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Energy for Living Worldreginfo - Ab5d3404-C0ab-403B-A6af-B1f01ee2f621 ANNUAL REPORT of the PETROL GROUP and PETROL D.D., LJUBLJANA for the YEAR 2010

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Energy for Living Worldreginfo - Ab5d3404-C0ab-403B-A6af-B1f01ee2f621 ANNUAL REPORT of the PETROL GROUP and PETROL D.D., LJUBLJANA for the YEAR 2010 AnnUAl rEPorT 2010 EnErgY for living WorldReginfo - ab5d3404-c0ab-403b-a6af-b1f01ee2f621 ANNUAL REPORT OF THE PETROL GROUP AND PETROL D.D., LJUBLJANA FOR THE YEAR 2010 Petrol, Slovenska energetska družba, d.d. Dunajska c. 50, 1527 Ljubljana Phone: +386 1 / 47 14 232 Fax: +386 1 / 47 14 660 www.petrol.si Published by: Petrol d.d. Content and graphic design: PM, poslovni mediji d.o.o. Edited and produced by: PM, poslovni mediji d.o.o. Photos: Peter Irman; Petrol d.d. archive Printed by: Tiskarna Schwarz March 2011 WorldReginfo - ab5d3404-c0ab-403b-a6af-b1f01ee2f621 ANNUAL REPORT PETROL 2010 5 STATEMENT OF THE MANAGEMENT BOARD ursuant to Article 60 a of the Companies Act, members of the Management Board and Supervisory Board of Petrol d.d., Lju- bljana represent that the annual report of the Petrol Group and Petrol d.d., Ljubljana for the year 2010, including the corpo- Prate governance statement, has been prepared and published in accordance with the Companies Act, Financial Instruments Market Act and International Financial Reporting Standards. In accordance with Article 110 of the Financial Instruments Market Act, members of the Management Board of Petrol d.d., Ljubljana, which comprises Tomaž Berločnik, President of the Management Board, Roman Dobnikar, Member of the Management Board, Janez Živko, Member of the Management Board, Mariča Lah, Member of the Management Board, Rok Vodnik, Member of the Man- agement Board, and Samo Gerdin, Member of the Management Board/Worker Director, declare that to their best knowledge: • the financial report of the Petrol Group and Petrol d.d., Ljubljana for the year 2010 has been drawn up in accordance with Inter- national Financial Reporting Standards and gives a true and fair view of the assets and liabilities, financial position and financial performance of the company Petrol d.d., Ljubljana and other companies included in the consolidation as a whole; • the business report of the Petrol Group and Petrol d.d., Ljubljana for the year 2010 gives a fair view of the development and re- sults of the Company’s operations and its financial position, including the description of material risks that the company Petrol d.d., Ljubljana and other companies included in the consolidation are exposed to as a whole. Tomaž Berločnik Roman Dobnikar Rok Vodnik President of the Member of the Member of the Management Board Management Board Management Board Mariča Lah Janez Živko Samo Gerdin Member of the Member of the Member of the Management Management Board Management Board Board/Worker Director Ljubljana, 7 March 2011 WorldReginfo - ab5d3404-c0ab-403b-a6af-b1f01ee2f621 Rok Vodnik Janez Živko Tomaž Berločnik Mariča Lah Roman Dobnikar Samo Gerdin Member of the Member of the President of the Member of the Member of the Member of the Management Management Management Management Management Management Board Board Board Board Board Board/Worker Director WorldReginfo - ab5d3404-c0ab-403b-a6af-b1f01ee2f621 005 STATEMENT OF THE MANAGEMENT BOARD CONTENTs OF PETROL D.D., LJUBLJANA 010 I. BUSINESS REPORT 2010 010 BUSINESS HIGHLIGHTS OF 2010 012 STATEMENT OF THE PRESIDENT OF THE MANAGEMENT BOARD ENERGY 016 STRATEGIC ORIENTATIONS ACHIEVEMENT OF GOALS 018 WHERE DOES THE PETROL GROUP OPERATE? 019 THE MANAGEMENT AND GOVERNANCE SYSTEM 025 ANALYSIS OF OPERATING PERFORMANCE 028 EVENTS AFTER THE END OF THE ACCOUNTING PERIOD OPERATIONS IN 2010 029 PETROL’S SHARE 033 BUSINESS RISKS ENERGY ON THE GO 042 KEY IMPACTS ON OPERATIONS OIL AND MERCHANDISE SALES 044 SALES PERFORMANCE 048 PROCUREMENT AND LOGISTICS ENERGY FOR LIVING 054 GAS AND HEAT GAS, HEAT AND ELECTRICITY 056 ELECTRICITY ENERGY ACTIVITIES 058 ENVIRONMENTAL AND ENERGY SOLUTIONS ENERGY BETWEEN US 062 EMPLOYEES CUSTOMERS AND EMPLOYEES 065 CUSTOMER SATISFACTION MEASUREMENT FLAWLESS ENERGY 071 THE QUALITY SYSTEM QUALITY SYSTEMS 073 INVESTMENTS 2010 075 INFORMATION TECHNOLOGY ENVIRONMENTALLY FRIENDLY ENERGY 080 PROTECTION OF THE ENVIRONMENT SOCIAL RESPONSIBILITY SUSTAINABLE DEVELOPMENT 082 SOCIAL RESPONSIBILITY ENERGY OF THE PETROL GROUP 086 GROUP COMPANIES ORGANISATIONAL STRUCTURE 087 THE PARENT COMPANY 088 SUBSIDIARIES 093 JOINTLY CONTROLLED ENTITIES 095 ASSOCIATES 096 II. REPORT OF THE SUPERVISORY BOARD 099 III. FINANCIAL REPORT 2010 WorldReginfo - ab5d3404-c0ab-403b-a6af-b1f01ee2f621 ANNUAL REPORT PETROL 2010 10 ANNUAL REPORT PETROL 2010 11 Number of service stations Volume of petroleum products sold BUsINEss in million tons 500 441 2.6 2.49 425 433 2.35 450 380 2.4 400 361 2.22 2.2 2.10 HIGHLIGHTs OF 2010 350 2.01 300 2.0 250 1.8 200 ACHIEVED 1.6 Index 150 1.4 THE PETROL GROUP UM 2010 2009 2010/2009 100 Sales revenue EUR million 2,802.8 2,333.9 120 50 1.2 0 Gross profit EUR million 294.5 280.0 105 1.0 Operating profit EUR million 61.9 50.8 122 2006 2007 2008 2009 2010 2006 2007 2008 2009 2010 Net profit EUR million 35.5 7.9 449 Note: The volume of petroleum products sold to ZORD to replenish national reserves has normally stood between 40 and 50 thousand tons per year, except in 2008 Equity EUR million 404.6 381.5 106 when it amounted to 185 thousand tons. Total assets EUR million 1,265.5 1,135.5 111 EBITDA1 EUR million 94.8 83.3 114 Revenue from the sale of merchandise Operating profit in EUR million EBITDA/Average fixed assets % 15.7 14.0 113 400 in EUR million 416.6 EBITDA/Gross profit % 32.2 29.8 108 400 382.4 80.0 70.9 360 374.0 Operating costs/Gross profit % 83.1 86.0 97 70.0 61.9 320 Added value/Employee EUR thousand 50.7 46.6 109 280 60.0 50.8 262.9 350 59.0 Debt/Equity2 1.17 1.29 91 50.0 240 215.7 44.7 40.0 Earnings per share3 EUR 16.0 5.1 315 200 160 30.0 Share price as at period end EUR 272 322 85 120 20.0 80 Volume of petroleum products sold million tons 2.35 2.22 105 10.0 40 Volume of LPG sold thousand tons 47.8 46.1 104 0 0.0 3 Volume of natural gas sold thousand m 104,239 99,885 104 2006 2007 2008 2009 2010 2006 2007 2008 2009 2010 Electricity sold MWh 356,703 227,826 157 Heat sold MWh 65,317 60,377 108 Revenue from the sale of merchandise EUR million 416.6 382.4 109 Investments in fixed assets EUR million 65.9 44.5 148 EBITDA Structure of the Petrol Group’s Number of service stations as at period end 441 433 102 investments in 2010 Other activities 15% Number of gas concessions as at period end 29 28 104 in EUR million Number of employees (including third-party managed service 120.0 3,520 3,556 99 101.9 Oil and merchandise stations) as at period end 94.8 sales - Slovenia 21% 100.0 85.6 83.3 80.0 70.8 60.0 40.0 Oil and merchandise sales - SE Europe 28% 20.0 0.0 1 EBITDA = Operating profit or loss + Regular depreciation net of depreciation of environmental fixed assets 2 Net Debt/Equity ratio = (Long-term and short-term financial liabilities – Cash and cash equivalents)/Equity 2006 2007 2008 2009 2010 Energy activities 36% 3 Earnings per share = Net profit or loss for the year attributable to owners of the controlling company/Weighted average number of ordinary shares issued, excluding own shares. WorldReginfo - ab5d3404-c0ab-403b-a6af-b1f01ee2f621 ANNUAL REPORT PETROL 2010 12 ANNUAL REPORT PETROL 2010 13 term maximisation of shareholder return. Utilising the creative energy for preparation, development and com- A gross dividend of EUR 5.90 per share of our employees petition. We have played a part in the was paid for the 2009 business year. The Petrol Group employs 3,520 peo- top achievements in basketball, football, ple and as such ranks among the larger handball and hockey, as well as in indi- The Petrol Group is engaged primarily employers in this part of Europe. We vidual sports such as skiing, cycling and in the sale of petroleum products on all realise that without suitable knowledge, boxing. We are inseparably linked with the markets in the wider region. The Petrol efficiency and a clear, targeted employee success stories of the skiing champion Group sold 2.35 million tons of petro- orientation, we cannot attain our set Tina Maze and the world boxing cham- leum products in 2010 or 5 percent more goals. Our employees' creative energy pion Dejan Zavec. than in 2009. The sale of merchandise is the assurance of further successful generated more than EUR 416 million in performance. As a result, for a number of Looking forward revenue, exceeding the 2009 figure by 9 years Petrol has been in the prestigious We have set ambitious operating priori- percent. Petroleum products were sold company of the best employers, staying ties for the period until 2014, represent- through a wide-spread retail network, true to its directions that promote entre- ing a central theme. Most importantly, which gained an additional 8 service sta- preneurial innovativeness, good practice we have defined our commitment to tions and now comprises 441 in total, and examples in employment, and quality all our activities in the future. The main through a well-established wholesale net- jobs, also during heightened economic strategic development orientations of work. Efficient purchasing and logistics uncertainty. In 2010 we were awarded the the Petrol Group involve securing growth provided a stable supply and represent Family Friendly Enterprise certificate and and boosting profitability, increasing the Petrol's major competitive advantages. committed ourselves to implementing value added per employee, and continu- 18 measures over the next three years to ously ensuring sustainable development A special emphasis was put on the de- facilitate a balance between professional of the environments that we operate in.
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