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639511766628.Pdf CONTENTS 2 Vision and Mission 3 Corporate Values and Strategic Goals 4 Key Financial and Operational Indicators 6 Çalık Holding in Brief 8 Milestones 12 Message from the Chairman 14 Message from the CEO 16 Executive Committee 18 Sectors and 2010 Activities Energy Telecom Textile Construction Finance Media Mining 95 Social Responsibility 97 Corporate Governance 98 Organizational Structure 99 Human Resources 101 Occupational Safety, Environment and Quality Policies 102 Strategy Management 103 Internal Audit 104 2010 Reflections in Press 106 Independent Audit Reports 110 Consolidated Financial Statements 180 Contact Çalık Holding; leading company which generates added value for the countries it operates in… Çalık Holding, known for its reputation, reliability and powerful financial structure in the regions where it oper- ates in, shapes its institutional plans, strategies and objec- tives on the basis of sustainability. The Group is able to boast an innovative corporate structure that renders it a trailblazer. This conclusion is based on the major projects it has launched as well as investments that ensure the future for humanity. The Group makes the best of combin- ing entrepreneurial and productive qualities of its rich corporate culture and remains among the leading actors in its primary business fields. 2 ÇALIK HOLDING VISION To be known as a reputable global company celebrated for entrepre- neurship and credibility in its primary businesses. ÇALIK HOLDING MISSION To be a group that achieves competitive edge, is able to rival other international brands, focuses on customer satisfaction, provides products and services without compromising on quality, achieves consistently profitable growth and contributes positively to society and the environ- ment. 3 Corporate Values of Çalık Holding Çalık Group is complemented by its employees and the values it embraces. Our primary duty is to act in tandem with our mission and vision, to create added value for all our stakeholders and to be a well-respected, exemplary corporate entity through our values and deeds. The institutional values we uphold will make a difference for our group and our employees in all our spheres of activity. The sustainability of our success depends on fulfilling the responsibility incumbent upon us to promote these values daily. The following are the seven corporate values that guide us in achieving our goals and reinforcing our “corporate citizen” identity: 1. Identification with Çalık Community 2. Utilization of Knowledge 3. Commitment to Success and Goal-Orientation 4. Integrity and Transparency 5. Accountability and Taking Initiative 6. Customer Satisfaction 7. Social Responsibility Strategic Goals of Çalık Holding Vast opportunities have emerged for Turkish companies thanks to active and dynamic foreign policy of Turkey especially towards Middle East, Africa and Balkan States in last year’s. Çalık Holding acting under this reality has anticipated to develop its global business relations and to accelerate its regional investments by its long-term strate- gic plans. The basic goal of the Group is to exhibit studies which are formulated as ”win-win” in the sectors and countries in which it is active and to produce added value in the countries where it operates. The basic principles of growth-focused strategies of Holding are to put Energy projects which will convert the rich potential of our geogra- phy into power into effect, to realize new investments in Telecom sector, to evaluate regional opportunities in Finance field and to bring alternative channels into more active situation, to give weight to projects of developing and evaluating real estates in the Construction field, to transport knowledge and experiences obtained in Media sector to close geographies and to sustain rapid growth, to establish mining operation portfolio which adds value in long-term in Mining. 4 STABILITY AND SUSTAINABILITY Key Financial and Operational Indicators of Çalık Holding Key Indicators (Thousand US $) 2010* 2009* 2008* Total Assets 5,816,908 4,500,252 4,423,290 Current Assets 3,560,664 2,557,794 2,326,587 Total Equity 1,113,662 1,136,558 1,321,987 Net Sales 2,056,830 1,510,786 1,727,637 Operational Profit 182,291 125,979 145,355 EBITDA 256,479 197,367 227,216 Net Profit 20,315 -6,224 235,296 ((*) Values in US Dollars are based on converted year-end Turkish lira exchange rates: 2010: 1.5460 2009: 1.5057 2008: 1.5123 Main Rates 2010 2009 2008 Operational Profitability Rate [%] 9% 8% 8% EBITDA Rate [%] 12% 13% 13% Current Rate 1.04 1.19 1.24 Receivables Turnover Rate 3.3 3.0 3.7 Stock Turnover Rate 10.5 5.3 5.0 Debt Turnover Rate 2.4 2.7 3.1 5 6 EXTENDING FROM CENTRAL ASIA TO NORTH AFRICA, FROM MIDDLE EAST TO THE BALKANS REGION’S ROBUST AND PRESTIGIOUS GROUP ÇALIK HOLDING IN BRIEF Çalık Holding has established international Realizing outstanding collaborations with many global and projects in a wide region, Çalık Holding’s foundation was laid by Mr. prestigious companies such as Rosneft, Turkey in the center; Çalık Ahmet Çalık in 1981. Today Group Initec Energia, Eni, Mitsubishi, EBRD, EWE, Holding has shaped its employs more than 20,000 people by General Electric, Alacer Gold, Qatar corporate plans, strategies means of its business enterprises in 14 Holding and Türk Telekom. and objectives on the basis of countries within the sectors of energy, sustainability. telecom, textile, construction, finance, Çalık Holding has undertaken two energy media, and mining. projects which are regarded as global scaled milestones of Turkey - Samsun- Çalık Holding operating in a region Adana/Ceyhan Crude Oil Pipeline Project extending from Central Asia to North and Adana [Ceyhan] Oil Refinery Project, Africa and from Middle East to the Balkans, the first green-area refinery project to be has more than 2 billion US Dollars annual established in the heart of East Mediterra- turnover. The Group’s, consolidated asset nean. size exceeds 5.5 billion US Dollars and is currently working on 20 Billion US Dollars Çalık Holding, known for its reputation and worth project portfolio. reliability in the sectors it operates, with its powerful financial structure has shaped its As a result of its active involvement in the corporate plans, strategies and objectives domestic and foreign tenders, Çalık Group on the basis of sustainability. Çalık Holding has incorporated; Albtelecom, the land line boasts an innovative and corporate struc- operator and internet supplier of Albania in ture that renders it a trail blazer. In the light 2007, the Turkuvaz Media Group, one of of its proven growth strategies Çalık two largest media enterprises of Turkey in Holding has initiated outstanding projects 2008, and Yeşilirmak Electricity Distribution and generated value added investments in Inc. (YEDAŞ), which is responsible of the countries it operates. The Group makes electric distribution in 5 major cities of the best of combining the entrepreneurial Turkey in 2010. and productive qualities of its rich corporate culture to remain among the Çalık Holding has become one of the leading and prevailing actors in its primary leading Turkish investors in Central Asia business fields. and the Balkans as well as being one of the largest employers in Turkey. 7 8 PRESTIGOUS COMPANY, REFLECTING ITS EXPERIENCES FOR THE FUTURE MILESTONES Ever since its inception, Çalık Holding has realized successful projects and seized a sustainable growth trend thanks to reasonable strategies it adopted. From 1930s to 1980s… 1995 Çalık Familys involvement in textile industry goes back to the The Group set out to establish the first denim factory in CIS 1930s. However, Ortadoğu Tekstil, established in 1981 by the countries, and became one of the first foreign investors in Group’s founder, Ahmet Çalık marked the first corporate Ashgabat, Turkmenistan. venture. 1996 1980’s Initially established to construct the textile factories for the Mr. Ahmet Çalık continued to undertake new ventures in the Group, Gap İnşaat was restructured and launched with the textile industry through the second half of 1980s. In 1987, mission of business development. Gap Güneydoğu Tekstil, regarded as one of worlds leading manufacturers of denim fabric was founded. 1997 All the subsidiaries of the Group were reorganized under a 1994 unified management and Çalık Holding Gap Pazarlama was established to boost the share of the was established. Group in the international textile trade. Serdar Spinning Factory and Türkmenbashi Jeans Complex were put into service in Turkmenistan. 9 1998 Çalık Enerji in cooperation with General Electric realized Turkmenbashi, Abadan and Balkanabad Power Plant Projects Çalık Enerji was established. with total 376 megawatt. 1999 2004 The Group entered the finance sector with the establishment of Bursagaz, the natural gas distribution company serving Çalıkbank. Turkey's fourth biggest city Bursa, was acquired by Çalık Enerji 2000 at the privatization tender. Türkmenbashi Textile Complex started its production. Gap İnşaat realized Yaslik Paper Factory project on turnkey delivery basis. 2001 Turkmenbashi Open-End Yarn Factory started to operate. 2005 Italian energy company ENI became partner to TAPCO, which Fitch IBCA (Fitch Ratings) announced the first credit rating was established to realize the Samsun-Adana/Ceyhan Crude report for Çalık Holding; Group was assigned a BBB (Tur) Oil Pipeline Project by Çalık Enerji. long-term national credit rating. Çalık Holding started wide-scoped SAP application in its 2002 body; a first in Turkey. Gap İnşaat underpinned its position with global construction projects for fertilizer, paper and cement production facilities. Group, in cooperation with Etisalat offered the second best prize in Türk Telekom tender with 6.5 billion USD; and in 2003 cooperation with IOCL offered the second best prize in Tüpraş Total assets of Çalık Holding exceeded 1 billion US Dollars. tender with 4,120 billion USD. In line with the agreement signed with EBRD, production Gap İnşaat completed the Tedjen Ammonium Factory and capacity of Turkmenbashi Jeans Complex was expanded.
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