Sümer Holding örneğinde özelleştirme için gayrimenkul değerlemeleri

Başlık çevirisi mevcut değil.

Tez No: 75120
Yazar: MURAT GÜL
Danışmanlar: PROF. DR. V. DOĞAN SORGUÇ
Tez Türü: Yüksek Lisans
Konular: İnşaat Mühendisliği, Civil Engineering
Anahtar Kelimeler: Belirtilmemiş.
Yıl: 1998
Dil: Türkçe
Üniversite: İstanbul Teknik Üniversitesi
Enstitü: Fen Bilimleri Enstitüsü
Ana Bilim Dalı: Yapı İşletmesi Ana Bilim Dalı
Bilim Dalı: Belirtilmemiş.
Sayfa Sayısı: 217

Özet

ÖZET Türkiyede 1980 yılında başlayan“Liberalleşme”hareketiyle birlikte KİT lerin özelleştirilmesi gündeme gelmiş ve fakat uygulamada, planlanan hedeflerin gerisinde kalınmıştır. Yazar bu çalışmada özelleştirme faaliyetlerinde büyük zaman ve kaybına yol açan gayrimenkul değerlemelerini ve önemini Özelleştirme İdaresi Başkanlığı tarafından özelleştirme çalışmaları sürdürülen Sümer Holding Fabrikaları örneğinde incelemiştir. Yazarın hareket noktası yapılan özelleştiremelerde satışlar sonrasında kamu oyundan gelen tepkilerdir. Bu tepkiler fabrikaların çok ucuz fiyatlarla satıldıkları sadece fabrika gayrimenkullerinin bile daha fazla gelir getireceği yönündedir. Özelleştirme kapsamında Sümer Holding ve Sivas Demir Çelik fabrikaları gayrimenkul değerleme faaliyetlerinde bizzat görev almış olan yazar kendi deneyimleri ve gözlemleri çerçevesinde, gayrimenkul değerlemelerinin K.İ.T. lerin satışlarında daha ciddiyetle ele alınması gereğini vurgulamaktadır. Özelleştirme kapsamında yapılan gayrimenkul değerlemelerinde çıkan tüm sorunların temelinde özelleştirmede geçmiş yıllarda plansız çalışılması ve yapılan programlara yönetim değişiklikleri sebebi ile uyulamaması yatmaktadır. Bu sebeple yapılan değerleme çalışmaları zamanında kullanılamamakta, gereksiz değerleme raporları hazırlatılmakta ve asıl önemlisi raporlar güncellenmemektedir. Konunun mevcut durumunun ortaya çıkartılabilmesi için Sümer Holding özelleştirmesinde görev alan Sümer Holding, Healey&Baker ve ÖİB çalışanlarının görüşlerine de başvurulmuştur. 4. Bölümde 8 kısımda incelenen, tartışılan ve öneriler getirilen gayrimenkul değerleme problemleri söz konusu çalışanların görüşleri doğrultusunda oluşturulmuştur. 4.8. bölümde Sümer Holding'e bağlı Ereğli Pamuklu Sanayi Fabrikası örneği, ÖİB nın yapmış olduğu satış ile yazarın alternatif satış sistemi gelir ve sosyal fayda yönünden karşılaştırılmıştır. Genel sonuç kısmında ise 4. bölümde bahsedilen problemlerin en çarpıcı olanlarına çözüm bulmak ve gayrimenkul değerleme sistemini iyileştirmek amacı ile öneriler sunulmuştur. Tezin amacı, Türkiye'de profesyonel nitelikte değerleme faaliyetlerinde çalışacak eleman yetiştiren bir kurum olmaması sebebi ile bu konuda çalışacak kişilerin teorik olarak yararlanacakları bir el kitabı oluşturmak ve pratikte geçmişte yapılan hatalardan, yeni değerlemecileri yararlandırmak olarak özetlenebilir. IX

Özet (Çeviri)

SUMMARY Asset Valuations For Privatisation In The Case Of Sümer Holding The sale of SEEs has come to public attention with the privitization movement starting in 1983 in Turkey. For this reason the factories to be subjected to sales have been valued. Unfortunately, the actual implementation has lagged much behind the intended schedule. This fact could be attributed to more than one reason. In this work the valuation of fixed assets, which according to the author has significant importance in the whole valuation process, has been theoretically described. Besides having beeen a part of the team working for Healey& Baker for the fixed asset valuation in ÖİB's Sümer Holding privatization, our author has given us an insight on the actual problems of fixed asset valuation under the light of his own experiences and observations. He has made recommendations as to the solutions of these problems. The purpose of the author is to provide a source to lead the valuation experts, who are hard to come by due to the fact that there is no institution inTurkey for training such people and the valuation works are usually assigned to foreign multirational firms, or the underquilified people who undertake valuation projects, and thus correct the mistakes in the on going practice. At the same time the author indicates to the social benefit-cost analysis that shoud be carefully regaded in the sales of factories. The valuation process has great importance at the sale of SEEs following their privatisation. For this reason while valuing SEEs, items which will increase value should be carefully regarded. These items are: Production Stocks Machinery park Patents The market of the production The production process Financial assets Fixed assets Human resources From these items, other than the factory machinery and fixed assets, a great contribution to the over all value must not be hoped for. For example, the average age of machinery of SEE's is 17 while this average age in the private sector is only 7 years. The production process is old and the human recources quality has dramatically decreased with the rumours of privatization. The financial standing of SEEs is un satisfactory. Their working capital is fairly small. As can be seen from the above statements, the main cash generator in Sümer Holding sale specifically and in all SEE sales in general is the sale of fixed assets.The Privatisation of Sümer Holding Sümer Holding, of which fixed assets the author has valued, has been set up in July 11 Th 1933 by order of Atatürk for the efficient and coordinated realisation of industrialisation. Institutions like Karabük Demir-Çelik, Seka, Sivas Çimento Factories, etc. has been set up under its roof and then separated. As of 1992, Sümer Holding constituted of 28 factories, 7 affiliated companies and 5 helping facilities. In 1987 the institution has been included in the privatisation plan and until today 12 factory sales have been realised. Fixed Asset Valuations Valuation is“the statement of an asset other than money in monetary terms, the assessment and estimation of the value of the assets of a company the form of building, land, machinery, etc.”There are basically two methods used for fixed asset valuations: 1. Depreciated Replacement Cost Basis of Valuation 2. Open Market Value Basis of Valuation 1. Depreciated Replacement Cost Basis of Valuation The Depreciated Replacement Cost (DRC) basis of valuation is a method of using current net replacement cost to arrive at the value to the undertaking in occupation of the property as existing at the valuation date. The DRC basis of valuation estimates the value of the land in its existing use and the gross replacement cost of the buildings and other site works, from which appropriate deductions are then made to allow for the age, condition, economic or functional obsolescence and environmental and other factors which result in the existing property being worth less than a new replacement. 2. Open Market Value Basis of Valuation Open Market Value is defined as the best price at which the sale of an interest in the property might reasonably be expected to have been completed unconditionally for cash considerations as at the date of valuation, assuming: - a) a willing seller; b) that, prior to the date of valuation, there had been a reasonable period ( having regard to the nature of the property and the state of the market) for the proper marketing of the interest, for the agreement of price and terms and for the completion of sale; XIc) that the state of the market, level of values and other circumstances were, on any earlier assumed date of exchange of contracts, the same as on the date of valuation; d) that no account is taken of any additional bid by a prospective purchaser with a special interest; and e) that both parties to transaction has acted knowledgeably, prudently and without compulsion. The Open market Value for the existing use means the open market value as stated above but with this additional assumption: (f) that the property will continue to be owner occupied for the existing use Healey&Baker, Price Waterhouse and Werner International are conducting the Privatisation of Sümer Holding. Healey&Baker1 s Turkish associate office, P&D, is serving as the fixed asset consultant. The Valuation Technique Accepted By Ö.İ. B. The path taken by ÖİB in Sümer Holding privatisation specific ally and SEE privatisations in general can be summarised as follows: All valuation work is being carried out according to the privatisation Law (4046) provided in appendix B. For all factory sales open market value for the existing use based valuation is practiced. The specifications for this technique have been mentioned above. For the remaining surplus lands and dormitory lands both existing and alternative use valuations are conducted. The Steps of Valuation Process First thing as the Sümer Holding fixed asset valuation was made for ÖİB by the machinery consultant of the consortium, Werner International, the surplus land belonging to the facilities and the land needed by facilities conducting their present activity was separated. Separated title deeds were established. At the same time, assets that can not be subject to sales, like mosques, schools and cultural assets were transferred to related ministries. The new copies of the documents like tittle deeds, zoning plans, building lists related to the factories have been requested from related authorities by the channel of those factories, and following the office work on these documents site seeing tours have been conducted, (to 28 provinces around Turkey) The documents that should be collected for the existing use valuation of the fixed assets are;. Title deeds of the lands. Zoning plans and notes xii. The construction plans of buildings. Building lists and overall key plans. Housing permission of facilities. Building permits. Information about the building types and services During site seeing tours besides the observation of the building and land, the updating of present documents as to the probable changes and the collection of open market prices on similar assets is tried to be achieved through meetings with municipality and land office. Similar factory sales that might have taken place are inquired. Opinions of real estate agencies and factory personnel in charge of privatisation on prices are collected. After the collection of all information, the values are set through an office study. The prepared report is available in appendix D. The author has discussed the process of fixed asset valuation for privatisation, of which theory was described above, in the light of his own opinions, knowledge and experience and made some proposals. These discussions and proposals have been stated in detail in sections 4 and 5. The major problems to be solved in the asset valuation process are as follows: ÖİB frequently uses the lowest price method in the consultancy biddings in order not to take any responsibilities about the results of the biddings. It should be considered that every service like consultancy should have a price and this price should be paid. A cheaper offer should not be considered as the right one unless the consulting firm is found to be trustful. The privatisation operations should be made under the World Bank standards with the existing World Bank credits. Another consulting firm should be hired to control the asset valuation reports. The asset valuation reports, which are going to be made by an inner commission in ÖİB should be controlled by the controlling consultancy. This inner valuation committee should consist of people from the different disciplines, such as asset valuers, engineers and sociologists. The asset valuer as a person should be well educated and should have an experience on valuing fixed assets construction and finance. If the valuer is an inner valuer from the factory that is going to be sold, it is important that the valuer should not take place in any consortiums that could buy the factory. Sometimes it may not be possible to make an open market base of valuation because of absence sale of similar fixed assets. In such a case the valuations should be made on a depreciated replacement cost basis of valuation, but the replacement cost method and the percentage of replacement cost for the years should be decided according to the economy. There have been reactions from the media about the factory selling prices, which were expected to be much higher. Because only the fixed assets of the factories are xiiithought to be worth more than the selling prices. These reactions reflects a truth such that the alternative use valuation of the facilities lands and surplus lands are much more than the existing use value of them. It should be more efficient to sell the machines and the land separately with an alternative use basis of valuation in order to get more income and more social advantage. It is important to make the valuations just before the sales because of the economical conditions and the repricing problems. To reduce the repricing problems it can be useful to have prospective buyers for the factories before the preparation of the valuation certificates. It is not economical to have all the factories valuation reports at the same time because if the factory can not be sold in a reasonable time the report must be updated. It is not practical to reprice the valuations with dollar increases because such a pricing will not include the values of the physical changes and changes that may increase the value of the fixed assets. (Such as a new business park near the facility) The development of the good relations with the municipalities, land offices and factory workers will solve a large amount of communication problems in the asset valuations. In all privatisation work, advocative and political behaviour that might effect the process must be carefully avoided and the fixed asset valuations should be continued with an over governmental policy. It should always be kept in mind that the goal of valuation is not the maximisation of income, but social welfare. XIV

Benzer Tezler

Tez No
904152
Marka imajının takımla özdeşleşme ve sponsora yönelik tutum üzerindeki etkisi:yeni kurulmuş profesyonel takım markası örneği
Impact of brand image on team identification and attitude towards sponsor:a case study of a newly established professional team brand
OKTAY ÖNER
Yüksek Lisans
Türkçe
2024
Spor Iğdır Üniversitesi
Beden Eğitimi ve Spor Ana Bilim Dalı
DR. ÖĞR. ÜYESİ KADİR YAĞIZ
Tez No
320859
Edirne'de tüketime sunulan çiğ tavuk etlerinin mikrobiyolojik yönden değerlendirilmesi
Microbiological evaluation of raw chicken meat served for consumption in Edirne
KADİR SÜZME
Yüksek Lisans
Türkçe
2012
Gıda Mühendisliği Namık Kemal Üniversitesi
Gıda Mühendisliği Ana Bilim Dalı
DOÇ. DR. İSMAİL YILMAZ
Tez No
856817
Denizel balıkçılık turizminin Antalya ölçeğinde değerlendirilmesi
Evaluation of marine fishing tourism at Antalya scale
MAKBULE ÖZGÜVEN
Yüksek Lisans
Türkçe
2024
Su Ürünleri Akdeniz Üniversitesi
Turizm Yönetimi Ana Bilim Dalı
DOÇ. DR. TURHAN KEBAPÇIOĞLU
Tez No
691372
Rebuilding Afghanistan after 2001: State, peace deal and national (İn)security
2001 sonrası Afganistan'ın yeniden inşası: devlet, barış anlaşması ve ulusal güvensizlik
AHMADULLAH TEMUR
Yüksek Lisans
İngilizce
2021
Siyasal Bilimler İstanbul 29 Mayıs Üniversitesi
Siyaset Bilimi ve Uluslararası İlişkiler Ana Bilim Dalı
PROF. DR. MİCHELANGELO GUIDA
Tez No
66511
Kentsel işlevler ve arazi değerleri ilişkilerinin saptanması. Örneklem alanı Şişli
Urban functions and land values evaluation study
ESRA KAHRAMAN
Yüksek Lisans
Türkçe
1997
Şehircilik ve Bölge Planlama İstanbul Teknik Üniversitesi
Şehir ve Bölge Planlama Ana Bilim Dalı
PROF. DR. HANDE SUHER

Geri Dön