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MESSAGE FROM THE CHAIRMAN
Hülya İnci Atahan
Dear Partners;Chairman An other year has gone by. We can state that macroeconomy in 2006 has improved in both national and international markets. The economic vitality in the world has been continuing for the last four years and a rapid growth has been observed in many regions. In the case of the developed countries, American economy has grown rapidly especially in the first quarter of 2006, has picked up speed in Euro zone and has been stable in Japan. In the emerging market economies and the other developing countries, in spite of the difficulties in the global financial markets, the growth rate has reached to successful levels with the contribution of the ongoing high prices of the base-products. The annual growth rate in the emerging Asian economies has reached to approximately 9% because of the positive macroeconomic conditions and the expansion in China and India. Under this circumstances, the world economy which has grown by 4.9% in 2005 is expected to grow by of 5.1% in 2006 and 4.9% in 2007. On the other hand, the increase in petroleum prices in the world energy markets at the beginning of 2006, has had a negative impact on the global trade by boosting the transportation costs. The growth rate of the world trade volume has been 7.4% in 2005 while it was 10.6% in 2004. While there is a reduction in the trade volume in developed countries, a tremendous increase in the emerging markets has been recorded. The trade volume growth rate is anticipated to be 8.9% and 7.6% in 2006 and 2007 respectively. Our economy has also been affected by the rapid development in the world economy. The growth rate in Turkey has been 6.4% for the first quarter of 2006, 8.8% for the second quarter and 3.0% for the third quarter which has been 5.7% for the 9 months period while that of 2005 was 7.6%. The total industrial sector index increased by 6% when the average of twelve months of 2006 is compared to the average of twelve months of the previous year. The effects of the fluctuation in our economy in May-June 2006 have significantly been cured. The most striking problem of our economy in 2006 has been the current account deficit. The current account deficit was 22,824 million US Dollars in 2005 and reached to 31,316 million US Dollars in 2006 with an increase of 37.2%. Our country has had some troubles in the negotiation period with the European Union which started in October 2005. We wish this negotiation period would progress successfully in 2007 being a part of our country's long term goals and strategies. In light of these developments we have passed over a successful year as HEKTAŞ. HEKTAŞ has closed the year with a pre-tax profit of 7,332,194 YTL. HEKTAŞ is a subsidiary of OYAK and 53.81 % of the capital stock belongs to the Armed Forces Pension Fund. The remaining portion which is 46.19 % is listed on the İstanbul Stock Exchange. HEKTAŞ has been a public company since 1981 being the only quoted company in the agricultural chemicals industry. HEKTAŞ recently celebrated its 50th anniversary in 2006. HEKTAŞ has rustled for 50 years under our country's circumstances. The key factor which lies behind the success of HEKTAŞ is its continuous renovation. HEKTAŞ being one of the leader companies in the agricultural chemicals industry has entered in the veterinary pharmaceuticals industry in 2005. Hereby taking this opportunity I would like to thank once again to all HEKTAŞ employees and associates who contributes to the success of HEKTAŞ. I wish 2007 to be a successful year for all. |
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