Aygaz Anonim Sirketi · BIST:AYGAZ
Aygaz Anonim Sirketi — Aygaz — Investor Presentation (November 2024)
47 slides from Aygaz Anonim Sirketi's investor presentation, Nov 29, 2024
Slide 1: Aygaz Investor Presentation November 2024
Aygaz Investor Presentation November - 2024 1 Bu doküman Kurum İçi olarak sınıflandırılmıştır. This document is classified as Internal.
Slide 2: Agenda
Agenda Aygaz at a Glance LPG and Natural Gas Segment Operations Financial Highlights 2024 Q3 Updates Sustainability & ESG Topics Appendix 2 Bu doküman Kurum İçi olarak sınıflandırılmıştır. This document is classified as Internal.
Slide 3: Aygaz at a Glance
Aygaz at a Glance General Information Core Business LPG Joint Venture United Aygaz – Bangladeş Founded in 1961 LPG sourcing, storage, filling and distribution in Procurement, storage, filling and Koç Group’s first company Bangladesh distribution of LPG in energy sector Opet Aygaz Gayrimenkul A.Ş. Re
Slide 4: Aygaz in Figures
Aygaz in Figures Key Operating Figures of 2023 Facilities in Turkey The largest LPG storage Aygaz total LPG sales Aygaz Doğal Gaz total LNG 5 Filling plants**** in Turkey volume* & PNG sales volume 178 thousand m3 2.5 million tons 78.5 mcm 8 Distribution centers Cylinder gas sales Cylinder gas deale
Slide 5: Aygaz Strategic Goals
Aygaz Strategic Goals Creating sustainable value by Broadening its international expansion strengthening its current position in through LPG investments in LPG and Natural Gas Segment in developed and developing countries Turkey Assessing the opportunities in core and adjacent businesses with a focu
Slide 6: Agenda
Agenda Aygaz at a Glance LPG and Natural Gas Segment Operations Financial Highlights 2024 Q3 Updates Sustainability & ESG Topics Appendix 6 Bu doküman Kurum İçi olarak sınıflandırılmıştır. This document is classified as Internal.
Slide 7: Turkish LPG Market
Turkish LPG Market LPG as a commodity Turkish LPG Market Ranking** (2023) → Mixture of hydrocarbons (butane and propane) # 4 in European domestic LPG # 2 in Global autogas market market → Portable and versatile Italy 1,5 Russia 3,7 → Low GHG emission, eco-friendly Spain 0,9 Turkey 3,5 Russia 0,9 Sou
Slide 8: Aygaz's Core Business
Aygaz’s Core Business Highlights → Leader; → Generic brand for LPG ✓ LPG distributor of Turkey → Most preferred LPG brand in Turkey since its foundation ✓ Of the 2nd largest autogas market in the World → Market leader with 2 brands ✓ Of the 4th largest domestic LPG market in Europe LPG Sales Volume*
Slide 9: Cylinder Gas Market
Cylinder Gas Market Cylinder Gas Market (k ton) Cylinder Gas Market Shares Turkish Cylinder Market Aygaz Sales 729 718 699 612 621 41.% 302 297 29.8% 287 252 255 18.2% 10.8% Aygaz İpragaz Oyak Group Other 2019 2020 2021 2022 2023 General factors affecting Turkish cylinder market Aygaz leading cylind
Slide 10: Autogas Market
Autogas Market Autogas Market (k ton) Market Shares & Station Number Shares Turkish Autogas Market Aygaz Sales 3.517 3.354 3.065 3.117 3.098 32.2% 22.0% 734 669 697 774 15.6% 664 12.2% 8.9% 9.2% 2019 2020 2021 2022 2023 Aygaz PO Shell Oyak Group BP Other General factors affecting Turkish autogas mar
Slide 11: Autogas; 2nd most widely used passenger car fuel of Turkey
Autogas; 2nd most widely used passenger car fuel of Turkey Ratio of cars registered to traffic acc. to fuel type Turkish Car Park (mn cars) Diesel Autogas Gasoline Electric- Hybrid 15.2 13.7 14.2 13.1 0.3 0% 2% 12.5 0.1 0.1 3.8 4.4 29% 3.2 3.5 31% 3.0 34% 42% 4.9 5.0 5.1 2013 2023 4.7 4.8 4.8 5.0 5.
Slide 12: Competitive Supply Chain
Competitive Supply Chain BIG PLAYER IN LPG ADVANCED MODEL ✓ #1 LPG importer and exporter in Turkey ✓ Direct imports from 5 different terminals ✓ 52% of LPG imports ✓ Most diversified supply portfolio in Turkey ✓ 60 % of LPG exports ▪ Diversified supplier & origins ✓ #1 storage owner in Turkey (~24%
Slide 13: LPG Transportation Activities
LPG Transportation Activities → Profitable operation adding value to supply chain processes through its fully utilized three owned fleet. → Aygaz is actively involved in maritime transportation of LPG, which first started in 1967. → In 2010, Aygaz assigned the management of its LPG carriers to its s
Slide 14: Gebze Facility
Gebze Facility Exports (mn USD) Export Regions– 2023 Cylinder and Gas Appliances Production & Sales ✓ USD revenue generation through pressurized container and equipment 35 3% 4% exports. 34 ✓ Makes Aygaz a fully integrated LPG company producing its own cylinders and gas appliances. 30% ✓ Embraces Ay
Slide 15: Bangladesh LPG Market
Bangladesh LPG Market LPG Consumption* (k ton) 2018-2023 CAGR: 14% 1,395 1,426 1,498 1,232 960 764 2018 2019 2020 2021 2022 2023 Source: WLPGA Statistical Review of Global LP Gas Report, 2023 → Bangladesh GDP growth rate** reached 6% in 2023 and it is one of the most densely populated countries in t
Slide 16: Bangladesh Investment: United Aygaz
Bangladesh Investment: United Aygaz Chittagong Plant Cumulative capital contribution: 75 mn USD Aygaz share: ~37,5 mn USD 75 mn USD Total 237 capital employees In Chittagong, the total number of sphere tanks has reached 6, Bangladesh LPG market, which is increasing the storage capacity to 1.5 millio
Slide 17: Aygaz Doğal Gaz
Aygaz Doğal Gaz Sales Volume (mcm) Turkish Natural Gas Market LNG Pipeline Natural Gas Private Sector Market %2 Botaş Market Share %98 14 bcm Housing 694 22 bcm 2023 Industry 475 Electricity 246 14 bcm 17 1.5 79 73 82 78 77 2019 2020 2021 2022 2023 Source: EMRA → Achieved over 1.4 billion TL in reve
Slide 18: Agenda
Agenda Aygaz at a Glance LPG and Natural Gas Segment Operations Financial Highlights 2024 Q3 Updates Sustainability & ESG Topics Appendix 18 Bu doküman Kurum İçi olarak sınıflandırılmıştır. This document is classified as Internal.
Slide 19: LPG & Natural Gas Business Line – Financials (1/2)
LPG & Natural Gas Business Line – Financials (1/2) (Based on purchasing power of Turkish Lira ("TL") as of 31 December 2023, the amounts are expressed in mn TL unless otherwise stated.) Sales Revenue (mn TL) Gross Profit & Gross Profit Margin 70,995 Gross Profit (mn TL) Gross Profit Margin (%) 63,88
Slide 20: LPG & Natural Gas Business Line – Financials (2/2)
LPG & Natural Gas Business Line – Financials (2/2) (Based on purchasing power of Turkish Lira ("TL") as of 31 December 2023, the amounts are expressed in mn TL unless otherwise stated.) Financials (mn TL) 2022 2023 Diff. % • Despite a 15% increase in total LPG sales volume compared to the previous y
Slide 21: Consolidated Financials (1/3)
Consolidated Financials (1/3) (Based on purchasing power of Turkish Lira ("TL") as of 31 December 2023, the amounts are expressed in mn TL unless otherwise stated.) Sales Revenue (mn TL) Gross Profit & Gross Profit Margin Gross Profit (mn TL) Gross Profit Margin (%) 71,288 64,835 4,963 3,858 7.7% 5.
Slide 22: Consolidated Financials (2/3)
Consolidated Financials (2/3) (Based on purchasing power of Turkish Lira ("TL") as of 31 December 2023, the amounts are expressed in mn TL unless otherwise stated.) Financials (mn TL) 2022 2023 Diff. % Revenue 71,288 64,835 (9) • The operating profit, realized at 1,267 mn TL in the LPG and Natural G
Slide 23: Consolidated Financials (3/3)
Consolidated Financials (3/3) (Based on purchasing power of Turkish Lira ("TL") as of 31 December 2023, the amounts are expressed in mn TL unless otherwise stated.) Working Capital (mn TL) Net Financial Debt (mn TL) CAPEX (mn TL) NWC*/ NFD/ 1.8% 1.2% EBITDA 2.8 N/M.** Sales 771 682 3,849 1,985 4,051
Slide 24: Consolidated Income Statement - Summary
Consolidated Income Statement - Summary (Based on purchasing power of Turkish Lira ("TL") as of 31 December 2023, the amounts are expressed in mn TL unless otherwise stated.) Income Statement (mn TL) 2022 2023 Diff (%)*** Revenue 71,288 64,835 (9) Gross Profit 3,858 4,963 29 Gross Profit Margin 5.4%
Slide 25: Consolidated Balance Sheet - Summary
Consolidated Balance Sheet - Summary (Based on purchasing power of Turkish Lira ("TL") as of 31 December 2023, the amounts are expressed in mn TL unless otherwise stated.) 25 Bu doküman Kurum İçi olarak sınıflandırılmıştır. This document is classified as Internal.
Slide 26: Agenda
Agenda Aygaz at a Glance LPG and Natural Gas Segment Operations Financial Highlights 2024 Q3 Updates Sustainability & ESG Topics Appendix 26 Bu doküman Kurum İçi olarak sınıflandırılmıştır. This document is classified as Internal.
Slide 27: Market Information
Market Information Turkish LPG Market (‘000 ton) Aygaz Market Shares Cylinder Aug’23 Aug’24 -7% Jan-Aug'23 Jan-Aug'24 3.002 -1% 2.798 41,5% 42,0% 2.361 2.337 420 383 k tons k tons -9% -65% 420 383 222 78 Total Autogas Cylinder gas Bulk Autogas Aug’23 Aug’24 22,0% 22,1% Source: EMRA 2,361 2,337 Accor
Slide 28: Operational indicators – Q3 2024
Operational indicators – Q3 2024 3Q 2024 Compared 9M 2024 Compared (‘000 ton) to 3Q 2023 (‘000 ton) to 9M 2023 Wholesale and International Sales* (‘000 ton) Wholesale International Total Domestic Retail 285 -7% 795 -9% 366 345 LPG Sales 163 Wholesale and 182 International 345 -6% 967 -8% LPG Sales 2
Slide 29: LPG & Brent World Prices
LPG – Brent Prices LPG & Brent World Prices LPG - SP (Algeria) Brent 800 190 700 664 675 170 600 594 583 574 567 568 560 555 573 544 543 534 531 534 150 515 USD/Barrel 500 506 489 493 USD/ton 467 446 130 400 405 355 300 110 94 91 90 90 200 85 86 84 85 85 81 83 82 79 80 83 78 80 82 83 81 76 75 74 76
Slide 30: LPG & Natural Gas - Financials – Q3 2024
LPG & Natural Gas - Financials – Q3 2024 Financials (mn TL) Q3 2024 Quarterly / YoY 9M 2024 9M / YoY Revenue 20,123 -9% 57,140 -13% Gross Profit 2,028 -18% 5,185 -12% EBITDA (excl. other op. inc/exp) 830 -36% 1,684 -36% Operating Profit 561 -50% 948 -40% Net Profit 415 -44% 690 -47% • Inventory gain
Slide 31: Consolidated Financials – Q3 2024
Consolidated Financials – Q3 2024 Financials (mn TL) Q3 2024 Quarterly / YoY 9M 2024 6M / YoY Revenue 20,123 -11% 57,986 -13% Gross Profit 2,028 -12% 4,921 -8% EBITDA (excl. other op. inc/exp) 830 -17% 1,142 -31% Operating Profit 561 -29% 443 -11% Net Profit 1,046 -15% 1,321 -50% • As of the end of
Slide 32: Forward Looking Statements for 2024
Forward Looking Statements for 2024 Cylinder: 230 - 240 k tons Sales Volume Autogas: 750 - 780 k tons Cylinder: 41.0% - 43.0% Market Share Autogas: 21.5% - 22.5% 32 Bu doküman Kurum İçi olarak sınıflandırılmıştır. This document is classified as Internal.
Slide 33: Agenda
Agenda Aygaz at a Glance LPG and Natural Gas Segment Operations Financial Highlights 2024 Q3 Updates Sustainability & ESG Topics Appendix 33 Bu doküman Kurum İçi olarak sınıflandırılmıştır. This document is classified as Internal.
Slide 34: Sustainability Efforts
Sustainability Efforts Koç Group company committed to be Carbon Neutral by 2050. Policies adopted to further improve the Company’s compliance risk management and to comply with LPG, which has lower carbon emissions than other fossil fuels, is corporate governance and sustainability principals. consi
Slide 35: R&D Center
R&D Center Our R&D Center; while developing products and systems that will increase LPG usage and improve customer experience, it works on visionary and value-added solutions that will support the sustainability and digital transformation of our company. Practical Barbeque Demand Regulator GreenOdor
Slide 36: Work Culture in Aygaz
Work Culture in Aygaz Agile and Productive Organization • Aygaz Competence Model • Integrated and digital processes • New generation work methods Employee Experience • Work climate that supports Gaining Qualified cooperation, agile working that Supports Loyalty Human Resource and open communication
Slide 37: Risk Policy
Risk Policy FX & Interest Rate Risk • Zero FX exposure target after natural hedges • Portfolio with fixed/variable interest rates • Proactive management of FX and interest rate with derivatives Leverage & Liquidity Risk • Limits for financial ratios and active liquidity risk management: ✓ Net Financ
Slide 38: Corporate Governance & Credit Rating
Corporate Governance & Credit Rating Corporate Governance Rating June’24 Rating Score Main Sections: Avg. 96.74 Board of Directors 95,76 Stakeholders 99,51 Public Disclosure & Transparency 97,28 Shareholders 95,90 0 10 20 30 40 50 60 70 80 90 100 Source: SAHA Corporate Governance and Rating Services
Slide 39: Agenda
Agenda Aygaz at a Glance LPG and Natural Gas Segment Operations Financial Highlights 2024 Q3 Updates Sustainability & ESG Topics Appendix 39 Bu doküman Kurum İçi olarak sınıflandırılmıştır. This document is classified as Internal.
Slide 40: Competitive Advantages of Aygaz
Competitive Advantages of Aygaz Brand Power & ✓ Generic brand – name of LPG in Turkey ✓ Market leader in all segments of the market Consistent Market ✓ Market maker Leader ✓ Advantages of economies of scale ✓ More than 4,000 dealers all over Turkey Strong Sales & Logistics ✓ 5 filling plants, 7 dist
Slide 41: The LPG Value Chain
The LPG Value Chain ~300 1,830 auto gas stations tankers Moving&floating storage capacity of Fixed storage 37,000 m3 capacity of 178,400 m3 ~2,000 bulk gas customers 2.4 million 3 LPG ships belonging to tons of LPG supply the fleet of Anadoluhisarı Tankercilik Gebze Facility; exports of cylinders an
Slide 42: Participation Portfolio
Participation Portfolio Subsidiaries Share Ratio (%) Anadoluhisarı Tankercilik A.Ş. 100 Kandilli Tankercilik A.Ş. 100 Kuleli Tankercilik A.Ş. 100 * 100% of the company shares are owned by Aygaz A.Ş.’s full Kuzguncuk Tankercilik A.Ş. 100 subsidiary Kuleli Tankercilik A.Ş. Bebek Shipping S.A. 100 ** P
Slide 43: Share Value
Share Value Aygaz Share Price Dividend (mn TL) Aygaz BIST-30 400 1,506 350 300 250 200 220 150 150 150 150 100 2019 2020 2021 2022 2023 50 BIST Code: AYGAZ 0 Sep-24 Aug-24 Jul-24 Jun-24 May-24 Apr-24 Mar-24 Feb-24 Jan-24 Dec-23 Nov-23 Oct-23 Sep-23 Bloomberg Code: AYGAZ.TI • As of 2024 September-end
Slide 44: Koç Holding at a Glance
Koç Holding at a Glance Turkey’s Leading Investment Holding Company o Turkey’s largest industrial and services group ~8% ~7% ~7% Combined Revenues/ Total Exports/ R&D expenditure/ o Sustainability oriented business model GDP Turkey’s Exports Total private sector R&Ds1 focusing on profitable growth o
Slide 45: Contact
Contact investorrelations@aygaz.com.tr Gökhan Dizemen, CFO gokhan.dizemen@aygaz.com.tr +90 212 354 1764 Kozan Nabi Çiftçi, Corporate Finance kozan.ciftci@aygaz.com.tr +90 212 354 1667 and Investor Relations Manager Dalya Hasanca, Investor Relations dalya.hasanca@aygaz.com.tr +90 212 354 1659 Leader
Slide 46: Glossary
Glossary LPG Liquid Petroleum Gas EMRA Energy Market Regulatory Authority WLPGA World LPG Association SP Sonatrach Price PETDER Petroleum Industry Association FOB Free On Board CIF Cost, Insurance & Freight Med Mediterranean VLGC Very Large Gas Carrier EYAŞ Enerji Yatırımları A.Ş. LNG Liquid Natural
Slide 47: 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 inflationary accounting provisions.