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2001; The number of members reached 193,000. The restructuring program, launched in 2000, in OYAK and its subsidiaries was completed. All of the shares of Sümerbank A.Ş. and its subsidiary YADAŞ Bilgisayar ve Yazılım Hizmetleri A.Ş. and also, % 91.5 share of Yaşar Yatırım A.Ş. was acquired from Deposits Insurance System. OYAK Call Center has started to activate. Enterprise Identity Studies has been enlarged covering the OYAK Subsidiaries. The Annual Report was published for the first time. This report was opened to public according to the transparency decision for OYAK.
2002; The number of members reached 206,000. The mergers of Sümerbank into Oyak Bank and of Yaşar Yatırım into Oyak Yatırım Menkul Değerler have been completed. All shares in Adana Kağıt Torba were acquired and the company's name has been changed to OYKA Kağıt Ambalaj. The companies, OYAK Konut and OYAK Enerji, were set up. OYAK's equity stakes in Selyak has been sold. It has been decided to suspend the commercial activities of OYPA.
2003; The number of members reached 216,000, the number of members participating in the Supplementary Housing Preaccumulation Fund increased to 95,000, the total number of participant transactions (including additional contributions) in the Donation Based Retirement Income System reached 39,000. In the 6th phase of Eryaman Project by OYAK-TOKİ collaboration, 1660 new residences have been presented to allocation. Two campaigns were arranged in order to provide better conditions to OYAK's members while buying car. OYAK Emeklilik , private pension funds company, was set up. OMSAN has set up new companies in Bulgaria, Rumania, Russia and Azerbaijan to expand its scope and to be more effective in the foreign markets. OYTEK, Oyak Teknoloji ve Kart Hizmetleri, used to be an Oyak Bank subsidiary, was acquired by OYAK and restructured so as to be able to serve the entire OYAK Group as a technology company. OYKA Kağıt Ambalaj has acquired SEKA Çaycuma facilities from the Privatisation Administration. In order to develop their operations and increase productivity, studies related to merger of OYAK Group's cement sector companies Oysa Niğde and Oysa İskenderun Çimento under the name of Oysa Çimento have been completed. OYAK has started to work on raising a syndicated credit from international markets for the first time in its history.
2004; The number of members reached 223,000, the number of members participating in the Supplementary Housing Preaccumulation Fund increased to 104,000, the total number of participant transactions (including additional contributions) in the Donation Based Retirement Income System reached 47,000. In the 6th phase of Eryaman Project by OYAK-TOKİ collaboration, in addition to 1660 residences in the 1st and 2nd part, 1152 new residences have been presented to allocation in the 3rd part. An automobile campaign was arranged providing special term and interest rates to OYAK's members OYAK Anker Bank, which is used to be an OYAK Bank subsidiary by 1995, was acquired by OYAK. OYAK Yatırım shares which was hold by OYAK Bank were acquired by OYAK and the share percentage of OYAK in OYAK Yatırım became % 99,44. The establishment of OYAK Beton was completed by the March of 2004. The shareholders are OYAK, Adana Çimento, Bolu Çimento and Ünye Çimento. Additional %10 of the shares of OYSA Çimento, was sold in İMKB by OYAK and Sabancı Group, OYAK's minority shares in Goodyear have put up to sale. OYAK participated in İskenderun Enerji Üretim ve Ticaret A.Ş. (ISKEN) which operates in producing and selling electricity by 49 % . After the change in the Special Security Companies Law, hygiene activities in OYAK Savunma ve Güvenlik Sistemleri A.Ş. were assigned to OYAK Pazarlama Hizmet ve Turizm A.Ş. where the reorganisation studies are held. By the abrogating of OYAK Turizm's functions, tourism activities has been fulfilling in the structure of OYAK Pazarlama. OYAK Telekomünikasyon Hizmetleri A.Ş. was established as a % 100 subsidiary of OYAK Pazarlama to put into force OYAK NET Project. This project was designed in order to unite communication infrastructure of OYAK's subsidiaries at first which have wide branch network and in long term all of the OYAK Group companies. OMSAN has set up a joint venture under the name of OMFESA with TRANSFESA which is a leading company in Europe in the railway transport industry. OYAK has raised a syndicated credit from international markets for the first time in its history.
2005; In keeping with the Fund's ongoing policy of disposing of its minority stakes under the best possible market conditions, the process of selling off OYAK's shares in Goodyear that began in 2004 was completed as of 4 March 2005. In the Ankara Eryaman/Atakent Housing Project undertaken by OYAK as a joint venture with the Housing Development Administration (TOKİ), the latter finished delivering 1,660 first and second phase units to OYAK members in July 2005. BİRÇİM Çimento ve Madencilik Sanayi ve Ticaret Afi (BİRÇİM Cement and Mining Industry and Trade Inc) was set up as a joint venture of OYAK, Adana Çimento, Bolu Çimento, Ünye Çimento, Mardin Çimento, Elazığ Çimento, and OYAK Beton to pursue investment opportunities in the cement industry. In October 2005, OMSAN Lojistik set up OMSAN BV, a wholly-owned subsidiary based in Holland. On 4 October 2005, OYAK submitted the winning bid in the tender held by the Privatization Administration for the sale of state-owned Ereğli Demir Çelik (ERDEMİR). OYAK Bank acquired OYAK Yatırım Menkul Değerler's 40% stake in OYAK Portföy Yönetimi in November 2005, thereby making OYAK Portföy Yönetimi a wholly-owned subsidiary of the Bank. OYAK received its first-ever international credit rating last year. In a report released by Moody's Investors Service in November 2005, OYAK received a “B1 positive outlook” long-term foreign currency rating, which is identical to Turkey's sovereign rating. In its report Moody's also indicated that if OYAK were to issue a bond denominated in a foreign currency, the bond's rating could potentially be assigned at a higher level than the Republic's own rating. Moody's also announced a long-term local currency rating of “Ba2 stable outlook” for OYAK, two levels higher than its B1 foreign currency rating. In December 2005, ATAER Holding was established as an SPV by OYAK, a wholly-owned subsidiary, in order to realize of transaction of ERDEMİR. OMFESA Logistica SA, a new joint venture in which OMSAN Lojistik's Dutch subsidiary OMSAN BV and Transfesa of Spain each control a 50% stake was set up. In December 2005, Adana Çimento set up Adana Çimento Free Port Ltd, a Magosa free zone operation that will be packaging and selling cement shipped from Adana Çimento to the Turkish Republic of Northern Cyprus. In December 2005, Standard & Poor's assigned OYAK a “BB- stable outlook” long-term foreign currency rating, which is identical to its sovereign rating for Turkey, as well as a long-term local currency rating of “BB- stable outlook”. When it raised Turkey's country rating, Moody's Investor Service also raised the B1 long-term foreign currency rating that it assigned to OYAK to Ba3 as well while also reconfirming the Group's Ba2 long-term local currency rating. The outlooks announced for both ratings were “stable”. At end-2005, OYAK's membership numbered more than 227 thousand. As of the same date, the number of participants in the OYAK Housing Savings Fund was 100 thousand and the number in the Donation Based Retirement Income System was 49 thousand.
2006; The ERDEMİR investment represents an important turning point in OYAK's corporate history of 44 years. This huge investment makes OYAK one of the biggest actors in our Country's industrial landscape and has also opened a most important new page in its future investment and growth processes. ERDEMİR In 2006 OYAK acquired the ERDEMİR Group, the 8th biggest steelmaker in Europe. The sale of ERDEMİR, regarded as one of the biggest privatizations in Turkey's history, was completed on 27 February 2006 when it was acquired by ATAER Holding, a wholly-owned subsidiary of OYAK. A single cash payment in the amount of USD 2.96 billion was made for a 49.29% stake in ERDEMİR, including the 3.17% share that was formerly held by Türkiye Kalkınma Bankası. With the addition of the 3.08% stake in ERDEMİR that already existed in its portfolio, ATAER Holding controlled a 52.8% majority interest in ERDEMİR at the conclusion of the sale. Foremost among the important aspects of the ERDEMİR investment are the material dimensions that the ERDEMİR Group represent for OYAK. ERDEMİR is structured essentially as a holding company and it represents an economic asset that we believe will make a tremendous contribution to OYAK as time goes by. According to independent rankings, the ERDEMİR Group is the 8th biggest steelmaker in Europe. The Group consists of 11 subsidiaries. ERDEMİR, the Group's biggest company, is the only fully integrated maker of flat steel products in Turkey. İSDEMİR, the Group's second biggest company, has a crude steel processing capacity of 2.2 million tons a year. Projects currently in progress at İSDEMİR represent the biggest iron&steel investments being undertaken in a single factory in the world today and they are also the biggest industrial investment project in our own Country at this time. Other members of the ERDEMİR Group
• ERDEMİR Maden: Iron ore and pellet production ERDEMİR also controls stakes in Arcelor Ambalaj (steel packaging) and BORÇELİK (hot dip galvanized and hot-rolled steel). OYAK's biggest investment to date ERDEMİR represents the biggest single equity stake ever acquired by OYAK in its corporate history. The share price levels that were reached in iron & steel company mergers taking place after the ERDEMİR privatization are evidence that the market values of such companies are increasing steadily. In that respect therefore, the ERDEMİR investment represents an important and potent resource with which OYAK will be able to create added value. With the completion of investments that are currently in progress at İSDEMİR, both the market value and the profitability of the ERDEMİR Group are expected to increase rapidly. A year of restructuring and record-breaking for the ERDEMİR Group Immediately after taking the ERDEMİR Group over, OYAK launched a series of comprehensive restructuring, strategy alignment and productivity increase projects. As a result of these projects, ERDEMİR posted the best industrial, commercial, financial and operational results in its history in 2006 and it booked a net profit 3.5 times that of 2005. Inter-group synergies and growth It is expected that the synergies that are created between the ERDEMİR Group and the other companies of the OYAK Group that are active in different sectors will contribute significantly to OYAK's success. In addition, OYAK will also be able to exploit the advantages of İSDEMİR's location (landholdings and access to rail, highway and port facilities) in order to pursue further growth in iron & steel and venture into new business lines such as seaport operation. Thanks to İSDEMİR's own slab production, ERDEMİR will no longer be dependent on imports for its slab inputs. Other synergies that are to be developed include those with İSDEMİR (procurement of coke, a major input in steelmaking) and with ERDEMİR Maden (ore). The synergies created by the combination of OYAK's own knowledge and experience in corporate management with ERDEMİR's deep-rooted corporate culture, technological muscle and competent human resources will make ERDEMİR one of the leading players in the worldwide steel industry. OUR HOUSING PROJECTS Our housing projects gained significant momentum in 2006. The services that OYAK provides for its members in this area fall into three categories: loans made to individuals to purchase their own homes, loans made to building cooperatives and the construction of mass housing. In addition to providing such loans, making each of its members the owner of a modern, comfortable home of their own is one of OYAK's primary corporate objectives and in 2006 important progress was achieved in that direction by giving greater emphasis to mass housing construction • The ATAKENT Project successfully completed in 2006 The ATAKENT mass housing project whose construction at Eryaman in Ankara began in November 2003 and which is a joint venture of OYAK and the Housing Development Administration (TOKİ) was successfully completed on schedule in 2006. The 1,152 units in Phase 6 Section 3, in the last stage of the project, were turned over to OYAK members between 12 June and 23 August 2006. • İzmir Yamaçevler project launched Construction work began in 2006 on the Yamaçevler project being undertaken by OYAK at Körfezköy in İzmir for its members. An announcement concerning the 700-unit project was made to members on 26 April 2006 and members' applications were accepted from 1 May to 23 June. Units were allocated to OYAK members who applied for them between 14 July and 27 October and actual construction work began during the latter month. It is expected that the units will be turned over to members in June 2008 • OYAKKENT Project Phase I construction work begins Another mass housing project launched in 2006 is located at İkitelli in İstanbul. The first phase of OYAKKENT was announced to OYAK members on 20 October 2006. Applications from members wishing to purchase these units were accepted via the OYAK website from 1 May to 23 June. A total of 1,495 applications were received for the project. Allocation procedures will be completed during 2007. Construction work began in April 2007. OYAK's CREDIT RATINGS OYAK, whose name is synonymous with reliability and sustainability is regarded as one of the most highly respected organizations in our Country by international credit rating agencies. In the last few years OYAK has become the focal point of interest in Turkey on the part of the world's biggest credit rating agencies, which regard it as one of the most highly respected organizations in the Country. OYAK's ratings were announced for the first time in 2005 by Moody's Investors Service and by Standard & Poor's and in both cases it became the first and only non-banking concern in Turkey to be awarded credit ratings that were equal to Turkey's the sovereign. A credit rating higher than the country rating In July 2006, Moody's confirmed the long-term foreign currency and local currency ratings that it had assigned to OYAK as “Ba2”, which is one grade higher than its “Ba3” country rating. It also announced a “stable” outlook for both ratings. During the first quarter of 2007, Standard & Poor's announced that it had raised OYAK's long-term rating to “BB”, which was higher than its “BB-” long-term foreign currency country rating, while its outlook remained “stable”. As its justification, S&P cited positive developments in both OYAK's and Group companies' business activities and financial standings. As a result of this action, OYAK's credit rating was one grade higher than Turkey's “BB-”. S&P also announced a “stable” outlook for its BB rating. Highest credit rating assigned at the national scale: trAA OYAK also became the first non-banking institution to receive a long-term “trAA” rating, the highest rating assigned by S&P on the national scale. The Company also announced a short-term rating of “trA-1”. Superior debt serviceability In its assessment of OYAK, S&P said that OYAK's debt serviceability was higher than that of the country and it confirmed that even if the national economy were to experience problems, OYAK itself was unlikely to have any financial difficulties of its own. In its announcement, S&P confirmed that its rating reflected “OYAK's large and diverse equity holdings portfolio-which spans power, cement, manufacturing and distribution and financial services and offers substantial complementarities and synergies-and on OYAK's successful profitability track record and supplementary pension fund activity's solid liquidity.” The “stable” outlook is a reflection of S&P's expectations that OYAK Group companies “will continue to perform well, pension fund activity will maintain its solid financial strength.”
2007; In 2007 OYAK embarked upon a restructuring of its portfolio of financial services stakes. In December of the year it finalized the process of divesting itself of OYAK Bank and at the beginning of 2008 it launched the process of selling off its insurance holdings as well. OYAK Bank is sold to ING Bank. An agreement to sell all of OYAK’s shares in OYAK Bank to ING Bank was signed on 18 June 2007. After the sale of OYAK Bank was duly authorized by the Competition Board, the Banking Regulation and Supervision Agency and the Capital Markets Board in Turkey, the transfer of shares took place on 24 December 2007. The USD 2,673 million payment for the shares was transferred to OYAK’s account as of the same date. The process of selling OYAK’s stake in AXA OYAK to the AXA Group has been launched. An agreement has been reached to sell OYAK’s 50% stake in AXA OYAK to the AXA Group for USD 525 million. The sale is now in the process of obtaining approval from authorities and it is expected that the transaction will be completed before midyear 2008. During 2006 the Competition Board ruled that the OYAK-Sabancı partnership in OYSA Çimento was in violation of the law and in a decision (06-69/930-267 dated as 3 October 2006), the authority gave the OYAK and Sabancı groups six months' time in which to terminate the relationship. As a result of ensuing efforts, it was decided that the OYSA Çimento shares belonging to the OYAK Group would be sold to the Sabancı Group and that its ‹skenderun facilities would be taken over by Adana Çimento. Work on these divestitures began in 2006 and they were both completed as of 30 April 2007. OYAK’s housing projects are continuing without letup. OYAK provides its home-ownership services for its members in three categories: loans made to individuals to purchase their own homes, loans made to building cooperatives and the construction of mass housing. In addition to providing housing loans, making each of its members the owner of a modern, comfortable home of their own is one of OYAK’s primary corporate objectives. Activities in the last of the three categories–mass housing construction– gained still more momentum with the addition of new projects in 2007 as OYAK continued its efforts to make still more of its members home-owners. Allocations for the İkitelli OYAKKENT project Phase 2 have been completed. In April 2007 announcements were made to members about the 471 units of the first phase of the 978 units that will make up the second phase of the OYAKKENT project. Allocations were completed as of November of the same year, with confirmed allocations being made for 207 of the units. Member announcements concerning the sale of the remaining units will be made in 2008. Construction work began in April 2008 and it is expected that the project’s units will be surrendered to their owners by the end of 2009. The most important mass housing projects in OYAK’s portfolio are summarized below. The İzmir Yamaçevler project has been completed and the units have been turned over to their owners. The 700-unit project’s announcements and allocation were completed during 2006 and construction work, which began in October of the same year, continued into 2007. The completed units were turned over to their owners during April 2008. Construction work has begun on Phase 1 of the İkitelli OYAKKENT project. Another mass housing project announced in 2006, on which construction work began in 2007 is OYAKKENT located in the İkitelli district of İstanbul. Applications from members wishing to purchase units in the OYAKKENT project were accepted via the OYAK website. Preliminary allocations were made for the 1,096 units making up the project’s first phase and of those, 978 were finalized. Construction work on the OYAKKENT project began on 26 April 2007. It is expected that the units will be ready to turn over to their owners before the end of June 2009. Allocations for the İkitelli OYAKKENT project Phase 2 have been completed. In April 2007 announcements were made to members about the 471 units of the first phase of the 978 units that will make up the second phase of the OYAKKENT project. Allocations were completed as of November of the same year, with confirmed allocations being made for 207 of the units. Member announcements concerning the sale of the remaining units will be made in 2008. Construction work began in April 2008 and it is expected that the project’s units will be surrendered to their owners by the end of 2009.
2008; Rapid progress in the OYAKKENT Project...
The foundations for 1,096 homes in Phase 1 of the project, located close to the center of İstanbul and based on state-of-the-art technology, modern architecture and urban design, were laid down in April 2007. The foundations of 471 homes in Part 1 of Phase 2 were laid in April 2008.
OYAK sold its shares in AXA OYAK Holding to the AXA Group.
OYAK's shares in OYAK Emeklilik (Private Pensions) were sold to ING Central Europe Insurance Group.
ERDEMİR: The new Blast-Furnace, “Ayşe”, designed, developed, built and commissioned entirely by Turkish engineers and workers, entered production in May 2008.
İSDEMİR: “Modernization and Transformation Investments'' (MTI) project is the largest single industrial investment ever made in the history of the Turkish Republic.
ÜNYE Çimento: The Company continued work on its investment in the Cement Filling and Packaging Terminal in 2008, which it had established under Unye Cem SRL in Romania in order to enhance its position in the region.
MARDİN Çimento: Investments related to the fourth cement mill were completed in 2008 and the fourth mill entered production in August 2008.
MAİS: The Company ended 2008 as the sector leader with a market share of 16.7% in passenger car sales, maintaining its position over the last decade.
TUKAŞ: The Company's new sauce manufacturing plant, with an annual capacity of 10,000 tons, came on stream at its Torbalı Factory in July 2008.
OMSAN Havacılık: Began to offer helicopter taxi services, having purchased a helicopter.
OYAK Teknoloji: The Company was handed the “Best Developing Microsoft Dynamics ERP Business Partner of the Year” award by Microsoft for the ERP activities it conducted in 2008.
2009;
Two awards for OYAK from EMEAFINANCE
EMEAFINANCE a London-based business and financial publication that focuses on Europe, the Middle East, and Africa gave OYAK awards for excellence in two “private equity” categories in 2009. OYAK was cited by the magazine as: • “Best Private Equity House in CEE” • “Best Private Equity Exit”. Aslan Çimento OYAK has acquired the Lafarge Marmara Group. In late 2009 OYAK added the Lafarge Marmara Group to its portfolio. Against a payment in the amount of EUR 130.3 million, OYAK acquired 1 integrated cement plant, 9 ready-mix concrete plants, and 3 aggregate quarries that had belonged to the Lafarge Marmara Group for its own cement-making operations. OYAK Renault: Turkey’s production and export champion In 2009 OYAK Renault produced 277,572 automobiles, thereby successfully defending its position as the leading manufacturer of passenger vehicles in the Turkish automotives industry. Although that industry experienced a 24% overall contraction (18% in automobiles) due to the effects of the global economic downturn last year, production at OYAK Renault’s own plants was down only 3% year-to-year and this is what helped maintain its industry leadership. OYAK Renault accounted for a third of the 884,466 vehicles manufactured in Turkey in 2009, a year in which the company also turned out more than 240,000 engines and about 260,000 gear boxes. ERDEMİR: Turkey’s fourth biggest industrial concern In the survey of Turkey’s 500 biggest industrial concerns that the İstanbul Chamber of Industry has been publishing for more than 40 years, ERDEMİR ranked 6th in 2007 and 4th in 2008. Among privately-owned companies, it ranked third. The biggest industrial investment program ever undertaken in the History of Turkish Republic continues without letup at İSDEMİR. When İSDEMİR joined the OYAK Group in 2006, an ambitious lineup of 40 projects representing the biggest industrial investment program ever undertaken in Turkey gained renewed momentum and vigor. Since then, 31 of the projects have been completed and 4 of the program’s plants have been partially commissioned. First deliveries in the OYAKKENT project… OYAKKENT is the biggest housing development project ever undertaken in OYAK’s history. Located on 3,600 decares of land in the İkitelli district of İstanbul, OYAKKENT is currently being built in a series of phases. When fully completed, the project will have about 12,000 dwelling units along with sports facilities, shopping centers, primary schools, a lycee, a hospital, and other amenities making it a modern satellite town. Located in the heart of İstanbul, the OYAKKENT project has been designed to incorporate high quality materials, advanced technology, and sophisticated architectural and urban planning principles. 1,096 dwelling units, whose foundations were laid during April 2007, were surrendered to their owners in June 2009. Construction of the second phase of 471 units was begun in April 2008 and of those, 456 have already been sold. Work on the third phase, consisting of another 507 units, began in October 2009 and it is planned to announce these to OYAK members during May 2010. 2010; In 2010 the number of OYAK members exceeded 259,000. Standard & Poor's (S&P) raised OYAK’s Long Term Credit Rating to BB+ in April. World Finance Journal chose OYAK the best pension fund of Turkey in 2010. OYAKKENT Project Stage 2 - Phase 1 housing completed and delivered to the right holders. 7.1 million tons of crude steel produced by ERDEMİR Group in 2010. With an agreement reached following the negotiations held throughout 2010, in January 2011 OYAK is going to raise its share in AYAS Enerji from 49% to 100%. OMSAN Denizcilik (Marine) purchased its first vessel “Fortune Express”. The pilot production of electrical version of Fluence ZE began and the first vehicle was manufactured at OYAK Renault’s Plant on December. |
