TURCAS PETROL A.fi. FAAL YET RAPORU

Transkript

1 TURCAS PETROL A.fi. 05 FAAL YET RAPORU ANNUAL REPORT

2 Ç NDEK LER CONTENTS Vizyon 01 K saca Turcas Petrol 03 Finansal Göstergeler 04 Yönetim Kurulu Baflkan n n Mesaj 06 Yönetim Kurulu 12 Yönetim 13 Sermaye ve Ortakl k Yap s 15 Faaliyetler 17 Kurumsal Yönetim lkeleri 25 Denetim Raporu 45 Vision 01 Turcas Petrol in Brief 03 Financial Highlights 04 Chairman s Message 06 Board of Directors 12 Management 13 Capital and Shareholder Structure 15 Activities 17 Corporate Governance Principles 25 Auditors Report 45

3 V ZYON VISION "Hizmette 65 y l aflk n birikimle, Türkiye'nin ve bölgemizin en sayg n ve dinamik enerji flirketi olaca z." "Building on more than 65 years of experience and expertise, we will grow to become the most respected and dynamic energy company in Turkey and the region." 01

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5 KISACA TURCAS PETROL TURCAS PETROL IN BRIEF Turcas Petrol, Türkiye genelinde 629 bayi ile yapm fl oldu u uzun vadeli sat fl ve marka sözleflmesi kapsam nda, Türkpetrol markas yla ülke çap nda faaliyet gösteren bir akaryak t ürünleri da t m flirketidir. Turcas Petrol is a nationwide petroleum products distribution company operating under the Türkpetrol brand through long-term sales and branding agreements with over 629 dealer stations throughout Turkey. Turcas Petrol, Türkiye genelinde 629 bayi ile yapm fl oldu u uzun vadeli sat fl ve marka sözleflmesi kapsam nda, Türkpetrol markas yla ülke çap nda faaliyet gösteren bir akaryak t ürünleri da t m flirketidir. Turcas Petrol, müflterilerine en kaliteli ürün ve hizmetleri en yüksek güvenlik, çevre koruma ve etik davran fl standartlar nda sunma taahhüdüne ba l l n sürdürmektedir. Turcas Petrol is a nationwide petroleum products distribution company operating under the Türkpetrol brand through long-term sales and branding agreements at 629 dealer stations throughout Turkey. Turcas Petrol will continue to provide its customers with products and services conforming to the highest possible standards of safety performance, environmental protection and ethical behavior. Turcas Petrol, modern terminal ve da t m sistemi arac l yla bayilere akaryak t ürünleri tedarik etmektedir. Sat fl ve pazarlama alan ndaki uzmanl n Castrol ve pragaz gibi di er önemli otomotiv markalar yla olan ba lant lar yla birlefltirerek piyasaya güçlü ve cazip bir marka sunmaktad r. Turcas Petrol, flirket araçlar n n akaryak t harcamalar n kontrol alt na almay sa layan Akaryak t Yönetim Sistemi yle sektörün öncülerinden biri olmufltur. The Company provides petroleum and related products to dealers via its modern terminal and distribution system. Utilizing its sales and marketing expertise along with its association with other major brands in the automotive sector, such as Castrol and pragaz, its brand occupies a powerful and attractive place in the market. As one of the pioneers in its sector, Turcas Petrol offers AYS (Fuel Management System) that bring economy and service to the vehicle fleets of companies throughout the country. Turcas Petrol 2005 y l nda In 2005, Turcas had sales of; m3 beyaz ürün, m3 siyah ürün ve m3 LPG olmak üzere toplam m3 sat fl gerçeklefltirmifltir. - 1,144,742 m3 of white products, - 6,277 m3 of black products and - 187,382 m3 of LPG amounting to a total volume of 1,338,401 m3. Turcas hisselerinin de eri 2004 sonu itibariyle 7.90 YTL iken 2005 sonu itibariyle %91 art fl gösterek YTL'ye yükselmifltir. Ürünlerini standartlara uygun üretim yapan sayg n rafinerilerden temin etmekte ve sürekli olarak kalite kontrol ekipleri vas tas yla denetlemektedir. Müflterilere en iyi hizmeti sunabilmek için Türkiye geneline yay lm fl istasyonlar ndaki personelini düzenli e itimlere tabi tutmaktad r. Turcas shares were at YTL 7.90 at year-end of 2004 and increased in value by 91% as of end of 2005, closing the year at YTL It obtains its products from reputable refineries that maintain rigorous quality standards in their products and, in addition, the Company's quality control teams carry out continuous inspections. In order to provide customers with the best service, the personnel at stations are provided with regular training programs

6 F NANSAL GÖSTERGELER / FINANCIAL HIGHLIGHTS Finansal Borçlar / Year-end Borrowings 25,763,033 64,471,930 Dönen Varl klar / Current Assets 133,013, ,608,253 Aktif Toplam / Total Assets 286,519, ,282,014 Özsermaye / Shareholders Equity 219,491, ,974,063 Net Sat fllar / Net Sales 1.857,469,020 1,725,397,633 Dönen Varl klar / Current Assets Aktif Toplam / Total Assets Özsermaye / Shareholders Equity Net Sat fllar / Net Sales

7 KONSOL DE B LANÇO (YTL) / CONSOLIDATED BALANCE SHEET (TRY) 31 Dec 31 Dec VARLIKLAR / ASSETS Cari / Dönen Varl klar / Current Assets 133,013, ,608,253 Haz r De erler / Cash and Banks 19,205,812 20,695,587 Ticari Alacaklar (net) / Trade Receivables (net) 84,012,270 71,550,322 liflkili Taraflardan Alacaklar (net) / Due from Related Parties (net) 448,588 31,936 Di er Alacaklar (net) / Other Receivables (net) 758,309 1,203,904 Stoklar (net) / Inventories (net) 26,350,209 26,514,014 Di er Cari / Dönen Varl klar / Other Receivables and Current Assets 2,238,221 1,612,490 Cari Olmayan / Duran Varl klar / Long Term Assets 153,505, ,673,761 Ticari Alacaklar (net) / Trade Receivables (net) 1,640, ,564 Di er Alacaklar (net) / Other Receivables (net) 1,697,673 1,658,175 Finansal Varl klar (net) / Financial Assets (net) 287, ,964 Pozitif / Negatif fierefiye (net) / Positive/Negative Goodwill 80,809,878 80,809,878 Maddi Varl klar (net) / Tangible Assets (net) 50,543,706 54,689,809 Maddi Olmayan Varl klar (net) / Intangible Assets (net) 2,666,427 7,507,804 Ertelenen Vergi Varl klar / Deferred Tax Assets 3,405,393 4,367,965 Di er Cari Olmayan / Duran Varl klar / Other Long Term Assets 12,454,444 7,407,602 Toplam Varl klar / Total Assets 286,519, ,282, Dec 31 Dec YÜKÜMLÜLÜKLER / LIABILITIES K sa Vadeli Yükümlülükler / Short Term Liabilities 63,500,259 97,638,183 Finansal Borçlar (net) / Short Term Borrowings (net) 25,763,033 59,103,530 Ticari Borçlar (net) / Trade Payables (net) 22,662,178 25,549,505 liflkili Taraflara Borçlar (net) / Due to Related Parties (net) 796, ,557 Al nan Avanslar / Advances Received 440, ,168 Borç Karfl l klar / Provisions 6,989,354 4,807,962 Di er Yükümlülükler (net) / Other Liabilities (net) 6,848,128 7,327,461 Uzun Vadeli Yükümlülükler / Long Term Liabilities 3,527,035 8,669,768 Finansal Borçlar (net) / Long Term Borrowings (net) - 5,368,400 Al nan Avanslar / Advances Received 737, ,050 Borç Karfl l klar / Provisions 1,638,946 1,309,519 Di er Yükümlülükler (net) / Other Liabilities (net) 1,150,395 1,320,799 ÖZSERMAYE / SHAREHOLDERS' EQUITY 219,491, ,974,063 Sermaye / Capital 105,000,000 26,330,233 Sermaye Yedekleri / Capital Reserves 66,837, ,208,359 Öz Sermaye Enflasyon Düzeltmesi Farklar / Inflation Adjustment of Shareholders' Equity Items 66,837, ,208,359 Kar Yedekleri / Profit Reserves 1,136,720 - Yasal Yedekler / Legal Reserves 690,838 - Ola anüstü Yedekler / Extraordinary Reserves 445,882 - Net Dönem Kar / Zarar / Net Profit for Current Period 46,517,870 19,435,471 Geçmifl Y llar Kar / Zararlar / Retained earnings - - Toplam Özsermaye ve Yükümlülükler / Total Shareholders' Equity and Liabilities 286,519, ,282,014 KONSOL DE GEL R TABLOSU (YTL) / CONSOLIDATED STATEMENT OF INCOME (TRY) 01 Jan - 01 Jan - 31 Dec Dec 04 ESAS FAAL YET GEL RLER / OPERATING INCOME - Sat fl Gelirleri (net) / Sales Revenue (net) 1,853,821,465 1,723,016,060 - Sat fllar n Maliyeti (-) / Cost of Sales (-) (1,756,685,706) (1,627,718,993) - Esas Faaliyetlerden Di er Gelirler / faiz+temettü+kira (net) / Other Operating income / interest+dividend+rent (net) BRÜT ESAS FAAL YET KARI / ZARARI / GROSS PROFIT / LOSS Faaliyet Giderleri (-) / Operating Expenses (-) ( ) ( ) NET ESAS FAAL YET KARI / ZARARI / OPERATING PROFIT / LOSS Di er Faaliyetlerden Gelir ve Karlar / Other Income and Profits Di er Faaliyetlerden Gider ve Zararlar (-) / Other Expense and Losses (-) ( ) ( ) - Finansman Giderleri (-) / Finance Expense / Income (net) ( ) ( ) FAAL YET KARI / ZARARI / PROFIT BEFORE MONETARY GAIN AND TAX Net Parasal Pozisyon Kar / Zarar / Net Monetary Gain / Loss - ( ) ANA ORTAKLIK DIfiI KAR / ZARAR / MINORITY INCOME/LOSS - - VERG ÖNCES KAR / ZARAR / PROFIT / LOSS BEFORE TAXATION Vergiler / Taxation ( ) ( ) NET DÖNEM KARI / ZARARI / NET PROFIT / LOSS FOR THE PERIOD H SSE BAfiINA KAZANÇ / EARNINGS PER SHARE 0,49 0,

8 YÖNET M KURULU BAfiKANI NIN MESAJI CHAIRMAN S MESSAGE 2005: Tarihi Bir Y l, Tarihi Bir Dönüflüm 2005:A Historic Year, Turning Point Say n hissedarlar m z, Dear Shareholders, 2005 y l bizim için tarihi bir y l olmufltur zira, öncelikle Türkiye ekonomisinde kaydedilen olumlu geliflmeler, istikrar n devam ve güven ortam n n geliflmesi sektörümüze ve flirketimize pozitif olarak yans m flt r ki bundan çok memnunuz. For all of us, 2005 was a historic year in which the improving Turkish economy and prevailing climate of stability and confidence, both in economic and political terms, had a highly positive impact on our industry and our company. fiirketimiz bu y l çok önemli de ifliklikler yaflam flt r. De erli orta m z ConocoPhillips kendi global stratejileri gere i flirketimizden ayr lmak durumunda kalm flt r. 10 y l aflan bu ortakl k bizde çok önemli izler b rakm flt r. fiirketimiz bu ortakl k vas tas yla gerek müflteri hizmeti gerekse kurumsal yönetim anlay fl nda This year brought important changes to our company. As a result of their global strategy, our valued longtime partner ConocoPhillips was forced to terminate the partnership with our company. This relationship, which had lasted more than a decade, had a hugely beneficial impact on our company. We would like to

9 2005: Tarihi bir y l, tarihi bir dönüflüm. fiirketimiz bu y l çok önemli de ifliklikler yaflam flt r. 2005: A historic year and turning-point. This year brought important changes to our company. dünya standartlar n yakalam flt r. Orta m za ve bu süreç içerisinde yönetimde çal flan arkadafllar m za katk lar ndan dolay teflekkür ediyoruz. ConocoPhillips in ayr lmas ile temsilcileri yönetimden ve operasyondan ayr lm fllar, ancak k ymetli Genel Müdürümüz Alistair Clark ConocoPhillips ten emeklili ini isteyerek kendisine çok ihtiyaç duydu umuz bu devrede bizim ile çal flmaya devam etmifltir. Kendisine müteflekkirim. Yönetimdeki di er bir de ifliklik petrol endüstrisinin duayenlerinden k ymetli Yönetim Kurulu Üyemiz Osman Kerman n sa l k problemleri nedeniyle istifa etmifl olmas d r; fakat o da tedavisinin izin verdi i tüm zaman aral klar nda çok faydaland m z katk lar n devam ettirmektedir. Kendisine minnettar z y l ülkemizde petrol endüstrisi için önemli ad mlar n at ld bir y l oldu. Biz orta oldu umuz Atafl Rafinerisini ulusal ve uluslar aras, stratejik öneme sahip ve çok yüksek kapasiteli bir terminale dönüfltürme karar verirken, Türkiye nin yüzde yüzüne hizmet verir duruma gelen Tüprafl Rafinerileri de özellefltiriliyordu. Bio yak tlar gündeme gelmiflti. Alternatif enerji çal flmalar bütün h z yla devam ediyor, hidrojen yükselen petrol fiyatlar sebebiyle daha yak n bir tarihte düflünülür hale geliyordu. flte bütün bu flartlar alt nda k sa, orta ve uzun vadede bilgiden, deneyimlerden, know-how dan ve üstün teknolojilerden geri kalmamam z, yukar da belirtti im Tüprafl özellefltirmesinden de olumsuz etkilenmememiz gerekiyordu. Bu nedenlerle, günümüzün en geçerli yöntemi olan birleflmelerle gelen büyümenin faydalar ndan yararlanmak için The Shell Company of Turkey Ltd. ( Shell Türkiye ) ile bir ortak flirket kurmaya karar verdik. thank both our former partner and the professionals who served on our management team during that period for their valuable contributions. As a result of the termination of this agreement, ConocoPhillips' representatives, with the exception of our General Manager, Alistair Clark, left their positions in our management and operations teams. At this critical time, Mr. Clark stood with us, choosing to retire from ConocoPhillips and continue to serve as our General Manager. This decision has earned him our deepest gratitude and I, personally, would like to take this opportunity to express my sincere thanks. Another significant change in our management was the resignation, from our Board of Directors, of Osman Kerman due to health problems. Mr. Kerman has been, for many years, one of the leading figures in the Turkish petroleum industry and we are grateful that, as his medical treatment permits, he will continue to provide us with his considerable knowledge and experience 2005 was a year in which the Turkish petroleum industry made great strides. At the same time when the decision was made to transform the Atafl Refinery, in which we are a shareholder, into a terminal of national and international strategic significance, the Tüprafl Refinery, which now has the capacity to serve one hundred percent of the Turkish market, was being privatized. During the year Bio fuels appeared on the market and work on alternative fuels is being accelerated as a result of rising petroleum prices. New products such as hydrogen may soon be a viable option. Under these circumstances, it is imperative that, in the short-, medium- and long-term, we do not fall behind 06 07

10 Enerji arama ve üretimine dönük ulusal ve uluslararas yat r mlara odaklanan yeni vizyonumuz ile yöneldi imiz uluslararas birleflmeler sonucu, 2005 y l Turcas için tarihi bir y l oldu. For Turcas, 2005 was a historic year which brought a merger with an international oil major and a new vision focused plans for on regional and international investments in energy exploration and production. Bu çok zor, tarihi kararda kiflisel sorumlulu umun bilincindeyim. fiirketimizin, hissedarlar m z n, bayilerimizin, çal flanlar m z n ve hizmet verdi imiz tüketicilerimizin çok hayr na olaca na inand m bu birleflmeyi di er bütün alternatif çözümlerden çok üstün gördüm ve yönetimi de buna ikna ederek desteklerini ald m. Turcas, Eylül 2005 ay nda Shell Türkiye ile ortak giriflim flirketinin anlaflmas n ve ayn y l n Aral k ay nda da ifl devir sözleflmesini imzalad. Sizlere bu mesaj yazarken, biz gerekli onay aflamalar n sürdürmekteyiz ve bu ifllemlerin sonucu olarak bu y l n ortalar nda Ola anüstü Genel Kurul u gerçeklefltirmeyi umut ediyoruz. Yeni Oratak Giriflim fiirketinde Turcas n gelirlerinin bir k sm n %30 hissesine sahip olaca bu flirketin da taca temettüler oluflturacakt r. Shell & Turcas Petrol A.fi. nin Türkiye akaryak t da t m ve madeni ya lar piyasas nda faaliyet gösterecek lider kurulufllardan biri olarak karl l n, verimlili ini ve pazar pay n artt rmas beklenmektedir. Turcas (ve Shell Türkiye), Ortak Giriflim Sözleflmesi hükümleri uyar nca Ortak Giriflim fiirketi ile rekabet etmemeyi taahhüt etti inden Turcas n etkinli i söz konusu pazarlara ifltirak etti i Shell & Turcas Petrol A.fi. vas tas yla dolayl yoldan gerçekleflecektir. Turcas, Aral k 2005 tarihinde alm fl oldu u yönetim kurulu karar ile bundan sonra, enerji piyasalar n n elektrik enerjisi üretimi, da t m ve ticareti, do algaz ithalat ve toptan sat fl, özellikle yurt d fl nda petrol arama ve üretimi gibi alanlarda projeleri de erlendirip, uygun buldu u projelere yat r m ve/veya ortakl k yapmak üzere çal flmalara bafllam fl ve bu meyanda ilgili projelerin niteli i ve Turcas Yönetim Kurulunun in knowledge, experience, know-how and the latest technologies and that we must not negatively effected by the Tüprafl privatization. For this reason, after evaluating our options, we resolved that to grow by merger would produce the best results for our company and shareholders. We therefore selected, as our potential merger partner, The Shell Company of Turkey Ltd. (Shell Turkey) with whom we decided to establish a joint-venture company. In making this complex and historic decision, I was keenly aware of my personal obligations and responsibilities. I felt that this merger was a vastly superior alternative to the other possible solutions and saw it as being in the best interests of our company, our shareholders, our dealers, our employees and the customers whom we serve. After exhaustive analysis and discussion, our management were also convinced with this decision and fully supported the strategy. In September, 2005 Turcas and Shell Turkey signed a Joint Venture Agreement. This was followed, in December with the signing of a Business Contribution Agreement. As I write this letter we are in the process of seeking regulatory approvals to the deal and are hopeful to bring it to an Extraordinary General Meeting by the middle of the year. Part of Turcas' income from the JV will consist of dividends paid by the new company, (Shell & Turcas Petrol A.fi.) in which Turcas holds a 30 percent stake. As one of the leaders in the Turkish fuel and lubricants market, Shell & Turcas Petrol A.fi. is expected to increase its profitability, productivity and market share. Turcas (and Shell Turkey), in accordance with the terms of the Joint-Venture Agreement, have pledged not to compete as individual companies with the Joint-

11 takdirine ba l olarak gerekti i yerlerde yerli veya yabanc ortaklarla iflbirli ine gidilerek büyümesini bir enerji yat r m flirketi olarak sürdürmeye karar vermifltir. Turcas yukar da bahsi geçen yeni ve farkl alanlardaki yat r mlar n gerçeklefltirmede önemli rol alabilece ine inand, bu yönde alt yedi y la yak n bir süredir çal flmalar yapm fl ve kendilerini bu konulara odaklam fl olan Banu Aksoy Tarakç o lu ve Batu Aksoy u yönetime alm flt r. Banu Aksoy Tarakç o lu, Koç Üniversitesi nde flletme ve Amerika da University of California at Berkeley de Finans e itimi ald ktan sonra ConocoPhillips firmas n n Conoco Eurasia fl Gelifltirme Bölümü nde çal flarak, endüstriyel ya lar, Hazar Bölgesi do algaz boru hatlar, Türkiye do algaz pazar, LNG projeleri ve elektrik üretimi tesisi kurma projeleri ile ilgili görev alm flt r. Banu Aksoy Tarakç o lu halen Aksoy Holding ve Turkenergy firmalar nda Yönetim Kurulu Üyesi, DE K (D fl Ekonomik liflkiler Kurulu) Türk-Gürcistan fl Konseyi Yürütme Kurulu Üyesi, PETFORM (Petrol Platformu) Derne i ve GY AD (Genç Yönetici ve fladamlar Derne i) üyesidir. Batu Aksoy, Amerika da Johns Hopkins Üniversitesi nden Elektrik ve Bilgisayar Mühendisi olarak mezun olduktan sonra liberalleflme sürecine giren Türkiye enerji piyasalar nda, ConocoPhillips ve Edison Gas gibi yabanc ortakl klarla birlikte elektrik üretim tesisleri kurulmas, serbest piyasada elektrik enerjisi ticareti yap lmas, Türkiye de özel sektörün kontrat devri ihaleleri vas tas yla do algaz ithalat ve toptan sat fl yapabilmeleri konular nda çal flm flt r. Batu Aksoy halen Aksoy Holding ve Turkenergy firmalar nda Yönetim Kurulu Üyesi, PETFORM (Petrol Venture Company and, thus, Turcas' role in the market will be an indirect one via Shell & Turcas Petrol A.fi. According to our Board Decision of December 2005 The Turcas Board of Directors has decided that the future role of the company will be as an energy investment company that will evaluate and subsequently invest in projects in areas including electric power generation, the distribution, trading and marketing of natural gas, and, especially in markets outside Turkey, possible petroleum exploration and production. Turcas has begun evaluating projects either as wholly-owned investments or joint-ventures to be undertaken with domestic or international partners, subject to the approval of the Board of Directors. Because of this widening of the scope of our business and of our belief that they can add considerably to the success of these endeavors, Banu Aksoy Tarakç o lu and Batu Aksoy, both of whom having several years' experience in these areas and are experts in their fields, have been elected to the Board of Directors. Banu Aksoy Tarakç o lu studied Business Administration and Management at Koç University and Finance at the University of California in the USA. After completing her studies she joined ConocoPhillips, in the Eurasia Business Development Unit, where she worked in wide variety of areas, such as industrial lubricants, natural gas pipelines and markets, and power generation. Banu Aksoy Tarakç o lu currently serves as a Member of the Boards of Aksoy Holding and Turkenergy. She is also a member of DE K (the Foreign Economic Relations Board), the Turkey- Georgia Business Council Steering Committee, 08 09

12 2005 y l nda karl l m z, 2004 y l na oranla %111 art flla vergi öncesi YTL, vergi sonras da YTL olmufltur. Pre-tax profits for 2005 were, at 66,862,302 YTL, up 111 percent on 2004 and after-tax profits, at 46,517,870 YTL, up 139 percent. Platformu) Derne i Yönetim Kurulu Baflkan ve TÜS AD Enerji Çal flma Grubu üyesidir. Turcas, özellikle yeni enerji yat r mlar n göz önüne alarak yerli ve yabanc, uluslar aras kariyere ve sayg nl a sahip uzman bireyleri Yönetim Kuruluna ve bünyesine almaya devam edecektir. Turcas, Shell & Turcas Petrol A.fi. nin hedeflenen operasyona bafllama tarihinden itibaren olas yat r mlarda kullanmak için gerekli olabilecek nakit fonlara kendi bünyesinde haiz olacakt r. Bu tutar, Sermaye Piyasas Kurulu Baflkanl na vekillerimiz taraf ndan sunulan müracaat dilekçesinin 5 no lu ekini teflkil eden Turcas n 3 y ll k Proforma Bilançosunda iflaret edildi i üzere Turcas n devir sonras aç l fl bilançosunda ((Haz r De erler + Ticari Alacaklar + Stoklar) (Finansal Borçlar + Ticari Borçlar)) 70 milyon Amerikan Dolar civar nda, devir sonras yaklafl k bir ay içinde nakde dönüflecek olan, iflletme sermayesi fleklinde görülmektedir. Bu miktarlar, yukar da bahsedilen yeni yat r mlar n gerçekleflmesi için gerekli nakit imkanlar karfl lamaktad r y l nda karl l m z, 2004 y l na oranla %111 art flla vergi öncesi YTL, vergi sonras da %139 art flla YTL olmufltur. Hisse de erimiz yine bir önceki y la oranla % 91 art flla YTL de erine var rken, Turcas ayn zamanda y l içinde %298,78 oran nda bedelsiz hisse da tarak ödenmifl sermayesini 105,000,000 YTL ye ç karm flt r y l sonunda öz kaynaklar m z da %27 art fl ile YTL ye ulaflm flt r. PETFORM (Petroleum Platform Association) and GY AD (the Young Executives and Businessmen's Association). Batu Aksoy graduated from Johns Hopkins University with a degree in Electrical and Computer Engineering. At a time when the Turkish energy market is being liberalized, he worked in partnership with several international companies including ConocoPhillips and Edison Gas on subjects including the construction of electric power generation plants, the free-market trading of electric power and the importation and sale of natural gas by the private sector. Batu Aksoy is a Member of the Boards of Aksoy Holding and Turkenergy and is also the Chairman of the Board of PETFORM (Petroleum Platform Association) and a member of the TÜS AD (Turkish Industrialists' and Businessmen's Association) Energy Working Group. Particularly in light of its future energy strategies, Turcas will continue to add respected Turkish and expatriate experts with international finance and energy experience to its Board of Directors and management team. When the proposed Shell & Turcas Petrol A.fi. Joint venture begins operations, Turcas will have on hand the cash reserves necessary for its planned investments. As stated in the 5th addendum to the application made by our representatives to the Capital Markets Board, and as it appears in Turcas' 3-year Pro Forma Balance Sheet, the post-transfer opening balance ((Cash and Equivalents + Trade Receivables + Stock) - (Financial Obligations + Trade Payables)), will

13 Turcas, bundan böyle istikrarl büyümeyi, devaml kar etmeyi, düzenli kar pay da tmay ve flirket de erini yükseltmeyi esas alarak mevcut ve potansiyel tüm yat r mc lar n memnun etmeyi hedef edinmifltir. Bugüne kadar bu baflar lar m zda önemli rolü olan de erli bayilerimize, fedakar çal flanlar m za ve deste ini her zaman hissetti imiz siz hissedarlar m za teflekkürlerimi ve sayg lar m arz ederim. Erdal AKSOY Yönetim Kurulu Baflkan be approximately $70 million. This operating capital will be converted to cash within approximately one month of the transfer. This amount will be sufficient to provide the initial funds for our future strategic investments. Pre-tax profits for 2005 were, at 66,862,302 TRY, up 111 percent on 2004 and after-tax profits, at 46,517,870 TRY, up 139 percent. Our stock price was also higher, rising 91 percent to 15,100 TRY. In the course of the year, Turcas increased its paid-in capital by percent to 105,000,000 TRY with an issue of bonus shares. As of year-end 2005, shareholders' capital was up by 27 percent to 219,491,933 TRY. Turcas plans to satisfy its current and future shareholders by generating steady growth and ongoing profitability, increasing the value of the company and paying regular dividends. I would like to take this opportunity to thank our valued dealers, committed employees and you, our shareholders for the many contributions all of you have made and which have been instrumental in our successes thus far. Sincerely, Erdal Aksoy Chairman of the Board 10 11

14 YÖNET M KURULU BOARD OF DIRECTORS 1. Erdal Aksoy, Baflkan/ Chairman 2. Y lmaz Tecmen, Baflkan Vekili/ Vice Chairman 3. Bülent Çorapç, Üye/ Member 4. M. lhan Nebio lu, Üye/ Member 5. Banu Aksoy Tarakç o lu, Üye/ Member 6. S. Batu Aksoy, Üye/ Member

15 YÖNET M MANAGEMENT Alistair Clark Genel Müdür General Manager Nezihi Tümer Genel Müdür Yard. Operasyon ve Lojistik Senior Deputy General Manager Operations & Logistics Mehmet Erbasan Akaryak t Sat fllar Müdürü Fuels Sales Manager Osman Kazdal Pazarlama Servisleri Müdürü Marketing Services Manager Sadettin mrek Hukuk Müflaviri Legal Advisor Cabbar Y lmaz Bayi Destek Müdürü Dealer Support Manager Süleyman Asutay Finansman Müdürü Finance Manager Fatma Aytaç IM Müdürü IM Manager Ayfle Oral Muhasebe Müdürü Accounting Manager Aynur Göksel Kredi Kontrol Müdürü Credit Control Manager Kemal Günay Operasyon Müdürü Operations Manager Bahri Yüre ir Tedarik Müdürü Supply Manager Hülya Dinçer Sa l k, Emniyet ve Çevre Koordinatörü Safety, Health and Environment Co-ordinator O uz Gönenç Sat nalma Müdürü Purchasing Manager Ece Metin nsan Kaynaklar Koordinatörü Human Resources Co-ordinator Aybar Tüfekçiler Akaryak t Yönetim Sistemi Müdürü Fuel Management System Manager 12 13

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17 SERMAYE VE ORTAKLIK YAPISI fiirketin sermayesi y l içinde YTL'den YTL'ye ç kar lm flt r ,82 YTL'l k sermaye art r m n n YTL's 2004 y l kar ndan, ,82 YTL's sermaye yedeklerinden karfl lanm flt r. fiirket hisseleri A, B ve C olmak üzere üç gruba ayr lm flt r y l içerisinde, yabanc ortak Conoco Petroleum Inc.'e ait olan fiirketin %28,52'si oran ndaki hisse, C grubu hisselerinin tamam ve 7,509,587 adet A grubu hisseler, Aksoy Petrol Da t m Yat r mlar A.fi. taraf ndan sat n al nm flt r y l sonu itibar ile fiirketin %30,79'u oran ndaki hisseleri MKB'de ifllem görmektedir. Turcas Petrol un YTL olan sermayesinin da l m afla daki gibidir: Adet Tutar (YTL) Number Amount(TRY) Tertip A Grubu / Group A Registered shares in 13th Series and Group A , ,18 13.Tertip B Grubu / Group B Registered shares in 13th Series and Group B 112,50 112,50 13.Tertip C Grubu / Group C Registered shares in 13th Series and Group C 37,50 37,50 14.Tertip A Grubu / Group A Registered shares in 14th Series and Group A , ,00 16.Tertip A Grubu / Group A Registered shares in 16th Series and Group A ,82 - TOPLAM / TOTAL , ,18 CAPITAL AND SHAREHOLDER STRUCTURE The Company increased its capital from 26,330,233 YTL to 105,000,000 YTL in This capital increase of 78,669,766,82 YTL was provided from the capital reserves (73,130,657,82 YTL) and the previous year's profit (5,539,109 YTL) Turcas Petrol shares are divided into A, B, and C groups. All C Group shares and 7,509,587 A Group shares equivalent to 28,52% of the total shares in the Company, which belonged to Conoco Petroleum Inc. were acquired by Aksoy Petrol Da t m Yat r mlar A.fi. in As end of 2005, 30,79% of company s shares are traded in the stanbul Stock Exchange. The capital structure (TRY ) of Turcas Petrol breaks down as above

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19 FAAL YETLER ACTIVITIES Benzinlerde 328,968 m 3 lük sat fl ile %9.5 pazar pay n elde ettik. With gasoline sales amounting to 328,968 m 3 Turcas had a market share of 9.5%. Turcas Petrol, y l sonu itibariyle ülke geneline yay lm fl 600'ü aflk n akaryak t istasyonu ve 45 s nai/ticari müflterisi arac l yla otogaz LPG, madeni ya ve akaryak t ürünlerinin sat fl ve pazarlama faaliyetlerini sürdürmektedir. The Company focused its activities on the sales and marketing of petroleum products, auto LPG and lubricants at over 600 service stations and 45 industrial/commercial customers across the country. Sat fl ve Pazarlama Faaliyetleri Sales and Marketing Activities Turcas Petrol, y l sonu itibariyle ülke geneline yay lm fl 600'ü aflk n akaryakit istasyonu ve 45 sinai/ticari müflterisi aracili iyla otogaz LPG, madeni ya ve akaryakit ürünlerinin sat fl ve pazarlama faaliyetlerini sürdürmektedir. The Company focused its activities on the sales and marketing of petroleum products, auto LPG and lubricants at over 600 service stations and 45 industrial/commercial customers across the country. Y l içinde 8 yeni istasyon hizmete aç lm fl, 6 adet yeni istasyon projesinin yat r m na bafllam fl ve mevcut istasyonlardan 12'sinin sözleflmeleri uzat lm flt r y l nda daralmaya devam etti i gözlenen benzin pazarinda toplam satifllar 3,473,998 m3 olarak gerçekleflirken, Turcas Petrol 328,968 m3 sat fl ile %9,5'lik pazar pay n gerçeklefltirmifltir. Motorin pazar nda ise sat fllar %1.9 artarak 12,939,893 m3 olarak gerçekleflmifltir. Turcas Petrol 815,690 m3'lük satifli ile pazardan %6.3'lük pay alm flt r. During the year 8 new stations began to operate under the Türkpetrol brand, investments in 6 new stations were started and the contracts of 12 existing stations were renewed with additional investments. In a declining gasoline market in 2005, where total sales amounted to 3,473,998 m3, Turcas had a market share of 9.5% with sales amounting to 328,968 m3. The diesel fuel market increased by 1.9% to 12,939,893 m3 as compared to the previous year. Turcas sales reached 815,690 m3 with market share standing at 6.3%

20 Akaryak t Yönetim Sisteminde kullan lan yüksek teknoloji ürünü smart card ile müflterilerinin ihtiyaçlar na problemsiz olarak cevap vermektedir. AYS / Akaryak t Yönetim Sistemi AYS (Fuel Management System) Turcas Petrol, flirket araçlar n n akaryak t harcamalar n kontrol alt na almaya sa layan Akaryak t Yönetim Sistemi'ni 8 y ld r sektörün öncülerinden biri olarak tüm ülke çap nda baflar yla uygulamaktad r. Kulland yüksek teknoloji ürünü smart card ile müflterilerinin ihtiyaçlar na problemsiz olarak cevap vermektedir. As one of the pioneers of this sector in Turkey, Turcas Petrol has been operating the AYS (Fuel Management System) for eight years, and continues to offer companies superior economy and service for their vehicle fleets. Geçen sene 180 olan AYS'li istasyon say s, 2005 y l nda 185'e yükselmifltir. AYS ile 53 lde hizmet verilmektedir. AYS, using the most advanced smart card technologies in the sector, enables Turcas Petrol to fully satisfy customer needs. AYS, müflterilerinin binlerce arac na hizmet sunabilmek için ülke dinamikleri ve müflteri talepleri do rultusunda sisteme kat lan istasyon say s n art rmaktad r. The number of stations equipped with the system increased from 180 to 185 and the number of cities where AYS is available reached 53 in To meet growing customer demand, efforts are underway to further increase the number of stations featuring the AYS system. Akaryak t D fl Faaliyetler Non-fuel Related Activities Turcas - Castrol iflbirli i, anlaflma süresinin uzat lmas ile devam etmifltir. Çeflitli kampanyalar n düzenlenmesi ve yeni ürünlerin piyasaya sunulmas yla birlikte madeni ya sat fllar önceki y llardaki seviyelerin üzerine ç km flt r y l nda Turcas istasyonlar nda ton madeni ya sat fl gerçekleflmifltir. The well established Turcas-Castrol lubricants cooperation was extended again with the relevant agreement. With the help of successful new product launches and various promotional campaigns, lubricants sales volume stood at 3,430 tons in Turcas - pragaz' n sürdürdü ü baflar l iflbirli i ile düzenlenen kampanyalar hedefine ulaflm fl ve dolay s yla otogaz sat fllar geçen y la oranla art fl göstermifltir y l nda otogaz sat fl yapilan 299 istasyonda sat fl hacmi 187,382 m3'ulaflm flt r. The successful cooperation with pragaz and new sales campaigns achived impressive results in satisfying customers; the number of stations selling auto LPG has risen to 299, while sales volume totaled 187,382 m3.