Turcas Holding A.s. · BIST:TRCAS
Turcas Holding A.s — Turcas Petrol A.Ş. — Investor Presentation (2019)
25 slides from Turcas Holding A.s's investor presentation, Aug 19, 2019
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 relating to Turcas (the “Intormation’). 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 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% 1,020 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 Aksoy Holding A.Ş. 1.7% 17.53% 22.4% Erdal Aksoy Free Float S. Batu Aksoy 54.45% 53.5% Banu Aksoy Tarakçıoğlu 28.02% 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 On top of 3 MM USD already received in 57 1Q19, 8 MM USD of preferred dividends to be received in 10 Jun’19 5 16 14 13 16 23 50 53 51 45 45 40 31 36 27 24 18 15 2008 2009 20
Slide 8: Dividends Paid by Turcas
Turcas: A Sustainable Investment Platform Dividends Paid by Turcas MM TL 31 26 Last 5 yr avg dividend yield: 2.5% 18 14 14 14 14 mln TL capital 13 gain created for 11 11 shareholders as a proxy for dividends via share cancellation 8 8 in Jun’18 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
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 28.0 27.4 25.7 24.0 21.3 3.0 3.1 3.1 2.6 2.8 -10% y/y 7.0 6.4 0.70 0.70 2014 2015 2016 2017 2018 1Q18 1Q19 2014 2015 2016 2017 2018 1Q18 1Q19 White Product Sales (Sector) Lubricants Sales (Sector) MM m
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 4,126 4,170 4,282 744 757 775 3,790 3,616 679 618 -1% y/y -4% y/y 174 173 961 922 2014 2015 2016 2017 2018 1Q18 1Q19 2014 2015 2016 2017 2018 1Q18 1Q19 White Product Sales (STAŞ) Lubricants Sal
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 24.6% #1 24.4% 20.8% 17.2% 15.8% 14.5% 11.9% 8.1% 5.4% 5.1% 1Q18 1H18 9M18 YE18 1Q19 1Q18 1H18 9M18 YE18 1Q19 Onsite
Slide 13: Fuel Distribution: Shell & Turcas JV Efficiency Metrics
Fuel Distribution: Shell & Turcas JV Efficiency Metrics Market Efficiency Index (as of YE18) Throughput (White Product Sales / Station) x m3 2.1 #1 #1 1.71 1.64 1.54 All Market Efficiency = 1.0 0.53 2,290 4,789 4,798 4,983 3,800 4,029 4,065 3,989 4,414 3,905 3,546 3,617 3,651 2,415 2,375 Shell & Vit
Slide 14: Fuel Distribution: Shell & Turcas JV
Fuel Distribution: Shell & Turcas JV Net Sales EBITDA MM TL MM TL 32,566 961 847 879 23,975 71% y/y 15,824 16,795 15,355 340 399 9,009 247 237 5,274 2014 2015 2016 2017 2018 1Q18 1Q19 2014 2015 2016 2017 2018 1Q18 1Q19 Net Income Shell & Turcas 1Q19 Highlights MM TL • Significant increase in net sal
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 a 800 MW CCPP in Turkey with a total project cost of 600 MM Euro Denizli CCPP with an installed RWE holds 70% and Turcas
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 44% 45% 48% 38% 33% 38% 31% NG+LNG 9.4% GWh 7.4% 8.8% 5.2% 4.0% 4.4% 4.1% 5.5% 105,910 106,897 120,053 109,658 111,818 4.0% 64,615 57,899 60,371 59,199 72,533 40
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 79 967 823 59 773 793 801 53 34 -41% y/y 21 6 155 91 -9 2014 2015 2016 2017 2018 1Q18 1Q19 2014 2015 2016 2017 2018 1Q18 1Q19 RTG Average Electricity Sales Price (TL/MWh) RWE & Turcas 1Q19 Highlights 336 • Decline in net
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) gWh MM TL 32 3,806 3,596 3,410 3,227 2,999 20 8 9 7 6 644 193 2013 2014 2015 2016 2017 2018 2014 2015 2016 2017 2018 1Q18 1Q19 Gas Consumption Capacity Utilization R
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 In Dec’17, Provisional Acceptance of
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 38 15 14 13 11 9 10 1Q18 2Q18 3Q18 4Q18 1Q19 1Q19 2019 Expectation Electricity Generation Turcas Kuyucak Geothermal PP 1Q19 Highlights million kWh • Turcas Kuyucak contributing positively to Turcas cons
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 plans to drill an additional production well (8th production well) with the goal of maximizing the generation capacity and thus the EBITDA at the existing pl
Slide 23: Turcas Consolidated IFRS Summary BS & PL
Turcas Consolidated IFRS Summary BS & PL IFRS Consolidated Financial Statements & Financing Ratios Balance Sheet , million TL 2018 1Q19 Ytd Income Statement, million TL 1Q18 1Q19 Y/Y 86 114 34% Revenues (Electricity Sales) 9 15 59% Cash & Cash Equivalents Gross Profit 6 10 65% S -T Rec. From Rel.Par
Slide 24: Segmental Financial Analysis
Segmental Financial Analysis Oil Segment Energy Segment MM TL Shell & Turcas RWE & Turcas TKG Net Net Net Revenues EBITDA Income Revenues EBITDA Loss Revenues EBITDA Income 1Q19 9,009 237 -3 91 -9 -38 15 11 1 1Q18 5,274 247 55 155 6 -20 9 4 -6 23
Slide 25: 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