A CENTENARY LINE. A SAFE FUTURE.

Transcription

2011 ANNUAL REPORT
A CENTENARY LINE. A SAFE FUTURE.
Contents
2 OYAK in Brief
3 OYAK Group
4History
6 Our Mission, Our Vision, Our Values
7Highlights
8 Chairman’s Message
10 Board of Directors and Board of Auditors
12 CEO’s Message
15 Executive Management
16
20
42
46
47
48
49
OYAK and Group Companies in 2011
Developments in Member Services
Independent Auditors’ Report and Financial Statements
OYAK Ordu Yardımlaşma Kurumu
Balance Sheet as at 31 December 2011 - Assets
Balance Sheet as at 31 December 2011 - Liabilities
Statements of Income for the Year Ended 31 December 2011
OYAK Group Companies
OYAK (Armed Forces
Pension Fund), a unique
and successful model for
Turkey, has celebrated
its 50th year.
“Second Pillar Occupational Pension Funds” is
not a well-known concept in Turkey, but they have
been successfully introduced in many developed
countries around the world. These funds provide
several benefits to their members during their
careers and in their retirement, supplementing their
main pension program. Various initiatives for starting
such funds have been introduced in Turkey since the
early 1900’s, but amongst them only OYAK has been
successful and has come to the present day.
OYAK has been an observer member of the
European Federation for Retirement Provision
since 2003.
As a successful implementer of today’s private
pension system, OYAK has been one of our
Republic’s most valuable and financially strong
organizations over the last 50 years, as well as
a model institution in many aspects, which it is
determined to maintain.
Annual Report 2011 OYAK
1
OYAK in Brief
What OYAK is not?
•
•
•
•
•
•
It is not a part of the government’s social security system.
It is not a part of the Turkish Armed Forces.
It is not an institution that receives aid or subsidies from the government and/or any agency.
It is not a commercial institution that participates in defense industry activities.
It is not an institution that does not pay taxes.
It is not a corporation or limited company. It does not have capital and issued shares. Hence, neither the government nor
personal investors have had OYAK shares.
What is OYAK?
• OYAK is a second pillar occupational pension fund, which was founded to provide additional benefits to its members
such as pensions, death and disablement benefits - in addition to the social security benefits offered by the government
to the Turkish citizens - through using only the resources provided by its members. Initiatives like OYAK are frequently
observed in countries with developed economies and advanced democracies.
• OYAK has been an observer member of the European Federation for Retirement Provision since 2003.
• OYAK is a legal entity which manages the long-term savings that only comprise of the premiums paid to OYAK by its
members and the return generated by investing such premiums. OYAK has no separate money or any assets of its own
legal entity.
• OYAK, as a trustee, manages all these savings within the framework of such principles as profitability, efficiency and
corporate investment.
• OYAK transfers the profit it generates through managing its members’ savings to member accounts and keeps them in
accounts until the dates of its members’ retirement. For this reason, all OYAK assets are registered to its members at all
times.
• OYAK not only provides pension, death and disablement benefits to its members in line with legislation, but also various
services such as housing and lending.
• OYAK, as per the Law no. 205, is a legal entity, subject to the provisions of the private law and is autonomous both
administratively and financially.
• OYAK members include the members of the Turkish Armed Forces, members of the Gendarmerie General Command
and, as set out in the Law, employees including civilians seeking to participate voluntarily.
• OYAK is a taxpayer that pays a variety of taxes, in contrast with unsubstantiated claims.
OYAK: An exemplary model of sustainability
Founded in 1961, OYAK is Turkey’s first and largest,
non-state, occupational pension fund.
OYAK, a financially and administratively autonomous
corporate entity, operates under Law 205, which it was
founded with.
OYAK operates as a pension fund manager and as a
private equity investor and exploits its assets in financial
and subsidiary investments, and aims primarily to achieve
efficiency and profitability in all of its investments.
OYAK stands by its members at every stage of their lives.
OYAK is a life insurer in one sense, based on the services it
offers its members. Offering a variety of loan products to cover
its members’ needs and expectations emerging at various
stages of life, OYAK also works as a financial institution.
2
OYAK is taking great pains to prepare a safer future for its
members, which are now nearly 270,000.
Under the service model it has designed, OYAK aims to
provide its members with the highest possible return and to
offer them services with high added value.
Aiming to ensure the satisfaction, prosperity and safety of its
members in its operations, OYAK reflects technology and
modern management practices to its services in the most
effective manner and goes to great lengths to create a “better
life” for its members, both for now and for the future.
History
OYAK Group
Providing added value to the Turkish economy in a
continuous and growing manner
Employing about 29,000 people, the OYAK Group includes
nearly 60 companies operating in a range of branches
such as industry, finance and services. The OYAK Group
of companies has continuously and increasingly provided
added value to the Turkish economy with their total sales,
exports, productions and the taxes which they pay.
Subsidiaries of the OYAK Group in the industry branch
are the leading corporations of their sectors, such as the
iron and steel, energy, cement production and automotive.
These corporations own some of our country’s largest
facilities. OYAK Group’s other predominant field of activity
is the services sector, in which the Group holds many
subsidiaries operating in branches such as construction,
foreign trade, logistics, and technology.
According to the combined financial results for the end of
2011, total sales of the OYAK Group of companies hit TRY
29.2 billion, while their assets reached TRY 32.1 billion.
IRON & STEEL PRODUCTS
CEMENT & CONCRETE
AUTOMOTIVE & LOGISTICS
ATAER
Adana Çimento (Cement)
OYAK Renault (Automotive production)
ERDEMİR (Iron and Steel Production)
OYAK Beton (Ready-mix Concrete)
MAİS (Automotive distribution)
İSDEMİR (Iron and Steel Production)
Adana Çimento Free Port, TRNC
OMSAN (Logistics)
ERMADEN (Mining)
Adana Çimento San. ve Tic. Ltd., TRNC
OMSAN Logistique SARL, France
ERENCO (Engineering & Consulting)
Bolu Çimento (Cement)
OMSAN Lojistik EOOD, Bulgaria
ERDEMİR Lojistik (Logistics)
Ünye Çimento (Cement)
OMSAN Lojistik OOO, Russia
ERSEM (Steel Service Center)
Ünye Cem SRL, Romania
OMSAN Logistica SRL, Romania
ERDEMİR Romania
Mardin Çimento (Cement)
OMSAN Denizcilik A.Ş. (Shipping)
ERGAZ
Aslan Çimento (Cement)
OMSAN Havacılık A.Ş. (Aviation)
BİRTAŞ
OMFESA Logistics SA, Spain
1961
Marmara Madencilik
Aslan Beton (Ready-mix Concrete)
AS-SAN İnşaat
OYKA Kağıt (Craft Paper and Sacks)
BİRÇİM
ENERGY
FINANCIAL SERVICES
ANCILLARY HOLDING-OTHER
İSKEN (Power Plant)
OYAK Anker Bank (Germany)
OYAK İnşaat (Construction)
AYAS Enerji (Power Plant-Project)
VfG GmbH
HEKTAŞ (Agrochemicals, Pharmaceuticals)
OYAK Enerji (Wholesaling)
OYAK Yatırım (Securities)
TAKİMSAN
OYAK Yatırım Ortaklığı
TUKAŞ (Food Processing)
ORFİN Finansman (Automotive Financing)
Tam Gıda (Biscuits)
Eti Pazarlama (Marketing)
OYTAŞ (Trade)
Vize Agrega Asfalt Madencilik
OYAK Güvenlik (Security Services)
OYAK Teknoloji (Technology Services)
OYAK Pazarlama (Services)
OYAK Telekomünikasyon
OYAK Konut (Housing)
OYAK Girişim (Consultancy)
3
1971
1981
1961-2011
1961
• OYAK was established on March 1st, 1961 with the participation
of about 65,000 members, in accordance with Law no. 205, to
provide additional benefits for its members against any social and
physical risk that they may encounter.
1967
• OYAK undertook an equity investment in İleri Kimya Sanayii A.Ş.,
(cologne production) with a 0.1% stake in the company.
1970
• OYAK terminated its investment in Grapette Amerikan Patentli
Sodalı İçkiler Sanayi A.Ş.
• OYAK terminated its investment in İleri Kimya Sanayi A.Ş.
1974
• OYAK entered a 1-year private partnership with Verdi Ticaret Ltd.
(automotive sector).
• OYAK entered an equity investment in OYAK Yatırım ve Holding
A.Ş. (later restructured as OYTAŞ) with a 100% stake in the
establishment of the company.
• OYAK entered a 1-year private partnership with İbrahim Ethem
Kimya Evi T.A.Ş. (pharmaceuticals production).
1962
1975
1963
1977
• OYAK undertook an equity investment in Askeri Elektronik Sanayi
A.Ş. (defense industry) with a 15% stake in the company.
• OYAK made its first equity investment in Goodyear Lastikleri T.A.Ş.,
with a 7.41% stake in the company.
• OYAK terminated its private partnership with Verdi Ticaret Ltd. after
extending it for one more year.
• OYAK terminated its private partnership with İbrahim Ethem Kimya
Evi T.A.Ş. after extending it for one more year.
• OYAK entered a 1-year private partnership with Mustafa Tumba
(private partnership).
• OYAK bought a 25% stake in HEKTAŞ Ticaret T.A.Ş., the
agro-chemicals company.
• OYAK bought a 93.55% stake in Türk Otomotiv Endüstrileri T.A.Ş.
(automotive sector).
• OYAK entered the cement sector and bought a 52.38% stake in
Çukurova Çimento Sanayi T.A.Ş. later named as Adana Çimento
(production and sale of clinker and cement). OYAK undertook
an equity investment in Grapette Amerikan Patentli Sodalı İçkiler
Sanayii A.Ş., (soft drinks industry) with a 10% stake in the company.
1964
• OYAK terminated its private partnership with Mustafa Tumba.
• OYAK undertook an equity investment in Türkiye Petrolleri A.O. (fuel
industry) with a 7.67% stake in the company.
• OYAK undertook an equity investment in Motorlu Araçlar Ticaret
A.Ş. (automotive sector) with an 80% stake in the company.
• OYAK undertook an equity investment in Turgutlu Konservecilik
A.Ş., (food-tomato paste production) with a 93.9% stake in the
company. OYAK’s stake in the company rose to 96.6% by the end
of the year.
• OYAK undertook an equity investment in OYAK Sigorta A.Ş.
(insurance sector) during its establishment, with a 95.6% stake in
the company. The company became operational in 1968.
• OYAK undertook an equity investment in Motorlu Araçlar İmal ve
Satış A.Ş. (sale and after-sale services for Renault motor vehicles)
during its establishment, with a 97.5% stake in the company, which
was initially founded as a limited company (OYAK Group held
100% of the company).
1968
• Founded as a limited company, MAİS was restructured as a
joint-stock company.
1969
• OYAK undertook an equity investment in OYAK Renault Otomobil
Fabrikaları A.Ş. (manufacture and export of Renault branded
passenger cars and their mechanical parts) during its establishment,
with a 42% stake in the company (OYAK Group held 43% of the
shares in the company).
• OYAK made an equity investment in OYAK Kutlutaş Konut İnşaat
Sanayii ve Ticaret A.Ş. (construction sector) with a 24.2% stake
in the company (OYAK Group held 40% of the company). The
company was renamed as OYAK Kutlutaş Konut Holding A.Ş. in
1978.
• OYAK undertook an equity investment in Ağır Döküm ve Otomotiv
San. Tic. A.Ş. (casting and automotive) with an 80% stake in the
establishment of the company (OYAK Group held 100% of the
company).
• OYAK undertook an equity investment in OMSAN Otomotiv
Mamulleri Sanayi T.A.Ş. (firstly automotive sector and then logistics)
with a 20% stake in the establishment of the company (OYAK Group
held 100% of the company). The company was later renamed as
OMSAN Lojistik A.Ş.
• OYAK undertook an equity investment in HEKTAŞ Ambalaj Sanayii
ve Ticaret A.Ş. (package production for agricultural chemicals)
(TAKİMSAN) - a subsidiary of HEKTAŞ - with a 0.4% stake in the
establishment of the company (OYAK Group held 100% of the
company).
1978
• The foundation of OMSAN was completed.
1982
• OYAK undertook an equity investment in ETİ Pazarlama ve Sanayi
A.Ş., (biscuit, confectionery sales and marketing) with a 26% stake
in the establishment of the company.
• OYAK undertook an equity investment in TAM Gıda Sanayi ve
Ticaret A.Ş., (biscuit, confectionery production) with a 26% stake in
the establishment of the company.
• OYAK undertook an equity investment in OYAK İnşaat A.Ş.
(construction sector) with a 100% stake in the establishment of the
company.
1983
• OYAK undertook an equity investment in Pınar Entegre Et ve Yem
Sanayii A.Ş., (meat industry) with a 15% stake in the company.
• OYAK undertook an equity investment in Yatırım Sanayi ve Ticaret
A.Ş., (paint industry) with a 10% stake in the company.
1984
• OYAK terminated its investment in TOE.
• OYAK terminated its investment in MAT.
• OYAK terminated its investment in ADSAŞ.
• OYAK undertook an equity investment in ENTAŞ Entegre
Tavukçuluk A.Ş. (poultry and egg production) with a 50% stake in
the establishment of the company.
• OYAK acquired 100% of the shares of OYAK Menkul Değerler A.Ş.
(OYAK Yatırım – brokerage company) which was founded in 1982
by OYAK Yatırım ve Holding.
1987
• OYAK terminated its partnership with Kutlutaş.
1989
• OYAK set up the Donation-Based Pension Income System in order
to ensure that its members have an additional income after they
retire. A total of 497 members participated in this system. OYAK
also launched a practice in which it lends up to 80% of its reserves.
• OYAK entered an equity investment in OYAK Turizm Tic. A.Ş.
(tourism) with a 100% stake in the establishment of the company
in return.
1990
• The number of OYAK’s permanent members reached 117,000.
• OYAK undertook an equity investment in the First National Bank of
Boston, with a 34.25% stake in the company.
• OYAK undertook an equity investment in OYAK Kutlutaş İnşaat
Tes. San. T.A.Ş. (construction sector) with a 21% stake in the
• OYAK entered an equity investment in Bolu Çimento Sanayii A.Ş.
(production and sale of clinker and cement) with a 25% stake in
the company.
• OYAK undertook an equity investment in Ünye Çimento Sanayii ve
Ticaret A.Ş. (production and sale of clinker and cement) with a 40%
stake in the company.
1965
• OYAK undertook an equity investment in Petkim Petrokimya A.Ş.
(petrochemical industry) with a 20% stake in the company.
4
• OYAK undertook an equity investment in Mardin Çimento Sanayii
ve Ticaret A.Ş. (production and sale of clinker and cement) with a
40% stake in the company.
• OYAK undertook an equity investment in OYAK Kutlutaş Pazarlama
A.Ş. (construction sector) with a 21% stake in the establishment of
the company.
• OYAK undertook an equity investment in OYAK Kutlutaş İstanbul
Prefabrike Eleman San. T.A.Ş. (construction sector) with a 22.5%
stake in the establishment of the company.
1980
• The number of OYAK members hit 72,000.
• OYAK terminated its investment in Türkiye Petrolleri A.O.
• OYAK undertook an equity investment in SELYAK Petrol Ürünleri
Üretim Paz. A.Ş. (fuel industry) with a 25% stake in the establishment
of the company in return (OYAK Group held 32% of the company).
1991
• OYAK terminated its investment in YASAŞ.
• OYAK undertook an equity investment in Halk Finansal Kiralama
A.Ş. with a 39% stake in the establishment of the company (OYAK
Group held 40% of the company).
1992
• OYAK undertook an equity investment in Niğde Çimento San. Tic.
A.Ş. (production and sale of clinker and cement) by means of the
privatization tender, with a 10% stake in the company (OYAK Group
held 39.2% of the company).
• OYAK entered an equity investment in İskenderun Çimento San.
Tic. A.Ş. (production and sale of clinker and cement) by means of
the privatization tender, with a 10% stake in the company (OYAK
Group held 50% of the company).
1993
• OYAK terminated its investment in Pınar Entegre Et ve Yem Sanayii
A.Ş.
• OYAK sold its 20% stake in MAİS to Regie Renault, a French
company.
1994
• OYAK’s share in OYAK Bank increased to 100%.
1998
• Ordu Pazarları, the first store of which was opened in 1963, were
incorporated under the title, OYAK Büyük Mağazacılık Ticaret A.Ş.
(OYPA) (retail sector), which was founded as a subsidiary fully
owned by OYAK.
1999
• OYAK entered an equity investment in AXA OYAK Holding A.Ş.
with a 50% stake in the establishment of the company. OYAK
transferred its shares in AXA OYAK Sigorta and AXA OYAK Hayat
Sigorta to this holding.
2000
• The total number of OYAK’s permanent members reached 179,000,
while the number of members participating in the Housing Savings
Fund reached 38,000, with the members of Donation-Based
Retirement Income System reaching 8,000.
• OYAK terminated its investment in ENTAŞ.
• OYAK undertook an equity investment in OYAK Güvenlik A.Ş.
(security services) with a 100% stake in the establishment of the
company.
• OYAK terminated its investment in Petkim Petrokimya A.Ş.
• OYAK sold its 11% stake in OYAK Sigorta to the French AXA Group.
1995
• OYAK terminated its investment in ASELSAN.
• OYAK undertook an equity investment in AXA OYAK Hayat Sigorta
A.Ş. with a 40% stake in the establishment of the company in return.
1996
• OYAK set up the Pension Benefit System to ensure that its
members continue to benefit from OYAK services and support
after retirement. OYAK also set up the Housing Savings Fund for
providing housing support to its members by making them save
money in advance.
2001
• OYAK acquired Sümerbank A.Ş. on August 9th, 2001 in line with
the share transfer contract signed with the Savings Deposits and
Insurance Fund.
2002
• OYAK terminated its investment in SELYAK.
• Sümerbank was merged with OYAK Bank on January 11th, 2002
through total subrogation. Accordingly, YADAŞ Bilgisayar ve Yazılım
A.Ş., a Sümerbank subsidiary, was renamed as OYAK Teknoloji
Bilişim ve Kart Hizmetleri A.Ş. (technology and information services)
and became a subsidiary of OYAK Bank.
2003
• OYAK undertook an equity investment in OYAK Emeklilik A.Ş.
(private pension fund) with a 100% stake in the establishment of
the company.
• OYAK acquired 100% of the shares in OYTEK by purchasing the
OYTEK shares held by OYAK Bank.
2004
• TAKİMSAN shares were sold to HEKTAŞ.
• OYAK undertook an equity investment in OYAK Beton A.Ş.
(production and sale of ready-concrete) with a 51% stake in the
establishment of the company in return (OYAK Group holds 100%
of the company).
• OYAK undertook an equity investment in İskenderun Elektrik Üretim
ve Ticaret A.Ş. (energy sector) with a 49% stake in the company.
• OYAK acquired 100% of the shares in OYAK Anker Bank GmbH by
purchasing the Anker Bank shares held by OYAK Bank.
• OYTUR merged with OYAK Pazarlama and its legal identity was
terminated.
2005
• OYAK terminated its investment in Goodyear Lastikleri T.A.Ş.
• OYAK won the tender called for the privatization of ERDEMİR
(production and sale of flat steel) on October 4th, 2005.
• On December 23rd, 2005, OYAK entered an equity investment in
ATAER Holding A.Ş. (to participate in companies operating in the
iron and steel industry) with a 100% stake in the establishment of
the company.
2007
• OYAK terminated its investment in OYAK Bank.
• OYAK terminated its investment in OYSA Çimento, which was
established with the merger between OYSA Niğde Çimento and
OYSA İskenderun Çimento in 2003.
2008
• OYAK terminated its investment in AXA OYAK Holding A.Ş.
• OYAK terminated its investment in OYAK Emeklilik A.Ş.
2009
• OYAK entered an equity investment in Lafarge-Aslan Çimento
(production and sale of clinker and cement) with a 97.3% stake in
the company. OYAK entered an equity investment in Lafarge Beton
(production and sale of ready-concrete) with a 24.24% stake in the
company (OYAK Group holds 100% of the shares in the company).
• OYAK made an equity investment in AYAS Enerji A.Ş. (energy
sector) with a 49% stake in the company in return.
2010
• The total number of OYAK’s permanent members reached 259,000,
while the number of members participating in the Housing Savings
Fund exceeded 107,000 with the number of Donation-Based
Retirement Income System participants exceeding 26,000.
• OYAK sold all of its shares in OYAK Beton to the cement companies
within the OYAK Group.
• OYAK undertook an equity investment in Birçim Çimento A.Ş.
(cement industry) with a 22% stake in the company (OYAK Group
held 100% of the shares in the establishment of the company).
2006
• ATAER Holding took over 49.29% of ERDEMİR on February 27th.
• OYAK terminated its investment in Elazığ Çimento.
• OYAK undertook an equity investment in Elazığ Altınova Çimento
San. ve Tic. A.Ş. (production and sale of clinker and cement) by
means of the privatization tender with a 35% stake in the company
(OYAK Group held 70% of the company).
1997
• After the mutual share transfer between MAİS and OYAK Renault,
OYAK has a 51% share in MAİS against the French Regie Renault’s
49%; and OYAK has a 49% share in OYAK Renault against Regie
Renault’s 51% stake.
• OYAK undertook an equity investment in OYAK Konut İnşaat A.Ş.
with a 100% stake in the establishment of the company.
• OYAK undertook an equity investment in Adana Kağıt Torba A.Ş.
(kraft Sack and paper mill production) with a 75% stake in the
company (OYAK Group holds 100% of the company).
• OYAK Büyük Mağazacılık’s chain store activities were terminated.
The company continued to operate in new areas under the title,
OYAK Pazarlama Hizmet ve Turizm A.Ş. (hygiene services and
tourism activities).
• OYAK entered an equity investment in OYAK Enerji A.Ş. (enery
sector) with a 2% stake in the establishment of the company in
return (OYAK Group holds 100% of the company).
2011
• OYAK terminated its investment in Halk Finansal Kiralama A.Ş.
• OYAK acquired 100% of AYAS Enerji by purchasing the remaining
51% of the shares in the company.
• OYAK entered an equity investment in OYAK Girişim Danışmanlığı
A.Ş. (evaluating investment opportunities) with a 100% stake in the
• OYAK undertook an equity investment in ORFİN Finansman A.Ş.
(consumer finance) with a 50% stake in the establishment of the
company.
• OYAK signed the agreement for the sale of 50% of its stake in
AYAS Enerji to AES Entek.
5
Our Mission, Our Vision, Our Values
Our Mission
Taking a business-minded approach in providing all the services desired by its members
at the highest standards of quality, Ordu Yardımlaşma Kurumu is an assistance and
pension fund committed to achieve the highest financial returns for its members. It
also functions as a holding company that manages a variety of portfolio and equity
investments distinguished by their social and environmental value, in order to earn
maximum returns for members while maintaining a sound actuarial balance.
Our Vision
OYAK aspires to achieve member satisfaction by being a forerunner of new ideas in
Turkey, through investments that are beneficial both to herself and to the nation, and
consistently distributing a higher return to members every year without putting its assets
at risk.
1991
2001
2011
Our Values
The common values that direct all our behavior, decisions and business objectives:
• Integrity and Transparency
• Responsibility and Accountability
• Competition and Fairness
• Innovation and Excellence
• Mutual Respect
• Member and Associate Satisfaction
6
Highlights
OYAK’s Highlights
Total Net Profit (Technical Interest + Actuarial Net Profit)
Actuarial Net Profit
Annual Rate of Return to Members (%)
CPI (Consumer Price Index) (%)
Annual Rate of Return to Members/CPI (Coefficient)
Equity (Members’ Reserves + Period Profit)
Total Assets
Number of Members
2011
2010
2011
2010
(TRY Million)
(TRY Million)
(USD Million)(1)
(USD Million) (2)
1,724.4
1,474.0
14.1
10.5
1.3
13,815.8
14,298.3
268,112
1,421.3
1,226.4
13.1
6.4
2.0
12,204.4
13,947.2
259,061
1,032.6
882.6
14.1
10.5
1.3
7,314.2
7,569.6
947.3
817.4
13.1
6.4
2.0
7,894.1
9,021.5
(1) Average USD/TRY rate 1.6700; year end USD/TRY rate 1.8889 (for the Year-ended 31 December 2011)
(2) Average USD/TRY rate 1.5004; year end USD/TRY rate 1.5460 (for the Year-ended 31 December 2010)
OYAK Group Combined Results(1) Total Gross Sales (2)
Total Exports
Total Transaction Volume (3)
Pre-tax Profit
Total Taxes Paid
Total Shareholders’ Equity
Total Assets
Number of Employees
2011
2010
2011
2010
(TRY Million)
(TRY Million)
(USD Million)
(USD Million)
29,221.9
22,151.1
73,682.5
2,609.2
2,149.7
17,111.3
32,148.0
28,917
59,009.6
1,824.3
1,583.0
16,096.9
31,606.2
28,571
17,498.1
4,516.8
44,121.3
1,562.4
1,287.3
9,058.9
17,019.5
14,763.4
4,150.5
39,329.3
1,215.9
1,055.1
10,412.0
20,443.9
(1) Excluding OYAK
(2) The total of gross sales revenues for production and sales companies
(3) Total transaction volume of financial sector subsidiaries
OYAK’s Credit Ratings
Moody’s Investors Service (as of 31.12.2011)
Long Term Foreign Currency
Long Term Local Currency
Ba2 / Stable Outlook
Ba2 / Stable Outlook
Standard & Poor’s (S&P) (as of 31.12.2011)
Long Term Credit Rating
Long Term (National Scale)
Short Term (National Rating)
BB+ / Stable Outlook
TrAA+
TrA-1
7
Chairman’s Message
In 2011, OYAK celebrated its 50th anniversary with great
pride.
OYAK exists with Turkey and produces added value not
only for its members but for every Turkish citizen. It has
maintained its position in 2011 as a model institution, a
successful corporate citizen and a unique economic model
for Turkey. OYAK is determined to grow and strengthen its
assets under any global circumstances, both in 2012 and
beyond. OYAK holds all the institutional competencies and
resources necessary to achieve this target.
In 2007, OYAK had predicted the approaching global
financial crisis and decisively continued to advance on its
growth path by undertaking the necessary revisions in its
strategies, portfolio structuring and business plans.
The proactive strategies we pursued, the business tactics
we applied have aimed to minimize the impacts of the crisis,
while paving the way for the growth our members’ assets.
Five years ago, OYAK predicted the global crisis; since
then, it has demonstrated an exemplary performance and
continued to achieve its targets.
Thanks to its highly risk-sensitive and cautious business
approaches, OYAK added a total of TRY 1,724.4 million
to its members’ savings in 2011. We managed to increase
our members’ assets to TRY 13.8 billion by the end of the
year and offer a rate of return of 14.1% - higher than the
rate of inflation. At the same time, our institution conducted
multidirectional efforts aimed at diversifying the services and
assistance it provides its members in accordance with its
primary mission. The results that we achieved throughout
the year both in member services and housing production
comply with our targets, strengthening member satisfaction.
At the end of 2010, the number of our active members
totaled 213,178, the number of members participating in the
Pension Benefit System was 45,883 and the total number
was 259,061. At the end of 2011, these numbers were
219,047, 49,065 and a total of 268,112, respectively.
Five years ago, OYAK predicted
the global crisis. Since then, OYAK
has demonstrated an exemplary
performance and continued to achieve
its targets.
8
OYAK is one of Turkey’s largest economic powers.
Its subsidiaries maintained their strong performance
throughout 2011 as the leading participants of their sectors
and continued to contribute to OYAK’s revenue base on a
consolidated basis.
OYAK is a model institution and pension system not only for
its members but also on an international platform, thanks
to its credibility, financial strength, managerial structure
and uniqueness. OYAK has been rated since 2005 by the
globally renowned ratings agencies, Moody’s and Standard
& Poor’s (S&P). The credit ratings assigned to OYAK by
these agencies confirm its positive image. As one of the
global companies and organizations to enjoy, first an equal,
and then a higher than the country rating, OYAK is listed by
the same agencies among the top investment organizations/
holdings in the region.
OYAK is one of the largest capital groups of not only Turkey,
but also the entire region. We carry out all of our activities with a
long-term view that aims to protect the future of our members.
The level of corporate maturity that we have reached in terms
of governance, transparency and accountability provide us
with the energy and the experience we need in order to grow
and look to the future with confidence.
Celebrating its 50th year of service with pride and
satisfaction
The foundations of our organization were laid down in 1911,
and its functions were defined in Law 205, also known as
the ‘OYAK Law’ after 1961. In the last 50 years, OYAK turned
its members’ savings into major investments and succeeded
in becoming one of the most valuable and important
corporations in the Turkish economy.
As information is shared, awareness increases, and
confidence and expectations grow stronger. The continuous
support and trust of informed stakeholders is of paramount
importance for every enterprise including OYAK. That is
why the focus of all of our communication activities with our
stakeholders and the public to promote our institution, was
about what OYAK is and what it is not, as well as the value it
represents to all Turkish people.
As OYAK leaves behind 50 successful years of operation, a
deep rooted and sustainable system will be passed to future
generations. At the same time, as we expressed in our New
Year message that we shared with the public, we perceive as
our social mission to guide and assist similar establishments
and initiatives, deserved by millions of individuals from
different occupational groups, and share our knowledge
with them.
Having broken so much ground in its 50-year history,
OYAK will continue to save, produce and to be one of
Turkey’s leading economic powers.
We think the unfavorable conditions of the global financial
crisis will continue and affect the business world for some
time to come. OYAK is prepared for this. We have the
strength and, more importantly, the liquidity to best utilize
the business opportunities without compromising our
meticulous and cautious policies.
On behalf of myself and in the name of our Board of
Directors, I would like to express my sincerest thanks to
our management, staff and all of our employees, who have
set forth their professional competencies under the volatile
market conditions of 2011, which marked a milestone in our
corporate history.
OYAK will continue to exist with the strong support and trust
of our members.
Yours sincerely,
OYAK has two identities: first, it is a corporation that operates
based on such principles as equality, fair distribution of
resources and sound actuarial balance. OYAK is a second
pillar occupational pension fund (a fund that complements
the primary pension system). Second pillar occupational
pension funds form a system put in place to offer better living
conditions to members of any occupational group during
their business lives and in their retirement. The system
has been successfully implemented in a many developed
countries. I would like to express with pride that OYAK is the
only representative of such an institution in our country with
a successful history of 50 years and is ready to move forward
towards the future.
Yıldırım TÜRKER
(Ret.) Lieutenant General
Chairman
OYAK’s second identity is that it is an income generating
investor aiming to fulfill its primary mission of providing
acceptable returns to its members. With the awareness of
being a pension fund, OYAK directs its members’ savings into
financial investments, but also into subsidiary investments, in
order to protect and continuously expand its assets. With this
identity, OYAK operates under all conditions of competition
in the market without privilege. Our group companies also
compete and go to great lengths to maintain leadership in
their sectors under the same rules and principles.
9
Board of Directors and Board of Auditors
Board of Directors
Yıldırım TÜRKER
(Ret.) Lieutenant General
Chairman
Nedim Güngör KURUBAŞ
Major General
Board Member
İshak CEYLAN
Major General
Board Member
Prof. Dr. Necdet SERİN
Board Member
Coşkun ULUSOY, Ph.D.
Board Member and
CEO
Abdulkadir POLAT
Member
Emre CANKOREL
Member
Board of Auditors
Mehmet ÇÖRTEN
Major General
Member
10
Osman KAYALAR
Rear Admiral
Board Member
Yılmaz HIZLI, Ph.D.
(Ret.) Brigadier General
Board Member
Lütfi Fikret TUNCEL
(Ret.) Governor
Board Member
İlhan TALU
Major General
Board Member
(Resigned effective August 2011)
11
CEO’s Message
In 2011 OYAK continued to strengthen its financial
performance and posted successful results.
Under difficult market conditions that prevailed in 2011,
OYAK’s strategic priority was to build upon and to preserve
its asset base.
Our attention was focused on enlarging the funds under
our management by taking the most appropriate actions
to benefit from the best opportunities offered in the money
and capital markets. Furthermore, the production and sales
performance of OYAK’s subsidiaries active in various sectors
also made a substantial contribution to our results.
OYAK’s members’ assets reached TRY 13.8 billion in value
in 2011. Total net profit (net actuarial profit + technical profit),
the best indicator of our performance, amounted to TRY
1.7 billion, which, with an average exchange rate of 1.67,
corresponds to a net profit of over USD 1 billion. With such
earnings OYAK managed to announce an annual rate of
return of 14.1%. These results show that OYAK has, once
again, delivered returns to its members over and above the
posted rate of inflation.
In its simplest terms, the “rate of return” is the ratio of the value
we create throughout the year in our business activities to
our members’ assets. What we, as a pension fund, call the
“rate of return” is actually comparable to what a company
would call the “return on equity”. Thus when OYAK’s results
are compared with those of Turkey’s biggest corporate
groups, they are at least as good or better when measured
both by total earnings and by the implied rate of return. This
probably is the clearest evidence of how economically and
commercially productive, and how effective and exemplary
OYAK’s business model is.
Achieved in the fourth year of the global fiscal crisis and in
an economic conjuncture where a number of the world’s
developed economies verging on bankruptcy, these results,
demonstrate a success story in which not just the OYAK
community but all of Turkey may take pride.
OYAK, celebrating its 50th anniversary,
remains dynamic as ever and stands
ready to share its knowledge and
experience in providing guidance for
similar new initiatives in Turkey.
A great majority of our companies rank among the
leaders of their respective sectors in terms of their
business volumes and profits.
Abiding by the same risk-sensitive and prudent business
model as their parent does, OYAK subsidiaries continued to
perform strongly in 2011 and to contribute to our profits and,
thus, to the growth in our members’ assets.
ERDEMİR, operating in the iron & steel sector, and the
companies that make up the ERDEMİR Group, displayed a
stellar performance in 2011 and announced a total net profit
of TRY 1,005.6 million, the highest-ever in their history.
The OYAK Cement Group companies, made up of the
strongest players in Turkey’s cement industry, also performed
successfully in 2011 and were named as the sector’s most
profitable companies. Mardin, Ünye and Adana cement
companies (in that order) had the highest rates of operational
profitability. Both Bolu and Aslan cement companies posted
results that were superior to those achieved in 2010. Looking
at net profitability, the sector’s top three positions were
occupied by our companies.
12
In 2011, OYAK Renault sustained its strong financial
performance and made a greater contribution to OYAK’s total
assets. OYAK Renault was the leading player in the Turkish
automotives sector in terms of total exports and domestic
production. Last year OYAK Renault’s plants turned out their
3 millionth engine. The company has been the consistent
manufacturing and exporting champion of the Turkish
automotives industry for fourteen years in a row. MAİS,
OYAK’s other subsidiary in the automotive sector, dominated
the total market for passenger car sales with Renault and,
passenger cars and light commercial vehicles with Renault
and Dacia brands.
İSKEN, our investment in the energy sector, maintained
its successful course again in 2011. We have signed an
agreement to sell half our stake in AYAS, another energy
company, to AES Entek, a joint venture of the Koç Group
and AES. This newly-created union of strengths in the energy
industry will begin working on an investment to build a 625
MW power plant in Adana-Yumurtalık area, pending formal
approvals.
OYAK also continued to effectively manage its cash and
financial investments portfolio throughout the year by making
use of the most appropriate instruments available in the
money and capital markets. Despite all fragilities and volatilities
witnessed in international markets, OYAK continued to earn
more than satisfactory returns on its liquid assets.
We took both pride and pleasure in celebrating the 50
anniversary of OYAK in 2011.
Founded in 1961, OYAK is Turkey’s first and largest
privately-owned, supplementary, occupational pension
fund, representing an important milestone in the country’s
economic history. Its successful track-record, with a sustained
growth in assets and a profitable financial performance made
OYAK a distinguished supplementary pension model that
attracted worldwide interest. Especially within the last decade,
OYAK has been burnishing its reputation in the international
investment circles as an exemplary institution whose credit
ratings are superior or equal to its country, and whose strong
financial structure is regarded as admirable.
th
In its 2011 Global Pension Fund Awards, World Finance
called OYAK “The Pension Fund of the Year in Turkey”. In its
October issue Investment & Pensions Europe ranked OYAK
152nd in its listing of “Top 1000 European Pension Funds”
and 433rd in its “Top 1000 Global Institutional Investors”
listing.
Looking at past efforts in this direction in Turkey, we see
examples of initiatives such as MEYAK for civil servants and
İYAK for workers. For a variety of reasons none of these
undertakings proved to be successful. As OYAK, our hope is
that everyone – from the teacher to policeman and from the civil
servant to the unskilled worker – be given access to and enjoy
the benefits of an appropriately-constituted supplementary
occupational pension system. Such undertakings are in the
interest not just of the systems’ members but of the whole
country. By pooling individuals’ savings, other undertakings
similar to OYAK will lead to the accumulation of capital that
can be directed into big investments managed professionally
with a long-term view. National capital is something which our
country is the most in need of and which can address one
of the most serious problems that confront its economy: the
current account deficit.
We embark upon our second half-century with an even
more youthful energy, a greater dynamism and a stronger
commitment.
The achievements of the last decade in particular, have
clearly demonstrated OYAK’s strength. We owe the strong
position we enjoy today to a properly managed mix of
foresight, strategy, tactics, and execution. That same structure
is what encourages us and gives us the strength we need for
OYAK to achieve the goals it has set for the period ahead.
It is only through the continued support and confidence of
our members that we shall be able to remain a partner and
supporter to them throughout their lives.
We expect that 2012 is going to be a year filled with
difficulties. The unlimited support program announced by the
European Central Bank on December 21st last year appears
to have forestalled the most serious of the risks faced by the
European banking system and to have mitigated at least some
of the severity of the debt crisis. Despite this however, the
global crisis will continue to affect the developed economies
in general and Europe’s in particular and that in turn will
expose the developing economies to the effects of that crisis
in various ways.
In this process, the world economy will lose even more
momentum and our own country will most consequently
suffer from that. OYAK must therefore continue to take a
proactive approach in shaping its strategies, in considering
its investment options, and in channeling its members’ assets
into the safest possible investment alternatives.
OYAK’s first and foremost avowed mission is to protect its
members’ interests and futures under all conditions and at
all times be they good or bad. With the constant support and
confidence of its members, OYAK will remain committed to
that path.
OYAK is an asset for Turkey. It has made and continues
to make multidimensional contributions to our national
economy. OYAK exists and will always exist not just for its
members but for the whole country.
In closing and speaking on my own behalf as well as for my
colleagues, I take this opportunity to express our gratitude
to our Members, to our General Assembly, to our Board of
Directors, and to our Board of Auditors and also to thank
every employee of every OYAK Group company for their
valued efforts and dedication.
Coşkun Ulusoy, Ph.D.
CEO
13
Executive Management
Coşkun ULUSOY, Ph.D.
CEO
Hülya ATAHAN
Executive Vice President
Financial and Administrative Affairs
Ergün OKUR
Member Services
Nihat KARADAĞ
Financial Investments
Dinç KIZILDEMİR
Equity Participations
Fatih TAR
ERDEMİR Group
Celalettin ÇAĞLAR, MSc.
Senior Advisor
14
15
Having proudly celebrated its 50th year in 2011, OYAK continued to produce value
for its members and the Turkish nation.
16
General outlook
2011 marked the fourth year of the global financial crisis.
Various policies, practices and solutions were put in effect
throughout the year in most developed countries, particularly
in Europe, in an attempt to resolve the public debt problem.
As a result of mounting global distrust, the growth rates of
emerging economies began to fall, while Europe entered a
moderate recession.
The environment of distrust resulted in a slowdown in global
economic activity, while the Turkish economy remained one
of the world’s most rapidly growing economies with a rate
of 8.5% in 2011. The major drivers behind this were stable
monetary policies, lively domestic demand and a financial
sector positioned on robust foundations.
It would appear that 2012 world economy will be of variable
market conditions and opposing expectations. While the
soft landing in emerging markets continues, Europe will
be focusing on finding solutions for the problems in public
finance under recessionary circumstances.
The Turkish economy is expected to keep growing in
2012 with the support of its strong internal dynamics, albeit
at a slower pace due to the effect of negative economic
circumstances in the Eurozone.
Having celebrated its 50th anniversary in 2011, OYAK will
continue to produce value for its members and for the
Turkish nation.
OYAK’s contributions to the national economy
In 2011, OYAK Group companies:
• produced nearly 9.9 million tons of cement;
• exported more than 1.5 million tons of cement;
• produced 331,000 motor vehicles;
• exported 225,000 motor vehicles;
• produced nearly 7 million tons of finished steel products;
• exported about 1.2 million tons of finished steel products;
• met 4% of Turkey’s need for electric power by generating
more than 9,000 GWh of electricity, for the national grid;
• attained exports of USD 4,517 million;
• OYAK and Group companies paid a total of TRY 2,175
million in direct and indirect taxes (TRY 1,605 million in
2010)
OYAK’s contributions to employment
• The total number of personnel employed in OYAK, its
subsidiaries and associates rose from 28,825 in 2010 to
29,165 in 2011.
• Besides direct employment, it is estimated that at least
200,000 families (members of which work in such areas
as contract labor, farming, transportation services, etc.)
make a living on OYAK’s economic power
The main developments that took place in group
companies in 2011 are summarized below:
Joining forces in AYAS Enerji
OYAK signed a contract for the sale of 50% of its shares in
AYAS Enerji Üretim ve Tic. A.Ş. to AES Entek, a subsidiary
jointly established by the Koç Group (Turkey) and AES (USA).
AYAS Enerji, will undertake a thermal power plant investment
with an installed capacity of 625 MW in Yumurtalık, Adana.
OYAK applied to the respective authorities for permission
for the transfer of the shares; the Competition Board
subsequently granted approval for the share transfer, while
approval from the Energy Market Regulatory Authority is still
pending. The power plant, which is planned to be built next
to İSKEN, will be environmentally friendly and operate with
high-quality imported coal. The plant is expected to generate
about 4.5 billion kWh of electricity per year, and is targeted
to enter operation in 2016.
ERDEMİR: Increased rating from Standard & Poor’s
(S&P), “Positive” outlook from Moody’s
Standard & Poor’s raised ERDEMİR’s credit rating from B- to
B, while affirming its credit outlook as “stable”.
Moody’s Investors Service confirmed ERDEMİR’s B2 credit
rating, while changing its credit outlook from “stable” to
“positive”.
ERDEMİR was chosen as the “Most Liked Company in its
Sector” in the survey made in cooperation with Adecco, a
Swiss human resources firm, and the Capital Magazine.
In this survey, companies from 37 different sectors were
evaluated.
İSDEMİR completes its efforts to switch to flat steel
production
In 2011, İSDEMİR completed its series of investments to
switch to flat steel production, as part of its modernization
and transformation projects. The company will maintain its
long steel production as well.
The 4th blast furnace, installed as part of such investments,
became operational in August 2011. İSDEMİR’s 4th blast
furnace is Turkey’s largest and most modern blast furnace.
Moreover, the 2nd sinter plant, which is required in parallel
with İSDEMİR’s increasing liquid steel manufacturing
capacity, was brought into operation in June 2011.
ERMADEN’s investment in its underground iron mine
completed
ERMADEN’s investment in its underground iron mine in
Ekinbaşı, in the district of Divriği in Sivas was completed in
2011.
17
ERSEM’s new steel service centers
Launched by ERSEM, the İskenderun Steel Service Center
serves the shipbuilding, steel construction, automotive,
general machinery and construction sectors.
Work continues on the Ereğli Steel Service Center
investment, in Ereğli, which will also operate under ERSEM.
A new era in the Turkish automotive industry with OYAK
Renault’s serial production of its revolutionary new
electric car, the Fluence
In 2011, the Fluence ZE, which runs on an electric engine,
joined OYAK Renault’s range of models manufactured at the
company’s plant in Bursa.
OYAK Renault broke a new ground in the Turkish automotive
industry with the start of the mass production of electric car
Fluence, in Q4/2011. The company began to export its
Fluence model in November 2011.
Moreover, the three millionth engine was produced at OYAK
Renault’s facilities. The company has maintained its leading
position in production and exports in the Turkish automotive
industry for a consecutive 14 years.
MAİS still the market leader
The Turkish automotive market broke a new sales record in
2011 and MAİS, our subsidiary, became the market leader
in the passenger car market and in the passenger car and
light commercial vehicles market with Renault and Dacia
brands together. Symbol, one of the models included to the
MAİS portfolio, became the best-selling private car in Turkey
in 2011, while Fluence ranked 4th.
ORFIN Finansman was founded
In 2011 ORFIN Finansman was founded by the Renault
Group and OYAK, with 50/50 partnership. The company
would operate in the field of consumer financing to support
the sales of MAİS. The permission for the foundation of
ORFIN was received, while efforts are under way to receive
an operating license for the company.
Award to OYAK Yatırım by Global Finance
According to the study entitled “World’s Best Investment
Banks 2012” which was performed by Global Finance, OYAK
Yatırım was chosen as Turkey’s best brokerage company.
OMSAN Lojistik raises the bar in its sector
OMSAN became the first in Turkey and the second logistics
company in Europe to receive the ISO 27001 Certification,
which is the Information Security Management System
Standard. Moreover, at Logitrans Logistics Awards 2011,
OMSAN received the winning award in the category of
“International Logistics Enterprises”.
Developments in the OYAK Cement Group
Adana Çimento reached a decision to add a clinker
18
production line to its plants in İskenderun in a bid to meet
increasing demand for cement. The investment, which is
appraised to cost about USD 80 million and be completed
within 2 years, is expected to create about 500 jobs in the
region.
Ünye Çimento achieved record breaking levels of clinker
production, domestic cement sales volumes and total
cement sales in 2011, benefiting from developments in its
region and the growth in the Black Sea market. Moreover,
the company brought its 4th cement mill into operation in
June 2011.
The Refuse-Derived Fuel plant brought into operation by
Aslan Çimento in September 2011, aims to process about
24,000 tons of industrial refuse and waste, generating fuel
from the waste and refuse, reducing energy costs by up to
20%, in 2012.
With the completion of the second paper bag production
line at the OYKA Çaycuma Sack Factory, the factory’s
capacity doubled and reached 140 million pieces per year.
The factory also chalked up its highest ever monthly sales
of bags (in unit terms) in its history. The OYAK Çaycuma
Kraft Paper Factory broke a new record in terms of craft
paper production on a monthly basis, following the press
investment that completed in 2011.
TUKAŞ: Offering the highest satisfaction of any brand
According to the results of the Turkish Customer Satisfaction
Index (TMME) as of Q3/2011, TUKAŞ offered the highest
satisfaction in the category of “Tomato Paste, Sauce and
Canned Food” of any brand. TUKAŞ was also one of the six
highest ranking brands (on the basis of the TMME score)
among all brands evaluated throughout 2011.
Developments in housing projects in 2011
The 2nd Phase of the 2nd stage İkitelli OYAKKENT Project
approaching completion
In 2010, an announcement was made to OYAK Members
who had completed 15 years of membership and who
had not yet benefited from OYAK’s Housing Services. The
announcement was related to 507 apartment units being
built within the 2nd Phase 2nd Stage of the Istanbul İkitelli
OYAKKENT project. 46 units were allocated to the members
following the announcement. Later on an additional 76 units
were also allocated to members. As such, in this phase of the
project, a total of 122 OYAK members became homeowners.
The remaining 385 homes started being sold to third persons
in March 2011 through OYAK İnşaat, the construction
company, and 339 of these units were sold to third persons.
All of the homes in this leg of the project are planned to
be delivered to their new owners in May 2012, following
the receipt of licenses once construction work has been
completed.
Developments in the Ankara Eryaman project
On July 4th, 2011, OYAK Members who had completed 15
years in membership and had not yet benefited from OYAK’s
Housing Services were given information relating to 211
homes being built within the Ankara-Eryaman project. A total
of 830 members applied to become homeowners during the
application period, which ended on August 12th, 2011. All of
the homes were allocated to their new owners.
The project design of the additional 344 homes in the
Eryaman project was completed in 2011, with construction
work scheduled to get underway following the receipt of
building licenses in May 2012. OYAK members are expected
to be informed at the same time and construction will be
completed, by August 2014.
Highlights from our social responsibility efforts
“Sokakta İlk Adımlar” (First Steps in the Street), which is
Turkey’s most established, popular and comprehensive
road safety training program, completes its 10th year
The project, entitled “Sokakta İlk Adımlar”, launched by
Renault to raise road safety awareness among children and
encourage them to adopt the habits of behaving safely in
traffic entered its 10th year during the 2011-2012 School
Year. A total of 1.2 million children have benefited from this
program in a total of 41 cities.
Zirvedekiler (Top Performers) Contest in 2007, the Grand
Award at the 7th Golden Compass Contest, awarded by
the Public Relations Society of Turkey in 2008, the Best
Awareness Raising Practice Award at the Corporate Social
Responsibility Marketplace, and the Third Prize in the
evaluation conducted by the CRS Europe International
Jury. At the beginning of 2012, the project was chosen as
the Best Social Responsibility Project of 2011 at the ODD
(Association of Automotive Distributors) Gladiators Award.
The project was also awarded a plate by the President of the
Republic of Turkey, Mr. Abdullah Gül.
“Hayat Matematiktir” (Life is Mathematics): The OYAK
Inter-High School Mathematics Contest
The OYAK Inter-High School Mathematics Contest was held
in 2002 for the first time by the OYAK Cement Group with the
motto “Life is Mathematics”. Students from 107 schools in 5
cities participated in this first contest. The contest gradually
grew in popularity and spread to 15 cities with the participation
of other OYAK companies. The 9th OYAK Inter-High School
Mathematics Contest, which had the participation of total
of 2,040 school students from 510 schools this year, was
completed with the final exam conducted in Istanbul on
April 30th, 2011. Students from the Zonguldak Science High
School became this year’s champions, with 35.00 points.
The Bolu Science High School took the second prize,
followed by the Kahramanmaraş Anatolian Teacher High
School in third place.
In Turkey, the rate of child mortality is higher relative to the rate
of adult mortality. With children under the age of 10 under
twice as much risk as those in older age groups, and given
the difficulty in anticipating risks, in 2002 Renault launched
the “Sokakta İlk Adımlar” Road Safety Training project, which
aims to teach children to behave safely in traffic.
Listings compiled by independent agencies indicate the
reputable positions of our subsidiaries in their sectors
As Turkey’s longest lasting corporate social responsibility
project in the field of road safety, “Sokakta İlk Adımlar” has
received a plethora of awards since 2002. These include
the Special Award in 2006, awarded by the Tüketici
Dünyası (Consumer World) Magazine, the Best Social
Responsibility Project Award by the Platin Magazine at the
OYAK subsidiaries listed in the ISO 500
The study, entitled Turkey’s Top 500 Industrial Establishments
(ISO 500), prepared by the Istanbul Chamber of Industry
based on companies’ activities in 2010, was announced
in July 2011. The following OYAK Group companies were
listed in the ISO 500: OYAK Renault, ERDEMİR, İSDEMİR,
Adana Çimento, ERMADEN, OYAK Beton, Mardin Çimento,
Ünye Çimento, Bolu Çimento and Tam Gıda.
19
Developments in Member Services
Placing its members’ satisfaction at the core of all of its activities, OYAK differentiates
itself both as a pension fund and a private equity investor to achieve a steady
financial performance.
20
In 2011, OYAK conducted member services focusing on member satisfaction and achieved good results.
Under the volatile market circumstances throughout the year, OYAK continued to manage, increase
and expand its member assets in the most rational manner. In 2011, OYAK increased the value of its
total member assets to TRY 13.8 billion, and realized a rate of return of 14.1% on these assets. OYAK’s
technical interest income amounted to TRY 250.4 million with an actuarial profit of TRY 1,474.0 million.
Accordingly, OYAK’s total net profit reached TRY 1,724.4 million.
Services offered by OYAK to its members are classified under two primary categories:
• Compulsory Benefits
• Non-compulsory Services
Compulsory Benefits comprise of services which
constitute OYAK’s legal basis and which OYAK is obliged
to offer under Law 205. These services are
• Retirement Benefits,
• Pension Benefit System Payments,
• Death Benefits
• Disability Benefits
In 2011, the total net profit generated from member
savings amounted to TRY 1.7 billion
In 2011, OYAK’s actuarial profit amounted to TRY 1,474.0
million with technical interest income of TRY 250.4 million.
OYAK’s total profit, which is the sum of its actuarial profit and
technical interest income, reached TRY 1,724.4 million by
the end of 2011.
With an average USD/TRY exchange rate of 1.67 in 2011,
our total profit was around USD 1 billion.
This level of profit implies a rate of return of 14.1%. All of the
profit generated was transferred to member accounts.
Providing its members with a 14.1% rate of return - again
above the rate of inflation
Having left behind the fourth year of the global financial crisis,
OYAK maintained a high rate of return for its members under
the volatile market conditions during 2011. During the year,
OYAK succeeded in providing a 14.1% rate of return on its
members’ assets, exceeding the rate of inflation.
Total member assets amounted to TRY 13.8 billion
Member assets rose from TRY 12.2 billion in 2010 to TRY
13.8 billion by the end of 2011.
Non-compulsory Services comprise of services which
OYAK offers on the basis of personal loans and house
acquisition services by considering actuarial balance
and principles of equality. These services are essentially
designed, planned and offered by OYAK within the limits
of the funds managed by OYAK.
The high added value services offered by OYAK to its
members represent the strongest element of its unique
model and organizational structure.
A total of 268,112 OYAK members by the end of 2011
While 81.7% (219,047) of OYAK members are members
who are on active duty, the remaining 18.3% (49,065) are
members on the Pension Benefit System.
The number of members on the Pension Benefit System
increases continuously each year, and their share in the
overall OYAK membership has climbed by 3.7 percentage
points since 2006. This increase indicates that OYAK
members have strong desire and pleasure to maintain their
ties with the corporation throughout their retirement.
Rates of Participation in the Pension Benefit
System Amongst the Retired Members (%)
80
89
86
85
66
Placing the satisfaction of its members at the heart of all
of its activities, OYAK differentiates itself both as a pension
fund and as a private equity investor to achieve a steady
financial performance. In other words, OYAK demonstrates
successful performance every year as a model of economic
sustainability.
2007
2008
2009
2010
2011
21
OYAK Results
14.1%
13,816 TRY Million 7,314 USD Million
Comparison of Rate of Return and CPI
(%) ( Rate of Return to Members,
Equity
CPI)
54.2
7,738
5,985
26.3
10.1
8.4
2007
2008
14.2
14.1
13.1
6.5
6.4
2009
2010
2011
9,641
7,466
10,846
7,001
12,204
7,894
13,816
7,314
10.5
2007
2008
2009
2010
2011
268,112 Members
Number of Members
Total Assets
250,100
235,818 241,048
2007
22
2008
2009
259,061 268,112
9,070
7,015
2010
2011
2007
10,588
8,200
2008
12,677
8,182
2009
13,947
9,021
14,298
7,569
2010
2011
OYAK Group Combined Results*
Total Gross Sales**
Total Assets
18,833
14,565
2007
21,085
16,329
2008
19,093
12,324
2009
22,151
14,763
2010
29,222
17,498
2011
25,297
21,720
2007
28,971
19,157
28,309
18,801
2008
2009
4,517 USD Million
Total Taxes Paid
Total Exports
1,522
1,178
2007
1,387
1,075
2008
1,318
851
2009
1,583
1,055
2010
2,149
1,287
4,926
4,322
31,606
20,444
32,148
17,019
2010
2011
4,150
4,517
3,578
2011
2007
2008
2009
2010
2011
* Excluding OYAK
** The total of gross sales revenues for production and sales companies
23
Compulsory Benefits
OYAK’s priority in its services is to ensure a sustainable
member satisfaction
With its contemporary and exemplary service model, OYAK
meets the expectations of its wide member mass of about
270,000 people in an approach based on high quality
service and sustainable member satisfaction. As Turkey’s first
and largest private pension fund, OYAK attaches priority to
its members and places them at the heart of all of its activities
and services. Setting forth its approach of “existing for its
members, existing with its members” in all of its activities,
OYAK is globally a successful example of inter-stakeholder
participation and sharing.
The basic function of the OYAK model is to assure the
future of its members
The basic function of the social security model established
by OYAK is to assure the future of its members. The
Company has achieved growth in its member’s savings with
the collections from its members, and by exploiting them in
investments in various fields, and repaying its members the
collections plus their interest (returns) if they decide to cancel
their membership, in line with the terms of their membership.
An investment philosophy focused on expanding
member assets
By managing the contributions which it collects from its
members with a portfolio management approach, OYAK
aims to provide a steady return on member assets and to
invest these contributions with a long-term point of view.
OYAK’s investment philosophy also aims to contribute to
the development of the national economy. For this purpose,
when making its investment decisions, OYAK primarily
prefers such areas that are expected to make the highest
contribution to the Turkish economy.
Compulsory Benefits reached TRY 906.0 million in 2011
Retirement Benefit Payments comprise the highest among
all mandatory benefit payments made by OYAK to its
members, with a 74.4% share. OYAK paid a total of TRY
673.6 million in Retirement Benefits to its 5,020 members
who were eligible for retirement.
Compulsory Benefits
(TRY Million) (USD Million)
The rate of participation among retired OYAK members in
the Pension Benefit System was as high as 85% in 2011.
448.5
346.9
2007
703.6
544.9
2008
787.5
508.3
2009
Breakdown of Compulsory Benefits Paid
(%)
74.4
Retirement Benefits
74.2
16.2
Pension System Payments
17.2
0.5
Payments for Withdrawals
from the Pension
Refunds on Dues
0.7
Death Benefits
0.9
0.4
Disability Benefits
0.6
7.8
2011
24
6.5
0.6
2010
812.9
541.8
2010
906.0
542.5
2011
Retirement Benefits
Retirement Benefits, equal to the sum of accumulated
contributions from OYAK members and returns generated
on these over the years, are paid to members who leave
OYAK after 10 years or more. In order to ensure the longterm efficiency and sustainability of the system, only the
accumulated contributions are paid back to members, who
leave OYAK between 3-10 years. OYAK makes no payments
to members whose term of membership is less than 3 years.
Retirement Benefits
Retirement Benefits Paid
(Number of Members)
362.4
280.3
2007
545.7
422.6
2008
582.7
376.1
2009
603.6
402.3
2010
673.6
403.4
2011
5,189
2007
5,210
2008
4,680
2009
4,632
2010
5,020
2011
25
Pension Benefit System
OYAK’s Pension Benefit System allows members to benefit
from the fund’s revenues and social benefits throughout
their lives.
Disability Benefits
Disability Benefits are paid to members who are partially or
completely incapacitated and are unable to perform their
duties due to accident or illness.
In contrast with other social security systems, the Pension
Benefit System is not actually monthly pension, but a quarterly
payment system based on profit and revenue sharing.
In 2011 OYAK paid disability benefits to 140 members who
had suffered from a variety of accidents or illnesses. Disability
Benefits are paid out on the basis of two different disability
categories: “Full and Permanent Disability Benefits” and
“Partial Disability Benefits”. The amounts of the payments are
determined and calculated accordingly.
The fundamental principle of the Pension Benefit System is
that half of the returns generated by OYAK in the respective
year is paid to members as a pension and the remaining
amount is added to his reserves. Revenue sharing amounts
may vary from one period to the next based on OYAK’s
profits, thus the rate of return and the amount of accumulated
member savings.
In the Pension Benefit System, there is no classical pension
or regular increase based on a specific index or rate. In this
system, the shared profit may vary between years based
on developments in global and Turkish economies, and
depending on the success of OYAK’s asset management
activities and investment strategies.
Within the framework of the Pension Benefit System, OYAK
paid TRY 146.5 million to 36,216 members in 2011.
Full and Permanent Disability Benefits are provided to those
who have irreversibly lost their ability to engage in any work
as a result of any accident or illness that may or may not be
associated with carrying out their duties. Full and Permanent
Disability Benefits are defined as 20 times the one-month
salary on which a member’s contributions were based at
the time of their departure, or 20 times the one-month salary
on which the contributions of someone holding the rank of
colonel is based, whichever is the greater.
Partial Disability Benefits are paid to OYAK members who
have suffered the loss of a bodily organ as a result of any
accident that may or may not be associated with carrying out
their duties. These benefits are calculated and paid on the
basis of the degrees of partial disability shown in schedule
2 of Law 205.
In 2011 OYAK paid TRY 3.9 million disability benefits to 140
members.
Pension Benefit System Payments
Disability Benefits
( Members,
( Members,
TRY Million) (USD Million)
36,216
35,326
55.5
42.9
2007
26
109.6
84.9
2008
179
155
152.7
98.6
28,109
192
180
32,681
29,917
2009
146.5
87.7
139.8
93.2
2010
2011
4.0
3.1
2007
140
4.9
3.2
3.1
2.4
2008
2009
3.9
2.3
4.6
3.1
2010
2011
Death Benefits
Death Benefits are paid to the legal heirs of a member
who dies while still at the contributions-payment level. The
death benefit is defined as 20 times the one-month salary
on which a member’s collections were based at the time of
their departure or 20 times the one-month salary on which
the collections of someone holding the rank of colonel are
based, whichever is greater, and the benefit is paid out on
that basis.
If a member is participating in OYAK’s Pension Benefit
System, death benefits are paid to their legal heirs but in
this case, the amount payable is 10 times greater than the
highest monthly pension he could have received at the time
of his death.
In 2011 OYAK paid TRY 6.3 million to legal heirs of 309
members.
Other services OYAK provides to its members, in addition
to its defined mandatory benefit payments, consist of loans
representing up to 80% of one’s reserves, reserve officer
service amalgamation, and reinstatement of interrupted
membership.
80% Loan Against Reserves
Those who have been members for at least 29 full years or
members who are eligible for retirement within two years
may borrow against their supplementary defined benefits,
with the condition that the amount may not exceed 80% of
their reserves at the date on which the request was made. In
2011, 231 members were given a total amount of TRY 20.9
million loans against reserves.
Reserve Officer Service Amalgamation
When reserve officers change from temporary to permanent
membership status, their previously accumulated
membership time may be counted towards the fulfillment of
their total membership requirement.
Reinstatement of Interrupted Memberships
In situations where permanent members’ due payments
are suspended for reasons other than desertion (such as
unpaid leave, maternity leave, etc), their membership may
be reinstated, provided that the unpaid dues for the periods
of time in question are paid.
Death Benefits
Loans of up to 80% of Members Reserves
( Members,
( Members,
2008
339
2009
2010
270
309
7.0
4.7
6.8
4.4
5.7
4.4
5.7
4.4
2007
347
335
299
231
6.3
3.8
2011
184
9.4
7.3
2007
20.6
13.3
165
8.9
6.9
2008
2009
20.9
12.5
191
14.8
9.9
2010
2011
27
Non-compulsory Services
Non-compulsory Services related Payments made by
OYAK in 2011 increased by 39.9% compared to 2010,
and amounted to TRY 561.1 million in total
The 39.9% increase in non-compulsory service payments
was due to the following:
• A decision made at the 51st OYAK Annual General Assembly
Meeting to raise the lending limits for active members from
2 times to 4 times their base salary and to raise the lending
limits for Pension Benefit System members from 6 times
to 10 times of the highest monthly salary that they may
get from the System. The General Assembly undertook
another decision that such an increase would take effect
beginning by May 1st, 2011;
• An extraordinary lending service payment totaling TRY
32.8 million to 2,494 OYAK members who were on active
duty in the districts of Erciş and Edremit in Van, following
the two earthquakes that occurred in these districts on
October 23rd and November 9th, 2011.
Within this framework, a total of 98,904 OYAK members
benefited from this service since 1963, the year when
OYAK’s Housing Services had begun.
Housing Services
Non-Compulsory
The breakdown of OYAK members, who benefit from
Housing Services, by type of service, is as follows:
Individual Housing Loans
Cooperative Loans
OYAK Housing
Total
74,251
15,091
9,562*
98,904
*This number indicates the number of members who received OYAK
loans for the financing of OYAK-built houses.
One of OYAK’s basic targets is to make its members
homeowners.
OYAK supports its members through two channels to make
them homeowners. Besides offering housing loans to its
members, OYAK also undertakes projects that aim to directly
produce housing units for its members.
377.1
291.6
2007
28
492.8
381.6
2008
561.1
336.0
417.9
269.7
2009
401.0
267.2
2010
2011
OYAKKENT: OYAK’s largest housing project in its 50-year
history
Planned to be built phase by phase on an area of 3,600
decares (3 million square meters) in İkitelli, Istanbul,
OYAKKENT will, once completed, be a modern satellite
town of nearly 12,000 apartment units, sports facilities,
shopping centers, elementary schools, a high school, a
hospital and other social facilities. The homes in the first
phase of OYAKKENT, which are built with high quality
materials, advanced technology, modern architecture and
urban design principles, were delivered to their new owners
in 2009, while the homes in the second phase first stage of
the project were delivered in 2010.
Developments in the allocation of the houses in the
second phase second stage of İkitelli (OYAKKENT)
project to members
Two separate allocation procedures were announced to
OYAK members in 2010 for the homes in the second
phase second stage of the OYAKKENT project. Within this
framework, the two procedures were completed by March
2011 in which a total of 122 homes were allocated to OYAK
members.
OYAK Eryaman House Project – A modern residential
area in Ankara
OYAK Eryaman Housing Project was planned to be built on
land owned by OYAK in Eryaman, Ankara. 211 homes in the
first phase of the project began to be announced on July
4th, 2011 to those members who had completed 15 years
of membership and who had not yet benefited from OYAK’s
housing services.
Within the application period that ended on August 12th,
2011, a total of 830 members applied to be homeowners. All
of the homes were allocated to members. All of the homes in
this phase are planned to be delivered to their new owners
by June 2013.
The announcement of the allocation of 344 homes in the
second phase of the project to members is expected in May
2012. When this 2-phase project is completed, a total of 555
OYAK members will be homeowners.
The remaining houses from this phase were put up for sale
in March 2011 by OYAK İnşaat A.Ş. to third parties at new
prices, which were determined in parallel with the provisions
of the OYAK Housing Loan Regulation. Former and existing
OYAK members are to given priority in this sale.
A total of 339 of the remaining homes had been sold to third
parties at the new prices as of December 31st, 2011.
The remaining homes from this phase are planned to be
delivered to their new owners in May 2012.
Breakdown of Non-Compulsory Services
(%)
62.5
Housing Loans
73.8
33.4
Lending Services Lump-sum Loans of up to
80% of Members’ Reserves
Commissary Services
21.8
3.7
0.4
2011
3.7
0.7
2010
29
Non-compulsory Services
Housing Loans
One of OYAK’s fundamental objectives is to provide its
members with financial support to help them meet their
needs at different stages of their lives. In line with this goal,
OYAK provides financing along with a variety of other
services which aim to make each of its members the owners
of modern and comfortable housing, and undertakes every
possible effort to continue supporting them in this way.
To help its permanent members become homeowners,
OYAK offers Personal Housing Loans, Building Cooperative
Loans and Mass Housing Production Loans services.
Principles, terms and conditions pertaining to all aspects of
OYAK’s housing loans are determined by the OYAK General
Assembly.
During 2011, a total of TRY 298.3 million in loans was
extended to 2,941 members.
Personal Housing Loans
Those who have completed at least 15 years as OYAK
members may take out a loan to finance the purchase of a
dwelling. The amounts and limits applicable in such lending
are determined every year at the OYAK General Assembly
meeting.
Members acquire the right to take advantage of such loans
as of the beginning of the sixteenth calendar year following
15 full years of membership. During 2011 OYAK paid out
a total of TRY 275.2 million to 2,727 members as loans to
finance the purchase of houses.
Personal Housing Loans are paid back according to fixed
installment options (such as 36 - 48 - 60 - 84 - 120 - 144 180 - month maturity). Installment payments may start in the
first, second or third month following the month the loan is
granted, depending on the member’s preferences.
Members participating in the Pension System may be
granted housing loans depending on their participation rates.
Cooperative Loan Services - Support to the cooperative
founded by OYAK members
This service supports the building cooperatives initiated
by OYAK members who have completed 15 years of
membership. Loans are provided depending on the
construction progress of the houses in question.
In line with the Cooperative Loan Service, in 2011 a total of
TRY 14.2 million in loans was extended to the 126 members
of one cooperative, which was included in the scope of the
support program in 2010.
Housing Loans
Housing Loans
(Members)
295.8
229.1
186.8
144.5
2007
30
2008
249.4
161.0
2009
239.9
159.9
2010
298.3
178.6
4,031
3,319
2011
2007
3,038
2008
2009
2,566
2010
2,941
2011
Mass Housing Production Services
OYAK develops housing projects on the residential zoned
land that it purchases, and develops homes for its members.
A total of TRY 8.9 million in loans was supplied to 88
members, who bought the homes built by OYAK, during
2011.
Highlights from some of the activities carried out by OYAK
within the framework of Mass Housing Production Services
that have gained momentum in recent years…
• Construction of 507 homes in the second phase second
stage of the OYAKKENT project in İkitelli, Istanbul
continued, while the construction work is planned to be
completed within the first half of 2012 with delivery all of
the homes to their new owners in May following the receipt
of the Occupancy Permits. In addition to the OYAKKENT
Project, the allocation of 211 homes in the first phase of
the OYAK Eryaman Housing Project, being carried out in
Eryaman, Ankara, was announced beginning from July 4th,
2011 to those members who had completed 15 years of
membership and who had not yet benefited from OYAK’s
housing services. In the project, homes were allocated
to 211 of a total of 830 members who had applied to be
homeowners. Construction work on the homes in this
phase began in September 2011, while the homes are
planned to be delivered to their new owners in June 2013.
• The allocation of 344 homes in the second phase of
the OYAK Eryaman Housing Project is planned to be
announced to members in May 2012. When this 2-phase
project is completed, a total of 555 members would be
homeowners.
OYAK-TOKİ (Housing Development Administration of
Turkey) cooperation
In line with its target of helping its members become owners
of modern homes, OYAK works in cooperation with institutes
such as the Housing Development Administration of Turkey
(TOKİ).
Within the framework of the cooperation between OYAK
and TOKİ, a total of 2,812 homes were built and delivered to
members in 2005 and 2006 in the Atakent housing project,
which was built on OYAK’s land in Eryaman, Ankara.
OYAK helps its members become homeowners by arranging
applications and carrying out allocation procedures in
the housing projects implemented by TOKİ and similar
institutions.
In the projects that were implemented in cooperation with
TOKİ between 2006 and 2009, quotas allocated for OYAK
members were as follows:
• 375 homes in the Housing Project of 2,104 residences in
Örencik, Gölbaşı, Ankara
• 167 homes in the Housing Project of 4,430 residences in
Turkuaz Valley, Ankara
• 461 homes in the Mass Housing Project in Halkalı, Istanbul
• 622 homes in the Housing Project of 622 residences in
Örencik, Gölbaşı, Ankara
A significant increase in housing services offered by
OYAK to its members since 2000
A total 13,937 homes had been delivered to OYAK members,
by the OYAK foundation to the end of 2011.
A total of 7,720 homes were built for and delivered to members
in the 36-year period from 1964 to 1999, while a total of
6,217 homes were delivered to OYAK members, including
those homes built in Eryaman, Ankara in cooperation with
TOKİ, in the 11-year period between 2000 and 2011.
Bank-source Housing Loan Services
OYAK began to offer its members a new alternative to
housing financing on August 3rd, 2009. In this method,
OYAK offers housing loan services to its members from the
resources of contracted banks.
This service is an additional option offered by OYAK Housing
Services, and is available without taking into account
members’ term of membership and whether they have
already benefited from OYAK’s Housing Services.
Within the scope of the housing services offered by
contracted banks without OYAK’s guarantee, a total of 2,726
OYAK members were supplied TRY 185.2 million in loans
in 2011.
31
Lending Services
Permanent members who have completed 18 months of
membership and optional members who have fulfilled the
36-month membership condition are given the opportunity
to benefit from OYAK’s lending services. Moreover,
permanent members with no membership term condition as
well as optional members who have fulfilled the 36-month
membership condition may benefit from Vakıfbank’s lending
services.
A total of 41,052 members benefited from OYAK’s
Lending Services in 2011
In 2011, a total of 41,052 members benefited from OYAK’s
Lending Services from its own resources and the amount of
aids allocated to members within this framework amounted
to TRY 187.3 million. Thus, the total amount of loans provided
to the members benefiting from this service increased by
114.3% year-on-year.
The most important reasons behind this increase were:
• A decision made at the 51st OYAK Annual General Assembly
Meeting to raise the lending limits for active members from
2 times to 4 times their base salary and to raise the lending
limits for Pension Benefit System members from 6 times
to 10 times of the highest monthly salary that they may
get from the System. The General Assembly undertook
another decision that such an increase would take effect
beginning by May 1st, 2011;
• An extraordinary lending service payment totaling TRY
32.8 million to 2,494 OYAK members who were on active
duty in the districts of Erciş and Edremit in Van, following
the two earthquakes that occurred in these districts on
October 23rd and November 9th, 2011.
91% of lending service applications submitted online
In 2011, 35,215 OYAK members applied online via OYAK’s
website in order to benefit from lending services.
By enabling members to submit loan applications in this
way, OYAK not only enhances its service quality and own
efficiency, but also paves the way for the more rapid delivery
of service to members.
Loan applications submitted by OYAK members through its
online delivery channel in 2011 corresponded to 91% of all
such applications received by OYAK.
Below is the amount of money that is given to OYAK
members in 2011 according to installment numbers:
Number of
Members
6,617
3,493
9,537
6,002
12,888
2,515
41,052
Tenor
6 months
9 months
12 months
18 months
24 months
48 months
Total
Lending Services
Lending Services
(Members)
187.3
112.2
77.9
60.2
2007
32
86.2
66.8
2008
87.9
56.7
2009
41,723
42,846
2007
2008
Amount Paid
TRY Million USD Million
21.5
12.9
12.2
7.3
36.2
21.7
27.4
16.4
56.6
33.9
33.4
20.0
187.3
112.2
39,842
36,616
2009
2010
41,052
87.4
58.3
2010
2011
2011
OYAK-VakıfBank collaboration: VakıfBank Bankomat
7/24 loans
Under an agreement entered into between OYAK and
VakıfBank in 2000, OYAK members are eligible for consumer
financing and general-purpose loans from that bank’s own
resources.
The low-cost consumer credit options which VakıfBank offers
OYAK members once again attracted considerable interest
in 2011. By the end of 2011, total balance of overdraft
credits and fixed-installment consumer loans extended to
30,590 members was TRY 111.4 million.
Special campaign from MAİS for OYAK members
Between October 17th and December 4th, 2011, MAİS held
a campaign for OYAK members that covered the following
models: Symbol, Fluence, Megane HB, Clio HB, Clio Grand
Tour, Megane Sport Tourer, Megane Coupe, Latitude
and Duster. Besides offering discounted prices in the
campaign, the company also provided loans under attractive
conditions. A total of 1,428 OYAK members benefited from
this campaign, with delivery between February and March
2012.
The principles governing the terms, limits, interest rates and
other matters pertaining to loans sourced from VakıfBank
are subject to the rules and directives set forth in the OYAKVakıfBank agreement.
33
Other Services
Donation Based Retirement Income System
Donation Based Retirement Income System is a discretionary
participation system, established in line with Article 34 of the
Law on OYAK no. 205 in order to provide additional income
to members throughout their lives.
Individuals who meet the following qualifications may
participate in the system within the scope of defined limits:
OYAK members who have left since 1961 or will leave the
normal pension system by receiving their pensions as well
as spouses of members in the Pensions System; OYAK
permanent members who have completed at least 10 years
of membership and who are on active duty; individuals who
were employed for a period of at least 10 years in companies
or subsidiaries in which OYAK holds stakes of at least 50%
in; and those who retired or superannuated after working for
at least 10 years in such companies or subsidiaries.
The Donation Based Retirement Income System is managed
by OYAK’s General Directorate within the legal entity of
OYAK and in accordance with the decisions of the Board
of Directors. The system is audited by the authorized bodies
of OYAK.
Member savings in this system are managed separately
from member savings in OYAK. The member savings in
the system are not, under any circumstances, used to meet
OYAK’s financing needs. Likewise, no transfer is permitted
from member savings in OYAK to the system. The accounts
Comparison of Returns on Donation-Based
Retirement Income System and CPI
(%) ( Return,
OYAK receives 0.5% of the income generated by the system
as an expense premium against all management and other
expenditures of the system.
Participants are guaranteed a rate of return of 5% per year
(9% for those who entered the system before June 1st, 2011
and for additional participations until December 31st, 2011)
which is paid to participants throughout their lifetimes. In the
event that the system yields a rate of return that is higher than
the guaranteed 5% (9% for those who entered the system
before June 1st, 2011 and for additional participations until
December 31st, 2011), each participant receives a share of
the additional return as per the profit participation system.
The portion of the determined additional income which is
calculated by dividing the age of the participant by 100 is
paid together with the guaranteed income to the participant.
A participant has the right to decline their quarterly payment
and instead add the payment to their reserves. The remainder
is added to the reserves of each participant in order to
increase their income and add to their payments in the
coming year. Each participant receives a life insurance policy
from OYAK or any insurance/life insurance companies that
have a contract with OYAK. The value of the life insurance
policy is based on the risk premiums that are deducted from
the additional return in question in the beginning of each
Number of Participants of the Donation-Based
Retirement Income System (Members)
Inflation (CPI))
22.4
20.7
within the system are kept separately and a separate balance
sheet and profit-loss statement is issued and presented to
the General Assembly.
24,591
25,055
25,983
26,694
16.9
2007
34
12.0
10.1
8.4
2009
10.5
6.4
6.5
2008
10.8
2010
8,490
2011
2007
2008
2009
2010
2011
year, as well as the participant’s donations to the system.
In years where there has been no additional return, risk
premiums are covered from the guaranteed rate of return
of 5%. In the first year, the risk premiums are received from
the principal. The death indemnity is paid to the individuals
specified by the participant in the annex of the contract, pro
rata the ratios listed in the same document. The pensions,
however, are not paid to the participant’s heirs.
Income payments begin 1 year after the participant enters
the system and the payments are made within the first 15
days of the month following the end of the 3-month period.
Payments may not, under any circumstances, be transferred
or assigned by the participant to another individual. In the
event that the participant dies before completing one year
in the system, the return on their reserves in the system
would be paid by OYAK to their heirs listed in their will. In
the event that the participant dies after completing one year
in the system, the income they are entitled to, as well as the
return on such income and the return on their reserves in
the system, is paid by OYAK to their heirs listed in the will.
In the event of death, the participant’s gross reserves are
paid to beneficiaries/heirs by the respective insurance/life
insurance company.
A total of TRY 37.9 million was paid to BDEGS participants
in quarterly periods throughout 2011. The amount added
to participants’ savings reached TRY 4 million in the same
period.
In line with the decision made during the 51st Annual General
Meeting on April 9th, 2011, a total of TRY 405.5 million - TRY
15 million as Unpaid Quarterly Income Payments, Return
on Quarterly Income Payments and return of insurance
premiums and TRY 390.5 million as participants’ net
Reserves and return of Net Reserves - was paid to a total
of 21,161 participants, who had requested to exit BDEGS
between September 1st, 2011 and December 31st, 2011.
With exit procedures completed, the system had gained a
total of 5,546 participants and carried out 8,115 additional
participation transactions as of January 12th, 2012.
In 2011, the rate of return of the BDEGS was 10.8%, again
exceeding the rate of return of many alternative investment
instruments offered by the financial services companies in
Turkey.
35
Housing Savings Fund (KÖBF)
OYAK set up the Housing Savings Fund with the mission
of providing the necessary equity capital to OYAK members
looking to buy a home of their own.
The Fund is managed by OYAK’s General Directorate
within the legal entity of OYAK and in accordance with the
decisions of the Board of Directors. The Fund is audited
by the authorized bodies of OYAK. Member savings in
the Fund are managed separately from member savings
in OYAK. The member savings in the Fund are not, under
any circumstances, used to cover OYAK’s financing needs.
Likewise, no transfers are made from member savings
in OYAK to the Fund. The accounts of the Fund are kept
separately and a separate balance sheet and profit-loss
statement is issued and presented to the General Board.
All members who have not yet received housing loans from
OYAK may discretionally participate in the Fund. The KÖBF
pools an additional 10% of OYAK members’ base incomes
and fees. Any additional premiums that accrue on a member’s
Fund account for the current year are revalued over the rate
of return determined for the year in question and by means of
the Income Number Method. These additional premiums are
then transferred to members’ current accounts. Outstanding
balances carried from past years to the current year are
revalued at the same rate of return pertaining to the current
year, and the final account balance is calculated by the end
of the year.
When a participant leaves the Fund, they are paid the
following under the name of Housing Assistance:
a) If they qualify for a housing loan from OYAK, their savings
in the Fund and the return on such savings as of the date
they received the housing loan
b) if the participant documents that they purchased a home
(as a member of a cooperative) with no right to receive a
housing loan from OYAK, or without receiving a loan even if
they qualified for a housing loan, or if the participant applied
with a Notary Signed Preliminary Sales Contract, their
savings in the Fund and the return on such savings
c) Any savings of a deceased member in the Fund and the
return on such savings to their legal heirs
d) Any savings of a member who entered the Pensions
System and did not continue with the Fund or his/her
spouse including the return on such savings
e) In the event of termination of Fund membership due to
reasons other than those stated above, then the savings in
the Fund and the return on such savings
A member who leaves cannot re-participate in the Fund.
In 2011 KÖBF provided a 9.9% return to its participants.
As of December 31st, 2011, the number of KÖBF participants
stood at 108,484, while the total number of members who
withdrew their savings in KÖBF in order to use them to buy
homes reached 87,604.
The annual rate of inflation (CPI), which averaged around 5%
in the first three quarters of 2011, rose to 5.7% in the last
quarter as a result of the economic developments during the
same period, with the annual rate of CPI inflation reaching
10.5% by the end of the year. On the other hand, the interest
rate of the benchmark bond, which fluctuated between 6.9
and 9.18% until the last quarter of the year, ended 2011
at around 11%, with a 2- or 3- percentage point increase.
Despite this, the average interest rate throughout 2011 was
below 10% (9% net). Under these circumstances, the return
yielded by BDEGS and KÖBF that place their funds in a
variety of financial instruments, was close to the inflation rate,
but higher than the return of similar investment instruments.
Comparison of Returns on Housing Savings Fund
Number of Participants of Housing Savings Fund
(%) ( Return,
(Members)
Inflation (CPI))
21.6
20.1
94,731
97,466
2007
2008
102,993
107,448 108,484
14.9
2007
36
11.2
10.1
8.4
2009
10.5
6.4
6.5
2008
9.9
2010
2011
2009
2010
2011
OYAK - Membership Communication
Thanks to the importance it attaches to communication
with its members, OYAK is constantly expanding its
internet use area, keeping a close view on technological
developments to ensure “effective access-high
satisfaction”. In 2011, OYAK’s website (homepage)
received 9 million hits while individual accounts were
accessed through Online Membership Services more
than 5 million times.
OYAK: From past to present - highlights of membership
communication
Members are everything to OYAK. All efforts conducted
by OYAK are member-oriented and the primary target is to
ensure the satisfaction of its members. For this purpose,
OYAK has attached great importance to the establishment
of uninterrupted, qualified and effective communication with
its members and internalized latest technological facilities at
its service offering platforms throughout its history.
The first step taken in 1999 in the name of unlimited
accessibility
In March 1999, a project called the Point of Permanent
Contact with Members (UDTEN) was launched to improve
OYAK’s communications and relations with its members.
A new fiber-optic switchboard, with a capacity of 120 lines,
was brought in operation and a total of 12 military lines were
allocated to OYAK, the maximum number of lines permitted
by the military infrastructure. As a result of these efforts,
members are allowed to reach OYAK during working hours
and out of working hours (by leaving a message) and to
forward their questions and requests.
OYAK Call Center became operational in 2001
The OYAK Call Center became operational under the
Membership Services Department in April 2001, with the
aim of raising member satisfaction, increasing efficiency by
ensuring continuous and uninterrupted service and easy
accessibility, and to offer high-quality service.
The Membership Services Department offers effective
communication between OYAK and its members by making
use of all communication channels, such as the OYAK Call
Center, the OYAK Website, the Alo-OYAK voice response
system, mail, phone, fax, e-mail, magazines, press releases
and announcements.
As the first point of contact, OYAK Call Center, has contributed
greatly to the development of relations between OYAK and
its members by allowing OYAK to cover and record all types
of questions, complaints, wishes and information requests of
its members, to keep all related statistics, to make effective
reporting through various analysis techniques and to present
them to the evaluation of related departments.
37
OYAK Voice Response System entered operation in 2005
OYAK switched to digital lines in order to ensure that its
members are able to access information in a trouble-free
way 24 hours a day. Accordingly, the Alo-OYAK phone
answering system was shut down and replaced by the hightech OYAK Interactive Voice Response System, which was
put in operation in January 2005.
In line with technological developments, the necessary
infrastructure was established for the rapid and free-ofcharge transfer of all member calls coming from the Land
Forces Command, Air Forces Command, Naval Forces
Command, Gendarmerie General Command and the Coast
Guard Command. With this system, all calls are transferred
to OYAK over the General Staff Line via 30 lines and at a
speed of 2 MB/s.
In line with the agreement entered into with mobile phone
operators in January 2007, members are given the option to
reach OYAK economically through mobile lines.
The CTI (Computer Telephony Integration) system, one of the
most important components of any effective and large call
center, entered in operation in 2008, thus allowing members
to reach their personal information rapidly and without
interruption, 24 hours a day, by entering their membership
number.
Operating under the Membership Services Department,
the OYAK Call Center integrates human, telephony and
computer systems in the best manner, where OYAK performs
fast and effective communication with its members under a
member-oriented approach.
As part of this system, the password query system was put in
operation in August 2011 in addition to the requirement for
users to enter their membership number, in order to ensure
the security of the information of OYAK members.
All member-related service and communication activities are
conducted by the OYAK Membership Services Department
within the framework of OYAK’s Quality Management System
principles. In addition to carrying out all activities related to
member communication and services, OYAK systematically
undertakes efforts to further develop the services it provides
to its members and increase both their quality and their
effectiveness.
38
With the importance it attaches to membership
communication, OYAK keeps a close view of the
technological developments on the axis of “effective accesshigh satisfaction” and takes measures that will simplify use of
all of its communication channels by its members.
In 2011, a total of 10,877,564 contacts were established
with members through OYAK Call Center, as well as through
all effective communication channels, including the OYAK
Website, the OYAK Voice Response System, face-to-face
contact, mail, fax, e-mail, the wish and request box for
members, announcements, magazines and press releases.
OYAK believes in the importance of secure and interactive
communication in ensuring sustainable service quality
and customer satisfaction
Protecting its members’ benefits and satisfaction in every
service it offers, OYAK will continue to offer innovative,
creative, high-quality and high added value products,
services and solutions with its technology-oriented business
approach, highly qualified human resources and professional
and transparent management approach.
Developments in membership communication
With the importance it attaches to membership
communication, OYAK keeps its finger on the pulse of
technological developments and increases the rate of use of
its internet branch each passing day.
In 2011, the number of visits to the OYAK website’s was
more than 9 million, while OYAK members made use of the
website’s Online Member Services features more than 5
million times to access their personal accounts.
OYAK keeps abreast of best practices and innovations both
in Turkey and abroad while seeking to deliver creative and
qualified products, solutions and services with high added
value. Attaching great importance to its communication with
its members, OYAK believes that healthy and interactive
communication plays a key role in providing sustainable
service quality and member satisfaction.
The OYAK Membership Services Department: High
quality, effective and fruitful
All member-related service and communication activities are
conducted by the OYAK Membership Services Department
within the framework of OYAK’s Quality Management System
principles. In addition to carrying out all activities related to
member communication and services, OYAK systematically
undertakes efforts to further develop the services it provides
to its members and increase both their quality and their
effectiveness.
In its communication with members, OYAK’s avowed
mission is:
• To create value both for members and for OYAK
• To determine its members’ needs through effective
reporting and analysis,
• To provide the services sought by members through
efficient use of resources.
• To continuously supply a fast and high-quality service
through effective reporting and analysis techniques.
Effective use of alternative service channels
OYAK communicates with a membership numbering more
than a quarter of a million people via alternative service
delivery channels as well as through face to face meetings.
The alternative service delivery channels employed in
OYAK’s communication with its members consist of:
OYAK Call Center
• Interactive Voice Response System
• OYAK Website
• Mail, Fax, and E-mail
• Suggestion boxes.
OYAK’s permanent target is to respond to its members’
requests as quickly and effectively as possible
In line with its approach of supplying the fastest and most
effective service, OYAK registers incoming requests from
members, assesses them and responds to them while
also keeping statistics on all activities and reporting its
findings to senior management, thus identifying areas which
require improvement and assisting in the establishment of
development strategies.
Members’ requests for information and their reported
problems and complaints are addressed and finalized with
a focus on achieving member satisfaction and adhering to
targeted average response times.
Members’ requests and suggestions that could not be
immediately dealt with because of their nature were resolved
within the framework of the OYAK Law, the decisions of the
General Assembly and other related regulations.
Continued efforts to promote OYAK’s products and
services in the best possible manner in 2011
As in previous years, presentations, conferences and
meetings were conducted in 2011 in order to acquaint
members with OYAK’s activities and with the services that
they can take advantage of. During the meetings held at
military units and the headquarters of the Turkish Armed
Forces throughout the nation, the objective is to familiarize
members with the details of OYAK’s services and the
pension system so that all of the decisions they take as they
approach retirement are based on correct and objective
information.
39
OYAK Information Meetings
In 2011, a total of 67 OYAK Information Meetings were
organized with the cooperation between OYAK and the
military for senior students in military schools and members
commissioned in various army units. The first of the meetings
was held in May 2011 and nearly 14,000 military students
and members participated in these meetings, which were
completed by the end of December.
91% of OYAK members now using personal passwords
Introduced to head off possible security risks arising from
internet abuse, the use of the PIN security feature continued
to spread among OYAK members in 2011.
Questions, remarks and suggestions forwarded by members
are recorded and then evaluated by the General Directorate
before taking the necessary measures and carrying out
necessary procedures. Suggestions or questions that can
be immediately dealt with are settled within the shortest
possible time. Efforts to improve services, as well as related
requests, are brought to the General Assembly after the
approval of the Board of Directors and discussed during the
General Assembly meetings.
The fact that 91% of OYAK members are now managing
their personal accounts over the internet using personal
passwords is considered an important development.
OYAK is undertaking efforts and is engaged in preparations
to organize similar meetings in 2012 to inform members of
OYAK’s operations and services.
Moreover, in 2011, a total of 37 informative meetings were
held in 18 locations to inform employees of the Group
companies about OYAK and its activities. More than 4,200
people (about 15% of all of the employees of the Group
companies) participated in these meetings.
More than 263,000 calls were received by the OYAK Call
Center in 2011, 74% of which were responded to within
15 seconds
The OYAK Call Center is of key importance in communication
between OYAK and its members. During 2011 a total of
263,012 calls were received by the center, 74% of which
were responded to within the first 15 seconds.
A total of 225,986 phone calls were answered by the center
immediately. The remainder was composed of messages left
by callers. The Call Center returned their calls in due course.
The number of members contacting the Membership
Services Department directly by telephone in 2011 was
114,272.
At the end of 2011, a total of 244,708 OYAK members –
39,096 of whom are Pension System members – had
received their personal passwords.
Member-based personalized information archive
contributes to effective and productive member
communication
In order to keep members regularly informed of OYAK
services and practices, as well as providing information
about their personal accounts with OYAK, an electronic
archive has been created for each member as a component
of the website.
This archive contains a permanent record of all documents in
the form of announcements and the letters sent to members.
Active-duty and Pension System OYAK members have the
ability to tailor their information and communication requests
according to their personal preferences.
All of the messages sent out in 2011 were automatically
added to these personal archives while members were also
able to conveniently access documents of concern to them
from their individual Online Member Services pages.
Almost 20,000 e-mail recipients
During 2011 OYAK communicated with 19,866 members
via email.
Internet Transactions In Member Services Increase
Each Passing Year (Unit)
11,151,476
11,009,245
10,198,321
8,500,125
The OYAK website remained an intensively used
communication channel with its renewed design and
contents at www.oyak.com.tr
The OYAK website’s homepage reached a total of 9,218,928
hits in 2011.
OYAK members made use of the website’s Online Member
Services features 5,312,035 times to access their personal
accounts. There were more than 10 million clicks to access
information and manage accounts.
40
6,481,383
2007
2008
2009
2010
2011
OYAK Voice Response System: Still one of OYAK’s most
popular communication channels in 2011
The OYAK Interactive Voice Response System remains one
of the most popular communication channels among OYAK
members. In 2011, a total of 225,462 calls were received by
the voice response system.
OYAK is engaged in an ongoing effort to further develop
the OYAK Interactive Voice Response System in line with
members’ wishes and needs.
A total of 56,050 requests, suggestions, and complaints
were received by mail and fax in 2011. This number does
not include requests for information regarding services and
systems.
OYAK Membership Services Department carried out
37,607 face-to-face meetings in 2011
A total of 37,607 members called in person at the OYAK
Membership Services Department to conduct queries or to
apply for services during 2011.
Communication Channel
Call Center
Interactive Voice Response System
Calls to Member Services Department
Email
Document - Facsimile
Walk-ins
Website
Total
225,986
225,462
114,272
19,866
56,050
37,607
10,198,321
10,877,564
The underlying objective in everything OYAK does is to
enable its members to enjoy a comfortable standard of
living when they retire
OYAK’s primary aims are:
• To increase its members’ savings
• To design and develop new systems to better serve the
members and to ensure that they serve this joint target only
• To invest member savings within a long-term approach
• To distribute generated revenues to members on a pro
rata basis, as deserved
All of the activities carried out at OYAK are intended to
make it possible for members to achieve and maintain a
comfortable standard of living when they retire. OYAK puts
its members’ savings to work in portfolio investments under
an approach that.
• Focuses on conservative risk--return profiles,
• Is based on a long-term approach,
• Is sensitive to the community and the environment,
• Creates revenue with short-term returns.
Scrupulously adhering to its principle of “high-quality service
focused on building members’ savings”, OYAK provides
services and products without impairing its actuarial
balances, while constantly remaining mindful of its task to
ensure a secure future for its members. OYAK’s goal is to
continuously increase member satisfaction by offering the
highest level of added value possible in its products and
services.
In line with this target, OYAK carries out its operations in
compliance with the ISO 9001 “OYAK Quality Management
System”, the ISO 27001 “OYAK Information Security
Management System”, and the ISO 20000 “OYAK IT Service
Management System” with effective participation of all its
employees.
OYAK is determined to continue providing its members
with the best, highest-quality and fastest service.
Enthusiastically and proudly celebrating its 50th year of
service in 2011 together with its members, OYAK will
continue to exist for its members and through its members.
OYAK is, and will remain, a system that is both sustainable
and capable of further growth.
41
Independent Auditors’ Report and Financial Statements
42
43
44
45
Balance Sheet as at 31 December 2011 (TRY Thousand)
I. CURRENT ASSETS
A. Cash and Cash Equivalents
1. Cash
2. Banks
3. Cheques given and payment orders (-)
B. Marketable Securities
1. Equity shares
2. Private sector notes, bonds and bills
3. Public sector notes, bonds and bills
C. Dividend Receivables From Equity Participations and Subsidiaries
D. Trade Receivables – Net
1. Receivables from members
2. Receivables from government financial offices and service borrowings
3. Other trade receivable
4. Doubtful trade receivables
5. Provision for doubtful trade receivables (-)
E. Receivables From Related Parties
F. Derivative Financial Instruments
G. Inventories
1. Consumables
2. Trade goods
3. Work-in-process inventory
4. Goods in transit
H. Loans Given To Members
I. Other Current Assets
1. VAT carried forward
2. Prepaid expenses
3. Inventory count differences
4. Receivables from insurance transactions
5. Other receivables and advances arising from the sale of assets
6. Other current assets
II. NON-CURRENT ASSETS
A. Receivables from Related Parties
B. Loans Given to Members
C. Equity Participations and Subsidiaries
1. Associates
2. Capital commitment to associates (-)
3. Subsidiaries
4. Capital commitment to subsidiaries (-)
5. Long-term securities
D. Tangible Fixed Assets – Net
1. Land
2. Buildings
3. Machinery and equipment
4. Vehicles
5. Furnitures and fixtures
6. Other tangible fixed assets
7. Accumulated depreciation
E. Intangible Fixed Assets – Net
1. Rights
2. Leasehold improvements
3. Accumulated amortization
F. Other Non-Current Assets
TOTAL ASSETS
1. Total Assets of Housing Savings Fund
2. Total Assets of Donation Based Pension Fund
TOTAL ASSETS OF OYAK AND FUNDS
46
31.12.2011
7,327,721
5,820,311
121
5,819,691
499
80,463
7,950
72,513
660,882
34,057
3,535
169
1,477
32,580
(3,704)
461,460
2,529
100,270
53
2,705
97,366
146
160,171
7,578
5,546
413
144
401
1,065
9
6,970,560
49,340
890,923
5,920,271
555,748
5,221,054
(20,595)
164,064
106,821
57,659
53,496
727
938
6,320
(12,319)
3,157
5,164
1,595
(3,602)
48
14,298,281
1,325,942
207,411
15,831,634
31.12.2010
7,769,502
6,386,117
42
6,385,768
307
63,503
13,254
48,359
1,890
622,952
27,816
3,460
576
1,212
24,709
(2,141)
504,380
46,193
45
2,009
44,139
115,128
3,413
1,833
351
98
398
477
256
6,177,685
43,419
704,965
5,336,644
660,340
(11,894)
4,536,127
(713)
152,784
90,759
43,814
51,240
694
503
4,977
4
(10,473)
1,898
3,130
1,571
(2,803)
13,947,187
2,270,023
1,853,960
18,071,170
Balance Sheet as at 31 December 2011 (TRY Thousand)
I. CURRENT LIABILITIES
A. Bank Loans
1. Spot bank loans
2. Expense accruals of spot bank loans
B. Payables To Related Parties
C. Other Payables
1. Suppliers
2. Payables to Retirement Pension System
3. Payables to members
4. Payables to government financial offices and Army Markets
5. Deposits and guarantees received
6. Payables to personnel
7. Payables to Housing Savings Fund
8. Other miscellaneous payables
D. Expense Accruals from Derivative Instruments
E. Provisions
F. Sources of Funds For Housing Constructions
1. Sources of funds for housing constructions
G. Other Current Liabilities
1. Expense accruals
2. Taxes and funds payable
3. Social security premiums payable
4. Other payables
5. Short term portion of unearned revenues
6. VAT payable
7. Inventory count differences
II. NON-CURRENT LIABILITIES
A. Bank Loans
1. Long term bank loans
B. Sources of Funds For Housing Constructions
1. Sources of Funds For Housing Constructions
C. Other Non-Current Liabilities
III. NET POSITION
A. Member Reserves
B. Profit For The Year
TOTAL LIABILITIES AND NET POSITION
Total Liabilities of Housing Savings Fund
Total Liabilities of Donation Based Pension Fund
TOTAL LIABILITIES AND NET POSITION OF OYAK AND FUNDS
31.12.2011
457,436
226,536
223,126
3,410
7,384
7,735
4,348
68
2,085
282
44
17
2
889
21,974
126,279
60,988
60,988
6,540
19
1,271
354
133
4,534
87
142
25,052
23,869
23,869
1,183
13,815,793
12,341,826
1,473,967
14,298,281
1,325,942
207,411
15,831,634
31.12.2010
1,552,839
1,425,298
1,424,500
798
505
6,097
3,121
1,989
192
44
60
205
486
119,408
1,531
21
1,014
334
46
9
35
72
189,992
182,655
182,655
7,337
7,337
12,204,356
10,977,999
1,226,357
13,947,187
2,270,023
1,853,960
18,071,170
47
Statements of Income for the Year Ended 31 December 2011 (TRY Thousand)
I. OPERATING INCOME
A. Income From Equity Participations and Subsidiaries
1. Current year dividend accrual from associates
2. Diff. btw. prior year accrual and current year collections from associates
3. Current year dividend accrual from subsidiaries
4. Diff. btw. prior year accrual and current year collections from subsidiaries
5. Current year dividend accrual from equity shares
6. Diff. btw. prior year accrual and current year collections from equity shares
7. Bonus shares issued
8. Fund Accruals
B. Financial Investment Income
1. Interest income
2. Income on sale of marketable securities
3. Dividend income from equity shares
4. Gains arising from investment fund sales
5. Gains arising from equity share sales
6. Foreign exchange gain on investing activities – net
7. Gain on valuation of marketable securities – net
8. Premium income from derivative transactions
C. Income from Real Estate Investments
1. Rent income
2. Sales income
D. Other Operating Income
1. Income from Army Markets
2. Individual and commodity loans income
3. Housing loans income
4. Insurance premium collections on housing loans
5. Gain on disposal of associates and subsidiaries
6. Other interest and commission income
II. OPERATING EXPENSE
A. General Administrative Expenses
1. Personnel expenses
2. Legal expenses
3. Office expenses
4. Fixed asset expenses
5. Consultancy expenses
6. Social and cultural expenses
7. Depreciation expenses
8. Other miscellaneous expenses
B. Financial Investment Expenses
1. Interest expense on spot loans
2. Interest expense on repurchase agreements
3. Commission expenses
4. Loss on sale of marketable securities
5. Valuation loss from derivative transactions
6. Loss from derivative transactions
7. Foreign exchange loss arising from financial investments – net
8. Foreign exchange loss arising from borrowings
9. Valuation loss on marketable securities – net
C. Expenses on Real Estate Investments
1. Depreciation expenses
2. Maintenance, insurance and tax expenses
3. Expenses on real estates rented
OPERATING PROFIT
FINANCE (EXPENSE) – NET
1. Commission expenses (-)
OTHER INCOME – NET
1. Provision expenses (-)
2. Provision released
3. Expenses related with OYAK Ankerbank loans (-)
4. Foreign exchange gains on current accounts
5. Income from board membership fees
6. Income from services provided
7. Expenses and losses related to the previous periods (-)
8. Other expenses (-)
9. Other income
REVALUATION FUND
TECHNICAL (EXPENSE)/INCOME – NET
PROFIT BEFORE TAX
TAX / WITHHOLDING TAX LIABILITY
PROFIT FOR THE YEAR
48
31.12.2011
1,879,153
938,658
255,887
8
173,991
(148)
25,431
8,502
11,717
463,270
799,865
500,710
680
706
9,011
278,847
9,911
23,085
15,367
7,718
117,545
4,808
13,014
71,643
1,711
22,039
4,330
(164,388)
(54,240)
(35,952)
(600)
(2,713)
(2,052)
(4,982)
(1,504)
(1,950)
(4,487)
(109,534)
(23,777)
(158)
(1,123)
(171)
(19,444)
(13,846)
(40,505)
(10,510)
(614)
(352)
(259)
(3)
1,714,765
(6)
(6)
(5,953)
(5,563)
1,213
(6,553)
(18)
2,419
1,320
(7)
1
1,235
4,373
(179,506)
1,533,673
(59,706)
1,473,967
31.12.2010
1,451,206
671,382
217,083
(24)
164,014
9
109
290,191
519,480
425,769
616
1,867
11,048
38,783
18,727
22,670
41,044
13,239
27,805
219,300
3,499
11,616
63,035
1,741
135,499
3,910
(168,013)
(49,358)
(33,070)
(621)
(2,179)
(1,719)
(6,773)
(1,077)
(1,112)
(2,807)
(117,998)
(72,775)
(9,504)
(4,408)
(28,650)
(138)
(2,523)
(657)
(354)
(299)
(4)
1,283,193
(402)
(402)
136,601
(4,486)
144,987
(6,655)
(21)
2,369
(241)
648
3,274
(144,127)
1,278,539
(52,182)
1,226,357
OYAK Group Companies
49
Industry Group
50
ATAER HOLDİNG A.Ş. (ATAER)
EREĞLİ DEMİR VE ÇELİK FABRİKALARI T.A.Ş. (ERDEMİR)
Date of Establishment: 2005
OYAK Group’s Participation: 2005
OYAK Group’s Share: 100.00%
Field of Activity: To participate in companies operating in the iron and
steel industry
Website: www.ataer.com.tr
Field of Activity: Production and sale of flat steel
Website: www.erdemir.com.tr
ISE Stock Code: EREGL
ATAER Holding A.Ş. was established in December 2005 as a 100%
subsidiary of OYAK to acquire the privatized stakes of Ereğli Demir ve Çelik
Fabrikaları T.A.Ş. (ERDEMİR).
On February 27th, 2006, ATAER Holding A.Ş. acquired a 49.29% stake
in Ereğli Demir ve Çelik Fabrikaları T.A.Ş. (ERDEMİR), Turkey’s largest
iron and steel company and the only integrated flat steel producer, from
the Privatization Administration. Through the acquisition of ERDEMİR, the
management and control of companies which ERDEMİR participates in was
transferred to ATAER Holding.
ERDEMİR was established in 1960 in Karadeniz Ereğli to meet Turkey’s
needs for flat-rolled iron and steel, which had at that time been met through
imports. The first foundations of the facilities were laid down in 1961 and
facilities became operational in 1965.
Following the tender called for the privatization of ERDEMİR in 2005,
ATAER Holding A.Ş. - a 100% subsidiary of OYAK - acquired a 49.29%
stake in the company; the related procedures were completed on February
27th, 2006. With the share transfer, ERDEMİR and its subsidiaries joined the
OYAK Group. At the end of 2011, ERDEMİR had 7 subsidiaries in which
either held 100% stakes or majority stakes.
Manufacturing steel plates, hot and cold rolled steel and tin-, chromeand zinc-covered steel sheet at international quality standards, ERDEMİR
offers its products to a range of sectors such as the construction, pipe
manufacturing, automotive and supplier industries, shipbuilding, household
appliances, agricultural instruments, pressure pots, food and packaging
materials and office equipment sector. ERDEMİR offers a total of 351 steel
grades competitive In quality and prices, to the domestic and international
markets.
In 2011, the international credit ratings agency, Moody’s Investors Service,
affirmed ERDEMİR’s credit rating as B2, while raising its credit outlook to
“positive”. Standard & Poor’s, another international credit rating agency,
raised ERDEMİR’s rating from B- to B and affirmed its credit outlook as
“stable”.
ERDEMİR ranked 8th in the ISO 500 listing that was prepared according to
the business results of 2010 and announced in July 2011.
51
İSKENDERUN DEMİR VE ÇELİK A.Ş. (İSDEMİR)
ERDEMİR MADEN A.Ş. (ERMADEN)
Field of Activity: Production and sale of long and flat steel
Website: www.isdemir.com.tr
OYAK Group’s Share: 90%
Field of Activity: Iron ore mining and palletizing
Website: www.erdemirmaden.com.tr
Founded in İskenderun in 1970, İSDEMİR is the third integrated iron and
steel facility to be established in Turkey and has the largest production
capacity of long products in Turkey.
Founded in 1938 to produce iron ore, ERMADEN was purchased within
the scope of the privatization by ERDEMİR on April 15th, 2004. In November
2004, a 10% stake in the company was sold to KARDEMİR. As ERDEMİR
was transferred to ATAER - an OYAK subsidiary - on February 27th, 2006,
ERMADEN joined the OYAK Group.
İSDEMİR shares were transferred to ERDEMİR by the Privatization
Administration in 2002. As ERDEMİR was transferred to ATAER - an OYAK
subsidiary - on February 27th, 2006, İSDEMİR joined the OYAK Group.
İSDEMİR - ERDEMİR’s largest subsidiary - completed the necessary work
to manufacture flat steel in addition to long steel within the framework of
modernization and transformation investments (MTI) and began flat steel
production. The 4th Blast Furnace, which is included in the MTI, was
inaugurated in August 2011.
Moreover, the second Sinter Factor, which is required in parallel with
İSDEMİR’s increasing liquid steel production capacity, became operational
in June 2011.
İSDEMİR ranked 10th in the ISO 500 listing that was prepared according
to the business results of 2010 and announced in July 2011.
52
ERMADEN is Turkey’s largest iron mine owner and iron manufacturer with a
total 13 mines, 12 of which are iron mine sites and one being a manganese
mine, in addition to its Concentration and Palletizing Facilities in Divriği,
Sivas, which is Turkey’s sole palletizing facility.
The investment to establish the underground iron mine, located in the town
of Ekinbaşı in the Divriği district of Sivas, work on which started in Q4/2009,
was completed by the end of September 2011.
ERMADEN ranked 206th in the ISO 500 listing that was prepared according
to the 2010 business results which were announced in July 2011.
ERDEMİR ÇELİK SERVİS MERKEZİ A.Ş. (ERSEM)
ERDEMİR MÜHENDİSLİK YÖNETİM VE DANIŞMANLIK
HİZMETLERİ A.Ş. (ERENCO)
Field of Activity: Cutting, slitting and shaping iron & steel products
Website: www.erdemir-csm.com.tr
Field of Activity: Engineering, management and consultancy services
Website: www.erenco.com.tr
ERSEM started its activities in the Gebze Industrial Zone in January 2002.
As ERDEMİR was transferred to ATAER - an OYAK subsidiary - on February
27th, 2006, ERSEM joined the OYAK Group.
ERENCO was established in August 2001 and started its activities in April
2002. As ERDEMİR was transferred to ATAER - an OYAK subsidiary - on
February 27th, 2006, ERENCO joined the OYAK Group.
With a cutting and slitting capacity of 200,000 tons per year at its facilities
in Gebze, ERSEM covers the dimensioned flat steel needs of a variety of
industries, principally in the automotive and household appliances sectors.
Having become operational in 2011 under ERSEM, the İskenderun Steel
Service Center, with a production capacity of 700,000 tons per year,
serves sectors such as shipbuilding, steel construction, automotive, general
machinery & equipment and construction. Moreover, work continues on the
Ereğli Steel Service Center, which will operate under ERSEM.
ERENCO, a subsidiary of ERDEMİR, offers consultancy services in
engineering and project management, in order to maximize the benefit of
the experience, expertise and know-how it has gained from the iron-steel
industry and associated sectors.
The incorporation of ERBOR Çelik Çekme Boru San ve Tic A.Ş. and
ERDEMİR Çelik Servis Merkezi San ve Tic A.Ş. into ERSEM was completed
in April 2011.
In 2011, ERENCO continued its activities in line with the investments of the
ERDEMİR Group. The Steel Service Center project was launched in Ereğli
during the year. Moreover, ERDEMİR carried out a series of efforts for other
projects. At İSDEMİR, the 2nd Sinter Factory and 4th Blast Furnace projects
were completed within the framework of Modernization and Transformation
Investments.
53
ERDEMİR LOJİSTİK A.Ş.
ERDEMİR ROMANIA
Field of Activity: Logistics services
Website: www.erdemirlojistik.com.tr
Field of Activity: Silicon flat steel products
Website: www.erdemir.ro
ERDEMİR Lojistik started its operations in 2005 in order to benefit from
the central coordination of the logistics requirements of ERDEMİR Group
companies.
ERDEMİR Romania SRL was founded in 2002 by ERDEMİR Group, in
order to take advantage of iron and steel industry privatization opportunities
abroad. The company acquired the Laminorul De Benzi Electrotehnice (LBE)
plant in Romania, which produces silicon flat steel. Products manufactured
at this plant meet demand from Turkey, Romania and other countries.
27th, 2006, ERLO joined the OYAK Group. ERLO engages in maritime
transport particularly for ERDEMİR Group companies.
54
27th, 2006, ERDEMİR Romania joined the OYAK Group. The company
(ERDEMİR Romania) manufactures silicon flat steel at its production plant in
the city of Targoviste, Romania. Silicon flat steel is one of the primary inputs
of engines, transformers and generators.
ADANA ÇİMENTO SANAYİ T.A.Ş.
MARDİN ÇİMENTO SANAYİİ VE TİCARET A.Ş.
Field of Activity: Production and sale of clinker and cement
Website: www.adanacimento.com.tr
ISE Stock Code: ADANA, ADBGR, ADNAC
Website: www.mardincimento.com.tr
ISE Stock Code: MRDIN
Founded in 1954, Adana Çimento T.A.Ş. was acquired by OYAK in 1963.
It was renamed as Adana Çimento Sanayi in 1986. The company’s shares
have been traded at ISE since 1991.
Mardin Çimento Sanayi ve Ticaret A.Ş. was established in 1969 with a 40%
stake held by OYAK. Construction of its factory began in 1972 and the
factory entered operation in 1975. Mardin Çimento’s shares have been
traded on the ISE since 1987. The company produces various types of gray
and white cement and clinker.
Adana Çimento produces various types of gray and white cement and
clinker. The company has packaging facilities in Kahramanmaraş, cement
grinding facilities in İskenderun and storage and loading units in İskenderun
Isdemir Port for exports. Moreover, Adana Çimento has 2 subsidiaries,
“Adana Çimento San ve Tic Ltd” in Gazi Magosa in Northern Cyprus
and “Adana Çimento Free Port Ltd” in the Duty Free Zone. These two
subsidiaries engage in the packaging and sale of cement. The new clinker
production line investment started by Adana Çimento in İskenderun in 2011
is expected to be completed within 2 years.
Adana Çimento became the highest Corporate Tax payer in 2010 among
the companies operating in Adana. The company ranked 203rd in the ISO
500 listing that was prepared according to the business results of 2010
and announced in July 2011.
According to the financial statements that were announced quarterly
throughout 2011, Mardin Çimento ranked 1st in every quarter among
publicly-held cement companies in terms of EBIT, Net Profit/Net Sales and
ROIC (Return on Invested Capital).
As the highest Corporate Tax payer in Mardin in 2010, Mardin Çimento
is also the 98th highest tax paying company in Turkey. Mardin Çimento
ranked 255th in the ISO 500 listing that was prepared according to the
business results of 2010 and announced in July 2011.
55
BOLU ÇİMENTO SANAYİİ A.Ş.
ÜNYE ÇİMENTO SAN. VE TİC. A.Ş.
Website: www.bolucimento.com.tr
ISE Stock Code: BOLUC
Website: www.unyecimento.com.tr
ISE Stock Code: UNYEC
In 1969, OYAK acquired a 25% stake in Bolu Çimento, which was
established in 1968. The factory began its production activities in 1974.
The company’s shares have been traded on the ISE since 1986.
Ünye Çimento was established in 1969 with a 40% stake held by OYAK.
The factory began its production activities in 1974. The company’s shares
have been traded on the ISE since 1991.
Bolu Çimento produces various types of gray cement and clinker. The
company currently produces the special type of cement used in the
underwater and surface sections of the Marmaray tunnel, which is currently
under construction.
Producing various types of gray cement and clinker, Ünye Çimento has a
seaport, a cement pumping and packing facility in Çayeli, Rize. In addition,
Ünye Çimento has a subsidiary, Ünye Cem SRL, established in Romania to
facilitate the import, export and sale of cement products in bulk or packed
form.
The grinding plant, which was established by the company to utilize the slag
- the by-product of ERDEMİR’s production processes - entered operation in
January 2011. As the plant became operational, Bolu Çimento sold about
500,000 tons of ground granulated blast furnace slag in 2011.
Bolu Çimento ranked 478th in the ISO 500 listing that was prepared
according to the business results of 2010 and announced in July 2011.
Having successfully benefited from regional growth, in 2011, Ünye Çimento
carried out the highest clinker production, the highest cement sales
volumes to the domestic market and the highest total cement sales in its
history, thanks to its growth in the Black Sea market. In line with its efforts to
convert its raw mill to a cement mill, the company completed its 4th cement
mill investment and brought the mill into operation in 2011.
In 2010, Ünye Çimento was the highest Corporate Tax payer among
companies operating in Ordu. The company ranked 321st in the ISO 500
listing that was prepared according to the business results of 2010 and
announced in July 2011.
56
ASLAN ÇİMENTO A.Ş.
ASLAN BETON A.Ş.
Website: www.aslancimento.com.tr
ISE Stock Code: ASLAN
Field of Activity: Production and sale of ready-concrete
Website: www.oyakbeton.com.tr
Established in 1976, Aslan Beton joined the OYAK Group when OYAK
acquired the shares of Aslan Çimento from the French Lafarge Group in
December 2009. The company is engaged in the pumping and sale of
ready-concrete and stamped concrete applications. All of Aslan Çimento’s
ready-concrete facilities in various cities, as well as the company’s
demounted mobile concrete facilities, including all related equipment were
rented to OYAK Beton in 2010 for a period of 3 years.
The company also has a subsidiary, AS-SAN İnşaat San ve Tic. A.Ş.,
established to sell and market aggregate.
Aslan Çimento - Turkey’s first cement factory - was established on December
20th, 1910 as “Memalik-i Osmaniyye’de Sun’i Çimento ve Hidrolik Kireç
İmalına Mahsus Arslan Osmanlı Anonim Şirketi”.
OYAK acquired the shares of Aslan Çimento from the French Lafarge Group
in December 2009. In line with the share transfer, five companies (Aslan
Çimento, Aslan Beton, Marmara Madencilik, Birtaş and Assan) that were
owned by Lafarge joined the OYAK Group, which includes 1 integrated
cement plant, 9 ready-concrete facilities and 3 aggregate quarries that
belong to these five companies.
The company’s shares have been trading on the ISE since 1986.
The company also has a pier used for exporting and importing products.
Operational since September 2011, the Refuse-Derived Fuel (RDF) plant
aims to process about 24,000 tons of industrial waste and to generate fuel
from such waste in 2012. The plant aims to cut energy costs by up to 20%.
57
OYAK BETON SAN. VE TİC. A.Ş. (OYAK Beton)
BİRÇİM ÇİMENTO VE MADENCİLİK A.Ş.
Field of Activity: Production and sale of ready mix concrete
Website: www.oyakbeton.com.tr
Field of Activity: Evaluation of investment opportunities for the cement
industry
The company was established to participate in investment opportunities for
the cement market. The company is not currently engaged in any activity as
no feasible opportunities have yet arisen.
OYAK Beton was established in 2004 with Adana Çimento, Bolu Çimento
and Ünye Çimento’s in-kind capital contribution, and OYAK’s cash capital
contribution.
In December 2010, all OYAK Beton shares held by OYAK, the company’s
primary shareholder, were acquired by the following cement companies
within the OYAK Group: Adana, Bolu, Ünye and Aslan Çimento.
OYAK Beton owns more than 40 ready-mixed concrete facilities in various
cities in the Marmara, Mediterranean, Central Anatolia and Black Sea
Regions. In addition, it owns 4 aggregate furnaces that operate in Istanbul,
İzmit and Ankara. OYAK Beton has continued to strengthen its position in
the sector by taking part in major projects, such as Marmaray Rail Tube
Tunnel Project, Kartal Courthouse and OYAK İkitelli Housing Project. OYAK
Beton is the first company in Turkey and Europe to produce C80, which is
the highly sought after concrete used in the world’s highest and strongest
buildings.
OYAK Beton ranked 214th in the ISO 500 listing, that was prepared
according to the business results of 2010 and announced in July 2011.
58
OYKA KAĞIT AMBALAJ SANAYİİ VE TİCARET A.Ş. (OYKA)
OYAK RENAULT OTOMOBİL FABRİKALARI A.Ş.
Field of Activity: Production and sale of craft paper and paper sacks
Website: www.oyka.com.tr
Field of Activity: The manufacture and export of Renault branded
passenger cars and their mechanical parts
Website: www.renault.com.tr
OYKA was established in 1963 with the participation of the 10 cement
factories under the umbrella of Türkiye Çimento ve Toprak Sanayi T.A.Ş.
and title of “Adana Kağıt Torba Sanayi Türk Anonim Şirketi”. OYKA joined
the OYAK Group in 1998. OYAK increased its share in OYKA to 81% by
acquiring the OYKA shares held by Işıklar Ambalaj San. Tic. A.Ş. in 2002
and a 2005 portion of the OYKA shares held by Adana Çimento. OYAK’s
share in OYKA fell to 51% in 2010, as the 30% OYKA stake held by OYAK
was sold to Adana Çimento.
OYAK Renault Otomobil Fabrikaları A.Ş., founded jointly by OYAK and the
Renault Group (majority shareholder) from France in 1969 to manufacture
Renault-branded passenger cars and their mechanical parts. In line with
the agreement and share transfer between the two parties in 1997, the
company’s shareholder structure reached its present status with OYAK
holding 49% of the shares and Renault holding a 51% stake.
OYKA sells craft paper and sacks to both domestic and foreign markets in
cement, lime and gypsum sectors as well as other sectors including mining,
construction materials and food.
Besides its sack production plant in Adana, the company acquired the
Çaycuma Sack Factory from the Privatization Administration. The Çaycuma
factory, the only integrated paper factory of Turkey began production in
August 2003.
Paper sack is manufactured at both plants in consequence of the
investments made by the company. As the second sack production line
investment was completed in 2011 at OYKA’s Çaycuma Sack Plant, the
company’s total production capacity rose from 150 million to 220 million
pieces per year.
As one of Renault Group’s 38 world-wide production centers, OYAK Renault
received the highest scores in ISO 9001 quality audits, performed since
1996, among all Renault factories. Moreover, OYAK Renault was one of
the first Renault factories to receive the Renault Quality System Certificate.
With a manufacturing capacity of 360,000 cars and 450,000 engines
per year, the company currently manufactures and exports brands as the
Symbol, Fluence and Megane HB as well as the 3 and 5- door hatchback
and Grand Tour versions of the Clio III model, as well as engines and
mechanical parts of these motor vehicles.
In the last quarter of 2011, the Fluence ZE joined the group of brands
manufactured by the company. OYAK Renault broke new ground in the
Turkish automotive industry by beginning serial production of the electric
car, the Fluence ZE (an electric car) in the autumn of 2011. The company
also began exporting this electrical car in November 2011.
The company has uninterruptedly maintained its leadership in the
production and export in the Turkish automotive industry for 14 years. The
company was still the leader of the automotive industry in production and
export at the end of 2011. In 2011, OYAK broke a record of its 42-year
corporate history by achieving an 8% year-on-year increase in the number
motor vehicles it manufactured, to 331,000.
As the highest Corporate Tax payer in Bursa in 2010, OYAK Renault was
also Turkey’s 47th highest tax payer. The company ranked 4th in the ISO
500 listing that was prepared according to the business results of 2010
and announced in July 2011. OYAK Renault was also Turkey’s export
champion in 2010.
59
AYAS ENERJİ ÜRETİM VE TİCARET A.Ş. (AYAS Enerji)
İSKENDERUN ENERJİ ÜRETİM VE TİC. A.Ş. (İSKEN)
Field of Activity: Energy
Field of Activity: Energy
Website: www.isken.com.tr
AYAS was established to realize a thermal power plant investment and
operate the power plant after the investment was completed. The plant will
be coal-fired with a power generation capacity of 625 MW, and is located
next to our existing subsidiary, İSKEN, in Adana. As of January 2011, AYAS
became a 100% owned subsidiary of OYAK.
Founded in 1998 to engage in the generation and sale of electricity, İSKEN
is Turkey’s first thermal power plant to operate with imported coal. Realized
within the framework of the Build-Operate model and commissioned in
Sugözü, İskenderun November 2003, the plant is composed of two units,
each with a capacity of 660 MW, and is one of the largest power plants in
Turkey.
AYAS Enerji was established in 2002 to realize a thermal power plant
investment, which will be built next to İSKEN in Yumurtalık, Adana. The
thermal plant will be environmentally friendly and operate with high-quality
imported coal, and will have an installed capacity of 625 MW, generating
about 4.5 billion kWh of electricity per year. It is expected to enter operation
in 2016. The company received a license from the Energy Market
Regulatory Authority on April 30th, 2009 for a term of 49 years to engage in
power generation.
OYAK received a 49% stake in the company on December 3rd, 2009. OYAK
increased its share in the company to 100% in January 2011 by purchasing
the remaining shares.
In 2011 OYAK signed a contract for the sale of 50% of its share in AYAS
Enerji to AES Entek, a subsidiary jointly established by the Koç Group
and AES. OYAK applied to the respective authorities for permission for
the transfer of the shares. The Competition Authority accordingly granted
approval for the share transfer in March 2012; approval from the Energy
Market Regulatory Authority is still pending. The company is also carrying
out other projects.
60
In April 2004, OYAK partnered with İSKEN by receiving the 24% stake of the
company held by Evonik Steag GmbH. OYAK’s share in İSKEN rose to 49%
after purchasing a further 25% stake from RWE Power AG in October 2004.
In 2011, the plant produced a net of 9,076 GWh of electricity, thus meeting
4% of Turkey’s total electricity need.
OYAK ELEKTRİK ENERJİSİ TOPTAN SATIŞ A.Ş. (OYAK Enerji)
HEKTAŞ TİCARET T.A.Ş. (HEKTAŞ)
Field of Activity: Electricity wholesale and sale to independent consumers
Field of Activity: Production and sale of agricultural chemicals and
veterinary pharmaceuticals
Website: www.hektas.com.tr
ISE Stock Code: HEKTS
OYAK Enerji was established in 2002 to evaluate investment opportunities
in the energy sector. The company was renamed as OYAK Elektrik Enerjisi
Toptan Satış A.Ş. in 2009. The Company received a “Wholesale License”
from the Energy Market Regulatory Authority on November 11th, 2009. The
company did not engage in any activity as no feasible opportunities have yet
arisen and as project design efforts are still under way.
Founded in 1956 to manufacture and market medical pharmaceuticals,
HEKTAŞ began to manufacture and market agricultural chemicals
- its current primary field of activity - in 1962. HEKTAŞ, which has been
uninterruptedly manufacturing agricultural chemicals since its foundation,
HEKTAŞ is one of the most deeply rooted companies in the Turkish
agricultural chemicals industry.
OYAK partnered with the company in 1963 and became the largest
shareholder in 1981. With its shares offered to the public in 1981, HEKTAŞ
expanded its product portfolio in 2005 and began to manufacture and
market veterinary pharmaceuticals as well.
HEKTAŞ is the Turkish distributor of such international companies that
are deemed as the largest companies of the global agricultural chemicals
industry. The company also manufactures more than 270 agricultural
chemicals and more than 40 veterinary pharmaceuticals.
61
TUKAŞ GIDA SANAYİ VE TİCARET A.Ş. (TUKAŞ)
Field of Activity: Food
Website: www.tukas.com.tr
ISE Stock Code: TUKAS
Founded in the district of Turgutlu in Manisa in 1962, TUKAŞ was acquired
by OYAK in 1967. With some of its shares offered to the public in 1994,
TUKAŞ shares began to be traded on the ISE.
TUKAŞ purchased another production plant in the district of Manyas in
Balıkesir in December 2001 in order to increase its production capacity and
was renamed as TUKAŞ Gıda Sanayi ve Ticaret A.Ş. in 2002.
TUKAŞ operates factories in İzmir/Torbalı and Balıkesir/Manyas. TUKAŞ
produces a wide spectrum of products such as tomato paste, canned
products (vegetables, delicatessen products, pulses and ready meals),
pickled vegetables, jams, sauces (ketchup, mayonnaise and hot pepper
sauce) and frozen products.
2011 was a year of restoration for TUKAŞ. Within the scope of such
restoration, the brand was repositioned; the brand face was altered and
product segmentation was performed and product packaging was renewed
to reflect the new brand face.
62
Services Group
63
MAİS MOTORLU ARAÇLAR İMAL VE SATIŞ A.Ş. (MAİS)
OMSAN LOJİSTİK A.Ş. (OMSAN)
Field of Activity: Sale and after-sale services for Renault and Dacia motor
vehicles
Website: www.renault.com.tr
Field of Activity: Logistical services, national and international highway, air,
sea and rail transport
Website: www.omsan.com.tr
MAİS was established in 1968 as a 100% owned OYAK subsidiary. In
1993, Renault Group participated in MAİS with a 20% stake. Following
the agreement and share transfer between the two parties in 1997, the
company’s shareholder structure moved to its present status with OYAK
holding 51% of the shares and Renault holding 49% of the shares.
OMSAN was established in 1978 as a subsidiary of OYAK Group to engage
in the automotive suppliers industry. In subsequent years, the company
changed its field of activity and become specialized in the logistics sector.
Within the framework of the agreement entered into by and between OYAK
and Renault in 2007, DOSSD - the general distributor of Dacia-branded cars
in Turkey - joined MAİS.
MAİS is the general distributor of Renault and Dacia-branded cars in Turkey.
The company’s field of activity is to sell Renault and Dacia cars, to provide
after sales services and establish maintenance and repair stations. In
addition, MAİS imports Renault and Dacia cars and supplies spare parts
and service for these vehicles through its 7 branches and via its nationwide
service network. 2011 was a record breaking year for the Turkish automotive
market. With its brands, Renault and Dacia, MAİS became the market leader
in 2011 in terms of sales of passenger cars and passenger cars + light
commercial vehicles.
As two of the models from the product portfolio of MAİS, the Symbol was
the top seller passenger car in Turkey in 2011, while the Fluence ranked 4th.
64
In 1982, the company’s activity was changed as national and international
transport with an amendment to its articles of incorporation. Formerly
titled as OMSAN Uluslararası Nakliyat San. ve Tic. A.Ş., the company was
renamed as OMSAN Lojistik A.Ş. in 2001.
OMSAN is one of Turkey’s leading and most reputable transportation and
logistics companies, able to perform highway, air, sea and rail transport in
combination. The company operates 5 subsidiaries and 2 liaison offices in
various countries in order to carry out international transportation activities
at high standards efficiently and effectively. Moreover, OMSAN established
OMSAN Havacılık A.Ş. in May 2008 to engage in air transportation and
other activities related to air transportation and OMSAN Denizcilik A.Ş.
in July 2008 in order to engage in sea transportation and other activities
related to sea transportation.
OMSAN HAVACILIK A.Ş.
OMSAN DENİZCİLİK A.Ş.
Field of Activity: Air transport and other activities related to air transport
Website: www.omsan.com.tr/havacilik
Field of Activity: Sea transport and other activities related to sea transport
Website: www.omsan.com.tr/denizcilik
OMSAN Havacılık was established in 2008 as a 100% OMSAN subsidiary
to engage in air transport and other activities related to air transport. As of
the end of 2011, the company had two Sikorsky helicopters in its fleet which
will be used in air taxi transport. The company was granted an air transport
(operating) license by the General Directorate of Civil Aviation (GDCA) on
January 8th, 2010.
OMSAN Denizcilik was established in 2008 as a 100% OMSAN subsidiary
to engage in sea transport and other activities related to sea transport.
The company continues to provide service in VIP air taxi transport services,
which have gained importance throughout the world in recent years.
OMSAN Havacılık also provides coordination services in obtaining licenses
for the existing helicopter landing areas of OYAK subsidiaries.
Since its foundation, OMSAN Denizcilik has been providing service by
renting ships in order to meet the sea transport needs of Group companies.
Following the efforts to determine the sea transport need of the OYAK Group
companies, particularly ERDEMİR and İSDEMİR, the company purchased
the dry cargo vessel, Fortuna Express, in 2010. The company carried out its
international transport activities with this vessel between January and March
2011, while the vessel was taken into maintenance in April. The vessel has
been serving to meet the needs of ERDEMİR Group since May.
65
OYTAŞ İÇ VE DIŞ TİCARET A.Ş. (OYTAŞ)
OYAK SAVUNMA VE GÜVENLİK SİSTEMLERİ A.Ş.
Field of Activity: Domestic and international trade
Website: www.oytas.com.tr
Field of Activity: Physical and electronic security services
Website: www.oyaksgs.com.tr
OYTAŞ was initially established in 1974 with the title OYAK Yatırım ve
Holding A.Ş., with the purpose of combining the savings of OYAK’s
permanent and retired members as well as all Turkish people, and to exploit
such savings in reliable areas of investment and to ensure a continuity of
relations between retired members and OYAK. In subsequent years, the
company was engaged in the sale of motor vehicles, durable goods, spare
parts, after-sale services for motor vehicles and retail food. In parallel with its
updated field of activity, the company was renamed OYTAŞ İç ve Dış Ticaret
A.Ş. in 1985.
Established in 2000 with the title, OYAK Güvenlik A.Ş., the company was
renamed OYAK Savunma ve Güvenlik Sistemleri A.Ş. (OYAK SGS) in 2002,
obtaining the right to provide service according to the private security law
no. 2495.
In December 2008, the company bought Vize Agrega Asfalt Madencilik
Sanayi ve Ticaret A.Ş. in order to exploit new opportunities that may arise in
the cement market.
The company currently provides consultancy services for the import of solid
fuels and the cement-clinker exports of OYAK Group’s cement factories.
66
The company offers security services to local and foreign enterprises that
are seeking high-quality service. The company provides solutions in the
transportation of money, documents and valuables, while also offering
security with personnel and electronic security systems. Having received
an operating license from the Ministry of the Interior to provide training to
special security personnel, OYAK SGS has been providing training services
since January 2005.
OYAK TEKNOLOJİ BİLİŞİM VE KART HİZMETLERİ A.Ş. (OYTEK)
OYAK İNŞAAT A.Ş.
Field of Activity: Technology and information services
Website: www.oytek.com.tr
Field of Activity: Project, construction and installation of buildings
Website: www.oyakinsaat.com.tr
OYAK Teknoloji was originally established with the title, “YADAŞ Bilgisayar
ve Yazılım A.Ş.” in 1967 by the Yaşar family as a Sümerbank subsidiary. The
company joined the OYAK Group in 2001 when Sümerbank, which was
then under the control of Savings Deposit Insurance Fund, was transferred
to OYAK. The company was renamed as OYAK Teknoloji Bilişim ve Kart
Hizmetleri A.Ş. in 2002. The company shares held by OYAK Bank were
purchased by the OYAK in 2003.
OYAK İnşaat was established in 1982 as a 100% owned OYAK subsidiary,
primarily to produce cheap and sound homes for OYAK members within the
framework of OYAK’s non-compulsory in the area of housing.
The primary mission of OYAK Teknoloji is to meet the technological
infrastructure and service demands of OYAK Group companies, while the
company also works for other companies other than the OYAK Group.
A total of 25% of the company’s shares were sold to the Social Security
Institution in 1998. The company undertakes project, construction and
installation work in all kinds of buildings including homes, hospitals,
industrial plants, tourism facilities and military installations. The company
has the necessary organization and capacity to implement modern building
technologies, such as prefabricated buildings, tunnel formwork and steel
construction.
In 2011, the company completed the construction works of the OYAKKENT
Elementary School with a total of 32 classrooms in OYAKKENT, İkitelli,
Istanbul with a capacity of 960 students, which was opened for the
2011-2012 academic year. Meanwhile Temporary admission realized on
December 31st, 2011 for the 507 homes in the 2nd stage of the 2nd phase of
OYAKKENT, construction work for which started in October 2009. In 2011,
the company began construction work on 211 homes as part of the 1st
phase and 344 houses of the 2nd phase of ANKARA Eryaman project.
67
OYAK PAZARLAMA HİZMET VE TURİZM A.Ş.
OYAK GİRİŞİM DANIŞMANLIĞI A.Ş. (OYAK GİRİŞİM)
Field of Activity: Hygiene services and tourism activities
Website: www.oyakpazarlama.com.tr
Field of Activity: Evaluating investment opportunities
OYAK Girişim was established in 2011 as a 100% OYAK subsidiary in order
to evaluate new investment opportunities and the investments carried out
by Group companies within the framework of the investment policy and
strategies of the OYAK Group.
Having served under OYAK until 1998, Ordu Pazarları was incorporated
into a joint-stock company under the title OYPA in 1998. The company’s
commercial activities were terminated in 2002, while its legal entity was
maintained in order to take advantage of any opportunities that may arise.
The company again entered operation in September 2004 as the hygiene
services that had been provided by OYAK Savunma ve Güvenlik Sistemleri
A.Ş. until then were assigned to OYAK Pazarlama. Tourism activities and
ticket sales were added to the field of activity of OYAK Pazarlama as a
result of the company’s merger with OYAK Turizm in late 2004. OYPA still
operates in the fields of hygiene services, tourism, gardening and technical
services.
68
Finance
69
OYAK ANKER BANK GmbH
OYAK YATIRIM MENKUL DEĞERLER A.Ş. (OYAK YATIRIM)
Field of Activity: Banking
Website: www.oyakankerbank.de
Field of Activity: Brokerage and intermediary services in capital markets
Website: www.oyakyatirim.com.tr
AB Anker Bank was established in 1958. Within the framework of OYAK’s
strategy to purchase a bank in Germany, which has a high Turkish
population, AB Anker Bank was acquired by Türk Boston Bank (its latter
title: OYAK Bank) in 1995. With all of its shares purchased by OYAK from
OYAK Bank in August 2004, OYAK Anker Bank (OAB) has since become a
direct subsidiary of OYAK.
OYAK Menkul Değerler A.Ş., was established in 1982 and became
operational in 1984 after receiving the stock brokerage certificate.
As a member of the German Banks Association, OAB offers services in
retail banking and is specialized especially in financing and mediating
international trade activities between Turkey, Germany and other EU
countries.
Aiming to serve its German and international customers in all aspects of
banking with a focus on retail banking, OAB has 4 branches. Having begun
to partially offer banking services over the internet in 2010, the bank offered
all of its retail banking products to the service of its customer through its
internet branch in 2011.
In November 2011, a variety of products offered by the Bank were awarded
by the magazine, Focus Money, which comparatively analyzes financial and
insurance companies based on the information gathered from consumers.
The company acquired Yaşar Yatırım in 2001 to strengthen its positions
in the securities market and to increase its market share. In 2002, OB
Menkul Değerler, a subsidiary of OYAK Bank and OYAK Menkul Değerler,
was incorporated to the company in an effort to lower costs and complete
transactions in a shorter space of time. The company was later renamed as
OYAK Yatırım Menkul Değerler A.Ş.
OYAK Yatırım established OYAK Yatırım Ortaklığı A.Ş., in response to the
developments in the global and Turkish capital markets in recent years and
in order to increase the company’s competitive edge by meeting shifting
customer demands and by raising the company’s position in the sector.
OYAK Yatırım Ortaklığı A.Ş. was then offered to the public at the end of
April 2007.
With its employees, who are CMB licensed and specialized in all securities
markets, OYAK Yatırım demonstrated a strong performance both in terms
of market share and transaction volume in 2011, reaffirming the company’s
position as one of the sector’s leading corporations to hold all the licenses
granted by the CMB.
By leading in two of the nine public offerings that took place in 2011
through book building, the company accounted for the highest number of
leading public offerings in 2011. The company was also a co-leader of a
bond issuance.
70
ORFİN FİNANSMAN A.Ş. (ORFİN)
Field of Activity: Exploiting consumer financing opportunities for the sale
of Renault and Dacia-branded automobiles
ORFİN Finansman A.Ş. was established with a 50-50% partnership between
OYAK and RCI Banque SA to facilitate the sale of Renault and Dacia-branded
automobiles by primarily exploiting consumer financing opportunities.
ORFİN obtained its establishment license from the Banking Regulation and
Supervision Agency (BRSA) in November 2011. The registration procedure
for the company’s establishment was completed in December. Efforts are
still under way for the receipt of the operating license from BRSA, which the
company requires to begin its operations.
71
Contact
OYAK
Ziya Gökalp Caddesi No: 64
06600 Kurtuluş/ANKARA TURKEY
Tel
Fax
72
+90 312 415 6000
+90 312 432 2705

A CENTENARY LINE. A SAFE FUTURE.

Transcription

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