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Together Towards a Better Future… TOGETHER TOWARDS A BETTER FUTURE… PETKİM 2016 ANNUAL REPORT CONTENTS 14 GENERAL INFORMATION 56 COMPANY ACTIVITIES AND MAJOR DEVELOPMENTS 84 FINANCIAL STATUS 14 Our Vision, Our Mission, Our Values IN ACTIVITIES 84 An Assessment of the Financial Standing by the 16 Petkim in Brief 57 Main Developments in the Market in 2016 Management 18 SOCAR 58 Petkim in 2016 85 Profit Distribution Policy 20 SOCAR Turkey 58 Production 23 The Socar Turkey “Value-Site” 2023 Vision 60 Logistics 86 RISKS AND AN ASSESSMENT BY THE GOVERNING BODY 26 Key Parameters and Financial Highlights 64 Sales and Marketing 28 Petkim Plants 66 Technology 88 OTHER MATTERS AND FINANCIAL STATEMENTS 30 Milestones from Petkim’s History 68 Information on the Company’s Investments 88 Corporate Governance Principles Compliance Report 34 Message from the Chairman of the Board of Directors 70 Sustainability 106 Amendments to the Articles of Association 36 Message from the General Manager 80 Investor Relations 108 Agenda 39 Organization, Capital and Shareholding Structure of 82 Internal Audit Systems the Company 82 Internal Control System and an Assessment by the 109 Profit Distribution Table 39 Organizational Structure Governing Body 110 Statement of Responsibility 39 Information on Privileged Shares and Voting Rights of 83 Information on Associates 112 Audit Committee Reports Shares 83 Repurchased Own Shares by the Company 114 Independent Auditor’s Report on the Annual Report of 40 Information on the Governing Body, Executives and 83 Disclosure on Special Audit and Public Audit the Board of Directors Number of Employees 83 Lawsuits Filed Against the Company and Potential 116 Consolidated Financial Statements for the Period 40 Board of Directors Results Between January 1 - December 31, 2016 and Independent Auditors’ Report 44 Declarations of Independence of Independent Board 83 Disclosure of Administrative or Judicial Fines against Members the Company and/or Board of Directors Members 47 Information on Outside Positions Held by the Members 83 Assessment of Prior Period Targets and General 200 ANNUAL REPORTS OF THE PARENT COMPANY of the Board of Directors and Executives Assembly Decisions WITHIN THE GROUP OF COMPANIES 48 Committees of Board of Directors 83 Information on Extraordinary General Assembly 50 Executive Management 83 Expenses Incurred in Relation to Donations and Grants 53 Average Number of Employees by Categories During and Social Responsibility Projects the Reporting Period 83 Relations with the Controlling Company 53 Information on Activities by the Company’s Board 83 Conflicts of Interest between the Company and Firms Members Falling Under Non-Competition from Which Services are Procured Such as Investment 53 Financial Rights Provided to Board Members and Advisory and Rating and Measures Adopted by the Senior Executives Company to Prevent Such Conflicts of Interest 83 Main Factors Affecting the Company’s Performance, Material Changes in the Environment Where the 54 RESEARCH AND DEVELOPMENT Company Operates, Measures Adopted by the 54 Activities of the R&D Center Company in Relation to Such Changes General Information Reporting Period 01 January - 31 December 2016 Company Title Petkim Petrokimya Holding A.Ş. Trade Registry Aliağa Trade Registry Office 314 Address PK: 12 Aliağa 35800 İzmir Tel +90 232 616 12 40/616 32 40 Fax +90 232 616 12 48 E‑mail [email protected] Website www.petkim.com.tr Registered E‑mail [email protected] İstanbul Branch Reşitpaşa Mah. Eski Büyükdere Cad. Park Plaza No: 14, 2. Kat, 8 Address no’lu Bağımsız Bölüm, Şişli-İstanbul Tel +90 212 305 01 65 Fax +90 212 305 01 66 Azerbaijan Representative Office Address Haydar Aliyev 121, “Socar Tower” 14th Floor, Baku, AZERBAIJAN Tel +994 12 521 26 95 PETKİM, AS TURKEY’S SOLE PETROCHEMICAL PRODUCER AND THE DRIVING FORCE OF THE INDUSTRY, REPRESENTS A FORMIDABLE PRODUCTION HUB BACKED BY MORE THAN 50 YEARS OF EXPERIENCE, R&D COMPETENCY, STATE-OF-THE- ART TECHNOLOGY, INTELLECTUAL CAPITAL AND A VISION WHICH GOES BEYOND THE AGE. PETKİM TOOK IMPORTANT STEPS TOWARDS REACHING ITS TARGET OF ADVANCING ITS SUSTAINABLE SUCCESS FURTHER BY ATTAINING RECORD HIGH OPERATING AND FINANCIAL RESULTS IN 2016. THE COMPANY PROVED THAT IT CAN ALWAYS ACHIEVE BETTER RESULTS. WE ARE NOW TAKING THE INITIATIVE TO CHANGE TOWARDS FURTHER ENHANCING PETKİM’S CAPABILITY OF CREATING INTEGRATED VALUE TO THE FUTURE. WITH THIS BREAKTHROUGH PROCESS WHICH FINDS ITS MEANING WITH, “PETKİM BENİM”(*) PROGRAM, A CORPORATE TRANSFORMATION PROGRAM THAT WE ARE ENHANCING THE NOTION OF “BEING PETKIMIAN” BACKED BY MOTIVATION AND EFFICIENCY WITH MORE EFFECTIVE ORGANIZATION AND MODERN HUMAN RESOURCES THAT ARE FOCUSED ON PROGRESS. WE REPRESENT TURKEY’S FUTURE WITH OUR STRATEGIC GOALS AND INVESTMENT PLANS. MOVING FORWARD WITH GREAT EXCITEMENT, AS “ONE PETKİM”… 1 (*) A homonym usage in Turkish meaning both “I am Petkim” and “Petkim is mine”. PETKİM 2016 ANNUAL REPORT PETKİM IS A GIANT COMPLEX OPERATING WITH UNINTERRUPTED PRODUCTION IN 21 FACILITIES. THE COMPANY PROVIDES RAW MATERIAL TO VARIOUS SECTORS WITH AN ANNUAL PRODUCTION CAPACITY OF 3.6 MILLION TONS. IN ADDITION TO THESE SECTORS, PETKİM SUPPORTS A WIDE ARRAY OF SUB-SECTORS. THE COMPANY IS CONTINUOUSLY INVESTING IN THE SUSTAINABILITY OF ITS PLANTS. PETKİM’S PRODUCTION TORCH IS ONE THAT IS NEVER EXTINGUISHED. WITH OUR PRODUCTION CAPABILITIES 2 PETKİM 2016 ANNUAL REPORT WITH OUR PRODUCTION CAPABILITIES 3 PETKİM 2016 ANNUAL REPORT PETKİM INTEGRATES ITS DEEPLY ROOTED EXPERIENCE WITH BROAD KNOWLEDGE AND SPECIALIZED HUMAN RESOURCES AND WORKS WITH ITS UNIQUE INTELLECTUAL CAPITAL. THE COMPANY SHARES ITS TECHNICAL KNOW-HOW WITH PARTICIPANTS OF THE SECTOR. PETKİM HAS ITS FINGER ON THE PULSE OF ITS MARKET TO DEVELOP PRODUCTS THAT MEET ITS DEMANDS. IN SHORT, PETKİM DRIVES THE MARKET. WITH OUR UNIQUE INTELLECTUAL CAPITAL 4 PETKİM 2016 ANNUAL REPORT WITH OUR UNIQUE INTELLECTUAL CAPITAL 5 PETKİM 2016 ANNUAL REPORT PETKİM PROVIDES CONTINUITY OF ITS WORKFORCE AND INVESTMENTS IN ITS PLANTS IN ORDER TO MAINTAIN ITS WORLD STANDARD TECHNOLOGY. THE COMPANY OPTIMIZES, TRACKS AND CONTROLS ITS PROCESSES IN ITS FACILITIES THROUGH DEVELOPING SOFTWARE SPECIFICALLY FOR ITS OWN NEEDS. THE COMPANY STAYS AT THE FOREFRONT ENSURING SECURITY SYSTEMS WITH THE MOST UPDATED TECHNOLOGY IN THE AREA OF INFORMATION SECURITY. WITH OUR WORLD CLASS TECHNOLOGY 6 PETKİM 2016 ANNUAL REPORT WITH OUR WORLD CLASS TECHNOLOGY 7 PETKİM 2016 ANNUAL REPORT PETKİM’S R&D SETS A HIGHER STANDARD AND SUPPORTS THE TARGET OF CONTINUOUS HOME GROWN INNOVATION AND PRODUCTION WITH THE COMPANY’S R&D INVESTMENTS AND THE VISION OF ENTERING NEW STRATEGIC AREAS. PETKİM’S R&D CENTER MAINTAINS ITS OPERATIONS WITH STRONG INFRASTRUCTURE WITHIN THE SCOPE OF PRODUCT DEVELOPMENT, ENERGY SAVINGS, COST CUTTING AND ENVIRONMENTAL PROTECTION. PETKİM STRIVES TO ADVANCE THE DEVELOPMENT OF TECHNOLOGICAL PRODUCTS THAT OFFER A HIGH LEVEL OF ADDED VALUE. PETKİM’S CONTINUOUSLY INCREASING R&D EXPENDITURE STANDS AS TESTAMENT TO THIS AMBITION. WITH OUR R&D CENTER THAT SHAPES THE FUTURE 8 PETKİM 2016 ANNUAL REPORT WITH OUR R&D CENTER THAT SHAPES THE FUTURE 9 PETKİM 2016 ANNUAL REPORT WITH OUR VISION BEYOND THE AGE 10 PETKİM 2016 ANNUAL REPORT PROJECTS CONDUCTED IN THE PETKİM PENINSULA WITH SOCAR TURKEY’S VALUE-SITE 2023 INVESTMENT VISION ARE GIANT STEPS THAT PREPARE PETKİM FOR THE FUTURE BY INTEGRATING WITH ITS VISION OF SOUND SUSTAINABILITY. THE COMBINATION OF PRODUCT DEVELOPMENT, IN ADDITION TO FEEDSTOCK SUPPLY AND WITH OUR QUALITY THAT WILL BE CREATED WITH THE REFINERY; BEING A REGIONAL LOGISTIC POWER THANKS TO THE NEW CONTAINER TERMINAL; THE ENERGY SECURITY AND INCREASED EFFICIENCY THAT WILL COME WITH THE POWER PLANT, ALL HERALD VISION BEYOND A STRONGER PETKİM. THE AGE 11 PETKİM 2016 ANNUAL REPORT PETKİM PROVIDES INPUT TO A WIDE ARRAY OF SECTORS WITH ITS PRODUCT PORTFOLIO THAT OFFERS A HIGH LEVEL OF ADDED VALUE. THESE INCLUDE THERMOPLASTICS, FIBER, RAW MATERIALS WHICH HAVE APPLICATIONS IN PLASTICS, CHEMICALS, PACKAGING, PIPE, PAINT, CONSTRUCTION, AGRICULTURE, AUTOMOTIVE, ELECTRICITY, ELECTRONICS, TEXTILES, PHARMACEUTICALS, DETERGENTS AND COSMETICS. THE COMPANY MEETS THE NEEDS OF MILLIONS OF PEOPLE THROUGHOUT THEIR EVERYDAY LIFE. PETKİM ALWAYS STANDS WITH PEOPLE. WITH OUR PRODUCTS THAT ARE TOUCHING TO THE LIFE 12 PETKİM 2016 ANNUAL REPORT WITH OUR PRODUCTS THAT ARE TOUCHING TO THE LIFE 13 PETKİM 2016 ANNUAL REPORT GENERAL INFORMATION Our Vision, Our Mission, Our Values OUR VISION, OUR MISSION, OUR VALUES VISION MISSION OUR VISION OUR MISSION • To sustain our leadership in the Turkish market through • Petkim produces high quality petrochemical products continuous growth. in its integrated, high technology premises and imports high quality petrochemical products, compatible with • To be a major regional player in the petrochemical international standards. industry. • Petkim sells its products in the domestic market and in international opportunity markets utilizing a strong customer focus. • Petkim cares about innovation; it takes quality as its philosophy of life. • Petkim grows with its partners by increasing Petkim’s market value and profitability. • Petkim maintains the competence, satisfaction and loyalty of its employees at a maximum level with innovative human resource applications. • Petkim follows universal ethical values that protect the environment, ensures occupational health and safety, whilst supporting and adding value to society with a sustainability perspective. 14 PETKİM 2016 ANNUAL REPORT GENERAL INFORMATION Our Vision, Our Mission, Our Values OUR VALUES • Adding
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