4 Message from the board and Management 2010 DA FAALİYET ORTAMI VE PETROL OFİSİ PETROL OFİSİ AND THE OPERATIONAL ENVIRONMENT IN Contents 24 PERAKENDE FAALİYETLER 46 Ticari COMMERCIAL & Endüstriyel - INDUSTRIAL Satışlar SALES AND ve LNG LNG Faaliyetleri OPERATIONS 52 AVIATION AND MARINE FUELS Havacılık ve Denizcilik Satışları 58 Madeni Yağ Faaliyetleri SUPPLY CHAIN MANAGEMENT 76 EXPLORATION Tedarik AND Zinciri PRODUCTION Yönetimi 84 Arama ve Üretim Faaliyetleri 90 İnsan Kaynakları the year AT A GLANCE 96 Board of Dırectors and Executıve Commıttee Kurumsal İletişim 9 21 RETAIL OPERATIONS LUBRICANTS HUMAN RESOURCES 91 CORPORATE COMMUNICATIONS Fınancıal & Operatıonal Hıghlıghts 125 KURUMSAL TAKVİM Corporate Governance Principles ComplIance Report 133 Consolıdated Fınancıal Statements as at 31 December 2010
6 Movement and change have continued to mark developments in As the world started to recover from the negative effects of the global economic crisis, its aftershocks were still felt in Greece, Ireland, Portugal, Spain, and several East European countries throughout the year and in parallel with the stagnation prevalent in the entire Euro zone. As a whole, the world economy embarked on a new growth trend in 2010, albeit a slow and arduous one. Turkey has been one of the best performing economies in the restructuring process that has accompanied this trend. Closing the year with a 9% growth rate, the Turkish economy gave signs of a stable growth trend of about 5% for 2011 and beyond. However, this rapid growth, which affected the entire Turkish economy, failed to create a comparably positive impact on the oil industry where growth rates remained well below the national average for most of Message from the Board and Management Petrol Ofisi s overall performance was strong in The Company maintained its market leadership position not only in terms of its retail network that spans over nearly 2,400 filling stations in every corner of the country but also across a nation-wide supply storage and supply chain that provides efficient and cost effective services for all types of fuels. Petrol Ofisi also retained its leadership in almost every single product segment. Among those, its market leadership position in the industry s most significant growth segment - the ultra-low-sulphurdiesel segment - as well as its newly acquired leadership in the Turkish lubricants market, have been especially significant. Petrol Ofisi also managed its working capital effectively, thanks to its focused efforts on improving efficiency and controlling costs, and continued to create value for its shareholders, investors, business associates, employees and the national economy at large. But beyond Turkey, a social and political transformation process emerged in the Middle East and North Africa region during the first months of 2011, which may prove to have long-term and wide reaching implications. Fluctuations in oil supply and accompanying increases in oil prices have been among the most immediate effects. Another important - though more long-term trend - has been a shift in the momentum of the global economy where the centre of gravity has been steadily moving from West to East as well as moving from North to South in terms of economic growth, capital accumulation and production capacity. Turkey, both geographically and economically, is situated right in the middle of this major movement. This global shift will redefine political, social and economic life also in Turkey s entire wider geography.
7 These changes over the past few years have also affected Turkey s position in the international policy arena where the country is becoming an increasingly prominent role model for the entire region. Turkish as well as global companies operating in Turkey have, in parallel with these developments, started to focus much more intensively on their operations in this region. Clearly, Turkey s new position in this economic and socio-political landscape is creating a host of new opportunities and potentials - as well as new responsibilities and challenges - for all major players in the Turkish economy, not least, of course, Petrol Ofisi. In the final months of 2010, Petrol Ofisi became a member of the OMV Group, through the Group s acquisition of additional shares that have brought its interest in Petrol Ofisi to a total of 96.98%. OMV is the leading energy company in the European growth belt, and under its 3plus strategy, the Group combines the strengths of its Exploration & Production (E&P), Refining & Marketing (R&M) and Gas and Power (G&P) business units in order to ensure that it provides the best possible supply service to its three core markets of Central and Eastern Europe, South-eastern Europe and Turkey. OMV uses the synergies that result from the combination of these strengths to extend its supply chain from oil and gas through to electricity and eventually renewable energy. As part of OMV and the Group s 3plus strategy, Petrol Ofisi s operation will gain a new significance above and beyond that which it already enjoys due to its leadership of the Turkish fuel distribution and lubricants market, moving the Company and the Petrol Ofisi brand toward a new future and new horizons. But whatever the exciting new opportunities the future may hold, Petrol Ofisi will continue to strive every day and with every product and service to deserve the trust and loyalty of its employees, dealers and customers - the only path there is to sustain and strengthen our well-earned leadership position. Melİh Türker CEO Gerhard Roıss Chaırman
10 PETROL OFİSİ and the OPERATIONAL ENVIRONMENT in 2010
11 10 P E T R O L O F İ S İ A N N U A L R E P O R T The World Economy In 2010, Equally striking the world as the rapid economy turnaround was grew by the divergence 5%, thus in growth recovering rates between from the advanced and previous developing year s economies. recession Uneven growth of -0.6%, figures clearly the first display this such global two-speed contraction pattern where in the postwar period. economies developing grew by an average of 7%, while advanced economies - despite last year s dramatic decline - remained at an average of 3%. Among developing economies, Asia, with 9% growth, was clearly in the lead.
12 PETROL OFİSİ and the OPERATIONAL ENVIRONMENT ın Overall Concerns about growth the European remained Union s banking slow in system and the advanced its high public economies. debts deepened in the spring of Bailout mechanisms and packages were developed by the EU to help Greece and other EU members avert financial meltdown. Greece and Ireland both received sizeable EU/IMF financial aid packages while concerns continued to deepen about the economies of other peripheral EU members such as Portugal and Spain. The US economy, on the other hand, displayed relatively strong growth in the final quarter of the year. However, doubts about the durability of consumer confidence seem to represent the greatest obstacle to sustained improvement in the near future. Inflation rates throughout advanced economies remained low in this period, and even carried a continued risk of deflation. Developing While economies developing displayed economies a very grew at a much different faster pace picture than advanced in economies, concerns about inflationary risks, especially in the highgrowth Asian economies that are heavily impacted by rising food and petrol prices, deepened towards year-end. Tight fiscal policies to curb relatively high inflation, coupled with very positive economic growth rates, led to a vast increase of capital flow into these economies. This in turn triggered harsh foreign currency interventions in several developing economies. In fact, Brazil and capital South Korea, controls and among others, currency stepped up wars were attempts to very much on control their the agenda currencies for much of through large-sale currency purchases and various capital taxes. Public debt and banking industry problems that continue to plague the EU, are likely the most serious potential challenges facing the world economy in Even though problems seemed to have abated in the short term, concerns over the overall health of Europe s banking industry, growth rates, and the EU s ability to act in a coordinated fashion had not dissipated completely by the end of the year.
13 12 P E T R O L O F İ S İ A N N U A L R E P O R T The Turkish Economy The Turkish The surge of economy capital flow performed into developing well beyond economies expectations coupled with in growthoriented monetary and fiscal policies, as well as a strong local banking industry, all combined to produce a 9% growth rate for 2010, thus lifting the Turkish economy up to and beyond pre-crisis levels. The sharp Although decline in consumer the rate of inflation inflation fluctuated was another somewhat positive during the year development. on the back of rising food prices, it dropped again dramatically towards the end of the year, resulting in a year-end average inflation rate of 6.4%, down from 10% at the beginning of the year, lower even than the government s year-end target of 6.5%, and the lowest in over four decades. Similarly, Turkey s core inflation dropped to 3% by year-end as prices did not rise to reflect the economy s upward trend and the Turkish lira remained strong.
14 PETROL OFİSİ and the OPERATIONAL ENVIRONMENT ın Markets in general, and in particular the Istanbul Stock Exchange (IMKB), showed overall positive performance. The ISE-100 (Istanbul Stock Exchange) Index closed the year with approximately 25% in gains despite a sales push during the last months of the year. Interest rates also fell by close to 2 points during the course of the year, finishing at just below 7% at year-end. Other The country s macroeconomic deficit and high current indicators, relatively high however, rate of unemployment, were less favourable. for example, continued to cast a shadow over its overall strong economic performance. The current deficit had shrunk to USD 14 billion in 2009 but swell again to USD 48.5 billion, or 6.6% of GDP in 2010, in what is one of the highest rates in recent years. And while some gains were also made on the employment front due to economic growth, the overall employment rate remained above pre-crisis levels. At approximately 11.5%, unemployment figures for 2010 were 2 points higher than those of the pre-crisis period. Relative However, improvements were growing current Turkey s rapidly also made in deficit drove fiscal policy. the Turkish Central Bank to make significant changes in its monetary policies, focusing on ensuring not only price stability but also financial stability. However, the Turkish lira registered significant value losses in large part due to these policies.
15 14 P E T R O L O F İ S İ A N N U A L R E P O R T Although the financing of the current deficit shortfall posed no serious problem as such, there has been a marked deterioration in the quality of this finance. Direct foreign investments and long-term corporate loans have declined sharply in favour of short-term loans and deposits. For example, capital flow had reached about USD 50 billion by November, however only about 10% (or USD 5 billion) of this amount consisted of direct foreign investments, and while corporations retained their net debtor status, financing was largely made through portfolio financing (mainly government debt securities) and short-term loans and deposits. In summary, But while the Turkish this momentum economy presents a good displayed start for a strong the coming year, growth the country s momentum in large current account deficit remains the most serious macroeconomic issue to be tackled, and general elections scheduled for 2011 are likely to make this task even more of a challenge.
16 PETROL OFİSİ and the OPERATIONAL ENVIRONMENT ın Petroleum Markets The faster Furthermore, than the growing expected involvement recovery of of investment the global banks and economy had funds turned a positive oil, together impact on with other crude oil commodities, and oil into an product asset class. demand. Brent crude commenced the year at 77.7 USD/bbl, and traded in the USD/bbl bracket until September, when prices started to become extremely volatile. Brent crude peaked at 94 USD/bbl and closed the year at 92.5 USD per barrel with a yearly return of 19%. global 2011 oil demand demand for growth is oil ın 2010 forecast totalled to be million million barrels/ barrels/ day compared day in 2010, with Exceedıng Taking into 2009 levels consideration by 2.3 million this increase barrels/day. in demand, large investment banks have raised their annual average price forecasts for Brent crude to 120 USD/bbl. Most industry players expect price volatility to continue in the coming year.
17 16 P E T R O L O F İ S İ A N N U A L R E P O R T The Turkish Fuel Sector CONSUMPTION TRENDS Total In terms of consumption sales volume of automotive fuel automotive consump-tion fuels, thus reached consisting 18.4 million of gasoline, tonnes in diesel and As in previous auto LPG, years, demand increased for ultra-lowsulphur diesel over 2009 by 1.9%. fuel (23%) and auto LPG (8.4%) continued to rise in 2010, while gasoline demand fell by 7.7% over Demand for black products (fuel oil and heating oil) fell by a total of 44% while the lubricants market grew by 15%.* source *PETDER (Turkish Petroleum Association) 2010 Market Report Total Annual Consumption Volumes JANUARY-DECEMBER DIFFERENCE CHANGE m 3 (%) White Products Total ,8 Unleaded 95 Octane Gasoline ,9 Unleaded 97 (plus) Octane Gasoline ,6 Additized Unleaded Gasoline ,6 Gasoline Total ,7 Kerosene ,2 Rural Diesel ,6 Diesel (Ultra-Low-Sulphur) ,0 Diesel Total ,4 TONNES White Products Total ,9 Unleaded 95 Octane Gasoline ,9 Unleaded 97 (plus) Octane Gasoline ,6 Additized Unleaded Gasoline ,6 Gasoline Total ,7 Kerosene ,2 Rural Diesel ,6 Diesel (Ultra-Low-Sulphur) ,0 Diesel Total ,4 Heating Oil ,4 Fuel Oil No ,1 Black Products Total ,9 Total Fuels ,9
18 PETROL OFİSİ and the OPERATIONAL ENVIRONMENT ın DEVELOPMENTS IN THE FUEL MARKET The most significant development in the Turkish fuel market of 2010 was the imposition of a 5-year limit on Filling Station dealer contracts. This decision by the Turkish Competition Authority affected all market players and over one thousand dealerships changed their supplier agreements in the process. This development, together with tightening market conditions, led to a heightening of competitive commercial terms especially in fleet fuel contracts and dealer contracts. A ban was also imposed on non-fuel product promotions, the impact A decision In line with was also the EU taken to harmonization limit the process, sulphur the Turkish content of Energy Market all fuels. Regulatory Authority (EPDK) imposed a 10-ppm maximum sulphur content limit for all local refinery-produced or imported diesel products to be sold in Turkey. Supported also by the Turkish Petroleum Industry Association, this decision will lead to a reduction of sulphur emissions by 100 times, reducing the amount of sulphur and particle materials released into the atmosphere by 9,900 tonnes per year. Diesel In 2010, diesel automotive automotive sales sales increased continued to by 69% over increase the previous dramatically. engine vehicles year and diesel accounted for 54% of all vehicles sold in 2010, up from 44% in The overall Turkish automotive market s strong growth trend also continued with 2010 registering a 37.7% increase over the previous year, where production increased by 25.9%, imports by 48.3% and exports by 20%. of which will start to be felt in 2011.
19 18 P E T R O L O F İ S İ A N N U A L R E P O R T Petrol Ofisi In 2010 OMV, which previously held 41.58% of Petrol Ofisi A.Ş. shares, purchased an additional 54.14%, thus raising its total share holding to 95.72%. In 2010, OMV registered billion euros in group sales, has employees and commands large-scale operations across four continents in Refining & Marketing, Exploration & Production and Gas & Power. Petrol Ofisi is one of Turkey s strongest brands with a 70-year corporate history. This merger promises to further strengthen Petrol Ofisi s leadership position in the local market while offering exciting new growth opportunities in the wider region. PETROL OFİSİ became a member of OMV Aktiengesellschaft, the leading energy group in the European growth belt. PETROL OFİSİ Petrol Ofisi further sales increased improved on by 14.5% over its strong the previous market year to reach performance in (USD TL billion 2010 despite billion) volatile and continued consumption to build patterns on its market and leadership heightened position, competitive achieving strong pressures. results across all market segments despite heavily fluctuating consumption patterns.
20 PETROL OFİSİ and the OPERATIONAL ENVIRONMENT ın PETROL This has further OFİSİ also strengthened succeeded in the Company s 2010 to win overall leadership leadership position in position in the the national fuel distribution lubricants market that market. includes an unrivalled nationwide distribution network of nearly 2,400 filling stations, an innovative product range and customer-focused services. Petrol Ofisi also achieved very strong sales results in the ultra-low-sulphur diesel (ULSD) market. This is especially significant as ultra low-sulphur diesel represents the most important high-growth market in recent years. PETROL OFİSİ The Company continued achieved to lead the a 26.7% market Turkish fuel share in overall distribution white products, market where across all competitive segments in pressure was most severe, a 23.9% market share in gasoline products and a 27.1% market share in diesel products. Petrol Ofisi also continued to lead in black products with a total market share of 49.4% despite a reduction of market size by 43.9% in PETROL OFİSİ Market Shares in 2010 (%) 27,1 23,9 26,7 DIESEL GASOLINE Total WhIte Products 49,4 BLACK Products 15,3 LPG
22 RETAIL OPERATIONS
23 22 P E T R O L O F İ S İ A N N U A L R E P O R T Retail Dealer Network All fuel The distribution Competition companies Authority s in Turkey - decision including to impose PETROL OFİSİ - a 5-year limit faced a on filling challenging station dealer year in contracts meant that contract renewals occupied the very top of the Company s agenda for most of the year. Petrol Ofisi succeeded in emerging from this challenging process with no less than 1,650 renewed filling station contracts.
24 R E T A I L O P E R A T I O N S 23 PETROL OFİSİ As of end- In 2010, Construction Efficiency This rate continued to 2010, 52 fuel PETROL OFİSİ of new filling at PETROL is well above be Turkey s distribution invested stations, OFİSİ filling the market largest companies a total of dealership stations average and single and a total of USD 375 transfers, also is indicative filling 12,887 filling million in dealer improved in of the efficiency station stations were its filling contract 2010 with increase across network registered in station renewals, an average the Petrol Ofisi also in the Turkish fuel network. automation throughput network. distribution market. works and LPG station of 1,641 m³. The Petrol Ofisi network, fittings accounted for this with a total of 2,302 Petrol Ofisi investment. 1,650 dealer branded stations and 94 ERK contracts were renewed, branded stations, comprises while 55 new or transfer a total of 2,396 filling stations, stations were brought making it by far the country s into the PO network. single largest network, bringing Petrol Ofisi, next to contract this essential service to all renewals, continued corners of the country. to work on its retail strategy NUMBER OF FILLING STATIONS AS OF END-2010 PO 2,302 ERK 94 PETROL OFİSİ TOTAL 2,396 SECTOR TOTAL 12,887 of strengthening its presence in metropolitan inner-city areas and along natural rest stops along main intercity highways to further increase both the brand s visibility and sales.
25 24 P E T R O L O F İ S İ A N N U A L R E P O R T Site improvements and renewals, Equipment renovations renovation were made of branded at 100 filling areas, forecourt stations in renovations and repairs, general infrastructural maintenance, improvements and landscaping were conducted as part of the Company s efforts to continuously improve both the physical environment and services at its filling stations and enhance customer experience. Rebuilding of filling station sales offices was also continued along with the ongoing change to whitecoloured branding materials commenced last year. Three All three are companyoperated prime location positioned in filling in Istanbul. stations The Çamlıca were set up Petrol Ofisi in station was set up in February 2010, the Selimiye Petrol Ofisi station in July 2010 and the Veliefendi Petrol Ofisi station in August of Plans are underway to add three further company-operated stations to the Petrol Ofisi network in Integrated pump and tank automation installations were conducted at 800 filling stations in With this, 97% of the entire Petrol Ofisi filling station network is now connected to the Company s integrated automation system for central tracking and supervision.
26 R E T A I L O P E R A T I O N S 25 PETROL OFİSİ Based on the continued understanding to offer that customer extensive contact will training always have programmes a strong impact on to filling brand perceptions, station Petrol Ofisi dealers in has an ongoing, extensive and routine training programme for station personnel to help improve on customer contact, operational excellence and to ensure the best possible customer experience at each station. These training programmes included the Filling station management improvement training programme at 550 Petrol Ofisi stations as well as on-the-job training and coaching for 4,000 pump and market personnel to help them improve on customer interaction and sales skills. All programmes were based on objective evaluations and included concrete follow-up. Further training was also provided for 450 filling station managers. These included Operational Management and Customer Relations Management seminars. 506 new station personnel were employed as part of the cooperation scheme with the Turkish Ministry of Education, where employment opportunities have been provided for approximately 1,200 station personnel since A special Performance Reward Scheme was implemented at 267 PETROL OFİSİ filling stations. The reward scheme aims at ensuring service excellence, improving customer interaction and station sales while raising station employee motivation and engagement. Fuel pump operators, supermarket personnel and station managers that showed outstanding performance during the year were rewarded within this scheme. The 2010 The group, PETROL OFİSİ which Dealer gathered at Meeting the Antalya was held in Rixos Sungate April 2010 Hotel, with a broad celebrated attendance the business of 1,500 results of the people. previous year, and management shared the Company s business objectives and vision for the coming year. Petrol Ofisi s high performance gasoline product, the New Generation V/Max Unleaded Gasoline, was also launched at this meeting, where popular actors Kadir İnanır and Fırat Doğruloğlu (known as "Yaban"), who are starring in the product s commercials, added entertainment value.
27 26 P E T R O L O F İ S İ A N N U A L R E P O R T Gasoline and Diesel Products PETROL Thus, OFİSİ is Petrol Ofisi committed to re-launched in offering its February its customers highly successful, the most ultra-lowsulphur diesel Technologically performance fuel advanced V/Max Eurodiesel fuel as New products, Generation V/Max and further Eurodiesel developed and a few its product months later, portfolio in in April 2010, re-launched its V/Max performance series gasoline products as New Generation Unleaded V/Max 95 and 97. The New Generation V/Max performance fuels provide the highest possible fuel economy, strong engine performance and are environmentally friendly.
28 R E T A I L O P E R A T I O N S 27 The NEW Relaunched as GENERA- New Generation TION V/Max V/Max Unleaded Unleaded 95 and 97, these 95 and 97 gasolines are Gasoline high-tech, products engine-friendly were also products improved. providing heightened engine performance and fuel economy. The strong detergent additive in the fuel s formula helps to remove engine deposits for more efficient combustion and to restore the engine s original performance. Combining this powerful detergent with a special friction modifier additive, V/Max Unleaded 95 and 97 permit significantly increased fuel efficiency while helping to prolong engine life and performance. PETROL OFİSİ Petrol Ofisi performance produced R&D has fuels this high combine performance fuel high fuel economy series in with collaboration with maximum performance. Chemical, Afton a world leader in fuel additives. Providing up to 4 litres of fuel economy in 100 litres, these high-tech new generation fuels have been tested and approved in field, engine and chassis dynamometer tests conducted in cooperation with independent third-party test centres, technology research foundations and large automobile manufacturers. NEW GENERATION V/MAX EURODIESEL New Generation V/Max EuroDiesel Product Features: Up to 4 litre fuel economy in 100 litres High detergent additive keeps engine clean, raises performance Injector cleanliness Clean, full, efficient engine burn Up to 10% performance increase High cetane number Quiet engine, enjoyable drive More efficient acceleration Trouble-free operation even in extremely low temperatures of up to -20C degrees NEW GENERATION V/MAX UNLEADED 95 AND 97 GASOLINE PETROL This premium fuel s OFİSİ s New high cetane number Generation provides powerful, V/Max ping free, quiet EuroDiesel engine performance has become to ensure an Turkey s enjoyable drive most while providing widely sold significant fuel ultra-lowsulphur powerful detergent economy. Its diesel additive cleans product in the engine, while its anti-metal characteristic prevents tiny metal particles from scratching engine parts, thus significantly prolonging engine life and performance. The fuel also includes anti-corrosion features that prevent engine corrosion and reduce maintenance costs, as well as anti-freeze features that ensure trouble-free engine operation in weather conditions as low as -20C degrees. Finally, as an ultra-lowsulphur diesel, the Petrol Ofisi New Generation V/Max Eurodiesel helps protect the environment with dramatically reduced sulphur emission rates. New Generation V/Max Unleaded 95 and 97 Gasoline Product Features: Up to 4 litres fuel economy in 100 litres Up to 5% power and performance enhancement Superior engine protection and prolonged engine life Perfect engine cleansing through strong detergent additive Full and efficient engine burn Friction Modifier provides prolonged engine life, higher performance, fuel efficiency Injector cleanliness Full protection against corrosion with anti-corrosion and demulsifier agents Environment-friendly with lower exhaust emissions, reduction of 23% in hydrocarbons and 11% in particle emissions Only metal deactivator additized fuel in Turkey Superior engine protection Protection against engine corrosion Environment-friendly with low emissions rates, reduction of 27% in hydrocarbons and 16% in particle emissions
29 28 P E T R O L O F İ S İ A N N U A L R E P O R T Auto LPG Sales Auto LPG The number continued to of auto LPG increase its engine vehicles share in in Turkey the total increased Turkish to 2.5 million fuel market vehicles in 2010 also in 2010, with auto LPG surpassing sales increasing gasoline by 7.8% over consumption. the previous year to reach 2.5 million tonnes. With the continued contraction of the bulk and bottled LPG market, the auto LPG product segment now accounts for 68% of the total LPG market in Turkey.* source *PETDER (Turkish Petroleum Association) 2010 Market Report PETROL OFİSİ This includes commands 1,340 PO/gaz Turkey s branded auto largest LPG filling auto LPG stations and distribution 56 contracted network. stations. Efforts to bring all stations in the network under the PO/gaz brand umbrella first began in 2007 and continued also in 2010.
30 R E T A I L O P E R A T I O N S 29 PETROL OFİSİ Of this amount, achieved A 381,022 tonnes total LPG of LPG were sales volume sold throughout of 428,327 the PO/gaz auto tonnes in LPG station network, while the remainder was sold through contracted stations. 164 new Regular PO/gaz controls and stations auto LPG became dispenser operational calibrations in were conducted at 1,170 PO/gaz stations. Efforts were also continued to increase the number of materials and setup suppliers and several deals were made with new tank, pump and dispenser suppliers. Control panels at 900 PO/gaz stations were automated. This forms part of Petrol Ofisi s ongoing overall filling station automation project, making it possible to monitor online all LPG sales and technical information at these stations.
OMV Petrol Ofisi A.Ş. Company Presentation 30.09.2011 Results November 2011 Disclaimer OMV Petrol Ofisi A.Ş. ( OMV Petrol Ofisi ) has prepared this presentation (the Presentation ) for the sole purpose
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