H. VEDAT KORA M.Sc Chemical Engineer

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2 H. VEDAT KORA M.Sc Chemical Engineer Mr. Vedat Kora, born in 1923, and within the term he has graduated from the Faculty of Science of Istanbul University as Chemical Engineer with M.Sc. degree. He began his career as chemical engineer in the Turkish State Monopolies ( Tekel ) and then, he resigned and started as an entrepreneur to the production of various chemicals in a small factory. In 1963, he established a partnership with Essex Interore Chemicals ( Exxon ) of America, and the new company core of Alkim Alkali Chemical Corporation was born. Alkim, which was built upon these rationalistic and sound foundations, is now competing with the global giants of chemistry. Mr. Vedat Kora acquired patent rights for many processes and techniques developed by himself for the production of various chemicals used as raw materials in the basic sectors such as paper, glass, detergent and textile production. We lost our leader H. Vedat KORA, whom we will always remember with deepest respect and love, on 30 th January 1975, by an airplane disaster at his most efficient and successful age, while he was working as President and CEO in Alkim and leading the company to a bright future with his high knowledge.

3 M. Reha KORA Chairman and C.E.O Dear Shareholders, Welcome to our General Assembly Meeting where our operations of the year 2005 will be discussed. As I am beginning to my speech, in the presence and on behalf of you, I present my endless thanks to the honorable member of our family and my precious uncle Cihat KORA, who was the Chairman of Alkim since 1975 until While he is taking Alkim to its special place, Dear Cihat KORA has been a model for us with his important working discipline, and his very high energy. He has achieved great and important success to our country and to our company. Replacing him is obviously impossible. We will always ask for his advices and will continue to make good use of his precious ideas and opinions. You will see in detail when you examine our Alkim Alkali Kimya A.S. Annual Report that within the 1 st January 31 st December 2005 period ( with approximate quantities ); tons of Refined Sodium Sulphate, tons of Light Type Sodium Sulphate and tons of Raw Salt production and sale has been achieved. These figures are the evidences of success and showing that our company develops and grows continuously. Nowadays, where the economic conditions and understandings are changing fast, unfortunately some ethical and moral values are being lost. That s why one of the most important point for us is that; besides to our successful profit, our company exists on the top line of Turkish Companies in terms of reliability and reputation. As a matter of fact, the largest portion of the publicly traded part of Alkim Kimya is bought by some important international founds and shareholders, which is the concrete indication of the importance given to these values by the international investors. I am greeting you with all my regards and thank you for your participation in our meeting. M. Reha KORA Chairman and C.E.O

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5 Acıgöl This is a general view of the lakes, where we have the operation concessions exclusively. Due to its purity, the natural Sodium Sulphate obtained from the lakes is the most preferred raw material specially for the detergent industry. Alkim Alkali Kimya A.S. ranks among the biggest Sodium Sulphate producers of the world. The photograph you see on the right page is a general view of one of our production ponds. Our total production pond area exceeds 18 square km.

6 I - INTRODUCTION 1 1 ANNUAL REPORT PERIOD : CORPORATE TITLE : ALKIM ALKALI CHEMICAL COMPANY 1 3 BOARD OF DIRECTORS a ) Please find below the names, surnames and titles of the members of the Board of Directors and the Board of Auditors appointed in compliance with articles 9 and 13 of the Contract of Incorporation: Name & Surname Position Occupation Term M. Reha KORA Chairman M.Sc. Mechanical Engineer A. Haluk KORA Vice Chairman M.Sc. Mechanical Engineer Ferit KORA Vice Chairman Economist Hüseyin A. KORA Member Physics Engineer Mithat KORA Member Attorney Özay KORA Member Economist Tülay ÖNEL Member Public Relations Hüseyin ÜNER Member Retired Financial Expert Nihat ERKAN Member General Director Political Sciences Yüksel KADIOĞLU Auditor Financial Advisor on Oath b ) Limits of Authority As stipulated in the Turkish Commercial Code and the Contract of Incorporation. 1 4 AMENDMENTS OF THE CONTRACT OF INCORPORATION There are no amendments. 1 5 CAPITAL AND SHAREHOLDING STRUCTURE a) The Company s totally paid capital is YTL b) Number of Shareholders: * Our Company went public at the end of February 2000, and had its shares subjected to operations in the Istanbul Stock Exchange. After the Company went public, individual participants, 362 Alkim employees, 74 domestic corporate investors and 8 foreign corporate investors joined ranks with the 11 previous shareholders of our Company. c) The daily prices of our shares can be tracked by means of the ALKIM code on the ISE bulletins. d) During the last 3 years, the dividends were distributed as follows: * Out of the net distributable profit of YTL for the year 2002, YTL was distributed as first dividend while YTL was distributed as second dividend. * Out of the net distributable profit of YTL for the year 2003, YTL was distributed as first dividend while YTL was distributed as second dividend. * Out of the net distributable profit of YTL for the year 2004, YTL was distributed as first dividend while YTL was distributed as second dividend and YTL was distributed from the extraordinary stocks. f ) Our shareholders holding more than 10% of the capital are as follows; Cihat KORA YTL ,75 14,88 % M.Reha KORA YTL ,50 11,75 % Hüseyin A. KORA YTL ,79 26,74 % 1

7 1 6 INFORMATION ABOUT ISSUED SECURITIES Our Company has not issued any securities SECTOR WITHIN WHICH THE PARTNERSHIP IS OPERATIONAL AND THE CORPORATE S POSITION WITHIN THIS SECTOR Our Company s main field of activity is the production of sodium sulphate, and also Sodium Chloride in lakes and underground mines for which we hold long-term concession rights within the framework of the Mining Code no Mineral and chemical production from lakes is referenced under Group III in article 2 of the Mining Code. SODIUM SULPHATE PRODUCTION - Alkim operates Sodium Sulphate plants in Konya Cihanbeyli, Afyon Dazkırı and Ankara Çayırhan. These are long-term mine management franchises covering very large surface areas. The mines have extremely large reserves. Our production in Konya Cihanbeyli and Denizli Dazkırı is composed of pumping the lake water into several concentration ponds at where the water evaporates and the concentration increases. At a certain temperature and concentration salt starts to precipitate; after when the salt is harvested and sent to the sodium sulphate plant. On the other hand, some reserve research studies have been done and a trial production of sodium sulphate in Çayırhan was applied by means of underground gallery-type mining methods. In the year 2005, a new method the underground solution mining research works have been started together with Polish Chemkop firm in order to find much more efficient process to use in this area. We also keep The Scientific & Technological Research Council of Turkey, ( TUBİTAK ) informed regarding this research. Today, Alkim ranks 6 th among the top sodium sulphate manufacturers throughout the world and is also a member of the European Chemical Industry Council ( CEFIC ) and Sodium Sulphate Producers Association ( SSPA ). Sodium Sulphate is one of the basic raw materials, which is used in detergent, pulp & paper, textile and chemical industries and in powder detergents ( except the liquid ones ) its usage percentage are between 16 % - 40 % and in glass industry it is constituting 3 % of glass melt. Sodium Sulphate is used In paper industry, in cellulose production, in textile dyeing, and in productions of various chemicals as well. In the whole world, there are very few countries have such lake operational chemical production producers such as Alkim. Our Company owns production ponds with a total capacity of 18-kilometer squares, numerous heavy work machines and excavations machines of all kinds in mine managements as well as general and special service type machinery such as nearly 110 trucks, loaders, dozers, excavators, heavy tractors, marsh-type excavators etc. Apart from these, numerous and very precious mining equipment, devices and tools, facilities, warehouses, silos, various service workshops, administrative buildings, dormitories provided for employees etc. in lake operations and underground mines are also the property of the Company. - Alkim s total finished Refined Sodium Sulphate production capacity amounts to tons / year. - Alkim s total Crystal Sodium Sulphate production capacity amounts to tons / year. - Sodium Chloride is obtained from the lakes as 2 nd mineral. 2.8 million m 2 of sodium chloride production ponds have been constructed in 2005 at Dazkırı - Acıgöl under the given authority by General Management of Mining Operations enabling a production of tons / year. As the ponds are constructed in 2006, first production is expected to be in November In order to offer its customers the best quality possible, Alkim has always researched in and applied the most efficient and productive methods. As of today, the Acıgöl Sodium Sulphate Plant by the Acıgöl Alkali Lake in Southeast Turkey which is equipped with the Recompression Evaporation Technology and DCS Automation System and which is also Alkim s largest and most advanced plant has an annual capacity of tons. Thanks to the cogeneration unit commissioned in 1999, the plant s energy costs were reduced to a minimum as it is now possible to generate electricity and steam simultaneously. - After being awarded with the ISO 9002 Quality Assurance Certificate in 1996, our plants converted to the TS EN ISO 9001 : 2000 Quality Management System comprising the highest standard in quality system in

8 - In Turkey, Türkiye Şişe ve Cam Fabrikaları as well as the entire detergent factories are regular customers of Alkim. On the international scene, the glass, paper and detergent factories in Romania, Bulgaria, Greece, Syria, Lebanon, Egypt, Saudi Arabia, Algeria, Tunisia and Israel are direct regular customers. In addition, spot sales are also realized several times a year to countries such as Southern Africa, Ivory Coast. As a mining and chemistry company, Alkim has been exporting its products since 1960 s, and based nearly 20-30% of its turnover on exportation during the last few years in particular. Our sodium sulphate production plants are operational on full capacity and have their products completely sold out in domestic and foreign markets. The entire domestic and international sales are conducted by Alkim itself and there exists no separate sales marketing affiliate. SALT PRODUCTION - With the abrogation of Code no overruling the Salt Code, our company filed the necessary applications and obtained the required salt production permits for the mining fields. Following the acquisition of the Salt production permits, the Salt Investment efforts and the construction of the planned salt production plants, which were started in 2002, were continued in After the permits for the new salt ponds from General Management of Mining Operations, 2.8 square kilometers of salt ponds were constructed at Acıgöl. - After this investment our total salt production capacity reached to tons / year ( tons from Cihanbeyli and tons from Acıgöl ). - Today only TEKEL and ALKIM produce raw salt. Raw salt is the starting point for the production of other salt types like refined salt, dried salt, washed salt, etc. Salt industry buys the raw salt and processes it to get other types of salts. Furthermore, as it is, raw salt is used to deicing the roads in the winter season. Municipalities are the main customers of the ALKIM raw salt. - In 2005, ALKIM finished the planning part of refined salt project so that she can refine some of the raw salt in order to create much more added value. According to the project the new refining unit will most probably be commissioned by July 2006 and from the waste energy of our facilities tons / year of refined salt will be produced with a special technique. Furthermore, project of the raw salt washing facility has finished and it will also be activated in Washed salt with bigger size, tons / year, will be separated, dried and then sold as dish washer salt. By applying these projects the value of the washed salt will be 5 fold of the raw salt. - IN SUMMARY, ALKIM will have the same strong place in the salt production business, by the manufacture of refined and bigger sized salts, as she is right now in sodium sulphate business. PAPER INDUSTRY - By considering that Turkey is a developing country where paper demand is increasing and production in the printing-writing paper sector is insufficient, and that the sector s import rates increased in the last few years, Alkim decided to invest in the paper sector in At the end of the rapidly realized investment, ALKIM PAPER which is Turkey s largest white glossy paper production plant was built in the İzmir Kemalpaşa Organized Industrial Estate on a surface area of square meters and was commissioned in March The writing-printing and glossy paper production to be realized in this great and modern plant that is technologically excellent enough to compete with the latest facilities in Europe serves to prevent the importation of paper worth USD 45 million, and thus to greatly contribute to the country s economy. Exportation relations are already established with Belgium, Bulgaria, Greece, France, Spain, Switzerland, Germany, Finland, Romania, Russia, Turkic Republics, Iraq, Israel and Lebanon is such a short period, and deliveries are continuing. The paper plant that was made into a separate company entity as ALKIM PAPER Inc. on , is a 79.9% participation of Alkim Alkali Chemical Co. In 2000, ALKIM PAPER Inc. increased its capital from YTL to YTL , offered the amount of increase of 20% to public, and started to have its shares operated on in the Istanbul Stock Exchange on November 2, With the capital increase realized on , YTL out of the increased capital of YTL is belonging to Alkim Alkali Chemical Co. INSURANCE SERVICES The plants, production and stocking areas, administrative buildings, premises, stable and movable qualified heavy machinery, furniture and fixtures, raw semi finished and finished product inventories, transportation and motor vehicles, domestic and international freight and other operations of Alkim Alkali Chemical Co. and ALKIM PAPER Inc. constitute a large insurance portfolio. The Board of Directors adopted a decision on September 24, 2002 to establish an insurance company to conduct Corporate Agencyship procedures for the company s own insurance operations. As of November 4, 2002, ALKIM Insurance Agency Inc owned equally by Alkim Alkali Chemical Co. and ALKIM PAPER CO. and based in Istanbul was commissioned with an initial capital of YTL 20 million. 3

9 2 - OPERATIONS 2 - A - INVESTMENTS 2 A 1 DEVELOPMENTS IN INVESTMENTS Alkim Alkali Chemical Co. ranks 6 th among the top sodium sulphate producers throughout the world. Our plants are the first Refined Sodium Sulphate plants worldwide to be awarded with the ISO 9001:2000 Quality Management System Certificate. Very high quality anhydrous sodium sulphate is being produced in our Refined Sodium Sulphate plants. Although the company used to export 40% of the produced anhydrous sodium sulphate and to make use of the remaining 60% to fulfill the domestic demand in previous years, the share of domestic sales increased and the share of exportation by weight of sodium sulphate was reduced to 15% in 2005 in order to fulfill the domestic sodium sulphate demand increasing as a result of the rising detergent production rate. Alkim Alkali Chemical Co. fulfills the demand for refined sodium sulphate of various specters and qualities of both the domestic and international Glass Industry, Paper Industry, Textile Industry and, in particular, the detergent sector. The sodium sulphate demands of various sectors could vary in specter and property on the basis of the intended use and conditions of use. Investments anticipated to ensure that continuous sodium sulphate of the desired quality is produced were made in The Acıgöl Operations: New Raw Salt ( NaCl ) Production Ponds: After the precipitation of sodium sulphate, sodium cation and chloride anion rich brine is pumped to raw salt solar ponds and sodium chloride is precipitated during the summer season. The number 1, Orta, and the number 2 production ponds ( total of m 2 ), which were constructed in 2004 and 2005, are not enough to hold million m 3 of brine that is drained for sodium sulphate production ponds. In order to hold all the brine drained, number 3 and number 4 production ponds with a total area of m 2 were constructed to the south of the current ponds and to the west of these production ponds a m 2 of solar pond was constructed. At the end of 2005, these ponds were filled with the brine and it is expected to get raw sodium chloride by the end of 2006 summer season. More important than its economical benefit, production of sodium chloride is very important for ion balance reasons in the lake. It is expected to produce tons of raw salt in Roads Through the Ponds: meter long roads, which are crucial for the trucks and caterpillars to enter the ponds, were constructed around the number 1, Orta and the number 2 ponds in These roads were constructed from stabilizing materials and both sides of the roads were covered with hardwood. Glauber s Salt Na 2 SO 4.10 H 2 O ( Crystal ) Purification Flotation and Ore Enrichment Facility: The precipitated crystal sodium sulphate ( Glauber s Salt ) is used as a raw material in our Sodium Sulphate Plant. Purification of the raw material just at the Ponds nearby the lake will enable Alkim to reduce its energy costs and increase the efficiency in the Plant. Because of these reasons in a very short period of time of 6 months, Crystal Purification Flotation and Ore Enrichment Facility was constructed. YTL was spent for this facility including all constructing and it started operating on December. For now ton / day of crystal can be cleaned and centrifuged. Furthermore, the capacity will be increased to ton / day. Crystal sodium sulphate, which is cleaned with sodium sulphate saturated brine at room temperature and centrifuged in the Purification Flotation and Ore Enrichment Facility, is used as a raw material at Koralkim Plant. The brine, which become dirty during the cleaning process, is sent to a 20 meter diameter decanter tank with the rake mechanism and cleaned continuously. 4

10 - Cihanbeyli Bolluk and Tersakan Operations: Bolluk Sodium Sulphate Plant: It has been a necessity to revise the Bolluk Sodium Sulphate Plant not only because of the high production costs but also the lower quality than the refined sodium sulphate. Because of these facts it has been started to revise the Bolluk Plant. It is planned to use evaporation technology and reach to 99.8 % sodium sulphate purity. The manufacturing of the equipments and parts that are needed to be build a 4 multi-effect evaporation system and the construction of the process building has been started. With our own engineering group and their developed design, we are modernizing the plant to a 4 multi-effect Evaporation Process. All the project details and the technical plans about the energy efficient thermo compression and vacuum adjusting system have been established by Alkim and no other project or technical outsource has been used. Except the vacuum ejectors and the thermo compressors, all the machines and equipment are manufactured in Turkey. This will have a positive effect to our economy. It has been decided to construct the same cogeneration system that is in use in Koralkim Sodium Sulphate plant that enables to produce cheap electricity and steam in order to supply the needs of the 4 multi effect evaporation system. In this respect, it has been started to build a fluidized bed boiler ( burning lignite coal ), a water demineralization unit, a steam turbine, and electricity systems. Lignite will be supplied from the convenient Ilgın Coal Mines. It is planned to produce MWh of electricity by passing the steam ( 30 Bar, 380 o C, 15 Tons / Hour ) that will be created by the fluidized bed boiler. The exhaust steam of the steam turbine ( 3 Bar, 200 o C ) will be used as the evaporation steam. As lignite will be burned in the fluidized bed boiler, taking the environment into consideration, electrostatic filter will be installed. All the steps of the process and the steam production will be controlled by computer equipped automation system. Maximum capacity of the plant will be around Tons / Year and the plant will be operated between and Tons / Year depending on the market demand. It has been started to construct a m 2 storage building between the Cihanbeyli and the depot area to store the daily refined sodium sulphate surplus under protective environment. In addition to the storage depot the old truck scale will be renewed and an electronic, 80 ton scale will be installed. Furthermore, the other truck scales in Bolluk plant and in Tersakan Lake settlements will also be renewed. Rehabilitation of the A, B and C ponds in lake Bolluk has been started to supply the crystal sodium sulphate needs of the new sodium sulphate plant. It has been started to repair the roads, clean the ponds and enforce the pond walls. In order to pump brine from Bolluk Lake to those three ponds, 2 SEC 600 centrifuge pump with the capacity of 3600 m 3 / hour will be installed. Rehabilitation of Bolluk Sodium Sulphate Plant will cost approximately YTL 6 million and it will be completed by the second half of Ankara Çayırhan Operations: Solution Mining Process: It has been uneconomical to produce sodium sulphate from the Europe s biggest underground Thenardite embedded Glauberite mine located in Ankara - Çayırhan using underground gallery mining methods. In order to bring economical benefits to the country from these reserves, technological techniques, like solution mining, had to be applied. It is known that water dissolves the natural sodium sulphate minerals and depending on contact time, temperature and the contact area, brines with different concentrations can be obtained. Çayırhan mining site will be drilled and the boreholes will be piped. Furthermore, by applying pressurized water and air, the Glauberite will be dissolved and the concentrated brine will be taken from the top of the boreholes. It is planned to get economical benefits without polluting the environment with using this technique. 5

11 There is no other country that dissolves underground sodium sulphate mines using this method. Therefore, by applying this project Alkim Alkali Co. will be the first in the world. If this project comes to life then it would mean that Alkim Alkali Co. brought a new understanding to mining in Turkey. In this important project we have a partnership and share all the information with The Scientific & Technological Research Council of Turkey, TUBİTAK. R & D at Çayırhan 6

12 2 A 2 UTILIZATION AND REALIZATION OF INCENTIVE MEASURES Within the frameworks of Income Tax Law changes, realized on April 9 th 2004 and with the law no:4842, the investment allowance amount of our company is ,23 YTL, as of 31 st December The total amount of the investments realized within the year 2005 is ,60 YTL. II B - ACTIVITIES CONCERNING THE PRODUCTION OF GOODS AND SERVICES: 1 - QUALITIES OF THE PRODUCTION UNIT a ) Explanations Concerning the Production Unit Afyon - Dazkırı Koralkim Plant In this plant operating on the graded evaporation process principle, the Glauber s salt which is caused to settle by means of the cold in winter months in the ponds within the lake is processed and 99,5% pure refined anhydrous sodium sulphate is produced. Our plant in Dazkırı Koralkim features 2 units, namely K1 ( crystallization unit no.1 ) and K2 ( crystallization unit no. 2 ). The only raw material input of this plant is the Glauber s salt obtained from the nearby Acıgöl ( 2 km away ). The plant is equipped with the energy power plant capable of producing steam and electricity energy as well as all kinds of technical, administrative and social substructure facilities, side units and auxiliary system required in such a chemistry plant. The high pressure steam generated by the plant s energy power plant is passed through the turbine to fulfill the entire steam and electricity requirement of the plant. Our electricity generation amounts to 3.5 MWh. As the K2 unit is capable of producing products with particle sizes ranging from 250 to 750 microns thanks to its special technology, our ability to produce granular sodium sulphate, demanded by some international detergent manufacturers, has gained us big advantages. Sodium Sulphate is sold in 1 1,5 tons Big Bags or 50 kg sacks or as bulk depending upon the customer s demand. All systems of Alkim are entirely computer-controlled. The daily average production capacity of Koralkim Sodium Sulphate production plant amounts to 700 tons. During the period ; The number of net working days in the K1 unit ( excluding idle periods ) is The number of net working days in the K2 unit ( excluding idle periods ) is 355,9 days 357,7 days. In those units, the total amount of production is tons While realizing this production ; Crystal consumption tons Dust coal consumption ( old boiler ) tons Fuel-oil consumption ( FM boiler ) 149 tons Dust coal consumption ( new boiler ) tons Electricity consumption in the entire facility kwh Amount generated by the Turbine kwh Amount purchased from TEDAŞ kwh 7

13 Cihanbeyli Premises In the premises established entirely with the technology, experience and knowledge of Alkim at the shores of the Tersakan and Bolluk Lakes, the raw sodium sulphate obtained from the nearby mining operations is used to produce anhydrous sodium sulphate. In these premises, a special type of Sodium Sulphate for use in the Detergent industry and in cellulose production for the paper industry is being successfully manufactured. In compliance with the provisions of the Regulations on the Application of Code no About the Amendment of the Mining Code and the Overruling of the Salt Code, our company is permitted to produce salt ( NaCl ) in its mining fields. After obtaining the Operating Permit, our company continued its salt production operations and attained the planned production levels. b) Production Operations CiHANBEYLi PREMISES Sodium Sulphate Production Operations: Tersakan Bolluk Operation: Ordinary pond operation activities are being performed in twelve production ponds with a total surface area of square meters. Production: Sodium Sulphate ( Na 2 SO 4 ) Light Type Sodium Sulphate Ton Tuvenan Sodium Sulphate Ton Crystal Sodium Sulphate Ton Salt Production Activities: In 2005, tons of raw salt, 69 tons of processed, dried extra industrial salt are produced in the Tersakan plant. ACIGÖL Premises In terms of Na 2 SO 4 production and capacity, quality, sales and exportation in particular, Acıgöl Premises represent our Company s most important investment. The Acıgöl Operations In our Acıgöl operation, Sodium Sulphate production ponds cover a total surface area of m 2 whereas the pre-evaporation ponds cover a total surface area of m 2. The total surface area of the salt production ponds amount to m 2, and the total surface area of the salt pre-evaporation fields amount to approximately m 2. In 2005, tons of Crystal Sodium Sulphate ( Na 2 SO 4. 10H 2 O ) are produced in Acıgöl. In 2005, tons of raw salt are produced in Acıgöl salt ponds. 8

14 KORALKIM PREMISES The Koralkim Premises, featuring the most advanced technology worldwide in Premium Grade Refined Sodium Sulphate production, continued its normal operations in Production: Granular Sodium Sulphate Standard Sodium Sulphate Total tons tons tons In 2005, the total Refined Sodium Sulphate sales of our Koralkim Sodium Sulphate plant amounted to tons including tons sold to abroad. c) Overall Operating Rates of our Company Sodium Sulphate The Company s Sodium Sulphate production capacity amounts to tons comprising of tons of refined ( including Granular ) and tons of light type products. (Tons) Capacity Production Refine Type Light Type Operating Rate 91% 89% 89% 9

15 ALKIM PAPER Inc. The First Quality Writing, Printing and Glossy Paper Production Plant with a capacity of tons / year established in 1998 and commissioned as a subsidiary of Alkim Alkali Chemical Co. was included as capital in kind in ALKIM PAPER CO. founded on ALKIM PAPER CO. was made into a separate entity as a 99.9% participation of Alkim Alkali Chemical Co., offered 20% of its shares to public on November 2, 2000, and started to have its shares operated on in the Istanbul Stock Exchange. Following its establishment, the Alkim Paper Production Plant continually invested in machinery, equipment and technology ( as required by the modern Paper Production Technology ), and our factory virtually went through an evolution during the last five years. To sum up: Our cogeneration investment which was initiated in 2001 was completed with the successful commissioning of the 5 MW Gas Turbine in In addition to the new type paste case, product wrapper and steam box systems, our third size cutting machine, our new large capacity and fully automatic photocopy line, new pulpers were purchased, the ready-made units building was extended in order to fulfill the increasing demand and the neighboring land was acquired. Moreover, many other investments such as the additional water wells, the extension of the Fictive Warehouse, the completion of the Roll warehouses were completed. The first-time ever operation worldwide of our BTG Glossy Paper coating system constituting an in-line part of our paper production machine yielded very positive results. Again, we also continued to make use of the most advanced technology with formation sensors, glossy paper coating thickness and weight sensors which are used for the first time in Turkey. Work conducted to increase the machine s capacity to 700 m / min was completed and the capacity which used to amount to tons / year was increased to tons / year. With its YTL 52,5 million capital; Alkim Paper s experienced dealers, its regional directorates in Ankara and Istanbul and the main distribution warehouse in Istanbul, ALKIM PAPER Inc. is currently one of the largest and most prestigious manufacturers in the Turkish paper production sector. Our total production amounted to tons in Our total turnover for the year 2005 ( gross ) amounted to YTL 62 million. Nevertheless, from the beginning specially after the second half of 2005, the paper market in Europe and also in Turkey, has been really effected by the lowness of the import paper prices coming from Far East, the over valuation of YTL, and additionally the negative effects of the decrease of EUR USD parity and finally the unfair competition of very cheap import prices. As a result of these, Alkim Paper has finished the year 2005 with YTL loss. All of the possible precautions have been done in order to overcome these disadvantageous circumstances in the year

16 ALKIM Insurance Agency Inc. ( ) Activity Report ALKIM Insurance Agency Inc. was established on with a capital of YTL subscribed equally by Alkim Alkali Chemical Co. and ALKIM Paper CO. and Mr. Nihat ERKAN was appointed as the Company Director to deal with the company s operations by the General Assembly. As of December 2002, the company became the authorized agency of Anadolu Sigorta and Koc Allianz Insurance CO. The company started to issue policies for damages to the existing buildings, machinery, fire, goods, transportation, motor vehicle, traffic automobile insurance as well as to renew group individual accident and health insurances and to cause the general directorate and regional directorates of insurance companies to produce policies. The portfolio information of ALKIM Insurance Agency Inc. could be summed up as follows; The company acts as a large corporate agency in the insurance sector with a portfolio worth YTL 124,2 million. Distribution of Portfolio, ALKIM CHEMICAL CO. ALKIM PAPER CO. OTHER COMPANIES AND CLIENTS TOTAL YTL 26,4 Million YTL 78,2 Mİllion YTL 19,6 Million YTL 124,2 Million 11

17 2 B - 2 ACTIVITIES CONCERNING THE PRODUCTION OF GOODS AND SERVICES a) Developments in Sodium Sulphate Production The sodium sulphate percentage of the powder detergents has been increased by the detergent producers in order to decrease the production costs of the detergents. Usage ratio of the sodium sulphate has increased to % from % levels, and this reason caused an increase in the consumption of sodium sulphate. Besides, the life standards in the Middle East begun to get better, and the usage of the washing machines become much more common in the area. Consequently, as the raw material, sodium sulphate usage is getting higher and higher because of the increase in detergent usage. In order to cover the rising demand, and to keep the market in our hand and to reach the new markets, we have reached large capacities in anhydrous sodium sulphate and in refined sodium sulphate. b) Comparative Table Concerning Production Activities The Sodium Sulphate and salt production rates as compared to the previous period are as follows: Amount (Tons) Dazkırı Crystal Refined Sodium Sulphate Raw salt Tuvenan Amount (Tons) Cihanbeyli Tuvenan Light type Raw salt Processed Industrial Salt c) Average Sales Prices of Sodium Sulphate and Salt in Years Depending upon a supply - demand balance in a narrow channel, sodium sulphate prices are subjected to limited fluctuation in years. The salt prices are determined according to the market conditions. But unfortunately there is a strong pressure of the low priced import products in the raw salt market. The raw salt is exported to our country from Tunisia, Egypt, Israel and Jordan with a price of sea freight as a matter of an unreasonable calculation. There might be some precautions regarding this issue after the privatization of TEKEL. 2 B 3 SALES ACTIVITIES a) Our sodium sulphate sales activities as compared to the previous period are as follows: Dazkırı Tons Tons Total Refined and Granular Raw salt Cihanbeyli Tons Tons Light type Processed Industrial Salt Raw salt

18 Contractual sales comprise 90% of domestic sales while detergent is the leader among sectors. T. Şişe Cam, Seka Paper and all detergent factories have their sodium sulphate demands fulfilled by ALKIM and our sales are made through annual connections. In the textile sector where the demand tends to swiftly increase, our sales are made through dealers throughout Turkey. Although our international sales are generally made directly to the customers themselves, agencies are utilized for sales to some countries such as Greece, Israel, Syria, Lebanon and Egypt. Depending upon the condition of the particular country and customer, our sales are made against the presentation of goods or documentation or by opening a letter of credit in advance. Detergent manufacturers comprise the majority of our foreign customers. Moreover, we also sell our products to the paper, glass and textile production sectors. 13

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20 CONVENIENCE TRANSLATION INTO ENGLISH OF CONSOLIDATED FINANCIAL STATEMENTS ORIGINALLY ISSUED IN TURKISH CONSOLIDATED BALANCE SHEETS AT 31 DECEMBER ASSETS Adjusted (*) Notes CURRENT ASSETS Cash and cash equivalents Marketable securities- net Trade receivables- net Leasing receivables- net Due from related parties- net Other receivables- net Biological assets- net Inventories- net Receivables from construction contracts in progress- net Deferred tax assets Other current assets NON-CURRENT ASSETS Trade receivables- net Leasing receivables- net Due from related parties- net Other receivables- net Financial assets- net Positive/ negative goodwill- net Investment property- net Property, plant and equipment- net Intangible assets- net Deferred tax assets Other non-current assets TOTAL ASSETS * Refer Note 2-d The financial statements prepared as at and for the year ended 31 December 2005 and have been approved and signed by the Board of Directors on 9 March The accompanying notes form an integral part of these consolidated financial statements. 1

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