turcas1-48.fh9 (Converted)-1
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turcas1-48.fh9 (Converted)-1
2006 FAAL‹YET AL‹YET RAPORU 2006 ANNUAL REPORT ‹Ç‹NDEK‹LER CONTENTS Yönetim Kurulu Baflkan›’n›n Mesaj› Chairman’s Message 16 Yönetim Kurulu Board of Directors 21 Shell & Turcas Petrol A.fi. Shell & Turcas Petrol 46 Marmara Petrol ve Rafineri ‹flleri A.fi. Marmara Petroleum & Refining 50 Socar & Turcas Enerji A.fi. Socar & Turcas Energy 52 2006 Y›l› ‹tibariyle Türkiye Ekonomisinin Genel De¤erlendirmesi General Assessment of Turkish Economy as of Year 2006 24 Turcas Gaz Toptan Sat›fl A.fi. Turcas Gas Trading 54 Vizyonumuz, De¤erlerimiz, Misyonumuz Our Vision, Values & Mission 2 Enerji Piyasas› ve Global Ekonomi Energy Markets & The Global Economy 28 Turcas Elektrik Üretim A.fi. Turcas Power Generation 56 Bir Bak›flta Turcas Turcas at a Glance 4 Sermaye Yap›s› Capital Structure 32 Turcas Elektrik Toptan Sat›fl A.fi. Turcas Power Trading 58 Grup Yap›s› Group Diagram 5 2006 Piyasa De¤eri 2006 Market Capitalisation 32 Turcas EPC Turcas EPC 60 Kilometre Tafllar› Milestones 6 Ortakl›k Yap›s› Ownership Profile 33 Sürdürülebilirlik Sustainability 62 Finansal Göstergeler Financial Highlights 10 Faaliyetlerimiz ve Stratejilerimiz Our Business & Strategies 34 Kurumsal Yönetim ‹lkeleri Corporate Governance Principles 64 Operasyonel Göstergeler Operational Highlights 14 ‹fltiraklerimiz Subsidiaries 44 Denetim Raporu Auditors Report 78 3 V‹ZYONUMUZ OUR VISION 70 y›ll›k birikimle, enerji arama, üretim ve ticaretine dönük ulusal ve uluslararas› yat›r›mlara odaklanan, Türkiye ve içinde bulundu¤u co¤rafyada en dinamik ve en verimli “Tam Entegre Enerji fiirketi" olmak. Müflterilerimize en kaliteli ürün ve hizmeti, en yüksek güvenlik, çevre koruma ve etik davran›fl standartlar›nda sunma taahhüdüne olan ba¤l›l›¤›m›z› her zaman oldu¤u gibi sürdürmek. With our 70 years of experience, become the most dynamic and efficient "Fully Integrated Energy Company" in Turkey and its surrounding geographic region and to focus on national and international investments related to the exploration, production, distribution and trading of energy. Maintain our commitment to deliver high quality products and services to our customers through promoting and implementing the safety, ethical and environmental standards we have set. DE⁄ERLER‹M‹Z OUR VALUES Turcas, kuruluflundan bu yana temel ilkelerinden ödün vermeden kendini sürekli yenilemifltir. "Farkl› hizmet" anlay›fl›yla biçimlenen faaliyetleriyle toplumsal alanda hizmet vermeyi hedeflemifl ve bunu hayata geçirmifltir. Since its establishment, Turcas has continuously developed and improved itself without making concession on its core principles. The Company has always endevoured and succeeded to deliver services in social fields through its activities shaped by the "Exceptional Service" approach. 1992 y›l›nda kullanmaya bafllad›¤› performans artt›r›c› "Yeni Nesil Kat›klar", "Gezici E¤itim Okulu", istasyonlar› denetleyen "Akaryak›t Kalite Kontrol Filosu", YKB Worldcard iflbirli¤iyle gerçeklefltirilen "Sad›k Müflteri Program›", "Ça¤dafl ‹stasyon Marketçili¤i" gibi çeflitli akaryak›t d›fl› aktiviteler, flirket filolar› için "Akaryak›t Yönetim Sistemi" (AYS) ve son olarak da 2001 y›l›nda bayileriyle birlikte oluflturdu¤u ve sektöre çok fley kazand›ran "Turcas Bayi Konseyi" bu at›l›mlar aras›nda yerlerini alm›fllard›r. Among Turcas’ innovations and activities are performance increasing "New Generation Additives" which started to be used in 1992, some non-petroleum activities such as "Mobile Training School", "Fuel Quality Control Fleet" inspecting the stations, "Loyal Customer Program" realized in cooperation with the YKB Worldcard, "Contemporary Station Markets", "Fuel Management System" (AYS) for company fleets, and finally in 2001, the "Turcas Dealer Council" formed together with our dealers. M‹SYONUMUZ OUR MISSION Yukar›da benimsemifl oldu¤u de¤erlerden, müflteri odakl› yaklafl›m›ndan ve hizmet kalitesinden ödün vermeksizin, kat›l›mc› ifl yapma anlay›fl›n› kesintiye u¤ratmadan, çal›flanlar›n›n e¤itimini ve geliflimini takip ederek, Türkiye'nin miras›n› ve de¤erlerini koruyarak, flimdiye kadar oldu¤u gibi ileride de h›zla pekiflen baflar›s›n›n devaml›l›¤›n› sa¤lamakt›r. Sustain and solidify our success in the future without making compromises on our above mentioned core values, customeroriented approach and service quality while maintaining our entrepreneurial business approach, monitoring the trainings and improvement of our employees, and protecting the heritage and values of our country. 4 B‹R BAKIfiTA TURCAS 1931 y›l›nda Türkiye'nin ilk özel akaryak›t da¤›t›m flirketi olarak kurulan Türkpetrol ve Madeni Ya¤lar T.A.fi. 1936'da anonim flirket statüsüne geçmifl, 1988'de ise ‹ngiliz Burmah Castrol firmas› ile ortaklafla Turcas Petrolcülük A.fi.'yi kurmufltur. 1992 y›l›nda halka aç›lan flirketin 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 flirket Turcas Petrol A.fi. ad›n› alm›flt›r. Turcas; 2005 y›l›nda The Shell Company of Turkey Ltd. ile akaryak›t ve madeni ya¤lar, perakende ve ticari sat›fl, pazarlama ve da¤›t›m alanlar›nda yapm›fl oldu¤u Ortak Giriflim fiirketi Sözleflmesi sonucunda Shell & Turcas Petrol A.fi. (STAfi) ünvanl› yeni bir flirket kurmufltur. Turcas'›n %30 hissedar› oldu¤u STAfi; 1 Temmuz 2006 tarihi itibariyle faaliyetlerine bafllam›flt›r. Turcas, önümüzdeki dönemlerde akaryak›t da¤›t›m› ve madeni ya¤lar piyasalar›ndaki tüm faaliyetlerini STAfi ad› alt›nda sürdürecektir. 75 y›ll›k geçmifli ile Türkiye'de enerjinin serbest olan yegâne faaliyet kolu petrol sektöründe deneyimi ve gerçeklefltirdi¤i iflbirlikleriyle uluslararas› zengin bir kültüre sahip olan Turcas, bugün enerjinin liberalleflen elektrik ve do¤algaz gibi tüm alanlar›nda at›l›mlarda bulunan ve yat›r›mlar planlayan "Tam Entegre Enerji fiirketi" olma hedefine do¤ru h›zl› ad›mlarla ilerlemektedir. TURCAS AT A GLANCE Established in 1931 as the first private petroleum distribution company in Turkey and became a joint stock corporation in 1936, Türkpetrol ve Madeni Ya¤lar T.A.fi. established Turcas Petrolcülük A.fi. together with British Burmah Castrol in 1988. Following the Initial Public Offering of the company in 1992, the majority of the company shares were acquired by Tabafl Petrolcülük A.fi. in 1999. Subsequently Tabafl Petrolcülük A.fi. and Turcas Petrolcülük A.fi. were merged and the company was renamed Turcas Petrol A.fi. 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 lubricants, and the new company was named Shell & Turcas Petrol A.fi. (STAfi). STAfi, owned 30% by Turcas, started operations as of July 1, 2006 after obtaining the required licenses from the Energy Market Regulatory Authority. From now on, Turcas will be a player in the petroleum products distribution and lubricants markets on behalf of STAfi. With its 75 years of history and vast experiences and collaborations in the oil sector - the only fully liberalized field of energy in Turkey - Turcas has achieved a rich international culture and is swiftly advancing to become a "Fully Integrated Energy Company", performing and planning investments nationally and internationally in all fields of the energy play such as the newly liberalizing electricity and natural gas sectors. TURCAS’IN HEDEF‹ ENERJ‹N‹N KÂRLI OLAB‹LECEK HER KOLUNDA VE TÜRK‹YE’Y‹ KAPSAYAN GEN‹fi B‹R BÖLGEDE, ÇEfi‹TLEND‹R‹LM‹fi PORTFÖYÜ ‹LE VAROLMAKTIR. WITH ITS DIVERSIFIED PORTFOLIO, TURCAS ENVISIONS TO EXIST IN ALL PROFITABLE AREAS OF THE ENERGY SECTOR, THROUGHOUT A VAST GEOGRAPHIC AREA EMBRACING TURKEY. TURCAS ELEKTR‹K TOPTAN SATIfi A.fi. TURCAS POWER TRADING PO WE EK PETROL A.fi. TR‹K TURCAS TURCAS ELEKTR‹K ÜRET‹M A.fi. TURCAS POWER GENERATION EL MARMARA PETROL VE RAF‹NER‹ ‹fiLER‹ A.fi. MARMARA PETROLEUM & REFINING P ET R O L OIL SHELL & TURCAS PETROL A.fi. SHELL & TURCAS PETROL R 5 SOCAR & TURCAS ENERJ‹ A.fi. SOCAR & TURCAS ENERGY G AZ GAS TURCAS GAZ TOPTAN SATIfi A.fi. TURCAS GAS TRADING TURCAS EPC TURCAS EPC 6 K‹LOMETRE TAfiLARI MILESTONES 1931 Türkpetrol kuruldu Türkpetrol established 1936 Faaliyetlerine Türkpetrol ve Madeni Ya¤lar Türk A.fi. ismiyle devam etti The company renamed Türkpetrol ve Madeni Ya¤lar Türk A.fi. 1954 ‹ngiliz Burmah Castrol firmas›yla madeni ya¤lar alan›nda anlaflma yapt› Agreements signed with British Burmah Castrol Company concerning the lubricants business 1958 Türkpetrol ba¤l› ortakl›¤› Marmara Petrol ve Rafineri ‹flleri A.fi. kuruldu Türkpetrol's subsidiary Marmara Petrol ve Rafineri ‹flleri A.fi. established 7 1962 ATAfi Anadolu Tasfiyehanesi A.fi. rafinerisine %5 oran›nda ortak olundu Türkpetrol became a partner in the ATAfi Anadolu Tasfiyehanesi A.fi. Refinery 1967 Türkpetrol Alevgaz markas›yla LPG pazar›na girdi The company entered the Liquefied Petroleum Gas (LPG) market business with the Alevgaz brand 1972 Yurt çap›ndaki istasyon say›s› 550'yi geçti Number of gas stations exceeded 550 1986 Rafinerilere ba¤l› yeni ikmal/stok depolar› ve 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 35,000 mt capacity started their operation 1988 ‹ngiliz Burmah Castrol fiirketi'yle birleflen Türkpetrol, Turcas Petrolcülük A.fi.'yi kurdu Turcas Petrolcülük A.fi. established as a joint venture between British Burmah Castrol and Türkpetrol 1996 Conoco Petroleum Inc.'in ana orta¤› oldu¤u Tabafl Petrolcülük A.fi. taraf›ndan flirket hisselerinin %82'si Türkpetrol Holding ve Burmah Castrol'dan sat›n al›nd› Tabafl Petrolcülük A.fi., of which Conoco Petroleum Inc. was a principle shareholder, acquired 82% of the shares of Turcas from the Türkpetrol Holding and Burmah Castrol 1999 Tabafl Petrolcülük A.fi. ile Turcas Petrolcülük A.fi.'nin birleflmesi sonucu flirketin unvan› Turcas Petrol A.fi. olarak de¤ifltirildi The company title Tabafl changed to Turcas Petrol A.fi. following the merger of Tabafl Petrolcülük A.fi. and Turcas Petrolcülük A.fi. 2005 Turcas, ortaklar› ile birlikte Atafl Rafinerisi'ni yüksek 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 very high storage capacity 2006 The Shell Company of Turkey Ltd. ile Turcas'›n birleflerek kurdu¤u ortak flirket Shell & Turcas Petrol A.fi. yaklafl›k 1300 akaryak›t istasyonuyla operasyonlar›na bafllad› The joint venture company Shell & Turcas Petrol A.fi. established following the merger of The Shell Company of Turkey Ltd. and Turcas, started operations with approximately 1300 gas stations 2007 Ceyhan Rafineri Projesi’ne paralel olarak Socar & Turcas Enerji A.fi. kuruldu ve yeniden yap›lanmas›n› tamamlayan Turcas, elektrik ve do¤algaz sektörlerinde de büyümek üzere at›l›mlara bafllad› Socar & Turcas Enerji A.fi. established correspondingly for the Ceyhan Refinery Project, and the restructured Turcas started projects to equally grow in the power and gas sectors YAfiAM STANDARTLARINIZI GEL‹fiT‹RMEK ‹Ç‹N VARIZ. WE ARE HERE TO IMPROVE YOUR LIFE STANDARDS. 10 F‹NANSAL GÖSTERGELER FINANCIAL HIGHLIGHTS (1,000,000 YTL) 2002 2003 2004 2005 1480.1 1509.1 1723.0 1853.8 Vergi-Öncesi Kar (Zarar) Profit Before Monetary Gain and Tax (Loss) 19.0 43.5 31.7 66.9 270.8 Net Dönem Kar› (Zarar›) Net Profit (Loss) 19.2 34.3 19.4 46.5 257.6 Hisse Bafl› Kazanç Profit Per Share (YTL) 0.73 1.30 0.22 0.49 2.45 Aktifler Toplam Total Assets 278.1 244.8 279.3 286.5 445.6 Duran Varl›klar Toplam› Total Long-Term Assets 179.7 154.1 157.7 153.5 346.6 Özsermaye Toplam› Total Shareholders' Equity 100.6 134.9 173.0 219.5 436.7 K›sa Vadeli Yükümlülükler Toplam› Total Short-Term Liabilities 99.1 78.9 97.6 63.5 6.1 Uzun Vadeli Yükümlülükler Toplam› Total Long-Term Liabilities 78.4 31.1 8.7 3.5 2.8 177.5 110.0 106.3 67.0 8.9 Net Sat›fllar Net Sales Yükümlülükler Toplam› Total Liabilities Net Sat›fllar Net Sales Milyon YTL 2,500 2,000 1,480.1 1,509.1 1,723.0 Net Dönem Kar› (Zarar›) Net Profit (Loss) Milyon YTL 1,853.8 300 1,995.1 200 1,000 150 500 100 50 0 2003 2004 2005 257.6 250 1,500 2002 19.2 34.3 19.4 2002 2003 2004 46.5 0 2006 2005 Turcas'›n 2006 y›l› Net Sat›fllar› 902,237,105 YTL'dir. Ayr›ca bu rakam ile Shell & Turcas'›n 1 Temmuz-31 Aral›k 2006 dönemi sat›fllar›n›n %30'unun toplam› da bilgi için gösterilmektedir. Net Sales of Turcas in 2006 were YTL 902,237,105.Figure given here for information only is the aggregate of Turcas Sales and 30% of STAfi's 2H-2006 Net Sales. Vergi-Öncesi Kar (Zarar) Profit Before Monetary Gain and Tax (Loss) Milyon YTL 300 270.8 2.5 200 2 150 1.5 50 19.0 1 66.9 43.5 31.7 2003 2004 Hisse Bafl› Kazanç Profit Per Share YTL 3 250 100 2006 1995.1* 2006 2.45 1.30 0.73 0.22 0.5 0.49 0 0 2002 2005 2006 2002 2003 2004 2005 2006 11 Aktifler Toplam› Total Assets Milyon YTL 500 120 445.6 300 278.1 279.3 244.8 63.5 60 40 100 20 0 6.1 0 2002 2003 2004 2005 2002 2006 Duran Varl›klar Toplam› Total Long-Term Assets Milyon YTL 400 346.6 100 80 300 179.7 154.1 157.7 0 0 2003 2004 2005 Özsermaye Toplam› Total Shareholders' Equity Milyon YTL 500 436.7 400 100.6 134.9 173.0 219.5 2005 78.4 31.1 8.7 2002 2006 200 177.5 150 300 2004 Uzun Vadeli Yükümlülükler Toplam› Total Long-Term Liabilities Milyon YTL 40 20 2002 2003 60 153.5 100 200 78.9 80 286.5 200 200 99.1 100 400 K›sa Vadeli Yükümlülükler Toplam› Total Short-Term Liabilities Milyon YTL 97.6 2003 2004 3.5 2.8 2005 2006 Yükümlülükler Toplam› Total Liabilities Milyon YTL 110.0 106.3 100 67.0 50 100 8.9 0 0 2002 2003 2004 2005 2006 2002 2003 2004 2005 2006 2006 12 F‹NANSAL GÖSTERGELER FINANCIAL HIGHLIGHTS KONSOL‹DE GEL‹R TABLOSU (YTL) CONSOLIDATED STATEMENT OF INCOME (TRY) 01.01-31.12.05 01.01-31.12.06 1,853,821,465 (1,756,685,706) 3.647.555 902,237,105 (847,128,904) 797,217 100.783.314 (46.049.904) 55,905,418 (30,200,411) NET ESAS FAAL‹YET KARI / ZARARI OPERATING PROFIT / LOSS - Di¤er Faaliyetlerden Gelir ve Karlar Other Income and Profits - Di¤er Faaliyetlerden Gider ve Zararlar (-) Other Expense and Losses (-) - Finansman Giderleri (-) Finance Expense / Income (net) 54.733.410 16.211.696 (3.661.780) (421.024) 25,705,007 242,686,023 (8,598,956) (10,912,961) FAAL‹YET KARI / ZARARI PROFIT BEFORE MONETARY GAIN AND TAX - Net Parasal Pozisyon Kar / Zarar› Net Monetary Gain / Loss 66.862.302 - 270,705,035 66.862.302 (20.344.432) 270,705,035 (13,150,320) 46.517.870 257,554,715 0,49 2,45 ESAS FAAL‹YET GEL‹RLER‹ OPERATING INCOME - Sat›fl Gelirleri (net) Sales Revenue (net) - Sat›fllar›n Maliyeti (-) Cost of Sales (-) - Esas Faaliyetlerden Di¤er Gelirler / faiz+temettü+kira (net) Other Operating income / interest+dividend+rent (net) BRÜT ESAS FAAL‹YET KARI / ZARARI GROSS PROFIT / LOSS - Faaliyet Giderleri (-) Operating Expenses (-) ANA ORTAKLIK DIfiI KAR / ZARAR MINORITY INCOME/LOSS VERG‹ ÖNCES‹ KAR / ZARAR PROFIT / LOSS BEFORE TAXATION - Vergiler Taxation NET DÖNEM KARI / ZARARI NET PROFIT / LOSS FOR THE PERIOD H‹SSE BAfiINA KAZANÇ EARNINGS PER SHARE 13 KONSOL‹DE B‹LANÇO (YTL) CONSOLIDATED BALANCE SHEET (TRY) VARLIKLAR ASSETS Cari / Dönen Varl›klar Current Assets Haz›r De¤erler Cash and Banks Ticari Alacaklar (net) Trade Receivables (net) ‹liflkili Taraflardan Alacaklar (net) Due from Related Parties (net) Di¤er Alacaklar (net) Other Receivables (net) Stoklar (net) Inventories (net) Di¤er Cari / Dönen Varl›klar Other Receivables and Current Assets Cari Olmayan / Duran Varl›klar Long Term Assets Ticari Alacaklar (net) Trade Receivables (net) Di¤er Alacaklar (net) Other Receivables (net) Finansal Varl›klar (net) Financial Assets (net) Pozitif / Negatif fierefiye (net) Positive/Negative Goodwill Maddi Varl›klar (net) Tangible Assets (net) Maddi Olmayan Varl›klar (net) Intangible Assets (net) Ertelenen Vergi Varl›klar› Deferred Tax Assets Di¤er Cari Olmayan / Duran Varl›klar Other Long Term Assets Toplam Varl›klar Total Assets YÜKÜMLÜLÜKLER LIABILITIES K›sa Vadeli Yükümlülükler Short Term Liabilities Finansal Borçlar (net) Short Term Borrowings (net) Ticari Borçlar (net) Trade Payables (net) ‹liflkili Taraflara Borçlar (net) Due to Related Parties (net) Al›nan Avanslar Advances Received Borç Karfl›l›klar› Provisions Di¤er Yükümlülükler (net) Other Liabilities (net) Uzun Vadeli Yükümlülükler Long Term Liabilities Finansal Borçlar (net) Long Term Borrowings (net) Al›nan Avanslar Advances Received Borç Karfl›l›klar› Provisions Di¤er Yükümlülükler (net) Other Liabilities (net) ÖZSERMAYE SHAREHOLDERS' EQUITY Sermaye Capital Sermaye Yedekleri Capital Reserves Öz Sermaye Enflasyon Düzeltmesi Farklar› Inflation Adjustment of Shareholders' Equity Items Kar Yedekleri Profit Reserves Yasal Yedekler Legal Reserves Ola¤anüstü Yedekler Extraordinary Reserves Net Dönem Kar› / Zarar› Net Profit for Current Period Geçmifl Y›llar Kar / Zararlar› Retained Earnings Toplam Özsermaye ve Yükümlülükler Total Shareholders' Equity and Liabilities 31.12.2005 31.12.2006 133,013,409 19,205,812 84,012,270 448,588 758,309 26,350,209 2,238,221 153,505,818 1,640,333 1,697,673 287,964 80,809,878 50,543,706 2,666,427 3,405,393 12,454,444 286,519,227 98,928,510 91,964,745 3,428,795 689,932 1,782,208 380,753 682,077 346,658,125 889,642 31.12.2005 31.12.2006 63,500,259 25,763,033 22,662,178 796,785 440,781 6,989,354 6,848,128 3,527,035 737,694 1,638,946 1,150,395 6,145,145 219,491,933 105,000,000 66,837,343 66,837,343 1,136,720 690,838 445,882 46,517,870 286,519,227 436,621,648 105,000,000 344,353,212 484,855 810,541 119,875 445,586,635 385,823 1,142,827 2,088,182 2,528,313 2,819,842 1,459,438 237,736 980,000 66,837,343 6,549,811 191,991 257,554,715 487,788 445,586,635 14 OPERASYONEL GÖSTERGELER (SHELL & TURCAS PETROL A.fi.) OPERATIONAL HIGHLIGHTS (SHELL & TURCAS PETROL) (m3) 2005 2006 1,105,442 1,010,021 Katk›l› Kurflunsuz Benzin Unleaded Gasoline with Additive 145,269 76,240 95 Oktan Kurflunsuz Benzin 95 Octane Unleaded Gasoline 874,751 892,170 85,422 41,611 2,581,047 2,662,200 2,378,743 2,265,279 202,304 396,921 5,346 4,336 3,691,835 3,676,557 Kalorifer Yak›t› Heating Oil 24,019 15,302 Fuel Oil No.6 Fuel Oil No.6 161,221 80,434 Siyah Ürün Sat›fllar› Toplam› Total Black Products Sales 185,240 95,736 3,877,075 3,772,293 Beyaz Ürün Sat›fllar› White Products Sales Benzin Sat›fllar› Toplam› Total Gasoline Sales 98 ve Üstü Oktanl› Kurflunsuz Benzin 95 and higher Octane Gasoline Motorin Sat›fllar› Toplam› Total Diesel Sales Motorin Diesel 50 ppm Motorin Eurodiesel Gazya¤› Karosene Beyaz Ürün Sat›fllar› Toplam› Total White Products Sales Siyah Ürün Sat›fllar› Black Products Sales TOPLAM SATIfiLAR TOTAL SALES Turcas'›n petrol ürünleri sat›fl faaliyetleri 1 Temmuz 2006'dan itibaren %30 oran›nda ifltiraki olan Shell & Turcas Petrol A.fi. (STAfi) bünyesinde yap›lmakta oldu¤undan, 2005 y›l› ve 2006 1. yar› y›l Operasyonel Göstergelerinde Shell Türkiye ile Turcas Petrol'ün sat›fllar›n›n toplam›, 2006 2. yar› y›l için de STAfi rakamlar› kullan›lm›flt›r. Since STAfi took over the fuel retail business of Turcas as of July 1, 2006, aggregate of Shell Turkey and Turcas sales are used for 2005 and 1H-2006 Operational Highlights, and STAfi sales are used for 2H-2006. 15 BEYAZ ÜRÜN SATIfiLARI WHITE PRODUCTS SALES S‹YAH ÜRÜN SATIfiLARI BLACK PRODUCTS SALES Benzin Sat›fllar› Toplam› Total Gasoline Sales 1,200,000 1,105,442 Kalorifer Yak›t› Heating Oil 30,000 1,010,021 1,000,000 25,000 800,000 20,000 600,000 15,000 400,000 10,000 200,000 5,000 0 24,019 15,302 0 2005 2006 2005 Motorin Sat›fllar› Toplam› Total Diesel Sales 3,000,000 Fuel Oil No.6 180,000 160,000 140,000 120,000 100,000 80,000 60,000 40,000 20,000 0 2,662,200 2,581,047 2,500,000 2,000,000 1,500,000 1,000,000 500,000 0 2005 4,000,000 3,500,000 3,000,000 2,500,000 2,000,000 1,500,000 1,000,000 500,000 0 2006 161,221 80,434 2005 2006 Beyaz Ürün Sat›fllar› Toplam› Total White Products Sales 3,691,835 3,676,557 2006 Siyah Ürün Sat›fllar› Toplam› Total Black Products Sales 185,240 200,000 150,000 95,736 100,000 50,000 0 2005 2006 2005 TOPLAM SATIfiLAR TOTAL SALES 5,000,000 4,000,000 3,877,075 3,772,293 2005 2006 3,000,000 2,000,000 1,000,000 0 2006 16 TURCAS, YEN‹ KURUMSAL ‹MAJI, HEDEFLER‹ VE V‹ZYONU ‹LE, ‹ST‹KRARLI BÜYÜME, KAR ETME, KAR PAYI DA⁄ITMA VE TÜM YATIRIMCILARINI MEMNUN ETME HEDEF‹N‹ KORUMAKTADIR. TURCAS -WITH ITS VISION AND NEW IMAGE- MAINTAINS ITS GOALS TO GROW IN A STABLE WAY, PROFIT, PAY OUT DIVIDENDS CONTINUOUSLY, AND TO SATISFY ITS INVESTORS BY INCREASING THE COMPANY VALUE. 17 YÖNET‹M KURULU BAfiKANI’NIN MESAJI CHAIRMAN’S MESSAGE 2006: GERÇEKLEfiMELER VE GEL‹fiME YILI 2006: YEAR OF REALIZATIONS AND IMPROVEMENTS Say›n hissedarlar›m›z ve ziyaretçilerimiz, Dear shareholders and guests, 2005 y›l› Faaliyet Raporu'nda da bahsi geçen faaliyetlerle ilgili tüm hususlar› ve hatta halka aç›k bir flirket olarak geçen y›l aç›klayamad›¤›m›z birçok projeyi gerçeklefltirmeleri ile ele alarak güncellemeye çal›flaca¤›m. I will try to update you with the status and realizations of the projects mentioned in my message in our 2005 Annual Report as well as some of the projects which we could not publicly announce at that time. 2006 y›l› içinde gündemimizin en önemli maddesi Turcas'›n The Shell Company of Turkey Ltd. ile birlikte Shell & Turcas Petrol A.fi. ad›ndaki yeni akaryak›t da¤›t›m devini kurmas› idi. 1 Temmuz 2006 tarihi itibariyle faaliyete geçen Shell & Turcas'›n yaklafl›k 1300 akaryak›t bayisi ile geride b›rakt›¤› dokuz ayl›k mükemmel icraat› göz önüne al›nd›¤›nda, bu birleflmenin ne kadar do¤ru bir karar oldu¤u teyit edilmifltir. The most important item of our agenda in 2006 was the establishment of the new oil distribution giant, namely Shell & Turcas Petrol A.fi., together with The Shell Company of Turkey Ltd. Considering the great performance of the first 9-months of Shell & Turcas, which began operations on July 1, 2006 with its nearly 1300 gas stations, the merger has proven to be a extremly correct decision. Turcas olarak, 2006 y›l›na iliflkin aç›klam›fl oldu¤umuz mali tablolar incelendi¤inde 31 Aral›k 2005 tarihinde 286.519.227 YTL olan Varl›klar Toplam›m›z›n 445.586.635 YTL'ye, 219.491.933 YTL olan Özsermayemiz 436.621.648 YTL'ye ve 46.517.870 YTL olan Net Kar›m›z›n 257.554.715 YTL'ye ulaflt›¤› görülmektedir. Bunlar bir y›ll›k dönemde s›ras›yla %56, %99 ve %459 art›fla tekabül etmektedir. Reviewing the financial results of Turcas in 2006 in comparison with 2005 year-end figures, our; Total Assets have increased from YTL 286,519,227 to YTL 445,586,635, Shareholders Equity has increased from YTL 219,491,933 to YTL 436,621,648, and Net Profit has increased from YTL 46,517,870 to YTL 257,554,715. These correspond to an increase of 56%, 99%, and 459% respectively in one year period. Bu baflar›l› sonuçlar, daha bir y›l önceden bafllat›lan ciddi geçifl devresi haz›rl›klar› ve her iki taraf›n ortaya koydu¤u mükemmel uyum, güçlü kadrolar ve altyap›n›n bir sonucudur. Birleflme sonucunda her iki flirketten de az say›da personel memnun edici koflullarda flirketten ayr›lm›flt›r. These successful results are the outcome of serious transition-period preparations initiated a year ago, the perfect harmony between the two groups, and our powerful staff and infrastructure. As a result of the merger, a few of the personnel from both companies -all under satisfactory termsparted from the company. 18 George Spanoudis'in CEO'su oldu¤u Shell & Turcas kendine 2008 y›l›nda Türkiye akaryak›t pazar›n›n lideri olma hedefini koymufltur. Biz Turcas olarak arkadafllar›m›z›n bu hedefe ulaflacaklar›na inan›yoruz. Shell & Turcas, of which George Spanoudis is the CEO, targets to become the leader of the Turkish fuel retail market in 2008. We, as Turcas, strongly believe that this objective will be achieved. Di¤er taraftan BP ve Shell firmalar› ile birlikte hissedar› oldu¤umuz ATAfi Rafinerisi'nin faaliyetlerinin durdurulmas›n›n ard›ndan terminale dönüflmesiyle ilgili yap›lan yat›r›m ve çal›flmalar çok k›sa bir süre içinde tamamlanm›fl olacakt›r. ATAfi Terminali halihaz›rda hissedarlar›na EPDK'dan alm›fl oldu¤u depoculuk lisans›yla hizmet vermektedir. On the other hand, the investments and works related to the transformation of the ATAfi Refinery into a terminal, of which we are a shareholder together with BP and Shell, will be completed within a very short period of time. ATAfi Terminal is currently renders service to its shareholders with the Storage License obtained from EMRA. Turcas akaryak›t iflindeki bu birleflmeye paralel olarak alm›fl oldu¤u Yönetim Kurulu karar›yla bundan sonra, enerji piyasalar›n›n elektrik enerjisi üretimi, da¤›t›m› ve ticareti, do¤algaz ithalat› ve toptan sat›fl›, özellikle yurtd›fl›nda petrol arama ve üretimi gibi alanlar›nda birçok projeyi de¤erlendirip, uygun bulduklar›na yat›r›m ve/veya ortakl›k yapmak üzere çal›flmalara bafllam›flt›r. ‹lgili projeler, Turcas Yönetim Kurulu'nun takdirine ba¤l› olarak gerekti¤i yerlerde yerli veya yabanc› ortaklarla iflbirli¤ine giderek büyümeyi, bölgesel ve entegre bir enerji flirketi olarak sürdürmeyi hedeflemektedir. In parallel to this merger in our fuel retail business, with the Board's Resolution, Turcas has been evaluating numerous projects in the energy field such as electricity generation, distribution and trading; natural gas importation and wholesale; and oil exploration and production especially in foreign countries and has initiated researches to make investments and/or to become partners for those that are deemed appropriate. Within this context, Turcas has aimed to sustain its growth as a regional and integrated energy company by cooperating with local and/or international partners based on the nature of the related projects and with the discretion of the Board. fiu s›ralar bu hususta gerekli bütün ifllemler tamamlanm›fl, Turcas bünyesinde ba¤l› ortakl›klar olarak Turcas Gaz Toptan Sat›fl A.fi., Turcas Elektrik Üretim A.fi. ve Turcas Elektrik Toptan Sat›fl A.fi. flirketleri ile Turcas EPC (Mühendislik, Sat›n Alma ve Taahhüt) bölümü kurularak faaliyete geçmifltir. Turcas, 2006 y›l› içinde enerji piyasalar›n›n gündemindeki Elektrik Da¤›t›m fiirketleri'nin iflletme hakk› devri fleklinde yap›lmas› hedeflenen özellefltirme ihalelerine Avrupa'n›n en büyük enerji flirketlerinden ‹spanyol Iberdrola S.A. firmas›yla birlikte girmeyi planlad›¤›n› kamuoyuna duyurmufltur. Turcas, Iberdrola-Turcas Ortak Giriflim Grubu olarak Özellefltirme ‹daresi Baflkanl›¤›'ndan Anadolu Yakas› Elektrik Da¤›t›m A.fi. ve Sakarya Elektrik Da¤›t›m A.fi.'nin hisselerinin blok sat›fl yönetimi ile özellefltirmelerine iliflkin ‹hale fiartnameleri'ni alarak orta¤› ile birlikte de¤erlendirmelere bafllam›flt›r. Yap›lan de¤erlendirme sonucunda Ortak Giriflim Grubumuz ihaleye teklif vermek için gereken ön yeterlilik kriterini karfl›lam›flt›r. Özellefltirme ‹daresi, ihalelere son teklif verme gününü 19 Ocak 2007 olarak aç›klam›fl ancak bu tarih daha sonra tahmini 1 y›l ertelenmifltir. Geliflmeler do¤rultusunda gerekli aç›klamalar kamu ile paylafl›lacakt›r. Da¤›t›m özellefltirmelerini takip edecek olan elektrik üretim tesislerinin özellefltirmelerine de ifltirak etmek Turcas'›n stratejik plan›n›n bir parças› idi fakat bu erteleme, plan›m›zda üretim projelerimize öncelik verme gere¤ini ortaya ç›karm›flt›r ki Turcas Elektrik Üretim A.fi. olarak bu hususta çok ciddi çal›flmalar›m›z mevcuttur. The relevant restructuring operations have recently been completed as the wholly-owned subsidiaries under Turcas: Turcas Gas Trading, Turcas Power Generation and Turcas Power Trading as well as the Turcas EPC (Engineering, Procurement, and Construction) Division. In 2006, Turcas publicly announced that it will participate in the privatization tenders for the transfer of the operational rights of the Electricity Distribution Companies with Iberdrola, S.A. of Spain which is one of the largest energy companies in Europe. The Iberdrola-Turcas Joint Venture Group has bought the Tender Book from the Privatization Administration for the Anadolu Yakas› Elektrik Da¤›t›m A.fi. and Sakarya Elektrik Da¤›t›m A.fi. and has started evaluations. As a result of the evaluation process, our Joint Venture Group has successfully been pre-qualified to bid. The Privatization Administration had previously announced the final date to submit bids as January 19, 2007, which later was postponed presumably for another year. Public announcements related to the developments in the process will duly be made. It has been a part of the strategic plan of Turcas to also participate in the privatization of the electricity generation facilities which will follow distribution, however, this postponement has prioritized the generation projects in our business plan on which Turcas Power Generation is heavily focused. 19 2006 y›l› içinde bafllamay› planlad›¤›m›z do¤algaz ithalat› ve toptan sat›fl› faaliyetine, BOTAfi'›n kontrat devri ihalelerini ancak sonland›rm›fl olmas›ndan dolay›, 2007 y›l› May›s ay› içinde bafllamay› öngörüyoruz. Bu faaliyet o tarihe kadar EPDK'dan Do¤algaz Toptan Sat›fl Lisans›'n› alacak olan Turcas Gaz Toptan Sat›fl A.fi. vas›tas›yla yap›lacakt›r. Natural gas import and wholesale activities which we had anticipated to start in 2006 are now expected to start in May of 2007 since BOTAfi's Contract Release Tenders are just being finalized. This operation will be undertaken by Turcas Gas Trading which will obtain a Natural Gas Wholesale License from EMRA by that date. Turcas'›n bir di¤er çok önemli at›l›m› da k›sa bir süre önce kamuya duyurdu¤umuz SOCAR (State Oil Company of Azerbaijan Republic) ile bafllataca¤›m›z yeni iflbirli¤idir. Kuruluflu 150 y›l öncesine dayanan SOCAR, Azerbaycan Devleti'nin ham petrol ve do¤al gaz üretimi, iki adet rafineri ve boru hatt› sistemlerinin iflletilmesi, petrol ve do¤al gaz›n ithalat, ihracat ve temininden sorumlu flirketidir. Hazar Denizi'nden dünya piyasalar›na günde bir milyon varil ham petrol tafl›mak üzere tasarlanm›fl olan 1750 km. uzunlu¤undaki Bakü-Tiflis-Ceyhan (BTC) boru hatt›n›n %25 oran›nda sahibi olan SOCAR'›n bu boru hatt›ndan ihraç edece¤i ham petrol miktar› kademeli olarak artarak SOCAR'›n toplam petrol sevkiyat›nda çok önemli bir rol almas›na imkan sa¤lamaktad›r. 2008'den itibaren Bakü'den Ceyhan'a bir y›lda akacak 50 milyon ton ham petrolün 40 milyon tonunun SOCAR'a ait olaca¤› öngörülmektedir. Another very important achievement Turcas has recently announced is the new cooperation initiated with SOCAR (State Oil Company of Azerbaijan Republic). SOCAR, established about 150 years ago, is the state-owned company of Azerbaijan responsible for the production of crude oil and natural gas, operation of the two local refineries and the pipeline systems, and import, export and supply of oil and gas in the country. SOCAR owns 25% of the 1750 km. long Baku-Tbilisi-Ceyhan (BTC) pipeline which is designed for the transportation of 1 million barrels of crude oil from the Caspian Sea to the global markets. The gradual increase of SOCAR's crude oil exports from this pipeline enables SOCAR to take a very significant role in the overall crude oil transportation. SOCAR is expected to own 40 million tones out of the 50 million tones of crude oil that will be flowing from Baku to Ceyhan per annum. Turcas'›n SOCAR ile kuraca¤› Socar & Turcas Enerji A.fi.'nin ana hedefleri: Ceyhan bölgesinde bir petrol rafinerisi ve petrokimya tesisi yat›r›m›n› incelemek ve yukar›da belirtilen do¤algaz›n ithalat ve toptan sat›fl› faaliyetlerinde bulunmakt›r. Bu iflbirli¤i ayr›ca Turcas'› Hazar Bölgesi'nde petrol arama ve üretimine iliflkin çok avantajl› bir konuma getirmektedir. The major objectives of Socar & Turcas Enerji A.fi. which is established as a joint venture company by Turcas and SOCAR are; to review and evaluate an oil refinery and petrochemicals complex investment in Ceyhan Region and to perform natural gas import and wholesale activities. This cooperation delivers Turcas other benefits such as an advantageous position in exploration and production projects in the Caspian Region. Bu raporun yaz›ld›¤› günlerde, bas›ndan takip etti¤iniz gibi T.C. Baflbakanl›k Özellefltirme ‹daresi Baflkanl›¤›'n›n PETK‹M Petrokimya Holding A.fi.'yi özellefltirme karar›n› müteakiben, Socar-Turcas ortakl›¤› bu özellefltirmeye girmek üzere ilgili flartnameyi alarak çal›flmalar›na bafllam›flt›r. Following the decision of the Privatization Administration to privatize PETK‹M Petrokimya Holding A.fi., the Socar-Turcas Joint Venture has bought the related tender book and is proceeding with its preparations. Turcas olarak yeni yat›r›m ve giriflimlerimizi göz önüne alarak yerli ve yabanc›, uluslararas› kariyere ve sayg›nl›¤a sahip uzman bireyleri Yönetim Kurulu'na ve bünyemize almaya devam edece¤imizi daha önce belirtmifltim. Merkez Bankas› eski Baflkan› Say›n Süreyya Serdengeçti'nin 2006 y›l› içinde Turcas Yönetim Kurulu Üyesi olarak atanmas› bu konuda at›lan en önemli ad›mlardan biridir. Bunun yan› s›ra ‹ngiltere'de yaflayan ve dünya enerji piyasalar›nda bir otorite olarak kabul edilen Say›n Mehdi Varzi de 2006 y›l›ndan itibaren Yönetim Kurulu Dan›flman› olarak flirketimize hizmet vermektedir. Taking into consideration our new investments and projects, I have already stated that, we as Turcas, will continue to incoporate local and foreign experts with international and respected careers onto our Board and into our Management. The appointment of the former Central Bank Governor Mr. Süreyya Serdengeçti as a Member to the Board of Directors of Turcas in 2006 is one of the most important steps taken with regards to this subject. Additionally, Mr. Mehdi Varzi, who lives in the U.K. and is considered to be an authority in global energy markets, has been appointed as Advisor to our Board as of 2006. 20 Tüm bu geliflmeler ›fl›¤›nda Turcas yeni bir kurumsal imaj gelifltirmifltir. Bu da kamuoyuna 5 Aral›k 2006 tarihinde yap›lan bas›n toplant›s› ile tan›t›lm›flt›r. Turcas'›n yeni kimli¤inin, flirketimizin ¬global olarak de¤iflim ve geliflimlere ne kadar yatk›n oldu¤unun da ayr› bir göstergesi oldu¤una inan›yorum. Bundan sonra entegre bir enerji flirketi olma hedefindeki Turcas, yeni kurumsal imaj›, hedefleri ve vizyonu ile, istikrarl› büyüme, devaml› kar etme, düzenli kar pay› da¤›tma ve flirket de¤erini yükselterek mevcut ve potansiyel tüm yat›r›mc›lar›n› memnun etme hedefini korumaktad›r. In light of all of these progressions, Turcas has developed a new corporate image. This corporate image was introduced to the public through a press meeting on December 5, 2006. I believe the new identity of Turcas is also an indication of its skill to keep pace with global changes and developments. Turcas - with its vision, new image and objective of becoming an integrated energy company - maintains its goals to grow consistently, profit continuously, pay out dividends regularly, and to satisfy its current and potential investors by increasing the company value. Turcas, 2006 y›l›nda, gerek mali tablolar›ndaki inan›lmaz baflar›s› gerekse enerji sektöründeki at›l›mlar› ile Dünya Gazetesi ve okurlar› taraf›ndan Türkiye'de Y›l›n fiirketi seçilmifltir. Turcas was selected Company of the Year in 2006 by the Dünya Newspaper and its readers on account of its extraordinary success in financial revenues as well as its developments in the energy sector. Bugüne kadar bu baflar›lar›m›zda önemli rolü olan de¤erli bayilerimize, fedakar çal›flanlar›m›za ve deste¤ini her zaman hissetti¤imiz hissedarlar›m›za teflekkürlerimi ve sayg›lar›m› arz ederim. I would like to express my gratitude to our distinguished dealers and everdevoted employees who carry a significant role in our success and to our shareholders whose support we always feel and appreciate. Sincerely yours, Erdal AKSOY Yönetim Kurulu Baflkan› Erdal AKSOY Chairman of the Board 21 YÖNET‹M KURULU BOARD OF DIRECTORS 4 2 5 1. ERDAL AKSOY, Baflkan Chairman 2. YILMAZ TECMEN, Baflkan Vekili Vice Chairman 3. BÜLENT ÇORAPÇI, Üye Member 4. M.‹LHAN NEB‹O⁄LU, Üye Member 5. BANU AKSOY TARAKÇIO⁄LU, Üye Member 6. S.BATU AKSOY, Üye Member 7. N.SÜREYYA SERDENGEÇT‹, Üye Member 6 1 3 7 KÜÇÜK MUTLULUKLARIN ARKASINDA BÜYÜK YATIRIMLAR VAR. THERE ARE MAJOR INVESTMENTS BEHIND LITTLE HAPINESSES. 24 2006 YILI ‹T‹BAR‹YLE TÜRK‹YE EKONOM‹S‹N‹N GENEL DE⁄ERLEND‹RMES‹ GENERAL ASSESSMENT OF TURKISH ECONOMY AS OF YEAR 2006 SÜREYYA SERDENGEÇT‹ TURCAS YÖNET‹M KURULU ÜYES‹, TCMB ESK‹ BAfiKANI BOARD MEMBER OF TURCAS, FORMER GOVERNOR OF TURKISH CENTRAL BANK 2001 y›l›ndaki finansal krizin sonras›nda Türkiye ekonomisinde tarihinin en önemli yap›sal de¤iflim süreçlerinden biri bafllam›flt›r. Önce, döviz kurlar› dalgalanmaya b›rak›larak Türk paras›n›n de¤erinin piyasa koflullar› alt›nda belirlenmesinin esas al›nd›¤› dalgal› kur rejimine geçilmifltir. Hemen sonras›nda, krizin finansal piyasalardaki etkileri k›sa sürede azalt›larak finansal piyasalarda göreli istikrar ortam› sa¤lanm›fl ve 2001 y›l› içinde yap›sal de¤iflimin ortaya konmas›n› sa¤layacak ekonomik zemin büyük ölçüde oluflturulmufltur. After financial crisis in 2001, one of the most important processes of structural change in the history of Turkish Economy commenced. First, the exchange rate fluctuation was implemented. Thus allowing for the value of Turkish Lira to be determined under market conditions, giving way to stability under the floating rate regime. Immediately after this, influences of the crisis in financial markets was reduced in a short period of time, relative stabilization was achieved in financial markets and economical ground that would provide structural change was established to a large extent in 2001. Krizin ilk etkilerinin atlat›lmas›yla beraber, temelinde s›k› para, maliye politikalar› ve yap›sal reformlar olan yeni bir ekonomik programla 30 y›l süren kronik ve yüksek enflasyon sürecinin sona erdirilerek fiyat istikrar›n›n sa¤lanmas›, kamu borcunun risk yaratmayacak seviyelere düflürülerek kamu maliyesinin sürdürülebilir bir çerçeveye oturtulmas› ve ekonominin yüksek oranlarda sürdürülebilir büyüme sürecine girmesi amaçlanm›flt›r. After steering out of the primary effects of the economical crisis, with a new economic program aimed at achieving price stability by putting an end to the chronic, high and persistent inflation period in effect for 30 years, with tight monetary and financial policies, and structural reforms, to place the domestic finance into a sustainable frame by means of reducing the domestic debts to non-risky levels, and determining the economy to commence into high rated sustainable growth process. Kararl›l›kla uygulanan makroekonomi politikalar› ve gerçeklefltirilen yap›sal reformlar neticesinde, son befl y›lda, Türkiye ekonomisinde makroekonomik istikrar›n sa¤lanmas› ve ekonominin sa¤lam temellere kavuflmas› yönünde önemli bir mesafe al›nm›flt›r. As a result of decidedly implemented macroeconomic policies and realized structural reforms, for the last five years an important distance has been covered in Turkey's economy in the direction of maintaining macroeconomic stability and enabling the economy to sit on a sound foundation. 25 F‹YAT GEL‹fiMELER‹ PRICE DEVELOPMENTS Türkiye ekonomisinin son otuz befl y›ll›k dönemine bak›ld›¤›nda, hem en önemli sorunu hem de di¤er sorunlar›n›n nedeni olarak nitelendirilebilecek enflasyonda, yine son befl y›lda önemli bir düflüfl yaflanm›flt›r. When we look back at the last thirty years of the Turkish economy, inflation which may be described as the source of both the most important problem and the cause of all the other problems, during last five years was subject to a pivotal decrease. Hükümet ile Türkiye Cumhuriyet Merkez Bankas› (Merkez Bankas›) taraf›ndan tüketici fiyatlar› (TÜFE) üzerinden ortaklafla belirlenmekte olan enflasyon hedefleri 2002 - 2005 y›llar› aras›nda dört y›l üst üste tutturulmufl, enflasyon 2001 y›l› sonundaki y›ll›k %68,5 seviyesinden 2005 y›l sonu itibar› ile %7,72 seviyesine düflmüfltür. Inflation targets, which are determined by the Government and Turkish Republic Central Bank (Central Bank) through consumer prices (TUFE), between 2002 - 2005, for four years in succession were achived. Inflation level decreased from 68,5% in year 2001, to 7,72% by the year 2005. 2006 y›l›nda ise, geride kalan son dört y›l›n aksine enflasyonda yeniden bir yükselifl yaflanm›flt›r. Tüketici fiyatlar› 2006 y›l›n›n ilk yedi ay›nda yükselifl e¤ilimi gösterdikten sonra, y›l sonu itibariyle %9,65 oran›nda gerçekleflerek Hükümet ve Merkez Bankas› taraf›ndan belirlenen yüzde 5 hedefinin önemli ölçüde üzerinde kalm›flt›r. In 2006, as opposed to the past 4 years, there was an increase in the inflation again. Consumer prices showed a tendency to increase in the first seven months of 2006, and achieved a level of 9,65% at the end of year which quite exceeded target of 5% estimated by the Government and Central Bank. Geçen y›l enflasyonda yaflanan yükseliflin bafll›ca nedenleri; ekonomideki arz yönlü floklar, d›flsal unsurlar ve bekleyifllerin bozulmas› olarak say›labilir. Main reasons behind the increase in inflation last year: can be regarded as the supply oriented shocks in the economy, outside factors and deterioration of expectations. BÜYÜME GROWTH Türkiye ekonomisi 2001 y›l› sonundan beri kesintisiz olarak büyümektedir. Bu dönemde Gayr› Safi Milli Has›la'daki (GSMH) birikimli art›fl %41, befl y›ldaki ortalama y›ll›k büyüme ise yüzde 7,8 olarak gerçekleflmifltir. Turkish economy has being growing uninterruptedly since end of 2001. Accumulated increase in Gross National Product (GNP) in this period has been realized as 41% and average yearly growth has been realized as 7.8%. Y›ll›k ithalat›m›z 2006 y›l›nda 137,3 milyar ABD dolar›, ihracat›m›z ise 85,3 milyar ABD dolar› olarak gerçekleflmifltir. 2006 y›l› sonunda toplam d›fl ticaret hacmimiz 222,6 milyar ABD dolar›na ulaflm›flt›r. D›fla aç›kl›¤›n bir göstergesi olarak kabul edilen toplam d›fl ticaret hacminin Gayri Safi Yurt Içi Has›la'ya (GSY‹H) oran› son y›llarda h›zla yükselerek %57'ye ulaflm›fl bulunmaktad›r. Our yearly import was realized as 137,3 billion US Dollars in 2006 and export has been 85,3 billion US Dollars. Our total foreign trading volume has reached to 222,6 billion US Dollars in the end of year 2006. Ratio of total foreign trading volume to Gross Domestic Product (GDP), an indication of economic policies open to foreign competiton, has reached to 57% by increasing rapidly during last years. DIfi DENGE FOREIGN BALANCE Yüksek büyüme oranlar›n›n bir sonucu olarak ülkemizde cari denge son y›llarda giderek artan oranda aç›k vermektedir. As a result of high growth rate, the national current account balance shows a deficit at increasing rate during the last few years. Cari aç›k miktar›, 2006 y›l› sonu itibar› ile y›ll›k olarak bak›ld›¤›nda bir önceki y›la göre art›fl göstermesine ra¤men, 2006 y›l› içinde son aylarda yavafllama göstermifltir. 2006 y›l› sonuna do¤ru gerçekleflen bu göreli ve henüz bir e¤ilim niteli¤i kazanmam›fl yavafllaman›n arkas›nda Merkez Bankas›'n›n parasal s›k›laflt›rmas›na ba¤l› olarak yavafllayan yat›r›m ve tüketim talebi bafll›ca etken olabilir. Although the current account deficit amount has shown increase on a yearly basis when compared to previous year, as of the end of 2006 it has shown a slow down during last months of 2006. Investment and consumption demand slowing down depending on monetary tightening of Central Bank may be the main factor behind this relative slowing down which was realized towards end of 2006 has not yet gained full tendency characteristics. 26 KAMU MAL‹YES‹ PUBLIC FINANCE 2001 y›l›ndan itibaren Türkiye ekonomisinin yap›sal dönüflümünde bir di¤er anahtar unsur s›k› maliye politikas› olmufl, 2002 y›l›ndan itibaren %6,5 gibi oldukça yüksek bir faiz d›fl› fazla hedefi belirlenmifl ve bu hedefe y›llar içinde büyük ölçüde ulafl›lm›flt›r. Another key factor in structural transformation of the Turkish economy after 2001 has been tight fiscal policy, pretty high primary surplus target such as 6,5% has been determined and this target has been reached within years to a large extent. Uygulanmakta olan s›k› maliye politikas› bir yandan enflasyonun düflüfl sürecinde önemli bir rol oynarken, di¤er taraftan sürdürülebilirli¤i her zaman önemli bir gündem maddesi olan kamu borcunun makul seviyelere gelmesini sa¤lam›flt›r. While tight fiscal policy implemented has been playing important role in the decrease process of inflation, public debt for which sustainability has been always an important item on the agenda, is maintained to reach reasonable levels. 2006 y›l› da, gerek merkezi yönetim bütçe gerekse faiz d›fl› bütçe hedeflerinin tutturulmas› aç›s›ndan, tart›fl›lan baz› bütçe uygulamalar› ve fleffafl›k sorunlar›na ra¤men baflar›l› bir y›l olmufltur. 2006 y›l›nda GSMH'›n % 6 oran›nda artaca¤› varsay›m› ile; 2005 y›l›nda % 9,4 olan faiz harcamalar›n›n GSMH'a oran› 2006'da % 8,9'a, % -0,4 olan kamu kesimi borçlanma gere¤i % -3,1'e inmektedir. In terms of catching the targets of both central management budget and primary surplus, year 2006 has been a successful year despite of some discussions on budgetary applications and transparency problems. With the assumption that GNP will increase by 6% in 2006; the rate of interest expenditures in 2005 being 9,4% in ratio of GNP, has decreased to 8,9% in 2006 and public sector borrowing necessity which was -0,4 has decreased to -3,1%. F‹NANSAL P‹YASALAR; KUR VE FA‹Z GEL‹fiMELER‹ Finansal piyasalardaki 2006 y›l›ndaki geliflmeler; y›l›n bafl›ndan May›s ay›na kadar olan istikrar ortam›, sonras›nda May›s - Temmuz döneminde yurtd›fl› piyasalar›n tetikledi¤i finansal çalkant› ve Temmuz ay›yla birlikte y›l›n sonuna kadar istikrarl› e¤ilime dönüfl olarak özetlenebilir. Merkez Bankas›'n›n enflasyonla mücadeledeki kararl›l›¤›n› sergilemek ve orta vadede enflasyon hedeflerini tutturmak üzere politika faiz oranlar›n› 4,25 puan yükseltmesi ve piyasalarda döviz ve Türk paras›ndaki likiditeyi düzenlemek amac›yla ald›¤› tedbirler üzerine Türk paras›n›n de¤er kayb› durmufl, finansal piyasalarda istikrar göreli olarak tekrar sa¤lanm›fl ve devam›nda Türk paras›n›n yeniden de¤er kazand›¤› görülmüfltür. Sermaye piyasas› da 2006 y›l›nda dalgal› bir seyir izlemifltir. 2005 y›l› sonunda 39778 olan ‹MKB 100 endeksi seviyesi, y›l içinde çalkant› nedeni ile en düflük 31951 seviyesine kadar inmifl, 2006 y›l› sonunda bir önceki y›l seviyesinin biraz alt›nda, 39117 seviyesinden y›l› tamamlam›flt›r. Süreyya SERDENGEÇT‹ Turcas Yönetim Kurulu Üyes‹, TCMS Esk‹ Baflkan› FINANCIAL MARKETS; CURRENCY RATE AND INTEREST DEVELOPMENTS Developments in financial markets in 2006, can be summarized as: a stable environment from beginning of year to May, then financial agitations triggered by foreign markets during the period between May - July, and starting from July untill the end of year a return to a stable tendency. Central Bank in order to display its determination to fight against inflation and to catch medium term inflation targets, increased interest rates to 4,25. And also took measures to arrange the foreign currency and Turkish Liras liquidity in the markets thus value loss of the Turkish Lira has stopped, stability in financial markets has been relatively ensured and as a result of this Turkish Liras has once again gained value. Capital market has fluctuated in 2006. IMKB 100 index being 39778 at the end of 2005 was reduced to the lowest level of 31951 due to this fluctuation and has completed the year 2006 with the level of 39117 which is below the level of the previous year. Süreyya SERDENGEÇT‹ Board Member of Turcas, Former Governor of Turkish Central Bank 27 28 ENERJ‹ P‹YASASI VE GLOBAL EKONOM‹ ENERGY MARKETS & THE GLOBAL ECONOMY MEHD‹ VARZ‹ TURCAS YÖNET‹M KURULU DANIfiMANI, VARZI ENERGY BAfiKANI ADVISOR TO THE BOARD OF TURCAS, PRESIDENT OF VARZI ENERGY Geçmiflteki birkaç y›lda, global ekonomi ani politik floklar d›fl›nda devam edecek gibi görünen sürdürülebilir bir ekonomik büyümeye tan›k olmufltur. Bununla birlikte bu büyüme kesinlikle dengelenmemifltir. Çin'in yeni bir ekonomik güç olarak belirmesi ve ayn› zamanda Hindistan'›n büyüyerek ortaya ç›kmas› özellikle Avrupa k›tas› baflta olmak üzere birçok endüstrileflmifl ekonomi üzerinde dengeli büyümeye yard›m eden pozitif faktörler olmufltur. Maalesef, di¤er bölgelerde, özellikle de Afrika k›tas›n›n büyük bölümünde ekonomik büyüme zay›f kalm›flt›r. Globalleflmenin avantajlar› k›smen evrensel olmufltur. Over the past few years, the global economy has witnessed sustained economic growth which looks set to continue, barring sudden political shocks. This growth has, however, by no means been balanced. The emergence of China as a new economic powerhouse, together with the growing emergence of India, have been positive factors which have helped offset sluggish growth in many established industrialized economies, especially on the European Continent. Unfortunately, economic growth in some other regions, especially on much of the African continent, remains weak. The benefits of globalization have partially become universal. fiüphesiz enerji dünya ekonomisinin geliflmesinde vazgeçilmez bir rol oynamaktad›r. Global enerji talebi artt›kça, uzun vadeli enerji tedari¤ini kararl› tutma hususu artan bir önem kazanmaktad›r. Ayr›ca, özellikle geçmiflteki birkaç y›l içinde, artan say›daki ülke çevresel hususlar› global enerji gündeminin en üst s›ralar›nda yer almay› zorlamaktad›r. Energy, of course, plays an absolutely indispensable role in the development of the world economy. As global energy demand has grown, the issue of securing stable long-term energy supply has assumed increasing importance. Moreover, especially over the past few years, a growing number of countries have been pushing environmental concerns to the top of the global energy agenda. Farkl›laflmadaki yayg›n giriflimlere ra¤men, petrol global ana enerji tedarikinin %40'tan fazlas›n› oluflturmaya devam etmekte, bunu kömür (%28), do¤al gaz (%23), su ve nükleer enerji (her biri yaklafl›k olara %6) takip etmektedir. Her fleyden önce petrolle ilgili olarak, 2003 y›l›ndan beri fiyatlarda önemli bir art›fl olmas›na ra¤men petrol talebi global olarak artmaya devam etmektedir. Tedarik güvenli¤i artan bir endifle olmufltur, bunun sebebi ise Orta Do¤u'nun tek bafl›na global petrol rezervinin %62'sine ve global gaz rezervlerinin %40'›na sahip olmas›d›r. Bu rezervlerin en büyük hacmi ise, Despite widespread attempts at diversification, oil continues to account for over 40% of total global primary energy supply, followed by coal (28%), natural gas (23%) and hydro and nuclear (each roughly 6%) energy. Dealing with oil first, oil demand continues to grow globally despite the significant rise in prices since 2003. Security of supply has been a growing worry, given the fact that the Middle East alone possesses around 62% of proven global oil reserves and over 40% of proven global gas reserves. The biggest 29 enerji taban›n›n sürekli geliflimine ve ihracatla ilgili herhangi bir düzensizli¤in engellenmesine iliflkin güvenli¤i sa¤lama ihtiyac›n› destekleyen Basra Körfezi içinde yada civar›nda bulunmaktad›r. challenge is that the vast bulk of these reserves are located in and around the Persian Gulf, underpinning the need to ensure security for continued development of the energy base and prevention of any disruption to exports. Tedarik güvenli¤i ayn› zamanda do¤al gaz durumunda da geliflen bir endifle alan›d›r. Sadece iki ülke, ‹ran ve Rusya, global do¤al gaz rezervlerinin toplam %50'sini elinde bulundurmaktad›r. Avrupa, özellikle geçmiflteki iki y›lda, Rusya'n›n gaz ihracat› politikas›n› artan bir kayg›yla izlemektedir. Bu endiflenin bir sonucu olarak, Avrupa petrol tedarikinde de oldu¤u gibi, tedarik çeflitlili¤ine iliflkin ihtiyaca ve güvenli tafl›ma yollar›n›n oluflturulmas›na odaklanm›flt›r. Security of supply is also a growing concern in the case of natural gas. Just two nations - Russia and Iran - possess around 50% of total proven global natural gas reserves. Europe in particular has become increasingly concerned at the politicization of Russian gas export policy over the past two years. This concern, as in the case of oil supply, has focused growing attention on the need for supply diversity and the establishment of secure, multiple transportation routes. Aç›kça, günümüzde Orta Do¤u bölgesi savafl sonras› tarihindeki en büyük ekonomik ve politik zorluklar›n baz›lar› ile karfl›laflmaktad›r. Bunlara ve yukar›daki sorunlar›n hepsine, iflgal edilmifl bölgede devam eden Arap ‹srail krizi, Irak'taki kötüleflen durum, ‹ran nükleer program› ile ilgili uluslararas› anlaflmazl›klar ve genellikle bölgenin ifllerine kar›flan d›fl güçlerin rolü de dahildir. Ekonomik aç›dan en büyük sorun ise, h›zla artan nüfusa ifl sa¤lamak için yeterince h›zl› flekilde bölgesel ekonomileri gelifltirme ihtiyac›d›r. Maalesef bölgedeki mevcut gerilimler ön plandad›r. As›l konular› çözemeye yönelik bölgesel yaklafl›m› benimsemek için ana d›fl güçler ve bölge ülkeleri taraf›ndan ciddi ve sürdürülebilir giriflim üstlenilmedi¤i sürece Orta Do¤u'da baflka büyük çat›flmalar›n riski ortadan kald›r›lamaz. Bu noktada, Avrupa k›tas›na enerji tedariki için transit bir yol olarak Türkiye'nin tarihi ve geliflen stratejik rolü ortaya ç›kmaktad›r. Türkiye sadece co¤rafik s›n›rdafll›k sebebiyle de¤il, gereksiz yere bölgesel çat›flmalara girmekten sak›nma kararl›l›¤› nedeniyle de Do¤u ile Bat› aras›nda gerçekten bir köprüdür. Türkiye'de, hem devlet hem de özel sektör eski Sovyetler Birli¤i'nin güney eyaletlerine ve Rusya'n›n kendisine yönelik olarak pozitif bir tutum benimsemektedir. Bu tutum ve özellikle k›taya enerji ithaline iliflkin artan ihtiyaç belki de baz› Avrupa çevrelerinde yeterli ölçüde takdir edilmemektedir. Günümüzde, Türkiye Hazar bölgesinden petrol ve gaz ithal etmektedir ve petrol ile gaz›n Avrupa'ya ihracat› için önemli bir transit yoldur. Yukar›da bahsedilen hususlar Socar ve Turcas Petrol aras›ndaki uzun vadeli iflbirlikçi iliflkinin Aral›k 2006'daki duyurusunun özel bir koflula konmas›na yard›mc› olmaktad›r. Böyle bir ifl ortakl›¤›na karar vererek, iki flirket de bu Clearly, the Middle East region today is facing some of the greatest political and economic challenges in its post-war history. These challenges include, above all, the continued Arab-Israeli crisis over Occupied Territory, the deteriorating situation in Iraq, international disagreements over Iran's nuclear program and generally the role of outside powers in the region's affairs. The economic challenges include, more so than anything else, the need to develop the regional economies fast enough to provide work for a rapidly increasing population. Unfortunately, current tensions in the region are running high and, unless a serious and sustained attempt is undertaken by the major outside powers and the key countries in the region to adopt a truly regional approach towards solving the key issues, the risk of another major conflict in the region cannot be ruled out. It is here that Turkey's historic and growing strategic role as a transit route for energy supply to the European Continent comes into true focus. Turkey is truly a bridge between East and West, not only because of it geographic contiguity but also because of its determination to avoid becoming unnecessarily embroiled in regional conflicts. Within Turkey, both government and the private sector have adopted a positive stance towards the southern states of the former Soviet Union and also towards Russia itself. This stance is perhaps not sufficiently appreciated in some European circles, especially given the growing need for energy imports into the Continent. Today, Turkey is a growing importer of oil and gas from the wider Caspian region and an increasingly important transit route for oil and gas exports to Europe. 30 özel iliflkiye sa¤lam bir ekonomik anlam vermeye dair karfl›l›kl› arzular›n› ve iki ülke aras›ndaki yak›n ve dostane ba¤lar› yans›tmaktad›r. Günümüzde, Socar ve Turcas eflit ortakl›k olarak stratejik birleflme yapm›flt›r. Bu birleflme Socar'›n sadece kendi gaz ve petrol ihracat›na iliflkin Azerbaycan d›fl›ndaki pazar› gelifltirmesine yard›mc› olmayacak, ayn› zamanda petrol ve gaz›n üretimi, da¤›t›m› ve ihracat› da dahil olmak üzere Türkiye'nin içinde ve d›fl›nda genifl bir sahada bu pazarlar› gelifltirmesi için Turcas Petrol'ün omuzlar›na çok büyük bir sorumluluk yükleyecektir. Turcas Grubu güvenle gelece¤e bakmaktad›r ve her zaman en son geliflmelere ve zorluklara ayak uydurmay› ilke edinmifltir. Bununla birlikte, Turcas temiz bir enerjiyi teflvik etmede aktif bir oyuncu olma ihtiyac›n›n fark›ndad›r. Gittikçe artan flekilde Turcas, mevcut petrol ve gaz projelerinin en yüksek çevre standartlar›n› karfl›lamas›n› sa¤larken, hem Türkiye'de hem de Hazar - Orta Do¤u bölgesinde hidroelektrik ve rüzgar enerjisi projelerini teflvik edebilecek yollar üzerinde çal›flmaktad›r. Mehdi VARZ‹ Turcas Petrol Yönetim Kurulu Dan›flman› The issues mentioned above help place the announcement in December 2006 of a co-operative long-term relationship between Socar and Turcas Petrol into a special context. In agreeing to such a relationship, the two companies are truly reflecting the close and friendly ties between their two countries and their mutual desire to give a concrete economic meaning to that special relationship. Today, Socar and Turcas have entered into a strategic alliance as equal partners. This alliance will not only help Socar to develop markets outside Azerbaijan for its oil and gas exports, but it will place a tremendous responsibility on the shoulders of Turcas Petrol to develop those markets both in and outside Turkey within a wide range of fields, including distribution, production and export of oil and gas. The Turcas Group is looking forward to the future with confidence, always determined to keep abreast of the latest developments and challenges. Turcas, however, is also keenly aware of the need to become an active player in promoting clean energy. Increasingly Turcas is considering ways in which it may become involved in promoting hydro-electric schemes and wind energy projects in both Turkey and in the wider Caspian-Middle East region, while at the same time ensuring that its existing oil and gas projects meet the highest environmental standards. Mehdi VARZ‹ Advisor to the Board of Turcas Petrol 31 AVRUPA KITASINA ENERJ‹ TEDAR‹K‹ ‹Ç‹N TRANS‹T B‹R YOL OLARAK TÜRK‹YE'N‹N TAR‹H‹ VE GEL‹fiEN STRATEJ‹K ROLÜ ORTAYA ÇIKMAKTADIR. TURKEY’S HISTORIC AND GROWING STRATEGIC ROLE AS A TRANSIT ROUTE FOR ENERGY SUPPLY TO THE EUROPEAN CONTINENT COMES INTO TRUE FOCUS. 32 SERMAYE YAPISI CAPITAL STRUCTURE Tutar (YTL) Sermaye Oran› (%) fiirketin sermayesi 105,000,000 YTL olup tamam› ödenmifltir. Capital Amount (YTL) Capital Ratio (%) fiirket hisseleri A, B ve C olmak üzere üç gruba ayr›lm›flt›r. 15-A 26,330,083.18 25.08 15-B 112.50 - 15-C 37.50 - 16-A 78,669,766.82 74.92 105,000,000.00 100.00 Tertip-Grup Order-Group TOPLAM TOTAL 2006 y›l› sonu itibariyle flirketin % 28.42 oran›ndaki hisseleri ‹stanbul Menkul K›ymetler Borsas› (‹MKB)'nda ifllem görmektedir. Company's capital is YTL 105,000,000 which is all paid-in. Company shares are divided in 3 groups, namely; A, B, and C. % 28.42 of company shares are traded on Istanbul Stock Exchange (ISE) as at December 31, 2006. 2006 P‹YASA DE⁄ER‹ 2006 MARKET CAPITALISATION (Milyon YTL) 600 550 500 450 400 350 1/ 2/ 06 2/ 2/ 06 3/ 2/ 06 4/ 2/ 06 5/ 2/ 06 6/ 2/ 06 7/ 2/ 06 8/ 2/ 06 9/ 2/ 06 10 /2 /0 6 11 /2 /0 6 12 /2 /0 6 De¤er Kazanc› Value Increase 46% 33 ORTAKLIK YAPISI OWNERSHIP PROFILE Hissedarlar Shareholders Sermaye Pay› (YTL) Capital Amount (YTL) Sermaye Oran› (%) Capital Ratio (%) 24,176,996.22 23.03 29,946,967.03 28.52 Di¤er Hissedarlar Other Shareholders 21,035,036.75 20.03 Halk Public Trade* 29,841,000.00 28.42 105,000,000.00 100.00 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 34 FAAL‹YETLER‹M‹Z VE STRATEJ‹LER‹M‹Z OUR BUSINESS & STRATEGIES 35 TURCAS OLARAK, ‹fi HAYATINIZIN DA B‹R PARÇASIYIZ. AS TURCAS, WE MAKE PART OF YOUR BUSINESS LIFE TOO. TURCAS'IN HEDEFLER‹; ENERJ‹N‹N KARLI OLAB‹LECEK HER KOLUNDA VE TÜRK‹YE'Y‹ KAPSAYAN GEN‹fi B‹R BÖLGEDE, ÇEfi‹TLEND‹R‹LM‹fi PORTFÖYÜ ‹LE VAR OLMAK, YERL‹ VE YABANCI ORTAKLARLA ‹fiB‹RL‹⁄‹NE G‹DEREK BÜYÜMEK VE TÜRK‹YE'N‹N L‹DER ENERJ‹ fi‹RKET‹ OLMAKTIR. WITHIN A LARGE GEOGRAPHY EMBRACING TURKEY, TURCAS TARGETS TO BE PRESENT IN ALL PROFITABLE AREAS OF THE ENERGY SECTOR WITH ITS DIVERSIFIED NATIONAL AND INTERNATIONAL PORTFOLIO, TO SUSTAIN GROWTH BY COOPERATING WITH LOCAL AND FOREIGN PARTNERS AND TO BECOME THE LEADING ENERGY COMPANY OF TURKEY. 36 Turcas'›n 75 y›ld›r sahip oldu¤u benzin istasyonu a¤›n› 1 Temmuz 2006 itibariyle Shell Türkiye ile ortaklafla kurdu¤u Shell & Turcas Petrol A.fi. (STAfi) bünyesine geçirmesinden sonra flirket bir holding yap›s›na geçmifltir. Turcas turned into a holding company after transferring its gas station network to the newly established Shell & Turcas Petrol A.fi. operational as of July 1, 2006. Turcas, yeni yönetim kurulu kararlar› do¤rultusunda bundan sonra, enerji piyasalar›n›n elektrik enerjisi üretimi, da¤›t›m› ve ticareti, do¤algaz ithalat› ve toptan sat›fl›, potansiyel petrol rafinaj iflleri, özellikle yurtd›fl›nda petrol arama ve üretimi gibi alanlarda uygun buldu¤u projelere yat›r›m ve/veya ortakl›k yapmak üzere çal›flmalara bafllam›flt›r. As per its Board Resolutions, Turcas has already started to engage in energy projects such as generation, distribution and trading of electricity, importation and wholesale of natural gas, refining of crude oil, exploration and production of oil and gas. Turcas bu stratejinin oluflturulmas›na paralel olarak bir yeniden yap›lanma sürecine girmifltir. fiirketimiz, bundan böyle faaliyetlerini 3 ana kolda sürdürecektir: Petrol, Do¤algaz ve Elektrik. Turcas'›n hedefleri: Enerjinin karl› olabilece¤i her kolunda ve Türkiye'yi de kapsayan genifl bir bölgede, çeflitlendirilmifl portföyüyle var olmak, yerli ve yabanc› ortaklarla iflbirli¤ine giderek büyümek ve Türkiye'nin lider enerji flirketi olmakt›r. Turcas 2006 y›l›n›n birinci yar›s›nda ülke geneline yay›lm›fl 628 Türkpetrol akaryak›t istasyonu ve 45 s›nai/ticari müflterisi (istasyonsuz bayii) arac›l›¤›yla otogaz LPG, madeni ya¤ ve akaryak›t ürünlerinin sat›fl ve pazarlama faaliyetlerini sürdürmüfltür. In parallel with this strategy, Turcas has been going through a re-structuring process. From now on, Turcas will continue its business activities in three major fields: Oil, Natural Gas and Power. Turcas targets to be present in all profitable areas of the energy sector with its diversified national and international portfolio, within a large geography covering Turkey, to sustain growth by cooperating with local and foreign partners and to become the leading energy company of Turkey. In first half of 2006, Turcas focused its activities on the sales and marketing of petroleum products, autogas-LPG and lubricants at 628 Türkpetrol fuel stations and 45 industrial/commercial customers across the country. 2006 y›l›n›n ikinci yar›s›n›n ilk gününden itibaren ise bu faaliyetler Enerji Piyasas› Düzenleme Kurumu'ndan ilgili lisanslar› alan ifltirakimiz Shell & Turcas Petrol A.fi. taraf›ndan yürütülmeye bafllanm›flt›r. STAfi bünyesine Turcas'›n 628 Türkpetrol istasyonu ile Shell'in 617 istasyonu kat›ld›¤› için STAfi faaliyetlerine ilk günden itibaren yaklafl›k 1250 akaryak›t istasyonu ve 130 civar›ndaki istasyonsuz bayii ile bafllam›flt›r. As of the first day of second half of 2006, our subsidiary Shell & Turcas Petrol A.fi. started to undertake these operations after having obtained the relevant licenses from the Energy Market Regulatory Authority. Since 628 Türkpetrol and 617 Shell stations were transferred into the joint venture, STAfi started its activities with a network of approximately 1250 fuel stations and 130 industrial/commercial customers throughout the nation. Shell ile Turcas aras›nda yap›lan anlaflma itibariyle tüm Türkpetrol istasyonlar›n›n Shell'e dönüfltürülmesine karar verilmifltir. 2006 y›l› sonu itibariyle yurt çap›ndaki 471 Türkpetrol istasyonu Shell'e dönüflmüfl, bu raporun yaz›m tarihi olan Nisan 2007 itibariyle de 481 Türkpetrol istasyonunun dönüflümü tamamlanm›flt›r. It was decided to rebrand all of the Türkpetrol stations as Shell in accordance with the agreement signed between Shell and Turcas. As of the end of 2006, 471 Türkpetrol stations nationwide were rebranded as Shell and approximately 500 will have been re-branded as of publishing of this report in April 2007. Yeni kurulan STAfi daha önce Shell'e ait olan Derince'deki Madeni Ya¤ Üretim ve Depolama Tesisleri'nin de sahibi olmufltur. Ayr›ca S›nai ve Ticari Sat›fllar da STAfi bünyesine dahil edilmifltir. Böylece STAfi Türkiye petrol sektörünün en önde gelen lider kurulufllar›ndan biri olmufltur. The newly established STAfi became the owner of the Lubricants Production and Storage Facilities in Derince formerly owned by Shell Turkey. The industrial and commercial sales business also became a part of the STAfi organization hence making STAfi one of the ultimate leading companies of the Turkish oil industry. 37 SATIfi VE PAZARLAMA FAAL‹YETLER‹ SALES AND MARKETING ACTIVITIES Turcas Petrol, 2006'n›n ilk alt› ay sonu itibariyle ülke geneline yay›lm›fl 628'i aflk›n akaryak›t istasyonu ve 45 s›nai/ticari müflterisi arac›l›¤›yla otogaz LPG, madeni ya¤ ve akaryak›t ürünlerinin sat›fl ve pazarlama faaliyetlerine devam etmifltir. Turcas Petrol continued its sales and marketing activities of petroleum products, autogas-LPG and lubricants at 628 Türkpetrol fuel stations and with 45 industrial/commercial customers across the country during the first half of 2006. - - - - 2006 y›l›n›n ilk yar›s› içinde 8 yeni istasyon hizmete aç›lm›fl, 4 adet yeni istasyon projesinin yat›r›mlar›na bafllanm›fl ve mevcut istasyonlardan 8'inin sözleflmeleri uzat›lm›flt›r. 2006 y›l› ilk alt› ay›nda daralmaya devam etti¤i gözlenen benzin pazar›nda toplam sat›fllar 1,618,231 m3 olarak gerçekleflirken, Turcas Petrol 130,651 m3 sat›fl ile %8'lik pazar pay›n› gerçeklefltirmifltir. Motorin pazar›nda ise sat›fllar %9 artarak 6,565,540 m3 olarak gerçekleflmifltir. Turcas Petrol 357,820 m3'lük sat›fl› ile pazardan %5'lik pay alm›flt›r. 2006 y›l› sonu itibariyle daralan benzin pazar›nda toplam sat›fllar 3,376,561 m3 olarak gerçekleflirken, STAfi 1,010,021 m3 sat›fl gerçeklefltirerek %30 pazar pay› ile aç›k ara benzin pazar›nda lider konumuna gelmifltir. Motorin pazar›nda ise sat›fllar %8 artarak 14,171,899 m3 olarak gerçekleflirken, STAfi 2,662,200 m3 seviyesinde motorin sat›fllar› ile %20'lik pazar pay›na ulaflarak pazar liderine yak›n ikinci konuma gelmifltir. 2006 y›l› toplam beyaz ürün pazar› %6 büyüyerek, 17,574,539 m3 seviyesine ulaflm›flt›r. STAfi sat›fllar› ise 3,676,557 m3 olarak gerçekleflerek %21 pazar pay› ile kuvvetli ikincili¤e ulaflm›flt›r. 2006 y›l› ortas›nda, sektörde en güçlü iki markan›n Cumhuriyet ile yafl›t bayilerinin bir araya gelmesiyle oluflturulan birleflme neticesinde STAfi, hedefledi¤i ilkeleri do¤rultusunda akaryak›t istasyonlar›n›n altyap› ve imaj de¤iflim çal›flmalar›n› bafllatarak, ''Shell'' markas› avantaj›n› yayg›nlaflt›rmay› hedeflemifltir. Birleflme neticesinde yarat›lan sinerji ve de¤iflimin, flirket sat›fllar›na önümüzdeki y›llarda çok olumlu olarak yans›yaca¤› beklenmektedir. - - During the first half of 2006, 8 new stations began to operate under the Türkpetrol brand, investments in 4 new stations were started and contracts of 8 existing stations were renewed with additional investments. In a declining gasoline market in first half of 2006 where total sales amounted to 1,618,231 m3, Turcas had a market share of 8% with sales amounting to 130,651 m3. In first 6 months of the year, the diesel fuel market grew by 9% to 6,565,540 m3 as compared to the previous year. Turcas had a market share of 5% with sales of 357,820 m3. Despite the decline in 2006 in the gasoline market with total sales of 3,376,561 m3, STAfi realized sales of 1,010,021 m3 corresponding to 30% market share, a significant market leader position. Sales in the diesel market increased by 8% to 14,171,899 m3, where STAfi realized sales of 2,662,200 m3 corresponding to 20% market share, strong second player of the market close to the leader. Total white products market grew by 6% in 2006 reaching a total volume of, 17,574,539 m3. STAfi sales totaled to 3,676,557 m3 corresponding to 21% market share, a strong second position. STAfi which was established in mid-2006 as a result of combining the fuel stations of the two strongest brands of the industry that are aged as old as the Republic. STAfi started the infrastructure and image conversion of the fuel stations in line with its targeted principles and with the aim of spreading out the advantages which the “Shell” brand will bring in. It is expected that the synergies and changes created as result of this merger will significantly enhance the sales of the company in the following years. 38 AYS (AKARYAKIT YÖNET‹M S‹STEM‹) AYS (FUEL MANAGEMENT SYSTEM) Akaryak›t Yönetim Sisteminde kullan›lan yüksek teknoloji ürünü Smart Card müflterilerimizin ihtiyaçlar›na problemsiz olarak cevap vermektedir. AYS, using the most advanced smart card technologies in the sector, enables Turcas Petrol to fully satisfy customer needs. Turcas Petrol, flirket araçlar›n›n akaryak›t harcamalar›n› kontrol alt›na almay› sa¤layan Akaryak›t Yönetim Sistemi'ni 9 y›ld›r sektörün öncülerinden biri olarak tüm ülke çap›nda baflar›yla uygulamaktad›r. Kulland›¤› yüksek teknoloji ürünü Smart Card ile müflterilerinin ihtiyaçlar›na sorunsuz flekilde cevap vermektedir. As one of the pioneers of this sector in Turkey, Turcas Petrol has been operating the AYS (Fuel Management System) for nine years, and continues to offer companies superior economy and service for their vehicle fleets. AYS, using the most advanced smart card technologies in the sector, enables Turcas Petrol to fully satisfy customer needs. Geçen sene 180 olan AYS'li istasyon say›s›, 2006 y›l› ilk alt› ay›nda 185'e yükselmifltir. AYS ile 55 ilde hizmet verilmifltir. The number of stations equipped with the system was 185 in first half of 2006 and the number of cities where AYS has been available reached 55. AYS, müflterilerinin binlerce arac›na hizmet sunabilmek için ülke dinamikleri ve müflteri talepleri do¤rultusunda sisteme kat›lan istasyon say›s›n› art›rm›flt›r. To meet the growing customer demand, efforts continue to further increase the number of stations featuring the AYS system. AKARYAKIT DIfiI FAAL‹YETLER NON-FUEL RELATED ACTIVITIES Turcas - Castrol iflbirli¤i, anlaflma süresinin uzat›lmas› ile 2006 y›l› ilk alt› ay sonuna kadar devam etmifltir. Çeflitli kampanyalar›n düzenlenmesi ve yeni ürünlerin piyasaya sunulmas›yla birlikte madeni ya¤ sat›fllar› önceki ilk alt› ayl›k dönemlerdeki seviyelerin üzerine ç›km›flt›r. 2006 y›l› ilk alt› ay›nda Turcas istasyonlar›nda 1,198 ton madeni ya¤ sat›fl› gerçekleflmifltir. The well-established Turcas-Castrol lubricants cooperation was extended again with the relevant agreement to last until the end of first half of 2006. With the help of successful new product launches and various promotional campaigns, lubricants sales in first half of 2006 increased in comparison to that of last year, reaching 1,198 tons. 2006 2. yar›y›l›n bafllang›c› itibariyle bu iflbirli¤i sonland›r›lm›fl olup tüm STAfi istasyonlar›nda Shell madeni ya¤lar› sat›lmaya bafllanm›flt›r. Shell Türkiye'nin ilk alt› ayda ve Turcas ifltiraki STAfi'›n ikinci alt› ayda yapt›¤› toplam madeni ya¤ sat›fllar› 78,221 ton olmufltur. Bu rakam›n 2007 itibariyle tamam›n›n STAfi taraf›ndan yap›laca¤› varsay›labilir. This cooperation was ended as of the beginning of second half of 2006 since Shell lubricants started to be sold at all of the STAfi fuel stations. Total lubricants sold by Shell Turkey in first half of 2006 and STAS in the second half reached 78,221 tons. It can be assumed that all of this volume will be made by STAfi as of 2007. Turcas ile ‹pragaz'›n sürdürdü¤ü baflar›l› iflbirli¤i ile düzenlenen kampanyalar hedefine ulaflm›fl ve istasyonlardaki otogaz sat›fllar›, geçen y›l›n ayn› dönemine göre art›fl göstererek 86,070 m3 olarak gerçekleflmifltir. The successful cooperation with ‹pragaz and new sales campaigns achieved impressive results in satisfying customers; LPG sales volume increased to 86,070 m3 in first half of 2006 in comparison to that period of last year. 2006 y›l›n›n 2. yar›y›l› itibariyle ‹pragaz ile yap›lan anlaflmalar zamanla sonland›r›larak Shell Gaz ile gerekli anlaflmalar yap›lmaya bafllanm›flt›r. 2006 y›l›nda ‹pragaz ve Shell Gaz'›n Türkpetrol ve Shell istasyonlar›nda yapt›¤› otogaz sat›fllar› toplam› 521,680 m3 olarak gerçeklefltirilmifltir. Bu rakam›n da 2007 itibariyle tamam›n›n STAfi üzerinden gerçekleflece¤i varsay›labilir. The agreements with ‹pragaz started to be terminated as of the second half of the year due to the new agreements signed between STAfi and Shell Gaz. Total LPG sold by ‹pragaz and Shell Gaz at the Türkpetrol and Shell stations in 2006 totaled 521,680 m3. It can be assumed that all of this volume will be made over STAfi stations as of 2007. Market ürünleri ve servisleri: ‹stasyon servisleri yelpazesini geniflletme çal›flmalar› 2006 y›l›nda da devam etmifl, yenileme çal›flmalar› birçok istasyon Shop products and services: Activities concerning the broadening of services and products provided in forecourt shops as well as their refurbishments have continued in 2006. The renovation of station forecourt shops to offer 39 40 marketinde baflar›yla tamamlanm›flt›r. Market servisi ve ürün gam›n›n geniflletilmesiyle birlikte sat›fllar artm›flt›r. STAfi'›n oluflumuyla Shell'e dönüflümü bafllanan Türkpetrol istasyonlar›nda Shell Shop'lar yerlerini almaya bafllam›flt›r. improved facilities and a wider range of products resulted in increased sales. Shell Shops started to take their place in the Türkpetrol stations, which have been re-branded as Shell after the establishment of STAfi. QUALITY CONTROL KAL‹TE KONTROL Tüketicilerimizin istasyonlar›m›zdan güvenli flekilde akaryak›t ikmali yapmalar›n› sa¤layabilmek amac›yla sürekli yollarda olan Gezici Kalite Denetim Filomuz yurt geneline yay›lm›fl 628 istasyonda öncelikli olarak marker kontrolü, su testi, ve kalibrasyon ölçümü ile hizmet ve genel görünüm kontrollerini aral›ks›z yapm›flt›r. To ensure that consumers can buy gasoline and other fuels from our stations with absolute confidence and peace of mind, the Türkpetrol Mobile Quality Control fleet was on the road throughout the year, ensuring that the strictest standards are maintained at our 628 stations across Turkey. Tests performed include marker control, water testing and calibration measurement, as well as checks on service quality and general appearance. Bunun yan› s›ra akaryak›t kaynakl› oldu¤u düflünülen müflteri flikayetlerine an›nda ve yerinde müdahale edilerek, al›nan numunelerin öncelikli olarak Kalite Kontrol araçlar›nda bulunan laboratuarlarda ve sonras›nda da tesislerimizde kontrol edilmesi sa¤lanm›flt›r. In addition, fuel-related customer complaints are handled immediately and on-site, with samples first tested in our Mobile Quality Control Unit laboratories and subsequently re-checked at our main facilities to ensure absolute quality and purity. EMN‹YET, SA⁄LIK VE ÇEVRE SAFETY, HEALTH AND ENVIRONMENT Turcas Petrol tüm kazalar›n önlenebilir oldu¤una inanmakta ve çal›flanlar›n› bu bilinçle e¤itmektedir. ‹fl Sa¤l›¤› ve Güvenli¤i Mevzuat›’n› takip etmekte ve bu mevzuata uyum sa¤lamak amac›yla gerekli çal›flmalar› tüm terminallerinde ve istasyonlar›nda uygulamaktad›r. fiirket çal›flanlar›na da, emniyetli sürüflten terminal uygulamalar›na kadar uzanan çok çeflitli e¤itimler verilmektedir. Turcas, yine gerek terminallerinde gerekse istasyonlar›nda en yüksek emniyet standartlar›n› uygulamakta, çevreyi koruma konusunda azami hassasiyeti göstermektedir. Turcas believes that all accidents are preventable and therefore trains employees in safety awareness and tracks the new legislation on Work Safety and Health. Turcas implements all the necessary applications in accordance with this legislation both at its terminals and fuel stations. The Company makes available to employees a wide variety of educational programs, from defensive driving to all aspects of safety in terminal operations. The highest standards of security are implemented at both terminals and at stations and the maximum sensitivity is shown to the protection of environment. ‹KMAL Turcas, 2006 y›l› ilk alt› ay›nda yurtiçi piyasaya 500,000 m3 seviyesinde petrol ürünleri ikmali gerçeklefltirmifltir. Bu miktar›n % 85'i Tüprafl rafinerilerinden, geri kalan % 15'i ise ithalat ve di¤er yurtiçi ikmal kaynaklar›ndan temin edilmifltir. 2. yar›y›ldan itibaren faaliyete geçen STAfi da ürün ikmallerini yaklafl›k bu oranlarda gerçeklefltirmifltir. SUPPLY Turcas supplied about 500,000 m3 of petroleum products to the domestic market in first half of 2006. Approximately 85% of this was supplied by Tüprafl Refineries, and the remaining 15% was sourced from imports and other major suppliers. STAfi, which was operational as of second half of 2006 kept similar percentages while supplying products through Tüprafl and imports. OPERASYONLAR VE YATIRIMLAR OPERATIONAL INVESTMENTS Terminallerde emniyet, güvenlik, bak›m ve yeni ürünler için gerekli temel yat›r›mlar gerçeklefltirilmifltir. Basic investmets required for security, safety, maintenance and new products were made during the year. 41 Turcas'›n %100 oran›nda hisselerine sahip oldu¤u ba¤l› ortakl›¤› Marmara Petrol ve Rafineri ‹flleri A.fi., ATAfi Anadolu Tasfiyehanesi A.fi.'nin %5 oran›nda hissedar›d›r. ATAfi hissedarlar›n›n (BP, Shell ve Marmara) flirketin rafineri faaliyetlerinin sonland›r›l›p büyük bir Akdeniz Petrol Ürünleri Terminali'ne dönüfltürülmesi karar›na paralel olarak, Marmara Petrol toplam 50,341,600 USD'lik yeni kapasite ve tevsii yat›r›m›n›n 2,517,080 USD'lik k›sm›n› 2006 y›l› içinde gerçeklefltirmifltir. ‹NSAN KAYNAKLARI 30.06.2006 tarihine kadar 169 olan Turcas'›n personel say›s› (37 kad›n, 132 erkek), çal›flanlar›m›z›n ço¤unun ifltirakimiz Shell & Turcas Petrol A.fi.'ye transfer edilmesinden dolay› 31.12.2006 itibariyle 20 civar›na inmifltir. STAfi'da çal›flan toplam personel miktar› ise yaklafl›k 550'dir. MAAfiLAR VE TOPLU ‹fi SÖZLEfiMELER‹ Turcas Petrol herhangi bir Toplu ‹fl Sözleflmesi'ne taraf de¤ildir. 2006 y›l› ilk alt› ay› içinde, var olan ekonomik koflullar ve rakiplerin uygulamalar› do¤rultusunda ücretlere genel zam yap›lm›flt›r. Marmara Petrol ve Rafineri ‹flleri A.fi., a wholly-owned subsidiary of Turcas, owns 5% shares of ATAfi Anadolu Tasfiyehanesi A.fi. In parallel with ATAfi shareholders' (BP, Shell and Marmara) decision to convert the ATAfi Refinery into a major Mediterranean Oil Products Terminal, Marmara Petrol made new capacity and expansion investments of USD 2,517,080 contributing to the total investment amount of USD 50,341,600. HUMAN RESOURCES Number of Turcas staff which was 169 (37 women, 132 men) by June 30, 2006 reduced down to approximately 20 by December 31, 2006 as result of transferring majority of the personnel to our subsidiary STAfi. Total number of staff at STAfi is around 550. SALARIES AND COLLECTIVE BARGAINING AGREEMENTS Turcas Petrol is not party to any Collective Bargaining Agreement. During the first half of 2006, the Company made general salary increase in line with the prevailing economic conditions and competitive practices. SEVERANCE PAY LIABILITIES KIDEM TAZM‹NATI YÜKÜMLÜLÜ⁄Ü As of the end of first half of 2006, the Company's severance pay liabilities to its employees as required by regulations totaled YTL 2,595,146. 2006 y›l› ilk alt› ay› itibariyle, fiirket'in yönetmelik gere¤i k›dem tazminat› yükümlülü¤ü toplam 2.595.146.- YTL olarak gerçekleflmifltir. EMPLOYEE RELATIONS PHILOSOPHY AND BENEFITS PERSONEL ‹L‹fiK‹LER‹, FELSEFES‹ VE YAN ÖDENEKLER Turcas Petrol'ün politikas›, personeline ve ifl baflvurusunda bulunan adaylara, ›rk, renk, inanç, etnik veya ulusal köken, cinsiyet, medeni hal, yafl veya engellilik ayr›m› gözetmeden davranmakt›r. fiirket, tüm çal›flanlar›na, yeteneklerine ve potansiyellerine dayal› olarak ilerlemeleri konusunda f›rsat eflitli¤i sa¤lar. Turcas Petrol'ün insan kaynaklar› politikas›, organizasyonun bütün kademelerinde teflvik edici ve ödüllendirici bir ortam yaratmakt›r. Hedeflere dayal› yönetim ve personel de¤erlendirmesi, performans iyilefltirme, motivasyon, iletiflim, geliflim ve e¤itim ihtiyaçlar›n› belirlemek ve her çal›flan›n kendi performans›na göre ödüllendirilmesini sa¤lamak için düzenli olarak kullan›lmaktad›r. It is Turcas Petrol's policy to treat employees and job applicants without regard to race, color, creed, ethnic or national origins, gender, sexual orientation, marital status, age or disability. The Company is committed to providing equal opportunities for all employees, so they may progress within the Company according to their performance, ability and potential. Turcas Petrol's human resources management aims to create a challenging and rewarding environment for all employees throughout the organization. Management by objectives and employee appraisals are routinely used to improve performance, motivation, communication, development, assess training needs and ensure that each employee is rewarded in accordance with his or her performance. In addition, blue collar employees receive payments for household heating, clothing and allowances for religious festivities. All of these benefits are regularly reviewed in line with employees' needs and competitive practices. 42 Yasal olarak ödenen ücretlere ek olarak fiirket, 2006 y›l› ilk yar›s›nda, afla¤›daki ücret d›fl› yararlar› sa¤lam›flt›r: - Ücretli izin Y›lda dört ikramiye K›dem primleri Y›ll›k tatil harc›rah› Sa¤l›k sigortas› Do¤um, ölüm ve evlilik yard›m› Yemek ve ulafl›m - Paid vacations Four bonuses annually Seniority bonuses Annual vacation allowance Health insurance Financial support in the event of birth, death and marriage Work-related meals and transportation TRAINING E⁄‹T‹M Training activities in first half of 2006 were pursued in line with our vision of "providing premium petroleum products in a safe and clean environment with excellent service quality". In accordance with this approach, training programs were designed, updated according to the recent developments in the sector, and regularly provided for station staffs, which is the "front face" of Turcas services. 2006 y›l› ilk alt› ay›nda düzenlenen e¤itimler "üstün nitelikli akaryak›t, emniyetli ve temiz tesislerde, mükemmel hizmet" anlay›fl›yla sürdürülmüfltür. Bu anlay›fl›n temel yap› tafllar›n› oluflturan istasyon çal›flanlar› için haz›rlanan e¤itim programlar›n›n içerikleri, günün geliflen flartlar›na göre yenilenmifl, programlar periyodik olarak yürütülmüfltür. Service Station Staff were provided with “Turcas Service Standards, Risks Concerning Static Electricity, Product Characteristics and Station Safety training programs. Truck drivers were trained in “Safe Loading and Delivery and Product Characteristics”. Staff of nationwide commercial customers is provided with seminars concerning “Product Characteristics”. Bunlara ek olarak, mavi yakal› çal›flanlar yakacak yard›m›, giyecek yard›m› ve dini bayram ödemeleri alm›fllard›r. Bütün bu yard›mlar, rakip uygulamalara paralel olarak, düzenli flekilde gözden geçirilmifltir. ‹stasyon personeli e¤itimleri için istasyonlarda "Turcas Petrol Hizmet Standartlar› Statik Elektri¤in ‹stasyonlarda Oluflturdu¤u Riskler, Ürün Bilgisi ve ‹stasyon Emniyeti" konular›nda e¤itim verilmifltir. Tanker floförlerine; "Emniyetli Sevk›yat ve Ürün Bilgisi" konular›nda e¤itim verilmifltir. Ticari grup müflterilerinin konu ile ilgili çal›flan personeline "Ürün Bilgisi" seminerleri verilmeye devam edilmifltir. 43 HAREKET KAB‹L‹YET‹N‹Z‹ SA⁄LAMAK ÖNCEL‹KLER‹M‹ZDEN B‹R‹D‹R. ENSURING YOUR MOBILITY IS ONE OF OUR PRIORITIES. 44 ‹fiT‹RAKLER SUBSIDIARIES Shell & Turcas Petrol A.fi. Shell & Turcas Petrol PETROL OIL Marmara Petrol ve Rafineri ‹flleri A.fi. Marmara Petroleum & Refining Socar & Turcas Enerji A.fi. Socar & Turcas Energy GAZ GAS Turcas Gaz Toptan Sat›fl A.fi. Turcas Gas Trading Turcas Elektrik Üretim A.fi. Turcas Power Generation ELEKTR‹K POWER Turcas Elektrik Toptan Sat›fl A.fi. Turcas Power Trading Turcas EPC (Mühendislik-Sat›n Alma-‹nflaat) Turcas EPC (Engineering-Procurement-Construction) 45 Turcas olarak, size daha iyi yaflam flartlar› sunabilmek için çal›fl›yoruz. Çevreye duyarl› üretim süreçlerine inan›yor, sizlere sadece enerji de¤il, temiz enerji sa¤lamay› hedefliyoruz. Uluslararas› ifl ortakl›klar›yla gelifliyor ve sadece bugünü de¤il gelece¤i de sa¤lam temeller üzerine kuruyoruz. Bu bilinçle, elektrik, do¤algaz ve petrolün size ulafl›ncaya kadar geçirdi¤i bütün yolculuklar güvencemiz alt›nda. Turcas art›k tam entegre bir enerji flirketi olarak insan›n oldu¤u her yerde... As Turcas, we work to create you a better life standard. We believe in the environment, we aim to ensure you in providing energy, but clean energy through eco-friendly production processes. We grow with international partnerships as we build not only today but also tomorrow on a strong foundation. All the paths delivering oil, gas and power to you, are under our warranty. Conscious of its vision to become a fully integrated energy company, Turcas now reaches every part of human life... 46 www.shellandturcas.com SHELL & TURCAS PETROL A.fi. SHELL & TURCAS PETROL ConocoPhillips'in Turcas'ta sahip oldu¤u hisselerin Aksoy Petrol Da¤›t›m Yat›r›mlar› A.fi. taraf›ndan sat›n al›nmas›ndan sonra Turcas ve Shell, 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 yeni anlaflma, Ortak Giriflime aktar›lacak olan bütün aktifleri kapsamaktad›r. Tüm yasal onaylar 12 Haziran 2006'da al›nm›fl, Shell & Turcas Petrol A.fi. (”STAfi”) 1 Temmuz 2006 tarihinde faaliyete geçmifltir. Turcas'›n hâlihaz›rdaki en büyük ifltiraki %30 oran›nda hissedar› oldu¤u STAfi'dir. STAfi, Shell markas› ile faaliyet gösteren yaklafl›k 1300 akaryak›t bayii, madeni ya¤ tesisleri, perakende ve ticari sat›fllar› ile Türkiye petrol sektörünün lider kurulufllar›ndan biridir. Following the purchase of ConocoPhillips’ shares in Turcas by Aksoy Petrol Da¤›t›m Yat›r›mlar› A.fi., Turcas & Shell announced the initiation of Joint Venture negotiations on May 26, 2005. As of this date, negotiation teams of both parties initiated discussions regarding the Joint Venture Agreement (JVA). Following the signing of the JVA on September 27, 2005, Shell and Turcas started negotiations on the Business Contribution Agreement (BCA). This agreement covers all assets transferred into the Joint Venture. All regulatory approvals were obtained by June 12, 2006, and the shareholders of both Turcas Petrol and Shell Turkey approved agreements on June 29, 2006. Consequently, Shell & Turcas Petrol A.fi. ("STAfi") started operations on July 1, 2006. The largest subsidiary of Turcas today is STAfi, of which 30% of the shares belong to Turcas. STAfi is one of the leading companies in the Turkish petroleum market with nearly 1300 Shell gas stations, lubricant manufacturing facilities, retail and commercial sales. Ödenmifl Sermayesi Paid-in Capital 528,067,660 YTL Hissedarlık Yapısı Ownership Profile %70 Shell Turkey %30 Turcas Petrol A.fi. 2006 yılı Satıflları 2006 Revenues* 9 Milyar YTL / USD 6.3 Billion Çalıflan Sayısı Employees 550 Yönetim Kurulu Board of Directors Josef Waltl (Baflkan Chairman) Erdal Aksoy (Üye Member) Yılmaz Tecmen (Üye Member) David Ritter (Üye Member) Canan Edibo¤lu (Üye Member) Trudy Bovay (Üye Member) Rob Sidoli (Üye Member) CEO George Spanoudis CFO Gerald Kok Adres Address Karamancılar ‹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 * Yıllık olası satıfl hacmi hakkında sadece fikir sahibi olunabilmesi açısından flirketin faaliyete baflladı¤ı 1 Temmuz 2006 ile 31 Aralık 2006 arası satıflları ile Shell Türkiye ve Turcas Petrol’ün 1 Ocak 2006 – 30 Haziran 2006 arasındaki satıfllarının toplamı bilgi için verilmektedir. * Aggregate of 2H-2006 revenues of STAfi and 1H-2006 revenues of Shell Turkey and Turcas Petrol given for information only as an indication of potential annualized turnover of the company. 47 48 49 SHELL & TURCAS - FINANCIAL HIGHLIGHTS F‹NANSAL GÖSTERGELER (YTL) 2006-2. Yar›Y›l 2006-2H Net Sat›fllar Net Sales 3,642,723,621 Esas Faaliyet Kar› (Zarar›) Net Operating Profit (Loss) 102,404,957 Vergi-Öncesi Kar (Zarar) Profit Before Monetary Gain and Tax (Loss) 132,844,903 Vergiler Taxes 27,009,321 Net Dönem Kar› (Zarar›) Net Profit (Loss) 105,835,582 Hisse Bafl›na Kazanç Profit Per Share (YKr) 0.20 Dönen Varl›klar Toplam› Total Current Assets 816,046,036 Duran Varl›klar Toplam› Total Long-Term Assets 866,930,482 Aktifler Toplam› Total Assets 1,682,976,518 K›sa Vadeli Yükümlülükler Toplam› Total Short-Term Assets 461,828,975 Uzun Vadeli Yükümlülükler Toplam› Total Long-Term Assets 73,347,636 Özsermaye Toplam› Total Shareholders' Equity 1,147,799,907 Pasif Toplam› Total Liabilities and Shareholders Equity 1,682,976,518 HER ‹K‹ ORTA⁄IN GÜÇLÜ YANLARI ÜZER‹NE KURULU, TURCAS’IN YEREL, SHELL GRUBUNUN GLOBAL UZMANLI⁄INDAN FAYDALANAN “TEK fi‹RKET, TEK TAKIM"... UTILIZING THE STRENTGHS OF BOTH PARTNERS, BENEFITING FROM TURCAS’ LOCAL AND SHELL’S GLOBAL EXPERTISE "ONE COMPANY, ONE TEAM"... 50 MARMARA PETROL VE RAF‹NER‹ ‹fiLER‹ A.fi. MARMARA PETROLEUM & REFINING Ödenmifl Sermayesi Paid-in Capital 1,090,000 YTL Hissedarlık Yapısı Ownership Profile %100 Turcas Petrol A.fi. Yönetim Kurulu Board of Directors Erdal Aksoy (Baflkan Chairman) Yılmaz Tecmen (Baflkan Vekili Vice Chairman) M. ‹lhan Nebio¤lu (Üye Member) Banu Aksoy Tarakçıo¤lu (Üye Member) S. Batu Aksoy (Üye Member) Adres Address Emirhan Caddesi 145 Atakule K:6 Befliktafl 34349 ‹stanbul Türkiye Tel +90 212 259 0000 Fax +90 212 259 0019 Turcas'›n hisselerinin %100'üne sahip oldu¤u ba¤l› ortakl›¤› Marmara Petrol ve Rafineri ‹flleri A.fi. (”Marmara”) 1958 y›l›nda kurulmufltur. Marmara Petroleum & Refining (”Marmara”), established in 1958, is a wholly-owned subsidiary of Turcas. Her türlü petrol ve petrol ürünlerinin rafinaj›, al›m›-sat›m›, ihrac›-ithali, depolamas› ve ilgili faaliyetleri yürütür. Marmara,1962 y›l›nda operasyona bafllayan Mersin'de kurulu ATAfi Rafinerisi'nin %5 oran›nda hissedar›d›r. Marmara'n›n ATAfi'daki ortaklar›; BP (%68) ve Shell (%27) firmalar›d›r. The company executes activities related to oil and oil products refining, trade, import-export and storage. Marmara owns 5% shares of the ATAfi Refinery located in Mersin. Partners of Marmara in ATAfi are BP (68%) and Shell (27%). Ortaklar›n 2004 y›l›nda rafineriyi kapatarak tesisi Akdeniz'e k›y›s› olan büyük ölçekli bir Petrol Ürünleri Terminaline çevirme karar›ndan sonra yap›lan yat›r›mlar sonucunda bugün ATAfi Terminali lisansl› depoculuk faaliyeti göstermektedir. Terminal yaklafl›k 600,000 ton petrol ürünü depolama kapasitesine sahiptir. Tesisin, yüksek kapasiteli gemilerin yanaflabildi¤i kendi iskelesi mevcuttur. As result of the investments made after the decision of closing the Refinery and transforming it into a large scaled Oil Products Terminal at the Mediterranean shore in 2004, ATAfi Terminal today performs licensed storage activities. The Terminal has an approximate oil products storage capacity of 600,000 mt and its own jetty where high-capacity ships can dock. 51 TURCAS’IN BÜNYES‹NDE ÖNEML‹ B‹R YATIRIM, AYRI B‹R TES‹S... A SIGNIFICANT INVESTMENT, A DISTINCT FACILITY WITHIN TURCAS... 52 PETROL VE DO⁄ALGAZ P‹YASALARINDA ULUSLARARASI AÇILIMLAR HEDEFL‹YORUZ... WE AIM TO EXPAND INTO THE INTERNATIONAL OIL AND GAS MARKETS... 53 SOCAR & TURCAS ENERJ‹ A.fi. SOCAR & TURCAS ENERGY Turcas, petrol ve do¤algaz sektörlerinde yeni bafllataca¤› faaliyetlerine iliflkin Azerbaycan’›n petrol ve do¤algaz flirketi 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, SOCAR ile birlikte Socar & Turcas Enerji A.fi. (”STEAfi”) adl› yeni bir flirket kurmufltur. Turcas bu flirketin %25 oran›nda hissedar›d›r. SOCAR, Bakü-Tiflis-Ceyhan (BTC) boru hatt›n›n %25 oran›nda hissedar›d›r, dolay›s›yla Ceyhan'da önümüzdeki y›llardan itibaren yüksek miktarda ham petrolü olacakt›r. Ayr›ca, Bakü-Erzurum fiah Deniz Do¤algaz boru hatt›n›n inflaat› da tamamlanm›flt›r. Bu geliflmeler ›fl›¤›nda STEAfi için bugün düflünülen iki ana faaliyet konusu: • Ceyhan'da kurulacak bir petrol rafinerisi için fizibilite çal›flmalar›na bafllamak ve bunun sonucuna göre rafineri kurmak üzere gerekli müracaatlarda bulunmak, • 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 bulunmakt›r. Ödenmifl Sermayesi Paid-in Capital 50,000,000 YTL Hissedarlık Yapısı Ownership Profile %51 SOCAR (State Oil Company of the Azerbaijan Republic) %25 Turcas Petrol A.fi. %24 Aksoy Holding A.fi. Yönetim Kurulu Board of Directors Rövnag Abdullayev (Baflkan Chairman) Erdal Aksoy (Baflkan Vekili Vice Chairman) Yılmaz Tecmen (Üye Member) S. Batu Aksoy (Üye Member) Vagif Aliyev (Üye Member) Davud Mamedov (Üye Member) Farrukh Gassimov (Üye Member) Adres Address Emirhan Caddesi 145 Atakule K:5 Befliktafl 34349 ‹stanbul Türkiye Tel +90 212 259 0000 Fax +90 212 259 0019 In the fourth quarter of 2006, Turcas entered into a strategic partnership with the State Oil Company of Azerbaijan Republic (SOCAR) to pursue new ventures in the oil and gas sectors. Turcas and SOCAR jointly established a new company named Socar & Turcas Enerji A.fi. (”STEAfi”), owned 25% by Turcas. SOCAR, owning 25% shares of the Baku-Tbilisi-Ceyhan (BTC) Oil Pipeline, will have significant amounts of crude oil in Ceyhan in the following years. Additionally, the construction of the Baku-Erzurum Shah Deniz Natural Gas Pipeline has recently been completed. In view of these developments, the two major fields of activity currently planned for STEAfi are: • To start the feasibility study for an oil refinery planned to be built in Ceyhan and accordingly file the required applications to the Energy Market Regulatory Authority for a Refinery License, • To import and wholesale the Azeri natural gas in Turkey parallel to the liberalization of the natural gas market. 54 TURCAS GAZ TOPTAN SATIfi A.fi. TURCAS GAS TRADING Ödenmifl Sermayesi Paid-in Capital 2,700,000 YTL Hissedarlık Yapısı Ownership Profile %100 Turcas Petrol A.fi. Yönetim Kurulu Board of Directors Erdal Aksoy (Baflkan Chairman) Yılmaz Tecmen (Baflkan Vekili Vice Chairman) M. ‹lhan Nebio¤lu (Üye Member) Banu Aksoy Tarakçıo¤lu (Üye Member) S. Batu Aksoy (Üye Member) Adres Address Emirhan Caddesi 145 Atakule K:5 Befliktafl 34349 ‹stanbul Türkiye Tel +90 212 259 0000 Fax +90 212 259 0019 Turcas Gaz Toptan Sat›fl A.fi. ("Turcas Gaz") Haziran 2005'te, liberalleflen Türkiye do¤algaz piyasas›nda, ithalat ve toptan sat›fl faaliyetleri göstermek üzere kurulmufltur. Turcas Gaz, Turcas'›n %100 oran›nda ba¤l› ortakl›¤›d›r. Turcas Gas Trading ("Turcas Gaz") is founded in June 2005 to engage in importation and wholesale activities in the liberalizing Turkish natural gas market. Turcas Gaz is a wholly-owned subsidiary of Turcas. 2000 y›l›ndan itibaren do¤algaz piyasas›ndaki geliflmeleri takip eden Turcas, bu süre zarf›nda çok-uluslu enerji firmalar› ile iflbirlikleri yaparak do¤algaz ticareti konusunda uluslararas› bilgi birikimi ve deneyim elde etmifltir. Having monitored the developments in the natural gas market since 2000, Turcas since then has cooperated with a number of multi-national energy firms which contributed international know-how and experience to the company in the gas business. Turcas Gaz, BOTAfi'›n Kontrat Devri ‹halaleri'nde baflar› sa¤layarak Türkiye do¤algaz piyasas›n›n ilk özel sektör ithalat/toptan sat›fl firmalar›ndan biri olmay› hedeflemektedir. Bu ba¤lamda özellikle Türkiye'yi çevreleyen zengin do¤al kaynak sahibi ülkelerin do¤algaz flirketleri ile iflbirlikleri yapmak Turcas Gaz'›n önceliklerindendir. Önümüzdeki dönemlerde do¤algaz ithalat›n›n serbestçe yap›labilecek olmas› da Turcas Gaz'›, gelifltirmifl oldu¤u iflbirlikleri ve ortakl›klar sayesinde, stratejik olarak avantajl› bir konuma getirecektir. Enerji Piyasas› Düzenleme Kurumu'ndan 2007 y›l›n›n ilk çeyre¤i içinde Do¤al Gaz Toptan Sat›fl Lisans› almak üzere gerekli baflvurular› yapan Turcas Gaz, do¤algaz toptan sat›fl› ve ard›ndan da ithalat› faaliyetlerine 2007 y›l› içinde bafllamay› hedeflemektedir. Turcas Gaz targets to be one of the first private sector importer/wholesale companies in the Turkish natural gas market by successfully participating in BOTAfi’ Contract Release Tenders. One of the priorities of Turcas Gaz is to collaborate with the gas export companies of the energy rich nations surrounding Turkey. The cooperations and partnerships which the company has already entered into, will carry Turcas Gaz to a strategically advantageous position when restrictions on entering into new natural gas import contracts will be removed. Turcas Gaz has applied to the Energy Market Regulatory Authority of Turkey to obtain a Natural Gas Wholesale License within the first quarter of 2007, hence plans to start first wholesale then importation activities within 2007. 55 TÜRK‹YE'N‹N ARTAN DO⁄ALGAZ ‹HT‹YACINA ODAKLANMIfi ETK‹N ‹fiB‹RL‹KLER‹YLE GELECE⁄‹ PLANLAMAKTAYIZ... WE PLAN THE FUTURE THROUGH PARTNERSHIPS FOCUSED ON TURKEY'S GROWING GAS NEEDS... 56 ÇOK ÇEfi‹TL‹ FAAL‹YETLER‹M‹ZDE BAfiARIYA ULAfiMAMIZIN ANAHTARI YILLARA DAMGASINI VURAN DENEY‹M‹M‹ZD‹R... OUR KEY TO SUCCESS FOR DIVERSIFIED ACTIVITIES IS OUR EXTENSIVE EXPERIENCE... 57 TURCAS ELEKTR‹K ÜRET‹M A.fi. TURCAS POWER GENERATION Türkiye'nin ekonomik geliflimine ve büyümesine paralel olarak elektrik ihtiyac›n›n önemli ölçüde art›yor olmas› ve yat›r›mlar için potansiyel vaadeden önemli bir pazar haline gelmesi, Turcas'›n da elektrik sektörüne stratejik olarak ilgi duymas›na yol açm›flt›r. Turcas'›n %100 oran›nda ba¤l› ortakl›¤› olan Turcas Elektrik Üretim A.fi. ("TEÜ"), yeni enerji tesisleri kurmak ve kârl›l›¤› yüksek kurulu tesisleri bünyesine katmak suretiyle yat›r›mlar yapmay›, çeflitlendirilmifl üretim portföyü ile Türkiye ve civar ülkelerdeki lider enerji firmalar›ndan biri olmay› ve sermaye piyasalar›nda halka aç›lmay› hedeflemektedir. TEÜ, ba¤›ms›z üretim flirketi, Yap-‹fllet-Devret, Yap-‹fllet, ‹flletme Hakk› Devri ve/veya di¤er modellerde projeler gelifltirip uygulamakta ve iflletmektedir. Ödenmifl Sermayesi Paid-in Capital 300,000 YTL Hissedarlık Yapısı Ownership Profile %100 Turcas Petrol A.fi. Yönetim Kurulu Board of Directors Erdal Aksoy (Baflkan Chairman) Yılmaz Tecmen (Baflkan Vekili Vice Chairman) M. ‹lhan Nebio¤lu (Üye Member) Banu Aksoy Tarakçıo¤lu (Üye Member) S. Batu Aksoy (Üye Member) Adres Address Emirhan Caddesi 145 Atakule K:5 Befliktafl 34349 ‹stanbul Türkiye Tel +90 212 259 0000 Fax +90 212 259 0019 The significant increase in electricity demand that paralleled the Turkish economic and industrial growth as well as the need for capital investments gave birth to the strategic interest of Turcas in the Turkish power market. Turcas Power Generation (“TPG”), a wholly-owned subsidiary of Turcas, targets to make green-field and brown-field energy investments and take its place in the international capital markets as one of the top energy companies in Turkey and surrounding region with a diversified generation portfolio. TPG develops, implements, owns and operates power plant projects based on IPP, BOT, BOO, TOR and/or other models in and out of Turkey. TEÜ afla¤›daki sorumluluklar› üstlenmektedir: • Projelerin, 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 TPG undertakes responsibilities such as: • Establishing the financial structure of its projects on its own or in partnership with local/foreign investors and/or developers • Securing the regulatory permits and approvals required by authorities • Contracting the projects in terms of engineering, procurement, construction (EPC) and commissioning • Undertaking the commercial operation of power plants TEÜ dahil Turcas bünyesindeki tüm elektrik ve gaz flirketlerini tek merkezden koordine eden Turcas Elektrik ve Gaz Grubu'nun enerji sektöründe 15 y›ldan fazla süredir anahtar konumundaki uzman ve deneyimli kadrosu ile Turcas'›n vizyonu ve sektörel pozisyonunun bütünleflmesi, flirketi hedefine ulaflt›racak en önemli etkenlerdendir. Combination of the experience of Turcas Power & Gas Group – the coordination center of all the power and gas companies under the ownership of Turcas – having played a key role in the Turkish power market for more than fifteen years, with the vision and position of Turcas in the energy industry, is one of the most important assets that will enable the company to reach its goals. TEÜ faaliyet alanlar›n› gelifltirirken afla¤›daki kaynaklara dayal› üretim projelerine odaklanmaktad›r: • Kömür ve Linyit • S›v› Yak›tlar • Do¤algaz • Biyokütle • Günefl • Rüzgar • Hidrolik • Nükleer Turcas Power Generation is focused on generating projects that are mainly based on: • Coal & Lignite • Liquid Fuels • Natural Gas • Biomass • Solar • Wind • Hydraulic • Nuclear 58 TURCAS ELEKTR‹K TOPTAN SATIfi A.fi. TURCAS POWER TRADING Ödenmifl Sermayesi Paid-in Capital 1,000,000 YTL Hissedarlık Yapısı Ownership Profile %100 Turcas Petrol A.fi. Yönetim Kurulu Board of Directors Erdal Aksoy (Baflkan Chairman) Yılmaz Tecmen (Baflkan Vekili Vice Chairman) M. ‹lhan Nebio¤lu (Üye Member) Banu Aksoy Tarakçıo¤lu (Üye Member) S. Batu Aksoy (Üye Member) Adres Address Emirhan Caddesi 145 Atakule K:5 Befliktafl 34349 ‹stanbul Türkiye Tel +90 212 259 0000 Fax +90 212 259 0019 Enerji piyasalar› dünya çap›nda serbestleflme e¤ilimindedir. Türkiye, 2001 y›l›nda yürürlü¤e giren 4628 say›l› Elektrik Piyasas› Kanunu ve ilgili mevzuat› ile bu e¤ilime uyum sa¤lamak konusunda ilk ad›m› atm›flt›r. Energy markets have a global tendency towards liberalization. For adapting this tendency, Turkey took the first step by enacting the Electricity Market Law No. 4628 and related regulations in 2001. 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. ("TETS") elektrik 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. Established in 2000 and obtained the first private sector Electricity Wholesale License on June 5, 2003, Turcas Power Trading (“TPT”) targets to become one of the leading companies in the Turkish electricity whosale market with its trading volume, import and export connections and international cooperations. 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 TETS'in öncelikli amac›d›r. fiirketimiz ülkemizdeki elektrik tüketicisi endüsriyel ve ticari kurulufllara en uygun koflullarda güvenilir enerji temin edip yurtiçi ve yurtd›fl› rekabet güçlerinin artmas›na katk›da bulunmay› misyon edinmifltir. It is the prior goal of TPT to help generation facilities operate with optimum efficiency and to benefit from the advantages of Turkey’s strategic position as an energy bridge and terminal. Our company’s mission is to contribute to the competition power of energy consuming industrial and commercial facilities throughout our nation by supplying them reliable energy under best possible conditions. 2006 y›l›n›n A¤ustos ay›nda fiili olarak uygulanmaya bafllayan Dengeleme ve Uzlaflt›rma Yönetmeli¤i (DUY) ile elektrik fiyatlar› ve piyasada dengeleme ve uzlaflt›rma ifllemleri gerçek zamanl› elektrik arz ve talebine göre belirlenmeye bafllam›flt›r. TETS olarak teknolojik altyap›m›z›, sadece bugünün gereksinimlerini de¤il, yeniden yap›land›r›lan elektrik piyasalar›n› da göz önünde bulundurarak oluflturmaktay›z. With the execution of the Balancing and Settlement Regulation in August 2006, pricing of electricity as well as the balancing and settlement in the market started to be determined based on real-time supply and demand of active energy. As TPT, we have designed our technological infrastructure keeping in mind not only today’s requirements but also the re-sturcturing of the electricity markets. 59 AMACIMIZ, ELEKTR‹K TÜKET‹C‹S‹ ENDÜSTR‹YEL VE T‹CAR‹ KURULUfiLARA EN UYGUN KOfiULLARDA ENERJ‹ TEM‹N ED‹P YURT‹Ç‹ VE YURTDIfiI REKABET GÜÇLER‹N‹ ARTIRMAKTIR... OUR CHALLENGE IS TO PROVIDE ENERGY TO THE INDUSTRIAL AND COMMERCIAL ESTABLISHMENTS WITH THE MOST FAVORABLE CONDITIONS IN ORDER TO SUSTAIN THEIR COMPETITION POWER, NATIONWIDE AND WORLDWIDE... 60 GELECE⁄E YATIRIM YAPMAK ‹STEYENLERE BAfiTAN SONA H‹ZMET VEREB‹LEN TURCAS EPC ANAHTAR TESL‹M‹ PROJELER SUNAR... ENSURING END-TO-END SERVICE, TURCAS EPC DELIVERS TURNKEY PROJECTS TO ITS CLIENTS... 61 TURCAS EPC TURCAS EPC Turcas Elektrik ve Gaz Grubu çat›s› alt›nda deneyimi ve kapasitesiyle kendini kan›tlam›fl bir ekipten* oluflan Turcas EPC Tak›m› ("Turcas EPC") enerji tesisleri, tesis ana bak›m, modifikasyon, iyilefltirme iflleri ile saha iflleri için komple genel taahhüt, alt yüklenici yönetimi, inflaat yönetimi, MühendislikSat›n Alma-‹nflaat (EPC) da dahil olmak üzere her türlü hizmeti sunar. Turcas EPC, proje ve inflaat yönetimi kapasitesi, deneyimli tafleronlar› ve iyi yap›land›r›lm›fl kaynak yönetimi uygulamalar› ile enerji sektöründe mükemmelli¤e odaklanm›fl bir organizasyon olarak an›lmay› amaç edinmifltir. Turcas EPC taraf›ndan sa¤lanan hizmetler afla¤›dakileri kapsamaktad›r: • Mühendislik Yönetimi • Sat›n Alma Yönetimi • ‹nflaat Yönetimi • Tüm Projenin Yönetimi • Finans Yönetimi • Anahtar Teslimi EPC ve Devreye Alma Hizmetleri Comprised of selected individuals* – under the Turcas Power and Gas Group – with proven capacity and experience in Power Generation Projects, Turcas EPC Team (“Turcas EPC”) offers a complete range of construction services, including general contracting, subcontracting, construction management, Engineering–Procurement–Construction (EPC) services for complete power facilities, major plant maintenance, modification/retrofit work, and site services. With reliable project and construction management capabilities, experienced subcontractors and well-structured resource management methods, Turcas EPC aims to be known throughout the energy industry as an organization committed to excellence. Services provided by Turcas EPC include: • Engineering Management • Procurement Management • Construction Management • Overall Project Management • Finance Management • Turnkey EPC and Commissioning Turcas EPC, müflteriye projenin bütün yönlerini tek bir kaynak sorumlulu¤unda kontrol edebilme imkan›n› veren verimli, deneyimli ve bilgili bir proje ve inflaat yönetimi ekibi kuracak tecrübe ve kaynaklara sahiptir. Turcas EPC has the experience and resources to build effective and informationdriven projects and construction management teams that would provide the client with a single source of responsibility to control all aspects of the projects. 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›n alma, saha hizmetleri, inflaat, ön iflletme, devreye alma ve kesin kabul gibi alt sistemler fleklindedir. Turcas EPC’s project management approach includes subsystems for accomplishing all phases of the project including project planning, permits and licensing, conceptual design, design engineering, procurement, site services, construction and pre-operation, start-up, and final completion. Turcas EPC proje finansman›n›n yan› s›ra ticari, vergisel ve yasal uygulamalar için lojistik de sa¤layabilmektedir. Turcas EPC is also capable of providing support for project finance, logistics for commercial applications, tax related and legal applications. *1989-2000 y›llar› aras›nda Ak Enerji'nin Genel Müdürlü¤ü, 2000-2007 y›llar› aras›nda Arges Enerji Sistemleri, Nar Enerji ve Unit Enerji Sistemleri'nin CEO'lu¤u görevlerinde bulunmufl olan, Turcas Elektrik & Gaz Grubu'nun CEO'lu¤u görevini üstlenen Sayın Mehmet Özata ve ekibi *Mr. Mehmet Özata, CEO of TURCAS Power & Gas Group, who worked as the General Manager of Ak Enerji between 1989 and 2000, then CEO of Arges Energy Systems, Nar Energy and Unit Energy Systems between 2000 and 2007, and his team. 62 GELECE⁄E YAPILAN YATIRIM BUGÜN ALINAN KARARLARIN B‹R SONUCUDUR. INVESTING IN FUTURE IS A RESULT OF TODAY'S DESICIONS. 63 SÜRDÜRÜLEB‹L‹RL‹K SUSTAINABILITY Our Commitment to Environment 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 bafllam›flt›r. Bu politika çerçevesinde personel bütün kazalar›n önlenebilir oldu¤u felsefesiyle e¤itilmektedir. fiirket ile çal›flan 3. kiflilere de bu politika tan›t›lmakta ve politikaya uygun olarak çal›flmalar› flart koflulmaktad›r. Dönem içinde çevreye verilen zararlardan dolay› flirket aleyhine aç›lan dava yoktur. The Safety, Health, and Environment (SHE) Policy was approved by the Board of Directors of Turcas and enacted in 2001. Within the framework of this policy, the 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. There is no suit filed against the company for damages to the environment within this period. Our Commitment to Community Topluma Karfl› Yükümlülü¤ümüz Yönetim Kurulu taraf›ndan 1 May›s 1997 tarihinde flirket çal›flanlar› için “‹fl Ahlâk› Politikas›” yürürlü¤e konmufltur. Bu politika menfaat çat›flmalar›, flirket içinden bilgi, politik yard›mlar, muhasebe standartlar› ve dokümantasyon, al›nan hediyeler gibi konularda flirket çal›flanlar›n›n uymas› gereken kurallar› belirlemektedir. Bu politika çerçevesinde her y›l sonunda 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 the company staff was enacted by the Board on May 1, 1997. This policy defines the rules which the staff has 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 the staff at the end of each year as per this policy. fiirketimiz y›llar içerisinde Petrolcüler Derne¤i, Türk E¤itim Vakf›, Unicef Türkiye Milli Komitesi olmak üzere Yönetimin 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 ve 2006 y›l› için 18.081 YTL'd›r. Turcas has made various donations in years to the Petroleum Industry Association (PETDER), 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 and YTL 18,081 in 2006. 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›da 371.797 YTL, 2004 y›l›nda 368.485 YTL, 2005 y›l›nda 348.859 YTL ve 2006 y›l›nda 160.940 YTL ödemifltir. Turcas has additionally paid YTL 371,797 in 2003, YTL 368,485 in 2004, YTL 348,859 in 2005 and YTL 160,940 in 2006 to the Türk Petrol Foundation for using the Türkpetrol brand. Main purpose of the Türk Petrol Foundation is to contribute to education and provide scholarships to students. 64 KURUMSAL YÖNET‹M ‹LKELER‹ CORPORATE GOVERNANCE PRINCIPLES 1- Declaration of Compliance with Corporate Governance Principles 1- Kurumsal Yönet‹m ‹lkelerine Uyum Beyan› fiirketimiz'in 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, 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. denetim ve Yönetim Kurulu'nun faaliyetleri konusunda TTK, fiirket Ana Sözleflmesi ve SPK ‹lkeleri çerçevesinde çal›flmaktad›r. Genel prensipleri itibariyle fiirket'in finansal durumuna ve faaliyet sonuçlar›na etki edecek durumlar zaman geçirmeksizin do¤ru, eksiksiz, anlafl›labilir bir flekilde kamuya aç›klanmaktad›r. In accordance with the general principles, any events which may affect the financial situation or results of operations of the Company are disclosed promptly, accurately and completely. The Company's human resources policy and business ethics policy and practices are maintained, and our basic principles relating to employees' rights are published in the annual reports. fiirketimiz'in insan kaynaklar› politikas› ve ifl ahlak› politikas› uygulamalar› sürdürülmekte olup çal›flanlar›n haklar› ile ilgili temel prensipler y›ll›k faaliyet raporlar›nda yay›nlanmaktad›r. fiirketimiz faaliyet gösterdi¤i ifl kolunun özelli¤i gere¤i sosyal sorumluluklar› çerçevesinde 2001 y›l›nda bir Emniyet, Sa¤l›k ve Çevre (ESÇ) politikas› yürürlü¤e koymufltur. fiirket ile çal›flan servis sa¤lay›c›lar ve müteahhitlere As a requirement of our industry, and as part of our social responsibilities, a Safety Health and Environment (SHE) policy was established in 2001. This policy is also communicated to service providers and contractors working with our Company, and they are required to work in strict compliance with the policy. During the current period, no lawsuit or investigation has been started against the Company due to alleged damages to the environment. de bu politika tan›t›lmakta ve politikaya uygun olarak çal›flmalar› flart koflulmaktad›r. Dönem içinde çevreye verilen zararlardan dolay› flirket aleyhine aç›lan dava yoktur. fiirketimiz'in Yönetim Kurulu, TTK, fiirket Ana Sözleflmesi ve SPK prosedürleri ile genel kabul görmüfl etik kurallar çerçevesinde sorumluluklar›n› yürütmektedir. Yönetim Kurulu SPK tebli¤ine uygun olarak icradan sorumlu olmayan iki üyeden oluflan bir Denetim Komitesi teflkil etmifltir. Our Company's Board of Directors fulfills its functions and responsibilities in strict conformity to the provisions of the Turkish Commercial Code, 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 2 non-executive members in accordance with the relevant notifications of the Capital Markets Board. 65 BÖLÜM I - PAY SAH‹PLER‹ PART I - SHAREHOLDERS 2- Pay Sahipleri ‹le ‹liflkiler 2- Relations with Shareholders Pay sahipleri ile ilgili ifllemler "Mali Bölüm" bünyesinde takip edilmektedir. Relations with shareholders are dealt with by staff from the Finance Division. The focal persons on this issue are: Konuyla ilgili olarak: C. Yusuf Ata C. Yusuf Ata Assistant Accounting Manager Muhasebe Müdür Yard›mc›s› 0212 259 0000/1205 0212 259 0000/1205 yusuf.ata@turcas.com.tr yusuf.ata@turcas.com.tr Nurettin Demircan Muhasebe Müdür Yard›mc›s› Nurettin Demircan Assistant Accounting Manager 0212 259 0000/1251 0212 259 0000/1251 nurettin.demircan@turcas.com.tr nurettin.demircan@turcas.com.tr Engin Çaylan Muhasebe Personeli Engin Çaylan 0212 259 0000/1253 0212 259 0000/1253 engin.caylan@turcas.com.tr engin.caylan@turcas.com.tr Nesrin Aflula Muhasebe Personeli 0212 259 0000/1256 nesrin.asula@turcas.com.tr görev yürütmektedir. Bu grubun bafll›ca faaliyetleri SPK-‹MKB-Takasbank 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. Accounting Clerk Nesrin Aflula Accounting Clerk 0212 259 0000/1256 nesrin.asula@turcas.com.tr Included among the basic activities of this group are relations with CMBISE-Custody Bank, capital increases, public offerings, dividends and distributions, share book updating, share transfers, relations with the Central Registry Agency and transactions with regard to the Public Information and Automation Project, ordinary and extraordinary meetings of the general assembly of the shareholders, and public disclosures. Dönem içerisinde yaklafl›k 250 civar›ndaki baflvurunun tamam› yan›tlanm›flt›r. During the current period, around 250 requests have been received, and all answered. Ayr› bir birim oluflturulmamas›n›n gerekçesi fayda - maliyet aç›s›ndan organizasyon içerisinde de¤erlendirildi¤inde birimin kay›p zaman fazlal›¤›d›r. The company believes that, given the current level of activity, there is no justification in establishing a separate unit for this function. 66 3- Pay Sahiplerinin Bilgi Edinme Haklar›n›n Kullan›m› 3- Use of Information Rights by Shareholders Pay sahipleri dönem içinde yaklafl›k 250 adet çeflitli konuda bilgi talebinde bulunmufltur. Talepler genellikle hisse de¤iflimi, hisse devri, temettü da¤›t›m›, sermaye art›fl›, mali tablolara iliflkin talepler, faaliyet raporu talepleri, hisse senetlerinin fiyatlar›, dönem kar›, özel durum aç›klamalar› vb'dir. Talep edilen bilgiler sözel ve/veya yaz›l› olarak cevaplanmaktad›r. During the current period, shareholders have made approximately 250 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, all and any developments affecting shareholding rights are made public via electronic medium as a part of the Public Information and Automation Project, being a joint project of CMB-Tübitak/Bilten. 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 2005 y›l› hesap dönemine iliflkin Ola¤an Genel Kurul Toplant›s› 30.03.2006 tarihinde ‹stanbul Conrad Oteli'nde gerçekleflmifltir. Toplam 105,000,000 adet hisseden %54.22 hisseye sahip ortaklar›m›z ve menfaat sahipleri ile bir grup medya da toplant›ya ifltirak etmifltir. Toplant›ya davet ilânlar› fiirket Ana Sözleflmesi'nin 27. maddesi uyar›nca Yönetim Kurulu taraf›ndan Türkiye Ticaret Sicil Gazetesi'nde, ayr›ca günlük yüksek tirajl› iki gazetede yay›nlanm›flt›r. ‹lâve olarak toplant› ile ilgili gündemi, dönemin Bilânço ve Kâr-Zarar Tablosu ve vekâletname örne¤ini içeren davet mektuplar› taahhütlü olarak ortaklara gönderilmifltir. fiirket hisse senetlerinin tamam› nama yaz›l› olup, hisse senedi sahiplerine iliflkin kay›tlar güncel olarak flirket pay defterine kaydedilmektedir. Hisseleri ‹MKB'de ifllem gören ortaklar için, genel kurul davet ilânlar›nda da belirtildi¤i üzere sahip olduklar› hisselere iliflkin ortakl›k bilgileri ile birlikte toplant› girifl kartlar›n› alabilmelerini teminen toplant› tarihinden en geç bir hafta önce fiirket merkezine baflvurmalar› istenmektedir. Bu flekilde hazirun cetveli toplant›dan bir hafta önce oluflturulmaktad›r. Genel Kurul'dan 15 gün önce döneme iliflkin finansal raporlar ortaklar›n incelemesine fiirket merkezinde haz›r bulundurulmakta ve ortaklara taahhütlü olarak gönderilen davet mektuplar›n›n ekinde ilgili dönemin Bilânço ve KârZarar Tablosu da yer almaktad›r. The Annual Ordinary Meeting of the General Assembly of Shareholders relating to the 2005 accounting period of the Company was held in the Conrad Istanbul Hotel on 30.03.2006. Shareholders holding 54.22% of the total 105,000,000 shares, as well as stakeholders and some press and media representatives attended the meeting. Pursuant to Article 27 of the Articles of Association, announcement of the General Assembly Meetings are published by the Board of Directors in the Turkish Trade Registry Gazette and also in two daily newspapers with high circulation. In addition, letters of invitation, appended by the meeting agenda, the Balance Sheet and the Profit and Loss Statement of the period, and a form of proxy letter are sent by registered mail to the shareholders. All of the share certificates of the Company are registered, and the updated shareholder records are recorded in the share book of the Company. The holders of shares quoted and traded in the Istanbul Stock Exchange are, as also stated in the calls for the General Assembly meetings, requested to apply to the Company head offices no later than one week prior to the meeting date in order to 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. 67 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. 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. Genel Kurul'a kat›l›m› kolaylaflt›rmak amac›yla gazete ilanlar› verilmekte ve ortaklar›m›za taahhütlü ça¤r› mektuplar› gönderilmektedir. 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. fiirketimiz'de karfl›l›kl› ifltirak içinde olan ve hakimiyet iliflkisini getiren bir ortakl›k mevcut de¤ildir. Az›nl›k paylar› flirket yönetiminde temsil edilmemekte ve birikimli oy kullanma yöntemine yer verilmemektedir. Starting from 15 days before the General Assembly meeting, the related financial statements and reports are made available in the Company head offices for inspection by the shareholders. In addition the Balance Sheet and the Profit and Loss Statement of the relevant period are attached to the letters of invitation sent to the shareholders by registered mail. Various questions asked by the shareholders in the General Assembly meetings are answered by the meeting council. The last item of the General Assembly meeting agenda is to hear the 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 a substantial value. However, decisions on issues such as merger, and transfer are taken by the Board of Directors and presented for the approval of the General Assembly of Shareholders. As the duties and functions of the General Assembly of Shareholders are already defined in the general provisions of the Turkish Commercial Code, the Company's Articles of Association does not deal with these issues. For the sake of facilitating the participation in the General Assembly meetings, advertisements are published in newspapers and letters of invitation are sent by registered mail to our shareholders. The minutes of the General Assembly meetings are made available in both the Trade Registry and the Company head offices for inspection by shareholders. Furthermore, the minutes of the General Assembly meeting relating to the 2004 accounting period have been publicized in electronic medium as part of the Public Information and Automation Project. 5- Voting Rights and Minority Rights 6- Kâr Da¤›t›m Politikas› ve Kâr Da¤›t›m Zaman› fiirket'in kâr›na kat›l›m konusunda Ana Sözleflme gere¤i herhangi bir imtiyaz bulunmamaktad›r. fiirket Ana Sözleflmesi'nin 40. maddesinde kâr da¤›t›m› politikas› Türk Ticaret Kanunu'nun ilgili hükümlerine uygun olarak düzenlenmifl olup, prensip olarak TTK ve SPK'n›n ilgili tebli¤lerine uygun olarak dönem kâr›ndan geçmifl 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 68 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. Minority shares are not represented in the Company management, and cumulative voting rights are not allowed. Bölgesel ve entegre bir enerji flirketi olma hedefindeki Turcas, yeni kurumsal imaj›, hedefleri ve vizyonuyla, istikrarl› büyüme, devaml› kâr etme, düzenli kâr pay› da¤›tma ve flirket de¤erini yükselterek mevcut ve potansiyel tüm yat›r›mc›lar›n› memnun etmeyi hedeflemektedir. According to our Articles of Association, there is no preference in the distribution and allocation of the Company profit. 7- Paylar›n Devri fiirket Ana Sözleflmesi'nin 7. maddesinde fiirket'in nama yaz›l› A Grubu hisse senetlerinin devrinin fiirket'e karfl› geçerli olmas› için "Beyaz Ciro" ile yap›lan devir ve temliklere Yönetim Kurulu peflinen muvafakat eder ve Yönetim ile Denetim Kurulu üyeliklerine aday göstermekte imtiyaz sahibi olan B ve C Grubu hisselerinin devrinin fiirket'e karfl› geçerli olmas› için Yönetim Kurulu'nun muvafakat› flartt›r hükümleri yer almaktad›r. Buna göre A grubu hisselerin devrindeki k›s›tlama Yönetim Kurulu'nun peflinen muvafakat› ile kald›r›lm›flt›r. Ancak B ve C grubu hisselerin devrinde B ve C grubu hisse sahipleri devir anlaflmas› koflullar›na uymak zorundad›rlar. 6- Profit Distribution Policy and time of Profit Distribution 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 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 periods of time. Turcas - with its vision, new corporate image and objective of becoming a regional and integrated energy company - maintains 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. 7- Transfer of Shares Article 7 of the Articles of Association stipulates that, transfer of the registered shares in Group A is validated by the prior consent of the Board of Directors and the Transfers and Assignments effected by "Simple Endorsement". For the transfer of the shares in Groups B and C, holding the privilege of nomination in elections for the Board of Directors and the Board of Auditors of the Company, the prior consent of the Board of Directors is required. In accordance with that article, the restriction on the transfer of the shares in Group A has been eliminated by the prior consent of the Board of Directors. However, the holders of shares in Groups B and C are obliged to comply with the conditions in the case of transfer of shares in Groups B and C. 69 BÖLÜM II - KAMUYU AYDINLATMA VE fiEFFAFLIK PART II - PUBLIC DISCLOSURE AND TRANSPARENCY 8- fiirket Bilgilendirme Politikas› 8- Company Disclosure Policy fiirketimiz'in bilgilendirme politikas› yaz›l› olarak düzenlenmemifltir. Ancak genel prensipler itibariyle uygulamam›z flöyledir: Bas›na sektör ve fiirket ile ilgili, Yönetim Kurulu Baflkan› ve sözleflmeli olarak dan›flmanl›k hizmeti veren bir flirket taraf›ndan gerekti¤i durumlarda aç›klamalar yap›lmaktad›r. Finans kurulufllar›ndan yöneltilen sorular Yönetim Kurulu'nca, pay sahiplerine ise 2. madde de belirtti¤imiz kiflilerce sorular›n niteli¤ine göre cevap verilerek bilgilendirme politikam›z yürütülmektedir. The Company does not have a formal, written disclosure policy, but the general principles and practices are as follows: Press statements about the Company and the industry are, if and when required, issued by the Chairman, the General Manager or by a contracted Public Relations Agency of the Company. Questions asked by financial institutions are answered by the Board of Directors, while questions asked by shareholders are answered by the group as mentioned in section 2 above, as a part of our disclosure policy. fiirketimiz'in yaz›l› olmayan bu bilgilendirme politikas› flimdiye kadar herhangi bir gereksinim duyulmad›¤› için yaz›l› hale getirilerek kamuya duyurulmam›flt›r. fiirketimiz'in bilgilendirme politikas›n›n yürütülmesinden Yönetim Kurulu Baflkan› Erdal Aksoy ve Yönetim Kurulu Üyesi Saffet Batu Aksoy sorumludur. 9- Özel Durum Aç›klamalar› 2006 y›l› içerisinde SPK tebli¤leri uyar›nca 63 adet Özel Durum Aç›klamas› zaman›nda yap›lm›flt›r ve bunlarla ilgili SPK veya ‹MKB taraf›ndan talep edilen ek aç›klamalar 4 adettir. fiirketimiz'in hisseleri herhangi bir yurtd›fl› borsas›na kote de¤ildir. This disclosure policy has not been formally written nor made public, as no need has yet arisen. It is the responsibility of the Chairman Mr. Erdal Aksoy and the Director Mr. Saffet Batu Aksoy to manage this disclosure activity. 9- Special Event Disclosures During 2004, in accordance with the CMB Notifications, 63 Special Event Disclosures were issued promptly. CMB and ISE requested 4 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 fiirketimiz'in ‹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 - Trade Registry Information - Ana Sözleflme - Articles of Association - Son durum itibariyle Yönetim Kurulu Üyeleri - The current members of the Board of Directors - Ortakl›k Yap›s› - Ownership Profile - 30.03.2000 ile 31.12.2006 dönemleri aras›ndaki Denetim Raporlar› - Audit Reports issued from 30.03.2000 to 31.12.2006 - 2000-2006 y›llar› aras›ndaki Faaliyet Raporlar› - Annual Reports from 2000 to 2006 - Genel Kurul Bilgileri - General Assembly Information - Kurumsal Yönetim ‹lkeleri - Corporate Governance Principles 70 11- Gerçek Kifli Nihai Hâkim Pay Sahibi/Sahiplerinin Aç›klanmas› fiirket'in Gerçek Kifli Nihai Pay Sahibi ortaklar› ve bunlara iliflkin hisse de¤ifliklikleri, SPK tebli¤leri uyar›nca Özel Durum Aç›klama Formu, Faaliyet Raporu ve üçer ayl›k mali tablo dipnotlar›nda aç›klanmaktad›r. 12- ‹çeriden Ö¤renebilecek Durumda Olan Kiflilerin Kamuya Duyurulmas› ‹çeriden ö¤renebilecek durumda olan Yönetim Kurulu Üyeleri'nin, fiirket üst düzey Yöneticileri'nin ve fiirket Müdürleri'nin isimleri y›ll›k faaliyet raporunda afla¤›daki gibi halka duyuruluyor olmas› nedeniyle ayr›ca bir aç›klama yap›lmam›flt›r: 11- Disclosure of Real Person(s) Ultimate Controlling Individual Shareholder(s) The Company's Real Person Ultimate Controlling Individual Shareholders and the relevant share transfers are, in conformity to the CMB notifications, disclosed by a Special Event Disclosure Form, Annual Report and in the footnotes of the quarterly financial statements. 12- Disclosure of Potential Insider Traders As the names of the Directors, Senior Executives and Managers of the Company who are potential insider traders are already disclosed to the public in the Annual Report, and as listed below, no separate disclosure relating to them has been issued. Erdal Aksoy Yönetim Kurulu Baflkan› Y›lmaz Tecmen Yönetim Kurulu Baflkan Vekili Erdal Aksoy Chairman of the Board S. Batu Aksoy Yönetim Kurulu Üyesi Y›lmaz Tecmen Vice Chairman of the Board Banu Aksoy Tarakç›o¤lu Yönetim Kurulu Üyesi S.Batu Aksoy Member of the Board Bülent Çorapç› Yönetim Kurulu Üyesi Banu Aksoy Tarakç›o¤lu Member of the Board M. ‹lhan Nebio¤lu Yönetim Kurulu Üyesi Bülent Çorapç› Member of the Board Süreyya Serdengeçti Yönetim Kurulu Üyesi M. ‹lhan Nebio¤lu Member of the Board Sadettin ‹mrek Hukuk Müflaviri Süreyya Serdengeçti Member of the Board Cabbar Y›lmaz Merkez Ofis Müdürü Sadettin ‹mrek Legal Counsel Cabbar Y›lmaz Head Office Manager 71 BÖLÜM III - MENFAAT SAH‹PLER‹ PART III - STAKEHOLDERS 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, fiirketimiz'le ilgili di¤er bilgiler, faaliyet raporlar› ve denetim raporlar› fiirketimiz'in ‹nternet sitesinde yer almaktad›r. The stakeholders of the Company are duly informed about the relevant issues in the annual ordinary meetings of the General Assembly of Shareholders. In addition, verbal questions are answered by the Company officers. Furthermore, the special event disclosures issued pursuant to the CMB notifications, as well as other information, annual reports and audit reports of our Company, are published in our Company's internet web site. 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 significant participation in the management of the Company. 15- ‹nsan Kaynaklar› Politikas› 15- Human Resources Policy fiirket'in insan kaynaklar› politikas›n›n esaslar› afla¤›daki gibidir: The Main principles of the Company's human resources policy are as follows; - To select and recruit only those who have the required qualifications for the vacant position. - To create and provide appropriate training and career opportunities compatible with the needs of the Company and the skills of each employee; Personeli baflar›ya motive etmek; personelin bilgi ve deneyimlerini art›rmas›na olanak sa¤lamak ve personeli baflar›lar› do¤rultusunda ödüllendirmek; - To motivate employees towards success, to enable personnel to enhance and increase their knowledge and experiences and to reward personnel for their achievements; - Sa¤l›kl› bir çal›flma ortam› yaratmak; - To create and maintain a healthy working environment; - Tüm personele sayg› göstermek ve personelin hak ve ç›karlar›n› korumak; - To treat all personnel with respect and to protect their rights and benefits; - Personele, benzer strateji, ilke ve ihtiyaçlara sahip flirketler ile rekabet edebilecek yararlar/imkanlar paketi sa¤lamak; - To provide personnel with a package of benefits and opportunities competitive with companies with similar strategy, principles and requirements; - Yapt›klar› ifli ilgilendiren veya etkileyen bütün olay ve geliflmeler konusunda personeli bilgilendirmek. - To keep personnel informed about all developments and events which concern and affect their jobs. - ‹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; - 72 fiirket'in, yukar›da bahsedilen insan kaynaklar› politikalar›n›n oluflturulmas› ve uygulanmas› Mali Bölüm taraf›ndan yürütülmektedir. Formulation and implementation of the above mentioned policies is currently executed by the Finance Division. Çal›flanlardan herhangi bir ayr›mc›l›k flikayeti al›nmam›flt›r. No complaint of discrimination has been received from the employees. 16- Müflteri ve Tedarikçilerle ‹liflkiler Hakk›nda Bilgiler 16- Information on Relations with Customers and Suppliers 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 sufficient number of trained employees is assigned to each region. This team provides a variety of training to station personnel who serve the final consumers. In addition, a mobile quality control team has been formed to supervise and audit the stations and Product Marker is used for the protection of standards and quality of products. In case of detection of an out-of-standard product, the relevant persons are subject to sanctions which may include legal prosecution. 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 under 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 at global standards. 17- Social Responsibility 17- Sosyal Sorumluluk fiirket Yönetim Kurulu taraf›ndan 2001 y›l›nda Emniyet, Sa¤l›k ve Çevre (ESÇ) politikas› onaylanm›fl ve uygulanmaya bafllanm›flt›r. Bu politika do¤rultusunda çal›flanlar bütün kazalar›n önlenebilir oldu¤u felsefesiyle e¤itilmektedir. fiirket ile çal›flan servis sa¤lay›c›lar ve müteahhitlere de bu politika tan›t›lmakta ve politikaya uygun olarak çal›flmalar› flart koflulmaktad›r. Dönem içinde çevreye verilen zararlardan dolay› fiirket aleyhine aç›lan dava yoktur. Faaliyetlere iliflkin çevresel etki de¤erlendirme raporlar› bulunmamaktad›r. In 2001, a Safety, Health and Environment (SHE) Policy was approved and put into effect by the Company's Board of Directors. Under this policy, the employees are trained on the basis of the philosophy and motto that 'all accidents are avoidable'. This policy is also introduced to service providers and contractors working for and with the Company, and they are required to operate in accordance with this policy. During the current period, no lawsuit or investigation has been started against the Company due to damage to the environment. There are no environmental impact assessment reports in respect of the activities and operations of the Company. 73 18- Yönetim Kurulu'nun Yap›s›, Oluflumu ve Ba¤›ms›z Üyeler fiirket Yönetim Kurulu 7 üyeden oluflur ve Genel Kurul taraf›ndan 3 y›l için seçilir. Yönetim Kurulu'nun 3 üyesi "B" grubu hissedarlar›n gösterece¤i adaylardan, 2 üyesi "C" grubu hissedarlar›n gösterece¤i adaylardan, 2 üyesi de "A" grubu hissedarlar›n gösterece¤i adaylardan Genel Kurul'un onay› ile seçilir. Yönetim Kurulu'nun ‹crac› Üyeleri: Erdal Aksoy Yönetim Kurulu Baflkan› Y›lmaz Tecmen Yönetim Kurulu Baflkan Vekili S. Batu Aksoy Yönetim Kurulu Üyesi Banu Aksoy Tarakç›o¤lu Yönetim Kurulu Üyesi Yönetim Kurulu'nun ‹crac› Olmayan Üyeleri: Bülent Çorapç› Yönetim Kurulu Üyesi M. ‹lhan Nebio¤lu Yönetim Kurulu Üyesi N. Süreyya Serdengeçti Yönetim Kurulu Üyesi Yönetim Kurulu'nda ba¤›ms›z üye bulunmamaktad›r. fiirketimiz'in yap›s› gere¤i Yönetim Kurulu'nun oluflturulmas›nda ba¤›ms›z üye bulunmas› mümkün de¤ildir. Her y›l yap›lan Ola¤an Genel Kurul toplant›s›nda TTK'n›n 334 ve 335. maddeleri gere¤i Genel Kurul'ca, Yönetim Kurulu Üyeleri'nin fiirket d›fl›nda baflka görev almalar›na izin verilmektedir. fiirket Ana Sözleflmesi'nde de bu konuda s›n›rlay›c› bir kural bulunmamaktad›r. Böyle bir s›n›rlamaya ihtiyaç duyulmamas› nedeniyle s›n›rlama gündeme gelmemifltir. 18- Composition and Structure of the Board of Directors, and Independent Members The Company's Board of Directors is composed of 7 members who are elected by the General Assembly of Shareholders for a term of office of 3 years. 3 members of the Board of Directors are elected by the approval of General Assembly of Shareholders from among nominees to be nominated by the shareholders in Group "B", and 2 members are elected from among nominees to be nominated by the shareholders in Group "C", and 2 members are elected from among nominees to be nominated by the shareholders in Group "A". Executive Members of the Board: Erdal Aksoy Chairman of the Board Y›lmaz Tecmen Vice Chairman of the Board S.Batu Aksoy Member of the Board Banu Aksoy Tarakç›o¤lu Member of the Board Non-Executive Members of the Board: Bülent Çorapç› Member of the Board M. ‹lhan Nebio¤lu Member of the Board N.Süreyya Serdengeçti Member of the Board As all Directors are nominated by the different shareholder groups, it is not possible for there to be independent members on the Board of Directors. In the annual ordinary meeting of the General Assembly of Shareholders, the General Assembly of Shareholders authorizes the Directors to deal with the business activities as specified in Articles 334 and 335 of Turkish Commercial Code. There is no restrictive rule or clause in the Company's Articles of Association. Such a restriction has not yet been needed or required. 74 19- Yönetim Kurulu Üyeleri'nin Nitelikleri 19- Qualifications of the Members of the Board of Directors fiirket'in Yönetim Kurulu üye seçiminde aranan asgari nitelikler SPK Kurumsal Yönetim ‹lkeleri'nde yer alan niteliklerle aynen örtüflmekte olup bu ilkeler fiirket Ana Sözleflmesi'nde yer almamaktad›r. 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. Kurumsal Yönetim ‹keleri'nde söz edilen e¤itim çal›flmalar›na gerek bulunmamaktad›r. There is no need for the training programs mentioned in the Corporate Governance Principles. 20- fiirket'in Vizyonu, De¤erleri, Misyonu ve Stratejik Hedefleri 20- Vision, Values, Mission and Strategic Targets of the Company fiirketimizin vizyonu; 70 y›ll›k birikimle, enerji arama, üretim ve ticaretine dönük ulusal ve uluslararas› yat›r›mlara odaklanan, Türkiye'nin ve içinde bulundu¤u co¤rafyada en dinamik ve en verimli “Bölgesel ve Entegre Bir Enerji fiirketi” olmak, müflterilerimize en kaliteli ürün ve hizmeti, en yüksek güvenlik, çevre koruma ve etik davran›fl standartlar›nda sunma taahhüdüne olan ba¤l›l›¤›m›z› her zaman oldu¤u gibi sürdürmektir. Turcas, kuruluflundan bu yana temel ilkelerinden ödün vermeden kendini sürekli yenilemifltir. “Farkl› hizmet" anlay›fl›yla biçimlenen faaliyetleriyle toplumsal alanda hizmet vermeyi hedeflemifl ve bunu hayata geçirmifltir. 1992 y›l›nda kullanmaya bafllad›¤› performans art›r›c› “Yeni Nesil Kat›klar”, “Gezici E¤itim Okulu”, istasyonlar› denetleyen “Akaryak›t Kalite Kontrol Filosu”, YKB Worldcard iflbirli¤iyle gerçeklefltirilen “Sad›k Müflteri Program›”, “Ça¤dafl ‹stasyon Marketçili¤i” gibi çeflitli akaryak›t d›fl› aktiviteler, flirket filolar› için “Akaryak›t Yönetim Sistemi” (AYS) ve son olarak da 2001 y›l›nda bayileriyle birlikte oluflturdu¤u ve sektöre çok fley kazand›ran “Turcas Bayi Konseyi” bu at›l›mlar aras›nda yerlerini alm›fllard›r. Turcas'›n misyonu yukar›da benimsemifl oldu¤u de¤erlerden, müflteri odakl› yaklafl›m›ndan ve hizmet kalitesinden ödün vermeksizin, at›l›mc› ifl yapma anlay›fl›n› kesintiye u¤ratmadan, çal›flanlar›n›n e¤itimini ve geliflimini takip ederek, Türkiye'nin miras›n› ve de¤erlerini koruyarak, flimdiye kadar oldu¤u gibi ileride de h›zla pekiflen baflar›s›n›n devaml›l›¤›n› sa¤lamakt›r. Yönetim Kurulu, yöneticiler taraf›ndan ertesi y›l için oluflturulan stratejik hedefleri sene sonlar›nda yöneticilerle tart›fl›p onaylamaktad›r. Hedefler ve gerçekleflmeler ay sonlar›nda geçmifl ve piyasa karfl›laflt›rmal› faaliyet raporlar› üzerinden yöneticilerle birlikte gözden geçirilmektedir. fiirketimiz'in vizyonu ve misyonu her y›l yeniden haz›rlanan y›ll›k faaliyet rapolar›nda ve web sitesinde de yer almaktad›r. With our 70 years of experience, Turcas' vision is to become the most dynamic and efficient “Regional and Integrated Energy Company” in Turkey and its surrounding geographic region and focuse on national and international investments related to the exploration, production, distribution and trading of energy. Maintain our commitment to deliver high quality products and services to our customers through promoting and implementing the safety, ethical and environmental standards we have set. Since its establishment, Turcas has continuously developed and improved itself without making concession on its basic principles. The Company has always tried and succeeded to deliver services in social fields through its activities shaped with the “Exceptional Service” approach. Performance raiser “New Generation Additives” which started to be used in 1992, some non-petroleum activities such as “Mobile Training School”, “Fuel Quality Control Fleet” inspecting the stations, “Loyal Customer Program” realized in cooperation with the YKB Worldcard, “Contemporary Station Markets”, “Fuel Management System” (AYS) for company fleets, and finally in 2001, the “Turcas Dealer Council” formed together with our dealers have taken part in Turcas' innovations and activities. Turcas' mission is to sustain and solidify its strengthened success in the future without making compromises on our above mentioned core values, customer-oriented approach and service quality while maintaining our entrepreneurial business approach, monitoring the trainings and improvement of our employees, and protecting the heritage and values of our country. The strategic goals and targets proposed by the managers for the next year are, before the end of the prior year, discussed and approved by the Board of Directors. Both the targets and the actual results are, at the end of each month, reviewed by the Board of Directors and the Company managers in the light of past performance and market comparative reports. 75 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 bir grup bulunmamaktad›r. 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. 22- Yönetim Kurulu Üyeleri ile Yöneticilerin Yetki ve Sorumluluklar› fiirket Ana Sözleflmesi'nde Yönetim Kurulu Üyeleri ve yöneticilerin yetki ve sorumluluklar› aç›kça belirlenmifltir. 23- Yönetim Kurulu'nun Faaliyet Esaslar› Yönetim Kurulu toplant›lar›n›n gündem maddeleri oluflan güncel konulara göre belirlenmektedir. Yönetim Kurulu 2006 y›l› içerisinde 30 kez toplanarak karar alm›flt›r. Yönetim Kurulu Üyeleri toplant›ya en uygun iletiflim araçlar› kullan›larak ve toplant›ya kat›l›m› sa¤layacak makul sürelerde davet edilmektedir. Sekretarya fonksiyonlar›n› Yönetim Kurulu kendi içinde dönüflümlü olarak yürütmektedir. Yönetim Kurulu kararlar›n›n toplant›ya kat›lanlar›n oy çoklu¤u veya oy birli¤i ile al›n›yor olmas› nedeniyle karfl› oy bahis konusu olmam›flt›r. Ancak TTK ve fiirket Ana Sözleflmesi'nin 22. maddesi uyar›nca Y›ll›k Ola¤an Genel Kurullar'da B ve C Grubu hissedarlar›n belirledi¤i adaylar aras›ndan Genel Kurul'un onay› ile seçilen iki ba¤›ms›z denetçi en az 3 kez olmak üzere Yönetim Kurulu toplant›lar›na kat›lmak ve fiirket kay›tlar›n›n yasalara ve genel kabul görmüfl muhasebe ilkelerine uygunlu¤unu inceleme yetki ve sorumlulu¤undad›r. Yönetim Kurulu kararlar›nda farkl› bir görüfl olmamas› nedeniyle kamuya aç›klanmas› gereken bir durum oluflmamaktad›r. SPK Kurumsal Yönetim ‹lkeleri'nin IV. Bölüm 2.17.4 maddesinde yer alan konularda Yönetim Kurulu toplant›lar›na fiilen kat›l›m sa¤lanmaktad›r. Yönetim Kurulu toplant›lar›nda üyelerce yöneltilen sorular, 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. The Company's vision 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. 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 whole process is monitored by the Audit Committee. 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 2006, the Board of Directors met 30 times and took the required decisions. Directors are called for the Board meetings by using the most convenient means of communication and at a reasonable time in advance so as to ensure their participation. Secretarial duties are conducted, in rotation, within the Board of Directors. Given that the Board decisions are taken unanimously or by majority vote of the Directors present in the meeting, no dissenting vote has been used. However, pursuant to Article 22 of the Company's Articles of Association and provisions of the Turkish Commercial Code, two independent auditors, elected by the General Assembly of Shareholders in its annual ordinary meetings from among nominees nominated by the shareholders in Groups B and C are authorized and liable to attend at least 3 meetings of the Board of Directors and must check compliance of the Company records with the pertinent applicable laws and the generally accepted accounting principles. Due to the lack of a dissenting opinion in the decisions of the Board of Directors, there is no event required to be disclosed to the public. All 76 24- fiirket'le Muamele Yapma ve Rekabet Yasa¤› fiirket Yönetim Kurulu Üyeleri'ne her y›l yap›lan Ola¤an Genel Kurullar'da Genel Kurul onay› ile TTK'n›n 334 -335. maddelerinde belirtilen konular dahilinde ifllem yapma izni verilmekle beraber, flirket politikalar› ve baz› anlaflmalar çerçevesinde fiirket Yönetim Kurulu Üyeleri'nin hiçbirisi fiirket'le ifllem yapmamakta ve rekabet etmemektedir, dolay›s›yla herhangi bir ç›kar çat›flmas› oluflmamaktad›r. Directors personally attend the Board meetings with regard to the issues enumerated in Article 2.17.4 of Part IV of the CMB Corporate Governance Principles. Being only a matter of discussion, the questions asked by the Directors in the Board meetings are not written in the meeting records. The Articles of Association of the Company requires affirmative vote of the representatives of the shareholders in Group "C" on decisions relating to certain issues. 24- Prohibition to Deal and Compete with the Company 25- Etik Kurallar Yönetim Kurulu taraf›ndan 1 May›s 1997 tarihinde fiirket çal›flanlar› için '‹fl Ahlak› Politikas›' yürürlü¤e konmufltur. Bu politika menfaat çat›flmalar›, fiirket içinden bilgi, politik yard›mlar, muhasebe standartlar› ve dokümantasyon, al›nan hediyeler gibi konularda fiirket çal›flanlar›n›n uymas› gereken kurallar› belirlemektedir. Bu politika çerçevesinde her y›l sonunda tüm çal›flanlardan '‹fl Ahlak› Politikas› ve Yönetmeliklere Kiflisel Uyum' formu ad› alt›nda yaz›l› bir beyan ve taahhüt al›nmaktad›r. Although the Directors are permitted and authorized to deal with the Company on certain issues by approval of the General Assembly of Shareholders in its annual ordinary meetings, as specified in Articles 334 and 335 of the Turkish Commercial Code, none of the Directors enters into deals nor competes with the Company in accordance with the Company policies, and therefore, there are no conflicts of interests. 25- Ethical Rules Henüz bir Kurumsal Yönetim Komitesi oluflturulmam›flt›r. Gelecekte kurumsal yönetim ilke 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 the conflicts of interests, insider trading, politic donations, accounting standards and documentation, and gifts. As a requirement of this policy, at the end of each year, all employees are required to give a written statement and declaration in the "Business Ethics Policy and Procedures Compliance Form". Genel Müdür'e bir ‹cra Komitesi rehberlik etmekte olup, Yönetim Kurulu yetkisi dahilindeki konular önce ‹cra Komitesi'nin görüflüne sunulmaktad›r. The Company's Business Ethics Policy is within the knowledge of the employees, but has not been disclosed to the public. ‹crac› Komitesi Üyeleri: 26- Number, Composition and Independence of Committees Formed by the Board of Directors fiirketimiz'in ‹fl Ahlak› Politikas› flirket çal›flanlar›n›n bilgisinde olmakla birlikte kamuya aç›klanmam›flt›r. 26- Yönetim Kurulunda Oluflturulan Komitelerin Say›, Yap› ve Ba¤›ms›zl›¤› Erdal Aksoy Yönetim Kurulu Baflkan› Y›lmaz Tecmen Yönetim Kurulu Baflkan Vekili S. Batu Aksoy Yönetim Kurulu Üyesi Banu Aksoy Tarakç›o¤lu Yönetim Kurulu Üyesi 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. 77 Executive Committe Members: Denetim Komitesi Üyeleri: Bülent Çorapç› Yönetim Kurulu Üyesi Erdal Aksoy Chairman of the Board M. ‹lhan Nebio¤lu Yönetim Kurulu Üyesi Y›lmaz Tecmen Vice Chairman of the Board S.Batu Aksoy Member of the Board Banu Aksoy Tarakç›o¤lu Member of the Board Yönetim Kurulu Üyeleri'nden ikisi ayn› zamanda Denetim Komitesi Üyesi'dir. Denetim Komitesi Üyeleri'nin icra görevleri yoktur ve baflka komitelerde de görevli de¤illerdir. Denetim Komitesi üyeleri SPK'n›n belirlemifl oldu¤u prensipler çerçevesinde belli bir prosedüre göre görevlerini sürdürmektedir. Audit Committe Members: Yönetim Kurulu Üyeleri birden fazla komitede yer almamaktad›rlar. Yönetim Kurulu Üyeleri'nin belirli prensipler çerçevesinde çal›fl›yor olmalar› nedeniyle herhangi bir ç›kar çat›flmas› meydana gelmemifltir. 27- Yönetim Kurulu'na Sa¤lanan Mali Haklar fiirket Ana Sözleflmesi'nde, Yönetim Kurulu Baflkan› ve Üyeleri'ne Genel Kurul'ca kararlaflt›r›lacak ayl›k, y›ll›k bir ödenek veya her toplant› için huzur hakk› ödenebilir ifadesi yer almaktad›r. 2006 y›l› içerisinde Yönetim Kurulu Üyeleri'ne bu kapsamda herhangi bir hak ve menfaat sa¤lanmam›fl ve ücret ödemesi yap›lmam›flt›r. Yönetim Kurulu Üyeleri'ne sa¤lanan baflka hak, menfaat ve performansa dayal› ödüllendirme yöntemi mevcut de¤ildir. fiirket taraf›ndan Yönetim Kurulu Üyelerine ve yöneticilere herhangi bir borç verilmemekte, kredi kulland›r›lmamakta ve lehine kefalet gibi teminatlar verilmemektedir. Bülent Çorapç› Member of the Board M. ‹lhan Nebio¤lu Member of the Board 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. 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, as will be decided at the General Assembly of Shareholders, may be paid to the Chairman and Members of the Board of Directors. However, during 2006, no such right or interest has been conferred on and no such fee or remuneration has been paid to the Directors. There are no other rights, interests or performance-based rewards conferred on the Directors. The Company does not lend any money 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. VE BA⁄LI ORTAKLI⁄I 31 ARALIK 2006 TAR‹H‹NDE SONA EREN YILA A‹T KONSOL‹DE MAL‹ TABLOLAR TURCAS PETROL A.fi. AND ITS SUBSIDIARY CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2006 80 BA⁄IMSIZ DENET‹M RAPORU Turcas Petrol A.fi. Yönetim Kurulu'na Turcas Petrol A.fi. (“fiirket”) ve ba¤l› ortakl›¤›n›n (hep birlikte “Topluluk”) 31 Aral›k 2006 tarihi itibariyle haz›rlanan ve ekte yer alan konsolide bilançosunu, ayn› tarihte sona eren y›la ait konsolide gelir tablosunu, konsolide öz sermaye de¤iflim tablosunu ve konsolide nakit ak›m tablosunu, önemli muhasebe politikalar›n›n özetini ve dipnotlar› denetlemifl bulunuyoruz. Finansal Tablolarla ‹lgili Olarak Topluluk Yönetiminin Sorumlulu¤u Topluluk 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. 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, Toplulu¤un 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, Topluluk yönetimi taraf›ndan haz›rlanan finansal tablolar ile iç kontrol sistemi aras›ndaki iliflkiyi ortaya koymakt›r. Ba¤›ms›z denetimimiz, ayr›ca Topluluk 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. 81 INDEPENDENT AUDITORS' REPORT To The Board of Directors of Turcas Petrol A.fi. We have audited the accompanying financial statements of Turcas Petrol A.fi. (the “Company”) and its subsidiary (together “Group”), which comprise the consolidated balance sheet as at 31 December 2006, 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. 82 Görüfl Görüflümüze göre, iliflikteki konsolide finansal tablolar, Turcas Petrol A.fi. ve ba¤l› ortakl›¤›n›n 31 Aral›k 2006 tarihi itibariyle 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 beraber afla¤›daki hususlara dikkat çekilmesi gerekli görülmüfltür: Not 31'de detayl› olarak aç›kland›¤› üzere, 31 A¤ustos 2006 tarihinde Enerji Piyasas› Düzenleme Kurulu, lisanss›z bayilere yap›lan ikmallere iliflkin olarak Turcas Petrol A.fi.'ye 113.599.140 YTL tutar›nda idari para cezas› vermifltir. fiirket söz konusu ödeme emirlerinin iptali ve yürütmenin durdurulmas› talebiyle davalar açm›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, geri kalan 112.884.680 YTL için yürütmeyi durdurma istemini reddetmifltir. Dan›fltay ‹dari Dava Daireleri Kurulu'na yürütmenin durdurulmas› istemiyle yap›lan itiraz neticesinde, 25 Ocak 2007 tarihinde cezalar›n yürütmesi durdurulmufltur. fiirket cezalar›n ilk taksit tutar›n› ve ikinci taksit tutar›n› (toplam 2.258.000 YTL) 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 ve davalar ile ilgili nihai sonuç üzerindeki belirsizlik rapor tarihi itibariyle devam etmektedir. Bu sebeple, yap›lan ödemeler haricinde ekli mali tablolarda konu ile ilgili herhangi bir karfl›l›k ayr›lmam›flt›r. Not 16'da detayl› olarak aç›kland›¤› üzere, 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.'yi 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 itibaren 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. ‹stanbul, 12 Nisan 2007 DRT BA⁄IMSIZ DENET‹M VE SERBEST MUHASEBEC‹ MAL‹ MÜfiAV‹RL‹K A.fi. Member of DELOITTE TOUCHE TOHMATSU Ömer Tanr›över Sorumlu Ortak Bafldenetçi 83 Independent Auditors' Opinion In our opinion, the financial statements present fairly the financial position of Turcas Petrol A.fi. and its subsidiary as at 31 December 2006, 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 matters: As explained in detail in Note 31, Energy Market Regulatory Authority has sent an administrative monetary fine to Turcas Petrol A.fi. on August 31, 2006 in the amount of TRY 113.599.140 for supplying products to unlicensed dealers. The company has filed court cases demanding the cancellation of the related payment orders and stopping of the execution. 15. Department of the Council of State stopped the execution of TRY 714.460 portion of the TRY 113.599.140 administrative monetary fine on November 17, 2006, but rejected the request for stopping the execution of the remaining TRY 112.884.680. As result of the appeal to the Board of the Administrative Court Departments of the Council of State, the execution of the fines was stopped on January 25, 2007. The company had paid the first and second installments of the fine (total of TRY 2.258.000) but did not make the following payments due to the decision of stopping the execution. The detailed decisions regarding the stopping of the execution were notified to the Company on February 28, 2007. The legal process regarding this subject as well as the uncertainty of the final decision on the cases continue as of the date of this report. For this reason, no provision has been provided on the attached financial statements regarding this subject other than the ones already paid. As explained in detail in Note 16, 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. As per the resolution of its Board of Directors, Turcas Petrol A.fi. has decided to concentrate on power and gas businesses as new fields of activity. ‹stanbul, April 12, 2007 DRT BA⁄IMSIZ DENET‹M VE SERBEST MUHASEBEC‹ MAL‹ MÜfiAV‹RL‹K A.fi. Member of DELOITTE TOUCHE TOHMATSU Ömer Tanr›över Partner 84 TURCAS PETROL A.fi. VE BA⁄LI ORTAKLI⁄I 31 ARALIK 2006 VE 31 ARALIK 2005 TAR‹HLER‹ ‹T‹BAR‹YLE KONSOL‹DE B‹LANÇOLAR (Birim - Aksi birim belirtilmedikçe tutarlar YTL olarak ifade edilmifltir.) Dipnot Referanslar› VARLIKLAR Cari / Dönen Varl›klar Haz›r De¤erler Menkul K›ymetler ( net ) Ticari Alacaklar ( net ) Finansal Kiralama Alacaklar› ( net ) ‹liflkili Taraflardan Alacaklar ( net ) Di¤er Alacaklar ( net ) Canl› Varl›klar ( net ) Stoklar ( net ) Devam Eden ‹nflaat Sözleflmelerinden Alacaklar ( net ) Ertelenen Vergi Varl›klar› Di¤er Cari / Dönen Varl›klar Cari Olmayan / Duran Varl›klar Ticari Alacaklar ( net ) Finansal Kiralama Alacaklar› ( net ) ‹liflkili Taraflardan Alacaklar ( net ) Di¤er Alacaklar ( net ) Finansal Varl›klar ( net ) Pozitif / Negatif fierefiye ( net ) Yat›r›m Amaçl› Gayrimenkuller ( net ) Maddi Varl›klar ( net ) Maddi Olmayan Varl›klar ( net ) Ertelenen Vergi Varl›klar› Di¤er Cari Olmayan / Duran Varl›klar Toplam Varl›klar 4 5 7 8 9 10 11 12 13 14 15 7 8 9 10 16 17 18 19 20 14 15 31 Aral›k 2006 31Aral›k 2005 98.928.510 91.964.745 3.428.795 689.932 1.782.208 133.013.409 19.205.812 84.012.270 448.588 758.309 380.753 682.077 346.648.607 889.642 344.353.212 484.855 810.541 110.357 445.577.117 26.350.209 2.238.221 153.505.818 1.640.333 1.697.673 287.964 80.809.878 50.543.706 2.666.427 3.405.393 12.454.444 286.519.227 85 TURCAS PETROL A.fi. AND ITS SUBSIDIARY CONSOLIDATED BALANCE SHEETS AS OF 31 DECEMBER 2006 AND 31 DECEMBER 2005 (Amounts expressed as (TRY), unless otherwise stated.) Footnote Reference ASSETS Current Assets Cash and Banks Marketable Securities ( net ) Trade Receivables ( net ) Financial Lease Receivables( net ) Due from Related Parties ( net ) Other Receivables ( net ) Biological Assets (net) Inventories (net) Receivables from on going construction contracts (net) Deferred Tax Assets Other Receivables/Current Assets Long Term Assets Trade Receivables (net) Financial Lease Receivables (net) Due from Related Parties (net) Other Receivables (net) Financial Assets (net) Positive/Negative Goodwill Investment Property (net) Tangible Assets (net) Intangible Assets (net) Deferred Tax Assets Other Long Term Assets Total Assets 4 5 7 8 9 10 11 12 13 14 15 7 8 9 10 16 17 18 19 20 14 15 31 December 2006 31 December 2005 98.928.510 91.964.745 3.428.795 689.932 1.782.208 380.753 682.077 346.648.607 889.642 344.353.212 484.855 810.541 110.357 445.577.117 133.013.409 19.205.812 84.012.270 448.588 758.309 26.350.209 2.238.221 153.505.818 1.640.333 1.697.673 287.964 80.809.878 50.543.706 2.666.427 3.405.393 12.454.444 286.519.227 86 TURCAS PETROL A.fi. VE BA⁄LI ORTAKLI⁄I 31 ARALIK 2006 VE 31 ARALIK 2005 TAR‹HLER‹ ‹T‹BAR‹YLE KONSOL‹DE B‹LANÇOLAR (Birim - Aksi birim belirtilmedikçe tutarlar YTL olarak ifade edilmifltir.) Dipnot Referanslar› YÜKÜMLÜLÜKLER K›sa Vadeli Yükümlülükler Finansal Borçlar (net) Uzun Vadeli Finansal Borçlar›n K›sa Vadeli K›s›mlar› (net) Finansal Kiralama ‹fllemlerinden Borçlar (net) Di¤er Finansal Yükümlülükler (net) Ticari Borçlar (net) ‹liflkili Taraflara Borçlar (net) Al›nan Avanslar Devam Eden ‹nflaat Sözleflmeleri Hakedifl Bedelleri (net) Borç Karfl›l›klar› Ertelenen Vergi Yükümlülü¤ü Di¤er Yükümlülükler (net) Uzun Vadeli Yükümlülükler Finansal Borçlar (net) Finansal Kiralama ‹fllemlerinden Borçlar (net) Di¤er Finansal Yükümlülükler (net) Ticari Borçlar (net) ‹liflkili Taraflara Borçlar (net) Al›nan Avanslar Borç Karfl›l›klar› Ertelenen Vergi Yükümlülü¤ü Di¤er Yükümlülükler (net) ANA ORTAKLIK DIfiI PAYLAR ÖZSERMAYE Sermaye Sermaye Yedekleri Hisse Senetleri ‹hraç Primleri Hisse Senedi ‹ptal Karlar› Yeniden De¤erleme Fonu Finansal Varl›klar De¤er Art›fl Fonu Öz Sermaye Enflasyon Düzeltmesi Farklar› Kar Yedekleri Yasal Yedekler Statü Yedekleri Ola¤anüstü Yedekler Özel Yedekler Sermayeye Eklenecek ‹fltirak Hisseleri ve Gayrimenkul Sat›fl Kazançlar› Yabanc› Para Çevrim Farklar› Net Dönem Kar› / Zarar› Geçmifl Y›llar Kar / Zararlar› Toplam Özsermaye ve Yükümlülükler 6 6 8 10 7 9 21 13 23 14 10 6 8 10 7 9 21 23 14 10 24 25 26 27 27 28 31 Aral›k 2006 31 Aral›k 2005 6.145.145 385.823 1.142.827 2.088.182 2.528.313 2.772.252 1.459.438 190.146 142.668 980.000 436.659.720 105.000.000 66.837.343 66.837.343 6.741.802 6.549.811 191.991 - 63.500.259 25.763.033 22.662.178 796.785 440.781 6.989.354 6.848.128 3.527.035 737.694 1.638.946 1.150.395 219.491.933 105.000.000 66.837.343 66.837.343 1.136.720 690.838 445.882 - 257.592.787 487.788 445.577.117 46.517.870 286.519.227 Ekteki dipnotlar bu mali tablolar›n tamamlay›c› bir parças›d›r. 87 TURCAS PETROL A.fi. AND ITS SUBSIDIARY CONSOLIDATED BALANCE SHEETS AS OF 31 DECEMBER 2006 AND 31 DECEMBER 2005 (Amounts expressed as (TRY), unless otherwise stated.) Footnote Reference LIABILITIES Short Term Liabilities Short Term Borrowings (net) Short Term Portions of Long Term Borrowings (net) Financial Lease Payables (net) Other Financial Liabilities (net) Trade Payables (net) Due to Related Parties (net) Advances Received Ongoing Construction Progress Payments (net) Provisions Deferred Tax Liability Other Liabilities (net) Long Term Liabilities Long Term Borrowings (net) Financial Lease Payables (net) Other Financial Liabilities (net) Trade Payables (Net) Due to Related Parties (net) Advances Received Provisions Deferred Tax Liability Other Liabilities (net) MINORITY INTEREST SHAREHOLDERS' EQUITY Capital Capital Reserves Premium in Excess Of Par Gain on cancellation of equity shares Revaluation Fund Revaluation Fund for Financial Assets Inflation Adjustment of Shareholders' Equity Items Profit Reserves Legal Reserves Statutory Reserves Extraordinary Reserves 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 6 6 8 10 7 9 21 13 23 14 10 6 8 10 7 9 21 23 14 10 24 25 26 27 27 28 31 December 2006 31 December 2005 6.145.145 385.823 1.142.827 2.088.182 2.528.313 2.772.252 1.459.438 190.146 142.668 980.000 436.659.720 105.000.000 66.837.343 66.837.343 6.741.802 6.549.811 191.991 - 63.500.259 25.763.033 22.662.178 796.785 440.781 6.989.354 6.848.128 3.527.035 737.694 1.638.946 1.150.395 219.491.933 105.000.000 66.837.343 66.837.343 1.136.720 690.838 445.882 - 257.592.787 487.788 445.577.117 46.517.870 286.519.227 The accompanying notes form an integral part of these financial statements. 88 TURCAS PETROL A.fi. VE BA⁄LI ORTAKLI⁄I 31 ARALIK 2006 VE 31 ARALIK 2005 TAR‹HLER‹NDE SONA EREN YILLARA A‹T KONSOL‹DE GEL‹R TABLOLARI (Birim - Aksi birim belirtilmedikçe tutarlar YTL olarak ifade edilmifltir.) Dipnot Referanslar› 01 Ocak-31 Aral›k 2006 01 Ocak-31 Aral›k 2005 ESAS FAAL‹YET GEL‹RLER‹ - Sat›fl Gelirleri ( net ) - Sat›fllar›n Maliyeti ( - ) - Esas Faaliyetlerden Di¤er Gelirler / faiz + temettü + kira ( net ) BRÜT ESAS FAAL‹YET KARI / ZARARI - Faaliyet Giderleri ( - ) NET ESAS FAAL‹YET KARI / ZARARI - Di¤er Faaliyetlerden Gelir ve Karlar - Di¤er Faaliyetlerden Gider ve Zararlar ( - ) - Finansman Giderleri ( - ) FAAL‹YET KARI / ZARARI -Net Parasal Pozisyon Kar›/Zarar› ANA ORTAKLIK DIfiI KAR / ZARAR VERG‹ ÖNCES‹ KAR / ZARAR - Vergiler NET DÖNEM KARI / ZARARI H‹SSE BAfiINA KAZANÇ 36 36 36 37 38 38 39 40 24 41 42 902.237.105 (847.128.904) 797.217 55.905.418 (30.883.863) 25.021.555 237.637.623 (2.819.514) 10.912.961 270.752.625 270.752.625 (13.159.838) 257.592.787 2,45 Ekteki dipnotlar bu mali tablolar›n tamamlay›c› bir parças›d›r. 1.853.821.465 (1.756.685.706) 3.647.555 100.783.314 (46.922.875) 53.860.439 16.211.696 (2.788.809) (421.024) 66.862.302 66.862.302 (20.344.432) 46.517.870 0,49 89 TURCAS PETROL A.fi. AND ITS SUBSIDIARY CONSOLIDATED STATEMENTS OF INCOME FOR THE YEARS ENDED 31 DECEMBER 2006 AND 31 DECEMBER 2005 (Amounts are expressed in New Turkish Lira (“TRY”) unless otherwise stated.) Footnote Reference 1 Jan.- 31 Dec. 2006 1 Jan.- 31 Dec. 2005 OPERATING INCOME - Sales Revenue (net) 36 - Cost of Sales (-) 36 - Other Operating income / interest + dividdividend + rent (net) 36 GROSS PROFIT / LOSS - Operating Expenses (-) 37 OPERATING PROFIT / LOSS - Other Income and Profits 38 - Other Expense and Losses (-) 38 - Finance Expense / Income (net) 39 PROFIT BEFORE MONETARY GAIN AND TAX - Net Monetary Gain / Loss 40 MINORITY INCOME / LOSS 24 PROFIT / LOSS BEFORE TAXATION - Taxation 41 NET PROFIT / LOSS FOR THE PERIOD EARNINGS PER SHARE 42 902.237.105 (847.128.904) 797.217 55.905.418 (30.883.863) 25.021.555 237.637.623 (2.819.514) 10.912.961 270.752.625 270.752.625 (13.159.838) 257.592.787 2,45 1.853.821.465 (1.756.685.706) 3.647.555 100.783.314 (46.922.875) 53.860.439 16.211.696 (2.788.809) (421.024) 66.862.302 66.862.302 (20.344.432) 46.517.870 0,49 The accompanying notes form an integral part of these financial statements. 105.000.000 Geçmifl y›l karlar›na transfer Yedeklere transfer Ödenen temettü Net dönem kar› 31 Aral›k 2006 itibariyle bakiye 66.837.343 127.208.359 (60.371.016) 66.837.343 Özsermaye Enflasyon Düzeltmesi Farklar› 5.858.973 6.549.811 690.838 690.838 Yasal Yedekler (253.891) 191.991 445.882 445.882 Ola¤anüstü Yedekler Ekteki dipnotlar bu mali tablolar›n tamamlay›c› bir parças›d›r. 26.330.233 78.669.767 105.000.000 1 Ocak 2005 itibariyle aç›l›fl bakiyesi Geçmifl y›l karlar›na transfer Yedeklere transfer Sermaye Art›r›m› Net dönem kar› 31 Aral›k 2005 itibariyle bakiye Sermaye (Birim - Aksi birim belirtilmedikçe tutarlar YTL olarak ifade edilmifltir.) 46.517.870 (5.858.973) (40.171.109) 487.788 19.435.471 (1.136.720) (18.298.751) - Geçmifl Y›llar Kar/ (Zararlar›) 31 ARALIK 2006 VE 31 ARALIK 2005 TAR‹HLER‹NDE SONA EREN YILLARA A‹T KONSOL‹DE ÖZSERMAYE DE⁄‹fi‹M TABLOLARI TURCAS PETROL A.fi. VE BA⁄LI ORTAKLI⁄I (46.517.870) 257.592.787 257.592.787 19.435.471 (19.435.471) 46.517.870 46.517.870 Net Dönem Kar› (40.425.000) 257.592.787 436.659.720 172.974.063 46.517.870 219.491.933 Toplam 90 5.858.973 6.549.811 690.838 690.838 Legal Reserves (253.891) 191.991 445.882 445.882 Extraordinary Reserves The accompanying notes form an integral part of these financial statements. 66.837.343 Opening balance as of 01 January 2005 26.330.233 Transfers to retain earnings Transfers to reserves Capital increase 78.669.767 Net profit for the year Balance as of 31 December 2005 105.000.000 105.000.000 127.208.359 (60.371.016) 66.837.343 Capital Transfers to retain earnings Transfers to reserves Dividends Net profit for the year Balance as of 31 December 2006 Inflation Adjustmen ts of Sharehold ers Equity Items (Amounts are expressed as (TRY), unless otherwise stated.) 46.517.870 (5.858.973) (40.171.109) 487.788 19.435.471 (1.136.720) (18.298.751) - Retained Earnings (46.517.870) 257.592.787 257.592.787 19.435.471 (19.435.471) 46.517.870 46.517.870 Net Profit for the Year CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY FOR THE YEARS ENDED 31 DECEMBER 2006 AND 31 DECEMBER 2005 TURCAS PETROL A.fi. AND ITS SUBSIDIARY (40.425.000) 257.592.787 436.659.720 172.974.063 46.517.870 219.491.933 Total 91 92 TURCAS PETROL A.fi. VE BA⁄LI ORTAKLI⁄I 31 ARALIK 2006 VE 31 ARALIK 2005 TAR‹HLER‹NDE SONA EREN YILLARA A‹T KONSOL‹DE NAK‹T AKIM TABLOLARI (Birim - Aksi birim belirtilmedikçe tutarlar YTL olarak ifade edilmifltir.) Not ‹fiLETME FAAL‹YETLER‹NDEN KAYNAKLANAN NAK‹T AKIMLARI Net dönem kar› Net dönem kar›n› iflletme faaliyetlerinden elde edilen nakit ak›m›na getirmek için yap›lan düzeltmeler - Maddi duran varl›klar›n amortisman› 19 - Maddi olmayan duran varl›klar›n itfa paylar› 20 - Sabit k›ymet sat›fl kar› - K›dem tazminat› karfl›l›¤› 23 - fiüpheli ticari alacak karfl›l›¤›ndaki de¤iflim 7 - Bölünme ifllemi sonucu oluflan kar 16,38 - Shell&Turcas Petrol A.fi. net dönem kar›n›n toplulu¤a ait pay› 16,38 - Vergi tahakkuku 41 ‹flletme sermayesindeki de¤iflim öncesi faaliyetlerden elde edilen nakit ak›m ‹flletme sermayesindeki de¤iflimler - ‹liflkili taraflardan alacaklar›n (art›fl›)/azal›fl› - Stoklar›n (art›fl›)/azal›fl› - Ticari alacaklar›n (art›fl›)/azal›fl› - Di¤er alacaklar ve dönen varl›klar›n (art›fl›)/azal›fl› - Ticari borçlar›n art›fl›/(azal›fl›) - ‹liflkili taraflara borçlar›n art›fl›/(azal›fl›) - Al›nan avanslar›n art›fl›/(azal›fl›) - Borç karfl›l›klar›n art›fl›/(azal›fl›) - Di¤er yükümlülüklerin art›fl›/(azal›fl›) Faaliyetlerden elde edilen nakit - Ödenen vergi ‹flletme faaliyetlerinden elde edilen nakit YATIRIM FAAL‹YETLER‹NDEN KAYNAKLANAN NAK‹T AKIMLARI - Kurulan flirketin sermayesine ilk kat›l›m pay› 16 - Maddi duran varl›k al›mlar› 19 - Maddi olmayan duran varl›k al›mlar› 20 - Maddi duran varl›k sat›fl›ndan elde edilen nakit Di¤er yat›r›m faaliyetlerinde gerçekleflen de¤iflim Yat›r›m faaliyetlerinden elde edilen/(kullan›lan) nakit F‹NANSAL FAAL‹YETLER‹NDEN KAYNAKLANAN NAK‹T AKIMLARI - Ödenen finansal borçlar - Ödenen temettü Finansal faaliyetlerde kullan›lan nakit NAK‹T VE NAK‹T BENZER‹ KALEMLERDEK‹ NET DE⁄‹fi‹M DÖNEM BAfiI NAK‹T VE NAK‹T BENZER‹ KALEMLER DÖNEM SONU NAK‹T VE NAK‹T BENZER‹ KALEMLER 1 Ocak-31 Aral›k 2006 1 Ocak-31 Aral›k 2005 257.592.787 46.517.870 4.406.311 1.832.986 (24.055.472) (1.448.800) 180.403 (171.453.382) (31.750.675) 13.159.838 48.463.996 9.138.417 4.901.349 329.427 514.341 20.344.432 81.745.836 (241.344) 25.969.456 81.153.763 (143.668) (22.276.355) 346.042 280.963 148.869 (4.490.210) 129.211.512 (14.772.175) 114.439.337 (416.652) 163.805 (12.976.289) (180.136) (2.887.327) 476.228 808.466 66.733.931 (18.576.654) 48.157.277 (15.000) (2.735.263) (39.501) 27.297.393 24.507.629 (5.181.184) (59.972) 188.870 (5.885.869) (10.938.155) (25.763.033) (40.425.000) (66.188.033) 72.758.933 19.205.812 91.964.745 (38.708.897) (38.708.897) (1.489.775) 20.695.587 19.205.812 Ekteki dipnotlar bu mali tablolar›n tamamlay›c› bir parças›d›r. 93 TURCAS PETROL A.fi. VE AND ITS SUBSIDIARY CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED 31 DECEMBER 2006 AND 31 DECEMBER 2005 (Amounts are expressed in New Turkish Lira (“TRY”) unless otherwise stated.) Note CASH FLOWS FROM OPERATING ACTIVITIES Net profit for the year Adjustments to reconcile net profit to net cash provided by operating activities - Depreciation of property, plant and equipment - Amortization of intangible assets - Proceeds on disposal of fixed assets - Provision for retirement pay - Change in allowance for doubtful receivables - Profit generated from spin-off - Shell&Turcas Petrol A.fi.'s profit attributable to the Group - Accrued taxation Operating profit before changes in working capital 19 20 23 7 16,38 16,38 41 Changes in working capital - (Increase)/decrease in due from related parties - (Increase)/decrease in inventories - (Increase)/decrease in trade receivables - (Increase)/decrease in other receivables and current assets - Increase/(decrease) in trade Payables - Increase/(decrease) in due to related parties - Increase/(decrease) in received advances - Increase/(decrease) in provisions - Increase/(decrease) in other payables and expense accruals Cash provided by operating activities - Corporate tax paid Net cash provided by operating activities CASH FLOWS FROM INVESTING ACTIVITIES - Participation share - Purchases of property, plant and equipment - Purchases of intangible assets - Proceeds on disposal of fixed assets - Changes in other investing activities Net cash provided by/(used in) investing activities CASH FLOWS FROM FINANCING ACTIVITIES - Payment of borrowings - Dividends paid Net cash used in financing activities NET CHANGES IN CASH AND BANKS CASH AND BANKS AT THE BEGINNING OF YEAR CASH AND BANKS AT THE END OF YEAR 16 19 20 1 Jan.- 31 Dec. 2006 1 Jan.-31 Dec. 2005 257.592.787 46.517.870 4.406.311 1.832.986 (24.055.472) (1.448.800) 180.403 (171.453.382) (31.750.675) 13.159.838 48.463.996 9.138.417 4.901.349 329.427 514.341 20.344.432 81.745.836 (241.344) 25.969.456 81.153.763 (143.668) (22.276.355) 346.042 280.963 148.869 (4.490.210) 129.211.512 (14.772.175) 114.439.337 (416.652) 163.805 (12.976.289) (180.136) (2.887.327) 476.228 808.466 66.733.931 (18.576.654) 48.157.277 (15.000) (2.735.263) (39.501) 27.297.393 24.507.629 (5.181.184) (59.972) 188.870 (5.885.869) (10.938.155) (25.763.033) (40.425.000) (66.188.033) 72.758.933 19.205.812 91.964.745 (38.708.897) (38.708.897) (1.489.775) 20.695.587 19.205.812 The accompanying notes form an integral part of these financial statements. 94 TURCAS PETROL A.fi. VE BA⁄LI ORTAKLI⁄I 31 ARALIK 2006 TAR‹H‹NDE SONA EREN YILA A‹T KONSOL‹DE MAL‹ TABLOLARA ‹L‹fiK‹N D‹PNOTLAR (Birim - Aksi birim belirtilmedikçe tutarlar YTL olarak ifade edilmifltir.) 1. fi‹RKET‹N ORGAN‹ZASYONU VE FAAL‹YET KONUSU Turcas Petrol A.fi. ve ba¤l› ortakl›¤› (Topluluk) Turcas Petrol A.fi. (fiirket) ve hisselerinin tamam›na sahip bulundu¤u Marmara Petrol ve Rafineri ‹flleri A.fi. (Marmara) ve bir adet ifltirakini içermektedir. Topluluk 1 Temmuz 2006 tarihinde kurulan Shell & Turcas Petrol A.fi.'ne %30 oran›nda ifltirak etmifltir. Topluluk'un faaliyet konusu; her türlü petrol ve petrol ürünlerinin al›m›, sat›m›, ihrac› ve ithali ile da¤›t›m›d›r. Turcas Petrolcülük A.fi., 1988 y›l›nda Türkpetrol Holding ve Burmah-Castrol taraf›ndan kurulmufltur. 1996 y›l›nda, Tabafl Petrolcülük A.fi. (“Tabafl”) Turcas Petrolcülük A.fi'nin her biri 1.000 TL nominal de¤erli 1.677.946 adet hissesini 139.681.436 ABD Dolar› karfl›l›¤›nda sat›n alarak %82,16 oran›nda ortak olmufltur. 30 Eylül 1999 tarihi itibariyle Tabafl, Türk Ticaret Kanunu'nun 451. ve Kurumlar Vergisi Kanunu'nun 37-39. maddeleri uyar›nca Turcas Petrolcülük A.fi. ile birleflmifltir. Bu birleflmenin sonucu olarak; Turcas Petrolcülük A.fi.'nin tüm aktif ve pasifi Tabafl'a devrolmufl ve Turcas Petrolcülük A.fi. feshedilmifltir. Ayn› tarih itibariyle Tabafl Petrolcülük A.fi.'nin ticari ünvan› Turcas Petrol A.fi. olarak de¤ifltirilmifltir. fiirket 1996 y›l›nda 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 itibariyle 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 Belgesi'ni 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. Not 16'da detayl› olarak aç›kland›¤› üzere, 1 Temmuz 2006 tarihinde, varl›klar›n k›smi bölünme yoluyla Shell&Turcas Petrol A.fi.'ye devri, Turcas Petrol A.fi.'nin %30 ve The Shell Company of Turkey Ltd.'nin %70 oran›nda Shell&Turcas Petrol A.fi. hissesi almas›yla gerçekleflmifltir. 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 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. 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. Socar & Turcas Enerji A.fi.'nin 28 Aral›k 2006 tarihinde kurulmas›, aktif toplam›n›n ekli konsolide mali tablolar› etkilemeyecek derecede küçük olmas› sebebiyle konsolidasyona dahil edilmemifltir. Özellefltirme ‹daresi taraf›ndan ihaleye ç›kar›lacak olan elektrik da¤›t›m bölgelerinin özellefltirilmesine kat›lmak ve elektrik da¤›t›m bölgelerinde iflletme konusunda iflbirli¤i imkanlar›n› gelifltirmek amac›yla bir ‹spanyol enerji flirketi olan ‹berdrola S.A. ile Turcas Petrol A.fi. aras›nda Ortak Giriflim Sözleflmesi 30 May›s 2006 tarihinde imzalanm›flt›r. Anlaflma uyar›nca faaliyet göstermek üzere Turcas Petrol A.fi., Iberdrola ve taraflar›n ifltiraklerinden oluflacak anonim flirket, rapor tarihi itibariyle henüz kurulmam›flt›r. 95 TURCAS PETROL A.fi. AND ITS SUBSIDIARY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2006 (Amounts are expressed in New Turkish Lira (“TRY”) unless otherwise stated.) 1. ORGANIZATION AND OPERATIONS OF THE COMPANY Turcas Petrol A.fi. Group (the “Group”) consists of Turcas Petrol A.fi. (the “Company”), and its wholly owned subsidiary, Marmara Petrol ve Rafineri ‹flleri A.fi. (“Marmara“).The Group is owned the %30 shares of Shell & Turcas Petrol A.fi., that is established as of July 1, 2006. The Group is engaged in purchasing, selling, importing, exporting, and distributing all kinds of fuel products and lubricants. 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 30 September 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. The Company is engaged in purchasing, selling, importing, exporting, and distributing all kinds of fuel products and lubricants. In 1996, the Company acquired 100% of Marmara, which was established in 1958. Marmara has no employees and no activities other than 5% ownership of Anadolu Tasfiyehanesi A.fi. (“ATAfi”). Atafl is incorporated under 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 7 June 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. As explained at Note 16 in detail, 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. Socar & Turcas Enerji A.fi. is established with 50.000 TRY capital by registering to Turkish Trade Gazette as of December 28, 2006. The founded company is owned by turcas Petrol A.fi. (%25) and , Aksoy Holding A.fi. (%24). The company is engaged in production, selling, distribution, investment, research, development, import and export operations in industrial sector. Socar & Turcas Enerji A.fi. is not included in the consolidated financial statements since the Company was establed as of December 28 and financial statements of the Socar & Turcas Enerji A.fi. does not have a material effect on the consolidated financial. The Company has signed a joint venture agreement on 30 May 2006 with ‹berdrola S.A.,which is an international Spanish energy company to participate the invitation of the Turkish Privatization Administration's for the tender regarding the privatization of the electricity distribution areas and to develop opportunities collaboratively in operating the electricity distribution areas. The parts have not established the joined Company as of this report date. 96 TURCAS PETROL A.fi. VE BA⁄LI ORTAKLI⁄I 31 ARALIK 2006 TAR‹H‹NDE SONA EREN YILA A‹T KONSOL‹DE MAL‹ TABLOLARA ‹L‹fiK‹N D‹PNOTLAR (Birim - Aksi birim belirtilmedikçe tutarlar YTL olarak ifade edilmifltir.) 1. fi‹RKET‹N ORGAN‹ZASYONU VE FAAL‹YET KONUSU (cont'd) fiirketin merkez adresi ve ortakl›k yap›s›; Emirhan Caddesi No: 145 Atakule Kat: 6 Befliktafl/‹stanbul merkezinde faaliyet gösteren flirketin hisse senetleri ‹stanbul Menkul K›ymetler Borsas›nda (‹MKB) ifllem görmekte olup, sermayenin hissedarlar aras›ndaki da¤›l›m› afla¤›daki gibidir: fiirket'in ana orta¤› Aksoy Holding A.fi.'dir. Ortaklar Aksoy Petrol Da¤. Yat›r›mlar› A.fi. Halka aç›k k›s›m Aksoy Holding A.fi. Erdal Aksoy Y›lmaz Tecmen Di¤er Sermaye (%) %28,52 %28,43 %23,03 %20,02 %100,00 31 Aral›k 2006 29.946.967 29.853.676 24.176.996 21.022.361 105.000.000 31 Aral›k 2006 tarihi itibariyle fiirket'in 15 adet çal›flan› bulunmaktad›r (31 Aral›k 2005: 185). (%) %28,52 %30,79 %19,86 %5,04 %15,79 %100,00 31 Aral›k 2005 29.946.967 32.331.297 20.851.813 5.292.477 16.577.446 105.000.000 97 TURCAS PETROL A.fi. AND ITS SUBSIDIARY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2006 (Amounts are expressed in New Turkish Lira (“TRY”) unless otherwise stated.) 1. ORGANIZATION AND OPERATIONS OF THE COMPANY (cont'd) The company's legal center address is Emirhan caddesi No: 145 Atakule Kat:6 Befliktafl/‹stanbul and the company shares are traded on ‹stanbul Stock Exchange; distrubution of capital between shareholders are as follows; The principal partner of the company is Aksoy Holding A.fi. Shareholders Aksoy Petrol Da¤. Yat›r›mlar› A.fi. Halka aç›k k›s›m Aksoy Holding A.fi. Erdal Aksoy Y›lmaz Tecmen Di¤er Sermaye (%) %28,52 %28,43 %23,03 %20,02 %100,00 31 December 2006 29.946.967 29.853.676 24.176.996 21.022.361 105.000.000 The company has 15 employees as of December 31, 2006 (December 31, 2005:185). (%) %28,52 %30,79 %19,86 %5,04 %15,79 %100,00 31 December 2005 29.946.967 32.331.297 20.851.813 5.292.477 16.577.446 105.000.000 98 TURCAS PETROL A.fi. VE BA⁄LI ORTAKLI⁄I 31 ARALIK 2006 TAR‹H‹NDE SONA EREN YILA A‹T KONSOL‹DE MAL‹ TABLOLARA ‹L‹fiK‹N D‹PNOTLAR (Birim - Aksi birim belirtilmedikçe tutarlar YTL olarak ifade edilmifltir.) 2. MAL‹ TABLOLARIN SUNUMUNA ‹L‹fiK‹N ESASLAR Uygulanan muhasebe standartlar›: fiirket ve ba¤l› orta¤›n›n yasal defterlerini ve mali tablolar›n› Türk Ticaret Kanunu ve vergi mevzuat›nca belirlenen muhasebe ilkelerine uygun olarak tutmakta ve haz›rlamaktad›rlar. Sermaye Piyasas› Kurulu (“SPK”), Seri: XI, No: 25 say›l› "Sermaye Piyasalar›nda Muhasebe Standartlar› Hakk›nda Tebli¤”inde (“Seri: XI, No: 25 say›l› Tebli¤”) kapsaml› bir muhasebe ilkeleri seti yay›nlam›flt›r. 23 Aral›k 2004 tarihinde yay›mlanan “Sermaye Piyasas›nda Muhasebe Standartlar› Hakk›nda Tebli¤de De¤ifliklik Yap›lmas›na Dair Tebli¤” (“Seri: XI, No: 27 say›l› Tebli¤”) ile Seri: XI, No: 25 say›l› Tebli¤'e eklenen Ek Madde 1'de mali tablo ve rapor ile dipnot formatlar› dahil Kurulca yay›mlanan muhasebe standartlar› aç›klamalar› sakl› olmak üzere, iflletmelerin Uluslararas› Finansal Raporlama Standartlar›n› (“UFRS”) uygulamalar›, Seri: XI, No: 25 say›l› Tebli¤'de öngörülen düzenleme ve ilan yükümlülüklerinin yerine getirilmesi hükmünde oldu¤u aç›klanm›fl ve böylece, alternatif olarak Uluslararas› Muhasebe Standartlar› Kurulu (“IASB”) ve Uluslararas› Muhasebe Standartlar› Komitesi (“IASC”) taraf›ndan ç›kar›lm›fl olan muhasebe standartlar›n›n uygulanmas›n›n da, SPK muhasebe standartlar›na uyulmufl say›laca¤› belirtilmifltir. Buna istinaden Topluluk, mali tablolar›n› SPK'n›n izin verdi¤i yukar›daki bahse konu edilen alternatif uygulama çerçevesinde haz›rlamay› ve kamuya aç›klamay› benimsemifltir. Mali tablo ve dipnot formatlar› ise SPK'n›n 20 Aral›k 2004 tarihli duyurusu ile uygulanmas› zorunlu k›l›nan formatlara uygun olarak sunulmufltur. Yüksek enflasyon dönemlerinde mali tablolar›n düzeltilmesi: SPK'n›n 17 Mart 2005 tarih ve 11/367 say›l› karar› uyar›nca, Türkiye'de faaliyette bulunan ve SPK Muhasebe Standartlar›'na (UFRS uygulamas›n› benimseyenler dahil) uygun olarak mali tablo haz›rlayan flirketler için, 1 Ocak 2005 tarihinden itibaren geçerli olmak üzere enflasyon muhasebesi uygulamas›na son verilmifltir. Buna istinaden, 1 Ocak 2005 tarihinden itibaren IASB taraf›ndan yay›mlanm›fl 29 No'lu “Yüksek Enflasyonlu Ekonomilerde Finansal Raporlama” Standard› (“UMS 29”) uygulanmam›flt›r. 31 Aral›k 2006 tarihi itibariyle Türkiye Cumhuriyet Merkez Bankas› taraf›ndan aç›klanan dolar kuru 1 ABD Dolar› = 1,4056 YTL, 1 Euro = 1,8515 YTL'dir (31 Aral›k 2005 tarihi itibariyle 1 ABD Dolar› = 1,3418 YTL, 1 Euro = 1,5875 YTL'dir). Konsolide mali tablolar›n haz›rlanmas›ndaki esaslar: Toplulu¤un do¤rudan veya dolayl› olarak %50'sinden fazlas›na ifltirak etti¤i veya oy hakk›na sahip olmas› nedeniyle ifllemleri üzerinde kontrol yetkisine sahip oldu¤u ba¤l› ortakl›klar tam olarak konsolide edilmektedir. Topluluk ve konsolide edilen ba¤l› ortakl›klar› aras›nda gerçekleflen önemli ifllemler ve bakiyeler konsolidasyon s›ras›nda yok edilir. Marmara Petrol ve Rafineri ‹flleri A.fi. tam olarak konsolide edilmektedir. fiirket ve Marmara Petrol ve Rafineri ‹flleri A.fi. aras›nda gerçekleflen önemli ifllemler ve bakiyeler konsolidasyon s›ras›nda yok edilir. fiirket ve ba¤l› ortakl›¤›n›n finansal ve operasyonel politikalar›na önemli ölçüde etki edebildi¤i tüzel kiflilikler, ifltirak olarak adland›r›l›r ve özkaynak yöntemine göre muhasebelefltirilirler. Özkaynak yönteminde ifltirak net varl›k tutar›yla konsolide bilançoda gösterilir ve faaliyeti sonucunda ortaya ç›kan Topluluk pay› konsolide gelir tablosuna dahil edilir. ‹fltiraklerin net aktif de¤erindeki düflüflün geçici olmamas› durumunda ifltirak de¤eri, konsolide mali tablolarda azalt›lm›fl de¤eriyle gösterilir. Turcas A.fi.'nin Shell&Turcas Petrol A.fi.'ye %30 oranla ifltirak etmesi, toplulu¤un finansal ve operasyonel politikalar›na önemli ölçüde etki etmesi dikkate al›narak ekli mali tablolarda Shell & Turcas A.fi. özkaynak yöntemine göre muhasabelefltirilmifltir. Socar & Turcas Enerji A.fi.'nin 28 Aral›k 2006 tarihinde kurulmas›, aktif toplam›n›n ekli konsolide mali tablolar› etkilemeyecek derecede küçük olmas› sebebiyle konsolidasyona dahil edilmemifltir 99 TURCAS PETROL A.fi. AND ITS SUBSIDIARY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2006 (Amounts are expressed in New Turkish Lira (“TRY”) unless otherwise stated.) 2. BASIS OF THE FINANCIAL STATEMENTS Accounting Standarts: 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. The Capital Markets Board (the “CMB”), published a set of comprehensive accounting policies in Communiqué No: XI/25 “Communiqué on Capital Market Accounting Standards” (the “Communiqué No: XI/25”). Without revealing the declarations issued by the CMB upon Accounting Standards including financial statement, report and footnote formats in the Additional Article 1, which is added to the Communiqué No: XI/25 and Communiqué No: XI/27 “Communiqué on Amendments upon the Capital Markets Accounting Standards Communiqué” (the “Communiqué No: XI/27”) published on 23 December 2004, it is stated that the application of International Financial Reporting Standards (“IFRS”) by companies should be in accordance with the required arrangements and declarations issued in the Communiqué No: XI/25. Therefore, as an alternative, the compliance with the accounting standards issued by the International Accounting Standards Board (“IASB”) and International Accounting Standards Committee (“IASC”) will be counted as in compliance with the CMB's Accounting Standards. The Group prepared its financial statements according to the alternative application permitted by the CMB, mentioned above. The financial statements and footnotes are prepared in accordance with the CMB's announcement on 20 December 2004 regarding the obligatory format. Preparation of Financial Satements in Hyperinflationary Periods: The CMB with the resolution numbered 11/367 dated 17 March 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 1 January 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 1 January 2005. The exchange rate announced by the Turkish Central Bank as of 31 December 2006 is USD Dollar 1 = TRY 1,4056, EUR 1 = TRY 1,8515 (31 December 2005: USD Dollar 1 = TRY 1,3418, EUR 1 = TRY 1,5875). Consolidation: Entities in which the Group, directly or indirectly, has above 50% shareholding or interest of voting rights or otherwise has power to exercise control over operations, have been fully consolidated. The Group has obtained shares from the operations of the equity subsidiaries since it has power to govern the financial and operational policies of the company. All significant transactions and balances between the Group and its consolidated subsidiaries are eliminated on the consolidation. Marmara Petrol ve Rafineri ‹flleri A.fi. was fully consolidated . Significant transactions and balances realized between the Company and Marmara Petrol ve Rafineri ‹flleri A.fi. were eliminated in the consolidation. An associate is an enterprise over which the Group is in a position to exercise significant influence, through participation in the financial and operating policy decisions of the investee and they are accounted using the equity method. Under the equity method, the net assets of the investee company are carried in the consolidated balance sheet and the share of the Group derived from the investee company's results of operations is recognized in the statement of income. The carrying amount of such investments is reduced to recognize any decline, other than a temporary decline, in the value of individual investments. Turcas Petrol A.fi. has a 30% participation in Shell&Turcas Petrol A.fi., has a significant influance in the financial and operating policy decisions of the investee therefore it is accounted using the equity method. Socar & Turcas Enerji A.fi. is not included in the consolidated financial statements since the Company was establed as of December 28 and financial statements of the Socar & Turcas Enerji A.fi. does not have a material effect on the consolidated financial. 100 TURCAS PETROL A.fi. VE BA⁄LI ORTAKLI⁄I 31 ARALIK 2006 TAR‹H‹NDE SONA EREN YILA A‹T KONSOL‹DE MAL‹ TABLOLARA ‹L‹fiK‹N D‹PNOTLAR (Birim - Aksi birim belirtilmedikçe tutarlar YTL olarak ifade edilmifltir.) 2. MAL‹ TABLOLARIN SUNUMUNA ‹L‹fiK‹N ESASLAR (devam›) Karfl›laflt›rmal› bilgiler ve önceki dönem tarihli mali tablolar›n düzeltilmesi: Mali tablolardaki say›sal veriler önceki dönemle karfl›laflt›rmal› olarak sunulmufltur. 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 ve bu hususlara iliflkin olarak aç›klama yap›l›r. Netlefltirme/Mahsup: Finansal varl›klar ve yükümlülükler, yasal olarak netlefltirme hakk› var oldu¤u takdirde ve net olarak ödenmesi ve/veya tahsili düflünüldü¤ünde veya varl›¤›n elde edilmesi ile yükümlülü¤ün yerine getirilmesi ayn› zamanda gerçeklefltirilecek oldu¤unda bilançoda net de¤erleri ile gösterilir. Yeni ve güncellefltirilmifl standartlar›n›n uygulamas›: Topluluk cari dönemde, Uluslararas› Muhasebe Standartlar› Kurulu (“UMSK”) ve Uluslararas› Finansal Raporlama Standartlar›n› Yorumlama Komitesi (“UFRYK”) taraf›ndan yay›nlanm›fl, yeni ve revize edilmifl UFRS ve yorumlar›ndan kendi faaliyet konusu ile ilgili olanlar›n› SPK taraf›ndan 20 Aral›k 2004 tarihinde yap›lan duyuru ile uygulanmas› zorunlu k›l›nan formatlarla çeliflen hususlar haricinde, uygulam›flt›r. Ekli mali tablolar›n onaylanma tarihi itibariyle afla¤›daki standartlar ve yorumlar yay›nlanm›fl ancak yürürlü¤e girmemifltir. UMS 1 UFRS 7 UFRS 8 UFRYK 7 UFRYK 8 UFRYK 9 UFRYK 10 UFRYK 11 UFRYK 12 Mali Tablolar›n Sunumu: fiirket Sermayesi Konusunda Kamuya Aç›klanacak ‹lave Hususlar Finansal Enstrümanlar: Mali Tablo Aç›klamalar› Faaliyet Kollar› UMS 29 Yüksek Enflasyonlu Ekonomilerde Finansal Raporlama Standard› Çerçevesinde Düzeltme Yaklafl›m›n›n Uygulanmas› UFRS 2 Standard›n›n Kapsam› Sakl› Türevlerin Yeniden De¤erlendirilmesi Ara Dönem Raporlamas› ve De¤er Düflüklü¤ü UFRS 2 : Elde Tutulan Grup Hisselerine ‹liflkin ‹fllemler Hizmet ‹mtiyaz Sözleflmeleri UFRS 7, Finansal Enstrümanlarla ilgili olarak mali tablolarda mevcut standartlardan daha detayl› dipnotlar verilmesini gerektirecektir. Bununla beraber finansal enstrümanlar›n s›n›flamas› ve de¤erlemesi ile ilgili herhangi bir düzenleme içermemektedir. Topluluk Yönetimi, UFRS 7'nin getirece¤i ilave dipnot yükümlülükleri haricinde, sonraki dönemlerde yürürlü¤e girecek standart ve yorumlar›n gelecek dönemlerde uygulanmas›n›n Topluluk konsolide mali tablolar›na önemli etkisi olmayaca¤›n› düflünmektedir. 101 TURCAS PETROL A.fi. AND ITS SUBSIDIARY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2006 (Amounts are expressed in New Turkish Lira (“TRY”) unless otherwise stated.) 2. BASIS OF THE FINANCIAL STATEMENTS (cont'd) 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. 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. 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 (“IASB”) and the International Financial Reporting Interpretations Committee (“IFRIC”) of the IASB that are relevant to its operations except for the ones that contradict with the CMB's announcement on 20 December 2004 regarding the obligatory format. At the date of authorization of these financial statements, the following Standards and Interpretations were in issue but not yet effective. IAS 1 IFRS 7 IFRS 8 IFRIC 7 IFRIC 8 IFRIC 9 IFRIC 10 IFRIC 11 IFRIC 12 Presentation of Financial Statement :Additional Requirements for Disclosures of the Entity's Capital Financial Instruments: Disclosures Operating Segments Applying the Restatement Approach under IAS 29 Financial Reporting in Hyperinflationary Economies Scope of IFRS 2 Reassessment of Embedded Derivatives Interim Financial Reporting and Impairment Group and Treasury Share Transactions Service Concession Arrangements IFRS 7 requires additional disclosures in the financial statements for financial instruments compared to the existing standards. Nevertheless, it does not include any arrangements related with classification and valuation of financial instruments. The Group's Management anticipates to the adoption of these Standards and Interpretations in future periods, except additional disclosure requirements due adoption of IFRS 7,will have no material impact on the consolidated financial statements of the Group. 102 TURCAS PETROL A.fi. VE BA⁄LI ORTAKLI⁄I 31 ARALIK 2006 TAR‹H‹NDE SONA EREN YILA A‹T KONSOL‹DE MAL‹ TABLOLARA ‹L‹fiK‹N D‹PNOTLAR (Birim - Aksi birim belirtilmedikçe tutarlar YTL olarak ifade edilmifltir.) 3. UYGULANAN DE⁄ERLEME ‹LKELER‹ /MUHASEBE POL‹T‹KALARI Ekteki mali tablolar›n haz›rlanmas›nda kullan›lan önemli muhasebe prensipleri afla¤›daki gibidir: a. Gelirler Gelirler, al›nan veya al›nacak olan bedelin gerçe¤e uygun de¤eri ile ölçülür ve tahmini müflteri iadeleri, iskontolar ve benzer di¤er karfl›l›klar kadar indirilir. Mallar›n sat›fl› Mallar›n sat›fl›ndan elde edilen gelir, afla¤›daki flartlar karfl›land›¤›nda muhasebelefltirilir: • Toplulu¤un mülkiyetle ilgili tüm önemli riskleri ve kazan›mlar› al›c›ya devretmesi, • Toplulu¤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›, ve • ‹fllemden kaynaklanacak maliyetlerin güvenilebilir bir flekilde ölçülmesi. b. Stoklar›n de¤erlemesi Stoklar a¤›rl›kl› ortalama maliyet yöntemine göre maliyetin ya da net gerçekleflebilir de¤erin (piyasa de¤erinden sat›fl giderlerinin düflülmesi yoluyla hesaplanan de¤er) düflük olan› ile de¤erlenmektedir. Stoklar›n maliyeti tüm sat›n alma maliyetlerini, dönüfltürme maliyetlerini ve stoklar›n mevcut durumuna ve konumuna getirilmesi için katlan›lan di¤er maliyetleri içerir. c. Maddi duran varl›klar Maddi duran varl›klar, 1 Ocak 2005 tarihinden önce sat›n al›nan kalemler için 31 Aral›k 2004 tarihi itibariyle enflasyonun etkilerine göre düzeltilmifl maliyet de¤erlerinden ve 2005 y›l›nda al›nan kalemler için sat›n al›m maliyet de¤erlerinden birikmifl amortisman ve kal›c› de¤er kay›plar› düflülerek yans›t›l›r. Maddi duran varl›klar›n herhangi bir parças›n› de¤ifltirmekten do¤an giderler bak›m onar›m maliyetleri ile birlikte varl›¤›n gelecekteki ekonomik faydas›n› art›r›c› nitelikte ise aktiflefltirilebilirler. Tüm di¤er giderler olufltukça gelir tablosunda gider kalemleri içinde muhasebelefltirilir. Maddi duran varl›klara iliflkin amortisman ve itfa paylar›, varl›klar›n faydal› ömürlerine göre varl›klara girifl veya montaj tarihleri esas al›narak eflit tutarl›, do¤rusal amortisman yöntemi kullan›larak ayr›lm›flt›r. Maddi duran varl›klar›n ortalama ekonomik ömürleri göz önüne al›narak belirlenen amortisman oranlar› afla¤›da belirtilmifltir: Binalar Yeralt› ve yerüstü düzenleri Makina ve cihazlar Tafl›tlar Döfleme ve demirbafllar Özel maliyetler 50 y›l 5-10 y›l 5-10 y›l 5 y›l 5-10 y›l 5 y›l Maddi duran varl›k sat›fllar›ndan elde edilen kar ve zararlar, mali tablolarda enflasyona göre düzeltilerek ilgili gelir ve gider hesaplar›na dahil edilmifltir. Varl›klar›n kay›tl› de¤eri, tahmini ikame de¤erinden daha yüksek oldu¤u takdirde, karfl›l›k ayr›lmak suretiyle ikame de¤erine indirgenmektedir. 103 TURCAS PETROL A.fi. AND ITS SUBSIDIARY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2006 (Amounts are expressed in New Turkish Lira (“TRY”) unless otherwise stated.) 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The accounting policies used to prepare the accompanying financial statements are as follows: a. Revenue recognition Revenue is measured at the fair value of the consideration received or receivable. Revenue is reduced for estimated customer returns, rebates, and other similar allowances. Sale of goods Revenue from sale of goods is recognized when all the following conditions are satisfied: • The Group transfers to the buyer all 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; and • The costs incurred or to be incurred in respect of the transaction can be measured reliably. b. Inventory valuation Inventories are stated at the lower of cost and net realizable value using the weighted average method. Cost comprises purchase cost and, where applicable, conversion costs and those overheads that have been incurred in bringing the inventories to their present locations and conditions. c. Property, plant and equipment Property, plant and equipment purchased before 1 January 2005 are carried at indexed historical cost, purchases in 2005 are carried at historical cost and are presented after depreciation and impairment loss. If changing a part of a tangible asset increases its economic utility in the future the cost of the change can be capitalized. All other costs are recognized in the expense accounts in income statement as they are incurred. Property, plant and equipment except land that is deemed to have indefinite life are depreciated principally on a straight-line basis on their inflation adjusted amounts. Property, plant and equipment are depreciated over the following useful lives: Buildings Land improvements Machinery and equipment Vehicles Furnitue and fixtures Leasehold improvements 50 years 5-10 years 5-10 years 5 years 5-10 years 5 years Gains or losses on 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. 104 TURCAS PETROL A.fi. VE BA⁄LI ORTAKLI⁄I 31 ARALIK 2006 TAR‹H‹NDE SONA EREN YILA A‹T KONSOL‹DE MAL‹ TABLOLARA ‹L‹fiK‹N D‹PNOTLAR (Birim - Aksi birim belirtilmedikçe tutarlar YTL olarak ifade edilmifltir.) 3.UYGULANAN DE⁄ERLEME ‹LKELER‹ / MUHASEBE POL‹T‹KALARI (devam›) d. Maddi olmayan duran varl›klar Maddi olmayan duran varl›klar marka kullanma haklar›n› ve di¤er haklar› içermektedir ve 1 Ocak 2005 tarihinden önce sat›n al›nan kalemler için 31 Aral›k 2004 tarihi itibariyle enflasyonun etkilerine göre düzeltilmifl maliyet de¤erlerinden ve 2005 y›l›nda al›nan kalemler için sat›n al›m maliyet de¤erlerinden birikmifl itfa paylar› ve kal›c› de¤er kay›plar› düflülerek yans›t›l›r. Maddi olmayan duran varl›k amortismanlar›, konsolide gelir tablosuna ilgili varl›klar›n tahmini ekonomik ömürleri üzerinden normal amortisman yöntemi kullan›larak hesaplanmas› sonucu yans›t›l›r. Bu varl›klar›n tahmini ekonomik ömürleri befl ile onbefl y›l aras›ndad›r. e. Varl›klar›n de¤er kayb› Topluluk, ertelenen vergi alaca¤› ve flerefiye d›fl›nda kalan her varl›k için her bir bilanço tarihinde, sözkonusu varl›¤a iliflkin de¤er kayb›n›n oldu¤una dair herhangi bir gösterge olup olmad›¤›n› de¤erlendirir. E¤er böyle bir gösterge mevcutsa, o varl›¤›n geri kazan›labilir tutar› tahmin edilir. Kullan›ma uygun olmayan, maddi olmayan duran varl›klarda ise geri kazan›labilir tutar her bir bilanço tarihinde tahmin edilir. E¤er sözkonusu varl›¤›n veya o varl›¤a ait nakit üreten herhangi bir biriminin kay›tl› de¤eri, kullan›m veya sat›fl yoluyla geri kazan›lacak tutar›ndan yüksekse de¤er düflüklü¤ü meydana gelmifltir. De¤er düflüklü¤ü kay›plar› gelir tablosunda muhasebelefltirilir. Bir varl›kta oluflan de¤er düflüklü¤ü kayb›, o varl›¤›n geri kazan›labilir tutar›ndaki müteakip art›fl›n, de¤er düflüklü¤ünün kay›tlara al›nmalar›n› izleyen dönemlerde ortaya ç›kan bir olayla iliflkilendirilebilmesi durumunda daha önce de¤er düflüklü¤ü ayr›lan tutar› geçmeyecek flekilde geri çevrilir. f. Borçlanma giderleri Kullan›ma ve sat›fla haz›r hale getirilmesi önemli ölçüde zaman isteyen varl›klar söz konusu oldu¤unda, sat›n al›nmas›, yap›m› veya üretimi ile direkt iliflki kurulabilen faiz giderleri, ilgili varl›k kullan›ma veya sat›fla haz›r hale getirilene kadar maliyetine dahil edilmektedir. Di¤er tüm finansman giderleri, olufltuklar› dönemlerde gelir tablosuna kaydedilmektedir. g. Finansal araçlar Finansal varl›klar ilk kay›t tarihinde ifllem tarihi esas›na göre rayiç de¤erleri ile muhasebelefltirilmektedir. ‹lk kay›t tarihinden sonraki raporlama dönemlerinde, fiirket'in vade sonuna kadar elinde tutma niyet ve gücü olan finansal varl›klar, iskonto edilmifl maliyet de¤erleri üzerinden de¤er düflüklü¤ü dikkate al›narak de¤erlendirilmektedir. Vadeye kadar elde tutulacak yat›r›mlar haricinde kalan yat›r›mlar al›m sat›m amaçl› finansal varl›klar ve sat›lmaya haz›r finansal varl›klar olarak s›n›flan›r ve bilanço tarihindeki rayiç de¤erleri ile de¤erlendirilir. Al›m sat›m amaçl› finansal varl›klardan kaynaklanan gerçekleflmemifl kar ve zararlar dönem kar zarar›nda muhasebelefltirilir. Sat›lmaya haz›r finansal varl›klardan kaynaklanan gerçekleflmemifl kar ve zararlar ise, sat›fla ya da sürekli de¤er düflüklü¤üne karar verilene kadar, özkaynaklar alt›nda muhasebelefltirilir ve sat›flta ya da de¤er düflüklü¤ünde daha önce özkaynaklar içinde oluflan kümülatif kar / zarar dönem kar zarar›na intikal ettirilir. Aktif bir piyasada oluflmufl piyasa fiyat› olmayan ve di¤er de¤erleme yöntemleri kullan›larak piyasa de¤eri tespit edilemeyen sat›lmaya haz›r finansal varl›klar ekli konsolide mali tablolarda endekslenmifl maliyet de¤erleri ile gösterilmifltir. Gerçe¤e uygun de¤er, istekli al›c› ve sat›c›lar›n bir araya geldi¤i piyasalarda bir aktifin baflka bir varl›kla de¤ifltirilebilece¤i veya bir taahhüdün yerine getirilebilece¤i de¤erdir. Bir finansal enstrüman›n piyasa de¤eri, aktif bir pazar›n mevcudiyeti durumunda, sat›fltan elde edilebilecek tutara veya sat›n almadan do¤abilecek borca eflittir. Finansal enstrümanlar›n gerçe¤e uygun tahmini de¤eri Topluluk taraf›ndan piyasalara iliflkin bilgiler ve gerekli de¤erleme yöntemleri kullan›larak belirlenmifltir. Ancak, gerçe¤e uygun de¤erin belirlenmesinde kullan›lan piyasa verilerinin yorumlanmas›na gerek duyulmaktad›r. Bu nedenle, bu raporda sunulan tahminler Toplulu¤un varl›klar›n› elden ç›karmas› durumunda cari piyasa koflullar›nda elde edebilece¤i de¤erler olmayabilir. 105 TURCAS PETROL A.fi. AND ITS SUBSIDIARY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2006 (Amounts are expressed in New Turkish Lira (“TRY”) unless otherwise stated.) 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont'd) d. Intangible assets Intangible assets represent trade names and other rights and intangible assets purchased before 1 January 2005 are carried with their restated cost as of 31 December 2004, and intangible assets that are acquired after 1 January 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. e. 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. If the impairment loss of an asset is followed by an increase in its recoverable amount which can be also justified by a related event, the increase in the recoverable amount can be adjusted in the financial statements by reversing the recognized impairment loss to the extent that the adjustment should not exceed the total amount of the recognized impairment loss. f. 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. g. Financial Instruments Financial assets are recognized initially at their fair values on the trade date using the settlement date accounting. For the reporting periods subsequent to initial recognition, Financial assets that an entity has the positive intention and ability to hold to maturity are measured at amortized cost considering any impairment. Investments other than held-to-maturity debt securities are classified as either investments held for trading or as available-forsale, and are measured at subsequent reporting dates at fair value. Where securities are held for trading purposes, gains and losses arising from changes in fair value are included in profit or loss for the period. For available-for-sale investments, 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. Fair value is the amount for which an asset could be exchanged or a liability settled, between knowledgeable willing parties in an arms length transaction. Market value is the amount obtainable from the sale or payable on the acquisition, of a financial instrument in an active market, if one exists. The estimated fair values of financial instruments have been determined by the Group using available market information and appropriate valuation methodologies. However, judgment is necessarily required to interpret market data to develop the estimated fair value. Accordingly, the estimates presented here in may not necessarily be indicative of the amounts the Group could realize in a current market exchange. Balances with banks, receivables, contingent liabilities like letters of guarantee and letters of credit are important financial instruments which would have negative effects on the financial structure of the Company if the other party failed to comply with the terms and conditions of the agreement. 106 TURCAS PETROL A.fi. VE BA⁄LI ORTAKLI⁄I 31 ARALIK 2006 TAR‹H‹NDE SONA EREN YILA A‹T KONSOL‹DE MAL‹ TABLOLARA ‹L‹fiK‹N D‹PNOTLAR (Birim - Aksi birim belirtilmedikçe tutarlar YTL olarak ifade edilmifltir.) 3. UYGULANAN DE⁄ERLEME ‹LKELER‹ / MUHASEBE POL‹T‹KALARI (devam›) g. Finansal araçlar (devam›) Banka mevduatlar›, alacaklar, teminat mektuplar› ve akreditifler gibi flarta ba¤l› taahhütler karfl› taraf›n anlaflman›n flartlar›n› yerine getirememesi durumunda, Topluluk finansal durumunu olumsuz yönde etkileyebilecek önemli finansal enstrümanlard›r. Baz› menkul de¤erlerin maliyet de¤erine eflit olan kay›tl› de¤erlerinin, k›sa vadeli nitelikleri nedeniyle gerçe¤e uygun de¤erlerine eflit oldu¤u varsay›lmaktad›r. Afla¤›da her mali enstrüman›n gerçe¤e uygun tahmini de¤erlerini belirlemede kullan›lan yöntemler ve varsay›mlar belirtilmifltir. Nakit ve nakit benzeri kalemler Yabanc› para cinsinden olan kasa ve banka bakiyeleri cari dönem sonu kurundan de¤erlenmifllerdir. Bilançodaki nakit ile bankadaki mevduat›n mevcut de¤eri, bu varl›klar›n gerçe¤e uygun tahmini de¤erleridir. Ticari alacaklar Ticari alacaklar, gerçekleflebilir de¤erleriyle, UMS 39 kapsam›nda etkin faiz oran› ile iskonto edilmifl net gerçekleflebilir de¤erlerinden olas› flüpheli alacaklara iliflkin karfl›l›klar›n düflülmesi suretiyle gösterilmektedir. fiüpheli alacaklara iliflkin karfl›l›klar, Topluluk Yönetimi'nce tahsil edilemeyen alacaklar›n tutar›, al›nan teminatlar, geçmifl tecrübeler ›fl›¤›nda ve mevcut ekonomik koflullar göz önünde bulundurularak ayr›lmaktad›r. Tahsil edilemeyecek alacaklar, tahsil edilemeyecekleri anlafl›ld›¤› dönemde zarar kaydedilmektedir. Kullan›lan krediler Kullan›lan krediler, kullan›ld›klar› tarihte geçerli olan faiz oranlar›na tabidir. Libor veya Euribor art› sabit bir oranla al›nan krediler faiz ödeme dönemlerindeki de¤iflime göre de¤erlendirilip yeniden Libor ve Euribor'daki geçerli olan faiz oranlar›ndaki dalgalanmalara göre de¤iflen faiz oranlar›na tabidir. Banka kredileri elde edilen nakit tutar›ndan muhasebelefltirilir. Finansman giderleri tahakkuk esas›na göre muhasebelefltirilir ve olufltuklar› dönemde ödenmeyen k›s›m bilançodaki kredi tutar›na eklenir. Topluluk, ola¤an faaliyetleri s›ras›nda akreditifler vb. gibi bilanço d›fl› riski bulunan finansal enstrümanlar kullanmaktad›r. Toplulu¤un bu tür enstrümanlardan kaynaklanabilecek zararlar› söz konusu enstrümanlar›n sözleflme tutarlar›na eflde¤erdir. Tahsilat riski Toplulu¤un tahsilat riski esas olarak ticari alacaklar›ndan do¤abilmektedir. Ticari alacaklar, Topluluk Yönetimi'nce geçmifl tecrübeler ve cari ekonomik durum göz önüne al›narak de¤erlendirilmekte ve uygun oranda flüpheli alacak karfl›l›¤› ayr›ld›ktan sonra bilançoda net olarak gösterilmektedir. Fiyat riski Topluluk, faaliyet konusu nedeniyle yabanc› para birimlerinin Yeni Türk Liras› karfl›s›ndaki de¤erlerinin de¤iflimlerine ba¤l› olarak kur dalgalanmalar›na maruz kalmaktad›r. Toplulu¤un ihracatlar› ve ithalatlar› yabanc› para cinsinden yap›lmaktad›r. Kullan›lan kredilere iliflkin faiz oranlar›n›n bir bölümü piyasada oluflan faiz oranlar›na paralel olarak de¤iflmektedir. Bu nedenle, Topluluk iç ve d›fl piyasalarda faiz dalgalanmalar›na da maruz kalmaktad›r. Topluluk, kur ve faiz risklerini s›n›rlamak amac›yla riskten kaç›nma araçlar›n› (hedging) kullanmamaktad›r. Likidite riski Topluluk genellikle k›sa vadeli finansal enstrümanlar›n› nakde çevirerek; örne¤in alacaklar›n› tahsil ederek, menkul k›ymetlerini elden ç›kararak kendisine fon yaratmaktad›r. Bu enstrümanlardan elde edilen tutarlar gerçe¤e uygun de¤erleriyle kay›tlarda yer almaktad›r. Topluluk gereken durumlarda, nakit ihtiyac›n› kreditörlerinden ve ortaklar›ndan kredi almak suretiyle sa¤lamaktad›r. 107 TURCAS PETROL A.fi. AND ITS SUBSIDIARY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2006 (Amounts are expressed in New Turkish Lira (“TRY”) unless otherwise stated.) 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont'd) g. Financial Instruments (cont'd) The fair values of certain financial assets carried at cost are considered to be representative of carrying values due to their shortterm nature. The following methods and assumptions were used to estimate the fair value of each class of financial instrument for which it is practicable to estimate fair value. Cash and cash equivalents Cash and bank balances denominated in foreign currencies are translated at period-end exchange rates. The carrying amounts of the remaining cash and bank balances are reasonable estimates of their fair values. Trade receivables Trade and other receivables, under IAS 39, are measured at initial recognition at fair value, and are subsequently measured at amortized cost using the effective interest rate method. Appropriate allowances for estimated irrecoverable amounts are recognized by the Group Management considering the amount of non-collectable receivables, guarantees taken, previous experiences and existing economical conditions. Irrecoverable amounts are recognized as loss in the period, in which it is clear that no collections can be made regarding to those amounts. Borrowings Borrowings have interest rates that are fixed on an entry value basis. However, borrowings at Libor or Euribor plus mark up are subject to fluctuation in accordance with the prevailing interest rates in the market. Interest-bearing bank loans and bank overdrafts are recorded at the proceeds received. Finance charges are accounted for on an accrual basis and added to the carrying amount of the instrument to the extent they are not settled in the period in which they incurred. The Group deals with financial instruments with off-balance sheet risk in the normal course of business such as letters of credit, etc. The Group's exposure to losses arising from these instruments is represented by the contractual amount of those instruments Credit risk The Group's credit risk is primarily attributable to its trade receivables. The amounts presented in the balance sheet are net of allowances for doubtful receivables, estimated by the Group's management based on prior experience and the current economic environment. Price risk The Group is exposed to exchange rate fluctuations between foreign currencies and the Turkish Lira due to the nature of its business. Majority of the Group's imports and exports are in foreign currencies. Certain parts of the interest rates related to borrowings and leasing transactions are based on market interest rates; therefore, the Group is exposed to interest rate fluctuations in domestic and international markets. The Group does not use any hedging agreements to minimize its foreign currency and interets rate fluctuation risks. Liquidity risk The Group is generally raising funds by liquidating its short-term financial instruments such as collecting its receivables and disposing of marketable securities. The Group's proceedings from these instruments generally approximate their fair values. The Group obtains funds from its bankers and its major shareholders, if short of liquidity. 108 TURCAS PETROL A.fi. VE BA⁄LI ORTAKLI⁄I 31 ARALIK 2006 TAR‹H‹NDE SONA EREN YILA A‹T KONSOL‹DE MAL‹ TABLOLARA ‹L‹fiK‹N D‹PNOTLAR (Birim - Aksi birim belirtilmedikçe tutarlar YTL olarak ifade edilmifltir.) 3. UYGULANAN DE⁄ERLEME ‹LKELER‹ / MUHASEBE POL‹T‹KALARI (devam›) h. ‹flletme birleflmeleri Konsolide mali tablolarda, iktisap edilen Toplulu¤un net varl›klar›n›n makul de¤erindeki pay› ile sat›n alma fiyat› aras›ndaki fark› gösteren pozitif flerefiye ve negatif flerefiye, 31 Mart 2004 tarihinden önce gerçekleflen sat›n almalara iliflkin ise aktiflefltirilmifl ve do¤rusal amortisman yöntemi kullan›larak faydal› ömrü üzerinden 31 Aral›k 2004 tarihine kadar pozitif flerefiye itfa pay› gider, negatif flerefiye itfa pay› gelir yaz›lmak suretiyle gelir tablosu ile iliflkilendirilmifltir. UFRS 3 - “‹flletme Birleflmeleri” çerçevesinde 31 Mart 2004 tarihinden sonra gerçekleflen sat›n almalardan kaynaklanan pozitif flerefiye için amortisman muhasebesi uygulanmamakta, hesaplanan pozitif flerefiye gözden geçirilerek varsa de¤er düflüklü¤ü ayr›lmaktad›r. fierefiyenin de¤er düflüklü¤üne u¤ray›p, u¤ramad›¤›n›n belirlenmesi, flerefiyenin tahsis edildi¤i nakit üreten birimlerin kullan›m de¤erinin tahminini gerektirir. Kullan›m de¤erinin hesaplanmas›, iflletmenin nakit üreten birimden kaynaklanmas› beklenen gelecekteki nakit ak›mlar›n›n ölçülmesi ile bugünkü de¤erin hesaplanmas› için uygun bir iskonto oran›n› gerektirir. Yine ayn› tarihten sonra gerçekleflen sat›n almalara iliflkin iktisap edilen tan›mlanabilir varl›k ve borçlar›n makul de¤erinde Toplulu¤un pay›n›n iktisap maliyetini aflmas›, di¤er bir ifadeyle negatif flerefiye oluflmas› söz konusu ise bu tutar olufltu¤u dönemde gelir olarak kaydedilmektedir. i. Kur de¤ifliminin etkileri Toplulu¤un yasal kay›tlar›nda, yabanc› para cinsinden (YTL d›fl›ndaki para birimleri) muhasebelefltirilen ifllemler, ifllem tarihindeki kurlar kullan›larak Yeni Türk Liras›'na çevrilmektedir. Bilançoda yer alan dövize ba¤l› varl›k ve borçlar bilanço tarihinde geçerli olan kurlar kullan›larak Yeni Türk Liras›'na çevrilmifllerdir. Bu çevrimden ve dövizli ifllemlerin tahsil ve tediyelerinden kaynaklanan kambiyo kar ve zararlar› gelir tablosunda yer almaktad›r. j. Hisse bafl›na kazanç Cari döneme ait hisse bafl›na kazanç hesaplamas›, net dönem kar›ndan veya zarar›ndan adi hisse senedi sahiplerine isabet eden k›sm›n, dönem içindeki a¤›rl›kl› ortalama adi hisse senedi say›s›na bölünmesiyle hesaplan›r. Dönem içinde ortaklar›n elinde bulunan a¤›rl›kl› ortalama adi hisse senedi say›s›, dönem bafl›ndaki adi hisse senedi say›s› ve dönem içinde ihraç edilen hisse senedi say›s›n›n bir zaman a¤›rl›kl› faktör ile çarp›larak toplanmas› sonucu bulunan hisse senedi say›s›d›r. k. Bilanço tarihinden sonraki olaylar Bilanço tarihi ile bilançonun yay›m› için yetkilendirme tarihi aras›nda, iflletme lehine veya aleyhine ortaya ç›kan olaylar› ifade eder. Bilanço tarihi itibariyle söz konusu olaylar›n var oldu¤una iliflkin yeni deliller olmas› veya ilgili olaylar›n bilanço tarihinden sonra ortaya ç›kmas› durumunda, topluluk söz konusu hususlar› ilgili dipnotlar›nda aç›klamaktad›r. Topluluk; bilanço tarihinden sonraki düzeltme gerektiren olaylar›n ortaya ç›kmas› durumunda, mali tablolara al›nan tutarlar› bu yeni duruma uygun flekilde düzeltir. 109 TURCAS PETROL A.fi. AND ITS SUBSIDIARY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2006 (Amounts are expressed in New Turkish Lira (“TRY”) unless otherwise stated.) 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont'd) h. Business Combinations Goodwill represents the difference between the purchased assets' purchase cost and the fair value of the underlying net assets. Goodwill that is acquired before 31 March 2004 is capitalized and amortized using the straight-line method over the estimated useful life of 20 years before 31 December 2004. Under IFRS 3 “Business Combinations”, amortization using the straight-line method for goodwill arising from the acquisitions subsequent to 31 March 2004 is no longer applied and the carrying value of goodwill is reviewed annually for impairment if there is any indications of impairment and an impairment loss should be recognized in the consolidated statements, if any. For the purpose of impairment testing, a calculation is required for the value in use of each cash-generating unit which positive goodwill is allocated to. The calculation of value in use requires an appropriate discount rate for the measurement of expected future cash flows generated by the cash-generating units of the Group and the present value of those future cash flows. For acquisitions subsequent to the related date, any excess of the Group's interest in the net fair value of the acquiree's identifiable assets, liabilities and contingent liabilities over the cost of the business combination (known as negative goodwill) should be recognized immediately in profit or loss. i. Foreign Currency Transactions In the statutory accounts of the Group companies, transactions in foreign currencies (currencies other than New Turkish Lira) are translated into New Turkish Lira at the rates of exchange ruling at the transaction dates. Assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the balance sheet date. Gains and losses arising on settlement and translation of foreign currency items are included in the statements of income. j. Earnings Per Share For the purpose of calculating earnings per share, net profit is divided by the weighted average number of ordinary shares outstanding during the period. The weighted average number of ordinary shares outstanding during the period is the number of ordinary shares outstanding at the beginning of the period, adjusted by the number of ordinary shares bought back or issued during the period multiplied by a time-weighting factor. k. Subsequent events Events after balance sheet date are those events, favourable and unfavourable, that occur between the balance sheet date and the publication date of the balance sheet. Should any evidence about the events that are prior to the balance sheet date or any related events arise subsequent to the balance sheet date, should be explained in the relevant footnote. The Group restates its financial statements if such subsequent events arise. 110 TURCAS PETROL A.fi. VE BA⁄LI ORTAKLI⁄I 31 ARALIK 2006 TAR‹H‹NDE SONA EREN YILA A‹T KONSOL‹DE MAL‹ TABLOLARA ‹L‹fiK‹N D‹PNOTLAR (Birim - Aksi birim belirtilmedikçe tutarlar YTL olarak ifade edilmifltir.) 3. UYGULANAN DE⁄ERLEME ‹LKELER‹ /MUHASEBE POL‹T‹KALARI (devam›) l. Karfl›l›klar, flarta ba¤l› yükümlülükler ve flarta ba¤l› varl›klar Toplulu¤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 oldu¤u dönemin mali tablolar›nda karfl›l›k olarak mali tablolara al›n›r. Topluluk 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. m. Muhasebe politikalar›, muhasebe tahminlerinde de¤ifliklik ve hatalar 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. n. Kiralama ifllemleri Finansal kiralamayla elde edilen varl›klar, al›m tarihindeki gerçe¤e uygun de¤erleriyle Toplulu¤a ait bir varl›k olarak görülür. Kiralayana karfl› yükümlülük, bilançoda finansal kiralama yükümlülü¤ü olarak gösterilir. Toplam finansal kiralama taahhütü ile varl›¤›n gerçe¤e uygun de¤eri aras›ndaki fark›n oluflturdu¤u finansal giderler, her muhasebe dönemine düflen yükümlülü¤ün sabit faiz oran› ile da¤›t›lmas› suretiyle kiralama süresi boyunca olufltu¤u döneme ait gelir tablosuna kaydedilir. o. ‹liflkili taraflar Ekteki mali tablolarda fiirket'in hissedarlar›, konsolide olan ve olmayan flirketleri, bunlar›n yöneticileri ve iliflkili olduklar› bilinen di¤er gruplar, iliflkili taraflar olarak tan›mlanm›fllard›r. p. Finansal bilgilerin bölümlere göre raporlanmas› Topluluk, tek bir üretim alan›nda faaliyet gösterdi¤inden bölümler baz›nda raporlamaya ihtiyaç bulunmamaktad›r. r. Devlet teflvik ve yard›mlar fiirket makul de¤erleri ile izlenen parasal olmayan devlet teflvikleri de dahil olmak üzere tüm devlet teflviklerini, elde edilmesi için gerekli flartlar›n fiirket taraf›ndan yerine getirilece¤ine ve teflvi¤in iflletme taraf›ndan elde edilebilece¤ine dair makul bir güvence olufltu¤unda mali tablolara al›nmaktad›r. Devlet teflvikleri nakden veya devlete karfl› olan bir yükümlülü¤ün azalt›lmas› fleklinde elde edilmifl olsa dahi ayn› flekilde mali tablolarda gösterilmektdir. 111 TURCAS PETROL A.fi. AND ITS SUBSIDIARY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2006 (Amounts are expressed in New Turkish Lira (“TRY”) unless otherwise stated.) 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont'd) l. Provisions, Contingent Liabilities, Contingent Assets The Group shall recognise a provision only when it has a present obligation as a result of a past event, and it is probable that the entity will be required to transfer economic benefits in settlement; and the amount of the obligation can be estimated reliably. Contingent liabilities are reviewed consistently to determine whether there is a possibility of an outflow of resources embodying economic benefits from the company. For items of contingent liabilities, when a future outflow of resources embodying economic benefits from the company becomes probable, such contingent liabilities, except for the reliable estimate cannot be made, are recognized as a provision in the financial statements attributable to the period in which the change in the outflow of resources embodying economic benefits becomes probable. The Group, reflects its related liabilities in the notes to the extent that contingent liabilities are probable but there is no realiable assumption on the amount of resources embodying economic benefits. A contingent asset is defined as a possible asset that arises from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the entity. A contingent asset is disclosed where an inflow of economic benefits is probable. m. Changes in Accounting Policies, Accounting Estimates and Errors Changes in accounting policies or determined accounting errors are applied retroactively and the financial statements of the previous year are restated. If estimated changes in accounting policies are for only one period, changes are applied on the current year but if the estimated changes are for the following periods, changes are applied both on the current and following years prospectively. n. Financial Leases Assets held under finance leases are recognized as assets of the Group at their fair values at the date of acquisition. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation. Finance costs, which represent the difference between the total leasing commitments and the fair values of the assets acquired, are charged to the income statement over the term of the relevant lease so as to produce a constant periodic rate of charge on the remaining balance of the obligations for each accounting period. o. Related Parties For the purpose of the accompanying consolidated financial statements, shareholders of the Company and related companies, consolidated subsidiary, and the companies related to those companies, their directors and key management personnel and any groups to which they are known to be related, are considered and referred to as related companies. p .Segmental Information Because the Group operates only in one industry, the accompanying financial statements do not include segmental information. r. Government Grants and Government Assistance Government grants, including non-monetary grants at fair value, shall not be recognised until there is reasonable assurance that the Company will comply with the conditions attaching to them and the grants will be received. The manner in which a grant is received does not affect the accounting method to be adopted in regard to the grant. Thus a grant is accounted for in the same manner whether it is received in cash or as a reduction of a liability to the government. 112 TURCAS PETROL A.fi. VE BA⁄LI ORTAKLI⁄I 31 ARALIK 2006 TAR‹H‹NDE SONA EREN YILA A‹T KONSOL‹DE MAL‹ TABLOLARA ‹L‹fiK‹N D‹PNOTLAR (Birim - Aksi birim belirtilmedikçe tutarlar YTL olarak ifade edilmifltir.) 3. UYGULANAN DE⁄ERLEME ‹LKELER‹ / MUHASEBE POL‹T‹KALARI (devam›) s. Kurum kazanc› üzerinden hesaplanan vergiler Türk Vergi Kanunu ana fiirket ve ba¤l› ortakl›klar›n›n konsolide bir vergi beyannamesi doldurmas›na izin vermemektedir. Dolay›s›yla, ekteki mali tablolarda yans›t›lan vergi karfl›l›klar› konsolide edilen flirketleri ayr› tüzel kiflilik baz›nda dikkate alarak hesaplanm›flt›r. Mali tablolarda yer alan vergiler cari y›l vergisi ile ertelenmifl vergilerdeki de¤iflimi içermektedir. Topluluk, UMS 12'ye (“Vergilendirme” yeniden düzenlenmifl) uygun olacak flekilde, dönem sonuçlar› üzerinden cari ve ertelenmifl vergileri hesaplamaktad›r. Haz›rlanan mali tablolarda, Toplulu¤un dönem sonuçlar›na dayan›larak tahmin edilen Kurumlar Vergisi yükümlülü¤ü için karfl›l›k ayr›lmaktad›r. Kurumlar Vergisi yükümlülü¤ü dönem sonucunun kanunen kabul edilmeyen giderler ve indirimler dikkate al›narak düzeltilmesinden sonra bulunan matrah üzerinden hesaplanmaktad›r. Ertelenmifl vergi alaca¤› ve yükümlülü¤ü, baz› gelir ve gider kalemlerinin muhasebe ve vergisel aç›lardan farkl› de¤erlendirilmeleri sonucunda ortaya ç›kan zamanlama farkl›l›klar›n› baz alarak, yükümlülük metoduna göre hesaplanmaktad›r. Ertelenmifl vergi yükümlülü¤ü, oluflan vergilendirilebilir tüm zamanlama farkl›l›klar› için hesaplanmakta olup, ertelenmifl vergi alaca¤› ise sadece ortaya ç›kacak bu alaca¤›n itfa edilebilece¤i, vergilendirilebilir bir kar›n gelecekte oluflmas› beklendi¤inde kay›tlara al›nmaktad›r. Ertelenmifl vergi, varl›klar›n olufltu¤u veya yükümlülüklerin yerine getirildi¤i dönemde geçerli olan vergi oranlar› üzerinden hesaplan›r ve gelir tablosuna gider veya gelir olarak kaydedilir. Ödenecek kurumlar vergisi tutarlar›, peflin ödenen kurumlar vergisi tutarlar›yla, iliflkili oldu¤undan netlefltirilmektedir. Ertelenmifl vergi alaca¤› ve yükümlülü¤ü de ayn› flekilde netlefltirilmektedir. t. Çal›flanlara sa¤lanan faydalar/k›dem tazminat›: Türkiye'de mevcut kanunlar ve toplu ifl sözleflmelerine göre k›dem tazminat›, emeklilik veya iflten ç›kar›lma durumunda ödenmektedir. K›dem tazminat› karfl›l›¤› bilanço tarihi itibar›yla buna hak kazanan bütün çal›flanlar›n ifline son verilmesi varsay›m› ile ödenmesi gerekecek olan yükümlülü¤ün hesaplanmas›na dayanmaktad›r. Gelecek k›dem tazminat› ödemeleri uygun iskonto oran› ile tahmin edilen enflasyon oran›n›n neti ile reeskonta tabi tutularak bilanço tarihindeki de¤erine getirilmifltir. u. Nakit ak›m Topluluk net varl›klar›ndaki de¤iflimleri, finansal yap›s›n› ve nakit ak›mlar›n›n tutar ve zamanlamas›n› de¤iflen flartlara göre yönlendirme yetene¤i hakk›nda mali tablo kullan›c›lar›na bilgi vermek üzere, di¤er mali tablolar›n›n ayr›lmaz bir parças› olarak, nakit ak›m tablolar›n› düzenlemektedir. Döneme iliflkin nakit ak›mlar esas, yat›r›m ve finansman faaliyetlerine dayal› bir biçimde raporlanmaktad›r. 113 TURCAS PETROL A.fi. AND ITS SUBSIDIARY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2006 (Amounts are expressed in New Turkish Lira (“TRY”) unless otherwise stated.) 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont'd) s. Taxation 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. The Group accounts for current and deferred taxation on the results for the period, in accordance with IAS 12 (“Income Taxes”) (Revised). Provision is made in the financial statements for the Company's estimated liability to Turkish corporation tax on its results for the year. The charge for current tax is based on the results for the year as adjusted for items, which are non-assessable or disallowed. Deferred tax assets and liabilities are recognized using the liability method in respect of material temporary differences arising from different treatment of items for accounting and taxation purposes. Deferred tax liabilities are recognized for all taxable temporary differences and deferred tax assets are only provided to the extent if it is probable that taxable profit will be available against which the deductible temporary differences can be utilized. Deferred tax is calculated at the tax rates that are expected to apply to the period when the asset is realized or the liability is settled and charged or credited in the statement of income. Prepaid corporation taxes and corporation tax liabilities are offset as they relate to income taxes levied by the same taxation authority. Deferred tax assets and liabilities are also offset. t. Retirement Pay Provision Benefits are provided to the Group employees such as; bonuses, change in marital status, permission, and incentive education etc. Moreover, under the Turkish law and union agreements, lump sum payments are made to employees retiring or involuntarily leaving the Group. Future retirement payments are discounted to their present value at the balance sheet date at an interest rate determined as net of an expected inflation rate and an appropriate discount rate. u. Statement of Cash Flow 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 for the period are mainly reported depending on the investment and financial operations of the Group. 114 TURCAS PETROL A.fi. VE BA⁄LI ORTAKLI⁄I 31 ARALIK 2006 TAR‹H‹NDE SONA EREN YILA A‹T KONSOL‹DE MAL‹ TABLOLARA ‹L‹fiK‹N D‹PNOTLAR (Birim - Aksi birim belirtilmedikçe tutarlar YTL olarak ifade edilmifltir.) 4. HAZIR DE⁄ERLER 31 Aral›k 2006 4.106 327.843 84.131.315 7.373.945 127.536 91.964.745 Kasa Vadesiz mevduatlar Vadeli mevduatlar Bloke vadeli mevduatlar Tahsile verilen çekler 31 Aral›k 2005 2.079 1.411.615 12.030.000 5.762.118 19.205.812 Bloke mevduatlar, EPDK'ya verilen teminat mektubuna karfl›l›k bankada tutulan vadeli mevduatlard›r. 31 Aral›k 2006 tarihi itibariyle vadeli mevduatlar›n detay› afla¤›daki gibidir: Para cinsi YTL USD Faiz oran› %18-%21,05 %4,25- % 5 Vade Ocak 2007 Ocak 2007 31 Aral›k 2006 59.111.653 32.393.607 91.505.260 31 Aral›k 2005 tarihi itibariyle vadeli mevduatlar›n detay› afla¤›daki gibidir: Para cinsi YTL Faiz oran› %14,45 -%16,15 Vade Ocak 2006 31 Aral›k 2005 12.030.000 31 Aral›k 2006 31 Aral›k 2005 - 25.763.033 Döviz Miktar› 268.833 19.000.000 31 Aral›k 2005 268.833 25.494.200 25.763.033 5. MENKUL KIYMETLER Yoktur 6 F‹NANSAL BORÇLAR K›sa vadeli banka kredileri K›sa vadeli banka kredileri afla¤›dakilerden oluflmaktad›r: Döviz Cinsi YTL ABD Dolar› Faiz Oran› %5,00 - %5,50 115 TURCAS PETROL A.fi. AND ITS SUBSIDIARY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2006 (Amounts are expressed in New Turkish Lira (“TRY”) unless otherwise stated.) 4. CASH AND BANKS 31 December 2006 4.106 327.843 84.131.315 7.373.945 127.536 91.964.745 Cash Demand Deposits Time Deposits Restricted time deposits Cheques in collection 31 December 2005 2.079 1.411.615 12.030.000 5.762.118 19.205.812 Restricted time deposits are kept at the bank for the Letter of guarantees given to the Energy Market Regulatory Authority. The details of time deposits as of 31 December 2006 are as follows: Currency Type YTL USD Interest Rate %18-%21,05 %4,25- % 5 Maturity Ocak 2007 Ocak 2007 31 December 2006 59.111.653 32.393.607 91.505.260 Maturity January 2006 31 December 2005 12.030.000 31 December 2006 31 December 2005 - 25.763.033 Currency Amount 268.833 19.000.000 31 December 2005 268.833 25.494.200 25.763.033 The details of time deposits as of 31 December 2005 are as follows: Currency Type TRY Interest Rate %14.45 -%16.15 5. MARKETABLE SECURITIES None 6. BORROWINGS Short Term Bank Loans Short-Term bank loans consist of the following: Currency Type TRY USD Interest Rate %5,00 - %5,50 116 TURCAS PETROL A.fi. VE BA⁄LI ORTAKLI⁄I 31 ARALIK 2006 TAR‹H‹NDE SONA EREN YILA A‹T KONSOL‹DE MAL‹ TABLOLARA ‹L‹fiK‹N D‹PNOTLAR (Birim - Aksi birim belirtilmedikçe tutarlar YTL olarak ifade edilmifltir.) 7. T‹CAR‹ ALACAK VE BORÇLAR Ticari alacaklar Di¤er ticari alacaklar fiüpheli ticari alacaklar karfl›l›¤› 31 Aral›k 2006 1.906.634 2.825.684 (1.303.523) 3.428.795 31 Aral›k 2005 84.960.112 175.278 (1.123.120) 84.012.270 Gerçekleflmesi beklenmeyen tahsilatlar için karfl›l›k ayr›lm›flt›r. Bu karfl›l›k, geçmifl y›l deneyimlerine dayan›larak hesaplanm›flt›r. fiüpheli alacaklar karfl›l›¤› hareketleri afla¤›daki gibidir: Aç›l›fl bakiyesi Tahsilatlar Dönem gideri 1 Ocak - 31 Aral›k 2006 (1.123.120) 33.869 (214.272) 1 Ocak - 31 Aral›k 2005 608.779) 31.449 (545.790) (1.303.523) (1.123.120) 31 Aral›k 2006 1.302.000 (418.159) 5.801 889.642 31 Aral›k 2005 2.245.316 (604.983) 1.640.333 Kapan›fl bakiyesi UZUN VADEL‹ T‹CAR‹ ALACAKLAR Di¤er alacak senetleri Di¤er alacak senetleri reeskontu Verilen depozito ve teminatlar Grubun ticari alacaklar› için alm›fl oldu¤u teminatlar afla¤›daki gibidir: Teminat mektuplar› Senetler ‹potekler Di¤er 31 Aral›k 2006 137.501 2.625.510 2.763.011 31 Aral›k 2005 8.181.771 139.672 84.667.293 429.581 93.418.317 31 Aral›k 2006 385.823 31 Aral›k 2005 22.662.178 T‹CAR‹ BORÇLAR Ticari borçlar 8. F‹NANSAL K‹RALAMA ALACAKLARI VE BORÇLARI Yoktur 117 TURCAS PETROL A.fi. AND ITS SUBSIDIARY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2006 (Amounts are expressed in New Turkish Lira (“TRY”) unless otherwise stated.) 7. TRADE RECEIVABLES AND PAYABLES SHORT TERM RECEIVABLES 31 December 2006 1.906.634 2.825.684 (1.303.523) 3.428.795 Trade Receivables Other Trade Receivables Allowance for Doubtful Receivables 31 December 2005 84.960.112 175.278 (1.123.120) 84.012.270 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: Opening Balance Collections Period Charge 1 January - 31 December 2006 (1.123.120) 33.869 (214.272) 1 January - 31 December 2005 (608.779) 31.449 (545.790) (1.303.523) (1.123.120) 31 December 2006 1.302.000 (418.159) 5.801 889.642 31 December 2005 2.245.316 (604.983) 1.640.333 Closing Balance LONG TERM TRADE RECEIVABLES Other Notes receivables Discount on other notes receivables Deposits and guarantees given The Group holds the following collaterals for the trade receivables: Letter of guarantees Notes Mortgages Other 31 December 2006 137.501 2.625.510 2.763.011 31 December 2005 8.181.771 139.672 84.667.293 429.581 93.418.317 31 December 2006 385.823 31 December 2005 22.662.178 TRADE PAYABLES Trade Payables 8. FINANCIAL LEASE RECEIVABLES AND PAYABLES None 118 TURCAS PETROL A.fi. VE BA⁄LI ORTAKLI⁄I 31 ARALIK 2006 TAR‹H‹NDE SONA EREN YILA A‹T KONSOL‹DE MAL‹ TABLOLARA ‹L‹fiK‹N D‹PNOTLAR (Birim - Aksi birim belirtilmedikçe tutarlar YTL olarak ifade edilmifltir.) 9. ‹L‹fiK‹L‹ TARAFLARDAN ALACAKLAR VE BORÇLAR ‹liflkili flirketlerden alacaklar Atafl Anadolu Tasfiyehanesi A.fi. Socar&Turcas Enerji A.fi Gerçek kifli ortaklar ‹liflkili flirketlere borçlar Ambarl› Depolama Hizmetleri Ltd. fiti. Atafl Anadolu Tasfiyehanesi A.fi. Shell & Turcas Petrol A.fi. Gerçek kifli ortaklara ödenecek temettüler ‹liflkili flirketlere sat›fllar fiirket ortaklar›na ait istasyonlara yap›lan sat›fllar Ambarl› Depolama Hizmetleri Ltd. fiti. ‹liflkili flirketlerden mal ve hizmet al›mlar› Ambarl› Depolama Hizmetleri Ltd. fiti. fiirket ortaklar› ‹liflkili flirketlerden temettü gelirleri Ambarl› Depolama Hizmetleri Ltd. fiti. ‹liflkili flirketlerden di¤er gelir / (giderler) (net) Ambarl› Depolama Hizmetleri Ltd. fiti. Conoco Ltd. Shell & Turcas Petrol A.fi. 31 Aral›k 2006 31 Aral›k 2005 681.762 8.170 689.932 14.423 434.165 448.588 869.715 273.112 1.142.827 285.711 503.903 7.171 796.785 48.259.089 76.653 48.335.742 94.425.001 282.238 94.707.239 676.619 223.251 899.870 1.412.742 150.747 1.563.489 30.307 20.746 (647) (470.116) (470.763) (202.242) (67.499) (269.741) Cari dönemde, üst düzey yönetime sa¤lanan ücret ve benzeri menfaatlerin tutar› 1.116.215 YTL'dir. (2005: 1.254.000 YTL). Topluluk y›l içerisinde Akaryak›t Yönetim Sistemi (AYS) Sat›fllar› ile ilgili Shell&Turcas Petrol A.fi.'ye toplam 10.337.758 YTL tutar›nda arac›l›k faaliyetinde bulunmufltur. 119 TURCAS PETROL A.fi. AND ITS SUBSIDIARY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2006 (Amounts are expressed in New Turkish Lira (“TRY”) unless otherwise stated.) 9. DUE FROM/TO RELATED PARTIES Due from related parties Atafl Anadolu Tasfiyehanesi A.fi. Socar&Turcas Enerji A.fi Real person shareholders Due to related parties Ambarl› Depolama Hizmetleri Ltd. fiti. Atafl Anadolu Tasfiyehanesi A.fi. Shell & Turcas Petrol A.fi. Dividend payable to real person shareholders Sales to related parties Sales to stations owned by the shareholders Ambarl› Depolama Hizmetleri Ltd. fiti. Purchases from related parties Ambarl› Depolama Hizmetleri Ltd. fiti. Shareholders Dividend income from related parties(net) Ambarl› Depolama Hizmetleri Ltd. fiti. Other income and expense from related parties Ambarl› Depolama Hizmetleri Ltd. fiti. Conoco Ltd. Shell & Turcas Petrol A.fi. 31 December 2006 31 December 2005 681.762 8.170 689.932 14.423 434.165 448.588 869.715 273.112 1.142.827 285.711 503.903 7.171 796.785 48.259.089 76.653 48.335.742 94.425.001 282.238 94.707.239 676.619 223.251 899.870 1.412.742 150.747 1.563.489 30.307 20.746 (647) (470.116) (470.763) (202.242) (67.499) (269.741) The amount of fee and similar benefits provided to the key management personnel in the current period is TRY 1.116.215 (2005:TRY 1.254.000). The Group has conducted transitory role for the sales to Shell&Turcas Petrol A.fi. related to Fuel Management System (FMS) amounting to TRY 10.337.758. 120 TURCAS PETROL A.fi. VE BA⁄LI ORTAKLI⁄I 31 ARALIK 2006 TAR‹H‹NDE SONA EREN YILA A‹T KONSOL‹DE MAL‹ TABLOLARA ‹L‹fiK‹N D‹PNOTLAR (Birim - Aksi birim belirtilmedikçe tutarlar YTL olarak ifade edilmifltir.) 10. D‹⁄ER ALACAKLAR VE BORÇLAR KISA VADEL‹ D‹⁄ER ALACAKLAR Bayi kredileri Verilen ifl avanslar› Peflin ödenen vergi ve fonlar Devreden KDV 31 Aral›k 2006 197.935 3.473 326.026 1.254.774 1.782.208 31 Aral›k 2005 291.836 298.972 88.568 78.933 758.309 UZUN VADEL‹ D‹⁄ER ALACAKLAR Bayi kredileri Bayi kredileri reeskontu Di¤er 31 Aral›k 2006 - 31 Aral›k 2005 2.985.583 (1.291.627) 3.717 1.697.673 K›sa ve uzun vadeli bayi kredileri, iflletme ve istasyon tamir bak›m çal›flmalar› için istasyon sahiplerine yap›lan ödemeleri içerir. ‹stasyon sahiplerine verilen k›sa ve uzun vadeli kredilerin tahsilat vadeleri afla¤›daki gibidir: 1 y›la kadar 1 - 5 y›l 6 - 10 y›l 11 - 15 y›l 16 - 20 y›l 31 Aral›k 2006 197.935 - 31 Aral›k 2005 291.836 1.216.627 1.197.368 197.935 485.044 86.544 3.277.419 Bayi kredileri, istasyon tamir, bak›m ve yenileme çal›flmalar› için istasyon sahiplerine yap›lan ödemeleri içerir. KISA VADEL‹ D‹⁄ER YÜKÜMLÜLÜKLER Ödenecek vergi ve harçlar Ödenecek SSK primleri Personele borçlar Gelecek dönemlere ait gelirler Di¤er (*) 31 Aral›k 2006 49.395 17.445 170.393 2.291.080 2.528.313 31 Aral›k 2005 6.380.765 195.598 42.562 229.203 6.848.128 (*) 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. UZUN VADEL‹ D‹⁄ER YÜKÜMLÜLÜKLER Gelecek dönemlere ait gelirlerin uzun vadeli k›sm› 31 Aral›k 2006 980.000 31 Aral›k 2005 1.150.395 121 TURCAS PETROL A.fi. AND ITS SUBSIDIARY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2006 (Amounts are expressed in New Turkish Lira (“TRY”) unless otherwise stated.) 10. OTHER RECEIVABLES AND PAYABLES OTHER CURRENT RECEIVABLES Dealer loans Business advances given Prepaid taxes and funds VAT carried forward 31 December 2006 197.935 3.473 326.026 1.254.774 1.782.208 31 December 2005 291.836 298.972 88.568 78.933 758.309 OTHER LONG TERM RECEIVABLES Dealer loans Discount on dealer loans Others 31 December 2006 - 31 December 2005 2.985.583 (1.291.627) 3.717 1.697.673 The short and long-term dealer loans contain payments made to station owners for repair and maintenance expenses. The maturity of short and long-term dealer loans given to station owners is as follows: Within one year 1 - 5 years 6 - 10 years 11 - 15 years 16 - 20 years 31 December 2006 197.935 - 31 December 2005 291.836 1.216.627 1.197.368 197.935 485.044 86.544 3.277.419 Dealer loans comprise payments given to the station owners for repair, maintenance and renewal of stations. OTHER CURRENT PAYABLES Taxes and funds payable Social security premiums payable Due to personnel Unrecognized revenue Others (*) 31 December 2006 49.395 17.445 170.393 2.291.080 2.528.313 31 December 2005 6.380.765 195.598 42.562 229.203 6.848.128 (*) The amount contains the retirement pay provision till to June 30, 2006 which are transferred from Turcas Petrol A.fi to Shell & Turcas Petrol A.fi after the partial spin-off. OTHER LONG TERM PAYABLES Unearned income 31 December 2006 980.000 31 December 2005 1.150.395 122 TURCAS PETROL A.fi. VE BA⁄LI ORTAKLI⁄I 31 ARALIK 2006 TAR‹H‹NDE SONA EREN YILA A‹T KONSOL‹DE MAL‹ TABLOLARA ‹L‹fiK‹N D‹PNOTLAR (Birim - Aksi birim belirtilmedikçe tutarlar YTL olarak ifade edilmifltir.) 11. CANLI VARLIKLAR Yoktur 12. STOKLAR 31 Aral›k 2006 380.753 380.753 ‹lk madde ve malzeme Ticari mallar Di¤er stoklar 31 Aral›k 2005 506.669 25.637.582 205.958 26.350.209 31 Aral›k 2006 tarihi itibariyle stoklar üzerinde sigorta yoktur. (31 Aral›k 2005: 17.242.130 YTL). 13. DEVAM EDEN ‹NfiAAT SÖZLEfiMELER‹ ALACAKLARI VE HAKED‹fi BEDELLER‹ Yoktur 14. ERTELENEN VERG‹ VARLIKLARI VE YÜKÜMLÜLÜKLER‹ Topluluk, 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›klar› 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 kaynaklanmaktad›r. Ertelenmifl vergi 31 Aral›k 2006 ve 31 Aral›k 2005 dönemleri için s›ras›yla %20 ve %30 üzerinden afla¤›daki flekilde hesaplanm›flt›r. 31 Aral›k 2006 31 Aral›k 2005 284.897 (190.146) 66.799 161.550 (7.325.917) (1.638.946) (2.386.447) (11.351.310) 56.980 (38.029) 13.360 32.311 1 Ocak - 31 Aral›k 2006 (2.197.775) (491.684) (715.934) (3.405.393) 1 Ocak - 31 Aral›k 2005 (3.405.393) 1.135.130 2.302.574 32.311 (4.367.965) 962.572 (3.405.393) Ertelenmifl vergiye baz teflkil eden zamanlama farkl›l›klar›: Maddi duran varl›klar K›dem tazminat› karfl›l›¤› Di¤er Ertelenmifl vergi (aktifleri)/ pasifleri: Maddi duran varl›klar K›dem tazminat› karfl›l›¤› Di¤er Ertelenmifl vergi (aktifi) / pasifi hareketleri: Aç›l›fl bakiyesi Vergi oran›ndaki de¤iflim etkisi Ertelenmifl vergi gideri Kapan›fl bakiyesi 123 TURCAS PETROL A.fi. AND ITS SUBSIDIARY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2006 (Amounts are expressed in New Turkish Lira (“TRY”) unless otherwise stated.) 11. BIOLOGICAL ASSETS None 12. INVENTORIES 31 December 2006 380.753 380.753 Raw materials Trade goods Other inventories 31 December 2005 506.669 25.637.582 205.958 26.350.209 As of 31 December 2006, there is not any insurance on inventories. (31 December 2005: TRY 17.242.130). 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, 2006 and December 31, 2005 as follows. 31 December 2006 31 December 2005 284.897 (190.146) 66.799 161.550 (7.325.917) (1.638.946) (2.386.447) (11.351.310) 56.980 (38.029) 13.360 32.311 1 January - 31 December 2006 (2.197.775) (491.684) (715.934) (3.405.393) 1 January - 31 December 2005 (3.405.393) 1.135.130 2.302.574 32.311 (4.367.965) 962.572 (3.405.393) Temporary difference subject to deferred tax: Tangible fixed assets Retirement pay provision Others Deferred tax (assets) / liabilities: Tangible fixed assets Retirement pay provision Others Deferred tax liability movement: Opening balance Effect of change in tax rate Deferred tax benefit Closing balance 124 TURCAS PETROL A.fi. VE BA⁄LI ORTAKLI⁄I 31 ARALIK 2006 TAR‹H‹NDE SONA EREN YILA A‹T KONSOL‹DE MAL‹ TABLOLARA ‹L‹fiK‹N D‹PNOTLAR (Birim - Aksi birim belirtilmedikçe tutarlar YTL olarak ifade edilmifltir.) 15. D‹⁄ER CAR‹/CAR‹ OLMAYAN VARLIKLAR VE KISA/UZUN VADEL‹ YÜKÜMLÜLÜKLER D‹⁄ER CAR‹/DÖNEN VARLIKLAR Peflin ödenmifl giderler 31 Aral›k 2006 682.077 31 Aral›k 2005 2.238.221 D‹⁄ER CAR‹ OLMAYAN/DURAN VARLIKLAR Peflin ödenmifl giderler 31 Aral›k 2006 - 31 Aral›k 2005 12.454.444 16. F‹NANSAL DURAN VARLIKLAR % 31 Aral›k 2006 % 31 Aral›k 2005 Konsolidasyona tabi olmayan ba¤l› ortakl›klar Ambarl› Depolama Hizmetleri Ltd. fiti. (“Ambarl›”) - - 50 274.724 Sat›lmaya haz›r finansal varl›klar Atafl Anadolu Tasfiyehanesi A.fi. (“Atafl”) 5 13.240 5 13.240 30 25 - 344.339.972 12.500 (12.500) 344.353.212 - 287.964 ‹fltirakler Shell &Turcas Petrol A.fi. (*) Socar & Turcas Enerji A.fi. Socar & Turcas Enerji A.fi. Sermaye Taahütü (-) 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. Ambarl› Depolama Hizmetleri Ltd. fiti. 1 Temmuz 2006 tarihinde yeni kurulan Shell&Turcas Petrol A.fi.'ye devredilmifltir. Socar & Turcas Enerji A.fi. 28 Aral›k 2006 tarihinde kurulmufltur. 31 Aral›k 2006 itibari ile bir faaliyeti bulunmamaktad›r. 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. 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. 125 TURCAS PETROL A.fi. AND ITS SUBSIDIARY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2006 (Amounts are expressed in New Turkish Lira (“TRY”) unless otherwise stated.) 15. OTHER CURRENT / LONG TERM ASSETS AND CURRENT / LONG TERM LIABILITIES OTHER CURRENT ASSETS Prepaid expenses 31 December 2006 682.077 31 December 2005 2.238.221 OTHER LONG TERM ASSETS Prepaid expenses 31 December 2006 - 31 December 2005 12.454.444 16. FINANCIAL ASSETS % 31 December 2006 % 31 December 2005 Unconsolidated subsidiaries Ambarl› Depolama Hizmetleri Ltd. fiti. (“Ambarl›”) - - 50 274.724 Available for sale financial assets Atafl Anadolu Tasfiyehanesi A.fi. (“Atafl”) 5 13.240 5 13.240 30 25 - 344.339.972 12.500 (12.500) 344.353.212 - 287.964 Associates Shell &Turcas Petrol A.fi. (*) Socar & Turcas Enerji A.fi. Socar & Turcas Enerji A.fi.Capital Commitment (-) 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 of July 1, 2006, Ambarl› Depolama Hizmetleri Ltd. fiti. is transferred to newly established Shell&Turcas Petrol A.fi. Socar & Turcas Enerji A.fi. is established in 28 December 2006. It does not have any operations as of 31 December 2006. 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. As per the resolution of its Board of Directors, Turcas Petrol A.fi. has decided to concentrate on power and gas businesses as new fields of activity. 126 TURCAS PETROL A.fi. VE BA⁄LI ORTAKLI⁄I 31 ARALIK 2006 TAR‹H‹NDE SONA EREN YILA A‹T KONSOL‹DE MAL‹ TABLOLARA ‹L‹fiK‹N D‹PNOTLAR (Birim - Aksi birim belirtilmedikçe tutarlar YTL olarak ifade edilmifltir.) 16. F‹NANSAL DURAN VARLIKLAR (devam›) a) Turcas Petrol A.fi. 1 Temmuz 2006 tarihinde afla¤›da detaylar› belirtilen aktiflerini yeni kurulan Shell&Turcas Petrol A.fi.'ye devretmifltir. Maddi duran varl›klar Maddi olmayan duran varl›klar Bayi kredileri Gelecek y›llara ait giderler Finansal duran varl›k Turcas Petrol A.fi.'den devredilen varl›klar›n net aktif de¤eri 45.145.882 62.401 2.967.047 11.860.983 274.724 60.311.037 b) 1996 y›l›nda, Marmara'n›n %100 hissesinin ve Turcas Petrolcülük A.fi.'nin %82,16 hissesinin al›m› sonucu ortaya ç›kan flerefiye 1 Temmuz 2006 tarihinde gerçekleflen k›smi bölünme s›ras›nda yokedilmifltir. K›smi bölünme nedeniyle gider yaz›lan flerefiye 80.809.878 c) Kurulum s›ras›nda flirketin sermayesine ilk kat›l›m pay› olarak 15.000 YTL ödenmifltir. d) Shell&Turcas Petrol A.fi.'nin 31 Aral›k itibariyle Toplulu¤a ait toplam net varl›klar›, dönem kar› afla¤›daki gibidir; Shell&Turcas Petrol A.fi. net dönem kar› Net dönem kar›n›n toplulu¤a düflen k›sm› Net dönem kar›n›n toplulu¤a düflen tutar› - (not 38) Shell&Turcas Petrol A.fi. net varl›k tutar› Net dönem kar›n›n toplulu¤a düflen k›sm› Turcas Petrol A.fi.'nin ifltirak tutar› 105.835.582 %30 31.750.675 1.147.799.907 %30 344.339.972 e) Shell&Turcas Petrol A.fi.'ye %30 ifltirak etmekten dolay› elde edilen kar afla¤›daki gibidir; Turcas Petrol A.fi.'nin ifltirak tutar› Turcas Petrol A.fi.'den devredilen varl›klar›n net aktif de¤eri Sat›fl nedeniyle gider yaz›lan flerefiye ‹lk kat›l›m pay› Net dönem kar›n›n toplulu¤a düflen tutar› Bölünme ifllemi sonucu oluflan kar - (Not 38) 344.339.972 (60.311.037) (80.809.878) (15.000) (31.750.675) 171.453.382 127 TURCAS PETROL A.fi. AND ITS SUBSIDIARY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2006 (Amounts are expressed in New Turkish Lira (“TRY”) unless otherwise stated.) 16. F‹NANCIAL ASSETS (cont'd) a) The details of Turcas Petrol A.fi.'s assets transferred (as of July 1, 2006) to newly established Shell&Turcas Petrol A.fi.; Tangible fixed assets Intangible fixed assets Dealer loans Prepaid expenses Financial assets Net book value of assets tranferred from Turcas Petrol A.fi. 45.145.882 62.401 2.967.047 11.860.983 274.724 60.311.037 b) Goodwill consisting of direct acquisition of 100% ownership of Marmara and from the direct acquisition of 82,16% of Turcas Petrolcülük A.fi. was written off during the partial spin-off at July 1, 2006. Goodwill written off during the partial spin-off 80.809.878 c) During the foundation of new Company, 15.000 TRY capital is paid as the first participation share. d) As of December 31, 2006 the Group's portion of the total net assets, profit for the period of the Shell&Turcas Petrol A.fi. is follows; Shell&Turcas Petrol A.fi net profit for the period Net profit share for the period attributable to the Group Net profit for the period attributable to the Group - (note 38) Shell&Turcas Petrol A.fi. net asset total Net profit share for the period attributable to the Group Associate amount of Turcas Petrol A.fi. 105.835.582 %30 31.750.675 1.147.799.907 %30 344.339.972 e) The profit generated from associating to 30% of Shell&Turcas Petrol A.fi. is follows; Associate amount of Turcas Petrol A.fi. Net book value of assets tranferred from Turcas Petrol A.fi. Goodwill written off due to sales First participation share Net profit for the period attributable to the Group Profit generated from spin-off - (Not 38) 344.339.972 (60.311.037) (80.809.878) (15.000) (31.750.675) 171.453.382 128 TURCAS PETROL A.fi. VE BA⁄LI ORTAKLI⁄I 31 ARALIK 2006 TAR‹H‹NDE SONA EREN YILA A‹T KONSOL‹DE MAL‹ TABLOLARA ‹L‹fiK‹N D‹PNOTLAR (Birim - Aksi birim belirtilmedikçe tutarlar YTL olarak ifade edilmifltir.) 16. F‹NANSAL DURAN VARLIKLAR (devam›) Toplulu¤un özkaynaktan pay alma yöntemi ile konsolide edilen ifltirak ile ilgili özet mali bilgiler afla¤›da aç›klanm›flt›r: Shell &Turcas Petrol A.fi. Toplam varl›klar Toplam yükümlülükler Net varl›klar Net varl›klarda Toplulu¤un pay› Net sat›fl gelirleri Dönem kar› Dönem kar›nda Toplulu¤un pay› 31 Aral›k 2006 1.682.976.518 535.176.611 1.147.799.907 31 Aral›k2005 - 344.339.972 - 3.642.723.621 105.835.582 - 31.750.675 - 17. POZ‹T‹F/NEGAT‹F fiEREF‹YE 1996 y›l›nda, Marmara'n›n %100 hissesinin ve Turcas Petrolcülük A.fi.'nin %82,16 hissesinin al›m› sonucu ortaya ç›kan flerefiye, bu flirketlerin hisselerinin elde etme maliyetlerinin net aktif toplam›n› aflan k›sm›ndan oluflmaktad›r. fierefiye aktiflefltirilmifl ve do¤rusal amortisman yöntemi kullan›larak faydal› ömrü üzerinden 31 Aral›k 2004 tarihine kadar itfa pay› gider yaz›lmak suretiyle gelir tablosu ile iliflkilendirilmifltir. 31 Aral›k 2004'den itibaren, UFRS 3 - “‹flletme Birleflmeleri” çerçevesinde, flerefiye için amortisman muhasebesi uygulanmamaktad›r. Varolan flerefiye 1 Temmuz 2006 tarihinde gerçekleflen k›smi bölünme s›ras›nda yok edilmifltir. 18. YATIRIM AMAÇLI GAYR‹MENKULLER Yoktur 129 TURCAS PETROL A.fi. AND ITS SUBSIDIARY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2006 (Amounts are expressed in New Turkish Lira (“TRY”) unless otherwise stated.) 16. F‹NANCIAL ASSETS (cont'd) The summarized financial informations of the associate of the Group accounted using the equity method is follows; Shell &Turcas Petrol A.fi. Total assets Total liabilities Net assets The Group portion over net assets Net sales revenue Profit for the period Net profit for the period attributable to the Group 31 December 2006 1.682.976.518 535.176.611 1.147.799.907 31 December 2005 - 344.339.972 - 3.642.723.621 105.835.582 - 31.750.675 - 17. POSITIVE/NEGATIVE GOODWILL Goodwill consisting of direct acquisition of 100% ownership of Marmara and from the direct acquisition of 82,16% of Turcas Petrolcülük A.fi. in 1996 represents the excess of the total acquisition costs over the net assets of these entities at the dates of acquisitions. Goodwill is related with income statement by recognizing amortization share expense until 31 December 2004 by using capitalized and straight line depreciation method over useful life. Under IFRS 3, “Business Combinations”, depreciation accounting is not applied for goodwill since 31 December 2004. The Goodwill is writed off during the partial spin-off as of July 1, 2006. 18. INVESTMENT PROPERTY None (12.660.258) (61.699) 1.016 (12.720.941) 153.329 - Birikmifl amortismanlar 1 Ocak 2005 aç›l›fl bakiyesi Dönem gideri Sat›fllar 31 Aral›k 2005 kapan›fl bakiyesi 31 Aral›k 2005 itibariyle net defter de¤eri 4.863.315 12.825.650 66.904 (20.284) 2.000 12.874.270 4.850.115 13.200 4.863.315 153.329 31 Aral›k 2005 itibariyle net defter de¤eri 4.863.315 Maliyet de¤eri 1 Ocak 2005 aç›l›fl bakiyesi Al›mlar Sat›fllar Transferler 31 Aral›k 2005 kapan›fl bakiyesi (12.720.941) 12.744.546 (26.763) (3.158) - - 12.874.270 (12.871.112) 3.158 Yerüstü Düzenler Arsalar Yeralt› ve Arazi ve 4.863.315 (3.297.619) (1.565.696) - Birikmifl amortismanlar 1 Ocak 2006 aç›l›fl bakiyesi K›smi bölünme sonucu ç›k›fllar Dönem gideri Sat›fllar 31 Aral›k 2006 kapan›fl bakiyesi 31 Aral›k 2006 itibariyle net defter de¤eri Maliyet de¤eri 1 Ocak 2006 aç›l›fl K›smi bölünme sonucu ç›k›fllar Al›mlar Sat›fllar 31Aral›k 2006 kapan›fl bakiyesi 19. MADD‹ DURAN VARLIKLAR (Birim - Aksi birim belirtilmedikçe tutarlar YTL olarak ifade edilmifltir.) 7.614.485 (2.768.778) (211.670) (2.980.448) 10.577.738 17.195 10.594.933 7.614.485 (2.980.448) 2.886.450 (113.884) 207.882 - 10.594.933 (9.642.804) (952.129) - Binalar 1.553.867 (29.648.741) (1.178.693) 169.226 (30.658.208) 32.058.573 300.639 (177.725) 30.588 32.212.075 1.553.867 (30.658.208) 15.151.347 (542.136) 3.424.248 (12.624.749) 464.915 32.212.075 (15.767.764) 218.809 (3.573.456) 13.089.664 Cihazlar Makina ve Tesis, 57.679 (2.190.672) (116.696) 148.376 (2.158.992) 2.372.414 (155.743) 2.216.671 57.679 (2.158.992) 2.004.871 (34.516) 7.365 (181.272) - 2.216.671 (2.035.399) 181.272 132.626 (2.330.174) (81.530) 3.041 (2.408.663) 2.527.481 17.764 (3.956) 2.541.289 132.626 (2.408.663) 1.071.973 (52.417) 433.243 (955.864) 19.940 2.541.289 (1.135.420) 4.302 (434.367) 975.804 Tafl›tlar Demirbafllar 31 ARALIK 2006 TAR‹H‹NDE SONA EREN YILA A‹T KONSOL‹DE MAL‹ TABLOLARA ‹L‹fiK‹N D‹PNOTLAR TURCAS PETROL A.fi. VE BA⁄LI ORTAKLI⁄I ‹stasyon 30.649.729 (81.286.288) (7.488.129) 2.744.633 (86.029.784) 114.656.267 3.251.370 (2.897.454) 1.669.330 116.679.513 30.649.729 (86.029.784) 89.425.803 (3.636.595) 240.576 - 116.679.513 (116.286.768) 636.843 (1.029.588) - Malzemeleri Toplam 185.574.720 5.181.184 (3.255.162) 187.500.742 50.543.706 5.518.676 50.543.706 - (130.884.911) (9.138.417) 3.066.292 - (136.957.036) 5.706.482 1.531.307 (1.719.113) 5.518.676 5.518.676 - (136.957.036) 123.284.990 (4.406.311) 4.313.314 - (13.765.043) 484.855 5.518.676 187.500.742 (7.393.985) (168.430.871) 1.875.309 2.735.263 (7.555.236) 14.249.898 Avanslar Verilen Yat›r›mlar ve Olan Yap›lmakta 130 4.850.115 13.200 4.863.315 4.863.315 Acquisition Cost Opening balance as of 1 January 2005 Additions Disposals Transfers Closing balance as of 31 December 2005 Accumulated Depreciation Opening balance as of 1 January 2005 Charge for the period Disposals Closing balance as of 31 December 2006 Net book value as of 31 December 2005 153.329 (12.660.258) (61.699) 1.016 (12.720.941) 12.825.650 66.904 (20.284) 2.000 12.874.270 153.329 4.863.315 Net book value as of 31 December 2005 7.614.485 (2.768.778) (211.670) (2.980.448) 10.577.738 17.195 10.594.933 7.614.485 (2.980.448) 2.886.450 (113.884) 207.882 - 1.553.867 (29.648.741) (1.178.693) 169.226 (30.658.208) 32.058.573 300.639 (177.725) 30.588 32.212.075 1.553.867 (30.658.208) 15.151.347 (542.136) 3.424.248 (12.624.749) 464.915 57.679 (2.190.672) (116.696) 148.376 (2.158.992) 2.372.414 (155.743) 2.216.671 57.679 (2.158.992) 2.004.871 (34.516) 7.365 (181.272) - 132.626 (2.330.174) (81.530) 3.041 (2.408.663) 2.527.481 17.764 (3.956) 2.541.289 132.626 (2.408.663) 1.071.973 (52.417) 433.243 (955.864) 19.940 30.649.729 (81.286.288) (7.488.129) 2.744.633 (86.029.784) 114.656.267 3.251.370 (2.897.454) 1.669.330 116.679.513 30.649.729 (86.029.784) 89.425.803 (3.636.595) 240.576 - 116.679.513 (116.286.768) 636.843 (1.029.588) - (12.720.941) 12.744.546 (26.763) (3.158) - 2.541.289 (1.135.420) 4.302 (434.367) 975.804 - 2.216.671 (2.035.399) 181.272 Accumulated Depreciation Opening balance as of 1 January 2006 Disposals due to partial spin-off Charge for the period Disposals Closing balance as of 31 December 2006 Net book value as of 31 December 2006 32.212.075 (15.767.764) 218.809 (3.573.456) 13.089.664 12.874.270 (12.871.112) 3.158 Acquisition Cost Opening balance as of 1 January 2006 4.863.315 Disposals due to partial spin-off (3.297.619) Additions Disposals (1.565.696) Closing balance as of 31 December 2006 10.594.933 (9.642.804) (952.129) - Station Equipments and Fixtures Total 185.574.720 5.181.184 (3.255.162) 187.500.742 50.543.706 5.518.676 50.543.706 - (130.884.911) (9.138.417) 3.066.292 - (136.957.036) 5.706.482 1.531.307 (1.719.113) 5.518.676 5.518.676 - (136.957.036) 123.284.990 (4.406.311) 4.313.314 - (13.765.043) 484.855 5.518.676 187.500.742 (7.393.985) (168.430.871) 1.875.309 2.735.263 (7.555.236) 14.249.898 Given Advances Vehicles and Equipment Building Land Improvemnts and Furniture in Progress Construction Machinery Land 19. PROPERTY, PLANT AND EQUIPMENT (Amounts are expressed in New Turkish Lira (“TRY”) unless otherwise stated.) NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2006 TURCAS PETROL A.fi. AND ITS SUBSIDIARY 131 132 TURCAS PETROL A.fi. VE BA⁄LI ORTAKLI⁄I 31 ARALIK 2006 TAR‹H‹NDE SONA EREN YILA A‹T KONSOL‹DE MAL‹ TABLOLARA ‹L‹fiK‹N D‹PNOTLAR (Birim - Aksi birim belirtilmedikçe tutarlar YTL olarak ifade edilmifltir.) 19. MADD‹ DURAN VARLIKLAR (devam›) 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 _ 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.'den toplam 1.000.000 ABD Dolar› avans alm›flt›r. 30 Eylül 1999 tarihi itibariyle Tabafl Petrolcülük A.fi., Turcas Petrolcülük A.fi.'yi tüm aktif ve pasifi ile birlikte devir alm›flt›r. Ayn› tarih itibariyle Tabafl Petrolcülük A.fi.'nin ticari ünvan› Turcas Petrol A.fi. olarak de¤ifltirilmifltir. Dolay›s›yla yukar›da belirtilen sözleflmeye konu arazi üzerinde fiirket'in sahiplik pay› 1/2'ye yükselmifltir. 1 Temmuz 2006 tarihi itibariyle; 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 2005: 5.518.676 YTL BP Petrolleri A.fi.'ye verilen avans). 31 Aral›k 2005 itibariyle fiirket'in ba¤l› ortakl›klar›ndan Marmara Petrol ve Rafineri ‹flleri A.fi.'nin hisseleri T.Vak›flar Bankas› T.A.O.'ya fiirket'in zaman zaman kulland›¤› YTL krediler ve teminat mektuplar›na teminat olarak rehin edilmifltir. Buna ek olarak; Marmara Petrol ve Rafineri ‹flleri A.fi.'ye ait Kocaeli ili Körfez ilçesinde bulunan akaryak›t dolum tesisi 15.000.000 YTL bedelle ayn› bankaya ipotek edilmifltir. Bu ipotekler 30 Eylül 2006 itibariyle geri al›nm›flt›r. 31 Aral›k 2006 tarihi itibariyle, maddi duran varl›klar üzerindeki sigorta tutar› 9.100.133 YTL'dir (31 Aral›k 2005: 26.203.581 YTL). Turcas Petrol A.fi.'nin yüzde yüz sahibi bulundu¤u Marmara Petrol ve Rafineri ‹flleri A.fi.'nin Kocaeli ili, Körfez ilçesinde bulunan 35.805 metrekare arsa ve üzerindeki tesis 21.500.000 USD bedelle Lukoil Eurasia Petrol A.fi.'ye 3 Kas›m 2006 tarihinde sat›lm›flt›r. Not 38'de gösterildi¤i gibi bu sat›fltan kaynaklanan kar 24.086.474 YTL'dir. 133 TURCAS PETROL A.fi. AND ITS SUBSIDIARY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2006 (Amounts are expressed in New Turkish Lira (“TRY”) unless otherwise stated.) 19. PROPERTY, PLANT AND EQUIPMENT (cont'd) On 17 August 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 _ 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 30 September 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 1 July 2006, due to partial spin-off construction in progress and advances given accounts are transferred to Shell & Turcas Petrol A.fi. (31 December 2005: TRY 5.518.676 advance given to BP Petrolleri A.fi. and TRY 230.476 construction in progress). The Company's subsidiary, Marmara Petrol ve Rafineri ‹flleri A.fi. shares are pledged to T. Vak›flar Bankas› T.A.O. with a pledge agreement against the guarantee given by T. Vak›flar Bankas› T.A.O. In addition to this, depot of Marmara Petrol ve Rafineri ‹flleri A.fi. which is located in the Körfez district of Kocaeli is mortgaged to T. Vak›flar Bankas› T.A.O. with an amount of TRY 15.000.000. These sahers have been unpledged as of 30 September 2006. Property, plant and equipment are insured to the extent of TRY 9.100.133 as of 31 December 2006 (31 December 2005: TRY 26.203.581). The 35.805 m2 land and facility in Kocaeli, Körfez which were belong the Marmara Petrol ve Rafineri ‹flleri A.fi. were sold to Lukoil Eurasia Petrol A.fi. is amounting to 21.000.000 USD as of November 3, 2006. As explained note 38, the profit generated from this sale is 24.086.474 TRY. 134 TURCAS PETROL A.fi. VE BA⁄LI ORTAKLI⁄I 31 ARALIK 2006 TAR‹H‹NDE SONA EREN YILA A‹T KONSOL‹DE MAL‹ TABLOLARA ‹L‹fiK‹N D‹PNOTLAR (Birim - Aksi birim belirtilmedikçe tutarlar YTL olarak ifade edilmifltir.) 20. MADD‹ OLMAYAN DURAN VARLIKLAR Maliyet de¤eri 1 Ocak 2006 aç›l›fl bakiyesi K›smi bölünme sonucu ç›k›fllar Al›mlar 31 Aral›k 2006 kapan›fl bakiyesi 57.104.705 (28.347.474) 39.501 28.796.732 Birikmifl itfa paylar› 1 Ocak 2006 aç›l›fl bakiyesi K›smi bölünme sonucu ç›k›fllar Dönem gideri 31 Aral›k 2006 kapan›fl bakiyesi (54.438.278) 28.285.073 (1.832.986) (27.986.191) 31 Aral›k 2006 itibariyle net defter de¤eri 810.541 Maliyet de¤eri 1 Ocak 2005 aç›l›fl bakiyesi Al›mlar 31 Aral›k 2005 kapan›fl bakiyesi 57.044.733 59.972 57.104.705 Birikmifl itfa paylar› 1 Ocak 2005 aç›l›fl bakiyesi Dönem gideri 31 Aral›k 2005 kapan›fl bakiyesi (49.536.929) (4.901.349) (54.438.278) 31 Aral›k 2005 itibariyle net defter de¤eri 2.666.427 Maddi olmayan duran varl›klar ticari ünvanlar›n kullan›lma, bilgisayar yaz›l›m, istasyon kurma haklar›ndan oluflmaktad›r. 21. ALINAN AVANSLAR Al›nan avanslar Al›nan avanslar›n uzun vadeli k›sm›(*) 31 Aral›k 2006 1.459.438 1.459.438 31 Aral›k 2005 440.781 737.694 1.178.475 (*)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.'den toplam 1.000.000 ABD Dolar› avans alm›flt›r. 135 TURCAS PETROL A.fi. AND ITS SUBSIDIARY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2006 (Amounts are expressed in New Turkish Lira (“TRY”) unless otherwise stated.) 20. INTANGIBLE ASSETS Acquisition cost Opening balance as of 1 January 2006 Disposals due to partial spin-off Additions Closing balance as of 31 December 2006 57.104.705 (28.347.474) 39.501 28.796.732 Accumulated amortization Opening balance as of 1 January 2006 Disposals due to partial spin-off Charge for the year Closing balance as of 31 December 2006 (54.438.278) 28.285.073 (1.832.986) (27.986.191) Net book value as of 31 December 2006 810.541 Acquisition cost Opening balance as of 1 January 2005 Additions Closing balance as of 31 December 2005 57.044.733 59.972 57.104.705 Accumulated amortization Opening balance as of 1 January 2005 Charge for the year Closing balance as of 31 December 2005 (49.536.929) (4.901.349) (54.438.278) Closing balance as of 31 December 2005 2.666.427 Intangible assets comprise rights of usage of trade names, computer softwares and station establishment rights. 21. ADVANCES RECEIVED Advances received-short term Advances received-long term(*) 31 December 2006 1.459.438 1.459.438 31 December 2005 440.781 737.694 1.178.475 (*)On 17 August 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 _ 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. 136 TURCAS PETROL A.fi. VE BA⁄LI ORTAKLI⁄I 31 ARALIK 2006 TAR‹H‹NDE SONA EREN YILA A‹T KONSOL‹DE MAL‹ TABLOLARA ‹L‹fiK‹N D‹PNOTLAR (Birim - Aksi birim belirtilmedikçe tutarlar YTL olarak ifade edilmifltir.) 22. EMEKL‹L‹K PLANLARI Yoktur 23. BORÇ KARfiILIKLARI BORÇ KARfiILIKLARI (KISA VADEL‹ YÜKÜMLÜLÜKLER) Kurumlar vergisi karfl›l›¤› Peflin ödenmifl vergi ve fonlar EPDK ceza karfl›l›¤› EPDK katk› provizyonu Kullan›lmam›fl izin karfl›l›klar› Dava karfl›l›¤› Di¤er tahakkuk ve yükümlülükler 31 Aral›k 2006 9.722.134 (9.722.134) 1.129.000 430.488 169.967 358.727 2.088.182 31 Aral›k 2005 19.381.860 (14.331.819) 787.849 589.420 358.727 203.317 6.989.354 Kurumlar Vergisi: Topluluk, Türkiye'de geçerli olan kurumlar vergisine tabidir. Toplulu¤un cari dönem faaliyet sonuçlar›na iliflkin tahmini vergi yükümlülükleri için ekli mali tablolarda gerekli karfl›l›klar ayr›lm›flt›r. Türk Vergi Kanunu ana fiirket ve ba¤l› ortakl›klar›n›n konsolide bir vergi beyannamesi doldurmas›na izin vermemektedir. Dolay›s›yla, ekteki mali tablolarda yans›t›lan vergi karfl›l›klar› konsolide edilen flirketleri ayr› tüzel kiflilik baz›nda dikkate alarak hesaplanm›flt›r. Vergiye tabi kurum kazanc› üzerinden tahakkuk ettirilecek kurumlar vergisi oran›, ticari kazanc›n tespitinde gider yaz›lan vergi matrah›ndan indirilemeyen giderlerin eklenmesi ve yurtiçinde yerleflik flirketlerden al›nan temettüler, vergiye tabi olmayan gelirler ve kullan›lan yat›r›m indirimleri düflüldükten sonra kalan matrah üzerinden hesaplanmaktad›r. 2006 y›l›nda uygulanan efektif vergi oran› %20'dir (2005: %30). Türkiye'de geçici vergi üçer ayl›k dönemler itibariyle hesaplanmakta ve tahakkuk ettirilmektedir. 2006 y›l› kurum kazançlar›n›n geçici vergi dönemleri itibariyle vergilendirilmesi aflamas›nda kurum kazançlar› üzerinden hesaplanmas› gereken geçici vergi oran› %20'dir. (2005: %30). 2006 y›l›n›n 1'inci geçici vergi döneminde %30 oran›na göre hesaplanan ve tahsil edilen geçici verginin an›lan dönem için %20 oran›na göre hesaplanan tutar› aflan k›sm›, izleyen dönemler için hesaplanan geçici vergiden mahsup edilir. Zararlar, gelecek y›llarda oluflacak vergilendirilebilir kardan düflülmek üzere, maksimum 5 y›l tafl›nabilir. Ancak oluflan zararlar geriye dönük olarak, önceki y›llarda oluflan karlardan düflülemez. Türkiye'de vergi de¤erlendirmesiyle ilgili kesin ve kati bir mutabakatlaflma prosedürü bulunmamaktad›r. fiirketler ilgili y›l›n hesap kapama dönemini takip eden y›l›n 1-25 Nisan tarihleri aras›nda vergi beyannamelerini haz›rlamaktad›r. Vergi Dairesi taraf›ndan bu beyannameler ve buna baz olan muhasebe kay›tlar› 5 y›l içerisinde incelenerek de¤ifltirilebilir. Gelir Vergisi Stopaj›: Kurumlar vergisine ek olarak, da¤›t›lmas› durumunda kar pay› elde eden ve bu kar paylar›n› kurum kazanc›na dahil ederek beyan eden tam mükellef kurumlara ve yabanc› flirketlerin Türkiye'deki flubelerine da¤›t›lanlar hariç olmak üzere kar paylar› üzerinden ayr›ca gelir vergisi stopaj› hesaplanmas› gerekmektedir. Gelir vergisi stopaj› 24 Nisan 2003 tarihinden itibaren tüm flirketlerde %10 olarak uygulanmaktad›r. Bu oran, 5520 Say›l› Kanun'un 15'inci Maddesi'nde 21 Haziran 2006 tarihinden geçerli olmak üzere %15 olarak belirlenmifltir. Ancak yeni Bakanlar Kurulu Karar› ile de¤ifltirilinceye kadar %10 oran› uygulanm›flt›r. 23 Temmuz 2006 tarihinde Resmi Gazete'de yay›mlanan Bakanlar Kurulu Karar› ile 23 Temmuz 2006 tarihinden itibaren gelir vergisi stopaj›n›n %10'dan %15'e ç›kart›lmas›na karar verilmifltir. Da¤›t›lmay›p sermayeye ilave edilen kar paylar› gelir vergisi stopaj›na tabi de¤ildir. 137 TURCAS PETROL A.fi. AND ITS SUBSIDIARY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2006 (Amounts are expressed in New Turkish Lira (“TRY”) unless otherwise stated.) 22. RETIREMENT BENEFITS None 23. PROVISIONS PROVISIONS (SHORT TERM LIABILITIES) Corporate tax accrual Prepaid taxes and funds Energy Market Regulatory Board fine accrual Energy Market Regulatory Board contribution provision Unused vacation accrual Legal cases Other accruals and liabilities 31 December 2006 9.722.134 (9.722.134) 1.129.000 430.488 169.967 358.727 2.088.182 31 December 2005 19.381.860 (14.331.819) 787.849 589.420 358.727 203.317 6.989.354 Corporate Tax: The Group is subject to Turkish corporation taxes. Provision is made in the accompanying financial statements for the estimated charge based on the Group's results for the year. Turkish tax legislation does not permit the Company and its subsidiaries 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. Corporation tax is applied on taxable corporate income, which is calculated from the statutory accounting profit by adding nondeductible expenses, and by deducting dividends received from resident companies, other exempt income and investment incentives utilized. The effective tax rates are as follows: - In 2005 : %30 - In 2006 : %20 In Turkey, advance tax returns are filed on a quarterly basis. The advance corporate income tax rate was decreased to 20% for 2006 (2005: 30%). The excess temporary tax paid of corporate income that was calculated at the rate of 30% during the taxation of the corporate income in temporary taxation periods after January 2006 over 20% will be deducted from future temporary tax returns Losses can be carried forward for offset against future taxable income for up to 5 years. Losses cannot be carried back for offset against profits from previous periods. In Turkey there is no procedure for a final and definitive agreement on tax assessments. Companies file their tax returns till April 15th of the following year. Tax authorities may, however, examine such returns and the underlying accounting records and may revise assessments within five years. Income Withholding Tax: In addition to corporate taxes, companies should also calculate income withholding taxes and funds surcharge on any dividends distributed, except for companies receiving dividends who are resident companies in Turkey and Turkish branches of foreign companies. The rate of income withholding tax is 10% starting from April 24, 2003. This rate was changed to 15% with the code numbered 5520 article 15 commencing from 21.06.2006. However, until the resolution of Council of Ministers, it was used as 10%. After the resolution declared in official gazette on July 23, 2006, this rate is changed to 15% commencing from July 23 2006. Undistributed dividends incorporated in share capital are not subject to income withholding taxes. 138 TURCAS PETROL A.fi. VE BA⁄LI ORTAKLI⁄I 31 ARALIK 2006 TAR‹H‹NDE SONA EREN YILA A‹T KONSOL‹DE MAL‹ TABLOLARA ‹L‹fiK‹N D‹PNOTLAR (Birim - Aksi birim belirtilmedikçe tutarlar YTL olarak ifade edilmifltir.) 23. BORÇ KARfiILIKLARI (devam›) Gelir Vergisi Stopaj› (devam›) 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 itibariyle yararlanamad›¤› yat›r›m indirimi tutar› sonraki y›llarda elde edilecek vergilendirilebilir kazançlardan düflülmek üzere sonraki y›llara tafl›nabilir. Ayr›ca kurumlar›n Gelir Vergisi Kanunu'nun mülga 19'uncu Maddesi kapsam›nda 1 Ocak 2006 tarihinden önce bafllanan yat›r›mlarla ilgili olarak, yat›r›mla iktisadi ve teknik bak›mdan bütünlük arz edip bu tarihten sonra yap›lan yat›r›mlar ve 24 Nisan 2003 tarihinden önce yap›lan müracaatlara istinaden düzenlenen yat›r›m teflvik belgeleri kapsam›ndaki 1 Ocak 2006 tarihinden sonra yap›lan yat›r›mlar üzerinden hesaplayacaklar› yat›r›m indirimlerinden yararlanabilir. Bununla birlikte, yat›r›m indirimini sadece 2006, 2007 ve 2008 y›llar›na ait kazançlar›ndan indirebilir. 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 düfltükleri 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. Enflasyona Göre Düzeltilmifl Vergi Hesaplamas›: 2003 y›l› ve önceki dönemlerde, sabit k›ymetlerin ve buna ba¤l› olarak amortismanlar›n›n senelik olarak yeniden de¤erlemeye tabi tutulmalar› haricinde; vergiye esas dönem kar› enflasyona göre düzeltilmifl tutarlar› üzerinden hesaplanmamaktayd›. 30 Aral›k 2003 tarih ve 25332 Say›l› Resmi Gazete'de yay›mlanan 5024 Say›l› Kanun ile Türkiye'de enflasyon muhasebesi uygulamas›n›n 2004 y›l› ve sonraki dönemlerde geçerli olacak flekilde; enflasyon oran›n›n kanunda belirlenen s›n›rlara ulaflmas› durumunda uygulanmas› gerekmektedir. Vergi mevzuat›ndaki enflasyon muhasebesi ilkeleri UMS 29 hükümlerinden önemli ölçüde farkl›l›k göstermemektedir. 2004 y›l› için enflasyon belirli kriterleri aflt›¤› için, 5024 Say›l› Kanun'a göre Topluluk enflasyon düzeltmesi yapm›fl olup bu bakiyeler 1 Ocak 2005 tarihi itibariyle yasal kay›tlar için aç›l›fl bakiyesi olarak al›nm›flt›r. 2005 y›l› ve takip eden dönemde kanunun belirledi¤i kriterler gerçekleflmedi¤i için enflasyon muhasebesi uygulanmam›flt›r. BORÇ KARfiILIKLARI (UZUN VADEL‹ YÜKÜMLÜLÜKLER) K›dem Tazminat› Karfl›l›¤› 31 Aral›k 2006 190.146 31 Aral›k 2005 1.638.946 K›dem Tazminat› Karfl›l›klar›: Yürürlükteki ‹fl Yasas› 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 Kanunu'nun 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 2006 tarihi itibariyle ödenecek k›dem tazminat›, her hizmet y›l› için bir ayl›k maafl üzerinden 1.857,44 YTL (31 Aral›k 2005: 1.727,15 YTL) tavan›na tabidir. K›dem tazminat› tavan› alt› ayda bir revize olup, Toplulu¤un k›dem tazminat› karfl›l›¤›n›n hesaplanmas›nda 1 Ocak 2007 tarihinden itibaren geçerli olan 1.960,69 YTL olan tavan tutar› göz önüne al›nm›flt›r. K›dem tazminat› yükümlülü¤ü zorunluluk olmad›¤›ndan dolay› herhangi bir fonlamaya tabi de¤ildir. 139 TURCAS PETROL A.fi. AND ITS SUBSIDIARY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2006 (Amounts are expressed in New Turkish Lira (“TRY”) unless otherwise stated.) 23. PROVISIONS (cont'd) Income Withholding Tax (cont'd) Withholding tax at the rate of 19,8% is still applied to investment allowances relating to investment incentive certificates obtained prior to April 24 2003. Subsequent to this date, companies can deduct 40% of the investments within the scope of the investment incentive certificate and that are directly related to production facilities of the company. The investments without investment incentive certificates do not qualify for tax allowance. The application of the investment incentive has been abolished as of 1.1.2006. However, if the companies taxable incomes are less than the amount of the investment incentive, the amount which are not used as of December 31, 2005; can be carried to future periods. In addition to this, the carried investment incentive amount can be used only for 2006, 2007, 2008 incomes. It is not possible to carry the investment incentive amount which is not used in the 2008 corporate profit. The companies' corporate tax rate will be % 30, while using the investment incentive for 2006, 2007, 2008 incomes. If they do not use the investment incentive, the tax rate will be %20 and the right of using the unused investment incentive has been abolished. Inflation adjusted tax calculation: For 2003 and the previous years, taxable profits were calculated without any inflation adjustment to the statutory records, except that fixed assets and the related depreciation were revalued annually. Law No. 5024 published in the Official Gazette No. 25332 on 30 December 2003 requires the application of inflation accounting in Turkey in 2004 and future years for tax purposes, if the actual rate of inflation meets certain thresholds, using principles which do not differ substantially from the principles in IAS 29 “Financial Reporting in Hyperinflationary Economies”. As inflation met certain thresholds in 2004, the Group adjusted its statutory financial statements as of 31 December 2004 in accordance with Law No. 5024 and inflation adjusted balances as at 31 December 2004 were taken as the opening balances as of 1 January 2005. However, as inflation did not meet the required thresholds in 2005 and the following years, no further inflation adjustment made to the Group's statutory financial statements. PROVISIONS (LONG TERM LIABILITIES) Retirement pay provision 31 December 2006 190.146 31 December 2005 1.638.946 Retirement Pay Provision: 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 25 August 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 TRY 1.857,44 (31 December 2005: TRY 1.727,15) for each period of service at 31 December 2006. As the maximum liability is revised semi annually, the maximum amount of YTL 1.960,69 effective from 1 January 2007 has been taken into consideration in the calculation of provision based on employment termination benefits. The liability is not funded, as there is no funding requirement. 140 TURCAS PETROL A.fi. VE BA⁄LI ORTAKLI⁄I 31 ARALIK 2006 TAR‹H‹NDE SONA EREN YILA A‹T KONSOL‹DE MAL‹ TABLOLARA ‹L‹fiK‹N D‹PNOTLAR (Birim - Aksi birim belirtilmedikçe tutarlar YTL olarak ifade edilmifltir.) 23. BORÇ KARfiILIKLARI (devam›) K›dem Tazminat› Karfl›l›klar› (devam›) K›dem Tazminat› yükümlülü¤ü, flirketin çal›flanlar›n emekli olmas›ndan do¤an gelecekteki olas› yükümlülü¤ün bugünkü de¤erinin tahminine göre hesaplan›r. Yeniden düzenlenmifl UMS 19 “Çal›flanlara Sa¤lanan Haklar”, flirketin yükümlülüklerini tan›mlanm›fl fayda planlar› kapsam›nda aktüeryal de¤erleme yöntemleri kullan›larak hesaplanmas›n› 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 faiz oran›n› ifade eder. Sonuçta, 31 Aral›k 2006 ve 31 Aral›k 2005 tarihleri itibariyle, ekli konsolide mali tablolarda yükümlülükler, çal›flanlar›n emeklili¤inden kaynaklanan gelece¤e ait olas› yükümlülü¤ünün bugünkü de¤eri tahmin edilerek hesaplan›r. Bilanço tarihindeki karfl›l›klar y›ll›k %5 enflasyon oran› ve %11 iskonto oran› varsay›m›na göre, yaklafl›k %5,71 gerçek iskonto oran› ile hesaplanm›flt›r (2005: s›ras›yla %6,175, %12 ve %5,49). ‹ste¤e ba¤l› iflten ayr›lmalar neticesinde ödenmeyip, Toplulu¤a kalacak olan k›dem tazminat› tutarlar›n›n tahmini oran› da dikkate al›nm›flt›r. Aç›l›fl bakiyesi Birleflme sonucu ayr›lan çal›flanlara ait yükümlülük Dönem gideri Faiz maliyeti Kapan›fl bakiyesi 1 Ocak -31 Aral›k 2006 1.638.946 (2.291.080) 752.364 89.916 190.146 1 Ocak - 31 Aral›k 2005 1.309.519 257.403 72.024 1.638.946 24. ANA ORTAKLIK DIfiI PAYLAR/ANA ORTAKLIK DIfiI KAR ZARAR Yoktur 25. SERMAYE / KARfiILIKLI ‹fiT‹RAK SERMAYE DÜZELTMES‹ 31 Aral›k 2006 ve 31 Aral›k 2005 itibariyle sermaye yap›s› afla¤›daki gibidir: Ortaklar Aksoy Petrol Da¤. Yat›r›mlar› A.fi. Halka aç›k k›s›m Aksoy Holding A.fi. Erdal Aksoy Y›lmaz Tecmen Di¤er Sermaye (%) %28,52 %28,43 %23,03 %20,02 31 Aral›k 2006 29.946.967 29.853.676 24.176.996 21.022.361 (%) %28,52 %30,79 %19,86 %5,04 %15,79 31 Aral›k 2005 29.946.967 32.331.297 20.851.813 5.292.477 16.577.446 %100,00 105.000.000 %100,00 105.000.000 141 TURCAS PETROL A.fi. AND ITS SUBSIDIARY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2006 (Amounts are expressed in New Turkish Lira (“TRY”) unless otherwise stated.) 23. PROVISIONS (cont'd) Retirement Pay Provision (cont'd) 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 31 December 2006 and 31 December 2005, 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. (2005: in order 6,175%, 12% and 5,49%). The anticipated rate of forfeitures is considered. 1 January - 31 December 2006 Opening balance 1.638.946 Indemnity of terminated employees due to spin-off (2.291.080) Charge for the period 752.364 Interest cost 89.916 Closing balance 1 January - 31 December 2005 1.309.519 257.403 72.024 190.146 1.638.946 24. MINORITY SHARE/ MINORITY INCOME/LOSS None 25. CAPITAL As of December 31, 2006 and December 31, 2005 the outstanding share capital of the Company is as follows: Shareholders Aksoy Petrol Da¤. Yat›r›mlar› A.fi. Halka aç›k k›s›m Aksoy Holding A.fi. Erdal Aksoy Y›lmaz Tecmen Other Capital (%) %28,52 %28,43 %23,03 %20,02 31 December 2006 29.946.967 29.853.676 24.176.996 21.022.361 (%) %28,52 %30,79 %19,86 %5,04 %15,79 31 December 2005 29.946.967 32.331.297 20.851.813 5.292.477 16.577.446 %100,00 105.000.000 %100,00 105.000.000 142 TURCAS PETROL A.fi. VE BA⁄LI ORTAKLI⁄I 31 ARALIK 2006 TAR‹H‹NDE SONA EREN YILA A‹T KONSOL‹DE MAL‹ TABLOLARA ‹L‹fiK‹N D‹PNOTLAR (Birim - Aksi birim belirtilmedikçe tutarlar YTL olarak ifade edilmifltir.) 26. SERMAYE YEDEKLER‹ 31 Aral›k 2006 66.837.343 Özsermaye enflasyon düzeltmesi farklar› 31 Aral›k 2005 66.837.343 27. KAR YEDEKLER‹ Yasal yedekler Türk Ticaret Kanunu'na göre ayr›lan birinci ve ikinci tertip yasal yedeklerden oluflmaktad›r. Birinci tertip yasal yedekler, tüm yedekler tarihi (enflasyona göre endekslenmemifl) ödenmifl sermayenin %20'sine eriflene kadar, geçmifl dönem ticari kar›ndan y›ll›k %5 oran›nda ayr›l›r. ‹kinci tertip yasal yedekler, birinci tertip yasal yedek ve temettülerden sonra, tüm nakdi temettü da¤›t›mlar› üzerinden y›ll›k %10 oran›nda ayr›l›r. 31 Aral›k 2006 ve 31 Aral›k 2005 tarihleri itibariyle kar yedekleri hesaplar› afla¤›daki gibidir: Yasal yedekler Ola¤anüstü yedekler 31 Aral›k 2006 6.549.811 191.991 6.741.802 31 Aral›k 2005 690.838 445.882 1.136.720 31 Aral›k 2006 487.788 31 Aral›k 2005 - 28. GEÇM‹fi YIL KAR/ZARARLARI Geçmifl y›l karlar› 29. YABANCI PARA POZ‹SYONU 31 Aral›k 2006 Haz›r de¤erler Ticari alacaklar Di¤er alacaklar Al›nan avanslar Net yabanc› para pozisyonu 31 Aral›k 2005 Haz›r de¤erler Ticari alacaklar Maddi duran varl›klar (verilen avanslar) K›sa vadeli finansal borçlar Al›nan avanslar Net yabanc› para pozisyonu USD EUR 23.036.843 491.600 60.000 1.000.000 Di¤er Yabanc› Paralar 350 - Toplam 88 - YTL 32.381.476 690.993 84.336 1.405.600 34.562.405 USD EUR 153 580.000 4.112.890 (19.000.000) (523.300) Di¤er Yabanc› Paralar (3.200) Toplam 90 - YTL 208 778.244 5.518.676 (25.494.200) (707.244) (19.904.316) 143 TURCAS PETROL A.fi. AND ITS SUBSIDIARY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2006 (Amounts are expressed in New Turkish Lira (“TRY”) unless otherwise stated.) 26. CAPITAL RESERVES Shareholder's equity inflation adjustment differences 31 December 2006 66.837.343 31 December 2005 66.837.343 27. PROFIT RESERVES According to the Turkish Commercial Code, legal reserves consist of first and second legal reserves. The first legal reserves, appropriated out of historical statutory profit at the rate of 5% per annum, until the total reserve reaches %20 of the historical paid in share capital. The second legal reserve is appropriated after the first legal reserves and dividends, at the rate of 10% per annum of all cash distributions. As of December 31, 2006 and December 31, 2005 profit reserves are as follows: Legal reserves Extraordinary reserves 31 December 2006 6.549.811 191.991 6.741.802 31 December 2005 690.838 445.882 1.136.720 31 December 2006 487.788 31 December 2005 - 28. RETAINED EARNINGS Retained earnings 29. FOREIGN CURRENCY POSITION 31 December 2006 Cash and banks Trade receivables Other receivables Advances received Net foreign currency position USD EUR 23.036.843 491.600 60.000 1.000.000 Other FX Type 350 - Total 88 - TRY 32.381.476 690.993 84.336 1.405.600 34.562.405 31 December 2005 USD EUR Cash and banks 153 Trade receivables 580.000 Property, plant and equipment (advances given) 4.112.890 Short term borrowings (19.000.000) Advances received (523.300) Net foreign currency position Other FX Type (3.200) Total 90 - TRY 208 778.244 5.518.676 (25.494.200) (707.244) (19.904.316) 144 TURCAS PETROL A.fi. VE BA⁄LI ORTAKLI⁄I 31 ARALIK 2006 TAR‹H‹NDE SONA EREN YILA A‹T KONSOL‹DE MAL‹ TABLOLARA ‹L‹fiK‹N D‹PNOTLAR (Birim - Aksi birim belirtilmedikçe tutarlar YTL olarak ifade edilmifltir.) 30. DEVLET TEfiV‹K VE YARDIMLARI Yoktur 31. KARfiILIKLAR, fiARTA BA⁄LI VARLIK VE YÜKÜMLÜLÜKLER Turcas Petrol A.fi. ile ilgili flarta ba¤l› varl›k ve yükümlülükler a) 31 Aral›k 2006 tarihi itibariyle toplam 114.890.483 YTL verilen teminat mektubu bulunmaktad›r (31 Aral›k 2005: 73.536.411 YTL). b) Ankara'daki bir benzin istasyonunun patlamas› sonucu aç›lan dava karara ba¤lanm›flt›r. fiirket'in yükümlülü¤ü 358.727 YTL'dir. Karar Topluluk taraf›ndan temyiz edilmifltir. Ekli mali tablolarda söz konusu tutar için karfl›l›k ayr›lm›flt›r. c) 31 Aral›k 2005 itibariyle, fiirket'in ba¤l› ortakl›klar›ndan Marmara Petrol ve Rafineri ‹flleri A.fi.'nin hisseleri T.Vak›flar Bankas› T.A.O.'ya fiirket'in zaman zaman kulland›¤› YTL krediler ve teminat mektuplar›na teminat olarak rehin edilmifltir. Buna ek olarak; Marmara Petrol ve Rafineri ‹flleri A.fi.'ye ait Kocaeli ili Körfez ilçesinde bulunan akaryak›t dolum tesisi 15.000.000 YTL bedelle T.Vak›flar Bankas› T.A.O'ya ipotek edilmifltir. Turcas Petrol A.fi.'ye ait Alia¤a dolum tesisi 8.000.000 YTL bedelle Finansbank A.fi.'ye, Kocaeli ili Körfez ilçesinde bulunan akaryak›t dolum tesisi ise 15.000.000 ABD Dolar› bedelle yine Finasbank A.fi.'ye ipotek edilmifltir. Bu ipotekler 30 Haziran 2006 itibariyle iptal edilmifltir. Enerji Piyasas› Düzenleme Kurulu ile ilgili 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. 145 TURCAS PETROL A.fi. AND ITS SUBSIDIARY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2006 (Amounts are expressed in New Turkish Lira (“TRY”) unless otherwise stated.) 30. GOVERNMENT GRANTS AND INCENTIVES None 31. COMMITMENTS AND CONTINGENCIES Commitments and Contingencies related to Turcas Petrol A.fi. a) There is a letter of guarantee amounting to 114.890.483 YTL in total as of 31 December 2006 (31 December 2005: 73.536.411 YTL). b) The law suit initiated as a result of the explosion in a filling station in Ankara has been concluded. The company's liability is 358.727 YTL. The Group has appealed against the decision. The Group provided a provision for the related amount in the accompanying financial statements. c) As of 31 December 2005, the shares of Marmara Petrol ve Rafineri ‹flleri A.fi., a subsidiary of the Company, were put in pledge as security for the YTL credits and letters of guarantee used by the Company from time to time in T. Vak›flar Bankas› T.A.O. Additionally, the fuel oil filling facility in Körfez District of Kocaeli, pertaining to Marmara Petrol ve Rafineri ‹flleri A.fi. was mortgaged to T. Vak›flar Bankas› T.A.O. against the sum of 15.000.000 YTL. Alia¤a Filling Facility pertaining to Turcas Petrol A.fi. was mortgaged to Finansbank A.fi. against the sum of 8.000.000 YTL, and the fuel oil filling station in Körfez District of Kocaeli was mortgaged to Finansbank A.fi. against 15.000.000 USD. The mentioned mortgages have been cancelled as of 30 June 2006. Law Suits Regarding the Energy Market Regulatory Board In the meeting of Energy Market Regulatory Board held in 31 August 2006 it was decided that administrative fine amounting to 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 714.460 YTL of the administration fine amounting to 113.599.140 YTL, however, it rejected the motion for stay for the remaining 112.884.680 YTL. 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. 146 TURCAS PETROL A.fi. VE BA⁄LI ORTAKLI⁄I 31 ARALIK 2006 TAR‹H‹NDE SONA EREN YILA A‹T KONSOL‹DE MAL‹ TABLOLARA ‹L‹fiK‹N D‹PNOTLAR (Birim - Aksi birim belirtilmedikçe tutarlar YTL olarak ifade edilmifltir.) 31. KARfiILIKLAR, fiARTA BA⁄LI VARLIK VE YÜKÜMLÜLÜKLER (devam›) Enerji Piyasas› Düzenleme Kurulu ile ilgili Davalar (devam›) 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 09 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 09 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› taksiti için toplam 1.129.000 YTL'lik ödeme (49.046 YTL'lik k›sm› mahsuplaflma, kalan 1.079.954 YTL'si ise nakden yap›lmak suretiyle) gerçeklefltirilmifltir. ‹dari para cezas›n›n Ocak ay›nda ödenen taksidi için ekli mali tablolarda 1.129.000 YTL tutar›nda karfl›l›k ayr›lm›flt›r. Bu tutar fiirket taraf›ndan Ocak 2007'de ödenmifltir. Enerji Piyasas› Düzenleme Kurumu taraf›ndan fiirket aleyhinde uygulanan para cezas›n›n tahsili için Mecidiyeköy Vergi Dairesi Müdürlü¤ü'nce 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 05 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. Söz konusu 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 fiirket'e uygulanan ‹dari Para Cezalar›n›n iptali ve yürütmenin durdurulmas› talebiyle fiirket'in açm›fl bulundu¤u davalar üzerine Dan›fltay 13. Dairesi'nin 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 Aral›k 2006 tarihli konsolide mali tablolar›n kamuya aç›klanma tarihi itibariyle konu ile ilgili hukuki süreç ve davalar ile ilgili nihai sonuç üzerindeki belirsizlik devam etmektedir. Ekli mali tablolarda konu ile ilgili sadece idari para cezas›n›n Ocak ay›nda ödenen taksidi için 1.129.000 YTL tutar›nda karfl›l›k ayr›lm›flt›r. Shell&Turcas Petrol A.fi. ile ilgili Turcas Petrol A.fi.'nin flarta ba¤l› varl›k ve yükümlülükleri a) Topluluk, 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 2007 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. 147 TURCAS PETROL A.fi. AND ITS SUBSIDIARY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2006 (Amounts are expressed in New Turkish Lira (“TRY”) unless otherwise stated.) 31. COMMITMENTS AND CONTINGENCIES (cont’d) Law Suits Regarding the Energy Market Regulatory Board (cont'd) 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 09 November 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 09 November 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 1.129.000 YTL (49.046 YTL being offsetting, the remaining 1.079.954 YTL being in cash) was realized for the installment of December 2006. As for the installment of January paid for the administrative fine, a provision amounting to 1.129.000 YTL is allocated in the attached financial statements. This sum was paid by the Company in 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 05 February 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 Board 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, and the reasoned decision regarding the stay of execution of 112.884.680 YTL of the proceedings in subject of the lawsuit was notified to the Company on 28 February 2007. As of the date of public announcement of the consolidated financial statements dated 31 December 2006, the ambiguity regarding the judicial process related to the subject and the final result in relation with the law suits still continues. As for the installment paid only in January for the administrative fine, a provision amounting to 1.129.000 YTL is allocated in the attached financial statements. 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 1 July 2007. After this period the license right shall be terminated and the condition shall be notified to Turkish Patent Institute. 148 TURCAS PETROL A.fi. VE BA⁄LI ORTAKLI⁄I 31 ARALIK 2006 TAR‹H‹NDE SONA EREN YILA A‹T KONSOL‹DE MAL‹ TABLOLARA ‹L‹fiK‹N D‹PNOTLAR (Birim - Aksi birim belirtilmedikçe tutarlar YTL olarak ifade edilmifltir.) 31. KARfiILIKLAR, fiARTA BA⁄LI VARLIK VE YÜKÜMLÜLÜKLER (devam) Shell&Turcas Petrol A.fi. ile ilgili Turcas Petrol A.fi.'nin flarta ba¤l› varl›k ve yükümlülükleri (devam›) b) 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 Sözleflmesi'ne uygun olarak al›koydu¤u toplam kümülatif kar 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 flu konularla ba¤lant›l› her türlü yükümlülü¤e iliflkindir: (a) k›smi bölünme iflleminin tamamlanmas›nda yürürlükte olan ve Erdal Aksoy taraf›ndan Türkiye Petrol Rafinerileri A.fi.("Tüprafl") lehine, Tüprafl taraf›ndan Turcas'a Tüprafl petrol ürünlerinin stok al›m›yla ilgili olarak verilen kredinin teminat› olarak verilen toplamda azami 60.000.000 YTL'lik flahsi garanti ve / veya di¤er teminatlar (bu teminat 31.12.2006 itibariyle kapanm›flt›r); (b) 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; (c) perakende sat›fl istasyonlar›n›n "Shell" markas› ile yeniden markalanmas›; (d) BP ve Total'in Turcas'a %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.; (e) Hariç tutulan Turcas varl›klar›; (f) ‹fl Devir Sözleflmesi uyar›nca, borçlar›n Ortak Giriflim fiirketi'ne geçti¤i ancak ilgili borca denk düflen hakk›. Ortak Giriflim fiirketi'ne geçmedi¤i ölçüde olmak üzere herhangi bir Turcas Sözleflmesi; (g) Herhangi bir Turcas'›n mevcut yükümlülü¤ü; (h) K›smi bölünme ifllemi ile ilgili olan Turcas malvarl›¤›n›n Ortak Giriflim fiirketi'ne devrine iliflkin her türlü vergi; (i) Turcas ile ilgili vergiye dair hususlar. 149 TURCAS PETROL A.fi. AND ITS SUBSIDIARY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2006 (Amounts are expressed in New Turkish Lira (“TRY”) unless otherwise stated.) 31. COMMITMENTS AND CONTINGENCIES (cont’d) Commitments and Contingencies related to Turcas Petrol A.fi. regarding Shell&Turcas Petrol A.fi. (cont'd) b) 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) personal guarantee of maximum 60.000.000 YTL in total and other indemnities (this indemnity has been closed as of 31.12.2006) applicable during the completion of the partial division and granted as the guarantee by Erdal Aksoy in favor of Türkiye Petrol Rafinerileri A.fi. (“Tüprafl”) for the credit given to Turcas by Tüprafl regarding the stock purchase of Tüprafl petrol products; (b) 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; (c) re-marking of the retail sale station with “Shell” mark; (d) 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; (e) Excluded Turcas assets; (f) 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; (g) any existing liability of Turcas; (h) any tax relating liabilities to the transfer of the assets of Turcas relating to the division process to the Joint Venture Company; (i) particularities in tax regarding Turcas. 150 TURCAS PETROL A.fi. VE BA⁄LI ORTAKLI⁄I 31 ARALIK 2006 TAR‹H‹NDE SONA EREN YILA A‹T KONSOL‹DE MAL‹ TABLOLARA ‹L‹fiK‹N D‹PNOTLAR (Birim - Aksi birim belirtilmedikçe tutarlar YTL olarak ifade edilmifltir.) 31. KARfiILIKLAR, fiARTA BA⁄LI VARLIK VE YÜKÜMLÜLÜKLER (devam) Shell&Turcas Petrol A.fi. ile ilgili Turcas Petrol A.fi.'nin flarta ba¤l› varl›k ve yükümlülükleri (devam›) Shell&Turcas Petrol A.fi. ile ilgili Toplulu¤un üstlendi¤i flarta ba¤l› varl›k ve yükümlülükleri afla¤›daki gibidir: Gümrük ofislerine verilen garanti mektuplar› Vergi ofislerine verilen garanti mektuplar› Di¤er Toplam 31 Aral›k 2006 53.042.819 212.425 38.384.148 91.639.392 Al›nan garanti mektuplar› Al›nan ipotekler Al›nan di¤er teminatlar Toplam 31 Aral›k2006 23.233.347 54.461.065 8.468.436 86.162.848 Shell&Turcas Petrol A.fi. bayi sahiplerine bayilerin fiziksel durumlar›n›n gelifltirilmesi için 16.168.977 YTL ödeme garantisi vermifltir. 1 y›l içersinde 1 - 5 y›l 5 - 14 y›l 32. ‹fiLETME B‹RLEfiMELER‹ Yoktur 33. BÖLÜMLERE GÖRE RAPORLAMA Yoktur 31 Aral›k 2006 8.369.926 4.972.280 2.826.771 16.168.977 151 TURCAS PETROL A.fi. AND ITS SUBSIDIARY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2006 (Amounts are expressed in New Turkish Lira (“TRY”) unless otherwise stated.) KARfiILIKLAR, fiARTA BA⁄LI VARLIK VE YÜKÜMLÜLÜKLER (devam›) Commitments and Contingencies related to Turcas Petrol A.fi. regarding Shell&Turcas Petrol A.fi. (cont'd) The commitments and contingencies of the Group related to Shell&Turcas Petrol A.fi. is follows; Guarantee lettes given to customs Guarantee letter given to tax offices Other Total 31 December 2006 53.042.819 212.425 38.384.148 91.639.392 Guarantee letter received Mortgage received Other guarantees received Total 31 December 2006 23.233.347 54.461.065 8.468.436 86.162.848 Shell&Turcas Petrol A.fi. has committed to pay TRY 16.168.977 to the station owners for the station improvement in the periods mentioned below: With in one year 1 - 5 years 5 - 14 years 32. BUSINESS COMBINATIONS None 33. SEGMENTAL INFORMATION None 31 December 2006 8.369.926 4.972.280 2.826.771 16.168.977 152 TURCAS PETROL A.fi. VE BA⁄LI ORTAKLI⁄I 31 ARALIK 2006 TAR‹H‹NDE SONA EREN YILA A‹T KONSOL‹DE MAL‹ TABLOLARA ‹L‹fiK‹N D‹PNOTLAR (Birim - Aksi birim belirtilmedikçe tutarlar YTL olarak ifade edilmifltir.) 34. B‹LANÇO TAR‹H‹NDEN SONRAK‹ OLAYLAR Topluluk, petrol da¤›t›m› ve rafinaj›n›n yan› s›ra elektrik ve do¤algaz gibi enerjinin geliflen tüm sektörlerinde ifltirakleriyle faaliyet gösteren entegre bir eneji flirketi olma stratejisine ba¤l› olarak sat›n almay› inceledi¤i a) T. Enerji Üretim A.fi. ile ilgili olarak Erdal Aksoy, S. Batu Aksoy, Banu Aksoy Tarakç›o¤lu, A. Belk›s Aksoy, F. Nilüfer Say›t ve Ö. Faruk Acuner'in sahibi bulundu¤u toplam % 99,96 oran›ndaki nama yaz›l› hisse senetlerinin yerine kaim olmak üzere kendilerine teslim edilmifl bulunan geçici hisse senedi ilmuhaberlerinin, T.C. Enerji Piyasas› Düzenleme Kurumu'ndan izin al›nmas›n› müteakip bu flirketi sat›n alma bedeli olarak belirlenen 1.058.449 YTL üzerinden hisseleri oran›nda nakten ve defaten ödemeleri yap›larak 23 fiubat 2007'de sat›n al›nm›flt›r, b) T. Enerji Elektrik Toptan Sat›fl A.fi. ile ilgili olarak Erdal Aksoy, S. Batu Aksoy, Banu Aksoy Tarakç›o¤lu, A. Belk›s Aksoy, F. Nilüfer Say›t ve Ö. Faruk Acuner'in sahibi bulundu¤u toplam % 99,96 oran›ndaki nama yaz›l› hisse senetlerinin yerine kaim olmak üzere kendilerine teslim edilmifl bulunan geçici hisse senedi ilmuhaberlerinin, T.C. Enerji Piyasas› Düzenleme Kurumu'ndan izin al›nmas›n› müteakip bu flirketi sat›n alma bedeli olarak belirlenen 1.095.024 YTL üzerinden hisseleri oran›nda nakten ve defaten ödemeleri yap›larak 23 fiubat 2007'de sat›n al›nm›flt›r, c) Aksoy Gaz Toptan Sat›fl A.fi. ile ilgili olarak Erdal Aksoy'un sahip oldu¤u %99,96 oran›ndaki Nama Yaz›l› Hisse Senetlerinin yerine kaim olmak üzere kendisine teslim edilmifl bulunan Geçici Hisse Senedi ‹lmuhaberinin bu flirketi sat›n alma bedeli olarak belirledi¤imiz nominal 50.000 YTL üzerinden hissesi oran›nda nakten ve defaten ödemesi yap›larak 19 Ocak 2007'de sat›n alm›flt›r. 1 fiubat 2007 tarihinde Aksoy Gaz Toptan Sat›fl A.fi.'nin ismi Turcas Gaz Toptan Sat›fl A.fi. olarak de¤ifltirilmifl ve sermayesi 50.000 YTL'den 2.700.000 YTL'ye ç›kar›lm›flt›r. Art›r›lan 2.650.000 YTL sermaye 4 eflit taksitte 30 Kas›m 2009 tarihine kadar ödenecektir. Ayr›ca Turcas Gaz Toptan Sat›fl A.fi. olarak Enerji Piyasas› Düzenleme Kurumu'na Do¤algaz Toptan Sat›fl Lisans› al›nmas› için müracaat edilmifltir. Toplulu¤un ifltiraki olan Shell&Turcas Petrol A.fi. 2006 y›l› ola¤an genel kurulunda, mali y›l› net kar›ndan kanun gere¤i ayr›lmas› gereken miktarlar ayr›ld›ktan sonra birinci ve ikinci temettü tutarlar› toplam› 88.304.094 YTL'nin 31.05.2007 tarihine kadar ortaklara nakden ödenmesine oybirli¤i ile karar vermifltir. 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: Sat›fl gelirleri Sat›fllar›n maliyeti Brüt esas faaliyet karlar› Faaliyet giderleri Net esas faaliyet kar› Faaliyet kar› Vergiler Net dönem kar› 1 Ocak - 1 Temmuz 2006 861.245.931 (801.306.670) 60.710.240 (22.242.248) 38.467.992 48.472.878 (10.696.811) 37.776.067 153 TURCAS PETROL A.fi. AND ITS SUBSIDIARY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2006 (Amounts are expressed in New Turkish Lira (“TRY”) unless otherwise stated.) 34. SUBSEQUENT EVENTS AFTER THE BALANCE SHEET DATE In relation with the strategy of becoming an integrated energy company operating with participations in all developing sectors of energy such as electricity and natural gas, besides petrol distribution and refining, the Group; a) bought on February 23, 2007, the provisional share certificate proofs submitted to Erdal Aksoy, S. Batu Aksoy, Banu Aksoy Tarakç›o¤lu, A. Belk›s Aksoy, F. Nilüfer Say›r and Ö. Faruk Acuner in relation with T. Enerji Üretim A.fi., replacing the registered shares of 99,96% owned by the same persons, after permit is obtained by T.R. Energy Market Regulatory Institution, upon payment in cash and single sum the amount corresponding to the shares, over TRY 1.058.449 which was specified as the purchase price of this company. b) bought on February 23, 2007 the provisional share certificate proofs submitted to Erdal Aksoy, S. Batu Aksoy, Banu Aksoy Tarakç›o¤lu, A. Belk›s Aksoy, F. Nilüfer Say›r and Ö. Faruk Acuner in relation with T. Enerji elektrik Toptan Sat›fl A.fi., replacing the registered shares of 99,96% owned by the same persons, after permit is obtained by T.R. Energy Market Regulatory Institution, upon payment in cash and single sum the amount corresponding to the shares, over TRY 1,095,024 which was specified as the purchase price of this company. c) bought on January 19, 2007 the provisional share certificate proofs submitted to Erdal Aksoy, in relation with Aksoy Gaz Toptan Sat›fl A.fi., replacing the registered shares of 99,96% owned by the same person, upon payment in cash and single sum the amount corresponding to shares, over the nominal amount of TRY 50.000 which was specified as the purchase price of this company. On February 1, 2007, Aksoy Gaz Toptan Sat›fl A.fi. was renamed as Turcas Gaz Toptan Sat›fl A.fi., and its capital has been increased to TRY 2.700.000 from TRY 50.000. The increased capital amount of TRY 2.650.000 shall be paid in four equal installments until November 30, 2009. Additionally, an application has been filed as Turcas Gaz Toptan Sat›fl A.fi. to Energy Market Regulatory Institution for Natural Gas Wholesale License. Shell&Turcas Petrol A.fi., a participation of the Group decided unanimously in the ordinary general assembly of 2006 that after the amounts to be allocated from the net profit of the financial year pursuant to law, are set aside, the first and second dividend amounts of TRY 88.304.09 in total shall be paid to the partners in cash until 31.05.2007. 35. DISCONTINUED OPERATIONS Since Shell&Turcas Petrol A.fi. is founded as of July 1, 2006, The main operations of Turcas Petrol A.fi. are started to be conducted by Shell&Turcas Petrol A.fi. The result of operations of Turcas Petrol A.fi. till the &Turcas Petrol A.fi. is founded as of July 1, 2006 is follows; Sales Revenue Cost of Sales Gross Profit Operating Expenses Net operating profit Operating Profit Taxation Net Profit for the Period 1 January-1 July 2006 861.245.931 (801.306.670) 60.710.240 (22.242.248) 38.467.992 48.472.878 (10.696.811) 37.776.067 154 TURCAS PETROL A.fi. VE BA⁄LI ORTAKLI⁄I 31 ARALIK 2006 TAR‹H‹NDE SONA EREN YILA A‹T KONSOL‹DE MAL‹ TABLOLARA ‹L‹fiK‹N D‹PNOTLAR (Birim - Aksi birim belirtilmedikçe tutarlar YTL olarak ifade edilmifltir.) 36. ESAS FAAL‹YET GEL‹RLER‹ NET SATIfiLAR Yurtiçi sat›fllar Yurtd›fl› sat›fllar Di¤er gelirler Sat›fl iskontolar› Sat›fllardan di¤er indirimler 1 Ocak-31 Aral›k 2006 902.726.789 797.217 (29.131) (460.553) 903.034.322 1 Ocak-31 Aral›k 2005 1.854.484.344 3.647.555 (22.017) (640.862) 1.857.469.020 SATIfiLARIN MAL‹YET‹ Sat›lan ticari mallar›n maliyeti Sat›lan hizmet maliyeti 1 Ocak-31 Aral›k 2006 845.074.977 2.053.927 847.128.904 1 Ocak-31 Aral›k 2005 1.754.566.488 2.119.218 1.756.685.706 1 Ocak-31 Aral›k 2006 576.233 7.079.616 312.326 750 306.812 2.382.567 1.412.178 731.042 2.208.954 135.197 1.962.795 17.108.470 1 Ocak-31 Aral›k 2005 433.223 6.769.269 13.696 20.445 406.489 2.322.363 864.894 872.971 917.479 2.173.755 14.794.584 1 Ocak-31 Aral›k 2006 5.388.986 2.417.124 508.974 2.349.234 554.260 580.503 806.513 187.023 982.776 13.775.393 1 Ocak-31 Aral›k 2005 13.073.314 3.871.795 6.681.425 2.505.254 1.395.407 1.652.921 593.031 454.804 1.900.340 32.128.291 37. FAAL‹YET G‹DERLER‹ Genel Yönetim Giderleri; Amortisman ve itfa giderleri Personel giderleri Reklam giderleri Bayi giderleri Kira giderleri D›flar›dan sa¤lanan hizmetler Vergi ve di¤er yükümlülükler fiüpheli alacak ve di¤er karfl›l›k giderleri EPDK'ya ödenen cezalar Bak›m ve onar›m giderleri Di¤er Pazarlama,Sat›fl ve Da¤›t›m Giderleri; Amortisman ve itfa giderleri Personel giderleri Reklam giderleri Bayi giderleri Kira giderleri D›flar›dan sa¤lanan hizmetler Vergi ve di¤er yükümlülükler Bak›m ve onar›m giderleri Di¤er 155 TURCAS PETROL A.fi. AND ITS SUBSIDIARY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2006 (Amounts are expressed in New Turkish Lira (“TRY”) unless otherwise stated.) 36. OPERATING INCOME NET SALES Domestic Sales Export Sales Other income Sales discount Other deductions from sales 1 January- 31 December 2006 902.726.789 797.217 (29.131) (460.553) 903.034.322 1 January- 31 December 2005 1.854.484.344 3.647.555 (22.017) (640.862) 1.857.469.020 COST OF SALES Cost of merchandises sold Cost of services rendered 1 January- 31 December 2006 845.074.977 2.053.927 847.128.904 1 January-31 December 2005 1.754.566.488 2.119.218 1.756.685.706 1 January-31 December 2006 Deprecition and amortization expenses 576.233 Personnel expenses 7.079.616 Advertisement expenses 312.326 Dealer expenses 750 Rent expenses 306.812 Other services obtained 2.382.567 Taxes and other liabilities 1.412.178 Doubtfull receivables and other provision expenses 731.042 Fines paid to EMRA 2.208.954 Repair and maintenance expenses 135.197 Other 1.962.795 17.108.470 1 January-31 December 2005 433.223 6.769.269 13.696 20.445 406.489 2.322.363 864.894 872.971 917.479 2.173.755 14.794.584 37. OPERATING EXPENSES General Administrative Expenses; Marketing, selling and distribution expenses; Deprecition and amortization expenses Personnel expenses Advertisement expenses Dealer expenses Rent expenses Other services obtained Taxes and other liabilities Repair and maintenance expenses Other 1 January-31 December 2006 5.388.986 2.417.124 508.974 2.349.234 554.260 580.503 806.513 187.023 982.776 13.775.393 1 January-31 December 2005 13.073.314 3.871.795 6.681.425 2.505.254 1.395.407 1.652.921 593.031 454.804 1.900.340 32.128.291 156 TURCAS PETROL A.fi. VE BA⁄LI ORTAKLI⁄I 31 ARALIK 2006 TAR‹H‹NDE SONA EREN YILA A‹T KONSOL‹DE MAL‹ TABLOLARA ‹L‹fiK‹N D‹PNOTLAR (Birim - Aksi birim belirtilmedikçe tutarlar YTL olarak ifade edilmifltir.) 38. D‹⁄ER FAAL‹YETLERDEN GEL‹R/(G‹DER) VE KAR/(ZARARLAR) Di¤er Faaliyetlerden Gelir ve Karlar: 1 Ocak-31 Aral›k 2006 LPG komisyon gelirleri 4.549.267 Komisyon gelirleri 1.224.781 Sözleflme fesih tazminat› 1.484.697 ATM gelirleri Kira gelirleri 1.122.145 Konusu kalmayan karfl›l›klar 33.869 Temettü gelirleri 30.307 Haklar gelirleri 582.810 Servis hizmet gelirleri 96.878 Sabit k›ymet sat›fl kar›(*) 24.824.836 Shell&Turcas Petrol A.fi. dönem kar›n›n toplulu¤a düflen pay› (Not 16) 31.750.675 Bölünme ifllemi sonucu oluflan kar (Not 16) 171.453.382 Di¤er gelirler ve karlar 533.976 237.637.623 1 Ocak-31 Aral›k 2005 8.394.479 3.305.019 220.929 242.487 1.230.289 29.239 20.746 892.385 238.809 404.065 1.233.249 16.211.696 (*)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 21.500.000 USD bedelle Lukoil Eurasia Petrol A.fi.'ye 3 Kas›m 2006 tarihinde sat›lmas›ndan do¤an sat›fl kar› 24.086.474 YTL'dir. Di¤er Faaliyetlerden Gider ve Zararlar: Komisyon giderleri Sabit k›ymet sat›fl zararlar› Di¤er giderler ve zararlar 1 Ocak-31 Aral›k 2006 1.489.257 769.364 560.893 2.819.514 1 Ocak-31 Aral›k 2005 2.388.019 400.790 2.788.809 1 Ocak-31 Aral›k 2006 8.790.156 2.654.955 (4.975.187) (787.064) 6.624.450 (1.394.349) 10.912.961 1 Ocak-31 Aral›k 2005 1.617.570 2.810.629 (1.322.467) (136.497) (3.390.259) (421.024) 39. F‹NANSMAN G‹DERLER‹ Faiz gelirleri Reeskont gelirleri Kambiyo zararlar› Reeskont giderleri Kambiyo karlar› Faiz giderleri 157 TURCAS PETROL A.fi. AND ITS SUBSIDIARY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2006 (Amounts are expressed in New Turkish Lira (“TRY”) unless otherwise stated.) 38. OTHER INCOME/EXPENSE PROFIT/LOSES Other income and profits: 1 January-31 December 2006 LPG commission income 4.549.267 Commission income 1.224.781 Compensation for contract cancellation 1.484.697 ATM income Rent income 1.122.145 Provisions released 33.869 Dividend income 30.307 Rights income 582.810 Service income 96.878 Income from fixed asset sales (*) 24.824.836 Net profit the for the period of Shell&Turcas Petrol A.fi. attributable to the Group (Note 16) 31.750.675 Profit after spin-off (Note 16) 171.453.382 Other income and profit 533.976 237.637.623 1 January-31 December 2005 8.394.479 3.305.019 220.929 242.487 1.230.289 29.239 20.746 892.385 238.809 404.065 1.233.249 16.211.696 (*)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 21.000.000 USD as of November 3, 2006. The profit generated from this sale is TRY 24.086.474. Other income and loses: Commission expenses Loss on Fixed sales Other expenses and losses 1 January-31 December 2006 1.489.257 769.364 560.893 2.819.514 1 January-31 December 2005 2.388.019 400.790 2.788.809 1 January-31 December 2006 8.790.156 2.654.955 (4.975.187) (787.064) 6.624.450 (1.394.349) 10.912.961 1 January-31 December 2005 1.617.570 2.810.629 (1.322.467) (136.497) (3.390.259) (421.024) 39. FINANCE EXPENSE Interest income Discounting income Exchange losses Discounting expense Exchange gains Interest expenses 158 TURCAS PETROL A.fi. VE BA⁄LI ORTAKLI⁄I 31 ARALIK 2006 TAR‹H‹NDE SONA EREN YILA A‹T KONSOL‹DE MAL‹ TABLOLARA ‹L‹fiK‹N D‹PNOTLAR (Birim - Aksi birim belirtilmedikçe tutarlar YTL olarak ifade edilmifltir.) 40. NET MONETARY GAIN/LOSS Since the inflation accounting is not applied, there is no monetary gain/loss as of December 31, 2006. 41. VERG‹LER 31 Aral›k 2006 31 Aral›k 2005 9.722.134 (9.722.134) 1 Ocak-31 Aral›k 2006 9.722.134 3.437.704 13.159.838 19.381.860 (14.331.819) 5.050.041 1 Ocak-31 Aral›k 2005 19.381.860 962.572 20.344.432 1 Ocak-31 Aral›k 2006 1 Ocak-31 Aral›k 2005 Vergi karfl›l›¤›n›n mutabakat›: Vergi öncesi kar Etkin vergi oran› Hesaplanan vergi 270.752.625 20% 54.150.525 66.862.306 30% 20.058.692 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 kar - Di¤er 1.135.130 638.124 1.240.927 (40.640.813) (3.364.055) 83.160 774.203 (571.623) 13.159.838 20.344.432 Ödenecek kurumlar vergisi: Kurumlar vergisi karfl›l›¤› Peflin ödenmifl vergi ve fonlar Cari kurumlar vergisi karfl›l›¤› Ertelenmifl vergi karfl›l›¤› Gelir tablosunda ayr›lan vergi karfl›l›¤› 159 TURCAS PETROL A.fi. AND ITS SUBSIDIARY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2006 (Amounts are expressed in New Turkish Lira (“TRY”) unless otherwise stated.) 40. NET MONETARY GAIN/LOSS Since the inflation accounting is not applied, there is no monetary gain/loss as of December 31, 2006. 41. TAXATION 1 January-31 December 2006 1 January-31 December 2005 9.722.134 (9.722.134) 1 January-31 December 2006 9.722.134 3.437.704 13.159.838 19.381.860 (14.331.819) 5.050.041 1 January-31 December 2005 19.381.860 962.572 20.344.432 1 January-31 December 2006 1 January-31 December 2005 Reconciliation of taxation: Profit before taxation Tax rate Expected tax 270.752.625 20% 54.150.525 66.862.306 30% 20.058.692 Reconciliation of expected tax to actual tax: Effect of change in tax rate - Undeductable expenses - Effect of consolidation eliminations - Gain from associates - Other 1.135.130 638.124 1.240.927 (40.640.813) (3.364.055) 83.160 774.203 (571.623) 13.159.838 20.344.432 Tax charges Corporate tax charge Deferred tax charge Corporate tax provision Deferred tax (income) / provision TAXATION 160 TURCAS PETROL A.fi. VE BA⁄LI ORTAKLI⁄I 31 ARALIK 2006 TAR‹H‹NDE SONA EREN YILA A‹T KONSOL‹DE MAL‹ TABLOLARA ‹L‹fiK‹N D‹PNOTLAR (Birim - Aksi birim belirtilmedikçe tutarlar YTL olarak ifade edilmifltir.) 42. H‹SSE BAfiINA KAZANÇ 2006 ve 2005 y›l› için fiirket hisselerinin a¤›rl›kl› ortalama adedi ve birim hisse bafl›na kar hesaplamalar› afla¤›daki gibidir: A¤›rl›kl› ortalama hisse adedi Net kar Hisse bafl›na kar 1 Ocak-31 Aral›k 2006 105.000.000 257.554.715 2,45 1 Ocak-31 Aral›k 2005 94.522.085 46.517.870Hisse bafl›na kar 0,49 43. NAK‹T AKIM TABLOSU Nakit ak›m tablosu sayfa 92'te verilmifltir. 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 12 Nisan 2007 tarihli toplant›s›nda onaylanm›fl ve yay›mlanmas› için yetki verilmifltir. 161 TURCAS PETROL A.fi. AND ITS SUBSIDIARY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2006 (Amounts are expressed in New Turkish Lira (“TRY”) unless otherwise stated.) 42. EARNINGS PER SHARE In 2006 and 2005, the weighted average number of shares and earnings per share are as follows: 1 January-31 December 2006 Weighted average number of shares outstanding 105.000.000 Net profit 257.554.715 Earnings per share 2,45 1 January-31 December 2005 94.522.085 46.517.870 0,49 43. CASH FLOW STATEMENTS Cash flow statements are stated in page 93. 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 12, 2007. Turcas Petrol A.fi. & Ortakl›klar›/Subsidiaries Emirhan Caddesi 145 Atakule Kat: 6 Befliktafl 34349 ‹stanbul Türkiye T: +90 212 259 0000 F: +90 212 259 0019 www.turcas.com.tr