Untitled - Turcas Petrol A.Ş.

Transkript

‹çindekiler
Contents
2
4
6
8
13
18
24
26
29
30
32
33
33
34
37
38
Grup Yap›s›
Group Structure
Finansal Göstergeler
Financial Highlights
Operasyonel Göstergeler
Operational Highlights
Yönetim Kurulu Baflkan›’n›n Mesaj›
Chairman’s Message
Yönetim Kurulu
Board of Directors
Türkiye Ekonomisinin De¤erlendirmesi
Assessment of Turkish Economy
Yönetim
Management
Turcas Hakk›nda
Turcas Overview
Vizyonumuz, De¤erlerimiz, Misyonumuz
Our Vision, Our Values, Our Mission
Kilometre Tafllar›
Milestones
Ortakl›k Yap›s›
Ownership Profile
Sermaye Yap›s›
Capital Structure
Hisse Bilgileri
Stock Information
Yat›r›mc› ‹liflkileri
Investor Relations
2007 Piyasa De¤eri
2007 Market Capitalization
Sürdürülebilirlik
Sustainability
42
46
49
59
61
65
67
71
75
77
79
81
82
103
Kurumsal Sosyal Sorumluluk
Corporate Social Responsibility
208
fiirket Eriflim Bilgileri
Contact Details
‹fltiraklerimiz
Our Subsidiaries
Shell & Turcas Petrol A.fi.
Shell & Turcas Petrol
Marmara Petrol ve Rafineri ‹flleri A.fi.
Marmara Petroleum and Refining
SOCAR & Turcas Enerji A.fi.
SOCAR & Turcas Energy
Turcas Gaz Toptan Sat›fl A.fi.
Turcas Gas Trading
Turcas Enerji Holding A.fi.
Turcas Energy Holding
Turcas Elektrik Üretim A.fi.
Turcas Power Generation
E.ON & Turcas Güney Elektrik Üretim A.fi.
E.ON & Turcas South Power Generation
E.ON & Turcas Kuzey Elektrik Üretim A.fi.
E.ON & Turcas North Power Generation
Turcas Rüzgar Enerji Üretim A.fi.
Turcas Wind Energy Generation
Turcas Elektrik Toptan Sat›fl A.fi.
Turcas Power Trading
Kurumsal Yönetim ‹lkeleri Uyum Raporu
Corporate Governance Principles Compliance Report
Ba¤›ms›z Denetim Raporu ve Konsolide Mali Tablolar
Independent Auditor’s Report and Consolidated
Financial Statements
Grup Yap›s›
Group Structure
PETROL & PETROK‹MYA
PETROLEUM & PETROCHEMICALS
%
%
%
5
30
25
ATAfi A.fi.
ATAfi
SHELL & TURCAS PETROL A.fi.
SHELL & TURCAS PETROL
SOCAR & TURCAS ENERJ‹ A.fi.
SOCAR & TURCAS ENERGY
%
%
%
%
100
100
50
99,8
SHELL PETROL A.fi.
SHELL PETROL
ÇEK‹SAN DEPOLAMA
H‹Z. LTD. fiT‹.
AMBARLI DEPOLAMA
H‹Z. LTD. fiT‹.
SOCAR & TURCAS
PETROK‹MYA A.fi.
ÇEKISAN STORAGE
SERVICES
AMBARLI STORAGE
SERVICES
SOCAR & TURCAS
PETROCHEMICALS
NOTLAR:
1- ATAfi A.fi. raporun basım tarihi itibar›yla %5 oranında Marmara Petrol ve Rafineri ‹flleri A.fi.’nin ifltirakidir,
ancak grup içi yeniden yapılanma çerçevesinde 2008 yılı içinde Turcas Petrol A.fi.’ne devredilmesi
planlanmaktadır. 2- %100 Turcas Petrol A.fi. ifltiraki olan Turcas Enerji Holding A.fi.’nin raporun basım tarihi itibar›yla unvanı
Marmara Petrol ve Rafineri ‹flleri A.fi.’dir, ancak de¤iflikl¤e iliflkin gerekli müracaatlar yapılmıfl olup izinler
kısa sürede beklenmektedir.
3- Turcas Enerji Holding A.fi. bünyesindeki “Iberdrola & Turcas Da¤ıtım”, Turcas Petrol A.fi.’nin elektrik
da¤ıtım ihalelerine beraber katılmak amacıyla Iberdrola S.A. ile kurdu¤u konsorsiyumu ifade etmektedir,
henüz flirket kurulmamıfltır.
4- Turcas Elektrik Üretim A.fi. ile Turcas Elektrik Toptan Satıfl A.fi.’nin sermayelerindeki geri kalan hisseler
direkt olarak Turcas Petrol A.fi.’ne aittir.
NOTES:
1- ATAfi is a %5 subsidiary of Marmara Petroleum and Refining as of the printing date of this report, however,
it is planned to transfer the ATAfi shares under direct Turcas Petrol A.fi. ownership within 2008 as per group's
internal restructuring process. 2- Company title of Turcas Energy Holding, a %100 subsidiary of Turcas Petrol A.fi., is Marmara Petroleum and Refining
as of the printing date of this report, however, necessary applications for the change have been filed and permissions
are expected to be attained soon.
3- “Iberdrola & Turcas Distribution” under Turcas Energy Holding stands for the Consortium which Turcas Petrol A.fi.
has established with Iberdrola S.A. for jointly participating to the electricity distribution tenders. A company
has not yet been founded.
4- Remaining shares in Turcas Power Generation and Turcas Power Trading are directly owned by Turcas Petrol A.fi.
TURCAS PETROL A.fi.
ELEKTR‹K
POWER
DO⁄AL GAZ
NATURAL GAS
%
%
100
100
TURCAS ENERJ‹ HOLD‹NG A.fi.
TURCAS ENERGY HOLDING
TURCAS GAZ TOPTAN SATIfi A.fi.
TURCAS GAS TRADING
%
%
%
30
97,5
67
IBERDOLA & TURCAS
DA⁄ITIM
IBERDOLA & TURCAS
DISTRIBUTION
TURCAS ELEKTR‹K
ÜRET‹M A.fi.
TURCAS POWER
GENERATION
TURCAS ELEKTR‹K
TOPTAN SATIfi A.fi.
TURCAS POWER
TRADING
%
%
%
30
30
100
E.ON & TURCAS KUZEY
ELEKTR‹K ÜRET‹M A.fi.
E.ON & TURCAS GÜNEY
ELEKTR‹K ÜRET‹M A.fi.
TURCAS RÜZGAR
ENERJ‹ ÜRET‹M A.fi.
E.ON & TURCAS NORTH
POWER GENERATION
E.ON & TURCAS SOUTH
POWER GENERATION
TURCAS WIND
ENERGY GENERATION
Finansal Göstergeler (Turcas Petrol A.fi.)
Financial Highlights (Turcas Petrol)
F‹NANSAL GÖSTERGELER FINANCIAL HIGHLIGHTS
1.000.000 YTL
2002
2003
2004
2005
2006
2007
1.480,1
1.509,1
1.723,0
1.853,8
1.995,1
2.276,6
Vergi-Öncesi Kâr (Zarar) Profit Before Monetary Gain and Tax (Loss)
19,0
43,5
31,7
66,9
270,8
109,8
Net Dönem Kâr› (Zarar›) Net Profit (Loss)
19,2
34,3
19,4
46,5
257,6
107,6
Hisse Bafl› Kazanç Profit Per Share (YTL)
0,73
1,30
0,22
0,49
2,45
1,02
Aktifler Toplam Total Assets
278,1
244,8
279,3
286,5
445,6
523,1
Duran Varl›klar Toplam› Total Long-Term Assets
179,7
154,1
157,7
153,5
346,6
430,5
Özsermaye Toplam› Total Shareholders’ Equity
100,6
134,9
173,0
219,5
436,7
511,1
K›sa Vadeli Yükümlülükler Toplam› Total Short-Term Liabilities
99,1
78,9
97,6
63,5
3,9
6,8
Uzun Vadeli Yükümlülükler Toplam› Total Long-Term Liabilities
78,4
31,1
8,7
3,5
5,1
5,2
Yükümlülükler Toplam› Total Liabilities
177,5
110,0
106,3
67,0
8,9
12,0
2007 ANNUAL REPORT
Net Sat›fllar Net Sales*
2007 FAAL‹YET RAPORU
4
NET SATIfiLAR
NET SALES*
1.000.000 YTL
2.500
2.000
1.500
1.509,1
1.723,0
1.853,8
1.995,1
2.276,6
NET DÖNEM KÂRI (ZARARI)
NET PROFIT (LOSS)
1.000.000 YTL
300
257,6
250
200
1.000
150
500
107,6
100
0
2003
2004
2005
2006
2007
* 2006 ve 2007 y›l› net sat›fllar›, sadece endikatif olarak, Turcas net sat›fllar› ile STAfi
net sat›fllar›n %30’unun toplam› olarak verilmektedir.
50
34,3
19,4
46,5
0
2003
* 2006 and 2007 net sales are given as the sum of Turcas net sales and 30% of STAS
2004
2005
2006
2007
net sales, as an indication only.
VERG‹ ÖNCES‹ KÂR (ZARAR)
PROFIT (LOSS) BEFORE MONETARY GAIN AND TAX
300
1.000.000 YTL
H‹SSE BAfiI KAZANÇ
PROFIT PER SHARE
3
270,8
250
3
200
2
150
109,8
100
50
31,7
2003
2004
2
2,45
1,30
1
66,9
43,5
YTL
1
0
0,22
1,02
0,49
0
2005
2006
2007
2003
2004
2005
2006
2007
AKT‹FLER TOPLAMI
TOTAL ASSETS
1.000.000 YTL
600
523,1
500
80
279,3
286,5
40
100
20
0
0
2004
2005
78,9
63,5
60
200
2003
97,6
2006
2007
2003
2004
2005
3,9
6,8
2006
2007
F‹NANSAL GÖSTERGELER
244,8
1.000.000 YTL
120
100
445,6
400
300
KISA VADEL‹ YÜKÜMLÜLÜKLER TOPLAMI
TOTAL SHORT-TERM LIABILITIES
5
1.000.000 YTL
UZUN VADEL‹ YÜKÜMLÜLÜKLER TOPLAMI
TOTAL LONG-TERM LIABILITIES
35
1.000.000 YTL
31,1
30
500
430,5
400
300
346,6
154,1
157,7
25
20
153,5
15
200
10
100
5
0
2003
2004
2005
2006
ÖZSERMAYE TOPLAMI
TOTAL SHAREHOLDERS’ EQUITY
2007
1.000.000 YTL
600
511,1
500
5,2
2003
2004
2005
2006
2007
YÜKÜMLÜLÜKLER TOPLAMI
TOTAL LIABILITIES
120
110,0
1.000.000 YTL
106,3
100
436,7
80
300
60
219,5
134,9
5,1
3,5
0
400
200
8,7
173,0
67,0
40
100
20
0
8,9
12,0
2006
2007
0
2003
2004
2005
2006
2007
2003
2004
2005
FINANCIAL HIGHLIGHTS
DURAN VARLIKLAR TOPLAMI
TOTAL LONG-TERM ASSETS
Operasyonel ve Finansal Göstergeler (Shell & Turcas Petrol A.fi.)
Operational & Financial Highlights (Shell & Turcas Petrol)
M3
2006
2007
1.010.021
990.172
Katk›l› Kurflunsuz Benzin Unleaded Gasoline With Additive
76.240
37.031
95 Oktan Kurflunsuz Benzin 95 Octane Unleaded Gasoline
892.170
934.103
41.611
19.038
2.662.200
3.096.732
2.265.279
2.359.894
396.921
736.838
4.336
1.672
3.676.557
4.088.576
AKARYAKIT SATIfiLARI FUEL SALES
Beyaz Ürün Sat›fllar› White Product Sales
Benzin Sat›fllar› Toplam› Total Gasoline Sales
98 ve Üstü Oktanl› Kurflunsuz Benzin 98 and Higher Octane Gasoline
Motorin Sat›fllar› Toplam› Total Diesel Sales
2007 ANNUAL REPORT
Motorin Diesel
6
50 PPM Motorin Eurodiesel
Gaz Ya¤› Karosene
Beyaz Ürün Sat›fllar› Toplam› Total White Product Sales
Siyah Ürün Sat›fllar› Black Product Sales
Kalorifer Yak›t› Heating Oil
13.772
11.264
Fuel Oil No.6 Fuel Oil No.6
72.391
75.183
Siyah Ürün Sat›fllar› Toplam› Total Black Product Sales
86.162
86.448
3.762.719
4.175.024
86.912
111.000
521.860
527.970
TOPLAM AKARYAKIT SATIfiLARI TOTAL FUEL SALES
AKARYAKIT DIfiI SATIfiLAR NON-FUEL SALES
Madeni Ya¤ Sat›fllar› Lubricant Oil Sales*
LPG Sat›fllar› LPG Sales**
* 2006 madeni ya¤ sat›fl rakam› birinci yar› y›ldaki Shell Türkiye ve Turcas Petrol’ün sat›fllar› ile ikinci yar› y›ldaki STAfi sat›fllar›n›n toplam›d›r.
* The 2006 lubricant oil sales figure reflects the sum of Shell Turkey and Turcas Petrol sales in 1H-06 and STAS sales in 2H-06.
** LPG Sat›fllar›; Shell Gaz A.fi. ile ‹pragaz A.fi.’nin STAfi istasyonlar›nda y›l içinde yapt›klar› toplam sat›fllar› ifade etmektedir.
** LPG Sales represent the sales of Shell Gaz A.fi. and ‹pragaz A.fi. in STAfi stations.
YTL
Net Sat›fllar Net Sales
2006-2Y/2006-2H
2007
3.642.723.621
7.588.629.000
Esas Faaliyet Kâr› (Zarar›) Net Operating Profit (Loss)
102.404.957
366.714.000
Vergi Öncesi Kâr (Zarar) Profit (Loss) Before Monetary Gain and Tax
132.844.903
434.065.000
27.009.321
88.502.000
105.835.582
345.563.000
0,20
0,65
Dönen Varl›klar Toplam› Total Current Assets
816.046.036
1.002.421.000
Duran Varl›klar Toplam› Total Long-Term Assets
866.930.482
935.495.000
1.682.976.518
1.937.916.000
461.828.975
462.592.000
Vergiler Taxes
Net Dönem Kâr› (Zarar) Net Profit (Loss)
Hisse Bafl›na Kazanç Profit Per Share (YTL)
Aktifler Toplam› Total Assets
K›sa Vadeli Yükümlülükler Toplam› Total Short-Term Liabilities
73.347.636
70.264.000
Özsermaye Toplam› Total Shareholders’ Equity
1.147.799.907
1.405.060.000
Yükümlülükler Toplam› Total Liabilities and Shareholders’ Equity
1.682.976.518
1.937.916.000
Uzun Vadeli Yükümlülükler Toplam› Total Long-Term Liabilities
BENZ‹N SATIfiLARI TOPLAMI
TOTAL GASOLINE SALES
M3
Fark %-2 / Change -2%
1.200.000
KALOR‹FER YAKITI SATIfiLARI
HEATING OIL SALES
M3
Fark %-18 / Change -18%
15.000
1.010.021
1.000.000
990.172
13.772
11.264
10.000
800.000
600.000
400.000
5.000
200.000
0
0
2006
MOTOR‹N SATIfiLARI TOPLAMI
TOTAL DIESEL SALES
2007
2006
M3
Fark %16 / Change 16%
3.500.000
FUEL O‹L NO.6 SATIfiLARI
FUEL OIL NO.6 SALES
M3
Fark %4 / Change 4%
76.000
3.096.732
3.000.000
2007
75.183
75.000
2.662.200
2.500.000
74.000
73.000
1.500.000
72.391
72.000
1.000.000
71.000
500.000
0
70.000
2006
2006
2007
M3
5.000.000
S‹YAH ÜRÜN SATIfiLARI TOPLAMI
TOTAL BLACK PRODUCT SALES
2007
M3
Fark %0.3 / Change 0.3%
88.000
4.088.576
86.162
3.676.557
86.448
86.000
3.000.000
84.000
2.000.000
82.000
1.000.000
0
80.000
2006
TOPLAM AKARYAKIT SATIfiLARI
TOTAL FUEL SALES
2007
M3
5.000.000
MADEN‹ YA⁄ SATIfiLARI
LUBRICANT OIL SALES
120.000
4.175.024
4.000.000
2006
3.762.719
100.000
2007
M3
111.000
86.912
80.000
3.000.000
60.000
2.000.000
40.000
1.000.000
20.000
0
0
2006
2007
2006
2007
7
OPERATIONAL HIGHLIGHTS
BEYAZ ÜRÜN SATIfiLARI TOPLAMI
TOTAL WHITE PRODUCT SALES
4.000.000
OPERASYONEL GÖSTERGELER
2.000.000
Yönetim Kurulu Baflkan›’n›n Mesaj›
2007 ANNUAL REPORT
Chairman’s Message
8
Hali haz›rdaki en önemli
faaliyet kolumuz akaryak›t
da¤›t›m›nda Shell ile
gerçeklefltirdi¤imiz bu
birleflme ile yaratt›¤›m›z
de¤iflim, çok kârl› büyüme
potansiyeli oluflturmufl,
bizi organik büyümenin
yapamayaca¤› kadar
büyük bir h›zla, yeni ve
heyecan verici stratejik bir
konuma getirmifltir.
Daha farkl›, daha etkin, daha itibarl›
Say›n hissedarlar›m›z,
2007 faaliyetlerini s›ras› ile inceleyip, Turcas’›n bu ifadeleri ne ölçüde hak etti¤ine
birlikte karar verelim.
Turcas 2007 y›l›nda 109,8 Milyon YTL Operasyonel Kâr ve 107,6 Milyon YTL Net Kâr
gerçeklefltirdi. Net Kâr rakam› 2006 ile karfl›laflt›r›ld›¤›nda (Shell & Turcas ortak girifliminin
kurulumu nedeniyle geçen sene kâr olarak kaydedilen 196,3 Milyon YTL ile Marmara
Petrol’ün Varl›k sat›fl›ndan elde edilen bir seferlik kazan›mlar ç›kar›ld›¤›nda), %75,5
oran›nda art›fl göstermifltir. 31 Aral›k 2007 itibar›yla Turcas’›n bilançosundaki Net Haz›r
De¤erler 87,5 Milyon YTL olmakla beraber 31 Aral›k 2006 ile karfl›laflt›r›ld›¤›nda fiirket’in
Toplam Varl›klar› %17,4 art›flla 523,1 Milyon YTL’ye, Özsermayesi de %17 art›flla 511,1
Milyon YTL’ye yükselmifltir.
%30 oran›nda hisselerine sahip oldu¤umuz ifltirakimiz Shell & Turcas Petrol A.fi. (STAfi)’nin
faaliyetleri incelendi¤inde bir y›l öncesine göre ciddi bir büyüme, pazardaki rakiplerimize
göre üstünlü¤ümüz ve yapt›¤›m›z yüksek kârl›l›k kendini göstermektedir.
STAfi’a ait 2007 Konsolide Mali Tablolar›ndan al›nan bilgilere göre STAfi kârl›l›¤›n› art›rmaya
ve Türkiye akaryak›t pazar›ndaki güçlü pozisyonunu korumaya devam etmifltir. 2007
Net Sat›fllar› 7,6 Milyar YTL’ye, Net Kâr da 345,6 Milyon YTL’ye ulaflm›flt›r. Operasyonel
Kâr 434,1 Milyon YTL ve VAFÖK 516,9 Milyon YTL olmufltur. Operasyonel Kâr ve VAFÖK
marjlar› %5,7 ve %6,8’e ulaflm›flt›r. 2007’nin üçüncü çeyrek ve dördüncü çeyrek toplam
VAFÖK ve Net Kâr rakamlar› 2006 y›l› ayn› dönemi ile k›yasland›¤›nda (STAfi faaliyetlerine
2006’n›n ikinci yar›y›l›nda bafllam›flt›r) %45,3 ve %92 oranlar›nda art›fl göstermifltir.
Net Kâr Marj› %4,6 olarak belirlenmifltir. Buna ek olarak 31 Aral›k 2007 itibar›yla STAfi’›n
Bilanço göstergeleri de kuvvetini korumaya devam etmifltir. K›sa Vadeli Finansal Borçlar
80,9 Milyon YTL’ye gerilemifl, Haz›r Nakit De¤erler de 111,5 Milyon YTL’ye yükselmifltir.
31 Aral›k 2006 ile karfl›laflt›r›ld›¤›nda STAfi’›n Toplam Varl›klar› %15,1 art›flla 1,94 Milyar
YTL’ye, Özsermayesi de %22,4 art›flla 1,41 Milyar YTL’ye yükselmifltir.
Hali haz›rdaki en önemli faaliyet kolumuz akaryak›t da¤›t›m›nda Shell ile gerçeklefltirdi¤imiz
bu birleflme ile yaratt›¤›m›z de¤iflim, çok kârl› büyüme potansiyeli oluflturmufl, bizi
organik büyümenin yapamayaca¤› kadar büyük bir h›zla, yeni ve heyecan verici stratejik
bir konuma getirmifltir.
Bu ifadeler sadece Turcas Yönetim Kurulu Baflkan› olarak bana ait olmay›p, Shell Dünya
CEO’sunun Shell Grubu’nun dünyadaki 2007 faaliyetleriyle ilgili bas›n toplant›s›nda en
üst seviyede, önemle dünyaya duyurulmufltur. Bas›n toplant›s›nda Shell’in büyüme
karar› ald›¤› alt› stratejik ülkeden biri olan Türkiye’de beklediklerinin çok üzerinde
büyüdükleri ve Türkiye pazar›nda olmaktan çok büyük mutluluk duyduklar› belirtilmifltir.
Shell Dünya CEO’su, bu ortakl›¤›n her iki taraf için de son derece kârl› oldu¤unu, sat›fllar›n
ve pazar pay›n›n beklenenin çok üzerinde bir büyüme gösterdi¤ini ve Türkiye’nin
More distinct, more efficient, more reputable
Dear Shareholders,
In 2007, Turcas achieved YTL 109.8 million operating profit and YTL 107.6 million net
profit. In comparison with 2006, this marks a 75.5% jump in net profit (post-adjustment
of YTL 196.3 million recorded as profit due to the establishment of the Shell & Turcas
joint venture and the one-off earnings made from the asset sales of Marmara Petrol).
As of December 31, 2007, net liquid assets on the balance sheet of Turcas were YTL
87.5 million, though respective to 31 December 2006, the Company's total assets rose
by 17.4% to YTL 523.1 million and shareholders’ equity grew by 17% to YTL 511.1
million.
According to the information gathered from the 2007 Consolidated Financial Statements
of STAfi, the company boosted profitability and maintained its strong position within
the Turkish fuel market. In 2007, net sales reached YTL 7.6 billion and net profit was
YTL 345.6 million. Operating profit was YTL 434.1 million and EBITDA reached YTL 516.9
million. The margins of operating profit and EBITDA climbed to 5.7% and 6.8%. Total
EBITDA and net profit figures of the third and fourth quarters of 2007 surged by 45.3%
and 92% respectively over the same period of 2006 (STAfi started operations as of
the second half of 2006). The net profit margin was noted as 4.6%. In addition, as of
December 31, 2007, balance sheet indicators of the company remained strong. Shortterm financial payables dwindled to YTL 80.9 million as opposed to the ascent in cash
liquid assets to YTL 111.5 million. Compared to 2006, total assets of STAfi were ramped
up by 15.1% to YTL 1.94 billion and the shareholders’ equity by 22.4% to YTL 1.41
billion.
The change elicited by our merger with Shell for fuel distribution, which is currently
our most important field of operation, has created a most profitable growth potential,
taking us to a new and exciting strategic position at such great speed that could not
be matched by organic growth.
These remarks are not merely mine as the Chairman of the Board of Turcas but were
announced with particular emphasis to the whole world at the topmost level by the
global CEO of Shell Group in the press conference on operations of the company around
the world in 2007. Also noted in this press conference were the facts that the growth
of Shell in Turkey, one of the six strategic countries where Shell decided to grow,
outstripped their expectations widely, and their pleasure to be present in the Turkish
market. The CEO of Shell expressed that this partnership was extremely profitable for
both parties, the growth in sales and market share leapt way ahead of anticipations,
and that Turkey is a market demonstrating robust growth.
9
CHAIRMAN’S MESSAGE
In view of the operations of our subsidiary, Shell & Turcas Petrol A.fi. (STAfi), in which
we own 30% of the shares, a picture of sizeable growth over the previous year with
superiority in respect to competitors and high profitability is self-evident.
YÖNET‹M KURULU BAfiKANI’NIN MESAJI
Let us go over the activities of 2007 and decide together to what extent Turcas deserves
these adjectives.
The change elicited by
our merger with Shell
for fuel distribution,
which is currently our
most important field of
operation, has created a
most profitable growth
potential, taking us to a
new and exciting
strategic position at such
great speed that could
not be matched by
organic growth.
son derece sa¤l›kl› büyüyen bir pazar oldu¤unu ifade etmifltir. Shell Genel Kurullar
tarihinde, ilk defa Türkiye, Shell & Turcas birleflmesiyle ön plana ç›km›flt›r.
Bu birleflme ile gelece¤e teknolojik üstünlükler ile haz›rlanmay›, yeni ürünler ile yeni
müflteriler kazanmay›, k›sacas› rekabet gücümüzü yükseltmeyi güvence alt›na alm›fl
bulunmaktay›z.
Say›n hissedarlar›m›z,
‹flte bu güç ve referans bizim uzun y›llar ciddi çal›flmalar yapt›¤›m›z, liberalleflen Türk
ve komflu ülkeler co¤rafyas›ndaki enerji piyasalar›nda projelerimizle daha etkin yer
almam›za imkân vermifltir.
Bildi¤iniz gibi, akaryak›t da¤›t›m›nda Shell birleflmesini gerçeklefltirmemiz ve terminalcilik
ve lojistik yat›r›mlar›nda da ortaklar›m›z Shell ve BP ile ATAfi Rafinerisi’ni büyük ölçekli
bir petrol ürünleri terminaline dönüfltürmemizin ard›ndan, Turcas, Azerbaycan Devlet
Petrol fiirketi SOCAR ile özellikle petrol ve do¤algaz alanlar›nda yat›r›mlara ve faaliyetlere
yönelecek ve bölgede tarihi bir rol oynayacak yeni bir stratejik ortakl›¤a imza atm›flt›r.
2007 ANNUAL REPORT
2007 bafl›nda kurdu¤umuz SOCAR & Turcas Enerji A.fi. (STEAfi), Adana Ceyhan’da BaküTiflis-Ceyhan Ham Petrol Boru Hatt›n›n sonland›¤› Ceyhan-BOTAfi Terminali yak›nlar›nda
özellikle Türkiye ve Akdeniz piyasalar›na hizmet edecek 10 Milyon ton/y›l kapasiteli
bir petrol rafineri projesine bafllam›flt›r.
10
Bu ortakl›k (STEAfi), Türkiye’nin stratejik de¤ere sahip tek üreticisi konumundaki
petrokimya üssü PETK‹M Petrokimya Holding A.fi.’nin özellefltirme ihalesini de kazanarak
petrol ve petrokimyada sadece Türkiye’de de¤il genifl bir co¤rafyada büyük bir güç
haline gelece¤inin sinyallerini vermeye bafllam›flt›r.
Say›n hissedarlar›m›z, Turcas’›n 10 y›ld›r peflinde kofltu¤u, oluflturmaya çal›flt›¤› resmi,
sizlere takdim etmek istiyorum. Bildi¤iniz gibi Hazar Bölgesi dünyada petrol ve do¤algaz
kaynaklar›n›n en zengin oldu¤u bölgelerden biridir. Azerbaycan, bu kaynaklara sahip
olan ve Bakü-Tiflis-Ceyhan Ham Petrol Boru Hatt› ile petrolün, Bakü-Tiflis-Erzurum
fiahdeniz Do¤algaz Boru Hatt› ile do¤algaz›n, hatta bunlar kadar önemli Bakü-Tiflis-Kars
Demiryolu ile di¤er ürün ve mallar›n, Türkiye üzerinden dünyaya ulaflmas›na karar
vermifl çok önemli bir komflu ülkemizdir. ‹flte Turcas burada tarihi bir misyonu üstlenip
SOCAR ile ortakl›k kurarak, Azerbaycan’da SOCAR’›n sahip oldu¤u petrol, do¤algaz ve
petrokimya ürünleri, Ceyhan’da SOCAR & Turcas Petrol Rafinerisi ve Petrokimya Üssü
ve PETK‹M’de Petrokimya ve Petrol Rafinerisi Entegre Tesisleri ile adeta Hazar’dan
Ege’ye uzanan bir bölgesel güç olma yolunda ciddi mesafeler katetmeye bafllam›flt›r.
Bilindi¤i gibi enerjide entegrasyonun en önemli ayaklar›ndan biri de elektrik üretimidir.
Turcas bu konuda da dünyan›n en önde gelen firmalar›ndan Alman E.ON ile iki adet
800 MW kurulu gücünde enerji santralleri kurmak için iki ayr› ortak giriflim flirketi
kurmufltur. Bunlardan 800 MW kurulu gücündeki Denizli Do¤algaz Santrali için teknik
ve ekonomik fizibilite çal›flmalar› bafllam›fl, Enerji Piyasas› Düzenleme Kurumu (EPDK)’na
gerekli lisans baflvurusu yap›lm›fl, bir k›s›m arazi sat›n almalar› gerçeklefltirilmifltir. ‹thal
kömüre dayal› olmas› planlanan di¤er santral ile ilgili çal›flmalar›n h›zland›r›lmas› için
PETK‹M’in SOCAR & Turcas’a devri beklenmektedir çünkü bu santralin ‹zmir Alia¤a
bölgesinde kurulmas› öngörülmektedir. ‹spanyol Iberdrola firmas› ile elektrik da¤›t›m
bölgelerinin özellefltirme ihalelerine beraber girmek üzere kurdu¤umuz ortakl›¤›m›z
devam etmekte olup müflterek çal›flmalar ile ihale sürecinin yeniden bafllat›lmas›
beklenmektedir.
Turcas Gaz, tekel konumundaki BOTAfi’tan sonra Türkiye do¤algaz toptan sat›fl piyasas›na
ilk giren yerli flirketlerden biri olarak tarihe geçmifltir. Shell Enerji ile iflbirli¤i yaparak
bafllad›¤›m›z bu ifl bize piyasada önderlik ve ilk uygulay›c› olma imkân›n› vermifltir.
Rüzgar enerjisinde 400 MW’l›k bir yat›r›m için EPDK’ya lisans müracaatlar›nda bulunduk
ve türbin üreticisi ve yat›r›mc› konumundaki bir firma ile ortakl›k çal›flmalar› bafllatt›k.
Turkey stood out for the first time in the history of the General Assemblies of Shell
by the Shell & Turcas merger.
With this merger, we have guaranteed readiness for the future through enjoying a
technological edge, winning new customers with new products; in brief, increasing
our competitive edge.
Dear Shareholders,
This power and reference has enabled us to take a more prevalent position with our
projects in the energy markets of the liberalizing geographies of Turkey and its
neighboring countries, where we have been working substantially for long years.
As you are aware, following our merger with Shell in fuel distribution, and benefiting
from our partners Shell and BP in terminal and logistics investments, such as the
transformation of the ATAfi Refinery into a large-scale terminal of petroleum products,
we entered into a new strategic partnership with the State Oil Company of Azerbaijan,
SOCAR, towards investments and operations especially in the fields of oil and natural
gas, which would play a historic role in the region.
This partnership (STEAfi) won the tender for the privatization of PETK‹M Petrokimya
Holding A.fi., the only petrochemicals producer in Turkey with strategic value, signaling
that it will become a major force in petroleum and petrochemicals not just in Turkey
but in an expansive geography.
As known, one of the most important steps of integration in energy is power generation.
In this field, Turcas has founded two joint venture companies with the leading German
energy company, E.ON, to build two power plants each with an installed capacity of
app. 800 MW. Technical and economic feasibility studies are underway for the Denizli
Combined Cycle Gas Turbine Power Plant. License application has been submitted to
the Energy Market Regulatory Authority (EMRA) and some land has already been
purchased. In order to speed up the work for the other project, which is planned to
run on imported coal; first, the handover of PETK‹M to SOCAR & Turcas must be finalized
because this plant is likely to be built in the Alia¤a area of ‹zmir.
Our partnership with the Spanish Iberdrola Company to jointly participate in the
privatization tenders of electricity distribution areas is still in force. The tendering
process is expected to be re-started soon.
After the monopoly of BOTAfi, Turcas Gas made history as one of the first domestic
companies to enter the Turkish natural gas wholesale market. We started this business
by cooperating with Shell Energy, and were able to become the market initiator.
11
CHAIRMAN’S MESSAGE
Dear shareholders, I wish to present you the picture that Turcas has been striving to
portray for the past decade. As you know, the Caspian Region is among the richest
areas in the world in terms of petroleum and natural gas deposits. Azerbaijan, our
crucial neighbor, owns these resources. It has decided to allow the access of crude
oil through the Baku-Tbilisi-Ceyhan Crude Oil Pipe Line, of natural gas through the
Baku-Tbilisi- Erzurum fiahdeniz Natural Gas Pipe Line, and of other goods and products
through the equally important Baku-Tbilisi-Kars Railway Line, to the world via Turkey.
At this point, Turcas has taken on a historic mission to become partners with SOCAR.
This partnership represents the remarkable progress towards becoming a regional
power, virtually extending from the Caspian to the Aegean with the oil, natural gas
and petrochemicals owned by SOCAR in Azerbaijan, and the upcoming SOCAR & Turcas
Oil Refinery and Petrochemicals Complex in Ceyhan-Turkey, and the Petkim Petrochemicals
and Oil Refinery Integrated Facilities in ‹zmir-Turkey.
YÖNET‹M KURULU BAfiKANI’NIN MESAJI
SOCAR & Turcas Energy A.fi. (STEAfi), founded in early 2007, initiated an oil refinery
project near the BOTAfi Terminal in Ceyhan, Adana (where the Baku-Tbilisi-Ceyhan
Crude Oil Pipeline ends), with a capacity of 10 million tons per year, to serve especially
the Turkish and Mediterranean markets.
Yönetim Kurulumuz, tüm meseleleri Türkiye ve dünya flartlar›nda analiz etmekte, hedefledi¤imiz yat›r›mlar›n her koflulda gerçekleflme imkânlar›n›
gözetmekte, al›nmas› gereken tedbirleri göz önünde bulundurmakta ve Turcas’›n asgari düzeyde riske maruz kalmas› için gerekli hassasiyetleri
göstermektedir.
Önümüzdeki befl senelik dönem içinde temellerini att›¤›m›z ve yukar›da özetlemeye çal›flt›¤›m yat›r›mlar vas›tas›yla Turcas bünyesinde ciddi
de¤erler yarataca¤›m›za inan›yorum.
Turcas, 2007 y›l›nda yat›r›mc› iliflkilerine verdi¤i önemi daha da art›rarak, özellikle Yönetim Kurulu Üyeleri Sn. Süreyya Serdengeçti, Sn. Batu
Aksoy ve Sn. ‹lhan Nebio¤lu’ndan oluflan grubun çal›flmalar› çerçevesinde, Türkiye içinde ve d›fl›nda 100’den fazla yat›r›mc› ile gerek konferanslarda
gerekse birebir görüflmelerde bilgilendirme toplant›lar› yaparak, flirketimizin faaliyetlerini fleffafl›k prensibinde arz etme imkân› bulmufllard›r.
Bu çal›flmalar Turcas hisselerinin de¤erinin muhafazas› ve artmas› bak›m›ndan çok etkili olmufltur.
De¤erli hissedarlar›m›z,
Bugüne kadar gelinen noktada ve gösterilen tüm baflar›larda bize duydu¤unuz güven ve gösterdi¤iniz destekle yar›nlara sa¤lam ad›mlarla
yürümemize efllik etti¤iniz için sizlere teflekkür eder, sayg›lar›m› arz ederim.
2007 ANNUAL REPORT
Erdal Aksoy
Yönetim Kurulu Baflkan›
12
We applied to EMRA for licenses regarding a total investment of 400 MW of wind farms and launched partnership discussions with a company
which shall potentially act as a turbine producer and co-investor in our projects.
Within the framework of this vision, our Board of Directors analyzes all issues with reference to conditions in Turkey and the world, appraises
the viability of the investments we target under all circumstances, considers necessary precautions and shows sensitivity so that Turcas will
not be exposed to any risk.
I strongly believe that in the forthcoming five years, by way of instigating these investments I have tried to summarize above which outline
our vision and will potentially generate major collective synergy, we will be creating outstanding values within Turcas.
In 2007, Turcas placed more emphasis on investor relations whereby, particularly in the context of the work by the group composed of Board
Members Messrs. Süreyya Serdengeçti, Batu Aksoy and ‹lhan Nebio¤lu, informative meetings were held by conferences and one-to-one
sessions with over 100 investors in and out of Turkey to convey the operations of our Company in line with the adopted principle of transparency.
These efforts have been tremendously effective in sustaining and increasing the value of Turcas shares parallel to the performance exhibited.
Dear shareholders,
For our current position and all our achievements, I would like to thank you for your trust, your support and your company, helping us to
march on with solid strides to the future; and I pay you my most sincere respects.
Erdal Aksoy
Chairman of the Board
Yönetim Kurulu
Board Of Directors
7
3
2
4
1
5
6
1. Erdal Aksoy
2. Y›lmaz Tecmen
3. Bülent Çorapç›
4. S.Batu Aksoy
5. Banu Aksoy Tarakç›o¤lu
6. Süreyya Serdengeçti
7. M.‹lhan Nebio¤lu
Baflkan Chairman
Baflkan Vekili Vice Chairman
Üye Member
Üye Member
Üye Member
Üye Member
Üye Member
2007 ANNUAL REPORT
Yönetim Kurulu
Board of Directors
14
Erdal Aksoy
Baflkan Chairman
Baflkan Vekili Vice Chairman
1996’dan itibaren Turcas Petrol A.fi. ve ba¤l› ortakl›klar›n›n Yönetim Kurullar›
Üyeli¤ini ve 2002’den bu yana da Yönetim Kurullar› Baflkan Vekilli¤ini
yürütmektedir. Ayr›ca Kalyon Oteli’nin Kurucusu ve Yönetim Kurulu Baflkan›’d›r.
Shell & Turcas Petrol A.fi., SOCAR & Turcas Enerji A.fi. ve SOCAR & Turcas
Petrokimya A.fi.’nin Yönetim Kurullar› Üyesi’dir. Tecmen, PETDER (Petrol
Sanayi Derne¤i) Yönetim Kurulu Üyesi, TUROB (Turistik Otelciler ‹flletmeciler
ve Yat›r›mc›lar Birli¤i) ile TUGEV (Turizm Gelifltirme ve E¤itim Vakf›) ve ICVB
(Istanbul Convention and Visitors Bureau) Kurucusu ve Üyesi’dir. ‹ngilizce
bilen Y›lmaz Tecmen evli ve üç çocuk babas›d›r.
Y›lmaz Tecmen has been a Member of the Board of Directors of Turcas
Petrol and its subsidiaries since 1996, and the Vice Chairman of the Board
of Directors since 2002. In addition, he is the Founder of the Kalyon Hotel
and Chairman of its Board of Directors. He serves as a Member of the
Boards of Directors of Shell & Turcas Petrol, SOCAR & Turcas Energy, and
SOCAR & Turcas Petrochemicals. Mr. Tecmen is a Member of the Board
of Directors of PETDER (Petroleum Industry Association), and Founder and
Member of TUROB (Union of Touristic Hoteliers, Businessmen and Investors),
TUGEV (Tourism Development and Training Foundation), and ICVB (Istanbul
Convention and Visitors Bureau). Y›lmaz Tecmen is fluent in English and
is married with three children.
15
BOARD OF DIRECTORS
Y›lmaz Tecmen
Erdal Aksoy has been the Chairman of the Board of Directors of
Turcas Petrol and its subsidiaries since 1996. At the same time,
he is the Founder and Chairman of the Boards of Directors of
Aksoy Holding, Aksoy Petroleum Distribution Investments, Enak
Construction and Foreign Trade, and the Conrad Istanbul Hotel
(Yeditepe International Hotels). He is a Member of the Board of
Directors of Shell & Turcas Petrol, and is the Vice Chairman of the
Boards of Directors of SOCAR & Turcas Energy, SOCAR & Turcas
Petrochemicals, and E.ON & Turcas South (and North) Power
Generation. In addition, he is a Member of TÜS‹AD (Turkish
Industrialists and Businessmen's Association) and a Member of
the Advisory Board of TESEV (Turkish Economic and Social Studies
Foundation). Formerly acting as a Member of the Board of Directors
of T‹SK (Confederation of Turkish Employers Union) and as the
President of the Turkish Ship-owners and Employers Union, Erdal
Aksoy acted for a period as the Istanbul Provincial Head of the
Motherland Party (ANAP) and the President of the Sar›yer Sports
Club. Erdal Aksoy, an Electrical/Electronics Engineering Graduate
of Istanbul Technical University with fluency in English, is married
with two children.
YÖNETIM KURULU
1996’dan itibaren Turcas Petrol A.fi. ve ba¤l› ortakl›klar›n›n Yönetim
Kurullar› Baflkanl›¤›n› yürütmektedir. Ayn› zamanda Aksoy Holding
A.fi., Aksoy Petrol Da¤›t›m Yat›r›mlar› A.fi., Enak Yap› ve D›fl Ticaret
A.fi. ve Conrad ‹stanbul Oteli’nin (Yeditepe Beynelmilel Otelcilik
A.fi.) Kurucusu ve Yönetim Kurullar› Baflkan›’d›r. Shell & Turcas Petrol
A.fi.’nin Yönetim Kurulu Üyesi ve SOCAR & Turcas Enerji A.fi., SOCAR
& Turcas Petrokimya A.fi. ve E.ON & Turcas Güney (ve Kuzey) Elektrik
Üretim A.fi.’nin Yönetim Kurullar› Baflkan Vekili’dir. Ayr›ca TÜS‹AD
(Türk Sanayicileri ve ‹fladamlar› Derne¤i) Üyesi ve TESEV’in (Türkiye
Ekonomik ve Sosyal Etütler Vakf›) Dan›flma Kurulu Üyesi’dir. Daha
önce Türk Armatörleri ‹flverenleri Sendikas› Baflkanl›¤› ile T‹SK
(Türkiye ‹flveren Sendikalar› Konfederasyonu) Yönetim Kurulu Üyeli¤i
yapan Erdal Aksoy bir dönem de Anavatan Partisi (ANAP) ‹stanbul
‹l Baflkanl›¤›n› ve Sar›yer Spor Kulübü Baflkanl›¤›n› yürütmüfltür.
Yüksek Elektronik Mühendisi (‹TÜ) olan ve ‹ngilizce bilen Erdal Aksoy
evli ve iki çocuk babas›d›r.
2006 May›s ay›ndan itibaren Turcas Petrol A.fi.’nin Yönetim Kurulu Üyesi’dir. 1980 y›l›nda
Türkiye Cumhuriyet Merkez Bankas› D›fl Borç Erteleme Bölümü’nde göreve bafllayan
Serdengeçti, 1984-1986 y›llar› aras›nda ABD, Vanderbilt Üniversitesi Ekonomi Bölümü’nde
yüksek lisans yapt›. Yurda dönüflte Merkez Bankas›’nda döviz rezervlerinin yönetiminde
çal›flan Serdengeçti, 1990 y›l›nda Döviz ‹fllemleri Müdürlü¤ü, 1992 y›l›nda Aç›k Piyasa ‹fllemleri
Müdürlü¤ü ve 1994 y›l›nda Genel Sekreter Yard›mc›s› olarak, Genel Sekreterlik Bas›n Sözcülü¤ü
görevlerine getirildi. Ayn› y›l D›fl ‹liflkiler Genel Müdürlü¤ü, Genel Müdür Yard›mc›l›¤›na atand›
ve Ödemeler Dengesi ile Uluslararas› Kurulufllar alan›nda çal›flt›. Süreyya Serdengeçti, May›s
1996 tarihinde Piyasalar Genel Müdürü oldu. Ocak 1998’den itibaren Piyasalar Genel
Müdürlü¤ünün yan› s›ra, Krediler, Bilgi ‹fllem ve ‹statistik Genel Müdürlüklerinden sorumlu
Baflkan Yard›mc›l›¤› görevini yürüten Serdengeçti, Mart 2001-2006 y›llar› aras›nda Türkiye
Cumhuriyet Merkez Bankas› Baflkanl›¤›n› yürütmüfltür. ‹ngilizce ve Frans›zca bilen Serdengeçti,
evli ve bir çocuk babas›d›r.
Süreyya Serdengeçti
2007 ANNUAL REPORT
Üye Member
Süreyya Serdengeçti has been a Member of the Board of Directors of Turcas Petrol since
May 2006. Mr. Serdengeçti, who commenced duties in the Postponement of Foreign Debt
Department of the Central Bank of Turkey, completed a Masters degree at the Vanderbilt
University Faculty of Economics, USA between 1984 and 1986. Upon returning to Turkey,
Mr. Serdengeçti, working in Administration of Foreign Currency Reserves at the Central
Bank, undertook Foreign Currency Activity Management in 1990, Open Markets Management
in 1992, Assistant General Secretary position in 1994, and the duty of General Secretariat
Press Spokesman. In the same year, he was appointed Assistant General Manager of
General Directorate of Foreign Relations, and worked in the field of Balance of Payments
with International Organizations. Süreyya Serdengeçti became Markets General Manager
in May 1996. Performing, along with Markets General Managership, the duties of Vice
President responsible for Credits, Data Processing and General Management of Statistics
since 1998, Mr. Serdengeçti was appointed as the Governor of the Central Bank of Turkey
in March 2001 serving as such until March 2006. Mr. Serdengeçti, a fluent speaker of
English and French, is married with a son.
16
2005’den itibaren Turcas Petrol A.fi.’nin Yönetim Kurulu Üyesi’dir. 2001’den bu yana
Standard Bank Londra’da Türkiye ve Ortado¤u Masas› Dan›flmanl›¤› görevini sürdürmektedir.
2000-2006 y›llar›nda EBRD ve IFC’nin özellefltirdi¤i Arnavutluk BKT Bank’›n Yönetim Kurulu
Baflkanl›¤›n›, ard›ndan da Dan›flmanl›¤›n› yapmaktad›r. 2006’dan itibaren Çal›k Investment
Bank Yönetim Kurulu Üyesi’dir. 2004’ten beri JWThompson/Manajans Yürütme Kurulu
Üyesi’dir. 1992-2001 y›llar› aras›nda Dresdner Kleinwort Benson Yat›r›m Bankas›’na kat›ld›
ve Türkiye masas›ndan sorumlu olarak çal›flt›. Londra’da Yap› ve Kredi Bankas› (1984-88)
ve ard›ndan Garanti Bankas› (1988-92) Temsilcisi olarak görev yapt›. 1980-83 y›llar› aras›nda
Düsseldorf Almanya’da Borusan Demir Çelik Ticareti (Borusan Comment Intertrade) flirketini
kurdu ve Genel Müdürlü¤ünü yapt›. Önceki y›llarda Londra’da yay›nc›l›k yaparak Export
Times’›n yönetmenli¤ini üstlendi. ‹lhan Nebio¤lu ‹ngilizce ve Almanca bilmektedir.
M.‹lhan Nebio¤lu
Üye Member
M. ‹lhan Nebio¤lu has been a Member of the Board of Directors of Turcas Petrol since
2005. He has carried on duties at the Turkey and Middle East Advisory Desk at Standard
Bank in London since 2001. In the years 2000-2006, he performed the Chairmanship, and
afterwards Advisory, of the Board of Directors of the EBRD and IFC privatized Albania BKT
Bank. Since 2006, he has been a Member of the Board of Directors of Çal›k Investment
Bank. From 2004, he served as a Member of the Board of Executive Committee of
JWThompson/Manajans. Between the years 1992 and 2001, he joined Dresdner Kleinwort
Benson Investment Bank with responsibility for the Turkey Desk. He performed Representative
duties at the Yap› Kredi Bank (1984-88) and afterwards at Garanti Bank (1988-92) in
London. Between the years 1980 and 1983, he founded the Borusan Iron and Steel Trade
Company (Borusan Comment Intertrade) in Dusseldorf, Germany and became the General
Manager. In earlier years in London he undertook management duties in publishing at
the Export Times. ‹lhan Nebio¤lu speaks English and German.
1998’den itibaren Turcas Petrol A.fi.’nin Yönetim Kurulu Üyesi’dir. Yeminli Mali Müflavir
ve Vergi Özel ‹htisas Komisyonu Üyesi olan Bülent Çorapç› TÜS‹AD (Türk Sanayicileri ve
‹fladamlar› Derne¤i) Üyesi, TESEV (Türkiye Ekonomik ve Sosyal Etütler Vakf›) Denetleme
Kurulu Üyesi ve TÜTS‹S (Türkiye Tekstil Sanayii ‹flverenleri Sendikas›) Yönetim Kurulu
Üyesi’dir. Ayr›ca Türk turizmi, tekstil, otomotiv ve kimya sanayilerinde faaliyet gösteren
baflka flirketlerde de Yönetim Kurulu Üyeli¤i görevleri yürütmektedir. Bülent Çorapç› ‹ngilizce
ve Frans›zca bilmektedir.
Bülent Çorapç› has been a Member of the Board of Directors of Turcas Petrol since 1998.
A Member of the Certified Financial Consultants and Tax Private Specialty Commission,
Bülent Çorapç› is also a Member of TÜS‹AD (Turkish Industrialists and Businessmen's
Association), a Member of the Board of Auditors of TESEV (Turkish Economic and Social
Studies Foundation), and a Member of the Board of Directors of TÜTS‹S (Turkish Textile
Industry Employers Union). He also performs membership duties on the Boards of Directors
of other companies that are active in the Turkish tourism, textile, automotive, and chemical
industries. Bülent Çorapç› speaks English and French.
Bülent Çorapç›
Üye Member
Üye Member
2005’den itibaren Turcas Petrol A.fi. ve ba¤l› ortakl›klar›n›n Yönetim Kurullar› Üyeli¤ini
yürütmektedir. 1998-1999 y›llar›nda Annapolis ABD’de Geophone LLC’de çal›flan S. Batu
Aksoy, Aksoy Holding A.fi., Aksoy Petrol Da¤›t›m Yat›r›mlar› A.fi., Enak Yap› ve D›fl Ticaret
A.fi., SOCAR & Turcas Enerji A.fi., SOCAR & Turcas Petrokimya A.fi. ve E.ON & Turcas Güney
(ve Kuzey) Elektrik Üretim A.fi.’nin de kurucular›ndan ve Yönetim Kurullar› Üyesi’dir. 20062008 döneminde Baflkanl›¤›n› yapt›¤› PETFORM (Petrol Platformu Derne¤i)’un Yönetim
Kurulu Üyesi ve TÜS‹AD (Türk Sanayicileri ve ‹fladamlar› Derne¤i) Enerji Çal›flma Grubu
Üyesi’dir. The Johns Hopkins University (Baltimore, USA) Elektrik ve Bilgisayar Mühendisli¤i
Bölümü’nden mezun olan Batu Aksoy ‹ngilizce bilmektedir.
S.Batu Aksoy
Üye Member
S. Batu Aksoy has been a Member of the Board of Directors of Turcas Petrol and its
subsidiaries since 2005. Having worked at Geophone LLC in Annapolis, USA in the years
1998-1999, he is one of the Founders and Members of the Boards of Directors of Aksoy
Holding, Aksoy Petroleum Distribution Investments, Enak Construction and Foreign Trade,
SOCAR & Turcas Energy, SOCAR & Turcas Petrochemicals, and E.ON & Turcas South (and
North) Power Generation. He is a Member of the Board of Directors of PETFORM (Petroleum
Platform Association), having acted as Chairman between 2006 and 2008, and a Member
of the Energy Working Group of TÜS‹AD (Turkish Industrialists and Businessmen's Association).
Batu Aksoy, a fluent speaker of English, is a graduate of The Johns Hopkins University
(Baltimore, USA), Electrical and Computer Engineering Faculty.
17
BOARD OF DIRECTORS
Banu Aksoy Tarakç›o¤lu
Banu Aksoy Tarakç›o¤lu has been a Member of the Board of Directors of Turcas Petrol and
its subsidiaries since 2005. Having worked between the years 1998 and 2000 in the
Conoco Eurasia Business Development Department of ConocoPhillips, Banu Aksoy Tarakç›o¤lu
is one of the Founders and Members of the Boards of Directors of Aksoy Holding, Aksoy
Petroleum Distribution Investments, and Enak Construction and Foreign Trade. Banu Aksoy
is a Member of the Board of Directors of Shell Petrol and one of the founders of SOCAR
& Turcas Energy and SOCAR & Turcas Petrochemicals. She is a Member of GY‹AD (Young
Executives and Businessmen's Association), DE‹K (Foreign Economic Relations Board),
PETFORM (Petroleum Platform Association), and PETDER (Petroleum Industry Association).
Banu Aksoy Tarakç›o¤lu is an English speaker and graduate of The Koç University Business
Faculty and recipient of Financial Training at University of California at Berkeley.
YÖNET‹M KURULU
2005’den itibaren Turcas Petrol A.fi. ve ba¤l› ortakl›klar›n›n Yönetim Kurullar› Üyeli¤ini
yürütmektedir. 1998-2000 y›llar› aras›nda ConocoPhillips firmas›n›n Conoco Eurasia ‹fl
Gelifltirme Bölümü’nde çal›flan Banu Aksoy Tarakç›o¤lu, Aksoy Holding A.fi., Aksoy Petrol
Da¤›t›m Yat›r›mlar› A.fi., Enak Yap› ve D›fl Ticaret A.fi.’nin de kurucular›ndan ve Yönetim
Kurullar› Üyesi’dir. Banu Aksoy, Shell Petrol A.fi.’nin Yönetim Kurulu Üyesi, SOCAR & Turcas
Enerji A.fi. ile SOCAR & Turcas Petrokimya A.fi.’nin de kurucular›ndand›r. GY‹AD (Genç
Yönetici ve ‹fl Adamlar› Derne¤i), DE‹K (D›fl Ekonomik ‹liflkiler Kurulu), PETFORM (Petrol
Platformu Derne¤i) ve PETDER (Petrol Sanayi Derne¤i) Üyesidir. Koç Üniversitesi ‹flletme
Bölümü’nden mezun olan ve University of California at Berkeley’de Finans E¤itimi alan
Banu Aksoy Tarakç›o¤lu ‹ngilizce bilmektedir.
Türkiye Ekonomisinin 2007 Y›l› ‹tibar›yla
Genel De¤erlendirmesi
2007 ANNUAL REPORT
General Assessment of The Turkish Economy As of 2007
18
2007 y›l›, Türkiye
ekonomisinde 2001’den
itibaren görülen yap›sal
de¤iflim sürecinin
duraksad›¤› bir y›l olarak
hat›rlanacakt›r. Hem
seçimler öncesinde hem
de sonras›nda gündeme
siyasal konular›n egemen
olmas› ve bu durumun
tedirginlik yaratmas›
bafll›ca neden olarak
görülmektedir.
2007 y›l›, Türkiye ekonomisinde 2001’den itibaren görülen yap›sal de¤iflim sürecinin
duraksad›¤› bir y›l olarak hat›rlanacakt›r. Hem seçimler öncesinde hem de sonras›nda
gündeme siyasal konular›n egemen olmas› ve bu durumun tedirginlik yaratmas› bafll›ca
neden olarak görülmektedir. Bunun yan› s›ra, yap›sal reform sürecinde uzun süredir
görülen aksama ve seçim sonras›nda da 2006 ortas›ndan beri bir türlü tatmin edici bir
biçimde düzelemeyen ekonomideki bekleyiflleri olumlu etkileyebilecek bir yeni ekonomik
program›n ortaya konamamas› da çok önemli bir nedendir. Nihayet, A¤ustos ay›ndan
itibaren ABD mortgage piyasalar›nda ortaya ç›kan sorunlar›n hem ABD ekonomisinin
durgunlu¤a yönelmesine hem de uluslararas› finansal sistemin belirsizli¤e itilmesine
yol açmas›, üçüncü ve yine ilk ikisi kadar önemli bir neden olarak gösterilebilir.
Bütün bu nedenlerin do¤al sonucu ise, düflen büyüme ve kat›laflan enflasyon e¤ilimi
olarak karfl›m›za ç›kmaktad›r.
Fiyat Geliflmeleri
2001’den itibaren baflar› ile sürdürülmüfl bulunan enflasyonla mücadelede, 2006
ortas›nda kendini gösteren zorluklar, 2007 y›l› boyunca da devaml›l›k arz etmifltir. 2006
y›l› sonunda %9,7 seviyesinde olan tüketici enflasyonu 2007 y›l› sonunda %8,4 olarak
gerçekleflmifl olmakla beraber, 2006’dan sonra 2007 y›l›nda da konulan hedeflerin
oldukça üzerinde seyretmifltir. 2002 y›l›ndan itibaren enflasyon üzerinde olumsuz etki
yapan enerji fiyatlar› bu etkiyi sürdürmekle beraber, yine 2002’den itibaren sorun olan
hizmet sektörü fiyat kat›l›klar›, yavafllayan iç talep ile birlikte nispi bir yumuflama
göstermifltir. Ancak 2006’dan itibaren ciddi bir arz yönlü flok olarak ortaya ç›kan g›da
fiyatlar›, olumsuz etkisini giderek artan bir biçimde 2007 y›l›nda da sürdürmüfltür.
Enflasyon ile mücadelede karfl›lafl›lan en büyük zorluk ise 2006 ortas›ndan beri
bekleyifllerin mücadeleye yard›mc› olabilecek düzeyde iyileflmesinin, yukar›da girifl
k›sm›nda say›lan nedenlerin yan› s›ra di¤er baz› nedenler ile de mümkün olmamas›d›r.
Türkiye Cumhuriyet Merkez Bankas› enflasyon ile mücadelede giderek artan oranda
g›da ve enerji fiyatlar› ile yönetilen/yönlendirilen fiyatlar› d›fllayan çekirdek göstergelere
a¤›rl›k vermeye yönelmifl izlenimi vermektedir. Bu durumda, enflasyonun gelecekteki
seyri aç›s›ndan söz konusu çekirdek göstergelerin hedef enflasyona yak›nsay›p
yak›nsamayaca¤› hususu hayati bir önem kazanmaktad›r.
Büyüme
2002 y›l› bafl›ndan 2006 y›l› sonuna kadar olan dönemde s›k› para ve maliye politikalar›
ile Merkez Bankas› ba¤›ms›zl›¤›n›n, bekleyiflleri olumlu etkilemesi sonucu ortalama
%7,2’lik y›ll›k büyüme (GSY‹H) performans› sergilemifl olan Türkiye’de, 2007 y›l› büyümesi
yeni milli gelir serisi üzerinden %5 olarak tahmin edilmektedir. Göreli yavafllaman›n
nedenleri yukar›da sözü edilen siyasal ve ekonomik olumsuz geliflmeler ve bu geliflmelerin
bekleyifller üzerinde yapt›¤› olumsuz etkidir.
2007 will be remembered as a year of further slowdown in the structural change
process, ongoing in the Turkish economy since 2001. It is evident that the main reason
for this has been the fact that the agenda was dominated by political matters and the
resulting tension, both before and after the elections. Disruption in the structural reform
process over a long period, and the inability, even after the elections, to come up with
a new economic program that would positively affect economic expectations, which
have not improved in a satisfactory way since 2006, must be noted here. Last but not
least, issues cropping up in the US mortgage market in August led towards both
stagnation of the US economy, and uncertainty in international financial markets.
As a natural result of all these factors, we are faced with a tendency towards falling
growth and a sticky tendency in inflation.
Price Developments
The greatest difficulty in combating inflation though, has been the failure in the
improvement of expectations to any helpful degree since the middle of 2006, for
further reasons alongside the ones explained above.
The Central Bank of Turkey has displayed an increasing tendency to focus on core
indices of inflation that exclude food and energy prices, also administered prices. Given
this stance, whether and when the headline inflation would eventually converge
towards core indices is now of vital importance for the inflation outlook.
Growth
In Turkey, in the period from 2002 through 2006, tight monetary and fiscal policies
and the independence of the Central Bank, via substantially positive effect on
expectations, resulted in 7.2% average annual growth of GDP but growth in 2007 is
estimated to be 5% based on the new series of National Income. The reasons for this
relative deceleration are the political and economic developments explained above,
and the negative effects of these developments on expectations.
19
GENERAL ASSESSMENT OF THE TURKISH ECONOMY AS OF 2007
The struggle with inflation, meeting with great success since 2001, started to face
difficulties in the middle of 2006, and continued in the same vein throughout 2007.
Consumer inflation, at 8.4% at the end of 2007 (down from 9.7% at the end of 2006),
was still deemed to be extremely high in relation to 2007 target levels. The negative
effect on inflation since 2002 of energy prices continued, while service sector price
stickiness, also a problem since 2002, has shown a relative softening with falling
domestic demand. However, the emergence in 2006 of a serious supply shock in food
prices has also continued to have an increasingly negative effect in 2007.
2007 will be
remembered as a year
of further slowdown in
the structural change
process, ongoing in the
Turkish economy since
2001. It is evident that
the main reason for this
situation was the
domination of the
agenda by political
matters and the
resulting tension, both
before and after the
elections.
TÜRKIYE EKONOM‹S‹N‹N 2007 YILI ‹T‹BARIYLA GENEL DE⁄ERLEND‹RMES‹
Turcas Petrol Yönetim Kurulu Üyesi, TCMB Eski Baflkan›
Turcas Petrol Board Member, Former Governor of Turkish Central Bank
Büyümenin %5 civar›na inmesinin, daha önce ortalama %7’nin üzerinde seyretmifl
büyümenin dahi çözemedi¤i iflsizlik sorununu giderek a¤›rlaflt›rmas› muhtemeldir. Her
ne kadar %10,5 olan 2006 sonu iflsizlik oran› ile k›yasland›¤›nda %10,1’lik 2007 y›l›
sonu iflsizlik oran› çok küçük olsa ve bir iyileflmeye iflaret ediyor gibi görünse de;
istihdam art›fl›nda görülmeye bafllayan yavafllama ile istihdam›n evvelden beri var olan
ve yap›sal reform sürecindeki aksaman›n giderek derinlefltirdi¤i yap›sal sorunlar›, iflsizlik
konusunda gelecek için pek de parlak olmayan bir tablo sunmaktad›r.
D›fl Denge
2007 ANNUAL REPORT
2002 y›l›ndan itibaren beklenenin ötesinde büyüme, artan uluslararas› enerji fiyatlar›
ve de¤er kazanan Türk Paras›’n›n etkileri ile sürekli bozulma gösteren cari denge, 2007
y›l›nda her ne kadar mutlak rakam olarak artmaya devam etmifl ise de, durgunlaflan
iç talepten kaynaklanan büyümedeki göreli yavafllamadan az da olsa olumlu etkilenmifl
görünmektedir. Y›lsonu kurlar› ve yeni milli gelir verileri esas al›narak, 2007 büyümesinin
de tahminlere uygun olarak %4,5 ç›kmas› dolay›s›yla, cari aç›¤›n milli gelire oran›nda
2006 y›l›na göre (%5,94) bozulma bir yana küçük de olsa nispi bir düzelme (%5,5)
görülmesi ihtimali söz konusu olabilir.
20
Ne var ki, cari aç›kta tatmin edici iyileflme ancak yap›sal reformlara ba¤l› olarak ülkemizin
rekabet gücünün ve iç tasarruflar›n›n artmas› ile mümkündür.
Sermaye dengesine bakt›¤›m›zda ise, 2007 y›l›nda ülke ekonomisinde yaflanan
olumsuzluklara ra¤men, yabanc› güveninin sürdü¤ü ve cari aç›¤›n finansman›nda bir
sorun ile henüz karfl›lafl›lmad›¤›; üstelik söz konusu finansman›n kaynaklar›n›n giderek
artan oranlarda uzun vadeli sermaye ve do¤rudan yabanc› yat›r›mlar olduklar›
görülmektedir. Buna paralel olarak, k›sa vadeli sermayenin cari aç›¤›n finansman›ndaki
pay› azalmaktad›r. Yaklafl›k oranlar vermek gerekirse, 2007 y›lsonunda 2006 y›lsonuna
göre cari aç›¤›n finansman›nda uzun vadeli sermayenin pay› %82’den %104’e, do¤rudan
yabanc› yat›r›mlar›n pay› ise %61’den %63’e ç›km›fl bulunmaktad›r. K›sa vadeli
sermayenin pay› %30 seviyesinden %2 seviyesine inmifltir.
Sürdürülebilirlik aç›s›ndan giderek daha olumlu bir kompozisyona kavuflan sermaye
dengesinde bu e¤ilimin sürdürülebilmesi, yeni tesisler kurarak istihdam da yaratabilecek
do¤rudan yabanc› yat›r›mlar›n gelmesine ba¤l›d›r. Bu tür do¤rudan yabanc› yat›r›mlar›n
ön koflulu ise yine yap›sal reformlard›r.
Kamu Maliyesi
Kamu maliyesi aç›s›ndan Türkiye ekonomisinde 2007 y›l› hayal k›r›kl›¤› yaratm›fl
bulunmaktad›r. Seçim sürecinde kamu harcamalar›n›n afl›r› artmas›n›n yan› s›ra kamu
gelirlerinde beklenen performans›n gösterilememesi, faiz d›fl› fazla hedefinin oldukça
alt›nda kal›nmas›na yol açmaktad›r. Uzun y›llar eski milli gelir serisi üzerinden %6,5
seviyelerinde seyreden ve istikrar›n yakalanmas›na katk› yapan faiz d›fl› fazla performans›,
seçim y›l›nda daha evvelki seçimlerde de görülen maliye politikas› gevflemesine kurban
gitmifl görünmekte ve yine eski seri üzerinden %4’ler seviyesinde beklenmektedir.
Mali disiplini bozucu baz› bütçe uygulamalar› ve kamu maliyesinde yeterince fleffafl›k
olmamas› da sorun olmay› sürdürmektedir.
Söz konusu gevflemenin bir faturas› fludur: Kamu kesimi borçlanma gere¤inde görülen
olumlu geliflmelere ve kamu borcunun milli gelire AB tan›ml› oran›nda, yeni milli gelir
serisi ve %5’lik büyüme tahminine göre, 2006 y›l› sonunda %46 olan seviyenin 2007
y›l› sonunda %43’e gelmesine ra¤men; faiz harcamalar›n›n milli gelire oran›n›n
düflürülmesinde bir duraksama görülmekte ve Hazine faizlerinde gerek nominal gerekse
reel seviyelerin daha h›zl› bir biçimde afla¤›ya gelmesi mümkün olmamaktad›r.
Decrease in growth to about 5% is eventually likely to further aggravate the
unemployment problem, which couldn't be solved even under conditions of higher
than 7% growth. Even though the unemployment rate of 10.1% at the end of 2007
is lower than the 10.5% recorded at the end of 2006 and points to a slight improvement,
deceleration in employment growth and the deepening structural problems of
employment as a result of impediments in the structural reform process do not represent
a bright picture for the future of the unemployment problem.
The current account balance to the GDP, displaying a continuous deterioration since
2002 due to the effects of higher than estimated growth, increasing international
energy prices and the appreciation of the Turkish Lira -all since 2002- appears to be
slightly affected by slowing growth in 2007 resulting from falling domestic demand,
though the deficit continued to worsen in absolute terms. The ratio of the current
account deficit to national income may show a slight improvement to 5.5% and
improve relatively compared to the 2006 ratio of 5.94%, based on year-end exchange
rates, the new national income series, and under the assumption of a 5% growth in
2007.
Nevertheless, satisfactory improvement in the current account deficit is only possible
by increasing our country's competitiveness and domestic savings, both depending on
structural reforms.
To be able to continue with this positive trend in the changing composition of the
capital account, important for sustainability, it is necessary to attract greenfield foreign
direct investment that could create employment. Again, the prerequisite of such
greenfield foreign direct investment is structural reforms.
Public Finances
The year 2007 in the Turkish economy was very disappointing for public finances. In
addition to the excessive increase in public expenditures during the election period,
unexpectedly poor performance in revenues fell way short of the primary surplus
target. It can be seen that the primary surplus performance, which has been running
at around 6.5% over old national income series and helped to stabilize the economy,
was sacrificed to loose economic policy in the election period, as was the case in
previous elections. It is expected to attain a level of about 4% in 2007 over the old
national income series. Some budget practices having a negative effect on fiscal
discipline and deficient transparency and accountability in public finance continue to
be problems.
The bill to be paid for the loosening of fiscal policy: Despite progress in public sector
borrowing requirement and in the EU defined ratio of public debt to national income
from 46% in 2006 to 43% -under an estimated growth of 5% based on the new
national income series - in 2007, the decreasing trend for many years of the ratio of
interest expenditures to national income paused in 2007 and prevented the continuation
of further fall in either real or nominal Treasury interest rate levels.
21
As for the capital account balance, despite negative economic developments in 2007,
it has been observed that confidence was maintained and the financing of the current
account deficit faced no problems; moreover, the resources of the financing are
increasingly long-term capital and foreign direct investment. In parallel with this, the
share of short-term capital in the financing of the current account deficit is declining.
To give some approximate ratios, the share of long term capital in the financing of
the current account deficit went up to 104% at the end of 2007, from a level of 82%
at the end of 2006; and the share of foreign direct investment up to 63% from a level
of 61% the previous year. The share of short-term capital, meanwhile, was down to
2% from a level of 30% in 2006.
External Balances
Finansal Piyasalar: Kur ve Faiz Geliflmeleri
2007 y›l›nda faizlerin genel düzeyinin seyrine bakt›¤›m›zda, yukar›da belirtilen nedenler
yüzünden afla¤›ya do¤ru belirgin bir e¤ilim oluflmamakla beraber, yine de y›l›n bütününde
düflme görüldü¤ü; Eylül ay›nda Merkez Bankas›’n›n kendi k›sa vadeli politika faizlerini
indirmeye bafllamas›n›n da düflme sürecine bir ölçüde katk›da bulundu¤u anlafl›lmaktad›r.
Fakat daha sonra aç›klanan enflasyon rakamlar›n›n beklenenin üzerinde ç›kmas›na ek
olarak ve y›lsonuna do¤ru giderek artan ekonomi ve siyaset ile ilgili tedirginlikler
sonucunda, faizlerin genel seviyesi ve faiz bekleyiflleri tekrar yükselme göstermektedir.
Türk Paras› ise, ABD dolar› karfl›s›nda 2006 y›l› sonundaki 1,41 seviyesinden 2007
sonunda 1,16 seviyesine gelerek de¤er kazanm›flt›r. Merkez Bankas›’n›n yay›mlad›¤›
reel efektif kur endeksine göre de Türk Paras› y›l boyunca %19’luk bir de¤erlenme
göstermifltir. Ancak son dönemde bir miktar de¤er kayb› söz konusudur.
2007 ANNUAL REPORT
Borsaya bakt›¤›m›zda da benzer bir geliflme görülmekte, ‹MKB-100 endeksinin 2006
y›l› sonundaki 39.117 seviyesinden 2007 sonunda 55.538 seviyesine geldi¤i ancak son
dönemde düflme gösterdi¤i görülmektedir.
22
2007 y›l›ndaki geliflmelere kur-faiz-borsa üçgeni içinde bakt›¤›m›zda, finansal piyasalarda
yerlefliklerin 2006 ortas›ndan bu yana süren tedirginliklerinin etkisi ile davrand›klar›;
buna karfl›l›k yabanc›lar›n, ekonomi ve siyaset alanlar›nda yaflad›¤›m›z olumsuzluklara
ra¤men, ülkemiz potansiyeline uzun vadeli ve olumlu bir bak›fl ile sermaye getirmeye
devam ettikleri görülmektedir.
Olumsuzluklara ra¤men y›l içinde faizlerin genel düzeyinde daha fazla yükselme ile
Türk Paras›’nda de¤er kayb› olmamas› ve borsan›n da yükselmesi, yerlefliklerin ve
yabanc›lar›n bu dönemde birbirine z›t piyasa davran›fllar› ile aç›klanabilmektedir.
Ancak, A¤ustos ay›ndan itibaren ABD mortgage piyasalar›nda ortaya ç›kan sorunlar›n
global likiditeyi olumsuz etkilemesi ile beraber kur, faiz ve borsa e¤ilimleri tersine
dönmüfl durumdad›r.
Türkiye ekonomisinde 2008 y›l› geliflmelerini, d›flar›dan esen ters rüzgar kadar içeride
uygulanan ekonomi politikas› ve program›n›n sa¤l›¤› ve ekonominin ülke gündeminde
en üst s›raya yerleflip yerleflmemesi belirleyecektir.
Turcas Petrol Yönetim Kurulu Üyesi
TCMB Eski Baflkan›
Financial Markets: Currency and Interest Rate Developments
When we look at trends in 2007 of interest rates, we see that though no clear downward
path is observed for the reasons mentioned above, there still was a slight fall throughout
the year; the Central Bank's starting to cut its short-term policy rates in September,
had some effect on this slight fall.
The New Turkish Lira appreciated against the US Dollar in 2007, moving from a level
of 1.41 at the end of 2006 to a level of 1.16. According to the real effective exchange
rate index as posted by the Central Bank on their web site, the New Turkish Lira
appreciated by around 19% in real terms during the year. More recently, however,
there has been a slight loss of ground for the New Lira.
A look at the stock market shows similar developments. The ISE-100 index which had
climbed to a level of 55,538 at the end of 2007, from a level of 39,117 at the end of
2006, is more recently at lower levels.
When we look at developments in 2007 from the perspective of the exchange rateinterest rates-stock market triangle in financial markets; while residents were behaving
under the negative influence of economic and political developments since mid-2006,
non-residents, however, with a positive and long-term view of our country's potential,
have continued to bring in capital.
On the other hand, the outlook for exchange rate, interest rates and stock market
turned sour following the negative effects on global liquidity of problems arising in
the US mortgage markets.
Developments in the Turkish Economy in 2008 will be determined by the soundness
of economic policy and program implementation, the priority the economy takes on
the country's agenda, as well as the international environment.
Turcas Petrol Board Member
Former Governor of the Central Bank of Turkey
23
The opposite behavior of residents and non-residents explains the reason why, in spite
of negative developments during the year, there was no depreciation in the New
Turkish Lira, the stock market went up, and increases in the general level of interest
rates were rather limited.
But, in addition to the fact that inflation figures announced after September were
above expectations, increasing worries about the economy and growing political tension
towards the end of the year led to a new upward trend in the general level of interest
rates and interest rate expectations.
2007 ANNUAL REPORT
Yönetim
Management
24
6
4
2
10
7
5
8
1
9
3
YÖNETIM
25
MANAGEMENT
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
S. Batu Aksoy
Mehmet F. Özata
Cabbar Y›lmaz
Sadettin ‹mrek
Bülent Büyükgüner
Yi¤it Özkan
Serhan Gencer
Yusuf Ata
Nurettin Demircan
Yönetim Kurulu Üyesi, Turcas Grubu / Executive Board Member, Turcas Group
Yönetim Kurulu Üyesi, Turcas Grubu / Executive Board Member, Turcas Group
Üst Yönetici, Turcas Elektrik & Gaz Grubu / CEO, Turcas Power & Gas Group
Merkez Ofis & Düzenleyici ‹fller Direktörü, Turcas Grubu / Director, Head Office & Regulatory Affairs, Turcas Group
Avukat, Turcas Grubu / Corporate Lawyer, Turcas Group
Finans Müdürü, Turcas Grubu / Finance Manager, Turcas Group
Petrol ve Gaz Projeleri Direktörü, Turcas Elektrik & Gaz Grubu / Director, Oil & Gas Projects, Turcas Power & Gas Group
Elektrik Projeleri Direktörü, Turcas Elektrik & Gaz Grubu / Director, Power Projects, Turcas Power & Gas Group
Muhasebe Müdürü, Turcas Grubu / Accounting Co-Manager, Turcas Group
Muhasebe Müdürü, Turcas Grubu / Accounting Co-Manager, Turcas Group
Turcas Hakk›nda
2007 ANNUAL REPORT
Turcas Overview
26
Kuruluflu 77 y›l öncesine dayanan Turcas Petrol A.fi. (Turcas)
bugün bir holding flirketi konumundad›r.
Turcas Petrol (Turcas), whose foundation dates back to 77
years ago, is a holding company today.
Turcas, Türkiye enerji sektöründeki öncü konumu, engin
deneyimi ve gerçeklefltirdi¤i baflar›l› iflbirlikleriyle uluslararas›
kurumsal bir kültüre sahiptir. Bugün Turcas, liberalleflen enerji
piyasalar›nda akaryak›t da¤›t›m›, petrol rafinaj›, petrokimya
üretimi-da¤›t›m›, elektrik üretimi-da¤›t›m›-ticareti ve do¤algaz
ithalat›-toptan sat›fl› gibi alanlarda faaliyetler sürdüren, at›l›mlarda
bulunan, yat›r›mlar yapan ve planlayan bir kurulufl olarak
“Entegre Enerji fiirketi” olma hedefine do¤ru h›zl› ad›mlarla
ilerlemektedir.
Turcas, with its leading position and immense experience
in the Turkish energy sector, having realized numerous
successful cooperations, has an international institutional
culture. Today, Turcas advances with big strides towards its
target of being an “Integrated Energy Company” working in
areas such as petroleum distribution, oil refining,
petrochemicals production and marketing, power generation,
distribution and trading, and natural gas importation and
wholesale in the liberalizing energy markets.
TAR‹HÇE
HISTORY
1931 y›l›nda, Limited fiirket statüsünde, Türkiye’nin ilk özel
akaryak›t da¤›t›m firmas› olarak kurulan Türkpetrol ve Madeni
Ya¤lar T.A.fi. 1936 y›l›nda Anonim fiirket statüsüne geçmifl,
1988’de ‹ngiliz Burmah Castrol firmas› ile ortaklafla Turcas
Petrolcülük A.fi.’yi kurmufltur. “Turcas” ad› bu ortak giriflimin
kurulmas› dolay›s›yla Türkpetrol ve Castrol’ün ilk üç harflerinin
birlefltirilmesi ile oluflturulmufltur. 1992 y›l›nda halka aç›lan
fiirket’in ço¤unluk hisseleri 1996’da Tabafl Petrolcülük A.fi.
taraf›ndan sat›n al›nm›flt›r. 1999 y›l›nda Tabafl Petrolcülük A.fi.
ile Turcas Petrolcülük A.fi.’nin birleflmesi sonucu fiirket “Turcas
Petrol A.fi.” unvan›n› alm›flt›r.
Türkpetrol and Lubricant Oils, founded in 1931 as Turkey's
first privately-owned petroleum distribution company, which
became a joint stock company in 1936, teamed up with
British Burmah Castrol in 1988 to establish Turcas Petroleum.
The name “Turcas” evolved from the combination of the
first three letters of Türkpetrol and Castrol. Following the
Initial Public Offering of the company's minority shares in
1992, Tabafl Petroleum acquired the majority of the company's
shares in 1996. Subsequently Tabafl Petroleum and Turcas
Petroleum merged in 1999 and renamed the merged entity
Turcas Petrol.
AKARYAKIT DA⁄ITIMI
FUEL DISTRIBUTION
Turcas’›n mevcut Net Aktif De¤eri’nin önemli ço¤unlu¤unu
Shell & Turcas Petrol A.fi. (STAfi)’nin sermayesinde sahip oldu¤u
hisseleri oluflturmaktad›r. Turcas, 2005 y›l›nda The Shell
The majority of Turcas' current Net Asset Value is constituted
of the shares owned in Shell & Turcas Petrol (STAfi). In 2005,
a Joint Venture Agreement was signed with The Shell
Company of Turkey Ltd. for retail and commercial sales,
marketing and distribution of petroleum products and
OIL REFINING AND PETROCHEMICALS PRODUCTION
2006 sonu - 2007 bafl›nda, Ceyhan’da bir petrol rafinerisi
kurmak ve böylece bölgenin öncü petrol ve gaz flirketlerinden
biri olmak hedefiyle, kurulan ortak giriflim flirketi SOCAR &
Turcas Enerji A.fi. (STEAfi), Türkiye’de 2007 y›l›n›n en önemli
özellefltirmelerinden olan, Petkim Petrokimya Holding A.fi.’nin
%51 oran›nda hisselerinin özellefltirilmesi ihalesine, Ortak
Giriflim Grubu lideri olarak kat›lm›flt›r. Teklif etmifl oldu¤u bedel
ile ‹dare taraf›ndan fiirket’i devralmaya hak kazanm›flt›r. STEAfi,
ortaklar›n›n yaratt›¤› sinerji vas›tas›yla, rafineri ve petrokimya,
ard›ndan da do¤algaz alanlar›ndaki yat›r›m ve faaliyetleri ile
entegre petrol/enerji flirketi olma hedefine do¤ru h›zl› ad›mlarla
ilerlemektedir. STEAfi bu sat›n al›ma iliflkin olarak sermayesine
%99,75 oran›nda ifltirak etti¤i SOCAR & Turcas Petrokimya
A.fi. adl› bir flirketi Nisan 2008 içinde kurmufltur.
SOCAR & Turcas Energy (STEAfi) was founded as a joint
venture company at the end of 2006 - beginning of 2007,
with the primary target of building an oil refinery in Ceyhan
and being a leading oil and gas player in the region. STEAfi
participated, as a consortium leader, in the privatization
tender for the sale of 51% of the shares of PETK‹M Petrokimya
Holding, which stood out as the most important privatization
in Turkey in 2007. With the auctioned price offer, STEAfi was
awarded the right to take over PETK‹M. STEAfi, with the
synergy radiated by its partners, advances with great strides
towards its target of being an integrated oil/energy company
in the fields of refining, petrochemicals, and natural gas.
STEAfi founded SOCAR & Turcas Petrochemicals in April 2008
as a 99.75% owned subsidiary.
Turcas ayr›ca, %100 ifltiraki olan ve 1958 y›l›nda kurulan
Marmara Petrol ve Rafineri ‹flleri A.fi. (Marmara) vas›tas›yla,
Türkiye’de 1962 y›l›nda faaliyete geçen ilk özel petrol rafineri
flirketi ATAfi Anadolu Tasfiyehanesi A.fi. (ATAfi)’nin de %5
oran›nda hissedar›d›r. ATAfi, hali haz›rda rafinaj iflleri
sonland›r›lm›fl olarak son dört sene içinde yap›lan yat›r›mlar
ve 570.000 m3’lük depolama kapasitesi ile Akdeniz’in en
büyük petrol ürünleri depolama tesisi olarak faaliyet
göstermektedir.
Turcas, on the other hand, is a 5% shareholder - through
its wholly-owned subsidiary Marmara Petroleum and Refining
(Marmara) established in 1958 - of ATAfi Anadolu Refining
(ATAfi), Turkey's first privately-owned oil refining company
which started operations in 1962. Having terminated its
refining activities and completed new investments within
the last 4 years, ATAfi today operates as the largest oil
products storage terminal in the Mediterranean area, with
a total installed tank capacity of 570,000 cubic meters.
27
TURCAS OVERVIEW
PETROL RAF‹NAJI VE PETROK‹MYA ÜRET‹M‹
lubricants, and STAfi was founded. STAfi, in which Turcas
has a 30% shareholding, began operations on July 1, 2006,
having obtained the required licenses from the Energy
Market Regulatory Authority. The 650 Türkpetrol branded
fuel stations of Turcas and 600 Shell branded fuel stations
of Shell Turkey, along with both companies' logistics centers,
storage and filling facilities, and lubricant oil production and
marketing branches were gathered under STAfi. As of the
beginning of the second half of 2006, Turcas continues all
of its petroleum distribution, trade, industrial and commercial
sales, and lubricant oil activities through STAfi. STAfi, apart
from being a leader in the Turkish fuel distribution market
with a network of more than 1,200 nation-wide Shell
branded fuel stations and related business units, and a net
turnover around YTL 8 billion, is one of the largest enterprises
in the Turkish economy.
TURCAS HAKKINDA
Company of Turkey Ltd. (Shell Türkiye) ile akaryak›t ve madeni
ya¤lar, perakende ve ticari sat›fl, pazarlama ve da¤›t›m
alanlar›nda imzalam›fl oldu¤u Ortak Giriflim fiirketi Sözleflmesi
sonucunda STAfi’› kurmufltur. Turcas’›n %30 hissedar› oldu¤u
STAfi, 1 Temmuz 2006 tarihi itibar›yla faaliyetlerine bafllam›flt›r.
Turcas’›n önceden sahip oldu¤u 650 Türkpetrol markal› istasyon
a¤› ile Shell Türkiye’nin sahip oldu¤u 600 Shell markal› istasyon
a¤› ve her iki flirketin depolama ve dolum tesislerini içeren
lojistik merkezlerinin yan› s›ra madeni ya¤ üretim ve pazarlama
ifl kollar› STAfi bünyesine kat›lm›flt›r. Turcas, 2006’n›n ikinci
yar›s›ndan itibaren akaryak›t da¤›t›m›, ticari-endüstriyel sat›fllar
ve madeni ya¤lar piyasalar›ndaki tüm faaliyetlerini STAfi
yoluyla sürdürmektedir. STAfi, bugün Türkiye çap›nda 1.200’ü
aflan Shell markal› istasyon a¤› ve ilgili ifl kollar›, 8 milyar YTL
civar›ndaki net sat›fl has›lat› ile Türkiye akaryak›t ve madeni
ya¤lar sektöründe lider konumda olman›n yan› s›ra Türkiye
ekonomisinin en büyük flirketlerinden biridir.
2007 ANNUAL REPORT
28
ELEKTR‹K ÜRET‹M‹, DA⁄ITIMI VE TOPTAN SATIfiI
POWER GENERATION, DISTRIBUTION AND TRADING
Turcas, bünyesinde var olan ve ileride kuraca¤› elektrik sektörü
ifltiraklerini tek çat› alt›nda toplamak amac›yla, ATAfi hissedarl›¤›
d›fl›nda bir faaliyeti olmayan ancak mali yap›s› kuvvetli
Marmara’n›n ticari unvan›n›n Turcas Enerji Holding A.fi.’ne
dönüfltürülmesine iliflkin gerekli ifllemleri bafllatm›fl olup ilgili
ifltiraklerini bu holding bünyesinde toplam›flt›r. Turcas Enerji
Holding; hali haz›rda Turcas Elektrik Üretim A.fi. (TEÜAfi)’nin
ve Turcas Elektrik Toptan Sat›fl A.fi.’nin ço¤unluk hisselerinin
sahibidir. Ayr›ca Türkiye’de yap›lacak olan elektrik da¤›t›m
özellefltirmelerine beraber girmek amac›yla ‹spanyol Iberdrola
flirketiyle bir Ortak Giriflim Sözleflmesi imzalam›flt›r.
Turcas, in order to unite its existing and potential power
sector subsidiaries under an umbrella organization, started
the process of changing the commercial title of Marmara,
which has a strong financial structure but is only a shareholder
of ATAfi, to Turcas Energy Holding, and has already transferred
the ownership of these subsidiaries to this company. Currently,
Turcas Energy Holding is the majority shareholder of Turcas
Power Generation (TPG) and Turcas Power Trading (TPT).
Additionally, the company signed a Shareholders Agreement
with the Spanish energy company Iberdrola in order to jointly
participate to the upcoming electricity distribution privatizations
in Turkey.
Turcas Elektrik Üretim A.fi., elektrik üretiminde biri do¤algaza
di¤eri de ithal kömüre dayal› büyük ölçekli iki enerji santrali
kurmak üzere, dünyan›n en önde gelen enerji flirketlerinden
Alman E.ON firmas› ile bir Ortakl›k Sözleflmesi imzalam›flt›r.
Bu kapsamda TEÜAfi’›n %30, E.ON Holding A.fi.’nin de %70
hissedar› oldu¤u E.ON & Turcas Güney Elektrik Üretim A.fi. ve
E.ON & Turcas Kuzey Elektrik Üretim A.fi. unvanl› iki adet ortak
giriflim flirketi kurulmufltur.
Yenilenebilir ve sürdürülebilir enerji yat›r›mlar› yapmak amac›yla
yine Turcas Elektrik Üretim A.fi. bünyesinde Turcas Rüzgar
Enerji Üretim A.fi. kurulmufl olup, bu fiirket 1 Kas›m 2007
tarihinde T.C. Enerji Piyasas› Düzenleme Kurumu (EPDK)’na
Türkiye’nin alt› de¤iflik bölgesinde toplam 400 MW kurulu
güçte rüzgar santralleri yat›r›m› yapmak üzere lisans
müracaat›nda bulunmufltur.
Turcas Power Generation signed a Joint Venture Agreement
with German E.ON, one of the world's largest energy
companies, to construct two large-scale power plants, one
based on natural gas and the other based on imported coal.
Within the scope of this agreement, two joint venture
companies, namely E.ON & Turcas South Power Generation
and E.ON & Turcas North Power Generation were founded,
in which Turcas owns a 30% stake and E.ON Holding owns
the remaining 70% stake.
In order to make renewable and sustainable energy
investments, Turcas Wind Energy Generation was founded
as a wholly-owned subsidiary of Turcas Power Generation,
and this entity applied to the Energy Market Regulatory
Authority (EMRA) for licenses to make wind farm investments
with a total installed capacity of 400 MW at 6 different sites
across Turkey.
DO⁄ALGAZ ‹THALATI VE TOPTAN SATIfiI
NATURAL GAS IMPORTATION AND WHOLESALE
Do¤algaz sektöründeki ifltirakimiz Turcas Gaz Toptan Sat›fl A.fi.
EPDK’dan alm›fl oldu¤u Do¤algaz Toptan Sat›fl Lisans›’na
istinaden 19 Aral›k 2007 tarihinde y›ll›k 100 Milyon m3 miktarda
do¤algaz›n, serbest tüketici müflterisine tedarik yoluyla sat›fl›na
bafllayarak, Türkiye do¤algaz sektörünün serbestleflmesi
sürecinde öncü bir rol üstlenmifltir. Turcas Gaz’›n hedefi
piyasadaki serbestleflme çal›flmalar›na paralel olarak ticaret
hacmini her sene önemli miktarda art›rmak ve ithalat/toptan
sat›fl pazar›n›n lider özel sektör flirketlerinden biri olmakt›r.
Our natural gas subsidiary Turcas Gas played a leading role
in the deregulation process of the Turkish natural gas market,
by initially starting to sell 100 million cubic meters of natural
gas to its eligible customers on December 19, 2007, based
on the Natural Gas Wholesale License obtained from EMRA.
Turcas Gas aims to considerably increase its wholesale
capacity parallel to the liberalization of the market, and to
become one of the leading private sector companies in the
gas importation and wholesale market.
V‹ZYONUMUZ
OUR VISION
Turcas’›n vizyonu Türkiye’nin ve içinde bulundu¤u co¤rafyan›n en sayg›n, dinamik ve verimli “Entegre Enerji fiirketi” olmakt›r.
Bu vizyon ›fl›¤›nda Turcas, 75 y›l› aflk›n birikimiyle enerjinin petrol ve türevleri, do¤algaz ve elektrik olarak s›n›fland›r›lan ana
alt sektörlerinde arama, üretim, tafl›ma, da¤›t›m, depolama ve ticaretine yönelik, ulusal ve uluslararas›, sinerji ve katma de¤er
yaratan yat›r›m, faaliyet ve projelere odaklanm›flt›r.
DE⁄ERLER‹M‹Z
OUR VALUES
The principle values of Turcas are; its respectability, its ability to create differentiation and to become a leader in what it
does, its possession of highest ethics and corporate governance by global standards with its employees and managers,
and its tradition of cooperating and partnering with local and especially foreign partners successfully and sustainably.
M‹SYONUMUZ
OUR MISSION
Turcas, müflterilerine en kaliteli ürün ve hizmeti, en yüksek güvenlik, çevre koruma ve etik davran›fl standartlar›nda sunmay›
ilke edinmifltir. Turcas’›n ana hedefi, çal›flanlar›n›n e¤itim ve geliflimini takip ederek ve Türkiye’nin miras ve de¤erlerini koruyarak,
büyümesini sürdürmek ve hissedarlar›na de¤er yaratmaya devam etmektir.
Turcas has adopted the mission of offering its customers highest quality products and services under the most secure,
environment-friendly and ethical standards of behaviour. The main goals of Turcas are; to sustain growth and continue
creating value for its shareholders, by following the training and improvement of its employees and protecting the heritage
and values of Turkey.
29
OUR VISION, OUR VALUES, OUR MISSION
Turcas’› Turcas yapan de¤erlerin bafl›nda sayg›nl›¤›, farkl›l›k yaratma ve yapt›¤› ifllerde öncü olma becerisi, çal›flanlar› ve
yöneticileri ile küresel ölçekte en üst etik ve kurumsal yönetim standartlara sahip olmas›, yerli ve özellikle yabanc› sermaye
ile baflar›l› ve sürdürülebilir iflbirli¤i ve ortakl›k yapma gelene¤i gelmektedir.
V‹ZYONUMUZ, DE⁄ERLER‹M‹Z, M‹SYONUMUZ
Turcas' vision is to become the most respected, dynamic and efficient “Integrated Energy Company” in Turkey and the
surrounding geographic region. In light of this vision, Turcas, with more than 75 years of experience in the main sub-sectors
of energy such as oil, gas and power, focuses on domestic and international investments, operations and projects that
create synergy and added value in the fields of exploration, production, transportation, distribution, storage and trading.
Kilometre Tafllar›
Anadolu Tasfiyehanesi A.fi. rafinerisine %5
1962 ATAfi
oran›nda ortak olundu.
Milestones
Türkpetrol became a shareholder of the ATAfi
Refinery with a 5% stake.
Burmah Castrol firmas›yla madeni ya¤lar
1954 ‹ngiliz
alan›nda anlaflma yapt›.
Agreement signed with British Burmah Castrol
for cooperation in the lubricants business.
Alevgaz markas›yla LPG
1967 Türkpetrol
pazar›na girdi.
kuruldu.
1931 Türkpetrol
Türkpetrol was founded.
The company entered the Liquefied
Petroleum Gas (LPG) market with the
Alevgaz brand.
Türkpetrol ve Madeni Ya¤lar Türk
1936 Faaliyetlerine
A.fi. ismiyle devam etti.
Activities continued under the new title:
Türkpetrol & Lubricant Oils.
çap›ndaki istasyon say›s› 550’yi geçti.
1972 Yurt
Number of fuel stations nationwide
exceeded 550.
ba¤l› ortakl›¤› Marmara Petrol ve Rafineri
1958 Türkpetrol
‹flleri A.fi. kuruldu.
Türkpetrol’s wholly-owned subsidiary Marmara
Petroleum and Refining was founded.
ba¤l› yeni ikmal/stok depolar› ve
1986 Rafinerilere
35.000 ton kapasiteli madeni ya¤ harmanlama
tesisi hizmete girdi.
New supply and storage tanks directly connected
to the refineries and lubricant blending plant with
a capacity of 35,000 tons was put in operation.
ortaklar› ile birlikte Atafl Rafinerisi’ni yüksek
2005 Turcas,
kapasiteli bir petrol ürünleri terminaline dönüfltürme
karar› ald›.
Turcas, together with its partners, decided to transform
the Atafl Refinery into a strategically important Oil
Products Terminal with significant storage capacity.
Petroleum Inc.’in ana orta¤› oldu¤u Tabafl
1996 Conoco
Petrolcülük A.fi. taraf›ndan flirket hisselerinin %82’si
Türkpetrol Holding ve Burmah Castrol’dan sat›n al›nd›.
Tabafl Petroleum, of which Conoco Petroleum of USA
was a principal shareholder, acquired 82% of Turcas
shares from Türkpetrol Holding and Burmah Castrol.
Shell Company of Turkey Ltd. ile Turcas’›n
2006 The
birleflerek kurdu¤u ortak flirket Shell & Turcas Petrol
A.fi. yaklafl›k 1.300 akaryak›t istasyonuyla
operasyonlar›na bafllad›.
The joint venture company Shell & Turcas Petrol,
founded upon the merger of The Shell Company
of Turkey Ltd. and Turcas, started operations with
app. 1,300 fuel stations.
Petrolcülük A.fi. ‹MKB’de halka aç›ld›.
1992 Turcas
Turcas Petroleum shares started trading on the
Istanbul Stock Exchange.
fiirketi’yle birleflen Türkpetrol,
1988 Castrol
Turcas Petrolcülük A.fi.’yi kurdu.
Turcas Petroleum was founded as
a joint venture company between
Türkpetrol Holding and Castrol.
y›l›na iliflkin Dünya Gazetesi okurlar› taraf›ndan
2007 2006
Y›l›n fiirketi seçilen ve yeniden yap›lanmas›n›
Petrolcülük A.fi. ile Turcas Petrolcülük
1999 Tabafl
A.fi.’nin birleflmesi sonucu flirketin unvan›
Turcas Petrol A.fi. olarak de¤ifltirildi.
The company title Tabafl changed to Turcas
Petrol subsequent to the merger of Tabafl
Petroleum and Turcas Petroleum.
tamamlayan Turcas, elektrik ve do¤algaz
sektörlerinde de büyümek üzere at›l›mlara bafllad›.
Ceyhan’da bir Petrol Rafinerisi kurmak amac›yla
kurulan SOCAR & Turcas Enerji A.fi. EPDK’dan Rafineri
Ön Lisans›’n› ald› ve Petkim Özellefltirme ‹halesi’ni
Konsorsiyum Lideri olarak kazand›. Turcas, elektrik
üretim yat›r›mlar›nda bulunmak üzere dünya enerji
devi E.ON ile yeni ortak giriflim flirketleri kurdu.
Ayr›ca yenilenebilir enerji yat›r›mlar›na iliflkin Turcas
Rüzgar’› hayata geçirerek bir dizi lisans müracaat›
yapt›. Do¤algaz sektöründeki ifltirakimiz Turcas Gaz
toptan sat›fl lisans›n› alarak ilk sat›fllar›na bafllad›.
Selected as “The Company of the Year 2006” by
readers of the daily business newspaper Dünya,
Turcas began progressing into the electricity and
natural gas sectors with a view to further growth.
SOCAR & Turcas Energy, established with the aim
of building an Oil Refinery at Ceyhan, obtained its
Preliminary License from EMRA and won the
privatization of PETK‹M tender as the consortium
leader. Turcas established two new joint venture
companies with E.ON to invest in power generation.
Additionally, Turcas Wind was founded and made
a series of license applications to EMRA to realize
renewable energy investments. Our subsidiary
Turcas Gas received its Natural Gas Wholesale
License and began first sales.
Ortakl›k Yap›s›
2007 ANNUAL REPORT
Ownership Profile
32
Hissedarlar
Shareholders
Sermaye Pay› (YTL)
Capital Amount (YTL)
Sermaye Oran› (%)
Capital Ratio (%)
24.176.996,26
23,03
29.946.967,04
28,52
Di¤er Hissedarlar
Other Shareholders
20.815.080,40
19,82
Halk
Public Trade*
30.060.956,30
28,63
105.000.000,00
100,00
Aksoy Holding A.fi.
Aksoy Petrol Da¤›t›m Yat›r›mlar› A.fi.
TOPLAM TOTAL
* ‹stanbul Menkul K›ymetler Borsas› (‹MKB)’nda TRCAS kodu ile ifllem görmektedir. Traded on Istanbul Stock Exchange (ISE) with TRCAS ticker.
Sermaye Yap›s›
Capital Structure
Grup
Group
Tutar (YTL)
Capital Amount (YTL)
104.999.850,00
B
112,50
C
37,50
TOPLAM
TOTAL
105.000.000,00
Turcas' capital of YTL 105,000,000 is fully paid as of 31.12.2007.
The company's shares are divided into three groups; A, B, and
C. By the end of 2007, 28.63% of the company's shares was
traded on the Istanbul Stock Exchange (ISE).
Hisse Bilgileri
33
‹fllem Gördü¤ü Borsalar
Traded On
Dahil Oldu¤u ‹MKB Endeksleri
ISE Indexes of Membership
‹MKB Kodu
ISE Code
Turcas Petrol A.fi.
‹stanbul Menkul K›ymetler Borsas› (‹MKB)
Istanbul Stock Exchange (ISE)
XU050, XU100, XUTUM, XUSIN, XKMYA
TRCAS
Bloomberg Kodu
Bloomberg Code
TRCAS.TI
Reuters Kodu
Reuters Code
TRCAS.IS
Halka Arz Tarihi
IPO Date
6 Nisan 1992
April 6, 1992
OWNERSHIP PROFILE, CAPITAL STRUCTURE, STOCK INFORMATION
Stock Information
fiirket Ad›
Company Name
ORTAKLIK YAPISI, SERMAYE YAPISI, H‹SSE B‹LG‹LER‹
A
31.12.2007 itibar›yla Turcas’›n sermayesi 105.000.000 YTL
olup tamam› ödenmifltir. fiirket hisseleri A, B ve C olmak
üzere üç gruba ayr›lm›flt›r. 2007 y›l› sonu itibar›yla fiirket’in
%28,63 oran›ndaki hisseleri ‹stanbul Menkul K›ymetler Borsas›
(‹MKB)’nda ifllem görmektedir.
Yat›r›mc› ‹liflkileri
2007 ANNUAL REPORT
Investor Relations
34
Turcas, var olan ve
potansiyel yat›r›mc›lar›
ile yurtiçinde ve
yurtd›fl›nda düzenli
olarak görüflmeler
yapmakta, fiirket’in ve
ifltiraklerinin faaliyetleri,
projeleri, mali yap›lar›
v.b. tüm konularda ve
Türkiye’deki makro
ekonomik durum ve
geliflmelerle ilgili detayl›
bilgi ak›fl› ve
güncellemeleri en fleffaf
flekilde sa¤lamaktad›r.
Pay sahipleri ile ilgili ifllemler Rapor’un
“Kurumsal Yönetim ‹lkeleri Uyum Raporu”
Bölümü’nün 2. maddesinde detayl› olarak
belirtildi¤i üzere Mali Bölüm taraf›ndan
takip edilmektedir.
Procedures regarding stock holders are
followed by the Finance Division as
explained in detail in the 2. article of the
“Corporate Governance Principles
Compliance Report” section of the report.
fiirket’in Yat›r›mc› ‹liflkileri ile ilgili olarak
Yönetim Kurulu Üyeleri Sn. Batu Aksoy ve
Sn. Süreyya Serdengeçti yerli ve özellikle
uluslararas› yat›r›mc›larla görüflmek, yat›r›m
konferanslar›na Turcas ad›na kat›lmak ve
temsil etmek ve yat›r›mc›lar›n olas› tüm
sorular›n› yan›tlamak görevlerini
üstlenmifllerdir. Turcas, var olan ve
potansiyel yat›r›mc›lar› ile yurtiçinde ve
yurtd›fl›nda düzenli olarak görüflmeler
yapmakta, fiirket’in ve ifltiraklerinin
faaliyetleri, projeleri, mali yap›lar› v.b. tüm
konularla ilgili ve Türkiye’deki makro
ekonomik durum ve geliflmelerle ilgili
detayl› bilgi ak›fl› ve güncellemeleri en
fleffaf flekilde sa¤lamaktad›r.
With regard to the company's investor
relations, Board Members Messrs. Batu
Aksoy and Süreyya Serdengeçti undertook
the duty of meeting with local and
especially foreign investors, representing
Turcas in investor conferences, and
responding to all questions from investors.
Turcas frequently meets with existing and
potential investors domestically and
abroad, transparently provides detailed
information flows and upgrades related
to every topic about the company's and
its subsidiaries' activities, projects, financial
structures, as well as the macro economic
situation and developments in Turkey.
2006 y›l› içinde aktif olarak bafllat›lan
Yat›r›mc› ‹liflkileri faaliyetleri kapsam›nda
2007 y›l› sonuna kadar:
2006 Y›l›
• Nisan’da CAIB eflli¤inde Londra’da “Midcap
Konferans›”na kat›l›nd› ve yedi yat›r›mc›
ile görüflüldü.
• May›s’ta Ata Yat›r›m eflli¤inde New York
ve Boston’da 14 yat›r›mc› ile “Özel Yat›r›mc›
Görüflmeleri” yap›ld›.
• Haziran’da UBS eflli¤inde ‹stanbul’da
“Midcap Konferans›”na kat›l›nd› ve iki
yat›r›mc› ile görüflüldü.
On the extent of Investor Relations,
beginning in 2006, till the end of 2007:
Year 2006
• Attended the “Midcap Conference” in
London in partnership with CAIB and met
with seven investors in April.
• Conducted “Private Investor Meetings” with
14 investors in New York and Boston in
partnership with Ata Investment in May.
Istanbul in partnership with UBS and met
with two investors in June.
• Conducted “Private Investor Meetings”
with five investors at the Turcas office
in June.
• Temmuz’da Ata Yat›r›m, CAIB
ve Deutsche & Bender Securities eflli¤inde
Turcas ofisinde dört yat›r›mc› ile
“Özel Yat›r›mc› Görüflmesi” yap›ld›.
with four investors in the Turcas office
in partnership with Ata Investment, CAIB,
and Deutsche & Bender Securities in July.
• A¤ustos’ta Oyak Yat›r›m eflli¤inde Turcas
ofisinde bir yat›r›mc› ile “Özel Yat›r›mc›
Görüflmesi” yap›ld›.
• Conducted a “Private Investor Meeting”
with one investor in the Turcas office in
partnership with Oyak Investment in
August.
• Eylül’de TEB Yat›r›m eflli¤inde Paris’te
“Midcap Konferans›”na kat›l›nd› ve 13
Paris in partnership with TEB Investment
and met with 13 investors in September.
• Eylül’de Ata Yat›r›m ve Oppenheimer
eflli¤inde ‹stanbul’da “Midcap Konferans›”na
kat›l›nd› ve iki yat›r›mc› ile görüflüldü.
• Attended the “Midcap Conference” in Istanbul
in partnership with Ata Investment and
Oppenheimer and met with two investors
in September.
• Eylül’de TEB Yat›r›m eflli¤inde Turcas
with one investor in the Turcas office
in partnership with TEB Investment in
September.
• Ekim’de CAIB eflli¤inde ‹stanbul’da “Midcap
Konferans›”na kat›l›nd› ve befl yat›r›mc› ile
görüflüldü.
Istanbul in partnership with CAIB and
met with five investors in October.
• Ekim’de Ata Yat›r›m, ‹fl Yat›r›m ve Global Menkul
eflli¤inde Turcas ofisinde üç yat›r›mc›
ile “Özel Yat›r›mc› Görüflmesi” yap›ld›.
with three investors in the Turcas office
in partnership with Ata Investment,
‹fl Investment, and Global Securities
in October.
• Kas›m’da TEB Yat›r›m eflli¤inde Frankfurt
ve Londra’da 12 yat›r›mc› ile “Özel
Yat›r›mc› Görüflmesi” yap›ld›.
with 12 investors in Frankfurt and London
in partnership with TEB Investment in
November.
2007 Y›l›
• fiubat’ta Finans Yat›r›m eflli¤inde Stokholm
ve Kofenag’da 10 yat›r›mc› ile “Özel Yat›r›mc›
Year 2007
• Conducted “Private Investor Meetings” with
10 investors in Stockholm and
Copenhagen in partnership with Finans Invest
in February.
• Mart’ta Deutsche Bank eflli¤inde Londra’da
“Yat›r›mc› Konferans›”na kat›l›nd› ve 14
• Attended the “Investor Conference” in London
in partnership with Deutsche Bank and met
with 14 investors in March.
Turcas frequently
meets with existing and
potential investors
domestically and abroad,
transparently provides
detailed information
flows and upgrades
related to every topic
about the company’s
and subsidiaries’
activities, projects,
financial structures, as
well as the macro
economic situation and
developments in Turkey.
YATIRIMCI ‹L‹fiK‹LER‹
• Haziran’da CAIB ve Ata Yat›r›m eflli¤inde
Turcas ofisinde befl yat›r›mc› ile “Özel
Yat›r›mc› Görüflmesi” yap›ld›.
35
INVESTOR RELATIONS
2007 ANNUAL REPORT
YATIRIMCI ‹L‹fiK‹LER‹
INVESTOR RELATIONS
36
• Mart’ta Raymond James eflli¤inde Turcas
partnership with Raymond James in March.
• Nisan’da Yat›r›m Finans ve Dundas Ünlü
eflli¤inde Turcas ofisinde üç yat›r›mc› ile
“Özel Yat›r›mc› Görüflmesi” yap›ld›.
• Conducted “Private Investor Meetings” with three
investors in the Turcas office in partnership with
Yat›r›m Finance and Dundas Ünlü in April.
• Haziran’da UBS eflli¤inde ‹stanbul’da
“Y›ll›k Türk Üst Düzey Yöneticiler Konferans›”na
kat›l›nd› ve 12 yat›r›mc› ile görüflüldü.
• Attended the “Annual High Level Turkish
Executives Conference” in Istanbul in partnership
with UBS and met with 12 investors in June.
• Haziran’da TEB Yat›r›m eflli¤inde Viyana’da
befl yat›r›mc› ile “Özel Yat›r›mc› Görüflmesi”
yap›ld›.
with 5 investors in Vienna in partnership
with TEB Investment in June.
• Haziran’da TEB Yat›r›m eflli¤inde Paris’te
“Midcap Konferans›”na kat›l›nd› ve 18
Paris in partnership with TEB Investment
and met with 18 investors in June.
• A¤ustos’ta ‹fl Yat›r›m eflli¤inde ‹stanbul’da
“Hidden Riches of Turkey Konferans›”na
kat›l›nd› ve sekiz yat›r›mc› ile görüflüldü.
• Attended the “Hidden Riches of Turkey
Conference” in Istanbul in partnership
with ‹fl Investment and met with
8 investors in August.
• A¤ustos’ta Credit Suisse eflli¤inde ‹stanbul’da
“Turkey In Pole Position Konferans›”na kat›l›nd›
ve dört yat›r›mc› ile görüflüldü.
• Attended the “Turkey in Pole Position
Conference” in Istanbul in partnership
with Credit Suisse and met with four
investors in August.
• A¤ustos’ta Deutsche Securities eflli¤inde
Turcas ofisinde bir yat›r›mc› ile “Özel Yat›r›mc›
partnership with Deutsche Securities in
August.
• Ekim’de Deutsche Securities eflli¤inde
Göçek’te “5. Turkish Equities Konferans›”na
• Attended the “5th Turkish Equities
Conference” in Göçek in partnership
with Deutsche Securities and met
with 16 investors in October
• Ekim’de Merrill Lynch eflli¤inde ‹stanbul’da
“Enerji Firmalar› Bire-Bir Konferans›”na
• Attended the “Energy Companies
One to One Conference” in Istanbul
in partnership with Merrill Lynch
and met with 10 investors in October.
Turcas, Yat›r›mc› ‹liflkileri faaliyetleri
kapsam›nda 2006 y›l›nda toplam 69,
2007 y›l›nda da toplam 102 uluslararas›
yat›r›mc›/fon ile görüflme yapm›flt›r.
Turcas met with 69 international
investors/funds in 2006 and 102
international investors/funds in 2007 as
per its Investor Relations Activities.
2007 Piyasa De¤eri
2007 Market Capitalization
2007 P‹YASA DE⁄ER‹
2007 MARKET CAPITALIZATION
Milyon YTL / Million YTL
De¤er Kazanc› %98 / Value Increase 98%
1.150
1.050
2007 P‹YASA DE⁄ER‹
950
850
37
2007 MARKET CAPITALIZATION
750
650
550
007
2/2
04/
1
007
1/2
04/
1
007
0/2
04/
1
007
9/2
04/
0
007
08/
2
04/
007
7/2
04/
0
007
6/2
04/
0
007
5/2
04/
0
007
4/2
04/
0
007
3/2
04/
0
007
2/2
04/
0
04/
0
1/2
007
450
Sürdürülebilirlik
2007 ANNUAL REPORT
Sustainability
38
Tahminlere göre 2050 y›l›nda dünyada dokuz milyar insan›n
yaflamas› belenmektedir. Modern bir toplumun geliflimi için
büyük miktarlarda enerjiye ihtiyaç vard›r. Bu yüzden 2002'den
2030'a kadar dünyada enerji tüketiminin iki kat›na ç›kmas›
beklenmektedir.
Bütün elektrik üretim seçeneklerinin avantajlar› ve dezavantajlar›
bulunmaktad›r. Bunlar›n, tedarikin güvenli¤i aç›s›ndan birbirine
karfl› dikkatle tart›lmalar› gerekir. En büyük zorluk toplumlar›n
sürdürülebilir enerji tedariki konusunda bir kan› birli¤ine
varmalar›d›r.
Sürdürülebilirlik felsefesi toplumun uzun vadeli refah›d›r. Yani
gelecek kuflaklar dahil olmak üzere bütün insanlara ayn› ya da
daha büyük özgürlük, kaynak ve bugün sahip oldu¤umuz yaflam
tarz› seçeneklerinin sunulmas›d›r. Bu aç›dan bak›ld›¤›nda Turcas'›n
kurumsal sorumlulu¤una vaadi, sosyal ve çevresel kayg›lar›n
finansal kayg›lar kadar önemli oldu¤u de¤iflen dünya için enerji
üretiminde yeni kaynaklara ve teknolojilere yat›r›m yaparak
Turcas'›n toplum, çevre ve iklim üzerindeki etkisinin
dengelenmesini sa¤lamakt›r.
It is estimated that by year 2050 there will be 9 billion people
living in the world. It takes large amounts of energy to develop
a modern society and the world's energy consumption is
expected to double from 2002 to 2030.
All the power generation options have advantages and
disadvantages which need to be weighed carefully against
each other in the interest of security of supply. A key challenge
is for societies to reach a consensus on sustainable energy
supply.
The philosophy of sustainability is long-term well-being of
society, living now in a way that gives all people, including
future generations the same or greater freedom, resource and
lifestyle choices that we have today. From this perspective
Turcas' commitment to corporate responsibility is to ensure the
balance of Turcas' impacts on society, the environment and
the climate by investing new sources and technologies of
energy production for the changing world in which social and
environmental concerns are as important as financial ones.
SÜRDÜRÜLEB‹L‹RL‹K
39
SUSTAINABILITY
Fosil yak›tlar› gelecekte de önemli rol oynamaya devam edecektir,
fakat sanayileflme ve flehirlerin genifllemesi enerji talebinde
muazzam art›fla neden olmaktad›r. Turcas'›n görevi bunlar›
ak›ll›ca ve verimli bir flekilde kullanmakt›r. Büyük bir enerji flirketi
olarak Turcas'›n sorumlulu¤u elektrik, do¤algaz ve petrol ürünlerini
güvenilir ve uygun koflullarda tedarik etmektir. Bu amaçla Turcas
genifl bir yelpazeye yay›lan enerji portföyü oluflturmaktad›r.
Bunlar, do¤algaz, kömür ve yenilenebilir kaynaklara dayal›
elektrik üretiminden akaryak›t da¤›t›m›, petrol rafinaj›, petrokimya
üretimi ve pazarlamas›ndan do¤algaz ithalat› ve toptan sat›fl›na
kadar de¤iflmektedir.
Fossil fuels will continue to play an important role in the future
but industrialization and urban growth are causing an enormous
increase in energy demand. Turcas' mission is to use them
wisely and efficiently. As a major energy company, the
responsibility of Turcas is to provide power, natural gas, and
oil products affordably and reliably from a long-term perspective.
To this end, Turcas draws on a wide-ranging energy portfolio,
comprising natural gas, coal and renewables based power
generation assets to oil distribution and refining, petrochemicals
production and marketing to natural gas importation and
wholesale.
Günümüzün en olgunlaflm›fl ve haz›rda en umut vaat eden
yenilenebilir enerji kayna¤› rüzgar Turcas'›n da yenilenebilir
enerji arac›d›r. Hem yenilenebilir enerjiler, hem de fosil yak›tlar›
içinde rekabet gücü en yüksek olan› rüzgard›r.
Turcas' tool in renewable energy is wind, the most mature
renewable technology. Wind energy is currently the most
promising renewable energy source, highly competitive both
to other renewables and to fossil fuels.
Turcas'›n 2007'de kurdu¤u ifltiraki Turcas Rüzgar Enerji Üretim
A.fi. taraf›ndan infla edilmesi planlanan, Türkiye'nin çeflitli
yerlerinde, toplam 400 MW kurulu güç kapasiteli alt› rüzgar
çiftli¤i çevre korumas›na, enerji piyasas›nda uzun dönemli fiyat
6 Wind Farms across Turkey, a total of 400 MW installed power
capacity planned to be built by Turcas W›nd Energy Generation,
an indirect wholly-owned subsidiary of Turcas established in
2007, will allow to make a contribution for more environmental
istikrar›na ve kömür, petrol, do¤al gaz ve uranyum gibi s›n›rl› ve
her zamankinden daha pahal› enerji kaynaklar›ndan ba¤›ms›z
olunmas›na katk›da bulunacakt›r.
protection, for long-term price stability in the energy market
and for more independence from finite, ever more expensive
energy sources such as coal, oil, gas and uranium.
Fosil yak›t› ithalat›ndan ba¤›ms›z olarak yat›r›mdaki en yüksek
geri dönüfl ve güvenilir, eriflilebilir ve çevresel aç›dan sa¤lam
enerji kayna¤›n›n kullan›m›, elde edilecek en büyük kârd›r.
The benefit is the highest return on investment, independence
from fossil fuel imports, and the use of a reliable, available,
and environmentally sound energy source.
Enerji üretim kapasitesinin yaln›zca termalle çeflitlendirilmesi
de¤il, ayn› zamanda yenilenebilir bir portföye sahip olmas›, Turcas
için, global enerji endüstrisinin önemli oyuncular› olan ortaklar›
Shell, Iberdrola, E.ON ve SOCAR'da oldu¤u gibi, önemli bir önceliktir
Diversifying energy generation capacity not only with thermal
but also alternating with renewable portfolio is also an
important aspect for TURCAS likewise his partners; Shell,
Iberdrola, E.ON, and SOCAR, the major players of the global
energy industry.
2007 ANNUAL REPORT
Turcas'›n Türkiye'deki yat›r›mlar› artarak devam edecektir. Ancak
sürdürülebilir büyüme için mevcut enerji fiyatlar›n›n düflmesi
gerekmektedir. Turcas ve ortaklar› için kilit önemdeki stratejik
pazar olarak belirlenen Türkiye geçmiflinde oldu¤u gibi flirketimizin
gelecek planlar›nda da en önemli rolü oynamaktad›r.
40
Turcas' investments in Turkey will continue to accelerate.
Existing energy prices have to come down for sustainable
growth. Determined as a strategic market with great importance
for Turcas and its partners, Turkey plays a major role in our
company's future plans as it has done in the past.
Turcas'›n tüm faaliyetlerinde sürdürülebilirlik esast›r. Devam
eden operasyonlar ve yeni hayata geçirilecek projelerle ilgili
flirketin stratejileri bu esas üzerine oluflturulmufl ve
oluflturulmaktad›r. Shell & Turcas ifltirakimizde uygulanan ve
afla¤›da detaylar› verilen sürdürülebilirli¤e iliflkin unsurlar, Turcas'›n
di¤er ortaklar›yla giriflti¤i yeni projelerinde uygulayaca¤› prensiplere
dair en önemli somut göstergelerdir.
Sustainability is paramount in all activities of Turcas. Company
strategies concerning ongoing operations and future projects
are predicated upon this principal. Elements concerning
sustainability performed in Shell & Turcas, and explained as
follows, are the most important concrete indicators of the
principles applied to new projects of Turcas with its partners.
Shell & Turcas ve Sürdürülebilirlik
Shell & Turcas and Sustainability
Ana ifl kolumuz olan akaryak›t da¤›t›m› ile ilgili olarak 2006 y›l›nda
faaliyete geçen Shell & Turcas ortakl›¤› da Turcas'›n sürdürülebilirlik
prensibinin bir sonucudur. Bu sektörün hammadesi olan petrol
ve dolay›s›yla petrol ürünleri konusunda dünyan›n tart›flmas›z en
önde gelen flirketlerinden biri olan Shell ile bu birleflmeyi
gerçeklefltirmek y›llar boyunca baflar›yla devam ettirilen
faaliyetlerimizin, geliflen teknolojiler, artan müflteri beklentileri
ve rekabet ortam› nazara al›nd›¤›nda, sürdürülebilir bir flekilde
devam etmesini ve büyümesini garanti alt›na almak ad›na yap›lan
çok önemli bir hamledir.
The settlement in 2006 of fuel oil distribution as the main
sector of the Shell & Turcas association is a result of our
sustainability principal. Actualizing this association with Shell,
indisputably one of the world's leading companies concerned
with petrol, the raw material of this sector, and petroleum
products, was an important step in the assurance of sustainable
continuation and long-term growth of successfully sustained
activities, when developing technologies, increasing customer
demand and competition are taken into account.
Shell & Turcas'in sürdürülebilirlik prensibini hayata geçirmesi için
pek çok bilefleni bir araya getirmesi gerekmektedir. Ürün
farkl›laflmas›, sosyal sorumluluk ve kaliteli hizmet bunlardan
birkaç›d›r. Bu bileflenler, akaryak›t sektöründe ayakta kalabilmek
için temel bir anlay›fla ihtiyaç duymaktad›r. Shell & Turcas'›n ‹fl
Sa¤l›¤›-Emniyet-Çevre (‹SEÇ) prensipleri bu vazifeyi üstlenmekte
ve etkinlikte kilit önemde rol oynamaktad›r. Shell & Turcas
buradan yola ç›karak istasyonlar›n› ‹SEÇ kriterleri do¤rultusunda
gelifltirmeyi, ‹SEÇ bilincini her kademedeki çal›flanlar›n›n ve ifl
ortaklar›n›n vazgeçilmez ilkeleri haline getirmeyi önemli
amaçlardan biri olarak görmektedir. Shell & Turcas'da bu amaç
için 2007 y›l›nda hayata geçen “‹stasyon Teknik Emniyet E¤itimi”
hemen hemen tüm istasyonlar› kapsayarak devam etmektedir.
Üç bölümden oluflan e¤itimlerin teorik bölümlerinde sektördeki
kazalar görsel sunumlarla paylafl›lmakta, sebepleri ve ç›kar›lmas›
gereken sonuçlar tart›fl›larak al›nmas› gereken aksiyonlar
belirlenmektedir. E¤itimin son bölümü olan pratik bölümde ise
istasyonlarda acil durumlarda yap›lmas› gerekenler, görev
tan›mlar›, kullan›lacak cihaz ve malzemeler, istasyonlarda
gerçeklefltirilen tatbikatlarla anlat›lmaktad›r. Bu e¤itimler, istasyon
alan› içinde bulunan iflletme sahipleri veya yöneticileri de
kapsamaktad›r.
Shell & Turcas has to combine a lot of components in order
to promote the principle of sustainability. Product diversity,
social responsibility and high quality service are some of these
components. A common understanding is required for the
survival of these components in the fuel oil sector. Work
Health - Safety - Environment (WHSE) principals of Shell &
Turcas play a very important role in undertaking this mission.
Shell & Turcas, starting out from this point, cares about
developing its stations in the direction of WHSE, and bringing
WHSE consciousness to the indispensable principles of
employees and business partners at every level. With this
purpose in mind “Plant Technical Safety Education”, initiated
in 2007, has been ongoing while covering almost all plants
within Shell & Turcas.
In theoretical parts of the training, consisting of three sections,
sector accidents are shared by means of visual presentations,
their reasons and elicitations are discussed and necessary
actions are determined. In the practice section, which is the
last part of the training, the required action in case of emergency
in plants, duty descriptions, devices and materials that will
be used, are explained with practical exercises in the plants.
This training also includes owners or directors of the plant.
Shell & Turcas, zorunlu rekabet koflullar› ve hedeflenen ‹SEÇ
bilinci do¤rultusunda kesintisiz kaliteli hizmet ve ürün sunarak
2008 y›l›nda da tart›flmas›z liderlik konumuna ulaflmay›
amaçlamaktad›r.
Akaryak›t›n terminallerden istasyona ulaflmas›na kadar olan
süreçteki potansiyel tehlikelerde ve tanker sürücüleri, sürüfl
güvenli¤i, tanker donan›mlar› ve teknik donan›mlar, istasyon
içi-istasyon d›fl› ikmal operasyonlar› konular›nda da ayr› ayr›
tedbirler al›nmas› gerekmektedir.
Finansal sonuçlar, operasyonel faaliyetlerin seyri ve emniyet
konusunda kat edilen yol Shell & Turcas'›n hizmet standartlar›
anlay›fl›n› yukar›lara tafl›maya devam etmifltir. Birinci öncelik
olan emniyet konusunda, ‹SEÇ standartlar› rehberli¤inde üstün
performans› devam etmektedir.
Yo¤un kampanya dönemi ve pazarlama çal›flmalar› devam
ederken, ‹SEÇ iyilefltirmeleri de ihmal edilmemifltir. ‹stasyonlarda
Sa¤l›k, Emniyet, Çevre konular›nda gerekli iyilefltirmelerin
yap›lmas› üzerinde titizlikle durulmaktad›r. Tüm bu faaliyetlerin
yan›nda “0” gün kay›pl› kaza hedefi de baflar›yla gerçekleflmifltir.
The same precautions have to be taken one by one throughout
the procedure of delivering fuel oil from terminals to stations,
regarding potential dangers and tanker drivers, driving safety,
tanker rigs and technical equipment, and supply operation in
and out of the plant.
Financial results, improvements concerning operational activities,
and safety continued to elevate the service standards perception
of Shell & Turcas. In terms of priority of safety, the company's
superlative performance continues under the guidance of WHSE
standards.
WHSE improvements were not neglected during the maintenance
of intense promotional terms and marketing projects. The
necessary improvements in Health, Safety, and Environment
issues are meticulously observed in filling stations. The target
of losing “0” days through accidents was successfully achieved.
“Shell Work Safety Days” projects, carried out to deepen WHSE
perception, were initiated in Turkey in June. Organized for the
first time in 2007, “Shell Work Safety Days” were carried out
for the second time in September.
SÜRDÜRÜLEB‹L‹RL‹K
‹SEÇ alg›s›n› derinlefltirmek ad›na gerçeklefltirilen “Shell ‹fl Emniyet
Günleri”nin Türkiye'deki çal›flmalar› Haziran ay›nda bafllam›flt›r.
2007'de ilk kez gerçeklefltirilen “Shell ‹fl Emniyet Günleri”nin
ikincisi Eylül ay›nda düzenlenmifltir.
Shell & Turcas aims to achieve a position of undisputed offering
nonstop quality services and products in conditions of
compulsory competition and aimed at WHSE consciousness.
41
SUSTAINABILITY
Kurumsal Sosyal Sorumluluk
Corporate Social Responsibility
2007 ANNUAL REPORT
Emniyet, Sa¤l›k ve Çevre
politikas› çerçevesinde
personel bütün kazalar›n
önlenebilir oldu¤u
felsefesiyle
e¤itilmektedir.
Çevreye Karfl› Yükümlülü¤ümüz
Our Commitment to Environment
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 çerçevesinde
personel bütün kazalar›n önlenebilir oldu¤u
felsefesiyle e¤itilmektedir. fiirket ile çal›flan
üçüncü kiflilere 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.
The Health, Safety and Environment (HSE)
Policy was approved by the Board of
Directors of Turcas and enacted in 2001.
Within the framework of this policy, staff
is trained with the philosophy that all
accidents are preventable. This policy is
also introduced to third parties conducting
business with the company where its
adoption is stipulated in all business acts.
No suit has been filed against the company
for damages to the environment within
this period.
Topluma Karfl› Yükümlülü¤ümüz
Our Commitment to Society
Yönetim Kurulu taraf›ndan 1 May›s 1997
tarihinde fiirket çal›flanlar› için “‹fl Ahlâk›
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›lsonunda tüm
çal›flanlardan “‹fl Ahlâk› Politikas› ve
Yönetmeliklere Kiflisel Uyum” formu ad›
alt›nda yaz›l› bir beyan ve taahhüt
al›nmaktad›r.
The “Business Ethics Policy” for company
staff was enacted by the Board on May
1, 1997. This policy defines the rules which
staff have to obey in issues such as conflicts
of interest, insider information, political
favors, accounting standards and
documentation, and gifts accepted. A
written statement and commitment,
namely “Business Ethics Policy and
Regulations Personal Compliance Form”,
is taken from all staff at the end of each
year as per this policy.
42
fiirketimiz y›llar içerisinde Petrol Sanayi
Derne¤i (PETDER), Petrol Platformu Derne¤i
(PETFORM), Türk E¤itim Vakf› (TEV), Türkiye
Emniyet Teflkilat› fiehit, Dul, Yetimlere
Yard›m Derne¤i ve Unicef Türkiye Milli
Komitesi olmak üzere Yönetim’in onay›
do¤rultusunda çeflitli ba¤›fllar yapm›flt›r.
Bu ba¤›fllar›n tutar› 2003 y›l› için 12.901
YTL, 2004 y›l› için 22.914 YTL, 2005 y›l›
için 27.475 YTL, 2006 y›l› için 18.081 YTL,
2007 y›l› için 20.784 YTL’d›r.
Turcas has made various donations over
the years to the Petroleum Industry
Association (PETDER), the Turkish Education
Foundation (TEV) and Unicef Turkey
National Committee as approved by its
Board of Directors. These donations were:
YTL 12,901 in 2003, YTL 22,914 in 2004,
YTL 27,475 in 2005, YTL 18,081 in 2006,
and YTL 20,784 in 2007.
Moreover, Turcas has paid YTL 371,797 in
2003, YTL 368,485 in 2004, YTL 348,859
in 2005, YTL 160,940 in 2006, and USD
350,000 in 2007 to the Türk Petrol
Foundation for the use of the Türkpetrol
brand. The main purpose of the Türk Petrol
Foundation is to contribute to education
and to provide scholarships to students.
Shell & Turcas ve Kurumsal Sosyal
Sorumluluk
Shell & Turcas and Corporate Social
Responsibility
1960’lardan bu yana arkeologlar›n çal›flma
alan› olan Çatalhöyük’ü bu kez çocuklar
keflfetti. Türkiye’nin dört bir yan›ndaki bini
aflk›n ilkö¤retim ö¤rencisi, Shell & Turcas’›n
sponsorlu¤unda gerçeklefltirilen “Arkeoloji
Yaz Atölyesi”nde 9.000 y›ll›k tarihinde bir
yolculu¤a ç›karken ayn› zamanda bu
yolculu¤un unutulmaz anlar›n› tuttuklar›
günlüklerle belgelemifllerdir.
Çatalhöyük, a workplace for archeologists
since the 1960s, has now been discovered
by children. Throughout Turkey, more than
a thousand elementary school students
experienced a journey through 9,000 years
of history in the “Archeology Summer
Workshop” and documented unforgettable
memories of this journey in their diaries.
Çatalhöyük’te atölye etkinli¤ine kat›lan
miniklerin izlenim ve düflleri “Çatalhöyük
Güncesi” isimli kitaba dönüflmüfltür.
Arkeoloji Yaz Atölyesi’ne kat›lan ö¤renciler,
atölyede kurulan barkovizyon gösterisiyle
9.000 y›l öncesinin yaflam biçimi ve
inançlar› hakk›nda bilgi alarak, kendileri
için haz›rlanm›fl özel kaz› alan›nda gerçek
kaz› araçlar›yla çal›flm›fllard›r. Bu çal›flman›n
sonunda “Kültürel Emanetlerin Koruyucusu”
sertifikalar›n› alan çocuklar hem bilgiye
hem de e¤lenceye doyarak Çatalhöyük’ten
unutulmaz an›larla ayr›lm›fllard›r.
Çatalhöyük sosyal sorumluluk projesiyle
yeni kuflaklara ülkemizdeki tüm kültür
varl›klar›na karfl› duyarl›l›k ve sahiplendirme
duygusunu afl›lamay› amaçlayan Shell &
Turcas, ö¤rencilerin 9.000 y›l öncesine
uzanarak tarihi yeniden canland›rmas›n›
sa¤lam›flt›r.
Observations and dreams of the children
attending Çatalhöyük workshop were
transcribed into a book named “Çatalhöyük
Diary”.
Students attending the Archeology
Summer Workshop were informed about
the lifestyle and beliefs of people who
lived 9,000 years ago with a projector
show, and worked with real excavation
tools in excavation fields specially arranged
for them. At the end of this program they
received a “Cultural Heritage Protector”
Certificate, replete with knowledge and
entertainment and left Çatalhöyük with
unforgettable memories.
By means of the Çatalhöyük social
responsibility project, Shell & Turcas aimed
to teach sensitivity and a feeling of
protection to a new generation towards
cultural heritage, and helped students to
visualize the history of 9,000 years ago.
43
CORPORATE SOCIAL RESPONSIBILITY
Çatalhöyük kaz›lar›na 12 y›ld›r destek veren
Shell kaz› çal›flmalar› kapsam›nda
oluflturdu¤u dünyan›n çocuklara yönelik
ilk “Arkeoloji Yaz Atölyesi”nde, son iki
yazd›r ilkö¤retim ö¤rencilerini bir ay süreyle
a¤›rlayarak, onlar› Çatalhöyük’ün 9.000
y›ll›k tarihinde düflsel bir yolculu¤a
ç›karmaktad›r.
Shell has sponsored Çatalhöyük
excavations for 12 years. With this aim,
in the world's first “Archeology Summer
Workshop” for children, Shell has hosted
elementary school students for a month
and let them have an imaginary journey
through 9,000 years of the history of
Çatalhöyük.
Within the framework
of the Health, Safety and
Environment Policy, staff
is trained with the
philosophy that all
accidents are preventable.
KURUMSAL SOSYAL SORUMLULUK
Turcas ayr›ca Türk Petrol markas›n›n
kullan›m› ile ilgili olarak ana amac› e¤itime
katk›da bulunmak ve ö¤renci okutmak
olan Türk Petrol Vakf›’na 2003 y›l›nda
371.797 YTL, 2004 y›l›nda 368.485 YTL,
2005 y›l›nda 348.859 YTL, 2006 y›l›nda
160.940 YTL, 2007 y›l›nda da 350.000 ABD
Dolar› ödemifltir.
2007 ANNUAL REPORT
KURUMSAL SOSYAL
SORUMLULUK
CORPORATE SOCIAL
RESPONSIBILITY
44
Deneyimli arkeolog Gülay Sert’in
koordinatörlü¤ünde gerçeklefltirilen atölye
çal›flmas›n›n en önemli amac›, ülkemizin
bu konuda sahip oldu¤u zengin doku ve
de¤erlerine karfl› duyarl›l›klar›n›n
geliflmesini sa¤lamakt›r. Çal›flmaya kat›lan
tüm ö¤renciler “Kültürel Emanetçilerin
Koruyucusu” sertifikas› alm›flt›r.
The most important goal of the workshop
brought about through the coordination
of experienced archeologist Gülay Sert, is
to improve sensitivity towards the wealth
and values of our country in this matter.
All students attending the program
received a “Cultural Heritage Protector“
Certificate.
SPONSORLUKLAR
SPONSORSHIPS
Genç Avrupal› T›r Sürücüsü
Yar›flmas›’nda Shell ‹mzas›
Shell Signature at the Young European
Truck Driver Race
Türkiye’de ikincisi gerçeklefltirilen “Scania
Genç Avrupal› T›r Sürücüsü 2007” yar›flmas›,
‹fl Güvenli¤i, Sa¤l›k, Emniyet ve Çevre
Standartlar›na büyük önem veren Shell &
Turcas’›n a¤›r hizmet dizel motor ya¤lar›
“Shell Rimula”n›n ve gelifltirilmifl “Yeni
Shell Dizel Extra”n›n sponsorlu¤unda
gerçeklefltirilmifltir. Güvenli araç kullan›m›
ve yol güvenli¤ine verdi¤i önemi
vurgulamak amac›yla etkinli¤e sponsorluk
deste¤inde bulunan Shell & Turcas, finalde
17 yar›flmac›ya Shell Rimula ve gelifltirilmifl
Yeni Shell Dizel Extra promosyonlar›n›n
yer ald›¤› Shell Rimula seyahat çantalar›
ve ilk üçe MP3 çalar, ikinciye ayr›ca bir
DVD player, birinciye DVD player’a ek
olarak 37 ekran TV hediye etmifltir.
The “Scania Young European Truck Driver
Race 2007“, performed for the second time
in Turkey, realized through the sponsorship
of “Shell & Turcas“, a company laying great
emphasis on work safety, health, security
and environment standards, “Shell Rimula“,
heavy diesel motor oils, and improved
“New Shell Diesel Extra“. Shell & Turcas,
sponsoring this activity in order to emphasize
the importance of driving safely and road
safety, gave Shell Rimula travel kits, including
new Shell Diesel Extra promotions, to 17
contenders, and MP3 players to the top
three, additional DVD players to the top
two, and an extra 37” screen TV to the firstplaced contender as gifts.
Hyundai Teknisyen Olimpiyatlar› Shell
& Turcas’›n Deste¤i ‹le Gerçekleflti
Hyundai Technician Olympics performed
with the Support of Shell & Turcas
Hyundai’nin Türkiye’deki tüm servislerinin
kat›l›m›yla gerçeklefltirdi¤i Hyundai Yetkili
Servislerinden elemelere kat›lan 310
teknisyenin yar›flt›¤› Hyundai Teknisyen
Olimpiyatlar› 2007’de Shell Helix deste¤i ile
hayat bulmufltur. 16-17 May›s’ta Hyundai’nin
Tuzla E¤itim Merkezi’nde gerçekleflen
olimpiyatlarda finalistler, ilk önce yaz›l› s›nava
tabii tutulmufl, ard›ndan motor iflletim sistemi,
otomatik flanz›man, motor mekanik, elektrik
ar›za ve ar›za teflhis cihaz›ndan oluflan befl
ayr› istasyonda pratik uygulama s›nav›ndan
geçmifllerdir. Shell madeni ya¤lar taraf›ndan
kat›lan tüm yar›flmac›lara Shell Helix hediye
çantalar›, üçüncüye MP3 çalar, ikinciye MP3
çalar ve DVD player, birinciye ise MP3 çalar
ve DVD player’a ek olarak 37 ekran TV hediye
edilmifltir.
Hyundai Technician Olympics, in which 310
technicians from Hyundai Authorized
Services participated, was realized through
the support of Shell Helix in 2007. At the
Olympics, performed in Hyundai’s Tuzla
Training Center, finalists first did a written
test and then five different practical tests
as follows; engine operating system,
automatic gear, engine mechanics, electrical
failures and failure diagnosis device. Shell
Lubricants distributed Shell Helix gift bags
to all contenders, MP3 players to the top
three, additional DVD players to the top
two, and an extra 37” screen TV to the firstplaced contender as gifts.
Eco-marathon
Eco-marathon
Shell sponsorlu¤unda 2007’de 23.sü
düzenlenen ve Türkiye’nin beflinci kez
kat›ld›¤› Avrupa genelindeki Shell Ecomarathon Yar›flmas›, Fransa’n›n Nogaro
Yar›fl Pisti’nde gerçekleflmifltir.
The Shell Eco-marathon, sponsored by Shell,
took place for the 23. time in the Nogaro
motor-racing track in France in 2007, and
it was Turkey's fifth time of participation.
Bu y›l 20 ülkeden 257 tak›mla en yüksek
kat›l›ma ulaflan etkinlikte elde edilen baflar›
dereceleri, Avrupa Shell Eco-marathon’un
gittikçe artan etkinli¤inin en somut kan›t›
olmufltur.
The success achieved in the event, with
the highest level of participation with 257
teams from 20 countries, is the most
concrete evidence of the increasing
popularity of the European Shell Ecomarathon.
Shell & Turcas Komatek Fuar›’nda
Shell & Turcas at the Komatek Fair
Shell & Turcas Madeni Ya¤lar ve Ticari
Akaryak›tlar, 15-20 May›s tarihleri aras›nda
Ankara’da 10. Uluslararas› ‹fl ve ‹nflaat
Makine, Teknoloji ve Aletleri ‹htisas Fuar›
Komatek’e kat›lm›flt›r. Komatek 2007’de
gelifltirilmifl “Yeni Shell Diesel Extra” yak›t›
ve “Shell Rimula A¤›r Hizmet Dizel Motor
Ya¤lar›” ile a¤›r çal›flma koflullar› alt›ndaki
ifl makinelerinin sorunsuz ve verimli
çal›flmas›na yönelik çözüm paketlerini
sergileyen Shell & Turcas büyük ilgi
görmüfltür. Özellikle Shell Rimula, Shell
Tellus ve gelifltirilmifl Yeni Shell Diesel
Extra’n›n öne ç›kt›¤› Shell & Turcas stand›
fuar süresince ziyaretçi ak›n›na u¤ram›flt›r.
Shell & Turcas Lubricant Oils and
Commercial Fuels attended the Komatek,
10th International Work and Construction
Machines, Technologies, and Tools
Specialization Fair, in Ankara between
May 15 and 20. Shell & Turcas exhibited
the improved “New Shell Diesel Extra”
fuel, “Shell Rimula Heavy Service Diesel
Engine Oils”, and solution packages for
problem-free and productive operation of
work machines under heavy working
circumstances, and attracted great
attention
45
CORPORATE SOCIAL RESPONSIBILITY
The Eco-marathon campaign, globally
sponsored by Shell, was initiated in May
2007. Denmark, France, Holland, and
Norway were the top teams. Three teams
out of nine from Turkey succeeded in
finishing the race.
KURUMSAL SOSYAL SORUMLULUK
Global olarak Shell’in sponsorlu¤unda
gerçekleflen kampanya Eco-marathon 2007
May›s ay›nda bafllam›flt›r. Danimarka,
Fransa, Hollanda ve Norveç tak›mlar› en
iyiler aras›nda yer al›rken Türkiye’nin dokuz
tak›mla temsil edildi¤i Shell Ecomarathon’da tak›mlardan üçü Finish
çizgisini geçme baflar›s›n› göstermifltir.
‹fltiraklerimiz
Our Subsidiaries
PETROL VE PETROK‹MYA
PETROLEUM AND PETROCHEMICALS
2007 ANNUAL REPORT
46
Shell Petrol A.fi.
Shell Petrol
Çekisan Depolama Hizmetleri Ltd. fiti.
Çekisan Storage Services
Ambarl› Depolama Hizmetleri Ltd. fiti.
Ambarl› Storage Sevices
Marmara Petroleum and Refining
ATAfi Anadolu Tasfiyehanesi A.fi.
ATAfi Anadolu Refining
SOCAR & Turcas Petrokimya A.fi.
SOCAR & Turcas Petrochemicals
DO⁄ALGAZ
NATURAL GAS
Turcas Gas Trading
ELEKTR‹K
POWER
Turcas Enerji Holding A.fi.*
Turcas Energy Holding*
*Turcas Enerji Holding A.fi., Marmara Petrol ve Rafineri ‹flleri A.fi. ile ayn› flirket olup
de¤iflikli¤e dair müracaat› yap›lan yeni unvan›d›r. Grup içi yeniden yap›lanma
çerçevesinde bu Rapor’un haz›rlan›fl tarihi itibar›yla Marmara’n›n unvan›, ifllevi ve
ifltirak yap›s› yeniden düzenlenmekte oldu¤undan 2007 Faaliyet Raporu’nda hem
Petrol & Petrokimya hem de Elektrik kategorilerinde flirket bilgileri yer almaktad›r.
*Turcas Energy Holding and Marmara Petroleum and Refining are the same company,
where the former is the soon-to-change new title of the entity. Since the title,
purpose, and structure of the company is being changed as at the publication date
of this report due to the internal restructuring program, you will find information
related to the company's activities in both the Petroleum & Petrochemicals and
the Power chapters of the 2007 Annual Report.
47
OUR SUBSIDIARIES
‹fiT‹RAKLER‹M‹Z
Ödenmifl Sermayesi Paid-in Capital
528.067.660 YTL
Hissedarlık Yapısı Ownership Profile
70% Shell Turkey
30% Turcas Petrol A.fi.
2007 yılı Net Satıflları 2007 Net sales
7,6 Milyar YTL / USD 5.8 Billion
Çalıflan Sayısı Number of Employees
788
www.shellandturcas.com
Yönetim Kurulu Board of Directors
Paul Stone (Baflkan Chairman)
Erdal Aksoy (Üye Member)
Y›lmaz Tecmen (Üye Member)
Canan Edibo¤lu (Üye Member)
Trudy Bovay (Üye Member)
Lisa Davis (Üye Member)
Robertus Miesen (Üye Member)
CEO
CFO
George Spanoudis
Gerald Kok
ConocoPhillips’in Turcas Petrol A.fi.
(Turcas)’nde sahip oldu¤u hisselerin 2005
y›l›nda Aksoy Petrol Da¤›t›m Yat›r›mlar› A.fi.
taraf›ndan sat›n al›nmas›ndan sonra The
Shell Company of Turkey Limited (Shell) ile
Turcas 26 May›s 2005’te ilgili Ortak Giriflim
görüflmelerine bafllam›flt›r. 27 Eylül 2005
tarihinde imzalanan Ortak Giriflim
Sözleflmesi’nden sonra iki flirket ‹fl Katk›
Anlaflmas› konusunda müzakerelere h›z
vermifltir. Bu anlaflma, Ortak Giriflim’e
aktar›lmas›nda anlafl›lan tüm aktifleri
kapsamakta idi. Resmen 6 Mart 2006’da
kurulan Shell & Turcas Petrol A.fi. (STAfi) 12
Haziran 2006’da tüm yasal onaylar› al›p 1
Temmuz 2006 tarihinde faaliyete geçmifltir.
Following the purchase of ConocoPhillips'
shares in Turcas Petrol by Aksoy Petroleum
Distribution Investments in 2005, Turcas
and Shell announced the start of Joint
Venture negotiations on May 26, 2005.
Subsequent to the signing of the Joint
Venture Agreement on September 27, 2005,
Shell and Turcas started negotiations on the
Business Contribution Agreement. This
agreement covered all assets transferred
into the Joint Venture. Officially founded on
March 6, 2006, Shell and Turcas Petrol
(STAfi) obtained all regulatory approvals by
June 12, 2006 and commenced operations
on July 1 of that year.
Türkiye’de akaryak›t ve madeni ya¤
sektöründe lider olmak üzere yola ç›kan
STAfi’›n hedefi, sektörün en çok be¤enilen
flirketi ve tüketicilerin en çok tercih etti¤i
marka olarak, 2008 y›l›nda Türkiye akaryak›t
ve madeni ya¤lar pazar›n›n tart›flmas›z lideri
olmakt›r. 2006 y›l› alt› ayl›k süreçte elde
edilen büyük baflar›lar, bu hedefin ilk k›sm›n›n
gerçekleflti¤ini kan›tlamaktad›r. Bu k›sa
sürede 467 Türkpetrol istasyonunun Shell’e
dönüflümü gerçeklefltirilmifltir.
Geliflen teknoloji ve müflteri beklentileri
do¤rultusunda akaryak›t istasyonlar› için
yeni görünüm standartlar› gelifltiren Shell,
bu yeni görsel kimli¤ini dünyada ilk kez
The target of STAfi, which has already
become a leader in the Turkish fuel
distribution and lubricant oil market, is to
be the undisputed leader in the sector in
2008 by way of being the most admired
company and the most preferred brand by
consumers. Significant success attained in
the first half of 2006 signaled that the first
part of this target has been achieved. In
this short period, 476 Türkpetrol fuel stations
were rebranded as Shell stations.
In accordance with developing technologies
and customer expectations, Shell created
enhanced facades for fuel stations and
introduced this new visual concept in Turkey
as a world forerunner, with STAfi. During
49
Merger and Foundation
Birleflme ve Oluflum
SHELL & TURCAS
PETROL A.fi.
SHELL & TURCAS
PETROL
Bu birleflme, Türkiye akaryak›t sektörünün
büyümesinde, geliflmesinde ve sa¤l›kl› bir
rekabet yap›s› kazanmas›nda önemli rol
oynamaktad›r. Tüm bu kazan›mlara toplamda
bak›ld›¤›nda ise ülkemizin ekonomik kalk›nma
ve büyüme sürecinde STAfi, önemli bir
misyonu yerine getirme hedefiyle
çal›flmaktad›r. Bu misyon Türkiye gibi,
dünyan›n en dinamik ve en heyecan verici
pazarlar›ndan birinde sürdürülebilir bir büyüme
için çal›flmak ve üretmek, ifl sa¤l›¤› ve
emniyetli çal›flma kurallar›n› hassasiyetle
uygulamaya devam etmek ve “Tek fiirket,
Tek Tak›m Ruhu” slogan›n› hayata geçirmek
olacakt›r. ‹ki flirketin birleflmesinden meydana
gelen yeni flirketin yaratt›¤› sinerjilerden güç
alarak STAfi’› pazarda çok daha ileri bir konuma
tafl›mak ve Shell’in Türkiye’de daha da
büyümeyi istemesi sonucu STAfi birleflmesi
gerçekleflmifltir.
2007 ANNUAL REPORT
50
Türkiye’de STAfi ile hayata geçirmeye
bafllam›flt›r. ‹stasyonlar›n görsel kimlik
dönüflümü s›ras›nda ifl sa¤l›¤› ve emniyetli
çal›flma kurallar› harfiyen uygulanm›fl ve hiç
kimseye zarar vermeden dönüflüm ifllemleri
baflar›yla tamamlanm›flt›r.
Tek fiirket,
Tek Tak›m Ruhu
Turcas’›n hâlihaz›rdaki en büyük ifltiraki %30
oran›nda hissedar› oldu¤u STAfi’d›r. STAfi,
Shell markas› ile faaliyet gösteren yaklafl›k
1.300 akaryak›t istasyonu, onlarca istasyonsuz
bayii, madeni ya¤ tesisleri, perakende ve
ticari sat›fllar› ile Türkiye petrol sektörünün
lider kurulufllar›ndan biridir.
Akaryak›t piyasas›nda da Benzin ve Düflük
Kükürtlü Dizel (Eurodizel) sat›fllar›nda piyasa
lideri, Yüksek Kükürtlü Dizel sat›fllar›nda da
ikinci konumda yer alan STAfi 2007 y›l›n› 7,6
milyar YTL net sat›fl geliri ile tamamlam›flt›r.
Ödenmifl sermayesi 528.067.660 YTL olan
STAfi’›n hisselerinin %70’i Shell’e, %30’u da
Turcas’a aittir.
the conversion process, work health and
safety standards were meticulously applied,
and the operation was completed
successfully without anyone injured.
This alliance has an important role in the
growth, development and obtaining of a
healthy competition structure in the Turkish
fuel sector. Having looked at these
advantages as a whole during the economic
development and growth process of our
country, STAfi works towards the aim of
fulfilling an important mission. This mission
will be to produce and work for sustainable
growth, continuing to apply work health
and safety regulations meticulously, and
implementing the “One company, One
Team Spirit” slogan in Turkey; one of the
world's most dynamic and exciting markets.
This alliance was realized as a result of two
desires of Shell; ever further growth in
Turkey and carrying STAfi to a higher level
in the market with the help of the synergy
created by the merger of the two
companies.
At present, the largest subsidiary of Turcas
is STAfi, with a shareholding of 30%. STAfi
is one of the leading companies in the
Turkish petroleum sector with approximately
1,300 fuel stations operating under the Shell
brand, tens of dealers without stations,
lubricant oil production facilities, retail and
commercial sales.
In the fuel market, STAfi completed 2007
with a net sales turnover of YTL 7.6 billion,
and was the market leader in gasoline and
low sulphur diesel (Eurodiesel) sales, while
holding second position in the high sulphur
dieses sales.
The paid-in capital of STAfi is YTL 528,067,660
and 70% of the shares are owned by Shell,
30% by Turcas.
Relocation
Tafl›nma
Türkiye akaryak›t sektörünün öncü iki flirketi
Shell ile Turcas’›n STAfi çat›s› alt›nda akaryak›t
da¤›t›m› ve ilgili ifllerini birlefltirmesiyle birlikte,
çal›flan say›s›n›n artmas› ve ihtiyaçlar›n›n
ço¤almas› nedeniyle STAfi 2007 Ocak ay›nda
yeni bir merkez ofise tafl›nm›flt›r. Yeni merkez
ofis, en son inflaat ve mühendislik teknikleri
kullan›larak, modern teknolojiye sahip bir
ak›ll› bina olarak hayata geçirilmifltir.
When Shell and Turcas, Turkey's two leading
fuel companies, merged into STAfi
combining their fuel distribution and related
businesses, the number of employees and
demand for more space increased; STAfi
thus moved into a new office in January
2007. The new central office was established
as a smart building, having used the latest
construction and engineering techniques
and modern technology.
Entegrasyon süresinde at›lan baflar›l›
ad›mlar, STAfi’› flimdiden Shell Grubu’nda
dünya çap›ndaki birleflmeler aras›nda
en iyiler aras›na sokmufltur.
Successive steps taken throughout the
integration process, have already
introduced STAfi into the best worldwide
alliances within the Shell Group.
fiirket’in kurulufluyla beraber hayata
geçirilen “Perakende Sat›fllar
Entegrasyon” projesi tüm h›z›yla
hedefine ulaflmaktad›r. Kurulufl öncesinde
bafllanan planlama ve haz›rl›k çal›flmalar›,
ilk ifl gününde istasyonlarda görsel
de¤iflim için bafllama imkan› sa¤lam›flt›r.
Bu çerçevede, Türkpetrol akaryak›t
istasyonlar›ndaki marka dönüflüm
sürecine STAfi’›n operasyona
bafllamas›n›n hemen ard›ndan, 1
Temmuz 2006 itibar›yla bafllanm›flt›r.
Akaryak›t istasyonlar› için yeni görünüm
standartlar› gelifltiren Shell, bu yeni
görsel kimli¤ini dünyada ilk kez
Türkiye’de STAfi ile hayata geçirme karar›
alm›flt›r.
The “Retail Sales Integration” project
implemented upon the establishment
of the company is speedily reaching its
target. Planning and preparation
operations, having started before the
foundation of the company, provided
an opportunity for visual transformation
in stations from the first working day.
In this context, STAfi, just after
commencing operations, started the rebranding process of the Türkpetrol fuel
stations as of July 1, 2006. Developing
new facades for fuel stations, Shell
decided to implement this visual identity
in Turkey as a world forerunner.
Marka Dönüflüm Projesi
Re-Branding Project
Shell ve Turcas’›n birleflmesinin birinci
günüde bafllanan Marka Dönüflüm Projesi
(Re-Branding) sonucunda STAfi
istasyonlar›n›n ço¤u dünyada ilk defa
uygulamaya bafllanan RVI Evo
Standartlar›na ulaflm›flt›r.
As a result of the Re-Branding Project
which started on Day 1 of the merger
of Shell and Turcas, most of STAfi's filling
stations attained RVI Evo Standards,
applied for the first time ever in the
world.
RVI Evo, daha önceki RVI standard›na
göre daha müflteri odakl›, teknolojik ve
organize tasarlanan bir standartt›r.
Yenilenmifl ve modern görüntüsüyle
Shell markas›yla faaliyet gösteren Shell
& Turcas’›n yak›t kalitesi konusunda
liderli¤ini vurgulamaktad›r. ‹stasyon ön
saha sat›fl alan›nda, müflterilerle ilgili
iletiflim kanallar›n›n daha verimli
kullan›lmas›n› sa¤lamaktad›r. ‹stasyon
içi trafi¤in müflteriler aç›s›ndan en kolay
ve görünür flekilde düzenlenmesine ve
pazarlama mesajlar›n›n en iyi flekilde
müflterilere aktar›lmas›na olanak
vermektedir.
RVI Evo, as opposed to previous RVI
standards, is designed as a more client
focused, technological, and organized
standard. Allied with the Shell brand
and its refreshed and modernized look,
the fuel quality of Shell & Turcas
emphasizes its leadership in this area.
It provides efficient use of client
communication channels at pre-field
sales areas of stations. In addition, this
enables the arrangement of the easiest
and most visible internal traffic for
customers at stations, and the most
efficient communication of marketing
messages to customers.
RVI Evo daha emniyetlidir. Müflterilerin
emniyetine yönelik haz›rlanan uyar› ve
ikaz panelleri daha büyük ölçülerde ve
gerekli mesajlar› kolayl›kla
verebilmektedir.
RVI Evo is safer. Warning and caution
signs arranged for customers' safety are
bigger in size and can easily
communicate the required messages.
One Company,
One Team Spirit
51
New Visual Identity
Yeni Görsel Kimlik
SHELL & TURCAS
PETROL A.fi.
SHELL & TURCAS
PETROL
Marka Dönüflüm Projesi’nde öncelikli olarak
Türkpetrol markas›yla çal›flan istasyonlar›n
dönüflümü hedef al›nm›flt›. Bu süreç ayn›
zamanda RVI Evo standartlar›n›n da dünyada
geliflim süreci olmufltur. Birçok malzeme ile
ilgili son karar bu süreçte al›nm›fl,
denetlenmifl ve uygulamas›na karar
verilmifltir. Bunlarla birlikte RVI Evo dönüflümü
kapsam›nda baz› malzemeler de ilk defa
Türkiye’de üretilmifl ve standartlara bu
halleriyle kabul edilmifltir.
A primary target of the Re-Branding Project
was the transformation of filling stations
operating under the Türkpetrol brand. At the
same time, this process became the
development process of the RVI Evo Standard
throughout the world. The final decisions
were made, inspected, and applied regarding
lots of materials in this period. On this basis,
some materials were produced for the first
time in Turkey as a part of RVI Evo
transformation, and accepted to standards
with these attributes.
Türkiye’nin En Be¤enilen Akaryak›t fiirketi
STAfi was chosen as “The Most Admired
Company in the Fuel Distribution and
Lubricants Sector” in the “Turkey's Most
Admired Companies” Survey conducted by
the economy magazine Capital, and the
“Most Distinctive Company of the Sector in
2007” by the daily economy newspaper,
Dünya. In this traditional survey performed
by the Dünya newspaper, STAfi appeared
among the most successful companies of
2007 for providing acceleration to the sector.
52
Madeni Ya¤lar
Lubricants
Madeni ya¤ de¤ifliminde akaryak›t
istasyonlar› büyük önem tafl›maktad›r.
Madeni ya¤ ve akaryak›t birbirine ba¤l› ifl
kollar›d›r.
Fuel stations are very important for lubricant
oil change. Lubricants and fuel distribution
are related business activities.
2007 ANNUAL REPORT
STAfi, ekonomi dergisi Capital taraf›ndan
2007 y›l›nda yap›lan “Türkiye’nin En
Be¤enilen fiirketi” araflt›rmas›nda “Akaryak›t
Da¤›t›m› ve Madeni Ya¤lar Sektörünün En
Be¤enilen 1. fiirketi” olurken, Dünya Gazetesi
taraf›ndan ise “2007’de Sektöre Damgas›n›
Vuran fiirket” seçilmifltir. STAfi, Dünya
gazetesinin bir gelenek haline dönüflen
anketinde 2007 y›l›n›n baflar›l› kurumlar›
aras›ndaki yerini al›rken, fiirket’in sektöre
ivme katt›¤› gerekçesi ile baflar›l› oldu¤u
belirtilmifltir.
Turkey’s Most Admired Fuel Company
Türkiye’nin
en be¤enilen
flirketi...
Tüm Shell sat›fllar›nda %10’luk bir hacme
sahip olan madeni ya¤lar 2007’yi büyüme
ile kapam›flt›r. Sat›lan madeni ya¤lar›n %90
oran›ndaki bölümü, Shell & Turcas’›n
Derince’de sahip oldu¤u madeni ya¤ ve
gres üretim tesisinde üretilmektedir.
Hem Derince’de üretilen ürünler hem de
yurtd›fl›ndan ithal edilen ürünler yurtiçinde
pazarlanmaktad›r. Öncelikle yak›n pazarlara
ve daha sonra sat›fl a¤› içerisinde kalan di¤er
Shell ülkelerine sat›fl gerçekleflmektedir.
STAfi 2007 sonu itibar›yla madeni ya¤larda
%25’lik pazar pay› ile sektörün lideri
konumundad›r.
Madeni ya¤larda inflaat sektörü lokomotif
olma özelli¤i tafl›maktad›r. ‹nflaat sektörünün
iyi oldu¤u dönemde, ifl makineleri de büyük
oranda ra¤bet görmektedir. Özellikle motor
ya¤›, tüketiminin çok yüksek oldu¤u, hidrolik
ya¤lar›n performans›n›n çok k›sa sürede
görülebilece¤i bir pazard›r.
Lubricant oil sales making up 10% of total
Shell sales ended 2007 on the increase.
90% of lubricant oil sales were produced in
the lubricant and grease oil production plant
owned by Shell & Turcas in Derince.
Products from the Derince plant and imported
products are marketed domestically. Sales
are made first to nearby markets, and then
to other Shell countries in the network. As
a major achievement, STAfi became the
market leader in lubricants with a market
share of app. 25% as of 2007-end.
The construction sector is the dynamo of
the lubricants market. When the construction
sector is busy, work machines are largely
in demand. It is a market with especially
high motor oil consumption and the
performance of hydraulic oils can be assessed
in a short time.
Motor ya¤›n›n ana görevi ya¤lama koruma,
temizleme ve so¤utmad›r. Temiz motorlar
her zaman daha iyi çal›flmakta ve ömürleri
de uzun olmaktad›r. Shell Helix, kullan›c›s›na
bu hizmetleri eksiksiz sunmak için
tasarlanm›flt›r. A¤›r hizmet araçlar›nda ise
durum biraz daha farkl›d›r. Çok daha yüksek
s›cakl›klar ve a¤›r flartlar, motor ya¤›n›n
üzerinde daha fazla bask› oluflturmaktad›r.
Shell Rimula ailesi eksiksiz ürün portföyü
ile a¤›r hizmet ticari araçlar için
tasarlanm›flt›r.
The main tasks of engine oils are oiling,
protecting, cleaning, and cooling. Clean
engines always work better and longer.
Shell Helix is designed to provide these
services to its users in complete. The
situation is a little different when it comes
to heavy-duty service vehicles. Much
higher temperatures and heavy conditions
put more pressure on engine oil. The Shell
Rimula family with a complete product
portfolio is designed for heavy-duty service
vehicles.
Yeni Ürünler
New Products
2007 Yak›t Ekonomisi Formüllü Dizel: Dizel
yak›t için özel bir yak›t ekonomisi formülü
gelifltirerek kullan›ma sunulmufltur.
Diesel with 2007 Fuel Economy Formula:
A special fuel economy formula for diesel
fuel was developed and supplied for use.
May›s 2007’de Shell’in a¤›r vas›talar için
yak›t ekonomisi sa¤layan “Yeni Shell Dizel
Ekstra” piyasaya sürülmüfltür.
In May 2007, the “New Shell Diesel Extra”
was introduced into the market, providing
fuel economy for heavy-duty vehicles.
Körfez Terminali
Gulf Terminal
1983 tarihinde Turcas Petrolcülük A.fi.
taraf›ndan infla edilen Körfez Terminali,
Turcas-Tabafl birleflmesinin ard›ndan 1997
y›l›nda Turcas Petrol A.fi. ismini alm›flt›r.
Terminal Turcas ve Shell birleflmesinden
sonra STAfi markas›yla hizmet sunmaktad›r.
Faaliyete geçti¤i y›ldan itibaren çeflitli
da¤›t›m flirketlerine depolama ve dolum
hizmeti sa¤layan terminalden çok say›da
petrol üreticisi flirket destek almaktad›r. On
iki tanktan oluflan 16.000 metreküp
depolama kapasitesine sahip Körfez
Terminali, ikmali Tüprafl ‹zmit Rafinerisi’nden
her ürün için tahsis edilmifl ayr› hatlar
vas›tas›yla gerçeklefltirmektedir.
The Gulf Terminal built by Turcas Petroleum
in 1983 was renamed Turcas Petrol in
1997 following the merger of Turcas and
Tabafl. The terminal has been operating
under the STAfi brand and ownership after
the Shell and Turcas merger. Since going
into operation, the terminal has provided
storage and filling services to distribution
companies and supported many oil
production companies. The Gulf Terminal,
consisting of 12 tanks with 16,000 cubic
meters of storage capacity, supplies
products from the Tüprafl ‹zmit Refinery
with dedicated product pipelines.
Yirmi dört y›ldan beri faaliyette olan Körfez
Terminali’nde yenileme ve gelifltirmeye
yönelik baz› çal›flmalar gerçeklefltirilmifltir.
Terminalde ilk olarak 1989 y›l›nda yeni
yang›n projesi bafllat›lm›fl ve 1990’da
baflar›yla tamamlanm›flt›r. 2006 y›l›nda
STAfi’›n kurulmas›yla birlikte yeni bir at›l›m
bafllat›larak, dolum adalar›, kat›k enjeksiyon
sistemi, ofis binalar›, tanker park sahas› ve
floför dinlenme salonu ça¤›n standartlar›na
uygun hale getirilmifltir. ‹ki dolum adas›n›n
alttan doluma çevrilmesi sayesinde RTS
tankerlerine de hizmet verilmektedir.
Some renovation and development
projects have been performed in the Gulf
Terminal, which has been operating for
24 years. Firstly, new fire project was
initiated in 1989 and successfully
concluded in 1990. During the foundation
of STAfi in 2006, progress has started
anew and filling islands, solid waste
injection system, office buildings, tanker
parking lot and driver relaxation lounge
were equipped to the standards of today.
Thanks to the conversion of two filling
islands to under filling, RTS tankers are
also capable of being serviced now.
Turkey’s
most admired
company...
53
Engine Oils
Motor Ya¤lar›
2007 ANNUAL REPORT
54
Ayr›ca kapal› devre TV sistemi kurularak, tank muayene
ve takip program› bafllat›lm›flt›r. ‹SEÇ sistemleri Shell
standartlar›na getirilerek emniyet konusunda da önemli
ad›mlar at›lm›flt›r. Tank seviye izleme sisteminin montaj
çal›flmalar› 2007 sonu itibar›yla devam etmektedir.
In addition, a tank inspection and following program was
initiated with the installation of a closed circuit TV system.
WHSE systems were brought up to Shell standards and
important safety steps were taken. Installation works on
the tank level tracking system are ongoing as of 2007-end.
K›r›kkale Tesisi
K›r›kkale Plant
K›r›kkale tesisi, 32.500 metrekare alan üzerine kuruludur
ve 20.100 m3 depolama kapasitesine sahiptir. Günde
ortalama 70 tankerin dolumu yap›lmaktad›r. Tesiste
‹SEÇ kapsam›nda yap›lan kontroller ve denetlemeler
sonucunda yap›lan iyilefltirmeler:
The K›r›kkale plant is constructed over an area of 32,500
m2 and has 20,100 cubic meters of storage capacity.
An average of 70 tankers can be filled per day. The
results of the improvements done within the scope of
WHSE controls and inspections were as follows:
• Ürün boru hatt›nda kaynak yenilemeleri,
• Tank taban ve donan›m tadilatlar›,
• Tank boya tadilatlar›,
• Üstten dolum adalar›na fonksiyonel merdiven ilaveleri,
• Korkuluk yükseltme ifllemleri,
• Yang›n sistemlerinin iyilefltirilmesi,
• Dolum adalar›na emniyet ask› sistemlerinin montaj›d›r.
• Welding renewals in product pipelines,
• Restorations of the tank floor and equipment,
• Tank paint renewal,
• Addition of functional stairs to the upper-filling islands,
• Rail heightening modifications,
• Improvements to fire-alarm systems,
• Mounting safety hanger systems to the filling islands.
Tesisin STAfi’›n kullan›m›na uygun hale getirilmesi
amac›yla yap›lan operasyonel iyilefltirmeler:
Operational improvements in order to bring the plant
to a suitable state for STAfi's use were as follows:
• Rafineriden tanklara ürün alabilecek boru tadilatlar›,
• Kara tankeriyle yap›lacak olan ürün ikmalleri için tanker
boflaltma mahallindeki tadilatlar,
• Yeni bir alttan dolum adas› ilavesi,
• Otomatik kat›k sistemi kurulumudur.
• Pipe modifications from refinery to tankers,
• Modifications around tanker discharge areas for
supplies from land tanker,
• Addition of a new under-filling island,
• Construction of an automatic aid system.
Vira Projesi
Vira Project
Vira projesinin amac›; kullan›lan sistemleri sadelefltirerek
farkl›laflt›rmak ve bunun sonucunda bilgiye h›zl›
ulaflmakt›r. Projeye fiubat 2007 itibar›yla bafllanm›flt›r.
Vira ile geliflen ve yenilenen sistem sayesinde hizmet
h›z› artacak ve müflterilere daha kaliteli hizmet
sunulacakt›r.
The aim of the Vira Project is the differentiation of
implemented systems through simplification, resulting
in faster retrieval of information. The project was
commenced in February 2007. As a result of the renewed
and improved system with Vira, better quality service
is provided to customers.
2006 Guinness Dünya Rekoru
2006 Guinness World Record
Shell “Standart bir araçla dünya turunda en az yak›t
tüketimi” konusunda dünya rekoru k›rm›flt›r. John ve
Helen Taylor çifti yak›t ekonomisi formülüne sahip Shell
Kurflunsuz Benzin sayesinde sadece 24 depoyla dünya
turu atm›flt›r.
Shell set a new a world record for 'The least fuel
consumption for a world tour with a standard vehicle'.
The couple, John and Helen Taylor, completed a world
tour with only 24 tanks of Shell Unleaded Gasoline with
its fuel economy formula.
Fark› Yaratan ‹nsand›r Kampanyas›
People Create the Difference Campaign
Perakende stratejilerinin merkezinde yer alan bu
uygulama, Shell & Turcas’› Türkiye’de bir numaraya
tafl›yacak en önemli anahtard›r. Oda¤›na müflteri
memnuniyetini, hizmet standard›n›, çal›flan performans›n›
ve mutlulu¤unu alan “Fark› Yaratan ‹nsand›r” dört y›ll›k
çal›flman›n ard›ndan Shell’in var oldu¤u çeflitli ülkelerde
hayat bulmufltur. Bu ülkelerin aras›na 2007’de Türkiye
de dahil olmufltur. ‹ki yüz on befl istasyonun kat›l›m›yla
bafllayan uygulamada bugün 600’den fazla istasyon
dünya birincisi olmak için yar›flmaktad›r.
This application, at the heart of retail strategies, is
the most important key to carrying Shell & Turcas to
the number one position in Turkey. Shell applies its
“People Create the Difference” campaign, which
focuses on customer satisfaction, standard of service,
and employee performance and happiness, in various
countries after four years of operations. Turkey became
one of these countries in 2007. Beginning with the
participation of 215 stations, today more than 600
stations compete to be world leader.
“Fark› Yaratan ‹nsand›r” kampanyas› 15 fiubat 2007’de
215 istasyonun kat›l›m› ile bafllam›flt›r. Toplam 36 ülkede
uygulanan “Fark› Yaratan ‹nsand›r”, 2007’nin ilk
çeyre¤inde Türkiye’nin büyük baflar›s›na sahne olmufltur.
“People Create the Difference” campaign began on
February 15, 2007 with the participation of 215
stations. “People Create the Difference“ was applied
in a total of 36 countries, bearing testament to Turkey“s
great success in the first quarter of 2007.
“People Create the Difference“ aiming for the
satisfaction of customers through the highest level of
employee performance at the stations, supports the
determination of the given target stages with a success
memorandum. The four stages in the success
memorandum facilitate observation of the level of
employees. Also in respect of this, employees make
an effort to implement the given targets.
Global düzeyde saati ve zaman› bilmeksizin
gerçeklefltirilen “Gizli Müflteri” uygulamas› ise belirlenen
hizmet maddelerini denetleyen ve kriterleri dünya
çap›nda eflit olarak seçilmifl bir uygulamad›r. Türkiye’nin
bu uygulamadaki baflar›s› 2007 sonu itibar›yla %89’a
tafl›nm›flt›r.
The “Secret Customer“, initiated globally without
announcing the time and the date, however, is an
application for which criteria was chosen equitably
throughout the world and inspects determined service
items. Turkey“s success in this application increased
to a value of 89% by the end of 2007.
Müflteri memnuniyetini baz alarak hayata geçirilen
“Fark› Yaratan ‹nsand›r” kampanyas› ilk kez, 2006 y›l›nda
aralar›nda Norveç, ‹sveç, ‹ngiltere’nin de oldu¤u 12
ülkede uygulanmaya bafllam›flt›r. Kampanyan›n amac›
%100 müflteri memnuniyeti gerçeklefltirmektir. Bunun
için öncelikli olarak müflteriler istasyona geldi¤inde,
nas›l bir hizmetle karfl›lanmak istediklerinin bilinmesi
gerekmektedir. Müflterilerin istasyonlara geldiklerinde
almak istedikleri hizmetler; mükemmel servis kalitesi
(devaml›), h›zl› ve kolay dolum, kaliteli ve farkl›laflt›r›lm›fl
ürünler, h›zl› ve kolay ödeme, rekabetçi fiyatlar, sadakat
programlar›, gülen personel, ürün çeflitlili¤i olan temiz
market, iyi ayd›nlanm›fl ve güvenli ön saha olarak
say›labilir. Kampanya kapsam›nda ‹stanbul, Ankara,
‹zmir ve Adana’da dokuz bayi toplant›s› yap›lm›fl ve
500 istasyon müdürü ile 5,000 istasyon personeline
e¤itim verilmifltir. 2007 sonu itibar›yla istasyon say›s›
600’e ulafl›rken, y›l içinde Türk istasyonlar› dünya
klasman›nda önemli baflar›lara imza atm›flt›r.
“People Create the Difference“ campaign based on
customer satisfaction first started in 12 countries
including Norway, Sweden, and England in 2006. The
aim of the campaign is to realize 100% customer
satisfaction. To this end, it must be known what kind
of service customers want to see upon arrival at
stations. These services may be counted as; perfect
quality of service (ongoing), fast and easy filling,
different and high quality products, fast and easy
payment, competitive prices, loyalty programs, smiling
employees, a clean store with various products, good
lighting and a safe forecourt. Within the scope of this
campaign, nine dealer meetings were arranged in
Istanbul, Ankara, Izmir, and Adana, and 500 station
managers and 5,000 station employees were trained.
The number of filling stations reached 600 at the end
of 2007, and Turkish stations registered important
successes in the world league.
Personelin en üst düzey performans göstererek
müflterinin istasyonlardan memnun dönmesini
amaçlayan Fark› Yaratan ‹nsand›r, verdi¤i hedeflerin
gerçeklefltirilmesi aflamas›nda hangi evrede oldu¤unu
baflar› pusulas›yla desteklemektedir. Baflar› pusulas›nda
bulunan dört aflama, çal›flanlar›n ne düzeyde oldu¤unu
gözlemleme imkan› sunmaktad›r. Çal›flanlar da bu
do¤rultuda belirlenen hedeflerini gerçeklefltirmek ad›na
daha çok gayret göstermektedirler.
55
SHELL & TURCAS
PETROL A.fi.
SHELL & TURCAS
PETROL
2007 ANNUAL REPORT
Fark› yaratan
insand›r...
56
Araçtan ‹nmeden Ödeme Sistemi
In Car Paying System
Teknolojinin hayat› kolaylaflt›ran geliflmelerini
akaryak›t al›mlar›nda bir ayr›cal›k olarak
sunan Shell & Turcas, “Araçtan ‹nmeden
Ödeme Sistemi”ni hem Türkiye’de hem de
140 ülke aras›nda ilk kez uygulamaya
koymufltur. Yeni sistemle Shell & Turcas
istasyonlar›nda kredi kart› ile yak›t alan
müflteriler, kasaya gitmeden ve araçtan
inmeden, ön saha personelinin sundu¤u
POS terminaline flifreleri girerek ödemelerini
yapabilmektedirler. ‹lk önce Türkiye’de
belirlenen baz› istasyonlarda uygulamaya
giren yeni sistemde, ödenecek miktar
istasyon otomasyon sisteminden do¤rudan
al›nmaktad›r. Ön saha personelinin herhangi
bir miktar girifl yapmas›na gerek
kalmamaktad›r. Müflterilerine kaliteli yak›t
sunma sözünü verirken di¤er yandan da
sundu¤u hizmetlerle istasyonlara
geldiklerinde yak›t almalar›n› pratiklefltirmeyi
hedeflemektedir.
In order to provide life-easing improvements
of technology as a privilege in fuel
purchases, Shell & Turcas set up the “In Car
Paying System” applicable for the first time
both in Turkey and in 140 countries. With
this new system, customers purchasing
fuel by credit card at Shell & Turcas stations
can pay with wireless POS terminals served
by forecourt employees, without getting
out of the vehicle to go to the cash register.
With the new system, applied in some predetermined stations as a forerunner, the
amount of the purchase can be directly
taken by the station's automation system.
Forecourt personnel need not enter any
amount. While promising to provide good
quality fuel, Shell & Turcas also aims to
ease the procedure of fuel purchase for its
customers with the services offered.
Kredi kart› iflleminden farkl› olmayan
sistemde, akaryak›t al›mlar›n›n gerçekleflti¤i
pompa cihaz›n›n yak›n›nda bulunan POS
terminaliyle, ön saha personeli müflterilerin
ödemelerini al›rken müflteriler de araçlar›ndan
inmeden ödemelerini yapabilmektedirler.
Al›m bilgilerinin, müflteri taraf›ndan manüel
bir ifllem olmadan otomatik olarak banka
POS’una iletilmesi sektörde bir ilki temsil
etmektedir. Wi-Fi sistemiyle çal›flan, çevre
ve insan güvenli¤i için zorunlu olan zone 2
sertifikas›na sahip Verifone POS terminali,
al›nan yak›t miktar›n› otomatik alg›layarak
hataya imkan tan›mamaktad›r.
The system is no different from regular
credit card procedure. With the POS terminal
next to the active fuel pump, forecourt
personnel accept the customers' payment
at the pump, and customers can pay
without getting out of the car. The automatic
transfer of the purchase information to the
bank's POS, without any manual entry of
the customer, represents a first in the
sector. Working with Wi-Fi data phone
system, the POS terminal, having a
mandatory zone 2 certificate for human
and environmental safety, senses the
purchased fuel amount automatically and
does not fail.
‹stasyon Kategorizasyonu Sistemi
Fuel Station Categorization System
‹stasyonlarda madeni ya¤ sat›fl›n› maksimize
edebilmek amac›yla 2007 Nisan ay›ndan
itibaren bafllayan bir sistemdir. Bu kapsamda
potansiyeli en yüksek istasyonlar belirlenmifl
ve “Gold-Alt›n” olarak tan›mlanm›flt›r. ‹stasyon
Kategorizasyon Sistemi’nin amac› alt›n
istasyonlarda Shell’i di¤er firmalardan ay›ran
farkl›laflm›fl uygulamalar olan Helix Motor
Ya¤› Merkezi, Ya¤ Canl›l›k Testi,
Personel/Müdür E¤itim ve Prim Sistemi,
Rekabetçi Fiyatland›rma, Taktik Promosyonlar
ve Marka ‹letiflimi operasyonel mükemmelli¤i
sa¤layarak uygulamakt›r.
This system was initiated to maximize fuel
sales in stations in April 2007. Within this
scope, stations with the highest potential
were determined and nominated as “Gold”.
The aim of the “Fuel Station Categorization
System”, which sets Shell apart from other
firms, is to provide and apply
implementations such as Helix Motor Oil
Center, Oil Liveliness Test,
Personnel/Manager Training and Bonus
System, Competitive Pricing, Tactical
Promotions and Brand Communication in
gold stations.
Ürüne de¤il duygulara seslenen kampanya
Mart 2007’de bafllam›flt›r. Tüm dünyada
akaryak›t sektöründe ürüne odaklanmadan
duygusal pazarlaman›n kullan›ld›¤› ilk ve
tek kampanya özelli¤i tafl›yan “Harekete
Geçirir” ile Shell & Turcas, Türkiye akaryak›t
sektöründe yine bir ilke imza atm›flt›r. Son
y›llarda yapt›¤› tüm pazarlama ve reklam
kampanyalar›nda ürüne odaklanan Shell,
rotas›n› de¤ifltirerek duygusal pazarlamaya
geçmektedir. Shell bundan sonra, üründen
çok, marka karakterini ön plana ç›kararak
tüketiciyle duygusal ba¤ kurmay›
hedeflemektedir. Harekete Geçirir
Kampanyas› 2007 y›l›nda dünya genelinde
kademeli olarak 140 ülkede lansman›
yap›lacak global iletiflim kampanyas› ile
hayata geçecektir. Kampanyan›n
müflterilerle kurdu¤u ba¤› güçlendirmesini
hedeflemektedirler.
This campaign, which does not target the
product but feelings, began in March 2007.
“It Moves” is the first and only campaign
in the world's fuel sector, in which emotional
marketing techniques are used instead of
focusing on the product. With this campaign,
Shell & Turcas started another innovative
project in the Turkish fuel sector. After
focusing solely on the product in every
marketing and advertisement project in
recent years, Shell changed its route to
emotional marketing. Hereinafter, Shell
targets emotional connection with
consumers while highlighting the brand
character more than the product. “It Moves”
campaign has started with a global
communication project, launching step by
step in 140 countries throughout the world
in 2007. The campaign aims to strengthen
the bond with customers.
Ticari Sat›fllar
Commercial Sales
Ticari sat›fllar akaryak›t ikmali sonras›, müflteri
hizmetlerini ve müflteri memnuniyetini en
üst seviyeye ç›kartabilmek için Avrupa’daki
kart sat›fllar›, Tafl›t Tan›ma Sistemi, dökme
akaryak›t ve homebase (büyük flirketlerin
kendi depolar›na ikmal) gibi faaliyetleri
yürütmektedir. STAfi birleflmesinden sonra
ticari sat›fllar a¤› geniflleyerek flu anda 650
istasyona ulaflm›flt›r.
In order to raise customer services and
satisfaction to the highest level after fuel
supplies, commercial sales are conducting
activities such as card sales in Europe,
Vehicle Recognition System, bulk fuel and
home base (supplying big companies'
storage facilities). After the creation of STAfi,
the commercial sales network was enlarged,
and reached a number of 650 fuel stations.
People
create the
difference...
57
It Moves Campaign
Harekete Geçirir Kampanyas›
Marmara Petroleum & Refining
26.000.000 YTL
Turcas ile Shell’in akaryak›t da¤›t›m›nda
yapm›fl oldu¤u ortakl›ktan dolay›, bu
terminalde her iki flirketin sahip oldu¤u
hisselere isabet eden depolama kapasitesi
Shell & Turcas Petrol A.fi.’ne
kulland›r›lmaktad›r.
Turcas’›n grup içi yeniden yap›lanmas›
çal›flmalar› nedeniyle ATAfi hissedarl›¤› d›fl›nda
baflka bir faaliyeti bulunmayan, ancak güçlü
bir mali alt yap›ya sahip olan, Marmara’n›n
Turcas bünyesindeki elektrik üretim, toptan
sat›fl ve da¤›t›m flirketlerini bünyesinde
bulunduracak çat› holding flirketine
dönüfltürülmesine karar verilmifltir. Bu amaçla
bafllat›lan ve sürdürülen ifllemler ile yeni
yap› alt›nda flirket faaliyetleri ileri sayfalarda
Turcas Enerji Holding A.fi. bölümünde detayl›
olarak verilmektedir.
Ödenmifl sermayesi 26 Milyon YTL olan
Marmara, Turcas Petrol A.fi.’nin %100 ba¤l›
ortakl›¤›d›r.
Today, as a result of investments made
after the decision to close down the
Refinery and convert it into a large-scale
Oil Products Terminal on the Mediterranean
coast in 2004, and having obtained its
Storage License from EMRA, the ATAfi
Terminal is engaged in storage and related
services. The Terminal has oil products
storage capacity of 570,000 cubic meters,
and its own pier at which high-capacity
ships can dock.
As a result of the partnership of Turcas
and Shell concerning fuel distribution, this
terminal's storage capacity, corresponding
to the combined shares of both companies,
is devoted to the use of Shell & Turcas.
As a result of Turcas' internal restructuring
process, it has been decided that Marmara,
which has a strong balance sheet but
active only by way of being a shareholder
of ATAfi, would be converted into an
umbrella holding company that would
hold the power generation, wholesale,
and distribution companies within the
Turcas Group. Turcas Energy Holding section
in the following pages of the report
explains in detail the process started and
ongoing for this purpose, together with
company's activities under the new
structure.
Marmara, with a paid-in capital of YTL 26
million, is a 100% subsidiary of Turcas
Petrol.
ATAfi Terminali 570.000 m3
petrol ürünü depolama
kapasitesine sahiptir.
The ATAfi Terminal has oil
products storage capacity
of 570,000 m3.
59
MARMARA PETROLEUM & REFINING
Ortaklar›n 2004 y›l›nda rafineriyi kapatarak
tesisi Akdeniz’e k›y›s› olan büyük ölçekli bir
Petrol Ürünleri Terminali’ne çevirme
karar›ndan sonra yap›lan yat›r›mlar sonucunda
bugün ATAfi Terminali, EPDK’dan alm›fl oldu¤u
Depoculuk Lisans› çerçevesinde, depolama
ve ilgili hizmetleri sunmaktad›r. Terminal
570.000 m 3 petrol ürünü depolama
kapasitesine sahiptir. Tesisin, yüksek kapasiteli
gemilerin yanaflabildi¤i kendi iskelesi
mevcuttur.
Established in 1958, Marmara Petroleum
and Refining (Marmara) executed activities
related to oil and oil products refining,
trade, import-export, and storage until
recent years. Marmara is a 5% shareholder
in the ATAfi Refinery (ATAfi Anadolu
Refining), which started operations in
Mersin in 1962. Marmara's partners in
ATAfi are BP (68%) and Shell (27%).
Erdal Aksoy (Baflkan Chairman)
Yılmaz Tecmen (Baflkan V. V. Chairman)
Banu Aksoy Tarakçıo¤lu (Üye Member)
S. Batu Aksoy (Üye Member)
MARMARA PETROL VE RAFINERI ‹fiLER‹ A.fi.
1958 y›l›nda kurulmufl olan Marmara Petrol
ve Rafineri ‹flleri A.fi. (Marmara), geçti¤imiz
senelere kadar her türlü petrol ve petrol
ürünlerinin rafinaj›, al›m›-sat›m›, ihrac›-ithali,
depolamas› ve ilgili faaliyetleri yürütmekte
idi. Marmara, 1962 y›l›nda operasyona
bafllayan Mersin’de kurulu ATAfi Rafinerisi
(ATAfi Anadolu Tasfiyehanesi A.fi.)’nin %5
oran›nda hissedar›d›r. Marmara’n›n Atafl’taki
ortaklar›; BP (%68) ve Shell (%27)
firmalar›d›r.
50.000.000 YTL
51% SOCAR (State Oil Company of Azerbaijan Republic)
24% Aksoy Holding A.fi.
Rövnag Abdullayev (Baflkan Chairman)
Erdal Aksoy (Baflkan Vekili Vice Chairman)
Y›lmaz Tecmen (Üye Member)
Vagif Aliyev (Üye Member)
Davud Mamedov (Üye Member)
Farrukh Gassimov (Üye Member)
SOCAR, hali haz›rda iflletmede olan ve y›ll›k
50 Milyon ton (1 Milyon varil/gün) kapasiteli
Bakü-Tiflis-Ceyhan (BTC) Ham Petrol Boru
Hatt›’n›n %25 oran›nda hissedar› ve 2009
itibar›yla Azerbaycan Devleti ile birlikte, akan
petrolün %80 civar›nda sahibidir. Dolay›s›yla
Ceyhan’da çok yüksek miktarlarda ham
petrole sahiptir ve bu petrol bugün için
Ceyhan üzerinden dünya pazarlar›na
sat›lmaktad›r.
SOCAR holds a 25% share in the Baku Tbilisi - Ceyhan (BTC) Crude Oil Pipeline,
which is currently operational, and has an
annual capacity of 50 million tons (1 million
barrels per day). SOCAR and the State of
Azerbaijan will own approximately 80% of
the crude oil flowing from the pipeline as
of the upcoming years. As of today, this
large quantity of crude oil is sold to the
world markets through Ceyhan.
Di¤er taraftan, 2007 y›l› içinde Bakü-TiflisErzurum (BTE) fiah Deniz Do¤algaz Boru
Hatt›’n›n inflaat› da tamamlanm›flt›r. SOCAR,
bu boru hatt›n›n sahibi olan konsorsiyumun
da hissedar› olmakla beraber, içinden geçecek
do¤algaz kapasitelerini kontrol etmektedir.
Bugün bu boru hatt›ndan BOTAfi’a y›lda 6,6
milyar m3 do¤algaz sat›lmaktad›r. Ancak fiah
Deniz Projesi’nin ikinci faz›n›n tamamlanmas›
ile 2012’den itibaren çok daha büyük
miktarlarda do¤algaz, SOCAR kontrolünde,
Türkiye ve Avrupa’ya ihraç edilebilecektir.
In addition, the construction of the Baku Tbilisi - Erzurum (BTE) Shah Deniz Natural
Gas Pipeline was completed in 2007. SOCAR
aside from being a shareholder of the
pipeline consortium, controls significant
capacities of natural gas flowing through
the line. Today, BOTAfi purchases 6.6 billion
cubic meters of natural gas from this pipeline.
Upon completion of the second phase of
the Shah Deniz Project in 2012, greater
quantities of natural gas will beexportable
to Turkey and Europe by SOCAR.
SOCAR, Ceyhan’da çok
yüksek miktarlarda ham
petrole sahiptir ve bu
petrol bugün için Ceyhan
üzerinden dünya
pazarlar›na sat›lmaktad›r.
SOCAR possesses a large
quantity of crude oil
in Ceyhan, and this is sold
to the world through
Ceyhan today.
61
In the fourth quarter of 2006, Turcas initiated
a strategic partnership with the State Oil
Company of Azerbaijan Republic (SOCAR),
mainly in order to pursue new ventures in
the petroleum refining, petrochemical
investment, and natural gas sectors. Arising
from this, Turcas and SOCAR jointly
established a new company named SOCAR
& Turcas Energy (STEAfi), in which Turcas
owns a 25% stake.
Turcas, bafll›ca petrol rafinericili¤i, petrokimya
yat›r›mlar› ve do¤algaz sektörlerindeki
faaliyetlerine iliflkin Azerbaycan’›n devlet
petrol ve do¤algaz flirketi olan State Oil
Company of Azerbaijan Rupublic (SOCAR)
ile 2006’n›n son çeyre¤inde stratejik bir
ortakl›¤a imza atm›flt›r. Bunun sonucu olarak
Turcas’›n %25 oran›nda hissedarl›¤›yla, SOCAR
ile ortak SOCAR & Turcas Enerji A.fi. (STEAfi)
adl› ortak giriflim flirketi kurulmufltur.
SOCAR &
TURCAS ENERJ‹ A.fi.
2007 ANNUAL REPORT
SOCAR &
TURCAS ENERGY
62
SOCAR ve Turcas’›n petrol
sektöründeki tecrübe ve
faaliyetlerini STEAfi
bünyesinde
birlefltirmelerinin sebebi,
iki orta¤›n Türkiye’de
kurulu bölgenin lider
entegre petrol ve gaz
flirketini oluflturma
hedefleridir.
SOCAR ve Turcas’›n petrol sektöründeki
tecrübe ve faaliyetlerini STEAfi bünyesinde
birlefltirmelerinin sebebi, iki orta¤›n
Türkiye’de kurulu bölgenin lider entegre
petrol ve gaz flirketini oluflturma
hedefleridir. Bunu gerçeklefltirmenin yolu
da SOCAR’›n sahip oldu¤u petrole dayal›
bir petrol rafinerisi ve petrokimya tesisleri
yat›r›m›n› bir an önce hayata geçirerek,
bu sayede downstream entegrasyonu
sa¤lamak ve ham petrolü yüksek ve katma
de¤erli petrol ve petrokimya ürünlerine
dönüfltürerek ülke ekonomisine hizmet
etmek ve katma de¤eri ortakl›k bünyesinde
tutarak ilave yat›r›mlara yönelmektir.
The reason for this combination of
experience and activities of SOCAR and
Turcas in the petroleum sector under
STEAfi is the partners' target of becoming
the region's leading integrated oil and
gas company, headquartered in Turkey.
The realization of this will be possible
through the oil refinery and
petrochemicals complex investment,
thus securing downstream integration,
serving the Country's economy by
converting crude oil into higher value
added oil and petrochemicals products,
and making it possible to make further
investments by keeping the created
value within the organization.
Bu ba¤lamda STEAfi, 2007 y›l› içinde
Ceyhan’da y›lda 10 Milyon ton ham petrol
iflleme kapasiteli bir petrol rafinerisi kurmak
amac›yla EPDK’ya baflvurmufltur. Bunun
paralelinde uluslararas› dan›flmanlar
vas›tas›yla teknik ve ekonomik fizibilite
çal›flmalar›n› bafllatm›flt›r. Üçüncü taraflara
uluslararas› piyasa etütleri yapt›rm›fl, arsa
seçimini tamamlam›fl, sat›nalma ve
kamulaflt›rmaya iliflkin prosedürleri
bafllatarak ÇED çal›flmas›n› ihale etmifltir.
STEAfi, 2008’in ilk yar›s› içinde EPDK’dan
Rafineri Lisans›’n› almay› ve bunu takiben
temel mühendislik, finansman ve
mühendislik çal›flmalar›n› bafllatmay›
planlamaktad›r. STEAfi, 2010’da inflaat›na
bafllamay› planlad›¤› petrol rafinerisini
2012-2013 y›llar›nda ticari iflletmeye
almay› hedeflemektedir.
In this context, STEAfi applied to EMRA
in mid 2007 to build a grassroots oil
refinery with an annual capacity of 10
million tons in Ceyhan. Parallel to this,
technical and economic feasibility studies
were initiated by hiring international
advisors. STEAfi had third parties conduct
market studies, concluded the land
choice, started some purchases and
nationalization process, and awarded
the EIA contract. The Company plans to
obtain its Refinery License from EMRA
within the first half of 2008, and
following this to commence basic
engineering, finance and engineering
works. STEAfi aims to start the refinery
construction in 2010 and its operations
in 2012-2013.
STEAfi, Temmuz 2007’de yap›lan Petkim
Petrokimya Holding A.fi.’nin %51
oran›ndaki hisselerinin özellefltirme
ihalesine, ço¤unluk hisselerine sahip
oldu¤u, SOCAR & Turcas - Injaz adl› bir
Ortak Giriflim Grubu (OGG) kurarak girmifl,
teklif etmifl oldu¤u bedel ile Özellefltirme
‹daresi Baflkanl›¤› taraf›ndan ihaleyi
kazanan flirket olarak belirlenmifltir. Suudi
kökenli Injaz flirketi de petrokimya
sektöründeki tecrübelerini OGG’na katarak
ortakl›¤›n kendisi, Türkiye petrokimya
sektörü dolay›s›yla ülke ekonomisi için en
etkin ifl plan›n› oluflturmas›na katk›
sa¤lam›flt›r. ‹hale sürecinin uzamas›
nedeniyle, STEAfi 2008’in ilk yar›s› itibar›yla
Petkim’i devralmay› amaçlamaktad›r.
STEAfi participated in July 2007 in the
privatization tender for 51% of PETK‹M
Petrochemical Holding's shares by
establishing a consortium named SOCAR
& Turcas - Injaz Consortium, and was
awarded the right to acquire the
company by the Privatization
Administration (PA) as per its price
proposal. The Saudi Arabia originated
Injaz, bringing its experience of the
petrochemicals sector to the Consortium,
also helped the partnership in developing
an effective business plan for the
country's economy regarding the sector.
Since the tender process overran, STEAfi
is planning to take over PETK‹M before
the end of the first half of 2008.
Bu konu ile ilgili olarak STEAfi Nisan
2008’de sermayesine %99,75 oran›nda
ifltirak etti¤i SOCAR & Turcas Petrokimya
A.fi. adl› flirketi kurmufltur.
In relation to this process, STEAfi
established in April 2008 a new company
named SOCAR & Turcas Petrochemicals,
holding 99.75% of its share capital.
STEAfi, do¤algaz piyasas›n›n
liberalleflmesine paralel olarak Azeri
do¤algaz›n› Türkiye’ye ithal ederek iç
piyasada kullan›c›lara satmak ve toptan
sat›fl faaliyetlerinde bulunmay›
hedeflemektedir.
In parallel with the liberalization of the
natural gas market, STEAfi aims to import
natural gas from Azerbaijan to Turkey in
order to import and wholesale it in the
domestic Turkish market.
STEAfi aims to be the one of the most
effective integrated oil and gas companies
in and around Turkey with its Ceyhan Oil
Refinery Project, its projected possession
of control over PETK‹M, and the leading
role it plans to play regarding the
importation of Azeri natural gas into
Turkey.
SOCAR & Turcas Enerji A.fi.’nin hisselerinin
%51’i SOCAR’a, %25’i Turcas Petrol A.fi.’ne,
%24’ü de Aksoy Holding A.fi.’ne aittir.
SOCAR owns 51%, Turcas Petrol owns
25%, and Aksoy Holding owns 24% of
SOCAR & Turcas Energy, which currently
has a paid-in capital of YTL 50 million.
STEAfi’›n Ceyhan Petrol Rafinerisi Projesi
ve Petkim’i sat›n almas›, ayr›ca Azeri
do¤algaz›n›n Türkiye’ye ithalat›nda almay›
planlad›¤› öncü rol ile birlikte Türkiye ve
civar ülkeleri kapsayan bölgenin en etkin
entegre petrol ve gaz flirketlerinden biri
olmas› öngörülmektedir.
The reason for this
combination of
experience and activities
of SOCAR and Turcas in
the petroleum sector
under STEAfi, is the
target of becoming the
region’s leading
integrated oil and gas
company, headquartered
in Turkey.
63
Turcas Gas Trading
2.700.000 YTL
Bu amaçla yola ç›k›larak 2005 y›l› Haziran ay›nda kurulan
ve Turcas Petrol A.fi. (Turcas)’nin %100 oran›nda ba¤l›
ortakl›¤› olan Turcas Gaz Toptan Sat›fl A.fi. (Turcas Gaz),
do¤algaz piyasas›ndaki serbestleflme sürecinin aktif bir
kat›l›mc›s› olarak 17 May›s 2007 tarihinde EPDK’dan 30
y›l süre ile do¤algaz toptan sat›fl faaliyeti gerçeklefltirmek
üzere lisans›n› alm›flt›r.
19 Aral›k 2007 tarihinde do¤algaz›n sevk›yat›n›n
bafllamas› ile Turcas Gaz, Türkiye do¤algaz piyasas›nda
bir ilke imza atm›fl, serbest tüketici müflterisine tedarik
yoluyla do¤algaz satan ilk özel toptan sat›fl flirketlerinden
biri olarak serbestleflme sürecinde öncü bir rol
üstlenmifltir.
Turcas Gaz, kuruluflundan bu yana yurtiçi faaliyetlerinin
yan› s›ra çok uluslu enerji firmalar› ile iflbirli¤i yaparak,
do¤algaz ticareti konusunda uluslararas› bilgi birikimi
ve deneyimi elde etmifltir. Turcas Gaz, al›fl-sat›fl
mekanizmalar›n›n çal›flmaya bafllad›¤›, mevzuat›n
olufltu¤u ve piyasa ihtiyaçlar›na yönelik geliflti¤i, k›sacas›
serbest piyasan›n olufltu¤u bu dönemde, ticaret hacmini
her y›l önemli miktarda art›rarak ithalat/toptan sat›fl
pazar›n›n lider özel sektör flirketlerinden biri olmay›
hedeflemektedir.
Önümüzdeki dönemlerde do¤algaz ithalat›n›n serbestçe
yap›labilecek olmas› da Turcas Gaz’›, do¤al kaynak
zengini Azerbaycan ve ‹ran gibi komflu ülkelerle
gelifltirmifl oldu¤u iflbirli¤i ve ortakl›klar sayesinde,
stratejik olarak avantajl› bir konuma getirecektir.
Ödenmifl sermayesi 2,7 Milyon YTL olan Turcas Gaz,
Turcas Petrol A.fi.’nin %100 ba¤l› ortakl›¤›d›r.
Upon the start of liberalization of the natural gas market
with Law No. 4646 in 2001, the intention was to make
the natural gas sector financially strong, stable and
transparent for the purpose of supplying natural gas to
consumers in the frame of quality, continuity and
compatibility.
With this aim in mind Turcas Gas Trading (Turcas Gas),
a wholly owned subsidiary of Turcas Petrol, established
in June 2005, and an active participant in the liberalization
process of the natural gas market, obtained a 30-year
Natural Gas Wholesale License from EMRA to perform
natural gas import and wholesale operations on May
17, 2007.
Turcas Gas obtained annual natural gas selling rights of
100 million cubic meters through its collaboration with
Shell Energy, which obtained annual natural gas import
rights of 250 million cubic meters from the Import
Contract Release Tenders of BOTAfi on November 30,
2005.
With the commencement of natural gas importation
on December 19, 2007, Turcas Gas broke new ground
in the natural gas sector and took a leading role in the
liberalization process as one of the first private companies
that started selling natural gas to its eligible customers
through bilateral contracting.
Since its establishment, Turcas Gas has acquired
international knowledge and experience through
collaborations with multinational energy companies in
addition to domestic activities. During this period of
deregulation, in which trading mechanisms began
operating, market oriented legislation was formed and
improved upon. Turcas Gas aims to be one of the leading
private companies in the import/wholesale market by
significantly increasing its trade volumes year on year.
Since natural gas importation is expected to be liberalized
in the near future, Turcas Gas holds a strategically
advantageous position through improving collaborations
and cooperations with natural resource rich countries
such as Azerbaijan and Iran.
Turcas Gas, a wholly owned subsidiary of Turcas Petrol,
has a paid-in capital of YTL 2.7 million.
65
TURCAS GAS TRADING
30 Kas›m 2005 tarihinde yap›lan BOTAfi ‹thalat
Sözleflmeleri Devri ‹halesi’nde y›ll›k 250 Milyon Sm3
gaz ithal etme hakk› kazanan Shell Enerji A.fi. ile var›lan
iflbirli¤i çerçevesinde Turcas Gaz, y›ll›k 100 Milyon Sm3
do¤algaz›n sat›fl hakk›n› elde etmifltir.
M. ‹lhan Nebio¤lu (Üye Member)
2001 y›l›nda yay›nlanan 4646 say›l› Do¤algaz Piyasas›
Kanunu ile do¤algaz›n kaliteli, sürekli, ucuz, rekabete
dayal› esaslar çerçevesinde tüketicilerin kullan›m›na
sunulmas› için, do¤algaz piyasas›n›n serbestlefltirilerek
mali aç›dan güçlü, istikrarl› ve fleffaf olmas› amaçlanm›flt›r.
Turcas Enerji Holding A.fi.
Turcas Energy Holding
26.000.000 YTL
Turcas, bünyesinde var olan ve ileride kuraca¤› elektrik
enerjisi üretim, toptan sat›fl ve da¤›t›m ifltiraklerini tek
çat› alt›nda toplamay› planlamaktad›r. Bu amaçla, ATAfi
hissedarl›¤› d›fl›nda bir faaliyeti olmayan, ancak mali
yap›s› kuvvetli %100 ba¤l› ortakl›¤› Marmara Petrol ve
Rafineri ‹flleri A.fi.’nin ticari unvan›n›n Turcas Enerji Holding
A.fi.’ne dönüfltürülmesine iliflkin gerekli ifllemleri bu
Rapor’un bas›m tarihi itibar›yla bafllatm›fl olup ilgili
ifltiraklerini bu holding bünyesinde toplam›flt›r. Aslen bu
fiirket Marmara’n›n kendisidir, ancak fiirket’in yeni yap›s›
ve faaliyetleri ile ilgili daha detayl› içerik sa¤lamak
amac›yla bu sayfada fiirket bilgileri yeniden verilmektedir.
Turcas has decided to bring its existing and future
power generation, trading and distribution subsidiaries
under the umbrella of a sub holding company. To this
end, the process of changing the commercial title of
the wholly owned subsidiary, Marmara Petroleum
and Refining, which has a strong balance sheet but
active by way of only being a shareholder of ATAfi,
to Turcas Energy Holding, was commenced as of the
publication date of this report. In fact, this company
is Marmara itself, but in order to provide detailed
content about the new structure and activities of the
company, some of its data is repeated here.
Turcas Enerji Holding, Türkiye ve civar ülkelerde elektrik
üretimi, ticareti ve da¤›t›m›na iliflkin yat›r›m ve ifltirakleri
ile en önde gelen enerji flirketlerinden biri olmay› ve
entegre elektrik flirketi olarak sermaye piyasalar›nda
halka aç›lmay› hedeflemektedir.
Turcas Energy Holding aims to be one of the top
companies in and around Turkey with investments
and subsidiaries in the fields of power generation,
trading and distribution and to go public in international
capital markets as an integrated power utility.
Elektrik Üretimi ve Toptan Sat›fl›
Electricity Generation and Trading
Turcas Enerji Holding, hali haz›rda Turcas Elektrik Üretim
A.fi. (TEÜAfi)’nin sermayesinin %97,5 oran›nda, Turcas
Elektrik Toptan Sat›fl A.fi. (TETSAfi)’nin sermayesinin de
%67 oran›nda sahibidir. TEÜAfi ve TETSAfi’›n
sermayelerinin geri kalan, s›ras›yla %2,5 ve %33
hisselerinin sahibi de direkt olarak Turcas’t›r. Bir önceki
sene Turcas’›n bu flirketlerde direkt sahip oldu¤u %97,5
ve %67 oran›ndaki hisseler, bu iki fiirket’in sermayelerinin
2007 y›l› içinde - s›ras›yla 14 Milyon YTL ve 3 Milyon
YTL’ye - art›r›lmas› ve Turcas’›n rüçhan haklar›n›n Turcas
Enerji Holding’e (Marmara’ya) devredilmesi ve Turcas
Enerji Holding’in art›r›lan sermayeyi flirketlere aktarmas›
yöntemiyle Turcas Enerji Holding’in olmufltur.
Turcas Energy Holding is a 97.5% shareholder of Turcas
Power Generation (TPG), and a 67% shareholder of
Turcas Power Trading (TPT). The rest of the shares of
TPG and TPT, respectively 2.5% and 33%, belong
directly to Turcas. One year ago, Turcas directly held
all these shares but then the paid-in capitals of these
two companies were raised to YTL 14 million and YTL
3 million respectively, where Turcas turned over its
capital raise rights to Turcas Energy Holding (Marmara)
and the raised capital was transferred to the companies,
granting ownership of these shares to Turcas Energy
Holding.
67
The significant increase in demand for electricity
paralleling Turkish economic and industrial growth,
allied with the potential for capital investments, have
opened the way for the strategic interest of Turcas
Petrol (Turcas) in the power sector.
Türkiye’nin ekonomik geliflimine ve büyümesine paralel
olarak elektrik ihtiyac›n›n önemli ölçüde art›yor olmas›
ve yat›r›mlar için potansiyel vadeden önemli bir pazar
olmas›, Turcas Petrol A.fi. (Turcas)’nin de elektrik sektörüne
stratejik olarak ilgi duymas›na yol açm›flt›r.
2007 ANNUAL REPORT
Elektrik Da¤›t›m›
Electricity Distribution
Elektrik da¤›t›m› konusunda Turcas, Özellefltirme ‹daresi
taraf›ndan ihaleye ç›kar›lacak olan elektrik da¤›t›m
bölgelerinin özellefltirmesine beraber kat›lmak amac›yla
‹spanya’n›n en büyük enerji flirketlerinden Iberdrola S.A.
ile stratejik bir iflbirli¤i gelifltirmifl, bu çerçevede 30 May›s
2006’da Hissedarlar Anlaflmas› imzalam›fl ve Ortak
Giriflim Grubu (OGG) kurmufltur. Bu anlaflmaya göre
ihalelerde baflar›l› olunmas› durumunda kurulacak anonim
flirket(ler)in %70 oran›nda hissedar› Iberdrola, %30
oran›nda hissedar› da Turcas Grubu flirketleri olacakt›r.
Regarding electricity distribution, Turcas enhanced a
strategic cooperation with one of Europe's largest
energy companies, Iberdrola of Spain, and then signed
a Shareholders Agreement on May 30, 2007, in order
to jointly participate in the privatizations of electricity
distribution regions to be performed by the Privatization
Administration of Turkey as a consortium. According
to this agreement, Iberdrola will own 70% and Turcas
will own 30% of the companies to be established
upon successful tendering process.
OGG’nun ilk hedefi, ‹stanbul Anadolu Yakas› Elektrik
Da¤›t›m A.fi. (AYEDAfi) ve Sakarya Elektrik Da¤›t›m
A.fi. (SEDAfi)’nin hisselerinin ‹flletme Hakk› Devri esas›na
göre özellefltirme ihalesini kazanmakt›r. Bu ba¤lamda
OGG bu iki bölge için 1 Kas›m 2006 tarihinde Ö‹B’dan
Önyeterlilik alm›flt›r. OGG bu iki bölgenin d›fl›ndaki
di¤er bölgelerle de ilgili olarak çal›flmalar yürütmektedir.
The consortium's first target is to win the privatization
bids for the sale of shares of the Istanbul Anatolian
Side Electricity Distribution (AYEDAfi) and Sakarya
Electricity Distribution (SEDAfi) regions. In this context,
our consortium was pre-qualified for these regions
by the PA on November 1, 2006. The consortium also
executes projects related to the privatization of other
regions.
2007 y›l› bafl›nda da¤›t›m bölgeleri özellefltirme
ihalelerinin ertelenmesi sebebiyle bu süreyi daha
önceki çal›flmalar›n› gelifltirerek ve güncelleyerek
geçiren Iberdrola & Turcas OGG, 2008 y›l›nda bu
özellefltirmelerin yap›lmas› olas›l›¤›na karfl›l›k ekipleri
aras›ndaki düzenli toplant›lar› yeniden bafllatm›fl olup
Ö‹B’ndan bu konuda gelecek aç›klamalar takip
etmektedir.
68
Since privatization of the electricity distribution
companies was postponed at the beginning of 2007,
Iberdrola & Turcas Consortium continued to develop
and update the projects during this period, and initiated
regular meetings between the teams in view of the
probability of the Government renewing the
privatizations in 2008. The partnership follows the
announcements on the subject to come from the PA.
Ödenmifl sermayesi 26 Milyon YTL olan Turcas Enerji
Holding A.fi., Turcas Petrol A.fi.’nin %100 ba¤l›
ortakl›¤›d›r.
Turcas Energy Holding, a wholly owned subsidiary of
Turcas Petrol, has a paid-in capital of YTL 26 million.
EPC (Mühendislik-Sat›nalma-Taahhüt) Hizmetleri
EPC (Engineering - Procurement - Construction) Services
Turcas ifltiraklerinin do¤algaz, kömür, rüzgar, hidrolik
ve nükleer gibi çeflitli kaynaklara dayal› enerji
yat›r›m, elektrik da¤›t›m›, yeni bir petrol rafinerisi
ve petrokimya tesisi kurma ve var olan petrokimya
tesislerini bünyesine kat›p kapasite art›r›m
yat›r›mlar› ile büyümek gibi birçok projesi
bulunmaktad›r. Bu durum Turcas’›n, Turcas Elektrik
ve Gaz Grubu / Turcas Enerji Holding bünyesinde
deneyimi ve kapasitesiyle kendini kan›tlam›fl bir
ekipten Turcas EPC ad›nda bir bölüm yaratmas›
f›rsat›n› do¤urmufltur.
Turcas subsidiaries and affiliated companies have a
number of projects such as electricity generation
investments based on coal, gas, wind, hydraulic and
nuclear sources, electricity distribution, construction of
a new oil refinery and petrochemicals complex and,
along with growing capacity, capex investments in
petrochemicals business. This situation creates an
opportunity for Turcas to create a new division named
Turcas EPC from a team that had proved themselves
with their experience and capacity within the Turcas
Power & Gas Group / Turcas Energy Holding.
Turcas EPC, enerji tesisleri, tesislerin ana bak›m,
modifikasyon, iyilefltirme iflleri ile saha iflleri için
komple genel taahhüt, alt yüklenici yönetimi,
inflaat yönetimi, mühendislik-sat›nalma-taahhüt
(EPC) dahil her türlü hizmeti sunabilmektedir.
Turcas EPC offers a complete range of construction
services, including general contracting, subcontracting,
construction management, Engineering-ProcurementConstruction (EPC) services for complete power facilities,
major plant maintenance, modification, renovation work,
and site services.
Turcas EPC, proje ve inflaat yönetimi kapasitesi,
deneyimli tafleronlar›, iyi yap›land›r›lm›fl kaynak
yönetimi uygulamalar› ile enerji sektöründe
mükemmelli¤e odaklanm›fl bir organizasyon olarak
an›lmay› amaç edinmifltir.
With reliable project and construction management
capacity, experienced subcontractors, and well-structured
resource management methods, Turcas EPC aims to be
recognized throughout the energy sector as an
organization committed to excellence.
Turcas EPC taraf›ndan sa¤lanan h‹zmetler afla¤›dakileri
kapsamaktad›r:
• Mühendislik Yönetimi
• Sat›nalma Yönetimi
• ‹nflaat Yönetimi
• Tüm Projenin Yönetimi
• Finans Yönetimi
• Anahtar Teslimi EPC ve Devreye Alma
Turcas EPC, müflteriye projenin bütün yönlerini tek bir
kaynak sorumlulu¤unda kontrol edebilme imkân›
sunan verimli, deneyimli ve bilgili bir proje ve inflaat
yönetimi ekibi kuracak tecrübe ve kaynaklara sahiptir.
Turcas EPC’nin proje yönetimi yaklafl›m›, projenin tüm
fazlar›n› baflar›ya ulaflt›racak planlama, izinler ve
lisanslar, ön tasar›m, tasar›m mühendisli¤i, sat›nalma,
saha hizmetleri, inflaat, ön iflletme, devreye alma ve
kesin kabul gibi alt sistemlerden oluflmaktad›r. Turcas
EPC proje finansman›n›n yan› s›ra ticari, vergisel ve
yasal uygulamalar için lojistik de sa¤layabilmektedir.
Özellikle Turcas Elektrik Üretim A.fi.’nin E.ON ile kurmufl
oldu¤u ortak flirketler vas›tas›yla yapmay› planlad›¤›
800 MW kurulu gücündeki (Denizli) do¤algaz santrali
ve yine yaklafl›k 800 MW kurulu gücünde olmas›
planlanan ithal kömüre dayal› elektrik santrali projesinde
de Turcas EPC, anahtar teslimi görev alacak flirketlerle
iflbirli¤i gerçeklefltirmeyi böylece Gruba önemli sinerji
ve kazan›mlar yaratmay› planlamaktad›r.
Engineering Management
Procurement Management
Construction Management
Overall Project Management
Finance Management
Turnkey EPC and Commissioning
Turcas EPC, providing the client with a single source
of responsibility to control every aspect of a project,
possesses the experience and resources to put
together a tried and trusted, and knowledgeable
project and construction management team. Turcas
EPC's approach to project management includes
subsystems for accomplishing all phases of the
project; including project planning, permits and
licensing, conceptual design, design engineering,
procurement, site services, construction, preoperation, start-up and final completion. Turcas EPC
can also provide support for project finance, and
logistical support for commercial applications, tax
related and legal applications.
In 2007 Turcas EPC developed various projects in
foreign markets such as Azerbaijan and Iran. These
projects are based on the Energy Conversion
Agreement, which will be signed due to the low
cost of natural resources in both countries, and can
be realized by potential subsidiaries of Turcas, taking
responsibility as EPC and/or EPC Management (EPCM)
in natural gas fired power plant investments, or by
providing EPCM services to completely third parties.
Turcas EPC aims to provide services to energy projects
performed by investors with different profiles, using
its relevant experience, supported by the livening
up and acceleration of investments in the Turkish
energy sector during 2007-2008.
Turcas EPC plans to collaborate with the turnkey
contractors to be selected for especially the 800 MW
(Denizli) CCGT project and the 800 MW imported
coal fired power plant project which TPG plans to
realize through the joint venture companies created
with E.ON, hence potentially creating important
synergy and benefits to the Group.
69
Turcas EPC, Türkiye enerji piyasas›nda 2007-2008
itibar›yla yat›r›mlar›n canlanmas› ve ivme kazanmas›na
istinaden de¤iflik profillerde yat›r›mc›lar taraf›ndan
yap›lacak enerji projelerine bu konudaki deneyimlerine
dayanarak hizmet vermeyi hedeflemektedir.
•
•
•
•
•
•
Turcas EPC, 2007 y›l›nda özellikle Azerbaycan ve ‹ran
gibi yurtd›fl› piyasalarda çeflitli projeler gelifltirmifltir.
Bunlar her iki ülkede de do¤al kaynaklar›n bol ve
düflük maliyetli olmas›ndan dolay› imzalanacak Enerji
Dönüflüm Anlaflmalar›na istinaden, Turcas’›n da
potansiyel olarak yat›r›mlar›na kat›larak
gerçeklefltirilebilecek, do¤algaz atefllemeli elektrik
santrali yat›r›mlar›nda Turcas ve/veya ortak giriflimler
fleklinde EPC ve/veya EPC Management (EPCM)
sorumluluklar› almak veya tamamen üçüncü taraflara
EPCM hizmetleri vermektir.
Services provided by Turcas EPC include the
following:
14.000.000 YTL
97,5 % Turcas Enerji Holding A.fi.
2,5 % Turcas Petrol A.fi.
TEÜAfi, özellikle Türkiye’de ba¤›ms›z üretim
flirketi, uluslararas› platformlarda da yapifllet-devret, yap-ifllet, iflletme hakk› devri
ve/veya di¤er modellerde projeler
gelifltirmektedir.
As an independent generation company,
Turcas Power Generation develops buildoperate-transfer, build-own-operate, and/or
other type of projects, mainly in Turkey, and
also on an international platform.
TEÜAfi faaliyet alanlar›n› gelifltirirken rüzgar,
do¤algaz, kömür ve linyit, s›v› yak›tlar,
nükleer, hidrolik, biokütle ve günefl gibi
kaynaklara dayal› üretim projelerine
odaklanmaktad›r.
Turcas Power Generation is focused on
generating projects based on natural
resources such as, wind, natural gas, coal
and lignite, liquid fuels, nuclear, hydraulic,
biomass and solar in its fields of activity.
TEÜAfi afla¤›daki sorumluluklar›
üstlenmektedir:
TPG undertakes the following
responsibilities:
• Projelerinin tek bafl›na ya da yerli-yabanc›
yat›r›mc›lar ve/veya proje gelifltiricileri
ile iflbirli¤i içinde finansal yap›s›n› oluflturmak,
• Gerekli izin ve onaylar›n al›nmas›n› sa¤lamak,
• Projenin mühendislik, sat›n alma, inflaat
(EPC) ve devreye alma baz›nda tafleronlara
verilmesini üstlenmek,
• Tesisin ticari iflletmesini yapmak.
• Establishing the financial structure of
its projects, either alone or in partnership
with domestic/international investors
and/or developers,
• Securing the required permits and approvals,
• Contracting projects in terms of engineering,
procurement, construction (EPC) and
commissioning,
• Undertaking the commercial operation
of power plants.
71
TURCAS POWER GENERATION
Turcas Power Generation (TPG), a
subsidiary of Turcas Energy Holding, aims
to make green-field and brown-field
energy investments, and to take its place
in international markets as one of the top
power generation companies in Turkey
and its surrounding region, with a
diversified generation portfolio.
TURCAS ELEKTR‹K ÜRET‹M A.fi.
Turcas Enerji Holding’in ba¤l› ortakl›¤›
Turcas Elektrik Üretim A.fi. (TEÜAfi), yeni
enerji tesisleri kurmak ve kârl›l›¤› yüksek
kurulu tesisleri bünyesine katmak suretiyle
yat›r›mlar yapmay› ve çeflitlendirilmifl
üretim portföyü ile Türkiye ve civar
ülkelerdeki lider elektrik üretim
firmalar›ndan biri olmay› hedeflemektedir.
TURCAS ELEKTR‹K
ÜRET‹M A.fi.
TURCAS POWER
GENERATION
TEÜAfi, EPDK’dan alm›fl oldu¤u Elektrik
Üretim Lisans› çerçevesinde, ‹stanbul’da
sahip oldu¤u 1,66 MW kurulu gücündeki
Kojenerasyon (birleflik ›s› ve elektrik)
Tesisi’ni iflletmektedir. T.C. Enerji ve Tabii
Kaynaklar Bakanl›¤› taraf›ndan 5 Nisan
2007 tarihinde onaylanan bu tesis, flu ana
kadar ülkemizde kurulmufl olan en yüksek
verimli kojenerasyon tesislerinden biridir.
Tesisin 2007 y›l›na ait üretim bilgileri
afla¤›daki gibidir:
2007 ANNUAL REPORT
Elektrik üretimi:
Toplam ›s› üretimi:
Bina ›s›tmas› için s›cak su:
Buhar:
Kullan›m için s›cak su:
Aç›k havuz ›s›tmas›:
4.347.881 kWh
3.626.930 kWh
1.020.320 kWh
2.545.579 kWh
60.103 kWh
928 kWh
TPG, having obtained its power generation
license from EMRA, operates a wholly-owned
cogeneration (combined heat and power)
plant with an installed capacity of 1.66 MW
in Istanbul. This plant, approved by the Ministry
of Energy and Natural Resources on April 5,
2007, is now among the most efficient
cogeneration plants in the country. The plant's
generation statistics for 2007 are as follows:
Power Generation:
4,347,881 kWh
Total Heat Generation:
3,626,930 kWh
Hot water for central heating systems:1,020,320 kWh
Steam:
2,545,579 kWh
Hot water for use:
60,103 kWh
Heating systems for outdoor pools: 928 kWh
Bu tesisin direkt sahipli¤i ve iflletmecili¤inin
yan› s›ra, TEÜAfi’›n ana hedefi uluslararas›
flirketlerle iflbirli¤i ve ortakl›klar vas›tas›yla
büyük ölçekli ve çeflitlendirilmifl enerji
üretim yat›r›mlar›na odaklanmak oldu¤u
için TEÜAfi bu kapsamda kurulacak
flirketlere ifltirak edecek bir (elektrik üretim)
ara holdingi konumundad›r.
Aside from the ownership and management
of this plant, TPG acts as a sub (electricity
generation) holding company that participates
in the operating companies that are
established as per TPG's strategy of
cooperating or partnering with international
companies and focusing on large-scale and
diversified power generation investments.
TEÜAfi’›n hedefi 2014 itibar›yla hisselerine
düflen öz kurulu güç kapasitesini 500 MW
seviyelerine ç›karmakt›r.
TPG aims to increase its equity share of
installed power capacity to a level around
500 MW by 2014.
Bu hedef do¤rultusunda TEÜAfi, do¤algaz
ve ithal kömüre dayal› yaklafl›k 800’er MW
kurulu gücünde iki enerji santrali yat›r›m›n›
beraber yapmak üzere dünyan›n en büyük
enerji flirketlerinden Alman E.ON Grubu
ile ortakl›k sürdürmektedir. Bu kapsamda
2007 y›l› içinde kurulmufl olan E.ON &
Turcas Güney Elektrik Üretim A.fi. ve E.ON
& Turcas Kuzey Elektrik Üretim A.fi.
flirketlerinin sermayelerinin %30’una ifltirak
etmifltir.
With this aim in mind, TPG maintains a
partnership with E.ON, one of the world's top
energy companies, in order to invest in two
large scale power plants, one based on natural
gas and the other one based on imported
coal, each with a power capacity of app. 800
MW. Hence, TPG participated in 30%
shareholding capitals of each E.ON & Turcas
South Power Generation and E.ON & Turcas
North Power Generation, both established in
late 2007.
TEÜAfi, portföyünü daha da çeflitlendirmek
ve sürdürülebilir/yenilenebilir kaynaklara
dayal› yat›r›mlar yapmak amac›yla yine
2007 y›l› içinde kurdu¤u Turcas Rüzgar
Enerji Üretim A.fi.’nin sermayesine %100
oran›nda ifltirak etmifltir.
In order to diversify its portfolio with
renewable and sustainable energy
investments, Turcas Power Generation
established, in the last quarter of 2007, Turcas
Wind Power Generation, a wholly-owned
subsidiary.
72
TEÜAfi’›n
hedefi 2014 itibar›yla
hisselerine düflen öz kurulu
güç kapasitesini
500 MW seviyelerine
ç›karmakt›r.
Bu ifltirakler vas›tas›yla TEÜAfi, 2011 y›l›nda
öz kurulu güç kapasitesini do¤algaz
kaynakl› 240 MW’a, 2012 itibar›yla rüzgar
yat›r›mlar›n›n da eklenmesiyle en az 340
MW’a, 2014’de de ithal kömüre dayal›
santralin devreye al›nmas› ile 580 MW
civarlar›na ç›karmay› hedeflemektedir.
With the realization of these projects, TPG
aims to increase its equity installed capacity
in 2011 to 240 MW based on natural gas,
to 340 MW in 2012 with the addition of
wind investments to the portfolio, and then
to around 580 MW by 2014 with the start
of operation of imported coal fired generation.
TEÜAfi’nin hisselerinin %97,5’i Turcas Enerji
Holding A.fi.’ne, %2,5’i de Turcas Petrol
A.fi.’ne aittir.
The paid-in capital of TPG is YTL 14 million.
97.5% of TPG shares belong to Turcas
Energy Holding where the remaining 2.5%
belong directly to Turcas Petrol.
TGP aims to increase
its equity power capacity
based on its JV shares to
a level of 500 MW
by 2014.
73
TURCAS POWER GENERATION
50.000 YTL
70% E.ON Holding A.fi.
30% Turcas Elektrik Üretim A.fi.
Dr. Ingo Luge (Baflkan Chairman)
Erdal Aksoy (Baflkan V. V. Chairman)
Ansgar W. Peis (Üye Member)
Berhard Michels (Üye Member)
Jörg Röthemeir (Üye Member)
Genel Müdür Managing Director
Finans Müdürü Head of Finance
Helmut Asam
Egemen Lipinski
E.ON & Turcas Güney’in hedefi, Denizli ili Kakl›k mevkiinde
800 MW kurulu güce sahip, y›lda 6,5 milyar kilowattsaat elektrik enerjisi üretecek bir do¤algaz atefllemeli
kombine çevrim termik santrali kurmak ve iflletmektir.
E.ON & Turcas South aims to build and operate an 800
MW natural gas fired combined cycle power plant in
Kakl›k, Denizli, which would generate app. 6.5 billion
kWh of electricity per year.
Bu ba¤lamda E.ON & Turcas Güney, 17 Aral›k 2007
tarihinde EPDK’ya resmen Elektrik Üretim Lisans
baflvurusunu yapm›fl ve EPDK’dan olumlu ön görüfl yaz›s›n›
alm›flt›r. fiirket’in 2008 y›l› A¤ustos ay› itibar›yla 49 y›l
süreli¤ine lisans›n› almas› hedeflenmektedir.
Hence E.ON & Turcas South filed an Electricity Generation
License application to EMRA on December 17, 2007
and received a pre-acceptance notification. It is expected
to receive a 49-year license by August 2007.
E.ON & Turcas Güney’in program›na göre, 2008 y›l›
içerisinde santralin kurulaca¤› arazinin sat›n al›nmas›,
nihai fizibilite çal›flmalar›n›n mühendislik firmas› taraf›ndan
sonuçland›r›lmas›, ÇED’in Bakanl›¤a sunumu ve onay›,
santralin inflaat› ve iflletilmesi için gerekli tüm ruhsat ve
izinlerin al›nmas›, BOTAfi ile gaz tedarik, kullan›m ve
ba¤lant› anlaflmas›n›n, TE‹Afi ile de kullan›m ve ba¤lant›
anlaflmalar›n›n yap›lmalar› ve ana müteahhidin seçilerek
nihai anlaflmaya var›lmas› öngörülmektedir.
According to the project schedule, E.ON & Turcas South
plans to complete the land acquisition, finalize the
feasibility studies, submit and obtain the approvals for
the Environmental Impact Assessment; get all the
necessary permissions for the construction of the plant;
enter into the gas supply and grid connection
agreements with BOTAfi, enter into the system use
and connection agreements with TE‹Afi, and finalize
the turnkey contract with the selected main EPC
contractor, by the end of 2008.
Toplam yat›r›m tutar›n›n yaklafl›k 450 Milyon Euro civar›nda
olmas› beklenen yat›r›m›n inflaat›na 2009 y›l›n›n ikinci
yar›s›n›n bafl›nda bafllanmas› ve 2011 y›l›n›n son
çeyre¤inde ticari iflletmeye geçilmesi planlanmaktad›r.
It is projected to start the construction by the end of
the first half of 2009 and commence the operation by
the last quarter of 2011. Total cost of the investment
is estimated to be 450 Million Euro.
Ödenmifl sermayesi 50.000 YTL olan E.ON & Turcas
Güney’in hisselerinin %70’i E.ON Holding A.fi.’ne, %30’u
da Turcas Elektrik Üretim A.fi.’ne aittir.
E.ON & Turcas South's start-up paid-in capital is YTL
50,000. E.ON Holding owns 70% and Turcas Power
Generation owns 30% of the company shares.
75
E.ON & TURCAS SOUTH POWER GENERATION
E.ON & Turcas South Power Generation (E.ON & Turcas
South) Joint Venture Company was officially established
on December 7, 2007 by Turcas Power Generation and
E.ON Holding, a wholly-owned subsidiary by E.ON
Kraftwerke GmbH, based on the Memorandum of
Understanding signed on June 7, 2007 and the
Shareholders Agreement signed in Hannover on
September 14, 2007, between the parties.
E.ON & TURCAS GÜNEY ELEKTR‹K ÜRET‹M A.fi.
Turcas Elektrik Üretim A.fi. (TEÜAfi) ile E.ON Kraftwerke
GmbH’›n, Türkiye’de kurulu, %100 ba¤l› ortakl›¤› E.ON
Holding A.fi. (E.ON), taraflar›n 7 Haziran 2007’de imzalam›fl
olduklar› Niyet Mektubu ve 14 Eylül 2007 tarihinde
Hannover’de imzalam›fl olduklar› Hissedarlar Anlaflmas›’na
istinaden, 7 Aral›k 2007 tarihinde E.ON & Turcas Güney
Elektrik Üretim A.fi. (E.ON & Turcas Güney) unvanl› ortak
giriflim flirketini resmen kurmufllard›r.
50.000 YTL
70% E.ON Holding A.fi.
Dr. Ingo Luge (Baflkan Chairman)
Erdal Aksoy (Baflkan V. V. Chairman)
Ansgar W. Peis (Üye Member)
Berhard Michels (Üye Member)
Jörg Röthemeir (Üye Member)
Genel Müdür Managing Director
Finans Müdürü Head of Finance
Helmut Asam
Egemen Lipinski
E.ON & Turcas Kuzey’in hedefi 800 MW
kurulu güce sahip y›lda 6 milyar kilowattsaat elektrik enerjisi üretecek ithal kömüre
dayal› bir termik santrali kurmak ve
iflletmektir.
E.ON & Turcas North aims to build and
operate an 800 MW imported coal fired
power plant, which would generate app.
6 billion kWh of electricity per year.
Bu ba¤lamda E.ON & Turcas Kuzey bu yat›r›m
için arazi seçimi ve EPDK’ya 49 y›ll›k Elektrik
Üretim Lisans› baflvurusu yapma haz›rl›klar›
içerisindedir.
Hence E.ON & Turcas North is in the process
of site selection for this project and plans
to apply to EMRA for a 49-year Electricity
Generation License.
E.ON & Turcas Kuzey, 2008 y›l› içinde arazi
ile ilgili ifllem ve uzun süreli elektrik ve
buhar sat›fl›na iliflkin ön anlaflmalar›n
yap›lmas›n›, 2009 y›l› içinde de lisans alman›n
yan› s›ra temel mühendislik çal›flmalar›n›n
tamamlanmas› ve kullan›lacak teknolojinin
seçiminin sonuçland›r›lmas›n› öngörmektedir.
E.ON & Turcas North plans to finish all
procedures concerning site selection and
to make pre-agreements for long-term
electricity and steam sales within 2008,
and to conclude basic engineering works,
licensing procedures, and selection of the
most suitable technology in 2009.
Toplam yat›r›m tutar›n›n yaklafl›k 1 milyar
Euro civar›nda olmas› beklenen yat›r›m›n
inflaat›na 2010 y›l›n›n ikinci yar›s›n›n bafl›nda
bafllanmas› ve 2014 y›l› itibar›yla ticari
iflletmeye geçilmesi planlanmaktad›r.
It is projected to start construction by the
end of the first half of 2010 and commence
operation by 2014. Total cost of the
investment is estimated to be 1 Billion
Euro.
Ödenmifl sermayesi 50.000 YTL olan E.ON
& Turcas Güney’in hisselerinin %70’i E.ON
Holding A.fi.’ne, %30’u da Turcas Elektrik
Üretim A.fi.’ne aittir.
E.ON & Turcas North's start-up paid-in
capital is YTL 50,000. E.ON Holding owns
70% and Turcas Power Generation owns
30% of the company shares.
Toplam yat›r›m
tutar›n›n yaklafl›k
1 Milyar Euro civar›nda
olmas› beklenmektedir.
Total cost of the
investment is estimated
to be 1 Billion Euro.
77
E.ON & TURCAS NORTH POWER GENERATION
(E.ON & Turcas North) Joint Venture
Company was officially established on
December 7, 2007 by Turcas Power
Generation and E.ON Holding, a whollyowned subsidiary by E.ON Kraftwerke
GmbH, based on the Memorandum of
Understanding signed on June 7, 2007
and the Shareholders Agreement signed
in Hannover on September 14, 2007,
between the parties.
E.ON & TURCAS KUZEY ELEKTR‹K ÜRET‹M A.fi.
Turcas Elektrik Üretim A.fi. (TEÜAfi) ile E.ON
Kraftwerke GmbH’›n Türkiye’de kurulu %100
ba¤l› ortakl›¤› E.ON Holding A.fi. (E.ON),
taraflar›n 7 Haziran 2007’de imzalam›fl
olduklar› Niyet Mektubu ve 14 Eylül 2007
tarihinde Hannover’de imzalam›fl olduklar›
Hissedarlar Anlaflmas›’na istinaden, 7 Aral›k
2007 tarihinde E.ON & Turcas Kuzey Elektrik
Üretim A.fi. (E.ON & Turcas Kuzey) unvanl›
ortak giriflim flirketini resmen kurmufllard›r.
500.000 YTL
TREÜAfi 2007 y›l› içerisinde seçmifl oldu¤u sahalara
2008 y›l› içinde rüzgar ölçüm direklerini dikerek bir
y›ll›k ölçümler yapmay›, ÇED çal›flmalar›n› tamamlamay›,
tedarikçiler ile görüflmelerini nihai aflamaya getirmeyi,
baflvurular›na istinaden EPDK’dan lisanslar›n› almay›
ve 2009 y›l› içerisinde uygun buldu¤u sahalarda rüzgar
türbini yat›r›mlar›n› gerçeklefltirerek elektrik enerjisi
üretmeyi hedeflemektedir.
Turcas Wind Energy Generation (Turcas Wind) was
established by Turcas Power Generation on October
25, 2007 as a wholly-owned subsidiary with the
intention of diversifying its power generation projects
portfolio and of realizing green-field renewable and
sustainable energy investments.
Turcas Wind applied to EMRA on November 1, 2007 to
obtain Power Generation Licenses for a total of 400
MW wind farm projects to generate a total of 1.2 billion
kWh per year. These projects are; 70MW in Gömeç
(Buhaniye, Bal›kesir), 50MW in Kartalkaya (Silifke,
Mersin), 50 MW in Gümüflçay (Biga, Çanakkale), 100
MW in Hac›ömerli (Alia¤a, Mersin), 30 MW in Geyikli
(Ezine, Çanakkale) and 100 MW in Bink›l›ç (Çatalca,
‹stanbul).
Turcas Wind plans to make wind data measurements
by planting masts on the selected sites, conclude the
Environmental Impact Assessment report, finalize
negotiations with turbine suppliers, receive the required
licenses from EMRA in 2008, and to build the wind
farms and start generating electricity after 2009.
Toplam yat›r›m tutar› yaklafl›k 400 Milyon Euro civar›nda
olmas› beklenen yat›r›mlar›n inflaat›na 2009 y›l›n›n ilk
yar›s› içinde bafllanmas› ve 2010 y›l› itibar›yla ticari
iflletmeye geçilmesi planlanmaktad›r.
It is projected to start construction within the first half
of 2009 and commence operation by 2010. Total cost
of the investments is estimated to be around 400
Million Euro.
TEÜAfi, Dubai merkezli Innovative Energy Group (IEG)
ile TREÜAfi’daki hisselerinin %50’sini satmak üzere
ortakl›k görüflmelerine devam etmektedir. IEG’nin
Almanya’da kurulu hisselerinin %100’üne sahip oldu¤u
ba¤l› ortakl›¤› Innovative Wind Power (IWP) 1,25 MW
- 5 MW aral›¤›nda çeflitli boyutlarda rüzgar türbinleri
üretmekte, dolay›s›yla ortakl›¤a gerek erken teslimat
gerekse fiyat rekabeti aç›lar›ndan önemli sinerji ve
avantajlar katmas› beklenmektedir.
Turcas Power Generation is involved in ongoing
negotiations with the Dubai based Innovative Energy
Group (IEG) to sell 50% of its shares in Turcas Wind.
Innovative Wind Power (IWP), a wholly-owned
subsidiary of IEG established in Germany, manufactures
wind turbines at a size range between 1.25 MW to 5
MW, and is expected to add synergy and benefits to
the partnership, such as early deliveries and competitive
pricing.
Ödenmifl Sermayesi 500.000 YTL olan TREÜAfi, Turcas
Elektrik Üretim A.fi.’nin %100 ba¤l› ortakl›¤›d›r.
Turcas Wind is a wholly-owned subsidiary of Turcas Power
Generation, and has a paid-in capital of YTL 500,000.
79
TURCAS WIND ENERGY GENERATION
Gömeç’te (Bal›kesir, Burhaniye) 70 MW, Kartalkaya’da
(Mersin, Silifke) 50 MW, Gümüflçay’da (Çanakkale,
Biga) 50 MW, Hac›ömerli’de (Manisa, Alia¤a) 100
MW, Geyikli’de (Çanakkale, Ezine) 30 MW ve Bink›l›ç’ta
(‹stanbul, Çatalca) 100 MW olmak üzere EPDK’ya 400
MW kurulu güç ve y›lda yaklafl›k 1,2 milyar kilowattsaat rüzgardan elektrik enerjisi üretmek üzere Elektrik
Üretim Lisans baflvurusunda bulunmufltur.
TURCAS RÜZGAR ENERJ‹ ÜRET‹M A.fi.
Çeflitlendirilmifl elektrik üretim portföyüne, yenilenebilir
ve sürdürülebilir enerji yat›r›mlar› katmak amac›yla
Turcas Rüzgar Enerji Üretim A.fi. (TREÜAfi) 25 Ekim
2007 tarihinde TEÜAfi’›n %100 ba¤l› ortakl›¤› olarak
resmen kurulmufl ve 1 Kas›m 2007 tarihinde:
3.000.000 YTL
67% Turcas Enerji Holding A.fi.
2000 y›l›nda kurularak 5 Haziran 2003 tarihinde
Türkiye’de ilk özel sektör Elektrik Toptan Sat›fl Lisans›’n›
alan Turcas Elektrik Toptan Sat›fl A.fi. (TETSAfi) Turcas
Enerji Holding’in ba¤l› ortakl›¤› konumundad›r.
Turcas Power Trading (TPT), a subsidiary of Turcas
Energy Holding, was established in 2000, and obtained
the first private sector Electricity Wholesale License
in Turkey on June 5, 2003.
TETSAfi, özellikle TEÜAfi’›n ifltirak hisselerinden dolay›
sahip olaca¤› öz kurulu güçten kaynaklanacak elektri¤in
iç piyasada toptan sat›fl ve ticaretini yapmay›
hedeflemektedir.
Turcas Power Trading aims to wholesale and trade
the power supplied from, and correspond to the shares
in, the operating subsidiaries of Turcas Power
Generation in the domestic market.
TETSAfi, ticaret hacmi, ithalat ve ihracat ba¤lant›lar›
ve uluslararas› iflbirlikleri ile Türkiye elektrik toptan
sat›fl piyasas›n›n öncü kurulufllar›ndan biri olmay›
hedeflemektedir.
TPT's goal is to be one of the leading companies in
the power trading market of Turkey with its trade
capacity, export connections and international
partnerships.
Elektrik üretim tesislerinin optimum verimde çal›flmas›n›
sa¤lamak ve ülkemizin enerji köprüsü niteli¤indeki
stratejik konumundan kaynaklanan avantajlar›n› en
üst seviyede kullanmak TETSAfi’›n öncelikli amac›d›r.
fiirket, ülkemizdeki elektrik tüketicisi endüstriyel ve
ticari kurulufllara en uygun koflullarda güvenilir enerji
temin edip yurtiçi ve yurtd›fl› rekabet güçlerinin
artmas›na katk›da bulunmay› misyon edinmifltir.
The primary mission of TPT is to help generation
facilities to operate to optimum efficiency and to
benefit from the advantages of Turkey's strategic
position as an energy bridge and terminal. The
company's mission is to contribute to the domestic
and international competitive strength of energy
consuming industrial and commercial facilities
throughout our country, by supplying them with
reliable energy under the best possible conditions.
2006 y›l›n›n A¤ustos ay›nda fiili olarak uygulanmaya
bafllayan Dengeleme ve Uzlaflt›rma Yönetmeli¤i ile
elektrik fiyatlar› ve piyasada dengeleme ve uzlaflt›rma
ifllemleri gerçek zamanl› elektrik arz ve talebine göre
belirlenmeye bafllam›flt›r. TETSAfi, teknolojik altyap›s›n›,
sadece bugünün gereksinimlerini de¤il yeniden
yap›land›r›lan elektrik piyasalar›n› göz önünde
bulundurarak oluflturmaktad›r.
With the enactment of the Balancing and Reconciliation
Regulation in August 2006, real-time supply and
demand of active energy began to determine electricity
pricing, as well as balancing and reconciliation in the
market. At TPT, we have designed our technological
infrastructure, bearing in mind not only today's
requirements but also the re-structuring of the
electricity markets.
TETSAfi 2007 y›l›nda portföyünde bulunan serbest tüketicilere
ve TE‹Afi’a toplam 8.854.199 kWh sat›fl yapm›flt›r.
TPT sold a total of 8,854,199 kWh of electricity to its
customers and TE‹Afi in 2007.
Ödenmifl sermayesi 3 Milyon YTL olan TETSAfi’›n ortakl›k
yap›s›; %67 Turcas Enerji Holding A.fi. ve %33 Turcas
Petrol A.fi. olarak da¤›lm›flt›r.
TPT's paid-in capital is YTL 3 million and 67% of the
company is owned by Turcas Energy Holding while
the remaining 33% is owned directly by Turcas Petrol.
81
TURCAS POWER TRADING
In 2001, Turkey took the first step towards adapting
to the global liberalization trend in energy markets
by enacting the Electricity Market Law No. 4628 and
its related regulations.
TURCAS ELEKTR‹K TOPTAN SATIfi A.fi.
Türkiye, 2001 y›l›nda yürürlü¤e giren 4628 say›l› Elektrik
Piyasas› Kanunu ve ilgili mevzuat› ile, dünya çap›nda
serbestleflme e¤iliminde olan dünya piyasalar›na uyum
sa¤lamak konusunda ilk ad›m› atm›flt›r.
Kurumsal Yönetim ‹lkeleri Uyum Raporu
1- Kurumsal Yönetim ‹lkelerine Uyum
Beyan›
1- Declaration of Compliance with
Corporate Governance Principles
82
Turcas Petrol A.fi. (Turcas veya fiirket)’nin
pay sahiplerinin Kurumsal Yönetim
‹lkelerinde 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.
Corporate Governance Principles Compliance Report
Genel prensipleri itibar›yla fiirket’in finansal
durumuna ve faaliyet sonuçlar›na etki
edecek durumlar zaman geçirmeksizin
do¤ru, eksiksiz, anlafl›labilir bir flekilde
kamuya aç›klanmaktad›r.
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.
2007 ANNUAL REPORT
BÖLÜM I
PAY SAH‹PLER‹
fiirketimizin 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›
fiirket aleyhine aç›lan dava yoktur.
fiirketimizin Yönetim Kurulu, TTK, fiirket
Ana Sözleflmesi ve SPK prosedürleri ile
genel kabul görmüfl etik kurallar
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.
Our 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 an industry requirement, 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 initiated against the Company
due to alleged damages to the
environment.
çerçevesinde sorumluluklar›n›
yürütmektedir. Yönetim Kurulu SPK
Tebli¤i’ne uygun olarak icradan sorumlu
olmayan iki üyeden oluflan bir Denetim
Komitesi teflkil etmifltir.
BÖLÜM I - PAY SAH‹PLER‹
2- Pay Sahipleri ‹le ‹liflkiler
Pay sahipleri ile ilgili ifllemler Mali Bölüm
bünyesinde takip edilmektedir. Konuyla
ilgili olarak:
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:
C. Yusuf Ata
Assistant Accounting Manager
+90 212 259 0000 (x1205)
[email protected]
Engin Çaylan
Muhasebe Personeli
+90 212 259 0000 (x1253)
[email protected]
Nurettin Demircan
Assistant Accounting Manager
+90 212 259 0000 (x1251)
[email protected]
Nesrin Aflula
Muhasebe Personeli
+90 212 259 0000 (x1256)
[email protected]
Engin Çaylan
Accounting Clerk
+90 212 259 0000 (x1253)
[email protected]
Bu grubun bafll›ca faaliyetleri SPK-‹MKBTakasbank iliflkileri, sermaye art›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 400
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.
Nesrin Aflula
Accounting Clerk
+90 212 259 0000 (x1256)
[email protected]
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 shareholders, and public
disclosures. During the current period, around
400 requests have been received, and all
answered.
83
CORPORATE GOVERNANCE PRINCIPLES COMPLIANCE REPORT
Nurettin Demircan
Muhasebe Müdür Yard›mc›s›
+90 212 259 0000 (x1251)
[email protected]
görev yürütmektedirler.
PART I
SHAREHOLDERS
KURUMSAL YÖNET‹M ‹LKELER‹ UYUM RAPORU
C. Yusuf Ata
+90 212 259 0000 (x1205)
[email protected]
Our Company’s Board of Directors fulfills its
functions and responsibilities in strict
conformity with the provisions of the Turkish
Commercial Code, the Company’s Articles of
Association, 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 two non-executive members in accordance
with the relevant notifications of the Capital
Markets Board.
KURUMSAL YÖNET‹M
‹LKELER‹ UYUM RAPORU
2007 ANNUAL REPORT
CORPORATE GOVERNANCE
PRINCIPLES COMPLIANCE
REPORT
BÖLÜM I
PAY SAH‹PLER‹
fiirketin Yat›r›mc› ‹liflkileri ile ilgili olarak
Yönetim Kurulu Üyeleri Sn. Batu Aksoy,
Sn. Süreyya Serdengeçti yerli ve özellikle
uluslararas› yat›r›mc›larla görüflmek,
yat›r›m konferanslar›na Turcas ad›na
kat›lmak ve temsil etmek ve
yat›r›mc›lar›n olas› tüm sorular›n›
yan›tlamak görevlerini üstlenmifllerdir.
Turcas, var olan ve potansiyel
yat›r›mc›lar› ile yurtiçinde ve yurtd›fl›nda
düzenli olarak görüflmeler yapmakta,
fiirket’in ve ifltiraklerinin faaliyetleri,
projeleri, mali yap›lar› vb. tüm konularda
ve Türkiye’deki makro ekonomik durum
ve geliflmelerle ilgili detayl› bilgi ak›fl›
ve güncellemeleri en fleffaf flekilde
sa¤lamaktad›r.
2006 y›l› içinde aktif olarak bafllat›lan
Yat›r›mc› ‹liflkileri faaliyetleri kapsam›nda
2006 y›l›nda toplam 69, 2007 y›l›nda da
toplam 102 uluslararas› yat›r›mc›/fon
ile görüflme yapm›flt›r.
The reason for not establishing a separate
unit is its excess of time loss, evaluating within
the organization, according to benefit-cost.
Regarding the Investor Relations of the
Company, Directors of the Board Mr. Batu
Aksoy and Mr. Süreyya Serdengeçti have
undertaken the task of interviewing with local
and especially international investors, joining
investment conferences on behalf of and
representing Turcas, and answering all the
possible questions of the investors. Turcas
makes regular interviews with existing and
potential investors at home and abroad,
provides detailed information flow and updates
about all subjects such as the activities, projects
and financial situations of the Company and
its subsidiaries, macro economic situation and
developments in Turkey in the most
transparent way.
Investor relations activities in Turcas
started in 2006. In 2006, the Company realized
69 international investor/fund interviews
and 102 in 2007.
3- Pay Sahiplerinin Bilgi Edinme
Haklar›n›n Kullan›m›
3- Use of Information Rights by Shareholders
Pay sahipleri dönem içinde yaklafl›k 400
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 kâr›, özel
durum aç›klamalar› vb. Talep edilen
bilgiler sözel ve/veya yaz›l› olarak
cevaplanmaktad›r.
During the current period, shareholders have
made approximately 400 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.
2004 y›l›ndan itibaren pay sahipli¤i
haklar›n›n kullan›m›n› etkileyecek
geliflmeler SPK - TÜB‹TAK/Bilten ortak
projesi olan KAP (Kamuyu Ayd›nlatma
Projesi) kapsam›nda elektronik ortamda
duyurulmaya bafllanm›flt›r.
Since 2004, any and all 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-TÜB‹TAK/Bilten.
84
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.
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.
4- Genel Kurul Bilgileri
4- Information on General Assembly Meetings
fiirket’in 2006 y›l› hesap dönemine iliflkin
Ola¤an Genel Kurul Toplant›s› 25.04.2007
tarihinde Conrad ‹stanbul Oteli’nde
gerçekleflmifltir.
The Annual Ordinary Meeting of the
General Assembly of Shareholders relating
to the 2006 accounting period of the
Company was held in the Conrad Istanbul
Hotel on 25.04.2007.
Toplam 105.000.000 adet hisseden
%57,82 hisseye sahip ortaklar›m›z ve
menfaat sahipleri ile bir grup medya da
toplant›ya ifltirak etmifltir.
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 Bilanço 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 toplant›s›n›n sonunda dilekler
ve temennilere yer verilmektedir. Bu
kapsamda toplant›ya kat›lan pay
sahiplerinin vermifl oldu¤u öneriler toplant›
divan›nca de¤erlendirilerek, Genel Kurul’un
onay›na göre sonuçland›r›lmaktad›r.
Pursuant to Article 27 of the Articles of
Association, announcements of 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
with 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 receive 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.
85
fiirket hisse senetlerinin tamam› nama
yaz›l› olup, hisse senedi sahiplerine iliflkin
kay›tlar güncel olarak fiirket 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.
Shareholders representing 57.82% of the
total 105,000,000 shares, as well as
stakeholders and some press and media
representatives attended the meeting.
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
Bilanço ve Kâr-Zarar Tablosu ve
vekâletname örne¤ini içeren davet
mektuplar› taahhütlü olarak ortaklara
gönderilmifltir.
PART I
SHAREHOLDERS
KURUMSAL YÖNET‹M
REPORT
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 Sözleflmesi’nde 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.
2007 ANNUAL REPORT
Genel Kurul’a kat›l›m› kolaylaflt›rmak
amac›yla gazete ilanlar› verilmekte ve
ortaklar›m›za taahhütlü ça¤r› mektuplar›
gönderilmektedir.
86
BÖLÜM I
PAY SAH‹PLER‹
Genel Kurul Toplant› Tutanaklar› Ticaret
Sicili’nde ve fiirket merkezinde pay
sahiplerinin incelemesine aç›k
tutulmaktad›r.
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.
fiirketimizde karfl›l›kl› ifltirak içinde olan
ve hâkimiyet iliflkisini getiren bir ortakl›k
mevcut de¤ildir.
fiirket yönetiminde 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,
The last item of the General Assembly
meeting agenda is to hear wishes 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 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 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.
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.
Cumulative voting rights are not allowed in
the Company management,
6- Profit Distribution Policy and Time of
Profit Distribution
According to our Articles of Association, there
is no preference in the participation of the
Company profit.
prensip olarak TTK ve SPK’nun ilgili
tebli¤lerine uygun olarak dönem
kâr›ndan geçmifl dönemlerin zararlar›n›n
mahsubundan sonra da¤›t›labilecek kâr
oluflmas› durumunda SPK ve TTK
hükümleri çerçevesinde da¤›t›labilecek
kâr rakam›n›n alt›nda kalmamak üzere
Yönetim Kurulu’nca Genel Kurul’un
onay›na sunulmakta ve da¤›t›m yasal
süreler içerisinde tamamlanmaktad›r.
Turcas’›n 2007 ve izleyen y›llara iliflkin
Kâr Da¤›t›m Politikas›’n›n belirlenmesi
hakk›nda Yönetim Kurulumuzun
18.04.2007 tarih ve 2007/8 No.lu karar›
gere¤i; Bölgesel ve Entegre Bir Enerji
fiirketi olma hedefindeki Turcas kurumsal
kimli¤i, hedefleri ve vizyonuyla, istikrarl›
büyüme, devaml› kâr etme, düzenli kâr
pay› da¤›tma ve fiirket de¤erini
yükselterek mevcut ve potansiyel tüm
yat›r›mc›lar›n› memnun etmeyi
hedeflemektedir.
fiirket Ana Sözleflmesi’nin “Kâr’›n Tevzi”
adl› 40. Maddesinde Kâr Da¤›t›m›
Politikas› Türk Ticaret Kanunu ve
Sermaye Piyasas› Kurulu’nun ilgili
hükümlerine uygun olarak düzenlenmifl
bulunmaktad›r.
Bu çerçevede; 2007 ve izleyen y›llara
iliflkin Kâr Da¤›t›m Politikas› olarak; Türk
Ticaret Kanunu’nun ve Sermaye Piyasas›
Kanunu’nun ilgili tebli¤lerine uygun
olarak Dönem Kâr›ndan Geçmifl Dönem
Zararlar›n›n mahsubu, ödemekle
yükümlü oldu¤u Vergiler ve Yasal
Yedekler ayr›ld›ktan sonra Da¤›t›labilecek
Kâr oluflmas› durumunda; Sermaye
Piyasas› Kurulu ve Türk Ticaret Kanunu
hükümleri çerçevesinde da¤›t›labilecek
asgari kâr rakam›n›n alt›nda kalmamak
üzere Yönetim Kurulu’nca al›nacak Kâr
Da¤›t›m Karar›, Genel Kurul’un onay›na
sunulacakt›r.
Article 40 of the Articles of Association
regulates the profit distribution policy in
accordance with the relevant provisions of
the Turkish Commercial Code (TCC). In
accordance with the provisions of the TCC
and the notifications of the Capital Market
Board (CMB), the distributable profit remaining
after deduction of losses of previous years
from any profit of the current period which
shall not be less than the distributable profit
amount in accordance with the provisions of
CMB and TTC, 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 time period.
The decree of our Board of Directors dated
April 18, 2007 and numbered 2007/8,
determining the Profit Distribution Policy of
Turcas for 2007 and the ensuing years is:
Turcas - with its vision, new corporate image
and objective of becoming a regional and
integrated energy company - maintains as
its goals; to grow in a stable way, profit
continuously, pay out dividends regularly and
to satisfy its current and potential investors
by increasing the Company value.
Article 40 of the Articles of Association
regulates the “Profit Distribution Policy” in
accordance with the relevant provisions of
the Turkish Commercial Code (TCC) and Capital
Markets Board (CMB).
In this context, for 2007 and corresponding
ensuing years, as the profit distribution policy
in accordance with the relevant provisions
of the Turkish Commercial Code (TCC) and
Capital Markets Board (CMB), the Distributable
Profit remaining after deduction of Losses of
Previous Years from any Profit of the Current
Period, Taxes and Legal Reserves obliged to
be paid, which shall not be less than the
distributable profit amount in accordance
with the provisions of CMB and TTC, is
distributed to the shareholders upon approval
of the profit distribution motion of the Board
of Directors by the General Assembly of
Shareholders.
PART I
SHAREHOLDERS
KURUMSAL YÖNET‹M
2007 ANNUAL REPORT
REPORT
BÖLÜM II
KAMUYU AYDINLATMA
VE fiEFFAFLIK
7- Paylar›n Devri
7- Transfer of Shares
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.
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.
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.
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.
BÖLÜM II - KAMUYU
AYDINLATMA VE fiEFFAFLIK
PART II - PUBLIC DISCLOSURE
AND TRANSPARENCY
8- fiirket Bilgilendirme Politikas›
8- Company Disclosure Policy
fiirketimizin bilgilendirme politikas› yaz›l› olarak
düzenlenmemifltir. Ancak genel prensipler
itibar›yla 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.
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 mentioned in section 2 above,
as part of our disclosure policy.
88
fiirketimizin yaz›l› olmayan bu bilgilendirme
politikas› flimdiye kadar herhangi bir
gereksinim duyulmad›¤› için yaz›l› hale
getirilerek kamuya duyurulmam›flt›r.
This disclosure policy has not been formally
written nor made public, as no need has
yet arisen.
fiirketimizin bilgilendirme politikas›n›n
yürütülmesinden Yönetim Kurulu Baflkan›
Erdal Aksoy ve Yönetim Kurulu Üyesi Saffet
Batu Aksoy sorumludur.
It is the responsibility of the Chairman Mr.
Erdal Aksoy and the Director Mr. Saffet
Batu Aksoy to manage this disclosure
activity.
9- Özel Durum Aç›klamalar›
9- Special Event Disclosures
2007 y›l› içerisinde SPK tebli¤leri uyar›nca
60 adet Özel Durum Aç›klamas› zaman›nda
yap›lm›fl ve bunlarla ilgili SPK veya ‹MKB
taraf›ndan talep edilen ek aç›klamalar dört
adettir. fiirketimizin hisseleri herhangi bir
yurtd›fl› borsas›na kote de¤ildir.
During 2007, in accordance with the CMB
Notifications, 60 Special Event Disclosures were
issued promptly. CMB and ISE requested four
additional clarifications regarding these
disclosures. The shares of the Company are
not quoted on any foreign stock exchange.
10- fiirket ‹nternet Sitesi ve ‹çeri¤i
10- Company Internet Web Site and Its
Contents
fiirketimizin ‹nternet sitesi adresi
www.turcas.com.tr’dir.
The Company’s web site is
www.turcas.com.tr
‹nternet sitemizde SPK Kurumsal Yönetim
‹lkeleri II. Bölüm madde 1.11.5’te listelenen
afla¤›daki bilgiler bulunmaktad›r:
The Internet web site contains the
following information as listed in Article
1.11.5, Part II of the CMB Corporate
Governance Principles:
• Ticaret Sicil Bilgileri
• Ana Sözleflme
• Son durum itibar›yla Yönetim Kurulu
Üyeleri
• Ortakl›k Yap›s›
• 30.03.2000 ile 31.12.2007 dönemleri
aras›ndaki Denetim Raporlar›
• 2000-2007 y›llar› aras›ndaki Faaliyet
Raporlar›
• Genel Kurul Bilgileri
• Kurumsal Yönetim ‹lkeleri
• Trade Registry Information
• Articles of Association
• The current members of the Board of
Directors
• Ownership Profile
• Audit Reports issued from 30.03.2000
to 31.12.2007
• Annual Reports from 2000 to 2007
• General Assembly Information
• Corporate Governance Principles
fiirketimizin web sitesinde ayr›ca:
In our Company’s website there are also:
• Yat›r›mc› ‹liflkilerine ait ayr› bir bölüm,
• Hisse senedi bilgileri,
• Temettü ödemeleri,
• Sermaye art›r›m bilgileri,
• Analist takibi ve raporlar›n verildi¤i bir
bölüm,
• Konuflma ve sunumlara ait bir bölüm,
• Yönetim Kurulu Üyelerinin özgeçmiflleri,
• Son befl y›la ait her mali çeyrek döneme
iliflkin mali tablolar da
• A separate division for Investor Relations,
• Information of stocks,
• Dividend payments,
• Information of capital increases,
• A division for analysts follow-up and
reports
• A division for speeches and
presentations,
• Curriculam Vitae (CV) of the Board of
Directors,
• Financial tables for each quarter period
over the last five years.
verilmektedir.
11- Gerçek Kifli Nihai Hâkim Pay
Sahibi/Sahiplerinin Aç›klanmas›
11- Disclosure of Real Person(s) Ultimate
Controlling Individual Shareholder(s)
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.
The Company’s Real Person Ultimate
Controlling Individual Shareholders and
the relevant share transfers are, in
conformity with the CMB notifications,
disclosed by a Special Event Disclosure
Form, Annual Report, and in the footnotes
of the quarterly financial statements.
PART II
PUBLIC DISCLOSURE
AND TRANSPARENCY
2007 ANNUAL REPORT
KURUMSAL YÖNET‹M
12- ‹çeriden Ö¤renebilecek Durumda
Olan Kiflilerin Kamuya Duyurulmas›
12- Disclosure of Potential Insider
Traders to Public
REPORT
‹çeriden ö¤renebilecek durumda olan
Yönetim Kurulu Üyelerinin, fiirket üst düzey
Yöneticilerinin ve fiirket Müdürlerinin
isimleri y›ll›k Faaliyet Raporu’nda afla¤›daki
gibi halka duyuruluyor olmas› nedeniyle
ayr›ca bir aç›klama yap›lmam›flt›r:
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.
BÖLÜM II
KAMUYU AYDINLATMA
VE fiEFFAFLIK
Erdal Aksoy
Erdal Aksoy
Y›lmaz Tecmen
Yönetim Kurulu Baflkan Vekili
Y›lmaz Tecmen
Vice Chairman of the Board
S. Batu Aksoy
Yönetim Kurulu Üyesi
S. Batu Aksoy
Member of the Board
Member of the Board
Bülent Çorapç›
Bülent Çorapç›
Member of the Board
M. ‹lhan Nebio¤lu
Member of the Board
Member of the Board
Sadettin ‹mrek
Hukuk Müflaviri
Sadettin ‹mrek
Corporate Lawyer
Cabbar Y›lmaz
Merkez Ofis Müdürü
Cabbar Y›lmaz
Head Office Manager
Mehmet Özata
Elektrik ve Gaz Grubu Üst Yöneticisi
Mehmet Özata
CEO, Turcas Power & Gas Group
Yusuf Ata
Yusuf Ata
Accounting Co-Manager
Nurettin Demircan
Nurettin Demircan
Accounting Co-Manager
Finans Müdür Yard›mc›s›
Finance Manager
90
13- Menfaat Sahiplerinin Bilgilendirilmesi
13- Stakeholders Disclosure
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, fiirketimizle ilgili di¤er bilgiler,
Faaliyet Raporlar› ve denetim raporlar›
fiirketimizin ‹nternet sitesinde yer almaktad›r.
The stakeholders of the Company are duly
informed about the relevant issues in the
Ordinary Annual Meetings of the General
Assembly of Shareholders. In addition, verbal
questions are answered by the Company
officers. Furthermore, other information, annual
reports and audit reports of our Company, are
published on our Company’s internet web site.
14- Menfaat Sahiplerinin Yönetime
Kat›l›m›
14- Participation of Stakeholders in the
Company Management
fiirket çal›flanlar›n›n ve di¤er menfaat
sahiplerinin yönetime kat›l›m› konusunda
herhangi bir uygulama mevcut de¤ildir.
Non-managerial company employees and
other stakeholders do not have a significant
level of participation in the management of
the Company.
15- ‹nsan Kaynaklar› Politikas›
15- Human Resources Policy
fiirket’in insan kaynaklar› politikas›n›n esaslar›
The main principles of the Company’s human
resources policy are as follows:
• ‹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.
• To select and recruit only those who have the
required qualifications for the vacant position.
• To create and provide appropriate training and
career opportunities compatible 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.
fiirket’in, yukar›da bahsedilen insan kaynaklar›
politikalar›n›n oluflturulmas› ve uygulanmas›
Mali Bölüm’ce yürütülmektedir.
The Finance Division currently executes
formulation and implementation of the abovementioned policies.
Çal›flanlardan herhangi bir ayr›mc›l›k flikâyeti
al›nmam›flt›r.
No complaint of discrimination has been
received from the employees.
PART III
STAKEHOLDERS
91
PART III - STAKEHOLDERS
BÖLÜM III - MENFAAT SAH‹PLER‹
KURUMSAL YÖNET‹M
16- Müflteri ve Tedarikçilerle ‹liflkiler
Hakk›nda Bilgiler
16- Information on Relations with
Customers and Suppliers
REPORT
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 standard›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.
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 the case of detection
of an out-of-standard product, the relevant
persons are subject to sanctions, which may
include legal prosecution.
fiirket politikas› olarak etkin bir planlama ile
bayilerimize ikmal garantisi verilmektedir.
Through efficient and effective planning, a
guarantee of supply is given to our dealers.
fiirketimizin akaryak›t da¤›t›m›, madeni ya¤lar
ve ticari sat›fllarla ilgili faaliyetlerini The Shell
Co. of Turkey Ltd. firmas› ile ortak kurmufl
olduklar› Shell & Turcas Petrol A.fi. (STAfi)
bünyesine 1 Temmuz 2006 tarihinden
itibaren devretmifl olmas›ndan dolay›, bu
tarihten itibaren bu maddede belirtilen tüm
ifllemler ifltirakimiz STAfi taraf›ndan dünya
standartlar›nda gerçeklefltirilmektedir.
Since Turcas transferred its fuel retail, lubricants
and commercial sales businesses to Shell &
Turcas Petrol A.fi. (STAfi), a joint venture
company established with The Shell Co. of
Turkey Ltd., operational as of July 1, 2006, all
of the activities mentioned in this article are
undertaken by our subsidiary STAfi to global
standards.
17- Kurumsal Sosyal Sorumluluk
17- Corporate Social Responsibility
Çevreye Karfl› Yükümlülü¤ümüz:
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 çerçevesinde
personel bütün kazalar›n önlenebilir oldu¤u
felsefesiyle e¤itilmektedir. fiirket ile çal›flan
üçüncü kiflilere 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.
Our Commitment to Environment:
In 2001, a Health, Safety, and Environment
(HSE) Policy was approved and put into effect
by the Company’s Board of Directors. Under
this policy, 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.
Topluma Karfl› Yükümlülü¤ümüz:
Yönetim Kurulu taraf›ndan 1 May›s 1997
tarihinde fiirket çal›flanlar› için “‹fl Ahlâk›
Politikas›” yürürlü¤e konmufltur. Bu politika
menfaat çat›flmalar›, fiirket içinden bilgi,
politik yard›mlar, muhasebe standartlar›
ve dokümantasyon, al›nan hediyeler gibi
Our Commitment to Society:
The “Business Ethics Policy” for company staff
was enacted by the Board on May 1, 1997.
This policy defines the rules which staff have
to obey in issues such as conflicts of interest,
insider information, political favors, accounting
standards and documentation, and gifts
2007 ANNUAL REPORT
BÖLÜM III
MENFAAT SAH‹PLER‹
92
konularda fiirket çal›flanlar›n›n uymas› gereken
kurallar› belirlemektedir. Bu politika
çerçevesinde her y›lsonunda tüm çal›flanlardan
“‹fl Ahlâk› Politikas› ve Yönetmeliklere Kiflisel
Uyum” formu ad› alt›nda yaz›l› bir beyan ve
taahhüt al›nmaktad›r.
Turcas ayr›ca Türk Petrol markas›n›n kullan›m›
ile ilgili olarak ana amac› e¤itime katk›da
bulunmak ve ö¤renci okutmak olan Türk Petrol
Vakf›’na 2003 y›l›nda 371.797 YTL, 2004
y›l›nda 368.485 YTL, 2005 y›l›nda 348.859
YTL, 2006 y›l›nda 160.940 YTL, 2007 y›l›nda
da 350.000 ABD Dolar› ödemifltir.
2007 y›l› içinde Turcas Petrol A.fi. aleyhine
afla¤›da yaz›l› davalar aç›lm›flt›r:
PART III
STAKEHOLDERS
Turcas has made various donations over
the years to the Petroleum Industry
Association (PETDER), the Turkish
Education Foundation (TEV) and Unicef
Turkey National Committee as approved
by its Board of Directors. These donations
were: YTL 12,901 in 2003, YTL 22,914 in
2004, YTL 27,475 in 2005, YTL 18,081 in
2006, and YTL 20,784 in 2007.
Moreover, Turcas has paid YTL 371,797 in
2003, YTL 368,485 in 2004, YTL 348,859
in 2005, YTL 160,940 in 2006, and USD
350,000 in 2007 to the Türk Petrol
Foundation for the use of the Türkpetrol
brand. The main purpose of the Türk Petrol
Foundation is to contribute to education
and to provide scholarships to students.
Below are the court cases against Turcas
Petrol A.fi. in 2007:
fiirketimiz y›llar içerisinde Petrol Sanayi Derne¤i
(PETDER), Petrol Platformu Derne¤i (PETFORM),
Türk E¤itim Vakf› (TEV), Türkiye Emniyet Teflkilat›
fiehit, Dul, Yetimlere Yard›m Derne¤i ve Unicef
Türkiye Milli Komitesi olmak üzere Yönetim’in
onay› do¤rultusunda çeflitli ba¤›fllar yapm›flt›r.
Bu ba¤›fllar›n tutar› 2003 y›l› için 12.901 YTL,
2004 y›l› için 22.914 YTL, 2005 y›l› için 27.475
YTL, 2006 y›l› için 18.081 YTL, 2007 y›l› için
20.784 YTL’d›r.
accepted. A written statement and
commitment, namely “Business Ethics
Policy and Regulations Personal
Compliance Form”, is taken from all staff
at the end of each year as per this policy.
93
2007 y›l›nda, Turcas Yönetim Kurulu Üyeleri
ve Yöneticileri hakk›nda aç›lm›fl herhangi bir
dava bilgisi, fiirketimize ve Hukuk
Müflavirli¤ine intikal etmemifltir.
There are no court cases, against the Board
of Directors and Management of Turcas
in 2007 has come down to our Company
or Legal Consultancy.
• Tamek Holding A.fi, ‹st. 12. A.T Mah.de
2007/410 E.say› ile TAHL‹YE davas› açm›fl,
ancak mahkeme davay› reddetmifltir.
• Bergama’daki bir istasyon maliklerinin, Bergama
2. A.H. Mahkemesi’nde açt›¤› 2007/291 E.say›l›
‹ntifa’n›n Fekki davas› reddedilmifltir.
Dosya temyizdedir.
• Yine Bergama’da, Refik Altu¤ adl› bir bayiinin,
Bergama Sulh Hukuk Mahkemesi’nde,
2007/1100 E.say› ile açt›¤›, ‹ntifa’n›n
Fekki davas› sürmektedir.
• BP Petrolleri A.fi., ‹st. 6. A.T. Mahkemesi’nde,
2007/ 833 E.say› ile Turcas ve Lukoil A.fi.
aleyhine, daha önce kirac›s› oldu¤u tesisteki
yat›r›mlar›n› dava etmifltir. Dava sürmektedir.
• Tamek Holding A.fi., Istanbul 12th Commercial
Court of First Instance, action for evacuation,
numbered 2007/410 E., but the law court did
not approve the case.
• Joint owners of a station in Bergama, Bergama
2nd Commercial Court of First Instance, action
for “Breaking of Benefit”, numbered 2007/291
E., case not approved. File is for appeal.
• Agent in Bergama named Refik Altu¤,
Bergama Civil Court of Peace, action for
“Breaking of Benefit”, numbered 2007/1100
E., case continues.
• Istanbul 6th Commercial Court of First Instance,
action for evacuation, numbered 2007/844
E., BP Petrolleri A.fi. against Turcas and Lukoil
A.fi., the subject of the case is the investments
of the former leaseholder, case continues.
KURUMSAL YÖNET‹M
18- Yönetim Kurulu’nun Yap›s›, Oluflumu
ve Ba¤›ms›z Üyeler
18- Composition and Structure of the Board
of Directors, and Independent Members
REPORT
fiirket Yönetim Kurulu yedi üyeden oluflur
ve Genel Kurul taraf›ndan üç y›l için seçilir.
Yönetim Kurulu’nun üç üyesi “B” grubu
hissedarlar›n gösterece¤i adaylardan, iki
üyesi “C” grubu hissedarlar›n gösterece¤i
adaylardan, iki üyesi de “A” grubu
hissedarlar›n gösterece¤i adaylardan Genel
Kurul’un onay› ile seçilir.
The Company’s Board of Directors is composed
of seven members who are elected by the
General Assembly of Shareholders for a term
of office of three years. Three members of
the Board of Directors are elected by approval
of the General Assembly of Shareholders
from among nominees to be nominated by
the shareholders in Group “B”, and two
members are elected from among nominees
to be nominated by the shareholders in Group
“C”, and two members are elected from
among nominees to be nominated by the
shareholders in Group “A”.
Yönetim Kurulu’nun ‹crac› Üyeleri:
Erdal Aksoy
Y›lmaz Tecmen
2007 ANNUAL REPORT
BÖLÜM III
94
S. Batu Aksoy
Yönetim Kurulu’nun ‹crac› Olmayan
Üyeleri:
Bülent Çorapç›
N. Süreyya Serdengeçti
fiirketimizin Esas Sözleflmesi gere¤i 7 kiflilik
Yönetim Kurulu, A, B ve C grubu
hissedarlar›n atamalar› sonucunda
oluflmaktad›r. Hissedarlar bu atamalar›
yaparken Kurumsal Yönetim ‹lkeleri
çerçevesinde fiirket’e katk›da bulunabilecek
tecrübe, bilgi birikimi ve sayg›nl›¤a sahip
kifli ve profesyonel yöneticilere görev
vermeyi prensip edinmifllerdir.
Yönetim Kurulu’nu oluflturan 7 kifliden;
Baflkan Erdal Aksoy’un fiirket
sermayesindeki dolayl› pay› %30,83, Üye
Banu Aksoy Tarakç›o¤lu’nun dolayl› pay›
%10,31, Üye Saffet Batu Aksoy’un dolayl›
pay› %10,31’dir.
Executive Members of the Board:
Erdal Aksoy
Y›lmaz Tecmen
S. Batu Aksoy
Member of the Board
Member of the Board
Non-Executive Members of the Board:
Bülent Çorapç›
Member of the Board
Member of the Board
N. Süreyya Serdengeçti
Member of the Board
According to Our Company’s Articles of
Association, the Board of Directors, composed
of seven members, is formed via the
assignment of A, B and C Group shareholders.
During the assignment process, it is the
principle of the shareholders to assign a task
to persons and professional managers who
have enough experience, knowledge and
esteem to make a contribution to the
Company in the context of Corporate
Governance Principles.
Baflkan Vekili Y›lmaz Tecmen’in fiirket’teki
hissedarl›k oran› %2,21’dir. Ayr›ca orta¤›
oldu¤u YTC Turizm ve Enerji Ltd. fiti.’nin
de fiirket’te %4,02 oran›nda pay› vard›r.
Di¤er Üyeler Bülent Çorapç›, M. ‹lhan
Nebio¤lu ve N. Süreyya Serdengeçti’nin
fiirket sermayesinde herhangi bir paylar›
bulunmamaktad›r.
19- Yönetim Kurulu Üyelerinin Nitelikleri
fiirket’in Yönetim Kurulu üye seçiminde
aranan asgari nitelikler SPK Kurumsal
Yönetim ‹lkelerinde yer alan niteliklerle
aynen örtüflmekte olup bu ilkeler fiirket
Ana Sözleflmesi’nde yer almamaktad›r.
Kurumsal Yönetim ‹lkelerinde söz edilen
e¤itim çal›flmalar›na gerek
bulunmamaktad›r.
20- Turcas’›n Vizyonu, De¤erleri, Misyonu
ve Stratejik Hedefleri
Turcas’›n vizyonu Türkiye’nin ve içinde
bulundu¤u co¤rafyan›n en sayg›n, dinamik
ve verimli “Entegre Enerji fiirketi” olmakt›r.
Bu vizyon ›fl›¤›nda Turcas, 75 y›l› aflk›n
birikimiyle enerjinin petrol ve türevleri,
do¤algaz ve elektrik olarak s›n›fland›r›lan
ana alt sektörlerinde arama, üretim,
tafl›ma, da¤›t›m, depolama ve ticaretine
yönelik ulusal ve uluslararas›, sinerji ve
katma de¤er yaratan yat›r›m, faaliyet ve
projelere odaklanm›flt›r.
Turcas’› Turcas yapan de¤erlerin bafl›nda
sayg›nl›¤›, farkl›l›k yaratma ve yapt›¤›
ifllerde öncü olma becerisi, çal›flanlar› ve
Vice Chairman Mr. Y›lmaz Tecmen's share in
the Company capital is 2.21%. He is also a
shareholder of YTC Tourism and Energy Ltd.,
which holds 4.02% share in the company.
The other Members, Bülent Çorapç›, M. ‹lhan
Nebio¤lu and N. Süreyya Serdengeçti have
no shares in the Company capital.
General Assembly of Shareholders authorizes
the Directors to deal with business activities
as specified in Articles 334 and 335 of the
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 the Members of the
Board of Directors
95
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.
The curriculam vitae (CV) of the Board of
Directors of our Company appear on the
website of our Company.
There is no need for training programs
mentioned in the Corporate Governance
Principles.
20- Vision, Values, Mission and Strategic
Targets of the Company
Turcas’ vision is to become the most respectful,
dynamic and efficient “Regional and Integrated
Energy Company” in Turkey and its
surrounding geographic region. In the light
of this vision, Turcas, with over 75 years of
experience, is focused on national and
international investments, activities and
projects, creating synergy and added value,
in research, production, transportation,
fiirket’in Yönetim Kurulu Üyelerinin
özgeçmifllerine Faaliyet Raporu’nda ve
fiirketimizin web sitesinde yer
verilmektedir.
PART III
STAKEHOLDERS
Her y›l yap›lan Ola¤an Genel Kurul
toplant›s›nda TTK’nun 334. ve 335.
maddeleri gere¤i Genel Kurul’ca, Yönetim
Kurulu Üyelerinin 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.
The indirect shares of the seven Members
of the Board of Directors in the Company's
capital are as follows: Chairman Mr. Erdal
Aksoy's indirect share is 30.83%, Director
Mrs. Banu Aksoy Tarakç›o¤lu's indirect share
is 10.31% and Director Mr. Saffet Batu Aksoy's
indirect share is 10.31%.
KURUMSAL YÖNET‹M
REPORT
2007 ANNUAL REPORT
BÖLÜM III
96
yöneticileri ile küresel ölçekte en üst etik ve
kurumsal yönetim standartlara sahip olmas›,
yerli ve özellikle yabanc› sermaye ile baflar›l›
ve sürdürülebilir iflbirli¤i ve ortakl›k yapma
gelene¤i gelmektedir.
Turcas, müflterilerine en kaliteli ürün ve
hizmeti, en yüksek güvenlik, çevre koruma
ve etik davran›fl standartlar›nda sunmay› ilke
edinmifltir. Turcas’›n ana hedefi, çal›flanlar›n›n
e¤itim ve geliflimini takip ederek ve Türkiye’nin
miras ve de¤erlerini koruyarak, büyümesini
sürdürmek ve hissedarlar›na de¤er yaratmaya
devam etmektir.
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.
fiirketimizin vizyonu, de¤erleri ve misyonu
her y›l yenilenen Faaliyet Raporu’nda ve web
sitesinde de yer almaktad›r.
21- Risk Yönetim ve ‹ç Kontrol Mekanizmas›
Yönetim Kurulu Üyeleri aras›ndan seçilen iki
üyeden Denetim Komitesi oluflturulmufl
bulunmaktad›r. fiirketimizde risk yönetimi ile
ilgili çal›flan ayr› bir birim bulunmamakla
beraber olas› risklerin yönetimi fiirket’in
Yönetim Kurulu, Hukuk Departman› ve Finans
Müdürlü¤ünün koordinasyonunda
gerçeklefltirilmektedir.
Her y›l birimlerin ve faaliyetlerin risk
de¤erlemelerine göre haz›rlanan raporlar ilgili
birimlerle paylafl›larak eylem planlar› ve
taahhütleri al›nmakta ve bu çal›flmalar
Denetim Komitesi’nce takip edilmektedir.
fiirket Yönetim Kurulu 10.04.2008 tarih ve
2008/8 say›l› Karar› ile Denetim Komitesi
taraf›ndan incelenen ve onaylanan mali
tablolar› ‹stanbul Menkul K›ymetler Borsas›’nda
yay›nlanmak üzere onaylam›flt›r. Bu onaya
istinaden Yönetim Kurulu (a) Denetimden
Geçmifl Y›lsonu Mali Tablo ve Dipnotlar›n›
inceledi¤ini, (b) fiirket’teki görev ve sorumluluk
alan›nda sahip olduklar› bilgiler çerçevesinde,
mali tablo ve dipnotlar›n önemli konularda
gerçe¤e ayk›r› bir aç›klama içermedi¤i ya da
aç›klaman›n yap›ld›¤› tarih itibar›yla yan›lt›c›
olmas› sonucunu do¤urabilecek herhangi bir
distribution, storage and trade activities in
the main sub sectors of energy classified as
petroleum and derivatives, natural gas and
electricity.
The leading values of Turcas are; its esteem,
its ability of creating discrepancy and
leadership, its global, highest ethical and
corporate management standards with its
employees and management and its ability
to create successful and sustainable
cooperation and partnership with national
and especially international capital.
Turcas maintains its commitment to deliver
high quality products and services to its
customers through promoting and
implementing the highest safety,
environmental and ethical attitude standards.
Turcas’ main mission is to continue its growth
and creation of value for its shareholders by
monitoring the training and improvement of
its employees and protecting the heritage
and values of Turkey.
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. The Board
of Directors and the Company managers
review both the targets and the actual results,
at the end of each month, in light of past
performance and market comparative reports.
The Company’s vision, corporate values and
mission are published in the yearly renewed
annual reports as well as on our website.
21- Risk Management and Internal Control
Mechanism
The Company has established an Audit
Committee comprised of two members
elected from the Board of Directors. There is
no specific group in charge of financial risk
management in the Company. The
management of possible risks is realized with
the coordination of the Company’s Board of
Directors, Legal Department and Finance
Managership.
Every year, depending on the risk assessments
of divisions and activities, reports are prepared
and shared with the relevant divisions, and
action plans and commitments are made.
The Audit Committee monitors the whole
process.
eksiklik içermedi¤ini, (c) fiirket’teki görev
ve sorumluluk alan›nda sahip olduklar›
bilgiler çerçevesinde, mali tablo ve
dipnotlar›n iliflkin oldu¤u dönem itibar›yla,
fiirket’in mali durumu ve faaliyet sonuçlar›
hakk›nda gerçe¤i do¤ru biçimde
yans›tt›¤›n› ve bunlar› 10.04.2008 tarih
ve 2008/8 say›l› Yönetim Kurulu Karar›
ile kabul ettiklerini ve Borsa’ya
yay›nlamak üzere gönderilmesini
onaylad›klar›n› beyan etmifllerdir.
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 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 Kurullarda, B ve C
Grubu hissedarlar›n belirledi¤i adaylar
aras›ndan, Genel Kurul’un onay› ile seçilen
iki ba¤›ms›z denetçi en az üç 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.
This way, Board of Directors of the Company
has fulfilled the requirement of article 26 of
the second part of the Capital Markets Board’s
Announcement with the Series: X, No: 22,
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 2007, the
Board of Directors met 17 times and took the
required decisions. Directors are called for Board
meetings using the most convenient means of
communication and at a reasonable time in
advance so as to ensure their participation.
Secretarial duties are conducted, in rotation,
within the Board of Directors.
97
Yönetim Kurulu toplant›lar›n›n gündem
maddeleri oluflan güncel konulara göre
belirlenmektedir. Yönetim Kurulu 2007
y›l› içerisinde 17 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.
PART III
STAKEHOLDERS
Böylece fiirket Yönetim Kurulu Sermaye
Piyasas› Kurulu’nun Seri: X, No: 22
numaral› Tebli¤i’nin ikinci k›sm›n›n 26.
maddesi gere¤ini yerine getirmifl
bulunmaktad›r.
With the Conclusion of The Board of Directors,
dated April 10th, 2008 and no 2008/8, the
financial statements, examined and approved
by the Audit Committee, are approved to be
published in the Istanbul Stock Exchange (ISE).
Based on this approval the Board of Directors
(a) examined Audited Year-end Financial
Statements and Notes to the Financial
Statements (b) in the context of their
knowledge, within the task and responsibility
area of the Company, the financial statements
do not include any false claim in important
issues or any missing parts that can affect
the result to cause a false statement, for the
date of the declaration (c) in the context of
their knowledge, within the task and
responsibility area of the Company, the
financial statements and the notes to the
financial statements reflect the truth about
the Company’s financial condition and
operating results, for the period they belong
to and accepted these with the Conclusion
of The Board of Directors, dated April 10th,
2008 and no 2008/8, the financial statements
and approved to be sent to the Istanbul Stock
Exchange (ISE), to be published.
2007 ANNUAL REPORT
98
Yönetim Kurulu kararlar›nda farkl› bir görüfl olmamas›
nedeniyle kamuya aç›klanmas› gereken bir durum
oluflmamaktad›r. SPK Kurumsal Yönetim ‹lkelerinin
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.
Given that 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 three 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.
24- fiirket’le Muamele Yapma ve Rekabet Yasa¤›
Due to the lack of a dissenting opinion in the decisions
of the Board of Directors, there is no event requiring
disclosure 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 the affirmative vote of the
representatives of the shareholders in Group “C” on
decisions relating to certain issues.
fiirket Yönetim Kurulu Üyelerine her y›l yap›lan Ola¤an
Genel Kurullarda Genel Kurul onay› ile TTK’nun 334
-335. maddelerinde belirtilen konular dahilinde ifllem
yapma izni verilmekle beraber, fiirket politikalar› ve
baz› anlaflmalar çerçevesinde fiirket Yönetim Kurulu
Üyelerinin hiçbirisi fiirket’le ifllem yapmamakta ve
rekabet etmemektedir, dolay›s›yla herhangi bir ç›kar
çat›flmas› oluflmamaktad›r.
25- Etik Kurallar
24- Prohibition to Deal and Compete with the Company
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›lsonunda tüm çal›flanlardan “‹fl Ahlak› Politikas› ve
Yönetmeliklere Kiflisel Uyum” formu ad› alt›nda yaz›l›
bir beyan ve taahhüt al›nmaktad›r.
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 Ordinary
Annual Meetings, as specified in Articles 334 and 335 of
the Turkish Commercial Code, none of the Directors may
enter into deals nor compete with the Company in
accordance with the Company policies, and therefore,
there are no conflicts of interests.
25- Ethical Rules
fiirketimizin ‹fl Ahlak› Politikas› fiirket çal›flanlar›n›n
bilgisinde olmakla birlikte kamuya aç›klanmam›flt›r.
Henüz bir Kurumsal Yönetim Komitesi
oluflturulmam›flt›r. Gelecekte Kurumsal Yönetim ‹lke
ve Uygulamalar› gelifltikçe böyle bir komite
oluflturulabilir.
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 conflicts of interests, insider trading, political
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”.
Genel Müdür’e bir ‹cra Komitesi rehberlik etmekte
olup, Yönetim Kurulu yetkisi dahilindeki konular önce
‹cra Komitesi’nin görüflüne sunulmaktad›r.
Our Company’s Business Ethics Policy is within the
knowledge of the employees, but has not been disclosed
to the public.
26- Yönetim Kurulu’nda Oluflturulan Komitelerin
Say›, Yap› ve Ba¤›ms›zl›¤›
‹cra Komitesi Üyeleri:
Erdal Aksoy
Y›lmaz Tecmen
S. Batu Aksoy
A Corporate Governance Committee has not yet 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
Y›lmaz Tecmen
S. Batu Aksoy
Member of the Board
Yönetim Kurulu Üyelerinden ikisi ayn› zamanda
Denetim Komitesi Üyesi’dir. Denetim Komitesi
Üyelerinin icra görevleri yoktur ve baflka komitelerde
de görevli de¤illerdir. Denetim Komitesi üyeleri
SPK’nun belirlemifl oldu¤u prensipler çerçevesinde
belli bir prosedüre göre görevlerini sürdürmektedir.
Member of the Board
Yönetim Kurulu Üyeleri birden fazla komitede yer
almamaktad›rlar. Yönetim Kurulu Üyelerinin belirli
prensipler çerçevesinde çal›fl›yor olmalar› nedeniyle
herhangi bir ç›kar çat›flmas› meydana gelmemifltir.
Member of the Board
Audit Committee Members:
Bülent Çorapç›
Member of the Board
Denetim Komitesi Üyeleri:
Bülent Çorapç›
26- Number, Composition and Independence of
Committees Formed by the Board of Directors
99
fiirket Ana Sözleflmesi’nde, Yönetim Kurulu Baflkan›
ve Üyelerine Genel Kurul’ca kararlaflt›r›lacak ayl›k,
y›ll›k bir ödenek veya her toplant› için huzur hakk›
ödenebilir ifadesi yer almaktad›r. 2007 y›l› içerisinde
Yönetim Kurulu Üyelerine bu kapsamda herhangi
bir hak ve menfaat sa¤lanmam›fl ve ücret ödemesi
yap›lmam›flt›r.
Yönetim Kurulu Üyelerine 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.
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 remuneration per meeting,
to be decided at the General Assembly of Shareholders,
may be paid to the Chairman and Members of the Board
of Directors. During 2007, 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.
27- Yönetim Kurulu’na Sa¤lanan Mali Haklar
Two of the Directors are at the same time members of the
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.
2007 YILI DENETÇ‹LER RAPORU
The Company does not lend any money or loan to or
stand as a surety for or gives any guarantee in favor
of the Directors and the managers.
TURCAS PETROL A.fi. GENEL KURULU’NA
28- Report of the Board of Auditors
Ortakl›¤›n
YEAR 2007 AUDITORS’ REPORT
28- Denetim Kurulu Raporu
Unvan›
Merkez
Sermayesi
: Turcas Petrol A.fi.
: ‹stanbul
: 105.000.000.-YTL
Faaliyet Konusu:
2007 ANNUAL REPORT
Her türlü petrol ürünleri, madeni ya¤lar ve gresler ile
petrol kimyas› ürünleri, kimyevi maddeler, boyalar,
kimyevi gübre ilaçlar›n imali, al›m›, sat›m› ithali, ihrac›,
da¤›t›m› ve 15.04.1985 tarihinde tescil edilen Tadil
Mukavelesi’nde yaz›l› olan di¤er ifller.
100
Denetçilerin Ad› ve Görev Süreleri, Ortak ve fiirket’in
Personeli Olup Olmad›klar›:
Hayri Gökhan Alpman (25.04.2007-2007 y›l› Genel
Kurulu’na kadar) fiirket orta¤› ve personeli de¤ildir.
Hasan K›l›ç (25.04.2007-2007 y›l› Genel Kurulu’na kadar)
fiirket orta¤› ve personeli de¤ildir.
TO THE GENERAL MANAGEMENT OF TURCAS PETROL A.fi.
The Partnership’s
Title
: Turcas Petrol A.fi.
Registered address : Istanbul
Capital
: YTL 105,000,000
Field of Activities:
The purchase, sale, import, export, distribution and
other activities listed on the officially registered
Amendment Agreement, dated 15.04.1985, of all
types of petroleum products, mineral oils and greases
with petroleum chemical products, chemical
substances, paints, and chemical fertiliser preparations.
Auditor’s Name and Task Duration, and whether
he/she is Personnel of the Company or Partnership:
Kat›l›nan Yönetim Kurulu ve Yap›lan Denetim Kurulu
Toplant› Say›s›:
Hayri Gökhan Alpman (25.04.2007-the year 2007 up
to the Board Meeting) Not personnel of the company
or a partner.
Y›l içinde gerçeklefltirilen 3 Yönetim Kurulu toplant›s›na
kat›l›nm›fl, ayr›ca 3 kez de Denetleme Kurulu toplant›s›
yap›lm›flt›r.
Hasan K›l›ç (25.04.2007- the year 2007 up to the
Board Meeting) Not personnel of the company or a
partner.
Ortakl›k Hesaplar›, Defter ve Belgelerin Üzerinde Yap›lan
‹ncelemenin Kapsam›, Hangi Tarihlerde ‹nceleme
Yap›ld›¤› Hususu ve Var›lan Sonuç:
Number of Participated Meetings of the Board of
Directors and the Board of Auditors:
fiirket defter ve belgeleri üzerinde 30.06.2007, 30.09.2007
ve 31.12.2007 tarihlerinde yap›lan incelemelerde
defterlerin yasalar ve genel kabul görmüfl muhasebe
ilkelerine uygun olarak tutuldu¤u tespit edilmifltir.
Türk Ticaret Kanunu’nun 353. Maddesinin 1. F›kras›n›n
3 Numaral› Bendi Gere¤ince Ortakl›k Veznesinde
Yap›lan Say›mlar›n Say›s› ve Sonucu:
2007 y›l›nda fiirket veznesi 3 kez say›lm›fl, kaydi ve fiili
kasa mevcudunun ayn› oldu¤u tespit edilmifltir.
Participated in the requisite 3 meetings of the Board
of Directors throughout the year, as well as 3 meetings
held of the Board of Auditors.
Scope of Supervision on Partnership Accounts, Books
and Documents, Date of Supervision, and Result:
The company’s were supervised on 30.06.2007,
30.09.2007 and 31.12.2007 and it was seen that
records and documents complied with generally
accepted accounting standards.
Türk Ticaret Kanunu’nun 353. Maddesinin 1. F›kras›
4 Numaral› Bendi Gere¤ince Yap›lan ‹ncelemelerin
Tarihleri ve Sonucu:
Görev dönemi içinde, her ay›n ilk ifl günü yap›lan
incelemelerde, o tarihte defter kay›tlar›nda gözüken
k›ymetli evrak›n mevcut oldu¤u ve defter kay›tlar›yla
tam uygunluk sa¤lad›¤› görülmüfltür.
‹ntikal Eden fiikâyet ve Yolsuzluklar ve Bunlar
Hakk›nda Yap›lan ‹fllemler:
Kurulumuzun yapt›¤› inceleme ve de¤erlendirmeler
neticesinde, ekli 31 Aral›k 2007 tarihli bilançonun
ve ekinde yer alan mali tablolar›n fiirket’in 2007
dönemi faaliyet sonuçlar›n› gerçe¤e uygun ve do¤ru
olarak yans›tmakta oldu¤u sonucuna var›lm›flt›r.
Denetim Kurulu:
Hayri Gökhan Alpman
Hasan K›l›ç
Dates and Results of Supervision under Item 353/1-4 of
the Turkish Commercial Code: Throughout the task period,
supervision was performed on the first day of every month,
at which it was seen that account book records matched
perfectly with concerning values.
Submitted Complaints and Corruption and Transactions
Concerning Them:
During the task period no complaint or allegation of
corruption was communicated to our Board. We find that
Turcas Petrol A.fi.’s accounts and transactions in 2007, the
documents relating to these transactions, and the Company’s
account books and records comply with The Turkish
Commercial Code, the Tax Code, the Capital Markets Code,
and laws arising from these codes, and that they have
been supervised according to the Company’s Main
Constitution and Generally Accepted Accounting Principles
and Standards.
As a result of the supervision and evaluation performed
by our Board, appended to the 31 December 2007 balance
sheet and the financial tables in the appendices, it is
concluded that the results of the Company’s 2007 activities
reflect the true and real situation.
By this means we submit that the Company’s Balance
Sheet and Financial Tables of 31 December, 2007, be
accepted and approved entirely, and that the Board of
Directors and the Board of Auditors be discharged.
Board of Auditors:
Hayri Gökhan Alpman
Hasan K›l›ç
101
Bu sebeple, fiirket’in 31 Aral›k 2007 tarihli
Bilançosu’nun ve Gelir Tablosu’nun aynen kabulüne
ve Yönetim Kurulu ile Kurulumuzun ibras›na karar
verilmesini onay›n›za arz ederiz.
Company cash was counted 3 times in 2007, and it was
seen that recorded and actual cash balance were the
same.
Görev dönemimiz içinde, Kurulumuza intikal eden
herhangi bir flikâyet ve yolsuzluk baflvurusu
olmam›flt›r. Turcas Petrol A.fi.’nin 2007 y›l› hesap
ve ifllemlerini, bu ifllemlerin dayana¤› olan belgeleri
ve fiirket defter ve kay›tlar›n› Türk Ticaret Kanunu,
Vergi Kanunlar›, Sermaye Piyasas› Kanunlar›, bu
kanunlar uyar›nca ç›kar›lm›fl mevzuatlar, fiirket Ana
Sözleflmesi ve Genel Kabul Görmüfl Muhasebe ‹lkeleri
ve Standartlar›na göre incelemifl bulunmaktay›z.
Frequency and Result of Counting Partnership Cash under
item 353/1-3 of the Turkish Commercial Code:
Turcas Petrol A.fi. ve Ba¤l› Ortakl›klar›
31 Aral›k 2007 Tarihi ‹tibar›yla Konsolide Mali Tablolar
Turcas Petrol A.fi. and Its Subsidiaries
Consolidated Financial Statements For The Year Ended December 31, 2007
(Translated into English from the original Turkish report)
BA⁄IMSIZ DENET‹M RAPORU
Yönetim Kurulu’na
Turcas Petrol A.fi.’nin (“fiirket”) ve ba¤l› ortakl›klar›n›n (hep birlikte “Grup”) 31 Aral›k 2007 tarihi itibar›yla haz›rlanan ve ekte yer alan
konsolide bilançosunu, ayn› tarihte sona eren y›la ait konsolide gelir tablosunu, konsolide özsermaye de¤iflim tablosunu ve konsolide
nakit ak›m tablosunu, önemli muhasebe politikalar›n›n özetini ve dipnotlar› denetlemifl bulunuyoruz.
Finansal Tablolarla ‹lgili Olarak Grup Yönetiminin Sorumlulu¤u
Grup yönetimi finansal tablolar›n Sermaye Piyasas› Kurulu’nca yay›mlanan finansal raporlama standartlar›na göre haz›rlanmas› ve
dürüst bir flekilde sunumundan sorumludur. Bu sorumluluk, finansal tablolar›n hata ve/veya hile ve usulsüzlükten kaynaklanan önemli
yanl›fll›klar içermeyecek biçimde haz›rlanarak, gerçe¤i dürüst bir flekilde yans›tmas›n› sa¤lamak amac›yla gerekli iç kontrol sisteminin
tasarlanmas›n›, uygulanmas›n› ve devam ettirilmesini, koflullar›n gerektirdi¤i muhasebe tahminlerinin yap›lmas›n› ve uygun muhasebe
politikalar›n›n seçilmesini içermektedir.
Ba¤›ms›z Denetim Kuruluflunun Sorumlulu¤u
Sorumlulu¤umuz, yapt›¤›m›z ba¤›ms›z denetime dayanarak bu finansal tablolar hakk›nda görüfl bildirmektir. Ba¤›ms›z denetimimiz,
Sermaye Piyasas› Kurulu’nca yay›mlanan ba¤›ms›z denetim standartlar›na uygun olarak gerçeklefltirilmifltir. Bu standartlar, etik ilkelere
uyulmas›n› ve ba¤›ms›z denetimin, finansal tablolar›n gerçe¤i do¤ru ve dürüst bir biçimde yans›t›p yans›tmad›¤› konusunda makul
bir güvenceyi sa¤lamak üzere planlanarak yürütülmesini gerektirmektedir.
104
Ba¤›ms›z denetimimiz, finansal tablolardaki tutarlar ve dipnotlar ile ilgili ba¤›ms›z denetim kan›t› toplamak amac›yla, ba¤›ms›z denetim
tekniklerinin kullan›lmas›n› içermektedir. Ba¤›ms›z denetim tekniklerinin seçimi, finansal tablolar›n hata ve/veya hileden ve usulsüzlükten
kaynaklan›p kaynaklanmad›¤› hususu da dahil olmak üzere önemli yanl›fll›k içerip içermedi¤ine dair risk de¤erlendirmesini de
kapsayacak flekilde, mesleki kanaatimize göre yap›lm›flt›r. Bu risk de¤erlendirmesinde, iflletmenin iç kontrol sistemi göz önünde
bulundurulmufltur. Ancak, amac›m›z iç kontrol sisteminin etkinli¤i hakk›nda görüfl vermek de¤il, ba¤›ms›z denetim tekniklerini koflullara
uygun olarak tasarlamak amac›yla, iflletme yönetimi taraf›ndan haz›rlanan finansal tablolar ile iç kontrol sistemi aras›ndaki iliflkiyi
ortaya koymakt›r. Ba¤›ms›z denetimimiz, ayr›ca iflletme yönetimi taraf›ndan benimsenen muhasebe politikalar› ile yap›lan önemli
muhasebe tahminlerinin ve finansal tablolar›n bir bütün olarak sunumunun uygunlu¤unun de¤erlendirilmesini içermektedir.
Ba¤›ms›z denetim s›ras›nda temin etti¤imiz ba¤›ms›z denetim kan›tlar›n›n, görüflümüzün oluflturulmas›na yeterli ve uygun bir dayanak
oluflturdu¤una inan›yoruz.
Görüfl
Görüflümüze göre, iliflikteki konsolide finansal tablolar, Turcas Petrol A.fi. ve ba¤l› ortakl›klar›n›n 31 Aral›k 2007 tarihi itibar›yla finansal
durumunu, ayn› tarihte sona eren y›la ait finansal performans›n› ve nakit ak›mlar›n›, Sermaye Piyasas› Kurulu’nca yay›mlanan finansal
raporlama standartlar› çerçevesinde do¤ru ve dürüst bir biçimde yans›tmaktad›r.
Görüflümüzü etkilememekle birlikte flu hususa dikkatinizi çekmek isteriz:
Not 31’de detayl› olarak aç›kland›¤› üzere 31 A¤ustos 2006 tarihinde Enerji Piyasas› Düzenleme Kurulu (EPDK), lisanss›z bayilere
ikmal yap›ld›¤› gerekçesiyle fiirket’e 113.599.140 YTL tutar›nda idari para cezas› vermifltir. fiirket kanuni haklar›ndan yararlanarak
cezay› iptal ettirmek ve ödeme emirlerini kald›rtmak için hukuki süreç bafllatm›flt›r. Dan›fltay ‹dari Dava Daireleri Kurulu’na yürütmenin
durdurulmas› istemiyle yap›lan itiraz neticesinde, 25 Ocak 2007 tarihinde cezalar›n yürütmesi durdurulmufltur. fiirket iki taksit tutar›
olan 2.258.000 YTL’yi ödemifltir ve daha sonraki taksitlerin ödemesini, yürütmeyi durdurma karar›na istinaden yapmam›flt›r. Yürütmenin
durdurulmas›na iliflkin gerekçeli kararlar 28 fiubat 2007 tarihinde fiirket’e tebli¤ edilmifltir. Konu ile ilgili hukuki süreç üzerindeki
belirsizlik rapor tarihi itibarıyla devam etmektedir. Bu sebeple, Grup ekli mali tablolarda konu ile ilgili herhangi bir karfl›l›k ay›rmam›flt›r.
‹stanbul, 11 Nisan 2008
DRT BA⁄IMSIZ DENET‹M VE SERBEST MUHASEBEC‹ MAL‹ MÜfiAV‹RL‹K A.fi.
Member of DELOITTE TOUCHE TOHMATSU
Gökhan Alpman
Sorumlu Ortak, Bafldenetçi
INDEPENDENT AUDITORS’ REPORT
To The Board of Directors of
We have audited the accompanying financial statements of Turcas Petrol A.fi. (the “Company”) and its subsidiaries (together “Group”),
which comprise the consolidated balance sheet as at December 31, 2007, and the consolidated statement of income, consolidated
statement of shareholders' equity and consolidated statement of cash flow for the year then ended, and a summary of significant
accounting policies and other explanatory notes.
Management’s Responsibility for the Financial Statements
The Group’s Management is responsible for the preparation and fair presentation of these financial statements in accordance with
the Capital Markets Board (“CMB”) standards. This responsibility includes: designing, implementing and maintaining internal control
relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due
to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in
the circumstances.
Auditor’s Responsibility
Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance
with standards on auditing published by the CMB. Those standards require that we comply with ethical requirements and plan and
perform the audit to obtain reasonable assurance whether the financial statements are free of material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements.
The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the
financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant
to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate
in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit
also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made
by management, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Independent Auditors’ Opinion
In our opinion, the financial statements present fairly the financial position of Turcas Petrol A.fi. and its subsidiaries as at December
31, 2007, and of its financial performance and its cash flows for the year then ended, in accordance with the financial reporting
standards determined by the CMB.
Without qualifying our opinion we would like to draw your attention to the following matter:
As explained in detail in Note 31, the Energy Market Regulatory Authority (EMRA) imposed administrative fines on Turcas Petrol
A.fi. on August 31, 2006 amounting to TRY 113,559,140 for the supplies made to unlicensed dealers. The Company has taken judicial
actions in order to exercise their legal rights for the cancellation of the fine and removal of the payment orders. Upon filings for
suspension of execution to Plenary Session of Administrative Law Divisions of Council of State, the execution of fines was suspended
on January 25, 2007. The Company paid the first and second installements amounting to TRY 2,258,000 of the fines and ceased
the payment of following installements based on the ruling for suspension of the execution. Reasoned decisions for the suspension
of the execution have been communicated to the Company on February 28, 2007. Uncertainty over the judicial process continues
as of the report date. Accordingly, the Group has not made provisions for this matter in the accompanying financial statements.
Istanbul, April 11, 2008
DRT BA⁄IMSIZ DENET‹M VE SERBEST MUHASEBEC‹ MAL‹ MÜfiAV‹RL‹K A.fi.
Member of DELOITTE TOUCHE TOHMATSU
Gökhan Alpman
Partner
105
TURCAS PETROL A.fi. VE BA⁄LI ORTAKLIKLARI 31 ARALIK 2007 TAR‹H‹ ‹T‹BARIYLA KONSOL‹DE B‹LANÇO
(Aksi belirtilmedikçe tutarlar YTL olarak ifade edilmifltir.)
Dipnot Referanslar›
31 Aral›k 2007
31 Aral›k 2006
92.619.793
98.928.510
VARLIKLAR
Cari / Dönen Varl›klar
Haz›r De¤erler
4
87.498.454
91.964.745
Menkul K›ymetler (net)
5
200
-
Ticari Alacaklar (net)
7
2.458.014
3.428.795
Finansal Kiralama Alacaklar› (net)
8
-
-
Yetkili Taraflardan Alacaklar (net)
9
324.434
689.932
10
2.082.400
1.782.208
Di¤er Alacaklar (net)
106
Canl› Varl›klar (net)
11
-
-
Stoklar (net)
12
230.367
380.753
Devam Eden ‹nflaat Sözleflmelerinden Alacaklar (net)
13
-
-
Ertelenen Vergi Varl›klar›
14
-
-
Di¤er Cari / Dönen Varl›klar
15
Cari Olmayan / Duran Varl›klar
25.924
628.077
430.504.321
346.648.607
Ticari Alacaklar (net)
7
89.192
839.642
Finansal Kiralama Alacaklar› (net)
8
-
-
Yetkili Taraflardan Alacaklar (net)
9
-
-
Di¤er Alacaklar (net)
10
-
-
Finansal Varl›klar (net)
16
424.665.331
344.353.212
Pozitif / Negatif fierefiye (net)
17
-
-
Yat›r›m Amaçl› Gayrimenkuller (net)
18
-
-
Maddi Varl›klar (net)
19
4.817.494
484.855
Maddi Olmayan Varl›klar (net)
20
815.348
810.541
Ertelenen Vergi Varl›klar›
14
116.956
110.357
Di¤er Cari Olmayan / Duran Varl›klar
15
Toplam Varl›klar
Ekteki dipnotlar bu mali tablolar›n tamamlay›c› bir parças›d›r.
-
-
523.124.114
445.577.117
TURCAS PETROL A.fi. AND ITS SUBSIDIARIES CONSOLIDATED BALANCE SHEET AS AT DECEMBER 31, 2007
(Amounts are expressed in New Turkish Lira (“TRY”) unless otherwise stated.)
Footnote Reference
December 31, 2007
December 31, 2006
92,619,793
98,928,510
ASSETS
Current Assets
Cash and Banks
4
87,498,454
91,964,745
Marketable Securities (net)
5
200
-
Trade Receivables (net)
7
2,458,014
3,428,795
Financial Lease Receivables (net)
8
-
-
Due from Related Parties (net)
9
324,434
689,932
10
2,082,400
1,782,208
Other Receivables (net)
Biological Assets (net)
11
-
-
Inventories (net)
12
230,367
380,753
Receivables from on Going Construction Contracts (net)
13
-
-
Deferred Tax Assets
14
-
-
Other Receivables / Current Assets
15
Long-Term Assets
25,924
628,077
430,504,321
346,648,607
Trade Receivables (net)
7
89,192
839,642
Financial Lease Receivables (net)
8
-
-
Due from Related Parties (net)
9
-
-
Other Receivables (net)
10
-
-
Financial Assets (net)
16
424,665,331
344,353,212
Positive / Negative Goodwill
17
-
-
Investment Property (net)
18
-
-
Tangible Assets (net)
19
4,817,494
484,855
Intangible Assets (net)
20
815,348
810,541
Deferred Tax Assets
14
116,956
110,541
Other Long-Term Assets
15
Total Assets
The accompanying notes form an integral part of these financial statements.
-
-
523,124,114
445,577,117
107
TURCAS PETROL A.fi. VE BA⁄LI ORTAKLIKLARI 31 ARALIK 2007 TAR‹H‹ ‹T‹BARIYLA KONSOL‹DE B‹LANÇO
31 Aral›k 2007
31 Aral›k 2006
6.784.365
3.854.065
YÜKÜMLÜLÜKLER
K›sa Vadeli Yükümlülükler
Finansal Borçlar (net)
6
326.291
-
Uzun Vadeli Finansal Borçlar›n K›sa Vadeli K›s›mlar› (net)
6
-
-
Finansal Kiralama ‹fllemlerinden Borçlar (net)
8
-
-
10
477.366
66.840
Ticari Borçlar (net)
7
2.475.414
385.823
Yetkili Taraflara Borçlar (net)
9
3.008.985
1.142.827
Al›nan Avanslar
21
8.264
-
Devam Eden ‹nflaat Sözleflmeleri Hakedifl Bedelleri (net)
13
-
-
Borç Karfl›l›klar›
23
318.127
2.088.182
Ertelenen Vergi Yükümlülü¤ü
14
-
-
Di¤er Yükümlülükler (net)
15
Di¤er Finansal Yükümlülükler (net)
Uzun Vadeli Yükümlülükler
170.393
5.063.332
6
973.155
-
Finansal Kiralama ‹fllemlerinden Borçlar (net)
8
-
-
Di¤er Finansal Yükümlülükler (net)
Yetkili Taraflara Borçlar (net)
108
169.918
5.242.897
10
-
-
7
-
-
9
-
-
Al›nan Avanslar
21
1.217.084
1.459.438
Borç Karfl›l›klar›
23
180.848
190.146
Ertelenen Vergi Yükümlülü¤ü
14
78.498
142.668
Di¤er Yükümlülükler (net)
15
2.793.312
3.271.080
ANA ORTAKLIK DIfiI PAYLAR
24
280
-
ÖZSERMAYE
511.096.372
436.659.720
Karfl›l›kl› ‹fltirak Sermaye Düzeltmesi
25
-
-
Sermaye
25
105.000.000
105.000.000
Sermaye Yedekleri
26
66.837.343
66.837.343
Hisse Senetleri ‹hraç Primleri
-
-
Hisse Senedi ‹ptal Kârlar›
-
-
Yeniden De¤erleme Fonu
-
-
Finansal Varl›klar De¤er Art›fl Fonu
-
-
Özsermaye Enflasyon Düzeltmesi Farklar›
66.837.343
66.837.343
11.144.189
6.741.802
Yasal Yedekler
10.952.198
6.549.811
Statü Yedekleri
-
-
191.991
191.991
-
-
-
-
Kâr Yedekleri
27
Ola¤anüstü Yedekler
Özel Yedekler
Sermayeye Eklenecek ‹fltirak Hisseleri ve Gayrimenkul
Sat›fl Kazançlar›
Yabanc› Para Çevrim Farklar›
Net Dönem Kâr› / Zarar›
Geçmifl Y›llar Kâr / Zararlar›
Toplam Özsermaye ve Yükümlülükler
28
-
-
107.552.724
257.592.787
220.562.116
478.788
523.124.114
445.577.117
TURCAS PETROL A.fi. AND ITS SUBSIDIARIES CONSOLIDATED BALANCE SHEET AS AT DECEMBER 31, 2007
Footnote Reference
December 31, 2007
December 31, 2006
6,784,365
3,854,065
LIABILITIES
Short-Term Liabilities
Short-Term Borrowings (net)
6
326,291
-
Short-Term Portions of Long-Term Borrowings (net)
6
-
-
Financial Lease Payables (net)
8
-
-
Other Financial Liabilities (net)
10
477,366
66,840
Trade Payables (net)
7
2,475,414
385,823
Due to Related Parties (net)
9
3,008,985
1,142,827
Advances Received
21
8,264
-
Ongoing Construction Progress Payments (net)
13
-
-
Provisions
23
318,127
2,088,182
Deferred Tax Liability
14
-
-
Other Liabilities (net)
15
Long-Term Liabilities
169,918
170,393
5,242,897
5,063,332
Long-Term Borrowings (net)
6
973,155
-
Financial Lease Payables (net)
8
-
-
Other Financial Liabilities (net)
10
-
-
7
-
-
Trade Payables (Net)
Due to Related Parties (net)
9
-
-
Advances Received
21
1,217,084
1,459,438
Provisions
23
180,848
190,146
Deferred Tax Liability
14
78,498
142,668
Other Liabilities (net)
15
2,793,312
3,271,080
MINORITY INTEREST
24
280
-
SHAREHOLDERS’ EQUITY
511,096,372
436,659,720
Adjustment to Share Capital
25
-
-
Capital
25
105,000,000
105,000,000
Capital Reserves
26
66,837,343
66,837,343
Premium in Excess Of Par
-
-
Gain on Cancellation of Equity Shares
-
-
Revaluation Fund
-
-
Revaluation Fund for Financial Assets
-
-
Inflation Adjustment of Shareholders’ Equity Items
26
66,837,343
66,837,343
Profit Reserves
27
11,144,189
6,741,802
Legal Reserves
27
10,952,198
6,549,811
-
-
191,991
191,991
-
-
-
-
Statutory Reserves
Extraordinary Reserves
27
Special Reserves
Gain from Sale of Immobile and Equity Participations’
Shares Transferable to Capital
Currency Translation Reserve
Net Profit for Current Period
Retained Earnings
Total Shareholders’ Equity and Liabilities
28
-
-
107,552,724
257,592,787
220,562,116
478,788
523,124,114
445,577,117
109
TURCAS PETROL A.fi. VE BA⁄LI ORTAKLIKLARI
31 ARALIK 2007 TAR‹H‹NDE SONA EREN YILA A‹T KONSOL‹DE GEL‹R TABLOSU
01 Ocak-31 Aral›k 2007
ESAS FAAL‹YET GEL‹RLER‹
- Sat›fl Gelirleri (net)
36
3.383.068
902.237.105
- Sat›fllar›n Maliyeti (-)
36
(3.103.279)
(847.128.904)
- Hizmet Gelirleri
36
-
-
- Esas Faaliyetlerden Di¤er Gelirler /
Faiz + Temettü + Kira (net)
36
BRÜT ESAS FAAL‹YET KÂRI / ZARARI
- Faaliyet Giderleri (-)
37
NET ESAS FAAL‹YET KÂRI / ZARARI
110
-
-
279.789
55.905.418
(10.733.886)
(30.883.863)
10.454.097
25.021.555
- Di¤er Faaliyetlerden Gelir ve Kârlar
38
112.157.538
237.637.623
- Di¤er Faaliyetlerden Gider ve Zararlar (-)
38
(970.583)
(2.819.514)
- Finansman Giderleri (-)
39
FAAL‹YET KÂRI / ZARARI
9.061.760
10.912.961
109.794.618
270.752.625
- Net Parasal Pozisyon Kâr›/Zarar›
40
-
-
ANA ORTAKLIK DIfiI KÂR / ZARAR
24
452
-
109.795.070
270.752.625
(2.242.346)
(13.159.838)
107.552.724
257.592.787
1,02
2,45
VERG‹ ÖNCES‹ KÂR / ZARAR
- Vergiler
41
NET DÖNEM KÂRI / ZARARI
H‹SSE BAfiINA KAZANÇ
42
TURCAS PETROL A.fi. AND ITS SUBSIDIARIES
CONSOLIDATED STATEMENT OF INCOME FOR THE YEAR ENDED DECEMBER 31, 2007
(Amounts expressed as (TRY), unless otherwise stated.)
Footnote Reference
Jan. 1-Dec. 31, 2007
Jan. 1-Dec. 31, 2006
OPERATING INCOME
- Sales Revenue (net)
36
3,383,068
902,237,105
- Cost of Sales (-)
36
(3,103,279)
(847,128,904)
- Service Revenue (net)
36
-
-
- Other Operating income /
Interest + Dividdividend + Rent (net)
36
GROSS PROFIT / LOSS
- Operating Expenses (-)
37
OPERATING PROFIT / LOSS
-
-
279,789
55,905,418
(10,733,886)
(30,883,863)
10,454,097
25,021,555
- Other Income and Profits
38
112,157,538
237,637,623
- Other Expense and Losses (-)
38
(970,583)
(2,819,514)
- Finance Expense / Income (net)
39
9,061,760
10,912,961
109,794,618
270,752,625
PROFIT BEFORE MONETARY GAIN AND TAX
- Net Monetary Gain / Loss
40
-
-
MINORITY INCOME / LOSS
24
452
-
109,795,070
270,752,625
(2,242,346)
(13,159,838)
107,552,724
257,592,787
1,02
2,45
PROFIT / LOSS BEFORE TAXATION
- Taxation
41
NET PROFIT / LOSS FOR THE PERIOD
EARNINGS PER SHARE
42
111
-
Da¤›t›lan temettü
Topluluk yap›b›ndaki de¤iflikli¤in etkisi (not 2 ve 32)
Net dönem kâr›
105.000.000
-
Yedeklere transfer
31 Aral›k 2007 ‹tibar›yla Bakiye
-
Geçmifl y›l kârlar›na transfer
105.000.000
-
Net dönem kâr›
1 Ocak 2007 ‹tibar›yla Aç›l›fl Bakiyesi
-
Yedeklere transfer
105.000.000
-
Da¤›t›lan temettü
31 Aral›k 2006 ‹tibar›yla Bakiye
-
105.000.000
Sermaye
Geçmifl y›l kârlar›na transfer
1 Ocak 2006 ‹tibar›yla Aç›l›fl Bakiyesi
66.837.343
-
-
-
-
-
66.837.343
66.837.343
-
-
-
-
10.952.198
-
-
-
4.402.387
-
6.549.811
69.549.811
-
5.858.973
-
-
445.882
Yedekler
Farklar›
66.837.343
Yasal
Düzeltmesi
Enflasyon
Özsermaye
191.991
-
-
-
-
-
191.991
191.991
-
-
(253.891)
-
-
Yedekler
Ola¤anüstü
220.562.116
-
(1.742.072)
(31.374.000)
(4.402.387)
257.592.787
487.788
487.788
-
(5.858.973)
(40.171.109)
(46.517.870)
46.517.870
Kâr/ (Zararlar›)
Geçmifl Y›llar
107.552.724
107.552.724
-
-
-
(257.592.787)
257.592.787
257.592.787
257.592.787
-
-
(46.517.870)
46.517.870
Net Dönem Kâr›
TURCAS PETROL A.fi. VE BA⁄LI ORTAKLIKLARI 31 ARALIK 2007 TAR‹H‹NDE SONA EREN YILA A‹T KONSOL‹DE ÖZSERMAYE DE⁄‹fi‹M TABLOSU
112
511.096.372
107.552.724
(1.742.072)
(31.374.000)
-
-
436.659.720
436.659.720
257.592.787
-
(40.425.000)
-
219.491.933
Toplam
-
Dividends
Effect of change in the group’s structure (note 2 and 32)
Net profit for the year
105,000,000
-
Transfers to reserves
Balance as of December 31, 2007
-
Transfers to retained earnings
105,000,000
-
Opening Balance as of January 01, 2007
-
Transfers to reserves
105,000,000
-
Dividends
Balance as of December 31, 2006
-
105,000,000
Capital
Transfers to retained earnings
(Amounts expressed as (TRY), unless otherwise stated.)
66,837,343
-
-
-
-
-
66,837,343
66,837,343
-
-
-
-
66,837,343
Equity Items
Shareholders
Adjustments of
Inflation
(1,742,072)
-
191,991
10,952,198
220,562,116
(31,374,000)
(4,402,387)
257,592,787
-
-
487,788
487,788
46,517,870
4,402,387
191,991
6,549,811
-
-
(253,891)
5,858,973
191,991
(5,858,973)
-
-
-
(40,171,109)
-
445,882
69,549,811
(46,517,870)
Reserves
Reserves
Earnings
Extraordinary
Legal
Retained
257,592,787
257,592,787
257,592,787
-
-
(46,517,870)
46,517,870
for the Year
Net Profit
107,552,724
107,552,724
-
-
-
(257,592,787)
TURCAS PETROL A.fi. AND ITS SUBSIDIARIES CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED DECEMBER 31, 2007
113
511,096,372
107,552,724
(1,742,072)
(31,374,000)
-
-
436,659,720
436,659,720
257,592,787
-
(40,425,000)
-
219,491,933
Total
31 ARALIK 2007 TAR‹H‹NDE SONA EREN YILA A‹T NAK‹T AKIM TABLOSU
‹flletme faaliyetlerinden elde edilen nakit ak›mlar›
Not
Dönem kâr›
107.552.724
257.592.787
- Maddi varl›klar›n amortisman›
19
1.066.036
4.406.311
- Maddi olmayan varl›klar›n itfa paylar›
20
420.821
1.832.986
- Sabit k›ymet sat›fl kâr›
38
(70.182)
(24.055.472)
- K›dem tazminat› karfl›l›¤›
23
61.013
(1.448.800)
- Kullan›lmam›fl izin karfl›l›¤›
23
104.170
169.967
7
123.937
180.403
38
(171.453.382)
- fiüpheli ticari alacak karfl›l›¤›ndaki de¤iflim
- Bölünme sonucu oluflan kâr
- Shell&Turcas Petrol A.fi. net dönem kâr›n›n
toplulu¤a ait pay›
16,38
(103.668.963)
(31.750.675)
41
2.242.346
13.159.838
‹flletme sermayesinde gerçekleflen de¤iflimler
7.831.902
48.633.963
Ticari alacaklardaki azal›fl
- Vergi tahakkuku
114
1.647.294
81.153.763
‹liflkili taraflardan alacaklardaki (art›fl) / azal›fl
365.498
(241.344)
Stoklardaki azal›fl
150.386
25.969.456
Di¤er alacaklar ve dönen varl›klardaki (art›fl) / azal›fl
355.961
(143.668)
Ticari borçlardaki art›fl / (azal›fl)
2.089.591
(22.276.355)
‹liflkili taraflara borçlardaki art›fl
1.866.158
346.042
Al›nan avanslar›n art›fl› / (azal›fl›)
Karfl›l›klardaki art›fl / (azal›fl)
Di¤er borçlar ve gider tahakkuklar›ndaki azal›fl
Faaliyetlerden elde edilen nakit
Ödenen k›dem tazminat›
Ödenen vergi
Faaliyetlerden elde edilen nakit
23
(234.090)
280.963
(1.912.223)
(21.098)
(67.717)
(4.490.210)
12.092.760
129.211.512
(70.311)
-
(2.275.117)
(14.772.175)
9.747.332
114.439.337
CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED DECEMBER 31, 2007
Cash flows from operating activities
Not
Jun. 1-Dec. 31, 2007
Jun. 1-Dec. 31, 2006
107,552,724
257,592,787
- Depreciation of property, plant and equipment
19
1,066,036
4,406,311
- Amortization of intangible assets
20
420,821
1,832,986
- Proceeds on disposal of fixed assets
38
(70,182)
(24,055,472)
- Provision for retirement pay
23
61,013
(1,448,800)
- Provision for unussed vacation
23
104,170
169,967
7
123,937
180,403
- Change in allowance for doubtful receivables
- Profit generated from spin-off
- Shell&Turcas Petrol A.fi.’s profit attributable to the Group
- Accrued taxation
38
-
(171,453,382)
16.38
(103,668,963)
(31,750,675)
41
2,242,346
13,159,838
Changes in working capital
7,831,902
48,633,963
Decrease in trade receivables
1,647,294
81,153,763
(Increase) / decrease in due from related parties
365,498
(241,344)
Decrease in inventories
150,386
25,969,456
(Increase) / decrease in other receivables and current assets
355,961
(143,668)
Increase / (decrease) in trade payables
2,089,591
(22,276,355)
Increase in due to related parties
1,866,158
346,042
Increase / (decrease) in received advances
(234,090)
280,963
Decrease in provisions
Decrease in other payables and expense accruals
Cash provided by operating activities
Retirement pay paid
Corporate tax paid
Net cash provided by operating activities
23
(1,912,223)
(21,098)
(67,717)
(4,490,210)
12,092,760
129,211,512
(70,311)
(2,275,117)
(14,772,175)
9,747,332
114,439,337
115
31 ARALIK 2007 TAR‹H‹NDE SONA EREN YILA A‹T NAK‹T AKIM TABLOSU
Yat›r›m faaliyetlerinden elde edilen nakit ak›mlar›
Kurulan flirketin sermayesine ilk kat›l›m pay›
Menkul k›ymet ak›mlar›ndan kaynaklanan nakit ç›k›fl
Not
16
(3.134.384)
(15.000)
5
Al›nan temettüler
Ba¤l› ortakl›k sat›n al›mlar› için ödenen nakit
32
Maddi duran varl›k al›m amac›yla yap›lan ödemeler
Maddi duran varl›k sat›fl›ndan elde edilen nakit
Maddi olmayan duran varl›k al›m› amac›yla yap›lan ödemeler
(200)
26.491.228
20
Yat›r›m faaliyetlerinden elde edilen nakit
(2.202.591)
(5.085.723)
(2.735.263)
217.749
27.297.393
(425.628)
(39.501)
15.860.451
24.507.629
Finansman faaliyetlerinden elde edilen nakit ak›mlar›
Ana ortakl›k d›fl› paylardaki de¤iflim
116
480
Al›nan krediler
1.684.587
Kredi ödemeleri
(385.141)
Ödenen tutarlar
(25.763.033)
(31.374.000)
(40.425.000)
(30.074.074)
(66.188.033)
Nakit ve nakit benzerlerindeki art›fl / (azal›fl)
(4.466.291)
72.758.933
Dönem bafl› nakit ve nakit benzerleri
91.964.745
19.205.812
Dönem sonu nakit ve nakit benzerleri
87.498.454
91.964.745
Finansman faaliyetlerinde kullan›lan nakit
CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED DECEMBER 31, 2007
Cash flows from operating activities
Participation share
Purchases of marketable securities
Not
Jun. 1-Dec. 31, 2007
Jun. 1-Dec. 31, 2006
16
(3,134,384)
(15,000)
5
Dividends received
Payments made for subsidiary purchases
32
Purchases of property, plant and equipment
Proceeds on disposal of fixed assets
Purchases of intangible assets
(200)
26,491,228
20
Net cash provided by investing activities
(2,202,591)
(5,085,723)
(2,735,263)
217,749
27,297,393
(425,628)
(39,501)
15,860,451
24,507,629
Cash flows from financing activities
Changes in minority interest
480
Loans received
1,684,587
Loan repayments
(385,141)
(25,763,033)
(31,374,000)
(40,425,000)
(30,074,074)
(66,188,033)
(4,466,291)
72,758,933
Dividends paid
Net cash used in financing activities
Net changes in cash and banks
Cash and banks at the beginning of year
91,964,745
19,205,812
Cash and banks at the end of year
87,498,454
91,964,745
117
31 ARALIK 2007 TAR‹H‹NDE SONA EREN YILA A‹T KONSOL‹DE MAL‹ TABLOLARA ‹L‹fiK‹N D‹PNOTLAR
1. fi‹RKET‹N ORGAN‹ZASYONU VE FAAL‹YET KONUSU
Turcas Petrol A.fi. ve ba¤l› ortakl›klar› (“Grup”), Turcas Petrol A.fi. (“fiirket”), toplam befl ba¤l› ortakl›k ve iki ifltirakten
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’ye %82,16 oran›nda ortak olmufltur.
30 Eylül 1999 tarihi itibarıyla Tabafl, 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 itibar›yla Tabafl Petrolcülük
A.fi.’nin ticari unvan› Turcas Petrol A.fi. olarak de¤ifltirilmifltir.
1 Temmuz 2006 tarihinde, Turcas Petrol A.fi. varl›klar›n bir k›sm›n› k›smi bölünme yoluyla Shell&Turcas Petrol A.fi.’ye
devretmifltir. Shell&Turcas Petrol A.fi.’nin %30’u Turcas Petrol A.fi.’ye %70’i ise The Shell Company of Turkey Ltd.’e aittir.
Bu tarihten sonra Turcas Petrol A.fi.’nin ana faaliyet konusu olan petrol ve petrol ürünleri al›m›, sat›m›, ihrac› ve ihracat›
yeni kurulan Shell&Turcas Petrol A.fi. taraf›ndan yürütülmeye bafllanm›flt›r. fiirket yönetim kurulunun ald›¤› karar ile, Turcas
Petrol A.fi.’nin faaliyet konusunun elektrik ve do¤algaz gibi alanlara kayd›r›lmas›na karar verilmifltir.
fiirket, Türkiye’de kay›tl› olup adresi afla¤›daki gibidir:
Emirhan Caddesi No: 145 Atakule Kat:6 Befliktafl/‹stanbul
fiirket hisse senetleri 1992 y›l›ndan beri ‹stanbul Menkul K›ymetler Borsas›’nda ifllem görmektedir.
fiirket’in ana hissedarlar› Aksoy Holding A.fi. ve Aksoy Petrol Da¤›t›m Yat›r›mlar› A.fi.’dir. fiirket’in ilgili bilanço tarihleri
itibar›yla sermaye yap›s› Not 25’te verilmifltir.
fiirket’in ba¤l› ortakl›klar› (“Ba¤l› Ortakl›klar”) ve temel faaliyet konular› afla¤›da belirtilmifltir:
118
31 Aral›k 2007
fiirket Unvan›
Marmara Petrol ve Rafineri ‹flleri A.fi. (“Marmara”)
31 Aral›k 2006
Do¤rudan
Dolayl›
Do¤rudan
Dolayl›
sahiplik
sahiplik
sahiplik
sahiplik
oran›
oran›
oran›
oran›
%
%
%
%
100,00
100,00
100,00
100,00
2,14
100,00
-
-
33,32
99,98
-
-
99,96
99,96
-
-
-
99,99
-
-
fiirket 1996 y›l›nda Marmara Petrol ve Rafinerileri A.fi. (“Marmara”)’n›n, 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.
Rafineri iflleme, akaryak›t depolama ve servisi konular›nda faaliyet göstermektedir. Denetim tarihi itibarıyla rafineri iflleme
faaliyeti bulunmamakta olup, akaryak›t depolama ve servisi faaliyeti devam etmektedir. 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. Rafineri Belgesini di¤er ATAfi ortaklar› ile birlikte Petrol ‹flleri Genel Müdürlü¤ü’ne iade etmifl, ATAfi’›n rafineri
faaliyetlerine son vermifl ve EPDK‘dan ATAfi‘a bir terminal lisans› alm›flt›r.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2007
1. ORGANIZATION AND OPERATIONS OF THE COMPANY
Turcas Petrol A.fi. and its subsidiaries (“The Group”) consists of, Turcas Petrol A.fi. (“The Company”), a total of five subsidiaries
and two affiliates.
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 of Turcas Petrolcülük A.fi. at TL 1,000 nominal value each, for USD 139,681,436,
resulting in an ownership of 82.16%.
On September 30, 1999, Tabafl merged with Turcas Petrolcülük A.fi. in accordance with the 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 and Turcas Petrolcülük A.fi. was dissolved. As of the same date, the commercial title of
Tabafl was changed to Turcas Petrol A.fi.
As of July 1, 2006, partial spin-off took place by, purchase of 30% of Shell&Turcas Petrol A.fi. shares by Turcas and 70%
of Shell&Turcas Petrol A.fi. shares by Shell Company of Turkey Ltd. Main operations of the Shell&Turcas Petrol A.fi is in
purchasing, selling, importing, exporting, and distributing all kinds of fuel products and lubricants.
The Company is incorporated in Turkey and the legal center address is as follows:
Emirhan caddesi No: 145 Atakule Kat:6 Befliktafl/Istanbul.
The Company shares are traded on Istanbul Stock Exchange since 1992.
The Company’s main shareholders are Aksoy Holding A.fi. and Aksoy Petrol Da¤›t›m Yat›r›mlar› A.fi. The details of the
Company’s main shareholders’ are provided in Note 25.
119
Distrubution of capital between shareholders are as follows;
December 31, 2007
December 31, 2007
Proportion of Proportion of
Proportion of
Proportion of
direct
effective
direct
effective
ownership
interest
ownership
interest
%
%
%
100.00
100.00
100.00
100.00
2.14
100.00
-
-
33.32
99.98
-
-
99.96
99.96
-
-
-
99.99
-
-
Shareholders
Marmara Petrol ve Rafineri ‹flleri A.fi. (“Marmara”)
%
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 the Turkish Law
and registered in Mersin, Turkey. Its main activity is refining oil in order to provide benefit for the participating companies.
ATAfi’s all operating expenses and income taxes are charged, and participants supply cash advances periodically for this
purpose. The rights of Atafl under the petroleum law are vested in the refinery companies of the participant shareholders.
As a result of the Board of Directors of the Company minute held on June 7, 2004, the company’s subsidiary Marmara
Petrol ve Rafineri ‹flleri A.fi. and the other ATAfi partners returned their Certificate of Refinery to the DGPA, put an end to
the refining operations of ATAfi and got a Terminal License for ATAfi from the Energy Market Regulatory Authority.
1. fi‹RKET‹N ORGAN‹ZASYONU VE FAAL‹YET KONUSU (DEVAMI)
Turcas Elektrik Üretim A.fi. 23 Aral›k 2003 tarihinde kurulmufl ve 16 fiubat 2006 tarihinden itibaren 20 y›l süreyle üretim
faaliyeti göstermek üzere Enerji Piyasas› Düzenleme Kurulu’nun 16 fiubat 2006 tarihli ve 658-2 say›l› karar› ile Elektrik
Üretim Lisans› alm›flt›r.
Turcas Elektrik Toptan Sat›fl A.fi. 30 Ekim 2000 tarihinde kurulmufl ve 5 Haziran 2003 tarihinden itibaren 10 y›l süreyle 4628
say›l› Elektrik Piyasas› Kanunu ve ilgili mevzuat uyar›nca elektrik toptan sat›fl faaliyeti göstermek üzere faaliyet göstermektedir.
Turcas Gaz Toptan Sat›fl A.fi. do¤algaz›n ithalat› ve toptan sat›fl› faaliyetlerinde bulunmak üzere 6 Haziran 2005’de kurulmufltur.
Turcas Rüzgar Enerji Üretim A.fi. 25 Ekim 2007 tarihinde kurulmufltur ve faaliyet konusu elektrik enerji üretim tesislerinin
kurulmas› ve iflletilmesi, elektrik enerjisi üretimi, üretilen enerji ve/veya kapasitenin müflterilere sat›fl faaliyetlerini
gerçeklefltirmektir. Turcas Rüzgar Enerji Üretim A.fi.’nin %99,99’una Turcas Elektrik Üretim A.fi. sahiptir.
Turcas Elektrik Toptan Sat›fl A.fi.’de bulunan Erdal Aksoy, S. Batu Aksoy, Banu Aksoy Tarakç›o¤lu, A. Belk›s Aksoy, F. Nilüfer
Say›t ve Ö. Faruk Acuner’e ait %99,96’l›k hisseler fiubat 2007 ve Turcas Gaz Toptan Sat›fl A.fi.’de bulunan Erdal Aksoy’a
ait %99,96’l›k hisseler 2007 y›l› Ocak ay› içerisinde Turcas taraf›ndan sat›n al›nm›flt›r.
Turcas Elektrik Üretim A.fi. ve Turcas Elektrik Toptan Sat›fl A.fi.’de 2007 y›l›n›n Aral›k ay›nda sermaye art›r›m›na gidilmifl,
art›r›m›n tamam›na Marmara Petrol ve Rafineri ‹flleri A.fi. ifltirak etmifltir. Bu nedenle Turcas Petrol A.fi.’nin do¤rudan sahiplik
oran› s›ras›yla %2,14 ve %33,32’ye gerilerken Marmara Petrol ve Rafineri ‹flleri A.fi.’nin pay› s›ras›yla %97,86 ve %66,67
olmufltur.
fiirket’in ba¤l› ortakl›klar›n›n detay› Not 2.3’de verilmektedir.
120
fiirket’in ifltiraklerinin detay› afla¤›da verilmektedir:
31 Aral›k 2007
fiirket Unvan›
31 Aral›k 2006
Do¤rudan
Dolayl›
Do¤rudan
Dolayl›
sahiplik
sahiplik
sahiplik
sahiplik
oran›
oran›
oran›
oran›
%
%
%
%
Shell&Turcas Petrol A.fi.
30,00
30,00
30,00
30,00
Socar&Turcas Enerji A.fi.
25,00
25,00
25,00
25,00
Shell&Turcas Petrol A.fi. her türlü akaryak›t ve ya¤lar›n sat›n al›m›, sat›fl›, ithalat ve ihracat›, depolamas› ve da¤›t›m›
konular›nda faaliyet göstermektedir.
Socar&Turcas Enerji A.fi. 28 Aral›k 2006 tarihinde kurulmufltur. Kurulan flirkette Turcas Petrol A.fi.’nin %25, Aksoy Holding
A.fi.’nin %24 ortakl›¤› bulunmaktad›r. fiirket’in faaliyet konusu endüstri sektöründe her türlü üretim, iflleme, sat›fl, da¤›t›m,
yat›r›m, araflt›rma, gelifltirme, ihracat ve ithalat faaliyetlerinde bulunmakt›r.
31 Aral›k 2007 tarihi itibarıyla fiirket’in 23 adet çal›flan› bulunmaktad›r (31 Aral›k 2006: 15).
1. ORGANIZATION AND OPERATIONS OF THE COMPANY (CONT’D)
Turcas Elektrik Üretim A.fi. has been established in 23 December 2003 and obtained Electric Production License from EPDK
for 20 years starting from February 16, 2006.
Turcas Elektrik Toptan Sat›fl A.fi. has been established in October 30, 2000 and obtained the right to operate in electric
wholesale business from EPDK for 20 years starting from June 5, 2003.
Turcas Gaz Toptan Sat›fl A.fi. has been established in June 6, 2005, in order to operate in the import of natural gas and
wholesale activities.
Turcas Rüzgar Enerji Üretim A.fi. has been established in 25 October 2007 and it operates in the installation and administration
of electric energy production facilities, electric energy production, the sale of the energy or capacity that has been produced
to clients. Turcas Elektrik Üretim A.fi. owns 99.99% of Turcas Rüzgar Enerji Üretim A.fi.
99.96% of shares that belong to Erdal Aksoy, S. Batu Aksoy, Banu Aksoy Tarakç›o¤lu, A. Belk›s Aksoy, F. Nilüfer Say›t ve
Ö. Faruk Acuner in Turcas Elektrik Toptan Sat›fl A.fi. and 99.96% of shares that belongs to Erdal Aksoy in Turcas Gaz Toptan
Sat›fl A.fi. has been purchased by Turcas in January 2007.
Turcas Elektrik Üretim A.fi. and Turcas Elektrik Toptan Sat›fl A.fi. has increased their capital in December 2007. Marmara
Petrol ve Rafineri ‹flleri A.fi. has fully participated in the increase. Thus, Turcas Petrol A.fi.’s proportion of direct ownership
has decreased to 2.14% and 33.32% respectively, while Marmara Petrol ve Rafineri ‹flleri A.fi.’s share has become 97.86%
and 66.67% respectively.
The Company’s subsidiaries’ detail has been explained in detail as seen in Note 2.3
The Company’s subsidiaries’ detail is as follows:
121
December 31, 2007
December 31, 2007
Proportion of Proportion of
Shareholders
Proportion of
Proportion of
direct
effective
direct
effective
ownership
interest
ownership
interest
%
%
%
%
30.00
30.00
30.00
30.00
25.00
25.00
25.00
25.00
Shell&Turcas Petrol A.fi. operates in every aspect of the purchase, sale, import, export, storage and distribution of all fuels
and oils.
Socar&Turcas Enerji A.fi. has been established in December 28, 2006. Turcas Petrol A.fi. has 25%, Aksoy Holding A.fi. has
24% partnership in the established company. It operates in industrial sector producing, processing, selling, distributing,
investing, researching, importing and exporting.
As of December 31, 2007, the company has 23 employees. (15, as of December 31, 2006)
2. MAL‹ TABLOLARIN SUNUMUNA ‹L‹fiK‹N ESASLAR
2.1 Uygulanan Muhasebe Standartlar›:
fiirket ve ba¤l› ortakl›klar›, yasal defterlerini ve kanuni mali tablolar›n› Türk Ticaret Kanunu (“TTK”) ve vergi mevzuat›nca
belirlenen muhasebe ilkelerine uygun olarak tutmakta ve haz›rlamaktad›r.
Sermaye Piyasas› Kurumu (“SPK”), Seri: XI, No: 25 say›l› “Sermaye Piyasalar›nda Muhasebe Standartlar› Hakk›nda Tebli¤”
ile kapsaml› bir muhasebe ilkeleri seti yay›nlam›flt›r. Bu Tebli¤, 1 Ocak 2005 tarihinden sonra sona eren ilk ara mali
tablolardan geçerli olmak üzere yürürlü¤e girmifltir. An›lan Tebli¤e de¤ifliklik getiren Seri: XI, No: 27 say›l› Tebli¤in 5. maddesi,
iflletmelerin Uluslararas› Finansal Raporlama Standartlar›’n› (“UFRS”) uygulamalar›n›n Seri: XI, No 25 say›l› Tebli¤’de öngörülen
düzenleme ve ilan yükümlülüklerinin yerine getirilmesi hükmünde oldu¤unu belirtmektedir.
‹liflikteki mali tablolar, yukar›da bahsedilen SPK’n›n izin verdi¤i alternatif uygulama çerçevesinde UFRS’ye göre haz›rlanm›fl
olup mali tablolar ve dipnotlar, SPK taraf›ndan 20 Aral›k 2004 tarihli duyuru ile uygulanmas› zorunlu k›l›nan formatlara
uygun olarak sunulmufltur.
2.2 Yüksek Enflasyon Dönemlerinde Mali Tablolar›n Düzeltilmesi:
SPK, 17 Mart 2005 tarihinde alm›fl oldu¤u bir kararla, Türkiye’de faaliyette bulunan ve SPK Muhasebe Standartlar›’na uygun
mali tablo haz›rlayan flirketler için, 1 Ocak 2005 tarihinden itibaren geçerli olmak üzere enflasyon muhasebesi uygulamas›n›n
gerekli olmad›¤›n› ilan etti¤i için bu tarihten itibaren Uluslararas› Muhasebe Standard› 29 “Yüksek Enflasyonist Ekonomilerde
Finansal Raporlama”ya göre finansal tablolar›n haz›rlanmas› ve sunumu uygulamas›n› sona erdirmifltir.
2.3 Konsolide Mali Tablolar›n Haz›rlanmas›ndaki Esaslar:
122
Ba¤l› ortakl›klar, do¤rudan fiirket taraf›ndan kontrol edilen iflletmelerdir. Kontrol gücü, fiirket’in do¤rudan veya dolayl› olarak
flirketlerin finansal ve faaliyet politikalar›n› yönetmesini ve bundan yarar elde etmesini ifade eder. Ba¤l› ortakl›klar›n mali
tablolar› yönetim kontrolünün bafllad›¤› tarihten kontrolün sona erdi¤i tarihe kadar konsolide mali tablolara dahil edilir.
Gerekli olmas› halinde, Grup’un izledi¤i muhasebe politikalar›yla ayn› olmas› amac›yla ba¤l› ortakl›klar›n mali tablolar›nda
muhasebe politikalar›yla ilgili düzeltmeler yap›lm›flt›r. Tüm grup içi ifllemler, bakiyeler, gelir ve giderler konsolidasyonda
elimine edilmifltir. Konsolide ba¤l› ortakl›klar›n net varl›klar›ndaki ana ortakl›k d›fl› paylar Grup’un özkayna¤›n›n d›fl›nda ayr›
olarak belirtilir. Az›nl›k paylar›, ilk iflletme birleflmelerinde oluflan (3.9’ya bak›n›z) bu paylar ile birleflme tarihinden itibaren
özkaynakta meydana gelen de¤iflikliklerdeki ana ortakl›k d›fl› paylar›n toplam›ndan oluflur. Ana ortakl›k d›fl› paylar›n oluflan
zararlar› telafi etmek için zorunlu bir yükümlülü¤ünün ve söz konusu zararlar› karfl›layabilmek için ilave yat›r›m yapabilme
imkan›n›n oldu¤u durumlar haricinde, ana ortakl›k d›fl› paylar›n ba¤l› ortakl›¤›n özkayna¤›ndaki pay›n› aflan ana ortakl›k d›fl›
paylara ait zararlar, Grup’un paylar›na da¤›t›l›r.
Ba¤l› Ortakl›k Al›mlar›:
Turcas Elektrik Üretim A.fi. ve Turcas Elektrik Toptan Sat›fl A.fi.’de bulunan Erdal Aksoy, S. Batu Aksoy, Banu Aksoy Tarakç›o¤lu,
A. Belk›s Aksoy, F. Nilüfer Say›t ve Ö. Faruk Acuner’e ait %99,96 l›k hisseler fiubat 2007’de 2.152.611 YTL ve Turcas Gaz
Toptan Sat›fl A.fi.’de bulunan Erdal Aksoy’a ait %99,96’l›k hisseler 2007 y›l› Ocak ay› içerisinde 49.980 YTL’ye Turcas taraf›ndan
sat›n al›nm›flt›r. Daha sonra Turcas Elektrik Üretim A.fi. ve Turcas Elektrik Toptan Sat›fl A.fi.’de 2007 y›l›n›n Aral›k ay›nda
sermaye art›r›m›na gidilmifl, art›r›m›n tamam›na Marmara Petrol ve Rafineri ‹flleri A.fi. ifltirak etmifltir. Ekli mali tablolarda
bu flirketlerin al›mlar› menfaatlerin birlefltirilmesi yöntemi kullan›larak muhasebelefltirilmifltir. Bu flirketlerin faaliyetlerinin
olmamas› ve aktif toplamlar›n›n ekli konsolide mali tablolar› etkilemeyecek kadar küçük olmas› nedeniyle bu sat›n al›m
ifllemi karfl›laflt›rmal› y›llarda da yap› de¤iflikli¤inin etkilerini yans›tacak flekilde düzenlenmemifltir. Ödenen tutar ile sat›n
al›nan ba¤l› ortakl›klar›n net aktifleri aras›ndaki 1.742.072 YTL’lik fark Özsermaye grubu alt›nda Geçmifl Y›llar Kâr/Zararlar›
kalemleri alt›nda gösterilmifltir.
2. BASIS OF THE FINANCIAL STATEMENTS
2.1 Accounting Standards:
The Company and its subsidiary maintain and prepare its books of account in accordance with accounting principles in
the Turkish Commercial Code and tax legislation.
Capital Market Board (CMB) issued Decree No XI-25 “Capital Markets Accounting Standards” that provides a detailed
accounting principals set. This Decree became effective for periods after January 1, 2005. Article 5 of Decree No XI-27,
which amends the mentioned Decree, declares that the entities applying International Financial Reporting Standards (IFRS)
are accepted as applying the preparation and disclosure requirements of Decree No XI-25.
Accompanying financial statements were prepared in accordance with IFRS, within the framework of alternative treatment
allowed by CMB as mentioned above and comply with CMB’s decree announced on December 20, 2004 regarding the
format of the financial statements and footnotes.
2.2 Preparation of Financial Satements in Hyperinflationary Periods:
The CMB with the resolution numbered 11/367 dated March 17, 2005 declared that companies operating in Turkey which
prepare their financial statements in accordance with the CMB Accounting Standards (including the application of IFRS)
effective January 1, 2005, will not be subject to the application of inflation accounting. Based on that declaration, in the
accompanying financial statements, IAS 29 “Financial Reporting in Hyperinflationary Economies” was not applied beginning
from January 1, 2005.
2.3 Consolidation:
The consolidated financial statements incorporate the financial statements of the Company and entities controlled or jointly
controlled by the Company (its subsidiaries). Control is achieved where the Company has the power to govern the financial
and operating policies of an entity so as to obtain benefits from its activities. Where necessary, adjustments are made to
the financial statements of subsidiaries to bring their accounting policies into line with those used by other members of
the Group. All intra-group transactions, balances, income and expenses are eliminated on consolidation. Minority interests
in the net assets of consolidated subsidiaries are identified separately from the Group’s equity therein. Minority interests
consist of the amount of those interests at the date of the original business combination and the minority’s share of
changes in equity since the date of the combination (Please refer to 3.9). Losses applicable to the minority in excess of
the minority’s interest in the subsidiary’s equity are allocated against the interests of the Group except to the extent that
the minority has a binding obligation and is able to make an additional investment to cover the losses.
Subsidiary Purchases:
Sat›fl A.fi. has been purchased by Turcas for TRY 49,480 in February 2007 and January 2007 respectively. Turcas Elektrik
Üretim A.fi. and Turcas Elektrik Toptan Sat›fl A.fi. has increased their capital in December 2007. Marmara Petrol ve Rafineri
‹flleri A.fi. has fully participated in the increase. The purchase of those companies were accounted for by using the uniting
of interest method. Those purchase were not reflected in the comparative consolidated financial statements to show the
effect of the change in structure of the company, because the companies that had been purchased had no operation
activities and their assets were too small. The TRY 1,742,072 difference between the amount paid and the net assets of
the subsidiaries that had been purchased has been shown under Previous Year Profit/Loss.
123
2. MAL‹ TABLOLARIN SUNUMUNA ‹L‹fiK‹N ESASLAR (DEVAMI)
2.4 Karfl›laflt›rmal› Bilgiler ve Önceki Dönem Tarihli Mali Tablolar›n Düzeltilmesi:
Mali durum ve performans trendlerinin tespitine imkan vermek üzere, Grup’un konsolide mali tablolar› önceki dönemle
karfl›laflt›rmal› haz›rlanmaktad›r. Mali tablolar›n kalemlerinin gösterimi veya s›n›fland›r›lmas› de¤iflti¤inde karfl›laflt›r›labilirli¤i
sa¤lamak amac›yla, önceki dönem mali tablolar› da buna uygun olarak yeniden s›n›fland›r›l›r.
2.5 Netlefltirme / Mahsup:
Finansal varl›k ve yükümlülükler, gerekli kanuni hak olmas›, söz konusu varl›k ve yükümlülükleri net olarak de¤erlendirmeye
niyet olmas› veya varl›klar›n elde edilmesi ile yükümlülüklerin yerine getirilmesinin efl zamanl› oldu¤u durumlarda net
olarak gösterilirler.
2.6 Yeni ve Revize Edilmifl Uluslararas› Finansal Raporlama Standartlar›:
Grup cari dönemde, Uluslararas› Muhasebe Standartlar› Kurulu (UMSK) ve Uluslararas› Finansal Raporlama Standartlar›n›
Yorumlama Komitesi (UFRYK) taraf›ndan 1 Ocak 2007 tarihinden geçerli olmak üzere yay›nlanm›fl yeni ve revize edilmifl
Uluslararas› Finansal Raporlama Standartlar› ve Yorumlar›’ndan kendi faaliyet konusu ile ilgili olanlar›n› SPK taraf›ndan 20
Aral›k 2004 tarihli duyuru ile uygulanmas› zorunlu k›l›nan formatlarla çeliflen hususlar haricinde uygulam›flt›r. Söz konusu
yeni ve revize standartlar ile yorumlar›n uygulanmas› Grup’un muhasebe politikalar›n›, afla¤›daki konularda etkilemifltir:
• UFRS 7, “Finansal Araçlar: Aç›klamalar”
• UMS 1, “Mali Tablolar›n Sunumu”
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UFRS 7, “Finansal Araçlar: Aç›klamalar”
Bu standart mali tablo kullan›c›lar›na Grup’un finansal araçlar›n›n önemini ve bahse konu finansal araçlardan kaynaklanan
risklerin niteli¤ini ve kapsam›n› de¤erlendirmelerine imkan veren aç›klamalar›n yap›lmas›n› gerektirir. Yeni aç›klamalar mali
tablolara dahil edilmifltir. Standard›n finansal sonuçlar üzerinde bir etkisi bulunmamakla birlikte, gerekti¤inde geçmifl
döneme ait karfl›laflt›rmal› bilgiler revize edilmifltir.
UMS 1, “Mali Tablolar›n Sunumu”
Bu de¤ifliklik, Grup’un mali tablo kullan›c›lar›na Grup sermayesinin yönetiminde Grup’un hedefledi¤i amaçlar› ile kulland›¤›
politika ve uygulamalar› hakk›nda de¤erlendirme yapmalar›na imkan veren yeni aç›klamalar sunmas›n› gerektirir.
2007 tarihinde yürürlü¤e giren ancak Grup’un operasyonlar› ile ilgili olmad›¤›ndan uygulanmayan standartlar, de¤ifliklikler
ve yorumlar
Afla¤›da yer alan standartlar ile önceki standartlara getirilen de¤ifliklikler ve yorumlar 1 Ocak 2007 tarihinde veya söz konusu
tarihten sonra bafllayan mali dönemler için zorunlu oldu¤u halde Grup’un faaliyetleri ile ilgili de¤ildir:
• UFRS 4, “Sigorta Sözleflmeleri”,
• UFRYK 7, “UMS 29 Yüksek Enflasyonlu Ekonomilerde Finansal Raporlama Standard› Çerçevesinde Düzeltme
Yaklafl›m›n›n Uygulanmas›”,
• UFRYK 8, “UFRS 2 Standard›n›n Kapsam›”,
• UFRYK 9, “Sakl› Türevlerin Yeniden De¤erlendirilmesi”,
• UFRYK 10, “Ara Dönem Finansal Raporlama ve De¤er Düflüklü¤ü”.
2. BASIS OF THE FINANCIAL STATEMENTS (CONT’D)
2.4 Comparative Information and Prior Period Financial Statement Correction:
The numerical balances in the financial statements are given comparative with the prior year, when the presentation of
financial statements or the reclassification of a balance changes, the prior year is also adjusted in accordance with the
current year.
2.5 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.
2.6 Adoption of New and Revised Standards:
In the current year, the Group has adopted all of the new and revised Standards and Interpretations
issued by the International Accounting Standards Board (“the IASB”) and the International Financial
Reporting Interpretations Committee (“IFRIC”) of the IASB that are relevant to its operations and
effective for accounting periods beginning on January 1, 2007. The adoption of these new and revised
Standards and Interpretations has resulted in changes to the Group’s accounting policies in the
following areas:
• IFRS 7, “Financial Instruments: Disclosures”
• IAS 1, “Presentation of Financial Statements”
IFRS 7, “Financial Instruments: Disclosures”
This standard requires disclosures that enable users of the financial statements to evaluate the
significance of the Group’s financial instruments and the nature and extent of risks arising from those
financial instruments. The new disclosures are included throughout the financial statements. While
there has been no effect on the financial position or results, comparative information has been revised
where needed.
IAS 1, “Presentation of Financial Statements”
This amendment requires the Group to make new disclosures to enable users of the financial statements to evaluate the
Group’s objectives, policies and processes for managing capital.
Standards, amendments and interpretations effective in 2007 but not relevant
The following standards, amendments and interpretations to published standards are mandatory for accounting periods
beginning on or after January 1, 2007 but they are not relevant to the Group’s operations:
• IFRS 4, “Insurance Contracts”,
• IFRIC 7, “Applying the Restatement Approach Under IAS 29, Financial Reporting in Hyperinflationary Economies”,
• IFRIC 8, “Scope of IFRS 2”,
• IFRIC 9, “Reassessment of Embedded Derivatives”,
• IFRIC 10, “Interim Financial Reporting and Impairment”.
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2. MAL‹ TABLOLARIN SUNUMUNA ‹L‹fiK‹N ESASLAR (DEVAMI)
2.6 Yeni ve Revize Edilmifl Uluslararas› Finansal Raporlama Standartlar›:
Henüz yürürlü¤e girmemifl ve Grup taraf›ndan erken uygulanmas› benimsenmemifl standartlar ile mevcut önceki standartlara
getirilen de¤ifliklikler ve yorumlar
Afla¤›daki Standartlar ve Yorumlar bu mali tablolar›n onaylanma tarihinde yay›nlanm›fl ancak yürürlü¤e girmemifltir:
• UFRYK 11, “UFRS 2 - Grup ve ‹flletmenin Geri Sat›n Al›nan Kendi Hisselerine ‹liflkin ‹fllemler”
1 Mart 2007 tarihinde veya bu tarihten sonra bafllayan mali dönemler için geçerlidir.
• UMS 23, “(Revize) Borçlanma Maliyetleri”
1 Ocak 2009 tarihinde veya bu tarihten sonra bafllayan mali dönemler için geçerlidir.
• UFRS 8, “Faaliyet Bölümleri”
• UFRYK 12, “Hizmet ‹mtiyaz Anlaflmalar›”
• UFRYK 13, “Müflteri Ba¤l›l›k Programlar›”
1 Temmuz 2008 tarihinde veya bu tarihten sonra bafllayan mali dönemler için geçerlidir.
126
• UFRYK 14, “UMS 19- Tan›mlanm›fl Fayda Varl›¤› Üzerindeki S›n›rlama,
Asgari Fonlama Gereklilikleri ve Birbirleriyle Olan Karfl›l›kl› Etkileflimleri”
• UFRS 2, “Hisse Bazl› Ödemeler” Hakedifl Koflullar› ve ‹ptallerine ‹liflkin De¤ifliklik.
•
•
•
•
UFRS 3, “‹flletme Birleflmeleri”
UMS 27, “Konsolide ve Bireysel Finansal Tablolar”
UMS 28, “‹fltiraklerdeki Yat›r›mlar”
UMS 31 “‹fl Ortakl›klar›ndaki Paylar” Sat›n Alma Yönteminin Uygulanmas› Hakk›nda Kapsaml› De¤ifliklik
1 Temmuz 2009 tarihinde veya bu tarihten sonra bafllayan mali dönemler için geçerlidir.
• UMS 32, “Finansal Araçlar: Sunum” Geri Sat›n Alma Opsiyonlu Finansal Araçlar ve Nakde
Çevrilmelerinde Do¤acak Yükümlülüklerin Aç›klanmas› Hakk›nda De¤ifliklik
Grup yöneticileri, yukar›daki Standart ve Yorumlar›n uygulanmas›n›n gelecek dönemlerde Grup’un mali tablolar› üzerinde
önemli bir etki yaratmayaca¤›n› düflünmektedir.
2. BASIS OF THE FINANCIAL STATEMENTS (CONT’D)
2.6 Adoption of New and Revised Standards:
Standards, amendments and interpretations to existing standards that are not yet effective and have not been early
adopted by the Group
At the date of authorization of these financial statements, the following Standards and Interpretations were in issue but
not yet effective:
• IFRIC 11, “IFRS 2 - Group and Treasury Share Transactions”
Effective for annual periods beginning on or after March 1, 2007
• IAS 23, “(Amendment) Borrowing Costs”
Effective for annual periods beginning on or after January 1, 2009
• IFRS 8, “Operating Segments”
• IFRIC 12, “Service Concession Arrangements”
• IFRIC 13, “Customer Loyalty Programmes”
Effective for annual periods beginning on or after July 1, 2008
• IFRIC 14, “IAS 19- The limit on a defined benefit asset,
minimum funding requirements and their interaction”
• IFRS 2, “Share-Based Payment” Amendment
Relating to Vesting Conditions and Cancellations
•
•
•
•
IFRS 3, “Business Combinations”
IAS 27, “Consolidated and Separate Financial Statements”
IAS 28, “Investments in Associates”
IAS 31 “Interests in Joint Ventures”
Comprehensive revision on applying the acquisition method
Effective for annual periods beginning on or after July 1, 2009
• IAS 32, “Financial Instruments: Presentation”
Amendments relating to disclosure of puttable instruments and obligations arising on liquidation
Group management, anticipates that adoption of these Standards and Interpretations in future periods will have no material
impact on the financial statements of the Group.
127
3. UYGULANAN DE⁄ERLEME ‹LKELER‹ / MUHASEBE POL‹T‹KALARI
3.1 Has›lat:
Gelirler, gelir tutar›n›n güvenilir flekilde belirlenebilmesi ve ifllemle ilgili ekonomik yararlar›n Grup’a akmas›n›n muhtemel
olmas› üzerine al›nan veya al›nabilecek bedelin gerçe¤e uygun 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.
Mallar›n sat›fl›ndan elde edilen gelir, afla¤›daki flartlar karfl›land›¤›nda muhasebelefltirilir:
• Grup’un mülkiyetle ilgili tüm önemli riskleri ve kazan›mlar› al›c›ya devretmesi,
• Grup’un mülkiyetle iliflkilendirilen ve süregelen bir idari kat›l›m›n›n ve sat›lan mallar üzerinde etkin bir
kontrolünün olmamas›,
• Gelir tutar›n›n güvenilebilir bir flekilde ölçülmesi,
• ‹fllemle iliflkili olan ekonomik faydalar›n iflletmeye ak›fl›n›n olas› olmas›,
• ‹fllemden kaynaklanacak maliyetlerin güvenilebilir bir flekilde ölçülmesi.
Faiz geliri, kalan anapara bakiyesi ile beklenen ömrü boyunca ilgili finansal varl›ktan elde edilecek tahmini nakit girifllerini
söz konusu varl›¤›n kay›tl› de¤erine indirgeyen efektif faiz oran› nispetinde ilgili dönemde tahakkuk ettirilir.
Hisse senedi yat›r›mlar›ndan elde edilen temettü geliri, hissedarlar›n temettü alma hakk› do¤du¤u zaman kayda al›n›r.
3.2 Stoklar›n De¤erlemesi:
128
Stoklar, net gerçekleflebilir de¤er ya da maliyet bedelinden düflük olan› ile de¤erlenir. Maliyet, a¤›rl›kl› ortalama metodu
ile hesaplanmaktad›r. Net gerçekleflebilir de¤er, ola¤an ticari faaliyet içerisinde oluflan tahmini sat›fl fiyat›ndan tahmini
tamamlanma maliyeti ve sat›fl› gerçeklefltirmek için gerekli tahmini sat›fl maliyeti toplam›n›n indirilmesiyle elde edilen
tutard›r.
3.3 Maddi Varl›klar:
Maddi varl›klar, 1 Ocak 2005 tarihinden önce sat›n al›nan kalemler için 31 Aral›k 2004 tarihi itibarıyla enflasyonun etkilerine
göre düzeltilmifl maliyet de¤erlerinden; 2005 ve sonras›nda al›nan kalemler için sat›n al›m maliyet de¤erlerinden birikmifl
amortisman ve kal›c› de¤er kay›plar› düflülerek mali tablolara yans›t›l›r.
Maddi varl›klar do¤rusal amortisman metoduyla amortismana tabi tutulmufltur. Arsa, faydal› ömrünün s›n›rs›z kabul
edilmesinden dolay› amortismana tabi tutulmamaktad›r. Maddi varl›klar›n amortisman dönemleri, tahmin edilen faydal›
ömürleri esas al›narak, afla¤›da belirtilmifltir:
Yeralt› ve yerüstü düzenleri
Makina ve cihazlar
Tafl›tlar
Demirbafllar
Özel maliyetler
5-10 y›l
5-10 y›l
5 y›l
5-10 y›l
5 y›l
Beklenen faydal› ömür, kal›nt› de¤er ve amortisman yöntemi, tahminlerde ortaya ç›kan de¤iflikliklerin olas› etkilerini ileriye
dönük olarak tespit etmek amac›yla her y›l gözden geçirilir.
Maddi duran varl›klar›n elden ç›kart›lmas› ya da bir maddi duran varl›¤›n hizmetten al›nmas› sonucu oluflan kâr veya
zarar sat›fl has›lat› ile varl›¤›n defter de¤eri aras›ndaki fark olarak belirlenerek, gelir tablosuna dahil edilir.
3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
3.1 Revenue:
Revenue is recognized on accrual basis over the amount obtained or to be obtained based on the assumptions 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.
Revenue from sale of goods is recognised when all the following conditions are satisfied:
• The Group transfers the significant risks and rewards of ownership of the goods to the buyer;
• The Group retains neither continuing managerial involvement to the degree usually associated
with ownership nor effective control over the goods sold;
• The amount of revenue can be measured reliably;
• It is probable that the economic benefits associated with the transaction will flow to the entity
• The costs incurred or to be incurred in respect of the transaction can be measured reliably
Interest income is recorded on the basis of effective interest rate method and dividend income is recorded when the right
of dividend income emerges.
Dividend revenue from investments is recognized when the shareholders’ rights to receive payment have been established.
3.2 Inventories:
Inventories are valued at the lower of cost or net realizable value. Cost elements included in inventories comprise all costs
of materials purchased, labour and an appropriate amount for factory overheads. The cost of inventories is determined
on a weighted average basis. Net realizable value is the estimate of the selling price in the ordinary course of business,
less the costs of completion and selling expenses.
3.3 Tangible Assets:
Property, plant and equipment that are acquired before January 1, 2005 are carried with their restated cost as of December
31, 2004; and intangible assets that are acquired after January 1, 2005 are carried with their cost after subtracting
accumulated depreciation and impairment.
Property, plant and equipment except land that is deemed to have indefinite life are depreciated principally on a straightline basis on their inflation adjusted amounts. Property, plant and equipment are depreciated over the following useful
lives:
Land improvements
Machinery and equipment
Vehicles
Furnitue and fixtures
Leasehold improvements
5-10 years
5-10 years
5 years
5-10 years
5 years
The estimated useful life and amortization method are reviewed at the end of each annual reporting period, with the
effect of any changes in estimate being accounted for on a prospective basis.
Gains or losses on disposals of tangible assets with respect to their restated amounts are included in the related income
and expense accounts, as appropriate where the carrying amount of an asset is greater than its estimated recoverable
amount, it is written down immediately to its recoverable amount.
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3. UYGULANAN DE⁄ERLEME ‹LKELER‹ / MUHASEBE POL‹T‹KALARI (DEVAMI)
3.4 Finansal Kiralama ‹fllemleri:
Yoktur.
3.5 Maddi Olmayan Varl›klar:
Di¤er maddi olmayan varl›klar, 1 Ocak 2005 tarihinden önce sat›n al›nan kalemler için enflasyonun etkilerine göre düzeltilmifl
maliyetlerinden ve 1 Ocak 2005’ten sonra sat›n al›nan kalemler için sat›n al›m maliyet de¤erinden, birikmifl itfa ve tükenme
paylar› ile kal›c› de¤er kay›plar› düflülmüfl olarak gösterilirler.
Di¤er maddi olmayan varl›klar edinilmifl ticari ünvan kullanma haklar› ve bilgisayar yaz›l›mlar›ndan oluflmaktad›r. Faydal›
ömürleri olan 5-15 y›l boyunca do¤rusal olarak itfa edilirler.
3.6 Varl›klarda De¤er Düflüklü¤ü:
fierefiye gibi s›n›rs›z ömrü olan varl›klar itfaya tabi tutulmazlar. Bu varl›klar için her y›l de¤er düflüklü¤ü testi uygulan›r.
‹tfaya tabi olan varl›klar için ise defter de¤erinin geri kazan›lmas›n›n mümkün olmad›¤› durum ya da olaylar›n ortaya ç›kmas›
halinde de¤er düflüklü¤ü testi uygulan›r. Varl›¤›n defter de¤erinin geri kazan›labilir tutar›n› aflmas› durumunda de¤er
düflüklü¤ü karfl›l›¤› kaydedilir. Geri kazan›labilir tutar, sat›fl maliyetleri düflüldükten sonra elde edilen gerçe¤e uygun de¤er
veya kullan›mdaki de¤erin büyük olan›d›r. De¤er düflüklü¤ünün de¤erlendirilmesi için varl›klar ayr› tan›mlanabilir nakit
ak›mlar›n›n oldu¤u en düflük seviyede gruplan›r (nakit üreten birimler). fierefiye haricinde de¤er düflüklü¤üne tabi olan
finansal olmayan varl›klar her raporlama tarihinde de¤er düflüklü¤ünün olas› iptali için gözden geçirilir.
3.7 Borçlanma Giderleri:
130
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.
3.8 Finansal Araçlar:
3.8.1 Finansal Varl›klar:
Finansal yat›r›mlar, gerçe¤e uygun de¤er fark› kâr veya zarara yans›t›lan ve gerçe¤e uygun de¤erinden kay›tlara al›nan
finansal varl›klar haricinde, gerçe¤e uygun piyasa de¤erinden al›m ifllemiyle do¤rudan iliflkilendirilebilen harcamalar
düflüldükten sonra kalan tutar üzerinden muhasebelefltirilir. Yat›r›mlar, yat›r›m araçlar›n›n ilgili piyasa taraf›ndan belirlenen
süreye uygun olarak teslimat› koflulunu tafl›yan bir kontrata ba¤l› olan ifllem tarihinde kay›tlara al›n›r veya kay›tlardan
ç›kar›l›r.
Finansal varl›klar “gerçe¤e uygun de¤er fark› kâr veya zarara yans›t›lan finansal varl›klar”, “vadesine kadar elde tutulacak
yat›r›mlar”, “sat›lmaya haz›r finansal varl›klar” ve “kredi ve alacaklar” olarak s›n›fland›r›l›r.
Gerçe¤e uygun de¤er fark› kâr veya zarara yans›t›lan finansal varl›klar:
Gerçe¤e uygun de¤er fark› gelir tablosuna yans›t›lan finansal varl›klar; al›m-sat›m amac›yla elde tutulan finansal varl›klard›r.
Bir finansal varl›k k›sa vadede elden ç›kar›lmas› amac›yla edinildi¤i zaman söz konusu kategoride s›n›fland›r›l›r. Finansal
riske karfl› etkili bir koruma arac› olarak belirlenmemifl olan türev ürünleri teflkil eden bahse konu finansal varl›klar da
gerçe¤e uygun de¤er fark› kâr veya zarara yans›t›lan finansal varl›klar olarak s›n›fland›r›l›r. Bu kategoride yer alan varl›klar,
dönen varl›klar olarak s›n›fland›r›l›rlar.
3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D)
3.4 Financial Leases:
None.
3.5 Intangible Assets:
Intangible assets represent trade names and other rights and intangible assets purchased before January 1, 2005 are
carried with their restated cost as of 31 December 2004, and intangible assets that are acquired after January 1, 2005
are carried with their cost after subtracting accumulated depreciation and impairment.
Amortization is charged to consolidated 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.
3.6 Impairment of Assets:
At each balance sheet date, the Group reviews the carrying amounts of all of its assets, excluding goodwill and deferred
tax, to determine whether there is any indication that those assets have suffered from an impairment loss. If any such
indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment
loss (if any) at each balance sheet date. Intangible assets are also tested for impairment and, if there is any indication
of their usage, the recoverable amount of the assets is estimated at each balance sheet date. If the book value of these
assets or any unit producing cash, belonging to that asset, are higher than their value of use or their net selling prices,
than there is an impairment in the value of these assets. The impairment losses are recognized in the income statement.
3.7 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.
3.8 Financial Instruments:
3.8.1 Financial Assets:
Investments are recognised and derecognised on a trade date where the purchase or sale of an investments under a
contract whose terms require delivery of the investment within the timeframe established by the market concerned, and
are initially measured at fair value, net of transaction costs except for those financial assets classified as at fair value
through profit or loss, which are initially measured at fair value.
Financial assets are classified into the following specified categories: financial assets as “at fair value through profit or
loss” (FVTPL), “held-to-maturity investments”, “available-for-sale” (AFS) financial assets and ‘loans and receivables”.
Financial assets at FVTPL:
Financial assets at fair value through profit or loss are financial assets held for trading. A financial asset is classified in
this category if acquired principally for the purpose of selling in the short-term. Derivatives are also categorized as held
for trading unless they are designated as hedges. Assets in this category are classified as current assets.
131
3.8.1 Finansal Varl›klar (devam›)
Vadesine kadar elde tutulan finansal varl›klar:
Grup’un vadesine kadar elde tutma olana¤› ve niyeti oldu¤u, sabit veya belirlenebilir bir ödeme plan›na sahip, sabit vadeli
borçlanma araçlar›, vadesine kadar elde tutulacak yat›r›mlar olarak s›n›fland›r›l›r. Vadesine kadar elde tutulacak yat›r›mlar
etkin faiz yöntemine göre itfa edilmifl maliyet bedelinden de¤er düflüklü¤ü tutar› düflülerek kay›tlara al›n›r ve ilgili gelirler
etkin faiz yöntemi kullan›lmak suretiyle hesaplan›r.
Sat›lmaya haz›r finansal varl›klar:
Sat›lmaya haz›r finansal varl›klar (a) vadesine kadar elde tutulacak finansal varl›k olmayan veya (b) al›m sat›m amaçl›
finansal varl›k olmayan finansal varl›klardan oluflmaktad›r. Sat›lmaya haz›r finansal varl›klar kay›tlara al›nd›ktan sonra
güvenilir bir flekilde ölçülebiliyor olmas› kofluluyla gerçe¤e uygun de¤erleriyle de¤erlenmektedir. Gerçe¤e uygun de¤eri
güvenilir bir flekilde ölçülemeyen ve aktif bir piyasas› olmayan menkul k›ymetler maliyet de¤eriyle gösterilmektedir.
Sat›lmaya haz›r finansal varl›klara iliflkin kâr veya zararlara ilgili dönemin gelir tablosunda yer verilmektedir. Bu tür varl›klar›n
makul de¤erinde meydana gelen de¤ifliklikler özkaynak hesaplar› içinde gösterilmektedir. ‹lgili varl›¤›n elden ç›kar›lmas›
veya de¤er düflüklü¤ü olmas› durumunda özkaynak hesaplar›ndaki tutar kâr / zarar olarak gelir tablosuna transfer edilir.
Sat›lmaya haz›r finansal varl›k olarak s›n›fland›r›lan özkaynak araçlar›na yönelik yat›r›mlardan kaynaklanan ve gelir tablosunda
muhasebelefltirilen de¤er düflüfl karfl›l›klar›, sonraki dönemlerde gelir tablosundan iptal edilemez. Sat›lmaya haz›r olarak
s›n›fland›r›lan özkaynak araçlar› haricinde, de¤er düflüklü¤ü zarar› sonraki dönemde azal›rsa ve azal›fl de¤er düflüklü¤ü
zarar›n›n muhasebelefltirilmesi sonras›nda meydana gelen bir olayla iliflkilendirilebiliyorsa, önceden muhasebelefltirilen
de¤er düflüklü¤ü zarar› gelir tablosunda iptal edilebilir.
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Krediler ve alacaklar:
Sabit ve belirlenebilir ödemeleri olan, piyasada ifllem görmeyen ticari ve di¤er alacaklar ve krediler bu kategoride s›n›fland›r›l›r.
Krediler ve alacaklar etkin faiz yöntemi kullan›larak iskonto edilmifl maliyeti üzerinden de¤er düflüklü¤ü düflülerek gösterilir.
Finansal varl›klarda de¤er düflüklü¤ü:
Gerçe¤e uygun de¤er fark› kâr veya zarara yans›t›lan finansal varl›klar d›fl›ndaki finansal varl›k veya finansal varl›k gruplar›,
her bilanço tarihinde de¤er düflüklü¤üne u¤rad›klar›na iliflkin göstergelerin bulunup bulunmad›¤›na dair de¤erlendirmeye
tabi tutulur. Finansal varl›¤›n ilk muhasebelefltirilmesinden sonra bir veya birden fazla olay›n meydana gelmesi ve söz
konusu olay›n ilgili finansal varl›k veya varl›k grubunun güvenilir bir biçimde tahmin edilebilen gelecekteki nakit ak›mlar›
üzerindeki olumsuz etkisi sonucunda ilgili finansal varl›¤›n de¤er düflüklü¤üne u¤rad›¤›na iliflkin tarafs›z bir göstergenin
bulunmas› durumunda de¤er düflüklü¤ü zarar› oluflur. Kredi ve alacaklar için de¤er düflüklü¤ü tutar› gelecekte beklenen
tahmini nakit ak›mlar›n›n finansal varl›¤›n etkin faiz oran› üzerinden iskonto edilerek hesaplanan bugünkü de¤eri ile defter
de¤eri aras›ndaki farkt›r.
Bir karfl›l›k hesab›n›n kullan›lmas› yoluyla defter de¤erinin azalt›ld›¤› ticari alacaklar haricinde, bütün finansal varl›klarda,
de¤er düflüklü¤ü do¤rudan ilgili finansal varl›¤›n kay›tl› de¤erinden düflülür. Ticari alaca¤›n tahsil edilememesi durumunda
söz konusu tutar karfl›l›k hesab›ndan düflülerek silinir. Karfl›l›k hesab›ndaki de¤iflimler gelir tablosunda muhasebelefltirilir.
Sat›lmaya haz›r özkaynak araçlar› haricinde, de¤er düflüklü¤ü zarar› sonraki dönemde azal›rsa ve azal›fl de¤er düflüklü¤ü
zarar›n›n muhasebelefltirilmesi sonras›nda meydana gelen bir olayla iliflkilendirilebiliyorsa, önceden muhasebelefltirilen
de¤er düflüklü¤ü zarar›, de¤er düflüklü¤ünün iptal edilece¤i tarihte yat›r›m›n de¤er düflüklü¤ü hiçbir zaman muhasebelefltirilmemifl
olmas› durumunda ulaflaca¤› itfa edilmifl maliyet tutar›n› aflmayacak flekilde gelir tablosunda iptal edilir.
Sat›lmaya haz›r özkaynak araçlar›n›n gerçe¤e uygun de¤erinde de¤er düflüklü¤ü sonras›nda meydana gelen art›fl, do¤rudan
özkaynaklarda muhasebelefltirilir.
3.8.1 Financial Assets (cont’d)
Held to maturity investments:
Investments in debt securities with fixed or determinable payments and fixed maturity dates that the Group has the
positive intent and ability to hold to maturity are classified as held-to-maturity investments. Held-to-maturity investments
are recorded at amortized cost using the effective interest method less impairment, with revenue recognized on an
effective yield basis.
Available for sale financial assets:
Investments other than held-to-maturity debt securities and held for trading securities are classified as available-for-sale,
and are measured at subsequent reporting dates at fair value except available-for-sale investments that do not have
quoted prices in active markets and whose fair values cannot be reliably measured are stated at cost and restated to the
equivalent purchasing power. Gains and losses arising from changes in fair value 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 recognized
in equity is included in the profit or loss for the period. Impairment losses recognized in profit or loss for equity investments
classified as available-for-sale are not subsequently reversed through profit or loss. Impairment losses recognized in profit
or loss for debt instruments classified as available-for-sale are subsequently reversed if an increase in the fair value of
the instrument can be objectively related to an event occurring after the recognition of the impairment loss.
Available for sale financial assets of a foreign currency has a fair value, calculated by using the foreign exchange rate of
the relevant foreign currency’s current value at the reporting date. Asset’s difference of fair value, caused by the foreign
exchange rate is recorded in income/loss and other changes are recorded in equity capital.
Loans and receivables:
Trade receivables, loans, and other receivables that have fixed or determinable payments that are not quoted in an active
market are classified as ‘loans and receivables’. Loans and receivables are measured at amortized cost using the effective
interest method less any impairment.
Impairment of financial assets:
Financial assets, other than those at FVTPL, are assessed for indicators of impairment at each balance sheet date. Financial
assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial
recognition of the financial asset, the estimated future cash flows of the investment have been impacted. For financial
assets carried at amortized cost, the amount of the impairment is the difference between the asset’s carrying amount
and the present value of estimated future cash flows, discounted at the original effective interest rate.
The carrying amount of the financial asset is reduced by the impairment loss directly for all financial assets with the
exception of trade receivables where the carrying amount is reduced through the use of an allowance account. When a
trade receivable is uncollectible, it is written off against the allowance account. Subsequent recoveries of amounts previously
written off are credited against the allowance account. Changes in the carrying amount of the allowance account are
recognized in profit or loss.
With the exception of AFS equity instruments, if, in a subsequent period, the amount of the impairment loss decreases
and the decrease can be related objectively to an event occurring after the impairment was recognized, the previously
recognized impairment loss is reversed through profit or loss to the extent that the carrying amount of the investment
at the date the impairment is reversed does not exceed what the amortized cost would have been had the impairment
not been recognized.
In respect of AFS equity securities, any increase in fair value subsequent to an impairment loss is recognised directly in
equity.
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3.8.1 Finansal Varl›klar (devam›)
Nakit ve nakit benzerleri
Nakit ve nakit benzeri kalemleri, nakit para, vadesiz mevduat ve sat›n al›m tarihinden itibaren vadeleri 3 ay veya 3 aydan
daha az olan, hemen nakde çevrilebilecek olan ve önemli tutarda de¤er de¤iflikli¤i riski tafl›mayan yüksek likiditeye sahip
di¤er k›sa vadeli yat›r›mlard›r.
3.8.2 Finansal Yükümlülükler:
Grup’un finansal yükümlülükleri ve özkaynak araçlar›, sözleflmeye ba¤l› düzenlemelere, finansal bir yükümlülü¤ün ve
özkayna¤a dayal› bir arac›n tan›mlanma esas›na göre s›n›fland›r›l›r. Grup’un tüm borçlar› düflüldükten sonra kalan varl›klar›ndaki
hakk› temsil eden sözleflme özkayna¤a dayal› finansal araçt›r. Belirli finansal yükümlülükler ve özkayna¤a dayal› finansal
araçlar için uygulanan muhasebe politikalar› afla¤›da belirtilmifltir.
Finansal yükümlülükler gerçe¤e uygun de¤er fark› kâr veya zarara yans›t›lan finansal yükümlülükler veya di¤er finansal
yükümlülükler olarak s›n›fland›r›l›r.
Gerçe¤e uygun de¤er fark› kâr veya zarara yans›t›lan finansal yükümlülükler
Gerçe¤e uygun de¤er fark› kâr veya zarara yans›t›lan finansal yükümlülükler, gerçe¤e uygun de¤eriyle kayda al›n›r ve her
raporlama döneminde, bilanço tarihindeki gerçe¤e uygun de¤eriyle yeniden de¤erlenir. Gerçe¤e uygun de¤erlerindeki
de¤iflim, gelir tablosunda muhasebelefltirilir. Gelir tablosunda muhasebelefltirilen net kazanç ya da kay›plar, söz konusu
finansal yükümlülük için ödenen faiz tutar›n› da kapsar.
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Di¤er finansal yükümlülükler
Di¤er finansal yükümlülükler bafllang›çta ifllem maliyetlerinden ar›nd›r›lm›fl gerçe¤e uygun de¤erleriyle muhasebelefltirilir.
Di¤er finansal yükümlülükler sonraki dönemlerde etkin faiz oran› üzerinden hesaplanan faiz gideri ile birlikte etkin faiz
yöntemi kullan›larak itfa edilmifl maliyet bedelinden muhasebelefltirilir.
Etkin faiz yöntemi, finansal yükümlülü¤ün itfa edilmifl maliyetlerinin hesaplanmas› ve ilgili faiz giderinin iliflkili oldu¤u
döneme da¤›t›lmas› yöntemidir. Etkin faiz oran›; finansal arac›n beklenen ömrü boyunca veya uygun olmas› halinde daha
k›sa bir zaman dilimi süresince gelecekte yap›lacak tahmini nakit ödemelerini tam olarak ilgili finansal yükümlülü¤ün net
bugünkü de¤erine indirgeyen orand›r.
3.9 ‹flletme Birleflmeleri:
Yoktur.
3.10 Kur De¤ifliminin Etkileri:
Grup’un her iflletmesinin solo mali tablolar› faaliyette bulunduklar› temel ekonomik çevrede geçerli olan para birimi
(fonksiyonel para birimi) ile sunulmufltur. Her iflletmenin mali durumu ve faaliyet sonuçlar›, Grup’un geçerli para birimi
olan ve konsolide mali tablolar için sunum birimi olan YTL cinsinden ifade edilmifltir.
3.8.1 Financial Assets (cont’d)
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and demand deposits and other short-term highly liquid investments
which their maturities are three months or less from date of acquisition and that are readily convertible to a known amount
of cash and are subject to an insignificant risk of changes in value.
3.8.2 Financial Liabilities:
Financial liabilities and equity instruments issued by the Group are classified according to the substance of the contractual
arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is
any contract that evidences a residual interest in the assets of the Group after deducting all of its liabilities. The accounting
policies adopted for specific financial liabilities and equity instruments are set out below.
Financial liabilities are classified as either financial liabilities at FVTPL or other financial liabilities.
Financial liabilities at FVTPL
Financial liabilities are classified as at FVTPL where the financial liability is either held for trading or it is designated as at
FVTPL. Financial liabilities at FVTPL are stated at fair value, with any resultant gain or loss recognized in profit or loss. The
net gain or loss recognized in profit or loss incorporates any interest paid on the financial liability. Fair value is determined
in the manner described in note 44.
Other financial liabilities
Other financial liabilities, including borrowings, are initially measured at fair value, net of transaction costs.
Other financial liabilities are subsequently measured at amortized cost using the effective interest method, with interest
expense recognized on an effective yield basis.
The effective interest method is a method of calculating the amortised cost of a financial liability and of allocating interest
expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash
payments through the expected life of the financial liability, or, where appropriate, a shorter period.
3.9 Business Combinations:
None.
3.10 Foreign Currency Transactions:
The individual financial statements of each group entity are presented in the currency of the primary economic environment
in which the entity operates (its functional currency). For the purpose of the consolidated financial statements, the results
and financial position of each entity are expressed in TRY, which is the functional currency of the Company, and the
presentation currency for the consolidated financial statements.
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3.10 Kur De¤ifliminin Etkileri (devam›)
fiirket ve ba¤l› ortakl›klar› 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› parasal varl›k ve
borçlar, bilanço tarihinde geçerli olan kurlar kullan›larak Yeni Türk Liras›’na çevrilmifllerdir. Gerçe¤e uygun de¤erden ölçülen
yabanc› para birimindeki parasal olmayan kalemler gerçe¤e uygun de¤erin belirlendi¤i tarihteki döviz kurlar› kullan›larak
çevrilir. Tarihi maliyet cinsinden ölçülen yabanc› para birimindeki parasal olmayan kalemler yeniden çevrilmezler. Parasal
kalemlerin çevrimden ve dövizli ifllemlerin tahsil ve tediyelerinden kaynaklanan kambiyo karlar› ve zararlar› gelir tablosunda
yer almaktad›r.
Kur farklar›, afla¤›da belirtilen durumlar haricinde, olufltuklar› dönemdeki kâr ya da zararda muhasebelefltirilirler:
• Gelece¤e yönelik kullan›m amac›yla infla edilmekte olan varl›klarla iliflkili olan ve yabanc› para birimiyle gösterilen borçlar
üzerindeki faiz maliyetlerine düzeltme olarak ele al›nan ve bu tür varl›klar›n maliyetine dahil edilen kur farklar›,
• Yabanc› para biriminden kaynaklanan risklere karfl› finansal koruma sa¤lamak amac›yla gerçeklefltirilen ifllemlerden
kaynaklanan kur farklar›,
• Yurtd›fl› faaliyetindeki net yat›r›m›n bir parças›n› oluflturan, çevrim yedeklerinde muhasebelefltirilen ve net yat›r›m›n
sat›fl›nda kâr ya da zararla iliflkilendirilen, ödenme niyeti ya da olas›l›¤› olmayan yurtd›fl› faaliyetlerden kaynaklanan
parasal borç ve alacaklardan do¤an kur farklar›.
3.11 Hisse Bafl›na Kazanç:
136
Konsolide gelir tablosunda belirtilen hisse bafl›na kazanç, net kâr›n, y›l boyunca piyasada bulunan hisse senetlerinin a¤›rl›kl›
ortalama say›s›na bölünmesi ile bulunmufltur.
Türkiye’de flirketler, sermayelerini, hissedarlar›na geçmifl y›l karlar›ndan da¤›tt›klar› “bedelsiz hisse” yolu ile artt›rabilmektedirler.
Bu tip “bedelsiz hisse” da¤›t›mlar›, hisse bafl›na kazanç hesaplamalar›nda, ihraç edilmifl hisse gibi de¤erlendirilir. Buna göre,
bu hesaplamalarda kullan›lan a¤›rl›kl› ortalama hisse say›s›, söz konusu hisse senedi da¤›t›mlar›n›n geçmifle dönük etkileri
de dikkate al›narak bulunmufltur.
3.12 Bilanço Tarihinden Sonraki Olaylar:
Bilanço tarihinden sonraki olaylar; kâra iliflkin herhangi bir duyuru veya di¤er seçilmifl finansal bilgilerin kamuya aç›klanmas›ndan
sonra ortaya ç›km›fl olsalar bile, bilanço tarihi ile bilançonun yay›m› için yetkilendirilme tarihi aras›ndaki tüm olaylar› kapsar.
Grup, bilanço tarihinden sonraki düzeltme gerektiren olaylar›n ortaya ç›kmas› durumunda, mali tablolara al›nan tutarlar›
bu yeni duruma uygun flekilde düzeltir.
3.10 Foreign Currency Transactions (cont’d)
In preparing the financial statements of the Company and its Turkish subsidiaries, transactions in currencies other than
TRY (foreign currencies) are recorded at the rates of exchange prevailing on the dates of the transactions. At each
balance sheet date, monetary items denominated in foreign currencies are retranslated at the rates prevailing on
the balance sheet date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated
at the rates prevailing on the date when the fair value was determined. Non-monetary items that are measured in terms
of historical cost in a foreign currency are not retranslated. Gains and losses arising on settlement and translation of foreign
currency items are included in the statements of income.
Exchange differences are recognised in profit or loss in the period in which they arise except for:
• Exchange differences which relate to assets under construction for future productive use,
which are included in the cost of those assets where they are regarded as an adjustment to
interest costs on foreign currency borrowings,
• Exchange differences on transactions entered into in order to hedge certain foreign
currency risks,
• Exchange differences on monetary items receivable from or payable to a foreign operation for which settlement is
neither planned nor likely to occur, which form part of the net investment in a foreign operation, and which are recognised
in the foreign currency translation reserve and recognised in profit or loss on disposal of the net investment.
3.11 Earnings Per Share:
Earnings per share disclosed in the accompanying consolidated statement of income is determined by dividing net income
by the weighted average number of shares in existence during the year concerned.
In Turkey, companies can raise their share capital by distributing “Bonus Shares” to shareholders from retained earnings.
In computing earnings per share, such “bonus share” distributions are assessed as issued shares. Accordingly, the retrospective
effect for those share distributions is taken into consideration in determining the weighted-average number of shares
outstanding used in this computation. (Note: 42).
3.12 Subsequent Events:
An explanation for any event between the balance sheet date and the publication date of the balance sheet, which has
positive or negative effects on the Group (should any evidence come about events that were prior to the balance sheet
date or should new events come about) they will be explained in the relevant footnote.
The Group; restates its financial statements if such subsequent events arise.
137
3.13 Karfl›l›klar, fiarta Ba¤l› Yükümlülükler ve fiarta Ba¤l› Varl›klar:
Grup’un geçmifl olaylardan kaynaklanan mevcut bir yükümlülü¤ünün bulunmas›, bu yükümlülü¤ün yerine getirilmesi için
ekonomik fayda içeren kaynaklar›n iflletmeden ç›kmas›n›n muhtemel olmas› ve söz konusu yükümlülük tutar›n›n güvenilir
bir biçimde tahmin edilebiliyor olmas› durumunda ilgili yükümlülük, karfl›l›k olarak mali tablolara al›n›r. fiarta ba¤l›
yükümlülükler, ekonomik fayda içeren kaynaklar›n iflletmeden ç›kma ihtimalinin muhtemel hale gelip gelmedi¤inin tespiti
amac›yla sürekli olarak de¤erlendirmeye tabi tutulur. fiarta ba¤l› yükümlülük olarak iflleme tabi tutulan kalemler için
gelecekte ekonomik fayda içeren kaynaklar›n iflletmeden ç›kma ihtimalinin muhtemel hale gelmesi durumunda, bu flarta
ba¤l› yükümlülük, güvenilir tahminin yap›lamad›¤› durumlar hariç, olas›l›ktaki de¤iflikli¤in meydana geldi¤i dönemin mali
tablolar›nda karfl›l›k olarak kay›tlara al›n›r.
Grup flarta ba¤l› yükümlülüklerin muhtemel hale geldi¤i ancak ekonomik fayda içeren kaynaklar›n tutar› hakk›nda güvenilir
tahminin yap›lamamas› durumunda ilgili yükümlülü¤ü dipnotlar›nda göstermektedir.
Geçmifl olaylardan kaynaklanan ve mevcudiyeti iflletmenin tam anlam›yla kontrolünde bulunmayan bir veya daha fazla
kesin olmayan olay›n gerçekleflip gerçekleflmemesi ile teyit edilecek olan varl›k, flarta ba¤l› varl›k olarak de¤erlendirilir.
Ekonomik fayda içeren kaynaklar›n iflletmeye girme ihtimalinin yüksek bulunmas› durumunda flarta ba¤l› varl›klar mali
tablo dipnotlar›nda aç›klan›r.
Karfl›l›k tutar›n›n ödenmesi için kullan›lan ekonomik faydalar›n tamam›n›n ya da bir k›sm›n›n üçüncü taraflarca karfl›lanmas›n›n
beklendi¤i durumlarda tahsil edilecek olan tutar, bu tutar›n geri ödemesinin kesin olmas› ve tutar›n güvenilir bir flekilde
hesaplanmas› durumunda, bir varl›k olarak muhasebelefltirilir.
3.14 Muhasebe Politikalar›, Muhasebe Tahminlerinde De¤ifliklik ve Hatalar:
138
Muhasebe politikalar›nda yap›lan önemli de¤ifliklikler ve tespit edilen önemli muhasebe hatalar› geriye dönük olarak
uygulan›r ve önceki dönem mali tablolar› yeniden düzenlenir. Muhasebe tahminlerindeki de¤ifliklikler, yaln›zca bir döneme
iliflkin ise, de¤iflikli¤in yap›ld›¤› cari dönemde, gelecek dönemlere iliflkin ise, hem de¤iflikli¤in yap›ld›¤› dönemde hem de
gelecek dönemde, ileriye yönelik olarak uygulan›r.
3.15 ‹liflkili Taraflar:
Konsolide mali tablolarda, Aksoy Holding A.fi. ve fiirket’in önemli yönetim personeli ve Yönetim Kurulu üyeleri, aileleri ve
onlar taraf›ndan kontrol edilen veya onlara ba¤l› flirketler, ifltirak ve ba¤l› ortakl›klar, iliflkili taraflar (“‹liflkili Taraflar”) olarak
kabul ve ifade edilmifllerdir.
3.16 Finansal Bilgilerin Bölümlere Göre Raporlanmas›:
Grubun faaliyetlerinin tek bir üretim alan›nda yo¤unlaflmas› nedeniyle bölümler baz›nda raporlamaya ihtiyaç bulunmamaktad›r.
3.17 ‹nflaat Sözleflmeleri:
Yoktur.
3.18 Durdurulan Faaliyetler:
Yoktur.
3.19 Devlet Teflvik ve Yard›mlar›:
Yoktur.
3.13 Provisions, Contingent Liabilities, Contingent Assets:
Provisions are recognized when the Group has a present obligation as a result of a past event, and it is probable that the
Group will be required to settle that obligation, and a reliable estimate can be made of the amount of the obligation.
Contingent liabilities are assessed continuously to determine probability of outflow of economically beneficial assets.
For contingent liabilities, when an outflow of resources embodying economic benefits are probable, provision is recognized
for this contingent liability in the period when the probability has changed, except for cases where a reliable estimate
can not be made.
When the outflow of economic benefits from the Group is probable but the amount can not be measured reliably the
Group discloses this fact in the footnotes.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation
at the balance sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a
provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present
value of those cash flows.
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party,
the receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of
the receivable can be measured reliably.
3.14 Changes in Accounting Policies, Accounting Estimates and Errors:
The Group can make changes to its accounting policies when such changes will reflect the companies’ financial position,
performance or cash flows in a more reliable manner. When the accounting policy change affects the current and the prior
period results the change is applied retroactively as if the accounting policy was in effect. If the application of such change
effects the financial results of the following periods, the accounting policy change is applied in the period in which such
change is made.
3.15 Related Parties:
For the purpose of the accompanying financial statements, shareholders of Aksoy Holding A.fi, consolidated and
non-consolidated group companies, their directors and any groups to which they are known to be related, are considered
and referred to as related.
3.16 Segmental Information:
There is no need for segmental reporting, due to the group’s operating activities focusing on one production field.
3.17 Construction Contracts:
None.
3.18 Discontinued Operations:
None.
3.19 Government Incentives and Grants:
None.
139
3.20 Yat›r›m Amaçl› Gayrimenkuller:
Yoktur.
3.21 Kurum Kazanc› Üzerinden Hesaplanan Vergiler:
Türk Vergi Mevzuat›, ana flirket ve onun ba¤l› ortakl›¤›na konsolide vergi beyannamesi haz›rlamas›na izin vermedi¤inden
dolay›, ekli konsolide mali tablolarda da yans›t›ld›¤› üzere, vergi karfl›l›klar› her bir iflletme baz›nda ayr› olarak hesaplanm›flt›r.
Gelir vergisi gideri, cari vergi ve ertelenmifl vergi giderinin toplam›ndan oluflur.
Cari vergi
Cari y›l vergi yükümlülü¤ü, dönem kâr›n›n vergiye tabi olan k›sm› üzerinden hesaplan›r. Vergiye tabi kâr, di¤er y›llarda
vergilendirilebilen veya indirilebilen gelir veya gider kalemleri ile vergilendirilemeyen veya indirilemeyen kalemleri hariç
tuttu¤undan dolay›, gelir tablosunda belirtilen kardan farkl›l›k gösterir. Grup’un cari vergi yükümlülü¤ü bilanço tarihi itibarıyla
yasallaflm›fl ya da önemli ölçüde yasallaflm›fl vergi oran› kullan›larak hesaplanm›flt›r.
Ertelenmifl vergi
140
Ertelenen vergi yükümlülü¤ü veya varl›¤›, varl›klar›n ve yükümlülüklerin mali tablolarda gösterilen tutarlar› ile yasal vergi
matrah› hesab›nda dikkate al›nan tutarlar› aras›ndaki geçici farkl›l›klar›n bilanço yöntemine göre vergi etkilerinin yasalaflm›fl
vergi oranlar› dikkate al›narak hesaplanmas›yla belirlenmektedir. Ertelenen vergi yükümlülükleri vergilendirilebilir geçici
farklar›n tümü için hesaplan›rken, indirilebilir geçici farklardan oluflan ertelenen vergi varl›klar›, gelecekte vergiye tabi kar
elde etmek suretiyle bu farklardan yararlanman›n kuvvetle muhtemel olmas› flart›yla hesaplanmaktad›r. fierefiye veya
iflletme birleflmeleri d›fl›nda varl›k veya yükümlülüklerin ilk defa mali tablolara al›nmas›ndan dolay› oluflan ve hem ticari
hem de mali kar veya zarar› etkilemeyen geçici zamanlama farklar›na iliflkin ertelenen vergi yükümlülü¤ü veya varl›¤›
hesaplanmaz.
Ertelenen vergi yükümlülükleri, Grup’un geçici farkl›l›klar›n ortadan kalkmas›n› kontrol edebildi¤i ve yak›n gelecekte bu
fark›n ortadan kalkma olas›l›¤›n›n düflük oldu¤u durumlar haricinde, ba¤l› ortakl›k ve ifltiraklerdeki yat›r›mlar ve ifl
ortakl›klar›ndaki paylar ile iliflkilendirilen vergilendirilebilir geçici farklar›n tümü için hesaplan›r. Bu tür yat›r›m ve paylar ile
iliflkilendirilen vergilendirilebilir geçici farklardan kaynaklanan ertelenen vergi varl›klar›, yak›n gelecekte vergiye tabi yeterli
kâr elde etmek suretiyle bu farklardan yararlanman›n kuvvetle muhtemel olmas› ve gelecekte bu farklar›n ortadan
kalkmas›n›n muhtemel olmas› flart›yla hesaplanmaktad›r.
Ertelenen vergi varl›¤›n›n kay›tl› de¤eri, her bir bilanço tarihi itibarıyla gözden geçirilir. Ertelenmifl vergi varl›¤›n›n kay›tl›
de¤eri, bir k›sm›n›n veya tamam›n›n sa¤layaca¤› faydan›n elde edilmesine imkan verecek düzeyde mali kâr elde etmenin
muhtemel olmad›¤› ölçüde azalt›l›r.
Ertelenmifl vergi varl›klar› ve yükümlülükleri varl›klar›n gerçekleflece¤i veya yükümlülüklerin yerine getirildi¤i dönemde
geçerli olmas› beklenen ve bilanço tarihi itibarıyla kanunlaflm›fl veya önemli ölçüde kanunlaflm›fl vergi oranlar› (vergi
düzenlemeleri) üzerinden hesaplan›r. Ertelenmifl vergi varl›klar› ve yükümlülüklerinin hesaplanmas› s›ras›nda, Grup’un
bilanço tarihi itibarıyla varl›klar›n›n defter de¤erini geri kazanma ya da yükümlülüklerini yerine getirmesi için tahmin etti¤i
yöntemlerin vergi sonuçlar› dikkate al›n›r.
Ertelenmifl vergi varl›klar› ve yükümlülükleri, cari vergi varl›klar›yla cari vergi yükümlülüklerini mahsup etme ile ilgili yasal
bir hakk›n olmas› veya söz konusu varl›k ve yükümlülüklerin ayn› vergi mercii taraf›ndan toplanan gelir vergisiyle
iliflkilendirilmesi ya da Grup’un cari vergi varl›k ve yükümlülüklerini netlefltirmek suretiyle ödeme niyetinin olmas› durumunda
mahsup edilir.
3.20 Investment Purposed Stocks:
None.
3.21 Taxes Calculated on the Basis of the Company’s Earnings:
Turkish tax legislation does not permit a 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.
Current tax
Provision is made in the financial statements for the Group’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. Taxable profit differs from profit as reported in the income statement because it excludes items of income
or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible.
The Group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the
balance sheet date.
Deferred tax
The deferred tax receivables and obligations are recognized by means of the obligation method on the basis of the timing
differences arising out of the differing evaluations of some income and expense items in terms of accounting and tax.
The deferred tax obligation is calculated for all taxable timing differences whereas the deferred tax receivables are stated
in the statements only when a taxable profit to amortize the said receivables is likely to emerge in the future.
The deferred tax is calculated on the basis of the tax rates applicable for the period during which the assets come into
existence or the obligations are settled, and are charged or credited in the income statement. 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.
Deferred tax liabilities are recognised for taxable temporary differences associated with investments in subsidiaries and
associates, and interests in joint ventures, except where the Group is able to control the reversal of the temporary difference
and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax assets arising from
deductible temporary differences associated with such investments and interests are only recognised to the extent that
it is probable that there will be sufficient taxable profits against which to utilise the benefits of the temporary differences
and they are expected to reverse in the foreseeable future.
The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is
no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the
liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted
by the balance sheet date. The measurement of deferred tax liabilities and assets reflects the tax consequences that would
follow from the manner in which the Group expects, at the reporting date, to recover or settle the carrying amount of
its assets and liabilities.
141
3.21 Kurum Kazanc› Üzerinden Hesaplanan Vergiler (devam›)
Dönem cari ve ertelenmifl vergisi
Do¤rudan özkaynakta alacak ya da borç olarak muhasebelefltirilen kalemler (ki bu durumda ilgili kalemlere iliflkin ertelenmifl
vergi de do¤rudan özkaynakta muhasebelefltirilir) ile iliflkilendirilen ya da iflletme birleflmelerinin ilk kayda al›m›ndan
kaynaklananlar haricindeki cari vergi ile döneme ait ertelenmifl vergi, gelir tablosunda gider ya da gelir olarak muhasebelefltirilir.
‹flletme birleflmelerinde, flerefiye hesaplanmas›nda ya da sat›n alan›n, sat›n al›nan ba¤l› ortakl›¤›n tan›mlanabilen varl›k,
yükümlülük ve flarta ba¤l› borçlar›n›n gerçe¤e uygun de¤erinde elde etti¤i pay›n sat›n al›m maliyetini aflan k›sm›n›n
belirlenmesinde vergi etkisi göz önünde bulundurulur.
3.22 Çal›flanlara Sa¤lanan Faydalar / K›dem Tazminatlar›:
Türkiye’de mevcut kanunlar ve toplu ifl sözleflmeleri hükümlerine göre k›dem tazminat›, emeklilik veya iflten ç›kar›lma
durumunda ödenmektedir. Güncellenmifl olan UMS 19 Çal›flanlara Sa¤lanan Faydalar Standard› (“UMS 19”) uyar›nca bu
tür ödemeler tan›mlanm›fl fayda planlar› olarak nitelendirilir.
3.23 Emeklilik Planlar›:
Yoktur.
3.24 Tar›msal Faaliyetler:
Yoktur.
142
3.25 Nakit Ak›m Tablosu:
Nakit ak›m tablosunda, döneme iliflkin nakit ak›mlar› esas, yat›r›m ve finansman faaliyetlerine dayal› bir biçimde s›n›fland›r›larak
raporlan›r.
Esas faaliyetlerden kaynaklanan nakit ak›mlar›, Grup’un sat›fl faaliyetlerinden kaynaklanan nakit ak›mlar›n› gösterir.
Yat›r›m faaliyetleriyle ilgili nakit ak›mlar›, Grup’un yat›r›m faaliyetlerinde (sabit yat›r›mlar ve finansal yat›r›mlar) kulland›¤›
ve elde etti¤i nakit ak›mlar›n› gösterir.
Finansman faaliyetlerine iliflkin nakit ak›mlar›, Grup’un finansman faaliyetlerinde kulland›¤› kaynaklar› ve bu kaynaklar›n
geri ödemelerini gösterir.
Haz›r de¤erler, nakit para, vadesiz mevduat ve sat›n al›m tarihinden itibaren vadeleri 3 ay veya 3 aydan daha az olan,
hemen nakde çevrilebilecek olan ve önemli tutarda de¤er de¤iflikli¤i riskini tafl›mayan yüksek likiditeye sahip di¤er k›sa
vadeli yat›r›mlard›r.
3.21 Taxes Calculated on the Basis of the Company’s Earnings (cont’d)
Current and deferred tax for the period
Current and deferred tax are recognized as an expense or income in profit or loss, except when they relate to items
credited or debited directly to equity, in which case the tax is also recognized directly in equity, or where they arise from
the initial accounting for a business combination. In the case of a business combination, the tax effect is taken into account
in calculating goodwill or determining the excess of the acquirer’s interest in the net fair value of the acquiree’s identifiable
assets, liabilities and contingent liabilities over cost.
3.22 Employee Benefits / Retirement Pay Provision:
Under Turkish law and union agreements, lump sum payments are made to employees retiring or involuntarily leaving
the Group. Such payments are considered as being part of defined retirement benefit plan as per International Accounting
Standard No. 19 (revised) “Employee Benefits” (“IAS 19”).
3.23 Retirement Plans:
None.
3.24 Agricultural Activities:
None.
3.25 Cash Flow Statement:
The Group prepares statements of cash flow as an integral part of its of financial statements to enable financial statement
analysis about the change in its net assets, financial structure and the ability to direct cash flow amounts and timing
according to the developing conditions.
Cash flows caused by main operation activities shows the group’s cash flow from sales activities.
Cash flows of investment activities shows the group’s cash flow of fixed investments and financial investments.
Cash flows caused by financing activities shows the group’s resources used and the repayments of those resources used
in financing activities.
Cash equivalents are cash, demand deposits and other short-term investments with due dates less than or equal to 3
months and can be converted into cash and not having a material amount of risk.
143
4. HAZIR DE⁄ERLER
Kasa
Vadesiz mevduatlar
31 Aral›k 2007
31 Aral›k 2006
12.278
4.106
66.286
327.843
87.419.890
84.131.315
Bloke vadeli mevduatlar
-
7.373.945
Di¤er haz›r varl›klar
-
127.536
87.498.454
91.964.745
Vadeli mevduatlar
Bloke mevduatlar, EPDK’ya verilen teminat mektubuna karfl›l›k bankada tutulan vadeli mevduatlard›r.
Para Cinsi
Faiz Oran›
Vade
31 Aral›k 2006
YTL
%12-%18,80
Ocak-fiubat 2008
62.524.410
USD
%4,73-%6,00
Ocak 2008
64.895.480
87.419.890
Para Cinsi
YTL
USD
Faiz Oran›
Vade
31 Aral›k 2006
%18-%21,05
Ocak 2007
59.111.653
%4,25-%5
Ocak 2007
32.393.607
91.505.260
144
5. MENKUL KIYMETLER
Al›m Sat›m Amaçl› Finansal Varl›klar
B Tipi Likit Fon
31 Aral›k 2007
31 Aral›k 2006
200
-
4. CASH AND CASH EQUIVALENTS
Cash on hand
Demand deposits
December 31, 2007
December 31, 2006
12,278
4,106
66,286
327,843
87,419,890
84,131,315
Bloted time deposits
-
7,373,945
Other cash equivalents
-
127,536
87,498,454
91,964,745
Time deposits
Blocked time deposits are kept at the bank for the letter of guarantees given to the Energy Market Regulatory Authority.
Currency Type
Interest Rate
Maturity
December 31, 2006
YTL
12%-18.80%
January-February 2008
62,524,410
USD
4.73%-6.00%
January 2008
64,895,480
87,419,890
Currency Type
Interest Rate
Maturity
YTL
18%-21.05%
January 2007
59,111,653
4.25%-5%
January 2007
32,393,607
USD
December 31, 2006
91,505,260
5. MARKETABLE SECURITIES
Held for Trading Investment
B Type Liquid Funds
December 31, 2007
December 31, 2006
200
-
145
6. F‹NANSAL DE⁄ERLER
K›sa vadeli banka tredileri
Uzun vadeli banka kredileri
Toplam Borç
31 Aral›k 2007
31 Aral›k 2006
326.291
-
973.155
-
1.299.446
-
K›sa ve uzun vadeli banka kredileri afla¤›dakilerden oluflmaktad›r:
31 Aral›k 2007
Para Birimi
EUR
A¤›rl›kl› Ortalama
Etkin Faiz Oran›
K›sa Vadeli
Uzun Vadeli
%6,37-%7,08
326.291
973.155
326.291
973.155
Uzun vadeli banka kredilerinin geri ödeme plan› afla¤›daki gibidir:
146
31 Aral›k 2007
31 Aral›k 2006
1 y›l içerisinde ödenecek
326.291
-
1 - 2 y›l içerisinde ödenecek
278.044
-
278.044
-
278.044
-
139.023
-
1.299.446
-
6. BORROWINGS
Short-term bank loans
Long-term bank loans
Total Borrowings
December 31, 2007
December 31, 2006
326,291
-
973,155
-
1,299,446
-
Short-Term bank loans consist of the following:
December 31, 2007
Curreney Type
EUR
Weighted Average
Effective Interest Rate
Current
Non-Current
6.37%-7.08%
326,291
973,155
326,291
973,155
Long-Term bank loans consist of the following:
December 31, 2007
December 31, 2007
To be paid within 1 year
326,291
-
To be paid between 1 - 2 years
278,044
-
278,044
-
278,044
-
139,023
-
1,299,446
-
147
7. T‹CAR‹ ALACAKLAR VE BORÇLAR
31 Aral›k 2007
31 Aral›k 2006
3.604.640
3.752.926
278.548
940.242
(1.427.460)
(1.303.523)
2.458.014
3.428.795
K›sa Vadeli Alacaklar
Alacak senetleri
Di¤er ticare alacaklar
fiüpheli ticari alacaklar
31 Aral›k 2007 tarihi itibarıyla Grup’un vadesi gelmemifl alacaklar›n›n tutar› 1.721.980 YTL’dir (2006: 1.896.456 YTL).
Henüz vadesi geçmemifl ve flüpheli hale gelmemifl alacaklar için al›nm›fl herhangi bir teminat bulunmamaktad›r.
31 Aral›k 2007 tarihi itibarıyla, toplam 318.224 YTL (31 Aral›k 2006: 552.947 YTL) tutar›ndaki vadesi geçmifl ticari alacak,
flüpheli alacak olarak de¤erlendirilmemifl ve karfl›l›k ayr›lmam›flt›r. Grup, faaliyet gösterdi¤i sektörlerin dinamikleri ve
flartlar›ndan dolay› 60 güne kadar olan gecikmeler için herhangi bir tahsilat riski öngörmemektedir. 60 günden daha uzun
süredir tahsil edemedi¤i alacaklar› için ipotek gibi teminatlar bulundurmas› sebebiyle herhangi bir tahsilat riski öngörmemektedir.
31 Aral›k 2007 tarihi itibarıyla, ticari alacaklar›n 1.735.505 (31 Aral›k 2006: 1.846.292 YTL) tutar›ndaki k›sm› flüpheli alacak
olarak de¤erlendirilmifl bu tutardan teminatl› alacaklar düflülmek sureti ile kalan 1.427.460 YTL (31 Aral›k 2006: 1.303.523
YTL)’lik k›s›m için süpheli alacak karfl›l›¤› ayr›lm›flt›r. Ticari alacaklar için ayr›lan flüpheli alacak karfl›l›¤›, geçmifl tahsil
edilememe tecrübesine dayan›larak belirlenmifltir.
Bilanço tarihi itibarıyla, vadesi geçmifl ticari alacaklardan karfl›l›k ayr›lm›fl ve ayr›lmam›fl olanlara iliflkin al›nan teminatlar
148
‹potek
31 Aral›k 2007
31 Aral›k 2006
456.778
456.778
456.778
456.778
7. TRADE RECEIVABLES AND PAYABLES
December 31, 2007
December 31, 2006
3,604,640
3,752,926
278,548
940,242
(1,427,460)
(1,303,523)
2,458,014
3,428,795
Trade Receivables
Notes receivables
Other trade receivables
Allowance for doubtful receivables
As of December 31, 2007, trade receivables of TRY 1,721,980 (2006: TRY 1,896,456) were neither past due, nor impaired.
There are no guarantees for the receivables which are not past due or doubtful.
As of December 31, 2007, the total amount of past due trade receivbles are TRY 318,224 (December 31, 2006: TRY
552,947). These are not thought to be doubtful receivables and no provision is needed for them. As a result of the sectoral
conditions and dynamics, the Group does not consider any collection risk for the over due receivables which are up to
60 days. For the receivables which the Group could not collect in 60 days, the Group has guarantees like mortgage and
does not consider any collection risk.
As of December 31, 2007; the amount of doubtful receivables are TRY 1,735,505 (31 December 2006; TRY 1,846,292).
As the guarantees are deducted from this amount, the remaining is TRY 1,427,460 (31 December 2006: TRY 1,303,523)
and provision for this amount is made. This provision is determined as the past experience of the Group on not to being
able to collect.
Collaterals held for the trade receivables that are past due as at the balance sheet date but not impaired and trade
receivables that are impaired are as follows:
Mortgages
December 31, 2007
December 31, 2006
456,778
456,778
456,778
456,778
149
7. T‹CAR‹ ALACAKLAR VE BORÇLAR (DEVAMI)
fiüpheli ticari alacak karfl›l›¤›n›n 31 Aral›k tarihlerinde sona eren on iki ayl›k dönemler içindeki hareketleri afla¤›daki gibidir:
1 OCAK - 31 ARALIK 2007
1.303.523
1.123.120
fiüpheli Ticari Alacak Karfl›l›¤› Hareketleri
Aç›l›fl bakiyesi
Dönem gideri
275.197
394.675
Tahsilatlar
(151.260)
(214.272)
Kapan›fl Bakiyesi
1.427.460
1.303.523
2.230
5.801
86.862
883.841
89.192
889.642
2.475.414
365.399
Uzun Vadeli Ticari Alacaklar
Verilen depozito ve teminatlar
Alacak senetleri
150
K›sa Vadeli Ticari Borçlar
Ticari borçlar
Di¤er ticari borçlar
-
20.424
2.475.414
385.823
7. TRADE RECEIVABLES AND PAYABLES (CONT’D)
For the doubtful receivables provision is made and calculated according to the prior year experiences. The movement of
provisions for doubtful receivables are as follows:
JAN. 1-DEC. 31, 2007
JAN. 1-DEC. 31, 2006
1,303,523
1,123,120
Movement of Allowance for Doubtful Receivables
Balance at beginning of the year
Amounts written off during the year
275,197
394,675
Amounts rocovered during the year
(151,260)
(214,272)
1,427,460
1,303,523
JAN. 1-DEC. 31, 2007
JAN. 1-DEC. 31, 2006
2,230
5,801
Closing Balance
Non-Current Trade Receivables
Deposits given
Notes receivables
86,862
883,841
89,192
889,642
JAN. 1-DEC. 31, 2007
JAN. 1-DEC. 31, 2006
2,475,414
365,399
Short-Term Trade Payables
Trade payables
Other trade payables
-
20,424
2,475,414
385,823
151
8. F‹NANSAL K‹RALAMA ALACAKLARI VE BORÇLARI
Yoktur.
9. ‹L‹fiK‹L‹ TARAFLARDAN ALACAKLAR VE BORÇLAR
31 ARALIK 2007
31 ARALIK 2006
‹liflkili fiirketlerden Alacaklar
Atafl Anadolu Tasfiyehanesi A.fi.
Di¤er
317.772
-
-
681.762
6.662
8.170
324.434
689.932
31 ARALIK 2007
31 ARALIK 2006
2.104.821
869.715
‹liflkili fiirketlere Borçlar
152
678.630
-
Gerçek kifli ortaklara ödenecek temettüler
225.534
273.112
3.008.985
1.142.827
31 ARALIK 2007
31 ARALIK 2006
-
48.259.089
420.229
-
‹liflkili fiirketlere Sat›fllar
fiirket ortaklar›na ait istasyonlara yap›lan sat›fllar
-
76.653
420.229
48.335.742
31 ARALIK 2007
31 ARALIK 2006
-
676.619
‹liflkili fiirketler Mal ve Sabit K›ymet Al›mlar
Shell&Turcas Petrol A.fi
fiirket ortaklar›
(2.459.366)
-
(54.426)
-
-
223.251
(2.513.792)
899.870
8. FINANCIAL LEASE RECEIVABLES AND PAYABLES
None.
9. DUE TO / FROM RELATED PARTIES
DECEMBER 31, 2007
DECEMBER 31, 2006
Due from Related Party
Other
317,772
-
-
681,762
6,662
8,170
324,434
689,932
DECEMBER 31, 2007
DECEMBER 31, 2006
2,104,821
869,715
Due to Related Party
678,630
-
Dividend payable to real person shareholders
225,534
273,112
3,008,985
1,142,827
DECEMBER 31, 2007
DECEMBER 31, 2006
-
48,259,089
420,229
-
Sales to Related Parties
Sales to stations owned by the shareholders
-
76,653
420,229
48,335,742
DECEMBER 31, 2007
DECEMBER 31, 2006
Purchases of Inventory and Fixed Asset from Related Parties
Shareholders
-
676,619
(2,459,366)
-
(54,426)
-
-
223,251
(2,513,792)
899,870
153
9. ‹L‹fiK‹L‹ TARAFLARDAN ALACAKLAR VE BORÇLAR (DEVAMI)
31 ARALIK 2007
31 ARALIK 2006
‹liflkili fiirketlerden Temettü Gelirleri
26.491.228
-
-
30.307
26.491.228
30.307
31 ARALIK 2007
31 ARALIK 2006
-
(647)
379.958
-
‹liflkili fiirketlerden Di¤er Gelir / (Giderler) (Net)
(712.316)
-
(1.961.582)
(470.116)
3.570
-
Aksoy Petrol ve Enerji Yat›r›mlar› A.fi.
3.570
-
Enak Yap› ve D›fl Ticaret A.fi.
3.570
-
3.570
-
(2.279.660)
(470.763)
154
Cari dönemde, üst düzey yönetime sa¤lanan ücret ve benzeri menfaatler tutar› afla¤›daki gibidir:
Ücretler ve di¤er k›sa vadeli faydalar
737.076
915.764
737.076
915.764
31 ARALIK 2007
31 ARALIK 2006
10. D‹⁄ER ALACAKLAR VE BORÇLAR
Cari Di¤er Alacaklar
Di¤er çeflitli alacaklar
51.782
197.935
Devreden KDV
1.927.639
1.254.774
‹ndirilecek KDV
15.120
-
Peflin ödenen vergiler ve fonlar
87.009
326.026
150
3.473
‹fl avanslar›
Personelden alacaklar
700
-
2.082.400
1.782.208
9. DUE TO / FROM RELATED PARTIES (CONT’D)
DECEMBER 31, 2007
DECEMBER 31, 2006
Dividend Income from Related Parties
26,491,228
-
-
30,307
26,491,228
30,307
DECEMBER 31, 2007
DECEMBER 31, 2006
-
(647)
379,958
-
Other Income and Expense from Related Parties
(712,316)
-
(1,961,582)
(470,116)
3,570
-
Aksoy Petrol ve Enerji Yat›r›mlar› A.fi.
3,570
-
Enak Yap› ve D›fl Ticaret A.fi.
3,570
-
3,570
-
(2,279,660)
(470,763)
155
The remuneration of directors and other members of key management during the year was as follows:
JAN. 1-DEC. 31, 2007
Salaries and other short-term benefits
JAN. 1-DEC. 31, 2006
737,076
915,764
737,076
915,764
DECEMBER 31, 2007
DECEMBER 31, 2006
10. OTHER RECEIVABLES AND PAYABLES
Other Current Receivables
Sundry receivables
VAT receivable
51,782
197,935
1,927,639
1,254,774
VAT deductable
15,120
-
Prepaid taxes and funds
87,009
326,026
150
3,473
Business advances given
Advances given to personnel
700
-
2,082,400
1,782,208
10. D‹⁄ER ALACAKLAR VE BORÇLAR (DEVAMI)
31 ARALIK 2007
31 ARALIK 2006
Di¤er Finansal Yükümlülükler
Ödenecek vergi ve fonlar
430.830
49.395
Ödenecek sosyal güvenlik kesintileri
28.156
17.445
Di¤er yükümlülükler
18.380
-
477.366
66.840
11. CANLI VARLIKLAR
Yoktur.
12. STOKLAR
31 ARALIK 2007
‹lk madde ve malzeme
Di¤er stoklar
Verilen siparifl avanslar›
31 ARALIK 2006
-
299.850
137.636
80.903
92.731
-
230.367
380.753
156
13. DEVAM EDEN ‹NfiAAT SÖZLEfiMELER‹ ALACAKLARI VE HAKED‹fi BEDELLER‹
Yoktur.
14. ERTELENEN VERG‹ VARLIKLARI VE YÜKÜMLÜLÜKLER‹
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 varl›¤› ve yükümlülü¤ü 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 vergi varl›k ve yükümlülüklerinin hesaplanmas›nda kullan›lan vergi oran› %20’dir (2006: %20).
Ertelenmifl vergi aktifleri
Ertelenmifl vergi pasifleri
31 ARALIK 2007
31 ARALIK 2006
(116.956)
(110.357)
78.498
142.668
(38.458)
(32.311)
10. DUE TO / FROM RELATED PARTIES (CONT’D)
DECEMBER 31, 2007
DECEMBER 31, 2006
Other Current Liabilities
Taxes and dues payable
430,830
49,395
Social security premiums payable
28,156
17,445
Other current liabilities
18,380
-
477,366
66,840
DECEMBER 31, 2007
DECEMBER 31, 2006
-
299,850
137,636
80,903
92,731
-
230,367
380,753
11. BIOLOGICAL ASSETS
None.
12. INVENTORIES
Raw materials
Other inventory
Order advances given
157
13. RECEIVABLES FROM ONGOING CONSTRUCTION CONTRACTS
None.
14. DEFERRED TAX ASSETS AND LIABILITIES
The Group recognizes deferred tax assets and liabilities based upon temporary differences arising from 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.
Deferred tax is calculated on 20% for the periods December 31, 2007 and December 31, 2006 as follows:
Deferred Tax Assets
Deferred Tax Liabilities
DECEMBER 31, 2007
DECEMBER 31, 2006
(116,956)
(110,357)
78,498
142,668
(38,458)
32,311
14. ERTELENEN VERG‹ VARLIKLARI VE YÜKÜMLÜLÜKLER‹ (DEVAMI)
31 ARALIK 2007
31 ARALIK 2006
Ertelenmifl Vergi (Varl›klar›) / Yükümlülükleri
Yeniden de¤erleme ve maddi varl›klar›n amortisman /
di¤er maddi olmayan varl›klar›n itfa farklar›
66.193
56.980
(33.612)
(38.029)
Kullan›lmayan izin karfl›l›klar›
(36.169)
(33.993)
fiüpheli alacak karfl›l›¤›
(30.252)
-
K›dem tazminat› karfl›l›klar›
Di¤er
(4.618)
47.353
(38.458)
32.311
Ertelenmifl Vergi (Varl›¤›) / Yükümlülü¤ü Hareketleri
1 Ocak itibar›yla aç›l›fl bakiyesi
32.311
(3.405.393)
Ertelenmifl vergi geliri / gideri
(70.769)
3.437.704
31 Aral›k ‹tibar›yla Kapan›fl Bakiyesi
(38.458)
32.311
158
15. D‹⁄ER CAR‹ / CAR‹ OLMAYAN VARLIKLAR VE KISA / UZUN VADEL‹ YÜKÜMLÜLÜKLER
31 ARALIK 2007
31 ARALIK 2006
25.924
682.077
25.924
682.077
31 ARALIK 2007
31 ARALIK 2006
169.918
170.393
169.918
170.393
Di¤er Cari Varl›klar
Gelecek aylara ait giderler
Di¤er K›sa Vadeli Yükümlülükler
Gelecek aylara ait giderler
14. DEFERRED TAX ASSETS AND LIABILITIES (CONT’D)
DECEMBER 31, 2007
DECEMBER 31, 2006
Deferred Tax (Assets) / Liabilities
Restatement and depreciation / amortization differences of property,
plant and equipment and other intangible assets
66,193
56,980
Provision for employment termination benefits
(33,612)
(38,029)
Unused vacation accrual
(36,169)
(33,993)
Provision for doubtful receivables
(30,252)
-
Other
(4,618)
47,353
(38,458)
32,311
JAN. 1-DEC. 31, 2007
JAN. 1-DEC. 31, 2006
Movement of Deferred Tax (Assets) / Liabilities
Opening balance as of 01 January
32,311
(3,405,393)
Deferred tax benefit and loss
(70,769)
3,437,704
Closing Balance as of 31 December
(38,458)
32,311
159
15. OTHER CURRENT / LONG-TERM ASSETS AND CURRENT / LONG-TERM LIABILITIES
DECEMBER 31, 2007
DECEMBER 31, 2006
25,924
682,077
25,924
682,077
31 DECEMBER 2007
31 DECEMBER 2006
169,918
170,393
169,918
170,393
Other Current Assets
Prepaid expenses
Other Current Liabilities
Deferred revenue
15. D‹⁄ER CAR‹ / CAR‹ OLMAYAN VARLIKLAR VE KISA / UZUN VADEL‹ YÜKÜMLÜLÜKLER (DEVAMI)
31 ARALIK 2007
31 ARALIK 2006
Di¤er Uzun Vadeli Yükümlülükler
Gelecek y›llara ait gelirler
810.086
980.000
1.983.226
2.291.080
2.793.312
3.271.080
Shell&Turcas Petrol A.fi.’ye devredilen personele ait
k›dem tazminat› yükümlülü¤ü (*)
(*) Turcas Petrol A.fi’den k›smi bölünme sonucu Shell&Turcas Petrol A.fi.’ye geçen çal›flanlar›n 30 Haziran 2006’ ya kadar hak ettikleri k›dem tazminat›
yükümlülük tutar›d›r.
16. F‹NANSAL DURAN VARLIKLAR
%
31 Aral›k 2007
%
31 Aral›k 2007
5
13.240
5
13.240
Shell&Turcas Petrol A.fi. (*)
30
421.517.708
30
344.339.972
25
12.500.000
25
12.500
Sat›lmaya Haz›r Finansal Varl›klar
Atafl Anadolu Tasfiyehanesi A.fi. (“Atafl”)
‹fltirakler
160
Socar&Turcas Enerji A.fi. sermaye taahhütü (-)
( 9.365.617)
( 12.500)
424.665.331
344.353.212
Sat›lmaya haz›r finansal varl›klar aktif bir piyasada oluflmufl piyasa fiyat› olmad›¤› ve di¤er de¤erleme yöntemleri kullan›larak
piyasa de¤eri tespit edilemedi¤i için ekli konsolide mali tablolarda endekslenmifl maliyet de¤erleri ile yer alm›flt›r.
Socar&Turcas Enerji A.fi. 28 Aral›k 2006 tarihinde Türk Ticaret gazetesinde tescil edilerek 50.000 YTL sermaye ile kurulmufltur.
Kurulan flirkette Turcas Petrol A.fi.’nin %25, Aksoy Holding A.fi.’nin %24 ortakl›¤› bulunmaktad›r. Socar&Turcas Enerji A.fi.’nin
aktif toplam›n›n ekli konsolide mali tablolar› etkilemeyecek derecede küçük olmas› sebebiyle konsolidasyona dahil
edilmemifltir.
The Shell Company of Turkey Ltd. ve Turcas Petrol A.fi. varl›klar›n›n bir k›sm›n› birlefltirerek 1 Temmuz 2006 tarihinde
Shell&Turcas Petrol A.fi.’ni kurmufltur. Turcas Petrol A.fi. yeni kurulan flirketin %30’una sahiptir. Turcas Petrol A.fi.’nin ana
faaliyet konusu olan petrol ve petrol ürünleri al›m›, sat›m›, ihrac› ve ihracat› 1 Temmuz 2006 tarihinden sonra yeni kurulan
Shell&Turcas Petrol A.fi. taraf›ndan yürütülmeye bafllanm›flt›r.
15. OTHER CURRENT / LONG-TERM ASSETS AND CURRENT / LONG-TERM LIABILITIES (CONT’D)
DECEMBER 31, 2007
DECEMBER 31, 2006
Other Non-Current Liabilities
Expense accruals
810,086
980,000
1,983,226
2,291,080
2,793,312
3,271,080
Retirement pay liability of the personnel transferred to
Shell&Turcas Petrol A.fi (*)
(*) This amount is the retirement pay provision amount of the employees until June 30, 2006. These employees were transferred from Turcas Petrol A.fi
to Shell&Turcas Petrol A.fi. due to the spin-off.
16. FINANCIAL ASSETS
%
DECEMBER 31, 2007
%
DECEMBER 31, 2006
5
13,240
5
13,240
Shell&Turcas Petrol A.fi. (*)
30
421,517,708
30
344,339,972
25
12,500,000
25
12,500
Available for Sale Financial Assets
Atafl Anadolu Tasfiyehanesi A.fi. (“Atafl”)
Associates
Socar&Turcas Enerji A.fi. Capital commitment (-)
( 9,365,617)
( 12,500)
424,665,331
344,353,212
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.
As being registered in the Turkish Trade Registry Gazette, Socar&Turcas Enerji A.fi. was established in December 28, 2006
with TRY 50,000 capital. In the established company, Turcas Petrol A.fi. has 25% share and Aksoy Holding A.fi has 24%
share. Total amount of the assets of Socar&Turcas Enerji A.fi is too small that it does not affect the consolidated financial
statements. Thus, it is not included in the consolidation.
The Shell Company of Turkey Ltd. and Turcas Petrol A.fi. has established Shell&Turcas Petrol A.fi. on July 1, 2006 by merging
part of their assets. Turcas Petrol A.fi. owns 30% of the new company. The main fields of activity of Turcas Petrol A.fi.,
i.e. purchasing, selling, export and import of petroleum and petroleum products have started to be undertaken by
Shell&Turcas Petrol A.fi. as of July 1, 2006.
161
16. F‹NANSAL DURAN VARLIKLAR (DEVAMI)
31 ARALIK 2007
31 ARALIK 2006
1.937.916.285
1.682.976.518
Toplam varl›klar
Toplam yükümlülükler
Net varl›klar
Net Varl›klarda Toplulu¤un Pay›
Net sat›fl gelirleri
Dönem kâr›
Dönem Kâr›nda Toplulu¤un Pay› (Not 38)
17. POZ‹T‹F / NEGAT‹F fiEREF‹YE
Yoktur.
162
18. YATIRIM AMAÇLI GAYR‹MENKULLER
Yoktur.
532.857.258
535.176.611
1.405.059.027
1.147.799.907
421.517.708
344.339.972
1 TEMMUZ - 31 ARALIK 2006
7.588.628.694
3.642.723.621
345.563.210
105.835.582
103.668.963
31.750.675
16. FINANCIAL ASSETS (CONT’D)
DECEMBER 31, 2007
DECEMBER 31, 2006
1,937,916,285
1,682,976,518
Total assets
Total liabilities
Net assets
The Group’s Portion Over the Net Assets
Net sales income
Profit for the year
Net Profit for the Period Attributable to the Group (Note 38)
532,857,258
535,176,611
1,405,059,027
1,147,799,907
421,517,708
344,339,972
JAN. 1-DEC. 1, 2007
JULY 1-DEC. 31, 2006
7,588,628,694
3,642,723,621
345,563,210
105,835,582
103,668,963
31,750,675
17. POSITIVE / NEGATIVE GOODWILL
None.
18. INVESTMENT PROPERTY
None.
163
-
Dönem gideri
31 Aral›k 2007 itibarıyla net defter de¤eri
(3.158)
Konsolidasyon etkisi
1 Ocak 2007 itibarıyla aç›l›fl bakiyesi
Birikmifl Amortismanlar
-
(3.158)
Ç›k›fllar
31 Aral›k 2007 itibarıyla kapan›fl bakiyesi
-
Al›mlar
3.158
4.338.853
(628.360)
(155.570)
(12.624.749)
17.742.761
(4.771)
2.353.968
252.075
13.089.664
73.272
(64.480)
(101.630)
(181.272)
242.363
(325.858)
4.951
381.999
181.272
101.775
(42.061)
(33.065)
(955.864)
1.132.765
-
98.828
58.133
975.804
242.464
(26.705)
(14.165)
-
283.334
-
264.019
19.315
-
61.130
-
-
-
61.130
(333.787)
61.130
2.051.825
-
Verilen Avanslar
Yat›r›mlar ve
Özel Maliyetler
ve Cihazlar
Demirbafllar
Tesis Makine
Yerüstü
Düzenleri
Tafl›tlar
Yap›lmakta Olan
Yeralt› ve
Konsolidasyon etkisi
Maliyet De¤eri
19. MADD‹ VARLIKLAR
TURCAS PETROL A.fi. VE BA⁄LI ORTAKLIKLARI 31 ARALIK 2007 TAR‹H‹ ‹T‹BARIYLA KONSOL‹DE MAL‹ TABLOLARA ‹L‹fiK‹N D‹PNOTLAR
164
4.817.494
(761.606)
(304.430)
(13.765.043)
19.462.353
2.782.896
2.763.346
14.249.898
Toplam
Land
-
Charge of the Year
Closing balance as of December 31, 2007
(3,158)
Disposals due to partial spinoff
Opening balance as of January 1, 2006
Accumulated Depreciation
-
(3,158)
Disposals
-
Additions
3,158
Improvements
Disposals due to partial spinoff
Cost
19. PROPERTY, PLANT AND EQUIPMENT
4,338,853
(628,360)
(155,570)
(12,624,749)
17,742,761
(4,771)
2,353,968
252,075
13,089,664
Plant Machinery
1,132,765
(955,864)
(33,065)
(42,061)
101,775
242,363
(181,272)
(101,630)
(64,480)
73,272
4,951
(325,858)
58,133
98,828
381,999
975,804
Fixture
Furniture and
181,272
Motor Vehicles
Leasehold
242,464
(26,705)
(14,165)
-
283,334
-
264,019
19,315
-
Improvement
61,130
-
-
-
61,130
(333,787)
61,130
2,051,825
-
Advances Given
Progres and
Construction in
TURCAS PETROL A.fi. AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2007
165
4,817,494
(761,606)
(304,430)
(13,765,043)
19,462,353
2,782,896
2,763,346
14,249,898
Total
-
K›smi bölünme sonucu ç›k›fllar
Dönem gideri
Ç›k›fllar
-
“1 Ocak 2006 itibarıyla aç›l›fl bakiyesi”
Birikmifl Amortismanlar
-
(1.565.696)
Ç›k›fllar
(3.297.619)
4.863.315
-
‹stasyon
-
(3.158)
-
(26.763)
12.744.546
(12.720.941)
-
3.158
-
-
(12.871.112)
12.874.270
-
-
207.882
(113.884)
2.886.450
(2.980.448)
-
(952.129)
-
(9.642.804)
10.594.933
464.915
(12.624.749)
3.424.248
(542.136)
15,151.347
(30.658.208)
13.089.664
(3.573.456)
218.809
(15.767.764)
32.212.075
-
(181.272)
7.365
(34.516)
2.004.871
(2.158.992)
181.272
-
-
(2.035.399)
2.216.671
116.679.513
19.940
(955.864)
433.243
(52.417)
1.071.973
(2.408.663)
975.804
(434.367)
4.302
-
-
240.576
(3.636.595)
89.425.803
(86.029.784)
-
(1.029.588)
636.843
(1.135.420) (116.286.768)
2.541.289
-
-
-
-
-
-
-
-
1.875.309
(7.393.985)
5.518.676
Malzemeleri Verilen Avanslar
Yat›r›mlar ve
Demirbafllar
ve Cihazlar
Arsalar
Tafl›tlar
Tesis Makine
Yerüstü
Düzenleri
Arazi ve
Binalar
Yap›lmakta Olan
Yeralt› ve
Al›mlar
“1 Ocak 2006 itibarıyla aç›l›fl bakiyesi”
Maliyet De¤eri
19. MADD‹ VARLIKLAR (DEVAMI)
TURCAS PETROL A.fi. VE BA⁄LI ORTAKLIKLARI 31 ARALIK 2007 TAR‹H‹ ‹T‹BARIYLA KONSOL‹DE MAL‹ TABLOLARA ‹L‹fiK‹N D‹PNOTLAR
166
484.855
(13.765.043)
4.313.314
(4.406.311)
123.284.990
(136.957.036)
14.249.898
(7.555.236)
2.735.263
(168.430.871)
187.500.742
Toplam
-
Disposals due to partial spin-off
Charge of the year
Disposals
Closing balance as of December 2006
Carrying value as of December 31, 2006
-
Accumulation Depreciation
-
(1,565,696)
Disposals
(3,297,619)
4,863,315
-
Land
-
(3,158)
-
(26,763)
12,744,546
(12,720,941)
-
3,158
-
-
(12,871,112)
12,874,270
Land Improvements
Additions
Disposals due to partial spin-off
Cost
19. PROPERTY, PLANT AND EQUIPMENT (CONT’D)
-
-
207,882
(113,884)
2,886,450
(2,980,448)
-
(952,129)
-
(9,642,804)
10,594,933
4,302
(434,367)
(2,035,399)
-
(15,767,764)
218,809
-
464,915
433,243
7,365
(34,516)
(542,136)
(181,272)
2,004,871
15,151,347
3,424,248
(52,417)
(2,158,992)
(30,658,208)
19,940
(955,864)
1,071,973
(2,408,663)
975,804
181,272
(3,573,456)
13,089,664
(12,624,749)
Station
116,679,513
Equipments
-
-
240,576
(3,636,595)
89,425,803
(86,029,784)
-
(1,029,588)
636,843
(1,135,420) (116,286,768)
2,216,671
2,541,289
Fixture
Motor Furniture and
Vehicles
32,212,075
Buildings and Equipment
Plant Machinery
TURCAS PETROL A.fi. AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2007
167
Construction
-
-
-
-
-
-
-
-
1,875,309
(7,393,985)
5,518,676
Given
Advances
in Progres and
484,855
(13,765,043)
4,313,314
(4,406,311)
123,284,990
(136,957,036)
14,249,898
(7,555,236)
2,735,263
(168,430,871)
187,500,742
Total
31 ARALIK 2007 TAR‹H‹ ‹T‹BARIYLA KONSOL‹DE MAL‹ TABLOLARA ‹L‹fiK‹N D‹PNOTLAR
19. MADD‹ VARLIKLAR (DEVAMI)
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. (Total Oil 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 itibarıyla Tabafl Petrolcülük A.fi., Turcas Petrolcülük A.fi.’yi tüm aktif ve pasifi ile birlikte devir alm›flt›r.
Ayn› tarih itibarıyla 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.
1 Temmuz 2006 tarihi itibarıyla; k›smi bölünme ifllemi sonucu yap›lmakta olan yat›r›mlar ve verilen avanslar hesaplar›
Shell&Turcas Petrol A.fi.’ ye devrolunmufltur.
31 Aral›k 2007 tarihi itibarıyla, maddi duran varl›klar üzerindeki sigorta tutar› 8.197.193 YTL dir (31 Aral›k 2006: 9.100.133 YTL).
2006 ve 2007 y›llar› içerisinde amortisman giderlerinin tamam› “genel yönetim giderlerine” dahil edilmifltir.
20. MADD‹ OLMAYAN VARLIKLAR
168
HAKLAR
TOPLAM
28.796.732
28.796.732
408.446
408.446
17.182
17.182
29.222.360
29.222.360
HAKLAR
TOPLAM
(27.986.191)
(27.986.191)
Maliyet De¤eri
Konsolidasyon etkisi (Not 32)
Al›mlar
Birikmifl ‹tfa Paylar›
Konsolidasyon etkisi (Not 32)
(155.713)
(155.713)
Dönem gideri
(265.108)
(265.108)
(28.407.012)
(28.407.012)
815.348
815.348
19. PROPERTY, PLANT AND EQUIPMENT (CONT’D)
On August 17, 1995, an agreement was signed between four companies; Turcas Petrolcülük A.fi., Tabafl Petrolcülük A.fi.,
Selyak Petrol Ürünleri Üretim ve Pazarlama A.fi. and BP Petrolleri A.fi. in order to use the Filling Establishment of BP Petrolleri
A.fi. in the Ambarl› region jointly. 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 between BP Petrolleri A.fi. and the third parties (around 600 partners) about
the ownership of the land on which the establishment was built, Turcas Petrolcülük A.fi. obtained USD 1,000,000 from
BP Petrolleri A.fi. and Selyak Petrol Ürünleri Üretim ve Pazarlama A.fi. to sell its own land to the other companies if this
dispute can not be solved.
Turcas Petrolcülük A.fi was taken over by Tabafl Petrolcülük A.fi with all its assets and liabilities as of September 30, 1999.
The name of the company was changed to Turcas Petrol A.fi as of the merger date. Accordingly, the ownership portion
of the Company on the above mentioned land has increased to 1/2.
As of July 1, 2006, due to partial spin-off construction in progress and advances given accounts are transferred to Shell &
Property, plant and equipment are insured to the extent of 8,197,193 YTL as of December 31, 2007 (December 31, 2006:
9,100,133 YTL).
All the amortization expenses during 2006 and 2007 are included in “General Administration Expenses”.
20.
INTANGIBLE ASSETS
RIGHTS
TOTAL
28,796,732
28,796,732
408,446
408,446
17,182
17,182
29,222,360
29,222,360
RIGHTS
TOTAL
(27,986,191)
(27,986,191)
Cost
Consolidation Effect (note 32)
Additions
Accumulated Amortization
(155,713)
(155,713)
Additions
(265,108)
(265,108)
(28,407,012)
(28,407,012)
815,348
815,348
169
20. MADD‹ OLMAYAN VARLIKLAR (DEVAMI)
HAKLAR
TOPLAM
57.104.705
57.104.705
(28.347.474)
(28.347.474)
39.501
39.501
28.796.732
28.796.732
HAKLAR
TOPLAM
(54.438.278)
(54.438.278)
28.285.073
28.285.073
Maliyet De¤eri
Al›mlar
Birikmifl ‹tfa Paylar›
Dönem gideri
(1.832.986)
(1.832.986)
(27.986.191)
(27.986.191)
810.541
810.541
2006 ve 2007 y›llar› içerisinde amortisman giderlerinin tamam› “genel yönetim giderlerine” dahil edilmifltir.
170
21. ALINAN AVANSLAR
31 ARALIK 2007
Al›nan avanslar - k›sa vadeli
Al›nan avanslar - uzun vadeli (*)
8.264
31 ARALIK 2006
-
1.217.084
1.459.438
1.225.348
1.459.438
(*) 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. (Total Oil A.fi.) taraf›ndan ortaklafla kullan›lmas› için bu dört flirket
aras›nda bir sözleflme yap›lm›flt›r. 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.
22. EMEKL‹L‹K PLANLARI
Yoktur.
20. INTANGIBLE ASSETS (CONT’D)
RIGHTS
TOTAL
57,104,705
57,104,705
(28,347,474)
(28,347,474)
39,501
39,501
28,796,732
28,796,732
RIGHTS
TOTAL
(54,438,278)
(54,438,278)
28,285,073
28,285,073
Cost
Additions
Accumulated Amortization
Additions
(1,832,986)
(1,832,986)
(27,986,191)
(27,986,191)
810,541
810,541
All the amortization expenses during 2006 and 2007 are included in “General Administration Expenses”.
21. ADVANCES RECEIVED
171
DECEMBER 31, 2007
Advances received - current,
Advances received - non-current
8,264
DECEMBER 31, 2006
-
1,217,084
1,459,438
1,225,348
1,459,438
(*) On August 17, 1995, an agreement was signed between four companies; Turcas Petrolcülük A.fi., Tabafl Petrolcülük
A.fi., Selyak Petrol Ürünleri Üretim ve Pazarlama A.fi. and BP Petrolleri A.fi. in order to use the Filling Establishment of BP
Petrolleri A.fi. in the Ambarl› region jointly. According to this agreement, each company has 1/4 shares on the land and
other assets. However, due to a dispute between BP Petrolleri A.fi. and the third parties (around 600 partners) about the
ownership of the land on which the establishment was built, Turcas Petrolcülük A.fi. obtained USD 1,000,000 from BP
Petrolleri A.fi. and Selyak Petrol Ürünleri Üretim ve Pazarlama A.fi. to sell its own land to the other companies if this dispute
can not be solved.
22. RETIREMENT BENEFITS
None.
23. BORÇ KARfiILIKLARI
31 ARALIK 2007
31 ARALIK 2006
2.313.115
9.722.134
(2.275.117)
(9.722.134)
-
1.129.000
K›sa Vadeli Karfl›l›klar
Kurumlar vergisi karfl›l›¤› (Not 41)
Peflin ödenen vergi ve fonlar
EPDK ceza karfl›l›¤›
EPDK katk› provizyonu
Kullan›lmam›fl izin karfl›l›klar›
Dava karfl›l›¤›
Di¤er
-
430.488
274.137
169.967
-
358.727
5.992
-
318.127
2.088.182
31 Aral›k 2007 tarihi itibarıyla hak edilmifl fakat kullan›lmam›fl izinler için 274.137 YTL (31 Aral›k 2006: 169.967 YTL)
karfl›l›k ayr›lm›flt›r.
Kullan›lmam›fl ‹zin Karfl›l›¤›
1 Ocak itibar›yla karfl›l›k
169.967
Dönem gideri
139.706
Y›l içinde ödenen
(35.536)
31 Aral›k itibar›yla karfl›l›k
274.137
172
31 ARALIK 2007
31 ARALIK 2006
180.848
190.146
180.848
190.146
Uzun Vadeli Karfl›l›klar
K›dem tazminat› karfl›l›¤›
23. PROVISIONS
DECEMBER 31, 2007
DECEMBER 31, 2006
2,313,115
9,722,134
(2,275,117)
(9,722,134)
-
1,129,000
Current Provisions
Provision for corporate tax (Note 41)
Prepaid Tax and Funds
EMRA fine accrual
EMRA contribution provision
Unused vacation accrual
Legal Cases
Other
-
430,488
274,137
169,967
-
358,727
5,992
-
318,127
2,088,182
As of December 31, 2007, 274.137 YTL (December 31, 2006:169.967 YTL) provision is made for the vacations which are
deserved but not used.
JAN. 1-DEC. 31, 2006
Unused Vacation Accrual
Provision as of January 1
169,967
Charge for the period
139,706
Paid in period
(35,536)
Provision as of December 31
274,137
173
DECEMBER 31, 2007
DECEMBER 31, 2006
180,848
190,146
180,848
190,146
Long-term Provisions
Retirement pay provision
23. BORÇ KARfiILIKLARI (DEVAMI)
K›dem Tazminat› Karfl›l›klar›:
Yürürlükteki ‹fl Kanunu hükümleri uyar›nca, çal›flanlardan k›dem tazminat›na hak kazanacak flekilde ifl sözleflmesi sona
erenlere, hak kazand›klar› yasal k›dem tazminatlar›n›n ödenmesi yükümlülü¤ü vard›r. Ayr›ca, halen yürürlükte bulunan 506
say›l› Sosyal Sigortalar Kanununun 6 Mart 1981 tarih, 2422 say›l› ve 25 A¤ustos 1999 tarih, 4447 say›l› yasalar ile de¤iflik
60’›nc› maddesi hükmü gere¤ince k›dem tazminat›n› alarak iflten ayr›lma hakk› kazananlara da yasal k›dem tazminatlar›n›
ödeme yükümlülü¤ü bulunmaktad›r. 31 Aral›k 2007 tarihi itibarıyla ödenecek k›dem tazminat›, ayl›k 2.030,19 YTL (31 Aral›k
2006: 1.857,44 YTL) tavan›na tabidir.
K›dem tazminat› yükümlülü¤ü yasal olarak herhangi bir fonlamaya tabi de¤ildir. K›dem tazminat› yükümlülü¤ü, flirketin
çal›flanlar›n emekli olmas›ndan do¤an gelecekteki olas› yükümlülü¤ün bugünkü derinin tahminine göre hesaplan›r. UMS
19 (“Çal›flanlara Sa¤lanan Faydalar”), flirketin yükümlülüklerini tan›mlanm›fl fayda planlar› kapsam›nda aktüeryal de¤erleme
yöntemleri kullan›larak gelifltirilmesini öngörür. Buna uygun olarak, toplam yükümlülüklerin hesaplanmas›nda kullan›lan
aktüeryal varsay›mlar afla¤›da belirtilmifltir: Esas varsay›m, her hizmet y›l› için olan azami yükümlülü¤ün enflasyona paralel
olarak artmas›d›r. Dolay›s›yla, uygulanan iskonto oran›, gelecek enflasyon etkilerinin düzeltilmesinden sonraki beklenen
reel oran› ifade eder. 31 Aral›k 2007 tarihi itibarıyla, ekli mali tablolarda karfl›l›klar, çal›flanlar›n emeklili¤inden kaynaklanan
gelece¤e ait olas› yükümlülü¤ünün bugünkü de¤eri tahmin edilerek hesaplan›r. 31 Aral›k 2007 tarihi itibarıyla karfl›l›klar
y›ll›k %5 enflasyon oran› ve %11 iskonto oran› varsay›m›na göre, %5,71 reel iskonto oran› ile hesaplanm›flt›r (31 Aral›k
2006: %5,71 reel iskonto oran›). ‹ste¤e ba¤l› iflten ayr›lmalar neticesinde ödenmeyip, Grup’a kalacak olan k›dem tazminat›
tutarlar›n›n tahmini oran› da dikkate al›nm›flt›r. K›dem tazminat› tavan› alt› ayda bir revize olup, Grup’un k›dem tazminat›
karfl›l›¤›n›n hesaplanmas›nda 1 Ocak 2008 tarihinden itibaren geçerli olan 2.087,92 YTL olan tavan tutar› göz önüne al›nm›flt›r.
31 Aral›k 2007 ve 2007 tarihinde sone eren dönemler için k›dem tazminat› karfl›l›¤›n›n hareket tablosu afla¤›daki gibidir:
174
1 Ocak itibar›yla karfl›l›k
190.146
1.638.946
-
(2.291.080)
Hizmet maliyeti
50.156
752.364
Faiz maliyeti
10.857
89.916
Birleflme sonucu ayr›lan çal›flanlara ait yükümlülük
Ödenen k›dem tazminatlar›
(70.311)
-
31 Aral›k itibar›yla karfl›l›k
180.848
190.146
Turcas Petrol A.fi’den k›smi bölünme sonucu Shell&Turcas Petrol A.fi.’ye geçen çal›flanlar›n 30 Haziran 2006’ ya kadar hak
ettikleri k›dem tazminat› yükümlülükleri “Di¤er Uzun Vadeli Yükümlülükler” hesap kalemi alt›nda takip edilmektedir.
24. ANA ORTAKLIK DIfiI PAYLAR / ANA ORTAKLIK DIfiI KÂR / ZARAR
Grup’un ana ortakl›k d›fl› pay ve ana ortakl›k d›fl› kâr› Turcas Elektrik Üretim A.fi., Turcas Elektrik Toptan Sat›fl A.fi., Turcas
Rüzgar Enerji Üretim A.fi. ve Turcas Gaz Toptan Sat›fl A.fi.’ne ait olup bilanço tarihi itibarıyla ortakl›k d›fl› pay 480 YTL ve
2007 y›l›na ait ortakl›k d›fl› kâr 452 YTL’dir (31 Aral›k 2006: Yoktur).
23. PROVISIONS (CONT’D)
Retirement Pay Provisions:
Under Turkish Labor Law, the Group is required to pay employment termination benefits to each employee who has
qualified for such benefits. Also, employees are required to be paid their retirement pay provisions who are entitled to
receive retirement pay provisions in accordance with Law numbered 2242 and dated 6 March 1981 and numbered 4447
and dated August 25, 1999 of the existing Social Insurance Law No: 506 including the amended Article 60 of the related
Law. The amount payable consists of one month’s salary limited to a maximum of 2,030,19 YTL (December 31, 2006:
1,857,44 YTL) for each period of service at December 31, 2007.
The liability is not funded, as there is no funding requirement.
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. Revised IFRS 19 “Employee Benefits” require actuarial valuation methods to be
developed to estimate the Group’s obligation under defined benefit plans. Accordingly the following actuarial assumptions
were used in the calculation of the total liability. The principal assumption is that maximum liability for each year of service
will increase in line with inflation. Thus, the discount rate applied represents the expected real rate after adjusting for
the anticipated effects of future inflation. Consequently, in the accompanying consolidated financial statements as of
December 31, 2007 and December 31, 2006, provision has been calculated by estimating the present value of the future
probable obligation of the Company arising from the retirement of the employees. Provisions at the respective balance
sheet were calculated assuming an annual inflation rate of 5% and a discount rate of 11%, the real discount rate is
approximately 5.71%. (2006: in order 5%, 11% and 5.71%). The anticipated rate of forfeitures is considered. Severence
pay meximum amount is revised in every 6 months and the amount used is 2,087,92 YTL which is valid since January
1, 2008. The severance pay provision for the periods which ends in December 31, 2007 and 2006 are as follows.
JAN. 1-DEC. 31 2007
Provision at January 1
JAN. 1-DEC. 31 2006
190,146
1,638,946
-
(2,291,080)
Service cost
50,156
752,364
Interest cost
10,857
89,916
Indemnity of terminated employees due to spin-off
Retirement pay paid
(70,311)
-
Provision at December 31
180,848
190,146
Employees that were transferred to Shell&Turcas Petrol A.fi. from Turcas Petrol A.fi due to the spin-off had retirement pay
provisions that was recorded in other long-term liabilities account.
24. MINORITY SHARE / MINORITY PROFIT / LOSS
The Group’s minority share and income belongs to Turcas Elektrik Üretim A.fi., Turcas Elektrik Toptan Sat›fl A.fi., Turcas Rüzgar
Enerji Üretim A.fi. and Turcas Gaz Toptan Sat›fl A.fi. as of the balance sheet date, the minority share is TRY 480 ve minority
income in 2007 is TRY 452 (December 31, 2006: None).
175
25. SERMAYE / KARfiILIKLI ‹fiT‹RAK SERMAYE DÜZELTMES‹
31 Aral›k 2007 ve 31 Aral›k 2006 itibarıyla sermaye yap›s› afla¤›daki gibidir:
Ortaklar
Aksoy Petrol Da¤. Yat›r›mlar› A.fi.
%
31 Aral›k 2007
%
31 Aral›k 2006
%28,52
29.946.967
%28,52
29.946.967
Halka aç›k k›s›m
%28,63
30.060.956
%28,58
30.009.050
%23,03
24.176.996
%23,03
24.176.996
Di¤er
%19,82
20.815.081
%19,87
20.866.987
Nominal Sermaye
100,00
105.000.000
100,00
105.000.000
26. SERMAYE YEDEKLER‹
Özsermaye Eflasyon
31.12.2007
Sermaye
Tarihi De¤erler
Düzeltilmifl De¤erler
Düzeltme Farklar›
105.000.000
171.837.343
66.837.343
Özsermaye Eflasyon
31.12.2006
Sermaye
Tarihi De¤erler
Düzeltilmifl De¤erler
Düzeltme Farklar›
105.000.000
171.837.343
66.837.343
176
27. KÂR YEDEKLER‹
Yasal yedekler
Ola¤anüstü yedekler
31 ARALIK 2007
31 ARALIK 2006
10.952.198
6.549.511
191.911
191.911
11.144.189
6.741.802
25. CAPITAL
As of December 31, 2007 and 2006 the share capital held is as follows:
Shareholders
%
Dec. 31, 2007
%
Dec. 31, 2006
Aksoy Petrol Da¤. Yat›r›mlar› A.fi.
28.52%
29,946,967
28.52%
29,946,967
Publicly Traded
28.63%
30,060,956
28.58%
30,009,050
23.03%
24,176,996
23.03%
24,176,996
Other
19.82%
20,815,081
19.87%
20,866,987
Nominal Capital
100.00
105,000,000
100.00
105,000,000
26. CAPITAL RESERVES
Inflation Adjustment to
31.12.2007
Capital
Nominal
Adjusted Amounts
Shareholders’ Equity Items
105,000,000
171,837,343
66,837,343
Inflation Adjustment to
31.12.2006
Capital
Nominal
105,000,000
Adjusted Amounts
Shareholders’ Equity Items
171,837,343
66,837,343
177
27. PROFIT RESERVES
Legal Reserves
Extraordinary Reserves
DECEMBER 31, 2007
DECEMBER 31, 2006
10,952,198
6,549,511
191,911
191,911
11,144,189
6,741,802
28. GEÇM‹fi YIL KÂR / ZARARLARI
Geçmifl Y›l Kârlar›
31 ARALIK 2007
31 ARALIK 2006
220.562.116
487.788
29. YABANCI PARA POZ‹SYONU
Di¤er
31 Aral›k 2007
ABD Dolar›
EURO
Yabanc› Paralar
Toplam YTL
Haz›r De¤erler
21.375.354
38
540
24.897.195
Ticari Borçlar
-
-
(235.500)
(241.929)
Finansal Borçlar
-
(722.668)
-
(1.299.446)
Al›nan Avanslar
(1.003.700)
-
-
(1.169.009)
Net Yabanc› Para Pozisyonu 22.186.811
Di¤er
178
31 Aral›k 2006
ABD Dolar›
EURO
Yabanc› Paralar
Toplam YTL
Haz›r De¤erler
23.036.843
350
88
32.381.476
Ticari Alacaklar
491.600
-
-
690.993
Di¤er Alacaklar
60.000
-
-
84.336
Al›nan Avanslar
(1.000.000)
-
-
(1.405.600)
Net Yabanc› Para Pozisyonu 31.751.205
30. DEVLET TEfiV‹K VE YARDIMLARI
Yoktur.
28. RETAINED EARNINGS
Retained Earnings
DECEMBER 31, 2007
DECEMBER 31, 2006
220,562,116
487,788
29. FOREIGN CURRENCY POSITION
Other Foreing
December 31, 2007
USD
EUR
Currencies
Total TRY
Cash and Banks
21,375,354
38
540
24,897,195
Trade Payables
-
-
(235,500)
(241,929)
Financial Borrowings
-
(722,668)
-
(1,299,446)
(1,003,700)
-
-
(1,169,009)
Advances Received
Net FX Position 22,186,811
Other Foreing
December 31, 2006
USD
EUR
Currencies
Total TRY
Cash and Banks
23,036,843
350
88
32,381,476
Trade Payables
491,600
-
-
690,993
60,000
-
-
84,336
(1,000,000)
-
-
(1,405,600)
Financial Borrowings
Advances Received
Net FX Position 31,751,205
30. GOVERNMENT GRANTS AND INCENTIVES
None.
179
31. KARfiILIKLAR, fiARTA BA⁄LI VARLIK VE YÜKÜMLÜLÜKLER
Turcas Petrol A.fi. ile ‹lgili fiarta Ba¤l› Varl›k ve Yükümlülükler:
31 Aral›k 2007 tarihi itibarıyla toplam 11.410.609 YTL verilen teminat mektubu bulunmaktad›r. (31 Aral›k 2006:
114.890.483 YTL).
Enerji Piyasas› Düzenleme Kurulu ile ‹lgili Davalar:
Enerji Piyasas› Düzenleme Kurulu’nun 31 A¤ustos 2006 tarihinde yap›lan toplant›s›nda, fiirket’e; lisans› olmayan akaryak›t
bayilerine akaryak›t ikmali yaparak Petrol Piyasas› Kanunu’nun 7. maddesinin ikinci f›kras›nda düzenlenen lisans faaliyet
s›n›r›n› aflt›¤› için Kanunun 19 uncu maddesinin ikinci f›kras›n›n (a) bendinin (4) numaral› alt bendi ile “Petrol Piyasas›
Kanununun 19 Maddesi Uyar›nca 1/1/2005 Tarihinden ‹tibaren Uygulanacak Para Cezalar› Hakk›nda Tebli¤” gere¤i
113.599.140 YTL idari para cezas› uygulanmas› kararlaflt›r›lm›flt›r. Bu cezalara iliflkin olarak EPDK kararlar›n›n iptali ve
yürütmenin durdurulmas› talebi ile 19.09.2006 tarihinde Dan›fltay 13. Dairesinde 2006/4287E say›l› dava aç›lm›flt›r. Dan›fltay
15. Dairesi 17 Kas›m 2006 tarihinde 113.599.140 YTL’lik idari para cezas›n›n 714.460 YTL’lik k›sm›n›n yürütmesini durdurmufl
fakat geri kalan 112.884.680 YTL için yürütmeyi durdurma istemini reddetmifltir.
Enerji Piyasas› Düzenleme Kurumu taraf›ndan fiirket aleyhinde uygulanan idari para cezalar› ile ilgili ödeme emiri, fiirket’in
ba¤l› bulundu¤u Mecidiyeköy Vergi Dairesi taraf›ndan 02.11.2006 tarihinde tebli¤ edilmifltir. fiirket taraf›ndan söz konusu
ödeme emirlerinin iptali ve yürütmenin durdurulmas› talebiyle Dan›fltay ‹dari Daireleri Kurulu nezdinde 11 Aral›k 2006’da
davalar aç›lm›flt›r.
Dan›fltay ‹dari Dava Daireleri Kurulu yap›lan itiraz üzerine fiirket’e uygulanan para cezas›n›n tamam›n›n 25 Ocak 2007
tarihinde yürütmesinin durdurulmas›na karar vermifltir. Yürütmenin durdurulmas›na iliflkin gerekçeli kararlar 28 fiubat 2007
tarihinde fiirket’e tebli¤ edilmifltir.
180
Söz konusu davalar ile Enerji Piyasas› Düzenleme Kurumu taraf›ndan uygulanan idari para cezalar›n›n iptali ve yürütmenin
durdurulmas›na iliflkin olarak daha önce Dan›fltay nezdinde aç›lm›fl bulunan davalar›n ödeme emirlerinde belirtilen sürenin
sona erdi¤i 9 Kas›m 2006 tarihinde henüz sonuçlanmam›fl olmalar› nedeniyle, fiirket’in açm›fl oldu¤u davalardan kaynaklanan
tüm haklar› sakl› kalmak kayd›yla, yani bu davalardan herhangi birisi için yürütmeyi durdurma karar› al›nmas› halinde
ifllemden kalkmas› koflulu ile, söz konusu idari para cezalar›n›n tecil ve taksitlendirilmesi talebiyle 9 Kas›m 2006 tarihinde
Maliye Bakanl›¤›’na Mecidiyeköy Vergi Dairesi kanal›yla baflvuruda bulunulmufltur. Maliye Bakanl›¤› 2006 y›l› Aral›k ay›nda
bafllamak ve ilk iki taksit miktar olarak küçük olmak üzere, 18 ayl›k süreyle taksitlendirme talebini kabul etmifltir. Buna
göre 2006 y›l› Aral›k ay› ve 2007 Ocak taksitleri için toplam 2.258.000 YTL’lik ödeme gerçeklefltirilmifltir.
Enerji Piyasas› Düzenleme Kurumu taraf›ndan fiirket aleyhinde uygulanan para cezas›n›n tahsili için Mecidiyeköy Vergi
Dairesi Müdürlü¤ünce gönderilen ödeme emrinin iptali ve yürütmenin durdurulmas› talebiyle ‹stanbul 7. ‹dare Mahkemesi
nezdinde fiirket’in açm›fl bulundu¤u davada mahkemece fiirket’in yürütmenin durdurulmas› talebinin reddine karar verilmifl
ve bu karar aleyhinde fiirket taraf›ndan ‹stanbul Bölge ‹dare Mahkemesi nezdinde yap›lan itiraz baflvurusunu inceleyen
‹stanbul Bölge ‹dare Mahkemesi 5 fiubat 2007 tarih ve 2007/394 say›l› karar›yla itiraz›n kabulüne ve ‹stanbul 7. ‹dare
Mahkemesi’nin verdi¤i yürütmenin durdurulmas› talebinin reddine iliflkin karar›n›n kald›r›larak yürütmenin durdurulmas›
talebinin teminats›z olarak kabulüne karar vermifl bulunmaktad›r. Sözkonusu karar fiirket taraf›ndan ilgili vergi dairesine
gere¤i için tebli¤ ettirilmifltir. Bu karar do¤rultusunda 3. ve di¤er taksit ödemeleri yap›lmayacakt›r.
Enerji Piyasas› Düzenleme Kurulu (EPDK) taraf›ndan fiirkete uygulanan ‹dari Para Cezalar›n›n iptali ve yürütmenin durdurulmas›
talebiyle fiirket’in açm›fl bulundu¤u davalar üzerine Dan›fltay 13. Dairesinin Yürütmeyi Durdurma talebini ret eden karar›na
Dan›fltay ‹dari Dava Daireleri Kurulu nezdinde fiirket taraf›ndan yap›lan itiraz kurulca kabul edilerek dava konusu ifllemin
112.884.680 YTL’lik k›sm›n›n yürütmesinin durdurulmas›na iliflkin gerekçeli karar› 28 fiubat 2007 tarihinde fiirket’e tebli¤
edilmifltir.
31. COMMITMENTS AND CONTINGENCIES
Commitments and Contingencies Related to Turcas Petrol A.fi.:
There is a letter of guarantee amounting to TRY 11,410,609 in total as of December 31, 2007. (December 31, 2006:
TRY 114,890,483).
Law Suits Related to EMRA:
In the meeting of Energy Market Regulatory Board held in August 31, 2006 it was decided that administrative fine of TRY
113,599,140 should be entered into force in accordance with the subparagraph (4) of paragraph “a” of the second clause
of the Article 19 of the Petrol Market Law and “The Communiqué on Fines to Be Applied Starting From 1/1/2005 in
accordance with the Article 19 of Petrol Market Law” for exceeding the license activity limit arranged in the second clause
of the Article 7 of Petrol Market Law by supplying fuel oil to dealers that don’t have license. Regarding these fines, the
lawsuit No: 2006/4287E was filed in the State Council Office 13 on September 19, 2006 with the request of annulment
of the decisions of EPDK and stay of execution. State Council Office 15 decided on the stay of execution of the portion
amounting to TRY 714,460 of the administration fine amounting to TRY 113,599,140, however, it rejected the motion for
stay for the remaining TRY 112,884,680.
The payment order regarding the administrative fines applied against the Company by the energy Market Regulatory
Institution was notified by Mecidiyeköy Tax Administration where the Company is affiliated on November 2, 2006. Law
suits within State Council Administrative Offices Board were initiated by the Company on December 11, 2006 as a request
for the cancellation of the said payment orders and for stay of execution.
Upon the appeal, the State Council Administrative Offices Board decided to fully stop the execution of the fine applied to
the Company on January 25, 2007. The reasoned decisions regarding the stay of execution were notified to the Company
on February 28, 2007.
As the said law suits and the lawsuits initiated within State Council previously in relation with the cancellation of the
administrative fines applied by the Energy Market Regulatory Institution as well as with the stay of execution were not
concluded on November 9, 2006, the expiration date for the period specified in the payment orders; provided that all of
the rights of the Company as a result of the initiated law suits were reserved, in other words; without prejudice to any
decision regarding the stay of execution to be given in any of these law suits, the same would be cancelled, an application
was filed to the Ministry of Finance through Mecidiyeköy Tax Administration for the postponement and installment requests
regarding the said administrative fines on November 9, 2006. The request regarding the 18-months installments to be
started in December 2006 and initial two installments being small in amount, was accepted by the Ministry of Finance.
According to this, a total payment of TRY 2,258,000 was paid for the installment of December 2006 and January 2007.
In the lawsuit initiated by the Company at Istanbul 7th Administrative Court with the request of the cancellation of the
payment order sent by Mecidiyeköy Tax Administration Directorate for the collection of the fine applied against the company
by Energy Market Regulatory Institution and for stay of execution; the court decided to reject the request for stay of
execution by the Company; and ‹stanbul Regional Administrative Court, examining the application for objection filed at
‹stanbul Regional Administrative Court by the Company, decided to accept the objection with the decree numbered
2007/494, dated February 5, 2007, and to accept the request for stay of execution without any indemnity, by canceling
the decision regarding the rejection of the request for stay of execution by Istanbul 7th Administrative Court. The said
decision was notified to the related tax administration by the Company. In accordance with this decision, the 3rd and the
other installment payments shall not be executed.
Upon the lawsuits initiated by the Company with the request for the cancellation of the administrative fines applied to
the Company by the Energy Market Regulatory Authority and for the stay of execution, the objection made by the Company
at State Council Administrative Lawsuit Offices Board, to the decision regarding the rejection of the request for stay of
execution by the State council 13th Office, was accepted by the board, TRY 112,884,680 of the proceedings in subject of
the lawsuit was notified to the Company on February 28, 2007
181
31. KARfiILIKLAR, fiARTA BA⁄LI VARLIK VE YÜKÜMLÜLÜKLER (DEVAMI)
Turcas Petrol A.fi. ile ‹lgili fiarta Ba¤l› Varl›k ve Yükümlülükler (devam›)
Enerji Piyasas› Düzenleme Kurulu ile ‹lgili Davalar (devam›)
31 Aral›k 2007 tarihli konsolide mali tablolar›n kamuya aç›klanma tarihi itibarıyla konu ile ilgili hukuki süreç ve davalar ile
ilgili nihai sonuç üzerindeki belirsizlik devam etmektedir.
Shell&Turcas Petrol A.fi. ile ‹lgili Turcas Petrol A.fi.’nin fiarta Ba¤l› Varl›k ve Yükümlülükleri:
a) Grup, Türkpetrol Vakf›’na birinci y›l sonunda ve ikinci y›l sonunda 350.000 USD lisans bedeli ödeyecektir. Ödenecek bu
tutarlar Shell&Turcas Petrol A.fi’ye rücu edilecektir. Mevcut lisans sözleflmesinin, bedel ve süre maddesi d›fl›ndaki maddeler
aynen kalacak ve markalar, 1 Temmuz 2006 tarihinden itibaren 2 y›l 9 ay süre ile Shell&Turcas Petrol A.fi. taraf›ndan
kullan›lacakt›r. Bu sürenin sonunda lisans hakk› sona erecek ve keyfiyet Türk Patent Enstitüsü’ne bildirilecektir.
b)Shell Türkiye, Shell&Turcas A.fi.’nde sahip oldu¤u hisseleri üçüncü bir flahsa devretmeye karar verirse, Turcas elinde
bulundurdu¤u hisselerin tamam›n› Shell Türkiye ile birlikte ayn› koflullarda ve ayn› fiyat (veya afla¤›da at›f yap›lan sat›m
opsiyonunun uygulanabilir hale gelmesi durumunda, daha büyükse, 150 milyon Amerikan Dolar› tutar›nda bir bedel)
üzerinden birlikte sat›m hakk›n› haiz olacakt›r. Ancak, e¤er üçüncü bir kifli Shell Türkiye’nin Ortak Giriflim fiirketi hisselerinin
tamam›na bir teklif getirirse, Shell Türkiye Turcas’› ayn› flart ve koflullarla ve (1) Hisseler için yap›lan teklifteki fiyat, (2)
adil de¤eri, veya (3) (Turcas, hisselerini k›smi bölünme iflleminin tamamlamas›n›n yedinci y›ldönünümünü takip eden
onüçüncü günde veya daha önce satmaya zorlan›rsa) 150 milyon Amerikan Dolar›’ndan hangisi daha yüksekse o fiyatla
birlikte sat›m yapmaya zorlayabilecektir. Ancak bu durumda, Turcas, hisselerini satmamak için objektif bir nedenin var
olmas› halinde, hisselerini satmak zorunda olmayacakt›r.
182
Turcas Petrol A.fi.’nin, gerekli hükümet onaylar›n› ve yasal onaylar› elde etmesi flart›na ba¤l› olarak, Shell&Turcas Petrol
A.fi hisselerini Shell Türkiye’ye satma izni veren sat›m opsiyonu bulunmaktad›r. Bu sat›m opsiyonu, Turcas Petrol A.fi.’ye,
Ortak Giriflim fiirketi’nin sat›m opsiyonunun kullan›ld›¤› tarihten önceki 2 y›ll›k dönem içerisinde Turcas’a ve ba¤l› flirketlerine
ödedi¤i veya Ortak Giriflim Sözleflmesine uygun olarak al›koydu¤u toplam kümülatif kâr pay›n›n 40 milyon ABD Dolar›ndan
az olmas› halinde Turcas hisselerinin tamam›n›, k›smi bölünme iflleminin tamamlanmas› ve varl›klar›n Ortak Giriflim fiirketi’ne
devrinin üçüncü y›ldönümü ile yedinci y›ldönümü aras›nda herhangi bir zamanda, toplam 150 milyon ABD Dolar› bedelle
(Shell Türkiye’nin o tarihte Ortak Giriflim fiirketi hissedar› olmas› kayd›yla) Shell Türkiye’ye satma hakk› tan›maktad›r. Ayr›ca,
söz konusu sat›m opsiyonu yukar›da söz edilen kümülatif kar da¤›t›m› flart›na tabi olmaks›z›n k›smi bölünme iflleminin
tamamlanarak varl›klar›n Ortak Giriflim fiirketi’ne devrini takip eden yedinci y›l›n sonundan itibaren 30 günlük bir süre içinde
kullan›labilecektir ve Turcas’›n elindeki Ortak Giriflim fiirketi hisselerinin tamam› için Shell Türkiye taraf›ndan ödenecek
toplam tutar 150 milyon Amerikan Dolar› olacakt›r.
c) Turcas taraf›ndan verilen tazminat taahhütleri afla¤›daki konularla ba¤lant›l› her türlü yükümlülü¤e iliflkindir:
(a) E¤er mevcut garanti ya da di¤er teminatlar Ortak Giriflim fiirketi’ne devredilmifl olsayd› Ortak Giriflim fiirketi’nin sorumlulu¤u
daha büyük olacakt› ise, Ortak Giriflim fiirketi’nin sorumlulu¤unun daha büyük oldu¤u ölçüde, herhangi bir bayinin Ortak
Giriflim fiirketi’ne borçlu oldu¤u tutarlar›n tazmin ettirilmesi;
(b) Perakende sat›fl istasyonlar›n›n “Shell” markas› ile yeniden markalanmas›;
31. COMMITMENTS AND CONTINGENCIES (CONT’D)
Commitments and Contingencies Related to Turcas Petrol A.fi. (cont’d)
Law Suits Related to EMRA (cont’d)
As of the date of public announcement of the consolidated financial statements dated December 31, 2007, the ambiguity
regarding the judicial process related to the subject and the final result in relation with the law suits still continues.
Commitments and Contingencies Related to Turcas Petrol A.fi. Regarding Shell&Turcas Petrol A.fi.
a) The Group shall pay the Turkpetrol Foundation 350,000 USD license price after the first and the second year. These
payable amounts shall be revoked to Shell&Turcas Petrol A.fi. All articles of the existing license contract except for the
articles relating to price and duration shall remain the same, and the brands shall be used by Shell&Turcas Petrol A.fi. for
2 years and 9 months as of July 1, 2007. After this period the license right shall be terminated and the condition shall be
notified to Turkish Patent Institute.
b) If Shell Turkey, decides to hand over its shares in Shell&Turcas A.fi. to a third party, Turcas will have the right to sell
them under the same circumstances and the same price (or if the sale option referred below is applicable, or greater than
an amount of USD 150 million). However, if the third party makes an offer to the entire Shell Turkey Joint Venture Company,
Shell Turkey can force Turcas to sell its shares under the same conditiosns and (1) Amount offered for the shares, (2) fair
value, or (3) (If Turcas is forced to sell its shares 7 years and 13 days after (or before) the date partial seperation took
place) Whicever is greater than USD 150 million. In this situation, Turcas, will not have to sell its shares if there is an
objective reason not to sell its shares.
Turcas Petrol A.fi. has the sale option which grants the right to sell the shares of Shell&Turcas Petrol A.fi. to Shell Turkey,
provided that it obtains the required governmental and legal approvals. This sale option grants Turcas Petrol A.fi. to sell
the entire of Turcas shares to Shell Turkey within any time between the third and the seventh anniversary of the completion
of partial divisions and the transfer of the assets to the Joint Venture Company, against 150 million USD (on condition that
Shell is the shareholder of the Joint Venture Company at that date), in the event that the cumulative shares paid by the
Joint Venture Company to Turcas and the affiliated companies within the two years period before the date when the sale
option is used, or retained in accordance with the Joint Venture Contract is less than 40 Million USD. Moreover, the said
sale option can be used within 30 days as of the seventh year following the completion of the partial division and transfer
of the assets to the Joint Venture Company, without being subject to the above condition regarding the cumulative share
distribution, and the amount to be paid by Shell Turkey for all of the Joint Venture Company shares possessed by Turcas
shall be 150 million USD.
c) The indemnification commitments given by Turcas are related to the following liabilities related to these subjects:
(a) In the event that the responsibility of the Joint Venture Company would be greater if the existing guarantees and other
securities are transferred to the Joint Venture Company, indemnification of the sums indebted to the Joint Venture Company
by any dealer to the extent that the responsibility of the Joint Venture Company is greater;
(b) Re-marking of the retail sale station with “Shell” mark;
183
31. KARfiILIKLAR, fiARTA BA⁄LI VARLIK VE YÜKÜMLÜLÜKLER (DEVAMI)
Shell&Turcas Petrol A.fi. ile ‹lgili Turcas Petrol A.fi.’nin fiarta Ba¤l› Varl›k ve Yükümlülükleri (devam›)
(c) BP ve Total’in fiirket’e %50 oranda mevcut olan hakk› için ödeme yapt›klar›, Ambarl›’da bulunan ve Turcas taraf›ndan
edinilmifl olan arsa parseli (“Ambarl› Arsas›”) üzerindeki herhangi bir hakk›n BP ve Total’e devri hususunda, Ortak Giriflim
fiirketi böyle bir devri tamamlamak zorunda kal›rsa, Turcas Ortak Giriflim fiirketi’ne hangisinin miktar› daha az ise onu
ödemek zorundad›r: (i) 1.000.000 Amerikan Dolar›; ve (ii) Ambarl› Arsas›’n›n devir s›ras›ndaki rayiç piyasa de¤erine eflit
bir miktar veya sat›fltan do¤an gelire eflit bir miktar, her iki halde de ödeme Ortak Giriflim fiirketi taraf›ndan bu konuyla
ilgili olarak üstlenilmifl olan masraflar ve harcamalarla birlikte yap›lacakt›r.;
(d) Hariç tutulan Turcas varl›klar›;
(e) ‹fl Devir Sözleflmesi uyar›nca, borçlar›n Ortak Giriflim fiirketi’ne geçti¤i ancak ilgili borca denk düflen hakk›n Ortak Giriflim
fiirketi’ne geçmedi¤i ölçüde olmak üzere herhangi bir Turcas Sözleflmesi;
(f) Herhangi bir Turcas’›n mevcut yükümlülü¤ü;
(g) K›smi bölünme ifllemi ile ilgili olan Turcas malvarl›¤›n›n Ortak Giriflim fiirketi’ne devrine iliflkin her türlü vergi;
(h) Turcas ile ilgili vergiye dair hususlar.
Shell&Turcas Petrol A.fi. ile ilgili Grubun üstlendi¤i flarta ba¤l› varl›k ve yükümlülükleri afla¤›daki gibidir:
184
Gümrük ofislerine verilen garanti mektuplar›
Vergi ofislerine verilen garanti mektuplar›
Di¤er
Toplam
Al›nan garanti mektuplar›
Al›nan ipotekler
Al›nan di¤er teminatlar
Toplam
31 ARALIK 2007
31 ARALIK 2006
14.467.695
53.042.819
499.792
212.425
16.661.453
38.384.148
31.628.940
91.639.392
31 ARALIK 2007
31 ARALIK 2006
38.389.454
23.233.347
103.285.036
54.461.065
8.589.899
8.468.436
150.264.389
86.162.848
Shell&Turcas Petrol A.fi. bayi sahiplerine bayilerin fiziksel durumlar›n›n gelifltirilmesi için 2.064.606 YTL ödeme garantisi
vermifltir (31 Aral›k 2006: 982.820 YTL).
1 y›l içersinde
1 - 5 y›l
5 - 14 y›l
31 ARALIK 2007
31 ARALIK 2006
511.710
110.362
1.158.512
425.477
394.384
446.981
2.064.606
982.820
31. COMMITMENTS AND CONTINGENCIES (CONT’D)
Commitments and Contingencies related to Turcas Petrol A.fi. regarding Shell&Turcas Petrol A.fi.
(c) Regarding the transfer of any right to BP and Total over the land parcel acquired by Turcas in Ambarl›, for which BP
and Total has paid 50% for the existing right to Turcas, if the Joint Venture Company is forced to complete such transfer,
Turcas is obliged to pay the Joint Venture Company the sum which has the lesser amount: (i) 1,000,000 USD and (ii) an
amount equal to the current market value of Ambarl› Land as of the transfer date or an amount equal to the income from
sale, in both cases the payment shall be made by the Joint Venture Company along with the costs and expenses undertaken
regarding the issue;
(d) Excluded Turcas assets;
(e) Pursuant to the Business Transfer Contract, any Turcas Contract where the debts are transferred to the Joint Venture
Company but the right corresponding to the related debts is not transferred to the Joint Venture Company;
(f) Any existing liability of Turcas;
(g) Any tax relating liabilities to the transfer of the assets of Turcas, relating to the division process to the Joint Venture
Company;
(h) Matters regarding taxation of Turcas
The commitments and contingencies of the Group related to Shell&Turcas Petrol A.fi. is follows;
Guarantee Letters given to customs
Guarantee letters given to tax offices
DECEMBER 31, 2007
DECEMBER 31, 2006
14,467,695
53,042,819
499,792
212,425
Other
16,661,453
38,384,148
Total
31,628,940
91,639,392
DECEMBER 31, 2007
DECEMBER 31, 2006
Guarantee letters received
Mortgage received
Other guarantees received
Total
38,389,454
23,233,347
103,285,036
54,461,065
8,589,899
8,468,436
150,264,389
86,162,848
Shell&Turcas Petrol A.fi. has committed to pay TRY 2,064,606 to the station owners for the station improvement in the
periods mentioned below (December 31, 2006: 982,820 TRY).
Within one year
1 - 5 years
5 - 14 years
DECEMBER 31, 2007
DECEMBER 31, 2006
511,710
110,362
1,158,512
425,477
394,384
446,981
2,064,606
982,820
185
32. ‹fiLETME B‹RLEfiMELER‹
Turcas Elektrik Üretim A.fi. ve Turcas Elektrik Toptan Sat›fl A.fi.’de bulunan Erdal Aksoy, S. Batu Aksoy, Banu Aksoy Tarakç›o¤lu,
A. Belk›s Aksoy, F. Nilüfer Say›t ve Ö. Faruk Acuner’e ait %99,96 l›k hisseler fiubat 2007’de 2.152.611 YTL ve Turcas Gaz
Toptan Sat›fl A.fi.’de bulunan Erdal Aksoy’a ait %99,96’l›k hisseler 2007 y›l› Ocak ay› içerisinde 49.980 YTL’ye Turcas taraf›ndan
sat›n al›nm›flt›r. Daha sonra Turcas Elektrik Üretim A.fi. ve Turcas Elektrik Toptan Sat›fl A.fi.’de 2007 y›l›n›n Aral›k ay›nda
sermaye art›r›m›na gidilmifl, art›r›m›n tamam›na Marmara Petrol ve Rafineri ‹flleri A.fi. ifltirak etmifltir. Ekli mali tablolarda
bu flirketlerin al›mlar› menfaatlerin birlefltirilmesi yöntemi kullan›larak muhasebelefltirilmifltir. Bu flirketlerin faaliyetlerinin
olmamas› ve aktif toplamlar›n›n ekli konsolide mali tablolar› etkilemeyecek kadar küçük olmas› nedeniyle bu sat›n al›m
ifllemi karfl›laflt›rmal› y›llarda da yap› de¤iflikli¤inin etkilerini yans›tacak flekilde düzenlenmemifltir. Ödenen tutar ile sat›n
al›nan ba¤l› ortakl›klar›n net aktifleri aras›ndaki 1.742.072 YTL’lik fark Özsermaye grubu alt›nda Geçmifl Y›llar Kâr/Zararlar›
kalemleri alt›nda gösterilmifltir.
33. BÖLÜMLERE GÖRE RAPORLAMA
Yoktur.
34. B‹LANÇO TAR‹H‹NDEN SONRAK‹ OLAYLAR
8 fiubat 2008 tarihinde, esas sermaye sistemine tabi flirket ödenmifl sermayesinin flirketin yasal kay›tlar›nda mevcut oldu¤u
Yeminli Mali Müflavir raporlar› ile tespit edilen ancak Sermaye Piyasas› Kurulu düzenlemeleri uyar›nca haz›rlanm›fl finansal
tablolar›nda yer almayan; 2.595.404,89 YTL’lik Hisse Senetleri ‹hraç Primi, 24.909.003,60 YTL’lik ‹fltirakler Yeniden De¤erleme
De¤er Art›fl› ve 3.995.591,51 YTL’lik Ola¤anüstü Yedekler olmak üzere sermayeye ilave edilecek toplam 31.500.000 YTL’nin
191.191 YTL’sinin Ola¤anüstü Yedeklerden karfl›lanmas›na, kalan 31.308.809 YTL’nin de “Geçmifl Y›llar Kâr›” hesab›ndan
karfl›lanmak üzere yap›lmas›na karar verilmifltir.
186
19 fiubat 2008 tarihinde fiirket Ana Sözleflmesinin “Amaç ve Konu” bafll›kl› 3. maddesinin tadil edilmesine ve Ana Sözleflme
De¤iflikli¤ine, Türkiye Cumhuriyeti Baflbakanl›k Sermaye Piyasas› Kurulu’ndan, Sanayi ve Ticaret Bakanl›¤›’ndan izinlerinin
al›nmas›ndan sonra fiirket Ana Sözleflme de¤iflikli¤inin görüflülüp karara ba¤lanmas› için fiirket ortaklar›n›n Genel Kurul
Toplant›s›’na davet edilmelerine karar verilmifltir.
14 Mart 2008 tarihinde Turcas Elektrik Üretim A.fi.’nin; sermayesinin %30’una sahip oldu¤u E.ON&Turcas Güney Elektrik
Üretim A.fi.nin Denizli’de yapmak üzere müracaat etti¤i 840 MW’lik do¤algaz santraline iliflkin üretim lisans baflvurusu
Enerji Piyasas› Düzenleme Kurumu’nca uygun bulunmufltur.
24 Mart 2008 tarihinde, T.C. Baflbakanl›k Özellefltirme ‹daresi Baflkanl›¤›’ndan Socar&Turcas/Injaz Ortak Giriflim Grubu’na,
Petkim Petrokimya Holding A.fi. sermayesindeki %51 oran›ndaki kamu hissesinin devrinin 45 gün içinde gerçeklefltirilmesine
iliflkin tebligat yap›lm›flt›r.
3 Nisan 2008 tarihinde, T.C.Ulaflt›rma Bakanl›¤› Karayollar› Genel Müdürlü¤ü’nün 05.11.2007 tarih, 2701 say›l› yaz›s›
do¤rultusunda: Bir y›l süre ile Turcas Petrol A.fi.’nin tüm ihalelere kat›lma yasa¤› ile ilgili olarak Ankara Nöbetçi ‹dare
Mahkemesi nezdinde 1 y›l süre ile tüm ihalelerden yasaklama karar›n›n iptali ve Yürütmeyi Durdurma Karar› verilmesi
istemiyle dava aç›ld›¤› bildirilmifl idi. T.C. Ankara 2. ‹dare Mahkemesi Esas No:2007/1523 say›l› dosya nosunda ifllem gören
dava ile ilgili olarak 2577 say›l› yasan›n 27. maddesi uyar›nca teminat al›nmaks›z›n dava sonuna kadar Turcas Petrol A.fi.’nin
“Yürütülmesinin Dururulmas›na” iliflkin karar vermifltir.
32. BUSINESS COMBINATIONS
Sat›fl A.fi. has been purchased by Turcas for TRY 49,480 in February 2007 and January 2007 respectively. Turcas Elektrik
Üretim A.fi. and Turcas Elektrik Toptan Sat›fl A.fi. has increased their capital in December 2007. Marmara Petrol ve Rafineri
‹flleri A.fi. has fully participated in the increase. The purchase of those companies were accounted for by using the uniting
of interest method. Those purchase were not reflected in the comparative consolidated financial statements to show the
effect of the change in structure of the company, because the companies that had been purchased had no operation
activities and their assets were too small. The TRY 1,742,072 difference between the amount paid and the net assets of
the subsidiaries that had been purchased has been shown under Previous Year Profit/Loss.
33. SEGMENTAL REPORTING
None.
34. EVENTS AFTER THE BALANCE SHEET DATE
On February 8, 2008, an amount that was stated by the chartered accountant’s reports in statutory records of the company,
but not stated in the financial statements adjusted by the Capital Market Board’s standards; TRY 2,595,404,89 of share
premium, TRY 24,909,003,60 of investment revluation and TRY 3,995,591,51 of extraordinary reserves, total TRY 31,500,000
to be added to the capital was decided to be provided by; TRY 191,191 from extraordinary reserves and the remaining
TRY 31,308,809 from retained earnings.
On February 19, 2008, the company’s main agreement’s “Purpose and Subject” title’s 3. article was decided to be changed
after obtaining the necessary authorizations from T.R. Prime Ministry Capital Market Board, Industry and Trade Ministry.
Thus, a general board meeting was announced to the shareholders, to discuss on the changes in the main agreement of
the company.
On March 14, 2008, Energy Market Regulatory Authority has aprroved Turcas Elektrik Üretim A.fi.’s production license
application of a 840 MW natural gas plant to be built in Denizli, in the name of E.ON&Turcas Güney Elektrik Üretim A.fi., a
company that Turcas Elektrik Üretim A.fi. owns 30% of its capital.
On March 24, 2008, a written notification was given to T.R. Prime Ministry Privatization Administration Presidency for the
turnover of 51% public share in Petkim Petrokimya Holding A.fi’s capital, to Socar&Turcas/Injaz Joint Venture Group.
On April 3, 2008, according to the 05.11.2007 date and 2701 no article of T.R. Transportation Ministry Highways General
Administration: Lawsuit to stop the law enforcement on the ban of Turcas Petrol A.fi. to participate in any biddings for
one year was opened by Ankara Administative Court had been declared. The lawsuit that had been followed in the file
of T.R. Ankara 2. Administrative Court No:2007/1523 had been declared to stop the law enforcement on Turcas Petrol
A.fi. by law no:2577, without any guarantees taken, until the court decides on the lawsuit’s outcome.
187
35. DURDURULAN FAAL‹YETLER
Turcas Petrol A.fi.’nin ana faaliyet konusu olan petrol ve petrol ürünleri al›m›, sat›m›, ihrac› ve ihracat› 1 Temmuz 2006
tarihinden sonra yeni kurulan Shell&Turcas Petrol A.fi. taraf›ndan yürütülmeye bafllanm›flt›r. Turcas Petrol A.fi.’nin Shell&Turcas
Petrol A.fi. kuruluncaya (1 Temmuz 2006) kadar gerçeklefltirdi¤i faaliyetlerin sonuçlar› afla¤›daki gibidir:
1 OCAK - 1 TEMMUZ 2006
Sat›fl gelirleri
861.245.931
Sat›fllar›n maliyeti
(801.306.670)
Brüt esas faaliyet kârlar›
60.710.240
Faaliyet giderleri
(22.242.248)
Net esas faaliyet kâr›
38.467.992
Faaliyet kâr›
48.472.878
Vergiler
(10.696.811)
Net Dönem Kâr›
37.776.067
36. ESAS FAAL‹YET GEL‹RLER‹
Sat›fllar
Yurtiçi sat›fllar
188
3.383.068
902.726.789
Di¤er gelirler
-
797.217
Sat›fl iskontolar›
-
(29.131)
Sat›fllardan di¤er indirimler
-
(460.553)
3.383.068
903.034.322
(3.103.279)
(845.074.977)
Sat›fllar›n Maliyeti
Sat›lan ticari mallar maliyeti
Verilen hizmet maliyeti
(2.053.927)
(3.103.279)
(847.128.904)
35. DISCONTINUED OPERATIONS
Purchase, sale and export of petrolium and petrolium products which are the main activity area of Turcas Petrol A.fi. are
being operated by Shell&Turcas A.fi since July 01, 2006. The results of the activities of the Turcas Petrol A.fi. until Shell&Turcas
Petrol A.fi. is established (July 01, 2006) are as follows:
JAN. 1-JULY 1, 2006
Sales Revenue
861,245,931
Cost of sales
(801,306,670)
Gross profit
60,710,240
Operating expenses
(22,242,248)
Net operating profit
38,467,992
Other income and profit
48,472,878
Taxation
(10,696,811)
Net Profit for the Period
37,776,067
36. OPERATING INCOME
JAN. 1-DEC. 31, 2007
JAN. 1-DEC. 31, 2006
Sales
Domestic Sales
3,383,068
902,726,789
Other income
-
797,217
Sales discounts
-
(29,131)
Other deductions from sales
-
(460,553)
3,383,068
903,034,322
JAN. 1-DEC. 31, 2007
JAN. 1-DEC. 31, 2006
(3,103,279)
(845,074,977)
Cost of Sales
Cost of merchandises sold
Cost of service rendered
(2,053,927)
(3,103,279)
(847,128,904)
189
37. FAAL‹YET G‹DERLER‹
Amortisman ve itfa giderleri
1.026.714
5.965.219
Personel giderleri
2.359.815
9.496.740
57.972
821.300
Bayi giderleri
826.302
2.349.984
Kira giderleri
405.610
861.072
D›flar›dan sa¤lanan hizmetler
1.435.214
2.963.070
Vergi ve di¤er yükümlülükler
539.950
2.218.691
fiüpheli alacak ve di¤er karfl›l›k giderleri
151.261
731.042
52.764
322.220
-
2.208.954
1.961.582
-
Reklam giderleri
Bak›m ve onar›m giderleri
EPDK’ya ödenen cezalar
Kâr kayb› tazminat› (*)
Di¤er
1.916.702
2.945.571
10.733.886
30.883.863
(*) Kâr kayb› tazminat› Shell&Turcas Petrol A.fi. taraf›ndan yans›t›lan kapat›lan istasyonlarla ilgili oluflan giderlerin
Turcas Petrol A.fi.’ye düflen k›sm›n› oluflturmaktad›r.
190
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2007
37. OPERATING EXPENSES
JAN. 1-DEC. 31, 2007
JAN. 1-DEC. 31, 2006
Depreciation and amortization expenses
1,026,714
5,965,219
Personnel expenses
2,359,815
9,496,740
57,972
821,300
Dealer expenses
826,302
2,349,984
Rent expenses
405,610
861,072
Advertisement expenses
Other services received
1,435,214
2,963,070
Tax and other liabilities
539,950
2,218,691
Doubtful receivable and other provision expenses
151,261
731,042
52,764
322,220
-
2,208,954
1,961,582
-
Repair and maintenance expenses
Fines paid to EMRA
Profit loss claims (*)
Other
1,916,702
2,945,571
10,733,886
30,883,863
(*) Profit loss claims are, Turcas Petrol A.fi.’s share of station expenses that has been closed, which are reflected by
191
38. D‹⁄ER FAAL‹YETLERDEN GEL‹R / (G‹DER) VE KÂR / ZARARLAR
LPG komisyon gelirleri
-
4.549.267
Komisyon gelirleri
-
1.224.781
Sözleflme fesih tazminat›
-
1.484.697
263.755
1.122.145
7.274.122
-
Kira gelirleri
The Shell Company ortak giriflim sözleflmesi geliri (*)
Konusu kalmayan karfl›l›klar
-
33.869
Temettü gelirleri
-
30.307
Haklar gelirleri
Servis hizmet gelirleri
Sabit k›ymet sat›fl kâr› (**)
1.380
582.810
22.080
96.878
257.744
24.824.836
"Shell&Turcas Petrol A.fi. dönem kâr›n›n toplulu¤a
düflen pay› ve temettü geliri (Not 16)"
103.668.963
31.750.675
-
171.453.382
Bölünme ifllemi sonucu oluflan kâr (Not 16)
Di¤er gelirler ve kârlar
669.494
483.976
112.157.538
237.637.623
(*) Yap›lan sözleflme gere¤ince, Shell grubu üyelerinin Shell&Turcas Petrol A.fi.’ne iflletme destek hizmetleri, uzman araflt›rma
gelifltirme, teknik destek hizmetleri ve yönetim dan›flmanl›k hizmetleri tedarik etti¤i durumlarda verilen hizmet sözleflmeleri
uyar›nca ödenecek toplam tutar belli bir takvim y›l›nda belirlenen tutar› aflarsa, The Shell Company of Turkey Ltd. Turcas’a
192
belirlenen oranlarda ödeme yapmay› kabul etmifltir.
(**) Turcas Petrol A.fi.’nin yüzde yüz sahibi bulundu¤u Marmara Petrol ve Rafineri ‹flleri A.fi.’nin Kocaeli ili, Körfez ilçesi’nde
bulunan 35.805 metrekare arsa ve üzerindeki tesis 2006 y›l› içerisinde 21.500.000 USD bedelle Lukoil Eurasia Petrol A.fi.’ne
3 Kas›m 2006 tarihinde sat›lmas›ndan do¤an sat›fl kâr› 24.086.474 YTL dir.
Komisyon giderleri
-
(1.489.257)
Geçmifl döneme ait vergi gideri (*)
(587.131)
-
Sabit k›ymet sat›fl zararlar›
(187.562)
(769.364)
Di¤er gider ve zararlar
(195.890)
(560.893)
(970.583)
(2.819.514)
(*) Grup ifltiraki Marmara Petrol 31 Aral›k 2006 mali tablolar› halka aç›kland›ktan sonra vergi karfl›l›¤›nda de¤ifliklik yapm›flt›r.
Yap›lan bu de¤ifliklik cari dönemde geçmifl döneme ait vergi gideri olarak ekli mali tablolarda yer alm›flt›r.
38. OTHER INCOME / EXPENSE PROFIT / LOSES
JAN. 1-DEC. 31, 2007
JAN. 1-DEC. 31, 2006
LPG commission income
-
4,549,267
Commission income
-
1,224,781
Compensation for contract cancellation
-
1,484,697
263,755
1,122,145
7,274,122
-
Rent income
The Shell Company joint venture contract income (*)
Provisions released
-
33,869
Dividend income
-
30,307
Rights income
1,380
582,810
Service income
22,080
96,878
257,744
24,824,836
Income from fixed asset sales (**)
Net profit for the period of Shell&Turcas Petrol A,fi,
attributable to the group (Note 16)
Profit generated from spin-off (Note 16)
Other income and profit
103,668,963
31,750,675
-
171,453,382
669,494
483,976
112,157,538
237,637,623
(*) According to the contract, Shell group members has agreed to pay a certain amount, in case their administrative support
service, expert research and development, technical support services and management consultancy services supplied to
Shell&Turcas Petrol A.fi. exceeds a certain amount in a certain period.
193
(**) The 35,805
m2
land and facility in Kocaeli, Körfez which are belong the Marmara Petrol ve Rafineri ‹flleri A.fi. are sold
to Lukoil Eurasia Petrol A.fi. is amounting to USD 21,000,000 as of November 3, 2006. The profit generated from this sale
is TRY 24,086.474.
Commission expenses
JAN. 1-DEC. 31, 2007
JAN. 1-DEC. 31, 2006
-
(1,489,257)
Previous period tax expense (*)
(587,131)
-
Loss on fixed asset sales
(187,562)
(769,364)
Other expenses and losses
(195,890)
(560,893)
(970,583)
(2,819,514)
(*) The group has changed its tax provision, after its subsidiary Marmara Petrol has declared December 31, 2006 financial
statements to the public. This change has been added in the financial statements as previous period’s tax expense in the
current period.
39. F‹NANSMAN G‹DERLER‹
13.172.424
8.790.156
Faiz gelirleri
Kambiyo kârlar›
1.512.973
6.624.450
Reeskont gelirleri
746.385
2.654.955
Kambiyo zararlar›
(5.982.299)
(4.975.187)
(292.487)
(787.064)
Reeskont giderleri
Faiz giderleri
(95.236)
(1.394.349)
9.061.760
10.912.961
40. NET PARASAL POZ‹SYON KÂR / ZARARI
1 Ocak 2005 tarihinden itibaren enflasyon muhasebesi uygulamas›na son verildi¤i için 31 Aral›k 2007 ve 2006 tarihleri
itibarıyla net parasal pozisyon kâr› veya zarar› oluflmam›flt›r.
41. VERG‹LER
Kurumlar Vergisi
194
fiirket ve ba¤l› ortakl›klar› Türkiye’de geçerli olan kurumlar vergisine tabidir. Grup’un 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 vergiden istisna kazançlar, vergiye tabi olmayan gelirler ve di¤er
indirimler (varsa geçmifl y›l zararlar› ve tercih edildi¤i takdirde kullan›lan yat›r›m indirimleri) düflüldükten sonra kalan matrah
üzerinden hesaplanmaktad›r.
2007 y›l›nda uygulanan efektif vergi oran› %20 (2006: %20)’dir.
Türkiye’de geçici vergi üçer ayl›k dönemler itibarıyla hesaplanmakta ve tahakkuk ettirilmektedir. 2007 y›l› kurum kazançlar›n›n
geçici vergi dönemleri itibarıyla vergilendirilmesi aflamas›nda kurum kazançlar› üzerinden hesaplanmas› gereken geçici
vergi oran› %20’dir. (2006: %20).
Zararlar, gelecek y›llarda oluflacak vergilendirilebilir kardan düflülmek üzere, maksimum befl 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 1-25 Nisan tarihleri aras›nda (özel hesap dönemine sahip olanlarda dönem
kapan›fl›n› izleyen dördüncü ay›n 1-25 tarihleri aras›nda) vergi beyannamelerini haz›rlamaktad›r. Vergi Dairesi taraf›ndan
bu beyannameler ve buna baz olan muhasebe kay›tlar› befl y›l içerisinde incelenerek de¤ifltirilebilir.
39. FINANCE INCOME (EXPENSE) (NET)
JAN. 1-DEC. 31, 2007
JAN. 1-DEC. 31, 2006
Interest income
13,172,424
8,790,156
Exchange gains
1,512,973
6,624,450
746,385
2,654,955
(5,982,299)
(4,975,187)
(292,487)
(787,064)
Discounting income
Exchange losses
Discounting losses
Interest expenses
(95,236)
(1,394,349)
9,061,760
10,912,961
40. NET MONETARY GAIN / LOSS
Net monetary gain / (loss) is not calculated since inflation accounting has been ceased as of December 1, 2005.
41. TAXATION
Corporate tax
The Group is subject to Turkish corporate taxes. Tax legislation in Turkey 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.
Corporate tax is applied on taxable corporate income, which is calculated from the statutory accounting profit by adding
back non-deductible expenses, and by deducting dividends received from resident companies, other exempt income and
investment incentives utilized.
The effective tax rate in 2007 and the following years is 20% (2006: 20%).
In Turkey, advance tax returns are filed on a quarterly basis. The advance corporate income tax rate is 20% for 2007
(2006: 20%).
Losses are allowed to be carried five years maximum to be deducted from the taxable profit of the following years.
However, losses occurred cannot be deducted from the profit occurred in the prior years retroactively.
In Turkey, there is no procedure for a final and definitive agreement on tax assessments. Companies file their tax returns
between April 1-25 following the close of the accounting year to which they relate. The companies with special accounting
periods, file their tax returns between 1st-25th of fourth month after fiscal year end. Tax authorities may, however,
examine such returns and the underlying accounting records and may revise assessments within five years.
195
41. VERG‹LER
Gelir Vergisi Stopaj›
Kurumlar vergisine ek olarak, da¤›t›lmas› durumunda kâr pay› elde eden ve bu kâr paylar›n› kurum kazanc›na dahil ederek
beyan eden tam mükellef kurumlara ve yabanc› flirketlerin Türkiye’deki flubelerine da¤›t›lanlar hariç olmak üzere kâr paylar›
üzerinden ayr›ca gelir vergisi stopaj› hesaplanmas› gerekmektedir. Gelir vergisi stopaj› 24 Nisan 2003 tarihinden itibaren
tüm flirketlerde %10 olarak ilan edilmifltir. Bu oran, 23 Temmuz 2006 tarihi itibarıyla %15 olarak de¤ifltirilmifltir. Da¤›t›lmay›p
sermayeye ilave edilen kâr paylar› gelir vergisi stopaj›na tabi de¤ildir. 24 Nisan 2003 tarihinden önce al›nm›fl yat›r›m teflvik
belgelerine istinaden yararlan›lan yat›r›m indirimi tutar› üzerinden %19,8 vergi tevkifat› yap›lmas› gerekmektedir. Bu tarihten
sonra yap›lan teflvik belgesi yat›r›m harcamalar›ndan flirketlerin üretim faaliyetiyle do¤rudan ilgili olanlar›n %40’›
vergilendirilebilir kazançtan düflülebilir. Yararlan›lan teflvik belgesiz yat›r›m harcamalar›ndan vergi tevkifat› yap›lmamaktad›r.
Yat›r›m indirimi uygulamas› 1 Ocak 2006 tarihinden geçerli olmak üzere yürürlükten kald›r›lm›flt›r. Ancak, flirketlerin
vergilendirilebilir kazançlar›n›n yetersiz olmas› sebebiyle, 31 Aral›k 2005 tarihi itibarıyla yararlanamad›¤› yat›r›m indirimi
tutar› sonraki y›llarda elde edilecek vergilendirilebilir kazançlardan düflülmek üzere sonraki y›llara tafl›nabilir. Bununla birlikte,
tafl›nan yat›r›m indirimini sadece 2006, 2007 ve 2008 y›llar›na ait kazançlar›ndan indirebilirler. 2008 y›l› kurum kazanc›ndan
indirilemeyen yat›r›m indirimi tutar›n›n sonraki dönemlere devri mümkün de¤ildir.
fiirketlerin 2006, 2007 ve 2008 y›llar›n›n kurumlar vergisi hesab›nda, tafl›nan yat›r›m indirimini vergilendirilebilir kazançlar›ndan
indirilmesini tercih ettikleri takdirde uygulayacaklar› kurumlar vergisi oran› %30 olacakt›r. Tafl›nan yat›r›m indiriminden
faydalan›lmamas› durumunda ise kurumlar vergisi oran› %20 olarak dikkate al›nacak ve faydalan›lmayan yat›r›m indirimi
hakk› ortadan kalkacakt›r.
Grup yönetimi yat›r›m indiriminden faydalanmay› planlamad›¤›ndan 31 Aral›k 2007 ve 2006 tarihleri itibarıyla kurumlar
vergisi oran›n› %20 olarak uygulam›flt›r.
196
31 ARALIK 2007
31 ARALIK 2006
Ödenecek Kurumlar Vergisi
Kurumlar vergisi karfl›l›¤›
Peflin ödenmifl vergi ve fonlar
Cari kurumlar vergisi karfl›l›¤›
Ertelenmifl vergi karfl›l›¤›
2.313.115
9.722.134
(2.275.117)
(9.722.134)
37.998
-
2.313.115
9.722.134
(70.769)
3.437.704
2.242.346
13.159.838
41. TAXATION
Income Witholding 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 April 24, 2003. This rate was changed to
15% with the code numbered 5520 article 15 commencing from June 21, 2006. However until the resolution of council
of ministers, it was used as 10%. After the resolution, declared in Official Gazette in July 23, 2006, this rate is changed
to 15% effective from July 23, 2006. Undistributed dividends incorporated in share capital are not subject to income
withholding taxes.
Investment incentive certificates are revoked commencing from January 1, 2006. If companies cannot use investment
incentive due to inadequate profit, such outstanding investment incentive can be carried forward to following years as
of December 31, 2005 so as to be deducted from taxable income of subsequent profitable years. In addition, the now
void 19th article of the Income Tax Law ammended that investments that had been started prior to January 1, 2006 and
any subsequent investment, as long as being an addition to the previously started investment meeting the financial and
technical conditions of its precessedor and other investments which were granted the incentive certificates prior to April
24, 2003 but have started after January 1, 2006 can benefit from the incentive certificates. However the companies
can deduct the carried forward outstanding allowance from 2006, 2007 and 2008 taxable income. The investment
incentive amount that cannot be deducted from 2008 taxable income will not be carried forward to following years.
The tax rate that the companies can use in the case of deducting the tax investment incentive amount in 2006, 2007 and
2008 is 30%. If the Company cannot use the investment incentives carried forward, the effective tax rate will be 20%
and the unused investment incentive will be cancelled.
The group management does not plan to benefit from the investment incentive. Thus, the corporate tax rate for December
31, 2007 and 2006 is 20%.
DECEMBER 31, 2007
DECEMBER 31, 2006
Current Year Tax Liabilities
Corporate tax provision
Less: Prepaid tax and funds
Current year corporate tax provision
Deferred tax provision
2,313,115
9,722,134
(2,275,117)
(9,722,134)
37,998
-
JAN. 1-DEC. 31, 2007
JAN. 1-DEC. 31, 2006
2,313,115
9,722,134
(70,769)
3,437,704
2,242,346
13,159,838
197
41. VERG‹LER
109.795.070
270.752.625
Vergi Karfl›l›¤›n›n Mutabakat›
Vergi öncesi kâr
Etkin vergi oran›
Hesaplanan vergi
%20
%20
21.959.014
54.150.525
-
1.135.130
68.903
638.124
Hesaplanan ile Ayr›lan Vergi Karfl›l›¤›n›n Mutabakat Farklar›
Farkl› vergi oran› etkisi
Kanunen kabul edilmeyen giderler
Konsolidasyon düzeltmeleri
Özkaynaktan pay alma yöntemine göre gelen kâr
Di¤er
Gelir Tablosunda Ayr›lan Vergi Karfl›l›¤›
-
1.240.927
(20.733.793)
(40.640.813)
948.222
(3.364.055)
2.242.346
13.159.838
42. H‹SSE BAfiINA KAZANÇ
2007 ve 2006 y›l› için fiirket hisselerinin a¤›rl›kl› ortalama adedi ve birim hisse bafl›na kâr hesaplamalar› afla¤›daki gibidir:
198
A¤›rl›kl› ortalama hisse adedi
105.000.000
105.000.000
Net kar
107.552.724
257.592.787
1,02
2,45
Hisse Bafl›na Kâr
43. NAK‹T AKIM TABLOSU
Nakit ak›m tablosu sayfa beflde verilmifltir.
41. TAXATION
JAN. 1-DEC. 31, 2007
JAN. 1-DEC. 31, 2006
109,795,070
270,752,625
Current Period Tax Provision Reconciliation
Consolidated profit before taxes on income
Effective tax rate
Calculated tax
20%
20%
21,959,014
54,150,525
-
1,135,130
68,903
638,124
Reconciliation of Tax Provision and Calculated Tax
Effect on different tax rates
Expenses that are not deductible in determining taxable profit
Consolidation adjustments
Equity pickup gains on associates
Other
Tax Provision in the Income Statement
-
1,240,927
(20,733,793)
(40,640,813)
948,222
(3,364,055)
2,242,346
13,159,838
42. EARNINGS PER SHARE
In 2007 and 2006, the weighted average number of shares and earnings per share are as follows:
JAN. 1-DEC. 31, 2007
JAN. 1-DEC. 31, 2006
Weighted average number of outstanding shares
105,000,000
105,000,000
Net profit for the period
107,552,724
257,592,787
1,02
2,45
Earnings Per Share
43. CASH FLOW STATEMENTS
Cash flow statements are stated in page five.
199
44. MAL‹ TABLOLARI ÖNEML‹ ÖLÇÜDE ETK‹LEYEN YA DA MAL‹ TABLOLARIN AÇIK, YORUMLANAB‹L‹R VE ANLAfiILAB‹L‹R
OLMASI AÇISINDAN AÇIKLANMASI GEREKL‹ OLAN D‹⁄ER HUSUSLAR
Mali tablolar fiirket Yönetim Kurulu’nun 11 Nisan 2008 tarihli toplant›s›nda onaylanm›fl ve yay›mlanmas› için yetki verilmifltir.
45. F‹NANSAL ARAÇLARLA ‹LG‹L‹ EK B‹LG‹LER
(a) Sermaye Risk Yönetimi:
Grup, sermaye yönetiminde, bir yandan faaliyetlerinin süreklili¤ini sa¤lamaya çal›fl›rken, di¤er yandan da borç ve özkaynak
dengesini en verimli flekilde kullanarak karl›l›¤›n› art›rmay› hedeflemektedir.
Grup’un sermaye yap›s› 6. notta aç›klanan kredileri de içeren borçlar, nakit ve nakit benzerleri ve s›ras›yla 25, 26, 27 ve
28 notlarda aç›klanan ç›kar›lm›fl sermaye, sermaye yedekleri, kâr yedekleri ve geçmifl y›l kârlar›n› da içeren özkaynak
kalemlerinden oluflmaktad›r.
Grup’un sermaye maliyeti ile birlikte her bir sermaye s›n›f›yla iliflkilendirilen riskler üst yönetim taraf›ndan de¤erlendirilir.
Üst yönetim de¤erlendirmelerine dayanarak, sermaye yap›s›n› yeni borç edinilmesi veya mevcut olan borcun geri ödenmesiyle
oldu¤u kadar, temettü ödemeleri, yeni hisse ihrac› yoluyla dengede tutulmas› amaçlanmaktad›r.
Grup sermayeyi borç / toplam sermaye oran›n› kullanarak izler. Bu oran net borcun toplam sermayeye bölünmesiyle
bulunur. Net borç, nakit ve nakit benzeri de¤erlerin toplam borç tutar›ndan (bilançoda gösterildi¤i gibi kredileri, finansal
kiralama ve ticari borçlar› içerir) düflülmesiyle hesaplan›r. Toplam sermaye, bilançoda gösterildi¤i gibi özsermaye ile net
borcun toplanmas›yla hesaplan›r. Grubun 31 Aral›k 2007 ve 2006 tarihleri itibarıyla haz›r de¤erle toplam› toplam borçlar›ndan
yüksekdir.
200
Grup’un genel stratejisi önceki dönemden bir farkl›l›k göstermemektedir.
(b) Önemli Muhasebe Politikalar›:
Grup’un finansal araçlarla ilgili önemli muhasebe politikalar› 3 numaral› “Uygulanan De¤erleme ilkeleri / Muhasebe
Politikalar›” notunda aç›klanmaktad›r.
44. OTHER ISSUES TO BE EXPLAINED AS A MANDATORY MATTER TO RENDER THE FINANCIAL STATEMENTS CLEAR,
INTERPRETABLE AND COMPREHENSIBLE OR AFFECTING THE FINANCIAL STATEMNENTS SIGNIFICANTLY
The accompanying Financial Statements are approved and authorized to issue by board of directors as of April 11, 2008.
45. ADDITIONAL INFORMATION CONCERNING FINANCIAL TOOLS
(a) Capital Risk Management:
On one hand, the group tries to accomplish the continuity of its operations, while trying to use their payable and equity
balance in a most efficient manner on the other hand, in order to increase its profitability.
The capital structure of the Group consists cash and cash equivalents disclosed in note 4, payables, including loans disclosed
in note 6 and equity attributable to equity holders of the parent, comprising issued capital, reserves and retained earnings
as disclosed in notes 25, 26, 27 and 28 respectively.
The management of the Group considers the cost of capital and the risks associated with each class of capital. The
management either decides to obtain new loans, repayment of the current loans, dividend payments or printing of new
stock shares to balance the capital risk by evaluating the costs of capital.
The group monitors the capital as payables / total capital rate. This rate is found by dividing the payables to the total
capital. Net loan is calculated by, subtracting cash and cash equivalents from total payable amount. Total capital is calculated
by taking the sum of equity capital and net payables. The group’s total liquid assets are greater than its total liabilites as
of December 31, 2007 and 2006.
The group’s general strategy is no different than the previous period.
(b) Significant Accounting Policies:
Details of the significant accounting policies concerning the financial tools are disclosed in note 3 under “Financial
Instruments”.
201
45. F‹NANSAL ARAÇLARLA ‹LG‹L‹ EK B‹LG‹LER (DEVAMI)
(c) Finansal Araçlar Kategorileri:
31 ARALIK 2007
31 ARALIK 2006
87.498.654
91.964.745
2.458.014
3.428.795
324.434
689.932
1.299.446
-
3.008.985
1.142.827
2.475.414
385.823
Finansal Varl›klar
Haz›r de¤erler ve menkul k›ymetler
Ticari alacaklar
‹liflkili taraflardan alacaklar
Finansal Yükümlülükler
Finansal borçlar
‹liflkili taraflara borçlar
Ticari Borçlar
Grup, finansal araçlar›n kay›tl› de¤erlerinin makul de¤erlerini yans›tt›¤›n› düflünmektedir.
(d) Finansal Risk Yönetimindeki Hedefler:
202
Grup’un finansman bölümü finansal piyasalara eriflimin düzenli bir flekilde sa¤lanmas›ndan ve Grup’un faaliyetleri ile ilgili
maruz kal›nan finansal risklerin seviyesine ve büyüklü¤üne göre analizini gösteren Grup içi haz›rlanan risk raporlar› vas›tas›yla
gözlemlenmesinden ve yönetilmesinden sorumludur. Söz konusu bu riskler; piyasa riski (döviz kuru riski, gerçe¤e uygun
faiz oran› riski ve fiyat riskini içerir), kredi riski, likidite riski ile nakit ak›m faiz oran› riskini kapsar.
(e) Piyasa Riski:
Faaliyetleri nedeniyle Grup, döviz kurundaki (f maddesine bak›n›z) ve faiz oran›ndaki (g maddesine bak›n›z) de¤ifliklikler
ile ilgili finansal risklere maruz kalmaktad›r.
Grup düzeyinde karfl›lafl›lan piyasa riskleri, duyarl›l›k analizleri esas›na göre ölçülmektedir.
Cari y›lda Grup’un maruz kald›¤› piyasa riskinde ya da karfl›lafl›lan riskleri ele al›fl yönteminde veya bu riskleri nas›l ölçtü¤üne
dair kulland›¤› yöntemde, önceki seneye göre bir de¤ifliklik olmam›flt›r.
(f) Kur Riski Yönetimi:
Yabanc› para cinsinden ifllemler, kur riskinin oluflmas›na sebebiyet vermektedir.
Grup, döviz cinsinden varl›k ve yükümlülüklerinin Yeni Türk Liras›’na çevriminde kullan›lan kur oranlar›n›n de¤iflimi nedeniyle,
kur riskine maruzdur. Kur riski ileride oluflacak ticari ifllemler, kayda al›nan aktif ve pasifler aras›ndaki fark sebebiyle ortaya
ç›kmaktad›r. Bu çerçevede, Grup, bu riski yabanc› para varl›k ve yükümlülüklerinin netlefltirilmesi yolu ile oluflan do¤al bir
yöntemle kontrol etmektedir. Yönetim, Grup’un döviz pozisyonunu analiz ederek takip etmekte gerekli hallerde önlem
al›nmas›n› sa¤lamaktad›r (Not 29).
Grup, bafll›ca Euro ve ABD Dolar› cinsinden kur riskine maruz kalmaktad›r, di¤er para birimlerinin etkisi önemsiz düzeydedir.
45. ADDITIONAL INFORMATION CONCERNING FINANCIAL TOOLS (CONT’D)
(c) Categories of Financial Tools:
DECEMBER 31, 2007
DECEMBER 31, 2006
87,498,654
91,964,745
2,458,014
3,428,795
324,434
689,932
1,299,446
-
3,008,985
1,142,827
2,475,414
385,823
Financial Assets
Cash and cash equivalents
Trade receivables
Related party receivables
Financial Liablities
Borrowings
Related party payabes
Trade Payables
The group believes that the financial instruments’ recorded values represents their fair values.
(d) Financial Risk Management Objectives:
The Group’s finance department provides services to the business, co-ordinates access to domestic and international
financial markets, monitors and manages the financial risks relating to the operations of the Group through internal risk
reports which analyses exposures by degree and magnitude of risks. These risks include market risk (including currency
risk, fair value interest rate risk and price risk), credit risk, liquidity risk and cash flow interest rate risk.
(e) Market Risk:
The Group’s activities expose it primarily to the financial risks of changes in foreign currency exchange rates (see (f) below)
and interest rates (see (g) below).
Market risk exposures of the Group are measured using sensitivity analysis.
There has been no change to the Group’s exposure to market risks or the manner in which it manages and measures the
risk.
(f) Foreign Currency Risk Management:
Foreign currency transactions cause foreign currency risk.
The group has foreign currency risk, due to the fluctuations in exchange rates used in used in foreign currency transactions.
The foreign currency risk arises from future trade transactions, the difference between recorded assets and liabilities. Under
such circumstances, the group controls this risk by netting off the foreign currency assets and liabilities. The management
analyzes the group’s foreign currency position and takes necessary precautions when needed.
The group is primarily exposed to risks from US Dollar, other currency’s effects are immaterial.
203
45. F‹NANSAL ARAÇLARLA ‹LG‹L‹ EK B‹LG‹LER (devam›)
Kur Riskine Duyarl›l›k:
31 Aral›k 2007 tarihi itibarıyla olan bilanço pozisyonuna göre, Yeni Türk Liras› Euro ve ABD Dolar› karfl›s›nda %10 oran›nda
de¤er kaybetseydi / kazansayd› ve di¤er tüm de¤iflkenler sabit kalsayd› Euro ve ABD Dolar› para biriminden olan varl›k
ve yükümlülüklerden oluflan kur fark› zarar› / kâr› sonucu net kâr / zarar afla¤›daki gibi oluflacakt›.
ABD Dolar Etkisi
Kâr / Zarar
EURO Etkisi
2007
2006
2007
2006
1.898.149
2.540.025
(98.867)
52
(g) Faiz Oran› Riski Yönetimi:
Grup’un finansal yükümlülükleri, Grup’u faiz oran› riskine maruz b›rakmaktad›r. Grup’un finansal yükümlülükleri a¤›rl›kl›
olarak sabit faizli borçlanmalard›r ve Grup’un de¤iflken faizli finansal varl›klar› bulunmamaktad›r. Dolay›s›yla Grup’un faiz
oran› duyarl›l›¤› önemsiz düzeydedir.
(h) Kredi Riski Yönetimi:
204
Finansal arac›n taraflar›ndan birinin sözleflmeye ba¤l› yükümlülü¤ünü yerine getirememesi nedeniyle Toplulu¤a finansal
bir kay›p oluflturmas› riski, kredi riski olarak tan›mlan›r. Grup yaln›zca kredi güvenilirli¤i olan taraflarla ifllemlerini gerçeklefltirme
ve mümkün oldu¤u durumlarda, yeterli teminat elde etme yoluyla kredi riskini azaltmaya çal›flmaktad›r. Kredi limitlerinin
kullan›m› Grup taraf›ndan sürekli olarak izlenmekte ve müflterinin finansal pozisyonu, geçmifl tecrübeler ve di¤er faktörler
göz önüne al›narak müflterinin kredi kalitesi sürekli de¤erlendirilmektedir. Ticari alacaklar, Grup politikalar› ve prosedürleri
dikkate al›narak de¤erlendirilmekte ve bu do¤rultuda flüpheli alacak karfl›l›¤› ayr›ld›ktan sonra bilançoda net olarak
gösterilmektedir (Not 7).
(j) Likidite Risk Yönetimi:
Grup, nakit ak›mlar›n› düzenli olarak takip ederek finansal varl›klar›n ve yükümlülüklerin vadelerinin efllefltirilmesi yoluyla
yeterli fonlar›n ve borçlanma rezervinin devam›n› sa¤layarak, likidite riskini yönetir.
Likidite Riski Tablolar›:
‹htiyatl› likidite riski yönetimi, yeterli ölçüde nakit tutmay›, yeterli miktarda kredi ifllemleri ile fon kaynaklar›n›n kullan›labilirli¤ini
ve piyasa pozisyonlar›n› kapatabilme gücünü ifade eder.
Mevcut ve ilerideki muhtemel borç gereksinimlerinin fonlanabilme riski, yeterli say›da ve yüksek kalitedeki kredi sa¤lay›c›lar›n›n
eriflilebilirli¤inin sürekli k›l›nmas› suretiyle yönetilmektedir.
Afla¤›daki tablo, finansal yükümlülüklerinin vade da¤›l›m›n› göstermektedir. Gelecek dönemlerde yükümlülükler üzerinden
ödenecek faizler de afla¤›daki tabloda ilgili vadelere dahil edilmifl olup, bilanço de¤eri ile mutabakat›n›n sa¤lanabilmesi
için söz konusu faizler düzeltmeler sütununda gösterilmifltir.
Foreign Currency Sensitivity:
The table below displays the sensitivity of the Group to 10% fluctuations in the exchange rates of EURO and USD. The
10% ratio used is the same ratio that the Group uses for upper management reporting and represents the management’s
expectations of future currency fluctuations. The exchange rate sensitivity analysis of the Group at the date of the financial
tables is determined based on the beginning of the fiscal year and is fixated for the rest of the period. The negative value
presented in the tables represent the effect of a 10% increase in the exchange rates of USD and EURO on the income
statements.
US Dollar impact
Profit and Loss
EURO impact
2007
2006
2007
2006
1,898,149
2,540,025
(98,867)
52
(g) Interest Risk Management:
The financial liabilities of the group causes it to have interest rate risk. The group’s main financial liability is fixed interest
rate payables and the group does not have any financial assets with fluctuating interest rates. Thus, the group’s interest
rate risk is not material.
(h) Loan Risk Management:
Loan risk is defined as, the risk of a financial loss to The Group by one of the parties of a financial instrument being unable
to fulfill its responsibilites arising from a contract. The Group is trying to decrease its loan risk, by making transactions
with parties that has loan reliability, or by obtaining gurantees. The Group’s loan risks and the client’s loan grades are
constantly monitored. Loan risk is being controlled by the risk management board and the approved limits annually. Trade
receivables are being carefully evaluated in accordance with the group policies and procedures and provisions for doubtful
receivables are recorded and shown in the balance sheet (Note 7).
(j) Liquidity Risk Management:
The group manages its liquidity risk by monitoring the expected and actual cash flow statements and matching financial
assets and liabilites to keep to flow of necessary funds and debt reserves.
Liquidity Risk Tables:
Careful liquidity risk management shows the ability to keep the right amount of cash, the useability of loan transactions
and fund resources and the power of closing market positions.
The current and future loans’ funding risk is managed by making the accesibility to adequate and high quality loan suppliers
permanently.
The table below shows the due dates of the non-derivative financial liabilities of The Group. It has been prepared by
estimating that the liabilities will be paid at the earliest date possible. Interests of future periods’ liabilities has been
distributed to the due dates below and the said interests has been shown in the corrections column in order to have
reconciliation with the balance sheet values.
205
45. F‹NANSAL ARAÇLARLA ‹LG‹L‹ EK B‹LG‹LER (DEVAMI)
Likidite Riski Tablolar› (devam›)
31 Aral›k 2007
‹liflkili Taraflara Borçlar (net)
Toplam Yükümlülükler
6 aya kadar
6-12 ay
1 y›l ve üzeri Düzeltmeler
Toplam
189.297
189.297
1.210.496
(289.644)
1.299.446
2.475.414
-
-
-
2.475.414
3.008.985
-
-
-
3.008.985
5.673.696
189.297
1.210.496
(289.644)
6.783.845
31 Aral›k 2006
‹liflkili Taraflara Borçlar (net)
Toplam Yükümlülükler
206
385.823
-
-
-
385.823
1.142.827
-
-
-
1.142.827
1.528.650
-
-
-
1.528.650
Liquidity Risk Tables (cont’d)
December 31, 2007
Financial Payables (net)
Related Party Payables (net)
Total Liabilities
Up to
6 months
6-12
months
More than
1 year
Corrections
189,297
189,297
1,210,496
(289,644)
1,299,446
2,475,414
-
-
-
2,475,414
Total
3,008,985
-
-
-
3,008,985
5,673,696
189,297
1,210,496
(289,644)
6,783,845
December 31, 2006
Related Party Payables (net)
Total Liabilities
385,823
-
-
-
385,823
1,142,827
-
-
-
1,142,827
1,528,650
-
-
-
1,528,650
207
fiirket Eriflim Bilgileri
Contact Details
Adres: Emirhan Caddesi 145 Atakule K: 6
Befliktafl 34349 ‹stanbul Türkiye
Tel: +90 212 259 0000
Fax: +90 212 259 0019
Adres: Karamanc›lar ‹fl Merkezi
Gülbahar Mah. Salih Tozan Sok. No:18 B Blok
Esentepe, fiiflli 34394 ‹stanbul Türkiye
Tel: +90 212 376 0000
Fax: +90 212 376 0619
MARMARA PETROL VE RAF‹NER‹ ‹fiLER‹ A.fi.
(TURCAS ENERJ‹ HOLD‹NG A.fi.)
Tel: +90 212 259 0000
Fax: +90 212 259 0019
Tel: +90 212 259 0000
Fax: +90 212 259 0019
SOCAR & TURCAS PETROK‹MYA A.fi.
Tel: +90 212 259 0000
Fax: +90 212 259 0019
Tel: +90 212 259 0000
Fax: +90 212 236 5420
Tel: +90 212 259 0000
Fax: +90 212 236 5420
E.ON & TURCAS GÜNEY ELEKTR‹K ÜRET‹M A.fi.
Adres: Armada ‹fl Merkezi K:14 No: 21-22
Sö¤ütözü 06520 Ankara Türkiye
Tel: +90 312 205 6020
Fax: +90 312 205 6021
E.ON & TURCAS KUZEY ELEKTR‹K ÜRET‹M A.fi.
Adres: Armada ‹fl Merkezi K: 14 No: 21-22
Sö¤ütözü 06520 Ankara Türkiye
Tel: +90 312 205 6020
Fax: +90 312 205 6021
TURCAS RÜZGAR ENERJ‹ ÜRET‹M A.fi.
Tel: +90 212 259 0000
Fax: +90 212 236 5420
TURCAS ELEKTR‹K TOPTAN SATIfi A.fi.
Tel: +90 212 259 0000
Fax: +90 212 236 5420

Untitled - Turcas Petrol A.Ş.

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