2010 Annual Report

1 - TURCAS ANNUAL REPORT 2010 TURCAS ANNUAL REPORT 2010 2 - TURCAS ANNUAL REPORT 2010 1 - TURCAS ANNUAL REPORT 2010 CONTENTS Hüseyin Avni Lifij - Biography 2 Vision, Values, Mission 3 Group Structure 4 Financial Highlights 6 Operational Highlights 8 Ownership and Capital Structure 9 Chairman’s Message 12 Board of Directors 16 2010 Economic Outlook 22 Management 28 Turcas Overview 32 Milestones 35 Sustainability 36 Corporate Social Responsibility 40 International Partnerships 42 Investor Relations 43 Subsidiaries and Affiliates 44 Corporate Governance Principles Compliance Report 68 Independent Auditor’s Report 87 2 - TURCAS ANNUALANNUAL REPORTREPORT 20102010 HÜSEYİN AVNİ LİFİJ – BIOGRAPHY 3 - TURCAS ANNUALANNUAL REPORTREPORT 20102010 VISION, VALUES, MISSION Paintings of Hüseyin Avni Lifij continue to be the theme of this year’s annual report as in 2009. Avni Vision Lifij’s portfolio, who is one of the most talented painters of the 1914 Era (also called “Çallı” period), Turcas’ vision is to become the most respected, dynamic which represents a turning point in the history of Turkish Painting, is displayed in all its beauty to and efficient “Integrated Energy Company” of Turkey and its region. In light of this vision, Turcas, with 80 years of the readers. Taken from the Aksoy Family collection, we hope these paintings will serve to increase experience in the main categories of the energy sector such as the international awareness for Turkish Art and Artists. oil, petrochemicals, gas and power, focuses on domestic and international investments, operations and projects that create HÜSEYİN AVNİ LİFİJ (1886-1927) synergy and added value in the fields of exploration, production, transportation, distribution, storage and trading of energy. Hüseyin Avni Lifij was born in a small village called Karaabdalsultan of Ladik district in Samsun on 1886. He was the son of a Circassian family who migrated from Caucasia to Samsun during the 1877-78 Ottoman-Russian War. After moving to İstanbul and Values graduating from a Fatih elementary school in 1896, he was already distinguished as an outstanding pupil with his interest for painting. The principle values of Turcas are; its respectability, its ability He completed his secondary education at Numune-i Terakki School in Şehzadebaşı during which he fell ill and could not attend school to differentiate and to become a leader in what it does, its for two years. Even then he advanced his education through private tutors and took French lessons at Alyans Israelite School. It is possession of highest ethics and commitment to good corporate predicted that his professional interest for painting has started around this period. governance at global standards, and its tradition of cooperating and partnering with global companies successfully and Between 1901-1904, he was working as a civil servant at the State Railway Company while attending medical school as a non-student sustainably. to learn anatomy and chemistry lessons in the school of pharmacy to improve his color technique. His first French teacher advised him to present his drawings to Osman Hamdi Bey, the Director of the School of Sanayi-i Nefise (Academy of Fine Arts) after seeing his Mission early self-portraits. Lifij then registered in the Academy and began his art education officially. Osman Hamdi Bey must have seen a gift Turcas adopted the mission of offering its customers the highest in Lifij’s works for he presented his self-portraits and other paintings to Prince Abdülmecid and recommended Lifij among with some quality products and services under the best environmentally, others to be sent to Paris for art education. socially and ethical standards of behavior. The main goals of Turcas are to sustain growth and continue creating value Lifij went to Paris in 1909 under Abdülmecid’s patronage with other pioneers like Hikmet Onat, Feyhaman Duran and İbrahim Çallı. for its shareholders by providing the necessary tools for the While others were mostly influenced by the “Impressionist” movement of the modern era, Lifij was attracted to “Symbolism”. professional development of its employees while protecting the heritage and values of Turkey. Probably due to the termination of Prince’s sponsorship, Lifij was called back to Istanbul in 1912 at the beginning of Balkan Wars. He taught painting at Istanbul Erkek Lisesi (Boy’s School) and French at Kandilli Kız Lisesi (Girl’s School). He participated in Galatasaray Sultanisi (University) Mixed Art Exhibitions. At the end of World War I, he was presented at the exhibition of war paintings in Vienna with 18 of his works. He went to see Mustafa Kemal at his welcoming ceremony in Bursa in 1922. Later on, Atatürk took him back to Ankara and accommodated him at the headquarters of the General Staff, where he made the first portrait of Marshall Fevzi Çakmak. Lifij founded the “Ornamental Arts Department” for the Academy of Fine Arts at İstanbul in 1924. He also wrote articles about the official policy towards art after the establishment of the Turkish Republic and artistic affinity of the then Turkish society. He was only 41 when he died at his Laleli home due to health problems. 4 - TURCAS ANNUAL REPORT 2010 GROUP STRUCTURE 5 - TURCAS ANNUAL REPORT 2010 GROUP STRUCTURE GROUP STRUCTURE TURCAS PETROL FUEL RETAIL AND LUBRICANTS REFINING AND PETROCHEMICALS POWER AND GAS 5 30 % % 25 100 % % ATAŞ SHELL & TURCAS PETROL SOCAR & TURCAS ENERGY TURCAS ENERGY HOLDING 100 100 100 50 50 100 100 97.5 30 100 67 100 % % % % % % % % % % % % ÇEKİSAN AMBARLI SAMSUN RWE & TURCAS TURCAS SHELL SOCAR & TURCAS SOCAR & TURCAS TURCAS POWER TURCAS POWER TURCAS GAS SHELL GAS STORAGE STORAGE FUEL NORTH POWER WIND ENERGY PETROL PETROCHEMICALS REFINING GENERATION1 TRADING2 TRADING3 SERVICES SERVICES STORAGE GENERATION GENERATION 51 30 % % PETKİM RWE & TURCAS PETROCHEMICALS SOUTH POWER HOLDING GENERATION 100 % PETLİM PORT OPERATIONS 1 2.5% share belongs to Turcas Petrol 2 33% share belongs to Turcas Petrol 3 A direct subsidiary of Turcas Petrol 6 - TURCAS ANNUAL REPORT 2010 FINANCIAL HIGHLIGHTS 7 - TURCAS ANNUAL REPORT 2010 FINANCIAL HIGHLIGHTS FINANCIAL HIGHLIGHTS FINANCIAL HIGHLIGHTS Turcas Petrol A.Ş. SHELL & Turcas Petrol A.Ş. (TL million) 2006 2007 2008 2009 2010 (TL million) 2008 2009 2010 Net Sales* 1,995.1 2,276.6 2,919.4 2,403.3 2,870.9 Net Sales 9,534.6 7,861.0 9,395.2 Profit Before Tax 270.8 109.8 49.1 31.2 59.7 Operational Profit 267.5 222.4 212.4 Net Profit 257.6 107.6 45.2 27.6 56.4 Net Profit 177.1 178.2 164.1 Earnings Per Share (TL) 2.45 1.02 0.33 0.20 0.25 EBITDA (Earnings Before Interest, Tax, Depreciation and Amortization) 384.0 350.1 361.0 Earnings Per Share (TL) 0.34 0.34 0.31 Total Assets 445.6 523.1 520.9 517.1 561.2 Long-Term Assets 346.6 430.5 394.5 443.9 503.5 Short-Term Assets 1,103.6 1,059.3 1,350.0 Shareholders' Equity 436.7 511.1 505.6 504.1 547.6 Long-Term Assets 1,037.0 1,063.5 1,115.6 Short-Term Liabilities 796.8 645.2 975.9 Short-Term Liabilities 3.9 6.8 10.2 8.6 9.1 Shareholders' Equity 1,284.5 1,414.5 1,428.6 Long-Term Liabilities 5.1 5.2 5.0 4.4 4.5 Total Assets 2,140.6 2,122.7 2,465.6 Total Liabilities 8.9 12.0 15.2 13.0 13.6 * 30% of Shell & Turcas’ sales included for information purposes. Net Sales* Net Profit Net Sales Net Profit EBITDA 2,919.4 2,870.9 257.6 9,535 9,395 177 178 384 164 350 361 2,403.3 7,861 2,276.6 1,995.1 107.6 56.4 19% 45.2 27.6 104% 2006 2007 2008 2009 2010 2006 2007 2008 2009 2010 2008 2009 2010 2008 2009 2010 2008 2009 2010 Shareholders’ Equity Total Assets Shareholders’ Equity Total Assets 547.6 561.2 511.1 505.6 504.1 1,414 1,429 2,466 523.1 520.9 517.1 1,284 436.7 2,141 2,123 445.6 9% 9% 2006 2007 2008 2009 2010 2006 2007 2008 2009 2010 2008 2009 2010 2008 2009 2010 8 - TURCAS ANNUAL REPORT 2010 OPERATIONAL HIGHLIGHTS 9 - TURCAS ANNUAL REPORT 2010 OWNERSHIP AND CAPITAL STRUCTURE OPERATIONAL HIGHLIGHTS OWNERSHIP AND CAPITAL STRUCTURE VOLUME SALES OF SHELL & TURCAS PETROL A.Ş. Tonne 2008 2009 2010 Turcas Petrol Anonim Şirketi Ownership Profile Unleaded Gasoline (95 Octane) 552,991 540,051 491,258 Unleaded Gasoline (97 Octane) 110,641 101,600 85,909 Unleaded Gasoline with Additives 9,703 2,019 0 Total Gasoline Sales 673,335 643,671 577,167 Private 19.51% Name Number of Shares % Diesel (High Sulphur) 2,128,632 1,711,268 1,611,334 Eurodiesel (Low Sulphur) 782,811 909,666 1,067,581 Aksoy Holding A.Ş. 115,979,909.81 51.55 Total Diesel Sales 2,755,351 2,620,934 2,678,916 Free Float 65,118,683.77 28.94 Private 43,901,406.42 19.51 LPG (Auto-gas) 231,866 252,207 278,132 Aksoy Free Float 28.94% 51.55% Holding A.Ş. Total Automotive Fuels 3,660,552 3,516,812 3,534,215 Lubricants 85,250 68,610 67,934 Total Gasoline Sales Total Diesel Sales Capital Structure Stock Information 2,755,351 2,678,916 673,335 2,620,934 643,671 577,167 Group Number of Shares Company Name Turcas Petrol A.Ş. A 224,999,850.00 Listed Exchanges Istanbul Stock Exchange (ISE) B 112.50 Listed Indexes XKURY, XUTUM, XTUMY, XULUS, C 37.50 XUSIN, XKMYA, XSIST Total 225,000,000.00 Ticker TRCAS Bloomberg Ticker TRCAS TI Reuters Ticker TRCAS IS IPO Date April 6, 1992 2008 2009 2010 2008 2009 2010 LPG (Auto-gas) Total Automotive Fuels Lubricants 278,132 3,534,215 85,250 3,660,552 3,516,812 252,207 231,866 68,610 67,934 2008 2009 2010 2008 2009 2010 2008 2009 2010 10 - TURCAS ANNUAL REPORT 2010 11 - TURCAS ANNUAL REPORT 2010 TURCAS, WITH 80 YEARS OF EXPERIENCE, IS TODAY A HOLDING COMPANY THAT HAS PARTICIPATIONS IN COMPANIES WHO HOLD THE LEADING POSITIONS IN THEIR RESPECTIVE BUSINESS AREAS.

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