27 slides from Turkiye Petrol Rafinerileri A.s's earnings presentation, Nov 5, 2024
Slide 1: Q3 2024 Earnings Presentation
Q3 2024 Earnings Presentation www.tupras.com.tr 5 November 2024 Hizmete Özel / Confidential
Slide 2: Disclaimer
Disclaimer With the Capital Markets Board of Turkey’s Bulletin dated 28.12.2023 numbered 2023/81, CMB announced that issuers and capital market institutions shall prepare their annual financial statements ending on 31.12.2023 or later, in accordance with IAS 29 inflation accounting provisions. Accor
Slide 3: Q3 2024 – Tüpraş Highlights
Q3 2024 – Tüpraş Highlights Highest Capacity Utilization Rate Since Pre-Covid 120% 105% 89% 96% 98% 99% 101% • In Q3 2024, the capacity utilization rate reached 101%, marking the highest 80% level since Q3 2019. This increase was due to the completion of RUP Capacity Utilization maintenance, which i
Slide 4: Market
Market Hizmete Özel / Confidential
Slide 5: Q3 2024 – Key Market Highlights
Q3 2024 – Key Market Highlights Global inventory levels were higher than 5-year average due to high-capacity utilization of the refineries in Q3. Global demand showed a gradual increase q/q as the demand for mid-distillates and gasoline has The capacity utilizations began to decrease starting from m
Slide 6: Quarterly Crack Margin Comparison ($/bbl)
Quarterly Crack Margin Comparison ($/bbl) Mid-distillate cracks were lower y/y due to elevated inventory levels with high-capacity utilizations and slowdown in demand growth rate. HSFO remained strong due to supply constraints. 5 year range 2024 2023 Diesel Jet Fuel • Due to high inventory levels in
Slide 7: Heavy Crude Price Differentials to Brent ($/bbl)
Heavy Crude Price Differentials to Brent ($/bbl) Differentials have been narrowing since June and started to widen towards the end of Q3. Basrah Heavy continued to provide wider discounts compared to the rest of the slate. 0 -4 Arab Heavy Basrah Heavy -8 Kirkuk CPC Average* -12 OPEC+ Iran OPEC+ Cut
Slide 8: Operations
Operations Hizmete Özel / Confidential
Slide 9: Capacity Utilization and Quarterly Production Volume
Capacity Utilization and Quarterly Production Volume • Tüpraş pro uce 7.3 million tons in Q3 2024. • Capacity utilization for Q3 2024 was 101%, highest level achieved since Q3 2019. Quarterly Production (Million Tons) Capacity Utilization (%) 2022 2023 2024 Crude Oil Semi Product Feedstock Total 8 7
Slide 10: Product Sales in Q3 2024 (Million Tons)
Product Sales in Q3 2024 (Million Tons) • Tüpraş’ sales were 8.1 million tons in Q3 2024. • Domestic sales grew by 3% y/y driven by gasoline. Gasoline sales are up by 18% y/y with the increased demand. Total Product Sales Domestic Sales of Selected Products Domestic Sales International Sales Diesel
Slide 11: Electricity Production & Sales in Q3 2024
Electricity Production & Sales in Q3 2024 • 375 GWh Zero Carbon Electricity is sold in Q ’ . • ZCE sales from production was parallel to y/y. Total ZCE Sales Total Installed Capacity from Production (GWh) EBITDA (Mn TL) 66 MW 112 17.5 905 MW MW 29.3 MW 368 375 718 50 MW 178 28 MW 16.4 MW 257 278 MW
Slide 12: Financials
Financials Hizmete Özel / Confidential
Slide 13: Income Statement (Million TL)
Income Statement (Million TL) Q3 Q3 9M 9M Million TL % % 2024 2023 2024 2023 Net Sales 196,223 292,612 -33% 599,332 681,835 -12% COGS -177,438 -239,814 -26% -546,005 -569,051 -4% Gross Profit 18,875 52,798 -64% 53,327 112,784 -53% Operating Expenses -6,006 -6,299 -5% -20,390 -18,234 12% Income/Loss
Slide 14: Profit Before Tax Bridge (Q3 2023– Q3 2024)
Profit Before Tax Bridge (Q3 2023– Q3 2024) Lower energy expenses and strong net FX gains and interest income supported the PBT despite lower crack margins and narrow differentials. Million TL , , , , , , , , Q Cru e i eren als nergy Crack Margin n entory mpact et nterest Monetary ther Q Cost ncome
Slide 15: Financial Highlights
Financial Highlights EBITDA (mn TL) Net Income* (mn TL) Cash Currency Redemption Schedule(**) Breakdown TL Hard Currency bn TL bn TL 120 120 , 103.0 80 80 , , , 40 40 32.4 13.0 0 0 Q Q Q Q Hard Currency TL 1 year Over 1 year * Excluding minority interest Net Debt & Net Debt / EBITDA Working Capital
Slide 16: Outlook for 2024
Outlook for 2024 Hizmete Özel / Confidential
Slide 17: 2024 Refinery Maintenance Schedule
2024 Refinery Maintenance Schedule Refinery Unit Starting Quarter Duration (weeks) Purpose Planned Crude Oil & Vacuum Q4 5 Postponed Desulphurizer Q4 5 Periodic Maintenance Postponed İzmit RUP Q1 13 Completed FCC Q2 6 Periodic Maintenance Completed FCC Q3&Q4 21 Revamp Ongoing İzmir Crude Oil , Vacuu
Slide 18: 2024 Expectations
2024 Expectations Tüpraş Crack Margin expectation ~12 $/bbl • ~26 mn tons annual production, ~30 mn tons annual sales and 85-90% average capacity utilization Consolidated Capex ~400 million $ 05/11/2024 Hizmete Özel / Confidential Earnings Presentation www.tupras.com.tr 18
Slide 19: Q3 2024 Results
Q3 2024 Results Tüpraş Crack Margin ($/bbl) Capacity Utilization (%) 100 16.0 Tüpraş Y 80 Target Tüpraş Y Target 12.0 60 8.0 92.3 14.5 40 11.5 11.7 4.0 9.5 20 0.0 0 Q1 2024 Q2 2024 Q3 2024 9M 2024 9M 2024 Operationals (million tons) Total Capex (mn $) 400 9M 2024 FY Target 400 261 30 26 200 20.0 22.
Slide 20: www.tupras.com.tr
www.tupras.com.tr 05/11/2024 Hizmete Özel / Confidential www.tupras.com.tr 20 Earnings Presentation
Slide 21: Appendix
Appendix Hizmete Özel / Confidential
Slide 22: Turkish Market, 8M 2024
Turkish Market, 8M 2024 Q1 Q2 Jul+Aug Diesel Million 16.9 17.0 17.1 Jet1 Tons 15.8 15.9 4.9 4.9 4.8 3.8 4.9 4.5 3.6 3.1 1.1 1.3 6.3 6.5 6.5 2.1 1.0 5.3 6.1 0.0% 1.5 0.8 1.4 1.5 +6.7% 0.4 1.2 0.2 0.7 5.6 5.6 5.4 5.6 5.8 1.1 1.1 0.9 0.6 0.9 2020 2021 2022 2023 2024 2020 2021 2022 2023 2024 Gasoline 3.
Slide 23: OPET
OPET Opet has 1,881 fuel stations as of September 2024 end. 11% of the fuel stations have EV chargers installed. Opet Sunpet 1,802 1,857 1,866 1,865 1,766 1,615 1,670 1,504 1,560 Market Share* 1,393 1,444 615 626 622 495 563 588 434 463 18% 435 431 427 1,126 1,152 1,175 1,203 1,214 1,242 1,240 1,259
Slide 24: Q3 Product Yields
Q3 Product Yields Q3 2023 Q3 2024 2% Other Other 4% Bitumen 2% LPG 12% LPG 9% 3% Bitumen Kok 3% 3% 22% Gasoline 2% Other Kok Gasoline 22% Other white Fuel Oil white 24% 2% Light 5% 8% Black Prod. Fuel Oil 20% Light Distil. Black Prod. 19% Distil. 26% 0% Naphtha Naphtha 0% 53% Mid. Distil. Mid. Disti
Slide 25: Tüpraş Balance Sheet (Million TL)
Tüpraş Balance heet (Million TL) 30.09.2024 31.12.2023 Diff. Diff. (%) Current Assets 230,879 273,282 -42,402 -16 Cash & C. Equivalents 103,039 133,175 -30,136 -23 Trade Receivables 40,361 54,941 -14,580 -27 Derivatives 3,997 2,805 1,192 43 Inventories 63,775 60,409 3,366 6 Pre-paid expenses 2,517 1
Slide 26: Finished Product and Semi Product Imports (Thousand Tons)
Finished Product and Semi Product Imports (Thousand Tons) Product Imports Q3 2024 Q3 2023 916 630 362 200 210 195 61 61 104 83 5 18 38 Diesel HVGO ASRFO LSFO LPG Gasoline MTBE 05/11/2024 Hizmete Özel / Confidential Earnings Presentation www.tupras.com.tr 26
Slide 27: www.tupras.com.tr
www.tupras.com.tr 05/11/2024 Hizmete Özel / Confidential www.tupras.com.tr 27 Earnings Presentation