Annual Report 2002 Business Report
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Petrol, d.d. 2002 annual report confirmed by Petrol Management Board on March 10, 2003 1 Petrol, d.d., Annual Report 2002 Business Report Key events and factors effecting Petrol’s business results ......................................................... 8 Key financial data, results and forecasts ........................................................................................................ 12 Message of the Management Board Chairman .......................................................................................... 18 Management Board ................................................................................................................................................................... 24 Petrol shares ....................................................................................................................................................................................... 26 Risk management ......................................................................................................................................................................... 30 Core business activities ........................................................................................................................................................... 34 Other business activities ......................................................................................................................................................... 40 Development and investment ........................................................................................................................................... 44 Employees ............................................................................................................................................................................................. 48 Business standards ..................................................................................................................................................................... 52 Petrol Group ........................................................................................................................................................................................ 56 Message of the Supervisory Board Chairman ........................................................................................... 170 Supervisory Board .................................................................................................................................................................... 174 Petrol, d.d., Annual Report 2002 2 Contents Contents of financial statements section Part One Introduction ..................................................................................................................................................................................... 75 Message of Finance & Accounting Management Board Member ........................ 76 Preparation of financial statements .................................................................................................................. 80 Part Two Independent auditors report .................................................................................................................................... 82 Employees classified by educational level - Petrol d.d. ................................................... 83 Key financial data - Petrol, d.d. ............................................................................................................................ 83 Key financial ratios - Petrol, d.d. ......................................................................................................................... 84 Income statement - Petrol, d.d. ............................................................................................................................. 85 Balance sheet - Petrol, d.d. ....................................................................................................................................... 86 Cash flow statement - Petrol, d.d. ..................................................................................................................... 87 Statement of changes in equity - Petrol, d.d. .................................................................................... 88 Share information - Petrol, d.d. ............................................................................................................................ 90 Part Three Accountings rules and valuation methods ......................................................................................... 91 Part Four Income statement - Petrol, d.d. ......................................................................................................................... 106 Revenues by product segment - Petrol, d.d. ................................................................................. 107 Revenues by geographical segment - Petrol, d.d. ..................................................................... 107 Balance sheet - Petrol, d.d. ....................................................................................................................................... 108 Statement of changes in equity - Petrol, d.d. ...................................................................................... 110 Cash flow statement - Petrol, d.d. ...................................................................................................................... 112 Notes and tables to the financial statements - Petrol, d.d. ................................................ 113 Part Five Presentation of Petrol Group and accounting principals ........................................... 150 Independent auditor’s report .............................................................................................................................. 155 Income statement - Petrol Group ................................................................................................................. 156 Revenues by product segment - Petrol Group ........................................................................... 157 Revenues by geographical segment - Petrol Group ......................................................... 157 Balance sheet - Petrol Group ............................................................................................................................. 158 Cash flow statement - Petrol Group ........................................................................................................... 159 Statement of changes in equity - Petrol Group ......................................................................... 160 Employees classified by educational level - Petrol Group ...................................... 161 Notes and tables to the financial statements - Petrol Group .................................. 162 Contents 3 Petrol, d.d., Annual Report 2002 Petrol, d.d., Annual Report 2002 4 Poslanstvo in vizija Operations Petrol, the leading oil trading company in Slovenia, is the principal strategic supplier of oil and other energy products to the Slovene market. Petrol distributes much of its oil products through a highly developed network of service stations. Through this proprietary distribution network, Petrol provides drivers on Slovenia’s roads and highways with a broad range of automotive goods and services as well as a full range of household and food products and sundry goods. Vision Petrol is looking beyond its own borders and transforming itself from the largest oil com- pany in Slovenia into one of the leading energy providers throughout Southeastern Europe. Business principals Petrol’s integrated method of conducting operations is designed to cultivate busi- ness excellence. It is based on knowledge and respect for current market demands in the areas of service, information technology and environmental protection. Competitive capabilty Petrol is not only known for its impeccable reputation and its existing high quality goods and services, but also for its development of a range of new and innovative products. Petrol enjoys a solid financial and market position. Its extensive distribution network of state of the art service stations gives Petrol an absolute competitive advantage over potential competitors. Strategic direction Oil trading activities remain Petrol’s core business and guide Petrol’s primary strategic direction. Petrol will continue to maintain its dominant position in the Slovene oil market while pursuing a strategy of geographic diversification into the markets of Southeastern Europe. Petrol’s secondary strategic direction and the most important area of current development is the growing segment of new energy activities. This segment includes the marketing of natural and liquefied gas, heating and electrical energy and, in the long term, technologies to recycle energy resources. Petrol is entering into strategic partnerships and organizing business activities within subsidiary and affiliated companies in order to further these goals. Business and vision 5 Petrol, d.d., Annual Report 2002 Contents of annual report Petrol, d.d., Annual Report 2002 6 Contents of Annual Report Key events and factors effecting Petrol’s business results ................................................................. 8 Key financial data, results and forecasts .............................................................................................................. 12 Message of the Management Board Chairman .........................................................................................