faaliyet raporu annual report

Transkript

TURCAS PETROL A.fi.
faaliyet raporu 04 annual report
‹çindekiler
Contents
K›saca Turcas Petrol 04
Finansal Göstergeler 08
Baflkan’›n Mesaj› 10
Yönetim Kurulu 14
Yönetim 15
Sermaye ve Ortakl›k Yap›s› 16
Faaliyetler 18
Kurumsal Yönetim ‹lkeleri 28
Ba¤›ms›z Denetçi Raporu ve Konsolide Mali Tablolar 45
Turcas Petrol in Brief 04
Financial Highlights 08
Chairman’s Message 10
Board of Directors 14
Management 15
Capital and Shareholder Structure 17
Activities 18
Corporate Governance Principles 29
Independent Auditors’ Report and Consolidated Financial Statements 45
Turcas Petrol, Türkiye genelinde 654 bayi ile yapm›fl oldu¤u
uzun vadeli sat›fl ve marka sözleflmesi kapsam›nda, Türkpetrol
markas›yla ülke çap›nda faaliyet gösteren bir akaryak›t
ürünleri da¤›t›m flirketidir.
Turcas Petrol ›s a Nat›on W›de Petroleum Products
D›str›but›on Company Operat›ng Under The Türkpetrol Brand
Through Long-Term Sales And Brand›ng Agreements at 654
Dealer Stat›ons Throughout Turkey.
01
71
il cities
306
merkezde
districts
02
Vizyon Hizmette 60 y›l› aflk›n birikimle, ülkemizin ilk tercih
edilen ve en sayg›n akaryak›t flirketi olaca¤›z. Vision Bu›ld›ng on
More Than 60 Years of Serv›ng Our Customers, We W›ll Grow to be The Nat›on’s
Favor›te and Most Respected Fuel Company.
03
04
K›saca Turcas Petrol
Turcas Petrol in Brief
Turcas Petrol geçmifl y›llarda oldu¤u gibi,
müflterilerine en kaliteli ürün ve hizmetleri
en yüksek güvenlik, çevre koruma ve etik
davran›fl standartlar›nda sunma taahhüdüne
ba¤l›l›¤›n› sürdürmektedir.
Turcas Petrol will continue to provide
services and products for its customers,
conforming to the highest possible standards
in safety performance, environmental
protection and ethical behavior.
654
sat›ﬂ istasyonuyla
dealer stations
Turcas Petrol, Tabafl Petrolcülük ile Turcas Petrolcülük’ün
1999’da birleflmesi sonucunda kurulmufltur. fiirket, Türkiye
genelinde 654’yi aflk›n bayi ile yapm›fl oldu¤u uzun vadeli sat›fl
ve marka sözleflmesi kapsam›nda, Türkpetrol markas›yla ülke
çap›nda faaliyet gösteren bir akaryak›t ürünleri da¤›t›m flirketidir.
Turcas Petrol, modern terminal ve da¤›t›m sistemi arac›l›¤›yla
bayilere akaryak›t ürünleri tedarik etmektedir. Sat›fl ve pazarlama
alan›ndaki uzmanl›¤›n› Castrol ve ‹pragaz gibi di¤er önemli
otomotiv markalar›yla olan ba¤lant›lar›yla birlefltirerek piyasaya
güçlü ve cazip bir marka sunmaktad›r.
Turcas Petrol, flirket araçlar›n›n akaryak›t harcamalar›n› kontrol
alt›na almaya sa¤layan Akaryak›t Yönetim Sistemi’yle sektörün
öncülerinden biri olmufltur. fiirket bu sistemi yedi y›ld›r ülke
çap›nda baflar›yla uygulamaktad›r.
Turcas Petrol was established as a merger that took place in
1999 between Tabafl Petrolcülük and Turcas Petrolcülük. Turcas
Petrol is a nationwide petroleum products distribution company
operating under the Türkpetrol brand through long-term sales
and branding agreements at over 654 dealer stations throughout
Turkey.
The Company provides petroleum and related products to
dealers via its modern terminal and distribution system. Utilizing
its sales and marketing expertise along with its association
with other major brands in the automotive sector, such as
Castrol and ‹pragaz, it presents a powerful and attractive brand
in the market.
As one of the pioneers of its sector, Turcas Petrol offers AYS
(Fuel Management System) that bring economy and service to
the vehicle fleets of companies throughout the country.
Turcas petrol 2004 y›l›nda
In 2004, Turcas achieved sales of;
- 1.167.671 m3 beyaz ürün,
- 46.467 m3 siyah ürün ve
- 187.841 m3 LPG olmak üzere toplam
- 1,167,671 m3 of white products,
- 46,467 m3 of black products and
- 187,841 m3 of LPG
1.401.979 m3 sat›fl gerçeklefltirmifltir.
amounting to a total sales of 1,401,979 m3.
05
Turcas hisselerinin de¤eri 2003 sonu itibariyle 6.000 TL iken 2004 sonu itibariyle
%32 art›fl gösterek 7.900 TL’ye yükselmifltir.
Turcas shares, while TL 6,000 at the end of 2003 increased in value by 32% as of
the end of 2004, reaching TL 7,900.
Turcas hisselerinin de¤eri 2003 sonu itibariyle 6.000 TL iken 2004 sonu itibariyle %32 art›fl gösterek 7.900 TL’ye
yükselmifltir.
Turcas Petrol geçmifl y›llarda oldu¤u gibi, müflterilerine en kaliteli ürün ve hizmetleri en yüksek güvenlik, çevre
koruma ve etik davran›fl standartlar›nda sunma taahhüdüne ba¤l›l›¤›n› sürdürmektedir. Ürünlerini standartlara
uygun üretim yapan sayg›n rafinerilerden temin etmekte ve sürekli olarak kalite kontrol ekipleri vas›tas›yla
denetlemektedir. Müflterilere en iyi hizmeti sunabilmek için Türkiye geneline yay›lm›fl istasyonlar›ndaki
personelini düzenli e¤itimlere tabi tutmaktad›r.
Turcas Petrol 2005 y›l›nda da Türkiye’de ve sektörde yaflanan geliflmelere uyum sa¤lamak için azami çabay›
gösterecek, reklamlar›na, istasyon yenilemelerine ve yeni yat›r›mlara h›zla devam ederek pazardaki yerini daha
da güçlendirecek, Türkiye’nin ilk tercih edilen ve en sayg›n akaryak›t flirketi olma vizyonuna sahip ç›kacakt›r.
06
Turcas shares were at TL 6,000 at the end of 2003 and increased in value by 32% as of the end of 2004, reaching
TL 7,900.
Turcas Petrol will continue to provide services and products for its customers, conforming to the highest
possible standards in safety performance, environmental protection and ethical behavior. It obtains its products
from reputed refineries that maintain rigorous standards in their products and the Company’s quality control
teams carry out continuous inspections. In order to provide customers with the best service, the personnel
at stations are provided with regular training programs.
In 2005, Turcas Petrol will closely monitor developments in Turkey and its sector, strengthen its position in
the market through advertising, station renovation and new investments and maintain its vision of being the
most preferred and respected fuel company in Turkey.
07
Finansal Göstergeler
Financial Highlights
Turcas Petrol’ün 2004 y›l›nda:
Dönen varl›klar›
121.608.253
Aktif toplam›
279.282.014
Özsermayesi
172.974.063
Net sat›fllar›
1.725.397.633
olarak gerçekleflmifltir.
In 2004 Turcas Petrol achieved:
Current assets
121,608,253
Total assets
279,282,014
Shareholders’ equity
172,974,063
Net sales
1,725,397,633
03
04
04
04
172,974
bin YTL
YTL thousand
153,538
279,282
bin YTL
YTL thousand
278,732
121,608
103,248
YTL
YTL
YTL
YTL
Net Sat›fllar
Net Sales
03
04
03
03
08
Özsermaye
Shareholders’ Equity
1,725,398
Aktif Toplam›
Total Assets
1,717,914
Dönen Varl›klar
Current Assets
YTL
YTL
YTL
YTL
bin YTL
YTL thousand
bin YTL
YTL thousand
Konsolide Bilanço (YTL)/Consolidated Balance Sheet (YTL)
Dönen Varl›klar/Current Assets
Kasa ve bankalar/Cash and banks
Ticari alacaklar (Net)/Trade receivables (net)
‹liflkili flirketlerden alacaklar/Due from related parties
Stoklar/Inventories
Di¤er alacaklar ve dönen varl›klar/Other receivables and current assets
Dönen Varl›klar Toplam›/Total Current Assets
2004
20,695,587
71,550,322
31,936
26,514,014
2,816,394
121,608,253
2003
21,478,925
58,679,379
393,416
20,599,405
2,096,905
103,248,030
Duran Varl›klar/Long-term Assets
Sat›lmaya haz›r finansal varl›klar/Available-for-sale investments
fierefiye (net)/Goodwill (net)
Maddi duran varl›klar (net)/Property, plant and equipment (net)
Maddi olmayan duran varl›klar(net)/Intangible assets (net)
Di¤er alacaklar ve duran varl›klar(net)/Other receivables and long term-assets (net)
Ertelenmifl vergi aktifi/Deferred tax assets
Duran varl›klar toplam›/Total Long-term Assets
Aktif Varl›klar Toplam›/Total Assets
287,964
80,809,878
54,689,809
7,507,804
10,010,341
4,367,965
157,673,761
279,282,014
15,438
93,127,906
61,103,584
12,654,067
6,836,699
1,746,493
175,484,187
278,732,217
59,103,530
25,549,505
320,557
8,419,756
4,244,835
97,638,183
49,739,004
26,325,021
66,381
11,078,405
2,594,573
89,803,384
5,368,400
1,991,849
1,309,519
8,669,768
31,846,646
2,426,422
1,117,173
35,390,241
96,449,038
76,525,025
172,974,063
279,282,014
96,449,038
57,089,554
153,538,592
278,732,217
1,725,397,633
(1,627,718,993)
97,678,640
(72,792,730)
13,869,166
(1,819,314)
36,935,762
(3,819,467)
(1,429,434)
31,686,861
(12,251,390)
19,435,471
0.740
1,717,913,645
(1,645,553,759)
72,359,886
(55,879,641)
16,413,194
(1,801,143)
31,092,296
11,728,926
6,679,017
49,500,239
(10,476,163)
39,024,076
1.480
K›sa Vadeli Yabanc› Kaynaklar/Current Liabilities
K›sa vadeli mali borçlar/Short-term borrowings
Ticari borçlar/Trade payables
‹liflkili flirketlere borçlar/Due to related parties
Di¤er borçlar ve gider tahakkuklar›/Other payables and expense accruals
Ödenecek kurumlar vergisi/Corporate tax payable
K›sa Vadeli Yabanc› Kaynaklar Toplam›/Total Current Liabilities
Uzun Vadeli Yabanc› Kaynaklar / Long-term Liablities
Uzun vadeli mali borçlar/Long-term borrowings
Di¤er uzun vadeli mali borçlar/Other long-term liabilities
K›dem tazminat› karfl›l›¤›/Retirement pay provision
Uzun Vadeli Yabanc› Kaynaklar Toplam›/Total Long-term Liabilities
Özsermaye/Shareholders' Equity
Sermaye/Capital
Birikmifl karlar/Retained earnings
Özsermaye toplam›/Total shareholders' equity
Pasif Kaynaklar Toplam›/Total Liabilities
Konsolide Gelir Tablosu (YTL)/Consolidated Statement Of Income (YTL)
Net Sat›fllar/Net sales
Sat›fllar›n maliyeti/Cost of sales
Brüt Kâr/Gross profit
Sat›fl ve genel yönetim gideri/Sales and administrative epenses
Di¤er faaliyet gelirleri/Other operating income
Di¤er faaliyet giderleri/Other operating expenses
Faaliyet Kâr›/Operating profit
Finansman (giderleri)/gelirleri (net)/Finance (expense)/income (net)
Parasal (kay›p)/kazanç / Monetary (loss)/gain
Vergi Öncesi Kâr/Profit before taxation
Vergi /Taxation
Net Kâr/Net profit
Hisse Bafl›na Kâr/Earnings per Share
09
Turcas Petrol geçmifl y›llarda oldu¤u gibi, müflterilerine en kaliteli ürün ve hizmetleri en
yüksek güvenlik standartlar›na uygun olarak sunma taahhüdüne ba¤l›l›¤›n› sürdürmektedir.
As in past years, Turcas Petroleum continues to be dedicated to its commitment to operating to
the highest safety standards and to producing the best quality goods and services for its customers.
10
Yönetim Kurulu
Baflkan›’n›n Mesaj›
Chairman’s
Message
De¤erli Hissedarlar›m›z,
Bayilerimiz ve Müflterilerimiz,
Dear Shareholders,
Dealers and Customers,
2004 y›l› Türkiye ekonomisi için istikrar›n pekifltirildi¤i bir y›l
oldu. 2000 ve 2001 y›llar›nda yaflanan finansal krizlerden sonra,
2002-2003 y›llar›ndaki iyileflme dönemini takiben, Türkiye
ekonomisi çok h›zl› bir flekilde istikrara kavufltu ve 2004 y›l›nda
da bir büyüme dönemine girdi.
The year 2004 was a year in which economic stability was
strengthened in Turkey. After the financial crisis of 2000 and 2001,
the recovery of 2002-2003 resulted in the Turkish economy’s return
to stability and this facilitated significant growth in 2004.
Enflasyonla yürütülen mücadelede önemli geliflmeler kaydedildi ve
enflasyon uzun y›llardan sonra 2004 y›l›nda %10’un alt›na indi.
Gayri Safi Yurtiçi Has›la 2002 ve 2003 y›llar›nda ortalama olarak
%6,5 dolaylar›nda gerçekleflirken, 2004 y›l›nda ise rekor düzeye
ulaflarak %9 seviyesine yükseldi. 2004 y›l›ndaki büyümenin arkas›ndaki
ana unsurlar, ihracat›n destekledi¤i üretim ve iç talepteki büyüme,
özellikle de geçmifl y›llarda yaflanan ekonomik zorluklar sebebi ile
gecikmifl olan tüketim talebinin canlanmas› oldu. 2004 y›l›nda faiz
oranlar› da afla¤›ya çekilirken, Türk Liras› yabanc› paralar karfl›s›nda
oldukça önemli de¤er art›fl› gösterdi.
Avrupa Birli¤i 17 Aral›k’ta, üyelik baflvurumuzla ilgili olarak
müzakere sürecinin bafllamas› için Türkiye’nin siyasi kriterleri
yerine getirmifl oldu¤unu karara ba¤lad›. Bu tarihi karar
Türkiye’de olumlu de¤ifliklikleri, ekonomik, sosyal ve politik
ortamdaki iyileflmeleri teflvik etmeye ve h›zland›rmaya yönelik
çok önemli bir ad›md›r.
Tüm bu geliflmelerle birlikte, Türk ekonomisinin k›r›lganl›¤›
önceki y›llara göre önemli ölçüde azald›. Zamanla, ülkemizde
iç ve d›fl kaynakl› yat›r›mlar›n daha fazla teflviki ile iflsizlik de
giderilecek ve ekonomideki olumlu gidifl ivme kazanacakt›r.
2004 y›l› sektörümüz aç›s›ndan da önemli geliflmelere sahne
olmufltur. Yeni petrol piyasas› kanunu yürürlü¤e girerken birçok
yönetmelik ile de piyasan›n ifllerli¤i art›r›lmaya çal›fl›lm›flt›r. Bu
kanun ve yönetmeliklerin kararl›l›kla uygulanmas› sektörün en
önemli sorunu olan kaçakç›l›¤› azaltacakt›r.
Enerji Piyasas› Düzenleme Kurumu taraf›ndan piyasada faaliyette
bulunan bütün oyunculara lisans baflvurusunda bulunma
zorunlulu¤u getirilmifltir. Buna göre 45 flirket lisans
baflvurusunda bulunmufl ve bunlardan Turcas’›n da dahil oldu¤u
28 adedi lisans alm›flt›r. Piyasada faaliyet gösterecek flirket
say›s›n›n rekabet art›fl› nedeniyle sektörün maliyetlerini art›racak
ancak kontrol zorlu¤u getirece¤inden kaçak akaryak›tla
mücadeleyi daha da zorlaflt›racakt›r.
Turkey won its battle against inflation, bringing the inflation rate
down to below 10% in 2004. The economy showed significant
development, leaving many of its difficulties behind. In 2002 and
2003, the Gross Domestic Product showed an average rate of increase
of 6.5%. In 2004, this rate reached a record level of 9%. The main
elements behind the growth in 2004 were the expansions in exportdriven production and in domestic demand, the latter a welcome
revival after the economic difficulties experienced in previous years.
Interest rates were pulled down in 2004 and the Turkish Lira displayed
a significant recovery against foreign currencies.
On December 17 2004, the European Union made the historic
decision that Turkey had fulfilled the necessary political criteria
and that the process of negotiations for membership could finally
begin. This is an important step in encouraging and accelerating
positive changes and improvements in the economic, social and
political aspects of Turkey’s development.
It was seen in the light of all of these factors that the fragility
that Turkey’s economy had shown in past years was significantly
reduced. In time, with more encouragement given to domestic
and foreign investments, unemployment will be further reduced
and the positive trend of the economy will gain momentum.
The year 2004 was also a time of important developments in our
own sector. While on one hand, the new petroleum market law
was being put into effect, on the other, many regulations were
initiated to regulate the operations of the market. The law and
regulations, if enforced with determination, will serve to reduce
contraband activity, one of the most important issues in the sector.
The Energy Market Regulatory Board made applications for licenses
mandatory for all intending participants in the market. Accordingly,
45 companies filed applications and 28, among them Turcas, have
been granted licenses by the end of April 2005. While the theory
that new companies should increase the competitive nature of
the market and thus be good for the consumer it must be pointed
out that there is a danger that excessive growth in the number of
distribution companies will lead to unrealistic values being placed
on dealer contracts.
11
Turcas hisselerinin de¤eri 2003 sonu itibariyle 6.000 TL iken 2004 sonu itibariyle
%32 art›fl gösterek 7.900 TL’ye yükselmifltir.
Turcas shares, were at TL 6,000 at the end of 2003 and increased in value by 32%
as of the end of 2004, reaching TL 7,900.
Ham petrol fiyatlar›n›n 30-40 ABD dolar› seviyelerinden 50 ABD
Dolar›’n›n üzerine ç›kmas› pompa fiyatlar›n›n 2,000,000 TL’nin
üzerine ç›kmas›na neden olmufltur. Türkiye bu fiyatlarla
Avrupa’n›n en pahal› akaryak›t›n›n sat›ld›¤› ülkelerden biri
konumuna gelmifltir. Fiyatlar›n bu seviyelere gelmesinde en
büyük etken %75’e varan vergi oran›d›r. Bu fiyat yap›s› da
akaryak›t kaçakç›l›¤›n› cazip hale getiren, büyümeyi k›s›tlayan
di¤er bir husustur.
Bu olumsuzluklar›n sonucu 2004 y›l›nda özellikle benzin
tüketiminde %2’lik azalma gözlenirken sanayideki kapasite
kullan›m oran›n›n %85 gibi yüksek bir oranda gerçekleflmesi
sonucu motorin tüketiminde %10 kadar art›fl olmufltur.
AB normlar›na uyum çerçevesinde tüketicilere Avrupa
standartlar›nda 98 oktan kurflunsuz benzin ve düflük kükürt
oranl› Eurodiesel sat›fl›na bafllanm›flt›r. Bu nedenle daha önce
Türkiye piyasas›na sunulmayan ileri teknolojiye sahip araç
park›n›n ülkemize giriflinin h›zlanaca¤›n›, dolay›s›yla akaryak›t
pazar›n›n büyüyece¤ini düflünüyoruz.
Turcas’›n Elde Etti¤i Sonuçlar
Turcas petrol 2004 y›l›nda %26’s› benzin, %58’i motorin, %13’ü
LPG ve %3’ü siyah ürün olmak üzere yaklafl›k 1,4 milyon m3
sat›fl yapm›flt›r.
12
The increase in the international price of crude oil from the
US$ 30-40 range to levels above US$ 50, along with the increases
in domestic taxation has led to pump prices well in excess of
TL 2,000,000 which makes Turkey one of the highest priced
markets in Europe. The high level of taxation, in excess of 75%,
restricts growth and provides a significant and unwelcome
incentive to illegal, contraband activities in the sector.
Improved economic and industrial activity in the Country lead
to an increase of 10% in diesel consumption during the year.
However the high product prices limited gasoline sales and the
market registered a decline of 2%.
In an effort to achieve harmonization with EU norms, the sale
of European standard unleaded 98-octane gasoline and lowsulphur Eurodiesel started during the year. I believe that this
will encourage automobile technologies that were heretofore
not available on the Turkish market to rapidly enter and expand
the market.
Results Achieved
During the year Turcas sold close to 1.4 million cubic meters
of petroleum products. This was made up of 26% gasoline, 58%
diesel, 13% LPG and 3% black oil.
Önceki otomatik fiyat ayarlamas›na göre kâr marjlar› y›l
içerisinde 1 ve 0,5 ABD Cent’i olmak üzere iki kez art›r›lmas›na
ra¤men akaryak›t fiyatlar›ndaki yüksek art›fl ve vergiler nedeniyle
sektör kârl›l›¤›na olumlu yans›mam›flt›r. Serbestleflmeye yeni
bafllayan bir pazar›n etkileri üzerine yorum yapmak için erken
olsa da kâr marjlar›n›n daha da iyilefltirilmesi için bir bask›
oluflmufltur.
Profit margins, allowable under the former Automatic Price
Mechanism regime, were increased twice during the year, by
1.0 and 0.5 cents respectively. However, in spite of these
increases profitability was adversely affected by the increases
in the basic price of the product and taxation. It is too early
to report on the effects of the new liberalized market, but there
is definitely a pressure and justification for further margin
improvements.
Kuzey Irak’ta kullan›lmak üzere aç›lan akaryak›t ihalesine
kat›l›narak üç ay gibi k›sa bir sürede yaklafl›k 170.000 m3 akaryak›t
teslimat› yap›lm›flt›r.
The Company participated in fuel tenders for Northern Iraq
and delivered approximately 170,000 m3 of fuel in the short
period of three months.
Turcas hisselerinin de¤eri 2003 sonu itibariyle 6.000 TL iken
2004 sonu itibariyle %32 art›fl gösterek 7.900 TL’ye yükselmifltir.
Turcas shares, were at TL 6,000 at the end of 2003 and increased
in value by 32% as of the end of 2004, reaching TL 7,900.
ESÇ
Safety, Health and Environment
Turcas Petrol geçmifl y›llarda oldu¤u gibi, müflterilerine en
kaliteli ürün ve hizmetleri en yüksek güvenlik standartlar›na
uygun olarak sunma taahhüdüne ba¤l›l›¤›n› sürdürmektedir.
Ürünlerini standartlara uygun üretim yapan sayg›n rafinerilerden
temin etmekte ve sürekli olarak kalite kontrol ekipleri vas›tas›yla
denetlemektedir. Müflterilere en iyi hizmeti sunabilmek için
Türkiye geneline yay›lm›fl istasyonlar›ndaki personelini düzenli
e¤itimlere tabi tutmaktad›r. Turcas Petrol tüm kazalar›n
önlenebilir oldu¤una inanmakta ve çal›flanlar›n› bu bilinçle
e¤itmektedir. 2004 y›l›nda yay›nlanmaya bafllayan ‹fl Sa¤l›¤›
ve Güvenli¤i Yönetmeliklerini takip etmekte ve bu
yönetmeliklere uyum sa¤lamak amac›yla gerekli çal›flmalar›
tüm terminallerinde ve istasyonlar›nda uygulamaktad›r. fiirket
çal›flanlar›na da, emniyetli sürüflten terminal uygulamalar›na
kadar yay›lan çok çeflitli e¤itimler verilmektedir. Turcas, yine
gerek terminallerde gerekse istasyonlarda en yüksek emniyet
standarlar›n› uygulamakta, çevreyi koruma konusunda azami
hassasiyeti göstermektedir.
As in past years, Turcas Petroleum continues to be dedicated
to its commitment to operating to the highest safety standards
and to producing the best quality goods and services for its
customers. It obtains its products from reputed refineries that
maintain rigorous standards in their products and the Company’s
quality control teams carry out continuous inspections. In
order to provide customers with the best service, the personnel
at stations are provided with regular training programs. Turcas
believes that all accidents are preventable and therefore trains
employees in safety awareness and tracks the new legislation
on Work Safety and Health, which was introduced in 2004.
Turcas implements all the necessary applications in accordance
with this legislation both at the terminals and stations. The
Company makes available to employees a wide variety of
educational programs, from defensive driving to all aspects of
safety in terminal operations. The highest standards of security
are implemented at both terminals and at stations and the
maximum sensitivity is shown to the protection of environment.
Gelecek
The Future
2005 akaryak›t sektörü için hareketli bir y›l olacak. Lisans
alamayan istasyonlar›n durumu, yazarkasa uygulamas›, serbest
fiyat sistemi, YTL gibi sektördeki rekabeti ve çal›flma flartlar›n›
etkileyecek önemli geliflmeler yaflanacak. Turcas Petrol her
zaman oldu¤u gibi bu konular›n en iyi flekilde uygulanabilmesi
için azami çabay› gösterecek, reklamlar›na, istasyon
yenilemelerine ve yeni yat›r›mlara h›zla devam ederek pazardaki
yerini daha da güçlendirecektir.
The year 2005 will be a busy year for the fuel sector. There will
be many developments that will affect competitive working
conditions in the sector—the status of unlicensed stations, the
compulsory introduction of new cash registers, the new
liberalized market, the new TL, and the growth in the number
of competitors. As in past years, Turcas Petrol will make the
maximum effort to deal with all of these in the best way
possible, rapidly strengthening its position in the market
through advertising, station renovation and new investments.
Yönetim Kurulu ad›na bize sürekli destek olan ortaklar›m›za,
özveri ve sadakatle çal›flan bayilerimize ve zor zamanlarda
göstermifl olduklar› üstün performanstan dolay› çal›flanlar›m›za
teflekkür ederiz.
Erdal Aksoy
Yönetim Kurulu Baflkan›
On behalf of the Board of Directors, I would like to thank all
our shareholders for their continued support, our dedicated
and loyal dealer group and our employees, for their excellent
performance in challenging times.
Erdal Aksoy
Chairman
13
Yönetim Kurulu
(1) Erdal Aksoy Baflkan, (2) Y›lmaz Tecmen Baflkan Vekili, (3) Alistair W. Clark Genel Müdür ve Üye, (4) Osman E. V. Kerman Üye, (5) Bülent Çorapç› Üye,
(6) M. ‹lhan Nebio¤lu Üye, (7) Barry N. Kumins Üye
Board of Directors
(1) Erdal Aksoy Chairman, (2) Y›lmaz Tecmen Vice Chairman, (3) Alistair Clark Member and Genarel Manager, (4) Osman E. V. Kerman Member,
(5) Bülent Çorapç› Member, (6) M. ‹lhan Nebio¤lu Member, (7) Barry N. Kumins Member
3
2
5
4
6
1
7
14
Yönetim
Management
1. Nezihi Tümer Genel Müdür Yard›mc›s›
Operasyon ve Lojistik Senior Deputy General Manager Operations & Logistics
2. Mehmet Erbasan Akaryak›t Sat›fllar› Müdürü Fuels Sales Manager
3. Osman Kazdal Pazarlama Servisleri Müdürü Marketing Services Manager
4. Sadettin ‹mrek Hukuk Müflaviri Legal Advisor
5. Cabbar Y›lmaz Bayi Destek Müdürü Dealer Support Manager
6. Süleyman Asutay Finansman Müdürü Finance Manager
7. Fatma Aytaç IM Müdürü IM Manager
8. Ayfle Oral Muhasebe Müdürü Accounting Manager
9. Aynur Göksel Kredi Kontrol Müdürü Credit Control Manager
10. Kemal Günay Operasyon Müdürü Operations Manager
15
11. Bahri Yüre¤ir Tedarik Müdürü Supply Manager
1
12. Hülya Dinçer Sa¤l›k, Emniyet ve Çevre Koordinatörü
Safety, Health and Environment Co-ordinator
6
13. O¤uz Gönenç Sat›nalma Müdürü Purchasing Manager
14. Ece Metin ‹nsan Kaynaklar› Koordinatörü
Human Resources Co-ordinator
15. Aybar Tüfekçiler Akaryak›t Yönetim Sistemi Müdürü
Fuel Management System Manager
10
5
8
2
13
14
4
11
9
12
3
7
15
4
24
saat hours
mevsim seasons
Sermaye ve Ortakl›k Yap›s›
2004 Mali y›l› içerisinde fiirket’in sermayesinde herhangi bir de¤ifliklik olmam›flt›r. fiirket hisseleri A, B ve C olmak üzere üç gruba ayr›lm›flt›r.
C Grubu hisselerin tümü Turcas Petrol’ün %28,52’sine sahip yabanc› ortak Conoco Petroleum Inc.’e aittir. fiirket ortaklar›ndan ve Yönetim
Kurulu Baflkan Vekili Say›n Baha Kaya Alp Baban’›n 20 Ekim 2002 tarihinde vefat› sonucunda 6. Sulh Mahkemesi taraf›ndan varis tayin edilen
Efli Yasemin Baban %6,93, annesi Suna Baban %3,46, k›zkardefli Müeddet Hanzat Baban %3,46 olmak üzere hissselerini devralm›fllard›r.
Turcas Petrol’ün 26.330.233 YTL olan sermayesinin da¤›l›m› afla¤›daki gibidir:
1) A Grubu
13. tertip nama yaz›l›
Adet
7.330.083.183
Tutar (YTL)
7.330.083,18
2) A Grubu
19.000.000.000
19.000.000
3) B Grubu
112.500
112,50
4) C Grubu
37.500
37,50
26.330.233.183
26.330.253,18
TOPLAM
16
Capital and Shareholder Structure
The Company recorded no capital increases in 2004. Turcas Petrol shares are divided into A, B, and C groups; all C Group shares belong
to the foreign partner Conoco Petroleum Inc. which owns 28.52% of the shares. Following the loss of our shareholder and Vice Chairman
Mr. Baha Kaya Alp Baban on October 20, 2002, the Istanbul Sixth Civil Court established Yasemin Baban, Suna Baban and Müeddet
Hanzat Baban as his heirs and they acquired 6.93%, 3.46% and 3.46% of his shares respectively.
The capital structure (TL 26,330,233,183,000) of Turcas Petrol breaks down as follows:
1) GROUP A
Registered shares in 13th Series and Group A
Number
7,330,083,183
Amount(YTL)
7,330,083.18
2) GROUP A
Registered shares in 14th Series and Group A
19,000,000,000
19,000,000
3) GROUP B
Registered shares in 13th Series and Group B
112,500
112.50
4) GROUP C
Registered shares in 13th Series and Group C
37,500
37.50
26,330,233,183
26,330,253.18
TOTAL
17
Türkiye’ye
hizmet sunuyoruz
providing service
to Turkey
18
Faaliyetler
Activities
Turcas Petrol, y›l sonu itibariyle ülke geneline
yay›lm›fl 654 akaryak›t istasyonu ve 124
s›nai/ticari müflterisi arac›l›¤›yla otogaz
LPG, madeni ya¤ ve akaryak›t ürünlerinin
sat›fl ve pazarlama faaliyetlerini
sürdürmektedir.
The Company focused its activities on the
sales and marketing of petroleum products,
auto LPG and lubricants through 654 service
stations and 124 industrial/commercial
customers in the country.
Sat›fl ve Pazarlama Faaliyetleri
Sales and Marketing Activities
Turcas Petrol, y›l sonu itibariyle ülke geneline yay›lm›fl 654
akaryak›t istasyonu ve 124 s›nai/ticari müflterisi arac›l›¤›yla
otogaz LPG, madeni ya¤ ve akaryak›t ürünlerinin sat›fl ve
pazarlama faaliyetlerini sürdürmektedir.
The Company focused its activities on the sales and marketing
of petroleum products, auto LPG and lubricants through over
654 service stations and more than 124 industrial/commercial
customers in the country.
• Y›l içinde 19 yeni istasyon hizmete aç›lm›fl, dört adet yeni
istasyon projesinin yat›r›m›na bafllam›fl ve mevcut
istasyonlardan 43’ünün sözleflmeleri uzat›lm›flt›r. Verimli
projelerle yat›r›m›n› sürdüren Turcas Petrol, imaj gelifltirme
program› çerçevesinde 63 adet istasyonunu daha yenileyerek
bu program dahilinde yenilenen istasyon say›s›n› 282’ye
yükseltmifltir. Sat›fl, verimlilik, imaj ve çal›flma prensipleri gibi
kriterlere ba¤l› olarak yap›lan de¤erlendirmeler sonucunda 22
istasyondan Türkpetrol markas›n› çekilmifltir.
• During the year 19 new stations began to operate under the
Türkpetrol brand, investments for 4 new stations started and
the contracts of 43 existing stations were renewed with
additional investments. Turcas Petrol continued to invest in
various upgrading projects; within the image improvement
project 63 stations were renovated, bringing the total number
of stations included within the project to close to 300. As a
result of the evaluations based on factors such as sales volumes,
image and operation, contracts of 22 stations were cancelled.
• 47 istasyonda hizmet, emniyet ve görünüm iyilefltirme
yat›r›mlar› tamamlanm›flt›r. Ayr›ca 2004 y›l› içinde 13 Tabafl
istasyonunun Türkpetrol istasyonuna dönüfltürülmesi
tamamlanm›flt›r.
• In 47 Turcas stations, investments for improving the service,
security and visibility were completed. Additionally,
13 Tabafl stations were converted to the Türkpetrol
brand image.
• 2004 y›l›nda daralmaya devam etti¤i gözlenen benzin pazar›nda
toplam sat›fllar 3.758.445 m3 olarak gerçekleflirken, Turcas
Petrol 364.000 m3 sat›fl ile %9,7’lik pazar pay›na ulaflm›flt›r.
• In a declining gasoline market in 2004, where total sales
amounted to 3,758,445 m3, Turcas had a market share of 9.7%
with sales amounting to 364,000 m3.
• Motorin pazar›nda ise sat›fllar %10 artarak 12.691.463 m3
olarak gerçekleflmifltir. Turcas Petrol 804.147 m3’lük sat›fl› ile
pazardan %6.3’lük pay alm›flt›r.
• The diesel oil market increased by 10% to 12,691,463 m3 as
compared to the previous year. Turcas sales reached
804,147 m3 with the market share standing at 6.3%.
19
Haziran 2004 ay›ndan itibaren 98 oktan Kurflunsuz Benzin ve Avrupa standartlar›nda 350
ppm kükürt oranl› Euro Diesel ürünler Türkpetrol istasyonlar›nda sat›fla sunuldu.
98 octane unleaded gasoline and Euro Diesel products, conforming to European standards
with 350 ppm sulphur, were launched for sale in Turcas stations.
• Siyah ürün pazar›n›n %7,0 daralmas›na ve Atafl rafinerisinin kapanmas›na ra¤men Turcas Petrol sat›fllar›n›
46.467 m3 seviyesinde gerçeklefltirmifltir.
• Turcas Petrol’ün ‹pragaz ile sürdürdü¤ü baflar›l› iflbirli¤i sayesinde, y›l sonu itibariyle otogaz LPG sat›fllar› ise
%16,5 art›fl göstererek 188.000 m3’e yükselmifltir.
• Madeni ya¤ sat›fllar› 2004 y›l›nda 3.100 ton seviyesinde gerçekleflmifltir.
Yurtd›fl› Sat›fllar
Irak’›n sivil tüketim ihtiyac›n› karfl›lamak üzere yap›lan anlaflma çerçevesinde, Nisan-Haziran 2004 aylar› içinde
toplam 136.000 ton 95 oktan kurflunsuz benzin ve motorin ürünleri Mersin-Atafl üzerinden temin edilmifl, karayolu
ile Irak’a sevk edilerek sat›fl› gerçeklefltirilmifltir.
Yeni Ürünler
Turcas Petrol geliflen otomotiv gereksinimleri ve rekabet koflullar›n› ön planda tutarak 2004 Haziran-Temmuz ay›nda
yeni ürünler piyasaya sundu.
Haziran 2004 ay›ndan itibaren 98 oktan kurflunsuz benzin ve Avrupa standartlar›nda 350 ppm kükürt oranl› Euro
Diesel ürünler Türkpetrol istasyonlar›nda sat›fla sunuldu.
Akaryak›t yönetim sistemi/AYS
Turcas Petrol, flirket araçlar›n›n akaryak›t harcamalar›n› kontrol alt›na almaya sa¤layan Akaryak›t Yönetim Sistemi’yle
sektörün öncülerinden biri olmufltur. fiirket bu sistemi 7 y›ld›r ülke çap›nda baflar›yla uygulamaktad›r.
Kullan›lan yüksek teknoloji ürünü smart card uygulamas› ile müflterilerin ihtiyaçlar›na problemsiz olarak cevap
verilmektedir.
Geçti¤imiz y›l 156 olan AYS’li istasyon say›s›, 2004 y›l›nda 180’e yükselmifltir. AYS toplam 49 ilde yürütülmektedir.
Turcas Petrol binlerce müflterisine kaliteli hizmet sunabilmek için flehir merkezi ve flehirleraras› yollardaki AYS’li
istasyon say›s›n› h›zla art›rmaktad›r.
Ayr›ca sektörde bir ilk olarak uygulanan ileri teknoloji ürünü Mobil AYS ile araçlara ve ifl makinelerine istasyona
gelmeden bulunduklar› yerde AYS ile ikmal yap›labilmektedir. Bu sistem müflterilere zaman, iflgücü ve maliyet
aç›s›ndan büyük avantajlar sa¤lamaktad›r.
Akaryak›t D›fl› Faaliyetler
Turcas – Castrol iflbirli¤i, anlaflma süresinin uzat›lmas› ile devam etmifltir. Çeflitli kampanyalar›n düzenlenmesi
ve yeni ürünlerin piyasaya sunulmas›yla birlikte madeni ya¤ sat›fllar› önceki y›llardaki seviyelerini korumufltur. 2004
y›l›nda Turcas istasyonlar›nda 3.100 ton madeni ya¤ sat›fl› gerçekleflmifltir.
20
• Turcas sold 46,467 m3 of black products. This reduced volume was a result of a declining market and the closure
of Atafl Refinery.
• The successful cooperation with ‹pragaz continued to generate impressive results, as the auto LPG sales rose to
188,000 m3, increasing 16,5% compared to the previous year.
• In 2004, lubricants sales amounted to 3,100 tons.
International Sales
Within the framework of the agreement concerning the fuel supply for Iraq’s internal demand, 136,000 tons of 95
octane unleaded gasoline and diesel oil products were supplied from Mersin-Atafl and transferred to Iraq via land
route.
New Products
In line with the changing demands and intensifying competition in the transportation sector, Turcas launched new
products in June and July 2004.
98 octane unleaded gasoline and Euro Diesel products, conforming to European standards with 350 ppm sulphur,
were launched for sale in Turcas stations.
AYS (Fuel Management System)
As one of the pioneers of its sector throughout the country and operating for seven years, Turcas Petrol provides
AYS (Fuel Management System) which continues to bring economy and service to the vehicle fleets of companies.
AYS, using the most advanced smart card technologies in the sector, enables Turcas Petrol to fully satisfy customer
needs.
The number of stations equipped with the system increased from 156 to 180. The number of cities where AYS is
available totaled 49 in 2004. To meet the growing customer demand, efforts are underway to further increase the
number of stations in city centers and intercity highways with the AYS system.
With Mobile AYS, a first in the sector, remote vehicles and construction equipment can have their fuel demands
satisfied on location. This technology saves time and money for our customers.
Non-fuel Related Activities
The well-established Turcas-Castrol lubricants cooperation was extended again with the renewal of the relevant
agreement. With the help of successfully employed customer satisfaction programs and various promotional
campaigns, sales volume of lubricants stood at 3,100 tons in 2004.
21
TV filmleri, gazete, radyo ve aç›k hava reklamlar›n› içeren genifl ve etkin medya kullan›m›
ile Türkpetrol’ün özenli hizmet noktas› oldu¤u mesaj› kitlelere yay›ld›.
With extensive usage of widely accessed media such as films, newspaper adds, radio
spots and billboards, Turcas’ image as the “caring service spot” was intensified.
Turcas – ‹pragaz’›n sürdürdü¤ü baflar›l› iflbirli¤i ile düzenlenen kampanyalar hedefine ulaflm›fl ve dolay›s›yla otogaz
sat›fllar› geçen y›la oranla art›fl göstermifltir. 2004 y›l›nda otogaz sat›fl› yap›lan 273 istasyonda sat›fl hacmi %16,5
’lik bir art›flla 188.000 m3’e ulaflm›flt›r. ‹stasyon bafl› ortalama sat›fl 645 m3’ten 683 m3’e yükselmifltir.
Market ürünleri - istasyon servisleri yelpazesini geniflletme çal›flmalar› 2004 y›l›nda da devam etmifl, yenileme
çal›flmalar› 45 istasyon marketinde baflar›yla tamamlanm›flt›r. Market servisi ve ürün gam›n›n geniflletilmesiyle
birlikte sat›fllar %80 art›fl göstermifltir.
Kalite Kontrol
‹çleri modern laboratuvar olarak dizayn edilmifl Gezici Kalite Denetim Filosu 2004 y›l› içerisinde toplam 572.229
km yol katederek yurt genelindeki 654 Turcas istasyonunu 6.743 defa ziyaret etmifltir. ‹stasyon ziyaretlerinde
öncelikli olarak marker kontrolü, su testi, kalibrasyon ölçümü, hizmet ve genel görünüm kontrolleri yap›lmaktad›r.
Genç ve dinamik bir kadrodan oluflan Kalite Kontrol ekibi istasyon kontrollerinin yan› s›ra müflteri flikayetlerine de
an›nda müdahale ederek müflteri memnuniyetini üst düzeyde tutmaya çaba göstermektedir.
‹letiflim
2004 y›l› iletiflim anlam›nda Turcas Petrol için yeni ürünlerin lansmanlar›n›n yap›ld›¤› hareketli bir y›l olarak geçmifltir.
Haziran ay›nda 98 Oktan Kurflunsuz Benzin ve Euro Diesel ürünleri tüketiciye sunulmufltur.
Turcas Petrol, "Türkiye’nin en meflhur fiapkas›" temas›n› sürdüren ve kaliteli hizmet anlay›fl›n› vurgulayan reklamlar›n›
bu y›l ünlü sinema sanatç›s› Hülya Avflar ile sürdürdü. Haziran ay›nda performans konseptini iflleyen 98 Oktan reklam
kampanyas›na ulusal TV’lerde 14, 17 ve 19 saniyelerde oluflan k›sa filmler ile baflland› ve 32 saniyelik bir filmle
devam edildi. Kampanya ulusal radyolarda 34 saniyelik 98 Oktan reklam spotu ve ayn› zamanda ‹stanbul, Ankara
ve ‹zmir’de 98 Oktan ve Euro Diesel ürünlerinin aç›k hava reklamlar› ile tamamland›.
2004’ün Ekim ve Kas›m aylar›nda yap›lan reklamlarda marka bilinirli¤ini, genç kitleler öncelikli olmak üzere,
geniflletmek hedeflendi. TV filmleri, gazete, radyo ve aç›k hava reklamlar›n› içeren genifl ve etkin medya kullan›m›
ile Türkpetrol’ün özenli hizmet noktas› oldu¤u mesaj› kitlelere yay›ld›.
‹kmal
Turcas yurtiçi piyasaya 1 milyon tonun üzerinde petrol ürünleri ikmali gerçeklefltirmifltir. Bu miktar›n yaklafl›k %80’i
Tüprafl rafinerilerinden, geri kalan %20’si ise eflit olarak Atafl Rafinerisi’nden, ithalat yoluyla ve di¤er yurtiçi ikmal
kaynaklar›ndan temin edilmifltir. 2004 y›l› ortas›nda Atafl Rafinerisi’nin ortaklar› rafinerinin terminale dönüfltürülmesi
konusunda karar alm›fllard›r. Rafineri’nin s›n›rl› kapasitesinin, rafinerinin uzun dönemde faaliyetlerini sürdürebilmesi
için gerekli olan yat›r›mlar› karfl›layamayaca¤› düflünülmüfltür. Dönüflüm projesi birkaç y›lda tamamlanacak olup
bölgenin ürün talebi ithalat yoluyla karfl›lanmaktad›r.
22
The successful cooperation with ‹pragaz and new sales campaigns yielded impressive results in satisfying
customers; the number of stations selling auto LPG has risen to 273 while sales volume totaled 188,000 m3. Sales
per station increased from 645 m3 to 683 m3.
Studies concerning the broadening of services and products provided in forecourt shops have continued in 2004.
During the year, 58 shops have been refurbished. In the renewed station shops with improved facilities and wider
range of products, sales scored a 80% increase.
Quality Control
Mobile Quality Control Fleet, designed as mobile laboratories, travelled close to 600,000 kms and made nearly 7,000
visits to 654 stations to monitor the quality of the products and services, by applying marker controls, water tests,
and calibration calculations.
The Quality Conrol team, composed of dynamic and devoted staff, addresses and remedies all complaints as quickly as
possible, exerting great efforts to maintain the level of customer satisfaction at the highest levels.
Communication
2004 was a very active year in terms of communication operations for Turcas, in which new products were launched
with extensive campaigns. New products, 98 octane unleaded gasoline and Euro Diesel, were introduced to the
customers during the year.
The theme of presenting Turcas brand as "Turkey’s most famous hat" continued in 2004. Famous actress Hülya
Avflar took part in this year’s advertisement campaigns emphasizing Turcas’ approach of providing high quality
services. Advertising campaigns for the new 98 octane gasoline product were launched with short films of 14, 17
and 19 sec. in national TVs and continued with a 32 sec. commercial. The campaign was successfully completed
with 34 sec. spots broadcasted on national radio channels and billboards in ‹stanbul, Ankara and ‹zmir of 98 octane
and Euro Diesel products.
TV commercials were aired during October and November aimed at raising brand awareness, especially among
young people. With extensive usage of widely accessed media such as films, newspaper ads, radio spots and
billboards, Turcas’ image as the "caring service spot" was intensified.
Supply
Turcas supplied more than one million tons of petroleum products to the domestic market. Approximately 80%
of this was sourced from Tüprafl Refineries and the remaining 20% was supplied equally from Atafl Refinery production,
imports and other domestic suppliers. In mid 2004 the partners in Atafl Refinery took the decision to convert the
refinery into a terminal. The limited capacity of the refinery could not justify the level of investment required to
secure its long term operation. The complete conversion process will be phased over several years but product for
the regional demand is already being supplied by imports.
23
Genç ve dinamik bir kadrodan oluflan Kalite Kontrol ekibi müflteri flikayetlerine de an›nda
müdahale ederek müflteri memnuniyetini üst düzeyde tutmaya çaba göstermektedir.
Quality Conrol team, composed of a dynamic and devoted staff, addresses and remedies
quickly, exerting great efforts to keep the level of customer satisfaction at the highest levels.
Operasyon ve Yat›r›mlar
Terminallerde emniyet, güvenlik, bak›m ve yeni ürünler için gerekli temel yat›r›mlar gerçeklefltirilmifl; bu çerçevede
Alia¤a Terminali’nin 2003 y›l›nda bafllam›fl olan Sabit Sistem Yang›n Söndürme Projesi 126.000 ABD dolar› maliyetle
tamamlanm›flt›r.
Körfez ve Alia¤a terminallerinde, piyasaya yeni ç›kan 98 oktan kurflunsuz benzin ile 350 ppm dizel ürünlerinin
depolan›p, sevk›yat›n›n yap›lmas›n› mümkün k›lacak alt yap› tadilat yat›r›mlar› yap›lm›flt›r.
‹nsan Kaynaklar›
31 Aral›k 2004 itibariyle Turcas Petrol’de 37 kad›n ve 147 erkek personelden oluflan toplam 184 kifli çal›flmaktad›r.
Maafllar ve Toplu ‹fl Sözleflmeleri
Turcas Petrol herhangi bir Toplu ‹fl Sözleflmesi’ne taraf de¤ildir. 2004 y›l› boyunca, içinde bulunulan ekonomik
koflullar ve rakiplerin uygulamalar› do¤rultusunda ücretlere iki kez genel zam yap›lm›flt›r. Buna ek olarak ve fiirket’in
performansa dayal› ücret felsefesi çerçevesinde, çal›flanlar önceki y›ldaki bireysel performanslar›na ba¤l› olarak
ödüllendirilmifllerdir.
K›dem Tazminat› Yükümlülü¤ü
Aral›k 2004 itibariyle, fiirket’in yönetmelik gere¤i k›dem tazminat› yükümlülü¤ü toplam 2.473.739 milyon TL olarak
gerçekleflmifltir.
Personel ‹liflkileri, Felsefesi ve Yan Ödenekler
Turcas Petrol’ün politikas›, personeline ve ifl baflvurusunda bulunan adaylara, ›rk, renk, inanç, etnik veya ulusal
köken, cinsiyet, medeni hal, yafl veya engellilik ayr›m› gözetmeden davranmakt›r. fiirket, tüm çal›flanlar›na,
yeteneklerine ve potansiyellerine dayal› olarak ilerlemeleri konusunda f›rsat eflitli¤i sa¤lar.
Turcas Petrol’ün insan kaynaklar› politikas›, organizasyonun bütün kademelerinde teflvik edici ve ödüllendirici bir
ortam yaratmakt›r. Hedeflere dayal› yönetim ve personel de¤erlendirmesi, performans iyilefltirme, motivasyon,
iletiflim, geliflim ve e¤itim ihtiyaçlar›n› belirlemek ve her çal›flan›n kendi performans›na göre ödüllendirilmesini
sa¤lamak için düzenli olarak kullan›lmaktad›r.
24
Operational Investments
Basic investments required for security, safety, maintenance and new products were made during the year; within
this program the Fixed Fire Extinguishing Systems Project in Alia¤a Terminal which started in 2003 was completed
at a total of US$ 126,000.
In Körfez and Alia¤a Terminals, investments were made for infrastructure modifications, which will enable the
storage and delivery of the new 98 octane unleaded gasoline and low sulphur diesel products.
Human Resources
As of December 31, 2004 Turcas Petrol had a total workforce of 184 employees, consisting of 37 females and 147 males.
Salaries and Collective Bargaining Agreements
Turcas Petrol is not party to any Collective Bargaining Agreement. During 2004, the Company made two general
salary increases in line with the prevailing economic conditions and competitive practices. In addition and in line
with the Company’s philosophy in respect to performance-related salaries, merit awards were made based on
individual employee’s performance in the previous year.
Severance Pay Liabilities
As of December 2004, as required by regulation, the Company’s severance pay liabilities to its employees totaled
TL 2.473.739 million.
Employee Relations Philosophy and Benefits
It is Turcas Petrol’s policy to treat employees and job applicants without regard to race, color, creed, ethnic or
national origins, gender, sexual orientation, marital status, age or disability. The Company is committed to provide
equal opportunities for all employees so that they may progress within the Company according to their performance,
ability and potential.
Turcas Petrol’s human resources management aims to create a challenging and rewarding environment for all
employees throughout the organization. Management by objectives and employee appraisals are routinely used
to improve performance, motivation, communication, development, assess training needs and ensure that each
employee is rewarded in accordance with his or her performance.
25
2004 y›l›nda düzenlenen e¤itimler “üstün nitelikli akaryak›t›, emniyetli ve temiz
tesislerde, mükemmel hizmet” anlay›fl›yla sürdürüldü.
Training activities were pursued with a vision of “providing premium petroleum products
in a safe and clean environment with excellent service quality”.
Yasal olarak ödenen ücretlere ek olarak, fiirket afla¤›daki ücret d›fl› yararlar› sa¤lamaktad›r:
•
•
•
•
•
•
•
Ücretli izin
Y›lda dört ikramiye
K›dem primleri
Y›ll›k tatil harc›rah›
Sa¤l›k sigortas›
Do¤um, ölüm ve evlilik yard›m›
Yemek ve ulafl›m
Bunlara ek olarak, mavi yakal› çal›flanlar yakacak yard›m›, giyecek yard›m› ve dini bayram ödemeleri almaktad›rlar.
Bütün bu yard›mlar, rakip uygulamalara paralel olarak, düzenli flekilde gözden geçirilmektedir.
E¤itim
2004 y›l›nda düzenlenen e¤itimler "üstün nitelikli akaryak›t›, emniyetli ve temiz tesislerde, mükemmel hizmet"
anlay›fl›yla sürdürüldü. Bu anlay›fl›n temel yap›tafllar›n› oluflturan istasyon çal›flanlar› için haz›rlanan e¤itim
programlar›n›n içerikleri, günün geliflen flartlar›na göre yenilenmifl, programlar periyodik olarak yürütülmüfltür.
‹stasyon personeli e¤itimleri;
478 istasyondan 2.110 personel, "Turcas Petrol Hizmet Standartlar›, Statik Elektri¤in ‹stasyonlarda Oluflturdu¤u
Riskler, Ürün Bilgisi ve ‹stasyon Emniyeti" konular›nda e¤itim görmüfltür.
Tanker floförü e¤itimleri;
Ambarl› ve Körfez bölgesi kapsam›ndaki 176 istasyonun tanker floförlerine "Emniyetli Sevk›yat ve Ürün Bilgisi"
konular›nda e¤itim verilmifltir.
Ticari grup müflterileri seminerleri;
Ticari grup müflterilerinin konu ile ilgili çal›flan personeline "Ürün Bilgisi" seminerleri verilmeye devam edilmifltir.
26
In addition to legally required monthly salary payments, the Company provides the following additional benefits:
•
•
•
•
•
•
•
Paid vacations
Four bonuses annually
Seniority bonuses
Annual vacation allowance
Health insurance
Financial support in the event of birth, death and marriage
Work-related meals and transportation
In addition, employees receive payments for household heating, clothing and allowances for religious festivities.
All of these benefits are regularly reviewed in line with employees’ needs and competitive practices.
Training
Training activities were pursued with the vision of "providing premium petroleum products in a safe and clean
environment with excellent service quality". In accordance with this approach, training programs were designed
and regularly provided for station staffs, who continue to be the "face" of Turcas services, and updated according
to the recent developments in the sector.
Service Station Staff
2,110 staff from 478 stations were provided with Turcas Service Standards, Risks Concerning Static Electricity,
Product Characteristics and Station Safety training programs.
Truck Driver Training
Truck drivers from 176 stations located in Ambarl› and Körfez regions were trained in Safe Loading and Delivery
and Product Characteristics.
Commercial Customer Seminars
Staff of commercial customers countrywide were provided with seminars concerning Product Characteristics.
27
KURUMSAL
YÖNET‹M ‹LKELER‹
1- KURUMSAL YÖNET‹M ‹LKELER‹’NE UYUM BEYANI
fiirketimiz’in pay sahiplerinin Kurumsal Yönetim ‹lkeleri’nde belirtilen haklar›n›n kullan›m› konusunda Mali
Bölüm bünyesinde bu konularda uzman kiflilerden oluflan bir grup görev yapmaktad›r. Bu grup pay sahiplerinin
haklar›, kamuyu ayd›nlatma ve bilgi verme, menfaat sahipleri ile iliflkiler, sosyal sorumluluk, denetim ve
Yönetim Kurulu’nun faaliyetleri konusunda TTK, fiirket Ana Sözleflmesi ve SPK ‹lkeleri çerçevesinde çal›flmaktad›r.
Genel prensipleri itibariyle fiirket’in finansal durumuna ve faaliyet sonuçlar›na etki edecek durumlar zaman
geçirmeksizin do¤ru, eksiksiz, anlafl›labilir bir flekilde kamuya aç›klanmaktad›r.
fiirketimiz’in insan kaynaklar› politikas› ve ifl ahlak› politikas› uygulamalar› sürdürülmekte olup çal›flanlar›n
haklar› ile ilgili temel prensipler y›ll›k faaliyet raporlar›nda yay›nlanmaktad›r.
fiirketimiz faaliyet gösterdi¤i ifl kolunun özelli¤i gere¤i sosyal sorumluluklar› çerçevesinde 2001 y›l›nda bir
Emniyet, Sa¤l›k ve Çevre (ESÇ) politikas› yürürlü¤e koymufltur. fiirket ile çal›flan servis sa¤lay›c›lar ve müteahhitlere
de bu politika tan›t›lmakta ve politikaya uygun olarak çal›flmalar› flart koflulmaktad›r. Dönem içinde çevreye
verilen zararlardan dolay› flirket aleyhine aç›lan dava yoktur.
fiirketimiz’in Yönetim Kurulu, TTK, fiirket Ana Sözleflmesi ve SPK prosedürleri ile genel kabul görmüfl etik kurallar
çerçevesinde sorumluluklar›n› yürütmektedir. Yönetim Kurulu SPK tebli¤ine uygun olarak icradan sorumlu
olmayan iki üyeden oluflan bir Denetim Komitesi teflkil etmifltir.
BÖLÜM II – PAY SAH‹PLER‹
2. Pay Sahipleri ‹le ‹liflkiler
Pay sahipleri ile ilgili ifllemler "Mali Bölüm" bünyesinde takip edilmektedir.
Konuyla ilgili olarak:
N. Ayfle Oral
Muhasebe Müdürü
0212 259 0000/1246
[email protected]
C. Yusuf Ata
Muhasebe Mdr. Yrd.
0212 259 0000/1205
[email protected]
‹nci Masatl›o¤lu
Muhasebe Pers.
0212 259 0000/1203
[email protected]
bu görevi yürütmektedirler.
Bu grubun bafll›ca faaliyetleri SPK-‹MKB-Takasbank iliflkileri, sermaye artt›r›mlar›, halka arz ifllemleri, temettü
ödemeleri, ortaklar pay defteri kay›tlar›n›n güncellenmesi, hisse devirleri, Merkezi Kay›t Kuruluflu ve KAP ile
ilgili ifllemler, ola¤an ve ola¤anüstü genel kurul çal›flmalar›, kamuyu ayd›nlatma ifllemleridir.
Dönem içerisinde yaklafl›k 150 civar›ndaki baflvurunun tamam› yan›tlanm›flt›r.
Ayr› bir birim oluflturulmamas›n›n gerekçesi fayda – maliyet aç›s›ndan organizasyon içerisinde de¤erlendirildi¤inde
birimin kay›p zaman fazlal›¤›d›r.
3. Pay Sahiplerinin Bilgi Edinme Haklar›n›n Kullan›m›
Pay sahipleri dönem içinde yaklafl›k 150 adet çeflitli konuda bilgi talebinde bulunmufltur. Talepler genellikle
hisse de¤iflimi, hisse devri, temettü da¤›t›m›, sermaye art›fl›, mali tablolara iliflkin talepler, faaliyet raporu
talepleri, hisse senetlerinin fiyatlar›, dönem kar›, özel durum aç›klamalar› vb’dir. Talep edilen bilgiler sözel
ve/veya yaz›l› olarak cevaplanmaktad›r.
2004 y›l›ndan itibaren pay sahipli¤i haklar›n›n kullan›m›n› etkileyecek geliflmeler SPK – TUB‹TAK/Bilten ortak
projesi olan KAP (Kamuyu Ayd›nlatma Projesi) kapsam›nda elektronik ortamda duyurulmaya bafllanm›flt›r.
fiirket Ana Sözleflmesi’nin 22. maddesi gere¤ince " Belli hususlar›n incelenmesi için gerekti¤inde Genel Kurul’ca
özel murak›plar seçilir" hükmü mevcut olup, dönem içinde böyle bir talep olmam›flt›r.
28
CORPORATE GOVERNANCE
PRINCIPLES
1- DECLARATION OF COMPLIANCE WITH CORPORATE GOVERNANCE PRINCIPLES
A group of specialists in the Finance Division work on all the various aspects of the treatment of the Company’s
shareholders as specified in the Corporate Governance Principles of the Capital Markets Board. This group is
focused on shareholders’ rights, public disclosures and information, relations with stakeholders, social responsibility,
audit and the activities of the Board of Directors, in conformance with the provisions of the Turkish Commercial
Code, the Company’s Articles of Association and the principles of the Capital Markets Board.
In accordance with the general principles, any events which may affect the financial situation or results of
operations of the Company are disclosed promptly, accurately and completely.
The Company’s human resources policy and business ethics policy and practices are maintained, and our basic
principles relating to employees’ rights are published in the annual reports.
As a requirement of our industry, and as part of our social responsibilities, a Safety Health, and Environment
(SHE) policy was established in 2001. This policy is also communicated to service providers and contractors
working with our Company, and they are required to work in strict compliance with the policy. During the
current period, no lawsuit or investigation has been started against the Company due to alleged damages to
the environment.
Our Company’s Board of Directors fulfills its functions and responsibilities in strict conformity to the provisions
of the Turkish Commercial Code, the Company’s Articles of Association, the principles of the Capital Markets
Board and the generally accepted rules of ethics. The Board of Directors has recently appointed an Audit
Committee comprised of 2 non-executive members in accordance with the relevant notifications of the Capital
Markets Board.
PART I – SHAREHOLDERS
2. Relations with Shareholders
Relations with shareholders are dealt with by staff from the Finance Division.
The focal persons on this issue are:
N. Ayfle ORAL
Accounting Manager
0212 259 0000/1246
[email protected]
C. Yusuf ATA
Accounting Assistant Manager
0212 259 0000/1205
[email protected]
0212 259 0000/1203
[email protected]
‹nci MASATLIO⁄LU Accounting Officer
Included among the basic activities of this group are relations with CMB-ISE-Custody Bank, capital increases,
public offerings, dividends and distributions, share book updating, share transfers, relations with the Central
Registry Agency and transactions with regard to the Public Information and Automation Project, ordinary and
extraordinary meetings of the general assembly of the shareholders, and public disclosures.
During the current period, almost 150 requests have been received, and all answered.
The company believes that, given the current level of activity, there is no justification in establishing a separate
unit for this function.
3. Use of Information Rights by Shareholders
During the current period, shareholders have made approximately 150 requests for data and information on a
variety of issues. The information requested is mostly to do with exchange of shares, share transfers, dividends
and other distributions, capital increases, financial statements, annual reports, share prices, current period profit,
special event disclosures, etc. The information requests are responded to verbally and/or in writing.
Since 2004, all and any developments affecting shareholding rights are made public via electronic medium
as a part of the Public Information and Automation Project, being a joint project of CMB-Tübitak/Bilten.
Article 22 of the Company’s Articles of Association provides that: "The General Assembly of Shareholders will
elect and appoint special auditors if and when required for audit and examination of certain issues". However
no such request has been made during the current period.
29
4. Genel Kurul Bilgiler
fiirket’in 2003 y›l› hesap dönemine iliflkin Ola¤an Genel Kurul Toplant›s› 25.05.2004 tarihinde ‹stanbul Kalyon
Oteli’nde gerçekleflmifltir.
Toplam 26.330.233.183 adet hisseden %65,41 hisseye sahip ortaklar›m›z ve menfaat sahipleri ile bir grup medya
da toplant›ya ifltirak etmifltir.
Toplant›ya davet ilânlar› fiirket Ana Sözleflmesi’nin 27. maddesi uyar›nca Yönetim Kurulu taraf›ndan Türkiye
Ticaret Sicil Gazetesi’nde, ayr›ca günlük yüksek tirajl› iki gazetede yay›nlanm›flt›r. ‹lâve olarak toplant› ile ilgili
gündemi, dönemin Bilânço ve Kâr-Zarar Tablosu ve vekâletname örne¤ini içeren davet mektuplar› taahhütlü
olarak ortaklara gönderilmifltir.
fiirket hisse senetlerinin tamam› nama yaz›l› olup, hisse senedi sahiplerine iliflkin kay›tlar güncel olarak flirket
pay defterine kaydedilmektedir. Hisseleri ‹MKB’de ifllem gören ortaklar için, genel kurul davet ilânlar›nda da
belirtildi¤i üzere sahip olduklar› hisselere iliflkin ortakl›k bilgileri ile birlikte toplant› girifl kartlar›n› alabilmelerini
teminen toplant› tarihinden en geç bir hafta önce fiirket merkezine baflvurmalar› istenmektedir. Bu flekilde
hazirun cetveli toplant›dan bir hafta önce oluflturulmaktad›r.
Genel Kurul’dan 15 gün önce döneme iliflkin finansal raporlar ortaklar›n incelemesine fiirket merkezinde haz›r
bulundurulmakta ve ortaklara taahhütlü olarak gönderilen davet mektuplar›n›n ekinde ilgili dönemin Bilânço
ve Kâr-Zarar Tablosu da yer almaktad›r.
fiirket Genel Kurullar›’na kat›lan pay sahipleri taraf›ndan yöneltilen çeflitli sorular, oturum divan heyetince
cevapland›r›lmaktad›r.
Genel Kurul’un gündemindeki en son madde dilekler ve temenniler olarak yer al›r. Bu kapsamda toplant›ya
kat›lan pay sahiplerinin vermifl oldu¤u öneriler toplant› divan›nca de¤erlendirilerek, Genel Kurulun onay›na
göre sonuçland›r›lmaktad›r.
Birleflme, bölünme, önemli tutarda mal varl›¤› sat›m›, al›m›, kiralanmas› gibi önemli nitelikteki kararlar›n Genel
Kurul taraf›ndan al›nmas› konusunda fiirket Ana Sözleflmesinde ayr›ca bir hüküm bulunmamaktad›r. Ancak
birleflme, bölünme, devir gibi hususlarda fiirket Yönetim Kurulu’nca karar al›narak Genel Kurul’un onay›na
sunulmaktad›r.
TTK genel hükümlerinde Genel Kurul görevleri tan›m›n›n yap›lm›fl olmas› nedeniyle fiirket Ana Sözleflmesi’nde
bu konular yer almamaktad›r.
Genel Kurula kat›l›m› kolaylaflt›rmak amac›yla gazete ilanlar› verilmekte ve ortaklar›m›za taahhütlü ça¤r›
mektuplar› gönderilmektedir.
Genel Kurul Toplant› Tutanaklar› Ticaret Sicilinde ve fiirket merkezinde pay sahiplerinin incelemesine aç›k
tutulmaktad›r. Ayr›ca 2004 y›l› Genel Kurul Toplant› Tutana¤› KAP kapsam›nda elektronik ortamda halka
duyurulmufltur.
5. Oy Haklar› ve Az›nl›k Haklar›
fiirket Genel Kurul Toplant›lar›’nda hissedarlar›n oy haklar›nda herhangi bir imtiyaz bulunmamaktad›r. Ancak
fiirket Ana Sözleflmesi’nin 13. ve 22. maddeleri gere¤i, imtiyazl› pay sahiplerinin Yönetim ve Denetim Kurulu
seçimlerinde aday gösterme imtiyaz› mevcuttur.
fiirketimiz’de karfl›l›kl› ifltirak içinde olan ve hakimiyet iliflkisini getiren bir ortakl›k mevcut de¤ildir.
Az›nl›k paylar› flirket yönetiminde temsil edilmemekte ve birikimli oy kullanma yöntemine yer verilmemektedir.
6. Kâr Da¤›t›m Politikas› ve Kâr Da¤›t›m Zaman›
fiirket’in kâr›na kat›l›m konusunda Ana Sözleflme gere¤i herhangi bir imtiyaz bulunmamaktad›r.
fiirket Ana Sözleflmesi’nin 40. maddesinde kâr da¤›t›m› politikas› Türk Ticaret Kanunu’nun ilgili hükümlerine
uygun olarak düzenlenmifl olup, prensip olarak TTK. ve SPK’n›n ilgili tebli¤lerine uygun olarak dönem kâr›ndan
geçmifl dönemlerin zararlar›n›n mahsubundan sonra da¤›t›labilecek kâr oluflmas› durumunda Yönetim Kurulu’nun
kâr da¤›t›m karar› Genel Kurul’un onay›na sunulmakta ve da¤›t›m yasal süreler içerisinde tamamlanmaktad›r.
30
4. Information on General Assembly Meetings
The Annual Ordinary Meeting of the General Assembly of Shareholders relating to the 2003 accounting period
of the Company was held in Istanbul Kalyon Hotel on 25.05.2004.
Shareholders holding 65.41% of the total 26,330,233,183 shares, as well as stakeholders and some press and
media representatives attended the meeting.
Pursuant to Article 27 of the Articles of Association, announcement of the General Assembly Meetings are
published by the Board of Directors in the Turkish Trade Registry Gazette and also in two daily newspapers with
high circulation. In addition, letters of invitation, appended by the meeting agenda, the Balance Sheet and the
Profit and Loss Statement of the period, and a form of proxy letter are sent by registered mail to the shareholders.
All of the share certificates of the Company are registered, and the updated shareholder records are recorded
in the share book of the Company. The holders of shares quoted and traded in the Istanbul Stock Exchange are,
as also stated in the calls for the General Assembly meetings, requested to apply to the Company head offices
no later than one week prior to the meeting date in order to recieve a meeting entrance card and submitting
information about the shares they hold . Thus, the list of attendees is prepared one week before the meeting.
Starting from 15 days before the General Assembly meeting, the related financial statements and reports are
made available in the Company head offices for inspection by the shareholders. In addition the Balance Sheet
and the Profit and Loss Statement of the relevant period are attached to the letters of invitation sent to the
shareholders by registered mail.
Various questions asked by the shareholders in the General Assembly meetings are answered by the meeting
council.
The last item of the General Assembly meeting agenda is always ‘proposals and questions’. These are evaluated
by the meeting council and responded to at the discretion of the General Assembly of Shareholders.
The Articles of Association of the Company does not contain any separate clause about the major decisions of
the General Assembly of Shareholders with regard to the merger, separation, purchase, sale or lease of assets
of a substantial value. However, decisions on issues such as merger, and transfer are taken by the Board of
Directors and presented for the approval of the General Assembly of Shareholders.
As the duties and functions of the General Assembly of Shareholders are already defined in the general provisions
of the Turkish Commercial Code, the Company’s Articles of Association does not deal with these issues.
For the sake of facilitating the participation in the General Assembly meetings, advertisements are published
in newspapers and letters of invitation are sent by registered mail to our shareholders.
The minutes of the General Assembly meetings are made available in both the Trade Registry and the Company
head offices for inspection by shareholders. Furthermore, the minutes of the General Assembly meeting relating
to the 2004 accounting period have been publicized in electronic medium as part of the Public Information and
Automation Project.
5. Voting Rights and Minority Rights
No shareholders hold any privileges in voting rights in the General Assembly meetings of the Company. However,
in accordance with Articles 13 and 22 of the Articles of Association, the Privileged Shareholders hold privilege
of nomination in elections for the Board of Directors and the Board of Auditors.
There is no partnership in the Company that results in reciprocal and dominant ownership
Minority shares are not represented in the Company management, and cumulative voting rights are not allowed.
6. Profit Distribution Policy and time of Profit Distribution
According to our Articles of Association, there is no preference in the distribution and allocation of the Company
profit.
Article 40 of the Articles of Association regulates the profit distribution policy, in accordance with the relevant
provisions of the Turkish Commercial Code. In accordance with the provisions of the Turkish Commercial Code
and the notifications of the Capital Market Board, the distributable profit remaining, after deduction of losses
of previous years from any profit of current period, is distributed to the shareholders upon approval of the profit
distribution motion of the Board of Directors by the General Assembly of Shareholders. The distribution is
completed within the legal periods of time.
31
7. Paylar›n Devri
fiirket Ana Sözleflmesi’nin 7. maddesinde fiirket’in nama yaz›l› A Grubu hisse senetlerinin devrinin fiirket’e karfl›
geçerli olmas› için "Beyaz Ciro" ile yap›lan devir ve temliklere Yönetim Kurulu peflinen muvafakat eder ve
Yönetim ile Denetim Kurulu üyeliklerine aday göstermekte imtiyaz sahibi olan B ve C Grubu hisselerinin devrinin
fiirket’e karfl› geçerli olmas› için Yönetim Kurulu’nun muvafakat› flartt›r hükümleri yer almaktad›r.
Buna göre A grubu hisselerin devrindeki k›s›tlama Yönetim Kurulu’nun peflinen muvafakat› ile kald›r›lm›flt›r.
Ancak B ve C grubu hisselerin devrinde B ve C grubu hisse sahipleri devir anlaflmas› koflullar›na uymak
zorundad›rlar.
BÖLÜM II – KAMUYU AYDINLATMA VE fiEFFAFLIK
8. fiirket Bilgilendirme Politikas›
fiirketimiz’in bilgilendirme politikas› yaz›l› olarak düzenlenmemifltir. Ancak genel prensipler itibariyle uygulamam›z
flöyledir: Bas›na sektör ve fiirket ile ilgili, Yönetim Kurulu Baflkan› ve sözleflmeli olarak dan›flmanl›k hizmeti
veren bir flirket taraf›ndan gerekti¤i durumlarda aç›klamalar yap›lmaktad›r. Finans kurulufllar›ndan yöneltilen
sorular Yönetim Kurulu’nca, pay sahiplerine ise 2. madde de belirtti¤imiz kiflilerce sorular›n niteli¤ine göre
cevap verilerek bilgilendirme politikam›z yürütülmektedir.
fiirketimiz’in yaz›l› olmayan bu bilgilendirme politikas› flimdiye kadar herhangi bir gereksinim duyulmad›¤›
için yaz›l› hale getirilerek kamuya duyurulmam›flt›r.
fiirketimiz’in bilgilendirme politikas›n›n yürütülmesinden Yönetim Kurulu Baflkan› Erdal Aksoy ile Genel
Müdür/Yönetim Kurulu Üyesi Alistair W. Clark sorumludur.
9. Özel Durum Aç›klamalar›
2004 y›l› içerisinde SPK tebli¤leri uyar›nca 22 adet Özel Durum Aç›klamas› zaman›nda yap›lm›fl ve bunlarla ilgili
SPK veya ‹MKB taraf›ndan ek aç›klama istenmemifltir. fiirketimiz’in hisseleri herhangi bir yurtd›fl› borsas›na
kote de¤ildir.
10. fiirket ‹nternet Sitesi ve ‹çeri¤i
fiirketimiz’in ‹nternet sitesi adresi www.turcas.com.tr dir.
‹nternet sitemizde SPK Kurumsal Yönetim ‹lkeleri II. Bölüm madde 1.11.5 te listelenen afla¤›daki bilgiler
bulunmaktad›r:
- Ticaret Sicil Bilgileri
- Ana Sözleflme
- Son durum itibariyle Yönetim Kurulu Üyeleri
- Ortakl›k yap›s›
- 2004 y›l› özel durum aç›klamalar›
- 31/12/2003 – 31/03/2004 – 30/06/2004 – 30/09/2004 Denetim raporlar›
- 2000 – 2001 – 2002 – 2003 Faaliyet raporlar›
- 2003 Genel Kurul toplant› gündemi
- 2003 Genel Kurul hazirun cetveli
- 2003 Genel Kurul toplant› tutana¤›
- Vekaleten oy kullanma formu
- 2001 Sermaye artt›r›m› izahnamesi
- ‹mtiyazl› paylara iliflkin bilgiler
Kurumsal Yönetim ‹lkeleri Raporu 2004 y›l› Genel Kurulu’ndan sonra ‹nternet sitemizde yay›nlanacakt›r.
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7. Transfer of Shares
Article 7 of the Articles of Association stipulates that, transfer of the registered shares in Group A is validated
by the prior consent of the Board of Directors and the Transfers and Assignments effected by "Simple
Endorsement". For the transfer of the shares in Groups B and C, holding the privilege of nomination in elections
for the Board of Directors and the Board of Auditors of the Company, the prior consent of the Board of Directors
is required.
In accordance with that article, the restriction on the transfer of the shares in Group A has been eliminated
by the prior consent of the Board of Directors. However, the holders of shares in Groups B and C are obliged
to comply with the conditions in the case of transfer of shares in Groups B and C.
PART II – PUBLIC DISCLOSURE AND TRANSPARENCY
8. Company Disclosure Policy
The Company does not have a formal, written disclosure policy, but the general principles and practices are
as follows. Press statements about the Company and the industry are, if and when required, issued by the
Chairman, the General Manager or by a contracted Public Relations Agency of the Company. Questions asked
by financial institutions are answered by the Board of Directors, while questions asked by shareholders are
answered by the group as mentioned in section 2 above, as a part of our disclosure policy.
This disclosure policy has not been formally written nor made public, as no need has yet arisen.
It is the responsibility of the Chairman Mr. Erdal Aksoy and the Director and General Manager Mr. Alistair W.
Clark to manage this disclosure activity.
9. Special Event Disclosures
During 2004, in accordance with the CMB Notifications, 22 Special Event Disclosures were issued promptly,
and neither the CMB nor the ISE requested any additional clarification. The shares of the Company are not
quoted on any foreign stock exchange.
10. Company Internet Web Site and Its Contents
The Company’s Internet web site address is www.turcas.com.tr
The Internet web site contains the following information as listed in Article 1.11.5, Part II of the CMB Corporate
Governance Principles:
- Trade Registry Information
- Articles of Association
- The current members of the Board of Directors
- Shareholders structure
- Special Event Disclosures in 2004
- Audit Reports issued as of 31.12.2003, 31.03.2004, 30.06.2004 and 30.09.2004
- 2000, 2001, 2002 and 2003 Annual Reports
- Agenda of the 2003 annual ordinary meeting of the General Assembly of Shareholders
- List of attendants of the 2003 annual ordinary meeting of the General Assembly of Shareholders
- Minutes of the 2003 annual ordinary meeting of the General Assembly of Shareholders
- Form for voting by proxy
- 2001 Capital Increase Prospectus
- Information on privileged shares
The Corporate Governance Principles Report will be posted on the Internet web site after the relevant General
Assembly meeting.
33
11. Gerçek Kifli Nihai Hâkim Pay Sahibi/Sahiplerinin Aç›klanmas›
fiirket’in Gerçek Kifli Nihai Pay Sahibi ortaklar› ve bunlara iliflkin hisse de¤ifliklikleri, SPK tebli¤leri uyar›nca Özel
Durum Aç›klama Formu, Faaliyet Raporu ve üçer ayl›k mali tablo dipnotlar›nda aç›klanmaktad›r.
12. ‹çeriden Ö¤renebilecek Durumda Olan Kiflilerin Kamuya Duyurulmas›
‹çeriden ö¤renebilecek durumda olan Yönetim Kurulu Üyeleri’nin, fiirket Üstdüzey Yöneticileri’nin ve fiirket
Müdürleri’nin isimleri y›ll›k faaliyet raporunda afla¤›daki gibi halka duyuruluyor olmas› nedeniyle ayr›ca bir
aç›klama yap›lmam›flt›r:
Erdal Aksoy
Y›lmaz Tecmen
Yönetim Kurulu Üyesi /Baflkan Vekili
Alistair W. Clark
Yönetim Kurulu Üyesi/Genel Müdür
Osman E. V. Kerman
Yönetim Kurulu Üyesi
Bülent Çorapç›
M. ‹lhan Nebio¤lu
Barry N. Kumins
Nezihi Tümer
GM Yrd./ Operasyon ve Lojistik
Bofl
GM Yrd./ Finans ve Bilgi Sistemleri
Mehmet Erbasan
Akaryak›t Sat›fllar› Md.
Osman Kazdal
Pazarlama Servisleri Md.
Sadettin ‹mrek
Hukuk Müflaviri
Cabbar Y›lmaz
Bayi Destek Md.
Süleyman Asutay
Finansman Md.
Fatma Aytaç
Bilgi Sistemleri Md.
Ayfle Oral
Muhasebe Md.
Aynur Göksel
Kredi Kontrol Md.
Kemal Günay
‹flletmeler Md.
Bahri Yüre¤ir
Tedarik Md.
O¤uz Gönenç
Sat›nalma Md.
Aybar Tüfekçiler
Akaryak›t Yönetim Sistemi Md.
Hülya Dinçer
Emniyet, Sa¤l›k ve Çevre Koordinatörü
Ece Metin
‹nsan Kaynaklar› Koordinatörü
BÖLÜM III - MENFAAT SAH‹PLER‹
13. Menfaat Sahiplerinin Bilgilendirilmesi
fiirket ile ilgili menfaat sahiplerine Y›ll›k Ola¤an Genel Kurul toplant›lar›nda kendilerini ilgilendiren hususlarda
gerekli bilgiler verilmektedir. Ayr›ca sözel olarak yap›lan taleplere de yetkililerce gerekli aç›klamalar yap›lmakta
ve SPK tebli¤leri uyar›nca yap›lan özel durum aç›klamalar›, fiirketimiz’le ilgili di¤er bilgiler, faaliyet raporlar›
ve denetim raporlar› fiirketimiz’in ‹nternet sitesinde yer almaktad›r.
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11. Disclosure of Real Person(s) Ultimate Controlling Individual Shareholder(s).
The Company’s Real Person Ultimate Controlling Individual Shareholders and the relevant share transfers are,
in conformity to the CMB notifications, disclosed by a Special Event Disclosure Form, Annual Report and in
the footnotes of the quarterly financial statements.
12. Disclosure of Potential Insider Traders
As the names of the Directors, Senior Executives and Managers of the Company who are potential insider
traders are already disclosed to the public in the Annual Report, and as listed below, no separate disclosure
relating to them has been issued.
Erdal Aksoy
Chairman of Board of Directors
Y›lmaz Tecmen
Director/Vice Chairman of Board of Directors
Alistair W. Clark
Director/General Manager
Osman E. V. Kerman
Director
Bülent Çorapç›
Director
Director
Barry N. Kumins
Director
Nezihi Tümer
Deputy General Manager – Operations and Logistics
Vacant
Deputy General Manager – Finance and I.M.
Mehmet Erbasan
Fuel Sales Manager
Osman Kazdal
Marketing Services Manager
Saadettin ‹mrek
Legal Counsel
Cabbar Y›lmaz
Dealer Support Manager
Süleyman Asutay
Treasury Manager
Fatma Aytaç
I.M. Manager
Ayfle Oral
Accounting Manager
Aynur Göksel
Credit Control Manager
Kemal Günay
Operations Manager
Bahri Yüre¤ir
Supply Manager
O¤uz Gönenç
Purchasing Manager
Aybar Tüfekçiler
AYS Manager
Hülya Dinçer
Safety, Health, and Environment Co-ordinator
Ece Metin
Human Resources Co-ordinator
PART III – STAKEHOLDERS
13. Stakeholders Disclosure
The stakeholders of the Company are duly informed about the relevant issues in the annual ordinary meetings
of the General Assembly of Shareholders. In addition, verbal questions are answered by the Company officers.
Furthermore, the special event disclosures issued pursuant to the CMB notifications, as well as other information,
annual reports and audit reports of our Company, are published in our Company’s internet web site.
35
14. Menfaat Sahiplerinin Yönetime Kat›l›m›
fiirket çal›flanlar›n›n ve di¤er menfaat sahiplerinin yönetime kat›l›m› konusunda herhangi bir uygulama mevcut
de¤ildir.
15. ‹nsan Kaynaklar› Politikas›
fiirket’in insan kaynaklar› politikas›n›n esaslar› afla¤›daki gibidir:
- ‹lgili ifl ve pozisyon için öngörülen niteliklere sahip kiflileri seçmek ve ifle almak;
- Her personelin becerilerine ve fiirket’in ihtiyaçlar›na uygun e¤itim ve kariyer f›rsatlar› yaratmak ve sunmak;
- Personeli baflar›ya motive etmek; personelin bilgi ve deneyimlerini art›rmas›na olanak sa¤lamak ve personeli
baflar›lar› do¤rultusunda ödüllendirmek;
- Sa¤l›kl› bir çal›flma ortam› yaratmak;
- Tüm personele sayg› göstermek ve personelin hak ve ç›karlar›n› korumak;
- Personele, benzer strateji, ilke ve ihtiyaçlara sahip flirketler ile rekabet edebilecek yararlar/imkanlar paketi
sa¤lamak;
- Yapt›klar› ifli ilgilendiren veya etkileyen bütün olay ve geliflmeler konusunda personeli bilgilendirmek.
fiirket’in, yukar›da bahsedilen insan kaynaklar› politikalar›n›n oluflturulmas› ve uygulanmas›nda, çal›flanlar›
temsil eden bir insan kaynaklar› koordinatörü mevcuttur.
Çal›flanlardan herhangi bir ayr›mc›l›k flikayeti al›nmam›flt›r.
16. Müflteri ve Tedarikçilerle ‹liflkiler Hakk›nda Bilgiler
fiirketimiz, bayi a¤›n› bölgelere ay›r›p her bölgeye yeterli say›da eleman görevlendirerek bayilerimizin müflteri
memnuniyetini ön planda tutmaktad›r. Bayilere ve özellikle nihai tüketiciye hizmet veren istasyon servis
personeline her türlü e¤itimi veren bir ekip mevcuttur. ‹stasyonlar› denetleyen gezici bir kalite kontrol ekibi
oluflturulmufltur. Mal ve hizmet kalitesi ve standart›n› koruyabilmek için marker uygulamas› yap›lmaktad›r.
Standartlara ayk›r› ürün tespitinde ilgililer hakk›nda yasal ifllemleri de kapsayan yapt›r›mlar uygulanmaktad›r.
fiirket politikas› olarak etkin bir planlama ile bayilerimize ikmal garantisi verilmektedir.
17. Sosyal Sorumluluk
fiirket Yönetim Kurulu taraf›ndan 2001 y›l›nda Emniyet, Sa¤l›k ve Çevre (ESÇ) politikas› onaylanm›fl ve
uygulanmaya bafllanm›flt›r. Bu politika do¤rultusunda çal›flanlar bütün kazalar›n önlenebilir oldu¤u felsefesiyle
e¤itilmektedir. fiirket ile çal›flan servis sa¤lay›c›lar ve müteahhitlere de bu politika tan›t›lmakta ve politikaya
uygun olarak çal›flmalar› flart koflulmaktad›r.
Dönem içinde çevreye verilen zararlardan dolay› fiirket aleyhine aç›lan dava yoktur. Faaliyetlere iliflkin çevresel
etki de¤erlendirme raporlar› bulunmamaktad›r.
36
14. Participation of Stakeholders in the Company Management
Non-managerial company employees and other stakeholders do not have significant participation in the
management of the Company.
15. Human Resources Policy
The Main principles of the Company’s human resources policy are as follows;
- To select and recruit only those who have the required qualifications for the vacant position.
- To create and provide appropriate training and career opportunities compatable with the needs of the
Company and the skills of each employee;
- To motivate employees towards success, to enable personnel to enhance and increase their knowledge and
experiences and to reward personnel for their achievements;
- To create and maintain a healthy working environment;
- To treat all personnel with respect and to protect their rights and benefits;
- To provide personnel with a package of benefits and opportunities competitive with companies with
similar strategy, principles and requirements;
- To keep personnel informed about all developments and events which concern and affect their jobs.
The Company has a Human Resources Coordinator who represents the staff in the formulation and implementation
of the above mentioned policies.
No complaint of discrimination has been received from the employees.
16. Information on Relations with Customers and Suppliers
The Company gives priority to customer relations and customer satisfaction. The dealer network is divided
into regions and a sufficient number of trained employees is assigned to each region. This team provides a
variety of training to station personnel who serve the final consumers. In addition, a mobile quality control
team has been formed to supervise and audit the stations and Product Marker is used for the protection of
standards and quality of products. In case of detection of an out-of-standard product, the relevant persons
are subject to sanctions which may include legal prosecution.
Through efficient and effective planning, a guarantee of supply is given to our dealers.
17. Social Responsibility
In 2001, a Safety, Health and Environment (SHE) Policy was approved and put into effect by the Company’s
Board of Directors. Under this policy, the employees are trained on the basis of the philosophy and motto that
‘all accidents are avoidable’. This policy is also introduced to service providers and contractors working for
and with the Company, and they are required to operate in accordance with this policy.
During the current period, no lawsuit or investigation has been started against the Company due to damage
to the environment. There are no environmental impact assessment reports in respect of the activities and
operations of the Company.
37
18. Yönetim Kurulu’nun Yap›s›, Oluflumu ve Ba¤›ms›z Üyeler
fiirket Yönetim Kurulu 7 üyeden oluflur ve Genel Kurul taraf›ndan 3 y›l için seçilir. Yönetim Kurulu’nun 3 üyesi
"B" grubu hissedarlar›n gösterece¤i adaylardan, 2 üyesi "C" grubu hissedarlar›n gösterece¤i adaylardan, 2 üyesi
de "A" grubu hissedarlar›n gösterece¤i adaylardan Genel Kurul’un onay› ile seçilir.
Yönetim Kurulu’nun icrac› üyeleri:
Alistair W. Clark
Yönetim Kurulu Üyesi/Genel Müdür
Yönetim Kurulu’nun icrac› olmayan üyeleri:
Erdal Aksoy
Y›lmaz Tecmen
Osman E. V. Kerman
Bülent Çorapç›
Barry N. Kumins
Yönetim Kurulu Baflkan Vekili
Yönetim Kurulu’nda ba¤›ms›z üye bulunmamaktad›r. fiirketimiz’in yap›s› gere¤i Yönetim Kurulu’nun
oluflturulmas›nda ba¤›ms›z üye bulunmas› mümkün de¤ildir.
Her y›l yap›lan Ola¤an Genel Kurul toplant›s›nda TTK’nun 334 ve 335. maddeleri gere¤i Genel Kurulca, Yönetim
Kurulu Üyeleri’nin fiirket d›fl›nda baflka görev almalar›na izin verilmektedir. fiirket Ana Sözleflmesi’nde de bu
konuda s›n›rlay›c› bir kural bulunmamaktad›r. Böyle bir s›n›rlamaya ihtiyaç duyulmamas› nedeniyle s›n›rlama
gündeme gelmemifltir.
19. Yönetim Kurulu Üyeleri’nin Nitelikleri
fiirket’in Yönetim Kurulu üye seçiminde aranan asgari nitelikler SPK Kurumsal Yönetim ‹lkeleri’nde yer alan
niteliklerle aynen örtüflmekte olup bu ilkeler fiirket Ana Sözleflmesi’nde yer almamaktad›r.
Kurumsal Yönetim ‹keleri’nde söz edilen e¤itim çal›flmalar›na gerek bulunmamaktad›r.
20. fiirket’in Misyon ve Vizyonu ile Stratejik Hedefleri
fiirketimiz’in vizyonu, hizmette 60 y›l› aflk›n birikimle Türkiye’nin ilk tercih edilen ve en sayg›n akaryak›t flirketi
olmakt›r. Misyonu ise, benimsemifl oldu¤u de¤erlerle müflteri odakl› yaklafl›m›ndan, hizmet kalitesinden ödün
vermeden, at›l›mc› ifl yapma anlay›fl›n› kesintiye u¤ratmadan, çal›flanlar›n›n e¤itimini ve geliflimini takip ederek
ve Türkiye’nin miras›n› ve de¤erlerini koruyarak flimdiye kadar oldu¤u h›zla pekiflen baflar›s›n›n devaml›l›¤›n›
sa¤lamakt›r.
Yönetim Kurulu, yöneticiler taraf›ndan ertesi y›l için oluflturulan stratejik hedefleri sene sonlar›nda yöneticilerle
tart›fl›p onaylamaktad›r. Hedefler ve gerçekleflmeler ay sonlar›nda geçmifl ve piyasa karfl›laflt›rmal› faaliyet
raporlar› üzerinden yöneticilerle birlikte gözden geçirilmektedir.
fiirketimiz’in misyonu ve vizyonu her y›l yeniden haz›rlanan y›ll›k faaliyet rapolar›nda da yer almaktad›r.
21. Risk Yönetim ve ‹ç Kontrol Mekanizmas›
Yönetim Kurulu Üyeleri aras›ndan seçilen iki üyeden Denetim Komitesi oluflturulmufl ve ayr›ca yine iki kifliden
oluflan ‹ç Denetim Departman› bulunmaktad›r. fiirketimizde risk yönetimi ile ilgili çal›flan bir grup bulunmamaktad›r.
Her y›l birimlerin ve faaliyetlerin risk de¤erlemelerine göre fiirket’in iç denetim uzmanlar› ve Genel Müdür
taraf›ndan bir denetim plan› oluflturulmaktad›r. ‹ç denetim uzmanlar› bu plan kapsam›nda denetimlerini
tamamlay›p Genel Müdür’e rapor etmektedirler. Raporlar ilgili birimlerle paylafl›larak eylem planlar› ve taahhütleri
al›nmakta ve bu çal›flmalar ayn› zamanda Denetim Komitesi’nce de takip edilmektedir.
38
18. Composition and Structure of the Board of Directors, and Independent Members
The Company’s Board of Directors is composed of 7 members who are elected by the General Assembly of
Shareholders for a term of office of 3 years. 3 members of the Board of Directors are elected by the approval of
General Assembly of Shareholders from among nominees to be nominated by the shareholders in Group "B", and
2 members are elected from among nominees to be nominated by the shareholders in Group "C", and 2 members
are elected from among nominees to be nominated by the shareholders in Group "A".
Executive members of the Board of Directors:
Alistair W. Clark
Director/General Manager
Non-executive members of the Board of Directors:
Erdal Aksoy
Y›lmaz Tecmen
Osman E. V. Kerman
Bülent Çorapç›
Barry N. Kumins
Chairman
Vice Chairman
Director
Director
Director
Director
As all Directors are nominated by the different shareholder groups, it is not possible for there to be independent
members in the Board of Directors.
In the annual ordinary meeting of the General Assembly of Shareholders, the General Assembly of Shareholders
authorize the Directors to deal with the business activities as specified in Articles 334 and 335 of Turkish
Commercial Code. There is no restrictive rule or clause in the Company’s Articles of Association. Such a restriction
has not yet been needed or required.
19. Qualifications of Directors
The minimum qualifications sought for in the election of members to the Board of Directors of the Company
are the same as the qualifications enumerated in the CMB Corporate Governance Principles. These principles are
not included in the Company’s Articles of Association.
There is no need for the training programs mentioned in the Corporate Governance Principles.
20. Mission, Vision and Strategic Targets of the Company
The vision of our Company is "Building on more than 60 years of serving our customers, we will grow to be the
Nation’s favourite and most respected fuel company". The mission is to maintain and build on the Company’s
past success, by closely monitoring the training and development of its staff; by protecting the heritage and
values of Turkey; without deviation from its customer–oriented approach and service quality; and without
interruption to its entrepreneurial business principles.
The strategic goals and targets proposed by the managers for the next year are, before the end of the prior year,
discussed and approved by the Board of Directors. Both the targets and the actual results are, at the end of each
month, reviewed by the Board of Directors and the Company managers in the light of past performance and
market comparative reports.
The Company’s mission and vision are also published in the annual reports.
21. Risk Management and Internal Control Mechanism
The Company has established an audit committee comprised of two members elected from among the Directors.
In addition, an internal audit department, comprising of two employees exists. There is no specific group in
charge of financial risk management in the Company.
Every year, depending on the risk assessments of divisions and activities, an audit plan is prepared by the internal
audit specialists and the General Manager. The internal audit specialists conduct the audits and report the results
to the General Manager according to this plan. The reports are shared with the relevant divisions, and action
plans and commitments are made. The whole process is closely monitored by the Audit Committee.
39
22. Yönetim Kurulu Üyeleri ile Yöneticilerin Yetki ve Sorumluluklar›
fiirket Ana Sözleflmesi’nde Yönetim Kurulu Üyeleri ve yöneticilerin yetki ve sorumluluklar› aç›kça belirlenmifltir.
23. Yönetim Kurulu’nun Faaliyet Esaslar›
Yönetim Kurulu toplant›lar›n›n gündem maddeleri oluflan güncel konulara göre belirlenmektedir. Yönetim
Kurulu 2004 y›l› içerisinde 21 kez toplanarak karar alm›flt›r. Yönetim Kurulu Üyeleri toplant›ya en uygun iletiflim
araçlar› kullan›larak ve toplant›ya kat›l›m› sa¤layacak makul sürelerde davet edilmektedir. Sekretarya
fonksiyonlar›n› Yönetim Kurulu kendi içinde dönüflümlü olarak yürütmektedir.
Yönetim Kurulu kararlar›n›n toplant›ya kat›lanlar›n oy çoklu¤u veya oy birli¤i ile al›n›yor olmas› nedeniyle
karfl› oy bahis konusu olmam›flt›r. Ancak TTK ve fiirket Ana Sözleflmesi’nin 22. maddesi uyar›nca Y›ll›k Ola¤an
Genel Kurullar’da B ve C Grubu hissedarlar›n belirledi¤i adaylar aras›ndan Genel Kurul’un onay› ile seçilen iki
ba¤›ms›z denetçi en az 3 kez olmak üzere Yönetim Kurulu toplant›lar›na kat›lmak ve fiirket kay›tlar›n›n yasalara
ve genel kabul görmüfl muhasebe ilkelerine uygunlu¤unu inceleme yetki ve sorumlulu¤undad›r.
Yönetim Kurulu kararlar›nda farkl› bir görüfl olmamas› nedeniyle kamuya aç›klanmas› gereken bir durum
oluflmamaktad›r. SPK Kurumsal Yönetim ‹lkeleri’nin IV. Bölüm 2.17.4 maddesinde yer alan konularda Yönetim
Kurulu toplant›lar›na fiilen kat›l›m sa¤lanmaktad›r. Yönetim Kurulu toplant›lar›nda üyelerce yöneltilen sorular›n
müzakere mahiyetinde olmas› nedeniyle karar zab›tlar›na geçirilmemektedir. fiirket Ana Sözleflmesi, Yönetim
Kurulu’nda belirli baz› konularda karar al›nmas› için "C" Grubu hissedarlar›n temsilcilerinin olumlu oyunu flart
koflmaktad›r.
24. fiirket’le Muamele Yapma ve Rekabet Yasa¤›
fiirket Yönetim Kurulu Üyeleri’ne her y›l yap›lan Ola¤an Genel Kurullar’da Genel Kurul onay› ile TTK’n›n 334 335. maddelerinde belirtilen konular dahilinde ifllem yapma izni verilmekle beraber, flirket politikalar› ve baz›
anlaflmalar çerçevesinde fiirket Yönetim Kurulu Üyeleri’nin hiçbirisi fiirket’le ifllem yapmamakta ve rekabet
etmemektedir, dolay›s›yla herhangi bir ç›kar çat›flmas› oluflmamaktad›r.
25. Etik Kurallar
Yönetim Kurulu taraf›ndan 1 May›s 1997 tarihinde fiirket çal›flanlar› için ‘‹fl Ahlak› Politikas›’ yürürlü¤e konmufltur.
Bu politika menfaat çat›flmalar›, fiirket içinden bilgi, politik yard›mlar, muhasebe standartlar› ve dokümantasyon,
al›nan hediyeler gibi konularda fiirket çal›flanlar›n›n uymas› gereken kurallar› belirlemektedir. Bu politika
çerçevesinde her y›l sonunda tüm çal›flanlardan ‘‹fl Ahlak› Politikas› ve Yönetmeliklere Kiflisel Uyum’ formu ad›
alt›nda yaz›l› bir beyan ve taahhüt al›nmaktad›r.
fiirketimiz’in ‹fl Ahlak› Politikas› flirket çal›flanlar›n›n bilgisinde olmakla birlikte kamuya aç›klanmam›flt›r.
40
22. Authorities and Responsibilities of Directors and Managers
The authorities and responsibilities of the Board of Directors and the managers are clearly specified and
outlined in the Company’s Articles of Association.
23. Operating Principles of the Board of Directors
The agenda of meetings of the Board of Directors is determined according to current issues and to certain
periodic events. During 2004, the Board of Directors met 21 times and took the required decisions. Directors
are called for the Board meetings by using the most convenient means of communication and at a reasonable
time in advance so as to ensure their participation. Secretorial duties are conducted, in rotation, within the
Board of Directors.
Given that the Board decisions are taken unanimously or by majority vote of the Directors present in the
meeting, no dissenting vote has been used. However, pursuant to Article 22 of the Company’s Articles of
Association and provisions of the Turkish Commercial Code, two independent auditors, elected by the General
Assembly of Shareholders in its annual ordinary meetings from among nominees nominated by the shareholders
in Groups B and C are authorized and liable to attend at least 3 meetings of the Board of Directors and must
check compliance of the Company records with the pertinent applicable laws and the generally accepted
accounting principles.
Due to the lack of a dissenting opinion in the decisions of the Board of Directors, there is no event required
to be disclosed to the public. All Directors personally attend the Board meetings with regard to the issues
enumerated in Article 2.17.4 of Part IV of the CMB Corporate Governance Principles. Being only a matter of
discussion, the questions asked by the Directors in the Board meetings are not written in the meeting records.
The Articles of Association of the Company requires affirmative vote of the representatives of the shareholders
in Group "C" on decisions relating to certain issues.
24. Prohibition to Deal and Compete with the Company
Although the Directors are permitted and authorized to deal with the Company on certain issues by approval
of the General Assembly of Shareholders in its annual ordinary meetings, as specified in Articles 334 and 335
of the Turkish Commercial Code, none of the Directors enters into deals nor competes with the Company in
accordance with the Company policies, and therefore, there are no conflicts of interests.
25. Ethical Rules
The Board of Directors issued and put into effect a "Business Ethics Policy" for the Company and its employees
on 1 May 1997. This policy sets down the rules to be complied with by the Company employees on issues such
as the conflicts of interests, insider trading, politic donations, accounting standards and documentation, and
gifts. As a requirement of this policy, at the end of each year, all employees are required to give a written
statement and declaration in the "Business Ethics Policy and Procedures Compliance Form".
The Company’s Business Ethics Policy is within the knowledge of the employees, but has not been disclosed
to the public.
41
26. Yönetim Kurulunda Oluflturulan Komitelerin Say›, Yap› ve Ba¤›ms›zl›¤›
Henüz bir Kurumsal Yönetim Komitesi oluflturulmam›flt›r. Gelecekte kurumsal yönetim ilke ve uygulamalar›
gelifltikçe böyle bir komite oluflturulabilir.
Genel Müdür’e bir ‹cra Komitesi rehberlik etmekte olup, Yönetim Kurulu yetkisi dahilindeki konular önce ‹cra
Komitesi’nin görüflüne sunulmaktad›r.
‹cra Komitesi Üyeleri :
Erdal Aksoy
Y›lmaz Tecmen
Yönetim Kurulu Baflkan Vekili
Osman E. V. Kerman
Alistair W. Clark
Yönetim Kurulu Üyesi ve Genel Müdür
Yönetim Kurulu Üyeleri’nden ikisi ayn› zamanda Denetim Komitesi Üyesi’dir. Denetim Komitesi Üyeleri’nin
icra görevleri yoktur ve baflka komitelerde de görevli de¤illerdir. Denetim Komitesi üyeleri SPK’n›n belirlemifl
oldu¤u prensipler çerçevesinde belli bir prosedüre göre görevlerini sürdürmektedir.
Denetim Komitesi Üyeleri:
Bülent Çorapç›
Yönetim Kurulu Üyeleri birden fazla komitede yer almamaktad›rlar. Yönetim Kurulu Üyeleri’nin belirli prensipler
çerçevesinde çal›fl›yor olmalar› nedeniyle herhangi bir ç›kar çat›flmas› meydana gelmemifltir.
27. Yönetim Kurulu’na Sa¤lanan Mali Haklar
fiirket Ana Sözleflmesi’nde, Yönetim Kurulu Baflkan› ve Üyeleri’ne Genel Kurul’ca kararlaflt›r›lacak ayl›k, y›ll›k
bir ödenek veya her toplant› için huzur hakk› ödenebilir ifadesi yer almaktad›r. 2004 y›l› içerisinde Yönetim
Kurulu Üyeleri’ne bu kapsamda herhangi bir hak ve menfaat sa¤lanmam›fl ve ücret ödemesi yap›lmam›flt›r.
Yönetim Kurulu Üyeleri’ne sa¤lanan baflka hak, menfaat ve performansa dayal› ödüllendirme yöntemi mevcut
de¤ildir.
fiirket taraf›ndan Yönetim Kurulu Üyelerine ve yöneticilere herhangi bir borç verilmemekte, kredi
kulland›r›lmamakta ve lehine kefalet gibi teminatlar verilmemektedir.
42
26. Number, Composition and Independence of Committees Formed by the Board of Directors
No Corporate Governance Committee has been established. Such a Committee may be established in the future
as governance practices and principles develop.
An Executive Committee provides guidance to the General Manager and for matters falling within the authority
of the Board such matters are first reviewed by the Executive Committee.
Executive Committee Members:
Erdal Aksoy
Chairman
Y›lmaz Tecmen
Vice Chairman
Osman E. V. Kerman
Director
Alistair W. Clark
Director and General Manager
Two of the Directors are at the same time members of an Audit Committee. Members of the Audit Committee
do not assume any executive function and are not assigned in other committees. Members of the Audit
Committee carry out their duties according to a certain procedure within the principles determined by the
Capital Markets Board.
Audit Committee Members:
Bülent Çorapç›
Director
M.‹lhan Nebio¤lu
Director
Directors are not assigned to more than one committee. As the Directors work within the framework of certain
rules and principles, no conflicts of interests have emerged.
27. Remuneration of Directors
It is stated in the Articles of Association of the Company that a monthly or yearly fee or a remuneration per
meeting, as will be decided the General Assembly of Shareholders, may be paid to the Chairman and Members
of the Board of Directors. However, during 2004, no such right or interest has been conferred on and no such
fee or remuneration has been paid to the Directors.
There are no other rights, interests or performance-based rewards conferred on the Directors.
The Company does not lend any money nor loan to or stand as a surety for nor gives any guarantee in favor
of the Directors and the managers.
43
TURCAS PETROL A.fi. VE BA⁄LI ORTAKLI⁄I
31 ARALIK 2004 TAR‹H‹ ‹T‹BAR‹YLE
ULUSLARARASI F‹NANSAL RAPORLAMA
STANDARTLARI’NA UYGUN OLARAK
HAZIRLANAN KONSOL‹DE MAL‹ TABLOLAR
TURCAS PETROL A.fi. AND ITS SUBSIDIARY
CONSOLIDATED FINANCIAL STATEMENTS
PREPARED IN ACCORDANCE WITH
INTERNATIONAL FINANCIAL REPORTING
STANDARDS FOR THE YEAR ENDED
31 DECEMBER 2004
Translated into English from
the Original Turkish Report
BA⁄IMSIZ DENET‹M RAPORU
Turcas Petrol A.fi.
Yönetim Kurulu’na
1.
Turcas Petrol A.fi. (“fiirket”) ve ba¤l› ortakl›¤›n›n (hep birlikte “Grup”) 31 Aral›k 2004 tarihi itibariyle
düzenlenmifl konsolide bilançosunu ve bu tarihte sona eren hesap dönemine ait konsolide gelir, özsermaye
de¤iflim ve nakit ak›m tablolar›n› denetlemifl bulunuyoruz. Sözkonusu mali tablolar, Türk Liras›’n›n 31 Aral›k
2004 tarihindeki cari sat›n alma gücüyle ifade edilmifltir. Haz›rlanan bu mali tablolardan Grup yönetimi
sorumludur. Bizim sorumlulu¤umuz, yapt›¤›m›z denetim çal›flmalar›na dayanarak bu mali tablolar üzerinde
görüfl bildirmektir.
2.
Denetimimiz, Uluslararas› Denetim Standartlar›’na uygun olarak yap›lm›flt›r. Bu standartlar, denetimin mali
tablolarda önemli bir yanl›fll›¤›n olup olmad›¤› konusunda makul bir güvenceyi sa¤lamak üzere planlanmas›n›
ve yap›lmas›n› gerektirmektedir. Denetim, mali tablolardaki tutarlara ve aç›klamalara dayanak oluflturan
kan›tlar›n, test yöntemiyle incelenmesini içerir. Denetim, ayn› zamanda, uygulanan muhasebe ilkelerinin ve
yönetim taraf›ndan yap›lan önemli muhasebe tahminlerinin ve genel olarak, mali tablolar›n sunumunun
de¤erlendirilmesini de içerir. Denetimimizin, beyan etti¤imiz görüflümüze makul bir dayanak oluflturdu¤u
kan›s›nday›z.
3. Görüflümüze göre, ekli konsolide mali tablolar Grubun 31 Aral›k 2004 tarihi itibariyle konsolide mali durumunu
ve ayn› tarihte sona eren y›la ait konsolide faaliyet sonuçlar›n› ve nakit ak›mlar›n›, bütün önemli taraflar›yla
Uluslararas› Finansal Raporlama Standartlar›’na uygun olarak yans›tmaktad›r.
DENET‹M SERBEST MAL‹ MÜfiAV‹RL‹K A.fi.
Member of DELOITTE TOUCHE TOHMATSU
Ömer Tanr›över
Sorumlu Ortak Bafl Denetçi
‹stanbul, 6 Nisan 2005
INDEPENDENT AUDITORS’ REPORT
To the Board of Directors of
Turcas Petrol A.fi.
1. We have audited the accompanying consolidated balance sheet of Turcas Petrol A.fi. (the “Company”) and its
subsidiary (together the “Group”) as at 31 December 2004, and the related consolidated statements of income,
shareholders’ equity and cash flows for the year then ended, all expressed in the equivalent purchasing power
of the Turkish Lira at 31 December 2004. These financial statements are the responsibility of the Group’s
management. Our responsibility is to express an opinion on these financial statements based on our audit.
2. We conducted our audit in accordance with International Standards on Auditing. Those standards require that
we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall financial statement presentation.
We believe that our audit provides a reasonable basis for our opinion.
3. In our opinion, the accompanying consolidated financial statements present fairly, in all material respects,the
financial position of the Group as of 31 December 2004 and the results of its operations and its cash flows for
the year then ended, in accordance with International Financial Reporting Standards.
DENET‹M SERBEST MAL‹ MÜfiAV‹RL‹K A.fi.
Member of DELOITTE TOUCHE TOHMATSU
Ömer Tanr›över
Partner
‹stanbul, 6 April 2005
TURCAS PETROL A.fi. VE BA⁄LI ORTAKLI⁄I / TURCAS PETROL A.fi. AND ITS SUBSIDIARY
31 ARALIK 2004 VE 2003 TAR‹HLER‹ ‹T‹BAR‹YLE KONSOL‹DE B‹LANÇOLAR /
CONSOLIDATED BALANCE SHEETS AS AT 31 DECEMBER 2004 AND 2003
(Tutarlar, aksi belirtilmedi¤i sürece Türk paras›n›n 31 Aral›k 2004’teki sat›n alma gücü ile Yeni Türk Liras› (YTL) olarak ifade edilmifltir.) /
(Amounts expressed in New Turkish Lira (TRY) in terms of purchasing power of the TRY at 31 December 2004 unless otherwise stated.)
Not/Note
31/12/2004
31/12/2003
4
5
6
7
20.695.587
71.550.322
31.936
26.514.014
21.478.925
58.679.379
393.416
20.599.405
8
2.816.394
2.096.905
121.608.253
103.248.030
9
10
11
12
287.964
80.809.878
54.689.809
7.507.804
15.438
93.127.906
61.103.584
12.654.067
13
17
10.010.341
4.367.965
6.836.699
1.746.493
Duran Varl›klar Toplam› / Total Long-term Assets
157.673.761
175.484.187
AKT‹F (VARLIKLAR) TOPLAMI / TOTAL ASSETS
279.282.014
278.732.217
DÖNEN VARLIKLAR / CURRENT ASSETS
Kasa ve bankalar / Cash and banks
Ticari alacaklar (net) / Trade receivables (net)
‹liflkili flirketlerden alacaklar / Due from related parties
Stoklar / Inventories
Di¤er alacaklar ve dönen varl›klar (net) /
Other receivables and current assets (net)
Dönen Varl›klar Toplam› / Total Current Assets
DURAN VARLIKLAR / LONG-TERM ASSETS
Sat›lmaya haz›r finansal varl›klar / Available-for-sale investments
fierefiye (net) / Goodwill (net)
Maddi duran varl›klar (net) / Property, plant and equipment (net)
Maddi olmayan duran varl›klar (net) / Intangible assets (net)
Di¤er alacaklar ve duran varl›klar (net) /
Other receivables and long-term assets (net)
Ertelenmifl vergi aktifi / Deferred tax assets
Ekteki dipnotlar bu mali tablolar›n tamamlay›c› bir parças›d›r.
The accompanying notes form an integral part of these financial statements.
48
31 ARALIK 2004 VE 2003 TAR‹HLER‹ ‹T‹BAR‹YLE KONSOL‹DE B‹LANÇOLAR /
CONSOLIDATED BALANCE SHEETS AS AT 31 DECEMBER 2004 AND 2003
Not/Note
KISA VADEL‹ YABANCI KAYNAKLAR / CURRENT LIABILITIES
31/12/2004
31/12/2003
14
15
6
59.103.530
25.549.505
320.557
49.739.004
26.325.021
66.381
16
17
8.419.756
4.244.835
11.078.405
2.594.573
97.638.183
89.803.384
5.368.400
1.991.849
1.309.519
31.846.646
2.426.422
1.117.173
8.669.768
35.390.241
96.449.038
76.525.025
96.449.038
57.089.554
Özsermaye Toplam› / Total Shareholders' Equity
172.974.063
153.538.592
PAS‹F (KAYNAKLAR) TOPLAMI /
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
279.282.014
278.732.217
K›sa vadeli mali borçlar / Short-term borrowings
Ticari borçlar / Trade payables
‹liflkili flirketlere borçlar / Due to related parties
Di¤er borçlar ve gider tahakkuklar› /
Other payables and expense accruals
Ödenecek kurumlar vergisi / Corporate tax payable
K›sa Vadeli Yabanc› Kaynaklar Toplam› / Total Current Liabilities
UZUN VADEL‹ YABANCI KAYNAKLAR / LONG-TERM LIABILITIES
Uzun vadeli mali borçlar / Long-term borrowings
Di¤er uzun vadeli borçlar / Other long-term liabilities
K›dem tazminat› karfl›l›¤› / Retirement pay provision
14
16
18
Uzun Vadeli Yabanc› Kaynaklar Toplam› / Total Long-term Liabilities
ÖZSERMAYE / SHAREHOLDERS' EQUITY
Sermaye / Capital
Birikmifl karlar / Retained earnings
TAAHHÜTLER VE YÜKÜMLÜLÜKLER /
COMMITMENTS & CONTINGENCIES
20
19
49
31 ARALIK 2004 VE 2003 TAR‹HLER‹NDE SONA EREN YILLARA A‹T KONSOL‹DE GEL‹R TABLOLARI /
CONSOLIDATED STATEMENTS OF INCOME FOR THE YEARS ENDED 31 DECEMBER 2004 AND 2003
(Amounts expressed in New Turkish Lira (TRY) in terms of purchasing power of the TRY at 31 December 2004 unless otherwise stated).
Net sat›fllar / Net sales
Sat›fllar›n maliyeti / Cost of sales
Not/Note
22
2
Brüt kar / Gross profit
Sat›fl ve genel yönetim giderleri /
Sales and general administrative expenses
Di¤er faaliyet gelirleri / Other operating income
Di¤er faaliyet giderleri / Other operating expenses
23
24
24
Faaliyet kar› / Operating profit
Finansman (giderleri)/gelirleri (net) /
Finance (expense) / income (net)
Parasal (kay›p) / kazanç / Monetary (loss) / gain
25
Vergi öncesi kar / Profit before taxation
Vergi / Taxation
17
Net kar / Net profit
Hisse bafl›na kar (1YTL de¤erli hisseye isabet eden) /
Earnings per share (1 share equals to 1TRY valued share)
3t
31/12/2004
1.725.397.633
(1.627.718.993)
31/12/2003
1.717.913.645
(1.645.553.759)
97.678.640
72.359.886
(72.792.730)
13.869.166
(1.819.314)
(55.879.641)
16.413.194
(1.801.143)
36.935.762
31.092.296
(3.819.467)
(1.429.434)
11.728.926
6.679.017
31.686.861
49.500.239
(12.251.390)
(10.476.163)
19.435.471
39.024.076
0,74
1,48
50
31 ARALIK 2004 VE 2003 TAR‹HLER‹NDE SONA EREN YILLARA A‹T
KONSOL‹DE ÖZSERMAYE DE⁄‹fi‹M TABLOLARI / CONSOLIDATED STATEMENTS OF CHANGES IN
SHAREHOLDERS’ EQUITY FOR THE YEARS ENDED 31 DECEMBER 2004 AND 2003
Sermaye /
Birikmifl Karlar /
Capital Retained Earnings
1 Ocak 2003 tarihi itibariyle bakiye /
Balance as of 1 January 2003
Net dönem kar› / Net profit for the period
31 Aral›k 2003 tarihi itibariyle bakiye /
Balance as of 31 December 2003
31 Aral›k 2004 tarihi itibariyle bakiye /
Balance as of 31 December 2004
Toplam /
Total
96.449.038
18.065.478
114.514.516
-
39.024.076
39.024.076
96.449.038
57.089.554
153.538.592
-
19.435.471
19.435.471
96.449.038
76.525.025
172.974.063
51
31 ARALIK 2004 VE 2003 TAR‹HLER‹NDE SONA EREN YILLARA A‹T KONSOL‹DE NAK‹T AKIM TABLOLARI /
STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED 31 DECEMBER 2004 AND 2003
Not/Note
31/12/2004
31/12/2003
19.435.471
39.024.076
11
11.653.744
11.928.726
12
10
18
5.177.845
12.318.028
192.346
5.186.522
12.318.028
(184.545)
5
211.947
(71.949)
12.463.722
11.308.737
61.453.103
79.509.595
26
(22.535.497)
19.503.355
17
38.917.606
(13.434.932)
99.012.950
(3.656.556)
25.482.674
95.356.394
-
6.278.763
9
(272.526)
(2.597)
11
12
(5.511.397)
(63.184)
(3.689.625)
(34.550)
11
271.428
615.919
12
31.602
-
27
(3.608.215)
(3.052.879)
(9.152.292)
115.031
(17.113.720)
(17.113.720)
(84.679.921)
(84.679.921)
(783.338)
10.791.504
‹fiLETME FAAL‹YETLER‹NDEN KAYNAKLANAN NAK‹T AKIMLARI /
CASH FLOWS FROM OPERATING ACTIVITIES
Net dönem kar›n› iflletme faaliyetlerinden elde edilen
nakit ak›m›na getirmek için yap›lan düzeltmeler: /
Adjustments to reconcile net income to net
cash provided by operating activities:
Maddi duran varl›klar›n amortisman› /
Depreciation of property, plant and equipment
Maddi olmayan duran varl›klar›n amortisman› /
Amortization of intangible assets
fierefiyenin amortisman› / Amortization of goodwill
K›dem tazminat› karfl›l›¤› / Change in provision for retirement pay
fiüpheli alacak karfl›l›¤›ndaki de¤iflim /
Allowance for doubtful receivables
Parasal (kay›p) / kazanç ile netlefltirilmifl vergi karfl›l›¤› /
Accrued taxation net of monetary gain/(loss)
‹flletme sermayesindeki de¤iflim öncesi faaliyetlerden elde edilen
nakit ak›m› / Operating profit before changes in working capital
‹flletme sermayesinde gerçekleflen de¤iflimler /
Changes in operating assets and liabilities
Faaliyetlerden elde edilen nakit /
Net cash provided by operating activities
Ödenen Kurumlar vergisi / Corporate tax paid
‹flletme faaliyetlerinden elde edilen nakit /
Net cash provided by operating activities
YATIRIM FAAL‹YETLER‹NDEN KAYNAKLANAN NAK‹T AKIMLARI /
CASH FLOWS FROM INVESTING ACTIVITIES
Al›m-sat›m amaçl› finansal varl›klardaki de¤iflim /
Change in held for trading investments (net)
Sat›lmaya haz›r finansal varl›k al›mlar› /
Purchase of available-for-sale investments
Maddi duran varl›k al›mlar› /
Purchases of property, plant and equipment
Maddi olmayan duran varl›k al›mlar› / Purchases of intangible assets
Sat›lan maddi duran varl›klar›n net defter de¤eri /
Net book value of property, plant and equipment disposed
Sat›lan maddi olmayan duran varl›klar›n net defter de¤eri /
Net book value of intangible assets disposed
Di¤er yat›r›m faaliyetlerinde gerçekleflen de¤iflim /
Changes in other investing activities
Yat›r›m faaliyetlerinde (kullan›lan) / elde edilen nakit /
Net cash (used in) / provided by investing activities
F‹NANSMAN FAAL‹YETLER‹NDEN KAYNAKLANAN NAK‹T AKIMLARI /
CASH FLOWS FROM FINANCING ACTIVITIES
Mali borçlardaki de¤iflim / Change in borrowings
Finansal faaliyetlerde kullan›lan nakit / Net cash used in financing activities
KASA VE BANKALARDAK‹ NET DE⁄‹fi‹M /
NET CHANGES IN CASH AND BANKS
DÖNEM BAfiI KASA VE BANKALAR /
CASH AND BANKS AT THE BEGINNING OF YEAR
4
21.478.925
10.687.421
DÖNEM SONU KASA VE BANKALAR /
CASH AND BANKS AT THE END OF YEAR
4
20.695.587
21.478.925
52
31 ARALIK 2004 VE 2003 TAR‹HLER‹NDE
SONA EREN YILLARA A‹T KONSOL‹DE
MAL‹ TABLOLARA ‹L‹fiK‹N D‹PNOTLAR
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS FOR THE YEARS
ENDED 31 DECEMBER 2004 AND 2003
53
KONSOL‹DE MAL‹ TABLOLARA ‹L‹fiK‹N D‹PNOTLAR
(Tutarlar, aksi belirtilmedi¤i sürece Türk paras›n›n 31 Aral›k 2004’teki sat›n alma gücü ile Yeni Türk Liras› (YTL) olarak ifade edilmifltir.)
1. GRUBUN YAPISI VE FAAL‹YET ALANLARI
Turcas Petrol A.fi. Toplulu¤u (Grup), Turcas Petrol A.fi. (fiirket) ve hisselerinin tamam›na sahip bulundu¤u ba¤l›
ortakl›¤›, Marmara Petrol ve Rafineri ‹flleri A.fi.’den oluflmaktad›r.
Turcas Petrolcülük A.fi., 1988 y›l›nda Türkpetrol Holding ve Burmah-Castrol taraf›ndan kurulmufltur. 1996 y›l›nda,
Tabafl Petrolcülük A.fi. (“Tabafl”) Turcas Petrolcülük A.fi’nin herbiri 1.000 TL nominal de¤erli 1.677.946 adet
hissesini 139.681.436 ABD Dolar› karfl›l›¤›nda sat›n alarak %82,16 oran›nda ortak olmufltur.
30 Eylül 1999 tarihi itibariyle Tabafl, Türk Ticaret Kanunu’nun 451. ve Kurumlar Vergisi Kanunu’nun 37-39.
maddeleri uyar›nca Turcas Petrolcülük A.fi. ile birleflmifltir. Bu birleflmenin sonucu olarak; Turcas Petrolcülük
A.fi.’nin tüm aktif ve pasifi Tabafl’a devrolmufl ve Turcas Petrolcülük A.fi. feshedilmifltir. Ayn› tarih itibariyle Tabafl
Petrolcülük A.fi.’nin ticari ünvan› Turcas Petrol A.fi. olarak de¤ifltirilmifltir.
fiirket’in faaliyet konusu; her türlü petrol ve petrol ürünlerinin al›m›, sat›m›, ihrac› ve ithali ile da¤›t›m›d›r.
fiirket 1996 y›l›nda Marmara Petrol ve Rafineri ‹flleri A.fi.’nin (“Marmara”) hisselerinin %100’ünü sat›n alm›flt›r. 1958
y›l›nda kurulan Marmara’n›n Anadolu Tasfiyehanesi A.fi.’deki (“ATAfi”) %5 ortakl›¤› d›fl›nda bir faaliyeti ve çal›flan
personeli yoktur. Mersin’de kay›tl› bulunan ATAfi, Türk Kanunlar›’n›n hükümlerince kurulmufltur. ATAfi’›n ana
faaliyeti ifltirakçi flirketler yarar›na petrol rafine etmektir. ATAfi’›n faaliyet giderleri ve vergileri ifltirakçi firmalar
taraf›ndan yüklenilmekte ve ifltirakçiler ATAfi’a bu amaçla dönemsel olarak nakit kaynak sa¤lamaktad›rlar. Petrol
Kanunu hükümleri uyar›nca ATAfi’›n tüm haklar› ifltirakçi flirketlerin hissedarlar›na verilmifltir.
fiirket Yönetim Kurulu’nun 7 Haziran 2004 tarihinde alm›fl oldu¤u karar ile fiirket’in ba¤l› ortakl›¤› Marmara Petrol
ve Rafineri ‹flleri A.fi.’nin Rafineri Belgesini di¤er ATAfi ortaklar› ile birlikte Petrol ‹flleri Genel Müdürlü¤ü’ne iade
etmesi, ATAfi’›n rafineri faaliyetlerine son vermesi ve ATAfi’a bir terminal lisans› almak üzere müracaat edilmesi
hususunda fiirket Yönetimine talimat verilmesine karar verilmifl olup gerekli müracaatlar yap›lm›flt›r.
2. KONSOL‹DE MAL‹ TABLOLARIN HAZIRLANMA ESASLARI
Konsolide mali tablolar›n haz›rlanmas›ndaki esaslar:
Ekli konsolide mali tablolar Uluslararas› Finansal Raporlama Standartlar›’na (“UFRS“) uygun bir flekilde
haz›rlanm›flt›r. fiirket ve ba¤l› ortakl›¤›; defterlerini ve kanuni mali tablolar›n› Türk Ticaret Kanunu ve vergi
mevzuat›nca belirlenen muhasebe ilkelerine uygun olarak tutmakta ve haz›rlamaktad›rlar. Ekli mali tablolar
konsolide edilen flirketlerin yasal kay›tlar›na Uluslararas› Muhasebe Standartlar› Kurulu taraf›ndan yay›mlanan
UFRS’ye uygun düzeltmeler ve s›n›flama maddelerini ve ayr›ca Türk Liras›n›n sat›n alma gücündeki de¤iflimi mali
tablolara yans›tan düzeltmeleri içermektedir.
Turcas Petrolcülük A.fi.’nin Tabafl taraf›ndan sat›n al›nmas› “sat›n alma yöntemi” kullan›larak
muhasebelefltirilmifltir. Sat›n alma sonucunda elde edilen aktif ve pasifler, sat›n alma iflleminin gerçekleflti¤i
tarihteki gerçek de¤erleri kullan›larak mali tablolara yans›t›lm›flt›r.
SPK, 15 Kas›m 2003 tarihinde Seri XI No: 25 say›l› “Sermaye Piyasas›nda Muhasebe Standartlar› Hakk›nda Tebli¤”i
yay›mlam›fl bulunmaktad›r. Bu Tebli¤, 1 Ocak 2005 tarihinden sonra sona eren ilk ara mali tablolardan geçerli
olmak üzere yay›m› tarihinde yürürlü¤e girmifltir. Bununla birlikte, dileyen iflletmeler 31 Aral›k 2003 veya izleyen
tarihler itibariyle sona eren y›ll›k veya ara hesap dönemlerinden bafllamak üzere Seri XI No: 25 say›l› Tebli¤
hükümlerini uygulayabilecektir.
Sözkonusu Tebli¤’in Otuzdördüncü K›s›m - Genel Hükümler, mali tablo yükümlülüklerine iliflkin geçici birinci
maddesinde belirtildi¤i üzere, UFRS’ye göre mali tablo ve raporlar›n düzenlenmesi ve kamuya aç›klanmas›, Seri XI
No: 25 say›l› Tebli¤’de öngörülen mali tablo haz›rlama ve ilan yükümlülüklerinin yerine getirilmesi hükmündedir.
Buna istinaden Grup, 31 Aral›k 2003 tarihinde sona eren hesap döneminden itibaren mali tablolar›n› UFRS’ye uygun
olarak haz›rlamay› ve kamuya aç›klamay› benimsemifltir.
54
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED 31 DECEMBER 2004 AND 2003
1. ORGANIZATION AND OPERATIONS OF THE GROUP
Turcas Petrol A.fi. Group (the “Group”) consists of Turcas Petrol A.fi. (the “Company”), and its wholly owned
subsidiary, Marmara Petrol ve Rafineri ‹flleri A.fi. (“Marmara“).
Turcas Petrolcülük A.fi. was established in 1988 by Türkpetrol Holding and Burmah-Castrol. In 1996, Tabafl
Petrolcülük A.fi. (“Tabafl”) purchased 1.677.946 shares in Turcas Petrolcülük A.fi. of one thousand TL nominal value
each, for USD 139.681.436, resulting in an ownership of 82,16%.
On 30 September 1999, Tabafl merged with Turcas Petrolcülük A.fi. in accordance with Turkish Commercial Code
Article No: 451 and Corporate Tax Law Article No: 37-39. As a result of the merger, the assets and liabilities of
Turcas Petrolcülük A.fi. were transferred to Tabafl, Turcas Petrolcülük A.fi. dissolved and the commercial title of
Tabafl was changed to Turcas Petrol A.fi.
The Company is engaged in purchasing, selling, importing, exporting, and distributing all kinds of fuel products
and lubricants.
In 1996, the Company acquired 100% of Marmara, which was established in 1958. Marmara has no employees and
no activities other than 5% ownership of Anadolu Tasfiyehanesi A.fi. (“ATAfi”). Atafl is incorporated under Turkish
Law and registered in Mersin, Turkey. Its sole activity is the refining of oil on behalf of the participating
companies, to whom all operating expenses and income taxes are charged, and who are required to make cash
advances periodically for this purpose. The rights of Atafl under the petroleum law are vested in the refinery
companies of the participant shareholders.
The Board of Directors of the Company decided on 7 June 2004, to instruct the Board of Marmara Petrol ‹flleri A.fi.
to join the ATAfi partners in returning the Refinery Certificate to the DGPA, to have ATAfi cease refining
operations and to have ATAfi apply for a Terminal License. The necessary applications were made.
2. BASIS OF THE CONSOLIDATED FINANCIAL STATEMENTS
Basis of preparation of consolidated financial statements:
The accompanying consolidated financial statements have been prepared in accordance with International
Financial Reporting Standards (“IFRS”). The Company and its subsidiary maintain their books of account and
prepare their statutory financial statements in accordance with accounting principles in the Turkish Commercial
Code and tax legislation. The accompanying consolidated IFRS financial statements are based on the statutory
records, with adjustments and reclassifications, including restatement for the changes in the general purchasing
power of the Turkish Lira, for the purpose of fair presentation in accordance with Statements of IFRS issued by the
International Accounting Standards Board.
The acquisition of Turcas Petrolcülük A.fi. by Tabafl is accounted for by using the purchase method of accounting.
The assets and liabilities recognized as a result of the purchase are measured at the fair value of identifiable assets
and liabilities acquired as at the date of the exchange transaction.
On 15 November 2003 Capital Market Board ("CMB") has published Decree XI/25 named “Bulletin about Capital
Market Accounting Standards”. The Bulletin will be effective for the first interim financial statements after 1
January 2005. However, enterprises may early adopt the standards of the Decree XI/25 for the years ending on 31
December 2003 or after.
As explained in the 34th Article - General Regulations, temporary clause No: 1 about the financial statement’s
obligations of the Decree, preparing and publishing the financial statements and reports in accordance with
International Financial Reporting Standards is in compliance with the financial statements preparation and
publishing regulations anticipated in Decree XI/25. Based on this, the Group has chosen to prepare and publicly
announce its financial statements in accordance with International Financial Reporting Standards after 31
December 2003.
55
Enflasyon muhasebesi:
Bilanço tarihi itibariyle, Türk Liras›’n›n genel sat›n al›m gücündeki de¤iflmeler nedeniyle yap›lan düzeltmelerde,
Uluslararas› Muhasebe Standart› (“UMS”) 29 (“Hiperenflasyonist Ekonomilerde Finansal Raporlama”) esas
al›nm›flt›r.
UMS 29, hiperenflasyonist ekonomilerin para birimi ile haz›rlanan mali tablolar›n bilanço tarihindeki ölçüm
biriminden gösterilmesini ve genel fiyat endeksinin kullan›larak daha önceki dönemlere ait bakiyelerin de ayn›
birimden gösterilmesini öngörmektedir. UMS 29’un uygulanmas›n› gerektiren durumlardan biri, üç y›ll›k kümülatif
enflasyon oran›n›n, yaklafl›k %100 veya üzerinde olmas›d›r. Türkiye’de Devlet ‹statistik Enstitüsü (“D‹E”)
taraf›ndan yay›mlanan toptan eflya fiyat endeksi (“TEFE”) baz al›nd›¤›nda söz konusu kümülatif oran 31 Aral›k 2004
tarihiyle sona eren üç y›ll›k dönem için %69,7 olmufltur.
Bunun d›fl›nda, fiyat endekslerinde yukar›da belirtilen düzeyde art›fl olmamakla beraber, halk›n tasarruflar›n›
a¤›rl›kl› olarak yabanc› para cinsinden tutmas›, mal ve hizmet fiyatlar›n›n yabanc› para birimi üzerinden
belirlenmesi, faiz oranlar›n›n, ücret ve fiyatlar›n genel fiyat endekslerine ba¤lanmas›, k›sa vadeli ifllemler de
dahil sat›n alma gücündeki kay›plar› karfl›lamak için fiyatlar›n vade fark› konularak belirlenmesi gibi yüksek
enflasyon emarelerinin mevcut bulunmas› sebebiyle ekli mali tablolar enflasyona göre düzeltilmifltir.
Enflasyona göre yap›lan düzeltmeler, D‹E taraf›ndan yay›mlanan toptan eflya fiyat endeksi kullan›larak bulunan
katsay›lar esas al›narak hesaplanm›flt›r. 31 Aral›k 2004 tarihi itibariyle ekte sunulan mali tablolar›n düzeltilmesinde
kullan›lan söz konusu endeks ve katsay›lar afla¤›da belirtilmifltir:
Endeks
4.951,70
6.478,80
7.382,10
8.403,80
31 Aral›k 2001
31 Aral›k 2002
31 Aral›k 2003
31 Aral›k 2004
Katsay›
1,6972
1,2971
1,1384
1,0000
Türk Liras›’n›n Amerikan Dolar› karfl›s›ndaki y›ll›k de¤ifliminin, Türkiye’deki TEFE ile karfl›laflt›r›lmas› afla¤›daki
gibidir:
Y›llar:
ABD Dolar› devalüasyon oran›
TEFE
2004
(%3,9)
%13,8
2003
(%14,6)
%13,9
2002
%13,5
%30,8
2001
%114,3
%88,6
31 Aral›k 2004 tarihi itibariyle Türkiye Cumhuriyet Merkez Bankas› taraf›ndan aç›klanan dolar kuru 1 ABD Dolar› =
1,3421 YTL’dir (31 Aral›k 2003: 1 ABD Dolar› = 1,3958 YTL).
UMS 29 endeksleme ifllemlerinin ana hatlar› afla¤›daki gibidir:
• Bilanço tarihi itibariyle cari sat›nalma gücü ile gösterilenler d›fl›ndaki tüm kalemler ilgili TEFE katsay›lar›
kullan›larak endekslenmifltir. Önceki y›llara ait tutarlar da yine ayn› flekilde endekslenmifltir.
• Parasal aktif ve pasif kalemler, bilanço tarihinde cari olan sat›n alma gücü ile ifade edildiklerinden endekslemeye
tabi tutulmam›fllard›r. Parasal kalemler nakit para ve nakit olarak al›nacak veya ödenecek kalemlerdir.
• Parasal olmayan aktif ve pasifler sat›n alma veya ilk kayda al›nma tarihinden bilanço tarihine kadar olan süre
içerisinde genel fiyat endeksinde meydana gelen de¤iflikliklerin al›m maliyetlerine ve birikmifl amortisman
tutarlar›na yans›t›lmas› suretiyle yeniden ifade edilmifltir. Böylece sabit k›ymetler, ifltirakler ve benzeri aktifler
piyasa de¤erlerini geçmeyecek flekilde al›m de¤erleri üzerinden endekslenmifltir. Amortismanlar da benzeri flekilde
yeniden düzeltilmifllerdir. Özkaynaklar›n içerisinde yeralan tutarlar, bu tutarlar›n flirkete kat›ld›¤› veya flirket
içerisinde olufltu¤u dönemlerdeki genel fiyat endekslerinin uygulanmas› neticesinde yeniden düzeltilmifltir.
• Gelir tablosunda yeralan tüm kalemler, gelir ve gider hesaplar›n›n mali tablolara ilk olarak yans›t›ld›klar› dönemler
üzerinden hesaplanan katsay›lar ile endekslenmifllerdir.
• Net parasal pozisyon üzerinden genel enflasyon neticesinde oluflan kazanç veya kay›p, parasal olmayan aktiflere,
özkaynak kalemlerine ve gelir tablosu hesaplar›na yap›lan düzeltmelerin fark›d›r. Net parasal pozisyon üzerinden
hesaplanan bu kazanç veya kay›p net kara dahil edilmifltir.
56
Inflation accounting:
Restatement adjustments have been made to the financial statements of the Company and its subsidiary to
compensate for the effect of changes in the general purchasing power of the Turkish Lira, as of the balance sheet
date, in accordance with International Accounting Standard No. 29 “Financial Reporting in Hyperinflationary
Economies” (“IAS 29”).
IAS 29 requires that financial statements prepared in the currency of a hyperinflationary economy be stated in
terms of the measuring unit current at the balance sheet date and the corresponding figures for previous periods
be restated in the same terms. One characteristic that necessitates the application of IAS 29 is a cumulative threeyear inflation rate approaching or exceeding 100%. Such cumulative rate in Turkey exceeded 69,7% for the three
years ended 31 December 2004 based on the wholesale price index announced by the Turkish State Institute of
Statistics (“SIS”).
Although the three year cumulative inflation rate was below the rate indicated in the preceding paragraph, since
majority of the people keep their savings in foreign currencies, the prices of services and goods are set in terms
of foreign currencies, interest rates and wages are expressed in terms of the inflation indexes, and the market
prices are determined taking into account the losses due to the credit sales including the short-term transactions,
the economy shows the characteristics of a hyperinflationary environment and therefore the accompanying
financial statements were inflation adjusted.
The restatement was calculated by means of conversion factors derived from the Turkish countrywide wholesale
price index (“the WPI”) published by the SIS. Such index and the conversion factors used to restate the
accompanying consolidated financial statements as of the end of each period to 31 December 2004 are given
below:
Index
4.951,70
6.478,80
7.382,10
8.403,80
31 December 2001
31 December 2002
31 December 2003
31 December 2004
Conversion Factor
1,6972
1,2971
1,1384
1,0000
The annual change in the TL exchange rate against the US Dollar can be compared with the rates of general price
inflation in Turkey according to the WPI as set out below:
Years:
Currency deflation US $
WPI inflation
2004
(3,9%)
13,8%
2003
(14,6%)
13,9%
2002
13,5%
30,8%
2001
114,3%
88,6%
At 31 December 2004, the exchange rate announced by the Turkish Central Bank was TRY 1,3421 = USD 1
(31December 2003: TRY 1,3958 = USD 1).
The main guidelines for the IAS 29 restatement are as follows:
• All balance sheet amounts not already expressed in terms of the measuring unit current at the balance sheet date
are restated by applying a general price index, the WPI. Corresponding figures for previous periods are similarly
restated.
• Monetary assets and liabilities are not restated because they are already expressed in terms of the measuring unit
current at the balance sheet date. Monetary items are money held and items to be received or paid in money.
• Non-monetary assets and liabilities are restated by applying, to the initial acquisition cost and any accumulated
depreciation, the change in the general price index from the date of acquisition or initial recording to the balance
sheet date. Hence, property, plant and equipment, investments and similar assets are restated from the date of
their purchase, not to exceed their market value. Depreciation is similarly restated. The components of
shareholders’ equity are restated by applying the applicable general price index from the dates the components
were contributed or otherwise arose.
• All items in the statement of income are restated by applying the relevant conversion factors from the dates
when the income and expense items were initially recorded in the financial statements.
• The gain or loss on the net monetary position is the result of the effect of general inflation and is the difference
resulting from the restatement of non-monetary assets, shareholders’ equity and income statement items. The
gain or loss on the net monetary position is included in net income.
57
Yeni Türk Liras›:
5083 say›l› Türkiye Cumhuriyeti’nin Para Birimi Hakk›nda Kanun’un yürürlük tarihi 1 Ocak 2005 olarak belirlenmifl
olup, bu tarihten itibaren Türkiye Cumhuriyeti’nin yeni para birimi “Yeni Türk Liras›” (YTL) ve alt birimi ise “Yeni
Kurufl” (YKr) olarak tan›mlanm›flt›r. ‹lgili Kanun’un 2.maddesi ile Türk Liras› yeni para birimi olan Yeni Türk Liras›’na
dönüfltürülmüfl ve Türk Liras›’ndan alt› s›f›r kald›r›larak, bir milyon Türk Liras› eflittir bir Yeni Türk Liras› (1.000.000
TL= 1 YTL) de¤iflim oran›nda yeni bir de¤er getirilmifltir. Baflbakanl›k Sermaye Piyasas› Kurulu’nun MSD-10/832 43399 say›l› ve 1 Aral›k 2004 tarihli yaz›s›nda aç›kland›¤› üzere, 2005 y›l› içerisinde kamuya aç›klanacak olan hesap
dönemlerine iliflkin mali tablolar›n, karfl›laflt›rma amac›yla kullan›lacak olan bir önceki döneme ait finansal veriler
de dahil olmak üzere, YTL cinsinden sunulmas› gerekmektedir. Bu sebeple ekli
konsolide mali tablolar YTL cinsinden haz›rlanm›flt›r.
Konsolidasyon:
Konsolide mali tablolar, fiirket ve fiirket’in ba¤l› ortakl›¤› olan Marmara’n›n mali tablolar›n› kapsamaktad›r. Grup
içi sat›fl ve al›fllar, grup içi alacaklar ve borçlar ile grup içi ifltiraklerin elimine edilmesi için düzeltmeler yap›lm›flt›r.
Grubun direk veya dolayl› olarak %50’sinden fazlas›na ifltirak etti¤i veya oy hakk›na sahip olmas› nedeniyle
ifllemleri üzerinde kontrol yetkisine sahip oldu¤u ba¤l› ortakl›klar tam olarak konsolide edilmektedir. Grup, ba¤l›
ortakl›k konumundaki flirketin finansal ve operasyonel politikalar›n› yürütme gücüne sahip olmas› nedeniyle, ba¤l›
ortakl›¤›n faaliyet sonuçlar›ndan pay al›r. Grup ve konsolide edilen ba¤l› ortakl›klar› aras›nda gerçekleflen önemli
ifllemler ve bakiyeler konsolidasyon s›ras›nda yok edilir. %100’üne sahip olunmayan konsolide ba¤l› ortakl›klar›n,
özkaynaklar› ve net kar/zarar›ndaki üçüncü flah›slara ait paylar konsolide mali tablolarda az›nl›k pay› olarak
gösterilmektedir.
3. UYGULANAN MUHASEBE PRENS‹PLER‹N‹N ÖZET‹
Ekteki konsolide mali tablolar›n haz›rlanmas›nda kullan›lan önemli muhasebe prensipleri afla¤›daki gibidir:
a. ‹liflkili flirketler
Ekteki mali tablolarda fiirket’in hissedarlar›, konsolide olan ve olmayan Grup flirketleri, bunlar›n yöneticileri ve
iliflkili olduklar› bilinen di¤er gruplar, iliflkili flirketler olarak tan›mlanm›fllard›r.
b. Yat›r›mlar
Yat›r›mlar ilk kay›t tarihinde ifllem tarihi esas›na göre maliyet de¤erleri ile muhasebelefltirilmektedirler.
‹lk kay›t tarihinden sonraki raporlama dönemlerinde, Grubun vade sonuna kadar elinde tutma niyet ve gücü olan
yat›r›mlar, iskonto edilmifl maliyet de¤erleri üzerinden de¤er düflüklü¤ü dikkate al›narak de¤erlenir.
Vade sonuna kadar elde tutulacaklar haricinde kalan yat›r›mlar al›m-sat›m amaçl› yat›r›mlar ve sat›lmaya haz›r
finansal varl›klar olarak s›n›flan›r ve bilanço tarihindeki rayiç de¤erleri ile de¤erlendirilirler. Al›m-sat›m amaçl›
finansal varl›klardan kaynaklanan gerçekleflmemifl kar ve zararlar dönem kar zarar›na yans›t›l›r. Sat›lmaya haz›r
finansal varl›klardan kaynaklanan gerçekleflmemifl kar ve zararlar ise, sat›fla ya da sürekli de¤er düflüklü¤üne karar
verilene kadar, özkaynaklar alt›nda muhasebelefltirilir ve sat›flta ya da de¤er düflüklü¤ünde daha önce özkaynaklar
içinde oluflan kümülatif kar zarar dönem kar zarar›na intikal ettirilir. Aktif bir piyasada oluflmufl piyasa fiyat›
olmayan ve di¤er de¤erleme yöntemleri kullan›larak piyasa de¤eri tespit edilemeyen sat›lmaya haz›r finansal
varl›klar ekli konsolide mali tablolarda endekslenmifl maliyet de¤erleri ile gösterilmifltir.
c. Ticari alacaklar
Ticari alacaklar, UMS 39 (“Finansal enstrümanlar: kayda alma ve de¤erleme”) kapsam›nda geçerli faiz oran› ile
iskonto edilmifl net gerçekleflebilir de¤erlerinden olas› flüpheli alacak karfl›l›klar› düflülmek suretiyle
gösterilmektedir. fiüpheli alacaklara iliflkin karfl›l›klar, Grup Yönetimi’nce tahsil edilemeyen alacaklar›n tutar›,
al›nan teminatlar, geçmifl tecrübeler ›fl›¤›nda ve mevcut ekonomik koflullar göz önünde bulundurularak
ayr›lmaktad›r. Tahsil edilemeyecek alacaklar, tahsil edilemeyecekleri anlafl›ld›¤› y›lda zarar kaydedilmektedir.
58
New Turkish Lira:
Law 5083 on Currency of Republic of Turkey, effective 1 January 2005, defines the currency as New Turkish Lira
(TRY) and the sub-currency as”New Kurufl” (YKr). Article 2 of the same law equates one million Turkish Lira to one
New Turkish Lira by omitting last six digits of Turkish Lira (1.000.000 TRL =1 TRY). Accompanying financial
statements, in accordance with CMB’s decree MSD-10/832 -43399, dated 1 December 2004 financial statements
that will be announced to the public in the year 2005 including prior period numbers included therein, will be
presented in TRY.
Consolidation:
The consolidated financial statements incorporate the financial statements of the Company and its subsidiary,
Marmara. Adjustments are made to eliminate intercompany sales and purchases, intercompany receivables and
payables and intercompany equity investments.
Entities in which the Company, directly or indirectly, has above 50% shareholding or interest of voting rights or
otherwise has power to exercise control over operations, have been fully consolidated. Control is achieved where
the Company has the power to govern the financial and operating policies of an investee enterprise so as to obtain
benefits from its activities. All significant transactions and balances between the Company and its consolidated
subsidiaries are eliminated on consolidation. In cases where the consolidated entities are not 100% owned, the
shareholders’ equity and net income which belong to third party shareholders are separately disclosed as minority
interest.
3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The significant accounting policies used in the preparation of the accompanying consolidated financial statements
are as follows:
a. Related parties
For the purpose of the accompanying consolidated financial statements, shareholders of the Company and related
companies, consolidated subsidiary, and the companies related to those companies, their directors and key
management personnel and any groups to which they are known to be related, are considered and referred to as
related companies.
b. Investments
Investments in securities are recognized on a trade-date basis and are initially measured at cost.
At subsequent reporting dates, debt securities that the Group has the expressed intention and ability to hold to
maturity (held-to-maturity debt securities) are measured at amortized cost, less any impairment loss recognized to
reflect irrecoverable amounts.
Investments other than held-to-maturity debt securities are classified as either held for trading or available-for-sale
and are measured at subsequent reporting dates at fair value. Where securities are held for trading purposes,
unrealized gains and losses are included in net profit or loss for the period. For available-for-sale investments,
unrealized gains and losses are recognized directly in equity, until the security is disposed of or is determined to
be impaired, at which time the cumulative gain or loss previously recognised in equity is included in the net profit
or loss for the period. Trading and available-for-sale investments that do not have a quoted market price in an
active market and for which other methods of reasonably estimating fair value are clearly inappropriate or
unworkable are carried at restated cost in the accompanying consolidated financial statements.
c. Trade receivables
Trade receivables are carried at anticipated realizable value that is the net of trade receivables measured at
amortized cost method using the effective interest rate in accordance with IAS 39 (“Financial Instruments:
recognition and measurement”) and allowance for doubtful receivables. The allowance for doubtful receivables is
based on management’s evaluation of the receivables, including such factors as the volume type of receivable
outstanding, collateral obtained, past experience and economic conditions. Bad debts are written-off during the
year in which they are identified.
59
d. Stoklar›n de¤erlemesi
Stoklar a¤›rl›kl› ortalama maliyet yöntemine göre maliyetin ya da net gerçekleflebilir de¤erin (piyasa de¤erinden
sat›fl giderlerinin düflülmesi yoluyla hesaplanan de¤er) düflük olan› ile de¤erlenmektedir.
e. Maddi duran varl›klar
Maddi duran varl›klar›n tarihi maliyetleri sat›nalma tarihinden itibaren enflasyona göre düzeltilmifltir.
Amortisman, s›n›rs›z kullan›m ömrü olan arsalar hariç, sabit k›ymetlerin enflasyona göre düzeltilmifl de¤erleri
üzerinden ve normal amortisman metoduna göre hesaplanm›flt›r . Maddi duran varl›klar afla¤›daki sürelerde itfa
edilmektedirler:
Binalar
Yeralt› ve yerüstü düzenleri
Makina ve cihazlar
Tafl›tlar
Döfleme ve demirbafllar
Özel maliyetler
50 y›l
5-10 y›l
5-10 y›l
5 y›l
5-10 y›l
5 y›l
Maddi duran varl›k sat›fllar›ndan elde edilen kar ve zararlar, mali tablolarda enflasyona göre düzeltilerek ilgili gelir
ve gider hesaplar›na dahil edilmifltir.
Maddi duran varl›klar›n tamir, bak›m ve onar›m› için harcanan tutarlar gider kaydedilmektedir.
f. Maddi olmayan duran varl›klar
Maddi olmayan duran varl›klar marka kullanma haklar›n› ve di¤er haklar› içermektedir ve düzeltilmifl
maliyetlerinden ilgili birikmifl amortismanlar›n düflülmesi sonucunda oluflan de¤erleri ile gösterilirler.
Maddi olmayan duran varl›k amortismanlar› konsolide gelir tablosuna ilgili varl›klar›n tahmini ekonomik ömürleri
üzerinden normal amortisman yöntemi kullan›larak hesaplanmas› sonucu yans›t›l›rlar. Bu varl›klar›n tahmini
ekonomik ömürleri befl ile onbefl y›l aras›ndad›r.
g. Varl›klar›n de¤er kayb›
Ertelenmifl vergi aktifi ve finansal varl›klar d›fl›ndaki tüm uzun vadeli varl›klar, UMS 36’ya göre (“Varl›klar›n De¤er
Kayb›”) incelenmektedir. UMS 36 uyar›nca, bir varl›¤›n kay›tl› de¤eri, tahmini ikame de¤erinden büyük ise de¤er
düflüklü¤ü karfl›l›¤› ay›rmak gerekmektedir. ‹kame de¤eri, varl›¤›n net sat›fl de¤eri ile kullan›m de¤erinden yüksek
olan› olarak kabul edilir. Kullan›m de¤eri, varl›¤›n sürekli kullan›m› sonucu gelecekte elde edilecek tahmini nakit
girifllerinin ve kullan›m ömrü sonundaki sat›fl de¤erinin toplam›n›n bugünkü de¤eridir.
h. Borçlanma giderleri
Kullan›ma ve sat›fla haz›r hale getirilmesi önemli ölçüde zaman isteyen varl›klar söz konusu oldu¤unda, sat›n
al›nmas›, yap›m› veya üretimi ile direkt iliflki kurulabilen faiz giderleri, ilgili varl›k kullan›ma veya sat›fla haz›r hale
getirilene kadar maliyetine dahil edilmektedir.
Di¤er tüm finansman giderleri, olufltuklar› dönemlerde gelir tablosuna kaydedilmektedir.
i. Vergi ve ertelenmifl vergiler
Türk Vergi Kanunu ana flirket ve ba¤l› ortakl›klar›n›n konsolide bir vergi beyannamesi doldurmas›na izin
vermemektedir. Dolay›s›yla, ekteki mali tablolarda yans›t›lan vergi karfl›l›klar› konsolide edilen flirketleri ayr› tüzel
kiflilik baz›nda dikkate alarak hesaplanm›flt›r.
Mali tablolarda yer alan gelir vergileri, cari y›l vergisi ile ertelenmifl vergilerdeki de¤iflimi içermektedir. Grup, UMS
12’ye (“Vergilendirme”) (yeniden düzenlenmifl) uygun olacak flekilde, dönem sonuçlar› üzerinden cari ve ertelenmifl
vergileri hesaplamaktad›r.
60
d. Inventory valuation
Inventories are stated at the lower of cost or net realizable value (market value less sales expenses). Inventories
are valued with the weighted average method.
e. Property, plant and equipment
Property, plant and equipment which are carried with historical costs are adjusted beginning from their purchase
dates. Property, plant and equipment except land that is deemed to have indefinite life are depreciated principally
on a straight-line basis on their inflation adjusted amounts. Property, plant and equipment are depreciated over
the following useful lives:
Buildings
Land improvements
Machinery and equipment
Vehicles
Furnitue and fixtures
Leasehold improvements
50 years
5-10 years
5-10 years
5 years
5-10 years
5 years
Gains or losses on disposal of property, plant and equipment with respect to their inflation adjusted amounts are
included in the related income and expense accounts, as appropriate.
Expenses for the maintenance and repair of property, plant and equipment are normally charged against income.
f. Intangible assets
Intangible assets represent trade names and other rights and are stated indexed historical cost net of accumulated
depreciation.
Amortization is charged to statement of income on a straight-line basis over the estimated useful lives of
intangible assets. The estimated useful lives are five to fifteen years.
g. Impairment of assets
Long-term assets other than deferred tax assets and financial assets are tested for impairment according to the
provisions of IAS 36 (“Impairment of Assets”). IAS 36 requires an impairment loss to be recognized whenever the
carrying amount of an asset exceeds its recoverable amount. Recoverable amount of an asset is the higher of an
asset’s net selling price and its value in use. Value in use is the present value of estimated future cash flows
expected to arise from the continuing use of an asset and from its disposal at the end of its life.
h. Borrowing costs
Interest expenses directly attributable to the acquisition, construction or production of qualifying assets, which
are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added
to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale.
All other borrowing costs are recorded in the income statement in the period in which they are incurred.
i. Taxation and deferred income taxes
Turkish tax legislation does not permit a parent company and its subsidiary to file a consolidated tax return.
Therefore, provisions for taxes, as reflected in the accompanying consolidated financial statements, have been
calculated on a separate-entity basis.
Taxes on income for the year comprise of current tax and the change in deferred taxes. The Group accounts for
current and deferred taxation on the results for the period, in accordance with IAS 12 (“Income Taxes”) (Revised).
61
Haz›rlanan mali tablolarda, Grubun y›l sonu itibariyle dönem sonuçlar›na dayan›larak tahmin edilen Kurumlar
Vergisi yükümlülü¤ü için karfl›l›k ayr›lmaktad›r. Kurumlar Vergisi yükümlülü¤ü dönem sonucunun kanunen kabul
edilmeyen giderler ve indirimler dikkate al›narak düzeltilmesinden sonra bulunan matrah üzerinden
hesaplanmaktad›r.
Mali tablolarda yer alan gelir vergileri, cari y›l vergisi ile ertelenmifl vergilerdeki de¤iflimi içermektedir. fiirket, UMS
12’ye uygun olacak flekilde, dönem sonuçlar› üzerinden cari ve ertelenmifl vergileri hesaplamaktad›r.
Haz›rlanan mali tablolarda, fiirket’in y›l sonu itibariyle dönem sonuçlar›na dayan›larak tahmin edilen Kurumlar
Vergisi yükümlülü¤ü için karfl›l›k ayr›lmaktad›r. Kurumlar Vergisi yükümlülü¤ü dönem sonucunun kanunen kabul
edilmeyen giderler ve indirimler dikkate al›narak düzeltilmesinden sonra bulunan matrah üzerinden
hesaplanmaktad›r.
Ertelenmifl vergi aktifi ve pasifi, baz› gelir ve gider kalemlerin muhasebe ve vergisel aç›lardan farkl›
de¤erlendirilmeleri sonucunda ortaya ç›kan zamanlama farkl›l›klar›n› baz alarak, yükümlülük metoduna göre
hesaplanmaktad›r. Ertelenmifl vergi pasifi, oluflan vergilendirilebilir tüm zamanlama farkl›l›klar› için hesaplanmakta
olup, ertelenmifl vergi aktifi ise sadece ortaya ç›kacak bu aktifin itfa edilebilece¤i, vergilendirilebilir bir kar›n
gelecekte oluflmas› beklendi¤inde kay›tlara al›nmaktad›r.
Ertelenmifl vergi, varl›klar›n olufltu¤u veya yükümlüklüklerin yerine getirildi¤i dönemde geçerli olan vergi oranlar›
üzerinden hesaplan›r ve gelir tablosuna gider veya gelir olarak kaydedilir.
Ödenecek Kurumlar Vergisi tutarlar›, peflin ödenen Kurumlar Vergisi tutarlar›yla, iliflkili oldu¤undan
netlefltirilmektedir. Ertelenmifl vergi aktif ve pasifi de ayn› flekilde netlefltirilmektedir.
j. K›dem tazminat› karfl›l›¤›
Türkiye’de mevcut kanunlar ve toplu ifl sözleflmelerine göre k›dem tazminat›, emeklilik veya iflten ç›kar›lma
durumunda ödenmektedir. K›dem tazminat› karfl›l›¤› bilanço tarihi itibariyle buna hak kazanan bütün çal›flanlar›n
ifline son verilmesi varsay›m› ile ödenmesi gerekecek olan yükümlülü¤ün toplam tutar›d›r.
k. Yabanc› para ifllemleri
Grubun yasal kay›tlar›nda, yabanc› para cinsinden (YTL d›fl›ndaki para birimleri) muhasebelefltirilen ifllemler, ifllem
tarihindeki kurlar kullan›larak Yeni Türk Liras›’na çevrilmektedir. Bilançoda yer alan dövize ba¤l› varl›k ve borçlar
bilanço tarihinde geçerli olan kurlar kullan›larak Yeni Türk Liras›’na çevrilmifllerdir. Bu çevrimden ve dövizli
ifllemlerin tahsil ve tediyelerinden kaynaklanan kambiyo kar ve zararlar› gelir tablosunda yer almaktad›r.
l. Gelirler
Gelirler, teslimat›n gerçekleflmesi, gelir tutar›n›n güvenilir flekilde belirlenebilmesi ve ifllemle ilgili ekonomik
yararlar›n fiirket’e akmas›n›n muhtemel olmas› üzerine al›nan veya al›nabilecek bedelin rayiç de¤eri üzerinden
tahakkuk esas›na göre kay›tlara al›n›r. Net sat›fllar, mal sat›fllar›ndan iade ve sat›fl iskontolar›n›n düflülmesi suretiyle
bulunmufltur. Faiz gelirleri etkin faiz yöntemi esas›na göre temettü gelirleri ise temettü tahsil etme hakk›n›n ortaya
ç›kt›¤› tarihte gelir olarak kay›tlara al›nmaktad›r.
m. Kasa ve bankalar
Kasa ve bankalar, kasadaki nakit ve bankalardaki vadeli ve vadesiz hesaplardan oluflmaktad›r. Vadeli banka
mevduatlar› üzerindeki faiz gelir tahakkuku bilanço tarihi itibariyle iç verim oran›n› kullan›larak indirgenmifl
maliyet yöntemiyle hesaplanm›flt›r. Bilanço tarihi itibariyle tahakkuk etmifl ancak henüz tahsil edilmemifl faiz
tutarlar› kasa ve banka hesab›na dahil edilmifltir.
n. Finansal enstrümanlar
Gerçe¤e uygun de¤er, istekli al›c› ve sat›c›lar›n biraraya geldi¤i piyasalarda bir aktifin baflka bir varl›kla
de¤ifltirilebilece¤i veya bir taahhütün yerine getirilebilece¤i de¤erdir. Bir finansal enstrüman›n piyasa de¤eri, aktif
bir pazar›n mevcudiyeti durumunda, sat›fltan elde edilebilecek tutara veya sat›n almadan do¤abilecek borca eflittir.
62
Provision is made in the financial statements for the Company’s estimated liability to Turkish corporation tax on
its results for the year. The charge for current tax is based on the results for the year as adjusted for items, which
are non-assessable or disallowed.
Taxes on income for the year comprise of current tax and the change in deferred taxes. The Company accounts for
current and deferred taxation on the results for the period, in accordance with IAS 12.
Provision is made in the financial statements for the Company’s estimated liability to Turkish corporation tax on
its results for the year. The charge for current tax is based on the results for the year as adjusted for items, which
are non-assessable or disallowed.
Deferred tax assets and liabilities are recognized using the liability method in respect of material temporary
differences arising from different treatment of items for accounting and taxation purposes. Deferred tax liabilities
are recognized for all taxable temporary differences and deferred tax assets are only provided to the extent if it is
probable that taxable profit will be available against which the deductible temporary differences can be utilized.
Deferred tax is calculated at the tax rates that are expected to apply to the period when the asset is realized or the
liability is settled and charged or credited in the statement of income.
Prepaid corporation taxes and corporation tax liabilities are offset as they relate to income taxes levied by the
same taxation authority. Deferred tax assets and liabilities are also offset.
j. Retirement pay provision
Under Turkish law and union agreements, lump sum payments are made to employees retiring or involuntarily
leaving the Group. The total provision represents the vested benefit obligation as at the balance sheet date.
k. Foreign currency transactions
In the statutory accounts of the Group companies, transactions in foreign currencies (currencies other than New
Turkish Lira) are translated into New Turkish Lira at the rates of exchange ruling at the transaction dates. Assets
and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the balance sheet
date. Gains and losses arising on settlement and translation of foreign currency items are included in the
statements of income.
l. Revenue recognition
Revenue is recognized on accrual basis over the amount obtained or to be obtained based on the assumption that
delivery is realized, the income can be reliably determined and the inflow of the economic benefits related with
the transaction to the Company is probable. Net sales are calculated after the sales returns and sales discounts are
deducted. Interest income is recorded on the basis of effective interest rate method and dividend income is
recorded when the right of dividend income emerges.
m. Cash and banks
Cash and banks include cash on hand and demand and time deposits with banks. Interest accrued on time deposits
are measured with amortized cost method using the effective interest rate. The interest amount accrued to date
but not received at the balance sheet date is included in cash and banks.
n. Financial instruments
Fair value is the amount for which an asset could be exchanged or a liability settled, between knowledgeable
willing parties in an arms length transaction. Market value is the amount obtainable from the sale or payable on
the acquisition of a financial instrument in an active market, if one exists.
63
Finansal enstrümanlar›n gerçe¤e uygun tahmini de¤eri Grup taraf›ndan piyasalara iliflkin bilgiler ve gerekli
de¤erleme yöntemleri kullan›larak belirlenmifltir. Ancak gerçe¤e uygun de¤erin belirlenmesinde kullan›lan piyasa
verilerinin yorumlanmas›na gerek duyulmaktad›r. Bu nedenle, bu raporda sunulan tahminler Grubun varl›klar›n›
elden ç›karmas› durumunda cari piyasa koflullar›nda elde edebilece¤i de¤erler olmayabilir.
Banka mevduatlar›, alacaklar, teminat mektuplar› ve akreditifler gibi flarta ba¤l› taahhütler ve vadeli al›m-sat›m
ifllemleri gibi di¤er türev enstrümanlar, karfl› taraf›n anlaflman›n flartlar›n› yerine getirememesi durumunda, Grup
finansal durumunu olumsuz yönde etkileyebilecek önemli finansal enstrümanlard›r.
Baz› finansal varl›klar›n maliyet de¤erine eflit olan kay›tl› de¤erlerinin, k›sa vadeli nitelikleri nedeniyle gerçe¤e
uygun de¤erlerine eflit oldu¤u varsay›lmaktad›r.
Afla¤›da her mali enstrüman›n gerçe¤e uygun tahmini de¤erlerini belirlemede kullan›lan yöntemler ve varsay›mlar
belirtilmifltir.
Kasa ve bankalar: Yabanc› para cinsinden olan kasa ve banka bakiyeleri dönem sonu kurundan de¤erlenmifllerdir.
Bilançodaki nakit ile bankadaki mevduat›n mevcut de¤eri, bu varl›klar›n gerçe¤e uygun tahmini de¤erleridir.
Yat›r›mlar: Borsalarda ifllem gören yat›r›mlar için gerçe¤e uygun de¤erler borsa rayiçleri veya piyasa de¤erleri
kullan›larak bulunur. Piyasa de¤eri bilinmeyenler için defter de¤eri gerçe¤e uygun tahmini de¤erleridir.
Ticari alacaklar ve ticari borçlar: Tahsili flüpheli alacaklar karfl›l›¤› sonras› ticari alacaklar ile ticari borçlar›n
bilançodaki mevcut de¤erleri, belirli kredi süreleri çerçevesinde tutulan alacak ve borçlar bugünkü de¤erlerine
indirgenmifl olanlar d›fl›nda, gerçe¤e uygun tahmini de¤erleridir.
‹liflkili flirketlerden alacaklar ve borçlar: ‹liflkili flirketlerden alacak ve borçlar›n bilanço de¤erleri, belirli kredi
süreleri çerçevesinde tutulan alacak ve borçlar bugünkü de¤erlerine indirgenmifl olanlar d›fl›nda, gerçe¤e uygun
tahmini de¤erleridir.
Kullan›lan krediler: Kullan›lan krediler, kullan›ld›klar› tarihte sabitlenen faiz oranlar›na tabidir. Ancak LIBOR art›
sabit bir oranla al›nan krediler daha sonra LIBOR’da geçerli olan faiz oranlar›ndaki dalgalanmalara göre de¤iflen faiz
oranlar›na tabidir. Banka kredileri elde edilen nakit tutar›ndan muhasebelefltirilirler. Finansman giderleri tahakkuk
esas›na göre muhasebelefltirilir ve olufltuklar› dönemde ödenmeyen k›s›m bilançodaki kredi tutar›na eklenir.
Grup, ola¤an faaliyetleri s›ras›nda akreditifler vb. gibi bilanço d›fl› riski bulunan finansal enstrümanlar
kullanmaktad›r. Grubun bu tür enstrümanlardan kaynaklanabilecek zararlar› söz konusu enstrümanlar›n sözleflme
tutarlar›na eflde¤erdir.
Tahsilat riski
Grubun tahsilat riski esas olarak ticari alacaklar›ndan do¤abilmektedir. Ticari alacaklar, Grup yönetimince geçmifl
tecrübeler ve cari ekonomik durum gözönüne al›narak de¤erlendirilmekte ve uygun oranda flüpheli alacak karfl›l›¤›
ayr›ld›ktan sonra bilançoda net olarak gösterilmektedir.
Fiyat riski
Grup, faaliyet konusu nedeniyle yabanc› para birimlerinin Türk Liras› karfl›s›ndaki de¤erlerinin de¤iflimlerine ba¤l›
olarak kur dalgalanmalar›na maruz kalmaktad›r. Grubun ithalatlar› ve al›nan kredilerin önemli bölümü yabanc› para
cinsinden yap›lmaktad›r. Kullan›lan kredilere iliflkin faiz oranlar›n›n bir bölümü piyasada oluflan faiz oranlar›na
paralel olarak de¤iflmektedir. Bu nedenle, Grup, iç ve d›fl piyasalarda faiz dalgalanmalar›na da maruz kalmaktad›r.
Grup, kur ve faiz risklerini s›n›rlamak amac›yla riskten kaç›nma araçlar›n› (hedging) kullanmamaktad›r.
Likidite riski
Grup genellikle k›sa vadeli finansal enstrümanlar›n› nakite çevirerek; örne¤in alacaklar›n› tahsil ederek, menkul
k›ymetlerini elden ç›kararak, kendisine fon yaratmaktad›r. Bu enstrümanlardan elde edilen tutarlar gerçe¤e uygun
de¤erleri ile kay›tlarda yer almaktad›r.
Grup gereken durumlarda, nakit ihtiyac›n› kreditörlerinden ve ortaklar›ndan kredi almak suretiyle sa¤lamaktad›r.
64
The estimated fair values of financial instruments have been determined by the Group using available market
information and appropriate valuation methodologies. However, judgment is necessarily required to interpret
market data to develop the estimated fair value. Accordingly, the estimates presented herein may not necessarily
be indicative of the amounts the Group could realize in a current market exchange.
Balances with banks, receivables, contingent liabilities like letters of guarantee and letters of credit are important
financial instruments which would have negative effects on the financial structure of the Group if the other party
failed to comply with the terms and conditions of the agreement.
The fair values of certain financial assets carried at cost are considered to be representative of carrying values due
to their short-term nature.
The following methods and assumptions were used to estimate the fair value of each class of financial instrument
for which it is practicable to estimate fair value.
Cash and bank balances: Cash and bank balances denominated in foreign currencies are translated at period-end
exchange rates. The carrying amounts of the remaining cash and bank balances are reasonable estimates of their
fair value.
Investments: Fair value is estimated using quoted market prices wherever applicable. For those where no market
price is available, the carrying amounts in the books are estimated to be their fair values.
Trade receivables and payables: Book values of the trade receivables along with the related allowances for
uncollectibility and trade payables balances are estimated to be their fair values, except receivables and payables
discounted to their present value when they hold significant credit periods.
Due to and from related parties: The carrying value of the due to and due from related parties are estimated to
be their fair value except receivables and payables discounted to their present value when they hold significant
credit periods.
Borrowings: Borrowings have interest rates that are fixed on an entry value basis. However, borrowings at LIBOR
plus mark up are subject to fluctuation in accordance with prevailing interest rates in the market. Interest-bearing
bank loans and overdrafts are recorded at the proceeds received. Finance charges are accounted for on an accrual
basis and are added to the carrying amount of the instrument to the extent they are not settled in the period in
which they arise.
The Group deals with financial instruments with off-balance sheet risk in the normal course of business such as
letters of credit, etc. The Group’s exposure to losses arising from these instruments is represented by the
contractual amount of those instruments.
Credit risk
The Group’s credit risk is primarily attributable to its trade receivables. Trade receivables presented in the balance
sheet are net of allowances for doubtful receivables, estimated by the Group’s management based on prior
experience and the current economic environment.
Price risk
The Group is exposed to exchange rate fluctuations between foreign currencies and Turkish Lira due to the nature
of its business. The majority of the Group’s imports and borrowings are in foreign currencies. Certain parts of the
interest rates related to borrowings are based on market interest rates, therefore the Group is exposed to interest
rate fluctuations on domestic and international markets. The Group does not have any hedging transactions to
limit currency and interest rate risks.
Liquidity risk
The Group is generally raising funds by liquidating its short-term financial instruments such as collecting its
receivables and disposing of investments in securities. The Group’s proceedings from these instruments generally
approximate their fair values.
The Group obtains funds from its bankers and its major shareholders, if short of liquidity.
65
o. fierefiye
fierefiye, Grubun sat›n ald›¤› varl›k için net aktif de¤erinin üzerinde bedel ödemesi durumunda konsolidasyon
s›ras›nda ortaya ç›kar. fierefiye, ekonomik ömür 15 y›l al›narak normal amortisman yöntemine tabi tutulur.
Dönemin amortisman giderleri ilgili dönemin Sat›fl ve Genel Yönetim Giderleri kaleminde gösterilmifltir.
p. Netlefltirme
Finansal varl›klar ve yükümlülükler, yasal olarak netlefltirme hakk› var olmas›, net olarak ödenmesi veya tahsilinin
mümkün olmas›, veya varl›¤›n elde edilmesi ile yükümlülü¤ün yerine getirilmesinin efl zamanl› olarak
gerçekleflebilmesi halinde, bilançoda net de¤erleri ile gösterilirler.
r. Muhasebe tahminleri
Mali tablolar›n UFRS’ye göre haz›rlanmas› s›ras›nda Yönetim’in, bilanço tarihi itibariyle mali tablolarda yer alan
varl›klar ve yükümlülüklerin bilanço de¤erlerini, bilanço d›fl› yükümlülüklere iliflkin aç›klamalar›, dönem içerisinde
oluflan gelir ve giderlerin tutarlar›n› etkileyebilecek tahmin ve varsay›mlarda bulunmas› gerekmektedir. Gerçek
sonuçlar, bu tahminlerden farkl›l›k gösterebilmektedir.
s. S›n›flamalar
Geçmifl y›l konsolide mali tablolar›nda cari dönemle tutarl› olarak sunulabilmesi amac›yla baz› s›n›flamalar
yap›lm›flt›r. Bu s›n›flamalar›n faaliyet sonuçlar›na ve özkaynaklara hiçbir etkisi yoktur.
t. Hisse bafl›na kar
2004 ve 2003 y›llar› için fiirket hisselerinin a¤›rl›kl› ortalamas› ve birim hisse bafl›na kar hesaplamalar› afla¤›daki
gibidir :
Tedavüldeki hisse senedinin a¤›rl›kl› ortalama adedi
(1YTL de¤erli hisse senedi için)
Net kar
2004
2003
26.330.233.183
26.330.233.183
19.435.471
39.024.076
0,74
1,48
Hisse bafl›na kar (1YTL de¤erli hisse senedi için)
4. KASA VE BANKALAR
Kasa
Vadesiz mevduatlar
Vadeli mevduatlar
Bloke mevduatlar
Tahsildeki çekler
66
31 Aral›k 2004
4.317
772.357
14.521.094
2.511
5.395.308
31 Aral›k 2003
13.349
2.313.494
16.498.647
679.523
1.973.912
20.695.587
21.478.925
o. Goodwill
Goodwill arises on consolidation in cases where the purchase consideration paid by the Company or its
consolidated subsidiaries exceeds the fair value of assets acquired. Goodwill is amortized on a straight-line method
with an economic life of 15 years. Amortization expense is recorded in the related periods to the general
administrative expenses.
p. Offsetting
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is a legally
enforceable right to set off the recognized amounts and there is an intention to settle on a net basis, or realize the
asset and settle the liability simultaneously.
q. Use of estimates
The preparation of financial statements in conformity with IFRS requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and
liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the
period. Actual results could differ from those estimates.
r. Reclassifications
Certain classifications have been made to the prior year financial statements to comply with the current year
presentation. Such reclassifications have no effect on the statement of income and shareholder equity.
t. Earnings per share
A summary of the weighted average number of shares outstanding during 2004 and 2003 and the basic earnings
per share calculation is as follows:
Weighted average number of shares outstanding
(1 share equals to 1TRY valued share)
Net profit
2004
2003
26.330.233.183
26.330.233.183
19.435.471
39.024.076
0,74
1,48
Earnings per share (1 share equals to 1TRY valued share)
4. CASH AND BANKS
Cash on hand
Demand deposits
Time deposits
Restricted deposits
Cheques in collection
31 December 2004
4.317
772.357
14.521.094
2.511
5.395.308
31 December 2003
13.349
2.313.494
16.498.647
679.523
1.973.912
20.695.587
21.478.925
67
31 Aral›k 2004 tarihi itibariyle vadeli mevduatlar›n detay› afla¤›daki gibidir:
Para cinsi
ABD Dolar›
Faiz oran›
%1,52 - %2,50
Vade
Ocak 2005
31 Aral›k 2004
14.521.094
31 Aral›k 2003 tarihi itibariyle vadeli mevduatlar›n detay› afla¤›daki gibidir:
Para cinsi
ABD Dolar›
YTL
Faiz oran›
%0,40-2,25
%20-26
Vade
Ocak 2004
Ocak 2004
31 Aral›k 2003
9.694.141
6.804.506
16.498.647
5.T‹CAR‹ ALACAKLAR (NET)
Ticari alacaklar
Alacak senetleri
Alacak senetleri reeskontu
Di¤er ticari alacaklar
fiüpheli ticari alacaklar
fiüpheli ticari alacaklar karfl›l›¤›
31 Aral›k 2004
6.636.510
64.966.821
(1.588.954)
583.124
1.561.600
(608.779)
31 Aral›k 2003
5.248.463
52.722.793
(793.006)
195.377
1.702.584
(396.832)
71.550.322
58.679.379
Gerçekleflmesi beklenmeyen tahsilatlar için karfl›l›k ayr›lm›flt›r. Bu karfl›l›k, geçmifl y›l deneyimlerine dayan›larak
hesaplanm›flt›r. fiüpheli alacaklar karfl›l›¤› hareketleri afla¤›daki gibidir:
1 Ocak itibariyle aç›l›fl bakiyesi
Tahsilatlar
Dönem gideri
Parasal kazanç
31 Aral›k itibariyle kapan›fl bakiyesi
2004
(396.832)
29.197
(289.390)
48.246
2003
(468.781)
209.794
(195.207)
57.362
(608.779)
(396.832)
Alacak senetleri etkin faiz yöntemi kullan›lmak suretiyle iskonto edilmektedir ve vade yap›lar› afla¤›daki gibidir:
30 güne kadar
30 gün ve üzeri
31 Aral›k 2004
62.928.818
2.038.003
31 Aral›k 2003
50.872.488
1.850.305
64.966.821
52.722.793
31 Aral›k 2004
6.192.895
189.578
68.493.143
74.878
31 Aral›k 2003
5.251.577
465.515
59.114.802
202.972
74.950.494
65.034.866
Grubun ticari alacaklar› için alm›fl oldu¤u teminatlar afla¤›daki gibidir:
Teminat mektuplar›
Senetler
‹potekler
Di¤er
68
The details of time deposits as of 31 December 2004 are as follows:
Currency
USD
Interest rate
1,52% - 2,50%
Maturity
January 2005
31 December 2004
14.521.094
Maturity
January 2004
January 2004
31 December 2004
9.694.141
6.804.506
The details of time deposits as of 31 December 2003 are as follows:
Currency
USD
TRY
Interest rate
0,40-2,25%
20-26%
16.498.647
5. TRADE RECEIVABLES (NET)
Trade receivables
Notes receivable
Discount on receivables
Other trade receivables
Doubtful trade receivables
Allowance for doubtful receivables
31 December 2004
6.636.510
64.966.821
(1.588.954)
583.124
1.561.600
(608.779)
31 December 2003
5.248.463
52.722.793
(793.006)
195.377
1.702.584
(396.832)
71.550.322
58.679.379
An allowance has been made for estimated irrecoverable amounts. This allowance has been determined by
reference to past default experience. Movements in the allowance for doubtful receivables are as follows:
Beginning balance at 1 January
Collections
Charge for the year
Monetary gain
Ending balance at 31 December
2004
(396.832)
29.197
(289.390)
48.246
2003
(468.781)
209.794
(195.207)
57.362
(608.779)
(396.832)
Notes receivables are discounted using the effective interest rate method and their maturity composition is as follows:
Within 30 days
30 days and more
31 December 2004
62.928.818
2.038.003
31 December 2003
50.872.488
1.850.305
64.966.821
52.722.793
31 December 2004
6.192.895
189.578
68.493.143
74.878
31 December 2003
5.251.577
465.515
59.114.802
202.972
74.950.494
65.034.866
The Group holds the following collaterals for the trade receivables:
Letters of guarantee
Notes
Mortgages
Others
69
6. ‹L‹fiK‹L‹ fi‹RKETLERLE OLAN BAK‹YELER VE ‹fiLEMLER
31 Aral›k 2004
31 Aral›k 2003
31.936
393.416
-
31.936
393.416
291.463
6.293
15.162
7.639
39.674
15.389
2.345
8.973
320.557
66.381
31 Aral›k 2004
31 Aral›k 2003
105.713.808
141.867
122.539.092
96.743
105.855.675
122.635.835
1.221.428
1.730.582
1.404.418
1.930
2.952.010
1.406.348
-
276.214
34.914
30.932
(175.206)
(6.595)
96.743
(15.389)
(181.801)
81.354
31 Aral›k 2004
663.152
3.297
28.452
25.022.259
504.529
292.325
31 Aral›k 2003
3.487.934
261.521
2.257.068
14.348.678
244.204
26.514.014
20.599.405
‹liflkili flirketlerden alacaklar
Atafl Anadolu Tasfiyehanesi A.fi.
Gerçek kifli ortaklar
‹liflkili flirketlere borçlar
Ambarl› Depolama Hizmetleri Ltd. fiti.
Conoco Ltd.
Gerçek kifli ortaklar
Gerçek kifli ortaklara ödenecek temettüler
‹liflkili flirketlere sat›fllar
fiirket ortaklar›na ait istasyonlara yap›lan sat›fllar
‹liflkili flirketlerden mal ve hizmet al›mlar›
fiirket ortaklar›
‹liflkili flirketlere ödenen faiz giderleri
Conoco Ltd.
‹liflkili flirketlerden temettü gelirleri
‹liflkili flirketlerden di¤er gelir ve giderler
Conoco Ltd.
7. STOKLAR
‹lk madde ve malzeme
Yar› mamüller
Mamüller
Ticari mallar
Verilen siparifl avanslar›
Di¤er stoklar
31 Aral›k 2004 tarihi itibariyle stoklar üzerindeki sigorta tutar› 14.407.444 YTL’dir (31 Aral›k 2003: 12.259.304 YTL).
70
6. BALANCES AND TRANSACTIONS WITH RELATED PARTIES
31 December 2004
31 December 2003
31.936
393.416
-
31.936
393.416
291.463
6.293
15.162
7.639
39.674
15.389
2.345
8.973
320.557
66.381
31 December 2004
31 December 2003
105.713.808
141.867
122.539.092
96.743
105.855.675
122.635.835
1.221.428
1.730.582
1.404.418
1.930
2.952.010
1.406.348
-
276.214
34.914
30.932
(175.206)
(6.595)
96.743
(15.389)
(181.801)
81.354
31 December 2004
663.152
3.297
28.452
25.022.259
504.529
292.325
31 December 2003
3.487.934
261.521
2.257.068
14.348.678
244.204
26.514.014
20.599.405
Due from related parties
Real person shareholders
Due to related parties
Conoco Ltd.
Real person shareholders
Dividend payable to real person shareholders
Sales to related parties
Sales to stations owned by the shareholders
Purchases from shareholders
Shareholders
Interest expense to related parties
Conoco Ltd.
Dividend income from related parties
Other income and expense from related parties
Conoco Ltd.
7. INVENTORIES
Raw materials
Work in process
Finished goods
Trade goods
Order advances given
Other inventories
As of 31 December 2004, the insurance covenance on inventories is 14.407.444 TRY. (31 December 2003:
12.259.304 TRY).
71
8. D‹⁄ER ALACAKLAR VE DÖNEN VARLIKLAR
Bayi kredileri (not 13)
Bayi kredileri reeskontu
Peflin ödenen giderler
Verilen ifl avanslar›
Di¤er
31 Aral›k 2004
385.382
(16.774)
1.612.490
654.523
180.773
31 Aral›k 2003
282.768
(1.250)
1.693.983
121.404
-
2.816.394
2.096.905
%
50
5
31 Aral›k 2003
10.174
5.264
9. SATILMAYA HAZIR F‹NANSAL VARLIKLAR
Atafl Anadolu Tasfiyehanesi A.fi. (“Atafl”)
%
50
5
31 Aral›k 2004
274.724
13.240
287.964
15.438
Ambarl› Depolama Hizmetleri Ltd. fiti. Grubun kontrolünde olmas›na ra¤men mali tablolar›n›n önemsizli¤i
nedeniyle konsolide edilmemifltir.
Sat›lmaya haz›r finansal varl›klar›n aktif bir piyasada oluflmufl piyasa fiyatlar› olmad›¤› ve di¤er de¤erleme
yöntemleri kullan›larak piyasa de¤erleri tespit edilemedi¤i için ekli konsolide mali tablolarda endekslenmifl maliyet
de¤erleri ile yer alm›fllard›r.
10. fiEREF‹YE (NET)
1996 y›l›nda, Marmara’n›n %100 hissesinin ve Turcas Petrolcülük A.fi.’nin %82,16 hissesinin al›m› sonucu ortaya
ç›kan flerefiye, bu flirketlerin hisselerinin elde etme maliyetlerinin net aktif toplam›n› aflan k›sm›ndan oluflmaktad›r.
fierefiye normal amortisman yöntemiyle 15 y›lda amorti edilmektedir.
2004 ve 2003 y›llar› için flerefiye hareket tablosu afla¤›daki gibidir:
1 Ocak 2003 itibariyle
Amortisman
31 Aral›k 2003 itibariyle
Amortisman
72
Maliyet Bedeli
184.770.425
Birikmifl
Amortisman
(79.324.491)
fierefiye (net)
105.445.934
-
(12.318.028)
(12.318.028)
184.770.425
(91.642.519)
93.127.906
-
(12.318.028)
(12.318.028)
184.770.425
(103.960.547)
80.809.878
8. OTHER RECEIVABLES AND CURRENT ASSETS
Dealer loans (note 13)
Discount on dealer loans
Prepaid expenses
Business advances given
Other
31 December 2004
385.382
(16.774)
1.612.490
654.523
180.773
31 December 2003
282.768
(1.250)
1.693.983
121.404
-
2.816.394
2.096.905
9. AVAILABLE-FOR-SALE INVESTMENTS
Atafl Anadolu Tasfiyehanesi A.fi. (“Atafl”)
%
50
5
31 December 2004
274.724
13.240
%
50
5
287.964
31 December 2003
10.174
5.264
15.438
Ambarl› Depolama Hizmetleri A.fi. although is under the control of the Group is not consolidated due to its
immateriality.
Trading and available-for-sale investments that do not have a quoted market price in an active market and for
which other methods of reasonably estimating fair value are clearly inappropriate or unworkable are carried at
restated cost in the accompanying consolidated financial statements.
10. GOODWILL (NET)
Goodwill consisting of direct acquisition of 100% ownership of Marmara and from the direct acquisition of 82,16%
of Turcas Petrolcülük A.fi. in 1996 and represents the excess of the total acquisition costs over the net assets of
these entities at the dates of acquisitions. Such goodwill is amortized on a straight-line basis over 15 years.
Movement in goodwill for the years 2004 and 2003 is as follows:
As of 1 January 2003
Amortization
As of 31 December 2003
Amortization
As of 31 December 2004
Cost
184.770.425
Accumulated
Amortization
(79.324.491)
Goodwill
(net)
105.445.934
-
(12.318.028)
(12.318.028)
184.770.425
(91.642.519)
93.127.906
-
(12.318.028)
(12.318.028)
184.770.425
(103.960.547)
80.809.878
73
74
net defter de¤eri
31 Aral›k 2003 itibariyle yap›lmakta
olan yat›r›mlar ve verilen avanslar
net defter de¤eri
31 Aral›k 2004 itibariyle yap›lmakta
olan yat›r›mlar ve verilen avanslar
1 Ocak 2004 aç›l›fl bakiyesi
Dönem gideri
Sat›fllar
31 Aral›k 2004 kapan›fl bakiyesi
Birikmifl amortismanlar
Al›mlar
Sat›fllar
Maliyet de¤eri
11. MADD‹ DURAN VARLIKLAR (NET)
4.698.916
4.850.115
-
4.698.916
151.199
4.850.115
Arazi ve
Arsalar
148.256
165.392
(12.582.800)
(77.458)
(12.660.258)
12.731.056
94.594
12.825.650
Yeralt› ve
Yerüstü
Düzenleri
8.017.835
7.808.960
(2.557.357)
(211.421)
(2.768.778)
10.575.192
2.546
10.577.738
Binalar
3.496.345
2.409.832
(27.383.505)
(2.282.176)
16.940
(29.648.741)
30.879.850
1.197.453
(18.730)
32.058.573
Tesis, Makina
ve Cihazlar
385.955
181.742
(2.370.191)
(218.148)
397.667
(2.190.672)
2.756.146
51.461
(435.193)
2.372.414
Tafl›tlar
284.685
197.307
(2.285.912)
(122.478)
78.216
(2.330.174)
2.570.597
36.156
(79.272)
2.527.481
Demirbafllar
179.286.768
6.814.655
(6.233.185)
179.868.238
Toplam
37.061.852
33.369.979
61.103.584
7.009.740
54.689.809
5.706.482
(78.013.159) (125.192.924)
(8.742.063) (11.653.744)
5.468.934
5.961.757
(81.286.288) (130.884.911)
115.075.011
5.281.246
(5.699.990)
114.656.267
‹stasyon
Malzemeleri
Net book value
31 December 2003
Construction in progress and advances given
balance as of 31 December 2003
Net book value
31 December 2004
Construction in progress and
advances given balance as
of 31 December 2004
Opening balance
1 January 2004
Charge for the year
Disposals
Closing balance 31 December 2004
Accumulated depreciation
Opening balance
1 January 2004
Additions
Disposals
Closing balance
31 December 2004
Acqusition cost
11. PROPERTY, PLANT AND EQUIPMENT (NET)
4.698.916
4.850.115
148.256
165.392
(12.582.800)
(77.458)
(12.660.258)
12.825.650
4.850.115
-
12.731.056
94.594
-
4.698.916
151.199
-
Land
Land Improvements
8.017.835
7.808.960
(2.557.357)
(211.421)
(2.768.778)
10.577.738
10.575.192
2.546
-
Buildings
3.496.345
2.409.832
(27.383.505)
(2.282.176)
16.940
(29.648.741)
32.058.573
30.879.850
1.197.453
(18.730)
Machinery and
Equipment
385.955
181.742
(2.370.191)
(218.148)
397.667
(2.190.672)
2.372.414
2.756.146
51.461
(435.193)
Vehicles
284.685
197.307
(2.285.912)
(122.478)
78.216
(2.330.174)
2.527.481
2.570.597
36.156
(79.272)
Furniture and
Fixtures
179.868.238
179.286.768
6.814.655
(6.233.185)
Totals
37.061.852
33.369.979
61.103.584
7.009.740
54.689.809
5.706.482
(78.013.159) (125.192.924)
(8.742.063) (11.653.744)
5.468.934
5.961.757
(81.286.288) (130.884.911)
114.656.267
115.075.011
5.281.246
(5.699.990)
Oil Station
Equipments
75
17 A¤ustos 1995 tarihinde BP Petrolleri A.fi.’nin Ambarl›’daki dolum tesislerinin Turcas Petrolcülük A.fi., Tabafl
Petrolcülük A.fi. ve Selyak Petrol Ürünleri Üretim ve Pazarlama A.fi. taraf›ndan ortaklafla kullan›lmas› için bu dört
flirket aras›nda bir sözleflme yap›lm›flt›r. Bu sözleflmeye göre, her bir flirket bu tesislerin ve üzerine kurulu olan
arazinin 1/4 oran›nda hissesine sahiptir. Bu nedenle Turcas Petrolcülük A.fi. ve Tabafl Petrolcülük A.fi., BP Petrolleri
A.fi.’ye toplam 4.612.890 ABD Dolar› avans vermifllerdir. Fakat bu arazinin sahipli¤i konusunda BP Petrolleri A.fi. ve
üçüncü flah›slar (yaklafl›k 600 ortak) aras›nda ç›kan bir ihtilaf dolay›s›yla, Turcas Petrolcülük A.fi. kendisine ait olan
baflka bir arazinin di¤er flirketlerce, bu ihtilaf çözülemedi¤i taktirde sat›n al›nmas› için BP Petrolleri A.fi. ve Selyak
Petrol Ürünleri Üretim ve Pazarlama A.fi.’nden toplam 1.000.000 ABD Dolar› avans alm›flt›r.
30 Eylül 1999 tarihi itibariyle Tabafl Petrolcülük A.fi., Turcas Petrolcülük A.fi.’yi tüm aktif ve pasifi ile birlikte devir
alm›flt›r. Ayn› tarih itibariyle Tabafl Petrolcülük A.fi.’nin ticari ünvan› Turcas Petrol A.fi. olarak de¤ifltirilmifltir.
Dolay›s›yla yukar›da belirtilen sözleflmeye konu arazi üzerinde fiirket’in sahiplik pay› 1/2’ye yükselmifltir.
31 Aral›k 2004 itibariyle haz›rlanan mali tablolarda verilen avanslar ve al›nan avanslar, yeniden de¤erlenmifl
tutarlar› üzerinden netlefltirilerek maddi duran varl›klar ve al›nan uzun vadeli siparifl avanslar› hesab›nda
gösterilmifltir. Davan›n sonuçland›r›labilmesi için 2001 y›l› içinde ortaklar aralar›nda 2003 y›l› A¤ustos ay›na kadar
süreyi uzatan ek bir mutabakat zapt› yapm›fllard›r. A¤ustos 2003’te BP Petrolleri A.fi. söz konusu olan arazinin
41.455,73 m2’lik k›sm›n› sat›n alm›flt›r. Geriye kalan 15.773,7 m2’lik k›s›m BP Petrolleri A.fi. taraf›ndan sat›n
al›nacakt›r. fiirket, buna müteakip verilen avans hesab›n› kapatacakt›r.
31 Aral›k 2004 tarihi itibariyle; yap›lmakta olan yat›r›mlar ve verilen avanslar hesaplar› 5.519.912 YTL tutar›nda BP
Petrolleri A.fi’ye verilen avanslardan ve 186.570 YTL tutar›ndaki yap›lmakta olan yat›r›mlardan oluflmaktad›r (31
Aral›k 2003: 6.535.475 YTL BP Petrolleri A.fi.’ye verilen avans ve 474.265 YTL tutar›ndaki yap›lmakta olan yat›r›m).
fiirket’in ba¤l› ortakl›klar›ndan Marmara Petrol ve Rafineri ‹flleri A.fi.’nin hisseleri T.Vak›flar Bankas› T.A.O.’ya
fiirket’in Barclays Bank Plc.’den kullanm›fl oldu¤u kredinin bir k›sm›na teminat olarak rehin edilmifltir. Buna ek
olarak; Marmara Petrol ve Rafineri ‹flleri A.fi.’ye ait Kocaeli ili Körfez ilçesinde bulunan akaryak›t dolum tesisi
15.000.000 YTL bedelle ayn› bankaya ipotek edilmifltir.
31 Aral›k 2004 tarihi itibariyle, maddi duran varl›klar üzerindeki sigorta tutar› 39.607.420 YTL’dir (31 Aral›k 2003:
142.167.459 YTL.)
12.MADD‹ OLMAYAN DURAN VARLIKLAR (NET)
Al›mlar
Sat›fllar
57.098.896
63.184
(117.347)
57.044.733
Birikmifl amortismanlar
Dönem gideri
Sat›fllar
(44.444.829)
(5.177.845)
85.745
(49.536.929)
31 Aral›k 2004 itibariyle net defter de¤eri
7.507.804
31 Aral›k 2003 itibariyle net defter de¤eri
12.654.067
Maddi olmayan duran varl›klar ticari ünvanlar›n kullan›lma, bilgisayar yaz›l›m, istasyon kurma haklar›ndan
oluflmaktad›r.
76
On 17 August 1995, an agreement was signed between Turcas Petrolcülük A.fi., Tabafl Petrolcülük A.fi., Selyak
Petrol Ürünleri Üretim ve Pazarlama A.fi. and BP Petrolleri A.fi. for jointly usage of Filling Establishment of BP
Petrolleri A.fi. in Ambarl› region. According to this agreement, each company has 1/4 shares on the land and other
assets. Accordingly, Tabafl Petrolcülük A.fi. and Turcas Petrolcülük A.fi. have given an advance to BP Petrolleri A.fi.
amounting to USD 4.612.890. However, due to a dispute related to the ownership of the land on which the
establishment was built, between BP Petrolleri A.fi. and the third parties (around 600 partners), Turcas Petrolcülük
A.fi. has made an agreement with the other three companies to sell its own land in Büyükçekmece region and
obtained USD 1.000.000 from BP Petrolleri A.fi. and Selyak Petrol Ürünleri Üretim ve Pazarlama A.fi.
Turcas Petrolcülük A.fi was taken over by Tabafl Petrolcülük A.fi with all its assets and liabilities as of 30 September
1999. The name of the company was changed to Turcas Petrol A.fi as of the merger date. Accordingly, ownership
portion of the Company on the above mentioned land has increased to 1/2.
In the financial statements as of 31 December 2003, the amount of advances given and advances received are
presented under property, plant and equipment and long-term advances received netted off from their revalued
costs. To finalise the dispute, shareholders made a side agreement in 2001 to extend the period till August 2003.
In August 2003, BP Petrolleri A.fi. has purchased 41.455,73 m2 of the land in question. The remaining 15.773,7 m2
will be purchased by BP Petrolleri A.fi. The Company will close its advance account following the purchase.
As of 31 December 2004, construction in progress and advances given balance is composed of TRY 5.519.912
advance given to BP Petrolleri A.fi. and TRY 186.570 construction in progress (31 December 2003: TRY 6.535.475
advance given to BP Petrolleri A.fi. and TRY 474.265 construction in progress).
The Company’s subsidiary, Marmara Petrol ve Rafineri ‹flleri A.fi. shares are pledged to T. Vak›flar Bankas› T.A.O.
with a pledge agreement against the guarantee given by T. Vak›flar Bankas› T.A.O. for some portion of the
Company’s loan obtained from Barclays Bank Plc. Additionally, depot of Marmara Petrol ve Rafineri ‹flleri A.fi.
located in Körfez district of Kocaeli is mortgaged to T. Vak›flar Bankas› T.A.O. by an amount of TRY 15.000.000
Property, plant and equipment are insured to the extent of TRY 39.607.420 as of 31 December 2004 (31 December
2003: TRY 142.167.459.)
12. INTANGIBLE ASSETS (NET)
Acquisition cost
Opening balance 1 January 2004
Additions
Disposals
57.098.896
63.184
(117.347)
57.044.733
Accumulated amortization
Opening balance 1 January 2004
Charge for the year
Disposals
(44.444.829)
(5.177.845)
85.745
(49.536.929)
Net book value as of 31 December 2004
7.507.804
Net book value as of 31 December 2003
12.654.067
Intangible assets comprise rights of usage of trade names, computer softwares and station establishment rights.
77
13. D‹⁄ER ALACAKLAR VE DURAN VARLIKLAR (NET)
Bayi kredileri
Bayi kredileri reeskontu
Di¤er alacak senetleri
Di¤er alacak senetleri reeskontu
Peflin ödenmifl giderler
Di¤er
31 Aral›k 2004
3.410.209
(1.755.751)
2.651.246
(1.706.682)
7.407.602
3.717
31 Aral›k 2003
3.317.906
(1.693.354)
2.871.584
(1.673.359)
3.998.985
14.937
10.010.341
6.836.699
31 Aral›k 2004
385.382
1.336.935
1.359.180
598.676
115.418
31 Aral›k 2003
282.768
1.035.311
1.294.140
817.432
171.023
3.795.591
3.600.674
‹stasyon sahiplerine verilen kredilerin vadeleri afla¤›daki gibidir:
1 y›la kadar (not 8)
1 - 5 y›l
6 - 10 y›l
11 - 15 y›l
16 - 20 y›l
Bayi kredileri, istasyon tamir, bak›m ve yenileme çal›flmalar› için istasyon sahiplerine yap›lan ödemeleri içerir.
14. MAL‹ BORÇLAR
K›sa vadeli banka kredileri
Uzun vadeli kredilerin k›sa vadeli anapara taksitleri ve faizleri
Di¤er
Toplam K›sa Vadeli Mali Borçlar
Uzun vadeli kredilerin uzun vadeli k›sm›
Toplam mali borçlar
31 Aral›k 2004
59.103.034
496
31 Aral›k 2003
16.018.822
33.720.182
-
59.103.530
49.739.004
5.368.400
31.846.646
64.471.930
81.585.650
31 Aral›k 2004
31 Aral›k 2003
59.103.530
5.368.400
49.739.004
31.846.646
64.471.930
81.585.650
Mali borçlar›n geri ödeme vadeleri afla¤›daki gibidir:
1 y›l içinde ödenecekler
1 – 2 y›l içinde ödenecekler
78
13. OTHER RECEIVABLES AND LONG-TERM ASSETS (NET)
Dealer loans
Discount on dealer loans
Other notes receivable
Discount on other notes receivable
Prepaid expenses
Others
31 December 2004
3.410.209
(1.755.751)
2.651.246
(1.706.682)
7.407.602
3.717
31 December 2003
3.317.906
(1.693.354)
2.871.584
(1.673.359)
3.998.985
14.937
10.010.341
6.836.699
31 December 2004
385.382
1.336.935
1.359.180
598.676
115.418
31 December 2003
282.768
1.035.311
1.294.140
817.432
171.023
3.795.591
3.600.674
The maturity of loans given to station owners is as follows:
Within one year (note 8)
1 - 5 years
6 - 10 years
11 - 15 years
16 - 20 years
Dealer loans comprise payments given to the station owners for repair, maintenance and renewal of stations.
14. BORROWINGS
Short-term bank loans
Current portion of long-term loans
Other
Total short-term borrowings
Long-term loans
Total borrowings
31 December 2004
59.103.034
496
31 December 2003
16.018.822
33.720.182
-
59.103.530
49.739.004
5.368.400
31.846.646
64.471.930
81.585.650
31 December 2004
59.103.530
5.368.400
31 December 2003
49.739.004
31.846.646
64.471.930
81.585.650
Analysis of loan repayments is as follows:
Within one year
Between one to two years
79
K›sa vadeli banka kredileri afla¤›dakilerden oluflmaktad›r:
Döviz Cinsi
YTL
ABD Dolar›
Faiz tahakkuklar›
Faiz Oran›
%22,00-%28,00
%3,26-%8,45
Döviz Miktar›
9.708.101
36.625.000
31 Aral›k 2004
9.708.101
49.154.413
240.520
59.103.034
Döviz Cinsi
ABD Dolar›
Faiz tahakkuklar›
Faiz Oran›
%5,72-%7,5
Döviz Miktar›
10.000.000
80.932
31 Aral›k 2003
15.980.219
128.603
16.018.822
Uzun vadeli kredilerin k›sa vadeli anapara taksit ve faizleri afla¤›dakilerden oluflmaktad›r:
Döviz Cinsi
ABD Dolar›
Faiz tahakkuklar›
Faiz Oran›
Libor + %0,2
Döviz Miktar›
21.083.333
137.384
31 Aral›k 2003
33.501.877
218.305
33.720.182
Uzun vadeli banka kredileri afla¤›dakilerden oluflmaktad›r:
Döviz Cinsi
ABD Dolar›
Faiz Oran›
%5,69
Döviz Miktar›
4.000.000
31 Aral›k 2004
5.368.400
Döviz Cinsi
ABD Dolar›
Faiz Oran›
%1,63 -%1,88
Döviz Miktar›
20.041.667
31 Aral›k 2003
31.846.646
fiirket’in ana hissedarlar›, 31 Aral›k 2004 tarihi itibariyle fiirket’in kendilerine ait olan hisselerinden nominal de¤eri
5.101.000 YTL olan hisseyi Türkiye Vak›flar Bankas› T.A.O. lehine, 701.000 YTL nominal de¤erli hisseyi Koçbank A.fi.
lehine rehin vermifltir (31 Aral›k 2003: 6.596.000 YTL Türkiye Vak›flar Bankas› T.A.O. lehine, 701.000 YTL Koçbank
A.fi. lehine).
31 Aral›k 2004 itibariyle, Grup 61.156.110 YTL tutar›ndaki müflteri çeklerini kulland›¤› çeflitli krediler için bankalara
teminat vermifltir. Buna ek olarak fiirket’in gerçek kifli hissedarlar›ndan Erdal Aksoy fiirket’in kulland›¤› krediler için
110.004.500 YTL ve 129.995.604 ABD Dolar› tutar›nda flahsi kefalet vermifltir.
15. T‹CAR‹ BORÇLAR
Ticari borçlar
31 Aral›k 2004
25.549.505
31 Aral›k 2003
26.325.021
31 Aral›k 2004 tarihi itibariyle ticari borçlar temel olarak, hammadde al›m› nedeniyle Tüprafl Türkiye Petrol
Rafinerileri A.fi.’ ye olan borçlardan oluflmaktad›r.
80
Short-Term bank loans consist of the following:
Currency Type
TRY
USD
Interest accruals
Interest Rate
22,00%- 28,00%
3,26%- 8,45%
Currency Amount
9.708.101
36.625.000
31 December 2004
9.708.101
49.154.413
240.520
59.103.034
Currency Type
USD
Interest accruals
Interest Rate
5,72%- 7,5%
Currency Amount
10.000.000
80.932
31 December 2003
15.980.219
128.603
16.018.822
Current portion of long-term bank loans consist of the following:
Currency Type
USD
Interest accruals
Interest Rate
Libor + 0,2%
Currency Amount
21.083.333
137.384
31 December 2003
33.501.877
218.305
33.720.182
Long-Term bank loans consist of the following:
Currency Type
USD
Interest Rate
5,69%
Currency Amount
4.000.000
31 December 2004
5.368.400
Currency Type
USD
Interest Rate
1,63% -1,88%
Currency Amount
20.041.667
31 December 2003
31.846.646
The company’s main shareholders pledged their own shares of the company as of 31 December 2004 amounting
to TRY 5.101.000 to Türkiye Vak›flar Bankas› T.A.O. and TRY 701.000 to Koçbank A.fi. (31 December 2003: TRY
6.596.000 on behalf of Türkiye Vak›flar Bankas› T.A.O. and TRY 701.000 on behalf of Koçbank A.fi.)
As of 31 December 2004, the Group has pledged customer cheques amounting to TRY 61.156.110 to the banks for
the various loans obtained. In addition, the Company’s shareholder, Erdal Aksoy has given personal surety
amounting to TRY 110.004.500 and USD 129.995.604 for the loans used by the Company.
15. TRADE PAYABLES
Trade payables
31 December 2004
25.549.505
31 December 2003
26.325.021
As at 31 December 2004 trade payables consist of dues to Tüprafl Türkiye Petrol Rafinerileri A.fi. as a result of raw
material purchases.
81
16. D‹⁄ER BORÇLAR VE G‹DER TAHAKKUKLARI
Al›nan avanslar
Ödenecek vergi ve harçlar
Ödenecek SSK primleri
Tahakkuk etmifl giderler
Di¤er tahakkuk ve yükümlülükler
Gelecek dönemlere ait gelirler
Di¤er
Gelecek dönemlere ait gelirlerin uzun vadeli k›sm›
Al›nan avanslar›n uzun vadeli k›sm›
31 Aral›k 2004
529.168
6.754.413
177.620
186.240
376.887
395.264
164
31 Aral›k 2003
628.756
9.238.516
167.929
220.914
429.085
393.205
-
8.419.756
11.078.405
1.320.799
671.050
1.491.319
935.103
1.991.849
2.426.422
Gelecek dönemlere ait gelirler, fiirket’in Mersin’deki LPG dolum tesislerini kiralamas› sonucu oluflan kira
gelirlerinden ve istasyonlara yerlefltirilen ATM Makinalar› karfl›l›¤›nda al›nan kira gelirinden oluflmaktad›r.
17. VERG‹
Ödenecek kurumlar vergisi:
Kurumlar vergisi karfl›l›¤›
Peflin ödenmifl vergi ve fonlar
Vergi karfl›l›¤›:
Kurumlar vergisi karfl›l›¤›
Ertelenmifl vergi (geliri) / karfl›l›¤›
31 Aral›k 2004
31 Aral›k 2003
15.085.194
(10.840.359)
6.251.129
(3.656.556)
4.244.835
2.594.573
2004
2003
15.085.194
(2.833.804)
6.251.129
4.225.034
12.251.390
10.476.163
Kurumlar Vergisi:
Grup, Türkiye’de geçerli olan kurumlar vergisine tabidir. Grubun cari dönem faaliyet sonuçlar›na iliflkin tahmini
vergi yükümlülükleri için ekli mali tablolarda gerekli karfl›l›klar ayr›lm›flt›r.
Vergiye tabi kurum kazanc› üzerinden tahakkuk ettirilecek kurumlar vergisi oran›, ticari kazanc›n tespitinde gider
yaz›lan vergi matrah›ndan indirilemeyen giderlerin eklenmesi ve yurtiçinde yerleflik flirketlerden al›nan temettüler,
vergiye tabi olmayan gelirler ve kullan›lan yat›r›m indirimleri düflüldükten sonra kalan matrah üzerinden
hesaplanmaktad›r.
Geçerli olan Kurumlar Vergisi oranlar›:
• 2003 y›l›: %30
• 2004 y›l›: %33 (Resmi Gazete’nin 2 Ocak 2004 tarihli say›s›nda yay›nlanan 5035 say›l› kanun ile kurumlar vergisi
oran› %30 dan %33’e yükseltilmifltir.)
• 2005 y›l›: %30
Türkiye’de geçici vergi üçer ayl›k dönemler itibariyle hesaplanmakta ve tahakkuk ettirilmektedir. Geçici kurumlar
vergisi oran› 24 Nisan 2003 tarihinden geçerli olmak üzere %25’den %30’a yükseltilmifltir. Bu oran 2004 y›l›nda ise
%33 olarak uygulanm›flt›r. 2005 y›l› kurum kazançlar›n›n geçici vergi dönemleri itibariyle vergilendirilmesi
aflamas›nda kurum kazançlar› üzerinden %30 oran›nda geçici vergi hesaplanacakt›r.
82
16. OTHER PAYABLES AND EXPENSE ACCRUALS
Advances received
Taxes and dues payable
Social security premiums payable
Accrued expenses
Other accruals and liabilities
Unearned income
Other
Long-term portion of unearned income
Long-term portion of advances received
31 December 2004
529.168
6.754.413
177.620
186.240
376.887
395.264
164
31 December 2003
628.756
9.238.516
167.929
220.914
429.085
393.205
-
8.419.756
11.078.405
1.320.799
671.050
1.491.319
935.103
1.991.849
2.426.422
Unearned income is comprised of the rent income obtained for the rental of LPG filling establishment of the
Company in Mersin and the rent income obtained for the establishment of ATM machines in stations.
17. TAXATION
Corporate tax payable:
Corporate tax provision
Less: Prepaid taxes and funds
Deferred tax (benefit) / charge:
Corporate tax provision
Deferred tax (income) / provision
31 December 2004
31 December 2003
15.085.194
(10.840.359)
6.251.129
(3.656.556)
4.244.835
2.594.573
2004
2003
15.085.194
(2.833.804)
6.251.129
4.225.034
12.251.390
10.476.163
Corporate Tax:
The Group is subject to Turkish corporation taxes. Provision is made in the accompanying financial statements for
the estimated charge based on the Group’s results for the year.
Corporation tax is applied on taxable corporate income, which is calculated from the statutory accounting profit
by adding non-deductible expenses, and by deducting dividends received from resident companies, other exempt
income and investment incentives utilized.
The effective tax rates are as follows:
• In 2003: 30%
• In 2004: 33% (the corporate tax rate was increased from 30% to 33% by Law No. 5035 published in the Official
Gazette on 2 January 2004.)
• In 2005: 30%
In Turkey, prepaid taxes are calculated and accrued on a quarterly basis. The prepaid corporate income tax rate
was increased from 25% to 30%, effective from 24 April 2003. In 2004, the prepaid corporate income tax rate was
applied 33%. Starting from 2005, prepaid corporate income tax rate will be 30%.
83
Zararlar, gelecek y›llarda oluflacak vergilendirilebilir kardan düflülmek üzere, maksimum 5 y›l tafl›nabilir. Ancak
oluflan zararlar geriye dönük olarak, önceki y›llarda oluflan karlardan düflülemez.
Türkiye’de vergi de¤erlendirmesiyle ilgili kesin ve kati bir mutabakatlaflma prosedürü bulunmamaktad›r. fiirketler
ilgili y›l›n hesap kapama dönemini takip eden y›l›n 15 Nisan tarihine kadar vergi beyannamelerini haz›rlamaktad›r.
Vergi Dairesi taraf›ndan bu beyannameler ve buna baz olan muhasebe kay›tlar› 5 y›l içerisinde incelenerek
de¤ifltirilebilirler.
Gelir Vergisi Stopaj›:
Kurumlar vergisine ek olarak, da¤›t›lmas› durumunda kar pay› elde eden ve bu kar paylar›n› kurum kazanc›na dahil
ederek beyan eden tam mükellef kurumlara ve yabanc› flirketlerin Türkiye’deki flubelerine da¤›t›lanlar hariç olmak
üzere kar paylar› üzerinden ayr›ca gelir vergisi stopaj› hesaplanmas› gerekmektedir. Gelir vergisi stopaj› 24 Nisan
2003 tarihinden itibaren tüm flirketlerde %10 olarak ilan edilmifltir. Da¤›t›lmay›p sermayeye ilave edilen kar paylar›
gelir vergisi stopaj›na tabi de¤ildir. 2002 ve öncesinde kurumlar vergisinden istisna edilen baz› kazançlar üzerinden
da¤›t›ma ba¤l› olmaks›z›n yap›lan istisna kazanç stopaj› genel olarak kald›r›lm›flt›r. Ancak, 24 Nisan 2003
tarihinden önce al›nm›fl yat›r›m teflvik belgelerine istinaden yararlan›lan yat›r›m indirimi tutar› üzerinden hala
%19,8 vergi tevkifat› yap›lmas› gerekmektedir. fiirketlerin vergilendirilebilir kazançlar› yat›r›m indirimi istisnas›na
konu olabilecek tutara ulafl›ncaya dek, bu indirimden yararlan›labilir. fiirketlerin kar etmemesi ya da zararda olmas›
durumunda bu indirim hakk› sonraki y›llarda elde edilecek vergilendirilebilir kazançlardan düflülmek üzere sonraki
y›llara tafl›nabilir. Kazanç yetersizli¤i nedeniyle yararlan›lamayan yat›r›m indirimi istisnas›, istisnan›n
uygulanabilece¤i sonraki y›llar için y›ll›k TEFE art›fl oran›nda art›r›larak uygulan›r.
Enflasyona Göre Düzeltilmifl Vergi Hesaplamas›:
2003 y›l› ve önceki dönemlerde, sabit k›ymetlerin ve buna ba¤l› olarak amortismanlar›n›n senelik olarak yeniden
de¤erlemeye tabi tutulmalar› haricinde; vergiye esas dönem kar› enflasyona göre düzeltilmifl tutarlar› üzerinden
hesaplanmamaktayd›. 30 Aral›k 2003 tarih ve 25332 say›l› Resmi Gazete’de yay›mlanan 5024 say›l› Kanun ile
Türkiye’de enflasyon muhasebesi uygulamas›n›n 2004 y›l› ve sonraki dönemlerde geçerli olacak flekilde; enflasyon
oran›n›n kanunda belirlenen s›n›rlara ulaflmas› durumunda uygulanmas› gerekmektedir. Vergi mevzuat›ndaki
enflasyon muhasebesi ilkeleri UMS 29 “Yüksek Enflasyonlu Ekonomilerde Finansal Raporlama” standard›ndaki
hükümlerden önemli ölçüde farkl›l›k göstermemektedir.
Ertelenmifl Vergi:
Grup vergiye esas yasal mali tablolar› ile UFRS'ye göre haz›rlanm›fl mali tablolar› aras›ndaki farkl›l›klardan
kaynaklanan geçici zamanlama farklar› için ertelenmifl vergi aktifi ve pasifini muhasebelefltirmektedir. Söz konusu
farkl›l›klar genellikle baz› gelir ve gider kalemlerinin vergiye esas tutarlar› ile UFRS'ye göre haz›rlanan mali
tablolarda farkl› dönemlerde yer almas›ndan kaynaklanmakta olup afla¤›da aç›klanmaktad›r.
Ertelenmifl vergiye baz teflkil eden zamanlama farkl›l›klar›:
Maddi duran varl›klar›n de¤erlenmesi
K›dem tazminat› karfl›l›¤›
Di¤er
Ertelenmifl vergi (aktifleri)/ pasifleri:
Maddi duran varl›klar›n de¤erlenmesi
K›dem tazminat› karfl›l›¤›
Di¤er
84
31 Aral›k 2004
31 Aral›k 2003
(12.105.862)
(1.309.519)
(1.144.500)
(4.717.587)
(1.117.173)
13.117
(14.559.881)
(5.821.643)
(3.631.759)
(392.856)
(343.350)
(1.415.276)
(335.152)
3.935
(4.367.965)
(1.746.493)
Losses can be carried forward for offset against future taxable income for up to 5 years. Losses cannot be carried
back for offset against profits from previous periods.
In Turkey there is no procedure for a final and definitive agreement on tax assessments. Companies file their tax
returns until April 15th of the following year. Tax authorities may, however, examine such returns and the
underlying accounting records and may revise assessments within five years.
Income withholding tax
In addition to corporate taxes, companies should also calculate income withholding taxes and funds surcharge on
any dividends distributed, except for companies receiving dividends who are resident companies in Turkey and
Turkish branches of foreign companies. The rate of income withholding tax is 10% starting from 24 April 2003.
Undistributed dividends incorporated in share capital are not subject to income withholding taxes. Income
withholding tax which was calculated in 2002 and prior years on various types of income and gains exempt from
corporation tax, whether distributed or not, has been removed in general. However, 19,8% withholding tax is still
applied to investment allowances relating to investment incentive certificates obtained prior to 24 April 2003.
Such allowances may be used to relieve corporation tax liability until the profits reach the calculated level of
exemption. If companies fail to make a profit or incur losses, any allowance outstanding may be carried forward
to following years so as to be deducted from taxable income of subsequent profitable years. Carried forward
investment incentives to be deducted from corporate tax liability in the following periods are revalued with the
applicable WPI.
Inflation Adjusted Tax Calculation
For 2003 and previous years, taxable profits were calculated without any inflation adjustment to the statutory
records, except that property, plant and equipment and the related depreciation were revalued annually. Law No.
5024 published in the Official Gazette No. 25332 on 30 December 2003 requires the application of inflation
accounting in Turkey in 2004 and future years for tax purposes, if the actual rate of inflation meets certain
thresholds, using principles which do not differ substantially from the principles in IAS 29 “Financial Reporting in
Hyperinflationary Economies”.
Deferred Tax
The Group recognizes deferred tax assets and liabilities based upon temporary differences arising between its
financial statements as reported for IFRS purposes and its statutory tax financial statements. These differences
usually result in the recognition of revenue and expenses in different reporting periods for IFRS and tax purposes
and are set out below.
Temporary differences subject to deferred tax:
Restatement of property, plant and equipment
Retirement pay provision
Other items
Components of deferred tax (assets)/liabilities:
On restatement of property, plant and equipment
Retirement pay provision
Other items
31 December 2004
31 December 2003
(12.105.862)
(1.309.519)
(1.144.500)
(4.717.587)
(1.117.173)
13.117
(14.559.881)
(5.821.643)
(3.631.759)
(392.856)
(343.350)
(1.415.276)
(335.152)
3.935
(4.367.965)
(1.746.493)
85
2004
2003
(1.746.493)
212.332
(2.833.804)
(6.804.098)
832.571
4.225.034
(4.367.965)
(1.746.493)
31 Aral›k 2004
31 Aral›k 2003
31.686.861
%33
49.500.239
%30
10.456.664
14.850.072
Hesaplanan ile ayr›lan vergi karfl›l›¤›n›n mutabakat farklar› :
Kanunen kabul edilmeyen giderler
Vergiden mahsup edilen geçmifl y›l zararlar›
Vergiden muaf parasal kazanç / (kay›p)
Konsolidasyon eliminasyonlar›
Di¤er
2.380.481
(1.064.264)
935.563
(457.054)
4.239.577
1.058.605
(9.609.201)
439.965
(502.855)
Vergi
12.251.390
10.476.163
Ertelenmifl vergi (aktifi) / pasifi hareketleri:
1 Ocak aç›l›fl bakiyesi
Parasal kay›p
Ertelenmifl vergi (gideri) / geliri
31 Aral›k kapan›fl bakiyesi
Vergi karfl›l›¤›n›n mutabakat›:
Vergi öncesi kar
Etkin vergi oran›
Hesaplanan vergi
18. KIDEM TAZM‹NATI KARfiILI⁄I
Türkiye’de mevcut kanunlar çerçevesinde, bir y›ll›k hizmet süresini dolduran ve herhangi bir geçerli nedene ba¤l›
olmaks›z›n ifline son verilen, askerlik hizmeti için göreve ça¤r›lan, vefat eden, erkekler için 25 kad›nlar için 20 y›ll›k
hizmet süresini dolduran yada emeklilik yafl›na gelmifl (kad›nlarda 58, erkeklerde 60 yafl) personeline k›dem
tazminat› ödemesi yap›lmak zorundad›r.
K›dem tazminat› ödemeleri, her hizmet y›l› için 30 günlük brüt maafl üzerinden hesaplanmaktad›r. ‹lgili bilanço
tarihi itibariyle ödenecek k›dem tazminat›, 31 Aral›k 2004 tarihi itibariyle ayl›k 1.574,74 YTL tavan›na tabidir
(31 Aral›k 2003: 1.389,9 YTL).
Yeniden düzenlenmifl UMS 19 ilk kez 1999 y›l›nda uygulanmaya bafllanm›flt›r. Temel uygulama prensiplerini
de¤ifltirmemekle birlikte, yeniden düzenlenmifl standart yükümlülü¤ün gelecek dönemlere ait oldu¤unu dikkate
alarak, yükümlülü¤ün muhasebelefltirilmesini daha aç›k hale getirmifltir:
• Netinin reel iskonto oran›n› verece¤i tahmini bir enflasyon beklentisi ve uygun bir iskonto oran› belirlenmelidir.
Hesaplanan reel iskonto oran› gelecekte ödenecek k›dem tazminat› ödemelerinin bilanço tarihi itibariyle bugünkü
de¤erlerinin hesaplanmas›nda kullan›lmal›d›r.
• ‹ste¤e ba¤l› iflten ayr›lmalar neticesinde ödenmeyip, Grup’a kalacak olan k›dem tazminat› tutarlar›n›n tahmini
oran› da dikkate al›nmal›d›r.
Sonuç olarak, 31 Aral›k 2004 ve 31 Aral›k 2003 tarihleri itibariyle Grubun elemanlar›n›n gelecekteki emeklili¤inden
kaynaklanan tahmini yükümlülü¤üne iliflkin karfl›l›k, bugünkü de¤erlerinin tahmin edilmesi yoluyla ekli mali
tablolara yans›t›lm›flt›r.
86
2004
2003
(1.746.493)
212.332
(2.833.804)
(6.804.098)
832.571
4.225.034
(4.367.965)
(1.746.493)
31 December 2004
31 December 2003
31.686.861
33%
49.500.239
30%
Expected tax
10.456.664
14.850.072
Reconciliation of expected tax to actual tax:
Undeductable expenses
Carry forward tax losses
Monetary gain / (loss) non-taxable non deductable
Consolidation eliminations
Other
2.380.481
(1.064.264)
935.563
(457.054)
4.239.577
1.058.605
(9.609.201)
439.965
(502.855)
12.251.390
10.476.163
Movement of deferred tax (assets)/liabilities:
Opening balance at 1 January
Monetary loss
Taxation (charge) / benefit
Closing balance at 31 December
Reconciliation of taxation:
Profit before taxation
Tax rate
Taxation
18.RETIREMENT PAY PROVISION
Under Turkish law, the companies are required to pay employment termination benefits to each employee who
has completed one year of service and whose employment is terminated without due cause, is called up for
military service, dies or who retires after completing 25 years of service (20 years for women) and achieves the
retirement age (58 for women and 60 for men).
The provision is made in respect of all eligible employees, at a rate of 30 days gross pay for each year of service.
The rate of pay is that ruling at the respective balance sheet dates, subject to a maximum of TRY 1.574,74 per
month as of 31 December 2004 (31 December 2003: TRY 1.389,9).
For the year 1999, IAS 19 (Revised) became applicable for the first time. Although not changing the fundamental
principles involved, the revised standard made clearer the obligation to consider the issues related to accounting
for a future benefit:
• An expected inflation rate and an appropriate discount rate should both be determined, the net of these being
the real discount rate. This real discount rate should be used to discount future retirement payments to their
present value at the balance sheet date.
• The anticipated rate of forfeitures should be considered.
Consequently, in the accompanying financial statements as at 31 December 2004 and 31 December 2003, the
provision has been calculated by estimating the present value of the future probable obligation of the Group
arising from the retirement of the employees.
87
Yukar›daki tarihler itibariyle k›dem tazminat› yükümlülükleri, y›ll›k %10 enflasyon ve %16 iskonto oran› tahmin
edilerek belirlenmifltir.
1 Ocak itibariyle karfl›l›k
Dönem (gideri)/geliri
Parasal kazanç
31 Aral›k itibariyle karfl›l›k
2004
1.117.173
56.525
135.821
2003
1.301.718
(25.263)
(159.282)
1.309.519
1.117.173
19. TAAHHÜTLER VE YÜKÜMLÜLÜKLER
a) 31 Aral›k 2004 tarihi itibariyle toplam 61.821.953 YTL verilen teminat mektubu bulunmaktad›r. (31 Aral›k 2003:
42.028.935 YTL, 20.000.000 ABD Dolar›). Ayr›ca 31 Aral›k 2003 tarihi itibariyle, ortaklardan Conoco Petroleum Inc.,
fiirket’in kulland›¤› kredilerle ilgili olarak 20.000.000 ABD Dolar› tutar›nda kefalet vermifltir.
b) Yukar›da belirtilen teminat mektuplar›na iliflkin olarak; fiirket’in büyük hissedarlar› 31 Aral›k 2004 tarihi
itibariyle, Türkiye Vak›flar Bankas› T.A.O.’ya 5.101.000 YTL, Koçbank A.fi.’ye 701.000 YTL nominal tutar›nda fiirket
hisselerini rehin vermifllerdir.
c) fiirket, 2005 y›l›nda 134.000 ABD Dolar› teminat mektubu, aval ve kefalet komisyonu ödeyecektir.
d) Tüprafl Petrol Rafineri ‹flleri A.fi. ile yapt›¤› sözleflme gere¤i, fiirket her Ekim ay›n›n ortas›na kadar 1 y›ll›k
taahhüt etti¤i miktarlar› bildirmek zorundad›r. Bununla beraber, fiirket’in 3 ayl›k miktarlar› 30 gün öncesinden,
ayl›k miktarlar› 15 gün öncesinden de¤ifltirme hakk› vard›r. Aksi takdirde oluflabilecek eksi farklar için, fiirket
afla¤›da belirtilen cezalar› ödemek durumundad›r.
(ABD $/Ton)
Beyaz Ürün
4
8
12
16
Fark
%5 - 10
%15
%25
%25,01 ve üzeri
(ABD $/Ton)
Siyah Ürün
3
6
9
12
e) fiirket, Türkpetrol Vakf› ile olan “‹sim Hakk›” anlaflmas› gere¤i sataca¤› beyaz ürünlerde ton bafl›na 17 Haziran
2006 tarihine kadar 0,30 ABD Dolar›, 17 Haziran 2006 - 17 Haziran 2012 tarihleri aras›nda ise 0,35 ABD Dolar› lisans
bedeli ödemeyi taahhüt etmifltir.
f) fiirket, Conoco Ltd. ile olan “Teknik ve Yönetim Destek Hizmetleri” sözleflmesi gere¤i bu flirkete y›ll›k 500.000
ABD Dolar› tutar›nda servis bedeli ödemeyi taahhüt etmifltir. Bu sözleflme ile ilgili olarak 31 Aral›k 2004 tarihinde
sona eren dönem için tahakkuk ettirilmesi gereken 500.000 ABD Dolar› tutar›ndaki servis bedeli, Conoco Ltd.
yetkililerinden ad› geçen dönem ile ilgili olarak servis bedeli haklar›ndan feragat edeceklerine dair al›nan yaz›flmaya
istinaden ekli konsolide mali tablolara yans›t›lmam›flt›r.
g) fiirket, afla¤›da belirtilen dönemlerde istasyon sahiplerine istasyon yenileme çal›flmalar›nda kullan›lmak üzere
6.420.500 ABD Dolar› ödemeyi taahhüt etmifltir:
ABD Dolar›
2005 Y›l›
1.549.500
2006 Y›l›
584.500
2007-2021
Y›llar› aras›
4.286.500
Toplam
6.420.500
h) fiirket, Ankara’daki bir benzin istasyonunun patlamas› sonucu daval› durumundad›r. fiirket’in olas› yükümlülü¤ü
753.774 YTL’dir. fiirket, mahkemenin gerekçeli karar›nda belirtildi¤i üzere 4/8 oran›nda kusurlu bulunmufl ve
finansal tablolar›nda bu davayla ilgili 376.887 YTL karfl›l›k ay›rm›flt›r.
88
The provisions at the respective balance sheet dates have been calculated assuming an annual inflation rate of
10% and a discount rate of 16%.
Opening provision 1 January
Charge / (benefit) for the year
Monetary gain
Closing provision 31 December
2004
1.117.173
56.525
135.821
2003
1.301.718
(25.263)
(159.282)
1.309.519
1.117.173
19. COMMITMENTS AND CONTINGENCIES
a) As of 31 December 2004, the total amount of the letters of guarantee given is TRY 61.821.953 (31 December
2003: 42.028.935 TRY and 20.000.000 USD). Additionally as of 31 December 2003, Conoco Inc. has given guarantee
amounting to USD 20.000.000 to the bank for the loan used by the Company.
b) As of 31 December 2004 in connection with the above-mentioned bank letters of guarantee, the Company’s
main shareholders pledged their own shares of the Company, amounting to TRY 5.101.000 to Türkiye Vak›flar
Bankas› T.A.O., TRY 701.000 to Koçbank A.fi.
c) The Company will pay USD 134.000 in 2005 as the letter of guarantee and surety commissions.
d) According to a purchase agreement made with Tüprafl Petrol Rafineri ‹flleri A.fi., the Company has to notify the
committed yearly purchase quantities in each mid-October. However, the Company has a right to revise its
quarterly purchase commitments prior to 30 days, and its monthly purchase commitments prior to 15 days.
Otherwise, based on negative difference, the Company should pay the following amounts as penalties:
(USD/Tons)
White Products
4
8
12
16
Difference
5 - 10%
15%
25%
25,01% and above
(USD/Tons)
Black Products
3
6
9
12
e) Based on the Royalty Agreement signed with Türkpetrol Vakf›, the Company committed to pay USD 0,30 per
tons of white products sold until 17 June 2006 and after 17 June 2006 till 17 June 2012 USD 0,35 per tons.
f) As a result of “Technical and Management Support Services Agreement” signed with Conoco Ltd., the Company
committed to pay service fee amounting to USD 500.000 per year. The service fee for the period ended
31 December 2004 amounting to USD 500.000 has not been accounted for in the accompanying consolidated
financial statements on the grounds of correspondence obtained from Conoco Ltd. authorities stating that they
waive their rights to receive such fee for the mentioned period.
g) The Company has committed to pay USD 6.420.500 to the station owners for the station improvement in the
periods mentioned below:
US Dollar
Year 2005
1.549.500
Year 2006
584.500
Years between
2007-202
4.286.500
Total
6.420.500
h) The Company is defendant in a lawsuit involving an explosion in a station in Ankara. The potential liability of
the Company is TRY 753.774. As concluded by the court decision, the Company is found responsible a 4/8 rate for
the explosion and TRY 376.887 of provision is booked in the accompanying financial statements related to this
liability.
89
i) fiirket’in ba¤l› ortakl›klar›ndan Marmara Petrol ve Rafineri ‹flleri A.fi.’ nin hisseleri T.Vak›flar Bankas› T.A.O.’ya
fiirket’in Barclays Bank Plc’den kullanm›fl oldu¤u kredinin bir k›sm›na teminat olarak rehin edilmifltir. Buna ek
olarak; Marmara Petrol ve Rafineri ‹flleri A.fi.’ye ait Kocaeli ili Körfez ilçesinde bulunan akaryak›t dolum tesisi
15.000.000 YTL bedelle T.Vak›flar Bankas› T.A.O’ya ipotek edilmifltir. Turcas Petrol A.fi.’ye ait Alia¤a dolum tesisi
8.000.000 YTL bedelle Finansbank A.fi.’ye, Kocaeli ili Körfez ilçesinde bulunan akaryak›t dolum tesisi ise 15.000.000
ABD Dolar› bedelle yine Finasbank A.fi.’ye ipotek edilmifltir.
j) 31 Aral›k 2004 itibariyle, Grup 61.156.110 YTL tutar›ndaki müflteri çeklerini kulland›¤› çeflitli krediler için
bankalara teminat vermifltir. Buna ek olarak Grubun gerçek kifli hissedarlar›ndan Erdal Aksoy, fiirket’in kulland›¤›
krediler için 110.004.500 YTL ve 129.995.604 ABD Dolar› tutar›nda flahsi kefalet vermifltir.
20. SERMAYE VE YASAL YEDEKLER
31 Aral›k 2004 ve 31 Aral›k 2003 itibariyle sermaye yap›s› afla¤›daki gibidir:
Ortaklar
Conoco Petroleum Inc.
Erdal Aksoy
Baha Kaya Alp Baban veresesi
Y›lmaz Tecmen
Yasemin Baban
Halka aç›k k›s›m
Di¤er
Tarihi de¤erle sermaye
Enflasyon düzeltmesi
Yeniden düzenlenmifl sermaye
(%)
%28,52
%17,27
%5,26
%6,94
%17,72
%24,29
31 Aral›k 2004
7.509.625
4.546.387
1.385.163
1.824.009
4.665.633
6.399.416
(%)
%28,52
%13,48
%13,86
% 5,26
%22,32
%16,56
31 Aral›k 2003
7.509.625
3.550.052
3.647.692
1.385.163
5.877.380
4.360.321
%100,00
26.330.233
%100,00
26.330.233
70.118.805
70.118.805
96.449.038
96.449.038
Yasal yedekler Türk Ticaret Kanunu’na göre ayr›lan birinci ve ikinci tertip yasal yedeklerden oluflmaktad›r. Birinci
tertip yasal yedekler, tüm yedekler tarihi ödenmifl sermayenin %20’sine eriflene kadar, geçmifl dönem ticari
kar›ndan y›ll›k %5 oran›nda ayr›l›r. ‹kinci tertip yasal yedekler, birinci tertip yasal yedek ve temettülerden sonra,
tüm nakdi temettü da¤›t›mlar› üzerinden y›ll›k %10 oran›nda ayr›l›r.
fiirket 2004 y›l› içerisinde geçmifl y›l zararlar›n›n mahsup ifllemini gerçeklefltirmifltir. Mahsup ifllemi ve sonras›nda
özkaynak kalemlerinin da¤›l›m› afla¤›daki flekilde oluflmufltur.
Sermaye nominal
Emisyon primi nominal
Yasal yedekler nominal
Ola¤anüstü yedekler nominal
Özsermaye enflasyon düzeltme farklar›
Birikmifl Zarar
Net dönem kar›
Mahsup
öncesi
26.330.233
2.595.405
1.947.867
177.820
208.819.779
(86.332.512)
153.538.592
Mahsup
ifllemi
(2.595.405)
(1.947.867)
(177.820)
(81.611.421)
86.332.512
-
Mahsup
sonras›
26.330.233
127.208.359
19.435.471
172.974.063
fiirket’in sermayesi, ihraç edilmifl ve her biri 1.000 TL nominal de¤erde 26.330.233.183 adet hisseden meydana
gelmifltir. Bu hisselerin 26.330.083.183 adet A grubu, 112.500 adet B grubu ve 37.500 adet C grubu hisselerinden
oluflmaktad›r. Toplam 7 kifliden oluflan yönetim kurulu üyelerinin en az 3 tanesi B grubu hisse sahiplerinin, en az 2
tanesi C grubu hisse sahiplerinin gösterece¤i adaylar aras›ndan seçilir. Murak›plar›n biri C grubu hissedarlar›n›n
ço¤unlu¤unun belirledi¤i adaylar›n aras›ndan, di¤eri B grubu hissedarlar›n›n ço¤unlu¤unun belirledi¤i adaylar
aras›ndan seçilir.
90
i) The Company’s subsidiary, Marmara Petrol ve Rafineri ‹flleri A.fi.’s shares are pledged to T. Vak›flar Bankas›
T.A.O. with a pledge agreement against the guarantee given by T. Vak›flar Bankas› T.A.O. for some portion of the
Company’s loan obtained from Barclays Bank Plc. Additionally, depot of Marmara Petrol ve Rafineri ‹flleri A.fi.
located in Körfez district of Kocaeli is mortgaged to T. Vak›flar Bankas› T.A.O. by an amount of TRY 15.000.000.
Depot of Turcas Petrol A.fi. located in Alia¤a is mortgaged to Finansbank A.fi. by an amount of TRY 8.000.000, and
the depot located in Körfez district of Kocaeli is mortgaged to Finansbank A.fi. by an amount of USD 15.000.000.
j) As of 31 December 2004, the Group has pledged customer cheques amounting to TRY 61.156.110 to the banks
for the various loans obtained. In addition, the Company’s shareholder, Erdal Aksoy has given personal surety
amounting to TRY 110.004.500 and USD 129.995.604 for the loans used by the Company.
20. SHAREHOLDERS’ EQUITY AND LEGAL RESERVE
As of 31 December 2004 and 31 December 2003 the share capital is held as follows:
Shareholders
Conoco Petroleum Inc.
Erdal Aksoy
Baha Kaya Alp Baban heirs
Y›lmaz Tecmen
Yasemin Baban
Public shares
Other
Historical capital
Inflation adjustment
Adjusted capital
(%)
28,52%
17,27%
5,26%
6,94%
17,72%
24,29%
31 December 2004
7.509.625
4.546.387
1.385.163
1.824.009
4.665.633
6.399.416
(%)
28,52%
13,48%
13,86%
5,26%
22,32%
16,56%
31 December 2003
7.509.625
3.550.052
3.647.692
1.385.163
5.877.380
4.360.321
100,00%
26.330.233
100,00%
26.330.233
70.118.805
70.118.805
96.449.038
96.449.038
The legal reserves consist of first and second legal reserves, appropriated in accordance with the Turkish
Commercial Code. The first legal reserve is appropriated out of historical statutory profits at the rate of 5% per
annum, until the total reserve reaches 20% of the historical paid-in share capital. The second legal reserve is
appropriated after the first legal reserve and dividends, at the rate of 10% per annum of all cash dividend
distributions.
The Company offset prior periods’ losses in 2004. The breakdown of shareholders’ equity items before and after
offsetting are as follows.
Capital
Premium in excess of par
Legal reserves
Extraordinary reserves
Inflation adjustments
Accumulated deficit
Net profit for the period
Before
offsetting
26.330.233
2.595.405
1.947.867
177.820
208.819.779
(86.332.512)
153.538.592
Offetting
transaction
(2.595.405)
(1.947.867)
(177.820)
(81.611.421)
86.332.512
-
After
offsetting
26.330.233
127.208.359
19.435.471
172.974.063
Share capital consists of 26.330.083.183 shares of class A, 112.500 shares of class B and 37.500 shares of class C
and each share has 1.000 TL nominal value. At least three members of Board of Directors, consisting of 7 members,
are elected among nominees of B Group shareholders and at least two members from the nominees of Group C
shareholders. One of the auditors is voted among the candidates determined by the majority of Group C
shareholders and the other is voted among the candidates determined by the majority of the Group B
shareholders.
91
3 Mart 2004 tarihindeki yönetim kurulu karar› ile 20 Ekim 2002 tarihinde vefat eden fiirket Yönetim Kurulu Baflkan
Vekili ve Murahhas Üyesi Sn. Baha Kaya Alp Baban’›n sahibi bulundu¤u fiirket sermayesindeki %13,86 oran›ndaki
pay›, ‹stanbul 6.Sulh Hukuk Mahkemesinin, 22 Kas›m 2002 tarihli ve 2002/1272-1524 say›l› Veraset ‹lam› ile
belirlenen yasal varisleri: efli Yasemin Baban, annesi Suna Baban, k›zkardefli Müeddet Hanzat Baban (Öz) aras›nda
aktedilen taksim sözleflmesi gere¤ince, paylaflt›r›ld›¤› bildirilmifltir. Bu da¤›l›mdan sonra; fiirket sermayesi
içerisinde Yasemin Baban’›n pay›n›n %6,94, Suna Baban’›n pay›n›n %3,46 ve Müeddet Hanzat Baban Öz’ün pay›n›n
%3,46 olarak fiirket Pay Defterine kay›tlar› yap›lm›flt›r.
21. NET SATIfiLAR
Yurt içi sat›fllar
Yurt d›fl› sat›fllar
Di¤er gelirler
Sat›fl iskontolar›
Sat›fllardan di¤er indirimler
2004
1.628.978.659
94.922.884
2.381.573
(1.204)
(884.279)
2003
1.714.605.102
1.455.152
2.765.275
(55.095)
(856.789)
1.725.397.633
1.717.913.645
Grup, 2004 y›l› içerisinde Amerika Birleflik Devletleri Savunma Enerji Destek Merkezi’nin Kuzey Irak’daki akaryak›t
ihtiyac›n›n karfl›lanmas›n› teminen açm›fl oldu¤u ihale sonucunda imzalanan anlaflma ile motorin ve kurflunsuz
benzin sat›fl hakk›n› kazanm›flt›r. Buna göre toplam sat›fl miktar› 27.635.664 galon motorin, 17.294.912 galon
kurflunsuz benzinin 63.646.982 ABD Dolar› karfl›l›¤› olarak gerçekleflmifltir.‹lgili tutar ekli mali tablolarda yurtd›fl›
sat›fllar icinde yer almaktad›r.
22. SATIfiLARIN MAL‹YET‹
‹lk madde ve malzeme giderleri
Genel üretim giderleri
Amortisman giderleri
Yar› mamul stoklar›ndaki de¤iflim
Mamul stoklar›ndaki de¤iflim
Sat›lan ticari mallar›n maliyeti
Di¤er gelirlerin maliyeti
2004
51.346.306
1.126.415
381.240
261.521
2.257.067
1.571.381.441
965.003
2003
65.176.262
1.756.341
122.549
268.860
640.482
1.575.826.058
1.763.207
1.627.718.993
1.645.553.759
2004
28.768.377
14.946.869
10.326.683
4.573.729
1.841.608
1.394.058
1.655.070
2.263.711
1.179.336
1.201.216
733.798
3.908.275
2003
29.310.727
10.318.689
3.955.893
3.136.479
1.686.419
975.527
949.977
869.132
743.345
3.933.453
72.792.730
55.879.641
23. SATIfi VE GENEL YÖNET‹M G‹DERLER‹
Amortisman ve itfa giderleri
Irak ihracati giderleri
Personel giderleri
Reklam giderleri
Rafineri giderleri
Bayi giderleri
Kira giderleri
D›flar›dan sa¤lanan hizmetler
Vergi ve di¤er yükümlülükler
Bak›m ve onar›m giderleri
Tafl›t giderleri
Di¤er
92
Based on the Board of Directors decision dated 3 March 2004, as per the partition agreement signed among
Yasemin Baban, spouse; Suna Baban, mother; Müeddet Hanzat Baban (Öz), sister, who were appointed as the legal
heirs in accordance with the Heritage Sentence of the Istanbul 6th Court of Justice of Peace, dated 22 November
2002, numbered 2002/1272-1524, 13,86% shares owned by Baha Kaya Alp Baban, Vice Chairman and Executive
Director of the company who died on 20.10.2002, were distributed. As a result of this distribution, it has been
resolved that the share percentages of the following shareholders are to be recorded to the Company’s Book as
follows: Yasemin Baban 6,94%; Suna Baban 3,46%; and Müeddet Hanzat Baban Öz 3,46%.
21. NET SALES
Domestic sales
Export sales
Other revenue
Sales discount
Other deductions from sales
2004
1.628.978.659
94.922.884
2.381.573
(1.204)
(884.279)
2003
1.714.605.102
1.455.152
2.765.275
(55.095)
(856.789)
1.725.397.633
1.717.913.645
As a result of the tender opened by the United States of America Defense Energy Support Center in 2004 to provide
its fuel need in Northern Iraq, the Group signed an agreement in order to supply diesel and unleaded gasoline.
Accordingly the total sale amount is of 27.635.664 gallons of diesel, 17.294.912 gallons of unleaded gasoline at a
value of USD 63.646.982. Related amount is included in export sales in the accompanying financial statements.
22. COST OF SALES
Raw materials consumed
Production overheads
Depreciation of production facilities
Change in Work in Progress inventories
Change in Finished Goods inventories
Cost of merchandises sold
Cost of other revenues
2004
51.346.306
1.126.415
381.240
261.521
2.257.067
1.571.381.441
965.003
2003
65.176.262
1.756.341
122.549
268.860
640.482
1.575.826.058
1.763.207
1.627.718.993
1.645.553.759
2004
28.768.377
14.946.869
10.326.683
4.573.729
1.841.608
1.394.058
1.655.070
2.263.711
1.179.336
1.201.216
733.798
3.908.275
2003
29.310.727
10.318.689
3.955.893
3.136.479
1.686.419
975.527
949.977
869.132
743.345
3.933.453
72.792.730
55.879.641
23. SALES AND GENERAL ADMINISTRATIVE EXPENSES
Deprecition and amortization expenses
Expenses of Iraq exports
Personnel expenses
Advertisement expenses
Refinery expenses
Dealer expenses
Rent expenses
Other services obtained
Taxes and other liabilities
Repair and maintenance expenses
Vehicle expenses
Others
93
24. D‹⁄ER FAAL‹YET GEL‹R VE G‹DERLER‹
Di¤er faaliyet gelirleri
LPG komisyon gelirleri
Komisyon gelirleri
Sözleflme fesih tazminat›
Bayilik iflletme haklar›
Kira gelirleri
Konusu kalmayan karfl›l›klar
Di¤er gelirler ve karlar
2004
6.356.631
2.964.786
266.854
1.084.045
1.052.489
29.197
2.115.164
2003
5.654.267
3.598.584
1.593.743
1.094.813
703.543
279.415
3.488.829
13.869.166
16.413.194
2004
(1.688.479)
(130.835)
2003
(1.137.062)
(69.840)
(594.241)
(1.819.314)
(1.801.143)
2004
3.971.303
1.532.043
3.760.263
(7.897.613)
(5.185.463)
2003
20.372.895
3.026.363
1.766.072
(9.032.787)
(4.403.617)
(3.819.467)
11.728.926
2004
(13.082.890)
(5.914.609)
361.480
(719.489)
(775.516)
254.176
(2.658.649)
2003
12.891.216
(3.881.129)
(390.418)
4.700.191
6.578.997
(447.687)
52.185
(22.535.497)
19.503.355
2004
(3.438.523)
(169.692)
(3.608.215)
2003
(2.254.273)
(798.606)
(3.052.879)
Di¤er faaliyet giderleri
Komisyon giderleri
Karfl›l›k giderleri
Di¤er giderler ve zararlar
25. F‹NANSMAN (G‹DERLER‹) / GEL‹RLER‹ (net)
Kambiyo karlar›
Faiz gelirleri
Reeskont gelirleri
Faiz giderleri
Reeskont giderleri
26. ‹fiLETME SERMAYES‹NDE GERÇEKLEfiEN DE⁄‹fi‹M
Ticari alacaklar
Stoklar
‹liflkili flirketlerden alacaklar
Di¤er alacaklar ve dönen varl›klar
Ticari borçlar
Di¤er borçlar ve gider tahakkuklar›
27. D‹⁄ER YATIRIM FAAL‹YETLER‹NDE GERÇEKLEfiEN DE⁄‹fi‹M
Di¤er duran varl›klar
Di¤er uzun vadeli borçlar
94
24. OTHER OPERATING INCOME AND EXPENSES
Other operating income
LPG commission income
Commission income
Compensation for contract cancellation
Dealer’s management rights
Rent income
Reversal of unnecessary provision
Other income and profit
2004
6.356.631
2.964.786
266.854
1.084.045
1.052.489
29.197
2.115.164
2003
5.654.267
3.598.584
1.593.743
1.094.813
703.543
279.415
3.488.829
13.869.166
16.413.194
2004
(1.688.479)
(130.835)
2003
(1.137.062)
(69.840)
(594.241)
(1.819.314)
(1.801.143)
2004
3.971.303
1.532.043
3.760.263
(7.897.613)
(5.185.463)
2003
20.372.895
3.026.363
1.766.072
(9.032.787)
(4.403.617)
(3.819.467)
11.728.926
2004
(13.082.890)
(5.914.609)
361.480
(719.489)
(775.516)
254.176
(2.658.649)
2003
12.891.216
(3.881.129)
(390.418)
4.700.191
6.578.997
(447.687)
52.185
(22.535.497)
19.503.355
2004
(3.438.523)
(169.692)
2003
(2.254.273)
(798.606)
(3.608.215)
(3.052.879)
Other operating expenses
Commission expenses
Provision expenses
Other expenses and losses
25. FINANCE (EXPENSE) / INCOME (net)
Exchange gain
Interest income
Discounting income
Interest expenses
Discounting expense
26. CHANGES IN WORKING CAPITAL
Trade receivables
Inventories
Due from related parties
Other receivables and current assets
Trade payables
Other payables and expense accruals
27. CHANGES IN OTHER INVESTING ACTIVITIES
Other long-term assets
Other long-term payables
95
28. YABANCI PARA POZ‹SYONU
ABD Dolar›
EURO
GBP
Toplam YTL
10.816.661
430.227
349.932
4.612.890
(36.802.439)
(4.482)
(4.000.000)
(1.043.650)
5.462
(3.200)
5
-
14.527.030
577.407
469.643
6.190.960
(49.392.553)
(6.016)
(5.368.400)
(1.406.528)
(25.640.861)
2.262
5
(34.408.457)
ABD Dolar›
EURO
GBP
Toplam YTL
4.755.472
70.227
1.030.000
(31.301.649)
(1.659.265)
(9.638)
(20.041.667)
(83.150)
6.175
(3.200)
198
-
7.569.373
111.592
1.636.693
(49.739.004)
(2.636.610)
(15.315)
(31.846.646)
(138.485)
(47.239.670)
2.975
198
(75.058.402)
31 Aral›k 2004
Kasa ve bankalar
Ticari alacaklar
Maddi duran varl›klar (verilen avanslar)
K›sa vadeli mali borçlar
Ticari borçlar
Uzun vadeli mali borçlar
Net Yabanc› Para Pozisyonu
31 Aral›k 2003
Kasa ve bankalar
Ticari alacaklar
K›sa vadeli mali borçlar
Ticari borçlar
Uzun vadeli mali borçlar
Net Yabanc› Para Pozisyonu
96
28. FOREIGN CURRENCY POSITION
USD
EURO
GBP
Total TRY
10.816.661
430.227
349.932
5.462
-
5
-
14.527.030
577.407
469.643
4.612.890
(36.802.439)
(4.482)
(4.000.000)
(1.043.650)
(3.200)
-
6.190.960
(49.392.553)
(6.016)
(5.368.400)
(1.406.528)
(25.640.861)
2.262
5
(34.408.457)
USD
EURO
GBP
Total TRY
4.755.472
70.227
1.030.000
(31.301.649)
(1.659.265)
(9.638)
(20.041.667)
(83.150)
6.175
(3.200)
198
-
7.569.373
111.592
1.636.693
(49.739.044)
(2.636.610)
(15.315)
(31.846.646)
(138.485)
(47.239.670)
2.975
198
(75.058.402)
31 December 2004
Cash and banks
Trade receivables
Other receivables and current assets
Property, plant and equipment
(advances given)
Short-term borrowings
Trade payables
Long-term borrowings
Other long-term liabilities
Net Foreign Currency Position
31 December 2003
Cash and banks
Trade receivables
Other receivables and long-term assets
Short-term borrowings
Trade payables
Long-term borrowings
Other long-term liabilities
Net Foreign Currency Position
97
29. B‹LANÇO TAR‹H‹NDEN SONRA ORTAYA ÇIKAN HUSUSLAR
K›dem tazminat› tavan› 1 Ocak 2005 tarihinden itibaren 1.648,9 YTL’ye yükseltilmifltir.
fiirket’in ana hissedarlar›, 31 Aral›k 2004 tarihi itibariyle fiirket’in kendilerine ait olan hisselerinden 701.000 YTL
nominal de¤erli hisseyi Koçbank A.fi. lehine rehin verilmifl olup; 1 fiubat 2005 tarihi itibariyle sözkonusu senetlerin
üzerindeki rehin kalkm›flt›r.
30. MAL‹ TABLOLARIN ONAYLANMASI
Grubun Uluslararas› Finansal Raporlama Standartlar›’na uygun olarak haz›rlanm›fl konsolide mali tablolar›, 6 Nisan
2005 tarihli Yönetim Kurulu toplant›s›nda onaylanm›fl ve yay›nlanmas› için yetki verilmifltir.
98
29. SUBSEQUENT EVENTS
The termination indemnity ceiling has been increased to TRY 1.648,9 commencing on 1 January 2004.
The Company’s main shareholders pledged their own shares of the Company as of 31 December 2004 amounting
to TRY 701.000 to Koçbank A.fi. As of 1 February 2005, the pledge on the related shares was released.
30. APPROVAL OF FINANCIAL STATEMENTS
The consolidated IFRS financial statements of the Group were approved by the board of directors and authorized
for issue on 6 April 2005.
99
TURCAS PETROL A.fi.
Emirhan Cad. No: 145 Dikilitafl Befliktafl 34349 ‹stanbul
Tel: (+90) 212 259 00 00 - 17 Fax: (+90) 212 259 00 18 - 19
www.turkpetrol.com - www.turcas.com.tr

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