2013 ANNUAL REPORT
TEPE İNŞAAT 2013 ANNUAL REPORT
www.tepeinsaat.com.tr
THE PAST, THE
PRESENT AND
FOREVER…
1969>2014>∞
Contents
Contact Information
Tepe İnşaat Sanayi Anonim Şirketi
Tepe İnşaat Sanayi Anonim Şirketi Head Office
Beytepe Köyü Yolu No: 5, Bilkent, Ankara, Turkey
Phone: +90 (312) 266 58 00 (13 Lines)
Fax: +90 (312) 266 78 38-39
E-mail: info@tepeinsaat.com.tr
Business Development: ig@tepeinsaat.com.tr
Human Resources: ik@tepeinsaat.com.tr
Istanbul Office
At a Glance
2 Key Indicators in 2013
3 Major Developments in 2013
8 Tepe İnşaat in Brief
12 Vision, Mission and Corporate Values
14 Key Financial Indicators
16 Subsidiaries and Affiliates
18 Bilkent Holding
22 A 45-Year History Dedicated to Creating Long-Term Value
48 Message from the Management
50 Board of Directors, Senior Management and Board of Auditors
Operations in 2013
52 Business Development and Operation Map
54 Contracting Projects (Domestic)
61 Contracting Projects (Overseas)
66 Investment Projects
70 TAV Havalimanları (TAV Airports)
90 TAV İnşaat (TAV Construction)
96 İDO (Istanbul Sea Buses)
Sustainability
104 Human Resources Policy
108 Occupational Safety, Environmental and Quality Policy
110 Bilkent University
Financial Statements
115 Independent Auditors Report, Financial Statements and Footnotes
Başıbüyük Mahallesi Emek Cad. No: 281/B
Narcity Konutları, Maltepe, Istanbul, Turkey
Phone: +90 (216) 675 08 00 – 01
Fax: +90 (216) 675 08 02
E-mail: istanbul@tepeinsaat.com.tr
Iraq Country Office-Erbil
Gulan Street English Villages, No: 250, Erbil, Iraq
GPS: N 36° 11’ 37” E 43° 58’ 16”
GSM: +964 750 396 34 34
E-mail: info@tepeinsaat.com.tr
Iraq-Sulaymaniyah Office
Sulaymaniyah New University Campus Qilyasan, Sulaymaniyah, Iraq
GSM: +964 770 364 34 66, +964 750 115 14 62
E-mail: info@tepeinsaat.com.tr
Russia Country Representative Office
119435, Bolshoy Savvinskiy Per. 9, Building 2, Moscow, Russia
Phone: +7 (495) 221 10 49
Fax: +7 (495) 221 10 44
E-mail: info@tepeconstruction.ru
Web: www.tepeconstruction.ru
Azerbaijan Office
Hakverdiyev Küçesi Ev No: 21, Baku, Azerbaijan
Phone: + 994 12498 14 95
Fax: + 994 12498 92 57
E-mail: info@tepeinsaat.com.tr
Albania Office
Gjergji Business Center Floor 5 No: 1-2, Tirana, Albania
Phone: + 355 42251187
Fax: + 355 42258360
E-mail: info@tepeinsaat.com.tr
Turkmenistan Office
Tepe Türkmen İnşaat ve Tic. A.Ş. Yimpaş Business Center 54,
Turkmenbashi Avenue,
Office Number: 701–B Ashgabat/Turkmenistan
Phone: +993 (12) 450 291, +993 (12) 450 292
Fax: +993 (12) 450 293
E-mail: info@tepeturkmen.com
Web: www.tepeturkmen.com
The Past...
We commenced our operations in 1969 in a
workshop under the name Tepe Ağaç Metal
where we performed various modifications and
remodeling related work. We started out only
with big dreams and a drive to succeed. Upon
completion of the restructuring of Tepe Group in
1986, we continued on our journey of success as
a subsidiary of Bilkent Holding.
The Present…
As the flagship company of Bilkent Holding,
we are also widely recognized as one of the pioneering and innovative enterprises in the construction industry both in Turkey and the world,
thanks to our strong financial structure, long-established experience and sound corporate reputation. We continue to build exemplary structures and add significant value to life.
And Forever…
Backed by all the buildings we pass on to future
generations and our well-skilled human capital,
we look toward the future with hope. With the
objective of creating lasting value, we leave our
mark on every area of modern life. We are working and producing continuously as time passes by
to build the future of tomorrow, today.
Key Indicators in 2013
188th
Place on the
ENR Top 250
List
Having strong
brand value with
development
projects completed
both domestically
and abroad, Tepe
İnşaat ranked
188th on the 2013
ENR Top 250 list of
the world’s leading
international
construction
companies.
1,285,282
Equity Size
(TL Thousand)
Having gained
prominence with
its successful
financial
performance in
parallel to its
long-established
corporate culture,
Tepe İnşaat
increased its equity
to TL 1,285,282
thousand in 2013.
A-(Trk)
Long-term
National Rating
of Bilkent
Holding
On May 29, 2013,
JCR Eurasia
Rating confirmed
the long-term
national rating of
Bilkent Holding as
“A-(Trk)”.
1,752,592
Total Assets
(TL Thousand)
With a sustainable
performance, Tepe
İnşaat assets totalled TL 1,752,592
thousand.
Investment Project Indicators
609
As the Company’s second residence
development project in the IstanbulMaltepe region, Narlife consists of 609
housing units built on a tract with 60%
designated greenspace. Construction work
is currently ongoing and the Company
expects to deliver the units in 2014 and
2015.
2
Tepe İnşaat 2013 Annual Report
885
Tepe İnşaat entered into a cooperation
agreement with Mesa Mesken for the
Park Mozaik development project, which
consists of 885 residential units to be
built on a 76,000 m2 tract in Yaşamkent,
Ankara, The Company plans to
commence construction on Park Mozaik
in 2014.
Major Developments in 2013
Tepe İnşaat
continued on
its “journey of
success”
Ranking 188th on the 2013 ENR Top 250 list of the
world’s largest construction and contracting companies,
Tepe İnşaat continued to create significant value for its
shareholders, in particular Bilkent University, with the
Company’s successful projects developed both in Turkey
and abroad. With several high-profile developments,
including shopping mall, residence and industrial facility
projects, completed in Turkey’s major cities such as
Istanbul and Ankara as well as in the Russian Federation
and Turkmenistan, the Company continued to set the
quality standards for the construction sector.
At a Glance
3
Major Developments in 2013
Narlife Project
is nearly
complete
4
Tepe İnşaat 2013 Annual Report
In 2013, construction work for the Narlife development,
built on the last and most valuable tract in the Maltepe
region of Istanbul, next to the Narcity and Narkule
projects, was carried out at a fast pace. Work on the project
commenced in September 2012 and the Company plans
to complete and deliver Block C in March 2014, one
year before the scheduled completion date; meanwhile,
the housing units in Block A and B are planned to be
delivered to clients in March 2015. Surrounded by natural
pinewoods and enjoying a view of the Princes’ Islands, Narlife
is distinguished by its vast green area, which covers 60% of
the total development, and its proximity to major highways.
Located 3 km from the E5 highway, 5 km from the coastal
road, 6 km from the TEM Highway and 20 km from Sabiha
Gökçen Airport, thus offering easy access to the city’s main
arteries, Narlife is aimed at the B+ residence customers group.
At a Glance
5
Major Developments in 2013
First Project in
Turkmenistan Completed
As of end-2013, Tepe İnşaat’s silo
reinforcement work contracted in various
provinces of Turkmenistan was complete.
Having successfully completed numerous
construction and contracting projects
over the years in a broad geographic area,
extending from the Russian Federation to
the Gulf countries, the Company carried
out silo construction and rehabilitation
in 2013 in eight Turkmenistan provinces
(Altınsahra, Tejen, Babadayan, Karakum,
Garıssızlık, Sparmyrat, Boldumsaz,
Beyik). With the completion of the bakery
oven, pasta production and packaging
production facilities in Turkmenistan’s
Turkmenabad, Ruhabad, Serdar, Mary and
Daşoğuz provinces during the year, the
Company aims to complete construction
6
Tepe İnşaat 2013 Annual Report
of eight different silos with total capacity
of 360,000 tons, located in eight of the
country’s provinces (Altınsahra, Tejen,
Babadayan, Karakum, Garıssızlık,
Sparmyrat, Boldumsaz, Beyik) in 2014.
President of Turkmenistan
attended the opening ceremony...
The Mary and Turkmenabad flour
plants, important components of the silo
reinforcement project completed by Tepe
İnşaat in Turkmenistan during 2013,
became operational on September 5, 2013
following a celebrated opening ceremony.
Turkmenistani President Gurbanguli
Berdimuhamedov, along with other
leading government officials attended the
inauguration of Mary Flour Plant, which
has a 150 thousand ton wheat storage
capacity and annual flour production
capacity of 130 thousand tons.
“2013 Best Investment in
Russia” Award Presented
to Coşkunöz LLC Plant
The Coşkunöz Alabuga LLC Plant
investment, for which Tepe İnşaat
performed the contracting design and
construction, was awarded the “2013
Best Investment in Russia” prize from the
Russian Automotive Forum. With this
plant investment, constructed on a 12,000
m2 tract in the city of Yelebuga, Tartarstan
Republic, Russian Federation, Coşkunöz
Alabuga LLC plans to commence
production operations for the automotive
sector. This project, which received
widespread recognition across Russia
for its high quality standards, once again
demonstrated the Company’s experience
and know-how in the construction of and
contracting for industrial facilities.
At a Glance
7
Tepe İnşaat in Brief
Shareholding
Structure (%)
Bilkent
Holding A.Ş.
85.9%
Tepe Emlak
Yatırım İnş. A.Ş.
13.3%
Other
0.8%
Tepe İnşaat has conducted its operations for 45 years in the
construction industry, a leading sector that plays a key role
in the development of the nation’s economy, directly through
value creation and indirectly through support to sub-sectors.
The Company completed various projects in 2013, all befitting
its strong brand and market reputation. Focused on creating
significant value for all stakeholders, and especially for its
major shareholder Bilkent Holding A.Ş., the Company has
bolstered its pioneering position in the construction industry
thanks to domestic and overseas projects that are designed
to meet the rapidly changing needs of the modern world.
Tepe İnşaat abides by Bilkent University founder Prof. Dr.
İhsan Doğramacı’s philosophy “Further, toward the best.”
To this end, the Company’s portfolio of high-profile projects
include housing developments; shopping malls; office
complexes; healthcare facilities; educational facilities and
campuses; sports and recreational facilities; hotels; military
facilities; power plants and industrial facilities; transportation
infrastructure and roads; religious facilities; urban
infrastructure; pipelines and water supply infrastructure;
renovation and pre-engineered projects. The Company plans
to develop further in the coming period and continue setting
the standards for quality in the sector.
Driven by its well-skilled human resources and wellestablished brand reputation, Tepe İnşaat reported registered
capital of TL 780,000,000 as of December 31, 2013.
Company Shareholders
Tepe
İnşaat
Sanayi
Anonim
Şirketi
8
Tepe İnşaat 2013 Annual Report
Share
Class
Participating
Share
TL
(%)
Bilkent Holding A.Ş.
A
1
0
Bilkent Holding A.Ş.
B 669,765,170
85.87
Tepe Emlak Yat. İnş. A.Ş.
B 104,000,091
13.33
Tepe Savunma ve Güv.
Sis. A.Ş.
B
5,672,386
0.73
B
562,352
0.07
Tepe Home Mob. Dek.
Ürün San. ve Tic. A.Ş.
At a Glance
9
10
Tepe İnşaat 2013 Annual Report
At a Glance
11
Vision, Mission and
Corporate Values
Vision
To provide resources to Bilkent University, the principal
shareholder, and make a tangible contribution to national
education;
To provide added value to the national economy by
producing and generating employment;
To pursue its activities with respect for ethical values, in
order “to survive,” and “be trustworthy,” in accordance
with its mission and vision of becoming a leading company
across different business lines, and on a global scale, and of
establishing a presence in diverse geographical regions.
Mission
To create the necessary resources for Bilkent University to
continue developing and growing;
To make a contribution to Turkey’s future by transferring
the values and resources it created at the establishment
of Bilkent University, Turkey’s first foundation university
and one of the country’s most distinguished educational
institutions;
To focus on success in each project undertaken for each
new client, whether it is an institution or an individual,
without compromising on quality, with complete
confidence in its human resources, by considering
environmental sustainability and by incorporating global
technological developments and contemporary demands;
To introduce innovations to the industry while developing
a variety of construction projects in both Turkey and
abroad.
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Tepe İnşaat 2013 Annual Report
Corporate
Values
Possessing a Sense of Responsibility
To be aware of its responsibilities towards customers,
employees and suppliers, as well as to the environment and
the wider community. To undertake only the services it is
capable of offering under turnkey infrastructure projects,
as well as investment projects, from concept design to final
delivery, including land, funding, design, construction
and marketing phases, and to execute all contracts
comprehensively.
Adhering to Ethical Values and Laws
To adhere to ethical rules and laws to the fullest extent
in striving towards best service and product quality in
its field of activity, observing competition, efficiency and
profitability. To comply with all laws and regulations
applicable in the national, as well as overseas regions where
projects are implemented.
Being Customer Satisfaction Oriented
To ensure continuous customer satisfaction by taking
into consideration evolving and growing customer
expectations. To establish clear and transparent
communication with customers, while providing services
in a timely manner according to its commitments.
Creating Global Value
To contribute to the environmental, economic, social
and communal development of each region where the
Company’s projects are realized.
Sharing the Success
To share the successes attained with its employees,
customers, business associates and the community.
At a Glance
13
Key Financial Indicators
Balance Sheet Figures (TL Thousand)(*)
2012
2013
A-Current Assets
872,544
844,423
B-Fixed Assets
920,599
908,169
1,793,143
1,752,592
A-Short-term Foreign Liabilities
296,814
185,205
B-Long-term Foreign Liabilities
221,536
282,104
1,274,792
1,285,282
2012
2013
116,325,762
157,158,998
88,476,902
151,501,477
Gross Sales Profit or Loss
27,848,860
5,657,521
Operating Expenses (-)
Total Assets
C-Shareholders’ Equity
(*) Prepared according to the stand-alone financial statements.
Income Statement Figures (*)
Net Sales
Cost of Sales (-)
16,383,829
5,528,507
Operating Profit or Loss
11,465,031
129,015
Revenues and Profits from Other Operations
95,855,325
94,693,747
Expenses and Losses from Other Operations (-)
37,680,414
24,708,426
Financial Expenses (-)
30,987,494
13,895,693
38,652,448
56,218,643
Ordinary Profit or Loss
(*) Prepared according to the stand-alone financial statements.
32%
Net Sales
(TL thousand)
Tepe İnşaat posted net
sales of TL 157,158
thousand in 2013.
14
Tepe İnşaat 2013 Annual Report
2012
2013
116,325
157,158
Liquidity Ratios (*)
2012
2013
Current Ratio
2.94
4.56
Acid Test Ratio
2.91
4.52
Cash Ratio
1.26
1.84
2.37
3.21
153.86
113.64
Operating Ratios (*)
Accounts Receivable Turnover Rate
Debt Collection Period
Current Assets Turnover Ratio
0.13
0.19
575,730,050
659,217,971
Net Working Capital Turnover Ratio
0.20
0.24
Tangible Fixed Assets Turnover Ratio
0.63
0.88
Total Assets Turnover Ratio
0.06
0.09
Equity Turnover Ratio
0.09
0.12
Financial Leverage Ratio
0.29
0.27
Financing Ratio
2.46
2.75
Ratio of Equity to Total Assets
0.71
0.73
Ratio of Short-term Debts to Total Liabilities
0.17
0.11
Ratio of Short-term Debts to Total Debts
0.57
0.40
Ratio of Long-term Debts to Total Liabilities
0.12
0.16
Current Ratio
6.75
22.15
Ratio of Equity to Total Assets
0.90
0.926
Ratio of Short-term Financial Liabilities to Total Equity
0.00
0.00
Net Working Capital (TL)
Financial Leverage Ratios (*)
Ratio Analysis Pursuant to the Public
Procurement Law (*)
(*) Prepared according to the stand-alone financial statements.
At a Glance
15
Subsidiaries and Affiliates
(as of 31.12.2013)
Company
Name
Total Participation ParticipatiCapital
Amount
on Share
Ankara Teknoloji A.Ş.
9,600,000
1,106,032
11.52
Antepe Sağlık ve Turz. Hizm. Tic. Danş. A.Ş.
3,000,000
2,975,000
99.17
Artı Döviz A.Ş.(*)
2,500,000
1,225,000
49.00
176
86
49.00
Azerkörpü Tepe M.M.C.- Azerbaijan
Batı Karadeniz Elektrik Dağıtım A.Ş.
Bilenerji A.Ş.
Bilan Bilkent Ankara Tepe Otel A.Ş.
Bilbak Bilkent Bak. A.Ş.
Bilintur A.Ş.
Bilintur Kültür Turizm Yat. ve Tic. A.Ş.
1,400,000
294,000
21.00
30,550,000
4,530,047
14.83
5,500,000
2,694,723
48.99
500,000
450,070
90.01
57,500,000
21,500,000
37.39
100,000
49,997
50.00
Bilen Bilkent Enerji Yat. A.Ş.
1,150,000
1
0.00
Bilsigorta A.Ş.
1,000,000
400
0.04
Bitu Turizm ve İnşaat Yatırım A.Ş.
50,000
2,500
5.00
C.B. Spolka Zograniczona Odp.-Poland
7,843,277
2,221,970
28.33
Dafne Ege Döviz Ticareti A.Ş.
1,000,000
120
0.01
22,000,000
2,968,610
13.49
1,000,000
120
0.01
137,019
73,394
53.56
Dilek İnşaat A.Ş.
Esenboğa Ankara Döviz Ticareti A.Ş.
Hyper Foreign Trade - Holland
Kirazlı Konutları Adi Ortaklığı
10,000
2,250
22.50
Knauf İnşaat ve Yapı Elm. A.Ş.
208,719,293
4,118
0.00
90,000,000
5,864,454
6.52
Meteksan Matbacılık A.Ş.
16
Tepe İnşaat 2013 Annual Report
Meteksan Savunma A.Ş.
10,000,000
607,310
6.07
Optisis İletişim ve Bilgi Teknolojileri A.Ş.
300,000
3,000
1.00
Park Villa İnşaat ve Turizm A.Ş.
500,000
250,000
50.00
Pft Sıva Sistemleri A.Ş.
15,000
13
0.01
26,000,000
21,888,158
84.19
İdo İst. Deniz Otobüsleri San. ve Tic. A.Ş.
210,900,000
63,270,000
30.00
Tav Esenboğa Yatırım Yapım ve İşl. A.Ş.
241,650,000
10
0.00
Tav Havalimanları Holding A.Ş.
363,281,250
29,273,852
8.06
Tav Yatırım Holding A.Ş.
100,500,000
24,346,000
24.22
Sports International A.Ş.
Tepe Betopan A.Ş.
26,000,000
19,200,000
73.85
225,000,000
151,047,069
67.13
80,000,000
64,497,334
80.62
145,000
144,565
99.70
1,000,000
500,000
50.00
50,000
25,000
50.00
50
35
70.00
Tepe Prefabrik İnşaat Sanayi ve Tic. A.Ş.
12,000,000
10,213,333
85.11
Tepe Savunma ve Güv. Sist. A.Ş.
30,000,000
18,779,952
62.60
6,000,000
1,039,919
17.33
Tepe Emlak Yatırım İnş. ve Tic. A.Ş.
Tepe Home A.Ş.
Tepe İnşaat ve Ticaret (Kıbrıs) Limited
Tepe Mesa Adi Ortaklığı
Tepe Metag Adi Ortaklığı
Tepe Nacap İş Ortaklığı
Tepe Servis ve Yönetim A.Ş.
Tepe Tesan Adi Ortaklığı
Tepe Türkmen A.Ş.
100,000
60,000
60.00
1,000,000
550,000
55.00
(*) On March 27, 2014, the Company completed the transfer of all of its Group A shares in affiliate Artı Döviz Ticaret A.Ş. with a value
of TL 912,500 to Travelex Group Investment Ltd. for the amount of USD 19,345,000.
At a Glance
17
Bilkent Holding
Bilkent Holding
companies
are leaders in
their respective
industries,
in terms of
turnover and
market share,
thanks to their
innovative
management
approach.
18
Tepe İnşaat 2013 Annual Report
Bilkent Holding’s foundation began with Dilek İnşaat, established
by İhsan Doğramacı in 1968 to operate in the construction
industry; one year later, Tepe Ağaç Metal ve Makina Sanayi and
Meteksan were founded. During a fundamental restructuring in
1986, these companies were gathered under the roof of Bilkent
Holding. Focused on creating significant value for partners and
stakeholders since its inception, Bilkent Holding has always
prioritized customer satisfaction, profitability and excellence
in quality in all industries in which it operates. Conducting
operations within a broad range of industries that include
construction, furniture retailing, printing and paper production,
real estate and airport management services, Bilkent Holding
has extended its deep-rooted experience and know-how to
international markets, with operations in the Middle East, North
Africa, Turkic Republics, Eastern Europe and Russia. While
working to further expand its operating area and geographic
reach, Bilkent Holding currently ranks among the 50 largest
corporate groups in Turkey, according to both domestic and
international business information sources.
Bilkent Holding companies are leaders in their respective
industries, in terms of turnover and market share, thanks to their
innovative management approach. Tepe İnşaat, Bilkent Holding’s
flagship company in the construction industry, continues to
undertake projects both in Turkey and abroad, introducing
innovations without compromising on quality. In addition, the
high quality standards and strong brand image attained by the
Tepe brand in construction were transferred to the furniture and
retail industries, expanding the Holding’s field of operations.
While Tepe Mobilya produces tailor-made designs to achieve
high levels of customer satisfaction, Tepe Home undertakes the
marketing/sales efforts for Tepe Mobilya products. Tepe Home
also introduced the mass merchandising concept to the Turkish
furniture market, and is the innovative force in the sector.
At a Glance
19
Bilkent Holding
Tepe Emlak continues to create venues that become
centers of attraction thanks to the experience and
know-how it has gained since institutionalization
started in the shopping center sector.
50
Among Turkey’s
50 Largest
Corporate Groups
Bilkent Holding ranks
among the 50 largest
corporate groups in Turkey
according to domestic
and international business
information sources. Bilkent Holding is rapidly expanding its operations in the
furniture and retail industries, transferring the high quality
standards and powerful brand image gained with the Tepe
brand in the construction industry. Tepe Home Mobilya
produces and sells tailor-made designs to achieve high-level
customer satisfaction. As the leading innovative brand in the
industry, Tepe Home Mobilya has introduced the megastore
furniture retailing concept to Turkey. Meanwhile, Meteksan
Matbaa is a significant player in the printing-paper industry
with an annual production capacity of nearly 100,000 tons; the
company is widely known for its product range and diversity.
Tepe Emlak has been involved in the construction of seven
shopping centers in Turkey and the operation of the Ankara
Bilkent Center as well as the Istanbul Tepe Nautilus shopping
malls. The company continues to create retail venues that
become centers of attraction thanks to the experience and
know-how it has gained since the shopping center sector
became more institutionalized. Tepe Savunma is another
company that has achieved stable growth under the Bilkent
Holding roof. Bilintur, founded by the Holding to operate in
hotel management and catering, also continues to steadily
increase its market share with customer-focused business
processes and high quality standards.
As Turkey’s largest cement board manufacturer, Tepe Betopan
ranks among the three largest cement-bonded particleboard
producers in the world and exports its products to regions
around the globe.
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Tepe İnşaat 2013 Annual Report
The primary factor that ensures the success
of Bilkent Holding’s operations is the
Group companies’ ability to form new
subsidiaries and to support the Holding’s
total profitability without compromising on
corporate values and principles. The most
prominent example of this business model
that has provided substantial added-value
for Bilkent Holding is TAV Havalimanları
ve Yatırım Holding, which was founded
under a Tepe-Akfen partnership. Other key
factors that have moved the Holding forward
during its corporate development, known
as the “Journey toward Excellence,” are its
professional approach to human resource
management, which is based on finding
the ‘right person for the right job,’ and the
implementation of environmentally friendly
practices.
Shaping its operations in terms of five-year
strategic plans, Bilkent Holding is highly
successful in achieving both its financial
and operational objectives. The Holding
focuses on bolstering its market leadership
in its operating sectors. In addition, the
Holding closely monitors collaborative
projects undertaken by public and private
sectors, privatizations, overseas investment
opportunities and investment projects with
the help of advanced technology applications
and its specialized staff.
Gaining increasing strength during its more
than 45 years of experience, Bilkent Holding
has made significant contributions to the
development of Turkey’s private sector. The
Holding remains committed to carrying
out projects that will continue moving its
sustainable and profitable financial structure
and strong brand image forward into the
future.
At a Glance
21
A 45-year history dedicated to
creating long-term value...
1980s
1982
Bilkent University Campus
Turkey’s first foundation university was established in
October 1984 by the İhsan Doğramacı Foundation. Classes
started with 386 students in 1986; today, the University
has 12,000 students in nine faculties, two professional
schools, three vocational schools and six institutes. Bilkent
graduates are among Turkey’s most valued human capital.
The Bilkent Campus lies within the boundaries of Bilkent,
a city created over the course of 15 years on the plains of
Ankara. On 612 hectares, Bilkent is a “City of Science” that
meets every need with its campus, residences, business and
shopping centers, sports complex, concert halls, hotel and
movie theaters, dam, power plant, forest and symphony
orchestra.
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Tepe İnşaat 2013 Annual Report
1990s
1999
Atatürk Airport
(Build-Operate-Transfer)
Built by the joint venture of the Tepe and Akfen groups (TAV),
the International Terminal of the Istanbul Atatürk Airport was
completed and started operating within two years. A company
specialized in airport construction, operation and financing,
today, TAV is an international power house, an industry leader
in Turkey and is among the most prominent companies in
the Middle East, North Africa and the Caucasus. The New
International Terminal of the Atatürk Airport commenced
operations on December 22, 1999. With an additional facility
launched in 2004, the capacity of the terminal increased from
14 million passengers to 20 million annually. In July 2005, TAV
also undertook operations at the Atatürk Airport Domestic
Terminal. With an area of 62,500 m2, the Domestic Terminal
has been modernized to accommodate an average of 7.5
million passengers each year. The Development and Expansion
Project at the Domestic Terminal entered its final phase in
2010 and yielded a total additional covered space of 18,770 m2.
At a Glance
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A 45-year history dedicated to
creating long-term value...
2000s
2000
Turkish Armed Forces
Rehabilitation Center
Built on a total area of 102,500 m2, with a 400-bed capacity,
this facility was established to provide rehabilitation
services to military veterans. The facility design was
selected as a result of an architectural competition.
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Tepe İnşaat 2013 Annual Report
İş Bankası Headquarters Complex
Turkey’s first smart building, the İş Bankası Headquarters Complex is one of the most
magnificent high-rises in Istanbul. Located in the urban heart of industry, commerce and
culture, it represents a significant example of a smart building, not only in Turkey but also
in Europe and the Middle East. İş Bankası Headquarters Complex is the highest skyscraper
between Dubai and Frankfurt with its two towers, 52 and 36 stories, respectively.
At a Glance
25
A 45-year history dedicated to
creating long-term value...
2001
Beykoz Mansions
Built on 100 hectares in the Saip Molla Pasha Woods in Beykoz, Istanbul, Beykoz
Mansions is one of Tepe İnşaat’s most prestigious developments. The 401 mansions are in
perfect harmony with their natural surroundings. Concurrently nostalgic and modern, the
development’s environs harken back to a time two-centuries prior. The historical Hunting
Lodge, which was renovated true to its original form, serves residents with a library,
billiards tables, gaming and event lounges, a spacious garden designed for large receptions
and a kitchen. Beykoz Mansions ranks among the most exclusive residences in Istanbul.
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Tepe İnşaat 2013 Annual Report
Tepe Nautilus Shopping Center
Nautilus or Lighthouse Shopping Center was inspired by the seaside around Kadıköy, on
the Asian side of Istanbul, one of the most historic coastal cities in the world. Nautilus is
the largest retail center on Istanbul’s Asian side. With its luminous design, Nautilus offers
visitors a comfortable shopping environment throughout the day.
At a Glance
27
A 45-year history dedicated to
creating long-term value...
2002
Kemer Rose Residence
The housing estate, built in Kemerburgaz on a 35,000 m² tract among
unique rose gardens, comprises 70 blocks and offers a tranquil lifestyle
in touch with nature. The sports facilities of Kemer Rose Residence also
provide residents a wide range of fitness and exercise options.
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Tepe İnşaat 2013 Annual Report
2004
The Eczacıbaşı Kanyon Project
Kanyon is a modern open-air shopping center built by Tepe İnşaat in Istanbul.
Kanyon houses 160 stores, a gourmet supermarket, street market, movie
theaters, restaurants, cafeterias, bars, a sports and health center, indoor and
outdoor swimming pools and open-air performance venues, residential and
office buildings and shopping and entertainment centers. Kanyon was built by
the partnership of Eczacıbaşı and İş Gayrimenkul on an area of 250,000 m2 in
compliance with domestic and international earthquake regulations.
At a Glance
29
A 45-year history dedicated to
creating long-term value...
2005
Baku-Tbilisi-Ceyhan Crude Oil Pipeline
Tepe İnşaat participated in the construction of the 277-kilometer section
of the BTC pipeline and pumping stations between Posof and Erzurum.
Other projects carried out in 2005 include:
• İmranlı-Kayseri Natural Gas Pipeline,
• Kütahya-Bilecik-Uşak Natural Gas Pipeline.
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Tepe İnşaat 2013 Annual Report
2006
Narcity Housing Development
Built on approximately 147,000 m2 in Maltepe, Istanbul, the Narcity complex is
landscaped primarily with pomegranate trees, reflecting the name ‘nar’, Turkish for
pomegranate. Built in compliance with the latest earthquake regulations, Narcity
Housing Development consists of 1,306 units with state-of-the-art soundproofing,
heating and water insulation systems. With high-quality materials and workmanship
as well as its extensive social facilities and security systems, Narcity Housing
Development is a strong candidate as one of Istanbul’s favorite residential
destinations. The Development project, launched in January 2006, is now being
populated.
At a Glance
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A 45-year history dedicated to
creating long-term value...
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Tepe İnşaat 2013 Annual Report
At a Glance
33
A 45-year history dedicated to
creating long-term value...
2006
Esenboğa Airport
Esenboğa Airport provided Ankara with a facility that suits the capital city. With
an annual capacity of 10 million passengers, Esenboğa Airport is the only airport
in Turkey that combines domestic and international terminals under one roof.
Completed one year ahead of schedule, it has become the modern face of Turkey’s
capital.
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Tepe İnşaat 2013 Annual Report
2007
Bilkent Garden Homes
Bilkent Garden Homes consists of 124 twin-villas built on 123,000 m2. Set amid
superb natural beauty, the villas are 500 m2 each and equipped with state-of-the-art
technology. The complex includes 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 has been designed to meet the
social needs of its residents. Situated in an urban location far from the hustle and bustle
of the city and combining the beauty of nature with the amenities of contemporary
living, Bilkent Garden Homes has generated great interest. The development project was
launched end of 2005 and was completed at the end-2007. All units were sold before the
construction was actually completed.
At a Glance
35
A 45-year history dedicated to
creating long-term value...
2008
Hacettepe University Hospitals: The Morphology
Building and Seventh and Eighth Block Retrofits
Completed in December 2008, the hospital project has a total construction area of
28,500 m2. As part of this project, among the most important undertaken by Tepe İnşaat
for Hacettepe University, the seventh and eighth blocks and the Morphology Building
were reinforced against earthquakes. Departments such as Internal Medicine, Urology,
Neurology, General Surgery, Brain Surgery and Gastrology were renovated at the
seventh block. In addition, departments of Biochemistry, Microbiology, Endocrinology,
Geriatrics, Nephrology, Infection, Rheumatology, Hematology, Gastrology, Coronary
Intensive Care and the Emergency Room laboratories as well as the inpatient floor were
refurbished in the Morphology Building. The project was completed and delivered as of
December 2008.
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Tepe İnşaat 2013 Annual Report
2009
Tepe Prime
Tepe Prime Business, Tepe Prime Residence and Tepe Prime Avenue with an indoor area
of 92,800 m2, aim to provide absolute comfort to its residents and guests. The development
project was completed in 2011.
At a Glance
37
A 45-year history dedicated to
creating long-term value...
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Tepe İnşaat 2013 Annual Report
At a Glance
39
A 45-year history dedicated to
creating long-term value...
2010
Narkule Istanbul
Built in Maltepe, Istanbul on a tract adjacent to Narcity, the Narkule development was
designed as a boutique project targeting the joys of living in a high-rise with modern
architecture. With the slogan, “Some Like It High,” Narkule combines contemporary
architecture with a youthful, dynamic, dignified and colorful style coupled with highquality living standards and breathtaking scenery. Most of the 108 residential units in
the 27-story Narkule development project have a splendid view of the forest, sea and the
islands.
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Tepe İnşaat 2013 Annual Report
2011
Privatization of Istanbul Sea Buses
İstanbul Deniz Otobüsleri Sanayi ve Ticaret A.Ş. (İDO) was established in 1987 in an
effort to help resolve traffic congestion in Istanbul. Now considered one of the largest
maritime transport fleets in the world, it was taken over for US$ 861 million by the
Tepe-Akfen-Souter-Sera (TASS) consortium. This company, of which Tepe İnşaat has a
30% share, has undertaken important initiatives to expand its transportation network
and infrastructure.
At a Glance
41
A 45-year history dedicated to
creating long-term value...
2012
TAV Havalimanları A.Ş. Share Sale
In 2012, Tepe İnşaat transferred an 18% stake in TAV Havalimanları A.Ş. to Aéroports
de Paris Management, one of the world’s leading airport operators, for US$ 414 million.
Upon successfully closing this sales transaction, realized in a period when global markets
suffered serious fragility, JCR Eurasia Rating affirmed the long-term domestic rating of
Bilkent Holding, the Company’s principal shareholder, as “A-(Trk),” and its outlook as
“stable.” Subsequent to this sale transaction, which considerably fortified the financial
performance and market efficiency of both Tepe İnşaat and Bilkent Holding, the
Company’s stake in TAV Havalimanları A.Ş. amounted to 8.1%.
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Tepe İnşaat 2013 Annual Report
Narlife Project
In 2006, Tepe İnşaat entered the housing sector at a brisk pace with its Narcity and
Narkule developments completed in the Maltepe region of Istanbul, and commenced the
construction works of the Narlife project in the same region. Located on a total area of
29,500 m2 with Princes’ Islands views, the development project offers 609 flats with one,
two, three or four bedroom and duplex apartment options, together with social facilities
of 2,000 m2 made available to residents, comprising outdoor and indoor swimming pools
and a children’s pool, as well as a playground, sauna, fitness hall, market and café, together
reflecting the Tepe İnşaat blend of quality and aesthetics. Bringing a fresh perspective to
the housing sector, the Narlife development is planned for completion in March 2015.
At a Glance
43
A 45-year history dedicated to
creating long-term value...
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Tepe İnşaat 2013 Annual Report
At a Glance
45
A 45-year history dedicated to
creating long-term value...
2013
Park Mozaik Project
Tepe İnşaat entered into a cooperation agreement with Mesa Mesken to develop the Park
Mozaik development project, which consists of 885 residential units on a 74,000 m2 tract in
Yaşamkent, Ankara. Construction is scheduled to commence in 2014.
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Tepe İnşaat 2013 Annual Report
Construction of Silos with a Total Capacity of
360,000 Tons in Eight Different Regions of
Turkmenistan
Tepe İnşaat plans to complete the silo design and construction project, with total capacity
of 360,000 tons and located in eight provinces of Turkmenistan (Altınsahra, Tejen,
Babadayan, Karakum, Garıssızlık, Sparmyrat, Boldumsaz, Beyik), in May 2014. The project
also includes rehabilitation of adjacent areas.
At a Glance
47
Message from the Management
Tepe İnşaat further enhanced stakeholder
confidence in the 2013 operating year, by
enriching its construction portfolio with high
profile projects.
Having achieved many firsts in the country, Tepe İnşaat continues to enhance the reputation
of Turkey as well as the sector thanks to its innovative, entrepreneurial and ethical approach.
Having successfully completed construction, contracting and investment projects both in
Turkey and abroad, the Company ranked 188th on the 2013 ENR Top 250 list of the world’s
largest construction and contracting companies. As a result, Tepe İnşaat proved once again that
it is a strong representative of the Turkish construction industry in the international arena.
In line with the overseas business development strategy and the “Localization in Target
Countries” objective, the Company conducts operations via its offices and construction sites in
Russia, Azerbaijan, Kazakhistan, Iraq and Turkmenistan.
We continue to adapt our business approach to achieve success. We believe that managing
effectively is specific to local cultures in target countries. We work to achieve diversification on
a sector basis. We improve our human resources infrastructure through research and analytical
studies in sector standardization and systematization. We increase sector diversification by
conducting different types of business with qualified clients in different geographic regions.
With this approach, we move our corporate culture forward.
Currently, a new world is being formed, an environment characterized by borderless movement
of goods, services and capital. In addition, the world is undergoing a process where regional
geopolitical positions are changing at any moment, centers of power are being re-shaped and
global financial markets are deeply impacting real economies. Construction has become one
of those sectors where gaining a competitive edge is a difficult task; the contracting business,
too, is gradually changing in terms of definition and manner. All of this results in a competitive
environment in which different ways of doing business, innovation and technology are
becoming increasingly important. Today’s construction companies need to diversify the main
line of business, through innovation, differentiation, different ways of doing business, different
risk sharing models and different financing models. As the management, we strive to achieve all
of the above while maintaining the Company’s strong and well-earned reputation, and working
continuously to better manage operational and financial risks. Accordingly, we will continue to
conduct our operations in the future in line with our forward-looking vision and management
strategies, which are based on the principles of transparency, honesty, rationality and ethical
values, as we have since our founding.
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Tepe İnşaat 2013 Annual Report
We are one of the most respected companies in the construction sector, which is one of the
most dynamic sectors of Turkey’s economy. Tepe İnşaat will continue its operations on the
founding principles of “being trustworthy” and “being an enduring entity.” The Company is
committed to fulfilling its mission and vision of first and foremost creating resources for Bilkent
University as an affiliate institution and contributing to the development of Turkish education.
In addition, Tepe İnşaat will provide significant added value to the national economy by
engaging in production and creating jobs, competing in different business lines and on a global
scale, becoming localized in different geographic areas, becoming a world leader in different
business lines and maintaining a presence in different locations.
We will not allow fear to keep us from pursuing our dreams. We will firmly embrace our
business, our stakeholders, our families, our health, our friends and our values.
We would like to express our gratitude to our shareholders, customers and employees for their
support of our operations in 2013 which we carried out guided by Prof. Dr. İhsan Doğramacı’s
philosophy, “Further, toward the best.”
We extend our wishes of a prosperous future to our country and our people who deserve the
best of everything...
Ali Haydar KURTDARCAN
Chairman
Abdullah Bahadır GÜNGENCİ
Executive Member
Atila Kemal OĞUZ
General Manager
At a Glance
49
Board of Directors, Senior
Management and Board of Auditors
Board of Directors
Ali Haydar Kurtdarcan
Chairman
Abdullah Bahadır Güngenci
Board of Directors Executive Member
Abdurrahman Kürşat Aydoğan
Board of Directors Member
Önder Sezgi
Board of Directors Member
Senior Management
Abdullah Bahadır Güngenci
Board of Directors, Executive Member
Abdullah Bahadır Güngenci was born in Ankara in 1951 and received his BSc in Civil
Engineering at Middle East Technical University in 1976. Mr. Güngenci worked on the
Iraq-Turkey Crude Oil Pipeline Project between 1976 and 1977 then took part in the
construction of the Petkim Aliağa Facilities Water Treatment and Demineralization Units
between 1979 and 1980. He was employed in Bahrain at the AISCO Iron Enrichment Plant
Project and worked in marine dredging and the construction of the pier and plant from
1980 until 1986. He continued his career at Günkay İnşaat in Turkey until joining Tepe
İnşaat Sanayi A.Ş. in 1994, where he worked as Group Coordinator for Hospital Projects.
In the following years, he was Assistant General Manager for Foreign Affairs and for
Infrastructure Projects. Mr. Güngenci was appointed as an executive member to the Board
of Directors on April 14, 2010 and also serves on the Boards of Tepe Türkmen İnşaat ve
Ticaret A.Ş., Park Villa İnşaat ve Turizm A.Ş. as a Vice Chairman, and also Board Member
at İDO İstanbul Deniz Otobüsleri San. ve Tic. A.Ş., Dilek İnşaat ve Tic. A.Ş., and Antepe
Sağlık ve Turizm Hizmetleri Tic. Danışmanlık A.Ş.
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Tepe İnşaat 2013 Annual Report
Atila Kemal Oğuz
General Manager
He graduated from Kuleli Military High School in 1982, and Yıldız Technical University
Faculty of Civil Engineering in 1989. He later completed the Executive MBA Program at
Bilkent University Faculty of Business Administration and Global Competition Strategies
Program at the University of Michigan. He started working for the well-known companies
in the industry as a Site Engineer, and continued his career in different positions as a
Planning Engineer, Site Manager, Project Manager, Project Coordinator and General
Manager. He is in charge of developing the corporate culture of the Company and of
managing strategies of change, and investment and contract projects. He defines Tepe
İnşaat as a human and customer oriented Company that trains its employees. He supports
the Turkish construction industry in order to increase its share in the international
contracting market. Experienced particularly in investment projects in Turkey besides
superstructures and industrial structures in the contracting industry outside Turkey
in countries such as Croatia, Russia, Azerbaijan, Kazakhstan, Georgia, Germany, Iraq,
Afghanistan, and Turkmenistan, Atila Kemal Oğuz has been working as the General
Manager of Tepe İnşaat since 2010.
Mustafa Kalender
Deputy General Manager, Financial and Administrative Affairs
Mustafa Kalender was born in Mengen, Bolu in 1964 and earned his BA in Business
Administration at Anadolu University in 1987. He began his professional career at Tepe
İnşaat in 1988 as Finance Supervisor. He was later appointed Head of Finance and then
Finance Manager and currently serves as Deputy General Manager of Financial and
Administrative Affairs. Between 2005 and 2010, Mr. Kalender also served as a member on
the Board of Directors at Tepe İnşaat. He also serves on the Board at TAV Group’s various
companies, Dilek İnşaat ve Ticaret A.Ş., and Antepe Sağlık ve Turizm Hizmetleri Tic.
Danışmanlık A.Ş., Bilbak A.Ş. and Bildes A.Ş.
Ali Karaca
Deputy General Manager, Domestic Projects
Having a degree in Civil Engineering from the Mediterranean University, Faculty of
Engineering (Isparta) Karaca started working for Tepe İnşaat Sanayi A.Ş. in 1992 as a
Site Engineer and continued his career as a Site Manager, Project Manager and Domestic
Projects Coordinator. He has been working as the Deputy General Manager in charge of
Domestic Projects since 2009.
Şafak Kolay
Deputy General Manager, Overseas Projects
Born in 1964 in Ankara, Şafak Kolay graduated from Middle East Technical University,
Department of Civil Engineering in 1989. Subsequently, he has worked in an executive
capacity on both domestic and overseas projects completed by Turkey’s leading contracting
companies and as a manager at different levels. Mr. Kolay has served on airport, highway,
housing and social facilities and business center development projects in Russia, Ukraine,
Kazakhstan, Azerbaijan and Croatia. In Turkey, he took on several tasks for hospital,
pipeline, dam and HEPP projects. Mr. Kolay started working at Tepe Group in 1995; since
July 2013, he has served as Deputy General Manager responsible for Overseas Projects at
Tepe İnşaat.
At a Glance
51
Business Development and
Operation Map
Enhancing the Company’s international experience
with successful projects completed in various regions
of the world, Tepe İnşaat continued work on projects
in Turkmenistan and the Tatarstan Republic of the
Russian Federation in 2013.
Istanbul
Kozyatağı Anadolu
Gayrimenkul Plaza
Ankara
Construction of Ankara
Taurus Balgat Shopping Mall,
Construction of Hacettepe
University Hospitals Modification
and Major Repair Work,
Reinforcement Works for
Hacettepe University Gynecology
Clinics, Construction of Gazi
University HematologyOphthalmology Clinics, Dolphin
Söğütözü Office Building
Istanbul
Narlife Project
Azerbaijan
Ankara
Park Mozaik Tepe&Mesa
Elazığ
Fırat University Training & Research
Hospital, Fırat University Indoor
Sports Hall and Annexes
Iraq
Construction of Sulaimania
University Campus
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Tepe İnşaat 2013 Annual Report
Russia-Tatarstan
Trakya Glass Russian Zao
Float Plant, Construction of
Alabuga LLC Yelabuga Plant
Kazakhstan
Turkmenistan
Turkmenistan Completion Work
for Five Silos, Turkmenistan
Construction of Eight Silos
Saparmurat
Boldumsaz
Garagum
Babadayhan
Altınsahra
Garıssızlık
Beyliktürkmenbaşı
Tejen
Domestic Investment Projects
Domestic Contracting Projects
Overseas Contracting Projects
Target Investment
Operations in 2013
53
Contracting Projects (Domestic)
Thanks to its well-skilled human capital and
adherence to international quality standards,
Tepe İnşaat has also acquired deep experience
and know-how in public contracting projects.
Reinforcement Work for
Hacettepe University
Gynecology Clinics
Construction of Gazi
University HematologyOphthalmology Clinics
Start Date
2011
Start Date
2012
Delivery Date
2013
Delivery Date
December 30, 2013
Client
Hacettepe University, Office of
Strategy Development
Client
Gazi University
Started in 2011, the project was
completed and delivered.
Started in 2012, the project was
completed and delivered.
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Tepe İnşaat 2013 Annual Report
Construction of
Ankara Taurus Balgat
Shopping Mall
Start Date
May 4, 2011
Total Building Area (m2)
140,000
Taurus Mall is located on 26,000 m2
situated on the main north-south axis in
Ankara (Konya road). The shopping center,
which is connected to an office tower with
a 28,000 m2 construction area, has a total
construction area of 140,000 m2 of which
41,000 m2 are leasable. The project was
completed and delivered to the client in
2013.
Delivery Date
August 29, 2013
Client
Taurus Balgat AVM Yatırım A.Ş.
Operations in 2013
55
Contracting Projects (Domestic)
Hacettepe University
Hospitals Modification
and Major Repair Work
Start Date
October 9, 2009
Total Building Area (m2)
80,000
Delivery Date
December 31, 2014
Client
Hacettepe University,
Office of Strategy
Development
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Tepe İnşaat 2013 Annual Report
One of the most significant projects Tepe
İnşaat has undertaken for Hacettepe
University, this project started in 2009. It
encompasses the construction, production
and renovation of inpatient floors, meeting
halls, polyclinics and a cafeteria, as well
as additional construction, installation
and electricity work, air conditioning,
automation, production of joint
installations and electricity systems, all to
be carried out with world class materials
and workmanship. The aim is to complete
the modification and repair works that
commenced in 2009 at the end the end of
2014.
Fırat University Teaching
and Research Hospital
Start Date
April 1, 2009
Total Building Area (m2)
140,000
Delivery Date
December 31, 2013
Client
Presidency of
Fırat University
A 600-bed research hospital is currently
under construction in Elazığ as part of the
project by Fırat University. In accordance
with Article 44 of the State Tender Law No.
2886, four tenders were held in 1985, 1993,
1997 and 2002.
The project area, designated as 108,000 m2
during the first tender, was revised and
increased to 140,000 m2 to meet additional
needs in 1998. A total of 90,000 m2, which
includes blocks S1 to S16 (three stories),
block S9 (8 stories), blocks P1, P2 and P3
(12 stories) and transition blocks P2 to O
(10 stories), have been completed and are
currently in service. Block O with covered
area of 40,000 m2 was part of the project
completed and delivered to the Presidency
of Fırat University in 2013.
Operations in 2013
57
Contracting Projects (Domestic)
Dolphin Söğütözü
Office Building
Start Date
January 24, 2012
Total Building Area (m2)
19,649
Delivery Date
May 30, 2015
Client
Dolphin Gayrimenkul
Yatırım ve Geliştirme Ltd.
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Tepe İnşaat 2013 Annual Report
Tendered by Dolphin Gayrimenkul
Yatırım ve Geliştirme Limited Şirketi on
a “Build” and “Lump Sum Fixed Price”
basis, and located on city block 28381 plot
2 in the Çankaya district of Ankara, the
project comprises the turnkey delivery of
a “Class A” office building, including the
construction, power and mechanical, as
well as related infrastructure and landscape
works. The office building, a focal point
erected on a tract of 184 m2 located on
the east/west axis (Eskişehir road) of
Ankara, consists of four underground
floors, a ground floor, 11 standard floors,
a plant floor and penthouse. Completion
and delivery of the project, including
landscaping work, is scheduled for early
2015.
Fırat University Indoor Sports Hall
and Annexes Project’s completion and
delivery is scheduled in 2015.
Reinforcement Work for
Fırat University Indoor
Sports Hall
Start Date
November 6, 2013
The contract for the Fırat University
Indoor Sports Hall and Annexes Project,
including the architectural and fine work,
executed as reinforcement work, was
signed in 2013; the project is scheduled for
completion and delivery in 2015.
Total Building Area (m2)
15,884
Delivery Date
August 17, 2015
Client
Presidency of Fırat University
Operations in 2013
59
Contracting Projects (Domestic)
Kozyatağı Anadolu
Gayrimenkul Plaza
Start Date
March 3, 2014
Total Building Area (m²)
73,000
Delivery Date
July 1, 2015
Client
AEH Anadolu
Gayrimenkul Yatırım A.Ş.
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Tepe İnşaat 2013 Annual Report
The Kozyatağı Anadolu Plaza project,
which will be developed in Kozyatağı,
Istanbul in collaboration with AEH
Gayrimenkul Yatırımları A.Ş., will be built
on a 73,000 m2 tract. The total project
value is US$ 51.5 million. Scheduled
for completion in July 2015, the project
consists of two office towers of 26 and 27
floors each and two podiums to be erected
on four basements.
Contracting Projects (Overseas)
Trakya Glass Rus Zao
Float Autoglass Plant
Start Date
November 25, 2011
Total Building Area (m²)
107,340
Delivery Date
2014
Client
Automotive Glass
Alliance Rus ZAO
The plant, which is constructed at
the Industrial Zone in Yelabuga in
the Republic of Tatarstan, part of the
Russian Federation, is comprised of glass
production buildings (furnace, bath,
annealing, batching, galleries, on 35,000
m2), the mirror and coating building
(16,000 m2), a warehouse (46,000 m2) and
additional buildings including a recreation
building, heat boiler, LPG, generator room,
etc. (9,000 m2). The Automotive Glass
contract includes the autoglass production
plant and administrative office building,
about 42,000 m2 in total, and is scheduled
for completion in 2014.
Operations in 2013
61
Contracting Projects (Overseas)
Construction of Coşkunöz
Alabuga LLC Yelabuga
Plant
Start Date
2013
Total Building Area (m2)
12,000
Delivery Date
June 30, 2014
Client
Coşkunöz Metal Form
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Tepe İnşaat 2013 Annual Report
Completion and delivery of the project,
which includes 12,000 m2 of construction
work and which started in 2013 in the
Special Industrial Zone in the city of
Yelabuga in Republic of Tatarstan-Russian
Federation, is scheduled for May 2014.
Turkmenistan
Reinforcement
Work for Five Silos
Start Date
November 9, 2012
The plants constructed in five different
provinces of Turkmenistan (Türkmenabad,
Ruhabad, Serdar, Mary, Daşoğuz) included
bakery oven, pasta and packaging
production units and the work was
completed in 2013.
Delivery Date
December 31, 2013
Client
Turkmenistan Union of
Cereal Products
Operations in 2013
63
Contracting Projects (Overseas)
Construction of Silos
with a Total Capacity of
360,000 Tons in Eight
Different Regions of
Turkmenistan
Start Date
December 1, 2012
Delivery Date
May 31, 2014
Client
Turkmenistan Union of
Cereal Products
64
Tepe İnşaat 2013 Annual Report
The Company plans to complete the
project, which includes the design and
construction of silos with total capacity of
360,000 tons, located in eight provinces
of Turkmenistan (Altınsahra, Tejen,
Babadayan, Karakum, Garıssızlık,
Sparmyrat, Boldumsaz, Beyik), together
with the rehabilitation of adjacent areas, in
May 2014.
Taq Taq Operating
Company Permanent
Encampment Facilities
Project
Start Date
2013
Total Building Area (m2)
10,835
Delivery Date
2015
With the contract signed with Taq Taq
Operating Company of Iraq, Tepe İnşaat
has undertaken the 10,835 m2 permanent
encampment facilities project which has a
total value of USD 20 million. Consisting
of two parts - a residential area and an
industrial zone - the project includes two
residence buildings, an office building,
restaurant, an infirmary, main reception
building, a main entrance structure,
maintenance & repair building, fire
department facility and gasoline station.
The project is scheduled for completion in
2015.
Client
Taq Taq Operating
Company Limited
Operations in 2013
65
Investment Projects
Narlife Residences
Start Date
September 1, 2012
Total Building Area (m2)
122,668
Delivery Date
June 1, 2015
Total Number of Units
609
66
Tepe İnşaat 2013 Annual Report
The project, being built on the last tract
of valuable land in the Maltepe region of
Istanbul, and adjacent to the Narcity and
Narkule projects, consists of a total of 609
units with studio, one, two, three and four
bedroom, and duplex apartment options in
three blocks erected on a construction area
of 72,000 m2.
The project also includes the construction
of indoor social premises of approximately
2,000 m2, an indoor and outdoor
swimming pool, outdoor sports facilities
and walking trails. Additionally, there
are ongoing private school and housing
projects within the same region.
Located within natural pinewood with
views of the Princes’ Islands, the project
is distinguished by its proximity to main
roads, as well as by the green area covering
60% of the total land area. Located next
to the Yeditepe and Maltepe University
campuses, and 3 km from the E5 highway,
5 km from the coastal road, 6 km from
the TEM Highway and 20 km from Sabiha
Gökçen Airport, the project offers easy
access to main arterial roads. Targeting the
B+ residence customer profile, the project
is also adjacent to the Süreyya Paşa Chest
Disease Hospital, the only local hospital
specialized in this branch of medicine.
The project, also boasting standards
normally found in the A segment, has been
nominated for LEED® Gold Certification,
awarded by the US Green Buildings
Council (USGBC).
Commencing in September 2012, the
project’s units were offered for sale
in October of the same year. Block C
from among blocks A, B and C, will be
completed and delivered in March 2014,
one year ahead of schedule. Units in Blocks
A and B will be delivered in March 2015,
as planned.
Operations in 2013
67
Investment Projects
Park Mozaik
Tepe&Mesa
Start Date
2014
Total Building Area (m2)
216,000
Total Number of Units
885
Park Mozaik Tepe&Mesa project, which will be
conducted by Tepe İnşaat and Mesa Mesken joint
venture, is a residential development consisting
of 885 units to be built on a 74,000 m2 tract in
Yaşamkent, Ankara.
Three high-rises, one of which is 40 floors, contain
473 apartments while seven horizontal blocks house
412 apartment units in total. The development
project offers various sizes of apartments, from two
up to six bedrooms.
Nominated for LEED® Certification, which is
awarded by the US Green Buildings Council
(USGBC), Park Mozaik offers a lifestyle that differs
from similar developments thanks to its social
recreational facilities for all types of activities,
impressive and functional landscaped areas and
apartment floor plans that offer various alternatives
beyond the routine.
The project has a 216,000 m2 total building area
including parking garages. The construction and
sales activities for Phase 1 and 2 will commence
during 2014 and the phases will be delivered to new
owners in 2016 and 2017, respectively.
68
Tepe İnşaat 2013 Annual Report
Narlife Nominated for LEED Gold
Certification
The Company’s 609-unit, TL 230 million
Narlife development, built on a 29,500 m2
tract in Maltepe, Istanbul, has been nominated
for LEED Gold Certification. Planned,
designed and constructed using an integrated
environmentally friendly approach, Narlife
aims to minimize environmental impact
and optimize natural resource consumption.
The development is currently undergoing an
assessment by USBC and applications for two
certification designations were filed separately
for both the building and grounds (green
areas, parking areas, pedestrian walkways and
lighting elements).
Structuring all its
business activities
within the framework
of environmental
sustainability, Tepe
İnşaat’s Narlife
and Park Mozaik
developments have
been nominated for
LEED® Certification by
the US Green Buildings
Council (USGBC).
Operations in 2013
69
Tav Havalimanları (Tav Airports)
1997
TAV was founded.
ATÜ, which provides duty-free shopping, together with BTA,
which provides catering services, were established under the
TAV umbrella.
1999
ATÜ, which provides duty-free shopping under TAV
Havalimanları, and which joined the TAV organization and
BTA, which provides catering services, was established.
70
Tepe İnşaat 2013 Annual Report
2000
TAV began operating at the Istanbul Atatürk Airport
International Terminal.
2001
“Primeclass” CIP service was launched.
Operations in 2013
71
Tav Havalimanları (Tav Airports)
2004
BTA began operating the Istanbul International Airport Hotel.
TAV undertook the construction and operation of the Esenboğa
Airport Domestic and International Terminal.
TAV Esenboğa Yatırım Yapım ve İşletme A.Ş. was founded.
TAV İşletme Hizmetleri A.Ş. was founded.
72
Tepe İnşaat 2013 Annual Report
2005
TAV won the tender for the lease of
operating rights of the Atatürk Airport
International and Domestic Terminal
Buildings, Parking Garage and the General
Aviation Terminal for 15.5 years.
TAV Istanbul Terminal İşletmeciliği A.Ş. was
founded.
TAV began operating Atatürk Airport
Domestic Terminal.
60% shareholding in Havaş was purchased.
Construction and operation of the Izmir
Adnan Menderes International Terminal
was transferred to TAV. TAV Izmir Terminal
İşletmeciliği A.Ş. was founded.
TAV Bilişim Hizmetleri A.Ş. was founded.
TAV won the tender for Tbilisi International
Airport in Georgia.
Operations in 2013
73
Tav Havalimanları (Tav Airports)
2006
Operation and construction services were restructured under two
separate companies, TAV Havalimanları Holding A.Ş. and TAV
İnşaat.
Izmir Adnan Menderes Airport International Terminal
commenced operation.
Esenboğa Airport Domestic and International Terminal
commenced operation.
TAV Özel Güvenlik Hizmetleri A.Ş. was founded.
74
Tepe İnşaat 2013 Annual Report
2007
TAV Havalimanları Holding stock was
offered to the public.
The new passenger terminal at the Tbilisi
International Airport commenced service.
Batumi International Airport commenced
operation.
TAV Batumi Operations LLC. was founded.
TAV Havalimanları won the tender for the
Monastir Habib Bourguiba and Enfidha Zine
El Abidine Ben Ali International Airports in
Tunisia.
TAV Tunisie SA was founded.
Groundbreaking ceremony for the
Tunisia Enfidha Zine El Abidine Ben Ali
International Airport was held.
A 40% minority stake in Havaş was
purchased; Havaş then became a whollyowned subsidiary of TAV Havalimanları
Holding.
TAV Havalimanları Holding became the sole
owner of TAV Izmir and TAV Esenboğa.
TAV Havalimanları won the tender for the
operation of Antalya Gazipaşa Airport.
The Hopa Terminal operated by Havaş
commenced service.
Operations in 2013
75
Tav Havalimanları (Tav Airports)
2008
TAV Havalimanları took over the
operation of the Monastir Habib Bourguiba
International Airport in Tunisia.
TAV Gazipaşa Yatırım, Yapım ve İşletme A.Ş.
was founded to operate Antalya Gazipaşa
Airport.
TAV Havalimanları won the tender for
the operation of Alexander the Great
International Airport in Skopje, Macedonia’s
capital, and St. Paul the Apostle International
Airport in Ohrid, as well as the construction
of the New Cargo Airport in Shtip, of which
TAV Havalimanları Holding also had the
optional rights to operate; related concession
contracts were signed.
Havaş won the tender to become a
shareholder with a 50% stake in TGS
(Turkish Ground Services Co.), an affiliate of
Turkish Airlines.
76
Tepe İnşaat 2013 Annual Report
2009
The capital of TAV Havalimanları Holding
A.Ş. was raised from TL 242,187,500 to TL
363,281,250 in cash.
A contract was signed for the transfer of the
15% of the minority stake in TAV Tunisie
SA, previously wholly-owned by TAV
Havalimanları Holding A.Ş., to International
Finance Corporation (IFC), a World Bank
affiliate, for € 27,999,825 on June 30, 2009.
As of July 13, 2009, operations commenced
at Antalya Gazipaşa Airport, the four which
operation rights for 25 years are held by
TAV Gazipaşa Yatırım Yapım ve İşletme
A.Ş., a company wholly-owned by TAV
Havalimanları Holding A.Ş.
TAV Havalimanları Holding A.Ş. and the
AL-RAJHI Holding Group, established and
operating in the Kingdom of Saudi Arabia,
signed a joint venture contract on November
9, 2009.
TAV Tunise SA, 85% of which is owned
by TAV Havalimanları Holding, began
operating the Enfidha Zine El Abidine Ben
Ali International Airport. The Company
helds the operation rights of the airport until
May 2047.
Operations in 2013
77
Tav Havalimanları (Tav Airports)
2010
TAV Havalimanları Holding took over the
operation of in Skopje and Ohrid airports in
Macedonia for 20 years.
Sale of Havaş shares closed.
The sale of the 18% minority stake in of TAV
Tunisie SA to the Pan African Infrastructure
Development Fund was completed.
The expansion project of the Istanbul
Atatürk Airport’s Domestic and International
Terminals was completed.
78
Tepe İnşaat 2013 Annual Report
Havaalanları Yer Hizmetleri A.Ş. (Havaş)
acquired 50% of the shares of the North
Hub Services (NHS), a provider of ground
handling services at Riga Airport, Latvia.
A memorandum of understanding was
signed for the construction and operation of
the new terminal building at Riga Airport,
Latvia. TAV Havalimanları and Air Baltic,
Latvia’s leading airline company, decided to
become 50-50 partners in this joint venture.
TAV İşletme Hizmetleri A.Ş. launched
the TAV Passport card that offers various
services and privileges at airports operated
by TAV.
Antalya Gazipaşa Airport was upgraded
from category 2C to 3C.
TAV signed a “Global Training Center”
agreement with Airports Council
International (ACI), a group with more than
1,600 member airports worldwide.
TAV Havalimanları won the tender for the
operation of duty free, catering and other
commercial venues at the Riga Airport,
Latvia.
A memorandum of understanding was
signed with the Indonesia-based Sigma
Group/PT Wira Cipta Sukses and the
Indonesian Government for cooperation on
potential airport projects in the country.
BTA took over the operation of five service
points (Kantin, Beerport, Kokpit Cafe,
Kokpit Brasserie and Botanik Café in the
Istanbul Atatürk Airport Domestic Terminal
as of July 1, 2010.
The corporate governance rating Score of
TAV Havalimanları Holding was raised from
83.3 (8.5) in 2009 to 90.0 (9) in 2010.
Operations in 2013
79
Tav Havalimanları (Tav Airports)
2011
Following the takeover of commercial
venues, operations commenced at Riga
Airport, Latvia.
TAV Havalimanları Holding raised its
shareholding in TAV Özel Güvenlik
Hizmetleri A.Ş. from 66.67% to 100%.
TAV Havalimanları Holding raised its share
holding in TAV Urban Georgia from 66 to
76%.
TAV Havalimanları Holding raised its share
holding in TAV Batumi Operations LLC
from 60 to 76%.
80
Tepe İnşaat 2013 Annual Report
BTA Denizyolları was founded by the 50-50
joint venture between BTA and TASS; BTA
commenced operations at İDO.
The construction of the new terminal at
Skopje Airport was completed and put into
service.
Together with its partners Al Rajhi and Saudi
Oger, TAV Havalimanları signed a contract
with the General Authority of Civil Aviation
of Saudi Arabia for the build-operatetransfer project of Medina Airport, the first
airport privatization to take place in Saudi
Arabia.
TAV Havalimanları launched TAV
Mobile which enables access to real time
information at the airports it operates.
Giving the best offer, on November 17,
2011, TAV Havalimanları Holding won the
tender for the lease of operating rights of
the International Terminal, CIP, Domestic
Terminal and their components at the Izmir
Adnan Menderes Airport.
NHS provides ground handling services at
the Riga International Airport in Latvia,
Stockholm International Airport in Sweden
and Helsinki International Airport in
Finland. Havaş increased its stake from 50%
to 66.7% as of December 20, 2011. NHS will
be provide services as Havaş Europe at these
airports.
A subsidiary of TAV Havalimanları
Holding with a 65% share, Havaalanları
Yer Hizmetleri A.Ş. (Havaş) raised its share
capital in North Hub Services (NHS).
Operations in 2013
81
Tav Havalimanları (Tav Airports)
2012
The agreement on the sale of a 38% stake in
TAV Havalimanları to Aéroports de Paris
Group for US$ 874 million was signed
on March 11, 2012. Upon the meeting of
prerequisites as per the share purchase
agreement, the transfer of shares was realized
on May 16, 2012.
In June, TAV Havalimanları laid the
foundation of the Izmir Domestic Terminal, a
project with a total value of € 250 million.
TAV Havalimanları assumed the operation
of Medina International Airport, currently in
operation, wherein it holds equal shares (33%)
with Al Rajhi Holding group and Saudi Oger
Ltd., as of end June.
“Primeclass” CIP services, launched in 2001
by TAV İşletme Hizmetleri (Operating
Services) at the Istanbul Atatürk Airport,
became available at 77 points throughout
the world, at prices starting from € 60, in
cooperation with overseas establishments.
TAV Havalimanları received the “Corporation
with the Highest Score” award at the 3rd
Corporate Governance Awards organized
by the Corporate Governance Association of
Turkey (TKYD).
TAV Bilişim received ISO 27001:2005
Information Security Administration System
Certification, granted to very few companies
in Turkey.
82
Tepe İnşaat 2013 Annual Report
TAV Havalimanları launched a common
phone number for its call centers at the
airports it operates in Turkey with the
purpose of effectively responding to passenger
complaints and requests.
Aiming to reduce announcement density and
offer a practical solution to passengers, the
“Meeting Point” application, developed by
TAV Bilişim entered use on the arrival floor at
the International terminal of Istanbul Atatürk
Airport, enabling arriving passengers to
conveniently meet those awaiting them.
TAV Tunisia hosted the 47th ACI Board of
Directors Meeting held 16-20 April with the
participation of 59 members operating 249
airports in 47 countries.
Atatürk Airport was awarded “Airport
without Obstacles” certification.
TAV Bilişim collected the second prize at the
IT Summit ’12 for its resources utilization
system project respectively implemented
at King Khalid and King Fahd Airports in
Riyadh and Dammam, Saudi Arabia.
TAV Havalimanları ranked first in the
European Investor Relations Survey,
conducted annually by Thomson Reuters
Extel Surveys throughout European countries,
as “Turkey’s Best Company in Investor
Relations” (ranked third in the peer group in
Europe) and “Turkey’s Best Investor Relations
Executive” (ranked second in the peer group
in Europe).
TAV Istanbul received ISO 10002
Certification, one of the standards of
Customer Satisfaction Management.
Pursuant to the acquisition agreement signed
for the remaining 35% stake in Havaş, the
share transfer transaction was completed.
TAV Istanbul received Environmental
Management System (ISO 14001:2004) and
Occupational Health and Safety management
System (OHSAS 18001:2007) Certification.
At the record breaking attempt organized by
the Danskeyfi Dance Academy at Atatürk
Airport with the support TAV Havalimanları,
198 couples performing a Bachata dance for
five minutes successfully became the highest
number of couples to dance faultlessly and
synchronously, in a performance that entered
the Guinness Book of Records.
The cash dividend distributed by TAV
Havalimanları among its shareholders
amounted to a gross TL 90,820,312, where a
gross TL 0.25 was paid for each share with a
nominal value of TL 1.0
Operations in 2013
83
Tav Havalimanları (Tav Airports)
2013
TAV Havalimanları’s corporate governance
rating was raised from 92.44 (9.24 out of 10)
as of August 24, 2012 to 93.97 (9.39 out of
10) as of August 23, 2013 as a result of the
company’s ongoing improvement efforts to
implement corporate governance principles.
TAV Havalimanları ranked third in the
European Investor Relations Survey as
“Turkey’s Best Company” in investor
relations. The survey is conducted annually
by Thomson Reuters Extel of 15,000
employees of buy-side firms, brokerage
firms, research houses and quoted European
companies.
84
Tepe İnşaat 2013 Annual Report
Istanbul Atatürk Airport received the
“Europe’s Fastest Growing Airport” award at
the 2013 Euro Annies Awards held by anna.
aero.
Medina Airport Project, carried out by TAV
in conjunction with Saudi Oger and Al Rajhi
Holding, was named the “Infrastructure Deal
of the Year in the Middle East and Africa” by
Project Finance International.
Aéroports de Paris (ADP) Management,
Goldman Sachs (GS Global Infrastructure
Partners II, LP and GS International
Infrastructure Partners II, LP), Tutor
Perini Corporation, Ove Arup & Partners
PC, Kohn Pederson Fox Associates PC,
Suffolk Construction Company and TAV
Havalimanları are prequalified bidders for
the tender held for the “LaGuardia Airport
Central Terminal Building Replacement
Project” in New York, USA.
Carrying out the construction of the new
domestic airport terminal in Izmir, TAV
received an award for its “Innovative
Sustainability Practices” presented by SKD
for the first time, for the company’s recycling
program.
TAV Havalimanları hosted the General
Assembly meetings of ACI World, the global
organization of airport operators, and of ACI
Europe, its European branch, in Istanbul.
More than 800 top executives representing
1,751 airports in 174 countries discussed the
future of aviation and airports over a five day
period.
Operations in 2013
85
Tav Havalimanları (Tav Airports)
TAV Havalimanları has a strong shareholding
structure that combines technical know-how,
deep sector experience and financial strength.
Shareholding Structure
As of December 31, 2013
Name Shares
Capital Share (%)
138,046,875
38.0
Tepe İnşaat Sanayi Anonim Şirketi
29,273,852
8.1
Akfen Holding Anonim Şirketi
29,495,446
8.1
7,379,507
2.0
Aéroports de Paris Group*
Sera Yapı Endüstrisi ve Ticaret A.Ş.
Non-floating Part (Other)
Floating Part (Other)
Total
12,775,048
3.5
146,310,522
40.3
363,281,250
100.0
*TANK ÖWA alpha GmbH, a wholly-owned subsidiary of Aéroports de Paris. Service Companies 2013 Indicators
ATÜ
BTA
Turnover
(€ Million)
Number of
Employees
277.1
1,376
127
2,894
HAVAŞ
240.9
11,670
Others
88.4
900
86
Tepe İnşaat 2013 Annual Report
Operations in 2013
87
Tav Havalimanları (Tav Airports)
TAV Havalimanları (TAV Airports) Indicators in 2013*
TAV ISTANBUL
2011
2012
2013
13/12 Change
Number of Passengers (million)
Number of Flights (thousand)
Turnover (€ million)
37.4
301.5
344.4
45.1
346.1
413.8
51.3
388.0
442.1
14%
12%
7%
EBITDA (€ million)
EBITDA Margin (%)
Number of Personnel
135.9
39
2,413
181.1
44
2,640
210.6
48
2,724
16%
4
3%
TAV İZMİR
2011
2012
2013
13/12 Change
Number of Passengers (million)
Number of Flights (thousand)
Turnover (€ million)
EBITDA (€ million)
EBITDA Margin (%)
Number of Personnel
8.5
62.4
35.1
21.9
62
559
9.4
66.4
56.5
26.8
47
623
10.2
70.1
60.0
27.3
46
686
9%
5%
6%
2%
-2
10%
TAV TUNISIA
2011
2012
2013
13/12 Change
Number of Passengers (million)
Number of Flights (thousand)
Turnover (€ million)
EBITDA (€ million)
EBITDA Margin (%)
Number of Personnel
2.3
20.8
34.7
6.1
18
693
3.3
27.4
50.6
21.7
43
748
3.4
30.1
51.9
17.0
33
775
4%
10%
3%
-22%
-10
4%
TAV MACEDONIA
2011
2012
2013
13/12 Change
Number of Passengers (million)
Number of Flights (thousand)
Turnover (€ million)
EBITDA (€ million)
EBITDA Margin (%)
Number of Personnel
0.8
11.9
16.7
2.1
12
664
0.9
11.3
17.8
2.2
13
648
1.1
12.4
18.8
5.7
30
626
17%
10%
6%
154%
18
-3%
*Calculated through adjustment by reversing the effects of TFRS 11 and TFRS Remark 12 standards; construction revenues and expenses are excluded and guaranteed passenger revenues generated at airports operated in Ankara and İzmir are included.
88
Tepe İnşaat 2013 Annual Report
TAV ESENBOĞA
2011
2012
2013
13/12 Change
Number of Passengers (million)
Number of Flights (thousand)
Turnover (€ million)
EBITDA (€ million)
EBITDA Margin (%)
Number of Personnel
8.5
71.8
41.9
19.7
47
840
9.3
74.9
44.6
19.1
43
872
10.9
85.2
48.1
21.4
45
921
18%
14%
8%
12%
2
6%
TAV GAZİPAŞA
2011
2012
2013
13/12 Change
Number of Passengers (thousand)
Number of Flights
Turnover (€ million)
EBITDA (€ million)
EBITDA Margin (%)
Number of Personnel
14.1
196
0.1
-0.9
N/A
19
79.7
578
0.5
-0.9
N/A
19
363.0
2,577
1.8
-0.1
N/A
29
N/A
N/A
251%
N/A
N/A
53%
TAV GEORGIA
2011
2012
2013
13/12 Change
Number of Passengers (million)
Number of Flights (thousand)
Turnover (€ million)
EBITDA (€ million)
EBITDA Margin (%)
Number of Personnel
1.2
23.1
25.0
13.1
52
747
1.4
23.6
30.9
17.5
57
794
1.6
23.5
35.3
21.6
61
806
18%
0%
14%
24%
90
2%
TAV MEDINA
2011
2012
2013
13/12 Change
Number of Passengers (million)
Number of Flights (thousand)
Turnover (€ million)
EBITDA (€ million)
EBITDA Margin (%)
Number of Personnel
3.5
32.9
0
0
N/A
0
4.6
36.3
16.5
3.1
19
254
4.7
40.0
28.4
4.4
15
291
2%
10%
72%
42%
3
15%
Operations in 2013
89
Tav İnşaat (TAV Construction)
At the 2013 Qatar Contractors’ Forum, TAV İnşaat
was named the “Best Contractor of the Year” for its
Hamad International Airport project. Thanks to its
forward-looking investments and strong financial
position, TAV İnşaat has achieved remarkable success
internationally.
TAV İnşaat was established with the vision to become a
pioneering brand in airport construction; in less than a
decade, it has become one of the fastest-growing and most
distinguished companies in Turkey.
Over USD 16 billion Contract Value
Having completed Istanbul Atatürk and Ankara Esenboğa
Airports, Izmir Adnan Menderes International Flights
Terminal and Antalya Gazipaşa Airport in Turkey, TAV
İnşaat is currently carrying out the construction work of
the New Domestic Flights Terminal at Izmir Airport.
Internationally, the company has completed the Passenger
Terminals of Tbilisi and Batumi Airports in Georgia,
Enfidha-Hammamet Airport in Tunis, Skopje and Ohrid
Airports in Macedonia and Cairo Airport in Egypt. TAV
İnşaat’s ongoing projects include Hamad Airport Passenger
Terminal Complex in Doha, Medina Airport New
Passenger Terminal Building in Saudi Arabia, Terminal 5
of Riyadh Airport, Aircraft Maintenance Hangar at Jeddah
Airport, Muscat Airport Infrastructure Work in Oman
and Abu Dhabi Airport Midfield Terminal Complex in
the UAE. Contracting for skyscraper, high-rise buildings
and similar real estate developments in addition to airport
construction projects, TAV İnşaat has recently expanded
its portfolio by winning the contract for Damac Towers by
Paramount in Dubai.
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Tepe İnşaat 2013 Annual Report
Operations in 2013
91
Tav İnşaat (TAV Construction)
World’s Number Two Airport
Construction Contractor
TAV İnşaat ranked as the second largest
airport construction company on
Engineering News Record (ENR)’s annual
list, which includes the world’s biggest
international contracting companies.
Turkey’s Number Two Favorite Company
in the Construction Sector
According to the results of a Capital
magazine survey conducted September 2
to November 5, 2013, TAV İnşaat placed
second in the construction sector.
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Tepe İnşaat 2013 Annual Report
“Contractor of the Year”
At the 2013 Qatar Contractors’ Forum,
TAV İnşaat was named “Contractor of the
Year” for its Hamad International Airport
project. Thanks to its forward-looking
investments and strong financial position,
TAV İnşaat has achieved remarkable
success internationally.
TAV İnşaat Shareholding Structure
Trade name of Shareholder
Aéroports de Paris Grubu
Tepe İnşaat Sanayi A.Ş.
Share (%)
49
24.2
Tepe Savunma ve Güvenlik Sistemleri
Sanayi A.Ş.
-
Tepe Mobilya Sanayi ve Ticaret A.Ş.
-
Akfen İnşaat Turizm ve Ticaret A.Ş.
-
Akfen Holding A.Ş.
21.7
Akfen Holding A.Ş.
5.1
2nd
TAV İnşaat ranked as the
second largest airport
construction company on
Engineering News Record
(ENR)’s annual list, which
includes the world’s biggest
international contracting
companies.
Operations in 2013
93
Tav İnşaat (TAV Construction)
Thanks to its forward-looking investments and strong financial position,
TAV İnşaat has achieved remarkable success internationally.
TAV İnşaat’s projects completed in 2013 and ongoing projects include the
following:
Completed Projects
Title and Subject of Project
Location Project Size TAV’s Share
Project (US$ Million) (US$ Million)
Emirates Airlines A380 Maintenance Hangars
Steel Roof Construction project
Dubai-BAE
26
26
Al Sharaf Shopping Mall
Dubai-BAE
31
31
Towheed Iranian School
Dubai-BAE
9
9
Ankara Esenboğa Airport
Türkiye
312
312
Domestic and International Flight Terminals
Turkey
312
312
Istanbul Atatürk Airport Terminal Building and Multi-Storey Car Park Project
Turkey
397
397
Istanbul Atatürk Airport Renovation Project
Turkey
60
60
İzmir Adnan Menderes Airport International Flights Terminal Building Project
Turkey
180
180
İzmir Adnan Menderes Domestic Flights Terminal (Additional Work) Project
Turkey
18
18
Batumi Airport
Georgia
29
20
Tbilisi Airport
Georgia
62
44
Tunus
630
630
Cairo Airport TB3
Egypt
490
392
New Enfidha Airport
Passenger Terminal Building Project
Tunisia
630
630
Istanbul Atatürk Airport Expansion and Improvement Project
Turkey
89
89
Sharjah-BAE
43
43
Turkey
16
16
Dubai –BAE
98
98
Macedonia
111
111
Dubai-BAE
118
118
Abu Dhabi-BAE
62
31
Majestic Tower
Antalya Gazipaşa Airport
Sulafa Tower
Skopje and Ohrid Airports
Emirates Finance Towers Project
Abu Dhabi Airport Midfield Terminal-Pilehead Manufacturing
Istanbul Atatürk Airport 2010-2011 Investments
Total
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Tepe İnşaat 2013 Annual Report
Turkey
51
51
2,832
2,676
ONGOING PROJECTS as of (31.12.2013)
Contract
Contract Amount TAV
Actual
TAV İnşaat Amount Total İnşaat Share Progress %
Backlog
Client Share % (US$ million) (US$ million) (31.11.2013) (US$ million)
Project Name
Dream Dubai Marina
Hotel and Residences
M/S Sheffield
Holdings Limited
100
197
197
64.8
57
Tripoli Airport
Libyan Civil
Aviation Authority
25
2,133
533
36.9
332
Sebha Airport
Libyan Civil
Aviation Authority
50
229
115
7
109
Hamad Airport Passenger
Terminal Complex
Government of the
State of Qatar
35
4,063
1,430
99.9
0
Muscat Airport
Infrastructure Work
Sultanate of
Oman Ministry
of Transport and
Communication
50
1,170
585
85.9
65
İzmir Adnan Menderes
Airport Domestic Flights
Terminal Project
TAV Ege Terminal
Yatırım Yapım ve
İşletme A.Ş.
85.9*
362
311
92.9
37
Medina Prince
Mohammad Bin
Abdulaziz Airport
Tibah JV
50
959
480
56
287
Jeddah King Abdulaziz
Airport Aircraft
Maintenance Hangars
Saudia Aerospace
Engineering
Industries
40
765
306
5.6
289
Abu Dhabi Midfield
Terminal Complex
Abu Dhabi
Airports Company
33.3
2,942
981
11.7
839
Riyad King Khaled
Airport Terminal 5 Project
GACA
50
336
168
1.8
Damac Towers by
Paramount
DAMAC
100
289
289
283
Emaar Square Northern
Region Structural Works
EMAAR
60
61
37
36
TOTAL
13,506
Total Overseas Projects
13,083
5,084
Total Domestic Projects
423
348
* Although the contract for the Izmir Airport Project is fully executed by TAV İnşaat, all imports within the scope of the contract are
made by TAV Ege Terminal Yatırım Yapım ve İşletme A.Ş. Therefore, TAV İnşaat’s share is indicated as that share excluding the import
value.
Operations in 2013
95
İDO Istanbul Deniz Otobüsleri
(Istanbul Sea Buses)
With its modern fleet comprised of 55 vessels
(25 sea buses, 18 car ferries, nine fast ferries, one
passenger ferry and two service vessels), İDO is
one of the world’s leading maritime passenger and
vehicle transportation companies.
Istanbul Deniz Otobüsleri Sanayi ve Ticaret A.Ş. (İDO)
was established by the Istanbul Metropolitan Municipality
in 1987 to provide solutions for transportation in Istanbul
and help reduce the flow of traffic on the highways.
Turkey’s Largest Sea Transport Company
36,801
Number of Summer
Season Passengers
As of December 2013, İDO
had a passenger capacity of
36,801 in summer season
and 30,179 in winter
season. The company’s
vehicle capacity was 2,688
for both seasons at year’s
end.
Following the privatization of 100% of the shares of İDO
in accordance with the Privatization Law Nr. 4046, the
company was transferred to TASS Denizcilik ve Ulaştırma
Hizmetleri Turizm Sanayi ve Ticaret A.Ş. (TASS) on June
16, 2011, a company founded by the joint venture with the
highest offer at the tender. With the General Assemblies for
merger held in accordance with the Turkish Commercial
Code and related legal regulations, TASS (Tepe Akfen
Souter Sera Ortak Girişim Grubu) was transferred to İDO
on December 16, 2011 with all its rights and obligations.
The shareholders of İDO are Akfen Holding (30%),
Tepe İnşaat (30%), Souter Investment (30%) and Sera
Gayrimenkul Yatırım (10%) (TASS). With its modern fleet
comprised of 55 vessels (25 sea buses, 18 car ferries, nine
fast ferries, one passenger ferry and two service vessels),
İDO is one of the world’s leading sea transportation
companies providing services for passengers and vehicles.
As of December 2013, İDO had a passenger capacity of
36,801 in summer season and 30,179 in winter season.
The company’s vehicle capacity was 2,688 for both seasons
at year’s end. İDO operated 19 lines in total, six intracity
and 13 long distance. İDO provides sea transportation to
important points in Istanbul and around the Marmara Sea.
It holds the operating rights for up to 30 years for most of
the 35 ports in which it operates.
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Tepe İnşaat 2013 Annual Report
Operations in 2013
97
İDO Istanbul Deniz Otobüsleri (Istanbul Sea Buses)
Post-privatisation, İDO has focused primarily
on the Ro-Ro Project, which has remained on
the public agenda for a long time and which
concerns heavy vehicle traffic.
Investments
In order to further improve its quality
of service, İDO continued to make
significant capital investments in 2013. The
company’s investments included vehicle
storing areas, energy monitoring system,
pier reinforcement, fire-fighting system
and setups supporting disabled people
as well as new structuring, repair and
configuration work at terminals.
İDO’s major capital investments in 2013
included:
• Bakırköy Terminal Protective Paint
Work
• Bandırma Pier Reinforcement Project
• Bandırma Terminal Building Renovation
Project
• Bandırma Terminal Vehicle Storage Area
Asphalt Coating Work
• Terminal Buildings Energy Monitoring
System Installation Project
• Configuration Work at Terminals for
Disabled Persons
• Eskihisar Workshop Buildings
Renovation Project
• Eskihisar and Topçular Ports Open/
Covered Digital Board Procurement
Project
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Tepe İnşaat 2013 Annual Report
• Eskihisar Port Fire Fighting System
Setup Project
• Güzelyalı Terminal Vehicle Storage Area
Asphalt Coating Work
• Harem Terminal Building Renovation
Project
• Kabataş Terminal Building Renovation
Project
• Kadıköy Terminal Building Renovation
Work
• Marmara Island Guard Rail
Manufacturing Works
• Sirkeci and Harem Terminals Fire
Fighting System Setup Project
• Sirkeci Terminal Arrangement Project
• Sirkeci and Topçular Ports Fuel Tank
Removal Work
• Topçular Port Vehicle Storage Area
Asphalt Coating Work
• Topçular Port Fire Fighting System
Setup Project
• Yalova Terminal WC Repair Work
• Yenikapı Terminal Construction of
Training Room Project
• Yenikapı Terminal WC Repair Work
• Yenikapı Terminal Fire Fighting System
Repair Work
Additionally, the company successfully
completed the SAP BPC (Budget,
Planning and Consolidation) project, one
of the capital investments planned and
implemented under the Strategic Planning
Department. SAP BO project related work
is ongoing.
Business Development and Strategy
Post-privatisation, İDO has focused
primarily on the Ro-Ro Project, which
has remained on the public agenda for
a long time and which concerns heavy
vehicle traffic. In addition, İDO’s efforts
to employ the land at Ambarlı, Istanbul,
one of the company’s most valuable assets,
for use by the transport sector and to
achieve corporate development objectives
continued in 2013. At this point, the
company aims to initiate detailed project
design work on possible uses for the land,
following completion of ongoing technical
concept work. İDO plans to continue its
feasibility studies under the project, which
is considered to be of great importance for
traffic in both the Marmara Region and
Istanbul, in the coming year. The company
is also conducting research studies on
the marina, integrated transportation
initiatives and international projects as
part of its various business development
activities.
Operations in 2013
99
İDO Istanbul Deniz Otobüsleri (Istanbul Sea Buses)
İDO Financial and Operational Indicators
2013
Turnover* (Net Sales)
TL 507,483,939
EBITDA
TL 161,455,714
Number of Passengers
Number of Vehicles
Number of Trips
Number of Employees
Number of Subcontractors’ Employees
*Turnover and EBITDA data are obtained from the Capital Market
Board Report dated 31.12.2013.
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Tepe İnşaat 2013 Annual Report
50,527,752
7,820,323
190,790
1,001
813
Fleet Information
Sea Bus
2013
25
Fast Ferry
9
Ferryboat
18
Passenger Ferry
1
Service Craft
2
Total
55
İDO is conducting
studies on the
marina, integrated
transportation
initiatives and
international
projects as part of
its various business
development
activities.
Operations in 2013
101
İDO Istanbul Deniz Otobüsleri (Istanbul Sea Buses)
İDO ranked 254th on the Fortune Turkey
500 list of the country’s largest companies.
Corporate
Development of İDO
1987 The first two sea buses,
each with a capacity of 449
passengers, commenced
service. Three more sea buses
were purchased and put into
service during the year.
1988 Five new vessels were
purchased by İDO, increasing
to ten its number of sea buses.
1992 Kartal and Kadıköy
ports were put into service.
1994 With the purchase of
two Monohulls each with a
capacity for 155 passengers,
the number of vessels at İDO
increased to 12.
1996 With the addition of
two more sea buses each with
a 450 passenger capacity, the
number of sea buses reached
14.
1997 The total ships in
the fleet reached 20 with
the addition of three
350-passenger sea buses, two
fast ferries with a capacity to
hold 450 passengers and 94
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Tepe İnşaat 2013 Annual Report
vehicles and a 400-passenger
sea bus that was
manufactured domestically
for the first time at the
Pendik Shipyard of Türkiye
Gemi Sanayi. A new line was
launched between Yalova and
Yenikapı during the same year
that Istanbul’s first fast ferry
service got underway.
1998 Two fast ferries each
with a capacity to carry 800
passengers and 200 vehicles
were built and joined the fleet.
The sea bus, Temel Reis II,
built at the Pendik Shipyard
was put into service.
2000 Barbaros Hayrettin
Paşa and Sokullu Mehmet
Paşa, two 400-passenger sea
buses built at the Pendik
Shipyard, commenced
service.
2003 İDO launched an
online reservation and sale
system for its intercity (ticketbased) fast ferry and sea bus
lines and began ticket sales
via credit cards.
2004 Two fast ferries,
each with a capacity for 588
passengers and 112 vehicles,
were purchased and put into
service on the Pendik-Yalova
line.
2005 Two 155-passenger
Monohulls were turned over to
the Izmit Municipality.
The management of the city
lines, which was previously
operated by Türkiye Denizcilik
İşletmeleri (TDİ, Turkish
Maritime Organization), was
turned over to İDO along with
the vessels and ports.
2007 Five new sea buses built
in Singapore and the Osman
Gazi–1 and Orhan Gazi–1 fast
ferries, each with a holding
capacity of 225 vehicles and
1,200 passengers, built by
Austal, joined the İDO fleet.
The domestically-manufactured
car ferry Suhulet joined the
İDO fleet.
2008 Sahilbent, Suhulet’s sister
vessel, joined the İDO fleet.
Sultan Ahmet and Sadabat car
ferries commenced service.
Two double-ended fast
ferries, Yavuz Sultan Selim
and Kanuni Sultan Süleyman,
built by DAMEN in China,
joined the İDO fleet.
A flexible pricing policy
was adopted, starting with
the Bandırma line and was
extended to all intercity lines
by August.
Fatih, the first of the Model 4
boats chosen by the citizens of
Istanbul, was put in service.
2012 The İDOBÜS sales
2009 Kadıköy, Beyoğlu,
Beykoz and Sarıyer, the other
Model 4 boats, commenced
service.
Yeni Haliç (New Golden
Horn) boats joined the İDO
fleet.
2010 Thirty-four passenger
boats and 49 intracity ports
were turned over to Istanbul
Şehir Hatları Turizm Sanayi
ve Ticaret. A.Ş., a subsidiary
of Istanbul Metropolitan
Municipality.
2011 İDO Sanayi ve Ticaret
A.Ş. was turned over to the
TASS (Tepe-Akfen-SouterSera) Joint Venture Group.
Bozcada 1 joined the İDO
fleet.
system was completed and
commenced trips in March.
The SAP Restructuring
Project was completed.
İDO received the
“Privatization of the Year”
award for project finance in
the competition organized
by the Project Finance, a
Euromoney Publishing
Group magazine.
İDO ranked 254 the among
the largest 500 companies in
Turkey on the Fortune Turkey
500 list.
Total Number of
Passengers Transported
50,527,752
Total Number of
Vehicles Transported
7,820,323
Total Passenger
Transportation Capacity
Summer Season
36,801
Winter Season
30,179
Total Number of Trips
190,790
2013 In 2013, İDO initiated
İDO TV (closed circuit TV)
broadcasting on the vessels of
its fleet.
As of March 1, KabataşKadıköy-Bursa bus (land
transportation) services
on İDOBÜS line were
discontinued.
Turgut Reis-I vessel was sold
and taken off the İDO Fleet.
Operations in 2013
103
Human Resources Policy
Tepe İnşaat’s human resources policy focuses
on making the Company’s competitive edge
sustainable through recruitment, planning and
management related activities.
The Company encourages the adoption
of employee-oriented approaches and
applications that support its strategic
objectives and performance as well as the
recruitment of successful, dynamic, careerminded and motivated persons by the Tepe
İnşaat family. The Company considers
human resources as a critical component
of its operations that requires continuous
development. As a result, Tepe İnşaat
maximizes the performance of its human
capital by bringing employee qualifications
and skills to the forefront and by fostering
teamwork. Seeing investment in human
resources as a means to achieve longterm corporate objectives, the Company
considers ongoing improvement in employee
satisfaction as one of its main priorities.
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Tepe İnşaat 2013 Annual Report
In today’s business environment, efficient
use of human capital is as important as
investing in technology and ensuring
financial strength. Achieving efficiency in
human resources operations is critical in
effectively leveraging corporate strength.
Tepe İnşaat’s Human Resources Department
is committed to performing its duties
and responsibilities in line the Company’s
growth strategies, objectives and business
plans.
With the aim to create human capital that
will meet the requirements of the rapidly
developing construction sector, Tepe
İnşaat continuously provides training
opportunities for its employees while
organizing various activities to improve
the quality of life of personnel. Focused on
increasing employee motivation through
business analysis and design, as well as
appreciation and reward systems, the
Company places special importance on
occupational health and safety, which is
critically important in the construction
business.
Sustainability
105
Human Resources Policy
Conducting operations globally, Tepe İnşaat
provides domestic as well as international
training opportunities.
Training Policy
Considering the satisfaction of employees’
organizational, functional and personal
development training needs one of
the most important factors ensuring
sustainable corporate development, Tepe
İnşaat establishes an annual training plan
based on training requests received from
company departments at the end of every
year. As a company operating in the global
arena, Tepe İnşaat provides domestic, as
well as international training opportunities.
All courses are followed up with Personal
Training Assessments and Training
Activity Assessments along with data
gathered from these assessments and are
used for the annual training plan for the
following year.
The Company’s training program is based
on the performance objectives that are
specified at the beginning of each year.
Accordingly, performance targets set for
2013 and actual performance realized are
presented below:
• The target to complete 50% of the
planned training topics was realized at
55%.
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Tepe İnşaat 2013 Annual Report
Age Profile (%)
25–34
16.5%
45–54
31%
18–24
1.5%
55 and above
8%
35–44
43%
• The target training time per employee
was 8.0 hours and the actual realized
was 6.6 hours.
The effective scheduling of employee
workload with the date of training
sessions conducted by training companies
is the most important factor in reaching
these targets.
Breakdown by
Personnel Type (%)
Technical
40%
Educational Level (%)
Administrative
60%
Undergraduate
42%
Elementary School
30%
Graduate
4%
Associate
degree
5%
Gender Profile (%)
Female
17%
Secondary
School
19%
Breakdown by Workplace (%)
Male
83%
Support
Units
13%
Head
Office
27%
Domestic
Contracting Projects
19%
Domestic
Investment Projects
23%
International
Contracting
Projects
18%
Sustainability
107
Occupational Safety, Environmental
and Quality Policy
Tepe İnşaat structures all its business processes
using the quality management system,
in compliance with legal and regulatory
requirements and at international standards.
Tepe İnşaat ISO 9001 Quality
Management System
Tepe İnşaat structures all its business
processes using the quality management
system, in compliance with legal
and regulatory requirements and at
international standards. Steadily raising
the bar in accordance with the continuous
improvement approach, the Company
observes the following key priorities when
carrying out 2013 operations which it
describes as “The Quality Journey”:
• Tepe İnşaat has set quantifiable targets
and processes to achieve results that meet
customer requirements. These conditions
are in line with the Company’s Quality
Policy and were determined for all
operations within each process, the input
for the process, suppliers and necessary
results as well as domestic/international
clients and defined the relationship
between the processes.
• To achieve efficiency in all processes, the
methods, directives and regulations have
been defined and the job descriptions of
the process owners and employees have
been made as well as the area of their
authority and capabilities.
• Regarding management system practices
at construction sites, Project Management
plans have been made for each site and
work has been undertaken to maintain
responsibility sharing and communication.
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Tepe İnşaat 2013 Annual Report
• In line with the continuous improvement
approach, the Company carries out
planned internal audits by trained internal
auditors twice a year; subsequently, senior
management reviewed achievement rate
for performance goals, the outcome of
corrective and preventive operations,
customer feedback, training efficiency
and similar processes and the results of
other analyses and measurements. The
Company assessed the capacity, suitability
and efficiency of the system, made
available necessary additional resources
and implemented precautionary measures
as needed.
Tepe İnşaat OHSAS 18001 Occupational
Health and Safety Management System
• Having defined occupational health and
safety implementations in accordance
with OHSAS 18001 Management System
standards, Tepe İnşaat strives to improve
its infrastructure in line with current needs
and future expectations.
With its OHSAS 18001 Management System
certification Tepe İnşaat effectively controls
the occupational health and safety risk of its
employees and stakeholders in its influence
area and carries out updates in line with
current needs. During the integration of the
Occupational Health and Safety Management
System into the corporate structure of the
Company, the PDCA Cycle (Plan-Do-CheckAct) developed in part by Edward Deming
has been utilized.
During the System’s planning stage, hazards
related to the Company activities are first
identified and an effective risk assessment is
performed. During the assessment process,
preparations are made to prevent possible
hazards with a proactive approach using
quantifiable and concrete approaches as well
as the previous experiences and foresight
gained within the Company. Following the
risk assessments, occupational health and
safety goals for various processes are set in
accordance with the current technological
facilities and operating conditions stipulated
by the law as well as by the Company itself.
Action plans formed in relation to these goals
are then implemented and continuously
updated in light of recent developments.
Employees, including subcontractors, at the
construction sites and at units with similar
operational activities, receive constant
training about compliance with methods
defined in relation to occupational health
and safety, sharing responsibility, potential
risk, and emergencies and using protective
equipment.
The effectiveness of the implementation
of documented methods is also evaluated
throughout the process.
The criteria for operational control is
established by taking activities, equipment,
site-based directives, process-based
regulations, practical checklists and
monitoring and measurement plans into
consideration; maximum effort is invested
in order to prevent deviations. All accidents,
incidents and near-miss events are analyzed
multilaterally and permanent improvements
are made in the system through statistical
analyses and corrective and preventive
actions.
Construction Site Occupational Health and
Safety supervisors constantly monitor field
work and periodical controls, measurements,
analyses and maintenance work regarding
each process is undertaken by process
owners in accordance with the plans.
System overhaul needs are identified and
implemented through preplanned internal
audits and detailed review meetings.
Enjoying a strong brand reputation thanks
to a corporate structure closely linked
with innovation, Tepe İnşaat aims to
continue implementing “best practices”
in occupational health and safety for
stakeholders in the coming period.
Sustainability
109
Bilkent University
Graduates of Bilkent University successfully
represent their university both in the business
community and in well-established educational
institutions around the world.
Bilkent University was founded on
October 20, 1984 with the joint resolution
of the İhsan Doğramacı Education
Foundation, İhsan Doğramacı Health
Foundation and İhsan Doğramacı
Science and Research Foundation. As
the first foundation university in Turkey,
Bilkent aims to become one of the world’s
leading universities, in science, culture
and the arts, renowned for its quality of
education, scientific research and academic
publications. The name of the university
itself is inspired by this objective: Bilkent
is the abbreviation of “bilim kenti” in
Turkish, which means “City of Science.”
Preparations to establish Bilkent University
began in 1967 with the purchase of a
large tract to the west of Ankara and
continued with the construction of the
campus buildings in the late 1970s and
early 1980s. The first structures on the site
now house the Faculty of Engineering and
the University Library. In parallel with
Bilkent’s steady institutional development,
the university built cafeterias, dormitories,
a concert hall, sport facilities, new faculty
and college buildings as well as pre-school,
elementary and high schools, two health
centers, a computer center building and
scientific research facilities in the campus
area.
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Tepe İnşaat 2013 Annual Report
Having opened its doors in 1986 with
386 enrolled students, Bilkent University
has become today a globally recognized
educational institution with nine faculties,
two colleges and three vocational schools
offering 34 undergraduate, six associate
and 47 graduate degree programs, with
13,000 enrolled students and a faculty of
academics from 40 different countries.
The University provides its students a
global vision and raises the quality of
education to the level of the world’s most
successful and distinguished universities
via exchange program agreements with
other international universities, including
various institutions in North America,
Europe and Asia.
Graduates of Bilkent University
successfully represent their university
both in the business community and in
well-established educational institutions
around the world. Established in 1988 to
guide students in post-graduation career
planning, the Career Center maintains
strong ties with students, alumni and the
professional world. The Career Center
at Bilkent is the first facility opened by a
Turkish university for such a purpose.
Sustainability
111
Bilkent University
Bilkent ranked 28th on the “Asia’s 100 Best
Universities” list published by the Times Higher
Education and Thomson Reuters.
As the leading university in Turkey in
terms of the number of international
academic publications per faculty member
almost every year since its founding,
Bilkent University maintains its pioneering
role in higher education in the country.
Bilkent University in Figures
• Established in 1984 as Turkey’s first
foundation university, Bilkent opened its
doors to students in 1986.
• The campus sits on a 5,000 acre tract, of
which 3,000 acres are forested.
• Bilkent alumni number more than
35,000.
• Almost 40% of the 13,000 students
enrolled at the University are on a
scholarship.
• Nine faculties and two colleges offer 32
and 47 postgraduate degree programs,
respectively.
• Bilkent has an academic staff of more
than 1,000 scholars altogether, from 40
different countries.
• Faculty members were supported with
a budget of more than TL 320,000,000
between 2005 and 2013 via 289
TÜBİTAK projects, 83 European Union
projects and 224 private and public
sector company projects.
• Student exchange programs are
organized with more than 240
universities worldwide.
112
Tepe İnşaat 2013 Annual Report
• Visited by 860,000 researchers and
students every year, the University
Library is open 362 days a year and
offers world-class services with a
collection of 446,000 books, 226,000
electronic journals, 136,000 electronic
books, 1,650 printed journals and 140
interactive databases.
• More than 100 student clubs are active at
the University.
• With the initiatives they have developed
since 1999, Bilkent students have
provided support to elementary schools,
senior citizens and others in need
throughout Turkey.
• Student run and operated Radio Bilkent
broadcasts at FM 96.6.
• The University’s dormitories house 4,000
students.
• The Health Center serves students 24/7
and the University covers some 80% of
student medical expenses.
• Bilkent Symphony Orchestra (BSO),
composed of musical artists from 13
different countries, performs more than
70 concerts every year at the Bilkent
Concert Hall, which seats 800 people.
• Approximately 700 established
institutions visit Bilkent University each
year to promote their organizations and
to reach out to potential employees.
• Established in 2002, Bilkent Cyberpark
is one of Turkey’s largest technology
parks. With its 209 companies and nine
research centers, the Cyberpark provides
employment opportunities for some
3,500 persons.
• According to 2012 data from the Times
Higher Education and Thomson Reuters,
Bilkent University ranks 32nd among the
best global universities founded within
the past 50 years. The rankings are based
on such criteria as quality of education,
diversity of international students and
faculty members, contributions to
industry, scientific research and citations
made to their academic publications.
• Bilkent University ranked 32nd on the
“World’s Best 100 Young Universities”
list published by Times Higher
Education (UK), one of the world’s
pioneering publications in the higher
education field, and Thomson Reuters
(USA), a leader in sector data analysis.
Bilkent University is the only university
in Turkey that appears on this list, which
evaluates universities founded in the
past 50 years.
• Bilkent ranked 28th on the “Asia’s 100
Best Universities” list published by the
Times Higher Education and Thomson
Reuters.
Sustainability
113
Contents
Contact Information
Tepe İnşaat Sanayi Anonim Şirketi
Tepe İnşaat Sanayi Anonim Şirketi Head Office
Beytepe Köyü Yolu No: 5, Bilkent, Ankara, Turkey
Phone: +90 (312) 266 58 00 (13 Lines)
Fax: +90 (312) 266 78 38-39
E-mail: info@tepeinsaat.com.tr
Business Development: ig@tepeinsaat.com.tr
Human Resources: ik@tepeinsaat.com.tr
Istanbul Office
At a Glance
2 Key Indicators in 2013
3 Major Developments in 2013
8 Tepe İnşaat in Brief
12 Vision, Mission and Corporate Values
14 Key Financial Indicators
16 Subsidiaries and Affiliates
18 Bilkent Holding
22 A 45-Year History Dedicated to Creating Long-Term Value
48 Message from the Management
50 Board of Directors, Senior Management and Board of Auditors
Operations in 2013
52 Business Development and Operation Map
54 Contracting Projects (Domestic)
61 Contracting Projects (Overseas)
66 Investment Projects
70 TAV Havalimanları (TAV Airports)
90 TAV İnşaat (TAV Construction)
96 İDO (Istanbul Sea Buses)
Sustainability
104 Human Resources Policy
108 Occupational Safety, Environmental and Quality Policy
110 Bilkent University
Financial Statements
115 Independent Auditors Report, Financial Statements and Footnotes
Başıbüyük Mahallesi Emek Cad. No: 281/B
Narcity Konutları, Maltepe, Istanbul, Turkey
Phone: +90 (216) 675 08 00 – 01
Fax: +90 (216) 675 08 02
E-mail: istanbul@tepeinsaat.com.tr
Iraq Country Office-Erbil
Gulan Street English Villages, No: 250, Erbil, Iraq
GPS: N 36° 11’ 37” E 43° 58’ 16”
GSM: +964 750 396 34 34
E-mail: info@tepeinsaat.com.tr
Iraq-Sulaymaniyah Office
Sulaymaniyah New University Campus Qilyasan, Sulaymaniyah, Iraq
GSM: +964 770 364 34 66, +964 750 115 14 62
E-mail: info@tepeinsaat.com.tr
Russia Country Representative Office
119435, Bolshoy Savvinskiy Per. 9, Building 2, Moscow, Russia
Phone: +7 (495) 221 10 49
Fax: +7 (495) 221 10 44
E-mail: info@tepeconstruction.ru
Web: www.tepeconstruction.ru
Azerbaijan Office
Hakverdiyev Küçesi Ev No: 21, Baku, Azerbaijan
Phone: + 994 12498 14 95
Fax: + 994 12498 92 57
E-mail: info@tepeinsaat.com.tr
Albania Office
Gjergji Business Center Floor 5 No: 1-2, Tirana, Albania
Phone: + 355 42251187
Fax: + 355 42258360
E-mail: info@tepeinsaat.com.tr
Turkmenistan Office
Tepe Türkmen İnşaat ve Tic. A.Ş. Yimpaş Business Center 54,
Turkmenbashi Avenue,
Office Number: 701–B Ashgabat/Turkmenistan
Phone: +993 (12) 450 291, +993 (12) 450 292
Fax: +993 (12) 450 293
E-mail: info@tepeturkmen.com
Web: www.tepeturkmen.com
2013 ANNUAL REPORT
TEPE İNŞAAT 2013 ANNUAL REPORT
www.tepeinsaat.com.tr
THE PAST, THE
PRESENT AND
FOREVER…
1969>2014>∞