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ALARKO HOLDİNG A.Ş. ALARKO CENTER Muallim Naci Cad

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ALARKO HOLDİNG A.Ş. ALARKO CENTER Muallim Naci Cad ALARKO CENTER Muallim Naci Cad. No: 69 34347 Ortaköy, İstanbul / TURKEY Phone: (+90 212) 310 33 00 - 227 52 00 Pbx ANNUAL REPORT Fax: (+90 212) 260 71 78 - 227 04 27 web: www.alarko.com.tr e-mail: [email protected] Trade Registery Number: İstanbul, 118376 Mersis No: 0048 0036 1010 0025 2017 ANKARA OFFICE ENERGYCONTRACTING Sedat Simavi Sokak. No: 48 06550 Çankaya, Ankara / TURKEY Phone: (+90 312) 409 52 00 Pbx Fax: (+90 312) 440 79 30 TOURISM İZMİR OFFICE Şehit Fethi Bey Cad. No: 55 Kat: 13 INDUSTRY AND TRADE 35210 Pasaport, İzmir / TURKEY Phone: (+90 232) 483 25 60 Pbx Fax: (+90 232) 441 55 13 LAND DEVELOPMENT ADANA OFFICE Ziyapaşa Bulvarı Çelik Apt. No: 19/5-6 İshak Alaton Dr. Üzeyir Garih Kat: 1 01130 Adana / TURKEY 1927 - 2016 1929 - 2001 Phone: (+90 322) 457 62 23 Pbx Fax: (+90 322) 453 05 84 We Will Always Remember You ANTALYA OFFICE With Love And Respect... Mehmetçik Mah. Aspendos Bulvarı No:79/5 07160 Antalya / TURKEY Phone:(+90 242) 322 00 29 - 322 66 64 Pbx Fax: (+90 242) 322 87 66 ALARKO HOLDİNG A.Ş. ALARKO CENTER Muallim Naci Cad. No: 69 34347 Ortaköy, İstanbul / TURKEY Phone: (+90 212) 310 33 00 - 227 52 00 Pbx ANNUAL REPORT Fax: (+90 212) 260 71 78 - 227 04 27 web: www.alarko.com.tr e-mail: [email protected] Trade Registery Number: İstanbul, 118376 Mersis No: 0048 0036 1010 0025 2017 ANKARA OFFICE ENERGYCONTRACTING Sedat Simavi Sokak. No: 48 06550 Çankaya, Ankara / TURKEY Phone: (+90 312) 409 52 00 Pbx Fax: (+90 312) 440 79 30 TOURISM İZMİR OFFICE Şehit Fethi Bey Cad. No: 55 Kat: 13 INDUSTRY AND TRADE 35210 Pasaport, İzmir / TURKEY Phone: (+90 232) 483 25 60 Pbx Fax: (+90 232) 441 55 13 LAND DEVELOPMENT ADANA OFFICE Ziyapaşa Bulvarı Çelik Apt. No: 19/5-6 İshak Alaton Dr. Üzeyir Garih Kat: 1 01130 Adana / TURKEY 1927 - 2016 1929 - 2001 Phone: (+90 322) 457 62 23 Pbx Fax: (+90 322) 453 05 84 We Will Always Remember You ANTALYA OFFICE With Love And Respect... Mehmetçik Mah. Aspendos Bulvarı No:79/5 07160 Antalya / TURKEY Phone:(+90 242) 322 00 29 - 322 66 64 Pbx Fax: (+90 242) 322 87 66 ALARKO HOLDİNG A.Ş. ALARKO HOLDİNG A.Ş. 2017 ANNUAL REPORT ALARKO HOLDİNG A.Ş. ANNUAL REPORT 2017 June 5, 2018 General Assembly Meeting Registered Capital TL 500.000.000 Issued Capital TL 223.467.000 ALARKO HOLDİNG A.Ş. 2017 ANNUAL REPORT CONTENTS 5 Message from the Chairman 6 Members of the Board of Directors and Auditors of Alarko Holding A.Ş. 8 General Organization 10 Management Staff 12 Alarko Group of Companies 14 Agenda of the Ordinary General Assembly 15 Annual Report of the Board of Directors 18 Contracting Group 24 Energy Group 30 Industry and Trade Group 36 Tourism Group 42 Land Development Group 46 İshak Alaton’s View 47 Dr. Üzeyir Garih’s View 2 3 ALARKO HOLDİNG A.Ş. 2017 ANNUAL REPORT 48 Capital and Percentage of Shareholdings in Subsidiaries and Participations 49 Earnings from Subsidiaries and Equity Participations 50 Business Volume and Perspectives for 2018 51 Taxes Paid and Personnel Expenses 52 Developments in the Last Five Years 53 Additional Information Regarding Our Activities 57 Proposal for Profit Distribution 58 Report on Compliance with Corporate Governance Principles 66 Independent Auditor’s Report on the Annual Report 68 Independent Auditors’ Report 72 Consolidated Financial Statements 77 Notes to the Consolidated Financial Statements 124 Conclusion 2 3 ALARKO HOLDİNG A.Ş. 2017 ANNUAL REPORT 4 5 ALARKO HOLDİNG A.Ş. 2017 ANNUAL REPORT MESSAGE FROM THE CHAIRMAN Esteemed Shareholders, Before I begin discussing our annual report of 2017, I would like to pay my respects to our martyred soldiers in the operations carried out in our southeast border due to the prevailing extraordinary conditions. May God rest their souls, provide patience to their families and our country, and help healing the wounded as soon as possible. This past year showed us that our world still retains its regional political uncertainties and instabilities in spite of all the advanced structures and mechanisms available. On the one hand, globalization and global sharing accelerate the world’s global economic İzzet GARİH growth, while on the other hand, many countries are developing strategies Chairman of the Board of Directors to take advantage of each other both economically and politically. combi-boilers and panel radiators that While the tourism sector reached its Our country, which is in one of the are being produced for the Chinese former busy status in 2017, “Hillside most difficult regions of the world market. Being able to present products Beach Club”, which is operated by our geographically, is also affected by these to the end-user in the Chinese market, Tourism Group, has reached full service developments. where the competition is as difficult as capacity this year through their superior it is, just shows the level of success quality standards targeting the upper During these volatile times, we continue our company has within its cost control income groups. This achievement, to move forward with determination and risk management capabilities. which has been sustainable for many towards our goals; on a macroeconomic Moreover, our firm is increasing the years, has further motivated us to invest level through our country’s leaders and number of countries that it exports to, in the Turkish Republic of Northern on a microeconomic level through our in coordination with its global partner Cyprus. companies. Carrier. The thriving financial structures and Considering these conditions, we try to Our consistent efforts in the energy management teams have been a great develop our projects in order to help distribution sector continues through asset and contributor to the success both our country and company achieve our successful partnership with our of our corporation. The successful the greatest mutual benefit. MEDAŞ Company based in Konya. performance of our finance departments In 2017, we achieved the targeted in 2017 confirmed our competence and As you may see in the ongoing pages profitability as additional investments capabilities in this regard. of our annual report, 2017 was a were made in order to strengthen the successful year in which our companies infrastructure and reduce the loss-theft Our goal is to deliver the future of our reached the sizes that we had targeted ratio in the region. group to the very well trained executives the previous year. in our roster. With this strategy at hand, We have completed the construction our joint corporate MBA program with With our reliability in the international of our 1.320 Mw Thermal Power Plant Bahçeşehir University produced its contracting sector, our group’s in Karabiga at the end of 2017 and it third graduate cycle this year. Our young activities continued to offer us great has started functioning in full capacity Alarko graduates from this program opportunities. at the beginning of 2018. This facility and young leaders currently continuing will contribute to the country in terms their education have surpassed the In Kazakhstan, we have initiated the of energy production in a significant 100 student mark. New synergies will final contracts in the first month of capacity. At the same time, with ultra- emerge in our management when our 2018 of a new build-operate-transfer critical thermal power plant technology, new generation of young leaders is highway project with our partners. At it is the most environment friendly blended with the dynamism corporate the end of 2017, we were honored by the thermal power plant in the region. I culture of our group. presence of the President of Republic of would like to take this opportunity and Turkey and the President of Kazakhstan once again thank our partner, Cengiz Dear Shareholders, at the signing ceremony of this project. Group, and all of our teams for this great investment. We will endeavor to create a unity of The new focus in our new business vision and interest, together with our development activities is in the form of Our Karakuz Hydroelectric Power country, our companies, our customers, public-private partnership (PPP) with Plant has reached the desired capacity our employees, our shareholders, and similar qualities. In addition, we are figures in its energy production with our business partners. With the respect also interested in similar projects in the the passing of the rainy season in 2017. of all our stakeholders we promise to Sub Sahara countries of Africa. This plant has shown us how right our carry out our responsibilities and we decision to utilize renewable resources thank you for your trust and confidence. Alarko-Carrier, one of the leaders in in our Energy Group’s portfolio was a the HVAC sector of our country, has few years ago. accelerated its export growth by selling 4 5 ALARKO HOLDİNG A.Ş. 2017 ANNUAL REPORT MEMBERS OF THE BOARD OF DIRECTORS OF ALARKO HOLDİNG A.Ş İzzet GARİH Chairman of the Board Born in 1961 in Istanbul, Mr. Garih graduated from the Department of Industrial Engineering of Michigan University, Ann Arbor, USA in 1983. He completed his Master’s Degree in the field of Construction Engineering and Management at the same university in 1984. He worked as engineer and manager in various projects at Alarko Land Development and Construction Group in 1987-2002. From 2002 to 2007, he was the Chairman of Board of Directors at Alarko Gayrimenkul Yatırım Ortaklığı A.Ş. and Vice-Chairman of Board of Directors at Alarko Holding A.Ş. in 2004-2015. He has been the Chairman of Board of Directors at Alarko Holding A.Ş.
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