2000Y›l› Faaliyet Raporu 2000Activities Report
Transkript
2000Y›l› Faaliyet Raporu 2000Activities Report
‹çindekiler 6 Özet Bilgiler 7 Yönetim Kurulu’nun 2000 Y›l› Faaliyet Raporu 14 Mali Sonuçlar 23 Denetim Kurulu Raporu 25 Ba¤›ms›z Denetim Raporu 27 10 Y›ll›k Durum Contents 6 Highlights 7 2000 Activities Report of the Board of Directors 14 Financial Results 24 Board of Auditors’ Report 26 Independent Auditors’ Report 28 10 Year Review Ortaklar... 30 Mart 2001 itibariyle % 53,13 Nortel Networks International Finance and Holdings B.V. % 15 Türk Silahl› Kuvvetlerini Güçlendirme Vakf› % 31,87 Halka Aç›k Hisseler Ownership... As of March 30, 2001 % 53.13 Nortel Networks International Finance and Holdings B.V. % 15 Turkish Armed Forced Foundation % 31.87 Public 2 NETAfi Telekomünikasyon alan›ndaki deneyimini ve teknolojisini, Nortel Networks çözümleri ile bütünleyen Netafl / Nortel Networks, ses haberleflmesindeki liderli¤ini, internet ve veri iletiflimine de tafl›makta ve Bilgi Ça¤›’na girerken iletiflim a¤lar›n›n ço¤ulortam iletiflimi yönünde geliflmesine katk›da bulunmaktad›r. Nortel Networks Birlefltirilmifl A¤lar (Unified Networks) ad›n› verdi¤i vizyonunu gerçeklefltirecek çözümleriyle dünyada en genifl ürün yelpazesine sahip flirkettir. Netafl / Nortel Networks bu ürün yelpazesi ile Optik Internet, Yerel Internet, Kablosuz Internet, Kiflisel Internet ve e-‹fl bafll›klar› alt›nda yüksek kalite, h›z ve güvenilirli¤e sahip çözümler sunmaktad›r. fiirket Türkiye, Avrupa, Orta Do¤u, Ba¤›ms›z Devletler Toplulu¤u ve Afrika ülkelerindeki müflterilerine iletiflim flebekelerinin tasar›m›, iflletilmesi, pazarlamas› konular›nda destek verir, "on-line" teknik yard›m hizmetleri sa¤lar. Türkiye’nin iletiflim a¤›n›n modernizasyonunda önemli bir görev üstlenen Netafl / Nortel 3 Networks, kuruluflundan bugüne Türk Telekom’un hizmetine yaklafl›k 10,5 milyon hatl›k telefon santral teçhizat›, transmisyon ve veri iletiflimi sistemleri vermifltir. Netafl / Nortel Networks, özel iletiflim alan›ndaki ürünleri ile 35.000 müflterisine ve üstlendi¤i önemli projelerle Türk Silahl› Kuvvetleri’nin ihtiyaçlar›na toplam çözümler sunmaktad›r. Netafl / Nortel Networks, teknoloji ithal eden bir noktadan bugün teknoloji ihraç eden bir firma konumuna ulaflm›flt›r. Netafl / Nortel Networks'ün 300’ü aflk›n mühendis ve teknisyenden oluflan Ar-Ge kadrosu, telekomünikasyon alan›nda rekabet gücü yüksek yeni ürünleri en son teknolojiyle tasarlama çal›flmalar›n› kesintisiz olarak sürdürmektedir. Her y›l sat›fl gelirinin yaklafl›k %69’unu araflt›rma ve gelifltirme çal›flmalar›na ay›ran Netafl / Nortel Networks, her y›l ortalama 10 Milyon A.B.D. Dolar› tutar›nda yaz›l›m ihracat› gerçeklefltirmektedir. Netafl / Nortel Networks, Türkiye’nin iletiflim gereksinimini yerli üretimle karfl›lamak amac›yla 1967’de PTT (Türk Telekom) ve Kanada’n›n Northern Electric Company Limited (Nortel Networks Corporation) ortakl›¤›yla kurulmufltur. Halen % 31,87 oran›ndaki hissesi ‹MKB’de ifllem gören flirketin bafll›ca ortaklar›n›, Nortel Networks (% 53,13) ve Türk Silahl› Kuvvetlerini Güçlendirme Vakf› (%15) oluflturur. NETAfi Netafl / Nortel Networks complements its experience and local technological capabilities in telecommunication sector with Nortel Networks’ solutions, carries its experience and leadership in voice communication to Internet and data communication and contributes to the development of the national communication network towards multimedia communication. Nortel Networks’ product portfolio has been strengthened by solutions that allow the infrastructure to be managed from a single center, and by the network management capabilities that have been developed through Unified Networks vision. Netafl / Nortel Networks is working to deliver today the solutions in order to meet the future needs of its customers in Optical Internet, Local Internet, Wireless Internet, Personal Internet and e-Business areas. The company helps its customers throughout Turkey and other countries in Europe, the Middle East, CIS and Africa to design, operate and market network services supported by continuous online technical assistance. Netafl / Nortel Networks has played a major role in the modernisation of the telecommunications infrastructure in Turkey by supplying approximately 10.5 million lines of switching equipment as well as transmission and datacom systems to Türk Telekom. In the private communications market Netafl / Nortel Networks has the largest share with a customer base of 35,000 in various sectors. The company also provides total solutions to the Turkish Armed Forces with long-term development contracts. Netafl / Nortel Networks has developed from a technology importing company to a technology exporting one through the years, due to the proven capability of its R&D group to design new and highly competitive products with the use of the state of the art technology. Netafl employs over 300 engineers at its R&D organisation and allocates 6-9 % of its annual revenues to R&D activities. The software exported by Netafl R&D has reached US $ 10 million annually. Netafl / Nortel Networks was established in 1967 as a joint venture company between Turkish PTT, now Türk Telekom and Northern Electric Company Limited (Nortel Networks Corporation) of Canada with the aim of supplying Turkey with locally manufactured telecommunications equipment. Currently, 31.87% of Netafl / Nortel Networks shares are traded in the ‹stanbul Stock Exchange, and the major shareholders are Nortel Networks Corporation (53.13%) and the Turkish Armed Forces Foundation (15%). 4 Yönetim Kurulu Üyeleri Board of Directors ARTHUR A. MACDONALD Baflkan / Chairman TEOMAN ERKAN Baflkan Yard›mc›s› / Vice - Chairman 5 M.SA‹T GÖZÜM Üye / Member H. ERDO⁄AN ALK‹N Üye / Member A. MASOOD TARIQ Üye / Member (8 Haziran 2000’e kadar) (to June 8, 2000) TIMOTHY IAN WATKINS Üye / Member (8 Haziran 2000’den itibaren) (from June 8, 2000) IAIN J. MORGAN Üye / Member AL‹ T‹GREL Üye / Member (23 Mart 2000’den itibaren) (from March 23, 2000) Denetim Kurulu Board of Auditors Yöneticiler Management CAV‹T BENG‹SU Genel Müdür President TERRY G. HUNGLE M. SA‹T GÖZÜM (30 Ocak 2001’e kadar) (to January 30, 2001) MICHAEL JERARD GOLLOGLY (31 Ocak 2001’den itibaren) Genel Müdür Yard›mc›lar› Vice Presidents TREVOR BEECHES (from January 31, 2001) OSMAN N. D‹NLER ‹LKER GÜVEN AHMET OREL M.ÜNTAY KOZAK B‹LGE TAfiKIRAN (Milyon TL.) 2000 1999 150.073.340 17.753.887 44.568.984 6.486.480 2.934.000 13.195.545 14.989.970 (18.377.887) 1.076 96.225.582 9.026.518 29.446.001 6.486.480 1.385.000 6.892.520 7.523.800 (13.148.526) 1.247 ÖZET B‹LG‹LER Sat›fllar Net Kâr (Zarar) Net Çal›flma Sermayesi Ödenmifl Sermaye Yat›r›m Harcamalar› Araflt›rma ve Gelifltirme Harcamalar› Net Maddi ve Gayrimaddi Sabit K›ymetler Birikmifl Amortismanlar (-) Personel Say›s› 6 (Million TL.) 2000 1999 HIGHLIGHTS Sales Net Profit (Loss) Net Working Capital Paid in Capital Capital Expenditures Research and Development Expenses Net Tangible and Intangible Fixed Assets Accumulated Depreciation (-) Employees 150,073,340 17,753,887 44,568,984 6,486,480 2,934,000 13,195,545 14,989,970 (18,377,887) 1,076 96,225,582 9,026,518 29,446,001 6,486,480 1,385,000 6,892,520 7,523,800 (13,148,526) 1,247 2000 Activities Report Yönetim Kurulu’nun 2000 Y›l› Faaliyet Raporu of the Board of Directors Say›n Ortaklar›m›z, Dear Shareholders, Netafl-Northern Electric Telekomünikas- Welcome to the Ordinary Annual yon A.fi.’nin y›ll›k Ola¤an Genel Kurul General Meeting of shareholders of Netafl- Toplant›s›’na hoflgeldiniz. 2000 y›l› faaliyet Northern Electric Telekomünikasyon A.fi. raporunu dikkatlerinize sunmaktan mem- We are pleased to submit the 2000 activities nuniyet duymaktay›z. report for your kind attention. Türk Sanayii 1999 y›l›nda yaflanan genel The Turkish industry entered the year ekonomik gerileme sonras›nda yeni y›la ve and the new millennium with a high level milenyuma büyük ölçüde iyimserlik içinde of optimism following the overall economic girmifltir. Hükümet taraf›ndan uygulanan ekonomik tedbirler; iç talepte, yat›r›mlarda ve ihracatta bir art›fla sebep olmufltur. Beklentilere paralel olarak ekonomi 2000 y›l›nda güçlü bir flekilde toparlanm›fl ve 7 hükümet hedeflerinin alt›nda kalmakla beraber, 1980 y›l›ndan bu yana en düflük enflasyon de¤erlerine ulafl›lm›flt›r. Ekonominin iyileflmesinde görülen bu olumlu geliflmeler Aral›k ay›nda bankac›l›k sektöründe yaflanan kriz nedeniyle duraklam›fl, daha sonra politik ve finansal bir recession in 1999. Economic measures implemented by the government created an increase in domestic demand, investments and exports. In line with expectations, the economy strongly recovered in 2000 and the lowest levels of inflation were achieved since 1980’s although they were above government targets. The positive trend in economic recovery however, was hampered by a crisis in the banking sector in December, which further evolved into a political and financial turmoil causing a loss of confidence and stability as we entered 2001. buhrana dönüflerek, 2001 y›l›na girilirken güven ve istikrar kayb›na sebep olmufltur. 1999 y›l›nda karfl›lafl›lan birçok soruna ra¤men, Netafl 2000 y›l›nda finansal durumunu ve ortaklar› için yaratt›¤› de¤eri gelifltirebilmifltir. Despite the many problems encountered in 1999, Netafl was able to improve its financial position and shareholder value in 2000. Total net sales for the year reached 150,025 Billion TL. (241.7 Million US Y›l içinde toplam net sat›fllar 150.025 Dollars) representing an increase of 56 per- Milyar TL.’na (241,7 Milyon A.B.D. Dolar›) cent relative to the previous year and an ulaflm›fl ve bir önceki y›la k›yasla %56 increase of 11 percent in real terms. oran›nda, reel olarak ise %11 oran›nda art›fl Earnings before tax amounted to 25,253 sa¤lanm›flt›r. Vergi öncesi kâr 25.253 Milyar Billion TL. (40.8 Million US Dollars), which TL. (40,8 Milyon A.B.D. Dolar›) olarak is 64 percent (18 percent in real terms) tahakkuk etmifl, 1999 y›l›na k›yasla %64 higher than 1999. Net earnings after tax (reel art›fl were 17,754 Billion TL. (28 Million US görülmüfltür. 17.754 Milyar TL. (28 Milyon Dollars), 97 percent (39 percent in real A.B.D. Dolar›) olarak gerçekleflen vergi terms) higher than the previous year. sonras› net kâr bir önceki y›l de¤erinden Meanwhile, the growth rate in operating %97 (reel olarak %39) daha yüksektir. profits were 74 percent compared to 1999. Faaliyet kâr›ndaki büyüme oran› 1999 y›l›na Export sales during the year amounted to k›yasla %74 olarak tahakkuk etmifltir. Y›l 56.1 Million US Dollars. olarak %18) oran›nda içindeki ihracat sat›fllar› 56,1 Milyon A.B.D. The Board is pleased to report a satisfactory operational performance with signifi- Dolar›’na ulaflm›flt›r. Yönetim Kurulu 2000 y›l›nda önemli geliflme kaydedilen tatminkâr bir faaliyet cant improvement in 2000. The current paid up capital of performans› raporlamaktan memnuniyet 6,486,480,000,000.- TL. was sufficient for duymaktad›r. business needs and Netafl was able to fiirketin ödenmifl sermayesini teflkil eden 6.486.480.000.000,-TL. iflletme ihtiyaçlar›n› karfl›lamak yönünden yeterli görüldü¤ünden 2000 y›l› içinde sermaye art›r›m› yap›lmas›na gerek görülmemifltir. 2000 y›l› içinde fiirketin sermaye yap›s›nda önemli bir de¤ifliklik olmam›flt›r. finance its working capital requirements without the need for a capital increase during the year. There has been no significant change in the capital structure of Netafl in 2000. The Board of Directors of the Company was elected at the Ordinary Annual Meeting of the Shareholders held on 21 fiirketin Yönetim Kurulu 21 Nisan 1998 tarihinde yap›lan y›ll›k Ola¤an Genel Kurul April 1998 for a period of three years. The Board will have completed its term of office Toplant›s›’nda üç y›ll›k görev süresi için at this Annual Meeting of the shareholders. seçilmifl Yönetim On this occasion the Board wishes to Kurulu’nun görev süresi bu Genel Kurul express its thanks to the shareholders for Toplant›s› tarihinde tamamlanm›fl olacakt›r. their support. The Board also takes this Bu vesileyle ortaklar›m›za gösterdikleri opportunity to wish success to the new mem- destek nedeniyle teflekkürlerimizi sunar›z. bers of the Board to be elected by the share- Yönetim holders. bulunmaktad›r. Kurulu’nun Genel Kurul taraf›ndan seçilecek yeni üyelerine de baflar›lar diliyoruz. 30 Mart 2000 tarihinde yap›lan son y›ll›k Since the last Ordinary Annual Meeting of the Shareholders held on 30 March 2000, Mr. A. Masood Tariq resigned from the 8 Ola¤an Genel Kurul Toplant›s›’ndan bu Board of Directors and was replaced by Mr. yana Yönetim Kurulu üyemiz A. Masood Timothy Ian Watkins with effect from 8 Tariq görevinden istifa etmifl ve yerine 8 June 2000. Haziran 2000 tarihinden geçerli olmak üzere Timothy Ian Watkins seçilmifltir. thanks to Mr. Tariq for his valuable support Yönetim Kurulu flirkete de¤erli destek ve katk›lar›ndan dolay› A. Masood Tariq’a Y›l›n önemli faaliyetlerinden baz›lar› 2000 y›l› boyunca yo¤un pazarlama ve müflterimiz Türk yap›lm›flt›r. Bafll›ca Telekom’un, ulusal anahtarlama flebekesinin gelifltirilmesi için ihtiyaç duydu¤u santral teçhizat›n›n teslimat›, kazan›lan ihaleler sonucu imzalanan 9 do¤rudan sat›fl ve gelir Some of the major activities during the During 2000 extensive marketing and sales activities were conducted. Direct sales afla¤›daki flekilde özetlenebilir; faaliyetleri and contributions to the Company. year can be summarised as follows: takdir ve teflekkürlerini sunar. sat›fl The Board records its appreciation and paylafl›m› sözleflmeleri kapsam›nda devam etmifltir. Bir di¤er ihale sonucunda Netafl, SDH transmisyon ürünleri sat›fl ve teslimi konusunda sözleflme imzalam›flt›r. Söz konusu sözleflme %40 pazar pay› temsil etmekte olup, flirket için yerli üretim ve gelifltirme faaliyeti de gerektiren önemli bir of switching equipment and deliveries under revenue sharing contracts, which were awarded as a result of a major tender, continued to our major customer Türk Telekom for the expansion of the national switching network. As a result of another tender Netafl was awarded a contract for the delivery of SDH transmission systems. The contract represents a 40% market share and constitutes an important milestone for the company which involves local production and development. Further activities involved the supply of equipment and services to the TURPAK digital data network. Additionally, deliveries were made under a merhale teflkil etmektedir. Bunlar d›fl›nda contract for the supply of ATM switches to TURPAK say›sal veri flebekesi için teçhizat TTNet, which is the Internet Protocol based ve hizmetler sa¤lanm›fl, ayr›ca müflterinin data backbone network of the customer. Internet Protokolü temelli omurga veri flebekesi olan TTNet için, imzalanan sözleflme kapsam›nda ATM santrallar› tedarik edilmifltir. Savunma sistemleri In the Defence Systems market development activities for the Ministry of Defence continued, deliveries of equipment and services in this market generated satisfactory pazar›nda Milli results. Field trials of the locally designed Savunma Bakanl›¤› için gelifltirme faaliyet- tactical ATM and ISDN switches and termi- leri devam etmifl, bu pazardaki teçhizat ve nals were successfully completed. Mass pro- hizmet sat›fllar› tatminkâr sonuçlar meydana duction of getirmifltir. Yerli olarak gelifltirilen taktik begin in 2002. Another major project amaçl› ATM ve ISDN santrallar›n›n saha involves the delivery of the communications deneme çal›flmalar› baflar› ile tamam- infrastructure equipment of the vessel traf- lanm›flt›r. Bu sistemlerin seri üretimine 2002 fic management system of the Turkish y›l› içinde bafllan›lmas› planlanmaktad›r. Bir straits, which will provide navigation safety baflka önemli proje, Türk bo¤azlar›ndan to vessels. these systems are planned to gemilerin güvenle geçmesini sa¤layacak Alternate Operators sector has become a gemi trafi¤i yönetim sisteminin haberleflme focus market for Netafl and a significant altyap›s› teçhizat›n›n sa¤lanmas›d›r. growth rate of 300% was achieved com- Lisansl› ‹flletmeciler pazar› Netafl için önemli bir pazar oluflturmaktad›r ve bir önceki y›la k›yasla %300 oran›nda büyüme kaydedilmifltir. Bu geliflen pazar sektöründe internet hizmeti sa¤lay›c›lar› Netafl’›n önemli müflterileridir. Netafl ve pared to the previous year. Internet Service Providers are major customers of Netafl in this developing market sector. The reliable and secure solutions offered by Netafl and Nortel Networks enable operators to build and operate a network offering fast and uninterrupted access to users. Nortel Networks taraf›ndan sunulan güvenilir çözümler, iflletmecilerin kullan›c›lara h›zl› ve kesintisiz eriflim sunmalar›n› sa¤layacak flebekelerin kurulmas›n› ve iflletilmesini mümkün k›lmaktad›r. konusundaki yeteneklerimizin gelifltirilmesi için araflt›rma ve gelifltirmeye önemli yap›lm›flt›r. Netafl’›n optical and wireless networks and technologies significant investments were made in research and development. Netafl R&D laboratory has become one of the institutions Optik ve telsiz flebekeleri ve teknolojileri yat›r›mlar In order to expand our capabilities in Ar-Ge Laboratuvar›, Nortel Networks bünyesinde engaged in the development of SDH technology within Nortel Networks. Export activities during the year were focused on markets where Netafl has a strong presence. These markets consisted of SDH teknolojisinin gelifltirilmesi ile meflgul Russia, birkaç kurulufltan biri durumuna gelmifltir. Kazakhstan. A growth rate of 40% was Y›l içinde ihracat faaliyetleri Netafl'›n güçlü bir konuma sahip oldu¤u pazarlara Morocco, Bangladesh and achieved in these markets compared to the previous year. odaklanm›flt›r. Bu pazarlar Rusya, Fas, In line with our Manufacturing 2000 Bangladefl ve Kazakistan’d›r. Bu pazarlarda strategy we have successfully transferred bir önceki y›la k›yasla %40 oran›nda our PCBA (printed circuit board assembly) büyüme sa¤lanm›flt›r. manufacturing activities to Solectron 10 "Manufacturing 2000" olarak adland›rd›¤›m›z 2000 y›l› üretim stratejimize uygun olarak PCBA üretim faaliyetimiz baflar›l› bir Ticaret A.fi. During 2000, 462,000 DMS line cards, flekilde Solectron Elektronik Üretim ve 2,300 Pazarlama Sanayi ve Ticaret A.fi.’ne transfer exchange edilmifltir. Transmission equipment production and 2000 y›l› içinde 462.000 DMS hat kart›, power systems, lines were 99,000 rural manufactured. deliveries consisted of 153,000 ports. 2.300 enerji sistemi, 99.000 k›rsal santral Investments in 2000 amounted to 2,934 hatt› üretilmifltir. Transmisyon teçhizat› üre- Billion TL. mainly for fixed assets such as; tim ve teslimat› 153.000 port olarak gerçek- computers, machinery and buildings. leflmifltir. In line with our commitment to Total Y›l içinde bilgisayar donan›m›, makina Quality Management efforts were made to ve teçhizat ve binalar gibi sabit k›ymetlere increase the overall satisfaction and loyalty 2.934 of our customers. The independent surveys Milyar TL. tutar›nda yat›r›m conducted in this area evidenced that the yap›lm›flt›r. Toplam Kalite Yönetimi faaliyetleri kap11 Elektronik Üretim ve Pazarlama Sanayi ve sam›nda müflterilerimizin tatmini ve Company was moving in the right direction, with an increase from 60% in 1999 to 61% in 2000. ba¤l›l›¤›n›n art›r›lmas› yönündeki çabalar devam ettirilmifltir. Bu alanda yap›lan ba¤›ms›z anketler, flirketin do¤ru yolda gitmekte oldu¤unu, 1999 y›l›ndaki %60 de¤erinin 2000 y›l›nda %61’e ç›km›fl Netafl’›n en de¤erli varl›¤› yüksek nitelikli ve kendini ifline adam›fl insan gücüdür. 31 Aral›k 2000 tarihi itibariyle kadromuz 1.076 kifliden oluflmaktad›r. y›l›nda flirketin yönelik resource which consisted of 1,076 employees at 31 December 2000. of the Company was re-aligned to meet the market trends. Building on our close cooperation with Nortel Networks aggressive training programs were put in place to enhance the capabilities and skill levels of organizasyon yap›s›nda pazardaki geliflmelere uyum sa¤lamaya highly qualified and dedicated human During 2000 the organisational structure olmas›yla göstermektedir. 2000 The most valuable asset of Netafl is its düzenlemeler our employees in a variety of disciplines. 2000 has been a successful year for Netafl. We would like to thank and congrat- yap›lm›flt›r. Nortel Networks ile iflbirli¤i ulate the management and employees for içinde iddial› bir e¤itim program› haz›rla- their dedicated efforts and contributions. narak, çeflitli disiplinlerde çal›flanlar›m›z›n yeteneklerinin gelifltirilmesi amaçlanm›flt›r. 2000 y›l› Netafl için baflar›l› bir y›l We hereby respectfully submit the balance sheet, the profit and loss statement olmufltur. fiirket yönetimine ve çal›flanlar›m›za and the dividend distribution proposal of gayretleri ve katk›lar›ndan dolay› tebrik ve the Board of Directors for your review and teflekkürlerimizi sunar›z. approval. Faaliyet y›l›na iliflkin bilânço, kâr zarar hesab› ve kâr da¤›t›m teklifimizi tetkik ve onay›n›za sunuyoruz. Sayg›lar›m›zla, Yours Respectfully, Arthur A. MacDonald Arthur A. MacDonald Baflkan Chairman 12 Yönetim Kurulu’nun 2000 Faaliyet Y›l› Kâr Da¤›t›m Teklifi 2000 y›l› da¤›t›labilir net kâr 17.258.779.000.000,- TL. olup ola¤anüstü yedek olarak flirket bünyesinde al›konulmas›n› ve 1997 y›l› ola¤anüstü yedeklerinden 4.540.536.000.000,- TL.’nin nakit olarak ortaklara hisseleri oran›nda da¤›t›lmas›n› teklif ederiz. 13 2000 Dividend Distribution Proposal We hereby propose to retain 17,258,779,000,000.- TL. constituting the net distributable profit of 2000 as extraordinary reserve within the accounts of the company and to distribute 4,540,536,000,000.- TL. in cash, from the extraordinary reserves of 1997 to the shareholders in proportion to their respective shares. Mali Sonuçlar Financial Results 14 (Milyon TL.) GEL‹R TABLOSU 31 Aral›k 2000 31 Aral›k 1999 A- BRÜT SATIfiLAR 150.073.340 96.337.401 1. Yurtiçi Sat›fllar 108.254.627 72.383.957 2. Yurtd›fl› Sat›fllar 40.194.374 21.731.828 1.624.339 2.221.616 (47.878) (111.819) (47.878) (111.819) C- NET SATIfiLAR 150.025.462 96.225.582 D- SATIfiLARIN MAL‹YET‹ (-) (96.534.636) (64.344.168) 53.490.826 31.881.414 (35.012.364) (21.251.890) 1. Araflt›rma ve Gelifltirme Giderleri (-) (13.195.545) (6.892.520) 2. Pazarlama, Sat›fl ve Da¤›t›m Giderleri (-) (15.840.771) (8.629.046) (5.976.048) (5.730.324) ESAS FAAL‹YET KÂRI / (ZARARI) 18.478.462 10.629.524 F- D‹⁄ER FAAL‹YETLERDEN GEL‹RLER VE KÂRLAR 12.562.353 15.010.229 1. Faiz ve Di¤er Temettü Gelirleri 4.351.817 6.001.904 2. Faaliyetle ‹lgili Di¤er Gelirler ve Kârlar 8.210.536 9.008.325 G- D‹⁄ER FAAL‹YETLERDEN G‹DERLER VE ZARARLAR (-) (6.729.989) (7.261.629) H- F‹NANSMAN G‹DERLER‹ (-) (1.566.252) (2.615.089) (1.566.252) (2.615.089) 22.744.574 15.763.035 9.201.202 472.490 49.298 1.209 9.151.904 471.281 (6.692.781) (839.422) (30.200) (397.797) (6.662.581) (441.625) DÖNEM KÂRI / ZARARI 25.252.995 15.396.103 K- ÖDENECEK VERG‹ VE D‹⁄ER YASAL YÜKÜMLÜLÜKLER (-) (7.499.108) (6.369.585) NET DÖNEM KÂRI / (ZARARI) 17.753.887 9.026.518 3. Di¤er Sat›fllar B- SATIfiLARDAN ‹ND‹R‹MLER (-) 1. Sat›fltan iadeler (-) BRÜT SATIfi KÂRI E- FAAL‹YET G‹DERLER‹ (-) 3. Genel Yönetim Giderleri (-) 15 1. K›sa Vadeli Borçlanma Giderleri (-) FAAL‹YET KÂRI I- OLA⁄ANÜSTÜ GEL‹RLER VE KÂRLAR 1. Konusu Kalmayan Karfl›l›klar 2. Di¤er Ola¤anüstü Gelir ve Kârlar J- OLA⁄ANÜSTÜ G‹DERLER VE ZARARLAR (-) 1. Önceki Dönem Gider ve Zararlar› (-) 2. Di¤er Ola¤anüstü Gider ve Zararlar (-) (Million TL.) STATEMENT OF INCOME December 31, 2000 December 31, 1999 150,073,340 96,337,401 108,254,627 72,383,957 40,194,374 21,731,828 3. Other Sales Revenues 1,624,339 2,221,616 B- SALES DEDUCTIONS (-) (47,878) (111,819) (47,878) (111,819) 150,025,462 96,225,582 (96,534,636) (64,344,168) 53,490,826 31,881,414 (35,012,364) (21,251,890) 1. Research and Development Expenses (-) (13,195,545) (6,892,520) 2. Marketing, Selling and Distribution Expenses (-) (15,840,771) (8,629,046) (5,976,048) (5,730,324) PROFIT OR LOSS ON OPERATING ACTIVITIES 18,478,462 10,629,524 F- OTHER OPERATING INCOME 12,562,353 15,010,229 1. Interest and Other Dividend Income 4,351,817 6,001,904 2. Other Operating Income 8,210,536 9,008,325 G- OTHER OPERATING EXPENSES (-) (6,729,989) (7,261,629) H- FINANCIAL EXPENSES (-) (1,566,252) (2,615,089) (1,566,252) (2,615,089) 22,744,574 15,763,035 9,201,202 472,490 49,298 1,209 9,151,904 471,281 (6,692,781) (839,422) (30,200) (397,797) (6,662,581) (441,625) 25,252,995 15,396,103 (7,499,108) (6,369,585) 17,753,887 9,026,518 A- GROSS SALES 1. Domestic Sales 2. Export Sales 1. Sales Returns (-) C- NET SALES D- COST OF SALES (-) GROSS PROFIT E- OPERATING EXPENSES 3. General Administrative Expenses (-) 16 1. Short-Term Borrowing Expenses (-) OPERATING PROFIT I- EXTRAORDINARY INCOME 1. Prior Period Provisions 2. Other Extraordinary Income J- EXTRAORDINARY EXPENSES 1. Prior Period Expenses (-) 2. Other Extraordinary Expenses (-) PERIOD PROFIT OR LOSS K- TAXATION NET PROFIT FOR THE PERIOD OR LOSS (Milyon TL.) B‹LANÇO 31 Aral›k 2000 31 Aral›k 1999 I- DÖNEN VARLIKLAR 92.259.741 72.270.292 A- HAZIR DE⁄ERLER 1. Kasa 2. Bankalar 3. Di¤er Haz›r De¤erler 31.949.758 3.599 31.939.336 6.823 12.517.469 3.366 12.458.145 55.958 3.247.477 3.247.477 0 0 C- KISA VADEL‹ T‹CAR‹ ALACAKLAR 1. Al›c›lar 2. Alacak Senetleri 3. Verilen Depozito ve Teminatlar 4. Alacak Reeskontu (-) 5. fiüpheli Alacaklar Karfl›l›¤› (-) 28.363.626 37.273.876 1.232.823 3.875 (211.294) (9.935.654) 32.003.209 40.092.956 303.266 0 (16.175) (8.376.838) D- D‹⁄ER KISA VADEL‹ ALACAKLAR 1. K›sa Vadeli Di¤er Alacaklar 203.995 203.995 74 74 E- STOKLAR 1. ‹lk Madde ve Malzeme 2. Yar› Mamuller 3. Mamuller 4. Emtia 5. Di¤er Stoklar 6. Stok De¤er Düflüklü¤ü Karfl›l›¤› (-) 7. Verilen Siparifl Avanslar› 11.698.116 6.101.204 1.450.829 1.966.594 1.355.882 2.151.974 (1.450.308) 121.941 13.693.955 4.913.486 3.951.751 1.999.526 585.364 582.752 (1.098.107) 2.759.183 F- D‹⁄ER DÖNEN VARLIKLAR 16.796.769 14.055.585 II- DURAN VARLIKLAR 15.962.834 12.103.181 A- UZUN VADEL‹ T‹CAR‹ ALACAKLAR 1. Al›c›lar 2. Verilen Depozito ve Teminatlar 324.434 320.854 3.580 725.661 721.422 4.239 B- D‹⁄ER UZUN VADEL‹ ALACAKLAR 1. Uzun Vadeli Di¤er Alacaklar 168.711 168.711 218.518 218.518 282.110 296.850 (229.400) (67.450) 364.217 (26.577) (55.530) 306.711 296.850 (229.400) (67.450) 441.971 (26.577) (108.683) 14.989.970 1 4.252 7.184.167 23.205.681 491.277 1.775.153 603.821 (18.377.887) 103.505 7.523.800 1 4.252 4.337.388 13.857.158 435.245 1.317.872 669.889 (13.148.526) 50.521 49.079 49.079 120.090 120.090 148.530 3.208.401 108.222.575 84.373.473 AKT‹F (VARLIKLAR) B- MENKUL KIYMETLER 1. Kamu Kesimi Tahvil, Senet ve Bonolar› 17 C- F‹NANSAL DURAN VARLIKLAR 1. ‹fltirakler 2. ‹fltiraklere Sermaye Taahhütleri (-) 3. ‹fltirakler De¤er Düflüfl Karfl›l›¤› (-) 4. Ba¤l› Ortakl›klar 5. Ba¤l› Ortakl›klara Sermaye Taahhütleri (-) 6. Ba¤l› Ortakl›klar De¤er Düflüfl Karfl›l›¤› (-) D- MADD‹ DURAN VARLIKLAR 1. Arazi ve Arsalar 2. Yerüstü ve Yeralt› Düzenleri 3. Binalar 4. Makina, Tesis ve Cihazlar 5. Tafl›t Araç ve Gereçleri 6. Döfleme ve Demirbafllar 7. Di¤er Maddi Duran Varl›klar 8. Birikmifl Amortismanlar (-) 9. Yap›lmakta Olan Yat›r›mlar E- MADD‹ OLMAYAN DURAN VARLIKLAR 1. Haklar F- D‹⁄ER DURAN VARLIKLAR AKT‹F (VARLIKLAR) TOPLAMI (Milyon TL.) B‹LANÇO 31 Aral›k 2000 31 Aral›k 1999 47.690.757 42.824.291 3.375.020 5.877.894 3.375.020 5.877.894 18.714.312 16.649.135 18.612.170 15.534.970 800 1.025 101.342 1.113.140 2.499.136 2.679.308 1.020 834 122.086 149.500 1.949.770 993.885 408.357 244.076 17.903 1.291.013 2.317.983 4.437.336 20.784.306 13.180.618 7.499.108 6.369.585 13.285.198 6.811.033 6.861.692 5.783.206 0 1.011.735 0 1.011.735 359.977 48.380 359.977 48.380 C- BORÇ VE G‹DER KARfiILIKLARI 6.501.715 4.723.091 1. K›dem Tazminat› Karfl›l›klar› 5.900.331 4.414.735 601.384 308.356 53.670.126 35.765.976 6.486.480 6.486.480 139.526 139.526 8.809.561 6.084.426 8.809.561 6.084.426 20.480.672 14.029.026 1. Yasal Yedekler 1.591.709 834.077 2. Özel Yedekler 17.053 17.053 18.690.027 13.177.896 181.883 0 17.753.887 9.026.518 108.222.575 84.373.473 PAS‹F (KAYNAKLAR) I- KISA VADEL‹ BORÇLAR A- F‹NANSAL BORÇLAR 1. K›sa Vadeli Banka Kredileri B- T‹CAR‹ BORÇLAR 1. Sat›c›lar 2. Al›nan Depozito ve Teminatlar 3. Di¤er Ticari Borçlar C- D‹⁄ER KISA VADEL‹ BORÇLAR 1. Ortaklara Borçlar 2. Ödenecek Giderler 3. Ödenecek Vergi, Harç ve Di¤er Kesintiler 4. Ertelenen ve Takside Ba¤lanan Devlet Alacaklar› 5. K›sa Vadeli Di¤er Borçlar D- ALINAN S‹PAR‹fi AVANSLARI E- BORÇ VE G‹DER KARfiILIKLARI 1. Vergi Karfl›l›klar› 2. Di¤er Borç ve Gider Karfl›l›klar› II- UZUN VADEL‹ BORÇLAR A- T‹CAR‹ BORÇLAR 1. Sat›c›lar B- D‹⁄ER UZUN VADEL‹ BORÇLAR 1. Ertelenen ve Takside Ba¤lanan Devlet Alacaklar› 2. Di¤er Borç ve Gider Karfl›l›klar› III- ÖZ SERMAYE A- SERMAYE B- EM‹SYON PR‹M‹ C- YEN‹DEN DE⁄ERLEME DE⁄ER ARTIfi FONU 1. Duran Varl›klardaki De¤er Art›fl› D- YEDEKLER 3. Ola¤anüstü Yedekler 4. Maliyet Art›fl Fonu E- NET DÖNEM KÂRI PAS‹F (KAYNAKLAR) TOPLAMI 18 (Million TL.) BALANCE SHEET December 31, 2000 December 31, 1999 ASSETS I- CURRENT ASSETS 92,259,741 72,270,292 A- LIQUID ASSETS 1. Cash 2. Banks 3. Other Liquid Assets 31,949,758 3,599 31,939,336 6,823 12,517,469 3,366 12,458,145 55,958 3,247,477 3,247,477 0 0 28,363,626 37,273,876 1,232,823 3,875 (211,294) (9,935,654) 32,003,209 40,092,956 303,266 0 (16,175) (8,376,838) 203,995 203,995 74 74 E- INVENTORIES 1. Raw Materials 2. Semi Finished Goods 3. Finished Goods 4. Merchandise Inventory 5. Other Inventories 6. Prov. for Diminution in Value of Inventory (-) 7. Order Advance Given 11,698,116 6,101,204 1,450,829 1,966,594 1,355,882 2,151,974 (1,450,308) 121,941 13,693,955 4,913,486 3,951,751 1,999,526 585,364 582,752 (1,098,107) 2,759,183 F- OTHER CURRENT ASSETS 16,796,769 14,055,585 II- LONG-TERM ASSETS 15,962,834 12,103,181 A- LONG-TERM TRADE RECEIVABLES 1. Trade Receivables 2. Deposits and Guarantees 324,434 320,854 3,580 725,661 721,422 4,239 B- OTHER LONG-TERM RECEIVABLES 1. Long-Term Other Receivables 168,711 168,711 218,518 218,518 282,110 296,850 (229,400) (67,450) 364,217 (26,577) (55,530) 306,711 296,850 (229,400) (67,450) 441,971 (26,577) (108,683) 14,989,970 1 4,252 7,184,167 23,205,681 491,277 1,775,153 603,821 (18,377,887) 103,505 7,523,800 1 4,252 4,337,388 13,857,158 435,245 1,317,872 669,889 (13,148,526) 50,521 E- INTANGIBLE FIXED ASSETS 1. Rights 49,079 49,079 120,090 120,090 F- OTHER LONG-TERM ASSETS 148,530 3,208,401 108,222,575 84,373,473 B- MARKETABLE SECURITIES 1. Treasury and Bonds C-SHORT-TERM TRADE RECEIVABLES 1. Trade Receivables 2. Notes Receivables 3. Deposits and Guarantees 4. Discount on Receivables (-) 5. Provision For Doubtful Receivables (-) D- OTHER SHORT-TERM RECEIVABLES 1. Other Short-Term Receivables 19 C- FINANCIAL ASSETS 1. Affiliates 2. Capital Commitment to Affiliates (-) 3. Prov. for Diminution in Value of Affiliates (-) 4. Subsidiaries 5. Capital Commitments to Subsidiaries (-) 6. Prov. for Diminution in Value of Subs. (-) D- TANGIBLE FIXED ASSETS 1. Lands 2. Superstructures and Infrastructures 3. Buildings 4. Machinery, Plant and Equipment 5. Vehicles 6. Furniture and Fixtures 7. Other Tangible Fixed Assets 8. Accumulated Depreciation (-) 9. Construction in Progress TOTAL ASSETS (Million TL.) BALANCE SHEET December 31, 2000 December 31, 1999 LIABILITIES I- CURRENT LIABILITIES 47,690,757 42,824,291 3,375,020 3,375,020 5,877,894 5,877,894 B- TRADE PAYABLES 18,714,312 16,649,135 1. Trade Payables 18,612,170 15,534,970 800 1,025 101,342 1,113,140 2,499,136 2,679,308 1,020 834 122,086 149,500 1,949,770 993,885 408,357 244,076 17,903 1,291,013 2,317,983 4,437,336 20,784,306 13,180,618 7,499,108 6,369,585 13,285,198 6,811,033 6,861,692 5,783,206 A- TRADE PAYABLES 0 1,011,735 1. Trade Payables 0 1,011,735 359,977 48,380 359,977 48,380 6,501,715 4,723,091 5,900,331 4,414,735 601,384 308,356 53,670,126 35,765,976 6,486,480 6,486,480 139,526 139,526 8,809,561 6,084,426 8,809,561 6,084,426 20,480,672 14,029,026 1,591,709 834,077 17,053 17,053 18,690,027 13,177,896 181,883 0 17,753,887 9,026,518 108,222,575 84,373,473 A- FINANCIAL LIABILITIES 1. Bank Loans 2. Deposits and Guarantees Received 3. Other Trade Payables C- OTHER SHORT-TERM PAYABLES 1. Payables to Shareholders 2. Expense Accruals 3. Taxes and Dues Payable 4. Deferred Dues to Government Offices 5. Other Short-Term Payables D- ORDER ADVANCES RECEIVED E- PROVISIONS 1. Corporate Tax Payable 2. Other Provisions II- LONG-TERM LIABILITIES B-OTHER LONG-TERM PAYABLES 1. Deferred Dues to Government Offices C- PROVISIONS 1. Provision for Termination Indemnities 2. Other Provisions III- SHAREHOLDERS’ EQUITY A- CAPITAL B- PREMIUM IN EXCESS OF PAR C- REVALUATION SURPLUS 1. Revaluation of Tangible Fixed Assets D- RESERVES 1. Legal Reserves 2. Special Reserves 3. Extraordinary Reserves 4. Cost Increase Fund E- PROFIT FOR THE PERIOD TOTAL LIABILITIES 20 (Milyon TL.) FON AKIM TABLOSU 31 Aral›k 2000 31 Aral›k 1999 60.764.708 50.444.181 31.853.300 13.519.543 22.744.574 9.026.518 b) Amortismanlar (+) 7.525.221 2.423.761 c) Fon Ç›k›fl› Gerektirmeyen Giderler (+) 1.778.624 2.154.587 d) Fon Girifli Sa¤lamayan Gelirler (-) (195.119) (85.323) 2. Ola¤anüstü Kârdan Sa¤lanan Kaynak 2.508.421 0 2.508.421 0 3. Dönen Varl›klar›n Tutar›nda Azal›fl 10.340.566 6.364.291 4. Duran Varl›klar›n Tutar›nda Azal›fl 3.767.701 227.794 11.801.240 29.320.818 6. Uzun Vadeli Borçlarda Art›fl 311.597 1.011.735 7. Maliyet Art›fl Fonu 181.883 0 B- KAYNAK KULLANIMLARI 60.764.708 50.444.181 1. Ödenen Vergi ve Benzerleri 11.095.356 0 2.756.754 875.675 3. Dönen Varl›klar›n Tutar›nda Art›fl 25.409.125 43.851.546 4. Duran Varl›klar›n Tutar›nda Art›fl 12.427.438 5.505.094 5. K›sa Vadeli Borçlarda Azal›fl 8.064.300 64.550 6. Uzun Vadeli Borçlarda Azal›fl 1.011.735 147.316 15.122.983 8.316.308 A- KAYNAKLAR 1. Faaliyet Kâr›ndan Sa¤lanan Kaynak a) Faaliyet Kâr› a) Ola¤anüstü Kâr 21 5. K›sa Vadeli Borçlarda Art›fl 2. Ödenen Temettüler NET ‹fiLETME SERMAYES‹NDEK‹ ARTIfi (Million TL.) STATEMENT OF FUNDS FLOW December 31, 2000 December 31, 1999 A- SOURCES OF FUNDS 60,764,708 50,444,181 1. Funds Generated by Operations 31,853,300 13,519,543 22,744,574 9,026,518 b) Depreciation 7,525,221 2,423,761 c) Expenses not Creating Outflow of Funds 1,778,624 2,154,587 d) Incomes not Generating Funds Inflows (-) (195,119) (85,323) 2,508,421 0 2,508,421 0 10,340,566 6,364,291 3,767,701 227,794 11,801,240 29,320,818 311,597 1,011,735 a) Operating Profit 2. Funds Generated by Extraordinary Income a) Extraordinary Profit 3. Decrease in Current Assets 4. Decrease in Fixed Assets 5. Increase in Current Liabilities 6. Increase in Long-Term Liabilities 22 7. Cost Increasing Fund 181,883 0 B- USES OF FUNDS 60,764,708 50,444,181 1. Taxes and Dues Paid 11,095,356 0 2,756,754 875,675 3. Increase in Current Assets 25,409,125 43,851,546 4. Increase in Fixed Assets 12,427,438 5,505,094 5. Decrease in Current Liabilities 8,064,300 64,550 6. Decrease in Long-Term Liabilities 1,011,735 147,316 15,122,983 8,316,308 2. Dividends Paid CHANGE IN NET WORKING CAPITAL Denetim Kurulu Raporu Netafl - Northern Electric Telekomünikasyon A.fi. Genel Kurulu’na • Ortakl›¤›n • Ünvan› • Merkezi • Sermayesi • Faaliyet Konusu : : : : • Denetçilerin ad› ve görev süreleri veya flirketin personeli olup olmad›klar› NETAfi-Northern Electric Telekomünikasyon A.fi. ‹stanbul 6.486.480.000.000,- TL. Telekomünikasyon teçhizat› üretim ve sat›fl› : Ad›, Soyad› Cavit Bengisu ‹lker Güven Terry G. Hungle M.Üntay Kozak Bilge Taflk›ran Görev Süresi 3 y›l 3 y›l 3 y›l 3 y›l 3 y›l fiirket fiirket fiirket fiirket fiirket personeli personeli personeli personeli personeli de¤ildir. de¤ildir. de¤ildir. de¤ildir. de¤ildir. Terry G.Hungle 30 Ocak 2001 tarihinde istifa etmifl, yerine 31 Ocak 2001 tarihi itibariyle Michael Jerard Gollogly Türk Ticaret Kanunu’nun 351. Maddesi uyar›nca seçilmifltir. • Kat›l›nan Yönetim Kurulu ve yap›lan Denetim Kurulu Toplant›lar› say›s›: 4 fiubat, 30 Mart, 8 Haziran, 2 Kas›m 2000 tarihlerinde yap›lan Yönetim Kurulu Toplant›lar›’na ifltirak edilmifltir. Bu dönem içinde (4) Denetim Kurulu Toplant›s› yap›lm›flt›r. • Ortakl›k hesaplar›, defter ve belgeleri üzerinde yap›lan incelemenin kapsam›, hangi tarihlerde inceleme yap›ld›¤› ve var›lan sonuç : Yukar›da belirtilen tarihlerde yap›lan toplant›lar ile ayr›ca 3 Mart, 7 Haziran, 1 Kas›m, 13 Aral›k tarihlerinde yap›lan toplant›larda flirket hesaplar›, defter ve belgeleri üçer ayl›k dönemler itibariyle denetlenmifl, kay›tlar›n flirket Anasözleflmesi ile mevzuat hükümlerine uygun oldu¤u tespit edilmifltir. • Türk Ticaret Kanunu’nun 353. maddesinin 1. f›kras›n›n 3 numaral› bendi gere¤ince ortakl›k veznesinde yap›lan say›mlar›n say›s› ve sonuçlar›: Üçer ayl›k dönemler itibariyle yap›lan say›mlar sonucunda flirket veznesinde bulunan tutarlar›n ayn› günkü kasa kay›tlar›na uygun oldu¤u tespit edilmifltir. 23 • Türk Ticaret Kanunu’nun 353. maddesinin 1. f›kras› 4 numaral› bendi gere¤ince yap›lan inceleme tarihleri ve sonuçlar›: Yap›lan denetimlerde teminatlarla k›ymetli evrak›n kay›tlara uygun olarak mevcudiyeti tespit edilmifltir. • ‹ntikal eden flikayet ve yolsuzluklar ve bunlar hakk›nda yap›lan ifllemler: Denetim Kurulu'na görev süresi içinde intikal eden flikayet ve yolsuzluk olmam›flt›r. Netafl - Northern Electric Telekomünikasyon Anonim fiirketi’nin 31.12.2000 dönemi hesap ve ifllemlerini Türk Ticaret Kanunu, ortakl›¤›n esas sözleflmesi ve di¤er mevzuat ile genel kabul görmüfl muhasebe ilke ve standartlar›na göre incelemifl bulunmaktay›z. Görüflümüze göre içeri¤ini benimsedi¤imiz ekli 31.12.2000 tarihi itibariyle düzenlenmifl bilânço, ortakl›¤›n an›lan tarihteki malî durumunu, 01.01.2000/31.12.2000 dönemine ait gelir tablosu, an›lan döneme ait faaliyet sonuçlar›n› gerçe¤e uygun ve do¤ru olarak yans›tmakta; kâr›n da¤›t›m› önerisi yasalara ve ortakl›k esas sözleflmesine uygun bulunmaktad›r. Bilânçonun ve gelir tablosunun onaylanmas›n› ve Yönetim Kurulu’nun aklanmas›n› oylar›n›za arz ederiz. 28 fiubat 2001 DENET‹M KURULU CAV‹T BENG‹SU ‹LKER GÜVEN M. ÜNTAY KOZAK MICHAEL J. GOLLOGLY B‹LGE TAfiKIRAN Board of Auditors’ Report To the General Assembly of Netafl - Northern Electric Telekomünikasyon A.fi. • Company • Name • Head - Office • Registered Capital • Field of Activity • Name, term of the auditors and status : NETAfi - Northern Electric Telekomünikasyon A.fi. : ‹stanbul : 6,486,480,000,000.- TL. : The manufacture and sale of telecommunications equipment. : Name Cavit Bengisu ‹lker Güven Terry G. Hungle M. Üntay Kozak Bilge Taflk›ran Term 3 year 3 year 3 year 3 year 3 year not not not not not an an an an an employee employee employee employee employee Terry G. Hungle resigned with effect from 30.01.2001 and Michael Jerard Gollogly was elected to the vacant position in accordance with Article 351 of the Turkish Commercial Code with effect from 31.01.2001. • Board of Directors meeting participated in and Auditors’ meetings held: Participated in the Board of Directors meetings dated February 4, March 30, June 8, November 2, 2000. Four Board of Auditors meetings were held within this period. • Scope of the audit on Company’s account books and documents, dates of auditing and results: The accounts and documents of the company have been audited on a quarterly basis on the dates mentioned above and on March 3, June 7, November 1, December 13, 2000, it has been established that the records were in conformity with the Articles of Association and the provisions of law. • Number and results of the counts in the Company’s cashier according to the Turkish Commercial Code, Article 353, Paragraph 1/3: As a results of the quarterly inspections of the cashier, it has been observed that the amounts on hand were reflected in the daily cashier’s records at the same date. • Dates and results of the inspections according to the Turkish Commercial Code, Article 353, Paragraph 1/4: During the inspections it has been observed that the securities and negotiable instruments on hand were in accordance with the book entries. • Complaints or investigation of embezzlements submitted and action taken: No complaint or request for investigation of embezzlement was submitted to the Board of Auditors during its term in office. We have examined the accounts and transactions of Netafl-Northern Electric Telekomünikasyon A.fi. for the period of 01.01.2000 31.12.2000 in accordance with the Turkish Commercial Code, the Articles of Association of the Company, other legislation and generally accepted accounting rules and standards. In our opinion, the balance sheet as of 31.12.2000 the content of which we acknowledge, reflects the true financial status of the Company at the said date and the profit and loss statement for the term 01.01.2000 - 31.12.2000 reflects the true results of the activities for the said term and the dividend distribution proposal is in conformity with the laws and the Articles of Association of the Company. We hereby submit the balance sheet and the profit and loss statement, and the release of the Board of Directors for your approval. February 28, 2001 BOARD OF AUDITORS CAV‹T BENG‹SU ‹LKER GÜVEN M. ÜNTAY KOZAK MICHAEL J. GOLLOGLY B‹LGE TAfiKIRAN 24 Netafl - Northern Electric Telekomünikasyon A.fi. 1 Ocak 2000 - 31 Aral›k 2000 Hesap Dönemine Ait Ba¤›ms›z Denetim Raporu Netafl Northern Electric Telekomünikasyon A.fi.’nin ("fiirket") 31 Aral›k 2000 tarihi itibariyle düzenlenmifl bilançosunu (sayfa 1,2,3 ve 4) ve bu tarihte sona eren y›la ait gelir tablosunu (sayfa 5) incelemifl bulunuyoruz. ‹ncelememiz, genel kabul görmüfl denetim ilke, esas ve standartlar›na uygun olarak olarak yap›lm›fl ve dolay›s›yla hesap ve ifllemlerle ilgili olarak muhasebe kay›tlar›n›n kontrolü ile gerekli gördü¤ümüz di¤er denetim yöntem ve tekniklerini içermifltir. Görüflümüze göre, söz konusu mali tablolar, Netafl Northern Electric Telekomünikasyon A.fi.’nin 31 Aral›k 2000 tarihindeki gerçek mali durumunu ve bu tarihte sona eren hesap dönemine ait gerçek faaliyet sonucunu, mevzuata ve bir önceki hesap dönemi ile tutarl› bir flekilde uygulanan genel kabul görmüfl muhasebe ilkelerine uygun olarak do¤ru bir biçimde yans›tmaktad›r. Görüflümüzü etkilememekle birlikte, 12 numaral› bilanço dipnotunda belirtildi¤i gibi bilanço tarihinden sonra Türk para ve sermaye piyasalar› önemli likidite sorunu ve afl›r› dalgalanmalar göstermifltir. Bunun sonucunda 22 fiubat 2001 tarihinde kur art›fllar›n› kontrol alt›nda tutan döviz kuru sepeti politikas› terkedilerek bunun yerine döviz kurlar›n›n serbest b›rak›ld›¤› dalgal› kur sistemine geçilmesi kararlaflt›r›lm›flt›r. Bu süreçte Türk Liras›, ABD Dolar› karfl›s›nda yaklafl›k %35-40 oran›nda olmak üzere, belli bafll› yabanc› para birimleri karfl›s›nda önemli ölçüde de¤er kayb›na u¤ram›fl ve bu raporun haz›rland›¤› tarih itibariyle döviz kuru dengesi henüz oluflmam›flt›r. 25 Piyasalardaki dalgalanmalar›n ve belirsizliklerin bu raporun haz›rland›¤› tarih itibariyle devam etmesi nedeniyle ekonomideki olumsuz geliflmelerin fiirket’in mali yap›s› üzerindeki nihai etkisi henüz belirli de¤ildir. DRT DENET‹M REV‹ZYON TASD‹K YEM‹NL‹ MAL‹ MÜfiAV‹RL‹K A.fi. Member Firm of DELOITTE TOUCHE TOHMATSU Bican Ç‹LTEPE Sorumlu Ortak Bafl Denetçi ‹stanbul, 12 Mart 2001 Netafl - Northern Electric Telekomünikasyon A.fi. Independent Auditors’ Report for the Period 1 January 2000 - 31 December 2000 We have audited the attached balance sheet of Netafl Northern Electric Telekomünikasyon A.fi. "the Company" as of 31 December 2000 and the related statements of income for the year then ended. Our audit was made in accordance with generally accepted auditing standards and accordingly included such tests of the accounting records and such other auditing procedures as we considered necessary in the circumstances. In our opinion, the attached financial statements present fairly the financial position of the Company as at 31 December 2000 and the results of its operations for the year then ended, in conformity with legislation and generally accepted accounting principles applied on a consistent basis. Without qualifying our opinion, as also discussed in note 12, we draw attention to the fact that Turkish capital and money markets exhibited significant volatility and liquidity shortages after the balance sheet date. This led to the abandonment, on 22 February 2001, of the managed exchange rate system which had limited depreciation of the local currency, and its replacement with a free floating rate system. The Turkish Lira has depreciated significantly against major currencies, including a devaluation of approximately 3540% against the US dollar, and exchange rates have not yet settled as of the date of this report. As the volatility and uncertainties in the markets are ongoing, as of the date of this report, the effect of such adverse developments in the economy on the Company’s financial position cannot yet be quantified. The accompanying financial statements are not intended to present the financial position and results of operations and cash flows in accordance with accounting principles and practices generally accepted in countries and jurisdictions other than those in Turkey. The standards, procedures and practices to audit such financial statements are those generally accepted and applied in Turkey. DRT DENET‹M REV‹ZYON TASD‹K YEM‹NL‹ MAL‹ MÜfiAV‹RL‹K A.fi Member Firm of DELOITTE TOUCHE TOHMATSU Bican Ç‹LTEPE Partner Istanbul, March 12, 2001 26 10 YILLIK DURUM 2000 1999 1998 1997 1996 1995 1994 1993 1992 1991 150.073.340 96.225.582 55.097.373 40.708.234 19.158.602 7.384.093 4.700.077 3.490.284 1.864.878 930.455 Net Kâr (Zarar) 17.753.887 9.026.518 2.027.637 6.329.935 4.081.884 3.320.644 2.524.283 605.869 235.223 140.911 Net Çal›flma Sermayesi 44.568.984 29.446.001 21.129.694 13.516.005 7.820.319 5.206.163 4.104.800 1.147.904 408.615 222.155 Ödenmifl Sermaye 6.486.480 6.486.480 6.486.480 1.247.400 1.247.400 1.247.400 1.247.400 Yat›r›m Harcamalar› 2.934.000 1.385.000 1.154.700 864.843 534.579 454.226 Araflt›rma ve Gelifltirme Harcamalar› 13.195.545 6.892.520 4.860.837 2.216.089 1.103.189 Net Maddi ve Gayrimaddi Sabit K›ymetler 14.989.970 7.523.800 5.112.573 4.258.059 1.666.589 (18.377.887) (13.148.526) (8.313.831) Sat›fllar 27 (Milyon TL.) Birikmifl Amortismanlar (-) Personel Say›s› 1.076 1.247 1.239 252.000 126.000 36.000 352.532 104.609 77.601 13.686 583.478 331.067 154.810 95.645 54.852 937.087 470.900 149.315 81.011 29.361 (6.268.870) (2.969.348) (1.557.593) (609.650) 1.656 1.601 1.522 1.486 (263.478) (146.255) (89.176) 1.954 1.955 1.737 10 YEAR REVIEW (Million TL.) 2000 Sales 1999 1998 150,073,340 96,225,582 55,097,373 1997 1996 1995 17,753,887 9,026,518 2,027,637 6,329,935 Net Working Capital 44,568,984 29,446,001 21,129,694 13,516,005 4,081,884 3,320,644 2,524,283 605,869 235,223 140,911 7,820,319 5,206,163 4,104,800 1,147,904 408,615 222,155 Paid in Capital 6,486,480 6,486,480 6,486,480 1,247,400 Capital Expenditures 2,934,000 1,385,000 1,154,700 864,843 534,579 454,226 Research and Development Expenses 13,195,545 6,892,520 4,860,837 2,216,089 1,103,189 Net Tangible and Intangible Fixed Assets 14,989,970 7,523,800 5,112,573 4,258,059 1,666,589 Employees 1993 1992 1991 40,708,234 19,158,602 7,384,093 4,700,077 3,490,284 1,864,878 930,455 Net Profit (Loss) Accumulated Depreciation (-) 1994 1,247,400 1,247,400 1,247,400 252,000 126,000 36,000 352,532 104,609 77,601 13,686 583,478 331,067 154,810 95,645 54,852 937,087 470,900 149,315 81,011 29,361 (18,377,887) (13,148,526) (8,313,831) (6,268,870) (2,969,348) (1,557,593) (609,650) (263,478) (146,255) (89,176) 1,076 1,247 1,239 1,656 1,601 1,522 1,486 1,954 1,955 1,737 28 Genel Müdürlük ve Fabrika Head Office Ankara Bürosu Ankara Office Alemda¤ Cad. Ümraniye 81244 ‹stanbul - Turkey Cinnah Cad. No:10 Kavakl›dere 06690 Ankara - Turkey Tel : +90 (216) 522 20 00 Fax : +90 (216) 522 22 22 Tel : +90 (312) 466 10 20 Fax : +90 (312) 466 10 26 Ortak Yat›r›m fiirketleri Joint Ventures 29 Ron Telecom Vesnet Ofis / Office 4a, Darvina st. 454087 Chelyabinsk / Russian Federation Ofis / Office 86 Gogol Street 5th Floor 480091 Almaty / Kazakhstan Tel : +7 (3512) 62 24 69 Fax: +7 (3512) 62 24 69 Tel : +7 (3272) 50 62 62 Fax: +7 (3272) 50 62 63 Ofis / Office 101, Prospect Mira Ave. Guipromez Building Office 213 129085 Moscow / Russian Federation Fabrika / Factory 637000 Pavlodar Kazakhstan Tel : +7 (3182) 32 76 76 Fax: +7 (3182) 32 70 70 Tel : +7 (095) 247 24 33 +7 (095) 204 05 67 Fax: +7 (095) 247 24 33 Fabrika / Factory Zarechnaya Street 13 456080 Trekhgorny Chelyabinsk Region / Russian Federation Tel : +7 (3511) 16 06 26 Fax: +7 (3511) 16 24 81 Netafl / Nortel Networks 2000 Faaliyet Raporu, Halkla ‹liflkiler Departman› Alemda¤ Cad. Ümraniye 81244 ‹stanbul adresinden temin edilebilir. Netafl / Nortel Networks 2000 Annual Report can be obtained from the following address: Public Relations Department Alemda¤ Cad. Ümraniye 81244 ‹stanbul - Turkey www.netas.com.tr e-mail: webmaster@netas.com.tr