faaliyet raporu annual report
Transkript
faaliyet raporu annual report
TURCAS PETROL A.fi. faaliyet raporu 04 annual report ‹çindekiler Contents K›saca Turcas Petrol 04 Finansal Göstergeler 08 Baflkan’›n Mesaj› 10 Yönetim Kurulu 14 Yönetim 15 Sermaye ve Ortakl›k Yap›s› 16 Faaliyetler 18 Kurumsal Yönetim ‹lkeleri 28 Ba¤›ms›z Denetçi Raporu ve Konsolide Mali Tablolar 45 Turcas Petrol in Brief 04 Financial Highlights 08 Chairman’s Message 10 Board of Directors 14 Management 15 Capital and Shareholder Structure 17 Activities 18 Corporate Governance Principles 29 Independent Auditors’ Report and Consolidated Financial Statements 45 Turcas Petrol, Türkiye genelinde 654 bayi ile yapm›fl oldu¤u uzun vadeli sat›fl ve marka sözleflmesi kapsam›nda, Türkpetrol markas›yla ülke çap›nda faaliyet gösteren bir akaryak›t ürünleri da¤›t›m flirketidir. Turcas Petrol ›s a Nat›on W›de Petroleum Products D›str›but›on Company Operat›ng Under The Türkpetrol Brand Through Long-Term Sales And Brand›ng Agreements at 654 Dealer Stat›ons Throughout Turkey. 01 71 il cities 306 merkezde districts 02 Vizyon Hizmette 60 y›l› aflk›n birikimle, ülkemizin ilk tercih edilen ve en sayg›n akaryak›t flirketi olaca¤›z. Vision Bu›ld›ng on More Than 60 Years of Serv›ng Our Customers, We W›ll Grow to be The Nat›on’s Favor›te and Most Respected Fuel Company. 03 04 K›saca Turcas Petrol Turcas Petrol in Brief Turcas Petrol geçmifl y›llarda oldu¤u gibi, müflterilerine en kaliteli ürün ve hizmetleri en yüksek güvenlik, çevre koruma ve etik davran›fl standartlar›nda sunma taahhüdüne ba¤l›l›¤›n› sürdürmektedir. Turcas Petrol will continue to provide services and products for its customers, conforming to the highest possible standards in safety performance, environmental protection and ethical behavior. 654 sat›fl istasyonuyla dealer stations Turcas Petrol, Tabafl Petrolcülük ile Turcas Petrolcülük’ün 1999’da birleflmesi sonucunda kurulmufltur. fiirket, Türkiye genelinde 654’yi aflk›n bayi ile yapm›fl oldu¤u uzun vadeli sat›fl ve marka sözleflmesi kapsam›nda, Türkpetrol markas›yla ülke çap›nda faaliyet gösteren bir akaryak›t ürünleri da¤›t›m flirketidir. Turcas Petrol, modern terminal ve da¤›t›m sistemi arac›l›¤›yla bayilere akaryak›t ürünleri tedarik etmektedir. Sat›fl ve pazarlama alan›ndaki uzmanl›¤›n› Castrol ve ‹pragaz gibi di¤er önemli otomotiv markalar›yla olan ba¤lant›lar›yla birlefltirerek piyasaya güçlü ve cazip bir marka sunmaktad›r. Turcas Petrol, flirket araçlar›n›n akaryak›t harcamalar›n› kontrol alt›na almaya sa¤layan Akaryak›t Yönetim Sistemi’yle sektörün öncülerinden biri olmufltur. fiirket bu sistemi yedi y›ld›r ülke çap›nda baflar›yla uygulamaktad›r. Turcas Petrol was established as a merger that took place in 1999 between Tabafl Petrolcülük and Turcas Petrolcülük. Turcas Petrol is a nationwide petroleum products distribution company operating under the Türkpetrol brand through long-term sales and branding agreements at over 654 dealer stations throughout Turkey. The Company provides petroleum and related products to dealers via its modern terminal and distribution system. Utilizing its sales and marketing expertise along with its association with other major brands in the automotive sector, such as Castrol and ‹pragaz, it presents a powerful and attractive brand in the market. As one of the pioneers of its sector, Turcas Petrol offers AYS (Fuel Management System) that bring economy and service to the vehicle fleets of companies throughout the country. Turcas petrol 2004 y›l›nda In 2004, Turcas achieved sales of; - 1.167.671 m3 beyaz ürün, - 46.467 m3 siyah ürün ve - 187.841 m3 LPG olmak üzere toplam - 1,167,671 m3 of white products, - 46,467 m3 of black products and - 187,841 m3 of LPG 1.401.979 m3 sat›fl gerçeklefltirmifltir. amounting to a total sales of 1,401,979 m3. 05 Turcas hisselerinin de¤eri 2003 sonu itibariyle 6.000 TL iken 2004 sonu itibariyle %32 art›fl gösterek 7.900 TL’ye yükselmifltir. Turcas shares, while TL 6,000 at the end of 2003 increased in value by 32% as of the end of 2004, reaching TL 7,900. Turcas hisselerinin de¤eri 2003 sonu itibariyle 6.000 TL iken 2004 sonu itibariyle %32 art›fl gösterek 7.900 TL’ye yükselmifltir. Turcas Petrol geçmifl y›llarda oldu¤u gibi, müflterilerine en kaliteli ürün ve hizmetleri en yüksek güvenlik, çevre koruma ve etik davran›fl standartlar›nda sunma taahhüdüne ba¤l›l›¤›n› sürdürmektedir. Ürünlerini standartlara uygun üretim yapan sayg›n rafinerilerden temin etmekte ve sürekli olarak kalite kontrol ekipleri vas›tas›yla denetlemektedir. Müflterilere en iyi hizmeti sunabilmek için Türkiye geneline yay›lm›fl istasyonlar›ndaki personelini düzenli e¤itimlere tabi tutmaktad›r. Turcas Petrol 2005 y›l›nda da Türkiye’de ve sektörde yaflanan geliflmelere uyum sa¤lamak için azami çabay› gösterecek, reklamlar›na, istasyon yenilemelerine ve yeni yat›r›mlara h›zla devam ederek pazardaki yerini daha da güçlendirecek, Türkiye’nin ilk tercih edilen ve en sayg›n akaryak›t flirketi olma vizyonuna sahip ç›kacakt›r. 06 Turcas shares were at TL 6,000 at the end of 2003 and increased in value by 32% as of the end of 2004, reaching TL 7,900. Turcas Petrol will continue to provide services and products for its customers, conforming to the highest possible standards in safety performance, environmental protection and ethical behavior. It obtains its products from reputed refineries that maintain rigorous standards in their products and the Company’s quality control teams carry out continuous inspections. In order to provide customers with the best service, the personnel at stations are provided with regular training programs. In 2005, Turcas Petrol will closely monitor developments in Turkey and its sector, strengthen its position in the market through advertising, station renovation and new investments and maintain its vision of being the most preferred and respected fuel company in Turkey. 07 Finansal Göstergeler Financial Highlights Turcas Petrol’ün 2004 y›l›nda: Dönen varl›klar› 121.608.253 Aktif toplam› 279.282.014 Özsermayesi 172.974.063 Net sat›fllar› 1.725.397.633 olarak gerçekleflmifltir. In 2004 Turcas Petrol achieved: Current assets 121,608,253 Total assets 279,282,014 Shareholders’ equity 172,974,063 Net sales 1,725,397,633 03 04 04 04 172,974 bin YTL YTL thousand 153,538 279,282 bin YTL YTL thousand 278,732 121,608 103,248 YTL YTL YTL YTL Net Sat›fllar Net Sales 03 04 03 03 08 Özsermaye Shareholders’ Equity 1,725,398 Aktif Toplam› Total Assets 1,717,914 Dönen Varl›klar Current Assets YTL YTL YTL YTL bin YTL YTL thousand bin YTL YTL thousand Konsolide Bilanço (YTL)/Consolidated Balance Sheet (YTL) Dönen Varl›klar/Current Assets Kasa ve bankalar/Cash and banks Ticari alacaklar (Net)/Trade receivables (net) ‹liflkili flirketlerden alacaklar/Due from related parties Stoklar/Inventories Di¤er alacaklar ve dönen varl›klar/Other receivables and current assets Dönen Varl›klar Toplam›/Total Current Assets 2004 20,695,587 71,550,322 31,936 26,514,014 2,816,394 121,608,253 2003 21,478,925 58,679,379 393,416 20,599,405 2,096,905 103,248,030 Duran Varl›klar/Long-term Assets Sat›lmaya haz›r finansal varl›klar/Available-for-sale investments fierefiye (net)/Goodwill (net) Maddi duran varl›klar (net)/Property, plant and equipment (net) Maddi olmayan duran varl›klar(net)/Intangible assets (net) Di¤er alacaklar ve duran varl›klar(net)/Other receivables and long term-assets (net) Ertelenmifl vergi aktifi/Deferred tax assets Duran varl›klar toplam›/Total Long-term Assets Aktif Varl›klar Toplam›/Total Assets 287,964 80,809,878 54,689,809 7,507,804 10,010,341 4,367,965 157,673,761 279,282,014 15,438 93,127,906 61,103,584 12,654,067 6,836,699 1,746,493 175,484,187 278,732,217 59,103,530 25,549,505 320,557 8,419,756 4,244,835 97,638,183 49,739,004 26,325,021 66,381 11,078,405 2,594,573 89,803,384 5,368,400 1,991,849 1,309,519 8,669,768 31,846,646 2,426,422 1,117,173 35,390,241 96,449,038 76,525,025 172,974,063 279,282,014 96,449,038 57,089,554 153,538,592 278,732,217 1,725,397,633 (1,627,718,993) 97,678,640 (72,792,730) 13,869,166 (1,819,314) 36,935,762 (3,819,467) (1,429,434) 31,686,861 (12,251,390) 19,435,471 0.740 1,717,913,645 (1,645,553,759) 72,359,886 (55,879,641) 16,413,194 (1,801,143) 31,092,296 11,728,926 6,679,017 49,500,239 (10,476,163) 39,024,076 1.480 K›sa Vadeli Yabanc› Kaynaklar/Current Liabilities K›sa vadeli mali borçlar/Short-term borrowings Ticari borçlar/Trade payables ‹liflkili flirketlere borçlar/Due to related parties Di¤er borçlar ve gider tahakkuklar›/Other payables and expense accruals Ödenecek kurumlar vergisi/Corporate tax payable K›sa Vadeli Yabanc› Kaynaklar Toplam›/Total Current Liabilities Uzun Vadeli Yabanc› Kaynaklar / Long-term Liablities Uzun vadeli mali borçlar/Long-term borrowings Di¤er uzun vadeli mali borçlar/Other long-term liabilities K›dem tazminat› karfl›l›¤›/Retirement pay provision Uzun Vadeli Yabanc› Kaynaklar Toplam›/Total Long-term Liabilities Özsermaye/Shareholders' Equity Sermaye/Capital Birikmifl karlar/Retained earnings Özsermaye toplam›/Total shareholders' equity Pasif Kaynaklar Toplam›/Total Liabilities Konsolide Gelir Tablosu (YTL)/Consolidated Statement Of Income (YTL) Net Sat›fllar/Net sales Sat›fllar›n maliyeti/Cost of sales Brüt Kâr/Gross profit Sat›fl ve genel yönetim gideri/Sales and administrative epenses Di¤er faaliyet gelirleri/Other operating income Di¤er faaliyet giderleri/Other operating expenses Faaliyet Kâr›/Operating profit Finansman (giderleri)/gelirleri (net)/Finance (expense)/income (net) Parasal (kay›p)/kazanç / Monetary (loss)/gain Vergi Öncesi Kâr/Profit before taxation Vergi /Taxation Net Kâr/Net profit Hisse Bafl›na Kâr/Earnings per Share 09 Turcas Petrol geçmifl y›llarda oldu¤u gibi, müflterilerine en kaliteli ürün ve hizmetleri en yüksek güvenlik standartlar›na uygun olarak sunma taahhüdüne ba¤l›l›¤›n› sürdürmektedir. As in past years, Turcas Petroleum continues to be dedicated to its commitment to operating to the highest safety standards and to producing the best quality goods and services for its customers. 10 Yönetim Kurulu Baflkan›’n›n Mesaj› Chairman’s Message De¤erli Hissedarlar›m›z, Bayilerimiz ve Müflterilerimiz, Dear Shareholders, Dealers and Customers, 2004 y›l› Türkiye ekonomisi için istikrar›n pekifltirildi¤i bir y›l oldu. 2000 ve 2001 y›llar›nda yaflanan finansal krizlerden sonra, 2002-2003 y›llar›ndaki iyileflme dönemini takiben, Türkiye ekonomisi çok h›zl› bir flekilde istikrara kavufltu ve 2004 y›l›nda da bir büyüme dönemine girdi. The year 2004 was a year in which economic stability was strengthened in Turkey. After the financial crisis of 2000 and 2001, the recovery of 2002-2003 resulted in the Turkish economy’s return to stability and this facilitated significant growth in 2004. Enflasyonla yürütülen mücadelede önemli geliflmeler kaydedildi ve enflasyon uzun y›llardan sonra 2004 y›l›nda %10’un alt›na indi. Gayri Safi Yurtiçi Has›la 2002 ve 2003 y›llar›nda ortalama olarak %6,5 dolaylar›nda gerçekleflirken, 2004 y›l›nda ise rekor düzeye ulaflarak %9 seviyesine yükseldi. 2004 y›l›ndaki büyümenin arkas›ndaki ana unsurlar, ihracat›n destekledi¤i üretim ve iç talepteki büyüme, özellikle de geçmifl y›llarda yaflanan ekonomik zorluklar sebebi ile gecikmifl olan tüketim talebinin canlanmas› oldu. 2004 y›l›nda faiz oranlar› da afla¤›ya çekilirken, Türk Liras› yabanc› paralar karfl›s›nda oldukça önemli de¤er art›fl› gösterdi. Avrupa Birli¤i 17 Aral›k’ta, üyelik baflvurumuzla ilgili olarak müzakere sürecinin bafllamas› için Türkiye’nin siyasi kriterleri yerine getirmifl oldu¤unu karara ba¤lad›. Bu tarihi karar Türkiye’de olumlu de¤ifliklikleri, ekonomik, sosyal ve politik ortamdaki iyileflmeleri teflvik etmeye ve h›zland›rmaya yönelik çok önemli bir ad›md›r. Tüm bu geliflmelerle birlikte, Türk ekonomisinin k›r›lganl›¤› önceki y›llara göre önemli ölçüde azald›. Zamanla, ülkemizde iç ve d›fl kaynakl› yat›r›mlar›n daha fazla teflviki ile iflsizlik de giderilecek ve ekonomideki olumlu gidifl ivme kazanacakt›r. 2004 y›l› sektörümüz aç›s›ndan da önemli geliflmelere sahne olmufltur. Yeni petrol piyasas› kanunu yürürlü¤e girerken birçok yönetmelik ile de piyasan›n ifllerli¤i art›r›lmaya çal›fl›lm›flt›r. Bu kanun ve yönetmeliklerin kararl›l›kla uygulanmas› sektörün en önemli sorunu olan kaçakç›l›¤› azaltacakt›r. Enerji Piyasas› Düzenleme Kurumu taraf›ndan piyasada faaliyette bulunan bütün oyunculara lisans baflvurusunda bulunma zorunlulu¤u getirilmifltir. Buna göre 45 flirket lisans baflvurusunda bulunmufl ve bunlardan Turcas’›n da dahil oldu¤u 28 adedi lisans alm›flt›r. Piyasada faaliyet gösterecek flirket say›s›n›n rekabet art›fl› nedeniyle sektörün maliyetlerini art›racak ancak kontrol zorlu¤u getirece¤inden kaçak akaryak›tla mücadeleyi daha da zorlaflt›racakt›r. Turkey won its battle against inflation, bringing the inflation rate down to below 10% in 2004. The economy showed significant development, leaving many of its difficulties behind. In 2002 and 2003, the Gross Domestic Product showed an average rate of increase of 6.5%. In 2004, this rate reached a record level of 9%. The main elements behind the growth in 2004 were the expansions in exportdriven production and in domestic demand, the latter a welcome revival after the economic difficulties experienced in previous years. Interest rates were pulled down in 2004 and the Turkish Lira displayed a significant recovery against foreign currencies. On December 17 2004, the European Union made the historic decision that Turkey had fulfilled the necessary political criteria and that the process of negotiations for membership could finally begin. This is an important step in encouraging and accelerating positive changes and improvements in the economic, social and political aspects of Turkey’s development. It was seen in the light of all of these factors that the fragility that Turkey’s economy had shown in past years was significantly reduced. In time, with more encouragement given to domestic and foreign investments, unemployment will be further reduced and the positive trend of the economy will gain momentum. The year 2004 was also a time of important developments in our own sector. While on one hand, the new petroleum market law was being put into effect, on the other, many regulations were initiated to regulate the operations of the market. The law and regulations, if enforced with determination, will serve to reduce contraband activity, one of the most important issues in the sector. The Energy Market Regulatory Board made applications for licenses mandatory for all intending participants in the market. Accordingly, 45 companies filed applications and 28, among them Turcas, have been granted licenses by the end of April 2005. While the theory that new companies should increase the competitive nature of the market and thus be good for the consumer it must be pointed out that there is a danger that excessive growth in the number of distribution companies will lead to unrealistic values being placed on dealer contracts. 11 Turcas hisselerinin de¤eri 2003 sonu itibariyle 6.000 TL iken 2004 sonu itibariyle %32 art›fl gösterek 7.900 TL’ye yükselmifltir. Turcas shares, were at TL 6,000 at the end of 2003 and increased in value by 32% as of the end of 2004, reaching TL 7,900. Ham petrol fiyatlar›n›n 30-40 ABD dolar› seviyelerinden 50 ABD Dolar›’n›n üzerine ç›kmas› pompa fiyatlar›n›n 2,000,000 TL’nin üzerine ç›kmas›na neden olmufltur. Türkiye bu fiyatlarla Avrupa’n›n en pahal› akaryak›t›n›n sat›ld›¤› ülkelerden biri konumuna gelmifltir. Fiyatlar›n bu seviyelere gelmesinde en büyük etken %75’e varan vergi oran›d›r. Bu fiyat yap›s› da akaryak›t kaçakç›l›¤›n› cazip hale getiren, büyümeyi k›s›tlayan di¤er bir husustur. Bu olumsuzluklar›n sonucu 2004 y›l›nda özellikle benzin tüketiminde %2’lik azalma gözlenirken sanayideki kapasite kullan›m oran›n›n %85 gibi yüksek bir oranda gerçekleflmesi sonucu motorin tüketiminde %10 kadar art›fl olmufltur. AB normlar›na uyum çerçevesinde tüketicilere Avrupa standartlar›nda 98 oktan kurflunsuz benzin ve düflük kükürt oranl› Eurodiesel sat›fl›na bafllanm›flt›r. Bu nedenle daha önce Türkiye piyasas›na sunulmayan ileri teknolojiye sahip araç park›n›n ülkemize giriflinin h›zlanaca¤›n›, dolay›s›yla akaryak›t pazar›n›n büyüyece¤ini düflünüyoruz. Turcas’›n Elde Etti¤i Sonuçlar Turcas petrol 2004 y›l›nda %26’s› benzin, %58’i motorin, %13’ü LPG ve %3’ü siyah ürün olmak üzere yaklafl›k 1,4 milyon m3 sat›fl yapm›flt›r. 12 The increase in the international price of crude oil from the US$ 30-40 range to levels above US$ 50, along with the increases in domestic taxation has led to pump prices well in excess of TL 2,000,000 which makes Turkey one of the highest priced markets in Europe. The high level of taxation, in excess of 75%, restricts growth and provides a significant and unwelcome incentive to illegal, contraband activities in the sector. Improved economic and industrial activity in the Country lead to an increase of 10% in diesel consumption during the year. However the high product prices limited gasoline sales and the market registered a decline of 2%. In an effort to achieve harmonization with EU norms, the sale of European standard unleaded 98-octane gasoline and lowsulphur Eurodiesel started during the year. I believe that this will encourage automobile technologies that were heretofore not available on the Turkish market to rapidly enter and expand the market. Results Achieved During the year Turcas sold close to 1.4 million cubic meters of petroleum products. This was made up of 26% gasoline, 58% diesel, 13% LPG and 3% black oil. Önceki otomatik fiyat ayarlamas›na göre kâr marjlar› y›l içerisinde 1 ve 0,5 ABD Cent’i olmak üzere iki kez art›r›lmas›na ra¤men akaryak›t fiyatlar›ndaki yüksek art›fl ve vergiler nedeniyle sektör kârl›l›¤›na olumlu yans›mam›flt›r. Serbestleflmeye yeni bafllayan bir pazar›n etkileri üzerine yorum yapmak için erken olsa da kâr marjlar›n›n daha da iyilefltirilmesi için bir bask› oluflmufltur. Profit margins, allowable under the former Automatic Price Mechanism regime, were increased twice during the year, by 1.0 and 0.5 cents respectively. However, in spite of these increases profitability was adversely affected by the increases in the basic price of the product and taxation. It is too early to report on the effects of the new liberalized market, but there is definitely a pressure and justification for further margin improvements. Kuzey Irak’ta kullan›lmak üzere aç›lan akaryak›t ihalesine kat›l›narak üç ay gibi k›sa bir sürede yaklafl›k 170.000 m3 akaryak›t teslimat› yap›lm›flt›r. The Company participated in fuel tenders for Northern Iraq and delivered approximately 170,000 m3 of fuel in the short period of three months. Turcas hisselerinin de¤eri 2003 sonu itibariyle 6.000 TL iken 2004 sonu itibariyle %32 art›fl gösterek 7.900 TL’ye yükselmifltir. Turcas shares, were at TL 6,000 at the end of 2003 and increased in value by 32% as of the end of 2004, reaching TL 7,900. ESÇ Safety, Health and Environment Turcas Petrol geçmifl y›llarda oldu¤u gibi, müflterilerine en kaliteli ürün ve hizmetleri en yüksek güvenlik standartlar›na uygun olarak sunma taahhüdüne ba¤l›l›¤›n› sürdürmektedir. Ürünlerini standartlara uygun üretim yapan sayg›n rafinerilerden temin etmekte ve sürekli olarak kalite kontrol ekipleri vas›tas›yla denetlemektedir. Müflterilere en iyi hizmeti sunabilmek için Türkiye geneline yay›lm›fl istasyonlar›ndaki personelini düzenli e¤itimlere tabi tutmaktad›r. Turcas Petrol tüm kazalar›n önlenebilir oldu¤una inanmakta ve çal›flanlar›n› bu bilinçle e¤itmektedir. 2004 y›l›nda yay›nlanmaya bafllayan ‹fl Sa¤l›¤› ve Güvenli¤i Yönetmeliklerini takip etmekte ve bu yönetmeliklere uyum sa¤lamak amac›yla gerekli çal›flmalar› tüm terminallerinde ve istasyonlar›nda uygulamaktad›r. fiirket çal›flanlar›na da, emniyetli sürüflten terminal uygulamalar›na kadar yay›lan çok çeflitli e¤itimler verilmektedir. Turcas, yine gerek terminallerde gerekse istasyonlarda en yüksek emniyet standarlar›n› uygulamakta, çevreyi koruma konusunda azami hassasiyeti göstermektedir. As in past years, Turcas Petroleum continues to be dedicated to its commitment to operating to the highest safety standards and to producing the best quality goods and services for its customers. It obtains its products from reputed refineries that maintain rigorous standards in their products and the Company’s quality control teams carry out continuous inspections. In order to provide customers with the best service, the personnel at stations are provided with regular training programs. Turcas believes that all accidents are preventable and therefore trains employees in safety awareness and tracks the new legislation on Work Safety and Health, which was introduced in 2004. Turcas implements all the necessary applications in accordance with this legislation both at the terminals and stations. The Company makes available to employees a wide variety of educational programs, from defensive driving to all aspects of safety in terminal operations. The highest standards of security are implemented at both terminals and at stations and the maximum sensitivity is shown to the protection of environment. Gelecek The Future 2005 akaryak›t sektörü için hareketli bir y›l olacak. Lisans alamayan istasyonlar›n durumu, yazarkasa uygulamas›, serbest fiyat sistemi, YTL gibi sektördeki rekabeti ve çal›flma flartlar›n› etkileyecek önemli geliflmeler yaflanacak. Turcas Petrol her zaman oldu¤u gibi bu konular›n en iyi flekilde uygulanabilmesi için azami çabay› gösterecek, reklamlar›na, istasyon yenilemelerine ve yeni yat›r›mlara h›zla devam ederek pazardaki yerini daha da güçlendirecektir. The year 2005 will be a busy year for the fuel sector. There will be many developments that will affect competitive working conditions in the sector—the status of unlicensed stations, the compulsory introduction of new cash registers, the new liberalized market, the new TL, and the growth in the number of competitors. As in past years, Turcas Petrol will make the maximum effort to deal with all of these in the best way possible, rapidly strengthening its position in the market through advertising, station renovation and new investments. Yönetim Kurulu ad›na bize sürekli destek olan ortaklar›m›za, özveri ve sadakatle çal›flan bayilerimize ve zor zamanlarda göstermifl olduklar› üstün performanstan dolay› çal›flanlar›m›za teflekkür ederiz. Erdal Aksoy Yönetim Kurulu Baflkan› On behalf of the Board of Directors, I would like to thank all our shareholders for their continued support, our dedicated and loyal dealer group and our employees, for their excellent performance in challenging times. Erdal Aksoy Chairman 13 Yönetim Kurulu (1) Erdal Aksoy Baflkan, (2) Y›lmaz Tecmen Baflkan Vekili, (3) Alistair W. Clark Genel Müdür ve Üye, (4) Osman E. V. Kerman Üye, (5) Bülent Çorapç› Üye, (6) M. ‹lhan Nebio¤lu Üye, (7) Barry N. Kumins Üye Board of Directors (1) Erdal Aksoy Chairman, (2) Y›lmaz Tecmen Vice Chairman, (3) Alistair Clark Member and Genarel Manager, (4) Osman E. V. Kerman Member, (5) Bülent Çorapç› Member, (6) M. ‹lhan Nebio¤lu Member, (7) Barry N. Kumins Member 3 2 5 4 6 1 7 14 Yönetim Management 1. Nezihi Tümer Genel Müdür Yard›mc›s› Operasyon ve Lojistik Senior Deputy General Manager Operations & Logistics 2. Mehmet Erbasan Akaryak›t Sat›fllar› Müdürü Fuels Sales Manager 3. Osman Kazdal Pazarlama Servisleri Müdürü Marketing Services Manager 4. Sadettin ‹mrek Hukuk Müflaviri Legal Advisor 5. Cabbar Y›lmaz Bayi Destek Müdürü Dealer Support Manager 6. Süleyman Asutay Finansman Müdürü Finance Manager 7. Fatma Aytaç IM Müdürü IM Manager 8. Ayfle Oral Muhasebe Müdürü Accounting Manager 9. Aynur Göksel Kredi Kontrol Müdürü Credit Control Manager 10. Kemal Günay Operasyon Müdürü Operations Manager 15 11. Bahri Yüre¤ir Tedarik Müdürü Supply Manager 1 12. Hülya Dinçer Sa¤l›k, Emniyet ve Çevre Koordinatörü Safety, Health and Environment Co-ordinator 6 13. O¤uz Gönenç Sat›nalma Müdürü Purchasing Manager 14. Ece Metin ‹nsan Kaynaklar› Koordinatörü Human Resources Co-ordinator 15. Aybar Tüfekçiler Akaryak›t Yönetim Sistemi Müdürü Fuel Management System Manager 10 5 8 2 13 14 4 11 9 12 3 7 15 4 24 saat hours mevsim seasons Sermaye ve Ortakl›k Yap›s› 2004 Mali y›l› içerisinde fiirket’in sermayesinde herhangi bir de¤ifliklik olmam›flt›r. fiirket hisseleri A, B ve C olmak üzere üç gruba ayr›lm›flt›r. C Grubu hisselerin tümü Turcas Petrol’ün %28,52’sine sahip yabanc› ortak Conoco Petroleum Inc.’e aittir. fiirket ortaklar›ndan ve Yönetim Kurulu Baflkan Vekili Say›n Baha Kaya Alp Baban’›n 20 Ekim 2002 tarihinde vefat› sonucunda 6. Sulh Mahkemesi taraf›ndan varis tayin edilen Efli Yasemin Baban %6,93, annesi Suna Baban %3,46, k›zkardefli Müeddet Hanzat Baban %3,46 olmak üzere hissselerini devralm›fllard›r. Turcas Petrol’ün 26.330.233 YTL olan sermayesinin da¤›l›m› afla¤›daki gibidir: 1) A Grubu 13. tertip nama yaz›l› Adet 7.330.083.183 Tutar (YTL) 7.330.083,18 2) A Grubu 14. tertip nama yaz›l› 19.000.000.000 19.000.000 3) B Grubu 13. tertip nama yaz›l› 112.500 112,50 4) C Grubu 13. tertip nama yaz›l› 37.500 37,50 26.330.233.183 26.330.253,18 TOPLAM 16 Capital and Shareholder Structure The Company recorded no capital increases in 2004. Turcas Petrol shares are divided into A, B, and C groups; all C Group shares belong to the foreign partner Conoco Petroleum Inc. which owns 28.52% of the shares. Following the loss of our shareholder and Vice Chairman Mr. Baha Kaya Alp Baban on October 20, 2002, the Istanbul Sixth Civil Court established Yasemin Baban, Suna Baban and Müeddet Hanzat Baban as his heirs and they acquired 6.93%, 3.46% and 3.46% of his shares respectively. The capital structure (TL 26,330,233,183,000) of Turcas Petrol breaks down as follows: 1) GROUP A Registered shares in 13th Series and Group A Number 7,330,083,183 Amount(YTL) 7,330,083.18 2) GROUP A Registered shares in 14th Series and Group A 19,000,000,000 19,000,000 3) GROUP B Registered shares in 13th Series and Group B 112,500 112.50 4) GROUP C Registered shares in 13th Series and Group C 37,500 37.50 26,330,233,183 26,330,253.18 TOTAL 17 Türkiye’ye hizmet sunuyoruz providing service to Turkey 18 Faaliyetler Activities Turcas Petrol, y›l sonu itibariyle ülke geneline yay›lm›fl 654 akaryak›t istasyonu ve 124 s›nai/ticari müflterisi arac›l›¤›yla otogaz LPG, madeni ya¤ ve akaryak›t ürünlerinin sat›fl ve pazarlama faaliyetlerini sürdürmektedir. The Company focused its activities on the sales and marketing of petroleum products, auto LPG and lubricants through 654 service stations and 124 industrial/commercial customers in the country. Sat›fl ve Pazarlama Faaliyetleri Sales and Marketing Activities Turcas Petrol, y›l sonu itibariyle ülke geneline yay›lm›fl 654 akaryak›t istasyonu ve 124 s›nai/ticari müflterisi arac›l›¤›yla otogaz LPG, madeni ya¤ ve akaryak›t ürünlerinin sat›fl ve pazarlama faaliyetlerini sürdürmektedir. The Company focused its activities on the sales and marketing of petroleum products, auto LPG and lubricants through over 654 service stations and more than 124 industrial/commercial customers in the country. • Y›l içinde 19 yeni istasyon hizmete aç›lm›fl, dört adet yeni istasyon projesinin yat›r›m›na bafllam›fl ve mevcut istasyonlardan 43’ünün sözleflmeleri uzat›lm›flt›r. Verimli projelerle yat›r›m›n› sürdüren Turcas Petrol, imaj gelifltirme program› çerçevesinde 63 adet istasyonunu daha yenileyerek bu program dahilinde yenilenen istasyon say›s›n› 282’ye yükseltmifltir. Sat›fl, verimlilik, imaj ve çal›flma prensipleri gibi kriterlere ba¤l› olarak yap›lan de¤erlendirmeler sonucunda 22 istasyondan Türkpetrol markas›n› çekilmifltir. • During the year 19 new stations began to operate under the Türkpetrol brand, investments for 4 new stations started and the contracts of 43 existing stations were renewed with additional investments. Turcas Petrol continued to invest in various upgrading projects; within the image improvement project 63 stations were renovated, bringing the total number of stations included within the project to close to 300. As a result of the evaluations based on factors such as sales volumes, image and operation, contracts of 22 stations were cancelled. • 47 istasyonda hizmet, emniyet ve görünüm iyilefltirme yat›r›mlar› tamamlanm›flt›r. Ayr›ca 2004 y›l› içinde 13 Tabafl istasyonunun Türkpetrol istasyonuna dönüfltürülmesi tamamlanm›flt›r. • In 47 Turcas stations, investments for improving the service, security and visibility were completed. Additionally, 13 Tabafl stations were converted to the Türkpetrol brand image. • 2004 y›l›nda daralmaya devam etti¤i gözlenen benzin pazar›nda toplam sat›fllar 3.758.445 m3 olarak gerçekleflirken, Turcas Petrol 364.000 m3 sat›fl ile %9,7’lik pazar pay›na ulaflm›flt›r. • In a declining gasoline market in 2004, where total sales amounted to 3,758,445 m3, Turcas had a market share of 9.7% with sales amounting to 364,000 m3. • Motorin pazar›nda ise sat›fllar %10 artarak 12.691.463 m3 olarak gerçekleflmifltir. Turcas Petrol 804.147 m3’lük sat›fl› ile pazardan %6.3’lük pay alm›flt›r. • The diesel oil market increased by 10% to 12,691,463 m3 as compared to the previous year. Turcas sales reached 804,147 m3 with the market share standing at 6.3%. 19 Haziran 2004 ay›ndan itibaren 98 oktan Kurflunsuz Benzin ve Avrupa standartlar›nda 350 ppm kükürt oranl› Euro Diesel ürünler Türkpetrol istasyonlar›nda sat›fla sunuldu. 98 octane unleaded gasoline and Euro Diesel products, conforming to European standards with 350 ppm sulphur, were launched for sale in Turcas stations. • Siyah ürün pazar›n›n %7,0 daralmas›na ve Atafl rafinerisinin kapanmas›na ra¤men Turcas Petrol sat›fllar›n› 46.467 m3 seviyesinde gerçeklefltirmifltir. • Turcas Petrol’ün ‹pragaz ile sürdürdü¤ü baflar›l› iflbirli¤i sayesinde, y›l sonu itibariyle otogaz LPG sat›fllar› ise %16,5 art›fl göstererek 188.000 m3’e yükselmifltir. • Madeni ya¤ sat›fllar› 2004 y›l›nda 3.100 ton seviyesinde gerçekleflmifltir. Yurtd›fl› Sat›fllar Irak’›n sivil tüketim ihtiyac›n› karfl›lamak üzere yap›lan anlaflma çerçevesinde, Nisan-Haziran 2004 aylar› içinde toplam 136.000 ton 95 oktan kurflunsuz benzin ve motorin ürünleri Mersin-Atafl üzerinden temin edilmifl, karayolu ile Irak’a sevk edilerek sat›fl› gerçeklefltirilmifltir. Yeni Ürünler Turcas Petrol geliflen otomotiv gereksinimleri ve rekabet koflullar›n› ön planda tutarak 2004 Haziran-Temmuz ay›nda yeni ürünler piyasaya sundu. Haziran 2004 ay›ndan itibaren 98 oktan kurflunsuz benzin ve Avrupa standartlar›nda 350 ppm kükürt oranl› Euro Diesel ürünler Türkpetrol istasyonlar›nda sat›fla sunuldu. Akaryak›t yönetim sistemi/AYS Turcas Petrol, flirket araçlar›n›n akaryak›t harcamalar›n› kontrol alt›na almaya sa¤layan Akaryak›t Yönetim Sistemi’yle sektörün öncülerinden biri olmufltur. fiirket bu sistemi 7 y›ld›r ülke çap›nda baflar›yla uygulamaktad›r. Kullan›lan yüksek teknoloji ürünü smart card uygulamas› ile müflterilerin ihtiyaçlar›na problemsiz olarak cevap verilmektedir. Geçti¤imiz y›l 156 olan AYS’li istasyon say›s›, 2004 y›l›nda 180’e yükselmifltir. AYS toplam 49 ilde yürütülmektedir. Turcas Petrol binlerce müflterisine kaliteli hizmet sunabilmek için flehir merkezi ve flehirleraras› yollardaki AYS’li istasyon say›s›n› h›zla art›rmaktad›r. Ayr›ca sektörde bir ilk olarak uygulanan ileri teknoloji ürünü Mobil AYS ile araçlara ve ifl makinelerine istasyona gelmeden bulunduklar› yerde AYS ile ikmal yap›labilmektedir. Bu sistem müflterilere zaman, iflgücü ve maliyet aç›s›ndan büyük avantajlar sa¤lamaktad›r. Akaryak›t D›fl› Faaliyetler Turcas – Castrol iflbirli¤i, anlaflma süresinin uzat›lmas› ile devam etmifltir. Çeflitli kampanyalar›n düzenlenmesi ve yeni ürünlerin piyasaya sunulmas›yla birlikte madeni ya¤ sat›fllar› önceki y›llardaki seviyelerini korumufltur. 2004 y›l›nda Turcas istasyonlar›nda 3.100 ton madeni ya¤ sat›fl› gerçekleflmifltir. 20 • Turcas sold 46,467 m3 of black products. This reduced volume was a result of a declining market and the closure of Atafl Refinery. • The successful cooperation with ‹pragaz continued to generate impressive results, as the auto LPG sales rose to 188,000 m3, increasing 16,5% compared to the previous year. • In 2004, lubricants sales amounted to 3,100 tons. International Sales Within the framework of the agreement concerning the fuel supply for Iraq’s internal demand, 136,000 tons of 95 octane unleaded gasoline and diesel oil products were supplied from Mersin-Atafl and transferred to Iraq via land route. New Products In line with the changing demands and intensifying competition in the transportation sector, Turcas launched new products in June and July 2004. 98 octane unleaded gasoline and Euro Diesel products, conforming to European standards with 350 ppm sulphur, were launched for sale in Turcas stations. AYS (Fuel Management System) As one of the pioneers of its sector throughout the country and operating for seven years, Turcas Petrol provides AYS (Fuel Management System) which continues to bring economy and service to the vehicle fleets of companies. AYS, using the most advanced smart card technologies in the sector, enables Turcas Petrol to fully satisfy customer needs. The number of stations equipped with the system increased from 156 to 180. The number of cities where AYS is available totaled 49 in 2004. To meet the growing customer demand, efforts are underway to further increase the number of stations in city centers and intercity highways with the AYS system. With Mobile AYS, a first in the sector, remote vehicles and construction equipment can have their fuel demands satisfied on location. This technology saves time and money for our customers. Non-fuel Related Activities The well-established Turcas-Castrol lubricants cooperation was extended again with the renewal of the relevant agreement. With the help of successfully employed customer satisfaction programs and various promotional campaigns, sales volume of lubricants stood at 3,100 tons in 2004. 21 TV filmleri, gazete, radyo ve aç›k hava reklamlar›n› içeren genifl ve etkin medya kullan›m› ile Türkpetrol’ün özenli hizmet noktas› oldu¤u mesaj› kitlelere yay›ld›. With extensive usage of widely accessed media such as films, newspaper adds, radio spots and billboards, Turcas’ image as the “caring service spot” was intensified. Turcas – ‹pragaz’›n sürdürdü¤ü baflar›l› iflbirli¤i ile düzenlenen kampanyalar hedefine ulaflm›fl ve dolay›s›yla otogaz sat›fllar› geçen y›la oranla art›fl göstermifltir. 2004 y›l›nda otogaz sat›fl› yap›lan 273 istasyonda sat›fl hacmi %16,5 ’lik bir art›flla 188.000 m3’e ulaflm›flt›r. ‹stasyon bafl› ortalama sat›fl 645 m3’ten 683 m3’e yükselmifltir. Market ürünleri - istasyon servisleri yelpazesini geniflletme çal›flmalar› 2004 y›l›nda da devam etmifl, yenileme çal›flmalar› 45 istasyon marketinde baflar›yla tamamlanm›flt›r. Market servisi ve ürün gam›n›n geniflletilmesiyle birlikte sat›fllar %80 art›fl göstermifltir. Kalite Kontrol ‹çleri modern laboratuvar olarak dizayn edilmifl Gezici Kalite Denetim Filosu 2004 y›l› içerisinde toplam 572.229 km yol katederek yurt genelindeki 654 Turcas istasyonunu 6.743 defa ziyaret etmifltir. ‹stasyon ziyaretlerinde öncelikli olarak marker kontrolü, su testi, kalibrasyon ölçümü, hizmet ve genel görünüm kontrolleri yap›lmaktad›r. Genç ve dinamik bir kadrodan oluflan Kalite Kontrol ekibi istasyon kontrollerinin yan› s›ra müflteri flikayetlerine de an›nda müdahale ederek müflteri memnuniyetini üst düzeyde tutmaya çaba göstermektedir. ‹letiflim 2004 y›l› iletiflim anlam›nda Turcas Petrol için yeni ürünlerin lansmanlar›n›n yap›ld›¤› hareketli bir y›l olarak geçmifltir. Haziran ay›nda 98 Oktan Kurflunsuz Benzin ve Euro Diesel ürünleri tüketiciye sunulmufltur. Turcas Petrol, "Türkiye’nin en meflhur fiapkas›" temas›n› sürdüren ve kaliteli hizmet anlay›fl›n› vurgulayan reklamlar›n› bu y›l ünlü sinema sanatç›s› Hülya Avflar ile sürdürdü. Haziran ay›nda performans konseptini iflleyen 98 Oktan reklam kampanyas›na ulusal TV’lerde 14, 17 ve 19 saniyelerde oluflan k›sa filmler ile baflland› ve 32 saniyelik bir filmle devam edildi. Kampanya ulusal radyolarda 34 saniyelik 98 Oktan reklam spotu ve ayn› zamanda ‹stanbul, Ankara ve ‹zmir’de 98 Oktan ve Euro Diesel ürünlerinin aç›k hava reklamlar› ile tamamland›. 2004’ün Ekim ve Kas›m aylar›nda yap›lan reklamlarda marka bilinirli¤ini, genç kitleler öncelikli olmak üzere, geniflletmek hedeflendi. TV filmleri, gazete, radyo ve aç›k hava reklamlar›n› içeren genifl ve etkin medya kullan›m› ile Türkpetrol’ün özenli hizmet noktas› oldu¤u mesaj› kitlelere yay›ld›. ‹kmal Turcas yurtiçi piyasaya 1 milyon tonun üzerinde petrol ürünleri ikmali gerçeklefltirmifltir. Bu miktar›n yaklafl›k %80’i Tüprafl rafinerilerinden, geri kalan %20’si ise eflit olarak Atafl Rafinerisi’nden, ithalat yoluyla ve di¤er yurtiçi ikmal kaynaklar›ndan temin edilmifltir. 2004 y›l› ortas›nda Atafl Rafinerisi’nin ortaklar› rafinerinin terminale dönüfltürülmesi konusunda karar alm›fllard›r. Rafineri’nin s›n›rl› kapasitesinin, rafinerinin uzun dönemde faaliyetlerini sürdürebilmesi için gerekli olan yat›r›mlar› karfl›layamayaca¤› düflünülmüfltür. Dönüflüm projesi birkaç y›lda tamamlanacak olup bölgenin ürün talebi ithalat yoluyla karfl›lanmaktad›r. 22 The successful cooperation with ‹pragaz and new sales campaigns yielded impressive results in satisfying customers; the number of stations selling auto LPG has risen to 273 while sales volume totaled 188,000 m3. Sales per station increased from 645 m3 to 683 m3. Studies concerning the broadening of services and products provided in forecourt shops have continued in 2004. During the year, 58 shops have been refurbished. In the renewed station shops with improved facilities and wider range of products, sales scored a 80% increase. Quality Control Mobile Quality Control Fleet, designed as mobile laboratories, travelled close to 600,000 kms and made nearly 7,000 visits to 654 stations to monitor the quality of the products and services, by applying marker controls, water tests, and calibration calculations. The Quality Conrol team, composed of dynamic and devoted staff, addresses and remedies all complaints as quickly as possible, exerting great efforts to maintain the level of customer satisfaction at the highest levels. Communication 2004 was a very active year in terms of communication operations for Turcas, in which new products were launched with extensive campaigns. New products, 98 octane unleaded gasoline and Euro Diesel, were introduced to the customers during the year. The theme of presenting Turcas brand as "Turkey’s most famous hat" continued in 2004. Famous actress Hülya Avflar took part in this year’s advertisement campaigns emphasizing Turcas’ approach of providing high quality services. Advertising campaigns for the new 98 octane gasoline product were launched with short films of 14, 17 and 19 sec. in national TVs and continued with a 32 sec. commercial. The campaign was successfully completed with 34 sec. spots broadcasted on national radio channels and billboards in ‹stanbul, Ankara and ‹zmir of 98 octane and Euro Diesel products. TV commercials were aired during October and November aimed at raising brand awareness, especially among young people. With extensive usage of widely accessed media such as films, newspaper ads, radio spots and billboards, Turcas’ image as the "caring service spot" was intensified. Supply Turcas supplied more than one million tons of petroleum products to the domestic market. Approximately 80% of this was sourced from Tüprafl Refineries and the remaining 20% was supplied equally from Atafl Refinery production, imports and other domestic suppliers. In mid 2004 the partners in Atafl Refinery took the decision to convert the refinery into a terminal. The limited capacity of the refinery could not justify the level of investment required to secure its long term operation. The complete conversion process will be phased over several years but product for the regional demand is already being supplied by imports. 23 Genç ve dinamik bir kadrodan oluflan Kalite Kontrol ekibi müflteri flikayetlerine de an›nda müdahale ederek müflteri memnuniyetini üst düzeyde tutmaya çaba göstermektedir. Quality Conrol team, composed of a dynamic and devoted staff, addresses and remedies quickly, exerting great efforts to keep the level of customer satisfaction at the highest levels. Operasyon ve Yat›r›mlar Terminallerde emniyet, güvenlik, bak›m ve yeni ürünler için gerekli temel yat›r›mlar gerçeklefltirilmifl; bu çerçevede Alia¤a Terminali’nin 2003 y›l›nda bafllam›fl olan Sabit Sistem Yang›n Söndürme Projesi 126.000 ABD dolar› maliyetle tamamlanm›flt›r. Körfez ve Alia¤a terminallerinde, piyasaya yeni ç›kan 98 oktan kurflunsuz benzin ile 350 ppm dizel ürünlerinin depolan›p, sevk›yat›n›n yap›lmas›n› mümkün k›lacak alt yap› tadilat yat›r›mlar› yap›lm›flt›r. ‹nsan Kaynaklar› 31 Aral›k 2004 itibariyle Turcas Petrol’de 37 kad›n ve 147 erkek personelden oluflan toplam 184 kifli çal›flmaktad›r. Maafllar ve Toplu ‹fl Sözleflmeleri Turcas Petrol herhangi bir Toplu ‹fl Sözleflmesi’ne taraf de¤ildir. 2004 y›l› boyunca, içinde bulunulan ekonomik koflullar ve rakiplerin uygulamalar› do¤rultusunda ücretlere iki kez genel zam yap›lm›flt›r. Buna ek olarak ve fiirket’in performansa dayal› ücret felsefesi çerçevesinde, çal›flanlar önceki y›ldaki bireysel performanslar›na ba¤l› olarak ödüllendirilmifllerdir. K›dem Tazminat› Yükümlülü¤ü Aral›k 2004 itibariyle, fiirket’in yönetmelik gere¤i k›dem tazminat› yükümlülü¤ü toplam 2.473.739 milyon TL olarak gerçekleflmifltir. Personel ‹liflkileri, Felsefesi ve Yan Ödenekler Turcas Petrol’ün politikas›, personeline ve ifl baflvurusunda bulunan adaylara, ›rk, renk, inanç, etnik veya ulusal köken, cinsiyet, medeni hal, yafl veya engellilik ayr›m› gözetmeden davranmakt›r. fiirket, tüm çal›flanlar›na, yeteneklerine ve potansiyellerine dayal› olarak ilerlemeleri konusunda f›rsat eflitli¤i sa¤lar. Turcas Petrol’ün insan kaynaklar› politikas›, organizasyonun bütün kademelerinde teflvik edici ve ödüllendirici bir ortam yaratmakt›r. Hedeflere dayal› yönetim ve personel de¤erlendirmesi, performans iyilefltirme, motivasyon, iletiflim, geliflim ve e¤itim ihtiyaçlar›n› belirlemek ve her çal›flan›n kendi performans›na göre ödüllendirilmesini sa¤lamak için düzenli olarak kullan›lmaktad›r. 24 Operational Investments Basic investments required for security, safety, maintenance and new products were made during the year; within this program the Fixed Fire Extinguishing Systems Project in Alia¤a Terminal which started in 2003 was completed at a total of US$ 126,000. In Körfez and Alia¤a Terminals, investments were made for infrastructure modifications, which will enable the storage and delivery of the new 98 octane unleaded gasoline and low sulphur diesel products. Human Resources As of December 31, 2004 Turcas Petrol had a total workforce of 184 employees, consisting of 37 females and 147 males. Salaries and Collective Bargaining Agreements Turcas Petrol is not party to any Collective Bargaining Agreement. During 2004, the Company made two general salary increases in line with the prevailing economic conditions and competitive practices. In addition and in line with the Company’s philosophy in respect to performance-related salaries, merit awards were made based on individual employee’s performance in the previous year. Severance Pay Liabilities As of December 2004, as required by regulation, the Company’s severance pay liabilities to its employees totaled TL 2.473.739 million. Employee Relations Philosophy and Benefits It is Turcas Petrol’s policy to treat employees and job applicants without regard to race, color, creed, ethnic or national origins, gender, sexual orientation, marital status, age or disability. The Company is committed to provide equal opportunities for all employees so that they may progress within the Company according to their performance, ability and potential. Turcas Petrol’s human resources management aims to create a challenging and rewarding environment for all employees throughout the organization. Management by objectives and employee appraisals are routinely used to improve performance, motivation, communication, development, assess training needs and ensure that each employee is rewarded in accordance with his or her performance. 25 2004 y›l›nda düzenlenen e¤itimler “üstün nitelikli akaryak›t›, emniyetli ve temiz tesislerde, mükemmel hizmet” anlay›fl›yla sürdürüldü. Training activities were pursued with a vision of “providing premium petroleum products in a safe and clean environment with excellent service quality”. Yasal olarak ödenen ücretlere ek olarak, fiirket afla¤›daki ücret d›fl› yararlar› sa¤lamaktad›r: • • • • • • • Ücretli izin Y›lda dört ikramiye K›dem primleri Y›ll›k tatil harc›rah› Sa¤l›k sigortas› Do¤um, ölüm ve evlilik yard›m› Yemek ve ulafl›m Bunlara ek olarak, mavi yakal› çal›flanlar yakacak yard›m›, giyecek yard›m› ve dini bayram ödemeleri almaktad›rlar. Bütün bu yard›mlar, rakip uygulamalara paralel olarak, düzenli flekilde gözden geçirilmektedir. E¤itim 2004 y›l›nda düzenlenen e¤itimler "üstün nitelikli akaryak›t›, emniyetli ve temiz tesislerde, mükemmel hizmet" anlay›fl›yla sürdürüldü. Bu anlay›fl›n temel yap›tafllar›n› oluflturan istasyon çal›flanlar› için haz›rlanan e¤itim programlar›n›n içerikleri, günün geliflen flartlar›na göre yenilenmifl, programlar periyodik olarak yürütülmüfltür. ‹stasyon personeli e¤itimleri; 478 istasyondan 2.110 personel, "Turcas Petrol Hizmet Standartlar›, Statik Elektri¤in ‹stasyonlarda Oluflturdu¤u Riskler, Ürün Bilgisi ve ‹stasyon Emniyeti" konular›nda e¤itim görmüfltür. Tanker floförü e¤itimleri; Ambarl› ve Körfez bölgesi kapsam›ndaki 176 istasyonun tanker floförlerine "Emniyetli Sevk›yat ve Ürün Bilgisi" konular›nda e¤itim verilmifltir. Ticari grup müflterileri seminerleri; Ticari grup müflterilerinin konu ile ilgili çal›flan personeline "Ürün Bilgisi" seminerleri verilmeye devam edilmifltir. 26 In addition to legally required monthly salary payments, the Company provides the following additional benefits: • • • • • • • Paid vacations Four bonuses annually Seniority bonuses Annual vacation allowance Health insurance Financial support in the event of birth, death and marriage Work-related meals and transportation In addition, employees receive payments for household heating, clothing and allowances for religious festivities. All of these benefits are regularly reviewed in line with employees’ needs and competitive practices. Training Training activities were pursued with the vision of "providing premium petroleum products in a safe and clean environment with excellent service quality". In accordance with this approach, training programs were designed and regularly provided for station staffs, who continue to be the "face" of Turcas services, and updated according to the recent developments in the sector. Service Station Staff 2,110 staff from 478 stations were provided with Turcas Service Standards, Risks Concerning Static Electricity, Product Characteristics and Station Safety training programs. Truck Driver Training Truck drivers from 176 stations located in Ambarl› and Körfez regions were trained in Safe Loading and Delivery and Product Characteristics. Commercial Customer Seminars Staff of commercial customers countrywide were provided with seminars concerning Product Characteristics. 27 KURUMSAL YÖNET‹M ‹LKELER‹ 1- KURUMSAL YÖNET‹M ‹LKELER‹’NE UYUM BEYANI fiirketimiz’in pay sahiplerinin Kurumsal Yönetim ‹lkeleri’nde belirtilen haklar›n›n kullan›m› konusunda Mali Bölüm bünyesinde bu konularda uzman kiflilerden oluflan bir grup görev yapmaktad›r. Bu grup pay sahiplerinin haklar›, kamuyu ayd›nlatma ve bilgi verme, menfaat sahipleri ile iliflkiler, sosyal sorumluluk, denetim ve Yönetim Kurulu’nun faaliyetleri konusunda TTK, fiirket Ana Sözleflmesi ve SPK ‹lkeleri çerçevesinde çal›flmaktad›r. Genel prensipleri itibariyle fiirket’in finansal durumuna ve faaliyet sonuçlar›na etki edecek durumlar zaman geçirmeksizin do¤ru, eksiksiz, anlafl›labilir bir flekilde kamuya aç›klanmaktad›r. fiirketimiz’in insan kaynaklar› politikas› ve ifl ahlak› politikas› uygulamalar› sürdürülmekte olup çal›flanlar›n haklar› ile ilgili temel prensipler y›ll›k faaliyet raporlar›nda yay›nlanmaktad›r. fiirketimiz faaliyet gösterdi¤i ifl kolunun özelli¤i gere¤i sosyal sorumluluklar› çerçevesinde 2001 y›l›nda bir Emniyet, Sa¤l›k ve Çevre (ESÇ) politikas› yürürlü¤e koymufltur. fiirket ile çal›flan servis sa¤lay›c›lar ve müteahhitlere de bu politika tan›t›lmakta ve politikaya uygun olarak çal›flmalar› flart koflulmaktad›r. Dönem içinde çevreye verilen zararlardan dolay› flirket aleyhine aç›lan dava yoktur. fiirketimiz’in Yönetim Kurulu, TTK, fiirket Ana Sözleflmesi ve SPK prosedürleri ile genel kabul görmüfl etik kurallar çerçevesinde sorumluluklar›n› yürütmektedir. Yönetim Kurulu SPK tebli¤ine uygun olarak icradan sorumlu olmayan iki üyeden oluflan bir Denetim Komitesi teflkil etmifltir. BÖLÜM II – PAY SAH‹PLER‹ 2. Pay Sahipleri ‹le ‹liflkiler Pay sahipleri ile ilgili ifllemler "Mali Bölüm" bünyesinde takip edilmektedir. Konuyla ilgili olarak: N. Ayfle Oral Muhasebe Müdürü 0212 259 0000/1246 ayse.oral@turcas.com.tr C. Yusuf Ata Muhasebe Mdr. Yrd. 0212 259 0000/1205 yusuf.ata@turcas.com.tr ‹nci Masatl›o¤lu Muhasebe Pers. 0212 259 0000/1203 inci.masatlioglu@turcas.com.tr bu görevi yürütmektedirler. Bu grubun bafll›ca faaliyetleri SPK-‹MKB-Takasbank iliflkileri, sermaye artt›r›mlar›, halka arz ifllemleri, temettü ödemeleri, ortaklar pay defteri kay›tlar›n›n güncellenmesi, hisse devirleri, Merkezi Kay›t Kuruluflu ve KAP ile ilgili ifllemler, ola¤an ve ola¤anüstü genel kurul çal›flmalar›, kamuyu ayd›nlatma ifllemleridir. Dönem içerisinde yaklafl›k 150 civar›ndaki baflvurunun tamam› yan›tlanm›flt›r. Ayr› bir birim oluflturulmamas›n›n gerekçesi fayda – maliyet aç›s›ndan organizasyon içerisinde de¤erlendirildi¤inde birimin kay›p zaman fazlal›¤›d›r. 3. Pay Sahiplerinin Bilgi Edinme Haklar›n›n Kullan›m› Pay sahipleri dönem içinde yaklafl›k 150 adet çeflitli konuda bilgi talebinde bulunmufltur. Talepler genellikle hisse de¤iflimi, hisse devri, temettü da¤›t›m›, sermaye art›fl›, mali tablolara iliflkin talepler, faaliyet raporu talepleri, hisse senetlerinin fiyatlar›, dönem kar›, özel durum aç›klamalar› vb’dir. Talep edilen bilgiler sözel ve/veya yaz›l› olarak cevaplanmaktad›r. 2004 y›l›ndan itibaren pay sahipli¤i haklar›n›n kullan›m›n› etkileyecek geliflmeler SPK – TUB‹TAK/Bilten ortak projesi olan KAP (Kamuyu Ayd›nlatma Projesi) kapsam›nda elektronik ortamda duyurulmaya bafllanm›flt›r. fiirket Ana Sözleflmesi’nin 22. maddesi gere¤ince " Belli hususlar›n incelenmesi için gerekti¤inde Genel Kurul’ca özel murak›plar seçilir" hükmü mevcut olup, dönem içinde böyle bir talep olmam›flt›r. 28 CORPORATE GOVERNANCE PRINCIPLES 1- DECLARATION OF COMPLIANCE WITH CORPORATE GOVERNANCE PRINCIPLES A group of specialists in the Finance Division work on all the various aspects of the treatment of the Company’s shareholders as specified in the Corporate Governance Principles of the Capital Markets Board. This group is focused on shareholders’ rights, public disclosures and information, relations with stakeholders, social responsibility, audit and the activities of the Board of Directors, in conformance with the provisions of the Turkish Commercial Code, the Company’s Articles of Association and the principles of the Capital Markets Board. In accordance with the general principles, any events which may affect the financial situation or results of operations of the Company are disclosed promptly, accurately and completely. The Company’s human resources policy and business ethics policy and practices are maintained, and our basic principles relating to employees’ rights are published in the annual reports. As a requirement of our industry, and as part of our social responsibilities, a Safety Health, and Environment (SHE) policy was established in 2001. This policy is also communicated to service providers and contractors working with our Company, and they are required to work in strict compliance with the policy. During the current period, no lawsuit or investigation has been started against the Company due to alleged damages to the environment. Our Company’s Board of Directors fulfills its functions and responsibilities in strict conformity to the provisions of the Turkish Commercial Code, the Company’s Articles of Association, the principles of the Capital Markets Board and the generally accepted rules of ethics. The Board of Directors has recently appointed an Audit Committee comprised of 2 non-executive members in accordance with the relevant notifications of the Capital Markets Board. PART I – SHAREHOLDERS 2. Relations with Shareholders Relations with shareholders are dealt with by staff from the Finance Division. The focal persons on this issue are: N. Ayfle ORAL Accounting Manager 0212 259 0000/1246 ayse.oral@turcas.com.tr C. Yusuf ATA Accounting Assistant Manager 0212 259 0000/1205 yusuf.ata@turcas.com.tr 0212 259 0000/1203 inci.masatlioglu@turcas.com.tr ‹nci MASATLIO⁄LU Accounting Officer Included among the basic activities of this group are relations with CMB-ISE-Custody Bank, capital increases, public offerings, dividends and distributions, share book updating, share transfers, relations with the Central Registry Agency and transactions with regard to the Public Information and Automation Project, ordinary and extraordinary meetings of the general assembly of the shareholders, and public disclosures. During the current period, almost 150 requests have been received, and all answered. The company believes that, given the current level of activity, there is no justification in establishing a separate unit for this function. 3. Use of Information Rights by Shareholders During the current period, shareholders have made approximately 150 requests for data and information on a variety of issues. The information requested is mostly to do with exchange of shares, share transfers, dividends and other distributions, capital increases, financial statements, annual reports, share prices, current period profit, special event disclosures, etc. The information requests are responded to verbally and/or in writing. Since 2004, all and any developments affecting shareholding rights are made public via electronic medium as a part of the Public Information and Automation Project, being a joint project of CMB-Tübitak/Bilten. Article 22 of the Company’s Articles of Association provides that: "The General Assembly of Shareholders will elect and appoint special auditors if and when required for audit and examination of certain issues". However no such request has been made during the current period. 29 4. Genel Kurul Bilgiler fiirket’in 2003 y›l› hesap dönemine iliflkin Ola¤an Genel Kurul Toplant›s› 25.05.2004 tarihinde ‹stanbul Kalyon Oteli’nde gerçekleflmifltir. Toplam 26.330.233.183 adet hisseden %65,41 hisseye sahip ortaklar›m›z ve menfaat sahipleri ile bir grup medya da toplant›ya ifltirak etmifltir. Toplant›ya davet ilânlar› fiirket Ana Sözleflmesi’nin 27. maddesi uyar›nca Yönetim Kurulu taraf›ndan Türkiye Ticaret Sicil Gazetesi’nde, ayr›ca günlük yüksek tirajl› iki gazetede yay›nlanm›flt›r. ‹lâve olarak toplant› ile ilgili gündemi, dönemin Bilânço ve Kâr-Zarar Tablosu ve vekâletname örne¤ini içeren davet mektuplar› taahhütlü olarak ortaklara gönderilmifltir. fiirket hisse senetlerinin tamam› nama yaz›l› olup, hisse senedi sahiplerine iliflkin kay›tlar güncel olarak flirket pay defterine kaydedilmektedir. Hisseleri ‹MKB’de ifllem gören ortaklar için, genel kurul davet ilânlar›nda da belirtildi¤i üzere sahip olduklar› hisselere iliflkin ortakl›k bilgileri ile birlikte toplant› girifl kartlar›n› alabilmelerini teminen toplant› tarihinden en geç bir hafta önce fiirket merkezine baflvurmalar› istenmektedir. Bu flekilde hazirun cetveli toplant›dan bir hafta önce oluflturulmaktad›r. Genel Kurul’dan 15 gün önce döneme iliflkin finansal raporlar ortaklar›n incelemesine fiirket merkezinde haz›r bulundurulmakta ve ortaklara taahhütlü olarak gönderilen davet mektuplar›n›n ekinde ilgili dönemin Bilânço ve Kâr-Zarar Tablosu da yer almaktad›r. fiirket Genel Kurullar›’na kat›lan pay sahipleri taraf›ndan yöneltilen çeflitli sorular, oturum divan heyetince cevapland›r›lmaktad›r. Genel Kurul’un gündemindeki en son madde dilekler ve temenniler olarak yer al›r. Bu kapsamda toplant›ya kat›lan pay sahiplerinin vermifl oldu¤u öneriler toplant› divan›nca de¤erlendirilerek, Genel Kurulun onay›na göre sonuçland›r›lmaktad›r. Birleflme, bölünme, önemli tutarda mal varl›¤› sat›m›, al›m›, kiralanmas› gibi önemli nitelikteki kararlar›n Genel Kurul taraf›ndan al›nmas› konusunda fiirket Ana Sözleflmesinde ayr›ca bir hüküm bulunmamaktad›r. Ancak birleflme, bölünme, devir gibi hususlarda fiirket Yönetim Kurulu’nca karar al›narak Genel Kurul’un onay›na sunulmaktad›r. TTK genel hükümlerinde Genel Kurul görevleri tan›m›n›n yap›lm›fl olmas› nedeniyle fiirket Ana Sözleflmesi’nde bu konular yer almamaktad›r. Genel Kurula kat›l›m› kolaylaflt›rmak amac›yla gazete ilanlar› verilmekte ve ortaklar›m›za taahhütlü ça¤r› mektuplar› gönderilmektedir. Genel Kurul Toplant› Tutanaklar› Ticaret Sicilinde ve fiirket merkezinde pay sahiplerinin incelemesine aç›k tutulmaktad›r. Ayr›ca 2004 y›l› Genel Kurul Toplant› Tutana¤› KAP kapsam›nda elektronik ortamda halka duyurulmufltur. 5. Oy Haklar› ve Az›nl›k Haklar› fiirket Genel Kurul Toplant›lar›’nda hissedarlar›n oy haklar›nda herhangi bir imtiyaz bulunmamaktad›r. Ancak fiirket Ana Sözleflmesi’nin 13. ve 22. maddeleri gere¤i, imtiyazl› pay sahiplerinin Yönetim ve Denetim Kurulu seçimlerinde aday gösterme imtiyaz› mevcuttur. fiirketimiz’de karfl›l›kl› ifltirak içinde olan ve hakimiyet iliflkisini getiren bir ortakl›k mevcut de¤ildir. Az›nl›k paylar› flirket yönetiminde temsil edilmemekte ve birikimli oy kullanma yöntemine yer verilmemektedir. 6. Kâr Da¤›t›m Politikas› ve Kâr Da¤›t›m Zaman› fiirket’in kâr›na kat›l›m konusunda Ana Sözleflme gere¤i herhangi bir imtiyaz bulunmamaktad›r. fiirket Ana Sözleflmesi’nin 40. maddesinde kâr da¤›t›m› politikas› Türk Ticaret Kanunu’nun ilgili hükümlerine uygun olarak düzenlenmifl olup, prensip olarak TTK. ve SPK’n›n ilgili tebli¤lerine uygun olarak dönem kâr›ndan geçmifl dönemlerin zararlar›n›n mahsubundan sonra da¤›t›labilecek kâr oluflmas› durumunda Yönetim Kurulu’nun kâr da¤›t›m karar› Genel Kurul’un onay›na sunulmakta ve da¤›t›m yasal süreler içerisinde tamamlanmaktad›r. 30 4. Information on General Assembly Meetings The Annual Ordinary Meeting of the General Assembly of Shareholders relating to the 2003 accounting period of the Company was held in Istanbul Kalyon Hotel on 25.05.2004. Shareholders holding 65.41% of the total 26,330,233,183 shares, as well as stakeholders and some press and media representatives attended the meeting. Pursuant to Article 27 of the Articles of Association, announcement of the General Assembly Meetings are published by the Board of Directors in the Turkish Trade Registry Gazette and also in two daily newspapers with high circulation. In addition, letters of invitation, appended by the meeting agenda, the Balance Sheet and the Profit and Loss Statement of the period, and a form of proxy letter are sent by registered mail to the shareholders. All of the share certificates of the Company are registered, and the updated shareholder records are recorded in the share book of the Company. The holders of shares quoted and traded in the Istanbul Stock Exchange are, as also stated in the calls for the General Assembly meetings, requested to apply to the Company head offices no later than one week prior to the meeting date in order to recieve a meeting entrance card and submitting information about the shares they hold . Thus, the list of attendees is prepared one week before the meeting. Starting from 15 days before the General Assembly meeting, the related financial statements and reports are made available in the Company head offices for inspection by the shareholders. In addition the Balance Sheet and the Profit and Loss Statement of the relevant period are attached to the letters of invitation sent to the shareholders by registered mail. Various questions asked by the shareholders in the General Assembly meetings are answered by the meeting council. The last item of the General Assembly meeting agenda is always ‘proposals and questions’. These are evaluated by the meeting council and responded to at the discretion of the General Assembly of Shareholders. The Articles of Association of the Company does not contain any separate clause about the major decisions of the General Assembly of Shareholders with regard to the merger, separation, purchase, sale or lease of assets of a substantial value. However, decisions on issues such as merger, and transfer are taken by the Board of Directors and presented for the approval of the General Assembly of Shareholders. As the duties and functions of the General Assembly of Shareholders are already defined in the general provisions of the Turkish Commercial Code, the Company’s Articles of Association does not deal with these issues. For the sake of facilitating the participation in the General Assembly meetings, advertisements are published in newspapers and letters of invitation are sent by registered mail to our shareholders. The minutes of the General Assembly meetings are made available in both the Trade Registry and the Company head offices for inspection by shareholders. Furthermore, the minutes of the General Assembly meeting relating to the 2004 accounting period have been publicized in electronic medium as part of the Public Information and Automation Project. 5. Voting Rights and Minority Rights No shareholders hold any privileges in voting rights in the General Assembly meetings of the Company. However, in accordance with Articles 13 and 22 of the Articles of Association, the Privileged Shareholders hold privilege of nomination in elections for the Board of Directors and the Board of Auditors. There is no partnership in the Company that results in reciprocal and dominant ownership Minority shares are not represented in the Company management, and cumulative voting rights are not allowed. 6. Profit Distribution Policy and time of Profit Distribution According to our Articles of Association, there is no preference in the distribution and allocation of the Company profit. Article 40 of the Articles of Association regulates the profit distribution policy, in accordance with the relevant provisions of the Turkish Commercial Code. In accordance with the provisions of the Turkish Commercial Code and the notifications of the Capital Market Board, the distributable profit remaining, after deduction of losses of previous years from any profit of current period, is distributed to the shareholders upon approval of the profit distribution motion of the Board of Directors by the General Assembly of Shareholders. The distribution is completed within the legal periods of time. 31 7. Paylar›n Devri fiirket Ana Sözleflmesi’nin 7. maddesinde fiirket’in nama yaz›l› A Grubu hisse senetlerinin devrinin fiirket’e karfl› geçerli olmas› için "Beyaz Ciro" ile yap›lan devir ve temliklere Yönetim Kurulu peflinen muvafakat eder ve Yönetim ile Denetim Kurulu üyeliklerine aday göstermekte imtiyaz sahibi olan B ve C Grubu hisselerinin devrinin fiirket’e karfl› geçerli olmas› için Yönetim Kurulu’nun muvafakat› flartt›r hükümleri yer almaktad›r. Buna göre A grubu hisselerin devrindeki k›s›tlama Yönetim Kurulu’nun peflinen muvafakat› ile kald›r›lm›flt›r. Ancak B ve C grubu hisselerin devrinde B ve C grubu hisse sahipleri devir anlaflmas› koflullar›na uymak zorundad›rlar. BÖLÜM II – KAMUYU AYDINLATMA VE fiEFFAFLIK 8. fiirket Bilgilendirme Politikas› fiirketimiz’in bilgilendirme politikas› yaz›l› olarak düzenlenmemifltir. Ancak genel prensipler itibariyle uygulamam›z flöyledir: Bas›na sektör ve fiirket ile ilgili, Yönetim Kurulu Baflkan› ve sözleflmeli olarak dan›flmanl›k hizmeti veren bir flirket taraf›ndan gerekti¤i durumlarda aç›klamalar yap›lmaktad›r. Finans kurulufllar›ndan yöneltilen sorular Yönetim Kurulu’nca, pay sahiplerine ise 2. madde de belirtti¤imiz kiflilerce sorular›n niteli¤ine göre cevap verilerek bilgilendirme politikam›z yürütülmektedir. fiirketimiz’in yaz›l› olmayan bu bilgilendirme politikas› flimdiye kadar herhangi bir gereksinim duyulmad›¤› için yaz›l› hale getirilerek kamuya duyurulmam›flt›r. fiirketimiz’in bilgilendirme politikas›n›n yürütülmesinden Yönetim Kurulu Baflkan› Erdal Aksoy ile Genel Müdür/Yönetim Kurulu Üyesi Alistair W. Clark sorumludur. 9. Özel Durum Aç›klamalar› 2004 y›l› içerisinde SPK tebli¤leri uyar›nca 22 adet Özel Durum Aç›klamas› zaman›nda yap›lm›fl ve bunlarla ilgili SPK veya ‹MKB taraf›ndan ek aç›klama istenmemifltir. fiirketimiz’in hisseleri herhangi bir yurtd›fl› borsas›na kote de¤ildir. 10. fiirket ‹nternet Sitesi ve ‹çeri¤i fiirketimiz’in ‹nternet sitesi adresi www.turcas.com.tr dir. ‹nternet sitemizde SPK Kurumsal Yönetim ‹lkeleri II. Bölüm madde 1.11.5 te listelenen afla¤›daki bilgiler bulunmaktad›r: - Ticaret Sicil Bilgileri - Ana Sözleflme - Son durum itibariyle Yönetim Kurulu Üyeleri - Ortakl›k yap›s› - 2004 y›l› özel durum aç›klamalar› - 31/12/2003 – 31/03/2004 – 30/06/2004 – 30/09/2004 Denetim raporlar› - 2000 – 2001 – 2002 – 2003 Faaliyet raporlar› - 2003 Genel Kurul toplant› gündemi - 2003 Genel Kurul hazirun cetveli - 2003 Genel Kurul toplant› tutana¤› - Vekaleten oy kullanma formu - 2001 Sermaye artt›r›m› izahnamesi - ‹mtiyazl› paylara iliflkin bilgiler Kurumsal Yönetim ‹lkeleri Raporu 2004 y›l› Genel Kurulu’ndan sonra ‹nternet sitemizde yay›nlanacakt›r. 32 7. Transfer of Shares Article 7 of the Articles of Association stipulates that, transfer of the registered shares in Group A is validated by the prior consent of the Board of Directors and the Transfers and Assignments effected by "Simple Endorsement". For the transfer of the shares in Groups B and C, holding the privilege of nomination in elections for the Board of Directors and the Board of Auditors of the Company, the prior consent of the Board of Directors is required. In accordance with that article, the restriction on the transfer of the shares in Group A has been eliminated by the prior consent of the Board of Directors. However, the holders of shares in Groups B and C are obliged to comply with the conditions in the case of transfer of shares in Groups B and C. PART II – PUBLIC DISCLOSURE AND TRANSPARENCY 8. Company Disclosure Policy The Company does not have a formal, written disclosure policy, but the general principles and practices are as follows. Press statements about the Company and the industry are, if and when required, issued by the Chairman, the General Manager or by a contracted Public Relations Agency of the Company. Questions asked by financial institutions are answered by the Board of Directors, while questions asked by shareholders are answered by the group as mentioned in section 2 above, as a part of our disclosure policy. This disclosure policy has not been formally written nor made public, as no need has yet arisen. It is the responsibility of the Chairman Mr. Erdal Aksoy and the Director and General Manager Mr. Alistair W. Clark to manage this disclosure activity. 9. Special Event Disclosures During 2004, in accordance with the CMB Notifications, 22 Special Event Disclosures were issued promptly, and neither the CMB nor the ISE requested any additional clarification. The shares of the Company are not quoted on any foreign stock exchange. 10. Company Internet Web Site and Its Contents The Company’s Internet web site address is www.turcas.com.tr The Internet web site contains the following information as listed in Article 1.11.5, Part II of the CMB Corporate Governance Principles: - Trade Registry Information - Articles of Association - The current members of the Board of Directors - Shareholders structure - Special Event Disclosures in 2004 - Audit Reports issued as of 31.12.2003, 31.03.2004, 30.06.2004 and 30.09.2004 - 2000, 2001, 2002 and 2003 Annual Reports - Agenda of the 2003 annual ordinary meeting of the General Assembly of Shareholders - List of attendants of the 2003 annual ordinary meeting of the General Assembly of Shareholders - Minutes of the 2003 annual ordinary meeting of the General Assembly of Shareholders - Form for voting by proxy - 2001 Capital Increase Prospectus - Information on privileged shares The Corporate Governance Principles Report will be posted on the Internet web site after the relevant General Assembly meeting. 33 11. Gerçek Kifli Nihai Hâkim Pay Sahibi/Sahiplerinin Aç›klanmas› fiirket’in Gerçek Kifli Nihai Pay Sahibi ortaklar› ve bunlara iliflkin hisse de¤ifliklikleri, SPK tebli¤leri uyar›nca Özel Durum Aç›klama Formu, Faaliyet Raporu ve üçer ayl›k mali tablo dipnotlar›nda aç›klanmaktad›r. 12. ‹çeriden Ö¤renebilecek Durumda Olan Kiflilerin Kamuya Duyurulmas› ‹çeriden ö¤renebilecek durumda olan Yönetim Kurulu Üyeleri’nin, fiirket Üstdüzey Yöneticileri’nin ve fiirket Müdürleri’nin isimleri y›ll›k faaliyet raporunda afla¤›daki gibi halka duyuruluyor olmas› nedeniyle ayr›ca bir aç›klama yap›lmam›flt›r: Erdal Aksoy Yönetim Kurulu Baflkan› Y›lmaz Tecmen Yönetim Kurulu Üyesi /Baflkan Vekili Alistair W. Clark Yönetim Kurulu Üyesi/Genel Müdür Osman E. V. Kerman Yönetim Kurulu Üyesi Bülent Çorapç› Yönetim Kurulu Üyesi M. ‹lhan Nebio¤lu Yönetim Kurulu Üyesi Barry N. Kumins Yönetim Kurulu Üyesi Nezihi Tümer GM Yrd./ Operasyon ve Lojistik Bofl GM Yrd./ Finans ve Bilgi Sistemleri Mehmet Erbasan Akaryak›t Sat›fllar› Md. Osman Kazdal Pazarlama Servisleri Md. Sadettin ‹mrek Hukuk Müflaviri Cabbar Y›lmaz Bayi Destek Md. Süleyman Asutay Finansman Md. Fatma Aytaç Bilgi Sistemleri Md. Ayfle Oral Muhasebe Md. Aynur Göksel Kredi Kontrol Md. Kemal Günay ‹flletmeler Md. Bahri Yüre¤ir Tedarik Md. O¤uz Gönenç Sat›nalma Md. Aybar Tüfekçiler Akaryak›t Yönetim Sistemi Md. Hülya Dinçer Emniyet, Sa¤l›k ve Çevre Koordinatörü Ece Metin ‹nsan Kaynaklar› Koordinatörü BÖLÜM III - MENFAAT SAH‹PLER‹ 13. Menfaat Sahiplerinin Bilgilendirilmesi fiirket ile ilgili menfaat sahiplerine Y›ll›k Ola¤an Genel Kurul toplant›lar›nda kendilerini ilgilendiren hususlarda gerekli bilgiler verilmektedir. Ayr›ca sözel olarak yap›lan taleplere de yetkililerce gerekli aç›klamalar yap›lmakta ve SPK tebli¤leri uyar›nca yap›lan özel durum aç›klamalar›, fiirketimiz’le ilgili di¤er bilgiler, faaliyet raporlar› ve denetim raporlar› fiirketimiz’in ‹nternet sitesinde yer almaktad›r. 34 11. Disclosure of Real Person(s) Ultimate Controlling Individual Shareholder(s). The Company’s Real Person Ultimate Controlling Individual Shareholders and the relevant share transfers are, in conformity to the CMB notifications, disclosed by a Special Event Disclosure Form, Annual Report and in the footnotes of the quarterly financial statements. 12. Disclosure of Potential Insider Traders As the names of the Directors, Senior Executives and Managers of the Company who are potential insider traders are already disclosed to the public in the Annual Report, and as listed below, no separate disclosure relating to them has been issued. Erdal Aksoy Chairman of Board of Directors Y›lmaz Tecmen Director/Vice Chairman of Board of Directors Alistair W. Clark Director/General Manager Osman E. V. Kerman Director Bülent Çorapç› Director M. ‹lhan Nebio¤lu Director Barry N. Kumins Director Nezihi Tümer Deputy General Manager – Operations and Logistics Vacant Deputy General Manager – Finance and I.M. Mehmet Erbasan Fuel Sales Manager Osman Kazdal Marketing Services Manager Saadettin ‹mrek Legal Counsel Cabbar Y›lmaz Dealer Support Manager Süleyman Asutay Treasury Manager Fatma Aytaç I.M. Manager Ayfle Oral Accounting Manager Aynur Göksel Credit Control Manager Kemal Günay Operations Manager Bahri Yüre¤ir Supply Manager O¤uz Gönenç Purchasing Manager Aybar Tüfekçiler AYS Manager Hülya Dinçer Safety, Health, and Environment Co-ordinator Ece Metin Human Resources Co-ordinator PART III – STAKEHOLDERS 13. Stakeholders Disclosure The stakeholders of the Company are duly informed about the relevant issues in the annual ordinary meetings of the General Assembly of Shareholders. In addition, verbal questions are answered by the Company officers. Furthermore, the special event disclosures issued pursuant to the CMB notifications, as well as other information, annual reports and audit reports of our Company, are published in our Company’s internet web site. 35 14. Menfaat Sahiplerinin Yönetime Kat›l›m› fiirket çal›flanlar›n›n ve di¤er menfaat sahiplerinin yönetime kat›l›m› konusunda herhangi bir uygulama mevcut de¤ildir. 15. ‹nsan Kaynaklar› Politikas› fiirket’in insan kaynaklar› politikas›n›n esaslar› afla¤›daki gibidir: - ‹lgili ifl ve pozisyon için öngörülen niteliklere sahip kiflileri seçmek ve ifle almak; - Her personelin becerilerine ve fiirket’in ihtiyaçlar›na uygun e¤itim ve kariyer f›rsatlar› yaratmak ve sunmak; - Personeli baflar›ya motive etmek; personelin bilgi ve deneyimlerini art›rmas›na olanak sa¤lamak ve personeli baflar›lar› do¤rultusunda ödüllendirmek; - Sa¤l›kl› bir çal›flma ortam› yaratmak; - Tüm personele sayg› göstermek ve personelin hak ve ç›karlar›n› korumak; - Personele, benzer strateji, ilke ve ihtiyaçlara sahip flirketler ile rekabet edebilecek yararlar/imkanlar paketi sa¤lamak; - Yapt›klar› ifli ilgilendiren veya etkileyen bütün olay ve geliflmeler konusunda personeli bilgilendirmek. fiirket’in, yukar›da bahsedilen insan kaynaklar› politikalar›n›n oluflturulmas› ve uygulanmas›nda, çal›flanlar› temsil eden bir insan kaynaklar› koordinatörü mevcuttur. Çal›flanlardan herhangi bir ayr›mc›l›k flikayeti al›nmam›flt›r. 16. Müflteri ve Tedarikçilerle ‹liflkiler Hakk›nda Bilgiler fiirketimiz, bayi a¤›n› bölgelere ay›r›p her bölgeye yeterli say›da eleman görevlendirerek bayilerimizin müflteri memnuniyetini ön planda tutmaktad›r. Bayilere ve özellikle nihai tüketiciye hizmet veren istasyon servis personeline her türlü e¤itimi veren bir ekip mevcuttur. ‹stasyonlar› denetleyen gezici bir kalite kontrol ekibi oluflturulmufltur. Mal ve hizmet kalitesi ve standart›n› koruyabilmek için marker uygulamas› yap›lmaktad›r. Standartlara ayk›r› ürün tespitinde ilgililer hakk›nda yasal ifllemleri de kapsayan yapt›r›mlar uygulanmaktad›r. fiirket politikas› olarak etkin bir planlama ile bayilerimize ikmal garantisi verilmektedir. 17. Sosyal Sorumluluk fiirket Yönetim Kurulu taraf›ndan 2001 y›l›nda Emniyet, Sa¤l›k ve Çevre (ESÇ) politikas› onaylanm›fl ve uygulanmaya bafllanm›flt›r. Bu politika do¤rultusunda çal›flanlar bütün kazalar›n önlenebilir oldu¤u felsefesiyle e¤itilmektedir. fiirket ile çal›flan servis sa¤lay›c›lar ve müteahhitlere de bu politika tan›t›lmakta ve politikaya uygun olarak çal›flmalar› flart koflulmaktad›r. Dönem içinde çevreye verilen zararlardan dolay› fiirket aleyhine aç›lan dava yoktur. Faaliyetlere iliflkin çevresel etki de¤erlendirme raporlar› bulunmamaktad›r. 36 14. Participation of Stakeholders in the Company Management Non-managerial company employees and other stakeholders do not have significant participation in the management of the Company. 15. Human Resources Policy The Main principles of the Company’s human resources policy are as follows; - To select and recruit only those who have the required qualifications for the vacant position. - To create and provide appropriate training and career opportunities compatable with the needs of the Company and the skills of each employee; - To motivate employees towards success, to enable personnel to enhance and increase their knowledge and experiences and to reward personnel for their achievements; - To create and maintain a healthy working environment; - To treat all personnel with respect and to protect their rights and benefits; - To provide personnel with a package of benefits and opportunities competitive with companies with similar strategy, principles and requirements; - To keep personnel informed about all developments and events which concern and affect their jobs. The Company has a Human Resources Coordinator who represents the staff in the formulation and implementation of the above mentioned policies. No complaint of discrimination has been received from the employees. 16. Information on Relations with Customers and Suppliers The Company gives priority to customer relations and customer satisfaction. The dealer network is divided into regions and a sufficient number of trained employees is assigned to each region. This team provides a variety of training to station personnel who serve the final consumers. In addition, a mobile quality control team has been formed to supervise and audit the stations and Product Marker is used for the protection of standards and quality of products. In case of detection of an out-of-standard product, the relevant persons are subject to sanctions which may include legal prosecution. Through efficient and effective planning, a guarantee of supply is given to our dealers. 17. Social Responsibility In 2001, a Safety, Health and Environment (SHE) Policy was approved and put into effect by the Company’s Board of Directors. Under this policy, the employees are trained on the basis of the philosophy and motto that ‘all accidents are avoidable’. This policy is also introduced to service providers and contractors working for and with the Company, and they are required to operate in accordance with this policy. During the current period, no lawsuit or investigation has been started against the Company due to damage to the environment. There are no environmental impact assessment reports in respect of the activities and operations of the Company. 37 18. Yönetim Kurulu’nun Yap›s›, Oluflumu ve Ba¤›ms›z Üyeler fiirket Yönetim Kurulu 7 üyeden oluflur ve Genel Kurul taraf›ndan 3 y›l için seçilir. Yönetim Kurulu’nun 3 üyesi "B" grubu hissedarlar›n gösterece¤i adaylardan, 2 üyesi "C" grubu hissedarlar›n gösterece¤i adaylardan, 2 üyesi de "A" grubu hissedarlar›n gösterece¤i adaylardan Genel Kurul’un onay› ile seçilir. Yönetim Kurulu’nun icrac› üyeleri: Alistair W. Clark Yönetim Kurulu Üyesi/Genel Müdür Yönetim Kurulu’nun icrac› olmayan üyeleri: Erdal Aksoy Y›lmaz Tecmen Osman E. V. Kerman Bülent Çorapç› M. ‹lhan Nebio¤lu Barry N. Kumins Yönetim Kurulu Baflkan› Yönetim Kurulu Baflkan Vekili Yönetim Kurulu Üyesi Yönetim Kurulu Üyesi Yönetim Kurulu Üyesi Yönetim Kurulu Üyesi Yönetim Kurulu’nda ba¤›ms›z üye bulunmamaktad›r. fiirketimiz’in yap›s› gere¤i Yönetim Kurulu’nun oluflturulmas›nda ba¤›ms›z üye bulunmas› mümkün de¤ildir. Her y›l yap›lan Ola¤an Genel Kurul toplant›s›nda TTK’nun 334 ve 335. maddeleri gere¤i Genel Kurulca, Yönetim Kurulu Üyeleri’nin fiirket d›fl›nda baflka görev almalar›na izin verilmektedir. fiirket Ana Sözleflmesi’nde de bu konuda s›n›rlay›c› bir kural bulunmamaktad›r. Böyle bir s›n›rlamaya ihtiyaç duyulmamas› nedeniyle s›n›rlama gündeme gelmemifltir. 19. Yönetim Kurulu Üyeleri’nin Nitelikleri fiirket’in Yönetim Kurulu üye seçiminde aranan asgari nitelikler SPK Kurumsal Yönetim ‹lkeleri’nde yer alan niteliklerle aynen örtüflmekte olup bu ilkeler fiirket Ana Sözleflmesi’nde yer almamaktad›r. Kurumsal Yönetim ‹keleri’nde söz edilen e¤itim çal›flmalar›na gerek bulunmamaktad›r. 20. fiirket’in Misyon ve Vizyonu ile Stratejik Hedefleri fiirketimiz’in vizyonu, hizmette 60 y›l› aflk›n birikimle Türkiye’nin ilk tercih edilen ve en sayg›n akaryak›t flirketi olmakt›r. Misyonu ise, benimsemifl oldu¤u de¤erlerle müflteri odakl› yaklafl›m›ndan, hizmet kalitesinden ödün vermeden, at›l›mc› ifl yapma anlay›fl›n› kesintiye u¤ratmadan, çal›flanlar›n›n e¤itimini ve geliflimini takip ederek ve Türkiye’nin miras›n› ve de¤erlerini koruyarak flimdiye kadar oldu¤u h›zla pekiflen baflar›s›n›n devaml›l›¤›n› sa¤lamakt›r. Yönetim Kurulu, yöneticiler taraf›ndan ertesi y›l için oluflturulan stratejik hedefleri sene sonlar›nda yöneticilerle tart›fl›p onaylamaktad›r. Hedefler ve gerçekleflmeler ay sonlar›nda geçmifl ve piyasa karfl›laflt›rmal› faaliyet raporlar› üzerinden yöneticilerle birlikte gözden geçirilmektedir. fiirketimiz’in misyonu ve vizyonu her y›l yeniden haz›rlanan y›ll›k faaliyet rapolar›nda da yer almaktad›r. 21. Risk Yönetim ve ‹ç Kontrol Mekanizmas› Yönetim Kurulu Üyeleri aras›ndan seçilen iki üyeden Denetim Komitesi oluflturulmufl ve ayr›ca yine iki kifliden oluflan ‹ç Denetim Departman› bulunmaktad›r. fiirketimizde risk yönetimi ile ilgili çal›flan bir grup bulunmamaktad›r. Her y›l birimlerin ve faaliyetlerin risk de¤erlemelerine göre fiirket’in iç denetim uzmanlar› ve Genel Müdür taraf›ndan bir denetim plan› oluflturulmaktad›r. ‹ç denetim uzmanlar› bu plan kapsam›nda denetimlerini tamamlay›p Genel Müdür’e rapor etmektedirler. Raporlar ilgili birimlerle paylafl›larak eylem planlar› ve taahhütleri al›nmakta ve bu çal›flmalar ayn› zamanda Denetim Komitesi’nce de takip edilmektedir. 38 18. Composition and Structure of the Board of Directors, and Independent Members The Company’s Board of Directors is composed of 7 members who are elected by the General Assembly of Shareholders for a term of office of 3 years. 3 members of the Board of Directors are elected by the approval of General Assembly of Shareholders from among nominees to be nominated by the shareholders in Group "B", and 2 members are elected from among nominees to be nominated by the shareholders in Group "C", and 2 members are elected from among nominees to be nominated by the shareholders in Group "A". Executive members of the Board of Directors: Alistair W. Clark Director/General Manager Non-executive members of the Board of Directors: Erdal Aksoy Y›lmaz Tecmen Osman E. V. Kerman Bülent Çorapç› M. ‹lhan Nebio¤lu Barry N. Kumins Chairman Vice Chairman Director Director Director Director As all Directors are nominated by the different shareholder groups, it is not possible for there to be independent members in the Board of Directors. In the annual ordinary meeting of the General Assembly of Shareholders, the General Assembly of Shareholders authorize the Directors to deal with the business activities as specified in Articles 334 and 335 of Turkish Commercial Code. There is no restrictive rule or clause in the Company’s Articles of Association. Such a restriction has not yet been needed or required. 19. Qualifications of Directors The minimum qualifications sought for in the election of members to the Board of Directors of the Company are the same as the qualifications enumerated in the CMB Corporate Governance Principles. These principles are not included in the Company’s Articles of Association. There is no need for the training programs mentioned in the Corporate Governance Principles. 20. Mission, Vision and Strategic Targets of the Company The vision of our Company is "Building on more than 60 years of serving our customers, we will grow to be the Nation’s favourite and most respected fuel company". The mission is to maintain and build on the Company’s past success, by closely monitoring the training and development of its staff; by protecting the heritage and values of Turkey; without deviation from its customer–oriented approach and service quality; and without interruption to its entrepreneurial business principles. The strategic goals and targets proposed by the managers for the next year are, before the end of the prior year, discussed and approved by the Board of Directors. Both the targets and the actual results are, at the end of each month, reviewed by the Board of Directors and the Company managers in the light of past performance and market comparative reports. The Company’s mission and vision are also published in the annual reports. 21. Risk Management and Internal Control Mechanism The Company has established an audit committee comprised of two members elected from among the Directors. In addition, an internal audit department, comprising of two employees exists. There is no specific group in charge of financial risk management in the Company. Every year, depending on the risk assessments of divisions and activities, an audit plan is prepared by the internal audit specialists and the General Manager. The internal audit specialists conduct the audits and report the results to the General Manager according to this plan. The reports are shared with the relevant divisions, and action plans and commitments are made. The whole process is closely monitored by the Audit Committee. 39 22. Yönetim Kurulu Üyeleri ile Yöneticilerin Yetki ve Sorumluluklar› fiirket Ana Sözleflmesi’nde Yönetim Kurulu Üyeleri ve yöneticilerin yetki ve sorumluluklar› aç›kça belirlenmifltir. 23. Yönetim Kurulu’nun Faaliyet Esaslar› Yönetim Kurulu toplant›lar›n›n gündem maddeleri oluflan güncel konulara göre belirlenmektedir. Yönetim Kurulu 2004 y›l› içerisinde 21 kez toplanarak karar alm›flt›r. Yönetim Kurulu Üyeleri toplant›ya en uygun iletiflim araçlar› kullan›larak ve toplant›ya kat›l›m› sa¤layacak makul sürelerde davet edilmektedir. Sekretarya fonksiyonlar›n› Yönetim Kurulu kendi içinde dönüflümlü olarak yürütmektedir. Yönetim Kurulu kararlar›n›n toplant›ya kat›lanlar›n oy çoklu¤u veya oy birli¤i ile al›n›yor olmas› nedeniyle karfl› oy bahis konusu olmam›flt›r. Ancak TTK ve fiirket Ana Sözleflmesi’nin 22. maddesi uyar›nca Y›ll›k Ola¤an Genel Kurullar’da B ve C Grubu hissedarlar›n belirledi¤i adaylar aras›ndan Genel Kurul’un onay› ile seçilen iki ba¤›ms›z denetçi en az 3 kez olmak üzere Yönetim Kurulu toplant›lar›na kat›lmak ve fiirket kay›tlar›n›n yasalara ve genel kabul görmüfl muhasebe ilkelerine uygunlu¤unu inceleme yetki ve sorumlulu¤undad›r. Yönetim Kurulu kararlar›nda farkl› bir görüfl olmamas› nedeniyle kamuya aç›klanmas› gereken bir durum oluflmamaktad›r. SPK Kurumsal Yönetim ‹lkeleri’nin IV. Bölüm 2.17.4 maddesinde yer alan konularda Yönetim Kurulu toplant›lar›na fiilen kat›l›m sa¤lanmaktad›r. Yönetim Kurulu toplant›lar›nda üyelerce yöneltilen sorular›n müzakere mahiyetinde olmas› nedeniyle karar zab›tlar›na geçirilmemektedir. fiirket Ana Sözleflmesi, Yönetim Kurulu’nda belirli baz› konularda karar al›nmas› için "C" Grubu hissedarlar›n temsilcilerinin olumlu oyunu flart koflmaktad›r. 24. fiirket’le Muamele Yapma ve Rekabet Yasa¤› fiirket Yönetim Kurulu Üyeleri’ne her y›l yap›lan Ola¤an Genel Kurullar’da Genel Kurul onay› ile TTK’n›n 334 335. maddelerinde belirtilen konular dahilinde ifllem yapma izni verilmekle beraber, flirket politikalar› ve baz› anlaflmalar çerçevesinde fiirket Yönetim Kurulu Üyeleri’nin hiçbirisi fiirket’le ifllem yapmamakta ve rekabet etmemektedir, dolay›s›yla herhangi bir ç›kar çat›flmas› oluflmamaktad›r. 25. Etik Kurallar Yönetim Kurulu taraf›ndan 1 May›s 1997 tarihinde fiirket çal›flanlar› için ‘‹fl Ahlak› Politikas›’ yürürlü¤e konmufltur. Bu politika menfaat çat›flmalar›, fiirket içinden bilgi, politik yard›mlar, muhasebe standartlar› ve dokümantasyon, al›nan hediyeler gibi konularda fiirket çal›flanlar›n›n uymas› gereken kurallar› belirlemektedir. Bu politika çerçevesinde her y›l sonunda tüm çal›flanlardan ‘‹fl Ahlak› Politikas› ve Yönetmeliklere Kiflisel Uyum’ formu ad› alt›nda yaz›l› bir beyan ve taahhüt al›nmaktad›r. fiirketimiz’in ‹fl Ahlak› Politikas› flirket çal›flanlar›n›n bilgisinde olmakla birlikte kamuya aç›klanmam›flt›r. 40 22. Authorities and Responsibilities of Directors and Managers The authorities and responsibilities of the Board of Directors and the managers are clearly specified and outlined in the Company’s Articles of Association. 23. Operating Principles of the Board of Directors The agenda of meetings of the Board of Directors is determined according to current issues and to certain periodic events. During 2004, the Board of Directors met 21 times and took the required decisions. Directors are called for the Board meetings by using the most convenient means of communication and at a reasonable time in advance so as to ensure their participation. Secretorial duties are conducted, in rotation, within the Board of Directors. Given that the Board decisions are taken unanimously or by majority vote of the Directors present in the meeting, no dissenting vote has been used. However, pursuant to Article 22 of the Company’s Articles of Association and provisions of the Turkish Commercial Code, two independent auditors, elected by the General Assembly of Shareholders in its annual ordinary meetings from among nominees nominated by the shareholders in Groups B and C are authorized and liable to attend at least 3 meetings of the Board of Directors and must check compliance of the Company records with the pertinent applicable laws and the generally accepted accounting principles. Due to the lack of a dissenting opinion in the decisions of the Board of Directors, there is no event required to be disclosed to the public. All Directors personally attend the Board meetings with regard to the issues enumerated in Article 2.17.4 of Part IV of the CMB Corporate Governance Principles. Being only a matter of discussion, the questions asked by the Directors in the Board meetings are not written in the meeting records. The Articles of Association of the Company requires affirmative vote of the representatives of the shareholders in Group "C" on decisions relating to certain issues. 24. Prohibition to Deal and Compete with the Company Although the Directors are permitted and authorized to deal with the Company on certain issues by approval of the General Assembly of Shareholders in its annual ordinary meetings, as specified in Articles 334 and 335 of the Turkish Commercial Code, none of the Directors enters into deals nor competes with the Company in accordance with the Company policies, and therefore, there are no conflicts of interests. 25. Ethical Rules The Board of Directors issued and put into effect a "Business Ethics Policy" for the Company and its employees on 1 May 1997. This policy sets down the rules to be complied with by the Company employees on issues such as the conflicts of interests, insider trading, politic donations, accounting standards and documentation, and gifts. As a requirement of this policy, at the end of each year, all employees are required to give a written statement and declaration in the "Business Ethics Policy and Procedures Compliance Form". The Company’s Business Ethics Policy is within the knowledge of the employees, but has not been disclosed to the public. 41 26. Yönetim Kurulunda Oluflturulan Komitelerin Say›, Yap› ve Ba¤›ms›zl›¤› Henüz bir Kurumsal Yönetim Komitesi oluflturulmam›flt›r. Gelecekte kurumsal yönetim ilke ve uygulamalar› gelifltikçe böyle bir komite oluflturulabilir. Genel Müdür’e bir ‹cra Komitesi rehberlik etmekte olup, Yönetim Kurulu yetkisi dahilindeki konular önce ‹cra Komitesi’nin görüflüne sunulmaktad›r. ‹cra Komitesi Üyeleri : Erdal Aksoy Yönetim Kurulu Baflkan› Y›lmaz Tecmen Yönetim Kurulu Baflkan Vekili Osman E. V. Kerman Yönetim Kurulu Üyesi Alistair W. Clark Yönetim Kurulu Üyesi ve Genel Müdür Yönetim Kurulu Üyeleri’nden ikisi ayn› zamanda Denetim Komitesi Üyesi’dir. Denetim Komitesi Üyeleri’nin icra görevleri yoktur ve baflka komitelerde de görevli de¤illerdir. Denetim Komitesi üyeleri SPK’n›n belirlemifl oldu¤u prensipler çerçevesinde belli bir prosedüre göre görevlerini sürdürmektedir. Denetim Komitesi Üyeleri: Bülent Çorapç› Yönetim Kurulu Üyesi M. ‹lhan Nebio¤lu Yönetim Kurulu Üyesi Yönetim Kurulu Üyeleri birden fazla komitede yer almamaktad›rlar. Yönetim Kurulu Üyeleri’nin belirli prensipler çerçevesinde çal›fl›yor olmalar› nedeniyle herhangi bir ç›kar çat›flmas› meydana gelmemifltir. 27. Yönetim Kurulu’na Sa¤lanan Mali Haklar fiirket Ana Sözleflmesi’nde, Yönetim Kurulu Baflkan› ve Üyeleri’ne Genel Kurul’ca kararlaflt›r›lacak ayl›k, y›ll›k bir ödenek veya her toplant› için huzur hakk› ödenebilir ifadesi yer almaktad›r. 2004 y›l› içerisinde Yönetim Kurulu Üyeleri’ne bu kapsamda herhangi bir hak ve menfaat sa¤lanmam›fl ve ücret ödemesi yap›lmam›flt›r. Yönetim Kurulu Üyeleri’ne sa¤lanan baflka hak, menfaat ve performansa dayal› ödüllendirme yöntemi mevcut de¤ildir. fiirket taraf›ndan Yönetim Kurulu Üyelerine ve yöneticilere herhangi bir borç verilmemekte, kredi kulland›r›lmamakta ve lehine kefalet gibi teminatlar verilmemektedir. 42 26. Number, Composition and Independence of Committees Formed by the Board of Directors No Corporate Governance Committee has been established. Such a Committee may be established in the future as governance practices and principles develop. An Executive Committee provides guidance to the General Manager and for matters falling within the authority of the Board such matters are first reviewed by the Executive Committee. Executive Committee Members: Erdal Aksoy Chairman Y›lmaz Tecmen Vice Chairman Osman E. V. Kerman Director Alistair W. Clark Director and General Manager Two of the Directors are at the same time members of an Audit Committee. Members of the Audit Committee do not assume any executive function and are not assigned in other committees. Members of the Audit Committee carry out their duties according to a certain procedure within the principles determined by the Capital Markets Board. Audit Committee Members: Bülent Çorapç› Director M.‹lhan Nebio¤lu Director Directors are not assigned to more than one committee. As the Directors work within the framework of certain rules and principles, no conflicts of interests have emerged. 27. Remuneration of Directors It is stated in the Articles of Association of the Company that a monthly or yearly fee or a remuneration per meeting, as will be decided the General Assembly of Shareholders, may be paid to the Chairman and Members of the Board of Directors. However, during 2004, no such right or interest has been conferred on and no such fee or remuneration has been paid to the Directors. There are no other rights, interests or performance-based rewards conferred on the Directors. The Company does not lend any money nor loan to or stand as a surety for nor gives any guarantee in favor of the Directors and the managers. 43 TURCAS PETROL A.fi. VE BA⁄LI ORTAKLI⁄I 31 ARALIK 2004 TAR‹H‹ ‹T‹BAR‹YLE ULUSLARARASI F‹NANSAL RAPORLAMA STANDARTLARI’NA UYGUN OLARAK HAZIRLANAN KONSOL‹DE MAL‹ TABLOLAR TURCAS PETROL A.fi. AND ITS SUBSIDIARY CONSOLIDATED FINANCIAL STATEMENTS PREPARED IN ACCORDANCE WITH INTERNATIONAL FINANCIAL REPORTING STANDARDS FOR THE YEAR ENDED 31 DECEMBER 2004 Translated into English from the Original Turkish Report BA⁄IMSIZ DENET‹M RAPORU Turcas Petrol A.fi. Yönetim Kurulu’na 1. Turcas Petrol A.fi. (“fiirket”) ve ba¤l› ortakl›¤›n›n (hep birlikte “Grup”) 31 Aral›k 2004 tarihi itibariyle düzenlenmifl konsolide bilançosunu ve bu tarihte sona eren hesap dönemine ait konsolide gelir, özsermaye de¤iflim ve nakit ak›m tablolar›n› denetlemifl bulunuyoruz. Sözkonusu mali tablolar, Türk Liras›’n›n 31 Aral›k 2004 tarihindeki cari sat›n alma gücüyle ifade edilmifltir. Haz›rlanan bu mali tablolardan Grup yönetimi sorumludur. Bizim sorumlulu¤umuz, yapt›¤›m›z denetim çal›flmalar›na dayanarak bu mali tablolar üzerinde görüfl bildirmektir. 2. Denetimimiz, Uluslararas› Denetim Standartlar›’na uygun olarak yap›lm›flt›r. Bu standartlar, denetimin mali tablolarda önemli bir yanl›fll›¤›n olup olmad›¤› konusunda makul bir güvenceyi sa¤lamak üzere planlanmas›n› ve yap›lmas›n› gerektirmektedir. Denetim, mali tablolardaki tutarlara ve aç›klamalara dayanak oluflturan kan›tlar›n, test yöntemiyle incelenmesini içerir. Denetim, ayn› zamanda, uygulanan muhasebe ilkelerinin ve yönetim taraf›ndan yap›lan önemli muhasebe tahminlerinin ve genel olarak, mali tablolar›n sunumunun de¤erlendirilmesini de içerir. Denetimimizin, beyan etti¤imiz görüflümüze makul bir dayanak oluflturdu¤u kan›s›nday›z. 3. Görüflümüze göre, ekli konsolide mali tablolar Grubun 31 Aral›k 2004 tarihi itibariyle konsolide mali durumunu ve ayn› tarihte sona eren y›la ait konsolide faaliyet sonuçlar›n› ve nakit ak›mlar›n›, bütün önemli taraflar›yla Uluslararas› Finansal Raporlama Standartlar›’na uygun olarak yans›tmaktad›r. DENET‹M SERBEST MAL‹ MÜfiAV‹RL‹K A.fi. Member of DELOITTE TOUCHE TOHMATSU Ömer Tanr›över Sorumlu Ortak Bafl Denetçi ‹stanbul, 6 Nisan 2005 INDEPENDENT AUDITORS’ REPORT To the Board of Directors of Turcas Petrol A.fi. 1. We have audited the accompanying consolidated balance sheet of Turcas Petrol A.fi. (the “Company”) and its subsidiary (together the “Group”) as at 31 December 2004, and the related consolidated statements of income, shareholders’ equity and cash flows for the year then ended, all expressed in the equivalent purchasing power of the Turkish Lira at 31 December 2004. These financial statements are the responsibility of the Group’s management. Our responsibility is to express an opinion on these financial statements based on our audit. 2. We conducted our audit in accordance with International Standards on Auditing. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. 3. In our opinion, the accompanying consolidated financial statements present fairly, in all material respects,the financial position of the Group as of 31 December 2004 and the results of its operations and its cash flows for the year then ended, in accordance with International Financial Reporting Standards. DENET‹M SERBEST MAL‹ MÜfiAV‹RL‹K A.fi. Member of DELOITTE TOUCHE TOHMATSU Ömer Tanr›över Partner ‹stanbul, 6 April 2005 TURCAS PETROL A.fi. VE BA⁄LI ORTAKLI⁄I / TURCAS PETROL A.fi. AND ITS SUBSIDIARY 31 ARALIK 2004 VE 2003 TAR‹HLER‹ ‹T‹BAR‹YLE KONSOL‹DE B‹LANÇOLAR / CONSOLIDATED BALANCE SHEETS AS AT 31 DECEMBER 2004 AND 2003 (Tutarlar, aksi belirtilmedi¤i sürece Türk paras›n›n 31 Aral›k 2004’teki sat›n alma gücü ile Yeni Türk Liras› (YTL) olarak ifade edilmifltir.) / (Amounts expressed in New Turkish Lira (TRY) in terms of purchasing power of the TRY at 31 December 2004 unless otherwise stated.) Not/Note 31/12/2004 31/12/2003 4 5 6 7 20.695.587 71.550.322 31.936 26.514.014 21.478.925 58.679.379 393.416 20.599.405 8 2.816.394 2.096.905 121.608.253 103.248.030 9 10 11 12 287.964 80.809.878 54.689.809 7.507.804 15.438 93.127.906 61.103.584 12.654.067 13 17 10.010.341 4.367.965 6.836.699 1.746.493 Duran Varl›klar Toplam› / Total Long-term Assets 157.673.761 175.484.187 AKT‹F (VARLIKLAR) TOPLAMI / TOTAL ASSETS 279.282.014 278.732.217 DÖNEN VARLIKLAR / CURRENT ASSETS Kasa ve bankalar / Cash and banks Ticari alacaklar (net) / Trade receivables (net) ‹liflkili flirketlerden alacaklar / Due from related parties Stoklar / Inventories Di¤er alacaklar ve dönen varl›klar (net) / Other receivables and current assets (net) Dönen Varl›klar Toplam› / Total Current Assets DURAN VARLIKLAR / LONG-TERM ASSETS Sat›lmaya haz›r finansal varl›klar / Available-for-sale investments fierefiye (net) / Goodwill (net) Maddi duran varl›klar (net) / Property, plant and equipment (net) Maddi olmayan duran varl›klar (net) / Intangible assets (net) Di¤er alacaklar ve duran varl›klar (net) / Other receivables and long-term assets (net) Ertelenmifl vergi aktifi / Deferred tax assets Ekteki dipnotlar bu mali tablolar›n tamamlay›c› bir parças›d›r. The accompanying notes form an integral part of these financial statements. 48 TURCAS PETROL A.fi. VE BA⁄LI ORTAKLI⁄I / TURCAS PETROL A.fi. AND ITS SUBSIDIARY 31 ARALIK 2004 VE 2003 TAR‹HLER‹ ‹T‹BAR‹YLE KONSOL‹DE B‹LANÇOLAR / CONSOLIDATED BALANCE SHEETS AS AT 31 DECEMBER 2004 AND 2003 (Tutarlar, aksi belirtilmedi¤i sürece Türk paras›n›n 31 Aral›k 2004’teki sat›n alma gücü ile Yeni Türk Liras› (YTL) olarak ifade edilmifltir.) / (Amounts expressed in New Turkish Lira (TRY) in terms of purchasing power of the TRY at 31 December 2004 unless otherwise stated.) Not/Note KISA VADEL‹ YABANCI KAYNAKLAR / CURRENT LIABILITIES 31/12/2004 31/12/2003 14 15 6 59.103.530 25.549.505 320.557 49.739.004 26.325.021 66.381 16 17 8.419.756 4.244.835 11.078.405 2.594.573 97.638.183 89.803.384 5.368.400 1.991.849 1.309.519 31.846.646 2.426.422 1.117.173 8.669.768 35.390.241 96.449.038 76.525.025 96.449.038 57.089.554 Özsermaye Toplam› / Total Shareholders' Equity 172.974.063 153.538.592 PAS‹F (KAYNAKLAR) TOPLAMI / TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY 279.282.014 278.732.217 K›sa vadeli mali borçlar / Short-term borrowings Ticari borçlar / Trade payables ‹liflkili flirketlere borçlar / Due to related parties Di¤er borçlar ve gider tahakkuklar› / Other payables and expense accruals Ödenecek kurumlar vergisi / Corporate tax payable K›sa Vadeli Yabanc› Kaynaklar Toplam› / Total Current Liabilities UZUN VADEL‹ YABANCI KAYNAKLAR / LONG-TERM LIABILITIES Uzun vadeli mali borçlar / Long-term borrowings Di¤er uzun vadeli borçlar / Other long-term liabilities K›dem tazminat› karfl›l›¤› / Retirement pay provision 14 16 18 Uzun Vadeli Yabanc› Kaynaklar Toplam› / Total Long-term Liabilities ÖZSERMAYE / SHAREHOLDERS' EQUITY Sermaye / Capital Birikmifl karlar / Retained earnings TAAHHÜTLER VE YÜKÜMLÜLÜKLER / COMMITMENTS & CONTINGENCIES 20 19 Ekteki dipnotlar bu mali tablolar›n tamamlay›c› bir parças›d›r. The accompanying notes form an integral part of these financial statements. 49 TURCAS PETROL A.fi. VE BA⁄LI ORTAKLI⁄I / TURCAS PETROL A.fi. AND ITS SUBSIDIARY 31 ARALIK 2004 VE 2003 TAR‹HLER‹NDE SONA EREN YILLARA A‹T KONSOL‹DE GEL‹R TABLOLARI / CONSOLIDATED STATEMENTS OF INCOME FOR THE YEARS ENDED 31 DECEMBER 2004 AND 2003 (Tutarlar, aksi belirtilmedi¤i sürece Türk paras›n›n 31 Aral›k 2004’teki sat›n alma gücü ile Yeni Türk Liras› (YTL) olarak ifade edilmifltir.) / (Amounts expressed in New Turkish Lira (TRY) in terms of purchasing power of the TRY at 31 December 2004 unless otherwise stated). Net sat›fllar / Net sales Sat›fllar›n maliyeti / Cost of sales Not/Note 22 2 Brüt kar / Gross profit Sat›fl ve genel yönetim giderleri / Sales and general administrative expenses Di¤er faaliyet gelirleri / Other operating income Di¤er faaliyet giderleri / Other operating expenses 23 24 24 Faaliyet kar› / Operating profit Finansman (giderleri)/gelirleri (net) / Finance (expense) / income (net) Parasal (kay›p) / kazanç / Monetary (loss) / gain 25 Vergi öncesi kar / Profit before taxation Vergi / Taxation 17 Net kar / Net profit Hisse bafl›na kar (1YTL de¤erli hisseye isabet eden) / Earnings per share (1 share equals to 1TRY valued share) 3t 31/12/2004 1.725.397.633 (1.627.718.993) 31/12/2003 1.717.913.645 (1.645.553.759) 97.678.640 72.359.886 (72.792.730) 13.869.166 (1.819.314) (55.879.641) 16.413.194 (1.801.143) 36.935.762 31.092.296 (3.819.467) (1.429.434) 11.728.926 6.679.017 31.686.861 49.500.239 (12.251.390) (10.476.163) 19.435.471 39.024.076 0,74 1,48 Ekteki dipnotlar bu mali tablolar›n tamamlay›c› bir parças›d›r. The accompanying notes form an integral part of these financial statements. 50 TURCAS PETROL A.fi. VE BA⁄LI ORTAKLI⁄I / TURCAS PETROL A.fi. AND ITS SUBSIDIARY 31 ARALIK 2004 VE 2003 TAR‹HLER‹NDE SONA EREN YILLARA A‹T KONSOL‹DE ÖZSERMAYE DE⁄‹fi‹M TABLOLARI / CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY FOR THE YEARS ENDED 31 DECEMBER 2004 AND 2003 (Tutarlar, aksi belirtilmedi¤i sürece Türk paras›n›n 31 Aral›k 2004’teki sat›n alma gücü ile Yeni Türk Liras› (YTL) olarak ifade edilmifltir.) / (Amounts expressed in New Turkish Lira (TRY) in terms of purchasing power of the TRY at 31 December 2004 unless otherwise stated.) Sermaye / Birikmifl Karlar / Capital Retained Earnings 1 Ocak 2003 tarihi itibariyle bakiye / Balance as of 1 January 2003 Net dönem kar› / Net profit for the period 31 Aral›k 2003 tarihi itibariyle bakiye / Balance as of 31 December 2003 Net dönem kar› / Net profit for the period 31 Aral›k 2004 tarihi itibariyle bakiye / Balance as of 31 December 2004 Toplam / Total 96.449.038 18.065.478 114.514.516 - 39.024.076 39.024.076 96.449.038 57.089.554 153.538.592 - 19.435.471 19.435.471 96.449.038 76.525.025 172.974.063 Ekteki dipnotlar bu mali tablolar›n tamamlay›c› bir parças›d›r. The accompanying notes form an integral part of these financial statements. 51 TURCAS PETROL A.fi. VE BA⁄LI ORTAKLI⁄I / TURCAS PETROL A.fi. AND ITS SUBSIDIARY 31 ARALIK 2004 VE 2003 TAR‹HLER‹NDE SONA EREN YILLARA A‹T KONSOL‹DE NAK‹T AKIM TABLOLARI / STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED 31 DECEMBER 2004 AND 2003 (Tutarlar, aksi belirtilmedi¤i sürece Türk paras›n›n 31 Aral›k 2004’teki sat›n alma gücü ile Yeni Türk Liras› (YTL) olarak ifade edilmifltir.) / (Amounts expressed in New Turkish Lira (TRY) in terms of purchasing power of the TRY at 31 December 2004 unless otherwise stated.) Not/Note 31/12/2004 31/12/2003 19.435.471 39.024.076 11 11.653.744 11.928.726 12 10 18 5.177.845 12.318.028 192.346 5.186.522 12.318.028 (184.545) 5 211.947 (71.949) 12.463.722 11.308.737 61.453.103 79.509.595 26 (22.535.497) 19.503.355 17 38.917.606 (13.434.932) 99.012.950 (3.656.556) 25.482.674 95.356.394 - 6.278.763 9 (272.526) (2.597) 11 12 (5.511.397) (63.184) (3.689.625) (34.550) 11 271.428 615.919 12 31.602 - 27 (3.608.215) (3.052.879) (9.152.292) 115.031 (17.113.720) (17.113.720) (84.679.921) (84.679.921) (783.338) 10.791.504 ‹fiLETME FAAL‹YETLER‹NDEN KAYNAKLANAN NAK‹T AKIMLARI / CASH FLOWS FROM OPERATING ACTIVITIES Net dönem kar› / Net profit for the period Net dönem kar›n› iflletme faaliyetlerinden elde edilen nakit ak›m›na getirmek için yap›lan düzeltmeler: / Adjustments to reconcile net income to net cash provided by operating activities: Maddi duran varl›klar›n amortisman› / Depreciation of property, plant and equipment Maddi olmayan duran varl›klar›n amortisman› / Amortization of intangible assets fierefiyenin amortisman› / Amortization of goodwill K›dem tazminat› karfl›l›¤› / Change in provision for retirement pay fiüpheli alacak karfl›l›¤›ndaki de¤iflim / Allowance for doubtful receivables Parasal (kay›p) / kazanç ile netlefltirilmifl vergi karfl›l›¤› / Accrued taxation net of monetary gain/(loss) ‹flletme sermayesindeki de¤iflim öncesi faaliyetlerden elde edilen nakit ak›m› / Operating profit before changes in working capital ‹flletme sermayesinde gerçekleflen de¤iflimler / Changes in operating assets and liabilities Faaliyetlerden elde edilen nakit / Net cash provided by operating activities Ödenen Kurumlar vergisi / Corporate tax paid ‹flletme faaliyetlerinden elde edilen nakit / Net cash provided by operating activities YATIRIM FAAL‹YETLER‹NDEN KAYNAKLANAN NAK‹T AKIMLARI / CASH FLOWS FROM INVESTING ACTIVITIES Al›m-sat›m amaçl› finansal varl›klardaki de¤iflim / Change in held for trading investments (net) Sat›lmaya haz›r finansal varl›k al›mlar› / Purchase of available-for-sale investments Maddi duran varl›k al›mlar› / Purchases of property, plant and equipment Maddi olmayan duran varl›k al›mlar› / Purchases of intangible assets Sat›lan maddi duran varl›klar›n net defter de¤eri / Net book value of property, plant and equipment disposed Sat›lan maddi olmayan duran varl›klar›n net defter de¤eri / Net book value of intangible assets disposed Di¤er yat›r›m faaliyetlerinde gerçekleflen de¤iflim / Changes in other investing activities Yat›r›m faaliyetlerinde (kullan›lan) / elde edilen nakit / Net cash (used in) / provided by investing activities F‹NANSMAN FAAL‹YETLER‹NDEN KAYNAKLANAN NAK‹T AKIMLARI / CASH FLOWS FROM FINANCING ACTIVITIES Mali borçlardaki de¤iflim / Change in borrowings Finansal faaliyetlerde kullan›lan nakit / Net cash used in financing activities KASA VE BANKALARDAK‹ NET DE⁄‹fi‹M / NET CHANGES IN CASH AND BANKS DÖNEM BAfiI KASA VE BANKALAR / CASH AND BANKS AT THE BEGINNING OF YEAR 4 21.478.925 10.687.421 DÖNEM SONU KASA VE BANKALAR / CASH AND BANKS AT THE END OF YEAR 4 20.695.587 21.478.925 Ekteki dipnotlar bu mali tablolar›n tamamlay›c› bir parças›d›r. The accompanying notes form an integral part of these financial statements. 52 TURCAS PETROL A.fi. VE BA⁄LI ORTAKLI⁄I 31 ARALIK 2004 VE 2003 TAR‹HLER‹NDE SONA EREN YILLARA A‹T KONSOL‹DE MAL‹ TABLOLARA ‹L‹fiK‹N D‹PNOTLAR TURCAS PETROL A.fi. AND ITS SUBSIDIARY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEARS ENDED 31 DECEMBER 2004 AND 2003 53 TURCAS PETROL A.fi. VE BA⁄LI ORTAKLI⁄I 31 ARALIK 2004 VE 2003 TAR‹HLER‹NDE SONA EREN YILLARA A‹T KONSOL‹DE MAL‹ TABLOLARA ‹L‹fiK‹N D‹PNOTLAR (Tutarlar, aksi belirtilmedi¤i sürece Türk paras›n›n 31 Aral›k 2004’teki sat›n alma gücü ile Yeni Türk Liras› (YTL) olarak ifade edilmifltir.) 1. GRUBUN YAPISI VE FAAL‹YET ALANLARI Turcas Petrol A.fi. Toplulu¤u (Grup), Turcas Petrol A.fi. (fiirket) ve hisselerinin tamam›na sahip bulundu¤u ba¤l› ortakl›¤›, Marmara Petrol ve Rafineri ‹flleri A.fi.’den oluflmaktad›r. Turcas Petrolcülük A.fi., 1988 y›l›nda Türkpetrol Holding ve Burmah-Castrol taraf›ndan kurulmufltur. 1996 y›l›nda, Tabafl Petrolcülük A.fi. (“Tabafl”) Turcas Petrolcülük A.fi’nin herbiri 1.000 TL nominal de¤erli 1.677.946 adet hissesini 139.681.436 ABD Dolar› karfl›l›¤›nda sat›n alarak %82,16 oran›nda ortak olmufltur. 30 Eylül 1999 tarihi itibariyle Tabafl, Türk Ticaret Kanunu’nun 451. ve Kurumlar Vergisi Kanunu’nun 37-39. maddeleri uyar›nca Turcas Petrolcülük A.fi. ile birleflmifltir. Bu birleflmenin sonucu olarak; Turcas Petrolcülük A.fi.’nin tüm aktif ve pasifi Tabafl’a devrolmufl ve Turcas Petrolcülük A.fi. feshedilmifltir. Ayn› tarih itibariyle Tabafl Petrolcülük A.fi.’nin ticari ünvan› Turcas Petrol A.fi. olarak de¤ifltirilmifltir. fiirket’in faaliyet konusu; her türlü petrol ve petrol ürünlerinin al›m›, sat›m›, ihrac› ve ithali ile da¤›t›m›d›r. fiirket 1996 y›l›nda Marmara Petrol ve Rafineri ‹flleri A.fi.’nin (“Marmara”) hisselerinin %100’ünü sat›n alm›flt›r. 1958 y›l›nda kurulan Marmara’n›n Anadolu Tasfiyehanesi A.fi.’deki (“ATAfi”) %5 ortakl›¤› d›fl›nda bir faaliyeti ve çal›flan personeli yoktur. Mersin’de kay›tl› bulunan ATAfi, Türk Kanunlar›’n›n hükümlerince kurulmufltur. ATAfi’›n ana faaliyeti ifltirakçi flirketler yarar›na petrol rafine etmektir. ATAfi’›n faaliyet giderleri ve vergileri ifltirakçi firmalar taraf›ndan yüklenilmekte ve ifltirakçiler ATAfi’a bu amaçla dönemsel olarak nakit kaynak sa¤lamaktad›rlar. Petrol Kanunu hükümleri uyar›nca ATAfi’›n tüm haklar› ifltirakçi flirketlerin hissedarlar›na verilmifltir. fiirket Yönetim Kurulu’nun 7 Haziran 2004 tarihinde alm›fl oldu¤u karar ile fiirket’in ba¤l› ortakl›¤› Marmara Petrol ve Rafineri ‹flleri A.fi.’nin Rafineri Belgesini di¤er ATAfi ortaklar› ile birlikte Petrol ‹flleri Genel Müdürlü¤ü’ne iade etmesi, ATAfi’›n rafineri faaliyetlerine son vermesi ve ATAfi’a bir terminal lisans› almak üzere müracaat edilmesi hususunda fiirket Yönetimine talimat verilmesine karar verilmifl olup gerekli müracaatlar yap›lm›flt›r. 2. KONSOL‹DE MAL‹ TABLOLARIN HAZIRLANMA ESASLARI Konsolide mali tablolar›n haz›rlanmas›ndaki esaslar: Ekli konsolide mali tablolar Uluslararas› Finansal Raporlama Standartlar›’na (“UFRS“) uygun bir flekilde haz›rlanm›flt›r. fiirket ve ba¤l› ortakl›¤›; defterlerini ve kanuni mali tablolar›n› Türk Ticaret Kanunu ve vergi mevzuat›nca belirlenen muhasebe ilkelerine uygun olarak tutmakta ve haz›rlamaktad›rlar. Ekli mali tablolar konsolide edilen flirketlerin yasal kay›tlar›na Uluslararas› Muhasebe Standartlar› Kurulu taraf›ndan yay›mlanan UFRS’ye uygun düzeltmeler ve s›n›flama maddelerini ve ayr›ca Türk Liras›n›n sat›n alma gücündeki de¤iflimi mali tablolara yans›tan düzeltmeleri içermektedir. Turcas Petrolcülük A.fi.’nin Tabafl taraf›ndan sat›n al›nmas› “sat›n alma yöntemi” kullan›larak muhasebelefltirilmifltir. Sat›n alma sonucunda elde edilen aktif ve pasifler, sat›n alma iflleminin gerçekleflti¤i tarihteki gerçek de¤erleri kullan›larak mali tablolara yans›t›lm›flt›r. SPK, 15 Kas›m 2003 tarihinde Seri XI No: 25 say›l› “Sermaye Piyasas›nda Muhasebe Standartlar› Hakk›nda Tebli¤”i yay›mlam›fl bulunmaktad›r. Bu Tebli¤, 1 Ocak 2005 tarihinden sonra sona eren ilk ara mali tablolardan geçerli olmak üzere yay›m› tarihinde yürürlü¤e girmifltir. Bununla birlikte, dileyen iflletmeler 31 Aral›k 2003 veya izleyen tarihler itibariyle sona eren y›ll›k veya ara hesap dönemlerinden bafllamak üzere Seri XI No: 25 say›l› Tebli¤ hükümlerini uygulayabilecektir. Sözkonusu Tebli¤’in Otuzdördüncü K›s›m - Genel Hükümler, mali tablo yükümlülüklerine iliflkin geçici birinci maddesinde belirtildi¤i üzere, UFRS’ye göre mali tablo ve raporlar›n düzenlenmesi ve kamuya aç›klanmas›, Seri XI No: 25 say›l› Tebli¤’de öngörülen mali tablo haz›rlama ve ilan yükümlülüklerinin yerine getirilmesi hükmündedir. Buna istinaden Grup, 31 Aral›k 2003 tarihinde sona eren hesap döneminden itibaren mali tablolar›n› UFRS’ye uygun olarak haz›rlamay› ve kamuya aç›klamay› benimsemifltir. 54 TURCAS PETROL A.fi. AND ITS SUBSIDIARY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEARS ENDED 31 DECEMBER 2004 AND 2003 (Amounts expressed in New Turkish Lira (TRY) in terms of purchasing power of the TRY at 31 December 2004 unless otherwise stated.) 1. ORGANIZATION AND OPERATIONS OF THE GROUP Turcas Petrol A.fi. Group (the “Group”) consists of Turcas Petrol A.fi. (the “Company”), and its wholly owned subsidiary, Marmara Petrol ve Rafineri ‹flleri A.fi. (“Marmara“). Turcas Petrolcülük A.fi. was established in 1988 by Türkpetrol Holding and Burmah-Castrol. In 1996, Tabafl Petrolcülük A.fi. (“Tabafl”) purchased 1.677.946 shares in Turcas Petrolcülük A.fi. of one thousand TL nominal value each, for USD 139.681.436, resulting in an ownership of 82,16%. On 30 September 1999, Tabafl merged with Turcas Petrolcülük A.fi. in accordance with Turkish Commercial Code Article No: 451 and Corporate Tax Law Article No: 37-39. As a result of the merger, the assets and liabilities of Turcas Petrolcülük A.fi. were transferred to Tabafl, Turcas Petrolcülük A.fi. dissolved and the commercial title of Tabafl was changed to Turcas Petrol A.fi. The Company is engaged in purchasing, selling, importing, exporting, and distributing all kinds of fuel products and lubricants. In 1996, the Company acquired 100% of Marmara, which was established in 1958. Marmara has no employees and no activities other than 5% ownership of Anadolu Tasfiyehanesi A.fi. (“ATAfi”). Atafl is incorporated under Turkish Law and registered in Mersin, Turkey. Its sole activity is the refining of oil on behalf of the participating companies, to whom all operating expenses and income taxes are charged, and who are required to make cash advances periodically for this purpose. The rights of Atafl under the petroleum law are vested in the refinery companies of the participant shareholders. The Board of Directors of the Company decided on 7 June 2004, to instruct the Board of Marmara Petrol ‹flleri A.fi. to join the ATAfi partners in returning the Refinery Certificate to the DGPA, to have ATAfi cease refining operations and to have ATAfi apply for a Terminal License. The necessary applications were made. 2. BASIS OF THE CONSOLIDATED FINANCIAL STATEMENTS Basis of preparation of consolidated financial statements: The accompanying consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”). The Company and its subsidiary maintain their books of account and prepare their statutory financial statements in accordance with accounting principles in the Turkish Commercial Code and tax legislation. The accompanying consolidated IFRS financial statements are based on the statutory records, with adjustments and reclassifications, including restatement for the changes in the general purchasing power of the Turkish Lira, for the purpose of fair presentation in accordance with Statements of IFRS issued by the International Accounting Standards Board. The acquisition of Turcas Petrolcülük A.fi. by Tabafl is accounted for by using the purchase method of accounting. The assets and liabilities recognized as a result of the purchase are measured at the fair value of identifiable assets and liabilities acquired as at the date of the exchange transaction. On 15 November 2003 Capital Market Board ("CMB") has published Decree XI/25 named “Bulletin about Capital Market Accounting Standards”. The Bulletin will be effective for the first interim financial statements after 1 January 2005. However, enterprises may early adopt the standards of the Decree XI/25 for the years ending on 31 December 2003 or after. As explained in the 34th Article - General Regulations, temporary clause No: 1 about the financial statement’s obligations of the Decree, preparing and publishing the financial statements and reports in accordance with International Financial Reporting Standards is in compliance with the financial statements preparation and publishing regulations anticipated in Decree XI/25. Based on this, the Group has chosen to prepare and publicly announce its financial statements in accordance with International Financial Reporting Standards after 31 December 2003. 55 TURCAS PETROL A.fi. VE BA⁄LI ORTAKLI⁄I 31 ARALIK 2004 VE 2003 TAR‹HLER‹NDE SONA EREN YILLARA A‹T KONSOL‹DE MAL‹ TABLOLARA ‹L‹fiK‹N D‹PNOTLAR (Tutarlar, aksi belirtilmedi¤i sürece Türk paras›n›n 31 Aral›k 2004’teki sat›n alma gücü ile Yeni Türk Liras› (YTL) olarak ifade edilmifltir.) Enflasyon muhasebesi: Bilanço tarihi itibariyle, Türk Liras›’n›n genel sat›n al›m gücündeki de¤iflmeler nedeniyle yap›lan düzeltmelerde, Uluslararas› Muhasebe Standart› (“UMS”) 29 (“Hiperenflasyonist Ekonomilerde Finansal Raporlama”) esas al›nm›flt›r. UMS 29, hiperenflasyonist ekonomilerin para birimi ile haz›rlanan mali tablolar›n bilanço tarihindeki ölçüm biriminden gösterilmesini ve genel fiyat endeksinin kullan›larak daha önceki dönemlere ait bakiyelerin de ayn› birimden gösterilmesini öngörmektedir. UMS 29’un uygulanmas›n› gerektiren durumlardan biri, üç y›ll›k kümülatif enflasyon oran›n›n, yaklafl›k %100 veya üzerinde olmas›d›r. Türkiye’de Devlet ‹statistik Enstitüsü (“D‹E”) taraf›ndan yay›mlanan toptan eflya fiyat endeksi (“TEFE”) baz al›nd›¤›nda söz konusu kümülatif oran 31 Aral›k 2004 tarihiyle sona eren üç y›ll›k dönem için %69,7 olmufltur. Bunun d›fl›nda, fiyat endekslerinde yukar›da belirtilen düzeyde art›fl olmamakla beraber, halk›n tasarruflar›n› a¤›rl›kl› olarak yabanc› para cinsinden tutmas›, mal ve hizmet fiyatlar›n›n yabanc› para birimi üzerinden belirlenmesi, faiz oranlar›n›n, ücret ve fiyatlar›n genel fiyat endekslerine ba¤lanmas›, k›sa vadeli ifllemler de dahil sat›n alma gücündeki kay›plar› karfl›lamak için fiyatlar›n vade fark› konularak belirlenmesi gibi yüksek enflasyon emarelerinin mevcut bulunmas› sebebiyle ekli mali tablolar enflasyona göre düzeltilmifltir. Enflasyona göre yap›lan düzeltmeler, D‹E taraf›ndan yay›mlanan toptan eflya fiyat endeksi kullan›larak bulunan katsay›lar esas al›narak hesaplanm›flt›r. 31 Aral›k 2004 tarihi itibariyle ekte sunulan mali tablolar›n düzeltilmesinde kullan›lan söz konusu endeks ve katsay›lar afla¤›da belirtilmifltir: Endeks 4.951,70 6.478,80 7.382,10 8.403,80 31 Aral›k 2001 31 Aral›k 2002 31 Aral›k 2003 31 Aral›k 2004 Katsay› 1,6972 1,2971 1,1384 1,0000 Türk Liras›’n›n Amerikan Dolar› karfl›s›ndaki y›ll›k de¤ifliminin, Türkiye’deki TEFE ile karfl›laflt›r›lmas› afla¤›daki gibidir: Y›llar: ABD Dolar› devalüasyon oran› TEFE 2004 (%3,9) %13,8 2003 (%14,6) %13,9 2002 %13,5 %30,8 2001 %114,3 %88,6 31 Aral›k 2004 tarihi itibariyle Türkiye Cumhuriyet Merkez Bankas› taraf›ndan aç›klanan dolar kuru 1 ABD Dolar› = 1,3421 YTL’dir (31 Aral›k 2003: 1 ABD Dolar› = 1,3958 YTL). UMS 29 endeksleme ifllemlerinin ana hatlar› afla¤›daki gibidir: • Bilanço tarihi itibariyle cari sat›nalma gücü ile gösterilenler d›fl›ndaki tüm kalemler ilgili TEFE katsay›lar› kullan›larak endekslenmifltir. Önceki y›llara ait tutarlar da yine ayn› flekilde endekslenmifltir. • Parasal aktif ve pasif kalemler, bilanço tarihinde cari olan sat›n alma gücü ile ifade edildiklerinden endekslemeye tabi tutulmam›fllard›r. Parasal kalemler nakit para ve nakit olarak al›nacak veya ödenecek kalemlerdir. • Parasal olmayan aktif ve pasifler sat›n alma veya ilk kayda al›nma tarihinden bilanço tarihine kadar olan süre içerisinde genel fiyat endeksinde meydana gelen de¤iflikliklerin al›m maliyetlerine ve birikmifl amortisman tutarlar›na yans›t›lmas› suretiyle yeniden ifade edilmifltir. Böylece sabit k›ymetler, ifltirakler ve benzeri aktifler piyasa de¤erlerini geçmeyecek flekilde al›m de¤erleri üzerinden endekslenmifltir. Amortismanlar da benzeri flekilde yeniden düzeltilmifllerdir. Özkaynaklar›n içerisinde yeralan tutarlar, bu tutarlar›n flirkete kat›ld›¤› veya flirket içerisinde olufltu¤u dönemlerdeki genel fiyat endekslerinin uygulanmas› neticesinde yeniden düzeltilmifltir. • Gelir tablosunda yeralan tüm kalemler, gelir ve gider hesaplar›n›n mali tablolara ilk olarak yans›t›ld›klar› dönemler üzerinden hesaplanan katsay›lar ile endekslenmifllerdir. • Net parasal pozisyon üzerinden genel enflasyon neticesinde oluflan kazanç veya kay›p, parasal olmayan aktiflere, özkaynak kalemlerine ve gelir tablosu hesaplar›na yap›lan düzeltmelerin fark›d›r. Net parasal pozisyon üzerinden hesaplanan bu kazanç veya kay›p net kara dahil edilmifltir. 56 TURCAS PETROL A.fi. AND ITS SUBSIDIARY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEARS ENDED 31 DECEMBER 2004 AND 2003 (Amounts expressed in New Turkish Lira (TRY) in terms of purchasing power of the TRY at 31 December 2004 unless otherwise stated.) Inflation accounting: Restatement adjustments have been made to the financial statements of the Company and its subsidiary to compensate for the effect of changes in the general purchasing power of the Turkish Lira, as of the balance sheet date, in accordance with International Accounting Standard No. 29 “Financial Reporting in Hyperinflationary Economies” (“IAS 29”). IAS 29 requires that financial statements prepared in the currency of a hyperinflationary economy be stated in terms of the measuring unit current at the balance sheet date and the corresponding figures for previous periods be restated in the same terms. One characteristic that necessitates the application of IAS 29 is a cumulative threeyear inflation rate approaching or exceeding 100%. Such cumulative rate in Turkey exceeded 69,7% for the three years ended 31 December 2004 based on the wholesale price index announced by the Turkish State Institute of Statistics (“SIS”). Although the three year cumulative inflation rate was below the rate indicated in the preceding paragraph, since majority of the people keep their savings in foreign currencies, the prices of services and goods are set in terms of foreign currencies, interest rates and wages are expressed in terms of the inflation indexes, and the market prices are determined taking into account the losses due to the credit sales including the short-term transactions, the economy shows the characteristics of a hyperinflationary environment and therefore the accompanying financial statements were inflation adjusted. The restatement was calculated by means of conversion factors derived from the Turkish countrywide wholesale price index (“the WPI”) published by the SIS. Such index and the conversion factors used to restate the accompanying consolidated financial statements as of the end of each period to 31 December 2004 are given below: Index 4.951,70 6.478,80 7.382,10 8.403,80 31 December 2001 31 December 2002 31 December 2003 31 December 2004 Conversion Factor 1,6972 1,2971 1,1384 1,0000 The annual change in the TL exchange rate against the US Dollar can be compared with the rates of general price inflation in Turkey according to the WPI as set out below: Years: Currency deflation US $ WPI inflation 2004 (3,9%) 13,8% 2003 (14,6%) 13,9% 2002 13,5% 30,8% 2001 114,3% 88,6% At 31 December 2004, the exchange rate announced by the Turkish Central Bank was TRY 1,3421 = USD 1 (31December 2003: TRY 1,3958 = USD 1). The main guidelines for the IAS 29 restatement are as follows: • All balance sheet amounts not already expressed in terms of the measuring unit current at the balance sheet date are restated by applying a general price index, the WPI. Corresponding figures for previous periods are similarly restated. • Monetary assets and liabilities are not restated because they are already expressed in terms of the measuring unit current at the balance sheet date. Monetary items are money held and items to be received or paid in money. • Non-monetary assets and liabilities are restated by applying, to the initial acquisition cost and any accumulated depreciation, the change in the general price index from the date of acquisition or initial recording to the balance sheet date. Hence, property, plant and equipment, investments and similar assets are restated from the date of their purchase, not to exceed their market value. Depreciation is similarly restated. The components of shareholders’ equity are restated by applying the applicable general price index from the dates the components were contributed or otherwise arose. • All items in the statement of income are restated by applying the relevant conversion factors from the dates when the income and expense items were initially recorded in the financial statements. • The gain or loss on the net monetary position is the result of the effect of general inflation and is the difference resulting from the restatement of non-monetary assets, shareholders’ equity and income statement items. The gain or loss on the net monetary position is included in net income. 57 TURCAS PETROL A.fi. VE BA⁄LI ORTAKLI⁄I 31 ARALIK 2004 VE 2003 TAR‹HLER‹NDE SONA EREN YILLARA A‹T KONSOL‹DE MAL‹ TABLOLARA ‹L‹fiK‹N D‹PNOTLAR (Tutarlar, aksi belirtilmedi¤i sürece Türk paras›n›n 31 Aral›k 2004’teki sat›n alma gücü ile Yeni Türk Liras› (YTL) olarak ifade edilmifltir.) Yeni Türk Liras›: 5083 say›l› Türkiye Cumhuriyeti’nin Para Birimi Hakk›nda Kanun’un yürürlük tarihi 1 Ocak 2005 olarak belirlenmifl olup, bu tarihten itibaren Türkiye Cumhuriyeti’nin yeni para birimi “Yeni Türk Liras›” (YTL) ve alt birimi ise “Yeni Kurufl” (YKr) olarak tan›mlanm›flt›r. ‹lgili Kanun’un 2.maddesi ile Türk Liras› yeni para birimi olan Yeni Türk Liras›’na dönüfltürülmüfl ve Türk Liras›’ndan alt› s›f›r kald›r›larak, bir milyon Türk Liras› eflittir bir Yeni Türk Liras› (1.000.000 TL= 1 YTL) de¤iflim oran›nda yeni bir de¤er getirilmifltir. Baflbakanl›k Sermaye Piyasas› Kurulu’nun MSD-10/832 43399 say›l› ve 1 Aral›k 2004 tarihli yaz›s›nda aç›kland›¤› üzere, 2005 y›l› içerisinde kamuya aç›klanacak olan hesap dönemlerine iliflkin mali tablolar›n, karfl›laflt›rma amac›yla kullan›lacak olan bir önceki döneme ait finansal veriler de dahil olmak üzere, YTL cinsinden sunulmas› gerekmektedir. Bu sebeple ekli konsolide mali tablolar YTL cinsinden haz›rlanm›flt›r. Konsolidasyon: Konsolide mali tablolar, fiirket ve fiirket’in ba¤l› ortakl›¤› olan Marmara’n›n mali tablolar›n› kapsamaktad›r. Grup içi sat›fl ve al›fllar, grup içi alacaklar ve borçlar ile grup içi ifltiraklerin elimine edilmesi için düzeltmeler yap›lm›flt›r. Grubun direk veya dolayl› olarak %50’sinden fazlas›na ifltirak etti¤i veya oy hakk›na sahip olmas› nedeniyle ifllemleri üzerinde kontrol yetkisine sahip oldu¤u ba¤l› ortakl›klar tam olarak konsolide edilmektedir. Grup, ba¤l› ortakl›k konumundaki flirketin finansal ve operasyonel politikalar›n› yürütme gücüne sahip olmas› nedeniyle, ba¤l› ortakl›¤›n faaliyet sonuçlar›ndan pay al›r. Grup ve konsolide edilen ba¤l› ortakl›klar› aras›nda gerçekleflen önemli ifllemler ve bakiyeler konsolidasyon s›ras›nda yok edilir. %100’üne sahip olunmayan konsolide ba¤l› ortakl›klar›n, özkaynaklar› ve net kar/zarar›ndaki üçüncü flah›slara ait paylar konsolide mali tablolarda az›nl›k pay› olarak gösterilmektedir. 3. UYGULANAN MUHASEBE PRENS‹PLER‹N‹N ÖZET‹ Ekteki konsolide mali tablolar›n haz›rlanmas›nda kullan›lan önemli muhasebe prensipleri afla¤›daki gibidir: a. ‹liflkili flirketler Ekteki mali tablolarda fiirket’in hissedarlar›, konsolide olan ve olmayan Grup flirketleri, bunlar›n yöneticileri ve iliflkili olduklar› bilinen di¤er gruplar, iliflkili flirketler olarak tan›mlanm›fllard›r. b. Yat›r›mlar Yat›r›mlar ilk kay›t tarihinde ifllem tarihi esas›na göre maliyet de¤erleri ile muhasebelefltirilmektedirler. ‹lk kay›t tarihinden sonraki raporlama dönemlerinde, Grubun vade sonuna kadar elinde tutma niyet ve gücü olan yat›r›mlar, iskonto edilmifl maliyet de¤erleri üzerinden de¤er düflüklü¤ü dikkate al›narak de¤erlenir. Vade sonuna kadar elde tutulacaklar haricinde kalan yat›r›mlar al›m-sat›m amaçl› yat›r›mlar ve sat›lmaya haz›r finansal varl›klar olarak s›n›flan›r ve bilanço tarihindeki rayiç de¤erleri ile de¤erlendirilirler. Al›m-sat›m amaçl› finansal varl›klardan kaynaklanan gerçekleflmemifl kar ve zararlar dönem kar zarar›na yans›t›l›r. Sat›lmaya haz›r finansal varl›klardan kaynaklanan gerçekleflmemifl kar ve zararlar ise, sat›fla ya da sürekli de¤er düflüklü¤üne karar verilene kadar, özkaynaklar alt›nda muhasebelefltirilir ve sat›flta ya da de¤er düflüklü¤ünde daha önce özkaynaklar içinde oluflan kümülatif kar zarar dönem kar zarar›na intikal ettirilir. Aktif bir piyasada oluflmufl piyasa fiyat› olmayan ve di¤er de¤erleme yöntemleri kullan›larak piyasa de¤eri tespit edilemeyen sat›lmaya haz›r finansal varl›klar ekli konsolide mali tablolarda endekslenmifl maliyet de¤erleri ile gösterilmifltir. c. Ticari alacaklar Ticari alacaklar, UMS 39 (“Finansal enstrümanlar: kayda alma ve de¤erleme”) kapsam›nda geçerli faiz oran› ile iskonto edilmifl net gerçekleflebilir de¤erlerinden olas› flüpheli alacak karfl›l›klar› düflülmek suretiyle gösterilmektedir. fiüpheli alacaklara iliflkin karfl›l›klar, Grup Yönetimi’nce tahsil edilemeyen alacaklar›n tutar›, al›nan teminatlar, geçmifl tecrübeler ›fl›¤›nda ve mevcut ekonomik koflullar göz önünde bulundurularak ayr›lmaktad›r. Tahsil edilemeyecek alacaklar, tahsil edilemeyecekleri anlafl›ld›¤› y›lda zarar kaydedilmektedir. 58 TURCAS PETROL A.fi. AND ITS SUBSIDIARY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEARS ENDED 31 DECEMBER 2004 AND 2003 (Amounts expressed in New Turkish Lira (TRY) in terms of purchasing power of the TRY at 31 December 2004 unless otherwise stated.) New Turkish Lira: Law 5083 on Currency of Republic of Turkey, effective 1 January 2005, defines the currency as New Turkish Lira (TRY) and the sub-currency as”New Kurufl” (YKr). Article 2 of the same law equates one million Turkish Lira to one New Turkish Lira by omitting last six digits of Turkish Lira (1.000.000 TRL =1 TRY). Accompanying financial statements, in accordance with CMB’s decree MSD-10/832 -43399, dated 1 December 2004 financial statements that will be announced to the public in the year 2005 including prior period numbers included therein, will be presented in TRY. Consolidation: The consolidated financial statements incorporate the financial statements of the Company and its subsidiary, Marmara. Adjustments are made to eliminate intercompany sales and purchases, intercompany receivables and payables and intercompany equity investments. Entities in which the Company, directly or indirectly, has above 50% shareholding or interest of voting rights or otherwise has power to exercise control over operations, have been fully consolidated. Control is achieved where the Company has the power to govern the financial and operating policies of an investee enterprise so as to obtain benefits from its activities. All significant transactions and balances between the Company and its consolidated subsidiaries are eliminated on consolidation. In cases where the consolidated entities are not 100% owned, the shareholders’ equity and net income which belong to third party shareholders are separately disclosed as minority interest. 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The significant accounting policies used in the preparation of the accompanying consolidated financial statements are as follows: a. Related parties For the purpose of the accompanying consolidated financial statements, shareholders of the Company and related companies, consolidated subsidiary, and the companies related to those companies, their directors and key management personnel and any groups to which they are known to be related, are considered and referred to as related companies. b. Investments Investments in securities are recognized on a trade-date basis and are initially measured at cost. At subsequent reporting dates, debt securities that the Group has the expressed intention and ability to hold to maturity (held-to-maturity debt securities) are measured at amortized cost, less any impairment loss recognized to reflect irrecoverable amounts. Investments other than held-to-maturity debt securities are classified as either held for trading or available-for-sale and are measured at subsequent reporting dates at fair value. Where securities are held for trading purposes, unrealized gains and losses are included in net profit or loss for the period. For available-for-sale investments, unrealized gains and losses are recognized directly in equity, until the security is disposed of or is determined to be impaired, at which time the cumulative gain or loss previously recognised in equity is included in the net profit or loss for the period. Trading and available-for-sale investments that do not have a quoted market price in an active market and for which other methods of reasonably estimating fair value are clearly inappropriate or unworkable are carried at restated cost in the accompanying consolidated financial statements. c. Trade receivables Trade receivables are carried at anticipated realizable value that is the net of trade receivables measured at amortized cost method using the effective interest rate in accordance with IAS 39 (“Financial Instruments: recognition and measurement”) and allowance for doubtful receivables. The allowance for doubtful receivables is based on management’s evaluation of the receivables, including such factors as the volume type of receivable outstanding, collateral obtained, past experience and economic conditions. Bad debts are written-off during the year in which they are identified. 59 TURCAS PETROL A.fi. VE BA⁄LI ORTAKLI⁄I 31 ARALIK 2004 VE 2003 TAR‹HLER‹NDE SONA EREN YILLARA A‹T KONSOL‹DE MAL‹ TABLOLARA ‹L‹fiK‹N D‹PNOTLAR (Tutarlar, aksi belirtilmedi¤i sürece Türk paras›n›n 31 Aral›k 2004’teki sat›n alma gücü ile Yeni Türk Liras› (YTL) olarak ifade edilmifltir.) d. Stoklar›n de¤erlemesi Stoklar a¤›rl›kl› ortalama maliyet yöntemine göre maliyetin ya da net gerçekleflebilir de¤erin (piyasa de¤erinden sat›fl giderlerinin düflülmesi yoluyla hesaplanan de¤er) düflük olan› ile de¤erlenmektedir. e. Maddi duran varl›klar Maddi duran varl›klar›n tarihi maliyetleri sat›nalma tarihinden itibaren enflasyona göre düzeltilmifltir. Amortisman, s›n›rs›z kullan›m ömrü olan arsalar hariç, sabit k›ymetlerin enflasyona göre düzeltilmifl de¤erleri üzerinden ve normal amortisman metoduna göre hesaplanm›flt›r . Maddi duran varl›klar afla¤›daki sürelerde itfa edilmektedirler: Binalar Yeralt› ve yerüstü düzenleri Makina ve cihazlar Tafl›tlar Döfleme ve demirbafllar Özel maliyetler 50 y›l 5-10 y›l 5-10 y›l 5 y›l 5-10 y›l 5 y›l Maddi duran varl›k sat›fllar›ndan elde edilen kar ve zararlar, mali tablolarda enflasyona göre düzeltilerek ilgili gelir ve gider hesaplar›na dahil edilmifltir. Maddi duran varl›klar›n tamir, bak›m ve onar›m› için harcanan tutarlar gider kaydedilmektedir. f. Maddi olmayan duran varl›klar Maddi olmayan duran varl›klar marka kullanma haklar›n› ve di¤er haklar› içermektedir ve düzeltilmifl maliyetlerinden ilgili birikmifl amortismanlar›n düflülmesi sonucunda oluflan de¤erleri ile gösterilirler. Maddi olmayan duran varl›k amortismanlar› konsolide gelir tablosuna ilgili varl›klar›n tahmini ekonomik ömürleri üzerinden normal amortisman yöntemi kullan›larak hesaplanmas› sonucu yans›t›l›rlar. Bu varl›klar›n tahmini ekonomik ömürleri befl ile onbefl y›l aras›ndad›r. g. Varl›klar›n de¤er kayb› Ertelenmifl vergi aktifi ve finansal varl›klar d›fl›ndaki tüm uzun vadeli varl›klar, UMS 36’ya göre (“Varl›klar›n De¤er Kayb›”) incelenmektedir. UMS 36 uyar›nca, bir varl›¤›n kay›tl› de¤eri, tahmini ikame de¤erinden büyük ise de¤er düflüklü¤ü karfl›l›¤› ay›rmak gerekmektedir. ‹kame de¤eri, varl›¤›n net sat›fl de¤eri ile kullan›m de¤erinden yüksek olan› olarak kabul edilir. Kullan›m de¤eri, varl›¤›n sürekli kullan›m› sonucu gelecekte elde edilecek tahmini nakit girifllerinin ve kullan›m ömrü sonundaki sat›fl de¤erinin toplam›n›n bugünkü de¤eridir. h. Borçlanma giderleri Kullan›ma ve sat›fla haz›r hale getirilmesi önemli ölçüde zaman isteyen varl›klar söz konusu oldu¤unda, sat›n al›nmas›, yap›m› veya üretimi ile direkt iliflki kurulabilen faiz giderleri, ilgili varl›k kullan›ma veya sat›fla haz›r hale getirilene kadar maliyetine dahil edilmektedir. Di¤er tüm finansman giderleri, olufltuklar› dönemlerde gelir tablosuna kaydedilmektedir. i. Vergi ve ertelenmifl vergiler Türk Vergi Kanunu ana flirket ve ba¤l› ortakl›klar›n›n konsolide bir vergi beyannamesi doldurmas›na izin vermemektedir. Dolay›s›yla, ekteki mali tablolarda yans›t›lan vergi karfl›l›klar› konsolide edilen flirketleri ayr› tüzel kiflilik baz›nda dikkate alarak hesaplanm›flt›r. Mali tablolarda yer alan gelir vergileri, cari y›l vergisi ile ertelenmifl vergilerdeki de¤iflimi içermektedir. Grup, UMS 12’ye (“Vergilendirme”) (yeniden düzenlenmifl) uygun olacak flekilde, dönem sonuçlar› üzerinden cari ve ertelenmifl vergileri hesaplamaktad›r. 60 TURCAS PETROL A.fi. AND ITS SUBSIDIARY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEARS ENDED 31 DECEMBER 2004 AND 2003 (Amounts expressed in New Turkish Lira (TRY) in terms of purchasing power of the TRY at 31 December 2004 unless otherwise stated.) d. Inventory valuation Inventories are stated at the lower of cost or net realizable value (market value less sales expenses). Inventories are valued with the weighted average method. e. Property, plant and equipment Property, plant and equipment which are carried with historical costs are adjusted beginning from their purchase dates. Property, plant and equipment except land that is deemed to have indefinite life are depreciated principally on a straight-line basis on their inflation adjusted amounts. Property, plant and equipment are depreciated over the following useful lives: Buildings Land improvements Machinery and equipment Vehicles Furnitue and fixtures Leasehold improvements 50 years 5-10 years 5-10 years 5 years 5-10 years 5 years Gains or losses on disposal of property, plant and equipment with respect to their inflation adjusted amounts are included in the related income and expense accounts, as appropriate. Expenses for the maintenance and repair of property, plant and equipment are normally charged against income. f. Intangible assets Intangible assets represent trade names and other rights and are stated indexed historical cost net of accumulated depreciation. Amortization is charged to statement of income on a straight-line basis over the estimated useful lives of intangible assets. The estimated useful lives are five to fifteen years. g. Impairment of assets Long-term assets other than deferred tax assets and financial assets are tested for impairment according to the provisions of IAS 36 (“Impairment of Assets”). IAS 36 requires an impairment loss to be recognized whenever the carrying amount of an asset exceeds its recoverable amount. Recoverable amount of an asset is the higher of an asset’s net selling price and its value in use. Value in use is the present value of estimated future cash flows expected to arise from the continuing use of an asset and from its disposal at the end of its life. h. Borrowing costs Interest expenses directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale. All other borrowing costs are recorded in the income statement in the period in which they are incurred. i. Taxation and deferred income taxes Turkish tax legislation does not permit a parent company and its subsidiary to file a consolidated tax return. Therefore, provisions for taxes, as reflected in the accompanying consolidated financial statements, have been calculated on a separate-entity basis. Taxes on income for the year comprise of current tax and the change in deferred taxes. The Group accounts for current and deferred taxation on the results for the period, in accordance with IAS 12 (“Income Taxes”) (Revised). 61 TURCAS PETROL A.fi. VE BA⁄LI ORTAKLI⁄I 31 ARALIK 2004 VE 2003 TAR‹HLER‹NDE SONA EREN YILLARA A‹T KONSOL‹DE MAL‹ TABLOLARA ‹L‹fiK‹N D‹PNOTLAR (Tutarlar, aksi belirtilmedi¤i sürece Türk paras›n›n 31 Aral›k 2004’teki sat›n alma gücü ile Yeni Türk Liras› (YTL) olarak ifade edilmifltir.) Haz›rlanan mali tablolarda, Grubun y›l sonu itibariyle dönem sonuçlar›na dayan›larak tahmin edilen Kurumlar Vergisi yükümlülü¤ü için karfl›l›k ayr›lmaktad›r. Kurumlar Vergisi yükümlülü¤ü dönem sonucunun kanunen kabul edilmeyen giderler ve indirimler dikkate al›narak düzeltilmesinden sonra bulunan matrah üzerinden hesaplanmaktad›r. Mali tablolarda yer alan gelir vergileri, cari y›l vergisi ile ertelenmifl vergilerdeki de¤iflimi içermektedir. fiirket, UMS 12’ye uygun olacak flekilde, dönem sonuçlar› üzerinden cari ve ertelenmifl vergileri hesaplamaktad›r. Haz›rlanan mali tablolarda, fiirket’in y›l sonu itibariyle dönem sonuçlar›na dayan›larak tahmin edilen Kurumlar Vergisi yükümlülü¤ü için karfl›l›k ayr›lmaktad›r. Kurumlar Vergisi yükümlülü¤ü dönem sonucunun kanunen kabul edilmeyen giderler ve indirimler dikkate al›narak düzeltilmesinden sonra bulunan matrah üzerinden hesaplanmaktad›r. Ertelenmifl vergi aktifi ve pasifi, baz› gelir ve gider kalemlerin muhasebe ve vergisel aç›lardan farkl› de¤erlendirilmeleri sonucunda ortaya ç›kan zamanlama farkl›l›klar›n› baz alarak, yükümlülük metoduna göre hesaplanmaktad›r. Ertelenmifl vergi pasifi, oluflan vergilendirilebilir tüm zamanlama farkl›l›klar› için hesaplanmakta olup, ertelenmifl vergi aktifi ise sadece ortaya ç›kacak bu aktifin itfa edilebilece¤i, vergilendirilebilir bir kar›n gelecekte oluflmas› beklendi¤inde kay›tlara al›nmaktad›r. Ertelenmifl vergi, varl›klar›n olufltu¤u veya yükümlüklüklerin yerine getirildi¤i dönemde geçerli olan vergi oranlar› üzerinden hesaplan›r ve gelir tablosuna gider veya gelir olarak kaydedilir. Ödenecek Kurumlar Vergisi tutarlar›, peflin ödenen Kurumlar Vergisi tutarlar›yla, iliflkili oldu¤undan netlefltirilmektedir. Ertelenmifl vergi aktif ve pasifi de ayn› flekilde netlefltirilmektedir. j. K›dem tazminat› karfl›l›¤› Türkiye’de mevcut kanunlar ve toplu ifl sözleflmelerine göre k›dem tazminat›, emeklilik veya iflten ç›kar›lma durumunda ödenmektedir. K›dem tazminat› karfl›l›¤› bilanço tarihi itibariyle buna hak kazanan bütün çal›flanlar›n ifline son verilmesi varsay›m› ile ödenmesi gerekecek olan yükümlülü¤ün toplam tutar›d›r. k. Yabanc› para ifllemleri Grubun yasal kay›tlar›nda, yabanc› para cinsinden (YTL d›fl›ndaki para birimleri) muhasebelefltirilen ifllemler, ifllem tarihindeki kurlar kullan›larak Yeni Türk Liras›’na çevrilmektedir. Bilançoda yer alan dövize ba¤l› varl›k ve borçlar bilanço tarihinde geçerli olan kurlar kullan›larak Yeni Türk Liras›’na çevrilmifllerdir. Bu çevrimden ve dövizli ifllemlerin tahsil ve tediyelerinden kaynaklanan kambiyo kar ve zararlar› gelir tablosunda yer almaktad›r. l. Gelirler Gelirler, teslimat›n gerçekleflmesi, gelir tutar›n›n güvenilir flekilde belirlenebilmesi ve ifllemle ilgili ekonomik yararlar›n fiirket’e akmas›n›n muhtemel olmas› üzerine al›nan veya al›nabilecek bedelin rayiç de¤eri üzerinden tahakkuk esas›na göre kay›tlara al›n›r. Net sat›fllar, mal sat›fllar›ndan iade ve sat›fl iskontolar›n›n düflülmesi suretiyle bulunmufltur. Faiz gelirleri etkin faiz yöntemi esas›na göre temettü gelirleri ise temettü tahsil etme hakk›n›n ortaya ç›kt›¤› tarihte gelir olarak kay›tlara al›nmaktad›r. m. Kasa ve bankalar Kasa ve bankalar, kasadaki nakit ve bankalardaki vadeli ve vadesiz hesaplardan oluflmaktad›r. Vadeli banka mevduatlar› üzerindeki faiz gelir tahakkuku bilanço tarihi itibariyle iç verim oran›n› kullan›larak indirgenmifl maliyet yöntemiyle hesaplanm›flt›r. Bilanço tarihi itibariyle tahakkuk etmifl ancak henüz tahsil edilmemifl faiz tutarlar› kasa ve banka hesab›na dahil edilmifltir. n. Finansal enstrümanlar Gerçe¤e uygun de¤er, istekli al›c› ve sat›c›lar›n biraraya geldi¤i piyasalarda bir aktifin baflka bir varl›kla de¤ifltirilebilece¤i veya bir taahhütün yerine getirilebilece¤i de¤erdir. Bir finansal enstrüman›n piyasa de¤eri, aktif bir pazar›n mevcudiyeti durumunda, sat›fltan elde edilebilecek tutara veya sat›n almadan do¤abilecek borca eflittir. 62 TURCAS PETROL A.fi. AND ITS SUBSIDIARY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEARS ENDED 31 DECEMBER 2004 AND 2003 (Amounts expressed in New Turkish Lira (TRY) in terms of purchasing power of the TRY at 31 December 2004 unless otherwise stated.) Provision is made in the financial statements for the Company’s estimated liability to Turkish corporation tax on its results for the year. The charge for current tax is based on the results for the year as adjusted for items, which are non-assessable or disallowed. Taxes on income for the year comprise of current tax and the change in deferred taxes. The Company accounts for current and deferred taxation on the results for the period, in accordance with IAS 12. Provision is made in the financial statements for the Company’s estimated liability to Turkish corporation tax on its results for the year. The charge for current tax is based on the results for the year as adjusted for items, which are non-assessable or disallowed. Deferred tax assets and liabilities are recognized using the liability method in respect of material temporary differences arising from different treatment of items for accounting and taxation purposes. Deferred tax liabilities are recognized for all taxable temporary differences and deferred tax assets are only provided to the extent if it is probable that taxable profit will be available against which the deductible temporary differences can be utilized. Deferred tax is calculated at the tax rates that are expected to apply to the period when the asset is realized or the liability is settled and charged or credited in the statement of income. Prepaid corporation taxes and corporation tax liabilities are offset as they relate to income taxes levied by the same taxation authority. Deferred tax assets and liabilities are also offset. j. Retirement pay provision Under Turkish law and union agreements, lump sum payments are made to employees retiring or involuntarily leaving the Group. The total provision represents the vested benefit obligation as at the balance sheet date. k. Foreign currency transactions In the statutory accounts of the Group companies, transactions in foreign currencies (currencies other than New Turkish Lira) are translated into New Turkish Lira at the rates of exchange ruling at the transaction dates. Assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the balance sheet date. Gains and losses arising on settlement and translation of foreign currency items are included in the statements of income. l. Revenue recognition Revenue is recognized on accrual basis over the amount obtained or to be obtained based on the assumption that delivery is realized, the income can be reliably determined and the inflow of the economic benefits related with the transaction to the Company is probable. Net sales are calculated after the sales returns and sales discounts are deducted. Interest income is recorded on the basis of effective interest rate method and dividend income is recorded when the right of dividend income emerges. m. Cash and banks Cash and banks include cash on hand and demand and time deposits with banks. Interest accrued on time deposits are measured with amortized cost method using the effective interest rate. The interest amount accrued to date but not received at the balance sheet date is included in cash and banks. n. Financial instruments Fair value is the amount for which an asset could be exchanged or a liability settled, between knowledgeable willing parties in an arms length transaction. Market value is the amount obtainable from the sale or payable on the acquisition of a financial instrument in an active market, if one exists. 63 TURCAS PETROL A.fi. VE BA⁄LI ORTAKLI⁄I 31 ARALIK 2004 VE 2003 TAR‹HLER‹NDE SONA EREN YILLARA A‹T KONSOL‹DE MAL‹ TABLOLARA ‹L‹fiK‹N D‹PNOTLAR (Tutarlar, aksi belirtilmedi¤i sürece Türk paras›n›n 31 Aral›k 2004’teki sat›n alma gücü ile Yeni Türk Liras› (YTL) olarak ifade edilmifltir.) Finansal enstrümanlar›n gerçe¤e uygun tahmini de¤eri Grup taraf›ndan piyasalara iliflkin bilgiler ve gerekli de¤erleme yöntemleri kullan›larak belirlenmifltir. Ancak gerçe¤e uygun de¤erin belirlenmesinde kullan›lan piyasa verilerinin yorumlanmas›na gerek duyulmaktad›r. Bu nedenle, bu raporda sunulan tahminler Grubun varl›klar›n› elden ç›karmas› durumunda cari piyasa koflullar›nda elde edebilece¤i de¤erler olmayabilir. Banka mevduatlar›, alacaklar, teminat mektuplar› ve akreditifler gibi flarta ba¤l› taahhütler ve vadeli al›m-sat›m ifllemleri gibi di¤er türev enstrümanlar, karfl› taraf›n anlaflman›n flartlar›n› yerine getirememesi durumunda, Grup finansal durumunu olumsuz yönde etkileyebilecek önemli finansal enstrümanlard›r. Baz› finansal varl›klar›n maliyet de¤erine eflit olan kay›tl› de¤erlerinin, k›sa vadeli nitelikleri nedeniyle gerçe¤e uygun de¤erlerine eflit oldu¤u varsay›lmaktad›r. Afla¤›da her mali enstrüman›n gerçe¤e uygun tahmini de¤erlerini belirlemede kullan›lan yöntemler ve varsay›mlar belirtilmifltir. Kasa ve bankalar: Yabanc› para cinsinden olan kasa ve banka bakiyeleri dönem sonu kurundan de¤erlenmifllerdir. Bilançodaki nakit ile bankadaki mevduat›n mevcut de¤eri, bu varl›klar›n gerçe¤e uygun tahmini de¤erleridir. Yat›r›mlar: Borsalarda ifllem gören yat›r›mlar için gerçe¤e uygun de¤erler borsa rayiçleri veya piyasa de¤erleri kullan›larak bulunur. Piyasa de¤eri bilinmeyenler için defter de¤eri gerçe¤e uygun tahmini de¤erleridir. Ticari alacaklar ve ticari borçlar: Tahsili flüpheli alacaklar karfl›l›¤› sonras› ticari alacaklar ile ticari borçlar›n bilançodaki mevcut de¤erleri, belirli kredi süreleri çerçevesinde tutulan alacak ve borçlar bugünkü de¤erlerine indirgenmifl olanlar d›fl›nda, gerçe¤e uygun tahmini de¤erleridir. ‹liflkili flirketlerden alacaklar ve borçlar: ‹liflkili flirketlerden alacak ve borçlar›n bilanço de¤erleri, belirli kredi süreleri çerçevesinde tutulan alacak ve borçlar bugünkü de¤erlerine indirgenmifl olanlar d›fl›nda, gerçe¤e uygun tahmini de¤erleridir. Kullan›lan krediler: Kullan›lan krediler, kullan›ld›klar› tarihte sabitlenen faiz oranlar›na tabidir. Ancak LIBOR art› sabit bir oranla al›nan krediler daha sonra LIBOR’da geçerli olan faiz oranlar›ndaki dalgalanmalara göre de¤iflen faiz oranlar›na tabidir. Banka kredileri elde edilen nakit tutar›ndan muhasebelefltirilirler. Finansman giderleri tahakkuk esas›na göre muhasebelefltirilir ve olufltuklar› dönemde ödenmeyen k›s›m bilançodaki kredi tutar›na eklenir. Grup, ola¤an faaliyetleri s›ras›nda akreditifler vb. gibi bilanço d›fl› riski bulunan finansal enstrümanlar kullanmaktad›r. Grubun bu tür enstrümanlardan kaynaklanabilecek zararlar› söz konusu enstrümanlar›n sözleflme tutarlar›na eflde¤erdir. Tahsilat riski Grubun tahsilat riski esas olarak ticari alacaklar›ndan do¤abilmektedir. Ticari alacaklar, Grup yönetimince geçmifl tecrübeler ve cari ekonomik durum gözönüne al›narak de¤erlendirilmekte ve uygun oranda flüpheli alacak karfl›l›¤› ayr›ld›ktan sonra bilançoda net olarak gösterilmektedir. Fiyat riski Grup, faaliyet konusu nedeniyle yabanc› para birimlerinin Türk Liras› karfl›s›ndaki de¤erlerinin de¤iflimlerine ba¤l› olarak kur dalgalanmalar›na maruz kalmaktad›r. Grubun ithalatlar› ve al›nan kredilerin önemli bölümü yabanc› para cinsinden yap›lmaktad›r. Kullan›lan kredilere iliflkin faiz oranlar›n›n bir bölümü piyasada oluflan faiz oranlar›na paralel olarak de¤iflmektedir. Bu nedenle, Grup, iç ve d›fl piyasalarda faiz dalgalanmalar›na da maruz kalmaktad›r. Grup, kur ve faiz risklerini s›n›rlamak amac›yla riskten kaç›nma araçlar›n› (hedging) kullanmamaktad›r. Likidite riski Grup genellikle k›sa vadeli finansal enstrümanlar›n› nakite çevirerek; örne¤in alacaklar›n› tahsil ederek, menkul k›ymetlerini elden ç›kararak, kendisine fon yaratmaktad›r. Bu enstrümanlardan elde edilen tutarlar gerçe¤e uygun de¤erleri ile kay›tlarda yer almaktad›r. Grup gereken durumlarda, nakit ihtiyac›n› kreditörlerinden ve ortaklar›ndan kredi almak suretiyle sa¤lamaktad›r. 64 TURCAS PETROL A.fi. AND ITS SUBSIDIARY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEARS ENDED 31 DECEMBER 2004 AND 2003 (Amounts expressed in New Turkish Lira (TRY) in terms of purchasing power of the TRY at 31 December 2004 unless otherwise stated.) The estimated fair values of financial instruments have been determined by the Group using available market information and appropriate valuation methodologies. However, judgment is necessarily required to interpret market data to develop the estimated fair value. Accordingly, the estimates presented herein may not necessarily be indicative of the amounts the Group could realize in a current market exchange. Balances with banks, receivables, contingent liabilities like letters of guarantee and letters of credit are important financial instruments which would have negative effects on the financial structure of the Group if the other party failed to comply with the terms and conditions of the agreement. The fair values of certain financial assets carried at cost are considered to be representative of carrying values due to their short-term nature. The following methods and assumptions were used to estimate the fair value of each class of financial instrument for which it is practicable to estimate fair value. Cash and bank balances: Cash and bank balances denominated in foreign currencies are translated at period-end exchange rates. The carrying amounts of the remaining cash and bank balances are reasonable estimates of their fair value. Investments: Fair value is estimated using quoted market prices wherever applicable. For those where no market price is available, the carrying amounts in the books are estimated to be their fair values. Trade receivables and payables: Book values of the trade receivables along with the related allowances for uncollectibility and trade payables balances are estimated to be their fair values, except receivables and payables discounted to their present value when they hold significant credit periods. Due to and from related parties: The carrying value of the due to and due from related parties are estimated to be their fair value except receivables and payables discounted to their present value when they hold significant credit periods. Borrowings: Borrowings have interest rates that are fixed on an entry value basis. However, borrowings at LIBOR plus mark up are subject to fluctuation in accordance with prevailing interest rates in the market. Interest-bearing bank loans and overdrafts are recorded at the proceeds received. Finance charges are accounted for on an accrual basis and are added to the carrying amount of the instrument to the extent they are not settled in the period in which they arise. The Group deals with financial instruments with off-balance sheet risk in the normal course of business such as letters of credit, etc. The Group’s exposure to losses arising from these instruments is represented by the contractual amount of those instruments. Credit risk The Group’s credit risk is primarily attributable to its trade receivables. Trade receivables presented in the balance sheet are net of allowances for doubtful receivables, estimated by the Group’s management based on prior experience and the current economic environment. Price risk The Group is exposed to exchange rate fluctuations between foreign currencies and Turkish Lira due to the nature of its business. The majority of the Group’s imports and borrowings are in foreign currencies. Certain parts of the interest rates related to borrowings are based on market interest rates, therefore the Group is exposed to interest rate fluctuations on domestic and international markets. The Group does not have any hedging transactions to limit currency and interest rate risks. Liquidity risk The Group is generally raising funds by liquidating its short-term financial instruments such as collecting its receivables and disposing of investments in securities. The Group’s proceedings from these instruments generally approximate their fair values. The Group obtains funds from its bankers and its major shareholders, if short of liquidity. 65 TURCAS PETROL A.fi. VE BA⁄LI ORTAKLI⁄I 31 ARALIK 2004 VE 2003 TAR‹HLER‹NDE SONA EREN YILLARA A‹T KONSOL‹DE MAL‹ TABLOLARA ‹L‹fiK‹N D‹PNOTLAR (Tutarlar, aksi belirtilmedi¤i sürece Türk paras›n›n 31 Aral›k 2004’teki sat›n alma gücü ile Yeni Türk Liras› (YTL) olarak ifade edilmifltir.) o. fierefiye fierefiye, Grubun sat›n ald›¤› varl›k için net aktif de¤erinin üzerinde bedel ödemesi durumunda konsolidasyon s›ras›nda ortaya ç›kar. fierefiye, ekonomik ömür 15 y›l al›narak normal amortisman yöntemine tabi tutulur. Dönemin amortisman giderleri ilgili dönemin Sat›fl ve Genel Yönetim Giderleri kaleminde gösterilmifltir. p. Netlefltirme Finansal varl›klar ve yükümlülükler, yasal olarak netlefltirme hakk› var olmas›, net olarak ödenmesi veya tahsilinin mümkün olmas›, veya varl›¤›n elde edilmesi ile yükümlülü¤ün yerine getirilmesinin efl zamanl› olarak gerçekleflebilmesi halinde, bilançoda net de¤erleri ile gösterilirler. r. Muhasebe tahminleri Mali tablolar›n UFRS’ye göre haz›rlanmas› s›ras›nda Yönetim’in, bilanço tarihi itibariyle mali tablolarda yer alan varl›klar ve yükümlülüklerin bilanço de¤erlerini, bilanço d›fl› yükümlülüklere iliflkin aç›klamalar›, dönem içerisinde oluflan gelir ve giderlerin tutarlar›n› etkileyebilecek tahmin ve varsay›mlarda bulunmas› gerekmektedir. Gerçek sonuçlar, bu tahminlerden farkl›l›k gösterebilmektedir. s. S›n›flamalar Geçmifl y›l konsolide mali tablolar›nda cari dönemle tutarl› olarak sunulabilmesi amac›yla baz› s›n›flamalar yap›lm›flt›r. Bu s›n›flamalar›n faaliyet sonuçlar›na ve özkaynaklara hiçbir etkisi yoktur. t. Hisse bafl›na kar 2004 ve 2003 y›llar› için fiirket hisselerinin a¤›rl›kl› ortalamas› ve birim hisse bafl›na kar hesaplamalar› afla¤›daki gibidir : Tedavüldeki hisse senedinin a¤›rl›kl› ortalama adedi (1YTL de¤erli hisse senedi için) Net kar 2004 2003 26.330.233.183 26.330.233.183 19.435.471 39.024.076 0,74 1,48 Hisse bafl›na kar (1YTL de¤erli hisse senedi için) 4. KASA VE BANKALAR Kasa Vadesiz mevduatlar Vadeli mevduatlar Bloke mevduatlar Tahsildeki çekler 66 31 Aral›k 2004 4.317 772.357 14.521.094 2.511 5.395.308 31 Aral›k 2003 13.349 2.313.494 16.498.647 679.523 1.973.912 20.695.587 21.478.925 TURCAS PETROL A.fi. AND ITS SUBSIDIARY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEARS ENDED 31 DECEMBER 2004 AND 2003 (Amounts expressed in New Turkish Lira (TRY) in terms of purchasing power of the TRY at 31 December 2004 unless otherwise stated.) o. Goodwill Goodwill arises on consolidation in cases where the purchase consideration paid by the Company or its consolidated subsidiaries exceeds the fair value of assets acquired. Goodwill is amortized on a straight-line method with an economic life of 15 years. Amortization expense is recorded in the related periods to the general administrative expenses. p. Offsetting Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is a legally enforceable right to set off the recognized amounts and there is an intention to settle on a net basis, or realize the asset and settle the liability simultaneously. q. Use of estimates The preparation of financial statements in conformity with IFRS requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the period. Actual results could differ from those estimates. r. Reclassifications Certain classifications have been made to the prior year financial statements to comply with the current year presentation. Such reclassifications have no effect on the statement of income and shareholder equity. t. Earnings per share A summary of the weighted average number of shares outstanding during 2004 and 2003 and the basic earnings per share calculation is as follows: Weighted average number of shares outstanding (1 share equals to 1TRY valued share) Net profit 2004 2003 26.330.233.183 26.330.233.183 19.435.471 39.024.076 0,74 1,48 Earnings per share (1 share equals to 1TRY valued share) 4. CASH AND BANKS Cash on hand Demand deposits Time deposits Restricted deposits Cheques in collection 31 December 2004 4.317 772.357 14.521.094 2.511 5.395.308 31 December 2003 13.349 2.313.494 16.498.647 679.523 1.973.912 20.695.587 21.478.925 67 TURCAS PETROL A.fi. VE BA⁄LI ORTAKLI⁄I 31 ARALIK 2004 VE 2003 TAR‹HLER‹NDE SONA EREN YILLARA A‹T KONSOL‹DE MAL‹ TABLOLARA ‹L‹fiK‹N D‹PNOTLAR (Tutarlar, aksi belirtilmedi¤i sürece Türk paras›n›n 31 Aral›k 2004’teki sat›n alma gücü ile Yeni Türk Liras› (YTL) olarak ifade edilmifltir.) 31 Aral›k 2004 tarihi itibariyle vadeli mevduatlar›n detay› afla¤›daki gibidir: Para cinsi ABD Dolar› Faiz oran› %1,52 - %2,50 Vade Ocak 2005 31 Aral›k 2004 14.521.094 31 Aral›k 2003 tarihi itibariyle vadeli mevduatlar›n detay› afla¤›daki gibidir: Para cinsi ABD Dolar› YTL Faiz oran› %0,40-2,25 %20-26 Vade Ocak 2004 Ocak 2004 31 Aral›k 2003 9.694.141 6.804.506 16.498.647 5.T‹CAR‹ ALACAKLAR (NET) Ticari alacaklar Alacak senetleri Alacak senetleri reeskontu Di¤er ticari alacaklar fiüpheli ticari alacaklar fiüpheli ticari alacaklar karfl›l›¤› 31 Aral›k 2004 6.636.510 64.966.821 (1.588.954) 583.124 1.561.600 (608.779) 31 Aral›k 2003 5.248.463 52.722.793 (793.006) 195.377 1.702.584 (396.832) 71.550.322 58.679.379 Gerçekleflmesi beklenmeyen tahsilatlar için karfl›l›k ayr›lm›flt›r. Bu karfl›l›k, geçmifl y›l deneyimlerine dayan›larak hesaplanm›flt›r. fiüpheli alacaklar karfl›l›¤› hareketleri afla¤›daki gibidir: 1 Ocak itibariyle aç›l›fl bakiyesi Tahsilatlar Dönem gideri Parasal kazanç 31 Aral›k itibariyle kapan›fl bakiyesi 2004 (396.832) 29.197 (289.390) 48.246 2003 (468.781) 209.794 (195.207) 57.362 (608.779) (396.832) Alacak senetleri etkin faiz yöntemi kullan›lmak suretiyle iskonto edilmektedir ve vade yap›lar› afla¤›daki gibidir: 30 güne kadar 30 gün ve üzeri 31 Aral›k 2004 62.928.818 2.038.003 31 Aral›k 2003 50.872.488 1.850.305 64.966.821 52.722.793 31 Aral›k 2004 6.192.895 189.578 68.493.143 74.878 31 Aral›k 2003 5.251.577 465.515 59.114.802 202.972 74.950.494 65.034.866 Grubun ticari alacaklar› için alm›fl oldu¤u teminatlar afla¤›daki gibidir: Teminat mektuplar› Senetler ‹potekler Di¤er 68 TURCAS PETROL A.fi. AND ITS SUBSIDIARY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEARS ENDED 31 DECEMBER 2004 AND 2003 (Amounts expressed in New Turkish Lira (TRY) in terms of purchasing power of the TRY at 31 December 2004 unless otherwise stated.) The details of time deposits as of 31 December 2004 are as follows: Currency USD Interest rate 1,52% - 2,50% Maturity January 2005 31 December 2004 14.521.094 Maturity January 2004 January 2004 31 December 2004 9.694.141 6.804.506 The details of time deposits as of 31 December 2003 are as follows: Currency USD TRY Interest rate 0,40-2,25% 20-26% 16.498.647 5. TRADE RECEIVABLES (NET) Trade receivables Notes receivable Discount on receivables Other trade receivables Doubtful trade receivables Allowance for doubtful receivables 31 December 2004 6.636.510 64.966.821 (1.588.954) 583.124 1.561.600 (608.779) 31 December 2003 5.248.463 52.722.793 (793.006) 195.377 1.702.584 (396.832) 71.550.322 58.679.379 An allowance has been made for estimated irrecoverable amounts. This allowance has been determined by reference to past default experience. Movements in the allowance for doubtful receivables are as follows: Beginning balance at 1 January Collections Charge for the year Monetary gain Ending balance at 31 December 2004 (396.832) 29.197 (289.390) 48.246 2003 (468.781) 209.794 (195.207) 57.362 (608.779) (396.832) Notes receivables are discounted using the effective interest rate method and their maturity composition is as follows: Within 30 days 30 days and more 31 December 2004 62.928.818 2.038.003 31 December 2003 50.872.488 1.850.305 64.966.821 52.722.793 31 December 2004 6.192.895 189.578 68.493.143 74.878 31 December 2003 5.251.577 465.515 59.114.802 202.972 74.950.494 65.034.866 The Group holds the following collaterals for the trade receivables: Letters of guarantee Notes Mortgages Others 69 TURCAS PETROL A.fi. VE BA⁄LI ORTAKLI⁄I 31 ARALIK 2004 VE 2003 TAR‹HLER‹NDE SONA EREN YILLARA A‹T KONSOL‹DE MAL‹ TABLOLARA ‹L‹fiK‹N D‹PNOTLAR (Tutarlar, aksi belirtilmedi¤i sürece Türk paras›n›n 31 Aral›k 2004’teki sat›n alma gücü ile Yeni Türk Liras› (YTL) olarak ifade edilmifltir.) 6. ‹L‹fiK‹L‹ fi‹RKETLERLE OLAN BAK‹YELER VE ‹fiLEMLER 31 Aral›k 2004 31 Aral›k 2003 31.936 393.416 - 31.936 393.416 291.463 6.293 15.162 7.639 39.674 15.389 2.345 8.973 320.557 66.381 31 Aral›k 2004 31 Aral›k 2003 105.713.808 141.867 122.539.092 96.743 105.855.675 122.635.835 1.221.428 1.730.582 1.404.418 1.930 2.952.010 1.406.348 - 276.214 34.914 30.932 (175.206) (6.595) 96.743 (15.389) (181.801) 81.354 31 Aral›k 2004 663.152 3.297 28.452 25.022.259 504.529 292.325 31 Aral›k 2003 3.487.934 261.521 2.257.068 14.348.678 244.204 26.514.014 20.599.405 ‹liflkili flirketlerden alacaklar Atafl Anadolu Tasfiyehanesi A.fi. Gerçek kifli ortaklar ‹liflkili flirketlere borçlar Ambarl› Depolama Hizmetleri Ltd. fiti. Conoco Ltd. Atafl Anadolu Tasfiyehanesi A.fi. Gerçek kifli ortaklar Gerçek kifli ortaklara ödenecek temettüler ‹liflkili flirketlere sat›fllar fiirket ortaklar›na ait istasyonlara yap›lan sat›fllar Ambarl› Depolama Hizmetleri Ltd. fiti. ‹liflkili flirketlerden mal ve hizmet al›mlar› Ambarl› Depolama Hizmetleri Ltd. fiti. fiirket ortaklar› ‹liflkili flirketlere ödenen faiz giderleri Conoco Ltd. ‹liflkili flirketlerden temettü gelirleri Ambarl› Depolama Hizmetleri Ltd. fiti. ‹liflkili flirketlerden di¤er gelir ve giderler Ambarl› Depolama Hizmetleri Ltd. fiti. Conoco Ltd. 7. STOKLAR ‹lk madde ve malzeme Yar› mamüller Mamüller Ticari mallar Verilen siparifl avanslar› Di¤er stoklar 31 Aral›k 2004 tarihi itibariyle stoklar üzerindeki sigorta tutar› 14.407.444 YTL’dir (31 Aral›k 2003: 12.259.304 YTL). 70 TURCAS PETROL A.fi. AND ITS SUBSIDIARY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEARS ENDED 31 DECEMBER 2004 AND 2003 (Amounts expressed in New Turkish Lira (TRY) in terms of purchasing power of the TRY at 31 December 2004 unless otherwise stated.) 6. BALANCES AND TRANSACTIONS WITH RELATED PARTIES 31 December 2004 31 December 2003 31.936 393.416 - 31.936 393.416 291.463 6.293 15.162 7.639 39.674 15.389 2.345 8.973 320.557 66.381 31 December 2004 31 December 2003 105.713.808 141.867 122.539.092 96.743 105.855.675 122.635.835 1.221.428 1.730.582 1.404.418 1.930 2.952.010 1.406.348 - 276.214 34.914 30.932 (175.206) (6.595) 96.743 (15.389) (181.801) 81.354 31 December 2004 663.152 3.297 28.452 25.022.259 504.529 292.325 31 December 2003 3.487.934 261.521 2.257.068 14.348.678 244.204 26.514.014 20.599.405 Due from related parties Atafl Anadolu Tasfiyehanesi A.fi. Real person shareholders Due to related parties Ambarl› Depolama Hizmetleri Ltd. fiti. Conoco Ltd. Atafl Anadolu Tasfiyehanesi A.fi. Real person shareholders Dividend payable to real person shareholders Sales to related parties Sales to stations owned by the shareholders Ambarl› Depolama Hizmetleri Ltd. fiti. Purchases from shareholders Ambarl› Depolama Hizmetleri Ltd. fiti. Shareholders Interest expense to related parties Conoco Ltd. Dividend income from related parties Ambarl› Depolama Hizmetleri Ltd. fiti. Other income and expense from related parties Ambarl› Depolama Hizmetleri Ltd. fiti. Conoco Ltd. 7. INVENTORIES Raw materials Work in process Finished goods Trade goods Order advances given Other inventories As of 31 December 2004, the insurance covenance on inventories is 14.407.444 TRY. (31 December 2003: 12.259.304 TRY). 71 TURCAS PETROL A.fi. VE BA⁄LI ORTAKLI⁄I 31 ARALIK 2004 VE 2003 TAR‹HLER‹NDE SONA EREN YILLARA A‹T KONSOL‹DE MAL‹ TABLOLARA ‹L‹fiK‹N D‹PNOTLAR (Tutarlar, aksi belirtilmedi¤i sürece Türk paras›n›n 31 Aral›k 2004’teki sat›n alma gücü ile Yeni Türk Liras› (YTL) olarak ifade edilmifltir.) 8. D‹⁄ER ALACAKLAR VE DÖNEN VARLIKLAR Bayi kredileri (not 13) Bayi kredileri reeskontu Peflin ödenen giderler Verilen ifl avanslar› Di¤er 31 Aral›k 2004 385.382 (16.774) 1.612.490 654.523 180.773 31 Aral›k 2003 282.768 (1.250) 1.693.983 121.404 - 2.816.394 2.096.905 % 50 5 31 Aral›k 2003 10.174 5.264 9. SATILMAYA HAZIR F‹NANSAL VARLIKLAR Ambarl› Depolama Hizmetleri Ltd. fiti. Atafl Anadolu Tasfiyehanesi A.fi. (“Atafl”) % 50 5 31 Aral›k 2004 274.724 13.240 287.964 15.438 Ambarl› Depolama Hizmetleri Ltd. fiti. Grubun kontrolünde olmas›na ra¤men mali tablolar›n›n önemsizli¤i nedeniyle konsolide edilmemifltir. Sat›lmaya haz›r finansal varl›klar›n aktif bir piyasada oluflmufl piyasa fiyatlar› olmad›¤› ve di¤er de¤erleme yöntemleri kullan›larak piyasa de¤erleri tespit edilemedi¤i için ekli konsolide mali tablolarda endekslenmifl maliyet de¤erleri ile yer alm›fllard›r. 10. fiEREF‹YE (NET) 1996 y›l›nda, Marmara’n›n %100 hissesinin ve Turcas Petrolcülük A.fi.’nin %82,16 hissesinin al›m› sonucu ortaya ç›kan flerefiye, bu flirketlerin hisselerinin elde etme maliyetlerinin net aktif toplam›n› aflan k›sm›ndan oluflmaktad›r. fierefiye normal amortisman yöntemiyle 15 y›lda amorti edilmektedir. 2004 ve 2003 y›llar› için flerefiye hareket tablosu afla¤›daki gibidir: 1 Ocak 2003 itibariyle Amortisman 31 Aral›k 2003 itibariyle Amortisman 31 Aral›k 2004 itibariyle 72 Maliyet Bedeli 184.770.425 Birikmifl Amortisman (79.324.491) fierefiye (net) 105.445.934 - (12.318.028) (12.318.028) 184.770.425 (91.642.519) 93.127.906 - (12.318.028) (12.318.028) 184.770.425 (103.960.547) 80.809.878 TURCAS PETROL A.fi. AND ITS SUBSIDIARY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEARS ENDED 31 DECEMBER 2004 AND 2003 (Amounts expressed in New Turkish Lira (TRY) in terms of purchasing power of the TRY at 31 December 2004 unless otherwise stated.) 8. OTHER RECEIVABLES AND CURRENT ASSETS Dealer loans (note 13) Discount on dealer loans Prepaid expenses Business advances given Other 31 December 2004 385.382 (16.774) 1.612.490 654.523 180.773 31 December 2003 282.768 (1.250) 1.693.983 121.404 - 2.816.394 2.096.905 9. AVAILABLE-FOR-SALE INVESTMENTS Ambarl› Depolama Hizmetleri Ltd. fiti. Atafl Anadolu Tasfiyehanesi A.fi. (“Atafl”) % 50 5 31 December 2004 274.724 13.240 % 50 5 287.964 31 December 2003 10.174 5.264 15.438 Ambarl› Depolama Hizmetleri A.fi. although is under the control of the Group is not consolidated due to its immateriality. Trading and available-for-sale investments that do not have a quoted market price in an active market and for which other methods of reasonably estimating fair value are clearly inappropriate or unworkable are carried at restated cost in the accompanying consolidated financial statements. 10. GOODWILL (NET) Goodwill consisting of direct acquisition of 100% ownership of Marmara and from the direct acquisition of 82,16% of Turcas Petrolcülük A.fi. in 1996 and represents the excess of the total acquisition costs over the net assets of these entities at the dates of acquisitions. Such goodwill is amortized on a straight-line basis over 15 years. Movement in goodwill for the years 2004 and 2003 is as follows: As of 1 January 2003 Amortization As of 31 December 2003 Amortization As of 31 December 2004 Cost 184.770.425 Accumulated Amortization (79.324.491) Goodwill (net) 105.445.934 - (12.318.028) (12.318.028) 184.770.425 (91.642.519) 93.127.906 - (12.318.028) (12.318.028) 184.770.425 (103.960.547) 80.809.878 73 74 31 Aral›k 2003 itibariyle net defter de¤eri 31 Aral›k 2003 itibariyle yap›lmakta olan yat›r›mlar ve verilen avanslar 31 Aral›k 2004 itibariyle net defter de¤eri 31 Aral›k 2004 itibariyle yap›lmakta olan yat›r›mlar ve verilen avanslar 1 Ocak 2004 aç›l›fl bakiyesi Dönem gideri Sat›fllar 31 Aral›k 2004 kapan›fl bakiyesi Birikmifl amortismanlar 1 Ocak 2004 aç›l›fl bakiyesi Al›mlar Sat›fllar 31 Aral›k 2004 kapan›fl bakiyesi Maliyet de¤eri 11. MADD‹ DURAN VARLIKLAR (NET) 4.698.916 4.850.115 - 4.698.916 151.199 4.850.115 Arazi ve Arsalar 148.256 165.392 (12.582.800) (77.458) (12.660.258) 12.731.056 94.594 12.825.650 Yeralt› ve Yerüstü Düzenleri 8.017.835 7.808.960 (2.557.357) (211.421) (2.768.778) 10.575.192 2.546 10.577.738 Binalar 3.496.345 2.409.832 (27.383.505) (2.282.176) 16.940 (29.648.741) 30.879.850 1.197.453 (18.730) 32.058.573 Tesis, Makina ve Cihazlar 385.955 181.742 (2.370.191) (218.148) 397.667 (2.190.672) 2.756.146 51.461 (435.193) 2.372.414 Tafl›tlar 284.685 197.307 (2.285.912) (122.478) 78.216 (2.330.174) 2.570.597 36.156 (79.272) 2.527.481 Demirbafllar 179.286.768 6.814.655 (6.233.185) 179.868.238 Toplam 37.061.852 33.369.979 61.103.584 7.009.740 54.689.809 5.706.482 (78.013.159) (125.192.924) (8.742.063) (11.653.744) 5.468.934 5.961.757 (81.286.288) (130.884.911) 115.075.011 5.281.246 (5.699.990) 114.656.267 ‹stasyon Malzemeleri TURCAS PETROL A.fi. VE BA⁄LI ORTAKLI⁄I 31 ARALIK 2004 VE 2003 TAR‹HLER‹NDE SONA EREN YILLARA A‹T KONSOL‹DE MAL‹ TABLOLARA ‹L‹fiK‹N D‹PNOTLAR (Tutarlar, aksi belirtilmedi¤i sürece Türk paras›n›n 31 Aral›k 2004’teki sat›n alma gücü ile Yeni Türk Liras› (YTL) olarak ifade edilmifltir.) Net book value 31 December 2003 Construction in progress and advances given balance as of 31 December 2003 Net book value 31 December 2004 Construction in progress and advances given balance as of 31 December 2004 Opening balance 1 January 2004 Charge for the year Disposals Closing balance 31 December 2004 Accumulated depreciation Opening balance 1 January 2004 Additions Disposals Closing balance 31 December 2004 Acqusition cost 11. PROPERTY, PLANT AND EQUIPMENT (NET) 4.698.916 4.850.115 148.256 165.392 (12.582.800) (77.458) (12.660.258) 12.825.650 4.850.115 - 12.731.056 94.594 - 4.698.916 151.199 - Land Land Improvements 8.017.835 7.808.960 (2.557.357) (211.421) (2.768.778) 10.577.738 10.575.192 2.546 - Buildings 3.496.345 2.409.832 (27.383.505) (2.282.176) 16.940 (29.648.741) 32.058.573 30.879.850 1.197.453 (18.730) Machinery and Equipment 385.955 181.742 (2.370.191) (218.148) 397.667 (2.190.672) 2.372.414 2.756.146 51.461 (435.193) Vehicles 284.685 197.307 (2.285.912) (122.478) 78.216 (2.330.174) 2.527.481 2.570.597 36.156 (79.272) Furniture and Fixtures 179.868.238 179.286.768 6.814.655 (6.233.185) Totals 37.061.852 33.369.979 61.103.584 7.009.740 54.689.809 5.706.482 (78.013.159) (125.192.924) (8.742.063) (11.653.744) 5.468.934 5.961.757 (81.286.288) (130.884.911) 114.656.267 115.075.011 5.281.246 (5.699.990) Oil Station Equipments TURCAS PETROL A.fi. AND ITS SUBSIDIARY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEARS ENDED 31 DECEMBER 2004 AND 2003 (Amounts expressed in New Turkish Lira (TRY) in terms of purchasing power of the TRY at 31 December 2004 unless otherwise stated.) 75 TURCAS PETROL A.fi. VE BA⁄LI ORTAKLI⁄I 31 ARALIK 2004 VE 2003 TAR‹HLER‹NDE SONA EREN YILLARA A‹T KONSOL‹DE MAL‹ TABLOLARA ‹L‹fiK‹N D‹PNOTLAR (Tutarlar, aksi belirtilmedi¤i sürece Türk paras›n›n 31 Aral›k 2004’teki sat›n alma gücü ile Yeni Türk Liras› (YTL) olarak ifade edilmifltir.) 17 A¤ustos 1995 tarihinde BP Petrolleri A.fi.’nin Ambarl›’daki dolum tesislerinin Turcas Petrolcülük A.fi., Tabafl Petrolcülük A.fi. ve Selyak Petrol Ürünleri Üretim ve Pazarlama A.fi. taraf›ndan ortaklafla kullan›lmas› için bu dört flirket aras›nda bir sözleflme yap›lm›flt›r. Bu sözleflmeye göre, her bir flirket bu tesislerin ve üzerine kurulu olan arazinin 1/4 oran›nda hissesine sahiptir. Bu nedenle Turcas Petrolcülük A.fi. ve Tabafl Petrolcülük A.fi., BP Petrolleri A.fi.’ye toplam 4.612.890 ABD Dolar› avans vermifllerdir. Fakat bu arazinin sahipli¤i konusunda BP Petrolleri A.fi. ve üçüncü flah›slar (yaklafl›k 600 ortak) aras›nda ç›kan bir ihtilaf dolay›s›yla, Turcas Petrolcülük A.fi. kendisine ait olan baflka bir arazinin di¤er flirketlerce, bu ihtilaf çözülemedi¤i taktirde sat›n al›nmas› için BP Petrolleri A.fi. ve Selyak Petrol Ürünleri Üretim ve Pazarlama A.fi.’nden toplam 1.000.000 ABD Dolar› avans alm›flt›r. 30 Eylül 1999 tarihi itibariyle Tabafl Petrolcülük A.fi., Turcas Petrolcülük A.fi.’yi tüm aktif ve pasifi ile birlikte devir alm›flt›r. Ayn› tarih itibariyle Tabafl Petrolcülük A.fi.’nin ticari ünvan› Turcas Petrol A.fi. olarak de¤ifltirilmifltir. Dolay›s›yla yukar›da belirtilen sözleflmeye konu arazi üzerinde fiirket’in sahiplik pay› 1/2’ye yükselmifltir. 31 Aral›k 2004 itibariyle haz›rlanan mali tablolarda verilen avanslar ve al›nan avanslar, yeniden de¤erlenmifl tutarlar› üzerinden netlefltirilerek maddi duran varl›klar ve al›nan uzun vadeli siparifl avanslar› hesab›nda gösterilmifltir. Davan›n sonuçland›r›labilmesi için 2001 y›l› içinde ortaklar aralar›nda 2003 y›l› A¤ustos ay›na kadar süreyi uzatan ek bir mutabakat zapt› yapm›fllard›r. A¤ustos 2003’te BP Petrolleri A.fi. söz konusu olan arazinin 41.455,73 m2’lik k›sm›n› sat›n alm›flt›r. Geriye kalan 15.773,7 m2’lik k›s›m BP Petrolleri A.fi. taraf›ndan sat›n al›nacakt›r. fiirket, buna müteakip verilen avans hesab›n› kapatacakt›r. 31 Aral›k 2004 tarihi itibariyle; yap›lmakta olan yat›r›mlar ve verilen avanslar hesaplar› 5.519.912 YTL tutar›nda BP Petrolleri A.fi’ye verilen avanslardan ve 186.570 YTL tutar›ndaki yap›lmakta olan yat›r›mlardan oluflmaktad›r (31 Aral›k 2003: 6.535.475 YTL BP Petrolleri A.fi.’ye verilen avans ve 474.265 YTL tutar›ndaki yap›lmakta olan yat›r›m). fiirket’in ba¤l› ortakl›klar›ndan Marmara Petrol ve Rafineri ‹flleri A.fi.’nin hisseleri T.Vak›flar Bankas› T.A.O.’ya fiirket’in Barclays Bank Plc.’den kullanm›fl oldu¤u kredinin bir k›sm›na teminat olarak rehin edilmifltir. Buna ek olarak; Marmara Petrol ve Rafineri ‹flleri A.fi.’ye ait Kocaeli ili Körfez ilçesinde bulunan akaryak›t dolum tesisi 15.000.000 YTL bedelle ayn› bankaya ipotek edilmifltir. 31 Aral›k 2004 tarihi itibariyle, maddi duran varl›klar üzerindeki sigorta tutar› 39.607.420 YTL’dir (31 Aral›k 2003: 142.167.459 YTL.) 12.MADD‹ OLMAYAN DURAN VARLIKLAR (NET) 1 Ocak 2004 aç›l›fl bakiyesi Al›mlar Sat›fllar 57.098.896 63.184 (117.347) 31 Aral›k 2004 kapan›fl bakiyesi 57.044.733 Birikmifl amortismanlar 1 Ocak 2004 aç›l›fl bakiyesi Dönem gideri Sat›fllar (44.444.829) (5.177.845) 85.745 31 Aral›k 2004 kapan›fl bakiyesi (49.536.929) 31 Aral›k 2004 itibariyle net defter de¤eri 7.507.804 31 Aral›k 2003 itibariyle net defter de¤eri 12.654.067 Maddi olmayan duran varl›klar ticari ünvanlar›n kullan›lma, bilgisayar yaz›l›m, istasyon kurma haklar›ndan oluflmaktad›r. 76 TURCAS PETROL A.fi. AND ITS SUBSIDIARY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEARS ENDED 31 DECEMBER 2004 AND 2003 (Amounts expressed in New Turkish Lira (TRY) in terms of purchasing power of the TRY at 31 December 2004 unless otherwise stated.) On 17 August 1995, an agreement was signed between Turcas Petrolcülük A.fi., Tabafl Petrolcülük A.fi., Selyak Petrol Ürünleri Üretim ve Pazarlama A.fi. and BP Petrolleri A.fi. for jointly usage of Filling Establishment of BP Petrolleri A.fi. in Ambarl› region. According to this agreement, each company has 1/4 shares on the land and other assets. Accordingly, Tabafl Petrolcülük A.fi. and Turcas Petrolcülük A.fi. have given an advance to BP Petrolleri A.fi. amounting to USD 4.612.890. However, due to a dispute related to the ownership of the land on which the establishment was built, between BP Petrolleri A.fi. and the third parties (around 600 partners), Turcas Petrolcülük A.fi. has made an agreement with the other three companies to sell its own land in Büyükçekmece region and obtained USD 1.000.000 from BP Petrolleri A.fi. and Selyak Petrol Ürünleri Üretim ve Pazarlama A.fi. Turcas Petrolcülük A.fi was taken over by Tabafl Petrolcülük A.fi with all its assets and liabilities as of 30 September 1999. The name of the company was changed to Turcas Petrol A.fi as of the merger date. Accordingly, ownership portion of the Company on the above mentioned land has increased to 1/2. In the financial statements as of 31 December 2003, the amount of advances given and advances received are presented under property, plant and equipment and long-term advances received netted off from their revalued costs. To finalise the dispute, shareholders made a side agreement in 2001 to extend the period till August 2003. In August 2003, BP Petrolleri A.fi. has purchased 41.455,73 m2 of the land in question. The remaining 15.773,7 m2 will be purchased by BP Petrolleri A.fi. The Company will close its advance account following the purchase. As of 31 December 2004, construction in progress and advances given balance is composed of TRY 5.519.912 advance given to BP Petrolleri A.fi. and TRY 186.570 construction in progress (31 December 2003: TRY 6.535.475 advance given to BP Petrolleri A.fi. and TRY 474.265 construction in progress). The Company’s subsidiary, Marmara Petrol ve Rafineri ‹flleri A.fi. shares are pledged to T. Vak›flar Bankas› T.A.O. with a pledge agreement against the guarantee given by T. Vak›flar Bankas› T.A.O. for some portion of the Company’s loan obtained from Barclays Bank Plc. Additionally, depot of Marmara Petrol ve Rafineri ‹flleri A.fi. located in Körfez district of Kocaeli is mortgaged to T. Vak›flar Bankas› T.A.O. by an amount of TRY 15.000.000 Property, plant and equipment are insured to the extent of TRY 39.607.420 as of 31 December 2004 (31 December 2003: TRY 142.167.459.) 12. INTANGIBLE ASSETS (NET) Acquisition cost Opening balance 1 January 2004 Additions Disposals 57.098.896 63.184 (117.347) Closing balance 31 December 2004 57.044.733 Accumulated amortization Opening balance 1 January 2004 Charge for the year Disposals (44.444.829) (5.177.845) 85.745 Closing balance 31 December 2004 (49.536.929) Net book value as of 31 December 2004 7.507.804 Net book value as of 31 December 2003 12.654.067 Intangible assets comprise rights of usage of trade names, computer softwares and station establishment rights. 77 TURCAS PETROL A.fi. VE BA⁄LI ORTAKLI⁄I 31 ARALIK 2004 VE 2003 TAR‹HLER‹NDE SONA EREN YILLARA A‹T KONSOL‹DE MAL‹ TABLOLARA ‹L‹fiK‹N D‹PNOTLAR (Tutarlar, aksi belirtilmedi¤i sürece Türk paras›n›n 31 Aral›k 2004’teki sat›n alma gücü ile Yeni Türk Liras› (YTL) olarak ifade edilmifltir.) 13. D‹⁄ER ALACAKLAR VE DURAN VARLIKLAR (NET) Bayi kredileri Bayi kredileri reeskontu Di¤er alacak senetleri Di¤er alacak senetleri reeskontu Peflin ödenmifl giderler Di¤er 31 Aral›k 2004 3.410.209 (1.755.751) 2.651.246 (1.706.682) 7.407.602 3.717 31 Aral›k 2003 3.317.906 (1.693.354) 2.871.584 (1.673.359) 3.998.985 14.937 10.010.341 6.836.699 31 Aral›k 2004 385.382 1.336.935 1.359.180 598.676 115.418 31 Aral›k 2003 282.768 1.035.311 1.294.140 817.432 171.023 3.795.591 3.600.674 ‹stasyon sahiplerine verilen kredilerin vadeleri afla¤›daki gibidir: 1 y›la kadar (not 8) 1 - 5 y›l 6 - 10 y›l 11 - 15 y›l 16 - 20 y›l Bayi kredileri, istasyon tamir, bak›m ve yenileme çal›flmalar› için istasyon sahiplerine yap›lan ödemeleri içerir. 14. MAL‹ BORÇLAR K›sa vadeli banka kredileri Uzun vadeli kredilerin k›sa vadeli anapara taksitleri ve faizleri Di¤er Toplam K›sa Vadeli Mali Borçlar Uzun vadeli kredilerin uzun vadeli k›sm› Toplam mali borçlar 31 Aral›k 2004 59.103.034 496 31 Aral›k 2003 16.018.822 33.720.182 - 59.103.530 49.739.004 5.368.400 31.846.646 64.471.930 81.585.650 31 Aral›k 2004 31 Aral›k 2003 59.103.530 5.368.400 49.739.004 31.846.646 64.471.930 81.585.650 Mali borçlar›n geri ödeme vadeleri afla¤›daki gibidir: 1 y›l içinde ödenecekler 1 – 2 y›l içinde ödenecekler 78 TURCAS PETROL A.fi. AND ITS SUBSIDIARY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEARS ENDED 31 DECEMBER 2004 AND 2003 (Amounts expressed in New Turkish Lira (TRY) in terms of purchasing power of the TRY at 31 December 2004 unless otherwise stated.) 13. OTHER RECEIVABLES AND LONG-TERM ASSETS (NET) Dealer loans Discount on dealer loans Other notes receivable Discount on other notes receivable Prepaid expenses Others 31 December 2004 3.410.209 (1.755.751) 2.651.246 (1.706.682) 7.407.602 3.717 31 December 2003 3.317.906 (1.693.354) 2.871.584 (1.673.359) 3.998.985 14.937 10.010.341 6.836.699 31 December 2004 385.382 1.336.935 1.359.180 598.676 115.418 31 December 2003 282.768 1.035.311 1.294.140 817.432 171.023 3.795.591 3.600.674 The maturity of loans given to station owners is as follows: Within one year (note 8) 1 - 5 years 6 - 10 years 11 - 15 years 16 - 20 years Dealer loans comprise payments given to the station owners for repair, maintenance and renewal of stations. 14. BORROWINGS Short-term bank loans Current portion of long-term loans Other Total short-term borrowings Long-term loans Total borrowings 31 December 2004 59.103.034 496 31 December 2003 16.018.822 33.720.182 - 59.103.530 49.739.004 5.368.400 31.846.646 64.471.930 81.585.650 31 December 2004 59.103.530 5.368.400 31 December 2003 49.739.004 31.846.646 64.471.930 81.585.650 Analysis of loan repayments is as follows: Within one year Between one to two years 79 TURCAS PETROL A.fi. VE BA⁄LI ORTAKLI⁄I 31 ARALIK 2004 VE 2003 TAR‹HLER‹NDE SONA EREN YILLARA A‹T KONSOL‹DE MAL‹ TABLOLARA ‹L‹fiK‹N D‹PNOTLAR (Tutarlar, aksi belirtilmedi¤i sürece Türk paras›n›n 31 Aral›k 2004’teki sat›n alma gücü ile Yeni Türk Liras› (YTL) olarak ifade edilmifltir.) K›sa vadeli banka kredileri afla¤›dakilerden oluflmaktad›r: Döviz Cinsi YTL ABD Dolar› Faiz tahakkuklar› Faiz Oran› %22,00-%28,00 %3,26-%8,45 Döviz Miktar› 9.708.101 36.625.000 31 Aral›k 2004 9.708.101 49.154.413 240.520 59.103.034 Döviz Cinsi ABD Dolar› Faiz tahakkuklar› Faiz Oran› %5,72-%7,5 Döviz Miktar› 10.000.000 80.932 31 Aral›k 2003 15.980.219 128.603 16.018.822 Uzun vadeli kredilerin k›sa vadeli anapara taksit ve faizleri afla¤›dakilerden oluflmaktad›r: Döviz Cinsi ABD Dolar› Faiz tahakkuklar› Faiz Oran› Libor + %0,2 Döviz Miktar› 21.083.333 137.384 31 Aral›k 2003 33.501.877 218.305 33.720.182 Uzun vadeli banka kredileri afla¤›dakilerden oluflmaktad›r: Döviz Cinsi ABD Dolar› Faiz Oran› %5,69 Döviz Miktar› 4.000.000 31 Aral›k 2004 5.368.400 Döviz Cinsi ABD Dolar› Faiz Oran› %1,63 -%1,88 Döviz Miktar› 20.041.667 31 Aral›k 2003 31.846.646 fiirket’in ana hissedarlar›, 31 Aral›k 2004 tarihi itibariyle fiirket’in kendilerine ait olan hisselerinden nominal de¤eri 5.101.000 YTL olan hisseyi Türkiye Vak›flar Bankas› T.A.O. lehine, 701.000 YTL nominal de¤erli hisseyi Koçbank A.fi. lehine rehin vermifltir (31 Aral›k 2003: 6.596.000 YTL Türkiye Vak›flar Bankas› T.A.O. lehine, 701.000 YTL Koçbank A.fi. lehine). 31 Aral›k 2004 itibariyle, Grup 61.156.110 YTL tutar›ndaki müflteri çeklerini kulland›¤› çeflitli krediler için bankalara teminat vermifltir. Buna ek olarak fiirket’in gerçek kifli hissedarlar›ndan Erdal Aksoy fiirket’in kulland›¤› krediler için 110.004.500 YTL ve 129.995.604 ABD Dolar› tutar›nda flahsi kefalet vermifltir. 15. T‹CAR‹ BORÇLAR Ticari borçlar 31 Aral›k 2004 25.549.505 31 Aral›k 2003 26.325.021 31 Aral›k 2004 tarihi itibariyle ticari borçlar temel olarak, hammadde al›m› nedeniyle Tüprafl Türkiye Petrol Rafinerileri A.fi.’ ye olan borçlardan oluflmaktad›r. 80 TURCAS PETROL A.fi. AND ITS SUBSIDIARY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEARS ENDED 31 DECEMBER 2004 AND 2003 (Amounts expressed in New Turkish Lira (TRY) in terms of purchasing power of the TRY at 31 December 2004 unless otherwise stated.) Short-Term bank loans consist of the following: Currency Type TRY USD Interest accruals Interest Rate 22,00%- 28,00% 3,26%- 8,45% Currency Amount 9.708.101 36.625.000 31 December 2004 9.708.101 49.154.413 240.520 59.103.034 Currency Type USD Interest accruals Interest Rate 5,72%- 7,5% Currency Amount 10.000.000 80.932 31 December 2003 15.980.219 128.603 16.018.822 Current portion of long-term bank loans consist of the following: Currency Type USD Interest accruals Interest Rate Libor + 0,2% Currency Amount 21.083.333 137.384 31 December 2003 33.501.877 218.305 33.720.182 Long-Term bank loans consist of the following: Currency Type USD Interest Rate 5,69% Currency Amount 4.000.000 31 December 2004 5.368.400 Currency Type USD Interest Rate 1,63% -1,88% Currency Amount 20.041.667 31 December 2003 31.846.646 The company’s main shareholders pledged their own shares of the company as of 31 December 2004 amounting to TRY 5.101.000 to Türkiye Vak›flar Bankas› T.A.O. and TRY 701.000 to Koçbank A.fi. (31 December 2003: TRY 6.596.000 on behalf of Türkiye Vak›flar Bankas› T.A.O. and TRY 701.000 on behalf of Koçbank A.fi.) As of 31 December 2004, the Group has pledged customer cheques amounting to TRY 61.156.110 to the banks for the various loans obtained. In addition, the Company’s shareholder, Erdal Aksoy has given personal surety amounting to TRY 110.004.500 and USD 129.995.604 for the loans used by the Company. 15. TRADE PAYABLES Trade payables 31 December 2004 25.549.505 31 December 2003 26.325.021 As at 31 December 2004 trade payables consist of dues to Tüprafl Türkiye Petrol Rafinerileri A.fi. as a result of raw material purchases. 81 TURCAS PETROL A.fi. VE BA⁄LI ORTAKLI⁄I 31 ARALIK 2004 VE 2003 TAR‹HLER‹NDE SONA EREN YILLARA A‹T KONSOL‹DE MAL‹ TABLOLARA ‹L‹fiK‹N D‹PNOTLAR (Tutarlar, aksi belirtilmedi¤i sürece Türk paras›n›n 31 Aral›k 2004’teki sat›n alma gücü ile Yeni Türk Liras› (YTL) olarak ifade edilmifltir.) 16. D‹⁄ER BORÇLAR VE G‹DER TAHAKKUKLARI Al›nan avanslar Ödenecek vergi ve harçlar Ödenecek SSK primleri Tahakkuk etmifl giderler Di¤er tahakkuk ve yükümlülükler Gelecek dönemlere ait gelirler Di¤er Gelecek dönemlere ait gelirlerin uzun vadeli k›sm› Al›nan avanslar›n uzun vadeli k›sm› 31 Aral›k 2004 529.168 6.754.413 177.620 186.240 376.887 395.264 164 31 Aral›k 2003 628.756 9.238.516 167.929 220.914 429.085 393.205 - 8.419.756 11.078.405 1.320.799 671.050 1.491.319 935.103 1.991.849 2.426.422 Gelecek dönemlere ait gelirler, fiirket’in Mersin’deki LPG dolum tesislerini kiralamas› sonucu oluflan kira gelirlerinden ve istasyonlara yerlefltirilen ATM Makinalar› karfl›l›¤›nda al›nan kira gelirinden oluflmaktad›r. 17. VERG‹ Ödenecek kurumlar vergisi: Kurumlar vergisi karfl›l›¤› Peflin ödenmifl vergi ve fonlar Vergi karfl›l›¤›: Kurumlar vergisi karfl›l›¤› Ertelenmifl vergi (geliri) / karfl›l›¤› 31 Aral›k 2004 31 Aral›k 2003 15.085.194 (10.840.359) 6.251.129 (3.656.556) 4.244.835 2.594.573 2004 2003 15.085.194 (2.833.804) 6.251.129 4.225.034 12.251.390 10.476.163 Kurumlar Vergisi: Grup, Türkiye’de geçerli olan kurumlar vergisine tabidir. Grubun cari dönem faaliyet sonuçlar›na iliflkin tahmini vergi yükümlülükleri için ekli mali tablolarda gerekli karfl›l›klar ayr›lm›flt›r. Vergiye tabi kurum kazanc› üzerinden tahakkuk ettirilecek kurumlar vergisi oran›, ticari kazanc›n tespitinde gider yaz›lan vergi matrah›ndan indirilemeyen giderlerin eklenmesi ve yurtiçinde yerleflik flirketlerden al›nan temettüler, vergiye tabi olmayan gelirler ve kullan›lan yat›r›m indirimleri düflüldükten sonra kalan matrah üzerinden hesaplanmaktad›r. Geçerli olan Kurumlar Vergisi oranlar›: • 2003 y›l›: %30 • 2004 y›l›: %33 (Resmi Gazete’nin 2 Ocak 2004 tarihli say›s›nda yay›nlanan 5035 say›l› kanun ile kurumlar vergisi oran› %30 dan %33’e yükseltilmifltir.) • 2005 y›l›: %30 Türkiye’de geçici vergi üçer ayl›k dönemler itibariyle hesaplanmakta ve tahakkuk ettirilmektedir. Geçici kurumlar vergisi oran› 24 Nisan 2003 tarihinden geçerli olmak üzere %25’den %30’a yükseltilmifltir. Bu oran 2004 y›l›nda ise %33 olarak uygulanm›flt›r. 2005 y›l› kurum kazançlar›n›n geçici vergi dönemleri itibariyle vergilendirilmesi aflamas›nda kurum kazançlar› üzerinden %30 oran›nda geçici vergi hesaplanacakt›r. 82 TURCAS PETROL A.fi. AND ITS SUBSIDIARY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEARS ENDED 31 DECEMBER 2004 AND 2003 (Amounts expressed in New Turkish Lira (TRY) in terms of purchasing power of the TRY at 31 December 2004 unless otherwise stated.) 16. OTHER PAYABLES AND EXPENSE ACCRUALS Advances received Taxes and dues payable Social security premiums payable Accrued expenses Other accruals and liabilities Unearned income Other Long-term portion of unearned income Long-term portion of advances received 31 December 2004 529.168 6.754.413 177.620 186.240 376.887 395.264 164 31 December 2003 628.756 9.238.516 167.929 220.914 429.085 393.205 - 8.419.756 11.078.405 1.320.799 671.050 1.491.319 935.103 1.991.849 2.426.422 Unearned income is comprised of the rent income obtained for the rental of LPG filling establishment of the Company in Mersin and the rent income obtained for the establishment of ATM machines in stations. 17. TAXATION Corporate tax payable: Corporate tax provision Less: Prepaid taxes and funds Deferred tax (benefit) / charge: Corporate tax provision Deferred tax (income) / provision 31 December 2004 31 December 2003 15.085.194 (10.840.359) 6.251.129 (3.656.556) 4.244.835 2.594.573 2004 2003 15.085.194 (2.833.804) 6.251.129 4.225.034 12.251.390 10.476.163 Corporate Tax: The Group is subject to Turkish corporation taxes. Provision is made in the accompanying financial statements for the estimated charge based on the Group’s results for the year. Corporation tax is applied on taxable corporate income, which is calculated from the statutory accounting profit by adding non-deductible expenses, and by deducting dividends received from resident companies, other exempt income and investment incentives utilized. The effective tax rates are as follows: • In 2003: 30% • In 2004: 33% (the corporate tax rate was increased from 30% to 33% by Law No. 5035 published in the Official Gazette on 2 January 2004.) • In 2005: 30% In Turkey, prepaid taxes are calculated and accrued on a quarterly basis. The prepaid corporate income tax rate was increased from 25% to 30%, effective from 24 April 2003. In 2004, the prepaid corporate income tax rate was applied 33%. Starting from 2005, prepaid corporate income tax rate will be 30%. 83 TURCAS PETROL A.fi. VE BA⁄LI ORTAKLI⁄I 31 ARALIK 2004 VE 2003 TAR‹HLER‹NDE SONA EREN YILLARA A‹T KONSOL‹DE MAL‹ TABLOLARA ‹L‹fiK‹N D‹PNOTLAR (Tutarlar, aksi belirtilmedi¤i sürece Türk paras›n›n 31 Aral›k 2004’teki sat›n alma gücü ile Yeni Türk Liras› (YTL) olarak ifade edilmifltir.) Zararlar, gelecek y›llarda oluflacak vergilendirilebilir kardan düflülmek üzere, maksimum 5 y›l tafl›nabilir. Ancak oluflan zararlar geriye dönük olarak, önceki y›llarda oluflan karlardan düflülemez. Türkiye’de vergi de¤erlendirmesiyle ilgili kesin ve kati bir mutabakatlaflma prosedürü bulunmamaktad›r. fiirketler ilgili y›l›n hesap kapama dönemini takip eden y›l›n 15 Nisan tarihine kadar vergi beyannamelerini haz›rlamaktad›r. Vergi Dairesi taraf›ndan bu beyannameler ve buna baz olan muhasebe kay›tlar› 5 y›l içerisinde incelenerek de¤ifltirilebilirler. Gelir Vergisi Stopaj›: Kurumlar vergisine ek olarak, da¤›t›lmas› durumunda kar pay› elde eden ve bu kar paylar›n› kurum kazanc›na dahil ederek beyan eden tam mükellef kurumlara ve yabanc› flirketlerin Türkiye’deki flubelerine da¤›t›lanlar hariç olmak üzere kar paylar› üzerinden ayr›ca gelir vergisi stopaj› hesaplanmas› gerekmektedir. Gelir vergisi stopaj› 24 Nisan 2003 tarihinden itibaren tüm flirketlerde %10 olarak ilan edilmifltir. Da¤›t›lmay›p sermayeye ilave edilen kar paylar› gelir vergisi stopaj›na tabi de¤ildir. 2002 ve öncesinde kurumlar vergisinden istisna edilen baz› kazançlar üzerinden da¤›t›ma ba¤l› olmaks›z›n yap›lan istisna kazanç stopaj› genel olarak kald›r›lm›flt›r. Ancak, 24 Nisan 2003 tarihinden önce al›nm›fl yat›r›m teflvik belgelerine istinaden yararlan›lan yat›r›m indirimi tutar› üzerinden hala %19,8 vergi tevkifat› yap›lmas› gerekmektedir. fiirketlerin vergilendirilebilir kazançlar› yat›r›m indirimi istisnas›na konu olabilecek tutara ulafl›ncaya dek, bu indirimden yararlan›labilir. fiirketlerin kar etmemesi ya da zararda olmas› durumunda bu indirim hakk› sonraki y›llarda elde edilecek vergilendirilebilir kazançlardan düflülmek üzere sonraki y›llara tafl›nabilir. Kazanç yetersizli¤i nedeniyle yararlan›lamayan yat›r›m indirimi istisnas›, istisnan›n uygulanabilece¤i sonraki y›llar için y›ll›k TEFE art›fl oran›nda art›r›larak uygulan›r. Enflasyona Göre Düzeltilmifl Vergi Hesaplamas›: 2003 y›l› ve önceki dönemlerde, sabit k›ymetlerin ve buna ba¤l› olarak amortismanlar›n›n senelik olarak yeniden de¤erlemeye tabi tutulmalar› haricinde; vergiye esas dönem kar› enflasyona göre düzeltilmifl tutarlar› üzerinden hesaplanmamaktayd›. 30 Aral›k 2003 tarih ve 25332 say›l› Resmi Gazete’de yay›mlanan 5024 say›l› Kanun ile Türkiye’de enflasyon muhasebesi uygulamas›n›n 2004 y›l› ve sonraki dönemlerde geçerli olacak flekilde; enflasyon oran›n›n kanunda belirlenen s›n›rlara ulaflmas› durumunda uygulanmas› gerekmektedir. Vergi mevzuat›ndaki enflasyon muhasebesi ilkeleri UMS 29 “Yüksek Enflasyonlu Ekonomilerde Finansal Raporlama” standard›ndaki hükümlerden önemli ölçüde farkl›l›k göstermemektedir. Ertelenmifl Vergi: Grup vergiye esas yasal mali tablolar› ile UFRS'ye göre haz›rlanm›fl mali tablolar› aras›ndaki farkl›l›klardan kaynaklanan geçici zamanlama farklar› için ertelenmifl vergi aktifi ve pasifini muhasebelefltirmektedir. Söz konusu farkl›l›klar genellikle baz› gelir ve gider kalemlerinin vergiye esas tutarlar› ile UFRS'ye göre haz›rlanan mali tablolarda farkl› dönemlerde yer almas›ndan kaynaklanmakta olup afla¤›da aç›klanmaktad›r. Ertelenmifl vergiye baz teflkil eden zamanlama farkl›l›klar›: Maddi duran varl›klar›n de¤erlenmesi K›dem tazminat› karfl›l›¤› Di¤er Ertelenmifl vergi (aktifleri)/ pasifleri: Maddi duran varl›klar›n de¤erlenmesi K›dem tazminat› karfl›l›¤› Di¤er 84 31 Aral›k 2004 31 Aral›k 2003 (12.105.862) (1.309.519) (1.144.500) (4.717.587) (1.117.173) 13.117 (14.559.881) (5.821.643) (3.631.759) (392.856) (343.350) (1.415.276) (335.152) 3.935 (4.367.965) (1.746.493) TURCAS PETROL A.fi. AND ITS SUBSIDIARY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEARS ENDED 31 DECEMBER 2004 AND 2003 (Amounts expressed in New Turkish Lira (TRY) in terms of purchasing power of the TRY at 31 December 2004 unless otherwise stated.) Losses can be carried forward for offset against future taxable income for up to 5 years. Losses cannot be carried back for offset against profits from previous periods. In Turkey there is no procedure for a final and definitive agreement on tax assessments. Companies file their tax returns until April 15th of the following year. Tax authorities may, however, examine such returns and the underlying accounting records and may revise assessments within five years. Income withholding tax In addition to corporate taxes, companies should also calculate income withholding taxes and funds surcharge on any dividends distributed, except for companies receiving dividends who are resident companies in Turkey and Turkish branches of foreign companies. The rate of income withholding tax is 10% starting from 24 April 2003. Undistributed dividends incorporated in share capital are not subject to income withholding taxes. Income withholding tax which was calculated in 2002 and prior years on various types of income and gains exempt from corporation tax, whether distributed or not, has been removed in general. However, 19,8% withholding tax is still applied to investment allowances relating to investment incentive certificates obtained prior to 24 April 2003. Such allowances may be used to relieve corporation tax liability until the profits reach the calculated level of exemption. If companies fail to make a profit or incur losses, any allowance outstanding may be carried forward to following years so as to be deducted from taxable income of subsequent profitable years. Carried forward investment incentives to be deducted from corporate tax liability in the following periods are revalued with the applicable WPI. Inflation Adjusted Tax Calculation For 2003 and previous years, taxable profits were calculated without any inflation adjustment to the statutory records, except that property, plant and equipment and the related depreciation were revalued annually. Law No. 5024 published in the Official Gazette No. 25332 on 30 December 2003 requires the application of inflation accounting in Turkey in 2004 and future years for tax purposes, if the actual rate of inflation meets certain thresholds, using principles which do not differ substantially from the principles in IAS 29 “Financial Reporting in Hyperinflationary Economies”. Deferred Tax The Group recognizes deferred tax assets and liabilities based upon temporary differences arising between its financial statements as reported for IFRS purposes and its statutory tax financial statements. These differences usually result in the recognition of revenue and expenses in different reporting periods for IFRS and tax purposes and are set out below. Temporary differences subject to deferred tax: Restatement of property, plant and equipment Retirement pay provision Other items Components of deferred tax (assets)/liabilities: On restatement of property, plant and equipment Retirement pay provision Other items 31 December 2004 31 December 2003 (12.105.862) (1.309.519) (1.144.500) (4.717.587) (1.117.173) 13.117 (14.559.881) (5.821.643) (3.631.759) (392.856) (343.350) (1.415.276) (335.152) 3.935 (4.367.965) (1.746.493) 85 TURCAS PETROL A.fi. VE BA⁄LI ORTAKLI⁄I 31 ARALIK 2004 VE 2003 TAR‹HLER‹NDE SONA EREN YILLARA A‹T KONSOL‹DE MAL‹ TABLOLARA ‹L‹fiK‹N D‹PNOTLAR (Tutarlar, aksi belirtilmedi¤i sürece Türk paras›n›n 31 Aral›k 2004’teki sat›n alma gücü ile Yeni Türk Liras› (YTL) olarak ifade edilmifltir.) 2004 2003 (1.746.493) 212.332 (2.833.804) (6.804.098) 832.571 4.225.034 (4.367.965) (1.746.493) 31 Aral›k 2004 31 Aral›k 2003 31.686.861 %33 49.500.239 %30 10.456.664 14.850.072 Hesaplanan ile ayr›lan vergi karfl›l›¤›n›n mutabakat farklar› : Kanunen kabul edilmeyen giderler Vergiden mahsup edilen geçmifl y›l zararlar› Vergiden muaf parasal kazanç / (kay›p) Konsolidasyon eliminasyonlar› Di¤er 2.380.481 (1.064.264) 935.563 (457.054) 4.239.577 1.058.605 (9.609.201) 439.965 (502.855) Vergi 12.251.390 10.476.163 Ertelenmifl vergi (aktifi) / pasifi hareketleri: 1 Ocak aç›l›fl bakiyesi Parasal kay›p Ertelenmifl vergi (gideri) / geliri 31 Aral›k kapan›fl bakiyesi Vergi karfl›l›¤›n›n mutabakat›: Vergi öncesi kar Etkin vergi oran› Hesaplanan vergi 18. KIDEM TAZM‹NATI KARfiILI⁄I Türkiye’de mevcut kanunlar çerçevesinde, bir y›ll›k hizmet süresini dolduran ve herhangi bir geçerli nedene ba¤l› olmaks›z›n ifline son verilen, askerlik hizmeti için göreve ça¤r›lan, vefat eden, erkekler için 25 kad›nlar için 20 y›ll›k hizmet süresini dolduran yada emeklilik yafl›na gelmifl (kad›nlarda 58, erkeklerde 60 yafl) personeline k›dem tazminat› ödemesi yap›lmak zorundad›r. K›dem tazminat› ödemeleri, her hizmet y›l› için 30 günlük brüt maafl üzerinden hesaplanmaktad›r. ‹lgili bilanço tarihi itibariyle ödenecek k›dem tazminat›, 31 Aral›k 2004 tarihi itibariyle ayl›k 1.574,74 YTL tavan›na tabidir (31 Aral›k 2003: 1.389,9 YTL). Yeniden düzenlenmifl UMS 19 ilk kez 1999 y›l›nda uygulanmaya bafllanm›flt›r. Temel uygulama prensiplerini de¤ifltirmemekle birlikte, yeniden düzenlenmifl standart yükümlülü¤ün gelecek dönemlere ait oldu¤unu dikkate alarak, yükümlülü¤ün muhasebelefltirilmesini daha aç›k hale getirmifltir: • Netinin reel iskonto oran›n› verece¤i tahmini bir enflasyon beklentisi ve uygun bir iskonto oran› belirlenmelidir. Hesaplanan reel iskonto oran› gelecekte ödenecek k›dem tazminat› ödemelerinin bilanço tarihi itibariyle bugünkü de¤erlerinin hesaplanmas›nda kullan›lmal›d›r. • ‹ste¤e ba¤l› iflten ayr›lmalar neticesinde ödenmeyip, Grup’a kalacak olan k›dem tazminat› tutarlar›n›n tahmini oran› da dikkate al›nmal›d›r. Sonuç olarak, 31 Aral›k 2004 ve 31 Aral›k 2003 tarihleri itibariyle Grubun elemanlar›n›n gelecekteki emeklili¤inden kaynaklanan tahmini yükümlülü¤üne iliflkin karfl›l›k, bugünkü de¤erlerinin tahmin edilmesi yoluyla ekli mali tablolara yans›t›lm›flt›r. 86 TURCAS PETROL A.fi. AND ITS SUBSIDIARY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEARS ENDED 31 DECEMBER 2004 AND 2003 (Amounts expressed in New Turkish Lira (TRY) in terms of purchasing power of the TRY at 31 December 2004 unless otherwise stated.) 2004 2003 (1.746.493) 212.332 (2.833.804) (6.804.098) 832.571 4.225.034 (4.367.965) (1.746.493) 31 December 2004 31 December 2003 31.686.861 33% 49.500.239 30% Expected tax 10.456.664 14.850.072 Reconciliation of expected tax to actual tax: Undeductable expenses Carry forward tax losses Monetary gain / (loss) non-taxable non deductable Consolidation eliminations Other 2.380.481 (1.064.264) 935.563 (457.054) 4.239.577 1.058.605 (9.609.201) 439.965 (502.855) 12.251.390 10.476.163 Movement of deferred tax (assets)/liabilities: Opening balance at 1 January Monetary loss Taxation (charge) / benefit Closing balance at 31 December Reconciliation of taxation: Profit before taxation Tax rate Taxation 18.RETIREMENT PAY PROVISION Under Turkish law, the companies are required to pay employment termination benefits to each employee who has completed one year of service and whose employment is terminated without due cause, is called up for military service, dies or who retires after completing 25 years of service (20 years for women) and achieves the retirement age (58 for women and 60 for men). The provision is made in respect of all eligible employees, at a rate of 30 days gross pay for each year of service. The rate of pay is that ruling at the respective balance sheet dates, subject to a maximum of TRY 1.574,74 per month as of 31 December 2004 (31 December 2003: TRY 1.389,9). For the year 1999, IAS 19 (Revised) became applicable for the first time. Although not changing the fundamental principles involved, the revised standard made clearer the obligation to consider the issues related to accounting for a future benefit: • An expected inflation rate and an appropriate discount rate should both be determined, the net of these being the real discount rate. This real discount rate should be used to discount future retirement payments to their present value at the balance sheet date. • The anticipated rate of forfeitures should be considered. Consequently, in the accompanying financial statements as at 31 December 2004 and 31 December 2003, the provision has been calculated by estimating the present value of the future probable obligation of the Group arising from the retirement of the employees. 87 TURCAS PETROL A.fi. VE BA⁄LI ORTAKLI⁄I 31 ARALIK 2004 VE 2003 TAR‹HLER‹NDE SONA EREN YILLARA A‹T KONSOL‹DE MAL‹ TABLOLARA ‹L‹fiK‹N D‹PNOTLAR (Tutarlar, aksi belirtilmedi¤i sürece Türk paras›n›n 31 Aral›k 2004’teki sat›n alma gücü ile Yeni Türk Liras› (YTL) olarak ifade edilmifltir.) Yukar›daki tarihler itibariyle k›dem tazminat› yükümlülükleri, y›ll›k %10 enflasyon ve %16 iskonto oran› tahmin edilerek belirlenmifltir. 1 Ocak itibariyle karfl›l›k Dönem (gideri)/geliri Parasal kazanç 31 Aral›k itibariyle karfl›l›k 2004 1.117.173 56.525 135.821 2003 1.301.718 (25.263) (159.282) 1.309.519 1.117.173 19. TAAHHÜTLER VE YÜKÜMLÜLÜKLER a) 31 Aral›k 2004 tarihi itibariyle toplam 61.821.953 YTL verilen teminat mektubu bulunmaktad›r. (31 Aral›k 2003: 42.028.935 YTL, 20.000.000 ABD Dolar›). Ayr›ca 31 Aral›k 2003 tarihi itibariyle, ortaklardan Conoco Petroleum Inc., fiirket’in kulland›¤› kredilerle ilgili olarak 20.000.000 ABD Dolar› tutar›nda kefalet vermifltir. b) Yukar›da belirtilen teminat mektuplar›na iliflkin olarak; fiirket’in büyük hissedarlar› 31 Aral›k 2004 tarihi itibariyle, Türkiye Vak›flar Bankas› T.A.O.’ya 5.101.000 YTL, Koçbank A.fi.’ye 701.000 YTL nominal tutar›nda fiirket hisselerini rehin vermifllerdir. c) fiirket, 2005 y›l›nda 134.000 ABD Dolar› teminat mektubu, aval ve kefalet komisyonu ödeyecektir. d) Tüprafl Petrol Rafineri ‹flleri A.fi. ile yapt›¤› sözleflme gere¤i, fiirket her Ekim ay›n›n ortas›na kadar 1 y›ll›k taahhüt etti¤i miktarlar› bildirmek zorundad›r. Bununla beraber, fiirket’in 3 ayl›k miktarlar› 30 gün öncesinden, ayl›k miktarlar› 15 gün öncesinden de¤ifltirme hakk› vard›r. Aksi takdirde oluflabilecek eksi farklar için, fiirket afla¤›da belirtilen cezalar› ödemek durumundad›r. (ABD $/Ton) Beyaz Ürün 4 8 12 16 Fark %5 - 10 %15 %25 %25,01 ve üzeri (ABD $/Ton) Siyah Ürün 3 6 9 12 e) fiirket, Türkpetrol Vakf› ile olan “‹sim Hakk›” anlaflmas› gere¤i sataca¤› beyaz ürünlerde ton bafl›na 17 Haziran 2006 tarihine kadar 0,30 ABD Dolar›, 17 Haziran 2006 - 17 Haziran 2012 tarihleri aras›nda ise 0,35 ABD Dolar› lisans bedeli ödemeyi taahhüt etmifltir. f) fiirket, Conoco Ltd. ile olan “Teknik ve Yönetim Destek Hizmetleri” sözleflmesi gere¤i bu flirkete y›ll›k 500.000 ABD Dolar› tutar›nda servis bedeli ödemeyi taahhüt etmifltir. Bu sözleflme ile ilgili olarak 31 Aral›k 2004 tarihinde sona eren dönem için tahakkuk ettirilmesi gereken 500.000 ABD Dolar› tutar›ndaki servis bedeli, Conoco Ltd. yetkililerinden ad› geçen dönem ile ilgili olarak servis bedeli haklar›ndan feragat edeceklerine dair al›nan yaz›flmaya istinaden ekli konsolide mali tablolara yans›t›lmam›flt›r. g) fiirket, afla¤›da belirtilen dönemlerde istasyon sahiplerine istasyon yenileme çal›flmalar›nda kullan›lmak üzere 6.420.500 ABD Dolar› ödemeyi taahhüt etmifltir: ABD Dolar› 2005 Y›l› 1.549.500 2006 Y›l› 584.500 2007-2021 Y›llar› aras› 4.286.500 Toplam 6.420.500 h) fiirket, Ankara’daki bir benzin istasyonunun patlamas› sonucu daval› durumundad›r. fiirket’in olas› yükümlülü¤ü 753.774 YTL’dir. fiirket, mahkemenin gerekçeli karar›nda belirtildi¤i üzere 4/8 oran›nda kusurlu bulunmufl ve finansal tablolar›nda bu davayla ilgili 376.887 YTL karfl›l›k ay›rm›flt›r. 88 TURCAS PETROL A.fi. AND ITS SUBSIDIARY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEARS ENDED 31 DECEMBER 2004 AND 2003 (Amounts expressed in New Turkish Lira (TRY) in terms of purchasing power of the TRY at 31 December 2004 unless otherwise stated.) The provisions at the respective balance sheet dates have been calculated assuming an annual inflation rate of 10% and a discount rate of 16%. Opening provision 1 January Charge / (benefit) for the year Monetary gain Closing provision 31 December 2004 1.117.173 56.525 135.821 2003 1.301.718 (25.263) (159.282) 1.309.519 1.117.173 19. COMMITMENTS AND CONTINGENCIES a) As of 31 December 2004, the total amount of the letters of guarantee given is TRY 61.821.953 (31 December 2003: 42.028.935 TRY and 20.000.000 USD). Additionally as of 31 December 2003, Conoco Inc. has given guarantee amounting to USD 20.000.000 to the bank for the loan used by the Company. b) As of 31 December 2004 in connection with the above-mentioned bank letters of guarantee, the Company’s main shareholders pledged their own shares of the Company, amounting to TRY 5.101.000 to Türkiye Vak›flar Bankas› T.A.O., TRY 701.000 to Koçbank A.fi. c) The Company will pay USD 134.000 in 2005 as the letter of guarantee and surety commissions. d) According to a purchase agreement made with Tüprafl Petrol Rafineri ‹flleri A.fi., the Company has to notify the committed yearly purchase quantities in each mid-October. However, the Company has a right to revise its quarterly purchase commitments prior to 30 days, and its monthly purchase commitments prior to 15 days. Otherwise, based on negative difference, the Company should pay the following amounts as penalties: (USD/Tons) White Products 4 8 12 16 Difference 5 - 10% 15% 25% 25,01% and above (USD/Tons) Black Products 3 6 9 12 e) Based on the Royalty Agreement signed with Türkpetrol Vakf›, the Company committed to pay USD 0,30 per tons of white products sold until 17 June 2006 and after 17 June 2006 till 17 June 2012 USD 0,35 per tons. f) As a result of “Technical and Management Support Services Agreement” signed with Conoco Ltd., the Company committed to pay service fee amounting to USD 500.000 per year. The service fee for the period ended 31 December 2004 amounting to USD 500.000 has not been accounted for in the accompanying consolidated financial statements on the grounds of correspondence obtained from Conoco Ltd. authorities stating that they waive their rights to receive such fee for the mentioned period. g) The Company has committed to pay USD 6.420.500 to the station owners for the station improvement in the periods mentioned below: US Dollar Year 2005 1.549.500 Year 2006 584.500 Years between 2007-202 4.286.500 Total 6.420.500 h) The Company is defendant in a lawsuit involving an explosion in a station in Ankara. The potential liability of the Company is TRY 753.774. As concluded by the court decision, the Company is found responsible a 4/8 rate for the explosion and TRY 376.887 of provision is booked in the accompanying financial statements related to this liability. 89 TURCAS PETROL A.fi. VE BA⁄LI ORTAKLI⁄I 31 ARALIK 2004 VE 2003 TAR‹HLER‹NDE SONA EREN YILLARA A‹T KONSOL‹DE MAL‹ TABLOLARA ‹L‹fiK‹N D‹PNOTLAR (Tutarlar, aksi belirtilmedi¤i sürece Türk paras›n›n 31 Aral›k 2004’teki sat›n alma gücü ile Yeni Türk Liras› (YTL) olarak ifade edilmifltir.) i) fiirket’in ba¤l› ortakl›klar›ndan Marmara Petrol ve Rafineri ‹flleri A.fi.’ nin hisseleri T.Vak›flar Bankas› T.A.O.’ya fiirket’in Barclays Bank Plc’den kullanm›fl oldu¤u kredinin bir k›sm›na teminat olarak rehin edilmifltir. Buna ek olarak; Marmara Petrol ve Rafineri ‹flleri A.fi.’ye ait Kocaeli ili Körfez ilçesinde bulunan akaryak›t dolum tesisi 15.000.000 YTL bedelle T.Vak›flar Bankas› T.A.O’ya ipotek edilmifltir. Turcas Petrol A.fi.’ye ait Alia¤a dolum tesisi 8.000.000 YTL bedelle Finansbank A.fi.’ye, Kocaeli ili Körfez ilçesinde bulunan akaryak›t dolum tesisi ise 15.000.000 ABD Dolar› bedelle yine Finasbank A.fi.’ye ipotek edilmifltir. j) 31 Aral›k 2004 itibariyle, Grup 61.156.110 YTL tutar›ndaki müflteri çeklerini kulland›¤› çeflitli krediler için bankalara teminat vermifltir. Buna ek olarak Grubun gerçek kifli hissedarlar›ndan Erdal Aksoy, fiirket’in kulland›¤› krediler için 110.004.500 YTL ve 129.995.604 ABD Dolar› tutar›nda flahsi kefalet vermifltir. 20. SERMAYE VE YASAL YEDEKLER 31 Aral›k 2004 ve 31 Aral›k 2003 itibariyle sermaye yap›s› afla¤›daki gibidir: Ortaklar Conoco Petroleum Inc. Erdal Aksoy Baha Kaya Alp Baban veresesi Y›lmaz Tecmen Yasemin Baban Halka aç›k k›s›m Di¤er Tarihi de¤erle sermaye Enflasyon düzeltmesi Yeniden düzenlenmifl sermaye (%) %28,52 %17,27 %5,26 %6,94 %17,72 %24,29 31 Aral›k 2004 7.509.625 4.546.387 1.385.163 1.824.009 4.665.633 6.399.416 (%) %28,52 %13,48 %13,86 % 5,26 %22,32 %16,56 31 Aral›k 2003 7.509.625 3.550.052 3.647.692 1.385.163 5.877.380 4.360.321 %100,00 26.330.233 %100,00 26.330.233 70.118.805 70.118.805 96.449.038 96.449.038 Yasal yedekler Türk Ticaret Kanunu’na göre ayr›lan birinci ve ikinci tertip yasal yedeklerden oluflmaktad›r. Birinci tertip yasal yedekler, tüm yedekler tarihi ödenmifl sermayenin %20’sine eriflene kadar, geçmifl dönem ticari kar›ndan y›ll›k %5 oran›nda ayr›l›r. ‹kinci tertip yasal yedekler, birinci tertip yasal yedek ve temettülerden sonra, tüm nakdi temettü da¤›t›mlar› üzerinden y›ll›k %10 oran›nda ayr›l›r. fiirket 2004 y›l› içerisinde geçmifl y›l zararlar›n›n mahsup ifllemini gerçeklefltirmifltir. Mahsup ifllemi ve sonras›nda özkaynak kalemlerinin da¤›l›m› afla¤›daki flekilde oluflmufltur. Sermaye nominal Emisyon primi nominal Yasal yedekler nominal Ola¤anüstü yedekler nominal Özsermaye enflasyon düzeltme farklar› Birikmifl Zarar Net dönem kar› Mahsup öncesi 26.330.233 2.595.405 1.947.867 177.820 208.819.779 (86.332.512) 153.538.592 Mahsup ifllemi (2.595.405) (1.947.867) (177.820) (81.611.421) 86.332.512 - Mahsup sonras› 26.330.233 127.208.359 19.435.471 172.974.063 fiirket’in sermayesi, ihraç edilmifl ve her biri 1.000 TL nominal de¤erde 26.330.233.183 adet hisseden meydana gelmifltir. Bu hisselerin 26.330.083.183 adet A grubu, 112.500 adet B grubu ve 37.500 adet C grubu hisselerinden oluflmaktad›r. Toplam 7 kifliden oluflan yönetim kurulu üyelerinin en az 3 tanesi B grubu hisse sahiplerinin, en az 2 tanesi C grubu hisse sahiplerinin gösterece¤i adaylar aras›ndan seçilir. Murak›plar›n biri C grubu hissedarlar›n›n ço¤unlu¤unun belirledi¤i adaylar›n aras›ndan, di¤eri B grubu hissedarlar›n›n ço¤unlu¤unun belirledi¤i adaylar aras›ndan seçilir. 90 TURCAS PETROL A.fi. AND ITS SUBSIDIARY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEARS ENDED 31 DECEMBER 2004 AND 2003 (Amounts expressed in New Turkish Lira (TRY) in terms of purchasing power of the TRY at 31 December 2004 unless otherwise stated.) i) The Company’s subsidiary, Marmara Petrol ve Rafineri ‹flleri A.fi.’s shares are pledged to T. Vak›flar Bankas› T.A.O. with a pledge agreement against the guarantee given by T. Vak›flar Bankas› T.A.O. for some portion of the Company’s loan obtained from Barclays Bank Plc. Additionally, depot of Marmara Petrol ve Rafineri ‹flleri A.fi. located in Körfez district of Kocaeli is mortgaged to T. Vak›flar Bankas› T.A.O. by an amount of TRY 15.000.000. Depot of Turcas Petrol A.fi. located in Alia¤a is mortgaged to Finansbank A.fi. by an amount of TRY 8.000.000, and the depot located in Körfez district of Kocaeli is mortgaged to Finansbank A.fi. by an amount of USD 15.000.000. j) As of 31 December 2004, the Group has pledged customer cheques amounting to TRY 61.156.110 to the banks for the various loans obtained. In addition, the Company’s shareholder, Erdal Aksoy has given personal surety amounting to TRY 110.004.500 and USD 129.995.604 for the loans used by the Company. 20. SHAREHOLDERS’ EQUITY AND LEGAL RESERVE As of 31 December 2004 and 31 December 2003 the share capital is held as follows: Shareholders Conoco Petroleum Inc. Erdal Aksoy Baha Kaya Alp Baban heirs Y›lmaz Tecmen Yasemin Baban Public shares Other Historical capital Inflation adjustment Adjusted capital (%) 28,52% 17,27% 5,26% 6,94% 17,72% 24,29% 31 December 2004 7.509.625 4.546.387 1.385.163 1.824.009 4.665.633 6.399.416 (%) 28,52% 13,48% 13,86% 5,26% 22,32% 16,56% 31 December 2003 7.509.625 3.550.052 3.647.692 1.385.163 5.877.380 4.360.321 100,00% 26.330.233 100,00% 26.330.233 70.118.805 70.118.805 96.449.038 96.449.038 The legal reserves consist of first and second legal reserves, appropriated in accordance with the Turkish Commercial Code. The first legal reserve is appropriated out of historical statutory profits at the rate of 5% per annum, until the total reserve reaches 20% of the historical paid-in share capital. The second legal reserve is appropriated after the first legal reserve and dividends, at the rate of 10% per annum of all cash dividend distributions. The Company offset prior periods’ losses in 2004. The breakdown of shareholders’ equity items before and after offsetting are as follows. Capital Premium in excess of par Legal reserves Extraordinary reserves Inflation adjustments Accumulated deficit Net profit for the period Before offsetting 26.330.233 2.595.405 1.947.867 177.820 208.819.779 (86.332.512) 153.538.592 Offetting transaction (2.595.405) (1.947.867) (177.820) (81.611.421) 86.332.512 - After offsetting 26.330.233 127.208.359 19.435.471 172.974.063 Share capital consists of 26.330.083.183 shares of class A, 112.500 shares of class B and 37.500 shares of class C and each share has 1.000 TL nominal value. At least three members of Board of Directors, consisting of 7 members, are elected among nominees of B Group shareholders and at least two members from the nominees of Group C shareholders. One of the auditors is voted among the candidates determined by the majority of Group C shareholders and the other is voted among the candidates determined by the majority of the Group B shareholders. 91 TURCAS PETROL A.fi. VE BA⁄LI ORTAKLI⁄I 31 ARALIK 2004 VE 2003 TAR‹HLER‹NDE SONA EREN YILLARA A‹T KONSOL‹DE MAL‹ TABLOLARA ‹L‹fiK‹N D‹PNOTLAR (Tutarlar, aksi belirtilmedi¤i sürece Türk paras›n›n 31 Aral›k 2004’teki sat›n alma gücü ile Yeni Türk Liras› (YTL) olarak ifade edilmifltir.) 3 Mart 2004 tarihindeki yönetim kurulu karar› ile 20 Ekim 2002 tarihinde vefat eden fiirket Yönetim Kurulu Baflkan Vekili ve Murahhas Üyesi Sn. Baha Kaya Alp Baban’›n sahibi bulundu¤u fiirket sermayesindeki %13,86 oran›ndaki pay›, ‹stanbul 6.Sulh Hukuk Mahkemesinin, 22 Kas›m 2002 tarihli ve 2002/1272-1524 say›l› Veraset ‹lam› ile belirlenen yasal varisleri: efli Yasemin Baban, annesi Suna Baban, k›zkardefli Müeddet Hanzat Baban (Öz) aras›nda aktedilen taksim sözleflmesi gere¤ince, paylaflt›r›ld›¤› bildirilmifltir. Bu da¤›l›mdan sonra; fiirket sermayesi içerisinde Yasemin Baban’›n pay›n›n %6,94, Suna Baban’›n pay›n›n %3,46 ve Müeddet Hanzat Baban Öz’ün pay›n›n %3,46 olarak fiirket Pay Defterine kay›tlar› yap›lm›flt›r. 21. NET SATIfiLAR Yurt içi sat›fllar Yurt d›fl› sat›fllar Di¤er gelirler Sat›fl iskontolar› Sat›fllardan di¤er indirimler 2004 1.628.978.659 94.922.884 2.381.573 (1.204) (884.279) 2003 1.714.605.102 1.455.152 2.765.275 (55.095) (856.789) 1.725.397.633 1.717.913.645 Grup, 2004 y›l› içerisinde Amerika Birleflik Devletleri Savunma Enerji Destek Merkezi’nin Kuzey Irak’daki akaryak›t ihtiyac›n›n karfl›lanmas›n› teminen açm›fl oldu¤u ihale sonucunda imzalanan anlaflma ile motorin ve kurflunsuz benzin sat›fl hakk›n› kazanm›flt›r. Buna göre toplam sat›fl miktar› 27.635.664 galon motorin, 17.294.912 galon kurflunsuz benzinin 63.646.982 ABD Dolar› karfl›l›¤› olarak gerçekleflmifltir.‹lgili tutar ekli mali tablolarda yurtd›fl› sat›fllar icinde yer almaktad›r. 22. SATIfiLARIN MAL‹YET‹ ‹lk madde ve malzeme giderleri Genel üretim giderleri Amortisman giderleri Yar› mamul stoklar›ndaki de¤iflim Mamul stoklar›ndaki de¤iflim Sat›lan ticari mallar›n maliyeti Di¤er gelirlerin maliyeti 2004 51.346.306 1.126.415 381.240 261.521 2.257.067 1.571.381.441 965.003 2003 65.176.262 1.756.341 122.549 268.860 640.482 1.575.826.058 1.763.207 1.627.718.993 1.645.553.759 2004 28.768.377 14.946.869 10.326.683 4.573.729 1.841.608 1.394.058 1.655.070 2.263.711 1.179.336 1.201.216 733.798 3.908.275 2003 29.310.727 10.318.689 3.955.893 3.136.479 1.686.419 975.527 949.977 869.132 743.345 3.933.453 72.792.730 55.879.641 23. SATIfi VE GENEL YÖNET‹M G‹DERLER‹ Amortisman ve itfa giderleri Irak ihracati giderleri Personel giderleri Reklam giderleri Rafineri giderleri Bayi giderleri Kira giderleri D›flar›dan sa¤lanan hizmetler Vergi ve di¤er yükümlülükler Bak›m ve onar›m giderleri Tafl›t giderleri Di¤er 92 TURCAS PETROL A.fi. AND ITS SUBSIDIARY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEARS ENDED 31 DECEMBER 2004 AND 2003 (Amounts expressed in New Turkish Lira (TRY) in terms of purchasing power of the TRY at 31 December 2004 unless otherwise stated.) Based on the Board of Directors decision dated 3 March 2004, as per the partition agreement signed among Yasemin Baban, spouse; Suna Baban, mother; Müeddet Hanzat Baban (Öz), sister, who were appointed as the legal heirs in accordance with the Heritage Sentence of the Istanbul 6th Court of Justice of Peace, dated 22 November 2002, numbered 2002/1272-1524, 13,86% shares owned by Baha Kaya Alp Baban, Vice Chairman and Executive Director of the company who died on 20.10.2002, were distributed. As a result of this distribution, it has been resolved that the share percentages of the following shareholders are to be recorded to the Company’s Book as follows: Yasemin Baban 6,94%; Suna Baban 3,46%; and Müeddet Hanzat Baban Öz 3,46%. 21. NET SALES Domestic sales Export sales Other revenue Sales discount Other deductions from sales 2004 1.628.978.659 94.922.884 2.381.573 (1.204) (884.279) 2003 1.714.605.102 1.455.152 2.765.275 (55.095) (856.789) 1.725.397.633 1.717.913.645 As a result of the tender opened by the United States of America Defense Energy Support Center in 2004 to provide its fuel need in Northern Iraq, the Group signed an agreement in order to supply diesel and unleaded gasoline. Accordingly the total sale amount is of 27.635.664 gallons of diesel, 17.294.912 gallons of unleaded gasoline at a value of USD 63.646.982. Related amount is included in export sales in the accompanying financial statements. 22. COST OF SALES Raw materials consumed Production overheads Depreciation of production facilities Change in Work in Progress inventories Change in Finished Goods inventories Cost of merchandises sold Cost of other revenues 2004 51.346.306 1.126.415 381.240 261.521 2.257.067 1.571.381.441 965.003 2003 65.176.262 1.756.341 122.549 268.860 640.482 1.575.826.058 1.763.207 1.627.718.993 1.645.553.759 2004 28.768.377 14.946.869 10.326.683 4.573.729 1.841.608 1.394.058 1.655.070 2.263.711 1.179.336 1.201.216 733.798 3.908.275 2003 29.310.727 10.318.689 3.955.893 3.136.479 1.686.419 975.527 949.977 869.132 743.345 3.933.453 72.792.730 55.879.641 23. SALES AND GENERAL ADMINISTRATIVE EXPENSES Deprecition and amortization expenses Expenses of Iraq exports Personnel expenses Advertisement expenses Refinery expenses Dealer expenses Rent expenses Other services obtained Taxes and other liabilities Repair and maintenance expenses Vehicle expenses Others 93 TURCAS PETROL A.fi. VE BA⁄LI ORTAKLI⁄I 31 ARALIK 2004 VE 2003 TAR‹HLER‹NDE SONA EREN YILLARA A‹T KONSOL‹DE MAL‹ TABLOLARA ‹L‹fiK‹N D‹PNOTLAR (Tutarlar, aksi belirtilmedi¤i sürece Türk paras›n›n 31 Aral›k 2004’teki sat›n alma gücü ile Yeni Türk Liras› (YTL) olarak ifade edilmifltir.) 24. D‹⁄ER FAAL‹YET GEL‹R VE G‹DERLER‹ Di¤er faaliyet gelirleri LPG komisyon gelirleri Komisyon gelirleri Sözleflme fesih tazminat› Bayilik iflletme haklar› Kira gelirleri Konusu kalmayan karfl›l›klar Di¤er gelirler ve karlar 2004 6.356.631 2.964.786 266.854 1.084.045 1.052.489 29.197 2.115.164 2003 5.654.267 3.598.584 1.593.743 1.094.813 703.543 279.415 3.488.829 13.869.166 16.413.194 2004 (1.688.479) (130.835) 2003 (1.137.062) (69.840) (594.241) (1.819.314) (1.801.143) 2004 3.971.303 1.532.043 3.760.263 (7.897.613) (5.185.463) 2003 20.372.895 3.026.363 1.766.072 (9.032.787) (4.403.617) (3.819.467) 11.728.926 2004 (13.082.890) (5.914.609) 361.480 (719.489) (775.516) 254.176 (2.658.649) 2003 12.891.216 (3.881.129) (390.418) 4.700.191 6.578.997 (447.687) 52.185 (22.535.497) 19.503.355 2004 (3.438.523) (169.692) (3.608.215) 2003 (2.254.273) (798.606) (3.052.879) Di¤er faaliyet giderleri Komisyon giderleri Karfl›l›k giderleri Di¤er giderler ve zararlar 25. F‹NANSMAN (G‹DERLER‹) / GEL‹RLER‹ (net) Kambiyo karlar› Faiz gelirleri Reeskont gelirleri Faiz giderleri Reeskont giderleri 26. ‹fiLETME SERMAYES‹NDE GERÇEKLEfiEN DE⁄‹fi‹M Ticari alacaklar Stoklar ‹liflkili flirketlerden alacaklar Di¤er alacaklar ve dönen varl›klar Ticari borçlar ‹liflkili flirketlere borçlar Di¤er borçlar ve gider tahakkuklar› 27. D‹⁄ER YATIRIM FAAL‹YETLER‹NDE GERÇEKLEfiEN DE⁄‹fi‹M Di¤er duran varl›klar Di¤er uzun vadeli borçlar 94 TURCAS PETROL A.fi. AND ITS SUBSIDIARY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEARS ENDED 31 DECEMBER 2004 AND 2003 (Amounts expressed in New Turkish Lira (TRY) in terms of purchasing power of the TRY at 31 December 2004 unless otherwise stated.) 24. OTHER OPERATING INCOME AND EXPENSES Other operating income LPG commission income Commission income Compensation for contract cancellation Dealer’s management rights Rent income Reversal of unnecessary provision Other income and profit 2004 6.356.631 2.964.786 266.854 1.084.045 1.052.489 29.197 2.115.164 2003 5.654.267 3.598.584 1.593.743 1.094.813 703.543 279.415 3.488.829 13.869.166 16.413.194 2004 (1.688.479) (130.835) 2003 (1.137.062) (69.840) (594.241) (1.819.314) (1.801.143) 2004 3.971.303 1.532.043 3.760.263 (7.897.613) (5.185.463) 2003 20.372.895 3.026.363 1.766.072 (9.032.787) (4.403.617) (3.819.467) 11.728.926 2004 (13.082.890) (5.914.609) 361.480 (719.489) (775.516) 254.176 (2.658.649) 2003 12.891.216 (3.881.129) (390.418) 4.700.191 6.578.997 (447.687) 52.185 (22.535.497) 19.503.355 2004 (3.438.523) (169.692) 2003 (2.254.273) (798.606) (3.608.215) (3.052.879) Other operating expenses Commission expenses Provision expenses Other expenses and losses 25. FINANCE (EXPENSE) / INCOME (net) Exchange gain Interest income Discounting income Interest expenses Discounting expense 26. CHANGES IN WORKING CAPITAL Trade receivables Inventories Due from related parties Other receivables and current assets Trade payables Due to related parties Other payables and expense accruals 27. CHANGES IN OTHER INVESTING ACTIVITIES Other long-term assets Other long-term payables 95 TURCAS PETROL A.fi. VE BA⁄LI ORTAKLI⁄I 31 ARALIK 2004 VE 2003 TAR‹HLER‹NDE SONA EREN YILLARA A‹T KONSOL‹DE MAL‹ TABLOLARA ‹L‹fiK‹N D‹PNOTLAR (Tutarlar, aksi belirtilmedi¤i sürece Türk paras›n›n 31 Aral›k 2004’teki sat›n alma gücü ile Yeni Türk Liras› (YTL) olarak ifade edilmifltir.) 28. YABANCI PARA POZ‹SYONU ABD Dolar› EURO GBP Toplam YTL 10.816.661 430.227 349.932 4.612.890 (36.802.439) (4.482) (4.000.000) (1.043.650) 5.462 (3.200) 5 - 14.527.030 577.407 469.643 6.190.960 (49.392.553) (6.016) (5.368.400) (1.406.528) (25.640.861) 2.262 5 (34.408.457) ABD Dolar› EURO GBP Toplam YTL 4.755.472 70.227 1.030.000 (31.301.649) (1.659.265) (9.638) (20.041.667) (83.150) 6.175 (3.200) 198 - 7.569.373 111.592 1.636.693 (49.739.004) (2.636.610) (15.315) (31.846.646) (138.485) (47.239.670) 2.975 198 (75.058.402) 31 Aral›k 2004 Kasa ve bankalar Ticari alacaklar Di¤er alacaklar ve dönen varl›klar Maddi duran varl›klar (verilen avanslar) K›sa vadeli mali borçlar Ticari borçlar Uzun vadeli mali borçlar Di¤er uzun vadeli borçlar Net Yabanc› Para Pozisyonu 31 Aral›k 2003 Kasa ve bankalar Ticari alacaklar Di¤er alacaklar ve dönen varl›klar K›sa vadeli mali borçlar Ticari borçlar ‹liflkili flirketlere borçlar Uzun vadeli mali borçlar Di¤er uzun vadeli borçlar Net Yabanc› Para Pozisyonu 96 TURCAS PETROL A.fi. AND ITS SUBSIDIARY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEARS ENDED 31 DECEMBER 2004 AND 2003 (Amounts expressed in New Turkish Lira (TRY) in terms of purchasing power of the TRY at 31 December 2004 unless otherwise stated.) 28. FOREIGN CURRENCY POSITION USD EURO GBP Total TRY 10.816.661 430.227 349.932 5.462 - 5 - 14.527.030 577.407 469.643 4.612.890 (36.802.439) (4.482) (4.000.000) (1.043.650) (3.200) - 6.190.960 (49.392.553) (6.016) (5.368.400) (1.406.528) (25.640.861) 2.262 5 (34.408.457) USD EURO GBP Total TRY 4.755.472 70.227 1.030.000 (31.301.649) (1.659.265) (9.638) (20.041.667) (83.150) 6.175 (3.200) 198 - 7.569.373 111.592 1.636.693 (49.739.044) (2.636.610) (15.315) (31.846.646) (138.485) (47.239.670) 2.975 198 (75.058.402) 31 December 2004 Cash and banks Trade receivables Other receivables and current assets Property, plant and equipment (advances given) Short-term borrowings Trade payables Long-term borrowings Other long-term liabilities Net Foreign Currency Position 31 December 2003 Cash and banks Trade receivables Other receivables and long-term assets Short-term borrowings Trade payables Due to related parties Long-term borrowings Other long-term liabilities Net Foreign Currency Position 97 TURCAS PETROL A.fi. VE BA⁄LI ORTAKLI⁄I 31 ARALIK 2004 VE 2003 TAR‹HLER‹NDE SONA EREN YILLARA A‹T KONSOL‹DE MAL‹ TABLOLARA ‹L‹fiK‹N D‹PNOTLAR (Tutarlar, aksi belirtilmedi¤i sürece Türk paras›n›n 31 Aral›k 2004’teki sat›n alma gücü ile Yeni Türk Liras› (YTL) olarak ifade edilmifltir.) 29. B‹LANÇO TAR‹H‹NDEN SONRA ORTAYA ÇIKAN HUSUSLAR K›dem tazminat› tavan› 1 Ocak 2005 tarihinden itibaren 1.648,9 YTL’ye yükseltilmifltir. fiirket’in ana hissedarlar›, 31 Aral›k 2004 tarihi itibariyle fiirket’in kendilerine ait olan hisselerinden 701.000 YTL nominal de¤erli hisseyi Koçbank A.fi. lehine rehin verilmifl olup; 1 fiubat 2005 tarihi itibariyle sözkonusu senetlerin üzerindeki rehin kalkm›flt›r. 30. MAL‹ TABLOLARIN ONAYLANMASI Grubun Uluslararas› Finansal Raporlama Standartlar›’na uygun olarak haz›rlanm›fl konsolide mali tablolar›, 6 Nisan 2005 tarihli Yönetim Kurulu toplant›s›nda onaylanm›fl ve yay›nlanmas› için yetki verilmifltir. 98 TURCAS PETROL A.fi. AND ITS SUBSIDIARY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEARS ENDED 31 DECEMBER 2004 AND 2003 (Amounts expressed in New Turkish Lira (TRY) in terms of purchasing power of the TRY at 31 December 2004 unless otherwise stated.) 29. SUBSEQUENT EVENTS The termination indemnity ceiling has been increased to TRY 1.648,9 commencing on 1 January 2004. The Company’s main shareholders pledged their own shares of the Company as of 31 December 2004 amounting to TRY 701.000 to Koçbank A.fi. As of 1 February 2005, the pledge on the related shares was released. 30. APPROVAL OF FINANCIAL STATEMENTS The consolidated IFRS financial statements of the Group were approved by the board of directors and authorized for issue on 6 April 2005. 99 TURCAS PETROL A.fi. Emirhan Cad. No: 145 Dikilitafl Befliktafl 34349 ‹stanbul Tel: (+90) 212 259 00 00 - 17 Fax: (+90) 212 259 00 18 - 19 www.turkpetrol.com - www.turcas.com.tr