2010
We are from Ankara. Both Dad and I were born here in Hacettepe.
Dad and Mom met at Bilkent. Dad studied engineering and Mom studied
business management.
They both graduated the same year…
Mom works for the University and Dad works for Tepe İnşaat. He is an
electrical enginneer.
He says they are making great stuff. One of their projects is Tepe Prime on
the Eskişehir highway. It will become a real landmark in Ankara once it is
completed.
Dad says they are also building huge facilities and factories. They even
built an underpasss in Ankara.
Oil is transported to Turkey from far away by the enormous pipelines that
Tepe İnşaat builds…
Father really wants to buy a house in Narcity when he retires and we move
to Istanbul. Mom is only too happy to do this also since her whole family is
there.
Speaking of Istanbul…
I went to Istanbul with Grandpa to visit my Aunt and Uncle during my
mid-term break.
My Aunt lives in a wonderful house with a garden. She told us that her
neighbors were celebrities! I played with cousin Arda and Tarçın in the
garden.
Afterwards, my Aunt took us shopping. We had so much fun.
We went to my Uncle’s with Grandpa later. He lives on the European side
of the city in a nice house but it’s not as large as my Aunt’s house.
We went to Kanyon and watched a 3D movie. My Uncle gave me a gift.
He showed me his office on the way back home. It was in the huge, tall
towers...
I was so happy when he said “your Dad’s company made
those towers.”
CONTENTS
2 Company Profile and Shareholding Structure
3 Vision, Mission and Corporate Values
4 2010 in World
5 2010 in Turkey
6 Construction Sector in Turkey in the year left behind
8 Bilkent Holding
11 Tepe İnşaat
12 Operations Map
14 Financial Highlights
18 Message from the Management
20 Board of Directors and Board of Auditors
21 Senior Management
22 Milestones
33 Subsidiaries and Affiliates
34 2010 Operations Domestic Projects International Projects Investment Projects
59 TAV Havalimanları (TAV Airports)
70 TAV İnşaat (TAV Construction)
74 İstanbul Deniz Otobüsleri (İDO)
76 Human Resources
78 Occupational Safety, Environment and Quality Policy
80 Bilkent University
87 Consolidated Financial Statements
AS A bRAND NAME FOR MORE THAN 40 yEARS, TEPE İNşAAT
CONTINUES TO MAINTAIN ITS STANDING IN ITS INDUSTRy.
DUrING THE 41 yEArS SINcE ITS ESTABlISHMENT, TEPE İNşAAT
HAS crEATED GrOUNDBrEAKING PrOjEcTS THAT BEGAN WITH
THE İş BANKASI HEADqUArTErS cOMPlEx, TUrKEy’S FIrST
SMArT BUIlDING. IT cONTINUED WITH TEPE NAUTIlUS, WHIcH
HOlDS THE DISTINcTION OF BEING THE lArGEST SHOPPING
cENTEr ON ISTANBUl’S ANATOlIAN SIDE AS WEll AS TUrKEy’S
FIrST THEMATIc SHOPPING MAll. THE PrIME, NArcITy AND
NArKUlE PrOjEcTS THAT WErE UNvEIlED By TEPE İNşAAT AlSO
STAND OUT WITH EMPHASIS ON qUAlITy AND ArcHITEcTUrAl
AESTHETIcS. THEy MEET THE HOUSING AND OFFIcE SPAcE NEEDS
OF THE EcONOMy AND ArE cONSIDErED By MANy TO BE AMONG
A SElEcT FEW PrESTIGIOUS PrOjEcTS UNDErTAKEN IN THE rEAl
ESTATE SEcTOr IN rEcENT TIMES.
DEvElOPING PrOjEcTS IN DIvErSE SEGMENTS OF THE
cONSTrUcTION INDUSTry, IN TUrKEy AS WEll AS ABrOAD,
TEPE İNşAAT
INTrODUcES INNOvATIONS TO THE SEcTOr WHIlE
rEMAINING STEADFAST TO ITS cOMMITMENT TO qUAlITy.
SINcE THE DAy IT WAS ESTABlISHED,
TEPE İNşAAT
HAS BEEN
TrANSFErrING THE vAlUE AND rESOUrcES IT crEATES TO
BIlKENT UNIvErSITy, TUrKEy’S FIrST PrIvATE UNIvErSITy AND
ONE OF THE cOUNTry’S lEADING EDUcATIONAl INSTITUTIONS.
TEPE İNşAAT’S PrIMAry SOUrcE OF MOTIvATION IS THE PrIDE
OF cONTrIBUTING TO TUrKEy’S BrIGHT FUTUrE. WITH THIS
DISTINcTION IN MIND, TEPE İNşAAT WIll FOcUS ON BEING
SUccESSFUl IN EvEry PrOjEcT IT TAKES PArT IN WITH AN
APPrOAcH THAT STrIcTly ADHErES TO ITS qUAlITy POlIcy, HAS
FAITH IN ITS WOrKFOrcE AND THAT FOllOWS cONTEMPOrAry
NEEDS AND TEcHNOlOGIcAl DEvElOPMENTS.
Shareholding Structure (%)
Since 1969, Tepe İnşaat has been active in the construction sector, one of the most important pillars of Turkish economic development. Following 40 years in this gigantic and challenging sector, the Company has proudly assumed leadership in its field with a consistent list of achievements since day one. Responding to rapidly-evolving demands of the modern world with equally rapid solutions, Tepe İnşaat considers the “peak” merely as the point of departure for development, success and service rather than a target. That is why Tepe İnşaat has constantly strived to go “to the leading edge, toward being the best” even after 41 years at the peak of its sector.
As one of the most powerful and effective architects of urban transformation, Tepe İnşaat has played an important role in the development of Turkey by undertaking numerous
TAKING PRIDE IN COMPlETING ITS 41ST yEAR, TEPE İNşAAT IS POSITIONED AS lEADER
IN ITS FIElD WITH CONSISTENT SUCCESS IT HAS CARRIED SINCE ITS FOUNDATION.
large-scale projects such as hospitals, airport terminals, pipelines, power plants, business and shopping centers. An important source of pride for Tepe İnşaat has been its contribution to social and economic development, based on Prof. Dr. İhsan Doğramacı’s philosophy to “be the leading edge, toward being the best.”
Tepe İnşaat meets the demands of the day in its field of activity with great care and thoroughness. Striving constantly to enhance its status with the force provided by its employees’ efforts, support and know how, the Company considers it as a national responsibility to carry its experience, accumulated knowledge and vision beyond the region.
As of December 31, 2010 Tepe İnşaat’s registered capital is TL 625 million
Shareholders Share Class Share of Capital (Tl) Number of Shares Share %
Bilkent Holding A.ş. A 1 1 0.00000
Bilkent Holding A.ş. B 536,651,576 536,651,576 85.86
Tepe Emlak yat. İnş. A.ş. B 83,333,406 83,333,406 13.33335
Tepe Savunma ve Güv. Sis. A.ş. B 4,545,181 4,545,181 0.72723
Tepe Mobilya San. ve Tic. A.ş B 278,111 278,111 0.04450
Tepe Home Mob. Dek. A.ş. B 172,491 172,491 0.02760
Meteksan Matbaacılık A.ş. B 19.234 19.234 0,00308
13.3%
Tepe Emlak yat. İnş. A.ş.0.8%
Other85.9%
Bilkent Holding A.ş.Note: As of December 31, 2010 registered capital was TL 625,000,000 and after the Ordinary General Assembly Meeting in April 2011 it was raised to TL 780,000,000.
tepe inşaat 2010 annUaL RepORt 2
COmPANy PROfILE
ANd ShAREhOLdINg
STRUCTURE
TEPE İNşAAT WIll CONTINUE TO CREATE ADDED VAlUE TO bIlKENT UNIVERSITy
AND TURKEy WITH ITS ExPERIENCE AND KNOW-HOW, HIGHly qUAlIFIED HUMAN
RESOURCES, STATE-OF-THE-ART TECHNOlOGy AND A SERVICE PHIlOSOPHy THAT
PRIORITIzES CUSTOMER SATISFACTION, AS IT HAS FOR THE lAST 41 yEARS.
Vision
To engage in manufacturing at world standards, adopting the principle of uncompromised quality at every stage and all details of each project. To conscientiously adopt all contemporary requirements in the employees’ areas of expertise utilizing their strength, support and knowledge, with the awareness that employees are a company’s most valuable asset and to further advance the Company’s market position with sustainable growth perspectives.
mission
To generate resources for Bilkent University that allows it to develop and grow.
Corporate Values
Tepe İnşaat is:Focused on customer satisfaction
Constantly monitors evolving customer expectations to achieve continuous customer satisfaction.
Dedicated to ethical values and the law
Strives for competitiveness, productivity and profitability and works to provide the best service and product quality in its field; it is totally dedicated to the laws and ethical values. Aware of its responsibilities
Is cognizant of its national responsibility and major corporate goals to expand its experience, know-how and vision beyond the region.
3
tepe inşaat
ACCORDING TO FORECASTS by INTERNATIONAl ECONOMICS ExPERTS,
THE ECONOMIC RECOVERy THAT ACCElERATED THANKS TO THE SUPPORT OF
NATIONAl GOVERNMENTS AND DISPlAyED lARGE REGIONAl VARIATION IN
PERFORMANCE DURING 2010 WIll CONTINUE IN 2011.
2010 went on the books as a year where positive financial indicators, accepted as a sign that the sun is finally setting on the global financial crisis, began to pervade the markets. Nevertheless, the concerns that emerged in the second quarter of the year regarding the sustainability of public debts of some euro zone countries such as Ireland, Spain, Portugal and Greece, demonstrated that the global recovery is still vulnerable to various risk factors.
Another development that stands out with respect to the global recovery is the brilliant growth performance of the emerging markets block, led by the BRIC (Brazil, Russia, India and China) countries. Countries in this group have displayed robust growth performance and are anticipated to
reach a more prominent standing in the world economy in the period ahead. The developed countries, which were at the epicenter of the financial crisis of 2009, so far had a very sluggish recovery, much slower than hoped for owing to the deterioration in their budget balances and public debt levels as well as weak domestic consumption.
According to forecasts by international economics experts, the economic recovery that accelerated thanks to the support of national governments and displayed large regional variation in performance during 2010 will continue in 2011. However, as proven by the economic problems that reared their ugly heads regionally in 2010, it will be a long while before full stability is achieved in the global economic system.
tepe inşaat 2010 annUaL RepORt 4
AFTER CONTRACTING by 4.7% IN 2009, THE PEAK POINT OF THE GlObAl
FINANCIAl CRISIS, THE TURKISH ECONOMy OUTPERFORMED EVEN THE MOST
OPTIMISTIC ExPECTATIONS AND REGISTERED A GROWTH RATE OF 8.9% IN 2010.
Turkey performed successfully even in the face of the global financial crisis thanks to its macroeconomic policies built on fiscal discipline, a balanced budget and its solid banking system. Turkey is being pointed out within the international economic circles as one of the candidates to join the emerging markets category widely referred to as BRIC (Brazil, Russia, India and China). Showing great resilience in the face of the aftershocks in the world economy in 2010 as well, Turkey once again proved that it is on a robust growth path.
After contracting by 4.7% in 2009, the peak point of the global financial crisis, the Turkish economy outperformed even the most optimistic expectations and registered a growth rate of 8.9% in 2010. This performance corresponds to the highest economic growth rate among the OECD members and bears out Turkey’s great potential for the future based on its dynamic economy, increasingly important geopolitical position and a favorable demographic makeup consisting mostly of young people.
5
tepe inşaat
PICKUP IN DOMESTIC CONSUMPTION AND A SURGE IN PRIVATE SECTOR INVESTMENTS
CONSTITUTE THE PRIMARy FACTORS IN TURKEy’S GROWTH DURING THE FIRST HAlF OF 2010.
The construction industry is of major significance for the Turkish economy and should be considered in conjunction with the other sectors that it feeds.
Many other industries including Iron & Steel, Cement, Ceramics and Coating Materials, Architecture, Paint and Construction Chemicals, Lighting, Natural Stone and Marble are also directly affected by the developments in the construction sector.
The growth performance of the Turkish economy in 2010, highlighted above, also had a favorable impact on the construction industry. As depicted in Table 1, the construction industry continues to be the most responsive and sensitive sector to the aggregate growth dynamic. The figures show that the construction industry is rapidly gaining back the ground it lost due to the global crisis.
The pickup in domestic consumption and the surge in private sector investments constitute the primary factors in Turkey’s growth during the first half of 2010. Private sector investment surged by 27.7% compared to the same period of the previous year while private consumption expenditures
were up by 7.3%. The increase in private sector’s fixed capital investments played a major role in this development. The significant developments recorded in 2010 from the construction industry’s perspective include the momentum in public sector spending, the increase in the number of infrastructure and superstructure projects, the rise in the number of residential building permits and the growth in the volume of mortgage loans.
Office and shopping center lease demands and new investments are vibrant areas in the commercial real estate sector. In addition, expansion in the mortgage loan books is the most concrete evidence of the resurgence in the mass housing sector. This expansion continued throughout the year, with a notable acceleration in the final months of the year. By the beginning of December, the volume of mortgage loans had gained 29.6% compared to the beginning of the year; it reached TL 55.2 billion while the share of mortgages within overall lending was unchanged during this last period. The forecasts call for a continuation of the strong growth momentum of 2010 into 2011, albeit at a slower pace and cautious growth in the construction industry based on the overall growth performance of the Turkish economy.
tepe inşaat 2010 annUaL RepORt 6
CONSTRUCTION
INdUSTRy IN
TURkEy dURINg
ThE PAST yEAR
GDP and Construction Industry Growth Rates (%)
building Permits by building Type, 2008-2010 (m2/Annual Total)
20.0 15.0 10.0 5.0 0.0 -5.0 -10.0 -15.0 -20.0 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 140,000,000 120,000,000 100,000,000 80,000,000 60,000,000 40,000,000 20,000,000 2010 Construction Sector Growth Rate GDP Growth Rate
2009 2008
One dwelling
residential buildings
Two and mor
e dwelling
residential buildings
Residences for communities
Wholesale and r
etail
trade buildings
Traffic and
communication buildings
Industrial buildings and war
ehouses
Public entertainment, education,
hospital or institutional car
e buildings
Other nonr
esidential buildings
Hotels and similar buildings
Office buildings 7 tepe inşaat 2010 annUaL RepORt
CONSTRUCTION
INdUSTRy IN
TURkEy dURINg
ThE PAST yEAR
THE ACCOMPlISHMENTS OF bIlKENT AS A bRAND ARE A DIRECT
RESUlT OF THE PURSUIT OF ExCEllENCE - MAINTAINED FROM DAy ONE.
Bilkent Holding’s foundations were laid with Dilek İnşaat (Dilek Construction), established by İhsan Doğramacı in 1968, to operate in the construction industry. This was followed by the establishment of Tepe Ağaç Metal ve Makina Sanayi (Tepe Wood Metal and Machinery Industry Co.) and Meteksan in 1969. Companies were gathered under the Bilkent Holding umbrella during the restructuring process undertaken in 1986.
Since its establishment, Bilkent Holding and its subsidiaries have adopted as their primary objective the creation of steady, continuous and long-term resources jointly with partners and other stakeholders. In accordance with this principle, Bilkent Holding’s priority has been to achieve quality, customer satisfaction and profitability in all sectors in which it operates.
Extensively expanding the scope of its business in less than 50 years, the Holding operates in construction, furniture-retail, printing/paper, real estate and services industries while maintaining a major presence in the airport operation industry via its subsidiary companies. The Holding leverages the domestic experience gained in these sectors to expand overseas, with operations in the Middle East, North Africa, the Turkic Republics, Eastern Europe and Russia. Successfully increasing areas of business along with its geographical reach in a relatively short time, Bilkent Holding was ranked among Turkey’s 50 largest and fastest growing conglomerates according to statistics published by reliable and reputable sources. The Holding’s companies have maintained leading positions achieved in their respective sectors.
Tepe İnşaat (Tepe Construction), Bilkent Holding’s flagship company in the construction industry, develops projects in diverse segments of the construction industry with projects in Turkey as well as abroad while continuing to introduce innovations to the sector without deviating from its commitment to quality.
Bilkent Holding carried the trust and brand image with the Tepe brand to the furniture and retail industries as well. Both Tepe Mobilya (Tepe Furniture), which produces custom designs tailored to customer demands to create high-level customer satisfaction and Tepe Home, which is primarily responsible for the marketing and sales operations of Tepe Mobilya products brought the megastore furniture retailing concept to Turkey and maintains its leadership in its respective sectors.
Meteksan Matbaa (Meteksan Printing), operating in the printing-paper sector, has established itself as a brand in this industry thanks to its product diversity and an annual production capacity of nearly 100,000 tons.
Tepe Emlak (Tepe Real Estate) has undertaken seven shopping center projects in Turkey and assumed the operation of the Ankara Bilkent Center as well as the Istanbul Tepe Nautilus shopping mall. It continues to create spaces that make the lives of individuals easier thanks to the experience it has gained since the shopping center sector first gained momentum.
Another important company within Bilkent Holding is Tepe Savunma (Tepe Defense), which provides defense and security services to Turkey’s leading companies.
Bilintur, involved with hotel administration and catering where high quality and service excellence in the services industry are a deciding factor, is also among companies raising the bar for the Holding’s success.
Tepe Betopan is Turkey’s largest cement board manufacturer as well as the third largest cement-bonded particleboard producer in the world; its exterior siding products are exported around the globe.
In accordance with the Holding’s corporate values and principles, Bilkent Holding gives operational and executive independence to companies operating under its umbrella. As a result, these companies grow in line with their respective sectors’ requirements, adding further strength to the Holding with the subsidiaries and partnerships they establish. The success of this strategy is validated by TAV Havalimanları
tepe inşaat 2010 annUaL RepORt 8
9
tepe inşaat
bilkent Holding Subsidiaries and Affiliates
Company Name Total Capital (Tl)
bilkent Holding’s Share Capital (Tl)
bilkent Holding’s Ownership Share (%)
Bilan Bilkent Ankara Tepe Otel İşletmeciliği A.ş. 5,500,000 415,556 7.56
Bilbak A.ş. 50,000 25,520 51.04 Bildes A.ş. 50,000 25,520 51.04 Bilen A.ş. 50,000 49,406 98.81 Bilenerji A.ş. 30,550,000 639,772 4.57 Bilintur A.ş. 40,000,000 7,000,000 10.91 Bilsigorta A.ş. 150,000 149,559 99.71
Dilek İnşaat A.ş. 22,000,000 19,000,000 86.36
Meteksan Matbaacılık ve Tek. San. Tic. A.ş. 62,526,000 56,415,425 90.23
Meteksan Matbaacılık ve Tek. San. Tic. A.ş. 62,526,000 1 0.00
Meteksan Sualtı Akustik Sist. Tek. A.ş. 500,000 5,000 1.00
Optisis İletişim ve Bilgi Teknolojileri A.ş. 300,000 3,000 1.00
Sports Internatonal Bilkent Fitness ve Spor Merkezleri A.ş. 26,000,000 690 0.01
Tepe Betopan A.ş. 20,000,000 502,000 2.51
Tepe Emlak A.ş. 180,000,000 41,462,611 23.03
Tepe Home A.ş. 61,000,000 12,227,549 20.05
Tepe Home A.ş. 61,000,000 1 0.00
Tepe İnşaat A.ş. 625,000,000 536,651,576 85.86
Tepe İnşaat A.ş. 625,000,000 1 0.00
Tepe Mobilya A.ş. 50,000,000 2,337,964 3.27
Tepe Prefabrik İnş. San. Tic. A.ş. 6,000,000 2 0.00
Tepe Savunma A.ş. 17,000,000 2 0.00
Tepe Servis ve yönetim A.ş. 2,000,000 1,039,919 52.00
Turkofon A.ş. 50,000 25,587 51.17
Holding (TAV Airports Holding) and TAV Yatırım Holding (TAV Investment Holding), joint ventures of Bilkent Holding and Akfen Holding.
Bilkent’s accomplishments as a brand are the result of the pursuit of excellence it has maintained since day one. With the objective of ‘always doing the best job’ at every stage of its corporate and operational structure, the Holding became a pioneering institution referred to as competitive, open to development and innovation, reliable, environmentally responsible, professional and dynamic. The most important element of the Holding’s ongoing pursuit of excellence is its competent human resources, possessing a sense of corporate loyalty and formed with the ‘right person for the right job’ approach.
Successfully achieving the financial and operational targets that it set for itself in 2010 as part of a five-year strategic plan, Bilkent Holding will continue to increase its operations
and investments in industries where it has a competitive advantage and where it “does the best job.” The Holding believes in the importance of achieving sustainable growth to establish a solid standing in the business world in addition to successful annual performance. It will continue to pioneer the sectors where it has assumed leadership. In addition, Bilkent Holding’s future plans also include venturing into new sectors that are compatible with the Holding’s principles and long-term strategic targets. In accordance with this goal, the Holding will evaluate public-private partnership projects, privatizations, overseas investment opportunities and technology investment projects.
With the reliable image that it created for the Bilkent brand, its leading position in many sectors, a sound financial structure and its respect for the legal regulations and moral values, Bilkent Holding will continue to grow, carrying with it the experience gained from its 40-year history into the future.
tepe inşaat 2010 annUaL RepORt 10
TODAy TEPE İNşAAT HOlDS A PRIVIlEGED MARKET POSITION IN AN ExTENSIVE
AND DIVERSE AREA OF PRODUCTS AND SERVICES, FROM PROjECT DRAFTING AND
CONSTRUCTION TO lANDSCAPING AND DECORATION.
establishment. Having completed construction projects worth more than US$ 5 billion over its 41-year history, Tepe İnşaat also successfully administers investment projects that combine real estate development projects and various marketing activities in an integrated structure.
Having faith in the capability of its employees at every stage, creating “the best” environment for teamwork and providing various training opportunities is an integral lynchpin in Tepe İnşaat’s operation. This success story, has for many years, reveals the fact that personal development has an undisputable impact on corporate development. In an effort to return the value created by its “quality first” service approach to society and education, Tepe İnşaat always aims for the best and operates to further develop and strengthen Bilkent University, Turkey’s first private university ranked among the country’s most distinguished educational institutions. Acting with an awareness of social responsibility, the Company offers many young people educational opportunities and encourages new generations to safeguard and uphold national values.
With superior expertise and deep-rooted experience in various segments of the construction industry, Tepe İnşaat maintains its service approach geared to constantly improving life; it adds new values to its corporate know-how with each completed project. Tepe İnşaat accepts each new company or person it serves with the goal of achieving the utmost level of customer satisfaction - an integral part of this value chain it has created. The Company is moving forward with confidence toward achieving its objectives for the future. Tepe İnşaat Sanayi A.Ş., the flagship company of Bilkent
Holding, is a pioneering and innovative company within the Turkish construction industry with sound financial structure, deep-seated experience and its highly respected corporate identity.
Tepe İnşaat commenced operation as part of the Tepe Group, which was established by the Hacettepe University Foundation in Ankara in 1969. Following the completion of the Group’s restructuring process in 1987, Tepe İnşaat began its activities under the corporate umbrella of Bilkent Holding, which is owned by Bilkent University.
Tepe İnşaat has taken part in an extensive and diverse array of projects since 1969, from project drafting and construction to landscaping and decoration. Advancing a step forward in each and every one of the past 41 years, the Company reached the vast know-how and experience that it possesses today. Providing service at international standards from project drafting to delivery, Tepe İnşaat has also succeeded in creating an exclusive and significant brand value on the international stage with the projects it undertook in Turkey and abroad. Having established a presence in an extensive geographical area from Central Europe to Asia, North Africa to the Middle East, Tepe İnşaat believes it is a national duty and responsibility to expand its experience and know-how beyond Turkey’s borders.
Tepe İnşaat has a presence in every facet of life with the housing, shopping center, airport, hospital, educational building, industrial complex and infrastructure projects totaling 13 million square meters undertaken since its
11 tepe inşaat
TUNUSIA LIBYA EGYPT ALBANIA MACADONIA UKRAINE TURKEY tepe inşaat 2010 annUaL RepORt 12
OPERATIONS
mAP
GEORGIA RUSSIA AZERBAIJAN IRAQ SAUDI ARABIA QATAR (UAE) OMAN AFGHANISTAN KAZAKHSTAN 13 tepe inşaat
balance Sheet Figures (Tl thousands) 2009 % 2010 % A-current Assets 536,543 38.18 591,751 37.28 B-Fixed Assets 868,858 61.82 995,367 62.72 Total Assets 1,405,400 100.00 1,587,118 100.00 A-Short-term liabilities 214,831 15.29 230,325 14.51 B-long-term liabilities 452,179 32.17 577,543 36.39 c-Shareholders’ Equity 738,391 52.53 779,250 49.10 Total liabilities 1,405,400 100.00 1,587,118 100.00
Income Statement Figures (Tl thousands)
2009 2010
Gross Sales 145,091 270,769
Sales Discounts (-) (25) (17)
Net Sales 145,065 270,752
cost of Sales 113,115 222,464
Gross Profit (loss) from Sales 31,951 48,288
Operating Expenses (4,301) (5,139)
Operating Profit (loss) 27,650 43,149
Ordinary revenue and Income from Other Operations 65,909 68,856 Ordinary Expense and loss from Other Operations (57,204) (62,758)
Financial Expense (64,893) (27,625)
Ordinary Profit (loss) (28,539) 21,621
Extraordinary revenue and Income 15,229 7,365
Extraordinary Expenses and losses (34,948) (61,796)
Profit (loss) for the Period (48,258) (32,809)
EVEN AFTER 41 yEARS lEADING THE CONSTRUCTION SECTOR,
TEPE İNşAAT CONTINUES TO PURSUE “THE bEST.”
tepe inşaat 2010 annUaL RepORt 14
fINANCIAL
hIghLIghTS
Extraordinary Revenue and Income (Tl thousands) Operating Profit (loss) (Tl thousands)
Net Sales (Tl thousands)
Shareholders’ Equity (Tl thousands) Total Assets (Tl thousands)
2010 2009
1,587,118
1,405,400
2010 2009270,752
145,065
2010 2009779,250
738,391
2010 200943,149
27,650
2010 20097,365
15,229
15 tepe inşaatWITH ITS lARGE-SCAlE HOUSING PROjECTS, TEPE İNşAAT IS ONE OF THE MOST
POWERFUl AND MOST INFlUENTIAl ARCHITECT FOR URbAN TRANSFORMATION.
IT PlAyS AN IMPORTANT ROlE IN TURKEy’S DEVElOPMENT AS A RESUlT OF NUMEROUS
PROjECTS SUCH AS HOSPITAlS, AIRPORTS, TERMINAlS, PIPElINES, POWER PlANTS,
PlANTS, INDUSTRIAl STRUCUTURE, bUSINESS AND SHOPPING CENTERS.
Financial Ratios 2009 2010 liquidity Ratios current ratio 2.50 2.57 Acid-Test ratio 2.44 2.47 cash ratio 0.41 0.42 Operational Ratios
receivables Turnover rate 1.27 3.66
receivables collection Period 287.79 99.64
current Assets Turnover rate 0.27 0.46
Net Working capital (Tl) 321,712,086 361,425,886.95
Net Working capital Turnover rate 0.45 0.75
Tangible Assets Turnover rate 2.03 1.64
Total Assets Turnover rate 0.10 0.17
Shareholders’ Equity Turnover rate 0.20 0.35
Financial leverage Ratios
Financial leverage ratio 0.47 0.51
Financing ratio 1.11 0.96
ratio of Shareholders’ Equity to Total Assets 0.53 0.49
ratio of Short-term Debts to Total liabilities 0.15 0.15
ratio of Short-term Debts to Total Debts 0.32 0.29
ratio of long-term Debts to Total liabilities 0.32 0.36
Ratio Analysis in Accordance with the Public Procurement law
current ratio 3.69 2.30
ratio of Shareholders’ Equity to Total Assets 0.72 0.65
ratio of Short-term Financial liabilities to Total Shareholders’ Equity
0 0.01 tepe inşaat 2010 annUaL RepORt 16
fINANCIAL
hIghLIghTS
Total Assets Turnover Rate Financing Ratio Cash Ratio Acid-Test Ratio 2009 Current Ratio 2010 2009
2.57
2.50
2010 20090.42
0.41
20102.47
2.44
2010 20090.96
1.11
2010 20090.17
0.10
17 tepe inşaatfor Ankara’s office and luxury residence market. We are encouraged about undertaking similar prestigious projects by the interest shown in Tepe Prime and the fact that feedback from the marketing teams are much better than our project performance expectations. As Tepe İnşaat, we see this project as a residential and lifestyle center specific to Ankara where we combine our know-how in real estate management with retail store and restaurant chains featuring unique concepts.
In line with our steady growth, we are successfully carrying on with domestic and overseas contracting projects. In Turkey, the prestigious Taurus Office-Shopping Center and Mersin Carrefour Shopping Center projects currently under construction on the Konya highway axis are part of this drive. Internationally, the Sulaimaniya University Campus project on a total area of two million square meters and the USA Embassy interim facility project in Afghanistan whose scope expanded with additional tasks during the process are moving forward within the scheduled timeline.
In 2011, we plan to increase the number of countries in which we conduct business in accordance with “Permanent Settlement in the Target Country” that we adopted as part of our International Business Development Management. Accordingly, we are closely monitoring the newly developing markets in our related sectors with a sharp focus on global economic developments.
We believe that turning points for companies are the strategies and visions set forth by managements more so than the projects that are developed. In this regard, we will continue to conduct our operations with strict adherence to transparent, principled and rational vision and management strategies that were formed in accordance with ethical values in the period ahead. We envisage that Tepe İnşaat’s “permanent” and “reliable” position in its industry will be elevated to even greater heights in the future thanks to this attitude.
In tune with our goal to be a global corporation, we have come a long way toward raising our information and communication infrastructure to the global sector level. Tepe İnşaat is a subsidiary of Bilkent Holding A.Ş. that is in
turn owned by Bilkent University, the first private university in Turkey conforming to international standards. It introduced many firsts to Turkey via the country’s first private sector airport operator TAV, Turkey’s first private sector operator in sea transportation İDO (TASS) and many companies that manufacture inputs and associated products for the construction industry. It has been working on construction contracting projects and the investment projects segment in Turkey as well as abroad for 41 years.
2010, a year where we embraced change, turned out to be successful for Tepe İnşaat. We have profitably completed both the construction and sales of our 1,306-unit Istanbul Narcity project and have reached the construction and sales stage of the Narkule project. Design work for our new housing project, which we are developing right next to Narcity as an investment project, is continuing at a frantic pace. We plan to start the construction of this 550-unit distinguished housing project that will complement Narcity and Narkule by year-end 2011.
We are rapidly approaching the end of the Tepe Prime Business-Residence-Avenue project - a major milestone
DURING THIS PERIOD WHERE WE ARE FACING MANy RISKS FROM THE GENERAl ECONOMIC
ENVIRONMENT THAT HAVE NOTHING TO DO WITH OUR SECTOR, TEPE İNşAAT’S MANAGEMENT IS
FUlly COGNIzANT OF ITS RESPONSIbIlITIES IN MANAGING FINANCIAl AND OPERATIONAl RISK
PRESENT IN THIS CHAllENGING PERIOD.
tepe inşaat 2010 annUaL RepORt 18
mANAgEmENT’S
mESSAgE
As part of this process that we also refer to as the journey to transformation as a global player in the sectors in which we operate, we are focused on strengthening our infrastructure through efforts in sector-wide standardization and systemization as well as enhancing our organizational infrastructure and business culture by undertaking unique and diverse ventures and projects jointly with distinguished and deep-rooted customers in various geographic regions. As a distinguished company in the construction industry, one of the most important driving forces of the Turkish economy, Tepe İnşaat will continue to undertake its operations in the
period ahead unwaveringly with the overarching objective of “being an ongoing concern and being reliable” in accordance with its mission and vision to create value for the Turkish economy by engaging in production and creating employment, being the trailblazer in diverse business lines and on the a global scale, establishing a presence in various geographies, and above all, making a contribution to the Turkish education system by creating resources for its ultimate shareholder Bilkent University.
We see a beautiful future for our country and our people, who are deserving of the best of everything...
Ali haydar kURTdARCAN
Chairman of the Board of Directors
Abdullah bahadır gÜNgENCİ
Executive Member of the Board of Directors
Atila kemal OĞUZ
General Manager
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tepe inşaat 2010 annUaL RepORt 20
bOARd Of
dIRECTORS ANd
bOARd Of AUdITORS*
board of directorsAli haydar kurtdarcan
Chairman
Abdullah bahadır güngenci
Executive Director Vahit Uğurlu* Member Önder Sezgi Member İlhan İl Member board of Auditors Alaaddin Tabur Gürkan Özaslan
Members of the Board of Directors and Board of Auditors of Tepe İnşaat Sanayi A.Ş., as determined at the Ordinary General Assembly dated April, 2011.
Abdullah bahadır güngenci
Executive Member of the Board of Directors
Abdullah Bahadır Güngenci was born in Ankara in 1951 and graduated from Middle East Technical University, Department of Civil Engineering in 1976. He worked on the Iraq-Turkey Crude Oil Pipeline Project from 1976 to 1977 and later took part in the construction of the Petkim Aliağa Facilities Water Treatment and Demineralization Units between 1979 and 1980. From 1980 until 1986, Güngenci was employed in Bahrain’s AISCO Iron Enrichment Plant Project, in marine dredging and in the construction of the pier and the plant. His career continued at Günkay İnşaat in Turkey until he joined Tepe İnşaat Sanayi A.Ş. in 1994 as Group Coordinator for Hospital Projects. In the following years, he served as Assistant General Manager in charge of Domestic Projects and later of Infrastructure Projects. Güngenci was appointed as an executive member of the Board of Directors on April 14, 2010. He also serves on the Boards of Directors of TAV Yatırım Holding A.Ş., TAV Tepe Akfen Yatırım İnş. ve İşl. A.Ş., TAV Havacılık A.Ş., TAV İstanbul Terminal İşletmeciliği A.Ş., TAV Esenboğa Yatırım Yapım ve İşletme A.Ş., Dilek İnşaat ve Tic. A.Ş., and Antepe Sağlık ve Turizm Hizmetleri Tic. Danışmanlık A.Ş.
Atila kemal Oğuz
General Manager
Born in Kayseri in 1963, Atila Kemal Oğuz graduated from Yıldız Technical University, Department of Civil Engineering in 1989 and began his professional career at Ran İnşaat. Subsequently, he served as field engineer at ARGE GIM & Tepe İnşaat Partnership and Tepe Yapı San. A.Ş., Project Manager at Zafer İnşaat A.Ş., Director at Normapetus International and as General Manager at Innova İnş. ve Müt. and Eser Taah. ve San. A.Ş. Oğuz joined Tepe İnşaat Sanayi A.Ş. as the General Manager in 2010.
mustafa kalender
Assistant General Manager, Finance and Administrative Affairs
Born in Mengen, Bolu in 1964, Mustafa Kalender graduated from Anadolu University, Department of Business
Administration in 1987. He began his professional career at Tekgüç İnşaat and joined Tepe İnşaat in 1988 as Finance Supervisor; he later was appointed Head of Finance and Finance Manager and is currently Assistant General Manager in charge of Finance. Kalender also served as a member on Tepe İnşaat’s Board of Directors from 2005 until 2010 and currently serves on the Board at TAV İşletme Hizmetleri A.Ş., TAV Gazipaşa Yatırım, Yapım ve İşletme A.Ş., TAV Özel Güvenlik Hizmetleri A.Ş., TAV Bilişim Hizmetleri A.Ş., TAV Latvia Sia, Dilek İnşaat ve Tic. A.Ş., and Antepe Sağlık ve Turizm Hizmetleri Tic. Danışmanlık A.Ş.
Ali karaca
Assistant General Manager, Domestic Projects
Born in Kahramanmaraş in 1964, Ali Karaca graduated from Akdeniz University, Isparta Faculty of Engineering in 1988. Until 1992, he was employed by Kür İnşaat Sanayi A.Ş. and Nazmi Kürüm İnşaat A.Ş., respectively and joined Tepe İnşaat Sanayi A.Ş. in 1992. From 1992 to 2004, Karaca worked as Field Engineer, Construction Supervisor and Project Manager. From 2004 to 2009, he served as Domestic Projects Coordinator and was appointed Assistant General Manager of Domestic Projects at the end of 2009.
21 tepe inşaat
Completed Projects
Construction Area (m²) Construction Area (m²)Ongoing Projects
Airports 3,651,296
-commercial and Industrial Buildings 1,735,628 109,400
Houses 2,388,644 404,500 Shopping centers 1,152,903 57,000 Hospitals 965,946 223,200 Infrastructure Projects - -Prefabricated Buildings 696,244 -Education Buildings 248,249 398,884 Military Projects 608,047 68,387 Total 11,446,957 1,261,371 Grand Total 12,708,328
-Completed Projects (US$)
1. Housing 798,503,028
2. Hospital 392,163,163
3. Terminal 1,425,336,863
4. commercial Buildings / Office Buildings 462,950,740
5. Shopping center 374,489,317
6. Education Building 140,376,538
7. Touristic Building 47,726,174
8. renovation 120,024,274
9. Sports Facilities 24,188,812
10. Prefabricated Housing / Shelter 179,367,946
11. container 9,375,661
12. Infrastructure 411,232,365
13. Industrial 93,933,819
14. Transport 79,003,335
Total Sum of completed Projects 4,558,672,034
Note: not have been subjected to escalation
TEPE İNşAAT, THE FlAGSHIP COMPANy OF bIlKENT HOlDİNG, IS THE
lEADER OF THE CONSTRUCTION INDUSTRy THANKS TO ITS SOUND
FINANCIAl STRUCTURE AND RESPECTED CORPORATE IDENTITy.
Tepe İnşaat in figures
tepe inşaat 2010 annUaL RepORt 22
1980s
Turkey’s first foundation-owned, private university, Bilkent University was founded in October 1984 by the İhsan Doğramacı Foundation. It began its academic activity in 1986 with 386 students. The University today has nine faculties, two undergraduate colleges, three vocational schools and six institutes that provide education to 12,000 students. Bilkent graduates are among Turkey’s most select human resource.
1982bilkent Campus University lies within the boundaries of Bilkent, a city created over the course of fifteen years on the plains of Ankara.Located on 612 hectares, Bilkent is a “city of science” and its campus, dormitories, business and shopping centers, sports complex, concert halls, hotel and movie theaters, dam, power plant, wooded areas, symphony orchestra and excellent infrastructure are able to cater to every need.
1990s
1999Atatürk Airport (build-Operate-Transfer) The İstanbul Atatürk Airport International Terminal was built by a joint venture between the Tepe and Akfen Groups (TAV) and started operating in two years. A company specialized in airport construction, operation and financing, TAV today is a leader in Turkey and became dominant player in the Middle East, North Africa and the Caucasus. The Atatürk Airport New International Terminal Project was completed at a cost of US$ 397 million and commenced operations on December 22, 1999. With an additional facility launched in 2004, the annual capacity of the terminal increased from 14 million to 20 million passengers. In July 2005, TAV also assumed operations at Atatürk Airport Domestic Terminal. Covering an area of 62,500 square meters, the Domestic Terminal has been modernized to accommodate an average of 7.5 million passengers a year. The Development and Expansion Project that entered its final phase in 2010 yielded a total additional covered space of 18,770 square meters at the Domestic Terminal.
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tepe inşaat 2010 annUaL RepORt 24
2000s
2000 Turkish Armed forces Rehabilitation Center
Built on a total area of 102,500 square meters and with a 400-bed capacity, this facility was established to provide rehabilitation and relaxation to army veterans. Built at a cost of US$ 132 million, the actualization of this facility was the outcome of an architectural contest.
İş bankası headquarters Complex Turkey’s first smart building, the complex is one of the most majestic high-rises in Istanbul, located in the heart of industry, commerce and culture. Built at a cost of US$ 190 million, the complex has been equipped with the 21st century’s latest technology and is an important example of smart buildings, not only in Turkey but in Europe and the Middle East as well. With two towers - 52 and 36 stories respectively - İş Bankası Headquarters Complex is the highest skyscraper between Dubai and Frankfurt.
25 tepe inşaat
tepe inşaat 2010 annUaL RepORt 26
2001 beykoz mansions Built on an area of 100 hectares in the Saip Molla Pasha Woods in Beykoz, Istanbul, Beykoz Villas are one of Tepe İnşaat’s most prestigious projects and offers 401 mansions in perfect harmony with their natural surrounding. The whole atmosphere reflects the beautiful attributes of a truly unique life style. The historical Hunting Lodge, renovated true to its original form, serves residents with a library, billiards, game and event lounges, a spacious garden designed for large receptions and a kitchen. With a project cost of US$ 90 million, Beykoz Villas are an attractive destination for an exclusive lifestyle in Istanbul.
Tepe Nautilus Shopping Center Nautilus, or lighthouse, was inspired by the seaside around Kadıköy, on the Anatolian side of Istanbul, one of the world’s most beautiful coastal cities. With a market value of € 150 million, Nautilus is the largest shopping center on Istanbul’s Anatolian side. With its bright design, Nautilus offers visitors a comfortable shopping environment.
2002kemer Rose Residence: Consisting of 70 blocks built on a land plot of 35,000 square meters in Kemerburgaz, its landscaping features rose gardens with unrivalled beauty. Offering a peaceful lifestyle in perfect harmony with the nature, Kemer Rose Residence also provides a wide range of amenities in its sports facilities.
27 tepe inşaat
tepe inşaat 2010 annUaL RepORt 28
2004The Eczacıbaşı kanyon Project The Eczacıbaşı Kanyon Project is a stunningly modern open-air shopping center built by Tepe İnşaat in Istanbul. Kanyon hosts 160 shops, a gourmet supermarket, a street market, movie theaters, restaurants, cafeterias, bars, a sports and health center, indoor and outdoor swimming pools and open-air performance venues, residences and office buildings and shopping and amusement centers. Kanyon was built via a partnership between Eczacıbaşı and İş Real Estate on an area of 250,000 square meters in compliance with national and international earthquake regulations. The cost of the project was US$ 41 million.
2005baku-Tbilisi-Ceyhan Crude Oil Pipeline Tepe İnşaat took part in the building of the pipeline’s 277-kilometer Posof-Erzurum section and the pump stations project along the pipeline.
• İmranlı-Kayseri Natural Gas Pipeline • Kütahya-Bilecik-Uşak Natural Gas Pipeline
2006Narcity housing Project Built on approximately 147,000 square meters in Maltepe, Istanbul, the Narcity complex is landscaped primarily with pomegranate trees, reflecting the Turkish name for pomegranate (nar). This complex consists of 1,283 apartments built in compliance with the latest earthquake regulations and state-of-the-art soundproofing, heat and water insulation systems. With its high-quality materials and workmanship, as well as its extensive social facilities and secure systems, Narcity Istanbul is one of Istanbul’s favorite residential destinations. The US$ 200 million project was launched in January 2006.
Esenboğa Airport Ankara finally has an airport that is truly worthy of its location in Turkey’s capital city. Esenboğa Airport was built at a cost of € 188 million and has an annual passenger capacity of 10 million. It is the only airport in Turkey to combine both domestic and international terminals under one roof. Completed one year ahead of schedule, it has became the modern face of Turkey’s capital.
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tepe inşaat 2010 annUaL RepORt 30
2007bilkent garden homes At an investment value of US$ 52 million, this project consists of 124 twin-villas built on a 123,000 square meters. Set amid superb natural beauty, twin villas, 500 square meters each, are equipped with state-of-the-art technology. With two playgrounds for children, an observation deck, jogging tracks, swimming pool, game room, fitness center with sauna, cafeteria, tennis, basketball and volleyball courts, Bilkent Garden Homes have been designed to cater to its residents’ every social need. Offering an urban location while at the same time far from the hustle and bustle of the city and combining the beauty of nature with the amenities of the contemporary life, Bilkent Garden Homes has been met with great interest. The project was launched at the end of 2005 and completed at the end of 2007. All units were sold before the construction was actually completed.
2008hacettepe University hospitals morphology building and Seventh & Eighth building Retrofits
Completed in December 2008 at a cost of TL 71 million, this project has a total construction area of 28,500 square meters. As part of this project, among the most important undertakings by Tepe İnşaat for Hacettepe University, Seventh & Eighth Buildings and the Morphology Buildings were reinforced against earthquakes. The modifications in the Internal Medicine, Urology, Neurology, General Surgery, Brain Surgery and Gastrology departments, located in the Seventh Building, were completed. In addition, Biochemistry, Microbiology, emergency laboratories, Endocrinology, Geriatrics, Nephrology, Infection, Rheumatology, Hematology, Gastrology, Coronary Intensive Care departments and inpatient floor retrofits were also undertaken. The project was completed and delivered as of December 2008.
31 tepe inşaat
2009Tepe Prime Project The project is comprised of Tepe Prime Business, Tepe Prime Residence and Tepe Prime Avenue and has an indoor area of 92,800 square meters. Its objective is to provide utter comfort to its dwellers and guests; it is predicted to be finished by 2011.
2010Narkule: Built in Maltepe, Istanbul on a plot of land neighboring Narcity, the Narkule project was designed as a boutique project that will make its residents enjoy the pleasure of living in highrise buildings thanks to its modern architecture. Utilizing the slogan “Some Like It High,” Narkule combines its contemporary architecture with a youthful, dynamic, dignified and colorful style along with high-quality living standards with breathtaking scenery. Almost all of the108 residential units in the 27-storey Narkule project, have a splendid view of the forest, the sea and the islands.
tepe inşaat 2010 annUaL RepORt 32
Company Total Capital (Tl) Share Capital (Tl) Participation Ratio (%)
Tepe Emlak yatırım İnş. ve Tic. A.ş. 180,000,000 128,614,655 71.45
TAv Havalimanları Holding A.ş. 363,281,250 94,664,476.50 26
TAv yatırım Holding A.ş. 100,500,000 46,732,500 47
Tepe Mobilya San. A.ş. 50,000,000 41,981,343 84
Tepe Home Mobilya ve Dek. Ürn. A.ş. 61,000,000 33,571,300 55
Ati Servicess Sa 36,074,062 16,492,950 46
Tepe Betopan A.ş. 20,000,000 13,200,000 66
Sports International A.ş. 26,000,000 21,888.15 74
Tepe Savunma ve Güv. Sist. A.ş. 17,000,000 8,329,963 49
Bilintur A.ş. 40,000,000 8,000,000 20
Meteksan Matbacılık A.ş. 62,526,000 5,864,454 9
Bil Enerji A.ş. 30,550,000 4,530,042 15
Tepe Prefabrik İnşaat Sanayi ve Ticaret A.ş. 6,000,000 4,213,329 70
Antepe Sağlık ve Turz. Hizm. Tic. Danş. A.ş. 3,000,000 2,975,500 99
Dilek İnşaat A.ş. 22,000,000 2,968,610 13
Bilan Bilkent Ankara Tepe Otel İşletmeciliği A.ş. 5,500,000 2,694,723 49
c.B. Spolka Zograniczona Odpowiedzia 7,843,277 2,221,970 28
Ankara Teknoloji A.ş. 9,600,000 1,106,032 11.52
Tepe Servis ve yönetim A.ş. 2,000,000 1,039,919 52
Artı Döviz A.ş. 1,500,000 735,000 49
Meteksan Savunma A.ş. 10,000,000 607,310 6
Batı Karadeniz Elektrik Dağıtım A.ş. 1,400,000 294,000 21
Park villa İnşaat ve Turizm A.ş. 500,000 250,000 50
Tepe İnşaat ve Ticaret (Kıbrıs) limited 145,000 144,565 100
Hyper Foreign Trade Holland N.v. 137,019 73,394 54
Tepe Grubu United Kingdom 597,300 61,918 10
Tepe Ukrayna ltd. 61,185 61,185 100
Tepe Stroi 61,185 61,185 100
yenikentler yatırım A.ş. 170,000 5,000 3
Meteksan Sualtı Akustik Sist.Tekn.A.ş. 500,000 5,000 1
Optisis İletişim ve Bilgi Teknolojileri A.ş. 300,000 3,000 1
Knauf İnşaat ve yapı Elm. A.ş. 8,017,000 1,048 0
Bilsigorta A.ş. 150,000 200 0
Bildes Bilkent Destek A.ş. 50,000 70 0
Bilbak Bilkent Bak. A.ş. 50,000 70 0
Esenboğa Ankara Döviz Ticareti A.ş. 500,000 25 0
Dafne Ege Döviz Ticareti A.ş. 500,000 25 0
Pft Sıva Sistemleri A.ş. 150,000 13 0
riva İnşaat Turizm A.ş. 2,000,000 10 1
TAv Esenboğa yatırım yapım ve İşletme A.ş. 241,650,000 10 0
33 tepe inşaat
WITH A SOCIAl RESPONSIbIlITy APPROACH, TEPE İNşAAT SUPPORTS
INFRASTRUCTURE PROjECTS THAT ENHANCE PUblIC HEAlTH.
Construction of gazi University hospital’s hematology department
Commencement Date: January 2010
Total Construction Area: 3,200 square meters Delivery Date: march 2011
Client: gazi University Rectorate
As part of the construction of the Hematology Department of Gazi University’s Faculty of Medicine, a service for the inpatient and outpatient treatment of leukemia patients is being built. This service will feature infection control, state-of-the-art devices and a total of 57 single rooms, including 18 rooms with HEPA filters, four rooms for intensive care facilities and 35 normal rooms. It is predicted that the project will be completed and delivered by March 2011.
gazi University hospital Classroom & Laboratory Retrofit Work
Commencement Date: december 17, 2010
Delivery Date: march 17, 2011
Client: gazi University Rectorate
The retrofit of the English Language Classrooms and Research Laboratories of Gazi University’s Faculty of Medicine located in Emek, Ankara as well as the retrofit of SGK Medula System (the comprehensive medical access system of the Social Security Institute of Turkey) Units are planned for completion and delivery in March 2011.
dOmESTIC
PROJECTS
hOSPITAL
PROJECTS
2010 yILI
fAALİyETLERİ
tepe inşaat 2010 annUaL RepORt 342010
OPERATIONS
fırat University Education and Research hospital
Commencement Date: April 1, 2009
Total Construction Area: 140,000 square meters
Delivery Date: december 31, 2014
Client: fırat University Rectorate
A 600-bed research hospital is being built as part of this project within Fırat University in Elazığ. According to Article 44 of the State Tender Law No. 2886 four tenders were organized in 1985, 1993, 1997 and 2002. The construction of the project is ongoing.
dOmESTIC
PROJECTS
hOSPITAL
PROJECTS
2010 yILI
fAALİyETLERİ
In the first tender, the project area was designated as 108,000 square meters; however, due to additional requirements, in 1998 the area was revised upwards to 140,000 square meters; 90,000 square meters have been completed and put into commission, including three-storey buildings, S1 to S16, the eight-storey building S9, the twelve-storey buildings P1 - P2 - P3 and the ten-twelve-storey transition buildings P2 to O. The O buildings, which cover a total area of 40,000 square meters and comprise four buildings with seven floors each, are to be completed by 2014.
35 tepe inşaat
dOmESTIC
PROJECTS
hOSPITAL
PROJECTS
tepe inşaat 2010 annUaL RepORt 36
2010
hacettepe University hospitals Retrofit and Large-Scale Renovation Construction
Commencement Date: October 9, 2009
Total Construction Area: 80,000 square meters Delivery Date: december 23, 2011
Client: hacettepe University directorate of Strategy development
This project, one of the most significant projects Tepe İnşaat undertook for Hacettepe University, was started in 2009. The project encompasses the construction or renovation of inpatient floors, meeting halls, polyclinics and the cafeteria, as well as miscellaneous additional construction work, establishment of indoor installations and electricity systems, air conditioning, automation, establishment of common installations and electricity systems; all to be carried out with first class material and workmanship.
dOmESTIC
PROJECTS
hOSPITAL
PROJECTS
37 tepe inşaat
forum kayseri Shopping Center
Commencement Date: december 14, 2009
Contract Value: € 24,600,000
Delivery Date: November 30, 2010
Construction Area: 57,000 square meters
Client: multi Turkmall Onyediemlak yat. İnş. Tic. A.Ş.
This project, to be carried out by Tepe İnşaat in Kayseri, is comprised of a four-storey shopping center with a leasable area of 65,000 square meters built on an area of 75,500 square meters. The Forum Kayseri Shopping Center project features a hypermarket, retail stores, movie theaters, restaurants and parks, as well as indoor and outdoor parking area for 2,000 vehicles. The project was provisionally accepted on November 30, 2010. The completion of the project in full and the opening of the facility are expected to take place in the third quarter of 2011.
dOmESTIC
PROJECTS
ShOPPINg CENTER
PROJECTS
2010 yILI
fAALİyETLERİ
THE FORUM KAySERI SHOPPING CENTER PROjECT FEATURES A HyPERMARKET,
RETAIl STORES, MOVIE THEATERS, RESTAURANTS AND PARKS, AS WEll AS
INDOOR AND OUTDOOR PARKING AREA FOR 2,000 VEHIClES.
tepe inşaat 2010 annUaL RepORt 38
2010
bilkent University 2011 Projects
Commencement Date: January 1, 2011
Delivery Date: december 31, 2011
Construction Site: bilkent Campus
Client: bilkent University Rectorate
dOmESTIC
PROJECTS
EdUCATIONAL
bUILdINgS
39 tepe inşaat
dOmESTIC
PROJECTS
EdUCATIONAL
bUILdINgS
tepe inşaat 2010 annUaL RepORt 40
2010
bilkent University 2010 Projects
Commencement Date: January 7, 2010
Delivery Date: december 31, 2010
Construction Site: bilkent Campus
Client: bilkent University Rectorate
Every year various construction and renovation activities are undertaken at Bilkent University to meet the rapidly changing and evolving needs. One such activity, the construction of İhsan Doğramacı Foundation’s Ankara Private Bilkent Laboratory Elementary & Middle School and High School’s New Building Phase 1 (Building A), which was started in January in 2010, was completed in August 2010. The structure has 5,550 square meters of construction area and has the status of Anatolian High School.
Every year, existing university facilities such as faculty buildings, departments, administrative units, institutes, vocational schools, laboratories, dormitories etc., scattered over an area of approximately 4.6 million square meters are repaired and renovated, thereby preserving the modern appearance of Bilkent University and constantly improving the conditions.
dOmESTIC
PROJECTS
EdUCATIONAL
bUILdINgS
41 tepe inşaat
fırat University Indoor fitness Center and Annex building Work
Commencement Date: November 24, 2010
Delivery Date: december 31, 2012
Construction Site: fırat University Campus, Elazığ
Client: fırat University Rectorate
Pursuant to this unit price contract, Tepe İnşaat will be undertaking the construction of a multi-purpose indoor fitness center and an annex building on the Fırat University Campus in Elazığ. The project is planned for completion by yearend 2012.
fırat University Campus Infrastructure Work
Commencement Date: September 27, 2010
Delivery Date: January 8, 2011
Construction Site: fırat University Campus, Elazığ
Client: fırat University Rectorate
Tepe İnşaat completed and delivered this project, which consists of the renovation of Fırat University Campus’ peripheral roads, sidewalks and curbs, landscaping design of the campus (lecture hall, circular walking trail, artificial creek and falls, cafeteria) and the creation of athletic fields.
IT IS PlANNED TO COMPlETE THE CONSTRUCTION OF MUlTI-PURPOSE INDOOR FITNESS
CENTER AND AN ANNEx bUIlDING ON THE FIRAT UNIVERSITy CAMPUS IN ElAzIğ IN 2012.
tepe inşaat 2010 annUaL RepORt 42
dOmESTIC
PROJECTS
OThER
CONTRACTINg
PROJECTS
2010
OPERATIONS
bilkent Eastern Provinces Erzurum Campus fourth Phase Work
Commencement Date: may 3, 2010
Delivery Date: december 31, 2010
Construction Site: bilkent University Eastern Provinces Erzurum Campus
Client: bilkent University Rectorate
This school construction project is a part of Bilkent University’s social responsibility operations and is part of its Fourth Phase; the construction of a faculty housing building was completed in 2010. To date, a total of 25,545 square meters of construction has been completed as part of this project, including 8,795 square meters of educational buildings, 2,016 square meters of multi-purpose rooms, 6,493 square meters of fitness centers, 8,241 square meters of housing facilities, transformer stations, storehouses and guardhouses. The first phase was completed by end-2007, the second phase as of end-2008 and the third phase by year-end 2009. 43 tepe inşaat 2010 annUaL RepORt 2010 YILI FAALİYETLERİ yURT İçİ PROJELER eğitim BinaLaRı
dOmESTIC
PROJECTS
OThER
CONTRACTINg
PROJECTS
2010
OPERATIONS
tepe inşaat 2010 annUaL RepORt 44
dOmESTIC
PROJECTS
OThER
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PROJECTS
2010
OPERATIONS
bilkent blis Annex building (Phase 1) Construction
Commencement Date: January 7, 2010
Delivery Date: November 15, 2010
Construction Area: 5,800 square meters
Construction Site: bilkent University Campus, Ankara
Client: bilkent University Rectorate
The construction of İhsan Doğramacı Foundation’s Ankara Private Bilkent Laboratory Elementary & Middle School and High School’s New Building Phase 1 (Building A) was completed in 2010 and the building went into service.
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2010
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Private bilkent kindergarten Construction
Commencement Date: April 1, 2010
Delivery Date: October 15, 2010
Construction Area: 1,000 square meters
Construction Site: bilkent University Campus, Ankara
Client: bilkent University Rectorate
The construction of the Kindergarten Building of the İhsan Doğramacı Foundation’s Private Bilkent Elementary & Middle School was completed in 2010.
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2010
Taurus balgat Office building Construction
Commencement Date: September 30, 2009
Delivery Date: may 12, 2013 Construction Site: balgat, Ankara
Client: Taurus balgat Alışveriş merkezi yatırım A.Ş.
In 2010, Tepe İnşaat began the construction work for Building A that is a part of the Taurus Balgat Shopping Center Project. The tasks to be completed at the
construction site include the foundation excavation, including shell & core construction work encompassing 16,600 cubic meters of reinforced concrete as well as interior construction work to be undertaken on a cost plus profit basis.
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ExPANDING ITS AREA OF OPERATION WITH INTERNATIONAl PROjECTS, TEPE İNşAAT
TAKES FUll ADVANTAGE OF THE bUSINESS OPPORTUNITIES THAT PRESENT
THEMSElVES IN ITS IMMEDIATE REGION WHIlE AT THE SAME TIME CONTRIbUTING
TO THE DEVElOPMENT OF THE REGION.
Construction of İhsan doğramacı Erbil foundation Schools
Contract Date: July 15, 2008
Delivery Date: August 31, 2011
Total Construction Area: 36,592 square meters
Client: İhsan doğramacı Erbil foundation
Undertaken as an investment project in Erbil, Northern Iraq, İhsan Doğramaci Erbil Foundation Schools will be built on a total area of 75,000 square meters. This comprehensive educational complex will consist of an elementary school, a junior and senior high school, a performance hall with a seating capacity for 700, indoor and outdoor sports fields, a library, laboratories, art and music classrooms, a cafeteria and lounge building, an administration building and housing units. The total indoor area will be 30,332 square meters.
The project’s construction area has expanded to a total of 36,592 square meters, with the addition of an indoor swimming pool, a kindergarten and three villas to the existing plan. The shell & core construction work has been completed; the primary school, cafeteria, performance hall, administrative building, laboratories, library buildings and two housing units in the first phase that have priority were also completed in 2010.
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Sulaimaniya University
Contract Date: January 17, 2005
Delivery Date: december 31, 2012
Total Construction Area: 324,397 square meters
Client: Republic of Iraq, ministry of higher Education and Scientific Research
The new campus construction project for the Sulaimaniya University in Sulaimaniya, Northern Iraq is a partnership with Tepe İnşaat holding 75% and FDC 25%. Together with an additional contract, the Sulaimaniya University New Campus project will extend over an area of 2 million square meters. Planned to be completed by the end of 2012, the university will have a capacity for 25,000 students.
The project includes the construction of faculty buildings, multi-purpose indoor and outdoor sports facilities, swimming pools, a health center, dormitories for girls and boys, an outdoor amphitheater, a cafeteria and social facilities. The campus will have a very modern appearance with complimenting infrastructure and landscaping; it consists of 53 different buildings and facilities. There is ongoing work in 20 different buildings as well as on the infrastructure and landscaping; by the end of 2010, 60% of the project had been completed. tepe inşaat 2010 annUaL RepORt 50
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2010
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American Embassy in kabul building and facilities
Commencement Date: September 30, 2009
Delivery Date: may 12, 2013
Total Construction Area: 68,387 square meters (22,702 square meters of Temporary Prefabricated + 45,685 square meters of Permanent building)
Client: US dept. of State bureau of Overseas buildings Operations (ObO)
Tepe İnşaat is going to undertake a project for the US Dept of State Bureau of Overseas Buildings Operations (OBO) in accordance with design & build principles, inside the present premises of the American Embassy in Kabul, Afghanistan and on an additional plot to be added to the complex. The project involves the construction of annex buildings/facilities and the renovation and amelioration of relevant landscaping/ infrastructure.
The joint venture formed by the USA-based ECC, Tepe İnşaat and Metag İnşaat has completed the construction of temporary prefabricated buildings of the American Embassy in Kabul as of year-end 2010; the construction of the permanent buildings is ongoing.
THE jOINT VENTURE FORMED by THE USA-bASED ECC, TEPE İNşAAT AND METAG İNşAAT
HAS COMPlETED THE CONSTRUCTION OF TEMPORARy PREFAbRICATED bUIlDINGS FOR
THE AMERICAN EMbASSy IN KAbUl AS OF yEAR-END 2010; THE CONSTRUCTION OF THE
PERMANENT bUIlDINGS IS ONGOING.
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Narcity housing Project
Commencement Date: January 2006
Total Construction Area: 285,000 square meters
Delivery Date: Plots C, d and E opened for residential occupancy in 2007; plots f and g in mid-2008; Plot A at year-end 2010.
Narcity is a contemporary residential area with 1,306 apartments and constructed on approximately 135,000 square meters of land in Maltepe, Istanbul. It is built in accordance with the latest earthquake regulations and provides a comfortable, secure place to live.
The complex offers a view of the sea and a wooded area featuring many lovely pomegranate trees in its landscaping. With an extensive selection of social facilities to meet today’s city dwellers every need, Narcity features one indoor and three outdoor swimming pools, a fitness room with sauna, two tennis courts, jogging/dog walking paths, a basketball court, billiards and table tennis, a café, a TV and cinema lounge, a tea garden, a meditation garden, children’s nurseries and playgrounds. The complex is also equipped with a camera surveillance security system.
Consisting of a variety of apartment designs and sizes, the complex features PVC exterior siding, doors and windows and in buildings where insulation is crucial, insulating glass was used. Living rooms, kitchens and bedrooms have laminated parquet flooring and the highest quality domestic ceramic tile bathroom floors. Walls are painted with washable water-based paint applied on plaster or plasterboard. The ceilings are painted with water-based paint on satin-finished plasterboard. Only state-of-the-art materials and workmanship have been used in the construction of Narcity. This residential community has breathed new life into the urban environment.
INVESTmENT
PROJECTS
2010 yILI
fAALİyETLERİ
53 tepe inşaatINVESTmENT
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OPERATIONS
Tepe Prime Project
Commencement Date: October 2008
Total Construction