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1 Annual Report 2011

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4 Contents 04 Message from the Management 06 Board of Directors 08 Executive Committee OMV Petrol Ofisi and the Operational Environment in Corporate Calendar 12 The Global Economy in World Energy Sector in The Turkish Economy in Developments in the Turkish Fuel Market in OMV Petrol Ofisi in 2011 Retail Operations 18 Strong Dealer Network 18 Filling Station Investments 18 Developments in Technology and Infrastructure 18 Training and Development Activities at Filling Stations 19 New Business Ideas and Projects 19 Available and Improved Products 21 Auto LPG Sales 21 New Services and Marketing Activities 23 Customer Loyalty Programs 23 CRM Activities 23 Fleet Sales 24 Non-Fuel Retail Sales 24 DOCO and VIVA Business Models Commercial & Industrial Sales 26 Commercial and Industrial Sales 26 Aviation Sales - POAIR 27 Choice of Aviation Giants 27 Marine Sales - POMARINE 28 LNG Sales Lubricant Operations 30 The Lubricant Market 30 Petrol Ofisi Lubricant Products 31 New Products 32 OMV Petrol Ofisi Lubricant Sales 32 Distributor Sales 32 Consumer and Retail Sales 33 Industrial Sales 33 Construction and Fleet Sales 34 Marine Sales 34 Lubricant Exports 34 OEM Relations 36 Lubricant Production - Derince Lubricant Plant 36 Petrol Ofisi Technology Center - POTEM 37 Technical Services 38 Oil Change Centers 2 OMV Petrol Ofisi Annual Report 2011 I Contents

5 Supply Chain Management 40 Sourcing and Import Activities 40 Terminals and Storage Facilities 41 Transportation Activities 44 Exploration and Production Sustainability: Health, Safety, Security and Environment (S:HSSE) 46 Auditing Mechanisms 49 Social Responsibility Activities 52 Human Resources 54 Corporate Communication Activities 58 OMV Petrol Ofisi A.Ş. Financial & Operational Highlights OMV Petrol Ofisi A.Ş. Corporate Governance Principles Compliance Report 66 Corporate Governance Principles Compliance Statement 66 Shareholders 68 Public Disclosure and Transparency 69 Stakeholders 71 The Board of Directors OMV Petrol Ofisi A.Ş. Consolidated Financial Statements and Independent Auditor s Report 78 Consalidated Balance Sheet as of December 31, Consolidated Statement of Comprehensive Income for the Year Ended December 31, Consolidated Statement of Changes in Equity for the Year Ended December 31, Consolidated Statement of Cash Flows for the Year Ended December 31, Notes to the Consolidated Financial Statements for the Year Ended December 31, 2011 Contents I OMV Petrol Ofisi Annual Report

6 Message from the Management Being one of the long-established companies in the Turkish fuel products sector, we were proud to celebrate 70th anniversary of OMV Petrol Ofisi in We also shared a common enthusiasm with the acquisition of 97% shares of Petrol Ofisi by OMV. We became the flagship company for one of the countries in which OMV invests most. Throughout the year, we launched efforts to fulfil this role properly, improved our management processes and organizational structure. We also optimized the way we do business and took significant steps to ensure we continue on our path of sustainable growth. While we were engaged in this structural change, significant developments marked the global economic and political scenes. The socio-economic environment created by the changing balances in East and North Africa and the deepening Euro-zone crisis demonstrated the on-going fragility of economies around the globe. The slowdown in the economies of the developed countries caused a general decrease in commodity prices whereas the industry experienced the highest average oil prices ever in 2011 due to the uncertainty manifesting itself in oil supply. Brent oil prices which stood at around USD 92.6/bbl in the early days of 2011 as the result of the developments caused by the Arab Spring as well as the demand by the developing countries, which was over expectations, reached the peak of the year in April with USD However in the second half of the year, the deepening of the debt crisis in the Europe region and the falling growth expectations coupled with the early return of the Libyan crude oil to the market, all resulted in a decline in the shortage of global supply, and the prices were balanced and Brent crude oil closed 2011 at USD with an increase of 15%. Despite all these challenges, the Turkish economy sustained its rapid growth trend and recorded a growth rate of 8.5% in 2011 and the income per capita was recorded at USD 10,444. With these results, Turkey became the second fastest growing country in the world and attracted considerable attention. Another achievement of 2011 was in the area of employment. Outpacing pre-crisis levels, employment figures grew approximately by 1.5 million and unemployment levels dropped to single digits finishing 2011 with 9.8%. Essential to this success was the strong and stable political structure. Other main factors were the uncompromising fiscal discipline of the economic administration, the effective management of monetary and exchange rate mechanisms, an increasing domestic demand and a powerful export performance. While we were leaving behind a successful year for the economy, the whole country was plunged into grief by the earthquake in Van in October. Following the earthquake which affected hundreds of lives, the entire nation shared a common grief and determination to heal the wounds of the earthquake. OMV Petrol Ofisi was also there and made a significant contribution to the efforts of all public and private institutions in such efforts. The earthquake in Van was an important test for all of us as it reminded companies of their social responsibility in addition to their economic priorities. In 2011 the increase in demand for leading products in the Turkish fuel market continued. Diesel consumption reached 14.7 million tons with an increase of 6% whereas the increase in jet fuel consumption ended the year at 3.1 million tons with an increase of 13%. The contraction in gasoline and black products consumption continues in parallel with the spread of alternative products. There was an increase of 6% in the demand for Auto LPG, which is another field of operation of OMV Petrol Ofisi. In such an environment and in its first year after the acquisition, OMV Petrol Ofisi completed its efforts focused on generating maximum value for the company from joining OMV Group. Benefiting from the 4 OMV Petrol Ofisi Annual Report 2011 I Message from the Management

7 synergy developed with OMV, which is one of the strongest companies in the region established in 1956 and operating in 30 countries all over the world and which currently employs 29,800 employees and has a sales volume exceeding 34 billion Euro, we developed a management approach responding to the rapidly changing conditions throughout the year and made the required changes in the management team with the aim of increasing operational efficiency and profitability. Focusing its efforts on the improvement of its competitive position and customer satisfaction, our Company reaped the rewards of its strategies with its increasing total sales and operational profit. Petrol Ofisi maintained its leading position in the fuel products and lubricants segment thanks to its strong dealer network and distribution channel as well as its quality products and services. In addition, OMV Petrol Ofisi increased its total sales by 21% compared to the previous year and reached a sales figure of TL 19.5 billion while recording an operational profit of TL million with an increase of 15% compared to the previous year. In addition to delivering strong operational results, we continued to invest in the largest supply and distribution network of Turkey. With the aim of increasing fuel storage capacity and making international fuel trade possible, we reached the completion stage in one of the largest fuel storage facility projects in Turkey, which is located in Marmara Ereğlisi. We also completed two new LPG terminals located in İzmit/ Yarımca and İzmir/Aliağa with the aim of expanding Auto LPG storage activities. These investments are a significant indicator of the commitment of OMV Petrol Ofisi to the Turkish fuel products industry. Having embraced the principles of high quality and customer satisfaction and offered the best quality products from the very first day of its foundation, our company, which we are proud to lead the market, is continuously moving in its quest for the better, with its competent and experienced team. We would like to extend our thanks to our customers, stakeholders, suppliers, employees and our valuable shareholders for their continued confidence and support in our efforts to achieve our targets. Gülsüm Azeri OMV Petrol Ofisi A.Ş. Chairwoman of Executive Committee Gerhard Roiss OMV Petrol Ofisi A.Ş. Chairman Message from the Management I OMV Petrol Ofisi Annual Report

8 Board of Directors GERHARD ROISS Chairman of the Board of Directors (1952) Gerhard Roiss studied Economics in Vienna and continued his education in Linz, Austria and Stanford, USA. He has held various management positions in the consumer goods industry. He joined OMV in 1990, where he became Head of Marketing and was appointed to the Board of Directors of PCD Polymere. In March 1997, he became CEO of PCD Polymere and in September 1997, he was appointed to the OMV Executive Board where he was in charge of Chemicals and Plastics. After a rearrangement of executive responsibilities in March 2000, he was appointed Head of Exploration and Production, whilst maintaining at the same time his responsibilities related to the plastics operations of the company. In 2002, he became Deputy Chairman of the Executive Board in charge of Refineries and Marketing including Petrochemicals. In addition to this post, Mr. Roiss has been serving as the Managing Director of OMV Refining & Marketing GmbH and, from 1997 to 2010, Chairman of Borealis, where he has been Vice Chairman of the Supervisory Board since March Mr. Roiss also served as Deputy Chairman of the Petrom Supervisory Board, of which he has been Chairman since April He furthermore acted as Chairman of NOVA Chemicals Board of Directors from November 2009 to December 2010 and is a Member of the Supervisory Board of Post AG. He was appointed Chairman of the Petrol Ofisi Board of Directors on December 22, Gerhard Roiss took over the CEO position of OMV from the retiring Wolfgang Ruttenstorfer as of April 1, DAVID CHARLES DAVIES Deputy Chairman of the Board of Directors (1955) David C. Davies graduated from Liverpool University where he studied Economics. In 1978, he started his career as a certified accountant. David C. Davies has subsequently served at various international firms in the beverage, food and health industries, and worked as Director of Finance at various British companies prior to joining OMV. In 2002, he was appointed Chief Financial Officer at OMV. On December 22, 2010, David C. Davies was appointed Deputy Chairman of the Petrol Ofisi Board of Directors. Mr. Davies became Deputy Chairman of the OMV Executive Board as of April 1, MANFRED LEITNER Member of the Board of Directors (1960) Manfred Leitner graduated from the Vienna University of Economics and Business Administration with a degree in Commercial Sciences. He joined the OMV Group s Foreign Operations Department where he held several posts, including Finance Manager for Libya, Quality Manager of Exploration and Production Projects, Chief Financial Analyst and Chief Controller in Charge of Exploration and Production, Head of the Controlling Department and Head of Production and Supply Planning and Controlling in Refining and Marketing. Manfred Leitner has been OMV Senior Vice-President responsible for Downstream Optimization and Supply since 2003 and has been a member of the Petrol Ofisi Board of Directors since May 16, WERNER AULI* Member of the Board of Directors (1960) Werner Auli joined OMV in 1987 after graduating from the Vienna University of Technology. From 2002 to 2004, he was Managing Director of EconGas GmbH. From 2004, he was Managing Director of OMV Gas GmbH, and since 2006 he has been Managing Director of OMV Gas & Power. Werner Auli was appointed to the Petrol Ofisi Board of Directors on December 22, * Mr. Werner Auli resigned voluntarily from his Board Member duty as of December 30, 2011 and Mr. Hans-Peter Floren was appointed as the member of the Board on March 27, OMV Petrol Ofisi Annual Report 2011 I Board of Directors

9 JAAP HUIJSKES Member of the Board of Directors (1965) Jaap Huijskes studied mechanical engineering at Delft University of Technology in The Netherlands and began his professional career with Shell. Within the Shell group he held a range of engineering, petroleum engineering and economic roles. Most recently Mr. Huijskes held the position of Project Director for Sakhalin Energy s Phase-II project followed by that of Executive Vice President, responsible for worldwide upstream major projects at Royal Dutch Shell PLC. He has worked and lived internationally in the UK, Norway, Oman, Australia and Russia. Jaap Huijskes joined OMV as the Executive Board member responsible for Exploration and Production on April 1, 2010 and was appointed to the Petrol Ofisi Board of Directors on December 22, STEFAN WALDNER* Member of the Board of Directors (1977) Born in 1977, Stefan Waldner holds master s degrees in business administration and in international management from the Vienna University of Economics and Business Administration and the Community of European Management Schools (CEMS), respectively. He began his career as a consultant at an international management consultancy in Germany before joining a leading American investment bank in London where he advised clients on mergers and acquisitions (M&A) as well as capital market transactions. He joined OMV s corporate M&A team in 2005 and since 2009 has acted as Senior Vice President responsible for Corporate Development of the OMV group. * Stefan Waldner was appointed to fill the board membership position vacated due to Wolfgang Ruttenstorfer s resignation on March 29, TULÛ GÜMÜŞTEKİN Member of the Board of Directors (1968) Tulû Gümüştekin studied Law at İstanbul University. She pursued her graduate studies in International and European Law at the Free University of Brussels, where she also began her professional career at the international law firm Oppenheimer, Wolff & Donnelly. She continued her career at the international law firm, Morgan, Lewis & Bockius from 1994 to 2000, where she handled EU anti-trust and customs law. Ms Gümüştekin participated in the Customs Union negotiations process between the EU and Turkey and has provided legal advisory services to numerous companies. Before fully commencing her legal career, she completed a training period at the European Commission s Directorate General for telecommunications, information, market and exploitation of research. She is the Chief Executive Officer and Board Member of CPS (Corporate and Public Strategy Advisory Group), a public affairs company she founded in 2000 in Brussels with branch offices in İstanbul and Washington D.C. Alongside her professional career as an attorney at law, Ms. Gümüştekin has been very active both in the field of social and corporate responsibility and writing. She is a member of the board of various associations, notably the American- Turkish Council in Washington, where she chairs the EU Committee. Ms. Gümüştekin contributes a weekly column on foreign policy to the Turkish daily Sabah and is the author of numerous articles. Tulû Gümüştekin was appointed as a member of the Board on December 22, GÜLSÜM AZERİ Member of the Board of Directors and Chairwoman of Executive Committee (1951) Gülsüm Azeri is a graduate of Boğaziçi University s Chemical Engineering Department, where she also completed her Master of Science studies in Industrial Engineering. Over her career, Mrs. Gülsüm Azeri has held top executive positions in Şişecam; between 1994 and 1998 she was Group President of Chemicals in Şişecam, between 1999 and 2007 she was Glassware Group President of Şişecam, and between 2007 and 2011 she was Flat Glass Group President of Şişecam. From 1994 to 2011 she was an Executive Committee Member of Şişecam. Mrs. Azeri was elected Chairwoman of the FEVE (Federation Europeenne du Verre D emballage) Glassware Tableware Committee in 2004 and held this position until Between 2009 and 2011 she acted as a member of the Board of Glass for Europe, an association of European Flat Glass producer. Gülsüm Azeri has been a Board Member of İstanbul Chamber of Industry (ISO), a member of ISO Assembly and Chairwoman of ISO Vocational Committee, Executive Board Member of Turkish Exporters Assembly (TIM), President of the Central Anatolian Cement and Soil Exporters Union, Board Member and Executive Committee Member of DEIK (Foreign Economic Relations Council of TOBB, the Union of Chambers and Commodity Exchanges of Turkey). She represented the private sector in the Ethic Council of Prime Ministry of Turkey between 2005 and Mrs. Azeri was elected Member of the Board of THY (Turkish Airlines) in Gülsüm Azeri was appointed as BoD member and Chairwoman of Executive Committee of OMV Petrol Ofisi on July 1, Gülsüm Azeri is also the Board Member and Chairwoman of Executive Committee of OMV Gaz ve Enerji Holding A.Ş. and Board Member of OMV Petrol Ofisi Holding A.Ş. Board of Directors I OMV Petrol Ofisi Annual Report

10 Executive Committee GÜLSÜM AZERİ Chairwoman of Executive Committee, Member of the Board of Directors (1951) Gülsüm Azeri is a graduate of Boğaziçi University s Chemical Engineering Department, where she also completed her Master of Science studies in Industrial Engineering. Over her career, Mrs. Gülsüm Azeri has held top executive positions in Şişecam; between 1994 and 1998 she was Group President of Chemicals in Şişecam, between 1999 and 2007 she was Glassware Group President of Şişecam, and between 2007 and 2011 she was Flat Glass Group President of Şişecam. From 1994 to 2011 she was an Executive Committee Member of Şişecam. Mrs. Azeri was elected Chairwoman of the FEVE (Federation Europeenne du Verre D emballage) Glassware Tableware Committee in 2004 and held this position until Between 2009 and 2011 she acted as a member of the Board of Glass for Europe, an association of European Flat Glass producer. Gülsüm Azeri has been a Board Member of İstanbul Chamber of Industry (ISO), a member of ISO Assembly and Chairwoman of ISO Vocational Committee, Executive Board Member of Turkish Exporters Assembly (TIM), President of the Central Anatolian Cement and Soil Exporters Union, Board Member and Executive Committee Member of DEIK (Foreign Economic Relations Council of TOBB, the Union of Chambers and Commodity Exchanges of Turkey). She represented the private sector in the Ethic Council of Prime Ministry of Turkey between 2005 and Mrs. Azeri was elected Member of the Board of THY (Turkish Airlines) in Gülsüm Azeri was appointed as BoD member and Chairwoman of Executive Committee of OMV Petrol Ofisi on July 1, Gülsüm Azeri is also the Board Member and Chairwoman of Executive Committee of OMV Gaz ve Enerji Holding A.Ş. and Board Member of OMV Petrol Ofisi Holding A.Ş. TAMAS MAYER Deputy CEO, Refining and Marketing Director (1961) Tamas Mayer holds a master s degree from the Economic University in Budapest, Hungary. He joined OMV in 1992 where he held the positions of General Director of OMV Hungary between 1992 and 1998 and General Director of OMV Bulgaria between 1998 and He was responsible for marketing activities at OMV Romania, Bulgaria, Serbia and Montenegro between 2003 and 2004 and an Executive Board Member at Petrom, where he was responsible for the Marketing Division from 2004 to He joined the Petrol Ofisi Board of Directors in 2008 and was appointed Vice Chairman the following year. He resigned from this position on December 22, 2010 in order to serve on the Petrol Ofisi Executive Committee as Deputy Chief Executive Officer. REINHARD PICHLER Member of the Executive Committee and Chief Financial Officer (1960) Reinhard Pichler studied at the Federal College of Engineering in Austria and at the University of Economic Studies in Vienna. He began his career at OMV in 1990 as a systems engineer in the IT segment. Between 1996 and 2000, he served as the OMV Group s Deputy Director of Controlling. When OMV Service Network - the forerunner of OMV Solutions - was established in 2000, he assumed the role of CEO for the two-year period of the company s formation. From 2003 to 2004 he was OMV Group Director of Controlling. The OMV Group s Petrom acquisition saw Reinhard Pichler appointed CFO of Petrom in He was appointed to the management of OMV Solutions in 2007 where he was responsible for the integration of the Group s shared service center locations - OMV Solutions in Vienna and Petrom Solutions in Bucharest. Reinhard Pichler joined the Petrol Ofisi Executive Committee in the capacity of Chief Financial Officer on December 21, OKTAY BÜLENT ŞEN* Member of the Executive Committee, Director for Gas and Energy (1959) Oktay Bülent Şen graduated from İstanbul Erkek Lisesi in 1978 and received a Business Administration degree from Middle East Technical University, Ankara, in After working in investment banking and securities trading, he joined the Privatization Administration of Turkey. Later, he held management positions at Turkish industrial and holding companies and was responsible for business development in the gas and power department of a major multinational energy company. He joined OMV in 2008 first as General Manager of the Gas Division at OMV Gaz ve Enerji Ltd. Şti., moving on to become the General Manager of OMV Gaz ve Enerji Ltd. Şti. Oktay Bülent Şen was appointed to the Petrol Ofisi Executive Committee on December 21, * Oktay Bülent Şen resigned on February 01, 2012 and Mr. Hilmar Kroat Reder was appointed to the Executive Committee. 8 OMV Petrol Ofisi Annual Report 2011 I Executive Committee

11 OMV Petrol Ofisi and the Operational Environment in 2011 I OMV Petrol Ofisi Annual Report

12 Operations in 2011 / Financial Highlights / Corporate Governance Principles Compliance Report / Independent Auditor s Report Corporate Calendar January February u The international rating firm Fitch Ratings raises Petrol Ofisi s long-term grade in national and international currency terms from BB- to BB+, and its national grade from AA-(tur) to AA+(tur). u Petrol Ofisi launches the New Prodiesel, designed especially to meet the expectations of old and new diesel engine vehicles users. u Petrol Ofisi and Hidromek, the leading manufacturer in the heavy-duty vehicle market in Turkey, sign an agreement of cooperation regarding the use of PO lubricants. March April u The Project Management Office (PMO) begins work on corporate and operational integration as Petrol Ofisi joins the OMV Group. u Talent Challenge Advanced, Power2Manage, Power2Lead, and International Job Rotation programs begin, offering employees new opportunities. u OMV s new CEO Gerhard Roiss visits Turkey as part of the CEO Tour. u In its 13th year, the first-fill lubricant agreement with MAN Turkey was renewed for another three years. u Petrol Ofisi is the main sponsor of the From Today to 2023 Congress organized by OYDER. May June u The official title of the firm changes from Petrol Ofisi A.Ş. to OMV Petrol Ofisi A.Ş. u The new OMV Petrol Ofisi Downstream Strategy is announced, comprising Commercial and Industrial Sales, Lubricant and Retail Operations, and Supply Chain Management. u The Ordinary General Assembly convened on June 7, OMV Petrol Ofisi Annual Report 2011 I Corporate Calendar

13 July August u Gülsüm Azeri appointed as the CEO of OMV Petrol Ofisi on July 1, September October u OMV organizes Capital Markets Days and Media Summit to share information concerning its new strategy. u OMV Petrol Ofisi AŞ sells Petrol Ofisi Alternatif Yakıtlar Toptan Satış AŞ (Alternative Fuels Wholesale), responsible for LNG sales, to OMV Gaz ve Enerji Holding AŞ (Gas and Energy Holding). The name of the company changes to OMV Gaz ve Enerji Satış AŞ (Gas and Energy Sales). u OMV Petrol Ofisi starts selling natural gas in addition to LNG to independent consumers over its pipeline. November December u OMV Petrol Ofisi sells its share in Kıbrıs Petrolleri Ltd. Şti. (K-Pet) to the Cyprus Turkish Society Assembly Consolidated Development Fund, the other main partner. u Over 70 integration projects are rolled out and concluded for integration into the OMV Group. Corporate Calendar I OMV Petrol Ofisi Annual Report

14 Operations in 2011 / Financial Highlights / Corporate Governance Principles Compliance Report / Independent Auditor s Report OMV Petrol Ofisi and the Operational Environment in 2011 Indications of recovery in the world economy that begun in 2010 yielded to yet another period of contraction with the international debt crisis that erupted in Europe in the second half of While the growth that was expected in advanced economies did not occur, Turkey however stood out as one of the world s fastest growing economies. This environment had a positive effect on automotive sales and consumption rates, while also helping the fuel market achieve growth. OMV Petrol Ofisi maintained its position as the market leader in spite of the fiercely competitive environment and the general profitability problem in the fuel market in THE GLOBAL ECONOMY IN 2011 One of the most debated topics of 2011 concerning the global economy was the European economy and the future of Euro. Although the damage from the global crisis in 2009 was abating, the public debt crisis in the Eurozone placed the world economy into another period of decline. The crisis that hit Greece quickly spiralled due to the slow and inefficient decision-making mechanisms in the European Union, and took yet a further downturn as countries such as Portugal, Spain, Italy and Ireland joined the crisis. In parallel with the deepening of the debt crisis, The European Union s banking system, which carried most of the debt s weight, faced problems of capital adequacy and liquidity. The European Banking Authority determined that more than 30 banks needed to put forth an additional capital of 115 billion Euros, demanding that this be done before June In the meantime, in order to prevent further deepening of the crisis and to address the financial needs of Italy and Spain, The European Central Bank made a radical move in December in supplying banks with 489 billion Euros in finance for three years. The hardships faced by countries, being unable to sustain themselves due to debt pressures confronted the European Union with the tough task of preserving economic integrity in the Euro zone and insuring fiscal discipline. Although the hottest subject on the agendas of European leaders during this period was surviving the existing crisis, this situation clearly showed that a permanent solution for the structural problems of the Euro zone was imperative. Among these structural problems issues such as strengthening fiscal coordination on a corporate level, the eradication of discrepancies in competitiveness between countries and fortification of growth dynamics have been at the front rank. Very high public debts combined with low growth rates in many countries do very little to paint a promising future. One of the other striking developments of 2011 was The USA s AAA rating being downgraded to AA+ by Standard & Poor s. Although the USA was the initiating point of the global crisis, it used its advantage of a central management of economy and quick decision-making mechanisms against Europe, achieving substantial improvement in basic economic indicators. The USA entered a new process of growth by bringing the necessary financing resources into action. Even so, the present conditions caused a relative deterioration in the global economic prospects. Throughout the year, market growth forecasts were revised to lower levels several times. For instance, in the report published by OECD in November, the growth forecast for 34 member countries was changed from 2.3% to 1.6%. The January 2012 report published by the World Bank showed the 2011 global economic growth at 3.8%, 0.5 points lower than the former estimate. The biggest revisions were made in the Eurozone, where GDP growth was 1.6%. As in previous years, the driving force behind the world economy in 2011 was the large developing economies. China and India lead the league of developing countries, with 9.4% and 7.5% growth respectively in the first three quarters of the year. However, although the locomotive effects ensued, certain vulnerabilities began to arise in the developing economies. Towards the end of the year, substantial capital outflow was recorded, and accordingly the economies that relied on capital flow displayed weakened growth forecasts. 12 OMV Petrol Ofisi Annual Report 2011 I OMV Petrol Ofisi and the Operational Environment in 2011

15 WORLD ENERGY SECTOR ın 2011 Uncertainties in petroleum supplies that arose in 2011 led to the highest price averages for oil in history. The oil market entered 2011 with a rapid increase due to geopolitical developments following the Arab Spring and the advanced economies demand exceeding expectations. Oil commenced the year at 92.6 USD/bbl and reached the yearly high price of USD/bbl in April. However, in the second half of the year the debt crisis in the European Union peaked, growth forecasts dropped and Libyan crude oil made an early comeback to the market, which in turn caused limits on the global supply to ease and oil prices to stabilize. Brent crude prices remained at around USD 110 for most of the second half of 2011 and closed the year at USD per barrel with a yearly increase of 15%. 1,400 1,300 1,200 1,100 1, $/ton; Gasoline, diesel, LPG 2010: $80/barrel $/barrel; Brent oil 2011: $112/barrel 400 Week No: 1=2010 1st week: Week No:104=2011 year-end Auto LPG Gasoline Diesel Brent Progress of the weekly average prices of Brent crude (in USD/barrel), diesel and gasoline (in USD/ton) in the Mediterranean markets in 2010 and Source: PETDER 2011 Sector Report The annual average price for Brent crude in 2011 was USD 111, (TRL 189) displaying an increase of 40% in dollars (56% in TRL) in comparison to the yearly average price of As a result of this change, Mediterranean markets (Greece, Italy, France and Spain) registered a yearly average increase of 50% in gasoline prices in TRL from 2010 to 2011, an increase of 56% in diesel, and an increase of 33% in LPG prices. THE TURKISH ECONOMY IN 2011 The Turkish economy gave a successful performance among developing economies, with a growth rate of 8.5% in The growth rate in the first half of the year -mainly due to domestic demand- exceeded 10%, stabilizing in the second half of the year due to the increase in foreign demand. The existence of a strong and stable political structure and firm financial discipline in the management of the economy played an important role in this success. Consequently, the Turkish economy avoided the debt crisis that affected most European countries. The fact that Turkey s GNP/national debt ratio is the only one within the Maastricht Criteria among European countries made Turkey an example of success in international circles. OMV Petrol Ofisi and the Operational Environment in 2011 I OMV Petrol Ofisi Annual Report

16 Operations in 2011 / Financial Highlights / Corporate Governance Principles Compliance Report / Independent Auditor s Report Another success of 2011 was the level of employment. The number of employees surpassed pre-crisis numbers, and increasing by 1.5 million. During the crisis, the unemployment rates had risen up to 16%, and in 2011 the unemployment rate receded to single digit numbers remaining at 9.8% throughout the year. However, in the last months of the year, the current deficit and inflation cast a shadow over this striking growth and employment performance. As a result of the TRL s depreciation throughout the year, inflation surged, displaying a year-end increase of 10.5%; 4 points above the year before. Therefore the year-end objective of 5.5% proposed by the Central Bank of the Republic of Turkey was surpassed by 5 points. Due to the rapid increase in imports, the current account deficit grew at a rate of 65.3% compared to 2010 and reached USD 77.1 billion. Increase in energy costs due to the global increase in oil prices combined with the increase in demand for intermediate goods and the weakened foreign market played an important role in the rapid increase of current deficit to GDP ratio, which was expected to reach a record level of 10% (2010: 6.4%) by the end of the year. The current account deficit problem, considered to be a structural problem stemming from the Turkish industry s character and a contingent of energy costs, led the management of economy towards a search for new solutions such as fostering the production of intermediate goods and an evaluation of less expensive energy prospects. The markets fluctuated in 2011 due to both global and domestic developments regarding monetary policies. Especially during the last days of the year, the TRL faced serious pressures. Exchange rates closed the year with a 20% decrease compared to Real exchange rates on the other hand decreased by 13% compared to Bond interests displayed a 4-point increase, closing the year at around 11%. The İstanbul Stock Exchange (IMKB-100) index finished at 22% at year-end was a successful year for fiscal policy. The fiscal deficit was TRL 17.4 billion (1.3% in comparison with GDP) and primary surplus was TRL 24.8 billion both finishing the year above target budgets. Non-recurring incomes such as the restructuring of tax and social security debts played a crucial role in this performance. DEVELOPMENTS IN THE TURKISH FUEL MARKET IN 2011 As of December 2011 there are 4 Turkish Energy Market Regulatory Authority (EMRA) licensed refineries, 50 distributors, 102 storage facilities and 12,347filling stations; and 70 EMRA licensed distributors, 79 storage facilities and 9,377 auto gas stations operating in the liquefied petroleum gas (LPG) market. Distributors and filling stations A 5 year restriction on dealer contracts enforced by The Turkish Competition Authority at the end of 2010 transformed the Turkish fuel market significantly. In the process, thousands of dealerships were freed, searching for new grounds for agreements with suppliers. This development led to a heightening of competitive commercial terms in dealer contracts. Furthermore, high taxation and price limitations imposed by EMRA caused the profit margins in the market to diminish. The EMRA s ban imposed on fuel product promotions added yet another dimension to the situation. 14 OMV Petrol Ofisi Annual Report 2011 I OMV Petrol Ofisi and the Operational Environment in 2011

17 As a result of this process, the number of dealers to the top five suppliers in the market decreased and the number of filling stations in Turkey fell for the first time, from 12,887 to 12,347 in While the number of fuel suppliers has not displayed any increase in the previous 3 years, the number of LPG suppliers has continued to rise. Similarly, the number of auto LPG stations has increased. Increase in consumption According to data provided by PETDER (Turkish Petroleum Industry Association), the total consumption of automotive fuels consisting of gasoline, diesel and auto LPG increased over 2010 by 4.9%, reaching 24.7 million m 3. The increase in consumption is due to economic buoyancy and the record sales numbers in the automotive market played a crucial role in this growth. As a matter of fact, passenger vehicles sales displayed an increase over 2010 of 16%, while light commercial vehicle sales increased by 8% and heavy commercial vehicle sales increased by 38%. Diesel consumption In 2011, total diesel sales increased by 6.2% over the previous year, reaching 17.5 million m 3. The EMRA imposed ban on high-sulphur rural diesel, which comprised almost 70% of diesel consumption and the decision on April 1st to allow only low-sulphur diesel to be sold, lead to important changes in the product composition of the market in As a result, rural diesel disappeared from the market almost completely and differentiated special products were introduced in addition to standard diesel. With the imposed sulphur content limit, diesel products sold in Turkey became compatible with EU standards. Gasoline consumption In 2011, total gasoline consumption decreased by 5.4% compared to 2010, reaching about 2.5 million m 3. The price advantage of auto LPG, due to new cars with more efficient engines and the implementation of lower SCT (special consumption tax), allowed auto LPG to take shares away from gasoline consumption and higher sales of OMV Petrol Ofisi and the Operational Environment in 2011 I OMV Petrol Ofisi Annual Report

18 Operations in 2011 / Financial Highlights / Corporate Governance Principles Compliance Report / Independent Auditor s Report diesel vehicles were another the causes of this decrease. The largest share in total gasoline consumption was 95-octane gasoline at 91.4%. The consumption of compound unleaded gasoline used in old vehicles also decreased significantly. Auto LPG consumption With the steady increase in Auto LPG consumption together with gasoline, auto LPG s share in the total automotive fuel market rose to 19%, almost double the share of gasoline in Black products The long-term decline in the sales volume of black products which comprise fuel-oil and heating oil persisted in 2011 and consumption decreased by 9.5%, falling to a level of approximately 984,000 tonnes. OMV PETROL OFİSİ IN 2011 Restructuring 2011 has been a year of integration and restructuring for OMV Petrol Ofisi, due to fluctuations in the Turkish and global markets and changes in legislation. After OMV increased its stake in Petrol Ofisi to 96.98% in early 2011, over 70 integration projects have been realized in order to enable the integration of the company into the OMV Group. Within this framework, a Project Management Office (PMO) has been established for the follow-up and maintenance of the work initiated in the CEO Office, Marketing, Finance and Gas & Power business units, and the integration programs for the CEO office s coordination have been successfully completed. As an aspect of the restructuring, the company name Petrol Ofisi A.Þ. was changed to OMV Petrol Ofisi A.Þ. on June 8, 2011 and Gülsüm Azeri was appointed as the CEO of OMV Petrol Ofisi on July 1, Successful operational results In 2011, OMV Petrol Ofisi maintained its leadership position in the market thanks to its strong distribution network, quality products and services. The company reached TRL 19.5 billion (USD 11.7 billion) and by the end of 2011 total sales had increased by 21% from Despite instability both in the Middle East and globally, fierce competition in the fuel distribution sector, oil price movements of 2011 and the very volatile USD development, OMV Petrol Ofisi realized TRL million (USD million) operating profit with an increase of 15% as compared to OMV Petrol Ofisi A.Ş. in brief filling stations 10 terminals 2 LPG terminals 25 airport refueling units 1 lubricant plant Nearly 1,000 employees 6.8 million tonnes of sales volume in 2011 Over 1 million m 3 storage capacity Total sales in 2011: TRL 19.5 billion EBIT: TRL million With group sales of EUR billion and a workforce of 29,800 employees in 2011, OMV operates in Refining and Marketing, Exploration and Production, and Gas and Power across four continents. Built on 70 years of experience, Petrol Ofisi is one of the oldest established brands in Turkey, and this acquisition has reinforced its leadership position even further. 16 OMV Petrol Ofisi Annual Report 2011 I OMV Petrol Ofisi and the Operational Environment in 2011

19 Retail Operations

20 Operations in 2011 / Financial Highlights / Corporate Governance Principles Compliance Report / Independent Auditor s Report Retail Operations OMV Petrol Ofisi continued its activities in 2011 to create an efficient dealer network covering all regions of the country. In addition to the great efforts carried out during the year to renew contracts with current dealers, OMV Petrol Ofisi focused on expanding its sales network with new filling stations, specifically in regions where the Company was under-represented. As in previous years, filling stations were renovated in line with the corporate identity standards. STRONG DEALER NETWORK With its widespread filling station network reaching all corners of the country, OMV Petrol Ofisi continued to be Turkey s largest fuel distribution company in As of end-2011, 12,347 filling stations, which are registered with 50 fuel distribution companies, are active in Turkey. OMV Petrol Ofisi has the most widespread network in Turkey with its 2,270 filling stations, comprising 2,239 Petrol Ofisi branded stations and 31 ERK branded stations. Filling stations as of end-2011 Petrol Ofisi 2,239 ERK 31 Total 2,270 FILLING STATION INVESTMENTS OMV Petrol Ofisi attaches great importance to filling station investments in order to increase retail sales, which form the largest part of its annual turnover, and to strengthen its role as the industry leader in this segment. The Company s investments in new filling stations and dealership transfers totalled USD 100 million in In dealers contracts were renewed and with the acquisition of 30 new stations OMV Petrol Ofisi s sales network has been strengthened. Besides contract renewals, OMV Petrol Ofisi continued to work on the retail strategy of strengthening its presence in metropolitan innercity areas and along natural rest stops along main intercity highways to further increase both the brand s visibility and sales in DEVELOPMENTS IN TECHNOLOGY AND INFRASTRUCTURE In compliance with EMRA (Energy Market Regulatory Authority) standards, integrated pump and tank automation instalments were introduced into all filling stations, rural pumps, and agricultural fuel sale tanks in With this, the entire OMV Petrol Ofisi sales network was connected to the automation system for tracking. The fuel tanks were monitored by the central EMRA system throughout the year and analysis results were reported to EMRA on a daily/monthly basis. TRAINING AND DEVELOPMENT ACTIVITIES AT FILLING STATIONS Convinced that customer contact has a strong impact on brand perception, OMV Petrol Ofisi carries out an on-going and extensive training program for station personnel in order to improve 18 OMV Petrol Ofisi Annual Report 2011 I Retail Operations

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