FAAL YET RAPORU / ANNUAL REPORT TURCAS PETROL A.fi.

Transkript

1 FAAL YET RAPORU / ANNUAL REPORT 2003 TURCAS PETROL A.fi.

2 Vizyon Hizmette 60 y l aflk n birikimle, ülkemizin ilk tercih edilen ve en sayg n akaryak t flirketi olaca z. Vision Building on more than 60 years of serving our customers, we will grow to be the nation s favorite and most respected fuel company. İçindekiler K saca Turcas Petrol 01 Finansal Göstergeler 06 Baflkan n Mesaj 08 Yönetim Kurulu 12 Yönetim 13 Sermaye ve Ortakl k Yap s 15 Faaliyetler 16 Yeni maj 16 Sat fl ve Pazarlama Faaliyetleri 19 Akaryak t Yönetim Sistemi/AYS 20 Akaryak t D fl Faaliyetler 23 Kalite Kontrol 24 letiflim 24 nsan Kaynaklar 28 E itim 32 Ba ms z Denetçi Raporu ve Konsolide Mali Tablolar 33 Contents Turcas Petrol in Brief 01 Financial Highlights 06 Chairman s Message 08 Board of Directors 12 Management 13 Capital and Shareholder Structure 15 Operations 16 New mage 16 Sales and Marketing Activities 19 AYS (Fuel Management System) 20 Non-fuel Related Activities 23 Quality Control 24 Communication 24 Human Resources 28 Education 32 Independent Auditors Report and Consolidated Financial Statements 33

3 Kısaca Turcas Petrol Turcas Petrol in Brief Turcas Petrol, Türkiye nin en çok sayg duyulan ve tercih edilen akaryak t ürünleri da t m flirketi olmay hedeflemektedir. Turcas Petrol aims to be the most preferred and respected petroleum and related products distributor in Turkey. Turcas Petrol, Türkiye genelinde 650 yi aflk n bayi ile yapm fl oldu u uzun vadeli sat fl ve marka sözleflmesi kapsam nda, Türkpetrol markas yla ülke çap nda faaliyet gösteren bir akaryak t ürünleri da t m flirketidir. fiirket, 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, Tabafl Petrolcülük ile Turcas Petrolcülük ün 1999 da birleflmesi sonucunda ortaya ç km flt r. Bundan önceki dönemde Turcas Petrolcülük ün hisselerinin %85 i Tabafl Petrolcülük flirketinin elinde bulunmaktayd. Birleflme sonras nda fiirket in ad, daha fazla tan nmas n sa lamak amac yla Turcas Petrol olarak de iflmifl, marka ise Türkpetrol olarak devam etmifltir y l nda, Türkpetrol unvan n n yasal sahibi olan Türkpetrol Vakf ile Tabafl aras nda unvan n 2012 ye kadar kullan lmas na imkan veren bir sözleflme imzalanm flt r daki birleflmeyi takiben tüm hizmetlerin Türkpetrol markas alt nda sunulmas kararlaflt r lm flt r. Turcas Petrol, Türkiye nin en çok sayg duyulan ve tercih edilen akaryak t ürünleri da t m flirketi olmay hedeflemektedir. fiirket in yönetim kurulu ve yönetim kadrolar, bu amac n sadece müflterilerin, bayilerin ve hissedarlar n tatmin edilmesiyle de il, ayn zamanda içinde yaflad klar topluma ve paylaflt klar dünyaya önemli ölçüde katk da bulunulmas yla gerçeklefltirilebilece ine inanmaktad r. Turcas Petrol, güvenlik performans, çevrenin korunmas ve ahlaki davran fl konular nda mümkün olan en yüksek standartlar uygulamay taahhüt etmektedir. Turcas Petrol is a nationwide petroleum products distribution company operating under the Türkpetrol brand through long-term sales and branding agreements at over 650 dealer stations throughout Turkey. The Company provides petroleum and related products to dealers via its modern terminal and distribution system. Utilizing its sales and marketing expertise along with its association with other major brands in the automotive sector, such as Castrol and pragaz, it presents a powerful and attractive brand in the market. Today s Turcas Petrol is the result of a merger that took place in 1999 between Tabafl Petrolcülük and Turcas Petrolcülük; previously, Tabafl Petrolcülük owned 85% of Turcas Petrolcülük. After the merger, the name of the Company was changed to Turcas Petrol to help gain wider public awareness and, the brand was maintained as Türkpetrol. In 1996, an agreement was signed with the Türkpetrol Foundation (legal owners of the name Türkpetrol) and Tabafl permitting the right to use of the name untill Following the 1999 merger and an extension of the name usage right, it was decided that all services would be delivered under the Türkpetrol brand name. Turcas Petrol aims to be the most preferred and respected petroleum and related products distributor in Turkey. The board and the management of the company have determined that this goal will be achieved not only by satisfying its customers, dealers and shareholders but also through the important contributions they will make to the community in which they live and the world that they share. Turcas Petrol is committed to maintaining the highest possible standards in safety performance, environmental protection and ethical behavior. 01

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5 Kısaca Turcas Petrol Turcas Petrol in Brief Turcas Petrol, üstün kalitede ürünler, mükemmel bir istasyon hizmeti, modern marketler, AYS (Akaryak t Yönetim Sistemi) ve üst düzeyde e itilmifl personel sayesinde piyasan n geliflme h z ndan daha h zl bir flekilde geliflece ine inanmaktad r. By offering top quality products, excellent forecourt service, attractive shops, AYS (Fuel Management System) and the best-trained staff Turcas Petrol will grow at a faster rate than the market. Turcas Petrol, Türkiye genelindeki önemli noktalarda seçkin bir bayi a oluflturarak önümüzdeki y llarda baflka bayilerle de sözleflme imzalamay planlamaktad r. fiirket, üstün kalitede ürünler, mükemmel bir istasyon hizmeti, modern marketler, AYS (Akaryak t Yönetim Sistemi) ve üst düzeyde e itilmifl personel sayesinde piyasan n geliflme h z ndan daha h zl bir flekilde geliflece ine inanmaktad r y l nda: 657 nin üzerinde benzin istasyonunda ve 221 den fazla s nai ve ticari müflteriye petrol ürünleri, otogaz ve madeni ya sat fl yap lm flt r. maj gelifltirme faaliyetleri çerçevesinde 121 istasyonda kurum kimli i, emniyet ve hizmeti gelifltirmek için yap lan yat r mlar tamamlanm fl, 22 istasyon tamam yla yenilenmifltir. Böylece 2002 y l ndan itibaren imaj yenileme projesinde toplam 220 istasyonun çal flmas tamamlanm flt r. Genel benzin pazar %6,3 daral rken, Turcas Petrol m 3 ürün sat fl gerçeklefltirerek pazar pay n %10,4 e ç karm flt r. Motorin sat fllar n bir önceki y la göre %4,6 art rarak 801,000 m 3 sat fla ulaflm fl, pazar pay %7 olarak gerçekleflmifltir. Siyah ürün pazar %6,4 daralmas na ra men Turcas sat fllar %23,8 art flla 84,000 ton seviyesine ulaflm flt r. pragaz ile yürütülen baflar l iflbirli i sayesinde Otogaz sat fl yapan istasyonlar n say s 250 ye, sat fl hacmi ise 161,000 m 3 e ulaflm flt r y l nda madeni ya sat fllar tona ulaflm flt r y l nda 132 olan AYS li istasyon say s, 2003 y l nda 156 ya yükseldi. Yeni 7 ilde daha AYS sistemi kurularak 48 ilde hizmet verilmeye bafllanm flt r. Böylelikle Türkiye de AYS kullanan araç say s in üzerine yükselmifltir. Turcas Petrol with its key locations throughout Turkey has created an outstanding network of dealers and plans to acquire additional dealer contracts in the coming years. By offering top quality products, excellent forecourt service, attractive shops, AYS (Fuel Management System) and the best-trained staff the Company will grow at a faster rate than the market. In 2003: Marketing and sales of petroleum products, auto LPG and lubricants were carried out at over 657 service stations and to more than 221 industrial/commercial customers. Within the framework of the image building activities, investments to implement the corporate identity and improve safety appliances and services have been completed in 121 stations. 22 stations have been completely renovated. Thus the total number of renovated stations since 2002 has reached 220. In 2003, overall gasoline market shrank by 6.3%, while Turcas market share was raised to 10.4% with sales amounting to m 3. Diesel oil sales have shown an increase of 4.6% versus the previous year and reached 801,000 m 3 with the market share standing at 7%. Despite the 6.4% shrinkage in the market for black products, Turcas Petrol s sales volume reached 84,000 tons - an increase of 23.8%. As a result of the successful cooperation with pragaz, the number of stations selling auto LPG has risen to 250 with sales totaling 161,000 m 3. In 2003, lubricants sales amounted to tons. The number of stations equipped with AYS was increased from 132 to 156; more than 20,000 vehicles now use this system. With the introduction of the System to an additional seven cities, the number of cities utilizing AYS totaled 48 in

6 Kısaca Turcas Petrol Turcas Petrol in Brief Turcas Petrol, güvenlik performans, çevrenin korunmas ve ahlaki davran fl konular nda mümkün olan en yüksek standartlar uygulamay taahhüt etmektedir. Turcas Petrol is committed to maintaining the highest possible standards in safety performance, environmental protection and ethical behavior. Uluslararas Muhasebe Standartlar na uygun olarak haz rlanan mali tablolara göre 2003 y l nda Turcas Petrol ün net sat fllar milyar TL, dönem kar milyar TL ve özsermayesi ise milyar TL olarak gerçekleflmifltir y l sonunda Turcas Petrol hisselerinin yaklafl k %16.26 s stanbul Menkul K ymetler Borsas Ulusal Pazar nda ifllem görmektedir. According to financial statements prepared in line with International Accounting Standards, Turcas Petrol achieved net sales of TL billion, profit of TL billion and shareholders equity of TL billion in At year-end 2003, approximately 16.26% of Turcas Petrol shares was traded on the Istanbul Stock Exchange National Market 04

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8 Finansal Göstergeler Financial Highlights Dönen Varl klar Current Assets Aktif Toplam Total Assets Öz Sermaye Share Capital Net Sat fllar Net Sales 90,695 98, , , , ,103 1,509,057 1,480, milyar TL TL billion milyar TL TL billion milyar TL TL billion milyar TL TL billion Turcas Petrol ün 2003 y l net sat fllar milyar TL, dönem kar milyar TL ve özsermayesi ise milyar TL olarak gerçekleflmifltir. Turcas Petrol achieved net sales of TL billion, profit of TL billion and shareholders equity of TL billion in

9 Bilanço Özeti / Summary Balance Sheet (milyar TL) / (TL billion) Dönen Varl klar / Current Assets 90,695 98,369 Kasa ve bankalar / Cash and banks 18,868 9,388 Al m-sat m amaçl finansal varl klar / Held for trading investments - 5,515 Alacaklar (net) / Receivables (net) 53,732 68,779 Stoklar / Inventories 18,095 14,686 Duran Varl klar / Long-Term Assets 154, ,734 Sat lmaya haz r finansal varl klar / Available-for-sale investments fierefiye (net) / Goodwill (net) 81,806 92,626 Maddi duran varl klar (net) / Property, plant and equipment (net) 53,675 61,453 Maddi olmayan duran varl klar (net) / Intangible assets (net) 11,116 15,641 Di er alacaklar ve duran varl klar (net) / Other receivables and long-term assets (net) 6,005 4,026 Ertelenmifl vergi aktifi / Deferred tax assets 1,534 5,977 Aktif Toplam / Total Assets 244, ,103 K sa Vadeli Borçlar / Short-Term Liabilities 78,885 99,061 K sa vadeli mali borçlar / Short-term borrowings 43,692 71,579 Ticari borçlar / Trade payables 23,124 17,345 Di er borçlar ve gider tahakkuklar / Other payables and current liabilities 9,790 10,137 Ödenecek kurumlar vergisi / Corporate tax payable 2,279 - Uzun Vadeli Borçlar / Long-Term Liabilities 31,087 78,449 Uzun vadeli mali borçlar / Long-term borrowings 30,106 77,306 K dem tazminat karfl l / Retirement pay provision 981 1,143 Taahhütler ve Yükümlülükler / Mommitments & Contingencies - - Özsermaye / Shareholders Equity 134, ,592 Sermaye / Capital 84,723 84,723 Emisyon primi / Premium in excess of par 75,641 75,641 Yasal yedekler / Legal reserves 45,925 45,925 Birikmifl zararlar / Accumulated deficit (71,418) (105,697) Pasif Toplam / Total Liabilities and Shareholders Equity 244, ,103 Gelir Tablosu Özeti / Summary Income Statement (milyar TL) / (TL billion) Net Sat fllar / Net Sales 1,509,057 1,480,120 Sat fllar n maliyeti / Cost of Goods Sold (1,445,494) (1,414,648) Brüt Sat fl Kar / Gross Margin 63,563 65,472 Sat fl ve genel yönetim giderleri (49,086) (61,072) Di er faaliyet gelirleri / Other operating income 14,418 12,351 Di er faaliyet giderleri / Other operating expenses (1,582) (4,929) Faaliyet Kar / Operating Income 27,312 11,822 Finansman gelirleri (net) / Financial income 10,303 20,410 Parasal kazanç (kay p) / Monetary gain / (loss) 5,867 (13,189) Vergi Öncesi Kar / Profit Before Tax 43,482 19,043 Vergi / Tax (9,203) 199,788 Net Dönem Kar / Net Profit 34,280 19,242 Hisse Bafl na Kar (TL) / Profit Per Share 1, ,000,000 1,800,000 1,600,000 1,400,000 1,200,000 1,000, , , , , Dolar Kuru (TL) Dollar Exchange Rate (TL) Ham Petrol Fiyatlar (ABD Dolar /Varil) Crude Oil Prices (US$/Barrel)

10 Başkan ın Mesajı Chairman s Message Sektörümüz, güçlü ekonominin sundu u avantajlardan tam olarak yararlanamasa da, Turcas n baflar l bir y l geçirdi ini bildirmekten memnuniyet duyuyoruz. While our particular industry did not enjoy the full benefits of this strong economy, I am happy to report that Turcas did have a successful year. De erli Hissedarlar m z, Bayilerimiz ve Müflterilerimiz, 2003 y l na bakt m zda, uzun y llar süren bir karmaflan n ard ndan istikrarl bir y l görmekten memnuniyet duyuyoruz. Irak savafl n n kara bulutlar ile bafllayan bu y l n ilerleyen dönemlerinde, savafl n, Türk ekonomisi üzerindeki olumsuz etkilerinin beklenilenden daha az olaca aç kça görülmüfltür. Hükümet, mali politika üzerinde s k bir hakimiyet kurmufl ve genel olarak ülkemiz, bar fl içinde ve baflar l bir y l geçirmifltir. Makro ekonomik aç dan, geçen y l oldu u gibi bu y l da olumlu geliflmeler yaflanm flt r. Bunun nedeninin, iktidar partisinin geçti imiz y llarda iktidara gelen koalisyon hükümetlerinden çok daha h zl bir flekilde yerinde politikalar uygulad n düflünüyoruz. Ekonomik aç dan bak ld nda, GSMH nin y ll k olarak %5.9 oran nda büyüdü ünü görmekteyiz y l nda %30.9 olan TEFE nin, 2003 y l nda önemli bir düflüflle %14.1 e gerilemesi de bu art fla efllik etmifltir. Söz konusu ilerleme, tüketici fiyatlar nda da kendini göstermifl ve 2002 de %29.8 olarak gerçekleflen TÜFE, 2003 te %18.4 e düflmüfltür y l sonunda %59 olan borç faiz oranlar da, 2003 y l sonunda önemli bir düflüfl göstererek %44 e gerilemifltir. Tüm bu geliflmeler, güçlenmekte olan bir ekonominin göstergeleridir. Sektörümüz, güçlü ekonominin sundu u avantajlardan tam olarak yararlanamasa da, Turcas n baflar l bir y l geçirdi ini bildirmekten memnuniyet duyuyoruz. Banka borçlar m z 24 milyon ABD Dolar tutar nda azaltt k; büyük çapl bir medya kampanyas düzenledik; son birkaç y l n en yüksek yat r m bütçesini oluflturduk; ve 121 adet istasyonu, yeni imaj m za uygun olarak yeniledik y l nda benzinde pazar pay n art ran üç da t m flirketinden biri olan Turcas, motorinde de pazar pay artan dört flirketten biri olmay baflarm flt r. Bu baflar, sektörümüzde sürekli s k nt lar n yafland bir dönemde elde edilmifltir. PETDER in faal bir üyesi olan Turcas, bu kurulufl arac l yla, yeni Petrol Yasas tasla n n haz rlanmas nda önemli rol oynam flt r. PETDER ayr ca Otomatik Fiyatland rma Mekanizmas do rultusunda belirlenen kar marjlar n n yükseltilmesi, emniyet ve ürün kalitesi konular nda baflar sa lam flt r. Üyelerinin görüfllerini hükümet seviyesinde özellikle yeni kanun hakk nda aktif flekilde temsil etmektedir. Dear Shareholders, Dealers, and Customers, As I reflect on 2003 I am happy to see a year of stability after many years of great turmoil. We entered the year with the clouds of the war in Iraq hanging over us, but as the year developed it became apparent the war would not have a significant impact on the Turkish economy. The Government maintained a tight reign on fiscal policy and in general Turkey enjoyed a year of peace and prosperity. The macro economy enjoyed its second good year in a row. In my opinion this is due to the strength of the ruling party, which has been able to implement policy much easier and faster than the coalition Governments of the past several years. In terms of the economy the GNP grew at a rate of %5.9 for the year. This strength was coupled with a significant reduction in Wholesale Inflation, which dropped to 14.1% in 2003 versus 30.9% in This improvement was also evident in the Consumer Inflation which dropped to 18.4% in 2003 versus 29.8% in Interest rates on debt also dropped significantly to 44% at year end 2003 from 59% at year end All these indicators show an economy that is gaining in strength. While our particular industry did not enjoy the full benefits of this strong economy, I am happy to report that Turcas did have a successful year. We reduced debt by $24 Million, we ran a major media campaign, we had our largest capital budget in several years, and we re-imaged a further 121 stations to our new image. Turcas was one of only three distribution companies to increase market share in gasoline 2003, and one of four to increase market share in diesel. This was accomplished at a time of continued unrest in our sector. Turcas is a prominent member of PETDER the petroleum distribution industry's trade association. The Board and the sub-committees of the association are highly active in areas such as safety, product quality and legal issues, and represent the views of the industry to the government on topics such as the development of new legislation and the economics associated with the Automatic Pricing Mechanism.

11 Turcas n 2003 Y l nda Elde Etti i Sonuçlar 2003 y l nda benzine yönelik sanayi talebi %6.3 oran nda gerilemifltir. Motorinde talep, %2 nin alt nda bir art flla durgunluk göstermifltir. Turcas n 2002 y l nda %10.1 olan benzindeki pazar pay, 2003 te %10.4 e yükselmifltir. Motorindeki pazar pay m z ise, durgunluk göstermekle birlikte küçük bir art flla %6.9 dan %7.0 a yükselmifltir. Turcas pazar pay n art rmak için, reklam kampanyalar n ve sermaye harcamalar n daha etkin flekilde yürütecektir. Faaliyet gösterdi imiz ortamda marjlar çok düflük oldu undan, baflar ya ulaflmak için ayr nt lara çok dikkat edilmesi gerekmektedir te kar marjlar aç s ndan önemli geliflme kaydedilmifltir. Y l ortas nda kar marjlar, benzinde 11 sent/litre ye ve motorinde 9 sent/litre ye yükseltilmifltir. Bu art fl, artan iflletme sermayesi maliyetinin karfl lanmas aç s ndan çok yararl olmufltur. Turcas 2003 y l nda tesislerinde yaklafl k m 3 lük oto LPG sat fl gerçeklefltirmifltir. Bu rakam, 2002 y l na göre %6.7 oran nda bir art fl sa land n göstermektedir. Bu pazarda sürekli h zl bir büyüme olmas n beklemiyoruz. Kalite, Emniyet ve Çevre Turcas, üstlendi i tüm ifllerde her zaman oldu u gibi kaliteyi ön planda tutmaktad r. Bu tutum, bayilerimizden ya da toptan olarak terminallerimizden ürün sat n alan herkese kaliteli ürün ve hizmet sunmay kapsamaktad r. Sektörde kalitemizle ün kazand k ve bu itibar korumak bizim için çok önemli. Yönetim Kurulunun, mali sonuçlar n rapor edilmesinde Uluslararas Muhasebe Standartlar n n kullan lmas na iliflkin ald karar, bunun anlay fl n önemli bir göstergesidir. Hat rlayaca n z üzere Turcas, UMS yönergeleri do rultusunda raporlama yapmaya 1999 y l nda bafllam flt r. Turcas, 2003 y l sonuna iliflkin sonuçlar, tamamen UMS kurallar na dayal olarak rapor edecektir. Böylece, Türkiye nin Avrupa normlar n benimseme yönünde ilerledi i flu dönemde, öncü flirketlerden biri olaca z. Tüm flirketlerin 2005 y l na kadar UMS ye geçmesi gerekti ini düflünüyoruz. Turcas n emniyet konusuna verdi i önem, flirket kültürümüzün ayr lmaz bir parças d r. Çal flanlar n, güvenli bir ortamda çal flmaya ve potansiyel olarak tehlike içeren ifllere bafllamak için uygun koflullar n sa lanmas n talep etme hakk na sahip olduklar na inan yoruz. Yapt m z ifl potansiyel tehlike içermektedir ve ifl emniyetini sa lamak bizim görevimizdir. Tüm çal flanlar m z emniyet e itimi Turcas Results Industry demand for Gasoline in Turkey declined by 6.3% in Demand for diesel was close to flat with reported growth of less than 2%. Turcas market share in Gasoline increase to 10.4% in 2003 versus 10.1% in Our diesel market share did show a slight improvement from 6.9% to 7.0%. In order to continue to build our market share Turcas will have to become even more effective in our advertising campaigns and use of capital expenditures. The environment we operate in is one of thin margins so close attention to detail is required for success. The Automatic Pricing Mechanism was adjusted by the government in mid 2003 to reflect increased costs. This adjustment improved the margins which are shared between Turcas and its dealers to 11 cents per liter for gasoline and 9.5 cents for diesel. This increase gave both groups considerable help in covering the increased cost of working capital caused by rising oil prices. Turcas sold approx m 3 of auto-lpg at our sites in This represents an increase of 6.7% over We feel this market is mature and do not expect continued fast growth. Quality, Safety and the Environment As always Turcas remains committed to quality in every endeavor we undertake. This includes delivering quality product and service to every person who buys our product, either at our dealers stations or in bulk from our terminals. We have a great reputation in the industry for quality and we know the importance of maintaining it. Our drive for quality extends to every facet of our business. One tangible evidence of this is the decision by the Board of Directors to adopt the International Accounting Standards for reporting our financial results. As you will recall Turcas began reporting results under IAS guidelines in For year end 2003 Turcas will report results solely based on IAS rules. Thus we will be one of the companies leading the way as Turkey moves forward in adopting European norms. All companies must adopt IAS by Turcas commitment to safety remains an integral part of our company culture. We believe employees have the right to work in a safe environment and to insist on proper conditions before beginning work on potentially hazardous tasks. Our 09

12 Başkan ın Mesajı Chairman s Message Turcas, üstlendi i tüm ifllerde her zaman oldu u gibi kaliteyi ön planda tutmaktad r. Bu tutum, bayilerimizden ya da toptan olarak terminallerimizden ürün sat n alan herkese kaliteli ürün ve hizmet sunmay kapsamaktad r. As always Turcas remains committed to quality in every endeavor we undertake. This includes delivering quality product and service to every person who buys our product, either at our dealers stations or in bulk from our terminals. alarak sorumluluk tafl rlar ve çal flt klar ortamda emniyet unsurlar tam olarak dikkate al nm yorsa ifli durdurma yetkisine sahiplerdir. Turcas Yönetimi, her kazan n önlenebilir oldu unu düflünmektedir ve bu do rultuda tüm çal flanlara, güvenlik bilinci ile ilgili e itimler verilmeye devam edilecektir. Gelecek Türkiye nin gelece inin parlak oldu unu görmek için kahin olmaya gerek yok. Turcas Yönetimi, 2004 y l nda Turcas bekleyen geliflmeler konusunda da ayn derecede heyecan duymaktad r. Bu y l yine medyada etkin bir flekilde yer alacak, cazip buldu umuz sermaye projelerinde kullanmak üzere yüksek miktarda nakit kaynak ay racak ve borçlar m z afla seviyelere çekmeye devam edece iz. Ülkemizde 2003 y l n n sonlar na do ru ç kar lan yeni Petrol Yasas, sektörde daha iyi düzenlemeler yap lmas na ve bunun sonucunda müflterilere daha yüksek bir kalite ve daha iyi bir hizmet sunulmas na olanak vermektedir. Bu önemli yasan n etkin bir flekilde uygulanmas na yönelik olarak düzenlemelerin yap ld bu dönemde, Bakanlar m zla birlikte çal flma konusunda oldukça istekliyiz. Yönetim Kurulu ad na bize sürekli destek olan ortaklar m za, özveri ve sadakatle çal flan bayilerimize ve zor zamanlarda göstermifl olduklar üstün performanstan dolay çal flanlar m za teflekkür ederiz. Erdal Aksoy Yönetim Kurulu Baflkan business is potentially dangerous, we can only operate safely when all our employees are properly trained and empowered to stop work if safety considerations have not been fully taken into account. Turcas Management believes every accident is preventable and we will continue to provide required training on safety awareness to all employees. The Future It does not take a crystal ball to know that the future for Turkey is bright. Turcas Management is equally excited about the prospects for Turcas in We will again have an aggressive media presence, we will have ample cash available for attractive capital projects, and we will reduce debt again this year. In late 2003 Turkey passed a new Petroleum Law that provides for better regulation of our industry which in turn means better quality and service to our customers. We are eager to work with the Ministers as regulations are put in place to allow for the effective enforcement of this important legislation. The Board of Directors thanks our shareholders for their continued support, our dealers for their loyalty and dedication, and our employees for their hard work during these trying times. Erdal Aksoy Chairman 10

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14 Yönetim Kurulu Board of Directors Osman E. V. Kerman Üye Member Alistair Clark Üye ve Genel Müdür Member and General Manager Erdal Aksoy Baflkan Chairman Y lmaz Tecmen Üye Member Bülent Çorapç Üye Member Greg J. Goff Üye Member 12

15 Yönetim Management Alistair Clark Genel Müdür General Manager Nezihi Tümer Genel Müdür Yard mc s Operasyon ve Lojistik Senior Deputy General Manager Operations & Logistics Douglas Taylor Genel Müdür Yard mc s Finans ve Bilgi fllem Assistant General Manager Finance & IT 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 Latif Aral Ticari Sat fllar Müdürü Commercial Sales 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 13

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17 Sermaye ve Ortaklık Yapısı Capital and Shareholder Structure Sermaye ve Ortakl k Yap s 2003 mali y l içinde fiirket in sermayesinde herhangi bir de ifliklik olmam flt r. fiirket hisseleri A, B ve C olmak üzere üç gruba ayr lm flt r. C Grubu hisselerin tümü, Turcas Petrol ün %28.52 sine sahip yabanc ortak Conoco Petroleum Inc. e aittir. fiirket in ortaklar ndan ve Yönetim Kurulu Baflkan Vekili Say n Baha Kaya Alp Baban n 20 Ekim 2002 tarihinde vefat sonucunda stanbul 6. Sulh Mahkemesi taraf ndan varisleri tayin edilmifl ancak 2003 y l içerisinde varisler aras nda hisse da l m yap lmam flt r. Turcas Petrol ün 26,330,233,183,000 TL olan sermayesinin da l m afla daki gibidir: Adet Tutar 1) A GRUBU 13. Tertip nama yaz l 7,330,083,183 7,330,083,183,000 2) A GRUBU 14. Tertip nama yaz l 19,000,000,000 19,000,000,000,000 3) B GRUBU 13. Tertip nama yaz l 112, ,500,000 4) C GRUBU 13. Tertip nama yaz l 37,500 37,500,000 Capital and Shareholder Structure The Company recorded no capital increases in Turcas Petrol shares are divided into A, B, and C groups; all C Group shares belong to the foreign partner Conoco Petroleum Inc. which owns 28.52% of the shares. Following the loss of our shareholder and Vice Chairman Mr. Baha Kaya Alp Baban on October 20, 2002, the Istanbul Sixth Civil Court established his heirs but the distribution of his shares has not yet been completed. The capital structure (TL 26,330,233,183,000) of Turcas Petrol breaks down as follows: Number Amount 1) GROUP A Registered shares in 13th Series and Group A 7,330,083,183 7,330,083,183,000 2) GROUP A Registered shares in 14th Series and Group A 19,000,000,000 19,000,000,000,000 3) GROUP B Registered shares in 13th Series and Group B 112, ,500,000 4) GROUP C Registered shares in 13th Series and Group C 37,500 37,500,000 15

18 Faaliyetler Operations Turcas Petrol, 2002 y l nda bafllatt, genel görünüm, marketler ve pompac k yafetlerini de kapsam na alan imaj yenileme projesini, devam ettirmektedir. Turcas Petrol continued to build up its new image developed in 2002 at its stations, including redesigning the general appearance of the premises, their adjacent mini-markets and even the uniforms of the pump attendants. Yeni maj Turcas Petrol, 2002 y l nda bafllatt, genel görünüm, marketler ve pompac uniformalar n da kapsam na alan imaj yenileme projesini, devam ettirmektedir. Bu kapsamda 121 istasyonun d fl görünümü yenilenmifl ve 58 istasyonun marketinde yeni konsept uygulanmas gerçekleflmifltir. Yeni imaj projesinde tüketiciler taraf ndan çok iyi tan nan flapka" amblemi ön plana ç kar lm flt r. Mavi renk bir ton koyulaflt r larak güçlendirilmifl ve istasyon görüntüsünde çok önemli bir unsur olan fiyat panosuna ça dafl bir görünüm kazand r lm flt r. Yeni imaj uygulanan istasyonlar birbiri ard na yap lan aç l fl törenleriyle tüketicilere tan t lm flt r. Y l içinde 13 adet yeni istasyon hizmete girmifl ve 6 adet yeni istasyon projesinin yat r m na bafllanm flt r. Verimli projelere yat r m n sürdüren Turcas Petrol, verimlilik, imaj veya çal flma prensipleri yönüyle kendisine ve genel bayi teflkilat na zarar veren 21 istasyonu bayilik sisteminden ç karm flt r. Yine ayn kapsamda 22 adet mevcut istasyonun tadilat ve yenilemesi tamamlanm fl olup, 10 adet mevcut istasyonda yenileme ve tadilat çal flmalar sürmektedir. Ayr ca flimdiye kadar 43 Tabafl istasyonu, Turcas kurumsal kimlik prensipleri çerçevesinde yeniden yap land r lm flt r. New Image Turcas Petrol continued to build up its new image developed in 2002 at its stations, including redesigning the general appearance of the premises, their adjacent mini-markets and even the uniforms of the pump attendants. Within this project, 121 stations have been overhauled and the new design concept was launched at 58 station shops. The "hat" emblem, one of Turkey s best-recognized logos, has been given added emphasis in the new image program. The familiar blue has been made stronger. The price sign, constituting a very important factor in the appearance of a station, has also been improved. Stations with these exciting new visual appearances have been re-introduced to the consumers with a strong program of opening ceremonies. In 2003, 13 new stations were established along with investment projects for 6 new stations. While continuing its investments for profitable projects, Turcas Petrol has terminated the dealership contracts of 21 stations, which did not meet its standards of efficiency, visual appearance and working guidelines and policies and, which negatively affected the Company s image and that of the overall network. 16

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21 Faaliyetler Operations Turcas Petrol, sektörde sürekli olarak baflar yla rekabet edebilen, müflteriler taraf ndan ilk tercih edilen, farkl ve sayg n bir akaryak t da t m flirketi olmak amac ndad r. Turcas Petrol aims to strengthen its reputation as a distinguished and trustworthy fuel distribution company successfully competing in the sector and to be the first choice of the consumer y l nda, imaj gelifltirme program çerçevesinde toplam 220 adet istasyonda hizmet, emniyet ve kurum kimli i, 98 adet istasyonda ise yeni market yat r mlar tamamlanm flt r. Sat fl ve Pazarlama Faaliyetleri Turcas Petrol, sektörde sürekli olarak baflar yla rekabet edebilen, müflteriler taraf ndan ilk tercih edilen, farkl ve sayg n bir akaryak t da t m flirketi olmak amac ndad r. Bu hedefler do rultusunda Turcas Petrol 2003 y l nda flu projeleri gerçeklefltirmifltir; Turcas Petrol, y l sonu itibariyle, ülke geneline yay lm fl toplam 650 yi aflk n akaryak t istasyonu ve 221 s nai/ticari müflteri vas tas yla akaryak t ürünleri, otogaz LPG ve Madeni Ya sat fl ve pazarlama faaliyetlerini sürdürmektedir. Within the framework of image building activities, 22 stations have been modernized and renovated. Efforts for alteration and renovation of a further 10 stations are underway. To date, 43 Tabafl stations have been converted to Turcas stations following the corporate identity guidelines. Between , as a part of the image building activities, investments to improve corporate identity, services, safety and at 220 stations and investments for 98 new shops were completed. Sales and Marketing Activities Turcas Petrol aims to strengthen its reputation as a distinguished and trustworthy fuels distribution company successfully competing in the sector and to be the first choice of the consumer. In order to achieve these objectives, the following activities were undertaken during the year. The Company focused its activities on the sale and marketing of petroleum products, auto LPG and lubricants through over 650 service stations and more than 221 industrial/commercial customers in the country. 19

22 Faaliyetler Operations Turcas Petrol, sektördeki en geliflmifl smart card teknolojisiyle çal flan ve flirketlerin araç filolar n n akaryak t harcamalar nda ekonomi sa layan AYS sistemi sunmaktad r. AYS (Fuel Management System), operated with the most advanced smart card technologies in the sector, offer affordable prices to the vehicle fleets of the companies y l nda genel benzin pazar %6,3 daral rken, Turcas Petrol m 3 ürün sat fl gerçeklefltirerek pazar pay n %10,4 e ç karm flt r. Motorin sat fllar n bir önceki y la göre %4,6 art rarak 801,000 m 3 sat fla ulaflm fl, pazar pay %7 olarak gerçekleflmifltir. Siyah ürün pazar n n %6,4 daralmas na ra men Turcas Petrol sat fllar %23,8 art flla 84,000 ton seviyesine ulaflm flt r. pragaz ile yürütülen baflar l iflbirli i sayesinde Otogaz sat fl yapan istasyonlar n say s 250 ye, sat fl hacmi ise 161,000 m 3 e ulaflm flt r y l nda madeni ya sat fllar tona ulaflm flt r. Akaryak t Yönetim Sistemi/AYS Turcas Petrol, sektördeki en geliflmifl smart card teknolojisiyle çal flan ve flirketlerin araç filolar n n akaryak t harcamalar nda ekonomi sa layan AYS sistemi sunmaktad r y l nda 132 olan AYS li istasyon say s, 2003 y l nda 156 ya yükseltilmifl, 2003 y l nda 7 yeni ilde sistem kurularak 48 ilde hizmet verilmeye bafllanm flt r. Türkiye de AYS kullanan araç say s in üzerine yükselmifltir. Artan talepler sonucunda 2003 y l ndan itibaren özellikle flehir içleri ve flehirler aras yollarda AYS li istasyon say s art r lacakt r. In 2003, overall gasoline market shrank by 6.3%, while Turcas market share was raised to 10.4% with sales amounting to m 3. Diesel oil sales have shown an increase of 4.6% as compared to the previous year and reached 801,000 m 3 with the market share standing at 7%. Despite the 6.4% shrinkage in the market for black products, Turcas Petrol s sales volume reached 84,000 m 3 - an increase of 23.8%. As a result of the successful cooperation with pragaz, the number of stations selling auto LPG has risen to 250 with sales totaling 161,000 m 3. In 2003, lubricants sales amounted to tons. AYS (Fuel Management System) AYS (Fuel Management System), operated with the most advanced smart card technologies in the sector, brings economy to the vehicle fleets of the companies. The number of stations equipped with this system has increased from 132 to 156; more than 20,000 vehicles now use this system. With the introduction of the System to an additional seven cities, the number of cities where AYS is utilized totaled 48 in To meet the growing customer demands, efforts are underway to increase the number of stations with AYS system. 20

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25 Faaliyetler Operations Marketi yenilenen tüm istasyonlarda market ürünü ve di er akaryak t d fl servislerin sat fllar nda %30 ile %100 aras nda de iflen oranlarda art fl kaydedilmifltir. In the renewed station shops, sales of fuel products and non-fuel products have increased between 30% and 100%. Akaryak t D fl Faaliyetler Turcas-Castrol iflbirli i, anlaflman n tekrar uzat lmas yla devam ettirilmifltir. Müflteri sadakati programlar ve çeflitli kampanyalar n düzenlenmesi ile önceki y llara göre madeni ya larda sat fl art fl olmufltur y l nda Turcas istasyonlar nda ton madeni ya sat fl gerçekleflmifltir. Turcas Petrol ve pragaz n sürdürdü ü baflar l iflbirli i ile düzenlenen otogaz kampanyalar müflterileri memnun etmifl ve 2002 y l na göre otogaz sat fllar artm flt r y l nda 250 adet otogaz sat fl yapan istasyonlarda geçen y la oranla %7 lik bir art flla sat fl hacmi 161,000 m 3 e ulaflm flt r. Market içi çal flmalar 2003 y l nda h zl bir flekilde devam etmifltir te 58 istasyon marketinin yenileme çal flmalar baflar l bir flekilde tamamlanm flt r. Marketi yenilenen tüm istasyonlarda market ürünü ve di er akaryak t d fl servislerin sat fllar nda %30 ile %100 aras nda de iflen oranlarda art fl kaydedilmifltir. Non-fuel Related Activities The well-established Turcas-Castrol lubricants cooperation was extended with the renewal of the relevant agreement. With the help of successfully employed customer satisfaction programs and various campaigns, sales volume of lubricants increased to tons in The successful cooperation with pragaz and the new sales campaigns yielded impressive results; the number of stations selling auto LPG has risen to 250 while sales volume totaled 161,000 m 3, reflecting a 7% increase over the previous year. Research studies concerning the forecourt shops have continued in During the year, 58 shops have been refurbished. In the renewed station shops, sales of fuel products and non-fuel products have increased between 30% and 100%. 23

26 Faaliyetler Operations Gezici labaratuvar araç filosu yaklafl k km yol katetmifl ve 657 istasyonu defa ziyaret ederek istasyonlar, hizmet ve akaryak t kalitesi yönünden denetimlere tabi tutmufltur. The mobile laboratory fleet has travelled 327,000 kms and made a total of 5,753 visits to 657 stations to monitor the quality of the products and services. Kalite Kontrol Gezici Kalite Denetim Araçlar, 2003 y l içinde teknik ekipman ile birlikte emniyetli kullan m rahatl ve modernlik ön planda tutularak yenilenmifltir. Gezici labaratuvar araç filosu yaklafl k km yol katetmifl ve 657 istasyonu defa ziyaret ederek istasyonlar, hizmet ve akaryak t kalitesi yönünden denetimlere tabi tutmufltur. Bunun yan s ra Kalite Denetim Ekibi müflteri flikayetlerini önem s ralamas nda birinci s rada tutarak gelen flikayetlere an nda müdahale edip Müflteri Memnuniyetini en üst düzeyde tutmay baflarm flt r. fiirket e ulaflan tüm flikayetler, daha da geliflmek için bir f rsat olarak kabul edilmekte ve en k sa sürede bu flikayetlere cevap verilmektedir. letiflim 2002 y l nda bafllat lan iletiflim ata na, yine fiapka logosu ön planda tutulmak üzere, fiapka n n alt nda hizmet veren markalar iflleyen yeni temayla devam edilmifltir. Turcas Petrol, 2003 y l nda iletiflim stratejisi uyar nca TV ve radyo gibi yüksek eriflime sahip olan ve marka tan n rl n art ran mecralarda yer alm flt r. Turcas Petrol, iflbirli i yapt firmalarla birlikte hareket ederek Quality Control The equipment of the Mobile Quality Control teams were upgraded during the year, and additional safety training undertakes. The mobile laboratory fleet has travelled 327,000 kms and made a total of 5,753 visits to 657 stations to monitor the quality of the products and services. The Company has exerted considerable effort to achieve customer satisfaction at the highest possible levels. Any customer complaint received by the Company has, without exception, been considered as an opportunity for further improvement. All complaints are addressed and remedied as quickly as possible. Communication The activities for reviving the hat emblem, launched in 2002, were continued with the same theme focusing on the hat and the brands retailed in Turcas stations. While pursuing its communication strategies, Turcas Petrol s presence in the widely accessed media, such as TV and Radio, has increased, which helped to intensify the awareness of the brand image. 24

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29 Faaliyetler Operations 1992 y l ndan itibaren Türkiye nin ilk katk l benzinlerini üreten Turcas Petrol A.fi., bu y lki reklam kampanyas nda Extra 21 yeni nesil katk l, üstün performansl süper ve kurflunsuz süper benzinlerinin lansman n da gerçeklefltirmifltir. Starting from 1992, Turcas was the first company in Turkey to produce fuel products with additives. This year s advertising campaign promoted Extra 21, high-performance gasoline with new generation additives. Türkiye nin en meflhur flapkas n n alt nda neler var? temas n ifllemifl, kendi flemsiyesi alt nda bulundurdu u Türkiye nin en kaliteli /üstün markalar n öne ç karan reklam kampanyas ile sektöründe ses getirmifltir y l ndan itibaren Türkiye nin ilk katk l benzinlerini üreten Turcas Petrol A.fi., bu y lki reklam kampanyas nda Extra 21 yeni nesil katk l, üstün performansl süper ve kurflunsuz süper benzinlerinin lansman n da gerçeklefltirmifltir y l nda tüketiciden yo un ilgi gören kampanya Gazanfer Özcan ve Bülent Kayabafl ile birlikte devam ederken, yine Sinan Çetin in yönetti i bu y lki filmlerde Türkiye nin tan nm fl sanatç lar ndan Özcan Deniz de rol alm flt r. Kampanya, 75 saniyelik TV reklam filmleri ve 50 saniyelik k sa versiyonlar ile devam etmifl ve Turcas istasyonlar nda hizmet veren pragaz, Castrol ve Worldcard markalar n anlatan 10 saniyelik filmlerle tamamlanm flt r. Extra 21 süper ve kurflunsuz süper benzinlerin promosyonu için ise 15 saniyelik k sa bir ürün tan t m filmi yay nlanm flt r. Turcas made great impact with the advertising campaign What s under the most famous hat of Turkey?, which put emphasis on the country s most famous and distinguished brands sold at Turcas stations. Starting from 1992, Turcas was the first company in Turkey to produce fuel products with additives. This year s advertising campaign promoted Extra 21, highperformance gasoline with new generation additives. The advertising films with prominent actors Gazanfer Özcan and Bülent Kayabafl, were recognized as some of the best TV commercials of the period, and have continued to be broadcasted during the year. Özcan Deniz, one of the most well-known artists of Turkey, acted in this year s commercials, directed by the award winning director Sinan Çetin. The campaign was based on strong TV commercials and completed with short shots of all the brands retailed under the Turcas hat, such as pragaz, Castrol and Worldcard. Short promotional films for Extra 21 premium and unleaded premium products were also broadcasted. 27

30 Faaliyetler Operations Turcas Petrol ün politikas, personeline ve ifl baflvurusunda bulunan adaylara, rk, renk, inanç, etnik veya ulusal köken, cinsiyet, medeni hal, yafl veya engellilik ayr m gözetmeden davranmakt r. It is Turcas Petrol s policy to treat employees and job applicants without regard to race, color, creed, ethnic or national origins, gender, marital status, age or disability. nsan Kaynaklar 31 Aral k 2003 itibariyle Turcas Petrol de 36 kad n ve 152 erkek personelden oluflan toplam 188 kifli çal flmaktad r. Maafllar ve Toplu fl Sözleflmeleri Turcas Petrol herhangi bir Toplu fl Sözleflmesi ne taraf de ildir y l boyunca, içinde bulunulan ekonomik koflullar ve rakiplerin uygulamalar do rultusunda ücretlere iki kez genel zam yap lm flt r. Buna ek olarak ve fiirket in performansa dayal ücret felsefesi çerçevesinde, çal flanlar önceki y ldaki bireysel performanslar na ba l olarak ödüllendirilmifllerdir. K dem Tazminat Yükümlülü ü Aral k 2003 itibariyle, fiirket in yönetmelik gere i k dem tazminat yükümlülü ü toplam 2,036,832 milyon TL olarak gerçekleflmifltir. Personel liflkileri, Felsefesi ve Yan Ödenekler Turcas Petrol ün politikas, personeline ve ifl baflvurusunda bulunan adaylara, rk, renk, inanç, etnik veya ulusal köken, cinsiyet, medeni hal, yafl veya engellilik ayr m gözetmeden davranmakt r. fiirket, tüm çal flanlar na, yeteneklerine ve potansiyellerine dayal olarak ilerlemeleri konusunda f rsat eflitli i sa lar. Turcas Petrol ün insan kaynaklar politikas, organizasyonun bütün kademelerinde teflvik edici ve ödüllendirici bir ortam yaratmakt r. Human Resources As of December 31, 2003 Turcas Petrol had a workforce of 188 employees, made up of 36 females and 152 males. Salaries and Collective Bargaining Agreements Turcas Petrol is not party to any Collective Bargaining Agreement. During 2003, the Company made two general salary increases in line with the prevailing economic conditions and competitive practices. In addition and in line with the Company s philosophy in respect to performance-related salary, merit awards were made based on individual employee s performance in the previous year. Severance Pay Liabilities As of December 2003, as required by regulation, the Company s severance pay liabilities to its employees totalled TL 2,036,832 million TL. Employee Relations Philosophy and Benefits It is Turcas Petrol s policy to treat employees and job applicants without regard to race, color, creed, ethnic or national origins, gender, marital status, age or disability. The Company is committed to provide equal opportunities for all employees so that they may progress within the Company according to their performance ability and potential. It is the policy of Turcas Petrol s human resources management activities to create a challenging and rewarding environment for all employees throughout the organization. 28

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33 Faaliyetler Operations Turcas Petrol, tüm çal flanlar na, yeteneklerine ve potansiyellerine dayal olarak ilerlemeleri konusunda f rsat eflitli i sa lar. Turcas Petrol is committed to provide equal opportunities for all employees so that they may progress within the Company according to their performance ability and potential. Hedeflere dayal yönetim ve personel de erlendirmesi, performans iyilefltirme, motivasyon, iletiflim, geliflim ve e itim ihtiyaçlar n belirlemek ve her çal flan n kendi performans na göre ödüllendirilmesini sa lamak için düzenli olarak kullan lmaktad r. Yasal olarak ödenen ücretlere ek olarak, fiirket afla daki ücret d fl yararlar sa lamaktad r: Ücretli izin Y lda dört ikramiye K dem primleri Y ll k tatil harc rah Sa l k ve yaflam sigortas Do um, ölüm ve evliliklerde mali destek Yemek ve ulafl m Bunlara ek olarak, mavi yakal çal flanlar yakacak yard m, giyecek yard m ve dini bayram ödemeleri almaktad rlar. Bütün bu yard mlar, rakip uygulamalara paralel olarak, düzenli flekilde gözden geçirilmektedir. Management by objectives and employee appraisals are routinely used to improve performance, motivation, communication, development, assess training needs and ensure that each employee is rewarded in accordance with his or her performance. In addition to legally required payments, the Company provides the following fringe benefits: Paid vacations Four bonuses annually Seniority bonuses Annual vacation allowance Health and life insurance Financial support in the event of birth, death and marriage Work-related meals and transportation In addition, employees receive payments for household heating, clothing and allowances for religious festivities. All of these benefits are regularly reviewed in line with employees needs and competitive practices. 31

34 Faaliyetler Operations Türkiye çap nda 500 istasyonda 2,500 istasyon görevlisine akaryak t ürün bilgisi, istasyon emniyeti ve Turcas Petrol A.fi. hizmet standartlar konular nda e itimler verilmifltir. 2,500 staff from 500 stations were trained on matters regarding safety, product information, and services. E itim 2003 y l nda çeflitli konularda e itim faaliyetleri gerçeklefltirilmifltir. 1- Tanker floförü e itimleri: Ülke çap nda 400 ün üzerinde tanker floförüne yükleme, petrol ürünleri ve güvenli sürüfl üzerine e itim verilmifltir. 2- Ticari grup müflterileri seminerleri: Türkiye çap nda ticari müflterilerin personeline petrol ürünleri ile ilgili seminerler verilmifltir. 3- stasyon çal flanlar periyodik e itim çal flmalar : Türkiye çap nda 500 istasyonda 2500 istasyon görevlisine akaryak t ürün bilgisi, istasyon emniyeti ve Turcas Petrol A.fi. hizmet standartlar konular nda e itimler verilmifltir. 4- Turcas personeli: Çal flanlara Türkiye genelinde emniyetli sürüfl, ifl izni sistemi, kaza araflt rmas, risk de erlendirmesi ve di er emniyetle ilgili konular üzerine e itim verilmifltir. Buna ek olarak bilgisayar kullan m, telefon yetkinli i ve enflasyon muhasebesi konular ile birlikte lisansüstü ö renim ve yabanc dil e itimi gören çal flanlara da gerekli destek verilmifltir. Education Considerable training activity took place in Truck Driver Training: More than 400 truck drivers throughout the country were trained in truck loading, petroleum products and safe driving. 2- Commercial Customer Seminars: Commercial customers countrywide were trained in the handling of petroleum products. 3- Service Station Staff: More than 2500 staff from 500 stations were provided with quality of service, product characteristics and safety training. 4- Turcas Staff: Safety related training in respect of defensive driving, work permitting systems, accident investigation, risk assessments and other safety related topics were provided to staff throughout the country. Additional training was provided in areas such as new computer systems, telephone skills, and inflation accounting, and assistance was given to employees undertaking advanced education and foreign languages. 32

35 TURCAS PETROL A.fi. VE BA LI ORTAKLI I 31 ARALIK 2003 TAR H T BAR YLE ULUSLARARASI F NANSAL RAPORLAMA STANDARTLARI NA UYGUN OLARAK HAZIRLANAN KONSOL DE MAL TABLOLAR TURCAS PETROL A.fi. AND ITS SUBSIDIARY CONSOLIDATED FINANCIAL STATEMENTS PREPARED IN ACCORDANCE WITH INTERNATIONAL FINANCIAL REPORTING STANDARDS FOR THE YEAR ENDED 31 DECEMBER 2003

36 BA IMSIZ DENET M RAPORU Turcas Petrol A.fi. Yönetim Kurulu na 1. Turcas Petrol A.fi. ("fiirket") ve ba l ortakl n n (hepbirlikte "Grup") 31 Aral k 2003 tarihi itibariyle düzenlenmifl konsolide bilançosunu ve bu tarihte sona eren hesap dönemine ait konsolide gelir, sermaye de iflim ve nakit ak m tablolar n denetlemifl bulunuyoruz. Sözkonusu mali tablolar, Türk Liras n n 31 Aral k 2003 tarihindeki cari sat n alma gücüyle ifade edilmifltir. Haz rlanan bu mali tablolardan Grup yönetimi sorumludur. Bizim sorumlulu umuz, yapt m z denetim çal flmalar na dayanarak bu mali tablolar üzerinde görüfl bildirmektir. 2. Denetimimiz, Uluslararas Denetim Standartlar na uygun olarak yap lm flt r. Bu standartlar, denetimin mali tablolarda önemli bir yanl fll n olup olmad konusunda makul bir güvenceyi sa lamak üzere planlanmas n ve yap lmas n gerektirmektedir. Denetim, mali tablolardaki tutarlara ve aç klamalara dayanak oluflturan kan tlar n, test yöntemiyle incelenmesini içerir. Denetim, ayn zamanda, uygulanan muhasebe ilkelerinin ve yönetim taraf ndan yap lan önemli muhasebe tahminlerinin ve genel olarak, mali tablolar n sunumunun de erlendirilmesini de içerir. Denetimimizin, beyan etti imiz görüflümüze makul bir dayanak oluflturdu u kan s nday z. 3. Grup un 31 Aral k 2002 tarihi ile sona eren y la ait ba ms z denetimi baflka bir denetim firmas taraf ndan yap lm fl ve 28 fiubat 2003 tarihli ba ms z denetim raporunda olumlu görüfl belirtilmifltir. Raporumuzda cari y l sonuçlar na baz teflkil eden aç l fl bakiyeleri, 2 numaral notta aç klanan geçmifl y l düzeltmelerinin etkileri d fl nda, tamamen bize sunulan di er denetçi raporundan al nm flt r. 4. Görüflümüze göre, yukar daki paragrafta aç klanan hususun muhtemel etkileri hariç olmak üzere, ekli konsolide mali tablolar Grup un 31 Aral k 2003 tarihi itibariyle konsolide mali durumunu ve ayn tarihte sona eren y la ait konsolide faaliyet sonuçlar n ve nakit ak mlar n, bütün önemli taraflar yla Uluslararas Finansal Raporlama Standartlar na ("UFRS") uygun olarak yans tmaktad r. 5. Görüflümüzü etkilememekle birlikte afla daki hususa dikkat çekilmesi gerekli görülmüfltür: Detaylar 2 numaral dipnotta belirtildi i üzere Grup, 31 Aral k 2003 tarihinde sona eren hesap dönemi itibariyle mali tablolar n UFRS ye uygun olarak haz rlamay ve kamuya aç klamay benimsemifltir. Buna ba l olarak, Sermaye Piyasas Kurulu nun Seri XI No:25 say l Tebli ini veya UFRS yi seçerek erken uygulamaya bafllayan iflletmelerin, SPK n n Seri XI No: 1, Seri XI No: 20 ve Seri XI No: 21 say l tebli ler kapsam nda raporlama yapmalar gerekmemektedir. DENET M SERBEST MAL MÜfiAV RL K A.fi. Member firm of DELOITTE TOUCHE TOHMATSU Ömer Tanr över Sorumlu Ortak Bafl Denetçi stanbul, 22 Nisan 2004

37 INDEPENDENT AUDITORS' REPORT To the Board of Directors of Turcas Petrol A. fi. 1. We have audited the accompanying consolidated balance sheet of Turcas Petrol A.fi. (the "Company") and its subsidiary (together the "Group") as at 31 December 2003, and the related consolidated statements of income, shareholders' equity and cash flows for the year then ended, all expressed in the equivalent purchasing power of the Turkish Lira at 31 December These financial statements are the responsibility of the Group s management. Our responsibility is to express an opinion on these financial statements based on our audit. 2. We conducted our audit in accordance with International Standards on Auditing. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. 3. The financial statements of the Group for the year ended 31 December 2002 were audited by other auditors whose reports, dated 28 February 2003, expressed unqualified opinion. The other auditors reports have been furnished to us, and our report, insofar as it relates to the opening balances for the current year is based solely on the reports of such other auditors except for the effects of prior period adjustments as explained in footnote In our opinion, except for such adjustments if any, as may be required in respect of the matter set in the paragraph above, the financial statements referred to above present fairly, in all material respects, the financial position of the Group as of 31 December 2003 and the results of its operations and its cash flows for the year then ended, in accordance with International Financial Reporting Standards. 5. Without qualifying our opinion, we draw attention to the following: As explained in detail in footnote 2, as of 31 December 2003, the Group has decided to prepare and issue its financial statements in accordance with International Financial Reporting Standards. Consequently the Companies which choose to early adopt Turkish Capital Market Board ("CMB") Bulletin XI No: 25 or IFRS are not required to report in accordance with CMB Bulletins XI No: 1, XI No: 20 and XI No: 21. DENET M SERBEST MAL MÜfiAV RL K A.fi. Member firm of DELOITTE TOUCHE TOHMATSU Ömer Tanr över Partner Istanbul, 22 April 2004

38 TURCAS PETROL A.fi. VE BA LI ORTAKLI I TURCAS PETROL A.fi. AND ITS SUBSIDIARY 31 ARALIK 2003 VE 2002 TAR HLER T BAR YLE KONSOL DE B LANÇOLAR CONSOLIDATED BALANCE SHEETS AS AT 31 DECEMBER 2003 AND 2002 (Tutarlar, Türk paras n n 31 Aral k 2003 teki sat n alma gücü ile Milyon TL olarak ifade edilmifltir (not 2)). (Amounts expressed in millions of Turkish Lira (TL) in terms of the purchasing power of the TL at 31 December 2003 (note2)) DÖNEN VARLIKLAR / CURRENT ASSETS Not / Note Kasa ve bankalar / Cash and banks 4 18,867,604 9,388,087 Al m-sat m amaçl finansal varl klar / Held for trading investments 5-5,515,416 Ticari alacaklar (net) / Trade receivables (net) 6 51,545,377 62,806,129 liflkili flirketlerden alacaklar / Due from related parties 7 345,586 2,634 Stoklar / Inventories 8 18,095,013 14,685,736 Di er alacaklar ve dönen varl klar (net) / Other receivables and current assets (net) 9 1,841,971 5,970,731 Dönen Varl klar Toplam / Total Current Assets 90,695,551 98,368,733 DURAN VARLIKLAR / LONG-TERM ASSETS Sat lmaya haz r finansal varl klar / Available-for-sale investments 10 13,561 11,280 fierefiye (net) / Goodwill (net) 11 81,805,792 92,626,244 Maddi duran varl klar (net) / Property, plant and equipment (net) 12 53,674,859 61,452,830 Maddi olmayan duran varl klar (net) / Intangible assets (net) 13 11,115,637 15,641,253 Di er alacaklar ve duran varl klar (net) / Other receivables and long-term assets (net) 14 6,005,520 4,025,799 Ertelenmifl vergi aktifi / Deferred tax assets 18 1,534,161 5,976,882 Duran Varl klar Toplam / Total Long-Term Assets 154,149, ,734,288 AKT F (VARLIKLAR) TOPLAMI / TOTAL ASSETS 244,845, ,103,021 Ekteki dipnotlar bu mali tablolar n tamamlay c bir parças d r. The accompanying notes form an integral part of these financial statements.

39 TURCAS PETROL A.fi. VE BA LI ORTAKLI I TURCAS PETROL A.fi. AND ITS SUBSIDIARY 31 ARALIK 2003 VE 2002 TAR HLER T BAR YLE KONSOL DE B LANÇOLAR CONSOLIDATED BALANCE SHEETS AS AT 31 DECEMBER 2003 AND 2002 (Tutarlar, Türk paras n n 31 Aral k 2003 teki sat n alma gücü ile Milyon TL olarak ifade edilmifltir (not 2)). (Amounts expressed in millions of Turkish Lira (TL) in terms of the purchasing power of the TL at 31 December 2003 (note2)) Not / Note KISA VADEL YABANCI KAYNAKLAR / CURRENT LIABILITIES K sa vadeli mali borçlar / Short-term borrowings 15 43,691,937 71,578,458 Ticari borçlar / Trade payables 16 23,124,532 17,345,383 liflkili flirketlere borçlar / Due to related parties 7 58, ,569 Di er borçlar ve gider tahakkuklar / Other payables and current liabilities 17 9,731,537 9,685,698 Ödenecek kurumlar vergisi / Corporate tax payable 18 2,279,135 - K sa Vadeli Yabanc Kaynaklar Toplam /Total Current Liabilities 78,885,451 99,061,108 UZUN VADEL YABANCI KAYNAKLAR / LONG-TERM LIABILITIES Uzun vadeli mali borçlar / Long-term borrowings 15 27,974,860 74,473,210 Di er uzun vadeli borçlar / Other long-term liabilities 17 2,131,428 2,832,940 K dem tazminat karfl l / Retirement pay provision ,352 1,143,460 Uzun Vadeli Yabanc Kaynaklar Toplam / Total Long-Term Liabilities 31,087,640 78,449,610 TAAHHÜTLER VE YÜKÜMLÜLÜKLER / COMMITMENTS & CONTINGENCIES ÖZSERMAYE / SHAREHOLDERS' EQUITY Sermaye / Capital 21 84,723,154 84,723,154 Emisyon primi / Premium in excess of par 21 75,641,464 75,641,464 Yasal yedekler / Legal reserves 21 45,924,928 45,924,928 Birikmifl zararlar / Accumulated deficit (71,417,556) (105,697,243) Özsermaye Toplam / Total Shareholders' Equity 134,871, ,592,303 PAS F (KAYNAKLAR) TOPLAMI / TOTAL LIABILITIES AND SHAREHOLDERS EQUITY 244,845, ,103, Ekteki dipnotlar bu mali tablolar n tamamlay c bir parças d r. The accompanying notes form an integral part of these financial statements.

40 TURCAS PETROL A.fi. VE BA LI ORTAKLI I TURCAS PETROL A.fi. AND ITS SUBSIDIARY 31 ARALIK 2003 VE 2002 TAR HLER NDE SONA EREN YILLARA A T KONSOL DE GEL R TABLOLARI CONSOLIDATED STATEMENTS OF INCOME FOR THE YEARS ENDED 31 DECEMBER 2003 AND 2002 (Tutarlar, Türk paras n n 31 Aral k 2003 teki sat n alma gücü ile Milyon TL olarak ifade edilmifltir (not 2)). (Amounts expressed in millions of Turkish Lira (TL) in terms of the purchasing power of the TL at 31 December 2003 (note2)) Not / Note Net sat fllar / Net sales 22 1,509,056,655 1,480,119,877 Sat fllar n maliyeti / Cost of sales 23 (1,445,493,991) (1,414,647,610) Brüt kar / Gross profit 63,562,664 65,472,267 Sat fl ve genel yönetim giderleri / Sales and general administrative expenses 24 (49,086,020) (61,072,057) Di er faaliyet gelirleri / Other operating income 25 14,417,744 12,350,950 Di er faaliyet giderleri / Other operating expenses 25 (1,582,167) (4,928,813) Faaliyet kar / Operating profit 27,312,221 11,822,347 Finansman gelirleri (net) / Finance income (net) 26 10,302,970 20,409,559 Parasal kazanç / (kay p) / Monetary gain/(loss) 5,867,009 (13,189,276) Vergi öncesi kar / Profit before taxation 43,482,200 19,042,630 Vergi / Taxation 18 (9,202,513) 199,788 Net kar / Net profit 34,279,687 19,242,418 Hisse bafl na kar (TL) / Earnings per share (TL) 1, Ekteki dipnotlar bu mali tablolar n tamamlay c bir parças d r. The accompanying notes form an integral part of these financial statements.

41 TURCAS PETROL A.fi. VE BA LI ORTAKLI I TURCAS PETROL A.fi. AND ITS SUBSIDIARY 31 ARALIK 2003 VE 2002 TAR HLER NDE SONA EREN YILLARA A T KONSOL DE ÖZSERMAYE DE fi M TABLOSU CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS EQUITY FOR THE PERIODS ENDED 31 DECEMBER 2003 AND 2002 (Tutarlar, Türk paras n n 31 Aral k 2003 teki sat n alma gücü ile Milyon TL olarak ifade edilmifltir (not 2)). (Amounts expressed in millions of Turkish Lira (TL) in terms of the purchasing power of the TL at 31 December 2003 (note2)) Emisyon Yasal Birikmifl Özsermaye Primi Yedekler Zararlar / Toplam Sermaye / Premium in / Legal Accumulated / Total / Capital Excess of Par Reserves Deficit Equity 1 Ocak 2002 tarihi itibariyle daha önce raporlanan bakiye / Previously reported balance as of 1 January ,741,666 76,019,067 2,078,658 (83,183,227) 80,656,164 Düzeltme / Adjustments (1,018,512) (377,603) 43,846,270 (41,756,434) 693,721 1 Ocak 2002 tarihi itibariyle düzeltilmifl bakiye / Restated balance as of 1 January ,723,154 75,641,464 45,924,928 (124,939,661) 81,349,885 Net dönem kar / Net profit for the period 19,242,418 19,242, Aral k 2002 tarihi itibariyle bakiye / Balance as of 31 December ,723,154 75,641,464 45,924,928 (105,697,243) 100,592,303 Net dönem kar / Net profit for the period 34,279,687 34,279, Aral k 2003 tarihi itibariyle bakiye / Balance as of 31 December ,723,154 75,641,464 45,924,928 (71,417,556) 134,871, Ekteki dipnotlar bu mali tablolar n tamamlay c bir parças d r. The accompanying notes form an integral part of these financial statements.

42 TURCAS PETROL A.fi. VE BA LI ORTAKLI I TURCAS PETROL A.fi. AND ITS SUBSIDIARY 31 ARALIK 2003 VE 2002 TAR HLER NDE SONA EREN YILLARA A T KONSOL DE NAK T AKIM TABLOSU STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED 31 DECEMBER 2003 AND 2002 (Tutarlar, Türk paras n n 31 Aral k 2003 teki sat n alma gücü ile Milyon TL olarak ifade edilmifltir (not 2)). (Amounts expressed in millions of Turkish Lira (TL) in terms of the purchasing power of the TL at 31 December 2003 (note2)) filetme FAAL YETLER NDEN KAYNAKLANAN NAK T AKIMLARI / CASH FLOWS FROM OPERATING ACTIVITIES Not / Note Net dönem kar / Net profit for the period 34,279,687 19,242,418 Net dönem kar n iflletme faaliyetlerinden elde edilen nakit ak m na getirmek için yap lan düzeltmeler: Adjustments to reconcile net income to net cash provided by operating activities: Maddi duran varl klar n amortisman / Depreciation of property, plant and equipment 12 10,478,479 13,192,256 Maddi olmayan duran varl klar n amortisman / Amortization of intangible assets 13 4,555,965 9,459,448 fierefiyenin amortisman / Amortization of goodwill 11 10,820,452 10,820,452 K dem tazminat karfl l / Provision for retirement pay 19 (162,108) 742,098 fiüpheli alacak karfl l / Allowances for doubtful receivables 6 (63,202) (163,082) Parasal (kay p) / kazanç ile netlefltirilmifl vergi karfl l / Accrued taxation net of monetary gain/(loss) 9,933,866 1,581,863 flletme sermayesindeki de iflim öncesi faaliyetlerden elde edilen nakit ak m 69,843,139 54,875,453 / Accrued taxation net of monetary gain/(loss) flletme sermayesinde gerçekleflen de iflimler / Operating profit before changes in working capital 27 17,132,214 (15,394,203) Faaliyetlerden elde edilen nakit / Changes in operating assets and liabilities 86,975,353 39,481,250 Kurumlar vergisi / Corporate tax paid (3,212,006) - flletme faaliyetlerinden elde edilen nakit / Net cash provided by operating activities 83,763,347 39,481,250 YATIRIM FAAL YETLER NDEN KAYNAKLANAN NAK T AKIMLARI / CASH FLOWS FROM INVESTING ACTIVITIES Al m-sat m amaçl finansal varl klardaki de iflim / Changes in held for trading investments (net) 5 5,515,416 (5,515,416) Sat lmaya haz r finansal varl k al mlar / Purchase of available-for-sale investments (2,281) - Maddi duran varl k al mlar / Purchases of property, plant and equipment 12 (5,021,960) 6,763,626 Maddi olmayan duran varl k al mlar / Purchases of intangible assets 13 (30,349) (4,901,223) Sat lan maddi duran varl klar n net defter de eri / Net book value of fixed assets disposed ,038 17,675,468 Di er yat r m faaliyetlerinde gerçekleflen de iflim / Changes in other investing activities 28 (900,816) 601,917 Yat r m faaliyetlerinden elde edilen nakit / Net cash provided by investing activities 101,048 14,624,372 F NANSMAN FAAL YETLER NDEN KAYNAKLANAN NAK T AKIMLARI / CASH FLOWS FROM FINANCING ACTIVITIES Mali borçlardaki de iflim / Change in borrowings (74,384,878) (85,290,832) Finansal faaliyetlerde kullan lan nakit / Net cash used in financing activities (74,384,878) (85,290,832) KASA VE BANKALARDAK NET DE fi M / NET CHANGES IN CASH AND BANKS 9,479,517 (31,185,212) DÖNEM BAfiI KASA VE BANKALAR / CASH AND BANKS AT THE BEGINNING OF YEAR 4 9,388,087 40,573,299 DÖNEM SONU KASA VE BANKALAR / CASH AND BANKS AT THE END OF YEAR 4 18,867,604 9,388,087 Ekteki dipnotlar bu mali tablolar n tamamlay c bir parças d r. The accompanying notes form an integral part of these financial statements.

43 TURCAS PETROL A.fi. VE BA LI ORTAKLI I 31 ARALIK 2003 TAR H NDE SONA EREN YILA A T KONSOL DE MAL TABLOLARA L fik N D PNOTLAR TURCAS PETROL A.fi. AND ITS SUBSIDIARY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2003 (Tutarlar, Türk paras n n 31 Aral k 2003 teki sat n alma gücü ile Milyon TL olarak ifade edilmifltir (not 2)). (Amounts expressed in millions of Turkish Lira (TL) in terms of the purchasing power of the TL at 30 June 2003 (note 2)) 1. GRUP UN YAPISI VE FAAL YET ALANLARI Turcas Petrol A.fi. Toplulu u (Grup), Turcas Petrol A.fi. (fiirket) ve hisselerinin tamam na sahip bulundu u ba l ortakl, Marmara Petrol ve Rafineri flleri A.fi. den oluflmaktad r. Turcas Petrolcülük A.fi., 1988 y l nda Türkpetrol Holding ve Burmah-Castrol taraf ndan kurulmufltur y l nda, Tabafl Petrolcülük A.fi. ("Tabafl") Turcas Petrolcülük A.fi nin herbiri 1,000 TL nominal de erli 1,677,946 adet hissesini 139,681,436 ABD Dolar karfl l nda sat n alarak %82.16 oran nda ortak olmufltur. 30 Eylül 1999 tarihi itibariyle Tabafl, Türk Ticaret Kanunu nun 451. ve Kurumlar Vergisi Kanunu nun maddeleri uyar nca Turcas Petrolcülük A.fi ile birleflmifltir. Bu birleflmenin sonucu olarak; Turcas Petrolcülük A.fi. nin tüm aktif ve pasifi Tabafl a devrolmufl ve Turcas Petrolcülük A.fi feshedilmifltir. Ayn tarih itibariyle Tabafl Petrolcülük A.fi. nin ticari ünvan Turcas Petrol A.fi. olarak de ifltirilmifltir. fiirket in faaliyet konusu; her türlü petrol ve petrol ürünlerinin al m, sat m, ihrac ve ithali ile da t m d r. fiirket 1996 y l nda Marmara Petrol ve Rafineri flleri A.fi. nin ("Marmara") hisselerinin %100 ünü sat n alm flt r y l nda kurulan Marmara n n Anadolu Tasfiyehanesi A.fi deki ("Atafl") %5 ortakl d fl nda bir faaliyeti ve çal flan personeli yoktur. Mersin de kay tl bulunan Atafl, Türk Kanunlar n n hükümlerince kurulmufltur. Atafl n ana faaliyeti ifltirakçi flirketler yarar na petrol rafine etmektir. Atafl n faaliyet giderleri ve vergileri ifltirakçi firmalar taraf ndan yüklenilmekte ve ifltirakçiler Atafl a bu amaçla dönemsel olarak nakit kaynak sa lamaktad rlar. Petrol Kanunu hükümleri uyar nca Atafl n tüm haklar ifltirakçi flirketlerin hissedarlar na verilmifltir. 2. KONSOL DE MAL TABLOLARIN HAZIRLANMA ESASLARI Konsolide mali tablolar n haz rlanmas ndaki esaslar: Ekli konsolide mali tablolar Uluslararas Finansal Raporlama Standartlar na ("UFRS") uygun bir flekilde haz rlanm flt r. fiirket ve ba l ortakl ; defterlerini ve kanuni mali tablolar n Türk Ticaret Kanunu ve vergi mevzuat nca belirlenen muhasebe ilkelerine uygun olarak tutmakta ve haz rlamaktad rlar. Ekli mali tablolar konsolide edilen flirketlerin yasal kay tlar na Uluslararas Muhasebe Standartlar Kurulu taraf ndan yay mlanan UFRS ye uygun düzeltmeler ve s n flama maddelerini ve ayr ca Türk Liras n n sat n alma gücündeki de iflimi mali tablolara yans tan düzeltmeleri içermektedir. Turcas Petrolcülük A.fi. nin Tabafl taraf ndan sat n al nmas "sat n alma yöntemi" kullan lm flt r. Sat n alma sonucunda elde edilen aktif ve pasifler, sat n alma iflleminin gerçekleflti i tarihteki gerçek de erleri kullan larak mali tablolara yans t lm flt r. SPK, 15 Kas m 2003 tarihinde Seri XI No: 25 say l "Sermaye Piyasas nda Muhasebe Standartlar Hakk nda Tebli "i yay mlam fl bulunmaktad r. Bu Tebli, 1 Ocak 2005 tarihinden sonra sona eren ilk ara mali tablolardan geçerli olmak üzere yay m tarihinde yürürlü e girmifltir. Bununla birlikte, dileyen iflletmeler 31 Aral k 2003 veya izleyen tarihler itibariyle sona eren y ll k veya ara hesap dönemlerinden bafllamak üzere Seri XI No: 25 say l Tebli hükümlerini uygulayabilecektir. Sözkonusu Tebli in Otuzdördüncü K s m - Genel Hükümler, mali tablo yükümlülüklerine iliflkin geçici birinci maddesinde belirtildi i üzere, mali tablolar n Seri XI No: 25 say l Tebli hükümlerine göre zorunlu olarak düzenlenece i ilk hesap döneminin bafl na kadar geçen süre zarf nda UFRS ye göre mali tablo ve raporlar n düzenlenmesi ve kamuya aç klanmas, Seri XI No: 25 say l Tebli de öngörülen mali tablo haz rlama ve ilan yükümlülüklerinin yerine getirilmesi hükmündedir. Buna istinaden Grup, 31 Aral k 2003 tarihinde sona eren hesap dönemi itibariyle mali tablolar n UFRS ye uygun olarak haz rlamay ve kamuya aç klamay benimsemifltir. 31 Aral k 2003 tarihi itibariyle Seri XI No:25 say l Tebli ini veya UFRS yi seçerek erken uygulamaya bafllayan iflletmelerin, SPK n n Seri XI No: 1 "Sermaye Piyasas nda Mali Tablo ve Raporlara liflkin lke ve Kurallar 1. ORGANIZATION AND OPERATIONS OF THE GROUP Turcas Petrol A.fi. Group (the "Group") consists of Turcas Petrol A.fi. (the "Company"), and its wholly owned subsidiary, Marmara Petrol ve Rafineri flleri A.fi. ("Marmara"). Turcas Petrolcülük A.fi. was established in 1988 by Türkpetrol Holding and Burmah-Castrol. In 1996, Tabafl Petrolcülük A.fi. ("Tabafl") purchased 1,677,946 shares in Turcas Petrolcülük A.fi. of one thousand TL nominal value each, for USD 139,681,436, resulting in an ownership of 82.16%. On 30 September 1999, Tabafl merged with Turcas Petrolcülük A.fi. in accordance with Turkish Commercial Code Article No: 451 and Corporate Tax Law Article No: As a result of the merger, the assets and liabilities of Turcas Petrolcülük A.fi. were transferred to Tabafl, Turcas Petrolcülük A.fi. dissolved and the commercial title of Tabafl was changed to Turcas Petrol A.fi. The Company is engaged in purchasing, selling, importing, exporting, and distributing all kinds of fuel products and lubricants. In 1996, the Company acquired 100% of Marmara, which was established in Marmara has no employees and no activities other than 5% ownership of Anadolu Tasfiyehanesi A.fi. ("Atafl"). Atafl is incorporated under Turkish Law and registered in Mersin, Turkey. Its sole activity is the refining of oil on behalf of the participating companies, to whom all operating expenses and income taxes are charged, and who are required to make cash advances periodically for this purpose. The rights of Atafl under the petroleum law are vested in the refinery companies of the participant shareholders. 2. BASIS OF THE CONSOLIDATED FINANCIAL STATEMENTS Basis of presentation of consolidated financial statements: The accompanying consolidated financial statements have been prepared in accordance with International Financial Reporting Standards ("IFRS"). The Company and its subsidiary maintain their books of account and prepare their statutory financial statements in accordance with accounting principles in the Turkish Commercial Code and tax legislation. The accompanying consolidated IFRS financial statements are based on the statutory records, with adjustments and reclassifications, including restatement for the changes in the general purchasing power of the Turkish Lira, for the purpose of fair presentation in accordance with Statements of IFRS issued by the International Accounting Standards Board. The acquisition of Turcas Petrolcülük A.fi. by Tabafl is accounted for by using the purchase method of accounting. The assets and liabilities recognized as a result of the purchase are measured at the fair value of identifiable assets and liabilities acquired as at the date of the exchange transaction. On 15 November 2003 Capital Market Board ("CMB") has published Decree XI/25 named "Bulletin about Capital Market Accounting Standards". The Bulletin will be effective for the first interim financial statements after 1 January However, enterprises may early adopt the standards of the Decree XI/25 for the years ending on 31 December 2003 or after. As explained in the 34th Article - General Regulations, temporary clause No: 1 about the financial statement s obligations of the Decree in question, preparing and publishing the financial statements and reports in accordance with International Financial Reporting Standards until the first fiscal period when the Decree XI/25 will be compulsory, is in compliance with the financial statements preparing and publishing regulations anticipated in Decree XI/25. Based on this, the Group has chosen to prepare and publicly announce its financial statements in accordance with International Financial Reporting Standards. Enterprises which have chosen early adoption of Decree XI/25 or IFRS as of 31 December 2003, are not required to report based on CMB Decree XI/1 "Bulletin About the Rules and Regulations in Capital Market", Decree XI/20 "Bulletin About the Methods and Principles of Preparing Financial Statements in Hyperinflationary Economies" and Decree XI/21 41

44 Hakk nda Tebli ", Seri XI No: 20 "Yüksek Enflasyon Dönemlerinde Mali Tablolar n Düzeltilmesine liflkin Usul ve Esaslar Hakk nda Tebli " ve Seri XI No: 21 say l "Sermaye Piyasas nda Konsolide Mali Tablolara ve fltiraklerin Muhasebelefltirilmesine liflkin Usul ve Esaslar Hakk nda Tebli " kapsam nda raporlama yapmalar gerekmemektedir. Enflasyon muhasebesi: Bilanço tarihi itibariyle, Türk Liras n n genel sat n al m gücündeki de iflmeler nedeniyle yap lan düzeltmelerde, Uluslararas Muhasebe Standart ("UMS") 29 ("Hiperenflasyonist Ekonomilerde Finansal Raporlama") esas al nm flt r. UMS 29, hiperenflasyonist ekonomilerin para birimi ile haz rlanan mali tablolar n bilanço tarihindeki ölçüm biriminden gösterilmesini ve genel fiyat endeksinin kullan larak daha önceki dönemlere ait bakiyelerin de ayn birimden gösterilmesini öngörmektedir. UMS 29 un uygulanmas n gerektiren durumlardan biri, üç y ll k kümülatif enflasyon oran n n, yaklafl k %100 veya üzerinde olmas d r. Türkiye de Devlet statistik Enstitüsü ("D E") taraf ndan yay mlanan toptan eflya fiyat endeksi ("TEFE") baz al nd nda söz konusu kümülatif oran 31 Aral k 2003 tarihiyle sona eren üç y ll k dönem için %181 olmufltur. Enflasyona göre yap lan düzeltmeler, D E taraf ndan yay mlanan toptan eflya fiyat endeksi kullan larak bulunan katsay lar esas al narak hesaplanm flt r. 31 Aral k 2003 tarihi itibariyle ekte sunulan mali tablolar n düzeltilmesinde kullan lan söz konusu endeks ve katsay lar afla da belirtilmifltir: Endeks Katsay 31 Aral k , Aral k , Aral k , Aral k , Aral k , Türk Liras n n Amerikan Dolar karfl s ndaki y ll k de ifliminin, Türkiye deki TEFE ile karfl laflt r lmas afla daki gibidir: Y llar: ABD Dolar devalüasyon oran (%14.6) %13.5 %114.3 %24.4 TEFE %13.9 %30.8 %88.6 % Aral k 2003 tarihi itibariyle Türkiye Cumhuriyet Merkez Bankas taraf ndan aç klanan dolar kuru 1 ABD Dolar = 1,395,835 TL dir (31 Aral k 2002: 1 ABD Dolar = 1,634,501 TL). UMS 29 endeksleme ifllemlerinin ana hatlar afla daki gibidir: Bilanço tarihi itibariyle cari sat nalma gücü ile gösterilenler d fl ndaki tüm kalemler ilgili TEFE katsay lar kullan larak endekslenmifltir. Önceki y llara ait tutarlar da yine ayn flekilde endekslenmifltir. Parasal aktif ve pasif kalemler, bilanço tarihinde cari olan sat n alma gücü ile ifade edildiklerinden endekslemeye tabi tutulmam fllard r. Parasal kalemler nakit para ve nakit olarak al nacak veya ödenecek kalemlerdir. Parasal olmayan aktif ve pasifler sat n alma veya ilk kayda al nma tarihinden bilanço tarihine kadar olan süre içerisinde genel fiyat endeksinde meydana gelen de iflikliklerin al m maliyetlerine ve birikmifl amortisman tutarlar na yans t lmas suretiyle yeniden ifade edilmifltir. Böylece sabit k ymetler, ifltirakler ve benzeri aktifler piyasa de erlerini geçmeyecek flekilde al m de erleri üzerinden endekslenmifltir. Amortismanlar da benzeri flekilde yeniden düzeltilmifllerdir. Özkaynaklar n içerisinde yeralan tutarlar, bu tutarlar n flirkete kat ld veya flirket içerisinde olufltu u dönemlerdeki genel fiyat endekslerinin uygulanmas neticesinde yeniden düzeltilmifltir. Gelir tablosunda yeralan tüm kalemler, gelir ve gider hesaplar n n mali tablolara ilk olarak yans t ld klar dönemler üzerinden hesaplanan katsay lar ile endekslenmifllerdir. "Bulletin about the Methods and Principles of Accounting of Consolidated Financial Statements and Subsidiaries". Inflation accounting: Restatement adjustments have been made to the financial statements of the Company and its subsidiary to compensate for the effect of changes in the general purchasing power of the Turkish Lira, as of the balance sheet date, in accordance with International Accounting Standard No. 29 "Financial Reporting in Hyperinflationary Economies" ("IAS 29"). IAS 29 requires that financial statements prepared in the currency of a hyperinflationary economy be stated in terms of the measuring unit current at the balance sheet date and the corresponding figures for previous periods be restated in the same terms. One characteristic that necessitates the application of IAS 29 is a cumulative three-year inflation rate approaching or exceeding 100%. Such cumulative rate in Turkey exceeded 181% for the three years ended 31 December 2003 based on the wholesale price index announced by the Turkish State Institute of Statistics ("SIS"). The restatement was calculated by means of conversion factors derived from the Turkish countrywide wholesale price index ("the WPI") published by the SIS. Such index and the conversion factors used to restate the accompanying consolidated financial statements as of the end of each period to 31 December 2003 are given below: Conversion Index Factor 31 December , December , December , December , December , The annual change in the TL exchange rate against the US Dollar can be compared with the rates of general price inflation in Turkey according to the WPI as set out below: Years: Currency deflation US $ (14.6%) 13.5% 114.3% 24.4% WPI inflation 13.9% 30.8% 88.6% 32.7% At 31 December 2003, the exchange rate announced by the Turkish Central Bank was TL 1,395,835 = USD 1 (31December 2002: TL 1,634,501 = USD 1). The main guidelines for the IAS 29 restatement are as follows: All balance sheet amounts not already expressed in terms of the measuring unit current at the balance sheet date are restated by applying a general price index, the WPI. Corresponding figures for previous periods are similarly restated. Monetary assets and liabilities are not restated because they are already expressed in terms of the measuring unit current at the balance sheet date. Monetary items are money held and items to be received or paid in money. Non-monetary assets and liabilities are restated by applying, to the initial acquisition cost and any accumulated depreciation, the change in the general price index from the date of acquisition or initial recording to the balance sheet date. Hence, property, plant and equipment, investments and similar assets are restated from the date of their purchase, not to exceed their market value. Depreciation is similarly restated. The components of shareholders equity are restated by applying the applicable general price index from the dates the components were contributed or otherwise arose. All items in the statement of income are restated by applying the relevant conversion factors from the dates when the income and expense items were initially recorded in the financial statements.

45 Net parasal pozisyon üzerinden genel enflasyon neticesinde oluflan kazanç veya kay p, parasal olmayan aktiflere, özkaynak kalemlerine ve gelir tablosu hesaplar na yap lan düzeltmelerin fark d r. Net parasal pozisyon üzerinden hesaplanan bu kazanç veya kay p net kara dahil edilmifltir. Konsolidasyon: Konsolide mali tablolar, fiirket ve fiirket in ba l ortakl olan Marmara n n mali tablolar n kapsamaktad r. Grup içi sat fl ve al fllar, grup içi alacaklar ve borçlar ile grup içi ifltiraklerin elimine edilmesi için düzeltmeler yap lm flt r. Grup un direk veya dolayl olarak %50 sinden fazlas na ifltirak etti i veya oy hakk na sahip olmas nedeniyle ifllemleri üzerinde kontrol yetkisine sahip oldu u ba l ortakl klar tam olarak konsolide edilmektedir. Grup, ba l ortakl k konumundaki flirketin finansal ve operasyonel politikalar n yürütme gücüne sahip olmas nedeniyle, ba l ortakl n faaliyet sonuçlar ndan pay al r. Grup ve konsolide edilen ba l ortakl klar aras nda gerçekleflen önemli ifllemler ve bakiyeler konsolidasyon s ras nda yok edilir. %100 üne sahip olunmayan konsolide ba l ortakl klar n, özkaynaklar ve net kar/zarar ndaki üçüncü flah slara ait paylar konsolide mali tablolarda az nl k pay olarak gösterilmektedir. Geçmifl y l düzeltmeleri Grup, cari dönemde Sermaye Piyasas Kurulu nun yeni düzenlemeleri ve Vergi Usul Kanunu nda meydana gelen de ifliklikler sebebiyle UFRS ye uygun mali tablolara baz teflkil eden enflasyon muhasebesi ile ilgili kay tlar n tekrar gözden geçirmifl ve bunun sonucunda maddi duran varl k, maddi olmayan duran varl k, sermaye, emisyon primi, yasal yedekler ve ertelenmifl vergi kalemlerinde bir tak m düzeltmeler yapm flt r. Bu düzeltmelerin detaylar 32 no lu dipnotta görülebilir. 3. UYGULANAN MUHASEBE PRENS PLER N N ÖZET Ekteki konsolide mali tablolar n haz rlanmas nda kullan lan önemli muhasebe prensipleri afla daki gibidir: a. liflkili flirketler Ekteki mali tablolarda fiirket in hissedarlar, konsolide olan ve olmayan Grup flirketleri, bunlar n yöneticileri ve iliflkili olduklar bilinen di er gruplar, iliflkili flirketler olarak tan mlanm fllard r. b. Yat r mlar Yat r mlar ifllem tarihi esas na göre kay tl de erleri ile muhasebelefltirilmektedirler. lk kay t tarihinden sonraki raporlama dönemlerinde, Grup un vade sonuna kadar elinde tutma niyet ve gücü olan yat r mlar, iskonto edilmifl maliyet de erleri üzerinden de er düflüklü ü dikkate al narak de erlenir. Vade sonuna kadar elde tutulacaklar haricinde kalan yat r mlar al m-sat m amaçl yat r mlar ve sat lmaya haz r finansal varl klar olarak s n flan r ve bilanço tarihindeki rayiç de erleri ile de erlendirilirler. Al m-sat m amaçl finansal varl klardan kaynaklanan gerçekleflmemifl kar ve zararlar dönem kar zarar na yans t l r. Sat lmaya haz r finansal varl klardan kaynaklanan gerçekleflmemifl kar ve zararlar ise, sat fla ya da sürekli de er düflüklü üne karar verilene kadar, özkaynaklar alt nda muhasebelefltirilir ve sat flta ya da de er düflüklü ünde daha önce özkaynaklar içinde oluflan kümülatif kar zarar dönem kar zarar na intikal ettirilir. Aktif bir piyasada oluflmufl piyasa fiyat olmayan ve di er de erleme yöntemleri kullan larak piyasa de eri tespit edilemeyen sat lmaya haz r finansal varl klar ekli konsolide mali tablolarda endekslenmifl maliyet de erleri ile gösterilmifltir. c. Ticari alacaklar Ticari alacaklar, UMS 39 ("Finansal enstrümanlar: kayda alma ve de erleme") kapsam nda geçerli faiz oran ile iskonto edilmifl net gerçekleflebilir de erlerinden olas flüpheli alacak karfl l klar düflülmek suretiyle The gain or loss on the net monetary position is the result of the effect of general inflation and is the difference resulting from the restatement of non-monetary assets, shareholders equity and income statement items. The gain or loss on the net monetary position is included in net income. Consolidation: The consolidated financial statements incorporate the financial statements of the Company and its subsidiary, Marmara. Adjustments are made to eliminate intercompany sales and purchases, intercompany receivables and payables and intercompany equity investments. Entities in which the Company, directly or indirectly, has above 50% shareholding or interest of voting rights or otherwise has power to exercise control over operations, have been fully consolidated. Control is achieved where the Company has the power to govern the financial and operating policies of an investee enterprise so as to obtain benefits from its activities. All significant transactions and balances between the Company and its consolidated subsidiaries are eliminated on consolidation. In cases where the consolidated entities are not 100% owned, the shareholders equity and net income which belong to third party shareholders are separately disclosed as minority interest. Prior year adjustments In current period, due to new regulations of Capital Market Board and changes in Tax Procedure Code, the Group has reviewed the records related with the inflation accounting which are the basis of the financial statements in accordance with IFRS and as a result some adjustments are made in tangible fixed assets, intangible assets, capital, premium in excess of par, legal reserves and deferred tax accounts. The details of the adjustments can be seen in note SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The significant accounting policies used in the preparation of the accompanying consolidated financial statements are as follows: a. Related parties For the purpose of the accompanying consolidated financial statements, shareholders of the Company and related companies, consolidated subsidiary, and the companies related to those companies, their directors and key management personnel and any groups to which they are known to be related, are considered and referred to as related companies. b. Investments Investments in securities are recognized on a trade-date basis and are initially measured at cost. At subsequent reporting dates, debt securities that the Group has the expressed intention and ability to hold to maturity (held-to-maturity debt securities) are measured at amortized cost, less any impairment loss recognized to reflect irrecoverable amounts. Investments other than held-to-maturity debt securities are classified as either held for trading or available-for-sale and are measured at subsequent reporting dates at fair value. Where securities are held for trading purposes, unrealized gains and losses are included in net profit or loss for the period. For available-for-sale investments, unrealized gains and losses are recognized directly in equity, until the security is disposed of or is determined to be impaired, at which time the cumulative gain or loss previously recognised in equity is included in the net profit or loss for the period. Trading and available-for-sale investments that do not have a quoted market price in an active market and for which other methods of reasonably estimating fair value are clearly inappropriate or unworkable are carried at restated cost in the accompanying consolidated financial statements. c. Trade receivables Trade receivables are carried at anticipated realizable value that is the net of trade receivables measured at amortized cost method using the effective interest rate in accordance with IAS 39 ("Financial Instruments: 43

46 gösterilmektedir. fiüpheli alacaklara iliflkin karfl l klar, Grup Yönetimi nce tahsil edilemeyen alacaklar n tutar, al nan teminatlar, geçmifl tecrübeler fl nda ve mevcut ekonomik koflullar göz önünde bulundurularak ayr lmaktad r. Tahsil edilemeyecek alacaklar, tahsil edilemeyecekleri anlafl ld y lda zarar kaydedilmektedir. d. Stoklar n de erlemesi Stoklar a rl kl ortalama maliyet yöntemine göre maliyetin ya da net gerçekleflebilir de erin (piyasa de erinden sat fl giderlerinin düflülmesi yoluyla hesaplanan de er) düflük olan ile de erlenmektedir. e. Maddi duran varl klar Tarihi maliyet de erleriyle gösterilen sabit k ymetler al m tarihinden itibaren düzeltilmifltir. Amortisman, s n rs z kullan m ömrü olan arsalar hariç sabit k ymetlerin enflasyona göre düzeltilmifl de erleri üzerinden ve normal amortisman metoduna göre hesaplanm flt r. Maddi duran varl klar afla daki sürelerde itfa edilmektedirler: Binalar Yeralt ve yerüstü düzenleri Makina ve cihazlar Tafl tlar Döfleme ve demirbafllar Özel maliyetler Ekonomik ömür 50 y l 5-10 y l 5-10 y l 5 y l 5-10 y l 5 y l Maddi duran varl k sat fllar ndan elde edilen kar ve zararlar, mali tablolarda enflasyona göre düzeltilerek ilgili gelir ve gider hesaplar na dahil edilmifltir. Maddi duran varl klar n tamir, bak m ve onar m için harcanan tutarlar gider kaydedilmektedir. Sözü geçen varl klar n büyütülmesi veya gelifltirilmesiyle ilgili olarak oluflan giderler ve tamirat n finansman için al nan kredilerin dönem faiz giderleri aktiflefltirilir ve yukar da aç klanm fl olan amortisman esaslar na ba l kal narak amortismana tabi tutulurlar. f. Maddi olmayan duran varl klar Maddi olmayan duran varl klar marka kullanma haklar n ve di er haklar içermektedir ve düzeltilmifl maliyetlerinden ilgili birikmifl amortismanlar n düflülmesi sonucunda oluflan de erleri ile gösterilirler. Maddi olmayan duran varl k amortismanlar konsolide gelir tablosuna ilgili varl klar n tahmini ekonomik ömürleri üzerinden normal amortisman yöntemi kullan larak hesaplanmas sonucu yans t l rlar. Bu varl klar n tahmini ekonomik ömürleri befl ile onbefl y l aras ndad r. g. Varl klar n de er kayb Ertelenmifl vergi aktifi ve finansal varl klar d fl ndaki tüm uzun vadeli varl klar, UMS 36 ya göre ("Varl klar n De er Kayb ") incelenmektedir. UMS 36 uyar nca, bir varl n kay tl de eri, tahmini ikame de erinden büyük ise de er düflüklü ü karfl l ay rmak gerekmektedir. kame de eri, varl n net sat fl de eri ile kullan m de erinden yüksek olan olarak kabul edilir. Kullan m de eri, varl n sürekli kullan m sonucu gelecekte elde edilecek tahmini nakit girifllerinin ve kullan m ömrü sonundaki sat fl de erinin toplam n n bugünkü de eridir. h. Borçlanma giderleri Kullan ma ve sat fla haz r hale getirilmesi önemli ölçüde zaman isteyen varl klar söz konusu oldu unda, sat n al nmas, yap m veya üretimi ile direkt iliflki kurulabilen faiz giderleri, ilgili varl k kullan ma veya sat fla haz r hale getirilene kadar maliyetine dahil edilmektedir. Di er tüm finansman giderleri, olufltuklar dönemlerde gelir tablosuna kaydedilmektedir. recognition and measurement") and allowance for doubtful receivables. The allowance for doubtful receivables is based on management s evaluation of the receivables, including such factors as the volume type of receivable outstanding, collateral obtained, past experience and economic conditions. Bad debts are written-off during the year in which they are identified. d. Inventory valuation Inventories are stated at the lower of cost or net realizable value (market value less sales expenses). Inventories are valued with the weighted average method. e. Tangible fixed assets Tangible fixed assets which are carried with historical costs are adjusted beginning from their purchase dates. Fixed assets except land that is deemed to have indefinite life are depreciated principally on a straightline basis on their inflation adjusted amounts. Tangible fixed assets are depreciated over the following useful lives: Buildings Land improvements Machinery and equipment Vehicles Furniture and fixtures Leasehold improvements Useful life 50 years 5-10 years 5-10 years 5 years 5-10 years 5 years Gains or losses on disposal of tangible fixed assets with respect to their inflation adjusted amounts are included in the related income and expense accounts, as appropriate. Expenses for the repair of tangible fixed assets are normally charged against income. In cases where they result in an enlargement or substantial improvement of the respective assets, all the cost associated with the repair, including the interest charges for the period of the relining on any loans specifically taken to finance the repair, are capitalized and subjected to depreciation in accordance with the depreciation policies explained above. f. Intangible assets Intangible assets represent trade names and other rights and are stated indexed historical cost net of accumulated depreciation. Amortization is charged to statement of income on a straight-line basis over the estimated useful lives of intangible assets. The estimated useful lives are five to fifteen years. g. Impairment of assets Long-term assets other than deferred tax assets and financial assets are tested for impairment according to the provisions of IAS 36 ("Impairment of Assets"). IAS 36 requires an impairment loss to be recognized whenever the carrying amount of an asset exceeds its recoverable amount. Recoverable amount of an asset is the higher of an asset s net selling price and its value in use. Value in use is the present value of estimated future cash flows expected to arise from the continuing use of an asset and from its disposal at the end of its life. h. Borrowing costs Interest expenses directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale. All other borrowing costs are recorded in the income statement in the period in which they are incurred.

47 i. Vergi ve ertelenmifl vergiler Türk Vergi Kanunu ana flirket ve ba l ortakl klar n n konsolide bir vergi beyannamesi doldurmas na izin vermemektedir. Dolay s yla, ekteki mali tablolarda yans t lan vergi karfl l klar konsolide edilen flirketleri ayr tüzel kiflilik baz nda dikkate alarak hesaplanm flt r. Mali tablolarda yer alan gelir vergileri, cari y l vergisi ile ertelenmifl vergilerdeki de iflimi içermektedir. Grup, UMS 12 ye ("Vergilendirme") (yeniden düzenlenmifl) uygun olacak flekilde, dönem sonuçlar üzerinden cari ve ertelenmifl vergileri hesaplamaktad r. Haz rlanan mali tablolarda, Grup un y l sonu itibariyle dönem sonuçlar na dayan larak tahmin edilen Kurumlar Vergisi yükümlülü ü için karfl l k ayr lmaktad r. Kurumlar Vergisi yükümlülü ü dönem sonucunun kanunen kabul edilmeyen giderler ve indirimler dikkate al narak düzeltilmesinden sonra bulunan matrah üzerinden hesaplanmaktad r. Ertelenmifl vergi aktifi ve pasifi, baz gelir ve gider kalemlerin muhasebe ve vergisel aç lardan farkl de erlendirilmeleri sonucunda ortaya ç kan zamanlama farkl l klar n baz alarak, yükümlülük metoduna göre hesaplanmaktad r. Ertelenmifl vergi pasifi, oluflan vergilendirilebilir tüm zamanlama farkl l klar için hesaplanmakta olup, ertelenmifl vergi aktifi ise sadece ortaya ç kacak bu aktifin itfa edilebilece i vergilendirilebilir bir kar n gelecekte oluflmas beklendi inde kay tlara al nmaktad r. Ertelenmifl vergi, varl klar n olufltu u veya yükümlüklüklerin yerine getirildi i dönemde geçerli olan vergi oranlar üzerinden hesaplan r ve gelir tablosuna gider veya gelir olarak kaydedilir. Bu sebeple, 31 Aral k 2003 tarihi itibariyle vergi alaca ve yükümlülü ü 30 Aral k 2003 tarihinde yay mlanan 5024 say l Vergi Usul Kanununun, Gelir Vergisi Kanunu ve Kurumlar Vergisi Kanununda De ifliklik Yap lmas Hakk nda Kanun çerçevesinde enflasyona göre düzenlenmifl vergi bazlar üzerinden hesaplanm flt r. Ödenecek Kurumlar Vergisi tutarlar, peflin ödenen Geçici Vergisi tutarlar yla, iliflkili oldu undan netlefltirilmektedir. Ertelenmifl vergi aktif ve pasifi de ayn flekilde netlefltirilmektedir. j. K dem tazminat karfl l Türkiye de mevcut kanunlar ve toplu ifl sözleflmelerine göre k dem tazminat, emeklilik veya iflten ç kar lma durumunda ödenmektedir. K dem tazminat karfl l bilanço tarihi itibariyle buna hak kazanan bütün çal flanlar n ifline son verilmesi varsay m ile ödenmesi gerekecek olan yükümlülü ün toplam tutar d r. k. Yabanc para ifllemleri Grup un yasal kay tlar nda, yabanc para cinsinden (TL d fl ndaki para birimleri) muhasebelefltirilen ifllemler, ifllem tarihindeki kurlar kullan larak Türk Liras na çevrilmektedir. Bilançoda yer alan dövize ba l varl k ve borçlar bilanço tarihinde geçerli olan kurlar kullan larak Türk Liras na çevrilmifllerdir. Bu çevrimden ve dövizli ifllemlerin tahsil ve tediyelerinden kaynaklanan kambiyo kar ve zararlar gelir tablosunda yer almaktad r. l. Gelirler Gelirler, teslimat n gerçekleflmesi, gelir tutar n n güvenilir flekilde belirlenebilmesi ve ifllemle ilgili ekonomik yararlar n fiirket e akmas n n muhtemel olmas üzerine al nan veya al nabilecek bedelin rayiç de eri üzerinden tahakkuk esas na göre kay tlara al n r. Net sat fllar, mal sat fllar ndan iade ve sat fl iskontolar n n düflülmesi suretiyle bulunmufltur. Faiz gelirleri etkin faiz yöntemi esas na göre temettü gelirleri ise temettü tahsil etme hakk n n ortaya ç kt tarihte gelir olarak kay tlara al nmaktad r. m. Kasa ve banka Kasa ve bankalar, kasadaki nakit ve bankalardaki vadeli ve vadesiz hesaplardan oluflmaktad r. Vadeli banka mevduatlar üzerindeki faiz gelir tahhakkuku bilanço tarihi itibariyle iç verim oran n kullan larak indirgenmifl i. Taxation and deferred income taxes Turkish tax legislation does not permit a parent company and its subsidiary to file a consolidated tax return. Therefore, provisions for taxes, as reflected in the accompanying consolidated financial statements, have been calculated on a separate-entity basis. Taxes on income for the year comprise of current tax and the change in deferred taxes. The Group accounts for current and deferred taxation on the results for the period, in accordance with IAS 12 ("Income Taxes") (Revised). Provision is made in the financial statements for the Company s estimated liability to Turkish corporation tax on its results for the year. The charge for current tax is based on the results for the year as adjusted for items, which are non-assessable or disallowed. Deferred tax assets and liabilities are recognized using the liability method in respect of material temporary differences arising from different treatment of items for accounting and taxation purposes. Deferred tax liabilities are recognized for all taxable temporary differences and deferred tax assets are only provided to the extent if it is probable that taxable profit will be available against which the deductible temporary differences can be utilized. Deferred tax is calculated at the tax rates that are expected to apply to the period when the asset is realized or the liability is settled and charged or credited in the statement of income. Hence, tax receivable and payable as at December 31, 2003 is calculated on inflation adjusted tax bases in accordance with the Tax Code No 5024, which was published on December 30, 2003, amending Income Tax and Corporate Income Tax Code. Prepaid corporation taxes and corporation tax liabilities are offset as they relate to income taxes levied by the same taxation authority. Deferred tax assets and liabilities are also offset. j. Retirement pay provision Under Turkish law and union agreements, lump sum payments are made to employees retiring or involuntarily leaving the Group. The total provision represents the vested benefit obligation as at the balance sheet date. k. Foreign currency transactions In the statutory accounts of the Group companies, transactions in foreign currencies (currencies other than Turkish Lira) are translated into Turkish Lira at the rates of exchange ruling at the transaction dates. Assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the balance sheet date. Gains and losses arising on settlement and translation of foreign currency items are included in the statements of income. l. Revenue recognition Revenue is recognized on accrual basis over the amount obtained or to be obtained based on the assumption that delivery is realized, the income can be reliably determined and the inflow of the economic benefits related with the transaction to the Company is probable. Net sales are calculated after the sales returns and sales discounts are deducted. Interest income is recorded on the basis of effective interest rate method and dividend income is recorded when the right of dividend income emerges. m. Cash and banks Cash and banks include cash on hand and demand and time deposits with banks. Interest accrued on time deposits are measured with amortized cost method using the effective interest rate. The interest 45

48 maliyet yöntemiyle hesaplanm flt r. Bilanço tarihi itibariyle tahakkuk etmifl ancak henüz tahsil edilmemifl faiz tutarlar kasa ve banka hesab na dahil edilmifltir. n. Finansal enstrümanlar Gerçe e uygun de er, istekli al c ve sat c lar n biraraya geldi i piyasalarda bir aktifin baflka bir varl kla de ifltirilebilece i veya bir taahhütün yerine getirilebilece i de erdir. Bir finansal enstrüman n piyasa de eri, aktif bir pazar n mevcudiyeti durumunda, sat fltan elde edilebilecek tutara veya sat n almadan do abilecek borca eflittir. Finansal enstrümanlar n gerçe e uygun tahmini de eri Grup taraf ndan piyasalara iliflkin bilgiler ve gerekli de erleme yöntemleri kullan larak belirlenmifltir. Ancak gerçe e uygun de erin belirlenmesinde kullan lan piyasa verilerinin yorumlanmas na gerek duyulmaktad r. Bu nedenle, bu raporda sunulan tahminler Grup un varl klar n elden ç karmas durumunda cari piyasa koflullar nda elde edebilece i de erler olmayabilir. Banka mevduatlar, alacaklar, teminat mektuplar ve akreditifler gibi flarta ba l taahhütler ve vadeli al m-sat m ifllemleri gibi di er türev enstrümanlar, karfl taraf n anlaflman n flartlar n yerine getirememesi durumunda, Grup finansal durumunu olumsuz yönde etkileyebilecek önemli finansal enstrümanlard r. Baz finansal varl klar n maliyet de erine eflit olan kay tl de erlerinin, k sa vadeli nitelikleri nedeniyle gerçe e uygun de erlerine eflit oldu u varsay lmaktad r. Afla da her mali enstrüman n gerçe e uygun tahmini de erlerini belirlemede kullan lan yöntemler ve varsay mlar belirtilmifltir. Kasa ve bankalar: Yabanc para cinsinden olan kasa ve banka bakiyeleri dönem sonu kurundan de erlenmifllerdir. Bilançodaki nakit ile bankadaki mevduat n mevcut de eri, bu varl klar n gerçe e uygun tahmini de erleridir. Yat r mlar: Borsalarda ifllem gören yat r mlar için gerçe e uygun de erler borsa rayiçleri veya piyasa de erleri kullan larak bulunur. Piyasa de eri bilinmeyenler için defter de eri gerçe e uygun tahmini de erleridir. Ticari alacaklar ve ticari borçlar: Tahsili flüpheli alacaklar karfl l sonras ticari alacaklar ile ticari borçlar n bilançodaki mevcut de erleri, belirli kredi süreleri çerçevesinde tutulan alacak ve borçlar bugünkü de erlerine indirgenmifl olanlar d fl nda, gerçe e uygun tahmini de erleridir. liflkili flirketlerden alacaklar ve borçlar: liflkili flirketlerden alacak ve borçlar n bilanço de erleri, belirli kredi süreleri çerçevesinde tutulan alacak ve borçlar bugünkü de erlerine indirgenmifl olanlar d fl nda, gerçe e uygun tahmini de erleridir. Kullan lan krediler: Kullan lan krediler, kullan ld klar tarihte sabitlenen faiz oranlar na tabidir. Ancak LIBOR art sabit bir oranla al nan krediler daha sonra LIBOR da geçerli olan faiz oranlar ndaki dalgalanmalara göre de iflen faiz oranlar na tabidir. Banka kredileri elde edilen nakit tutar ndan muhasebelefltirilirler. Finansman giderleri tahakkuk esas na göre muhasebelefltirilir ve olufltuklar dönemde ödenmeyen k s m bilançodaki kredi tutar na eklenir. Grup, ola an faaliyetleri s ras nda akreditifler vb. gibi bilanço d fl riski bulunan finansal enstrümanlar kullanmaktad r. Grup un bu tür enstrümanlardan kaynaklanabilecek zararlar söz konusu enstrümanlar n sözleflme tutarlar na eflde erdir. Tahsilat riski Grup un tahsilat riski esas olarak ticari alacaklar ndan do abilmektedir. Grup un önemli tutarlarda az say da müflteri yerine, çok say da müflteriden alacakl olmas nedeniyle önemli bir ticari alacak riski bulunmamaktad r. Ticari alacaklar, Grup yönetimince geçmifl tecrübeler ve cari ekonomik durum gözönüne al narak de erlendirilmekte ve uygun oranda flüpheli alacak karfl l ayr ld ktan sonra bilançoda net olarak gösterilmektedir. Likit fonlara amount accrued to date but not received at the balance sheet date is included in cash and banks. n. Financial instruments Fair value is the amount for which an asset could be exchanged or a liability settled, between knowledgeable willing parties in an arms length transaction. Market value is the amount obtainable from the sale or payable on the acquisition of a financial instrument in an active market, if one exists. The estimated fair values of financial instruments have been determined by the Group using available market information and appropriate valuation methodologies. However, judgment is necessarily required to interpret market data to develop the estimated fair value. Accordingly, the estimates presented herein may not necessarily be indicative of the amounts the Group could realize in a current market exchange. Balances with banks, receivables, contingent liabilities like letters of guarantee and letters of credit are important financial instruments which would have negative effects on the financial structure of the Group if the other party failed to comply with the terms and conditions of the agreement. The fair values of certain financial assets carried at cost are considered to be representative of carrying values due to their short-term nature. The following methods and assumptions were used to estimate the fair value of each class of financial instrument for which it is practicable to estimate fair value. Cash and bank balances: Cash and bank balances denominated in foreign currencies are translated at period-end exchange rates. The carrying amounts of the remaining cash and bank balances are reasonable estimates of their fair value. Investments: Fair value is estimated using quoted market prices wherever applicable. For those where no market price is available, the carrying amounts in the books are estimated to be their fair values. Trade receivables and payables: Book values of the trade receivables along with the related allowances for uncollectibility and trade payables balances are estimated to be their fair values, except receivables and payables discounted to their present value when they hold significant credit periods. Due to and from related parties: The carrying value of the due to and due from related parties are estimated to be their fair value except receivables and payables discounted to their present value when they hold significant credit periods. Borrowings: Borrowings have interest rates that are fixed on an entry value basis. However, borrowings at LIBOR plus mark up are subject to fluctuation in accordance with prevailing interest rates in the market. Interest-bearing bank loans and overdrafts are recorded at the proceeds received. Finance charges are accounted for on an accrual basis and are added to the carrying amount of the instrument to the extent they are not settled in the period in which they arise. The Group deals with financial instruments with off-balance sheet risk in the normal course of business such as letters of credit, etc. The Group s exposure to losses arising from these instruments is represented by the contractual amount of those instruments. Credit risk The Group s credit risk is primarily attributable to its trade receivables. The Group has no significant concentration of credit risk, with exposure spread over a large number of customers. The amounts presented in the balance sheet are net of allowances for doubtful receivables, estimated by the Group s management based on prior experience and the current economic environment. The credit risk on liquid funds is limited because

49 iliflkin risk, söz konusu fonlar n k sa vadeli banka mevduat, hazine bonosu ve devlet tahvillerine yat r lmas nedeniyle s n rl d r. Fiyat riski Grup, faaliyet konusu nedeniyle yabanc para birimlerinin Türk Liras karfl s ndaki de erlerinin de iflimlerine ba l olarak kur dalgalanmalar na maruz kalmaktad r. Grup un ithalatlar ve al nan kredilerin önemli bölümü yabanc para cinsinden yap ld ndan yabanc para birimlerinin Türk Liras karfl s nda de er kazanmas durumunda Grup olumsuz yönde etkilenmektedir. Kullan lan kredilere iliflkin faiz oranlar n n bir bölümü piyasada oluflan faiz oranlar na paralel olarak de iflmektedir. Bu nedenle, Grup, iç ve d fl piyasalarda faiz dalgalanmalar na da maruz kalmaktad r. Grup, kur ve faiz risklerini s n rlamak amac yla riskten kaç nma araçlar n (hedging) kullanmamaktad r. Likidite riski Grup genellikle k sa vadeli finansal enstrümanlar n nakite çevirerek; örne in alacaklar n tahsil ederek, menkul k ymetlerini elden ç kararak, kendisine fon yaratmaktad r. Bu enstrümanlardan elde edilen tutarlar gerçe e uygun de erleri ile kay tlarda yer almaktad r. Grup gereken durumlarda, nakit ihtiyac n kreditörlerinden ve ortaklar ndan kredi almak suretiyle sa lamaktad r. o. fierefiye fierefiye, Grup un sat n ald varl k için net aktif de erinin üzerinde bedel ödemesi durumunda konsolidasyon s ras nda ortaya ç kar. fierefiye, ekonomik ömür 15 y l al narak normal amortisman yöntemine tabi tutulur. Dönemin amortisman giderleri ilgili dönemin Sat fl ve Genel Yönetim Giderleri kaleminde gösterilmifltir. p. Netlefltirme Finansal varl klar ve yükümlülükler, yasal olarak netlefltirme hakk var olmas, net olarak ödenmesi veya tahsilinin mümkün olmas, veya varl n elde edilmesi ile yükümlülü ün yerine getirilmesinin efl zamanl olarak gerçekleflebilmesi halinde, bilançoda net de erleri ile gösterilirler. q. Muhasebe tahminleri Mali tablolar n UFRS ye göre haz rlanmas s ras nda Yönetim in, bilan ço tarihi itibariyle mali tablolarda yer alan varl klar ve yükümlülüklerin bilanço de erlerini, bilanço d fl yükümlülüklere iliflkin aç klamalar, dönem içerisinde oluflan gelir ve giderlerin tutarlar n etkileyebilecek tahmin ve varsay mlarda bulunmas gerekmektedir. Gerçek sonuçlar, bu tahminlerden farkl l k gösterebilmektedir. r. S n flamalar Geçmifl y l konsolide mali tablolar nda cari dönemle tutarl olarak sunulabilmesi amac yla baz s n flamalar yap lm flt r. Bu s n flamalar n faaliyet sonuçlar na hiçbir etkisi yoktur. s. Sektörel bilgi Grup sadece petrol ürünlerinin üretimi, pazarlamas ve da t m alan nda faaliyet gösterdi inden ekteki mali tablolarda ayr ca sektörel bilgilere yer verilmemifltir. the funds are invested in time deposits with banks, government bonds and treasury bills for short-term purposes. Price risk The Group is exposed to exchange rate fluctuations between foreign currencies and Turkish Lira due to the nature of its business. The majority of the Group s imports and borrowings are in foreign currencies. Foreign currencies strengthening against Turkish Lira have an adverse effect on the Group s results. Certain parts of the interest rates related to borrowings and leasing transactions are based on market interest rates, therefore the Group is exposed to interest rate fluctuations on domestic and international markets. The Group does not have any hedging transactions to limit currency and interest rate risks. Liquidity risk The Group is generally raising funds by liquidating its short-term financial instruments such as collecting its receivables and disposing of investments in securities. The Group s proceedings from these instruments generally approximate their fair values. The Group obtains funds from its bankers and its major shareholders, if short of liquidity. o. Goodwill Goodwill arises on consolidation in cases where the purchase consideration paid by the Company or its consolidated subsidiaries exceeds the fair value of assets acquired. Goodwill is amortized on a straight-line method with an economic life of 15 years. Amortization expense is recorded in the related periods to the general administrative expenses. p. Offsetting Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is a legally enforceable right to set off the recognized amounts and there is an intention to settle on a net basis, or realize the asset and settle the liability simultaneously. q. Use of estimates The preparation of financial statements in conformity with IFRS requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the period. Actual results could differ from those estimates. r. Reclassifications Certain classifications have been made to the prior year financial statements to comply with the current year presentation. Such reclassifications have no effect on the statement of income. s. Segmental information Since the Group operates predominantly in one industry segment, basically, production, marketing and distribution of petroleum products, the accompanying consolidated financial statements do not include separate segmental financial information. 47

50 t. Hisse bafl na kar 2003 ve 2002 y llar için fiirket hisselerinin a rl kl ortalamas ve birim hisse bafl na kar hesaplamalar afla daki gibidir: Tedavüldeki hisse senedinin a rl kl ortalama adedi 26,330,233,183 26,330,233,183 Net kar (Milyon TL) 34,279,687 19,242,418 Hisse bafl na kar (TL) 1, KASA VE BANKALAR 31 Aral k Aral k 2002 Kasa 11,726 4,971 Vadesiz mevduatlar 2,032,228 2,364,060 Vadeli mevduatlar 14,492, ,666 Bloke mevduatlar 596,909 3,306,411 Tahsildeki çekler 1,733,931 3,552,979 18,867,604 9,388, Aral k 2003 tarihi itibariyle vadeli mevduatlar n detay afla daki gibidir: Para cinsi Faiz oran Vade 31 Aral k 2003 ABD Dolar % ,515,568 TL % ,977,242 14,492, ALIM-SATIM AMAÇLI F NANSAL VARLIKLAR 31 Aral k Aral k 2002 Hazine bonosu - 5,515,416 Tan m Nominal de er Vade 31 Aral k 2002 Hazine bonosu 4,920, ,515, T CAR ALACAKLAR (NET) 31 Aral k Aral k 2002 Ticari alacaklar 4,610,376 4,665,378 Alacak senetleri 46,312,969 57,456,273 Alacak senetleri reeskontu (-) (696,595) - Di er ticari alacaklar 171, ,829 fiüpheli ticari alacaklar 1,495, ,437 fiüpheli ticari alacaklar karfl l (-) (348,586) (411,788) 51,545,377 62,806,129 Sat fllar ortalama 15 gün vadeli yap lmaktad r. Gerçekleflmesi beklenmeyen tahsilatlar için karfl l k ayr lm flt r. Bu karfl l k, geçmifl y l deneyimlerine dayan larak hesaplanm flt r y l ndaki flüpheli alacaklar karfl l hareketleri afla daki gibidir: Ocak itibariyle aç l fl bakiyesi (411,788) Tahsilatlar 184,288 Dönem gideri (171,474) Parasal kazanç 50, Aral k itibariyle kapan fl bakiyesi (348,586) t. Earnings per share A summary of the weighted average number of shares outstanding during 2003 and 2002 and the basic earnings per share calculation is as follows: Weighted average number of shares outstanding 26,330,233,183 26,330,233,183 Net profit (TL Million) 34,279,687 19,242,418 Basic earnings per share (TL) 1, CASH AND BANKS 31 December 31 December Cash on hand 11,726 4,971 Demand deposits 2,032,228 2,364,060 Time deposits 14,492, ,666 Restricted deposits 596,909 3,306,411 Cheques in collection 1,733,931 3,552,979 18,867,604 9,388,087 The details of time deposits as of 31 December 2003 are as follows: 31 December Currency Interest Rate Maturity 2003 USD % ,515,568 TL 20-26% ,977,242 14,492, HELD FOR TRADING INVESTMENTS 31 December 31 December Treasury bills - 5,515, December Description Nominal value Maturity 2002 Treasury bills 4,920, ,515, TRADE RECEIVABLES (NET) 31 December 31 December Trade receivables 4,610,376 4,665,378 Notes receivable 46,312,969 57,456,273 Discount on receivables (-) (696,595) - Other trade receivables 171, ,829 Doubtful trade receivables 1,495, ,437 Allowance for doubtful receivables (-) (348,586) (411,788) 51,545,377 62,806,129 The average credit period taken on sale of goods is 15 days. An allowance has been made for estimated irrecoverable amounts. This allowance has been determined by reference to past default experience. Movement in the allowance for doubtful receivables during 2003 is as follows: 2003 Beginning balance at 1 January (411,788) Collections 184,288 Charge for the year (171,474) Monetary gain 50,388 Ending balance at 31 December (348,586)

51 Alacak senetleri etkin faiz yöntemi kullan lmak suretiyle iskonto edilmektedir ve vade yap lar afla daki gibidir: 31 Aral k gün 44,687, gün 206, gün 163, gün 144, gün 1,111,237 46,312,969 Grup un ticari alacaklar için alm fl oldu u teminatlar afla daki gibidir: 31 Aral k 2003 Teminat mektuplar 4,613,111 Senetler 408,919 potekler 51,927,863 Di er 178,295 57,128, Aral k 2002 itibariyle Grup un ticari alacaklar için alm fl oldu u teminatlar 43,369,585 Milyon TL tutar ndad r. 7. L fik L fi RKETLERLE OLAN BAK YELER VE filemler liflkili flirketlerden alacaklar 31 Aral k Aral k 2002 Atafl Anadolu Tasfiyehanesi A.fi. 345,586 - Gerçek kifli ortaklar - 2, ,586 2,634 liflkili flirketlere borçlar Ambarl Depolama Hizmetleri Ltd. fiti. 34,851 - Conoco Ltd. 13, ,734 Atafl Anadolu Tasfiyehanesi A.fi. - 62,836 Gerçek kifli ortaklar 2, ,839 Gerçek kifli ortaklara ödenecek temettüler 7,882 9,160 58, ,569 liflkili flirketlere sat fllar fiirket ortaklar na ait istasyonlara yap lan sat fllar107,641,285 91,448,003 Ambarl Depolama Hizmetleri Ltd. fiti. 84, ,726,266 91,448,003 liflkili flirketlerden al mlar Ambarl Depolama Hizmetleri Ltd. fiti. 1,233,674 3,605,548 fiirket ortaklar 1,695-1,235,369 3,605,548 liflkili flirketlere ödenen faiz giderleri Conoco Ltd. 242,633 - Ortaklar - 488, , ,330 liflkili flirketlerden temettü gelirleri Ambarl Depolama Hizmetleri Ltd. fiti. 27,171 19,004 liflkili flirketlerden di er gelir ve giderler Ambarl Depolama Hizmetleri Ltd. fiti. 84,981 - Conoco Ltd. (13,518) - 71,463 - Notes receivables are discounted using the effective interest rate method and their maturity composition is as follows: 31 December 2003 Within 30 days 44,687,618 Within days 206,311 Within days 163,405 Within days 144,398 Within days 1,111,237 46,312,969 The Group holds the following collaterals for the trade receivables: 31 December 2003 Letters of guarantee 4,613,111 Notes 408,919 Mortgages 51,927,863 Others 178,295 57,128,188 As of 31 December 2002, collaterals held by the Group for its trade receivables amounted to TL 43,369,585 Million. 7. BALANCES AND TRANSACTIONS WITH RELATED PARTIES Due from related parties 31 December 31 December Atafl Anadolu Tasfiyehanesi A.fi. 345,586 - Real person shareholders - 2, ,586 2,634 Due to related parties Ambarl Depolama Hizmetleri Ltd. fiti. 34,851 - Conoco Ltd. 13, ,734 Atafl Anadolu Tasfiyehanesi A.fi. - 62,836 Real person shareholders 2, ,839 Dividend payable to shareholders 7,882 9,160 58, ,569 Major sales to related parties Sales to stations owned by the shareholders 107,641,285 91,448,003 Ambarl Depolama Hizmetleri Ltd. fiti. 84, ,726,266 91,448,003 Major purchases from related parties Ambarl Depolama Hizmetleri Ltd. fiti. 1,233,674 3,605,548 Shareholders 1,695-1,235,369 3,605,548 Interest expense to related parties Conoco Ltd. 242,633 - Shareholders - 488, , ,330 Dividend income from related parties Ambarl Depolama Hizmetleri Ltd. fiti. 27,171 19,004 Other income from related parties Ambarl Depolama Hizmetleri Ltd. fiti. 84,981 - Conoco Ltd. (13,518) - 71,463-49

52 8. STOKLAR 31 Aral k Aral k 2002 lk madde ve malzeme 3,063,887 1,959,878 Yar mamüller 229, ,898 Mamüller 1,982,662 2,545,276 Ticari mallar 12,604,223 9,613,676 Verilen siparifl avanslar - 2,108 Di er stoklar 214,515 98,900 18,095,013 14,685, Aral k 2003 tarihi itibariyle stoklar üzerindeki sigorta tutar 10,768,867 Milyon TL dir (31 Aral k 2002: 12,449,689 Milyon TL). 9. D ER ALACAKLAR VE DÖNEN VARLIKLAR 31 Aral k Aral k 2002 Bayi kredileri (not 14) 248,390 3,090,972 Bayi kredileri reeskontu (1,098) - Peflin ödenen giderler 1,488,035 2,378,491 Verilen ifl avanslar 106, ,945 Di er - 266,323 1,841,971 5,970, SATILMAYA HAZIR F NANSAL VARLIKLAR Pay % 31 Aral k 2003 Pay % 31 Aral k 2002 Ambarl Depolama Hizmetleri Ltd. fiti. 50 8, ,937 Atafl Anadolu Tasfiyehanesi A.fi. ("Atafl") 5 4, ,343 13,561 11,280 Ambarl Depolama Hizmetleri Ltd. fiti. Grup un kontrolünde olmas na ra men mali tablolar n n önemsizli i nedeniyle konsolide edilmemifltir. Sat lmaya haz r finansal varl klar n aktif bir piyasada oluflmufl piyasa fiyatlar olmad ve di er de erleme yöntemleri kullan larak piyasa de erleri tespit edilemedi i için ekli konsolide mali tablolarda endekslenmifl maliyet de erleri ile yer alm fllard r. 11. fieref YE (NET) 1996 y l nda, Marmara n n %100 hissesinin ve Turcas Petrolcülük A.fi. nin %82.16 hissesinin al m sonucu ortaya ç kan flerefiye, bu flirketlerin hisselerinin elde etme maliyetlerinin net aktif toplam n aflan k sm ndan oluflmaktad r. fierefiye normal amortisman yöntemiyle 15 y lda amorti edilmektedir. 31 Aral k 2003 tarihi itibariyle flerefiye hareket tablosu afla daki gibidir: Maliyet Birikmifl fierefiye Bedeli Amortisman (Net) 1 Ocak 2003 itibariyle 162,306,784 (69,680,540) 92,626,244 Amortisman - (10,820,452) (10,820,452) 31 Aral k 2003 itibariyle 162,306,784 (80,500,992) 81,805, INVENTORIES 31 December 31 December Raw materials 3,063,887 1,959,878 Work in process 229, ,898 Finished goods 1,982,662 2,545,276 Trade goods 12,604,223 9,613,676 Order advances given - 2,108 Other inventories 214,515 98,900 18,095,013 14,685,736 As of 31 December 2003, the insurance coverage on inventories is TL 10,768,867 Million (31 December 2002: TL 12,449,689 Million). 9. OTHER RECEIVABLES AND CURRENT ASSETS 31 December 31 December Due from personnel (note 14) 248,390 3,090,972 Other receivables (1,098) - Prepaid expenses 1,488,035 2,378,491 Prepaid taxes and dues 106, ,945 Business advances given - 266,323 1,841,971 5,970, AVAILABLE-FOR-SALE INVESTMENTS Share 31 December Share 31 December % 2003 % 2002 Ambarl Depolama Hizmetleri Ltd. fiti. 50 8, ,937 Anadolu Tasfiyehanesi A.fi. ("Atafl") 5 4, ,343 13,561 11,280 Ambarl Depolama Hizmetleri A.fi. although is under the control of the Group is not consolidated due to its immateriality. Trading and available-for-sale investments that do not have a quoted market price in an active market and for which other methods of reasonably estimating fair value are clearly inappropriate or unworkable are carried at restated cost in the accompanying consolidated financial statements. 11. GOODWILL (NET) Goodwill consisting of direct acquisition of 100% ownership of Marmara and from the direct acquisition of 82.16% of Turcas Petrolcülük A.fi. in 1996 and represents the excess of the total acquisition costs over the net assets of these entities at the dates of acquisitions. Such goodwill is amortized on a straight-line basis over 15 years. Movement in goodwill for the period ended 31 December 2003 is as follows: Accumulated Cost amortization Goodwill 1 January ,306,784 (69,680,540) 92,626,244 Amortization (-) - (10,820,452) (10,820,452) Goodwill as at 31 December ,306,784 (80,500,992) 81,805,792

53 12. MADD DURAN VARLIKLAR (NET) Yeralt ve Tesis, Arazi ve Yerüstü Makina stasyon Arsalar Düzenleri Binalar ve Cihazlar Tafl tlar Demirbafllar Malzemeleri Toplam Maliyet de eri 1 Ocak 2003 aç l fl bakiyesi 4,127,641 11,119,590 9,289,503 26,764,850 2,968,067 2,177, ,162, ,609,672 Al mlar - 63, ,041-86,086 4,461,157 5,021,960 Sat fllar (50,288) (547,002) (5,294) (3,539,238) (4,141,822) 31 Aral k 2003 kapan fl bakiyesi 4,127,641 11,183,266 9,289,503 27,125,603 2,421,065 2,258, ,084, ,489,810 Birikmifl amortismanlar 1 Ocak 2003 aç l fl bakiyesi - (10,981,413) (2,060,654) (22,333,759) (2,107,367) (1,875,404) (63,736,183) (103,094,780) Dönem gideri - (71,621) (185,790) (1,768,256) (340,738) (135,980) (7,976,094) (10,478,479) Sat fllar , ,072 3,385 3,183,641 3,600, Aral k 2003 kapan fl bakiyesi - (11,053,034) (2,246,444) (24,054,329) (2,082,033) (2,007,999) (68,528,636) (109,972,475) 31 Aral k 2003 itibariyle yap lmakta olan yat r mlar ve verilen avanslar 6,157, Aral k 2003 itibariyle net defter de eri 4,127, ,232 7,043,059 3,071, , ,075 32,556,022 53,674, Aral k 2002 itibariyle yap lmakta olan yat r mlar ve verilen avanslar 7,937, Aral k 2002 itibariyle net defter de eri 4,127, ,177 7,228,849 4,431, , ,877 36,426,556 61,452, PROPERTY, PLANT AND EQUIPMENT (NET) Land Machinery and Furniture and Oil Station Land Improvements Buildings Equipment Vehicles Fixtures Equipments Total Acquisition cost Opening balance 1 January ,127,641 11,119,590 9,289,503 26,764,850 2,968,067 2,177, ,162, ,609,672 Additions - 63, ,041-86,086 4,461,157 5,021,960 Disposals (50,288) (547,002) (5,294) (3,539,238) (4,141,822) Closing balance 31 December ,127,641 11,183,266 9,289,503 27,125,603 2,421,065 2,258, ,084, ,489,810 Accumulated depreciation Opening balance 1 January (10,981,413) (2,060,654) (22,333,759) (2,107,367) (1,875,404) (63,736,183) (103,094,780) Charge for the year - (71,621) (185,790) (1,768,256) (340,738) (135,980) (7,976,094) (10,478,479) Disposals , ,072 3,385 3,183,641 3,600,784 Closing balance 31 December (11,053,034) (2,246,444) (24,054,329) (2,082,033) (2,007,999) (68,528,636) (109,972,475) Balance as of 31 December 2003 construction in progress and advances given 6,157,524 Net book value 31 December ,127, ,232 7,043,059 3,071, , ,075 32,556,022 53,674,859 Balance as of 31 December 2002 construction in progress and advances given 7,937,939 Net book value 31 December ,127, ,177 7,228,849 4,431, , ,877 36,426,556 61,452,830 51

54 17 A ustos 1995 tarihinde BP Petrolleri A.fi. nin Ambarl daki dolum tesislerinin Turcas Petrolcülük A.fi., Tabafl Petrolcülük A.fi. ve Selyak Petrol Ürünleri Üretim ve Pazarlama A.fi. taraf ndan ortaklafla kullan lmas için bu dört flirket aras nda bir sözleflme yap lm flt r. Bu sözleflmeye göre, her bir flirket bu tesislerin ve üzerine kurulu olan arazinin 1/4 oran nda hissesine sahiptir. Bu nedenle Turcas Petrolcülük A.fi. ve Tabafl Petrolcülük A.fi., BP Petrolleri A.fi. ye toplam 4,612,890 ABD Dolar avans vermifllerdir. Fakat bu arazinin sahipli i konusunda BP Petrolleri A.fi. ve üçüncü flah slar (yaklafl k 600 ortak) aras nda ç kan bir ihtilaf dolay s yla, Turcas Petrolcülük A.fi. kendisine ait olan baflka bir arazinin di er flirketlerce, bu ihtilaf çözülemedi i taktirde sat n al nmas için BP Petrolleri A.fi. ve Selyak Petrol Ürünleri Üretim ve Pazarlama A.fi. nden toplam 1,000,000 ABD Dolar avans alm flt r. 30 Eylül 1999 tarihi itibariyle Tabafl Petrolcülük A.fi., Turcas Petrolcülük A.fi. yi tüm aktif ve pasifi ile birlikte devir alm flt r. Ayn tarih itibariyle Tabafl Petrolcülük A.fi. nin ticari ünvan Turcas Petrol A.fi. olarak de ifltirilmifltir. Dolay s yla yukar da belirtilen sözleflmeye konu arazi üzerinde fiirket in sahiplik pay 1/2 ye yükselmifltir. 31 Aral k 2003 itibariyle haz rlanan mali tablolarda verilen avanslar ve al nan avanslar, yeniden de erlenmifl tutarlar üzerinden netlefltirilerek maddi duran varl klar ve al nan uzun vadeli siparifl avanslar hesab nda gösterilmifltir. Davan n sonuçland r labilmesi için 2001 y l içinde ortaklar aralar nda 2003 y l A ustos ay na kadar süreyi uzatan ek bir mutabakat zapt yapm fllard r. A ustos 2003 te BP Petrolleri A.fi. söz konusu olan arazinin 41, m2 lik k sm n sat n alm flt r. Geriye kalan 15,773.7 m2 lik k s m BP Petrolleri A.fi. taraf ndan 2004 y l nda sat n al nacakt r. fiirket, buna müteakip verilen avans hesab n kapatacakt r. 31 Aral k 2003 tarihi itibariyle; yap lmakta olan yat r mlar ve verilen avanslar hesaplar 5,740,918 Milyon TL tutar nda BP Petrolleri A.fi ye verilen avanslardan ve 416,606 Milyon TL tutar ndaki yap lmakta olan yat r mlardan oluflmaktad r (31 Aral k 2002: 7,696,745 Milyon TL BP Petrolleri A.fi. ye verilen avans ve 241,194 Milyon TL tutar ndaki yap lmakta olan yat r m). fiirket in ba l ortakl klar ndan Marmara Petrol ve Rafineri flleri A.fi. nin hisseleri T.Vak flar Bankas T.A.O. ya fiirket in Barclays Bank Plc den kullanm fl oldu u kredinin bir k sm na teminat olarak rehin edilmifltir. Buna ek olarak; Marmara Petrol ve Rafineri flleri A.fi. ye ait Kocaeli ili Körfez ilçesinde bulunan akaryak t dolum tesisi 15,000,000 Milyon TL bedelle ayn bankaya ipotek edilmifltir. 31 Aral k 2003 tarihi itibariyle, maddi duran varl klar üzerindeki sigorta tutar 146,231,036 Milyon TL dir (31 Aral k 2002: 185,292,600 Milyon TL). 13. MADD OLMAYAN DURAN VARLIKLAR (NET) Haklar Maliyet de eri 1 Ocak 2003 aç l fl bakiyesi 50,126,693 Al mlar 30, Aral k 2003 kapan fl bakiyesi 50,157,044 Birikmifl amortismanlar 1 Ocak 2003 aç l fl bakiyesi (34,485,441) Dönem gideri (4,555,965) 31 Aral k 2003 kapan fl bakiyesi (39,041,406) 31 Aral k 2003 itibariyle net defter de eri 11,115, Aral k 2002 itibariyle net defter de eri 15,641,253 On 17 August 1995, an agreement was signed between Turcas Petrolcülük A.fi., Tabafl Petrolcülük A.fi., Selyak Petrol Ürünleri Üretim ve Pazarlama A.fi. and BP Petrolleri A.fi. for jointly usage of Filling Establishment of BP Petrolleri A.fi. in Ambarl region. According to this agreement, each company has 1/4 shares on the land and other assets. Accordingly, Tabafl Petrolcülük A.fi. and Turcas Petrolcülük A.fi. have given an advance to BP Petrolleri A.fi. amounting to USD 4,612,890. However, due to a dispute related to the ownership of the land on which the establishment was built, between BP Petrolleri A.fi. and the third parties (around 600 partners), Turcas Petrolcülük A.fi. has made an agreement with the other three companies to sell its own land in Büyükçekmece region and obtained USD 1,000,000 from BP Petrolleri A.fi. and Selyak Petrol Ürünleri Üretim ve Pazarlama A.fi. Turcas Petrolcülük A.fi was taken over by Tabafl Petrolcülük A.fi with all its assets and liabilities as of 30 September The name of the company was changed to Turcas Petrol A.fi as of the merger date. Accordingly, ownership portion of the Company on the above mentioned land has increased to 1/2. In the financial statements as of 31 December 2003, the amount of advances given and advances received are presented under tangible fixed assets and long-term advances received netted off from their revalued costs. To finalise the dispute, shareholders made a side agreement in 2001 to extend the period till August In August 2003, BP Petrolleri A.fi. has purchased 41, m2 of the land in question. The remaining 15,773.7 m2 will be purchased by BP Petrolleri A.fi. in The Company will close its advance account following the purchase. As of 31 December 2003, construction in progress and advances given balance is composed of TL 5,740,918 Million advance given to BP Petrolleri A.fi. and TL 416,606 Million construction in progress (31 December 2002: TL 7,696,745 Million advance given to BP Petrolleri A.fi. and TL 241,194 Million construction in progress). The Company s subsidiary, Marmara Petrol ve Rafineri flleri A.fi. shares are pledged to T. Vak flar Bankas T.A.O. with a pledge agreement against the guarantee given by T. Vak flar Bankas T.A.O. for some portion of the Company s loan obtained from Barclays Bank Plc.. Additionally, fuel filling establishment of Marmara Petrol ve Rafineri flleri A.fi. located in Körfez district of Kocaeli is mortgaged to T. Vak flar Bankas T.A.O. by an amount of TL 15,000,000 Million. Tangible fixed assets are insured to the extent of TL 146,231,036 Million as of 31 December 2003 (31 December 2002: TL 185,292,600 Million). 13. INTANGIBLE ASSETS (NET) Rights Acquisition cost Opening balance 1 January ,126,693 Additions 30,350 Closing balance 31 December ,157,044 Accumulated depreciation Opening balance 1 January 2003 (34,485,441) Charge for the year (4,555,965) Closing balance 31 December 2003 (39,041,406) Net book value at 31 December ,115,637 Net book value at 31 December ,641,253 Intangible assets comprise rights of usage of trade names. Maddi olmayan duran varl klar ticari ünvanlar n kullan lma hakk ndan oluflmaktad r.

55 14. D ER ALACAKLAR VE DURAN VARLIKLAR (NET) 31 Aral k Aral k 2002 Bayi kredileri 2,914, ,202 Di er alacaklar reeskontu (-) (1,487,482) - Alacak senetleri 2,522,468 - Alacak senetleri reeskontu (1,469,918) - Peflin ödenmifl giderler 3,512,804 3,764,022 Di er 13,120 34,575 6,005,520 4,025,799 stasyon sahiplerine verilen kredilerin vadeleri 31 Aral k 2003 tarihi itibariyle afla daki gibidir: 31 Aral k y la kadar (not 9) 248, y l 909, y l 1,136, y l 718, y l 150,231 3,162,918 Bayi kredileri, istasyon tamir, bak m ve yenileme çal flmalar için istasyon sahiplerine yap lan ödemeleri içerir. 15. MAL BORÇLAR 31 Aral k Aral k 2002 K sa vadeli banka kredileri 14,071,318 29,602,929 Uzun vadeli kredilerin k sa vadeli anapara taksitleri ve faizleri 29,620,619 41,975,529 Toplam K sa Vadeli Mali Borçlar 43,691,937 71,578,458 Uzun vadeli kredilerin uzun vadeli k sm 27,974,860 74,473,210 Toplam mali borçlar 71,666, ,051,668 Mali borçlar n geri ödeme vadeleri afla daki gibidir: 31 Aral k Aral k y l içinde ödenecekler 43,691,937 71,578, y l içinde ödenecekler 27,974,860 74,473,210 71,666, ,051,668 K sa vadeli banka kredileri afla dakilerden oluflmaktad r: Döviz Cinsi Faiz Oran % Döviz Miktar 31 Aral k 2003 ABD Dolar % %7.5 10,000,000 13,958,350 Faiz tahakkuklar 80, ,968 14,071,318 Uzun vadeli kredilerin k sa vadeli anapara taksit ve faizleri afla dakilerden oluflmaktad r: Döviz Cinsi Faiz Oran % Döviz Miktar 31 Aral k 2003 ABD Dolar Libor + %0.2 21,083,333 29,428,854 Faiz tahakkuklar 137, ,765 29,620,619 fiirket, bankalardan 20,000,000 ABD Dolar tutar nda teminat mektubu alm flt r. Buna ek olarak, fiirket ortaklar ndan Conoco Intercorparation, fiirket in Barclays Bank tan ald kredi için 20,000,000 ABD Dolar tutar nda teminat vermifltir. 14. OTHER RECEIVABLES AND LONG-TERM ASSETS (NET) 31 December 31 December Dealer loans 2,914, ,202 Discount on other receivables (1,487,482) - Notes receivable 2,522,468 - Discount on notes receivable (1,469,918) - Prepaid expenses 3,512,804 3,764,022 Others 13,120 34,575 6,005,520 4,025,799 The maturity of loans given to station owners as of 31 December 2003 is as follows: 31 December 2003 Within one year (note 9) 248, years 909, years 1,136, years 718, years 150,231 3,162,918 Dealer loans comprise payments given to the station owners for repair, maintenance and renewal of stations. 15. BORROWINGS 31 December 31 December Short-term bank loans 14,071,318 29,602,929 Current portion of long-term loans 29,620,619 41,975,529 Total short-term borrowings 43,691,937 71,578,458 Long-term loans 27,974,860 74,473,210 Total borrowings 71,666, ,051,668 Analysis of loan repayments is as follows: 31 December 31 December Within one year 43,691,937 71,578,458 Between one to two years 27,974,860 74,473,210 71,666, ,051,668 Short-Term bank loans consist of the following: Currency Interest Currency 31 December Type Rate % Amount 2003 USD 5.72% - 7.5% 10,000,000 13,958,350 Interest accrual on loans 80, ,968 14,071,318 Current portion of long-term bank loans consist of the following: Currency Interest Currency 31 December Type Rate % Amount 2003 USD Libor + 0.2% 21,083,333 29,428,854 Interest accrual on loans 137, ,765 29,620,619 The Company has obtained letters of guarantee amounting to USD 20,000,000 from banks. Conoco Inc. has given guarantee amounting to USD 20,000,000 to Barclays Bank for the loan used by the Company. 53

56 Yukar da bahsedilen banka teminat mektuplar yla iliflkili olarak fiirket in ana hissedarlar, 31 Aral k 2003 tarihi itibariyle fiirket in kendilerine ait olan hisselerinden nominal de eri 6,596,000 Milyon TL olan hisseyi Türkiye Vak flar Bankas T.A.O lehine, 701,000 Milyon TL nominal de erli hisseyi Koçbank A.fi. lehine rehin vermifltir (31 Aral k 2002: 6,596,000 Milyon TL Türkiye Vak flar Bankas T.A.O lehine, 701,000 Milyon TL Koçbank A.fi. lehine ve 859,000 Milyon TL Halk Bankas A.fi lehine). 31 Aral k 2003 itibariyle, Grup 39,921,087 Milyon TL tutar ndaki müflteri çeklerini kulland çeflitli krediler için bankalara teminat vermifltir. Buna ek olarak fiirket in gerçek kifli hissedarlar ndan Erdal Aksoy fiirket in kulland krediler için 10,000,000 ABD Dolar tutar nda flahsi kefalet vermifltir. 31 Aral k 2002 itibariyle fiirket, ba l ortakl olan Marmara Petrol ve Rafineri flleri A.fi. nin HSBC Bank dan kullanm fl oldu u 4,500,000 ABD Dolar kredi için sözkonusu bankaya 5,000,000 ABD Dolar karfl l müflteri çeklerini teminat olarak vermifltir. Ayr ca fiirket in gerçek kifli hissedarlar ndan Erdal Aksoy ve Baha Kaya Alp Baban söz konusu kredi için 10,000,000 ABD Dolar tutar nda flahsi kefalet vermifllerdir. 16. T CAR BORÇLAR 31 Aral k Aral k 2002 Ticari borçlar 23,124,532 17,345, Aral k 2003 tarihi itibariyle ticari borçlar temel olarak hammadde al m nedeniyle Tüprafl Türkiye Petrol Rafinerileri A.fi. ve BP Turkey Refining Ltd. ye olan borçlardan oluflmaktad r ve ortalama vadeleri 7 gündür. 17. D ER BORÇLAR VE G DER TAHAKKUKLARI 31 Aral k Aral k 2002 Al nan avanslar 552, ,967 Ödenecek vergi ve harçlar 8,115,334 7,892,104 Ödenecek SSK primleri 147, ,808 Tahakkuk etmifl giderler 194, ,233 Di er tahakkuk ve yükümlülükler 376, ,073 Gelecek dönemlere ait gelirler 345, ,513 9,731,537 9,685,698 Gelecek dönemlere ait gelirlerin uzun vadeli k sm 1,310,010 1,801,145 Al nan avanslar n uzun vadeli k sm 821,418 1,031,795 2,131,428 2,832,940 Gelecek dönemlere ait gelirler, fiirket in Mersin deki LPG dolum tesislerini kiralamas sonucu oluflan kira gelirlerinden ve istasyonlara yerlefltirilen ATM Makinalar karfl l nda al nan kira gelirinden oluflmaktad r. 18. VERG 31 Aral k Aral k 2002 Ödenecek kurumlar vergisi: Kurumlar vergisi karfl l 5,491,141 - Peflin ödenmifl vergi ve fonlar (3,212,006) - 2,279,135 - As of 31 December 2003 in connection with the above-mentioned bank letters of guarantee, the Company s main shareholders pledged their own shares of the Company, amounting to TL 6,596,000 Million to Türkiye Vak flar Bankas T.A.O., TL 701,000 Million to Koçbank A.fi. (31 December 2002: TL 6,596,000 Million on behalf of Türkiye Vak flar Bankas T.A.O, TL 701,000 Million on behalf of Koçbank Afi, and TL 859,000 Million on behalf of Halk Bankas Afi.). As of 31 December 2003, the Group has pledged customer cheques amounting to TL 39,921,087 Million to the banks for the various loans obtained. In addition, the Company s shareholder, Erdal Aksoy has given personal surety amounting to USD 10,000,000 for the loans used by the Company. As of 31 December 2002, the Company has given to HSBC Bank customer cheques amounting to USD 5,000,000 as a surety for the loan given by HSBC Bank to its subsidiary, Marmara Petrol ve Rafineri flleri A.fi. amounting to USD 4,500,000. In addition, the Company s main shareholders, Erdal Aksoy and Baha Kaya Alp Baban deceased have given personal sureties amounting to USD 10,000,000 for the loan used from HSBC Bank. 16. TRADE PAYABLES 31 December 31 December Trade payables 23,124,532 17,345,383 As at 31 December 2003 trade payables consist of dues to Tüprafl Türkiye Petrol Rafinerileri A.fi. and BP Turkey Refining Ltd. as a result of raw material purchases and average maturity is 7 days. 17. OTHER PAYABLES AND LIABILITIES 31 December 31 December Advances received 552, ,967 Taxes and dues payable 8,115,334 7,892,104 Social security premiums payable 147, ,808 Accrued costs 194, ,233 Other accruals and liabilities 376, ,073 Unearned income 345, ,513 9,731,537 9,685,698 Long-term portion of unearned income 1,310,010 1,801,145 Long-term portion of advances received 821,418 1,031,795 2,131,428 2,832,940 Unearned income is comprised of the rent income obtained for the rental of LPG filling establishment of the Company in Mersin and the rent income obtained for the establishment of ATM machines in stations. 18. TAXATION ON INCOME 31 December 31 December Current Tax Payable: Current corporate and income tax 5,491,141 - Less: Prepaid taxes and funds (3,212,006) - 2,279,135 -

57 31 Aral k Aral k 2002 Vergi karfl l : Kurumlar vergisi karfl l 5,491,141 - Ertelenmifl vergi karfl l 3,711,372 (199,788) 9,202,513 (199,788) Kurumlar Vergisi: Grup, 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 yurtiçinde yerleflik flirketlerden al nan temettüler, vergiye tabi olmayan gelirler ve kullan lan yat r m indirimleri düflüldükten sonra kalan matrah üzerinden hesaplanmaktad r. Geçerli olan Kurumlar Vergisi oranlar : 2002 ve önceki y llar: %30 u kurumlar vergisi ve ilave %10 fon pay olmak üzere toplam % y l : %30 (%10 oran ndaki fon pay kald r lm flt r) 2004 y l : %33 (Resmi Gazete nin 2 Ocak 2004 tarihli say s nda yay nlanan 5035 say l kanun ile kurumlar vergisi oran %30 dan %33 e yükseltilmifltir. Türkiye de geçiçi vergi üçer ayl k dönemler itibariyle hesaplanmakta ve tahakkuk ettirilmektedir. Geçici kurumlar vergisi oran 24 Nisan 2003 tarihinden geçerli olmak üzere %25 den % 30 a yükseltilmifltir. Bu oran 2004 y l nda ise %33 olarak belirlenmifltir. Zararlar, gelecek y llarda oluflacak vergilendirilebilir kardan düflülmek üzere, maksimum 5 y l tafl nabilir. Ancak oluflan zararlar geriye dönük olarak, önceki y llarda oluflan karlardan düflülemez. Türkiye de vergi de erlendirmesiyle ilgili kesin ve kati bir mutabakatlaflma prosedürü bulunmamaktad r. fiirketler ilgili y l n hesap kapama dönemini takip eden y l n 15 Nisan tarihine kadar vergi beyannamelerini haz rlamaktad r. Vergi Dairesi taraf ndan bu beyannameler ve buna baz olan muhasebe kay tlar 5 y l içerisinde incelenerek de ifltirilebilirler. Gelir Vergisi Stopaj : Kurumlar vergisine ek olarak, da t lmas durumunda kar pay elde eden ve bu kar paylar n kurum kazanc na dahil ederek beyan eden tam mükellef kurumlara ve yabanc flirketlerin Türkiye deki flubelerine da t lanlar hariç olmak üzere kar paylar üzerinden ayr ca gelir vergisi stopaj ve fon pay hesaplanmas gerekmektedir. Gelir vergisi stopaj 24 Nisan 2003 tarihinden itibaren tüm flirketlerde %10 olarak ilan edilmifltir. Da t lmay p sermayeye ilave edilen kar paylar gelir vergisi stopaj na tabi de ildir ve öncesinde kurumlar vergisinden istisna edilen baz kazançlar üzerinden da t ma ba l olmaks z n yap lan istisna kazanç stopaj genel olarak kald r lm flt r. Ancak, 24 Nisan 2003 tarihinden önce al nm fl yat r m teflvik belgelerine istinaden yararlan lan yat r m indirimi tutar üzerinden hala %19.8 vergi tevkifat yap lmas gerekmektedir. Grup flirketlerinin karlar indirim istisnas na konu olabilecek tutara ulafl ncaya dek, bu indirimden yararlan labilir. fiirketlerin kar etmemesi ya da zararda olmas durumunda bu indirim hakk sonraki y llarda elde edilecek karlar üzerinden hesaplanacak vergiden düflülmek üzere sonraki y llara tafl nabilir. 31 December 31 December Taxation: Current income tax 5,491,141 - Deferred tax charge/(benefit) 3,711,372 (199,788) 9,202,513 (199,788) Corporate Tax: The Group is subject to Turkish corporation taxes. Provision is made in the accompanying financial statements for the estimated charge based on the Group s results for the year. Corporation tax is applied on taxable corporate income, which is calculated from the statutory accounting profit by adding non-deductible expenses, and by deducting dividends received from resident companies, other exempt income and investment incentives utilized. The effective tax rates are as follows: In 2002 and prior years: 33%, being 30% corporate tax plus a 10% surcharge of funds contribution on corporate tax. In 2003: 30% (the funds contribution was abolished for 2003). In 2004: 33% (the corporate tax rate was increased from 30% to 33% by Law No published in the Official Gazette on 2 January 2004). In Turkey, prepaid taxes are calculated and accrued on a quarterly basis. The prepaid corporate income tax rate was increased from 25% to 30%, effective from 24 April 2003, and to 33% for Losses can be carried forward for offset against future taxable income for up to 5 years. Losses cannot be carried back for offset against profits from previous periods. In Turkey there is no procedure for a final and definitive agreement on tax assessments. Companies file their tax returns till April 15th of the following year. Tax authorities may, however, examine such returns and the underlying accounting records and may revise assessments within five years. Income withholding tax In addition to corporate taxes, companies should also calculate income withholding taxes and funds surcharge on any dividends distributed, except for companies receiving dividends who are resident companies in Turkey and Turkish branches of foreign companies. The rate of income withholding tax is 10% starting from 24 April Undistributed dividends incorporated in share capital are not subject to income withholding taxes. Income withholding tax which was calculated in 2002 and prior years on various types of income and gains exempt from corporation tax, whether distributed or not, has been removed in general. However, 19.8% withholding tax is still applied to investment allowances relating to investment incentive certificates obtained prior to 24 April Such allowances may be used to relieve corporation tax liability until the profits reach the calculated level of exemption. If companies fail to make a profit or incur losses, any allowance outstanding may be carried forward to following years so as to be deducted from taxable income of subsequent profitable years. 55

58 Enflasyon Göre Düzeltilmifl Vergi Hesaplamas : 2003 y l ve önceki dönemlerde, sabit k ymetlerin ve buna ba l olarak amortismanlar n n senelik olarak yeniden de erlemeye tabi tutulmalar haricinde; vergiye esas dönem kar enflasyona göre düzeltilmifl tutarlar üzerinden hesaplanmamaktayd. 30 Aral k 2003 tarih ve say l Resmi Gazete de yay mlanan 5024 say l Kanun Türkiye de enflasyon muhasebesi uygulamas n n 2004 y l ve gelecek dönemlerde geçerli olacak flekilde; gerçek enflasyon oran n n kanunda belirlenen s n rlara ulaflmas durumunda uygulanmas gerekmektedir. Vergi mevzuat ndaki enflasyon muhasebesi ilkeleri UMS 29 "Yüksek Enflasyonlu Ekonomilerde Finansal Raporlama" standard ndaki hükümlerden önemli ölçüde farkl l k göstermemektedir y l n n ilk çeyre inde verilecek olan ilk geçici vergi döneminde bu hükümlerin uygulanmas iste e ba l d r. Ertelenmifl Vergi: Grup vergiye esas yasal mali tablolar ile UFRS'ye göre haz rlanm fl mali tablolar aras ndaki farkl l klardan kaynaklanan geçici zamanlama farklar için ertelenmifl vergi aktifi ve pasifini muhasebelefltirmektedir. Söz konusu farkl l klar genellikle baz gelir ve gider kalemlerinin vergiye esas tutarlar ile UFRS'ye göre haz rlanan mali tablolarda farkl dönemlerde yer almas ndan kaynaklanmakta olup afla da aç klanmaktad r. Zamanlama farkl l klar, muhasebe ve vergi amaçl kaydedilen gelir ve giderlerin y llar aras nda meydana gelen farklar ndan kaynaklanmaktad r. Zamanlama farkl l klar, maddi duran varl klar (arsa ve arazi hariç), maddi olmayan duran varl klar, stoklar n ve peflin ödenen giderlerin yeniden de erlenmesi ile alacaklar n reeskontu, k dem tazminat karfl l, geçmifl y l zararlar ve yararlan lacak yat r m indirimi tutarlar üzerinden hesaplanmaktad r. Vergi oran n n %33 e yükseltilmesi 2004 y l nda meydana gelen bir olay olmas sebebiyle ertelenmifl vergi hesaplamas nda %30 oran kullan lm flt r. Geçmifl y llarda, enflasyona göre düzeltilmifl sabit k ymetlerin net defter de eri ile yasal kay tlardaki nominal net defter de erleri aras ndaki farklar, geçici zamanlama farkl l olarak dikkate al narak bu baz üzerinden ertelenmifl vergi hesaplanmaktayd. Hükümetin 2004 y l ndan itibaren uygulamaya koyaca enflasyon muhasebesi uygulanmas yükümlülü ü ayn zamanda 31 Aral k 2003 tarihli yasal kay tlar n enflasyona göre düzeltmeye tabi tutulmas n ve bu tarihin yeni enflasyon muhasebesi uygulamas için bafllang ç noktas olarak kabul edilmesi sebebiyle geçmifl dönemlerdeki düzeltme farkl l klar n n vergiden muaf gelir olarak dikkate al nmas n gerektirmektedir. Buna ba l olarak, sabit k ymetler üzerinden hesaplanan ertelenmifl vergi bu uygulama sonucu yaln zca UFRS ve yasal kay tlardaki farkl amortisman oranlar n n kullan lmas ndan ve di er baz özel hükümlerden oluflaca ndan iliflikteki mali tablolar yeni uygulaman n etkisiyle ilgili bir defaya mahsus olmak üzere yap lan düzeltmeyi de içermektedir. Inflation Adjusted Tax Calculation For 2003 and previous years, taxable profits were calculated without any inflation adjustment to the statutory records, except that fixed assets and the related depreciation were revalued annually. Law No published in the Official Gazette No on 30 December 2003 requires the application of inflation accounting in Turkey in 2004 and future years for tax purposes, if the actual rate of inflation meets certain thresholds, using principles which do not differ substantially from the principles in IAS 29 "Financial Reporting in Hyperinflationary Economies". Application of the new principles is optional in the first quarterly advance tax return in Deferred Tax The Group recognizes deferred tax assets and liabilities based upon temporary differences arising between its financial statements as reported for IFRS purposes and its statutory tax financial statements. These differences usually result in the recognition of revenue and expenses in different reporting periods for IFRS and tax purposes and are set out below. Temporary differences occur between the years in which certain items of income and expense are recorded for accounting and for tax purposes. There are timing differences resulting from the restatement of inventories, property, plant and equipment (except land) and intangible fixed assets, prepaid expenses, allowances, retirement pay provision, lease payable, carry forward tax losses and investment incentive deductions. Deferred taxation is calculated at a rate of 30% since tax rate increase to 33% has occurred in In previous years, the difference between the net book values of fixed assets in the nominal statutory books of account and their inflation adjusted net book values in the accompanying financial statements was considered as a taxable temporary difference, on which deferred tax was calculated. The government s requirement to apply inflation accounting from 2004 onwards includes a requirement to calculate an inflation-adjusted statutory balance sheet for 31 December 2003, which will form the starting point for the new inflation accounting, and in which the uplifts from the former book values are a tax-exempt gain. Accordingly, deferred tax relating to fixed assets is now applicable only in case of different depreciation rates for statutory and IFRS purposes or other special factors, and the accompanying financial statements include a one-time adjustment to deferred tax to reflect the new rules.

59 Ertelenmifl vergiye baz teflkil eden kalemler afla da belirtilmifltir: 31 Aral k Aral k 2002 Ertelenmifl vergiye baz teflkil eden zamanlama farkl l klar : Maddi duran varl klar n de erlenmesi (4,144,030) 24,996,677 K dem tazminat karfl l (981,352) (1,143,460) Vergiden mahsup edilecek geçmifl y l zararlar - (43,270,468) Di er 11,523 1,305,488 (5,113,859) (18,111,763) Ertelenmifl vergi (aktifleri)/ pasifleri: Maddi duran varl klar n de erlenmesi (1,243,210) 8,248,902 K dem tazminat karfl l (294,407) (377,342) Vergiden mahsup edilecek geçmifl y l zararlar - (14,279,254) Di er 3, ,812 (1,534,161) (5,976,882) 31 Aral k Aral k 2002 Ertelenmifl vergi (aktifi) / pasifi hareketleri: 1 Ocak aç l fl bakiyesi (5,976,882) (7,558,745) Parasal kay p 731,351 1,781,651 Ertelenmifl vergi geliri/(gideri) 3,711,370 (199,788) 31 Aral k kapan fl bakiyesi (1,534,161) (5,976,882) Vergi karfl l n n mutabakat : 31 Aral k 2003 Vergi öncesi kar 43,482,200 Vergi oran %30 Vergi karfl l 13,044,660 Vergi etkileri: Kanunen kabul edilmeyen giderler 3,724,146 Vergiden mahsup edilen geçmifl y l zararlar 929,904 Vergiden muaf parasal kazanç / (kay p) (8,440,953) Konsolidasyon eliminasyonlar 386,475 Di er (441,719) Vergi 9,202, KIDEM TAZM NATI KARfiILI I Türkiye de mevcut kanunlar çerçevesinde, bir y ll k hizmet süresini dolduran ve herhangi bir geçerli nedene ba l olmaks z n ifline son verilen, askerlik hizmeti için göreve ça r lan, vefat eden, erkekler için 25 kad nlar için 20 y ll k hizmet süresini dolduran yada emeklilik yafl na gelmifl (kad nlarda 58, erkeklerde 60 yafl) personeline k dem tazminat ödemesi yap lmak zorundad r. K dem tazminat ödemeleri, her hizmet y l için 30 günlük brüt maafl üzerinden hesaplanmaktad r. lgili bilanço tarihi itibariyle ödenecek k dem tazminat, 31 Aral k 2003 tarihi itibariyle ayl k 1,389,950,000 TL tavan na tabidir (31 Aral k 2002: 1,260,150,000 TL). Deferred taxation bases are as follows: 31 December 31 December Temporary differences subject to deferred tax: Restatement of fixed assets (4,144,030) 24,996,677 Retirement pay provision (981,352) (1,143,460) Carry forward tax losses - (43,270,468) Other items 11,523 1,305,488 (5,113,859) (18,111,763) Components of deferred tax (assets)/liabilities: On restatement of fixed assets (1,243,210) 8,248,902 Retirement pay provision (294,407) (377,342) Carry forward tax losses - (14,279,254) Other items 3, ,812 (1,534,161) (5,976,882) 31 December 31 Aral k Movement of deferred tax (assets)/liabilities: Opening balance at 1 January (5,976,882) (7,558,745) Monetary gain 731,351 1,781,651 Taxation surplus/(charge) on deferred tax 3,711,370 (199,788) Closing balance at 31 December (1,534,161) (5,976,882) Reconciliation of taxation: 31 December 2003 Profit before taxation 43,482,200 Tax rate 30% Tax at the domestic income tax rate 13,044,660 Tax effects of: non-deductible expenses 3,724,146 carried forward tax losses 929,904 monetary gain/(loss) non (taxable)/deductible (8,440,953) consolidation eliminations 386,475 other (441,719) Taxation per statement of income 9,202, RETIREMENT PAY PROVISION Under Turkish law, the companies are required to pay employment termination benefits to each employee who has completed one year of service and whose employment is terminated without due cause, is called up for military service, dies or who retires after completing 25 years of service (20 years for women) and achieves the retirement age (58 for women and 60 for men). The provision is made in respect of all eligible employees, at a rate of 30 days gross pay for each year of service. The rate of pay is that ruling at the respective balance sheet dates, subject to a maximum of TL 1,389,950,000 per month as of 31 December 2003 (31 December 2002: TL 1,260,150,000 per month). 57

60 Yeniden düzenlenmifl UMS 19 ilk kez 1999 y l nda uygulanmaya bafllanm flt r. Temel uygulama prensiplerini de ifltirmemekle birlikte, yeniden düzenlenmifl standart yükümlülü ün gelecek dönemlere ait oldu unu dikkate alarak, yükümlülü ün muhasebelefltirilmesini daha aç k hale getirmifltir: Netinin reel iskonto oran n verece i tahmini bir enflasyon beklentisi ve uygun bir iskonto oran belirlenmelidir. Hesaplanan reel iskonto oran gelecekte ödenecek k dem tazminat ödemelerinin bilanço tarihi itibariyle bugünkü de erlerinin hesaplanmas nda kullan lmal d r. ste e ba l iflten ayr lmalar neticesinde ödenmeyip, Grup a kalacak olan k dem tazminat tutarlar n n tahmini oran da dikkate al nmal d r. Sonuç olarak, 31 Aral k 2003 ve 31 Aral k 2002 tarihleri itibariyle Grup un elemanlar n n gelecekteki emeklili inden kaynaklanan tahmini yükümlülü üne iliflkin karfl l k, bugünkü de erlerinin tahmin edilmesi yoluyla ekli mali tablolara yans t lm flt r. Yukar daki tarihler itibariyle k dem tazminat yükümlülükleri, y ll k %18 enflasyon ve %25 iskonto oran tahmin edilerek belirlenmifltir. Çal flanlar n kendi r zalar yla iflten ayr lmalar sonucunda k dem tazminat yükümlülü ünün ödenmemesi oran Grup için %0 tahmin edilmektedir Ocak itibariyle karfl l k 1,143, ,362 Dönem (gideri)/geliri (22,190) 944,071 Parasal kazanç (139,918) (201,973) 31 Aral k itibariyle karfl l k 981,352 1,143, TAAHHÜTLER VE YÜKÜMLÜLÜKLER a) 31 Aral k 2003 tarihi itibariyle toplam 36,919,227 Milyon TL ve 20,000,000 ABD Dolar tutar nda verilen teminat mektubu bulunmaktad r. Ayr ca, ortaklardan Conoco Petroleum Inc., fiirket in kulland kredilerle ilgili olarak 20,000,000 ABD Dolar tutar nda kefalet vermifltir (31 Aral k 2002: 37,500,000 ABD Dolar ). b) Yukar da belirtilen teminat mektuplar na iliflkin olarak; fiirket in büyük hissedarlar 31 Aral k 2003 tarihi itibariyle, Türkiye Vak flar Bankas T.A.O ya 6,596,000 Milyon TL, Koçbank A.fi. ye 701,000 Milyon TL nominal tutar nda fiirket hisselerini rehin vermifllerdir. c) fiirket, 2004 y l nda 2,454,583 ABD Dolar teminat mektubu, aval ve kefalet komisyonu ödeyecektir. d) Tüprafl Petrol Rafineri flleri A.fi. ile yapt sözleflme gere i, fiirket her Ekim ay n n ortas na kadar 1 y ll k taahhüt etti i miktarlar bildirmek zorundad r. Bununla beraber, fiirket in 3 ayl k miktarlar 30 gün öncesinden, ayl k miktarlar 15 gün öncesinden de ifltirme hakk vard r. Aksi takdirde oluflabilecek eksi farklar için, fiirket afla da belirtilen cezalar ödemek durumundad r. (ABD $/Ton) (ABD $/Ton) Fark Beyaz Ürün Siyah Ürün % % % %25.01 ve üzeri The liability is not funded, as there is no funding requirement. For the year 1999, IAS 19 (Revised) became applicable for the first time. Although not changing the fundamental principles involved, the revised standard made clearer the obligation to consider the issues related to accounting for a future benefit: An expected inflation rate and an appropriate discount rate should both be determined, the net of these being the real discount rate. This real discount rate should be used to discount future retirement payments to their present value at the balance sheet date. The anticipated rate of forfeitures should be considered. Consequently, in the accompanying financial statements as at 31 December 2003 and 31 December 2002, 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. The provisions at the respective balance sheet dates have been calculated assuming an annual inflation rate of 18% and a discount rate of 25%. Turnover rate to estimate the probability of retirement was anticipated as 0% Opening provision 1,143, ,362 Charge / (benefit) for the year (22,190) 944,071 Monetary gain (139,918) (201,973) Closing provision 981,352 1,143, COMMITMENTS AND CONTINGENCIES a) As of 31 December 2003, the total amount of the letters of guarantee given is TL 36,919,227 Million and USD 20,000,000. Additionally, Conoco Inc. has given guarantee amounting to USD 20,000,000 to the bank for the loan used by the Company (31 December 2002: 37,500,000 USD). b) As of 31 December 2003 in connection with the above-mentioned bank letters of guarantee, the Company s main shareholders pledged their own shares of the Company, amounting to TL 6,596,000 Million to Türkiye Vak flar Bankas T.A.O., TL 701,000 Million to Koçbank A.fi. c) The Company will pay USD 2,454,583 in 2004 as the letter of guarantee and surety commissions. d) According to a purchase agreement made with Tüprafl Petrol Rafineri flleri A.fi., the Company has to notify the committed yearly purchase quantities in each mid-october. However, the Company has a right to revise its quarterly purchase commitments prior to 30 days, and its monthly purchase commitments prior to 15 days. Otherwise, based on negative difference, the Company should pay the following amounts as penalties: (USD/ Tones) (USD/ Tones) Difference White Products Black Products 5-10% % % % and above 16 12

61 e) fiirket, Türkpetrol Vakf ile olan " sim Hakk " anlaflmas gere i sataca beyaz ürünlerde ton bafl na 17 Haziran 2006 tarihine kadar 0.30 ABD Dolar, 17 Haziran Haziran 2012 tarihleri aras nda ise 0.35 ABD Dolar lisans bedeli ödemeyi taahhüt etmifltir. f) fiirket, Conoco Ltd. ile olan "Teknik ve Yönetim Destek Hizmetleri" sözleflmesi gere i bu flirkete y ll k 500,000 ABD Dolar tutar nda servis bedeli ödemeyi taahhüt etmifltir. Bu sözleflme ile ilgili olarak 31 Aral k 2003 tarihinde sona eren ara dönem için tahakkuk ettirilmesi gereken 500,000 ABD Dolar tutar ndaki servis bedeli, Conoco Ltd. yetkililerinden ad geçen dönem ile ilgili olarak servis bedeli haklar ndan feragat edeceklerine dair al nan yaz flmaya istinaden ekli mali tablolara yans t lmam flt r. g) fiirket, afla da belirtilen dönemlerde istasyon sahiplerine istasyon yenileme çal flmalar nda kullan lmak üzere 5,883,000 ABD Dolar ödemeyi taahhüt etmifltir: Y l 2005 Y l Y llar aras Toplam ABD Dolar 739, ,500 4,619,000 5,883,000 h) fiirket, Ankara daki bir benzin istasyonunun patlamas sonucu daval durumundad r. fiirket in olas yükümlülü ü 753,784 Milyon TL dir. fiirket, mahkemenin gerekçeli karar nda belirtildi i üzere 4/8 oran nda kusurlu bulunmufl ve finansal tablolar nda bu davayla ilgili 376,892 Milyon TL karfl l k ay rm flt r. 21.SERMAYE VE YASAL YEDEKLER 31 Aral k 2003 ve 31 Aral k 2002 itibariyle sermaye yap s afla daki gibidir: Ortaklar (%) 31 Aral k 2003 (%) 31 Aral k 2002 Conoco Petroleum Inc. % ,509,625 % ,509,625 Erdal Aksoy % ,550,052 % ,549,694 Baha Kaya Alp Baban veresesi % ,647,692 % ,647,692 Halka aç k k s m % ,877,380 % ,251,779 Di er % ,745,484 % ,371,443 Tarihi de erle sermaye % ,330,233 % ,330,233 fiirket in sermayesi, ihraç edilmifl ve her biri 1,000 TL nominal de erde 26,330,233,183 adet hisseden meydana gelmifltir. fiirket in sermayesi 26,330,083,183 adet A grubu, 112,500 adet B grubu ve 37,500 adet C grubu hisselerinden oluflmaktad r. Toplam 7 kifliden oluflan yönetim kurulu üyelerinin en az 3 tanesi B grubu hisse sahiplerinin, en az 2 tanesi C grubu hisse sahiplerinin gösterece i adaylar aras ndan seçilir. Murak plar n biri C grubu hissedarlar n n ço unlu unun belirledi i adaylar n aras ndan, di eri B grubu hissedarlar n n ço unlu unun belirledi i adaylar aras ndan seçilir. e) Based on the Royalty Agreement signed with Türkpetrol Vakf, the Company committed to pay USD 0.30 per tones of white products sold until 17 June 2006 and after 17 June 2006 till 17 June 2012 USD 0.35 per tones. f) As a result of "Technical and Management Support Services Agreement" signed with Conoco Ltd., the Company committed to pay service fee amounting to USD 500,000 per year. The service fee for the period ended 31 December 2003 amounting to USD 500,000 has not been accounted for in the accompanying financial statements on the grounds of correspondence obtained from Conoco Ltd. authorities stating that they waive their rights to receive such fee for the mentioned period. g) The Company has committed to pay USD 5,883,000 to the station owners for the station improvement in the periods mentioned below: Years between Year 2004 Year Total US Dollar 739, ,500 4,619,000 5,883,000 h) The Company is defendant in a lawsuit involving an explosion in a station in Ankara. The potential liability of the Company is TL 753,784 Million. As concluded by the court decision, the Company is found responsible a 4/8 rate for the explosion and TL 376,892 Million of provision is booked in the accompanying financial statements related to this liability. 21. SHAREHOLDERS EQUITY AND LEGAL RESERVE As of 31 December 2003 and 31 December 2002 the share capital is held as follows: 31 December December 2002 Shareholders (%) TL Million (%) TL Million Conoco Petroleum Inc % 7,509, % 7,509,625 Erdal Aksoy 13.48% 3,550, % 3,549,694 Baha Kaya Alp Baban heirs 13.86% 3,647, % 3,647,692 Public shares 22.32% 5,877, % 4,251,779 Other 21.82% 5,745, % 7,371,443 Historical Capital % 26,330, % 26,330,233 The Company s share capital consist of 26,330,233,183 authorized and issued shares each worth of 1,000 Turkish Lira. Share capital consists of 26,330,083,183 shares of class A, 112,500 shares of class B and 37,500 shares of class C. At least three members of Board of Directors, consisting of 7 members, are elected among nominees of B Group shareholders and at least two members from the nominees of Group C shareholders. One of the auditors is voted among the candidates determined by the majority of Group C shareholders and the other is voted among the candidates determined by the majority of the Group B shareholders. 59

62 Özkaynak kalemleri nominal de erleri ve enflasyon düzeltme farklar afla daki gibidir: Özsermaye Özkaynak Enflasyon Düzeltilmifl Kalemleri Nominal Düzeltme Fark Tutar Sermaye 26,330,233 58,392,921 84,723,154 Emisyon primi 2,595,405 73,046,059 75,641,464 Yasal yedekler 1,947,867 43,977,061 45,924,928 Ola anüstü yedekler 177,820 4,241,180 4,419,000 31,051, ,657, ,708,546 fiirket ortaklar ndan ve fiirket in Yönetim Kurulu Baflkan vekili Baha Kaya Alp Baban 20 Ekim 2002 tarihinde vefat etmifl olup, 12 Kas m 2002 tarihli veraset davas na istinaden 20 Kas m 2002 tarihli stanbul 6. Sulh Hukuk Mahkemesi nin karar na göre, Baha Kaya Alp Baban a ait fiirket in %13.85 hissesinin %50 si efli Yasemin Baban a, %25 i annesi Suna Baban a ve di er %25 i de kardefli Müeddet Hanzat Baban a intikal etmifltir. Yasal yedekler Türk Ticaret Kanunu na göre ayr lan birinci ve ikinci tertip yasal yedeklerden oluflmaktad r. Birinci tertip yasal yedekler, tüm yedekler tarihi ödenmifl sermayenin %20 sine eriflene kadar, geçmifl dönem ticari kar ndan y ll k %5 oran nda ayr l r. kinci tertip yasal yedekler, birinci tertip yasal yedek ve temettülerden sonra, tüm nakdi temettü da t mlar üzerinden y ll k %10 oran nda ayr l r. Halka aç k flirketler, temettü da t mlar n SPK n n öngördü ü flekilde afla daki gibi yaparlar: 1 Ocak 2004 tarihinden itibaren geçerli olmak üzere Seri:XI No:25 say l tebli uyar nca UFRS ye uygun olarak haz rlanan mali tablolar esas al narak hesaplanan 2003 y l faaliyetlerinden elde edilen karlar dikkate al nmak üzere, da t labilir kar n en az %20 si oran nda kar da t m zorunlulu u getirilmifltir. Bu da t m flirketlerin genel kurullar n n alaca karara ba l olarak nakit olarak ya da da t labilir kar n %20 sinden afla olmamak üzere bedelsiz hisse senedi olarak ya da belli oranda nakit, belli oranda bedelsiz hisse senedi da t lmas suretiyle gerçeklefltirilebilecektir. 22. NET SATIfiLAR Yurt içi sat fllar 1,506,150,351 1,479,066,473 Yurt d fl sat fllar 1,278,240 1,591,471 Di er gelirler 2,429, ,209 Sat fl iskontolar (48,396) (92,092) Sat fllardan di er indirimler (752,624) (801,184) 1,509,056,655 1,480,119, SATIfiLARIN MAL YET 2003 lk madde ve malzeme giderleri 57,252,395 Genel üretim giderleri 1,542,812 Amortisman giderleri 107,649 Yar mamul stoklar ndaki de iflim 236,173 Mamul stoklar ndaki de iflim 562,614 Sat lan mamullerin maliyeti 59,701,643 Sat lan ticari mallar n maliyeti 1,384,243,505 Di er gelirlerin maliyeti 1,548,843 1,445,493,991 Historical balances of shareholders equity items and their restated balances are as follows: Shareholders Inflation Shareholders Historical Equity Inflation Adjusted Equity Values Adjustment Balances Capital 26,330,233 58,392,921 84,723,154 Premium in excess of par 2,595,405 73,046,059 75,641,464 Legal reserves 1,947,867 43,977,061 45,924,928 Extraordinary reserves 177,820 4,241,180 4,419,000 31,051, ,657, ,708,546 Company s shareholder, Mr. Baha Kaya Alp Baban passed away on 20 October 2002 and transfer of his shares has not been realized as of the reporting date. In accordance with the decision taken after the balance sheet date by stanbul 6. Court of First Instance dated 20 November 2002, in relation to the inheritance court case dated 12 November 2002, 50% of his 13.85% Company shares will be transferred to his wife, Mrs. Yasemin Baban, 25% to his mother, Mrs. Suna Baban and the remaining 25% to his sister, Mrs. Müeddet Hanzat Baban. The legal reserves consist of first and second legal reserves, appropriated in accordance with the Turkish Commercial Code. The first legal reserve is appropriated out of historical statutory profits at the rate of 5% per annum, until the total reserve reaches 20% of the historical paid-in share capital. The second legal reserve is appropriated after the first legal reserve and dividends, at the rate of 10% per annum of all cash dividend distributions. Publicly traded companies, prepare their profit distributions according to CMB statements as follows: Begining from 1 January 2004 as stated by Decree XI/25, 20% of the distributable profit which is a result of the financial statements prepared in accordance with IFRS is set obligatory for distribution. This distribution, based on the decision to be taken by the companies general boards, and with the condition of not being less than 20% of the distributable profit, may be distributed as cash, free shares or partly shares and partly cash. 22. NET SALES Domestic sales 1,506,150,351 1,479,066,473 Export sales 1,278,240 1,591,471 Other revenues 2,429, ,209 Sales discount (48,396) (92,092) Other deductions from sales (752,624) (801,184) 1,509,056,655 1,480,119, COST OF SALES 2003 Raw materials consumed 57,252,395 Production overheads 1,542,812 Depreciation of production facilities 107,649 Change in Work in Progress inventories 236,173 Change in Finished Goods inventories 562,614 Cost of products sold 59,701,643 Cost of merchandises sold 1,384,243,505 Cost of other revenues 1,548,843 1,445,493,991

63 24. SATIfi VE GENEL YÖNET M G DERLER Amortisman ve itfa giderleri 25,747,247 27,488,027 Personel giderleri 9,064,184 8,920,033 Reklam giderleri 3,474,951 6,076,932 Bayi giderleri 2,755,158 4,553,892 Kira giderleri 1,481,391 1,707,105 D flar dan sa lanan hizmetler 856,926 3,538,095 Vergi ve di er yükümlülükler 834, ,527 Bak m ve onar m giderleri 763, ,464 Tafl t giderleri 652, ,589 Sosyal yard mlar 605, ,026 letiflim giderleri 432, ,391 Gemi iflletme giderleri - 1,282,310 Di er 2,417,301 4,568,666 49,086,020 61,072, D ER FAAL YET GEL R VE G DERLER Di er faaliyet gelirleri Komisyon gelirleri 8,127,926 8,465,166 Sözleflme fesih tazminat 1,399,982 - Bayilik iflletme haklar 961, ,255 Kira gelirleri 618,009 2,132,226 Konusu kalmayan karfl l klar 245,444 - Di er gelirler ve karlar 3,064, ,303 14,417,744 12,350,950 Di er faaliyet giderleri Gemi sat fl zararlar - (1,807,333) Komisyon giderleri (998,822) (3,121,480) Karfl l k giderleri (61,349) - Di er giderler ve zararlar (521,996) - (1,582,167) (4,928,813) 26. F NANSMAN GEL RLER (NET) Kambiyo karlar 17,896,040 27,106,214 Faiz gelirleri 2,658,430 1,863,121 Reeskont gelirleri 1,551,360 - Faiz giderleri (7,934,617) (6,499,096) Reeskont giderleri (3,868,243) (476,828) Di er - (1,583,852) 10,302,970 20,409, filetme SERMAYES NDE GERÇEKLEfiEN DE fi M Ticari alacaklar 11,323,954 (18,937,173) Stoklar (3,409,277) 5,878,893 liflkili flirketlerden alacaklar (342,952) (2,634) Di er alacaklar ve dönen varl klar 4,128,760 (149,730) Ticari borçlar 5,779, ,349 liflkili flirketlere borçlar (393,259) (6,341,941) Di er borçlar ve gider tahakkuklar 45,839 3,372,033 17,132,214 (15,394,203) 24. SALES AND GENERAL ADMINISTRATIVE EXPENSES Depreciation and amortization expenses 25,747,247 27,488,027 Personnel expenses 9,064,184 8,920,033 Advertisement expenses 3,474,951 6,076,932 Dealer expenses 2,755,158 4,553,892 Rent expenses 1,481,391 1,707,105 Other services obtained 856,926 3,538,095 Taxes and other liabilities 834, ,527 Repair and maintenance expenses 763, ,464 Vehicle expenses 652, ,589 Social securities 605, ,026 Communication expenses 432, ,391 Vessel operating expenses - 1,282,310 Others 2,417,301 4,568,666 49,086,020 61,072, OTHER OPERATING INCOME AND EXPENSES Other Operating Income Commission income 8,127,926 8,465,166 Compensation for dealers contracts cancellation 1,399,982 - Dealer s management rights 961, ,255 Rent income 618,009 2,132,226 Reversal of unnecessary provision 245,444 - Other income 3,064, ,303 14,417,744 12,350,950 Other Operating Expenses Vessel sales losses - (1,807,333) Commission expenses (998,822) (3,121,480) Provision expenses (61,349) - Other expenses and losses (521,996) - (1,582,167) (4,928,813) 26. FINANCE INCOME (NET) Exchange gains 17,896,040 27,106,214 Interest income 2,658,430 1,863,121 Discounting income 1,551,360 - Interest expenses (7,934,617) (6,499,096) Discounting expense (3,868,243) (476,828) Other expenses - (1,583,852) 10,302,970 20,409, CHANGES IN WORKING CAPITAL 31 December 31 December Trade receivables 11,323,954 (18,937,173) Inventories (3,409,277) 5,878,893 Due from related parties (342,952) (2,634) Other receivables and current assets 4,128,760 (149,730) Trade payables 5,779, ,349 Due to related parties (393,259) (6,341,941) Other payables and current liabilities 45,839 3,372,033 17,132,214 (15,394,203) 61

64 28. D ER YATIRIM FAAL YETLER NDE GERÇEKLEfiEN DE fi M Di er duran varl klar (1,979,721) (441,402) Verilen avanslar ve yap lmakta olan yat r mlar 1,780, ,704 Di er uzun vadeli borçlar (701,512) 145,615 (901,816) 601, YABANCI PARA POZ SYONU Toplam ABD Dolar EURO GBP Milyon TL 31 Aral k 2003 Kasa ve bankalar 4,755,472 6, ,649,119 Ticari alacaklar 70, ,025 Di er alacaklar 1,030, ,437,710 K sa vadeli banka kredileri (10,080,214) - - (14,070,315) Uzun vadeli banka kredilerinin k sa vadeli k sm (23,637,423) - - (32,993,942) Ticari borçlar (1,659,265) - - (2,316,061) liflkili flirketlere borçlar (9,638) - - (13,453) Al nan avanslar (83,150) (3,200) - (121,648) Uzun vadeli banka kredileri (20,041,667) - - (27,974,860) Net Yabanc Para Pozisyonu (49,655,658) 2, (69,305,425) 30. B LANÇO TAR H NDEN SONRA ORTAYA ÇIKAN HUSUSLAR K dem tazminat tavan 1 Ocak 2004 tarihinden itibaren 1,485,430,000 TL ye yükseltilmifltir. 31. ÖNEML HUSUSLAR fiirket, 30 Haziran 2001 tarihi itibariyle mali durumunun bozulmas ve esas sermayesinin yar s ndan fazlas n n karfl l ks z kalmas sebebiyle yasal mevzuata uygun düzenlenmifl mali tablolar na göre Türk Ticaret Kanunu nun 324. maddesi kapsam na girmifltir. Bu durumun giderilebilmesi amac yla fiirket stanbul 1. Ticaret Mahkemesi nden sabit k ymetlerinin de erini tespit eden bir bilirkifli raporu alm fl ve bu rapora istinaden aktiflerinin sat fl fiyatlar esas olmak üzere bir ara bilanço tanzim etmifl ve bu bilanço sonucunda fiirket in faaliyetlerini sürdürmesinin önünde yasal bir engel olmad sonucuna var lm flt r. fiirket takip eden dönemlerde de yasal mevzuata uygun düzenlenmifl ara bilanço tanzimine devam etmifltir. Bu kapsamda, 31 Aral k 2002 tarihinde sona eren dönemi fiirket yasal kay tlar na göre 12,233,307 Milyon TL kar ve 89,826,832 Milyon TL geçmifl y l zararlar ve eksi 9,692,597 Milyon TL özkaynaklar ile kapatm flt r. Tanzim edilen ara bilançoda ise özkaynak tutar 40,632,769 Milyon TL olarak tespit edilmifltir. 28. CHANGES IN OTHER INVESTING ACTIVITIES Other long-term assets (1,979,721) (441,402) Advances given and construction in progress 1,780, ,704 Other long-term payables (701,512) 145,615 (901,816) 601, FOREIGN CURRENCY POSITION 31 December 2003 Equivalent of USD EURO GBP Million TL Cash and banks 4,755,472 6, ,649,119 Trade receivables 70, ,025 Other receivables 1,030, ,437,710 Short-term bank loans (10,080,214) - - (14,070,315) Current portion of long-term loans (23,637,423) - - (32,993,942) Trade payables (1,659,265) - - (2,316,061) Due to related parties (9,638) - - (13,453) Advances received (83,150) (3,200) - (121,648) Long-term bank loans (20,041,667) - - (27,974,860) Net Foreign Currency Position(49,655,658) 2, (69,305,425) 30. SUBSEQUENT EVENTS The termination indemnity ceiling has been increased to TL 1,485,430,000 commencing on 1 January SIGNIFICANT MATTERS As of 30 June 2001, due to erosion of more than half of its share capital and distortion of its financial position, the Company was subject to Turkish Commercial Code Article No: 324. In order to overcome this situation, the Company has obtained an expert report for the valuation of its tangible fixed assets from the First Trade Court of stanbul and according to the report; the Company has issued an interim balance sheet based on the fair value of its assets. As a result of this interim balance sheet, it is concluded that there is no legal obstacle for the Company to continue its operations. In the following periods, the Company continued to issue interim balance sheets. The Company has completed the period ending 31 December 2002 with TL 12,233,307 Million profit and TL 89,826,832 Million prior years losses and with a negative shareholders equity of TL 9,692,597 Million. In the interim balance sheet issued, the shareholders equity amounted to TL 40,632,769 Million. The Company has completed the period ending 31 December 2003 with

65 fiirket, 31 Aral k 2003 tarihinde sona eren dönemi yasal kay tlar nda 37,715,782 Milyon TL net dönem kar ve 77,593,525 Milyon TL geçmifl y l zararlar ile kapatm flt r. 31 Aral k 2003 tarihi itibariyle, özkaynaklar 37,864,187 Milyon TL tutar ndad r. Bu sebeple 31 Aral k 2003 tarihi itibariyle ara bilanço tanzimini gerektirecek bir durum bulunmamaktad r. Bununla beraber, 29 numaral bilanço dipnotunda görüldü ü üzere 31 Aral k 2003 tarihi itibariyle fiirket'in net döviz pozisyon yükümlülü ü 69,305,425 Milyon TL dir. Bilanço tarihinden sonraki dönemlerde döviz kurlar ndaki de ifliklikler fiirket'in faaliyet sonuçlar n etkileyebilecektir. 32. GEÇM fi YIL MAL TABLOLARINA YAPILAN DÜZELTMELER Grup, cari dönemde Sermaye Piyasas Kurulu nun yeni düzenlemeleri ve Vergi Usul Kanunu nda meydana gelen de ifliklikler sebebiyle UFRS na uygun mali tablolara baz teflkil eden enflasyon muhasebesi ile ilgili kay tlar n tekrar gözden geçirmifl ve bunun sonucunda maddi duran varl k, maddi olmayan duran varl k, sermaye, emisyon primi, yasal yedekler ve ertelenmifl vergi kalemlerinde bir tak m düzeltmeler yapm flt r. Yap lan düzeltmeler afla daki gibidir: Daha önce Düzeltilmifl raporlanan bakiye bakiye Maddi duran varl klar (net) 61,452,830 63,459,354 Maddi olmayan duran varl klar (net) 15,641,253 15,797,721 Ertelenmifl vergi aktifi 5,976,882 2,889,505 Sermaye 84,723,154 85,741,666 Emisyon primi 75,641,464 76,019,067 Yasal yedekler 45,924,928 1,588,703 Birikmifl zarar (105,697,243) (63,781,511) 33. MAL TABLOLARIN ONAYLANMASI TL 37,715,782 Million net period profit and TL 77,593,525 Million prior years losses. As of 31 December 2003, shareholders equity is TL 37,864,187 Million. Since the shareholders equity is positive, there is no need for the Company to issue a report based on the fair value of its assets. However, as stated in note 29, the Group s net foreign currency liability is TL 69,305,425 Million. The Company s financial position would be affected by the changes in foreign currency rates. 32. ADJUSTMENTS MADE TO PRIOR YEAR FINANCIAL STATEMENTS In current period, due to new regulations of Capital Market Board and changes in Tax Procedure Code, the Group has reviewed the records related with the inflation accounting which are the basis of the financial statements in accordance with IFRS and as a result some adjustments are made in property, plant and equipment, intangible assets, capital, premium in exces of par, legal reserves and deferred tax accounts. The details of the adjustments are as follows: Prior year Prior year adjusted reported balance balance Property, plant and equipment (net) 61,452,830 63,459,354 Intangible assets (net) 15,641,253 15,797,721 Deferred tax asset 5,976,882 2,889,505 Capital 84,723,154 85,741,666 Premium in excess of par 75,641,464 76,019,067 Legal reserves 45,924,928 1,588,703 Accumulated deficit (105,697,243) (63,781,511) 33. APPROVAL OF FINANCIAL STATEMENTS The IFRS financial statements of the Group were approved by the board of directors and authorized for issue on 22 April Grubun Uluslararas Finansal Raporlama Standartlar na uygun olarak haz rlanm fl konsolide mali tablolar, 22 Nisan 2004 tarihli yönetim kurulu nda onaylanm fl ve yay nlanmas için yetki verilmifltir. 63

66 Finar Kurumsal Tasar m taraf ndan üretilmifltir. Produced by Finar Corporate Design.

67 Turcas Petrol A.fi. Emirhan Cad. No: 145 Dikilitafl Befliktafl Istanbul, Turkey (0.212) Fax: (0.212)