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B O L U Ç ‹ M E N T O S A N A Y ‹ ‹ A . fi . · B O L U C E M E N T I N D U S T R Y C O .

BOLU Ç‹MENTO SANAY‹‹ A.fi.

2004 ÇALIfiMA YILIYILLIK OLA⁄AN GENEL KURULU

Tarih: 31.03.2005

Yer: fiirket Merkezi

Saat: 11:00

Yönetim Kurulu Raporu, Bilanço, Kar/Zarar hesab›10.03.2005 Tarih 22 nolu Yönetim Kurulu Toplant›s›ndaKabul Edilmifltir.

BOLU CEMENT INDUSTRY CO.

2004 ANNUAL ORDINARYGENERAL ASSEMBLY

Date: 31.03.2005

Venue: Corporation Headquarters

Time: 11:00

The report of the Board of directors, balance-sheet,calculation of profit and loss approved in the meetingof the Board of Directors dated 10.03.2005

1

VizyonumuzÇimento kullan›m alanlar›n› gelifltiren,

ülke pazar›nda etkin rol oynayan, sayg›n, lider vegüvenilir bir flirket olmak.

MisyonumuzTopluma ve çevreye sayg›l›, verimli, etkin ve

yüksek sorumluluk bilinci içerisindeçal›flarak sürdürülebilir karl›l›¤› sa¤lamak

De¤erlerimizYarat›c›l›k, fieffafl›k, Dürüstlük, Kat›l›mc›l›k,

Rekabetçilik, ‹nsana ve Çevreye Sayg›,Müflteri ve Çal›flanlar›n Mutlulu¤u,

Mükemmeliyet, Oyak Kültürü.


2

Our VisionTo be a respectful, reliable and leader Company developingthe Cement utilisation areas and playing an active role inthe domestic and regional markets.

Our MissionTo maintain a continuous profitability by working withproductive, effective and high responsible conscious,respecting the society and the environment.

Our ValuesCreativity, Transparency, Honesty, Respect to the Humanand the Environment, Customer and Employee Satisfaction,Perfectionism, Competitiveness, Reliability,OYAK Culture.

Ana hissedar›m›z OYAK’›nVizyon, Misyon ve De¤erleri

do¤rultusunda;

In the direction of theVision, Mission and Values of OYAK,our main shareholder;

3


Kalite Politikam›zMüflterinin, ihtiyaç ve beklentilerini, standartlar ve yasal mevzuatlar

çerçevesinde karfl›lamak ve memnuniyetini sa¤lamak için:

• Çal›flanlar›m›z›n e¤itim ve kat›l›mc›l›¤›na önem vermek,• Kaynaklar›m›z› etkin ve verimli kullanmak,• Ürün kalitesinin süreklili¤ini temin etmek,

• Çevreye olan sorumlulu¤umuzun bilincinde olmak,• Sürekli iyileflme ve geliflme içinde, sektörün istikrarl›, öncü ve lider

kuruluflu olmak, politikam›z›n vazgeçilmez unsurlar› olacakt›r.

Çevre Politikam›zÇevre dostu bir kurulufl olarak, çevreye olan sorumluluklar›m›z›n

bilinci içinde faaliyetlerimizi sürdürmek için;

• Çevre mevzuat›na ve sektörel yükümlülüklere uymak,• Enerji ve do¤al kaynaklar› etkin ve verimli kullanmak,

• Faaliyetlerimiz esnas›nda oluflan kirlili¤in azalt›lmas›n› sa¤lamak,• Çal›flanlar›m›z›, tedarikçilerimizi ve toplumu

çevre konusunda bilinçlendirmek, • Sürekli iyileflmek ve geliflmek,

Politikam›z›n vazgeçilmez unsurlar› olacakt›r.

Our Quality PolicyIn order to meet the needs and expectations of the customers withinstandards and legal legislation and for their satisfaction:

• Improve the education and participation of our personnel,• Use the sources effective and productive,• Maintain the continuity and product quality, • Be conscious of our responsibility to the environment,• Be in continuous improvement and development, be the forerunner,

stable and leader entity of our sector.These will be the inevitable principles of our policy.

Our Environment PolicyAs an environment friendly Company in order to keep our activitiesgoing with our consciousness to the environment;

• Comply with the environment regulations and sectorial obligations,• Use energy and natural resources effective and productive,• Maintain the reduction of pollution created by our activities,• Educate our employees, suppliers and the society on awareness

of environment, • Maintain continuous improvement and development,

will be the inevitable principles of our policy.


4

‹Ç‹NDEK‹LER CONTENTS1. G‹R‹fi 1. INTRODUCTION

2. FAAL‹YETLER 2. ACTIVITIES

A. YATIRIMLAR A. INVESTMENTS

B. MAL VE H‹ZMET ÜRET‹M‹NE B. ACTIVITIES ON PRODUCTION OF‹L‹fiK‹N FAAL‹YETLER MERCHANDISE AND SERVICE

C. F‹NANSAL YAPIYA C. ACTIVITIES RELATED WITH‹L‹fiK‹N FAAL‹YETLER THE FINANCIAL STRUCTURE

D. ‹DAR‹ FAAL‹YETLER D. ADMINISTRATIVE ACTIVITIES

3. SONUÇ 3. CONCLUSION


5

BOLU Ç‹MENTO SANAY‹‹ A.fi. BOLU CEMENT INDUSTRY CO.

Kay›tl› Sermayesi • Registered Capital 112.000.000.000.000,- TL

Ç›kar›lm›fl Sermayesi • Increased Capital 112.000.000.000.000,- TL

Kurulufl Tarihi • Date of Foundation 05.08.1968

Adres • Address Bolu Mengen Yolu Çaydurt Mevki 14250 - BOLU

Telefon • Telephone (0.374) 226 47 70 (7 hat/lines) - 226 50 60 (7 hat/lines)

Telefaks • Telefax (0.374) 226 50 68 - 226 50 69

Web Adresi • Web Address www.bolucimento.com.tr

E-mail [email protected]

Telgraf • Telegraph BOLÇ‹M - BOLU

Posta Kutusu • P.O. Box 16 - BOLU

Ticaret Sicil No • Trade Register Number 1180

Vergi No • Tax Number 179 004 7314

Sanayi Sicil No • Industry Register Number 400696.02

Ankara Ö¤ütme ve Paketleme Tesisi Ankara Grinding and Packing PlantTelefon • Telephone (0.312) 815 50 50 (6 hat/lines)

Telefaks • Telefax (0.312) 815 50 60

‹stanbul Çimento Paketleme Tesisi ‹stanbul Cement Packing PlantTelefon • Telephone (0.216) 311 98 70 (2 hat/lines) - 311 51 76

Telefaks • Telefax (0.216) 311 98 72

Bolu M›c›r Tesisi Bolu Stone PlantTelefon • Telephone (0.374) 226 50 03 (2 hat/lines)

6


fiirketimizin 2004 y›l› Ola¤an Genel Kurul Toplant›s› AnaSözleflmesinin 26.maddesi uyar›nca, 31.03.2005 Perflembegünü saat 11.00’de Mengen Yolu Üzeri Çaydurt Mevkii BOLUadresindeki flirket merkezinde yap›lacak ve afla¤›daki gündemigörüflecektir.

Bu toplant›da haz›r bulunacak pay sahiplerimizin, toplant›danbir hafta önce flirketimizden girifl kartlar›n› alarak, bizzat veyabir temsilci vas›tas›yla Ola¤an Genel Kurul Toplant›s›nakat›lmalar›n› rica ederiz.

Temsilci göndermek suretiyle Genel Kurula kat›lacaklar›nusulüne uygun olarak düzenlenmifl vekaletname ve temsilcibelgesini flirkete ibraz› gerekmektedir.

2004 y›l› Bilanço, Kar ve Zarar hesaplar› ile YönetimKurulumuzun Faaliyet Raporu ve Denetçiler Raporu toplant›tarihinden 15 gün önce flirketimizin merkezinde ortaklar›m›z›ntetkikine sunulacakt›r.

Say›n ortaklar›m›z›n bilgilerine arz ederiz.

Sayg›lar›m›zla;YÖNET‹M KURULU

GÜNDEM

1. Aç›l›fl ve Baflkanl›k Divan›n›n teflkili, sayg› duruflu,

2. Genel Kurul toplant› tutana¤›n›n imzalanmas› konusundaBaflkanl›k Divan›’na yetki verilmesi,

3. fiirket ana sözleflmesinin sermaye bafll›kl› 6. maddesinin ektekiflekliyle de¤ifltirilmesi, ayr›ca Türk Ticaret Kanunu 399. maddesi(hisse senetlerinin itibari k›ymetleri ile ilgili) gere¤i 500 TL olanitibari de¤erli 20 pay getiren ortaklar›m›za 1 YKr. nominal de¤erli1 adet hisse ve 1 YKr. tamamlayan paylar için kesir makbuzuverilmesi ve bu ifllem nedeniyle ç›kar›lm›fl sermayeyi temsil eden7,8,9,10,11,12,13,14,15,16 ve 17. tertip hisse senetlerinin18.tertip hisse senedi olarak birlefltirilmesine iliflkin ekteki flekliyleEsas Sözleflmeye geçici bir madde eklenmesi,

4. Yönetim Kurulu Faaliyet Raporu ve Murak›p Raporununokunmas› ve görüflülmesi,

5. Ba¤›ms›z D›fl Denetim Özet Raporunun okunmas›,

6. 2004 y›l› faaliyetleri ile 2004 y›l›na ait vergi yasalar› ve SermayePiyasas› Kurulu mevzuat›na göre oluflan Bilanço, Kar ve Zararhesaplar›n›n ayr› ayr› okunmas›, görüflülmesi ve tasdikleri,

7. Yönetim Kurulu Üyeliklerinde ve Murak›plarda y›l içindekide¤iflikli¤in onaylanmas›,

8. Yönetim Kurulu ve Murak›plar›n ibra edilmesi,

9. 2004 y›l› vergi yasalar› ve Sermaye Piyasas› Kurulu mevzuat›nagöre oluflan karlar›n fiirket Ana Sözleflmesi ve Sermaye Piyasas›Kurulu mevzuat›na göre görüflülerek karara ba¤lanmas›,

10. Süresi sona eren Yönetim Kurulu Üyeleri ile Murak›plar›n yerinebir y›l süreli seçim yap›lmas› ve ücretlerinin tespiti,

11. Yönetim Kurulu Üyelerine Türk Ticaret Kanunu’nun 334 ve 335.Maddeleri uyar›nca, fiirketle Yönetim Kurulu Üyelerinin gerekkendi ve gerekse baflka flah›slar nam ve hesab›na iflyapabilmelerine flirketimizin ifltigal mevzuuna giren nevindenmuameleleri baflka flirketleri temsilen ifa edebilmelerine izinverilmesine dair karar al›nmas›,

12. Ba¤›ms›z D›fl Denetim firmas›n›n onaylanmas›,

13. 2004 y›l› içinde yap›lan ba¤›fllar›n ortaklar›n bilgisine sunulmas›,

14. Dilek ve temenniler,

BOLU Ç‹MENTO SANAY‹‹ A.fi.YÖNET‹M KURULU BAfiKANLI⁄INDAN

7


ESK‹ MET‹NSermaye:Madde 6- fiirket 3794 say›l› kanunla de¤iflik 2499 say›l› kanunhükümlerine göre kay›tl› sermaye sistemini kabul etmifl ve SermayePiyasas› Kurulu’nun 15.11.1990 tarih ve 844 say›l› izni ile bu sistemegeçmifltir.

fiirketin kay›tl› sermaye tavan› 70.000.000.000.000,-TL.’s›(Yetmifltrilyon) olup,her biri 500,-TL.’s› itibari de¤erde140.000.000.000,-(Yüzk›rkmilyar) paya bölünmüfltür.

fiirketin ç›kar›lm›fl sermayesi tamam› ödenmifl 24.787.552.142.000,-TL.’s›d›r. (Yirmidörttrilyonyediyüzseksenyedimilyarbeflyüzelliikimilyon-yüzk›rkikibin)

Bu sermayenin 6.767.661.837.548,-TL.’l›k k›sm› nakden ödenmifltir.Bakiye 18.019.890.304.452.-TL’.l›k k›sm› ise,Vergi Usul Kanunundade¤ifliklik yapan 2791 say›l› kanunun getirdi¤i Yeniden De¤erlemehükümleri gere¤ince oluflan de¤er art›fl fonunun sermayeye ilavesi ilekarfl›lanm›flt›r. Sermayeye ilave edilen bu tutar karfl›l›¤›nda ç›kar›lanhisse senetleri, flirket ortaklar›na hisseleri nispetinde bedelsiz olarakda¤›t›lm›flt›r.

Ç›kar›lm›fl sermaye afla¤›da yaz›l› oldu¤u flekilde bölünmüfl olupç›kar›lm›fl sermaye paylar›n› temsilen ihraç edilen hisse senetleri7.8.9.10.11.12.ve 13. Tertipten oluflmaktad›r.

Tertibi Hisse adedi Beher hissenin Tutar› (TL.)‹tibari

De¤eri (TL)7 1.202.043.032 500 601.021.516.0008 1.779.023.688 500 889.511.844.0009 1.997.314.702 500 998.657.351.00010 3.733.786.066 500 1.866.893.033.00011 7.405.342.364 500 3.702.671.182.00012 13.216.358.078 500 6.608.179.039.00013 20.241.236.354 500 10.120.618.177.000

49.575.104.284 24.787.552.142.000Hisse senetleri hamiline yaz›l›d›r.

‹dare Meclisi Sermaye Piyasas› Kanununun hükümlerine uygunolarak,gerekli gördü¤ü zamanlarda kay›tl› sermaye tavan›na kadarhamiline yaz›l› hisse senetleri ihraç ederek ç›kar›lm›fl sermayeyiart›rmaya ve hisse senetlerini birden fazla pay› temsil eden küpürlerhalinde birlefltirmeye yetkilidir.

YEN‹ MET‹NSermaye:Madde 6- fiirket 3794 say›l› kanunla de¤iflik 2499 say›l› kanunhükümlerine göre kay›tl› sermaye sistemini kabul etmifl ve SermayePiyasas› Kurulu’nun 15.11.1990 tarih ve 844 say›l› izni ile bu sistemegeçmifltir.

fiirketin kay›tl› sermaye tavan› 180.000.000,- (Yüzseksenmilyon) YTLolup, her biri 1 (Bir)YKr itibari de¤erde 18.000.000.000(Onsekizmilyar) paya bölünmüfltür.

fiirketin ç›kar›lm›fl sermayesi tamam› ödenmifl 112.000.000,-(Yüzonikimilyon) YTL.’dir.

Bu sermayenin 6.767.662,-YTL.’l›k k›sm› nakden ödenmifltir.Bakiye 105.232.338 YTL.n›n 60.192.192,-YTL’.l›k k›sm›, Vergi UsulKanununda de¤ifliklik yapan 2791 say›l› kanunun getirdi¤i YenidenDe¤erleme hükümleri gere¤ince oluflan de¤er art›fl fonununsermayeye ilavesi ile, 45.040.146,- YTL. l›k k›sm› ise ÖzsermayeEnflasyon Düzeltmesi farklar›ndan karfl›lanm›flt›r. Sermayeye ilaveedilen bu tutar karfl›l›¤›nda ç›kar›lan hisse senetleri, flirket ortaklar›nahisseleri nispetinde bedelsiz olarak da¤›t›lm›flt›r.

Ç›kar›lm›fl sermayeyi temsil eden hisse senetleri 1 YKr itibari de¤erde,11.200.000.000 paya bölünmüfl 18 nci tertip hisse senetlerindenoluflmaktad›r.

Hisse senetleri hamiline yaz›l›d›r.

‹dare Meclisi Sermaye Piyasas› Kanununun hükümlerine uygun olarak,gerekli gördü¤ü zamanlarda kay›tl› sermaye tavan›na kadar hamilineyaz›l› hisse senetleri ihraç ederek ç›kar›lm›fl sermayeyi art›rmaya vehisse senetlerini birden fazla pay› temsil eden küpürler halindebirlefltirmeye yetkilidir.

Geçici Madde 1:5274 say›l› Kanun ile de¤iflik 6762 say›l› Türk Ticaret Kanunu'nun399 uncu maddesi uyar›nca, hisse senetlerinin itibari de¤eri en az birYeni Kurufltur. Bu ba¤lamda, 500,-TL olan hisse senetlerimizin itibaride¤eri söz konusu Kanun hükmüne intibak amac›yla toplam paysay›s› azalt›lmak suretiyle 1 (Bir) Yeni Kurufl olarak de¤ifltirilmifltir.Dolay›s›yla, 500,-TL'lik 20 pay getiren ortaklar›m›za 1 YKr nominalde¤erli 1 adet hisse ve 1 YKr'a tamamlanamayan paylar için kesirmakbuzu verilecektir. Bu ifllem nedeniyle ç›kar›lm›fl sermayemizitemsil eden 7, 8, 9, 10, 11, 12, 13, 14, 15, 16 ve 17 nci tertip hissesenetleri 18 inci tertip hisse senetleri olarak birlefltirilmektedir. Pay vetertip birlefltirme ifllemleri ile ilgili olarak ortaklar›m›z›n sahip olduklar›paylardan do¤an haklar› sakl›d›r.

Hisse senetlerinin de¤iflim ifllemleri, sermaye piyasas› araçlar›n›nkaydilefltirilmesinin uygulamaya konmas›n› takiben ilgili düzenlemelerçerçevesinde yönetim kurulu taraf›ndan bafllat›lacakt›r.

8


The Ordinary General Assembly of our Company will meet forthe year 2004 as required by item 26 of our Main Agreement,on Thursday, 31.03.2005 at 11.00 hours at the CompanyHeadquarters located at Mengen Yolu, Çaydurt Site BOLU todiscuss the following Agenda.

Our shareholders who will be attending the meeting arerequested to get their entrance cards one week prior themeeting and be present at the Ordinary General Assemblypersonally or by way of an attorney.

Those who will be attending the General Assembly by wayof attorney are obliged to present the power of attorney orrepresentation document arranged in style to the Company.

The Balance Sheet, Profit and Loss Accounts, The Annualreport of the Board of Directors and The Auditors Report of2004 will be made available at the Company headquarters15 days prior the meeting 2004 for the examination of ourshareholders.

We kindly present it to our Esteemed Shareholders.

Sincerely Yours,BOARD OF DIRECTORS

AGENDA

1. Opening, constitution of the Presiding Board and Ceremony,

2. Vesting the Presiding Board with authority to sign theminutes of the General Assembly.

3. Changing the item 6 of our Main Agreement on the Capitalwith the attached text, give 1 YKr nominal valued share toshareholders in return of 20 old shares of 500.- TL nominalvalue according to the item 399 of Turkish Trade Law(on the nominal values of shares) and fraction receipts tothose who cannot add up to 1 YKr and add a provisionalitem, as attached, to the Main Agreement to unite thealready issued shares of series 7,8,9,10,11,12,13,14,15,16and 17 as series 18.

4. Reading and discussions of the 2004 Annual and AuditingReports

5. Reading the summary of Independent External AuditingReport for 2004.

6. Ratification of 2004 activities, the balance sheet andprofit loss accounts of 2004 prepared according to theregulations of the Capital Markets Board one by one afterread and discussed.

7. Approval of the changes in the Boards of Directors andAuditors in the term,

8. Acquittal of the Board Members and Auditors

9. Decision according to the Company’s Main Agreement andCapital Markets Board regulations on the profits of 2004calculated according to the tax laws and Capital MarketsBoard,

10. Election for members of the Board of Directors and Auditors,who have completed their duty periods, for one year periodand designate their salaries,

11. Decision on granting permission to the Members of the Boardand Company, in accordance with the items 334 and 335 ofthe Turkish Trade Law, to trade for themselves or in thename or account of others; or carry out transactions, that cancoincide with the activities of our Company, as representativesof other companies,

12. Approval of the Independent External Audit Company,

13. Information to the shareholders on donations and aidsreceived in 2004.

14. Requests and wishes.

FROM THE CHAIRMANSHIP OFBOLU CEMENT INDUSTRY INC.

9


OLD TEXTCapital:Item 6- The Company has accepted The Recorded CapitalSystem according to the decrees of the Capital Market CommitteeLaw numbered 2499 replacing the Law numbered 3794 andpassed onto this system with the permission of the Capital MarketCommittee numbered 844 and dated 15.11.1990.

The registered capital of the company is 70.000.000.000.000.-(Seventy trillion) Turkish Liras and divided into 140.000.000.000(one hundred and forty billion) shares, each with a nominal valueof 500.- (five hundred) Turkish Liras.

The capital of the company in circulation is 24.787.552.142.000.-(twenty four trillion seven hundred and eighty seven billion fivehundred and fifty two million one hundred and forty twothousand) Turkish Liras completely paid.

6.767.661.837.548.- TL of this capital is paid by cash, theremaining 18.019.890.304.452.- TL by adding the AppreciationFund, raised by the Revaluation regulations brought into effect bythe Law No: 2791 altering the Tax Procedures Law, to the capital.The shares issued against this additional amount have beendistributed to the shareholders in proportion to their existingshares.

The issued capital has been divided as shown below and theseshares issued as representing the capital shares are composed ofSeries 7, 8, 9, 10, 11, 12 and 13.

Series No. Of Shares Each Share’s Amount (TL.) Nominal Value

(TL) 7 1.202.043.032 500 601.021.516.0008 1.779.023.688 500 889.511.844.0009 1.997.314.702 500 998.657.351.00010 3.733.786.066 500 1.866.893.033.00011 7.405.342.364 500 3.702.671.182.00012 13.216.358.078 500 6.608.179.039.00013 20.241.236.354 500 10.120.618.177.000

49.575.104.284 24.787.552.142.000The Shares are written to the bearer.

The Board of Directors, when thinks necessary, is authorised toincrease the capital in circulation and unite the existing serieswith clippings representing more than one share, by submittingshares, issued to the bearer, into circulation within the limits ofthe registered capital, in conformity with the Capital Market Law.

NEW TEXTCapital:Item 6- The Company has accepted The Recorded CapitalSystem according to the Law numbered 2499 replacing the Lawnumbered 3794 and passed onto this system with the permissionof the Capital Market Committee numbered 844 and dated15.11.1990.

The registered capital of the company is 180.000.000.-(One hundred and eighty million) YTL and divided into18.000.000.000 (Eighteen billion) shares, each with a nominalvalue of 1 (one) YKr.

The capital of the company in circulation is 112.000.000.-(one hundred and twelve million) YTL completely paid.

6.767.662,-YTL part of this capital is paid in cash. Out of theremaining 105.232.338 YTL, 60.192.192 YTL part of it is met byaddition of the Appreciation Fund, resulted from the Revaluationregulations brought into action by the Law No: 2791 altering theTax Procedures Law, to the capital; 45.040.146,- YTL part of it ismet by the difference of Equity inflation adjustment. Shares issuedagainst this amount added to the capital have been distributed tothe shareholders free of charge at the proportion of their existingshares.

The issued shares representing the capital are of 1 YKr nominalvalue each and divided into 11.200.000.000 shares of Series 18.

The shares are written to the bearer.

The Board of Directors, when thinks necessary, is authorised toincrease the capital in circulation and unite the existing serieswith clippings representing more than one share, by submittingshares, issued to the bearer, into circulation within the limits ofthe registered capital, in conformity with the Capital Market Lawclauses.

Provisional Item 1:According to the item 399 of the Turkish Trade Law numbered6762 replacing the Law numbered 5274, the nominal value of ashare is minimum one New Kurufl. To comply with the abovementioned Law requirement the nominal value of our shares,that has been 500.- TL each, has been altered to 1 (one) NewKurufl by reducing the total share quantity. Therefore, 1 NewKurufl nominal value share will be given to our shareholdershanding in 20 shares of 500.-TL nominal value; a fraction receiptwill be given in return for the shares that can not add up to 1New Kurufl. Due to this transaction the already issued 7, 8, 9, 10,11, 12, 13, 14, 15, 16 and 17 series that represent our capitalare being united as series 18. The rights of our shareholders,arising from the shares they hold, related with the combinationtransactions of shares and series, are legally guaranteed. Theexchange transactions of the shares will be started by the Boardof Directors upon putting into practice the registry of capitalmarket tools.

10


YÖNET‹M KURULU / BOARD OF DIRECTORSBaflkan / Chairman Celalettin ÇA⁄LAR (08.09.2000 - devam ediyor / continuing)Baflkan Yrd./ Deputy Chairman ‹brahim TÜLÜ (10.03.2003 - devam ediyor / continuing)Üye / Member fiinasi DEM‹R (10.03.2003 - devam ediyor / continuing)Üye / Member Enis Sinan KURU (26.03.2004 - devam ediyor / continuing)Üye / Member Ali R›za ALTIPARMAK (10.03.2003 - devam ediyor / continuing)Üye / Member Ali Kamil UZUN (26.02.2003 - devam ediyor / continuing)Üye / Member Güney ARIK (20.03.2003 - devam ediyor / continuing)

Üye / Member Metin Yaflar YÜKSELEN (19.03.2002 - 26.03.2004)

DENET‹M KURULU / BOARD OF AUDITORSFerit AYDIN (19.03.2002 - devam ediyor / continuing)Mustafa TOKGÖZ (10.03.2003 - devam ediyor / continuing)Abdullah BELGE (10.03.2003 - devam ediyor / continuing)

GENEL MÜDÜR / GENERAL MANAGERK.Ümit ÖZEL (01.07.2004 - devam ediyor / continuing)

‹smail ERKOVAN (01.09.2000 - 30.06.2004)

ESTEEMED MEMBERS OFTHE GENERAL ASSEMBLYThe Annual Report of our Company for 2004 has been preparedin conformity with the basis designated by the Capital MarketsBoard and presented below to your information.

I would like to extend my gratitude in the name of theBoard of Directors for the interest you have shown by yourattendance.

1. INTRODUCTION1. Period of the Report: 01.01.2004 • 31.12.2004

2. Title of the Corporation:BOLU CEMENT INDUSTRY CO.

3. Boards of Directors and Auditors in the Period:

SAYIN GENEL KURUL ÜYELER‹fiirketimizin 2004 y›l› Faaliyet Raporu Sermaye Piyasas›Kurulu’nun belirledi¤i esaslar çerçevesinde haz›rlanm›fl veafla¤›da bilgilerinize sunulmufltur.

Toplant›ya kat›lmak suretiyle göstermifl oldu¤unuz ilgiyeYönetim Kurulu ad›na teflekkür eder,hepinizi sayg› ile selamlar›m.

1. G‹R‹fi1. Raporun Dönemi: 01.01.2004 • 31.12.2004

2. Ortakl›¤›n Ünvan›BOLU Ç‹MENTO SANAY‹‹ A.fi.

3. Faaliyet Dönemindeki Yönetim ve Denetim Kurullar›:


11

BOLU Ç‹MENTO SANAY‹‹ A.fi.YÖNET‹M KURULU

BOLU CEMENT INDUSTRY CO.BOARD OF DIRECTORS

DENET‹M KURULU

AUDITING BOARD

‹brahim TÜLÜBaflkan Yard›mc›s›Deputy Chairman

Ali R›za ALTIPARMAKÜye

Member

Ali Kamil UZUNÜye

Member

Güney ARIKÜye

Member

Ferit AYDINDenetçiAuditor

Mustafa TOKGÖZDenetçiAuditor

Abdullah BELGEDenetçiAuditor

fiinasi DEM‹RÜye

Member

Enis Sinan KURUÜye

Member

Celalettin ÇA⁄LARBaflkan

Chairman

12


1 - GENEL B‹LG‹LER

a) Türkiye’de Çimento Sektörünün Durumu: Türkiye’de 18’i ö¤ütme tesisi, 39’u entegre olmak üzere57 çimento fabrikas› bulunmaktad›r.

Söz konusu çimento fabrikalar›n›n toplam kapasitesi klinkerüretiminde 36.400.000 ton, çimento üretiminde ise66.363.000 ton’dur.

Toplam çimento kapasitesinin yaklafl›k % 20’sine Oyak veOyak-Sabanc› ortakl›¤› sahiptir.

Sektörde faaliyette bulunan çimento fabrikalar›n›n 2004 y›l›klinker ve çimento üretimleri 2003 y›l› ile mukayeseli olarakbölgeler itibariyle afla¤›da gösterilmifltir.

Klinker Üretimi (Ton):2003 2004 ARTIfi

BÖLGELER ARALIK ARALIK %’S‹Marmara 9.279.559 9.441.895 1,02Ege 5.038.225 5.167.550 1,03Akdeniz 5.374.142 5.629.053 1,05Karadeniz 3.251.991 3.913.307 1,20‹ç Anadolu 4.255.063 4.630.598 1,09Do¤u Anadolu 1.052.704 1.269.538 1,21Güneydo¤u Anadolu 2.167.256 2.736.810 1,26GENEL TOPLAM 30.418.940 32.788.751 1,08

Çimento Üretimi (Ton):2003 2004 ARTIfi

BÖLGELER ARALIK ARALIK %’S‹Marmara 9.847.235 10.849.014 1,10Ege 4.870.828 5.334.753 1,10Akdeniz 5.628.892 6.176.369 1,10Karadeniz 4.001.147 4.453.850 1,11‹ç Anadolu 5.791.524 6.423.165 1,11Do¤u Anadolu 1.662.408 1.793.291 1,08Güneydo¤u Anadolu 3.292.734 3.765.355 1,14GENEL TOPLAM 35.094.768 38.795.797 1,11

b- fiirketimizin Üretimi ve Sektördeki Yeri:fiirketimizin son iki y›ll›k klinker, çimento, haz›r beton ve m›c›rüretimi afla¤›daki gibidir.

1 - GENERAL INFORMATION

a) The Position of the Cement Sector in Turkey: There are 57 cement factories in Turkey 18 of them aregrinding and 39 of them are integrated facilities.

The total capacity of the factories in question is 36.400.000tons clinker and 66.363.000 tons cement.

Almost 20% of the total capacity of cement belongs toOyak and Oyak-Sabanc› partnership.

The 2004 clinker and cement productions of the factories ofthe sector are shown below as of regions and in comparisonwith 2003.

Clinker Production (Tons):DECEMBER DECEMBER INCREASE

REGIONS 2003 2004 %Marmara 9.279.559 9.441.895 1,02Aegean 5.038.225 5.167.550 1,03Mediterranean 5.374.142 5.629.053 1,05Blacksea 3.251.991 3.913.307 1,20Central Anatolia 4.255.063 4.630.598 1,09East Anatolia 1.052.704 1.269.538 1,21Southeast Anatolia 2.167.256 2.736.810 1,26GRAND TOTAL 30.418.940 32.788.751 1,08

Cement Production (Tons):DECEMBER DECEMBER INCREASE

REGIONS 2003 2004 %Marmara 9.847.235 10.849.014 1,10Aegean 4.870.828 5.334.753 1,10Mediterranean 5.628.892 6.176.369 1,10Blacksea 4.001.147 4.453.850 1,11Central Anatolia 5.791.524 6.423.165 1,11East Anatolia 1.662.408 1.793.291 1,08Southeast Anatolia 3.292.734 3.765.355 1,14GRAND TOTAL 35.094.768 38.795.797 1,11

b- The Production of our Company and its Place in theSector:The production of clinker, cement, ready mixed concreteand crushed stone of our Company in the last four years isas follows:

ARTIfi % siÜRET‹M (TON) INCREASE %PRODUCTION (TONS) 2001 2002 2003 2004 2004-2003

Klinker / Clinker 1.205.500 1.180.000 1.186.100 1.349.600 13,78Çimento / Cement 1.297.423 1.304.893 1.375.772 1.620.248 17,77Haz›r Beton (m3) / RM Concrete (m3) 683.986 799.517 843.777 220.222 -73,9M›c›r / Crushed Stone 313.699 685.904 731.121 108.316 -85,18

13


Tabloda görülece¤i üzere 2004 y›l›nda geçen y›la göre Klinkerüretiminde % 13,78 , çimento üretiminde % 17,77, art›fl haz›rbeton üretiminde % 73,9 m›c›r üretiminde ise % 85,18azal›fl olmufltur. Fabrikam›z 2004 y›l›nda Türkiye genelindeklinker üretiminde % 4,12 çimento üretiminde % 4,17 payaulaflm›flt›r.

fiirketimiz haz›r beton tesislerini 30.03.2004 tarihi itibariyleyeni kurulan Oyak Beton Sanayii ve Ticaret A.fi:’ne aynisermaye olarak devretmek suretiyle ifltirak etmifltir.

c) Ana Üretim Üniteleri :Fabrikam›z , Ankara Çimento Ö¤ütme Paketleme Tesisi ileSamand›ra Paketleme Tesisi ve M›c›r K›rma Tesis afla¤›dakiana ünitelerden ibarettir.Fabrika:1- 55.000 ton stok kapasiteli PREBLENDING,2- Bir Adet kalker k›r›c› (350 ton/h),3- Bir Adet kalker k›r›c› (450 ton/h),4- Bir Adet kil k›r›c› (240 ton/h),5- 375 ton/h (kuru üretim) dikey farin de¤irmeni,6- 30 ton/h (kuru üretim) dikey kömür de¤irmeni,7- 4.000 ton klinker/gün kapasiteli döner f›r›n,8- 280 ton/h’l›k çimento ö¤ütme, (3 adet çimento de¤irmeni)

ÇM 1 = 75 ton/h, ÇM 2 = 75 ton/h, ÇM 3 = 130 ton/h

As can be observed in the above chart in 2004 the clinkerproduction has increased by 13,78% as compared to theprevious year, cement by 17,77%, but there has beendecrease in ready mixed concrete by 73,9% and in crushedstone by 85,18%. Our factory has reached to 4,12% in clinkerand 4,17% in cement share in Turkey at large.

Our ready mixed concrete facilities have been transferred tothe new established (on 30.03.2004) Oyak Concrete Industryand trade Inc. as our partnership capital.

c) Main Productions Units:The main production units of our factory, Ankara CementGrinding Packing Facility, Samand›ra Packing Facility andStone Crushing Facility are as follows:Factory:1- PREBLENDING of 55.000 tons stock capacity,2- One unit of Limestone Breaker (350 tons/h),3- One unit of Limestone Breaker (450 tons/h),4- One unit of Clay Breaker (240 tons/h), 5- One Vertical Farina Mill 375 tons/h (dry production),6- One Vertical Coal Mill 30 tons/h (dry production),7- One Rotating Kiln 4.000 tons clinker/day capacity,8- 3 units of Cement Grinding Mills 280 tons/h,

ÇM 1 = 75 tons/h, ÇM 2 = 75 tons/h, ÇM 3 = 130 tons/h

KL‹NKER ÜRET‹M‹ / CLINKER PRODUCTION

1.200.000

1.400.000

1.000.000

800.000

600.000

400.000

200.000

TON

1.20

5.50

0

1.18

0.00

0

1.18

6.10

0

1.34

9.60

0

0

2001 2002 2003 2004

HAZIR BETON ÜRET‹M‹ / READY-MIXED PRODUCTION

1.000.000

800.000

600.000

400.000

200.000

M3

0

2001 2002 2003 2004

MICIR ÜRET‹M‹ / CRUSHED-STONE PRODUCTION

1.000.000

800.000

600.000

400.000

200.000

TON

0

2001 2002 2003 2004

Ç‹MENTO ÜRET‹M‹ / CEMENT PRODUCTION

1.200.000

1.400.000

1.600.000

1.800.000

1.000.000

800.000

600.000

400.000

200.000

TON

0

2001 2002 2003 2004

1.29

7.42

3

1.30

4.89

3

1.37

5.77

2

1.62

0.24

8

683.

986 799.

517

843.

777

220.

222

313.

699

685.

904

731.

121

108.

306

14


9- Çimento stoklama kapasitesi: 26.250 ton6 Adet x 3.000 ton kapasiteli çimento silosu1 Adet x 6.000 ton kapasiteli çimento silosu1 Adet x 2.250 ton kapasiteli çimento silosu

10- 4 Adet 100 Ton/h l›k torbal› çimento paketleme hatt›,11- 5 Adet 120 ton/h’l›k aç›k dolum tesisi,

1 Adet 100 ton/h lik dolum tesisi 12- Çevre kirlili¤i için yap›lan elektrofiltre ve jet filtreler,

Ankara Ö¤ütme ve Paketleme Tesisi:1- 2 Ad.X 10.000 ton kapasiteli klinker stok silosu,2- Çimento stoklama kapasitesi:14.500 ton

2 Adet x 6.500 ton kapasiteli çimento silosu1 Adet x 1.500 ton kapasiteli çimento silosu

3- 1 Ad.k›r›c› (300 ton/h)4- 1 Ad. çimento de¤irmeni (100 ton/h),5- 2 Ad.100 ton/h l›k torbal› çimento paketleme hatt›,6- 3 Ad.aç›k dolum ünitesi(100 ton/h)

Samand›ra Çimento PaketlemeTesisi:1- 100 ton/h kapasiteli paketleme kantar› 2- 2 adet X 600 tonluk çimento silosu

Bolu M›c›r Tesisi:1- 1 adet M›c›r k›rma Tesisi 200 ton/h

d) Sat›fl:fiirketimizin 2004 y›l› sat›fllar›, 2003 y›l› ile karfl›laflt›rmal›olarak afla¤›daki tabloda gösterilmifltir.

fiirketimizin çimento iç sat›fl› 2003 y›l›nagöre % 18,59 oran›nda artarak1.625.811 tona ulaflm›flt›r,Türkiye geneli pazar pay› ise % 5,30 dur.

Our Company’s domestic cement saleshas been increased by 18,59% ascompared to 2003 and reached to1.625.811 tons. Our market share inTurkey is 5,30%.

9- Cement Stock Capacity: 26.250 tons6 units Cement Silos x 3.000 tons capacity 1 unit Cement Silo x 6.000 tons capacity1 unit Cement Silo x 2.250 tons capacity

10- 4 units Packed Cement Packing Line 100 Tons/h,11- 5 units Open Filling Facilities 120 tons/h,

1 unit Filling Facility 100 tons/h, 12- Electro and Jet Filters for Environment Pollution,

Ankara Grinding and Packing Facility:1- 2 Units x Clinker Stock Silo 10.000 tons Capacity,2- Cement Stock Capacity: 14.500 tons,

2 Cement Silos x 6.500 tons capacity,1 Cement Silo x 1.500 tons capacity,

3- 1 Breaker (300 tons/h)4- 1 Cement Mill (100 tons/h),5- 2 Packed Cement Packing Line 100 tons/h,6- 3 Open Filling Units (100 tons/h)

Samand›ra Cement Packing Facility:1- Packing Weighbridge 00 tons/h capacity, 2- 2 Cement Silos x 600 tons

Bolu Crushed Stone Facility: 1- 1 Crushed Stone Crushing Facility 200 ton

d) Sales:Our Company’s sales of 2004 compared with 2003 areas follows:

2001 2002 2003 2004 ARTIfi % siSATIfi (TON) Gerçekleflen Gerçekleflen Gerçekleflen Gerçekleflen INCREASE %SALES (TONS) Realised in Realised in Realised in Realised in 2004-2003

Çimento / Cement 1.310.717 1.312.058 1.370.908 1.625.811 18,59• Ambalajl› / Packed 456.734 416.659 409.797 401.186 2,15• Dökme / Bulk 853.983 895.399 961.111 1.224.625 27,42

Klinker / Clinker 107.683 182.524 192.704 180.769 -6,19Haz›r Beton (m3) / RM Concrete (m3) 683.986 799.517 843.777 220.222 -73,90M›c›r / Crushed Stone 38.915 18.312 42.848 104.294 143,40

SATIfiLAR (Ton) / SALES (Tons)

KlinkerClinker

1.000.000

1.200.000

1.400.000

1.600.000

1.800.000

800.000

600.000

400.000

200.000

0

2001 2002 2003 2004

ÇimentoCement

Haz›r Beton (m3)Re-Concrete (m3)

M›c›rCrushed-Stone


15

e)2004 Y›l› Yat›r›m Faaliyetlerimiz:2004 Y›l›nda Gerçeklefltirilen Yat›r›mlar›m›z Ana Bafll›klarHalinde Afla¤›da Yer Almaktad›r:

Buhar Reküperatörü ve Kazan Dairesi Rehabilitasyonu01.04.2003 tarih 71178 say›l› yat›r›m teflvik belgesikapsam›nda olup, 427.218 YTL. Harcama yap›lm›flt›r. Yat›r›mtamamlanm›flt›r.

Çimento So¤utucusu ve Su So¤utma Sistemi2 adet çimento so¤utucusu ve su so¤utma sistemi için toplam254.600 YTL. Harcama yap›lm›flt›r. Yat›r›m tamamlanm›flt›r.

Tu¤la Temizleme Makinesi49.245 YTL. Harcama yap›lm›flt›r.

Elektronik Kantar16.750 YTL. Harcama yap›lm›flt›r.

Thermal Kamera23.581 YTL. Harcama yap›lm›flt›r.

Hidrolik K›r›c›11.249 YTL. Harcama yap›lm›flt›r.

Toz Ölçme Cihaz›19.726 YTL. Harcama yap›lm›flt›r.

Eleme Cihaz›16.228 YTL. Harcama yap›lm›flt›r.

Ön Is›t›c› Kule Kamera ve Monitör Sistemi38.935 YTL. Harcama yap›lm›flt›r.

Aç›k Dolum Tesisi ve Müfltemilat›13.829 YTL. Harcama yap›lm›flt›r.

Tafl›t Arac›2004 y›l› içinde sat›n al›nan 3 adet binek arac› için132.760 YTL. Harcama yap›lm›flt›r.

e) Our Investment Activities in 2004:Our investments materialised in 2004 are listed below inMain Headings:

Rehabilitation of Vapour Recuperator and Boiler RoomWithin the scope of Investment Encouragement Certificatedated 01.04.2003 No: 71178 427,218 YTL has been spent.The investment is completed.

Cement Cooler and Water Cooling SystemA total of 254,600 YTL spent for 2 units of cement cooler andwater-cooling systems. The investment is completed.

Brick Cleaning Machine49.245 YTL. spent.

Electronic Scale16.750 YTL. spent.

Thermal Camera23.581 YTL. spent.

Hydraulic Breaker11.249 YTL. spent.

Dust Gauger19.726 YTL. spent.

Sieving Equipment16.228 YTL. spent.

Tower Camera and Monitoring System with Pre-heater38.935 YTL. spent.

Open Filling Facility and its Outbuilding13.829 YTL. spent.

VehiclesIn 2004 for 3 vehicles bought 132.760 YTL has been spent.


16

1. Kurumsal Yönetim ‹lkelerine Uyum Beyan›:2004 Y›l› içerisinde yay›mlanan Sermaye Piyasas› Kurulu Kurumsal Yönetim ‹lkeleri’nde yer alan prensiplere uyum ihtiyari tutulmuflve prensiplerin hayata geçirilmesinde gönüllülük yaklafl›m› benimsenmifltir. fiirketimiz bu ilkelerin hayata geçirilmesinin Türk SermayePiyasalar›n›n küresel likidite sisteminin bir parças› haline gelmesindeki önemini kavram›fl ve öteden beri uygulamakta oldu¤u; hissedarhaklar›n›n korunmas› ve kullan›m›n›n kolaylaflt›r›lmas›, fleffafl›k, menfaat sahiplerine yönelik olarak kamuyu ayd›nlatma ve kurumsall›kilkelerine uygun hareket edilmeye çal›fl›lmaktad›r. Önümüzdeki dönemlerde Sermaye Piyasas› Kurulu Kurumsal Yönetim ‹lkeleri’ndenazami yarar›n sa¤lanmas› yönünde çal›flmalar yürütülmeye devam edecektir.

I- PAY SAH‹PLER‹2. Pay Sahipleri ile ‹liflkiler Birimi:Pay Sahipleri ile ilgili tüm faaliyetler flirketimiz Muhasebe Müdürlü¤ü bünyesinde yürütülmekte olup, Birim personeli ve iletiflimbilgileri afla¤›da verilmifltir.

ÜNVANI ADI SOYADI DAH.TEL. e-MA‹L ADRES‹ Muhasebe Müdürü Ertu¤rul AKDAfi 110-111 [email protected] Muh. fiefi Mehmet D‹KMEN 112 [email protected] Maliyet Muh. fiefi Fatma TUNÇER 113 [email protected] Memuru Gül KÖSTEREL‹ 114 [email protected] Memuru Adnan ÖZKAN 115 [email protected] Memuru Aytaç KAYA 116 [email protected] Memuru Murat UÇAR 117 [email protected]

Dönem içinde;Yürütülen bafll›ca faaliyetler: a- Pay sahiplerine iliflkin kay›tlar›n sa¤l›kl›, güvenli ve güncel olarak tutulmas› sa¤lan›r,b- fiirket ile ilgili kamuya aç›klanmam›fl, gizli ve ticari s›r niteli¤indeki bilgiler hariç olmak üzere, pay sahiplerinin flirket ile ilgili yaz›l›bilgi talepleri yan›tlan›r,c- Genel Kurul toplant›s›n›n yürürlükteki mevzuata, esas sözleflmeye ve di¤er flirket içi düzenlemelere uygun olarak yap›lmas› sa¤lan›r,d- Genel kurul toplant›s›nda, pay sahiplerinin yararlanabilece¤i dökümanlar haz›rlan›r,e- Oylama sonuçlar›n›n kayd›n›n tutulmas›n› ve sonuçlarla ilgili raporlar›n pay sahiplerine yollanmas› sa¤lan›r,f- Mevzuat ve flirketin bilgilendirme politikas› dahil, kamuyu ayd›nlatma ile ilgili her türlü husus gözetilir ve izlenir.

Yap›lan baflvuru say›s›: 65Yat›r›mc›lara verilen yan›t say›s›: 65

3. Pay Sahiplerinin Bilgi Edinme Haklar›n›n Kullan›m›:2004 y›l› faaliyet dönemi içerisinde 65 adet talep ulaflm›flt›r. Yöneltilen tüm sorular ticari s›r kapsam›na girip girmedi¤ide¤erlendirmesi yap›larak, yaz›l›/sözlü olarak yan›tlanm›flt›r. Dönem içinde ulaflan bilgi talepleri- Aç›klanan finansal tablolar›n kalemlerine iliflkin bilgi, - Sermaye art›r›m› bilgileri,

4. Genel Kurul Bilgileri:Dönem içi Gerçeklefltirilen Genel Kurullar

Tarih Genel Kurul Kat›l›mc›lar Kat›l›m Oran› Davet fiekli26.03.2004 Ola¤an Pay Sahipleri 51,94 Ticaret Sicil Gazetesi, Milliyet Gazetesi, Bolu Olay Gazetesi26.03.2004 Ola¤anüstü Pay sahipleri 51,94 Ticaret Sicil Gazetesi, Milliyet Gazetesi, Bolu Olay Gazetesi

KURUMSAL YÖNET‹M ‹LKELER‹ UYUM RAPORU


17

Genel Kurula Davet:Genel Kurul’a davet ilanlar› Ticaret Sicil Gazetesinde, Türkiye genelinde yay›m yapan Milliyet Gazetesinde ve Ortaklar›m›z›nço¤unlu¤unun Bolu’da oldu¤u düflünülerek Bolu’da yay›m yapan Bolu Olay Gazetesinde yay›mlanmak suretiyle yap›lmaktad›r.

Genel Kurul Hakk›nda Bilgilendirme:Esas sözleflmemizin ‹lanlar Bafll›kl› 46. maddesi uyar›nca Genel kurul toplant›lar›na iliflkin ilanlar ilan ve toplant› günleri hariç olmaküzere en az iki hafta önce yap›lmal›d›r. Bu çerçevede gündem maddeleri ve vekaletname formu Türkiye Ticaret Sicil Gazetesi yan›ndaTürkiye genelinde yay›m yapan Milliyet Gazetesi ve Bolu’da yerel yay›m yapan Bolu Olay Gazetesinde yay›mlanm›flt›r. Ayr›ca ilangününden itibaren gündem maddeleri, y›ll›k faaliyet raporu, flirket esas sözleflmesinin son hali, mali tablo ve raporlar, vekaletnameformu ve gündeme iliflkin di¤er dökümanlar fiirketimiz Genel Müdürlü¤ünde Pay sahiplerinin incelemesine sunulmaktad›r.

fiirketimiz hisse senetleri hamiline yaz›l› olup imtiyaz tafl›mamaktad›r.

5. Oy Haklar› ve Az›nl›k Haklar›:fiirketimiz hisse senetleri hamiline yaz›l› olup imtiyaz tafl›mamaktad›r. Ana sözleflmenin 30. maddesine göre her hissenin bir oy hakk›bulunmaktad›r. fiirketimizin karfl›l›kl› ifltirak içinde oldu¤u bir flirket bulunmamaktad›r.

6. Kar Da¤›t›m Politikas› ve Kar Da¤›t›m Zaman›fiirketimiz kar da¤›t›m politikas› esas sözleflmede (madde 49) hükme ba¤lanm›fl olup, da¤›t›lacak kar miktar› Genel kurul karar›akabinde ortaklar›m›z›n bilgisine Gazetelerde ilan yoluyla duyurulmaktad›r. Kar pay› almak veya kar pay›ndan faydalanmakkonusunda herhangi bir imtiyaz bulunmamaktad›r. 2003 y›l›nda kar da¤›t›m› yap›lmam›fl olup, kar öz sermaye enflasyon düzeltmesifarklar›nda oluflan geçmifl y›llar zarar›na mahsup edilmifltir.

7. Paylar›n Devrifiirket esas sözleflmesinde pay devrini k›s›tlayan hükümler yoktur.

II- KAMUYU ADINLATMA VE fiEFFAFLIK8. fiirket Bilgilendirme Politikas›fiirketimiz kamuya aç›klanmas› gereken ve mevzuat ile belirlenmifl konulara ek olarak ticari s›r kapsam›na girmeyen tüm bilgilerinaç›klanmas› konusunda hassasiyet göstermektedir.

9. Özel Durum Aç›klamalar›SPK’n›n Seri: VIII, No:39 say›l› Tebli¤ine istinaden dönem içinde toplam 41 tane özel durum aç›klamas› mevzuatta öngörülen sürelereuyularak yap›lm›flt›r. Yap›lan aç›klamalar ile ilgili SPK veya ‹MKB taraf›ndan ek aç›klama istenmemifltir. Hisselerimiz yurtd›fl› borsalarakote olmad›¤› için ‹MKB d›fl›nda bir borsada özel durum aç›klamas› yap›lmam›flt›r.

10. fiirket ‹nternet Sitesi ve ‹çeri¤i:fiirketimiz Kurumsal Yönetim ‹lkeleri Kamuyu ayd›nlatma ve fleffafl›k ilkesi do¤rultusunda do¤ru, eksiksiz, anlafl›labilir, analizedilebilir, düflük maliyetli ve kolay eriflilebilir bilgi sunumu sa¤lamak amac›yla etkin bir internet sayfas› oluflturmufl olup internetadresimiz www.bolucimento.com.tr dir. SPK kurumsal yönetim ilkeleri II:Bölüm Madde 1.11.5 de yer alan bilgiler haz›rlanm›fl olupsitemize konulma aflamas›ndad›r.

11. Gerçek Kifli Nihai Hakim Pay Sahibi/Sahiplerinin Aç›klanmas›fiirketimizin gerçek kifli nihai hakim pay sahibi/sahipleri yoktur.

12. ‹çeriden Ö¤renebilecek Durumda olan Kiflilerin Kamuya Duyurulmas›fiirketimiz içeriden ö¤renenlerin ticaretine iliflkin oluflturulmufl yasal düzenlemelere tam olarak uyulmas› için gerekli tüm tedbirlerialmay› ve bu konuda politika gelifltirmeyi fiirket kültürünün bir amac› olarak görmektedir. Bu amaçla, Yönetim Kurulu Baflkan› veüyeleri, denetçileri, ve tüm personeli ve bunlar›n d›fl›nda meslekleri veya görevlerini ifa etmeleri s›ras›nda bilgi sahibi olabilecekolanlar›n bu bilgileri kendilerine ya da üçüncü kiflilere menfaat sa¤lamak amac›yla kullanmalar›n› Personel yönetmeli¤i (madde 36) ileyasaklam›flt›r.


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Yönetim Kurulu, Genel Müdür ve Yard›mc›s› ile sekreteryas› ve Birim Müdürleri, birim flefleri ve Muhasebe Müdürlü¤ü elemanlar›ticari s›r kapsam›na girebilecek, flirket için önem arz edecek bilgilere ulaflabilecek durumdad›r. Belirtilen görev ve fonksiyonlardaçal›flanlar›n isim listesi flirketimiz internet sayfas›nda aç›klanacakt›r.

III- MENFAAT SAH‹PLER‹13. Menfaat Sahiplerinin Bilgilendirilmesi fiirket müflterilerini, çal›flanlar›n› ve ortaklar›n› aralar›ndaki dengeyi gözeterek optimum düzeyde tatmin sa¤lamak amac›yla, ürün vehizmet kalitesini gelifltirerek iç ve d›fl müflteri bilincini Kalite Yönetim Sistemi çerçevesinde yürütmektedir.

14. Menfaat Sahiplerinin Yönetime Kat›l›m› Menfaat sahipleri çeflitli toplant›lar ve öneri sistemi, ramak kala olaylar›n belirlenmesi gibi haklar›n› kullanmak kayd›yla yönetimekat›labilmektedirler.

Çal›flanlar Müflteriler Ortaklar Öneri sistemi Müflteri memnuniyeti anket sistemi Genel KurulYönetici toplant›lar› Bayi Toplant›lar›‹lanlar Genel Kurul

15. ‹nsan Kaynaklar› Politikas›fiirketimizin hassas oldu¤u konulardan ilki eflitlik ilkesidir ve çal›flanlar›m›z aras›nda hiçbir nedenle ayr›mc›l›k yap›lmaz.Personelimizin memnuniyetinin ölçülmesi, flikayet konular›n›n tespiti ve gerekli iyilefltirmelerin yap›labilmesi için “Çal›flanlar›nMemnuniyeti Anketi” her y›l düzenlenmektedir.fiirket içinde bulunan “Öneri Kutular›” ve’’Elektronik Öneri Sistemi’’ ile çal›flanlar›m›z›n flikayet ve önerileri ‘’Öneri De¤erlendirme

Kurulu” nda de¤erlendirilmektedir.

E¤itim; “‹nsan Kaynaklar› Politikam›z›n” vazgeçilmez unsurlar›ndan biridir.‹nsan kaynaklar› politikalar›m›z›n di¤er esaslar›‘’Personel Yönetmeli¤i’’nde aç›klanm›flt›r.

‹fle ilk giriflte detayl› bir oryantasyon e¤itimi sürecinden geçen çal›flanlar›m›za; sürekli e¤itim ve geliflme ilkeleri çerçevesinde, kifliselve mesleki becerilerini gelifltirme konusunda imkanlar tan›n›p; al›nan her e¤itim ve personelimizin iflyerine yapm›fl olduklar› katk›larkay›t alt›na al›narak kariyer geliflimlerinde göz önünde bulundurulmaktad›r.

Çal›flanlar›m›z ile iliflkileri yürütmek üzere gerekli kadro ünvanlar› belirlenmifltir.‹dari ifller, e¤itim ve özlük ifllerinde Lojistik Hizmetler Müdürü Sn. Mehmet Levend GÜRSES, ‹fl Sa¤l›¤› ve Güvenli¤i, Kalite ve ÇevreYönetim Sistemleri Konular›nda Kalite Kontrol ve Yönetimi Müdürü Sn. Nurdan ÖNEY görev yapmaktad›r.

16. Müflteri ve Tedarikçilerle ‹liflkiler Hakk›nda Bilgilerfiirketimizde uygulanan Kalite Yönetim Sistemi çerçevesinde Tedarikçi De¤erlendirme Prosedürü mevcut olup, ilgili prosedüre göretedarikçi firmalar izlenmekte, de¤erlendirilmektedir.

fiirketimiz, müflteri memnuniyeti ve güveni üzerine kurulmufl, kaliteli mal ve hizmete dayal› bir pazarlama anlay›fl› ›fl›¤›nda hareketetmekle birlikte; fiyat dengesini, karl›l›k ve piyasa koflullar›n› dikkate alarak belirlemektedir. Bu hedeflerin baflar›yla sa¤lanmas› için;

• Müflteri ziyaretleri ve pazar araflt›rmalar› mevcut program dahilinde düzenli olarak Sat›fl Müdürlü¤ünce gerçeklefltirmektedir.Yap›lan bu ziyaret ve Pazar araflt›rmalar›nda gerek bayi, gerek perakende sat›c›lar ve gerekse dökme çimento müflterilerinin öneri,istek ve görüflleri toplanarak, saptanan durum hakk›nda mevcut mevzuat ve temel flirket politikalar› do¤rultusunda, müflterilerimizleortak stratejiler üretilir böylelikle direkt ve dolayl› müflterilerimizin memnuniyeti sa¤lan›rken, pazar ve pazar e¤ilimleri saptan›r,ürün yada hizmet gelifltirmenin yap›labilirli¤i konusunda ortak anlay›fllar ortaya ç›kar›l›r.

• Üst düzey yöneticilerin kat›l›m›yla y›lda en az dört defa bayi ve dökme çimento müflterilerimizle toplant› yap›lmaktad›r.Bu toplant›lar›n gündem konular›na göre teknik Müdürlüklerin toplant›ya kat›l›m›yla teknik bilgi al›fl verifli sa¤lan›r.


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• Müflteri iliflkilerinin ayl›k analizi yap›larak ( müflteri ve bayi sat›fl tonajlar›, bölgesel sat›fl tonajlar›, karl›l›k analizleri, müflteriflikayetleri, oluflturulan program›n gerçekleflme durum analizi) ortak üretilen politika ve stratejilerin etkinli¤i ölçülür, iyileflme vegeliflme çal›flmalar› yap›l›r. Ayl›k olarak yap›lan bu analizlerden “müflteri flikayetleri” ile ilgili çal›flma, müflteri memnuniyetiniönde tutan flirketimiz aç›s›ndan ayr› bir önemi bulunmaktad›r. Müflteriden gelen herhangi bir flikayetin derhal araflt›r›lmas› veçözümlenmesi için bir ekip oluflturularak ( flikayetin konusuna göre ekip elemanlar› belirlenmekte ve en az bir teknik ve bir sat›flmüdürlü¤ü personelden oluflmaktad›r ) gerekli incelemeler yap›l›r ve bu süreç geri bildirimle tamamlanarak takip alt›na al›n›r,böylelikle flikayetin tekrarlanma olas›l›¤› minimize edilir.

• BÇS sat›fl yapt›¤› bölge pazarlar›nda, müflteri tatminini belirlemek amac›yla y›ll›k olarak anket düzenler. Bu anketler; direkt olarakçal›fl›lan dökme çimento müflterileri ve bayiler olmak üzere iki farkl› formatta haz›rlanm›flt›r. BÇS müflterilerinden, BÇS ’ninperformans›n› ve rakipleriyle karfl›laflt›r›lmas›n› isteyerek, müflteri yaklafl›m›n›n gerçekçi olarak ölçülmesi sa¤lar.

• Sürekli iyileflme ve geliflmenin anahtarlar›ndan biri olan e¤itim konusuna önem veren flirketimiz, müflterilerimizin ihtiyaç duydu¤ue¤itim konular›n› gerek müflteri anketleriyle gerekse yap›lan müflteri ziyaretleriyle saptayarak, y›lda en az bir konu da olmak üzeree¤itim verilmesini hedeflemektedir. 2003 y›l›nda Türkiye Haz›r Beton Birli¤i ‘ninde katk›lar›yla beton yap›m› ile ilgili seminerfabrikam›z toplant› salonunda yap›lm›fl olup, yine Türkiye Haz›r Beton Birli¤i ‘nden temin edilen “haz›r beton konferans›” davetiyelerimüflterilerimize ulaflt›r›larak kat›l›mlar› sa¤lanm›flt›r.

• Müflterilerle; telefon, fax, özellikle son y›llar›n en h›zl› iletiflim a¤› olan elektronik ortamdan yararlan›larak etkin, yayg›n ve kesintisiziletiflim sa¤lanmaktad›r.

17.Sosyal Sorumluluk;Oyak grubu çimento flirketleri aras›nda 2003 y›l› Matematik ve Verimlilik y›l› ilan edilmifl, ilimiz ve ilçelerindeki liseler aras›ndamatematik yar›flmas› düzenlenmifltir. Bu çerçevede yar›flmaya kat›lan okullara ve ö¤rencilere çeflitli ödüller verilmifltir. Ayn› yar›flma2004 y›l›nda da tekrarlanm›flt›r.

Son 3 y›lda flirket çal›flanlar›n›n aileleriyle kat›ld›¤› open day organizasyonu yap›lm›flt›r.

fiirketimiz bünyesinde bulunan Çimento spor Masa Tenisi tak›m› etkinliklerine katk›da bulunulmufltur.

YAPILAN A⁄AÇLANDIRMA FAAL‹YETLER‹:Bolu Çimento Sanayii A.fi. nin bugüne kadar yapm›fl oldu¤u a¤açland›rma faaliyetleri afla¤›da verilmifltir.1- Çaydurt mevkiinde 30 Ha ‘l›k alana Karaçam dikilmifltir ve bu alana Cumhuriyet Orman› ad› verilmifltir.2- Çaydurt mevkiinde Kalker oca¤›na 14 Ha ’l›k alana Karaçam dikilmifltir.3- TEMA Vakf› iflbirli¤i ile 11 Ha’l›k bir alana Mefle Palamudu ve Karaçam dikilmifltir.

RESM‹ KURULUfiLAR ‹LE YAPILAN FAAL‹YETLER:2001 y›l›ndan 2004 y›l›na kadar Bolu ili çap›ndaki okullarda, resmi kurulufllarda ve üniversitede at›k ka¤›t toplama kampanyas›düzenlenmifltir. Bu kampanya çerçevesinde toplanan at›k ka¤›tlardan elde edilen gelirler ile fabrikaya yak›n olan okullardaki yard›mamuhtaç çocuklara yard›mda bulunulmufltur. 2005 y›l›nda bu faaliyet TEMA Vakf› iflbirli¤i ile devam edecektir.

BELGELER VE RESM‹ ‹Z‹NLER:1975 tarihinde Gayri S›hhi Müesseseler Aç›lma Ruhsat› al›nm›flt›r.1992 y›l›nda deflarj izin belgesi al›nm›flt›r.2001 y›l›nda Emisyon ‹zni al›nm›flt›r.2003 y›l›nda fabrikam›z›n TS EN ISO 14001 Çevre Yönetim Sistem standard›na uygun Çevre Yönetim Sistemi belgesi al›nm›flt›r. 01.10.2004 tarihinde ise fabrikam›zda at›klar›n ekonomiye kazand›r›lmas› ve bilinçsizce bertaraf› ile çevre kirlili¤ini engellemek amac›ylaTürkiye’de bir ilk gerçeklefltirilerek “At›klar›n ilave yak›t olarak kullan›lmas›” için Çevre ve Orman Bakanl›¤›ndan lisans al›nm›flt›r.


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2005 YILINDA ÇEVRE-‹SG AMAÇ HEDEFLER‹M‹Z:2005 y›l›nda toplumun çevre ve ‹fl sa¤l›¤› ve güvenli¤i ile ilgili bilinçlendirilmesine yönelik olarak afla¤›daki faaliyetlerin yap›lmas›planlanm›flt›r. 1- Kapat›lan hammadde ocaklar›na 2000 adet a¤aç dikilecektir.2- TEMA Vakf› ile iflbirli¤i yap›larak yak›n çevremizde a¤açland›rma faaliyetleri yap›lacakt›r.3- Yak›n çevre köylerindeki okullar ziyaret edilecek ve çevre bilinçlendirme e¤itimleri düzenlenecektir.4- Çaydurt halk› için çevre bilinçlendirme e¤itimleri düzenlenecektir.5- Bolu ‘daki resmi kurulufllara fabrikam›z›n çevre, ifl sa¤l›¤› ve güvenli¤i çal›flmalar› hakk›nda bir tan›t›m CD’si haz›rlanacak veda¤›t›lacakt›r.

IV. YÖNET‹M KURULU18. Yönetim Kurulu’nun Yap›s›, Oluflumu ve Ba¤›ms›z Üyeler;fiirketimizde icrac› ve icrac› olmayan ve ba¤›ms›z üye ay›r›m› ana sözleflmemiz gere¤i yoktur. Yönetim Kurulu Üyeleri;Baflkan : Celalettin ÇA⁄LARBaflkan Vekili : ‹brahim TÜLÜ Üye : fiinasi DEM‹RÜye : Enis Sinan KURUÜye : Ali R›za ALTIPARMAK Üye : Ali Kamil UZUNÜye : Güney ARIK

Yönetim Kurulu Üyeleri flirket d›fl›nda baflka görev veya görevler almas› T.T.K. 334 ve 335. maddesi hükümleri gere¤i genel kurulonay›na sunulur.

19.Yönetim Kurulu Üyelerinin Nitelikleri:fiirketimizin Yönetim Kurulu üyeleri yeterli bilgi donan›m›na sahip üyelerden seçilmekte olup yönetim kurulu üyeli¤ine getirildiklerinekendilerine gerekli bilgilendirmeler yap›lmaktad›r.

20. fiirketin Misyon ve Vizyonu ile Stratejik HedefleriYönetim kurulumuz flirketimizin Misyon, Vizyonunu, de¤erlerimizi ve hedeflerimizi belirlemifl, 2003 y›l› faaliyet raporunda veBütçe ve ‹fl program›nda aç›klanm›flt›r.

“Ana hissedar›m›z OYAK’ ›n vizyon, misyon ve de¤erleri do¤rultusunda…”

MisyonumuzTopluma ve çevreye sayg›l›, verimli, etkin ve yüksek sorumluluk bilinci içerisinde çal›flarak sürdürülebilir karl›l›¤› sa¤lamak.

VizyonumuzÇimento kullan›m alanlar›n› gelifltiren, ülke pazar›nda etkin rol oynayan, sayg›n, lider ve güvenilir bir flirket olmak.

De¤erlerimiz Yarat›c›l›k, fieffafl›k, Dürüstlük, Kat›l›mc›l›k, Rekabetçilik, ‹nsana ve Çevreye Sayg›, Müflteri ve Çal›flanlar›n Mutlulu¤u,Mükemmeliyet, Oyak Kültürü.

Bütçe ve ‹fl Program›m›zda yer alan ve yöneticiler taraf›ndan oluflturulan stratejik hedefler Yönetim Kurulu taraf›ndan onaylanm›flolup ayl›k faaliyet sonuçlar› ile karfl›laflt›r›lmak suretiyle hedeflerimize ulaflma dereceleri oranlarla yönetim kuruluna sunulmaktad›r.

21. Risk Yönetim ve ‹ç Kontrol Mekanizmas›Risklerimiz flirketimiz üst yönetimi taraf›ndan ayl›k olarak belirlenip, analiz edilmektedir.Denetleme kurulu taraf›ndan y›lda en az dört kez iç denetim yap›lmaktad›r. Bilgisayar sistemi ile de iç kontrol mekanizmas›oluflturulmufltur. Etkin bir flekilde çal›flmaktad›r.


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22. Yönetim Kurulu Üyeleri ile Yöneticilerin Yetki ve Sorumluluklar›fiirketin Yönetim Kurulu üyeleri ve yöneticilerinin yetki ve sorumluluklar› T.T.K. nun belirledi¤i flekilde flirket ana sözleflmesinde yerverilmifltir.

23. Yönetim Kurulunun Faaliyet Esaslar›Yönetim Kurulu Toplant› esaslar› Ana sözleflme ile belirlenmifltir. Yönetim kurulu üçü flirket merkezinde yap›lmak kayd› ile y›lda en az6 defa toplan›r. Dönem içindeki toplant› say›s› 22 dir. Oluflturulan sekreterya taraf›ndan telefonla ve yaz›l› olarak toplant›ya davetedilip, toplant› gündem dosyas› taraflar›na bir hafta öncesinden gönderilmektedir. Toplant› gündem belirleme esaslar› ise konular Genel Müdürlük taraf›ndan dikkate al›narak haz›rlanan gündem Yönetim KuruluBaflkan› onay›ndan sonra kesinleflir. Ayr›ca varsa Yönetim veya Denetim Kurulu talebi dikkate al›n›r.

24. fiirketle Muamele Yapma ve Rekabet Yasa¤›TTK’n›n flirketle muamele yapma yasa¤› ve rekabet yasa¤› hakk›ndaki 334. ve 335. maddelerinde yaz›l› müsaadeler Genel Kurultaraf›ndan üyelerimize verilmifltir.

25. Etik Kurallarfiirketimiz taraf›ndan benimsenen ilkeler do¤rultusunda flirket çal›flanlar›n›n ve yöneticilerin flirket etik kurallar›na uygundavranmas›n›, tüm çal›flanlar taraf›ndan benimsenmesini, ve bu kurallar çerçevesinde faaliyetlerini yerine getirmesini sa¤lar.Bu kurallar personel yönetmeli¤i ve de¤erlerimiz bafll›¤› alt›nda yönetim kurulumuzca onaylanm›fl ve internet sayfam›zda yeralacakt›r.

26. Yönetim Kurulunda Oluflturulan Komitelerin Say›, Yap› ve Ba¤›ms›zl›¤›fiirketimizde Yönetim Kurulu Denetim Komitesi olup 2 kifliden oluflmaktad›r.Ayl›k Yönetim Kurulu toplant›lar› haricinde y›lda en az 3 kez toplan›r.

Üye Görevi E¤itim DurumuAli Kamil Uzun Üye ‹.Ü. ‹flletme Güney Ar›k Üye A.Ü. Siyasal Bilgiler Fak. ‹ktisat

Komite, flirketin muhasebe sisteminin ve finansal bilgilerinin denetimi ile kamuya aç›klanmas›n›n ve iç kontrol sisteminin iflleyifl veetkinli¤inin gözetimini sa¤lamak için gerekli tüm tedbirlerin al›nmas›ndan sorumludur.

27. Yönetim Kuruluna Sa¤lanan Mali HaklarYönetim Kurulu baflkan ve üyelerine sa¤lanan mali haklar Genel kurul karar›yla belirlenir. Performansa dayal› herhangi birödüllendirme niteli¤inde ödeme, borç, kredi kulland›rma veya bunlar›n süre uzat›m› ve benzeri menfaatler söz konusu de¤ildir.


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1. Statement of Harmony to Corporate Governance PrinciplesConformity with the Corporate Governance Principles, announced by the Capital Markets Board in 2003 was held optional anda volunteering approach in realising them was appropriated. Our Company has perceived the importance of actualising theseprinciples on helping the Turkish Capital Markets transition to global liquidity system and is paying the necessary attention topreservation and easy usage of shareholders’ rights, transparency, informing the public intended for the beneficiaries andconstituting board of directors in harmony with the corporate principles. The works will be carried out in the coming terms toachieve the maximum utility from the Corporate Governance Principles of the Capital Markets Board.

I- SHAREHOLDERS2. Unit On Relations With Shareholders:All the activities related with shareholders are run within the structure of the Accounting Management and the communicationinformation of the personnel of the Unit is as follows:

TITLE NAME SURNAME EXT. e-mail ADDRESS Accounting Manager Ertu¤rul AKDAfi 110-111 [email protected], Gen. Acc. Mehmet D‹KMEN 112 [email protected] Chief, Cost Acc. Fatma TUNÇER 113 [email protected] Official Gül KÖSTEREL‹ 114 [email protected] Official Adnan ÖZKAN 115 [email protected] Official Aytaç KAYA 116 [email protected] Official Murat UÇAR 117 [email protected]

In the term;Main activities: a- Maintain the records related with the shareholders to be healthy, safe and updated,b- Reply the written requests of the Shareholders provided that the unannounced information and confidential and/or commercialsecrets are excluded,c- Maintain the organisation of the General Assembly in conformity with the current regulations, the Main Agreement and otherin company arrangements,d- Prepare the documents that the Shareholders may use in the General Assembly,e- Keep the records of voting results and maintain the delivery of the reports on the results to the Shareholders, f- Protect and observe all the issues related with the enlightenment of the public including the regulations and informing policyof the Company.

Number of applications: 65Number of replies to investors: 65

3. The use of Shareholders’ Right to Obtain Information:In 2004 total of 65 requests were received. All the questions forwarded were replied orally/written after being evaluated as to beconsidered secret or not. Information requests received in the term- Information on the items of announced financial statements, - Information on Capital Increase.

4. General Assembly Information:General Assemblies Realised in the TermDate General Assembly Attendees Attendance Rate Type of Inviting26.03.2004 Ordinary Shareholders 51,94 Trade Registry Gazette, Milliyet Newspaper, Bolu Olay Newspaper26.03.2004 Extraordinary Shareholders 51,94 Trade Registry Gazette, Milliyet Newspaper, Bolu Olay Newspaper

CORPORATE GOVERNANCE PRINCIPLES HARMONY REPORT


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Invitation to the General Assembly:Invitation announcements to the General Assembly are made by advertisements given to the Trade Registry gazette, to MilliyetNewspaper that is published nationwide and to Bolu Olay Newspaper, which is published in Bolu thinking that most of ourshareholders are in Bolu.

Information on General Assembly:According to the item 46 of our Main Agreement with heading “Advertisements”, the announcements of the General Assembliesare to be made at least 2 weeks, excluding the dates of advertisement and assembly, prior the meeting. Within this concept,the agenda items and the power of attorney form have been published in the nationwide published Milliyet Newspaper, locallypublished Bolu Olay Newspaper apart from the Turkish Trade Registry Gazette. Besides, as of advertisement date the agenda items,annual report, updated Main Agreement, financial statements and reports, power of attorney form and other documents relatedwith the agenda are displayed for the examination of the shareholders at the Company General Management.

Our Company’s shares are issued to the bearer and do not have any privileges.

5. Voting Rights and Minority Rights:Our Company’s shares are issued to the bearer and do not have any privileges. According to item 30 of our Main Agreement eachshare has one vote.We do not have mutual partnership relation with any company.

6. Profit Distribution Policies and Profit Distribution TimeOur Company’s profit distribution policy is organised in item 49 of our Main Agreement and the amount of profit to be distributedis announced to the information of our shareholders by way of newspaper advertisements after the decision of the GeneralAssembly. There isn’t any kind of privilege on taking or utilising dividends. In 2003 there wasn’t any profit distribution, the profithad been utilised to cover the previous years losses generated from the equity inflation adjustment differences.

7. Transfer of SharesThere is no regulation in the Main Agreement of the Company that restricts the share transfer.

SECTION II – INFORMING THE PUBLIC AND TRANSPARENCY8. Information Policy of the CompanyOur Company is very sensitive to disclose all the information, except those assumed as commercial secrets, to the public in additionto those that have been designated by regulations as necessary.

9. Explanations on Special SituationsDepending on the Notification Series VIII, No: 39 of CMB 41 special situation explanations have been made conforming to theperiods foreseen in the regulations. Regarding the explanations, no additional explanation has been requested by CMB or ISE(Istanbul Stock Exchange). As our shares are not quoted in foreign stock exchanges no special situation explanation made apartfrom Istanbul Stock Exchange.

10. Company Internet Site and its ContentIn the direction of our Corporate Governance Principles, Enlightenment of the public and transparency principle our Company hasconstituted an effective internet site, www.bolucimento.com.tr, to present easy access to correct, consummate, understandable,analysable and low cost information. The information that takes place in item 1.11.5 of Section II of Corporate GovernancePrinciples of CMB is prepared and at the stage of being loaded to our site.

11. Disclosure of Real Person Final Dominant Shareholder/shareholdersOur Company does not have any real person final dominant Shareholder/shareholders.


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12. Announcement, of the People who can gather Information from the Company, to the Public.The Company regards to take all precautions and develop policies, in order to reach complete obedience to the legal arrangementsto prevent trade of those who have access to information of the company, as a target of the Company Culture. To serve thispurpose the Personnel Ordinance (item 36) bans the Chairman and members of the Board of Directors, auditors, all the personneland those who are apt to reach to information due to their professions or duties, to use the information to provide benefits to thirdparties.

The Board of Directors, the General Manager and assistants with the secretariat and Unit Managers, Unit Chiefs and the personnelof the Accounting Management are in a position to reach information important for the Company that can be regarded ascommercial secrets. The list of the personnel whose posts and functions stated will be announced at our Company’s Internet site.

III- BENEFICIARIES13. Informing the BeneficiariesProtecting the balance among the customers, employees and shareholders the Company improves the product and service qualityand guides the internal and external customer conscious in the frame of Quality Management System.

14. Beneficiaries Taking Part in the ManagementThe beneficiaries may take part in management by using their rights in attending various meetings, using proposal system anddesignation of at the edge issues.

Employees Customers Shareholders Proposal System Customer Satisfaction Survey General AssemblyAdminis. Meetings Dealer MeetingsAdvertisements General Assembly

15. Human Resources PolicyOur Company’s main concern is the equality principle and no discrimination of any kind can be made among the personnel. Every year “Employee Satisfaction Survey” is materialised so as to measure the satisfaction of personnel, to designate the issuesof complaint and to make necessary improvements. The “Proposal Evaluation Committee” evaluates the proposals collected in the “Proposal Boxes” and in the “Digital ProposalSystem”.

Education is one of the inevitable elements of our “Human Resources Policy”. Other basics of our human resources policy areexplained in the “Personnel Ordinance”.

The employees who undergo a detailed orientation education at recruitment are given chances to improve their professional skillswith continuous training under developments principles. All the education programmes they take and their contribution to thecompany are recorded and shall be considered later in carrier improvement.

Necessary positions and titles are designated to run the relations with the employees.Logistic Services Manager Mr. Mehmet Levend GÜRSES is assigned to handle administrative, educational and labour affairs;Quality Control and Management Manager Mrs. Nurdan ÖNEY is assigned to handle labour health and safety, Quality andenvironment management systems.

16. Information on the Relations with Customers and SuppliersWithin the frame of the Quality Management System there is the Supplier Evaluation Procedure. With this system our Companymonitors and evaluates the suppliers.

Although our Company acts with an understanding of marketing qualified products and services for customer satisfaction and trustsets the prices by taking into consideration the conditions of the market and profitability. For the successful achievement of thesetargets:


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• Customer visits and market researches are materialised in order within the current programme by the Sales Management.With these visits and Market researches proposals, demands and views of the dealers, retailers and bulk cement customers arecollected and common strategies are produced on the issued determined in conformity with the basic company policy and currentregulations, thus while the customer satisfaction is directly or indirectly maintained the market and its tendencies are determinedand applicable common solutions to develop or improve the product or service are reached.

• At least four meetings are held in a year with the dealers and bulk cement customers by the participation of our senioradministrators. According to the agenda items of these meetings, the related technical managements take part and two waytechnical data flow is materialised.

• With the monthly analysis of customer relations (sales tonnages of customers and dealers, profitability analysis, customercomplaints, realising position analysis of the programme constituted) the effectiveness of the policies and strategies are measuredand improvement and development works are made. The “customer complaints” part of the monthly analysis has a remarkableimportance for our company that pays the utmost attention to customer satisfaction. In order to investigate and solve a complaintemerging from a customer a team is set up (by at least one technical and one sales personnel, depending on the subject of thecomplaint) and necessary examinations are made and completed by feedback and the case is then under tracing process; thus therepetition of the complaint is minimised.

• Bolu Cement Industry (BCI) organises annual surveys in its activity region aiming to determine the customer satisfaction.These surveys are prepared in two different formats, one for the bulk cement customers that we directly work with, and the otherfor our dealers. BCI, by asking the customers to evaluate its performance and also compare BCI with the competitors, maintainsthe realist measurement of customer approach.

• Our Company that devotes importance to education, one of the keys to continuous improvement and development, designatesthe subjects of education the customers need with the surveys and customer visits and aims to hold at least one education seminarin a year. In 2003 with the contribution of Turkish Ready Mixed Concrete Union a seminar on production of ready mixed concretewas held in our factory’s meeting hall. Also invitations for the “Ready Mixed Concrete Congress” were obtained from the TurkishReady Mixed Concrete Union and distributed to our customers to maintain their attendance.

• An effective, widespread and uninterrupted communication is set with the customers by way of telephone, facsimile andespecially digital technology, the quickest communication web of the new century.

17. Social ResponsibilityThe year 2003 has been announced as the year of Mathematics and Efficiency by the cement companies of Oyak group and mathcontests have been organised among the high schools of our city and its districts. Various rewards have been given to the schoolsand students who took part in these contests. The same contest was repeated in 2004 as well. During the last three years open day activities were organised for the employees and their families. Our Company has contributed to the activities of the Çimentospor Table Tennis team of the factory.

TREE PLANTING ACTIVITIES:The tree planting activities that Bolu Cement Industry Inc. has materialised are listed below:1- Black pines have been planted on an area of 30 hectares in Çaydurt district and this area is named Cumhuriyet (Republic) Forest.2- Black pines have been planted on an area of 14 hectares at the limestone quarry area in Çaydurt district. 3- With the cooperation of TEMA Foundation Nutgalls and Black Pine trees have been planted on an area of 11 hectares.

ACTIVITIES WITH OFFICIAL ESTABLISHMENTS:A campaign on waste paper collection was run between 2001 and 2004 with the participation of schools, official establishmentsand universities in the city boundaries of Bolu. With the revenues obtained by utilising the waste paper collected with this campaignthe children in need were helped in the close by schools to the factory. In 2005 this campaign will be carried out with thecooperation of TEMA Foundation.


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DOCUMENTS AND OFFICIAL PERMISSIONS:In 1975 Unhealthy Establishment Operation License was received.In 1992 discharge permission certificate was taken.In 2001 Emission permission was taken.In 2003 Environment Governance System certificate in conformity with our factory’s TS EN ISO 14001 Environment GovernanceSystem standards. On 01.10.2004 a license, “Use of Wastes as Additional Fuel” has been taken from the Ministry of Environment and Forestryrealising a first in Turkey, to prevent pollution, unconscious extermination and regaining the wastes of the factory to the economy.

OUR AIM AND TARGETS ON ENVIRONMENT, LABOUR HEALTH AND SAFETY IN 2005: The following activities has been programmed to put into action in 2005 for the social conscious on environment, labour healthand safety: 1- To plant 2000 trees at the closed raw material quarries.2- To realise tree-planting activities in our close surroundings with the cooperation of TEMA Foundation.3- To organise visits to surrounding village schools and organise educational activities to improve environmental conscious.4- To organise environmental educations for the people of Çaydurt.5- To prepare an Introductory CD on our Factory’s works on environment, labour health and safety and distribute the CD to theofficial establishments.

IV. BOARD OF DIRECTORS18. The Structure, Formation of the Board of Directors and the Independent MembersThere is no discrimination of executive, non-executive and independent member in our Company as required by our MainAgreement. Members of the Board of Directors:Chairman : Celalettin ÇA⁄LARDeputy Chairman : ‹brahim TÜLÜ Member : fiinasi DEM‹RMember : Enis Sinan KURUMember : Ali R›za ALTIPARMAK Member : Ali Kamil UZUNMember : Güney ARIK

General Assembly approval is necessary for our members of the board of directors for the permission to be employed elsewhere asrequired by the items 334 and 335 of Turkish Trade Law.

19. The Qualities of the Members of the Board of DirectorsThe members of our Board of Directors are elected among the members with sufficient knowledge and all the information is givento them after they are chosen.

20. The Mission, Vision and the Strategic Targets of the CompanyThe mission and vision of the Company are designated and announced in the 2003 Annual Report, Budget and Business Schedule.

“In the direction of the vision, mission and values of our main shareholder OYAK …”

Our Missionis to maintain an ongoing profitability with an effective, productive and high responsibility conscious, respecting the human andthe environment, targeting continuous improvement and development.

Our Vision is to be a leader company developing the consumption fields of cement, playing an active role in the market, respectable,trustworthy.


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Our Values are Creativity, Transparency, Honesty, Respect to the human and the environment, Satisfaction of the customers and employees,Perfectionism, Competitiveness, Reliability, Oyak Culture.

The strategic targets that have been constituted by the administrators and take part in the Budget and Business Schedule areapproved by the Board of Directors and the monthly realising degrees are presented to the Board of Directors after comparisonswith the monthly activities.

21. Risk Management and Internal Control MechanismOur risks are designated and analysed monthly by the senior management of the Company. The auditing board materialises at least four internal audits during a year. Also a computerised internal auditing mechanism isconstituted and is working effectively.

22. Authority and Responsibilities of the members of the Board of Directors and the AdministratorsAuthorities and responsibilities of the members of the Board of Directors and administrators take place in the Main Agreementas dictated by Turkish Trade Law.

23. The Activity Principles of the Board of DirectorsThe principles of the activities of the Board of Directors are stated in the Main Agreement. The Board of Directors meet at leastsix times a year. At least three of these meeting must be held at the Company Headquarters.The number of meeting in term was 22. They are invited to the meeting by telephone or in written by the secretariat and theagenda is delivered to the parties one week in advance. The items of the meeting agenda are prepared by the general manager and become definite after being approved by the Chairman.Demands of the Boards of Directors and Auditors are as well taken into consideration.

24. Trading with the Company and Ban on CompetitionThe General Assembly has granted written permission to the members on prohibition of trading with the Company and ban oncompetition set by the items 334 and 335 of TTL.

25. EthicsThe ethics of the Company maintain the employees and administrators to behave according to the principles appropriated by thecompany and also ensure that all the activities are executed in the direction of these principles. These principles have been approvedby our Board of Directors under the personnel ordinance and our values. They will also be displayed in our internet site.

26. The number, Structure and Independence of the committees constituted in the Board of DirectorsThe Auditing Committee of our Board of Directors is constituted by two members. Apart from the monthly Board of Directorsmeetings they meet at least 3 times a year.

Member Duty EducationAli Kamil Uzun Member University of Istanbul, Business Administration Güney Ar›k Member University of Ankara Faculty of Political Sc., Economy

The Committee is responsible for the auditing and public announcing of the Company’s accounting system and for taking all theprecautions to protect the effectiveness and operation of the internal control system.

27. Financial Rights Provided to the Board of DirectorsThe financial rights provided to the Chairman and the members of the Board of Directors are designated by the decision of theGeneral Assembly. Payments for performance, borrowings, use of credits and extension of their due dates and benefits of similarnature are out of question.

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BOLU Ç‹MENTO SANAY‹‹ A.fi.ENFLASYONA GÖRE DÜZELT‹LM‹fi AYRINTILI B‹LANÇO(Yeni Türk Liras› “YTL”)

AKT‹F (VARLIKLAR) Cari Dönem • 31/12/2004 Önceki Dönem • 31/12/2003

I- DÖNEN VARLIKLAR 89.300.354 81.055.767

A- Haz›r De¤erler 4.123.143 4.808.697

1- Kasa 13.665 8.136

2- Bankalar 3.993.516 4.251.225

3- Di¤er Haz›r De¤erler 115.962 549.336

B- Menkul K›ymetler 47.204.963 30.188.429

3- Kamu Kesimi Tahvil Senet ve Bonolar› 47.204.963 30.188.429

C- K›sa Vadeli Ticari Alacaklar 23.381.466 27.694.305

1- Al›c›lar 20.524.271 20.336.579

2- Alacak Senetleri 4.694.678 9.856.882

5- Alacak Reeskontu (-) -720.490 -1.110.146

6- fiüpheli Alacaklar Karfl›l›¤› (-) -1.116.993 -1.389.010

D- Di¤er K›sa Vadeli Alacaklar 526.925 600.477

4- K›sa Vadeli Di¤er Alacaklar 527.178 600.765

6- fiüpheli Alacaklar Karfl›l›¤› (-) -253 -288

E- Stoklar 12.594.492 10.466.271

1- ‹lk Madde ve Malzeme 9.938.871 4.922.307

2- Yar› Mamuller 1.667.421 4.507.198

4- Mamüller 373.320 710.964

5- Emtia 0 101.556

6- Di¤er Stoklar 92.463 119.170

8- Verilen Siparifl Avanslar› 522.417 105.076

F- Di¤er Dönen Varl›klar 1.469.365 7.297.588

II- DURAN VARLIKLAR 84.836.082 88.787.426

A- Uzun Vadeli Ticari Alacaklar 5.652 4.653

3- Verilen Depozito ve Teminatlar 5.652 4.653

B- Di¤er Uzun Vadeli Alacaklar 0 0

C- Finansal Duran Varl›klar 16.575.101 9.097.429

3- ‹fltirakler 20.371.297 14.357.320

5- ‹fltirakler De¤er Düflüklü¤ü Karfl. (-) -3.796.196 -5.259.891

D- Maddi Duran Varl›klar 67.918.967 79.412.868

1- Arazi ve Arsalar 8.240.132 8.692.147

2- Yerüstü ve Yeralt› Düzenleri 6.307.331 7.131.589

3- Binalar 75.390.027 79.871.719

4- Makine Tesis ve Cihazlar 225.566.165 232.320.075

5- Tafl›t Araç ve Gereçleri 3.872.253 21.975.330

6- Döfleme ve Demirbafllar 5.636.119 6.107.020

8- Birikmifl Amortismanlar (-) -257.234.852 -276.685.012

9- Yap›lmakta Olan Yat›r›mlar 141.792 0

E- Maddi Olmayan Duran Varl›klar 336.362 272.476

1- Kurulufl ve Teflkilatlanma Giderleri 218.182 25.719

2- Haklar 8.203 0

4- Di¤er Maddi Olmayan Duran Varl›klar 109.977 246.757

F- Di¤er Duran Varl›klar 0 0

AKT‹F (VARLIKLAR) TOPLAMI 174.136.436 169.843.193

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PAS‹F (KAYNAKLAR) Cari Dönem • 31/12/2004 Önceki Dönem • 31/12/2003

I- KISA VADEL‹ BORÇLAR 14.947.156 31.761.906

A- Finansal Borçlar 1.175.687 2.699.663 1- Banka Kredileri 0 120.339 2- Uzun Vad.Kre.Ana Para Taksitl.ve Faiz. 1.156.221 2.579.324 5- Di¤er Finansal Borçlar 19.466 B- Ticari Borçlar 6.943.131 12.282.819 1- Sat›c›lar 6.670.004 11.968.737 2- Borç Senetleri 46.548 121.035 3- Al›nan Depozito ve Teminatlar 292.058 492.294 4- Di¤er Ticari Borçlar 82.955 77.434 5- Borç Reeskontu (-) -148.434 -376.681 C- Di¤er K›sa Vadeli Borçlar 3.674.995 7.077.088 1- Ortaklara Borçlar 73.887 94.023 5- Ödenecek Vergi Harç ve Di¤er Kesintiler 316.218 389.923 6- Ertelenen ve Taks.Ba¤l.Devlet Alacaklar› 1.428.178 3.902.020 7- K›sa Vadeli Di¤er Borçlar 1.856.712 2.691.122 8- Borç Reeskontu (-)D- Al›nan Siparifl Avanslar› 85.613 208.652 E- Borç ve Gider Karfl›l›klar› 3.067.730 9.493.684 1- Vergi Karfl›l›klar› 2.523.530 8.883.964 2- Di¤er Borç ve Gider Karfl›l›klar› 544.200 609.720

II- UZUN VADEL‹ BORÇLAR 2.994.134 5.983.056

A- Finansal Borçlar 2 1.197.705 1- Banka Kredileri 0 1.197.705 4- Di¤er Finansal Borçlar 2 0 B- Ticari Borçlar 15 7.851 1- Sat›c›lar 15 17 2- Borç Senetleri 0 12.500 5- Borç Reeskontu (-) 0 -4.666 C- Di¤er Uzun Vadeli Borçlar 0 1.625.840 4- Ertelenen ve Taks.Ba¤l.Devlet Alacaklar› 0 1.625.840 D- Al›nan Siparifl Avanslar› 0 0 E- Borç ve Gider Karfl›l›klar› 2.994.117 3.151.660 1- K›dem Tazminat› Karfl›l›klar› 2.994.117 3.151.660

III- ÖZ SERMAYE 156.195.146 132.098.231

A- Sermaye 112.000.000 66.959.854 B- Sermaye Taahhütleri (-) 0 0 C- Emisyon Primi 0 27.278 D- Yeniden De¤erleme De¤er Art›fl› 0 0 E- Yedekler 820.183 7.696.245 1- Yasal Yedekler 820.183 6.072.473 2- Statü Yedekleri 0 1.413.104 3- Ola¤anüstü Yedekler 0 210.668 F- Net Dönem Kar› 24.096.915 7.487.032 G- Dönem Zarar› (-) 0 0H- Geçmifl Y›llar Zararlar› (-) 0 -86.821.2001- ....Y›l› Zarar› 0 -86.821.200 I- Özsermaye Enflasyon Düzeltmesi Farklar› 19.278.048 136.749.022

PAS‹F (KAYNAKLAR) TOPLAMI 174.136.436 169.843.193

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BOLU CEMENT INDUSTRY CO. DETAILED BALANCE SHEET ADJUSTED ACCORDING TO INFLATION(New Turkish Lira “YTL”)

ASSETS (ACTIVE) Current Term • 31/12/2004 Previous Term • 31/12/2003

I- CURRENT ASSETS 89.300.354 81.055.767

A- QUICK ASSETS 4.123.143 4.808.697

1- Safe 13.665 8.136

2- Banks 3.993.516 4.251.225

3- Other Quick Assets 115.962 549.336

B- MARKETABLE ASSETS 47.204.963 30.188.429

3- Public Sector Debenture, Bill and Bond 47.204.963 30.188.429

C- SHORT-TERM COMM. RECEIVABLE 23.381.466 27.694.305

1- Buyers 20.524.271 20.336.579

2- Crediters Bills 4.694.678 9.856.882

5- Receivable Rediscount (-) -720.490 -1.110.146

6- Allowance for Doubtfull Receivables (-) -1.116.993 -1.389.010

D- OTHER SHORT-TERM COMM. RECEIVABLE 526.925 600.477

4- Other Short-Term Receivables 527.178 600.765

6- Allowance for Doubtfull Receivables (-) -253 -288

E- INVENTORIES 12.594.492 10.466.271

1- Raw Materials and Suppliers 9.938.871 4.922.307

2- Semi Finished Goods - Production 1.667.421 4.507.198

4- Made 373.320 710.964

5- Commodity 0 101.556

6- Other Inventories 92.463 119.170

8- Advance Payment for the Given Orders 522.417 105.076

F- OTHER CURRENT ASSETS 1.469.365 7.297.588

II- NON-CURRENT ASSETS 84.836.082 88.787.426

A- LONG-TERM COMM. RECEIVABLES 5.652 4.653

3- Given Deposit and Guarantee 5.652 4.653

B- OTHER LONG-TERM RECEIVABLES 0 0

C- FINANCIAL FIXED ASSETS 16.575.101 9.097.429

3- Associated Companies 20.371.297 14.357.320

5- Provision for Participations Depreciation (-) -3.796.196 -5.259.891

D- TANGIBLE FIXED ASSETS 67.918.967 79.412.868

1- Lands and Grounds 8.240.132 8.692.147

2- Series On and Under Ground 6.307.331 7.131.589

3- Buildings 75.390.027 79.871.719

4- Machines, Facilities 225.566.165 232.320.075

5- Transports, Means 3.872.253 21.975.330

6- Floor and Fixtures 5.636.119 6.107.020

8- Accumulated Depreciation (-) -257.234.852 -276.685.012

9- Ongoing Investments 141.792 0

E- INTANGIBLE NON-CURRENT ASSETS 336.362 272.476

1- Expenses of Corporation and Org. 218.182 25.719

2- Equities 8.203 0

4- Intangible Non-Current Assets 109.977 246.757

F- OTHER NON-CURRENT ASSETS 0 0

TOTAL ASSETS (ACTIVE) 174.136.436 169.843.193

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PASSIVE (SOURCES) Current Term • 31/12/2004 Previous Term • 31/12/2003

I- SHORT-TERM LIABILITIES 14.947.156 31.761.906

A- FINANCIAL LIABILITIES 1.175.687 2.699.663 1- Bank Loans 0 120.339 2- Long-Term Credit Capital Stock and Interest 1.156.221 2.579.324 5- Other Financial Debts 19.466 B- COMMERCIAL DEBTS 6.943.131 12.282.819 1- Suppliers 6.670.004 11.968.737 2- Notes Payables 46.548 121.035 3- Received Deposit and Guarantee 292.058 492.294 4- Other Commercial Debts 82.955 77.434 5- Debt Rediscount (-) -148.434 -376.681 C- OTHER SHORT-TERM LIABILITIES 3.674.995 7.077.088 1- Debts to Shareholders 73.887 94.023 5- Tax. Fees Which Will be Paid 316.218 389.923 6- Postponed and Termed Debts to the State 1.428.178 3.902.020 7- Other Short-Term Debts 1.856.712 2.691.122 8- Debts Rediscount (-)D- REVOLVED ORDER ADVANCES 85.613 208.652 E- ALLOWANCES FOR DEBTS AND EXPENSES 3.067.730 9.493.684 1- Allowances for Taxes 2.523.530 8.883.964 2- Allowances for Other Debts and Expenses 544.200 609.720

II- LONG-TERM LIABILITIES 2.994.134 5.983.056

A- FINANCIAL LIABILITIES 2 1.197.705 1- Bank Loans 0 1.197.705 4- Other Financial Debts 2 0 B- COMMERCIAL DEBTS 15 7.851 1- Suppliers 15 17 2- Notes Payables 0 12.500 5- Debt Rediscount (-) 0 -4.666 C- OTHER LONG-TERM DEBTS 0 1.625.840 4- Postponed and Termed Debts to the State 0 1.625.840 D- RECEIVED ORDERED ADVANCES 0 0 E- ALLOWANCES DEBT AND EXPENSES 2.994.117 3.151.660 1- Saverance Pay 2.994.117 3.151.660

III- SHAREHOLDERS EQUITY 156.195.146 132.098.231

A- PAID IN CAPITAL 112.000.000 66.959.854 B- CAPITAL TO BE PAID (-) 0 0 C- EMISSION PREMIUM 0 27.278 D- REEVALUATION 0 0 E- RESERVES 820.183 7.696.245 1- Legal Reserves 820.183 6.072.473 2- Statual Reserves 0 1.413.104 3- Extraordinary Reserves 0 210.668 F- NET TERM PROFIT 24.096.915 7.487.032 G- TERM LOSS (-) 0 0H- LOSS FOR THE PREVIOUS YEAR (-) 0 -86.821.2001- Loss for ........ 0 -86.821.200 I- SHAREHOLDERS’ EQUITY INFLATIONADJUSTMENT DIFFERENCES (-) 19.278.048 136.749.022

TOTAL PASSIVES (SOURCES) 174.136.436 169.843.193


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31.12.2004 TAR‹H‹ ‹T‹BAR‹YLE ENFLASYONA GÖREDÜZELT‹LM‹fi AYRINTILI B‹LANÇONUNAKT‹F HESAP GRUPLARININ AÇIKLAMALARI

I- DÖNEN VARLIKLAR

A- HAZIR DE⁄ERLER31.12.2004 tarihi itibariyle Kasa 13.665,-YTL., Bankalar3.993.516,-YTL. ve Al›nan çekler 115.962,-YTL.toplam›d›r.

B- MENKUL KIYMETLER31.12.2004 tarihi itibariyle Devlet Tahvili ve Hazine Bonosututarlar›d›r.

C- KISA VADEL‹ T‹CAR‹ ALACAKLARÇimento ve haz›r beton müflterilerimizden alacaklar›m›z,alacak senetleri ve flüpheli alacaklar›m›z ile karfl›l›klar› ve vadeliçekler tutar›d›r.

D- D‹⁄ER KISA VADEL‹ ALACAKLARDi¤er k›sa vadeli alacaklarda görülen 526.925,-YTL. nin42.647,-YTL.s› personelimizin çimento borçlar› ile di¤er borçlar›n›,484.278,-YTL.s› di¤er alacaklar›m›z› göstermektedir.

E- STOKLARStoklar tutar› 12.594.492,-YTL.nin 9.938.871,-YTL.s› ilk maddeve malzeme stoklar›n›, 1.667.421,-YTL.s› yar› mamul stokunu,373.320,-YTL.s› mamul stokunu, 11.527,-YTL.s› emtia stokunu,80.936,-YTL.s› imalata verilen kraft ka¤›d› bedelini, 522.417,-YTL.s› siparifl avanslar› tutar›n› göstermektedir.

F- D‹⁄ER DÖNEN VARLIKLARDi¤er dönen varl›klarda görünen 1.469.365,-YTL.nin 104.916,-YTL.si gelecek aylar giderlerini, 1.340.062,-YTLsi ‹nd. KDV yi,16.235,-YTL’si 2003 y›l›nda yap›lan repo ve vadeli ifllemlerdenkesilen Gelir Vergisi Stopaj› fonu, 8.152.-YTL’si personele verilenavanslar› göstermektedir.

II- DURAN VARLIKLAR

A- UZUN VADEL‹ T‹CAR‹ ALACAKLARMuhtelif firmalara verilen teminat ve depozitolar tutar›d›r.

C- F‹NANSAL DURAN VARLIKLARElaz›¤ Alt›nova Çimento Sanayii ve Ticaret A.fi.ne % 18, OyakBeton Sanayii ve Ticaret A.fi. ne % 16,31, Oyak Enerji A.fi. e% 19,6 ifltirakimiz toplam›d›r.

D- MADD‹ DURAN VARLIKLARfiirketimizce 2003 ve daha önceki y›llarda al›nm›fl amortismanatabi sabit k›ymetlerin elde etme maliyetinin sat›n alma y›llar›naait düzeltme katsay›s› kullan›larak yeniden düzenlenmifl de¤erleriile 2004 y›l›nda ilave edilen sabit k›ymetler tutar›ndan, birikmiflamortismanlar›n tenzilinden sonraki net de¤erleri ile yap›lmaktaolan yat›r›mlar tutar› toplam›d›r.

E- MADD‹ OLMAYAN DURAN VARLIKLARSermaye art›r›m› giderleri ile özel tükenmeye tabi varl›klar içinyap›lan harcamalardan itfa paylar› düflüldükten sonra kalantutard›r.

31.12.2004 TAR‹H‹ ‹T‹BAR‹YLE ENFLASYONA GÖREDÜZELT‹LM‹fi AYRINTILI B‹LANÇONUNPAS‹F HESAP GRUPLARININ AÇIKLAMALARI

I- KISA VADEL‹ BORÇLAR

A- F‹NANSAL BORÇLAROyak European F›nance PLC firmas›ndan al›nan 4.200.000 EURtutar›ndaki kredinin 2005 y›l›nda ödenecek anapara ve faiz tutar›ile Vak›f Finansal Kiralama A.fi. ne olan Leasing tutar›d›r.

B- T‹CAR‹ BORÇLAR6.943.131,-YTL. tutar›ndaki ticari borçlar›m›z›n6.670.004,- YTL.s› gerçek ve tüzel kiflilere borcumuzu,46.548,-YTL’ s› Borç Senetlerini, 148.434,-YTL.s› 3 ay› aflanborç reeskontunu, 292.058,-YTL’ s› çimento bayilerimiz iledi¤er müteahhitlerimizden al›nan teminatlar› 82.955.-YTL ‘siBelgesi gelmeyen mal ve hizmet borçlar›m›z› göstermektedir.

C- D‹⁄ER KISA VADEL‹ BORÇLARBu bölümde görülen 3.674.995,-YTL.nin 73.887,-YTL.s›ortaklar›m›z›n henüz talep etmedi¤i kar pay› alacaklar›n›,1.428.178.-YTL ‘si Vadesi geçmifl ertelenen veya takside ba¤lananvergi ve di¤er yasal yükümlülüklerimizi, 316.218,-YTL si ödenecekvergi ve fonlar› ve SSk prim ve ‹fl.Sig.borcumuzu, 1.638.928,-YTL’s› Aral›k 2004 ay› hesaplanan KDV yi , 86.354.-YTL’si di¤erKDV’yi, 31.753,-YTL.s› flirketimiz çal›flanlar›n›n Aral›k-2004 ay›ücretlerinden alacaklar›n› ve 99.677,-YTL si di¤er borçlar›m›ztoplam›n› göstermektedir.

D- ALINAN S‹PAR‹fi AVANSLARIÇimento ve haz›r beton müflterilerimizin alacaklar› toplam›d›r.

E- BORÇ VE G‹DER KARfiILIKLARI2004 y›l› ticari kar›m›zdan ayr›larak 2005 y›l›nda ödenecek vergive di¤er yasal yükümlülüklerimiz karfl›l›klar› tutar› ile di¤er gidertahakkuklar› toplam›d›r.

II- UZUN VADEL‹ BORÇLAR

A- F‹NANSAL BORÇLARFinansal Kiralama ‹fllemlerinden do¤an borçlar›m›z ve ErtelenmiflFinansal Kiralama Borçlanma Maliyeti aras›nda fark tutar›d›r.

B- T‹CAR‹ BORÇLARBu grupta görülen 15,-YTL. Ünye ve Mardin Çimento fabrikalar›ile ortak al›nan malzeme bedeli, göstermektedir.

E- BORÇ VE G‹DER KARfiILIKLARISermaye Piyasas› Kurulu’nun Seri XI No 5 say›l› tebli¤i gere¤inceflirketimiz çal›flanlar› için 31.12.2004 tarihi itibariyle ayr›lan k›demtazminat› karfl›l›¤›d›r.

III- ÖZ SERMAYE

A- SERMAYEfiirketimiz ödenmifl sermaye tutar›d›r.

E- YEDEKLERGeçmifl y›llar kar›ndan ayr›lan yasal yedekler tutar›d›r.


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THE EXPLANATIONS OF THE ASSETS ACCOUNTGROUPS OF THE DETAILED BALANCE SHEET AS OF31.12.2004 ADJUSTED ACCORDING TO INFLATION

I- LIQUID ASSETS

A- CURRENT ASSETSTotal of Cash-in-hand (13.665 YTL), Bank Deposits (3.993.516YTL) and Cheques received (115.962 YTL) as of 31.12.2004.

B- MARKETABLE SECURITIESThe total amount of Government Bonds and Treasury Bills asof 31.12.2004.

C- SHORT TERM TRADE RECEIVABLESAmount of receivables from our cement and ready mixedconcrete customers, bill receivables and doubtful receivables withprovisions and time cheques.

D- OTHER SHORT TERM RECEIVABLESThe 42.647 YTL of the 526.925 YTL in the Other Short TermReceivables is our personnel’s cement debts and otherreceivables from our personnel; the remaining 484.287 YTL isour other receivables.

E- INVENTORIESThe total amount of inventories 12.594.492 YTL is constructedby the addition of 9.938.871 YTL from raw material andsupplies, 1.667.421 YTL from semi product stocks, 373.320 YTLfrom product stocks, 11.527 YTL from commodity stocks,80.936 YTL from the craft paper supplied to production and522.417 YTL from the prepayment of orders.

F- OTHER LIQUID ASSETSThe 1.469.365 YTL observed in the Other Liquid Assets reflectsthe expenses of the coming months: 104.916 YTL, the deductedVAT: 1.340.062 YTL, the income tax deduction at source of repoand time processes realised in 2003: 16.235 YTL and theadvances given to the personnel: 8.152 YTL.

II- FIXED ASSETS

A- LONG TERM TRADE RECEIVABLESThe total amount of guarantees and deposits given to variouscompanies.

C- FINANCIAL FIXED ASSETSThe total of our participations to Elaz›¤ Alt›nova Cement Industryand Trade Inc at 18%, to Oyak Concrete Industry and Trade Inc.at 16,31% and to Oyak Energy Inc. at 19,6%.

D- TANGIBLE FIXED ASSETSThe total amount of the investments of the fixed assets boughtin 2003 and before, subject to depreciation and with their valuesrevaluated by adjusting coefficients of the related years togetherwith the addition of fixed assets amount of 2004 on their netvalues after deduction of the accumulated depreciations.

E- INTANGIBLE FIXED ASSETSThe amount remaining from the expenses made on assetssubject to exhaustion and expenses made for capital increaseafter subtracting their amortising shares.

THE EXPLANATIONS OF THE LIABILITIES ACCOUNTGROUPS OF THE DETAILED BALANCE SHEET AS OF31.12.2004 ADJUSTED ACCORDING TO INFLATION

I- SHORT TERM LIABILITIES

A- FINANCIAL LIABILITIESThe amount composed of the principal and interest of the4.200.000 EUR credit taken from Oyak European Finance PLCand the leasing payable to Vak›f Financial Leasing Inc.

B- COMMERCIAL LIABILITIES6.943.131 YTL reflects the total of our commercial liabilitiesgenerated as: 6.670.004 YTL from our liabilities to real andjuristic persons, 46.548 YTL from debentures, 148.434 YTL fromrediscounts for debits over three months, 292.058 YTL fromguarantees received from our cement dealers and othercontractors and 82.955 YTL from our debts for products andservices not yet documented.

C- OTHER SHORT TERM LIABILITIESThe total of this account 3.674.995 YTL is the accumulation of73.887 YTL from our shareholders not yet collected dividends,1.428.178 YTL from our tax and other legal obligations duetimes passed, postponed or on instalment payments, 316.218YTL form payable tax and funds, social security premiums andlabour insurance debits, 1.638.928 YTL from the VAT calculatedin December 2004, 86.354 YTL from other VAT, 31.753 YTLfrom the credits of our personnel from their December salariesand 99.677 YTL from our other liabilities.

D- PREPAYMENTS FOR ORDERS TAKENThe total of receivables of the cement and ready mixed concretedealers.

E- PROVISIONS FOR EXPENSES AND LIABILITIESThe amount of provisions reserved for tax payments and otherlegal obligations in 2005 from the commercial profit of 2004and other accruals total.

II- LONG TERM LIABILITIES

A- FINANCIAL LIABILITIESIt is the amount of difference between our liabilities of financialleasing processes and the debit cost of postponed financialleasing.

B- COMMERCIAL LIABILITIESThe 15 YTL observes in this account reflects the cost of materialbought together with Ünye and Mardin Cement Factories.

E- PROVISIONS FOR LIABILITIES AND EXPENSESIt is the provision for severance pay covering our personnel asof 31.12.2004 as required by the notification Series XI No: 5 ofCapital Markets Board.

III- EQUITY

A- CAPITALIt is the amount of our Company’s paid capital.

E- RESERVESIt is the amount of legal reserves spared from the previous years’profits.

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1- ‹fiLETMEN‹N F‹‹L‹ FAAL‹YET KONUSU :Klinker, çimento ve haz›r beton imal ve sat›fl›.

2- SERMAYEN‹N %10 VE DAHA FAZLASINA SAH‹P ORTAKLAR :

Ad› Pay Oran› (%) Pay Tutar› 31 Aral›k 2004 Pay Tutar› 31 Aral›k 2003Ordu Yard›mlaflma Kurumu (OYAK) 51 57.120.000 34.149.526Di¤er gerçek ve tüzel kifliler (*) 49 54.880.000 32.810.328

100 112.000.000 66.959.854Enflasyon düzeltme etkisi 53.978.159 99.018.305

165.978.159 165.978.159(*) % 49 oran›nda hisse senedi ‹MKB’de ifllem görmektedir.

31 Aral›k 2004 itibariyle oluflan 136.749.022 YTL tutar›ndaki ( 31 Aral›k 2004 tarihindeki paran›n sat›nalma gücü ile ifade edilmifltir) çevrim farklar›ndan SPK’n›n30 Aral›k 2003 tarih ve 1630 say›l› karar› uyar›nca 31 Aral›k 2003 itibariyle geçmifl y›llar zarar›nda takip edilen 86.821.200 YTL, 6.553.334 YTL dönem kar›ndan,210.668 YTL kay›tlardaki nominal ola¤anüstü yedek akçelerden, 1.413.104 YTL kay›tlardaki nominal statü yedeklerinden, 6.072.473 YTL kay›tlardaki nominalyasal yedek akçelerden, 27.278 YTL kay›tlardaki emisyon primlerinden ve kalan 72.544.343 YTL özkaynak kalemlerinin enflasyon muhasebesine göredüzeltilmesinden kaynaklanan çevrim fark›ndan mahsup edilmifltir. 99.018.305 YTL tutar›ndaki sermaye enflasyon düzeltme etkisi, y›l içinde gerçeklefltirilen45.040.146 YTL sermaye art›r›m› ve mahsup ifllemi sonras›nda 19.164.533 YTL olarak gerçekleflmektedir. (31.12.2004 paran›n sat›n alma gücüyle ifadeedilmifltir)

3- SERMAYEY‹ TEMS‹L EDEN H‹SSE SENETLER‹NE TANINAN ‹MT‹YAZLAR :01.01.2004 – 31.12.2004 ve 01.01.2003 – 31.12.2003 dönemlerinde sermayeyi temsil eden hisse senetlerine tan›nan imtiyazlar yoktur.

4- KAYITLI SERMAYEL‹ ORTAKLIKLARDA KAYITLI SERMAYE TUTARI :Kay›tl› sermaye tavan› 112.000.000 YTL’d›r. (31 Aral›k 2003: 70.000.000 YTL)

5- DÖNEM ‹Ç‹NDE YAPILAN SERMAYE ARTIRIMLARI VE KAYNAKLARI :

CAR‹ DÖNEM (31.12.2004) ÖzsermayeArt›r›m Art›r›m Emisyon EnflasyonTarihi Tutar› Nakit Primi YDDAF Yedekler Olumlu Fark›Aral›k 2004 45.040.146 Yoktur Yoktur Yoktur Yoktur 45.040.146

ÖNCEK‹ DÖNEM (31.12.2003)Art›r›m Art›r›m EmisyonTarihi Tutar› Nakit Primi YDDAF Yedekler Di¤erNisan-May›s 23.656.734 Yoktur Yoktur 23.656.734 Yoktur Yoktur

6- DÖNEM ‹Ç‹NDE ‹HRAÇ ED‹LEN H‹SSE SENED‹ DIfiINDAK‹ MENKUL KIYMETLER:01.01.2004 – 31.12.2004 ve 01.01.2003 – 31.12.2003 dönemlerinde ihraç edilen menkul k›ymet yoktur.

7- DÖNEM ‹Ç‹NDE ‹TFA ED‹LEN BORÇLANMAYI TEMS‹L EDEN MENKUL KIYMETLER :01.01.2004 – 31.12.2004 ve 01.01.2003 – 31.12.2003 dönemlerinde itfa edilen borçlanmay› temsil eden menkul k›ymetler bulunmamaktad›r.

8- CAR‹ DÖNEMDE DURAN VARLIK HAREKETLER‹ :a) Sat›n al›nan, imal veya infla edilen maddi ve maddi olmayan duran varl›klar›n maliyeti 2.375.727 YTL’d›r. ( 31 Aral›k 2003 : 2.591.766 YTL)b) Sat›lan veya hurdaya ayr›lan maddi ve maddi olmayan duran varl›k maliyeti 33.344.013 YTL’d›r. (*) (31 Aral›k 2003 : 984.808 YTL)

Sat›lan veya hurdaya ayr›lan maddi duran varl›klar›n birikmifl amortisman› 29.519.347 YTL’d›r. (*)(31 Aral›k 2003 : 984.808 YTL)c) Yap›lmakta olan yat›r›mlar›n bafll›calar›n›n niteli¤i, toplam tutar›, bafllang›ç ve bitifl tarihleri ile tamamlanma dereceleri:

Fabrika Hizmet Binalar›n›n Revizyonu : 2004 y›l› içinde bafllan›lan yat›r›ma 31 Aral›k 2004 tarihi itibariyle yap›lan harcaman›n tutar› 141.792 YTL oluptamamlanma derecesi % 20’dir. (31 Aral›k 2003 tarihi itibariyle bulunmamaktad›r.)

(*) 2004 y›l› mart ay› içerisinde kurulan Oyak Beton San.ve Tic. A.fi.’ne ayni sermaye olarak transfer edilen tutar› da içermektedir. (Bak›n›z Bilanço Dipnot 33-a )

9- CAR‹ VE GELECEK DÖNEMLERDE YARARLANILACAK YATIRIM ‹ND‹R‹M‹N‹N TOPLAM TUTARI :31 Aral›k 2004 tarihi itibariyle 357.676 YTL yat›r›m indiriminden yararlan›lm›fl olup devreden yat›r›m indirimi bulunmamaktad›r.(31 Aral›k 2003 tarihi itibariyle 525.927 YTL)

10- ‹fiLETMEN‹N ORTAKLAR, ‹fiT‹RAKLER VE BA⁄LI ORTAKLIKLARLA OLAN ALACAK BORÇ ‹L‹fiK‹S‹ :

ALACAKLAR BORÇLAR31 Aral›k 2004 Ticari Ticari Olmayan Ticari Ticari Olmayan1) OrtaklarOrtaklara temettü borcu - - - 73.887Oyak Genel Müdürlü¤ü - 27.730 - -

27.730 73.887

2) ‹fltiraklerOyak Beton San.A.fi. 4.972.645 132.016 - -

BOLU Ç‹MENTO SANAY‹‹ A.fi.SPK’n›n SER‹ XI NO:1 VE NO: 20 SAYILI TEBL‹⁄LER‹NE GÖRE HAZIRLANAN

31 ARALIK 2004 TAR‹H‹ ‹T‹BAR‹YLE ENFLASYONA GÖRE DÜZELT‹LM‹fi B‹LANÇO D‹PNOTLARI(Tüm rakamlar aksi belirtilmedikçe Yeni Türk Liras› “YTL” olarak aç›klanm›flt›r.)

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3) Grup ‹çi fiirketler Oyak ‹nflaat A.fi - - 15.993 -Axa Oyak Hayat Sigorta A.fi. - - 19.936 -Axa Oyak Sigorta A.fi. - 56.139 - -Oyak Güvenlik A.fi. - - 26.507 -Oytafl ‹ç ve D›fl Ticaret A.fi. 229.406 25.877 2.475.476 -Omsan Lojistik A.fi - - 935.043 -Oytek Oyak Tek. Bil. Hiz. A.fi - - 33.102 -Oytur Oyak Turizm ve Ticaret A.fi. - - 398 -Oyka Ka¤›t Ambalaj San.Tic.A.fi. 120.705 - - -Mais Motorlu Araç. ‹mal ve Sat.A.fi. - - 67 -Oyak Paz. Hizmet ve Turizm.A.fi. - - 17.018 -Mardin Çimento San. A.fi. - 11.186 - -

350.111 93.202 3.523.540 -

TOPLAM 5.322.756 252.948 3.523.540 73.887

ALACAKLAR BORÇLAR31 Aral›k 2003 Ticari Ticari Olmayan Ticari Ticari Olmayan

1) OrtaklarOrtaklara temettü borcu - - - 94.023Oyak Genel Müdürlü¤ü - 1.519 - -

2) Grup ‹çi fiirketler Oyak ‹nflaat A.fi 46.941 - - -Axa Oyak Hayat Sigorta A.fi. 1.379 - - -Axa Oyak Sigorta A.fi. 143.349 - 94.677 -Adana Çimento San.ve Tic.A.fi. - 17.333 15.891 -Oyak Güvenlik A.fi. - - 40.338 -Mais Motorlu Araçlar ‹malat A.fi - - 96 -Oytafl ‹ç ve D›fl Ticaret A.fi. 278.958 - 5.452.950 -Omsan Lojistik A.fi. - - 888.324 -Oytek Oyak Tek. Bil. Hiz. A.fi - - 16.121 -Oytur Oyak Turizm ve Ticaret A.fi. - - 2.344 -Ünye Çimento A.fi - 86.331 - -Oyak Güvenlik A.fi. - 108 - -TOPLAM 470.627 105.291 6.510.741 94.023

31 Aral›k 2004 Mevduatlar K›sa Vadeli Kredi Uzun Vadeli KrediGrup ‹çi fiirketlerOyakbank A.fi. 1.337.411 - -Oyak European Finance 2.571.164 1.156.221 -TOPLAM 3.908.575 1.156.221 -

31 Aral›k 2003 Mevduatlar K›sa Vadeli Kredi Uzun Vadeli KrediGrup ‹çi fiirketlerOyakbank A.fi. 1.419.780 120.338 -Oyak European Finance - 2.579.323 1.197.705TOPLAM 1.419.780 2.699.661 1.197.705

Portföyde Olan Devlet ‹ç Borçlanma

31 Aral›k 2004 Senetleri Repo Di¤erGrup ‹çi fiirketlerOyakbank A.fi. 24.050.938 - -Oyak Portföy Yönetimi A.fi. 3.893.116 64.825 -Oyak Yat›r›m Menkul A.fi. 19.196.084 - -TOPLAM 47.140.138 64.825 -

Portföyde Olan Devlet ‹ç Borçlanma

31 Aral›k 2003 Senetleri Repo Di¤erGrup ‹çi fiirketlerOyakbank A.fi. 12.617.114 - -Oyak Portföy Yönetimi A.fi. 1.517.580 7.550 -Oyak Yat›r›m Menkul A.fi. 15.940.251 - -TOPLAM 30.074.945 7.550 -

11- UYGULANAN MUHASEBE ‹LKELER‹ VE DE⁄ERLEME YÖNTEMLER‹ :

a) Mali Tablolar›n Haz›rlanma Esaslar› Sermaye Piyasas› Kurulu'nun Seri: XI No: 1 ve Seri: XI No: 20 say›l› tebli¤leri ve bu tebli¤lere de¤ifliklik ve eklemeler yapan di¤er tebli¤leriyle Sermaye Piyasas›Kanunu'na tabi ortakl›klar taraf›ndan düzenlenecek mali tablolar ve raporlar›n haz›rlan›p sunulmas›na iliflkin ilke ve kurallar (bundan sonra "Sermaye Piyasas›Kurulu taraf›ndan yay›mlanan genel kabul görmüfl muhasebe ilkeleri" olarak an›lacakt›r) belirlenmifltir. fiirket, mali tablolar›n› SPK taraf›ndan yay›mlanan genelkabul görmüfl muhasebe ilkelerine uygun olarak haz›rlamaktad›r.

36


Sermaye Piyasas› Kurulu (“SPK”), Seri: XI No: 20 say›l› “Yüksek Enflasyon Dönemlerinde Mali Tablolar›n Düzeltilmesine ‹liflkin Usul ve Esaslar Hakk›nda Tebli¤”ive 1 Ocak 2003 tarihinden sonra sona eren ilk y›ll›k mali tablolardan geçerli olmak üzere yay›mlam›fl bulunmaktad›r. SPK, Seri: XI No: 20 say›l› tebli¤ hükümlerinegöre mali tablolar›n› düzenleyen flirketlerin ayr›ca Seri: XI No: 1 say›l› tebli¤e göre de mali tablolar›n› haz›rlamas›n› ve yay›nlamas›n› öngörmekteydi. Ekli malitablolar bu nedenle yay›nlanmak üzere fiirket taraf›ndan Seri: XI No: 20 say›l› tebli¤e uygun olarak haz›rlanm›flt›r.

SPK’n›n 27.4.2004 tarih MSD-10/303-9009 say›l› yaz›s›nda belirtildi¤i üzere “31.12.2003 tarihli bilançolara iliflkin enflasyon düzeltmelerini defter kay›tlar›na intikalettiren iflletmeler aç›s›ndan 31.03.2004 tarihli ara mali tablolar›n tarihi maliyet esas›na göre haz›rlanmas›n›n mümkün olamayaca¤› dikkate al›nd›¤›nda, Seri XINo:20 say›l› Tebli¤ hükümleri çerçevesinde mali tablo düzenlemekle yükümlü olan söz konusu iflletmeler aç›s›ndan 31.03.2004 tarihi ara mali tablolardanbafllamak üzere Seri XI No:1 say›l› Tebli¤ hükümleri çerçevesinde tarihi maliyet esas›na göre mali tablo haz›rlama yükümlülü¤ünün konusu kalmam›flt›r.”fiirket’in Seri XI No:1 say›l› tebli¤e göre tarihi maliyet esas›na göre mali tablolar› haz›rlanmam›flt›r.

‹lk mali tablo denklefltirme ifllemi:fiirket, mali tablolar›n› Seri: XI No: 20 say›l› tebli¤ uyar›nca ilk defa 31 Aral›k 2003 tarihinde düzenlemifl bulunmaktad›r. Mali tablolar›n bu tebli¤ hükümleriuyar›nca ilk defa düzenlendi¤i 2003 y›l› hesap dönemi bafl›na kadar olan dönemde düzeltilmifl tutarlar› ile olmak üzere, aktif kalemlerden, borçlar›n ve öz sermayekalemlerinin ç›kar›lmas› sonucunda kalan k›s›m öz sermaye hesap grubu içinde, geçmifl y›llar kar› / (zarar›) ve öz sermaye enflasyon düzeltme farklar› hesaplar›ndaizlenmektedir.

Enflasyon muhasebesi:Ekte sunulan mali tablolar SPK’n›n Seri: XI No: 20 say›l› tebli¤inin (Yüksek Enflasyon Dönemlerinde Mali Tablolar›n Düzeltilmesine ‹liflkin Usul ve Esaslar›Hakk›ndaki Tebli¤i) öngördü¤ü Türk Liras›’n›n sat›n alma gücündeki de¤iflimi yans›tmak üzere yap›lan düzeltmeleri içermektedir.

SPK Seri: XI No: 20 say›l› tebli¤, yüksek enflasyon dönemlerinde haz›rlanan mali tablolar›n bilanço tarihindeki paran›n sat›n alma gücüyle gösterilmesini vegenel fiyat endeksinin kullan›larak daha önceki dönemlere tekabül eden bakiyelerin de ayn› birimden gösterilmesini öngörmektedir. Seri: XI No: 20 say›l› tebli¤inuygulanmas›n› gerektiren durumlardan biri, üç y›ll›k kümülatif enflasyon oran›n›n %100 veya üzerinde olmas›d›r. Türkiye’de Devlet ‹statistik Enstitüsü taraf›ndanyay›mlanan Toptan Eflya Fiyat Endeksi baz al›nd›¤›nda söz konusu kümülatif oran 31 Aral›k 2004 tarihi itibariyle sona eren üç y›ll›k dönem için % 69,7’dir.Bu tebli¤in uygulanmas›n› öngören bir di¤er sebep ise ilgili dönemin bilanço tarihindeki fiyat endeksi rakam›n›n, hesap döneminin bafl›na göre %10 veya dahafazla bir oranda artmas› halinde, içinde bulunulan hesap döneminde yüksek enflasyon döneminin bafllamas›d›r. Toptan Eflya Fiyat Endeksi baz al›nd›¤›nda sözkonusu oran % 13,8’dir.

Enflasyona göre yap›lan düzeltmeler, Devlet ‹statistik Enstitüsü (D‹E) taraf›ndan yay›mlanan toptan eflya fiyat endeksi kullan›larak bulunan katsay›lar esas al›narakhesaplanm›flt›r (1994 endeksi: 100). Ekte sunulan 31 Aral›k 2004 tarihi itibariyle mali tablolar›n düzeltilmesinde kullan›lan söz konusu endeks ve katsay›larafla¤›da belirtilmifltir:

Tarih Endeks Katsay›31 Aral›k 2001 4.951,7 1,697131 Aral›k 2002 6.478,8 1,297131 Aral›k 2003 7.382,1 1,138431 Aral›k 2004 8.403,8 1,0000

Yeni Türk Liras›’n›n ABD Dolar› karfl›s›ndaki y›ll›k de¤ifliminin, Türkiye’deki toptan eflya fiyat endeksiyle karfl›laflt›r›lmas› afla¤›daki gibidir;2004 2003 2002 2001

Dolar art›fl oran› (%3,85) (%14,6) %13,6 %114,3TEFE Enflasyon Oran› %13,8 %13,9 %30,8 %88,6

31 Aral›k 2004 tarihi itibariyle Türkiye Cumhuriyeti Merkez Bankas› taraf›ndan aç›klanan dolar kuru, 1 ABD dolar›= 1,3421 YTL’dir.(31 Aral›k 2003 tarihi itibariyle 1,395835 YTL)

Sermaye Piyasas› Kurulu Seri: XI No: 20 say›l› tebli¤’e iliflkin düzeltmeler afla¤›da belirtilen yöntemler uygulanarak iliflikteki mali tablolara yans›t›lm›flt›r.

• Bilanço tarihindeki cari de¤erlerle ifade edilmemifl olan bilanço kalemleri genel fiyat endeksi (D‹E) kullan›lmak suretiyle bilanço tarihindeki parasal de¤erleretafl›nm›flt›r. Buna ek olarak, önceki dönemlerle ilgili bakiyelerin de genel fiyat endeksi uygulanarak ayn› parasal birimi ifade etmesi sa¤lanm›flt›r.

• Parasal aktif ve pasif kalemler, bilanço tarihinde geçerli parasal birim ile gösterildiklerinden yeniden düzeltilmemifltir. Parasal kalemler, elde tutulan nakitleri venakit olarak alacaklar› veya nakit olarak ödenecek borçlar› ifade etmektedir.

• Parasal olmayan aktif ve pasif kalemler, bilanço tarihine kadar oluflan genel fiyat endeksi ile çarp›lmak suretiyle düzeltme ifllemine tabi tutulmufltur. Dolay›s›yla,sabit k›ymetler, finansal duran varl›klar ve benzeri parasal olmayan varl›klar al›m tarihlerinden itibaren, piyasa rayicini aflmamak kayd›yla, bilanço tarihine dekendekslenmeye tabi tutulmufltur. Birikmifl amortismanlar da endekslenmifl tutarlar üzerinden yeniden hesaplanm›flt›r. Sermayenin düzeltilmesinde sermayeart›r›m›n›n tescil tarihi veya sermaye art›r›m›na mahsuben ödenen tutarlar›n tahsil tarihi dikkate al›nm›flt›r. Emisyon primlerinin düzeltilmesinde ise tahsil tarihleridikkate al›nm›flt›r. Di¤er özsermaye kalemleri ise olufltuklar› flekilde veya özsermayedeki art›fl tarihleri esas al›nmak suretiyle düzeltme ifllemine tabi tutulmufltur.

• Tüm gelir tablosu kalemleri paran›n bilanço günündeki sat›n alma gücü cinsinden ifade edilmek amac›yla, gelir ve giderlerin tahakkuk etti¤i tarihler esasal›narak düzeltme ifllemine tabii tutulur ancak parasal olmayan bilanço kalemlerinin düzeltilmesine ba¤l› amortisman, sabit k›ymet sat›fl kar› / (zarar›) gibi özelliktafl›yan gelir tablosu kalemlerine iliflkin Seri: XI No: 20 say›l› tebli¤ ile getirilen hükümler sakl›d›r.

• Vadeli al›m ve sat›mlar: Yeni Türk Liras› üzerinden vadeli olarak al›mlar›n ve sat›mlar›n içerdi¤i enflasyon pay›, al›m-sat›m tarihi itibariyla ilgili borç veya alaca¤›nvadesine mütenasip vadelerde devlet iç borçlanma senetleri için ‹stanbul Menkul K›ymetler Borsas›’nda oluflan faiz hadleri kullan›larak düzeltme ifllemine tabitutulmufltur ve ilgili kalemler bu tutar düflüldükten sonra kalan tutarlar› üzerinden düzeltme ifllemine tabi tutulmufltur.

• Parasal kazanç ve kay›p; enflasyon etkisi sonucunda ve parasal olmayan varl›klar›n, özkaynaklar›n ve gelir tablosu kalemlerinin enflasyona göre düzeltilmesindenkaynaklanan farklardan oluflmaktad›r. Düzeltmeler sonucunda oluflan bütün parasal kazanç ve kay›plar, gelir tablosunda gösterilmifltir.

Yeni Türk Liras›:5083 say›l› Türkiye Cumhuriyeti’nin Para Birimi Hakk›nda Kanun’un yürürlük tarihi 1 Ocak 2005 olarak belirlenmifl olup, bu tarihten itibaren TürkiyeCumhuriyeti’nin yeni para birimi “Yeni Türk Liras›”(YTL) ve alt birimi ise “Yeni Kurufl” (YKr) olarak tan›mlanm›flt›r. ‹lgili Kanun’un 2’nci maddesi ile Türk Liras› yenipara birimi olan Yeni Türk Liras›’na dönüfltürülmüfl ve Türk Liras›’ndan alt› s›f›r kald›r›larak, bir milyon Türk Liras› eflittir bir Yeni Türk Liras› (1.000.000 TL= 1 YTL)de¤iflim oran›nda yeni bir para birimi oluflturulmufltur. Baflbakanl›k Sermaye Piyasas› Kurulu’nun MSD-10/832 -43399 say›l› ve 1 Aral›k 2004 tarihli yaz›s›ndaaç›kland›¤› üzere, 2005 y›l› içerisinde kamuya aç›klanacak olan hesap dönemlerine iliflkin mali tablolar›n, karfl›laflt›rma amac›yla kullan›lacak olan bir öncekidöneme ait finansal veriler de dahil olmak üzere, YTL cinsinden sunulmas› gerekmektedir. Bu sebeple ekli mali tablolar YTL cinsinden haz›rlanm›flt›r.

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b) Menkul K›ymetler :Cari dönemde devlet tahvili ve hazine bonosu gibi kamu menkul k›ymetleri, vadelerinde elde edilecek gelirin, söz konusu menkul k›ymetlerin iktisab›ndanbilanço tarihine kadar geçen süreye isabet eden k›sm› için gelir tahakkuk ettirilmek suretiyle de¤erlendirilmifltir. Kamu menkul k›ymetleri için gelir tahakkukettirilen tutar bilançoda ilgili menkul k›ymet hesab› içinde gösterilmifltir.

Ters repo konusu hazine bonosu ve devlet tahvilleri al›fl s›ras›ndaki maliyetine göre belirlenen faiz oran› uygulanarak, vadeye kalan gün say›s› dikkate al›narakde¤erlenmifltir.

c) Ticari Alacak ve Borçlar :Ticari alacaklar ve borçlar, kay›tl› de¤erleri ile gösterilmektedir. Vadeli al›m ve sat›mlar nedeniyle, Yeni Türk Liras› alacaklar ve borçlar ile vadeli çek ve senetrakamlar›n›n içerdi¤i enflasyon paylar›, ilgili sözleflmelerde belirlenen bir faiz oran› bulunmamas› nedeniyle, bilanço tarihi itibariyle borç ve alaca¤›n vadesinemütenasip vadelerde devlet iç borçlanma senetleri için ‹stanbul Menkul K›ymetler Borsas›’nda oluflan faiz hadleri oran› kullan›larak düzeltme ifllemine tabitutulmufltur.

d) Stoklar :31 Aral›k 2004 tarihi itibariyle stok say›m› yap›lm›flt›r. Stok say›mlar› y›l sonlar›nda yap›lmaktad›r. Stoklar›n de¤erlenmesinde elde etme maliyeti ve netgerçekleflebilir de¤erin düflük olan› esas al›nmaktad›r. Maliyet “Hareketli A¤›rl›kl› Ortalama Maliyet” yöntemi ve safha maliyeti yöntemi kullan›larakhesaplanmaktad›r.

e) Finansal Duran Varl›klar :Finansal duran varl›klar sürekli bir de¤er düflüklü¤ü bulunmad›¤› takdirde, bilanço tarihi itibari ile endekslenmifl maliyet de¤erleri ile gösterilmektedir.

f) Maddi ve Maddi Olmayan Duran Varl›klar :Amortismana tabi maddi duran varl›klar ile maddi olmayan duran varl›klar, ilgili varl›klar›n elde etme maliyetinin sat›n alma y›llar›na ait düzeltme katsay›s›kullan›larak yeniden düzenlenmifl de¤erleri üzerinden gösterilmektedir. ‹lgili amortisman ve tükenme ve itfa paylar› enflasyona göre düzeltilmifl de¤erleriüzerinden geçmifli kapsayacak flekilde faydal› ömüre göre do¤rusal amortisman yöntemi kullan›larak hesaplan›r.

fiirket’in Seri: XI No: 1 tebli¤ine göre ilk madde ve malzeme stoklar›nda takip edilen ancak nitelik ve kullan›m süresinin uzunlu¤u aç›s›ndan maddi duran varl›kolarak s›n›fland›r›labilecek yedek parçalar, Seri: XI No: 20 tebli¤i kapsam›nda haz›rlanan enflasyona göre düzenlenmifl bu mali tablolarda maddi duran varl›klaras›n›fland›r›lm›flt›r.

Sabit k›ymetlerin ortalama ekonomik ömürleri gözönüne al›narak belirlenen amortisman ve itfa oranlar› afla¤›da belirtilmifltir:Binalar 4-20%Yeralt› ve yerüstü düzenleri 5-20%Makina ve cihazlar 7-50%Tafl›tlar 20%Döfleme ve demirbafllar 7-50%Di¤er Maddi Olmayan Duran Varl›klar 20%

g) Gelir ve Giderler :Gelir ve gider kalemlerinin belirlenmesinde tahakkuk esas› uygulanmaktad›r. Buna ba¤l› olarak gelir, hizmet bitirildi¤i veya mal teslim edildi¤i anda hesabaal›nmaktad›r.

h) Yabanc› Para Cinsinden Varl›k ve Borçlar :Bilançoda yer alan yabanc› paraya ba¤l› varl›klar Bilanço tarihindeki T.C. Merkez Bankas› Döviz Al›fl Kurlar›, borçlar ise T.C. Merkez Bankas› Döviz Sat›fl Kurlar›kullan›larak, Yeni Türk Liras›’na çevrilmektedir. Y›l içinde gerçekleflen yabanc› paraya ba¤l› ifllemler, ifllem tarihindeki kurlar kullan›larak Yeni Türk Liras›’naçevrilmektedir. Bu ifllemlerden do¤an kur fark› gelir ve giderleri gelir tablosuna dahil edilmektedir.

i) K›dem Tazminat› :fiirket, mevcut ifl kanunu gere¤ince emeklilik nedeniyle iflten ayr›lan, istifa ve kötü davran›fl d›fl›ndaki nedenlerle ifline son verilenlerden fiirket'te 1 çal›flma y›l›n›doldurmufl personele belirli miktarda k›dem tazminat› ödemekle yükümlüdür. Bu tazminatlar çal›fl›lan her sene için 30 günlük ücret üzerindenhesaplanmaktad›r. ‹fl Kanunu’na göre k›dem tazminat›na hak kazanan 31 Aral›k 2004 tarihindeki mevcut personelin 31 Aral›k 2004 tarihine kadar olan k›demtazminat› yükü hesaplanarak ekli mali tablolara yans›t›lm›flt›r.

j) Vergi :fiirket, kurumlar vergisi ve gelir vergisi stopaj›na tabidir.

Vergiye tabi kurum kazanc› üzerinden tahakkuk ettirilecek kurumlar vergisi oran›, ticari kazanc›n tespitinde gider yaz›lan kanunen kabul edilmeyen giderlerineklenmesi ve al›nan temettüler, vergiye tabi olmayan gelirler ve kullan›lan yat›r›m indirimleri düflüldükten sonra kalan matrah üzerinden %30 olarakbelirlenmifltir. 2002 y›l› ve öncesindeki vergilendirme dönemlerine iliflkin olarak gelir ve kurumlar vergisi üzerinden %10 fon pay› da dikkate al›nd›¤›nda toplamvergi oran› %33 olarak belirlenmiflti. Ancak, 2003 y›l› vergilendirme dönemine iliflkin olarak 1.1.2004 tarihinden sonra beyan edilmesi gereken y›ll›k gelir vekurumlar vergisi tutarlar› üzerinden ayr›ca fon pay› hesaplanmas› öngörülmemektedir. 2004 y›l› vergilendirme döneminde 2 Ocak 2004 tarihli Resmi Gazetedeyay›nlanan 5035 say›l› Kanuna göre kurumlar vergisi oran› %33’e yükseltilmifltir.

Türkiye’de geçiçi vergi 3 ayl›k dönemler itibariyle hesaplanmakta ve tahakkuk ettirilmektedir. Geçici kurumlar vergisinin oran› 24.4.2003 tarihinden geçerli olmaküzere % 25’den % 30’a yükseltilmifltir. Bu oran 2004 y›l›nda ise %33 olarak belirlenmifltir. 2005 y›l› kurum kazançlar›n›n geçici vergi dönemleri itibariylevergilendirilmesi aflamas›nda kurum kazançlar› üzerinden % 30 oran›nda geçici vergi hesaplanacakt›r.

Oluflan zararlar, gelecek y›llarda oluflacak vergilendirilebilir kardan düflülmek üzere, maksimum 5 y›l tafl›nabilir. Ancak oluflan zararlar geriye dönük olarak,önceki y›llarda oluflan karlardan düflülemez.

Türkiye’de vergi de¤erlendirmesiyle ilgili kesin ve kati bir anlaflma için prosedürler bulunmamaktad›r. fiirketler ilgili y›l›n hesap kapama dönemini takip eden y›l›n15 Nisan tarihine kadar vergi beyannamelerini haz›rlamaktad›rlar. Vergi Dairesi taraf›ndan bu beyannameler ve buna baz olan muhasebe kay›tlar› 5 y›l içerisindeincelenerek de¤ifltirilebilirler.

Kurumlar vergisine ek olarak, da¤›t›lmas› durumunda kar pay› elde eden ve bu kar paylar›n› kurum kazanc›na dahil ederek beyan eden tam mükellef kurumlarave yabanc› flirketlerin Türkiye’deki flubelerine da¤›t›lanlar hariç olmak üzere kar paylar› üzerinden ayr›ca gelir vergisi stopaj› ve fon pay› hesaplanmas›gerekmektedir. Gelir vergisi stopaj› 24.4.2003 tarihinden itibaren tüm flirketlerde %10 olarak ilan edilmifltir. 1.1.2004 tarihinden itibaren da¤›t›lacak kar paylar›üzerinden ayr›ca fon pay› kesintisi yap›lmayacakt›r. Da¤›t›lmay›p sermayeye ilave edilen kar paylar› gelir vergisi stopaj›na tabi de¤ildir.

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2002 ve öncesinde kurumlar vergisinden istisna edilen baz› kazançlar üzerinden da¤›t›ma ba¤l› olmaks›z›n yap›lan istisna kazanç stopaj› genel olarak kald›r›lm›flt›r.Ancak, 24.04.2003 tarihinden önce al›nm›fl yat›r›m teflvik belgelerine istinaden yararlan›lan yat›r›m indirimi tutar› üzerinden hala %19.8 vergi tevkifat› yap›lmas›gerekmektedir. fiirket’in karlar› indirim istisnas›na konu olabilecek tutara ulafl›ncaya dek, bu indirimden yararlan›labilir. fiirket’in kar etmemesi ya da zararda olmas›durumunda bu indirim hakk› sonraki y›llarda elde edilecek karlar üzerinden hesaplanacak vergiden düflülmek üzere sonraki y›llara tafl›nabilir.

30 Aral›k 2003 tarihinde yay›mlanan 5024 say›l› Vergi Usul Kanunu, Gelir Vergisi Kanunu ve Kurumlar Vergisi Kanununda De¤ifliklik Yap›lmas› Hakk›nda Kanunçerçevesinde 1 Ocak 2004 tarihinden itibaren vergiye tabi kazanc›n enflasyona göre düzenlenmifl mali tablolar üzerinden hesaplanmas› hükme ba¤lanm›flt›r.Bu çerçevede 31 Aral›k 2003 tarihli bilançonun söz konusu kanunla getirilen düzenlemeler çerçevesinde düzeltilmifl aktif toplam›ndan düzeltilmifl sermaye,düzeltilmifl hisse senetleri ihraç primleri ve düzeltilmifl hisse senedi iptal karlar› ile borç toplam›n›n ç›kar›lmas› sonucu bulunan fark, geçmifl y›llar kar/zarar›hesab›nda gösterilecek, bu flekilde tespit edilen geçmifl y›l kar› vergiye tabi tutulmayacak, geçmifl y›l zarar› ise zarar olarak kabul edilmeyecektir. Yine 2003 veönceki hesap dönemlerine ait beyannamelerde yer alan indirilemeyen geçmifl y›l mali zararlar› 2004 ve daha sonraki hesap dönemlerinde mukayyet (kay›tl›)de¤erleri ile dikkate al›nacakt›r.

12- B‹LANÇO TAR‹H‹NDEN SONRA ORTAYA ÇIKAN HUSUSLAR :K›dem tazminat› tavan›, T.C. Maliye Bakanl›¤›’nca 1 Ocak 2005 tarihi itibariyle 1.648,9 YTL’na yükseltilmifltir. (31 Aral›k 2003 tarihi itibariyle 1.691,017 YTL)

13- fiARTA BA⁄LI OLAYLAR :

a) 31.12.2004 tarihi itibariyle fiirket taraf›ndan aç›lm›fl ve devam eden davalar›n toplam tutar› 3.632.666 YTL’d›r. fiirket taraf›ndan alacak takip davalar› ileiliflkili alacaklar›na ekli mali tablolarda toplam 1.116.993 YTL flüpheli alacak karfl›l›¤› ayr›lm›flt›r. (31.12.2003 tarihi itibariyle fiirket taraf›ndan aç›lm›fl ve devameden davalar›n toplam tutar› 4.259.738 YTL olup ekli mali tablolarda ayr›lan karfl›l›k tutar› 1.389.010 YTL’d›r)

Dava Konusu 31 Aral›k 2004Kamulaflt›rma Bedelinin Art›r›lmas› Davas› 1.057.869Vergi Davalar› 1.341.707Alacak Takip Davalar› ve ‹cra Takipleri 1.233.090

3.632.666

b) 31.12.2004 tarihi itibariyle fiirket aleyhine aç›lm›fl ve devam eden davalar›n toplam tutar› 2.003.936 YTL’dir. fiirket taraf›ndan bu davalara ekli mali tablolardatoplam 517.503 YTL borç ve gider karfl›l›¤› ayr›lm›flt›r. (31.12.2003 tarihi itibariyle flirket aleyhine aç›lm›fl davalar toplam› 1.698.181 YTL olup ekli mali tablolardaayr›lan karfl›l›k tutar› 568.370 YTL’dir.)

14- MUHASEBE TAHM‹NLER‹NDE ORTAYA ÇIKAN DE⁄‹fi‹KL‹KLER :31 Aral›k 2004 ve 31 Aral›k 2003 tarihleri itibariyle muhasebe tahminlerinde ortaya ç›kan de¤ifliklikler bulunmamaktad›r.

15- AKT‹F DE⁄ERLER ÜZER‹NDE MEVCUT BULUNAN TOPLAM ‹POTEK VEYA TEM‹NAT TUTARLARI :31 Aral›k 2004 ve 31 Aral›k 2003 tarihleri itibariyle aktif de¤erler üzerinde ipotek yoktur.

16- AKT‹F DE⁄ERLER ÜZER‹NDEK‹ TOPLAM S‹GORTA TUTARI :

31.12.2004‹ktisadi K›ymet Cinsi Net Defter De¤eri (1) Sigorta De¤eri (2) Kapsam (2/1)Binalar 36.683.116 24.564.708 0,67Mak. tesis cihaz demirbafllar 21.752.858 124.674.900 5,73Tafl›t araçlar› 1.101.069 2.457.845 2,23Mamul ve malzeme 11.979.612 5.026.154 0,42Kasa yang›n emniyeti 13.665 105.000 7,68Toplam 71.530.320 156.828.607

31.12.2003‹ktisadi K›ymet Cinsi Net Defter De¤eri (1) Sigorta De¤eri (2) Kapsam (2/1)Binalar 41.213.074 36.341.900 0,88Mak.,Tesis,Cihaz,Demirbafllar 27.045.364 130.016.334 4,81Tafl›t araçlar› 1.795.811 12.281.789 6,84Mamul ve Malzeme 10.824.304 8.145.471 0,75Kasa yang›n emniyeti 8.136 56.920 7,00Toplam 80.886.689 186.842.414

17- ALINAN ‹POTEK VE TEM‹NATLAR : 31 Aral›k 2004 31 Aral›k2003

ÜNVANI TEM‹NAT TÜRÜ Teminat Tutar› Teminat Tutar›Müflterilerden ve Sat›c›lardan Al›nan Teminat Mektubu 15.237.037 21.231.328Müflterilerden Al›nan ‹potek Senedi 5.168.738 5.687.145Müflterilerden Al›nan Di¤er teminatlar 2.223.620 3.306.647Sat›c›lardan Al›nan Di¤er teminatlar 777.308 369.520

23.406.703 30.594.640

18- PAS‹FTE YER ALMAYAN TAAHHÜTLER‹N TOPLAM TUTARI :

ÜNVANI TAAHHÜT TÜRÜ Taahhüt Tutar›Türkiye Elek. Tic.Taah.A.fi Teminat Mektubu 2.400.550Hisar Emlak Müdürlü¤ü Teminat Mektubu 193.920Asliye Hukuk Mahkemeleri Teminat Mektubu 311.786Di¤er Teminat Mektubu 233.756

3.140.012

31 Aral›k 2003 tarihi itibariyle fiirket’in verdi¤i teminatlar tutar› 1.455.706 YTL’dir.

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19- BANKALARDAK‹ MEVDUATIN BLOKE OLANINA ‹L‹fiK‹N TUTARLAR :31 Aral›k 2004 ve 31 Aral›k 2003 tarihleri itibariyle bankalarda bloke mevduat bulunmamaktad›r.

20- MENKUL KIYMETLER‹N KAYITLI DE⁄ER-BORSA RAY‹C‹-MAL‹YET BEDEL‹ KARfiILAfiTIRMALARI :

31 ARALIK 2004Menkul K›ymetler Tan›m› Döviz Cinsi Maliyet Bedeli Nominal Bedeli Kay›tl› De¤eri Borsa De¤eriTRT260105T12 YTL 9.442.863 11.217.775 11.035.137 11.088.546TRB090205T12 YTL 4.887.814 5.600.371 5.450.618 5.498.388TRB230205T14 YTL 397.012 442.442 427.912 431.726TRB160305T12 YTL 4.384.122 4.600.000 4.420.600 4.444.474TRT230305T13 YTL 2.659.410 2.960.980 2.819.101 2.849.232TRT270405T18 YTL 3.718.779 4.179.032 3.897.456 3.945.884TRT250505T19 YTL 13.049.135 15.179.881 13.872.583 14.091.635TRB290605T14 YTL 1.659.559 1.876.707 1.692.960 1.710.637TRT060705T10 YTL 1.491.092 1.795.050 1.588.893 1.629.726TRB270705T15 YTL 199.643 229.000 202.922 205.679TRT240805T17 YTL 406.099 462.608 407.718 409.376TRT150306T12 YTL 1.333.051 1.325.352 1.324.239 1.369.115Repo YTL 64.793 - 64.824 -

43.693.372 49.869.198 47.204.963 47.674.418

31 ARALIK 2003Menkul K›ymetler Tan›m› Döviz Cinsi Maliyet Bedeli Nominal Bedeli Kay›tl› De¤eri Borsa De¤eriTRB070404T13 TL 4.725.718 5.649.303 5.181.181 5.305.317 TRT070704T10 TL 4.003.257 5.258.662 4.405.425 4.657.229 TRB050504T14 TL 8.176.768 9.058.935 8.323.263 8.351.159 TRT180804T16 TL 5.359.735 6.589.209 5.544.631 5.679.306 TRT030304T26 TL 381.364 447.688 422.528 430.148 TRT280404T18 TL 3.988.608 4.849.649 4.361.926 4.493.102 TRB090604T19 TL 301.675 359.001 318.412 323.920 TRT260105T11 TL 1.409.889 1.799.590 1.410.681 1.409.925TRT260105T12 TL 106.898 136.461 106.898 106.913 Repo TL 7.543 - 7.549 -Repo TL 79.688 - 79.736 -Repo TL 26.183 - 26.199 -

28.567.326 34.148.498 30.188.429 30.757.019

21- ORTAKLAR, ‹fiT‹RAKLER VE BA⁄LI ORTAKLIKLAR TARAFINDAN ÇIKARILAN MENKUL KIYMETLER :31 Aral›k 2004 ve 31 Aral›k 2003 tarihleri itibariyle ortaklar, ifltirakler ve ba¤l› ortakl›klar taraf›ndan ç›kar›lan menkul k›ymetler bulunmamaktad›r.

22- MAL‹ TABLOLARDA "D‹⁄ER" ‹BARES‹N‹ TAfiIYAN HESAP KALEMLER:

31 Aral›k 2004 31 Aral›k 2003D‹⁄ER HAZIR DE⁄ERLER Al›nan Çekler 115.962 549.336

KISA VADEL‹ D‹⁄ER ALACAKLAR Personelden Alacaklar 42.647 44.621Vergi Dairesinden Alacaklar - 134.471Axa Oyak Hasar Tazminat Alaca¤› 56.139 143.349Oytafl D›fl Ticaret 25.877 80.977Oyak Beton San.Tic.A.fi. 132.016 -Tamir Bak›m Alacaklar 70.703 -Ünye Çimento San.A.fi. - 86.331Di¤er Alacaklar 108.023 111.016Gayrimenkul Sat›fl›ndan Alacaklar 91.773 -

527.178 600.765

D‹⁄ER STOKLAR ‹malata Verilen Kraft Ka¤›d› 80.936 119.170Lokal emtia sto¤u 11.527 -

92.463 119.170

D‹⁄ER DÖNEN VARLIKLAR Gelecek Aylara Ait Giderler 104.916 288.218‹ndirilecek KDV 1.340.062 1.342.990Peflin Ödenen Vergi ve Fon 16.236 5.626.004‹fl Avanslar› 7.478 40.368Personel Avanslar› 673 8

1,469,365 7.297.588

D‹⁄ER MADD‹ OLMAYAN DURAN VARLIKLARBilgisayar Programlar› 109.977 153.425Özel Maliyetler - 93.332

109.977 246.757

D‹⁄ER F‹NASAL BORÇALRFinansal Kiralama Borçlar› 19.466 -


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D‹⁄ER T‹CAR‹ BORÇLARBolu Belediyesine Borçlar 33.525 24.347Baflkent Elektrik Da¤›t›m A.fi 49.430 46.089Sistem Yap› ‹nflaat A.fi - 6.998

82.955 77.434

KISA VADEL‹ D‹⁄ER BORÇLARHesaplanan KDV 1.638.928 1.555.220Ödenmesi fiarta Ba¤lanm›fl Ticari Borçlar 98.122 158.010Gayrimenkul Sat›fl›yla ‹lgili Al›nan Avanslar - 901.508Personele Borçlar 31.754 35.323Di¤er KDV 86.355 4.629Di¤er Borçlar 1.553 36.432

1.856.712 2.691.122

D‹⁄ER BORÇ VE G‹DER KARfiILIKLARIDava ve di¤er gider karfl›l›klar› 544.200 609.720

23- "D‹⁄ER ALACAKLAR" ‹LE "D‹⁄ER KISA VEYA UZUN VADEL‹ BORÇLAR" ‹ÇER‹S‹NDE YER ALAN PERSONELDEN ALACAKLAR / BORÇLAR :“Di¤er Alacaklar” ile “Di¤er K›sa veya Uzun Vadeli Borçlar” hesap kalemi içinde bulunan ve bilanço aktif toplam›n›n %1’ini aflan, personelden alacaklar ilepersonele borçlar yoktur.

24- ORTAKLAR, ‹fiT‹RAKLER VE BA⁄LI ORTAKLIKLARA ‹L‹fiK‹N fiÜPHEL‹ ALACAKLAR :31 Aral›k 2004 ve 31 Aral›k 2003 tarihleri itibariyle ortaklar, ifltirakler ve ba¤l› ortakl›klara iliflkin flüpheli alacak yoktur.

25- VADES‹ GELM‹fi VE HENÜZ VADES‹ GELMEM‹fi ALACAKLARA ‹L‹fiK‹N fiÜPHEL‹ ALACAKLAR :31 Aral›k 2004 tarihi itibariyle vadesi gelmifl ve vadesi henüz gelmemifl alacaklar için ayr›lan flüpheli alacak karfl›l›¤› tutar› 1.116.993 YTL’d›r.(31 Aral›k 2003 tarihi itibariyle 1.389.010 YTL)

26- ‹fiLETME ‹LE DOLAYLI SERMAYE VE YÖNET‹M ‹L‹fiK‹S‹NE SAH‹P ‹fiT‹RAKLER VE BA⁄LI ORTAKLIKLAR :31 Aral›k 2004 31 Aral›k 2003

Enflasyona Enflasyona‹fltirak ‹fltirak Göre ‹fltirak ‹fltirak GöreOran› (Nominal) Düzeltilmifl Oran› (Nominal) Düzeltilmifl

(%) Tutar› De¤eri (%) Tutar› De¤eriOyak Enerji ve San. Tic. A.fi. 19,60 9.800 11.471 19,60 9.800 11.471Elaz›¤ Alt›nova Çimento San. ve Tic A.fi. 18,00 7.632.000 15.719.688 18,00 5.122.811 14.345.849Oyak Beton Sanayii Tic. A.fi. 16,31 4.341.095 4.640.138 - - -Elaz›¤ Alt›nova Çimento San. ve Tic A.fi(De¤er Düflüfl Karfl›l›¤›) (*) (3.796.196) (5.259.891)

11.982.895 16.575.101 5.132.611 9.097.429

(*) fiirket’in mali tablolar›nda finansal duran varl›k hesap grubu alt›nda 31 Aral›k 2004 tarihindeki Türk Liras›’n›n sat›n alma gücüne göre 15.719.688 YTLolarak kay›tl› bulunan tutar›n Elaz›¤-Alt›nova Çim. San. Tic. A.fi.’nin 31 Aral›k 2004 tarihi itibariyle SPK Seri XI No:20’ye göre haz›rlanm›fl mali tablolar›ndakiözkaynak toplam› ile fiirket’in ifltirak oran›n›n çarp›lmas› sonucu fiirket’in ifltirak tutar› 11.923.492 YTL olarak hesaplanm›fl ve aradaki fark için de¤er düflüflkarfl›l›¤› ayr›lm›flt›r.

Net Dönem Mali Tablonunfiirket Ünvan› Kar›/(Zarar›) Ait Oldu¤u Y›lOyak Enerji ve San. ve Tic. A.fi (*) 11.667 1 Ocak-31 Aral›k 2004Elaz›¤ Alt›nova Çimento San. Ve Tic A.fi (**) 7.545.673 1 Ocak-31 Aral›k 2004Oyak Beton Sanayii Tic. A.fi. (*) 12.434.316 1 Ocak-31 Aral›k 2004

(*) Seri XI/20 say›l› tebli¤e göre ba¤›ms›z denetimden geçmifl mali tablolar› rapor tarihi itibariyle temin edilemedi¤inden, tarihi maliyet esas›na göre ba¤›ms›zdenetimden geçmemifl mali tablolar esas al›nm›flt›r.

(**) Seri XI/20 say›l› tebli¤e göre haz›rlanm›fl mali tablolar› esas al›nm›flt›r. Rapor tarihi itibariyle ba¤›ms›z denetim çal›flmalar› halen devam etmektedir.

27- ‹fiT‹RAKLER VE BA⁄LI ORTAKLIKLARDAN ELDE ED‹LEN BEDELS‹Z H‹SSELER:16 Aral›k 2004 tarihinde Elaz›¤ Alt›nova Çimento San. ve Tic A.fi 'den 1.846.88 YTL nominal de¤erli bedelsiz hisse senedi al›nm›flt›r. 18 A¤ustos 2003 tarihindeElaz›¤ Alt›nova Çimento San. ve Tic A.fi.'den 2.985.369 YTL nominal de¤erli bedelsiz hisse senedi al›nm›flt›r.

28- TAfiINMAZLAR ÜZER‹NDE AYN‹ HAKLAR :

S›n›rl› Ayni Hakk›n Türü Hak Sahibinin Ticaret Ünvan› Tafl›nmaz›n Sahibinin Ticaret Ünvan›‹htiyati Tedbir (1) Bolu 1. Asliye Hukuk Bolu Çimento San.A.fi.Kamulaflt›rma fierhi (2) Ankara Büyük fiehir Beld.DS‹ Genel Müdürlü¤ü Bolu Çimento San.A.fi.K›smen Orman Tahd. Veya Kadastro S›n›r flerh (3) - Bolu Çimento San.A.fi.Kira fierhi (4) Tedafl Genel Müdürlü¤ü Bolu Çimento San.A.fi.

(1) Tedbir mevcuttur.(2) Ankara,Yeni Mahalle 1.Bölge 1774-1775 parsellerde DS‹ Genel Müdürlü¤ü ve Ankara Büyükflehir Belediyesi lehine 2942 say›l› kanunun 7.maddesine

göre kamulaflt›rma flerhi ile 10 y›ll›k süre için muvafakat iflsaat veya tesisat flerhi ve Bay›nd›r Baraj› II.‹shale hatt› içim istimlak. 2917-2918 parsellerdeDS‹ Genel Müdürlü¤ü ve Ankara Büyük fiehir Belediyesi lehine kamuflt›rma flerhi ile 10 y›ll›k süre için muvafakat inflaat veya tesisat flerhi.

(3) Bolu Merkez Yuva Köyü 1293 Kocaeli K›smen Orman Tahd. veya Kadastro S›n›r flerhi vard›r.(4) Kartal ilçesi Samand›ra mahallesinde 8244 ada, 1 parselde kira flerhi vard›r.

29- YEN‹DEN DE⁄ERLEME DE⁄ER ARTIfiLARI :fiirket Vergi Usul Kanununun 5024 say›l› Tebli¤i uyar›nca enflasyon muhasebesi düzeltmelerini yasal kay›tlar›nda 2004 y›l›ndan itibaren uygulamayabafllad›¤›ndan dolay› 2004 y›l› içerisinde yeniden de¤erleme yapmam›fl ve 31 Aral›k 2003 tarihine kadar yasal kay›tlar›nda oluflan yeniden de¤erleme de¤erart›fllar›n› enflasyon muhasebesi uygulamas› s›ras›nda ekli mali tablolar›ndan elimine etmifltir.


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30- YABANCI PARALAR VE YABANCI PARALARLA TEMS‹L ED‹LEN ALACAK VE BORÇLAR :

BANKALARDAK‹ DÖV‹Z MEVDUATI :Döviz Döviz Döviz 31 Aral›k Döviz Döviz 31 Aral›k

Cinsi Cinsi Tutar› Kuru (YTL) 2004 (YTL) Tutar› Kuru (YTL) 2003 (YTL) (1)Banka USD 894.170 1.342,1 1.200.066 105.012 1.395,835 166.866Banka EURO 1.401.283 1.826,8 2.559.864 1.448.549 1.745,072 2.877.679Banka GBP - - - 3.000 2.476,61 8.458

3.759.930 3.053.003

BORÇLAR :Borç Döviz Döviz Döviz 31 Aral›k Döviz Döviz 31 Aral›kCinsi Cinsi Tutar› Kuru (YTL) 2004 (YTL) Tutar› Kuru (YTL) 2003 (YTL) (1)Banka Kredisi EURO 629.887 1.835,6 1.156.221 1.292.132 1.753,489 2.579.323Banka Kredisi EURO - - - 600.000 1.753,489 1.197.706Di¤er Borçlar EURO 7.125 1.835,6 13.079 104.304 1.753,489 208.209Di¤er Borçlar USD 88.850 1.348,6 119.823 88.280 1.402,567 140.955Di¤er Borçlar GBP - - - 3.000 2.489,556 8.502

1.289.123 4.134.695(1) 31 Aral›k 2003 tarihindeki yabanc› para cinsinden tutarlar›n YTL karfl›l›¤› 31 Aral›k 2004 tarihindeki paran›n sat›nalma gücü ile ifade edilmifltir.

31- ORTAKLAR, ‹fiT‹RAKLER VE BA⁄LI ORTAKLIKLAR LEH‹NE VER‹LEN YÜKÜMLÜLÜKLER‹N TUTARI :01.01.2004 - 31.12.2004 ve 01.01.2003 – 31.12.2003 tarihleri itibariyle ortaklar, ifltirakler ve ba¤l› ortakl›klar lehine verilmifl yükümlülük bulunmamaktad›r.

32- KATEGOR‹LER‹ ‹T‹BAR‹YLE YIL ‹Ç‹NDE ÇALIfiAN PERSONEL‹N ORTALAMA SAYISI :

31 Aral›k 2004 31 Aral›k 2003‹DAR‹ (SEND‹KASIZ) 41 55D‹GER (SEND‹KALI) 99 99D‹⁄ER (SEND‹KASIZ) 72 102

212 256

33- MAL‹ TABLOLARI ÖNEML‹ ÖLÇÜDE ETK‹LEYEN D‹⁄ER HUSUSLAR:a) fiirket Yönetim Kurulu’nun 3 Aral›k 2002 tarih ve 15’nolu toplant› 1 nolu karar›nda, Oyak Genel Müdürlü¤ü, Adana Çimento Sanayii ve Ticaret A.fi. veÜnye Çimento Sanayii ve Ticaret A.fi. ile birlikte beton üretimi ve sat›fl› konusunda yeni bir anonim flirketini, kurucu ortak s›fat› ile kurmas›na ve fiirket’in haz›rbeton iflletmelerinin ve iflletmelere ait duran varl›klar›n bu amaçla kurulmas› planlanan flirkete ayni sermaye olarak konulmas›na karar verilmifltir. 12 Aral›k 2003tarihinde Sermaye Piyasas› Kurulu’na yap›lan baflvuru sonucunda fiirket, k›smi bölünme kapsam›nda 13,575,313 YTL nakdi ve mahkemece tayin edilen bilirkiflitaraf›ndan takdir edilen 13,042,948 YTL rayiç de¤erle ayni olmak üzere toplam 26,618,261 YTL sermaye ile kurulan Oyak Beton San. ve Tic. A.fi.’ne 4,341,095YTL ayni sermaye karfl›l›¤›nda %16,31 oran›nda hisse ile 30 Mart 2004 tarihinde ortak olmufltur. (31 Mart 2004 tarihi itibariyle tarihi de¤erleriyle ifadeedilmifltir.)

b) Yüksek Enflasyon Dönemlerinde Mali Tablolar›n Düzeltilmesine ‹liflkin Usul ve Esaslar Hakk›nda Tebli¤de De¤ifliklik Yap›lmas›na Dair Tebli¤’e (Seri: XI, No:20) göre "Mali tablolarda özsermaye kalemleri kay›tl› de¤erleri üzerinden gösterilir. Bunlar›n düzeltilmesi sonucunda oluflan farklar, toplu halde "ÖzsermayeEnflasyon Düzeltmesi Farklar›" hesab›nda gösterilir." Öz sermaye enflasyon düzeltmesi farklar› bilançonun pasifinde özsermaye ana grubunda “Çevrim Farklar›”hesab›nda gösterilmektedir. 31 Aral›k 2004 itibariyle oluflan 136.749.022 YTL tutar›ndaki (Aral›k 2004 tarihindeki paran›n sat›nalma gücü ile ifade edilmifltir)çevrim farklar›ndan SPK’n›n 30 Aral›k 2003 tarih ve 1630 say›l› karar› uyar›nca 31 Aral›k 2003 itibariyle geçmifl y›llar zarar›nda takip edilen 86.821.200 YTL,6.553.334 YTL dönem kar›ndan, 210.668 YTL kay›tlardaki nominal ola¤anüstü yedek akçelerden, 1.413.104 YTL kay›tlardaki nominal statü yedeklerinden,6.072.473 YTL kay›tlardaki nominal yasal yedek akçelerden, 27.278 YTL kay›tlardaki emisyon primlerinden ve kalan 72.544.343 YTL özkaynak kalemlerininenflasyon muhasebesine göre düzeltilmesinden kaynaklanan çevrim farklar›ndan mahsup edilmifltir. (31.12.2004 tarihindeki paran›n sat›n alma gücüyle ifadeedilmifltir)

31 Aral›k 2004 tarihi itibariyle Özsermaye Enflasyon Düzeltme Farklar› hesab›n›n detay› ve olufltuklar› hesaplar afla¤›daki gibidir;31 Aral›k 2004 31 Aral›k 2003

Hesap ‹smi YTL YTLSermaye 19.164.533 99.018.305Emisyon Primi - 5.631.553Yasal Yedekler 113.515 16.815.353Ola¤anüstü Yedekler - 290.455Statü Yedekleri - 14.993.356

19.278.048 136.749.022

c) Oyak Beton Sanayi ve Ticaret A.fi.’ne kiralanan mobil beton pompalar› için 1.050 USD/Ay/Adet + KDV, Transmikserler için 700 USD/Ay/Adet + KDV, Araçiçin 300 USD/Ay/Adet + KDV, Lastik Tekerlekli Yükleyiciler için 700 USD/Ay/Adet + KDV ve 1.000 USD/Ay/Adet + KDV, Arazi ve binalar için 1.000 USD/Ay +KDV kira geliri elde etmektedir.

d) Oyak Beton San. ve Tic. A.fi.’ne devredilen sabit k›ymetlerin SPK hükümlerine göre endekslenmifl net defter de¤erleri ile tarihi de¤erleri aras›ndaki fark olanparasal kar/zarar tutar›n›n bir k›sm›, Vergi Usul Kanunu hükümlerine göre yasal kay›tlara 2004 y›l›n›n ilk yar›s›nda yans›t›lm›flt›r. VUK hükümlerine göre yans›t›lanparasal kar/zarar tutar›yla SPK mevzuat›na göre hesaplanan parasal kar/zarar tutar› aras›ndaki fark olan 957.000 YTL (31.12.2004 tarihindeki paran›n sat›n almagücüyle ifade edilmifltir); devir ifllemi esnas›nda, 31 Mart 2004 tarihindeki ara dönem mali tablolar›nda parasal kar olarak ifade edilmifltir. Ayr›caVUK hükümler-ine göre oluflan de¤er ile uzman kiflilerce belirlenen makul de¤er aras›ndaki fark olan 851.174 YTL özel yedekler ve söz konusu de¤er fark›n›n 31 Aral›k 2004tarihindeki sat›nalma gücüyle ifade edilmesinden kaynaklanan 13.045 YTL tutar ise çevrim fark› olarak 30 Haziran 2004 tarihindeki ara dönem mali tablolar›ndaifade edilmifltir. Sermaye Piyasas› Kurulu’nun 17 Eylül 2004 tarih ve OFD/2037-27379 say›l› karar›na ba¤l› olarak bildirilen 4 Ekim 2004 tarih MSD-10/710-31225say›l› yaz›s›na istinaden; yukar›da parasal kar olarak önceki ara dönem mali tablolar›na yans›t›lan tutar›n s›f›r oldu¤u dikkate al›narak düzeltilmesi için, enflasyonagöre düzeltilmifl de¤erler ile uzman kiflilerce belirlenen makul de¤erler aras›ndaki fark ve buna iliflkin çervrim fark› da dahil olmak üzere toplam 1.821.219 YTLdi¤er ola¤anüstü gelirler ve karlar hesap grubu alt›nda muhasebelefltirilmifltir.

e) 31 Aral›k 2004 tarihi itibariyle, 4.220.866 YTL tutar›ndaki net parasal pozisyon zarar›, (nakit ak›m tablosunda di¤er nakit ç›k›fllar›na ve fon ak›m tablosundafon ç›k›fl› gerektirmeyen di¤er gelirler hesab›na s›n›flanm›flt›r.( 31 aral›k 2003: 4.693.994 YTL)

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BOLU CEMENT INDUSTRY INC.FOOTNOTES OF THE BALANCE SHEET ADJUSTED ACCORDING TO INFLATION AS OF

DECEMBER 31, 2004 PREPARED IN ACCORDANCE WITH THE NOTIFICATIONSERIES XI, NO: 20 OF CMB

(All figures are in New Turkish Liras “YTL” unless stated otherwise.)

1- ACTIVITY FIELD OF THE ENTITY:Production and Sales of clinker, cement and ready mixed concrete.

2- SHAREHOLDERS HOLDING 10% OR MORE OF THE CAPITAL:

Name Share Rate (%) Share Amount 31.12. 2004 Share Amount 31.12. 2003Armed Forces Pension Fund (OYAK) 51 57.120.000 34.149.526Other real and juristic persons (*) 49 54.880.000 32.810.328

100 112.000.000 66.959.854Inflation adjustment effect 53.978.159 99.018.305

165.978.159 165.978.159(*) 49% of the shares are traded at the Istanbul Stock Exchange.

The conversion differences of 136,749,022 YTL accumulated as of December 31, 2004 (expressed with the purchasing power of money on December 31,2004) has been generated as follows: 86,821,200 YTL from the preceding years losses according to the decision of CMB dated December 30, 2003 andNo: 1630, 6,553,334 YTL from the term profit, 210,668 YTL from the nominal extraordinary reserves in the records, 1,413,104 YTL from the extraordinarystatutory reserves in the records, 6,072,473 YTL form from the extraordinary legal reserves in the records, 27,278 YTL from the emission premiums in therecords and the remaining 72,544,343 YTL from the conversion differences of the equity items according to inflation accounting. The capital inflationadjustment effect amount of 99,018,305 YTL has been materialised as 19,164,533 YTL after 45,040,146 YTL of capital increase that was realised within theyear and the deduction process. (It has been expressed with the purchasing power of money on December 31, 2004.)

3- PRIVILEGES TO SHARES THAT REPRESENT THE CAPITAL:There has been no privileges to the shares representing the capital in the terms 01.01.2004 – 31.12.2004 and 01.01.2003 – 31.12.2003.

4- REGISTERED CAPITAL AMOUNT IN PARTICIPATIONS WITH REGISTERED CAPITAL:Registered capital ceiling is 112,000,000 YTL. (December 31, 2003: 70.000.000 YTL)

5- CAPITAL INCREASES WITHIN THE TERM AND ITS SOURCES:

CURRENT TERM (31.12.2004) Equity Inflation Date of Increased Emission Positive Increase Amount Cash Premium RVIF Reserves DifferenceDec.2004 45.040.146 None None None None 45.040.146

PREVIOUS TERM (31.12.2003)Date of Increased EmissionIncrease Amount Cash Premium RVIF Reserves Others AprilMay 2003 23.656.734 None None 23.656.734 None None

6- MARKETABLE SECURITIES OTHER THAN THOSE EXPORTED IN THE TERM:There are no marketable securities exported in the terms 01.01.2004 – 31.12.2004 and 01.01.2003 – 31.12.2003.

7- MARKETABLE SECURITIES REPRESENTING AMORTISED BORROWINGS IN THE TERM:There are no marketable securities representing amortised borrowings in terms 01.01.2004 – 31.12.2004 and 01.01.2003 – 31.12.2003.

8- MOVEMENTS OF FIXED ASSETS IN THE CURRENT TERM:a) The cost of purchased, produced or constructed tangible and intangible fixed assets is 2,375,727 YTL. (December 31, 2003: 2,591,766 YTL)b) The cost of sold or scrapped tangible and intangible fixed assets is 33,344,013 YTL. (*) (December 31, 2003: 984,808 YTL)

The accumulated depreciation of tangible fixed assets sold or scrapped is 29,519,347 YTL. (*) (December 31, 2003: 984,808 YTL)c) The description, total amount, starting and finishing dates and completion degrees of the ongoing main investments:

Revision of the Factory Service Buildings: A total of 141,792 YTL has been spent as of December 31, 2004 for the investment that started in 2004 and itscompletion degree is 20%. (As of December 31, 2003 there was no such investment.)

(*) It also includes the amount that has been transferred to Oyak Concrete Industry and Trade Inc. that was established in March 2004 as capital given inkind. (Please see Balance Sheet Footnote 33-a.)

9- TOTAL AMOUNT OF INVESTMENT DEDUCTION TO BE UTILISED IN THE CURRENT AND FOLLOWING TERMS:As of December 31, 2004 the total investment deduction utilised is 357,676 YTL and no investment deduction has turned over. As of December 31, 2003: 525,927 YTL)

10- DEBIT/CREDIT RELATION OF THE ENTITY WITH THE SHAREHOLDERS, PARTICIPATIONS AND SUBSIDIARIES:RECEIVABLES PAYABLES

December 31, 2004 Commercial Non-Commercial Commercial Non-Commercial1) ShareholdersDividend debit to shareholders - - - 73.887Oyak General Management - 27.730 - -

27.730 73.887

2) ParticipationsOyak Concrete Industry Inc. 4.972.645 132.016 - -

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3) Group CompaniesOyak Construction Inc. - - 15.993 -Axa Oyak Life Assurance Inc. - - 19.936 -Axa Oyak Insurance Inc. - 56.139 - -Oyak Safety Inc. - - 26.507 -Oytafl Domestic & Int’l Trade Inc. 229.406 25.877 2.475.476 -Omsan Logistics Inc. - - 935.043 -Oytek Oyak IT Inc. - - 33.102 -Oytur Oyak Tourism and Trade Inc. - - 398 -Oyka Paper Packing Industry Inc. 120.705 - - -Mais Motor Vehicles Production and Sales Inc. - - 67 -Oyak Marketing Services and Tourism Ins. - - 17.018 -Mardin Cement Industry Inc. - 11.186 - -

350.111 93.202 3.523.540 -

TOTAL 5.322.756 252.948 3.523.540 73.887

RECEIVABLES PAYABLESDecember 31, 2003 Commercial Non-Commercial Commercial Non-Commercial

1) Shareholders Dividend debit to shareholders - - - 94.023Oyak General Management - 1.519 - -

2) Group CompaniesOyak Construction Inc. 46.941 - - -Axa Oyak Life Assurance Inc. 1.379 - - -Axa Oyak Insurance Inc. 143.349 - 94.677 -Adana Cement Industry Trade Inc. - 17.333 15.891 -Oyak Safety Inc. - - 40.338 -Mais Motor Vehicles Production Inc. - - 96 -Oytafl Domestic & Int’l Trade Inc. 278.958 - 5.452.950 -Omsan Logistics Inc. - - 888.324 -Oytek Oyak IT Inc. - - 16.121 -Oytur Oyak Tourism and Trade Inc. - - 2.344 -Ünye Cement Inc. - 86.331 - -Oyak Safety Inc. - 108 - -TOTAL 470.627 105.291 6.510.741 94.023

December 31, 2004 Deposits Short term Credit Long Term CreditGroup CompaniesOyakbank Inc. 1.337.411 - -Oyak European Finance 2.571.164 1.156.221 -TOTAL 3.908.575 1.156.221 -

December 31, 2003 Deposits Short term Credit Long Term CreditGroup CompaniesOyakbank Inc. 1.419.780 120.338 -Oyak European Finance - 2.579.323 1.197.705TOTAL 1.419.780 2.699.661 1.197.705

Government Internal Loan Certificates in

December 31, 2004 the Portfolio Repo OthersGroup CompaniesOyakbank Inc. 24.050.938 - -Oyak Portfolio Management Inc. 3.893.116 64.825 -Oyak Investment Inc. 19.196.084 - -TOTAL 47.140.138 64.825 -

Government Internal Loan Certificates in

December 31, 2003 the Portfolio Repo OthersGroup CompaniesOyakbank Inc. 12.617.114 - -Oyak Portfolio Management Inc. 1.517.580 7.550 -Oyak Investment Inc. 15.940.251 - -TOTAL 30.074.945 7.550 -

11- APPLIED ACCOUNTING PRINCIPLES AND EVALUATION METHODS:

a) Basis of Preparation of Financial Statements The principles and regulations (hereafter will be referred to as “the accounting principles of general acceptance issued by the Capital Markets Board”) related with the preparations and presentations of the financial statements and reports of the partnerships subject to Capital Markets Codes are designatedby the notifications, Series: XI No: 1, numbered 21 and 21, and other notifications of the Capital Markets Board making amendments or changes in thesenotifications. The Company prepares the financial statements in accordance with the generally accepted accounting principles issued by CMB.

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The Capital Markets Board’s (“CMB”) Series XI – No: 20 “Notification on Procedures and Principles on upgrading Financial Statements in High Inflation Periods”and Series XI – No: 21 “Notification on Procedures and Principles on Accounting Consolidated Financial Statements and Participations in Capital Market” wereissued to be applied to the first annual financial statements ending after January 1st 2003. CMB foresees that companies preparing their financial statementsaccording to the notification, Series XI – No: 21 should also prepare and publish their financial statements according to the notification Series XI – No: 1.That’s why the attached financial tables are prepared, in harmony with the notification Series XI – No: 21, by the Company to be published.

In the article of CMB dated April 24th, 2004 with Ref: MSD-10/303-9009 the following statement takes place: “When taken into consideration the impossibilityof preparing the interim financial statements dated 31.12.2004 according to date of cost basis by the companies who have already recorded the adjustmentsof inflation balance sheets dated 31.12.2003, for the companies obliged to arrange their financial statements as required by the Notification Series XI. No: 20and Series XI - No: 21, there is no more obligation for them to prepare their financial statements on date of cost basis as required by the Notification Series: XI,No: 1”. That’s why the Company did not prepare financial tables on date of cost basis according to the Notification Series: XI – No: 1.

The first financial statement equalising process:The Company has arranged its financial statements as required by the Notifications Series: XI No: 20 and Series XI No: 21 for the first time on December 31st,2003. Regarding the adjusted amounts for the period back the beginning of 2003 fiscal year when the financial statements are prepared for the first time asrequired by these Notifications (or clauses designated in these notifications) the remainder, after subtracting the liabilities and items of the equity from assetsaccounts, is monitored in the equity account whereas the retrospective profit / (loss) and equity are monitored in the inflation correction differences account.

Inflation Accounting:The attached financial statements contain the corrections made to reflect the change in the purchasing power of the Turkish Lira as foreseen by theNotification of CMB Series: XI No: 20 (Notification on Procedures and Principles on correction of Financial Statements in High Inflation Periods).

The CMB’s Notification Series: XI No: 20 requires financial statements in high inflation periods to be treated with the current purchasing power of money onthe date of balance sheet and further stipulates that the balances of previous periods to be shown by the same unit by making use of general price index.One of the conditions that require the application of the Notification Series: XI No: 20 is a cumulative inflation rate to be 100% or more. Such cumulative ratein Turkey for the last three years as of December 31st, 2004 is 69.7% Another reason to that foresees the application of this notification is implication of ahigh inflation period commencement within a fiscal year if the price index figures of the related balance sheet date is raised by 10% or more as compared withthe beginning of the same year. The referred rate is 13.8% when based on the Wholesale Price Indices.

Adjustments made according to inflation have been calculated with the coefficients found by use of the wholesale price index published by the State Instituteof Statistics (SIS) (1994 index: 100). The relevant indices and coefficients used in adjustments of the attached financial statements as of December 31st, 2004are stated below:Date Index CoefficientDecember 31, 2001 4.951,7 1,6971December 31, 2002 6.478,8 1,2971December 31, 2003 7.382,1 1,1384December 31, 2004 8.403,8 1,0000

The comparison of the annual change of Turkish Lira against US Dollar with the wholesale price index in Turkey is as follows:Year: 2004 2003 2002 2001Dollar Increment Rate (%3,85) (%14,6) %13,6 %114,3WPI Inflation Rate %13,8 %13,9 %30,8 %88,6The dollar rate announced, by the Central Bank of the Republic of Turkey, on December 31st, 2004 is 1.- US Dollar = 1.3421 YTL. (31.12.2003: 1.- US Dollar =1.395835 YTL)

Adjustments in the attached financial statements, required by the Capital Markets Board Notification Series: XI No: 20, have been carried out by use of the fol-lowing methods:

• Balance sheet items that have not been shown with current values have been carried to the values of the date of balance sheet by using the general priceindex (SIS, 1994 = 100). In addition, the balances of the previous periods have been adjusted by use of the general price index to express the same monetaryunit.

• Since the monetary items of assets and liabilities are indicated with the current monetary unit of the balance sheet date they have not been readjusted.Monetary items express cash in hand, cash receivables or cash payables.

• Non-monetary items of assets and liabilities are adjusted by being multiplied by the general price index formed until the balance sheet date. Therefore, fixedassets, long term financial assets and similar non-monetary assets have been subject to indexing starting from their acquisition dates to the balance sheet date,provided that the current markets prices have not been exceeded. Accumulated depreciations are also recalculated on indexed values. In the adjustment of thecapital the registration date of capital increment or date of collection of amounts to be offset against capital increment has been taken into consideration. Inadjusting the emission premiums the collection dates have been taken into consideration. And other equity items have been adjusted by the way they havebeen formed or on the basis of their increment date in the equity.

• All the income statement items have been adjusted by considering the date of collection or payment in order to be able to express in terms of the purchasingpower of money on the balance sheet date. But the regulations brought by the Notification Series: XI No: 20, on the income statement items such asamortisation, profit/(loss) of fixed assets sales of the non-monetary balance sheet items, are reserved.

• Time purchases and sales: The share of inflation in the time purchases and sales by the New Turkish Lira are adjusted according to the interest limits IstanbulStock Exchange has constituted for the relevant period of government internal borrowing bills, regarding the dates of debit or profit of due dates of purchasesor sales and the related items are adjusted on the remaining amounts after this amount has been deducted.

• Monetary profit and loss generate from the differences caused by the adjustment of the non-monetary assets, equities and income statement items accordingto inflation. All the monetary profit and loss resulted from adjustments are reflected in the income statement.

New Turkish Lira:Through enactment of the Law numbered 5083 concerning the Currency of the Republic of Turkey “New Turkish Lira” (YTL) and the sub-unit “New Kurufl”(YKr) have been introduced as the currency of the Republic of Turkey as of January 1st, 2005. With the Article 2 of the related law the Turkish Lira has beenconverted into the new monetary unit the New Turkish Lira and removing six zeros one million Turkish Liras equals to one New Turkish Lira (1,000,000.- TL =1.- YTL). As explained in the article of the Capital Markets Board of Turkey dated December 1st, 2004 and with Ref: MDS-10/832-43399 in the 2005 thefinancial statements that are going to be announced to the public are to be presented in YTL together with the financial data of the previous period forcomparison reasons. That’s why the attached financial statements are prepared in YTL.

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b) Marketable Securities:In the current term the public marketable securities like government bonds and treasury bills are evaluated by taking into consideration the portion, that endson the date of balance sheet, of the total revenue of due period. The amount of the public marketable securities calculated with the revenue is shown in therelated marketable securities account of the balance sheet.

The reverse repo subject has been evaluated by applying the designated interest rate according to the cost of purchasing date and taking into consideration thedays left for the due date.

c) Commercial Receivables and PayablesThe commercial receivables and payables are shown with their registered values. Because of time purchase and sales the payables and receivables in TurkishLiras and the inflation shares in the amounts of cheques and certificates have been adjusted according to the relevant government internal loan interestconstituted at Istanbul Stock Exchange, as of balance sheet date, since there is no interest rate in the related contracts.

d) InventoriesInventory count has been realised as of December 31, 2004. Inventory counts are realised at the end of years. In evaluation of stocks are based on the lowerone; either on the maintaining cost or on the net realisable value. The cost is calculated by the “Active Average Cost” method and the phase cost.

e) Financial Fixed Assets:Financial fixed assets are shown with their indexed cost values as of balance sheet date provided that there isn’t a continuous value decrease.

f) Tangible and Intangible Fixed Assets:Tangible and intangible fixed assets subject to depreciation are reflected with values resulting from the readjustments of their acquisition costs with use ofadjustment coefficients for the years of such acquisitions. Related depletion and amortisation portions are calculated over their inflation-adjusted values bymeans of the linear depreciation method in line with their useful lives so as to be retrospective.

The spare parts of the company, which can be classified as tangible fixed assets due to their characteristics and usage period are monitored in the raw materialand supplies according to notification Series XI No: 1, but in the inflation adjusted financial statements prepared according to notification Series XI No: 20 theyare classified as tangible fixed assets.

Depreciation and amortisation rates designated in consideration of the average economic lives of fixed assets are as follows:Buildings 4-20%Infrastructures and superstructures 5-20%Machinery and equipment 7-50%Vehicles 20%Furniture and Fixtures 7-50%Other Intangible Fixed Assets 20%

g) Revenue and Expenses:Designations of revenue and expense items are based on accrual. Accordingly the revenue is recorded when the service is over or when the product isdelivered.

h) Assets and Liabilities in Foreign CurrenciesThe assets of foreign currency that take place in the balance sheet are converted into Turkish Liras by use of The Central Bank of Turkish Republic’s effectivebuying rate. The liabilities of foreign currencies that take part in the balance sheet are converted into Turkish Liras by the effective selling rates of The CentralBank of Turkish Republic. The transactions taken place within the fiscal year are converted into Turkish Liras by using the rates of trans-action dates.The differences raised because of the rate changes are included in the income statement as revenues or expenses.

i) Severance Pay:According to the current labour law, the Company is obliged to pay a certain amount of severance pay to the personnel leaving the Company by way ofretirement, resignation or dismissal not because of bad behaviour and to those who have completed one year service in the company. These indemnities arecalculated as 30 days payment for each service year. The severance pay load accumulated until December 31, 2004, for the personnel who have gained theright as of December 31, 2004 is calculated and reflected in the attached financial statements.

j) Tax:The Company is subject to corporation tax and income tax deduction at source.

The ratio of corporation tax to be accrued on the taxable revenue is designated as 30% of the remaining amount of the corporation’s revenue after adding thelegally unaccepted expenses that have been recorded to verify the commercial revenue and subtracting the dividends paid, non-taxable revenues and usedinvestment reductions. When the 10% fund share application in the 2002 and preceding periods on income and corporation taken into consideration the taxratio was designated as 33%. But no fund share application is foreseen on the annual income and corporation taxes related with the 2003 taxation period thatis to be declared after 01.01.2004. For the 2004 taxation period the rate of corporation tax has been increased to 33% by Law numbered 5035 published atthe Official Gazette dated January 2nd, 2004.

The provisional tax in Turkey are calculated and accrued quarterly. The rate of provisional tax has been increased from 25% to 30% as effective from24.04.2003.This ratio has been designated as 33% in 2004. At the taxation stage of the corporate profits of 2005, as of provisional tax periods, a provisionaltax of 30% will be calculated on corporate profits.

The losses occurred can be carried forward for a period of maximum five years, to be subtracted from the taxable profits of the following years. But the lossescannot be deducted retroactively from former years profits.

There aren’t any procedures in Turkey for a definite and absolute agreement related with tax evaluation. The companies prepare their tax statements of therelated year until April 15th of the following year. The Tax Office can change these statements and the accounting records that these statements are based on,after an investigation.

In addition to the corporation tax, income tax deduction at source and fund shares have to be calculated on profit shares of companies of complete liability,who have added these profit shares to the company’s revenue and shown these transactions in the statements but excluding the distributions to the branchoffices of foreign companies in Turkey, provided that the profit distribution is materialised. Income tax deduction at source for all companies is declared to be10% as of 24.04.2003. There will be no fund share reductions on the distributed profit shares after 01.01.2004. The profit shares not distributed but added tothe capital are not subject to income tax deduction at source.

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The exceptional income tax deduction at source that has been applied to some incomes pruned from corporation tax in 2002 and preceding years is removedin general. But still, there has to be a 19.8% tax deduction on the investment rebate amounts benefited by the investment encouragement certificates issuedbefore 24.04.2003. The company can benefit from this rebate until its profits reach the amount subject to rebate exception. In case the company does notprofit or in the red rebate right can be carried to the following years to be deducted from tax accrued to profits.

The Tax Procedures Law numbered 5024, issued on December 30th, 2003 dictates that the income subject to tax has to be calculated on the statementsprepared according to inflation as of January 1st, 2004 within the frames of the Income Tax Law and Law on making Changes in the Corporation Tax. In thisrespect, in the balance sheet dated December 31st, 2003 the difference obtained by subtraction of the adjusted capital, adjusted export premiums of theshares and adjusted share cancellation profits together with the total of liabilities from the adjusted assets total, within the provisions set by the arrangementsof the above mentioned law will be reflected in the profit/loss accounts of previous years; thus the designated profit of the previous year will not be taxed andthe loss of the previous years will not be considered as loss. Again, the loss of 2003 and previous years losses taking place in the related fiscal year statementsand could not be deducted will be taken into account in 2004 and to the following fiscal years with their recorded values.

12- ISSUES EMERGED AFTER BALANCE SHEET DATE:The severance pay ceiling has been determined as 1,648.90 YTL valid as of 01.01.2005. (As of December 31, 2003 it was 1,691.017 YTL.)

13- CONDITIONAL ISSUES:a) As of December 31st, 2004 the total of lawsuits opened by our Company and still going on is 3,632,666 YTL. A total provision of 1,116,738 YTL fordoubtful receivable has been reserved in the attached financial statements related with the Company’s receivable claim lawsuits. (As of 31.13.2003 the totalclaim of the lawsuits opened by our company was 4,259,738 and the provision reserved in the financial statements was 1,389,010 YTL.)

Subject of Lawsuit December 31, 2004Lawsuit to Increase the Nationalisation Amount 1.057.869Tax Lawsuits 1.341.707Receivables Pursuing Lawsuits and Levy Pursuing 1.233.090

3.632.666

b) As of December 31st, 2003 the total claim of lawsuits in progress against the Company is 2,003,936 YTL and 517,503 YTL is reserved in the financialstatements as liabilities and expenses provision. (As of 31.12.2003 the total of lawsuits against the Company was 1,698,181 YTL and the reserve for it was568,370 YTL.)

14- DIFFERENCES EMERGED IN ACCOUNTING FORECASTS:There are no differences emerged in the forecasts of accountings as of the dates 31.12.2004 and 31.12.2003.

15- TOTAL MORTGAGE OR GUARANTEE AMOUNTS ON ASSETS:There are no mortgages or guarantees on assets as of 31.12.2004 and 31.12.2003.

16- TOTAL INSURANCE AMOUNT ON ASSETS:

31.12.2004Economic Value Type Net Book Value (1) Insurance Value (2) Scope (2/1)Buildings 36.683.116 24.564.708 0,67Machinery, Supplies, Equipment, Fixtures 21.752.858 124.674.900 5,73Vehicles 1.101.069 2.457.845 2,23Products and Material 11.979.612 5.026.154 0,42Cash Fire Security 13.665 105.000 7,68Total 71.530.320 156.828.607

31.12.2003Economic Value Type Net Book Value (1) Insurance Value (2) Scope (2/1)Buildings 41.213.074 36.341.900 0,88Machinery, Supplies, Equipment, Fixtures 27.045.364 130.016.334 4,81Vehicles 1.795.811 12.281.789 6,84Products and Material 10.824.304 8.145.471 0,75Cash Fire Security 8.136 56.920 7,00Total 80.886.689 186.842.414

17- MORTGAGES AND GUARANTEES RECEIVED:December 31, 2004 December 31, 2003

DESCRIPTION TYPE OF GUARANTEE Amount of Guarantee Amount of GuaranteeTaken from Customers and Dealers Letter of Guarantee 15.237.037 21.231.328Taken from Customers Mortgage Cert. 5.168.738 5.687.145Taken from Customers Other Guarantees 2.223.620 3.306.647Taken from Dealers Other Guarantees 777.308 369.520

23.406.703 30.594.640

18- COMMITMENTS NOT INCLUDED IN LIABILITIES:

TITLE TYPE OF GUARANTEE Amount of GuaranteeTurkey Elec. Trade and Comm. Inc. Letter of Guarantee 2.400.550Hisar Real estate Management Letter of Guarantee 193.920Basic Juristic Law courts Letter of Guarantee 311.786Others Letter of Guarantee 233.756

3.140.012

The total of guarantees given by the Company as of December 31, 2004 is 1,455,706 YTL.

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19- AMOUNTS OF BLOCKED DEPOSITS IN BANKS:There are no blocked deposits in banks as of December 31, 2004 and December 31, 2003.

20- COMPARISONS OF THE REGISTERED VALUE - MARKET VALUE - COST VALUE AND NOMINAL VALUE OF MARKETABLE SECURITIES:

31 ARALIK 2004Description ofMarketable Securities Curr. Type Cost Value Nominal Value Registered Value Market ValueTRT260105T12 YTL 9.442.863 11.217.775 11.035.137 11.088.546TRB090205T12 YTL 4.887.814 5.600.371 5.450.618 5.498.388TRB230205T14 YTL 397.012 442.442 427.912 431.726TRB160305T12 YTL 4.384.122 4.600.000 4.420.600 4.444.474TRT230305T13 YTL 2.659.410 2.960.980 2.819.101 2.849.232TRT270405T18 YTL 3.718.779 4.179.032 3.897.456 3.945.884TRT250505T19 YTL 13.049.135 15.179.881 13.872.583 14.091.635TRB290605T14 YTL 1.659.559 1.876.707 1.692.960 1.710.637TRT060705T10 YTL 1.491.092 1.795.050 1.588.893 1.629.726TRB270705T15 YTL 199.643 229.000 202.922 205.679TRT240805T17 YTL 406.099 462.608 407.718 409.376TRT150306T12 YTL 1.333.051 1.325.352 1.324.239 1.369.115Repo YTL 64.793 - 64.824 -

43.693.372 49.869.198 47.204.963 47.674.41831 ARALIK 2003Description ofMarketable Securities Curr. Type Cost Value Nominal Value Registered Value Market ValueTRB070404T13 TL 4.725.718 5.649.303 5.181.181 5.305.317 TRT070704T10 TL 4.003.257 5.258.662 4.405.425 4.657.229 TRB050504T14 TL 8.176.768 9.058.935 8.323.263 8.351.159 TRT180804T16 TL 5.359.735 6.589.209 5.544.631 5.679.306 TRT030304T26 TL 381.364 447.688 422.528 430.148 TRT280404T18 TL 3.988.608 4.849.649 4.361.926 4.493.102 TRB090604T19 TL 301.675 359.001 318.412 323.920 TRT260105T11 TL 1.409.889 1.799.590 1.410.681 1.409.925TRT260105T12 TL 106.898 136.461 106.898 106.913 Repo TL 7.543 - 7.549 -Repo TL 79.688 - 79.736 -Repo TL 26.183 - 26.199 -

28.567.326 34.148.498 30.188.429 30.757.019

21- MARKETABLE SECURITIES ISSUED BY THE SHAREHOLDERS, PARTICIPATIONS AND SUBSIDIARIES:There aren’t any marketable securities issued by shareholders, participations or subsidiaries as of December 31, 2004 and December 31, 2003.

22- ACCOUNT ITEMS WITH “OTHER” IN THE FINANCIAL STATEMENTS:

December 31,2004 December 31,2003OTHER CURRENT ASSETSCheques Received 115.962 549.336

OTHER SHORT TERM RECEIVABLES Receivables from Personnel 42.647 44.621Receivables from tax Office - 134.471Damage Indemnity Receivable from Axa Oyak 56.139 143.349Oytafl International Trade 25.877 80.977Oyak Concrete Industry and Trade Inc. 132.016 -Receivables of Repair and Maintenance 70.703 -Ünye Cement Industry Inc. - 86.331Other Receivables 108.023 111.016Receivables from Real Estate Sales 91.773 -

527.178 600.765

OTHER INVENTORIESCraft Paper given to Production 80.936 119.170Local Commodity Stock 11.527 -

92.463 119.170

OTHER LIQUID ASSETSExpenses of Coming Months 104.916 288.218VAT to be Deducted 1.340.062 1.342.990Prepaid Tax and Fund 16.236 5.626.004Business Advances 7.478 40.368Personnel Advances 673 8

1,469,365 7.297.588

OTHER INTANGIBLE FIXED ASSETSComputer Programmes 109.977 153.425Special Costs - 93.332

109.977 246.757

OTHER FINANCIAL LIABILITIESFinancial Leasing Debts 19.466 -


48

OTHER COMMERCIAL LIABILITIESDebit to Bolu Municipality 33.525 24.347Baflkent Electricity Distribution Inc. 49.430 46.089Sistem Construction Inc. - 6.998

82.955 77.434

OTHER SHORT TERM LIABILITIESCalculated VAT 1.638.928 1.555.220Payable Conditional Commercial Debits 98.122 158.010Prepayment taken on Real Estate Sales - 901.508Debits to Personnel 31.754 35.323Other VAT 86.355 4.629Other Liabilities 1.553 36.432

1.856.712 2.691.122

PROVISONS FOR OTHER LIABILITIES AND EXPENSESProvisions for Lawsuits and other expenses 544.200 609.720

23- PERSONNEL RECEIVABLES AND PAYABLES IN "OTHER RECEIVABLES” AND OTHER SHORT OR LONG TERM RECEIVABLES”:There are no receivables/payables from/to personnel in “Other Receivables” and “Other Short or Long Term Liabilities” that exceed 1% of the Balance Sheetassets total

24- DOUBTFUL RECEIVABLES PERTAINING TO SHAREHOLDERS, PARTICIPATIONS AND SUBSIDIARIES:There aren’t any doubtful receivables from shareholders, participations and subsidiaries as of December 31, 2004 and December 31, 2003.

25- DOUBTFUL RECEIVABLES PERTAINING TO DUE AND UNDUE RECEIVABLES:As of December 31, 2004 the total amount of provision for doubtful receivables reserved for the amount of due and undue receivables is 1,116,993 YTL. As of 31.12.2003 it was 1,389,010 YTL.)

26- PARTICIPATIONS AND SUBSIDIARIES WITH DIRECT AND INDIRECT CAPITAL AND MANAGEMENT RELATIONS WITH THE COMPANY:December 31, 2004 December 31, 2003

Value ValueParticipation Participation Adjusted Participation Participation Adjusted

Rate Amount According to Rate Amount According to (%) (Nominal) Inflation (%) (Nominal) Inflation

Oyak Energy Ind. and Trade Inc. 19,60 9.800 11.471 19,60 9.800 11.471Elaz›¤ Alt›nova Cement Industry and Trade Inc. 18,00 7.632.000 15.719.688 18,00 5.122.811 14.345.849Oyak Concrete Ind. Trade Inc. 16,31 4.341.095 4.640.138 - - -Elaz›¤ Alt›nova Cement Industry and Trade Inc.(Depreciation Provision) (*) (3.796.196) (5.259.891)

11.982.895 16.575.101 5.132.611 9.097.429

(*) Provision is reserved for the difference of the Company’s recorded amount, 15,719,688 YTL (with the purchasing power of money on December 31,2004), observed in the financial statements under the fixed assets account and the amount of Elaz›¤ Alt›nova Cement Industry and Trade Inc. whose equitytotal, according to the financial statements prepared in conformity with CMB Series XI No: 20, multiplied by the Company’s participation rate resulting as11,923,492 YTL.

Net Term Year The Financial Company Title Profit/(Loss) Statement belongsOyak Energy Ind. and Trade Inc (*) 11.667 January 1-December 31, 2004Elaz›¤ Alt›nova Cement Industry and Trade Inc. (**) 7.545.673 January 1-December 31, 2004Oyak Concrete Ind. Trade Inc. 12.434.316 January 1-December 31, 2004

(*) According to the notification Series XI/20, since the financial statements that have undergone independent auditing could be maintained by the date ofthis report, the financial statements based on historical costs that have not undergone independent auditing are taken into consideration(**) Financial statements prepared according to Series XI/20 are considered. As of the date of this report the independent auditing is in progress.

27- BONUS SHARES FROM PARTICIPATIONS AND SUBSIDIARIES:On December 16, 2004 1,846.88 YTL nominal valued bonus share has been received from Elaz›¤ Alt›nova Cement Industry and Trade Inc. On august 18,2003 2,985,369 YTL nominal valued bonus share has been received from Elaz›¤ Alt›nova Cement Industry and Trade Inc.

28- REAL RIGHTS ON IMMOVABLE PROPERTIES:Type of Limited Real Right Commercial Title of Beneficiary Commercial Title of Immoveable OwnerInterim Injunction (1) Bolu 1. Basic Juristic Court Bolu Cement Industry Inc.Nationalising Commentary(2) Ankara Greater City Municipality

State Hydraulic Works GM Bolu Cement Industry Inc.Partial Forest Restr. Or Cadastral Boundary Commentary (3) - Bolu Cement Industry Inc.Rent Commentary (4) Turkey Electricity Distribution

General Directorate Bolu Cement Industry Inc.(1) There is injunction.(2) Nationalising commentary in favour of Ankara Greater City Municipality and State Hydraulic Works General Directorate for the parcels 1774-1775 in theRegion 1 at Yeni Mahalle, Ankara according to item 7 of Law No: 2942 and agreement construction or installation commentary for a period of ten years andexpropriation for the effusion line of Bay›nd›r Dam. For the parcels 2917-2918 nationalising commentary in favour of Ankara Greater City Municipality andState Hydraulic Works General Directorate and construction or installation commentary for a period of ten years.(3) Partial Forest Restriction or Cadastral Boundary commentary for 1293 Kocaeli, Merkez Yuva Village, Bolu.(4) Rent commentary on 1 parcel at block 8244 in Samand›ra Mahallesi at Kartal District

29- REVALUATION APPRECIATIONS:As the Company started to apply inflation accounting adjustments from 2004, according to the notification of the Tax Procedures Law numbered 5024,it didn’t perform any revaluation in 2004 and eliminated the revaluation appreciations during inflation adjustments constituted in the legal records untilDecember 31, 2003, from the attached financial statements.


49

30- FOREIGN CURRENCIES AND RECEIVABLES AND PAYABLES REPRESENTED BY FOREIGN CURRENCIES:

FOREIGN CURRENCY DEPOSITS IN BANKS:Currency Currency Curr. Rate December 31 Currency Curr. Rate December 31

Type Unit Amount (YTL) 2004 (YTL) Amount (YTL) 2003 (YTL) (1)Bank USD 894.170 1.342,1 1.200.066 105.012 1.395,835 166.866Bank EURO 1.401.283 1.826,8 2.559.864 1.448.549 1.745,072 2.877.679Bank GBP - - - 3.000 2.476,61 8.458

3.759.930 3.053.003

LIABILITIES:Type of Currency Currency Curr. Rate December 31 Currency Curr. Rate December 31Debit Unit Amount (YTL) 2004 (YTL) Amount (YTL) 2003 (YTL) (1)Bank Credit EURO 629.887 1.835,6 1.156.221 1.292.132 1.753,489 2.579.323Bank Credit EURO - - - 600.000 1.753,489 1.197.706Other Liabil. EURO 7.125 1.835,6 13.079 104.304 1.753,489 208.209Other Liabil. USD 88.850 1.348,6 119.823 88.280 1.402,567 140.955Other Liabil. GBP - - - 3.000 2.489,556 8.502

1.289.123 4.134.695(1) The YTL equivalents of the foreign currency amounts of December 31, 2003 are expressed with the purchasing power of money on December 31, 2004.

31- AMOUNTS OF LIABILITIES GIVEN IN FAVOUR OF SHAREHOLDERS, PARTICIPATIONS AND SUBSIDIARIES:There aren’t any obligations undergone in favour of Shareholders, Participations and Subsidiaries as of 01.01.2004 - 31.12.2004 and 01.01.2003 - 31.12.2003.

32- AVERAGE NUMBER OF PERSONNEL WORKED WITHIN THE YEAR WITH CATEGORIES:

December 31, 2004 December 31, 2003ADMINISTRATIVE (NON-MEMBERS) 41 55OTHER (UNION MEMBERS) 99 99OTHER (NON-MEMBERS) 72 102

212 256

33- OTHER ISSUES THAT REMARKABLY EFFECT THE FINANCIAL STATEMENTS:a) The Board of Directors of the Company has decided with decision No: 46 of their meeting No: 14, dated December 12, 2002 to establish, Oyak BetonSanayi ve Ticaret A.fi. (Oyak Concrete Industry and Trade Inc.), a new incorporation on cement production and sales with the participation of Oyak GeneralManagement, Bolu Cement Industry and Trade Inc. and Adana Cement Industry Inc. with the constituent partner title and give the Company’s concrete facilityand the fixed assets of this facility as inventory capital. As a result of the application to the Capital Markets Board on December 12, 2003 the Company becamea partner, at 16.31% against inventory capital of 4,341,095 to Oyak Concrete Industry and trade Inc. established with a total capital of 26,618,261,227 YTLconstituted by 13,575,313,227 YTL cash and 13,042,948 YTL inventories valuated by an expert assigned by law court. (Expressed with historical value as ofMarch 31, 2004.)

b) In high inflation periods, according to notification (Series: XI, No: 26) on making amendments in the notification on The Procedures and Basis forAdjustments of Financial Statements, the equity items in financial statements are reflected with their registered values. The differences resulting fromadjustments are shown in total in “Equity Inflation Adjustment Differences” account. The equity inflation adjustment differences are shown in the assets of thebalance sheet in the equity main group under “Conversion Differences” account. From the conversion differences of 136,749,022 YTL (expressed with thepurchasing power of money in December 2004) accumulated as of December 31, 2004, 86,821,200 YTL and 6,553,334 YTL monitored in the previous yearslosses are deducted from the term profit, 210,668 YTL from the recorded nominal extraordinary reserves, 1,413,104 YTL from the recorded nominal statutoryreserves, 6,072,473 YTL from the recorded nominal legal reserves, 27,278 YTL from the recorded emission premiums and the remaining 72,544,343 YTL formthe conversion differences generated by the adjustment of the equity capital items according to inflation accounting. (Expressed with the purchasing power ofmoney on 31.12.204.)

The details of the Equity Capital Inflation Adjustment Differences as of December 31, 2004 and the accounts that constitute them are as follows: December 31, 2004 December 31, 2003

Account YTL YTLCapital 19.164.533 99.018.305Emission Premium - 5.631.553Legal Reserves 113.515 16.815.353Extraordinary Reserves - 290.455Statutory Reserves - 14.993.356

19.278.048 136.749.022

c) From Oyak Concrete Industry and Trade Inc. 1,050 USD+VAT/month/unit for the mobile concrete pumps, 700 USD+VAT/month/unit for the transmixer,300 USD+VAT/month/unit for vehicles, 700 USD+VAT/month/unit for the rubbertyred loaders and 1,000 USD+VAT/month/unit for the land and buildings arecollected as rental fees

d) A part of the monetary profit/loss amount, which is the difference between the net book values, indexed as required by the regulations of CMB, of fixedassets transferred to Oyak Concrete Industry and Trade Inc., and their date values are reflected in the legal records in the first half of the year 2004. Accordingto the provisions of the Tax Procedures Law the difference between the monetary profit/loss amount reflected according to the provisions of TPL (TaxProcedures Law) and according to CMB legislations, which is 957,000YTL (expressed with the purchasing power of money on 31.12.2004); was described asmonetary profit in the financial statements of the interim period. The difference of 851,174 YTL between regulations of TPL and designation of experts wasexpressed in the special reserves and the difference of 13,045 YTL between the above mentioned amount and its value in terms of the purchasing power ofmoney on December 31, 2004 was expressed as conversion difference in the financial statements of the interim period dated June 30, 2004. Based on theletter of the Capital Markets Board dated 17tth September 2004 with ref: OFD/2035-27377 expressed in relation with the decision dated 4th October 2004and with ref: MSD-10/711-31226; in order to correct the amount that has been reflected as monetary profit in the above mentioned financial statements ofthe interim period by assuming its value as zero, the difference between adjusted values according to inflation and the value designated by the experts,including the related conversion difference is 1,821,219 YTL which has been taken into accounts under the extraordinary revenues or profits account group.

e) The net monetary position loss of 4,220,866 YTL as of December 31, 2004 (December 31, 2003: 114,693,994 YTL) is classified in other cash flows in thecash flow chart and in the account of other expenses that do not need to export fund of the fund flow chart.


50

BOLU Ç‹MENTO SANAY‹‹ A.fi.ENFLASYONA GÖRE DÜZELT‹LM‹fi AYRINTILI GEL‹R TABLOSU(Yeni Türk Liras› “YTL”)

Cari Dönem • 31/12/2004 Önceki Dönem • 31/12/2003

A- BRÜT SATIfiLAR 120.882.738 114.941.029

1- Yurtiçi sat›fllar 120.882.738 114.941.029

2- Yurtd›fl› sat›fllar

3- Di¤er sat›fllar

B- SATIfiTAN ‹ND‹R‹MLER (-) -807.998 -1.394.695

1- Sat›fltan ‹adeler (-)

2- Sat›fl ‹skontolar› (-)

3- Sat›fl Primi (-)

4- Di¤er ‹ndirimler (-) -807.998 -1.394.695

5- Sat›fllar›n Sevk Gideri (-)

C- NET SATIfiLAR 120.074.740 113.546.334

D- SATIfiLARIN MAL‹YET‹ (-) -74.542.332 -86.953.197

BRÜT SATIfi KARI 45.532.408 26.593.137

E- FAAL‹YET G‹DERLER‹ (-) -21.158.666 -17.599.160

1- Araflt›rma ve Gelifltirme Giderleri (-)

2- Pazarlama, Sat›fl ve Da¤. Giderleri (-) -12.138.560 -8.337.663

3- Genel Yönetim Giderleri (-) -9.020.106 -9.261.497

ESAS FAAL‹YET KARI 24.373.742 8.993.977

F- D‹⁄ER FAALERDEN GEL‹R VE KARLAR 17.367.773 17.494.146

1- ‹fltiraklerden Temettü Gelirleri 195.163

2- Ba¤l› Ortakl›kl.Temettü Gelirleri

3- Faiz ve Di¤er Temettü Gelirleri 14.183.454 14.068.649

4- Faal. ‹lg. Di¤. Gelir ve Karlar 3.184.319 3.230.334

G- D‹⁄ER FAALERDEN G‹DER VE ZARARLAR (-) -8.517.267 -3.646.678

H- F‹NANSMAN G‹DERLER‹ (-) -558.788 -2.863.405

1- K›sa Vadeli Borçl.Giderleri (-) -216.751 -2.057.579

2- Uzun Vadeli Borçl. Giderleri (-) -342.037 -805.826

FAAL‹YET KARI 32.665.460 19.978.040

I- OLA⁄ANÜSTÜ GEL‹RLER VE KARLAR 7.267.321 1.190.435

1- Konusu Kalmayan Karfl›l›klar 4.872.649 267.720

2- Önceki Dönem Gelir ve Karlar› 134.472

3- Di¤.Ola¤anüstü Gelir ve Karlar 2.394.672 788.243

J- OLA⁄ANÜSTÜ G‹DER VE ZARARLAR (-) -128.542 -103.475

1- Çal›flm. K›s›m Gider ve Zararlar (-)

2- Önc. Dönem Gider ve Zararlar (-) -126.260

3- Di¤. Ola¤anüstü Gider ve Zararlar (-) -2.282 -103.475

K- NET PARASAL POZ‹SYON KARI/(ZARARI) -4.220.863 -4.694.004

DÖNEM KARI 35.583.376 16.370.996

L- ÖDENECEK VERG‹ VE D‹⁄ER YASAL YÜKÜMLÜLÜKLER -11.486.461 -8.883.964

NET DÖNEM KARI 24.096.915 7.487.032


51

BOLU CEMENT INDUSTRY CO. DETAILED INCOME STATEMENT ADJUSTED ACCORDING TO INFLATION(New Turkish Lira “YTL”)

Current Term • 31/12/2004 Previous Term • 31/12/2003

A- GROSS SALES 120.882.738 114.941.029

1- Domestic Sales 120.882.738 114.941.029

2- Foreign Sales

3- Other Sales

B- REDUCTION FROM SALES (-) -807.998 -1.394.695

1- Sales Returns (-)

2- Sales Discounts (-)

3- Sales Premium (-)

4- Other Discounts (-) -807.998 -1.394.695

5- Cost of Sales Consignment (-)

C- NET SALES 120.074.740 113.546.334

D- COST OF GOODS SOLD (-) -74.542.332 -86.953.197

GROSS PROFIT ON SALES 45.532.408 26.593.137

E- ACTIVITY EXPENSES (-) -21.158.666 -17.599.160

1- Expenses of Research and Developments (-)

2- Expenses of Sales and Distribution of Marketing (-) -12.138.560 -8.337.663

3- Expenses of General Administration (-) -9.020.106 -9.261.497

MAIN ACTIVITY PROFIT 24.373.742 8.993.977

F- INCOME AND PROFITS FROM OTHER ACTIVITIES 17.367.773 17.494.146

1- Bonus Income from Associated Companies 195.163

2- Bonus Income from Companies

3- Bonus Income from Interests 14.183.454 14.068.649

4- Income and Revenue from Other Activities 3.184.319 3.230.334

G- EXPENSES AND LOSS FROM OTHER ACTIVITIES (-) -8.517.267 -3.646.678

H- FINANCIAL EXPENSES (-) -558.788 -2.863.405

1- Expenses for Short-Terms (-) -216.751 -2.057.579

2- Expenses for Long-Terms (-) -342.037 -805.826

ACTIVITY PROFIT 32.665.460 19.978.040

I- EXTRAORDINARY INCOME AND PROFIT 7.267.321 1.190.435

1- Unobjected Provisions 4.872.649 267.720

2- Income and Profit from the Previous Period 134.472

3- Other Extraordinary Income and Profit 2.394.672 788.243

J- EXTRAORDINARY EXPENSES AND LOSS (-) -128.542 -103.475

1- Unemployed Part Expenses and Loss (-)

2- Previous Period Expenses and Loss (-) -126.260

3- Other Extraordinary Expenses and Loss (-) -2.282 -103.475

K- NET MONETARY PROFIT (LOSS) -4.220.863 -4.694.004

TERM PROFIT 35.583.376 16.370.996

L- TAXES PAYABLE AND OTHER OBLIGATIONS -11.486.461 -8.883.964

NET TERM PROFIT 24.096.915 7.487.032


52

31.12.2004 TAR‹H‹ ‹T‹BAR‹YLEENFLASYONA GÖRE DÜZELT‹LM‹fiAYRINTILI GEL‹R TABLOSUHESAP GRUPLARININ AÇIKLAMALARI

A- BRÜT SATIfiLAR

2004 y›l›nda iç piyasaya sat›lan 1.558.348 ton ambalajl›ve dökme çimento, 180.769 ton klinker, 220.222 m3

haz›r beton ve 104.294 ton m›c›r sat›fl tutar› ile di¤ersat›fl gelirleri toplam›d›r.

B- SATIfiLARDAN ‹ND‹R‹MLER

2004 y›l›nda çimento bayilerimize yap›lan iskonto ileverilen prim toplam›d›r.

C- NET SATIfiLAR

Brüt sat›fl tutar›ndan indirimler yap›ld›ktan sonraki netsat›fllar tutar›d›r.

D- SATIfiLARIN MAL‹YET‹

2004 y›l›nda üretilip sat›lan 1.558.348 ton ambalajl›ve dökme çimento, 180.769 ton klinker, 220.222 m3

haz›r beton ve 104.294 ton m›c›r›n s›nai maliyetidir.

E- FAAL‹YET G‹DERLER‹

Pazarlama ve genel idare giderleridir.Faaliyet Giderleri içinde yer alan 2004 y›l›na iliflkin100.136,80 YTL Yard›m ve Ba¤›fl tutar›n›n da¤›l›m›afla¤›dad›r.

Matematik Yar›flmas› için Liselere yap›lan yard›m:27.000,00 YTL.

Boluspor’a verilen hibe Beton:20.652,36 YTL.

A.‹.B.Ü. Pist yap›m› için verilen Beton :16.938,90 YTL.

Okullara Yap›lan Yard›m :20.329,04 YTL.

Di¤er:15.216,50 YTL.

F- D‹⁄ER FAAL‹YETLERDEN GEL‹R VE KARLAR

Faiz ve komisyon gelirleri ile menkul k›ymet sat›fl karlar›ve di¤er has›lat ve karlar toplam›d›r.

G- D‹⁄ER FAAL‹YETLERDEN G‹DER VE ZARARLAR

fiüpheli ticari alacaklar karfl›l›k giderleri, sermaye tezyidigiderleri ile özel tükenmeye tabi varl›klar itfa pay›n›ifade etmektedir.

H- F‹NANSMAN G‹DERLER‹

Uzun ve k›sa vadeli borçlanmalar karfl›l›¤› ödenenfaizler ve kur fark› tutar›d›r.

I- OLA⁄ANÜSTÜ GEL‹R VE KARLAR

Önceki dönem gelir ve karlar› ve Sabit k›ymet,malzeme, hurda sat›fl karlar›, kira, tahsil edilentazminat ve ceza gelirleri ile di¤er gelirler toplam›d›r.

J- OLA⁄ANÜSTÜ G‹DER VE ZARARLAR

2004 y›l sonu stok say›m noksanlar›ndan oluflmaktad›r.

K- NET PARASAL POZ‹SYON ZARARI

Parasal varl›k ve yükümlülükler aras›ndaki farkt›r.

L- ÖDENECEK VERG‹ VE D‹⁄ER YASALYÜKÜMLÜLÜKLER

2004 y›l› kar›ndan ödenecek vergi ve di¤er yasalyükümlülükler karfl›l›k tutar›d›r.


53

EXPLANATION OF THE ACCOUNT GROUPSOF THE DETAILED INCOME STATEMENTADJUSTED ACCORDING TO INFLATION ASOF DECEMBER 31, 2004

A- GROSS SALES

The total amount of domestic sales in 2004 as1.558.348 tons of packed and bulk cement,180.769 tons of clinker, 220.222 m3 of ready mixedconcrete and 104.294 tons of crushed stone andother sales.

B- DISCOUNTS ON SALES

The total of discounts and premiums given to ourcement dealers in 2004.

C- NET SALES

The net sales amount after deduction of discountsfrom gross sales.

D- COST OF SALES

The industrial cost of 1.558,348 tons of packed andbulk cement, 180.769 tons of clinker, 220.222 m3 ofready mixed concrete and 104.294 tons of crushedstone produced and sold in 2004.

E- ACTIVITY EXPENSES

These are marketing and general administrationexpenses. The distribution of aid and donationamount of 100.136,80 YTL related to 2004,monitored in the Activity Expenses, is as follows:

Aid to High Schools for Maths Contest:27.000,00 YTL.

Concrete donation to Boluspor:20.652,36 YTL.

Concrete for running track ofAbant Izzet Baysal University16.938,90 YTL.

Aid to schools:20.329,04 YTL.

Others:15.216,50 YTL.

F- PROFITS AND REVENUES FROM OTHERACTIVITIES

The total of interest, commission, sales of marketablesecurities and other revenues and profits.

G- LOSSES AND EXPENSES OF OTHER ACTIVITIES

The total of provisions against doubtful commercialreceivables, expenses of capital increases andamortising shares of assets subject to specialdepreciation.

H- FINANCING EXPENSES

The amount of provision against interest paid for shortand long term loans and conversion rate differences.

I- EXTRAORDINARY REVENUES AND PROFITS

The total of revenues from previous term revenueand profits, fixed assets, material, scrap sales profits,indemnity and fine revenues and other revenues.

J- EXTRAORDINARY EXPENSES AND LOSSES

Generated from the deficiencies of stock counts asend of year 2004.

K- NET MONETARY POSITION LOSS

The difference between the monetary assets andobligations.

L- PAYABLE TAX AND OTHER LEGALOBLIGATIONS

The amount of provisions for tax to be paid from theprofit of 2004 and other legal obligations.


54

BOLU Ç‹MENTO SANAY‹‹ A.fi.SPK’n›n SER‹ XI NO:1 VE NO: 20 SAYILI TEBL‹⁄LER‹NE GÖRE HAZIRLANAN

31 ARALIK 2004 TAR‹H‹ ‹T‹BAR‹YLE ENFLASYONA GÖRE DÜZELT‹LM‹fiGEL‹R TABLOSU D‹PNOTLARI

(Tüm rakamlar aksi belirtilmedikçe Yeni Türk Liras› ‘‘YTL’’ olarak aç›klanm›flt›r)

1- Dönemin tüm amortisman giderleri ile itfa ve tükenme paylar› : 31 Aral›k 2004 31 Aral›k 2003

Amortisman giderleri ile itfa ve tükenme paylar›a) Amortisman giderleri 10.041.074 11.827.553aa) Normal amortisman giderleri 10.041.074 11.827.553ab) Yeniden de¤erleme amortisman giderleri - -b) ‹tfa ve tükenme paylar› 75.259 130.311

10.116.333 11.957.864

Üretim maliyetine verilenler 6.354.896 10.490.053Faaliyet giderlerine verilenler 2.894.577 1.467.811Di¤er gider ve zararlara verilen 866.860 -

10.116.333 11.957.864

2- Dönemin reeskont ve karfl›l›k giderleri : Alacak ve borç reeskontu gideri (net) 87.000 1.119.570K›dem tazminat› karfl›l›k gideri 703.494 676.689Dava gider karfl›l›klar› 49.234 67.876fiüpheli ticari alacaklar karfl›l›k gideri 112.895 310.488

952.623 2.174.623

3- Dönemin tüm finansman giderleri :a) Üretim maliyetine verilenler - -b) Sabit varl›klar›n maliyetine verilenler - -c) Do¤rudan gider yaz›lanlar 558.788 2.863.405

558.788 2.863.405

4- Dönemin finansman giderlerinden ortaklar, ba¤l› ortakl›k, ifltirakler ve grup flirketler ile ilgili k›sm›n tutar›:

Ticaret Ünvan› Kullan›m fiekli 31 Aral›k 2004 31 Aral›k 2003Oyak European Finance Plc. Kredi Faizi 317.187 542.123

5- Ortaklar, ba¤l› ortakl›klar, ifltirakler ve grup flirketler ile yap›lan sat›fl ve al›fllar:

31 Aral›k 2004 (YTL) 31 Aral›k 2003 (YTL)Al›fllar Sat›fllar Al›fllar Sat›fllar

1) Ortaklar 36.755 - 25.752 -Oyak Genel Müdürlük 36.755 - 25.752 -

2) ‹fltirakler 113.979 16.133.443 - -Oyak Beton San.Tic.A.fi. 113.979 16.133.443 - -

3) Grup fiirketleri 35.941.540 5.121.086 24.262.217 5.369.611Axa Oyak Hayat Sigorta A.fi. 67.655 - 8.709 -Axa Oyak Sigorta A.fi. 582.426 - 912.311 -Oyak ‹nflaat A.fi. 138.615 96.314 - 1.196.118Oyak Sav.ve Güvenlik Sis.A.fi. 450.820 51.734 465.338 -Mais Motorlu Araçlar A.fi. 129.478 - 6.840 -Oytafl ‹ç ve D›fl Ticaret A.fi. 20.625.010 4.877.600 14.431.622 3.967.879Omsan Lojistik A.fi. 11.188.543 - 8.133.166 -Ünye Çim.San.A.fi. 21.553 25.384 - -Adana Çimento T.A.fi. 16.616 43.576 55.710 205.614Oyka Ka¤›t Ambalaj San.A.fi. 2.082.054 2.829 - -Oyak Emeklilik A.fi. 239.107 - - -Oytur Oyak Tur. Ve Tic. A.fi. 214.833 - 137.718 -Oytek Oyak Teknoloji A.fi. 131.387 - 110.803 -Oyak Pazarlama Hiz. Ve Turizm.A.fi. 53.443 4.577 - -Mardin Çimento San. A.fi. - 9.933 - -Oyak Renault Otom.Fab.A.fi. - 9.139 - -

36.092.274 21.254.529 24.287.969 5.369.611


55

6- Ortaklar, ba¤l› ortakl›k ifltirakler ve grup flirketlerinden al›nan ve bunlara ödenen faiz, kira ve benzerleri:

Al›nan Faiz, Kira benzerleri Türü 31 Aral›k 2004 31 Aral›k 2003Oyak Beton San A.fi. Kira geliri 171.480 -Elaz›¤ Çimento San.ve Tic.A.fi. Temettü geliri - 195.241Axa Oyak Sigorta A.fi. Komisyon geliri 104.530 93.474Oyakbank A.fi Faiz geliri 4.663.051 1.594.855Oyak Yat›r›m Menkul De¤erler A.fi Faiz geliri 3.885.619 1.793.006Oyak Portföy A.fi. Faiz geliri 865.271 -Oyak European Fin.Plc. Faiz Geliri 20.830 142.955

9.710.781 3.819.531

Ödenen Faiz, Kira benzerleri Türü 31 Aral›k 2004 31 Aral›k 2003Oyak European Finance Plc. Kredi faizi 317.187 805.826Axa Oyak Hayat Sigorta A.fi. Sigorta gideri 67.655 8.709Oyakbank A.fi. Komisyon gideri 17.485 6.115Axa Oyak Sigorta A.fi. Sigorta gideri 582.426 912.311Oyak Portföy Yön. A.fi. Komisyon gideri 77.808 28.506Oyak Yat›r›m Menkul A.fi. Komisyon gideri 24.071 27.056Oyak Beton San.Tic.A.fi. Kira gideri 119.045 -

1.205.677 1.788.523

7. Yönetim kurulu baflkan ve üyeleriyle genel müdür, genel koordinatör, genel müdür yard›mc›lar› gibi üst yöneticilere cari dönemde sa¤lanan ücret vebenzeri menfaatlerin toplam tutar›:

Yönetim kurulu baflkan ve üyeleriyle genel müdür, genel koordinatör, genel müdür yard›mc›lar› gibi üst yöneticilere cari dönemde sa¤lanan ücret vebenzeri menfaatlerin toplam tutar› 607.001 YTL’dir. (31 Aral›k 2003 tarihi itibariyle 735.391 YTL’dir.)

8- Amortisman hesaplama yöntemleri ile bu yöntemlerde yap›lan de¤iflikliklerin dönemin amortisman giderlerinde meydana getirdi¤i art›fl (+) veyaazal›fl (-) bulunmamaktad›r.

9- Stok maliyeti hesaplama sistemi:

Stoklar elde etme maliyeti ile kaydedilmekte ve stok maliyetlerinin hesaplanmas›nda hareketli a¤›rl›kl› ortalama maliyet yöntemi ve safha maliyeti sistemiuygulanmaktad›r.

10- Varsa tamamen veya k›smen fiili stok say›m› yap›lmamas›n›n gerekçeleri :

31 Aral›k 2004 ve 31 Aral›k 2003 tarihleri itibariyle fiili stok say›m› yap›lm›flt›r.

11- Yurtiçi ve yurtd›fl› sat›fllar hesap kalemi içinde yer alan ürün, hurda, döküntü gibi maddelerin sat›fllar› ile hizmet sat›fllar›n›n ayr› ayr› toplamlar›n›n brütsat›fllar›n yüzde yirmisini aflmas› halinde bu madde ve hizmetlere iliflkin tutarlar› :

Sat›fllar›n içinde % 20’yi aflan yan ürün, hurda, döküntü gibi madde ve hizmet sat›fl› yoktur.

12- ‹flletmenin varsa sat›fllar›yla ilgili teflvik ve sübvansiyonlar hakk›nda bilgi:

‹flletmenin sat›fllar› ile ilgili teflvik sübvansiyonlar› bulunmamaktad›r.

13- Önceki döneme iliflkin gelir ve karlar ile önceki döneme ait gider ve zararlar›n tutarlar› ve kaynaklar› afla¤›daki gibidir:

Önceki Dönem Gelir ve Karlar: 31.12.2004 (YTL) 31.12.2003 (YTL)1999 y›l› yat›r›m indirim dava sonucu - 134.472

Önceki Dönem Gider ve Zararlar› : 31.12.2004 (YTL) 31.12.2003 (YTL)1999 y›l› yat›r›m indirim dava sonucu 126.260 -

14- Hisse Bafl›na Kar :

fiirket’in temettü imtiyaz› bulunan imtiyazl› hisse senedi bulunmamaktad›r. 31 Aral›k 2004 (YTL)

1 YTL nominal bedelli 1 lot bafl›na kar YTL/% 0,215/21,5Adi Hisse Senetleri-lot 112.000.000‹mtiyazl› Hisse Senetleri-lot -

Sermaye Piyasas› Kurulu’nun 25 fiubat 2005 tarih ve 7/242 say›l› karar›yla SPK’na tabi ortakl›klarda 2004 y›l sonu itibariyle yap›lacak kar da¤›t›m›na iliflkinhususlar düzenlenmifltir. 31 Aral›k 2004 tarihi itibariyle Bolu Çimento Sanayii A.fi.’nin SPK mevzuat›na göre haz›rlanan ekli mali tablolar›nda 24.096.914YTL ve yasal kay›tlar›nda ise 23.501.220 YTL dönem kar› bulundu¤undan, yukar›da an›lan Kurul karar›nda belirtildi¤i gibi, 2004 y›l› için kar da¤›t›m›ndayasal kay›tlar›ndan karfl›lanabilecek tutarlar esas al›nacakt›r. Bununla beraber, bu rapor tarihi itibariyle fiirket, 2004 y›l› faaliyetlerine iliflkin olarak GenelKurul’da görüflülüp onaylanacak kar pay› ile ilgili çal›flmalar›na devam etti¤inden, bu rapor kapsam›nda kar da¤›t›m tablosu verilmemifltir.


56

15- Dönem içinde gerçekleflen mal ve hizmet üretim miktarlar› :

Üretilen Mal Miktar 31 Aral›k 2004 31 Aral›k 2003Klinker Ton 1.349.600 1.186.100Çimento Ton 1.620.248 1.375.772Haz›r beton M3 220.222 843.777M›c›r Ton 108.316 731.121

16- Dönem içinde gerçekleflen mal ve hizmet sat›fl› :

31 Aral›k 2004 31 Aral›k 2003Sat›lan Mal Cinsi Miktar Dahili kullan›m Sat›fl miktar› Dahili kullan›m Sat›fl miktar›Klinker Ton 1.289.613 180.769 1.069.940 192.704Çimento Ton 67.463 1.558.348 238.560 1.132.348Haz›r beton M3 - 220.222 - 843.777M›c›r Ton 78.482 104.294 717.433 42.848

17- Gelir tablosundaki “di¤er” ibaresini tafl›yan hesap kalemlerinden dahil oldu¤u grubun toplam tutar›n›n %20’sini aflan kalemlerin tutarlar› :

31.12.2004 31.12.2003SATIfiLARDAN D‹⁄ER ‹ND‹R‹MLER Sat›fl Primleri ve Müflteri Teminat Mektubu Komisyonlar› 807.998 1.394.695

FAAL‹YETLERE ‹LG‹L‹ D‹⁄ER GEL‹RLER VE KARLARKambiyo Karlar› 605.166 1.279.633Reeskont Faiz Gelirleri 1.235.065 -‹fltirak Gelirleri - 379.530Di¤er Ola¤an Gelir ve Karlar 375.780 37.488Komisyon Gelirleri 106.532 92.870Menkul K›ymet Sat›fl Karlar› 861.776 1.440.813

3.184.319 3.230.334

D‹⁄ER FAAL‹YETLERDEN G‹DERLER VE ZARARLARKomisyon Giderleri 128.528 77.057Karfl›l›k Giderleri 3.960.154 67.876Menkul K›ymet Sat›fl Zarar› 131.060 34.922Kambiyo Zarar› 561.379 2.151.174Reeskont Faiz Gideri 1.148.065 1.119.573Teknik Hizmet Giderleri 141.458 -Hizmet Evleri Sat›fl Zararlar› 281.641 -Düzce Haz›r Beton Tesisisinin Kira SüresininSona Ermesi Nedeniyle Oluflan Gider ve Zararlar 899.044 -Oyak Beton’a Kiralanan Makina veTeçhizatlar›n Amortisman Gideri 866.860 -Di¤er Gider ve Zararlar 399.078 196.076

8.517.267 3.646.678

D‹⁄ER OLA⁄ANÜSTÜ GEL‹RLER Malzeme Sat›fl Karlar› 10.962 21.465Hurda Sat›fl Karlar› 228.102 150.666Tazminat Gelirleri 14.118 40.533Sabit K›ymet Sat›fl Karlar› 49.070 171.4802003 y›l› Stok Say›m Fazlas› - 101.939Ünye Çimento’ya Hizmet Bedeli - 74.018Adana Çimento’ya Hizmet Bedeli - 192.737Di¤er Gelirler 271.201 35.405Oyak Beton San.Tic.A.fi.ne ayni sermaye olarakdevredilen sabit k›ymetlerin uzman kiflilerce belirlenenmakul de¤eri ile SPK hükümlerine göre oluflannet defter de¤eri aras›ndaki fark (bkz. Not 33 d) 1.821.219 -

2.394.672 788.243

D‹⁄ER OLA⁄ANDIfiI G‹DER VE ZARARLAR 2003 y›l› Stok Say›m Fazlas› - 103.475Di¤er 2.282 -

2.282 103.475


57

BOLU CEMENT INDUSTRY CO.FOOTNOTES OF THE INCOME STATEMENT PREPARED ACCORDING TO THE NOTIFICATION

OF CMB, SERIES XI NO: 1 AND 20 FOR THE ACCOUNT TERMJANUARY 1 – DECEMBER 31, 2003 ADJUSTED ACCORDING TO INFLATION

(All the amounts are in “YTL” unless otherwise stated.)

1- All the amortising expenses, redemption and depreciation shares of the term:December 31, 2004 December 31, 2003

All the amortising expenses, redemption and depreciation sharesa) Amortising Expenses 10.041.074 11.827.553aa) Normal Amortising Expenses 10.041.074 11.827.553ab) Amortising Expenses of Appreciation - -b) Redemption and depreciation shares 75.259 130.311

10.116.333 11.957.864

Given to Production Cost 6.354.896 10.490.053Given to Activity Expenses 2.894.577 1.467.811Given to other expenses and losses 866.860 -

10.116.333 11.957.864

2- Rediscount And Provision Expenses Of The Term:Rediscount expenses of Receivables and Payables (Net) 87.000 1.119.570Expenses for severance pay provision 703.494 676.689Provision for Lawsuits 49.234 67.876Provision expenses for Doubtful Commercial Receivables 112.895 310.488

952.623 2.174.623

3- All the financing expenses of the term:a) Given to Production Cost - -b) Given to fixed assets costs - -c) Directly recorded as expenses 558.788 2.863.405

558.788 2.863.405

4- The amount of the financing expenses related with shareholders, subsidiaries and participations:

Commercial Title Type of Usage December 31, 2004 December 31, 2003Oyak European Finance Plc. Credit Interest 317.187 542.123

5- Purchases from and sales to shareholders, subsidiaries and participations:

December 31, 2004 (YTL) December 31, 2003 (YTL)Purchases Sales Purchases Sales

1) Shareholders 36.755 - 25.752 -Oyak General Management 36.755 - 25.752 -

2) Participations 113.979 16.133.443 - -Oyak Concrete Industry and Trade Inc. 113.979 16.133.443 - -

3) Group Companies 35.941.540 5.121.086 24.262.217 5.369.611Axa Oyak Life Assurance Inc. 67.655 - 8.709 -Axa Oyak Insurance Inc. 582.426 - 912.311 -Oyak Construction Inc. 138.615 96.314 - 1.196.118Oyak Safety Inc. 450.820 51.734 465.338 -Mais Motor Vehicles Inc. 129.478 - 6.840 -Oytafl Domestic and Int’l Trade Inc. 20.625.010 4.877.600 14.431.622 3.967.879Omsan Logistics Inc. 11.188.543 - 8.133.166 -Ünye Cement Industry Inc. 21.553 25.384 - -Adana Cement Inc. 16.616 43.576 55.710 205.614Oyka Paper Packing Industry Inc. 2.082.054 2.829 - -Oyak Retirement Inc. 239.107 - - -Oytur Oyak Tourism and Trade Inc. 214.833 - 137.718 -Oytek Oyak IT Inc. 131.387 - 110.803 -Oyak Marketing Serv. And Tour. Inc. 53.443 4.577 - -Mardin Cement Industry Inc. - 9.933 - -Oyak Renault Auto. Factory Inc. - 9.139 - -

36.092.274 21.254.529 24.287.969 5.369.611


58

6- Interests, rentals and etc. received/paid to shareholders, participations and subsidiaries:

Received Interest, Rental and etc. Type December 31, 2004 December 31, 2003Oyak Concrete Industry Inc. Rental revenue 171.480 -Elaz›¤ Cement Industry and Trade Inc. Dividend revenue - 195.241Axa Oyak Insurance Inc. Commission Rev. 104.530 93.474Oyakbank Inc. Interest Revenue 4.663.051 1.594.855Oyak Investment Inc. Interest Revenue 3.885.619 1.793.006Oyak Portfolio Inc. Interest Revenue 865.271 -Oyak European Fin. Plc. Interest Revenue 20.830 142.955

9.710.781 3.819.531

Paid Interest, Rental and etc. Type December 31, 2004 December 31, 2003Oyak European Finance Plc. Credit Interest 317.187 805.826Axa Oyak Life Assurance Inc. Insurance Expense 67.655 8.709Oyakbank Inc. Commission Exp. 17.485 6.115Axa Oyak Insurance Inc. Insurance Expense 582.426 912.311Oyak Portfolio Inc. Commission Exp. 77.808 28.506Oyak Investment Inc. Commission Exp. 24.071 27.056Oyak Concrete Industry Inc. Rental Exp. 119.045 -

1.205.677 1.788.523

7. Total amount of salaries and similar benefits supplied to the senior administrators as the Chairman and members of the Board of Directors,General Manager, General Coordinator, Assistant General Managers, in the current term:

Total amount of salaries and similar benefits supplied to the senior administrators as the Chairman and members of the Board of Directors, GeneralManager, General Coordinator, Assistant General Managers, in the current term is 607.001 YTL. (As of December 31, 2003 it was 735,391 YTL.)

8- Depreciation calculation methods and the increase (+) and decrease (-) brought to the depreciation expenses of the term by the changes in themethods: None.

9- Inventory cost calculation system:

The inventories are registered with their obtaining costs and active average cost methods and phase cost systems are used in the calculation ofinventory costs.

10- If available, reasons for not realising, completely or partially, inventory counts:

Actual inventory counts have been made as of December 31, 2004 and December 31, 2003.

11- The amount related to sales of by products, scrap, trash and etc., that take part in the domestic and export sales account, in case the total amountrelated with these sales exceeds 20% of total gross sales:

There aren’t any sales of by products, scrap and trash etc. and service that exceed 20% of total sales.

12- If available, information on the encouragement and subvention on sales of the entity:

There aren’t any encouragement or any subvention related with the sales of the entity.

13- The amounts and sources of the revenues and profits, expenses and losses of the previous term are as follows:

Revenues and Profits of the Previous term: 31.12.2004 (YTL) 31.12.2003 (YTL)Result of 1999 Investment Deduction Lawsuit - 134.472

Expenses and Losses of the Previous term: 31.12.2004 (YTL) 31.12.2003 (YTL)Result of 1999 Investment Deduction Lawsuit 126.260 -

14- Profit Per Share:

There aren’t any shares of the Company with dividend privileges. December 31, 2004 (YTL)Profit for 1 lot of 1 YTL nominal value YTL/% 0,215/21,5Ordinary Shares-lot 112.000.000Privileged Shares-lot -

The Capital Markets Board has organised the issues related with the distribution of profit as end of 2004 in the companies subject to CMB with itsdecision 7/242 taken on February 25, 2005. As of December 31, 2004 the profit of Bolu Cement Industry and Trade Inc. in the attached statements,according to CMB regulations is 24,096,914 YTL whereas in the legal records it is 23,501,220 YTL. According to the Board’s decision the profit of legalrecords will be considered in profit distribution for 2004. However, as the studies on distribution of profit, to be negotiated and approved by the GeneralAssembly, is still in progress as of the date of this report, a profit distribution chart could not be included in this report.


59

15- Product and service production amounts realised within the term:

Product Produced Amount December 31, 2004 December 31,2003Clinker Tons 1.349.600 1.186.100Cement Tons 1.620.248 1.375.772Ready mixed Concrete M3 220.222 843.777Crushed stone Tons 108.316 731.121

16- Product and service sales realised within the term:

December 31, 2004 December 31, 2003Type of Product Sold Amount Internal Use Sales Amount Internal Use Sales AmountClinker Ton 1.289.613 180.769 1.069.940 192.704Cement Ton 67.463 1.558.348 238.560 1.132.348Ready mixed Concrete M3 - 220.222 - 843.777Crushed stone Ton 78.482 104.294 717.433 42.848

17- The amounts of items in the accounts of the income statement that has “other” in it, that exceeds 20% of the group it is in:

31.12.2004 31.12.2003OTHER DEDUCTION ON SALESSales Premiums and Customers’ Letter of Guarantee Commissions 807.998 1.394.695

OTHER REVENUES AND PROFITS RELATED WITH ACTIVITIESExchange Profits 605.166 1.279.633Rediscount Interest Revenues 1.235.065 -Participation Revenues - 379.530Other Extraordinary Revenues and Profits 375.780 37.488Commission Revenues 106.532 92.870Marketable Securities Sales Profits 861.776 1.440.813

3.184.319 3.230.334

EXPENSES AND LOSSES ON OTHER ACTIVITIESCommission Expenses 128.528 77.057Provision Expenses 3.960.154 67.876Loss on Marketable Security Sales 131.060 34.922Exchange Loss 561.379 2.151.174Rediscount Interest Expenses 1.148.065 1.119.573Technical services Expenses 141.458 -Service Houses Sales Losses 281.641 -Expenses and Losses due to the termination of therental period of Düzce Ready Mixed Concrete Facility 899.044 -Amortising Expenses of Machinery andSupplies Rented to Oyak Concrete Inc. 866.860 -Other Expenses and Losses 399.078 196.076

8.517.267 3.646.678

OTHER EXTRAODINARY RECEVUES Material Sales Profits 10.962 21.465Scrap Sales Profits 228.102 150.666Indemnity Revenues 14.118 40.533Fixed Assets Sales Profits 49.070 171.480Excess of Stock Count in 2003 - 101.939Service Fee from Ünye Cement - 74.018Service Fee from Adana Cement - 192.737Other Revenues 271.201 35.405Difference between the reasonable value set by expertsand the net book value according to CMB regulationsof the fixed assets transferred to Oyak Concrete Industryand Trade Inc. as inventory capital. (See: Note 33d) 1.821.219 -

2.394.672 788.243

OTHER EXTRAORDINARY EXPENSES AND LOSSESExcess of Stock Count in 2003 - 103.475Others 2.282 -

2.282 103.475


60

BOLU Ç‹MENTO SANAY‹‹ A.fi.ENFLASYONA GÖRE DÜZELT‹LM‹fi ÖZET B‹LANÇO(Yeni Türk Liras› “YTL”)

AKT‹F (VARLIKLAR) Cari Dönem • 31/12/2004 Önceki Dönem • 31/12/2003

I. DÖNEN VARLIKLAR 89.300.354 81.055.767

A- Haz›r De¤erler 4.123.143 4.808.697 B- Menkul K›ymetler 47.204.963 30.188.429 C- K›sa Vadeli Ticari Alacaklar 23.381.466 27.694.305 D- Di¤er K›sa Vadeli Alacaklar 526.925 600.477 E- Stoklar (Net) 12.594.492 10.466.271 1- Stoklar 12.072.075 10.361.195 2- Verilen Siparifl Avanslar› 522.417 105.076 F- Di¤er Dönen Varl›klar 1.469.365 7.297.588

II- DURAN VARLIKLAR 84.836.082 88.787.426

A- Uzun Vadeli Ticari Alacaklar 5.652 4.653 B- Di¤er Uzun Vadeli Alacaklar 0 0 C- Finansal Duran Varl›klar 16.575.101 9.097.429 D- Maddi Duran Varl›klar 67.918.967 79.412.868 1- Binalar, arsa ve araziler 83.630.159 88.563.866 2- Makine, tesis ve cihazlar 225.566.165 232.320.075 3- Di¤er duran varl›klar 15.815.703 35.213.939 4- Birikmifl amortismanlar (-) -257.234.852 -276.685.012 5- Yap›lmakta olan yat›r›mlar 141.792 0 E- Maddi Olmayan Duran Varl›k. (Net) 336.362 272.476 1- Maddi Olmayan Duran Varl›klar 336.362 272.476 F- Di¤er Duran Varl›klar 0 0

AKT‹F (VARLIKLAR) TOPLAMI 174.136.436 169.843.193

PAS‹F (KAYNAKLAR) Cari Dönem • 31/12/2004 Önceki Dönem • 31/12/2003

I. KISA VADEL‹ BORÇLAR 14.947.156 31.761.906

A- Finansal Borçlar 1.175.687 2.699.663 B- Ticari Borçlar 6.943.131 12.282.819 C- Di¤er K›sa Vad.Borçlar 3.674.995 7.077.088 D- Al›nan Siparifl Avanslar› 85.613 208.652 E- Borç ve Gider Karfl›l›klar› 3.067.730 9.493.684

II- UZUN VADEL‹ BORÇLAR 2.994.134 5.983.056

A- Finansal Borçlar 2 1.197.705 B- Ticari Borçlar 15 7.851 C- Di¤er Uzun Vad.Borçlar 0 1.625.840 D- Al›nan Siparifl Avanslar› 0 0 E- Borç ve Gider Karfl›l›klar› 2.994.117 3.151.660

III- ÖZSERMAYE 156.195.146 132.098.231

A- Sermaye 112.000.000 66.959.854 B- Sermaye Taahhütleri (-) 0 0 C- Emisyon Primi 0 27.278 D- Yeniden De¤erleme De¤er Art›fl› 0 0 E- Yedekler 820.183 7.696.245 1- Yasal Yedekler 820.183 6.072.473 2- Statü Yedekleri 0 1.413.104 4- Ola¤anüstü Yedek 0 210.668 F- Net Dönem Kar› 24.096.915 7.487.032 G- Dönem Zarar›(-) 0 0 H- Geçmifl Y›llar zararlar› (-) 0 -86.821.200 1- ....Y›l› Zarar› 0 -86.821.200I- Özsermaye Enflasyon Düzeltmesi Farklar› 19.278.048 136.749.022

PAS‹F (KAYNAKLAR) TOPLAMI 174.136.436 169.843.193


61

BOLU CEMENT INDUSTRY CO. SUMMARISED BALANCE-SHEET ADJUSTED ACCORDING TO INFLATION(New Turkish Lira “YTL”)

ASSETS (ACTIVE) Current Term • 31/12/2004 Previous Term • 31/12/2003

I. CURRENT ASSETS 89.300.354 81.055.767

A- Liquid Assets 4.123.143 4.808.697 B- Marketable Securities 47.204.963 30.188.429 C- Short Term Commercial Receivables 23.381.466 27.694.305 D- Other Short Term Receivables 526.925 600.477 E- Inventories (Net) 12.594.492 10.466.271 1- Stocks 12.072.075 10.361.195 2- Prepayments for Orders 522.417 105.076 F- Other Liquid Assets 1.469.365 7.297.588

II. FIXED ASSETS 84.836.082 88.787.426

A- Long Term Commercial Receivables 5.652 4.653 B- Other Long Term Receivables 0 0 C- Financial Fixed Assets 16.575.101 9.097.429 D- Tangible Fixed Assets 67.918.967 79.412.868 1- Buildings 83.630.159 88.563.866 2- Machinery, Facility and Equipment 225.566.165 232.320.075 3- Other Fixed Assets 15.815.703 35.213.939 4- Accumulated Depreciations (-) -257.234.852 -276.685.012 5- Ongoing Investments 141.792 0 E- Intangible Fixed Assets (Net) 336.362 272.476 1- Intangible Fixed Assets 336.362 272.476 F- Other Fixed Assets 0 0

TOTAL ASSETS (PROPERTIES) 174.136.436 169.843.193

PASSIVE (SOURCES) Current Term • 31/12/2004 Previous Term • 31/12/2003

I. SHORT TERM LIABILITIES 14.947.156 31.761.906

A- Financial Liabilities 1.175.687 2.699.663 B- Commercial Liabilities 6.943.131 12.282.819 C- Other Short Term Liabilities 3.674.995 7.077.088 D- Prepayments received for Orders 85.613 208.652 E- Provisions for Liabilities and Expenses 3.067.730 9.493.684

II. LONG TERM LIABILITIES 2.994.134 5.983.056

A- Finansal Borçlar 2 1.197.705 B- Commercial Liabilities 15 7.851 C- Other Long Term Liabilities 0 1.625.840 D- Provisions for Liabilities and Expenses 0 0 E- Provisions for Liabilities and Expenses 2.994.117 3.151.660

III. EQUITY 156.195.146 132.098.231

A- Capital 112.000.000 66.959.854 B- Capital Obligations (-) 0 0 C- Emission Premium 0 27.278 D- Revaluation Appreciation 0 0 E- Reserves 820.183 7.696.245 1- Legal Reserves 820.183 6.072.473 2- Statutory Reserves 0 1.413.104 4- Extraordinary Reserves 0 210.668 F- Net Term Profit 24.096.915 7.487.032 G- Term Loss (-) 0 0 H- Previous Years Losses (-) 0 -86.821.200 1- Loss for ...... 0 -86.821.200I- Equity Inflation Adjustment Differences 19.278.048 136.749.022

TOTAL PASSIVE (LIABILITIES) 174.136.436 169.843.193


62

BOLU Ç‹MENTO SANAY‹‹ A.fi.ENFLASYONA GÖRE DÜZELT‹LM‹fi SATILAN MALIN MAL‹YET‹ TABLOSU(Yeni Türk Liras› “YTL”)

BOLU Ç‹MENTO SANAY‹‹ A.fi.ENFLASYONA GÖRE DÜZELT‹LM‹fi ÖZET GEL‹R TABLOSU(Yeni Türk Liras› “YTL”)


A- BRÜT SATIfiLAR 120.882.738 114.941.029

B- SATIfiTAN ‹ND‹R‹MLER (-) -807.998 -1.394.695

C- NET SATIfiLAR 120.074.740 113.546.334

D- SATIfiLARIN MAL‹YET‹ (-) -74.542.332 -86.953.197

BRÜT SATIfi KARI 45.532.408 26.593.137

E- FAAL‹YET G‹DERLER‹(-) -21.158.666 -17.599.160

ESAS FAAL‹YET KARI 24.373.742 8.993.977

F- D‹⁄ER FAAL. GEL‹RLER VE KARLAR 17.367.773 17.494.146

G- D‹⁄ER FAAL. G‹DERLER VE ZARARLAR (-) -8.517.267 -3.646.678

H- F‹NANSMAN G‹DERLER‹ (-) -558.788 -2.863.405

FAAL‹YET KARI 32.665.460 19.978.040

I- OLA⁄ANÜSTÜ GEL‹RLER VE KARLAR 7.267.321 1.190.435

J- OLA⁄ANÜSTÜ G‹DERLER VE ZARARLAR (-) -128.542 -103.475

K- NET PARASAL POZ‹SYON KARI/(ZARARI) -4.220.863 -4.694.004

DÖNEM KARI 35.583.376 16.370.996

L- ÖDENECEK VERG‹ VE D‹⁄ER YAS.YÜK. (-) -11.486.461 -8.883.964

NET DÖNEM KARI 24.096.915 7.487.032


ÜRET‹M FAAL‹YET‹

A- Dolays›z ‹lk Madde ve Malzeme Giderleri 34.701.256 32.335.721 B- Dolays›z iflçilik Giderleri 498.336 344.099 C- Genel Üretim Giderleri. 36.165.319 51.626.335 D- Yar› Mamul Kullan›m› 2.839.777 2.688.090 1- Dönem Bafl› Stok(+) 4.507.198 7.195.288 2- Dönem Sonu Stok(-) -1.667.421 -4.507.198

ÜRET‹LEN MAMUL MAL‹YET‹ 74.204.688 86.994.245

E- Mamul Stoklar›nda De¤iflim 337.644 -41.048 1- Dönem Bafl› Stok(+) 710.964 669.916 2- Dönem Sonu Stok(-) -373.320 -710.964

I.SATILAN MAMUL MAL‹YET‹ 74.542.332 86.953.197

T‹CAR‹ FAAL‹YET

A- Dönem Bafl› Emtia stoku(+)B- Dönem içi Al›fllar(+)C- Dönem Sonu Emtia Stoku(-)

II. SATILAN EMT‹A MAL‹YET‹

III. SATILAN H‹ZMET MAL‹YET‹

SATIfiLARIN MAL‹YET‹ (I+II+III) 74.542.332 86.953.197


63

BOLU CEMENT INDUSTRY CO. COST STATEMENTS OF SALES ADJUSTED ACCORDING TO INFLATION(New Turkish Lira “YTL”)

BOLU CEMENT INDUSTRY CO.SUMMARISED INCOME STATEMENT ADJUSTED ACCORDING TO INFLATION(New Turkish Lira “YTL”)


A- GROSS SALES 120.882.738 114.941.029

B- DISCOUNTS ON SALES (-) -807.998 -1.394.695

C- NET SALES 120.074.740 113.546.334

D- COST OF SALES (-) -74.542.332 -86.953.197

GROSS SALES PROFIT 45.532.408 26.593.137

E- OPERATION EXPENSES (-) -21.158.666 -17.599.160

ACTUAL ACTIVITY PROFIT 24.373.742 8.993.977

F- REVENUES AND PROFITS FROM OTHER ACTIVITIES 17.367.773 17.494.146

G- EXPENSES AND LOSSES ON OTHER ACTIVITIES (-) -8.517.267 -3.646.678

H- FINANCING EXPENSES (-) -558.788 -2.863.405

ACTIVITY PROFIT 32.665.460 19.978.040

I- EXTRAORDINARY REVENUES AND PROFITS 7.267.321 1.190.435

J- EXTRAORDINARY EXPENSES AND LOSSES (-) -128.542 -103.475

K- NET MONETARY POSITION PROFIT (OR LOSS) -4.220.863 -4.694.004

TERM PROFIT 35.583.376 16.370.996

L- PAYABLE TAX AND OTHER LEGAL OBLIGATIONS (-) -11.486.461 -8.883.964

NET TERM PROFIT 24.096.915 7.487.032


THE COST OF PRODUCTION

A- Direct Raw Material and Supplies Expenses 34.701.256 32.335.721 B- Direct Labour Expenses 498.336 344.099 C- General Production Expenses 36.165.319 51.626.335 D- Semi Product Use 2.839.777 2.688.090 1- Stock at Term Start (+) 4.507.198 7.195.288 2- End Term Stock (-) -1.667.421 -4.507.198

COST OF PRODUCT PRODUCED 74.204.688 86.994.245

E- Change in Product Stocks 337.644 -41.048 1- Stock at Term Start (+) 710.964 669.916 2- End Term Stock (-) -373.320 -710.964

I- COST OF MERCHANDISE SOLD 74.542.332 86.953.197

COMMERCIAL ACTIVITIES

A- Commodity Stock at Term Start (+)B- Purchases in the Term (+)C- End Term Commodity Stock (-)

II- COST OF COMMODITY SOLD

III-COST OF SERVICES SOLD

COST OF SALES (I+II+III) 74.542.332 86.953.197

BOLU Ç‹MENTO SANAY‹‹ A.fi.KAR DA⁄ITIM TABLOSU (BRÜT)(Yeni Türk Liras› “YTL”)

Cari Dönem (01/01/2004 - 31/12/2004)

A- DÖNEM KARININ DA⁄ITIMI

1- Dönem Kar› 35.583.376.00

2- Geçmifl Y›llar Zarar

3- Ödenecek Vergiler - 11.486.461.48 Kurumlar Vergisi - 11.311.523.07 Gelir Vergisi Kesintisi - Di¤er Vergi ve Benzerleri - 174.938.41

4- Birinci Tertip Yasal Yedek - 1.175.061.00

NET DA⁄ITILAB‹L‹R DÖNEM KARI 22.921.853.52

5- Ortaklara birinci Temettü - 6.876.556.07 Adi Hisse Senedi Sahiplerine - 6.876.556.07 ‹mtiyazl› hisse senedi sahiplerine

6- Memur ve iflcilere Temettü

7- Yönetim Kuruluna Temettü

8- Ortaklara ‹kinci Temettü - 13.199.711.70 Adi hisse senedi sahiplerine - 13.199.711.70 ‹mtiyazl› hisse senedi sahiplerine

9- ‹kinci Tertip Yasal Yedek - 1.447.626.78

10- Statü Yedekleri - 802.264.87

11- Özel Yedekler

OLA⁄ANÜSTÜ YEDEK - 595.694.10

B- YEDEKLERDEN DA⁄ITIM

1- Ortaklara Pay Adi hisse senedi sahiplerine ‹mtiyazl› hisse senedi sahiplerine

2- Memur ve ‹flçilere Pay

3- Yönetim Kuruluna Pay

C- H‹SSE BAfiINA KAR (YTL/%) 0.215 YTL./ % 21,5

1- Adi hisse senedi sahiplerine (YTL/%) 0.215 YTL./% 21,5

2- ‹mtiyazl› hisse sen.sahipl. (YTL/%)

D- H‹SSE BAfiINA KAR PAYI (YTL/%) 0.161 YTL./ %16,1327

1- Adi hisse senedi sahiplerine (YTL/%) (Brüt)

Adi hisse senedi sahiplerine (YTL/%) (Net) 0.161 YTL./ %16,1327

2- ‹mtiyazl› hisse senedi sahiplerine (YTL/%)


64


65

BOLU CEMENT INDUSTRY CO.PROFIT DISTRIBUTION CHART (GROSS)(New Turkish Lira “YTL”)

Current Term (01/01/2004 - 31/12/2004)

A- DISTRIBUTION OF TERM PROFIT

1- Term Profit 35.583.376.00

2- Losses of Previous Years

3- Payable Taxes - 11.486.461.48 Corporation Tax - 11.311.523.07 Income Tax Deduction - Other Taxes and Etc. - 174.938.41

4- First Series Legal Reserves - 1.175.061.00

NET DISTRIBUTABLE TERM PROFIT 22.921.853.52

5- First Dividend to Shareholders - 6.876.556.07To the Ordinary Shareholders - 6.876.556.07 To the Privileged Shareholders

6- Dividends to personnel and employees

7- Dividend to the Board of Directors

8- Second Dividend to Shareholders - 13.199.711.70 To the Ordinary Shareholders - 13.199.711.70To the Privileged Shareholders

9- Second Series Legal reserves - 1.447.626.78

10- Statutory Reserves - 802.264.87

11- Extraordinary Reserves

EXTRAORDINARY RESERVES - 595.694.10

B- DISTRIBUTION OF RESERVES

1- Shares to ShareholdersTo the Ordinary Shareholders To the Privileged Shareholders

2- Share to personnel and employees

3- Share to the Board of Directors

C- PROFIT PER SHARE (YTL/ %) 0.215 YTL./ % 21,5

1- To the Ordinary Shareholders (YTL/%) 0.215 YTL./ % 21,5

2- To the Privileged Shareholders (YTL/%)

D- PROFIT SHARE PER SHARE (YTL/%) 0.161 YTL./ %16,1327

1- To the Ordinary Shareholders (YTL/%) 0.161 YTL./ %16,1327

To the Ordinary Shareholders (YTL/%)

2- To the Privileged Shareholders (YTL/%)


66

BOLU Ç‹MENTO SANAY‹‹ A.fi.ENFLASYONA GÖRE DÜZELT‹LM‹fi FON AKIM TABLOSU(Yeni Türk Liras› “YTL”)


A- KAYNAKLAR 54.658.146 41.861.138

1. Faaliyet Kar›ndan Sa¤lanan Kaynaklar 35.049.332 28.315.045 a) Faaliyet Kâr› 32.665.460 19.978.040 b) Amortismanlar (+) 10.116.333 11.957.864 c) Fon Ç›k›fl› Gerektirmeyen Di¤er Giderler (+) 0 1.895.341 d) Fon Girifli Sa¤lamayan Gelirler (-) -7.732.461 -5.516.200

2. Ola¤anüstü Kârdan Sa¤lanan Kaynak 7.267.321 1.086.960 a) Ola¤anüstü Kâr 7.267.321 1.086.960 b) Fon Ç›k›fl› Gerektirmeyen Di¤er Giderler (+) 0 0 c) Fon Girifli Sa¤lamayan Gelirler (-) 0 0

3. Dönen Varl›klar›n Tutar›ndaki Azal›fl 10.900.168 12.459.133

4. Duran Varl›k Tutar›ndaki Azal›fl 1.441.325 0

5. K›sa Vadeli Borçlarda Art›fl 0 0

6. Uzun Vadeli Borçlarda Art›fl 0 0

7. Sermaye Art›r›m› (Nakit Karfl›l›¤›) 0 0

8. Emisyon Primi 0 0

B- KAYNAK KULLANIMLARI 54.658.146 41.861.138

1. Faaliyet Zarar›ndan Dolay› Kaynak Kullan›m› 0 0 a) Faaliyet Zarar› 0 0 b) Amortismanlar (+) 0 0 c) Fon Ç›k›fl› Gerektirmeyen Di¤er Giderler (+) 0 0 d) Fon Girifli Sa¤lamayan Di¤er Gelirler (-) 0 0

2. Ola¤anüstü Zarardan Dol. Kaynak Kullan›m› 128.542 0 a) Ola¤anüstü Zarar 128.542 0 b) Fon Ç›k›fl› Gerektirmeyen Giderler (+) 0 0 c) Fon Girifli Sa¤lamayan Gelirler (-) 0

3. Ödenen Vergi ve Benzerleri 13.960.303 10.838.796

4. Ödenen Temettüler 0 21.547.121

5. Dönen Varl›klar›n Tutar›nda Art›fl 15.633.163 0

6. Duran Varl›klar›n Tutar›nda Art›fl(Yeniden De¤.Hariç) 7.606.315 2.395.870

7. K›sa Vadeli Borçlarda Azal›fl 14.340.908 5.708.594

8. Uzun Vadeli Borçlarda Azal›fl 2.988.915 1.370.757

9. Sermayedeki Azal›fl 0 0

NET ‹fiLETME SERMAYES‹NDEK‹ DE⁄‹fi‹M

1. Net ‹flletme Sermayesindeki Art›fl 25.059.337 6.023.986

2. Net ‹flletme Sermayesindeki Azal›fl


67

BOLU CEMENT INDUSTRY CO.STATEMENTS OF FUND FLOW ADJUSTED ACCORDING TO INFLATION(New Turkish Lira “YTL”)


A) SOURCES 54.658.146 41.861.138

1- Sources Maintained from Activity Profit 35.049.332 28.315.045 a) Activity profit 32.665.460 19.978.040 b) Depreciations (+) 10.116.333 11.957.864 c) Other Expenses need no Fund Egression (+) 0 1.895.341d) Revenues not supplying Fund Ingression (-) -7.732.461 -5.516.200

2- Sources Maintained from Extraordinary Profit 7.267.321 1.086.960a) Extraordinary Profit 7.267.321 1.086.960 b) Expenses need no Fund Egression (+) 0 0 c) Revenues not supplying Fund Ingression (-) 0 0

3- Decrease in the Amount of Liquid Assets 10.900.168 12.459.133

4- Decrease in the Amount of Fixed Assets 1.441.325 0

5- Increase in Short Term Liabilities 0 0

6- Increase in Long Term Liabilities 0 0

7-Capital Increase (Against Cash) 0 0

8- Emission Premium 0 0

B) USAGE OF SOURCES 54.658.146 41.861.138

1- Use of Source due to of Activity Loss 0 0 a) Activity Loss 0 0 b) Depreciations (+) 0 0 c) Other Expenses need no Fund Egression (+) 0 0 d) Other Revenues not supply. Fund Ingression (-) 0 0

2- Use of Source due to Extraordinary Loss 128.542 0 a) Extraordinary Loss 128.542 0 b) Expenses need no Fund Egression (-) 0 0 c) Revenues not supplying Fund Ingression (+) 0

3- Paid Tax and similar 13.960.303 10.838.796

4- Paid Dividends 0 21.547.121

5-Increase in the Amount of Liquid Assets 15.633.163 0

6- Increase in the Amount of Fixed Assets(except Appreciations) 7.606.315 2.395.870

7- Decrease in Short Term Liabilities 14.340.908 5.708.594

8- Decrease in Long Term Liabilities 2.988.915 1.370.757

9- Decrease in Capital 0 0

CHANGE IN NET OPERATION CAPITAL

1- Increase in Net Operation Capital 25.059.337 6.023.986

2- Decrease in Net Operation Capital


68

BOLU Ç‹MENTO SANAY‹‹ A.fi.ENFLASYONA GÖRE DÜZELT‹LM‹fi NAK‹T AKIM TABLOSU(Yeni Türk Liras› “YTL”)


A- DÖNEM BAfiI NAK‹T MEVCUDU 4.808.697 15.781.987

B- DÖNEM ‹Ç‹ NAK‹T G‹R‹fiLER‹ 144.717.885 124.480.252

1- Sat›fllardan Elde Edilen Nakit 123.667.089 111.688.620

a-Net Sat›fl Has›lat› 120.074.740 113.546.334

b-Alacaklardaki (Sat›fllardan Kayn.) Azal›fllar 3.592.349 0

c-Alacaklardaki (Sat›fllardan Kayn.) Art›fllar (-) 0 -1.857.714

2- Di¤er Faaliyetlerden Gelirler ve Karlardan

Dolay› Sa¤lanan Nakit 12.193.339 11.598.416

a-Di¤er Faaliyetlerden Ola¤an Gelir ve Karlar 17.367.773 16.292.420

b-Nakit Girifli Gerektirmeyen Gelirler(-) -5.174.434 -4.694.004

3- Ola¤anüstü Gelir ve Kârlardan Sa¤lanan Nakit 7.267.321 1.190.435

4- K›sa Vad.Borçlardaki Art›fl (Al›mlarla ‹lg.Olm.) 0 0

5- Uzun Vad.Borçlardaki Art›fl (Al›mlarla ‹lg.Olm.) 0 0

6- Sermaye Art›r›m›ndan Sa¤l.Nakit 0 0

7- Di¤er Nakit Giriflleri 1.590.136 2.781

C- DÖNEM ‹Ç‹ NAK‹T ÇIKIfiLARI 145.403.439 135.453.542

1- Maliyetlerden Kaynaklanan Nakit Ç›k›fl› 76.982.010 74.300.350

a-Sat›fllar›n Maliyeti 74.542.332 86.953.197

b-Stoklardaki Art›fl 2.128.221 0

c-Borçlardaki (Al›mdan Kaynaklanan) Azal›fl 6.666.353 1.553.343

e-Amortisman ve Karfl›l›klar gibi

Nakit Ç›k›fl› Gerektirmeyen Giderler(-) -6.354.896 -10.489.689

f-Stoklardaki Azal›fllar(-) 0 -3.716.501

2- Faaliyet Giderlerinden Dolay› Nakit Ç›k›fl› 18.264.090 15.438.278

b-Pazarlama Sat›fl ve Da¤›t›m Giderleri 12.138.560 8.337.663

c-Genel Yönetim Giderleri 9.020.106 9.261.497

e-Amort.ve Nakit Ç›k›fl› Gerektirmeyen Gid.(-) -2.894.576 -2.160.882

3- Di¤er Faaliyetlerden Giderler ve

Zararlardan Dolay› Nakit Ç›k›fl› 7.650.406 1.638.721

a-Di¤er Faaliyetlerle ilgili Giderler ve Zararlar 8.517.267 3.646.678

b-Nakit Ç›k›fl› Gerektirmeyen Gid.ve Zararlar (-) -866.861 -2.007.957

4- Finansman Giderlerinden Dolay› Nakit Ç›k›fl› 558.788 2.679.494

5- Ola¤anüstü Gid.ve Zararlardan Dol.Nakit Ç›k›fl› -591.948 103.475

a-Ola¤anüstü Giderler ve Zararlar 128.542 103.475

b-Nakit Ç›k›fl› Gerektirmeyen Gid.ve Zararlar(-) -720.490 0

6- Duran Varl›k Yat›r›mlar› Nedeniyle Nakit Ç›k›fl› 6.222.880 2.397.729

7- K›sa Vadeli Borçlar›n Ana Para ödemeleri

(Al›mla ‹lgili Olmayan) 0 3.757.962

b-Di¤er Ödemeler 0 3.757.962

8- Uzun Vadeli Borçlar›n Ana Para Ödemeleri

(Al›mla ‹lgili Olmayan) 1.625.839 1.358.833

b-Di¤er Ödemeler 1.625.839 1.358.833

9- Ödenen Vergi ve Benzerleri 13.960.303 10.838.796

10- Ödenen Temettüler 0 21.547.121

12- Di¤er Nakit Ç›k›fllar› 20.731.071 1.392.783

D- DÖNEM SONU NAKiT MEVCUDU (A + B - C) 4.123.143 4.808.697

E- NAK‹T ARTIfiI VEYA AZALIfiI (A-D) -685.554 -10.973.290


69

BOLU CEMENT INDUSTRY CO.STATEMENTS OF CASH FLOW ADJUSTED ACCORDING TO INFLATION(New Turkish Lira “YTL”)


A) CASH IN HAND AT TERM START 4.808.697 15.781.987

B) CASH INGRESSIONS IN TERM 144.717.885 124.480.252

1- Cash Maintained from Sales 123.667.089 111.688.620

a) Net Sales Amount 120.074.740 113.546.334

b) Decrease in Receivables (Sourcing from Sales) 3.592.349 0

c) Increase in Receivables (Sourcing from Sales) (-) 0 -1.857.714

2- Cash Maintained from Revenues and

Profits of Other Activities 12.193.339 11.598.416

a) Cash Provided from Income and

Profit of Other Activities 17.367.773 16.292.420

b) Incomes Not Providing Cash -5.174.434 -4.694.004

3- Cash from Extraordinary Revenues and Profits 7.267.321 1.190.435

4- Increase in Short Term Liabilities

(Not related with Sales) 0 0

5- Increase in Long Term Liabilities

(Not related with Sales) 0 0

6- Cash Maintained from Capital Increase 0 0

7- Other Cash Ingressions 1.590.136 2.781

C- CASH EGRESSIONS IN THE TERM 145.403.439 135.453.542

1- Cash Egression due to Costs 76.982.010 74.300.350

a) Cost of Sales 74.542.332 86.953.197

b) Increase in Stocks 2.128.221 0

c) Decrease in Liabilities (Sourcing from Sales) 6.666.353 1.553.343

e) Expenses need no Cash Egression such as

Depreciations and Provisions (-) -6.354.896 -10.489.689

f) Decrease in Stocks (-) 0 -3.716.501

2- Cash Egression due to Activity Expenses 18.264.090 15.438.278

b) Marketing, Sales and Distribution Expenses 12.138.560 8.337.663

c) General Administration Expenses 9.020.106 9.261.497

e) Expenses That Are Not Required Cash

Like Depreciation (-) -2.894.576 -2.160.882

3- Cash Egressions due to Expenses and Losses

of Other Activities 7.650.406 1.638.721

a) Expenses and Losses of Other Activities 8.517.267 3.646.678

b) Expenses and Losses need no Cash Egression (-) -866.861 -2.007.957

4- Cash Egression due to Financing Expenses 558.788 2.679.494

5- Cash Egression due to Ext. Expenses and Losses -591.948 103.475

a) Extraordinary Cost and Loss 128.542 103.475

b) Cost and Loss That Are Req. Cash Output (-) -720.490 0

6- Cash Egression due to Fixed Assets Investments 6.222.880 2.397.729

7- Principal Payments of Short Term Liabilities 0 3.757.962

b) Other Payments 0 3.757.962

8- Principal Payments of Long Term Liabilities 1.625.839 1.358.833

b) Other Payments 1.625.839 1.358.833

9- Paid Taxes and Similar 13.960.303 10.838.796

10- Paid Dividends 0 21.547.121

12- Other Cash Egressions 20.731.071 1.392.783

D- END TERM CASH IN HAND (A+B-C) 4.123.143 4.808.697

E- CASH INCREASE OR DECREASE (A-D) -685.554 -10.973.290


70

IV- SERMAYE DURUMU :fiirketimiz, 2499 say›l› “Sermaye Piyasas› Kanunu”na dahil halka aç›k bir flirket olup, Sermaye Piyasas› Kurulu’nun 15.11.1990tarih ve 844 say›l› karar› ile kay›tl› sermaye sistemine geçmifltir.31.12.2004 tarihi itibariyle flirketimizin kay›tl› sermaye tavan› 112.000.000.000.000,-TL, ç›kar›lm›fl sermayesi112.000.000.000.000,-TL.’d›r. Ortaklar›m›z›n hisse adedi ve tutar› afla¤›da gösterilmifltir.

ORTAKLAR H‹SSE ADED‹ H‹SSE TUTARI (TL.) %’S‹Ordu Yard›mlaflma Kurumu 114.240.000.000 57.120.000.000.000.- 51Di¤er Gerçek ve Tüz.Kifl. 109.760.000.000 54.880.000.000.000,- 49TOPLAM 224.000.000.000 112.000.000.000.000.- 100fiirketimiz 05.08.1968 tarihinde 500.000,-TL. sermaye ile kurulmufltur.

YEN‹DEN ÖZSERMAYE (TL.)NAK‹T DE⁄ERLEME ENFLASYON

SERMAYE DE⁄ER ARTIfi DÜZELTMES‹ ULAfiILANYIL ARTIfiI FONU FARKI TOPLAM SERMAYE1969 49.500.000 49.500.000 50.000.0001972 25.000.000 25.000.000 75.000.0001973 50.000.000 50.000.000 125.000.0001985 1.375.000.000 1.375.000.000 1.500.000.0001989 10.500.000.000 3.750.000.000 14.250.000.000 15.750.000.0001991 41.737.500.000 10.237.500.000 51.975.000.000 67.725.000.0001992 22.274.752.500 8.201.497.500 30.476.250.000 98.201.250.0001992 73.650.937.500 73.650.937.500 171.852.187.5001993 125.527.958.000 27.496.350.000 153.024.308.000 324.876.495.5001994 113.706.773.000 162.438.247.500 276.145.020.500 601.021.516.0001995 300.510.758.000 589.001.086.000 889.511.844.000 1.490.533.360.0001996 (*) 253.390.671.000 745.266.680.000 998.657.351.000 2.489.190.711.0001997 1.866.893.033.000 1.866.893.033.000 4.356.083.744.0001998 871.216.748.500 2.831.454.433.500 3.702.671.182.000 8.058.754.926.0001999 (*) 1.369.988.337.000 5.238.190.702.000 6.608.179.039.000 14.666.933.965.0002000 (*) 3.585.032.402.048 6.535.585.774.952 10.120.618.177.000 24.787.552.142.0002001 8.675.643.249.500 8.675.643.249.500 33.463.195.391.5002002 12.716.014.248.500 12.716.014.248.500 46.179.209.640.0002003 20.780.644.338.000 20.780.644.338.000 66.959.853.978.0002004 45.040.146.022.000 112.000.000.000.000(*) Temettü karfl›l›¤› yap›lm›flt›r.

SON ÜÇ YILDA DA⁄ITILAN TEMETTÜ: 2002 2003 2004Temettü Oran› (%) 36,9649 -- --500,-TL.l›k bir hisseye isabet eden temettü (TL.) 184.8245 -- 0,161(*)(*) 1 YTL. Nominal de¤erli hisse bafl›na hesaplanm›flt›r.

OYAK%51

SERMAYE DA⁄ILIMI / DISTRIBUTION OF CAPITAL

Di¤er / Other%49


71

IV- POSITION OF CAPITAL:Our Company is a public company subject to “Capital Markets Law” No: 2499 and passed onto the registered capital system withthe decision No: 844, dated 15.11.1990 of Capital Markets Board.Our Company’s registered capital ceiling has been increased to 112.000.000.000.000.- TL as of 31.12.2004 and the issued capitalis 112.000.000.000.000.- TL. The quantity and amounts of shares of our shareholders are as follows:

SHAREHOLDERS SHARE QUANTITY SHARE AMOUNT (TL.) %Armed Forces Pension Fund 114.240.000.000 57.120.000.000.000.- 51Other Real, Juristic Persons 109.760.000.000 54.880.000.000.000,- 49TOTAL 224.000.000.000 112.000.000.000.000.- 100Our Company was established on 05.08.1968 with a capital of 500.000,-TL.

REVALUATION EQUITY (TL.)CASH VALUE INFLATION

CAPITAL INCEASE ADJUSTMENT CAPITAL YEAR INCREASE FUND (RVIF) DIFFERENCE TOTAL REACHED1969 49.500.000 49.500.000 50.000.0001972 25.000.000 25.000.000 75.000.0001973 50.000.000 50.000.000 125.000.0001985 1.375.000.000 1.375.000.000 1.500.000.0001989 10.500.000.000 3.750.000.000 14.250.000.000 15.750.000.0001991 41.737.500.000 10.237.500.000 51.975.000.000 67.725.000.0001992 22.274.752.500 8.201.497.500 30.476.250.000 98.201.250.0001992 73.650.937.500 73.650.937.500 171.852.187.5001993 125.527.958.000 27.496.350.000 153.024.308.000 324.876.495.5001994 113.706.773.000 162.438.247.500 276.145.020.500 601.021.516.0001995 300.510.758.000 589.001.086.000 889.511.844.000 1.490.533.360.0001996 (*) 253.390.671.000 745.266.680.000 998.657.351.000 2.489.190.711.0001997 1.866.893.033.000 1.866.893.033.000 4.356.083.744.0001998 871.216.748.500 2.831.454.433.500 3.702.671.182.000 8.058.754.926.0001999 (*) 1.369.988.337.000 5.238.190.702.000 6.608.179.039.000 14.666.933.965.0002000 (*) 3.585.032.402.048 6.535.585.774.952 10.120.618.177.000 24.787.552.142.0002001 8.675.643.249.500 8.675.643.249.500 33.463.195.391.5002002 12.716.014.248.500 12.716.014.248.500 46.179.209.640.0002003 20.780.644.338.000 20.780.644.338.000 66.959.853.978.0002004 45.040.146.022.000 112.000.000.000.000(*) Realised against dividends.

DISTRIBUTED DIVIDENDS IN THE LAST THREE YEARS: 2002 2003 2004Dividend Rate (%) 36,9649 -- --Dividend per 1 share of 500,-TL. (TL.) 184.8245 -- 0,161(*)(*) 1 YTL. Calculated per Nominal valued share.


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V-FON KAYNAKLARI F‹NANSMAN YAPISI

YTL 2004 2003 De¤iflim %

A) Mali Durum

Öz kaynaklar 156.195.146= = 8,71 3,49 149,57

Yabanc› Kaynaklar 17.941.290

B) Karl›l›k

Net Kar 24.096.915= = 0,22 0,11 100,00

Öd.Serm.+Y.De¤.F. 112.000.000

Bilanço Kar› 35.583.376= = 0,23 0,12 91,66

Öz Kaynaklar 156.195.146

Bilanço Kar› 35.583.376 = = 0,32 0,24 33,33

Ödenmifl Sermaye 112.000.000

C) Borç Ödeme

Haz›r De¤erler 4.123.143= = 0,28 0,15 86,67

K›sa Vadeli Borçlar 14.947.156

Dönen De¤erler 89.300.354 = = 5,97 2,55 134,12

K›sa Vadeli Borçlar 14.947.156


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V- FINANCIAL STRUCTURE OF FUND SOURCES

YTL 2004 2003 Diff. %

A) Financial Situation

Equity Capital 156.195.146= = 8,71 3,49 149,57

External Sources 17.941.290

B) Profitability

Net Profit 24.096.915= = 0,22 0,11 100,00

Paid Cap.+ RVIF 112.000.000

Balance Sheet Profit 35.583.376= = 0,23 0,12 91,66

Equity Capital 156.195.146

Balance Sheet Profit 35.583.376 = = 0,32 0,24 33,33

Paid Capital 112.000.000

C) Paying Liabilities

Current Assets 4.123.143= = 0,28 0,15 86,67

Short term Liabilities 14.947.156

Liquid Assets 89.300.354 = = 5,97 2,55 134,12

Short Term Liabilities 14.947.156


74

Selim ÖZTÜRKSat›fl Müdürü

Sales Manager

Mehmet Levend GÜRSESLojistik Hizmetler MüdürüLogistic Services Manager

‹rfan YORULMAZÜretim Müdürü

Production Manager

Nurdan ÖNEYKalite Kontrol ve Yönetimi Müdürü

Quality Control and Management Man.

Ertu¤rul AKDAfiMuhasebe Müdürü

Accounting Manager

Ali R›za TUNÇB‹LEKTeknik Hizmetler MüdürüTechnical Services Manager

A.Kenan KARAERKEKBilgi ‹fllem fiefi

Chief, Data Processing

Memifl VANLIGenel Müdür Yrd. (‹dari)

Asst. Gen. Man. (Administrative)

K. Ümit ÖZELGenel Müdür

General Manager

VI- ‹DAR‹ FAAL‹YETLERBOLU Ç‹MENTO SANAY‹‹ A.fi. ÜST YÖNET‹M‹

VI- ADMINISTRATIVE ACTIVITIESBOLU CEMENT INDUSTRY CO. SENIOR MANAGEMENT


75

1- Üst Yönetim:fiirketin teflkilat ve ifl bölümüne ait görev, yetki,sorumluluklar› personel yönetmeli¤inde belirtilmifltir.Buna göre teflkilatlanm›fl idari bünye;

A) Yönetim Kurulu:Baflkan: Celalettin ÇA⁄LAR(‹TU Makina Mühendisli¤i, Aachen –Almanya TeknikÜniversitesi Otomotiv Yüksek Müh. Devam ediyor.)

Baflkan Vekili: ‹brahim TÜLÜ(Harp Akademisi, Devam ediyor.)

Üye: Metin Yaflar YÜKSELEN(Hava Harp Akademisi, 26.03.2004)

Üye: fiinasi DEM‹R (Kara Harp Akademisi, University ofMaryland/Management Studies, Devam ediyor.)

Üye: Enis Sinan KURU (Hava Harp Okulu, Devam ediyor.)

Üye: Ali R›za ALTIPARMAK(Deniz Harp Okulu , Devam ediyor.)

Üye: Ali Kamil UZUN(‹stanbul Üniversitesi ‹flletme Fakültesi, Devam ediyor.)

Üye: Güney ARIK (Ankara Üniversitesi Siyasal Bilgiler Fak.‹ktisat bölümü, Devam ediyor.)

B) Denetleme Kurulu:Üye: Ferit AYDIN (Harp Okulu, Devam ediyor.)

Üye: Mustafa TOKGÖZ (‹stanbul Harp Akademisi, Devamediyor.)

Üye: Abdullah BELGE (Kara harp Okulu, Devam ediyor.)

C) Genel Müdürlük:Genel MüdürK.Ümit ÖZEL(Hacettepe Üni. Kimya Müh. 01.07.2004, Devam ediyor)

‹smail ERKOVAN(‹.T.Ü. Kimya Müh. 01.09.2000 -30.06.2004)

Genel Müdür Yard›mc›s› (‹dari)Memifl VANLI(Gazi Üniversitesi ‹ktisadi ve ‹d.Bil.Fak.16.11.1999 devamediyor.)

D) Servis Müdürleri:Muhasebe Müdürü:Ertu¤rul AKDAfi(‹stanbul ‹.T.‹.A.21.01.2000 devam ediyor.)

Sat›fl Müdürü:Selim ÖZTÜRK (Gazi Ün. ‹.‹.B.Fak. EkonometriB.01.09.1998 devam ediyor.)

Lojistik Hizmetler Müdürü:Mehmet Levend GÜRSES(Un›versity of Lancaster 06.02.2004 devam ediyor.)

Kalite Kontrol ve Yönetimi Müdürü :Nurdan ÖNEY(O.D.T.Ü. Kimya Müh. 01.07.1994 devam ediyor.)

Üretim Müdürü:‹rfan YORULMAZ(ODTÜ Kimya Mühendisli¤i 06.12.2000 devam ediyor.)

Teknik Hizmetler Müdürü :Ali R›za TUNÇB‹LEK(Ankara D.M.M.A. 22.10.1998 devam ediyor.)

Bilgi ‹fllem fiefi A.Kenan KARAERKEK(O.D.T.Ü. End. Müh. 26.11.2001 devam ediyor.)

Hukuk Müflavirleri:Av.Gazanfer GÜNLER(Ankara Ün.Hukuk Fak. 01.07.1977 devam ediyor.)

Av.Daham KELEfi(Ankara Ün.Hukuk Fak. 28.03.1997 devam ediyor.)

2- Personel ve ‹flçi Hareketleri:fiirketimizde çal›flanlar›n tümü ifl kanununa tabidir.Toplu ifl sözleflmesi kapsam›nda olanlar kapsam içi,toplu ifl sözleflmesi d›fl›nda kalanlar kapsam d›fl› olaraktan›mlanmaktad›r. 2004 y›l› sonu itibariyle 96 kifli kapsamd›fl›, 101 kifli kapsam içi 1 kifli sözleflmeli olmak üzere 198personel mevcudumuz vard›r. 2004 y›l›nda kapsam d›fl› 60kifli(haz›r betonlar›n ayr›lmas› nedeniyle), kapsam içi 1 kifli,geçici iflçi(belirli süreli) olarak 6 kifli iflten ayr›lm›fl, kapsamd›fl› 6 kifli, kapsam içi 5, geçici iflçi(belirli süreli) 2 kifli ifleal›nm›flt›r.

3- Toplu ‹fl Sözleflmesi Uygulamas›:T.Çimento Müstahsilleri ‹flverenleri Sendikas› ile T.Çimse-‹flSendikas› aras›nda iflyerimizi de kapsayan toplu iflsözleflmesi 01.01.2004-31.12.2005 tarihleri aras›ndageçerlidir.

4-K›dem Tazminat Yükümlülük Durumu:1475 say›l› ‹fl Kanununun ve yürürlükteki toplu iflsözleflmesi hükümleri çerçevesinde ve 29.01.1989 tarih ve20064 say›l› Resmi Gazete’de yay›nlanan Sermaye Piyasas›Kurulu’nun Seri XI No.1 tebli¤inin 42. maddesi gere¤incek›dem tazminat› karfl›l›¤› bilançomuzun pasif k›sm›ndaayr›lm›fl ve genel idare gideri olarak masraflarda gösteril-mifltir.

5-Önemli Uyuflmazl›klar:fiirketimizin üçüncü kiflilerle önemli uyuflmazl›¤› yoktur.


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1- Senior Management:The organisation and duty, authority and responsibilitiesin work sharing are dictated in the personnel regulations.The organisation of the administration is as follows:

A) Board of Directors:Chairman: Celalettin ÇA⁄LAR(ITU Mechanical Engineering, Germany, Aachen TechnicalUniversity – Post Graduate in Automotive, Continuing.)

Deputy Chairman: ‹brahim TÜLÜ(Military Academy, Continuing.)

Member: Metin Yaflar YÜKSELEN(Air Force Academy, 26.03.2004)

Member: fiinasi DEM‹R (Military Academy, University ofMaryland/Management Studies, Continuing.)

Member: Enis Sinan KURU (Naval Academy, Continuing.)

Member: Ali R›za ALTIPARMAK(Naval Academy, Continuing.)

Member: Ali Kamil UZUN ((University o Istanbul, Facultyof Business Administration, Continuing.)

Member: Güney ARIK (University of Ankara, Faculty ofPolitical Sciences, Department of Economy, Continuing.)

B) Auditing Board:Member: Ferit AYDIN (Military Academy, Continuing.)

Member: Mustafa TOKGÖZ(Istanbul Military Academy, Continuing.)

Member: Abdullah BELGE(Military Academy, Continuing.)

C) General Management:General ManagerK. Ümit ÖZEL (University of Hacettepe, Chemical Engineer01.07.2004, Continuing.)

‹smail ERKOVAN(I.T.Ü. Chemical Engineer 01.09.2000 -30.06.2004)

Assistant General Manager (Administrative)Memifl VANLI (Gazi University Faculty of Economic AndAdministrative Sciences16.11.1999, Continuing.)

D) Service Managers:Accounting Manager:Ertu¤rul AKDAfi (Istanbul Economic and CommercialSciences Academy 21.01.2000, Continuing.)

Sales Manager:Selim ÖZTÜRK (Gazi University, Faculty of Economic andAdministrative Sciences, Econometrics Department01.09.1998, Continuing.)

Logistic Services Manager:Mehmet Levend GÜRSES(University of Lancaster 06.02.2004, Continuing.)

Quality Control and Management Manager:Nurdan ÖNEY(METU Chemical Engineer 01.07.1994, Continuing.)

Production Manager:‹rfan YORULMAZ(METU Chemical Engineer 06.12.2000 Continuing.)

Technical Services Manager:Ali R›za TUNÇB‹LEK (Ankara State EngineeringArchitecture Academy 22.10.1998 Continuing.)

Chief, Data Processing: A.Kenan KARAERKEK(METU Industrial Engineer 26.11.2001, Continuing.)

Legal Advisors: Lawyer: Gazanfer GÜNLER (University of Ankara, Facultyof Law 01.07.1977, Continuing.)

Lawyer: Daham KELEfi (University of Ankara, Faculty ofLaw 28.03.1997, Continuing.)

2-Personnel and Employee Movements:All who work for our Company are subject to LabourLaw. Those who are members to the labour union isdescribes as members and those outside the scope of theunion as non-members. As end of 2004 we have a totalof 198 personnel: 101 union members, 96 non-membersand 1 on contract basis. In 2004, 60 non-members, 1member and 6 casual labourers have left the Company(due to transfer of ready mixed concrete) and6 non-members, 5 members and 2 casual labourers(periodic) were recruited

3- Application of Collective Labour Contract:The collective labour contract signed between the TurkishCement Producing Employers Union and Turkish Cement,Ceramic, Earth and Glass Industries Labourers Union (T.Çimse-‹fl) covering our workplace as well and it is validbetween 01.01.2004 and 31.12.2005.

4- SEVERANCE PAY AND STATE OF OBLIGATIONSProvision for severance pay is reserved in the liabilitiessection of our balance sheet and is shown in theexpenses as general administrative expenses inaccordance with the Labour Law No: 1475, currentcollective labour contract clauses and the notificationSeries XI No: 1 Item 42 of Capital Markets Boardpublished on 29.01.1989 in the Official gazettenumbered 20064.

5- IMPORTANT DISPUTES:Our Company does not have any important disputes withthird parties.


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VII – KAR DA⁄ILIMI VE SONUÇ

2004 YILI KAR DA⁄ILIMI VE SONUCUfiirketimizin Sermaye Piyasas› Kurulu mevzuat›na görehaz›rlanan mali tablolar›nda 35.583.376 YTL.,yasal kay›tlar›nda ise 34.987.681,90 YTL. Dönem kar›bulunmaktad›r.

Sermaye Piyasas› Kurulu’nun 25 fiubat 2005 tarih ve 7/242say›l› karar›yla S.P.K ya tabi ortakl›klarda 2004 sonu itibariyleyap›lacak kar da¤›t›m› ile ilgili hususlar düzenlenmifltir.

Bu itibarla; Ana sözleflmemizin ilgili kar da¤›t›m maddesi,Türk Ticaret kanunu, Sermaye Piyasas› Kurulu , KurumlarVergisi, Gelir Vergisi ve di¤er yasal mevzuat hükümleri dikkateal›nd›¤›nda flirketimizin 2004 y›l› temettü tutar› olan brüt20.076.267,77 YTL. , net 18.068.640,98 YTL. nin afla¤›da1 YTL. Hisse bafl›na detay› gösterildi¤i flekilde, ortaklar›m›za30 Nisan 2005 tarihi itibariyle nakit olarak da¤›t›lmas›n›nGenel Kurul’a teklif olarak sunulmas›na karar verilmifltir.

1 YTL. Nominal De¤erli Hisse Bafl›na

Toplam Temettü TemettüTemettü Oran› Tutar›

(YTL.) (%) (YTL.)BRÜT 20.076.267,77 17,9252 0,179

NET 18.068.640,98 16,1327 0,161

2004 YILI BRÜT KARI 34.987.681,90

KURUMLAR VERG‹S‹ 11.311.523,07

S‹V‹L SAVUNMA FONU 174.938,41

% 5 1.TERT‹P YASAL YEDEK AKÇE 1.175.061,00

% 5 STATÜ YEDE⁄‹ 802.264,87

% 10 2. TERT‹P YASAL YEDEK AKÇE 1.447.626,78

GEL‹R VERG‹S‹(DA⁄ITILACAK TEMETTÜYE A‹T) % 10 2.007.626,79

DA⁄ITILACAK TEMETTÜ 18.068.640,98

H‹SSE BAfiINA TEMETTÜ ORANI VE TUTARI(1 YTL. NOM‹NAL BEDELL‹ H‹SSE BAfiINA) % 16,1327

0,161

VII – PROFIT DISTRIBUTION ANDCONCLUSION

DISTRIBUTION OF PROFIT OF 2004 AND ITSCONCLUSIONOur Company has a term profit of 35.583.376 YTL in thefinancial statements prepared according to the regulationsof Capital markets Board and 34.987.681,90 YTL accordingto the legal records.

The procedures related with profit distribution, as end of2004, in the corporations subject to CMB are organised bythe decision No: 7/242, dated February 25, 2005 of CapitalMarkets Board.

So, taking into consideration the profit distribution item ofour Main Agreement, and the related codes and regulationsof the Capital Markets Board, Corporation Tax, Income Taxand other legal legislation, it is decided that the proposal ofdividend distribution in cash as of April 30, 2005 will betaken to the General Assembly for the distribution of 2004dividend total 20.076.267,77 YTL gross and 18.068.640,98YTL net as shown in detail below:

Per Share of 1 YTLNominal Value

Dividend Rate of DividendTotal Dividend Amount(YTL) (%) (YTL.)

GROSS 20.076.267,77 17,9252 0,179

NET 18.068.640,98 16,1327 0,161

2004 GROSS PROFIT 34.987.681,90

CORPORATION TAX 11.311.523,07

CIVIL DEFENSE FUND 174.938,41

5% SERIES 1 LEGAL RESERVES 1.175.061,00

5% STATUTORY RESERVES 802.264,87

10% SERIES 2 LEGAL RESERVES 1.447.626,78

INCOME TAX(OF DIVIDEND TO BE DISTRIBUTED) 10% 2.007.626,79

DIVIDEND TO BE DISTRIBUTED 18.068.640,98

DIVIDEND RATE AND AMOUNT PER SHARE(PER 1 YTL NOMINAL VALUE SHARE) % 16,1327

0,161


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DENETLEME KURULU RAPORUBOLU Ç‹MENTO SANAY‹‹ A.fi. GENEL KURULU’NA

ORTAKLI⁄INÜnvan› : Bolu Çimento Sanayii A.fi.Merkezi : Çaydurt Mevkii – BOLUSermayesi : 112.000.000.000.000,-TLFaaliyet Konusu : Çimento, Haz›r Beton ve M›c›r Üretim ve Sat›fl›

Denetçilerin Ad› Soyad›, Görev Süreleri, ortak veya flirket personeli olup olmad›klar›:Ferit AYDIN (19.03.2002 devam ediyor.)Mustafa TOKGÖZ (10.03.2003 devam ediyor.)Abdullah BELGE (10.03.2003 devam ediyor.)Denetçiler flirkete ortak olmad›klar› gibi flirket personeli de de¤ildir.

Kat›l›nan Yönetim Kurulu Ve Yap›lan Denetleme Kurulu Toplant› Say›s›: 9 Yönetim Kurulu Toplant›s›na ifltirak edilmifl ve 13.05.2004 – 12.07.2004 – 27.10.2004 – 10.02.2005 tarihlerinde4 denetleme icra edilmifltir.

Ortakl›k hesaplar›, defter ve belgeleri üzerinde yap›lan incelemenin kapsam›, hangi tarihlerde inceleme yap›ld›¤›ve var›lan sonuç: fiirketin hesap, defter ve belgeleri 19.02.2004 –26.03.2004 –27.04.2004 –24.05.2004 – 22.06.2004 –20.10.2004 – 22.11.2004 – 21.12.2004 – 25.01.2005 (yönetim kurulu) ve 13.05.2004 – 12.07.2004 – 27.10.2004 –10.02.2005 (denetleme kurulu) tarihlerinde detaylar› ile ve her ay sondaj usulü ile kay›t ve nizam› kay›t süreleri, belgeler vebelge ekleri yönünden kanun talimat ve yönetmeliklere uygunluk aç›s›ndan incelenmifltir. Devre faaliyet raporlar›, bilanço vegelir tablosu flekil ve muhteva yönünden incelenmifl, bakiye veren hesaplar›n detaylar› tetkik edilmifl, noter tasdikleri kontroledilmifl ve flirketin muhasebe, al›m sat›fl ve personel konular›n›n kanun, Esas Mukavele ve Yönetmeliklere uygun flekilde ifllemgördü¤ü tespit edilmifltir.

Türk Ticaret Kanunu’nun 353.maddesinin 1.f›kras›n›n 3 numaral› bendi gere¤ince ortakl›k veznesinde yap›lansay›mlar›n say›s› ve sonuçlar›: Dönem içerisinde flirket veznesi 4 kere say›lm›fl ve bulunan nakit mevcudunun kay›tlarauygun bulundu¤u tespit edilmifltir.

Türk Ticaret Kanunu’nun 353.maddesinin 1.f›kras›n›n 4 numaral› bendi gere¤ince yap›lan inceleme tarihlerive sonuçlar›: 19.02.2004 –26.03.2004 – 27.04.2004 – 24.05.2004 – 22.06.2004 – 20.10.2004 - 22.11.2004 – 21.12.2004– 25.01.2005 (yönetim kurulu) ve 13.05.2004 – 12.07.2004 – 27.10.2004 – 10 .02.2005 (denetleme kurulu) tarihlerindeyap›lan incelemelerde say›lan k›ymetli evrak mevcudunun kay›tlara uygun oldu¤u görülmüfltür.

‹ntikal eden flikayet ve yolsuzluklar ve bunlar hakk›nda yap›lan ifllemler: Denetleme Kurulu’na dönem içerisindeflikayet ve yolsuzluk bildirimi intikal etmemifltir.

Bolu Çimento Sanayii A.fi. nin 01.01.2004-31.12.2004 tarihi itibariyle düzenlenmifl bilanço; ortakl›¤›n an›lan tarihteki malidurumunu; 01.01.2004 –31.12.2004 dönemine ait gelir tablosu, an›lan döneme ait faaliyet sonuçlar›n› gerçe¤e uygun vedo¤ru olarak yans›tmakta; kar›n da¤›t›m› önerisi, yasalara ve ortakl›k Esas sözleflmesine uygun bulunmaktad›r. Bilançonun ve gelir tablosunun onaylanmas›n› ve Yönetim Kurulu’nun aklanmas›n› onaylar›n›za sunar›z.Tarih:10.02.2005Sayg›lar›m›zla,

DenetçilerFerit AYDIN Mustafa TOKGÖZ Abdullah BELGE


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AUDITING BOARD REPORTTO THE GENERAL ASSEMBLY OF BOLU CEMENT INDUSTRY INC.

CORPORATION’STitle : Bolu Cement Industry Inc.Headquarters : Çaydurt Mevkii – BOLUCapital : 112.000.000.000.000,-TLActivity Field : Production and sales of Cement, Ready Mixed Concrete and Crushed Stone.

Name, Surname, Duty Periods of the Auditors, whether they are partners or personnel of the Company: Ferit AYDIN (19.03.2002 Continuing.)Mustafa TOKGÖZ (10.03.2003 Continuing.)Abdullah BELGE (10.03.2003 Continuing.)The Auditors are neither shareholders nor personnel of the Company.

Attendance to Board of Directors Meetings and no. of Auditing Board Meetings:Participated at 9 Board of Directors Meetings and 4 auditing realised on 13.05.2004, 12.07.2004, 27.10.2004 and 10.02.2005.

Scope of examination of the Corporation accounts, books and documents, dates of examinations and results:The Company’s accounts, books and documents have been examined on 19.02.2004, 26.03.2004, 27.04.2004,24.05.2004, 22.06.2004, 20.10.2004, 22.11.2004, 21.12.2004, 25.01.2005 (on dates of Board of Directors Meetings) andon 13.05.2004, 12.07.2004, 27.10.2004, 10.02.2005 (on dates Board of Auditors Meetings) in detail every month by wayof drilling and considering the registries and legal registry periods, from the point of documents and their attachments, theirconformity with laws, regulations and directives. The periodic activity reports, balance sheet and income statement has beenexamined from the point of form and content, details of the accounts with remnants analysed, notary public ratificationscontrolled and it was designated that the Company’s accounting, purchases and sales, personnel issues were all inconformity with Law, Main Agreement and Regulations.

The number of counts realised at the cashier’s office according to item 353, paragraph 1 and clause 3 of Turkish Trade Law, and results: The cashier’s office of the Company has been counted 4 times and it was observed that the cashin hand and records were in harmony.

Dates of Examinations carried out as required by item 353, paragraph 1 and clause 4 of Turkish Trade Law andtheresults: : It was observed that the existing documents and certificates in the Company existed and were in harmonywith the records in the examinations materialised on: 02.2004, 26.03.2004, 27.04.2004, 24.05.2004, 22.06.2004,20.10.2004, 22.11.2004, 21.12.2004, 25.01.2005 (on dates of Board of Directors Meetings) and on 13.05.2004,12.07.2004, 27.10.2004, 10 .02.2005 (on dates of Auditing Board Meetings)

Complaints and Malpractice information received and actions taken on them: Neither any complaint nor anymalpractice information has been inform to us during the term.

The balance sheet of Bolu Cement Industry Inc. for the period 01.01.2004-31.12.2004 reflects the financial situation of theCompany, the income statement of the same period reflects the real and correct activity results and it was observed thatthe proposal for profit distribution are in compliance with the laws and the Main Agreement of the Company. We are presenting the balance sheet and income statement for your approval and also kindly request the acquittal of theBoard of Directors. Date: 10.02.2005Truly Yours,AuditorsFerit AYDIN Mustafa TOKGÖZ Abdullah BELGE


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SERMAYE P‹YASASI KURULUNUNSER‹:X, NO:16 NUMARALI TEBL‹⁄‹N 28/B MADDES‹ GERE⁄‹ BEYANIMIZDIR

BOLU Ç‹MENTO SANAY‹‹ A.fi.’nin (fiirket) 31 Aral›k 2004 tarihi itibariyle düzenlenmifl bilançolar› ile bu tarihte sonaeren hesap dönemine ait gelir tablolar›n› ve di¤er mali tablolar› incelemifl bulunuyoruz.

fiirketteki görev ve sorumluluk alan›m›zda sahip oldu¤umuz bilgiler çerçevesinde;

fiirketin Mali Tablolar› önemli konularda gerçe¤e ayk›r› bir aç›klama ya da aç›klaman›n yap›ld›¤› tarih itibariyle yan›lt›c›olmas› sonucunu do¤urabilecek herhangi bir eksiklik içermemekte olup, iliflkin oldu¤u dönem itibariyle Mali Tablolarve di¤er mali konulardaki bilgiler, flirketin mali durumunu ve faaliyet sonuçlar› hakk›ndaki gerçe¤i do¤ru biçimdeyans›tmaktad›r.

K. Ümit ÖZEL Memifl VANLIGenel Müdür Mali ve ‹dr.Gnl.Md.Yard.

OUR STATEMENT AS REQUIRED BY THE CAPITAL MARKETS BOARDWITH THE NOTIFICATION SERIES X, NO: 16 PARAGRAPH 28/B

We have examined the balance sheet as of 31st December 2004, the income statement of the term ending at thisdate and the other statements of Bolu Cement Industry Inc. (Company).

To the best of our knowledge on our duty and responsibility fields in the Company:

The financial statements of the Company do not contain any explanation against reality or any deficiency that couldlead to a misleading result as of the date the explanation was made; the information in the financial reports and onother financial subjects reflect the true financial situation and the activity results of the referred period.

K. Ümit ÖZEL Memifl VANLIGeneral Manager Assistant General Manager

Financial and Administrative


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SERMAYE P‹YASASI KURULUNUN SER‹:X, NO:16 SAYILI TEBL‹⁄‹N 28/B MADDES‹ VE“KURUMSAL YÖNET‹M UYGULAMALARI” KAPSAMINDA YAPILANYÖNET‹M KURULU BEYANI

BOLU Ç‹MENTO SANAY‹‹ A.fi.’nin 31 Aral›k 2004 tarihi itibariyle düzenlenmifl bilançolar› ve bu tarihte sona erenhesap dönemine ait gelir tablolar›n› ve ba¤›ms›z denetim raporlar›n› incelemifl bulunuyoruz.

fiirketteki görev ve sorumluluk alan›m›zda sahip oldu¤umuz bilgiler çerçevesinde ;

fiirketin mali tablolar› ve ba¤›ms›z denetim raporlar› önemli konularda gerçe¤e ayk›r› bir aç›klama ya da aç›klaman›nyap›ld›¤› tarih itibariyle yan›lt›c› olmas› sonucunu do¤urabilecek herhangi bir eksiklik içermemekte olup,iliflkin oldu¤u dönem itibariyle ba¤›ms›z denetim raporlar›ndaki mali tablolar ve di¤er mali konulardaki bilgiler,flirketin mali durumunu ve faaliyet sonuçlar›n› do¤ru biçimde yans›tmaktad›r.

YÖNET‹M KURULU GENEL MÜDÜR MAL‹ VE ‹DAR‹ GN.MD.YARD.

STATEMENT MADE BY THE BOARD OF DIRECTORS WITHIN THE SCOPE OF PARAGRAPH 28/BOF THE NOTIFICATION OF THE CAPITAL MARKETS BOARD SERIES: X NO: 16 AND “CORPORATE GOVERNANCE APPLICATIONS”

We have examined the balance sheet as of 31st December 2004, the income statement of the term ending at thisdate and the independent auditing reports of Bolu Cement Industry Inc.

To the best of our knowledge on our duty and responsibility fields in the Company;

The financial statements and the independent auditing reports of the Company do not contain any explanationagainst reality or any deficiency that could lead to a misleading result as of the date the explanation was made;the information in the financial reports of the independent auditing report and other financial reports reflects thetrue financial situation and the activity results of the referred period.

BOARD OF DIRECTORS GENERAL MANAGER ASSISTANT GENERAL MANAGER,FINANCIAL AND ACCOUNTING


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SERMAYE P‹YASASI KURULUNUN SER‹:X, NO:16 SAYILI TEBL‹⁄‹N 28/B MADDES‹ VE“KURUMSAL YÖNET‹M UYGULAMALARI”KAPSAMINDA YAPILAN YÖNET‹M KURULU DENET‹M KOM‹TES‹ BEYANI

SPK taraf›ndan yay›mlanm›fl Seri XI, No:1 say›l› “Sermaye Piyasas›nda Mali Tablo ve Raporlara ‹liflkin ‹lke ve KurallarHakk›nda Tebli¤”e uygun olarak 31.12.2004 tarihi itibariyle flirket taraf›ndan düzenlenen enflasyona göre düzeltilmemiflbilanço ve bu tarihte sona eren hesap dönemine ait gelir tablosu ve dipnotlar› ile SPK, Seri XI, No:20 say›l› “YüksekEnflasyon Dönemlerinde Mali Tablolar›n Düzeltilmesine ‹liflkin Usul ve Esaslar Hakk›nda Tebli¤”e uygun olarak 31.12.2004tarihi itibariyle flirket taraf›ndan düzenlenen enflasyona göre düzeltilmifl bilanço ve bu tarihte sona eren hesap dönemineait enflasyona göre düzeltilmifl gelir tablosu ve dipnotlar› ile 01.01-31.12.2004 hesap dönemine ait ba¤›ms›z denetimraporlar› flirketin mali ifllerden sorumlu yöneticileri ve ba¤›ms›z denetçilerinin görüflleri al›narak incelenmifltir.

Ba¤›ms›z denetçilerin, fiirketin yukar›da sözü edilen mali tablolar› ile ilgili 31.12.2004 tarihindeki gerçek mali durumunu vebu tarihte sona eren hesap dönemine ait faaliyet sonuçlar›n› SPK taraf›ndan yay›mlanm›fl muhasebe ilkelerine uygun olarakdo¤ru bir biçimde yans›tt›¤› görüflü ve ayr›ca flirketin mali ifllerden sorumlu yöneticilerinin SPK-Seri X, No:16 say›l› tebli¤kapsam›nda yapt›¤› beyan› da dikkate al›narak fiirket taraf›ndan haz›rlanan mali tablolar›n muhasebe ilkelerine, gerçe¤euygunlu¤una ve do¤rulu¤una iliflkin denetimden sorumlu komite olarak olumlu görüfl beyan ederiz.

Sayg›lar›m›zla,Bolu Çimento Sanayii A.fi.Yönetim Kurulu Denetim Komitesi

Ali Kamil UZUN Güney ARIK

STATEMENT OF THE AUDITING COMMITTEE OF THE BOARD OF DIRECTORS MADE WITHIN THE SCOPE OF PARAGRAPH 28/B OF THE NOTIFICATION SERIES: X NO: 16 OF THE CAPITAL MARKETS BOARD AND “CORPORATE GOVERNANCE APPLICATIONS”

The consolidated balance sheet, adjusted according to inflation and the consolidated income statement adjustedaccording to inflation of the term ending on 31st December 2004 and its footnotes together with the independentauditing reports of the period that have been prepared by the Company in accordance with the notifications Series:XI No: 1 on “Principles and Regulations governing the Financial Statements and Reports in the Capital Markets”,Series XI No: 20 on “Principles and Regulations governing the adjustments of the Financial Statements in HighInflation Periods” and Series: XI No: 21 on “Principles and Regulations governing the transfer of the ConsolidatedFinancial Statements and Participations into accounts in the Capital Markets”, have been examined by referring tothe opinions of the company’s administrators responsible for financial affairs and the independent auditors.

By taking into consideration the opinion of the independent auditors that the above mentioned financial statementsand the activity results of the period ending at that date, which have been in conformity with the accountingprinciples announced by CMB, reflect the real situation of the Company, as of 31.12.2004 and referring to thestatement given by the administrators of the Company responsible for financial affairs, within the scope of CMB’snotification Series X, No: 16 we, the board responsible for auditing the conformity of the financial reports preparedby the Company with reality and accounting principles, declare positive opinion.

Respectfully Yours,Bolu Cement Industry Inc.Auditing Committee of the Board of Directors

Ali Kamil UZUN Güney ARIK


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KURUMSAL YÖNET‹M ‹LKELER‹ HAKKINDA AÇIKLAMA

2003 Y›l› içerisinde yay›mlanan Sermaye Piyasas› Kurulu Kurumsal Yönetim ‹lkeleri’nde yer alan prensiplere uyumihtiyari tutulmufl ve prensiplerin hayata geçirilmesinde gönüllülük yaklafl›m› benimsenmifltir. fiirketimiz bu ilkelerin hayatageçirilmesinin Türk Sermaye Piyasalar›n›n küresel likidite sisteminin bir parças› haline gelmesindeki önemini kavram›fl veöteden beri uygulamakta oldu¤u ; hissedar haklar›n›n korunmas› ve kullan›m›n›n kolaylaflt›r›lmas›, fleffafl›k, menfaatsahiplerine yönelik olarak kamuyu ayd›nlatma ve kurumsall›k ilkelerine uygun yönetim kurulu teflkili konular›nda gerekliözeni göstermektedir. Önümüzdeki dönemlerde Sermaye Piyasas› Kurulu Kurumsal Yönetim ‹lkeleri’nden azami yarar›nsa¤lanmas› yönünde çal›flmalar yürütülmeye devam edecektir.

SERMAYE P‹YASASI KURULU’NUN SER‹ X NO: 16 SAYILI TEBL‹⁄‹N‹N 28. MADDES‹GERE⁄‹ ‹Ç KONTROL S‹STEM‹ BEYANI

Yönetim politikalar›na uymak da dahil olmak üzere ifllerin düzenli ve etkin yürütülmesi, varl›klar›n korunmas›, hata hileve usulsüzlüklerin önlenmesi ve belirlenmesi, muhasebe kay›tlar›n›n do¤ru ve eksiksiz olmas› ve mali bilgilerin zaman›ndaderlenmesi amac›yla iflletmede uygulanan organizasyon plan› ile bunlara iliflkin yöntemlerin tümünü kapsayan iç kontrolsistemi sa¤l›kl› bir flekilde çal›flmaktad›r.

YÖNET‹M KURULU

EXPLANATION ON CORPORATE GOVERNANCE PRINCIPLES

Conformity with the Corporate Governance Principles, announced by the Capital Markets Board in 2003 was heldoptional and a volunteering approach in realising them was appropriated. Our Company has perceived the importance ofactualising these principles on helping the Turkish Capital Markets transition to global liquidity system and is paying thenecessary attention to preservation and easy usage of shareholders’ rights, transparency, informing the public intended forthe beneficiaries and constituting board of directors in harmony with the corporate principles. The works will be carriedout in the coming terms to achieve the maximum utility from the Corporate Governance Principles of the Capital MarketsBoard.

STATEMENT ON INTERNAL CONTROL SYSTEMAS REQUIRED BY THE PARAGRAPH 28 OF THE NOTIFICATIONSERIES X NO: 16 OF THE CAPITAL MARKETS BOARD

The internal control system that embraces the organisation plan and all the related procedures to run the business in orderand effectively, to protect the assets, to prevent error, deception and malpractice, to maintain correct and consummateaccounting records, compile the financial data on time is running in a healthy manner.

BOARD OF DIRECTORS


BOLU Ç‹MENTO SANAY‹‹ A.fi.1 OCAK 2004-31 ARALIK 2004 HESAP DÖNEM‹NE A‹T ENFLASYONA GÖRE DÜZELT‹LM‹fiMAL‹ TABLOLARA ‹L‹fiK‹N BA⁄IMSIZ DENET‹M RAPORU

1. Bolu Çimento Sanayii A.fi.’nin (“fiirket”) 31 Aral›k 2004 tarihi itibariyle Sermaye Piyasas› Kurulu (“SPK”)taraf›ndan yay›mlanan Seri XI/1 say›l› “Sermaye Piyasas›nda Mali Tablo ve Raporlara ‹liflkin ‹lke ve Kurallar Hakk›ndaTebli¤” ve Seri: XI/20 say›l› “Yüksek Enflasyon Dönemlerinde Mali Tablolar›n Düzeltilmesine ‹liflkin Usul ve EsaslarHakk›nda Tebli¤’e uygun olarak düzenlenen enflasyona göre düzeltilmifl bilançosunu ve bu tarihte sona eren hesapdönemine ait enflasyona göre düzeltilmifl gelir tablosunu incelemifl bulunuyoruz. Sözkonusu mali tablolar,Yeni Türk Liras›’n›n 31 Aral›k 2004 tarihindeki cari sat›n alma gücüyle ifade edilmifltir. ‹ncelememiz, genel kabulgörmüfl denetim ilke, esas ve standartlar›na uygun olarak yap›lm›fl ve dolay›s›yla hesap ve ifllemlerle ilgili olarakmuhasebe kay›tlar›n›n kontrolü ile gerekli gördü¤ümüz di¤er denetim yöntem ve tekniklerini içermifltir.

2. Görüflümüze göre, sözkonusu enflasyona göre düzeltilmifl mali tablolar fiirket'in 31 Aral›k 2004 tarihindekigerçek mali durumunu ve bu tarihte sona eren hesap dönemine ait gerçek faaliyet sonucunu, mevzuata veSPK taraf›ndan yay›mlanan genel kabul görmüfl muhasebe ilkelerine uygun olarak do¤ru bir biçimde yans›tmaktad›r.Ankara, 10 Mart 2005

DENET‹M SERBEST MAL‹ MÜfiAV‹RL‹K A.fi.Member of DELOITTE TOUCHE TOHMATSU

Bülent BeydüzSorumlu Ortak, Bafldenetçi

BOLU CEMENT INDUSTRY INC.INDEPENDENT AUDITING REPORT ON FINANCIAL STATEMENTS AJDUSTED ACCORDING TOINFLATION OF THE TERM JANUARY 1 – DECEMBER 31, 2004

1. We have audited the consolidated balance sheet adjusted according to inflation and the consolidated incomestatement adjusted according to inflation of the term ending on 31st December 2004 of Bolu Cement Industry Inc.(Bolu Çimento Sanayii A.fi.) ("Company") as of 31st December 2004 which have been worked up in conformity withthe notifications Series: XI No: 1 on “Principles and Regulations governing the Financial Statements and Reports inthe Capital Markets”, Series XI No: 20 on “Principles and Regulations governing the adjustments of the FinancialStatements in High Inflation Periods” and Series: XI No: 21 on “Principles and Regulations governing the transferof the Consolidated Financial Statements and Participations into accounts in the Capital Markets”. The financialstatements in question are expressed with the current purchasing power of Turkish Lira on 31st December 2004.Our audit is carried out in compliance with the generally accepted principles, basis and standards of auditing andtherefore the control of accounting records related with accounts and transactions has comprised other auditingmethods and techniques we found necessary.

2. In our opinion the financial statements adjusted according to inflation mentioned reflect the real financialsituation and the real activity result of the financial year of the Company ending on 31st December 2004 inagreement with the legislations and generally accepted principles of accounting announced by CMB.Ankara, March 10, 2005

DENET‹M SERBEST MAL‹ MÜfiAV‹RL‹K A.fi.Member of DELOITTE TOUCHE TOHMATSU

Bülent BeydüzAuthorised Partner, Chief Auditor

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