Global Reports LLC
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Global Reports LLC
Global Reports LLC Global Reports LLC ‹çindekiler Contents 2 4 6 8 13 18 24 26 29 30 32 33 33 34 37 38 Global Reports LLC Grup Yap›s› Group Structure Finansal Göstergeler Financial Highlights Operasyonel Göstergeler Operational Highlights Yönetim Kurulu Baflkan›’n›n Mesaj› Chairman’s Message Yönetim Kurulu Board of Directors Türkiye Ekonomisinin De¤erlendirmesi Assessment of Turkish Economy Yönetim Management Turcas Hakk›nda Turcas Overview Vizyonumuz, De¤erlerimiz, Misyonumuz Our Vision, Our Values, Our Mission Kilometre Tafllar› Milestones Ortakl›k Yap›s› Ownership Profile Sermaye Yap›s› Capital Structure Hisse Bilgileri Stock Information Yat›r›mc› ‹liflkileri Investor Relations 2007 Piyasa De¤eri 2007 Market Capitalization Sürdürülebilirlik Sustainability 42 46 49 59 61 65 67 71 75 77 79 81 82 103 Kurumsal Sosyal Sorumluluk Corporate Social Responsibility 208 fiirket Eriflim Bilgileri Contact Details ‹fltiraklerimiz Our Subsidiaries Shell & Turcas Petrol A.fi. Shell & Turcas Petrol Marmara Petrol ve Rafineri ‹flleri A.fi. Marmara Petroleum and Refining SOCAR & Turcas Enerji A.fi. SOCAR & Turcas Energy Turcas Gaz Toptan Sat›fl A.fi. Turcas Gas Trading Turcas Enerji Holding A.fi. Turcas Energy Holding Turcas Elektrik Üretim A.fi. Turcas Power Generation E.ON & Turcas Güney Elektrik Üretim A.fi. E.ON & Turcas South Power Generation E.ON & Turcas Kuzey Elektrik Üretim A.fi. E.ON & Turcas North Power Generation Turcas Rüzgar Enerji Üretim A.fi. Turcas Wind Energy Generation Turcas Elektrik Toptan Sat›fl A.fi. Turcas Power Trading Kurumsal Yönetim ‹lkeleri Uyum Raporu Corporate Governance Principles Compliance Report Ba¤›ms›z Denetim Raporu ve Konsolide Mali Tablolar Independent Auditor’s Report and Consolidated Financial Statements Grup Yap›s› Group Structure PETROL & PETROK‹MYA PETROLEUM & PETROCHEMICALS % % % 5 30 25 ATAfi A.fi. ATAfi SHELL & TURCAS PETROL A.fi. SHELL & TURCAS PETROL SOCAR & TURCAS ENERJ‹ A.fi. SOCAR & TURCAS ENERGY % % % % 100 100 50 99,8 SHELL PETROL A.fi. SHELL PETROL ÇEK‹SAN DEPOLAMA H‹Z. LTD. fiT‹. AMBARLI DEPOLAMA H‹Z. LTD. fiT‹. SOCAR & TURCAS PETROK‹MYA A.fi. ÇEKISAN STORAGE SERVICES AMBARLI STORAGE SERVICES SOCAR & TURCAS PETROCHEMICALS NOTLAR: 1- ATAfi A.fi. raporun basım tarihi itibar›yla %5 oranında Marmara Petrol ve Rafineri ‹flleri A.fi.’nin ifltirakidir, ancak grup içi yeniden yapılanma çerçevesinde 2008 yılı içinde Turcas Petrol A.fi.’ne devredilmesi planlanmaktadır. 2- %100 Turcas Petrol A.fi. ifltiraki olan Turcas Enerji Holding A.fi.’nin raporun basım tarihi itibar›yla unvanı Marmara Petrol ve Rafineri ‹flleri A.fi.’dir, ancak de¤iflikl¤e iliflkin gerekli müracaatlar yapılmıfl olup izinler kısa sürede beklenmektedir. 3- Turcas Enerji Holding A.fi. bünyesindeki “Iberdrola & Turcas Da¤ıtım”, Turcas Petrol A.fi.’nin elektrik da¤ıtım ihalelerine beraber katılmak amacıyla Iberdrola S.A. ile kurdu¤u konsorsiyumu ifade etmektedir, henüz flirket kurulmamıfltır. 4- Turcas Elektrik Üretim A.fi. ile Turcas Elektrik Toptan Satıfl A.fi.’nin sermayelerindeki geri kalan hisseler direkt olarak Turcas Petrol A.fi.’ne aittir. Global Reports LLC NOTES: 1- ATAfi is a %5 subsidiary of Marmara Petroleum and Refining as of the printing date of this report, however, it is planned to transfer the ATAfi shares under direct Turcas Petrol A.fi. ownership within 2008 as per group's internal restructuring process. 2- Company title of Turcas Energy Holding, a %100 subsidiary of Turcas Petrol A.fi., is Marmara Petroleum and Refining as of the printing date of this report, however, necessary applications for the change have been filed and permissions are expected to be attained soon. 3- “Iberdrola & Turcas Distribution” under Turcas Energy Holding stands for the Consortium which Turcas Petrol A.fi. has established with Iberdrola S.A. for jointly participating to the electricity distribution tenders. A company has not yet been founded. 4- Remaining shares in Turcas Power Generation and Turcas Power Trading are directly owned by Turcas Petrol A.fi. TURCAS PETROL A.fi. ELEKTR‹K POWER Global Reports LLC DO⁄AL GAZ NATURAL GAS % % 100 100 TURCAS ENERJ‹ HOLD‹NG A.fi. TURCAS ENERGY HOLDING TURCAS GAZ TOPTAN SATIfi A.fi. TURCAS GAS TRADING % % % 30 97,5 67 IBERDOLA & TURCAS DA⁄ITIM IBERDOLA & TURCAS DISTRIBUTION TURCAS ELEKTR‹K ÜRET‹M A.fi. TURCAS POWER GENERATION TURCAS ELEKTR‹K TOPTAN SATIfi A.fi. TURCAS POWER TRADING % % % 30 30 100 E.ON & TURCAS KUZEY ELEKTR‹K ÜRET‹M A.fi. E.ON & TURCAS GÜNEY ELEKTR‹K ÜRET‹M A.fi. TURCAS RÜZGAR ENERJ‹ ÜRET‹M A.fi. E.ON & TURCAS NORTH POWER GENERATION E.ON & TURCAS SOUTH POWER GENERATION TURCAS WIND ENERGY GENERATION Finansal Göstergeler (Turcas Petrol A.fi.) Financial Highlights (Turcas Petrol) F‹NANSAL GÖSTERGELER FINANCIAL HIGHLIGHTS 1.000.000 YTL 2002 2003 2004 2005 2006 2007 1.480,1 1.509,1 1.723,0 1.853,8 1.995,1 2.276,6 Vergi-Öncesi Kâr (Zarar) Profit Before Monetary Gain and Tax (Loss) 19,0 43,5 31,7 66,9 270,8 109,8 Net Dönem Kâr› (Zarar›) Net Profit (Loss) 19,2 34,3 19,4 46,5 257,6 107,6 Hisse Bafl› Kazanç Profit Per Share (YTL) 0,73 1,30 0,22 0,49 2,45 1,02 Aktifler Toplam Total Assets 278,1 244,8 279,3 286,5 445,6 523,1 Duran Varl›klar Toplam› Total Long-Term Assets 179,7 154,1 157,7 153,5 346,6 430,5 Özsermaye Toplam› Total Shareholders’ Equity 100,6 134,9 173,0 219,5 436,7 511,1 K›sa Vadeli Yükümlülükler Toplam› Total Short-Term Liabilities 99,1 78,9 97,6 63,5 3,9 6,8 Uzun Vadeli Yükümlülükler Toplam› Total Long-Term Liabilities 78,4 31,1 8,7 3,5 5,1 5,2 Yükümlülükler Toplam› Total Liabilities 177,5 110,0 106,3 67,0 8,9 12,0 2007 ANNUAL REPORT Net Sat›fllar Net Sales* 2007 FAAL‹YET RAPORU 4 NET SATIfiLAR NET SALES* 1.000.000 YTL 2.500 2.000 1.500 1.509,1 1.723,0 1.853,8 1.995,1 2.276,6 NET DÖNEM KÂRI (ZARARI) NET PROFIT (LOSS) 1.000.000 YTL 300 257,6 250 200 1.000 150 500 107,6 100 0 2003 2004 2005 2006 2007 * 2006 ve 2007 y›l› net sat›fllar›, sadece endikatif olarak, Turcas net sat›fllar› ile STAfi net sat›fllar›n %30’unun toplam› olarak verilmektedir. 50 34,3 19,4 46,5 0 2003 * 2006 and 2007 net sales are given as the sum of Turcas net sales and 30% of STAS 2004 2005 2006 2007 net sales, as an indication only. VERG‹ ÖNCES‹ KÂR (ZARAR) PROFIT (LOSS) BEFORE MONETARY GAIN AND TAX 300 1.000.000 YTL 250 3 200 2 109,8 100 50 31,7 2003 2004 2 2,45 1,30 1 66,9 43,5 YTL 3 270,8 150 1 0 Global Reports LLC H‹SSE BAfiI KAZANÇ PROFIT PER SHARE 0,22 1,02 0,49 0 2005 2006 2007 2003 2004 2005 2006 2007 AKT‹FLER TOPLAMI TOTAL ASSETS 1.000.000 YTL 600 523,1 500 80 279,3 286,5 40 100 20 0 0 2004 2005 78,9 63,5 60 200 2003 97,6 2006 2007 2003 2004 2005 3,9 6,8 2006 2007 F‹NANSAL GÖSTERGELER 244,8 1.000.000 YTL 120 100 445,6 400 300 KISA VADEL‹ YÜKÜMLÜLÜKLER TOPLAMI TOTAL SHORT-TERM LIABILITIES 5 1.000.000 YTL UZUN VADEL‹ YÜKÜMLÜLÜKLER TOPLAMI TOTAL LONG-TERM LIABILITIES 35 1.000.000 YTL 31,1 30 500 430,5 400 300 346,6 154,1 157,7 20 153,5 15 200 10 100 2003 2004 2005 2006 ÖZSERMAYE TOPLAMI TOTAL SHAREHOLDERS’ EQUITY 2007 1.000.000 YTL 600 511,1 500 5,2 2003 2004 2005 2006 2007 YÜKÜMLÜLÜKLER TOPLAMI TOTAL LIABILITIES 120 110,0 1.000.000 YTL 106,3 100 436,7 80 300 60 219,5 134,9 5,1 3,5 0 400 200 8,7 5 0 173,0 67,0 40 100 20 0 8,9 12,0 2006 2007 0 2003 Global Reports LLC 25 2004 2005 2006 2007 2003 2004 2005 FINANCIAL HIGHLIGHTS DURAN VARLIKLAR TOPLAMI TOTAL LONG-TERM ASSETS Operasyonel ve Finansal Göstergeler (Shell & Turcas Petrol A.fi.) Operational & Financial Highlights (Shell & Turcas Petrol) M3 2006 2007 1.010.021 990.172 Katk›l› Kurflunsuz Benzin Unleaded Gasoline With Additive 76.240 37.031 95 Oktan Kurflunsuz Benzin 95 Octane Unleaded Gasoline 892.170 934.103 41.611 19.038 2.662.200 3.096.732 2.265.279 2.359.894 396.921 736.838 4.336 1.672 3.676.557 4.088.576 AKARYAKIT SATIfiLARI FUEL SALES Beyaz Ürün Sat›fllar› White Product Sales Benzin Sat›fllar› Toplam› Total Gasoline Sales 98 ve Üstü Oktanl› Kurflunsuz Benzin 98 and Higher Octane Gasoline Motorin Sat›fllar› Toplam› Total Diesel Sales 2007 ANNUAL REPORT Motorin Diesel 2007 FAAL‹YET RAPORU 6 50 PPM Motorin Eurodiesel Gaz Ya¤› Karosene Beyaz Ürün Sat›fllar› Toplam› Total White Product Sales Siyah Ürün Sat›fllar› Black Product Sales Kalorifer Yak›t› Heating Oil 13.772 11.264 Fuel Oil No.6 Fuel Oil No.6 72.391 75.183 Siyah Ürün Sat›fllar› Toplam› Total Black Product Sales 86.162 86.448 3.762.719 4.175.024 86.912 111.000 521.860 527.970 TOPLAM AKARYAKIT SATIfiLARI TOTAL FUEL SALES AKARYAKIT DIfiI SATIfiLAR NON-FUEL SALES Madeni Ya¤ Sat›fllar› Lubricant Oil Sales* LPG Sat›fllar› LPG Sales** * 2006 madeni ya¤ sat›fl rakam› birinci yar› y›ldaki Shell Türkiye ve Turcas Petrol’ün sat›fllar› ile ikinci yar› y›ldaki STAfi sat›fllar›n›n toplam›d›r. * The 2006 lubricant oil sales figure reflects the sum of Shell Turkey and Turcas Petrol sales in 1H-06 and STAS sales in 2H-06. ** LPG Sat›fllar›; Shell Gaz A.fi. ile ‹pragaz A.fi.’nin STAfi istasyonlar›nda y›l içinde yapt›klar› toplam sat›fllar› ifade etmektedir. ** LPG Sales represent the sales of Shell Gaz A.fi. and ‹pragaz A.fi. in STAfi stations. YTL Net Sat›fllar Net Sales 2006-2Y/2006-2H 2007 3.642.723.621 7.588.629.000 Esas Faaliyet Kâr› (Zarar›) Net Operating Profit (Loss) 102.404.957 366.714.000 Vergi Öncesi Kâr (Zarar) Profit (Loss) Before Monetary Gain and Tax 132.844.903 434.065.000 27.009.321 88.502.000 105.835.582 345.563.000 0,20 0,65 Dönen Varl›klar Toplam› Total Current Assets 816.046.036 1.002.421.000 Duran Varl›klar Toplam› Total Long-Term Assets 866.930.482 935.495.000 1.682.976.518 1.937.916.000 461.828.975 462.592.000 Vergiler Taxes Net Dönem Kâr› (Zarar) Net Profit (Loss) Hisse Bafl›na Kazanç Profit Per Share (YTL) Aktifler Toplam› Total Assets K›sa Vadeli Yükümlülükler Toplam› Total Short-Term Liabilities 73.347.636 70.264.000 Özsermaye Toplam› Total Shareholders’ Equity 1.147.799.907 1.405.060.000 Yükümlülükler Toplam› Total Liabilities and Shareholders’ Equity 1.682.976.518 1.937.916.000 Uzun Vadeli Yükümlülükler Toplam› Total Long-Term Liabilities Global Reports LLC BENZ‹N SATIfiLARI TOPLAMI TOTAL GASOLINE SALES M3 Fark %-2 / Change -2% 1.200.000 KALOR‹FER YAKITI SATIfiLARI HEATING OIL SALES M3 Fark %-18 / Change -18% 15.000 1.010.021 1.000.000 990.172 13.772 11.264 10.000 800.000 600.000 400.000 5.000 200.000 0 0 2006 MOTOR‹N SATIfiLARI TOPLAMI TOTAL DIESEL SALES 2007 2006 M3 Fark %16 / Change 16% 3.500.000 FUEL O‹L NO.6 SATIfiLARI FUEL OIL NO.6 SALES M3 Fark %4 / Change 4% 76.000 3.096.732 3.000.000 2007 75.183 75.000 2.662.200 2.500.000 74.000 73.000 1.500.000 72.391 72.000 1.000.000 71.000 500.000 0 70.000 2006 2006 2007 M3 Fark %11 / Change 11% 5.000.000 S‹YAH ÜRÜN SATIfiLARI TOPLAMI TOTAL BLACK PRODUCT SALES 2007 M3 Fark %0.3 / Change 0.3% 88.000 4.088.576 86.162 3.676.557 86.448 86.000 3.000.000 84.000 2.000.000 82.000 1.000.000 0 80.000 2006 TOPLAM AKARYAKIT SATIfiLARI TOTAL FUEL SALES 2007 M3 Fark %11 / Change 11% 5.000.000 MADEN‹ YA⁄ SATIfiLARI LUBRICANT OIL SALES 120.000 4.175.024 4.000.000 2006 3.762.719 100.000 2007 M3 Fark %28 / Change 28% 111.000 86.912 80.000 3.000.000 60.000 2.000.000 40.000 1.000.000 20.000 0 0 2006 Global Reports LLC 2007 2006 2007 7 OPERATIONAL HIGHLIGHTS BEYAZ ÜRÜN SATIfiLARI TOPLAMI TOTAL WHITE PRODUCT SALES 4.000.000 OPERASYONEL GÖSTERGELER 2.000.000 Yönetim Kurulu Baflkan›’n›n Mesaj› 2007 ANNUAL REPORT Chairman’s Message 2007 FAAL‹YET RAPORU 8 Hali haz›rdaki en önemli faaliyet kolumuz akaryak›t da¤›t›m›nda Shell ile gerçeklefltirdi¤imiz bu birleflme ile yaratt›¤›m›z de¤iflim, çok kârl› büyüme potansiyeli oluflturmufl, bizi organik büyümenin yapamayaca¤› kadar büyük bir h›zla, yeni ve heyecan verici stratejik bir konuma getirmifltir. Daha farkl›, daha etkin, daha itibarl› Say›n hissedarlar›m›z, 2007 faaliyetlerini s›ras› ile inceleyip, Turcas’›n bu ifadeleri ne ölçüde hak etti¤ine birlikte karar verelim. Turcas 2007 y›l›nda 109,8 Milyon YTL Operasyonel Kâr ve 107,6 Milyon YTL Net Kâr gerçeklefltirdi. Net Kâr rakam› 2006 ile karfl›laflt›r›ld›¤›nda (Shell & Turcas ortak girifliminin kurulumu nedeniyle geçen sene kâr olarak kaydedilen 196,3 Milyon YTL ile Marmara Petrol’ün Varl›k sat›fl›ndan elde edilen bir seferlik kazan›mlar ç›kar›ld›¤›nda), %75,5 oran›nda art›fl göstermifltir. 31 Aral›k 2007 itibar›yla Turcas’›n bilançosundaki Net Haz›r De¤erler 87,5 Milyon YTL olmakla beraber 31 Aral›k 2006 ile karfl›laflt›r›ld›¤›nda fiirket’in Toplam Varl›klar› %17,4 art›flla 523,1 Milyon YTL’ye, Özsermayesi de %17 art›flla 511,1 Milyon YTL’ye yükselmifltir. %30 oran›nda hisselerine sahip oldu¤umuz ifltirakimiz Shell & Turcas Petrol A.fi. (STAfi)’nin faaliyetleri incelendi¤inde bir y›l öncesine göre ciddi bir büyüme, pazardaki rakiplerimize göre üstünlü¤ümüz ve yapt›¤›m›z yüksek kârl›l›k kendini göstermektedir. STAfi’a ait 2007 Konsolide Mali Tablolar›ndan al›nan bilgilere göre STAfi kârl›l›¤›n› art›rmaya ve Türkiye akaryak›t pazar›ndaki güçlü pozisyonunu korumaya devam etmifltir. 2007 Net Sat›fllar› 7,6 Milyar YTL’ye, Net Kâr da 345,6 Milyon YTL’ye ulaflm›flt›r. Operasyonel Kâr 434,1 Milyon YTL ve VAFÖK 516,9 Milyon YTL olmufltur. Operasyonel Kâr ve VAFÖK marjlar› %5,7 ve %6,8’e ulaflm›flt›r. 2007’nin üçüncü çeyrek ve dördüncü çeyrek toplam VAFÖK ve Net Kâr rakamlar› 2006 y›l› ayn› dönemi ile k›yasland›¤›nda (STAfi faaliyetlerine 2006’n›n ikinci yar›y›l›nda bafllam›flt›r) %45,3 ve %92 oranlar›nda art›fl göstermifltir. Net Kâr Marj› %4,6 olarak belirlenmifltir. Buna ek olarak 31 Aral›k 2007 itibar›yla STAfi’›n Bilanço göstergeleri de kuvvetini korumaya devam etmifltir. K›sa Vadeli Finansal Borçlar 80,9 Milyon YTL’ye gerilemifl, Haz›r Nakit De¤erler de 111,5 Milyon YTL’ye yükselmifltir. 31 Aral›k 2006 ile karfl›laflt›r›ld›¤›nda STAfi’›n Toplam Varl›klar› %15,1 art›flla 1,94 Milyar YTL’ye, Özsermayesi de %22,4 art›flla 1,41 Milyar YTL’ye yükselmifltir. Hali haz›rdaki en önemli faaliyet kolumuz akaryak›t da¤›t›m›nda Shell ile gerçeklefltirdi¤imiz bu birleflme ile yaratt›¤›m›z de¤iflim, çok kârl› büyüme potansiyeli oluflturmufl, bizi organik büyümenin yapamayaca¤› kadar büyük bir h›zla, yeni ve heyecan verici stratejik bir konuma getirmifltir. Bu ifadeler sadece Turcas Yönetim Kurulu Baflkan› olarak bana ait olmay›p, Shell Dünya CEO’sunun Shell Grubu’nun dünyadaki 2007 faaliyetleriyle ilgili bas›n toplant›s›nda en üst seviyede, önemle dünyaya duyurulmufltur. Bas›n toplant›s›nda Shell’in büyüme karar› ald›¤› alt› stratejik ülkeden biri olan Türkiye’de beklediklerinin çok üzerinde büyüdükleri ve Türkiye pazar›nda olmaktan çok büyük mutluluk duyduklar› belirtilmifltir. Shell Dünya CEO’su, bu ortakl›¤›n her iki taraf için de son derece kârl› oldu¤unu, sat›fllar›n ve pazar pay›n›n beklenenin çok üzerinde bir büyüme gösterdi¤ini ve Türkiye’nin Global Reports LLC More distinct, more efficient, more reputable Dear Shareholders, In 2007, Turcas achieved YTL 109.8 million operating profit and YTL 107.6 million net profit. In comparison with 2006, this marks a 75.5% jump in net profit (post-adjustment of YTL 196.3 million recorded as profit due to the establishment of the Shell & Turcas joint venture and the one-off earnings made from the asset sales of Marmara Petrol). As of December 31, 2007, net liquid assets on the balance sheet of Turcas were YTL 87.5 million, though respective to 31 December 2006, the Company's total assets rose by 17.4% to YTL 523.1 million and shareholders’ equity grew by 17% to YTL 511.1 million. According to the information gathered from the 2007 Consolidated Financial Statements of STAfi, the company boosted profitability and maintained its strong position within the Turkish fuel market. In 2007, net sales reached YTL 7.6 billion and net profit was YTL 345.6 million. Operating profit was YTL 434.1 million and EBITDA reached YTL 516.9 million. The margins of operating profit and EBITDA climbed to 5.7% and 6.8%. Total EBITDA and net profit figures of the third and fourth quarters of 2007 surged by 45.3% and 92% respectively over the same period of 2006 (STAfi started operations as of the second half of 2006). The net profit margin was noted as 4.6%. In addition, as of December 31, 2007, balance sheet indicators of the company remained strong. Shortterm financial payables dwindled to YTL 80.9 million as opposed to the ascent in cash liquid assets to YTL 111.5 million. Compared to 2006, total assets of STAfi were ramped up by 15.1% to YTL 1.94 billion and the shareholders’ equity by 22.4% to YTL 1.41 billion. The change elicited by our merger with Shell for fuel distribution, which is currently our most important field of operation, has created a most profitable growth potential, taking us to a new and exciting strategic position at such great speed that could not be matched by organic growth. These remarks are not merely mine as the Chairman of the Board of Turcas but were announced with particular emphasis to the whole world at the topmost level by the global CEO of Shell Group in the press conference on operations of the company around the world in 2007. Also noted in this press conference were the facts that the growth of Shell in Turkey, one of the six strategic countries where Shell decided to grow, outstripped their expectations widely, and their pleasure to be present in the Turkish market. The CEO of Shell expressed that this partnership was extremely profitable for both parties, the growth in sales and market share leapt way ahead of anticipations, and that Turkey is a market demonstrating robust growth. Global Reports LLC 9 CHAIRMAN’S MESSAGE In view of the operations of our subsidiary, Shell & Turcas Petrol A.fi. (STAfi), in which we own 30% of the shares, a picture of sizeable growth over the previous year with superiority in respect to competitors and high profitability is self-evident. YÖNET‹M KURULU BAfiKANI’NIN MESAJI Let us go over the activities of 2007 and decide together to what extent Turcas deserves these adjectives. The change elicited by our merger with Shell for fuel distribution, which is currently our most important field of operation, has created a most profitable growth potential, taking us to a new and exciting strategic position at such great speed that could not be matched by organic growth. son derece sa¤l›kl› büyüyen bir pazar oldu¤unu ifade etmifltir. Shell Genel Kurullar tarihinde, ilk defa Türkiye, Shell & Turcas birleflmesiyle ön plana ç›km›flt›r. Bu birleflme ile gelece¤e teknolojik üstünlükler ile haz›rlanmay›, yeni ürünler ile yeni müflteriler kazanmay›, k›sacas› rekabet gücümüzü yükseltmeyi güvence alt›na alm›fl bulunmaktay›z. Say›n hissedarlar›m›z, ‹flte bu güç ve referans bizim uzun y›llar ciddi çal›flmalar yapt›¤›m›z, liberalleflen Türk ve komflu ülkeler co¤rafyas›ndaki enerji piyasalar›nda projelerimizle daha etkin yer almam›za imkân vermifltir. Bildi¤iniz gibi, akaryak›t da¤›t›m›nda Shell birleflmesini gerçeklefltirmemiz ve terminalcilik ve lojistik yat›r›mlar›nda da ortaklar›m›z Shell ve BP ile ATAfi Rafinerisi’ni büyük ölçekli bir petrol ürünleri terminaline dönüfltürmemizin ard›ndan, Turcas, Azerbaycan Devlet Petrol fiirketi SOCAR ile özellikle petrol ve do¤algaz alanlar›nda yat›r›mlara ve faaliyetlere yönelecek ve bölgede tarihi bir rol oynayacak yeni bir stratejik ortakl›¤a imza atm›flt›r. 2007 ANNUAL REPORT 2007 bafl›nda kurdu¤umuz SOCAR & Turcas Enerji A.fi. (STEAfi), Adana Ceyhan’da BaküTiflis-Ceyhan Ham Petrol Boru Hatt›n›n sonland›¤› Ceyhan-BOTAfi Terminali yak›nlar›nda özellikle Türkiye ve Akdeniz piyasalar›na hizmet edecek 10 Milyon ton/y›l kapasiteli bir petrol rafineri projesine bafllam›flt›r. 2007 FAAL‹YET RAPORU 10 Bu ortakl›k (STEAfi), Türkiye’nin stratejik de¤ere sahip tek üreticisi konumundaki petrokimya üssü PETK‹M Petrokimya Holding A.fi.’nin özellefltirme ihalesini de kazanarak petrol ve petrokimyada sadece Türkiye’de de¤il genifl bir co¤rafyada büyük bir güç haline gelece¤inin sinyallerini vermeye bafllam›flt›r. Say›n hissedarlar›m›z, Turcas’›n 10 y›ld›r peflinde kofltu¤u, oluflturmaya çal›flt›¤› resmi, sizlere takdim etmek istiyorum. Bildi¤iniz gibi Hazar Bölgesi dünyada petrol ve do¤algaz kaynaklar›n›n en zengin oldu¤u bölgelerden biridir. Azerbaycan, bu kaynaklara sahip olan ve Bakü-Tiflis-Ceyhan Ham Petrol Boru Hatt› ile petrolün, Bakü-Tiflis-Erzurum fiahdeniz Do¤algaz Boru Hatt› ile do¤algaz›n, hatta bunlar kadar önemli Bakü-Tiflis-Kars Demiryolu ile di¤er ürün ve mallar›n, Türkiye üzerinden dünyaya ulaflmas›na karar vermifl çok önemli bir komflu ülkemizdir. ‹flte Turcas burada tarihi bir misyonu üstlenip SOCAR ile ortakl›k kurarak, Azerbaycan’da SOCAR’›n sahip oldu¤u petrol, do¤algaz ve petrokimya ürünleri, Ceyhan’da SOCAR & Turcas Petrol Rafinerisi ve Petrokimya Üssü ve PETK‹M’de Petrokimya ve Petrol Rafinerisi Entegre Tesisleri ile adeta Hazar’dan Ege’ye uzanan bir bölgesel güç olma yolunda ciddi mesafeler katetmeye bafllam›flt›r. Bilindi¤i gibi enerjide entegrasyonun en önemli ayaklar›ndan biri de elektrik üretimidir. Turcas bu konuda da dünyan›n en önde gelen firmalar›ndan Alman E.ON ile iki adet 800 MW kurulu gücünde enerji santralleri kurmak için iki ayr› ortak giriflim flirketi kurmufltur. Bunlardan 800 MW kurulu gücündeki Denizli Do¤algaz Santrali için teknik ve ekonomik fizibilite çal›flmalar› bafllam›fl, Enerji Piyasas› Düzenleme Kurumu (EPDK)’na gerekli lisans baflvurusu yap›lm›fl, bir k›s›m arazi sat›n almalar› gerçeklefltirilmifltir. ‹thal kömüre dayal› olmas› planlanan di¤er santral ile ilgili çal›flmalar›n h›zland›r›lmas› için PETK‹M’in SOCAR & Turcas’a devri beklenmektedir çünkü bu santralin ‹zmir Alia¤a bölgesinde kurulmas› öngörülmektedir. ‹spanyol Iberdrola firmas› ile elektrik da¤›t›m bölgelerinin özellefltirme ihalelerine beraber girmek üzere kurdu¤umuz ortakl›¤›m›z devam etmekte olup müflterek çal›flmalar ile ihale sürecinin yeniden bafllat›lmas› beklenmektedir. Turcas Gaz, tekel konumundaki BOTAfi’tan sonra Türkiye do¤algaz toptan sat›fl piyasas›na ilk giren yerli flirketlerden biri olarak tarihe geçmifltir. Shell Enerji ile iflbirli¤i yaparak bafllad›¤›m›z bu ifl bize piyasada önderlik ve ilk uygulay›c› olma imkân›n› vermifltir. Rüzgar enerjisinde 400 MW’l›k bir yat›r›m için EPDK’ya lisans müracaatlar›nda bulunduk ve türbin üreticisi ve yat›r›mc› konumundaki bir firma ile ortakl›k çal›flmalar› bafllatt›k. Global Reports LLC Turkey stood out for the first time in the history of the General Assemblies of Shell by the Shell & Turcas merger. With this merger, we have guaranteed readiness for the future through enjoying a technological edge, winning new customers with new products; in brief, increasing our competitive edge. Dear Shareholders, This power and reference has enabled us to take a more prevalent position with our projects in the energy markets of the liberalizing geographies of Turkey and its neighboring countries, where we have been working substantially for long years. As you are aware, following our merger with Shell in fuel distribution, and benefiting from our partners Shell and BP in terminal and logistics investments, such as the transformation of the ATAfi Refinery into a large-scale terminal of petroleum products, we entered into a new strategic partnership with the State Oil Company of Azerbaijan, SOCAR, towards investments and operations especially in the fields of oil and natural gas, which would play a historic role in the region. This partnership (STEAfi) won the tender for the privatization of PETK‹M Petrokimya Holding A.fi., the only petrochemicals producer in Turkey with strategic value, signaling that it will become a major force in petroleum and petrochemicals not just in Turkey but in an expansive geography. As known, one of the most important steps of integration in energy is power generation. In this field, Turcas has founded two joint venture companies with the leading German energy company, E.ON, to build two power plants each with an installed capacity of app. 800 MW. Technical and economic feasibility studies are underway for the Denizli Combined Cycle Gas Turbine Power Plant. License application has been submitted to the Energy Market Regulatory Authority (EMRA) and some land has already been purchased. In order to speed up the work for the other project, which is planned to run on imported coal; first, the handover of PETK‹M to SOCAR & Turcas must be finalized because this plant is likely to be built in the Alia¤a area of ‹zmir. Our partnership with the Spanish Iberdrola Company to jointly participate in the privatization tenders of electricity distribution areas is still in force. The tendering process is expected to be re-started soon. After the monopoly of BOTAfi, Turcas Gas made history as one of the first domestic companies to enter the Turkish natural gas wholesale market. We started this business by cooperating with Shell Energy, and were able to become the market initiator. Global Reports LLC 11 CHAIRMAN’S MESSAGE Dear shareholders, I wish to present you the picture that Turcas has been striving to portray for the past decade. As you know, the Caspian Region is among the richest areas in the world in terms of petroleum and natural gas deposits. Azerbaijan, our crucial neighbor, owns these resources. It has decided to allow the access of crude oil through the Baku-Tbilisi-Ceyhan Crude Oil Pipe Line, of natural gas through the Baku-Tbilisi- Erzurum fiahdeniz Natural Gas Pipe Line, and of other goods and products through the equally important Baku-Tbilisi-Kars Railway Line, to the world via Turkey. At this point, Turcas has taken on a historic mission to become partners with SOCAR. This partnership represents the remarkable progress towards becoming a regional power, virtually extending from the Caspian to the Aegean with the oil, natural gas and petrochemicals owned by SOCAR in Azerbaijan, and the upcoming SOCAR & Turcas Oil Refinery and Petrochemicals Complex in Ceyhan-Turkey, and the Petkim Petrochemicals and Oil Refinery Integrated Facilities in ‹zmir-Turkey. YÖNET‹M KURULU BAfiKANI’NIN MESAJI SOCAR & Turcas Energy A.fi. (STEAfi), founded in early 2007, initiated an oil refinery project near the BOTAfi Terminal in Ceyhan, Adana (where the Baku-Tbilisi-Ceyhan Crude Oil Pipeline ends), with a capacity of 10 million tons per year, to serve especially the Turkish and Mediterranean markets. Yönetim Kurulumuz, tüm meseleleri Türkiye ve dünya flartlar›nda analiz etmekte, hedefledi¤imiz yat›r›mlar›n her koflulda gerçekleflme imkânlar›n› gözetmekte, al›nmas› gereken tedbirleri göz önünde bulundurmakta ve Turcas’›n asgari düzeyde riske maruz kalmas› için gerekli hassasiyetleri göstermektedir. Önümüzdeki befl senelik dönem içinde temellerini att›¤›m›z ve yukar›da özetlemeye çal›flt›¤›m yat›r›mlar vas›tas›yla Turcas bünyesinde ciddi de¤erler yarataca¤›m›za inan›yorum. Turcas, 2007 y›l›nda yat›r›mc› iliflkilerine verdi¤i önemi daha da art›rarak, özellikle Yönetim Kurulu Üyeleri Sn. Süreyya Serdengeçti, Sn. Batu Aksoy ve Sn. ‹lhan Nebio¤lu’ndan oluflan grubun çal›flmalar› çerçevesinde, Türkiye içinde ve d›fl›nda 100’den fazla yat›r›mc› ile gerek konferanslarda gerekse birebir görüflmelerde bilgilendirme toplant›lar› yaparak, flirketimizin faaliyetlerini fleffafl›k prensibinde arz etme imkân› bulmufllard›r. Bu çal›flmalar Turcas hisselerinin de¤erinin muhafazas› ve artmas› bak›m›ndan çok etkili olmufltur. De¤erli hissedarlar›m›z, Bugüne kadar gelinen noktada ve gösterilen tüm baflar›larda bize duydu¤unuz güven ve gösterdi¤iniz destekle yar›nlara sa¤lam ad›mlarla yürümemize efllik etti¤iniz için sizlere teflekkür eder, sayg›lar›m› arz ederim. 2007 ANNUAL REPORT Erdal Aksoy Yönetim Kurulu Baflkan› 2007 FAAL‹YET RAPORU 12 We applied to EMRA for licenses regarding a total investment of 400 MW of wind farms and launched partnership discussions with a company which shall potentially act as a turbine producer and co-investor in our projects. Within the framework of this vision, our Board of Directors analyzes all issues with reference to conditions in Turkey and the world, appraises the viability of the investments we target under all circumstances, considers necessary precautions and shows sensitivity so that Turcas will not be exposed to any risk. I strongly believe that in the forthcoming five years, by way of instigating these investments I have tried to summarize above which outline our vision and will potentially generate major collective synergy, we will be creating outstanding values within Turcas. In 2007, Turcas placed more emphasis on investor relations whereby, particularly in the context of the work by the group composed of Board Members Messrs. Süreyya Serdengeçti, Batu Aksoy and ‹lhan Nebio¤lu, informative meetings were held by conferences and one-to-one sessions with over 100 investors in and out of Turkey to convey the operations of our Company in line with the adopted principle of transparency. These efforts have been tremendously effective in sustaining and increasing the value of Turcas shares parallel to the performance exhibited. Dear shareholders, For our current position and all our achievements, I would like to thank you for your trust, your support and your company, helping us to march on with solid strides to the future; and I pay you my most sincere respects. Erdal Aksoy Chairman of the Board Global Reports LLC Yönetim Kurulu Board Of Directors 7 3 2 Global Reports LLC 4 1 5 6 1. Erdal Aksoy 2. Y›lmaz Tecmen 3. Bülent Çorapç› 4. S.Batu Aksoy 5. Banu Aksoy Tarakç›o¤lu 6. Süreyya Serdengeçti 7. M.‹lhan Nebio¤lu Baflkan Chairman Baflkan Vekili Vice Chairman Üye Member Üye Member Üye Member Üye Member Üye Member Yönetim Kurulu 2007 ANNUAL REPORT Board of Directors 2007 FAAL‹YET RAPORU 14 Global Reports LLC Erdal Aksoy Baflkan Chairman Baflkan Vekili Vice Chairman 1996’dan itibaren Turcas Petrol A.fi. ve ba¤l› ortakl›klar›n›n Yönetim Kurullar› Üyeli¤ini ve 2002’den bu yana da Yönetim Kurullar› Baflkan Vekilli¤ini yürütmektedir. Ayr›ca Kalyon Oteli’nin Kurucusu ve Yönetim Kurulu Baflkan›’d›r. Shell & Turcas Petrol A.fi., SOCAR & Turcas Enerji A.fi. ve SOCAR & Turcas Petrokimya A.fi.’nin Yönetim Kurullar› Üyesi’dir. Tecmen, PETDER (Petrol Sanayi Derne¤i) Yönetim Kurulu Üyesi, TUROB (Turistik Otelciler ‹flletmeciler ve Yat›r›mc›lar Birli¤i) ile TUGEV (Turizm Gelifltirme ve E¤itim Vakf›) ve ICVB (Istanbul Convention and Visitors Bureau) Kurucusu ve Üyesi’dir. ‹ngilizce bilen Y›lmaz Tecmen evli ve üç çocuk babas›d›r. Y›lmaz Tecmen has been a Member of the Board of Directors of Turcas Petrol and its subsidiaries since 1996, and the Vice Chairman of the Board of Directors since 2002. In addition, he is the Founder of the Kalyon Hotel and Chairman of its Board of Directors. He serves as a Member of the Boards of Directors of Shell & Turcas Petrol, SOCAR & Turcas Energy, and SOCAR & Turcas Petrochemicals. Mr. Tecmen is a Member of the Board of Directors of PETDER (Petroleum Industry Association), and Founder and Member of TUROB (Union of Touristic Hoteliers, Businessmen and Investors), TUGEV (Tourism Development and Training Foundation), and ICVB (Istanbul Convention and Visitors Bureau). Y›lmaz Tecmen is fluent in English and is married with three children. Global Reports LLC 15 BOARD OF DIRECTORS Y›lmaz Tecmen Erdal Aksoy has been the Chairman of the Board of Directors of Turcas Petrol and its subsidiaries since 1996. At the same time, he is the Founder and Chairman of the Boards of Directors of Aksoy Holding, Aksoy Petroleum Distribution Investments, Enak Construction and Foreign Trade, and the Conrad Istanbul Hotel (Yeditepe International Hotels). He is a Member of the Board of Directors of Shell & Turcas Petrol, and is the Vice Chairman of the Boards of Directors of SOCAR & Turcas Energy, SOCAR & Turcas Petrochemicals, and E.ON & Turcas South (and North) Power Generation. In addition, he is a Member of TÜS‹AD (Turkish Industrialists and Businessmen's Association) and a Member of the Advisory Board of TESEV (Turkish Economic and Social Studies Foundation). Formerly acting as a Member of the Board of Directors of T‹SK (Confederation of Turkish Employers Union) and as the President of the Turkish Ship-owners and Employers Union, Erdal Aksoy acted for a period as the Istanbul Provincial Head of the Motherland Party (ANAP) and the President of the Sar›yer Sports Club. Erdal Aksoy, an Electrical/Electronics Engineering Graduate of Istanbul Technical University with fluency in English, is married with two children. YÖNETIM KURULU 1996’dan itibaren Turcas Petrol A.fi. ve ba¤l› ortakl›klar›n›n Yönetim Kurullar› Baflkanl›¤›n› yürütmektedir. Ayn› zamanda Aksoy Holding A.fi., Aksoy Petrol Da¤›t›m Yat›r›mlar› A.fi., Enak Yap› ve D›fl Ticaret A.fi. ve Conrad ‹stanbul Oteli’nin (Yeditepe Beynelmilel Otelcilik A.fi.) Kurucusu ve Yönetim Kurullar› Baflkan›’d›r. Shell & Turcas Petrol A.fi.’nin Yönetim Kurulu Üyesi ve SOCAR & Turcas Enerji A.fi., SOCAR & Turcas Petrokimya A.fi. ve E.ON & Turcas Güney (ve Kuzey) Elektrik Üretim A.fi.’nin Yönetim Kurullar› Baflkan Vekili’dir. Ayr›ca TÜS‹AD (Türk Sanayicileri ve ‹fladamlar› Derne¤i) Üyesi ve TESEV’in (Türkiye Ekonomik ve Sosyal Etütler Vakf›) Dan›flma Kurulu Üyesi’dir. Daha önce Türk Armatörleri ‹flverenleri Sendikas› Baflkanl›¤› ile T‹SK (Türkiye ‹flveren Sendikalar› Konfederasyonu) Yönetim Kurulu Üyeli¤i yapan Erdal Aksoy bir dönem de Anavatan Partisi (ANAP) ‹stanbul ‹l Baflkanl›¤›n› ve Sar›yer Spor Kulübü Baflkanl›¤›n› yürütmüfltür. Yüksek Elektronik Mühendisi (‹TÜ) olan ve ‹ngilizce bilen Erdal Aksoy evli ve iki çocuk babas›d›r. 2006 May›s ay›ndan itibaren Turcas Petrol A.fi.’nin Yönetim Kurulu Üyesi’dir. 1980 y›l›nda Türkiye Cumhuriyet Merkez Bankas› D›fl Borç Erteleme Bölümü’nde göreve bafllayan Serdengeçti, 1984-1986 y›llar› aras›nda ABD, Vanderbilt Üniversitesi Ekonomi Bölümü’nde yüksek lisans yapt›. Yurda dönüflte Merkez Bankas›’nda döviz rezervlerinin yönetiminde çal›flan Serdengeçti, 1990 y›l›nda Döviz ‹fllemleri Müdürlü¤ü, 1992 y›l›nda Aç›k Piyasa ‹fllemleri Müdürlü¤ü ve 1994 y›l›nda Genel Sekreter Yard›mc›s› olarak, Genel Sekreterlik Bas›n Sözcülü¤ü görevlerine getirildi. Ayn› y›l D›fl ‹liflkiler Genel Müdürlü¤ü, Genel Müdür Yard›mc›l›¤›na atand› ve Ödemeler Dengesi ile Uluslararas› Kurulufllar alan›nda çal›flt›. Süreyya Serdengeçti, May›s 1996 tarihinde Piyasalar Genel Müdürü oldu. Ocak 1998’den itibaren Piyasalar Genel Müdürlü¤ünün yan› s›ra, Krediler, Bilgi ‹fllem ve ‹statistik Genel Müdürlüklerinden sorumlu Baflkan Yard›mc›l›¤› görevini yürüten Serdengeçti, Mart 2001-2006 y›llar› aras›nda Türkiye Cumhuriyet Merkez Bankas› Baflkanl›¤›n› yürütmüfltür. ‹ngilizce ve Frans›zca bilen Serdengeçti, evli ve bir çocuk babas›d›r. Süreyya Serdengeçti 2007 ANNUAL REPORT Üye Member Süreyya Serdengeçti has been a Member of the Board of Directors of Turcas Petrol since May 2006. Mr. Serdengeçti, who commenced duties in the Postponement of Foreign Debt Department of the Central Bank of Turkey, completed a Masters degree at the Vanderbilt University Faculty of Economics, USA between 1984 and 1986. Upon returning to Turkey, Mr. Serdengeçti, working in Administration of Foreign Currency Reserves at the Central Bank, undertook Foreign Currency Activity Management in 1990, Open Markets Management in 1992, Assistant General Secretary position in 1994, and the duty of General Secretariat Press Spokesman. In the same year, he was appointed Assistant General Manager of General Directorate of Foreign Relations, and worked in the field of Balance of Payments with International Organizations. Süreyya Serdengeçti became Markets General Manager in May 1996. Performing, along with Markets General Managership, the duties of Vice President responsible for Credits, Data Processing and General Management of Statistics since 1998, Mr. Serdengeçti was appointed as the Governor of the Central Bank of Turkey in March 2001 serving as such until March 2006. Mr. Serdengeçti, a fluent speaker of English and French, is married with a son. 2007 FAAL‹YET RAPORU 16 2005’den itibaren Turcas Petrol A.fi.’nin Yönetim Kurulu Üyesi’dir. 2001’den bu yana Standard Bank Londra’da Türkiye ve Ortado¤u Masas› Dan›flmanl›¤› görevini sürdürmektedir. 2000-2006 y›llar›nda EBRD ve IFC’nin özellefltirdi¤i Arnavutluk BKT Bank’›n Yönetim Kurulu Baflkanl›¤›n›, ard›ndan da Dan›flmanl›¤›n› yapmaktad›r. 2006’dan itibaren Çal›k Investment Bank Yönetim Kurulu Üyesi’dir. 2004’ten beri JWThompson/Manajans Yürütme Kurulu Üyesi’dir. 1992-2001 y›llar› aras›nda Dresdner Kleinwort Benson Yat›r›m Bankas›’na kat›ld› ve Türkiye masas›ndan sorumlu olarak çal›flt›. Londra’da Yap› ve Kredi Bankas› (1984-88) ve ard›ndan Garanti Bankas› (1988-92) Temsilcisi olarak görev yapt›. 1980-83 y›llar› aras›nda Düsseldorf Almanya’da Borusan Demir Çelik Ticareti (Borusan Comment Intertrade) flirketini kurdu ve Genel Müdürlü¤ünü yapt›. Önceki y›llarda Londra’da yay›nc›l›k yaparak Export Times’›n yönetmenli¤ini üstlendi. ‹lhan Nebio¤lu ‹ngilizce ve Almanca bilmektedir. M.‹lhan Nebio¤lu Üye Member Global Reports LLC M. ‹lhan Nebio¤lu has been a Member of the Board of Directors of Turcas Petrol since 2005. He has carried on duties at the Turkey and Middle East Advisory Desk at Standard Bank in London since 2001. In the years 2000-2006, he performed the Chairmanship, and afterwards Advisory, of the Board of Directors of the EBRD and IFC privatized Albania BKT Bank. Since 2006, he has been a Member of the Board of Directors of Çal›k Investment Bank. From 2004, he served as a Member of the Board of Executive Committee of JWThompson/Manajans. Between the years 1992 and 2001, he joined Dresdner Kleinwort Benson Investment Bank with responsibility for the Turkey Desk. He performed Representative duties at the Yap› Kredi Bank (1984-88) and afterwards at Garanti Bank (1988-92) in London. Between the years 1980 and 1983, he founded the Borusan Iron and Steel Trade Company (Borusan Comment Intertrade) in Dusseldorf, Germany and became the General Manager. In earlier years in London he undertook management duties in publishing at the Export Times. ‹lhan Nebio¤lu speaks English and German. 1998’den itibaren Turcas Petrol A.fi.’nin Yönetim Kurulu Üyesi’dir. Yeminli Mali Müflavir ve Vergi Özel ‹htisas Komisyonu Üyesi olan Bülent Çorapç› TÜS‹AD (Türk Sanayicileri ve ‹fladamlar› Derne¤i) Üyesi, TESEV (Türkiye Ekonomik ve Sosyal Etütler Vakf›) Denetleme Kurulu Üyesi ve TÜTS‹S (Türkiye Tekstil Sanayii ‹flverenleri Sendikas›) Yönetim Kurulu Üyesi’dir. Ayr›ca Türk turizmi, tekstil, otomotiv ve kimya sanayilerinde faaliyet gösteren baflka flirketlerde de Yönetim Kurulu Üyeli¤i görevleri yürütmektedir. Bülent Çorapç› ‹ngilizce ve Frans›zca bilmektedir. Bülent Çorapç› has been a Member of the Board of Directors of Turcas Petrol since 1998. A Member of the Certified Financial Consultants and Tax Private Specialty Commission, Bülent Çorapç› is also a Member of TÜS‹AD (Turkish Industrialists and Businessmen's Association), a Member of the Board of Auditors of TESEV (Turkish Economic and Social Studies Foundation), and a Member of the Board of Directors of TÜTS‹S (Turkish Textile Industry Employers Union). He also performs membership duties on the Boards of Directors of other companies that are active in the Turkish tourism, textile, automotive, and chemical industries. Bülent Çorapç› speaks English and French. Bülent Çorapç› Üye Member Üye Member 2005’den itibaren Turcas Petrol A.fi. ve ba¤l› ortakl›klar›n›n Yönetim Kurullar› Üyeli¤ini yürütmektedir. 1998-1999 y›llar›nda Annapolis ABD’de Geophone LLC’de çal›flan S. Batu Aksoy, Aksoy Holding A.fi., Aksoy Petrol Da¤›t›m Yat›r›mlar› A.fi., Enak Yap› ve D›fl Ticaret A.fi., SOCAR & Turcas Enerji A.fi., SOCAR & Turcas Petrokimya A.fi. ve E.ON & Turcas Güney (ve Kuzey) Elektrik Üretim A.fi.’nin de kurucular›ndan ve Yönetim Kurullar› Üyesi’dir. 20062008 döneminde Baflkanl›¤›n› yapt›¤› PETFORM (Petrol Platformu Derne¤i)’un Yönetim Kurulu Üyesi ve TÜS‹AD (Türk Sanayicileri ve ‹fladamlar› Derne¤i) Enerji Çal›flma Grubu Üyesi’dir. The Johns Hopkins University (Baltimore, USA) Elektrik ve Bilgisayar Mühendisli¤i Bölümü’nden mezun olan Batu Aksoy ‹ngilizce bilmektedir. S.Batu Aksoy Üye Member Global Reports LLC S. Batu Aksoy has been a Member of the Board of Directors of Turcas Petrol and its subsidiaries since 2005. Having worked at Geophone LLC in Annapolis, USA in the years 1998-1999, he is one of the Founders and Members of the Boards of Directors of Aksoy Holding, Aksoy Petroleum Distribution Investments, Enak Construction and Foreign Trade, SOCAR & Turcas Energy, SOCAR & Turcas Petrochemicals, and E.ON & Turcas South (and North) Power Generation. He is a Member of the Board of Directors of PETFORM (Petroleum Platform Association), having acted as Chairman between 2006 and 2008, and a Member of the Energy Working Group of TÜS‹AD (Turkish Industrialists and Businessmen's Association). Batu Aksoy, a fluent speaker of English, is a graduate of The Johns Hopkins University (Baltimore, USA), Electrical and Computer Engineering Faculty. 17 BOARD OF DIRECTORS Banu Aksoy Tarakç›o¤lu Banu Aksoy Tarakç›o¤lu has been a Member of the Board of Directors of Turcas Petrol and its subsidiaries since 2005. Having worked between the years 1998 and 2000 in the Conoco Eurasia Business Development Department of ConocoPhillips, Banu Aksoy Tarakç›o¤lu is one of the Founders and Members of the Boards of Directors of Aksoy Holding, Aksoy Petroleum Distribution Investments, and Enak Construction and Foreign Trade. Banu Aksoy is a Member of the Board of Directors of Shell Petrol and one of the founders of SOCAR & Turcas Energy and SOCAR & Turcas Petrochemicals. She is a Member of GY‹AD (Young Executives and Businessmen's Association), DE‹K (Foreign Economic Relations Board), PETFORM (Petroleum Platform Association), and PETDER (Petroleum Industry Association). Banu Aksoy Tarakç›o¤lu is an English speaker and graduate of The Koç University Business Faculty and recipient of Financial Training at University of California at Berkeley. YÖNET‹M KURULU 2005’den itibaren Turcas Petrol A.fi. ve ba¤l› ortakl›klar›n›n Yönetim Kurullar› Üyeli¤ini yürütmektedir. 1998-2000 y›llar› aras›nda ConocoPhillips firmas›n›n Conoco Eurasia ‹fl Gelifltirme Bölümü’nde çal›flan Banu Aksoy Tarakç›o¤lu, Aksoy Holding A.fi., Aksoy Petrol Da¤›t›m Yat›r›mlar› A.fi., Enak Yap› ve D›fl Ticaret A.fi.’nin de kurucular›ndan ve Yönetim Kurullar› Üyesi’dir. Banu Aksoy, Shell Petrol A.fi.’nin Yönetim Kurulu Üyesi, SOCAR & Turcas Enerji A.fi. ile SOCAR & Turcas Petrokimya A.fi.’nin de kurucular›ndand›r. GY‹AD (Genç Yönetici ve ‹fl Adamlar› Derne¤i), DE‹K (D›fl Ekonomik ‹liflkiler Kurulu), PETFORM (Petrol Platformu Derne¤i) ve PETDER (Petrol Sanayi Derne¤i) Üyesidir. Koç Üniversitesi ‹flletme Bölümü’nden mezun olan ve University of California at Berkeley’de Finans E¤itimi alan Banu Aksoy Tarakç›o¤lu ‹ngilizce bilmektedir. Türkiye Ekonomisinin 2007 Y›l› ‹tibar›yla Genel De¤erlendirmesi 2007 ANNUAL REPORT General Assessment of The Turkish Economy As of 2007 2007 FAAL‹YET RAPORU 18 2007 y›l›, Türkiye ekonomisinde 2001’den itibaren görülen yap›sal de¤iflim sürecinin duraksad›¤› bir y›l olarak hat›rlanacakt›r. Hem seçimler öncesinde hem de sonras›nda gündeme siyasal konular›n egemen olmas› ve bu durumun tedirginlik yaratmas› bafll›ca neden olarak görülmektedir. 2007 y›l›, Türkiye ekonomisinde 2001’den itibaren görülen yap›sal de¤iflim sürecinin duraksad›¤› bir y›l olarak hat›rlanacakt›r. Hem seçimler öncesinde hem de sonras›nda gündeme siyasal konular›n egemen olmas› ve bu durumun tedirginlik yaratmas› bafll›ca neden olarak görülmektedir. Bunun yan› s›ra, yap›sal reform sürecinde uzun süredir görülen aksama ve seçim sonras›nda da 2006 ortas›ndan beri bir türlü tatmin edici bir biçimde düzelemeyen ekonomideki bekleyiflleri olumlu etkileyebilecek bir yeni ekonomik program›n ortaya konamamas› da çok önemli bir nedendir. Nihayet, A¤ustos ay›ndan itibaren ABD mortgage piyasalar›nda ortaya ç›kan sorunlar›n hem ABD ekonomisinin durgunlu¤a yönelmesine hem de uluslararas› finansal sistemin belirsizli¤e itilmesine yol açmas›, üçüncü ve yine ilk ikisi kadar önemli bir neden olarak gösterilebilir. Bütün bu nedenlerin do¤al sonucu ise, düflen büyüme ve kat›laflan enflasyon e¤ilimi olarak karfl›m›za ç›kmaktad›r. Fiyat Geliflmeleri 2001’den itibaren baflar› ile sürdürülmüfl bulunan enflasyonla mücadelede, 2006 ortas›nda kendini gösteren zorluklar, 2007 y›l› boyunca da devaml›l›k arz etmifltir. 2006 y›l› sonunda %9,7 seviyesinde olan tüketici enflasyonu 2007 y›l› sonunda %8,4 olarak gerçekleflmifl olmakla beraber, 2006’dan sonra 2007 y›l›nda da konulan hedeflerin oldukça üzerinde seyretmifltir. 2002 y›l›ndan itibaren enflasyon üzerinde olumsuz etki yapan enerji fiyatlar› bu etkiyi sürdürmekle beraber, yine 2002’den itibaren sorun olan hizmet sektörü fiyat kat›l›klar›, yavafllayan iç talep ile birlikte nispi bir yumuflama göstermifltir. Ancak 2006’dan itibaren ciddi bir arz yönlü flok olarak ortaya ç›kan g›da fiyatlar›, olumsuz etkisini giderek artan bir biçimde 2007 y›l›nda da sürdürmüfltür. Enflasyon ile mücadelede karfl›lafl›lan en büyük zorluk ise 2006 ortas›ndan beri bekleyifllerin mücadeleye yard›mc› olabilecek düzeyde iyileflmesinin, yukar›da girifl k›sm›nda say›lan nedenlerin yan› s›ra di¤er baz› nedenler ile de mümkün olmamas›d›r. Türkiye Cumhuriyet Merkez Bankas› enflasyon ile mücadelede giderek artan oranda g›da ve enerji fiyatlar› ile yönetilen/yönlendirilen fiyatlar› d›fllayan çekirdek göstergelere a¤›rl›k vermeye yönelmifl izlenimi vermektedir. Bu durumda, enflasyonun gelecekteki seyri aç›s›ndan söz konusu çekirdek göstergelerin hedef enflasyona yak›nsay›p yak›nsamayaca¤› hususu hayati bir önem kazanmaktad›r. Büyüme 2002 y›l› bafl›ndan 2006 y›l› sonuna kadar olan dönemde s›k› para ve maliye politikalar› ile Merkez Bankas› ba¤›ms›zl›¤›n›n, bekleyiflleri olumlu etkilemesi sonucu ortalama %7,2’lik y›ll›k büyüme (GSY‹H) performans› sergilemifl olan Türkiye’de, 2007 y›l› büyümesi yeni milli gelir serisi üzerinden %5 olarak tahmin edilmektedir. Göreli yavafllaman›n nedenleri yukar›da sözü edilen siyasal ve ekonomik olumsuz geliflmeler ve bu geliflmelerin bekleyifller üzerinde yapt›¤› olumsuz etkidir. Global Reports LLC Süreyya Serdengeçti 2007 will be remembered as a year of further slowdown in the structural change process, ongoing in the Turkish economy since 2001. It is evident that the main reason for this has been the fact that the agenda was dominated by political matters and the resulting tension, both before and after the elections. Disruption in the structural reform process over a long period, and the inability, even after the elections, to come up with a new economic program that would positively affect economic expectations, which have not improved in a satisfactory way since 2006, must be noted here. Last but not least, issues cropping up in the US mortgage market in August led towards both stagnation of the US economy, and uncertainty in international financial markets. As a natural result of all these factors, we are faced with a tendency towards falling growth and a sticky tendency in inflation. Price Developments The greatest difficulty in combating inflation though, has been the failure in the improvement of expectations to any helpful degree since the middle of 2006, for further reasons alongside the ones explained above. The Central Bank of Turkey has displayed an increasing tendency to focus on core indices of inflation that exclude food and energy prices, also administered prices. Given this stance, whether and when the headline inflation would eventually converge towards core indices is now of vital importance for the inflation outlook. Growth In Turkey, in the period from 2002 through 2006, tight monetary and fiscal policies and the independence of the Central Bank, via substantially positive effect on expectations, resulted in 7.2% average annual growth of GDP but growth in 2007 is estimated to be 5% based on the new series of National Income. The reasons for this relative deceleration are the political and economic developments explained above, and the negative effects of these developments on expectations. Global Reports LLC 19 GENERAL ASSESSMENT OF THE TURKISH ECONOMY AS OF 2007 The struggle with inflation, meeting with great success since 2001, started to face difficulties in the middle of 2006, and continued in the same vein throughout 2007. Consumer inflation, at 8.4% at the end of 2007 (down from 9.7% at the end of 2006), was still deemed to be extremely high in relation to 2007 target levels. The negative effect on inflation since 2002 of energy prices continued, while service sector price stickiness, also a problem since 2002, has shown a relative softening with falling domestic demand. However, the emergence in 2006 of a serious supply shock in food prices has also continued to have an increasingly negative effect in 2007. 2007 will be remembered as a year of further slowdown in the structural change process, ongoing in the Turkish economy since 2001. It is evident that the main reason for this situation was the domination of the agenda by political matters and the resulting tension, both before and after the elections. TÜRKIYE EKONOM‹S‹N‹N 2007 YILI ‹T‹BARIYLA GENEL DE⁄ERLEND‹RMES‹ Turcas Petrol Yönetim Kurulu Üyesi, TCMB Eski Baflkan› Turcas Petrol Board Member, Former Governor of Turkish Central Bank Büyümenin %5 civar›na inmesinin, daha önce ortalama %7’nin üzerinde seyretmifl büyümenin dahi çözemedi¤i iflsizlik sorununu giderek a¤›rlaflt›rmas› muhtemeldir. Her ne kadar %10,5 olan 2006 sonu iflsizlik oran› ile k›yasland›¤›nda %10,1’lik 2007 y›l› sonu iflsizlik oran› çok küçük olsa ve bir iyileflmeye iflaret ediyor gibi görünse de; istihdam art›fl›nda görülmeye bafllayan yavafllama ile istihdam›n evvelden beri var olan ve yap›sal reform sürecindeki aksaman›n giderek derinlefltirdi¤i yap›sal sorunlar›, iflsizlik konusunda gelecek için pek de parlak olmayan bir tablo sunmaktad›r. D›fl Denge 2007 ANNUAL REPORT 2002 y›l›ndan itibaren beklenenin ötesinde büyüme, artan uluslararas› enerji fiyatlar› ve de¤er kazanan Türk Paras›’n›n etkileri ile sürekli bozulma gösteren cari denge, 2007 y›l›nda her ne kadar mutlak rakam olarak artmaya devam etmifl ise de, durgunlaflan iç talepten kaynaklanan büyümedeki göreli yavafllamadan az da olsa olumlu etkilenmifl görünmektedir. Y›lsonu kurlar› ve yeni milli gelir verileri esas al›narak, 2007 büyümesinin de tahminlere uygun olarak %4,5 ç›kmas› dolay›s›yla, cari a盤›n milli gelire oran›nda 2006 y›l›na göre (%5,94) bozulma bir yana küçük de olsa nispi bir düzelme (%5,5) görülmesi ihtimali söz konusu olabilir. 2007 FAAL‹YET RAPORU 20 Ne var ki, cari aç›kta tatmin edici iyileflme ancak yap›sal reformlara ba¤l› olarak ülkemizin rekabet gücünün ve iç tasarruflar›n›n artmas› ile mümkündür. Sermaye dengesine bakt›¤›m›zda ise, 2007 y›l›nda ülke ekonomisinde yaflanan olumsuzluklara ra¤men, yabanc› güveninin sürdü¤ü ve cari a盤›n finansman›nda bir sorun ile henüz karfl›lafl›lmad›¤›; üstelik söz konusu finansman›n kaynaklar›n›n giderek artan oranlarda uzun vadeli sermaye ve do¤rudan yabanc› yat›r›mlar olduklar› görülmektedir. Buna paralel olarak, k›sa vadeli sermayenin cari a盤›n finansman›ndaki pay› azalmaktad›r. Yaklafl›k oranlar vermek gerekirse, 2007 y›lsonunda 2006 y›lsonuna göre cari a盤›n finansman›nda uzun vadeli sermayenin pay› %82’den %104’e, do¤rudan yabanc› yat›r›mlar›n pay› ise %61’den %63’e ç›km›fl bulunmaktad›r. K›sa vadeli sermayenin pay› %30 seviyesinden %2 seviyesine inmifltir. Sürdürülebilirlik aç›s›ndan giderek daha olumlu bir kompozisyona kavuflan sermaye dengesinde bu e¤ilimin sürdürülebilmesi, yeni tesisler kurarak istihdam da yaratabilecek do¤rudan yabanc› yat›r›mlar›n gelmesine ba¤l›d›r. Bu tür do¤rudan yabanc› yat›r›mlar›n ön koflulu ise yine yap›sal reformlard›r. Kamu Maliyesi Kamu maliyesi aç›s›ndan Türkiye ekonomisinde 2007 y›l› hayal k›r›kl›¤› yaratm›fl bulunmaktad›r. Seçim sürecinde kamu harcamalar›n›n afl›r› artmas›n›n yan› s›ra kamu gelirlerinde beklenen performans›n gösterilememesi, faiz d›fl› fazla hedefinin oldukça alt›nda kal›nmas›na yol açmaktad›r. Uzun y›llar eski milli gelir serisi üzerinden %6,5 seviyelerinde seyreden ve istikrar›n yakalanmas›na katk› yapan faiz d›fl› fazla performans›, seçim y›l›nda daha evvelki seçimlerde de görülen maliye politikas› gevflemesine kurban gitmifl görünmekte ve yine eski seri üzerinden %4’ler seviyesinde beklenmektedir. Mali disiplini bozucu baz› bütçe uygulamalar› ve kamu maliyesinde yeterince fleffafl›k olmamas› da sorun olmay› sürdürmektedir. Söz konusu gevflemenin bir faturas› fludur: Kamu kesimi borçlanma gere¤inde görülen olumlu geliflmelere ve kamu borcunun milli gelire AB tan›ml› oran›nda, yeni milli gelir serisi ve %5’lik büyüme tahminine göre, 2006 y›l› sonunda %46 olan seviyenin 2007 y›l› sonunda %43’e gelmesine ra¤men; faiz harcamalar›n›n milli gelire oran›n›n düflürülmesinde bir duraksama görülmekte ve Hazine faizlerinde gerek nominal gerekse reel seviyelerin daha h›zl› bir biçimde afla¤›ya gelmesi mümkün olmamaktad›r. Global Reports LLC Decrease in growth to about 5% is eventually likely to further aggravate the unemployment problem, which couldn't be solved even under conditions of higher than 7% growth. Even though the unemployment rate of 10.1% at the end of 2007 is lower than the 10.5% recorded at the end of 2006 and points to a slight improvement, deceleration in employment growth and the deepening structural problems of employment as a result of impediments in the structural reform process do not represent a bright picture for the future of the unemployment problem. The current account balance to the GDP, displaying a continuous deterioration since 2002 due to the effects of higher than estimated growth, increasing international energy prices and the appreciation of the Turkish Lira -all since 2002- appears to be slightly affected by slowing growth in 2007 resulting from falling domestic demand, though the deficit continued to worsen in absolute terms. The ratio of the current account deficit to national income may show a slight improvement to 5.5% and improve relatively compared to the 2006 ratio of 5.94%, based on year-end exchange rates, the new national income series, and under the assumption of a 5% growth in 2007. Nevertheless, satisfactory improvement in the current account deficit is only possible by increasing our country's competitiveness and domestic savings, both depending on structural reforms. To be able to continue with this positive trend in the changing composition of the capital account, important for sustainability, it is necessary to attract greenfield foreign direct investment that could create employment. Again, the prerequisite of such greenfield foreign direct investment is structural reforms. Public Finances The year 2007 in the Turkish economy was very disappointing for public finances. In addition to the excessive increase in public expenditures during the election period, unexpectedly poor performance in revenues fell way short of the primary surplus target. It can be seen that the primary surplus performance, which has been running at around 6.5% over old national income series and helped to stabilize the economy, was sacrificed to loose economic policy in the election period, as was the case in previous elections. It is expected to attain a level of about 4% in 2007 over the old national income series. Some budget practices having a negative effect on fiscal discipline and deficient transparency and accountability in public finance continue to be problems. The bill to be paid for the loosening of fiscal policy: Despite progress in public sector borrowing requirement and in the EU defined ratio of public debt to national income from 46% in 2006 to 43% -under an estimated growth of 5% based on the new national income series - in 2007, the decreasing trend for many years of the ratio of interest expenditures to national income paused in 2007 and prevented the continuation of further fall in either real or nominal Treasury interest rate levels. Global Reports LLC 21 GENERAL ASSESSMENT OF THE TURKISH ECONOMY AS OF 2007 As for the capital account balance, despite negative economic developments in 2007, it has been observed that confidence was maintained and the financing of the current account deficit faced no problems; moreover, the resources of the financing are increasingly long-term capital and foreign direct investment. In parallel with this, the share of short-term capital in the financing of the current account deficit is declining. To give some approximate ratios, the share of long term capital in the financing of the current account deficit went up to 104% at the end of 2007, from a level of 82% at the end of 2006; and the share of foreign direct investment up to 63% from a level of 61% the previous year. The share of short-term capital, meanwhile, was down to 2% from a level of 30% in 2006. TÜRKIYE EKONOM‹S‹N‹N 2007 YILI ‹T‹BARIYLA GENEL DE⁄ERLEND‹RMES‹ External Balances Finansal Piyasalar: Kur ve Faiz Geliflmeleri 2007 y›l›nda faizlerin genel düzeyinin seyrine bakt›¤›m›zda, yukar›da belirtilen nedenler yüzünden afla¤›ya do¤ru belirgin bir e¤ilim oluflmamakla beraber, yine de y›l›n bütününde düflme görüldü¤ü; Eylül ay›nda Merkez Bankas›’n›n kendi k›sa vadeli politika faizlerini indirmeye bafllamas›n›n da düflme sürecine bir ölçüde katk›da bulundu¤u anlafl›lmaktad›r. Fakat daha sonra aç›klanan enflasyon rakamlar›n›n beklenenin üzerinde ç›kmas›na ek olarak ve y›lsonuna do¤ru giderek artan ekonomi ve siyaset ile ilgili tedirginlikler sonucunda, faizlerin genel seviyesi ve faiz bekleyiflleri tekrar yükselme göstermektedir. Türk Paras› ise, ABD dolar› karfl›s›nda 2006 y›l› sonundaki 1,41 seviyesinden 2007 sonunda 1,16 seviyesine gelerek de¤er kazanm›flt›r. Merkez Bankas›’n›n yay›mlad›¤› reel efektif kur endeksine göre de Türk Paras› y›l boyunca %19’luk bir de¤erlenme göstermifltir. Ancak son dönemde bir miktar de¤er kayb› söz konusudur. 2007 ANNUAL REPORT Borsaya bakt›¤›m›zda da benzer bir geliflme görülmekte, ‹MKB-100 endeksinin 2006 y›l› sonundaki 39.117 seviyesinden 2007 sonunda 55.538 seviyesine geldi¤i ancak son dönemde düflme gösterdi¤i görülmektedir. 2007 FAAL‹YET RAPORU 22 2007 y›l›ndaki geliflmelere kur-faiz-borsa üçgeni içinde bakt›¤›m›zda, finansal piyasalarda yerlefliklerin 2006 ortas›ndan bu yana süren tedirginliklerinin etkisi ile davrand›klar›; buna karfl›l›k yabanc›lar›n, ekonomi ve siyaset alanlar›nda yaflad›¤›m›z olumsuzluklara ra¤men, ülkemiz potansiyeline uzun vadeli ve olumlu bir bak›fl ile sermaye getirmeye devam ettikleri görülmektedir. Olumsuzluklara ra¤men y›l içinde faizlerin genel düzeyinde daha fazla yükselme ile Türk Paras›’nda de¤er kayb› olmamas› ve borsan›n da yükselmesi, yerlefliklerin ve yabanc›lar›n bu dönemde birbirine z›t piyasa davran›fllar› ile aç›klanabilmektedir. Ancak, A¤ustos ay›ndan itibaren ABD mortgage piyasalar›nda ortaya ç›kan sorunlar›n global likiditeyi olumsuz etkilemesi ile beraber kur, faiz ve borsa e¤ilimleri tersine dönmüfl durumdad›r. Türkiye ekonomisinde 2008 y›l› geliflmelerini, d›flar›dan esen ters rüzgar kadar içeride uygulanan ekonomi politikas› ve program›n›n sa¤l›¤› ve ekonominin ülke gündeminde en üst s›raya yerleflip yerleflmemesi belirleyecektir. Süreyya Serdengeçti Turcas Petrol Yönetim Kurulu Üyesi TCMB Eski Baflkan› Global Reports LLC Financial Markets: Currency and Interest Rate Developments When we look at trends in 2007 of interest rates, we see that though no clear downward path is observed for the reasons mentioned above, there still was a slight fall throughout the year; the Central Bank's starting to cut its short-term policy rates in September, had some effect on this slight fall. The New Turkish Lira appreciated against the US Dollar in 2007, moving from a level of 1.41 at the end of 2006 to a level of 1.16. According to the real effective exchange rate index as posted by the Central Bank on their web site, the New Turkish Lira appreciated by around 19% in real terms during the year. More recently, however, there has been a slight loss of ground for the New Lira. A look at the stock market shows similar developments. The ISE-100 index which had climbed to a level of 55,538 at the end of 2007, from a level of 39,117 at the end of 2006, is more recently at lower levels. When we look at developments in 2007 from the perspective of the exchange rateinterest rates-stock market triangle in financial markets; while residents were behaving under the negative influence of economic and political developments since mid-2006, non-residents, however, with a positive and long-term view of our country's potential, have continued to bring in capital. On the other hand, the outlook for exchange rate, interest rates and stock market turned sour following the negative effects on global liquidity of problems arising in the US mortgage markets. Developments in the Turkish Economy in 2008 will be determined by the soundness of economic policy and program implementation, the priority the economy takes on the country's agenda, as well as the international environment. Süreyya Serdengeçti Turcas Petrol Board Member Former Governor of the Central Bank of Turkey Global Reports LLC 23 GENERAL ASSESSMENT OF THE TURKISH ECONOMY AS OF 2007 The opposite behavior of residents and non-residents explains the reason why, in spite of negative developments during the year, there was no depreciation in the New Turkish Lira, the stock market went up, and increases in the general level of interest rates were rather limited. TÜRKIYE EKONOM‹S‹N‹N 2007 YILI ‹T‹BARIYLA GENEL DE⁄ERLEND‹RMES‹ But, in addition to the fact that inflation figures announced after September were above expectations, increasing worries about the economy and growing political tension towards the end of the year led to a new upward trend in the general level of interest rates and interest rate expectations. Yönetim 2007 ANNUAL REPORT Management 2007 FAAL‹YET RAPORU 24 6 4 Global Reports LLC 2 7 10 5 8 1 9 3 YÖNETIM 25 MANAGEMENT 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. Global Reports LLC S. Batu Aksoy Banu Aksoy Tarakç›o¤lu Mehmet F. Özata Cabbar Y›lmaz Sadettin ‹mrek Bülent Büyükgüner Yi¤it Özkan Serhan Gencer Yusuf Ata Nurettin Demircan Yönetim Kurulu Üyesi, Turcas Grubu / Executive Board Member, Turcas Group Yönetim Kurulu Üyesi, Turcas Grubu / Executive Board Member, Turcas Group Üst Yönetici, Turcas Elektrik & Gaz Grubu / CEO, Turcas Power & Gas Group Merkez Ofis & Düzenleyici ‹fller Direktörü, Turcas Grubu / Director, Head Office & Regulatory Affairs, Turcas Group Avukat, Turcas Grubu / Corporate Lawyer, Turcas Group Finans Müdürü, Turcas Grubu / Finance Manager, Turcas Group Petrol ve Gaz Projeleri Direktörü, Turcas Elektrik & Gaz Grubu / Director, Oil & Gas Projects, Turcas Power & Gas Group Elektrik Projeleri Direktörü, Turcas Elektrik & Gaz Grubu / Director, Power Projects, Turcas Power & Gas Group Muhasebe Müdürü, Turcas Grubu / Accounting Co-Manager, Turcas Group Muhasebe Müdürü, Turcas Grubu / Accounting Co-Manager, Turcas Group Turcas Hakk›nda 2007 ANNUAL REPORT Turcas Overview 2007 FAAL‹YET RAPORU 26 Kuruluflu 77 y›l öncesine dayanan Turcas Petrol A.fi. (Turcas) bugün bir holding flirketi konumundad›r. Turcas Petrol (Turcas), whose foundation dates back to 77 years ago, is a holding company today. Turcas, Türkiye enerji sektöründeki öncü konumu, engin deneyimi ve gerçeklefltirdi¤i baflar›l› iflbirlikleriyle uluslararas› kurumsal bir kültüre sahiptir. Bugün Turcas, liberalleflen enerji piyasalar›nda akaryak›t da¤›t›m›, petrol rafinaj›, petrokimya üretimi-da¤›t›m›, elektrik üretimi-da¤›t›m›-ticareti ve do¤algaz ithalat›-toptan sat›fl› gibi alanlarda faaliyetler sürdüren, at›l›mlarda bulunan, yat›r›mlar yapan ve planlayan bir kurulufl olarak “Entegre Enerji fiirketi” olma hedefine do¤ru h›zl› ad›mlarla ilerlemektedir. Turcas, with its leading position and immense experience in the Turkish energy sector, having realized numerous successful cooperations, has an international institutional culture. Today, Turcas advances with big strides towards its target of being an “Integrated Energy Company” working in areas such as petroleum distribution, oil refining, petrochemicals production and marketing, power generation, distribution and trading, and natural gas importation and wholesale in the liberalizing energy markets. TAR‹HÇE HISTORY 1931 y›l›nda, Limited fiirket statüsünde, Türkiye’nin ilk özel akaryak›t da¤›t›m firmas› olarak kurulan Türkpetrol ve Madeni Ya¤lar T.A.fi. 1936 y›l›nda Anonim fiirket statüsüne geçmifl, 1988’de ‹ngiliz Burmah Castrol firmas› ile ortaklafla Turcas Petrolcülük A.fi.’yi kurmufltur. “Turcas” ad› bu ortak giriflimin kurulmas› dolay›s›yla Türkpetrol ve Castrol’ün ilk üç harflerinin birlefltirilmesi ile oluflturulmufltur. 1992 y›l›nda halka aç›lan fiirket’in ço¤unluk hisseleri 1996’da Tabafl Petrolcülük A.fi. taraf›ndan sat›n al›nm›flt›r. 1999 y›l›nda Tabafl Petrolcülük A.fi. ile Turcas Petrolcülük A.fi.’nin birleflmesi sonucu fiirket “Turcas Petrol A.fi.” unvan›n› alm›flt›r. Türkpetrol and Lubricant Oils, founded in 1931 as Turkey's first privately-owned petroleum distribution company, which became a joint stock company in 1936, teamed up with British Burmah Castrol in 1988 to establish Turcas Petroleum. The name “Turcas” evolved from the combination of the first three letters of Türkpetrol and Castrol. Following the Initial Public Offering of the company's minority shares in 1992, Tabafl Petroleum acquired the majority of the company's shares in 1996. Subsequently Tabafl Petroleum and Turcas Petroleum merged in 1999 and renamed the merged entity Turcas Petrol. AKARYAKIT DA⁄ITIMI FUEL DISTRIBUTION Turcas’›n mevcut Net Aktif De¤eri’nin önemli ço¤unlu¤unu Shell & Turcas Petrol A.fi. (STAfi)’nin sermayesinde sahip oldu¤u hisseleri oluflturmaktad›r. Turcas, 2005 y›l›nda The Shell The majority of Turcas' current Net Asset Value is constituted of the shares owned in Shell & Turcas Petrol (STAfi). In 2005, a Joint Venture Agreement was signed with The Shell Company of Turkey Ltd. for retail and commercial sales, marketing and distribution of petroleum products and Global Reports LLC Global Reports LLC OIL REFINING AND PETROCHEMICALS PRODUCTION 2006 sonu - 2007 bafl›nda, Ceyhan’da bir petrol rafinerisi kurmak ve böylece bölgenin öncü petrol ve gaz flirketlerinden biri olmak hedefiyle, kurulan ortak giriflim flirketi SOCAR & Turcas Enerji A.fi. (STEAfi), Türkiye’de 2007 y›l›n›n en önemli özellefltirmelerinden olan, Petkim Petrokimya Holding A.fi.’nin %51 oran›nda hisselerinin özellefltirilmesi ihalesine, Ortak Giriflim Grubu lideri olarak kat›lm›flt›r. Teklif etmifl oldu¤u bedel ile ‹dare taraf›ndan fiirket’i devralmaya hak kazanm›flt›r. STEAfi, ortaklar›n›n yaratt›¤› sinerji vas›tas›yla, rafineri ve petrokimya, ard›ndan da do¤algaz alanlar›ndaki yat›r›m ve faaliyetleri ile entegre petrol/enerji flirketi olma hedefine do¤ru h›zl› ad›mlarla ilerlemektedir. STEAfi bu sat›n al›ma iliflkin olarak sermayesine %99,75 oran›nda ifltirak etti¤i SOCAR & Turcas Petrokimya A.fi. adl› bir flirketi Nisan 2008 içinde kurmufltur. SOCAR & Turcas Energy (STEAfi) was founded as a joint venture company at the end of 2006 - beginning of 2007, with the primary target of building an oil refinery in Ceyhan and being a leading oil and gas player in the region. STEAfi participated, as a consortium leader, in the privatization tender for the sale of 51% of the shares of PETK‹M Petrokimya Holding, which stood out as the most important privatization in Turkey in 2007. With the auctioned price offer, STEAfi was awarded the right to take over PETK‹M. STEAfi, with the synergy radiated by its partners, advances with great strides towards its target of being an integrated oil/energy company in the fields of refining, petrochemicals, and natural gas. STEAfi founded SOCAR & Turcas Petrochemicals in April 2008 as a 99.75% owned subsidiary. Turcas ayr›ca, %100 ifltiraki olan ve 1958 y›l›nda kurulan Marmara Petrol ve Rafineri ‹flleri A.fi. (Marmara) vas›tas›yla, Türkiye’de 1962 y›l›nda faaliyete geçen ilk özel petrol rafineri flirketi ATAfi Anadolu Tasfiyehanesi A.fi. (ATAfi)’nin de %5 oran›nda hissedar›d›r. ATAfi, hali haz›rda rafinaj iflleri sonland›r›lm›fl olarak son dört sene içinde yap›lan yat›r›mlar ve 570.000 m3’lük depolama kapasitesi ile Akdeniz’in en büyük petrol ürünleri depolama tesisi olarak faaliyet göstermektedir. Turcas, on the other hand, is a 5% shareholder - through its wholly-owned subsidiary Marmara Petroleum and Refining (Marmara) established in 1958 - of ATAfi Anadolu Refining (ATAfi), Turkey's first privately-owned oil refining company which started operations in 1962. Having terminated its refining activities and completed new investments within the last 4 years, ATAfi today operates as the largest oil products storage terminal in the Mediterranean area, with a total installed tank capacity of 570,000 cubic meters. 27 TURCAS OVERVIEW PETROL RAF‹NAJI VE PETROK‹MYA ÜRET‹M‹ lubricants, and STAfi was founded. STAfi, in which Turcas has a 30% shareholding, began operations on July 1, 2006, having obtained the required licenses from the Energy Market Regulatory Authority. The 650 Türkpetrol branded fuel stations of Turcas and 600 Shell branded fuel stations of Shell Turkey, along with both companies' logistics centers, storage and filling facilities, and lubricant oil production and marketing branches were gathered under STAfi. As of the beginning of the second half of 2006, Turcas continues all of its petroleum distribution, trade, industrial and commercial sales, and lubricant oil activities through STAfi. STAfi, apart from being a leader in the Turkish fuel distribution market with a network of more than 1,200 nation-wide Shell branded fuel stations and related business units, and a net turnover around YTL 8 billion, is one of the largest enterprises in the Turkish economy. TURCAS HAKKINDA Company of Turkey Ltd. (Shell Türkiye) ile akaryak›t ve madeni ya¤lar, perakende ve ticari sat›fl, pazarlama ve da¤›t›m alanlar›nda imzalam›fl oldu¤u Ortak Giriflim fiirketi Sözleflmesi sonucunda STAfi’› kurmufltur. Turcas’›n %30 hissedar› oldu¤u STAfi, 1 Temmuz 2006 tarihi itibar›yla faaliyetlerine bafllam›flt›r. Turcas’›n önceden sahip oldu¤u 650 Türkpetrol markal› istasyon a¤› ile Shell Türkiye’nin sahip oldu¤u 600 Shell markal› istasyon a¤› ve her iki flirketin depolama ve dolum tesislerini içeren lojistik merkezlerinin yan› s›ra madeni ya¤ üretim ve pazarlama ifl kollar› STAfi bünyesine kat›lm›flt›r. Turcas, 2006’n›n ikinci yar›s›ndan itibaren akaryak›t da¤›t›m›, ticari-endüstriyel sat›fllar ve madeni ya¤lar piyasalar›ndaki tüm faaliyetlerini STAfi yoluyla sürdürmektedir. STAfi, bugün Türkiye çap›nda 1.200’ü aflan Shell markal› istasyon a¤› ve ilgili ifl kollar›, 8 milyar YTL civar›ndaki net sat›fl has›lat› ile Türkiye akaryak›t ve madeni ya¤lar sektöründe lider konumda olman›n yan› s›ra Türkiye ekonomisinin en büyük flirketlerinden biridir. 2007 ANNUAL REPORT 2007 FAAL‹YET RAPORU 28 Global Reports LLC ELEKTR‹K ÜRET‹M‹, DA⁄ITIMI VE TOPTAN SATIfiI POWER GENERATION, DISTRIBUTION AND TRADING Turcas, bünyesinde var olan ve ileride kuraca¤› elektrik sektörü ifltiraklerini tek çat› alt›nda toplamak amac›yla, ATAfi hissedarl›¤› d›fl›nda bir faaliyeti olmayan ancak mali yap›s› kuvvetli Marmara’n›n ticari unvan›n›n Turcas Enerji Holding A.fi.’ne dönüfltürülmesine iliflkin gerekli ifllemleri bafllatm›fl olup ilgili ifltiraklerini bu holding bünyesinde toplam›flt›r. Turcas Enerji Holding; hali haz›rda Turcas Elektrik Üretim A.fi. (TEÜAfi)’nin ve Turcas Elektrik Toptan Sat›fl A.fi.’nin ço¤unluk hisselerinin sahibidir. Ayr›ca Türkiye’de yap›lacak olan elektrik da¤›t›m özellefltirmelerine beraber girmek amac›yla ‹spanyol Iberdrola flirketiyle bir Ortak Giriflim Sözleflmesi imzalam›flt›r. Turcas, in order to unite its existing and potential power sector subsidiaries under an umbrella organization, started the process of changing the commercial title of Marmara, which has a strong financial structure but is only a shareholder of ATAfi, to Turcas Energy Holding, and has already transferred the ownership of these subsidiaries to this company. Currently, Turcas Energy Holding is the majority shareholder of Turcas Power Generation (TPG) and Turcas Power Trading (TPT). Additionally, the company signed a Shareholders Agreement with the Spanish energy company Iberdrola in order to jointly participate to the upcoming electricity distribution privatizations in Turkey. Turcas Elektrik Üretim A.fi., elektrik üretiminde biri do¤algaza di¤eri de ithal kömüre dayal› büyük ölçekli iki enerji santrali kurmak üzere, dünyan›n en önde gelen enerji flirketlerinden Alman E.ON firmas› ile bir Ortakl›k Sözleflmesi imzalam›flt›r. Bu kapsamda TEÜAfi’›n %30, E.ON Holding A.fi.’nin de %70 hissedar› oldu¤u E.ON & Turcas Güney Elektrik Üretim A.fi. ve E.ON & Turcas Kuzey Elektrik Üretim A.fi. unvanl› iki adet ortak giriflim flirketi kurulmufltur. Yenilenebilir ve sürdürülebilir enerji yat›r›mlar› yapmak amac›yla yine Turcas Elektrik Üretim A.fi. bünyesinde Turcas Rüzgar Enerji Üretim A.fi. kurulmufl olup, bu fiirket 1 Kas›m 2007 tarihinde T.C. Enerji Piyasas› Düzenleme Kurumu (EPDK)’na Türkiye’nin alt› de¤iflik bölgesinde toplam 400 MW kurulu güçte rüzgar santralleri yat›r›m› yapmak üzere lisans müracaat›nda bulunmufltur. Turcas Power Generation signed a Joint Venture Agreement with German E.ON, one of the world's largest energy companies, to construct two large-scale power plants, one based on natural gas and the other based on imported coal. Within the scope of this agreement, two joint venture companies, namely E.ON & Turcas South Power Generation and E.ON & Turcas North Power Generation were founded, in which Turcas owns a 30% stake and E.ON Holding owns the remaining 70% stake. In order to make renewable and sustainable energy investments, Turcas Wind Energy Generation was founded as a wholly-owned subsidiary of Turcas Power Generation, and this entity applied to the Energy Market Regulatory Authority (EMRA) for licenses to make wind farm investments with a total installed capacity of 400 MW at 6 different sites across Turkey. DO⁄ALGAZ ‹THALATI VE TOPTAN SATIfiI NATURAL GAS IMPORTATION AND WHOLESALE Do¤algaz sektöründeki ifltirakimiz Turcas Gaz Toptan Sat›fl A.fi. EPDK’dan alm›fl oldu¤u Do¤algaz Toptan Sat›fl Lisans›’na istinaden 19 Aral›k 2007 tarihinde y›ll›k 100 Milyon m3 miktarda do¤algaz›n, serbest tüketici müflterisine tedarik yoluyla sat›fl›na bafllayarak, Türkiye do¤algaz sektörünün serbestleflmesi sürecinde öncü bir rol üstlenmifltir. Turcas Gaz’›n hedefi piyasadaki serbestleflme çal›flmalar›na paralel olarak ticaret hacmini her sene önemli miktarda art›rmak ve ithalat/toptan sat›fl pazar›n›n lider özel sektör flirketlerinden biri olmakt›r. Our natural gas subsidiary Turcas Gas played a leading role in the deregulation process of the Turkish natural gas market, by initially starting to sell 100 million cubic meters of natural gas to its eligible customers on December 19, 2007, based on the Natural Gas Wholesale License obtained from EMRA. Turcas Gas aims to considerably increase its wholesale capacity parallel to the liberalization of the market, and to become one of the leading private sector companies in the gas importation and wholesale market. V‹ZYONUMUZ OUR VISION Turcas’›n vizyonu Türkiye’nin ve içinde bulundu¤u co¤rafyan›n en sayg›n, dinamik ve verimli “Entegre Enerji fiirketi” olmakt›r. Bu vizyon ›fl›¤›nda Turcas, 75 y›l› aflk›n birikimiyle enerjinin petrol ve türevleri, do¤algaz ve elektrik olarak s›n›fland›r›lan ana alt sektörlerinde arama, üretim, tafl›ma, da¤›t›m, depolama ve ticaretine yönelik, ulusal ve uluslararas›, sinerji ve katma de¤er yaratan yat›r›m, faaliyet ve projelere odaklanm›flt›r. DE⁄ERLER‹M‹Z OUR VALUES The principle values of Turcas are; its respectability, its ability to create differentiation and to become a leader in what it does, its possession of highest ethics and corporate governance by global standards with its employees and managers, and its tradition of cooperating and partnering with local and especially foreign partners successfully and sustainably. M‹SYONUMUZ OUR MISSION Turcas, müflterilerine en kaliteli ürün ve hizmeti, en yüksek güvenlik, çevre koruma ve etik davran›fl standartlar›nda sunmay› ilke edinmifltir. Turcas’›n ana hedefi, çal›flanlar›n›n e¤itim ve geliflimini takip ederek ve Türkiye’nin miras ve de¤erlerini koruyarak, büyümesini sürdürmek ve hissedarlar›na de¤er yaratmaya devam etmektir. Turcas has adopted the mission of offering its customers highest quality products and services under the most secure, environment-friendly and ethical standards of behaviour. The main goals of Turcas are; to sustain growth and continue creating value for its shareholders, by following the training and improvement of its employees and protecting the heritage and values of Turkey. Global Reports LLC 29 OUR VISION, OUR VALUES, OUR MISSION Turcas’› Turcas yapan de¤erlerin bafl›nda sayg›nl›¤›, farkl›l›k yaratma ve yapt›¤› ifllerde öncü olma becerisi, çal›flanlar› ve yöneticileri ile küresel ölçekte en üst etik ve kurumsal yönetim standartlara sahip olmas›, yerli ve özellikle yabanc› sermaye ile baflar›l› ve sürdürülebilir iflbirli¤i ve ortakl›k yapma gelene¤i gelmektedir. V‹ZYONUMUZ, DE⁄ERLER‹M‹Z, M‹SYONUMUZ Turcas' vision is to become the most respected, dynamic and efficient “Integrated Energy Company” in Turkey and the surrounding geographic region. In light of this vision, Turcas, with more than 75 years of experience in the main sub-sectors of energy such as oil, gas and power, focuses on domestic and international investments, operations and projects that create synergy and added value in the fields of exploration, production, transportation, distribution, storage and trading. Kilometre Tafllar› Anadolu Tasfiyehanesi A.fi. rafinerisine %5 1962 ATAfi oran›nda ortak olundu. Milestones Türkpetrol became a shareholder of the ATAfi Refinery with a 5% stake. Burmah Castrol firmas›yla madeni ya¤lar 1954 ‹ngiliz alan›nda anlaflma yapt›. Agreement signed with British Burmah Castrol for cooperation in the lubricants business. Alevgaz markas›yla LPG 1967 Türkpetrol pazar›na girdi. kuruldu. 1931 Türkpetrol Türkpetrol was founded. The company entered the Liquefied Petroleum Gas (LPG) market with the Alevgaz brand. Türkpetrol ve Madeni Ya¤lar Türk 1936 Faaliyetlerine A.fi. ismiyle devam etti. Activities continued under the new title: Türkpetrol & Lubricant Oils. çap›ndaki istasyon say›s› 550’yi geçti. 1972 Yurt Number of fuel stations nationwide exceeded 550. ba¤l› ortakl›¤› Marmara Petrol ve Rafineri 1958 Türkpetrol ‹flleri A.fi. kuruldu. Türkpetrol’s wholly-owned subsidiary Marmara Petroleum and Refining was founded. Global Reports LLC ba¤l› yeni ikmal/stok depolar› ve 1986 Rafinerilere 35.000 ton kapasiteli madeni ya¤ harmanlama tesisi hizmete girdi. New supply and storage tanks directly connected to the refineries and lubricant blending plant with a capacity of 35,000 tons was put in operation. ortaklar› ile birlikte Atafl Rafinerisi’ni yüksek 2005 Turcas, kapasiteli bir petrol ürünleri terminaline dönüfltürme karar› ald›. Turcas, together with its partners, decided to transform the Atafl Refinery into a strategically important Oil Products Terminal with significant storage capacity. Petroleum Inc.’in ana orta¤› oldu¤u Tabafl 1996 Conoco Petrolcülük A.fi. taraf›ndan flirket hisselerinin %82’si Türkpetrol Holding ve Burmah Castrol’dan sat›n al›nd›. Tabafl Petroleum, of which Conoco Petroleum of USA was a principal shareholder, acquired 82% of Turcas shares from Türkpetrol Holding and Burmah Castrol. Shell Company of Turkey Ltd. ile Turcas’›n 2006 The birleflerek kurdu¤u ortak flirket Shell & Turcas Petrol A.fi. yaklafl›k 1.300 akaryak›t istasyonuyla operasyonlar›na bafllad›. The joint venture company Shell & Turcas Petrol, founded upon the merger of The Shell Company of Turkey Ltd. and Turcas, started operations with app. 1,300 fuel stations. Petrolcülük A.fi. ‹MKB’de halka aç›ld›. 1992 Turcas Turcas Petroleum shares started trading on the Istanbul Stock Exchange. fiirketi’yle birleflen Türkpetrol, 1988 Castrol Turcas Petrolcülük A.fi.’yi kurdu. Turcas Petroleum was founded as a joint venture company between Türkpetrol Holding and Castrol. y›l›na iliflkin Dünya Gazetesi okurlar› taraf›ndan 2007 2006 Y›l›n fiirketi seçilen ve yeniden yap›lanmas›n› Petrolcülük A.fi. ile Turcas Petrolcülük 1999 Tabafl A.fi.’nin birleflmesi sonucu flirketin unvan› Turcas Petrol A.fi. olarak de¤ifltirildi. The company title Tabafl changed to Turcas Petrol subsequent to the merger of Tabafl Petroleum and Turcas Petroleum. Global Reports LLC tamamlayan Turcas, elektrik ve do¤algaz sektörlerinde de büyümek üzere at›l›mlara bafllad›. Ceyhan’da bir Petrol Rafinerisi kurmak amac›yla kurulan SOCAR & Turcas Enerji A.fi. EPDK’dan Rafineri Ön Lisans›’n› ald› ve Petkim Özellefltirme ‹halesi’ni Konsorsiyum Lideri olarak kazand›. Turcas, elektrik üretim yat›r›mlar›nda bulunmak üzere dünya enerji devi E.ON ile yeni ortak giriflim flirketleri kurdu. Ayr›ca yenilenebilir enerji yat›r›mlar›na iliflkin Turcas Rüzgar’› hayata geçirerek bir dizi lisans müracaat› yapt›. Do¤algaz sektöründeki ifltirakimiz Turcas Gaz toptan sat›fl lisans›n› alarak ilk sat›fllar›na bafllad›. Selected as “The Company of the Year 2006” by readers of the daily business newspaper Dünya, Turcas began progressing into the electricity and natural gas sectors with a view to further growth. SOCAR & Turcas Energy, established with the aim of building an Oil Refinery at Ceyhan, obtained its Preliminary License from EMRA and won the privatization of PETK‹M tender as the consortium leader. Turcas established two new joint venture companies with E.ON to invest in power generation. Additionally, Turcas Wind was founded and made a series of license applications to EMRA to realize renewable energy investments. Our subsidiary Turcas Gas received its Natural Gas Wholesale License and began first sales. Ortakl›k Yap›s› 2007 ANNUAL REPORT Ownership Profile 2007 FAAL‹YET RAPORU 32 Hissedarlar Shareholders Sermaye Pay› (YTL) Capital Amount (YTL) Sermaye Oran› (%) Capital Ratio (%) 24.176.996,26 23,03 29.946.967,04 28,52 Di¤er Hissedarlar Other Shareholders 20.815.080,40 19,82 Halk Public Trade* 30.060.956,30 28,63 105.000.000,00 100,00 Aksoy Holding A.fi. Aksoy Petrol Da¤›t›m Yat›r›mlar› A.fi. TOPLAM TOTAL * ‹stanbul Menkul K›ymetler Borsas› (‹MKB)’nda TRCAS kodu ile ifllem görmektedir. Traded on Istanbul Stock Exchange (ISE) with TRCAS ticker. Global Reports LLC Sermaye Yap›s› Capital Structure Grup Group Tutar (YTL) Capital Amount (YTL) 104.999.850,00 B 112,50 C 37,50 TOPLAM TOTAL 105.000.000,00 Turcas' capital of YTL 105,000,000 is fully paid as of 31.12.2007. The company's shares are divided into three groups; A, B, and C. By the end of 2007, 28.63% of the company's shares was traded on the Istanbul Stock Exchange (ISE). Hisse Bilgileri 33 ‹fllem Gördü¤ü Borsalar Traded On Dahil Oldu¤u ‹MKB Endeksleri ISE Indexes of Membership ‹MKB Kodu ISE Code ‹stanbul Menkul K›ymetler Borsas› (‹MKB) Istanbul Stock Exchange (ISE) XU050, XU100, XUTUM, XUSIN, XKMYA TRCAS Bloomberg Kodu Bloomberg Code TRCAS.TI Reuters Kodu Reuters Code TRCAS.IS Halka Arz Tarihi IPO Date Global Reports LLC Turcas Petrol A.fi. 6 Nisan 1992 April 6, 1992 OWNERSHIP PROFILE, CAPITAL STRUCTURE, STOCK INFORMATION Stock Information fiirket Ad› Company Name ORTAKLIK YAPISI, SERMAYE YAPISI, H‹SSE B‹LG‹LER‹ A 31.12.2007 itibar›yla Turcas’›n sermayesi 105.000.000 YTL olup tamam› ödenmifltir. fiirket hisseleri A, B ve C olmak üzere üç gruba ayr›lm›flt›r. 2007 y›l› sonu itibar›yla fiirket’in %28,63 oran›ndaki hisseleri ‹stanbul Menkul K›ymetler Borsas› (‹MKB)’nda ifllem görmektedir. Yat›r›mc› ‹liflkileri 2007 ANNUAL REPORT Investor Relations 2007 FAAL‹YET RAPORU 34 Turcas, var olan ve potansiyel yat›r›mc›lar› ile yurtiçinde ve yurtd›fl›nda düzenli olarak görüflmeler yapmakta, fiirket’in ve ifltiraklerinin faaliyetleri, projeleri, mali yap›lar› v.b. tüm konularda ve Türkiye’deki makro ekonomik durum ve geliflmelerle ilgili detayl› bilgi ak›fl› ve güncellemeleri en fleffaf flekilde sa¤lamaktad›r. Pay sahipleri ile ilgili ifllemler Rapor’un “Kurumsal Yönetim ‹lkeleri Uyum Raporu” Bölümü’nün 2. maddesinde detayl› olarak belirtildi¤i üzere Mali Bölüm taraf›ndan takip edilmektedir. Procedures regarding stock holders are followed by the Finance Division as explained in detail in the 2. article of the “Corporate Governance Principles Compliance Report” section of the report. fiirket’in Yat›r›mc› ‹liflkileri ile ilgili olarak Yönetim Kurulu Üyeleri Sn. Batu Aksoy ve Sn. Süreyya Serdengeçti yerli ve özellikle uluslararas› yat›r›mc›larla görüflmek, yat›r›m konferanslar›na Turcas ad›na kat›lmak ve temsil etmek ve yat›r›mc›lar›n olas› tüm sorular›n› yan›tlamak görevlerini üstlenmifllerdir. Turcas, var olan ve potansiyel yat›r›mc›lar› ile yurtiçinde ve yurtd›fl›nda düzenli olarak görüflmeler yapmakta, fiirket’in ve ifltiraklerinin faaliyetleri, projeleri, mali yap›lar› v.b. tüm konularla ilgili ve Türkiye’deki makro ekonomik durum ve geliflmelerle ilgili detayl› bilgi ak›fl› ve güncellemeleri en fleffaf flekilde sa¤lamaktad›r. With regard to the company's investor relations, Board Members Messrs. Batu Aksoy and Süreyya Serdengeçti undertook the duty of meeting with local and especially foreign investors, representing Turcas in investor conferences, and responding to all questions from investors. Turcas frequently meets with existing and potential investors domestically and abroad, transparently provides detailed information flows and upgrades related to every topic about the company's and its subsidiaries' activities, projects, financial structures, as well as the macro economic situation and developments in Turkey. 2006 y›l› içinde aktif olarak bafllat›lan Yat›r›mc› ‹liflkileri faaliyetleri kapsam›nda 2007 y›l› sonuna kadar: 2006 Y›l› • Nisan’da CAIB eflli¤inde Londra’da “Midcap Konferans›”na kat›l›nd› ve yedi yat›r›mc› ile görüflüldü. • May›s’ta Ata Yat›r›m eflli¤inde New York ve Boston’da 14 yat›r›mc› ile “Özel Yat›r›mc› Görüflmeleri” yap›ld›. • Haziran’da UBS eflli¤inde ‹stanbul’da “Midcap Konferans›”na kat›l›nd› ve iki yat›r›mc› ile görüflüldü. Global Reports LLC On the extent of Investor Relations, beginning in 2006, till the end of 2007: Year 2006 • Attended the “Midcap Conference” in London in partnership with CAIB and met with seven investors in April. • Conducted “Private Investor Meetings” with 14 investors in New York and Boston in partnership with Ata Investment in May. • Attended the “Midcap Conference” in Istanbul in partnership with UBS and met with two investors in June. • Conducted “Private Investor Meetings” with five investors at the Turcas office in June. • Temmuz’da Ata Yat›r›m, CAIB ve Deutsche & Bender Securities eflli¤inde Turcas ofisinde dört yat›r›mc› ile “Özel Yat›r›mc› Görüflmesi” yap›ld›. • Conducted “Private Investor Meetings” with four investors in the Turcas office in partnership with Ata Investment, CAIB, and Deutsche & Bender Securities in July. • A¤ustos’ta Oyak Yat›r›m eflli¤inde Turcas ofisinde bir yat›r›mc› ile “Özel Yat›r›mc› Görüflmesi” yap›ld›. • Conducted a “Private Investor Meeting” with one investor in the Turcas office in partnership with Oyak Investment in August. • Eylül’de TEB Yat›r›m eflli¤inde Paris’te “Midcap Konferans›”na kat›l›nd› ve 13 yat›r›mc› ile görüflüldü. • Attended the “Midcap Conference” in Paris in partnership with TEB Investment and met with 13 investors in September. • Eylül’de Ata Yat›r›m ve Oppenheimer eflli¤inde ‹stanbul’da “Midcap Konferans›”na kat›l›nd› ve iki yat›r›mc› ile görüflüldü. • Attended the “Midcap Conference” in Istanbul in partnership with Ata Investment and Oppenheimer and met with two investors in September. • Eylül’de TEB Yat›r›m eflli¤inde Turcas ofisinde bir yat›r›mc› ile “Özel Yat›r›mc› Görüflmesi” yap›ld›. • Conducted a “Private Investor Meeting” with one investor in the Turcas office in partnership with TEB Investment in September. • Ekim’de CAIB eflli¤inde ‹stanbul’da “Midcap Konferans›”na kat›l›nd› ve befl yat›r›mc› ile görüflüldü. • Attended the “Midcap Conference” in Istanbul in partnership with CAIB and met with five investors in October. • Ekim’de Ata Yat›r›m, ‹fl Yat›r›m ve Global Menkul eflli¤inde Turcas ofisinde üç yat›r›mc› ile “Özel Yat›r›mc› Görüflmesi” yap›ld›. • Conducted “Private Investor Meetings” with three investors in the Turcas office in partnership with Ata Investment, ‹fl Investment, and Global Securities in October. • Kas›m’da TEB Yat›r›m eflli¤inde Frankfurt ve Londra’da 12 yat›r›mc› ile “Özel Yat›r›mc› Görüflmesi” yap›ld›. • Conducted “Private Investor Meetings” with 12 investors in Frankfurt and London in partnership with TEB Investment in November. 2007 Y›l› • fiubat’ta Finans Yat›r›m eflli¤inde Stokholm ve Kofenag’da 10 yat›r›mc› ile “Özel Yat›r›mc› Görüflmesi” yap›ld›. Year 2007 • Conducted “Private Investor Meetings” with 10 investors in Stockholm and Copenhagen in partnership with Finans Invest in February. • Mart’ta Deutsche Bank eflli¤inde Londra’da “Yat›r›mc› Konferans›”na kat›l›nd› ve 14 yat›r›mc› ile görüflüldü. • Attended the “Investor Conference” in London in partnership with Deutsche Bank and met with 14 investors in March. Turcas frequently meets with existing and potential investors domestically and abroad, transparently provides detailed information flows and upgrades related to every topic about the company’s and subsidiaries’ activities, projects, financial structures, as well as the macro economic situation and developments in Turkey. YATIRIMCI ‹L‹fiK‹LER‹ • Haziran’da CAIB ve Ata Yat›r›m eflli¤inde Turcas ofisinde befl yat›r›mc› ile “Özel Yat›r›mc› Görüflmesi” yap›ld›. 35 INVESTOR RELATIONS Global Reports LLC 2007 ANNUAL REPORT YATIRIMCI ‹L‹fiK‹LER‹ INVESTOR RELATIONS 2007 FAAL‹YET RAPORU 36 Global Reports LLC • Mart’ta Raymond James eflli¤inde Turcas ofisinde bir yat›r›mc› ile “Özel Yat›r›mc› Görüflmesi” yap›ld›. • Conducted a “Private Investor Meeting” with one investor in the Turcas office in partnership with Raymond James in March. • Nisan’da Yat›r›m Finans ve Dundas Ünlü eflli¤inde Turcas ofisinde üç yat›r›mc› ile “Özel Yat›r›mc› Görüflmesi” yap›ld›. • Conducted “Private Investor Meetings” with three investors in the Turcas office in partnership with Yat›r›m Finance and Dundas Ünlü in April. • Haziran’da UBS eflli¤inde ‹stanbul’da “Y›ll›k Türk Üst Düzey Yöneticiler Konferans›”na kat›l›nd› ve 12 yat›r›mc› ile görüflüldü. • Attended the “Annual High Level Turkish Executives Conference” in Istanbul in partnership with UBS and met with 12 investors in June. • Haziran’da TEB Yat›r›m eflli¤inde Viyana’da befl yat›r›mc› ile “Özel Yat›r›mc› Görüflmesi” yap›ld›. • Conducted “Private Investor Meetings” with 5 investors in Vienna in partnership with TEB Investment in June. • Haziran’da TEB Yat›r›m eflli¤inde Paris’te “Midcap Konferans›”na kat›l›nd› ve 18 yat›r›mc› ile görüflüldü. • Attended the “Midcap Conference” in Paris in partnership with TEB Investment and met with 18 investors in June. • A¤ustos’ta ‹fl Yat›r›m eflli¤inde ‹stanbul’da “Hidden Riches of Turkey Konferans›”na kat›l›nd› ve sekiz yat›r›mc› ile görüflüldü. • Attended the “Hidden Riches of Turkey Conference” in Istanbul in partnership with ‹fl Investment and met with 8 investors in August. • A¤ustos’ta Credit Suisse eflli¤inde ‹stanbul’da “Turkey In Pole Position Konferans›”na kat›l›nd› ve dört yat›r›mc› ile görüflüldü. • Attended the “Turkey in Pole Position Conference” in Istanbul in partnership with Credit Suisse and met with four investors in August. • A¤ustos’ta Deutsche Securities eflli¤inde Turcas ofisinde bir yat›r›mc› ile “Özel Yat›r›mc› Görüflmesi” yap›ld›. • Conducted a “Private Investor Meeting” with one investor in the Turcas office in partnership with Deutsche Securities in August. • Ekim’de Deutsche Securities eflli¤inde Göçek’te “5. Turkish Equities Konferans›”na kat›l›nd› ve 16 yat›r›mc› ile görüflüldü. • Attended the “5th Turkish Equities Conference” in Göçek in partnership with Deutsche Securities and met with 16 investors in October • Ekim’de Merrill Lynch eflli¤inde ‹stanbul’da “Enerji Firmalar› Bire-Bir Konferans›”na kat›l›nd› ve 10 yat›r›mc› ile görüflüldü. • Attended the “Energy Companies One to One Conference” in Istanbul in partnership with Merrill Lynch and met with 10 investors in October. Turcas, Yat›r›mc› ‹liflkileri faaliyetleri kapsam›nda 2006 y›l›nda toplam 69, 2007 y›l›nda da toplam 102 uluslararas› yat›r›mc›/fon ile görüflme yapm›flt›r. Turcas met with 69 international investors/funds in 2006 and 102 international investors/funds in 2007 as per its Investor Relations Activities. 2007 Piyasa De¤eri 2007 Market Capitalization 2007 P‹YASA DE⁄ER‹ 2007 MARKET CAPITALIZATION Milyon YTL / Million YTL De¤er Kazanc› %98 / Value Increase 98% 1.150 1.050 2007 P‹YASA DE⁄ER‹ 950 850 37 2007 MARKET CAPITALIZATION 750 650 550 Global Reports LLC 007 2/2 04/ 1 007 1/2 04/ 1 007 0/2 04/ 1 007 9/2 04/ 0 007 08/ 2 04/ 007 7/2 04/ 0 007 6/2 04/ 0 007 5/2 04/ 0 007 4/2 04/ 0 007 3/2 04/ 0 007 2/2 04/ 0 04/ 0 1/2 007 450 Sürdürülebilirlik 2007 ANNUAL REPORT Sustainability 2007 FAAL‹YET RAPORU 38 Tahminlere göre 2050 y›l›nda dünyada dokuz milyar insan›n yaflamas› belenmektedir. Modern bir toplumun geliflimi için büyük miktarlarda enerjiye ihtiyaç vard›r. Bu yüzden 2002'den 2030'a kadar dünyada enerji tüketiminin iki kat›na ç›kmas› beklenmektedir. Bütün elektrik üretim seçeneklerinin avantajlar› ve dezavantajlar› bulunmaktad›r. Bunlar›n, tedarikin güvenli¤i aç›s›ndan birbirine karfl› dikkatle tart›lmalar› gerekir. En büyük zorluk toplumlar›n sürdürülebilir enerji tedariki konusunda bir kan› birli¤ine varmalar›d›r. Sürdürülebilirlik felsefesi toplumun uzun vadeli refah›d›r. Yani gelecek kuflaklar dahil olmak üzere bütün insanlara ayn› ya da daha büyük özgürlük, kaynak ve bugün sahip oldu¤umuz yaflam tarz› seçeneklerinin sunulmas›d›r. Bu aç›dan bak›ld›¤›nda Turcas'›n kurumsal sorumlulu¤una vaadi, sosyal ve çevresel kayg›lar›n finansal kayg›lar kadar önemli oldu¤u de¤iflen dünya için enerji üretiminde yeni kaynaklara ve teknolojilere yat›r›m yaparak Turcas'›n toplum, çevre ve iklim üzerindeki etkisinin dengelenmesini sa¤lamakt›r. Global Reports LLC It is estimated that by year 2050 there will be 9 billion people living in the world. It takes large amounts of energy to develop a modern society and the world's energy consumption is expected to double from 2002 to 2030. All the power generation options have advantages and disadvantages which need to be weighed carefully against each other in the interest of security of supply. A key challenge is for societies to reach a consensus on sustainable energy supply. The philosophy of sustainability is long-term well-being of society, living now in a way that gives all people, including future generations the same or greater freedom, resource and lifestyle choices that we have today. From this perspective Turcas' commitment to corporate responsibility is to ensure the balance of Turcas' impacts on society, the environment and the climate by investing new sources and technologies of energy production for the changing world in which social and environmental concerns are as important as financial ones. SÜRDÜRÜLEB‹L‹RL‹K 39 SUSTAINABILITY Global Reports LLC Fosil yak›tlar› gelecekte de önemli rol oynamaya devam edecektir, fakat sanayileflme ve flehirlerin genifllemesi enerji talebinde muazzam art›fla neden olmaktad›r. Turcas'›n görevi bunlar› ak›ll›ca ve verimli bir flekilde kullanmakt›r. Büyük bir enerji flirketi olarak Turcas'›n sorumlulu¤u elektrik, do¤algaz ve petrol ürünlerini güvenilir ve uygun koflullarda tedarik etmektir. Bu amaçla Turcas genifl bir yelpazeye yay›lan enerji portföyü oluflturmaktad›r. Bunlar, do¤algaz, kömür ve yenilenebilir kaynaklara dayal› elektrik üretiminden akaryak›t da¤›t›m›, petrol rafinaj›, petrokimya üretimi ve pazarlamas›ndan do¤algaz ithalat› ve toptan sat›fl›na kadar de¤iflmektedir. Fossil fuels will continue to play an important role in the future but industrialization and urban growth are causing an enormous increase in energy demand. Turcas' mission is to use them wisely and efficiently. As a major energy company, the responsibility of Turcas is to provide power, natural gas, and oil products affordably and reliably from a long-term perspective. To this end, Turcas draws on a wide-ranging energy portfolio, comprising natural gas, coal and renewables based power generation assets to oil distribution and refining, petrochemicals production and marketing to natural gas importation and wholesale. Günümüzün en olgunlaflm›fl ve haz›rda en umut vaat eden yenilenebilir enerji kayna¤› rüzgar Turcas'›n da yenilenebilir enerji arac›d›r. Hem yenilenebilir enerjiler, hem de fosil yak›tlar› içinde rekabet gücü en yüksek olan› rüzgard›r. Turcas' tool in renewable energy is wind, the most mature renewable technology. Wind energy is currently the most promising renewable energy source, highly competitive both to other renewables and to fossil fuels. Turcas'›n 2007'de kurdu¤u ifltiraki Turcas Rüzgar Enerji Üretim A.fi. taraf›ndan infla edilmesi planlanan, Türkiye'nin çeflitli yerlerinde, toplam 400 MW kurulu güç kapasiteli alt› rüzgar çiftli¤i çevre korumas›na, enerji piyasas›nda uzun dönemli fiyat 6 Wind Farms across Turkey, a total of 400 MW installed power capacity planned to be built by Turcas W›nd Energy Generation, an indirect wholly-owned subsidiary of Turcas established in 2007, will allow to make a contribution for more environmental istikrar›na ve kömür, petrol, do¤al gaz ve uranyum gibi s›n›rl› ve her zamankinden daha pahal› enerji kaynaklar›ndan ba¤›ms›z olunmas›na katk›da bulunacakt›r. protection, for long-term price stability in the energy market and for more independence from finite, ever more expensive energy sources such as coal, oil, gas and uranium. Fosil yak›t› ithalat›ndan ba¤›ms›z olarak yat›r›mdaki en yüksek geri dönüfl ve güvenilir, eriflilebilir ve çevresel aç›dan sa¤lam enerji kayna¤›n›n kullan›m›, elde edilecek en büyük kârd›r. The benefit is the highest return on investment, independence from fossil fuel imports, and the use of a reliable, available, and environmentally sound energy source. Enerji üretim kapasitesinin yaln›zca termalle çeflitlendirilmesi de¤il, ayn› zamanda yenilenebilir bir portföye sahip olmas›, Turcas için, global enerji endüstrisinin önemli oyuncular› olan ortaklar› Shell, Iberdrola, E.ON ve SOCAR'da oldu¤u gibi, önemli bir önceliktir Diversifying energy generation capacity not only with thermal but also alternating with renewable portfolio is also an important aspect for TURCAS likewise his partners; Shell, Iberdrola, E.ON, and SOCAR, the major players of the global energy industry. 2007 ANNUAL REPORT Turcas'›n Türkiye'deki yat›r›mlar› artarak devam edecektir. Ancak sürdürülebilir büyüme için mevcut enerji fiyatlar›n›n düflmesi gerekmektedir. Turcas ve ortaklar› için kilit önemdeki stratejik pazar olarak belirlenen Türkiye geçmiflinde oldu¤u gibi flirketimizin gelecek planlar›nda da en önemli rolü oynamaktad›r. 2007 FAAL‹YET RAPORU 40 Turcas'›n tüm faaliyetlerinde sürdürülebilirlik esast›r. Devam eden operasyonlar ve yeni hayata geçirilecek projelerle ilgili flirketin stratejileri bu esas üzerine oluflturulmufl ve oluflturulmaktad›r. Shell & Turcas ifltirakimizde uygulanan ve afla¤›da detaylar› verilen sürdürülebilirli¤e iliflkin unsurlar, Turcas'›n di¤er ortaklar›yla giriflti¤i yeni projelerinde uygulayaca¤› prensiplere dair en önemli somut göstergelerdir. Sustainability is paramount in all activities of Turcas. Company strategies concerning ongoing operations and future projects are predicated upon this principal. Elements concerning sustainability performed in Shell & Turcas, and explained as follows, are the most important concrete indicators of the principles applied to new projects of Turcas with its partners. Shell & Turcas ve Sürdürülebilirlik Shell & Turcas and Sustainability Ana ifl kolumuz olan akaryak›t da¤›t›m› ile ilgili olarak 2006 y›l›nda faaliyete geçen Shell & Turcas ortakl›¤› da Turcas'›n sürdürülebilirlik prensibinin bir sonucudur. Bu sektörün hammadesi olan petrol ve dolay›s›yla petrol ürünleri konusunda dünyan›n tart›flmas›z en önde gelen flirketlerinden biri olan Shell ile bu birleflmeyi gerçeklefltirmek y›llar boyunca baflar›yla devam ettirilen faaliyetlerimizin, geliflen teknolojiler, artan müflteri beklentileri ve rekabet ortam› nazara al›nd›¤›nda, sürdürülebilir bir flekilde devam etmesini ve büyümesini garanti alt›na almak ad›na yap›lan çok önemli bir hamledir. The settlement in 2006 of fuel oil distribution as the main sector of the Shell & Turcas association is a result of our sustainability principal. Actualizing this association with Shell, indisputably one of the world's leading companies concerned with petrol, the raw material of this sector, and petroleum products, was an important step in the assurance of sustainable continuation and long-term growth of successfully sustained activities, when developing technologies, increasing customer demand and competition are taken into account. Shell & Turcas'in sürdürülebilirlik prensibini hayata geçirmesi için pek çok bilefleni bir araya getirmesi gerekmektedir. Ürün farkl›laflmas›, sosyal sorumluluk ve kaliteli hizmet bunlardan birkaç›d›r. Bu bileflenler, akaryak›t sektöründe ayakta kalabilmek için temel bir anlay›fla ihtiyaç duymaktad›r. Shell & Turcas'›n ‹fl Sa¤l›¤›-Emniyet-Çevre (‹SEÇ) prensipleri bu vazifeyi üstlenmekte ve etkinlikte kilit önemde rol oynamaktad›r. Shell & Turcas buradan yola ç›karak istasyonlar›n› ‹SEÇ kriterleri do¤rultusunda gelifltirmeyi, ‹SEÇ bilincini her kademedeki çal›flanlar›n›n ve ifl ortaklar›n›n vazgeçilmez ilkeleri haline getirmeyi önemli amaçlardan biri olarak görmektedir. Shell & Turcas'da bu amaç için 2007 y›l›nda hayata geçen “‹stasyon Teknik Emniyet E¤itimi” hemen hemen tüm istasyonlar› kapsayarak devam etmektedir. Üç bölümden oluflan e¤itimlerin teorik bölümlerinde sektördeki kazalar görsel sunumlarla paylafl›lmakta, sebepleri ve ç›kar›lmas› gereken sonuçlar tart›fl›larak al›nmas› gereken aksiyonlar belirlenmektedir. E¤itimin son bölümü olan pratik bölümde ise istasyonlarda acil durumlarda yap›lmas› gerekenler, görev tan›mlar›, kullan›lacak cihaz ve malzemeler, istasyonlarda gerçeklefltirilen tatbikatlarla anlat›lmaktad›r. Bu e¤itimler, istasyon alan› içinde bulunan iflletme sahipleri veya yöneticileri de kapsamaktad›r. Global Reports LLC Turcas' investments in Turkey will continue to accelerate. Existing energy prices have to come down for sustainable growth. Determined as a strategic market with great importance for Turcas and its partners, Turkey plays a major role in our company's future plans as it has done in the past. Shell & Turcas has to combine a lot of components in order to promote the principle of sustainability. Product diversity, social responsibility and high quality service are some of these components. A common understanding is required for the survival of these components in the fuel oil sector. Work Health - Safety - Environment (WHSE) principals of Shell & Turcas play a very important role in undertaking this mission. Shell & Turcas, starting out from this point, cares about developing its stations in the direction of WHSE, and bringing WHSE consciousness to the indispensable principles of employees and business partners at every level. With this purpose in mind “Plant Technical Safety Education”, initiated in 2007, has been ongoing while covering almost all plants within Shell & Turcas. In theoretical parts of the training, consisting of three sections, sector accidents are shared by means of visual presentations, their reasons and elicitations are discussed and necessary actions are determined. In the practice section, which is the last part of the training, the required action in case of emergency in plants, duty descriptions, devices and materials that will be used, are explained with practical exercises in the plants. This training also includes owners or directors of the plant. Shell & Turcas, zorunlu rekabet koflullar› ve hedeflenen ‹SEÇ bilinci do¤rultusunda kesintisiz kaliteli hizmet ve ürün sunarak 2008 y›l›nda da tart›flmas›z liderlik konumuna ulaflmay› amaçlamaktad›r. Akaryak›t›n terminallerden istasyona ulaflmas›na kadar olan süreçteki potansiyel tehlikelerde ve tanker sürücüleri, sürüfl güvenli¤i, tanker donan›mlar› ve teknik donan›mlar, istasyon içi-istasyon d›fl› ikmal operasyonlar› konular›nda da ayr› ayr› tedbirler al›nmas› gerekmektedir. Finansal sonuçlar, operasyonel faaliyetlerin seyri ve emniyet konusunda kat edilen yol Shell & Turcas'›n hizmet standartlar› anlay›fl›n› yukar›lara tafl›maya devam etmifltir. Birinci öncelik olan emniyet konusunda, ‹SEÇ standartlar› rehberli¤inde üstün performans› devam etmektedir. Yo¤un kampanya dönemi ve pazarlama çal›flmalar› devam ederken, ‹SEÇ iyilefltirmeleri de ihmal edilmemifltir. ‹stasyonlarda Sa¤l›k, Emniyet, Çevre konular›nda gerekli iyilefltirmelerin yap›lmas› üzerinde titizlikle durulmaktad›r. Tüm bu faaliyetlerin yan›nda “0” gün kay›pl› kaza hedefi de baflar›yla gerçekleflmifltir. The same precautions have to be taken one by one throughout the procedure of delivering fuel oil from terminals to stations, regarding potential dangers and tanker drivers, driving safety, tanker rigs and technical equipment, and supply operation in and out of the plant. Financial results, improvements concerning operational activities, and safety continued to elevate the service standards perception of Shell & Turcas. In terms of priority of safety, the company's superlative performance continues under the guidance of WHSE standards. WHSE improvements were not neglected during the maintenance of intense promotional terms and marketing projects. The necessary improvements in Health, Safety, and Environment issues are meticulously observed in filling stations. The target of losing “0” days through accidents was successfully achieved. “Shell Work Safety Days” projects, carried out to deepen WHSE perception, were initiated in Turkey in June. Organized for the first time in 2007, “Shell Work Safety Days” were carried out for the second time in September. SÜRDÜRÜLEB‹L‹RL‹K ‹SEÇ alg›s›n› derinlefltirmek ad›na gerçeklefltirilen “Shell ‹fl Emniyet Günleri”nin Türkiye'deki çal›flmalar› Haziran ay›nda bafllam›flt›r. 2007'de ilk kez gerçeklefltirilen “Shell ‹fl Emniyet Günleri”nin ikincisi Eylül ay›nda düzenlenmifltir. Shell & Turcas aims to achieve a position of undisputed offering nonstop quality services and products in conditions of compulsory competition and aimed at WHSE consciousness. 41 SUSTAINABILITY Global Reports LLC Kurumsal Sosyal Sorumluluk Corporate Social Responsibility 2007 ANNUAL REPORT Emniyet, Sa¤l›k ve Çevre politikas› çerçevesinde personel bütün kazalar›n önlenebilir oldu¤u felsefesiyle e¤itilmektedir. Çevreye Karfl› Yükümlülü¤ümüz Our Commitment to Environment 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 çerçevesinde personel bütün kazalar›n önlenebilir oldu¤u felsefesiyle e¤itilmektedir. fiirket ile çal›flan üçüncü kiflilere 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. The Health, Safety and Environment (HSE) Policy was approved by the Board of Directors of Turcas and enacted in 2001. Within the framework of this policy, staff is trained with the philosophy that all accidents are preventable. This policy is also introduced to third parties conducting business with the company where its adoption is stipulated in all business acts. No suit has been filed against the company for damages to the environment within this period. Topluma Karfl› Yükümlülü¤ümüz Our Commitment to Society Yönetim Kurulu taraf›ndan 1 May›s 1997 tarihinde fiirket çal›flanlar› için “‹fl Ahlâk› 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›lsonunda tüm çal›flanlardan “‹fl Ahlâk› Politikas› ve Yönetmeliklere Kiflisel Uyum” formu ad› alt›nda yaz›l› bir beyan ve taahhüt al›nmaktad›r. The “Business Ethics Policy” for company staff was enacted by the Board on May 1, 1997. This policy defines the rules which staff have to obey in issues such as conflicts of interest, insider information, political favors, accounting standards and documentation, and gifts accepted. A written statement and commitment, namely “Business Ethics Policy and Regulations Personal Compliance Form”, is taken from all staff at the end of each year as per this policy. 2007 FAAL‹YET RAPORU 42 fiirketimiz y›llar içerisinde Petrol Sanayi Derne¤i (PETDER), Petrol Platformu Derne¤i (PETFORM), Türk E¤itim Vakf› (TEV), Türkiye Emniyet Teflkilat› fiehit, Dul, Yetimlere Yard›m Derne¤i ve Unicef Türkiye Milli Komitesi olmak üzere Yönetim’in onay› do¤rultusunda çeflitli ba¤›fllar yapm›flt›r. Bu ba¤›fllar›n tutar› 2003 y›l› için 12.901 YTL, 2004 y›l› için 22.914 YTL, 2005 y›l› için 27.475 YTL, 2006 y›l› için 18.081 YTL, 2007 y›l› için 20.784 YTL’d›r. Global Reports LLC Turcas has made various donations over the years to the Petroleum Industry Association (PETDER), the Turkish Education Foundation (TEV) and Unicef Turkey National Committee as approved by its Board of Directors. These donations were: YTL 12,901 in 2003, YTL 22,914 in 2004, YTL 27,475 in 2005, YTL 18,081 in 2006, and YTL 20,784 in 2007. Moreover, Turcas has paid YTL 371,797 in 2003, YTL 368,485 in 2004, YTL 348,859 in 2005, YTL 160,940 in 2006, and USD 350,000 in 2007 to the Türk Petrol Foundation for the use of the Türkpetrol brand. The main purpose of the Türk Petrol Foundation is to contribute to education and to provide scholarships to students. Shell & Turcas ve Kurumsal Sosyal Sorumluluk Shell & Turcas and Corporate Social Responsibility 1960’lardan bu yana arkeologlar›n çal›flma alan› olan Çatalhöyük’ü bu kez çocuklar keflfetti. Türkiye’nin dört bir yan›ndaki bini aflk›n ilkö¤retim ö¤rencisi, Shell & Turcas’›n sponsorlu¤unda gerçeklefltirilen “Arkeoloji Yaz Atölyesi”nde 9.000 y›ll›k tarihinde bir yolculu¤a ç›karken ayn› zamanda bu yolculu¤un unutulmaz anlar›n› tuttuklar› günlüklerle belgelemifllerdir. Çatalhöyük, a workplace for archeologists since the 1960s, has now been discovered by children. Throughout Turkey, more than a thousand elementary school students experienced a journey through 9,000 years of history in the “Archeology Summer Workshop” and documented unforgettable memories of this journey in their diaries. Çatalhöyük’te atölye etkinli¤ine kat›lan miniklerin izlenim ve düflleri “Çatalhöyük Güncesi” isimli kitaba dönüflmüfltür. Arkeoloji Yaz Atölyesi’ne kat›lan ö¤renciler, atölyede kurulan barkovizyon gösterisiyle 9.000 y›l öncesinin yaflam biçimi ve inançlar› hakk›nda bilgi alarak, kendileri için haz›rlanm›fl özel kaz› alan›nda gerçek kaz› araçlar›yla çal›flm›fllard›r. Bu çal›flman›n sonunda “Kültürel Emanetlerin Koruyucusu” sertifikalar›n› alan çocuklar hem bilgiye hem de e¤lenceye doyarak Çatalhöyük’ten unutulmaz an›larla ayr›lm›fllard›r. Çatalhöyük sosyal sorumluluk projesiyle yeni kuflaklara ülkemizdeki tüm kültür varl›klar›na karfl› duyarl›l›k ve sahiplendirme duygusunu afl›lamay› amaçlayan Shell & Turcas, ö¤rencilerin 9.000 y›l öncesine uzanarak tarihi yeniden canland›rmas›n› sa¤lam›flt›r. Global Reports LLC Observations and dreams of the children attending Çatalhöyük workshop were transcribed into a book named “Çatalhöyük Diary”. Students attending the Archeology Summer Workshop were informed about the lifestyle and beliefs of people who lived 9,000 years ago with a projector show, and worked with real excavation tools in excavation fields specially arranged for them. At the end of this program they received a “Cultural Heritage Protector” Certificate, replete with knowledge and entertainment and left Çatalhöyük with unforgettable memories. By means of the Çatalhöyük social responsibility project, Shell & Turcas aimed to teach sensitivity and a feeling of protection to a new generation towards cultural heritage, and helped students to visualize the history of 9,000 years ago. 43 CORPORATE SOCIAL RESPONSIBILITY Çatalhöyük kaz›lar›na 12 y›ld›r destek veren Shell kaz› çal›flmalar› kapsam›nda oluflturdu¤u dünyan›n çocuklara yönelik ilk “Arkeoloji Yaz Atölyesi”nde, son iki yazd›r ilkö¤retim ö¤rencilerini bir ay süreyle a¤›rlayarak, onlar› Çatalhöyük’ün 9.000 y›ll›k tarihinde düflsel bir yolculu¤a ç›karmaktad›r. Shell has sponsored Çatalhöyük excavations for 12 years. With this aim, in the world's first “Archeology Summer Workshop” for children, Shell has hosted elementary school students for a month and let them have an imaginary journey through 9,000 years of the history of Çatalhöyük. Within the framework of the Health, Safety and Environment Policy, staff is trained with the philosophy that all accidents are preventable. KURUMSAL SOSYAL SORUMLULUK Turcas ayr›ca Türk Petrol markas›n›n kullan›m› ile ilgili olarak ana amac› e¤itime katk›da bulunmak ve ö¤renci okutmak olan Türk Petrol Vakf›’na 2003 y›l›nda 371.797 YTL, 2004 y›l›nda 368.485 YTL, 2005 y›l›nda 348.859 YTL, 2006 y›l›nda 160.940 YTL, 2007 y›l›nda da 350.000 ABD Dolar› ödemifltir. 2007 ANNUAL REPORT KURUMSAL SOSYAL SORUMLULUK CORPORATE SOCIAL RESPONSIBILITY 2007 FAAL‹YET RAPORU 44 Global Reports LLC Deneyimli arkeolog Gülay Sert’in koordinatörlü¤ünde gerçeklefltirilen atölye çal›flmas›n›n en önemli amac›, ülkemizin bu konuda sahip oldu¤u zengin doku ve de¤erlerine karfl› duyarl›l›klar›n›n geliflmesini sa¤lamakt›r. Çal›flmaya kat›lan tüm ö¤renciler “Kültürel Emanetçilerin Koruyucusu” sertifikas› alm›flt›r. The most important goal of the workshop brought about through the coordination of experienced archeologist Gülay Sert, is to improve sensitivity towards the wealth and values of our country in this matter. All students attending the program received a “Cultural Heritage Protector“ Certificate. SPONSORLUKLAR SPONSORSHIPS Genç Avrupal› T›r Sürücüsü Yar›flmas›’nda Shell ‹mzas› Shell Signature at the Young European Truck Driver Race Türkiye’de ikincisi gerçeklefltirilen “Scania Genç Avrupal› T›r Sürücüsü 2007” yar›flmas›, ‹fl Güvenli¤i, Sa¤l›k, Emniyet ve Çevre Standartlar›na büyük önem veren Shell & Turcas’›n a¤›r hizmet dizel motor ya¤lar› “Shell Rimula”n›n ve gelifltirilmifl “Yeni Shell Dizel Extra”n›n sponsorlu¤unda gerçeklefltirilmifltir. Güvenli araç kullan›m› ve yol güvenli¤ine verdi¤i önemi vurgulamak amac›yla etkinli¤e sponsorluk deste¤inde bulunan Shell & Turcas, finalde 17 yar›flmac›ya Shell Rimula ve gelifltirilmifl Yeni Shell Dizel Extra promosyonlar›n›n yer ald›¤› Shell Rimula seyahat çantalar› ve ilk üçe MP3 çalar, ikinciye ayr›ca bir DVD player, birinciye DVD player’a ek olarak 37 ekran TV hediye etmifltir. The “Scania Young European Truck Driver Race 2007“, performed for the second time in Turkey, realized through the sponsorship of “Shell & Turcas“, a company laying great emphasis on work safety, health, security and environment standards, “Shell Rimula“, heavy diesel motor oils, and improved “New Shell Diesel Extra“. Shell & Turcas, sponsoring this activity in order to emphasize the importance of driving safely and road safety, gave Shell Rimula travel kits, including new Shell Diesel Extra promotions, to 17 contenders, and MP3 players to the top three, additional DVD players to the top two, and an extra 37” screen TV to the firstplaced contender as gifts. Hyundai Teknisyen Olimpiyatlar› Shell & Turcas’›n Deste¤i ‹le Gerçekleflti Hyundai Technician Olympics performed with the Support of Shell & Turcas Hyundai’nin Türkiye’deki tüm servislerinin kat›l›m›yla gerçeklefltirdi¤i Hyundai Yetkili Servislerinden elemelere kat›lan 310 teknisyenin yar›flt›¤› Hyundai Teknisyen Olimpiyatlar› 2007’de Shell Helix deste¤i ile hayat bulmufltur. 16-17 May›s’ta Hyundai’nin Tuzla E¤itim Merkezi’nde gerçekleflen olimpiyatlarda finalistler, ilk önce yaz›l› s›nava tabii tutulmufl, ard›ndan motor iflletim sistemi, otomatik flanz›man, motor mekanik, elektrik ar›za ve ar›za teflhis cihaz›ndan oluflan befl ayr› istasyonda pratik uygulama s›nav›ndan geçmifllerdir. Shell madeni ya¤lar taraf›ndan kat›lan tüm yar›flmac›lara Shell Helix hediye çantalar›, üçüncüye MP3 çalar, ikinciye MP3 çalar ve DVD player, birinciye ise MP3 çalar ve DVD player’a ek olarak 37 ekran TV hediye edilmifltir. Hyundai Technician Olympics, in which 310 technicians from Hyundai Authorized Services participated, was realized through the support of Shell Helix in 2007. At the Olympics, performed in Hyundai’s Tuzla Training Center, finalists first did a written test and then five different practical tests as follows; engine operating system, automatic gear, engine mechanics, electrical failures and failure diagnosis device. Shell Lubricants distributed Shell Helix gift bags to all contenders, MP3 players to the top three, additional DVD players to the top two, and an extra 37” screen TV to the firstplaced contender as gifts. Eco-marathon Eco-marathon Shell sponsorlu¤unda 2007’de 23.sü düzenlenen ve Türkiye’nin beflinci kez kat›ld›¤› Avrupa genelindeki Shell Ecomarathon Yar›flmas›, Fransa’n›n Nogaro Yar›fl Pisti’nde gerçekleflmifltir. The Shell Eco-marathon, sponsored by Shell, took place for the 23. time in the Nogaro motor-racing track in France in 2007, and it was Turkey's fifth time of participation. Bu y›l 20 ülkeden 257 tak›mla en yüksek kat›l›ma ulaflan etkinlikte elde edilen baflar› dereceleri, Avrupa Shell Eco-marathon’un gittikçe artan etkinli¤inin en somut kan›t› olmufltur. The Eco-marathon campaign, globally sponsored by Shell, was initiated in May 2007. Denmark, France, Holland, and Norway were the top teams. Three teams out of nine from Turkey succeeded in finishing the race. Shell & Turcas Komatek Fuar›’nda Shell & Turcas at the Komatek Fair Shell & Turcas Madeni Ya¤lar ve Ticari Akaryak›tlar, 15-20 May›s tarihleri aras›nda Ankara’da 10. Uluslararas› ‹fl ve ‹nflaat Makine, Teknoloji ve Aletleri ‹htisas Fuar› Komatek’e kat›lm›flt›r. Komatek 2007’de gelifltirilmifl “Yeni Shell Diesel Extra” yak›t› ve “Shell Rimula A¤›r Hizmet Dizel Motor Ya¤lar›” ile a¤›r çal›flma koflullar› alt›ndaki ifl makinelerinin sorunsuz ve verimli çal›flmas›na yönelik çözüm paketlerini sergileyen Shell & Turcas büyük ilgi görmüfltür. Özellikle Shell Rimula, Shell Tellus ve gelifltirilmifl Yeni Shell Diesel Extra’n›n öne ç›kt›¤› Shell & Turcas stand› fuar süresince ziyaretçi ak›n›na u¤ram›flt›r. Shell & Turcas Lubricant Oils and Commercial Fuels attended the Komatek, 10th International Work and Construction Machines, Technologies, and Tools Specialization Fair, in Ankara between May 15 and 20. Shell & Turcas exhibited the improved “New Shell Diesel Extra” fuel, “Shell Rimula Heavy Service Diesel Engine Oils”, and solution packages for problem-free and productive operation of work machines under heavy working circumstances, and attracted great attention 45 CORPORATE SOCIAL RESPONSIBILITY Global olarak Shell’in sponsorlu¤unda gerçekleflen kampanya Eco-marathon 2007 May›s ay›nda bafllam›flt›r. Danimarka, Fransa, Hollanda ve Norveç tak›mlar› en iyiler aras›nda yer al›rken Türkiye’nin dokuz tak›mla temsil edildi¤i Shell Ecomarathon’da tak›mlardan üçü Finish çizgisini geçme baflar›s›n› göstermifltir. KURUMSAL SOSYAL SORUMLULUK Global Reports LLC The success achieved in the event, with the highest level of participation with 257 teams from 20 countries, is the most concrete evidence of the increasing popularity of the European Shell Ecomarathon. ‹fltiraklerimiz Our Subsidiaries PETROL VE PETROK‹MYA PETROLEUM AND PETROCHEMICALS 2007 ANNUAL REPORT Shell & Turcas Petrol A.fi. Shell & Turcas Petrol 2007 FAAL‹YET RAPORU 46 Shell Petrol A.fi. Shell Petrol Çekisan Depolama Hizmetleri Ltd. fiti. Çekisan Storage Services Ambarl› Depolama Hizmetleri Ltd. fiti. Ambarl› Storage Sevices Marmara Petrol ve Rafineri ‹flleri A.fi. Marmara Petroleum and Refining ATAfi Anadolu Tasfiyehanesi A.fi. ATAfi Anadolu Refining SOCAR & Turcas Enerji A.fi. SOCAR & Turcas Energy SOCAR & Turcas Petrokimya A.fi. SOCAR & Turcas Petrochemicals Global Reports LLC DO⁄ALGAZ NATURAL GAS Turcas Gaz Toptan Sat›fl A.fi. Turcas Gas Trading ELEKTR‹K POWER Turcas Enerji Holding A.fi.* Turcas Energy Holding* Turcas Elektrik Üretim A.fi. Turcas Power Generation Turcas Rüzgar Enerji Üretim A.fi. Turcas Wind Energy Generation Turcas Elektrik Toptan Sat›fl A.fi. Turcas Power Trading *Turcas Enerji Holding A.fi., Marmara Petrol ve Rafineri ‹flleri A.fi. ile ayn› flirket olup de¤iflikli¤e dair müracaat› yap›lan yeni unvan›d›r. Grup içi yeniden yap›lanma çerçevesinde bu Rapor’un haz›rlan›fl tarihi itibar›yla Marmara’n›n unvan›, ifllevi ve ifltirak yap›s› yeniden düzenlenmekte oldu¤undan 2007 Faaliyet Raporu’nda hem Petrol & Petrokimya hem de Elektrik kategorilerinde flirket bilgileri yer almaktad›r. *Turcas Energy Holding and Marmara Petroleum and Refining are the same company, where the former is the soon-to-change new title of the entity. Since the title, purpose, and structure of the company is being changed as at the publication date of this report due to the internal restructuring program, you will find information related to the company's activities in both the Petroleum & Petrochemicals and the Power chapters of the 2007 Annual Report. Global Reports LLC 47 OUR SUBSIDIARIES E.ON & Turcas Kuzey Elektrik Üretim A.fi. E.ON & Turcas North Power Generation ‹fiT‹RAKLER‹M‹Z E.ON & Turcas Güney Elektrik Üretim A.fi. E.ON & Turcas South Power Generation Global Reports LLC Shell & Turcas Petrol A.fi. Shell & Turcas Petrol Ödenmifl Sermayesi Paid-in Capital 528.067.660 YTL Hissedarlık Yapısı Ownership Profile 70% Shell Turkey 30% Turcas Petrol A.fi. 2007 yılı Net Satıflları 2007 Net sales 7,6 Milyar YTL / USD 5.8 Billion Çalıflan Sayısı Number of Employees 788 Yönetim Kurulu Board of Directors Paul Stone (Baflkan Chairman) Erdal Aksoy (Üye Member) Y›lmaz Tecmen (Üye Member) Canan Edibo¤lu (Üye Member) Trudy Bovay (Üye Member) Lisa Davis (Üye Member) Robertus Miesen (Üye Member) CEO CFO George Spanoudis Gerald Kok ConocoPhillips’in Turcas Petrol A.fi. (Turcas)’nde sahip oldu¤u hisselerin 2005 y›l›nda Aksoy Petrol Da¤›t›m Yat›r›mlar› A.fi. taraf›ndan sat›n al›nmas›ndan sonra The Shell Company of Turkey Limited (Shell) ile Turcas 26 May›s 2005’te ilgili Ortak Giriflim görüflmelerine bafllam›flt›r. 27 Eylül 2005 tarihinde imzalanan Ortak Giriflim Sözleflmesi’nden sonra iki flirket ‹fl Katk› Anlaflmas› konusunda müzakerelere h›z vermifltir. Bu anlaflma, Ortak Giriflim’e aktar›lmas›nda anlafl›lan tüm aktifleri kapsamakta idi. Resmen 6 Mart 2006’da kurulan Shell & Turcas Petrol A.fi. (STAfi) 12 Haziran 2006’da tüm yasal onaylar› al›p 1 Temmuz 2006 tarihinde faaliyete geçmifltir. Following the purchase of ConocoPhillips' shares in Turcas Petrol by Aksoy Petroleum Distribution Investments in 2005, Turcas and Shell announced the start of Joint Venture negotiations on May 26, 2005. Subsequent to the signing of the Joint Venture Agreement on September 27, 2005, Shell and Turcas started negotiations on the Business Contribution Agreement. This agreement covered all assets transferred into the Joint Venture. Officially founded on March 6, 2006, Shell and Turcas Petrol (STAfi) obtained all regulatory approvals by June 12, 2006 and commenced operations on July 1 of that year. Geliflen teknoloji ve müflteri beklentileri do¤rultusunda akaryak›t istasyonlar› için yeni görünüm standartlar› gelifltiren Shell, bu yeni görsel kimli¤ini dünyada ilk kez The target of STAfi, which has already become a leader in the Turkish fuel distribution and lubricant oil market, is to be the undisputed leader in the sector in 2008 by way of being the most admired company and the most preferred brand by consumers. Significant success attained in the first half of 2006 signaled that the first part of this target has been achieved. In this short period, 476 Türkpetrol fuel stations were rebranded as Shell stations. In accordance with developing technologies and customer expectations, Shell created enhanced facades for fuel stations and introduced this new visual concept in Turkey as a world forerunner, with STAfi. During 49 SHELL & TURCAS PETROL Merger and Foundation SHELL & TURCAS PETROL A.fi. Birleflme ve Oluflum Türkiye’de akaryak›t ve madeni ya¤ sektöründe lider olmak üzere yola ç›kan STAfi’›n hedefi, sektörün en çok be¤enilen flirketi ve tüketicilerin en çok tercih etti¤i marka olarak, 2008 y›l›nda Türkiye akaryak›t ve madeni ya¤lar pazar›n›n tart›flmas›z lideri olmakt›r. 2006 y›l› alt› ayl›k süreçte elde edilen büyük baflar›lar, bu hedefin ilk k›sm›n›n gerçekleflti¤ini kan›tlamaktad›r. Bu k›sa sürede 467 Türkpetrol istasyonunun Shell’e dönüflümü gerçeklefltirilmifltir. Global Reports LLC www.shellandturcas.com SHELL & TURCAS PETROL A.fi. SHELL & TURCAS PETROL Bu birleflme, Türkiye akaryak›t sektörünün büyümesinde, geliflmesinde ve sa¤l›kl› bir rekabet yap›s› kazanmas›nda önemli rol oynamaktad›r. Tüm bu kazan›mlara toplamda bak›ld›¤›nda ise ülkemizin ekonomik kalk›nma ve büyüme sürecinde STAfi, önemli bir misyonu yerine getirme hedefiyle çal›flmaktad›r. Bu misyon Türkiye gibi, dünyan›n en dinamik ve en heyecan verici pazarlar›ndan birinde sürdürülebilir bir büyüme için çal›flmak ve üretmek, ifl sa¤l›¤› ve emniyetli çal›flma kurallar›n› hassasiyetle uygulamaya devam etmek ve “Tek fiirket, Tek Tak›m Ruhu” slogan›n› hayata geçirmek olacakt›r. ‹ki flirketin birleflmesinden meydana gelen yeni flirketin yaratt›¤› sinerjilerden güç alarak STAfi’› pazarda çok daha ileri bir konuma tafl›mak ve Shell’in Türkiye’de daha da büyümeyi istemesi sonucu STAfi birleflmesi gerçekleflmifltir. 2007 ANNUAL REPORT 2007 FAAL‹YET RAPORU 50 Türkiye’de STAfi ile hayata geçirmeye bafllam›flt›r. ‹stasyonlar›n görsel kimlik dönüflümü s›ras›nda ifl sa¤l›¤› ve emniyetli çal›flma kurallar› harfiyen uygulanm›fl ve hiç kimseye zarar vermeden dönüflüm ifllemleri baflar›yla tamamlanm›flt›r. Tek fiirket, Tek Tak›m Ruhu Turcas’›n hâlihaz›rdaki en büyük ifltiraki %30 oran›nda hissedar› oldu¤u STAfi’d›r. STAfi, Shell markas› ile faaliyet gösteren yaklafl›k 1.300 akaryak›t istasyonu, onlarca istasyonsuz bayii, madeni ya¤ tesisleri, perakende ve ticari sat›fllar› ile Türkiye petrol sektörünün lider kurulufllar›ndan biridir. Akaryak›t piyasas›nda da Benzin ve Düflük Kükürtlü Dizel (Eurodizel) sat›fllar›nda piyasa lideri, Yüksek Kükürtlü Dizel sat›fllar›nda da ikinci konumda yer alan STAfi 2007 y›l›n› 7,6 milyar YTL net sat›fl geliri ile tamamlam›flt›r. Ödenmifl sermayesi 528.067.660 YTL olan STAfi’›n hisselerinin %70’i Shell’e, %30’u da Turcas’a aittir. the conversion process, work health and safety standards were meticulously applied, and the operation was completed successfully without anyone injured. This alliance has an important role in the growth, development and obtaining of a healthy competition structure in the Turkish fuel sector. Having looked at these advantages as a whole during the economic development and growth process of our country, STAfi works towards the aim of fulfilling an important mission. This mission will be to produce and work for sustainable growth, continuing to apply work health and safety regulations meticulously, and implementing the “One company, One Team Spirit” slogan in Turkey; one of the world's most dynamic and exciting markets. This alliance was realized as a result of two desires of Shell; ever further growth in Turkey and carrying STAfi to a higher level in the market with the help of the synergy created by the merger of the two companies. At present, the largest subsidiary of Turcas is STAfi, with a shareholding of 30%. STAfi is one of the leading companies in the Turkish petroleum sector with approximately 1,300 fuel stations operating under the Shell brand, tens of dealers without stations, lubricant oil production facilities, retail and commercial sales. In the fuel market, STAfi completed 2007 with a net sales turnover of YTL 7.6 billion, and was the market leader in gasoline and low sulphur diesel (Eurodiesel) sales, while holding second position in the high sulphur dieses sales. The paid-in capital of STAfi is YTL 528,067,660 and 70% of the shares are owned by Shell, 30% by Turcas. Relocation Tafl›nma Türkiye akaryak›t sektörünün öncü iki flirketi Shell ile Turcas’›n STAfi çat›s› alt›nda akaryak›t da¤›t›m› ve ilgili ifllerini birlefltirmesiyle birlikte, çal›flan say›s›n›n artmas› ve ihtiyaçlar›n›n ço¤almas› nedeniyle STAfi 2007 Ocak ay›nda yeni bir merkez ofise tafl›nm›flt›r. Yeni merkez ofis, en son inflaat ve mühendislik teknikleri kullan›larak, modern teknolojiye sahip bir ak›ll› bina olarak hayata geçirilmifltir. Global Reports LLC When Shell and Turcas, Turkey's two leading fuel companies, merged into STAfi combining their fuel distribution and related businesses, the number of employees and demand for more space increased; STAfi thus moved into a new office in January 2007. The new central office was established as a smart building, having used the latest construction and engineering techniques and modern technology. Entegrasyon süresinde at›lan baflar›l› ad›mlar, STAfi’› flimdiden Shell Grubu’nda dünya çap›ndaki birleflmeler aras›nda en iyiler aras›na sokmufltur. Successive steps taken throughout the integration process, have already introduced STAfi into the best worldwide alliances within the Shell Group. fiirket’in kurulufluyla beraber hayata geçirilen “Perakende Sat›fllar Entegrasyon” projesi tüm h›z›yla hedefine ulaflmaktad›r. Kurulufl öncesinde bafllanan planlama ve haz›rl›k çal›flmalar›, ilk ifl gününde istasyonlarda görsel de¤iflim için bafllama imkan› sa¤lam›flt›r. Bu çerçevede, Türkpetrol akaryak›t istasyonlar›ndaki marka dönüflüm sürecine STAfi’›n operasyona bafllamas›n›n hemen ard›ndan, 1 Temmuz 2006 itibar›yla bafllanm›flt›r. Akaryak›t istasyonlar› için yeni görünüm standartlar› gelifltiren Shell, bu yeni görsel kimli¤ini dünyada ilk kez Türkiye’de STAfi ile hayata geçirme karar› alm›flt›r. The “Retail Sales Integration” project implemented upon the establishment of the company is speedily reaching its target. Planning and preparation operations, having started before the foundation of the company, provided an opportunity for visual transformation in stations from the first working day. In this context, STAfi, just after commencing operations, started the rebranding process of the Türkpetrol fuel stations as of July 1, 2006. Developing new facades for fuel stations, Shell decided to implement this visual identity in Turkey as a world forerunner. Marka Dönüflüm Projesi Re-Branding Project Shell ve Turcas’›n birleflmesinin birinci günüde bafllanan Marka Dönüflüm Projesi (Re-Branding) sonucunda STAfi istasyonlar›n›n ço¤u dünyada ilk defa uygulamaya bafllanan RVI Evo Standartlar›na ulaflm›flt›r. As a result of the Re-Branding Project which started on Day 1 of the merger of Shell and Turcas, most of STAfi's filling stations attained RVI Evo Standards, applied for the first time ever in the world. RVI Evo, daha önceki RVI standard›na göre daha müflteri odakl›, teknolojik ve organize tasarlanan bir standartt›r. Yenilenmifl ve modern görüntüsüyle Shell markas›yla faaliyet gösteren Shell & Turcas’›n yak›t kalitesi konusunda liderli¤ini vurgulamaktad›r. ‹stasyon ön saha sat›fl alan›nda, müflterilerle ilgili iletiflim kanallar›n›n daha verimli kullan›lmas›n› sa¤lamaktad›r. ‹stasyon içi trafi¤in müflteriler aç›s›ndan en kolay ve görünür flekilde düzenlenmesine ve pazarlama mesajlar›n›n en iyi flekilde müflterilere aktar›lmas›na olanak vermektedir. RVI Evo, as opposed to previous RVI standards, is designed as a more client focused, technological, and organized standard. Allied with the Shell brand and its refreshed and modernized look, the fuel quality of Shell & Turcas emphasizes its leadership in this area. It provides efficient use of client communication channels at pre-field sales areas of stations. In addition, this enables the arrangement of the easiest and most visible internal traffic for customers at stations, and the most efficient communication of marketing messages to customers. RVI Evo daha emniyetlidir. Müflterilerin emniyetine yönelik haz›rlanan uyar› ve ikaz panelleri daha büyük ölçülerde ve gerekli mesajlar› kolayl›kla verebilmektedir. RVI Evo is safer. Warning and caution signs arranged for customers' safety are bigger in size and can easily communicate the required messages. One Company, One Team Spirit 51 SHELL & TURCAS PETROL New Visual Identity SHELL & TURCAS PETROL A.fi. Global Reports LLC Yeni Görsel Kimlik SHELL & TURCAS PETROL A.fi. SHELL & TURCAS PETROL Marka Dönüflüm Projesi’nde öncelikli olarak Türkpetrol markas›yla çal›flan istasyonlar›n dönüflümü hedef al›nm›flt›. Bu süreç ayn› zamanda RVI Evo standartlar›n›n da dünyada geliflim süreci olmufltur. Birçok malzeme ile ilgili son karar bu süreçte al›nm›fl, denetlenmifl ve uygulamas›na karar verilmifltir. Bunlarla birlikte RVI Evo dönüflümü kapsam›nda baz› malzemeler de ilk defa Türkiye’de üretilmifl ve standartlara bu halleriyle kabul edilmifltir. A primary target of the Re-Branding Project was the transformation of filling stations operating under the Türkpetrol brand. At the same time, this process became the development process of the RVI Evo Standard throughout the world. The final decisions were made, inspected, and applied regarding lots of materials in this period. On this basis, some materials were produced for the first time in Turkey as a part of RVI Evo transformation, and accepted to standards with these attributes. Türkiye’nin En Be¤enilen Akaryak›t fiirketi STAfi was chosen as “The Most Admired Company in the Fuel Distribution and Lubricants Sector” in the “Turkey's Most Admired Companies” Survey conducted by the economy magazine Capital, and the “Most Distinctive Company of the Sector in 2007” by the daily economy newspaper, Dünya. In this traditional survey performed by the Dünya newspaper, STAfi appeared among the most successful companies of 2007 for providing acceleration to the sector. 52 Madeni Ya¤lar Lubricants Madeni ya¤ de¤ifliminde akaryak›t istasyonlar› büyük önem tafl›maktad›r. Madeni ya¤ ve akaryak›t birbirine ba¤l› ifl kollar›d›r. Fuel stations are very important for lubricant oil change. Lubricants and fuel distribution are related business activities. 2007 ANNUAL REPORT STAfi, ekonomi dergisi Capital taraf›ndan 2007 y›l›nda yap›lan “Türkiye’nin En Be¤enilen fiirketi” araflt›rmas›nda “Akaryak›t Da¤›t›m› ve Madeni Ya¤lar Sektörünün En Be¤enilen 1. fiirketi” olurken, Dünya Gazetesi taraf›ndan ise “2007’de Sektöre Damgas›n› Vuran fiirket” seçilmifltir. STAfi, Dünya gazetesinin bir gelenek haline dönüflen anketinde 2007 y›l›n›n baflar›l› kurumlar› aras›ndaki yerini al›rken, fiirket’in sektöre ivme katt›¤› gerekçesi ile baflar›l› oldu¤u belirtilmifltir. 2007 FAAL‹YET RAPORU Turkey’s Most Admired Fuel Company Türkiye’nin en be¤enilen flirketi... Tüm Shell sat›fllar›nda %10’luk bir hacme sahip olan madeni ya¤lar 2007’yi büyüme ile kapam›flt›r. Sat›lan madeni ya¤lar›n %90 oran›ndaki bölümü, Shell & Turcas’›n Derince’de sahip oldu¤u madeni ya¤ ve gres üretim tesisinde üretilmektedir. Hem Derince’de üretilen ürünler hem de yurtd›fl›ndan ithal edilen ürünler yurtiçinde pazarlanmaktad›r. Öncelikle yak›n pazarlara ve daha sonra sat›fl a¤› içerisinde kalan di¤er Shell ülkelerine sat›fl gerçekleflmektedir. STAfi 2007 sonu itibar›yla madeni ya¤larda %25’lik pazar pay› ile sektörün lideri konumundad›r. Madeni ya¤larda inflaat sektörü lokomotif olma özelli¤i tafl›maktad›r. ‹nflaat sektörünün iyi oldu¤u dönemde, ifl makineleri de büyük oranda ra¤bet görmektedir. Özellikle motor ya¤›, tüketiminin çok yüksek oldu¤u, hidrolik ya¤lar›n performans›n›n çok k›sa sürede görülebilece¤i bir pazard›r. Global Reports LLC Lubricant oil sales making up 10% of total Shell sales ended 2007 on the increase. 90% of lubricant oil sales were produced in the lubricant and grease oil production plant owned by Shell & Turcas in Derince. Products from the Derince plant and imported products are marketed domestically. Sales are made first to nearby markets, and then to other Shell countries in the network. As a major achievement, STAfi became the market leader in lubricants with a market share of app. 25% as of 2007-end. The construction sector is the dynamo of the lubricants market. When the construction sector is busy, work machines are largely in demand. It is a market with especially high motor oil consumption and the performance of hydraulic oils can be assessed in a short time. Motor ya¤›n›n ana görevi ya¤lama koruma, temizleme ve so¤utmad›r. Temiz motorlar her zaman daha iyi çal›flmakta ve ömürleri de uzun olmaktad›r. Shell Helix, kullan›c›s›na bu hizmetleri eksiksiz sunmak için tasarlanm›flt›r. A¤›r hizmet araçlar›nda ise durum biraz daha farkl›d›r. Çok daha yüksek s›cakl›klar ve a¤›r flartlar, motor ya¤›n›n üzerinde daha fazla bask› oluflturmaktad›r. Shell Rimula ailesi eksiksiz ürün portföyü ile a¤›r hizmet ticari araçlar için tasarlanm›flt›r. The main tasks of engine oils are oiling, protecting, cleaning, and cooling. Clean engines always work better and longer. Shell Helix is designed to provide these services to its users in complete. The situation is a little different when it comes to heavy-duty service vehicles. Much higher temperatures and heavy conditions put more pressure on engine oil. The Shell Rimula family with a complete product portfolio is designed for heavy-duty service vehicles. Yeni Ürünler New Products 2007 Yak›t Ekonomisi Formüllü Dizel: Dizel yak›t için özel bir yak›t ekonomisi formülü gelifltirerek kullan›ma sunulmufltur. Diesel with 2007 Fuel Economy Formula: A special fuel economy formula for diesel fuel was developed and supplied for use. May›s 2007’de Shell’in a¤›r vas›talar için yak›t ekonomisi sa¤layan “Yeni Shell Dizel Ekstra” piyasaya sürülmüfltür. In May 2007, the “New Shell Diesel Extra” was introduced into the market, providing fuel economy for heavy-duty vehicles. Körfez Terminali Gulf Terminal 1983 tarihinde Turcas Petrolcülük A.fi. taraf›ndan infla edilen Körfez Terminali, Turcas-Tabafl birleflmesinin ard›ndan 1997 y›l›nda Turcas Petrol A.fi. ismini alm›flt›r. Terminal Turcas ve Shell birleflmesinden sonra STAfi markas›yla hizmet sunmaktad›r. Faaliyete geçti¤i y›ldan itibaren çeflitli da¤›t›m flirketlerine depolama ve dolum hizmeti sa¤layan terminalden çok say›da petrol üreticisi flirket destek almaktad›r. On iki tanktan oluflan 16.000 metreküp depolama kapasitesine sahip Körfez Terminali, ikmali Tüprafl ‹zmit Rafinerisi’nden her ürün için tahsis edilmifl ayr› hatlar vas›tas›yla gerçeklefltirmektedir. The Gulf Terminal built by Turcas Petroleum in 1983 was renamed Turcas Petrol in 1997 following the merger of Turcas and Tabafl. The terminal has been operating under the STAfi brand and ownership after the Shell and Turcas merger. Since going into operation, the terminal has provided storage and filling services to distribution companies and supported many oil production companies. The Gulf Terminal, consisting of 12 tanks with 16,000 cubic meters of storage capacity, supplies products from the Tüprafl ‹zmit Refinery with dedicated product pipelines. Yirmi dört y›ldan beri faaliyette olan Körfez Terminali’nde yenileme ve gelifltirmeye yönelik baz› çal›flmalar gerçeklefltirilmifltir. Terminalde ilk olarak 1989 y›l›nda yeni yang›n projesi bafllat›lm›fl ve 1990’da baflar›yla tamamlanm›flt›r. 2006 y›l›nda STAfi’›n kurulmas›yla birlikte yeni bir at›l›m bafllat›larak, dolum adalar›, kat›k enjeksiyon sistemi, ofis binalar›, tanker park sahas› ve floför dinlenme salonu ça¤›n standartlar›na uygun hale getirilmifltir. ‹ki dolum adas›n›n alttan doluma çevrilmesi sayesinde RTS tankerlerine de hizmet verilmektedir. Global Reports LLC Some renovation and development projects have been performed in the Gulf Terminal, which has been operating for 24 years. Firstly, new fire project was initiated in 1989 and successfully concluded in 1990. During the foundation of STAfi in 2006, progress has started anew and filling islands, solid waste injection system, office buildings, tanker parking lot and driver relaxation lounge were equipped to the standards of today. Thanks to the conversion of two filling islands to under filling, RTS tankers are also capable of being serviced now. Turkey’s most admired company... 53 SHELL & TURCAS PETROL Engine Oils SHELL & TURCAS PETROL A.fi. Motor Ya¤lar› 2007 ANNUAL REPORT 2007 FAAL‹YET RAPORU 54 Global Reports LLC Ayr›ca kapal› devre TV sistemi kurularak, tank muayene ve takip program› bafllat›lm›flt›r. ‹SEÇ sistemleri Shell standartlar›na getirilerek emniyet konusunda da önemli ad›mlar at›lm›flt›r. Tank seviye izleme sisteminin montaj çal›flmalar› 2007 sonu itibar›yla devam etmektedir. In addition, a tank inspection and following program was initiated with the installation of a closed circuit TV system. WHSE systems were brought up to Shell standards and important safety steps were taken. Installation works on the tank level tracking system are ongoing as of 2007-end. K›r›kkale Tesisi K›r›kkale Plant K›r›kkale tesisi, 32.500 metrekare alan üzerine kuruludur ve 20.100 m3 depolama kapasitesine sahiptir. Günde ortalama 70 tankerin dolumu yap›lmaktad›r. Tesiste ‹SEÇ kapsam›nda yap›lan kontroller ve denetlemeler sonucunda yap›lan iyilefltirmeler: The K›r›kkale plant is constructed over an area of 32,500 m2 and has 20,100 cubic meters of storage capacity. An average of 70 tankers can be filled per day. The results of the improvements done within the scope of WHSE controls and inspections were as follows: • Ürün boru hatt›nda kaynak yenilemeleri, • Tank taban ve donan›m tadilatlar›, • Tank boya tadilatlar›, • Üstten dolum adalar›na fonksiyonel merdiven ilaveleri, • Korkuluk yükseltme ifllemleri, • Yang›n sistemlerinin iyilefltirilmesi, • Dolum adalar›na emniyet ask› sistemlerinin montaj›d›r. • Welding renewals in product pipelines, • Restorations of the tank floor and equipment, • Tank paint renewal, • Addition of functional stairs to the upper-filling islands, • Rail heightening modifications, • Improvements to fire-alarm systems, • Mounting safety hanger systems to the filling islands. Tesisin STAfi’›n kullan›m›na uygun hale getirilmesi amac›yla yap›lan operasyonel iyilefltirmeler: Operational improvements in order to bring the plant to a suitable state for STAfi's use were as follows: • Rafineriden tanklara ürün alabilecek boru tadilatlar›, • Kara tankeriyle yap›lacak olan ürün ikmalleri için tanker boflaltma mahallindeki tadilatlar, • Yeni bir alttan dolum adas› ilavesi, • Otomatik kat›k sistemi kurulumudur. • Pipe modifications from refinery to tankers, • Modifications around tanker discharge areas for supplies from land tanker, • Addition of a new under-filling island, • Construction of an automatic aid system. Vira Projesi Vira Project Vira projesinin amac›; kullan›lan sistemleri sadelefltirerek farkl›laflt›rmak ve bunun sonucunda bilgiye h›zl› ulaflmakt›r. Projeye fiubat 2007 itibar›yla bafllanm›flt›r. Vira ile geliflen ve yenilenen sistem sayesinde hizmet h›z› artacak ve müflterilere daha kaliteli hizmet sunulacakt›r. The aim of the Vira Project is the differentiation of implemented systems through simplification, resulting in faster retrieval of information. The project was commenced in February 2007. As a result of the renewed and improved system with Vira, better quality service is provided to customers. 2006 Guinness Dünya Rekoru 2006 Guinness World Record Shell “Standart bir araçla dünya turunda en az yak›t tüketimi” konusunda dünya rekoru k›rm›flt›r. John ve Helen Taylor çifti yak›t ekonomisi formülüne sahip Shell Kurflunsuz Benzin sayesinde sadece 24 depoyla dünya turu atm›flt›r. Shell set a new a world record for 'The least fuel consumption for a world tour with a standard vehicle'. The couple, John and Helen Taylor, completed a world tour with only 24 tanks of Shell Unleaded Gasoline with its fuel economy formula. Fark› Yaratan ‹nsand›r Kampanyas› People Create the Difference Campaign Perakende stratejilerinin merkezinde yer alan bu uygulama, Shell & Turcas’› Türkiye’de bir numaraya tafl›yacak en önemli anahtard›r. Oda¤›na müflteri memnuniyetini, hizmet standard›n›, çal›flan performans›n› ve mutlulu¤unu alan “Fark› Yaratan ‹nsand›r” dört y›ll›k çal›flman›n ard›ndan Shell’in var oldu¤u çeflitli ülkelerde hayat bulmufltur. Bu ülkelerin aras›na 2007’de Türkiye de dahil olmufltur. ‹ki yüz on befl istasyonun kat›l›m›yla bafllayan uygulamada bugün 600’den fazla istasyon dünya birincisi olmak için yar›flmaktad›r. This application, at the heart of retail strategies, is the most important key to carrying Shell & Turcas to the number one position in Turkey. Shell applies its “People Create the Difference” campaign, which focuses on customer satisfaction, standard of service, and employee performance and happiness, in various countries after four years of operations. Turkey became one of these countries in 2007. Beginning with the participation of 215 stations, today more than 600 stations compete to be world leader. “Fark› Yaratan ‹nsand›r” kampanyas› 15 fiubat 2007’de 215 istasyonun kat›l›m› ile bafllam›flt›r. Toplam 36 ülkede uygulanan “Fark› Yaratan ‹nsand›r”, 2007’nin ilk çeyre¤inde Türkiye’nin büyük baflar›s›na sahne olmufltur. “People Create the Difference” campaign began on February 15, 2007 with the participation of 215 stations. “People Create the Difference“ was applied in a total of 36 countries, bearing testament to Turkey“s great success in the first quarter of 2007. “People Create the Difference“ aiming for the satisfaction of customers through the highest level of employee performance at the stations, supports the determination of the given target stages with a success memorandum. The four stages in the success memorandum facilitate observation of the level of employees. Also in respect of this, employees make an effort to implement the given targets. Global düzeyde saati ve zaman› bilmeksizin gerçeklefltirilen “Gizli Müflteri” uygulamas› ise belirlenen hizmet maddelerini denetleyen ve kriterleri dünya çap›nda eflit olarak seçilmifl bir uygulamad›r. Türkiye’nin bu uygulamadaki baflar›s› 2007 sonu itibar›yla %89’a tafl›nm›flt›r. The “Secret Customer“, initiated globally without announcing the time and the date, however, is an application for which criteria was chosen equitably throughout the world and inspects determined service items. Turkey“s success in this application increased to a value of 89% by the end of 2007. Müflteri memnuniyetini baz alarak hayata geçirilen “Fark› Yaratan ‹nsand›r” kampanyas› ilk kez, 2006 y›l›nda aralar›nda Norveç, ‹sveç, ‹ngiltere’nin de oldu¤u 12 ülkede uygulanmaya bafllam›flt›r. Kampanyan›n amac› %100 müflteri memnuniyeti gerçeklefltirmektir. Bunun için öncelikli olarak müflteriler istasyona geldi¤inde, nas›l bir hizmetle karfl›lanmak istediklerinin bilinmesi gerekmektedir. Müflterilerin istasyonlara geldiklerinde almak istedikleri hizmetler; mükemmel servis kalitesi (devaml›), h›zl› ve kolay dolum, kaliteli ve farkl›laflt›r›lm›fl ürünler, h›zl› ve kolay ödeme, rekabetçi fiyatlar, sadakat programlar›, gülen personel, ürün çeflitlili¤i olan temiz market, iyi ayd›nlanm›fl ve güvenli ön saha olarak say›labilir. Kampanya kapsam›nda ‹stanbul, Ankara, ‹zmir ve Adana’da dokuz bayi toplant›s› yap›lm›fl ve 500 istasyon müdürü ile 5,000 istasyon personeline e¤itim verilmifltir. 2007 sonu itibar›yla istasyon say›s› 600’e ulafl›rken, y›l içinde Türk istasyonlar› dünya klasman›nda önemli baflar›lara imza atm›flt›r. “People Create the Difference“ campaign based on customer satisfaction first started in 12 countries including Norway, Sweden, and England in 2006. The aim of the campaign is to realize 100% customer satisfaction. To this end, it must be known what kind of service customers want to see upon arrival at stations. These services may be counted as; perfect quality of service (ongoing), fast and easy filling, different and high quality products, fast and easy payment, competitive prices, loyalty programs, smiling employees, a clean store with various products, good lighting and a safe forecourt. Within the scope of this campaign, nine dealer meetings were arranged in Istanbul, Ankara, Izmir, and Adana, and 500 station managers and 5,000 station employees were trained. The number of filling stations reached 600 at the end of 2007, and Turkish stations registered important successes in the world league. SHELL & TURCAS PETROL A.fi. Personelin en üst düzey performans göstererek müflterinin istasyonlardan memnun dönmesini amaçlayan Fark› Yaratan ‹nsand›r, verdi¤i hedeflerin gerçeklefltirilmesi aflamas›nda hangi evrede oldu¤unu baflar› pusulas›yla desteklemektedir. Baflar› pusulas›nda bulunan dört aflama, çal›flanlar›n ne düzeyde oldu¤unu gözlemleme imkan› sunmaktad›r. Çal›flanlar da bu do¤rultuda belirlenen hedeflerini gerçeklefltirmek ad›na daha çok gayret göstermektedirler. 55 SHELL & TURCAS PETROL Global Reports LLC SHELL & TURCAS PETROL A.fi. SHELL & TURCAS PETROL 2007 ANNUAL REPORT Fark› yaratan insand›r... 2007 FAAL‹YET RAPORU 56 Global Reports LLC Araçtan ‹nmeden Ödeme Sistemi In Car Paying System Teknolojinin hayat› kolaylaflt›ran geliflmelerini akaryak›t al›mlar›nda bir ayr›cal›k olarak sunan Shell & Turcas, “Araçtan ‹nmeden Ödeme Sistemi”ni hem Türkiye’de hem de 140 ülke aras›nda ilk kez uygulamaya koymufltur. Yeni sistemle Shell & Turcas istasyonlar›nda kredi kart› ile yak›t alan müflteriler, kasaya gitmeden ve araçtan inmeden, ön saha personelinin sundu¤u POS terminaline flifreleri girerek ödemelerini yapabilmektedirler. ‹lk önce Türkiye’de belirlenen baz› istasyonlarda uygulamaya giren yeni sistemde, ödenecek miktar istasyon otomasyon sisteminden do¤rudan al›nmaktad›r. Ön saha personelinin herhangi bir miktar girifl yapmas›na gerek kalmamaktad›r. Müflterilerine kaliteli yak›t sunma sözünü verirken di¤er yandan da sundu¤u hizmetlerle istasyonlara geldiklerinde yak›t almalar›n› pratiklefltirmeyi hedeflemektedir. In order to provide life-easing improvements of technology as a privilege in fuel purchases, Shell & Turcas set up the “In Car Paying System” applicable for the first time both in Turkey and in 140 countries. With this new system, customers purchasing fuel by credit card at Shell & Turcas stations can pay with wireless POS terminals served by forecourt employees, without getting out of the vehicle to go to the cash register. With the new system, applied in some predetermined stations as a forerunner, the amount of the purchase can be directly taken by the station's automation system. Forecourt personnel need not enter any amount. While promising to provide good quality fuel, Shell & Turcas also aims to ease the procedure of fuel purchase for its customers with the services offered. Kredi kart› iflleminden farkl› olmayan sistemde, akaryak›t al›mlar›n›n gerçekleflti¤i pompa cihaz›n›n yak›n›nda bulunan POS terminaliyle, ön saha personeli müflterilerin ödemelerini al›rken müflteriler de araçlar›ndan inmeden ödemelerini yapabilmektedirler. Al›m bilgilerinin, müflteri taraf›ndan manüel bir ifllem olmadan otomatik olarak banka POS’una iletilmesi sektörde bir ilki temsil etmektedir. Wi-Fi sistemiyle çal›flan, çevre ve insan güvenli¤i için zorunlu olan zone 2 sertifikas›na sahip Verifone POS terminali, al›nan yak›t miktar›n› otomatik alg›layarak hataya imkan tan›mamaktad›r. The system is no different from regular credit card procedure. With the POS terminal next to the active fuel pump, forecourt personnel accept the customers' payment at the pump, and customers can pay without getting out of the car. The automatic transfer of the purchase information to the bank's POS, without any manual entry of the customer, represents a first in the sector. Working with Wi-Fi data phone system, the POS terminal, having a mandatory zone 2 certificate for human and environmental safety, senses the purchased fuel amount automatically and does not fail. ‹stasyon Kategorizasyonu Sistemi Fuel Station Categorization System ‹stasyonlarda madeni ya¤ sat›fl›n› maksimize edebilmek amac›yla 2007 Nisan ay›ndan itibaren bafllayan bir sistemdir. Bu kapsamda potansiyeli en yüksek istasyonlar belirlenmifl ve “Gold-Alt›n” olarak tan›mlanm›flt›r. ‹stasyon Kategorizasyon Sistemi’nin amac› alt›n istasyonlarda Shell’i di¤er firmalardan ay›ran farkl›laflm›fl uygulamalar olan Helix Motor Ya¤› Merkezi, Ya¤ Canl›l›k Testi, Personel/Müdür E¤itim ve Prim Sistemi, Rekabetçi Fiyatland›rma, Taktik Promosyonlar ve Marka ‹letiflimi operasyonel mükemmelli¤i sa¤layarak uygulamakt›r. This system was initiated to maximize fuel sales in stations in April 2007. Within this scope, stations with the highest potential were determined and nominated as “Gold”. The aim of the “Fuel Station Categorization System”, which sets Shell apart from other firms, is to provide and apply implementations such as Helix Motor Oil Center, Oil Liveliness Test, Personnel/Manager Training and Bonus System, Competitive Pricing, Tactical Promotions and Brand Communication in gold stations. Ürüne de¤il duygulara seslenen kampanya Mart 2007’de bafllam›flt›r. Tüm dünyada akaryak›t sektöründe ürüne odaklanmadan duygusal pazarlaman›n kullan›ld›¤› ilk ve tek kampanya özelli¤i tafl›yan “Harekete Geçirir” ile Shell & Turcas, Türkiye akaryak›t sektöründe yine bir ilke imza atm›flt›r. Son y›llarda yapt›¤› tüm pazarlama ve reklam kampanyalar›nda ürüne odaklanan Shell, rotas›n› de¤ifltirerek duygusal pazarlamaya geçmektedir. Shell bundan sonra, üründen çok, marka karakterini ön plana ç›kararak tüketiciyle duygusal ba¤ kurmay› hedeflemektedir. Harekete Geçirir Kampanyas› 2007 y›l›nda dünya genelinde kademeli olarak 140 ülkede lansman› yap›lacak global iletiflim kampanyas› ile hayata geçecektir. Kampanyan›n müflterilerle kurdu¤u ba¤› güçlendirmesini hedeflemektedirler. This campaign, which does not target the product but feelings, began in March 2007. “It Moves” is the first and only campaign in the world's fuel sector, in which emotional marketing techniques are used instead of focusing on the product. With this campaign, Shell & Turcas started another innovative project in the Turkish fuel sector. After focusing solely on the product in every marketing and advertisement project in recent years, Shell changed its route to emotional marketing. Hereinafter, Shell targets emotional connection with consumers while highlighting the brand character more than the product. “It Moves” campaign has started with a global communication project, launching step by step in 140 countries throughout the world in 2007. The campaign aims to strengthen the bond with customers. Ticari Sat›fllar Commercial Sales Ticari sat›fllar akaryak›t ikmali sonras›, müflteri hizmetlerini ve müflteri memnuniyetini en üst seviyeye ç›kartabilmek için Avrupa’daki kart sat›fllar›, Tafl›t Tan›ma Sistemi, dökme akaryak›t ve homebase (büyük flirketlerin kendi depolar›na ikmal) gibi faaliyetleri yürütmektedir. STAfi birleflmesinden sonra ticari sat›fllar a¤› geniflleyerek flu anda 650 istasyona ulaflm›flt›r. In order to raise customer services and satisfaction to the highest level after fuel supplies, commercial sales are conducting activities such as card sales in Europe, Vehicle Recognition System, bulk fuel and home base (supplying big companies' storage facilities). After the creation of STAfi, the commercial sales network was enlarged, and reached a number of 650 fuel stations. People create the difference... 57 SHELL & TURCAS PETROL It Moves Campaign SHELL & TURCAS PETROL A.fi. Global Reports LLC Harekete Geçirir Kampanyas› Global Reports LLC Marmara Petrol ve Rafineri ‹flleri A.fi. Marmara Petroleum & Refining Ödenmifl Sermayesi Paid-in Capital 26.000.000 YTL Hissedarlık Yapısı Ownership Profile 100% Turcas Petrol A.fi. Turcas ile Shell’in akaryak›t da¤›t›m›nda yapm›fl oldu¤u ortakl›ktan dolay›, bu terminalde her iki flirketin sahip oldu¤u hisselere isabet eden depolama kapasitesi Shell & Turcas Petrol A.fi.’ne kulland›r›lmaktad›r. Turcas’›n grup içi yeniden yap›lanmas› çal›flmalar› nedeniyle ATAfi hissedarl›¤› d›fl›nda baflka bir faaliyeti bulunmayan, ancak güçlü bir mali alt yap›ya sahip olan, Marmara’n›n Turcas bünyesindeki elektrik üretim, toptan sat›fl ve da¤›t›m flirketlerini bünyesinde bulunduracak çat› holding flirketine dönüfltürülmesine karar verilmifltir. Bu amaçla bafllat›lan ve sürdürülen ifllemler ile yeni yap› alt›nda flirket faaliyetleri ileri sayfalarda Turcas Enerji Holding A.fi. bölümünde detayl› olarak verilmektedir. Ödenmifl sermayesi 26 Milyon YTL olan Marmara, Turcas Petrol A.fi.’nin %100 ba¤l› ortakl›¤›d›r. Global Reports LLC Today, as a result of investments made after the decision to close down the Refinery and convert it into a large-scale Oil Products Terminal on the Mediterranean coast in 2004, and having obtained its Storage License from EMRA, the ATAfi Terminal is engaged in storage and related services. The Terminal has oil products storage capacity of 570,000 cubic meters, and its own pier at which high-capacity ships can dock. As a result of the partnership of Turcas and Shell concerning fuel distribution, this terminal's storage capacity, corresponding to the combined shares of both companies, is devoted to the use of Shell & Turcas. As a result of Turcas' internal restructuring process, it has been decided that Marmara, which has a strong balance sheet but active only by way of being a shareholder of ATAfi, would be converted into an umbrella holding company that would hold the power generation, wholesale, and distribution companies within the Turcas Group. Turcas Energy Holding section in the following pages of the report explains in detail the process started and ongoing for this purpose, together with company's activities under the new structure. Marmara, with a paid-in capital of YTL 26 million, is a 100% subsidiary of Turcas Petrol. ATAfi Terminali 570.000 m3 petrol ürünü depolama kapasitesine sahiptir. The ATAfi Terminal has oil products storage capacity of 570,000 m3. 59 MARMARA PETROLEUM & REFINING Ortaklar›n 2004 y›l›nda rafineriyi kapatarak tesisi Akdeniz’e k›y›s› olan büyük ölçekli bir Petrol Ürünleri Terminali’ne çevirme karar›ndan sonra yap›lan yat›r›mlar sonucunda bugün ATAfi Terminali, EPDK’dan alm›fl oldu¤u Depoculuk Lisans› çerçevesinde, depolama ve ilgili hizmetleri sunmaktad›r. Terminal 570.000 m 3 petrol ürünü depolama kapasitesine sahiptir. Tesisin, yüksek kapasiteli gemilerin yanaflabildi¤i kendi iskelesi mevcuttur. Established in 1958, Marmara Petroleum and Refining (Marmara) executed activities related to oil and oil products refining, trade, import-export, and storage until recent years. Marmara is a 5% shareholder in the ATAfi Refinery (ATAfi Anadolu Refining), which started operations in Mersin in 1962. Marmara's partners in ATAfi are BP (68%) and Shell (27%). Erdal Aksoy (Baflkan Chairman) Yılmaz Tecmen (Baflkan V. V. Chairman) Banu Aksoy Tarakçıo¤lu (Üye Member) S. Batu Aksoy (Üye Member) MARMARA PETROL VE RAFINERI ‹fiLER‹ A.fi. 1958 y›l›nda kurulmufl olan Marmara Petrol ve Rafineri ‹flleri A.fi. (Marmara), geçti¤imiz senelere kadar her türlü petrol ve petrol ürünlerinin rafinaj›, al›m›-sat›m›, ihrac›-ithali, depolamas› ve ilgili faaliyetleri yürütmekte idi. Marmara, 1962 y›l›nda operasyona bafllayan Mersin’de kurulu ATAfi Rafinerisi (ATAfi Anadolu Tasfiyehanesi A.fi.)’nin %5 oran›nda hissedar›d›r. Marmara’n›n Atafl’taki ortaklar›; BP (%68) ve Shell (%27) firmalar›d›r. Yönetim Kurulu Board of Directors Global Reports LLC SOCAR & Turcas Enerji A.fi. SOCAR & Turcas Energy 50.000.000 YTL Hissedarlık Yapısı Ownership Profile 51% SOCAR (State Oil Company of Azerbaijan Republic) 25% Turcas Petrol A.fi. 24% Aksoy Holding A.fi. Yönetim Kurulu Board of Directors Rövnag Abdullayev (Baflkan Chairman) Erdal Aksoy (Baflkan Vekili Vice Chairman) Y›lmaz Tecmen (Üye Member) S. Batu Aksoy (Üye Member) Vagif Aliyev (Üye Member) Davud Mamedov (Üye Member) Farrukh Gassimov (Üye Member) In the fourth quarter of 2006, Turcas initiated a strategic partnership with the State Oil Company of Azerbaijan Republic (SOCAR), mainly in order to pursue new ventures in the petroleum refining, petrochemical investment, and natural gas sectors. Arising from this, Turcas and SOCAR jointly established a new company named SOCAR & Turcas Energy (STEAfi), in which Turcas owns a 25% stake. SOCAR, hali haz›rda iflletmede olan ve y›ll›k 50 Milyon ton (1 Milyon varil/gün) kapasiteli Bakü-Tiflis-Ceyhan (BTC) Ham Petrol Boru Hatt›’n›n %25 oran›nda hissedar› ve 2009 itibar›yla Azerbaycan Devleti ile birlikte, akan petrolün %80 civar›nda sahibidir. Dolay›s›yla Ceyhan’da çok yüksek miktarlarda ham petrole sahiptir ve bu petrol bugün için Ceyhan üzerinden dünya pazarlar›na sat›lmaktad›r. SOCAR holds a 25% share in the Baku Tbilisi - Ceyhan (BTC) Crude Oil Pipeline, which is currently operational, and has an annual capacity of 50 million tons (1 million barrels per day). SOCAR and the State of Azerbaijan will own approximately 80% of the crude oil flowing from the pipeline as of the upcoming years. As of today, this large quantity of crude oil is sold to the world markets through Ceyhan. Di¤er taraftan, 2007 y›l› içinde Bakü-TiflisErzurum (BTE) fiah Deniz Do¤algaz Boru Hatt›’n›n inflaat› da tamamlanm›flt›r. SOCAR, bu boru hatt›n›n sahibi olan konsorsiyumun da hissedar› olmakla beraber, içinden geçecek do¤algaz kapasitelerini kontrol etmektedir. Bugün bu boru hatt›ndan BOTAfi’a y›lda 6,6 milyar m3 do¤algaz sat›lmaktad›r. Ancak fiah Deniz Projesi’nin ikinci faz›n›n tamamlanmas› ile 2012’den itibaren çok daha büyük miktarlarda do¤algaz, SOCAR kontrolünde, Türkiye ve Avrupa’ya ihraç edilebilecektir. In addition, the construction of the Baku Tbilisi - Erzurum (BTE) Shah Deniz Natural Gas Pipeline was completed in 2007. SOCAR aside from being a shareholder of the pipeline consortium, controls significant capacities of natural gas flowing through the line. Today, BOTAfi purchases 6.6 billion cubic meters of natural gas from this pipeline. Upon completion of the second phase of the Shah Deniz Project in 2012, greater quantities of natural gas will beexportable to Turkey and Europe by SOCAR. SOCAR, Ceyhan’da çok yüksek miktarlarda ham petrole sahiptir ve bu petrol bugün için Ceyhan üzerinden dünya pazarlar›na sat›lmaktad›r. SOCAR possesses a large quantity of crude oil in Ceyhan, and this is sold to the world through Ceyhan today. 61 SOCAR & TURCAS ENERGY Turcas, bafll›ca petrol rafinericili¤i, petrokimya yat›r›mlar› ve do¤algaz sektörlerindeki faaliyetlerine iliflkin Azerbaycan’›n devlet petrol ve do¤algaz flirketi olan State Oil Company of Azerbaijan Rupublic (SOCAR) ile 2006’n›n son çeyre¤inde stratejik bir ortakl›¤a imza atm›flt›r. Bunun sonucu olarak Turcas’›n %25 oran›nda hissedarl›¤›yla, SOCAR ile ortak SOCAR & Turcas Enerji A.fi. (STEAfi) adl› ortak giriflim flirketi kurulmufltur. SOCAR & TURCAS ENERJ‹ A.fi. Global Reports LLC Ödenmifl Sermayesi Paid-in Capital SOCAR & TURCAS ENERJ‹ A.fi. 2007 ANNUAL REPORT SOCAR & TURCAS ENERGY 2007 FAAL‹YET RAPORU 62 SOCAR ve Turcas’›n petrol sektöründeki tecrübe ve faaliyetlerini STEAfi bünyesinde birlefltirmelerinin sebebi, iki orta¤›n Türkiye’de kurulu bölgenin lider entegre petrol ve gaz flirketini oluflturma hedefleridir. Global Reports LLC SOCAR ve Turcas’›n petrol sektöründeki tecrübe ve faaliyetlerini STEAfi bünyesinde birlefltirmelerinin sebebi, iki orta¤›n Türkiye’de kurulu bölgenin lider entegre petrol ve gaz flirketini oluflturma hedefleridir. Bunu gerçeklefltirmenin yolu da SOCAR’›n sahip oldu¤u petrole dayal› bir petrol rafinerisi ve petrokimya tesisleri yat›r›m›n› bir an önce hayata geçirerek, bu sayede downstream entegrasyonu sa¤lamak ve ham petrolü yüksek ve katma de¤erli petrol ve petrokimya ürünlerine dönüfltürerek ülke ekonomisine hizmet etmek ve katma de¤eri ortakl›k bünyesinde tutarak ilave yat›r›mlara yönelmektir. The reason for this combination of experience and activities of SOCAR and Turcas in the petroleum sector under STEAfi is the partners' target of becoming the region's leading integrated oil and gas company, headquartered in Turkey. The realization of this will be possible through the oil refinery and petrochemicals complex investment, thus securing downstream integration, serving the Country's economy by converting crude oil into higher value added oil and petrochemicals products, and making it possible to make further investments by keeping the created value within the organization. Bu ba¤lamda STEAfi, 2007 y›l› içinde Ceyhan’da y›lda 10 Milyon ton ham petrol iflleme kapasiteli bir petrol rafinerisi kurmak amac›yla EPDK’ya baflvurmufltur. Bunun paralelinde uluslararas› dan›flmanlar vas›tas›yla teknik ve ekonomik fizibilite çal›flmalar›n› bafllatm›flt›r. Üçüncü taraflara uluslararas› piyasa etütleri yapt›rm›fl, arsa seçimini tamamlam›fl, sat›nalma ve kamulaflt›rmaya iliflkin prosedürleri bafllatarak ÇED çal›flmas›n› ihale etmifltir. STEAfi, 2008’in ilk yar›s› içinde EPDK’dan Rafineri Lisans›’n› almay› ve bunu takiben temel mühendislik, finansman ve mühendislik çal›flmalar›n› bafllatmay› planlamaktad›r. STEAfi, 2010’da inflaat›na bafllamay› planlad›¤› petrol rafinerisini 2012-2013 y›llar›nda ticari iflletmeye almay› hedeflemektedir. In this context, STEAfi applied to EMRA in mid 2007 to build a grassroots oil refinery with an annual capacity of 10 million tons in Ceyhan. Parallel to this, technical and economic feasibility studies were initiated by hiring international advisors. STEAfi had third parties conduct market studies, concluded the land choice, started some purchases and nationalization process, and awarded the EIA contract. The Company plans to obtain its Refinery License from EMRA within the first half of 2008, and following this to commence basic engineering, finance and engineering works. STEAfi aims to start the refinery construction in 2010 and its operations in 2012-2013. STEAfi, Temmuz 2007’de yap›lan Petkim Petrokimya Holding A.fi.’nin %51 oran›ndaki hisselerinin özellefltirme ihalesine, ço¤unluk hisselerine sahip oldu¤u, SOCAR & Turcas - Injaz adl› bir Ortak Giriflim Grubu (OGG) kurarak girmifl, teklif etmifl oldu¤u bedel ile Özellefltirme ‹daresi Baflkanl›¤› taraf›ndan ihaleyi kazanan flirket olarak belirlenmifltir. Suudi kökenli Injaz flirketi de petrokimya sektöründeki tecrübelerini OGG’na katarak ortakl›¤›n kendisi, Türkiye petrokimya sektörü dolay›s›yla ülke ekonomisi için en etkin ifl plan›n› oluflturmas›na katk› sa¤lam›flt›r. ‹hale sürecinin uzamas› nedeniyle, STEAfi 2008’in ilk yar›s› itibar›yla Petkim’i devralmay› amaçlamaktad›r. STEAfi participated in July 2007 in the privatization tender for 51% of PETK‹M Petrochemical Holding's shares by establishing a consortium named SOCAR & Turcas - Injaz Consortium, and was awarded the right to acquire the company by the Privatization Administration (PA) as per its price proposal. The Saudi Arabia originated Injaz, bringing its experience of the petrochemicals sector to the Consortium, also helped the partnership in developing an effective business plan for the country's economy regarding the sector. Since the tender process overran, STEAfi is planning to take over PETK‹M before the end of the first half of 2008. Bu konu ile ilgili olarak STEAfi Nisan 2008’de sermayesine %99,75 oran›nda ifltirak etti¤i SOCAR & Turcas Petrokimya A.fi. adl› flirketi kurmufltur. In relation to this process, STEAfi established in April 2008 a new company named SOCAR & Turcas Petrochemicals, holding 99.75% of its share capital. STEAfi, do¤algaz piyasas›n›n liberalleflmesine paralel olarak Azeri do¤algaz›n› Türkiye’ye ithal ederek iç piyasada kullan›c›lara satmak ve toptan sat›fl faaliyetlerinde bulunmay› hedeflemektedir. In parallel with the liberalization of the natural gas market, STEAfi aims to import natural gas from Azerbaijan to Turkey in order to import and wholesale it in the domestic Turkish market. STEAfi aims to be the one of the most effective integrated oil and gas companies in and around Turkey with its Ceyhan Oil Refinery Project, its projected possession of control over PETK‹M, and the leading role it plans to play regarding the importation of Azeri natural gas into Turkey. Ödenmifl sermayesi 50 Milyon YTL olan SOCAR & Turcas Enerji A.fi.’nin hisselerinin %51’i SOCAR’a, %25’i Turcas Petrol A.fi.’ne, %24’ü de Aksoy Holding A.fi.’ne aittir. SOCAR owns 51%, Turcas Petrol owns 25%, and Aksoy Holding owns 24% of SOCAR & Turcas Energy, which currently has a paid-in capital of YTL 50 million. SOCAR & TURCAS ENERJ‹ A.fi. STEAfi’›n Ceyhan Petrol Rafinerisi Projesi ve Petkim’i sat›n almas›, ayr›ca Azeri do¤algaz›n›n Türkiye’ye ithalat›nda almay› planlad›¤› öncü rol ile birlikte Türkiye ve civar ülkeleri kapsayan bölgenin en etkin entegre petrol ve gaz flirketlerinden biri olmas› öngörülmektedir. The reason for this combination of experience and activities of SOCAR and Turcas in the petroleum sector under STEAfi, is the target of becoming the region’s leading integrated oil and gas company, headquartered in Turkey. 63 SOCAR & TURCAS ENERGY Global Reports LLC Global Reports LLC Turcas Gaz Toptan Sat›fl A.fi. Turcas Gas Trading Ödenmifl Sermayesi Paid-in Capital 2.700.000 YTL Hissedarlık Yapısı Ownership Profile 100% Turcas Petrol A.fi. Bu amaçla yola ç›k›larak 2005 y›l› Haziran ay›nda kurulan ve Turcas Petrol A.fi. (Turcas)’nin %100 oran›nda ba¤l› ortakl›¤› olan Turcas Gaz Toptan Sat›fl A.fi. (Turcas Gaz), do¤algaz piyasas›ndaki serbestleflme sürecinin aktif bir kat›l›mc›s› olarak 17 May›s 2007 tarihinde EPDK’dan 30 y›l süre ile do¤algaz toptan sat›fl faaliyeti gerçeklefltirmek üzere lisans›n› alm›flt›r. 19 Aral›k 2007 tarihinde do¤algaz›n sevk›yat›n›n bafllamas› ile Turcas Gaz, Türkiye do¤algaz piyasas›nda bir ilke imza atm›fl, serbest tüketici müflterisine tedarik yoluyla do¤algaz satan ilk özel toptan sat›fl flirketlerinden biri olarak serbestleflme sürecinde öncü bir rol üstlenmifltir. Turcas Gaz, kuruluflundan bu yana yurtiçi faaliyetlerinin yan› s›ra çok uluslu enerji firmalar› ile iflbirli¤i yaparak, do¤algaz ticareti konusunda uluslararas› bilgi birikimi ve deneyimi elde etmifltir. Turcas Gaz, al›fl-sat›fl mekanizmalar›n›n çal›flmaya bafllad›¤›, mevzuat›n olufltu¤u ve piyasa ihtiyaçlar›na yönelik geliflti¤i, k›sacas› serbest piyasan›n olufltu¤u bu dönemde, ticaret hacmini her y›l önemli miktarda art›rarak ithalat/toptan sat›fl pazar›n›n lider özel sektör flirketlerinden biri olmay› hedeflemektedir. Önümüzdeki dönemlerde do¤algaz ithalat›n›n serbestçe yap›labilecek olmas› da Turcas Gaz’›, do¤al kaynak zengini Azerbaycan ve ‹ran gibi komflu ülkelerle gelifltirmifl oldu¤u iflbirli¤i ve ortakl›klar sayesinde, stratejik olarak avantajl› bir konuma getirecektir. Ödenmifl sermayesi 2,7 Milyon YTL olan Turcas Gaz, Turcas Petrol A.fi.’nin %100 ba¤l› ortakl›¤›d›r. Global Reports LLC Upon the start of liberalization of the natural gas market with Law No. 4646 in 2001, the intention was to make the natural gas sector financially strong, stable and transparent for the purpose of supplying natural gas to consumers in the frame of quality, continuity and compatibility. With this aim in mind Turcas Gas Trading (Turcas Gas), a wholly owned subsidiary of Turcas Petrol, established in June 2005, and an active participant in the liberalization process of the natural gas market, obtained a 30-year Natural Gas Wholesale License from EMRA to perform natural gas import and wholesale operations on May 17, 2007. Turcas Gas obtained annual natural gas selling rights of 100 million cubic meters through its collaboration with Shell Energy, which obtained annual natural gas import rights of 250 million cubic meters from the Import Contract Release Tenders of BOTAfi on November 30, 2005. With the commencement of natural gas importation on December 19, 2007, Turcas Gas broke new ground in the natural gas sector and took a leading role in the liberalization process as one of the first private companies that started selling natural gas to its eligible customers through bilateral contracting. Since its establishment, Turcas Gas has acquired international knowledge and experience through collaborations with multinational energy companies in addition to domestic activities. During this period of deregulation, in which trading mechanisms began operating, market oriented legislation was formed and improved upon. Turcas Gas aims to be one of the leading private companies in the import/wholesale market by significantly increasing its trade volumes year on year. Since natural gas importation is expected to be liberalized in the near future, Turcas Gas holds a strategically advantageous position through improving collaborations and cooperations with natural resource rich countries such as Azerbaijan and Iran. Turcas Gas, a wholly owned subsidiary of Turcas Petrol, has a paid-in capital of YTL 2.7 million. 65 TURCAS GAS TRADING 30 Kas›m 2005 tarihinde yap›lan BOTAfi ‹thalat Sözleflmeleri Devri ‹halesi’nde y›ll›k 250 Milyon Sm3 gaz ithal etme hakk› kazanan Shell Enerji A.fi. ile var›lan iflbirli¤i çerçevesinde Turcas Gaz, y›ll›k 100 Milyon Sm3 do¤algaz›n sat›fl hakk›n› elde etmifltir. Erdal Aksoy (Baflkan Chairman) Yılmaz Tecmen (Baflkan V. V. Chairman) M. ‹lhan Nebio¤lu (Üye Member) Banu Aksoy Tarakçıo¤lu (Üye Member) S. Batu Aksoy (Üye Member) TURCAS GAZ TOPTAN SATIfi A.fi. 2001 y›l›nda yay›nlanan 4646 say›l› Do¤algaz Piyasas› Kanunu ile do¤algaz›n kaliteli, sürekli, ucuz, rekabete dayal› esaslar çerçevesinde tüketicilerin kullan›m›na sunulmas› için, do¤algaz piyasas›n›n serbestlefltirilerek mali aç›dan güçlü, istikrarl› ve fleffaf olmas› amaçlanm›flt›r. Yönetim Kurulu Board of Directors Global Reports LLC Turcas Enerji Holding A.fi. Turcas Energy Holding 26.000.000 YTL Hissedarlık Yapısı Ownership Profile 100% Turcas Petrol A.fi. Yönetim Kurulu Board of Directors Erdal Aksoy (Baflkan Chairman) Yılmaz Tecmen (Baflkan V. V. Chairman) Banu Aksoy Tarakçıo¤lu (Üye Member) S. Batu Aksoy (Üye Member) The significant increase in demand for electricity paralleling Turkish economic and industrial growth, allied with the potential for capital investments, have opened the way for the strategic interest of Turcas Petrol (Turcas) in the power sector. Turcas, bünyesinde var olan ve ileride kuraca¤› elektrik enerjisi üretim, toptan sat›fl ve da¤›t›m ifltiraklerini tek çat› alt›nda toplamay› planlamaktad›r. Bu amaçla, ATAfi hissedarl›¤› d›fl›nda bir faaliyeti olmayan, ancak mali yap›s› kuvvetli %100 ba¤l› ortakl›¤› Marmara Petrol ve Rafineri ‹flleri A.fi.’nin ticari unvan›n›n Turcas Enerji Holding A.fi.’ne dönüfltürülmesine iliflkin gerekli ifllemleri bu Rapor’un bas›m tarihi itibar›yla bafllatm›fl olup ilgili ifltiraklerini bu holding bünyesinde toplam›flt›r. Aslen bu fiirket Marmara’n›n kendisidir, ancak fiirket’in yeni yap›s› ve faaliyetleri ile ilgili daha detayl› içerik sa¤lamak amac›yla bu sayfada fiirket bilgileri yeniden verilmektedir. Turcas has decided to bring its existing and future power generation, trading and distribution subsidiaries under the umbrella of a sub holding company. To this end, the process of changing the commercial title of the wholly owned subsidiary, Marmara Petroleum and Refining, which has a strong balance sheet but active by way of only being a shareholder of ATAfi, to Turcas Energy Holding, was commenced as of the publication date of this report. In fact, this company is Marmara itself, but in order to provide detailed content about the new structure and activities of the company, some of its data is repeated here. Turcas Enerji Holding, Türkiye ve civar ülkelerde elektrik üretimi, ticareti ve da¤›t›m›na iliflkin yat›r›m ve ifltirakleri ile en önde gelen enerji flirketlerinden biri olmay› ve entegre elektrik flirketi olarak sermaye piyasalar›nda halka aç›lmay› hedeflemektedir. Turcas Energy Holding aims to be one of the top companies in and around Turkey with investments and subsidiaries in the fields of power generation, trading and distribution and to go public in international capital markets as an integrated power utility. Elektrik Üretimi ve Toptan Sat›fl› Electricity Generation and Trading Turcas Enerji Holding, hali haz›rda Turcas Elektrik Üretim A.fi. (TEÜAfi)’nin sermayesinin %97,5 oran›nda, Turcas Elektrik Toptan Sat›fl A.fi. (TETSAfi)’nin sermayesinin de %67 oran›nda sahibidir. TEÜAfi ve TETSAfi’›n sermayelerinin geri kalan, s›ras›yla %2,5 ve %33 hisselerinin sahibi de direkt olarak Turcas’t›r. Bir önceki sene Turcas’›n bu flirketlerde direkt sahip oldu¤u %97,5 ve %67 oran›ndaki hisseler, bu iki fiirket’in sermayelerinin 2007 y›l› içinde - s›ras›yla 14 Milyon YTL ve 3 Milyon YTL’ye - art›r›lmas› ve Turcas’›n rüçhan haklar›n›n Turcas Enerji Holding’e (Marmara’ya) devredilmesi ve Turcas Enerji Holding’in art›r›lan sermayeyi flirketlere aktarmas› yöntemiyle Turcas Enerji Holding’in olmufltur. Turcas Energy Holding is a 97.5% shareholder of Turcas Power Generation (TPG), and a 67% shareholder of Turcas Power Trading (TPT). The rest of the shares of TPG and TPT, respectively 2.5% and 33%, belong directly to Turcas. One year ago, Turcas directly held all these shares but then the paid-in capitals of these two companies were raised to YTL 14 million and YTL 3 million respectively, where Turcas turned over its capital raise rights to Turcas Energy Holding (Marmara) and the raised capital was transferred to the companies, granting ownership of these shares to Turcas Energy Holding. 67 TURCAS ENERGY HOLDING Türkiye’nin ekonomik geliflimine ve büyümesine paralel olarak elektrik ihtiyac›n›n önemli ölçüde art›yor olmas› ve yat›r›mlar için potansiyel vadeden önemli bir pazar olmas›, Turcas Petrol A.fi. (Turcas)’nin de elektrik sektörüne stratejik olarak ilgi duymas›na yol açm›flt›r. TURCAS ENERJ‹ HOLD‹NG A.fi. Global Reports LLC Ödenmifl Sermayesi Paid-in Capital 2007 ANNUAL REPORT Elektrik Da¤›t›m› Electricity Distribution Elektrik da¤›t›m› konusunda Turcas, Özellefltirme ‹daresi taraf›ndan ihaleye ç›kar›lacak olan elektrik da¤›t›m bölgelerinin özellefltirmesine beraber kat›lmak amac›yla ‹spanya’n›n en büyük enerji flirketlerinden Iberdrola S.A. ile stratejik bir iflbirli¤i gelifltirmifl, bu çerçevede 30 May›s 2006’da Hissedarlar Anlaflmas› imzalam›fl ve Ortak Giriflim Grubu (OGG) kurmufltur. Bu anlaflmaya göre ihalelerde baflar›l› olunmas› durumunda kurulacak anonim flirket(ler)in %70 oran›nda hissedar› Iberdrola, %30 oran›nda hissedar› da Turcas Grubu flirketleri olacakt›r. Regarding electricity distribution, Turcas enhanced a strategic cooperation with one of Europe's largest energy companies, Iberdrola of Spain, and then signed a Shareholders Agreement on May 30, 2007, in order to jointly participate in the privatizations of electricity distribution regions to be performed by the Privatization Administration of Turkey as a consortium. According to this agreement, Iberdrola will own 70% and Turcas will own 30% of the companies to be established upon successful tendering process. OGG’nun ilk hedefi, ‹stanbul Anadolu Yakas› Elektrik Da¤›t›m A.fi. (AYEDAfi) ve Sakarya Elektrik Da¤›t›m A.fi. (SEDAfi)’nin hisselerinin ‹flletme Hakk› Devri esas›na göre özellefltirme ihalesini kazanmakt›r. Bu ba¤lamda OGG bu iki bölge için 1 Kas›m 2006 tarihinde Ö‹B’dan Önyeterlilik alm›flt›r. OGG bu iki bölgenin d›fl›ndaki di¤er bölgelerle de ilgili olarak çal›flmalar yürütmektedir. The consortium's first target is to win the privatization bids for the sale of shares of the Istanbul Anatolian Side Electricity Distribution (AYEDAfi) and Sakarya Electricity Distribution (SEDAfi) regions. In this context, our consortium was pre-qualified for these regions by the PA on November 1, 2006. The consortium also executes projects related to the privatization of other regions. 2007 y›l› bafl›nda da¤›t›m bölgeleri özellefltirme ihalelerinin ertelenmesi sebebiyle bu süreyi daha önceki çal›flmalar›n› gelifltirerek ve güncelleyerek geçiren Iberdrola & Turcas OGG, 2008 y›l›nda bu özellefltirmelerin yap›lmas› olas›l›¤›na karfl›l›k ekipleri aras›ndaki düzenli toplant›lar› yeniden bafllatm›fl olup Ö‹B’ndan bu konuda gelecek aç›klamalar takip etmektedir. 2007 FAAL‹YET RAPORU 68 Ödenmifl sermayesi 26 Milyon YTL olan Turcas Enerji Holding A.fi., Turcas Petrol A.fi.’nin %100 ba¤l› ortakl›¤›d›r. Turcas Energy Holding, a wholly owned subsidiary of Turcas Petrol, has a paid-in capital of YTL 26 million. EPC (Mühendislik-Sat›nalma-Taahhüt) Hizmetleri EPC (Engineering - Procurement - Construction) Services Turcas ifltiraklerinin do¤algaz, kömür, rüzgar, hidrolik ve nükleer gibi çeflitli kaynaklara dayal› enerji yat›r›m, elektrik da¤›t›m›, yeni bir petrol rafinerisi ve petrokimya tesisi kurma ve var olan petrokimya tesislerini bünyesine kat›p kapasite art›r›m yat›r›mlar› ile büyümek gibi birçok projesi bulunmaktad›r. Bu durum Turcas’›n, Turcas Elektrik ve Gaz Grubu / Turcas Enerji Holding bünyesinde deneyimi ve kapasitesiyle kendini kan›tlam›fl bir ekipten Turcas EPC ad›nda bir bölüm yaratmas› f›rsat›n› do¤urmufltur. Turcas subsidiaries and affiliated companies have a number of projects such as electricity generation investments based on coal, gas, wind, hydraulic and nuclear sources, electricity distribution, construction of a new oil refinery and petrochemicals complex and, along with growing capacity, capex investments in petrochemicals business. This situation creates an opportunity for Turcas to create a new division named Turcas EPC from a team that had proved themselves with their experience and capacity within the Turcas Power & Gas Group / Turcas Energy Holding. Turcas EPC, enerji tesisleri, tesislerin ana bak›m, modifikasyon, iyilefltirme iflleri ile saha iflleri için komple genel taahhüt, alt yüklenici yönetimi, inflaat yönetimi, mühendislik-sat›nalma-taahhüt (EPC) dahil her türlü hizmeti sunabilmektedir. Turcas EPC offers a complete range of construction services, including general contracting, subcontracting, construction management, Engineering-ProcurementConstruction (EPC) services for complete power facilities, major plant maintenance, modification, renovation work, and site services. Turcas EPC, proje ve inflaat yönetimi kapasitesi, deneyimli tafleronlar›, iyi yap›land›r›lm›fl kaynak yönetimi uygulamalar› ile enerji sektöründe mükemmelli¤e odaklanm›fl bir organizasyon olarak an›lmay› amaç edinmifltir. Global Reports LLC Since privatization of the electricity distribution companies was postponed at the beginning of 2007, Iberdrola & Turcas Consortium continued to develop and update the projects during this period, and initiated regular meetings between the teams in view of the probability of the Government renewing the privatizations in 2008. The partnership follows the announcements on the subject to come from the PA. With reliable project and construction management capacity, experienced subcontractors, and well-structured resource management methods, Turcas EPC aims to be recognized throughout the energy sector as an organization committed to excellence. Turcas EPC taraf›ndan sa¤lanan h‹zmetler afla¤›dakileri kapsamaktad›r: • Mühendislik Yönetimi • Sat›nalma Yönetimi • ‹nflaat Yönetimi • Tüm Projenin Yönetimi • Finans Yönetimi • Anahtar Teslimi EPC ve Devreye Alma Turcas EPC, müflteriye projenin bütün yönlerini tek bir kaynak sorumlulu¤unda kontrol edebilme imkân› sunan verimli, deneyimli ve bilgili bir proje ve inflaat yönetimi ekibi kuracak tecrübe ve kaynaklara sahiptir. Turcas EPC’nin proje yönetimi yaklafl›m›, projenin tüm fazlar›n› baflar›ya ulaflt›racak planlama, izinler ve lisanslar, ön tasar›m, tasar›m mühendisli¤i, sat›nalma, saha hizmetleri, inflaat, ön iflletme, devreye alma ve kesin kabul gibi alt sistemlerden oluflmaktad›r. Turcas EPC proje finansman›n›n yan› s›ra ticari, vergisel ve yasal uygulamalar için lojistik de sa¤layabilmektedir. Özellikle Turcas Elektrik Üretim A.fi.’nin E.ON ile kurmufl oldu¤u ortak flirketler vas›tas›yla yapmay› planlad›¤› 800 MW kurulu gücündeki (Denizli) do¤algaz santrali ve yine yaklafl›k 800 MW kurulu gücünde olmas› planlanan ithal kömüre dayal› elektrik santrali projesinde de Turcas EPC, anahtar teslimi görev alacak flirketlerle iflbirli¤i gerçeklefltirmeyi böylece Gruba önemli sinerji ve kazan›mlar yaratmay› planlamaktad›r. Global Reports LLC Engineering Management Procurement Management Construction Management Overall Project Management Finance Management Turnkey EPC and Commissioning Turcas EPC, providing the client with a single source of responsibility to control every aspect of a project, possesses the experience and resources to put together a tried and trusted, and knowledgeable project and construction management team. Turcas EPC's approach to project management includes subsystems for accomplishing all phases of the project; including project planning, permits and licensing, conceptual design, design engineering, procurement, site services, construction, preoperation, start-up and final completion. Turcas EPC can also provide support for project finance, and logistical support for commercial applications, tax related and legal applications. In 2007 Turcas EPC developed various projects in foreign markets such as Azerbaijan and Iran. These projects are based on the Energy Conversion Agreement, which will be signed due to the low cost of natural resources in both countries, and can be realized by potential subsidiaries of Turcas, taking responsibility as EPC and/or EPC Management (EPCM) in natural gas fired power plant investments, or by providing EPCM services to completely third parties. Turcas EPC aims to provide services to energy projects performed by investors with different profiles, using its relevant experience, supported by the livening up and acceleration of investments in the Turkish energy sector during 2007-2008. Turcas EPC plans to collaborate with the turnkey contractors to be selected for especially the 800 MW (Denizli) CCGT project and the 800 MW imported coal fired power plant project which TPG plans to realize through the joint venture companies created with E.ON, hence potentially creating important synergy and benefits to the Group. 69 TURCAS ENERGY HOLDING Turcas EPC, Türkiye enerji piyasas›nda 2007-2008 itibar›yla yat›r›mlar›n canlanmas› ve ivme kazanmas›na istinaden de¤iflik profillerde yat›r›mc›lar taraf›ndan yap›lacak enerji projelerine bu konudaki deneyimlerine dayanarak hizmet vermeyi hedeflemektedir. • • • • • • TURCAS ENERJ‹ HOLD‹NG A.fi. Turcas EPC, 2007 y›l›nda özellikle Azerbaycan ve ‹ran gibi yurtd›fl› piyasalarda çeflitli projeler gelifltirmifltir. Bunlar her iki ülkede de do¤al kaynaklar›n bol ve düflük maliyetli olmas›ndan dolay› imzalanacak Enerji Dönüflüm Anlaflmalar›na istinaden, Turcas’›n da potansiyel olarak yat›r›mlar›na kat›larak gerçeklefltirilebilecek, do¤algaz atefllemeli elektrik santrali yat›r›mlar›nda Turcas ve/veya ortak giriflimler fleklinde EPC ve/veya EPC Management (EPCM) sorumluluklar› almak veya tamamen üçüncü taraflara EPCM hizmetleri vermektir. Services provided by Turcas EPC include the following: Global Reports LLC Turcas Elektrik Üretim A.fi. Turcas Power Generation 14.000.000 YTL Hissedarlık Yapısı Ownership Profile 97,5 % Turcas Enerji Holding A.fi. 2,5 % Turcas Petrol A.fi. Yönetim Kurulu Board of Directors Turcas Power Generation (TPG), a subsidiary of Turcas Energy Holding, aims to make green-field and brown-field energy investments, and to take its place in international markets as one of the top power generation companies in Turkey and its surrounding region, with a diversified generation portfolio. TEÜAfi, özellikle Türkiye’de ba¤›ms›z üretim flirketi, uluslararas› platformlarda da yapifllet-devret, yap-ifllet, iflletme hakk› devri ve/veya di¤er modellerde projeler gelifltirmektedir. As an independent generation company, Turcas Power Generation develops buildoperate-transfer, build-own-operate, and/or other type of projects, mainly in Turkey, and also on an international platform. TEÜAfi faaliyet alanlar›n› gelifltirirken rüzgar, do¤algaz, kömür ve linyit, s›v› yak›tlar, nükleer, hidrolik, biokütle ve günefl gibi kaynaklara dayal› üretim projelerine odaklanmaktad›r. Turcas Power Generation is focused on generating projects based on natural resources such as, wind, natural gas, coal and lignite, liquid fuels, nuclear, hydraulic, biomass and solar in its fields of activity. TEÜAfi afla¤›daki sorumluluklar› üstlenmektedir: TPG undertakes the following responsibilities: • Projelerinin tek bafl›na ya da yerli-yabanc› yat›r›mc›lar ve/veya proje gelifltiricileri ile iflbirli¤i içinde finansal yap›s›n› oluflturmak, • Gerekli izin ve onaylar›n al›nmas›n› sa¤lamak, • Projenin mühendislik, sat›n alma, inflaat (EPC) ve devreye alma baz›nda tafleronlara verilmesini üstlenmek, • Tesisin ticari iflletmesini yapmak. • Establishing the financial structure of its projects, either alone or in partnership with domestic/international investors and/or developers, • Securing the required permits and approvals, • Contracting projects in terms of engineering, procurement, construction (EPC) and commissioning, • Undertaking the commercial operation of power plants. 71 TURCAS POWER GENERATION Turcas Enerji Holding’in ba¤l› ortakl›¤› Turcas Elektrik Üretim A.fi. (TEÜAfi), yeni enerji tesisleri kurmak ve kârl›l›¤› yüksek kurulu tesisleri bünyesine katmak suretiyle yat›r›mlar yapmay› ve çeflitlendirilmifl üretim portföyü ile Türkiye ve civar ülkelerdeki lider elektrik üretim firmalar›ndan biri olmay› hedeflemektedir. Erdal Aksoy (Baflkan Chairman) Yılmaz Tecmen (Baflkan V. V. Chairman) M. ‹lhan Nebio¤lu (Üye Member) Banu Aksoy Tarakçıo¤lu (Üye Member) S. Batu Aksoy (Üye Member) TURCAS ELEKTR‹K ÜRET‹M A.fi. Global Reports LLC Ödenmifl Sermayesi Paid-in Capital TURCAS ELEKTR‹K ÜRET‹M A.fi. TURCAS POWER GENERATION TEÜAfi, EPDK’dan alm›fl oldu¤u Elektrik Üretim Lisans› çerçevesinde, ‹stanbul’da sahip oldu¤u 1,66 MW kurulu gücündeki Kojenerasyon (birleflik ›s› ve elektrik) Tesisi’ni iflletmektedir. T.C. Enerji ve Tabii Kaynaklar Bakanl›¤› taraf›ndan 5 Nisan 2007 tarihinde onaylanan bu tesis, flu ana kadar ülkemizde kurulmufl olan en yüksek verimli kojenerasyon tesislerinden biridir. Tesisin 2007 y›l›na ait üretim bilgileri afla¤›daki gibidir: 2007 ANNUAL REPORT Elektrik üretimi: Toplam ›s› üretimi: Bina ›s›tmas› için s›cak su: Buhar: Kullan›m için s›cak su: Aç›k havuz ›s›tmas›: 4.347.881 kWh 3.626.930 kWh 1.020.320 kWh 2.545.579 kWh 60.103 kWh 928 kWh TPG, having obtained its power generation license from EMRA, operates a wholly-owned cogeneration (combined heat and power) plant with an installed capacity of 1.66 MW in Istanbul. This plant, approved by the Ministry of Energy and Natural Resources on April 5, 2007, is now among the most efficient cogeneration plants in the country. The plant's generation statistics for 2007 are as follows: Power Generation: 4,347,881 kWh Total Heat Generation: 3,626,930 kWh Hot water for central heating systems:1,020,320 kWh Steam: 2,545,579 kWh Hot water for use: 60,103 kWh Heating systems for outdoor pools: 928 kWh Bu tesisin direkt sahipli¤i ve iflletmecili¤inin yan› s›ra, TEÜAfi’›n ana hedefi uluslararas› flirketlerle iflbirli¤i ve ortakl›klar vas›tas›yla büyük ölçekli ve çeflitlendirilmifl enerji üretim yat›r›mlar›na odaklanmak oldu¤u için TEÜAfi bu kapsamda kurulacak flirketlere ifltirak edecek bir (elektrik üretim) ara holdingi konumundad›r. Aside from the ownership and management of this plant, TPG acts as a sub (electricity generation) holding company that participates in the operating companies that are established as per TPG's strategy of cooperating or partnering with international companies and focusing on large-scale and diversified power generation investments. TEÜAfi’›n hedefi 2014 itibar›yla hisselerine düflen öz kurulu güç kapasitesini 500 MW seviyelerine ç›karmakt›r. TPG aims to increase its equity share of installed power capacity to a level around 500 MW by 2014. Bu hedef do¤rultusunda TEÜAfi, do¤algaz ve ithal kömüre dayal› yaklafl›k 800’er MW kurulu gücünde iki enerji santrali yat›r›m›n› beraber yapmak üzere dünyan›n en büyük enerji flirketlerinden Alman E.ON Grubu ile ortakl›k sürdürmektedir. Bu kapsamda 2007 y›l› içinde kurulmufl olan E.ON & Turcas Güney Elektrik Üretim A.fi. ve E.ON & Turcas Kuzey Elektrik Üretim A.fi. flirketlerinin sermayelerinin %30’una ifltirak etmifltir. With this aim in mind, TPG maintains a partnership with E.ON, one of the world's top energy companies, in order to invest in two large scale power plants, one based on natural gas and the other one based on imported coal, each with a power capacity of app. 800 MW. Hence, TPG participated in 30% shareholding capitals of each E.ON & Turcas South Power Generation and E.ON & Turcas North Power Generation, both established in late 2007. TEÜAfi, portföyünü daha da çeflitlendirmek ve sürdürülebilir/yenilenebilir kaynaklara dayal› yat›r›mlar yapmak amac›yla yine 2007 y›l› içinde kurdu¤u Turcas Rüzgar Enerji Üretim A.fi.’nin sermayesine %100 oran›nda ifltirak etmifltir. In order to diversify its portfolio with renewable and sustainable energy investments, Turcas Power Generation established, in the last quarter of 2007, Turcas Wind Power Generation, a wholly-owned subsidiary. 2007 FAAL‹YET RAPORU 72 TEÜAfi’›n hedefi 2014 itibar›yla hisselerine düflen öz kurulu güç kapasitesini 500 MW seviyelerine ç›karmakt›r. Global Reports LLC Bu ifltirakler vas›tas›yla TEÜAfi, 2011 y›l›nda öz kurulu güç kapasitesini do¤algaz kaynakl› 240 MW’a, 2012 itibar›yla rüzgar yat›r›mlar›n›n da eklenmesiyle en az 340 MW’a, 2014’de de ithal kömüre dayal› santralin devreye al›nmas› ile 580 MW civarlar›na ç›karmay› hedeflemektedir. With the realization of these projects, TPG aims to increase its equity installed capacity in 2011 to 240 MW based on natural gas, to 340 MW in 2012 with the addition of wind investments to the portfolio, and then to around 580 MW by 2014 with the start of operation of imported coal fired generation. Ödenmifl sermayesi 14 Milyon YTL olan TEÜAfi’nin hisselerinin %97,5’i Turcas Enerji Holding A.fi.’ne, %2,5’i de Turcas Petrol A.fi.’ne aittir. The paid-in capital of TPG is YTL 14 million. 97.5% of TPG shares belong to Turcas Energy Holding where the remaining 2.5% belong directly to Turcas Petrol. TGP aims to increase its equity power capacity based on its JV shares to a level of 500 MW by 2014. TURCAS ELEKTR‹K ÜRET‹M A.fi. 73 TURCAS POWER GENERATION Global Reports LLC Global Reports LLC E.ON & Turcas Güney Elektrik Üretim A.fi. E.ON & Turcas South Power Generation 50.000 YTL Hissedarlık Yapısı Ownership Profile 70% E.ON Holding A.fi. 30% Turcas Elektrik Üretim A.fi. Yönetim Kurulu Board of Directors Dr. Ingo Luge (Baflkan Chairman) Erdal Aksoy (Baflkan V. V. Chairman) Ansgar W. Peis (Üye Member) S. Batu Aksoy (Üye Member) Berhard Michels (Üye Member) Jörg Röthemeir (Üye Member) Genel Müdür Managing Director Finans Müdürü Head of Finance Helmut Asam Egemen Lipinski E.ON & Turcas South Power Generation (E.ON & Turcas South) Joint Venture Company was officially established on December 7, 2007 by Turcas Power Generation and E.ON Holding, a wholly-owned subsidiary by E.ON Kraftwerke GmbH, based on the Memorandum of Understanding signed on June 7, 2007 and the Shareholders Agreement signed in Hannover on September 14, 2007, between the parties. E.ON & Turcas Güney’in hedefi, Denizli ili Kakl›k mevkiinde 800 MW kurulu güce sahip, y›lda 6,5 milyar kilowattsaat elektrik enerjisi üretecek bir do¤algaz atefllemeli kombine çevrim termik santrali kurmak ve iflletmektir. E.ON & Turcas South aims to build and operate an 800 MW natural gas fired combined cycle power plant in Kakl›k, Denizli, which would generate app. 6.5 billion kWh of electricity per year. Bu ba¤lamda E.ON & Turcas Güney, 17 Aral›k 2007 tarihinde EPDK’ya resmen Elektrik Üretim Lisans baflvurusunu yapm›fl ve EPDK’dan olumlu ön görüfl yaz›s›n› alm›flt›r. fiirket’in 2008 y›l› A¤ustos ay› itibar›yla 49 y›l süreli¤ine lisans›n› almas› hedeflenmektedir. Hence E.ON & Turcas South filed an Electricity Generation License application to EMRA on December 17, 2007 and received a pre-acceptance notification. It is expected to receive a 49-year license by August 2007. E.ON & Turcas Güney’in program›na göre, 2008 y›l› içerisinde santralin kurulaca¤› arazinin sat›n al›nmas›, nihai fizibilite çal›flmalar›n›n mühendislik firmas› taraf›ndan sonuçland›r›lmas›, ÇED’in Bakanl›¤a sunumu ve onay›, santralin inflaat› ve iflletilmesi için gerekli tüm ruhsat ve izinlerin al›nmas›, BOTAfi ile gaz tedarik, kullan›m ve ba¤lant› anlaflmas›n›n, TE‹Afi ile de kullan›m ve ba¤lant› anlaflmalar›n›n yap›lmalar› ve ana müteahhidin seçilerek nihai anlaflmaya var›lmas› öngörülmektedir. According to the project schedule, E.ON & Turcas South plans to complete the land acquisition, finalize the feasibility studies, submit and obtain the approvals for the Environmental Impact Assessment; get all the necessary permissions for the construction of the plant; enter into the gas supply and grid connection agreements with BOTAfi, enter into the system use and connection agreements with TE‹Afi, and finalize the turnkey contract with the selected main EPC contractor, by the end of 2008. Toplam yat›r›m tutar›n›n yaklafl›k 450 Milyon Euro civar›nda olmas› beklenen yat›r›m›n inflaat›na 2009 y›l›n›n ikinci yar›s›n›n bafl›nda bafllanmas› ve 2011 y›l›n›n son çeyre¤inde ticari iflletmeye geçilmesi planlanmaktad›r. It is projected to start the construction by the end of the first half of 2009 and commence the operation by the last quarter of 2011. Total cost of the investment is estimated to be 450 Million Euro. Ödenmifl sermayesi 50.000 YTL olan E.ON & Turcas Güney’in hisselerinin %70’i E.ON Holding A.fi.’ne, %30’u da Turcas Elektrik Üretim A.fi.’ne aittir. E.ON & Turcas South's start-up paid-in capital is YTL 50,000. E.ON Holding owns 70% and Turcas Power Generation owns 30% of the company shares. 75 E.ON & TURCAS SOUTH POWER GENERATION Turcas Elektrik Üretim A.fi. (TEÜAfi) ile E.ON Kraftwerke GmbH’›n, Türkiye’de kurulu, %100 ba¤l› ortakl›¤› E.ON Holding A.fi. (E.ON), taraflar›n 7 Haziran 2007’de imzalam›fl olduklar› Niyet Mektubu ve 14 Eylül 2007 tarihinde Hannover’de imzalam›fl olduklar› Hissedarlar Anlaflmas›’na istinaden, 7 Aral›k 2007 tarihinde E.ON & Turcas Güney Elektrik Üretim A.fi. (E.ON & Turcas Güney) unvanl› ortak giriflim flirketini resmen kurmufllard›r. E.ON & TURCAS GÜNEY ELEKTR‹K ÜRET‹M A.fi. Global Reports LLC Ödenmifl Sermayesi Paid-in Capital Global Reports LLC E.ON & Turcas Kuzey Elektrik Üretim A.fi. E.ON & Turcas North Power Generation Ödenmifl Sermayesi Paid-in Capital 50.000 YTL Hissedarlık Yapısı Ownership Profile 70% E.ON Holding A.fi. 30% Turcas Elektrik Üretim A.fi. Genel Müdür Managing Director Finans Müdürü Head of Finance Helmut Asam Egemen Lipinski E.ON & Turcas North Power Generation (E.ON & Turcas North) Joint Venture Company was officially established on December 7, 2007 by Turcas Power Generation and E.ON Holding, a whollyowned subsidiary by E.ON Kraftwerke GmbH, based on the Memorandum of Understanding signed on June 7, 2007 and the Shareholders Agreement signed in Hannover on September 14, 2007, between the parties. E.ON & Turcas Kuzey’in hedefi 800 MW kurulu güce sahip y›lda 6 milyar kilowattsaat elektrik enerjisi üretecek ithal kömüre dayal› bir termik santrali kurmak ve iflletmektir. E.ON & Turcas North aims to build and operate an 800 MW imported coal fired power plant, which would generate app. 6 billion kWh of electricity per year. Bu ba¤lamda E.ON & Turcas Kuzey bu yat›r›m için arazi seçimi ve EPDK’ya 49 y›ll›k Elektrik Üretim Lisans› baflvurusu yapma haz›rl›klar› içerisindedir. Hence E.ON & Turcas North is in the process of site selection for this project and plans to apply to EMRA for a 49-year Electricity Generation License. E.ON & Turcas Kuzey, 2008 y›l› içinde arazi ile ilgili ifllem ve uzun süreli elektrik ve buhar sat›fl›na iliflkin ön anlaflmalar›n yap›lmas›n›, 2009 y›l› içinde de lisans alman›n yan› s›ra temel mühendislik çal›flmalar›n›n tamamlanmas› ve kullan›lacak teknolojinin seçiminin sonuçland›r›lmas›n› öngörmektedir. E.ON & Turcas North plans to finish all procedures concerning site selection and to make pre-agreements for long-term electricity and steam sales within 2008, and to conclude basic engineering works, licensing procedures, and selection of the most suitable technology in 2009. Toplam yat›r›m tutar›n›n yaklafl›k 1 milyar Euro civar›nda olmas› beklenen yat›r›m›n inflaat›na 2010 y›l›n›n ikinci yar›s›n›n bafl›nda bafllanmas› ve 2014 y›l› itibar›yla ticari iflletmeye geçilmesi planlanmaktad›r. It is projected to start construction by the end of the first half of 2010 and commence operation by 2014. Total cost of the investment is estimated to be 1 Billion Euro. Ödenmifl sermayesi 50.000 YTL olan E.ON & Turcas Güney’in hisselerinin %70’i E.ON Holding A.fi.’ne, %30’u da Turcas Elektrik Üretim A.fi.’ne aittir. E.ON & Turcas North's start-up paid-in capital is YTL 50,000. E.ON Holding owns 70% and Turcas Power Generation owns 30% of the company shares. Toplam yat›r›m tutar›n›n yaklafl›k 1 Milyar Euro civar›nda olmas› beklenmektedir. Total cost of the investment is estimated to be 1 Billion Euro. 77 E.ON & TURCAS NORTH POWER GENERATION Global Reports LLC Dr. Ingo Luge (Baflkan Chairman) Erdal Aksoy (Baflkan V. V. Chairman) Ansgar W. Peis (Üye Member) S. Batu Aksoy (Üye Member) Berhard Michels (Üye Member) Jörg Röthemeir (Üye Member) E.ON & TURCAS KUZEY ELEKTR‹K ÜRET‹M A.fi. Turcas Elektrik Üretim A.fi. (TEÜAfi) ile E.ON Kraftwerke GmbH’›n Türkiye’de kurulu %100 ba¤l› ortakl›¤› E.ON Holding A.fi. (E.ON), taraflar›n 7 Haziran 2007’de imzalam›fl olduklar› Niyet Mektubu ve 14 Eylül 2007 tarihinde Hannover’de imzalam›fl olduklar› Hissedarlar Anlaflmas›’na istinaden, 7 Aral›k 2007 tarihinde E.ON & Turcas Kuzey Elektrik Üretim A.fi. (E.ON & Turcas Kuzey) unvanl› ortak giriflim flirketini resmen kurmufllard›r. Yönetim Kurulu Board of Directors Global Reports LLC Turcas Rüzgar Enerji Üretim A.fi. Turcas Wind Energy Generation Ödenmifl Sermayesi Paid-in Capital 500.000 YTL Hissedarlık Yapısı Ownership Profile 100% Turcas Elektrik Üretim A.fi. TREÜAfi 2007 y›l› içerisinde seçmifl oldu¤u sahalara 2008 y›l› içinde rüzgar ölçüm direklerini dikerek bir y›ll›k ölçümler yapmay›, ÇED çal›flmalar›n› tamamlamay›, tedarikçiler ile görüflmelerini nihai aflamaya getirmeyi, baflvurular›na istinaden EPDK’dan lisanslar›n› almay› ve 2009 y›l› içerisinde uygun buldu¤u sahalarda rüzgar türbini yat›r›mlar›n› gerçeklefltirerek elektrik enerjisi üretmeyi hedeflemektedir. Global Reports LLC Turcas Wind Energy Generation (Turcas Wind) was established by Turcas Power Generation on October 25, 2007 as a wholly-owned subsidiary with the intention of diversifying its power generation projects portfolio and of realizing green-field renewable and sustainable energy investments. Turcas Wind applied to EMRA on November 1, 2007 to obtain Power Generation Licenses for a total of 400 MW wind farm projects to generate a total of 1.2 billion kWh per year. These projects are; 70MW in Gömeç (Buhaniye, Bal›kesir), 50MW in Kartalkaya (Silifke, Mersin), 50 MW in Gümüflçay (Biga, Çanakkale), 100 MW in Hac›ömerli (Alia¤a, Mersin), 30 MW in Geyikli (Ezine, Çanakkale) and 100 MW in Bink›l›ç (Çatalca, ‹stanbul). Turcas Wind plans to make wind data measurements by planting masts on the selected sites, conclude the Environmental Impact Assessment report, finalize negotiations with turbine suppliers, receive the required licenses from EMRA in 2008, and to build the wind farms and start generating electricity after 2009. Toplam yat›r›m tutar› yaklafl›k 400 Milyon Euro civar›nda olmas› beklenen yat›r›mlar›n inflaat›na 2009 y›l›n›n ilk yar›s› içinde bafllanmas› ve 2010 y›l› itibar›yla ticari iflletmeye geçilmesi planlanmaktad›r. It is projected to start construction within the first half of 2009 and commence operation by 2010. Total cost of the investments is estimated to be around 400 Million Euro. TEÜAfi, Dubai merkezli Innovative Energy Group (IEG) ile TREÜAfi’daki hisselerinin %50’sini satmak üzere ortakl›k görüflmelerine devam etmektedir. IEG’nin Almanya’da kurulu hisselerinin %100’üne sahip oldu¤u ba¤l› ortakl›¤› Innovative Wind Power (IWP) 1,25 MW - 5 MW aral›¤›nda çeflitli boyutlarda rüzgar türbinleri üretmekte, dolay›s›yla ortakl›¤a gerek erken teslimat gerekse fiyat rekabeti aç›lar›ndan önemli sinerji ve avantajlar katmas› beklenmektedir. Turcas Power Generation is involved in ongoing negotiations with the Dubai based Innovative Energy Group (IEG) to sell 50% of its shares in Turcas Wind. Innovative Wind Power (IWP), a wholly-owned subsidiary of IEG established in Germany, manufactures wind turbines at a size range between 1.25 MW to 5 MW, and is expected to add synergy and benefits to the partnership, such as early deliveries and competitive pricing. Ödenmifl Sermayesi 500.000 YTL olan TREÜAfi, Turcas Elektrik Üretim A.fi.’nin %100 ba¤l› ortakl›¤›d›r. Turcas Wind is a wholly-owned subsidiary of Turcas Power Generation, and has a paid-in capital of YTL 500,000. 79 TURCAS WIND ENERGY GENERATION Gömeç’te (Bal›kesir, Burhaniye) 70 MW, Kartalkaya’da (Mersin, Silifke) 50 MW, Gümüflçay’da (Çanakkale, Biga) 50 MW, Hac›ömerli’de (Manisa, Alia¤a) 100 MW, Geyikli’de (Çanakkale, Ezine) 30 MW ve Bink›l›ç’ta (‹stanbul, Çatalca) 100 MW olmak üzere EPDK’ya 400 MW kurulu güç ve y›lda yaklafl›k 1,2 milyar kilowattsaat rüzgardan elektrik enerjisi üretmek üzere Elektrik Üretim Lisans baflvurusunda bulunmufltur. Erdal Aksoy (Baflkan Chairman) Yılmaz Tecmen (Baflkan V. V. Chairman) Banu Aksoy Tarakçıo¤lu (Üye Member) S. Batu Aksoy (Üye Member) TURCAS RÜZGAR ENERJ‹ ÜRET‹M A.fi. Çeflitlendirilmifl elektrik üretim portföyüne, yenilenebilir ve sürdürülebilir enerji yat›r›mlar› katmak amac›yla Turcas Rüzgar Enerji Üretim A.fi. (TREÜAfi) 25 Ekim 2007 tarihinde TEÜAfi’›n %100 ba¤l› ortakl›¤› olarak resmen kurulmufl ve 1 Kas›m 2007 tarihinde: Yönetim Kurulu Board of Directors Global Reports LLC Turcas Elektrik Toptan Sat›fl A.fi. Turcas Power Trading 3.000.000 YTL Hissedarlık Yapısı Ownership Profile 67% Turcas Enerji Holding A.fi. 33% Turcas Petrol A.fi. Yönetim Kurulu Board of Directors Erdal Aksoy (Baflkan Chairman) Yılmaz Tecmen (Baflkan V. V. Chairman) M. ‹lhan Nebio¤lu (Üye Member) Banu Aksoy Tarakçıo¤lu (Üye Member) S. Batu Aksoy (Üye Member) In 2001, Turkey took the first step towards adapting to the global liberalization trend in energy markets by enacting the Electricity Market Law No. 4628 and its related regulations. 2000 y›l›nda kurularak 5 Haziran 2003 tarihinde Türkiye’de ilk özel sektör Elektrik Toptan Sat›fl Lisans›’n› alan Turcas Elektrik Toptan Sat›fl A.fi. (TETSAfi) Turcas Enerji Holding’in ba¤l› ortakl›¤› konumundad›r. Turcas Power Trading (TPT), a subsidiary of Turcas Energy Holding, was established in 2000, and obtained the first private sector Electricity Wholesale License in Turkey on June 5, 2003. TETSAfi, özellikle TEÜAfi’›n ifltirak hisselerinden dolay› sahip olaca¤› öz kurulu güçten kaynaklanacak elektri¤in iç piyasada toptan sat›fl ve ticaretini yapmay› hedeflemektedir. Turcas Power Trading aims to wholesale and trade the power supplied from, and correspond to the shares in, the operating subsidiaries of Turcas Power Generation in the domestic market. TETSAfi, ticaret hacmi, ithalat ve ihracat ba¤lant›lar› ve uluslararas› iflbirlikleri ile Türkiye elektrik toptan sat›fl piyasas›n›n öncü kurulufllar›ndan biri olmay› hedeflemektedir. TPT's goal is to be one of the leading companies in the power trading market of Turkey with its trade capacity, export connections and international partnerships. Elektrik üretim tesislerinin optimum verimde çal›flmas›n› sa¤lamak ve ülkemizin enerji köprüsü niteli¤indeki stratejik konumundan kaynaklanan avantajlar›n› en üst seviyede kullanmak TETSAfi’›n öncelikli amac›d›r. fiirket, ülkemizdeki elektrik tüketicisi endüstriyel ve ticari kurulufllara en uygun koflullarda güvenilir enerji temin edip yurtiçi ve yurtd›fl› rekabet güçlerinin artmas›na katk›da bulunmay› misyon edinmifltir. The primary mission of TPT is to help generation facilities to operate to optimum efficiency and to benefit from the advantages of Turkey's strategic position as an energy bridge and terminal. The company's mission is to contribute to the domestic and international competitive strength of energy consuming industrial and commercial facilities throughout our country, by supplying them with reliable energy under the best possible conditions. 2006 y›l›n›n A¤ustos ay›nda fiili olarak uygulanmaya bafllayan Dengeleme ve Uzlaflt›rma Yönetmeli¤i ile elektrik fiyatlar› ve piyasada dengeleme ve uzlaflt›rma ifllemleri gerçek zamanl› elektrik arz ve talebine göre belirlenmeye bafllam›flt›r. TETSAfi, teknolojik altyap›s›n›, sadece bugünün gereksinimlerini de¤il yeniden yap›land›r›lan elektrik piyasalar›n› göz önünde bulundurarak oluflturmaktad›r. With the enactment of the Balancing and Reconciliation Regulation in August 2006, real-time supply and demand of active energy began to determine electricity pricing, as well as balancing and reconciliation in the market. At TPT, we have designed our technological infrastructure, bearing in mind not only today's requirements but also the re-structuring of the electricity markets. TETSAfi 2007 y›l›nda portföyünde bulunan serbest tüketicilere ve TE‹Afi’a toplam 8.854.199 kWh sat›fl yapm›flt›r. TPT sold a total of 8,854,199 kWh of electricity to its customers and TE‹Afi in 2007. Ödenmifl sermayesi 3 Milyon YTL olan TETSAfi’›n ortakl›k yap›s›; %67 Turcas Enerji Holding A.fi. ve %33 Turcas Petrol A.fi. olarak da¤›lm›flt›r. TPT's paid-in capital is YTL 3 million and 67% of the company is owned by Turcas Energy Holding while the remaining 33% is owned directly by Turcas Petrol. 81 TURCAS POWER TRADING Türkiye, 2001 y›l›nda yürürlü¤e giren 4628 say›l› Elektrik Piyasas› Kanunu ve ilgili mevzuat› ile, dünya çap›nda serbestleflme e¤iliminde olan dünya piyasalar›na uyum sa¤lamak konusunda ilk ad›m› atm›flt›r. TURCAS ELEKTR‹K TOPTAN SATIfi A.fi. Global Reports LLC Ödenmifl Sermayesi Paid-in Capital Kurumsal Yönetim ‹lkeleri Uyum Raporu 1- Kurumsal Yönetim ‹lkelerine Uyum Beyan› 1- Declaration of Compliance with Corporate Governance Principles 82 Turcas Petrol A.fi. (Turcas veya fiirket)’nin pay sahiplerinin Kurumsal Yönetim ‹lkelerinde 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. 2007 FAAL‹YET RAPORU Corporate Governance Principles Compliance Report Genel prensipleri itibar›yla fiirket’in finansal durumuna ve faaliyet sonuçlar›na etki edecek durumlar zaman geçirmeksizin do¤ru, eksiksiz, anlafl›labilir bir flekilde kamuya aç›klanmaktad›r. 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. 2007 ANNUAL REPORT BÖLÜM I PAY SAH‹PLER‹ fiirketimizin 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› fiirket aleyhine aç›lan dava yoktur. fiirketimizin Yönetim Kurulu, TTK, fiirket Ana Sözleflmesi ve SPK prosedürleri ile genel kabul görmüfl etik kurallar Global Reports LLC 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. Our 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 an industry requirement, 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 initiated against the Company due to alleged damages to the environment. çerçevesinde sorumluluklar›n› yürütmektedir. Yönetim Kurulu SPK Tebli¤i’ne uygun olarak icradan sorumlu olmayan iki üyeden oluflan bir Denetim Komitesi teflkil etmifltir. BÖLÜM I - PAY SAH‹PLER‹ 2- Pay Sahipleri ‹le ‹liflkiler Pay sahipleri ile ilgili ifllemler Mali Bölüm bünyesinde takip edilmektedir. Konuyla ilgili olarak: 2- Relations with Shareholders Relations with shareholders are dealt with by staff from the Finance Division. The focal persons on this issue are: Engin Çaylan Muhasebe Personeli +90 212 259 0000 (x1253) engin.caylan@turcas.com.tr Nurettin Demircan Assistant Accounting Manager +90 212 259 0000 (x1251) nurettin.demircan@turcas.com.tr Nesrin Aflula Muhasebe Personeli +90 212 259 0000 (x1256) nesrin.asula@turcas.com.tr Engin Çaylan Accounting Clerk +90 212 259 0000 (x1253) engin.caylan@turcas.com.tr Ayr› bir birim oluflturulmamas›n›n gerekçesi fayda - maliyet aç›s›ndan organizasyon içerisinde de¤erlendirildi¤inde birimin kay›p zaman fazlal›¤›d›r. Nesrin Aflula Accounting Clerk +90 212 259 0000 (x1256) nesrin.asula@turcas.com.tr 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 shareholders, and public disclosures. During the current period, around 400 requests have been received, and all answered. 83 CORPORATE GOVERNANCE PRINCIPLES COMPLIANCE REPORT C. Yusuf Ata Assistant Accounting Manager +90 212 259 0000 (x1205) yusuf.ata@turcas.com.tr Bu grubun bafll›ca faaliyetleri SPK-‹MKBTakasbank iliflkileri, sermaye art›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 400 civar›ndaki baflvurunun tamam› yan›tlanm›flt›r. Global Reports LLC PART I - SHAREHOLDERS Nurettin Demircan Muhasebe Müdür Yard›mc›s› +90 212 259 0000 (x1251) nurettin.demircan@turcas.com.tr görev yürütmektedirler. PART I SHAREHOLDERS KURUMSAL YÖNET‹M ‹LKELER‹ UYUM RAPORU C. Yusuf Ata Muhasebe Müdür Yard›mc›s› +90 212 259 0000 (x1205) yusuf.ata@turcas.com.tr Our Company’s Board of Directors fulfills its functions and responsibilities in strict conformity with the provisions of the Turkish Commercial Code, the Company’s Articles of Association, 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 two non-executive members in accordance with the relevant notifications of the Capital Markets Board. KURUMSAL YÖNET‹M ‹LKELER‹ UYUM RAPORU 2007 ANNUAL REPORT CORPORATE GOVERNANCE PRINCIPLES COMPLIANCE REPORT BÖLÜM I PAY SAH‹PLER‹ fiirketin Yat›r›mc› ‹liflkileri ile ilgili olarak Yönetim Kurulu Üyeleri Sn. Batu Aksoy, Sn. Süreyya Serdengeçti yerli ve özellikle uluslararas› yat›r›mc›larla görüflmek, yat›r›m konferanslar›na Turcas ad›na kat›lmak ve temsil etmek ve yat›r›mc›lar›n olas› tüm sorular›n› yan›tlamak görevlerini üstlenmifllerdir. Turcas, var olan ve potansiyel yat›r›mc›lar› ile yurtiçinde ve yurtd›fl›nda düzenli olarak görüflmeler yapmakta, fiirket’in ve ifltiraklerinin faaliyetleri, projeleri, mali yap›lar› vb. tüm konularda ve Türkiye’deki makro ekonomik durum ve geliflmelerle ilgili detayl› bilgi ak›fl› ve güncellemeleri en fleffaf flekilde sa¤lamaktad›r. 2006 y›l› içinde aktif olarak bafllat›lan Yat›r›mc› ‹liflkileri faaliyetleri kapsam›nda 2006 y›l›nda toplam 69, 2007 y›l›nda da toplam 102 uluslararas› yat›r›mc›/fon ile görüflme yapm›flt›r. The reason for not establishing a separate unit is its excess of time loss, evaluating within the organization, according to benefit-cost. Regarding the Investor Relations of the Company, Directors of the Board Mr. Batu Aksoy and Mr. Süreyya Serdengeçti have undertaken the task of interviewing with local and especially international investors, joining investment conferences on behalf of and representing Turcas, and answering all the possible questions of the investors. Turcas makes regular interviews with existing and potential investors at home and abroad, provides detailed information flow and updates about all subjects such as the activities, projects and financial situations of the Company and its subsidiaries, macro economic situation and developments in Turkey in the most transparent way. Investor relations activities in Turcas started in 2006. In 2006, the Company realized 69 international investor/fund interviews and 102 in 2007. 3- Pay Sahiplerinin Bilgi Edinme Haklar›n›n Kullan›m› 3- Use of Information Rights by Shareholders Pay sahipleri dönem içinde yaklafl›k 400 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 kâr›, özel durum aç›klamalar› vb. Talep edilen bilgiler sözel ve/veya yaz›l› olarak cevaplanmaktad›r. During the current period, shareholders have made approximately 400 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. 2004 y›l›ndan itibaren pay sahipli¤i haklar›n›n kullan›m›n› etkileyecek geliflmeler SPK - TÜB‹TAK/Bilten ortak projesi olan KAP (Kamuyu Ayd›nlatma Projesi) kapsam›nda elektronik ortamda duyurulmaya bafllanm›flt›r. Since 2004, any and all 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-TÜB‹TAK/Bilten. 2007 FAAL‹YET RAPORU 84 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. Global Reports LLC 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. 4- Genel Kurul Bilgileri 4- Information on General Assembly Meetings fiirket’in 2006 y›l› hesap dönemine iliflkin Ola¤an Genel Kurul Toplant›s› 25.04.2007 tarihinde Conrad ‹stanbul Oteli’nde gerçekleflmifltir. The Annual Ordinary Meeting of the General Assembly of Shareholders relating to the 2006 accounting period of the Company was held in the Conrad Istanbul Hotel on 25.04.2007. Toplam 105.000.000 adet hisseden %57,82 hisseye sahip ortaklar›m›z ve menfaat sahipleri ile bir grup medya da toplant›ya ifltirak etmifltir. 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 Bilanço 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 toplant›s›n›n sonunda dilekler ve temennilere yer verilmektedir. Bu kapsamda toplant›ya kat›lan pay sahiplerinin vermifl oldu¤u öneriler toplant› divan›nca de¤erlendirilerek, Genel Kurul’un onay›na göre sonuçland›r›lmaktad›r. Global Reports LLC Pursuant to Article 27 of the Articles of Association, announcements of 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 with 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 receive 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. 85 CORPORATE GOVERNANCE PRINCIPLES COMPLIANCE REPORT fiirket hisse senetlerinin tamam› nama yaz›l› olup, hisse senedi sahiplerine iliflkin kay›tlar güncel olarak fiirket 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. Shareholders representing 57.82% of the total 105,000,000 shares, as well as stakeholders and some press and media representatives attended the meeting. KURUMSAL YÖNET‹M ‹LKELER‹ UYUM RAPORU 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 Bilanço ve Kâr-Zarar Tablosu ve vekâletname örne¤ini içeren davet mektuplar› taahhütlü olarak ortaklara gönderilmifltir. PART I SHAREHOLDERS KURUMSAL YÖNET‹M ‹LKELER‹ UYUM RAPORU CORPORATE GOVERNANCE PRINCIPLES COMPLIANCE REPORT 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 Sözleflmesi’nde 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. 2007 ANNUAL REPORT Genel Kurul’a kat›l›m› kolaylaflt›rmak amac›yla gazete ilanlar› verilmekte ve ortaklar›m›za taahhütlü ça¤r› mektuplar› gönderilmektedir. 2007 FAAL‹YET RAPORU 86 BÖLÜM I PAY SAH‹PLER‹ Genel Kurul Toplant› Tutanaklar› Ticaret Sicili’nde ve fiirket merkezinde pay sahiplerinin incelemesine aç›k tutulmaktad›r. 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. fiirketimizde karfl›l›kl› ifltirak içinde olan ve hâkimiyet iliflkisini getiren bir ortakl›k mevcut de¤ildir. fiirket yönetiminde 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, Global Reports LLC The last item of the General Assembly meeting agenda is to hear wishes 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 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 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. 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. Cumulative voting rights are not allowed in the Company management, 6- Profit Distribution Policy and Time of Profit Distribution According to our Articles of Association, there is no preference in the participation of the Company profit. prensip olarak TTK ve SPK’nun ilgili tebli¤lerine uygun olarak dönem kâr›ndan geçmifl dönemlerin zararlar›n›n mahsubundan sonra da¤›t›labilecek kâr oluflmas› durumunda SPK ve TTK hükümleri çerçevesinde da¤›t›labilecek kâr rakam›n›n alt›nda kalmamak üzere Yönetim Kurulu’nca Genel Kurul’un onay›na sunulmakta ve da¤›t›m yasal süreler içerisinde tamamlanmaktad›r. Turcas’›n 2007 ve izleyen y›llara iliflkin Kâr Da¤›t›m Politikas›’n›n belirlenmesi hakk›nda Yönetim Kurulumuzun 18.04.2007 tarih ve 2007/8 No.lu karar› gere¤i; Bölgesel ve Entegre Bir Enerji fiirketi olma hedefindeki Turcas kurumsal kimli¤i, hedefleri ve vizyonuyla, istikrarl› büyüme, devaml› kâr etme, düzenli kâr pay› da¤›tma ve fiirket de¤erini yükselterek mevcut ve potansiyel tüm yat›r›mc›lar›n› memnun etmeyi hedeflemektedir. fiirket Ana Sözleflmesi’nin “Kâr’›n Tevzi” adl› 40. Maddesinde Kâr Da¤›t›m› Politikas› Türk Ticaret Kanunu ve Sermaye Piyasas› Kurulu’nun ilgili hükümlerine uygun olarak düzenlenmifl bulunmaktad›r. Bu çerçevede; 2007 ve izleyen y›llara iliflkin Kâr Da¤›t›m Politikas› olarak; Türk Ticaret Kanunu’nun ve Sermaye Piyasas› Kanunu’nun ilgili tebli¤lerine uygun olarak Dönem Kâr›ndan Geçmifl Dönem Zararlar›n›n mahsubu, ödemekle yükümlü oldu¤u Vergiler ve Yasal Yedekler ayr›ld›ktan sonra Da¤›t›labilecek Kâr oluflmas› durumunda; Sermaye Piyasas› Kurulu ve Türk Ticaret Kanunu hükümleri çerçevesinde da¤›t›labilecek asgari kâr rakam›n›n alt›nda kalmamak üzere Yönetim Kurulu’nca al›nacak Kâr Da¤›t›m Karar›, Genel Kurul’un onay›na sunulacakt›r. Global Reports LLC Article 40 of the Articles of Association regulates the profit distribution policy in accordance with the relevant provisions of the Turkish Commercial Code (TCC). In accordance with the provisions of the TCC and the notifications of the Capital Market Board (CMB), the distributable profit remaining after deduction of losses of previous years from any profit of the current period which shall not be less than the distributable profit amount in accordance with the provisions of CMB and TTC, 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 time period. The decree of our Board of Directors dated April 18, 2007 and numbered 2007/8, determining the Profit Distribution Policy of Turcas for 2007 and the ensuing years is: Turcas - with its vision, new corporate image and objective of becoming a regional and integrated energy company - maintains as its goals; to grow in a stable way, profit continuously, pay out dividends regularly and to satisfy its current and potential investors by increasing the Company value. Article 40 of the Articles of Association regulates the “Profit Distribution Policy” in accordance with the relevant provisions of the Turkish Commercial Code (TCC) and Capital Markets Board (CMB). In this context, for 2007 and corresponding ensuing years, as the profit distribution policy in accordance with the relevant provisions of the Turkish Commercial Code (TCC) and Capital Markets Board (CMB), the Distributable Profit remaining after deduction of Losses of Previous Years from any Profit of the Current Period, Taxes and Legal Reserves obliged to be paid, which shall not be less than the distributable profit amount in accordance with the provisions of CMB and TTC, is distributed to the shareholders upon approval of the profit distribution motion of the Board of Directors by the General Assembly of Shareholders. PART I SHAREHOLDERS KURUMSAL YÖNET‹M ‹LKELER‹ UYUM RAPORU 2007 ANNUAL REPORT CORPORATE GOVERNANCE PRINCIPLES COMPLIANCE REPORT BÖLÜM II KAMUYU AYDINLATMA VE fiEFFAFLIK 7- Paylar›n Devri 7- Transfer of Shares 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. 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. 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. 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. BÖLÜM II - KAMUYU AYDINLATMA VE fiEFFAFLIK PART II - PUBLIC DISCLOSURE AND TRANSPARENCY 8- fiirket Bilgilendirme Politikas› 8- Company Disclosure Policy fiirketimizin bilgilendirme politikas› yaz›l› olarak düzenlenmemifltir. Ancak genel prensipler itibar›yla 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. 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 mentioned in section 2 above, as part of our disclosure policy. 2007 FAAL‹YET RAPORU 88 Global Reports LLC fiirketimizin yaz›l› olmayan bu bilgilendirme politikas› flimdiye kadar herhangi bir gereksinim duyulmad›¤› için yaz›l› hale getirilerek kamuya duyurulmam›flt›r. This disclosure policy has not been formally written nor made public, as no need has yet arisen. fiirketimizin bilgilendirme politikas›n›n yürütülmesinden Yönetim Kurulu Baflkan› Erdal Aksoy ve Yönetim Kurulu Üyesi Saffet Batu Aksoy sorumludur. It is the responsibility of the Chairman Mr. Erdal Aksoy and the Director Mr. Saffet Batu Aksoy to manage this disclosure activity. 9- Özel Durum Aç›klamalar› 9- Special Event Disclosures 2007 y›l› içerisinde SPK tebli¤leri uyar›nca 60 adet Özel Durum Aç›klamas› zaman›nda yap›lm›fl ve bunlarla ilgili SPK veya ‹MKB taraf›ndan talep edilen ek aç›klamalar dört adettir. fiirketimizin hisseleri herhangi bir yurtd›fl› borsas›na kote de¤ildir. During 2007, in accordance with the CMB Notifications, 60 Special Event Disclosures were issued promptly. CMB and ISE requested four additional clarifications regarding these disclosures. The shares of the Company are not quoted on any foreign stock exchange. 10- fiirket ‹nternet Sitesi ve ‹çeri¤i 10- Company Internet Web Site and Its Contents fiirketimizin ‹nternet sitesi adresi www.turcas.com.tr’dir. The Company’s web site is www.turcas.com.tr ‹nternet sitemizde SPK Kurumsal Yönetim ‹lkeleri II. Bölüm madde 1.11.5’te listelenen afla¤›daki bilgiler bulunmaktad›r: The Internet web site contains the following information as listed in Article 1.11.5, Part II of the CMB Corporate Governance Principles: • Ticaret Sicil Bilgileri • Ana Sözleflme • Son durum itibar›yla Yönetim Kurulu Üyeleri • Ortakl›k Yap›s› • 30.03.2000 ile 31.12.2007 dönemleri aras›ndaki Denetim Raporlar› • 2000-2007 y›llar› aras›ndaki Faaliyet Raporlar› • Genel Kurul Bilgileri • Kurumsal Yönetim ‹lkeleri • Trade Registry Information • Articles of Association • The current members of the Board of Directors • Ownership Profile • Audit Reports issued from 30.03.2000 to 31.12.2007 • Annual Reports from 2000 to 2007 • General Assembly Information • Corporate Governance Principles fiirketimizin web sitesinde ayr›ca: In our Company’s website there are also: • Yat›r›mc› ‹liflkilerine ait ayr› bir bölüm, • Hisse senedi bilgileri, • Temettü ödemeleri, • Sermaye art›r›m bilgileri, • Analist takibi ve raporlar›n verildi¤i bir bölüm, • Konuflma ve sunumlara ait bir bölüm, • Yönetim Kurulu Üyelerinin özgeçmiflleri, • Son befl y›la ait her mali çeyrek döneme iliflkin mali tablolar da • A separate division for Investor Relations, • Information of stocks, • Dividend payments, • Information of capital increases, • A division for analysts follow-up and reports • A division for speeches and presentations, • Curriculam Vitae (CV) of the Board of Directors, • Financial tables for each quarter period over the last five years. verilmektedir. Global Reports LLC 11- Gerçek Kifli Nihai Hâkim Pay Sahibi/Sahiplerinin Aç›klanmas› 11- Disclosure of Real Person(s) Ultimate Controlling Individual Shareholder(s) 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. The Company’s Real Person Ultimate Controlling Individual Shareholders and the relevant share transfers are, in conformity with the CMB notifications, disclosed by a Special Event Disclosure Form, Annual Report, and in the footnotes of the quarterly financial statements. PART II PUBLIC DISCLOSURE AND TRANSPARENCY 2007 ANNUAL REPORT KURUMSAL YÖNET‹M ‹LKELER‹ UYUM RAPORU 12- ‹çeriden Ö¤renebilecek Durumda Olan Kiflilerin Kamuya Duyurulmas› 12- Disclosure of Potential Insider Traders to Public CORPORATE GOVERNANCE PRINCIPLES COMPLIANCE REPORT ‹çeriden ö¤renebilecek durumda olan Yönetim Kurulu Üyelerinin, fiirket üst düzey Yöneticilerinin ve fiirket Müdürlerinin isimleri y›ll›k Faaliyet Raporu’nda afla¤›daki gibi halka duyuruluyor olmas› nedeniyle ayr›ca bir aç›klama yap›lmam›flt›r: 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. BÖLÜM II KAMUYU AYDINLATMA VE fiEFFAFLIK Erdal Aksoy Yönetim Kurulu Baflkan› Erdal Aksoy Chairman of the Board Y›lmaz Tecmen Yönetim Kurulu Baflkan Vekili Y›lmaz Tecmen Vice Chairman of the Board S. Batu Aksoy Yönetim Kurulu Üyesi S. Batu Aksoy Member of the Board Banu Aksoy Tarakç›o¤lu Yönetim Kurulu Üyesi Banu Aksoy Tarakç›o¤lu Member of the Board Bülent Çorapç› Yönetim Kurulu Üyesi Bülent Çorapç› Member of the Board M. ‹lhan Nebio¤lu Yönetim Kurulu Üyesi M. ‹lhan Nebio¤lu Member of the Board Süreyya Serdengeçti Yönetim Kurulu Üyesi Süreyya Serdengeçti Member of the Board Sadettin ‹mrek Hukuk Müflaviri Sadettin ‹mrek Corporate Lawyer Cabbar Y›lmaz Merkez Ofis Müdürü Cabbar Y›lmaz Head Office Manager Mehmet Özata Elektrik ve Gaz Grubu Üst Yöneticisi Mehmet Özata CEO, Turcas Power & Gas Group Yusuf Ata Muhasebe Müdür Yard›mc›s› Yusuf Ata Accounting Co-Manager Nurettin Demircan Muhasebe Müdür Yard›mc›s› Nurettin Demircan Accounting Co-Manager Bülent Büyükgüner Finans Müdür Yard›mc›s› Bülent Büyükgüner Finance Manager 2007 FAAL‹YET RAPORU 90 Global Reports LLC 13- Menfaat Sahiplerinin Bilgilendirilmesi 13- Stakeholders Disclosure 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, fiirketimizle ilgili di¤er bilgiler, Faaliyet Raporlar› ve denetim raporlar› fiirketimizin ‹nternet sitesinde yer almaktad›r. The stakeholders of the Company are duly informed about the relevant issues in the Ordinary Annual Meetings of the General Assembly of Shareholders. In addition, verbal questions are answered by the Company officers. Furthermore, other information, annual reports and audit reports of our Company, are published on our Company’s internet web site. 14- Menfaat Sahiplerinin Yönetime Kat›l›m› 14- Participation of Stakeholders in the Company Management fiirket çal›flanlar›n›n ve di¤er menfaat sahiplerinin yönetime kat›l›m› konusunda herhangi bir uygulama mevcut de¤ildir. Non-managerial company employees and other stakeholders do not have a significant level of participation in the management of the Company. 15- ‹nsan Kaynaklar› Politikas› 15- Human Resources Policy fiirket’in insan kaynaklar› politikas›n›n esaslar› afla¤›daki gibidir: The main principles of the Company’s human resources policy are as follows: • ‹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. • To select and recruit only those who have the required qualifications for the vacant position. • To create and provide appropriate training and career opportunities compatible 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. fiirket’in, yukar›da bahsedilen insan kaynaklar› politikalar›n›n oluflturulmas› ve uygulanmas› Mali Bölüm’ce yürütülmektedir. The Finance Division currently executes formulation and implementation of the abovementioned policies. Çal›flanlardan herhangi bir ayr›mc›l›k flikâyeti al›nmam›flt›r. No complaint of discrimination has been received from the employees. PART III STAKEHOLDERS 91 CORPORATE GOVERNANCE PRINCIPLES COMPLIANCE REPORT PART III - STAKEHOLDERS KURUMSAL YÖNET‹M ‹LKELER‹ UYUM RAPORU Global Reports LLC BÖLÜM III - MENFAAT SAH‹PLER‹ KURUMSAL YÖNET‹M ‹LKELER‹ UYUM RAPORU 16- Müflteri ve Tedarikçilerle ‹liflkiler Hakk›nda Bilgiler 16- Information on Relations with Customers and Suppliers CORPORATE GOVERNANCE PRINCIPLES COMPLIANCE REPORT 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 standard›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. 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 the case of detection of an out-of-standard product, the relevant persons are subject to sanctions, which may include legal prosecution. fiirket politikas› olarak etkin bir planlama ile bayilerimize ikmal garantisi verilmektedir. Through efficient and effective planning, a guarantee of supply is given to our dealers. fiirketimizin akaryak›t da¤›t›m›, madeni ya¤lar ve ticari sat›fllarla ilgili faaliyetlerini The Shell Co. of Turkey Ltd. firmas› ile ortak kurmufl olduklar› Shell & Turcas Petrol A.fi. (STAfi) bünyesine 1 Temmuz 2006 tarihinden itibaren devretmifl olmas›ndan dolay›, bu tarihten itibaren bu maddede belirtilen tüm ifllemler ifltirakimiz STAfi taraf›ndan dünya standartlar›nda gerçeklefltirilmektedir. Since Turcas transferred its fuel retail, lubricants and commercial sales businesses to Shell & Turcas Petrol A.fi. (STAfi), a joint venture company established with The Shell Co. of Turkey Ltd., operational as of July 1, 2006, all of the activities mentioned in this article are undertaken by our subsidiary STAfi to global standards. 17- Kurumsal Sosyal Sorumluluk 17- Corporate Social Responsibility Çevreye Karfl› Yükümlülü¤ümüz: 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 çerçevesinde personel bütün kazalar›n önlenebilir oldu¤u felsefesiyle e¤itilmektedir. fiirket ile çal›flan üçüncü kiflilere 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. Our Commitment to Environment: In 2001, a Health, Safety, and Environment (HSE) Policy was approved and put into effect by the Company’s Board of Directors. Under this policy, 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. Topluma Karfl› Yükümlülü¤ümüz: Yönetim Kurulu taraf›ndan 1 May›s 1997 tarihinde fiirket çal›flanlar› için “‹fl Ahlâk› Politikas›” yürürlü¤e konmufltur. Bu politika menfaat çat›flmalar›, fiirket içinden bilgi, politik yard›mlar, muhasebe standartlar› ve dokümantasyon, al›nan hediyeler gibi Our Commitment to Society: The “Business Ethics Policy” for company staff was enacted by the Board on May 1, 1997. This policy defines the rules which staff have to obey in issues such as conflicts of interest, insider information, political favors, accounting standards and documentation, and gifts 2007 ANNUAL REPORT BÖLÜM III MENFAAT SAH‹PLER‹ 2007 FAAL‹YET RAPORU 92 Global Reports LLC konularda fiirket çal›flanlar›n›n uymas› gereken kurallar› belirlemektedir. Bu politika çerçevesinde her y›lsonunda tüm çal›flanlardan “‹fl Ahlâk› Politikas› ve Yönetmeliklere Kiflisel Uyum” formu ad› alt›nda yaz›l› bir beyan ve taahhüt al›nmaktad›r. Turcas ayr›ca Türk Petrol markas›n›n kullan›m› ile ilgili olarak ana amac› e¤itime katk›da bulunmak ve ö¤renci okutmak olan Türk Petrol Vakf›’na 2003 y›l›nda 371.797 YTL, 2004 y›l›nda 368.485 YTL, 2005 y›l›nda 348.859 YTL, 2006 y›l›nda 160.940 YTL, 2007 y›l›nda da 350.000 ABD Dolar› ödemifltir. 2007 y›l› içinde Turcas Petrol A.fi. aleyhine afla¤›da yaz›l› davalar aç›lm›flt›r: Turcas has made various donations over the years to the Petroleum Industry Association (PETDER), the Turkish Education Foundation (TEV) and Unicef Turkey National Committee as approved by its Board of Directors. These donations were: YTL 12,901 in 2003, YTL 22,914 in 2004, YTL 27,475 in 2005, YTL 18,081 in 2006, and YTL 20,784 in 2007. Moreover, Turcas has paid YTL 371,797 in 2003, YTL 368,485 in 2004, YTL 348,859 in 2005, YTL 160,940 in 2006, and USD 350,000 in 2007 to the Türk Petrol Foundation for the use of the Türkpetrol brand. The main purpose of the Türk Petrol Foundation is to contribute to education and to provide scholarships to students. Below are the court cases against Turcas Petrol A.fi. in 2007: 93 • Tamek Holding A.fi, ‹st. 12. A.T Mah.de 2007/410 E.say› ile TAHL‹YE davas› açm›fl, ancak mahkeme davay› reddetmifltir. • Bergama’daki bir istasyon maliklerinin, Bergama 2. A.H. Mahkemesi’nde açt›¤› 2007/291 E.say›l› ‹ntifa’n›n Fekki davas› reddedilmifltir. Dosya temyizdedir. • Yine Bergama’da, Refik Altu¤ adl› bir bayiinin, Bergama Sulh Hukuk Mahkemesi’nde, 2007/1100 E.say› ile açt›¤›, ‹ntifa’n›n Fekki davas› sürmektedir. • BP Petrolleri A.fi., ‹st. 6. A.T. Mahkemesi’nde, 2007/ 833 E.say› ile Turcas ve Lukoil A.fi. aleyhine, daha önce kirac›s› oldu¤u tesisteki yat›r›mlar›n› dava etmifltir. Dava sürmektedir. • Tamek Holding A.fi., Istanbul 12th Commercial Court of First Instance, action for evacuation, numbered 2007/410 E., but the law court did not approve the case. • Joint owners of a station in Bergama, Bergama 2nd Commercial Court of First Instance, action for “Breaking of Benefit”, numbered 2007/291 E., case not approved. File is for appeal. • Agent in Bergama named Refik Altu¤, Bergama Civil Court of Peace, action for “Breaking of Benefit”, numbered 2007/1100 E., case continues. • Istanbul 6th Commercial Court of First Instance, action for evacuation, numbered 2007/844 E., BP Petrolleri A.fi. against Turcas and Lukoil A.fi., the subject of the case is the investments of the former leaseholder, case continues. 2007 y›l›nda, Turcas Yönetim Kurulu Üyeleri ve Yöneticileri hakk›nda aç›lm›fl herhangi bir dava bilgisi, fiirketimize ve Hukuk Müflavirli¤ine intikal etmemifltir. There are no court cases, against the Board of Directors and Management of Turcas in 2007 has come down to our Company or Legal Consultancy. CORPORATE GOVERNANCE PRINCIPLES COMPLIANCE REPORT Global Reports LLC PART III STAKEHOLDERS KURUMSAL YÖNET‹M ‹LKELER‹ UYUM RAPORU fiirketimiz y›llar içerisinde Petrol Sanayi Derne¤i (PETDER), Petrol Platformu Derne¤i (PETFORM), Türk E¤itim Vakf› (TEV), Türkiye Emniyet Teflkilat› fiehit, Dul, Yetimlere Yard›m Derne¤i ve Unicef Türkiye Milli Komitesi olmak üzere Yönetim’in onay› do¤rultusunda çeflitli ba¤›fllar yapm›flt›r. Bu ba¤›fllar›n tutar› 2003 y›l› için 12.901 YTL, 2004 y›l› için 22.914 YTL, 2005 y›l› için 27.475 YTL, 2006 y›l› için 18.081 YTL, 2007 y›l› için 20.784 YTL’d›r. accepted. A written statement and commitment, namely “Business Ethics Policy and Regulations Personal Compliance Form”, is taken from all staff at the end of each year as per this policy. KURUMSAL YÖNET‹M ‹LKELER‹ UYUM RAPORU 18- Yönetim Kurulu’nun Yap›s›, Oluflumu ve Ba¤›ms›z Üyeler 18- Composition and Structure of the Board of Directors, and Independent Members CORPORATE GOVERNANCE PRINCIPLES COMPLIANCE REPORT fiirket Yönetim Kurulu yedi üyeden oluflur ve Genel Kurul taraf›ndan üç y›l için seçilir. Yönetim Kurulu’nun üç üyesi “B” grubu hissedarlar›n gösterece¤i adaylardan, iki üyesi “C” grubu hissedarlar›n gösterece¤i adaylardan, iki üyesi de “A” grubu hissedarlar›n gösterece¤i adaylardan Genel Kurul’un onay› ile seçilir. The Company’s Board of Directors is composed of seven members who are elected by the General Assembly of Shareholders for a term of office of three years. Three members of the Board of Directors are elected by approval of the General Assembly of Shareholders from among nominees to be nominated by the shareholders in Group “B”, and two members are elected from among nominees to be nominated by the shareholders in Group “C”, and two members are elected from among nominees to be nominated by the shareholders in Group “A”. Yönetim Kurulu’nun ‹crac› Üyeleri: Erdal Aksoy Yönetim Kurulu Baflkan› Y›lmaz Tecmen Yönetim Kurulu Baflkan Vekili 2007 ANNUAL REPORT BÖLÜM III MENFAAT SAH‹PLER‹ 2007 FAAL‹YET RAPORU 94 S. Batu Aksoy Yönetim Kurulu Üyesi Banu Aksoy Tarakç›o¤lu Yönetim Kurulu Üyesi Yönetim Kurulu’nun ‹crac› Olmayan Üyeleri: Bülent Çorapç› Yönetim Kurulu Üyesi M. ‹lhan Nebio¤lu Yönetim Kurulu Üyesi N. Süreyya Serdengeçti Yönetim Kurulu Üyesi fiirketimizin Esas Sözleflmesi gere¤i 7 kiflilik Yönetim Kurulu, A, B ve C grubu hissedarlar›n atamalar› sonucunda oluflmaktad›r. Hissedarlar bu atamalar› yaparken Kurumsal Yönetim ‹lkeleri çerçevesinde fiirket’e katk›da bulunabilecek tecrübe, bilgi birikimi ve sayg›nl›¤a sahip kifli ve profesyonel yöneticilere görev vermeyi prensip edinmifllerdir. Yönetim Kurulu’nu oluflturan 7 kifliden; Baflkan Erdal Aksoy’un fiirket sermayesindeki dolayl› pay› %30,83, Üye Banu Aksoy Tarakç›o¤lu’nun dolayl› pay› %10,31, Üye Saffet Batu Aksoy’un dolayl› pay› %10,31’dir. Global Reports LLC Executive Members of the Board: Erdal Aksoy Chairman of the Board Y›lmaz Tecmen Vice Chairman of the Board S. Batu Aksoy Member of the Board Banu Aksoy Tarakç›o¤lu Member of the Board Non-Executive Members of the Board: Bülent Çorapç› Member of the Board M. ‹lhan Nebio¤lu Member of the Board N. Süreyya Serdengeçti Member of the Board According to Our Company’s Articles of Association, the Board of Directors, composed of seven members, is formed via the assignment of A, B and C Group shareholders. During the assignment process, it is the principle of the shareholders to assign a task to persons and professional managers who have enough experience, knowledge and esteem to make a contribution to the Company in the context of Corporate Governance Principles. Baflkan Vekili Y›lmaz Tecmen’in fiirket’teki hissedarl›k oran› %2,21’dir. Ayr›ca orta¤› oldu¤u YTC Turizm ve Enerji Ltd. fiti.’nin de fiirket’te %4,02 oran›nda pay› vard›r. Di¤er Üyeler Bülent Çorapç›, M. ‹lhan Nebio¤lu ve N. Süreyya Serdengeçti’nin fiirket sermayesinde herhangi bir paylar› bulunmamaktad›r. 19- Yönetim Kurulu Üyelerinin Nitelikleri fiirket’in Yönetim Kurulu üye seçiminde aranan asgari nitelikler SPK Kurumsal Yönetim ‹lkelerinde yer alan niteliklerle aynen örtüflmekte olup bu ilkeler fiirket Ana Sözleflmesi’nde yer almamaktad›r. Kurumsal Yönetim ‹lkelerinde söz edilen e¤itim çal›flmalar›na gerek bulunmamaktad›r. 20- Turcas’›n Vizyonu, De¤erleri, Misyonu ve Stratejik Hedefleri Turcas’›n vizyonu Türkiye’nin ve içinde bulundu¤u co¤rafyan›n en sayg›n, dinamik ve verimli “Entegre Enerji fiirketi” olmakt›r. Bu vizyon ›fl›¤›nda Turcas, 75 y›l› aflk›n birikimiyle enerjinin petrol ve türevleri, do¤algaz ve elektrik olarak s›n›fland›r›lan ana alt sektörlerinde arama, üretim, tafl›ma, da¤›t›m, depolama ve ticaretine yönelik ulusal ve uluslararas›, sinerji ve katma de¤er yaratan yat›r›m, faaliyet ve projelere odaklanm›flt›r. Turcas’› Turcas yapan de¤erlerin bafl›nda sayg›nl›¤›, farkl›l›k yaratma ve yapt›¤› ifllerde öncü olma becerisi, çal›flanlar› ve Global Reports LLC Vice Chairman Mr. Y›lmaz Tecmen's share in the Company capital is 2.21%. He is also a shareholder of YTC Tourism and Energy Ltd., which holds 4.02% share in the company. The other Members, Bülent Çorapç›, M. ‹lhan Nebio¤lu and N. Süreyya Serdengeçti have no shares in the Company capital. General Assembly of Shareholders authorizes the Directors to deal with business activities as specified in Articles 334 and 335 of the 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 the Members of the Board of Directors 95 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. The curriculam vitae (CV) of the Board of Directors of our Company appear on the website of our Company. There is no need for training programs mentioned in the Corporate Governance Principles. 20- Vision, Values, Mission and Strategic Targets of the Company Turcas’ vision is to become the most respectful, dynamic and efficient “Regional and Integrated Energy Company” in Turkey and its surrounding geographic region. In the light of this vision, Turcas, with over 75 years of experience, is focused on national and international investments, activities and projects, creating synergy and added value, in research, production, transportation, CORPORATE GOVERNANCE PRINCIPLES COMPLIANCE REPORT fiirket’in Yönetim Kurulu Üyelerinin özgeçmifllerine Faaliyet Raporu’nda ve fiirketimizin web sitesinde yer verilmektedir. PART III STAKEHOLDERS KURUMSAL YÖNET‹M ‹LKELER‹ UYUM RAPORU Her y›l yap›lan Ola¤an Genel Kurul toplant›s›nda TTK’nun 334. ve 335. maddeleri gere¤i Genel Kurul’ca, Yönetim Kurulu Üyelerinin 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. The indirect shares of the seven Members of the Board of Directors in the Company's capital are as follows: Chairman Mr. Erdal Aksoy's indirect share is 30.83%, Director Mrs. Banu Aksoy Tarakç›o¤lu's indirect share is 10.31% and Director Mr. Saffet Batu Aksoy's indirect share is 10.31%. KURUMSAL YÖNET‹M ‹LKELER‹ UYUM RAPORU CORPORATE GOVERNANCE PRINCIPLES COMPLIANCE REPORT 2007 ANNUAL REPORT BÖLÜM III MENFAAT SAH‹PLER‹ 2007 FAAL‹YET RAPORU 96 yöneticileri ile küresel ölçekte en üst etik ve kurumsal yönetim standartlara sahip olmas›, yerli ve özellikle yabanc› sermaye ile baflar›l› ve sürdürülebilir iflbirli¤i ve ortakl›k yapma gelene¤i gelmektedir. Turcas, müflterilerine en kaliteli ürün ve hizmeti, en yüksek güvenlik, çevre koruma ve etik davran›fl standartlar›nda sunmay› ilke edinmifltir. Turcas’›n ana hedefi, çal›flanlar›n›n e¤itim ve geliflimini takip ederek ve Türkiye’nin miras ve de¤erlerini koruyarak, büyümesini sürdürmek ve hissedarlar›na de¤er yaratmaya devam etmektir. 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. fiirketimizin vizyonu, de¤erleri ve misyonu her y›l yenilenen Faaliyet Raporu’nda ve web sitesinde de yer almaktad›r. 21- Risk Yönetim ve ‹ç Kontrol Mekanizmas› Yönetim Kurulu Üyeleri aras›ndan seçilen iki üyeden Denetim Komitesi oluflturulmufl bulunmaktad›r. fiirketimizde risk yönetimi ile ilgili çal›flan ayr› bir birim bulunmamakla beraber olas› risklerin yönetimi fiirket’in Yönetim Kurulu, Hukuk Departman› ve Finans Müdürlü¤ünün koordinasyonunda gerçeklefltirilmektedir. Her y›l birimlerin ve faaliyetlerin risk de¤erlemelerine göre haz›rlanan raporlar ilgili birimlerle paylafl›larak eylem planlar› ve taahhütleri al›nmakta ve bu çal›flmalar Denetim Komitesi’nce takip edilmektedir. fiirket Yönetim Kurulu 10.04.2008 tarih ve 2008/8 say›l› Karar› ile Denetim Komitesi taraf›ndan incelenen ve onaylanan mali tablolar› ‹stanbul Menkul K›ymetler Borsas›’nda yay›nlanmak üzere onaylam›flt›r. Bu onaya istinaden Yönetim Kurulu (a) Denetimden Geçmifl Y›lsonu Mali Tablo ve Dipnotlar›n› inceledi¤ini, (b) fiirket’teki görev ve sorumluluk alan›nda sahip olduklar› bilgiler çerçevesinde, mali tablo ve dipnotlar›n önemli konularda gerçe¤e ayk›r› bir aç›klama içermedi¤i ya da aç›klaman›n yap›ld›¤› tarih itibar›yla yan›lt›c› olmas› sonucunu do¤urabilecek herhangi bir Global Reports LLC distribution, storage and trade activities in the main sub sectors of energy classified as petroleum and derivatives, natural gas and electricity. The leading values of Turcas are; its esteem, its ability of creating discrepancy and leadership, its global, highest ethical and corporate management standards with its employees and management and its ability to create successful and sustainable cooperation and partnership with national and especially international capital. Turcas maintains its commitment to deliver high quality products and services to its customers through promoting and implementing the highest safety, environmental and ethical attitude standards. Turcas’ main mission is to continue its growth and creation of value for its shareholders by monitoring the training and improvement of its employees and protecting the heritage and values of Turkey. 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. The Board of Directors and the Company managers review both the targets and the actual results, at the end of each month, in light of past performance and market comparative reports. The Company’s vision, corporate values and mission are published in the yearly renewed annual reports as well as on our website. 21- Risk Management and Internal Control Mechanism The Company has established an Audit Committee comprised of two members elected from the Board of Directors. There is no specific group in charge of financial risk management in the Company. The management of possible risks is realized with the coordination of the Company’s Board of Directors, Legal Department and Finance Managership. Every year, depending on the risk assessments of divisions and activities, reports are prepared and shared with the relevant divisions, and action plans and commitments are made. The Audit Committee monitors the whole process. eksiklik içermedi¤ini, (c) fiirket’teki görev ve sorumluluk alan›nda sahip olduklar› bilgiler çerçevesinde, mali tablo ve dipnotlar›n iliflkin oldu¤u dönem itibar›yla, fiirket’in mali durumu ve faaliyet sonuçlar› hakk›nda gerçe¤i do¤ru biçimde yans›tt›¤›n› ve bunlar› 10.04.2008 tarih ve 2008/8 say›l› Yönetim Kurulu Karar› ile kabul ettiklerini ve Borsa’ya yay›nlamak üzere gönderilmesini onaylad›klar›n› beyan etmifllerdir. 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 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 Kurullarda, B ve C Grubu hissedarlar›n belirledi¤i adaylar aras›ndan, Genel Kurul’un onay› ile seçilen iki ba¤›ms›z denetçi en az üç 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. Global Reports LLC This way, Board of Directors of the Company has fulfilled the requirement of article 26 of the second part of the Capital Markets Board’s Announcement with the Series: X, No: 22, 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 2007, the Board of Directors met 17 times and took the required decisions. Directors are called for Board meetings using the most convenient means of communication and at a reasonable time in advance so as to ensure their participation. Secretarial duties are conducted, in rotation, within the Board of Directors. 97 CORPORATE GOVERNANCE PRINCIPLES COMPLIANCE REPORT Yönetim Kurulu toplant›lar›n›n gündem maddeleri oluflan güncel konulara göre belirlenmektedir. Yönetim Kurulu 2007 y›l› içerisinde 17 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. PART III STAKEHOLDERS KURUMSAL YÖNET‹M ‹LKELER‹ UYUM RAPORU Böylece fiirket Yönetim Kurulu Sermaye Piyasas› Kurulu’nun Seri: X, No: 22 numaral› Tebli¤i’nin ikinci k›sm›n›n 26. maddesi gere¤ini yerine getirmifl bulunmaktad›r. With the Conclusion of The Board of Directors, dated April 10th, 2008 and no 2008/8, the financial statements, examined and approved by the Audit Committee, are approved to be published in the Istanbul Stock Exchange (ISE). Based on this approval the Board of Directors (a) examined Audited Year-end Financial Statements and Notes to the Financial Statements (b) in the context of their knowledge, within the task and responsibility area of the Company, the financial statements do not include any false claim in important issues or any missing parts that can affect the result to cause a false statement, for the date of the declaration (c) in the context of their knowledge, within the task and responsibility area of the Company, the financial statements and the notes to the financial statements reflect the truth about the Company’s financial condition and operating results, for the period they belong to and accepted these with the Conclusion of The Board of Directors, dated April 10th, 2008 and no 2008/8, the financial statements and approved to be sent to the Istanbul Stock Exchange (ISE), to be published. 2007 ANNUAL REPORT 2007 FAAL‹YET RAPORU 98 Yönetim Kurulu kararlar›nda farkl› bir görüfl olmamas› nedeniyle kamuya aç›klanmas› gereken bir durum oluflmamaktad›r. SPK Kurumsal Yönetim ‹lkelerinin 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. Given that 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 three 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. 24- fiirket’le Muamele Yapma ve Rekabet Yasa¤› Due to the lack of a dissenting opinion in the decisions of the Board of Directors, there is no event requiring disclosure 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 the affirmative vote of the representatives of the shareholders in Group “C” on decisions relating to certain issues. fiirket Yönetim Kurulu Üyelerine her y›l yap›lan Ola¤an Genel Kurullarda Genel Kurul onay› ile TTK’nun 334 -335. maddelerinde belirtilen konular dahilinde ifllem yapma izni verilmekle beraber, fiirket politikalar› ve baz› anlaflmalar çerçevesinde fiirket Yönetim Kurulu Üyelerinin hiçbirisi fiirket’le ifllem yapmamakta ve rekabet etmemektedir, dolay›s›yla herhangi bir ç›kar çat›flmas› oluflmamaktad›r. 25- Etik Kurallar 24- Prohibition to Deal and Compete with the Company 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›lsonunda tüm çal›flanlardan “‹fl Ahlak› Politikas› ve Yönetmeliklere Kiflisel Uyum” formu ad› alt›nda yaz›l› bir beyan ve taahhüt al›nmaktad›r. 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 Ordinary Annual Meetings, as specified in Articles 334 and 335 of the Turkish Commercial Code, none of the Directors may enter into deals nor compete with the Company in accordance with the Company policies, and therefore, there are no conflicts of interests. 25- Ethical Rules fiirketimizin ‹fl Ahlak› Politikas› fiirket çal›flanlar›n›n bilgisinde olmakla birlikte kamuya aç›klanmam›flt›r. Henüz bir Kurumsal Yönetim Komitesi oluflturulmam›flt›r. Gelecekte Kurumsal Yönetim ‹lke ve Uygulamalar› gelifltikçe böyle bir komite oluflturulabilir. 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 conflicts of interests, insider trading, political 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”. Genel Müdür’e bir ‹cra Komitesi rehberlik etmekte olup, Yönetim Kurulu yetkisi dahilindeki konular önce ‹cra Komitesi’nin görüflüne sunulmaktad›r. Our Company’s Business Ethics Policy is within the knowledge of the employees, but has not been disclosed to the public. 26- Yönetim Kurulu’nda Oluflturulan Komitelerin Say›, Yap› ve Ba¤›ms›zl›¤› Global Reports LLC ‹cra Komitesi Üyeleri: Erdal Aksoy Yönetim Kurulu Baflkan› Y›lmaz Tecmen Yönetim Kurulu Baflkan Vekili S. Batu Aksoy Yönetim Kurulu Üyesi Banu Aksoy Tarakç›o¤lu Yönetim Kurulu Üyesi M. ‹lhan Nebio¤lu Yönetim Kurulu Üyesi A Corporate Governance Committee has not yet 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 of the Board Y›lmaz Tecmen Vice Chairman of the Board S. Batu Aksoy Member of the Board Yönetim Kurulu Üyelerinden ikisi ayn› zamanda Denetim Komitesi Üyesi’dir. Denetim Komitesi Üyelerinin icra görevleri yoktur ve baflka komitelerde de görevli de¤illerdir. Denetim Komitesi üyeleri SPK’nun belirlemifl oldu¤u prensipler çerçevesinde belli bir prosedüre göre görevlerini sürdürmektedir. Banu Aksoy Tarakç›o¤lu Member of the Board Yönetim Kurulu Üyeleri birden fazla komitede yer almamaktad›rlar. Yönetim Kurulu Üyelerinin belirli prensipler çerçevesinde çal›fl›yor olmalar› nedeniyle herhangi bir ç›kar çat›flmas› meydana gelmemifltir. M. ‹lhan Nebio¤lu Member of the Board Audit Committee Members: Bülent Çorapç› Member of the Board KURUMSAL YÖNET‹M ‹LKELER‹ UYUM RAPORU Denetim Komitesi Üyeleri: Bülent Çorapç› Yönetim Kurulu Üyesi 26- Number, Composition and Independence of Committees Formed by the Board of Directors 99 fiirket Ana Sözleflmesi’nde, Yönetim Kurulu Baflkan› ve Üyelerine Genel Kurul’ca kararlaflt›r›lacak ayl›k, y›ll›k bir ödenek veya her toplant› için huzur hakk› ödenebilir ifadesi yer almaktad›r. 2007 y›l› içerisinde Yönetim Kurulu Üyelerine bu kapsamda herhangi bir hak ve menfaat sa¤lanmam›fl ve ücret ödemesi yap›lmam›flt›r. Yönetim Kurulu Üyelerine 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. Global Reports LLC 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 remuneration per meeting, to be decided at the General Assembly of Shareholders, may be paid to the Chairman and Members of the Board of Directors. During 2007, 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. CORPORATE GOVERNANCE PRINCIPLES COMPLIANCE REPORT 27- Yönetim Kurulu’na Sa¤lanan Mali Haklar Two of the Directors are at the same time members of the 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. 2007 YILI DENETÇ‹LER RAPORU The Company does not lend any money or loan to or stand as a surety for or gives any guarantee in favor of the Directors and the managers. TURCAS PETROL A.fi. GENEL KURULU’NA 28- Report of the Board of Auditors Ortakl›¤›n YEAR 2007 AUDITORS’ REPORT 28- Denetim Kurulu Raporu Unvan› Merkez Sermayesi : Turcas Petrol A.fi. : ‹stanbul : 105.000.000.-YTL Faaliyet Konusu: 2007 ANNUAL REPORT Her türlü petrol ürünleri, madeni ya¤lar ve gresler ile petrol kimyas› ürünleri, kimyevi maddeler, boyalar, kimyevi gübre ilaçlar›n imali, al›m›, sat›m› ithali, ihrac›, da¤›t›m› ve 15.04.1985 tarihinde tescil edilen Tadil Mukavelesi’nde yaz›l› olan di¤er ifller. 2007 FAAL‹YET RAPORU 100 Denetçilerin Ad› ve Görev Süreleri, Ortak ve fiirket’in Personeli Olup Olmad›klar›: Hayri Gökhan Alpman (25.04.2007-2007 y›l› Genel Kurulu’na kadar) fiirket orta¤› ve personeli de¤ildir. Hasan K›l›ç (25.04.2007-2007 y›l› Genel Kurulu’na kadar) fiirket orta¤› ve personeli de¤ildir. The Partnership’s Title : Turcas Petrol A.fi. Registered address : Istanbul Capital : YTL 105,000,000 Field of Activities: The purchase, sale, import, export, distribution and other activities listed on the officially registered Amendment Agreement, dated 15.04.1985, of all types of petroleum products, mineral oils and greases with petroleum chemical products, chemical substances, paints, and chemical fertiliser preparations. Auditor’s Name and Task Duration, and whether he/she is Personnel of the Company or Partnership: Kat›l›nan Yönetim Kurulu ve Yap›lan Denetim Kurulu Toplant› Say›s›: Hayri Gökhan Alpman (25.04.2007-the year 2007 up to the Board Meeting) Not personnel of the company or a partner. Y›l içinde gerçeklefltirilen 3 Yönetim Kurulu toplant›s›na kat›l›nm›fl, ayr›ca 3 kez de Denetleme Kurulu toplant›s› yap›lm›flt›r. Hasan K›l›ç (25.04.2007- the year 2007 up to the Board Meeting) Not personnel of the company or a partner. Ortakl›k Hesaplar›, Defter ve Belgelerin Üzerinde Yap›lan ‹ncelemenin Kapsam›, Hangi Tarihlerde ‹nceleme Yap›ld›¤› Hususu ve Var›lan Sonuç: Number of Participated Meetings of the Board of Directors and the Board of Auditors: fiirket defter ve belgeleri üzerinde 30.06.2007, 30.09.2007 ve 31.12.2007 tarihlerinde yap›lan incelemelerde defterlerin yasalar ve genel kabul görmüfl muhasebe ilkelerine uygun olarak tutuldu¤u tespit edilmifltir. Türk Ticaret Kanunu’nun 353. Maddesinin 1. F›kras›n›n 3 Numaral› Bendi Gere¤ince Ortakl›k Veznesinde Yap›lan Say›mlar›n Say›s› ve Sonucu: 2007 y›l›nda fiirket veznesi 3 kez say›lm›fl, kaydi ve fiili kasa mevcudunun ayn› oldu¤u tespit edilmifltir. Global Reports LLC TO THE GENERAL MANAGEMENT OF TURCAS PETROL A.fi. Participated in the requisite 3 meetings of the Board of Directors throughout the year, as well as 3 meetings held of the Board of Auditors. Scope of Supervision on Partnership Accounts, Books and Documents, Date of Supervision, and Result: The company’s were supervised on 30.06.2007, 30.09.2007 and 31.12.2007 and it was seen that records and documents complied with generally accepted accounting standards. Türk Ticaret Kanunu’nun 353. Maddesinin 1. F›kras› 4 Numaral› Bendi Gere¤ince Yap›lan ‹ncelemelerin Tarihleri ve Sonucu: Görev dönemi içinde, her ay›n ilk ifl günü yap›lan incelemelerde, o tarihte defter kay›tlar›nda gözüken k›ymetli evrak›n mevcut oldu¤u ve defter kay›tlar›yla tam uygunluk sa¤lad›¤› görülmüfltür. ‹ntikal Eden fiikâyet ve Yolsuzluklar ve Bunlar Hakk›nda Yap›lan ‹fllemler: Kurulumuzun yapt›¤› inceleme ve de¤erlendirmeler neticesinde, ekli 31 Aral›k 2007 tarihli bilançonun ve ekinde yer alan mali tablolar›n fiirket’in 2007 dönemi faaliyet sonuçlar›n› gerçe¤e uygun ve do¤ru olarak yans›tmakta oldu¤u sonucuna var›lm›flt›r. Denetim Kurulu: Hayri Gökhan Alpman Hasan K›l›ç Dates and Results of Supervision under Item 353/1-4 of the Turkish Commercial Code: Throughout the task period, supervision was performed on the first day of every month, at which it was seen that account book records matched perfectly with concerning values. Submitted Complaints and Corruption and Transactions Concerning Them: During the task period no complaint or allegation of corruption was communicated to our Board. We find that Turcas Petrol A.fi.’s accounts and transactions in 2007, the documents relating to these transactions, and the Company’s account books and records comply with The Turkish Commercial Code, the Tax Code, the Capital Markets Code, and laws arising from these codes, and that they have been supervised according to the Company’s Main Constitution and Generally Accepted Accounting Principles and Standards. As a result of the supervision and evaluation performed by our Board, appended to the 31 December 2007 balance sheet and the financial tables in the appendices, it is concluded that the results of the Company’s 2007 activities reflect the true and real situation. By this means we submit that the Company’s Balance Sheet and Financial Tables of 31 December, 2007, be accepted and approved entirely, and that the Board of Directors and the Board of Auditors be discharged. Board of Auditors: Hayri Gökhan Alpman Hasan K›l›ç Global Reports LLC 101 CORPORATE GOVERNANCE PRINCIPLES COMPLIANCE REPORT Bu sebeple, fiirket’in 31 Aral›k 2007 tarihli Bilançosu’nun ve Gelir Tablosu’nun aynen kabulüne ve Yönetim Kurulu ile Kurulumuzun ibras›na karar verilmesini onay›n›za arz ederiz. Company cash was counted 3 times in 2007, and it was seen that recorded and actual cash balance were the same. KURUMSAL YÖNET‹M ‹LKELER‹ UYUM RAPORU Görev dönemimiz içinde, Kurulumuza intikal eden herhangi bir flikâyet ve yolsuzluk baflvurusu olmam›flt›r. Turcas Petrol A.fi.’nin 2007 y›l› hesap ve ifllemlerini, bu ifllemlerin dayana¤› olan belgeleri ve fiirket defter ve kay›tlar›n› Türk Ticaret Kanunu, Vergi Kanunlar›, Sermaye Piyasas› Kanunlar›, bu kanunlar uyar›nca ç›kar›lm›fl mevzuatlar, fiirket Ana Sözleflmesi ve Genel Kabul Görmüfl Muhasebe ‹lkeleri ve Standartlar›na göre incelemifl bulunmaktay›z. Frequency and Result of Counting Partnership Cash under item 353/1-3 of the Turkish Commercial Code: Global Reports LLC Turcas Petrol A.fi. ve Ba¤l› Ortakl›klar› 31 Aral›k 2007 Tarihi ‹tibar›yla Konsolide Mali Tablolar Turcas Petrol A.fi. and Its Subsidiaries Consolidated Financial Statements For The Year Ended December 31, 2007 (Translated into English from the original Turkish report) Global Reports LLC BA⁄IMSIZ DENET‹M RAPORU TURCAS PETROL A.fi. Yönetim Kurulu’na Turcas Petrol A.fi.’nin (“fiirket”) ve ba¤l› ortakl›klar›n›n (hep birlikte “Grup”) 31 Aral›k 2007 tarihi itibar›yla haz›rlanan ve ekte yer alan konsolide bilançosunu, ayn› tarihte sona eren y›la ait konsolide gelir tablosunu, konsolide özsermaye de¤iflim tablosunu ve konsolide nakit ak›m tablosunu, önemli muhasebe politikalar›n›n özetini ve dipnotlar› denetlemifl bulunuyoruz. Finansal Tablolarla ‹lgili Olarak Grup Yönetiminin Sorumlulu¤u Grup yönetimi finansal tablolar›n Sermaye Piyasas› Kurulu’nca yay›mlanan finansal raporlama standartlar›na göre haz›rlanmas› ve dürüst bir flekilde sunumundan sorumludur. Bu sorumluluk, finansal tablolar›n hata ve/veya hile ve usulsüzlükten kaynaklanan önemli yanl›fll›klar içermeyecek biçimde haz›rlanarak, gerçe¤i dürüst bir flekilde yans›tmas›n› sa¤lamak amac›yla gerekli iç kontrol sisteminin tasarlanmas›n›, uygulanmas›n› ve devam ettirilmesini, koflullar›n gerektirdi¤i muhasebe tahminlerinin yap›lmas›n› ve uygun muhasebe politikalar›n›n seçilmesini içermektedir. Ba¤›ms›z Denetim Kuruluflunun Sorumlulu¤u Sorumlulu¤umuz, yapt›¤›m›z ba¤›ms›z denetime dayanarak bu finansal tablolar hakk›nda görüfl bildirmektir. Ba¤›ms›z denetimimiz, Sermaye Piyasas› Kurulu’nca yay›mlanan ba¤›ms›z denetim standartlar›na uygun olarak gerçeklefltirilmifltir. Bu standartlar, etik ilkelere uyulmas›n› ve ba¤›ms›z denetimin, finansal tablolar›n gerçe¤i do¤ru ve dürüst bir biçimde yans›t›p yans›tmad›¤› konusunda makul bir güvenceyi sa¤lamak üzere planlanarak yürütülmesini gerektirmektedir. 104 Ba¤›ms›z denetimimiz, finansal tablolardaki tutarlar ve dipnotlar ile ilgili ba¤›ms›z denetim kan›t› toplamak amac›yla, ba¤›ms›z denetim tekniklerinin kullan›lmas›n› içermektedir. Ba¤›ms›z denetim tekniklerinin seçimi, finansal tablolar›n hata ve/veya hileden ve usulsüzlükten kaynaklan›p kaynaklanmad›¤› hususu da dahil olmak üzere önemli yanl›fll›k içerip içermedi¤ine dair risk de¤erlendirmesini de kapsayacak flekilde, mesleki kanaatimize göre yap›lm›flt›r. Bu risk de¤erlendirmesinde, iflletmenin iç kontrol sistemi göz önünde bulundurulmufltur. Ancak, amac›m›z iç kontrol sisteminin etkinli¤i hakk›nda görüfl vermek de¤il, ba¤›ms›z denetim tekniklerini koflullara uygun olarak tasarlamak amac›yla, iflletme yönetimi taraf›ndan haz›rlanan finansal tablolar ile iç kontrol sistemi aras›ndaki iliflkiyi ortaya koymakt›r. Ba¤›ms›z denetimimiz, ayr›ca iflletme yönetimi taraf›ndan benimsenen muhasebe politikalar› ile yap›lan önemli muhasebe tahminlerinin ve finansal tablolar›n bir bütün olarak sunumunun uygunlu¤unun de¤erlendirilmesini içermektedir. Ba¤›ms›z denetim s›ras›nda temin etti¤imiz ba¤›ms›z denetim kan›tlar›n›n, görüflümüzün oluflturulmas›na yeterli ve uygun bir dayanak oluflturdu¤una inan›yoruz. Görüfl Görüflümüze göre, iliflikteki konsolide finansal tablolar, Turcas Petrol A.fi. ve ba¤l› ortakl›klar›n›n 31 Aral›k 2007 tarihi itibar›yla finansal durumunu, ayn› tarihte sona eren y›la ait finansal performans›n› ve nakit ak›mlar›n›, Sermaye Piyasas› Kurulu’nca yay›mlanan finansal raporlama standartlar› çerçevesinde do¤ru ve dürüst bir biçimde yans›tmaktad›r. Görüflümüzü etkilememekle birlikte flu hususa dikkatinizi çekmek isteriz: Not 31’de detayl› olarak aç›kland›¤› üzere 31 A¤ustos 2006 tarihinde Enerji Piyasas› Düzenleme Kurulu (EPDK), lisanss›z bayilere ikmal yap›ld›¤› gerekçesiyle fiirket’e 113.599.140 YTL tutar›nda idari para cezas› vermifltir. fiirket kanuni haklar›ndan yararlanarak cezay› iptal ettirmek ve ödeme emirlerini kald›rtmak için hukuki süreç bafllatm›flt›r. Dan›fltay ‹dari Dava Daireleri Kurulu’na yürütmenin durdurulmas› istemiyle yap›lan itiraz neticesinde, 25 Ocak 2007 tarihinde cezalar›n yürütmesi durdurulmufltur. fiirket iki taksit tutar› olan 2.258.000 YTL’yi ödemifltir ve daha sonraki taksitlerin ödemesini, yürütmeyi durdurma karar›na istinaden yapmam›flt›r. Yürütmenin durdurulmas›na iliflkin gerekçeli kararlar 28 fiubat 2007 tarihinde fiirket’e tebli¤ edilmifltir. Konu ile ilgili hukuki süreç üzerindeki belirsizlik rapor tarihi itibarıyla devam etmektedir. Bu sebeple, Grup ekli mali tablolarda konu ile ilgili herhangi bir karfl›l›k ay›rmam›flt›r. ‹stanbul, 11 Nisan 2008 DRT BA⁄IMSIZ DENET‹M VE SERBEST MUHASEBEC‹ MAL‹ MÜfiAV‹RL‹K A.fi. Member of DELOITTE TOUCHE TOHMATSU Gökhan Alpman Sorumlu Ortak, Bafldenetçi Global Reports LLC INDEPENDENT AUDITORS’ REPORT To The Board of Directors of Turcas Petrol A.fi. We have audited the accompanying financial statements of Turcas Petrol A.fi. (the “Company”) and its subsidiaries (together “Group”), which comprise the consolidated balance sheet as at December 31, 2007, and the consolidated statement of income, consolidated statement of shareholders' equity and consolidated statement of cash flow for the year then ended, and a summary of significant accounting policies and other explanatory notes. Management’s Responsibility for the Financial Statements The Group’s Management is responsible for the preparation and fair presentation of these financial statements in accordance with the Capital Markets Board (“CMB”) standards. This responsibility includes: designing, implementing and maintaining internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances. Auditor’s Responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with standards on auditing published by the CMB. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance whether the financial statements are free of material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Independent Auditors’ Opinion In our opinion, the financial statements present fairly the financial position of Turcas Petrol A.fi. and its subsidiaries as at December 31, 2007, and of its financial performance and its cash flows for the year then ended, in accordance with the financial reporting standards determined by the CMB. Without qualifying our opinion we would like to draw your attention to the following matter: As explained in detail in Note 31, the Energy Market Regulatory Authority (EMRA) imposed administrative fines on Turcas Petrol A.fi. on August 31, 2006 amounting to TRY 113,559,140 for the supplies made to unlicensed dealers. The Company has taken judicial actions in order to exercise their legal rights for the cancellation of the fine and removal of the payment orders. Upon filings for suspension of execution to Plenary Session of Administrative Law Divisions of Council of State, the execution of fines was suspended on January 25, 2007. The Company paid the first and second installements amounting to TRY 2,258,000 of the fines and ceased the payment of following installements based on the ruling for suspension of the execution. Reasoned decisions for the suspension of the execution have been communicated to the Company on February 28, 2007. Uncertainty over the judicial process continues as of the report date. Accordingly, the Group has not made provisions for this matter in the accompanying financial statements. Istanbul, April 11, 2008 DRT BA⁄IMSIZ DENET‹M VE SERBEST MUHASEBEC‹ MAL‹ MÜfiAV‹RL‹K A.fi. Member of DELOITTE TOUCHE TOHMATSU Gökhan Alpman Partner Global Reports LLC 105 TURCAS PETROL A.fi. VE BA⁄LI ORTAKLIKLARI 31 ARALIK 2007 TAR‹H‹ ‹T‹BARIYLA KONSOL‹DE B‹LANÇO (Aksi belirtilmedikçe tutarlar YTL olarak ifade edilmifltir.) Dipnot Referanslar› 31 Aral›k 2007 31 Aral›k 2006 92.619.793 98.928.510 VARLIKLAR Cari / Dönen Varl›klar Haz›r De¤erler 4 87.498.454 91.964.745 Menkul K›ymetler (net) 5 200 - Ticari Alacaklar (net) 7 2.458.014 3.428.795 Finansal Kiralama Alacaklar› (net) 8 - - Yetkili Taraflardan Alacaklar (net) 9 324.434 689.932 10 2.082.400 1.782.208 Di¤er Alacaklar (net) 106 Canl› Varl›klar (net) 11 - - Stoklar (net) 12 230.367 380.753 Devam Eden ‹nflaat Sözleflmelerinden Alacaklar (net) 13 - - Ertelenen Vergi Varl›klar› 14 - - Di¤er Cari / Dönen Varl›klar 15 Cari Olmayan / Duran Varl›klar 628.077 346.648.607 Ticari Alacaklar (net) 7 89.192 839.642 Finansal Kiralama Alacaklar› (net) 8 - - Yetkili Taraflardan Alacaklar (net) 9 - - Di¤er Alacaklar (net) 10 - - Finansal Varl›klar (net) 16 424.665.331 344.353.212 Pozitif / Negatif fierefiye (net) 17 - - Yat›r›m Amaçl› Gayrimenkuller (net) 18 - - Maddi Varl›klar (net) 19 4.817.494 484.855 Maddi Olmayan Varl›klar (net) 20 815.348 810.541 Ertelenen Vergi Varl›klar› 14 116.956 110.357 Di¤er Cari Olmayan / Duran Varl›klar 15 Toplam Varl›klar Ekteki dipnotlar bu mali tablolar›n tamamlay›c› bir parças›d›r. Global Reports LLC 25.924 430.504.321 - - 523.124.114 445.577.117 TURCAS PETROL A.fi. AND ITS SUBSIDIARIES CONSOLIDATED BALANCE SHEET AS AT DECEMBER 31, 2007 (Amounts are expressed in New Turkish Lira (“TRY”) unless otherwise stated.) Footnote Reference December 31, 2007 December 31, 2006 92,619,793 98,928,510 ASSETS Current Assets Cash and Banks 4 87,498,454 91,964,745 Marketable Securities (net) 5 200 - Trade Receivables (net) 7 2,458,014 3,428,795 Financial Lease Receivables (net) 8 - - Due from Related Parties (net) 9 324,434 689,932 10 2,082,400 1,782,208 Other Receivables (net) Biological Assets (net) 11 - - Inventories (net) 12 230,367 380,753 Receivables from on Going Construction Contracts (net) 13 - - Deferred Tax Assets 14 - - Other Receivables / Current Assets 15 Long-Term Assets 628,077 346,648,607 Trade Receivables (net) 7 89,192 839,642 Financial Lease Receivables (net) 8 - - Due from Related Parties (net) 9 - - Other Receivables (net) 10 - - Financial Assets (net) 16 424,665,331 344,353,212 Positive / Negative Goodwill 17 - - Investment Property (net) 18 - - Tangible Assets (net) 19 4,817,494 484,855 Intangible Assets (net) 20 815,348 810,541 Deferred Tax Assets 14 116,956 110,541 Other Long-Term Assets 15 Total Assets The accompanying notes form an integral part of these financial statements. Global Reports LLC 25,924 430,504,321 - - 523,124,114 445,577,117 107 TURCAS PETROL A.fi. VE BA⁄LI ORTAKLIKLARI 31 ARALIK 2007 TAR‹H‹ ‹T‹BARIYLA KONSOL‹DE B‹LANÇO (Aksi belirtilmedikçe tutarlar YTL olarak ifade edilmifltir.) Dipnot Referanslar› 31 Aral›k 2007 31 Aral›k 2006 6.784.365 3.854.065 YÜKÜMLÜLÜKLER K›sa Vadeli Yükümlülükler Finansal Borçlar (net) 6 326.291 - Uzun Vadeli Finansal Borçlar›n K›sa Vadeli K›s›mlar› (net) 6 - - Finansal Kiralama ‹fllemlerinden Borçlar (net) 8 - - 10 477.366 66.840 Ticari Borçlar (net) 7 2.475.414 385.823 Yetkili Taraflara Borçlar (net) 9 3.008.985 1.142.827 Al›nan Avanslar 21 8.264 - Devam Eden ‹nflaat Sözleflmeleri Hakedifl Bedelleri (net) 13 - - Borç Karfl›l›klar› 23 318.127 2.088.182 Ertelenen Vergi Yükümlülü¤ü 14 - - Di¤er Yükümlülükler (net) 15 Di¤er Finansal Yükümlülükler (net) Uzun Vadeli Yükümlülükler 170.393 5.063.332 Finansal Borçlar (net) 6 973.155 - Finansal Kiralama ‹fllemlerinden Borçlar (net) 8 - - Di¤er Finansal Yükümlülükler (net) Ticari Borçlar (net) Yetkili Taraflara Borçlar (net) 108 169.918 5.242.897 10 - - 7 - - 9 - - Al›nan Avanslar 21 1.217.084 1.459.438 Borç Karfl›l›klar› 23 180.848 190.146 Ertelenen Vergi Yükümlülü¤ü 14 78.498 142.668 Di¤er Yükümlülükler (net) 15 2.793.312 3.271.080 ANA ORTAKLIK DIfiI PAYLAR 24 280 - ÖZSERMAYE 511.096.372 436.659.720 Karfl›l›kl› ‹fltirak Sermaye Düzeltmesi 25 - - Sermaye 25 105.000.000 105.000.000 Sermaye Yedekleri 26 66.837.343 66.837.343 Hisse Senetleri ‹hraç Primleri - - Hisse Senedi ‹ptal Kârlar› - - Yeniden De¤erleme Fonu - - Finansal Varl›klar De¤er Art›fl Fonu - - Özsermaye Enflasyon Düzeltmesi Farklar› 66.837.343 66.837.343 11.144.189 6.741.802 Yasal Yedekler 10.952.198 6.549.811 Statü Yedekleri - - 191.991 191.991 - - - - Kâr Yedekleri 27 Ola¤anüstü Yedekler Özel Yedekler Sermayeye Eklenecek ‹fltirak Hisseleri ve Gayrimenkul Sat›fl Kazançlar› Yabanc› Para Çevrim Farklar› Net Dönem Kâr› / Zarar› Geçmifl Y›llar Kâr / Zararlar› Toplam Özsermaye ve Yükümlülükler Ekteki dipnotlar bu mali tablolar›n tamamlay›c› bir parças›d›r. Global Reports LLC 28 - - 107.552.724 257.592.787 220.562.116 478.788 523.124.114 445.577.117 TURCAS PETROL A.fi. AND ITS SUBSIDIARIES CONSOLIDATED BALANCE SHEET AS AT DECEMBER 31, 2007 (Amounts are expressed in New Turkish Lira (“TRY”) unless otherwise stated.) Footnote Reference December 31, 2007 December 31, 2006 6,784,365 3,854,065 LIABILITIES Short-Term Liabilities Short-Term Borrowings (net) 6 326,291 - Short-Term Portions of Long-Term Borrowings (net) 6 - - Financial Lease Payables (net) 8 - - Other Financial Liabilities (net) 10 477,366 66,840 Trade Payables (net) 7 2,475,414 385,823 Due to Related Parties (net) 9 3,008,985 1,142,827 Advances Received 21 8,264 - Ongoing Construction Progress Payments (net) 13 - - Provisions 23 318,127 2,088,182 Deferred Tax Liability 14 - - Other Liabilities (net) 15 Long-Term Liabilities 169,918 170,393 5,242,897 5,063,332 Long-Term Borrowings (net) 6 973,155 - Financial Lease Payables (net) 8 - - Other Financial Liabilities (net) 10 - - 7 - - Trade Payables (Net) Due to Related Parties (net) 9 - - Advances Received 21 1,217,084 1,459,438 Provisions 23 180,848 190,146 Deferred Tax Liability 14 78,498 142,668 Other Liabilities (net) 15 2,793,312 3,271,080 MINORITY INTEREST 24 280 - SHAREHOLDERS’ EQUITY 511,096,372 436,659,720 Adjustment to Share Capital 25 - - Capital 25 105,000,000 105,000,000 Capital Reserves 26 66,837,343 66,837,343 Premium in Excess Of Par - - Gain on Cancellation of Equity Shares - - Revaluation Fund - - Revaluation Fund for Financial Assets - - Inflation Adjustment of Shareholders’ Equity Items 26 66,837,343 66,837,343 Profit Reserves 27 11,144,189 6,741,802 Legal Reserves 27 10,952,198 6,549,811 - - 191,991 191,991 - - - - Statutory Reserves Extraordinary Reserves 27 Special Reserves Gain from Sale of Immobile and Equity Participations’ Shares Transferable to Capital Currency Translation Reserve Net Profit for Current Period Retained Earnings Total Shareholders’ Equity and Liabilities The accompanying notes form an integral part of these financial statements. Global Reports LLC 28 - - 107,552,724 257,592,787 220,562,116 478,788 523,124,114 445,577,117 109 TURCAS PETROL A.fi. VE BA⁄LI ORTAKLIKLARI 31 ARALIK 2007 TAR‹H‹NDE SONA EREN YILA A‹T KONSOL‹DE GEL‹R TABLOSU (Aksi belirtilmedikçe tutarlar YTL olarak ifade edilmifltir.) Dipnot Referanslar› 01 Ocak-31 Aral›k 2007 01 Ocak-31 Aral›k 2006 ESAS FAAL‹YET GEL‹RLER‹ - Sat›fl Gelirleri (net) 36 3.383.068 902.237.105 - Sat›fllar›n Maliyeti (-) 36 (3.103.279) (847.128.904) - Hizmet Gelirleri 36 - - - Esas Faaliyetlerden Di¤er Gelirler / Faiz + Temettü + Kira (net) 36 BRÜT ESAS FAAL‹YET KÂRI / ZARARI - Faaliyet Giderleri (-) 37 NET ESAS FAAL‹YET KÂRI / ZARARI 110 55.905.418 (10.733.886) (30.883.863) 10.454.097 25.021.555 - Di¤er Faaliyetlerden Gelir ve Kârlar 38 112.157.538 237.637.623 - Di¤er Faaliyetlerden Gider ve Zararlar (-) 38 (970.583) (2.819.514) - Finansman Giderleri (-) 39 FAAL‹YET KÂRI / ZARARI 9.061.760 10.912.961 109.794.618 270.752.625 - Net Parasal Pozisyon Kâr›/Zarar› 40 - - ANA ORTAKLIK DIfiI KÂR / ZARAR 24 452 - 109.795.070 270.752.625 (2.242.346) (13.159.838) 107.552.724 257.592.787 1,02 2,45 VERG‹ ÖNCES‹ KÂR / ZARAR - Vergiler 41 NET DÖNEM KÂRI / ZARARI H‹SSE BAfiINA KAZANÇ Ekteki dipnotlar bu mali tablolar›n tamamlay›c› bir parças›d›r. Global Reports LLC 279.789 42 TURCAS PETROL A.fi. AND ITS SUBSIDIARIES CONSOLIDATED STATEMENT OF INCOME FOR THE YEAR ENDED DECEMBER 31, 2007 (Amounts expressed as (TRY), unless otherwise stated.) Footnote Reference Jan. 1-Dec. 31, 2007 Jan. 1-Dec. 31, 2006 OPERATING INCOME - Sales Revenue (net) 36 3,383,068 902,237,105 - Cost of Sales (-) 36 (3,103,279) (847,128,904) - Service Revenue (net) 36 - - - Other Operating income / Interest + Dividdividend + Rent (net) 36 GROSS PROFIT / LOSS - Operating Expenses (-) 37 OPERATING PROFIT / LOSS 55,905,418 (10,733,886) (30,883,863) 10,454,097 25,021,555 - Other Income and Profits 38 112,157,538 237,637,623 - Other Expense and Losses (-) 38 (970,583) (2,819,514) - Finance Expense / Income (net) 39 9,061,760 10,912,961 109,794,618 270,752,625 PROFIT BEFORE MONETARY GAIN AND TAX - Net Monetary Gain / Loss 40 - - MINORITY INCOME / LOSS 24 452 - 109,795,070 270,752,625 (2,242,346) (13,159,838) 107,552,724 257,592,787 1,02 2,45 PROFIT / LOSS BEFORE TAXATION - Taxation 41 NET PROFIT / LOSS FOR THE PERIOD EARNINGS PER SHARE 42 The accompanying notes form an integral part of these financial statements. Global Reports LLC 279,789 111 Global Reports LLC - Da¤›t›lan temettü Topluluk yap›b›ndaki de¤iflikli¤in etkisi (not 2 ve 32) Net dönem kâr› Ekteki dipnotlar bu mali tablolar›n tamamlay›c› bir parças›d›r. 105.000.000 - Yedeklere transfer 31 Aral›k 2007 ‹tibar›yla Bakiye - Geçmifl y›l kârlar›na transfer 105.000.000 - Net dönem kâr› 1 Ocak 2007 ‹tibar›yla Aç›l›fl Bakiyesi - Yedeklere transfer 105.000.000 - Da¤›t›lan temettü 31 Aral›k 2006 ‹tibar›yla Bakiye - 105.000.000 Sermaye Geçmifl y›l kârlar›na transfer 1 Ocak 2006 ‹tibar›yla Aç›l›fl Bakiyesi (Aksi belirtilmedikçe tutarlar YTL olarak ifade edilmifltir.) 66.837.343 - - - - - 66.837.343 66.837.343 - - - - 10.952.198 - - - 4.402.387 - 6.549.811 69.549.811 - 5.858.973 - - 445.882 Yedekler Farklar› 66.837.343 Yasal Düzeltmesi Enflasyon Özsermaye 191.991 - - - - - 191.991 191.991 - - (253.891) - - Yedekler Ola¤anüstü 220.562.116 - (1.742.072) (31.374.000) (4.402.387) 257.592.787 487.788 487.788 - (5.858.973) (40.171.109) (46.517.870) 46.517.870 Kâr/ (Zararlar›) Geçmifl Y›llar 107.552.724 107.552.724 - - - (257.592.787) 257.592.787 257.592.787 257.592.787 - - (46.517.870) 46.517.870 Net Dönem Kâr› TURCAS PETROL A.fi. VE BA⁄LI ORTAKLIKLARI 31 ARALIK 2007 TAR‹H‹NDE SONA EREN YILA A‹T KONSOL‹DE ÖZSERMAYE DE⁄‹fi‹M TABLOSU 112 511.096.372 107.552.724 (1.742.072) (31.374.000) - - 436.659.720 436.659.720 257.592.787 - (40.425.000) - 219.491.933 Toplam Global Reports LLC - Dividends Effect of change in the group’s structure (note 2 and 32) Net profit for the year The accompanying notes form an integral part of these financial statements. 105,000,000 - Transfers to reserves Balance as of December 31, 2007 - Transfers to retained earnings 105,000,000 - Net profit for the year Opening Balance as of January 01, 2007 - Transfers to reserves 105,000,000 - Dividends Balance as of December 31, 2006 - 105,000,000 Capital Transfers to retained earnings Opening Balance as of January 01, 2006 (Amounts expressed as (TRY), unless otherwise stated.) 66,837,343 - - - - - 66,837,343 66,837,343 - - - - 66,837,343 Equity Items Shareholders Adjustments of Inflation (1,742,072) - 191,991 10,952,198 220,562,116 (31,374,000) (4,402,387) 257,592,787 - - 487,788 487,788 46,517,870 4,402,387 191,991 6,549,811 - - (253,891) 5,858,973 191,991 (5,858,973) - - - (40,171,109) - 445,882 69,549,811 (46,517,870) Reserves Reserves Earnings Extraordinary Legal Retained 257,592,787 257,592,787 257,592,787 - - (46,517,870) 46,517,870 for the Year Net Profit 107,552,724 107,552,724 - - - (257,592,787) TURCAS PETROL A.fi. AND ITS SUBSIDIARIES CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED DECEMBER 31, 2007 113 511,096,372 107,552,724 (1,742,072) (31,374,000) - - 436,659,720 436,659,720 257,592,787 - (40,425,000) - 219,491,933 Total TURCAS PETROL A.fi. VE BA⁄LI ORTAKLIKLARI 31 ARALIK 2007 TAR‹H‹NDE SONA EREN YILA A‹T NAK‹T AKIM TABLOSU (Aksi belirtilmedikçe tutarlar YTL olarak ifade edilmifltir.) ‹flletme faaliyetlerinden elde edilen nakit ak›mlar› Not Dönem kâr› 257.592.787 19 1.066.036 4.406.311 - Maddi olmayan varl›klar›n itfa paylar› 20 420.821 1.832.986 - Sabit k›ymet sat›fl kâr› 38 (70.182) (24.055.472) - K›dem tazminat› karfl›l›¤› 23 61.013 (1.448.800) - Kullan›lmam›fl izin karfl›l›¤› 23 104.170 169.967 7 123.937 180.403 38 (171.453.382) - Bölünme sonucu oluflan kâr - Shell&Turcas Petrol A.fi. net dönem kâr›n›n toplulu¤a ait pay› 16,38 (103.668.963) (31.750.675) 41 2.242.346 13.159.838 ‹flletme sermayesinde gerçekleflen de¤iflimler 7.831.902 48.633.963 Ticari alacaklardaki azal›fl - Vergi tahakkuku 1.647.294 81.153.763 ‹liflkili taraflardan alacaklardaki (art›fl) / azal›fl 365.498 (241.344) Stoklardaki azal›fl 150.386 25.969.456 Di¤er alacaklar ve dönen varl›klardaki (art›fl) / azal›fl 355.961 (143.668) Ticari borçlardaki art›fl / (azal›fl) 2.089.591 (22.276.355) ‹liflkili taraflara borçlardaki art›fl 1.866.158 346.042 Al›nan avanslar›n art›fl› / (azal›fl›) Karfl›l›klardaki art›fl / (azal›fl) Di¤er borçlar ve gider tahakkuklar›ndaki azal›fl Faaliyetlerden elde edilen nakit Ödenen k›dem tazminat› Ödenen vergi Faaliyetlerden elde edilen nakit Ekteki dipnotlar bu mali tablolar›n tamamlay›c› bir parças›d›r. Global Reports LLC 1 Ocak-31 Aral›k 2006 107.552.724 - Maddi varl›klar›n amortisman› - fiüpheli ticari alacak karfl›l›¤›ndaki de¤iflim 114 1 Ocak-31 Aral›k 2007 23 (234.090) 280.963 (1.912.223) (21.098) (67.717) (4.490.210) 12.092.760 129.211.512 (70.311) - (2.275.117) (14.772.175) 9.747.332 114.439.337 TURCAS PETROL A.fi. AND ITS SUBSIDIARIES CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED DECEMBER 31, 2007 (Amounts are expressed in New Turkish Lira (“TRY”) unless otherwise stated.) Cash flows from operating activities Not Net profit for the year Jun. 1-Dec. 31, 2006 107,552,724 257,592,787 - Depreciation of property, plant and equipment 19 1,066,036 4,406,311 - Amortization of intangible assets 20 420,821 1,832,986 - Proceeds on disposal of fixed assets 38 (70,182) (24,055,472) - Provision for retirement pay 23 61,013 (1,448,800) - Provision for unussed vacation 23 104,170 169,967 7 123,937 180,403 - Change in allowance for doubtful receivables - Profit generated from spin-off - Shell&Turcas Petrol A.fi.’s profit attributable to the Group - Accrued taxation 38 - (171,453,382) 16.38 (103,668,963) (31,750,675) 41 2,242,346 13,159,838 Changes in working capital 7,831,902 48,633,963 Decrease in trade receivables 1,647,294 81,153,763 (Increase) / decrease in due from related parties 365,498 (241,344) Decrease in inventories 150,386 25,969,456 (Increase) / decrease in other receivables and current assets 355,961 (143,668) Increase / (decrease) in trade payables 2,089,591 (22,276,355) Increase in due to related parties 1,866,158 346,042 Increase / (decrease) in received advances (234,090) 280,963 Decrease in provisions Decrease in other payables and expense accruals Cash provided by operating activities Retirement pay paid Corporate tax paid Net cash provided by operating activities The accompanying notes form an integral part of these financial statements. Global Reports LLC Jun. 1-Dec. 31, 2007 23 (1,912,223) (21,098) (67,717) (4,490,210) 12,092,760 129,211,512 (70,311) (2,275,117) (14,772,175) 9,747,332 114,439,337 115 TURCAS PETROL A.fi. VE BA⁄LI ORTAKLIKLARI 31 ARALIK 2007 TAR‹H‹NDE SONA EREN YILA A‹T NAK‹T AKIM TABLOSU (Aksi belirtilmedikçe tutarlar YTL olarak ifade edilmifltir.) Yat›r›m faaliyetlerinden elde edilen nakit ak›mlar› Kurulan flirketin sermayesine ilk kat›l›m pay› Menkul k›ymet ak›mlar›ndan kaynaklanan nakit ç›k›fl Not 1 Ocak-31 Aral›k 2007 1 Ocak-31 Aral›k 2006 16 (3.134.384) (15.000) 5 Al›nan temettüler Ba¤l› ortakl›k sat›n al›mlar› için ödenen nakit 32 Maddi duran varl›k al›m amac›yla yap›lan ödemeler Maddi duran varl›k sat›fl›ndan elde edilen nakit Maddi olmayan duran varl›k al›m› amac›yla yap›lan ödemeler (200) 26.491.228 20 Yat›r›m faaliyetlerinden elde edilen nakit (2.202.591) (5.085.723) (2.735.263) 217.749 27.297.393 (425.628) (39.501) 15.860.451 24.507.629 Finansman faaliyetlerinden elde edilen nakit ak›mlar› Ana ortakl›k d›fl› paylardaki de¤iflim 116 Al›nan krediler 1.684.587 Kredi ödemeleri (385.141) Ödenen tutarlar (25.763.033) (31.374.000) (40.425.000) (30.074.074) (66.188.033) Nakit ve nakit benzerlerindeki art›fl / (azal›fl) (4.466.291) 72.758.933 Dönem bafl› nakit ve nakit benzerleri 91.964.745 19.205.812 Dönem sonu nakit ve nakit benzerleri 87.498.454 91.964.745 Finansman faaliyetlerinde kullan›lan nakit Ekteki dipnotlar bu mali tablolar›n tamamlay›c› bir parças›d›r. Global Reports LLC 480 TURCAS PETROL A.fi. AND ITS SUBSIDIARIES CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED DECEMBER 31, 2007 (Amounts are expressed in New Turkish Lira (“TRY”) unless otherwise stated.) Cash flows from operating activities Participation share Purchases of marketable securities Not Jun. 1-Dec. 31, 2007 Jun. 1-Dec. 31, 2006 16 (3,134,384) (15,000) 5 Dividends received Payments made for subsidiary purchases 32 Purchases of property, plant and equipment Proceeds on disposal of fixed assets Purchases of intangible assets (200) 26,491,228 20 Net cash provided by investing activities (2,202,591) (5,085,723) (2,735,263) 217,749 27,297,393 (425,628) (39,501) 15,860,451 24,507,629 Cash flows from financing activities Changes in minority interest Loans received 1,684,587 Loan repayments (385,141) (25,763,033) (31,374,000) (40,425,000) (30,074,074) (66,188,033) (4,466,291) 72,758,933 Dividends paid Net cash used in financing activities Net changes in cash and banks Cash and banks at the beginning of year 91,964,745 19,205,812 Cash and banks at the end of year 87,498,454 91,964,745 The accompanying notes form an integral part of these financial statements. Global Reports LLC 480 117 TURCAS PETROL A.fi. VE BA⁄LI ORTAKLIKLARI 31 ARALIK 2007 TAR‹H‹NDE SONA EREN YILA A‹T KONSOL‹DE MAL‹ TABLOLARA ‹L‹fiK‹N D‹PNOTLAR (Aksi belirtilmedikçe tutarlar YTL olarak ifade edilmifltir.) 1. fi‹RKET‹N ORGAN‹ZASYONU VE FAAL‹YET KONUSU Turcas Petrol A.fi. ve ba¤l› ortakl›klar› (“Grup”), Turcas Petrol A.fi. (“fiirket”), toplam befl ba¤l› ortakl›k ve iki ifltirakten 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’ye %82,16 oran›nda ortak olmufltur. 30 Eylül 1999 tarihi itibarıyla Tabafl, 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 itibar›yla Tabafl Petrolcülük A.fi.’nin ticari unvan› Turcas Petrol A.fi. olarak de¤ifltirilmifltir. 1 Temmuz 2006 tarihinde, Turcas Petrol A.fi. varl›klar›n bir k›sm›n› k›smi bölünme yoluyla Shell&Turcas Petrol A.fi.’ye devretmifltir. Shell&Turcas Petrol A.fi.’nin %30’u Turcas Petrol A.fi.’ye %70’i ise The Shell Company of Turkey Ltd.’e aittir. Bu tarihten sonra Turcas Petrol A.fi.’nin ana faaliyet konusu olan petrol ve petrol ürünleri al›m›, sat›m›, ihrac› ve ihracat› yeni kurulan Shell&Turcas Petrol A.fi. taraf›ndan yürütülmeye bafllanm›flt›r. fiirket yönetim kurulunun ald›¤› karar ile, Turcas Petrol A.fi.’nin faaliyet konusunun elektrik ve do¤algaz gibi alanlara kayd›r›lmas›na karar verilmifltir. fiirket, Türkiye’de kay›tl› olup adresi afla¤›daki gibidir: Emirhan Caddesi No: 145 Atakule Kat:6 Befliktafl/‹stanbul fiirket hisse senetleri 1992 y›l›ndan beri ‹stanbul Menkul K›ymetler Borsas›’nda ifllem görmektedir. fiirket’in ana hissedarlar› Aksoy Holding A.fi. ve Aksoy Petrol Da¤›t›m Yat›r›mlar› A.fi.’dir. fiirket’in ilgili bilanço tarihleri itibar›yla sermaye yap›s› Not 25’te verilmifltir. fiirket’in ba¤l› ortakl›klar› (“Ba¤l› Ortakl›klar”) ve temel faaliyet konular› afla¤›da belirtilmifltir: 118 31 Aral›k 2007 fiirket Unvan› Marmara Petrol ve Rafineri ‹flleri A.fi. (“Marmara”) Turcas Elektrik Üretim A.fi. 31 Aral›k 2006 Do¤rudan Dolayl› Do¤rudan Dolayl› sahiplik sahiplik sahiplik sahiplik oran› oran› oran› oran› % % % % 100,00 100,00 100,00 100,00 2,14 100,00 - - Turcas Elektrik Toptan Sat›fl A.fi. 33,32 99,98 - - Turcas Gaz Toptan Sat›fl A.fi. 99,96 99,96 - - - 99,99 - - Turcas Rüzgar Enerji Üretim A.fi. fiirket 1996 y›l›nda Marmara Petrol ve Rafinerileri A.fi. (“Marmara”)’n›n, 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. Rafineri iflleme, akaryak›t depolama ve servisi konular›nda faaliyet göstermektedir. Denetim tarihi itibarıyla rafineri iflleme faaliyeti bulunmamakta olup, akaryak›t depolama ve servisi faaliyeti devam etmektedir. 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. Rafineri Belgesini di¤er ATAfi ortaklar› ile birlikte Petrol ‹flleri Genel Müdürlü¤ü’ne iade etmifl, ATAfi’›n rafineri faaliyetlerine son vermifl ve EPDK‘dan ATAfi‘a bir terminal lisans› alm›flt›r. Global Reports LLC TURCAS PETROL A.fi. AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2007 (Amounts are expressed in New Turkish Lira (“TRY”) unless otherwise stated.) 1. ORGANIZATION AND OPERATIONS OF THE COMPANY Turcas Petrol A.fi. and its subsidiaries (“The Group”) consists of, Turcas Petrol A.fi. (“The Company”), a total of five subsidiaries and two affiliates. 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 of Turcas Petrolcülük A.fi. at TL 1,000 nominal value each, for USD 139,681,436, resulting in an ownership of 82.16%. On September 30, 1999, Tabafl merged with Turcas Petrolcülük A.fi. in accordance with the 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 and Turcas Petrolcülük A.fi. was dissolved. As of the same date, the commercial title of Tabafl was changed to Turcas Petrol A.fi. As of July 1, 2006, partial spin-off took place by, purchase of 30% of Shell&Turcas Petrol A.fi. shares by Turcas and 70% of Shell&Turcas Petrol A.fi. shares by Shell Company of Turkey Ltd. Main operations of the Shell&Turcas Petrol A.fi is in purchasing, selling, importing, exporting, and distributing all kinds of fuel products and lubricants. The Company is incorporated in Turkey and the legal center address is as follows: Emirhan caddesi No: 145 Atakule Kat:6 Befliktafl/Istanbul. The Company shares are traded on Istanbul Stock Exchange since 1992. The Company’s main shareholders are Aksoy Holding A.fi. and Aksoy Petrol Da¤›t›m Yat›r›mlar› A.fi. The details of the Company’s main shareholders’ are provided in Note 25. 119 Distrubution of capital between shareholders are as follows; December 31, 2007 December 31, 2007 Proportion of Proportion of Proportion of Proportion of direct effective direct effective ownership interest ownership interest % % % 100.00 100.00 100.00 100.00 2.14 100.00 - - Turcas Elektrik Toptan Sat›fl A.fi. 33.32 99.98 - - Turcas Gaz Toptan Sat›fl A.fi. 99.96 99.96 - - - 99.99 - - Shareholders Marmara Petrol ve Rafineri ‹flleri A.fi. (“Marmara”) Turcas Elektrik Üretim A.fi. Turcas Rüzgar Enerji Üretim A.fi. % 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 the Turkish Law and registered in Mersin, Turkey. Its main activity is refining oil in order to provide benefit for the participating companies. ATAfi’s all operating expenses and income taxes are charged, and participants supply cash advances periodically for this purpose. The rights of Atafl under the petroleum law are vested in the refinery companies of the participant shareholders. As a result of the Board of Directors of the Company minute held on June 7, 2004, the company’s subsidiary Marmara Petrol ve Rafineri ‹flleri A.fi. and the other ATAfi partners returned their Certificate of Refinery to the DGPA, put an end to the refining operations of ATAfi and got a Terminal License for ATAfi from the Energy Market Regulatory Authority. Global Reports LLC TURCAS PETROL A.fi. VE BA⁄LI ORTAKLIKLARI 31 ARALIK 2007 TAR‹H‹NDE SONA EREN YILA A‹T KONSOL‹DE MAL‹ TABLOLARA ‹L‹fiK‹N D‹PNOTLAR (Aksi belirtilmedikçe tutarlar YTL olarak ifade edilmifltir.) 1. fi‹RKET‹N ORGAN‹ZASYONU VE FAAL‹YET KONUSU (DEVAMI) Turcas Elektrik Üretim A.fi. 23 Aral›k 2003 tarihinde kurulmufl ve 16 fiubat 2006 tarihinden itibaren 20 y›l süreyle üretim faaliyeti göstermek üzere Enerji Piyasas› Düzenleme Kurulu’nun 16 fiubat 2006 tarihli ve 658-2 say›l› karar› ile Elektrik Üretim Lisans› alm›flt›r. Turcas Elektrik Toptan Sat›fl A.fi. 30 Ekim 2000 tarihinde kurulmufl ve 5 Haziran 2003 tarihinden itibaren 10 y›l süreyle 4628 say›l› Elektrik Piyasas› Kanunu ve ilgili mevzuat uyar›nca elektrik toptan sat›fl faaliyeti göstermek üzere faaliyet göstermektedir. Turcas Gaz Toptan Sat›fl A.fi. do¤algaz›n ithalat› ve toptan sat›fl› faaliyetlerinde bulunmak üzere 6 Haziran 2005’de kurulmufltur. Turcas Rüzgar Enerji Üretim A.fi. 25 Ekim 2007 tarihinde kurulmufltur ve faaliyet konusu elektrik enerji üretim tesislerinin kurulmas› ve iflletilmesi, elektrik enerjisi üretimi, üretilen enerji ve/veya kapasitenin müflterilere sat›fl faaliyetlerini gerçeklefltirmektir. Turcas Rüzgar Enerji Üretim A.fi.’nin %99,99’una Turcas Elektrik Üretim A.fi. sahiptir. Turcas Elektrik Toptan Sat›fl A.fi.’de bulunan Erdal Aksoy, S. Batu Aksoy, Banu Aksoy Tarakç›o¤lu, A. Belk›s Aksoy, F. Nilüfer Say›t ve Ö. Faruk Acuner’e ait %99,96’l›k hisseler fiubat 2007 ve Turcas Gaz Toptan Sat›fl A.fi.’de bulunan Erdal Aksoy’a ait %99,96’l›k hisseler 2007 y›l› Ocak ay› içerisinde Turcas taraf›ndan sat›n al›nm›flt›r. Turcas Elektrik Üretim A.fi. ve Turcas Elektrik Toptan Sat›fl A.fi.’de 2007 y›l›n›n Aral›k ay›nda sermaye art›r›m›na gidilmifl, art›r›m›n tamam›na Marmara Petrol ve Rafineri ‹flleri A.fi. ifltirak etmifltir. Bu nedenle Turcas Petrol A.fi.’nin do¤rudan sahiplik oran› s›ras›yla %2,14 ve %33,32’ye gerilerken Marmara Petrol ve Rafineri ‹flleri A.fi.’nin pay› s›ras›yla %97,86 ve %66,67 olmufltur. fiirket’in ba¤l› ortakl›klar›n›n detay› Not 2.3’de verilmektedir. 120 fiirket’in ifltiraklerinin detay› afla¤›da verilmektedir: 31 Aral›k 2007 fiirket Unvan› 31 Aral›k 2006 Do¤rudan Dolayl› Do¤rudan Dolayl› sahiplik sahiplik sahiplik sahiplik oran› oran› oran› oran› % % % % Shell&Turcas Petrol A.fi. 30,00 30,00 30,00 30,00 Socar&Turcas Enerji A.fi. 25,00 25,00 25,00 25,00 Shell&Turcas Petrol A.fi. her türlü akaryak›t ve ya¤lar›n sat›n al›m›, sat›fl›, ithalat ve ihracat›, depolamas› ve da¤›t›m› konular›nda faaliyet göstermektedir. Socar&Turcas Enerji A.fi. 28 Aral›k 2006 tarihinde kurulmufltur. Kurulan flirkette Turcas Petrol A.fi.’nin %25, Aksoy Holding A.fi.’nin %24 ortakl›¤› bulunmaktad›r. fiirket’in faaliyet konusu endüstri sektöründe her türlü üretim, iflleme, sat›fl, da¤›t›m, yat›r›m, araflt›rma, gelifltirme, ihracat ve ithalat faaliyetlerinde bulunmakt›r. 31 Aral›k 2007 tarihi itibarıyla fiirket’in 23 adet çal›flan› bulunmaktad›r (31 Aral›k 2006: 15). Global Reports LLC TURCAS PETROL A.fi. AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2007 (Amounts are expressed in New Turkish Lira (“TRY”) unless otherwise stated.) 1. ORGANIZATION AND OPERATIONS OF THE COMPANY (CONT’D) Turcas Elektrik Üretim A.fi. has been established in 23 December 2003 and obtained Electric Production License from EPDK for 20 years starting from February 16, 2006. Turcas Elektrik Toptan Sat›fl A.fi. has been established in October 30, 2000 and obtained the right to operate in electric wholesale business from EPDK for 20 years starting from June 5, 2003. Turcas Gaz Toptan Sat›fl A.fi. has been established in June 6, 2005, in order to operate in the import of natural gas and wholesale activities. Turcas Rüzgar Enerji Üretim A.fi. has been established in 25 October 2007 and it operates in the installation and administration of electric energy production facilities, electric energy production, the sale of the energy or capacity that has been produced to clients. Turcas Elektrik Üretim A.fi. owns 99.99% of Turcas Rüzgar Enerji Üretim A.fi. 99.96% of shares that belong to Erdal Aksoy, S. Batu Aksoy, Banu Aksoy Tarakç›o¤lu, A. Belk›s Aksoy, F. Nilüfer Say›t ve Ö. Faruk Acuner in Turcas Elektrik Toptan Sat›fl A.fi. and 99.96% of shares that belongs to Erdal Aksoy in Turcas Gaz Toptan Sat›fl A.fi. has been purchased by Turcas in January 2007. Turcas Elektrik Üretim A.fi. and Turcas Elektrik Toptan Sat›fl A.fi. has increased their capital in December 2007. Marmara Petrol ve Rafineri ‹flleri A.fi. has fully participated in the increase. Thus, Turcas Petrol A.fi.’s proportion of direct ownership has decreased to 2.14% and 33.32% respectively, while Marmara Petrol ve Rafineri ‹flleri A.fi.’s share has become 97.86% and 66.67% respectively. The Company’s subsidiaries’ detail has been explained in detail as seen in Note 2.3 The Company’s subsidiaries’ detail is as follows: 121 December 31, 2007 December 31, 2007 Proportion of Proportion of Shareholders Proportion of Proportion of direct effective direct effective ownership interest ownership interest % % % % Shell&Turcas Petrol A.fi. 30.00 30.00 30.00 30.00 Socar&Turcas Enerji A.fi. 25.00 25.00 25.00 25.00 Shell&Turcas Petrol A.fi. operates in every aspect of the purchase, sale, import, export, storage and distribution of all fuels and oils. Socar&Turcas Enerji A.fi. has been established in December 28, 2006. Turcas Petrol A.fi. has 25%, Aksoy Holding A.fi. has 24% partnership in the established company. It operates in industrial sector producing, processing, selling, distributing, investing, researching, importing and exporting. As of December 31, 2007, the company has 23 employees. (15, as of December 31, 2006) Global Reports LLC TURCAS PETROL A.fi. VE BA⁄LI ORTAKLIKLARI 31 ARALIK 2007 TAR‹H‹NDE SONA EREN YILA A‹T KONSOL‹DE MAL‹ TABLOLARA ‹L‹fiK‹N D‹PNOTLAR (Aksi belirtilmedikçe tutarlar YTL olarak ifade edilmifltir.) 2. MAL‹ TABLOLARIN SUNUMUNA ‹L‹fiK‹N ESASLAR 2.1 Uygulanan Muhasebe Standartlar›: fiirket ve ba¤l› ortakl›klar›, yasal defterlerini ve kanuni mali tablolar›n› Türk Ticaret Kanunu (“TTK”) ve vergi mevzuat›nca belirlenen muhasebe ilkelerine uygun olarak tutmakta ve haz›rlamaktad›r. Sermaye Piyasas› Kurumu (“SPK”), Seri: XI, No: 25 say›l› “Sermaye Piyasalar›nda Muhasebe Standartlar› Hakk›nda Tebli¤” ile kapsaml› bir muhasebe ilkeleri seti yay›nlam›flt›r. Bu Tebli¤, 1 Ocak 2005 tarihinden sonra sona eren ilk ara mali tablolardan geçerli olmak üzere yürürlü¤e girmifltir. An›lan Tebli¤e de¤ifliklik getiren Seri: XI, No: 27 say›l› Tebli¤in 5. maddesi, iflletmelerin Uluslararas› Finansal Raporlama Standartlar›’n› (“UFRS”) uygulamalar›n›n Seri: XI, No 25 say›l› Tebli¤’de öngörülen düzenleme ve ilan yükümlülüklerinin yerine getirilmesi hükmünde oldu¤unu belirtmektedir. ‹liflikteki mali tablolar, yukar›da bahsedilen SPK’n›n izin verdi¤i alternatif uygulama çerçevesinde UFRS’ye göre haz›rlanm›fl olup mali tablolar ve dipnotlar, SPK taraf›ndan 20 Aral›k 2004 tarihli duyuru ile uygulanmas› zorunlu k›l›nan formatlara uygun olarak sunulmufltur. 2.2 Yüksek Enflasyon Dönemlerinde Mali Tablolar›n Düzeltilmesi: SPK, 17 Mart 2005 tarihinde alm›fl oldu¤u bir kararla, Türkiye’de faaliyette bulunan ve SPK Muhasebe Standartlar›’na uygun mali tablo haz›rlayan flirketler için, 1 Ocak 2005 tarihinden itibaren geçerli olmak üzere enflasyon muhasebesi uygulamas›n›n gerekli olmad›¤›n› ilan etti¤i için bu tarihten itibaren Uluslararas› Muhasebe Standard› 29 “Yüksek Enflasyonist Ekonomilerde Finansal Raporlama”ya göre finansal tablolar›n haz›rlanmas› ve sunumu uygulamas›n› sona erdirmifltir. 2.3 Konsolide Mali Tablolar›n Haz›rlanmas›ndaki Esaslar: 122 Ba¤l› ortakl›klar, do¤rudan fiirket taraf›ndan kontrol edilen iflletmelerdir. Kontrol gücü, fiirket’in do¤rudan veya dolayl› olarak flirketlerin finansal ve faaliyet politikalar›n› yönetmesini ve bundan yarar elde etmesini ifade eder. Ba¤l› ortakl›klar›n mali tablolar› yönetim kontrolünün bafllad›¤› tarihten kontrolün sona erdi¤i tarihe kadar konsolide mali tablolara dahil edilir. Gerekli olmas› halinde, Grup’un izledi¤i muhasebe politikalar›yla ayn› olmas› amac›yla ba¤l› ortakl›klar›n mali tablolar›nda muhasebe politikalar›yla ilgili düzeltmeler yap›lm›flt›r. Tüm grup içi ifllemler, bakiyeler, gelir ve giderler konsolidasyonda elimine edilmifltir. Konsolide ba¤l› ortakl›klar›n net varl›klar›ndaki ana ortakl›k d›fl› paylar Grup’un özkayna¤›n›n d›fl›nda ayr› olarak belirtilir. Az›nl›k paylar›, ilk iflletme birleflmelerinde oluflan (3.9’ya bak›n›z) bu paylar ile birleflme tarihinden itibaren özkaynakta meydana gelen de¤iflikliklerdeki ana ortakl›k d›fl› paylar›n toplam›ndan oluflur. Ana ortakl›k d›fl› paylar›n oluflan zararlar› telafi etmek için zorunlu bir yükümlülü¤ünün ve söz konusu zararlar› karfl›layabilmek için ilave yat›r›m yapabilme imkan›n›n oldu¤u durumlar haricinde, ana ortakl›k d›fl› paylar›n ba¤l› ortakl›¤›n özkayna¤›ndaki pay›n› aflan ana ortakl›k d›fl› paylara ait zararlar, Grup’un paylar›na da¤›t›l›r. Ba¤l› Ortakl›k Al›mlar›: Turcas Elektrik Üretim A.fi. ve Turcas Elektrik Toptan Sat›fl A.fi.’de bulunan Erdal Aksoy, S. Batu Aksoy, Banu Aksoy Tarakç›o¤lu, A. Belk›s Aksoy, F. Nilüfer Say›t ve Ö. Faruk Acuner’e ait %99,96 l›k hisseler fiubat 2007’de 2.152.611 YTL ve Turcas Gaz Toptan Sat›fl A.fi.’de bulunan Erdal Aksoy’a ait %99,96’l›k hisseler 2007 y›l› Ocak ay› içerisinde 49.980 YTL’ye Turcas taraf›ndan sat›n al›nm›flt›r. Daha sonra Turcas Elektrik Üretim A.fi. ve Turcas Elektrik Toptan Sat›fl A.fi.’de 2007 y›l›n›n Aral›k ay›nda sermaye art›r›m›na gidilmifl, art›r›m›n tamam›na Marmara Petrol ve Rafineri ‹flleri A.fi. ifltirak etmifltir. Ekli mali tablolarda bu flirketlerin al›mlar› menfaatlerin birlefltirilmesi yöntemi kullan›larak muhasebelefltirilmifltir. Bu flirketlerin faaliyetlerinin olmamas› ve aktif toplamlar›n›n ekli konsolide mali tablolar› etkilemeyecek kadar küçük olmas› nedeniyle bu sat›n al›m ifllemi karfl›laflt›rmal› y›llarda da yap› de¤iflikli¤inin etkilerini yans›tacak flekilde düzenlenmemifltir. Ödenen tutar ile sat›n al›nan ba¤l› ortakl›klar›n net aktifleri aras›ndaki 1.742.072 YTL’lik fark Özsermaye grubu alt›nda Geçmifl Y›llar Kâr/Zararlar› kalemleri alt›nda gösterilmifltir. Global Reports LLC TURCAS PETROL A.fi. AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2007 (Amounts are expressed in New Turkish Lira (“TRY”) unless otherwise stated.) 2. BASIS OF THE FINANCIAL STATEMENTS 2.1 Accounting Standards: The Company and its subsidiary maintain and prepare its books of account in accordance with accounting principles in the Turkish Commercial Code and tax legislation. Capital Market Board (CMB) issued Decree No XI-25 “Capital Markets Accounting Standards” that provides a detailed accounting principals set. This Decree became effective for periods after January 1, 2005. Article 5 of Decree No XI-27, which amends the mentioned Decree, declares that the entities applying International Financial Reporting Standards (IFRS) are accepted as applying the preparation and disclosure requirements of Decree No XI-25. Accompanying financial statements were prepared in accordance with IFRS, within the framework of alternative treatment allowed by CMB as mentioned above and comply with CMB’s decree announced on December 20, 2004 regarding the format of the financial statements and footnotes. 2.2 Preparation of Financial Satements in Hyperinflationary Periods: The CMB with the resolution numbered 11/367 dated March 17, 2005 declared that companies operating in Turkey which prepare their financial statements in accordance with the CMB Accounting Standards (including the application of IFRS) effective January 1, 2005, will not be subject to the application of inflation accounting. Based on that declaration, in the accompanying financial statements, IAS 29 “Financial Reporting in Hyperinflationary Economies” was not applied beginning from January 1, 2005. 2.3 Consolidation: The consolidated financial statements incorporate the financial statements of the Company and entities controlled or jointly controlled by the Company (its subsidiaries). Control is achieved where the Company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by other members of the Group. All intra-group transactions, balances, income and expenses are eliminated on consolidation. Minority interests in the net assets of consolidated subsidiaries are identified separately from the Group’s equity therein. Minority interests consist of the amount of those interests at the date of the original business combination and the minority’s share of changes in equity since the date of the combination (Please refer to 3.9). Losses applicable to the minority in excess of the minority’s interest in the subsidiary’s equity are allocated against the interests of the Group except to the extent that the minority has a binding obligation and is able to make an additional investment to cover the losses. Subsidiary Purchases: 99.96% of shares that belong to Erdal Aksoy, S. Batu Aksoy, Banu Aksoy Tarakç›o¤lu, A. Belk›s Aksoy, F. Nilüfer Say›t ve Ö. Faruk Acuner in Turcas Elektrik Toptan Sat›fl A.fi. and 99.96% of shares that belongs to Erdal Aksoy in Turcas Gaz Toptan Sat›fl A.fi. has been purchased by Turcas for TRY 49,480 in February 2007 and January 2007 respectively. Turcas Elektrik Üretim A.fi. and Turcas Elektrik Toptan Sat›fl A.fi. has increased their capital in December 2007. Marmara Petrol ve Rafineri ‹flleri A.fi. has fully participated in the increase. The purchase of those companies were accounted for by using the uniting of interest method. Those purchase were not reflected in the comparative consolidated financial statements to show the effect of the change in structure of the company, because the companies that had been purchased had no operation activities and their assets were too small. The TRY 1,742,072 difference between the amount paid and the net assets of the subsidiaries that had been purchased has been shown under Previous Year Profit/Loss. Global Reports LLC 123 TURCAS PETROL A.fi. VE BA⁄LI ORTAKLIKLARI 31 ARALIK 2007 TAR‹H‹NDE SONA EREN YILA A‹T KONSOL‹DE MAL‹ TABLOLARA ‹L‹fiK‹N D‹PNOTLAR (Aksi belirtilmedikçe tutarlar YTL olarak ifade edilmifltir.) 2. MAL‹ TABLOLARIN SUNUMUNA ‹L‹fiK‹N ESASLAR (DEVAMI) 2.4 Karfl›laflt›rmal› Bilgiler ve Önceki Dönem Tarihli Mali Tablolar›n Düzeltilmesi: Mali durum ve performans trendlerinin tespitine imkan vermek üzere, Grup’un konsolide mali tablolar› önceki dönemle karfl›laflt›rmal› haz›rlanmaktad›r. Mali tablolar›n kalemlerinin gösterimi veya s›n›fland›r›lmas› de¤iflti¤inde karfl›laflt›r›labilirli¤i sa¤lamak amac›yla, önceki dönem mali tablolar› da buna uygun olarak yeniden s›n›fland›r›l›r. 2.5 Netlefltirme / Mahsup: Finansal varl›k ve yükümlülükler, gerekli kanuni hak olmas›, söz konusu varl›k ve yükümlülükleri net olarak de¤erlendirmeye niyet olmas› veya varl›klar›n elde edilmesi ile yükümlülüklerin yerine getirilmesinin efl zamanl› oldu¤u durumlarda net olarak gösterilirler. 2.6 Yeni ve Revize Edilmifl Uluslararas› Finansal Raporlama Standartlar›: Grup cari dönemde, Uluslararas› Muhasebe Standartlar› Kurulu (UMSK) ve Uluslararas› Finansal Raporlama Standartlar›n› Yorumlama Komitesi (UFRYK) taraf›ndan 1 Ocak 2007 tarihinden geçerli olmak üzere yay›nlanm›fl yeni ve revize edilmifl Uluslararas› Finansal Raporlama Standartlar› ve Yorumlar›’ndan kendi faaliyet konusu ile ilgili olanlar›n› SPK taraf›ndan 20 Aral›k 2004 tarihli duyuru ile uygulanmas› zorunlu k›l›nan formatlarla çeliflen hususlar haricinde uygulam›flt›r. Söz konusu yeni ve revize standartlar ile yorumlar›n uygulanmas› Grup’un muhasebe politikalar›n›, afla¤›daki konularda etkilemifltir: • UFRS 7, “Finansal Araçlar: Aç›klamalar” • UMS 1, “Mali Tablolar›n Sunumu” 124 UFRS 7, “Finansal Araçlar: Aç›klamalar” Bu standart mali tablo kullan›c›lar›na Grup’un finansal araçlar›n›n önemini ve bahse konu finansal araçlardan kaynaklanan risklerin niteli¤ini ve kapsam›n› de¤erlendirmelerine imkan veren aç›klamalar›n yap›lmas›n› gerektirir. Yeni aç›klamalar mali tablolara dahil edilmifltir. Standard›n finansal sonuçlar üzerinde bir etkisi bulunmamakla birlikte, gerekti¤inde geçmifl döneme ait karfl›laflt›rmal› bilgiler revize edilmifltir. UMS 1, “Mali Tablolar›n Sunumu” Bu de¤ifliklik, Grup’un mali tablo kullan›c›lar›na Grup sermayesinin yönetiminde Grup’un hedefledi¤i amaçlar› ile kulland›¤› politika ve uygulamalar› hakk›nda de¤erlendirme yapmalar›na imkan veren yeni aç›klamalar sunmas›n› gerektirir. 2007 tarihinde yürürlü¤e giren ancak Grup’un operasyonlar› ile ilgili olmad›¤›ndan uygulanmayan standartlar, de¤ifliklikler ve yorumlar Afla¤›da yer alan standartlar ile önceki standartlara getirilen de¤ifliklikler ve yorumlar 1 Ocak 2007 tarihinde veya söz konusu tarihten sonra bafllayan mali dönemler için zorunlu oldu¤u halde Grup’un faaliyetleri ile ilgili de¤ildir: • UFRS 4, “Sigorta Sözleflmeleri”, • UFRYK 7, “UMS 29 Yüksek Enflasyonlu Ekonomilerde Finansal Raporlama Standard› Çerçevesinde Düzeltme Yaklafl›m›n›n Uygulanmas›”, • UFRYK 8, “UFRS 2 Standard›n›n Kapsam›”, • UFRYK 9, “Sakl› Türevlerin Yeniden De¤erlendirilmesi”, • UFRYK 10, “Ara Dönem Finansal Raporlama ve De¤er Düflüklü¤ü”. Global Reports LLC TURCAS PETROL A.fi. AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2007 (Amounts are expressed in New Turkish Lira (“TRY”) unless otherwise stated.) 2. BASIS OF THE FINANCIAL STATEMENTS (CONT’D) 2.4 Comparative Information and Prior Period Financial Statement Correction: The numerical balances in the financial statements are given comparative with the prior year, when the presentation of financial statements or the reclassification of a balance changes, the prior year is also adjusted in accordance with the current year. 2.5 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. 2.6 Adoption of New and Revised Standards: In the current year, the Group has adopted all of the new and revised Standards and Interpretations issued by the International Accounting Standards Board (“the IASB”) and the International Financial Reporting Interpretations Committee (“IFRIC”) of the IASB that are relevant to its operations and effective for accounting periods beginning on January 1, 2007. The adoption of these new and revised Standards and Interpretations has resulted in changes to the Group’s accounting policies in the following areas: • IFRS 7, “Financial Instruments: Disclosures” • IAS 1, “Presentation of Financial Statements” IFRS 7, “Financial Instruments: Disclosures” This standard requires disclosures that enable users of the financial statements to evaluate the significance of the Group’s financial instruments and the nature and extent of risks arising from those financial instruments. The new disclosures are included throughout the financial statements. While there has been no effect on the financial position or results, comparative information has been revised where needed. IAS 1, “Presentation of Financial Statements” This amendment requires the Group to make new disclosures to enable users of the financial statements to evaluate the Group’s objectives, policies and processes for managing capital. Standards, amendments and interpretations effective in 2007 but not relevant The following standards, amendments and interpretations to published standards are mandatory for accounting periods beginning on or after January 1, 2007 but they are not relevant to the Group’s operations: • IFRS 4, “Insurance Contracts”, • IFRIC 7, “Applying the Restatement Approach Under IAS 29, Financial Reporting in Hyperinflationary Economies”, • IFRIC 8, “Scope of IFRS 2”, • IFRIC 9, “Reassessment of Embedded Derivatives”, • IFRIC 10, “Interim Financial Reporting and Impairment”. Global Reports LLC 125 TURCAS PETROL A.fi. VE BA⁄LI ORTAKLIKLARI 31 ARALIK 2007 TAR‹H‹NDE SONA EREN YILA A‹T KONSOL‹DE MAL‹ TABLOLARA ‹L‹fiK‹N D‹PNOTLAR (Aksi belirtilmedikçe tutarlar YTL olarak ifade edilmifltir.) 2. MAL‹ TABLOLARIN SUNUMUNA ‹L‹fiK‹N ESASLAR (DEVAMI) 2.6 Yeni ve Revize Edilmifl Uluslararas› Finansal Raporlama Standartlar›: Henüz yürürlü¤e girmemifl ve Grup taraf›ndan erken uygulanmas› benimsenmemifl standartlar ile mevcut önceki standartlara getirilen de¤ifliklikler ve yorumlar Afla¤›daki Standartlar ve Yorumlar bu mali tablolar›n onaylanma tarihinde yay›nlanm›fl ancak yürürlü¤e girmemifltir: • UFRYK 11, “UFRS 2 - Grup ve ‹flletmenin Geri Sat›n Al›nan Kendi Hisselerine ‹liflkin ‹fllemler” 1 Mart 2007 tarihinde veya bu tarihten sonra bafllayan mali dönemler için geçerlidir. • UMS 23, “(Revize) Borçlanma Maliyetleri” 1 Ocak 2009 tarihinde veya bu tarihten sonra bafllayan mali dönemler için geçerlidir. • UFRS 8, “Faaliyet Bölümleri” 1 Ocak 2009 tarihinde veya bu tarihten sonra bafllayan mali dönemler için geçerlidir. • UFRYK 12, “Hizmet ‹mtiyaz Anlaflmalar›” 1 Ocak 2008 tarihinde veya bu tarihten sonra bafllayan mali dönemler için geçerlidir. • UFRYK 13, “Müflteri Ba¤l›l›k Programlar›” 1 Temmuz 2008 tarihinde veya bu tarihten sonra bafllayan mali dönemler için geçerlidir. 126 • UFRYK 14, “UMS 19- Tan›mlanm›fl Fayda Varl›¤› Üzerindeki S›n›rlama, Asgari Fonlama Gereklilikleri ve Birbirleriyle Olan Karfl›l›kl› Etkileflimleri” 1 Ocak 2008 tarihinde veya bu tarihten sonra bafllayan mali dönemler için geçerlidir. • UFRS 2, “Hisse Bazl› Ödemeler” Hakedifl Koflullar› ve ‹ptallerine ‹liflkin De¤ifliklik. 1 Ocak 2009 tarihinde veya bu tarihten sonra bafllayan mali dönemler için geçerlidir. • • • • UFRS 3, “‹flletme Birleflmeleri” UMS 27, “Konsolide ve Bireysel Finansal Tablolar” UMS 28, “‹fltiraklerdeki Yat›r›mlar” UMS 31 “‹fl Ortakl›klar›ndaki Paylar” Sat›n Alma Yönteminin Uygulanmas› Hakk›nda Kapsaml› De¤ifliklik 1 Temmuz 2009 tarihinde veya bu tarihten sonra bafllayan mali dönemler için geçerlidir. • UMS 1, “Mali Tablolar›n Sunumu” • UMS 32, “Finansal Araçlar: Sunum” Geri Sat›n Alma Opsiyonlu Finansal Araçlar ve Nakde Çevrilmelerinde Do¤acak Yükümlülüklerin Aç›klanmas› Hakk›nda De¤ifliklik 1 Ocak 2009 tarihinde veya bu tarihten sonra bafllayan mali dönemler için geçerlidir. • UMS 1, “Mali Tablolar›n Sunumu” 1 Ocak 2009 tarihinde veya bu tarihten sonra bafllayan mali dönemler için geçerlidir. Grup yöneticileri, yukar›daki Standart ve Yorumlar›n uygulanmas›n›n gelecek dönemlerde Grup’un mali tablolar› üzerinde önemli bir etki yaratmayaca¤›n› düflünmektedir. Global Reports LLC TURCAS PETROL A.fi. AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2007 (Amounts are expressed in New Turkish Lira (“TRY”) unless otherwise stated.) 2. BASIS OF THE FINANCIAL STATEMENTS (CONT’D) 2.6 Adoption of New and Revised Standards: Standards, amendments and interpretations to existing standards that are not yet effective and have not been early adopted by the Group At the date of authorization of these financial statements, the following Standards and Interpretations were in issue but not yet effective: • IFRIC 11, “IFRS 2 - Group and Treasury Share Transactions” Effective for annual periods beginning on or after March 1, 2007 • IAS 23, “(Amendment) Borrowing Costs” Effective for annual periods beginning on or after January 1, 2009 • IFRS 8, “Operating Segments” Effective for annual periods beginning on or after January 1, 2009 • IFRIC 12, “Service Concession Arrangements” Effective for annual periods beginning on or after January 1, 2008 • IFRIC 13, “Customer Loyalty Programmes” Effective for annual periods beginning on or after July 1, 2008 • IFRIC 14, “IAS 19- The limit on a defined benefit asset, minimum funding requirements and their interaction” Effective for annual periods beginning on or after January 1, 2008 • IFRS 2, “Share-Based Payment” Amendment Relating to Vesting Conditions and Cancellations Effective for annual periods beginning on or after January 1, 2009 • • • • IFRS 3, “Business Combinations” IAS 27, “Consolidated and Separate Financial Statements” IAS 28, “Investments in Associates” IAS 31 “Interests in Joint Ventures” Comprehensive revision on applying the acquisition method Effective for annual periods beginning on or after July 1, 2009 • IAS 1, “Presentation of Financial Statements” • IAS 32, “Financial Instruments: Presentation” Amendments relating to disclosure of puttable instruments and obligations arising on liquidation Effective for annual periods beginning on or after January 1, 2009 • IAS 1, “Presentation of Financial Statements” Effective for annual periods beginning on or after January 1, 2009 Group management, anticipates that adoption of these Standards and Interpretations in future periods will have no material impact on the financial statements of the Group. Global Reports LLC 127 TURCAS PETROL A.fi. VE BA⁄LI ORTAKLIKLARI 31 ARALIK 2007 TAR‹H‹NDE SONA EREN YILA A‹T KONSOL‹DE MAL‹ TABLOLARA ‹L‹fiK‹N D‹PNOTLAR (Aksi belirtilmedikçe tutarlar YTL olarak ifade edilmifltir.) 3. UYGULANAN DE⁄ERLEME ‹LKELER‹ / MUHASEBE POL‹T‹KALARI 3.1 Has›lat: Gelirler, gelir tutar›n›n güvenilir flekilde belirlenebilmesi ve ifllemle ilgili ekonomik yararlar›n Grup’a akmas›n›n muhtemel olmas› üzerine al›nan veya al›nabilecek bedelin gerçe¤e uygun 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. Mallar›n sat›fl›ndan elde edilen gelir, afla¤›daki flartlar karfl›land›¤›nda muhasebelefltirilir: • Grup’un mülkiyetle ilgili tüm önemli riskleri ve kazan›mlar› al›c›ya devretmesi, • Grup’un mülkiyetle iliflkilendirilen ve süregelen bir idari kat›l›m›n›n ve sat›lan mallar üzerinde etkin bir kontrolünün olmamas›, • Gelir tutar›n›n güvenilebilir bir flekilde ölçülmesi, • ‹fllemle iliflkili olan ekonomik faydalar›n iflletmeye ak›fl›n›n olas› olmas›, • ‹fllemden kaynaklanacak maliyetlerin güvenilebilir bir flekilde ölçülmesi. Faiz geliri, kalan anapara bakiyesi ile beklenen ömrü boyunca ilgili finansal varl›ktan elde edilecek tahmini nakit girifllerini söz konusu varl›¤›n kay›tl› de¤erine indirgeyen efektif faiz oran› nispetinde ilgili dönemde tahakkuk ettirilir. Hisse senedi yat›r›mlar›ndan elde edilen temettü geliri, hissedarlar›n temettü alma hakk› do¤du¤u zaman kayda al›n›r. 3.2 Stoklar›n De¤erlemesi: 128 Stoklar, net gerçekleflebilir de¤er ya da maliyet bedelinden düflük olan› ile de¤erlenir. Maliyet, a¤›rl›kl› ortalama metodu ile hesaplanmaktad›r. Net gerçekleflebilir de¤er, ola¤an ticari faaliyet içerisinde oluflan tahmini sat›fl fiyat›ndan tahmini tamamlanma maliyeti ve sat›fl› gerçeklefltirmek için gerekli tahmini sat›fl maliyeti toplam›n›n indirilmesiyle elde edilen tutard›r. 3.3 Maddi Varl›klar: Maddi varl›klar, 1 Ocak 2005 tarihinden önce sat›n al›nan kalemler için 31 Aral›k 2004 tarihi itibarıyla enflasyonun etkilerine göre düzeltilmifl maliyet de¤erlerinden; 2005 ve sonras›nda al›nan kalemler için sat›n al›m maliyet de¤erlerinden birikmifl amortisman ve kal›c› de¤er kay›plar› düflülerek mali tablolara yans›t›l›r. Maddi varl›klar do¤rusal amortisman metoduyla amortismana tabi tutulmufltur. Arsa, faydal› ömrünün s›n›rs›z kabul edilmesinden dolay› amortismana tabi tutulmamaktad›r. Maddi varl›klar›n amortisman dönemleri, tahmin edilen faydal› ömürleri esas al›narak, afla¤›da belirtilmifltir: Yeralt› ve yerüstü düzenleri Makina ve cihazlar Tafl›tlar Demirbafllar Özel maliyetler 5-10 y›l 5-10 y›l 5 y›l 5-10 y›l 5 y›l Beklenen faydal› ömür, kal›nt› de¤er ve amortisman yöntemi, tahminlerde ortaya ç›kan de¤iflikliklerin olas› etkilerini ileriye dönük olarak tespit etmek amac›yla her y›l gözden geçirilir. Maddi duran varl›klar›n elden ç›kart›lmas› ya da bir maddi duran varl›¤›n hizmetten al›nmas› sonucu oluflan kâr veya zarar sat›fl has›lat› ile varl›¤›n defter de¤eri aras›ndaki fark olarak belirlenerek, gelir tablosuna dahil edilir. Global Reports LLC TURCAS PETROL A.fi. AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2007 (Amounts are expressed in New Turkish Lira (“TRY”) unless otherwise stated.) 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 3.1 Revenue: Revenue is recognized on accrual basis over the amount obtained or to be obtained based on the assumptions 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. Revenue from sale of goods is recognised when all the following conditions are satisfied: • The Group transfers the significant risks and rewards of ownership of the goods to the buyer; • The Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; • The amount of revenue can be measured reliably; • It is probable that the economic benefits associated with the transaction will flow to the entity • The costs incurred or to be incurred in respect of the transaction can be measured reliably Interest income is recorded on the basis of effective interest rate method and dividend income is recorded when the right of dividend income emerges. Dividend revenue from investments is recognized when the shareholders’ rights to receive payment have been established. 3.2 Inventories: Inventories are valued at the lower of cost or net realizable value. Cost elements included in inventories comprise all costs of materials purchased, labour and an appropriate amount for factory overheads. The cost of inventories is determined on a weighted average basis. Net realizable value is the estimate of the selling price in the ordinary course of business, less the costs of completion and selling expenses. 3.3 Tangible Assets: Property, plant and equipment that are acquired before January 1, 2005 are carried with their restated cost as of December 31, 2004; and intangible assets that are acquired after January 1, 2005 are carried with their cost after subtracting accumulated depreciation and impairment. Property, plant and equipment except land that is deemed to have indefinite life are depreciated principally on a straightline basis on their inflation adjusted amounts. Property, plant and equipment are depreciated over the following useful lives: Land improvements Machinery and equipment Vehicles Furnitue and fixtures Leasehold improvements 5-10 years 5-10 years 5 years 5-10 years 5 years The estimated useful life and amortization method are reviewed at the end of each annual reporting period, with the effect of any changes in estimate being accounted for on a prospective basis. Gains or losses on disposals of tangible assets with respect to their restated amounts are included in the related income and expense accounts, as appropriate where the carrying amount of an asset is greater than its estimated recoverable amount, it is written down immediately to its recoverable amount. Global Reports LLC 129 TURCAS PETROL A.fi. VE BA⁄LI ORTAKLIKLARI 31 ARALIK 2007 TAR‹H‹NDE SONA EREN YILA A‹T KONSOL‹DE MAL‹ TABLOLARA ‹L‹fiK‹N D‹PNOTLAR (Aksi belirtilmedikçe tutarlar YTL olarak ifade edilmifltir.) 3. UYGULANAN DE⁄ERLEME ‹LKELER‹ / MUHASEBE POL‹T‹KALARI (DEVAMI) 3.4 Finansal Kiralama ‹fllemleri: Yoktur. 3.5 Maddi Olmayan Varl›klar: Di¤er maddi olmayan varl›klar, 1 Ocak 2005 tarihinden önce sat›n al›nan kalemler için enflasyonun etkilerine göre düzeltilmifl maliyetlerinden ve 1 Ocak 2005’ten sonra sat›n al›nan kalemler için sat›n al›m maliyet de¤erinden, birikmifl itfa ve tükenme paylar› ile kal›c› de¤er kay›plar› düflülmüfl olarak gösterilirler. Di¤er maddi olmayan varl›klar edinilmifl ticari ünvan kullanma haklar› ve bilgisayar yaz›l›mlar›ndan oluflmaktad›r. Faydal› ömürleri olan 5-15 y›l boyunca do¤rusal olarak itfa edilirler. 3.6 Varl›klarda De¤er Düflüklü¤ü: fierefiye gibi s›n›rs›z ömrü olan varl›klar itfaya tabi tutulmazlar. Bu varl›klar için her y›l de¤er düflüklü¤ü testi uygulan›r. ‹tfaya tabi olan varl›klar için ise defter de¤erinin geri kazan›lmas›n›n mümkün olmad›¤› durum ya da olaylar›n ortaya ç›kmas› halinde de¤er düflüklü¤ü testi uygulan›r. Varl›¤›n defter de¤erinin geri kazan›labilir tutar›n› aflmas› durumunda de¤er düflüklü¤ü karfl›l›¤› kaydedilir. Geri kazan›labilir tutar, sat›fl maliyetleri düflüldükten sonra elde edilen gerçe¤e uygun de¤er veya kullan›mdaki de¤erin büyük olan›d›r. De¤er düflüklü¤ünün de¤erlendirilmesi için varl›klar ayr› tan›mlanabilir nakit ak›mlar›n›n oldu¤u en düflük seviyede gruplan›r (nakit üreten birimler). fierefiye haricinde de¤er düflüklü¤üne tabi olan finansal olmayan varl›klar her raporlama tarihinde de¤er düflüklü¤ünün olas› iptali için gözden geçirilir. 3.7 Borçlanma Giderleri: 130 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. 3.8 Finansal Araçlar: 3.8.1 Finansal Varl›klar: Finansal yat›r›mlar, gerçe¤e uygun de¤er fark› kâr veya zarara yans›t›lan ve gerçe¤e uygun de¤erinden kay›tlara al›nan finansal varl›klar haricinde, gerçe¤e uygun piyasa de¤erinden al›m ifllemiyle do¤rudan iliflkilendirilebilen harcamalar düflüldükten sonra kalan tutar üzerinden muhasebelefltirilir. Yat›r›mlar, yat›r›m araçlar›n›n ilgili piyasa taraf›ndan belirlenen süreye uygun olarak teslimat› koflulunu tafl›yan bir kontrata ba¤l› olan ifllem tarihinde kay›tlara al›n›r veya kay›tlardan ç›kar›l›r. Finansal varl›klar “gerçe¤e uygun de¤er fark› kâr veya zarara yans›t›lan finansal varl›klar”, “vadesine kadar elde tutulacak yat›r›mlar”, “sat›lmaya haz›r finansal varl›klar” ve “kredi ve alacaklar” olarak s›n›fland›r›l›r. Gerçe¤e uygun de¤er fark› kâr veya zarara yans›t›lan finansal varl›klar: Gerçe¤e uygun de¤er fark› gelir tablosuna yans›t›lan finansal varl›klar; al›m-sat›m amac›yla elde tutulan finansal varl›klard›r. Bir finansal varl›k k›sa vadede elden ç›kar›lmas› amac›yla edinildi¤i zaman söz konusu kategoride s›n›fland›r›l›r. Finansal riske karfl› etkili bir koruma arac› olarak belirlenmemifl olan türev ürünleri teflkil eden bahse konu finansal varl›klar da gerçe¤e uygun de¤er fark› kâr veya zarara yans›t›lan finansal varl›klar olarak s›n›fland›r›l›r. Bu kategoride yer alan varl›klar, dönen varl›klar olarak s›n›fland›r›l›rlar. Global Reports LLC TURCAS PETROL A.fi. AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2007 (Amounts are expressed in New Turkish Lira (“TRY”) unless otherwise stated.) 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D) 3.4 Financial Leases: None. 3.5 Intangible Assets: Intangible assets represent trade names and other rights and intangible assets purchased before January 1, 2005 are carried with their restated cost as of 31 December 2004, and intangible assets that are acquired after January 1, 2005 are carried with their cost after subtracting accumulated depreciation and impairment. Amortization is charged to consolidated 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. 3.6 Impairment of Assets: At each balance sheet date, the Group reviews the carrying amounts of all of its assets, excluding goodwill and deferred tax, to determine whether there is any indication that those assets have suffered from an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any) at each balance sheet date. Intangible assets are also tested for impairment and, if there is any indication of their usage, the recoverable amount of the assets is estimated at each balance sheet date. If the book value of these assets or any unit producing cash, belonging to that asset, are higher than their value of use or their net selling prices, than there is an impairment in the value of these assets. The impairment losses are recognized in the income statement. 3.7 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. 3.8 Financial Instruments: 3.8.1 Financial Assets: Investments are recognised and derecognised on a trade date where the purchase or sale of an investments under a contract whose terms require delivery of the investment within the timeframe established by the market concerned, and are initially measured at fair value, net of transaction costs except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value. Financial assets are classified into the following specified categories: financial assets as “at fair value through profit or loss” (FVTPL), “held-to-maturity investments”, “available-for-sale” (AFS) financial assets and ‘loans and receivables”. Financial assets at FVTPL: Financial assets at fair value through profit or loss are financial assets held for trading. A financial asset is classified in this category if acquired principally for the purpose of selling in the short-term. Derivatives are also categorized as held for trading unless they are designated as hedges. Assets in this category are classified as current assets. Global Reports LLC 131 TURCAS PETROL A.fi. VE BA⁄LI ORTAKLIKLARI 31 ARALIK 2007 TAR‹H‹NDE SONA EREN YILA A‹T KONSOL‹DE MAL‹ TABLOLARA ‹L‹fiK‹N D‹PNOTLAR (Aksi belirtilmedikçe tutarlar YTL olarak ifade edilmifltir.) 3. UYGULANAN DE⁄ERLEME ‹LKELER‹ / MUHASEBE POL‹T‹KALARI (DEVAMI) 3.8.1 Finansal Varl›klar (devam›) Vadesine kadar elde tutulan finansal varl›klar: Grup’un vadesine kadar elde tutma olana¤› ve niyeti oldu¤u, sabit veya belirlenebilir bir ödeme plan›na sahip, sabit vadeli borçlanma araçlar›, vadesine kadar elde tutulacak yat›r›mlar olarak s›n›fland›r›l›r. Vadesine kadar elde tutulacak yat›r›mlar etkin faiz yöntemine göre itfa edilmifl maliyet bedelinden de¤er düflüklü¤ü tutar› düflülerek kay›tlara al›n›r ve ilgili gelirler etkin faiz yöntemi kullan›lmak suretiyle hesaplan›r. Sat›lmaya haz›r finansal varl›klar: Sat›lmaya haz›r finansal varl›klar (a) vadesine kadar elde tutulacak finansal varl›k olmayan veya (b) al›m sat›m amaçl› finansal varl›k olmayan finansal varl›klardan oluflmaktad›r. Sat›lmaya haz›r finansal varl›klar kay›tlara al›nd›ktan sonra güvenilir bir flekilde ölçülebiliyor olmas› kofluluyla gerçe¤e uygun de¤erleriyle de¤erlenmektedir. Gerçe¤e uygun de¤eri güvenilir bir flekilde ölçülemeyen ve aktif bir piyasas› olmayan menkul k›ymetler maliyet de¤eriyle gösterilmektedir. Sat›lmaya haz›r finansal varl›klara iliflkin kâr veya zararlara ilgili dönemin gelir tablosunda yer verilmektedir. Bu tür varl›klar›n makul de¤erinde meydana gelen de¤ifliklikler özkaynak hesaplar› içinde gösterilmektedir. ‹lgili varl›¤›n elden ç›kar›lmas› veya de¤er düflüklü¤ü olmas› durumunda özkaynak hesaplar›ndaki tutar kâr / zarar olarak gelir tablosuna transfer edilir. Sat›lmaya haz›r finansal varl›k olarak s›n›fland›r›lan özkaynak araçlar›na yönelik yat›r›mlardan kaynaklanan ve gelir tablosunda muhasebelefltirilen de¤er düflüfl karfl›l›klar›, sonraki dönemlerde gelir tablosundan iptal edilemez. Sat›lmaya haz›r olarak s›n›fland›r›lan özkaynak araçlar› haricinde, de¤er düflüklü¤ü zarar› sonraki dönemde azal›rsa ve azal›fl de¤er düflüklü¤ü zarar›n›n muhasebelefltirilmesi sonras›nda meydana gelen bir olayla iliflkilendirilebiliyorsa, önceden muhasebelefltirilen de¤er düflüklü¤ü zarar› gelir tablosunda iptal edilebilir. 132 Krediler ve alacaklar: Sabit ve belirlenebilir ödemeleri olan, piyasada ifllem görmeyen ticari ve di¤er alacaklar ve krediler bu kategoride s›n›fland›r›l›r. Krediler ve alacaklar etkin faiz yöntemi kullan›larak iskonto edilmifl maliyeti üzerinden de¤er düflüklü¤ü düflülerek gösterilir. Finansal varl›klarda de¤er düflüklü¤ü: Gerçe¤e uygun de¤er fark› kâr veya zarara yans›t›lan finansal varl›klar d›fl›ndaki finansal varl›k veya finansal varl›k gruplar›, her bilanço tarihinde de¤er düflüklü¤üne u¤rad›klar›na iliflkin göstergelerin bulunup bulunmad›¤›na dair de¤erlendirmeye tabi tutulur. Finansal varl›¤›n ilk muhasebelefltirilmesinden sonra bir veya birden fazla olay›n meydana gelmesi ve söz konusu olay›n ilgili finansal varl›k veya varl›k grubunun güvenilir bir biçimde tahmin edilebilen gelecekteki nakit ak›mlar› üzerindeki olumsuz etkisi sonucunda ilgili finansal varl›¤›n de¤er düflüklü¤üne u¤rad›¤›na iliflkin tarafs›z bir göstergenin bulunmas› durumunda de¤er düflüklü¤ü zarar› oluflur. Kredi ve alacaklar için de¤er düflüklü¤ü tutar› gelecekte beklenen tahmini nakit ak›mlar›n›n finansal varl›¤›n etkin faiz oran› üzerinden iskonto edilerek hesaplanan bugünkü de¤eri ile defter de¤eri aras›ndaki farkt›r. Bir karfl›l›k hesab›n›n kullan›lmas› yoluyla defter de¤erinin azalt›ld›¤› ticari alacaklar haricinde, bütün finansal varl›klarda, de¤er düflüklü¤ü do¤rudan ilgili finansal varl›¤›n kay›tl› de¤erinden düflülür. Ticari alaca¤›n tahsil edilememesi durumunda söz konusu tutar karfl›l›k hesab›ndan düflülerek silinir. Karfl›l›k hesab›ndaki de¤iflimler gelir tablosunda muhasebelefltirilir. Sat›lmaya haz›r özkaynak araçlar› haricinde, de¤er düflüklü¤ü zarar› sonraki dönemde azal›rsa ve azal›fl de¤er düflüklü¤ü zarar›n›n muhasebelefltirilmesi sonras›nda meydana gelen bir olayla iliflkilendirilebiliyorsa, önceden muhasebelefltirilen de¤er düflüklü¤ü zarar›, de¤er düflüklü¤ünün iptal edilece¤i tarihte yat›r›m›n de¤er düflüklü¤ü hiçbir zaman muhasebelefltirilmemifl olmas› durumunda ulaflaca¤› itfa edilmifl maliyet tutar›n› aflmayacak flekilde gelir tablosunda iptal edilir. Sat›lmaya haz›r özkaynak araçlar›n›n gerçe¤e uygun de¤erinde de¤er düflüklü¤ü sonras›nda meydana gelen art›fl, do¤rudan özkaynaklarda muhasebelefltirilir. Global Reports LLC TURCAS PETROL A.fi. AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2007 (Amounts are expressed in New Turkish Lira (“TRY”) unless otherwise stated.) 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D) 3.8.1 Financial Assets (cont’d) Held to maturity investments: Investments in debt securities with fixed or determinable payments and fixed maturity dates that the Group has the positive intent and ability to hold to maturity are classified as held-to-maturity investments. Held-to-maturity investments are recorded at amortized cost using the effective interest method less impairment, with revenue recognized on an effective yield basis. Available for sale financial assets: Investments other than held-to-maturity debt securities and held for trading securities are classified as available-for-sale, and are measured at subsequent reporting dates at fair value except available-for-sale investments that do not have quoted prices in active markets and whose fair values cannot be reliably measured are stated at cost and restated to the equivalent purchasing power. Gains and losses arising from changes in fair value 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 recognized in equity is included in the profit or loss for the period. Impairment losses recognized in profit or loss for equity investments classified as available-for-sale are not subsequently reversed through profit or loss. Impairment losses recognized in profit or loss for debt instruments classified as available-for-sale are subsequently reversed if an increase in the fair value of the instrument can be objectively related to an event occurring after the recognition of the impairment loss. Available for sale financial assets of a foreign currency has a fair value, calculated by using the foreign exchange rate of the relevant foreign currency’s current value at the reporting date. Asset’s difference of fair value, caused by the foreign exchange rate is recorded in income/loss and other changes are recorded in equity capital. Loans and receivables: Trade receivables, loans, and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as ‘loans and receivables’. Loans and receivables are measured at amortized cost using the effective interest method less any impairment. Impairment of financial assets: Financial assets, other than those at FVTPL, are assessed for indicators of impairment at each balance sheet date. Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows of the investment have been impacted. For financial assets carried at amortized cost, the amount of the impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the original effective interest rate. The carrying amount of the financial asset is reduced by the impairment loss directly for all financial assets with the exception of trade receivables where the carrying amount is reduced through the use of an allowance account. When a trade receivable is uncollectible, it is written off against the allowance account. Subsequent recoveries of amounts previously written off are credited against the allowance account. Changes in the carrying amount of the allowance account are recognized in profit or loss. With the exception of AFS equity instruments, if, in a subsequent period, the amount of the impairment loss decreases and the decrease can be related objectively to an event occurring after the impairment was recognized, the previously recognized impairment loss is reversed through profit or loss to the extent that the carrying amount of the investment at the date the impairment is reversed does not exceed what the amortized cost would have been had the impairment not been recognized. In respect of AFS equity securities, any increase in fair value subsequent to an impairment loss is recognised directly in equity. Global Reports LLC 133 TURCAS PETROL A.fi. VE BA⁄LI ORTAKLIKLARI 31 ARALIK 2007 TAR‹H‹NDE SONA EREN YILA A‹T KONSOL‹DE MAL‹ TABLOLARA ‹L‹fiK‹N D‹PNOTLAR (Aksi belirtilmedikçe tutarlar YTL olarak ifade edilmifltir.) 3. UYGULANAN DE⁄ERLEME ‹LKELER‹ / MUHASEBE POL‹T‹KALARI (DEVAMI) 3.8.1 Finansal Varl›klar (devam›) Nakit ve nakit benzerleri Nakit ve nakit benzeri kalemleri, nakit para, vadesiz mevduat ve sat›n al›m tarihinden itibaren vadeleri 3 ay veya 3 aydan daha az olan, hemen nakde çevrilebilecek olan ve önemli tutarda de¤er de¤iflikli¤i riski tafl›mayan yüksek likiditeye sahip di¤er k›sa vadeli yat›r›mlard›r. 3.8.2 Finansal Yükümlülükler: Grup’un finansal yükümlülükleri ve özkaynak araçlar›, sözleflmeye ba¤l› düzenlemelere, finansal bir yükümlülü¤ün ve özkayna¤a dayal› bir arac›n tan›mlanma esas›na göre s›n›fland›r›l›r. Grup’un tüm borçlar› düflüldükten sonra kalan varl›klar›ndaki hakk› temsil eden sözleflme özkayna¤a dayal› finansal araçt›r. Belirli finansal yükümlülükler ve özkayna¤a dayal› finansal araçlar için uygulanan muhasebe politikalar› afla¤›da belirtilmifltir. Finansal yükümlülükler gerçe¤e uygun de¤er fark› kâr veya zarara yans›t›lan finansal yükümlülükler veya di¤er finansal yükümlülükler olarak s›n›fland›r›l›r. Gerçe¤e uygun de¤er fark› kâr veya zarara yans›t›lan finansal yükümlülükler Gerçe¤e uygun de¤er fark› kâr veya zarara yans›t›lan finansal yükümlülükler, gerçe¤e uygun de¤eriyle kayda al›n›r ve her raporlama döneminde, bilanço tarihindeki gerçe¤e uygun de¤eriyle yeniden de¤erlenir. Gerçe¤e uygun de¤erlerindeki de¤iflim, gelir tablosunda muhasebelefltirilir. Gelir tablosunda muhasebelefltirilen net kazanç ya da kay›plar, söz konusu finansal yükümlülük için ödenen faiz tutar›n› da kapsar. 134 Di¤er finansal yükümlülükler Di¤er finansal yükümlülükler bafllang›çta ifllem maliyetlerinden ar›nd›r›lm›fl gerçe¤e uygun de¤erleriyle muhasebelefltirilir. Di¤er finansal yükümlülükler sonraki dönemlerde etkin faiz oran› üzerinden hesaplanan faiz gideri ile birlikte etkin faiz yöntemi kullan›larak itfa edilmifl maliyet bedelinden muhasebelefltirilir. Etkin faiz yöntemi, finansal yükümlülü¤ün itfa edilmifl maliyetlerinin hesaplanmas› ve ilgili faiz giderinin iliflkili oldu¤u döneme da¤›t›lmas› yöntemidir. Etkin faiz oran›; finansal arac›n beklenen ömrü boyunca veya uygun olmas› halinde daha k›sa bir zaman dilimi süresince gelecekte yap›lacak tahmini nakit ödemelerini tam olarak ilgili finansal yükümlülü¤ün net bugünkü de¤erine indirgeyen orand›r. 3.9 ‹flletme Birleflmeleri: Yoktur. 3.10 Kur De¤ifliminin Etkileri: Grup’un her iflletmesinin solo mali tablolar› faaliyette bulunduklar› temel ekonomik çevrede geçerli olan para birimi (fonksiyonel para birimi) ile sunulmufltur. Her iflletmenin mali durumu ve faaliyet sonuçlar›, Grup’un geçerli para birimi olan ve konsolide mali tablolar için sunum birimi olan YTL cinsinden ifade edilmifltir. Global Reports LLC TURCAS PETROL A.fi. AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2007 (Amounts are expressed in New Turkish Lira (“TRY”) unless otherwise stated.) 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D) 3.8.1 Financial Assets (cont’d) Cash and cash equivalents Cash and cash equivalents comprise cash on hand and demand deposits and other short-term highly liquid investments which their maturities are three months or less from date of acquisition and that are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value. 3.8.2 Financial Liabilities: Financial liabilities and equity instruments issued by the Group are classified according to the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the Group after deducting all of its liabilities. The accounting policies adopted for specific financial liabilities and equity instruments are set out below. Financial liabilities are classified as either financial liabilities at FVTPL or other financial liabilities. Financial liabilities at FVTPL Financial liabilities are classified as at FVTPL where the financial liability is either held for trading or it is designated as at FVTPL. Financial liabilities at FVTPL are stated at fair value, with any resultant gain or loss recognized in profit or loss. The net gain or loss recognized in profit or loss incorporates any interest paid on the financial liability. Fair value is determined in the manner described in note 44. Other financial liabilities Other financial liabilities, including borrowings, are initially measured at fair value, net of transaction costs. Other financial liabilities are subsequently measured at amortized cost using the effective interest method, with interest expense recognized on an effective yield basis. The effective interest method is a method of calculating the amortised cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments through the expected life of the financial liability, or, where appropriate, a shorter period. 3.9 Business Combinations: None. 3.10 Foreign Currency Transactions: The individual financial statements of each group entity are presented in the currency of the primary economic environment in which the entity operates (its functional currency). For the purpose of the consolidated financial statements, the results and financial position of each entity are expressed in TRY, which is the functional currency of the Company, and the presentation currency for the consolidated financial statements. Global Reports LLC 135 TURCAS PETROL A.fi. VE BA⁄LI ORTAKLIKLARI 31 ARALIK 2007 TAR‹H‹NDE SONA EREN YILA A‹T KONSOL‹DE MAL‹ TABLOLARA ‹L‹fiK‹N D‹PNOTLAR (Aksi belirtilmedikçe tutarlar YTL olarak ifade edilmifltir.) 3. UYGULANAN DE⁄ERLEME ‹LKELER‹ / MUHASEBE POL‹T‹KALARI (DEVAMI) 3.10 Kur De¤ifliminin Etkileri (devam›) fiirket ve ba¤l› ortakl›klar› 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› parasal varl›k ve borçlar, bilanço tarihinde geçerli olan kurlar kullan›larak Yeni Türk Liras›’na çevrilmifllerdir. Gerçe¤e uygun de¤erden ölçülen yabanc› para birimindeki parasal olmayan kalemler gerçe¤e uygun de¤erin belirlendi¤i tarihteki döviz kurlar› kullan›larak çevrilir. Tarihi maliyet cinsinden ölçülen yabanc› para birimindeki parasal olmayan kalemler yeniden çevrilmezler. Parasal kalemlerin çevrimden ve dövizli ifllemlerin tahsil ve tediyelerinden kaynaklanan kambiyo karlar› ve zararlar› gelir tablosunda yer almaktad›r. Kur farklar›, afla¤›da belirtilen durumlar haricinde, olufltuklar› dönemdeki kâr ya da zararda muhasebelefltirilirler: • Gelece¤e yönelik kullan›m amac›yla infla edilmekte olan varl›klarla iliflkili olan ve yabanc› para birimiyle gösterilen borçlar üzerindeki faiz maliyetlerine düzeltme olarak ele al›nan ve bu tür varl›klar›n maliyetine dahil edilen kur farklar›, • Yabanc› para biriminden kaynaklanan risklere karfl› finansal koruma sa¤lamak amac›yla gerçeklefltirilen ifllemlerden kaynaklanan kur farklar›, • Yurtd›fl› faaliyetindeki net yat›r›m›n bir parças›n› oluflturan, çevrim yedeklerinde muhasebelefltirilen ve net yat›r›m›n sat›fl›nda kâr ya da zararla iliflkilendirilen, ödenme niyeti ya da olas›l›¤› olmayan yurtd›fl› faaliyetlerden kaynaklanan parasal borç ve alacaklardan do¤an kur farklar›. 3.11 Hisse Bafl›na Kazanç: 136 Konsolide gelir tablosunda belirtilen hisse bafl›na kazanç, net kâr›n, y›l boyunca piyasada bulunan hisse senetlerinin a¤›rl›kl› ortalama say›s›na bölünmesi ile bulunmufltur. Türkiye’de flirketler, sermayelerini, hissedarlar›na geçmifl y›l karlar›ndan da¤›tt›klar› “bedelsiz hisse” yolu ile artt›rabilmektedirler. Bu tip “bedelsiz hisse” da¤›t›mlar›, hisse bafl›na kazanç hesaplamalar›nda, ihraç edilmifl hisse gibi de¤erlendirilir. Buna göre, bu hesaplamalarda kullan›lan a¤›rl›kl› ortalama hisse say›s›, söz konusu hisse senedi da¤›t›mlar›n›n geçmifle dönük etkileri de dikkate al›narak bulunmufltur. 3.12 Bilanço Tarihinden Sonraki Olaylar: Bilanço tarihinden sonraki olaylar; kâra iliflkin herhangi bir duyuru veya di¤er seçilmifl finansal bilgilerin kamuya aç›klanmas›ndan sonra ortaya ç›km›fl olsalar bile, bilanço tarihi ile bilançonun yay›m› için yetkilendirilme tarihi aras›ndaki tüm olaylar› kapsar. Grup, bilanço tarihinden sonraki düzeltme gerektiren olaylar›n ortaya ç›kmas› durumunda, mali tablolara al›nan tutarlar› bu yeni duruma uygun flekilde düzeltir. Global Reports LLC TURCAS PETROL A.fi. AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2007 (Amounts are expressed in New Turkish Lira (“TRY”) unless otherwise stated.) 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D) 3.10 Foreign Currency Transactions (cont’d) In preparing the financial statements of the Company and its Turkish subsidiaries, transactions in currencies other than TRY (foreign currencies) are recorded at the rates of exchange prevailing on the dates of the transactions. At each balance sheet date, monetary items denominated in foreign currencies are retranslated at the rates prevailing on the balance sheet date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the date when the fair value was determined. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated. Gains and losses arising on settlement and translation of foreign currency items are included in the statements of income. Exchange differences are recognised in profit or loss in the period in which they arise except for: • Exchange differences which relate to assets under construction for future productive use, which are included in the cost of those assets where they are regarded as an adjustment to interest costs on foreign currency borrowings, • Exchange differences on transactions entered into in order to hedge certain foreign currency risks, • Exchange differences on monetary items receivable from or payable to a foreign operation for which settlement is neither planned nor likely to occur, which form part of the net investment in a foreign operation, and which are recognised in the foreign currency translation reserve and recognised in profit or loss on disposal of the net investment. 3.11 Earnings Per Share: Earnings per share disclosed in the accompanying consolidated statement of income is determined by dividing net income by the weighted average number of shares in existence during the year concerned. In Turkey, companies can raise their share capital by distributing “Bonus Shares” to shareholders from retained earnings. In computing earnings per share, such “bonus share” distributions are assessed as issued shares. Accordingly, the retrospective effect for those share distributions is taken into consideration in determining the weighted-average number of shares outstanding used in this computation. (Note: 42). 3.12 Subsequent Events: An explanation for any event between the balance sheet date and the publication date of the balance sheet, which has positive or negative effects on the Group (should any evidence come about events that were prior to the balance sheet date or should new events come about) they will be explained in the relevant footnote. The Group; restates its financial statements if such subsequent events arise. Global Reports LLC 137 TURCAS PETROL A.fi. VE BA⁄LI ORTAKLIKLARI 31 ARALIK 2007 TAR‹H‹NDE SONA EREN YILA A‹T KONSOL‹DE MAL‹ TABLOLARA ‹L‹fiK‹N D‹PNOTLAR (Aksi belirtilmedikçe tutarlar YTL olarak ifade edilmifltir.) 3. UYGULANAN DE⁄ERLEME ‹LKELER‹ / MUHASEBE POL‹T‹KALARI (DEVAMI) 3.13 Karfl›l›klar, fiarta Ba¤l› Yükümlülükler ve fiarta Ba¤l› Varl›klar: Grup’un geçmifl olaylardan kaynaklanan mevcut bir yükümlülü¤ünün bulunmas›, bu yükümlülü¤ün yerine getirilmesi için ekonomik fayda içeren kaynaklar›n iflletmeden ç›kmas›n›n muhtemel olmas› ve söz konusu yükümlülük tutar›n›n güvenilir bir biçimde tahmin edilebiliyor olmas› durumunda ilgili yükümlülük, karfl›l›k olarak mali tablolara al›n›r. fiarta ba¤l› yükümlülükler, ekonomik fayda içeren kaynaklar›n iflletmeden ç›kma ihtimalinin muhtemel hale gelip gelmedi¤inin tespiti amac›yla sürekli olarak de¤erlendirmeye tabi tutulur. fiarta ba¤l› yükümlülük olarak iflleme tabi tutulan kalemler için gelecekte ekonomik fayda içeren kaynaklar›n iflletmeden ç›kma ihtimalinin muhtemel hale gelmesi durumunda, bu flarta ba¤l› yükümlülük, güvenilir tahminin yap›lamad›¤› durumlar hariç, olas›l›ktaki de¤iflikli¤in meydana geldi¤i dönemin mali tablolar›nda karfl›l›k olarak kay›tlara al›n›r. Grup flarta ba¤l› yükümlülüklerin muhtemel hale geldi¤i ancak ekonomik fayda içeren kaynaklar›n tutar› hakk›nda güvenilir tahminin yap›lamamas› durumunda ilgili yükümlülü¤ü dipnotlar›nda göstermektedir. Geçmifl olaylardan kaynaklanan ve mevcudiyeti iflletmenin tam anlam›yla kontrolünde bulunmayan bir veya daha fazla kesin olmayan olay›n gerçekleflip gerçekleflmemesi ile teyit edilecek olan varl›k, flarta ba¤l› varl›k olarak de¤erlendirilir. Ekonomik fayda içeren kaynaklar›n iflletmeye girme ihtimalinin yüksek bulunmas› durumunda flarta ba¤l› varl›klar mali tablo dipnotlar›nda aç›klan›r. Karfl›l›k tutar›n›n ödenmesi için kullan›lan ekonomik faydalar›n tamam›n›n ya da bir k›sm›n›n üçüncü taraflarca karfl›lanmas›n›n beklendi¤i durumlarda tahsil edilecek olan tutar, bu tutar›n geri ödemesinin kesin olmas› ve tutar›n güvenilir bir flekilde hesaplanmas› durumunda, bir varl›k olarak muhasebelefltirilir. 3.14 Muhasebe Politikalar›, Muhasebe Tahminlerinde De¤ifliklik ve Hatalar: 138 Muhasebe politikalar›nda yap›lan önemli de¤ifliklikler ve tespit edilen önemli muhasebe hatalar› geriye dönük olarak uygulan›r ve önceki dönem mali tablolar› yeniden düzenlenir. Muhasebe tahminlerindeki de¤ifliklikler, yaln›zca bir döneme iliflkin ise, de¤iflikli¤in yap›ld›¤› cari dönemde, gelecek dönemlere iliflkin ise, hem de¤iflikli¤in yap›ld›¤› dönemde hem de gelecek dönemde, ileriye yönelik olarak uygulan›r. 3.15 ‹liflkili Taraflar: Konsolide mali tablolarda, Aksoy Holding A.fi. ve fiirket’in önemli yönetim personeli ve Yönetim Kurulu üyeleri, aileleri ve onlar taraf›ndan kontrol edilen veya onlara ba¤l› flirketler, ifltirak ve ba¤l› ortakl›klar, iliflkili taraflar (“‹liflkili Taraflar”) olarak kabul ve ifade edilmifllerdir. 3.16 Finansal Bilgilerin Bölümlere Göre Raporlanmas›: Grubun faaliyetlerinin tek bir üretim alan›nda yo¤unlaflmas› nedeniyle bölümler baz›nda raporlamaya ihtiyaç bulunmamaktad›r. 3.17 ‹nflaat Sözleflmeleri: Yoktur. 3.18 Durdurulan Faaliyetler: Yoktur. 3.19 Devlet Teflvik ve Yard›mlar›: Yoktur. Global Reports LLC TURCAS PETROL A.fi. AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2007 (Amounts are expressed in New Turkish Lira (“TRY”) unless otherwise stated.) 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D) 3.13 Provisions, Contingent Liabilities, Contingent Assets: Provisions are recognized when the Group has a present obligation as a result of a past event, and it is probable that the Group will be required to settle that obligation, and a reliable estimate can be made of the amount of the obligation. Contingent liabilities are assessed continuously to determine probability of outflow of economically beneficial assets. For contingent liabilities, when an outflow of resources embodying economic benefits are probable, provision is recognized for this contingent liability in the period when the probability has changed, except for cases where a reliable estimate can not be made. When the outflow of economic benefits from the Group is probable but the amount can not be measured reliably the Group discloses this fact in the footnotes. The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the balance sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows. When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, the receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably. 3.14 Changes in Accounting Policies, Accounting Estimates and Errors: The Group can make changes to its accounting policies when such changes will reflect the companies’ financial position, performance or cash flows in a more reliable manner. When the accounting policy change affects the current and the prior period results the change is applied retroactively as if the accounting policy was in effect. If the application of such change effects the financial results of the following periods, the accounting policy change is applied in the period in which such change is made. 3.15 Related Parties: For the purpose of the accompanying financial statements, shareholders of Aksoy Holding A.fi, consolidated and non-consolidated group companies, their directors and any groups to which they are known to be related, are considered and referred to as related. 3.16 Segmental Information: There is no need for segmental reporting, due to the group’s operating activities focusing on one production field. 3.17 Construction Contracts: None. 3.18 Discontinued Operations: None. 3.19 Government Incentives and Grants: None. Global Reports LLC 139 TURCAS PETROL A.fi. VE BA⁄LI ORTAKLIKLARI 31 ARALIK 2007 TAR‹H‹NDE SONA EREN YILA A‹T KONSOL‹DE MAL‹ TABLOLARA ‹L‹fiK‹N D‹PNOTLAR (Aksi belirtilmedikçe tutarlar YTL olarak ifade edilmifltir.) 3. UYGULANAN DE⁄ERLEME ‹LKELER‹ / MUHASEBE POL‹T‹KALARI (DEVAMI) 3.20 Yat›r›m Amaçl› Gayrimenkuller: Yoktur. 3.21 Kurum Kazanc› Üzerinden Hesaplanan Vergiler: Türk Vergi Mevzuat›, ana flirket ve onun ba¤l› ortakl›¤›na konsolide vergi beyannamesi haz›rlamas›na izin vermedi¤inden dolay›, ekli konsolide mali tablolarda da yans›t›ld›¤› üzere, vergi karfl›l›klar› her bir iflletme baz›nda ayr› olarak hesaplanm›flt›r. Gelir vergisi gideri, cari vergi ve ertelenmifl vergi giderinin toplam›ndan oluflur. Cari vergi Cari y›l vergi yükümlülü¤ü, dönem kâr›n›n vergiye tabi olan k›sm› üzerinden hesaplan›r. Vergiye tabi kâr, di¤er y›llarda vergilendirilebilen veya indirilebilen gelir veya gider kalemleri ile vergilendirilemeyen veya indirilemeyen kalemleri hariç tuttu¤undan dolay›, gelir tablosunda belirtilen kardan farkl›l›k gösterir. Grup’un cari vergi yükümlülü¤ü bilanço tarihi itibarıyla yasallaflm›fl ya da önemli ölçüde yasallaflm›fl vergi oran› kullan›larak hesaplanm›flt›r. Ertelenmifl vergi 140 Ertelenen vergi yükümlülü¤ü veya varl›¤›, varl›klar›n ve yükümlülüklerin mali tablolarda gösterilen tutarlar› ile yasal vergi matrah› hesab›nda dikkate al›nan tutarlar› aras›ndaki geçici farkl›l›klar›n bilanço yöntemine göre vergi etkilerinin yasalaflm›fl vergi oranlar› dikkate al›narak hesaplanmas›yla belirlenmektedir. Ertelenen vergi yükümlülükleri vergilendirilebilir geçici farklar›n tümü için hesaplan›rken, indirilebilir geçici farklardan oluflan ertelenen vergi varl›klar›, gelecekte vergiye tabi kar elde etmek suretiyle bu farklardan yararlanman›n kuvvetle muhtemel olmas› flart›yla hesaplanmaktad›r. fierefiye veya iflletme birleflmeleri d›fl›nda varl›k veya yükümlülüklerin ilk defa mali tablolara al›nmas›ndan dolay› oluflan ve hem ticari hem de mali kar veya zarar› etkilemeyen geçici zamanlama farklar›na iliflkin ertelenen vergi yükümlülü¤ü veya varl›¤› hesaplanmaz. Ertelenen vergi yükümlülükleri, Grup’un geçici farkl›l›klar›n ortadan kalkmas›n› kontrol edebildi¤i ve yak›n gelecekte bu fark›n ortadan kalkma olas›l›¤›n›n düflük oldu¤u durumlar haricinde, ba¤l› ortakl›k ve ifltiraklerdeki yat›r›mlar ve ifl ortakl›klar›ndaki paylar ile iliflkilendirilen vergilendirilebilir geçici farklar›n tümü için hesaplan›r. Bu tür yat›r›m ve paylar ile iliflkilendirilen vergilendirilebilir geçici farklardan kaynaklanan ertelenen vergi varl›klar›, yak›n gelecekte vergiye tabi yeterli kâr elde etmek suretiyle bu farklardan yararlanman›n kuvvetle muhtemel olmas› ve gelecekte bu farklar›n ortadan kalkmas›n›n muhtemel olmas› flart›yla hesaplanmaktad›r. Ertelenen vergi varl›¤›n›n kay›tl› de¤eri, her bir bilanço tarihi itibarıyla gözden geçirilir. Ertelenmifl vergi varl›¤›n›n kay›tl› de¤eri, bir k›sm›n›n veya tamam›n›n sa¤layaca¤› faydan›n elde edilmesine imkan verecek düzeyde mali kâr elde etmenin muhtemel olmad›¤› ölçüde azalt›l›r. Ertelenmifl vergi varl›klar› ve yükümlülükleri varl›klar›n gerçekleflece¤i veya yükümlülüklerin yerine getirildi¤i dönemde geçerli olmas› beklenen ve bilanço tarihi itibarıyla kanunlaflm›fl veya önemli ölçüde kanunlaflm›fl vergi oranlar› (vergi düzenlemeleri) üzerinden hesaplan›r. Ertelenmifl vergi varl›klar› ve yükümlülüklerinin hesaplanmas› s›ras›nda, Grup’un bilanço tarihi itibarıyla varl›klar›n›n defter de¤erini geri kazanma ya da yükümlülüklerini yerine getirmesi için tahmin etti¤i yöntemlerin vergi sonuçlar› dikkate al›n›r. Ertelenmifl vergi varl›klar› ve yükümlülükleri, cari vergi varl›klar›yla cari vergi yükümlülüklerini mahsup etme ile ilgili yasal bir hakk›n olmas› veya söz konusu varl›k ve yükümlülüklerin ayn› vergi mercii taraf›ndan toplanan gelir vergisiyle iliflkilendirilmesi ya da Grup’un cari vergi varl›k ve yükümlülüklerini netlefltirmek suretiyle ödeme niyetinin olmas› durumunda mahsup edilir. Global Reports LLC TURCAS PETROL A.fi. AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2007 (Amounts are expressed in New Turkish Lira (“TRY”) unless otherwise stated.) 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D) 3.20 Investment Purposed Stocks: None. 3.21 Taxes Calculated on the Basis of the Company’s Earnings: Turkish tax legislation does not permit a 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. Current tax Provision is made in the financial statements for the Group’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. Taxable profit differs from profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The Group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the balance sheet date. Deferred tax The deferred tax receivables and obligations are recognized by means of the obligation method on the basis of the timing differences arising out of the differing evaluations of some income and expense items in terms of accounting and tax. The deferred tax obligation is calculated for all taxable timing differences whereas the deferred tax receivables are stated in the statements only when a taxable profit to amortize the said receivables is likely to emerge in the future. The deferred tax is calculated on the basis of the tax rates applicable for the period during which the assets come into existence or the obligations are settled, and are charged or credited in the income statement. 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. Deferred tax liabilities are recognised for taxable temporary differences associated with investments in subsidiaries and associates, and interests in joint ventures, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax assets arising from deductible temporary differences associated with such investments and interests are only recognised to the extent that it is probable that there will be sufficient taxable profits against which to utilise the benefits of the temporary differences and they are expected to reverse in the foreseeable future. The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the balance sheet date. The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the Group expects, at the reporting date, to recover or settle the carrying amount of its assets and liabilities. Global Reports LLC 141 TURCAS PETROL A.fi. VE BA⁄LI ORTAKLIKLARI 31 ARALIK 2007 TAR‹H‹NDE SONA EREN YILA A‹T KONSOL‹DE MAL‹ TABLOLARA ‹L‹fiK‹N D‹PNOTLAR (Aksi belirtilmedikçe tutarlar YTL olarak ifade edilmifltir.) 3. UYGULANAN DE⁄ERLEME ‹LKELER‹ / MUHASEBE POL‹T‹KALARI (DEVAMI) 3.21 Kurum Kazanc› Üzerinden Hesaplanan Vergiler (devam›) Dönem cari ve ertelenmifl vergisi Do¤rudan özkaynakta alacak ya da borç olarak muhasebelefltirilen kalemler (ki bu durumda ilgili kalemlere iliflkin ertelenmifl vergi de do¤rudan özkaynakta muhasebelefltirilir) ile iliflkilendirilen ya da iflletme birleflmelerinin ilk kayda al›m›ndan kaynaklananlar haricindeki cari vergi ile döneme ait ertelenmifl vergi, gelir tablosunda gider ya da gelir olarak muhasebelefltirilir. ‹flletme birleflmelerinde, flerefiye hesaplanmas›nda ya da sat›n alan›n, sat›n al›nan ba¤l› ortakl›¤›n tan›mlanabilen varl›k, yükümlülük ve flarta ba¤l› borçlar›n›n gerçe¤e uygun de¤erinde elde etti¤i pay›n sat›n al›m maliyetini aflan k›sm›n›n belirlenmesinde vergi etkisi göz önünde bulundurulur. 3.22 Çal›flanlara Sa¤lanan Faydalar / K›dem Tazminatlar›: Türkiye’de mevcut kanunlar ve toplu ifl sözleflmeleri hükümlerine göre k›dem tazminat›, emeklilik veya iflten ç›kar›lma durumunda ödenmektedir. Güncellenmifl olan UMS 19 Çal›flanlara Sa¤lanan Faydalar Standard› (“UMS 19”) uyar›nca bu tür ödemeler tan›mlanm›fl fayda planlar› olarak nitelendirilir. 3.23 Emeklilik Planlar›: Yoktur. 3.24 Tar›msal Faaliyetler: Yoktur. 142 3.25 Nakit Ak›m Tablosu: Nakit ak›m tablosunda, döneme iliflkin nakit ak›mlar› esas, yat›r›m ve finansman faaliyetlerine dayal› bir biçimde s›n›fland›r›larak raporlan›r. Esas faaliyetlerden kaynaklanan nakit ak›mlar›, Grup’un sat›fl faaliyetlerinden kaynaklanan nakit ak›mlar›n› gösterir. Yat›r›m faaliyetleriyle ilgili nakit ak›mlar›, Grup’un yat›r›m faaliyetlerinde (sabit yat›r›mlar ve finansal yat›r›mlar) kulland›¤› ve elde etti¤i nakit ak›mlar›n› gösterir. Finansman faaliyetlerine iliflkin nakit ak›mlar›, Grup’un finansman faaliyetlerinde kulland›¤› kaynaklar› ve bu kaynaklar›n geri ödemelerini gösterir. Haz›r de¤erler, nakit para, vadesiz mevduat ve sat›n al›m tarihinden itibaren vadeleri 3 ay veya 3 aydan daha az olan, hemen nakde çevrilebilecek olan ve önemli tutarda de¤er de¤iflikli¤i riskini tafl›mayan yüksek likiditeye sahip di¤er k›sa vadeli yat›r›mlard›r. Global Reports LLC TURCAS PETROL A.fi. AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2007 (Amounts are expressed in New Turkish Lira (“TRY”) unless otherwise stated.) 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D) 3.21 Taxes Calculated on the Basis of the Company’s Earnings (cont’d) Current and deferred tax for the period Current and deferred tax are recognized as an expense or income in profit or loss, except when they relate to items credited or debited directly to equity, in which case the tax is also recognized directly in equity, or where they arise from the initial accounting for a business combination. In the case of a business combination, the tax effect is taken into account in calculating goodwill or determining the excess of the acquirer’s interest in the net fair value of the acquiree’s identifiable assets, liabilities and contingent liabilities over cost. 3.22 Employee Benefits / Retirement Pay Provision: Under Turkish law and union agreements, lump sum payments are made to employees retiring or involuntarily leaving the Group. Such payments are considered as being part of defined retirement benefit plan as per International Accounting Standard No. 19 (revised) “Employee Benefits” (“IAS 19”). 3.23 Retirement Plans: None. 3.24 Agricultural Activities: None. 3.25 Cash Flow Statement: The Group prepares statements of cash flow as an integral part of its of financial statements to enable financial statement analysis about the change in its net assets, financial structure and the ability to direct cash flow amounts and timing according to the developing conditions. Cash flows caused by main operation activities shows the group’s cash flow from sales activities. Cash flows of investment activities shows the group’s cash flow of fixed investments and financial investments. Cash flows caused by financing activities shows the group’s resources used and the repayments of those resources used in financing activities. Cash equivalents are cash, demand deposits and other short-term investments with due dates less than or equal to 3 months and can be converted into cash and not having a material amount of risk. Global Reports LLC 143 TURCAS PETROL A.fi. VE BA⁄LI ORTAKLIKLARI 31 ARALIK 2007 TAR‹H‹NDE SONA EREN YILA A‹T KONSOL‹DE MAL‹ TABLOLARA ‹L‹fiK‹N D‹PNOTLAR (Aksi belirtilmedikçe tutarlar YTL olarak ifade edilmifltir.) 4. HAZIR DE⁄ERLER Kasa Vadesiz mevduatlar 31 Aral›k 2007 31 Aral›k 2006 12.278 4.106 66.286 327.843 87.419.890 84.131.315 Bloke vadeli mevduatlar - 7.373.945 Di¤er haz›r varl›klar - 127.536 87.498.454 91.964.745 Vadeli mevduatlar Bloke mevduatlar, EPDK’ya verilen teminat mektubuna karfl›l›k bankada tutulan vadeli mevduatlard›r. Para Cinsi Faiz Oran› Vade 31 Aral›k 2006 YTL %12-%18,80 Ocak-fiubat 2008 62.524.410 USD %4,73-%6,00 Ocak 2008 64.895.480 87.419.890 Para Cinsi YTL USD Faiz Oran› Vade 31 Aral›k 2006 %18-%21,05 Ocak 2007 59.111.653 %4,25-%5 Ocak 2007 32.393.607 91.505.260 144 5. MENKUL KIYMETLER Al›m Sat›m Amaçl› Finansal Varl›klar B Tipi Likit Fon Global Reports LLC 31 Aral›k 2007 31 Aral›k 2006 200 - TURCAS PETROL A.fi. AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2007 (Amounts are expressed in New Turkish Lira (“TRY”) unless otherwise stated.) 4. CASH AND CASH EQUIVALENTS Cash on hand Demand deposits December 31, 2007 December 31, 2006 12,278 4,106 66,286 327,843 87,419,890 84,131,315 Bloted time deposits - 7,373,945 Other cash equivalents - 127,536 87,498,454 91,964,745 Time deposits Blocked time deposits are kept at the bank for the letter of guarantees given to the Energy Market Regulatory Authority. Currency Type Interest Rate Maturity December 31, 2006 YTL 12%-18.80% January-February 2008 62,524,410 USD 4.73%-6.00% January 2008 64,895,480 87,419,890 Currency Type Interest Rate Maturity YTL 18%-21.05% January 2007 59,111,653 4.25%-5% January 2007 32,393,607 USD December 31, 2006 91,505,260 5. MARKETABLE SECURITIES Held for Trading Investment B Type Liquid Funds Global Reports LLC December 31, 2007 December 31, 2006 200 - 145 TURCAS PETROL A.fi. VE BA⁄LI ORTAKLIKLARI 31 ARALIK 2007 TAR‹H‹NDE SONA EREN YILA A‹T KONSOL‹DE MAL‹ TABLOLARA ‹L‹fiK‹N D‹PNOTLAR (Aksi belirtilmedikçe tutarlar YTL olarak ifade edilmifltir.) 6. F‹NANSAL DE⁄ERLER K›sa vadeli banka tredileri Uzun vadeli banka kredileri Toplam Borç 31 Aral›k 2007 31 Aral›k 2006 326.291 - 973.155 - 1.299.446 - K›sa ve uzun vadeli banka kredileri afla¤›dakilerden oluflmaktad›r: 31 Aral›k 2007 Para Birimi EUR A¤›rl›kl› Ortalama Etkin Faiz Oran› K›sa Vadeli Uzun Vadeli %6,37-%7,08 326.291 973.155 326.291 973.155 Uzun vadeli banka kredilerinin geri ödeme plan› afla¤›daki gibidir: 146 Global Reports LLC 31 Aral›k 2007 31 Aral›k 2006 1 y›l içerisinde ödenecek 326.291 - 1 - 2 y›l içerisinde ödenecek 278.044 - 2 - 3 y›l içerisinde ödenecek 278.044 - 3 - 4 y›l içerisinde ödenecek 278.044 - 4 - 5 y›l içerisinde ödenecek 139.023 - 1.299.446 - TURCAS PETROL A.fi. AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2007 (Amounts are expressed in New Turkish Lira (“TRY”) unless otherwise stated.) 6. BORROWINGS Short-term bank loans Long-term bank loans Total Borrowings December 31, 2007 December 31, 2006 326,291 - 973,155 - 1,299,446 - Short-Term bank loans consist of the following: December 31, 2007 Curreney Type EUR Weighted Average Effective Interest Rate Current Non-Current 6.37%-7.08% 326,291 973,155 326,291 973,155 Long-Term bank loans consist of the following: Global Reports LLC December 31, 2007 December 31, 2007 To be paid within 1 year 326,291 - To be paid between 1 - 2 years 278,044 - To be paid between 2 - 3 years 278,044 - To be paid between 3 - 4 years 278,044 - To be paid between 4 - 5 years 139,023 - 1,299,446 - 147 TURCAS PETROL A.fi. VE BA⁄LI ORTAKLIKLARI 31 ARALIK 2007 TAR‹H‹NDE SONA EREN YILA A‹T KONSOL‹DE MAL‹ TABLOLARA ‹L‹fiK‹N D‹PNOTLAR (Aksi belirtilmedikçe tutarlar YTL olarak ifade edilmifltir.) 7. T‹CAR‹ ALACAKLAR VE BORÇLAR 31 Aral›k 2007 31 Aral›k 2006 3.604.640 3.752.926 278.548 940.242 (1.427.460) (1.303.523) 2.458.014 3.428.795 K›sa Vadeli Alacaklar Alacak senetleri Di¤er ticare alacaklar fiüpheli ticari alacaklar 31 Aral›k 2007 tarihi itibarıyla Grup’un vadesi gelmemifl alacaklar›n›n tutar› 1.721.980 YTL’dir (2006: 1.896.456 YTL). Henüz vadesi geçmemifl ve flüpheli hale gelmemifl alacaklar için al›nm›fl herhangi bir teminat bulunmamaktad›r. 31 Aral›k 2007 tarihi itibarıyla, toplam 318.224 YTL (31 Aral›k 2006: 552.947 YTL) tutar›ndaki vadesi geçmifl ticari alacak, flüpheli alacak olarak de¤erlendirilmemifl ve karfl›l›k ayr›lmam›flt›r. Grup, faaliyet gösterdi¤i sektörlerin dinamikleri ve flartlar›ndan dolay› 60 güne kadar olan gecikmeler için herhangi bir tahsilat riski öngörmemektedir. 60 günden daha uzun süredir tahsil edemedi¤i alacaklar› için ipotek gibi teminatlar bulundurmas› sebebiyle herhangi bir tahsilat riski öngörmemektedir. 31 Aral›k 2007 tarihi itibarıyla, ticari alacaklar›n 1.735.505 (31 Aral›k 2006: 1.846.292 YTL) tutar›ndaki k›sm› flüpheli alacak olarak de¤erlendirilmifl bu tutardan teminatl› alacaklar düflülmek sureti ile kalan 1.427.460 YTL (31 Aral›k 2006: 1.303.523 YTL)’lik k›s›m için süpheli alacak karfl›l›¤› ayr›lm›flt›r. Ticari alacaklar için ayr›lan flüpheli alacak karfl›l›¤›, geçmifl tahsil edilememe tecrübesine dayan›larak belirlenmifltir. Bilanço tarihi itibarıyla, vadesi geçmifl ticari alacaklardan karfl›l›k ayr›lm›fl ve ayr›lmam›fl olanlara iliflkin al›nan teminatlar afla¤›daki gibidir: 148 ‹potek Global Reports LLC 31 Aral›k 2007 31 Aral›k 2006 456.778 456.778 456.778 456.778 TURCAS PETROL A.fi. AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2007 (Amounts are expressed in New Turkish Lira (“TRY”) unless otherwise stated.) 7. TRADE RECEIVABLES AND PAYABLES December 31, 2007 December 31, 2006 3,604,640 3,752,926 278,548 940,242 (1,427,460) (1,303,523) 2,458,014 3,428,795 Trade Receivables Notes receivables Other trade receivables Allowance for doubtful receivables As of December 31, 2007, trade receivables of TRY 1,721,980 (2006: TRY 1,896,456) were neither past due, nor impaired. There are no guarantees for the receivables which are not past due or doubtful. As of December 31, 2007, the total amount of past due trade receivbles are TRY 318,224 (December 31, 2006: TRY 552,947). These are not thought to be doubtful receivables and no provision is needed for them. As a result of the sectoral conditions and dynamics, the Group does not consider any collection risk for the over due receivables which are up to 60 days. For the receivables which the Group could not collect in 60 days, the Group has guarantees like mortgage and does not consider any collection risk. As of December 31, 2007; the amount of doubtful receivables are TRY 1,735,505 (31 December 2006; TRY 1,846,292). As the guarantees are deducted from this amount, the remaining is TRY 1,427,460 (31 December 2006: TRY 1,303,523) and provision for this amount is made. This provision is determined as the past experience of the Group on not to being able to collect. Collaterals held for the trade receivables that are past due as at the balance sheet date but not impaired and trade receivables that are impaired are as follows: Mortgages Global Reports LLC December 31, 2007 December 31, 2006 456,778 456,778 456,778 456,778 149 TURCAS PETROL A.fi. VE BA⁄LI ORTAKLIKLARI 31 ARALIK 2007 TAR‹H‹NDE SONA EREN YILA A‹T KONSOL‹DE MAL‹ TABLOLARA ‹L‹fiK‹N D‹PNOTLAR (Aksi belirtilmedikçe tutarlar YTL olarak ifade edilmifltir.) 7. T‹CAR‹ ALACAKLAR VE BORÇLAR (DEVAMI) fiüpheli ticari alacak karfl›l›¤›n›n 31 Aral›k tarihlerinde sona eren on iki ayl›k dönemler içindeki hareketleri afla¤›daki gibidir: 1 OCAK - 31 ARALIK 2007 1 OCAK - 31 ARALIK 2006 1.303.523 1.123.120 fiüpheli Ticari Alacak Karfl›l›¤› Hareketleri Aç›l›fl bakiyesi Dönem gideri 275.197 394.675 Tahsilatlar (151.260) (214.272) Kapan›fl Bakiyesi 1.427.460 1.303.523 1 OCAK - 31 ARALIK 2007 1 OCAK - 31 ARALIK 2006 2.230 5.801 86.862 883.841 89.192 889.642 1 OCAK - 31 ARALIK 2007 1 OCAK - 31 ARALIK 2006 2.475.414 365.399 Uzun Vadeli Ticari Alacaklar Verilen depozito ve teminatlar Alacak senetleri 150 K›sa Vadeli Ticari Borçlar Ticari borçlar Di¤er ticari borçlar Global Reports LLC - 20.424 2.475.414 385.823 TURCAS PETROL A.fi. AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2007 (Amounts are expressed in New Turkish Lira (“TRY”) unless otherwise stated.) 7. TRADE RECEIVABLES AND PAYABLES (CONT’D) For the doubtful receivables provision is made and calculated according to the prior year experiences. The movement of provisions for doubtful receivables are as follows: JAN. 1-DEC. 31, 2007 JAN. 1-DEC. 31, 2006 1,303,523 1,123,120 Movement of Allowance for Doubtful Receivables Balance at beginning of the year Amounts written off during the year 275,197 394,675 Amounts rocovered during the year (151,260) (214,272) 1,427,460 1,303,523 JAN. 1-DEC. 31, 2007 JAN. 1-DEC. 31, 2006 2,230 5,801 Closing Balance Non-Current Trade Receivables Deposits given Notes receivables 86,862 883,841 89,192 889,642 JAN. 1-DEC. 31, 2007 JAN. 1-DEC. 31, 2006 2,475,414 365,399 Short-Term Trade Payables Trade payables Other trade payables Global Reports LLC - 20,424 2,475,414 385,823 151 TURCAS PETROL A.fi. VE BA⁄LI ORTAKLIKLARI 31 ARALIK 2007 TAR‹H‹NDE SONA EREN YILA A‹T KONSOL‹DE MAL‹ TABLOLARA ‹L‹fiK‹N D‹PNOTLAR (Aksi belirtilmedikçe tutarlar YTL olarak ifade edilmifltir.) 8. F‹NANSAL K‹RALAMA ALACAKLARI VE BORÇLARI Yoktur. 9. ‹L‹fiK‹L‹ TARAFLARDAN ALACAKLAR VE BORÇLAR 31 ARALIK 2007 31 ARALIK 2006 ‹liflkili fiirketlerden Alacaklar Socar&Turcas Enerji A.fi. Atafl Anadolu Tasfiyehanesi A.fi. Di¤er 317.772 - - 681.762 6.662 8.170 324.434 689.932 31 ARALIK 2007 31 ARALIK 2006 2.104.821 869.715 ‹liflkili fiirketlere Borçlar Shell&Turcas Petrol A.fi. 152 Atafl Anadolu Tasfiyehanesi A.fi. 678.630 - Gerçek kifli ortaklara ödenecek temettüler 225.534 273.112 3.008.985 1.142.827 31 ARALIK 2007 31 ARALIK 2006 - 48.259.089 420.229 - ‹liflkili fiirketlere Sat›fllar fiirket ortaklar›na ait istasyonlara yap›lan sat›fllar Atafl Anadolu Tasfiyehanesi A.fi. Ambarl› Depolama Hizmetleri Ltd. fiti. - 76.653 420.229 48.335.742 31 ARALIK 2007 31 ARALIK 2006 - 676.619 ‹liflkili fiirketler Mal ve Sabit K›ymet Al›mlar Ambarl› Depolama Hizmetleri Ltd. fiti. Atafl Anadolu Tasfiyehanesi A.fi. Shell&Turcas Petrol A.fi fiirket ortaklar› Global Reports LLC (2.459.366) - (54.426) - - 223.251 (2.513.792) 899.870 TURCAS PETROL A.fi. AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2007 (Amounts are expressed in New Turkish Lira (“TRY”) unless otherwise stated.) 8. FINANCIAL LEASE RECEIVABLES AND PAYABLES None. 9. DUE TO / FROM RELATED PARTIES DECEMBER 31, 2007 DECEMBER 31, 2006 Due from Related Party Socar&Turcas Enerji A.fi. Atafl Anadolu Tasfiyehanesi A.fi. Other 317,772 - - 681,762 6,662 8,170 324,434 689,932 DECEMBER 31, 2007 DECEMBER 31, 2006 2,104,821 869,715 Due to Related Party Shell&Turcas Petrol A.fi. Atafl Anadolu Tasfiyehanesi A.fi. 678,630 - Dividend payable to real person shareholders 225,534 273,112 3,008,985 1,142,827 DECEMBER 31, 2007 DECEMBER 31, 2006 - 48,259,089 420,229 - Sales to Related Parties Sales to stations owned by the shareholders Atafl Anadolu Tasfiyehanesi A.fi. Ambarl› Depolama Hizmetleri Ltd. fiti. - 76,653 420,229 48,335,742 DECEMBER 31, 2007 DECEMBER 31, 2006 Purchases of Inventory and Fixed Asset from Related Parties Ambarl› Depolama Hizmetleri Ltd. fiti. Atafl Anadolu Tasfiyehanesi A.fi. Shell&Turcas Petrol A.fi. Shareholders Global Reports LLC - 676,619 (2,459,366) - (54,426) - - 223,251 (2,513,792) 899,870 153 TURCAS PETROL A.fi. VE BA⁄LI ORTAKLIKLARI 31 ARALIK 2007 TAR‹H‹NDE SONA EREN YILA A‹T KONSOL‹DE MAL‹ TABLOLARA ‹L‹fiK‹N D‹PNOTLAR (Aksi belirtilmedikçe tutarlar YTL olarak ifade edilmifltir.) 9. ‹L‹fiK‹L‹ TARAFLARDAN ALACAKLAR VE BORÇLAR (DEVAMI) 31 ARALIK 2007 31 ARALIK 2006 ‹liflkili fiirketlerden Temettü Gelirleri Shell&Turcas Petrol A.fi. Ambarl› Depolama Hizmetleri Ltd. fiti. 26.491.228 - - 30.307 26.491.228 30.307 31 ARALIK 2007 31 ARALIK 2006 - (647) 379.958 - ‹liflkili fiirketlerden Di¤er Gelir / (Giderler) (Net) Ambarl› Depolama Hizmetleri Ltd. fiti. Socar&Turcas Enerji A.fi. Atafl Anadolu Tasfiyehanesi A.fi. (712.316) - (1.961.582) (470.116) Aksoy Holding A.fi. 3.570 - Aksoy Petrol ve Enerji Yat›r›mlar› A.fi. 3.570 - Enak Yap› ve D›fl Ticaret A.fi. 3.570 - Aksoy Petrol Da¤›t›m Yat›r›mlar› A.fi. 3.570 - Shell&Turcas Petrol A.fi. (2.279.660) (470.763) 154 Cari dönemde, üst düzey yönetime sa¤lanan ücret ve benzeri menfaatler tutar› afla¤›daki gibidir: 1 OCAK - 31 ARALIK 2007 Ücretler ve di¤er k›sa vadeli faydalar 1 OCAK - 31 ARALIK 2006 737.076 915.764 737.076 915.764 31 ARALIK 2007 31 ARALIK 2006 10. D‹⁄ER ALACAKLAR VE BORÇLAR Cari Di¤er Alacaklar Di¤er çeflitli alacaklar 51.782 197.935 Devreden KDV 1.927.639 1.254.774 ‹ndirilecek KDV 15.120 - Peflin ödenen vergiler ve fonlar 87.009 326.026 150 3.473 ‹fl avanslar› Personelden alacaklar Global Reports LLC 700 - 2.082.400 1.782.208 TURCAS PETROL A.fi. AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2007 (Amounts are expressed in New Turkish Lira (“TRY”) unless otherwise stated.) 9. DUE TO / FROM RELATED PARTIES (CONT’D) DECEMBER 31, 2007 DECEMBER 31, 2006 Dividend Income from Related Parties Shell&Turcas Petrol A.fi. Ambarl› Depolama Hizmetleri Ltd. fiti. 26,491,228 - - 30,307 26,491,228 30,307 DECEMBER 31, 2007 DECEMBER 31, 2006 - (647) 379,958 - Other Income and Expense from Related Parties Ambarl› Depolama Hizmetleri Ltd. fiti. Socar&Turcas Enerji A.fi. Atafl Anadolu Tasfiyehanesi A.fi. (712,316) - (1,961,582) (470,116) Aksoy Holding A.fi. 3,570 - Aksoy Petrol ve Enerji Yat›r›mlar› A.fi. 3,570 - Enak Yap› ve D›fl Ticaret A.fi. 3,570 - Aksoy Petrol Da¤›t›m Yat›r›mlar› A.fi. 3,570 - Shell & Turcas Petrol A.fi. (2,279,660) (470,763) 155 The remuneration of directors and other members of key management during the year was as follows: JAN. 1-DEC. 31, 2007 Salaries and other short-term benefits JAN. 1-DEC. 31, 2006 737,076 915,764 737,076 915,764 DECEMBER 31, 2007 DECEMBER 31, 2006 10. OTHER RECEIVABLES AND PAYABLES Other Current Receivables Sundry receivables VAT receivable 197,935 1,927,639 1,254,774 VAT deductable 15,120 - Prepaid taxes and funds 87,009 326,026 150 3,473 Business advances given Advances given to personnel Global Reports LLC 51,782 700 - 2,082,400 1,782,208 TURCAS PETROL A.fi. VE BA⁄LI ORTAKLIKLARI 31 ARALIK 2007 TAR‹H‹NDE SONA EREN YILA A‹T KONSOL‹DE MAL‹ TABLOLARA ‹L‹fiK‹N D‹PNOTLAR (Aksi belirtilmedikçe tutarlar YTL olarak ifade edilmifltir.) 10. D‹⁄ER ALACAKLAR VE BORÇLAR (DEVAMI) 31 ARALIK 2007 31 ARALIK 2006 Di¤er Finansal Yükümlülükler Ödenecek vergi ve fonlar 430.830 49.395 Ödenecek sosyal güvenlik kesintileri 28.156 17.445 Di¤er yükümlülükler 18.380 - 477.366 66.840 11. CANLI VARLIKLAR Yoktur. 12. STOKLAR 31 ARALIK 2007 ‹lk madde ve malzeme Di¤er stoklar Verilen siparifl avanslar› 31 ARALIK 2006 - 299.850 137.636 80.903 92.731 - 230.367 380.753 156 13. DEVAM EDEN ‹NfiAAT SÖZLEfiMELER‹ ALACAKLARI VE HAKED‹fi BEDELLER‹ Yoktur. 14. ERTELENEN VERG‹ VARLIKLARI VE YÜKÜMLÜLÜKLER‹ 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 varl›¤› ve yükümlülü¤ü 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 vergi varl›k ve yükümlülüklerinin hesaplanmas›nda kullan›lan vergi oran› %20’dir (2006: %20). Ertelenmifl vergi aktifleri Ertelenmifl vergi pasifleri Global Reports LLC 31 ARALIK 2007 31 ARALIK 2006 (116.956) (110.357) 78.498 142.668 (38.458) (32.311) TURCAS PETROL A.fi. AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2007 (Amounts are expressed in New Turkish Lira (“TRY”) unless otherwise stated.) 10. DUE TO / FROM RELATED PARTIES (CONT’D) DECEMBER 31, 2007 DECEMBER 31, 2006 Other Current Liabilities Taxes and dues payable 430,830 49,395 Social security premiums payable 28,156 17,445 Other current liabilities 18,380 - 477,366 66,840 DECEMBER 31, 2007 DECEMBER 31, 2006 - 299,850 137,636 80,903 92,731 - 230,367 380,753 11. BIOLOGICAL ASSETS None. 12. INVENTORIES Raw materials Other inventory Order advances given 157 13. RECEIVABLES FROM ONGOING CONSTRUCTION CONTRACTS None. 14. DEFERRED TAX ASSETS AND LIABILITIES The Group recognizes deferred tax assets and liabilities based upon temporary differences arising from 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. Deferred tax is calculated on 20% for the periods December 31, 2007 and December 31, 2006 as follows: Deferred Tax Assets Deferred Tax Liabilities Global Reports LLC DECEMBER 31, 2007 DECEMBER 31, 2006 (116,956) (110,357) 78,498 142,668 (38,458) 32,311 TURCAS PETROL A.fi. VE BA⁄LI ORTAKLIKLARI 31 ARALIK 2007 TAR‹H‹NDE SONA EREN YILA A‹T KONSOL‹DE MAL‹ TABLOLARA ‹L‹fiK‹N D‹PNOTLAR (Aksi belirtilmedikçe tutarlar YTL olarak ifade edilmifltir.) 14. ERTELENEN VERG‹ VARLIKLARI VE YÜKÜMLÜLÜKLER‹ (DEVAMI) 31 ARALIK 2007 31 ARALIK 2006 Ertelenmifl Vergi (Varl›klar›) / Yükümlülükleri Yeniden de¤erleme ve maddi varl›klar›n amortisman / di¤er maddi olmayan varl›klar›n itfa farklar› 66.193 56.980 (33.612) (38.029) Kullan›lmayan izin karfl›l›klar› (36.169) (33.993) fiüpheli alacak karfl›l›¤› (30.252) - K›dem tazminat› karfl›l›klar› Di¤er (4.618) 47.353 (38.458) 32.311 1 OCAK - 31 ARALIK 2007 1 OCAK - 31 ARALIK 2006 Ertelenmifl Vergi (Varl›¤›) / Yükümlülü¤ü Hareketleri 1 Ocak itibar›yla aç›l›fl bakiyesi 32.311 (3.405.393) Ertelenmifl vergi geliri / gideri (70.769) 3.437.704 31 Aral›k ‹tibar›yla Kapan›fl Bakiyesi (38.458) 32.311 158 15. D‹⁄ER CAR‹ / CAR‹ OLMAYAN VARLIKLAR VE KISA / UZUN VADEL‹ YÜKÜMLÜLÜKLER 31 ARALIK 2007 31 ARALIK 2006 25.924 682.077 25.924 682.077 31 ARALIK 2007 31 ARALIK 2006 169.918 170.393 169.918 170.393 Di¤er Cari Varl›klar Gelecek aylara ait giderler Di¤er K›sa Vadeli Yükümlülükler Gelecek aylara ait giderler Global Reports LLC TURCAS PETROL A.fi. AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2007 (Amounts are expressed in New Turkish Lira (“TRY”) unless otherwise stated.) 14. DEFERRED TAX ASSETS AND LIABILITIES (CONT’D) DECEMBER 31, 2007 DECEMBER 31, 2006 Deferred Tax (Assets) / Liabilities Restatement and depreciation / amortization differences of property, plant and equipment and other intangible assets 66,193 56,980 Provision for employment termination benefits (33,612) (38,029) Unused vacation accrual (36,169) (33,993) Provision for doubtful receivables (30,252) - Other (4,618) 47,353 (38,458) 32,311 JAN. 1-DEC. 31, 2007 JAN. 1-DEC. 31, 2006 Movement of Deferred Tax (Assets) / Liabilities Opening balance as of 01 January 32,311 (3,405,393) Deferred tax benefit and loss (70,769) 3,437,704 Closing Balance as of 31 December (38,458) 32,311 159 15. OTHER CURRENT / LONG-TERM ASSETS AND CURRENT / LONG-TERM LIABILITIES DECEMBER 31, 2007 DECEMBER 31, 2006 25,924 682,077 25,924 682,077 31 DECEMBER 2007 31 DECEMBER 2006 169,918 170,393 169,918 170,393 Other Current Assets Prepaid expenses Other Current Liabilities Deferred revenue Global Reports LLC TURCAS PETROL A.fi. VE BA⁄LI ORTAKLIKLARI 31 ARALIK 2007 TAR‹H‹NDE SONA EREN YILA A‹T KONSOL‹DE MAL‹ TABLOLARA ‹L‹fiK‹N D‹PNOTLAR (Aksi belirtilmedikçe tutarlar YTL olarak ifade edilmifltir.) 15. D‹⁄ER CAR‹ / CAR‹ OLMAYAN VARLIKLAR VE KISA / UZUN VADEL‹ YÜKÜMLÜLÜKLER (DEVAMI) 31 ARALIK 2007 31 ARALIK 2006 Di¤er Uzun Vadeli Yükümlülükler Gelecek y›llara ait gelirler 810.086 980.000 1.983.226 2.291.080 2.793.312 3.271.080 Shell&Turcas Petrol A.fi.’ye devredilen personele ait k›dem tazminat› yükümlülü¤ü (*) (*) Turcas Petrol A.fi’den k›smi bölünme sonucu Shell&Turcas Petrol A.fi.’ye geçen çal›flanlar›n 30 Haziran 2006’ ya kadar hak ettikleri k›dem tazminat› yükümlülük tutar›d›r. 16. F‹NANSAL DURAN VARLIKLAR % 31 Aral›k 2007 % 31 Aral›k 2007 5 13.240 5 13.240 Shell&Turcas Petrol A.fi. (*) 30 421.517.708 30 344.339.972 Socar&Turcas Enerji A.fi. 25 12.500.000 25 12.500 Sat›lmaya Haz›r Finansal Varl›klar Atafl Anadolu Tasfiyehanesi A.fi. (“Atafl”) ‹fltirakler 160 Socar&Turcas Enerji A.fi. sermaye taahhütü (-) ( 9.365.617) ( 12.500) 424.665.331 344.353.212 Sat›lmaya haz›r finansal varl›klar aktif bir piyasada oluflmufl piyasa fiyat› olmad›¤› ve di¤er de¤erleme yöntemleri kullan›larak piyasa de¤eri tespit edilemedi¤i için ekli konsolide mali tablolarda endekslenmifl maliyet de¤erleri ile yer alm›flt›r. Socar&Turcas Enerji A.fi. 28 Aral›k 2006 tarihinde Türk Ticaret gazetesinde tescil edilerek 50.000 YTL sermaye ile kurulmufltur. Kurulan flirkette Turcas Petrol A.fi.’nin %25, Aksoy Holding A.fi.’nin %24 ortakl›¤› bulunmaktad›r. Socar&Turcas Enerji A.fi.’nin aktif toplam›n›n ekli konsolide mali tablolar› etkilemeyecek derecede küçük olmas› sebebiyle konsolidasyona dahil edilmemifltir. The Shell Company of Turkey Ltd. ve Turcas Petrol A.fi. varl›klar›n›n bir k›sm›n› birlefltirerek 1 Temmuz 2006 tarihinde Shell&Turcas Petrol A.fi.’ni kurmufltur. Turcas Petrol A.fi. yeni kurulan flirketin %30’una sahiptir. Turcas Petrol A.fi.’nin ana faaliyet konusu olan petrol ve petrol ürünleri al›m›, sat›m›, ihrac› ve ihracat› 1 Temmuz 2006 tarihinden sonra yeni kurulan Shell&Turcas Petrol A.fi. taraf›ndan yürütülmeye bafllanm›flt›r. Global Reports LLC TURCAS PETROL A.fi. AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2007 (Amounts are expressed in New Turkish Lira (“TRY”) unless otherwise stated.) 15. OTHER CURRENT / LONG-TERM ASSETS AND CURRENT / LONG-TERM LIABILITIES (CONT’D) DECEMBER 31, 2007 DECEMBER 31, 2006 Other Non-Current Liabilities Expense accruals 810,086 980,000 1,983,226 2,291,080 2,793,312 3,271,080 Retirement pay liability of the personnel transferred to Shell&Turcas Petrol A.fi (*) (*) This amount is the retirement pay provision amount of the employees until June 30, 2006. These employees were transferred from Turcas Petrol A.fi to Shell&Turcas Petrol A.fi. due to the spin-off. 16. FINANCIAL ASSETS % DECEMBER 31, 2007 % DECEMBER 31, 2006 5 13,240 5 13,240 Shell&Turcas Petrol A.fi. (*) 30 421,517,708 30 344,339,972 Socar&Turcas Enerji A.fi. 25 12,500,000 25 12,500 Available for Sale Financial Assets Atafl Anadolu Tasfiyehanesi A.fi. (“Atafl”) Associates Socar&Turcas Enerji A.fi. Capital commitment (-) ( 9,365,617) ( 12,500) 424,665,331 344,353,212 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. As being registered in the Turkish Trade Registry Gazette, Socar&Turcas Enerji A.fi. was established in December 28, 2006 with TRY 50,000 capital. In the established company, Turcas Petrol A.fi. has 25% share and Aksoy Holding A.fi has 24% share. Total amount of the assets of Socar&Turcas Enerji A.fi is too small that it does not affect the consolidated financial statements. Thus, it is not included in the consolidation. The Shell Company of Turkey Ltd. and Turcas Petrol A.fi. has established Shell&Turcas Petrol A.fi. on July 1, 2006 by merging part of their assets. Turcas Petrol A.fi. owns 30% of the new company. The main fields of activity of Turcas Petrol A.fi., i.e. purchasing, selling, export and import of petroleum and petroleum products have started to be undertaken by Shell&Turcas Petrol A.fi. as of July 1, 2006. Global Reports LLC 161 TURCAS PETROL A.fi. VE BA⁄LI ORTAKLIKLARI 31 ARALIK 2007 TAR‹H‹NDE SONA EREN YILA A‹T KONSOL‹DE MAL‹ TABLOLARA ‹L‹fiK‹N D‹PNOTLAR (Aksi belirtilmedikçe tutarlar YTL olarak ifade edilmifltir.) 16. F‹NANSAL DURAN VARLIKLAR (DEVAMI) 31 ARALIK 2007 31 ARALIK 2006 1.937.916.285 1.682.976.518 Shell&Turcas Petrol A.fi. Toplam varl›klar Toplam yükümlülükler Net varl›klar Net Varl›klarda Toplulu¤un Pay› Net sat›fl gelirleri Dönem kâr› Dönem Kâr›nda Toplulu¤un Pay› (Not 38) 17. POZ‹T‹F / NEGAT‹F fiEREF‹YE Yoktur. 162 18. YATIRIM AMAÇLI GAYR‹MENKULLER Yoktur. Global Reports LLC 532.857.258 535.176.611 1.405.059.027 1.147.799.907 421.517.708 344.339.972 1 OCAK - 31 ARALIK 2007 1 TEMMUZ - 31 ARALIK 2006 7.588.628.694 3.642.723.621 345.563.210 105.835.582 103.668.963 31.750.675 TURCAS PETROL A.fi. AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2007 (Amounts are expressed in New Turkish Lira (“TRY”) unless otherwise stated.) 16. FINANCIAL ASSETS (CONT’D) DECEMBER 31, 2007 DECEMBER 31, 2006 1,937,916,285 1,682,976,518 Shell&Turcas Petrol A.fi. Total assets Total liabilities Net assets The Group’s Portion Over the Net Assets Net sales income Profit for the year Net Profit for the Period Attributable to the Group (Note 38) 532,857,258 535,176,611 1,405,059,027 1,147,799,907 421,517,708 344,339,972 JAN. 1-DEC. 1, 2007 JULY 1-DEC. 31, 2006 7,588,628,694 3,642,723,621 345,563,210 105,835,582 103,668,963 31,750,675 17. POSITIVE / NEGATIVE GOODWILL None. 18. INVESTMENT PROPERTY None. Global Reports LLC 163 Global Reports LLC - Dönem gideri 31 Aral›k 2007 itibarıyla net defter de¤eri (3.158) Konsolidasyon etkisi 1 Ocak 2007 itibarıyla aç›l›fl bakiyesi Birikmifl Amortismanlar - (3.158) Ç›k›fllar 31 Aral›k 2007 itibarıyla kapan›fl bakiyesi - Al›mlar 3.158 4.338.853 (628.360) (155.570) (12.624.749) 17.742.761 (4.771) 2.353.968 252.075 13.089.664 73.272 (64.480) (101.630) (181.272) 242.363 (325.858) 4.951 381.999 181.272 101.775 (42.061) (33.065) (955.864) 1.132.765 - 98.828 58.133 975.804 242.464 (26.705) (14.165) - 283.334 - 264.019 19.315 - 61.130 - - - 61.130 (333.787) 61.130 2.051.825 - Verilen Avanslar Yat›r›mlar ve Özel Maliyetler ve Cihazlar Demirbafllar Tesis Makine Yerüstü Düzenleri Tafl›tlar Yap›lmakta Olan Yeralt› ve Konsolidasyon etkisi 1 Ocak 2007 itibarıyla aç›l›fl bakiyesi Maliyet De¤eri 19. MADD‹ VARLIKLAR (Aksi belirtilmedikçe tutarlar YTL olarak ifade edilmifltir.) TURCAS PETROL A.fi. VE BA⁄LI ORTAKLIKLARI 31 ARALIK 2007 TAR‹H‹ ‹T‹BARIYLA KONSOL‹DE MAL‹ TABLOLARA ‹L‹fiK‹N D‹PNOTLAR 164 4.817.494 (761.606) (304.430) (13.765.043) 19.462.353 2.782.896 2.763.346 14.249.898 Toplam Global Reports LLC Land - Charge of the Year Closing balance as of December 31, 2007 (3,158) Disposals due to partial spinoff Opening balance as of January 1, 2006 Accumulated Depreciation - (3,158) Disposals Closing balance as of December 31, 2007 - Additions 3,158 Improvements Disposals due to partial spinoff Opening balance as of January 1, 2007 Cost 19. PROPERTY, PLANT AND EQUIPMENT (Amounts are expressed in New Turkish Lira (“TRY”) unless otherwise stated.) 4,338,853 (628,360) (155,570) (12,624,749) 17,742,761 (4,771) 2,353,968 252,075 13,089,664 Plant Machinery 1,132,765 (955,864) (33,065) (42,061) 101,775 242,363 (181,272) (101,630) (64,480) 73,272 4,951 (325,858) 58,133 98,828 381,999 975,804 Fixture Furniture and 181,272 Motor Vehicles Leasehold 242,464 (26,705) (14,165) - 283,334 - 264,019 19,315 - Improvement 61,130 - - - 61,130 (333,787) 61,130 2,051,825 - Advances Given Progres and Construction in TURCAS PETROL A.fi. AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2007 165 4,817,494 (761,606) (304,430) (13,765,043) 19,462,353 2,782,896 2,763,346 14,249,898 Total Global Reports LLC - K›smi bölünme sonucu ç›k›fllar Dönem gideri Ç›k›fllar 31 Aral›k 2006 itibarıyla kapan›fl bakiyesi 31 Aral›k 2006 itibarıyla net defter de¤eri - “1 Ocak 2006 itibarıyla aç›l›fl bakiyesi” Birikmifl Amortismanlar - (1.565.696) Ç›k›fllar (3.297.619) 4.863.315 - 31 Aral›k 2006 itibarıyla kapan›fl bakiyesi ‹stasyon - (3.158) - (26.763) 12.744.546 (12.720.941) - 3.158 - - (12.871.112) 12.874.270 - - 207.882 (113.884) 2.886.450 (2.980.448) - (952.129) - (9.642.804) 10.594.933 464.915 (12.624.749) 3.424.248 (542.136) 15,151.347 (30.658.208) 13.089.664 (3.573.456) 218.809 (15.767.764) 32.212.075 - (181.272) 7.365 (34.516) 2.004.871 (2.158.992) 181.272 - - (2.035.399) 2.216.671 116.679.513 19.940 (955.864) 433.243 (52.417) 1.071.973 (2.408.663) 975.804 (434.367) 4.302 - - 240.576 (3.636.595) 89.425.803 (86.029.784) - (1.029.588) 636.843 (1.135.420) (116.286.768) 2.541.289 - - - - - - - - 1.875.309 (7.393.985) 5.518.676 Malzemeleri Verilen Avanslar Yat›r›mlar ve Demirbafllar ve Cihazlar Arsalar Tafl›tlar Tesis Makine Yerüstü Düzenleri Arazi ve Binalar Yap›lmakta Olan Yeralt› ve Al›mlar K›smi bölünme sonucu ç›k›fllar “1 Ocak 2006 itibarıyla aç›l›fl bakiyesi” Maliyet De¤eri 19. MADD‹ VARLIKLAR (DEVAMI) (Aksi belirtilmedikçe tutarlar YTL olarak ifade edilmifltir.) TURCAS PETROL A.fi. VE BA⁄LI ORTAKLIKLARI 31 ARALIK 2007 TAR‹H‹ ‹T‹BARIYLA KONSOL‹DE MAL‹ TABLOLARA ‹L‹fiK‹N D‹PNOTLAR 166 484.855 (13.765.043) 4.313.314 (4.406.311) 123.284.990 (136.957.036) 14.249.898 (7.555.236) 2.735.263 (168.430.871) 187.500.742 Toplam Global Reports LLC - Disposals due to partial spin-off Charge of the year Disposals Closing balance as of December 2006 Carrying value as of December 31, 2006 - Opening balance as of January 1, 2006 Accumulation Depreciation - (1,565,696) Disposals (3,297,619) 4,863,315 - Closing balance as of December 31, 2006 Land - (3,158) - (26,763) 12,744,546 (12,720,941) - 3,158 - - (12,871,112) 12,874,270 Land Improvements Additions Disposals due to partial spin-off Opening balance as of January 1, 2006 Cost 19. PROPERTY, PLANT AND EQUIPMENT (CONT’D) (Amounts are expressed in New Turkish Lira (“TRY”) unless otherwise stated.) - - 207,882 (113,884) 2,886,450 (2,980,448) - (952,129) - (9,642,804) 10,594,933 4,302 (434,367) (2,035,399) - (15,767,764) 218,809 - 464,915 433,243 7,365 (34,516) (542,136) (181,272) 2,004,871 15,151,347 3,424,248 (52,417) (2,158,992) (30,658,208) 19,940 (955,864) 1,071,973 (2,408,663) 975,804 181,272 (3,573,456) 13,089,664 (12,624,749) Station 116,679,513 Equipments - - 240,576 (3,636,595) 89,425,803 (86,029,784) - (1,029,588) 636,843 (1,135,420) (116,286,768) 2,216,671 2,541,289 Fixture Motor Furniture and Vehicles 32,212,075 Buildings and Equipment Plant Machinery TURCAS PETROL A.fi. AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2007 167 Construction - - - - - - - - 1,875,309 (7,393,985) 5,518,676 Given Advances in Progres and 484,855 (13,765,043) 4,313,314 (4,406,311) 123,284,990 (136,957,036) 14,249,898 (7,555,236) 2,735,263 (168,430,871) 187,500,742 Total TURCAS PETROL A.fi. VE BA⁄LI ORTAKLIKLARI 31 ARALIK 2007 TAR‹H‹ ‹T‹BARIYLA KONSOL‹DE MAL‹ TABLOLARA ‹L‹fiK‹N D‹PNOTLAR (Aksi belirtilmedikçe tutarlar YTL olarak ifade edilmifltir.) 19. MADD‹ VARLIKLAR (DEVAMI) 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. (Total Oil 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 itibarıyla Tabafl Petrolcülük A.fi., Turcas Petrolcülük A.fi.’yi tüm aktif ve pasifi ile birlikte devir alm›flt›r. Ayn› tarih itibarıyla 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. 1 Temmuz 2006 tarihi itibarıyla; k›smi bölünme ifllemi sonucu yap›lmakta olan yat›r›mlar ve verilen avanslar hesaplar› Shell&Turcas Petrol A.fi.’ ye devrolunmufltur. 31 Aral›k 2007 tarihi itibarıyla, maddi duran varl›klar üzerindeki sigorta tutar› 8.197.193 YTL dir (31 Aral›k 2006: 9.100.133 YTL). 2006 ve 2007 y›llar› içerisinde amortisman giderlerinin tamam› “genel yönetim giderlerine” dahil edilmifltir. 20. MADD‹ OLMAYAN VARLIKLAR 168 HAKLAR TOPLAM 28.796.732 28.796.732 408.446 408.446 17.182 17.182 29.222.360 29.222.360 HAKLAR TOPLAM (27.986.191) (27.986.191) Maliyet De¤eri 1 Ocak 2007 itibarıyla aç›l›fl bakiyesi Konsolidasyon etkisi (Not 32) Al›mlar 31 Aral›k 2007 itibarıyla kapan›fl bakiyesi Birikmifl ‹tfa Paylar› 1 Ocak 2007 itibarıyla aç›l›fl bakiyesi Konsolidasyon etkisi (Not 32) (155.713) (155.713) Dönem gideri (265.108) (265.108) (28.407.012) (28.407.012) 815.348 815.348 31 Aral›k 2007 itibarıyla kapan›fl bakiyesi 31 Aral›k 2007 itibarıyla net defter de¤eri Global Reports LLC TURCAS PETROL A.fi. AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2007 (Amounts are expressed in New Turkish Lira (“TRY”) unless otherwise stated.) 19. PROPERTY, PLANT AND EQUIPMENT (CONT’D) On August 17, 1995, an agreement was signed between four companies; Turcas Petrolcülük A.fi., Tabafl Petrolcülük A.fi., Selyak Petrol Ürünleri Üretim ve Pazarlama A.fi. and BP Petrolleri A.fi. in order to use the Filling Establishment of BP Petrolleri A.fi. in the Ambarl› region jointly. 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 between BP Petrolleri A.fi. and the third parties (around 600 partners) about the ownership of the land on which the establishment was built, Turcas Petrolcülük A.fi. obtained USD 1,000,000 from BP Petrolleri A.fi. and Selyak Petrol Ürünleri Üretim ve Pazarlama A.fi. to sell its own land to the other companies if this dispute can not be solved. Turcas Petrolcülük A.fi was taken over by Tabafl Petrolcülük A.fi with all its assets and liabilities as of September 30, 1999. The name of the company was changed to Turcas Petrol A.fi as of the merger date. Accordingly, the ownership portion of the Company on the above mentioned land has increased to 1/2. As of July 1, 2006, due to partial spin-off construction in progress and advances given accounts are transferred to Shell & Turcas Petrol A.fi. Property, plant and equipment are insured to the extent of 8,197,193 YTL as of December 31, 2007 (December 31, 2006: 9,100,133 YTL). All the amortization expenses during 2006 and 2007 are included in “General Administration Expenses”. 20. INTANGIBLE ASSETS RIGHTS TOTAL 28,796,732 28,796,732 408,446 408,446 17,182 17,182 29,222,360 29,222,360 RIGHTS TOTAL (27,986,191) (27,986,191) Cost Opening Balance as of January 1, 2007 Consolidation Effect (note 32) Additions Closing balance as of December 31, 2007 Accumulated Amortization Opening Balance as of January 1, 2007 Consolidation Effect (note 32) (155,713) (155,713) Additions (265,108) (265,108) (28,407,012) (28,407,012) 815,348 815,348 Closing balance as of December 31, 2007 Carrying value as of December 31, 2007 Global Reports LLC 169 TURCAS PETROL A.fi. VE BA⁄LI ORTAKLIKLARI 31 ARALIK 2007 TAR‹H‹ ‹T‹BARIYLA KONSOL‹DE MAL‹ TABLOLARA ‹L‹fiK‹N D‹PNOTLAR (Aksi belirtilmedikçe tutarlar YTL olarak ifade edilmifltir.) 20. MADD‹ OLMAYAN VARLIKLAR (DEVAMI) HAKLAR TOPLAM 57.104.705 57.104.705 (28.347.474) (28.347.474) 39.501 39.501 28.796.732 28.796.732 HAKLAR TOPLAM (54.438.278) (54.438.278) 28.285.073 28.285.073 Maliyet De¤eri 1 Ocak 2006 itibarıyla aç›l›fl bakiyesi K›smi bölünme sonucu ç›k›fllar Al›mlar 31 Aral›k 2006 itibarıyla kapan›fl bakiyesi Birikmifl ‹tfa Paylar› 1 Ocak 2006 itibarıyla aç›l›fl bakiyesi K›smi bölünme sonucu ç›k›fllar Dönem gideri 31 Aral›k 2006 itibarıyla kapan›fl bakiyesi 31 Aral›k 2006 itibarıyla net defter de¤eri (1.832.986) (1.832.986) (27.986.191) (27.986.191) 810.541 810.541 2006 ve 2007 y›llar› içerisinde amortisman giderlerinin tamam› “genel yönetim giderlerine” dahil edilmifltir. 170 21. ALINAN AVANSLAR 31 ARALIK 2007 Al›nan avanslar - k›sa vadeli Al›nan avanslar - uzun vadeli (*) 8.264 31 ARALIK 2006 - 1.217.084 1.459.438 1.225.348 1.459.438 (*) 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. (Total Oil A.fi.) taraf›ndan ortaklafla kullan›lmas› için bu dört flirket aras›nda bir sözleflme yap›lm›flt›r. 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. 22. EMEKL‹L‹K PLANLARI Yoktur. Global Reports LLC TURCAS PETROL A.fi. AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2007 (Amounts are expressed in New Turkish Lira (“TRY”) unless otherwise stated.) 20. INTANGIBLE ASSETS (CONT’D) RIGHTS TOTAL 57,104,705 57,104,705 (28,347,474) (28,347,474) 39,501 39,501 28,796,732 28,796,732 RIGHTS TOTAL (54,438,278) (54,438,278) 28,285,073 28,285,073 Cost Opening Balance as of January 1, 2006 Consolidation Effect (note 32) Additions Closing balance as of December 31, 2006 Accumulated Amortization Opening Balance as of January 1, 2006 Consolidation Effect (note 32) Additions Closing balance as of December 31, 2006 Carrying value as of December 31, 2006 (1,832,986) (1,832,986) (27,986,191) (27,986,191) 810,541 810,541 All the amortization expenses during 2006 and 2007 are included in “General Administration Expenses”. 21. ADVANCES RECEIVED 171 DECEMBER 31, 2007 Advances received - current, Advances received - non-current 8,264 DECEMBER 31, 2006 - 1,217,084 1,459,438 1,225,348 1,459,438 (*) On August 17, 1995, an agreement was signed between four companies; Turcas Petrolcülük A.fi., Tabafl Petrolcülük A.fi., Selyak Petrol Ürünleri Üretim ve Pazarlama A.fi. and BP Petrolleri A.fi. in order to use the Filling Establishment of BP Petrolleri A.fi. in the Ambarl› region jointly. According to this agreement, each company has 1/4 shares on the land and other assets. However, due to a dispute between BP Petrolleri A.fi. and the third parties (around 600 partners) about the ownership of the land on which the establishment was built, Turcas Petrolcülük A.fi. obtained USD 1,000,000 from BP Petrolleri A.fi. and Selyak Petrol Ürünleri Üretim ve Pazarlama A.fi. to sell its own land to the other companies if this dispute can not be solved. 22. RETIREMENT BENEFITS None. Global Reports LLC TURCAS PETROL A.fi. VE BA⁄LI ORTAKLIKLARI 31 ARALIK 2007 TAR‹H‹ ‹T‹BARIYLA KONSOL‹DE MAL‹ TABLOLARA ‹L‹fiK‹N D‹PNOTLAR (Aksi belirtilmedikçe tutarlar YTL olarak ifade edilmifltir.) 23. BORÇ KARfiILIKLARI 31 ARALIK 2007 31 ARALIK 2006 2.313.115 9.722.134 (2.275.117) (9.722.134) - 1.129.000 K›sa Vadeli Karfl›l›klar Kurumlar vergisi karfl›l›¤› (Not 41) Peflin ödenen vergi ve fonlar EPDK ceza karfl›l›¤› EPDK katk› provizyonu Kullan›lmam›fl izin karfl›l›klar› Dava karfl›l›¤› Di¤er - 430.488 274.137 169.967 - 358.727 5.992 - 318.127 2.088.182 31 Aral›k 2007 tarihi itibarıyla hak edilmifl fakat kullan›lmam›fl izinler için 274.137 YTL (31 Aral›k 2006: 169.967 YTL) karfl›l›k ayr›lm›flt›r. 1 OCAK - 31 ARALIK 2006 Kullan›lmam›fl ‹zin Karfl›l›¤› 1 Ocak itibar›yla karfl›l›k 169.967 Dönem gideri 139.706 Y›l içinde ödenen (35.536) 31 Aral›k itibar›yla karfl›l›k 274.137 172 31 ARALIK 2007 31 ARALIK 2006 180.848 190.146 180.848 190.146 Uzun Vadeli Karfl›l›klar K›dem tazminat› karfl›l›¤› Global Reports LLC TURCAS PETROL A.fi. AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2007 (Amounts are expressed in New Turkish Lira (“TRY”) unless otherwise stated.) 23. PROVISIONS DECEMBER 31, 2007 DECEMBER 31, 2006 2,313,115 9,722,134 (2,275,117) (9,722,134) - 1,129,000 Current Provisions Provision for corporate tax (Note 41) Prepaid Tax and Funds EMRA fine accrual EMRA contribution provision Unused vacation accrual Legal Cases Other - 430,488 274,137 169,967 - 358,727 5,992 - 318,127 2,088,182 As of December 31, 2007, 274.137 YTL (December 31, 2006:169.967 YTL) provision is made for the vacations which are deserved but not used. JAN. 1-DEC. 31, 2006 Unused Vacation Accrual Provision as of January 1 169,967 Charge for the period 139,706 Paid in period (35,536) Provision as of December 31 274,137 173 DECEMBER 31, 2007 DECEMBER 31, 2006 180,848 190,146 180,848 190,146 Long-term Provisions Retirement pay provision Global Reports LLC TURCAS PETROL A.fi. VE BA⁄LI ORTAKLIKLARI 31 ARALIK 2007 TAR‹H‹ ‹T‹BARIYLA KONSOL‹DE MAL‹ TABLOLARA ‹L‹fiK‹N D‹PNOTLAR (Aksi belirtilmedikçe tutarlar YTL olarak ifade edilmifltir.) 23. BORÇ KARfiILIKLARI (DEVAMI) K›dem Tazminat› Karfl›l›klar›: Yürürlükteki ‹fl Kanunu hükümleri uyar›nca, çal›flanlardan k›dem tazminat›na hak kazanacak flekilde ifl sözleflmesi sona erenlere, hak kazand›klar› yasal k›dem tazminatlar›n›n ödenmesi yükümlülü¤ü vard›r. Ayr›ca, halen yürürlükte bulunan 506 say›l› Sosyal Sigortalar Kanununun 6 Mart 1981 tarih, 2422 say›l› ve 25 A¤ustos 1999 tarih, 4447 say›l› yasalar ile de¤iflik 60’›nc› maddesi hükmü gere¤ince k›dem tazminat›n› alarak iflten ayr›lma hakk› kazananlara da yasal k›dem tazminatlar›n› ödeme yükümlülü¤ü bulunmaktad›r. 31 Aral›k 2007 tarihi itibarıyla ödenecek k›dem tazminat›, ayl›k 2.030,19 YTL (31 Aral›k 2006: 1.857,44 YTL) tavan›na tabidir. K›dem tazminat› yükümlülü¤ü yasal olarak herhangi bir fonlamaya tabi de¤ildir. K›dem tazminat› yükümlülü¤ü, flirketin çal›flanlar›n emekli olmas›ndan do¤an gelecekteki olas› yükümlülü¤ün bugünkü derinin tahminine göre hesaplan›r. UMS 19 (“Çal›flanlara Sa¤lanan Faydalar”), flirketin yükümlülüklerini tan›mlanm›fl fayda planlar› kapsam›nda aktüeryal de¤erleme yöntemleri kullan›larak gelifltirilmesini öngörür. Buna uygun olarak, toplam yükümlülüklerin hesaplanmas›nda kullan›lan aktüeryal varsay›mlar afla¤›da belirtilmifltir: Esas varsay›m, her hizmet y›l› için olan azami yükümlülü¤ün enflasyona paralel olarak artmas›d›r. Dolay›s›yla, uygulanan iskonto oran›, gelecek enflasyon etkilerinin düzeltilmesinden sonraki beklenen reel oran› ifade eder. 31 Aral›k 2007 tarihi itibarıyla, ekli mali tablolarda karfl›l›klar, çal›flanlar›n emeklili¤inden kaynaklanan gelece¤e ait olas› yükümlülü¤ünün bugünkü de¤eri tahmin edilerek hesaplan›r. 31 Aral›k 2007 tarihi itibarıyla karfl›l›klar y›ll›k %5 enflasyon oran› ve %11 iskonto oran› varsay›m›na göre, %5,71 reel iskonto oran› ile hesaplanm›flt›r (31 Aral›k 2006: %5,71 reel iskonto oran›). ‹ste¤e ba¤l› iflten ayr›lmalar neticesinde ödenmeyip, Grup’a kalacak olan k›dem tazminat› tutarlar›n›n tahmini oran› da dikkate al›nm›flt›r. K›dem tazminat› tavan› alt› ayda bir revize olup, Grup’un k›dem tazminat› karfl›l›¤›n›n hesaplanmas›nda 1 Ocak 2008 tarihinden itibaren geçerli olan 2.087,92 YTL olan tavan tutar› göz önüne al›nm›flt›r. 31 Aral›k 2007 ve 2007 tarihinde sone eren dönemler için k›dem tazminat› karfl›l›¤›n›n hareket tablosu afla¤›daki gibidir: 174 1 OCAK - 31 ARALIK 2007 1 Ocak itibar›yla karfl›l›k 1 OCAK - 31 ARALIK 2006 190.146 1.638.946 - (2.291.080) Hizmet maliyeti 50.156 752.364 Faiz maliyeti 10.857 89.916 Birleflme sonucu ayr›lan çal›flanlara ait yükümlülük Ödenen k›dem tazminatlar› (70.311) - 31 Aral›k itibar›yla karfl›l›k 180.848 190.146 Turcas Petrol A.fi’den k›smi bölünme sonucu Shell&Turcas Petrol A.fi.’ye geçen çal›flanlar›n 30 Haziran 2006’ ya kadar hak ettikleri k›dem tazminat› yükümlülükleri “Di¤er Uzun Vadeli Yükümlülükler” hesap kalemi alt›nda takip edilmektedir. 24. ANA ORTAKLIK DIfiI PAYLAR / ANA ORTAKLIK DIfiI KÂR / ZARAR Grup’un ana ortakl›k d›fl› pay ve ana ortakl›k d›fl› kâr› Turcas Elektrik Üretim A.fi., Turcas Elektrik Toptan Sat›fl A.fi., Turcas Rüzgar Enerji Üretim A.fi. ve Turcas Gaz Toptan Sat›fl A.fi.’ne ait olup bilanço tarihi itibarıyla ortakl›k d›fl› pay 480 YTL ve 2007 y›l›na ait ortakl›k d›fl› kâr 452 YTL’dir (31 Aral›k 2006: Yoktur). Global Reports LLC TURCAS PETROL A.fi. AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2007 (Amounts are expressed in New Turkish Lira (“TRY”) unless otherwise stated.) 23. PROVISIONS (CONT’D) Retirement Pay Provisions: Under Turkish Labor Law, the Group is required to pay employment termination benefits to each employee who has qualified for such benefits. Also, employees are required to be paid their retirement pay provisions who are entitled to receive retirement pay provisions in accordance with Law numbered 2242 and dated 6 March 1981 and numbered 4447 and dated August 25, 1999 of the existing Social Insurance Law No: 506 including the amended Article 60 of the related Law. The amount payable consists of one month’s salary limited to a maximum of 2,030,19 YTL (December 31, 2006: 1,857,44 YTL) for each period of service at December 31, 2007. The liability is not funded, as there is no funding requirement. 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. Revised IFRS 19 “Employee Benefits” require actuarial valuation methods to be developed to estimate the Group’s obligation under defined benefit plans. Accordingly the following actuarial assumptions were used in the calculation of the total liability. The principal assumption is that maximum liability for each year of service will increase in line with inflation. Thus, the discount rate applied represents the expected real rate after adjusting for the anticipated effects of future inflation. Consequently, in the accompanying consolidated financial statements as of December 31, 2007 and December 31, 2006, provision has been calculated by estimating the present value of the future probable obligation of the Company arising from the retirement of the employees. Provisions at the respective balance sheet were calculated assuming an annual inflation rate of 5% and a discount rate of 11%, the real discount rate is approximately 5.71%. (2006: in order 5%, 11% and 5.71%). The anticipated rate of forfeitures is considered. Severence pay meximum amount is revised in every 6 months and the amount used is 2,087,92 YTL which is valid since January 1, 2008. The severance pay provision for the periods which ends in December 31, 2007 and 2006 are as follows. JAN. 1-DEC. 31 2007 Provision at January 1 JAN. 1-DEC. 31 2006 190,146 1,638,946 - (2,291,080) Service cost 50,156 752,364 Interest cost 10,857 89,916 Indemnity of terminated employees due to spin-off Retirement pay paid (70,311) - Provision at December 31 180,848 190,146 Employees that were transferred to Shell&Turcas Petrol A.fi. from Turcas Petrol A.fi due to the spin-off had retirement pay provisions that was recorded in other long-term liabilities account. 24. MINORITY SHARE / MINORITY PROFIT / LOSS The Group’s minority share and income belongs to Turcas Elektrik Üretim A.fi., Turcas Elektrik Toptan Sat›fl A.fi., Turcas Rüzgar Enerji Üretim A.fi. and Turcas Gaz Toptan Sat›fl A.fi. as of the balance sheet date, the minority share is TRY 480 ve minority income in 2007 is TRY 452 (December 31, 2006: None). Global Reports LLC 175 TURCAS PETROL A.fi. VE BA⁄LI ORTAKLIKLARI 31 ARALIK 2007 TAR‹H‹ ‹T‹BARIYLA KONSOL‹DE MAL‹ TABLOLARA ‹L‹fiK‹N D‹PNOTLAR (Aksi belirtilmedikçe tutarlar YTL olarak ifade edilmifltir.) 25. SERMAYE / KARfiILIKLI ‹fiT‹RAK SERMAYE DÜZELTMES‹ 31 Aral›k 2007 ve 31 Aral›k 2006 itibarıyla sermaye yap›s› afla¤›daki gibidir: Ortaklar Aksoy Petrol Da¤. Yat›r›mlar› A.fi. % 31 Aral›k 2007 % 31 Aral›k 2006 %28,52 29.946.967 %28,52 29.946.967 Halka aç›k k›s›m %28,63 30.060.956 %28,58 30.009.050 Aksoy Holding A.fi. %23,03 24.176.996 %23,03 24.176.996 Di¤er %19,82 20.815.081 %19,87 20.866.987 Nominal Sermaye 100,00 105.000.000 100,00 105.000.000 26. SERMAYE YEDEKLER‹ Özsermaye Eflasyon 31.12.2007 Sermaye Tarihi De¤erler Düzeltilmifl De¤erler Düzeltme Farklar› 105.000.000 171.837.343 66.837.343 Özsermaye Eflasyon 31.12.2006 Sermaye Tarihi De¤erler Düzeltilmifl De¤erler Düzeltme Farklar› 105.000.000 171.837.343 66.837.343 176 27. KÂR YEDEKLER‹ Yasal yedekler Ola¤anüstü yedekler Global Reports LLC 31 ARALIK 2007 31 ARALIK 2006 10.952.198 6.549.511 191.911 191.911 11.144.189 6.741.802 TURCAS PETROL A.fi. AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2007 (Amounts are expressed in New Turkish Lira (“TRY”) unless otherwise stated.) 25. CAPITAL As of December 31, 2007 and 2006 the share capital held is as follows: Shareholders % Dec. 31, 2007 % Dec. 31, 2006 Aksoy Petrol Da¤. Yat›r›mlar› A.fi. 28.52% 29,946,967 28.52% 29,946,967 Publicly Traded 28.63% 30,060,956 28.58% 30,009,050 Aksoy Holding A.fi. 23.03% 24,176,996 23.03% 24,176,996 Other 19.82% 20,815,081 19.87% 20,866,987 Nominal Capital 100.00 105,000,000 100.00 105,000,000 26. CAPITAL RESERVES Inflation Adjustment to 31.12.2007 Capital Nominal Adjusted Amounts Shareholders’ Equity Items 105,000,000 171,837,343 66,837,343 Inflation Adjustment to 31.12.2006 Capital Nominal 105,000,000 Adjusted Amounts Shareholders’ Equity Items 171,837,343 66,837,343 177 27. PROFIT RESERVES Legal Reserves Extraordinary Reserves Global Reports LLC DECEMBER 31, 2007 DECEMBER 31, 2006 10,952,198 6,549,511 191,911 191,911 11,144,189 6,741,802 TURCAS PETROL A.fi. VE BA⁄LI ORTAKLIKLARI 31 ARALIK 2007 TAR‹H‹ ‹T‹BARIYLA KONSOL‹DE MAL‹ TABLOLARA ‹L‹fiK‹N D‹PNOTLAR (Aksi belirtilmedikçe tutarlar YTL olarak ifade edilmifltir.) 28. GEÇM‹fi YIL KÂR / ZARARLARI Geçmifl Y›l Kârlar› 31 ARALIK 2007 31 ARALIK 2006 220.562.116 487.788 29. YABANCI PARA POZ‹SYONU Di¤er 31 Aral›k 2007 ABD Dolar› EURO Yabanc› Paralar Toplam YTL Haz›r De¤erler 21.375.354 38 540 24.897.195 Ticari Borçlar - - (235.500) (241.929) Finansal Borçlar - (722.668) - (1.299.446) Al›nan Avanslar (1.003.700) - - (1.169.009) Net Yabanc› Para Pozisyonu 22.186.811 Di¤er 178 31 Aral›k 2006 ABD Dolar› EURO Yabanc› Paralar Haz›r De¤erler 23.036.843 350 88 32.381.476 Ticari Alacaklar 491.600 - - 690.993 Di¤er Alacaklar 60.000 - - 84.336 Al›nan Avanslar (1.000.000) - - (1.405.600) Net Yabanc› Para Pozisyonu 31.751.205 30. DEVLET TEfiV‹K VE YARDIMLARI Yoktur. Global Reports LLC Toplam YTL TURCAS PETROL A.fi. AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2007 (Amounts are expressed in New Turkish Lira (“TRY”) unless otherwise stated.) 28. RETAINED EARNINGS Retained Earnings DECEMBER 31, 2007 DECEMBER 31, 2006 220,562,116 487,788 29. FOREIGN CURRENCY POSITION Other Foreing December 31, 2007 USD EUR Currencies Total TRY Cash and Banks 21,375,354 38 540 24,897,195 Trade Payables - - (235,500) (241,929) Financial Borrowings - (722,668) - (1,299,446) (1,003,700) - - (1,169,009) Advances Received Net FX Position 22,186,811 Other Foreing December 31, 2006 USD EUR Currencies Total TRY Cash and Banks 23,036,843 350 88 32,381,476 Trade Payables 491,600 - - 690,993 60,000 - - 84,336 (1,000,000) - - (1,405,600) Financial Borrowings Advances Received Net FX Position 31,751,205 30. GOVERNMENT GRANTS AND INCENTIVES None. Global Reports LLC 179 TURCAS PETROL A.fi. VE BA⁄LI ORTAKLIKLARI 31 ARALIK 2007 TAR‹H‹ ‹T‹BARIYLA KONSOL‹DE MAL‹ TABLOLARA ‹L‹fiK‹N D‹PNOTLAR (Aksi belirtilmedikçe tutarlar YTL olarak ifade edilmifltir.) 31. KARfiILIKLAR, fiARTA BA⁄LI VARLIK VE YÜKÜMLÜLÜKLER Turcas Petrol A.fi. ile ‹lgili fiarta Ba¤l› Varl›k ve Yükümlülükler: 31 Aral›k 2007 tarihi itibarıyla toplam 11.410.609 YTL verilen teminat mektubu bulunmaktad›r. (31 Aral›k 2006: 114.890.483 YTL). Enerji Piyasas› Düzenleme Kurulu ile ‹lgili Davalar: Enerji Piyasas› Düzenleme Kurulu’nun 31 A¤ustos 2006 tarihinde yap›lan toplant›s›nda, fiirket’e; lisans› olmayan akaryak›t bayilerine akaryak›t ikmali yaparak Petrol Piyasas› Kanunu’nun 7. maddesinin ikinci f›kras›nda düzenlenen lisans faaliyet s›n›r›n› aflt›¤› için Kanunun 19 uncu maddesinin ikinci f›kras›n›n (a) bendinin (4) numaral› alt bendi ile “Petrol Piyasas› Kanununun 19 Maddesi Uyar›nca 1/1/2005 Tarihinden ‹tibaren Uygulanacak Para Cezalar› Hakk›nda Tebli¤” gere¤i 113.599.140 YTL idari para cezas› uygulanmas› kararlaflt›r›lm›flt›r. Bu cezalara iliflkin olarak EPDK kararlar›n›n iptali ve yürütmenin durdurulmas› talebi ile 19.09.2006 tarihinde Dan›fltay 13. Dairesinde 2006/4287E say›l› dava aç›lm›flt›r. Dan›fltay 15. Dairesi 17 Kas›m 2006 tarihinde 113.599.140 YTL’lik idari para cezas›n›n 714.460 YTL’lik k›sm›n›n yürütmesini durdurmufl fakat geri kalan 112.884.680 YTL için yürütmeyi durdurma istemini reddetmifltir. Enerji Piyasas› Düzenleme Kurumu taraf›ndan fiirket aleyhinde uygulanan idari para cezalar› ile ilgili ödeme emiri, fiirket’in ba¤l› bulundu¤u Mecidiyeköy Vergi Dairesi taraf›ndan 02.11.2006 tarihinde tebli¤ edilmifltir. fiirket taraf›ndan söz konusu ödeme emirlerinin iptali ve yürütmenin durdurulmas› talebiyle Dan›fltay ‹dari Daireleri Kurulu nezdinde 11 Aral›k 2006’da davalar aç›lm›flt›r. Dan›fltay ‹dari Dava Daireleri Kurulu yap›lan itiraz üzerine fiirket’e uygulanan para cezas›n›n tamam›n›n 25 Ocak 2007 tarihinde yürütmesinin durdurulmas›na karar vermifltir. Yürütmenin durdurulmas›na iliflkin gerekçeli kararlar 28 fiubat 2007 tarihinde fiirket’e tebli¤ edilmifltir. 180 Söz konusu davalar ile Enerji Piyasas› Düzenleme Kurumu taraf›ndan uygulanan idari para cezalar›n›n iptali ve yürütmenin durdurulmas›na iliflkin olarak daha önce Dan›fltay nezdinde aç›lm›fl bulunan davalar›n ödeme emirlerinde belirtilen sürenin sona erdi¤i 9 Kas›m 2006 tarihinde henüz sonuçlanmam›fl olmalar› nedeniyle, fiirket’in açm›fl oldu¤u davalardan kaynaklanan tüm haklar› sakl› kalmak kayd›yla, yani bu davalardan herhangi birisi için yürütmeyi durdurma karar› al›nmas› halinde ifllemden kalkmas› koflulu ile, söz konusu idari para cezalar›n›n tecil ve taksitlendirilmesi talebiyle 9 Kas›m 2006 tarihinde Maliye Bakanl›¤›’na Mecidiyeköy Vergi Dairesi kanal›yla baflvuruda bulunulmufltur. Maliye Bakanl›¤› 2006 y›l› Aral›k ay›nda bafllamak ve ilk iki taksit miktar olarak küçük olmak üzere, 18 ayl›k süreyle taksitlendirme talebini kabul etmifltir. Buna göre 2006 y›l› Aral›k ay› ve 2007 Ocak taksitleri için toplam 2.258.000 YTL’lik ödeme gerçeklefltirilmifltir. Enerji Piyasas› Düzenleme Kurumu taraf›ndan fiirket aleyhinde uygulanan para cezas›n›n tahsili için Mecidiyeköy Vergi Dairesi Müdürlü¤ünce gönderilen ödeme emrinin iptali ve yürütmenin durdurulmas› talebiyle ‹stanbul 7. ‹dare Mahkemesi nezdinde fiirket’in açm›fl bulundu¤u davada mahkemece fiirket’in yürütmenin durdurulmas› talebinin reddine karar verilmifl ve bu karar aleyhinde fiirket taraf›ndan ‹stanbul Bölge ‹dare Mahkemesi nezdinde yap›lan itiraz baflvurusunu inceleyen ‹stanbul Bölge ‹dare Mahkemesi 5 fiubat 2007 tarih ve 2007/394 say›l› karar›yla itiraz›n kabulüne ve ‹stanbul 7. ‹dare Mahkemesi’nin verdi¤i yürütmenin durdurulmas› talebinin reddine iliflkin karar›n›n kald›r›larak yürütmenin durdurulmas› talebinin teminats›z olarak kabulüne karar vermifl bulunmaktad›r. Sözkonusu karar fiirket taraf›ndan ilgili vergi dairesine gere¤i için tebli¤ ettirilmifltir. Bu karar do¤rultusunda 3. ve di¤er taksit ödemeleri yap›lmayacakt›r. Enerji Piyasas› Düzenleme Kurulu (EPDK) taraf›ndan fiirkete uygulanan ‹dari Para Cezalar›n›n iptali ve yürütmenin durdurulmas› talebiyle fiirket’in açm›fl bulundu¤u davalar üzerine Dan›fltay 13. Dairesinin Yürütmeyi Durdurma talebini ret eden karar›na Dan›fltay ‹dari Dava Daireleri Kurulu nezdinde fiirket taraf›ndan yap›lan itiraz kurulca kabul edilerek dava konusu ifllemin 112.884.680 YTL’lik k›sm›n›n yürütmesinin durdurulmas›na iliflkin gerekçeli karar› 28 fiubat 2007 tarihinde fiirket’e tebli¤ edilmifltir. Global Reports LLC TURCAS PETROL A.fi. AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2007 (Amounts are expressed in New Turkish Lira (“TRY”) unless otherwise stated.) 31. COMMITMENTS AND CONTINGENCIES Commitments and Contingencies Related to Turcas Petrol A.fi.: There is a letter of guarantee amounting to TRY 11,410,609 in total as of December 31, 2007. (December 31, 2006: TRY 114,890,483). Law Suits Related to EMRA: In the meeting of Energy Market Regulatory Board held in August 31, 2006 it was decided that administrative fine of TRY 113,599,140 should be entered into force in accordance with the subparagraph (4) of paragraph “a” of the second clause of the Article 19 of the Petrol Market Law and “The Communiqué on Fines to Be Applied Starting From 1/1/2005 in accordance with the Article 19 of Petrol Market Law” for exceeding the license activity limit arranged in the second clause of the Article 7 of Petrol Market Law by supplying fuel oil to dealers that don’t have license. Regarding these fines, the lawsuit No: 2006/4287E was filed in the State Council Office 13 on September 19, 2006 with the request of annulment of the decisions of EPDK and stay of execution. State Council Office 15 decided on the stay of execution of the portion amounting to TRY 714,460 of the administration fine amounting to TRY 113,599,140, however, it rejected the motion for stay for the remaining TRY 112,884,680. The payment order regarding the administrative fines applied against the Company by the energy Market Regulatory Institution was notified by Mecidiyeköy Tax Administration where the Company is affiliated on November 2, 2006. Law suits within State Council Administrative Offices Board were initiated by the Company on December 11, 2006 as a request for the cancellation of the said payment orders and for stay of execution. Upon the appeal, the State Council Administrative Offices Board decided to fully stop the execution of the fine applied to the Company on January 25, 2007. The reasoned decisions regarding the stay of execution were notified to the Company on February 28, 2007. As the said law suits and the lawsuits initiated within State Council previously in relation with the cancellation of the administrative fines applied by the Energy Market Regulatory Institution as well as with the stay of execution were not concluded on November 9, 2006, the expiration date for the period specified in the payment orders; provided that all of the rights of the Company as a result of the initiated law suits were reserved, in other words; without prejudice to any decision regarding the stay of execution to be given in any of these law suits, the same would be cancelled, an application was filed to the Ministry of Finance through Mecidiyeköy Tax Administration for the postponement and installment requests regarding the said administrative fines on November 9, 2006. The request regarding the 18-months installments to be started in December 2006 and initial two installments being small in amount, was accepted by the Ministry of Finance. According to this, a total payment of TRY 2,258,000 was paid for the installment of December 2006 and January 2007. In the lawsuit initiated by the Company at Istanbul 7th Administrative Court with the request of the cancellation of the payment order sent by Mecidiyeköy Tax Administration Directorate for the collection of the fine applied against the company by Energy Market Regulatory Institution and for stay of execution; the court decided to reject the request for stay of execution by the Company; and ‹stanbul Regional Administrative Court, examining the application for objection filed at ‹stanbul Regional Administrative Court by the Company, decided to accept the objection with the decree numbered 2007/494, dated February 5, 2007, and to accept the request for stay of execution without any indemnity, by canceling the decision regarding the rejection of the request for stay of execution by Istanbul 7th Administrative Court. The said decision was notified to the related tax administration by the Company. In accordance with this decision, the 3rd and the other installment payments shall not be executed. Upon the lawsuits initiated by the Company with the request for the cancellation of the administrative fines applied to the Company by the Energy Market Regulatory Authority and for the stay of execution, the objection made by the Company at State Council Administrative Lawsuit Offices Board, to the decision regarding the rejection of the request for stay of execution by the State council 13th Office, was accepted by the board, TRY 112,884,680 of the proceedings in subject of the lawsuit was notified to the Company on February 28, 2007 Global Reports LLC 181 TURCAS PETROL A.fi. VE BA⁄LI ORTAKLIKLARI 31 ARALIK 2007 TAR‹H‹ ‹T‹BARIYLA KONSOL‹DE MAL‹ TABLOLARA ‹L‹fiK‹N D‹PNOTLAR (Aksi belirtilmedikçe tutarlar YTL olarak ifade edilmifltir.) 31. KARfiILIKLAR, fiARTA BA⁄LI VARLIK VE YÜKÜMLÜLÜKLER (DEVAMI) Turcas Petrol A.fi. ile ‹lgili fiarta Ba¤l› Varl›k ve Yükümlülükler (devam›) Enerji Piyasas› Düzenleme Kurulu ile ‹lgili Davalar (devam›) 31 Aral›k 2007 tarihli konsolide mali tablolar›n kamuya aç›klanma tarihi itibarıyla konu ile ilgili hukuki süreç ve davalar ile ilgili nihai sonuç üzerindeki belirsizlik devam etmektedir. Shell&Turcas Petrol A.fi. ile ‹lgili Turcas Petrol A.fi.’nin fiarta Ba¤l› Varl›k ve Yükümlülükleri: a) Grup, Türkpetrol Vakf›’na birinci y›l sonunda ve ikinci y›l sonunda 350.000 USD lisans bedeli ödeyecektir. Ödenecek bu tutarlar Shell&Turcas Petrol A.fi’ye rücu edilecektir. Mevcut lisans sözleflmesinin, bedel ve süre maddesi d›fl›ndaki maddeler aynen kalacak ve markalar, 1 Temmuz 2006 tarihinden itibaren 2 y›l 9 ay süre ile Shell&Turcas Petrol A.fi. taraf›ndan kullan›lacakt›r. Bu sürenin sonunda lisans hakk› sona erecek ve keyfiyet Türk Patent Enstitüsü’ne bildirilecektir. b)Shell Türkiye, Shell&Turcas A.fi.’nde sahip oldu¤u hisseleri üçüncü bir flahsa devretmeye karar verirse, Turcas elinde bulundurdu¤u hisselerin tamam›n› Shell Türkiye ile birlikte ayn› koflullarda ve ayn› fiyat (veya afla¤›da at›f yap›lan sat›m opsiyonunun uygulanabilir hale gelmesi durumunda, daha büyükse, 150 milyon Amerikan Dolar› tutar›nda bir bedel) üzerinden birlikte sat›m hakk›n› haiz olacakt›r. Ancak, e¤er üçüncü bir kifli Shell Türkiye’nin Ortak Giriflim fiirketi hisselerinin tamam›na bir teklif getirirse, Shell Türkiye Turcas’› ayn› flart ve koflullarla ve (1) Hisseler için yap›lan teklifteki fiyat, (2) adil de¤eri, veya (3) (Turcas, hisselerini k›smi bölünme iflleminin tamamlamas›n›n yedinci y›ldönünümünü takip eden onüçüncü günde veya daha önce satmaya zorlan›rsa) 150 milyon Amerikan Dolar›’ndan hangisi daha yüksekse o fiyatla birlikte sat›m yapmaya zorlayabilecektir. Ancak bu durumda, Turcas, hisselerini satmamak için objektif bir nedenin var olmas› halinde, hisselerini satmak zorunda olmayacakt›r. 182 Turcas Petrol A.fi.’nin, gerekli hükümet onaylar›n› ve yasal onaylar› elde etmesi flart›na ba¤l› olarak, Shell&Turcas Petrol A.fi hisselerini Shell Türkiye’ye satma izni veren sat›m opsiyonu bulunmaktad›r. Bu sat›m opsiyonu, Turcas Petrol A.fi.’ye, Ortak Giriflim fiirketi’nin sat›m opsiyonunun kullan›ld›¤› tarihten önceki 2 y›ll›k dönem içerisinde Turcas’a ve ba¤l› flirketlerine ödedi¤i veya Ortak Giriflim Sözleflmesine uygun olarak al›koydu¤u toplam kümülatif kâr pay›n›n 40 milyon ABD Dolar›ndan az olmas› halinde Turcas hisselerinin tamam›n›, k›smi bölünme iflleminin tamamlanmas› ve varl›klar›n Ortak Giriflim fiirketi’ne devrinin üçüncü y›ldönümü ile yedinci y›ldönümü aras›nda herhangi bir zamanda, toplam 150 milyon ABD Dolar› bedelle (Shell Türkiye’nin o tarihte Ortak Giriflim fiirketi hissedar› olmas› kayd›yla) Shell Türkiye’ye satma hakk› tan›maktad›r. Ayr›ca, söz konusu sat›m opsiyonu yukar›da söz edilen kümülatif kar da¤›t›m› flart›na tabi olmaks›z›n k›smi bölünme iflleminin tamamlanarak varl›klar›n Ortak Giriflim fiirketi’ne devrini takip eden yedinci y›l›n sonundan itibaren 30 günlük bir süre içinde kullan›labilecektir ve Turcas’›n elindeki Ortak Giriflim fiirketi hisselerinin tamam› için Shell Türkiye taraf›ndan ödenecek toplam tutar 150 milyon Amerikan Dolar› olacakt›r. c) Turcas taraf›ndan verilen tazminat taahhütleri afla¤›daki konularla ba¤lant›l› her türlü yükümlülü¤e iliflkindir: (a) E¤er mevcut garanti ya da di¤er teminatlar Ortak Giriflim fiirketi’ne devredilmifl olsayd› Ortak Giriflim fiirketi’nin sorumlulu¤u daha büyük olacakt› ise, Ortak Giriflim fiirketi’nin sorumlulu¤unun daha büyük oldu¤u ölçüde, herhangi bir bayinin Ortak Giriflim fiirketi’ne borçlu oldu¤u tutarlar›n tazmin ettirilmesi; (b) Perakende sat›fl istasyonlar›n›n “Shell” markas› ile yeniden markalanmas›; Global Reports LLC TURCAS PETROL A.fi. AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2007 (Amounts are expressed in New Turkish Lira (“TRY”) unless otherwise stated.) 31. COMMITMENTS AND CONTINGENCIES (CONT’D) Commitments and Contingencies Related to Turcas Petrol A.fi. (cont’d) Law Suits Related to EMRA (cont’d) As of the date of public announcement of the consolidated financial statements dated December 31, 2007, the ambiguity regarding the judicial process related to the subject and the final result in relation with the law suits still continues. Commitments and Contingencies Related to Turcas Petrol A.fi. Regarding Shell&Turcas Petrol A.fi. a) The Group shall pay the Turkpetrol Foundation 350,000 USD license price after the first and the second year. These payable amounts shall be revoked to Shell&Turcas Petrol A.fi. All articles of the existing license contract except for the articles relating to price and duration shall remain the same, and the brands shall be used by Shell&Turcas Petrol A.fi. for 2 years and 9 months as of July 1, 2007. After this period the license right shall be terminated and the condition shall be notified to Turkish Patent Institute. b) If Shell Turkey, decides to hand over its shares in Shell&Turcas A.fi. to a third party, Turcas will have the right to sell them under the same circumstances and the same price (or if the sale option referred below is applicable, or greater than an amount of USD 150 million). However, if the third party makes an offer to the entire Shell Turkey Joint Venture Company, Shell Turkey can force Turcas to sell its shares under the same conditiosns and (1) Amount offered for the shares, (2) fair value, or (3) (If Turcas is forced to sell its shares 7 years and 13 days after (or before) the date partial seperation took place) Whicever is greater than USD 150 million. In this situation, Turcas, will not have to sell its shares if there is an objective reason not to sell its shares. Turcas Petrol A.fi. has the sale option which grants the right to sell the shares of Shell&Turcas Petrol A.fi. to Shell Turkey, provided that it obtains the required governmental and legal approvals. This sale option grants Turcas Petrol A.fi. to sell the entire of Turcas shares to Shell Turkey within any time between the third and the seventh anniversary of the completion of partial divisions and the transfer of the assets to the Joint Venture Company, against 150 million USD (on condition that Shell is the shareholder of the Joint Venture Company at that date), in the event that the cumulative shares paid by the Joint Venture Company to Turcas and the affiliated companies within the two years period before the date when the sale option is used, or retained in accordance with the Joint Venture Contract is less than 40 Million USD. Moreover, the said sale option can be used within 30 days as of the seventh year following the completion of the partial division and transfer of the assets to the Joint Venture Company, without being subject to the above condition regarding the cumulative share distribution, and the amount to be paid by Shell Turkey for all of the Joint Venture Company shares possessed by Turcas shall be 150 million USD. c) The indemnification commitments given by Turcas are related to the following liabilities related to these subjects: (a) In the event that the responsibility of the Joint Venture Company would be greater if the existing guarantees and other securities are transferred to the Joint Venture Company, indemnification of the sums indebted to the Joint Venture Company by any dealer to the extent that the responsibility of the Joint Venture Company is greater; (b) Re-marking of the retail sale station with “Shell” mark; Global Reports LLC 183 TURCAS PETROL A.fi. VE BA⁄LI ORTAKLIKLARI 31 ARALIK 2007 TAR‹H‹ ‹T‹BARIYLA KONSOL‹DE MAL‹ TABLOLARA ‹L‹fiK‹N D‹PNOTLAR (Aksi belirtilmedikçe tutarlar YTL olarak ifade edilmifltir.) 31. KARfiILIKLAR, fiARTA BA⁄LI VARLIK VE YÜKÜMLÜLÜKLER (DEVAMI) Shell&Turcas Petrol A.fi. ile ‹lgili Turcas Petrol A.fi.’nin fiarta Ba¤l› Varl›k ve Yükümlülükleri (devam›) (c) BP ve Total’in fiirket’e %50 oranda mevcut olan hakk› için ödeme yapt›klar›, Ambarl›’da bulunan ve Turcas taraf›ndan edinilmifl olan arsa parseli (“Ambarl› Arsas›”) üzerindeki herhangi bir hakk›n BP ve Total’e devri hususunda, Ortak Giriflim fiirketi böyle bir devri tamamlamak zorunda kal›rsa, Turcas Ortak Giriflim fiirketi’ne hangisinin miktar› daha az ise onu ödemek zorundad›r: (i) 1.000.000 Amerikan Dolar›; ve (ii) Ambarl› Arsas›’n›n devir s›ras›ndaki rayiç piyasa de¤erine eflit bir miktar veya sat›fltan do¤an gelire eflit bir miktar, her iki halde de ödeme Ortak Giriflim fiirketi taraf›ndan bu konuyla ilgili olarak üstlenilmifl olan masraflar ve harcamalarla birlikte yap›lacakt›r.; (d) Hariç tutulan Turcas varl›klar›; (e) ‹fl Devir Sözleflmesi uyar›nca, borçlar›n Ortak Giriflim fiirketi’ne geçti¤i ancak ilgili borca denk düflen hakk›n Ortak Giriflim fiirketi’ne geçmedi¤i ölçüde olmak üzere herhangi bir Turcas Sözleflmesi; (f) Herhangi bir Turcas’›n mevcut yükümlülü¤ü; (g) K›smi bölünme ifllemi ile ilgili olan Turcas malvarl›¤›n›n Ortak Giriflim fiirketi’ne devrine iliflkin her türlü vergi; (h) Turcas ile ilgili vergiye dair hususlar. Shell&Turcas Petrol A.fi. ile ilgili Grubun üstlendi¤i flarta ba¤l› varl›k ve yükümlülükleri afla¤›daki gibidir: 184 Gümrük ofislerine verilen garanti mektuplar› Vergi ofislerine verilen garanti mektuplar› Di¤er Toplam Al›nan garanti mektuplar› Al›nan ipotekler Al›nan di¤er teminatlar Toplam 31 ARALIK 2007 31 ARALIK 2006 14.467.695 53.042.819 499.792 212.425 16.661.453 38.384.148 31.628.940 91.639.392 31 ARALIK 2007 31 ARALIK 2006 38.389.454 23.233.347 103.285.036 54.461.065 8.589.899 8.468.436 150.264.389 86.162.848 Shell&Turcas Petrol A.fi. bayi sahiplerine bayilerin fiziksel durumlar›n›n gelifltirilmesi için 2.064.606 YTL ödeme garantisi vermifltir (31 Aral›k 2006: 982.820 YTL). 1 y›l içersinde 1 - 5 y›l 5 - 14 y›l Global Reports LLC 31 ARALIK 2007 31 ARALIK 2006 511.710 110.362 1.158.512 425.477 394.384 446.981 2.064.606 982.820 TURCAS PETROL A.fi. AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2007 (Amounts are expressed in New Turkish Lira (“TRY”) unless otherwise stated.) 31. COMMITMENTS AND CONTINGENCIES (CONT’D) Commitments and Contingencies related to Turcas Petrol A.fi. regarding Shell&Turcas Petrol A.fi. (c) Regarding the transfer of any right to BP and Total over the land parcel acquired by Turcas in Ambarl›, for which BP and Total has paid 50% for the existing right to Turcas, if the Joint Venture Company is forced to complete such transfer, Turcas is obliged to pay the Joint Venture Company the sum which has the lesser amount: (i) 1,000,000 USD and (ii) an amount equal to the current market value of Ambarl› Land as of the transfer date or an amount equal to the income from sale, in both cases the payment shall be made by the Joint Venture Company along with the costs and expenses undertaken regarding the issue; (d) Excluded Turcas assets; (e) Pursuant to the Business Transfer Contract, any Turcas Contract where the debts are transferred to the Joint Venture Company but the right corresponding to the related debts is not transferred to the Joint Venture Company; (f) Any existing liability of Turcas; (g) Any tax relating liabilities to the transfer of the assets of Turcas, relating to the division process to the Joint Venture Company; (h) Matters regarding taxation of Turcas The commitments and contingencies of the Group related to Shell&Turcas Petrol A.fi. is follows; Guarantee Letters given to customs Guarantee letters given to tax offices DECEMBER 31, 2007 DECEMBER 31, 2006 14,467,695 53,042,819 499,792 212,425 Other 16,661,453 38,384,148 Total 31,628,940 91,639,392 DECEMBER 31, 2007 DECEMBER 31, 2006 Guarantee letters received Mortgage received Other guarantees received Total 38,389,454 23,233,347 103,285,036 54,461,065 8,589,899 8,468,436 150,264,389 86,162,848 Shell&Turcas Petrol A.fi. has committed to pay TRY 2,064,606 to the station owners for the station improvement in the periods mentioned below (December 31, 2006: 982,820 TRY). Within one year 1 - 5 years 5 - 14 years Global Reports LLC DECEMBER 31, 2007 DECEMBER 31, 2006 511,710 110,362 1,158,512 425,477 394,384 446,981 2,064,606 982,820 185 TURCAS PETROL A.fi. VE BA⁄LI ORTAKLIKLARI 31 ARALIK 2007 TAR‹H‹ ‹T‹BARIYLA KONSOL‹DE MAL‹ TABLOLARA ‹L‹fiK‹N D‹PNOTLAR (Aksi belirtilmedikçe tutarlar YTL olarak ifade edilmifltir.) 32. ‹fiLETME B‹RLEfiMELER‹ Turcas Elektrik Üretim A.fi. ve Turcas Elektrik Toptan Sat›fl A.fi.’de bulunan Erdal Aksoy, S. Batu Aksoy, Banu Aksoy Tarakç›o¤lu, A. Belk›s Aksoy, F. Nilüfer Say›t ve Ö. Faruk Acuner’e ait %99,96 l›k hisseler fiubat 2007’de 2.152.611 YTL ve Turcas Gaz Toptan Sat›fl A.fi.’de bulunan Erdal Aksoy’a ait %99,96’l›k hisseler 2007 y›l› Ocak ay› içerisinde 49.980 YTL’ye Turcas taraf›ndan sat›n al›nm›flt›r. Daha sonra Turcas Elektrik Üretim A.fi. ve Turcas Elektrik Toptan Sat›fl A.fi.’de 2007 y›l›n›n Aral›k ay›nda sermaye art›r›m›na gidilmifl, art›r›m›n tamam›na Marmara Petrol ve Rafineri ‹flleri A.fi. ifltirak etmifltir. Ekli mali tablolarda bu flirketlerin al›mlar› menfaatlerin birlefltirilmesi yöntemi kullan›larak muhasebelefltirilmifltir. Bu flirketlerin faaliyetlerinin olmamas› ve aktif toplamlar›n›n ekli konsolide mali tablolar› etkilemeyecek kadar küçük olmas› nedeniyle bu sat›n al›m ifllemi karfl›laflt›rmal› y›llarda da yap› de¤iflikli¤inin etkilerini yans›tacak flekilde düzenlenmemifltir. Ödenen tutar ile sat›n al›nan ba¤l› ortakl›klar›n net aktifleri aras›ndaki 1.742.072 YTL’lik fark Özsermaye grubu alt›nda Geçmifl Y›llar Kâr/Zararlar› kalemleri alt›nda gösterilmifltir. 33. BÖLÜMLERE GÖRE RAPORLAMA Yoktur. 34. B‹LANÇO TAR‹H‹NDEN SONRAK‹ OLAYLAR 8 fiubat 2008 tarihinde, esas sermaye sistemine tabi flirket ödenmifl sermayesinin flirketin yasal kay›tlar›nda mevcut oldu¤u Yeminli Mali Müflavir raporlar› ile tespit edilen ancak Sermaye Piyasas› Kurulu düzenlemeleri uyar›nca haz›rlanm›fl finansal tablolar›nda yer almayan; 2.595.404,89 YTL’lik Hisse Senetleri ‹hraç Primi, 24.909.003,60 YTL’lik ‹fltirakler Yeniden De¤erleme De¤er Art›fl› ve 3.995.591,51 YTL’lik Ola¤anüstü Yedekler olmak üzere sermayeye ilave edilecek toplam 31.500.000 YTL’nin 191.191 YTL’sinin Ola¤anüstü Yedeklerden karfl›lanmas›na, kalan 31.308.809 YTL’nin de “Geçmifl Y›llar Kâr›” hesab›ndan karfl›lanmak üzere yap›lmas›na karar verilmifltir. 186 19 fiubat 2008 tarihinde fiirket Ana Sözleflmesinin “Amaç ve Konu” bafll›kl› 3. maddesinin tadil edilmesine ve Ana Sözleflme De¤iflikli¤ine, Türkiye Cumhuriyeti Baflbakanl›k Sermaye Piyasas› Kurulu’ndan, Sanayi ve Ticaret Bakanl›¤›’ndan izinlerinin al›nmas›ndan sonra fiirket Ana Sözleflme de¤iflikli¤inin görüflülüp karara ba¤lanmas› için fiirket ortaklar›n›n Genel Kurul Toplant›s›’na davet edilmelerine karar verilmifltir. 14 Mart 2008 tarihinde Turcas Elektrik Üretim A.fi.’nin; sermayesinin %30’una sahip oldu¤u E.ON&Turcas Güney Elektrik Üretim A.fi.nin Denizli’de yapmak üzere müracaat etti¤i 840 MW’lik do¤algaz santraline iliflkin üretim lisans baflvurusu Enerji Piyasas› Düzenleme Kurumu’nca uygun bulunmufltur. 24 Mart 2008 tarihinde, T.C. Baflbakanl›k Özellefltirme ‹daresi Baflkanl›¤›’ndan Socar&Turcas/Injaz Ortak Giriflim Grubu’na, Petkim Petrokimya Holding A.fi. sermayesindeki %51 oran›ndaki kamu hissesinin devrinin 45 gün içinde gerçeklefltirilmesine iliflkin tebligat yap›lm›flt›r. 3 Nisan 2008 tarihinde, T.C.Ulaflt›rma Bakanl›¤› Karayollar› Genel Müdürlü¤ü’nün 05.11.2007 tarih, 2701 say›l› yaz›s› do¤rultusunda: Bir y›l süre ile Turcas Petrol A.fi.’nin tüm ihalelere kat›lma yasa¤› ile ilgili olarak Ankara Nöbetçi ‹dare Mahkemesi nezdinde 1 y›l süre ile tüm ihalelerden yasaklama karar›n›n iptali ve Yürütmeyi Durdurma Karar› verilmesi istemiyle dava aç›ld›¤› bildirilmifl idi. T.C. Ankara 2. ‹dare Mahkemesi Esas No:2007/1523 say›l› dosya nosunda ifllem gören dava ile ilgili olarak 2577 say›l› yasan›n 27. maddesi uyar›nca teminat al›nmaks›z›n dava sonuna kadar Turcas Petrol A.fi.’nin “Yürütülmesinin Dururulmas›na” iliflkin karar vermifltir. Global Reports LLC TURCAS PETROL A.fi. AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2007 (Amounts are expressed in New Turkish Lira (“TRY”) unless otherwise stated.) 32. BUSINESS COMBINATIONS 99.96% of shares that belong to Erdal Aksoy, S. Batu Aksoy, Banu Aksoy Tarakç›o¤lu, A. Belk›s Aksoy, F. Nilüfer Say›t ve Ö. Faruk Acuner in Turcas Elektrik Toptan Sat›fl A.fi. and 99.96% of shares that belongs to Erdal Aksoy in Turcas Gaz Toptan Sat›fl A.fi. has been purchased by Turcas for TRY 49,480 in February 2007 and January 2007 respectively. Turcas Elektrik Üretim A.fi. and Turcas Elektrik Toptan Sat›fl A.fi. has increased their capital in December 2007. Marmara Petrol ve Rafineri ‹flleri A.fi. has fully participated in the increase. The purchase of those companies were accounted for by using the uniting of interest method. Those purchase were not reflected in the comparative consolidated financial statements to show the effect of the change in structure of the company, because the companies that had been purchased had no operation activities and their assets were too small. The TRY 1,742,072 difference between the amount paid and the net assets of the subsidiaries that had been purchased has been shown under Previous Year Profit/Loss. 33. SEGMENTAL REPORTING None. 34. EVENTS AFTER THE BALANCE SHEET DATE On February 8, 2008, an amount that was stated by the chartered accountant’s reports in statutory records of the company, but not stated in the financial statements adjusted by the Capital Market Board’s standards; TRY 2,595,404,89 of share premium, TRY 24,909,003,60 of investment revluation and TRY 3,995,591,51 of extraordinary reserves, total TRY 31,500,000 to be added to the capital was decided to be provided by; TRY 191,191 from extraordinary reserves and the remaining TRY 31,308,809 from retained earnings. On February 19, 2008, the company’s main agreement’s “Purpose and Subject” title’s 3. article was decided to be changed after obtaining the necessary authorizations from T.R. Prime Ministry Capital Market Board, Industry and Trade Ministry. Thus, a general board meeting was announced to the shareholders, to discuss on the changes in the main agreement of the company. On March 14, 2008, Energy Market Regulatory Authority has aprroved Turcas Elektrik Üretim A.fi.’s production license application of a 840 MW natural gas plant to be built in Denizli, in the name of E.ON&Turcas Güney Elektrik Üretim A.fi., a company that Turcas Elektrik Üretim A.fi. owns 30% of its capital. On March 24, 2008, a written notification was given to T.R. Prime Ministry Privatization Administration Presidency for the turnover of 51% public share in Petkim Petrokimya Holding A.fi’s capital, to Socar&Turcas/Injaz Joint Venture Group. On April 3, 2008, according to the 05.11.2007 date and 2701 no article of T.R. Transportation Ministry Highways General Administration: Lawsuit to stop the law enforcement on the ban of Turcas Petrol A.fi. to participate in any biddings for one year was opened by Ankara Administative Court had been declared. The lawsuit that had been followed in the file of T.R. Ankara 2. Administrative Court No:2007/1523 had been declared to stop the law enforcement on Turcas Petrol A.fi. by law no:2577, without any guarantees taken, until the court decides on the lawsuit’s outcome. Global Reports LLC 187 TURCAS PETROL A.fi. VE BA⁄LI ORTAKLIKLARI 31 ARALIK 2007 TAR‹H‹ ‹T‹BARIYLA KONSOL‹DE MAL‹ TABLOLARA ‹L‹fiK‹N D‹PNOTLAR (Aksi belirtilmedikçe tutarlar YTL olarak ifade edilmifltir.) 35. DURDURULAN FAAL‹YETLER Turcas Petrol A.fi.’nin ana faaliyet konusu olan petrol ve petrol ürünleri al›m›, sat›m›, ihrac› ve ihracat› 1 Temmuz 2006 tarihinden sonra yeni kurulan Shell&Turcas Petrol A.fi. taraf›ndan yürütülmeye bafllanm›flt›r. Turcas Petrol A.fi.’nin Shell&Turcas Petrol A.fi. kuruluncaya (1 Temmuz 2006) kadar gerçeklefltirdi¤i faaliyetlerin sonuçlar› afla¤›daki gibidir: 1 OCAK - 1 TEMMUZ 2006 Sat›fl gelirleri 861.245.931 Sat›fllar›n maliyeti (801.306.670) Brüt esas faaliyet kârlar› 60.710.240 Faaliyet giderleri (22.242.248) Net esas faaliyet kâr› 38.467.992 Faaliyet kâr› 48.472.878 Vergiler (10.696.811) Net Dönem Kâr› 37.776.067 36. ESAS FAAL‹YET GEL‹RLER‹ 1 OCAK - 31 ARALIK 2007 1 OCAK - 31 ARALIK 2006 Sat›fllar Yurtiçi sat›fllar 188 3.383.068 902.726.789 Di¤er gelirler - 797.217 Sat›fl iskontolar› - (29.131) Sat›fllardan di¤er indirimler - (460.553) 3.383.068 903.034.322 1 OCAK - 31 ARALIK 2007 1 OCAK - 31 ARALIK 2006 (3.103.279) (845.074.977) Sat›fllar›n Maliyeti Sat›lan ticari mallar maliyeti Verilen hizmet maliyeti (2.053.927) (3.103.279) Global Reports LLC (847.128.904) TURCAS PETROL A.fi. AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2007 (Amounts are expressed in New Turkish Lira (“TRY”) unless otherwise stated.) 35. DISCONTINUED OPERATIONS Purchase, sale and export of petrolium and petrolium products which are the main activity area of Turcas Petrol A.fi. are being operated by Shell&Turcas A.fi since July 01, 2006. The results of the activities of the Turcas Petrol A.fi. until Shell&Turcas Petrol A.fi. is established (July 01, 2006) are as follows: JAN. 1-JULY 1, 2006 Sales Revenue 861,245,931 Cost of sales (801,306,670) Gross profit 60,710,240 Operating expenses (22,242,248) Net operating profit 38,467,992 Other income and profit 48,472,878 Taxation (10,696,811) Net Profit for the Period 37,776,067 36. OPERATING INCOME JAN. 1-DEC. 31, 2007 JAN. 1-DEC. 31, 2006 Sales Domestic Sales 3,383,068 902,726,789 Other income - 797,217 Sales discounts - (29,131) Other deductions from sales - (460,553) 3,383,068 903,034,322 JAN. 1-DEC. 31, 2007 JAN. 1-DEC. 31, 2006 (3,103,279) (845,074,977) Cost of Sales Cost of merchandises sold Cost of service rendered (2,053,927) (3,103,279) Global Reports LLC (847,128,904) 189 TURCAS PETROL A.fi. VE BA⁄LI ORTAKLIKLARI 31 ARALIK 2007 TAR‹H‹ ‹T‹BARIYLA KONSOL‹DE MAL‹ TABLOLARA ‹L‹fiK‹N D‹PNOTLAR (Aksi belirtilmedikçe tutarlar YTL olarak ifade edilmifltir.) 37. FAAL‹YET G‹DERLER‹ 1 OCAK - 31 ARALIK 2007 1 OCAK - 31 ARALIK 2006 Amortisman ve itfa giderleri 1.026.714 5.965.219 Personel giderleri 2.359.815 9.496.740 57.972 821.300 Bayi giderleri 826.302 2.349.984 Kira giderleri 405.610 861.072 D›flar›dan sa¤lanan hizmetler 1.435.214 2.963.070 Vergi ve di¤er yükümlülükler 539.950 2.218.691 fiüpheli alacak ve di¤er karfl›l›k giderleri 151.261 731.042 52.764 322.220 - 2.208.954 1.961.582 - Reklam giderleri Bak›m ve onar›m giderleri EPDK’ya ödenen cezalar Kâr kayb› tazminat› (*) Di¤er 1.916.702 2.945.571 10.733.886 30.883.863 (*) Kâr kayb› tazminat› Shell&Turcas Petrol A.fi. taraf›ndan yans›t›lan kapat›lan istasyonlarla ilgili oluflan giderlerin Turcas Petrol A.fi.’ye düflen k›sm›n› oluflturmaktad›r. 190 Global Reports LLC TURCAS PETROL A.fi. AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2007 (Amounts are expressed in New Turkish Lira (“TRY”) unless otherwise stated.) 37. OPERATING EXPENSES JAN. 1-DEC. 31, 2007 JAN. 1-DEC. 31, 2006 Depreciation and amortization expenses 1,026,714 5,965,219 Personnel expenses 2,359,815 9,496,740 57,972 821,300 Dealer expenses 826,302 2,349,984 Rent expenses 405,610 861,072 Advertisement expenses Other services received 1,435,214 2,963,070 Tax and other liabilities 539,950 2,218,691 Doubtful receivable and other provision expenses 151,261 731,042 52,764 322,220 - 2,208,954 1,961,582 - Repair and maintenance expenses Fines paid to EMRA Profit loss claims (*) Other 1,916,702 2,945,571 10,733,886 30,883,863 (*) Profit loss claims are, Turcas Petrol A.fi.’s share of station expenses that has been closed, which are reflected by Shell&Turcas Petrol A.fi. 191 Global Reports LLC TURCAS PETROL A.fi. VE BA⁄LI ORTAKLIKLARI 31 ARALIK 2007 TAR‹H‹ ‹T‹BARIYLA KONSOL‹DE MAL‹ TABLOLARA ‹L‹fiK‹N D‹PNOTLAR (Aksi belirtilmedikçe tutarlar YTL olarak ifade edilmifltir.) 38. D‹⁄ER FAAL‹YETLERDEN GEL‹R / (G‹DER) VE KÂR / ZARARLAR 1 OCAK - 31 ARALIK 2007 1 OCAK - 31 ARALIK 2006 LPG komisyon gelirleri - 4.549.267 Komisyon gelirleri - 1.224.781 Sözleflme fesih tazminat› - 1.484.697 263.755 1.122.145 7.274.122 - Kira gelirleri The Shell Company ortak giriflim sözleflmesi geliri (*) Konusu kalmayan karfl›l›klar - 33.869 Temettü gelirleri - 30.307 Haklar gelirleri Servis hizmet gelirleri Sabit k›ymet sat›fl kâr› (**) 1.380 582.810 22.080 96.878 257.744 24.824.836 "Shell&Turcas Petrol A.fi. dönem kâr›n›n toplulu¤a düflen pay› ve temettü geliri (Not 16)" 103.668.963 31.750.675 - 171.453.382 Bölünme ifllemi sonucu oluflan kâr (Not 16) Di¤er gelirler ve kârlar 669.494 483.976 112.157.538 237.637.623 (*) Yap›lan sözleflme gere¤ince, Shell grubu üyelerinin Shell&Turcas Petrol A.fi.’ne iflletme destek hizmetleri, uzman araflt›rma gelifltirme, teknik destek hizmetleri ve yönetim dan›flmanl›k hizmetleri tedarik etti¤i durumlarda verilen hizmet sözleflmeleri uyar›nca ödenecek toplam tutar belli bir takvim y›l›nda belirlenen tutar› aflarsa, The Shell Company of Turkey Ltd. Turcas’a 192 belirlenen oranlarda ödeme yapmay› kabul etmifltir. (**) Turcas Petrol A.fi.’nin yüzde yüz sahibi bulundu¤u Marmara Petrol ve Rafineri ‹flleri A.fi.’nin Kocaeli ili, Körfez ilçesi’nde bulunan 35.805 metrekare arsa ve üzerindeki tesis 2006 y›l› içerisinde 21.500.000 USD bedelle Lukoil Eurasia Petrol A.fi.’ne 3 Kas›m 2006 tarihinde sat›lmas›ndan do¤an sat›fl kâr› 24.086.474 YTL dir. Komisyon giderleri 1 OCAK - 31 ARALIK 2007 1 OCAK - 31 ARALIK 2006 - (1.489.257) Geçmifl döneme ait vergi gideri (*) (587.131) - Sabit k›ymet sat›fl zararlar› (187.562) (769.364) Di¤er gider ve zararlar (195.890) (560.893) (970.583) (2.819.514) (*) Grup ifltiraki Marmara Petrol 31 Aral›k 2006 mali tablolar› halka aç›kland›ktan sonra vergi karfl›l›¤›nda de¤ifliklik yapm›flt›r. Yap›lan bu de¤ifliklik cari dönemde geçmifl döneme ait vergi gideri olarak ekli mali tablolarda yer alm›flt›r. Global Reports LLC TURCAS PETROL A.fi. AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2007 (Amounts are expressed in New Turkish Lira (“TRY”) unless otherwise stated.) 38. OTHER INCOME / EXPENSE PROFIT / LOSES JAN. 1-DEC. 31, 2007 JAN. 1-DEC. 31, 2006 LPG commission income - 4,549,267 Commission income - 1,224,781 Compensation for contract cancellation - 1,484,697 263,755 1,122,145 7,274,122 - Rent income The Shell Company joint venture contract income (*) Provisions released - 33,869 Dividend income - 30,307 Rights income 1,380 582,810 Service income 22,080 96,878 257,744 24,824,836 Income from fixed asset sales (**) Net profit for the period of Shell&Turcas Petrol A,fi, attributable to the group (Note 16) Profit generated from spin-off (Note 16) Other income and profit 103,668,963 31,750,675 - 171,453,382 669,494 483,976 112,157,538 237,637,623 (*) According to the contract, Shell group members has agreed to pay a certain amount, in case their administrative support service, expert research and development, technical support services and management consultancy services supplied to Shell&Turcas Petrol A.fi. exceeds a certain amount in a certain period. 193 (**) The 35,805 m2 land and facility in Kocaeli, Körfez which are belong the Marmara Petrol ve Rafineri ‹flleri A.fi. are sold to Lukoil Eurasia Petrol A.fi. is amounting to USD 21,000,000 as of November 3, 2006. The profit generated from this sale is TRY 24,086.474. Commission expenses JAN. 1-DEC. 31, 2007 JAN. 1-DEC. 31, 2006 - (1,489,257) Previous period tax expense (*) (587,131) - Loss on fixed asset sales (187,562) (769,364) Other expenses and losses (195,890) (560,893) (970,583) (2,819,514) (*) The group has changed its tax provision, after its subsidiary Marmara Petrol has declared December 31, 2006 financial statements to the public. This change has been added in the financial statements as previous period’s tax expense in the current period. Global Reports LLC TURCAS PETROL A.fi. VE BA⁄LI ORTAKLIKLARI 31 ARALIK 2007 TAR‹H‹ ‹T‹BARIYLA KONSOL‹DE MAL‹ TABLOLARA ‹L‹fiK‹N D‹PNOTLAR (Aksi belirtilmedikçe tutarlar YTL olarak ifade edilmifltir.) 39. F‹NANSMAN G‹DERLER‹ 1 OCAK - 31 ARALIK 2007 1 OCAK - 31 ARALIK 2006 13.172.424 8.790.156 Faiz gelirleri Kambiyo kârlar› 1.512.973 6.624.450 Reeskont gelirleri 746.385 2.654.955 Kambiyo zararlar› (5.982.299) (4.975.187) (292.487) (787.064) Reeskont giderleri Faiz giderleri (95.236) (1.394.349) 9.061.760 10.912.961 40. NET PARASAL POZ‹SYON KÂR / ZARARI 1 Ocak 2005 tarihinden itibaren enflasyon muhasebesi uygulamas›na son verildi¤i için 31 Aral›k 2007 ve 2006 tarihleri itibarıyla net parasal pozisyon kâr› veya zarar› oluflmam›flt›r. 41. VERG‹LER Kurumlar Vergisi 194 fiirket ve ba¤l› ortakl›klar› Türkiye’de geçerli olan kurumlar vergisine tabidir. Grup’un 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 vergiden istisna kazançlar, vergiye tabi olmayan gelirler ve di¤er indirimler (varsa geçmifl y›l zararlar› ve tercih edildi¤i takdirde kullan›lan yat›r›m indirimleri) düflüldükten sonra kalan matrah üzerinden hesaplanmaktad›r. 2007 y›l›nda uygulanan efektif vergi oran› %20 (2006: %20)’dir. Türkiye’de geçici vergi üçer ayl›k dönemler itibarıyla hesaplanmakta ve tahakkuk ettirilmektedir. 2007 y›l› kurum kazançlar›n›n geçici vergi dönemleri itibarıyla vergilendirilmesi aflamas›nda kurum kazançlar› üzerinden hesaplanmas› gereken geçici vergi oran› %20’dir. (2006: %20). Zararlar, gelecek y›llarda oluflacak vergilendirilebilir kardan düflülmek üzere, maksimum befl 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 1-25 Nisan tarihleri aras›nda (özel hesap dönemine sahip olanlarda dönem kapan›fl›n› izleyen dördüncü ay›n 1-25 tarihleri aras›nda) vergi beyannamelerini haz›rlamaktad›r. Vergi Dairesi taraf›ndan bu beyannameler ve buna baz olan muhasebe kay›tlar› befl y›l içerisinde incelenerek de¤ifltirilebilir. Global Reports LLC TURCAS PETROL A.fi. AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2007 (Amounts are expressed in New Turkish Lira (“TRY”) unless otherwise stated.) 39. FINANCE INCOME (EXPENSE) (NET) JAN. 1-DEC. 31, 2007 JAN. 1-DEC. 31, 2006 Interest income 13,172,424 8,790,156 Exchange gains 1,512,973 6,624,450 746,385 2,654,955 (5,982,299) (4,975,187) (292,487) (787,064) Discounting income Exchange losses Discounting losses Interest expenses (95,236) (1,394,349) 9,061,760 10,912,961 40. NET MONETARY GAIN / LOSS Net monetary gain / (loss) is not calculated since inflation accounting has been ceased as of December 1, 2005. 41. TAXATION Corporate tax The Group is subject to Turkish corporate taxes. Tax legislation in Turkey 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. Corporate tax is applied on taxable corporate income, which is calculated from the statutory accounting profit by adding back non-deductible expenses, and by deducting dividends received from resident companies, other exempt income and investment incentives utilized. The effective tax rate in 2007 and the following years is 20% (2006: 20%). In Turkey, advance tax returns are filed on a quarterly basis. The advance corporate income tax rate is 20% for 2007 (2006: 20%). Losses are allowed to be carried five years maximum to be deducted from the taxable profit of the following years. However, losses occurred cannot be deducted from the profit occurred in the prior years retroactively. In Turkey, there is no procedure for a final and definitive agreement on tax assessments. Companies file their tax returns between April 1-25 following the close of the accounting year to which they relate. The companies with special accounting periods, file their tax returns between 1st-25th of fourth month after fiscal year end. Tax authorities may, however, examine such returns and the underlying accounting records and may revise assessments within five years. Global Reports LLC 195 TURCAS PETROL A.fi. VE BA⁄LI ORTAKLIKLARI 31 ARALIK 2007 TAR‹H‹ ‹T‹BARIYLA KONSOL‹DE MAL‹ TABLOLARA ‹L‹fiK‹N D‹PNOTLAR (Aksi belirtilmedikçe tutarlar YTL olarak ifade edilmifltir.) 41. VERG‹LER Gelir Vergisi Stopaj› Kurumlar vergisine ek olarak, da¤›t›lmas› durumunda kâr pay› elde eden ve bu kâr paylar›n› kurum kazanc›na dahil ederek beyan eden tam mükellef kurumlara ve yabanc› flirketlerin Türkiye’deki flubelerine da¤›t›lanlar hariç olmak üzere kâr paylar› üzerinden ayr›ca gelir vergisi stopaj› hesaplanmas› gerekmektedir. Gelir vergisi stopaj› 24 Nisan 2003 tarihinden itibaren tüm flirketlerde %10 olarak ilan edilmifltir. Bu oran, 23 Temmuz 2006 tarihi itibarıyla %15 olarak de¤ifltirilmifltir. Da¤›t›lmay›p sermayeye ilave edilen kâr paylar› gelir vergisi stopaj›na tabi de¤ildir. 24 Nisan 2003 tarihinden önce al›nm›fl yat›r›m teflvik belgelerine istinaden yararlan›lan yat›r›m indirimi tutar› üzerinden %19,8 vergi tevkifat› yap›lmas› gerekmektedir. Bu tarihten sonra yap›lan teflvik belgesi yat›r›m harcamalar›ndan flirketlerin üretim faaliyetiyle do¤rudan ilgili olanlar›n %40’› vergilendirilebilir kazançtan düflülebilir. Yararlan›lan teflvik belgesiz yat›r›m harcamalar›ndan vergi tevkifat› yap›lmamaktad›r. Yat›r›m indirimi uygulamas› 1 Ocak 2006 tarihinden geçerli olmak üzere yürürlükten kald›r›lm›flt›r. Ancak, flirketlerin vergilendirilebilir kazançlar›n›n yetersiz olmas› sebebiyle, 31 Aral›k 2005 tarihi itibarıyla yararlanamad›¤› yat›r›m indirimi tutar› sonraki y›llarda elde edilecek vergilendirilebilir kazançlardan düflülmek üzere sonraki y›llara tafl›nabilir. Bununla birlikte, tafl›nan yat›r›m indirimini sadece 2006, 2007 ve 2008 y›llar›na ait kazançlar›ndan indirebilirler. 2008 y›l› kurum kazanc›ndan indirilemeyen yat›r›m indirimi tutar›n›n sonraki dönemlere devri mümkün de¤ildir. fiirketlerin 2006, 2007 ve 2008 y›llar›n›n kurumlar vergisi hesab›nda, tafl›nan yat›r›m indirimini vergilendirilebilir kazançlar›ndan indirilmesini tercih ettikleri takdirde uygulayacaklar› kurumlar vergisi oran› %30 olacakt›r. Tafl›nan yat›r›m indiriminden faydalan›lmamas› durumunda ise kurumlar vergisi oran› %20 olarak dikkate al›nacak ve faydalan›lmayan yat›r›m indirimi hakk› ortadan kalkacakt›r. Grup yönetimi yat›r›m indiriminden faydalanmay› planlamad›¤›ndan 31 Aral›k 2007 ve 2006 tarihleri itibarıyla kurumlar vergisi oran›n› %20 olarak uygulam›flt›r. 196 31 ARALIK 2007 31 ARALIK 2006 Ödenecek Kurumlar Vergisi Kurumlar vergisi karfl›l›¤› Peflin ödenmifl vergi ve fonlar Cari kurumlar vergisi karfl›l›¤› Ertelenmifl vergi karfl›l›¤› Global Reports LLC 2.313.115 9.722.134 (2.275.117) (9.722.134) 37.998 - 1 OCAK - 31 ARALIK 2007 1 OCAK - 31 ARALIK 2006 2.313.115 9.722.134 (70.769) 3.437.704 2.242.346 13.159.838 TURCAS PETROL A.fi. AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2007 (Amounts are expressed in New Turkish Lira (“TRY”) unless otherwise stated.) 41. TAXATION Income Witholding 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 April 24, 2003. This rate was changed to 15% with the code numbered 5520 article 15 commencing from June 21, 2006. However until the resolution of council of ministers, it was used as 10%. After the resolution, declared in Official Gazette in July 23, 2006, this rate is changed to 15% effective from July 23, 2006. Undistributed dividends incorporated in share capital are not subject to income withholding taxes. Investment incentive certificates are revoked commencing from January 1, 2006. If companies cannot use investment incentive due to inadequate profit, such outstanding investment incentive can be carried forward to following years as of December 31, 2005 so as to be deducted from taxable income of subsequent profitable years. In addition, the now void 19th article of the Income Tax Law ammended that investments that had been started prior to January 1, 2006 and any subsequent investment, as long as being an addition to the previously started investment meeting the financial and technical conditions of its precessedor and other investments which were granted the incentive certificates prior to April 24, 2003 but have started after January 1, 2006 can benefit from the incentive certificates. However the companies can deduct the carried forward outstanding allowance from 2006, 2007 and 2008 taxable income. The investment incentive amount that cannot be deducted from 2008 taxable income will not be carried forward to following years. The tax rate that the companies can use in the case of deducting the tax investment incentive amount in 2006, 2007 and 2008 is 30%. If the Company cannot use the investment incentives carried forward, the effective tax rate will be 20% and the unused investment incentive will be cancelled. The group management does not plan to benefit from the investment incentive. Thus, the corporate tax rate for December 31, 2007 and 2006 is 20%. DECEMBER 31, 2007 DECEMBER 31, 2006 Current Year Tax Liabilities Corporate tax provision Less: Prepaid tax and funds Current year corporate tax provision Deferred tax provision Global Reports LLC 2,313,115 9,722,134 (2,275,117) (9,722,134) 37,998 - JAN. 1-DEC. 31, 2007 JAN. 1-DEC. 31, 2006 2,313,115 9,722,134 (70,769) 3,437,704 2,242,346 13,159,838 197 TURCAS PETROL A.fi. VE BA⁄LI ORTAKLIKLARI 31 ARALIK 2007 TAR‹H‹ ‹T‹BARIYLA KONSOL‹DE MAL‹ TABLOLARA ‹L‹fiK‹N D‹PNOTLAR (Aksi belirtilmedikçe tutarlar YTL olarak ifade edilmifltir.) 41. VERG‹LER 1 OCAK - 31 ARALIK 2007 1 OCAK - 31 ARALIK 2006 109.795.070 270.752.625 Vergi Karfl›l›¤›n›n Mutabakat› Vergi öncesi kâr Etkin vergi oran› Hesaplanan vergi %20 %20 21.959.014 54.150.525 - 1.135.130 68.903 638.124 Hesaplanan ile Ayr›lan Vergi Karfl›l›¤›n›n Mutabakat Farklar› Farkl› vergi oran› etkisi Kanunen kabul edilmeyen giderler Konsolidasyon düzeltmeleri Özkaynaktan pay alma yöntemine göre gelen kâr Di¤er Gelir Tablosunda Ayr›lan Vergi Karfl›l›¤› - 1.240.927 (20.733.793) (40.640.813) 948.222 (3.364.055) 2.242.346 13.159.838 42. H‹SSE BAfiINA KAZANÇ 2007 ve 2006 y›l› için fiirket hisselerinin a¤›rl›kl› ortalama adedi ve birim hisse bafl›na kâr hesaplamalar› afla¤›daki gibidir: 198 1 OCAK - 31 ARALIK 2007 1 OCAK - 31 ARALIK 2006 A¤›rl›kl› ortalama hisse adedi 105.000.000 105.000.000 Net kar 107.552.724 257.592.787 1,02 2,45 Hisse Bafl›na Kâr 43. NAK‹T AKIM TABLOSU Nakit ak›m tablosu sayfa beflde verilmifltir. Global Reports LLC TURCAS PETROL A.fi. AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2007 (Amounts are expressed in New Turkish Lira (“TRY”) unless otherwise stated.) 41. TAXATION JAN. 1-DEC. 31, 2007 JAN. 1-DEC. 31, 2006 109,795,070 270,752,625 Current Period Tax Provision Reconciliation Consolidated profit before taxes on income Effective tax rate Calculated tax 20% 20% 21,959,014 54,150,525 - 1,135,130 68,903 638,124 Reconciliation of Tax Provision and Calculated Tax Effect on different tax rates Expenses that are not deductible in determining taxable profit Consolidation adjustments Equity pickup gains on associates Other Tax Provision in the Income Statement - 1,240,927 (20,733,793) (40,640,813) 948,222 (3,364,055) 2,242,346 13,159,838 42. EARNINGS PER SHARE In 2007 and 2006, the weighted average number of shares and earnings per share are as follows: JAN. 1-DEC. 31, 2007 JAN. 1-DEC. 31, 2006 Weighted average number of outstanding shares 105,000,000 105,000,000 Net profit for the period 107,552,724 257,592,787 1,02 2,45 Earnings Per Share 43. CASH FLOW STATEMENTS Cash flow statements are stated in page five. Global Reports LLC 199 TURCAS PETROL A.fi. VE BA⁄LI ORTAKLIKLARI 31 ARALIK 2007 TAR‹H‹ ‹T‹BARIYLA KONSOL‹DE MAL‹ TABLOLARA ‹L‹fiK‹N D‹PNOTLAR (Aksi belirtilmedikçe tutarlar YTL olarak ifade edilmifltir.) 44. MAL‹ TABLOLARI ÖNEML‹ ÖLÇÜDE ETK‹LEYEN YA DA MAL‹ TABLOLARIN AÇIK, YORUMLANAB‹L‹R VE ANLAfiILAB‹L‹R OLMASI AÇISINDAN AÇIKLANMASI GEREKL‹ OLAN D‹⁄ER HUSUSLAR Mali tablolar fiirket Yönetim Kurulu’nun 11 Nisan 2008 tarihli toplant›s›nda onaylanm›fl ve yay›mlanmas› için yetki verilmifltir. 45. F‹NANSAL ARAÇLARLA ‹LG‹L‹ EK B‹LG‹LER (a) Sermaye Risk Yönetimi: Grup, sermaye yönetiminde, bir yandan faaliyetlerinin süreklili¤ini sa¤lamaya çal›fl›rken, di¤er yandan da borç ve özkaynak dengesini en verimli flekilde kullanarak karl›l›¤›n› art›rmay› hedeflemektedir. Grup’un sermaye yap›s› 6. notta aç›klanan kredileri de içeren borçlar, nakit ve nakit benzerleri ve s›ras›yla 25, 26, 27 ve 28 notlarda aç›klanan ç›kar›lm›fl sermaye, sermaye yedekleri, kâr yedekleri ve geçmifl y›l kârlar›n› da içeren özkaynak kalemlerinden oluflmaktad›r. Grup’un sermaye maliyeti ile birlikte her bir sermaye s›n›f›yla iliflkilendirilen riskler üst yönetim taraf›ndan de¤erlendirilir. Üst yönetim de¤erlendirmelerine dayanarak, sermaye yap›s›n› yeni borç edinilmesi veya mevcut olan borcun geri ödenmesiyle oldu¤u kadar, temettü ödemeleri, yeni hisse ihrac› yoluyla dengede tutulmas› amaçlanmaktad›r. Grup sermayeyi borç / toplam sermaye oran›n› kullanarak izler. Bu oran net borcun toplam sermayeye bölünmesiyle bulunur. Net borç, nakit ve nakit benzeri de¤erlerin toplam borç tutar›ndan (bilançoda gösterildi¤i gibi kredileri, finansal kiralama ve ticari borçlar› içerir) düflülmesiyle hesaplan›r. Toplam sermaye, bilançoda gösterildi¤i gibi özsermaye ile net borcun toplanmas›yla hesaplan›r. Grubun 31 Aral›k 2007 ve 2006 tarihleri itibarıyla haz›r de¤erle toplam› toplam borçlar›ndan yüksekdir. 200 Grup’un genel stratejisi önceki dönemden bir farkl›l›k göstermemektedir. (b) Önemli Muhasebe Politikalar›: Grup’un finansal araçlarla ilgili önemli muhasebe politikalar› 3 numaral› “Uygulanan De¤erleme ilkeleri / Muhasebe Politikalar›” notunda aç›klanmaktad›r. Global Reports LLC TURCAS PETROL A.fi. AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2007 (Amounts are expressed in New Turkish Lira (“TRY”) unless otherwise stated.) 44. OTHER ISSUES TO BE EXPLAINED AS A MANDATORY MATTER TO RENDER THE FINANCIAL STATEMENTS CLEAR, INTERPRETABLE AND COMPREHENSIBLE OR AFFECTING THE FINANCIAL STATEMNENTS SIGNIFICANTLY The accompanying Financial Statements are approved and authorized to issue by board of directors as of April 11, 2008. 45. ADDITIONAL INFORMATION CONCERNING FINANCIAL TOOLS (a) Capital Risk Management: On one hand, the group tries to accomplish the continuity of its operations, while trying to use their payable and equity balance in a most efficient manner on the other hand, in order to increase its profitability. The capital structure of the Group consists cash and cash equivalents disclosed in note 4, payables, including loans disclosed in note 6 and equity attributable to equity holders of the parent, comprising issued capital, reserves and retained earnings as disclosed in notes 25, 26, 27 and 28 respectively. The management of the Group considers the cost of capital and the risks associated with each class of capital. The management either decides to obtain new loans, repayment of the current loans, dividend payments or printing of new stock shares to balance the capital risk by evaluating the costs of capital. The group monitors the capital as payables / total capital rate. This rate is found by dividing the payables to the total capital. Net loan is calculated by, subtracting cash and cash equivalents from total payable amount. Total capital is calculated by taking the sum of equity capital and net payables. The group’s total liquid assets are greater than its total liabilites as of December 31, 2007 and 2006. The group’s general strategy is no different than the previous period. (b) Significant Accounting Policies: Details of the significant accounting policies concerning the financial tools are disclosed in note 3 under “Financial Instruments”. Global Reports LLC 201 TURCAS PETROL A.fi. VE BA⁄LI ORTAKLIKLARI 31 ARALIK 2007 TAR‹H‹ ‹T‹BARIYLA KONSOL‹DE MAL‹ TABLOLARA ‹L‹fiK‹N D‹PNOTLAR (Aksi belirtilmedikçe tutarlar YTL olarak ifade edilmifltir.) 45. F‹NANSAL ARAÇLARLA ‹LG‹L‹ EK B‹LG‹LER (DEVAMI) (c) Finansal Araçlar Kategorileri: 31 ARALIK 2007 31 ARALIK 2006 87.498.654 91.964.745 2.458.014 3.428.795 324.434 689.932 1.299.446 - 3.008.985 1.142.827 2.475.414 385.823 Finansal Varl›klar Haz›r de¤erler ve menkul k›ymetler Ticari alacaklar ‹liflkili taraflardan alacaklar Finansal Yükümlülükler Finansal borçlar ‹liflkili taraflara borçlar Ticari Borçlar Grup, finansal araçlar›n kay›tl› de¤erlerinin makul de¤erlerini yans›tt›¤›n› düflünmektedir. (d) Finansal Risk Yönetimindeki Hedefler: 202 Grup’un finansman bölümü finansal piyasalara eriflimin düzenli bir flekilde sa¤lanmas›ndan ve Grup’un faaliyetleri ile ilgili maruz kal›nan finansal risklerin seviyesine ve büyüklü¤üne göre analizini gösteren Grup içi haz›rlanan risk raporlar› vas›tas›yla gözlemlenmesinden ve yönetilmesinden sorumludur. Söz konusu bu riskler; piyasa riski (döviz kuru riski, gerçe¤e uygun faiz oran› riski ve fiyat riskini içerir), kredi riski, likidite riski ile nakit ak›m faiz oran› riskini kapsar. (e) Piyasa Riski: Faaliyetleri nedeniyle Grup, döviz kurundaki (f maddesine bak›n›z) ve faiz oran›ndaki (g maddesine bak›n›z) de¤ifliklikler ile ilgili finansal risklere maruz kalmaktad›r. Grup düzeyinde karfl›lafl›lan piyasa riskleri, duyarl›l›k analizleri esas›na göre ölçülmektedir. Cari y›lda Grup’un maruz kald›¤› piyasa riskinde ya da karfl›lafl›lan riskleri ele al›fl yönteminde veya bu riskleri nas›l ölçtü¤üne dair kulland›¤› yöntemde, önceki seneye göre bir de¤ifliklik olmam›flt›r. (f) Kur Riski Yönetimi: Yabanc› para cinsinden ifllemler, kur riskinin oluflmas›na sebebiyet vermektedir. Grup, döviz cinsinden varl›k ve yükümlülüklerinin Yeni Türk Liras›’na çevriminde kullan›lan kur oranlar›n›n de¤iflimi nedeniyle, kur riskine maruzdur. Kur riski ileride oluflacak ticari ifllemler, kayda al›nan aktif ve pasifler aras›ndaki fark sebebiyle ortaya ç›kmaktad›r. Bu çerçevede, Grup, bu riski yabanc› para varl›k ve yükümlülüklerinin netlefltirilmesi yolu ile oluflan do¤al bir yöntemle kontrol etmektedir. Yönetim, Grup’un döviz pozisyonunu analiz ederek takip etmekte gerekli hallerde önlem al›nmas›n› sa¤lamaktad›r (Not 29). Grup, bafll›ca Euro ve ABD Dolar› cinsinden kur riskine maruz kalmaktad›r, di¤er para birimlerinin etkisi önemsiz düzeydedir. Global Reports LLC TURCAS PETROL A.fi. AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2007 (Amounts are expressed in New Turkish Lira (“TRY”) unless otherwise stated.) 45. ADDITIONAL INFORMATION CONCERNING FINANCIAL TOOLS (CONT’D) (c) Categories of Financial Tools: DECEMBER 31, 2007 DECEMBER 31, 2006 87,498,654 91,964,745 2,458,014 3,428,795 324,434 689,932 1,299,446 - 3,008,985 1,142,827 2,475,414 385,823 Financial Assets Cash and cash equivalents Trade receivables Related party receivables Financial Liablities Borrowings Related party payabes Trade Payables The group believes that the financial instruments’ recorded values represents their fair values. (d) Financial Risk Management Objectives: The Group’s finance department provides services to the business, co-ordinates access to domestic and international financial markets, monitors and manages the financial risks relating to the operations of the Group through internal risk reports which analyses exposures by degree and magnitude of risks. These risks include market risk (including currency risk, fair value interest rate risk and price risk), credit risk, liquidity risk and cash flow interest rate risk. (e) Market Risk: The Group’s activities expose it primarily to the financial risks of changes in foreign currency exchange rates (see (f) below) and interest rates (see (g) below). Market risk exposures of the Group are measured using sensitivity analysis. There has been no change to the Group’s exposure to market risks or the manner in which it manages and measures the risk. (f) Foreign Currency Risk Management: Foreign currency transactions cause foreign currency risk. The group has foreign currency risk, due to the fluctuations in exchange rates used in used in foreign currency transactions. The foreign currency risk arises from future trade transactions, the difference between recorded assets and liabilities. Under such circumstances, the group controls this risk by netting off the foreign currency assets and liabilities. The management analyzes the group’s foreign currency position and takes necessary precautions when needed. The group is primarily exposed to risks from US Dollar, other currency’s effects are immaterial. Global Reports LLC 203 TURCAS PETROL A.fi. VE BA⁄LI ORTAKLIKLARI 31 ARALIK 2007 TAR‹H‹ ‹T‹BARIYLA KONSOL‹DE MAL‹ TABLOLARA ‹L‹fiK‹N D‹PNOTLAR (Aksi belirtilmedikçe tutarlar YTL olarak ifade edilmifltir.) 45. F‹NANSAL ARAÇLARLA ‹LG‹L‹ EK B‹LG‹LER (devam›) Kur Riskine Duyarl›l›k: 31 Aral›k 2007 tarihi itibarıyla olan bilanço pozisyonuna göre, Yeni Türk Liras› Euro ve ABD Dolar› karfl›s›nda %10 oran›nda de¤er kaybetseydi / kazansayd› ve di¤er tüm de¤iflkenler sabit kalsayd› Euro ve ABD Dolar› para biriminden olan varl›k ve yükümlülüklerden oluflan kur fark› zarar› / kâr› sonucu net kâr / zarar afla¤›daki gibi oluflacakt›. ABD Dolar Etkisi Kâr / Zarar EURO Etkisi 2007 2006 2007 2006 1.898.149 2.540.025 (98.867) 52 (g) Faiz Oran› Riski Yönetimi: Grup’un finansal yükümlülükleri, Grup’u faiz oran› riskine maruz b›rakmaktad›r. Grup’un finansal yükümlülükleri a¤›rl›kl› olarak sabit faizli borçlanmalard›r ve Grup’un de¤iflken faizli finansal varl›klar› bulunmamaktad›r. Dolay›s›yla Grup’un faiz oran› duyarl›l›¤› önemsiz düzeydedir. (h) Kredi Riski Yönetimi: 204 Finansal arac›n taraflar›ndan birinin sözleflmeye ba¤l› yükümlülü¤ünü yerine getirememesi nedeniyle Toplulu¤a finansal bir kay›p oluflturmas› riski, kredi riski olarak tan›mlan›r. Grup yaln›zca kredi güvenilirli¤i olan taraflarla ifllemlerini gerçeklefltirme ve mümkün oldu¤u durumlarda, yeterli teminat elde etme yoluyla kredi riskini azaltmaya çal›flmaktad›r. Kredi limitlerinin kullan›m› Grup taraf›ndan sürekli olarak izlenmekte ve müflterinin finansal pozisyonu, geçmifl tecrübeler ve di¤er faktörler göz önüne al›narak müflterinin kredi kalitesi sürekli de¤erlendirilmektedir. Ticari alacaklar, Grup politikalar› ve prosedürleri dikkate al›narak de¤erlendirilmekte ve bu do¤rultuda flüpheli alacak karfl›l›¤› ayr›ld›ktan sonra bilançoda net olarak gösterilmektedir (Not 7). (j) Likidite Risk Yönetimi: Grup, nakit ak›mlar›n› düzenli olarak takip ederek finansal varl›klar›n ve yükümlülüklerin vadelerinin efllefltirilmesi yoluyla yeterli fonlar›n ve borçlanma rezervinin devam›n› sa¤layarak, likidite riskini yönetir. Likidite Riski Tablolar›: ‹htiyatl› likidite riski yönetimi, yeterli ölçüde nakit tutmay›, yeterli miktarda kredi ifllemleri ile fon kaynaklar›n›n kullan›labilirli¤ini ve piyasa pozisyonlar›n› kapatabilme gücünü ifade eder. Mevcut ve ilerideki muhtemel borç gereksinimlerinin fonlanabilme riski, yeterli say›da ve yüksek kalitedeki kredi sa¤lay›c›lar›n›n eriflilebilirli¤inin sürekli k›l›nmas› suretiyle yönetilmektedir. Afla¤›daki tablo, finansal yükümlülüklerinin vade da¤›l›m›n› göstermektedir. Gelecek dönemlerde yükümlülükler üzerinden ödenecek faizler de afla¤›daki tabloda ilgili vadelere dahil edilmifl olup, bilanço de¤eri ile mutabakat›n›n sa¤lanabilmesi için söz konusu faizler düzeltmeler sütununda gösterilmifltir. Global Reports LLC TURCAS PETROL A.fi. AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2007 (Amounts are expressed in New Turkish Lira (“TRY”) unless otherwise stated.) 45. ADDITIONAL INFORMATION CONCERNING FINANCIAL TOOLS (CONT’D) Foreign Currency Sensitivity: The table below displays the sensitivity of the Group to 10% fluctuations in the exchange rates of EURO and USD. The 10% ratio used is the same ratio that the Group uses for upper management reporting and represents the management’s expectations of future currency fluctuations. The exchange rate sensitivity analysis of the Group at the date of the financial tables is determined based on the beginning of the fiscal year and is fixated for the rest of the period. The negative value presented in the tables represent the effect of a 10% increase in the exchange rates of USD and EURO on the income statements. US Dollar impact Profit and Loss EURO impact 2007 2006 2007 2006 1,898,149 2,540,025 (98,867) 52 (g) Interest Risk Management: The financial liabilities of the group causes it to have interest rate risk. The group’s main financial liability is fixed interest rate payables and the group does not have any financial assets with fluctuating interest rates. Thus, the group’s interest rate risk is not material. (h) Loan Risk Management: Loan risk is defined as, the risk of a financial loss to The Group by one of the parties of a financial instrument being unable to fulfill its responsibilites arising from a contract. The Group is trying to decrease its loan risk, by making transactions with parties that has loan reliability, or by obtaining gurantees. The Group’s loan risks and the client’s loan grades are constantly monitored. Loan risk is being controlled by the risk management board and the approved limits annually. Trade receivables are being carefully evaluated in accordance with the group policies and procedures and provisions for doubtful receivables are recorded and shown in the balance sheet (Note 7). (j) Liquidity Risk Management: The group manages its liquidity risk by monitoring the expected and actual cash flow statements and matching financial assets and liabilites to keep to flow of necessary funds and debt reserves. Liquidity Risk Tables: Careful liquidity risk management shows the ability to keep the right amount of cash, the useability of loan transactions and fund resources and the power of closing market positions. The current and future loans’ funding risk is managed by making the accesibility to adequate and high quality loan suppliers permanently. The table below shows the due dates of the non-derivative financial liabilities of The Group. It has been prepared by estimating that the liabilities will be paid at the earliest date possible. Interests of future periods’ liabilities has been distributed to the due dates below and the said interests has been shown in the corrections column in order to have reconciliation with the balance sheet values. Global Reports LLC 205 TURCAS PETROL A.fi. VE BA⁄LI ORTAKLIKLARI 31 ARALIK 2007 TAR‹H‹ ‹T‹BARIYLA KONSOL‹DE MAL‹ TABLOLARA ‹L‹fiK‹N D‹PNOTLAR (Aksi belirtilmedikçe tutarlar YTL olarak ifade edilmifltir.) 45. F‹NANSAL ARAÇLARLA ‹LG‹L‹ EK B‹LG‹LER (DEVAMI) Likidite Riski Tablolar› (devam›) 31 Aral›k 2007 Finansal Borçlar (net) Ticari Borçlar (net) ‹liflkili Taraflara Borçlar (net) Toplam Yükümlülükler 6 aya kadar 6-12 ay 1 y›l ve üzeri Düzeltmeler Toplam 189.297 189.297 1.210.496 (289.644) 1.299.446 2.475.414 - - - 2.475.414 3.008.985 - - - 3.008.985 5.673.696 189.297 1.210.496 (289.644) 6.783.845 31 Aral›k 2006 Ticari Borçlar (net) ‹liflkili Taraflara Borçlar (net) Toplam Yükümlülükler 206 Global Reports LLC 385.823 - - - 385.823 1.142.827 - - - 1.142.827 1.528.650 - - - 1.528.650 TURCAS PETROL A.fi. AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2007 (Amounts are expressed in New Turkish Lira (“TRY”) unless otherwise stated.) 45. ADDITIONAL INFORMATION CONCERNING FINANCIAL TOOLS (CONT’D) Liquidity Risk Tables (cont’d) December 31, 2007 Financial Payables (net) Trade Payables (net) Related Party Payables (net) Total Liabilities Up to 6 months 6-12 months More than 1 year Corrections 189,297 189,297 1,210,496 (289,644) 1,299,446 2,475,414 - - - 2,475,414 Total 3,008,985 - - - 3,008,985 5,673,696 189,297 1,210,496 (289,644) 6,783,845 December 31, 2006 Trade Payables (net) Related Party Payables (net) Total Liabilities 385,823 - - - 385,823 1,142,827 - - - 1,142,827 1,528,650 - - - 1,528,650 207 Global Reports LLC fiirket Eriflim Bilgileri Contact Details TURCAS PETROL A.fi. Adres: Emirhan Caddesi 145 Atakule K: 6 Befliktafl 34349 ‹stanbul Türkiye Tel: +90 212 259 0000 Fax: +90 212 259 0019 SHELL & TURCAS PETROL A.fi. Adres: Karamanc›lar ‹fl Merkezi Gülbahar Mah. Salih Tozan Sok. No:18 B Blok Esentepe, fiiflli 34394 ‹stanbul Türkiye Tel: +90 212 376 0000 Fax: +90 212 376 0619 MARMARA PETROL VE RAF‹NER‹ ‹fiLER‹ A.fi. (TURCAS ENERJ‹ HOLD‹NG A.fi.) Adres: Emirhan Caddesi 145 Atakule K: 6 Befliktafl 34349 ‹stanbul Türkiye Tel: +90 212 259 0000 Fax: +90 212 259 0019 SOCAR & TURCAS ENERJ‹ A.fi. Adres: Emirhan Caddesi 145 Atakule K: 5 Befliktafl 34349 ‹stanbul Türkiye Tel: +90 212 259 0000 Fax: +90 212 259 0019 SOCAR & TURCAS PETROK‹MYA A.fi. Adres: Emirhan Caddesi 145 Atakule K: 5 Befliktafl 34349 ‹stanbul Türkiye Tel: +90 212 259 0000 Fax: +90 212 259 0019 TURCAS GAZ TOPTAN SATIfi A.fi. Adres: Emirhan Caddesi 145 Atakule K: 5 Befliktafl 34349 ‹stanbul Türkiye Tel: +90 212 259 0000 Fax: +90 212 236 5420 Global Reports LLC TURCAS ELEKTR‹K ÜRET‹M A.fi. Adres: Emirhan Caddesi 145 Atakule K: 5 Befliktafl 34349 ‹stanbul Türkiye Tel: +90 212 259 0000 Fax: +90 212 236 5420 E.ON & TURCAS GÜNEY ELEKTR‹K ÜRET‹M A.fi. Adres: Armada ‹fl Merkezi K:14 No: 21-22 Sö¤ütözü 06520 Ankara Türkiye Tel: +90 312 205 6020 Fax: +90 312 205 6021 E.ON & TURCAS KUZEY ELEKTR‹K ÜRET‹M A.fi. Adres: Armada ‹fl Merkezi K: 14 No: 21-22 Sö¤ütözü 06520 Ankara Türkiye Tel: +90 312 205 6020 Fax: +90 312 205 6021 TURCAS RÜZGAR ENERJ‹ ÜRET‹M A.fi. Adres: Emirhan Caddesi 145 Atakule K: 5 Befliktafl 34349 ‹stanbul Türkiye Tel: +90 212 259 0000 Fax: +90 212 236 5420 TURCAS ELEKTR‹K TOPTAN SATIfi A.fi. Adres: Emirhan Caddesi 145 Atakule K: 5 Befliktafl 34349 ‹stanbul Türkiye Tel: +90 212 259 0000 Fax: +90 212 236 5420 Global Reports LLC Global Reports LLC