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Annual Report 2009 Contents 2

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Annual Report 2009 Contents 2 annual report 2009 contents 2. fields of operation 4. akfen holding in brief 6. mission, strategic perspective, corporate policy and principles 7. management policy 8. milestones 12. message from the chairman 14. board of directors 16. executive management 18. 2009 financial results 22. subsidiaries and affiliates 26. 2009 activities 82. corporate social responsibility 87. auditors’ report 89. independent auditor’s report akfen hold ng annual report fields of operation tav haval!manları hold!ng a.ş. akfen !nşaat a.ş. mers!n uluslararası l!man (tav airports holding) (akfen construction) !şletmec!l!ğ! a.ş. (mers!n international port tav yatırım hold!ng a.ş. operations) (tav investment holding) psa akfen l!man !şletmec!l!ğ! ve yönet!m danışmanlığı a.ş. (psa akfen port operations and management consultancy) airport concessions and construction port operations construction akfen hold ng annual report with its strength in the formation of new sectors, project orıgınatıon development and executıon akfen holding has positioned itself as a business development company. task su kanal!zasyon yatırım, akfen enerj! yatırımları akfen gayr!menkul yatırım yapım ve !şlet!m a.ş. (akfen energy investments) ortaklığı a.ş. (task water and sewage (akfen real estate investment investment, construction and akfenhes yatırımları ve enerj! trust.) management) üret!m a.ş. (hes 1) (akfenhes investments and energy production) (hepp 1) akfen hidroelektrik santrali yatırımları a.ş. (hes 2) (akfen hydroelectric plant investments) (hepp 2) akfen enerj! kaynakları yatırım ve t!caret a.ş. (hes 3) (akfen energy resources investment and trade) (hepp 3) water concessions energy real estate " akfen akfen holding is planning to expand holding into new areas in accordance in brief with its strategy of sustainable and innovative investments in sectors with high profitability and low competition. Established in 1976, Akfen is a leader in Today, Akfen Holding’s main areas Following a strategy of sustainable all areas in which it is active thanks to of activity are: growth, Akfen Holding is focused on the strong capital structure and corporate ŢBJSQPSUBOEQPSUDPOTUSVDUJPO JOWFTUNFOU operations of its subsidiaries in the areas of management. After many years of and operation, air and maritime ports and on its city hotel specialization in rights transfer and ŢFOFSƑZBOEPUIFSJOGSBTUSVDUVSF development company, Akfen REIT. Akfen concession-based infrastructure investments, Holding also plans to support its sustainable investments, Akfen became a leading ŢEFWFMPQNFOUPGDJUZIPUFMQSPKFDUTGPS"DDPS growth goals with new infrastructure infrastructure platform in Turkey. Akfen brands. activities. In this regard, privatization Holding, with a history of stable growth, projects in infrastructure investments holds expanded beyond construction activities Akfen Holding is making important a special place in its growth strategy. with the Atatürk Airport build-operate- investments in the energy sector, the transfer project awarded in 1997. After driving force behind the healthy, stable, long Despite the economic uncertainties consolidating all operational units under a term growth of the Turkish economy. The during 2009, Akfen Holding succeeded in parent holding company, the Group applied increasing energy shortage that appears transforming the crisis into an opportunity the investment planning model adopted for as the economy grows is one of the main for growth through its strong, transparent airports to many other projects and became obstacles to sustainable growth. Planning to and flexible institutional structure and a leading investment holding company in play an active part in the energy investments continued with investments paralleling Turkey. that have become the focal point of the its strategic priorities. Akfen Holding’s market, Akfen Holding has consolidated continuous success is based on its leadership its hydroelectric plant investments under in the sectors where it is active, its ability the umbrella of mainly three companies: to create strategic cooperation with global Akfenhes Yatırımları ve Enerji Üretim A.Ş., partners and value creation in society and in Akfen Hidroelektrik Santrali Yatırımları the economy through its investments. A.Ş. and Akfen Enerji Kaynakları Yatırım ve Ticaret A.Ş.. Akfen Holding is planning to expand into new areas in accordance with its strategy of sustainable and innovative investments in sectors with high profitability and low competition. akfen hold ng annual report % shareholding structure (..) number of capital share of shareholder shares worth (tl) capital () Hamdi Akın 99,209,331 99,209,331 94.92454 Akfen İnşaat Turizm ve Ticaret A.Ş. 4,124,903 4,124,903 3.94675 Şafak Akın 40,544 40,544 0.03879 Meral Köken 40,544 40,544 0.03879 Nihal Karadayı 40,544 40,544 0.03879 Selim Akın 12 12 0.00001 Pelin Akın 12 12 0.00001 Akınısı Mak. San. ve Tic. A.Ş. 529,000 529,000 0.50615 Akfen Turizm Yat. ve İşlt. A.Ş. 529,000 529,000 0.50615 total ,!," ,!," shareholding structure after the public offering number of capital share of shareholder shares worth (tl) capital () Hamdi Akın 99,209,331 99,209,331 88.28 Akfen İnşaat Turizm ve Ticaret A.Ş. 3,994,903 3,994,903 3.55 Akınısı Mak. San. ve Tic. A.Ş. 529,000 529,000 0.47 Akfen Turizm Yat. ve İşlt. A.Ş. 529,000 529,000 0.47 Other 121,656 121,656 0.11 Free Float 8,000,000 8,000,000 7.12 total ,"," ,"," = our mission is to maintain our mission privileged position in our sectors by undertaking significant and successful projects both at home and abroad. with a successful history of obtaining and managing strategic concessions in turkey, akfen holdıng will continue to play perspective a part in its main fields of operatıon as it has in the past by building additional strategic partnerships. the main focus of akfen holdıng’s investments are on concessions and sectors with high growth potential, monopolistic market structures and long term minimum income guarantee agreements. with its strength in the fields of forming new sectors, project origination, development and execution, akfen holding has positioned itself as a business development company. akfen holding acts as an “investment platform” thanks to its success in forming strategic partnerships and its focus on shareholder interest and exit strategies. our corporate policy is to take corporate advantage of the know-how, policy organizational skills and technology acquired since our inception utilizing our highly-qualified human resources and specialized teamwork. our principle is to work with our principle well-trained and experienced human resources, to prioritize quality in production, execution and business management, to complete contracted work on time and with premium quality. akfen hold ng annual report @ management akfen holding’s activities are policy supported by its experienced work force and extensive know-how and conducted via its subsidiaries and affiliates. Akfen Holding’s fundamental goal is In achieving this goal, Akfen Holding is to perform all contracted assignments committed to the following: profitably, promptly and in accordance with Ţ5PNBLFJNQSPWFNFOUTJOBSFBTPGRVBMJUZ international criteria, current regulations, environment, occupational health and specifications and standards without security and to build employee awareness compromising quality, environmental, health through training, and safety requirements. Akfen Holding’s Ţ5PFTUBCMJTITZTUFNTDPNQBUJCMFXJUIUIF activities are supported by its experienced appropriate work environment by keeping work force and extensive know-how and abreast of the latest technological advances, conducted via its subsidiaries and affiliates. Ţ5PFOTVSFVTBƑFPGIJƑIRVBMJUZNBUFSJBMT and equipment that accommodate human Ensuring success and securing the and environmental health requirements, future of the company requires not only Ţ5PGBDJMJUBUFPQUJNVNMFWFMTPGOBUVSBM deliverance of premium quality work, resource usage in design and construction but also ensuring harmony and safety activities that support recycling and to in the work environment. Acting with guarantee that these policies are reviewed this insight, Akfen Holding employees by the executive management. regard the comprehensive, accurate and timely execution of their duties as their Imbued with the spirit of teamwork, main objective to achieve quality targets. mutual trust and respect, the Akfen Akfen Holding considers all persons and Holding employees, all members of the institutions it serves as its customers Akfen Family, are instrumental in carrying and forms its management system with Akfen to success. Creating and sustaining a this understanding. The purpose of this business culture that is sensitive to health, management system is to identify the security and the environment is the wish and environmental, occupational and safety responsibility of all employees, especially hazards in accordance with applicable the executive management, since quality laws and regulations, to prevent risks at and success are Akfen Holding’s most basic their sources, to protect the environment, corporate principles. human life and property and to improve the management system on a daily basis. J milestones akfen holding acts as an “investment platform” thanks to its success in forming strategic partnerships and its focus on shareholder interests. 1976 1997 2000 | Hamdi Akın laid the foundations of | TAV was established as a Tepe- | TAV began operating Istanbul Akfen by establishing Akınısı Makine Akfen partnership and was awarded Atatürk Airport International
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