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2018 Annual Report Reporting Period: 01 January - 31 December 2018 Company Title: Petkim Petrokimya Holding A.Ş

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2018 Annual Report Reporting Period: 01 January - 31 December 2018 Company Title: Petkim Petrokimya Holding A.Ş 2018 Annual Report Reporting period: 01 January - 31 December 2018 Company title: Petkim Petrokimya Holding A.Ş. Trade registry: 314 - Aliağa Trade Registry Office Address: Siteler Mahallesi Necmettin Giritlioğlu Caddesi No: 6 Aliağa 35800 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 Address: Vadistanbul Bulvar, Ayazağa Mah. Cendere Cad. No: 109-E, 1D Blok, 34485, Sarıyer / İstanbul Tel: +90 (212) 305 00 00 Fax: +90 (212) 305 01 00 Azerbaijan Representative Office Address: Haydar Aliyev 121, “SOCAR Tower” 14th Floor, Baku, AZERBAIJAN Tel: +994 12 521 26 95 Contents 10 GENERAL INFORMATION 88 Disclosure of Administrative or Judicial Fines against the Company 12 Mission, Vision and Values and/or Board of Directors Members 13 Petkim in Brief 89 Assessment of Prior Period Targets 14 SOCAR and General Assembly Decisions 16 SOCAR Turkey 89 Information on Extraordinary 22 Key Parameters and Financial General Meetings Highlights 89 Relations with the Controlling 24 Petkim Plants Company 26 Milestones from Petkim’s History 89 Conflicts of Interest between the 30 Message from the Chairman of the Company and Firms from Which Board of Directors Services are Procured Such as 32 Message from the General Manager Investment Advisory and Rating and 34 Organization, Capital and Measures Adopted by the Company to Shareholding Structure of the Prevent Such Conflicts of Interest Company 89 Main Factors Affecting the Company’s 36 Board of Directors Performance, Material Changes in the 40 Declarations of Independence of Environment Where the Company Independent Board Members Operates, Measures Adopted by the 43 Information on Outside Positions Company in Relation to Such Changes Held by the Members of the Board of 89 Expenses Incurred in Relation to Directors and Executives Donations and Grants and Social 44 Committees of Board of Directors Responsibility Projects 46 Executive Management 50 Average Number of Employees by 90 FINANCIAL STATUS Categories During the Reporting 90 An Assessment of the Financial Period Standing by the Management 50 Information on Activities by the 91 Profit Distribution Policy Company’s Board Members Falling Under Non-Competition 92 RISKS AND AN ASSESSMENT BY 50 Financial Rights Provided to Board THE GOVERNING BODY Members and Senior Executives 94 OTHER MATTERS AND FINANCIAL 51 COMPANY ACTIVITIES AND MAJOR STATEMENTS DEVELOPMENTS IN ACTIVITIES 94 Corporate Governance Principles 52 Main Developments in the Market in Compliance Report 2018 96 Principles of the Board of Directors’ 54 Petkim in 2018 Activities 55 Production 97 Changes to the Articles of Association 56 Supply Chain 99 Agenda 60 Sales and Marketing 100 Profit Distribution Table 62 R&D Center Activities 101 Statements of Responsibility 64 Digitalization and Technology 103 Audit Committee Reports 70 Investments 105 Yönetim Kurulu’nun Yıllık Faaliyet 72 Sustainability Raporuna İlişkin Bağımsız Denetçi 84 Investor Relations Raporu 86 Internal Audit Systems 107 Consolidated Financial Statements 87 Information on Associates for the Period Between January 1 - 87 Repurchased Own Shares by the December 31, 2018 and Independent Company Auditors’ Report 87 Disclosure on Special Audit and Public Audit 188 OTHER MATTERS 87 Lawsuits Filed Against the Company 188 ANNUAL REPORTS OF THE PARENT and Potential Results COMPANY WITHIN THE GROUP OF COMPANIES PETKİM 2018 ANNUAL REPORT 1 Industry We exist in Digitalization We exist in Innovation We exist in the Future We exist in 12 Mission, Vision and Values 24 Petkim Plants 30 Message from the Chairman of the Board of Directors 32 Message from the General Manager 36 Board of Directors 46 Executive Management 10 PETKİM 2018 ANNUAL REPORT GENERAL INFORMATION 21 15 main, 6 auxiliary production facilities 3.6 Petkim’s annual average gross production capacity 18% The ratio that Petkim meets Turkey’s petrochemical raw material demand PETKİM 2018 ANNUAL REPORT 11 GENERAL INFORMATION Mission, Vision and Values Mission, Vision and Values Our Vision Our Mission To add to strength to the To maintain our development Turkish economy with our that aims for operational superior petrochemical excellence with our strong products. organization and culture and our stakeholders. With the breakthroughs we have pursued with the aim of reaching better results and exceeding expectations in our “journey of excellence”, which we started with Petkim Benim, we are striving to advance Petkim further. We support our passionate and devoted work at Petkim with our new vision, mission and values. Our Values • Responsibility • Leadership • Cooperation • Passion • Confidence 12 PETKİM 2018 ANNUAL REPORT GENERAL INFORMATION Petkim in Brief Petkim in Brief Petkim is Turkey’s first and only integrated petrochemical plant and an indispensable supplier of raw material for the industry. A giant manufacturing power with a meeting the needs and expectations of a strategic importance for the Turkish broad customer base. Petkim’s products are economy and industry, Petkim represents exported to markets in the USA, Europe, the 53 years of experience and know-how. Middle East and North Africa. Petkim, which is Turkey’s first and sole The 51% public share in the capital structure integrated petrochemical plant with 15 of Petkim Petrokimya Holding A.Ş. was main and 6 auxiliary production facilities, transferred to SOCAR & Turcas Petrokimya is an indispensable raw material supplier of A.Ş. on 30 May 2008 following a tender process the industry with an annual average gross in the privatization through block sale, at production capacity of 3.6 million tons and a price of USD 2.04 billion. Following the around 60 petrochemical products. withdrawal of Turcas from the shareholding Meeting 18% of Turkey’s petrochemical structure, the name of the Company was raw material demand, Petkim provides amended to SOCAR Turkey Petrokimya A.Ş. inputs to a wide array of sectors such as 49% of the shares of Petkim, which is a plastics, chemicals, packaging, piping, paint, subsidiary of SOCAR Turkey, were trading on construction, agriculture, automotive, Borsa Istanbul as of the end of 2018. electricity, electronics and textiles as well as the pharmaceuticals, detergents and Focusing on the development of higher cosmetics sectors with the high added value-added, high-tech products with its value products in its portfolio such as well-established R&D structure, Petkim thermoplastics, fiber and paint raw material. prepares for the future with its vision of In addition to these, Petkim gives life to strong sustainability. Petkim has been moving numerous sub-industries. forward with leaps and bounds towards becoming one of the few petrochemical Established on 3 April 1965, Petkim Petrokimya complexes and production bases in Europe A.Ş. (Petkim) began production in 1970 with 5 within the framework of the investment plan facilities in the Yarımca Complex. Following that includes the “Refinery-Petrochemical- additional investments carried out in the Energy-Logistics-Distribution-Transmission” Yarımca Complex, the Aliağa Complex was integration which it determined for the brought into operation in 1985 to produce Petkim Peninsula in line with the strategic with optimum capacity based on the latest goals of the SOCAR Group, to which it is technologies of the time. affiliated. A giant complex that makes continuous Its identity of being the sole domestic production at high capacity, Petkim is producer of petrochemical raw materials in establishing state-of-the-art technology and the Turkish industry and the driving force infrastructure in the Aliağa Complex to ensure of the industry can find meaning in the economic and environmental sustainability, expression of “the Chemistry of Love for and to move the Company towards the future Turkey”. Petkim will continue to grow and through investment programs that it is exist with our country with its production undertaking. technology that respects both people and the With its vast experience and strong reputation environment, contributing valuably to the in the market, Petkim maintains its country’s economy, with a strong social and international competitive edge by effectively cultural influence. PETKİM 2018 ANNUAL REPORT 13 GENERAL INFORMATION SOCAR SOCAR The Azerbaijan State Oil Company, ventures (Integrated Drilling JV, Oil and gas distribution network. Other than SOCAR, was established in 1993 to utilize Gas Construction JV), SOCAR Methanol, that, SOCAR also has a growing retail the resources of Azerbaijan which SOCAR Carbamide, a Polypropylene sales network in Switzerland, Austria, is one of the richest countries in the Plant, a High Density Polyethylene Romania, Georgia, Ukraine, Turkey and world in terms of oil and natural gas, for Plant, an Oil and Gas Research Institute Azerbaijan. development on an international basis in addition to many subsidiaries and An Integrated value chain created in and for global benefit. affiliates operating within SOCAR, the energy field making it one of the largest companies As an energy company offering in the world. SOCAR’s strategic goal is to maintain the integrated solutions, SOCAR is engaged identity of being a vertically integrated in exploring oil and gas fields, producing, Focusing on providing economic, oil and gas company with exploration processing, and transporting oil, natural social and environmental benefits on a and production, pipelines and logistics, gas, and natural gas condensates,
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