would keep the exportation championship title of the world with 2005 figures as in USA is the first in importation with a remarkable margin. The construction sector has completed the year with 21.5% growth rate, high over the average, with the investments organised by the housing development administration and the effect of the housing credit interests that kept a low rate all around the year. Accordingly the cement sector throughout 2005 has raised its domestic sales by 14.4% and the cement consumption per person was realised as 487 kg. In the same period the growth on the gross national product was 7.6%. It is expected that the mortgage system will be in force in 2006 and have positive effect in cement sales. Bolu Çimento Sanayii A.fi. Faaliyet Raporu 2005

17 13 Türkiye de 40 adet entegre ve 18 adet ö ütme tesisi olmak üzere toplam 58 adet çimento fabrikas vard r. Sektörün y ll k klinker üretim kapasitesi 40 milyon ton, çimento ö ütme kapasitesi ise 68 milyon tondur y l boyunca sektör çap nda kapasite kullan m oran %90 olarak gerçekleflmifltir. Y l boyunca canl l k gösteren yurt içi sat fllar n n yan s ra 7,7 milyon ton çimento ihracat gerçeklefltiren Türkiye çimento endüstrisinin en büyük müflterisi 2,8 milyon tonluk sevk yat ile Irak olmufltur. Bölgedeki yeniden yap lanma faaliyetlerinin ve çimento ithalat n n 2006 da da sürmesi öngörülmektedir. Sektörde faaliyette bulunan çimento fabrikalar n n 2005 y l klinker ve çimento üretimleri ve sat fllar, 2004 y l ile karfl laflt rmal olarak afla da gösterilmifltir. There are 58 cement factories in Turkey; 40 of them are integrated and 18 of them are grinding facilities. The clinker production capacity of the sector is 40 million tons and the cement grinding capacity is 68 million tons. Throughout 2005 the capacity usage rate has been materialised as 90%. Besides the strong domestic sales throughout the year Turkish cement industry has materialised 7.7 million tons of exportation; Iraq being the biggest importer with 2.8 million tons. It is estimated that the reconstruction operations and cement importations in the region will continue in Production and sales of the cement factories of the sector in 2005 are shown below in comparison with Milyon ton Million tons Art fl (%) Increase (%) Klinker Üretimi Clinker Production 36,4 32,8 11,0 Çimento Üretimi Cement Production 42,8 38,8 10,3 Yurt çi Tüketim Domestic Consumption 35,1 30,7 14,4 Çimento hracat Exported Cement 7,7 8,2 (5,7) Klinker hracat Exported Clinker 2,8 2,5 13,0 Toplam hracat (Çimento ve Klinker) Export Total (Cement and Clinker) 10,5 10,7 (1,4) Bolu Cement Industries Inc. Annual Report 2005

18 14 FAAL YETLER ACTIVITIES LK FIRST 500 Türkiye de ilk 500 firma aras nda yer alan Bolu Çimento Sanayii A.fi y l nda üretim, sat fl ve kârl l kta yüksek bir performans yakalam flt r. Bolu Cement Industries Inc. that takes place within the first 500 companies in Turkey has captured a high performance in production, sales and profitability in PAZAR PAYI (%) MARKET SHARE (%) 4,75 Sektöründe önemli bir pazar pay na sahip olan fiirket in 2005 y l yurt içi pazar pay %4,75 olarak gerçekleflmifltir. The Company that has an important market share in the sector has a domestic market share of 4.75%. Bolu Çimento Sanayii A.fi. Faaliyet Raporu 2005

19 15 Ankara ö ütme ve paketleme tesisi Ankara ve çevre pazar nda sat fl pay n n art r lmas na büyük katk da bulunmufltur. Ankara grinding and packing facility has great contribution in the increase of the sales share in Ankara and surrounding markets. TES SLER Ankara ö ütme ve paketleme tesisi Ankara- stanbul karayolu üzerinde Sarayköy de 1993 y l nda sat n al nan m 2 lik arazi üzerine 1996 y l nda paketleme tesisi kurulmufl ve çimento sat fl na bafllanm flt r. Daha sonra ilave edilen çimento ö ütme ünitesi, 1998 y l nda tamamlanm flt r. Toplam yat r m tutar 17 milyon ABD dolar olan tesis, Ankara ve çevre pazar nda sat fl pay n n art r lmas na büyük katk da bulunmufltur. stanbul-samand ra çimento paketleme tesisi 1999 y l nda faaliyete geçen çimento paketleme tesisi, 100 ton/h torbal çimento yükleme kapasitesine sahiptir. Bolu m c r k rma ve eleme tesisi 2000 y l nda Bolu Merkez Çatakören Köyü yak nlar nda kurulan tesis, 200 ton/h kapasitelidir y l nda kum yapma tesisi ilave edilmifltir. Bolu ve Düzce haz r beton tesislerinin k rma kum ve m c r ihtiyac n karfl lamak üzere kurulmufl olan tesiste k rma kum ve m c r sat fl da yap lmaktad r. FACILITIES Ankara grinding and packing facility A packing facility has been build up on a land of 86,250 m 2 bought in 1993 in Sarayköy, on Istanbul-Ankara Highway and started selling cement. Then the cement-grinding unit was completed in The facility with 17 million USA Dollars of total investment has great contribution in the increase of the sales share in Ankara and surrounding markets. stanbul-samand ra cement packing facility The cement packing facility that started operation in 1999 has the capacity to load 100 t/h bagged cement. Bolu stone crushing and sifting facility The facility that was built near Çatalk ran Village in central Bolu started operation in 2000 and has a capacity of 200 t/h. A sand making facility was added in The facility that was built to meet the crushed sand and crushed stone needs of Bolu and Düzce ready mix concrete facilities also sales these products. Bolu Cement Industries Inc. Annual Report 2005

20 16 FAAL YETLER ACTIVITIES ANA ÜRET M ÜN TELER Bolu Çimento merkez fabrikas, Ankara çimento ö ütme ve paketleme tesisi ile Samand ra paketleme tesisi afla daki ana ünitelerden oluflmaktad r. Merkez fabrika ton stok kapasiteli MVT PREBLENDING - Bir adet kalker k r c (350 ton/h)-miag - Bir adet kalker k r c (450 ton/h)-titan - Bir adet kil k r c (240 ton/h)-bedeschi ton/h (kuru üretim) dikey farin de irmeni- LOESCHE - 30 ton/h (kuru üretim) dikey kömür de irmeni- LOESCHE ton klinker/gün kapasiteli döner f r n, KHD- VOEST ALPINE modifikasyon ton/h lik çimento ö ütme, (3 adet çimento de irmeni) ÇM 1 = 75 ton/h F.L.SMIDTH-POLYSIUS modifikasyon ÇM 2 = 75 ton/h F.L.SMIDTH-POLYSIUS modifikasyon ÇM 3 = 130 ton/h KHD-POLYSIUS modifikasyon - Çimento stoklama kapasitesi: ton 6 adet x ton kapasiteli çimento silosu 1 adet x ton kapasiteli çimento silosu 1 adet x ton kapasiteli çimento silosu - 4 adet 100 ton/h l k torbal çimento paketleme hatt - 5 adet 120 ton/h l k aç k dolum tesisi 1 adet 100 ton/h l k dolum tesisi - Çevre kirlili i için yap lan elektrofiltre ve jet filtreler Ankara ö ütme ve paketleme tesisi - 2 adet x ton kapasiteli klinker stok silosu - Çimento stoklama kapasitesi: ton 2 adet x ton kapasiteli çimento silosu 1 adet x ton kapasiteli çimento silosu - 1 adet k r c (300 ton/h) - 1 adet çimento de irmeni (100 ton/h), POLYSIUS modifikasyon - 2 adet 100 ton/h l k torbal çimento paketleme hatt - 3 adet aç k dolum ünitesi (100 ton/h) MAIN PRODUCTION UNITS Bolu Cement Central Factory, Ankara Cement Grinding and Packing Facility and Samand ra Packing Facility are constituted by the following units: Central factory - MTV PREBLENDING with tons stock capacity - Limestone crusher (350 tons/h)-miag - Limestone crusher (450 tons/h)-titan - Clay crusher (240 t/h)-bedeschi - Vertical farina mill 375 tons/h (dry production)- LOESCHE - Vertical coal mill 30 tons/h (dry production)-loesche - Rotating kiln tons clinker/day-modified KHD- VOEST ALPINE - Cement grinding mills 280 tons/h (3 cement mills) CM 1 = 75 tons/h-modified F.L.SMIDTH-POLYSIUS CM 2 = 75 tons/h-modified F.L.SMIDTH-POLYSIUS CM 3 = 130 tons/h-modified KHD-POLYSIUS - Cement stock capacity: tons 6 Cement silos x 3,000 tons capacity 1 Cement silo x 6,000 tons capacity 1 Cement silo x 2,250 tons capacity - 4 Bagged cement packing lines x 100 t/h - 5 Outdoor filling facilities 120 t/h 1 Filling facility 100 t/h - Electro filter and jet filters to prevent pollution Ankara grinding and packing facility - 2 Clinker stock silos x tons capacity - Cement stock capacity: tons 2 Cement silos x tons capacity 1 Cement silo x tons capacity - Crusher (300 tons/h) - Cement mill (100 tons/h)-modified POLYSIUS - 2 Bagged cement packing lines 100 tons/h - 3 Outdoor filling units (100 tons/h) Bolu Çimento Sanayii A.fi. Faaliyet Raporu 2005