Turcas Holding A.s. · BIST:TRCAS
Turcas Holding A.s — Turcas Petrol A.Ş. — Investor Presentation (December 2018)
24 slides from Turcas Holding A.s's investor presentation, December 2018
Slide 1: Investor Presentation
(UICOS 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 relating to Turcas (the “Intormation’). Turcas cannot
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 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% 92% 1,014 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 Gro
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 Aksoy Holding A.Ş. 1.7% 17.53% 22.4% Erdal Aksoy Free Float S. Batu Aksoy 54.45% 53.5% Banu Aksoy Tarakçıoğlu 28.01% Individual & 22.4%
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 57 10 5 16 14 13 16 7 23 50 53 51 45 45 40 31 36 26 27 24 18 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Dividends Received from Shell & Turcas Management Fe
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: 2.5% 18 14 14 13 11 11 8 8 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 7
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 27.6 1% y/y 25.7 24.0 20.2 21.3 20.7 20.8 3% y/y 3.0 3.04 2.6 2.8 2.5 2.39 2.32 2013 2014 2015 2016 2017 9M17 9M18 2013 2014 2015 2016 2017 9M17 9M18 White Product Sales (Sector) Lubricants Sales (Sect
Slide 11: Shell & Turcas JV Volume Growth
Fuel Distribution: Shell & Turcas JV Volume Growth Gasoline Sales (STAŞ) Diesel Sales (STAŞ) ths m3 ths m3 744 757 4% y/y 4,126 4,170 679 3,790 4% y/y 618 3,436 3,616 604 576 597 3,254 3,117 2013 2014 2015 2016 2017 9M17 9M18 2013 2014 2015 2016 2017 9M17 9M18 White Product Sales (STAŞ) Lubricants S
Slide 12: 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 25.0% #1 23.8% 23.7% 18.9% 16.0% 15.6% 11.6% 9.1% 5.4% 5.8% 9M17 YE17 1Q18 1H18 9M18 9M17 YE17 1Q18 1H18 9M18 Onsite
Slide 13: Shell & Turcas JV Efficiency Metrics
Fuel Distribution: Shell & Turcas JV Efficiency Metrics Market Efficiency Index (as of YE17) Throughput (White Product Sales / Station) x m3 #1 2.0 #1 1.85 1.69 1.52 All Market Efficiency = 1.0 4,323 4,789 4,798 3,755 3,800 4,029 3,568 3,989 4,414 3,294 3,546 3,617 2,114 2,290 2,382 0.53 Shell & Vit
Slide 14: Fuel Distribution: Shell & Turcas JV
Fuel Distribution: Shell & Turcas JV Net Sales EBITDA MM TL MM TL 44% y/y 4% y/y 20,719 961 19,568 16,795 847 15,824 764 791 15,355 14,415 13,984 496 399 340 2013 2014 2015 2016 2017 9M17 9M18 2013 2014 2015 2016 2017 9M17 9M18 Net Income Shell & Turcas 9M18 Highlights MM TL -34% y/y • Sustained abo
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 under the name RWE & Turcas Güney (‘RTG’) to establish an 800 MW CCPP in Turkey with a total project cost of 600 MM Euro Denizli CCPP with an installed RWE holds 70% and Turca
Slide 16: 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 44% 45% 48% 38% 33% 38% 31% NG+LNG GDP Growth Annual Electricity Consumption Growth GWh 9.4% 9M18 Electricity Consumption: +2.3% y/y 2018 GDP Forecast: 3.8% y/y
Slide 17: Power Generation (Natural Gas PP): RWE & Turcas JV
Power Generation (Natural Gas PP): RWE & Turcas JV Net Sales EBITDA MM TL MM TL 793 801 823 773 77 725 611 59 48 34 21 14 2014 2015 2016 2017 9M17 9M18 2014 2015 2016 2017 9M17 9M18 Net Loss RWE & Turcas 9M18 Highlights MM TL • Highest quarterly net sales (318 MM TL) since 0 COD driven by recovery i
Slide 18: Power Generation (Natural Gas PP): RWE & Turcas JV
Power Generation (Natural Gas PP): RWE & Turcas JV Cash inflows to Turcas from RWE & Turcas JV Electricity Sales (under SHL repayment) billion kWh MM TL 32 3.8 3.6 3.4 3.3 3.2 20 2.1 8 9 7 6 2014 2015 2016 2017 9M17 9M18 2013 2014 2015 2016 2017 2018 YTD Gas Consumption Capacity Utilization Rate mcm
Slide 19: Turcas Kuyucak Geothermal
Power Generation (Geothermal Power Plant)- Turcas Kuyucak Geothermal Turcas Kuyucak Geothermal (“TKJ”) is the owner and operator of an 18 MW geothermal power plant project in Aydın, Kuyucak district (western region of Turkey); Turcas Petrol holds 92% of TKJ while Alte Enerji, a local financial inv
Slide 20: Turcas Kuyucak Geothermal
Power Generation (Geothermal Power Plant)- Turcas Kuyucak Geothermal 19
Slide 21: Turcas Kuyucak Geothermal
Power Generation (Geothermal Power Plant)- Turcas Kuyucak Geothermal Net Sales EBITDA MM TL MM TL 41 33 30 23 9M18 2018 FY EXP 9M18 2018 FY EXP Electricity Generation Turcas Kuyucak Geothermal PP 9M18 Highlights million kWh 80 • Turcas Kuyucak contributing 60 positively to Turcas consolidated EBITDA
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 (TKG-1): We successfully drilled an additional re-injection well (3rd one) and a successful additional production well (7th one) with the goal of maximizing the g
Slide 23: Turcas Financial Overview
Turcas Financial Overview IFRS Consolidated Financial Statements & Financing Ratios Balance Sheet , million TL 2017 9M18 Ytd Income Statement, million TL 9M17 9M18 Y/Y Cash & Cash Equivalents 126 183 45% Revenues (Electricity Sales) 0 33 n.a S -T Rec. From Rel.Parties (mostly from RTG) 19 22 13% Oth
Slide 24: Thank you!
Thank you! Contact Information Pınar SAATCIOĞLU Head of Investor Relations E-mail: pinar.ceritoglu@turcas.com.tr Phone: +90 212 259 00 00 / Ext: 1287
Turcas Petrol A.Ş. — Investor Presentation (December 2018) on 6ix