Turcas Holding A.s. · BIST:TRCAS
Turcas Holding A.s — Turcas Petrol A.Ş. — Investor Presentation (August 2020)
26 slides from Turcas Holding A.s's investor presentation, August 2020
Slide 1: Investor Presentation
Investor Presentation DISCLAIMER STATEMENT Turcas Petrol A.S. (“Turcas") has prepared this presentation document (the "Document”) consisting of documents thereto for the sole purposes of providing information and projections and statements retating to Turcas (the “Information’). Turcas cannot guaran
Slide 2: Table of Contents
Table of Contents 1. Turcas: A Sustainable Investment Platform Page # a) Turcas at a Glance……………………………………………………………………2 b) Group Structure & Milestones……………………………………………………..3-4 c) Shareholding Structure & Stock Information……………………………………….5 d) Turcas Dividend Stream……………………………………………………………6-7 2. Invest
Slide 3: Turcas: A Sustainable Investment Platform – At a Glance
Turcas: A Sustainable Investment Platform At a Glance Oil & Energy focused Investment Company Extensive industrial know-how in Turkish Energy Business Turcas Active in Fuel Distribution-Lubricants and Power Generation Carved-in Business Partnership culture Targeting to Further Diversify it
Slide 4: Group Structure
Turcas: A Sustainable Investment Platform Group Structure Bloomberg Ticker: TRCAS.TI Reuters Ticker: TRCAS.IS Free Float: 28% 30% 30% 100% 1,026 Nationwide Shell Branded Fuel Stations 800 MW 18 MW Gas Fired Geothermal Lubricants Plant Power Plant Power Plant in Derince * ATAŞ appears twice on the Gr
Slide 5: Corporate Milestones
Turcas: A Sustainable Investment Platform Corporate Milestones 1931 1953 1962 1996 2005 2006 2006 Foundation of Lubricants Start of Acquisition by Acquisition of Merger with Foundation of Türkpetrol Ltd. sales operations at Conoco, Conoco’s Royal Dutch Socar & partnership Ataş Refinery
Slide 6: Shareholding Structure & Stock Information
Turcas: A Sustainable Investment Platform Shareholding Structure & Stock Information Shareholding Structure of Turcas Petrol Shareholding Structure of Aksoy Holding (1) Aksoy Girişimcilik Enerji ve Turizm A.Ş 17,52% 23,0% 1,6% Erdal Aksoy Free Float S. Batu Aksoy 52,5% Banu Aksoy Tarakçıoğlu 54,45%
Slide 7: Dividends & Management Fees Received from Shell & Turcas
Turcas: A Sustainable Investment Platform Dividends & Management Fees & Preferred Dividends Received from Shell & Turcas MM TL 148 MM TL dividends received in 3Q19. Out of that amount, 73 MM TL transferred 41 MM TL of Preferred back to Shell & Turcas in the Dividends received in form of Shareholder
Slide 8: Dividends Paid by Turcas
Turcas: A Sustainable Investment Platform Dividends Paid by Turcas MM TL 31 31 26 Last 5 yr avg dividend yield: 2.7% 18 14 14 13 11 11 8 8 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Note: 14 MM TL of buy- back shares (corresponding to 5.30% of the paid-up capital of Turcas Petrol A.Ş.) w
Slide 9: Fuel Distribution: Shell & Turcas JV
Fuel Distribution: Shell & Turcas JV In 2005, Royal Dutch Shell (‘Shell’) and Turcas Petrol A.Ş. have merged their fuel retail operations in Turkey under the name of Shell & Turcas Petrol A.Ş. (‘STAŞ’). Newly established company, Royal Turcas STAŞ, started its operations in July 2006 Dutch Shell P
Slide 10: Fuel Distribution: Overall Market Growth
Fuel Distribution: Overall Market Growth Gasoline Sales (Sector) Diesel Sales (Sector) MM m3 MM m3 31,1 30,0 28,0 25,7 3,3 24,0 3,1 3,2 2,8 3,0 -6% y/y -12% y/y 13,6 12,8 1,49 1,31 2015 2016 2017 2018 2019 1H19 1H20 2015 2016 2017 2018 2019 1H19 1H20 White Product Sales (Sector) Lubricants Sales (Se
Slide 11: Fuel Distribution: Shell & Turcas JV Volume Growth
Fuel Distribution: Shell & Turcas JV Volume Growth Gasoline Sales (STAŞ) Diesel Sales (STAŞ) ths m3 ths m3 4.170 4.337 4.175 805 4.126 744 757 780 3.790 679 - 15% y/y -14% y/y 373 1.946 320 1.653 2015 2016 2017 2018 2019 1H19 1H20 2015 2016 2017 2018 2019 1H19 1H20 White Product Sales (STAŞ) Lubrica
Slide 12: Fuel Distribution: Shell & Turcas JV Market Share
Fuel Distribution: Shell & Turcas JV Market Share Gasoline Market Shares Diesel Market Shares Shell & Turcas Vitol Opet BP Total-Demirören Shell & Turcas Vitol Opet BP Total-Demirören #1 21,9% 24,5% 19,7% 24,2% 16,5% 12,9% 11,4% 7,0% 5,4% 4,9% 1H19 9M19 YE19 1Q20 1H20 1H19 9M19 YE19 1Q20 1H20 Onsite
Slide 13: Fuel Distribution: Shell & Turcas JV Efficiency Metrics
Fuel Distribution: Shell & Turcas JV Efficiency Metrics Market Efficiency Index (as of YE19) Throughput (White Product Sales / Station) x 1,9 m3 #1 #1 1,5 1,5 1,4 All Market Efficiency = 1.0 0,6 2.576 4.798 5.042 4.849 4.029 3.975 3.836 4.414 3.937 3.572 3.617 3.654 3.806 2.415 2.668 Shell & Vitol B
Slide 14: Fuel Distribution: Shell & Turcas JV
Fuel Distribution: Shell & Turcas JV Net Sales EBITDA MM TL MM TL 1.305 39.325 32.566 961 1.014 - 22 % y/y 847 23.975 - 75 % y/y 19.474 600 15.355 16.795 15.275 399 148 2015 2016 2017 2018 2019 1H19 1H20 2015 2016 2017 2018 2019 1H19 1H20 Net Income / Loss Shell & Turcas 1H20 Highlights MM TL 321 •
Slide 15: Power Generation (Natural Gas PP): RWE & Turcas JV
Power Generation (Natural Gas PP): RWE & Turcas JV In 2009, Turcas and Germany’s RWE established a joint venture company Denizli CCPP with an installed under the name RWE & Turcas Güney (‘RTG’) to establish a 800 MW CCPP in capacity of c.a.800 MW Turkey RWE holds 70% and Turcas holds the remaini
Slide 16: Power Generation (Natural Gas PP): Overall Market Info
Power Generation (Natural Gas PP): Overall Market Info GDP vs Electricity Consumption Growth Turkish Power Generation (by source) Share of 45% 48% 38% 33% 38% 31% 19% 2020 1H20 Electricity Consumption : - 4 % y/y NG+LNG 9,4% GWh 7,4% 8,8% 4,4% 4,1% 5,5% 5,2% 4,0% 4,0% 106.897 120.053 109.658 111.818
Slide 17: Power Generation (Natural Gas PP): RWE & Turcas JV
Power Generation (Natural Gas PP): RWE & Turcas JV Cash inflows to Turcas from RWE & Turcas JV RTG Average Electricity Sales Price (TL/MWh) (under SHL repayment) MM TL 345 339 31 333 280 20 189 197 186 180 8 9 7 6 6 2014 2015 2016 2017 2018 2019 1Q20 2Q20 2013 2014 2015 2016 2017 2018 2019 Gas Consu
Slide 18: Power Generation (Natural Gas PP): RWE & Turcas JV
Power Generation (Natural Gas PP): RWE & Turcas JV Net Sales EBITDA MM TL MM TL 79 1.041 967 58 793 801 823 34 640 24 14 339 -2 -30 2015 2016 2017 2018 2019 1H19 1H20 2015 2016 2017 2018 2019 1H19 1H20 Electricity Sales RWE & Turcas 1H20 Highlights gWh 3.806 • Thanks to the flexibility created with
Slide 19: Power Generation (Geothermal Power Plant) - Turcas Kuyucak Geothermal
Power Generation (Geothermal Power Plant)- Turcas Kuyucak Geothermal Turcas Kuyucak Geothermal (“TKG”) is the owner and operator of an 18 MW geothermal power plant project in Aydın, Kuyucak district (western region of Turkey); Turcas Petrol holds 100% of TKG TKG has become operational as of Jan’
Slide 20: Power Generation (Geothermal Power Plant) - Turcas Kuyucak Geothermal
Power Generation (Geothermal Power Plant)- Turcas Kuyucak Geothermal 19
Slide 21: Power Generation (Geothermal Power Plant) - Turcas Kuyucak Geothermal
Power Generation (Geothermal Power Plant)- Turcas Kuyucak Geothermal Net Sales EBITDA MM TL MM TL 29 46 45 27 -10% 17 -35% 26 23 11 2018 2019 1H19 1H20 2018 2019 1H19 1H20 Electricity Generation Turcas Kuyucak Geothermal PP 1H20 Highlights million kWh 80 67 • Turcas Kuyucak contributing positively t
Slide 22: Potential Project Pipeline
Potential Project Pipeline Geothermal Energy Turcas plans to grow in geothermal energy with the following projects: 1. Existing TKG Plant : An additional production well (8th production well) has been connected to the main grid at the beginning of Jul’20. Also, electrical submersible pumps have been
Slide 23: Turcas Consolidated IFRS Summary BS & PL
Turcas Consolidated IFRS Summary BS & PL IFRS Consolidated Financial Statements & Financing Ratios Balance Sheet , million TL 2019 1H20 Ytd Income Statement, million TL 1H19 1H20 Y/Y Revenues (Electricity Sales) 26 23 -10% Cash & Cash Equivalents 133 116 -13% Gross Profit 16 12 -21% (from STAŞ) 74 7
Slide 24: Financial Deleveraging Ongoing
Financial Deleveraging Ongoing MM EUR Denizli CCGT Project Finance Loan Principal Outstanding Balance 184 151 135 120 102 88 77 72 2013 1H 2014 YE 2015 YE 2016 YE 2017 YE 2018 YE 2019 YE 1H20 In addition to Denizli CCGT Project Finance Loan, outsanding loan balance obtained for our Kuyucak Geother
Slide 25: Segmental Analysis
Segmental Analysis Oil Segment Energy Segment MM TL Shell & Turcas RWE & Turcas TKG (Turcas share: 30%) (Turcas share: 30%) (Turcas share: 100%) Net Net Net Profit/ Profit/ Profit/ Revenues EBITDA Loss Revenues EBITDA Loss Revenues EBITDA Loss 1H20 15,274 148 -351 640 -30 -67 23 11 -13 1H19 19,474 6
Slide 26: Thank you!
Thank you! Contact Information Murat ŞİMŞEK Arif ŞAHİN Finance Manager Senior Corporate Finance Specialist E-mail: murat.simsek@turcas.com.tr E-mail: arif.sahin@turcas.com.tr Phone: +90 212 259 00 00 / Ext: 1293 Phone: +90 212 259 00 00 / Ext: 1238
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