Annual Report 2012

Transcription

Annual Report 2012

Facets of time
time cycles
Limited time
biological clock
Timeline T i m e s o v e r e i g n t y
Perception of time
Quality time
The beat of time
»
T i m e a l te rs t h e a n g l e
Marq uard & Bahls AG
Annual Report 2012
„If you do not ask me what time is, I know it;
i f y o u a s k m e , I d o n o t k n o w . “      
A u g u s t i n u s
Aurelius
How time flies
N o t h i n g i s a s u n ive r s a l i n i t s i m p a c t a n d ye t
p e r c e ive d s o i n d iv i du a l ly a s t i m e .
It is our constant companion. Its passing
is apparent in change. Measured with more and more
a c c u r a t e i n s t r u m e n t s ove r t h e c e n t u r i e s , w e d iv i d e
it into different units. In common parlance,
i t c a n f l ow, r u n , p a s s , c rawl , s t a n d s t i l l , a n d e l a p s e .
Its progress is linear, yet it remains
a p h e n o m e n o n w i t h m a ny f a c e s .
S o w e a l l ow e d o u r m i n d s t o wa n d e r :
What does time mean for us and our business?
And the more we thought about it, the more
consc ious we became of it – time.
»»
Group figures 2012
!
M a rq ua rd & B a hls › C o n s o l i d a t e d r ev e nu e s (including energy taxes)
› C a s h f l ow (from operating activities )
› Income before income taxes
› Net income
› Non current assets
› Equity
› E m p l o ye e s (consolidated companies)
M a b ana f t ›
E x t e r n a l s a l e s (in million t) Oi lt a nki ng ›
›
Ta n k c a p a c i t y (i n m i l l ion cbm ) T h r o u g h p u t (i n m i l l ion t ) S k y t a nki ng ›
T h r o u g h p u t (i n m i l l ion l ) [ 2 0 1 2 ]
[ 2 0 1 1 ]
million € million US$
million € million US$
18,259
2 3, 474 1 6 2 .7
2 09 . 2 336 1 06 . 4 2 , 6 02 1 , 38 7
4 32 1 36 . 8 3, 4 33
18,565
39 9 5 5 5 1 1 3. 3
1 5 7.7 1 , 8 75 2 , 4 2 6 70. 3
1,829 1 , 346 4 ,78 2 4 , 2 1 4 2 1 . 6 22.3
2 0. 2 1 9 . 6 1 70.7 2 5 , 8 4 4 97. 9 1 ,74 2
How time flies
N o t h i n g i s a s u n ive r s a l i n i t s i m p a c t a n d ye t p e r c e ive d s o i n d iv i du a l ly a s t i m e .
It is our constant companion. Its passing 148.5
is apparent in change. Measured with more and more a c c u r a t e i n s t r u m e n t s ove r t h e c e n t u r i e s , w e d iv i d e 1 5 , 02 1 it into different units. In common parlance, 1 5 , 035
i t c a n f l ow, r u n , p a s s , c rawl , s t a n d s t i l l , a n d e l a p s e . Its progress is linear, yet it remains a p h e n o m e n o n w i t h m a ny f a c e s .
S o w e a l l ow e d o u r m i n d s t o wa n d e r : What does time mean for us and our business? And the more we thought about it, the more c o n s c i o u s w e b e c a m e o f i t – t i m e . »
Group figures 2012
Group figures
!
1947
A u g u s t i n u s
1972
1992
Aurelius
GMA
M a b a n a f t O i ltank i n g
Marquard & Bahls
1998
2000
Skytanking
natGAS
2008
2012
Mabagas
Bomin
»»
Group figures 2012
Contents
A u g u s t i n u s
Aurelius
The facets of time —
like the energy business,
time has many components.
Only when they are considered as a whole
does a picture emerge that does
justice to the diversity of both
time and our business.
››
06 E nt ry
08 F o rewo rd
1 4 L et t er f ro m t h e E x ec utive B o a rd
24 Tra d in g
38 Ta n k St o ra ge
54 Aviat io n F u el l in g
62 R en ewa b le E n ergies
66 G a s Sup p ly
68 Q u a l it y Ma na gement
72 H SSE
74 St a ff
78 L o c at io n s Wo rl dw id e
80 R ep o r t o f t h e Sup ervi s o r y B o a rd
81 Co n sol id at ed F ina n c i a l S tate m e nts
00:06
00:07
Entry -- Marquard & Bahls
3003 B.C.
Time f o r de c is io n s
3002 B.C.
› › Marquard & Bahls
3001 B.C.
Time, energy, and the future are the topics of this annual
report. Time does not flow evenly. There are quiet and turbulent times, and times that call for decisions.
Acting at the right time and on our own initiative has always been the
strength of our management style. The realignment of our trading division
and the extension of the Executive Board to four members are positive
expressions of this philosophy.
Prudent and carefully planned action is a basic prerequisite for long-term
success. However, it is equally essential to seize unexpected opportunities as
they arise and decide without hesitation. Marquard & Bahls has retained these
abilities. The decisions made at extremely short notice to branch out into the
dry bulk sector and purchase a third tank terminal in Singapore just go to
show that, despite 65 years in business, we still possess the necessary agility
on all decision-making levels of the company.
Safeguarding the future is the company’s primary objective. An investment
program of unprecedented scale in all areas of our business highlights our
determination to maintain a leading position in our market segments.
Hamburg, May 2013
2999 B.C.
2998 B.C.
H e l l mu t h We i s s e r
Chairman of the Supervisory Board
Sun is life A rod that c a sts a sha dow
i n th e su n li g ht – so si mp le a n d ye t so i n g e nious:
Th e Eg y p ti a n s a lre a dy kn ew h ow to
m e a su re ti m e u si n g a su n di al.
00:08
00:09
Foreword -- Marquard & Bahls
Our t ime – o u r e n e r gy – o u r futu r e
How do we experience time at Marquard & Bahls, this variable
that is constantly on the move and accompanies us for a
lifetime? We organize it actively and make the best possible
use of it. For our company, 2012 was a year in which we were
By purchasing the Bominflot Group, which is now renamed Bomin, the
company took another major step in expanding physical trading and the
bunker business. Mabanaft now has a critical mass in this market segment
and is one of the world’s leading providers of ship bunkers.
confronted with various challenges and focused consciously
on our strengths. We were delighted with the success we
achieved, but are not resting on it. We remain open and
curious as to what lies ahead.
For Marquard & Bahls, 2012 also marked the company’s 65th anniversary.
From 1947 to the present, we have experienced a lot. In the early days of
our business activities, coal was the energy source of choice before oil and
gas gained more and more in significance. Later, nuclear power plants were
constructed to generate electricity. Then came the disaster in Chernobyl and
a quarter of a century later Fukushima – which subsequently prompted an
even more concerted shift towards renewable energies in Germany and other
countries. If nothing else, this flashback in fast motion demonstrates one
thing: the energy industry, which we are also part of, has seen many changes
in its time.
1 5 3 1 B.C.
152 9 B.C.
1528 B.C.
Our time
Marquard & Bahls had a successful year in 2012, with important decisions
made for the future development of our company.
For our subsidiary Mabanaft, last year was characterized by realignment with
a clear commitment towards physical trading.
Drop by drop tr i c kle s away the time
i n a wate r c loc k. Th e fa c t that wate r de fi n e s constant time units
a s it i s tra n sfe rre d from on e re c e p ta cle to another
wa s a lre a dy c ap ita li z e d up on back in anc ient Egypt.
00:10
00:11
Oiltanking, our tank terminal organization, continued on its impressive
successful course. Besides the expansion of the existing business and the
acquisition of the Helios tank terminal in Singapore at the end of the year, the
takeover of the United Bulk Terminal (UBT) in Davant, USA, and the associated
breakthrough in this sector was one of the highlights of the year.
Skytanking also successfully pursued its course of growth and is now one of
the leading independent companies for aviation fuelling in Europe. With its
new locations in Frankfurt and London Gatwick since the end of 2012, the
company is now represented at 54 airports in Europe, the USA, Asia and Africa.
Mabagas, our most recent endeavor, produces biogas in Germany and India.
The facilities are specialized in recycling organic waste and thus underline
the company’s objective of not using any energy crops in order to avoid
competing with food production. In addition, nine bio-CNG (compressed
natural gas) fuel pumps have so far been installed at selected OIL! service
stations in Germany.
Our energy
Energy efficiency is a central topic, but it is not the only one that matters.
Which energy source we will use in future is of even greater interest to
the energy industry. In its current World Energy Outlook, the International
Energy Agency (IEA) expects crude oil and natural gas to remain the most
important energy sources for the foreseeable future. The energy consumption
is increasing worldwide, especially in emerging markets, where demand will
overtake that of industrial nations for the first time in 2013. While the mature
economies are stagnant in demand at best, emerging countries – headed up
by China, Brazil and India – are showing a strong momentum.
This growing demand for energy and consequently for our products, our
facilities and services are satisfied by new projects, technical advancements
and conscious use of energy as a scarce resource. In the USA, for example, we
are seeing a real boom in gas and oil, which is made possible by new extraction
methods. This will also have a major impact on trading flows worldwide.
Accordingly, the development of crude oil and natural gas is continuing apace.
All populist claims that the pinnacle of oil as an energy source has already
been surpassed have thus been proven wrong again.
For our company, the conclusion is that we will go ahead with our involvement
in fossil fuels and, moreover, the renewable energies sector. In our opinion,
both areas are crucial for a future-orientated energy-mix.
Our future
The energy markets will go on changing and constantly realign themselves.
We continue to expect volatile oil markets that will react sensitively to
geopolitical uncertainties. But has it ever been different? At Marquard & Bahls
we will follow the developments closely, seize the opportunities offered to us
and manage our company in a reasonable and prudent way. All of this will
be based on our conservative finance and accounting policy.
00:12
00:13
In view of the tremendous growth our company has experienced in recent
years, the Marquard & Bahls Executive Board was increased to four members
in September 2012. This means that the main divisions of the group are
now represented more strongly on the Executive Board. What is even more
important, however, is that this will allow us to make even better use of the
synergies within our group, in line with our motto “stronger together”.
We look to the future with confidence. We primarily owe this to our employees
all over the world. 8,560 people who contribute their dedication and
enthusiasm to our company every single day. People who make our company
what it is.
Our thanks also go out to the company’s shareholders, who support us in our
endeavors with interest, dedication and a wealth of corporate vision.
Last, but not least we would like to thank our customers and business partners,
without whose trust and loyalty our success would not be possible.
In addition, the Olympic ideal stands for fair, honest sport that brings people
together – for team spirit, courage and trust. These values can also be applied
to other areas of private and work life - and hence also to Marquard & Bahls.
On that note, we will tackle the tasks ahead with sporting ambition and
consciously organize and live time – our time.
In view of our tried-and-tested business model, the long-term strategy of our
company and our dedicated employees, we are convinced that we will remain
in future what we are today:
i n d e p e n d e n t , s o u n d , i n d iv i du a l .
Hamburg, May 2013
But let us return to the topic of time, albeit with a sporting twist. Last summer,
the 30th Olympic Games were held in London; days jam-packed with
excitement and sporting highlights where it mainly came down to the best
time and right timing – both are also of key importance for our company.
Carlin Conner
E x e c u t ive B o a rd M e m b e r –
Te r m i n a l s
Christian Flach
C h i e f E x e c u t ive O f f i c e r
Claus-Georg Nette
Chief Financial Officer
J u l i o Te l l e c h e a
E x e c u t ive B o a rd M e m b e r –
Trading
00:15
Letter from the Executive Board -- Marquard & Bahls
A g o o d fina n c ia l ye a r a n d
a p o sitive o utlo ok
challenging year in 2012. Our company generated a turnover
of 18.3 billion euros (including energy taxes) and a result of
106.4 million euros after tax – a sound basis for the future
development of our group.
A strong equity basis, achieving stable results, and good financial liquidity
are important ingredients for corporate success in the long term. We have
seen all of those in the previous year: Based on the good result, the equity
of the group was increased again and stands now at 1.387 billion euros
at the end of the year, and we recorded a healthy operative cash flow of
336 million euros.
In 2012, we invested or committed to invest a record sum of almost
880 million euros into new projects.
Return on Equity 2010-2012
[ 2 0 1 0 ]
Before taxes
Net
 
in %
[ 2 0 1 1 ]
7.9
12.1
5.9
9.5
14.5
››
[ 2 0 1 2 ]
»
»
» » cles
cy
D ev e l o p m e n t s i n d e t a i l
› T r a d i n g
Mabanaft experienced a year of consolidation and change. A substantially
changed market environment and considerable losses in international trading
resulted in the company’s decision to withdraw from the international
trading in the spring of 2012. Largely as a consequence of this, the Mabanaft
group ended the year with a negative result: if one takes out the result from
discontinued activities, i. e. mainly the losses of the first months and the
closing costs of the international trading companies in Houston and
Rotterdam, Mabanaft’s result is positive. This is due to the fact that most of
the other Mabanaft subsidiaries were able to record positive results, giving
cause for optimism for the future development of the trading division.
t i me
Marquard & Bahls can look back on both a successful and
19.9
00:14
Starting with 2012, Mabanaft re-emphasized its focus on the physical side of
trading in petroleum products. As a consequence, the company will continue
to expand its wholesale, service station, end-consumer, and bunker businesses
and to optimize the supply of these activities. The acquisition of Bominflot is
a major step in this direction.
Besides the existing businesses, Mabanaft also develops new activities. One
example is a joint venture between Bomin and Linde AG, founded in the summer
of 2012, to create a liquefied natural gas (LNG) bunkering infrastructure in
northwestern Europe. The aim is to establish a reliable LNG supply chain to
guarantee shipowners and operators access to a more environmentally friendly
fuel alternative. Moreover, at the end of 2012, Mabanaft added a physical
trading activity in petroleum products in the Black Sea and the Mediterranean
regions.
00:15
A g o o d fina n c ia l ye a r a n d
a p o sitive o utlo ok
Marquard & Bahls can look back on both a successful and
›
›
›
›
››
challenging year in 2012. Our company generated a turnover
of 18.3 billion euros (including energy taxes) and a result of
›
106.4 million euros after tax – a sound basis for the future
development of our group.
Sunrise, sunset –
A strong equity basis,
t h i sachieving
a n d ostable
t h e rresults,
r e c uand
r r egood
n t financial liquidity
are important ingredients for corporate success in the long term. We have
t i m e c y c l e s h av e s e r v e d a s
seen all of those in the previous year: Based on the good result, the equity
a c u e f o r hu m a n k i n d s i n c e t h e
of the group was increased again and stands now at 1.387 billion euros
r dyear,
o t. and
T h ewedrecorded
ay s, weeks
, moperative
o nth s , cash flow of
at the end yea
of the
a healthy
n d ye a r s p r ov i d e a f r a m e wo r k
336 millionaeuros.
f o r o u r a c t iv i t i e s ; t i m e p a r a m e In 2012, wet einvested
invest
r s w iort hcommitted
i n w h to
ich
w ea record
p l a nsum
, of almost
880 million euros into new projects.
work, exchange views, and
d eve l o p n e w i d e a s – d ay
i n , d ay o u t .
Return on Equity 2010-2012
[ 2 0 1 0 ]
Before taxes
Net
 
in %
[ 2 0 1 1 ]
12.1
7.9
5.9
[ ]
9.5
14.5
››
19.9
00:14
[ 2 0 1 2 ]
D ev e l o p m e n t s i n d e t a i l
› T r a d i n g
Mabanaft experienced a year of consolidation and change. A substantially
changed market environment and considerable losses in international trading
resulted in the company’s decision to withdraw from the international
trading in the spring of 2012. Largely as a consequence of this, the Mabanaft
group ended the year with a negative result: if one takes out the result from
discontinued activities, i. e. mainly the losses of the first months and the
closing costs of the international trading companies in Houston and
Rotterdam, Mabanaft’s result is positive. This is due to the fact that most of
the other Mabanaft subsidiaries were able to record positive results, giving
cause for optimism for the future development of the trading division.
Starting with 2012, Mabanaft re-emphasized its focus on the physical side of
trading in petroleum products. As a consequence, the company will continue
to expand its wholesale, service station, end-consumer, and bunker businesses
and to optimize the supply of these activities. The acquisition of Bominflot is
a major step in this direction.
Besides the existing businesses, Mabanaft also develops new activities. One
example is a joint venture between Bomin and Linde AG, founded in the summer
of 2012, to create a liquefied natural gas (LNG) bunkering infrastructure in
northwestern Europe. The aim is to establish a reliable LNG supply chain to
guarantee shipowners and operators access to a more environmentally friendly
fuel alternative. Moreover, at the end of 2012, Mabanaft added a physical
trading activity in petroleum products in the Black Sea and the Mediterranean
regions.
00:17
Or ie nt at io n
00:16
[ ]
T he aim of nav igation
is to guide a ship, car
or plane safely to its
desir ed destination.
In doing so, it is
impor tant to identify
one’s cur r ent position
and wor k out the best
r oute fr om A to B –
calculations in
which time plays
a c r uc ial r ole.
00:19
Oiltanking continued on its successful course and concluded the year with
another extraordinarily good result. Growth highlights included the acquisition of the Helios tank terminal in Singapore, as well as the takeover of the
United Bulk Terminal in Davant, USA. At the end of 2012, Oiltanking reached
a total storage capacity of 20.2 million cbm spread over 72 tank terminals in
22 countries. It handled 164.1 million tons of liquids.
Since May 2012, the newly acquired bulk terminal in Davant has handled
6.6 million tons of coal / petcoke. The company sees potential to further
expand internationally in the dry bulk sector and has consequently created a
dry bulk handling business unit that is located in Houston.
››
Historical costs
–170
–110
2,481
1,767
[ 2 0 1 1 ]
in million E
49
in million E
3,721
 
 
– 746
[ 2 0 1 0 ]
2,870
Fixed and financial assets 2010-2012
1,699
››
Cash flow 2010-2012
336
Ta n k S t o r a g e
399
›
2,706
00:18
[ 2 0 1 2 ]
[ 2 0 1 0 ]
[ 2 0 1 1 ]
Book value
Free operating cash flow
Cash flow from investment activities
[ 2 0 1 2 ]
00:20
00:21
Visible for miles around Towe r c locks
we re th e fi rst eve r m e c ha n i c a l c loc ks. Th e y sti ll display the
p a ssa g e of ti m e from di z z y i n g h e i g hts to th i s day a n d infor m
a nyon e wh o c a n n ot se e th e m what h our has
stru c k with a b e ll.
In 2012, Oiltanking was able to raise substantial debt: The company
secured 318.5 million US dollars and 80 million euros in its third private
placement in the USA. It successfully placed yet another “Schuldscheindarlehen” in Europe in an amount of 245 million euros. With both deals having
been heavily oversubscribed, it is clearly evident that Oiltanking’s solid
financial and operative standing enjoys a high appreciation by international
investors.
1 28 3 › Aviation Fuelling
Skytanking has by now firmly established itself as one of the leading independent aviation fuelling service providers in Europe. It is also successful in
the USA, Asia, and Africa. The company continues to be on a growth course.
However, a major disappointment last year was the fact that the opening
of the new Berlin Brandenburg International Airport was postponed several
times and finally deferred for an indefinite period. Skytanking had contracted
to provide into-plane fuelling services at that airport and had to incur
substantial losses due to the late announcement of the delay. Despite this
disappointment, the company was able to add six locations to its network
in 2012, including Frankfurt Airport and London Gatwick, both of which
rank among the busiest airports in Europe. At the end of 2012, the portfolio
comprised 54 locations worldwide.
› B i o ga s P r o j e c t s
Mabagas purchased a biogas plant last summer, located in Bardowick,
south of Hamburg. Moreover, the first biogas plant was constructed in
Namakkal, India, in 2012, and officially commissioned in early 2013. Both
facilities use organic waste only. The company decided not to use energy
crops to ensure that no material is used that is primarily destined for food
purposes. In addition, so far nine bio-CNG fuel pumps have been opened at
OIL! service stations in Germany.
›
G a s S u p p ly
natGAS again concluded the financial year with a positive result in a very
competitive market environment. The company, in which Marquard & Bahls
is involved as the second-largest shareholder, is by now one of the leading
independent providers on the German natural gas market. Besides Germany, natGAS is also active in Belgium, Austria, Switzerland, and France, and
pushing to grow further both nationally and internationally.
12 85
1286
1287
00:23
Outlook
How will Marquard & Bahls develop in future? We will continue on our
long-term growth course – wherever market conditions allow for sustainable
returns.
Our trading division will continue to focus on the physical side of the
petroleum product trading with a clear supply function. Our storage business
will further expand its network, both inside and outside of the fence.
Additionally, the company will grow its portfolio into neighboring activities
to the storage business with a focus on dry bulk. Also the aviation fuelling
business will enlarge its network where there are suitable opportunities.
T id es
00:22
Besides our commitment to the oil markets, we will further strengthen our
involvement in adjacent business areas. Additionally, we put together a team
of experienced staff in Singapore for “New Business Ventures” at the beginning
of 2012, responsible for analyzing and developing new business opportunities
that complement our present activities.
[ ]
E b b a n d flow do n ot on ly i n flu e n c e sh ip p i n g , th e y a re also
a sy m b ol of th e up s a n d down s of li fe . Th e y a re c au se d b y th e attractive for ces of
th e su n a n d th e m oon , wh i c h a ffe c t ou r p la n e t i n th e i r i nter play.
Th e re su lt i s th e p e rp e tu a l to a n d fro of t he
wate r i n ou r oc e a n s.
00:24
00:25
Trading -- Mabanaft
Tra ding
›› Mabanaft
For Mabanaft, 2012 was a challenging year – with a realignment and a clear commitment towards physical trading.
Market conditions in international trade became even more competitive.
Therefore, the company decided that Mabanaft’s international trading – with a
focus on physical- and functional-based trading – could no longer be realized
profitably. Moreover, the required resources and capital commitment along
with the risks involved are no longer in line with the company’s conservative
risk approach. Against this background, and due to substantial losses in
international trading especially in the winter of 2011 / 12, the decision was
taken to realign the business by withdrawing from these activities in Houston
and Rotterdam. This was a difficult decision as it also involved the
redundancy of staff, yet it was necessary to adjust Mabanaft’s business
strategy to the adverse market environment.
Mabanaft is now fully refocusing on its core competency, the physical
trading as well as marketing of petroleum products, coupled with a clear
supply function.
Despite the good performance of Mabanaft’s regional trading in Singapore
and most of its wholesale, retail, end-consumer, and bunker businesses, the
losses and the substantial closing costs of the
trading opera-stop
t i m e p r e s s u r e n o ninternational
time
to think
andUK,
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result for 2012.onWhen
the losses and closing costs arising out of discontinued
the spot
businesses are taken out, Mabanaft’s group pre-tax result would have been
positive in a double-digit million euro amount.
stress
limited time
punctual
hectic t i m i n g
time out
time schedule
s e n s e o f t i m e T i m e w i n d o w t i m e - o u t d ej uasdt l iinn et i m e
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The hustle
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!
timing
acquisition of the Bominflot group, in May 2012, after the German antitrust
regulators approved the transaction. With Bomin (as Bominflot was renamed)
Mabanaft has now acquired critical mass in the ship-bunker market and, as a
result, ranks among the world’s largest bunker companies.
M a r k e t d ev e l o p m e n t s a t a g l a n c e
M a b a n a f t E mp l oye e s 2 0 1 2 d iv i d e d b y r e g io n s
Germany
Europe
Asia Pacific
Middle East & Africa
North America
Latin America
T o t a l * e x c l . G e r m a n y
2 5. 4 %
7 0. 3 % *
1 . 1 %
0. 4 %
2. 4 %
0. 4 %
2 , 0 6 4 * *
* * f u l l y c o n s o l i d a t e d c o m p a n i e s a n d a s s o c i a t e d c o m p a n i e s
The Brent crude oil price in 2012 ranged from 90 US dollars / b bl to
126 US dollars / bbl while ICE gasoil futures were traded at a low of 809 US
dollars / mt, spiking at a high of 1,043 US dollars / mt. However, it is notable that
both lows and highs occurred during the second quarter of 2012. Low demand
in Europe and a refinery utilization of approximately 80 percent throughout
the year led to overdue refinery closures. However, during the summer, the
demand in North America and Asia picked up again.
00:24
00:25
Trading -- Mabanaft
Tra ding
›› Mabanaft
For Mabanaft, 2012 was a challenging year – with a realignment and a clear commitment towards physical trading.
Market conditions in international trade became even more competitive.
Therefore, the company decided that Mabanaft’s international trading – with a
focus onTphysicalr a d e i sand
a bfunctional-based
u s i n e s s w i t trading
h a d i–f fcould
e r e nnot longer
p a c e be realized
profitably. Moreover,
along
a n d t i g the
h t trequired
i m e f rresources
a m e s . Eand
v e capital
n i f t icommitment
me
with the risks involved are no longer in line with the company’s conservative
pressure sometimes is enormous,
risk approach. Against this background, and due to substantial losses in
it is all about sticking to prointernational trading especially in the winter of 2011 / 12, the decision was
c e dbusiness
u r e s : by
K ewithdrawing
e p i n g a from
c o o lthese
h e aactivities
d
taken to realign the
in Houston
a n dThis
a n was
e y e ao difficult
n t h e mdecision
a r k e t , as
w eiti galso
h - involved the
and Rotterdam.
ing
u p yet
t h eit rwas
i s k necessary
s – a n d to
m aadjust
k i n gMabanaft’s
the
redundancy of
staff,
business
strategy tor ithe
adverse
market
environment.
ght decision at the crucial moment.
[ ]
Mabanaft is now fully refocusing on its core competency, the physical
trading as well as marketing of petroleum products, coupled with a clear
supply function.
Despite the good performance of Mabanaft’s regional trading in Singapore
and most of its wholesale, retail, end-consumer, and bunker businesses, the
losses and the substantial closing costs of the international trading operations in Houston and Rotterdam, along with a very difficult market in the UK,
could not be absorbed, ending up in the Mabanaft group reporting a negative
result for 2012. When the losses and closing costs arising out of discontinued
businesses are taken out, Mabanaft’s group pre-tax result would have been
positive in a double-digit million euro amount.
The investment highlight for Mabanaft was the successful closing of the
acquisition of the Bominflot group, in May 2012, after the German antitrust
regulators approved the transaction. With Bomin (as Bominflot was renamed)
Mabanaft has now acquired critical mass in the ship-bunker market and, as a
result, ranks among the world’s largest bunker companies.
M a r k e t d ev e l o p m e n t s a t a g l a n c e
M a b a n a f t E mp l oye e s 2 0 1 2 d iv i d e d b y r e g io n s
Germany
Europe
Asia Pacific
North America
Latin America
T o t a l * e x c l . G e r m a n y
2 5. 4 %
7 0. 3 % *
1 . 1 %
0. 4 %
2. 4 %
0. 4 %
2 , 0 6 4 * *
The Brent crude oil price in 2012 ranged from 90 US dollars / b bl to
126 US dollars / bbl while ICE gasoil futures were traded at a low of 809 US
dollars / mt, spiking at a high of 1,043 US dollars / mt. However, it is notable that
both lows and highs occurred during the second quarter of 2012. Low demand
in Europe and a refinery utilization of approximately 80 percent throughout
the year led to overdue refinery closures. However, during the summer, the
demand in North America and Asia picked up again.
00:27
Trading -- Mabanaft
Now
00:26
[ ]
Does time have a
beginning and an end?
One thing is cer tain:
it is limited, which goes
for ever y liv ing being
and human activ ity in
general. We should put
the time available to
good use, which also
means making and
implementing dec isions
whenever the time
is r ight.
00:28
00:29
Trading -- Mabanaft
Regional Trading
› Mabanaft Pte.
S i n ga p o r e
Mabanaft Pte., Singapore, achieved a good result with its regional physical
trading activities. From a product perspective, LPG trading recorded a good
performance resting on the company’s margin-based approach to this
physical business.
For middle distillates, 2012 was a challenging year as the markets underwent
significant changes. More players, more transparency, and more direct links
among suppliers and off-takers meant that it was becoming increasingly
difficult to have a rewarding physical function in this sector.
As far as naphtha is concerned, 2012 was a mixed year with a very good first
half and a highly demanding second half.
Wholesale
Germany continues to be the largest and most important wholesale market
for Mabanaft. The unique distribution system combined with its wide
geographic coverage once again served as the platform for a successful year
across all of Mabanaft’s German activities.
› Mabanaft Deutschland
Hamburg
For Mabanaft Deutschland, 2012 was another successful year despite difficult
market conditions. Results in 2012 were higher than in 2011, even though the
heating oil business decreased due to the mild winter and high prices.
The German market experienced various changes in 2012, in particular with
regard to market participants. With new participants entering the market both
on refinery and tank storage sides, Mabanaft Deutschland encountered new
challenges, but also saw potential for new cooperation agreements.
From a supply perspective, the German organization was also influenced by
the closure of Mabanaft B. V., which was its largest supplier in 2011. New
suppliers needed to be found and Mabanaft had to re-establish itself on the
market as a reliable product off-taker. In the end, the Mabanaft team did an
excellent job and is now in a position to manage a portfolio of many suppliers
ensuring even more flexibility.
Bio-blending for gasoline and diesel remained challenging but will continue
to be an integral part of the business, especially in light of Germany’s political
decision to encourage the use of renewable energies.
The sales department for heavy fuel oil once again contributed a satisfactory
amount to the overall result, despite a decline in industrial energy demand.
Organizationally, Mabanaft Deutschland was able to successfully introduce
its new trading and accounting software MabaTrade, which was developed
in-house.
The German oil industry faced a setback in the failure of the Oil Efficiency
Initiative, under which outdated oil heating systems were to be modernized
and the exchange funded on a voluntary basis among all market participants.
Unfortunately, despite the intensive efforts of the petroleum industry, too
many companies decided not to participate. Given the enormous importance
of the topic of energy efficiency, this is particularly disappointing. We can
only hope that the initiative can be realized in due course after all.
00: 31
Trading -- Mabanaft
›
Mabanaft Austria
›
M a b a n a f t H u n ga r y
Vienna
Mabanaft Austria recorded a positive result in 2012, despite the ongoing
demanding conditions on the Austrian market. Local refineries and the oil
majors still remain the main competitors for Mabanaft.
Budapest
Mabanaft Hungary was again burdened by the sector-specific special tax for
energy companies. The company faced a challenging year marked by a decrease
in sales volume and a drop in profit margins.
[ 08 ]
[ 09 ]
[ 10 ]
21.6
[ 07 ]
22.3
20.9
[ 06 ]
›
Mabanaft Ltd.
London
In 2012, the UK market was characterized by very weak demand due to the
mild winter and a national recession.
While the diesel and gasoline demand shrank by about two to three percent,
kerosene was roughly on a par with the weak previous year. The resulting
overcapacity on all levels of the oil industry brought about very low margins
and aggressive pricing from all major players. Consequently, Mabanaft Ltd.
had another testing year. In order to weather such market circumstances the
company reduced its storage commitments to concentrate on key locations
and key customers.
Although 2013 will remain difficult, with its new focus Mabanaft Ltd. is
expected to develop positive business opportunities for the future.
in million t
18.3
 
17.9
External Sales 2006-2012
18.5
››
19.9
00: 30
[ 11 ]
[ 12 ]
› B .W. O . C .
We s t o n - s u p e r - M a r e
Notwithstanding the challenging market in the U K, the subsidiary B.W.O.C.
managed to perform well as the company was able to adapt to the changes
evolving with its customers’ needs. This was supported by beneficial supply
contracts and increased volumes sold to the market.
00: 32
00: 33
Trading -- Mabanaft
E n d - C o n s u m e r / R e t a i l B u s i n e s s
› Petronord
Within the Petronord group, the heating oil business did not meet the
expectations due to the mild winter. Nevertheless, Petronord succeeded in
keeping sales on an almost constant level, which on its own is to be seen as
a success in the face of an overall downtrend in the heating oil sector.
The business of service stations for commercial trucking fleets was expanded
further in 2012, and played a major role in the good result of the whole
Petronord group. A special highlight in this activity was the development of
Staack Pooltankstellen, which increased its sales by eleven percent compared
to 2011.
Moreover, Petronord again enlarged its business strategically through the
acquisition of the retail and distribution company Uhlenbruck & Kemmann, in
Mühlheim. With heating oil, tank pool stations, and supply of lubricants, this
new company covers all of Petronord’s core business segments.
› A dva n c e F u e l s
London
› T h o m a s S i lv e y
Bristol
Advance Fuels, the subsidiary located to the southwest of London, had a
hard year mainly due to the mild weather conditions. However, Advance
temporarily profited from a refinery closure southeast of London.
1336
1337 1339
1340
1341
Sands of time In sh ip p i ng , t h e h o u r g l a ss wa s t h e
me a s ure of a l l th in gs . It wa s u sed t o det er m i ne t h e sh ip ’s sp eed a n d d e f in e th e le n g t h o f t h e wat c h dut y. T h e p er io d
of time that c a n b e m ea su r ed w it h it ra n g es f r o m
a f ew minute s t o severa l h o u r s.
Thomas Silvey, the Bristol-based end-consumer business, encountered a
demanding year. Owing to the efforts that have been taken by the team to
adjust the company’s business to this challenging market environment, the
company is in a good position to show significantly improved results in the
years to come.
00: 34
00: 35
Trading -- Mabanaft
Service Stations
› OIL! Service Stations
The OIL! service station business, with over 250 filling stations in Germany,
Austria, and Switzerland, had another rewarding year in 2012. In Germany and
Switzerland, the company reached a remarkable result on the back of high
sales and healthy margins. The Austrian market is still a matter of concern
with continuous pressure on margins.
In 2012, the shop improvement plan was embarked on. Over 70 shops have
been modernized so far and the rise in sales is already evident. The entire
shop improvement program will be accomplished by the end of 2013.
Due to the high fuel prices and the dominance of the oil majors in Germany,
in the middle of the year, the German antitrust regulator announced that it
would request a price control procedure, requiring service station operators
to report any price change to them. Based on the following legislation,
the authorities are entitled to pass this data on to the media for further
publication. This new procedure is scheduled to begin in the third quarter
of 2013. A similar course of action was set in motion in Austria in 2011.
› Tirex Petrol
The Tirex Petrol business, with close to 100 service stations in Moldova,
performed well despite difficult circumstances. New filling stations and
new shops were incorporated into the network. The devaluation of the local
currency, however, continues to be a major concern for the company’s result
in the future.
Bunkering
In the bunker business segment, Mabanaft could expand its activities by
the acquisition of the Bominflot group in June 2012. During the year, the
integration of Bomin into the Mabanaft group was started.
› B o m i n
With the integration on its way, the Bomin group was also able to start to
benefit from the synergies with Mabanaft. This is underlined by a 1.5 million
tons increase in volumes sold in spite of a shrinking market.
Bomin focused on the extension of its physical business activities in the
Mediterranean, in South America, and the Middle and Far East. For 2013, a
number of projects for additional expansions are in the pipeline; for instance,
in the south of Spain, Brazil, Peru, Ecuador, and Oman.
› M a t r i x M a r i n e F u e l s
Houston
Since late 2012, Bomin and Matrix in Houston have a joint leadership and
will join an office together in the middle of 2013. Despite the weak global
economy and the poor financial condition of many of the shipping companies
Bomin and Matrix managed a year with highly volatile bunker oil markets
successfully.
00: 36
00: 37
Trading -- Mabanaft
›
Matrix Bharat
S i n ga p o r e
Matrix Bharat, Singapore, a joint venture between Matrix and the Indian
company Bharat Petroleum, showed a mixed performance in 2012, but
successfully started on leveraging the integration into Bomin to expand
international bunkering in India and take advantage of profit opportunities
in other markets east of Suez.
› Omanoil Matrix
Sohar
Omanoil Matrix, a joint venture between Matrix and Oman Oil Marketing,
saw its first year of profits in 2012 since it began operations.
Next to these developments, Mabanaft is also looking into new fields for
development. One example is the joint venture between Bomin and Linde AG,
which was established in the summer of 2012 to jointly create a liquefied
natural gas (LNG) marine bunkering structure in northwestern Europe. The
new company is named Bomin Linde LNG and intends to establish operations
in a number of key ports throughout the so-called European “Emission Control
Areas” (ECAs). Vessel emissions in ECAs will have to be reduced further as of
January 2015, forcing shipowners to limit their sulfur emissions drastically.
Apart from using low sulfur marine diesel or onboard scrubber technologies,
the use of LNG as fuel is a viable alternative.
Outlook
In 2013, Mabanaft expects that the trading environment will remain volatile
with various opportunities and openings developing for Mabanaft. However,
prudent and thorough risk management will remain key to success.
Therefore, Mabanaft will further consolidate and proceed to capitalize on,
and carefully expand its strong position in its existing business areas. Further
acquisitions of distributors and retailers and the supply optimization of the
existing activities will therefore be on the future agenda.
1 4 29 143 1
Mobile timekeepers Poc ke t watches ar e mechanical
ma rve ls that told th e i r own e rs th e ti m e i n th eir waistcoat
p oc ke t or worn a rou n d th e n e c k. Th e c ha racter istic thing is
th e c li c ki n g sou n d wh e n op e n ing the lid which
p rote c ts th e watc h g la ss from da mage.
1432
00: 39
North America
Latin America
T o t a l * e x c l . G e r m a n y * * e x c l . I n d i a
4 ,7 9 4 * * *
* * * f u l l y c o n s o l i d a t e d c o m p a n i e s a n d
associated companies
in the Middle East
buys nine terminals in Peru
discharges the first seagoing vessel
of a pipeline in Argentina starts
2012
2004
Oiltanking starts business
in Malta
1 9 9 8 O i lta n k i n g
Oiltanking Nanjing
Construction work
2009
5 . 0 %
1 3 .0 % *
6. 5 % * *
5 0.0 %
4. 5 %
1 2 .2 %
8 .8 %
In 2012, the terminal exceeded the operational results of 2011 by far. To allow for
further growth and on the basis of a long-term contract, additional tankage
of 340,000 cbm is currently under construction and will be accomplished by
the third quarter of 2013, despite some initial challenges early in the year. The
very good performance of Oiltanking Terneuzen in 2012 was overshadowed
by two contractor fatalities on a construction site (further information on
page 72).
2001
Asia Pacific
I n d i a Oiltanking Ghent showed a good performance in 2012. In order to meet the
high demand for storage services, the terminal expanded its infrastructure.
The first phase of the jetty extension at the Moervaart canal was completed;
the second phase is scheduled to be finished in the third quarter of 2013.
Owing to its flexibility and ability to meet its customers’ needs, Oiltanking
Ghent was able to provide significantly more storage space for petroleum
products.
1975 Cons tr uction wor k
Europe
› G h e n t
› Te r n e u z e n
O i lt a n k i n g E mp l oye e s 2 0 1 2 d iv i d e d b y r e g io n s
Germany
»
timel ine
1996
At the same time, however, an ongoing uptrend in motorization in developing
countries, economic recovery in some mature markets, and dramatically
changing supply-demand imbalances across the globe fuelled demand for
long-term infrastructure.
Once again, Oiltanking Stolthaven Antwerp performed well in 2012 and was
able to significantly increase its throughput of petroleum products, while
throughput levels of chemicals were satisfactory. Further investments will
be made to maintain the high asset quality of the terminal. With substantial
expansions under construction, further structural growth will be seen.
J o i n t V e n t u r e w i t h I n d i a n O i l C o r p.
The storage industry experienced divergent trends in 2012, with different
regions around the world facing their own sets of challenges. From a global
perspective, continued backwardation in most products put a damper on
demand for speculative storage.
› A n t w e r p
1992
Oiltanking’s efforts were greatly rewarded by proven long-term customer
loyalty, excellent occupancy rates, and the organic growth of its existing
terminals – not to mention the successful acquisition of two large facilities.
Europe
in Singapore starts
offerings in terms of quality, safety, and flexibility.
1989 Construction work of the terminal
recent years and kept up the high standard of its service
Oiltanking´s total tank storage capacity reached 20.2 million cbm and
5.3 tons of coal / petcoke by the end of 2012, spread across 73 terminals in
22 countries.
of the Amsterdam terminal starts
of Oiltanking GmbH
Oiltanking continued to build on the strong foundation of
Commissioning of the terminal
› › Oiltanking
1 9 8 4 O i lta n k i n g H o u s t o n
celebrates its tenth birthday
Ta n k Sto ra ge
Ac q ui si ti o n o f th e U.S. Uni t ed B u lk T erm i nal
in Davant, USA
Tank Storage -- Oiltanking
1972 Foundation
00: 38
»
00: 38
00: 39
Ta n k Sto ra ge
› › Oiltanking
Oiltanking continued to build on the strong foundation of
recent years and kept up the high standard of its service
offerings in terms of quality, safety, and flexibility.
Linear time is the framework for all work
Oiltanking’s
p r o c e sefforts
s e s . Fwere
r o mgreatly
p l a n nrewarded
i n g a n by
d cproven
o n s t rlong-term
u c t i o n tcustomer
o
loyalty,
excellent
occupancy
rates,
and
the
organic
growth
of
its
c o m m i s s i o n i n g , e v e r y n e w t e r m i n a l i s b u i l texisting
terminals – not to mention the successful acquisition of two large facilities.
on the pr inc iple of cause and effect, and thus
makes time visible in the progress of the
The storage industry experienced divergent trends in 2012, with different
p rtheir
o j e cown
t . sets of challenges. From a global
regions around the world facing
perspective, continued backwardation in most products put a damper on
demand for speculative storage.
[ ]uptrend in motorization in developing
At the same time, however, an ongoing
countries, economic recovery in some mature markets, and dramatically
changing supply-demand imbalances across the globe fuelled demand for
long-term infrastructure.
Europe
Asia Pacific
I n d i a Middle East & Africa
North America
Latin America
Europe
› A n t w e r p
Once again, Oiltanking Stolthaven Antwerp performed well in 2012 and was
able to significantly increase its throughput of petroleum products, while
throughput levels of chemicals were satisfactory. Further investments will
be made to maintain the high asset quality of the terminal. With substantial
expansions under construction, further structural growth will be seen.
› G h e n t
Oiltanking Ghent showed a good performance in 2012. In order to meet the
high demand for storage services, the terminal expanded its infrastructure.
The first phase of the jetty extension at the Moervaart canal was completed;
the second phase is scheduled to be finished in the third quarter of 2013.
Owing to its flexibility and ability to meet its customers’ needs, Oiltanking
Ghent was able to provide significantly more storage space for petroleum
products.
› Te r n e u z e n
O i lt a n k i n g E mp l oye e s 2 0 1 2 d iv i d e d b y r e g io n s
Germany
Oiltanking´s total tank storage capacity reached 20.2 million cbm and
5.3 tons of coal / petcoke by the end of 2012, spread across 73 terminals in
22 countries.
5 . 0 %
1 3 .0 % *
6. 5 % * *
5 0.0 %
4. 5 %
1 2 .2 %
8 .8 %
4 ,7 9 4 * * *
In 2012, the terminal exceeded the operational results of 2011 by far. To allow for
further growth and on the basis of a long-term contract, additional tankage
of 340,000 cbm is currently under construction and will be accomplished by
the third quarter of 2013, despite some initial challenges early in the year. The
very good performance of Oiltanking Terneuzen in 2012 was overshadowed
by two contractor fatalities on a construction site (further information on
page 72).
00: 41
C au sal
00: 40
[ ]
Absolute time
is a mathematical,
measurable factor.
Like the face of a
clock, it neither has a
beginning nor an end.
It flows constantly and
invar iably w ith no
r elation to anything
outside itself, thus
giv ing tangible time
a clear framewor k.
00: 43
›
›
Amsterdam
Yet again, Oiltanking Amsterdam managed to safeguard its competitive
edge in the market by providing outstanding assets and customer services.
With a total storage capacity of 1.7 million cbm, Oiltanking Amsterdam plays
a significant role in the logistics of the international oil markets. In 2012, the
terminal finished the year with a very good result. The terminal continued to
be a market leader in the ARA region in gasoline storage, blending, and jetty
services.
G e r m a ny
In 2012, Oiltanking Germany performed very well in a tough market
environment. One key reason for its result was the well-developed infrastructure – with 13 terminals and an overall capacity of 2.3 million cbm,
Oiltanking Deutschland offers an excellent and well-positioned terminal
network to its customers.
› B u d a p e s t
Oiltanking Hungary was able to improve its position in 2012 compared to
2011, with an increase in commercial occupancy and a higher throughput.
This is definitely a success considering the country’s hard economic situation.
 
› Ko t k a
in million cbm
[ 08 ]
[ 10 ]
Tankage
Tankage under construction
[ 11 ]
20.2
[ 09 ]
19.6
17.6
[ 07 ]
17.0
[ 06 ]
14.6
3.7
To t a l T a n k C a p a c i t y 2 0 0 6 - 2 0 1 2
12.4
››
11.9
00: 42
[ 12 ]
In 2012, Oiltanking Sonmarin in Finland made progress by improving its
capacity utilization further and increasing its throughput of petroleum
products and chemicals.
› Ta l l i n n
In spite of the ongoing difficulties in importing and exporting products
between Russia and Estonia caused by political tensions between the two
countries, Oiltanking Tallinn performed well in terms of oil throughput.
In 2012, the Tallinn terminal successfully launched its storage services for
bunker oil and opened a third truck loading bay, making it an even more
attractive storage terminal for customers.
› C o p e n h a g e n
In 2012, Oiltanking Copenhagen remained a strong partner for jet fuel
storage and supplies, and managed to show a solid result. Moreover, the
terminal increased its ancillary services and provided more logistic solutions
for its customers.
00: 44
00: 45
›
Malta
Oiltanking Malta showed a strong financial performance in its 20 year of
operation, thanks to several successful contract renewals and additional
ancillary services that were offered to customers. The Malta terminal also
finalized the construction and commissioning of a new tank, the expansion
of the office building, and the LPG (liquefied petroleum gas) pipeline project.
th
›
Va r n a
In 2012, Oiltanking Bulgaria accomplished a good result. The terminal in
Bulgaria continues to play a significant role for the regional chemical industry
by linking it to the Black Sea chemical flows.
North America
› H o u s t o n
1655
1 656 1658
1659
Oiltanking Houston seized major opportunities driven by domestic crude
supply changes and managed to achieve an excellent result in 2012.
Looking ahead, the terminal’s geographic location, jetty capacities, and
continuing development of its excellent pipeline connectivity provides
Oiltanking Houston with significant opportunities. To meet increasing
demand, 679,000 cbm of additional tankage currently under construction
will be commissioned in the course of 2013. Unfortunately, an accident in
which an employee of a welding contractor was killed and another one was
injured casted a cloud over the operational achievements (further information
on page 72).
› B e au m o n t
The terminal recorded very good operating results in 2012. The Beaumont
terminal completed the expansion of its storage capacity and the most recent
upgrading of its facility. Thanks to new customer relationships, the terminal
also managed to diversify its product portfolio further.
› Te x a s C i t y
Oiltanking Texas City had another very good year. The terminal strengthened
its position as a premier U S Gulf Coast chemical and ethanol storage facility.
Looking ahead, the customer portfolio diversification is ongoing, and with its
excellent rail connectivity the terminal is pursuing promising opportunities
to further improve its well-established position.
Swinging A t a p a r t i c u l a r p o i nt o f t h e sw i ng ,
the p e n du lu m tr igge rs the sw it c h o n t h e p endu lu m c lo c k ’s t i m e
d is p l ay. I t obta in s th e dr ivi ng en er g y it needs f r o m a wei g ht ,
which tra n s f er s it s m ovem ent t o t h e ma i n wh eel
t h r o u g h it s g rav it at io na l p u l l .
00: 47
›
Port Neches
For Oiltanking Port Neches, 2012 was an excellent year after accomplishing
the construction of new storage tanks and pumps as well as a pipeline upgrade.
The terminal satisfied a major customer’s logistic requirement resulting from
the expansion of its refinery.
› Joliet
Latin America
Argentina
The Oiltanking Ebytem terminals in Argentina performed well in 2012,
exceeding expectations. This was attributed to the high demand of crude
storage services and an increase in the state-regulated pipeline tariff by the
middle of the year.
›
Next to its storage and jetty facilities, the Joliet terminal provides railcar
and tank truck services. Although facing difficult market circumstances, it
is positioned to extend its rail car services to the “rail by crude” market.
 
in million t
[ 08 ]
[ 09 ]
[ 10 ]
[ 11 ]
164.1
[ 07 ]
148.5
[ 06 ]
145.9
6.6
Group Throughput 2006-2012
135.7
› Corpus Christi
››
122.8
Oiltanking’s inroads into the bulk handling sector made a major step ahead
in June 2012 when it acquired U.S. United Bulk Terminal in Davant, Louisiana,
one of the largest export terminals for US coal and petroleum coke. With this
strategic acquisition, Oiltanking’s dry bulk division now has a solid platform
for international growth.
116.6
› D ava n t
126.0
00: 46
The petroleum coke handling joint venture, Oiltanking Dupré, lost its
operations in St. Croix, US Virgin Islands, when its client closed down the
refinery. The joint venture’s operations in Corpus Christi, Texas were
continued successfully, enlarging its customer portfolio.
Liquids
Dry Bulk
[ 12 ]
00: 48
00: 49
1742
›
1743
1744
1746
Brazil
In 2012, Oiltanking Terminais achieved exceptionally good results. The
positive reputation of Oiltanking in Brazil, and the multi-product service
portfolio make the terminal in Vitória an attractive partner for customers.
› Peru
The Oiltanking companies in Peru had a sound year. Their good position in
the market, reliable operations, and ongoing expansions resulted in a better
performance in 2012 than expected.
› Colombia
Early bloomers Th e flora l c loc k c ap it alizes on the
fa c t that eve ry p la nt ha s its own b iorhy th m a n d op ens
a n d c lose s its flowe rs at p a r ti c u la r ti m e s of the day.
Th e fi rst c loc k of its ki n d wa s p rodu c e d i n th e b ot anical gardens i n Up p sa la , Swe de n .
Oiltanking Colombia managed to keep operating results at a stable level. At
the same time, it saw the first stage of its expansion plan concluded, including
the construction of three new tanks and one truck loading rack. The extra
storage space boosted the terminal’s operations, allowing Oiltanking Colombia
to offer storage services for petroleum products and win new customers.
› Panama
The year 2012 was a positive year for Oiltanking Panama. With its new truck
loading facility, which was finished ahead of schedule, the terminal in Colón
is now in an excellent commercial position, enabling the further expansion
plans to get underway. These will go on until early 2015.
Middle East
Oman
The year 2012 was a commercially strong year for Oiltanking Odfjell Terminals
Oman. New chemical storage capacity increased the attractiveness of the
geographically well positioned Sohar terminal further.
›
› D u b a i
After the terminal expansion in 2011, the Star Energy Oiltanking terminal
in Jebel Ali kept on operating close to full capacity, resulting again in an
excellent financial performance in 2012. As the only independent terminal
in the region, Star Energy Oiltanking distinguishes itself through its
independence and excellent asset flexibility.
00:50
00:51
India
With the development of exciting new business opportunities and the
completion of several projects, IOT Infrastructure & Energy Services (IOT)
can look back on an eventful year in 2012.
› Te r m i n a l l i n g
Asia
› S i n g a p o r e O i l
Oiltanking Singapore achieved strong results in 2012 by maintaining a very
high occupancy rate and renewing several long-term customer contracts.
Customer loyalty is achieved through its flexible high-quality assets and
customized services.
The IOT terminalling division achieved notable results in 2012, with capacity
utilization on an upward trend. In terms of new business, the IOT terminalling
division successfully signed a deal with a newly built refinery for naphtha
flows, concluded commercial negotiations for a common user terminal in
Raipur, a new concept in India with huge potential. This business area was
also able to close a two-year continuation of the O&M contract (Operation &
Maintenance) for the jetty of Bharat Petroleum in the port of Mumbai.
Recognizing the important role of Singapore as a key trading hub in Asia,
Oiltanking acquired the Helios Terminal on Jurong Island, in October 2012,
with an effective date for the takeover of December 31, 2012. Commissioned
in 2008, it is a purpose-built fuel oil storage and blending facility with a total
capacity of 503,000 cbm. The acquisition will strengthen Oiltanking’s market
position for petroleum products further in Singapore and Southeast Asia.
› Engineering, Procurement, and Construction (EPC)
› S i n g a p o r e C h e m i c a l
Despite a strong competition the year 2012 marked another dynamic year for
IOT‘s EPC business. Some of the past year’s highlights were the successful
completion of the coker plant in Guwahati, and winning the first EPC contract
for solid handling and bulk storage facilities for the joint venture Katoen
Natie IOT Logistics at Bharuch, in the state of Gujarat. Looking ahead, the EPC
business environment is expected to remain challenging. Later than planned,
IOT Utkal will achieve the completion of the Paradip crude terminal and the
product terminal for the refinery as the commissioning of the refinery is
extremely delayed. Taken together, these facilities have a capacity of 1.5
million cbm and are built on a build-own-operate-transfer (BOOT) basis.
› Upstream Services
A full suite of drilling services in North America, Russia, Kazakhstan, and India
offers IOT via its subsidiary Newsco. Newsco’s services in this field currently
include directional drilling, developing sensors for measurement while
drilling, production of mud drilling motors, as well as seismic services.
In 2012, Oiltanking Odfjell Terminal Singapore performed well as a result of its
favorable position in the chemical market. This performance was supported by
rising demand for chemical feedstock and products in the region. The terminal
again recorded a very high commercial occupancy, which was in line with the
approach to demonstrate its value-adding capabilities.
00:52
00:53
›
Nanjing
Oiltanking Nanjing significantly improved its operational results compared to
2011, but still found itself facing certain challenges. In spite of the growth in
its commercial occupancy rate, the Nanjing terminal had to contend with a
considerable delay to its rail permit, which limited its operational flexibility,
but now the permit is in place and rail cars are being handled. Also the 60,000
cbm of storage capacity expansion and the new jetty made good progress.
› D aya B ay
While Oiltanking Daya Bay’s commercial occupancy gained momentum in
2012 following the previous year’s expansion in capacity, the terminal did not
fully attain its projected results. Nonetheless, the terminal’s outlook is positive
owing to its geographic position and ongoing infrastructural development.
1878
1879
1 881
1882
› Merak
With the deregulation of the domestic market still not in sight and limited
trading opportunities, it was a challenging year for Oiltanking Merak. The
team expanded its service portfolio by successfully launching a consultancy
project on the construction and operation of a terminal for a customer.
Oiltanking Merak continues to believe in the promising market potential.
Outlook
In the years to come, Oiltanking will proceed with its controlled growth,
geographically, by segment, and also through capacity expansion at existing
sites.
Decorative time display A wr i stwatch is wor n w ith
th e a i d of a strap , wh i c h g ive s it a ke y a dva nta g e over the pocket watch –
th e p ossi b i lity to te ll th e ti m e ha n ds-fre e . Be si de s th e functionality,
n owa day s th e mate r i a l a n d de si g n of th e watc h a lso play a major r ole.
00:55
Aviation Fuelling -- Skytanking
Time alters the angle
Av iat ion Fu e l l in g
›› Skytanking
the future
In the last years, Skytanking developed dynamically, and
in Europe it even became one of the leading independent
into-plane fuelling companies.
tomorrow
planning
d e a s Air
Airline industry profitability in 2012 is forecast by the IInternational
Transport Association (IATA) to be lower than 2011, and well down from the
highs of 2010, as airlines battle persistently high jet fuel prices and sluggish
t r a d i teconomic
ion
growth. Although passenger numbers are increasing, cargo has
the past
been weak throughout the year and these trends have been reflected in
experience
volume throughput, particularly in Skytanking‘s key markets in Europe and
North America.
yesterday
The volume of jet fuel handled by Skytanking in 2012 remained stable as new
locations offset depressed volumes elsewhere. Skytanking now fuels around
1.6 million aircraft per year, which works out to one aircraft every 20 seconds.
Vo l u m e h a n d l e d 2 0 0 6 - 2 0 1 2
 
in million l
North America
T o t a l 1,289 **
[ 06 ]
[ 07 ]
[ 08 ]
[ 09 ]
11,840
8,566
Europe
1 0. 1 %
4 3 . 2 % *
1 6.6 %
2 . 2 %
2 7 . 9 %
7,665
Germany
6,999
S k y t a n k i n g E mp l oye e s 2 0 1 2 d iv i d e d b y r e g io n s
[ 10 ]
15,021
››
15,035
However, its growth rate slowed down in 2012 compared with the previous
two years, due to general air traffic slowdown on the back of a recessive
market environment. Nonetheless, Skytanking was able to increase its volumes
in 2012. By the end of the year, Skytanking had 54 locations; six of them were
added to its network. Two of them, Frankfurt and London Gatwick, are among
the ten busiest airports in Europe.
5,719
00:54
[ 11 ]
[ 12 ]
Africa
Asia
* e x c l . G e r m a n y
North America
Europe
the moment
today
the here and
the present
now
00:55
Av iat ion Fu e l l in g
›› Skytanking
In the last years, Skytanking developed dynamically, and
However, its growth rate slowed down in 2012 compared with the previous
two years, due to general air traffic slowdown on the back of a recessive
market environment. Nonetheless, Skytanking was able to increase its volumes
in 2012. By the end of the year, Skytanking had 54 locations; six of them were
added to its network. Two of them, Frankfurt and London Gatwick, are among
the ten busiest airports in Europe.
Time plays a spec ial role in airc raft refuelling
a n d i s o f t e n a s c a r c e c o m m o d i t y. A i r c r a f t o n ly h av e
The volume of jet fuel handled by Skytanking in 2012 remained stable as new
locations offset depressed volumes elsewhere. Skytanking now fuels around
1.6 million aircraft per year, which works out to one aircraft every 20 seconds.
››
Vo l u m e h a n d l e d 2 0 0 6 - 2 0 1 2
 
in million l
S k y t a n k i n g E mp l oye e s 2 0 1 2 d iv i d e d b y r e g io n s
T o t a l [ ]
1,289 **
[ 06 ]
[ 07 ]
Africa
Asia
* e x c l . G e r m a n y
North America
Europe
[ 08 ]
8,566
4 3 . 2 % *
1 6.6 %
I n d i a m i nu t e counts – after all, even the slightest delay
2 . 2 %
c o s t s m o n e y.
2 7 . 9 %
North America
Europe
the operation has to be a well-oiled process. Every
6,999
m asnm
y a l l , w h i c h m e1a
0.n1s %
r e f u e l l i n g u s u a l l y i s r e l a t i vGee rl y
7,665
t h e i r n e x t d e s t i n a t i o n . C o n s e q u e n t l y, t h e w i n d o w f o r
[ 09 ]
11,840
a s h o r t t u r n a r o u n d b e f o r e t h e y h ave t o h e a d o n t o
[ 10 ]
15,021
into-plane fuelling companies.
Airline industry profitability in 2012 is forecast by the International Air
Transport Association (IATA) to be lower than 2011, and well down from the
highs of 2010, as airlines battle persistently high jet fuel prices and sluggish
economic growth. Although passenger numbers are increasing, cargo has
been weak throughout the year and these trends have been reflected in
volume throughput, particularly in Skytanking‘s key markets in Europe and
North America.
15,035
in Europe it even became one of the leading independent
5,719
00:54
[ 11 ]
[ 12 ]
00:57
R e lat ive
00:56
[ ]
T he fact that
physical pr ocesses
take place mor e
slowly in a mov ing
system is called time
dilation. If the delay
in the pr ocesses is
completely unifor m,
we talk of a deceleration
of the passage of time.
T his r ender s time
r elative to the speed
of the system in
which it elapses.
00:58
00:59
1839
1840
Europe
› G e r m a ny, A u s t r i a , Sw i t z e r l a n d
Skytanking ASIG enjoyed higher volumes in both Munich and Vienna, while
Skytanking Stuttgart again increased the size of its into-plane business to
become the largest service provider at Stuttgart Airport. Skytanking‘s plans
to enter new airports in Germany enjoyed mixed success. The ongoing delays
to the opening of the Berlin Brandenburg International Airport meant
Skytanking had to abandon its planned start-up as one of the two intoplane operators at the new airport at a significant loss. On a more positive
note, Skytanking was able to commence business in Frankfurt towards the
end of 2012, and become the third into-plane operator at Germany‘s largest
airport. Switzerland delivered another solid performance due to the opening
of a new hydrant at Zurich airport which boosted volumes.
› I t a ly
The weakness of the Italian economy resulted in significant reductions in
air traffic at the five airports where Skytanking S.R.L. provides fuel storage
and into-plane services. The impact on throughput volume and revenue was
largely counterbalanced by improvements in operational productivity and
cost-control programs.
› United Kingdom
North Air, Skytanking‘s joint venture with BP in the UK, added London Gatwick
as an operating location in August and, at the end of the year, four airports in
the Highlands of Scotland. Results were in line with expectations.
› France
Skytanking renewed its into-plane contract and added another large
customer at Paris Charles de Gaulle. It was the first year of operations for the
storage and into-plane businesses that Skytanking took over at the airports
of Nice and Bordeaux. Results were mixed but generally positive. In a further
development, Skytanking signed a “Delegation of Public Service” contract
with Aéroports de la Côte d ‘ Azur for the financing, construction, and
operation of a new aviation fuel storage facility for Nice Airport. Construction
is expected to start in 2014, and the completed facility will be operated by
Skytanking for a period of 30 years.
1842
1843
The time in numbers No matter
wh e th e r th e i r i n n e r worki n g s a re a nalogue or digital,
th e fa c t that th e y sh ow th e ti m e in number s is
what g ive s th e di g ita l c loc k its name.
Th e di sp lay s of th e e a rli e st e x a mples mostly consisted
of p late s or sp lit-flap s b e fore L ED or LC
di sp lay s a rr ive d on th e scene.
00:60
00:61
›
USA
B e l g iu m
Skytanking N. V. in Brussels had a steady year on the back of an increased
market share and solid engineering business, while Ostend benefitted from
marginal improvements in cargo traffic.
US airlines continued to cut capacity in the face of rising jet fuel costs and
uncertain demand. Despite this unpromising background, Skytanking USA
had a good year, with the first full year of operations at Milwaukee airport
and the maintenance of military fuel storage facilities making up for volumes
elsewhere.
India
In Bangalore, Indian Oil Skytanking ’ s (IOSL) West Apron hydrant extension
project was finalized and commissioned by the end of the year, and will enter
into service during the first quarter of 2013. Jet fuel throughput continued
to grow in Bangalore owing to new services offered by international airlines
and despite another difficult year for some domestic airlines.
1917
1918
1920
1921
1922
Delhi saw a contraction in aviation activity at Delhi International Airport,
with domestic and international carriers cutting flights in 2012. This resulted
in a reduction in total throughput for IOSL, but overall the company results
were above 2011.
Africa
Skytanking Calulo has a contract to operate the airport fuel facility and
provide into-plane fuelling services at Durban King Shaka International
Airport. While the throughput volume improved slightly in 2012, it is still
below the airport company forecasts. As a consequence, the result was
below expectations.
Outlook
Exact time measurement W hat set s q u a r t z c lo c ks
apar t is th e ir high p re c is ion . A q u a r t z c r y st a l i s ma de
to os c il l ate , thus ge n e rat i ng a c o n st a nt , u ni f o r m
c lock p ul s e f rom which s e con d i mp u l ses c a n b e
d e du ce d ba s e d on f re q ue n c y div i sio n .
As in previous years, the development of jet fuel prices and the prospects
for sustained economic growth will drive the fortunes of the global aviation
industry during 2013. However, the structural developments in the market
for aviation fuelling services will continue to have a positive impact on
Skytanking‘s growth.
of energy supply. Marquard & Bahls has been engaged
in different areas of renewable energies through its subsidiaries since the middle of the nineties to explore the
market potential.
Biogas
Stronger together – Marquard & Bahls’ recent campaign also underpinned
Mabagas’ activities in 2012. A prime example of this was how Mabanaft
managed to meet its biofuel quota obligation in part through bio-CNG
(compressed natural gas) from Mabagas after the latter was certified as a
biomethane trader. In addition, the first nine bio-CNG fuel pumps have been
opened at OIL! service stations in Germany. In keeping with the Mabagas
philosophy, the biomethane used stems exclusively from waste material.
The acquisition, subsequent reorganization, and technical modification of
the first waste-to-biogas plant of Mabagas were successfully concluded in
Bardowick, Germany. The plant has a processing capacity of 36,500 tons per
annum, from which it produces approximately two megawatts of electricity
and feeds it into the grid.
In conjunction with its joint venture partner IOT Infrastructure & Energy
Services, IOT Mabagas oversaw the completion of the first biogas plant in
Namakkal, in the federal state Tamil Nadu, India. It was commissioned just
in time to achieve its grid supply goals for 2012. With dried poultry manure
and residues from the agriculture, again energy is generated exclusively from
waste material.
Carbon Trade
Since the end of 2009, Mabanaft Carbon has been developing climate
protection projects in accordance with the United Nations Kyoto Protocol.
In this context, a remarkable product portfolio has been developed during
the last years. The project activities in the field of renewable energies and
energy efficiency are primarily situated in Latin America, South Africa, Kenya,
India, and Vietnam.
00:63
Mabanaft Carbon‘s stock exchange trading with CO2 certificates was mainly
intended for optimizing the portfolio and for risk protection. Due to the
pressure on the carbon trade market and erratic price movements, the focus
from now on will be on managing and marketing the project portfolio.
Wo o d P e l l e t s
The wood pellet trading activities, which were integrated into Mabanaft
Deutschland two years ago, showed stable performance. Sales volumes
remained the same as in the previous year. In close cooperation with reliable
production partners, continuous supply could be guaranteed despite
c h a n gshortages.
e
growth renewal
temporary
biological time
aging transience
grow th t r a n s i e n c e
change renewal
withering
perceived time
withering
perceived time
renewal aging
| | | | | | | | | | | body
For years, renewable energies have been a growing part
of time ||||||||||||||||
› › Mabagas
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||| b eat
Re newa ble En e r gie s
clock | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Renewable Energies -- Mabagas
I nve s tm e nt i n t h e future
00:62
[ ]
r e n ewa l
change grow th
maturing
perceived time
In th e lon g ru n , th e i n c re a si n g g lob a l e n e rg y de ma nd can only
b e sati sfi e d vi a a b a la n c e d m i x of fossi l a n d re n ewa b le e n e rg i es. Renewable
e n e rg i e s a lre a dy p lay a ke y role i n th i s re sp e c t today.
› › Mabagas
For years, renewable energies have been a growing part
of energy supply. Marquard & Bahls has been engaged
in different areas of renewable energies through its subsidiaries since the middle of the nineties to explore the
market potential.
Biogas
Stronger together – Marquard & Bahls’ recent campaign also underpinned
Ren
e w a b l eactivities
e n e r g in
i e s2012.
a r e As prime
till in
t h e i rof this was how Mabanaft
Mabagas’
example
cycles
[ ]
i n fmanaged
a n c y, b utot meet
t h e y its
h av
e s t equota
a d i lyobligation
g r o w n in part through bio-CNG
biofuel
i n (compressed
i m p o r t a n cnatural
e s i n gas)
c e t from
h e eMabagas
n e r g y safter
h i f tthe
. latter was certified as a
biomethane trader. In addition, the first nine bio-CNG fuel pumps have been
However, their further development
opened at OIL! service stations in Germany. In keeping with the Mabagas
will still take some time – time we
philosophy, the biomethane used stems exclusively from waste material.
i nv e s t t o s a f e g u a r d o u r e n e r g y s u p p ly
i n The
t h e acquisition,
f u t u r e , t subsequent
oo.
reorganization, and technical modification of
the first waste-to-biogas plant of Mabagas were successfully concluded in
Bardowick, Germany. The plant has a processing capacity of 36,500 tons per
annum, from which it produces approximately two megawatts of electricity
and feeds it into the grid.
In conjunction with its joint venture partner IOT Infrastructure & Energy
Services, IOT Mabagas oversaw the completion of the first biogas plant in
Namakkal, in the federal state Tamil Nadu, India. It was commissioned just
in time to achieve its grid supply goals for 2012. With dried poultry manure
and residues from the agriculture, again energy is generated exclusively from
waste material.
Carbon Trade
Since the end of 2009, Mabanaft Carbon has been developing climate
protection projects in accordance with the United Nations Kyoto Protocol.
In this context, a remarkable product portfolio has been developed during
the last years. The project activities in the field of renewable energies and
energy efficiency are primarily situated in Latin America, South Africa, Kenya,
India, and Vietnam.
00:63
Mabanaft Carbon‘s stock exchange trading with CO2 certificates was mainly
intended for optimizing the portfolio and for risk protection. Due to the
pressure on the carbon trade market and erratic price movements, the focus
from now on will be on managing and marketing the project portfolio.
Wo o d P e l l e t s
The wood pellet trading activities, which were integrated into Mabanaft
Deutschland two years ago, showed stable performance. Sales volumes
remained the same as in the previous year. In close cooperation with reliable
production partners, continuous supply could be guaranteed despite
temporary shortages.
I nve s tm e nt i n t h e future
Re newa ble En e r gie s
|| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|||||||||||||||||||||||||||||||||||||
00:62
[ ]
In th e lon g ru n , th e i n c re a si n g g lob a l e n e rg y de ma nd can only
b e sati sfi e d vi a a b a la n c e d m i x of fossi l a n d re n ewa b le e n e rg i es. Renewable
e n e rg i e s a lre a dy p lay a ke y role i n th i s re sp e c t today.
00:65
C hange
00:64
[ ]
Our most direct
perception of time is
that of its biological
components. We feel
the change in our
bodies, perceptibly
revealing the effects
of time to us and
making it our
constant companion.
00:66
00:67
Gas Supply -- natGAS
Ga s Supply
› › natGAS
2012 was another challenging year for the entire gas industry.
While 2011 was still shaped by price reductions due to
pressure from the big import companies, the volume oversupply decreased last year. However, the market did not
return to the previous margin level.
This was due to the increasing number of competitors that ventured a market
entrance and the associated rise in price transparency and liquidity. That
enabled all market participants to stock up on the necessary amount of gas
at competitive prices at virtually any time.
Moreover, flexible contracts were only offered with considerable markups
compared to standard products, which led to both commercial customers and
public utilities increasingly being able to satisfy their demands with structured
gas supply.
In this challenging environment, natGAS managed to extend its business to
over 90 TWh (energy equivalent to 7.6 million tons of gasoil) and a turnover of
almost 2.5 billion euros, and concluding the 2012 financial year with a profit.
This shows that the company has established itself on the German natural gas
market as one of the leading independent market participants and confirms
to Marquard & Bahls, the second-largest shareholder, that the company’s
customer and service-oriented business model is well tailored to the market
needs.
The rising number of contract extensions is evidence of the customers’ trust
in the company – a development that proves that natGAS’ strategy of
progressively relying on service orientation and customized solutions is the
right one. The range of individually tailored solutions also made natGAS
the preferred partner for an increasing number of major international
customers for their transnational gas supply. natGAS also laid the foundations
to start supplying them with electricity as of 2013. In doing so, natGAS is
accommodating the wish of many customers to receive gas and electricity
from a single source without missing the high service quality the company
is offering.
19 30 1932
1933
All wound up A n aut o mat i c wat c h i s
op e rate d by a me cha n i sm , i n si de wh i c h a r o t o r t ra n sf er s
th e we a re r’s k in et i c en er g y t o a sp r i ng , wh i c h i s
thus wou n d up aut o mat i c a l ly l it t le b y l it t le.
1934
The continuing internationalization of the business is only logical to enable
the company to offer international customers an optimum service, too.
Today, natGAS is already active in Germany, Belgium, Austria, Switzerland,
and France.
00:68
00:69
Quality Management -- GMA
Q ua lit y M a na ge m e nt
›› GMA
The range of services offered by GMA – Gesellschaft für
Mineralöl-Analytik und Qualitätsmanagement – includes
the analysis of fossil and biogenious fuels carried out in its
own accredited laboratory in Frankfurt, as well as consulting services in technical questions related to utilization.
Moreover, the company plays an active role in the further development of
product standards. The services also focus on giving advice regarding fuel
additives and developing customized solutions.
Because HVO (hydrotreated vegetable oil) is becoming more and more popular
on the market, owing to its good physical and chemical properties, the
GMA laboratory also performed analyses of this product and gave blending
recommendations for middle distillates in compliance with all quality
guidelines.
Despite strong competition, the company succeeded in keeping its market
share in the additive business stable again in 2012.
In order to secure the future viability of heating oil, extensive tests with various
fuel mixtures are carried out within the industry. In the past year, GMA also
became partner to a research project that involves international oil companies,
manufacturers of heating oil systems, and leading fuel institutes, among
others. For this project, GMA carries out the entire laboratory analysis in
relation to examining the storage stability of varying heating oil / FAME blends.
Thanks to its many years of experience and high level of precision in testing of
heating oil marker (red dye and solvent yellow 124), GMA could enormously
widen its customer base.
1944
1 94 5 1 9 47
1948
1949
Highly frequented In th e transition between two
e n e rg y state s, atom s g ive off e x tre m e ly c o nstant
e le c troma g n e ti c wave s of a p a r ti c u la r fr equency or absor b
th e m . Th i s dr ive s th e m e c ha n i sm a n d makes it the
m ost p re c i se c loc k i n th e world.
00:70
00:71
Event time
›› Pace ofC llife
o c k t i m e Social time
Point in time
Time perception
Sense of time T i m e
Free
r
hy
t
h
m
Time rules P u n c t u a l i t y
time
›
›
›
›
›››
h
o
u
r
n
a
›
›
›
›
›
›
›
›››››››
›››››››
›› › ›
›››
t
o
a
n
›››
n
s
› › › S Zl oewi t ma loi›t›t›e›i››or››n››››››››››››››››››››
e› › ZT ei mi tel loessi sg nk e si ts
Psychologie
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E r a s Time con cepts
›
Z e i t v› e› r s c h w e n d u n g
›››
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Perception
of time
00:71
Ge r many
00:70
d e b b ud t o n yl l a n o i t i d a r t s i e m i T d r a d n a t S n a i d n I
si yrtnuoc eht sA .gnihton rof ”emiT gnihctertS naidnI“
, s n a i d n I f o t o l a r o f t u o n u r t o n s e o d e m i t , m s i ud n i H y b d e c n e ul f n i
.htriber dna htaed fo elcri c lanrete na ni flesti staeper tub
d n a t r a p e b n a c s e m i t g n i t i aw d n a s e n i l d a e d o t s ya l e d o S
aidnI
. w o r r o m o t d n a ,y a d o t ,y a d r e t s e y s n a e m ” l a k “ d r o w i d n i H e h T
y .means
es early.
[ ] e hGerman
t n i y l l a i c epunct
p s e , r eualit
vewo H
a i d n I n i teurning
f i l s s e n i sup
u b five
f o l e cminut
rap
r onview
r bo r g
. y l s u o m r o n e d e g n a h c s a h n o i t a u t i s s i h t ,y G
meor m
n oa nc ep g
d e c a r b m e s a h y h p a r g o m e d g n u o y e vi t c a d n a e r a wa y l l a b o l g e h T
. m e h German
t o t g n i r epunctuality
h d a d n a s e nisi l dliteral
a e d t cand
i r t s faomatter
t p e c n oof
c ecourtesy.
ht
Tasks are completed chronologically. Decisions need to be well thought out and thus take time. Reliability and stability are
e gcherished
a p a g n i nvalues,
r u t n aso
h tlong-term
e r o m g ncontracts
i h t o n s i and
htaeD
Event time
Point in time
partnerships are preferred.
. e f i l f o ko o b e h t n i
[ ]
Every culture has its own unique
p e r cset
e p of
t i otemporal
n
fingerprints. To know a people
Free time
is to know the time values
P u n cby.
tuality
Time rules live
they
T i m e c u lt u r e
r hy t h m
yl a t I
Jeremy Rifkin
U SA
Time
nahK tayanI tarzaH
] [
brevorp nailatI
[ ]
T ime is money.
.y a d a n i t l i u b t ‘ n s a w e m o R
American proverb
Americans live in. s y
the
and
a where
yn a m
n i now,
emit yojne snailatI
and
– “ atime
t i v eis
c l oinextricably
d” e h t s i o s tlinked
u b t n a to
t r ofinancial
p m i e r a s easpects.
l ud e h c s e m i T
In business
l a e m life,
e n i fschedules
a r o a r e p oare
n a binding
f o y t s e j aagreements
m e h t g n i y oand
j n e punctuality
is expected.
Quick
efficient
are striven for,
.eniw
e n i f decisions
y l l a u q e n aand
yb d
e i n a p m osolutions
cca
and the. saim
money.
p o t sise to
m i save
t , s e stime
a c e s eand
h t ntherefore
I
As the
k c ufocus
t s n e hiswvery
s s a pmuch
o t s mon
e e sthe
r e vpresent,
e n e m i t short-term
s a e r e h W agreements
s s a p o and
t s m contracts
e e s e m i t rare
o m par
a j c ifor
f f a rthe
t n acourse.
moR a ni
. s m o o l e n i l d a e d a n e hw yl k c i u q o o t
00:70
00:71
“Indian Stretching Time” for nothing. As the country is
yn a m r e G
Indian Standard Time is traditionally not dubbed
12
influenced by Hinduism, time does not run out for a lot of Indians,
India
but repeats itself in an eternal circle of death and rebirth.
The Hindi word “kal” means yesterday, today, and tomorrow.
So delays to deadlines and waiting times can be part and . y l r a e s e t u nparcel
i m e vof
i f business
p u g n i nlife
r u t in
s nIndia.
a e m However,
ytilautcn
u p n a m rine Gthe ]
especially
3
9
6
[
12
b r e v o r peconomy,
namreG
growing
this situation has changed enormously.
The globally aware and active young demography has embraced
9
strict
.y s e t r uthe
o c f concept
o r e t t a mof
ad
n a l adeadlines
r e t i l s i y t i land
a u t cadhering
n u p n a m to
r e Gthem.
3
l l e w e b o t d e e n s n o i s i c e D .y l l a c i g o l o n o r h c d e t e l p m o c e r a s k s a T
e r a y t i l i b a t s d n a y t i l i b a i l e R . e m i t ek a t s uh t d n a t u o t h g u o h t
6
dn
a r tth
n oing
c m rm
eto
- grneo lthan
o s , s etu
u l arvning
dehsa
i r epage
hc
D e at
ha isst cno
Event time
P o] i[n itn t ih enb o ok
t i om
er e f.e r p e r a s pi h s r e n t r a p
. fd elrife
Time perception
Hazrat Inayat Khan
r
hy
t
h
m
I taly
.y e n o m s i e m i T
Ro m e was n‘ t bu ilt in a day.
brevorp naciremA
12
3
9
AS U
] [
Free time
6
12
[ ]
9
Italian proverb
, w o n in
d nmany
a e r e hways.
e h t n i e vi l s n a c i r e m A
Italians enjoy time
3
6
. s t c e p s a l aare
i c nimportant
a n i f o t d e kbut
n i l yso
lba
r t x e”dolce
n i s i evita“
m i t d –n a
Time schedules
isc ithe
y t i l a u t c n u p denjoying
n a s t n e mthe
e e r majesty
g a g n i d nof
i b an
e r aopera
s e l u dor
e h casfine
, e f i l meal
ssenisub nI
, r o f n e vi r t s e r a s n o i t u
los tnei ciffe d
n aan
s nequally
o i s i c e d fine
kciuQ
.detcepxe si
accompanied
by
wine.
.y e n o m e r o f e r e hIn
t dthese
n a e mcases,
i t e v a stime
o t s istops.
mia eht dna
s t n e m e e r g a m rWhereas
e t - t r o h s time
, t n e s enever
r p e h tseems
no hcu
y r e vwhen
s i s u cstuck
of eht sA
tompass
r u o c e htraffic
t r o f r ajam
p e ror
a stime
t c a r t nseems
o c d n ato pass
in .ae sRoman
too quickly when a deadline looms.
Every additional clock hand
i n c r e a s e s t h e p a c e o f l i f e o f a s o c i e t y.
00:71
B razi l
00:70
acirfA htuoS
. a c i r f A h t u o S n i s e i r av e m i t f o t p e c n o c e h T
t c i r t s a ,y l s u o i r e s y r e v n e k a t e r a s e n i l d a e d t c e j o r p e l i h W
[ ]
Hast e . is
ion.
e l bti he
x e l fenemy
n i d e m e eof
d sper
i s e fl uect
deh
cs emit ot hcaorppa
n perho tv eorsb d n A
m o r f g n i h t y n a n a e m n a c ” w o n , w oBnr “a zdi rl ioaw
.” y a d g n i w o l l o f e h t “ o t ” r u o h n a n i “ r o ” y l e t a i d e m m i “
another
tBrazil
n e m t iis
mm
o c m r i fcountry
a s i , r e vwith
e w o ha,”more
w o n “ flexible
r a e l c A approach
to time..yFixed
begmore
guidelines
l t n a t stimes
n i e n otend
d e b to
lliw
nihtem
o s t a h t than binding
commitments. The Brazilian pace of life is commonly regarded
as laid-back and longer waiting times are simply a fact of life.
Time perception
Anyone who wants something
k c o l c e h tfrom
s n a someone
e p o r u E eelse,
v a g however,
doG
should be. e
punctual,
m i t s n aas
c i ranything
f A d n a else is perceived
as impolite and arrogant.
Event time
brevorp nacirfA
Free time
r
hy
t
h
m
detinU
setarimE barA
[ ]
China
Point in time
] [
.ssenippah ot yek eht si ecneitaP
brevorp cibarA
I f you want t o be q uick, go slowly.
C h i n e sreo fp rnoov m
erm
b ocnu
With every journey in a different culture area
we enter a new culture of time.
[ ]
t o n s i t i , d l r ow b ar A e h t n I
stseug detcepxenu ro sgniteem ssenisub ni nekat eb ot sllac enohp
e c n e In
d e cChina,
e r p s e kpersonal
a t d n a s utime
t a t s is
h gnot
i h akept
syojn
e yl i m a f e h T . d e t e e r g e b o t
strictly
sno
s a e r working
y l i m a f r otime.
f e t a lIn
g nfact,
i e b othe
s , s rChinese
e t t a m s soften
e n i s u b r evo
separate
from
mendeavor
o r f e l p o e to
p ecombine
k a m s s u fbusiness
dna etsaH
. e tprivate
i l o p m i sactivities
a d e d r a g eand
r ton si
and
w o n k As
o t ttime
e g o tise m
i t eregarded
h t g n i k a Tas.yar acorner
w e l c r ito
c lbe
a r ucut,
t l u c si h t
relationships.
not
f o t r a p tand
n a t rcontract
o p m i n a signings
s u h t s i t aare
h c doften
n a r equite
h t o h clengthy.
ae
negotiations
.sn
o i t order
a i t o g eof
n dthe
n a day.
s n o i tPunctuality,
aler ssenisub
Patience is
the
however,
is expected and tardiness taken as an insult.
00:70
00:71
lizarB
So ut h Afr i c a
S t a rt
The concept of time varies in South Africa.
While project deadlines are taken very seriously, a strict
] [
oitcefrep
o y m e ninflexible.
e eht si etsaH
approach to time. nschedules
is fdeemed
And
bso
r e vthe
o r p word
nailiza
rB
“now,
now” can mean anything from
“immediately” or “in an hour” to “ the following day”.
h c a o r p p a eAl bclear
i x e l f “now”,
e r o m ahowever,
h t i w y r t nisuao cfirm
r e h tcommitment
ona si lizarB
g n i d n i b n a h t s ethat
n i l e dsomething
i u g e r o m ewill
b o t be
d n edone
t s e minstantly.
it dexiF .emit ot
d e d r ag e r yl n o m m o c s i e f i l f o e c a p n a i l i z a r B e h T . s t n e m t i m m o c
. e f i l f o t c a f a yl p m i s e r a s e m i t g n i t i aw r e g n o l d n a k c a b - d i a l s a
Event time
oe
s ans
m o r fth
gn
em
reompe
ei hc tlo
c ko s s t n a w o h w e n o y n A
P o] i[,nr evtGewoodihgave
n, e s l eteEuniom
d e v i e c r e p s i e s l e gand
n i h t yAfr
n a ic
s aans
, l a u ttim
cnup
e .e b d l u o h s
Time perception
. tn ag o r r a d n a e ti lo pm i s a
African proverb
r
hy
t
h
m
anihC
P atie nc e is th e ke y to happine s s .
] [
Free time
United
A rab Emirates
[ ]
Arabic proverb
.y l w o l s o g , k c i u q e b o t t n a w u o y f I
b r e v o r pfor
esenihC
In the Arab world, it is not uncommon
phone calls to be taken in business meetings or unexpected guests
to be greeted. The family
high
y l t c i renjoys
t s t p e kat o
n s i status
e m i t l aand
n o s rtakes
e p , a nprecedence
ihC nI
over business
family
n e t f o e smatters,
e n i h C e hso
t , tbeing
c a f n Ilate
. e m for
it gn
i k r o w reasons
morf etarapes
is not
d nregarded
a s e i t i v i t cas
a eimpolite.
t a v i r p d nHaste
a s s e nand
i s u bfuss
e n i bmake
m o c opeople
t r o v a e from
dne
this
get
cultural
, t u c e b ocircle
t r e n rwary.
o c a s aTaking
d e d r a gthe
e r ttime
o n s ito
em
i t sto
A .know
s p i h s n o i t al e r
each
.y h t g n
e l e tother
i u q n eand
t f o echat
r a s gisn ithus
n g i s an
t c aimportant
r t n o c d n a spart
n o i t of
aitogen
business
,r evewo h
,y t i l a u t crelations
n u P .y a d and
e h t fnegotiations.
o redro eht si ecneitaP
.tlusni na sa nekat ssenidrat dna detcepxe si
End
00:70
00:71
Event time
time
o c k t i m e Social »
Point in time
T i m e p e r c e p t i o n Good
cooperation
– worldwide
Free time
r
hy
t
h
m
N ot e o n o u r ow n b eha l f
T h e time con ce p ts f r o m di f f er ent c u lt u r es p r esent ed h er e do n o t
con s titut e a ny def i n it e t y p ec a st i ng o f t h e ent i r e p o p u l at io n
of a cou ntr y o r r eg io n . T h ey m er ely desc r i b e b a si c t i m e p er c ep t io ns
t hat g over n t h e p a c e o f l i f e a nd it s r hy t h m a s
u nw r it t en r u les i n a ny so c i et y.
Slow motion
P syc ho lo g y o f t i m e T i m e l e s s n e s s
Waiting t i m e Time
T i mTime
e exc
e
s
s
con cepts A l t e r n a t i v e t i m e
Eras
Waste of time
c u lt u r e
00:73
H S S E - - H e a l t h , S a f e t y, S e c u r i t y & E nv i r o n m e n t
H SSE
› › H e a l t h , S a f e t y, S e c u r i t y & E n v i r o n m e n t
Marquard & Bahls is committed to the safe and efficient
operation of its worldwide activities. The aim is to prevent
accidents, injuries, and occupational illness, and to protect
the environment.
In August 2012, the second sustainability report was published in line with
the requirements of the Global Reporting Initiative (GRI), which is available
for download at our website.
To include our stakeholders´ concerns in our corporate responsibility strategy,
several dialogues took place with more to follow.
In 2012, the accident frequency as well as the severity within the group was
further reduced, reflecting the successful implementation of comprehensive
HSSE management systems at our worldwide locations. The product release
rate also showed a positive trend with a further decrease in 2012.
In the course of the year, two contractor accidents with three fatalities and
one injured person happened during construction work on our premises in
Houston (USA) and in Terneuzen (Netherlands). Marquard & Bahls deeply
regrets these tragic accidents, both of which were not related to the operation
of the terminals. Based on extensive root-cause analysis, we have decided
to further strengthen our contractor selection management system and
to develop new global standards. The lessons learned have been shared
throughout the organization.
T ime zo n es
00:72
To support the worldwide facilities in the field of HSSE, several IT solutions
were rolled out in 2012, among which were the Management of Change
database at Oiltanking and the new Risk Assessment databases at Oiltanking
and Skytanking.
Internal HSSE audits comprising of on-site inspections and risk assessments
were conducted at many worldwide facilities of Oiltanking and Skytanking as
well as at OIL! service stations.
[ ]
We live i n on e a n d th e sa m e world, but di ffe re nt time zones.
How do we de fi n e th e m ? A s a str ip of th e Ea r th ’s su r fa c e in which a unifor m
ti m e a n d date ap p li e s. Eve n i f th e world ha s g r ow n closer together in the
a g e of g lob a li z ation , ti m e di ffe re n c e s sti ll i n flu e n c e us.
Ta ke je tla g , for i n sta n c e .
00:74
00:75
Staff -- Human Resources
St a f f
›› Human Resources
Marquard & Bahls underwent a realignment of the trading
division and experienced continued, global growth last year,
whereby our future-oriented, active human resources work
carries on to grow in importance.
One of the most important and demanding tasks of the Human Resources
Department is to accompany the strong growth of our company. Whereas
Marquard & Bahls had approximately 1,500 employees ten years ago, it had on
average 8,560 staff in 2012. This multiplication in personnel, in combination
with the unique company culture of Marquard & Bahls, underlines the significance of a forward-looking human resources work with a focus on talent
management and career planning.
quality time
The recent months have seen much progress. Since the summer of 2012, for
instance, the Human Resources Department has had a new management
structure in order to better fulfill internal and external requirements as well
as to further increase the professionality of human resources systems and
processes..
E mp l oye e s 2 0 1 2 d iv i d e d b y c o m p a n i e s
Mitarbeiter 2012 nach Geschäftsfeldern
Marquard & Bahls
Oiltanking
[ ]
E mp l oye e s 2 0 1 2 d iv i d e d b y r e g io n s
Germany
Europe
Asia Pacific
North America
Latin America
1 5 .0 %
3 0. 7 % *
4. 1 % * *
3 0. 6 %
2.9 %
1 1 .6 %
5 . 1 %
8,560 ***
Ma
ab
r qa un aa rf dt & B a h l s M
SOki lyttaannkkiinngg Mabanaft
T o t a l Skytanking
Gesamt
4 . 8 % *
5 6 .0 %
2 4 ., 81 % *
51 6
5 .,01 %
2 4 , 1 %
8,560 * *
1 5 , 1 %
8.560 * *
* i n c l . G M A a n d M a b a g a s
** fully consolidated companies and associated companies
* i n k l . G M A u n d M a b a g a s
* * v o l l k o n s o l i d i e r t e U n t e r n e h m e n u n d a s s o z i i e r t e U n t e r n e h m e n
00:74
00:75
[ ]
St a f f
›› Human Resources
Marquard & Bahls underwent a realignment of the trading
division and experienced continued, global growth last year,
whereby our future-oriented, active human resources work
carries on to grow in importance.
The recent months have seen much progress. Since the summer of 2012, for
instance, the Human Resources Department has had a new management
structure in order to better fulfill internal and external requirements as well
as to further increase the professionality of human resources systems and
processes..
One of the most important and demanding tasks of the Human Resources
Department is to accompany the strong growth of our company. Whereas
Marquard & Bahls had approximately 1,500 employees ten years ago, it had on
average 8,560 staff in 2012. This multiplication in personnel, in combination
with the unique company culture of Marquard & Bahls, underlines the significance of a forward-looking human resources work with a focus on talent
management and career planning.
E mp l oye e s 2 0 1 2 d iv i d e d b y c o m p a n i e s
Marquard & Bahls
Oiltanking
W h at i s t h e r hy t h m o f o u r l ive s ?
Mabanaft
s s2 i0l1y2 , dw
i vei d leod sbey sr iegg h
i otn so f o u r a r t o f e n j o y i n g
AElm
l ptloooy eee a
Skytanking
ourselves in the hustle and bustle of everyday life.
T o t a l I t d o e s n ’ t t a k e m u c h t o Gee rxmpaenryi e n c e t i m e c o 1n5s.0 %
c i o u s ly.
4 . 8 % *
5 6 .0 %
2 4 . 1 %
1 5 . 1 %
8,560 * *
3 0.
e p o r t u n i t y f o r a
S o m e t i m e s , s e i z i n g t Ehuer oop p
n 7h %
o u* r
%r
P aoco
i fdi c c o n v e r s a t i o 4.
w i t h t h e r i g h t b o o kA,s iaa g
n ,1 o
d i a a m i n d g Ianm
e is enough.
North America
Latin America
**
3 0. 6 %
2.9 %
1 1 .6 %
5 . 1 %
8,560 ***
* i n c l . G M A a n d M a b a g a s
** fully consolidated companies and associated companies
00:77
Last year, the Human Resources Department intensified its marketing
activities, although most projects have taken place in Germany so far. The
participation in various recruiting fairs and the publication of company
profiles on social media platforms, including on the web pages of the
“Initiative Karriere in Familienunternehmen” (“Careers in family-run companies” initiative), increased the level of awareness for our group on the job
market further.
Marquard & Bahls follows its principle “stronger together”. This motto also
plays a role when it comes to coordinating the global human resources
activities more closely than before and using the existing know-how
and synergies in the best possible way. Many of the Human Resources
Department’s topics and responsibilities are largely identical worldwide,
enabling strengths and resources to be even better pooled and processes to
be defined and simplified.
Ta k in g t im e
00:76
[ ]
Th e re i s a ti m e a n d a p la c e for eve ry th i n g i n li fe :
for work a n d p le a su re , for u s a n d oth e rs; for eve ry th i n g that i s i mpor tant to us.
If ou r live s a re i n e qu i li b r iu m a n d th e re i s a work-li fe b alance, we e x p e r i e n c e ti m e i n a fu lfi lli n g way.
00:78
00:79
Locations worldwide -- Marquard & Bahls
Lo cat io n s
›› w o r l d w i d e
Status: December 31, 2012
»
acquires Uhlenbruck & Kemmann Energie
...
...
i n t o - p l a n e f u e l l i n g o p e ra t i o n a t F ra n k f u r t A i r p o r t
D E C 3 1 , 2 0 1 2 : O i lta n k i n g
takes over four Scottish locations
DEC 31, 2012: Skytanking
commissions its biogas plant in Namakkal, India
DEC 19, 2012: Mabagas
starts its 50
N O V 5 , 2 0 1 2 : t hS k y t a n k i n g
p ro v i d e s i n t o - p l a n e f u e l l i n g s e r v i c e s a t L o n d o n G a t w i c k A i r p o r t
AUG 1, 2012: Skytanking
purchases biogas plant in Bardowick, Germany
JUN 21, 2012: Mabagas
takes over Bominflot
JUN 1, 2012: Mabanaft
acquires United Bulk Terminal, Davant, USA
M AY 1 1 , 2 0 1 2 : O i lta n k i n g
acquires minority share in JSZ Kazakhstancaspishelf
APR 28, 2012: IOT
JAN 30, 2012: Petronord
Status: December 31, 2012
acquires Helios terminal in Singapore
00:78
Locations worldwide -- Marquard & Bahls
00:79
Lo cat io n s New Locatio n s
›› w o r l d w i d e › › 2 0 1 2
»
00: 81
Report of the Supervisory Board -- Marquard & Bahls
Re p o r t o f th e S upe r vis o r y Bo a rd
During the 2012 fiscal year, the Supervisory Board was informed regularly by
the Executive Board in writing and orally about the state and development of
the company, the group companies, and their shareholdings. The Supervisory
Board discussed all substantial issues with the Executive Board.
The auditing firm RBS RoeverBroennerSusat GmbH & Co. KG Wirtschaftsprüfungsgesellschaft Steuerprüfungsgesellschaft audited the financial statement, as well as the report on the state of affairs of the company and issued
an unqualified opinion. The consolidated financial statement and the report
on the state of the corporation and the group were issued in a joint audit by
RBS RoeverBroennerSusat GmbH & Co. KG Wirtschaftsprüfungsgesellschaft
Steuerprüfungsgesellschaft and BDO AG Wirtschaftsprüfungsgesellschaft,
and both of them issued an unqualified audit opinion. The financial statements, the consolidated financial statements, the report on the state of the
corporation and of the group, and the auditors’ reports thereon, were submitted and explained by the auditors to the Supervisory Board. After having
conducted its own review, the Supervisory Board had no objections and
approved the results of the audit. The Supervisory Board also approved the
financial statements, the consolidated financial statements, and the report
on the state of the corporation and of the group at its meeting on May 29,
2013. It concurs with the Executive Board’s recommendation for the results´
appropriation.
Hamburg, May 29, 2013
The Supervisory Board
Chairman
Consolidated
Financial Statements
››
flow of productivity
00: 80
82 Co n sol id at ed St at ement o f F i na nc i a l Po s itio n
84 Co n sol id at ed St at ement o f C o mp r e h e ns ive I nco m e
pursue goals
85 productivity
instead of react
86 Com
n sol
o tidi vataed
t i St
o nat ement o f C a s h F lows
exploit potential focus
act
sovereignty
effectiveness
absorbed in an activity
Meetings Meetings Meetings
effectiveness
focus m o t i v a t i o n
act instead of react
sovereignty motivation productivity
88 act instead of react
Co
b en sol
i nidsatped
i r eF ix
d ed A sset s M ove m e nt
sovereignty motivation
exchang
St atesement o f C ha ng e s i n Eq u ity
mCoe nesol
t i nidgats ed
concentration
work
use dtime
92 a b s o r bOe rga
i n naigra
n a c tm
i v i2t0
y 12
e cio
t i vne n e s s
90 act instead
A u d itofo r´s
reactOepf fin
exploit potential focus
94 A d d resses
time sovereignty ...
00: 81
Report of the Supervisory Board -- Marquard & Bahls
flow of productivity
00: 80
Re p o r t o f th e S upe r vis o r y Bo a rd
During the 2012 fiscal year, the Supervisory Board was informed regularly by
the Executive Board in writing and orally about the state and development of
the company, the group companies, and their shareholdings. The Supervisory
Board discussed all substantial issues with the Executive Board.
The auditing firm RBS RoeverBroennerSusat GmbH & Co. KG Wirtschaftsprüfungsgesellschaft Steuerprüfungsgesellschaft audited the financial statement, as well as the report on the state of affairs of the company and issued
an unqualified opinion. The consolidated financial statement and the report
on the state of the corporation and the group were issued in a joint audit by
RBS RoeverBroennerSusat GmbH & Co. KG Wirtschaftsprüfungsgesellschaft
Steuerprüfungsgesellschaft and BDO AG Wirtschaftsprüfungsgesellschaft,
and both of them issued an unqualified audit opinion. The financial statements, the consolidated financial statements, the report on the state of the
W e and
c a nofothe
n l ygroup,
r e a and
l i z ethe
o uauditors’
r f u l l reports
p o t e nthereon,
t i a l were subcorporation
mitted
explained
i f t h eandp a
r a m e t by
e r the
s a auditors
r e t h e to
r ethe
. I fSupervisory
w e t a k eBoard.
o n tAfter
a s k having
s
conducted
its
own
review,
the
Supervisory
Board
had
no
objections
w e v a l u e , a n d c a n o r g a n i z e o u r t i m e a s w e s e e f i t , wand
e
approved the results of the audit. The Supervisory Board also approved the
e x p e r i e n c e a s e n s e o f s a t i s f a c t i o n , j o y, a n d m o t iv a t i o n .
financial statements, the consolidated financial statements, and the report
T i mofe the
b ecorporation
c o m e s a and
v a lof
u athe
b lgroup
e com
d i t y on May 29,
on the state
at m
itsomeeting
t h a with
t g i the
v e sExecutive
u s r o oBoard’s
m f o rrecommendation
o u r g o a l s for the results´
2013. It concurs
appropriation.
and visions.
... begins with time awareness
Hamburg, May 29, 2013
The Supervisory Board
[ ]
Chairman
Consolidated
Financial Statements
››
82 Co n sol id at ed St at ement o f F i na nc i a l Po s itio n
84 Co n sol id at ed St at ement o f C o mp r e h e ns ive I nco m e
85 Co n sol id at ed St at ement o f C a s h F lows
86 Co n sol id at ed F ix ed A sset s M ove m e nt
88 Co n sol id at ed St at ement o f C ha ng e s i n Eq u ity
90 A u d it o r´s O p in io n
92 O rga n igra m 2 0 1 2
94 A d d resses
00: 82
00: 83
Financial Statements -- Marquard & Bahls AG
Mar q u a rd & B a h l s AG
››
IFRS Consolidated Statement of Financial Position as at December 31, 2012
A s s e t s (K  )
31.12. 2 012
31.12. 2 011
01.01. 2 011
L i a b i l i t i e s a n d S h a r e h o l d e r ´s E q u i t y ( K  )
31.12. 2 012
31.12. 2 011
01.01. 2 011
A . N o n - c u r r e n t a s s e t s A . E q u i t y
I.
_ Intangible assets
II.
_ Tangible assets
III.
_ Investments accounted for using the equity method
IV. _ Other investments
11,352
V.
22,031
14,82913,675
63,911
55,55761,288
35,280
37,70021,369
2,602,211
1,875,1481,795,665
_ Deferred taxes
VI. _ Non-current receivables and other assets
VII. _ Derivative financial instruments
Subtota l Non-current assets
B . 107,009113,825
1,954,898
1,478,4321,402,211
170,413
171,411
167,029
10,21016,268
Current assets
I.
_ Inventories
1.
_ Raw materials and supplies
2.
_ Goods for resale and finished products
3.
344,326
_ Advance payments
5,057
536,681
1,419 1,568
679,583793,591 5,248
3,4495,556
546,986
684,501800,715
1,068,808
883,351729,976
II.
_ Current receivables and other assets
1.
_ Trade receivables
2.
_ Receivables – due from affiliated companies
2,976
2,0096,186
3.
_ Receivables – due from associated companies
6,698
7,81611,376
4.
_ Receivables – from entites in which a participating interest is held
93
7,4016
5.
_ Current tax receivables
56,843
6.
_ Other receivables and current assets
82,699
113,204195,843
7.
_ Receivables from production orders
19,266
12,5790
1,237,383
1,101,721991,064
III.
IV._ Marketable securities V.
_ Derivative financial instruments
_ Cash and cash equivalents Subtota l Current assets
C . 75,36147,677 34,39017,65514,864 282
00
266,366
364,151248,647
2,085,407
2,168,0282,055,290
0
5,04713,196
4,687,618
4,048,2233,864,151
Assets held for sale
from discontinued
operations
›› T o t a l
_ Share capital
I.
II. _ Additional paid-in capital
III. _ Revenue reserve
IV. _ Reserve for changes in value
V. _ Reserve for revaluation
VI. _ Retained earnings
VII. _ Currency conversion differences
VIII. _ Minority interests in consolidated subsidiaries Subtota l Equity
150,000
2,936
324,983
-5,175
215
682,326
-3,375
234,599
150,000150,000
2,9362,936
304,775181,881
-7,670-2,391
215215
662,209702,373
11,099-2,968
222,883156,499
1,386,509
1,346,4471,188,545
342,557
0
158,361254,140
0183
B . N o n - c u r r e n t l i a b i l i t i e s
_ Non-current liabilities
I.
_ Non-current liabilities due to banks
1.
_ Non-current liabilities due to affiliated companies
2.
3. _ Non-current liabilities due to entites in which a participating
interest is held 4. _ Other non-current liabilities II. _ Non-current provisions III. _ Derivative financial instruments IV. _ Deferred taxes 188
828,039
1,170,784
123,145
47,690
234,265
00
437,011437,201
595,372691,524
96,32092,718
41,66640,562
188,531156,218
Subtota l Non-current liabilities
1,575,884
921,889981,022
449,196
896,233
556
5,354
514,172624,705
786,025543,952
102322
26,0335,151
C . C u r r e n t l i a b i l i t i e s
_ Current liabilities
I.
_ Current liabilities due to banks
1.
2. _ Trade accounts payable
3. _ Accounts payable due to affiliated companies
4. _ Accounts payable due to associated companies
5. _ Accounts payable due to entites in which a participating
interest is held
6. _ Current tax liabilities
_ Liabilities from construction contracts
7.
8. _ Other current liabilities
II. _ Derivative financial instruments
572
132,610
0
99,816
1,584,337
14,236
29123
176,359201,484
118
1,029
73,30975,704
1,576,4091,452,370
42,487123,822
III. _ Current accruals
_ Tax provisions
1.
2. _ Other current provisions
30,184
96,468
126,652
24,66425,041
134,91192,240
159,575117,281
Subtota l Current liabilities
1,725,225
1,778,4711,693,473
0
1,4161,111
4,687,618
4,048,2233,864,151
D . Liabilities from discontinued
operations
››T o t a l 00: 84
00: 85
››
››
I F R S C o n s o l i d a t e d S t a t e m e n t o f C o mp r e h e n s ive I n c o m e f o r t h e p e r io d
from January 1 to December 31, 2012
(K  )
2 012
2011
1.
_
_
_
2.
_
3.
_
4.
_
5.
Revenues
18,258,929 l ess energy tax
-1,168,843
17,090,086
17,300,286
Changes in stock of finished goods and work in progress
8
118
Own work capitalised
9,276
4,850
Other operating income
163,461
146,158
Cost of sales
-16,068,148
a) Cost of raw materials and supplies and purchased goods
-195,400
-16,263,548
-16,608,139
b) Cost of purchased services
6. _ Personnel expenses
-229,323
a) Wages and salaries
-39,868
b) Social Security
-9,463
-278,654
-226,318
c) Expenses for pension commitments
_ Amortisation and depreciation on intangible and
7.
tangible fixed assets
-125,661
-104,347
8. _ Other operating expenses
-398,191
-364,499
9. R e s u l t f r o m o p e r a t i o n s 196,777
148,109
10. _ Income from investments
251
286
11. _ Income from fixed asset investments in securities and loans
573
137
12. _ Other interest and similar income
11,613
6,129
13. _ Amounts written off of financial assets and marketable securities
-115
-157
14. _ Interest and similar charges
-65,849
-70,859
15. _ Result from companies accounted for using the equity method
32,484
26,014
16. _ Result from changes in value of derivative financial instruments
-12,024
12,471
17. F i n a n c i a l r e s u l t -33,067
-25,979
18. R e s u l t f r o m c o n t i n u e d o p e r a t i o n s
163,710
122,130
b e f o r e i n c o m e t a x _ Taxes on icome
-56,292
-42,950
20. R e s u l t f r o m c o n t i n u e d o p e r a t i o n s 107,418
79,180
21. _ Result from discontinued operations
-1,009
-8,846
19.
106,409
70,334
22.. C o n s o l i d a t e d n e t i n c o m e Thereof:
_ Profit from continued operations attributable to equity
57,122
41,653
holders of the parent company
_ Profit from discontinued operations attributable to equity
-975
-8,798
holders of the parent company
_ Profit from continued operations attributable
50,296
37,527
to minority interests
_ Profit from discontinued operations attributable
-34
-48
to minority interests
2223. _ Exchange differences on translating foreign operations
-15,741
17,581
-61
-47
24. _ Available-for-sale financial assets
25. _ Cash flow hedges
777
954
26. _ Share of other comprehensive income of associates (net)
2,067
-5,825
27. _ Taxes on income tax relating to components of other comprehensive income
-228
-283
-228
-283
_ thereof arising from cash flow hedges
28. O t h e r c o m p r e h e n s i v e i n c o m e f o r t h e y e a r -13,168
12,380
29.. T o t a l c o m p r e h e n s i v e i n c o m e f o r t h e y e a r 93,223
82,714
Total comprehensive income attributable to:
_ Owners of the parent company
44,16842,563
_ Minority interests
49,055
40,151
IFRS Consolidated Statement of Cash Flows as at December 31, 2012
(K)
2 012
2011
ash and cash equivalents
C
››
as per Statement of Financial Position
364,151248,647
J a n u a r y 1 N e t i n c o m e 106,409
70,334
+ T a x e s o n i n c o m e 56,292
42,950
Net income before income taxes
162,701
113,284
+/– _ Depreciation, amortisation and write-backs
125,872
107,616
–/+ _ (Gains) losses on sale of non-current assets
3,084
-310
+/– _ Changes in non-current provisions
19,880
-632
+ _ Interest expenses
65,849
70,874
– _ Interest income
-11,613
-6,131
+/– _ Changes in other non-cash items
-21,957
10,898
+/– _ (Gains) losses on equity accounted investments
-32,484
-26.014
+/– _ (Gains) losses on de-consolidation of subsidiaries
–
1,281
+/– _ Changes in inventories and receivables
314,849
15,335
+/– _ Changes in liabilities (without financial debt)
-218,263
200,592
– _ Income taxes paid -50,506
-35,866
+ _ Interest received 11,943
4,742
– _ Interest paid -69,586
-69,987
+ _ Dividends received
36,091
13,662
C a s h f l o w f r o m o p e r a t i n g a c t i v i t i e s 335,861399,345
– _ Cash outflows for additions to property, plant,
equipment and intangible assets
-343,061
-169,895
– _ Cash outflows for the purchase of equity
investments (less funds received)
-440,416
-26,999
+ _ Cash inflows from sales of property, plant,
equipment and other non-current assets
37,005
26,443
C a s h f l o w f r o m i n v e s t i n g a c t i v i t i e s -746,472-170,451
– _ Payments from dividend distribution -63,740
-65,608
+/– _ Changes in share capital 8,344
2,450
+ _ Cash inflows from minority interests
–
166,074
(IPO Oiltanking Partners LP) + _ Cash inflows from borrowing 231,010
53,010
+ _ Cash inflows of current debt 425,104
335,351
– _ Repayment of current debt -647,080
-463,733
– _ Repayment of non-current debt -43,233
-150,941
+ _ Cash inflows from other financial liabilities 385,614
7,037
C a s h f l o w f r o m f i n a n c i n g a c t i v i t i e s 296,020
-116,361
+/– _ Change in cash and cash equivalents due
to exchange rate movements and to movements
16,806
2,971
in the group of consolidated companies
C h a n g e s i n c a s h a n d c a s h e q u i v a l e n t s -97,785
115,504
C a s h a n d c a s h e q u i v a l e n t s
›› 266,366364,151
as per Statement of Financial Position
D e c e m b e r 3 1
00: 86
00: 87
››
Consolidated Fixed Assets Movement for the year ended 2012
Accumulated depreciation
Aquisition or production cost
(K  )
Opening
balance
Jan. 1 , 2012
Changes
in scope
of consolidation
Exchange
rate
differences
Additions
Disposals
Closing
balance
Transfers Dec. 31, 2012
Opening
balance
Jan. 1, 2 012
407,511
42,503
(90,551)
(292)
Changes
in scope
of consolidation
Exchange
rate
differences
Additions
Ne t b o ok v a lue
Disposals
Transfers
Write-backs
470
0
23
0
0
0
Closing
balance
Dec. 31, 2 012
Closing
balance
Dec. 31, 2 011
Closing
balance
Dec. 31, 2 012
I . I n t a n g i b l e a s s e t s
1. _Franchises, patents, licences and
similar rights
2. _Goodwill 3. _Advances paid on intangible
assets
Sub tota l Intangible assets
179,575
13,860
216,568
29,730 (2,212) (1,131)
4,417 0
(39) 197,852 246,298
(3,382)
7,400
44 (556)
0
6,736
0
4,166
0
(6,429)
11,610
(556) 307
452,129
(90,843)
(3,622) 1,401
(15,232) 470
23
0
2,115
(3,622) 0
1,401
0
(15,125)
(107) (107,404) 89,024
300,107
(399)13,568 42,104
0 0 00 000 0 4,417
2,115
(107,803) 107,009
344,326
I I . T a n g i b l e a s s e t s
1. _Land, land rights and buildings
including leasehold buildings
2. _Production facilities and machinery
3. _ Vessels
4. _Other equipement, factory, and office equipment
5. _ Assets under construction / advance
payments
Sub to ta l Tangible assets
262,043 2,016,064 0
119,745
59,735 191,961
29,969
8,772 (2,068)
3,130 (1,670) (600)
29,075
24,024
460
9,050
(811) (19,349) (1,738) (6,364) 6,678
61,550
0
3,942
354,652
2,277,380
27,021
134,545
(89,881)
(836,197)
0
(73,937)
(2,343) (4,522)
(7,189)
(1,984) 303
(2,957)
331
335
(10,319) (86,591) (959) (12,514) 763
2,725
990
4,806
(39)
(225) 0
242
(6)
0
0
0
(101,522)172,162253,130
(927,767) 1,179,867 1,349,613
(6,827) 0
20,194
(83,052) 45,808
51,493
88,139
15,559
(622)
263,604
(5,879) (72,477)
288,324
(7,544)
0
(200)
(44)
37 0
(105)
2,485,991
305,996 (1,830)
326,213
(34,141) (307)
3,081,922
(1,007,559)
(16,038) (2,188)
(110,427)
9,321
(22)
175,706 1,829
(2,421)
38,221
(38,779) 145
174,701
(4,295)
0
7
0
0
0
175,706 1,829
(2,421) 38,221
(38,779) 145
174,701
(4,295) 0 70 000
(4,288) 171,411 170,413
1,528 4,014 156 25
156
75
1
(1) 0 125
11
0
(2) (103)
0
0
(145)
0
3,864 648 572 0
2
6,758 (155) 14 (351) 796
0
52
(375) (73) (5,450) 0
0
0
10,782 7,016
(492) 984
(6,003) (145)
12,142
(572)
(102) (1)
(115) 0
0
2,870,331
561,139
(8,125) 377,028
(79,479)
0
3,720,894
(1,103,269)
(19,762) (781)
(125,774) 9,791
1
(7,856) 80,595
280,468
(111) (1,127,024) 1,478,432
1,954,898
I I I . I n v e s t m e n t s a c c o u n t e d f o r
u s i n g t h e e q u i t y m e t h o d
_Investments accounted for using the
equity method
0
(4,288) 171,411 170,413
Sub tota l Investments accounted
for using the equity method
I V . O t h e r f i n a n c i a l a s s e t s
1. _Shares in subsidiary companies
2. _Investments
3. _Loans due from affiliated companies
4. _Loans due from entites in which a
participating interest is held
5. _Security investments
6. _Other loans Sub tota l Other financial assets
To t a l Fi xed assets
1,677
3,932
231
(313)
0
(156)
4,130
591
1,581
0 0 00 000 0 3,864
4,130
0 00
(115)000
(115) 648
476
(103)
(102) 00000
(205) 4691,376
0
0
0
(1)
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
(314) 1,215
1,363
0
4,014
3,932
(156) 075
(790) 10,210 11,352
(111) (1,239,905) 1,767,0622,480,989
00: 88
00: 89
››
I FRS Consolidated Statement of Changes in Equity for year ended December 31, 2012
Other comprehensive income
Share
capital
(K  )
Equity Jan. 1, 2011
+/– _ Changes in valuation
method
E q u i t y, J a n . 1 , 2 0 1 1
A d j u s t e d +/– _ Exchange differences on translation of
operations outside the euro zone +/– _ Fair value remeasurement of available
for-sale financial instruments
+/– _ Fair value remeasurement of cash flow
hedges
S u b t o t a l C h a n g e i n e q u i t y n o t p a s s i n g
t h r o u g h p r o f i t o r l o s s s t a t e m e n t + _ Net profit (loss)
S u b t o t a l O t h e r c o m p r e h e n s i v e i n c o m e +/– _ Changes in the group of consolidated
companies
– _ Dividend payments
+ _ Increase/decrease from corporate action
+ _ Increase in share capital
– _ Decrease in share capital
+/– _ Allocation to/from retained earnings
Equity Dec. 31, 2011
Equity Jan. 1, 2012
+/– _ Exchange differences on translation of
operations outside the euro zone
+/– _ Fair value remeasurement of available for-sale financial instruments
+/– _ Fair value remeasurement of cash flow
hedges
S u b t o t a l C h a n g e i n e q u i t y n o t p a s s i n g
t h r o u g h p r o f i t o r l o s s s t a t e m e n t + _ Net profit (loss)
S u b t o t a l
Other comprehensive income
+/– _ Changes in the group of consolidated
companies
– _ Dividend payments
+ _ Increase/decrease from corporate action
– _ Capital transfers
+ _ Increase in share capital
– _ Decrease in share capital
+/– _ Allocation to/from retained earnings
Equity Dec. 31, 2012
Additional
paid in
capital
Revenue
reserve
Retained
earnings
150,000 2,936
181,881
702,373
0 0 0
0
Reserve for
changes in value
CF-Hedge
Reserve for
changes in value
available-for-sale
Reserve for
revaluation
Currency
conversion
differences
Subtotal
other
comprehensive
income
Equity
attributable
to minority
interest
To t a l
-2,495104215
-2,968
-5,144
156,499
1,188,545
0000000
1,188,545
150,000
2,936
181,881
702,373
-2,495
104
215
-2,968
-5,144
156,499
0
0
0
0
-3
0
0
14,988
14,985
2,596
17,581
0
0
0
0
0
-47
0
0
-47
0
-47
0
0
0
0
-5,229
0
0
0
-5,229
75
-5,154
0
0
0
0
0
0
0
0
0
0
32,806
32,806
-5,232
0
-5,232
-47
0
-47
0
0
0
14,988
0
14,988
9,709
0
9,709
2,671
37,528
40,199
12,380
70,334
82,714
0
0
0
0
0
0
150,000
0
0
0
0
0
0
2,936
0
0
0
-18,115
-274
0
68,313
0
0
0
54,855-54,855
304,775
662,209
0
0
0
0
0
0
-7,727
0
0
0
0
0
0
57
0
0
0
0
0
0
215
-921
0
0
0
0
0
11,099
-921
0
0
0
0
0
3,644
263
-47,493
0
73,415
0
0
222,883
-658
-65,608
-274
141,728
0
0
1,346,447
150,000
2,936
304,775
662,209
-7,727
57
215
11,099
3,644
222,883
1,346,447
0
0
0
0
-4
4
0
-14.,474
-14,474
-1,267
-15,741
0
0
0
0
0
-61
0
0
-61
0
-61
0
0
0
0
2,556
0
0
0
2,556
60
2,616
0
0
0
0
0
0
0
0
0
0
56,147
56,147
2,552
0
2,552
-57
0
0
0
0
0
-14,474
0
-14,474
-11,979
0
-11,979
-1,207
50,262
49,055
-13,186
106,409
93,223
0
0
0
0
0
0
0
150,000
0
0
0
0
0
0
0
2,936
0
0
0
0
0
-822
21,030
324,983
0
-15,000
0
0
0
0
-21,030
682,326
0
0
0
0
0
0
0
-5,174
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
215
0
0
0
0
0
0
0
-3,375
0
0
0
0
0
0
0
-8,335
1,991
-48,740
0
-1,419
11,370
-541
0
234,599
1,991
-63,740
0
-1,419
11,370
-1,363
0
1,386,509
00: 90
00: 91
Auditor´s Opinion -- Marquard & Bahls AG
Audit or ´ s Opin io n
› › 2012
Above we published the uncomplete Marquard & Bahls AG´s
consolidated financial statements as of December 31, 2012.
The consolidated financial statements as of December 31,
2012, comprise the statement of financial position, consolidated income statement, consolidated statement of comprehensive income, consolidated statement of changes in
equity, consolidated statement of cash flows and the notes.
With regard to the complete consolidated financial statements on 31 December
2012, and the group management report for the 2012, financial year the
annual auditor has issued the following auditor‘s report:
The effectiveness of the accounting-related internal control system and the
evidence supporting the disclosures in the consolidated financial statements
and the group management report are examined primarily on a test basis
within the framework of the audit.
The audit includes assessing the annual financial statements of those entities
included in consolidation, the determination of entities to be included in consolidation, the accounting and consolidation principles used, and significant
estimates made by management, as well as evaluating the overall presentation
of the consolidated financial statements and the group management report.
We believe that our audit provides a reasonable basis for our opinion.
Our audit has not led to any reservations.
”We have audited the consolidated financial statements prepared by
Marquard & Bahls Aktiengesellschaft, comprising the statement of financial
position, the income statement, the statement of comprehensive income,
statement of changes in equity, statement of cash flows, and the notes to
the consolidated financial statements, together with the group management
report for the business year from January 1, to December 31, 2012. The preparation of the consolidated financial statements and the group management
report in accordance with IFRSs as adopted by the EU, and the additional
requirements of German commercial law pursuant to sec. 315a para. 1 HGB are
the responsibility of the parent company´s management. Our responsibility
is to express an opinion on the consolidated financial statements and on the
group management report based on our audit.
In our opinion, based on the findings of our audit, the consolidated financial
statements comply with IFRSs as adopted by the EU, the additional requirements of German commercial law pursuant to sec. 315a para. 1 HGB and
give a true and fair view of the net assets, financial position, and results of
operations of the group in accordance with these requirements. The group
management report is consistent with the consolidated financial statements
and, as a whole, provides a suitable view of the group´s position and suitably
presents the opportunities and risks of future development.“
We conducted our audit of the consolidated financial statements in accordance
with sec. 317 HGB and German generally accepted standards for the audit
of financial statements promulgated by the Institut der Wirtschaftsprüfer
(Institute of Public Auditors in Germany) (IDW).
RBS RoeverBroennerSusat GmbH & Co. KG
BDO AG
Wirtschaftsprüfungsgesellschaft
Steuerberatungsgesellschaft
Wirtschaftsprüfungsgesellschaft
Dr. Wawrzinek
Driesch
Dr. Probst
Pingel
Wirtschaftsprüfer
German Public Auditor
Wirtschaftsprüfer
Wirtschaftsprüfer
Wirtschaftsprüfer
Those standards require that we plan and perform the audit such that misstatements materially affecting the presentation of the net assets, financial position,
and results of operations in the consolidated financial statements in accordance
with the applicable financial reporting framework and in the group management report are detected with reasonable assurance. Knowledge of the business activities and the economic and legal environment of the group and
expectations as to possible misstatements are taken into account in the
determination of audit procedures.
Hamburg, March 27, 2013
00: 92
00: 93
Organigram 2012 -- Marquard & Bahls AG
››
M a r q u a r d & B a h l s AG
Hamburg, Germany
››
››
M a b a n a f t G m b H & C o. KG
Hamburg, Germany
Regional Trading
_ Mabanaft International GmbH & Co. KG
Mühlenbruch Stinnes Schmierstoffservice Hamburg, Germany
GmbH & Co. KG
_ Mabanaft Pte. Ltd.
Bremen, Germany
Singapore
W holesale
_ Mabanaft Austria GmbH & Co. KG
Vienna, Austria
_ Mabanaft Deutschland GmbH & Co. KG
Hamburg, Germany
_ Mabanaft Hungary Kft.
Budapest, Hungary
_ Mabanaft Limited
London, Great Britain
_ Mabanaft Moldova SRL
Chisinau, Moldova
_ Mineralölvertrieb Hameln GmbH & Co. KG
Hannover, Germany
_ B.W.O.C. Limited
Weston-super-Mare, Great Britain
Retail
_ Advance Fuels Co. Ltd.
_ AUSTROLUB GmbH & Co. KG
Vienna, Austria
_ Benol Energieservice GmbH & Co. KG
Frankfurt / Main, Germany
_ Böttcher Energie GmbH & Co. KG
Regensburg, Germany
NEWCo Neue Energie- und
WärmeConzepte GmbH
Hiddenhausen, Germany
Oiltech Lubes Service GmbH & Co. KG
Erkrath-Unterfeldhaus, Germany
Petrocargo Mineralöl-Logistik GmbH
Hiddenhausen, Germany
_ Petronord Energie- und Wärmekonzepte GmbH
Hamburg, Germany
_ Staack Pooltankstellen GmbH & Co. KG
Hamburg, Germany
_ Thomas Silvey Ltd.
Bristol, Great Britain
_ Uhlenbruck Energie GmbH
Mühlheim an der Ruhr, Germany
_ Wittemöller Energieservice GmbH
Lübbecke, Germany
Hamburg, Germany
_ IndianOil Skytanking Ltd.
Hamburg, Germany
_ Oiltanking Amsterdam B. V .
Amsterdam, Netherlands
_ Oiltanking Odfjell Terminals
Oman & Co. LLC
_ IndianOil Skytanking Delhi Ltd.
_ Oiltanking Bulgaria AD
Sohar, Oman
_ BOMIN Bunker Oil Ltd.
Hong Kong, China
_ Bomin Bunker Oil Pte. Ltd.
Singapore
_ Bomin Deutschland GmbH & Co. KG
Hamburg, Germany
_ BOMINFLOT Ltd.
_ BOMINFLOT Bunker Oil Corp.
Houston, USA
_ BOMINFLOT do Brasil Comercio Ltda.
Rio de Janeiro, Brazil
_ BOMINFLOT Fujairah L. L .C.
Fujairah, United Arab Emirates
_ BOMINFLOT (GIBRALTAR) LTD.
Gibraltar, Spain
_ Bominflot Greece S. A .
Piraeus, Greece
_ OIL! Tankstellen GmbH & Co. KG
_ Bomin Linde LNG GmbH & Co. KG
Rüti, Switzerland
_ OIL Tankstellen GmbH
Vienna, Austria
_ Tirex Petrol S. A .
Chisinau, Moldova
Hamburg, Germany
Hamburg, Germany
_ Oiltanking Grindrod Calulo (Pty) Ltd.
_ Oiltanking Deutschland GmbH & Co. KG
Cape Town, South Africa
Aberdeen, Great Britain
Hamburg, Germany
Asia
Hamburg, Germany
_ Oiltanking Finance B. V .
Amsterdam, Netherlands
_ Day Bay Public Pipe Rack Co. Ltd.
_ Oiltanking Ghent N. V .
Huizhou, China
Ghent, Belgium
_ Helios Terminal Corporation Pte.
_ Oiltanking Hungary Kft.
Singapore
Budapest, Hungary
_ IOT Infrastructure & Energy Services Ltd.
_ Oiltanking Malta Ltd.
Mumbai, India
Birzebbugia, Malta
_ Oiltanking Daya Bay Co., Ltd.
_ Oiltanking Sonmarin Oy
Huizhou, China
_ Skytanking ASIG GmbH & Co. KG
_ Skytanking Bordeaux SAS
Bordeaux, France
_ Skytanking Calulo Ltd.
Bryanston, South Africa
_ Skytanking GmbH
Zurich, Switzerland
_ Skytanking GmbH & Co. KG
Hamburg, Germany
_ Skytanking Nice SAS
Kotka, Finland
_ Oiltanking Nanjing Co., Ltd.
_ Oiltanking Stolthaven Antwerp N. V .
Nanjing, China
Nizza, France
_ Oiltanking Odfjell Terminal
Singapore Pte., Ltd.
Diegem, Belgium
Antwerp, Belgium
_ Oiltanking Tallinn AS
Tallinn, Estonia
_ Oiltanking Terneuzen B. V .
_ Skytanking N.V.
Singapore
_ Skytanking Ostend N. V .
_ Oiltanking Singapore Ltd.
Ostend, Belgium
Fiumicino, Italy
Jakarta, Indonesia
_ Skytanking Stuttgart GmbH & Co. KG
Bremerhaven, Germany
_ Colon Oil and Services S. A .
_ Zuari Indian Oiltanking Ltd.
Hamburg, Germany
_ Bomin Tanklager Hamburg GmbH & Co. KG
Hamburg, Germany
Wittenburg, Germany
DELTAMAR S. A .
Buenos Aires, Argentina
_ Kaiser Söhne Mineralöle GmbH & Co. KG
_ Emstank GmbH
Arnsberg, Germany
Emden, Germany
_ Keck Energieservice GmbH & Co. KG
_ Matrix Bharat Pte. Ltd.
Brakel, Germany
Singapore
_ Klindworth-Kronol Energie GmbH & Co. KG
_ Matrix Marine Fuels L. P.
Hamburg, Germany
Houston, USA
_ Lipps Mineralöle GmbH
_ Matrix Marine Fuels Pte. Ltd.
Hagen, Germany
Singapore
_ LSA Lubes Services GmbH & Co. KG
_ NWB Nord- und Westdeutsche Bunker GmbH
Vienna, Austria
Hamburg, Germany
_ Mabanol GmbH & Co. KG
_ Oliehandel Klaas de Boer B. V .
Hamburg, Germany
Urk, Netherlands
_ Mabanol Bitumen GmbH & Co. KG
_ Omanoil Matrix Marine Services LLC
Hamburg, Germany
Al Qurm, Oman
_ Manfred Mayer MMM
Mineralöl Vertriebsgesellschaft mbH
Ostsee Mineralöl-Bunker
Neudörfl, Austria
_ SBI (Sea Bunkering International) B. V .
Bremen, Germany
Luxembourg
_ North Air Ltd.
Copenhagen, Denmark
America
Bomin Weser GmbH & Co. KG
Hamburg, Germany
_ Mühlenbruch Stinnes GmbH & Co. KG
_ Luxfuel S. A .
_ Bomin Tanklager Bremerhaven GmbH & Co. KG
_ Hartmann Energie GmbH & Co. KG
_ JB German Oil GmbH & Co. KG
Dubai, United Arab Emirates
_ Skytanking S. R . L .
Montevideo, Uruguay
Oberleichtersbach, Germany
_ Oiltanking Copenhagen A / S
Delhi, India
_ PT Oiltanking Merak Terminal
Wabern, Germany
Weiden / Oberpfalz, Germany
_ Star Energy Oiltanking Ltd.
Singapore
Mumbai, India
_ Greiner GmbH
Varna, Bulgaria
Bangalore, India
Terneuzen, Netherlands
_ Bomin Oil Pte., Ltd., Mumbai
_ Bomin Tanklager Kiel GmbH & Co. KG
Kiel, Germany _
Bomin Uruguay S. A .
_ Deglmann Energie GmbH & Co. KG
Hamburg, Germany
Tank Storage
Europe
Service Stations
_ OIL! Tankstellen AG
Skytanking Holding GmbH
_ Bomin Bunker Holding GmbH & Co. KG
Bunkering
_ Bomin International Holding GmbH
Hamburg, Germany
››
Oiltanking GmbH
Rostock, Germany
Groningen, Netherlands
Panama City, Panama
Goa, India
_ Consorcio Terminales
Dry Bulk
Lima, Peru
_ Logistica de Quimicos del Sur S. A .C. _ Oiltanking Dupré Corpus Christi, LLC
_ Oiltanking Andina Services S. A .C.
_ United Bulk Terminal LLC
Lima, Peru
Corpus Christi, USA
Lima, Peru
Davant, USA
_ Oiltanking Beaumont Partners, L. P.
Engineering, Procurement,
and Construction (EPC)
Beaumont, USA
_ Oiltanking Beaumont Specialty Products LLC
Beaumont, USA
_ Indian Oiltanking Anwesha
_ Oiltanking Colombia S. A .
Mumbai, India
Bogota, Colombia
_ Oiltanking Ebytem S. A .
Buenos Aires, Argentina
_ Oiltanking Houston L. P.
Houston, USA
_ Oiltanking Joliet LLC
Joliet, USA
_ Oiltanking Peru S. A . C.
Lima, Peru
_ Oiltanking Partners, L. P.
Wilmington, USA
_ Oiltanking Port Neches, LLC
Houston, USA
_ Oiltanking Terminais Ltda.
Rio de Janeiro, Brazil
_ Oiltanking Texas City L. P.
Texas City, U SA
_ Indian Oiltanking
Design & Engineering Co.
Mumbai, India
_ Indian Oiltanking Engineering
Projects Pvt. Ltd.
Mumbai, India
_ IOT Engineering & Construction
Services Co. Ltd.
Muscat, Oman
_ Stewarts & Lloyds of India Ltd.
Calcutta, India
_ Skytanking USA Inc.
Wilmington, USA
››
G M A G m b H & C o. KG
Frankfur t/Main, Germany
››
natGAS Aktiengesellschaft
Potsdam, Germany
››
M a b a g a s G m b H & C o. KG
Hamburg, Germany
_ Mabagas Kraftstoff GmbH & Co. KG
Hamburg, Germany
_ Mabagas Bardowick GmbH & Co. KG
Bardowick, Germany
_ IOT Mabagas Ltd.
Mumbai, India
Upstream Ser vices
_ JSZ Kazakhstancaspishelf
Almaty, Kazakhstan
_ Newsco Directional & Horizontal
Drilling Services (Asia) Inc.
Mumbai, India
_ Newsco International Energy
Services Inc.
Calgary, Canada
_ NEWSCO USA Inc.
Wyoming, USA
Organigram 2012
00: 94
Addresses -- Marquard & Bahls AG
Addre sse s
› › Marquard & Bahls AG
Colophon
›
›
›› M a r q u a r d & B a h l s A G
Admiralitätstr. 55 _ 20459 Hamburg
Germany
Phone + 49 40 370 04 - 0 _ Telefax + 49 40 370 04 - 242
w w w. m b h o l d i n g . c o m
Text & Coordination: Kathrin Gieseke, Heidi Pipo, Jörg Walter Marquard & Bahls, HSSE & Corporate Communication
Concept, Design & Production: Cornelia Horn (Hamburg), Karin Warzecha (Oering) Illustrations: Bernhard Kunkler (Freiburg)
Lithography: Dunz-Wolff GmbH (Hamburg)
Printing: Beisner Druck GmbH & Co. KG (Buchholz)
Printed on: Stone (FSC), Funktional (FSC), Cristalla (FSC), Cromático (FSC)
›› M a b a n a f t G m b H & C o . K G
›
›
›
›
Publisher: Marquard & Bahls AG (Hamburg)
Printed climate neutrally, Id-Nr. 1328181
Germany
Phone + 49 40 370 04 - 0 _ Telefax + 49 40 370 04 - 352
w w w. m a b a n a f t . c o m
›› O i l t a n k i n g G m b H
Germany
Phone + 49 40 370 99 - 0 _ Telefax + 49 40 370 99 - 499
w w w. o i l t a n k i n g . c o m
This annual report is also published in German, the German version is authoritative.
›› S k y t a n k i n g H o l d i n g G m b H
Germany
Phone + 49 40 370 99 - 454 _ Telefax + 49 40 370 04 - 379
w w w. s k y t a n k i n g . c o m
›› m a b a g a s G m b H & C o . K G
Germany
Phone + 49 40 370 04 - 800 _ Telefax + 49 40 370 04 - 829
w w w. m a b a g a s . c o m
›› n a t G A S A k t i e n g e s e l l s c h a f t
Jägerallee 37 H _ 14469 Potsdam
Germany
Phone + 49 331 20 04 - 0 _ Telefax + 49 331 20 04 - 199
w w w. n a t g a s . d e
›› G M A – G e s e l l s c h a f t f ü r M i n e r a l ö l - A n a l y t i k u n d
Q u a l i t ä t s m a n a g e m e n t m b H & C o . K G
Germany
Phone + 49 40 370 04 - 0 _ Telefax + 49 40 370 04 - 299
w w w. g m a - q u a l i t y - m a n a g e m e n t . c o m
For all addresses of our direct subsidiaries please visit our website:
»
c o m m u n i c a t i o n @ m b h o l d i n g . c o m

Annual Report 2012

Transcription

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