In Every Aspect of Life... ÇİMSA ANNUAL REPORT 2010 Contents
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In Every Aspect of Life... ÇİMSA ANNUAL REPORT 2010 Contents 02 Agenda of the Ordinary General Assembly 03 Sustainable Life and Cement 05 Financial Highlights 07 Our Vision-Mission-Values 09 Corporate Profile and Milestones 11 The Chairman’s Message 15 Board of Directors and Audit Committee 16 Senior Management 17 Members of the Board of Directors 19 Senior Management Team 23 Evaluation of 2010 Cement Sector 27 Domestic Cement Facilities 31 Cement Products 35 International Cement Facilities 37 Ready-Mixed Concrete and Aggregate Facilities and Products 41 International Terminals 45 2010 Investments 49 2010 Marketing and Sales Activities 53 Corporate Development and Human Resources 61 Çimsa’s Sustainability Approach 65 Social Responsibility 69 Corporate Governance Principles Compliance Report 77 Consolidated Financial Statements Together with Report of Independent Auditors 147 Addresses 01 Çimsa Çimento Sanayi ve Ticaret A.Ş. 2010 Annual Report Agenda of the Ordinary General Assembly ÇİMSA ÇİMENTO SANAYİ VE TİCARET A.Ş. The Agenda of the Ordinary General Assembly To be held on the 6th of April 2011 AGENDA: 1- The Opening Session and Representation of Board, 2- Authorization of the board for the Approval of the Meeting Report, 3- Reading and Discussion of the Board of Director’s Annual Report and the Auditors’ Reports, 4- Presenting Donations of the Year to the Shareholders, 5- Reading, Discussion and Approval of the Balance Sheet and Profit and Loss Account; Discussion of the Dividend Distribution Proposal and its Acceptance or Refusal 6- Release of the Members of the Board of Directors and Auditors from their Liabilities, 7- Approval of the New Members Elected by the Board of Directors, for the Discharged Memberships of the Board of Directors during the Term, 8- Re-election of the Audit Committee Member for the Membership Discharged During the Term, and Specification of the Compensation, 9- Approval of the Independent Audit Agency Determined by the Board of Directors, 10- Authorization of the Chairman and Members of the Board of Directors to Conduct Procedures Set Out in Articles 334 and 335 of the Turkish Commercial Code. Çimsa Çimento Sanayi ve Ticaret A.Ş. 2010 Annual Report 02 Sustainable Life and Cement ement is one of the key materials have only been possible thanks to the constituting the modern way of incomparable features of cement. And, C life. as the most basic of the construction It is the most fundamental element in materials, cement is a sustainable the construction of the houses that material that links the past to the future. provide shelter to all modern societies; the schools, hotels, hospitals and social Çimsa’s principal aim, during the buildings that satisfy society’s social production and distribution of this needs; and in the industrial structures material essential for civilization and and commercial buildings that ensure modern societies, is to create long economic sustainability. It is the one term additional value for all of its single irreplaceable material in the stakeholders. Çimsa analyses each one construction of infrastructure, the most of its processes through the application prominent indicator of any country’s level of triple accounting, for the society, the of development. environment and the economy. It is a truly inexpensive and durable Çimsa has prepared and will soon publish material, a material suitable for aesthetic its Sustainability Report for 2011 covering uses, especially in comparison to its activities from 2007-2010 and is now, most other construction materials. within this scope, sharing its short term Contemporary architecture’s best (2012) and long term (2020) goals with all practices and aesthetic masterpieces of its stakeholders. 03 Çimsa Çimento Sanayi ve Ticaret A.Ş. 2010 Annual Report As one of the most essential construction materials, cement is the one indispensable building material constituting the core of every building constructed to meet individuals’ - and society’s - social, commercial and economic needs. Having these features, cement is one of the core elements of modern life: a sustainable material linking the past to the future. Çimsa Çimento Sanayi ve Ticaret A.Ş. 2010 Annual Report 04 Financial Indicators (Currency-Turkish Liras) Primary Balance Sheet Indicators 2010 2009 Liquid Assets 10,681,165 51,088,881 Trade Receivables (net) 124,195,061 103,392,181 Stocks (net) 92,824,407 63,393,847 Total of Current and Floating Assets 247,235,654 285,034,872 Financial Assets (net) 243,304,929 320,148,664 Tangible Assets (net) 482,255,188 436,402,767 Intangible Assets (net) 18,136,992 18.652.621 Total Non-Current and Non-Floating Assets 886,601,146 914,706,515 Total Assets (net) 1,133,836,800 1,199,741,387 Equity 879,807,348 932,100,768 Primary Income Statement Indicators 2010 2009 Sales Revenue (net) 708,480,015 614,924,831 Income and Profit from Other Operations 7,432,900 13,359,157 Operating Profit 141,199,284 138,585,884 Net Profit for the Period 103,249,803 108,132,777 05 Çimsa Çimento Sanayi ve Ticaret A.Ş. 2010 Annual Report In 2010, Our Clinker production was 4,616,000 tons. Our Ready-Mixed Concrete production for the year 2010 was 3.3 million cubic meters. We have increased our sales to 708.5 million TL. Çimsa Çimento Sanayi ve Ticaret A.Ş. 2010 Annual Report 06 Our Vision Our Mission is to become the most is to become the partners of valuable cement and concrete and concrete company in cement users world-wide. Turkey. 07 Çimsa Çimento Sanayi ve Ticaret A.Ş. 2010Annual Report Our Values Our values are the core qualities of our culture that will carry us into the future: reliability, customer orientation, and collaboration. We are a reliable and collaborative organization who has been working with its customers, employees, suppliers and business partners for a long time. We understand the needs of our customers and we are always increasing the value that we provide to our customers through the creation of new solutions to satisfy their needs. Çimsa Çimento Sanayi ve Ticaret A.Ş. 2010 Annual Report 08 Corporate Profile Creating value for all ounded in Mersin in 1972, Çimsa production capacity is now 3.5 million of its stakeholders began operating its first production cubic. With its five facilities producing Ffacility in 1975 in Mersin. Today, aggregate, the company is also an while remaining Çimsa’s clinker production capacity across important player in the aggregate industry. focused on profitable its facilities in Mersin, Kayseri, Eskişehir, growth, Çimsa now Niğde and Ankara has reached 5 million In white cement, Çimsa is one of the three leading brands in the world. seeks to maintain this tons. In addition to grey cement, Çimsa also produces special cements, such as Çimsa is an international cement producer, in the future with its white cement and calcium aluminated with terminals in Seville (Spain), Emden sustainability approach. cement, and leads the Turkish cement (Germany), Constanta (Romania), and ready-mixed concrete industry in Trieste (Italy), Novorossiysk (Russia) innovation. Having entered the ready- and Famagusta (the Turkish Republic of mixed concrete industry in 1988, today Northern Cyprus). Çimsa serves in Adana, Mersin, Kayseri, Antalya, Osmaniye, Kahramanmaraş, With its consolidated net sales for 2010 Nevşehir, Eskişehir, Kütahya, Bursa, having reached 708,5 MTL, Çimsa has Konya, Karaman, Aksaray, Sakarya and generated a total net profit of 103,7 MTL. Bilecik. Çimsa’s ready-mixed concrete 09 Çimsa Çimento Sanayi ve Ticaret A.Ş. 2010 Annual Report 1972 • Çimsa was founded in Mersin. Milestones 1975 • Çimsa started production with a capacity of 1 million tonnes/year. 1988 • Çimsa entered the ready-mixed concrete industry. 1990 1996 • The world’s first, and only, customizable gray/ • The Malatya packaging terminal was acquired. white clinker production line was commissioned. • The Seville, Spain, terminal was established. 2000 • A new white clinker line was commissioned, 1995 adding an additional capacity of 600,000 tons per • A mill and packaging facility in Kayseri was acquired. year. The Mersin plant now became the world’s largest capacity white cement plant. 2002 • Turkey’s first and only Calcium Aluminated Cement production plant began production. 2006 2005 • The terminal in Northern Cyprus was acquired. • The Kayseri Plant’s clinker line was • A sales office in Romania was opened. commissioned. 2007 • Standart Çimento was acquired. (Eskişehir • Çimsa took over the Oysa Niğde Factory. Cement Plant and the Ankara Cement Grinding 2008 Facility) • Eskişehir’s second line was commissioned. • With the acquisition of the Bilecik Ready-Mixed Concrete Facility, Çimsa became, in terms of the number of its facilities, the biggest player in Turkey’s ready-mixed concrete industry. 2009 • Çimsa’s Russia terminal was commissioned. Çimsa Çimento Sanayi ve Ticaret A.Ş. 20102010 Annual Report • In February, 60 percent of the shares of Medcon, the owner of the Trieste terminal, were acquired. • Production of Çimsa Super Bims Cement began. 10 The Chairman’s Message Into the future, Çimsa months to the end of the third quarter of sustainability of its international cement sales 2010 has increased by 8.9%, compared to and distribution, especially with respect is committed to the same period of 2009. to reaching its white cement customers directly. In February 2010, Çimsa obtained maintaining the value Growth in the building trade was more over 60% of the shares of the Medcon than 20% over these three quarters. The Company located in Trieste, renaming the that it is creating for building trade, which has a significant place company Çimsa Adriatico. Çimsa will move in the economic growth of Turkey, further the economy, for the into new markets during the first half of contributes to the sustainability of this 2011 through the terminal soon to be built in environment and for growth through its creation of employment.