Mub gb03 English444

w
o
r
k
i
n
g

w
i
t
h

a
l
l

s
e
n
s
e
s
2003
annual report
marquard & bahls ag 5
)
r e m a i n c u r i o u s !
. . . r e m a i n c u r i o u s !
group figures million million US$ million million
marquard & bahls
Consolidated revenues (petroleum tax deducted) 4,320 5,445 3,992 4,071
Cash flow 99 125 94 121
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
Employees 1,771 1,559 1,464
mabanaft
External Sales (in million t) 14 13 12
oiltanking
Tank capacity (in million cbm, April 2004) 10.3 9.7 9.6
Throughput (in million t) 94.9 85 83
.
20
03
20
03
20
02
20
01
.
.
.
.
.
.
.
.
.
pp
r e m a i n c u r i o u s !
. . . r e m a i n c u r i o u s !
2 0 0 3
s e e t h e c o n n e c t i o n s . . .
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 . . .
h a v e a f e e l i n g f o r p e o p l e a n d f e a s i b i l i t y . . .
g e t o n s o m e o n e s t r a i l . . .
1 )
3 )
4 )
5 )
an eventful year is over and we are very pleased to be able to guide you
with all our senses through this years retrospect and outlook of the
development of our company, just as our five senses guide us through our
work day after day.
working with all senses
a
t

m
a
r
q
u
a
r
d

&

b
a
h
l
s
5 )
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 . . .
2 )
marquard & bahls ag
independent, sound, individual
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 worlds second-largest indepen-
dent operator of tank terminals for petroleum products, petro-
chemicals, 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-
making authority delegated to the individual operating sites, has
allowed us to respond quickly and flexibly to market requirements
and thereby satisfy our customers needs.
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.
Individual thinking, commitment to cooperation
and enthusiasm for their work unite the people
A u d i t o r s o p i n i o n . . . p a g e 4 6
F i n a n c i a l s t a t e m e n t s . . . p a g e 4 7
O r g a n i g r a m . . . p a g e 6 4
F o r e w o r d . . . p a g e 6
T h e s t a t e o f t h e c o r p o r a t i o n . . . p a g e 1 0
M a b a n a f t . . . p a g e 1 4
O i l t a n k i n g . . . p a g e 2 4
S k y t a n k i n g . . . p a g e 3 6
G E E . . . p a g e 3 8
n a t G A S . . . p a g e 4 0
G M A . . . p a g e 4 2
H S E . . . p a g e 4 4
1 )
2 )
3 )
4 )
5 )
5 )
w o r k i n g w i t h a l l s e n s e s
Wi m L o k h o r s t Dr . Cl a u s - Ge o r g Ne t t e
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
of the executive board, made his mark on the content and appea-
rance of our annual reports, those publications became an impor-
tant component in our corporate image among customers, banks
and employees. In this annual report, we wish to continue that
tradition.
and identify new opportunities. The keenness of our five senses
helps us to translate these changes into concrete objectives and
programs for action. In addition, our instincts can be the decisive
factor in actually embarking upon a carefully considered business
risk, deciding in favor of a particular operating site or defining the
scope for a new investment. These instincts are what we at
Marquard & Bahls might characterize as our sixth sense.
Making use of all of these senses, our employees and owners have
developed a high level of commitment to Marquard & Bahls. It is
their dedication, worldwide, that has made Marquard & Bahls
what it is today.
F o r e w o r d 6 / 7
Every day, we at Marquard & Bahls take note of
customer wishes, observe market developments
M a r q u a r d & B a h l s A G
In the report for the 2003 business year now in your hands, we
are upholding the high levels of quality and creativity established
by our previous annual reports. This year, we have chosen "The
five senses as the centerpiece topic. Day in and day out, these
senses prompt us to assess, to decide and to act. Our task is to
logically organize the information our senses perceive in order to
make complex decisions. This is true for us both as human beings
and as organizations. But decision making always must be efficient
and effective for an organization to achieve success.
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.
Foreword
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.

E x e c u t i v e B o a r d Ma r q u a r d & B a h l s A G , J u n e 2 0 0 4
5 )
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.

G r o u p l o c a t i o n s 8 / 9
marquard & bahls group locations
. In operation
19992003
5 )

S t a t e o f t h e c o r p o r a t i o n 1 0 / 11 M a r q u a r d & B a h l s A G
Corporate pre-tax profits, at 46.7 million Euros, fell short of the
record postings of previous years.
All in all, we are quite satisfied with the results we achieved.
The risk mix for the corporations two primary business sectors,
petroleum-products trading and tank storage, has once again
proved to be well balanced and stable. As in past years, both
of these activities have made almost equal contributions to our
final results.
In the trading sector, however, accounting rules regarding
closing dates reduced the years results. Goods and contracts
on hand at year-end show above-average reserves when
compared with previous years.
The state of the corporation
mineral oil trading and the commercial terminal storage of mineral oil,
chemicals and gas as well as other liquids once again built the funda-
ment for the worldwide success of the marquard & bahls group in the
year 2003.
.
.
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 appro-
priately 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.
business, but it also makes a good starting point for expansion
into adjacent new fields of business in which we can use our
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
the field of renewable energy, we are pursuing projects that apply
the corporations sales and logistical competence.
The corporation grew again in this reporting year. Citing just a
few examples, we commenced construction of Oiltankings new
chemical tank terminal in Terneuzen, Netherlands, and expanded
our storage facilities in Amsterdam, Antwerp, Houston and
Singapore. Worthy of particular mention is Mabanafts acquisition
of two trading firms in Austria. Our investment activity remained
high and was mainly financed internally, from cash flow, at
99 million Euros.
.
.
Not only does our proven distribution of risk
form the basis for further development of existing
FI XED AND FI NANCI AL ASSETS
(in million )
at cost book value

20
00
20
01
20
02
20
03
19
99
4
0
0
8
4
0
5
9
3
1
,2
3
5
6
2
3
1
,3
1
0
6
3
8
1
,2
6
9
4
6
8
9
6
5
19992003
S t a t e o f t h e c o r p o r a t i o n

prospects of 2004
Due to our recent growth, several projects remain in the develop-
ment, 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, Oiltankings 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 more-
streamlined processes. This is another step toward ensuring the
competitiveness of all of our operations even in markets charac-
terized by continuous change.
German accounting law requires listed companies to draw up
their annual reports in accordance with the IFRS rules (Interna-
tional 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.
M a r q u a r d & B a h l s A G 1 2 / 1 3
RETURN ON EQUI TY
(in percent)
before taxes net

20
00
20
01
20
02
20
03
19
99
2
1
.1
2
8
.4
1
7
.5
2
8
.1
1
3
.9
2
5
.1
1
0
.1
1
8
.5
8
.1
1
6
.7
19992003
CASHFLOW AND I NVESTMENTS
(in million )
Cash flow Investments

20
00
20
01
20
02
20
03
19
99
1
0
8
8
9
9
7
9
4
1
1
2
9
9 1
1
2
1
2
1
2
3
6
1
4
9
t o d e t e c t
c o n n e c t i o n s
t h e
prospects of 2004
Due to our recent growth, several projects remain in the develop-
ment, 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, Oiltankings 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 more-
streamlined processes. This is another step toward ensuring the
competitiveness of all of our operations even in markets charac-
terized by continuous change.
German accounting law requires listed companies to draw up
their annual reports in accordance with the IFRS rules (Interna-
tional 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.
p r o s p e c t s
1
)
pay attention, explore, learn, deliberate, view through ones
own eyes, truthfulness, reliability, trust, something makes
sense, the strength of persuasion, decision.
2003
5 )

M a b a n a f t
Northwestern Europe represents the historical basis for our
strong trading position. Within this region, Mabanaft is one of the
leading independent importers and wholesalers for petroleum
products. This position has resulted in Mabanaft having more
than 13.7 million tons in outside sales in 2003 (13.1 million tons
last year).
Mabanafts business encompasses international cargo trade,
import operations, local wholesaling and regional distribution. Its
international trading operations not only offer an option for
uninterrupted supply, but also contribute to optimal risk diversi-
fication.
t h i n k v i s i o n a r i l y
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 Euro-
pean 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 depend-
ably, over the long term, with a network of 40 sales offices and
about 100 delivery terminals. Here, our employees keep a sharp
eye on market developments, have an instinctive feeling for
opportunities and risks, a steady hand in business management
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 inde-
pendence also makes it possible to serve all of the market players
equitably and at competitive terms.
The first half of the past year was impacted, above all, by the Iraq
crisis, which produced extreme price fluctuations. In March, the
price of gas oil swung by more than 100 US$ per metric ton, while
diesel fuel in some periods was traded at a premium of 130 US$
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
in history, to more than one Euro per liter, despite the preferential
tax rate for this fuel.
O i l t r a d i n g 1 4 / 1 5
Thanks to our traditionally strong logistical
position in our core markets Germany, Great
Mabanaft
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.
PRICE GASOIL BARGES PLATTS FOB ARA AND
IPE-GASOIL (in US$/tons)
Gasoil price
jan. 1
03
mar. 12
03
apr. 23
03
june 4
03
jul. 30
03
sep. 24
03
nov. 19
03
dec. 31
03
350
300
250
200
150
100
50
0
5 )
oil trading germany

O i l t r a d i n g 1 6 / 1 7 M a b a n a f t
p l a n f o r e s i g h t e d l y
An extensive infrastructure and solid financial
base are among the fundamental preconditions for
Our trading division successfully counteracted these price
fluctuations by shouldering a limited degree of risk and applying
prudent risk management. In light of the potential for conflict in
Iraq, Mabanaft had, by August 2002, set up an options
structure that was profitably liquidated at the beginning of the
reporting year.
The low water levels in the Rhine and Danube burdened the Euro-
pean market, especially in the second half of the year. The Rhine,
in particular, reached historic lows, severely restricting river traffic.
The resulting high freight costs for inland shipping created a
difficult market environment for our trading subsidiaries, which
transport a large share of the products they trade by way of the
Rhine and the Danube. We are particularly proud of our employees
who, by renting considerable numbers of railroad tank cars, were
able not only to maintain our delivery capabilities, but even to
expand them. The experience showed us that the railroads must
significantly increase their flexibility if they are to become a
serious and sustainable alternative to river transportation.
The success of our trading units, despite these difficult operating
parameters, is a great achievement. Controlled risk management
and our deliberate adherence to physical trading, with all its
interfaces in transportation, storage and logistics, have proven
their merit once again.
any successful trading activity. But our resounding long-term suc-
cess rests, above all, upon human performance. Our employees
dedication, loyalty and steady nerves in the face of difficult market
conditions are what made our successes possible and permit us
to look with confidence to the challenges of the future.
oil trading
mabanaft international
Mabanaft International reported a successful year. Profits excee-
ded those of the previous year, and volumes, drawn primarily from
Russia, once again rose significantly. This is a major success in
light of the reorientation and consolidation of the Russian oil
companies. Maintaining our own tank-terminal infrastructure in
the ARA region also has expanded our options for international
trading and contributed to the years good results. Establishing
our own base on the American East Coast will further expand our
options.
mabanaft germany
Particularly during the first half of the business year just concluded,
Mabanaft Germany operated successfully in the market, despite
the difficult environment. Prudent risk management and the use
of available infrastructure were the cornerstones for good
returns. Also contributing to the positive results were the supply
and delivery contracts already in place. Particularly during low-
water periods, with the associated higher barge-freight rates, our
10-year contract for the use of the RMR pipeline proved to be
especially beneficial. The RMR pipeline links Rotterdam with
major industrial sites in western Germany.
Despite a slight decline in sales due to strong competition in the
gas market, the fuel-oil trade was once again successful last
year. Mabanaft Germany not only posted very satisfactory results,
but also further expanded its market position in Germany. Our fuel-
oil trade operations also are well positioned for the future. Thus, it
was possible to conclude a new sales contract with a large
producer in northern Germany. This will further strengthen
Mabanafts trading position in that region.
.
.
5 )
oil trading northwestern europe
oil trading southeastern europe
oil trading international

mabanaft moldova | tirex
Mabanaft Moldova/Tirex is firmly rooted in the Moldovian market
and, along with our business in Hungary, is an important bridge-
head to the Balkan region and the adjoining countries in the CIS,
which we see as a promising market.
mabanaft hungary
In just the second year after its founding, Mabanaft Hungary
broke even. Trading volumes rose continuously, and the tank ter-
minal acquired by Oiltanking in Budapest ensures that Mabanaft
Hungary will have access to an independent storage terminal that
is indispensable for successful operations. Therefore, the company
is well prepared to further expand its presence in the Hungarian
market and beyond.
mabanaft inc.
In 2004, we will expand our trading activities in the U.S.A. We
already are laying the groundwork for opening an office on the
East Coast. In the course of fiscal year 2004, Mabanaft Inc. will
launch its wholesale and retail activities in heating oil on the East
Coast, the worlds largest and most liquid market for that product.
We also are preparing for trade in gasoline and middle distillates.
O i l t r a d i n g 1 8 / 1 9 M a b a n a f t
k e e p t r a c k o f s o m e t h i n g
.
.
.
mabanaft bv
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
by our local decision makers.
mabanaft switzerland
Mabanaft Switzerland was able to further stabilize its position as
one of the leading independent dealers in Switzerland, despite
the difficulties of deliveries made on the Rhine. Through our
cooperative efforts with other independents and, above all, with
our other trading companies, we will further expand the market
position enjoyed by our Swiss trading company.
mabanaft ltd.
Our trading company in the British Isles, Mabanaft Ltd., has become
a permanent fixture among independent trading firms in Great
Britain. In the most recent business year, Mabanaft Ltd. expanded
its supply and customer portfolio beyond the traditional major
customers the supermarkets that dominate the gasoline business.
Our English subsidiary is now even better prepared to meet future
challenges.
mabanaft austria
To compensate for the steady decline in oil demand in north-
western Europe, we have, in recent years, built our own network
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. Conse-
quently, we are represented in southeastern Europe with our own
trading companies in Austria, Hungary and Moldova.
.
.
.
.
t o f o c u s n e w m a r k e t s
5 )
oil trading service stations
oil trading heating-oil end users

service stations
Our network of service stations has grown to more than 200 in
Germany, Switzerland and Austria. In the future, we will market
our service stations consistently and uniformly under the OIL!
brand and strengthen our service-station network in individual
locales.
previously operated under the brand of bft, all of them now
display the OIL! trademark. Customer response to the new and uni-
form market presence was extremely positive. The service stations
in Switzerland were included in this restructuring. Unprofitable
stations either were sold or closed. And, as of 2004, the outlets
in Switzerland also will market under the OIL! brand name.
We have begun to establish a small network of service stations in
Austria. Three of these stations already are operating and also
carry the OIL! brand. In addition, we have concluded an agree-
ment to take over 14 additional stations in 2004, which also will
be rebranded to OIL!.
R e t a i l i n g 2 0 / 2 1
Consistent with this policy, this year we rebranded
all of our service stations in Germany that were
Overall sales in the end-user market reached
more than 2.1 million metric tons for the first
M a b a n a f t
f a c e u p t o t h e f a c t s
retailing
We have continuously expanded our retail activities in recent
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.
time last year. Thus, we have achieved our goal of selling 15 per-
cent of our wholesale volume through our own distribution channels.
Consequently, 2004 will be characterized by consolidation, which
we already have initiated.
heating-oil end users
Strong demand during the first half of the year followed, regret-
tably, by significantly lower demand in the second half kept sales
volumes for heating oil in Germany more or less at the previous
years level. Thanks to strict cost management, while exploiting
synergies among the retail companies associated with Petronord,
we were able to achieve better bottom-line results than in the
prior reporting period.
Reorganization of the groups activities in Switzerland initially
resulted in lower sales, but put retail-trading activities in a good
position for the future.
Our retail unit in England, operating under the BWOC name, had
a very successful year. A clear strategy, fully committed manage-
ment and strict cost control produced yet another improvement
in results when compared with past years.
Applying the strategy that already has proven its efficacy in
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 Minerall Vertriebsgesellschaft m.b.H., a well-established
retail organization in Austria.
.
.
h a v e t h e o b j e c t i v e s i n v i e w
MDA0DSUl Q3Jl YXRpb25EYXRl Oi BUdWUgTm92I CA1I DEzOj A0Oj I 4I DE5OTENJSVWTXVzYWdl
Oi AzNj c3OSA0NzY3MQ0l JSBUaGUgZGl naXRhbGx5I GVuY29kZWQgbWFj aGl uZSByZWFkYWJs
ZSBvdXRsaW5l I GRhdGEgZm9yI HByb2R1Y2l uZyB0aGUgDSUl I FR5cGVmYWNl cyBwcm92aWRl
ZCBhcyBwYXJ 0I G9mI Hl vdXI gbGFz ZXI gcHJ pbnRl ci BpcyBj b3B5cml naHRl ZCAoYykgMT k4
MSANJSUgTGl ub3R5cGUt SGVsbCBBRyBhbmQvb3I gaXRzI HN1YnNpZGl hcml l cy4gQWxsI FJp
Z2h0cyBSZXNl cnZl ZC4gVGhpcyBkYXRhI Gl zI A0l J SB0aGUgcHJ vcGVydHkgb2YgTGl ub3R5
cGUtSGVsbCBBRyBhbmQgbWF5I G5vdCBi ZSByZXByb2R1Y2VkLCB1c2VkLCANJSUgZGl zcGxh
eWVkLCBt b2RpZml l ZCwgZGl zY2xvc2VkI G9yI HRyYW5zZmVycmVkI HdpdGhvdXQgdGhl I GV4
cHJl c3Mgd3JpdHRl bi ANJSUgYXBwcm92YWwgb2YgTGl ub3R5cGUtSGVsbCBBRy4gMTI gT3B0
aW1hKi BSb21hbi AwNTI wMyANJSUgT3B0aW1hI Gl zI GEgdHJhZGVt YXJr I G9mI Expbm90eXBl
LUhl bGwgQUcgYW5kL29yI Gl 0cyBzdWJzaWRpYXJpZXMuDUZvbnREaXJl Y3RvcnkvT3B0aW1h
I Gtub3duey9PcHRpbWEgZml uZGZvbnQgZHVwI C9Vbml xdWVJRCBr bm93bntkdXAgL1VuaXF1
ZUl EI Gdl dCAxMDU1NzA4I GVxI GV4Y2ggL0ZvbnRUeXBl I Gdl dCAxI GVxI GFuZH17cG9wI GZh
bHNl fWl mZWxzZSANe3NhdmUgdHJ1ZX17ZmFsc2V9aWZl bHNl fXtmYWxzZX1pZmVsc2UNMTEg
ZGl j dCBi ZWdpbg0vRm9udEl uZm8gMTAgZGl j dCBkdXAgYmVnaW4NL3Zl cnNpb24gKDAwMS4w
MDQpI HJl YWRvbmx5I GRl Zg0vTm90aWNl I ChDb3B5cml naHQgKGMpI DE5ODUsI DE5ODcsI DE5
ODksI DE5OTEgQWRvYmUgU3l zdGVtcyBJbmNvcnBvcmF0ZWQuQWxsI FJpZ2h0cyBSZXNl cnZl
ZC5PcHRpbWEgaXMgYSB0cmFkZW1hcmsgb2YgTGl ub3R5cGUtSGVsbCBBRyBhbmQvb3I gaXRz
I HN1YnNpZGl hcml l cy4pI HJ l YWRvbmx5I GRl Zg0vQ29weXJ pZ2h0I CggVGhl I GRpZ2l 0YWxs
eSBl bmNvZGVkI G1hY2hpbmUgcmVhZGFi bGUgb3V0bGl uZSBkYXRhI GZvci Bwcm9kdWNpbmcN
I HRoZSBUeXBl ZmFj ZXMgcHJvdml kZWQgYXMgcGFydCBvZi B5b3VyI Gxhc2VyI HByaW50ZXI g
aXMgY29weXJpZ2h0ZWQNI Chj KSAxOTgxI Expbm90eXBl LUhl bGwgQUcgYW5kL29yI Gl 0cyBz
dWJzaWRpYXJpZXMuIEFsbCBSaWdodHMgUmVzZXJ2ZWQuDSBUaGl zIGRhdGEgaXMgdGhl IHBy
b3Bl cnR5IG9mIExpbm90eXBl LUhl bGwgQUcgYW5kIG1heSBub3QgYmUgcmVwcm9kdWNl ZCwN
I HVzZWQsI GRpc3BsYXl l ZCwgbW9kaWZpZWQsI GRpc2Nsb3Nl ZCBvci B0cmFuc2Zl cnJ l ZCB3
aXRob3V0I HRoZQ0gZXhwcmVzcyB3cml 0dGVuI GFwcHJvdmFsI G9mI Expbm90eXBl LUhl bGwg
QUcuDSAxMi BPcHRpbWEqI FJvbWFuI DA1Mj AzI CkgcmVhZG9ubHkgZGVmDS9GdWxsTmFtZSAo
T3B0aW1hI FJvbWFuKSByZWFkb25seSBkZWYNL0ZhbWl seU5hbWUgKE9wdGl tYSkgcmVhZG9u
bHkgZGVmDS9XZWl naHQgKFJvbWFuKSByZWFkb25seSBkZWYNL0l 0YWxpY0FuZ2xl I DAgZGVm
DS9pc0ZpeGVkUGl 0Y2ggZmFsc2UgZGVmDS9VbmRl cmxpbmVQb3NpdGl vbi AtMTAwI GRl Zg0v
VW5kZXJsaW5l VGhpY2tuZXNzI DUwI GRl Zg1l bmQgcmVhZG9ubHkgZGVmDS9Gb250TmFtZSAv
T3B0aW1hIGRlZg0vRW5jb2RpbmcgU3RhbmRhcmRFbmNvZGluZyBkZWYNL1BhaW50VHlwZSAw
IGRlZg0vRm9udFR5cGUgMSBkZWYNL0ZvbnRNYXRyaXggWzAuMDAxIDAgMCAwLjAwMSAwIDBd
I HJl YWRvbmx5I GRl Zg0vVW5pcXVl SUQgMTA1NTcwOCBkZWYNL0ZvbnRCQm94ey03OCAtMj cx
I DEwMDAgOTE5fXJl YWRvbmx5I GRl Zg1j dXJyZW50ZGl j dCBl bmQNY3VycmVudGZpbGUgZWV4
ZWMNAAAI AAI AZumgvHr zEGa82z1ef P39qZ923L3g82sZE3dA8kZf KaxLOe49I JLNBmt eZKWl
c2Ai 0+AOLt mDso6AXqBj L4Qf UvWGTDu2l oJZhr hwHaygKdBXae/ R8deXi NcCENXEMSbaEH/ 0
3ve3CLDBTQ2l vr qKUMj cZJ C4mykvDzr CwJ yHoUt yFS2r XDJ Kr XQGxgHTHbTRGVDj E2u1TzZ5
q96YZt 4WCt 79pdCNmvNwl X2k7NI i Xl WUj ypn7nI YvqvLcbvQv20yQc/ 0j LAP3i xUs GEU8XFk
MPyV4nyyBqqaeDI Oywj ZHNI 4M1GT0dZb6OcGc7Twu6l QkO42Cqxdbea6NpnpWodtKxe91B86
vMzxvbSBbFAQhv7I j r +i mCH2GXbpOui vu5Hdr ahCapY9t t +5mzLyp/ EzoOYI WwPy24hKhGaJ
0g+hxecBW4l ottPMzWEduW6opBJGAmzQYGsHy8N+3zmStt2ux5I 46vUQuRX41u53vkhzR2Aj
NcUW+DhpHf t Uw3B1n/ Sl vGeXKGR4f LPFj c1dZI kcf ki bR5Vqt 5i HzOs vu3z8k5R0NbOzd1h2
osm1f WnWyj xomaPpcNx5quTzTXAwKj I i j FosYQYOdkP8UpHUN4MOqTzR06DbE5STI 4vGP/ 9F
Ar gdVRgAG7xBl ur vodPkGz8r O4F5dI ot OdzD7NBHa7/ mn89r I Uj BH7hu6vQRc0TScuD7r c4v
kWAhXKI H3HaMAeki I 1tKnAVGeN3y2yvRnWZyFzVYUuHLYzQsmXx4b759kQPVJx0mqXkWrJfa
R4yD+2EdETsXd1t T7DA40QewCcf i Ur f i / gg493AqBgPCTBm7hLJ NXgL14EKppVcTN1GBhBD2
aj KC15l r wWDPNci QTE5gkTsyQNGpHZwLoNsJ vEBl e7VRozLVHdk0EmKB2Up8BdPo2l oj 7v0a
t+PkS4B51nae+
auf Empfang sein, aufnehmen, verarbeiten, analysieren, bewerten, sich Gehr verschaffen
a-
xLOefpdNXoli
berzeugen,
PENx5quTzTXAwKjIijFosYQYOdkP8UpHx4b7
.
NCTp5REMvUdNXopYWHJRuEzkIlqV5qSK
FS7Ss1XIsFmt6zN2or6SNsb/mjFsNatgKP4LfGCQ5ee1SjSPAFn7F8EsnYN+Ij7Kl1NskcZwhyhtYeufLAHQygl/WfHB
A0l41lIStdfapZ+7ZVufekLKNmeswp524MpKJkisRJnENFI8cVpZJa+kqF7V9NTiaIzlr8G1JExP551yaR49R1+iYew
mkuS1J FwpWcNgCr Sqcc/ xcaFNxi nBLDG3gt sTFOsDG/ GWxHpPcbD3bE64VPTg76w7zl Nuzl V
t7LIxV4QtKszH/jWDyLNP379F+KlefjqkmrkKjqNK1Z0mGff+X4dRRRwoYRKMgQSmWGiJ6thF+8Dn2uctKLoNPa
BRI / r zdvA54qbf K2r DLzmH9Di 3Z299ej 6pGh+4u98pTA6s79/ MVVENCI 3y+7I MxQpI 5Q9Mgb
3yt XSdA00X1TcARA9mXxeq/ Di zLpG9+q5BdyT3ky+PJ OzXBXW/ t o5Q7N2964LCbeFI ahl 6Kt
hTmi UG0dQ7gkka2CCewxUi vt yv+l MxJ 9/ H2gj M9Vul EZm1mf VI z7xVCOUH9hs 1zuRl l j hg28
I SLt ZV6WQ/ YeS5uOue9Se5CF1053Xl NEu1bwEl GPYZZNkI VHTueMuFr i KI Ni odV1GNa8Q2He
QG7c6xcfPM2qkLvaoDSr5pAqa6zNUdNVPXZMmUcWk+bocrMD5OoEj 0R6pGf8PXoGeHgHti 7o
H28SnAheCXkr 0YOn+VwdOTU+8i i vRsI sNI S97vZHhi znLnde0l Mawhp8BK926TpKt NQ9t XV9
R0r Uj W2v6l C7y95FbS7Cxc7dZhw7KyZSUwi P0s OU+apXl Z1Os YZ23kJ 7ZKS8hR4yKL4oh9l r
s l cMOd2Pe34a0v/ EKf I FnEvUebt gnf Q7EbdkNXGFGAF1NA4LMPi R0d3ZI qS8zhf YXl 0I n2WO
RBr RuqBMMwi PM+qce4+6I 37gTr OKr 6kZLOqqmUzI W7sZr l ar t c6cY0i xqRD+VQCPovo4Ner /
BbI +mBJ r gj l NLl m0QJ PTg3I zczhbhQHs Tz3wNCX1O2m7OH+zHVas gf Si ZZ4C5Ezv3J K2Yq/ i
Hp2Rntj AEKaPOL6kWfpT0URVZk9l JI ryxyVHo+XDexOQHZBhwd7YpXBZHTAR6W9yBKDE9QA8
r qHSoKl GQspcHyGDmyt Ng8PhO+1JKl f K2r PC+EI RRj acA43o4ncybcMyRy0ZWr N5N66m/ f md
UPa4nE47uK0Enq3MJ4Tp7dQ43aVn4I AJZKMgl hraFPLPd2nMqAn6fmS6L4Wd4yXEbl mwOQcB
Kl VnYeTAvwHvwJ XSGz l 7dVol goVXPVc/ godxr CRvi J KDp0ebdT L dKoxMl WHaAl b/ 6Yf Xj SHo
gaJoTM8OPbXmsF4KvMUtBoszni m0PZt0x4HFc5sXO4SYuU1yl 5GWD5ON3EYGkh9sr f j 36ECK
0CoUI F6dk9I O2yf wT8wt l RnQel s EYaay4Qohi vv4t T2gEgGMi YVuWcpJ 1s TZE5wr Am1CUnHs
sVUmxLO9A5OfqX1y1CPLI aw0b9Aqg/ xXA15NFRb5+OFmUnKCAmM6EI f0+I Jvuxm2u06u8gqt
yCNzAAAI AAI AxFKOMyz5xl dSwR8S1nEqkTKi 11D6YRqCGI CDnqNJ ZEf SCf J Fqq0PC0wf KNr E
RI qoVJzYmgqVeyLz/ hD3VZmDy2CyRN2vqbPj 4dEDUaZi L+OvoBDl C70u0SoqT/ FUXweQ9mf N
ZYj bTf I s 3+U6KJ wKUj Ws V/ Fd1qgyr hb2ndV0t x3MZYk2uY3ZS4B9s Pdg8wWFI e+J ZmeLAr y7
+PQD/ PYi t eJ nOt LGpoH1kRJ HnoxyaI n+kFW/ Thoq1WMzr AT2pgUr 1Tyeb1l mf NER7G77e1Sq
wVVK71+pWTI LGQKi bCCVfaq9x9FGJtMCWsLI sp+hl XuaFu2eLpwGRH3RLMkqrndCNhzuWev2
Wmri dz9Q6RI kx/UuRhROLxVegQwMnksZJX/qoy2OV6A++OmHoEMRKNMsd8Pzl fKnyVQi M3MC
r 779SKT 7m0x+J WZFr 9I o5e+8r wR3k+Tr z of J BmBl cJ l J w4J Nl 7vz +XT 63/ EdToGz oT kL 9O+/
7GseWHKqt w9U79zHexAU63FzDgOol eua8I 2l sWR/ 5gcl X276SUGuKmj Kot dxe1EVx1gCUg5E
H1+Uf I AQ5DP/ 7UEpOPCOESI NTmZNAJVcj i EwxawZy+Moi P4Uy12zBgNK+tC5Xj gR9oHmyl nv
85kXP5Zus / cs ch6QN4Po4NKbM3Ns axkR+MGDel oXXbAayv2pqI UJ Bj r evMLJ eEf s l BWXLl v/
FdAcv8npuyvN+dEkFxRqo1xXl pOPYF09nKTHN6FSOTxuZRr kQzEDhj VO2pUNaYYhRMi QbZpU
JgUZYqoLMo2+WxpV1TKl 6r 707GtFkGmab/ XsmgFoJwVc8VXQAqJYvhi Zj AnBOi WGvQ8i 0GRW
x wI ASZdx x T F 7OJ j E j PK907VV4Pi e PGj 8O9T 8R1J E I t J T pA/ bE OT 6Cg0x 2F q+F Pf 3Ql z I N5v F
mDbVOPC5QxShmr J yxJ / bheL++9Y9KBpcOVC21Ft FaWnVJ I eYwl 7I GGCO/ BYPt ozD5r / TVczi
E0t Dvc+pJ mmA9hPmql wYkEZLRRf z9PBXzF7i pxoyvT+wKBzWRwSq9aAKV/ 6SJ bbyqgj qEJ cc
DoxOqj 3f oU3RI f WBWvxbf w1ywTy6TO2n5hp6t kkFKpy0Ghsq3H3SWxgczVPPxv2Pi kcxvWSk
t ehG2RWI t v5t f BS7NEBl t 2wh5xnxr br QW0SOkT SI 38hqJ 4h7e/ FPgbSgUnMRGYYt Aai r l pf k
b/ y2J 6vSFR5Wz3W1UI Ll ygUANZUpas yTZYt Gl +QPFYWqveNLcs R3eBFl RFhEx+PxbyJ qCVb1
hhvVScALHXxyl Htbaw6963W8x9+697z7ws2qPegw3I r Q3kkPTBdYBMWPCKNh/ POr I LMghDsT
RnUGtfRLDYfuaCKH3pvqoTSyn8w+DPxRyDj LE6WxcHkzOQKyPYb4Qj nfQBn4hKs/ W08VQWoy
A2bkQeXOXI pTt k0pCs I QSQ70BNCMf J NTH/ j PuEGv9aDl qN4eJ es NAwGKds cB5zf ZQVac4l L/
kuPAoFeY9Ht1tQGwPNkr VnOc8NdqE+Bi g8tPVRd+PWsowmWVTeDsgKTN/ ZGsoqP/ oF6r xQDu
kqb1txLeZwj 8xCU3bNOFVs47FptpgB0U45WAt1f i YGc2gO6mqu9bJQqRFz+Lu8NudSD9/ NW/
gp3F/ s SL kai ZY7t Y2OuBQEZI 6v5M8AXi Bs cgc7i 2DdRv2VKI qs T Wl ocK8SRf 9mS/ XuNckE3v
wd5LmggaRPoYEa8KLCbWMS0C1ndvJx8cx7r B9f G/ ny4nWzN8e6FJvxvr Zdp7BQI CgGHz+l be
e/ ngLSKgdRENAp3872HUBdi CcG0++/ t XLTkFeNqr 2h9mJz+LD1JSgM8nMquCM10f ODj yPAt o
pmQWZCLYFbAaNdZBKaQEZ7D6k47aGpHPsH0+NXr13KVLh9Qzcuc+EM11LqyT6rAh28dMUD3W
mXAUZVVl EJ 8NMohZ9evpi L02SOJ 6uHXcv93pNWkBVESj 7t LpXZgr LFTer zZcf Nz3l Lt j wTRn
Ao52Pef A9n5XOPEQGr DbdsH12w4osGw8xr 5bGYNFzd3r eA8FTzYFkYhhwKQLj cUAnFf NEPHn
zzoYvFbvGh8n2aHf j ckG+j dp2nLEs s 64r t d4oj ys J 5EzOQr p+Kf wdNnwx+mpHdy6yEH3+xS5
3QB39Ebl eCdVVRf Br THAE0aAXYhQuEXGVuH+dvQ031/ 7KV9qr 8i pphQ9dqYzvW1+Lr dhyI PO
zXyDdHJhKNL6dkVoUv/ vi 5Kpj uzWpV+6wUhcmOox1HnLCi dG9EM61XRdMVi dWOrv+SCj T1Pa
sc8YoUdM3r E of t W46S987DUAZi YToAMLi knL f hf ccg0KHp/ m38qo3mFGebegN1gpX2JY
oil trading international
R e t a i l i n g
energy services

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 groups
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.
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 Germanys 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 groups results in two or
three years.
a full-range supplier of energy and energy-related services. This
subsidiary complements traditional Mabanaft trading activities,
since Proenergys business is typically long-term in character and
produces steady revenues.
The acquisition of Proenergy is nonetheless an
important step toward positioning Mabanaft as
M a b a n a f t 2 2 / 2 3
w a i t f o r t h e r i g h t m o m e n t
.
.
)
)
)
)
)
a t t e nt i on
t o pa y c l o s e recognize nuances, sensibility, flexibility, rapidity
MDA0DSUlQ3
MDA0DSUlQ3
OiAzNjc3OSA0N
ZSBvdXRsaW5lI
ZCBhcyBw
MSANJSUgTG
Z2h0cyBSZ
cGUtSGVsbCBB
eWVkLCBtb2R
cHJlc3Mgd3Jpd
aW1hKiBSb21
LUhlbGwgQUcg
IGtub3duey9Pc
ZUlEIGdldCA
bHNlfWlmZWxzZSA
ZGljdCBiZWdpbg0
MDQpIHJlYWRv
ODksIDE5OTEg
ZC5PcHRpbWEga
IHN1YnNpZ
eSBlbmNvZGVkIG
IHRoZSBUeXB
aXMgY29weXJ
dWJzaWRpYXJpZX
b3BlcnR5IG9mIEx
IHVzZWQsIG
aXRob3V0IHRo
QUcuDSAxMiBPc
T3B0aW1hIFJvbW
bHkgZGVmDS9XZ
DS9pc0ZpeGVkU
VW5kZXJsaW5lV
T3B0aW1hIGRlZg0v
IGRlZg0vRm9udFR5c
IHJlYWRvbmx5IG
IDEwMDAgOTE5
ZWMNAAAIAA
c2Ai0+AOLtm
3ve3CLDBTQ
q96YZt4WC
MPyV4nyyBqqa
vMzxvbSBbF
0g+hxecBW4lot
NcUW+Dhp
osm1fWnWyj
ArgdVRgAG
kWAhXKIH3HaM
R4yD+2EdET
gAG7xbkgmajKC15lrwW
ct6zN2t+kS4B51nae3ytXSdA0
epmBstaxXLXe
,
dNXolb3BlcnR5I
jhsdKvUdFrpYWHJRuEzkIlqV5
kcwhyhtYeufLAHQyg
mkuS1JFwpW
t7LIxV4QtKszH/
BRI/rzdvA54q
3ytXSdA00X
hTmiUG0dQ
ISLtZV6WQ/Y
QG7c6xcfPM2qk
H28SnAheCX
R0rUjW2v6l
slcMOd2Pe
RBrRuqBMM
BbI+mBJrg
Hp2RntjAEKaPO
rqHSoKlGQspc
UPa4nE47uK0En
KlVnYeTAv
gaJoTM8OPbX
0CoUIF6dk9
sVUmxLO9A5Of
yCNzAAAIAA
RIqoVJzYmgq
ZYjbTfIs3+U
+PQD/PYiteJ
wVVK71+pWTIL
Wmridz9Q6RIkx/U
r779SKT7
7GseWHKqtw
H1+UfIAQ5DP
85kXP5Zus
FdAcv8npuyvN
JgUZYqoLMo2+
xwIASZ
mDbVOPC5
E0tDvc+pJm
DoxOqj3foU3
tehG2RW
b/y2J6vSFR5
hhvVScALHXxy
RnUGtfRLDYfua
A2bkQeXOX
kuPAoFeY9Ht1t
kqb1txLeZwj8x
gp3F/sSLk
wd5LmggaRPo
e/ngLSKgdREN
pmQWZCLYFbAaNd
mXAUZVV
Ao52PefA9n5X
zzoYvFbvG
3QB39EbleCd
X DdHJhKNL6
M D A 0 D S U l Q 3 J l Y X R p b 2 5 E Y X R l O i B U d W U g T m 9 2 I C A 1 I D E z O j A 0 O j I 4 I D E 5 O T E N J S V W T X V z Y W d l
O i A z N j c 3 O S A 0 N z Y 3 M Q 0 l J S B U a G U g Z G l n a X R h b G x 5 I G V u Y 2 9 k Z W Q g b W F j a G l u Z S B y Z W F k Y W J s
Z S B v d X R s a W 5 l I G R h d G E g Z m 9 y I H B y b 2 R 1 Y 2 l u Z y B 0 a G U g D S U l I F R 5 c G V m Y W N l c y B w c m 9 2 a W R l
Z C B h c y B w Y X J 0 I G 9 m I H l v d X I g b G F z Z X I g c H J p b n R l c i B p c y B j b 3 B 5 c m l n a H R l Z C A o Y y k g M T k 4
M S A N J S U g T G l u b 3 R 5 c G U t S G V s b C B B R y B h b m Q v b 3 I g a X R z I H N 1 Y n N p Z G l h c m l l c y 4 g Q W x s I F J p
Z 2 h 0 c y B S Z X N l c n Z l Z C 4 g V G h p c y B k Y X R h I G l z I A 0 l J S B 0 a G U g c H J v c G V y d H k g b 2 Y g T G l u b 3 R 5
c G U t S G V s b C B B R y B h b m Q g b W F 5 I G 5 v d C B i Z S B y Z X B y b 2 R 1 Y 2 V k L C B 1 c 2 V k L C A N J S U g Z G l z c G x h
e W V k L C B t b 2 R p Z m l l Z C w g Z G l z Y 2 x v c 2 V k I G 9 y I H R y Y W 5 z Z m V y c m V k I H d p d G h v d X Q g d G h l I G V 4
c H J l c 3 M g d 3 J p d H R l b i A N J S U g Y X B w c m 9 2 Y W w g b 2 Y g T G l u b 3 R 5 c G U t S G V s b C B B R y 4 g M T I g T 3 B 0
a W 1 h K i B S b 2 1 h b i A w N T I w M y A N J S U g T 3 B 0 a W 1 h I G l z I G E g d H J h Z G V t Y X J r I G 9 m I E x p b m 9 0 e X B l
L U h l b G w g Q U c g Y W 5 k L 2 9 y I G l 0 c y B z d W J z a W R p Y X J p Z X M u D U Z v b n R E a X J l Y 3 R v c n k v T 3 B 0 a W 1 h
I G t u b 3 d u e y 9 P c H R p b W E g Z m l u Z G Z v b n Q g Z H V w I C 9 V b m l x d W V J R C B r b m 9 3 b n t k d X A g L 1 V u a X F 1
Z U l E I G d l d C A x M D U 1 N z A 4 I G V x I G V 4 Y 2 g g L 0 Z v b n R U e X B l I G d l d C A x I G V x I G F u Z H 1 7 c G 9 w I G Z h
b H N l f W l m Z W x z Z S A N e 3 N h d m U g d H J 1 Z X 1 7 Z m F s c 2 V 9 a W Z l b H N l f X t m Y W x z Z X 1 p Z m V s c 2 U N M T E g
Z G l j d C B i Z W d p b g 0 v R m 9 u d E l u Z m 8 g M T A g Z G l j d C B k d X A g Y m V n a W 4 N L 3 Z l c n N p b 2 4 g K D A w M S 4 w
M D Q p I H J l Y W R v b m x 5 I G R l Z g 0 v T m 9 0 a W N l I C h D b 3 B 5 c m l n a H Q g K G M p I D E 5 O D U s I D E 5 O D c s I D E 5
O D k s I D E 5 O T E g Q W R v Y m U g U 3 l z d G V t c y B J b m N v c n B v c m F 0 Z W Q u Q W x s I F J p Z 2 h 0 c y B S Z X N l c n Z l
Z C 5 P c H R p b W E g a X M g Y S B 0 c m F k Z W 1 h c m s g b 2 Y g T G l u b 3 R 5 c G U t S G V s b C B B R y B h b m Q v b 3 I g a X R z
I H N 1 Y n N p Z G l h c m l l c y 4 p I H J l Y W R v b m x 5 I G R l Z g 0 v Q 2 9 w e X J p Z 2 h 0 I C g g V G h l I G R p Z 2 l 0 Y W x s
e S B l b m N v Z G V k I G 1 h Y 2 h p b m U g c m V h Z G F i b G U g b 3 V 0 b G l u Z S B k Y X R h I G Z v c i B w c m 9 k d W N p b m c N
I H R o Z S B U e X B l Z m F j Z X M g c H J v d m l k Z W Q g Y X M g c G F y d C B v Z i B 5 b 3 V y I G x h c 2 V y I H B y a W 5 0 Z X I g
a X M g Y 2 9 w e X J p Z 2 h 0 Z W Q N I C h j K S A x O T g x I E x p b m 9 0 e X B l L U h l b G w g Q U c g Y W 5 k L 2 9 y I G l 0 c y B z
d W J z a W R p Y X J p Z X M u I E F s b C B S a W d o d H M g U m V z Z X J 2 Z W Q u D S B U a G l z I G R h d G E g a X M g d G h l I H B y
b 3 B l c n R 5 I G 9 m I E x p b m 9 0 e X B l L U h l b G w g Q U c g Y W 5 k I G 1 h e S B u b 3 Q g Y m U g c m V w c m 9 k d W N l Z C w N
I H V z Z W Q s I G R p c 3 B s Y X l l Z C w g b W 9 k a W Z p Z W Q s I G R p c 2 N s b 3 N l Z C B v c i B 0 c m F u c 2 Z l c n J l Z C B 3
a X R o b 3 V 0 I H R o Z Q 0 g Z X h w c m V z c y B 3 c m l 0 d G V u I G F w c H J v d m F s I G 9 m I E x p b m 9 0 e X B l L U h l b G w g
Q U c u D S A x M i B P c H R p b W E q I F J v b W F u I D A 1 M j A z I C k g c m V h Z G 9 u b H k g Z G V m D S 9 G d W x s T m F t Z S A o
T 3 B 0 a W 1 h I F J v b W F u K S B y Z W F k b 2 5 s e S B k Z W Y N L 0 Z h b W l s e U 5 h b W U g K E 9 w d G l t Y S k g c m V h Z G 9 u
b H k g Z G V m D S 9 X Z W l n a H Q g K F J v b W F u K S B y Z W F k b 2 5 s e S B k Z W Y N L 0 l 0 Y W x p Y 0 F u Z 2 x l I D A g Z G V m
D S 9 p c 0 Z p e G V k U G l 0 Y 2 g g Z m F s c 2 U g Z G V m D S 9 V b m R l c m x p b m V Q b 3 N p d G l v b i A t M T A w I G R l Z g 0 v
V W 5 k Z X J s a W 5 l V G h p Y 2 t u Z X N z I D U w I G R l Z g 1 l b m Q g c m V h Z G 9 u b H k g Z G V m D S 9 G b 2 5 0 T m F t Z S A v
T 3 B 0 a W 1 h I G R l Z g 0 v R W 5 j b 2 R p b m c g U 3 R h b m R h c m R F b m N v Z G l u Z y B k Z W Y N L 1 B h a W 5 0 V H l w Z S A w
I G R l Z g 0 v R m 9 u d F R 5 c G U g M S B k Z W Y N L 0 Z v b n R N Y X R y a X g g W z A u M D A x I D A g M C A w L j A w M S A w I D B d
I H J l Y W R v b m x 5 I G R l Z g 0 v V W 5 p c X V l S U Q g M T A 1 N T c w O C B k Z W Y N L 0 Z v b n R C Q m 9 4 e y 0 3 O C A t M j c x
I D E w M D A g O T E 5 f X J l Y W R v b m x 5 I G R l Z g 1 j d X J y Z W 5 0 Z G l j d C B l b m Q N Y 3 V y c m V u d G Z p b G U g Z W V 4
Z W M N A A A I A A I A Z u m g v H r z E G a 8 2 z 1 e f P 3 9 q Z 9 2 3 L 3 g 8 2 s Z E 3 d A 8 k Z f K a x L O e 4 9 I J L N B m t e Z K W l
c 2 A i 0 + A O L t m D s o 6 A X q B j L 4 Q f U v W G T D u 2 l o J Z h r h w H a y g K d B X a e / R 8 d e X i N c C E N X E M S b a E H / 0
3 v e 3 C L D B T Q 2 l v r q K U M j c Z J C 4 m y k v D z r C w J y H o U t y F S 2 r X D J K r X Q G x g H T H b T R G V D j E 2 u 1 T z Z 5
q 9 6 Y Z t 4 W C t 7 9 p d C N m v N w l X 2 k 7 N I i X l W U j y p n 7 n I Y v q v L c b v Q v 2 0 y Q c / 0 j L A P 3 i x U s G E U 8 X F k
M P y V 4 n y y B q q a e D I O y w j Z H N I 4 M 1 G T 0 d Z b 6 O c G c 7 T w u 6 l Q k O 4 2 C q x d b e a 6 N p n p W o d t K x e 9 1 B 8 6
v M z x v b S B b F A Q h v 7 I j r + i m C H 2 G X b p O u i v u 5 H d r a h C a p Y 9 t t + 5 m z L y p / E z o O Y I W w P y 2 4 h K h G a J
0 g + h x e c B W 4 l o t t P M z W E d u W 6 o p B J G A m z Q Y G s H y 8 N + 3 z m S t t 2 u x 5 I 4 6 v U Q u R X 4 1 u 5 3 v k h z R 2 A j
N c U W + D h p H f t U w 3 B 1 n / S l v G e X K G R 4 f L P F j c 1 d Z I k c f k i b R 5 V q t 5 i H z O s v u 3 z 8 k 5 R 0 N b O z d 1 h 2
o s m 1 f W n W y j x o m a P p c N x 5 q u T z T X A w K j I i j F o s Y Q Y O d k P 8 U p H U N 4 M O q T z R 0 6 D b E 5 S T I 4 v G P / 9 F
A r g d V R g A G 7 x B l u r v o d P k G z 8 r O 4 F 5 d I o t O d z D 7 N B H a 7 / m n 8 9 r I U j B H 7 h u 6 v Q R c 0 T S c u D 7 r c 4 v
k W A h X K I H 3 H a M A e k i I 1 t K n A V G e N 3 y 2 y v R n W Z y F z V Y U u H L Y z Q s m X x 4 b 7 5 9 k Q P V J x 0 m q X k W r J f a
R 4 y D + 2 E d E T s X d 1 t T 7 D A 4 0 Q e w C c f i U r f i / g g 4 9 3 A q B g P C T B m 7 h L J N X g L 1 4 E K p p V c T N 1 G B h B D 2
a j K C 1 5 l r w W D P N c i Q T E 5 g k T s y Q N G p H Z w L o N s J v E B l e 7 V R o z L V H d k 0 E m K B 2 U p 8 B d P o 2 l o j 7 v 0 a
t + P k S 4 B 5 1 n a e +
a u f E m p f a n g s e i n , a u f n e h m e n , v e r a r b e i t e n , a n a l y s i e r e n , b e w e r t e n , s i c h G e h r v e r s c h a f f e n
a x L O -
e f p d N X o l i
b e r z e u g e n ,
P E N x 5 q u T z T X A w K j I i j F o s Y Q Y O d k P 8 U p H x 4 b 7
.
N C T p 5 R E M v U d N X o p Y W H J R u E z k I l q V 5 q S K F S 7 S
s 1 X I s F m t 6 z N 2 o r 6 S N s b / m j F s N a t g K P 4 L f G C Q 5 e e 1 S j S P A F n 7 F 8 E s n Y N + I j 7 K l 1 N s k c Z w h y h t Y e u f L A H Q y g l / W f H B A 0 l 4 1 l
I S t d f a p Z + 7 Z V u f e k L K N m e s w p 5 2 4 M p K J k i s R J n E N F I 8 c V p Z J a + k q F 7 V 9 N T i a I z l r 8 G 1 J E x P 5 5 1 y a R 4 9 R 1 + i Y e w
m k u S 1 J F w p W c N g C r S q c c / x c a F N x i n B L D G 3 g t s T F O s D G / G W x H p P c b D 3 b E 6 4 V P T g 7 6 w 7 z l N u z l V
t 7 L I x V 4 Q t K s z H / j W D y L N P 3 7 9 F + K l e f j q k m r k K j q N K 1 Z 0 m G f f + X 4 d R R R w o Y R K M g Q S m W G i J 6 t h F + 8 D n 2 u c t K L o N P a
B R I / r z d v A 5 4 q b f K 2 r D L z m H 9 D i 3 Z 2 9 9 e j 6 p G h + 4 u 9 8 p T A 6 s 7 9 / M V V E N C I 3 y + 7 I M x Q p I 5 Q 9 M g b
3 y t X S d A 0 0 X 1 T c A R A 9 m X x e q / D i z L p G 9 + q 5 B d y T 3 k y + P J O z X B X W / t o 5 Q 7 N 2 9 6 4 L C b e F I a h l 6 K t
h T m i U G 0 d Q 7 g k k a 2 C C e w x U i v t y v + l M x J 9 / H 2 g j M 9 V u l E Z m 1 m f V I z 7 x V C O U H 9 h s 1 z u R l l j h g 2 8
I S L t Z V 6 W Q / Y e S 5 u O u e 9 S e 5 C F 1 0 5 3 X l N E u 1 b w E l G P Y Z Z N k I V H T u e M u F r i K I N i o d V 1 G N a 8 Q 2 H e
Q G 7 c 6 x c f P M 2 q k L v a o D S r 5 p A q a 6 z N U d N V P X Z M m U c W k + b o c r M D 5 O o E j 0 R 6 p G f 8 P X o G e H g H t i 7 o
H 2 8 S n A h e C X k r 0 Y O n + V w d O T U + 8 i i v R s I s N I S 9 7 v Z H h i z n L n d e 0 l M a w h p 8 B K 9 2 6 T p K t N Q 9 t X V 9
R 0 r U j W 2 v 6 l C 7 y 9 5 F b S 7 C x c 7 d Z h w 7 K y Z S U w i P 0 s O U + a p X l Z 1 O s Y Z 2 3 k J 7 Z K S 8 h R 4 y K L 4 o h 9 l r
s l c M O d 2 P e 3 4 a 0 v / E K f I F n E v U e b t g n f Q 7 E b d k N X G F G A F 1 N A 4 L M P i R 0 d 3 Z I q S 8 z h f Y X l 0 I n 2 W O
R B r R u q B M M w i P M + q c e 4 + 6 I 3 7 g T r O K r 6 k Z L O q q m U z I W 7 s Z r l a r t c 6 c Y 0 i x q R D + V Q C P o v o 4 N e r /
B b I + m B J r g j l N L l m 0 Q J P T g 3 I z c z h b h Q H s T z 3 w N C X 1 O 2 m 7 O H + z H V a s g f S i Z Z 4 C 5 E z v 3 J K 2 Y q / i
H p 2 R n t j A E K a P O L 6 k W f p T 0 U R V Z k 9 l J I r y x y V H o + X D e x O Q H Z B h w d 7 Y p X B Z H T A R 6 W 9 y B K D E 9 Q A 8
r q H S o K l G Q s p c H y G D m y t N g 8 P h O + 1 J K l f K 2 r P C + E I R R j a c A 4 3 o 4 n c y b c M y R y 0 Z W r N 5 N 6 6 m / f m d
U P a 4 n E 4 7 u K 0 E n q 3 M J 4 T p 7 d Q 4 3 a V n 4 I A J Z K M g l h r a F P L P d 2 n M q A n 6 f m S 6 L 4 W d 4 y X E b l m w O Q c B
K l V n Y e T A v w H v w J X S G z l 7 d V o l g o V X P V c / g o d x r C R v i J K D p 0 e b d T L d K o x M l W H a A l b / 6 Y f X j S H o
g a J o T M 8 O P b X m s F 4 K v M U t B o s z n i m 0 P Z t 0 x 4 H F c 5 s X O 4 S Y u U 1 y l 5 G W D 5 O N 3 E Y G k h 9 s r f j 3 6 E C K
0 C o U I F 6 d k 9 I O 2 y f w T 8 w t l R n Q e l s E Y a a y 4 Q o h i v v 4 t T 2 g E g G M i Y V u W c p J 1 s T Z E 5 w r A m 1 C U n H s
s V U m x L O 9 A 5 O f q X 1 y 1 C P L I a w 0 b 9 A q g / x X A 1 5 N F R b 5 + O F m U n K C A m M 6 E I f 0 + I J v u x m 2 u 0 6 u 8 g q t
y C N z A A A I A A I A x F K O M y z 5 x l d S w R 8 S 1 n E q k T K i 1 1 D 6 Y R q C G I C D n q N J Z E f S C f J F q q 0 P C 0 w f K N r E
R I q o V J z Y m g q V e y L z / h D 3 V Z m D y 2 C y R N 2 v q b P j 4 d E D U a Z i L + O v o B D l C 7 0 u 0 S o q T / F U X w e Q 9 m f N
Z Y j b T f I s 3 + U 6 K J w K U j W s V / F d 1 q g y r h b 2 n d V 0 t x 3 M Z Y k 2 u Y 3 Z S 4 B 9 s P d g 8 w W F I e + J Z m e L A r y 7
+ P Q D / P Y i t e J n O t L G p o H 1 k R J H n o x y a I n + k F W / T h o q 1 W M z r A T 2 p g U r 1 T y e b 1 l m f N E R 7 G 7 7 e 1 S q
w V V K 7 1 + p W T I L G Q K i b C C V f a q 9 x 9 F G J t M C W s L I s p + h l X u a F u 2 e L p w G R H 3 R L M k q r n d C N h z u W e v 2
W m r i d z 9 Q 6 R I k x / U u R h R O L x V e g Q w M n k s Z J X / q o y 2 O V 6 A + + O m H o E M R K N M s d 8 P z l f K n y V Q i M 3 M C
r 7 7 9 S K T 7 m 0 x + J W Z F r 9 I o 5 e + 8 r w R 3 k + T r z o f J B m B l c J l J w 4 J N l 7 v z + X T 6 3 / E d T o G z o T k L 9 O + /
7 G s e W H K q t w 9 U 7 9 z H e x A U 6 3 F z D g O o l e u a 8 I 2 l s W R / 5 g c l X 2 7 6 S U G u K m j K o t d x e 1 E V x 1 g C U g 5 E
H 1 + U f I A Q 5 D P / 7 U E p O P C O E S I N T m Z N A J V c j i E w x a w Z y + M o i P 4 U y 1 2 z B g N K + t C 5 X j g R 9 o H m y l n v
8 5 k X P 5 Z u s / c s c h 6 Q N 4 P o 4 N K b M 3 N s a x k R + M G D e l o X X b A a y v 2 p q I U J B j r e v M L J e E f s l B W X L l v /
F d A c v 8 n p u y v N + d E k F x R q o 1 x X l p O P Y F 0 9 n K T H N 6 F S O T x u Z R r k Q z E D h j V O 2 p U N a Y Y h R M i Q b Z p U
J g U Z Y q o L M o 2 + W x p V 1 T K l 6 r 7 0 7 G t F k G m a b / X s m g F o J w V c 8 V X Q A q J Y v h i Z j A n B O i W G v Q 8 i 0 G R W
x w I A S Z d x x T F 7 O J j E j P K 9 0 7 V V 4 P i e P G j 8 O 9 T 8 R 1 J E I t J T p A / b E O T 6 C g 0 x 2 F q + F P f 3 Q l z I N 5 v F
m D b V O P C 5 Q x S h m r J y x J / b h e L + + 9 Y 9 K B p c O V C 2 1 F t F a W n V J I e Y w l 7 I G G C O / B Y P t o z D 5 r / T V c z i
E 0 t D v c + p J m m A 9 h P m q l w Y k E Z L R R f z 9 P B X z F 7 i p x o y v T + w K B z W R w S q 9 a A K V / 6 S J b b y q g j q E J c c
D o x O q j 3 f o U 3 R I f W B W v x b f w 1 y w T y 6 T O 2 n 5 h p 6 t k k F K p y 0 G h s q 3 H 3 S W x g c z V P P x v 2 P i k c x v W S k
t e h G 2 R W I t v 5 t f B S 7 N E B l t 2 w h 5 x n x r b r Q W 0 S O k T S I 3 8 h q J 4 h 7 e / F P g b S g U n M R G Y Y t A a i r l p f k
b / y 2 J 6 v S F R 5 W z 3 W 1 U I L l y g U A N Z U p a s y T Z Y t G l + Q P F Y W q v e N L c s R 3 e B F l R F h E x + P x b y J q C V b 1
h h v V S c A L H X x y l H t b a w 6 9 6 3 W 8 x 9 + 6 9 7 z 7 w s 2 q P e g w 3 I r Q 3 k k P T B d Y B M W P C K N h / P O r I L M g h D s T
R n U G t f R L D Y f u a C K H 3 p v q o T S y n 8 w + D P x R y D j L E 6 W x c H k z O Q K y P Y b 4 Q j n f Q B n 4 h K s / W 0 8 V Q W o y
A 2 b k Q e X O X I p T t k 0 p C s I Q S Q 7 0 B N C M f J N T H / j P u E G v 9 a D l q N 4 e J e s N A w G K d s c B 5 z f Z Q V a c 4 l L /
k u P A o F e Y 9 H t 1 t Q G w P N k r V n O c 8 N d q E + B i g 8 t P V R d + P W s o w m W V T e D s g K T N / Z G s o q P / o F 6 r x Q D u
k q b 1 t x L e Z w j 8 x C U 3 b N O F V s 4 7 F p t p g B 0 U 4 5 W A t 1 f i Y G c 2 g O 6 m q u 9 b J Q q R F z + L u 8 N u d S D 9 / N W /
g p 3 F / s S L k a i Z Y 7 t Y 2 O u B Q E Z I 6 v 5 M 8 A X i B s c g c 7 i 2 D d R v 2 V K I q s T W l o c K 8 S R f 9 m S / X u N c k E 3 v
w d 5 L m g g a R P o Y E a 8 K L C b W M S 0 C 1 n d v J x 8 c x 7 r B 9 f G / n y 4 n W z N 8 e 6 F J v x v r Z d p 7 B Q I C g G H z + l b e
e / n g L S K g d R E N A p 3 8 7 2 H U B d i C c G 0 + + / t X L T k F e N q r 2 h 9 m J z + L D 1 J S g M 8 n M q u C M 1 0 f O D j y P A t o
p m Q W Z C L Y F b A a N d Z B K a Q E Z 7 D 6 k 4 7 a G p H P s H 0 + N X r 1 3 K V L h 9 Q z c u c + E M 1 1 L q y T 6 r A h 2 8 d M U D 3 W
m X A U Z V V l E J 8 N M o h Z 9 e v p i L 0 2 S O J 6 u H X c v 9 3 p N W k B V E S j 7 t L p X Z g r L F T e r z Z c f N z 3 l L t j w T R n
A o 5 2 P e f A 9 n 5 X O P E Q G r D b d s H 1 2 w 4 o s G w 8 x r 5 b G Y N F z d 3 r e A 8 F T z Y F k Y h h w K Q L j c U A n F f N E P H n
z z o Y v F b v G h 8 n 2 a H f j c k G + j d p 2 n L E s s 6 4 r t d 4 o j y s J 5 E z O Q r p + K f w d N n w x + m p H d y 6 y E H 3 + x S 5
3 Q B 3 9 E b l e C d V V R f B r T H A E 0 a A X Y h Q u E X G V u H + d v Q 0 3 1 / 7 K V 9 q r 8 i p p h Q 9 d q Y z v W 1 + L r d h y I P O
z X y D d H J h K N L 6 d k V o U v / v i 5 K p j u z W p V + 6 w U h c m O o x 1 H n L C i d G 9 E M 6 1 X R d M V i d W O r v + S C j T 1 P a
s c 8 Y o U d M 3 r E o f t W 4 6 S 9 8 7 D U A Z i Y T o A M L i k n L f h f c c g 0 K H p / m 3 8 q o 3 m F G e b e g N 1 g p X 2 J Y
to use the silence to harken inwardly
2
)
to have ones ear all over the place, be open, incorporate,
analyze, process, gain attention, convince.
5 )

Today, Oiltanking is one of the worlds 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
countries, with total storage capacity of 10.3 million cubic meters
(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.
One of Oiltankings most successful corporate policies is the long-
term orientation of its contracts. Petroleum tank terminals tradi-
tionally serve oil traders; however, traders demand for tank-
storage capacity typically fluctuates, depending on the price
structures prevailing in the market (contango or backwardation).
Long-term contracts once were the exception rather than the
rule, and thus the uselease of storage capacities was strongly
influenced by external factors. To counteract this tendency, Oil-
tanking has concentrated its investments in recent years on the
infrastructure for neighboring industrial plants above all, in
refineries and chemical plants in order to embed itself into
their logistical chains and, in this way, to ensure continuous
product flows. This strategy has been quite successful. Now, most
of our tank terminals are fully utilized, with long-term contracts.
About 85 percent of our returns are generated by contracts with
a period of one or more years, while some 50 percent of all contracts
span a period of five or more years. We believe that the percen-
tage of long-term contracts will continue to rise.
T a n k t e r m i n a l s 2 4 / 2 5 O i l t a n k i n g
Oiltanking looks back once again on a favorable business year.
Despite the negative effects of exchange rates in particular the
weakness of the U.S.$ and the S$ against the Euro 2003 results
were nonetheless very satisfactory. If we disregard one-time
effects, Oiltanking even exceeded the good results it reported in
the previous year. Record turnover and a repetition of virtually full
use of all of its storage capacities at sound prices both made
possible by dedicated and highly motivated employees have
once again proven to be the correct recipe for continuous success.
Oiltankings strategy has been focused on steady and continuous
growth since the beginning of the 1990s. Our corporate policy of
identifying new markets early on and exploiting our opportunities
in them has proven successful in recent years.
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
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.
Oi l tanki ng
19902004
Tankage Tankage under construction
DEVELOPMENT TOTAL TANK CAPACI TY
(in million cbm)

19
90
19
92
19
94
19
98
19
96
20
00
20
01
20
02
Feb.
04
20
03
3
.9
1
4
.6
25
.6
4
5
.9
4
7
.3
08
.5
99
.5
0
9
.6
5
1
0
.1
4
1
0
.2
7

0
,1
5
6
19862003
5 )

worlds largest provider of independent tank-storage facilities.
Instead, we prefer to concentrate on the quality of our services.
We will continue to expand our position as one of the worlds
leading tank-terminal operators. New projects must, however,
match our strategy, our portfolio and our corporate culture.
A number of projects that align with our standards are in various
phases of development. Among these are activities in China,
Mexico, Brazil, the CIS countries, the Middle East and countries
where we are already active. We see further development oppor-
tunities, particularly in growth markets, in privatization efforts in
markets now opening up, and in mature markets where we can
integrate ourselves into our customers logistical and supply
chains.
In the chemical segment, we will concentrate our growth in the
main hubs for chemical production and trading and in markets
that are of key significance to the chemical industry. In this con-
text, we are assigning particular importance to our involvement
in China.
These projects will be supported from the proceeds of private-
placement financing in the U.S. market. Oiltanking is one of the
first German companies to successfully use this type of financing.
The proceeds from this effort equate to 130 million U.S.$. The
volume offered to the market was oversubscribed, demonstrating
the attractiveness of the company to international institutional
investors. Thus, our tank-storage subsidiary has created an addi-
tional pillar in financing, complementing traditional bank loans.
T a n k t e r m i n a l s 2 6 / 2 7
We intend to continue to grow. How-
ever, our objective is not to become the
Contributing to this increase is a recent change in the oil traders
point of view, in which the fundamental availability of storage
capacity is seen more and more as a value in itself. Consequently,
traders now are prepared to make longer-term contractual obli-
gations. Therefore, we have further expanded the capacities of
some of our tank terminals, even in saturated markets such as the
ARA region.
We also have made good progress in implementing another part
of the Oiltanking strategy: to establish a worldwide network of
chemical-tank terminals and become the preferred partner for a
group of selected chemical companies. With existing tank terminals
in the ARA region, Eastern Europe, the Baltic region, and Singa-
pore, and a number of projects well on their way to completion
in other parts of the world, we have, in a short time, become
a serious, global supplier in chemical storage.
these were a few of the highlights at oiltanking in 2003:
Completed a 200,000-cubic-meter expansion in Houston, U.S.A.
Began construction of a chemical tank terminal in Terneuzen,
Netherlands, with initial capacity of 156,000 cubic meters
Expanded Oiltanking facilities at Antwerp, Belgium, by
11,000 cubic meters of gas storage
Constructed an LPG storage facility in Chennai, India
Constructed a tank terminal in Goa, India
Expanded Oiltanking Odfjell, Singapore, by 82,000 cubic meters
Completed the final expansion of Oiltanking Amsterdam,
Netherlands, adding a total of 275,000 cubic meters
Acquired a 17,000-cubic-meter tank terminal in Hungary
O i l t a n k i n g
l i s t e n
.
.
.
.
.
.
.
.
use commonplace words and express exeptional things use commonplace words and express exeptional things
wor ds
commonplace commonplace
commonplace commonplace
use commonplace words and express
exeptional things
Group throughput
GROUP THROUGHPUT DEVELOPMENT
(in million tons)

19
86
19
88
19
90
19
94
19
92
19
96
20
00
20
01
20
03
20
02
1
0
.0
1
7
.5
2
3
.5
2
5
.0
4
0
.0
4
0
.5
7
2
.98
3
.09
2
.4
9
4
.9
petroleum
petroleum
T a n k t e r m i n a l s

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.
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.
oiltanking germany
The market conditions for Oiltanking Germany were less than
favorable throughout the year. In particular, the demand for gaso-
line 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 consider-
able 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.
O i l t a n k i n g
t o r e a d b e t w e e n t h e l i n e s
2 8 / 2 9
.
.
.
silence
learn to be quiet learn to be quiet learn to be quiet learn to be quiet.
learnlearnlearn learn to be quiet, for only then you are
able to listen to others
3
)
have a nose for something, intuition, be ahead, smarten a
place up, balance, rich in facets, follow ones instinct,
breathe deeply.
s c e n t
5 )
petroleum
petroleum
petroleum
petroleum
petroleum
petroleum
petroleum

oiltanking malta
In recent years, Oiltanking Malta has become a well-established
player in the Mediterranean. Again last year, its storage capaci-
ties were fully booked. A loyal circle of customers has emerged,
and they are increasingly willing to sign long-term contracts.
Despite full utilization, Oiltanking Malta was unable to repeat the
strong showings of recent years, due to the continuous decline of
the U.S.$ against the Maltese lira, and thus indirectly against the
Euro. The dilemma is that our revenues are accrued in U.S.$, but
our expenses are paid in the local currency.
oiltanking singapore, oiltanking seraya
Oiltanking Singapore and Oiltanking Seraya, Oiltankings joint
venture with Power Seraya, once again showed good results,
despite the fact that throughput fell short of the extraordinarily
high level of the previous year. Oiltanking Seraya expanded
its capacities by an additional 46,000 cubic meters. Due to
continuous strong demand, Oiltanking Singapore is considering
further capacity expansion, as well as an extension of its jetties.
oiltanking tallinn
Oiltanking Tallinn, with throughput of 1.7 million metric tons,
was fully utilized but, like Malta due to the weak rate for the
U.S.$-to-Euro exchange was unable to match the previous
years performance.
latin america
Adhering to our policy of long-term involvement in Latin America
has proven to be the correct strategy. Despite unfavorable
economic trends, a political shift to the left and re-emerging
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.
T a n k t e r m i n a l s 3 0 / 3 1
oiltanking houston, oiltanking beaumont
Both Oiltanking Houston and Oiltanking Beaumont have strong
and well-balanced business portfolios and again reported good
results. We expanded capacities in Houston by 200,000 cubic
meters. The Beaumont facility continued its modernization with
the construction of two heated tanks for vacuum gas oil (16,000
cubic meters).
oiltanking hungary
To further strengthen our position in Eastern Europe, Oiltanking
acquired an existing tank terminal in Budapest, Hungary. Oiltan-
king Hungary offers 17,000 cubic meters of storage capacity,
with inland-waterway access via the Danube, loading and
discharging facilities for tank trucks and railway tank cars, and a
technical and HSE standard that meets Oiltankings stringent
requirements.
indian oiltanking
At the end of the reporting year, Indian Oiltanking commissioned
a new LPG terminal at Chennai and a product terminal in Goa.
Initial annual throughput for the Goa terminal will be 850,000
metric tons. The Navghar Terminal in Mumbai increased its
utilization rate compared to previous years, but nonetheless fell
short of expectations.
Along with traditional tank terminals, it is developing new pro-
jects for refineries, petrochemical plants, power-generating
stations and pipelines. Moreover, Indian Oiltanking landed a con-
tract for modernization and new construction of several hundred
service stations. In addition, it successfully concluded jobs in
Nigeria and Mauritius.
O i l t a n k i n g
Indian Oiltanking has undertaken an impressive
portfolio of engineering and construction projects.
g e t o n s o m e o n e s t r a i l
.
.
.
.
.
.
.
t
e
t

c
h
e
s
t
n
u
t
s

in

f
a
ll
s
c
e
n
t

o
f

f
r
e
s
h

h
o
n
e
y
h

s
t
r
a
w
b
e
r
r
ie
s

in

s
u
m
m
e
r
o
f
la
v
e
n
d
e
r
in
t
h
e
p
r
o
v
e
n
c
e
p
f
ir
e
a
t
t
h
e
b
e
a
c
h
e
l
l
o
w

c
h
e
e
s
e
c

i
n

s
p
r
i
n
g
o
lis
h

w
in
e
-
c
e
lla
r
a
t
-
h
a
r
v
e
s
t

in

ju
ly
n

o
f

a

b
a
b
y
a
lk

t
h
r
o
u
g
h

s
u
n
n
y

w
o
o
d
s
d
-
p
r
e
s
s
e
d

o
l
i
v
e
-
o
i
l
a
lty
s
m
e
ll o
f th
e
o
c
e
a
n
t
e
t

c
h
e
s
t
n
u
t
s

in

f
a
ll
o
r
t
w
in
e
in
o
p
o
r
t
o
c

i
n

s
p
r
i
n
g
a
lk

t
h
r
o
u
g
h

s
u
n
n
y

w
o
o
d
s
s
c
e
n
t

o
f

f
r
e
s
h

h
o
n
e
y
u
p

o
f

h
o
t

c
o
f
f
e
e

o
n

a

c
o
ld

m
o
r
n
in
g
s
h

s
t
r
a
w
b
e
r
r
i
e
s

i
n

s
u
m
m
e
r
s

o
f

la
v
e
n
d
e
r

in

t
h
e

p
r
o
v
e
n
c
e
a
n
t

t
h
y
m
e

b
y

t
h
e

w
a
y
s
id
e
o
l
d

s
i
n
g
l
e

m
a
l
t
p
f
ir
e

a
t

t
h
e

b
e
a
c
h
e
l
l
o
w

c
h
e
e
s
e
c

i
n

s
p
r
i
n
g
c
o
o
l
i
s
h

w
i
n
e
-
c
e
l
l
a
r
e
a
t
-
h
a
r
v
e
s
t

i
n

j
u
l
y
n

o
f

a

b
a
b
y
c
u
tte
rs
c
o
m
in
g
b
a
c
k
to
th
e
h
a
rb
o
u
r
d
-
p
r
e
s
s
e
d

o
l
i
v
e
-
o
i
l
s
a
lt
y

s
m
e
ll
o
f

t
h
e

o
c
e
a
n
a
s
t
e
t

c
h
e
s
t
n
u
t
s

i
n

f
a
l
l
p
o
r
t
w
i
n
e

i
n

o
p
o
r
t
o
c

i
n

s
p
r
i
n
g
e

s
c
e
n
t

o
f

f
r
e
s
h

h
o
n
e
y
s
h

s
t
r
a
w
b
e
r
r
i
e
s

i
n

s
u
m
m
e
r
o
f

l
a
v
e
n
d
e
r
i
n

t
h
e

p
r
o
v
e
n
c
e
m
p
f
i
r
e

a
t

t
h
e

b
e
a
c
h
e
l
l
o
w

c
h
e
e
s
e
a
c

i
n

s
p
r
i
n
g
c
o
o
l
i
s
h

w
i
n
e
-
c
e
l
l
a
r
w
e
a
t
-
h
a
r
v
e
s
t

i
n

j
u
l
y
s
k
i
n

o
f

a

b
a
b
y
w
a
l
k

t
h
r
o
u
g
h

s
u
n
n
y

w
o
o
d
s
o
l
d
-
p
r
e
s
s
e
d

o
l
i
v
e
-
o
i
l
e

s
a
l
t
y

s
m
e
l
l

o
f

t
h
e

o
c
e
a
n
r
o
a
s
t
e
t

c
h
e
s
t
n
u
t
s

i
n

f
a
l
l
a
c

i
n

s
p
r
i
n
g
e

s
c
e
n
t

o
f

f
r
e
s
h

h
o
n
e
y
e
s
h

s
t
r
a
w
b
e
r
r
i
e
s
i
n

s
u
m
m
e
r
s
m
e
l
l

o
f

f
r
e
s
h

b
r
e
a
d
d
s

o
f

l
a
v
e
n
d
e
r

i
n

t
h
e

p
r
o
v
e
n
c
e
m
p
f
i
r
e

a
t

t
h
e

b
e
a
c
h
m
e
l
l
o
w

c
h
e
e
s
e
a
c

i
n

s
p
r
i
n
g
c
o
o
l
i
s
h

w
i
n
e
-
c
e
l
l
a
r
e
a
t
-
h
a
r
v
e
s
t

i
n

j
u
l
y
k
i
n

o
f

a

b
a
b
y
w
a
l
k

t
h
r
o
u
g
h

s
u
n
n
y

w
o
o
d
s
o
l
d
-
p
r
e
s
s
e
d

o
l
i
v
e
-
o
i
l
e

s
a
l
t
y

s
m
e
l
l

o
f

t
h
e

o
c
e
a
n
o
a
s
t
e
t

c
h
e
s
t
n
u
t
s
i
n

f
a
l
l
d

p
o
r
t
w
i
n
e

i
n

o
p
o
r
t
o
a
c

i
n

s
p
r
i
n
g
w
a
l
k

t
h
r
o
u
g
h

s
u
n
n
y

w
o
o
d
s
h
e

s
c
e
n
t

o
f

f
r
e
s
h

h
o
n
e
y
c
u
p

o
f

h
o
t

c
o
f
f
e
e

h
o
t

c
u
p

o
f

c
o
f
f
e
e
e
s
h

s
t
r
a
w
b
e
r
r
i
e
s

i
n

s
u
m
m
e
r
h
e

s
c
e
n
t

o
f

a
r
o
m
a
t
i
c

t
h
y
m
e
n

o
l
d

s
i
n
g
l
e

m
a
l
t
m
p
f
i
r
e

a
t

t
h
e

b
e
a
c
h
m
e
l
l
o
w

c
h
e
e
s
e
a
c

i
n

s
p
r
i
n
g
a

c
o
o
l
i
s
h

w
i
n
e
-
c
e
l
l
a
r
w
e
a
t
-
h
a
r
v
e
s
t

i
n

j
u
l
y
k
i
n

o
f

a

b
a
b
y
u
t
t
e
r
s

i
n

t
h
e

h
a
r
b
o
u
r

s
e
l
l
i
n
g

f
r
e
s
h

f
i
s
h
o
l
d
-
p
r
e
s
s
e
d

o
l
i
v
e
-
o
i
l
e

s
a
l
t
y

s
m
e
l
l

o
f

t
h
e

o
c
e
a
n
o
a
s
t
e
t

c
h
e
s
t
n
u
t
s

i
n

f
a
l
l
d

p
o
r
t
w
i
n
e

i
n

o
p
o
r
t
o
a
c

i
n

s
p
r
i
n
g
w
a
l
k

t
h
r
o
u
g
h

s
u
n
n
y

w
o
o
d
s
e

s
c
e
n
t

o
f

f
r
e
s
h

h
o
n
e
y
e
s
h

s
t
r
a
w
b
e
r
r
i
e
s

i
n

s
u
m
m
e
r
d
s

o
f

l
a
v
e
n
d
e
r

i
n

t
h
e

p
r
o
v
e
n
c
e
m
p
f
i
r
e

a
t

t
h
e

b
e
a
c
h
e
l
l
o
w

c
h
e
e
s
e
a
c

i
n

s
p
r
i
n
g
c
o
o
l
i
s
h

w
i
n
e
-
c
e
l
l
a
r
h
r
i
s
t
m
a
s

c
o
o
k
i
e
s
k
i
n

o
f

a

b
a
b
y
o
l
d
-
p
r
e
s
s
e
d

o
l
i
v
e
-
o
i
l
e

s
a
l
t
y

s
m
e
l
l

o
f

t
h
e

o
c
e
a
n
a
s
t
e
t

c
h
e
s
t
n
u
t
s

i
n

f
a
l
l
d

p
o
r
t
w
i
n
e

i
n

o
p
o
r
t
o
s
m
e
l
l

o
f

f
r
e
s
h

b
r
e
a
d
e

s
c
e
n
t

o
f

f
r
e
s
h

h
o
n
e
y
s
h

s
t
r
a
w
b
e
r
r
i
e
s

i
n

s
u
m
m
e
r
d
s

o
f

la
v
e
n
d
e
r

in

t
h
e

p
r
o
v
e
n
c
e
m
p
f
i
r
e

a
t

t
h
e

b
e
a
c
h
m
e
l
l
o
w

c
h
e
e
s
e
a
c

i
n

s
p
r
i
n
g
c
o
o
l
i
s
h

w
i
n
e
-
c
e
l
l
a
r
e
a
t
-
h
a
r
v
e
s
t

i
n

j
u
l
y
k
i
n

o
f

a

b
a
b
y
w
a
l
k

t
h
r
o
u
g
h

s
u
n
n
y

w
o
o
d
s
l
d
-
p
r
e
s
s
e
d

o
l
i
v
e
-
o
i
l
s
a
l
t
y

s
m
e
l
l

o
f

t
h
e

o
c
e
a
n
a
l
i
e
n

s
p
i
c
e
d

w
i
t
h

g
a
r
l
i
c
s
t
i
n
g

o
p
o
r
t
o
-
p
o
r
t
w
i
n
e
o
o
m
i
n
g

l
i
l
a
c
i
n

s
p
r
i
n
g
w
a
l
k

t
h
r
o
u
g
h

s
u
n
n
y

w
o
o
d
s
e

s
c
e
n
t

o
f

f
r
e
s
h

h
o
n
e
y
e

s
m
e
l
l

o
f

f
r
e
s
h

m
u
s
s
e
l
s
s
h

s
t
r
a
w
b
e
r
r
i
e
s

i
n

s
u
m
m
e
r
d
s

o
f

l
a
v
e
n
d
e
r

i
n

t
h
e

p
r
o
v
e
n
c
e
g
r
a
n
t

t
h
y
m
e

b
y

t
h
e

w
a
y
s
i
d
e
n

o
l
d

s
i
n
g
l
e

m
a
l
t
m
p
f
i
r
e

a
t

t
h
e

b
e
a
c
h
e
l
l
o
w

c
h
e
e
s
e
a
c

i
n

s
p
r
i
n
g
n

a
r
m

f
u
l
l

o
f

f
l
o
w
e
r
s
e
a
t
-
h
a
r
v
e
s
t

i
n

j
u
l
y
k
i
n

o
f

a

b
a
b
y
n
g

c
u
t
t
e
r
s

c
o
m
in
g

b
a
c
k

t
o

t
h
e

h
a
r
b
o
u
r
o
l
d
-
p
r
e
s
s
e
d

o
l
i
v
e
-
o
i
l
e

s
a
l
t
y

s
m
e
l
l

o
f

t
h
e

o
c
e
a
n
a
s
t
e
t

c
h
e
s
t
n
u
t
s

i
n

f
a
l
l
d

p
o
r
t
w
i
n
e

i
n

o
p
o
r
t
o
c

i
n

s
p
r
i
n
g
w
a
l
k

t
h
r
o
u
g
h

s
u
n
n
y

w
o
o
d
s
o
f

f
r
e
s
h

h
o
n
e
y
u
p

o
f

h
o
t

c
o
f
f
e
e

o
n

a

c
o
ld

m
o
r
n
in
g
s
h

s
t
r
a
w
b
e
r
r
i
e
s

i
n

s
u
m
m
e
r
d
s

o
f

l
a
v
e
n
d
e
r

i
n

t
h
e

p
r
o
v
e
n
c
e
a
g
r
a
n
t

t
h
y
m
e

b
y

t
h
e

w
a
y
s
i
d
e
n

o
l
d

s
i
n
g
l
e

m
a
l
t
m
p
f
i
r
e

a
t

t
h
e

b
e
a
c
h
e
l
l
o
w

c
h
e
e
s
e
a
c

i
n

s
p
r
i
n
g
c
o
o
l
i
s
h

w
i
n
e
-
c
e
l
l
a
r
e
a
t
-
h
a
r
v
e
s
t

i
n

j
u
l
y
i
n

o
f

a

b
a
b
y
h
i
n
g

c
u
t
t
e
r
s

c
o
m
i
n
g

b
a
c
k

t
o

t
h
e

h
a
r
b
o
u
r
l
d
-
p
r
e
s
s
e
d

o
l
i
v
e
-
o
i
l
e

s
a
l
t
y

s
m
e
l
l

o
f

t
h
e

o
c
e
a
n
a
s
t
e
t

c
h
e
s
t
n
u
t
s

i
n

f
a
l
l

p
o
r
t
w
i
n
e

i
n

o
p
o
r
t
o
e

s
c
e
n
t

o
f

f
r
e
s
h

h
o
n
e
y
e
s
h

s
t
r
a
w
b
e
r
r
i
e
s

i
n

s
u
m
m
e
r
d
s

o
f

l
a
v
e
n
d
e
r

i
n

t
h
e

p
r
o
v
e
n
c
e
m
p
f
i
r
e

a
t

t
h
e

b
e
a
c
h
m
e
l
l
o
w

c
h
e
e
s
e
a
c

i
n

s
p
r
i
n
g
c
o
o
l
i
s
h

w
i
n
e
-
c
e
l
l
a
r
e
a
t
-
h
a
r
v
e
s
t

i
n

j
u
l
y
k
i
n

o
f

a

b
a
b
y
w
a
l
k

t
h
r
o
u
g
h

s
u
n
n
y

w
o
o
d
s
o
l
d
-
p
r
e
s
s
e
d

o
l
i
v
e
-
o
i
l
e

s
a
l
t
y

s
m
e
l
l

o
f

t
h
e

o
c
e
a
n
t
t
h
t
t
i
f
l
l
5 )
petroleum
petroleum
chemicals and gases
chemikalien und gase

chemicals und gases
oiltanking antwerp
Our chemical activities in the Benelux countries continued their
recent progress. Despite a fairly weak chemical market, Oiltanking
Antwerp continued the trend toward improved profitability. Good
results were reported in all of the core business sectors (gas,
chemical products and petroleum products), thanks to a high
utilization rate. Oiltanking Antwerp added 11,000 cubic meters of
gas capacity at the beginning of 2004 to serve a neighboring
chemical plant.
oiltanking ghent
Oiltanking Ghent maintained its strong and balanced business
portfolio. Despite difficulties in the aviation industry, jet-fuel
throughput declined only slightly from the previous year. Strategic
storage is once again an item on the political agenda in Belgium.
The Belgian government appears to be favoring an "agency
system similar to the one in Germany. If this occurs, we will be in
a fine position to supply the required infrastructure.
oiltanking terneuzen
We have obtained all of the permits required for constructing the
new tank terminal in Terneuzen, Netherlands. We broke ground
for Oiltanking Terneuzen in September 2003. This terminal, with
156,000 cubic meters of storage space, will satisfy the logistical
requirements of the neighboring Dow Chemical plant under a
long-term agreement. Commissioning is set for the beginning of
2005. The prospects for expanding the tank terminal to accom-
modate business with third parties also look promising.
T a n k t e r m i n a l s 3 2 / 3 3 O i l t a n k i n g
j u s t f o l l o w y o u r n o s e
.
.
.
petroleum
petroleum
oiltanking argentina
Oiltanking Argentina continued its series of successful operating
years. The recently constructed buffer terminal at Brandsen, and
the pipeline that links our tank terminal at Puerto Rosales with
the Esso refinery in Buenos Aires, completed a smooth first year
of operation.
oiltanking bolivia
2003 proved to be a difficult year in Bolivia. An ambivalent poli-
tical setting caused the resignation of the president; the economy
remained weak; and the petroleum industry continued to serve as
the governments cash generator for additional tax revenues.
Against a background of continuing uncertainty regarding increases
in the government-controlled pipeline tariffs, management at
Oiltanking Bolivia took a closer look at cost reductions, rationa-
lization and tankage use. They found ways to use available capa-
cities to store condensate and, as a result, produced good year-
end results.
consorcio terminales
Despite the weak business situation, Consorcio Terminales, our
joint venture in Peru, once again reported good results. Strength-
ened by superb operations, it is well positioned for the future.
oiltanking venezuela
Venezuela looks back at a year characterized by political instability
and unpredictability. Oiltanking Venezuela was seriously affected
by the long-lasting general strike, which virtually paralyzed the
entire petroleum industry in the first quarter of 2003. However,
thanks to an increase in the quantities exported during the
second half of the year and strict cost control, final results met
our expectations.
.
.
.
.
t o a p p r o a c h
s o l u t i o n s
chemicals and gases
chemicals and gases
chemicals and gases
chemicals and gases
T a n k t e r m i n a l s

O i l t a n k i n g
h a v e a n o s e f o r s o m e t h i n g
3 4 / 3 5
oiltanking bulgaria
In the course of the year, Oiltanking acquired shares held by
its partner and customer Umicore and now holds a 91 percent
interest in Oiltanking Bulgaria. It is gratifying to note that the
throughput quantities exceed the contractual expected volume.
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 petro-
chemical 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.
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.
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.
.
.
.
.
4
)
to have an intuition for needs, sense, perceive, insecurity,
willingness to take risks, considerateness, force, calmness,
enthusiasm.
t o c o m p r e h e n d
c o n n e c t i o n s
5 )

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 worlds largest aviation market.
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 fuel-
supply companies is extremely tough. However, we have a number
of attractive projects under development. We are thus sure that
Skytanking will report good progress once again in 2004.
A v i a t i o n s e r v i c e s 3 6 / 3 7
Establishing Skytanking as a strong independent
vendor in aircraft refueling meshes perfectly with
S k y t a n k i n g
Our Skytanking subsidiary is active in aviation refueling, the
operation of tank terminals and jet-fuel hydrant systems. Among
the firms customers are airlines, airports and oil companies.
In addition to our well-established operations at the Franz Josef
Strau 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.
Skytanki ng
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.
a f e e l i n g f o r f e a s i b i l i t y
5 )

R e n e w a b l e e n e r g y 3 8 / 3 9 G E E
a c t r e s p o n s i b l y
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
further opportunities.
Last years launch of operations for domestic
trading in wood pellets and related products was
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. GEEs
objective is to establish itself as a reliable logistics and supply
company in the market for biomass fuels.
GEE
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.
n a t G A S
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.
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.
h a v e t a c t a n d s e n s i t i v i t y
N a t u r a l g a s 4 0 / 4 1
5
)
aquire a taste for something, discover the right composites,
strenghten each other, allow to unfurl, season to taste.
bitter aftertaste, experience, correction, tolerance.
d i s c o v e r i n g
n e w h o r i z o n s
5 )
.

G M A
Q u a l i t y m a n a g e m e n t 4 2 / 4 3
s e a s o n t o t a s t e
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
The integrity of our services and products in terms of quality is
indispensable. Thus, for 10 years, we have devoted close attenti-
on to the fields of quality management and quality control
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, govern-
ment agencies and the companies within our group.
For this purpose, it maintains its own laboratory, which has been
fully accredited by DASMIN (the German petroleum accreditati-
on society).
gma highlights for the year included:
analytical monitoring for the introduction of sulfur-free
diesel fuel
a vital role in establishing the industry standard for sulfur-
free gas oil
advising the federal government in the drafting of legislation
for biological fuels
.
.
.
5 )

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
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 Oil-
tanking group.
Continuous reduction in occupational accidents through
closely defined training and HSE promotion programs. The
number of accidents that we experience is, much to our
satisfaction, well below the industry average.
H e a l t h , s a f e t y a n d e n v i r o n m e n t m a n a g e m e n t 4 4 / 4 5 H S E
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
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) depart-
ment will expand its activities across the entire marquard & bahls group.
In the future, the HSE Department will report directly to the
chairman of the Executive Board. Responding to recent develop-
ments, we will turn greater attention to the subject of plant
security.
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.
.
.
.
.
.

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
R e p o r t o f t h e S u p e r v i s o r y B o a r d 4 6
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 Wirtschaftsprfungsgesell-
schaft 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
auditors report thereon, as well as the consolidated financial
statements, the report on the consolidated state of the group and
the auditors 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.
with the Executive Boards recommendation for the distribution
of the retained earnings.
The Supervisory Board also approved the annual
report at its meeting on June 22, 2004. It concurs
He l l mu t h We i s s e r ( Ch a i r ma n ) T h e S u p e r v i s o r y B o a r d , H a mb u r g , J u n e 2 3 , 2 0 0 4
M a r q u a r d & B a h l s A G . . . p a g e 4 8
B a l a n c e s h e e t
F i n a n c i a l s t a t e m e n t s o f i n c o m e
G r o u p . . . p a g e 5 0
C o n s o l i d a t e d b a l a n c e s h e e t
C o n s o l i d a t e d s t a t e m e n t o f i n c o m e
F i x e d a n d f i n a n c i a l a s s e t s
N o t e s
A u d i t o r s o p i n i o n
O r g a n i g r a m
.
.
.
.
.
.
.
.
2003
w
o
r
k
i
n
g

w
i
t
h

a
l
l

s
e
n
s
e
s
marquard & bahls ag
financial statements 5
)
5 )
F i n a n c i a l s t a t e m e n t s
A G 4 8 / 4 9 M a r q u a r d & B a h l s A G
2 0 0 3
a. current assets
I. Cash and equivalents 10,415 3,633
II. Treasury stock 0 36,970
III. Trade receivables and other receivables 62,132 72,991
IV. Prepaid expenses 55 55
72,602 113,649
b. investments and long-term security investments (at net book amount) 170,435 170,130
c. property, plant and equipment, less accumulated depreciation and
amortization 13,479 13,020
d. other assets, net of amortization 629 286
T o t a l a s s e t s 257,145 297,085
A S S E T S (T)
20
02
balance sheet marquard & bahls ag
as of december 31, 2003
Revenues
a) Net income from financial assets 38,632 19,376
b) Extraordinary income 0 1,823
c) Interest income 3,659 4,772
d) Other income 9,165 10,367
51,456 36,338
Costs and other deductions
a) Operating, selling, general and administrative expenses 17,377 16,847
b) Depreciation 992 761
c) Interest expense -2,645 2,915
d) Taxes, other than income taxes 87 84
21,101 20,607
Income before income taxes 30,355 15,731
a) Income taxes 478 412
N e t i n c o m e f o r t h e p e r i o d 29,877 16,143
20
02 (T)
financial statement of income marquard & bahls ag
for the period january 1 december 31, 2003
Dec. 31,
Dec. 31,
20
02
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)
a. current liabilities 37,904 61,266
b. pension reserves 11,121 10,599
c. stockholders equity
I. Common stock 75,000 75,000
II. Capital reserve 5,344 0
III. Other reserves 25,656 67,992
IV. Retained earnings 102,120 82,228
208,120 225,220
T o t a l 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 257,145 297,085
20
03
Dec. 31, Dec. 31, 20
03
Dec. 31, 20
03
5 )
G r o u p 5 0 / 5 1
consolidated statement of income marquard & bahls ag group
for the period january 1 december 31, 2003
Revenues
a) Sales and services 1 0 ) 4,320,285 3,992,260
b) Interest income 1 1 ) 5,471 9,673
c) Other income 1 2 ) 19,413 27,132
d) Extraordinary result 1 3 ) 0 6,639
4,345,169 4,035,704
Costs and other expenses
a) Purchase of oil and products 3,986,518 3,691,378
b) Operating, selling, general and administrative expenses 1 4 ) 213,976 189,166
c) Depreciation and amortization 68,203 65,304
d) Interest expense 1 6 ) 21,010 22,490
e) Taxes, other than income taxes 1 7 ) 6,939 5,541
f) Share of losses associated companies 1,784 535
4,298,430 3,974,414
Income before income taxes 46,739 61,290
a) Income taxes 24,142 27,845
Net income for the period 22,597 33,445
Changes in consolidation reserve 0 438
Retained earnings at beginning of year 143,455 130,068
Minority interests 3,961 2,634
Movements on reserves 306 187
R e t a i n e d e a r n i n g s a t e n d o f p e r i o d 161,785 161,130
20
02 (in T) notes
20
03
Dec. 31, Dec. 31,
2 0 0 3
consolidated balance sheet marquard & bahls group
as of december 31, 2003
a. current assets
I. Cash and equivalents 82,413 62,691
II. Treasury stock 1 ) 0 36,970
III. Receivables 2 ) 376,339 495,286
IV. Inventories 3 ) 166,343 132,995
V. Prepaid expenses 8,885 8,158
633,980 736,100
b. investments and long-term security investments 25,514 22,779
c. property, plant and equipment, less accumulated
depreciation and amortization 4 ) 578,949 554,795
d. other assets, net of amortization 5 ) 22,379 19,411
T o t a l a s s e t s 1,260,822 1,333,085
20
03
20
02 A S S E T S (T)
a. current liabilities 6 ) 669,368 652,736
b. long-term dept, less current maturities 253,150 295,588
c. long-term accruals and defferred liabilities 7 ) 70,954 68,026
d. minority interest in net assets of consolidation subsidiaries 20,679 20,211
e. stockholders equity
I. Common stock 8 ) 75,000 75,000
II. Other reserves 12,027 51,391
III. Cumulative transaction adjustment 15,042 3,952
IV. Retained earnings 161,785 161,130
V. Consolidation reserves 12,902 12,955
246,672 296,524
T o t a l 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 1,260,822 1,333,085
20
03
20
02 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)
notes
notes
Dec. 31, Dec. 31,
Dec. 31, Dec. 31,
5 )
G r o u p 5 2 / 5 3 M a r q u a r d & B a h l s A G
2 0 0 3
development of fixed and financial assets marquard & bahls group
the period january 1 december 31, 2003
Opening balance Exchange rate Closing balance Depreciation* Closing balance* Closing balance* Closing balance*
Jan. 1, 00000. differences Additions* Disposals* Transfers Dec. 31, 00000. current year Dec. 31, 00000. Dec. 31, 00000. Dec. 31, 00000.
I. Investments and securities
1. Investments in subsidiaries 5,164 5 4,229 29 144 9,503 384 5,594 954 3,909
2. Investments in associated companies 20,760 1,812 2,075 509 144 20,370 1,784 5,737 16,796 14,633
3. Trade investments 127 4 3 0 0 126 0 0 127 126
4. Long-term loans owed by subsidiaries 0 0 1,429 0 0 1,429 0 0 0 1,429
5. Long-term loans owed by related companies 1,958 2 0 0 0 1,956 0 0 1,958 1,956
6. Other long-term security investments 148 22 53 0 0 179 0 130 3 49
7. Other long-term loans 2,962 124 644 800 0 2,682 225 244 2,941 2,438
8. Advance payments on investments 0 0 974 0 0 974 0 0 0 974
S u b t o t a l 31,119 1,969 9,407 1,338 0 37,219 2,393 11,705 22,779 25,514
II. Property, plant and equipment
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 0 328 27,809 35,263
S u b t o t a l 1,179,508 69,244 144,468 13,100 2,136 1,243,768 66,383 664,819 554,795 578,949
III. Franchises, patents, licenses, similar rights
and licenses to such rights 14,514 1,635 4,919 913 2,183 14,702 2,396 6,591 8,083 8,111
IV. Goodwill 9,890 96 3,639 0 55 13,488 1,023 3,512 7,351 9,976
V. Advance payments on intangible assets 10 0 596 0 8 598 0 1 10 597
S u b t o t a l 24,414 1,731 9,154 913 2,136 28,788 3,419 10,104 15,444 18,684
20
03
20
03
20
03
20
03
20
02 (T)
*
*
acquisition cost accumulated depreciation book amount

thereof changes within the consolidation structure 39,546 12,451
thereof share of profit of equity-consolidation 3,198 1,783
5 )
N o t e s 5 4 / 5 5
consolidated
This English version of Marquard & Bahls financial statements
for 2003 is derived from the original German financial statements.
Reclassifications are made in the balance sheet as well as in the
profit and loss account in order to present statements in a format
more familiar to international readers. They were not restated in
compliance with International Accounting Standards or Generally
Accepted Accounting Standards in the US.
The notes to the financial statements are not translated word-
for-word but contain all necessary and material information in
order to give a true and fair view into Marquard & Bahls net
assets, financial position and results.
scope of consolidation
The consolidated financial statements are prepared in accordance
with German accounting principles. All national and foreign
subsidiaries in which Marquard & Bahls AG directly or indirectly
has a legal or effective control are consolidated.
34 subsidiaries are not consolidated as these companies, indivi-
dually or jointly, are not significant for presenting a true and fair
view of the net worth, financial position or results of the group.
Due to the consolidation of one subsidiary for the first time there
was a negative effect on Marquard & Bahls group result of
9,9 million . The influence on Marquard & Bahls net assets and
financial position was not material.
Investments in associated companies are generally accounted by
using the equity method.
principles of consolidation and foreign
currency translation
The foreign financial statements are, insofar as necessary, adapted
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.
2 0 0 3
.
.
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
expenses within the group are eliminated, except for minor
differences. On consolidation adjustments which effect net income
deferred taxes are calculated with a tax rate of 40%. Deferred tax
assets on such consolidation adjustments are recognized for the
first time.
principles of accounting and valuation
Receivables are valued conservatively, taking into account their
credit risk. Unhedged foreign currency receivables are converted
at the rate prevailing on the transaction date or the rate on the
balance sheet date, whichever is lower. Inventories are carried at
the lower of cost or market price.
Financial assets are generally valued at acquisition cost. They
include subsidiaries which are not consolidated as well as asso-
ciated companies which mainly are taken into account by using
the equity method of accounting. Amortization was booked where
a reduction in the book value on the balance sheet date was
deemed necessary.
Property, plant and equipment are mainly subject to straight-line
depreciation.
Intangible assets are carried at acquisition cost and are amortized
over their estimated useful lifetimes.
Liabilities are stated at their repayable amount, annuities are
assessed at their present value. Other accrued liabilities include
reasonable and sufficient allowances for all perceivable risks and
uncertain liabilities.
.
5 )
property, plant and equipment
Additions to property, plant and equipment mainly resulted by
investments in the tank terminal sector.
other assets, net of amortization
current liabilities
Other accrued liabilities comprise reserves for delivery obligations
and for outstanding costs in connection with pending business
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 ).
N o t e s 5 6 / 5 7
2 0 0 3
notes to the consolidated balance sheet
treasury stock
The own stocks (37.0 million ) which the company had acquired
in the previous year, were redeemed in 2003.
receivables
Other receivables mainly consist of receivables from tax and
customs duty authorities (19.6 million ; last year: 15.0 million ).
Furthermore the other receivables contain 7.9 million due to an
equity guarantee which was given in connection with the acqui-
sition of a subsidiary in 2003. The final amounts depend on the
result of an adjudication proceeding, which was not finished in
the time of preparing these financial statements.
inventories
The inventories are mainly held by trading companies.
Trade receivables 330,012 426,405
Receivables owed by subsidiaries 4,991 4,384
(thereof trade receivables) (659) (189)
Receivables owed by related companies 4,637 11,166
(hereof trade receivables) (1,450) (6,985)
Other receivables 36,699 53,331
T o t a l 376,339 495,286
20
02
4 )
5 )
6 )
1 )
2 )
3 )
Raw materials and supplies 2,682 1,604
Goods and finished work 160,658 127,517
Advanced payment made 3,003 3,874
T o t a l 166,343 132,995
20
02
Franchises, patents, licenses, and similar
rights, and licenses to such rights 8,708 8,093
Goodwill 9,976 7,351
Other receivables with a term of more
than one year 3,695 3,967
T o t a l 22,379 19,411
Notes payable to banks 14,114 47,576
Trade payables 306,493 247,008
Liabilities due to affiliated companies 2,387 2,263
(thereof trade receivables) (395) (1,483)
Current maturities of long-term debts 117,546 54,392
Accrued income taxes 17,632 14,004
Other accrued liabilities 47,670 102,643
Other liabilities and deferred credits 163,526 184,850
T o t a l 669,368 652,736
C U R R E N T L I A B I L I T I E S (T)
.
20
03
20
03
OT H E R A S S E T S , N E T O F A MO R T I Z A T I O N (T)
R E C E I V A B L E S (T)
I N V E N T O R I E S (T)
20
03
20
03
20
02
20
02
20012003
5 )
commitments and contingencies
A portion of the liabilities is secured by chattel mortgage of fixed
asset items, assignment of claims and inventories and by money
deposits. Bank guarantees are secured by chattel mortgage of
inventories, assignment of claims and pledging of bank balances
(fixed deposits, not freely disposable). Group companies have
longterm commitments of approximately 19 million annually
for rent, leases and leaseholds.
More than 91 million in investments were approved in 2003
and at the beginning of 2004.
notes to the consolidated statement of
income
sales and services (excl. mineral-oil taxes)
interest income
Interest income arises mainly on bank balances.
other income
Other income includes reductions in accruals, foreign exchange
gains, compensation payments and other revenues.
extraordinary result
Extraordinary result contains expenses of 7.9 million for
previous years adjustments in a subsidiary which was acquired in
2003. In connection with these previous years adjustments an
amount of 7.9 million was booked as income from a claim on
an equity guarantee.
N o t e s 5 8 / 5 9
longterm accruals and deferred liabilities
number and class of stock
The nominal capital of 75,000,000 is divided into 2,500,000
no-par-value bearer stocks.
2 0 0 3
7 )
8 )
9 )
1 0 )
1 1 )
1 2 )
1 3 )
Deferred income taxes 22,584 20,622
Provisions for demolition and
dismantling costs 22,113 19,611
Pension reserves and deferred
compensation 26,257 24,161
Special reserves, not taxable until
use or liquidation 0 3,632
T o t a l 70,954 68,026
L O N GT 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)
.
Oil trade 4,047,220 3,737,977
Tank storage facilities 238,122 243,046
Other 34,942 11,237
T o t a l 4,320,285 3,992,260
20
03
20
02
S A L E S A N D S E R V I C E S ( E X C L . MI N E R A L - O I L T A X E S ) (in T)
20
03
20
02
DEVELOPMENT STRUCTURE OF ASSETS AND CAPI TAL

(in million )
Treasury stock
Financial assets
Other fixed assets

Total 672

Total 745

Total 676
607
31
34
332
340 570
23
37
115
317
428
598
26
52
267
409
20
01
20
02
20
03
Working capital Long-term borrowings
Equity
5 )
interest expenses
Interest expenses have been paid on investment loans in the tank
terminal sector as well as for funds raised for future investments.
other taxes
Property taxes, ad valorem tax, federal excise taxes, as well as
other taxes not based on income, are shown as other taxes.
the executive board of the marquard and bahls
aktiengesellschaft consists of:
Hellmuth Weisser (Chairman), Hamburg
(until June 30, 2003)
Wim Lokhorst (Chairman) Seevetal
(from July 1, 2003, formerly: Chairman of tankfarm sector)
Dr. Claus-Georg Nette (Chairman of administration), Hamburg
the members of the supervisory board of marquard
& bahls aktiengesellschaft are:
Hellmuth Weisser (Chairman from July 1, 2003), Hamburg
Rolf Kirchfeld (Chairman until June 30, 2003), Hamburg
Nikolaus W. Sches (until June 30, 2003), Hamburg
Dr. Klaus Asche, Hamburg
N o t e s 6 0 / 6 1
operating, selling, general, and administrative
expenses
Operating, selling, general and administrative expenses mainly
consist of personnel costs, freight charges, storage costs, indem-
nification costs, travel expenses and legal and consultancy fees.
structure of employment
Furthermore Marquard & Bahls employed 753 in the Republic of
Moldova.
2 0 0 3
1 4 )
1 5 )
1 6 )
1 7 )
Hourly wage employees 888 50 783 50
Salaried employees 883 50 776 50
T o t a l 1,771 1,559
20
02 E M P L O Y E E S
number % number %
Dec. 31,
America 466 26 448 29
Asia 109 6 108 7
Europe 489 28 446 28
Germany 707 40 557 36
T o t a l 1,771 1,559
20
02 D I V I D E D I N R E G I O N S
number % number %
Dec. 31,
Marquard & Bahls AG 103 6 93 6
Mabanaft 523 29 380 25
Oiltanking 1,114 63 1,064 68
Other 31 2 22 1
T o t a l 1,771 1,559
20
02 D I V I D E D I N T O C O M P A N I E S
number % number %
Dec. 31,
.
.
.
.
.
.
.
20
03
20
03
Dec. 31,
Dec. 31,
Dec. 31,
20
03
Ma r qua r d & Ba hl s Ak t i e nge s e l l s c ha f t , Ha mbur g, J une 11, 2004 Wi m L o k h o r s t Dr . Cl a u s - Ge o r g Ne t t e
5 )
Our audit has not led to any reservations.
In our opinion, the consolidated financial
statements give a true and fair view of the
net assets, financial position and results of
operations of the Group in accordance
with German principles of proper accoun-
ting. On the whole the group management report provides a
suitable understanding of the Groups position and suitably
presents the risks of future development.
A u d i t o r s o p i n i o n 6 2 / 6 3
auditors opinion
We have audited the consolidated financial statements and the
group management report prepared by Marquard & Bahls Aktien-
gesellschaft for the business year from January 1, to December 31,
2003. The preparation of the consolidated financial statements
and group management report in accordance with German
commercial law are the responsibility of the Companys Executive
board. Our responsibility is to express an opinion on the consoli-
dated financial statements and the group management report
based on our audit.
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 promul-
gated by the Institut der Wirtschaftsprfer (IDW). Those stan-
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 conso-
lidated 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 effec-
tiveness 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.
2 0 0 3
S us a t & Pa r t ne r OHG Wi r t s c ha f t s pr f ungs ge s e l l s c ha f t ,
Ha mbur g, J une 11, 2004
.
Dr . Wa wr z i n e k Dr i e s c h
( Aud i t o r ) ( Aud i t o r )
5 )
aviation services
other
tank terminals
tank terminals
tank terminals energy services oil trading
oil trading
oil trading
oil trading
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
O r g a n i g r a m 6 4 / 6 5 M a r q u a r d & B a h l s A G
2 0 0 3
Mabanaft International GmbH
Hamburg, Germany
Behrmann Minerllhandel GmbH
Langwedel, Germany
Proenergy Contracting GmbH & Co. KG
Bochum, Germany
WGB-Wrme GmbH & Co. KG Berlin
Berlin, Germany
Pro Energy Contracting GmbH & Co. KG
Wien, Austria
Cothec Energetikal zemeltet Kft.
Gyr, Hungary
Benol Energieservice GmbH & Co. KG
Frankfurt/Main, Germany
Bttcher Energie GmbH & Co. KG
Regensburg, Germany
B.W.O.C. Limited
Weston-super-Mare, Great Britain
Deglmann Energie GmbH & Co. KG
Weiden/Oberpfalz, Germany
Digol Energieservice GmbH
Knzell, Germany
Kaiser Shne Mineralle GmbH & Co. KG
Amsberg, Germany
Klindworth-Kronol Energie GmbH & Co. KG
Hamburg, Germany
Klmpen Mineralle GmbH
Aschaffenburg-Leider, Germany
Lipps Mineralle GmbH
Hagen, Germany
Mhlenbruch Stinnes GmbH & Co. KG
Bremen, Germany
NEWCo Neue Energie- und WrmeConzepte GmbH
Hiddenhausen, Germany
Staak Pooltankstellen GmbH
Hamburg, Germany
Manfred Mayer MMM
Minerall Vertriebsgesellschaft m.b.H.
Neudrfl, Austria
Benol-Reinle AG
Rti, Switzerland
Mabanaft Inc.
Darien, Connecticut
Matrix Marine Fuels L.P.
Houston, Texas
oil trading
marquard & bahls ag
Hamburg, Germany
mabanaft gmbh & co. kg
Hamburg, Germany
international
Oiltanking Deutschland GmbH & Co. KG
Hamburg, Germany
Oiltanking Amsterdam B.V.
Amsterdam, Netherlands
Oiltanking Antwerp N.V.
Antwerpen, Belgium
Oiltanking Bulgaria AD.
Varna, Bulgaria
Oiltanking Copenhagen A/S
Copenhagen, Denmark
Oiltanking Ghent N.V.
Ghent, Belgium
Oiltanking Hungary kft.
Budapest, Hungary
Oiltanking Malta Ltd.
Birzebugghia, Malta
Oiltanking Sonmarin Oy
Helsinki, Finnland
Oiltanking Tallinn AS
Tallinn, Estonia
Oiltanking Terneuzen B.V.
Terneuzen, Netherlands
europe
Oiltanking Houston L.P./LLC
Houston, Texas
Oiltanking Technoconsult
Caracas, Venezuela
Oiltanking Beaumont Partners L.P.
Houston, Texas
Oiltanking Ebytem S.A.
Buenos Aires, Argentina
Compaia Logstica de Hidrocarburos (CLHB)
La Paz, Bolivia
Oiltanking Mexico S. de R.L. de C.V.
Mexico City, Mexico
Concorcio Terminales
Lima, Peru
Oiltanking Pecm Ltd.
Rio de Janeiro, Brazil
america
Oiltanking Singapore Ltd.
Singapore
Oiltanking Seraya Pte. Ltd.
Singapore
Oiltanking Odfjell Terminal Singapore Pte. Ltd.
Singapore
Indian Oiltanking Ltd.
Mumbai, India
Zuari Indian Oiltanking Ltd.
Goa, India
Oiltanking Daya Bay Co. Ltd.
Huizhou, China
asia
Skytanking Mnchen GmbH & Co. KG
Hamburg, Germany
Skytanking USA Inc.
Wilmington/Delaware, USA
Merlin Fuel N.V.
Oostende, Belgium
international
Mabanaft BV
Rotterdam, Netherlands
Mabanaft Limited
London, Great Britain
Mabanaft Schweiz AG
Basel, Switzerland
northwestern europe
Mabanaft Austria GmbH & Co. KG
Wien, Austria
Mabanaft Hungary Kft.
Budapest, Hungary
Mabanaft Moldova SRL
Chisinau, Moldova
Tirex Petrol SA.
Chisinau, Moldova
southeastern europe
OIL! Tankstellen GmbH
Hamburg, Germany
Wilhelm Grnwoldt Tankstellen GmbH & Co. KG
Hamburg, Germany
OIL Tankstellen GmbH
Wien, Austria
OIL! Tankstellen AG
Rti, Switzerland
service stations
Mabanaft Deutschland GmbH & Co. KG
Hamburg, Germany
Minerallvertrieb Hameln GmbH & Co. KG
Hameln, Germany
oil trading
germany
heating-oil end users contracting
oiltanking gmbh
Hamburg, Germany
skytanking holding gmbh
Hamburg, Germany
GEE Gesellschaft fr Erneuerbare
Energien mbH
Hamburg, Germany
GMA GmbH & Co. KG
Frankfurt/Main, Germany
natGAS Aktiengesellschaft
Potsdam, Germany
germany
other
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
colophon
published by: marquard & bahls ag, hamburg
concept & design: karin warzecha, cornelia horn, hamburg
illustrations: bernhard kunkler, freiburg
lithography: dunz-wolff gmbh, hamburg
printing: drger +wullenwever print + media, lbeck
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.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
marquard & bahls ag
Admiralittstrae 55, 20459 Hamburg
Germany
Phone + 49 40 - 370 04 - 0
Fax + 49 40 - 370 04 - 141
office@mbholding.de
www. mbholding. de
oiltanking gmbh
Germany
Phone + 49 40 - 370 99 - 0
Fax + 49 40 - 370 99 - 499
www.oiltanking.com
Oiltanking Amsterdam B.V.
Netherlands
Oiltanking Antwerp N.V.
Belgium
Oiltanking Beaumont Partners L.P.
USA
Oiltanking Bulgaria AD.
Bulgaria
Compaia Logstica de Hidrocarburos (CLHB)
Bolivia
Concorcio Terminales
Peru
Oiltanking Copenhagen A/S
Denmark
Oiltanking Daya Bay Co. Ltd
China
Oiltanking Ebytem S.A.
Argentina
Oiltanking Ghent N.V.
Belgium
Oiltanking Houston L.P./LLC
USA
Oiltanking Hungary kft.
Hungary
Indian Oiltanking
India
Oiltanking Malta Ltd.
Malta
Oiltanking Mexico S. de R.L. de C.V.
Mexico
Oiltanking Odfjell Terminal Singapore Pte. Ltd.
Singapore
Oiltanking Pecm Ltd.
Brazil
Oiltanking Seraya Pte. Ltd.
Singapore
Oiltanking Singapore Ltd.
Singapore
Oiltanking Sonmarin Oy
Finland
Oiltanking Tallinn AS
Estonia
Oiltanking Technoconsult
Venezuela
Oiltanking Terneuzen B.V.
Netherlands
Zuari Indian Oiltanking Ltd.
India
Adr esses: www. oi l tanki ng. com
mabanaft gmbh & co. kg
Germany
Phone + 49 40 - 370 04 - 0
Fax + 49 40 - 370 04 - 352
www.mabanaft.de
Mabanaft Austria GmbH & Co. KG
Austria
Mabanaft BV
Netherlands
Mabanaft Deutschland GmbH & Co. KG
Germany
Mabanaft Hungary Kft.
Hungary
Mabanaft International GmbH
Germany
Mabanaft Limited
Great Britain
Mabanaft Moldova SRL
Moldova
Mabanaft Schweiz AG
Switzerland
Mabanaft USA Inc.
USA
Matrix Marine Fuels L.P.
USA
Minerallvertrieb Hameln GmbH & Co. KG
Germany
Tirex Petrol SA.
Moldova
Adresses: www. mabanaf t . de
oil! tankstellen gmbh
Germany
Phone + 49 40 - 370 04 - 0
Fax + 49 40 - 370 04 - 117
www.oil-tankstellen.de
proenergy contracting gmbh & co.kg
Springorumallee 5 Sued, 44795 Bochum
Germany
Phone + 49 234 - 94 42 - 0
Fax + 49 234 - 94 42 - 212
www.proenergy.de
petronord energie- und wrmekonzepte
gmbh
Germany
Phone + 49 40 - 370 04 - 0
Fax + 49 40 - 370 04 - 157
www.petronord.de
skytanking holding gmbh
Germany
Phone + 49 40 - 370 99 - 0
Fax + 49 40 - 370 99 - 499
www.skytanking.com
Skytanking Mnchen GmbH & Co. KG
Germany
Skytanking USA Inc.
USA
Merlin Fuel N.V.
Belgium
Adr esses: www. skytanki ng. com
gee gesellschaft fr erneuerbare
energien mbh
Germany
Phone + 49 40 - 370 04 - 0
Fax + 49 40 - 370 04 - 255
www.gee-energy.com
gma gmbh & co. kg
Germany
Phone + 49 40 - 370 04 - 0
Fax + 49 40 - 370 04 - 299
www.gma-quality-management.com
natgas aktiengesellschaft
Jgerallee 37 H, 14469 Potsdam
Germany
Phone + 49 331 - 20 04 - 0
Fax + 49 331 - 20 04 - 199
www.natgas.de
M A B A N A F T

Mub gb03 English444

Enviado por

Dados do documento

Título original

Direitos autorais

Formatos disponíveis

Compartilhar este documento

Compartilhar ou incorporar documento

Opções de compartilhamento

Você considera este documento útil?

Este conteúdo é inapropriado?

Direitos autorais:

Formatos disponíveis

Mub gb03 English444

Enviado por

Direitos autorais:

Formatos disponíveis

w

DEVELOPMENT STRUCTURE OF ASSETS AND CAPI TAL

Você também pode gostar