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Annual Report Contents READY FOR THE FUTURE TOGETHER 2019 ANNUAL REPORT CONTENTS GENERAL INFORMATION 100 Disclosure of Administrative or Judicial Fines Against 10 Mission, Vision and Values the Company and/or Board of Directors Members 11 Petkim in Brief 101 Assessment of Prior Period Targets and General Assembly Decisions 14 SOCAR 101 Information on Extraordinary General Meetings 16 Entegrasyon Projesi 101 Relations with the Controlling Company 18 SOCAR Turkey 101 Conflicts of Interest Between the Company and Firms 28 Key Parameters and Financial Highlights from Which Services are Procured Such as Investment 30 Petkim Plants Advisory and Rating and Measures Adopted by the 32 Milestones from Petkim’s History Company to Prevent Such Conflicts of Interest 36 Message from the Chairman of the Board of Directors 101 Main Factors Affecting the Company’s Performance, 38 Message from the General Manager Material Changes in the Environment Where the Company Operates, Measures Adopted by the 40 Organization, Capital and Shareholding Structure of Company in Relation to Such Changes the Company 101 Expenses Incurred in Relation to Donations and Grants 42 Board of Directors and Social Responsibility Projects 46 Declarations of Independence of Independent Board Members 49 Information on Outside Positions Held by the Members FINANCIAL STATUS of the Board of Directors and Executives 102 An Assessment of the Financial Standing by the 50 Committees of Board of Directors Management 52 Executive Management 103 Profit Distribution Policy COMPANY ACTIVITIES AND MAJOR RISKS AND AN ASSESSMENT BY THE GOVERNING DEVELOPMENTS IN ACTIVITIES BODY 61 Key Market Developments in 2019 62 Petkim in 2019 OTHER MATTERS AND FINANCIAL STATEMENTS 63 Production 65 Supply Chain and Purchasing 106 Corporate Governance Principles Compliance Report 68 Sales and Marketing 108 Principles of the Board of Directors’ Activities 70 R&D Center Activities 109 Changes to the Articles of Association 72 Digitalization and Technology 111 Agenda 76 Investments 78 Sustainability 112 Profit Distribution Table 96 Investor Relations 113 Statements of Responsibility 98 Internal Audit Systems 115 Audit Committee Reports 99 Information on Associates 117 Independent Auditor’s Report on the Annual Report of 99 Associates in Which More than 5% of the Capital is the Board of Directors Directly Held 119 Consolidated Financial Statements as at 31 December 99 Disclosure on Special Audit and Public Audit 2019 Together With Independent Auditors’ Report 99 Lawsuits Filed Against the Company and Potential Results OTHER MATTERS ANNUAL REPORTS OF THE PARENT COMPANY WITHIN THE GROUP OF COMPANIES PETKİM 2019 ANNUAL REPORT 1 Reporting period: 01 January - 31 December 2019 Company title: Petkim Petrokimya Holding A.Ş. Trade registry: 314 - Aliağa Trade Registry Office Address: Siteler Mahallesi Necmettin Giritlioğlu Cad. SOCAR Türkiye Aliağa Yönetim Binası No 6/1 Aliağa 35800 İzmir/Turkey 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 2 PETKİM 2019 ANNUAL REPORT PETKİM 2019 ANNUAL REPORT 3 WITH THE STRENGTH WE DERIVE FROM INTEGRATION We are ready for the future, supported by our significant gains in the fields of logistics costs, product quality, security of supply in raw materials, efficiency of business processes, common services, use of joint administrative and technical infrastructure through the integration created by the joint management of the refinery, petrochemical and storage facilities in the Aliağa Peninsula. 4 PETKİM 2019 ANNUAL REPORT WITH OUR PRODUCTIVITY AND QUALITY IN PRODUCTION We are ready for the future, with the operational efficiency achieved at Petkim and the significant increase in capacity utilization, record levels of production and high quality standards in all areas as a result of our sustainability investments and the Digital Transformation Project which we have implemented. PETKİM 2019 ANNUAL REPORT 5 6 PETKİM 2019 ANNUAL REPORT WITH OUR INTELLIGENT AND EFFICIENT PROCESSES We are ready for the future, by expanding the use of digital technologies with big data, artificial intelligence and machine learning algorithms in all functions, especially in production; by developing data-based decision making processes; and by applying the best practices in Industry 4.0 and analytical applications which increase our production and energy efficiency. PETKİM 2019 ANNUAL REPORT 7 8 PETKİM 2019 ANNUAL REPORT WITH OUR SUSTAINABLE CONTRIBUTION TO THE ECONOMY As Turkey’s only integrated petrochemical producer and the driving force of the industry, we are ready for the future with the pride of our contribution to the national economy through our role as a reliable petrochemical raw material supplier with higher quality production, efficiency in operational processes and raw material supply security, and the logistical advantages we have gained through our integration with the STAR Refinery. PETKİM 2019 ANNUAL REPORT 9 10 PETKİM 2019 ANNUAL REPORT GENERAL INFORMATION Carrying energy efficiency and product quality to even higher levels through digital transformation, Petkim is focused on developing high-tech and higher value- added products with its deeply rooted R&D structure. Petkim is ready for the future with the world standards level and strong sustainability vision achieved in its Industry 4.0 applications. OUR VISION OUR MISSION To add to strength to the Turkish economy with our To maintain our development that aims for operational superior petrochemical products. excellence with our strong organization and culture and our stakeholders. OUR VALUES • Trust • Agility • Inclusion • Passion • Efficiency • Obligation PETKİM 2019 ANNUAL REPORT 11 TURKEY’S PETKİM IN BRIEF PETROCHEMICAL GIANT Petkim is Turkey’s first and only integrated petrochemical company and an indispensable supplier of 21 raw material for the industry. 15 main production A giant manufacturing power with a strategic plants and 6 auxiliary importance for the Turkish economy and industry, plants Petkim represents 54 years of experience and know- how. Petkim, which is Turkey’s first and sole integrated petrochemical company with 15 main production facilities and 6 auxiliary facilities, is an indispensable raw material supplier of the industry with an annual average gross production capacity of 3.6 million tons and around 60 petrochemical products. 3.6 million tons Petkim’s annual gross production capacity Meeting 18% of Turkey’s petrochemical raw material demand, Petkim provides inputs to a wide array of sectors such as plastics, chemicals, packaging, piping, paint, construction, agriculture, automotive, electricity, electronics and textiles as well as the pharmaceuticals, 18% detergents and cosmetics sectors with the high added Petkim’s coverage ratio of value products in its portfolio such as thermoplastics, Turkey ’s fiber and paint raw material. In addition to these, petrochemical raw Petkim gives life to numerous sub-industries. materials need. Established on 3 April 1965, Petkim Petrokimya A.Ş. began production in 1970 with 5 facilities in the Yarımca Complex. Following additional investments carried out in the Yarımca Complex, the Aliağa Complex was brought into operation in 1985 to produce with optimum capacity based on the latest technologies of the time. 12 PETKİM 2019 ANNUAL REPORT GENERAL INFORMATION / Petkim in Brief PETKİM IN BRIEF Carrying energy efficiency and product quality to even Focusing on the development of higher value-added, high- higher levels through the digital transformation, Petkim is tech products with its well-established R&D structure, Petkim focused on developing high-tech and higher value-added prepares for the future with its vision of strong sustainability. products with its deeply rooted R&D structure. Petkim is Petkim has been moving forward with leaps and bounds ready for the future with the world standards level and strong towards becoming one of the few petrochemical complexes sustainability vision achieved in its Industry 4.0 applications. and production bases in Europe within the framework of the investment plan that includes the “Refinery-Petrochemical- Energy-Logistics-Distribution” integration which was determined for the Petkim Peninsula in line with the strategic goals of the SOCAR Group, to which it is affiliated. In this context, the integration process, which was initiated after the STAR Refinery entered operation, has been completed and a very important step which has been taken towards building the “Petkim of the future”. Backed by its identity of being the sole domestic producer of petrochemical raw materials in the Turkish industry and the driving force of the industry, Petkim will continue to grow and exist with our country thanks to its production technology that respects both people and the environment, sustainable contribution to the country’s economy and strong social and cultural impact. GENERAL INFORMATION / PETKİM 2019 ANNUAL REPORT 13 Petkim in Brief A giant complex that makes continuous production at high The 51% public share in the capital structure of Petkim capacity, Petkim is establishing state-of-the-art technology Petrokimya Holding A.Ş. was transferred to SOCAR & and infrastructure
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