Petkim Petrokimya Holding Anonim Sirketi · BIST:PETKM
Petkim Petrokimya Holding Anonim Sirketi — Petkim Petrokimya Holding A.Ş. — Q4 2024 Earnings Presentation
33 slides from Petkim Petrokimya Holding Anonim Sirketi's earnings presentation, March 2025
Slide 1: 4Q24 Results Investor Presentation
4Q24 RESULTS INVESTOR PRESENTATION MAR 2025
Slide 2: Welcome to Our Earnings Presentation
Welcome to Our Earnings Presentation Page 03-04 4Q24 FINANCIAL HIGHLIGHTS Page 05-09 INDUSTRY ENVIRONMENT Page 10-20 OPERATING & FINANCIALS RESULTS As of the end of 2024, Petkim, Page 21-23 Türkiye’s first and only STAR REFINERY integrated petrochemical Earnings Presentation 4Q24 company, achieved a
Slide 3: Financial Highlights
Sales FINANCIAL HIGHLIGHTS ₺16.6 BN (9%) QoQ EBITDA Net Income ₺0.7 BN (4%) Margin 21% QoQ (₺6.7) BN -2,05 TL/Share 109% QoQ Earnings Presentation 4Q24 Cash Net Debt ₺8.2 BN 0,7x Current Ratio 142% QoQ ₺35.5 BN (1%) QoQ 3
Slide 4: 4Q24 Highlights
4Q24 Highlights 01 The weakest quarter in recent years was experienced in terms of product margins The average gross unit margin of Petkim was USD25/ton The Turkish lira's overvaluation in real terms and high 02 inflationary pressures continued to suppress our P&L items The negative pressure is bein
Slide 5: Industry Environment
INDUSTRY Earnings Presentation 4Q24 ENVIRONMENT Global Petrochemical Market Petrochemical Market in Türkiye 5
Slide 6: Monthly naphtha-ethylene spread and Platts index
Monthly naphtha - ethylene spread (CIF MED spot prices) USD/ton Industry Environment 328 312 226 208 238 Ethylene-naphtha spread decreased 198 200 183 132 151 144 120 112 118 by about %19 from USD217/ton in 3Q24 to USD175/ton in 4Q24 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 5-Year Max-Min 202
Slide 7: Key trends in the industry
Industry Environment Key trends in the industry Product groups spread (over naphtha CIF MED) USD/MT Demand weakness and oversupply persists Competitiveness of import cargoes 600 Year-end stock management 500 Margins of integrated producers fell towards lower end of historic range and approached cash
Slide 8: Product groups spread over naphtha
Industry Product groups spread Environment (over naphtha CIF MED), USD/MT Polymers Fibers HDPE LDPE PP PVC MEG ACN PTA DEG 800 550 600 400 400 250 200 0 100 Oct-23 Dec-23 Feb-24 Apr-24 Jun-24 Aug-24 Oct-24 Dec-24 Feb-25 -200 Oct-23 Dec-23 Feb-24 Apr-24 Jun-24 Aug-24 Oct-24 Dec-24 Feb-25 Earnings Pre
Slide 9: Türkiye's Petrochemical Sector Overview
Türkiye’s Petrochemical Petrochemical consumption in Türkiye (k tons) Sector Overview Domestic consumption Petkim domestic sales 2.285 2.336 2.289 2.377 2.209 2.500 2.000 1.500 1.000 Surplus (k tons) Türkiye domestic demand is primarily met by imports 248 265 248 203 247 500 0 Arom 4Q23 1Q24 2Q24 3Q
Slide 10: Operating & Financial Results
OPERATING & FINANCIAL RESULTS Earnings Presentation 4Q24 10
Slide 11: Capacity Utilization & Gross Production
Capacity Utilization Capacity utilization rates (%) Thermoplastics Fiber Aromatics Ethylene Other & Gross Production 74% 95% 76% 85% 70% 66% 75% 101% 63% 102% 65% 87% 100% 84% 89% 55% 85% 91% 75% 79% 45% 78% 35% 50% 18% 18% 25% 11% 9% 9% 15% 19% 23% 5% 14% Non-economical plants are 0% 7% 11% -5% 4Q2
Slide 12: Petrochemical Product Sales
Petrochemical Product Sales Breakdown of petchem sales (USD mn) Thermoplastics Fiber Aromatics Other Trade Breakdown by percentage in 4Q24 150 194 25% 149 119 89 92 Total petchem sales 39% Earnings Presentation 4Q24 74 69 $467mn 91 85 14 86 79 25 5 17 15% 239 213 201 4% 182 17% 1Q24 2Q24 3Q24 4Q24 T
Slide 13: Breakdown of Sales
Breakdown of Sales Sales volume (k tons) Total volume: Revenue breakdown (%) 117 73 40 59 443k tons 36 30 19 24 30 Export 14 37% PVC LDPE HDPE PP ACN Benzene C4 P-X Others Trade Total revenue: Revenue (TRY mn) 3.356 4.194 Domestic 2.349 63% 1.516 ₺16,480mn 985 932 1.243 624 612 666 5 Exports breakdo
Slide 14: Breakdown of Total COGS
Breakdown of Total COGS COGS breakdown (%) Inventory gain/loss* (USD mn) Other Trade Depreciation Labour costs Energy Raw materials Inventory gain/loss Naphtha prices 700 642 609 612 6% 596 595 583 23% 600 549 564 579 571 560 549 549 537 525 25% 5% 8% 500 6% 10% 2 2 2 2 1 5% 1 1 9% 400 -1 -1 -1 -2 -
Slide 15: Feedstock vs. Product Prices of Petkim
Feedstock vs. Product Prices of PETKIM Thermoplastics and naphtha spread Petchem unit margins USD/ton USD/ton 1.500 400 2.400 1.459 1.482 1.451 800 1.300 350 1.381 1.379 1.302 1.312 1.329 1.277 1.239 750 1.100 300 2.000 1.193 1.190 700 212 224 209 900 250 650 1.600 700 200 600 750 136 658 1.200 550
Slide 16: Income Statement
PETKIM 4Q24 TRY mn Q3’24* Q4’24 QoQ Δ (%) Income Sales 18,299 16,639 (9%) Cost of sales (19,545) (17,163) (12%) Statement Gross profit (1,246) (524) (58%) Gross profit % (7%) (3%) - Marketing and sales expenses (316) (381) 20% General administrative expenses (709) (982) 38% Operating profit (2,272)
Slide 17: Impact of Inflation Accounting on Income Statement
Impact of Inflation Accounting on Income Statement Revenues COGS Gross Profit -1.0 +0.4 +1.4 (TRY bn) (TRY bn) (TRY bn) 0.4 16.6 17.2 0.4 16.5 16.1 15.8 16.2 -0.5 3Q24* 4Q24* 4Q24 (w IAS29) 3Q24* 4Q24* 4Q24 (w IAS29) 3Q24* 4Q24* 4Q24 (w IAS29) -Δ TRY497mn depreciation EBITDA Profit Before Tax Net Pr
Slide 18: EBITDA decreased mainly due to negative pricing delta
EBITDA decreased mainly due to negative pricing delta Q424 173 segments’ 179 (738) results (1.091) (TRY mn) Petchem Trading Port EBITDA 4Q24 21% Quarterly Earnings Presentation 4Q24 change in 96 (609) 23 EBITDA 265 32 (738) 849 (TRY mn) (1.393) Q3'24 Price Raw Material Volume and FX Inventory Other
Slide 19: Balance Sheet
TRY mn 9M’24* 12M’24 QoQ Δ (%) PETKIM 12M24 Cash and cash equivalents 3,373 8,169 142% Balance Sheet Trade receivable 9,354 8,375 (10%) Inventory 9,192 7,435 (19%) Other receivables 13 35 170% Other current assets 3,462 3,118 (10%) Current assets 25,394 27,132 7% Non current assets 100,962 97,420 (4
Slide 20: Liquidity Highlights
Liquidity Highlights Maturity profile (USD mn) 6% USD TRY EUR Long term Short term 40% USD230 mn 424 434 54% 232 6 98 2025 2026 2027 2028 Cash flow from operations and investment activities (USD mn) Net debt position* (TRY bn) CFI CFO Net debt position Net debt/EBITDA 148 Earnings Presentation 4Q24
Slide 21: STAR Refinery
STAR REFINERY Earnings Presentation 4Q24 21
Slide 22: STAR Refinery
STAR Refinery 13mn tons $6.7bn One of the most digitalized refinery REFINING CAPACITY TOTAL INVESTMENT VALUE in the world ~14% 28-36 API TÜRKİYE MARKET SHARE PROCESSING RANGE Production Capacity Diesel STAR Refinery is Türkiye’s first (mn tons) Naphtha privately constructed refinery Jet Fuel ~88% Re
Slide 23: STAR Refinery Operating and Financial Highlights
STAR Refinery Operating and Financial Highlights Q4 2024 Figures Capacity utilization Crude processed (per year) STAR Refinery has started to be fully consolidated in 88% 10mn tons Rafineri Holding as of 31 December 2024 STAR Refinery purchased 100% shares of SOCAR Turkey Akaryakit Depolama A.S (whi
Slide 24: Sustainability & ESG
SUSTAINABILITY & ESG Earnings Presentation 4Q24 24
Slide 25: Sustainability Strategy: Climate/CO2 Targets
Our Sustainability Strategy Will be Built on Two Pillars - Climate/CO2 Targets Short-term2 Mid-term Long-term 2021-2025 2025-2030 2030 onwards Decarbonization ๏ Develop internal carbon pricing ๏ Achieve long term decarbonization ๏ Implement energy efficiency, approach for future investments to targe
Slide 26: Petkim's ESG Risk Rating Score
Petkim’s ESG Risk Rating Score is Best Corporate 22,7 Governance World Finance 2024 22,7 Medium Risk Sustainalytics ESG Risk Rating 2024 NEGL LOW MED HIGH SEVERE 0-10 10-20 20-30 30-40 40+ Emissions, Europe & Effluents ๏ Environmental Policy Emerging EMEA and Wa ๏ Environmental Management System Equ
Slide 27: Supporting Slides
SLIDES SUPPORTING Earnings Presentation 4Q24 27
Slide 28: Investment plan: Ethylene, PP and HDPE/LLDPE plants
Petkim plans to invest in Ethylene, PP and HDPE/LLDPE plants due to strong growth potential and high demand Timeline According to the results of the Feasibility and Technical Feasibility Study conducted by KBR, Petkim aims to build a new Ethylene Plant (1.2 MTA), 2025 2026 PP Plant (550 KTA) and HDP
Slide 29: Diversified Business Profile Through Ancillary Investments
Diversified Business Profile Through Ancillary Infrastructure Energy Investments ๏ Türkiye’s first privately constructed refinery ๏ Lower naphtha procurement costs ๏ Target processing capacity of 13mn tons p.a. ๏ Replacement of some of the heavy naphtha feedstock with reformate / mixed-xylene ๏ Incr
Slide 30: Petrochemical Complex Flow Chart
Petrochemical Complex Flow Chart Petkim has fully integrated operations LDPE (350,000 ton/year) Bag, greenhouse covers, film, cable, toys, pipes, bottles, hose, packaging HDPE (96,000 ton/year) Construction and water pipes, packaging film, toys, bottles, soft drink crates, barrels Ethylene MEG (89,0
Slide 31: Petkim Stock Performance
PETKIM Stock Performance Unit mn Volume PETKM TI Equity XU100 Index 200 450 180 400 160 350 140 300 120 250 100 200 80 150 60 100 40 50 20 Earnings Presentation 4Q24 0 0 Jan-23 Mar-23 May-23 Jul-23 Sep-23 Nov-23 Jan-24 Mar-24 May-24 Jul-24 Sep-24 Nov-24 Jan-25 Mar-25 Closing price Market capitalizat
Slide 32: Disclaimer
Disclaimer This presentation does not constitute or form part of, and should not be construed as, an offer or invitation to subscribe for, underwrite or otherwise acquire, any securities of Petkim Petrokimya Holding A.Ş. (the “Company”) or any member of its group nor should it or any part of it form
Slide 33: petkim.com.tr
petkim.com.tr Earnings Presentation 4Q24 Scan QR Code to See more 33
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