Turcas Holding A.s. · BIST:TRCAS
Turcas Holding A.s — Turcas Petrol A.Ş. — Investor Presentation (March 2018)
20 slides from Turcas Holding A.s's investor presentation, March 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 2. Inves
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: 30.48% (of which 5.36% is Treasury Stock***) 30% 30% 92% 1,026 Nationwide Shell Branded Fuel Stations 800 MW 18 MW Gas Fired Geothermal Lubricants Plant Power Plant Power Plant i
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 1.7% 16.61% Aksoy Holding A.Ş. 22.4% Erdal Aksoy 5.36% Free Float S. Batu Aksoy 51.55% Treasury Stock (Owned 53.5% Banu Aksoy Tarakçıoğ
Slide 7: Turcas Dividend Stream
Turcas: A Sustainable Investment Platform Turcas Dividend Stream Dividends Paid by Turcas Dividends & Management Fees Received from Shell & Turcas MM USD MM USD 24 24 4 7 11 17 8 Last 5 yr avg dividend yield: 6 8 15 39 34 9 2.5% 30 25 11 9 20 18 15 7 8 12 9 13 4 5 5 5 5 4 2007 2008 2009 2010 2011 20
Slide 8: 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, STAŞ, started its operations in July 2006 Royal Turcas Dutch Shell P
Slide 9: Fuel Distribution: Overall Market Growth
Fuel Distribution: Overall Market Growth Gasoline Sales (Sector) Diesel Sales (Sector) MM m3 MM m3 7% y/y 27.6 25.7 3% y/y 24.0 20.2 21.3 3.0 3.04 2.6 2.8 2.5 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 White Product Sales (Sector) Lubricants Sales (Sector) MM m3 K tons 7% y/y 8% y/y 30.7 345.
Slide 10: Fuel Distribution: JV Volume Growth
Fuel Distribution: Shell & Turcas JV Volume Growth Gasoline Sales (STAŞ) Diesel Sales (STAŞ) ths m3 ths m3 2% y/y 1.1% y/y 744 757 679 4,126 4,170 604 618 3,790 3,436 3,616 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 White Product Sales (STAŞ) Lubricants Sales (STAŞ) ths m3 tons 1% y/y 11% y/y
Slide 11: Fuel Distribution: 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 24.9% #1 23.1% 23.5% 16.5% 18.1% 15.1% 11.6% 9.8% 5.4% 5.9% YE16 1Q17 1H17 9M17 YE17 YE16 1Q17 1H17 9M17 YE17 Total
Slide 12: Fuel Distribution: JV Efficiency Metrics
Fuel Distribution: Shell & Turcas JV Efficiency Metrics Market Efficiency Index (as of Feb’18) Throughput (White Product Sales / Station) x m3 #1 #1 2.0 1.74 1.66 1.55 All Market Efficiency = 1.0 0.53 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 Shell & V
Slide 13: Fuel Distribution: JV Financial Metrics
Fuel Distribution: Shell & Turcas JV Financial Metrics Net Sales EBITDA & EBITDA Margin MM TL MM TL EBITDA EBITDA Margin -3 y/y +17 y/y 1,200 5.9% 4.9% 7.0% 19,568 987 961 1,000 6.0% 15,824 16,795 15,355 5.0% 13,984 800 2.9% 3.5% 2.5% 4.0% 600 496 449 397 3.0% 400 2.0% 200 1.0% 0 0.0% 2013 2014 2015
Slide 14: 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 15: Power Generation (Natural Gas PP): Overall Market Info
Power Generation (Natural Gas PP): Overall Market Info Turkey’s GDP vs Electricity Consumption Growth Turkish Power Generation (by source) Share of 44% 45% 48% 38% 33% 38% NG+LNG 9.4% GWh 8.8% 5.7% 5.2% 4.0% 4.4% 4.1% 4.0% 5.5% 44% 27% 24% 45% 25% 25% 48% 29% 16% 38% 28% 26% 33% 34% 25% 38% 33% 20%
Slide 16: Power Generation (Natural Gas PP): RWE & Turcas JV
Power Generation (Natural Gas PP): RWE & Turcas JV Electricity Sales Net Sales GWh MM TL CUR 53% 50% 50% 60% +3% 822 +18% 3,806 801 3,596 793 3,410 3,227 773 2014 2015 2016 2017 2014 2015 2016 2017 Cash inflows to Turcas from RWE & Turcas JV EBITDA & Net Profit/Loss (under SHL repayment) MM TL MM TL
Slide 17: Power Generation (Geothermal): Turcas Kuyucak Geothermal
Power Generation (Geothermal Power Plant)- Turcas Kuyucak Geothermal Turcas Kuyucak Geothermal (“TKJ”) is investing in 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 investor, holds
Slide 18: Potential Project Pipeline
Potential Project Pipeline Geothermal Energy (Various Sites) Turcas plans to grow in geothermal energy with the following projects: 1. Turcas plans to do new drillings at the existing TKJ site (Aydin Kuyucak) in 2018. Our ultimate goal is to increase our installed base or add new modular power pla
Slide 19: Turcas Financial Overview
Turcas Financial Overview IFRS Consolidated Balance Sheet and Balance Sheet Indicators Summary Balance Sheet Leverage & Net Leverage IFRS Consolidated BS , million TL 2016 2017 Ytd Leverage & Net Leverage Cash & Cash Equivalents 143 126 -12% 44% 45% 40% 37% 35% S -T Rec. From Rel.Parties 17 19 9% 31
Slide 20: Thank you!
Thank you! Contact Information Erkan İLHANTEKİN Pınar SAATCIOĞLU CFO Head of Investor Relations E-mail: erkan.ilhantekin@turcas.com.tr E-mail: pinar.ceritoglu@turcas.com.tr Phone: +90 212 259 00 00 / Ext: 1270 Phone: +90 212 259 00 00 / Ext: 1287
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