BAHAR UŞAR SMMM, MBA ISTANBUL, MAY

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1 A NATIONAL COMPARATIVE ADVANTAGE STUDY OF THE TURKISH CEMENT AND REAL ESTATE INDUSTRY AND THEIR EFFECT ON THE CONSTRUCTION INDUSTRY, EMPLOYMENT AND REGIONAL DEVELOPMENT BAHAR UŞAR SMMM, MBA ISTANBUL, MAY

2 CONTENTS PART I: INTERNAL ANALYSIS 3 PART I.A: INTERNAL ANALYSIS OF FIRMS IN CEMENT SECTOR 3 I.A.1: INTERNAL ANALYSIS OF FIRM NO.01 (Bolu Çimento Sanayii A.Ş.) OF INDUSTRY 3 NO.01 (Cement Sector) I.A.1.1: Current Mission, Long-Range Objectives, Strategies and Performance of the Firm 3 I.A.1.1.1: Identify or infer the organization's current mission, purpose, and key management 3 values/philosophy I.A.1.1.2: Identify the long-range business objectives and strategies (especially corporate-level and 3 competitive strategies). Merely describing their business activities is not identifying strategies. Focus particularly on identifying and evaluating the current strategies, since you may be proposing changes to these in the Formulation phase I.A.1.1.3: Analyze the appropriateness of the organization's portfolio of businesses (for diversified firms) 4 I.A.1.1.4: Determine how well the organization has been performing 4 I.A.2: INTERNAL ANALYSIS OF FIRM NO.02 (Mardin Çimento Sanayii ve Ticaret A.Ş.) OF 7 INDUSTRY NO 01 ( Cement Sector) I.A.2.1: Current Mission, Long-Range Objectives, Strategies and Performance of the Firm 7 I.A.2.1.1: Identify or infer the organization's current mission, purpose, and key management 7 values/philosophy I.A.2.1.2: Identify the long-range business objectives and strategies (especially corporate-level and 7 competitive strategies). Merely describing their business activities is not identifying strategies. Focus particularly on identifying and evaluating the current strategies, since you may be proposing changes to these in the Formulation phase I.A.2.1.3: Analyze the appropriateness of the organization's portfolio of businesses (for diversified firms) 7 I.A.2.1.4: Determine how well the organization has been performing 8 I.A.3: INTERNAL ANALYSIS OF FIRM NO.03 (Ünye Çimento Sanayii ve Ticaret A.Ş.) OF 11 INDUSTRY NO 01 ( Cement Sector) I.A.3.1:Currnet mission, long range objectives, strategies and performance of the firm 11 I.A.3.1.1: Identify or infer the organization's current mission, purpose, and key management 11 values/philosophy I.A.3.1.2: Identify the long-range business objectives and strategies (especially corporate-level and 11 competitive strategies). Merely describing their business activities is not identifying strategies. Focus particularly on identifying and evaluating the current strategies, since you may be proposing changes to these in the Formulation phase I.A.3.1.3: Analyze the appropriateness of the organization's portfolio of businesses (for diversified firms) 12 I.A.3.1.4: Determine how well the organization has been performing 12 PART I.B: INTERNAL ANALYSIS OF FIRMS IN SECTOR NO.02 (Real Estate Investment Sector) 15 I.B.1: INTERNAL ANALYSIS OF FIRM NO.01 (Garanti GYO A.Ş.) OF INSUDTRY NO.02 (Real 15 Estate Investment Trust Sector) I.B.1.1: Current Mission, Long-Range Objectives, Strategies and Performance of the Firm 15 I.B.1.1.1: Identify or infer the organization's current mission, purpose, and key management 15 values/philosophy I.B.1.1.2: Identify the long-range business objectives and strategies (especially corporate-level and 15 competitive strategies). Merely describing their business activities is not identifying strategies. Focus particularly on identifying and evaluating the current strategies, since you may be proposing changes to these in the Formulation phase I.B.1.1.3: Analyze the appropriateness of the organization's portfolio of businesses (for diversified firms) 16 I.B.1.1.4: Determine how well the organization has been performing 17 I.B.2: INTERNAL ANALYSIS OF FIRM NO.02 (İş GYO A.Ş.) OF INDUSTRY NO.02 (Real 19 Estate Investment Trust Sector) - 2 -

3 I.B.2.1: Current Mission, Long-Range Objectives, Strategies and Performance of the Firm 19 I.B.2.1.1: Identify or infer the organization's current mission, purpose, and key management 19 values/philosophy I.B.2.1.2: Identify the long-range business objectives and strategies (especially corporate-level and 19 competitive strategies). Merely describing their business activities is not identifying strategies. Focus particularly on identifying and evaluating the current strategies, since you may be proposing changes to these in the Formulation phase I.B.2.1.3: Analyze the appropriateness of the organization's portfolio of businesses (for diversified firms) 19 I.B.2.1.4: Determine how well the organization has been performing 21 I.B.3: INTERNAL ANALYSIS OF FIRM NO.03 (Vakıf GYO A.Ş.) OF INDUSTRY NO.02 (Real 22 Estate Investment Trust Sector) I.B.3.1: Current Mission, Long-Range Objectives, Strategies and Performance of the Firm 22 I.B.3.1.1: Identify or infer the organization's current mission, purpose, and key management 22 values/philosophy I.B.3.1.2: Identify the long-range business objectives and strategies (especially corporate-level and 22 competitive strategies). Merely describing their business activities is not identifying strategies. Focus particularly on identifying and evaluating the current strategies, since you may be proposing changes to these in the Formulation phase I.B.3.1.3: Analyze the appropriateness of the organization's portfolio of businesses (for diversified firms) 22 I.B.3.1.4: Determine how well the organization has been performing 23 PART II: FUNCTIONAL ANALYSIS OF FIRMS 25 PART II.A: FUNCTIONAL ANALYSIS OF FIRMS IN SECTOR 01 (Cement Sector) 25 PART II.A.1:FINANCIAL ANALYSIS OF FIRM NO. 01 (Bolu Çimento Sanayi A.Ş.) IN SECTOR 25 NO. 01 (Cement Sector) PART II.A.1.1:Financial Analysis of Bolu Çimento 25 PART II.A.1.2.: Marketing Management: Marketing Research & Development (Strategic Marketing 33 Policies) PART II.A.1.3:Product Policies 34 PART II.A.1.4: Production/Operation 35 PART II.A.1.5:Human Resources and Organizational Design 36 PART II.A.1.6:Management Information Systems 38 PART II.A.1.7:Research and Development 38 PART II.A.1.8:Total Quality Management 38 PART II.A.2: FUNCTIONAL ANALYSIS OF FIRM NO. 02 (Mardin Çimento Sanayi ve Ticaret 39 A.Ş.) IN SECTOR NO. 01 (Cement Sector) PART II.A.2.1:Financial Analysis of Mardin Çimento 39 PART II.A.2.2: Marketing Management: Marketing Research & Development (Strategic Marketing 47 Policies) PART II.A.2.3:Product Policies 47 PART II.A.2.4: Production/Operations 48 PART II.A.2.5:. Human Resources and Organizational Design 49 PART II.A.2.6:Management Information Systems 50 PART II.A.2.7:Total Quality Management 51 PART II.A.3: FUNCTIONAL ANALYSIS OF FIRM NO. 03 (Ünye Çimento Sanayi ve Ticaret A.Ş.) 52 IN SECTOR 01 (Cement Sector) PART.II.A.3.1:Financial Analysis of Ünye Çimento 52 PART.II.A.3.2: Marketing Management: Marketing Research & Development (Strategic Marketing 59 Policies) PART.II.A.3.3: Product Policies 60 PART.II.A.3.4: Production/Operations 61 PART II.A.3.5:Human Resources and Organizational Design 62 PART II.A.3.6:Management Information Systems 63 PART II.A.3.7:Total Quality Management

4 PART II.B: FUNCTIONAL ANALYSIS OF FIRMS IN SECTOR 02 (Real Estate Trust Companies) 64 PART II.B.1: FUNCTIONAL ANALYSIS OF FIRM NO. 01 (Garanti Gayrimenkul Yatırım Ortaklığı 64 A.Ş.) SECTOR NO. 02 (Real Estate Trust Company.) PART II.B.1.1:Financial Analysis of Garanti GYO 64 PART II.B.1.2:Marketing Management: Marketing Research & Development (Strategic Marketing 75 Policies) PART II.B.1.3:Product Policies 75 PART II.B.1.4:Operations 77 PART II.B.1.5:. Human Resources 77 PART II.B.1.6:International Operations Management 78 PART II.B.1.7:Total Quality Management 78 PART II.B.2:FUNCTIONAL ANALYSIS OF FIRM NO. 02 (Iş Gayrimenkul Yatırım Ortaklığı A.Ş.) 79 IN SECTOR NO. 02 (Real Estate Trust Company) PART II.B.2.1:Financial Analysis of İŞ GYO 79 PART II.B.2.2: Marketing Management: Marketing Research & Development (Strategic Marketing 86 Policies) PART II.B.2.3: Product Policies 86 PART II.B.2.4: Operations 87 PART II.B.2.5: Human Resources and Organizational Design 87 PART II.B.3. FUNCTIONAL ANALYSIS OF FIRM NO. 03 (Vakıf Gayrimenkul Yatırım Ortaklığı 89 A.Ş.) IN SECTOR 02 (Real Estate Trust Company) PART II.B.3.1:Financial Analysis of Vakıf GYO 89 PART II.B.3.2:Marketing Management: Marketing Research & Development (Strategic Marketing 96 Policies) PART II.B.3.3: Product Policies 96 PART II.B.3.4: Operations 96 PART II.B.3.5:Human Resources and Organizational Design 97 PART III:ANALYSİS OF THE EXTERNAL ENVIRONMENT 98 PART III.1.A:ANALYSIS OF THE EXTERNAL ENVIRONMENT AND SWOT ANALYSIS OF 98 FIRM NO:01(Bolu Çimento Sanayii A.Ş.) IN INDUSTRY NO. 01 (Cement Sector) PART III.1.A.1:BUSINESS/COMPETITIVE ENVIRONMENT OF FIRM NO. 01 (Bolu Çimento 99 Sanayii A.Ş.) IN INDUSTRY NO. 01 (Cement Sector) PART III.1.A.1.1:External Analysis Of Bolu Çimento 99 PART III.1.A.1.2:Regional Context of Cement Sector 100 PART III.1.A.1.3:National Context of Cement Sector 101 PART III.1.A.1.4:Swot Analysis of Cement Sector 102 PART III.1.A.1.5:Industry Structure 104 PART.III.1.A.1.6: Competitive Environment of the Cement Sector 105 PART III.1.B.1:GENERAL ENVIRONMENT OF FIRM NO.1 (Bolu Çimento Sanayi A.Ş.)IN 108 INDUSTRY NO.01 (Cement Sector) PART III.1.B.1.1: Pest Analysis for Bolu Çimento 108 PART III.1.B.1.1.1:Tax Policy in Turkey 109 PART III.1.B.1.1.2:Employment Laws 112 PART III.1.B.1.1.3: Environmental Regulations 113 PART III.1.B.1.1.4:Political Stability 114 PART III.1.B.1.1.5: Macro Economy 114 PART III.1.B.1.1.6: Economic Growth 114 PART III.1.B.1.1.7: Interest Rates 115 PART III.1.B.1.1.8: Inflation Rates 115 PART III.1.B.1.1.9: Population Growth Rate& Age Distribution 116 PART III.1.B : Migration 116 PART.1.B : R&D Activity 117 PART III.2.A:ANALYSIS OF THE EXTERNAL ENVIRONMENT AND SWOT ANALYSIS OF

5 FIRM 02 (Mardin Çimento Sanayii ve Ticaret A.Ş.)IN INDUSTRY NO.01 (Cement Sector) PART III.2.A:ANALYSIS OF THE EXTERNAL ENVIRONMENT AND SWOT ANALYSIS OF 119 FIRM 02 (Mardin Çimento Sanayii ve Ticaret A.Ş.)IN INDUSTRY NO.01 (Cement Sector) PART III.2.A.1:BUSINESS/COMPETITIVE ENVIRONMENT OF FIRM NO. 02 (Mardin Çimento 119 Sanayii ve Ticaret A.Ş.) IN INDUSTRY NO. 01 (Cement Sector) PART III.2.A.1.1:External Analysis of Mardin Çimento 119 PART III.2.A.1.2: Regional Context 120 PART III.2.A.1.3: National Context of Cement Sector 120 PART III.2.A.1.4:Cement Exports 121 PART III.2.A.1.5:Swot Analysis of the Cement Sector 122 PART IIII.2.A.1.6: Industry Structure and Competitive Environment 122 PART III.2.A.1.7: Competitive Environment of Cement Sector 122 PART III.2.B.1:GENERAL ENVIRONMENT OF FIRM NO.2 (Mardin Çimento Sanayii ve Ticaret 122 A.Ş.) IN INDUSTRY NO.01 (Cement Industry) PART III.2.B.1.1:Pest Analysis of Mardin Çimento 122 PART III.2.B.1.1.1:Tax Policy 122 PART III.2.B Employment Laws 122 PART III.2.B Environmental Regulations 122 PART III.2.B Trade Restrictions and Tariffs 123 PART III.2.B Political Stability 123 PART III.2.B Establishing Competition 123 PART III.2.B.1.1.7Interest Rates 124 PART III.2.B Technological Changes 124 PART III.3.A:ANALYSIS OF THE EXTERNAL ENVIRONMENT AND SWOT ANALYSIS OF 125 FIRM NO. 03 (Ünye Çimento Sanayii ve Ticaret A.Ş.)IN INDUSTRY NO.01 (Cement Sector) PART III.3.A.1:BUSINESS/COMPETITIVE ENVIRONMENT OF FIRM NO. 03 (Ünye Çimento 126 Sanayii ve Ticaret A.Ş.) IN INDUSTRY NO. 01 (Cement Sector) PART III.3.A.1.1:External Analysis of Ünye Çimento 126 PART III.3.A.1.2: Regional Context of Cement Sector 126 PART III.3.A.1.3:National Context of Cement Sector 127 PART III.3.A.1.4: Cement Exports: 128 PART III.3.A.1.5:Swot Analysis of Cement Sector 129 PART IIII.3.A.1.6: Industry Structure and Competitive Environment 129 PART III.3.A.1.7: Competitive Environment of the Cement Sector 129 PART III.3.B.1:GENERAL ENVIRONMENT OF FIRM NO.3 (Ünye Çimento Sanayii ve Ticaret 129 A.Ş.) IN INDUSTRY NO.01 (Cement Industry) PART III.3.B.1.1: Pest Analysis of Ünye Çimento 129 PART III. 3.B.1.1.1: Tax Policy in Turkey 129 PART III 3.B.1.1.2: Trade Restrictions and Tariffs 129 PART III 3.B.1.1.3: Economic Growth 130 PART III 3.B.1.1.4: Interest Rates 130 PART III 3.B.1.1.5: Exchange Rates 130 PART III 3.B.1.1.6: Population Growth Rate& Age Distribution 131 PART III 3.B.1.1.7: Technological Activity 132 PART III.4.A:ANALYSIS OF THE EXTERNAL ENVIRONMENT AND SWOT ANALYSIS OF 133 FIRM 01 (Garanti GYO A.Ş.)IN INDUSTRY NO.02 (Real Estate Trust Company) PART III.4.A.1:BUSINESS/COMPETITIVE ENVIRONMENT AND SWOT ANALYSIS OF FIRM 134 NO.01 (Garanti GYO A.Ş.) IN INDUSTRY.02 (Real Estate Trust Company) PART III.4.A.1.1: External Analysis Of Garanti GYO 134 PART III.4.A.1.2: SWOT ANALYSIS OF REAL ESTATE INVESTMENT TRUST 135 PART III.4.A.1.3: Regional Context 137 PART III.4.A.1.4: National Context: 137 PART III.4.A.1.5: International Context

6 PART III : Competitive Advantages of the REIT: 145 PART III.4.B.1:GENERAL ENVIRONMENT OF FIRM NO.01 (Garanti GYO A.Ş.) IN INDUSTRY 146 NO.02 (Real Estate Trust Company) PART III.4.B.1.1:Pest Analysis of Garanti GYO 146 PART III.4.B.1.1.1:Tax Policy in Turkey 146 PART III.4.B.1.1.2:Environmental Regulations 147 PART III.4.B.1.1.3:Political Stability 147 PART III.4.B.1.1.4:Macro Economy 147 PART III.4.B.1.1.5:Inflation Rates 148 PART III.4.B.1.1.6:Population Growth Rate& Age Distribution 148 PART III.4.B.1.1.7:Migration 149 PART III.5.A: ANALYSIS OF THE EXTERNAL ENVIRONMENT AND SWOT ANALYSIS OF 150 FIRM 02 (İş GYO A.Ş.)IN INDUSTRY NO.02 (Real Estate Investment Trust) PART III.5.A.1:BUSINESS/COMPETITIVE ENVIRONMENT AND SWOT ANALYSIS OF FIRM 151 NO.02 (İş GYO A.Ş.) IN INDUSTRY.02 (Real Estate Trust Company) PART III.5.A.1.1: External Analysis of İş GYO 151 PART III.5.A.1.2: Regional Context 153 PART III.5.A.1.3: National Context 153 PART III.5.A.1.4: International Context 162 PART III.5.B.1:GENERAL ENVIRONMENT OF FIRM NO.02 (İş GYO A.Ş.) IN INDUSTRY 164 NO.02 (Real Estate Trust Company) PART III.5.B.1.1:Pest Analysis of İş GYO 164 PART III.5.B.1.1.1:Tax Policy in Turkey 164 PART III.5.B.1.1.2:Political Stability 165 PART III.5.B.1.1.3:Macro Economy 165 PART III.5.B.1.1.4:Interest Rates 165 PART III.5.B.1.1.5:Population Growth Rate& Age Distribution 165 PART III.5.B.1.1.6:Migration 165 PART III.6.A:ANALYSIS OF THE EXTERNAL ENVIRONMENT AND SWOT ANALYSIS OF 166 FIRM NO.03 (Vakıf GYO A.Ş.) IN INDUSTRY NO.02 (Real Estate Trust Company) PART III.6.A.1:BUSINESS/COMPETITIVE ENVIRONMENT OF FIRM NO.03 (Vakıf GYO A.Ş.) 167 IN INDUSTRY.02 (Real Estate Trust Company) PART III.6.A.1.1: External Analysis of Vakıf GYO 167 PART III.6.A.1.2: Swot Analysis of REIT 167 PART III.6.A.1.3:Regional Context 168 PART III.6.A.1.4:National Context 168 PART III.6.A.1.5: International Context 169 PART III.6.B.1:GENERAL ENVIRONMENT OF FIRM NO.03 (Vakıf GYO A.Ş.) IN INDUSTRY 169 NO.02 (Real Estate Investment Trust Company) PART III.6.B.1.1:Pest Analysis of Vakıf GYO 169 PART III.6.B.1.1.1:Tax Policy in Turkey 169 PART III.6.B.1.1.2:Environmental Regulations 170 PART III.6.B.1.1.3: Economic Factors 170 PART III.6.B.1.1.4:Interest Rates 170 PART III.6.B.1.1.5: Population Growth Rate& Age Distribution 170 PART IV: INTEGRATION OF MAJOR STRATEGIC ISSUES 171 PART 1.A.1: INTEGRATION OF MAJOR STRATEGIC ISSUES FOR FIRM NO.01 (Bolu Çimento 173 Sanayi A.Ş.)IN INDUSTRY NO.01 (Cement Industry) PART 1.A.2: INTEGRATION OF MAJOR STRATEGIC ISSUES FOR FIRM NO.02 (Mardin 180 Çimento Sanayii ve Ticaret A.Ş.)IN INDUSTRY NO.01 (Cement Industry) PART 1.A.3: INTEGRATION OF MAJOR STRATEGIC ISSUES FOR FIRM NO.03 (Ünye Çimento 183 Sanayii ve Ticaret A.Ş.)IN INDUSTRY NO.01 (Cement Industry) PART 1.B.1: INTEGRATION OF MAJOR STRATEGIC ISSUES FOR FIRM NO.01 (Garanti GYO

7 A.Ş.)IN INDUSTRY NO.02 (Real Estate Trust Company) PART 1.B.2: INTEGRATION OF MAJOR STRATEGIC ISSUES FOR FIRM NO.02 (İş GYO 190 A.Ş.)IN INDUSTRY NO.02 (Real Estate Trust Company) PART 1.B.3: INTEGRATION OF MAJOR STRATEGIC ISSUES FOR FIRM NO.03 (Vakıf GYO 192 A.Ş.)IN INDUSTRY NO.02 (Real Estate Trust Company) PART V: RECOMMENDATIONS AND IMPLEMENTATIONS 194 LIST OF ABBREVIATIONS 201 APPENDICES

8 EXECUTIVE SUMMARY In that project my object is to analysis cement and real estate industry and the important six firms of these sectors. Moreover, I examined to compare the firms according to financial analysis and key performance areas, their SWOT analyses and their own structures in the sector. Especially I analyzed the Mortgage System and its impacts on the cement and real estate industry that is a new model for Turkey was researched deeply. After finalizing the report, I got much more information especially; using my work experience and applying the background and quantities techniques that were utilized from these courses as I suggested to address the some critical issues for the firms. The recommendation part of the report was very challenging because it pushed me to think overall the project by strategically and critically and to determine the managerial strategies of the firms to consolidate the full scope of their business planning process and that affect the total organization and their successful and unsuccessful performances in the sector as well. The tasks of the project provided the fully understanding, of the impacts of the construction sector by comparing and contrasting the local industry with foreign industries. The mixtures of the sectors financial, technological, legal, organizational and ethical structures provided me to comprehensive thoroughly of the sectors. For this reason I learned to analyze the industry and the business units of the firms and reveal the strategic and sufficient issues of the firms business and implement the key issues in direction of the suggestions for using in my futures reports that will be present the top management of the company. In addition the projects and its main requirements and the diagnosis of the major issues of the sectors and the firms were explained deeply and clearly. I believe that preparing this project deeply and properly will provide me a great successful in my work business. I thank to Prof. Dr. E. Abdülgaffar Ağaoğlu for encouraging me to prepare this project successfully

9 ASSESSMENT AUDIT This project contains to analyze the national comparative advantage of the Turkish cement and real estate industry and their effect on the construction industry, employment and regional development in direction on the six important firms of the these sectors. Moreover, there are comparisons these firms according to their own sector. Based on my findings are given below. Internal Analysis of these firms: I examined to identify current missions, long range objectives, strategies and performance, key management values of these firms. I tried to explain the long range business objectives and strategies and I focused particularly on identifying and evaluating the current strategies. Functional Analysis of these firms: I reviewed each of the financial analyses of these firms by using the financial statements and I analyzed the financial conditions from analysis of profitability, fixed charge coverage, liquidity, activity and turnover and market investment community evaluations and relations of these firms. After these issues I analyzed the top level strategic marketing policies, product and pricing polices, customer relations managements and segmentations policies of these firms then I tried to explore locations and capacities of facilities, output allocations, efficiency of these firms. After these researches I also examined the human resources policies, technology strategies and knowledge managements of these firms. Analysis of the External Environment: I reviewed and analyzed important factors, trends and future conditions to identify key opportunities and threats. In addition I analyzed the S.W.O.T Analyses of these firms. After these researches I analyzed international, national and regional contexts by using the industry growth trends, key success factors. In addition I identified the firms activities by using Porters s major 5-forces, industry averages and standard deviations an then I discussed the above analyses in accordance with PEST analyses of these firms. Integration of Major Strategic Issues: I analyzed strategies and policies, strategic business units of these firms by using BCG Growth-Share Matrix, GE/McKinsey Matrix, SWOT-PEST Matrix and Ansoff matrix. Recommendation and Implementation: This part of my projected includes the compares and contrasts of these firms and industries. First of all I analyzed the firms corporate level strategy, competitive strategy and other - 9 -

10 strategies. After that I tried to develop recommendation for these firms that can be reached best, by using potential advantages of their own sector. PROSPECTS FOR FURTHER STUDY The assignments of the project provided the fully understanding of the impacts of the cement and real estates industry throughout the Turkish economy by comparing and contrasting with the foreign industries. The mixtures of the sectors financial, technological, legal, organizational and ethical structures provided me to comprehensive thoroughly of the sectors. For this reason I learned to analyze and review the industry and the business units of the firms and reveal the strategic and sufficient issues of the firms business and implement the key issues in direction of the suggestions for using in my futures reports that will be present the top management of the company

11 PREFACE A motion has been started in real estate demand in 2004 which had decreased because of 1999 earthquake and then 2001 economic crisis. For the current year, demand continues to increase. Economic performance, sustainable growth, political stabilization, European Union process and decreasing inflation-interest rates in recent years made the interest in the sector rise. Actually that trend is not only for Turkey but also for the rest of the world. As a result of fast population increase and urbanization, there is 600,000 annual new real estate need in Turkey. So, need for qualified house rises day by day. Need for real estate becomes more important when we add massive foreign demand for real estate into Turkey s great tourism potential. Foreign investors have been made US $ 1.3 billion real estate investment in Turkey just for year Turkey, which is expected to start European Union process, is seen to show the best performance, especially in Istanbul. Emerging Trends Report, based on 27 cities in Europe, shows Istanbul is ranked 1 city about real estate development expectation (Moscow is ranked 2). Office rents in Istanbul are the cheapest around Europe, so Istanbul has an important potential as I look from that point of view, as well. Let s clarify that positive expectation for the sector by statistical data. House credit stock which was US $ 10 million in 1999, had increased to US $800 million until year Credits, which were defaulted after 2001 February crisis, reached to US$ 1.8 billion as of 2004 end. As of 2005 July, that number is US $ 5 billion. According to that number real estate to GNP ratio is %4. That ratio is %55 in U.S.A., %45 in west Europe, %15 in Mexico and Brazil, the countries seen at the same category with Turkey. If that %4 ratio rises to %15 as it is in Mexico or Brazil, US $50 billion market will not be a dream anymore. By the way Turkish cement sector is the Europe s second largest and the World s seventh largest cement producer with a 36.4 mn tons of clinker and 66.4 mn tons of cement grinding capacities was a bright year for Turkish cement producers because of the new housing projects of construction companies. The long expected sectoral recovery has made an impressive start, thanks to the recovery in both domestic and export sales

12 These data show that these two sectors has big present and future potential because of the high demand of the construction markets and high deprivations of new residential. More important thing, this project provided to develop my understanding the complex business situations of the real economy. I developed my critical and strategic thinking ability by using analyzing methods throughout the firms structures. In addition I implemented my point of view to analyze the key issues and developing appropriate strategies and activities of these firms thought internal environment and the complex external environment. As a result I focused the details of the regional, national and international context by using key performance areas, strategic business units and competitive advantages, strategic planes and policies of these firms

13 ACKNOWLEDGMENTS This graduation project has been carried out for the Department of Master of Business Administration in Yeditepe University in Istanbul, Turkey. First of all, I would like to thank my supervisor, Prof. Dr. E. Abdülgaffar Ağaoğlu at the department of MBA, for his guidance, discussions and comments in different questions. Finally thanks go to my husband and my parents for their lovely support during my stay in. Istanbul Turkey, May 2006 Bahar Uşar

14 INTRODUCTION Turkish cement sector is the Europe s second largest and the world s seventh largest cement producer with 36.4 million tons of clinker and 66.4 million tons of cement grinding capacities. The long expected sectoral recovery has mad and impressive start with the beginning of 2002 thanks to the recovery in both domestic and export sales. With the help of EU accession process domestic and international sales forecasts are very optimistic. In line with the improvement in consumer confidence, people started using more residential loans in the last years. Improvement in the cost and availability of financing is expected to push further growth in demand for property. Increasing foreign interest will also activate property demand for high quality residencies, especially in tourism areas and large cities. By the way, state officials recently announced that they were making preparations to launch the mortgage system in Turkey. In addition the Turkish cement sector offers strong growth potential both on the back of the recovery in construction expenditures which has its foundation in the strengthening macro economic perspective and also on the back of strong export growth with profitable margins. The current fragmented structure of the sector creates an opportunity for potential buyers to increase their market share. On the other hand, analyzing the correlation between REITs and cement sector in this project there are high consistency, due to the organic link between REITs activities and cement demand, the per capita cement consumption is highly correlated with per capita income. Real Investment Trusts (REIT) were introduced to the Turkish capital markets for the first time with the legal framework prepared in 1995 and with the first IPO in They are allowed to investment buildings, land, development projects, real estate back securities, and to a limited extend other capital markets instruments such a government bonds and stocks. Compared with REITs in developed capital markets, Turkish REITs have a tremendous growth potential in the near future due to high expectations placed on them to bring transparency and professionalism to the boarder real estate industry. As discussed in more detail in the later chapters for the fledgling industry, authorities have provided REITs with some important tax incentives, as well as flexibility in managing their portfolios REIT managers to take advantage of both the economic boom and bust periods. With an amendment by the Capital Market Board in 1998, REITs were obligated to make at least 49% of their stock public. Through this new framework, the principles and rules to make REITs more institutional and transparent have been emphasized. In order to promote the formation and growth of the industry, two important tax incentives have been granted to REITs. Specially, REITs are exempted from both corporation tax and income tax giving them an opportunity to compete in an industry, where a large share of transactions are unrecorded and values of properties are widely understand in order to avoid taxes By the way construction of high rise-development, coupled with the planned start of the mortgage market is expected to provide opportunity for REIT. As a result the aim of the project is to calculate the efficiency of selected corporations in the in their existing and competing markets via using the Porter s 5-force model. With the help of a construction sector, it is to be made easier to measure the consistency between the Cement Industry and Real Estate Industry by determining its role and impacts for the Turkish economy

15 On the other hand the mortgage system is the trigger in order to calculate the competitive advantages among these sectors. In order to evaluate the comparative advantages of these sectors; the structure of the company, which is explained by using the strengths, opportunities, weakness and threats of the firms and sectors as well, and which is operated according to the regional, national and international market conditions. In light of the explanations above, this project was prepared to have an idea about cement and real estate industry and the important six firms of the sectors. The project has significant and detail informations regarding the key performance areas, regional, national, international and future prospects of the firms in its own sector

16 PART I: INTERNAL ANALYSIS PART I.A: INTERNAL ANALYSIS OF FIRMS IN CEMENT SECTOR I.A.1: INTERNAL ANALYSIS OF FIRM NO.01 (Bolu Çimento Sanayii A.Ş.) OF INDUSTRY NO.01 (Cement Sector) I.A.1.1: Current Mission, Long-Range Objectives, Strategies and Performance of the Firm I.A.1.1.1: Identify or infer the organization's current mission, purpose, and key management values/philosophy: Current mission of Bolu Çimento is to maintain continuous profitability by working with productive, effective and high responsible conscious, respecting the society and the environment. 1 Key management values of Bolu Çimento are Creativity, Transparency, Honesty, Respect to the Human and the Environment, Customer and Employee Satisfaction, Perfectionism, Competitiveness, Reliability and OYAK Culture. I.A.1.1.2: Identify the long-range business objectives and strategies (especially corporate-level and competitive strategies). Merely describing their business activities is not identifying strategies. Focus particularly on identifying and evaluating the current strategies, since you may be proposing changes to these in the Formulation phase. Vision of Bolu Çimento is to become a respected, reliable and leading corporation developing the usage fields of cement and playing a significant role in the country markets. 2 When we look at the vision of Bolu Çimento, Bolu Çimento aims to be one of the leading companies of the cement sector. After completing the capacity increase requirements in 2002, the company had reached clinker production at an amount of 2,6m tones per year and cement production at an amount of 1,32m tones per year. This capacity level made Bolu Çimento produce %4-5 of the cement production of the total Turkish cement sector. In 2006 Bolu Çimento s board of directors have decided to make new investments to increase the current capacity by investing 9,1 million YTL. Because the profit margins in the cement sector is slightly low, this capacity increase will have positive effects in lowering the fixed production costs and increase the profitability of the company. Another long-range objective of the company is to enter foreign cement markets. When we look at the income statement of the company, it can be seen that Bolu Çimento has a domestic focus and there is no any income from export sales. This domestic focus makes the company more sensitive to the national economic fluctuations. According to the declarations of Bolu Çimento s board, entering European and American cement markets will be one of the most important targets of the company. As it can be seen by analyzing the current mission of the company, continuous profitability is the main target. In 2004, Bolu Çimento has invested the ready-mix concrete facilities to Oyak Hazır Beton Sanayi ve Tic. A.Ş. 1 Bolu Çimento Annual Report for the year Bolu Çimento Annual Report for the year

17 as partnership capital. By focusing on the main operations producing of cement and clinker the company has increased its production amount. Another strategy of the company is to use sources effective and productive. That is why, within the scope of investment incentives, Bolu Çimento materialized rehabilitation and purchase of new equipment investments. I.A.1.1.3: Analyze the appropriateness of the organization's portfolio of businesses (for diversified firms). Until 2004, Bolu Çimento both sold cement group products and ready-mix concrete group products. By the sale of the ready-mix concrete facilities, the company aimed to concentrate more on its core business, the clinker and cement production. Because the company does not have a diversified portfolio of products, it is hard to compare the appropriateness of the company s operations. I.A.1.1.4: Determine how well the organization has been performing. Cement Production of Bolu Çimento Change in Cement Production of Bolu Çimento Cement Production of Bolu Çimento (in tons) Change in Cement Production of Bolu Çimento Year 2000 Year 2001 Year 2002 Year 2003 Year ,00% 20,00% 0,00% -20,00% -40,00% 17,77% 0,58% 5,43% -28,83% Year 2001 Year 2002 Year 2003 Year Total National Cement Production Total National Cement Production (in tons) Cement Production of Bolu Çimento Respect to Tot. Nat. Cement Prod. 6,00% 4,00% Cement Production of Bolu Çimento Respect To Total National Cement Production 5,07% 4,33% 3,98% 3,92% 4,18% Year 2000 Year 2001 Year 2002 Year 2003 Year ,00% 0,00% Year 2000 Year 2001 Year 2002 Year 2003 Year 2004 Cement Production Capacity Usage Comparison of Bolu Çimento and the Sector Cement Production Capacity Usage Comparison of Bolu Çimento and the Sector Cement Sales of Bolu Çimento Cement Sales of Bolu Çimento (in tons) 100,00% 80,00% 60,00% 52,91% 54,75% 62,32% 58,46% ,00% ,00% 0,00% Year 2003 Year 2004 Bolu Çimento Sector Year 2002 Year 2003 Year

18 Total Cement Sales of the Sector Change in Cement Sales Comparison Cement Sales of the Sector (in tons) Change in Cement Sales Comparison ,00% 16,00% 18,59% ,00% 8,00% 8,24% 9,61% ,00% 4,49% ,00% Year 2003 Year Year 2002 Year 2003 Year 2004 Bolu Çimento Sector Cement Sales Share of Bolu Çimento in the Sector Clinker Production of Bolu Çimento Cement Sales Share of Bolu Çimento in the Sector Clinker Production of Bolu Çimento (in tons) 5,00% 4,00% 3,00% 4,00% 3,87% 4,18% ,00% ,00% ,00% Year 2002 Year 2003 Year Year 2000 Year 2001 Year 2002 Year 2003 Year 2004 Change in Clinker Production of Bolu Çimento Total National Clinker Production Change in Clinker Production of Bolu Çimento Total National Clinker Production (in tons) 16,00% 12,00% 13,78% ,00% 4,00% 0,00% -2,39% -2,12% 0,52% ,00% Year 2001 Year 2002 Year 2003 Year Year 2000 Year 2001 Year 2002 Year 2003 Year

19 Clinker Production of Bolu Çimento Respect to Total National Clinker Production Clinker Production Capacity Usage Comparison of Bolu Çimento and the Sector Clinker Production of Bolu Çimento Respect to Total National Clinker Production Clinker Production Capacity Usage Comparison of Bolu Çimento and the Sector 6,00% 5,00% 4,00% 4,27% 4,19% 4,00% 3,90% 4,12% 100,00% 90,00% 87,86% 84,03% 99,97% 90,08% 3,00% 2,00% 1,00% 0,00% Year 2000 Year 2001 Year 2002 Year 2003 Year ,00% 70,00% Year 2003 Year 2004 Bolu Çimento Sector Clinker Sales of Bolu Çimento Clinker Sales of the Sector Clinker Sales of Bolu Çimento (in tons) Clinker Sales of the Sector (in tons) Year 2002 Year 2003 Year Year 2002 Year 2003 Year 2004 Change in Clinker Sales Comparison Clinker Sales Share of B olu Çimento in the Sector Change in Clinker Sales Comparison Clinker Sales Share of Bolu Çimento in the Sector 10,00% 5,00% 0,00% -5,00% -10,00% -15,00% -20,00% -25,00% 5,58% -6,19% -21,06% -21,37% Year 2003 Year 2004 Bolu Çimento Sector 5,00% 4,00% 3,00% 2,00% 1,00% 0,00% 4,41% 3,70% 2,77% Year 2002 Year 2003 Year

20 I.A.2: INTERNAL ANALYSIS OF FIRM NO.02 (Mardin Çimento Sanayii ve Ticarest A.Ş.) OF INDUSTRY NO 01 ( Cement Sector) I.A.2.1: Current Mission, Long-Range Objectives, Strategies and Performance of the Firm I.A.2.1.1: Identify or infer the organization's current mission, purpose, and key management values/philosophy: Mardin Çimento s mission it to maintain continuous profitability by working with productive, effective and high responsible conscious, respecting the society and the environment. 3 Key management values of Mardin Çimento are Creativity, Transparency, Honesty, Respect to the Human and the Environment, Customer and Employee Satisfaction, Perfectionism, Competitiveness, Reliability and OYAK Culture. I.A.2.1.2: Identify the long-range business objectives and strategies (especially corporate-level and competitive strategies). Merely describing their business activities is not identifying strategies. Focus particularly on identifying and evaluating the current strategies, since you may be proposing changes to these in the Formulation phase. Vision of Mardin Çimento is to be a successful and leader company developing cement utilization areas and playing an active role in domestic and regional markets. 4 Mardin Çimento is focused on the supply of materials for the construction sector like cement, clinker and ready-mix concrete. Mardin Çimento has the geographic advantage of being close to Iraq market. When we look at the cement sales of the company, we can see that between period, export sales/total sales rate occurred as %18, %48 and %44 relatively. With the huge demand increase in this geographic region, the profit margins of cement sales have incremented. The profit margins of the export sales to Iraq have doubled the profit margins of other exports. When it is thought that the cement demand of Iraq will continue until 2008, Mardin Çimento will have the opportunity to sustain these profit margins. However, the unstable economy of Iraq and the threat of war have negative effects on sales of Mardin Çimento. Beside the exports to Iraq, the company has the ability to enter Syria market. 3 Mardin Çimento Annual Report for the year Mardin Çimento Annual Report for the year

21 I.A.2.1.3: Analyze the appropriateness of the organization's portfolio of businesses (for diversified firms). Mardin Çimento s operation includes the sale of cement group products and ready-mix concrete group products. Because the company does not have a diversified portfolio of products, it is hard to compare the appropriateness of the company s operations. I.A.2.1.4: Determine how well the organization has been performing. Cement Production of Mardin Çimento Change in Cement Production of Mardin Çimento Cement Production of Mardin Çimento (in tons) Year 2001 Year 2002 Year 2003 Year 2004 Total National Cement Production 40,00% 20,00% 0,00% -20,00% -40,00% Change in Cement Production of Mardin Çimento -11,20% 24,54% 5,75% Year 2002 Year 2003 Year 2004 Cement Production of Mardin Çimento Respect To Total National Cement Production Total National Cement Production (in tons) Cement Production of Mardin Çimento Respect To Total National Cement Production ,00% ,00% 2,00% 3,00% 2,44% 2,83% 2,71% 0 Year 2000 Year 2001 Year 2002 Year 2003 Year ,00% Year 2001 Year 2002 Year 2003 Year 2004 Cement Production Capacity Usage Comparison of Mardin Çimento and the Sector Cement Sales of Mardin Çimento

22 Cement Production Capacity Usage Comparison of Mardin Çimento and the Sector Cement Sales of Mardin Çimento 100,00% 80,00% 60,00% 77,89% 54,75% 82,37% 58,46% ,00% ,00% ,00% Year 2003 Year 2004 Mardin Çimento Sector Year 2002 Year 2003 Year 2004 Cement Sales of the Sector Change in Cement Sales Comparison Cement Sales of the Sector (in tons) Change in Cement Sales Comparison ,00% 10,00% 0,00% 8,24% 11,70% 9,61% Year 2002 Year 2003 Year ,00% -20,00% -19,39% Year 2003 Year 2004 Mardin Çimento Sector Cement Sales Share of Mardin Çimento in the Sector Clinker Production of Mardin Çimento 3,00% 2,50% 2,00% 1,50% 1,00% 0,50% 0,00% Cement Sales Share of Mardin Çimento in the Sector 2,45% 1,86% 1,82% Year 2002 Year 2003 Year Clinker Production of Mardin Çimento (in tons) Year 2001 Year 2002 Year 2003 Year 2004 Change in Clinker Production of Mardin Çimento Total National Clinker Production Change in Clinker Production of Mardin Çimento 16,00% 12,00% 8,28% 8,00% 4,00% 0,00% -7,66% -4,00% -6,59% -8,00% -12,00% Year 2002 Year 2003 Year Total National Clinker Production (in tons) Year 2000 Year 2001 Year 2002 Year 2003 Year 2004 Clinker Production of Mardin Çimento Respect to Total National Clinker Production Clinker Production Capacity Usage Comparison of Mardin Çimento and the Sector

23 Clinker Production of Mardin Çimento Respect to Total National Clinker Production Clinker Production Capacity Usage Comparison of Mardin Çimento and the Sector 6,00% 5,00% 4,00% 3,00% 2,00% 1,00% 0,00% 2,23% 2,01% 1,82% 1,82% Year 2001 Year 2002 Year 2003 Year ,00% 90,00% 80,00% 70,00% 93,49% 86,35% 90,08% 84,03% Year 2003 Year 2004 Mardin Çimento Sector Clinker Sales of Mardin Çimento Clinker Sales of the Sector Clinker Sales of Mardin Çimento (in tons) Clinker Sales of the Sector (in tons) Year 2002 Year 2003 Year Year 2002 Year 2003 Year 2004 Change in Clinker Sales Comparison Clinker Sales Share of Mardin Çimento in the Sector Change in Clinker Sales Comparison Clinker Sales Share of Mardin Çimento in the Sector 0,00% 0,80% -20,00% -40,00% -60,00% -80,00% -100,00% -120,00% -21,06% -21,37% -77,77% -100,00% Year 2003 Year 2004 Mardin Çimento Sector 0,60% 0,40% 0,20% 0,00% 0,58% 0,16% 0,00% Year 2002 Year 2003 Year

24 I.A.3: INTERNAL ANALYSIS OF FIRM NO.03 (Ünye Çimento Sanayii ve Ticarest A.Ş.) OF INDUSTRY NO 01 ( Cement Sector) I.A.3.1.1: Identify or infer the organization's current mission, purpose, and key management values/philosophy: Current mission of Ünye Çimento is to maintain continuous profitability by working with productive, effective and high responsible conscious, respecting the society and the environment. 5 Key management values of Ünye Çimento are Creativity, Transparency, Honesty, Respect to the Human and the Environment, Customer and Employee Satisfaction, Perfectionism, Competitiveness, Reliability and OYAK Culture. I.A.3.1.2: Identify the long-range business objectives and strategies (especially corporate-level and competitive strategies). Merely describing their business activities is not identifying strategies. Focus particularly on identifying and evaluating the current strategies, since you may be proposing changes to these in the Formulation phase. Vision of Ünye Çimento is to be a successful and leader company developing cement utilization areas and playing an active role in domestic and regional markets. 6 Ünye Çimento is focused on the supply of materials for the construction sector like cement, clinker and readymix concrete. Ünye Çimento has started export sales to Portugal, Italy and Croatia in Cement export sales have 2,8% and 19,2% shares in the total cement sales of Ünye Çimento relatively in 2003 and The company especially concentrates on export sales to Italy, and tries to set its trade mark in Italy cement market. 5 Ünye Çimento Annual Report for the year Ünye Çimento Annual Report for the year

25 Beside this, the clinker exports have a higher share in total clinker sales of the company. While in 2003, 100% of all the clinker sales were exports; in 2004, 73,9% of all the clinker sales were exports. Here, there are three factors affecting the company badly. One of them is the relatively low rate of USD/YTL parity. The low parity makes the export sales more unattractive. The second reason is the increase in freight charges with the limitations in the number of transport ships because of the appropriateness to European Union standards. Finally, the sales price discounts of Chinese originated companies to enter European markets are another threat. The company has the usage rights of Ünye Port for 49 years, and this opportunity provides a gateway to make exports. The expansion of this port lies between one of the main targets of Ünye Çimento. As it can be seen by analyzing the current mission of the company, continuous profitability is the main target. In 2004, Ünye Çimento has invested the ready-mix concrete facilities to Oyak Hazır Beton Sanayi ve Tic. A.Ş. as partnership capital. By focusing on the main operations producing of cement and clinker the company has increased its production amount. The company completed its pre-calcinations investment in The financing of this investment is provided by the use of $90m bank credits. The interest charges and the exchange rate losses of these credits caused the company not to gain any net income in 2002 and Today, the company has covered a greater amount of these credits and the investment losses have come to an end. I.A.3.1.3: Analyze the appropriateness of the organization's portfolio of businesses (for diversified firms) Ünye Çimento s operation includes the sale of cement group products and ready-mix concrete group products. Because the company does not have a diversified portfolio of products, it is hard to compare the appropriateness of the company s operations. I.A.3.1.4: Determine how well the organization has been performing. C ement Production of Ünye Çimento Change in Cement Production of Ünye Çimento Cement Production of Ünye Çimento (in tons) Year 2000 Year 2001 Year 2002 Year 2003 Year 2004 Total National Cement Production 40,00% 20,00% 0,00% -20,00% -40,00% Change in Cement Production of Ünye Çimento -29,52% 30,15% Year 2001 Year 2002 Year ,73% 11,30% Year 2004 Cement Production of Ünye Çimento Respect To Total National Cement Production

26 Total National Cement Production (in tons) ,00% Cement Production of Ünye Çimento Respect To Total National Cement Production Year 2000 Year 2001 Year 2002 Year 2003 Year ,00% 2,00% 0,00% 2,74% 2,32% 2,76% 2,88% 2,90% Year 2000 Year 2001 Year 2002 Year 2003 Year 2004 Cement Sales of Ünye Çimento Cement Sales of the Sector Cement Sales of Ünye Çimento (in tons) Cement Sales of the Sector (in tons) Year 2002 Yea r 2003 Year Year 2002 Year 2003 Year 2004 Change in Cement Sales Comparison C ement Sales Share of Ünye Çimento in the Sector Change in Cement Sales Comparison Cement Sales Share of Ünye Çimento in the Sector 15,00% 4,00% 10,00% 5,00% 8,24% 7,89% 9,61% 9,79% 3,00% 2,00% 2,88% 2,87% 2,88% 0,00% Year 2003 Year 2004 Ünye Çimento Sector 1,00% 0,00% Year 2002 Year 2003 Year 2004 Clinker Production of Ünye Çimento Change in Clinker Production of Ünye Çimento

27 Clinker Production of Ünye Çimento (in tons) Year 2000 Year 2001 Year 2002 Year 2003 Year 2004 Total National Clinker Production Total National Clinker Production (in tons) 100,00% 80,00% 60,00% 40,00% 20,00% 0,00% -20,00% -40,00% Change in Clinker Production of Ünye Çimento -30,93% 95,16% 42,89% 17,18% Year 2001 Year 2002 Year 2003 Year 2004 Clinker Production of Ünye Çimento Respect to Total National Clinker Production Clinker Production of Ünye Çimento Respect to Total National Clinker Production Year 2000 Year 2001 Year 2002 Year 2003 Year ,00% 5,00% 4,00% 3,00% 2,00% 1,00% 0,00% 3,70% 4,03% 2,67% 2,02% 1,41% Year 2000 Year 2001 Year 2002 Year 2003 Year 2004 Cement Production Capacity Usage Comparison of Ünye Çimento and the Sector Cement Production Capacity Usage Comparison of Ünye Çimento and the Sector Clinker Production Capacity Usage Comparison of Ünye Çimento and the Sector Clinker Production Capacity Usage Comparison of Ünye Çimento and the Sector 100,00% 90,00% 80,00% 70,00% 60,00% 50,00% 62,42% 56,08% 54,75% 58,46% Year 2003 Year ,00% 90,00% 80,00% 70,00% 88,91% 90,08% 84,03% 75,88% Year 2003 Year 2004 Ünye Çimento Sector Ünye Çimento Sector Clinker Sales of Ünye Çimento Clinker Sales of the Sector

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