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working with all senses 5)

annual report marquard & bahls ag –

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– 2 0 03

group figures

million €

million US$

million €

4,320

5,445

3,992

4,071

marquard & bahls . . . . . .

Consolidated revenues (petroleum tax deducted)

125

121

Income before income taxes

46.7

58.9

61.3

73.2

Net income

22.6

28.5

33.4

40.6

Fixed and financial assets (Book value)

623

785

593

638

Equity

267

337

317

332

1,771

1,559

1,464

10.3

9.7

9.6

94.9

Cash flow

. Employees

mabanaft . External Sales (in million t)

oiltanking . Tank capacity (in million cbm, April 2004) . Throughput (in million t)

!suoiruc niamer !suoiruc niamer ...

remain curious! ... remain curious!

see the connections ...

at marquard & bahls

have one´s ears all over the place ...

working with all senses

an eventful year is over and we are very pleased to be able to guide you with all our senses through this year´s retrospect and outlook of the development of our company, just as our five senses guide us through our work day after day.

2003

keenly synchronize everything ...

have a feeling for people and feasibility ...

get on someone´s trail ...

Foreword ... page 6 The state of the corporation ... page 10

Mabanaft ... page 14

marquard & bahls ag independent, sound, individual –

Oiltanking ... page 24

Auditor´s opinion ... page 46 Financial statements ... p a g e 47 Organigram ... p a g e 64

These are the qualities that characterize more than 50 years of successful operation in the international oil business by the Marquard & Bahls Group. Today, our Mabanaft subsidiary is the largest independent petroleum-products trader in northwestern

Europe, while Oiltanking is the world’s second-largest independent operator of tank terminals for petroleum products, petrochemicals, gases, and other liquids. Beyond that, we continue successful operations in service stations, heating-oil deliveries to end users, energy-services contracting, aviation refueling, bunker supplies, renewable energy and petroleum analysis. As a privately held, joint-stock company, we are pursuing a

carefully controlled, long-term growth course. A sound financial basis and flat organizational structure, coupled with decision-

Skytanking ... page 36

making authority delegated to the individual operating sites, has

GEE ... page 38

allowed us to respond quickly and flexibly to market requirements and thereby satisfy our customers’ needs. Individual thinking, commitment to cooperation and enthusiasm for their work unite the people at Marquard & Bahls. As a firm devoted to sustainable growth, we are fully aware of the responsibility associated with trading

in petroleum and other sensitive products. It is for this reason that conscientious health, safety and environmental policies receive our highest priority.

natGAS ... page 40 GMA ... page 42 HSE ... page 44

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However, in anticipation of the potential war in Iraq, Mabanaft had begun, in August 2002, to establish an options structure that could be liquidated at a profit in 2003. With an eye toward continuing our policies of controlled growth in coming years, we have adopted a new financing model as a supplement to traditional bank financing. One of the first German companies to do so, our Oiltanking tank-storage business has issued notes amounting to 130 million U.S.$ through a private placement in the U.S. market. The volume offered to the market was oversubscribed, demonstrating the attractiveness of the company to international institutional investors. In the many years during which Hellmuth Weisser, as chairman

Foreword

of the executive board, made his mark on the content and appearance of our annual reports, those publications became an impor-

the ability of each and every employee to process acquired knowledge, experience and actual information with all his or her senses makes the success of our company possible in the first place.

tant component in our corporate image among customers, banks and employees. In this annual report, we wish to continue that tradition. Every day, we at Marquard & Bahls take note of customer wishes, observe market developments and identify new opportunities. The keenness of our five senses helps us to translate these changes into concrete objectives and

In the report for the 2003 business year now in your hands, we

programs for action. In addition, our instincts can be the decisive

are upholding the high levels of quality and creativity established

factor in actually embarking upon a carefully considered business

by our previous annual reports. This year, we have chosen "The

risk, deciding in favor of a particular operating site or defining the

five senses“ as the centerpiece topic. Day in and day out, these

scope for a new investment. These instincts are what we at

senses prompt us to assess, to decide and to act. Our task is to

Marquard & Bahls might characterize as our sixth sense.

logically organize the information our senses perceive in order to make complex decisions. This is true for us both as human beings

Making use of all of these senses, our employees and owners have

and as organizations. But decision making always must be efficient

developed a high level of commitment to Marquard & Bahls. It is

and effective for an organization to achieve success.

their dedication, worldwide, that has made Marquard & Bahls what it is today.

It was in this spirit that we entered the year 2003, although it was by no means an easy year for our industry. Most of the first half of the year was overshadowed by the Iraq conflict, and this complicated the parameters for our trading activities.

Dr. Claus-Georg Nette

Executive Board Marquard & Bahls AG, June 2004

Foreword

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Marquard & Bahls AG

Wim Lokhorst

6/7

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... .

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marquard & bahls group locations .

In operation

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Group locations

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Marquard & Bahls AG

8/9

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By contrast, many of the foreign holdings in the Oiltanking division are very sensitive to exchange rates. Due to the drastic devaluation of the U.S. dollar (U.S.$) and Singapore dollar (S$) against the Euro, the local results, which in some cases showed significant improvement, are not reflected appropriately in the consolidated figures.

The exchange-rate effect mentioned above also has prompted currency adjustments in the corporate balance sheets. We invest in both tangibles and financial assets in the currency in which the particular subsidiary invoices — normally the local currency. Following standard procedures, we do not hedge our long-term fixed assets against exchange-rate risks because our investments adhere to our long-term strategies and harmonize with our long-term business policies.

The state of the corporation mineral oil trading and the commercial terminal storage of mineral oil,

Not only does our proven distribution of risk form the basis for further development of existing business, but it also makes a good starting point for expansion into adjacent new fields of business in which we can use our

chemicals and gas as well as other liquids once again built the fundament for the worldwide success of the marquard & bahls group in the year 2003.

existing expertise. An example is our acquisition of Proenergy and expansion into the energy-services sector, which is very closely related to our trading activities. We also were able to further expand our still-new aviation-refueling sector last year, and we are looking forward to further positive developments in 2004. In

Corporate pre-tax profits, at 46.7 million Euros, fell short of the

the field of renewable energy, we are pursuing projects that apply

record postings of previous years.

the corporation’s sales and logistical competence.

All in all, we are quite satisfied with the results we achieved.

1999–2003

(in million €) at cost

chemical tank terminal in Terneuzen, Netherlands, and expanded

petroleum-products trading and tank storage, has once again

our storage facilities in Amsterdam, Antwerp, Houston and

closing dates reduced the year’s results. Goods and contracts

1,235

99 million Euros.

623

593

468

400

In the trading sector, however, accounting rules regarding

of two trading firms in Austria. Our investment activity remained high and was mainly financed internally, from cash flow, at

638

840

final results.

Singapore. Worthy of particular mention is Mabanaft’s acquisition

965

of these activities have made almost equal contributions to our

1,310

The risk mix for the corporation’s two primary business sectors, proved to be well balanced and stable. As in past years, both

few examples, we commenced construction of Oiltanking’s new

book value

1,269

The corporation grew again in this reporting year. Citing just a

FIXED AND FINANCIAL ASSETS

on hand at year-end show above-average reserves when compared with previous years.

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State of the corporation

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Marquard & Bahls AG

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1 0 / 11

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growth. We also will continue negotiations that are now in an

1999–2003

(in percent)

advanced stage. For example, Oiltanking’s more highly developed

net

projects, with realization expected soon, are its investments in

25.1

in Mexico. Mabanaft currently is establishing a retail business

13.9

16.7

18.5

along the East Coast of the United States.

17.5

21.1

28.1

28.4

China, in the countries of the former Soviet Union, in Brazil and

In upcoming years, we will continue our gradual, comprehensive 8.1

10.1

modernization of IT services throughout the corporation. With

t o

these efforts, we will create greater data security and more-

d e t e c t

streamlined processes. This is another step toward ensuring the

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terized by continuous change.

competitiveness of all of our operations — even in markets charac-

– 03

German accounting law requires listed companies to draw up their annual reports in accordance with the IFRS rules (International Financial Reporting Standards) beginning in 2005. Although our shares are not traded on the stock market, we

CASHFLOW AND INVESTMENTS

1999–2003

(in million €) Cash flow

intend to prepare the consolidated balance sheets in accordance with IFRS as of 2005. In light of the increasing globalization of

Investments

our business, we believe that IFRS accounting in the international 236

setting will offer greater comparability with other companies.

– 99

121

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future.

112

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94 112

108

149

We see ourselves as well positioned to meet the challenges of the

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c o n n e c t i o n s

State of the corporation

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Marquard & Bahls AG

12/13

prospects of 2004 Due to our recent growth, several projects remain in the development, start-up or restructuring phase. At present, these projects are generating costs, and they are expected to generate profits only in the medium term. Over the medium and long terms we will continue to pursue our successful course of targeted and controlled growth. We also will continue negotiations that are now in an advanced stage. For example, Oiltanking’s more highly developed projects, with realization expected soon, are its investments in China, in the countries of the former Soviet Union, in Brazil and in Mexico. Mabanaft currently is establishing a retail business along the East Coast of the United States. In upcoming years, we will continue our gradual, comprehensive

modernization of IT services throughout the corporation. With

these efforts, we will create greater data security and morestreamlined processes. This is another step toward ensuring the competitiveness of all of our operations — even in markets characterized by continuous change. German accounting law requires listed companies to draw up their annual reports in accordance with the IFRS rules (International Financial Reporting Standards) beginning in 2005. Although our shares are not traded on the stock market, we intend to prepare the consolidated balance sheets in accordance with IFRS as of 2005. In light of the increasing globalization of our business, we believe that IFRS accounting in the international setting will offer greater comparability with other companies. We see ourselves as well positioned to meet the challenges of the future.

1 ) learn, deliberate, view through one’s pay attention, explore,

own eyes, truthfulness, reliability, trust, something makes sense, the strength of persuasion, decision.

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v i s i o n a r i l y

Thanks to our traditionally strong logistical position in our core markets — Germany, Great Britain, the Benelux countries and Switzerland — together with our new activities in southeastern Europe, we can respond quickly and flexibly to our customers’ needs and demands. With a unique and extensive network of our own delivery points and those we have secured under long-term lease agreements, Mabanaft has, — for decades, — helped to guarantee that customers and suppliers alike maintain the liquidity necessary in the European markets. This function is of particular importance in light of the strong concentration of the major oil companies in Europe and in the inland markets beyond the ARA region. Mabanaft is successful in serving its wholesale and retail customers dependably, over the long term, with a network of 40 sales offices and about 100 delivery terminals. Here, our employees keep a sharp

Mabanaft

eye on market developments, have an instinctive feeling for opportunities and risks, a steady hand in business management

as the largest independent importer and wholesaler in northwestern europe, mabanaft has earned a good reputation across border lines. the trading organization of the marquard & bahls group internationally deals as a cargotrader with a strong anchorage on the east european countries and in the usa.

and, last but not least, an open ear for our customers. Thanks to their independence from individual suppliers and their enduring presence in the markets, our trading subsidiaries are always in a position to absorb or shed market volumes. Our independence also makes it possible to serve all of the market players equitably and at competitive terms.

Northwestern Europe represents the historical basis for our strong trading position. Within this region, Mabanaft is one of the

The first half of the past year was impacted, above all, by the Iraq

leading independent importers and wholesalers for petroleum PRICE GASOIL BARGES PLATT´S FOB ARA AND IPE-GASOIL (in US$/tons)

products. This position has resulted in Mabanaft having more

crisis, which produced extreme price fluctuations. In March, the

2003

than 13.7 million tons in outside sales in 2003 (13.1 million tons

price of gas oil swung by more than 100 US$ per metric ton, while

Gasoil price

diesel fuel in some periods was traded at a premium of 130 US$

last year).

per metric ton above the gas oil price posted at the IPE. In Germany, the price for diesel at the pump rose, for the first time

Mabanaft’s business encompasses international cargo trade,

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150

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100

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0 jan. 1

apr. 23

june 4

jul. 30

sep. 24

nov. 19

dec. 31

Oil trading

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Mabanaft

mar. 12

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200

–

tax rate for this fuel.

250

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fication.

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uninterrupted supply, but also contribute to optimal risk diversi-

in history, to more than one Euro per liter, despite the preferential

300

–

international trading operations not only offer an option for

–

import operations, local wholesaling and regional distribution. Its

350

14/15

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– p l a n

f o r e s i g h t e d l y

oil trading

Our trading division successfully counteracted these price fluctuations by shouldering a limited degree of risk and applying

. mabanaft international

prudent risk management. In light of the potential for conflict in

Mabanaft International reported a successful year. Profits excee-

Iraq, Mabanaft had, — by August 2002, — set up an options

ded those of the previous year, and volumes, drawn primarily from

structure that was profitably liquidated at the beginning of the

Russia, once again rose significantly. This is a major success in

reporting year.

light of the reorientation and consolidation of the Russian oil companies. Maintaining our own tank-terminal infrastructure in

The low water levels in the Rhine and Danube burdened the Euro-

the ARA region also has expanded our options for international

pean market, especially in the second half of the year. The Rhine,

trading — and contributed to the year’s good results. Establishing

in particular, reached historic lows, severely restricting river traffic.

our own base on the American East Coast will further expand our

The resulting high freight costs for inland shipping created a

options.

difficult market environment for our trading subsidiaries, which

oil trading germany . mabanaft germany

transport a large share of the products they trade by way of the Rhine and the Danube. We are particularly proud of our employees

Particularly during the first half of the business year just concluded,

who, by renting considerable numbers of railroad tank cars, were

Mabanaft Germany operated successfully in the market, despite

able not only to maintain our delivery capabilities, but even to

the difficult environment. Prudent risk management and the use

expand them. The experience showed us that the railroads must

of available infrastructure were the cornerstones for good

significantly increase their flexibility if they are to become a

returns. Also contributing to the positive results were the supply

serious and sustainable alternative to river transportation.

and delivery contracts already in place. Particularly during lowwater periods, with the associated higher barge-freight rates, our

The success of our trading units, despite these difficult operating

10-year contract for the use of the RMR pipeline proved to be

parameters, is a great achievement. Controlled risk management

especially beneficial. The RMR pipeline links Rotterdam with

and our deliberate adherence to physical trading, — with all its

major industrial sites in western Germany.

interfaces in transportation, storage and logistics, — have proven their merit once again.

Despite a slight decline in sales due to strong competition in the

An extensive infrastructure and solid financial

gas market, the fuel-oil trade was once again successful last

base are among the fundamental preconditions for any successful trading activity. But our resounding long-term suc-

year. Mabanaft Germany not only posted very satisfactory results,

cess rests, above all, upon human performance. Our employees’

but also further expanded its market position in Germany. Our fuel-

dedication, loyalty and steady nerves in the face of difficult market

oil trade operations also are well positioned for the future. Thus, it

conditions are what made our successes possible — and permit us

was possible to conclude a new sales contract with a large

to look with confidence to the challenges of the future.

producer in northern Germany. This will further strengthen Mabanaft’s trading position in that region.

Oil trading

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Mabanaft

16/17

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– k e e p

t r a c k

o f

s o m e t h i n g

oil trading northwestern europe . mabanaft bv

t o

f o c u s

n e w

m a r k e t s

–

After a difficult start, Mabanaft BV, Rotterdam, closed the year with superb results. Since reviving and reorienting activities in Rotterdam, beginning three years ago, Mabanaft has once again become an active and highly regarded player in the barge business from Rotterdam. We see this as a commendable accomplishment

oil trading southeastern . mabanaft moldova | tirex

by our local decision makers.

europe

oil trading northwestern europe . mabanaft switzerland

Mabanaft Moldova/Tirex is firmly rooted in the Moldovian market

Mabanaft Switzerland was able to further stabilize its position as

head to the Balkan region and the adjoining countries in the CIS,

one of the leading independent dealers in Switzerland, despite

which we see as a promising market.

the difficulties of deliveries made on the Rhine. Through our cooperative efforts with other independents and, above all, with

oil trading southeastern europe . mabanaft hungary

our other trading companies, we will further expand the market

In just the second year after its founding, Mabanaft Hungary

position enjoyed by our Swiss trading company.

broke even. Trading volumes rose continuously, and the tank ter-

oil trading northwestern europe . mabanaft ltd.

minal acquired by Oiltanking in Budapest ensures that Mabanaft

Our trading company in the British Isles, Mabanaft Ltd., has become

is indispensable for successful operations. Therefore, the company

a permanent fixture among independent trading firms in Great

is well prepared to further expand its presence in the Hungarian

Britain. In the most recent business year, Mabanaft Ltd. expanded

market and beyond.

its supply and customer portfolio beyond the traditional major customers — the supermarkets that dominate the gasoline business.

oil trading international . mabanaft inc.

Our English subsidiary is now even better prepared to meet future

In 2004, we will expand our trading activities in the U.S.A. We

challenges.

already are laying the groundwork for opening an office on the

oil trading southeastern europe . mabanaft austria

East Coast. In the course of fiscal year 2004, Mabanaft Inc. will

To compensate for the steady decline in oil demand in north-

Coast, the world’s largest and most liquid market for that product.

western Europe, we have, in recent years, built our own network

We also are preparing for trade in gasoline and middle distillates.

and, along with our business in Hungary, is an important bridge-

Hungary will have access to an independent storage terminal that

launch its wholesale and retail activities in heating oil on the East

in southeastern Europe and thus expanded our geographic reach. In the interest of strengthening our activities in southeastern Europe, Mabanaft last year acquired an existing trading company in Austria, which is now operating as Mabanaft Austria. Consequently, we are represented in southeastern Europe with our own trading companies in Austria, Hungary and Moldova.

Oil trading

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Mabanaft

18/19

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retailing We have continuously expanded our retail activities in recent

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have

the

objectives

view

years. We are involved in both motor-fuels retailing and, through our Petronord sub-holding, the end-user market for heating oil. We focus particularly on the European market, with emphasis on Germany, Austria, Switzerland and England. With Matrix Marine Fuels, we also operate a classical bunkering business along the Gulf of Mexico and in Guatemala. Overall sales in the end-user market reached more than 2.1 million metric tons for the first time last year. Thus, we have achieved our goal of selling 15 percent of our wholesale volume through our own distribution channels. Consequently, 2004 will be characterized by consolidation, which we already have initiated.

oil trading heating-oil . heating-oil end users

end users

oil trading service stations . service stations

Strong demand during the first half of the year followed, regret-

Our network of service stations has grown to more than 200 in

tably, by significantly lower demand in the second half kept sales

Germany, Switzerland and Austria. In the future, we will market

volumes for heating oil in Germany more or less at the previous

our service stations consistently and uniformly under the OIL!

year’s level. Thanks to strict cost management, while exploiting

brand and strengthen our service-station network in individual

synergies among the retail companies associated with Petronord,

locales.

we were able to achieve better bottom-line results than in the prior reporting period.

Consistent with this policy, this year we rebranded all of our service stations in Germany that were previously operated under the brand of bft, all of them now display the OIL! trademark. Customer response to the new and uni-

Reorganization of the group’s activities in Switzerland initially

form market presence was extremely positive. The service stations

resulted in lower sales, but put retail-trading activities in a good

in Switzerland were included in this restructuring. Unprofitable

position for the future.

stations either were sold or closed. And, as of 2004, the outlets in Switzerland also will market under the OIL! brand name.

Our retail unit in England, operating under the BWOC name, had a very successful year. A clear strategy, fully committed manage-

We have begun to establish a small network of service stations in

ment and strict cost control produced yet another improvement

Austria. Three of these stations already are operating and also

in results when compared with past years.

carry the OIL! brand. In addition, we have concluded an agreement to take over 14 additional stations in 2004, which also will

Applying the strategy that already has proven its efficacy in

be rebranded to OIL!.

Germany — that of acquiring our own retail-distribution channels as outlets for wholesale activities — Mabanaft acquired, at the beginning of 2004, a 50 percent share in the Manfred Mayer MMM Mineralöl Vertriebsgesellschaft m.b.H., a well-established retail organization in Austria.

Retailing

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Mabanaft

20/21

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oil trading international . bunkering Matrix Marine Fuels was able to defend its position in the highly competitive market for bunker fuels in Houston, and — after a disappointing 2002 — once again contributed to the group’s positive results. Matrix Marine Fuels also has offered its services in Guatemala since April 2004. We are keeping a close eye on opportunities to expand to additional operating sites.

energy services . contracting Since 2003, Viterra Contracting, together with its holdings in Germany, Austria and Hungary, has been a part of the Marquard & Bahls Group. Viterra Contracting is one of Germany’s leaders in

))

providing contract energy services to residential properties. It has been renamed in the meantime as Proenergy Contracting. Proenergy services include planning, constructing, upgrading and financing decentralized heating facilities. This is augmented by operation and maintenance management, associated-services management and the supply of the primary energy. Proenergy is currently undergoing a comprehensive restructuring. In line with our expectations at the time of its acquisition, we expect it to make a positive contribution to the group’s results in two or three years. The acquisition of Proenergy is nonetheless an important step toward positioning Mabanaft as a full-range supplier of energy and energy-related services. This subsidiary complements traditional Mabanaft trading activities, since Proenergy’s business is typically long-term in character and produces steady revenues.

Retailing

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Mabanaft

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o7itHgHeGoXP8fGp6R0jEoO5DMrcob+kWcUmMZXPVNdUNz6aqAp5rSDoavLkq2MPfcx6c7GQ 9 V X t 9 Q N t K p T 6 2 9 K B 8 p h w a M l 0 e d n L n z i h H Z v 7 9 S I N s I s R v i i 8 + U TO d w V + n OY 0 r k X C e h A n S 8 2 H rl9ho4LKy4Rh8SKZ7Jk32ZYsO1ZlXpa+UOs0PiwUSZyK7whZd7cxC7SbF59y7Cl6v2WjUr0R O W 2 n I 0 l X Y f h z 8 S q I Z 3 d 0 R i P M L 4 A N 1 F A G F G X N k d b E 7 Q f n g t b e U v E n F I f K E / v 0 a 4 3 eP 2 d O M c l s / r e N 4 o v oP C Q V + D R q x i 0 Y c 6 c t r a l r Z s 7 W I z U m q q O L Z k 6 r K O rT g 7 3 I 6 + 4 e c q + M P i w M M B q u R r B R i / qY 2 K J 3 v z E 5 C 4 Z Z i S f g s aV H z + H O 7 m 2 O 1 X C N w 3 z T s H Q h b h z c z I 3 g T P J Q 0 m l L N l j g r J B m + I b B 8 A Q 9 E D K B y 9 W 6 R AT H Z B X pY 7 d w h B Z H Q O x e D X + o H V y x y r I J l 9 k Z V R U 0 T p f W k 6 L O P aK E A j t n R 2 p H dmf/m66N5NrWZ0yRyMcbycn4o34AcajRRIE+CPr2KflKJ1+OhP8gNtymDGyHcpsQGlKoSHqr B c Q O w m l b E X y 4 d W 4 L 6 S m f 6 n A q M n 2 d P L P F a r h l g M K Z J A I 4 n V a 3 4 Q d 7 p T 4 J M 3 q n E 0 K u 7 4 E n 4 aP U o H S j X f Y 6 / b l A a H W l M x oK d L T d b e 0 p D K J i v R C r x d o g / c V P X V o g l oV d 7 l z G S X J w v H w v AT eY n V l K K C E 6 3 j f r s 9 h k G Y E 3 N O 5 D W G 5 l y 1 U uY S 4 O X s 5 c F H 4 x 0 t Z P 0 m i n z s o B t U M v K 4 F s m X b P O 8 M T o J a g s H n U C 1 m A r w 5 E Z T s 1 J p c W u V Y i M G g E g 2 T t 4 v v i h o Q 4 y a aY E s l e Q n R l t w 8 T w f y 2 O I 9 k d 6 F I U o C 0 tqg8u60u2mxuvJI+0fIE6MmACKnUmFO+5bRFN51AXx/gqA9b0waILPC1y1XqfO5A9OLxmUVs E r N K f w 0 C P 0 q q F J f C S f E Z J N q n D C I G C q R Y 6 D 11 i K T k q E n 1 S 8 R w S d l x 5 z y M O K F x A I A A I A A A z N C y N f m 9 Q e w X U F / T q o S 0 u 07 C l D B o v O + L i Z a U D E d 4 j P b q v 2 N R y C 2 y D m Z V 3 D h / z L y eV q g m Y z J V o q I R 7yrALemZJ+eIFWw8gdPs9B4SZ3Yu2kYZM3xt0Vdn2bhrygq1dF/VsWjUKwJK6U+3sIfTbjYZ qS1e77G7RENfml1beyT1rUgp2TArzMW1qohT/WFk+nIayxonHJRk1HopGLtOnJetiYP/DQP+ 2 v e W u z h N C d n r q k M L R 3 H R G w p L e 2 u F a u X l h + p s I L s W C M t J G F 9 x 9 q a f V C C b i K Q G L I T W p + 17 K V V w C M 3 M i Q V y n K f l z P 8 d s M N K R M E o H m O + + A 6 V O 2 y o q / X J Z s k n M w Q g eV x L O R h R u U / x k I R 6 Q 9 z d i r m W /+O9LkTozGoTdE/36TX+zv7lNJ4wJlJclBmBJfozrT+k3Rwr8+e5oI9rFZWJ+x0m7TKS977r E5gUCg1xVE1exdtoKjmKuGUS672Xlcg5/RWsl2I8aueloOgDzF36UAxeHz97U9wtqKHWesG7 vnlymHo9RgjX5Ct+KNgBz21yU4PioM+yZwaxwEijcVJANZmTNISEOCPOpEU7/PD5QAIfU+1H / v l L X W B l s f E e J L M v e r j B J U I q p 2 v y a A b X X o l e D G M + R k x a s N 3 M b K N 4 oP 4 N Q 6 h c s c / s u Z 5 P X k 5 8 UpZbQiMRhYYaNUp2OVjhDEzQkrRZuxTOSF6NHTKn90FYPOplXx1oqRxFkEd+Nvyupn8vcAdF W R G 0 i 8 Q v G W i O B n A j Z i h v Y J q A Q X V 8 c V w J o F g m s X / b a m G k F t G 70 7 r 6 l K T 1 V p x W + 2 o M L o q Y Z U g J F v 5 N I z l Q 3 f P F + q F 2 x 0 g C 6 T O E b / A p T J t I E J 1 R 8 T 9 O 8 j G P e i P 4 V V 70 9 K P j E j J O 7 F T x x d Z S A I w x i z c V T / r 5 D z o t P YB / O C G G I 7 l w Y e I J V n W a F t F 12 C V O c p B K 9 Y 9 + + L e h b / J x y J r m h S x Q 5 C P O V b D m ccJEqjgqybbJS6/VKAa9qSwRWzBKw+Tvyoxpi7FzXBP9zfRRLZEkYwlqmPh9AmmJp+cvDt0E kSWvxckiP2vxPPVzcgxWS3H3qshG0ypKFkkt6ph5n2OT6yTwy1wfbxvWBWfIR3Uof3jqOxoD kfplriaAtYYGRMnUgSbgPF/e7h4Jqh83ISTkOS0WQrbrxnx5hw2tlBEN7SBft5vtIWR2Ghet 1bVCqJybxP+xEhFRlFBe3RscLNevqWYFPQ+lGtYZTysapUZNAUgylLIU1W3zW5RFSv6J2y/b T s D h g M L I r O P / h N K C P W M B Y d B T P k k 3 Q r I 3 w g eP q 2 s w 7 z 7 9 6 + 9 x 8 W 3 6 9 6 w a b t H l y x X H L A c S V v h h y oW Q V 8 0 W / s K h 4 n B Q f n j Q 4 b Y P y K Q O z k H c x W 6 E L j D y R x P D + w 8 n y S T o q v p 3 H K C a u f YD L R f t G U n R / L l 4 c aV Q Z f z 5 B c s d K G w A N s e J e 4 N q l D a 9 v G E u P j / H T N J f M C N B 07 Q S Q I s C p 0 k t T p I X O X e Q k b 2 A uDQxr6Fo/PqosGZ/NTKgsDeTVWmwosWP+dRVPt8giB+EqdN8cOnVrkNPwGQt1tH9YeFoAPuk /WN/9DSduN8uL+zFRqQJb9uqm6Og2cGYif1tAW54U0BgptpF74sVFONb3UCx8jwZeLxt1bqk v 3 E kto c N u X / S m 9one’s f R S 8 K c o l W T all s q I K V 2 v R d the D 2 i 7 c g c s B i X Abe 8M5v6IZEQB uO2Yt7YZiakLSs/F3pg e b l + z H Ghave g C I Q B 7 p d Z r v x ear v J F 6 e 8 N z over W n 4 y n / G f 9 Bplace, r 7 x c 8 x J v d n 1open, C 0 S M W bincorporate, C L K 8 a E Y oP R a g g m L 5 d w o t A Panalyze, y j D O f 0 1 M C u q M n 8 M g Sgain J 1 D L + z J m 9 h 2 r q N e F kconvince. TLXt/++0GcCidBUH2783pANERdgKSLgn/e W 3 D U M d 8 2 h A r 6process, T y q L 11 M E + c u c z Q 9attention, h L V K 3 1 r X N + 0 H s P H p G a 7 4 k 6 D 7 Z E Q a K B Z d N a A b F YL C Z W Q m p nRTwjtLl3zNfcZzreTFLrgZXpLt7jSEVBkWNp39vcXHu6JOS20Lipve9ZhoMN8JElVVZUAXm n H P E N f F n A U c j L Q K w h h Y k F Y z T F 8 A e r 3 d z F N Y G b 5 r x 8 w G s o 4 w 2 1 H s d b D r G Q E P O X 5 n 9 A f eP 2 5 o A 5 S x + 3 H E y 6 y d H p m + x w n N d w f K + p r Q O z E 5 J s y j o 4 d t r 4 6 s s E L n 2 p d j + G k c j f H a 2 n 8 h G v b F vY o z z O P I y h d r L + 1 W v z Y q d 9 Q h p p i 8 r q 9 V K 7 / 13 0 Q v d + H u V G X E u Q h Y X A a 0 E A H T r B f R V V d C e l b E 9 3 B Q 3 aP 1 T j C S + v r O W d i V M d R X 16 M E 9 G d i C L n H 1 x o O m c h U w 6 + V p W z u j p K 5 i v / v U oV k d 6 L N K h J H d D y X z

– –

–

w o r k i n g

w i t h

a l l

s e n s e s

– h a v e

o n e ´ s

e a r s

a l l

o v e r

t h e

p l a c e

Today, Oiltanking is one of the world’s leading independent owners and operators of tank terminals for crude oil and refined products, petro-chemicals, gases, and other liquids. Globally, Oiltanking strives to be the preferred partner for its customers, due to its high degree of professionalism, creative solutions for logistical processes and reputation for going far beyond traditional storage services. Oiltanking currently operates 68 bulk-storage facilities in 17

D E V E L O P M E N T TOTA L TA N K C A P A C I T Y

1990–2004

(in million cbm)

10.27 0,156

10.14

9.65

9.50

8.59

(at the end of April 2004).

–

Annual throughput rose to 94.9 million metric tons last year. Capacities and profits were divided almost equally between Europe on the one hand and the Americas and Asia on the other.

5.94

5.64

4.62

3.91

Oiltanking

the strong customer orientation of our subsidiary oiltanking is the basis for the worldwide good position as a favored partner for our customers. the storage organization of the marquard & bahls group operates independent terminals for mineral oil, chemicals and gas as well as other liquids.

countries, with total storage capacity of 10.3 million cubic meters

Tankage under construction

7.30

Tankage

One of Oiltanking’s most successful corporate policies is the longterm orientation of its contracts. Petroleum tank terminals traditionally serve oil traders; however, traders’ demand for tankstorage capacity typically fluctuates, depending on the price

– – – – – – – – – – – 19

structures prevailing in the market (contango or backwardation).

Feb.

90 92 94 96 98 00 01 02 03 04

Oiltanking looks back once again on a favorable business year.

Long-term contracts once were the exception rather than the

Despite the negative effects of exchange rates — in particular the

rule, and thus the uselease of storage capacities was strongly

weakness of the U.S.$ and the S$ against the Euro — 2003 results

influenced by external factors. To counteract this tendency, Oil-

were nonetheless very satisfactory. If we disregard one-time

tanking has concentrated its investments in recent years on the

effects, Oiltanking even exceeded the good results it reported in

infrastructure for neighboring industrial plants — above all, in

the previous year. Record turnover and a repetition of virtually full

refineries and chemical plants — in order to embed itself into

use of all of its storage capacities at sound prices — both made

their logistical chains and, in this way, to ensure continuous

possible by dedicated and highly motivated employees — have

product flows. This strategy has been quite successful. Now, most

once again proven to be the correct recipe for continuous success.

of our tank terminals are fully utilized, with long-term contracts. About 85 percent of our returns are generated by contracts with

Oiltanking’s strategy has been focused on steady and continuous

a period of one or more years, while some 50 percent of all contracts

growth since the beginning of the 1990s. Our corporate policy of

span a period of five or more years. We believe that the percen-

identifying new markets early on and exploiting our opportunities

tage of long-term contracts will continue to rise.

in them has proven successful in recent years.

Tank terminals

–

Oiltanking

24/25

– –

–

w o r k i n g

w i t h

a l l

s e n s e s

– l i s t e n

GROUP THROUGHPUT DEVELOPMENT

1986–2003

(in million tons)

94.9

92.4

83.0

72.9

Group throughput

Contributing to this increase is a recent change in the oil traders’

We intend to continue to grow. How-

point of view, in which the fundamental availability of storage

ever, our objective is not to become the world’s largest provider of independent tank-storage facilities.

capacity is seen more and more as a value in itself. Consequently,

Instead, we prefer to concentrate on the quality of our services.

traders now are prepared to make longer-term contractual obli-

We will continue to expand our position as one of the world’s

gations. Therefore, we have further expanded the capacities of

leading tank-terminal operators. New projects must, however,

some of our tank terminals, even in saturated markets such as the

match our strategy, our portfolio and our corporate culture.

ARA region.

A number of projects that align with our standards are in various

40.5

25.0

23.5

17.5

10.0

40.0

phases of development. Among these are activities in China,

– – – – – – – – – – – 19

86 88 90 92 94 96 00 01 02 03

We also have made good progress in implementing another part

Mexico, Brazil, the CIS countries, the Middle East and countries

of the Oiltanking strategy: to establish a worldwide network of

where we are already active. We see further development oppor-

chemical-tank terminals and become the preferred partner for a

tunities, particularly in growth markets, in privatization efforts in

group of selected chemical companies. With existing tank terminals

markets now opening up, and in mature markets where we can

in the ARA region, Eastern Europe, the Baltic region, and Singa-

integrate ourselves into our customers’ logistical and supply

pore, and a number of projects well on their way to completion

chains.

in other parts of the world, we have, — in a short time, — become a serious, global supplier in chemical storage.

In the chemical segment, we will concentrate our growth in the main hubs for chemical production and trading and in markets

these were a few of the highlights at oiltanking in 2003:

that are of key significance to the chemical industry. In this context, we are assigning particular importance to our involvement

. . . . . . . .

Completed a 200,000-cubic-meter expansion in Houston, U.S.A.

in China.

Began construction of a chemical tank terminal in Terneuzen, Netherlands, with initial capacity of 156,000 cubic meters

These projects will be supported from the proceeds of private-

Expanded Oiltanking facilities at Antwerp, Belgium, by

placement financing in the U.S. market. Oiltanking is one of the

11,000 cubic meters of gas storage

first German companies to successfully use this type of financing.

Constructed an LPG storage facility in Chennai, India

The proceeds from this effort equate to 130 million U.S.$. The

Constructed a tank terminal in Goa, India

volume offered to the market was oversubscribed, demonstrating

Expanded Oiltanking Odfjell, Singapore, by 82,000 cubic meters

the attractiveness of the company to international institutional

Completed the final expansion of Oiltanking Amsterdam,

investors. Thus, our tank-storage subsidiary has created an addi-

Netherlands, adding a total of 275,000 cubic meters

tional pillar in financing, complementing traditional bank loans.

Acquired a 17,000-cubic-meter tank terminal in Hungary

commonplace „use commonplacecommonplace words and express exeptional things“ commonplace commonplace

„words“

use commonplace words and express exeptional things use commonplace words and express exeptional things

Tank terminals

–

Oiltanking

26/27

– –

–

– t o

r e a d

b e t w e e n

t h e

l i n e s

learnlearnlearn „learn to be quiet, for only then you are able to listen to others“

„silence“

learn to be quiet – learn to be quiet – learn to be quiet – learn to be quiet.

Oiltanking operates worldwide in various fields of business:

petroleum . oiltanking amsterdam In 2003, Oiltanking Amsterdam put in service another 75,000 cubic meters of tank-storage capacity. This was the final phase of a three-year, 275,000-cubic-meter expansion. An associated improvement was the expansion of the existing ship and barge facilities. Oiltanking Amsterdam was fully booked through-out the year and also has rented a large share of storage capacity for several years in advance.

petroleum . oiltanking copenhagen Our facility in Denmark continues to be essentially dependent upon the spot market. Thanks to stringent cost control and an increased share of long-term contracts, Oiltanking Copenhagen broke even, despite a backwardated oil market throughout 2003.

petroleum . oiltanking germany The market conditions for Oiltanking Germany were less than favorable throughout the year. In particular, the demand for gasoline and diesel fuel did not meet expectations. This was due primarily to the tax policies of the federal government and the weak business climate. The extremely low water level in the Rhine made it difficult for oil traders, who represent a significant contract volume for Oiltanking Germany, to compete with German inland refineries. In 2004, a number of the storage facilities belonging to Oiltanking Germany are expected to post a considerable volume increase due to a long-term contract with a major oil company. This contract dovetails nicely with our strategy of assuming a central role within the oil infrastructure in Germany.

Tank terminals

–

Oiltanking

28/29

3 have a nose for)something, intuition, be ahead, smarten a place up, balance, rich in facets, follow one’s instinct, breathe deeply.

– –

–

w o r k i n g

w i t h

a l l

s e n s e s

– g e t

o n

s o m e o n e ´ s

t r a i l

petroleum . oiltanking houston, oiltanking beaumont

petroleum . oiltanking malta

Both Oiltanking Houston and Oiltanking Beaumont have strong

In recent years, Oiltanking Malta has become a well-established

and well-balanced business portfolios and again reported good

player in the Mediterranean. Again last year, its storage capaci-

results. We expanded capacities in Houston by 200,000 cubic

ties were fully booked. A loyal circle of customers has emerged,

meters. The Beaumont facility continued its modernization with

and they are increasingly willing to sign long-term contracts.

the construction of two heated tanks for vacuum gas oil (16,000

Despite full utilization, Oiltanking Malta was unable to repeat the

cubic meters).

strong showings of recent years, due to the continuous decline of

petroleum . oiltanking hungary

the U.S.$ against the Maltese lira, and thus indirectly against the

To further strengthen our position in Eastern Europe, Oiltanking

our expenses are paid in the local currency.

acquired an existing tank terminal in Budapest, Hungary. Oiltanking Hungary offers 17,000 cubic meters of storage capacity,

petroleum . oiltanking singapore, oiltanking seraya

with inland-waterway access via the Danube, loading and

Oiltanking Singapore and Oiltanking Seraya, Oiltanking’s joint

discharging facilities for tank trucks and railway tank cars, and a

venture with Power Seraya, once again showed good results,

technical and HSE standard that meets Oiltanking’s stringent

despite the fact that throughput fell short of the extraordinarily

requirements.

high level of the previous year. Oiltanking Seraya expanded

petroleum . indian oiltanking

its capacities by an additional 46,000 cubic meters. Due to

At the end of the reporting year, Indian Oiltanking commissioned

further capacity expansion, as well as an extension of its jetties.

a new LPG terminal at Chennai and a product terminal in Goa. Initial annual throughput for the Goa terminal will be 850,000

petroleum . oiltanking tallinn

metric tons. The Navghar Terminal in Mumbai increased its

Oiltanking Tallinn, with throughput of 1.7 million metric tons,

utilization rate compared to previous years, but nonetheless fell

was fully utilized but, like Malta — due to the weak rate for the

short of expectations.

U.S.$-to-Euro exchange — was unable to match the previous

Euro. The dilemma is that our revenues are accrued in U.S.$, but

continuous strong demand, Oiltanking Singapore is considering

Indian Oiltanking has undertaken an impressive

year’s performance.

portfolio of engineering and construction projects. Along with traditional tank terminals, it is developing new projects for refineries, petrochemical plants, power-generating

petroleum . latin america

stations and pipelines. Moreover, Indian Oiltanking landed a con-

Adhering to our policy of long-term involvement in Latin America

tract for modernization and new construction of several hundred

has proven to be the correct strategy. Despite unfavorable

service stations. In addition, it successfully concluded jobs in

economic trends, a political shift to the left and re-emerging

Nigeria and Mauritius.

nationalism in some countries, the results in certain countries were very promising. Oiltanking is developing auspicious projects in Brazil and Mexico, and we expect to finalize them in the near future.

Tank terminals

–

Oiltanking

30/31

– –

–

w o r k i n g

w i t h

a l l

s e n s e s

– n o s e

chemicals und gases

petroleum . oiltanking argentina

. oiltanking antwerp

Oiltanking Argentina continued its series of successful operating

Our chemical activities in the Benelux countries continued their

years. The recently constructed buffer terminal at Brandsen, and

recent progress. Despite a fairly weak chemical market, Oiltanking

the pipeline that links our tank terminal at Puerto Rosales with

Antwerp continued the trend toward improved profitability. Good

the Esso refinery in Buenos Aires, completed a smooth first year

results were reported in all of the core business sectors (gas,

of operation.

chemical products and petroleum products), thanks to a high

petroleum . oiltanking bolivia

utilization rate. Oiltanking Antwerp added 11,000 cubic meters of

2003 proved to be a difficult year in Bolivia. An ambivalent poli-

chemical plant.

gas capacity at the beginning of 2004 to serve a neighboring

tical setting caused the resignation of the president; the economy

chemicals and gases . oiltanking ghent

the government’s cash generator for additional tax revenues.

Oiltanking Ghent maintained its strong and balanced business

Against a background of continuing uncertainty regarding increases

portfolio. Despite difficulties in the aviation industry, jet-fuel

in the government-controlled pipeline tariffs, management at

throughput declined only slightly from the previous year. Strategic

Oiltanking Bolivia took a closer look at cost reductions, rationa-

storage is once again an item on the political agenda in Belgium.

lization and tankage use. They found ways to use available capa-

The Belgian government appears to be favoring an "agency”

cities to store condensate and, as a result, produced good year-

system similar to the one in Germany. If this occurs, we will be in

requirements of the neighboring Dow Chemical plant under a long-term agreement. Commissioning is set for the beginning of

alk through olive-oi sunny woods ld-pressed salty smell of the oceanl

stet chestnuts portwine in oporto

in fall

of fresh shscent strawberries in honey summer ds of lavender in the provence

ing cutters coming back to the harbour ld-pressed olive-oi salty smell of the oceanl

old single malt

cheese cllow in spring coolish wine-cellar nat-harvest of a baby in july

grant thyme by the wayside pfire at the beach

p of hot coffee on a cold morning h strawberries in summer s of lavender in the provence

stet chestnuts in fall portwine in oporto

in spring alk through sunny woods of fresh honey

salty smell of the ocean

old atsingle malt pfire the beach

cheese cllow in spring arm full of at-harvest in flowers july in of a baby g cutters coming back to the harbour ld-pressed olive-oi l

Tank terminals

rant thyme by the wayside

smell of fresh mussels sh strawberries in summer s of lavender in the provence

lilac

oming in spring alk through sunnyhoney woods scent of fresh

salty smell of the ocean

oolish wine-cellar

ellow cheese c in spring

ds of lavender in the provence pfire at the beach

modate business with third parties also look promising.

ristmas cookies in of asmell baby ld-pressed olive-oi l salty of the ocean stet chestnuts in fall portwine in oporto smell fresh bread scent ofof fresh hof strawberries in honey summer spfire lavender in the provence at the beach ellow cheese c in spring oolish wine-cellar at-harvest in july in of a baby

sh strawberries in summer

2005. The prospects for expanding the tank terminal to accom-

astet chestnuts in fall

-pressed olive-oi alty smell of the ocean

cutters coming back to the harbour l

in spring

stet chestnuts in fall portwine in spring in oporto of fresh honey hscent strawberries in summer

oolish wine-cellar at-harvest of a baby in july

nt thyme by the wayside

hof strawberries in summer lavender in the provence

old single malt fire at the beach ellow cheese

in spring

lkcent through sunny woods of fresh honey

p of hot coffee on a cold morning

lk -pressed through sunnyolive-oi woods l lty smell of the ocean

tet chestnuts rtwine in oporto in fall

cent of fresh strawberries in honey summer llow cheese in spring olish wine-cellar t-harvest in july n of a baby of lavender in the provence fire at the beach

156,000 cubic meters of storage space, will satisfy the logistical

–

Oiltanking

et chestnuts in fall

our expectations.

pfire at the beach ellow cheese c in spring oolish wine-cellar eat-harvest in

second half of the year and strict cost control, final results met

for Oiltanking Terneuzen in September 2003. This terminal, with

–

lavender in the provence july kin of sunny a baby alk through woods

thanks to an increase in the quantities exported during the

new tank terminal in Terneuzen, Netherlands. We broke ground

in oporto cportwine in spring alk through sunny woods e scent of fresh honey

entire petroleum industry in the first quarter of 2003. However,

We have obtained all of the permits required for constructing the

tters in the olive-oi harbour selling fresh fish ld-pressed salty smell of the oceanl

by the long-lasting general strike, which virtually paralyzed the

chemikalien und gase . oiltanking terneuzen

old single malt

and unpredictability. Oiltanking Venezuela was seriously affected

a fine position to supply the required infrastructure.

pfire at the beach ellow cheese c in spring coolish wine-cellar eat-harvest in of a baby in july

Venezuela looks back at a year characterized by political instability

salty smell of the ocean

petroleum . oiltanking venezuela

astet chestnuts in fall portwine in oporto c in spring

ened by superb operations, it is well positioned for the future.

at-harvest in july in of a baby walk through sunny woods ld-pressed olive-oil

joint venture in Peru, once again reported good results. Strength-

of fresh honeyin summer shscent strawberries smell of fresh bread ds of lavender in the provence pfire at the beach ellow cheese coolish in spring wine-cellar

Despite the weak business situation, Consorcio Terminales, our

c in spring

petroleum . consorcio terminales

ld-pressed olive-oil salty smell of the oceanroastet chestnuts in fall

end results.

through ealk scent of sunny fresh woods honey cup of hot coffee hot cup of coffee sh strawberries in summer e scent of aromatic thyme

remained weak; and the petroleum industry continued to serve as

pfire at the beach ellow cheese c in spring oolish wine-cellar inat-harvest of a baby in july

y o u r

lien spicedportwine with garlic ting oporto-

f o l l o w

alk through sunny woods d-pressed olive-oi l

j u s t

32/33

– –

–

– h a v e

n o s e

f o r

s o m e t h i n g

chemicals and gases . oiltanking bulgaria In the course of the year, Oiltanking acquired shares held by to

its partner and customer Umicore and now holds a 91 percent

approach

interest in Oiltanking Bulgaria. It is gratifying to note that the throughput quantities exceed the contractual expected volume.

chemicals and gases . oiltanking daya bay During the 2003 business year, Oiltanking founded its first Chinese subsidiary, Oiltanking Daya Bay. This center of our activities

in China is in the heart of the Daya Bay petrochemical complex in southeastern China. Oiltanking Daya Bay will offer logistical services and independent storage capacities for oil and petrochemical products. The facility will serve the Pearl River Delta region and the neighboring landlocked provinces. Currently, we foresee the commencement of operations at the beginning of 2006. In our view, the activities at Daya Bay offer a promising basis for further expansion in China.

chemicals and gases . oiltanking odfjell terminal singapore Our Oiltanking Odfjell Terminal Singapore (OOTS) joint venture put a further 82,000 cubic meters of tank capacity into service and now offers a total capacity of 214,000 cubic meters. This expansion puts OOTS in a position to offer customers flexibility with a full range of tank volumes.

chemicals and gases . oiltanking sonmarin Oiltanking Sonmarin was able to further boost its business in Finland. In addition to providing traditional services to transit customers, the facility is responding to increased local demand for chemical and petroleum products.

Tank terminals

–

Oiltanking

34/35

connections

4 to have an intuition)for needs, sense, perceive, insecurity,

willingness to take risks, considerateness, force, calmness, enthusiasm.

– –

–

w o r k i n g

w i t h

a l l

s e n s e s

– a

f e e l i n g

f o r

f e a s i b i l i t y

This service commenced with Southwest Airlines’ maiden flight from Philadelphia on May 9, 2004. Thus, this subsidiary has taken an important step toward expanding its presence in the U.S.A., the world’s largest aviation market. Establishing Skytanking as a strong independent vendor in aircraft refueling meshes perfectly with our long-term strategy. Implementing this strategy is, however, taking longer in the United States than was expected originally. The U.S. aviation industry, in particular, continues to experience difficulties. Since cost pressures are passed along to service providers such as Skytanking, competition among aviation fuelsupply companies is extremely tough. However, we have a number

Skytanking

of attractive projects under development. We are thus sure that Skytanking will report good progress once again in 2004.

as a company offering airport service, skytanking supplies independent services in the area of jet fueling. the marquard & bahls subsidiary has committed itself to the highest standard in quality, security and customer orientation. Our Skytanking subsidiary is active in aviation refueling, the operation of tank terminals and jet-fuel hydrant systems. Among the firm’s customers are airlines, airports and oil companies. In addition to our well-established operations at the Franz Josef Strauß Airport in Munich, Germany, and at the airport in Oostende, Belgium, Skytanking is on location at the airport in Miami, Florida, where we have refueled aircraft since mid-2003. Moreover, Skytanking USA has concluded a contract to take over aircraft refueling for Southwest Airlines at Philadelphia International Airport.

Aviation services

–

Skytanking

36/37

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–

w o r k i n g

w i t h

a l l

s e n s e s

– a c t

r e s p o n s i b l y

Last year’s launch of operations for domestic trading in wood pellets and related products was an important step forward in the German market. Parallel to this, we prepared, at the beginning of 2004, to begin international biomass trading. GEE Bioenergy A/S, Denmark, initially will serve the already advanced and established Danish biomass market. Expansion of the business into other Scandinavian countries is slated for 2005. Despite its concentration on biomass, GEE will closely follow developments among the other renewables in order to exploit

GEE

further opportunities.

in order to position itself on time in the rapidly developing market for renewable energy, marquard & bahls´ subsidiary gee is particularly concentrating on the area of biomass in german speaking areas as well as the scandinavian part of europe. Renewable energy has become an integral and indispensable factor in energy supplies. We identified this development early on and, since the end of 2002, have been active in this market through our wholly owned subsidiary, GEE, a renewable-energy company. The first full year of business, in 2003, was devoted above all to structuring and organizing the company, developing orientation, and positioning it in national and international markets. GEE’s objective is to establish itself as a reliable logistics and supply company in the market for biomass fuels.

Renewable energy

–

GEE

38/39

– –

–

– – h a v e

t a c t

a n d

s e n s i t i v i t y

natGAS

the marquard & bahls group has committed itself as well to the hotly contested gas market with a participation in the natgas ag. gratifying, this commitment has already proven itself to be a very promising investment. As a shareholder in Potsdam-based natGAS AG, we have, for three years now, supported the implementation of that company's consistent strategy aimed at establishing a gas-supply business in the extremely difficult, deregulated natural-gas market in Germany. Fortunately, it has been successful in concluding, — in a tough competitive situation, — full-service, gas-supply agreements with a larger number of customers than any other new vendor. With the beginning of the gas year in October 2003, natGAS had increased the volume of gas sales under contract about tenfold compared with the previous year. And more and more customers are discovering the advantages of supply by natGAS.

Natural gas

–

natGAS

40/41

new horizons

5 aquire a taste)for something, discover the right composites,

strenghten each other, allow to unfurl, season to taste. bitter aftertaste, experience, correction, tolerance.

– –

–

w o r k i n g

w i t h

a l l

s e n s e s

– s e a s o n

t o

t a s t e

For this purpose, it maintains its own laboratory, which has been

GMA

fully accredited by DASMIN (the German petroleum accreditation society).

high quality, security and responsible environmental protection are integral components of our company philosophy. an independent, fully accredited laboratory as well as an own professional staff guarantee adherence to our principles.

gma highlights for the year included:

analytical monitoring for the introduction of sulfur-free diesel fuel

. The integrity of our services and products in terms of quality is

a vital role in establishing the industry standard for sulfurfree gas oil

indispensable. Thus, for 10 years, we have devoted close attention to the fields of quality management and quality control

advising the federal government in the drafting of legislation for biological fuels

through our GMA subsidiary, which is dedicated to petroleum analysis and quality management. GMA, independent of our other subsidiaries, monitors product quality for third parties, government agencies and the companies within our group.

Quality management

–

GMA

42/43

– –

–

w o r k i n g

w i t h

a l l

s e n s e s

– e n j o y

t h e

f r u i t s

o f

o n e ´ s

e f f o r t s

HSE

The development and implementation of an intranet-based database for accidents and near-accidents — both to simplify central evaluation and to quickly disseminate information to

highly responsible health, safety and environment policies assume the highest priority in our firm. to ensure that we continue to meet our objectives in this area, the health, safety and environment (hse) department will expand its activities across the entire marquard & bahls group.

all profit centers in order to prevent reoccurrence.

The introduction of a password-protected Website that permits access to the HSE manual, the product database, HSE alerts and other current information.

The preparation of uniform terminal-information brochures, along with emergency maps for the companies in the Oiltanking group.

In the future, the HSE Department will report directly to the

chairman of the Executive Board. Responding to recent develop-

Continuous reduction in occupational accidents through

ments, we will turn greater attention to the subject of plant

closely defined training and HSE promotion programs. The

security.

number of accidents that we experience is, much to our satisfaction, well below the industry average.

vital accomplishments during the last year included

The first annual meeting of all the HSE co-ordinators within the group, worldwide, with a number of internal and external presentations, that enabled them to exchange experiences.

Health, safety and environment management

–

HSE

44/45

– –

–

– – k e e n l y

s y n c h r o n i z e

e v e r y t h i n g

report of the supervisory board During the 2003 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 its participations. The Supervisory Board discussed all substantial issues with the Executive Board. The auditing firm Susat & Partner Wirtschaftsprüfungsgesellschaft OHG audited the financial statements, the report on the state of the corporation as well as the consolidated financial statements and the report on the consolidated state of the group, and issued an unqualified opinion without exceptions. The financial statements, the report on the state of the corporation and the auditor’s report thereon, as well as the consolidated financial statements, the report on the consolidated state of the group and the auditor’s report thereon, were submitted and explained to the Supervisory Board. After having conducted its own review, the Supervisory Board has no objections and approves to the results of the audit. The Supervisory Board also approved the annual report at its meeting on June 22, 2004. It concurs with the Executive Board’s recommendation for the distribution of the retained earnings.

Marquard & Bahls AG

Report of the Supervisory Board

–

The Supervisory Board, Hamburg, June 23, 2004

–

H e l l m u t h We i s s e r ( C h a i r m a n )

working with all sense

marquard & bahls ag

financial statements –

Marquard & Bahls AG... page 48

. .

Balance sheet Financial statements of income

Group... page 50

. . . . .

Consolidated balance sheet Consolidated statement of income Fixed and financial assets Notes Auditor´s opinion

Organigram

–

– 2 0 03

– –

–2003

–

w o r k i n g

w i t h

a l l

s e n s e s

– F i n a n c i a l

s t a t e m e n t s

balance sheet marquard & bahls ag

financial statement of income marquard & bahls ag

as of december 31, 2003

for the period january 1 – december 31, 2003

Dec. 31,

A S S E T S (T€)

Dec. 31,

(T€)

a. current assets

62,132

72,991

72,602

113,649

– b. investments and long-term security investments (at net book amount) – c. property, plant and equipment, less accumulated depreciation and – amortization – d. other assets, net of amortization

170,435

170,130

13,479

13,020

629

286

–

257,145

297,085

Cash and equivalents

II.

Treasury stock

III. Trade receivables and other receivables IV. Prepaid expenses

– – – –

–

Dec. 31,

37,904

61,266

11,121

10,599

75,000

5,344

25,656

67,992

102,120

82,228

208,120

225,220

–

257,145

297,085

– – – – – –

a. current liabilities

– b. pension reserves – c. stockholders´ equity – I. Common stock – II. Capital reserve – III. Other reserves – IV. Retained earnings – Total liabilities and stockholders´ equity

38,632

19,376

1,823

c) Interest income

3,659

4,772

d) Other income

9,165

10,367 51,456

–

b) Depreciation c) Interest expense

–17,377

36,338

–16,847

–992

–761

-2,645

–2,915

–87

d) Taxes, other than income taxes

–84 –21,101

–20,607

Income before income taxes

30,355

15,731

a) Income taxes

–478

412

29,877

16,143

Net income for the period

–

Marquard & Bahls AG

b) Extraordinary income

a) Operating, selling, general and administrative expenses

–

L I A B I L I T I E S A N D S T O C K H O L D E R S ´ E Q U I T Y (T€)

Dec. 31,

Costs and other deductions

– – –

– – – –

Total assets

a) Net income from financial assets

– – –

36,970

– – –

3,633

Revenues 10,415

– – – –

48/49

– –

–2003

–

w o r k i n g

w i t h

a l l

s e n s e s

– F i n a n c i a l

s t a t e m e n t s

consolidated balance sheet marquard & bahls group

consolidated statement of income marquard & bahls ag group

as of december 31, 2003

for the period january 1 – december 31, 2003

Dec. 31,

A S S E T S (T€)

notes

Dec. 31,

(in T€)

a. current assets I.

82,413

62,691

36,970

376,339

495,286

166,343

132,995

–

Total assets

8,158 736,100

25,514

22,779

578,949 22,379

19,411

1,260,822

1,333,085

–

notes

a. b. c. d. e.

current liabilities long-term dept, less current maturities long-term accruals and defferred liabilities minority interest in net assets of consolidation subsidiaries stockholders´ equity

Common stock

II.

Other reserves

Dec. 31,

10)

4,320,285

3,992,260

11 )

5,471

9,673

c) Other income

12)

19,413

27,132

d) Extraordinary result

13)

6,639 4,345,169

a) Purchase of oil and products b) Operating, selling, general and administrative expenses 1 4 ) c) Depreciation and amortization

4,035,704

–3,986,518

–3,691,378

–213,976

–189,166

–68,203

–65,304

d) Interest expense

16)

–21,010

–22,490

e) Taxes, other than income taxes

17)

–6,939

–5,541

–1,784

f) Share of losses associated companies

–535 –4,298,430

–3,974,414

Income before income taxes

46,739

61,290

a) Income taxes

–24,142

–27,845

22,597

33,445

438

143,455

130,068

–3,961

–2,634

–306

–187

161,785

161,130

Retained earnings at end of period

253,150

295,588

70,954

68,026

20,679

20,211

75,000

–

12,027

51,391 –3,952

161,785

161,130

12,902

12,955

246,672

296,524

1,260,822

1,333,085

Changes in consolidation reserve Retained earnings at beginning of year Minority interests Movements on reserves

Group

–

Marquard & Bahls AG

a) Sales and services

Net income for the period

652,736

–15,042

Total liabilities and stockholders´ equity

b) Interest income

– – – – –

669,368

IV. Retained earnings Consolidation reserves

Dec. 31,

III. Cumulative transaction adjustment V.

–

– – – –

– – – – – – – – –

– – – – – – – – – –

Costs and other expenses

– – – – – – –

–

Dec. 31,

L I A B I L I T I E S A N D S T O C K H O L D E R S ´ E Q U I T Y (T€)

554,795

– – – –

– – – – – –

– –

–

8,885 633,980

– – –

– – – –

–

depreciation and amortization d. other assets, net of amortization

Revenues

Cash and equivalents

– II. Treasury stock – III. Receivables – IV. Inventories – V. Prepaid expenses – – b. investments and long-term security investments – c. property, plant and equipment, less accumulated

notes

50/51

– –

–

–2003

–

w o r k i n g

w i t h

a l l

s e n s e s

– F i n a n c i a l

s t a t e m e n t s

development of fixed and financial assets marquard & bahls group the period january 1 – december 31, 2003 accumulated depreciation

–

acquisition cost

book amount

Opening balance Jan. 1, 00000. 20

Exchange rate differences

Additions*

Disposals*

Transfers

Closing balance Dec. 31, 00000. 20

Depreciation* current year

Closing balance* Dec. 31, 00000. 20

5,164

–5

4,229

–29

144

9,503

384

5,594

954

3,909

20,760

–1,812

2,075

–509

–144

20,370

1,784

5,737

16,796

14,633

127

–4

126

127

126

1,429

1,958

–2

1,956

1,958

1,956

148

–22

179

130

2,962

–124

644

–800

2,682

225

244

2,941

2,438

974

31,119

–1,969

9,407

–1,338

37,219

2,393

11,705

22,779

25,514

1. Property including buildings

125,400

–3,312

13,824

–889

4,605

139,628

5,685

61,550

70,508

78,078

–

2. Production facilities and machinery

974,896

–60,382

73,753

–5,651

24,244

1,006,860

54,244

566,394

436,478

440,466

–

3. Working and office equipment

50,945

–2,920

15,238

–1,834

260

61,689

6,454

36,547

20,000

–25,142

–

4. Construction in progress and advance payments on fixed assets

28,267

–2,630

41,653

–4,726

–26,973

35,591

328

27,809

35,263

1,179,508

–69,244

144,468

–13,100

–2,136

1,243,768

66,383

664,819

554,795

578,949

14,514

–1,635

4,919

–913

–2,183

14,702

2,396

6,591

8,083

8,111

9,890

–96

3,639

13,488

1,023

3,512

7,351

9,976

596

–8

598

597

24,414

–1,731

9,154

–913

–2,136

28,788

3,419

10,104

15,444

18,684

(T€)

–

2. Investments in associated companies

–

3. Trade investments

–

4. Long-term loans owed by subsidiaries

–

5. Long-term loans owed by related companies

–

6. Other long-term security investments

–

7. Other long-term loans

–

8. Advance payments on investments

– Subtotal

II.

Subtotal

III. Franchises, patents, licenses, similar rights and licenses to such rights

–

IV. Goodwill

–

Subtotal

* *

Property, plant and equipment

– –

Investments and securities 1. Investments in subsidiaries

–

Advance payments on intangible assets

thereof changes within the consolidation structure thereof share of profit of equity-consolidation

3,198

12,451 1,783

Group

–

Marquard & Bahls AG

39,546

52/53

– –

–2003

–

w o r k i n g

w i t h

a l l

s e n s e s

– F i n a n c i a l

s t a t e m e n t s

consolidated financial statements 2003

Capital consolidation is made by eliminating the book value of participations with the proportionate equity of subsidiaries. Intercompany receivables and payables as well as income and

This English version of Marquard & Bahls´ financial statements

expenses within the group are eliminated, except for minor

for 2003 is derived from the original German financial statements.

differences. On consolidation adjustments which effect net income

Reclassifications are made in the balance sheet as well as in the

deferred taxes are calculated with a tax rate of 40 %. Deferred tax

profit and loss account in order to present statements in a format

assets on such consolidation adjustments are recognized for the

more familiar to international readers. They were not restated in

first time.

compliance with International Accounting Standards or Generally

financial statements 2003 . principles of accounting and valuation

Accepted Accounting Standards in the US. The notes to the financial statements are not translated word-

Receivables are valued conservatively, taking into account their

for-word but contain all necessary and material information in

credit risk. Unhedged foreign currency receivables are converted

order to give a true and fair view into Marquard & Bahls´ net

at the rate prevailing on the transaction date or the rate on the

assets, financial position and results.

balance sheet date, whichever is lower. Inventories are carried at

financial statements 2003 . scope of consolidation

the lower of cost or market price.

The consolidated financial statements are prepared in accordance Financial assets are generally valued at acquisition cost. They

with German accounting principles. All national and foreign

include subsidiaries which are not consolidated as well as asso-

subsidiaries in which Marquard & Bahls AG directly or indirectly

ciated companies which mainly are taken into account by using

has a legal or effective control are consolidated.

the equity method of accounting. Amortization was booked where

34 subsidiaries are not consolidated as these companies, indivi-

a reduction in the book value on the balance sheet date was

dually or jointly, are not significant for presenting a true and fair

deemed necessary.

view of the net worth, financial position or results of the group. Due to the consolidation of one subsidiary for the first time there

Property, plant and equipment are mainly subject to straight-line

was a negative effect on Marquard & Bahls´ group result of

depreciation.

9,9 million €. The influence on Marquard & Bahls´ net assets and financial position was not material.

Intangible assets are carried at acquisition cost and are amortized

Investments in associated companies are generally accounted by

over their estimated useful lifetimes.

using the equity method.

financial statements 2003 . principles of consolidation and

Liabilities are stated at their repayable amount, annuities are

foreign

assessed at their present value. Other accrued liabilities include

currency translation

reasonable and sufficient allowances for all perceivable risks and

The foreign financial statements are, insofar as necessary, adapted

uncertain liabilities.

to German legal requirements. They are converted using the exchange rate at the balance sheet date. The profit and loss accounts are converted using the annual average exchange rate in Euro with the exception of depreciation and adjustments, changes in reserves and of the annual result.

Notes

–

Marquard & Bahls AG

54/55

– –

–2003

–

w o r k i n g

w i t h

a l l

s e n s e s

– F i n a n c i a l

s t a t e m e n t s

financial statements 2003 . notes to the consolidated balance sheet

property, plant and equipment

Additions to property, plant and equipment mainly resulted by investments in the tank terminal sector.

1 ) treasury stock

The own stocks (37.0 million €) which the company had acquired

other assets, net of amortization

in the previous year, were redeemed in 2003.

receivables

rights, and licenses to such rights

8,708

8,093

Goodwill

9,976

7,351

3,695

3,967

22,379

19,411

O T H E R A S S E T S , N E T O F A M O R T I Z A T I O N (T€)

Franchises, patents, licenses, and similar

Trade receivables

–

Receivables owed by subsidiaries (thereof trade receivables)

–

Receivables owed by related companies (hereof trade receivables)

–

– –

Other receivables Total

330,012

426,405

4,991

4,384

(659)

(189)

4,637

11,166

(1,450)

(6,985)

36,699

53,331

376,339

495,286

– –

R E C E I V A B L E S (T€)

– –

Other receivables with a term of more than one year

–

Total

current liabilities 20

C U R R E N T L I A B I L I T I E S (T€)

Other receivables mainly consist of receivables from tax and Furthermore the other receivables contain 7.9 million € due to an equity guarantee which was given in connection with the acquiresult of an adjudication proceeding, which was not finished in the time of preparing these financial statements.

inventories 20

2,682

1,604

Goods and finished work

160,658

127,517

Advanced payment made

3,003

3,874

166,343

132,995

I N V E N T O R I E S (T€)

– –

Trade payables Liabilities due to affiliated companies (thereof trade receivables)

– – – –

sition of a subsidiary in 2003. The final amounts depend on the

Notes payable to banks

– –

customs duty authorities (19.6 million €; last year: 15.0 million €).

– – – – –

Current maturities of long-term debts Accrued income taxes

14,114

47,576

306,493

247,008

2,387

2,263

(395)

(1,483)

117,546

54,392

17,632

14,004

47,670

102,643

Other liabilities and deferred credits

163,526

184,850

Total

669,368

652,736

Other accrued liabilities

Other accrued liabilities comprise reserves for delivery obligations and for outstanding costs in connection with pending business

Raw materials and supplies

– –

– – –

Total

transactions and other risks. Other liabilities mainly consist of liabilities to tax and customs duty authorities (141 million €; last year: 166 million €) and of liabilities accompanying social security (3 million €; last year: 3 million €).

The inventories are mainly held by trading companies.

Notes

–

Marquard & Bahls AG

56/57

– –

–2003

–

w o r k i n g

w i t h

a l l

s e n s e s

– F i n a n c i a l

s t a t e m e n t s

D E V E L O P M E N T S T R U C T U R E O F A S S E T S A N D C A P I TA L

2001–2003

(in million €)

Working capital Treasury stock Financial assets Other fixed assets

34 31 607

commitments and contingencies

A portion of the liabilities is secured by chattel mortgage of fixed

Long-term borrowings Equity

asset items, assignment of claims and inventories and by money deposits. Bank guarantees are secured by chattel mortgage of

115 37 23 570

340 332

inventories, assignment of claims and pledging of bank balances 52 26 598

428 317

(fixed deposits, not freely disposable). Group companies have longterm commitments of approximately 19 million € annually

409 267

for rent, leases and leaseholds. More than 91 million € in investments were approved in 2003 and at the beginning of 2004.

financial statements 2003 . notes to the consolidated statement of –

–

Total 672

–

Total 745

income

– Total 676

10)

sales and services (excl. mineral-oil taxes) 20

longterm accruals and deferred liabilities

Oil trade L O N G T E R M A C C R U A L S A N D D E F E R R E D L I A B I L I T I E S (T€)

Deferred income taxes

–

Other Total

4,047,220

3,737,977

238,122

243,046

34,942

11,237

4,320,285

3,992,260

– –

22,584

20,622

22,113

19,611

11 )

26,257

24,161

Interest income arises mainly on bank balances.

3,632

70,954

68,026

Special reserves, not taxable until use or liquidation

–

Tank storage facilities

Pension reserves and deferred compensation

–

– – –

Provisions for demolition and dismantling costs

–

– –

S A L E S A N D S E R V I C E S ( E X C L . M I N E R A L - O I L T A X E S ) (in T€)

Total

12)

interest income

other income

Other income includes reductions in accruals, foreign exchange gains, compensation payments and other revenues.

1 3 ) extraordinary result

number and class of stock

The nominal capital of 75,000,000 € is divided into 2,500,000

Extraordinary result contains expenses of 7.9 million € for

no-par-value bearer stocks.

previous year’s adjustments in a subsidiary which was acquired in 2003. In connection with these previous year’s adjustments an amount of 7.9 million € was booked as income from a claim on an equity guarantee.

Notes

–

Marquard & Bahls AG

58/59

– –

–2003

–

w o r k i n g

w i t h

a l l

s e n s e s

– F i n a n c i a l

s t a t e m e n t s

1 4 ) operating, selling, general, and administrative

16)

expenses

Interest expenses have been paid on investment loans in the tank

Operating, selling, general and administrative expenses mainly

terminal sector as well as for funds raised for future investments.

interest expenses

consist of personnel costs, freight charges, storage costs, indem-

17)

nification costs, travel expenses and legal and consultancy fees.

other taxes

Property taxes, ad valorem tax, federal excise taxes, as well as

15)

structure of employment number

other taxes not based on income, are shown as other taxes. %

20 Dec. 31,

EMPLOYEES

–

– –

number

Dec. 31,

Hourly wage employees

888

783

Salaried employees

883

776

Total

1,771

the executive board of the marquard and bahls aktiengesellschaft consists of:

1,559

Hellmuth Weisser (Chairman), Hamburg (until June 30, 2003)

. number

20 Dec. 31,

DIVIDED IN REGIONS

– – –

– – – –

Dec. 31,

448

109

108

489

446

707

557

Total

1,771

Dec. 31,

DIVIDED INTO COMPANIES

number

Dec. 31,

523

380

Oiltanking

1,114

1,064

– – –

1,771

Nikolaus W. Schües (until June 30, 2003), Hamburg Dr. Klaus Asche, Hamburg

Mabanaft

Total

Rolf Kirchfeld (Chairman until June 30, 2003), Hamburg

Other

Hellmuth Weisser (Chairman from July 1, 2003), Hamburg

103

Marquard & Bahls AG

. . . .

1,559

Dr. Claus-Georg Nette (Chairman of administration), Hamburg

the members of the supervisory board of marquard & bahls aktiengesellschaft are:

Europe

number

– – – –

Asia Germany

(from July 1, 2003, formerly: Chairman of tankfarm sector)

03 466

America

number

Wim Lokhorst (Chairman) Seevetal

Wim Lokhorst

M a r q u a r d & B a h l s A k t i e n g e s e l l s c h a f t , H a m b u r g , J u n e 11 , 2 0 0 4

Dr. Claus-Georg Nette

1,559

Furthermore Marquard & Bahls employed 753 in the Republic of Moldova.

Notes

–

Marquard & Bahls AG

60/61

– –

–2003

–

w o r k i n g

w i t h

a l l

s e n s e s

– F i n a n c i a l

s t a t e m e n t s

financial statements 2003 . auditor´s opinion

Our audit has not led to any reservations.

We have audited the consolidated financial statements and the group management report prepared by Marquard & Bahls Aktien-

In our opinion, the consolidated financial

gesellschaft for the business year from January 1, to December 31,

statements give a true and fair view of the

2003. The preparation of the consolidated financial statements

net assets, financial position and results of

and group management report in accordance with German

operations of the Group in accordance

commercial law are the responsibility of the Company’s Executive

with German principles of proper accoun-

board. Our responsibility is to express an opinion on the consoli-

ting. On the whole the group management report provides a

dated financial statements and the group management report

suitable understanding of the Group’s position and suitably

based on our audit.

presents the risks of future development.

We conducted our audit of the consolidated annual financial statements in accordance with § 317 HGB and the generally accepted standards for the audit of financial statements promulgated by the Institut der Wirtschaftsprüfer (IDW). Those stan-

D r. Wa w r z i n e k

Driesch

S usa t & Pa r t n e r O H G W i r t s c h a f t sp r ü f u n gs g e s e l ls c h a f t ,

(Auditor)

H a m b u r g , J u n e 11 , 2 0 0 4

dards 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 German principles of proper accounting and in the group management report are detected with reasonable assurance. Knowledge of the business activities and the economic and legal environment of the Company and evaluation of possible misstatements are taken into account in the determination of audit procedures. The effectiveness of the 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 the companies included in consolidation, the determination of the companies 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.

Auditor´s opinion

–

Marquard & Bahls AG

62/63

– –

–2003

–

w o r k i n g

w i t h

a l l

s e n s e s

– O r g a n i g r a m |

M a n a g e m e n t

v e r s i o n

marquard & bahls ag Hamburg, Germany

– –

–

mabanaft gmbh & co. kg

oiltanking gmbh

skytanking holding gmbh

Hamburg, Germany

–

oil trading international

oil trading end users heating-oil

energy services contracting

tank terminals europe

tank terminals america

aviation services international

Mabanaft International GmbH Hamburg, Germany

Mabanaft Inc.

Langwedel, Germany

Darien, Connecticut

Matrix Marine Fuels L.P.

. .

. . .

Mabanaft Schweiz AG

. . .

Klindworth-Kronol Energie GmbH & Co. KG Klümpen Mineralöle GmbH Lipps Mineralöle GmbH Mühlenbruch Stinnes GmbH & Co. KG Bremen, Germany

NEWCo Neue Energie- und WärmeConzepte GmbH

Staak Pooltankstellen GmbH

Mabanaft Moldova SRL Chisinau, Moldova

Neudörfl, Austria

Chisinau, Moldova

Oiltanking Copenhagen A/S

Oiltanking Ghent N.V.

Oiltanking Hungary kft.

Oiltanking Malta Ltd.

Benol-Reinle AG Rüti, Switzerland

Compañia Logística de Hidrocarburos (CLHB) Oiltanking Mexico S. de R.L. de C.V. Concorcio Terminales

other

Oiltanking Pecém Ltd. Rio de Janeiro, Brazil

Helsinki, Finnland

tank terminals asia

other germany

Oiltanking Tallinn AS

Oiltanking Sonmarin Oy

Tallinn, Estonia

Oiltanking Ebytem S.A.

Lima, Peru

Birzebugghia, Malta

Oostende, Belgium

Mexico City, Mexico

Budapest, Hungary

Merlin Fuel N.V.

La Paz, Bolivia

Ghent, Belgium

Oiltanking Beaumont Partners L.P.

Buenos Aires, Argentina

Oiltanking Terneuzen B.V.

Oiltanking Singapore Ltd. Singapore

Terneuzen, Netherlands

GMA GmbH & Co. KG Frankfurt/Main, Germany

Oiltanking Odfjell Terminal Singapore Pte. Ltd. Singapore

GEE Gesellschaft für Erneuerbare Energien mbH Hamburg, Germany

Oiltanking Seraya Pte. Ltd. Singapore

Hamburg, Germany

Manfred Mayer MMM Mineralöl Vertriebsgesellschaft m.b.H.

Tirex Petrol SA.

Hiddenhausen, Germany

Mabanaft Hungary Kft. Budapest, Hungary

Kaiser Söhne Mineralöle GmbH & Co. KG

Oiltanking Bulgaria AD.

Skytanking USA Inc. Wilmington/Delaware, USA

Houston, Texas

Copenhagen, Denmark

Hagen, Germany

Mabanaft Austria GmbH & Co. KG Wien, Austria

Aschaffenburg-Leider, Germany

Digol Energieservice GmbH

Varna, Bulgaria

Hamburg, Germany

Basel, Switzerland

oil trading europe southeastern

Györ, Hungary

Hamburg, Germany

Oiltanking Technoconsult Caracas, Venezuela

Antwerpen, Belgium

Amsberg, Germany

London, Great Britain

Deglmann Energie GmbH & Co. KG

Cothec Energetikal Üzemeltetö Kft.

Oiltanking Antwerp N.V.

Skytanking München GmbH & Co. KG

–

Mabanaft Limited

Wien, Austria

Amsterdam, Netherlands

Künzell, Germany

Rotterdam, Netherlands

Pro Energy Contracting GmbH & Co. KG

Houston, Texas

–

Mabanaft BV

Oiltanking Amsterdam B.V.

Oiltanking Houston L.P./LLC

–

B.W.O.C. Limited

Weiden/Oberpfalz, Germany

Hameln, Germany

oil trading northwestern europe

Böttcher Energie GmbH & Co. KG

WGB-Wärme GmbH & Co. KG Berlin

Oiltanking Deutschland GmbH & Co. KG Hamburg, Germany

Berlin, Germany

Weston-super-Mare, Great Britain

Hamburg, Germany

Mineralölvertrieb Hameln GmbH & Co. KG

Regensburg, Germany

oil trading germany

Benol Energieservice GmbH & Co. KG

Proenergy Contracting GmbH & Co. KG Bochum, Germany

Frankfurt/Main, Germany

Houston, Texas

Mabanaft Deutschland GmbH & Co. KG

Behrmann Minerlölhandel GmbH

natGAS Aktiengesellschaft Potsdam, Germany

Indian Oiltanking Ltd. Mumbai, India

Zuari Indian Oiltanking Ltd. Goa, India

Oiltanking Daya Bay Co. Ltd. Huizhou, China

oil trading service stations .

OIL! Tankstellen GmbH Hamburg, Germany

Wilhelm Grönwoldt Tankstellen GmbH & Co. KG Hamburg, Germany

OIL Tankstellen GmbH Wien, Austria

OIL! Tankstellen AG Rüti, Switzerland

Organigram

–

Marquard & Bahls AG

64/65

Oiltanking Sonmarin Oy Finland

Oiltanking Tallinn AS

. proenergy contracting gmbh & co.kg

Estonia

. marquard & bahls ag

Admiralitätstraße 55, 20459 Hamburg Germany

Phone + 49 40 - 370 04 - 0 Fax + 49 40 - 370 04 - 141 [emailprotected] www.mbholding.de

Springorumallee 5 Sued, 44795 Bochum

Oiltanking Technoconsult

Germany

Venezuela

Phone + 49 234 - 94 42 - 0 Fax + 49 234 - 94 42 - 212 www.proenergy.de

Oiltanking Terneuzen B.V. Netherlands

Zuari Indian Oiltanking Ltd. India

Adresses: www.oiltanking.com

. petronord energie- und wärmekonzepte gmbh

. oiltanking gmbh

Admiralitätstraße 55, 20459 Hamburg

Germany

Phone + 49 40 - 370 99 - 0 Fax + 49 40 - 370 99 - 499 www.oiltanking.com

. . . .

Mabanaft BV

Phone + 49 40 - 370 99 - 0 Fax + 49 40 - 370 99 - 499 www.skytanking.com

Mabanaft Deutschland GmbH & Co. KG Mabanaft Hungary Kft. Mabanaft International GmbH Mabanaft Limited

Skytanking München GmbH & Co. KG Germany

Skytanking USA Inc. USA

Merlin Fuel N.V. Belgium

Adresses: www.skytanking.com

Great Britain

Mabanaft Moldova SRL Moldova

Mabanaft Schweiz AG Switzerland

Mabanaft USA Inc. USA

Matrix Marine Fuels L.P. USA

. gee gesellschaft für erneuerbare energien mbh Admiralitätstraße 55, 20459 Hamburg Germany

Phone + 49 40 - 370 04 - 0 Fax + 49 40 - 370 04 - 255 www.gee-energy.com

Mineralölvertrieb Hameln GmbH & Co. KG Germany

Tirex Petrol SA. Moldova Ad re s s e s : w w w. m a b a n a f t . d e

. gma gmbh & co. kg

Oiltanking Mexico S. de R.L. de C.V.

Germany

Mexico

Phone + 49 40 - 370 04 - 0 Fax + 49 40 - 370 04 - 299 www.gma-quality-management.com

Oiltanking Odfjell Terminal Singapore Pte. Ltd.

– colophon

. oil! tankstellen gmbh

published by: marquard & bahls ag, hamburg concept & design: karin warzecha, cornelia horn, hamburg illustrations: bernhard kunkler, freiburg

Oiltanking Pecém Ltd.

Admiralitätstraße 55, 20459 Hamburg

lithography: dunz-wolff gmbh, hamburg

Brazil

Germany

printing: dräger + wullenwever print + media, lübeck

Oiltanking Seraya Pte. Ltd. Singapore

Germany

Admiralitätstraße 55, 20459 Hamburg

Singapore

Admiralitätstraße 55, 20459 Hamburg

–

Malta

Indian Oiltanking Oiltanking Malta Ltd.

. skytanking holding gmbh

Austria

Germany

Oiltanking Hungary kft.

India

Oiltanking Houston L.P./LLC

Hungary

Phone + 49 40 - 370 04 - 0 Fax + 49 40 - 370 04 - 157 www.petronord.de

Mabanaft Austria GmbH & Co. KG

Hungary

Oiltanking Ghent N.V.

USA

Oiltanking Ebytem S.A.

Belgium

Germany

Oiltanking Daya Bay Co. Ltd

Argentina

Oiltanking Copenhagen A/S

China

Netherlands

Concorcio Terminales

Denmark

Compañia Logística de Hidrocarburos (CLHB)

Peru

Oiltanking Bulgaria AD.

Bolivia

Phone + 49 40 - 370 04 - 0 Fax + 49 40 - 370 04 - 352 www.mabanaft.de

Oiltanking Beaumont Partners L.P.

Bulgaria

Germany

Oiltanking Antwerp N.V.

USA

Admiralitätstraße 55, 20459 Hamburg

Oiltanking Amsterdam B.V.

Belgium

. mabanaft gmbh & co. kg

Netherlands

Phone + 49 40 - 370 04 - 0 Fax + 49 40 - 370 04 - 117 www.oil-tankstellen.de

. natgas aktiengesellschaft

Oiltanking Singapore Ltd.

Jägerallee 37 H, 14469 Potsdam

Singapore

Germany

Phone + 49 331 - 20 04 - 0 Fax + 49 331 - 20 04 - 199 www.natgas.de

printed on luxosatin (nordic environmental label), gampi and fuego papers (bleached without chlorine) (fuego: the pulp used is exclusively extracted from timber generated from domestic wood culture)

this annual report is also puplished in german. the german version is authoritative.

[PDF] annual report marquard & bahls ag - Free Download PDF (2024)

References