Banvit Bandırma vitaminli Yem SanaYii anonim Şirketi

89 Pages·2012·1.73 MB·English

Contents
2 Corporate Profile
4 Financial Highlights
6 Milestones
8 Board of Directors
9 Executive Management
10 Chairman’s Message
12 Activities in 2011
13 Investments
14 Sales and Distribution Network
16 Human Resources Management
18 Quality Assurance and Environmental Investments
22 Social Responsibility
28 Corporate Governance Principles Compliance Report
35 31 December 2011 Independent Auditors’ Report
Banvit continues to pursue
sustainable growth and raise
the standard of quality...
2011 was a successful year for Banvit. We continued our
investments in our processing facilities in Bandırma and
Izmir as well as in feed manufacturing at a fast pace.
In red meat production, we increased the stock in
our feedlots to 26,283 head of cattle by the end of
the year.
While continuing to conduct our R&D activities,
we offered our delicatessen and ready-to-eat
products to international markets under the
Banquet brand.
At Banvit, as a company that operates fully integrated
production systems, we always strive to provide the
best for our customers and give great importance to
addressing public health and environmental issues. At
the same time we remain well aware of and always work
to fulfill our social responsibilities.
We are committed to moving forward together
with our employees and business partners,
adhering to our corporate philosophy of “joining
forces for a better and more prosperous future”
while continuing to pursue sound and sustainable
growth.
2 Banvİt ANNUAL REPORT 2011
Corporate profile
Banvit is a well-established, innovative and leading food producer, that has
adopted as a corporate principle “moving forward together” with employees,
business partners, customers and consumers.
BanVit is a GooD
Corporate CitiZen operatinG
fUllY inteGrateD proDUCtion
sYsteMs anD fUlfillinG its
soCial responsiBilities.
Celebrating its 43rd anniversary An innovative pioneer in the
in 2011, Banvit continues to industry, Banvit has proven itself
advance in the industry with its as a leader among food companies
contemporary, dynamic, innovative in Turkey. Together with its
and entrepreneurial organizational employees, business partners,
structure. wholesale and retail customers,
Banvit is looking forward to a
Operating fully integrated bright future.
facilities while, fulfilling its social
responsibilities and addressing
public health and environmental
issues, Banvit’s corporate
philosophy of “joining forces for
a better and more prosperous
future” has been put into action.
3
Vision
To become one of Europe’s leading
food companies.
Mission
To turn customer expectations into reality through
quality, service and innovation, and to provide customers
the “best value”, while at the same time developing the
best working environment in the sector and maintaining
a high level of environmental awareness at all times.
Objectives
To become a leading food producer both in Turkey and Europe and to sustain
our investments in pursuit of that goal.
Core Values
Integrity, modesty and compassion, self-sufficiency, pursuit of excellence
and caring for our employees and the environment.
Quality Policy
Banvit, with a customer-oriented approach, aims to exceed its own high
standards. In accordance with its vision and objectives, Banvit is committed
to practicing good management, meeting the expectations of customers
and employees, monitoring its systems in order to ensure continuous
improvement, providing all necessary resources, complying with all legal
requirements and following the highest food safety standards in all its
production.
Environmental Policy
Banvit is an environmentally friendly company that strives to define the
environmental aspect and impacts of all its activities; protect and use
natural resources at an optimum level; classify and process waste while
minimizing the amount of waste in order to comply with legal regulations and
all other requirements; contribute to continuous improvement by defining
its environmental purposes and targets; organize training programs for all
its employees to raise the awareness of social responsibility; and control the
environmental impact of its products after they have been used.
Food Safety Policy
In white and red meat production and meat products, Banvit identifies and
controls all factors that may adversely affect human health. In all phases of
production, from the breeder farm to customer delivery, the Company meets
all food safety requirements and provides customer with products while fully
complying with all laws and regulations.
4 Banvİt ANNUAL REPORT 2011
finanCial HiGHliGHts
Though due to market prices the profits were affected in 2011,
Banvit continued its growth momentum by increasing net sales
10.2% and expanding its export volume 36.7%.
2011 2010 2009
Liquidity Ratios
Current Ratio 1.23 1.71 1.26
Acid-Test Ratio 0.87 1.27 0.97
Cash Ratio 0.05 0.03 0.02
Operating Ratios
Asset Turnover 1.60 1.72 1.68
Receivables Turnover 0.12 0.13 0.14
Average Collection Time (Days) 46 47 57
Inventory Turnover 8.50 9.14 8.97
Working Capital Turnover 2.45 2.59 2.54
Net Working Capital Turnover 13.19 6.23 12.19

Financial Structure Ratios
Financial Liabilities/Equity Capital (%) 260.58 115.96 181.99
Shareholders’ Equity/Total Liabilities 0.28 0.59 0.37
Total Current Liabilities/Total Liabilities 0.53 0.39 0.52
Total Non-current Liabilities/Total Liabilities 0.25 0.24 0.20
Tangible Fixed Assets/Shareholders’ Equity 1.60 0.91 1.24
Tangible Fixed Assets/Total Non-current Liabilities 1.38 1.38 1.66

Profitability Ratios
Net Current Profit (Loss)/Total Assets (0.09) 0.10 0.09
Profit Before Tax (Loss)/Shareholders’ Equity (0.47) 0.35 0.45
Operating Profit (Loss) Margin 0.003 0.09 0.09
Gross Profit (Loss) Margin 0.12 0.21 0.22
Net Profit (Loss)/Net Sales (0.05) 0.06 0.06
Net Profit (Loss) Growth (%) (201.36) 33.49 203.71
5
10%
Net SaleS (TL)
11 1,116,294,969
Committed to increasing added value
every year, Banvit with its performance
10 1,002,379,302
in 2011, continued to be the leader in the
industry and increased net sales 10.2%. 09 791,600,038
37%
expoRt Volume (TL)
11 86,472,596
10 54,739,160
Banvit increased its export volume
36.7% in 2011. 09 32,911,020
5%
WoRkfoRce
11 3,254
Banvit, as one of the leading
companies in the sector, grew its
10 3,085
workforce 5.2% compared to the
preceding year. 09 2,654
6 Banvİt ANNUAL REPORT 2011
Milestones
1980’S 1990’S 2000’S
1968 1992 2000
Banvit began its operations as a feed A modern processing factory The Tadpi facility, located in Armutlu-
manufacturer. with a processing capacity of Izmir, was acquired. With additional
6,000 chickens per hour became investments, this plant was upgraded
1984 operational. for the production of other various
Starting broiler chicken production, poultry products.
Banvit became the first company Banvit’s IPO; Banvit became a publicly
in Turkey to introduce cleaned and traded company on the Istanbul ISO 9001 Quality Certification was
packaged fresh chicken to the Stock Exchange. received.
domestic market.
1993 2001
1988 With the addition of another The further processing plant became
A modern hatchery was completed production line, the capacity of operational.
and became operational. the new poultry-processing plant
increased to 12,000 chickens per 2003
hour. Banvit received a “Poultry Diseases
Diagnostics Laboratory” license
1997 following inspection and approval by
Banvit began voluntarily implementing the Ministry of Agriculture’s Protection
HACCP, an essential quality program and Control General Directorate.
for food safety, with a multinational
audit company. Banvit became the first company that
received ISO 14001 Environmental
1999 Management Systems Certification for
Banvit Aliment Romania S.R.L. was chicken production.
established.
7
2011
2004 2009
The new feed mill with a production By increasing the capacity of processing Bandırma and Izmir plants’ total
capacity of 100 tons per hour became plants in Bandırma and Izmir, the total poultry, turkey, redmeat and further
operational. broiler processing capacity of Banvit was processed meat production capacity
raised to 29,000 birds per hour. has reached 230,871 tons/year.
2006
In addition to the calf farm operation The feed mill in Romania began Bandırma, Izmir and Eskişehir plants’
in Bandırma, construction of a production. total broiler chicken feed and cattle
48,000-cattle feedlot and supporting feed production capacities have
feed mill began. A cattle slaughterhouse in Bandırma reached 122 tons/hour and 133,000
was acquired and “Banvit Kırmızı” brand tons/year, respectively.
2007 products were launched to consumers.
A hatchery with a capacity of 345,000 Bandırma and Izmir facilities
eggs per week was commissioned 2010 with total domestic waste water
in Romania, together with the The Eskişehir cattle feed factory began refinement and solid waste
construction of new breeder farms. production. treatment capacities of 8,500 m3/day
and 450 tons/day, respectively.
The Armutlu-Izmir turkey processing
plant was modified for chicken
processing, increasing the total chicken
production capacity to 22,000 per hour.
Turkey production commenced in the
processing facilities with a capacity of
900 turkeys per hour.
8 Banvİt ANNUAL REPORT 2011
BoarD of DireCtors
1 2 3
1- Ömer Görener
Chairman of the Board
2- Alan Perese
Vice-Chairman of the Board
3- Mohamed Badawy Al-Husseiny
Board Member
4- Erol Turgut Görener
Board Member
5- Esra Görener Christoffel
Board Member
4 5