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Aygaz Annual Report 2020

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Aygaz Annual Report 2020 AYGAZ ANNUAL REPORT 2020 INTRODUCTION 4 Agenda of the Annual General Assembly Meeting 5 Independent Auditors’ Report on Annual Report 6 Report of the Board of Directors and Chairman’s Message 8 General Manager’s Message 10 Aygaz in Figures 12 Financial and Operational Outlook 14 Subsidiaries and Affiliates 16 Vision, Mission and Strategic Priorities 18 Highlights of 2020 20 Corporate History OPERATIONS IN 2020 24 2020 Overview 44 Subsidiaries 48 Affiliates SUSTAINABLE GROWTH 52 Sustainability Principles Compliance and Declaration 54 Sustainability Principles Compliance Framework 56 Sustainable Growth 57 Sustainability Reporting 58 Sustainability Management 58 Communication with Stakeholders 60 Human Resources 68 Quality, Environment, Occupational Health and Safety 76 Innovation and Intellectual Rights 77 Research & Development 78 Social Responsibility CORPORATE GOVERNANCE 82 Risk Management and Internal Audit 84 Investor Relations 86 Corporate Governance Principles Compliance Reports, Declaration and Information Form 106 Legal Disclosures 110 Board of Directors 112 Executive Management 114 Board of Directors’ Profit Distribution Proposal 115 Statements of Independence by Independent Board Members 116 Profit Distribution Policy 116 Remuneration Policy for the Board of Directors and Senior Management 117 Responsibility Statement CONSOLIDATED FINANCIAL STATEMENTS 120 Independent Auditors’ Report 124 Consolidated Financial Statements 130 Notes to Consolidated Financial Statements “Never forget that health always comes first. If you are healthy, anything is possible and if you are not, nothing is.” Vehbi Koç Founder INNOVATIVE AND BOLD SINCE DAY ONE. DYNAMIC AND AGILE FOR A BETTER FUTURE. STRONG AND RESILIENT IN EVERY SITUATION. First, we ignited the step toward innovation and change. We brought newness into homes as a warm light. We always strived to lead. And then, we became a companion on the roads to those that followed us for our trusted name. Powered by our endless energy, we charged ahead, never stopping and always aiming for the better… We spread to every corner of Turkey and then out into the world. As we introduced innovations for all moments and areas of life, we captured the spirit of the times. We succeeded in everything we started. With a strong, trusted, and reputable name, we maintained our leadership. As we innovated and moved forward, we remained resilient. And we relentlessly kept going against all odds. INTRODUCTION 2020 OVERVIEW SUSTAINABLE GROWTH CORPORATE GOVERNANCE CONSOLIDATED FINANCIAL STATEMENTS Agenda for Ordinary General Assembly Meeting of Aygaz A.Ş. to be held on March 31, 2021 1. Opening and election of the Chairman of the Meeting, 2. Reading, discussing and approving the 2020 Annual Report prepared by the Board of Directors, 3. Reading the summary of Independent Audit Report Summary for 2020 accounting period, 4. Reading, discussing and approving of the Financial Statements related to 2020 accounting period, 5. Acquittal of each member of the Board of Directors in relation to the activities of Company in 2020, 6. Acceptance, acceptance after amendment or refusal of the proposal of the Board of Directors in accordance with the Company's profit distribution policy regarding the distribution of the profits of 2020 and the date of the distribution of profits, 7. Acceptance, acceptance after amendment or refusal of the Board of Directors' offer for amending Article 6 entitled "Capital" of the Company Articles of Association, 8. Determining the number and duty term of the members of the Board of Directors, making elections in accordance with the determined number of members, selecting the independent members of the Board of Directors, 9. Informing and approval of the shareholders about the Remuneration Policy for the Members of the Board of Directors and Executive Management and the payments made within the scope of the policy in accordance with the Corporate Governance Principles, 10. Determining the annual gross salaries of the members of the Board of Directors, 11. Approval of the independent auditing institution selection made by the Board of Directors in accordance with the Turkish Commercial Code and the Capital Markets Board regulations, 12. Informing and approval of the shareholders about the Donation and Sponsorships Policy and about the donations made by the Company in 2020 and determining an upper limit for donations to be made in 2021, 13. Informing the shareholders about the collaterals, pledges, mortgages and surety granted in favor of third parties and the income and benefits obtained in 2020 by the Company and subsidiaries in accordance with Capital Markets Board regulations, 14. Authorising the shareholders holding management capacity, the Members of the Board of Directors, executive managers and their spouses and relatives by blood and marriage up to the second degree within the framework of the articles 395th and 396th of Turkish Commercial Code and informing shareholders about transactions performed within the scope during 2020 as per the Corporate Governance Communiqué of Capital Markets Board, 15. Wishes and opinions. 4 AYGAZ ANNUAL REPORT 2020 Convenience Translation Into English of Independent Auditor’s Report on The Board of Directors’ Annual Report Originally Issued in Turkish To the General Assembly of Aygaz A.Ş. 1. Opinion We have audited the annual report of Aygaz A.Ş. (the “Company”) and its subsidiaries (collectively referred to as the “Group”) for the 1 January - 31 December 2020 period. In our opinion, the financial information and the analysis made by the Board of Directors by using the information included in the audited financial statements regarding the Group’s position in the Board of Directors’ Annual Report are consistent and presented fairly, in all material respects, with the audited full set consolidated financial statements and with the information obtained in the course of independent audit. 2. Basis for Opinion Our independent audit was conducted in accordance with the Independent Standards on Auditing that are part of the Turkish Standards on Auditing (the “TSA”) issued by the Public Oversight Accounting and Auditing Standards Authority (“POA”). Our responsibilities under those standards are further described in the Auditor’s Responsibilities in the Audit of the Board of Directors’ Annual Report section of our report. We hereby declare that we are independent of the Group in accordance with the Ethical Rules for Independent Auditors (the “Ethical Rules”) and the ethical requirements regarding independent audit in regulations issued by POA that are relevant to our audit of the financial statements. We have also fulfilled our other ethical responsibilities in accordance with the Ethical Rules and regulations. We believe that the audit evidence we have obtained during the independent audit provides a sufficient and appropriate basis for our opinion. 3. Our Audit Opinion on the Full Set Consolidated Financial Statements We expressed an unqualified opinion in the auditor’s report dated 11 February 2021 on the full set consolidated financial statements for the 1 January - 31 December 2020 period. 4. Board of Director’s Responsibility for the Annual Report Group management’s responsibilities related to the annual report according to Articles 514 and 516 of Turkish Commercial Code (“TCC”) No. 6102 and Capital Markets Board’s (“CMB”) Communiqué Serial II, No:14.1, “Principles of Financial Reporting in Capital Markets” (the “Communiqué”) are as follows: a) to prepare the annual report within the first three months following the balance sheet date and present it to the general assembly; b) to prepare the annual report to reflect the Group’s operations in that year and the financial position in a true, complete, straightforward, fair and proper manner in all respects. In this report financial position is assessed in accordance with the financial statements. Also in the report, developments and possible risks which the Group may encounter are clearly indicated. The assessments of the Board of Directors in regards to these matters are also included in the report. c) to include the matters below in the annual report: - events of particular importance that occurred in the Company after the operating year, - the Group’s research and development activities, - financial benefits such as salaries, bonuses, premiums and allowances, travel, accommodation and representation expenses, benefits in cash and in kind, insurance and similar guarantees paid to members of the Board of Directors and senior management. When preparing the annual report, the Board of Directors considers secondary legislation arrangements enacted by the Ministry of Trade and other relevant institutions. 5. Independent Auditor’s Responsibility in the Audit of the Annual Report Our aim is to express an opinion and issue a report comprising our opinion within the framework of TCC and Communiqué provisions regarding whether or not the financial information and the analysis made by the Board of Directors by using the information included in the audited financial statements in the annual report are consistent and presented fairly with the audited consolidated financial statements of the Group and with the information we obtained in the course of independent audit. PwC Bağımsız Denetim ve Serbest Muhasebeci Mali Müşavirlik A.Ş. Ediz Günsel, SMMM Partner İstanbul, 8 March 2021 5 INTRODUCTION 2020 OVERVIEW SUSTAINABLE GROWTH CORPORATE GOVERNANCE CONSOLIDATED FINANCIAL STATEMENTS Report of the Board of Directors
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