Turcas Holding A.s. · BIST:TRCAS
Turcas Holding A.s — Turcas Petrol A.Ş. — Investor Presentation (November 2022)
22 slides from Turcas Holding A.s's investor presentation, November 2022
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 retating to Turcas (the “Information’). 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. In
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% 5% 30% 1,129 Nationwide Shell Branded Fuel Stations** 800 MW Gas Fired Lubricants Plant Power Plant in Derince * ATAŞ appears twice on the Group Structure due to both
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 (as of 30/09/2022) Shareholding Structure of Aksoy Girişimcilik (as of 30/09/2022) 1.2% 17.21% Aksoy Girişimcilik Enerji Erdal Aksoy ve Turizm A.Ş 29.2% 34.8% Free Float S. Ba
Slide 7: Cash Inflows From Subsidiaries (Shell Turcas & RWE Turcas)
Cash Inflows From Subsidiaries (Shell Turcas & RWE Turcas) MM TL 83 * 6 20 65 ** 168 57 10 8 5 16 14 31 13 7 6 75 85 7 16 23 70 50 53 9 51 45 45 36 40 26 31 27 24 18 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 9M2022 Cash inflows to Turcas from RWE & Turcas JV Manageme
Slide 8: Turcas: Dividend Payments
Turcas: Dividend Payments 31 MM TL 2013 - 2017 avg. dividend yield: 2.5% 26 18 14 14 13 11 11 8 8 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 +15% y/y 31.1 32.1 +1% y/y 30.0 29.0 4.0 28.0 3.2 3.3 3.2 22.3 22.5 3.1 3.0 2.7 2017 2018 2019 2020 2021 9M21 9M22 2017 2018 2019 2020 2021 9M21 9M22 White Product Sales (Sector) Lubricants Sales (Sect
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 +14% y/y 1,075 +19% y/y 4,970 903 4,337 805 4,170 4,175 4,048 757 780 772 756 3,861 3,548 2017 2018 2019 2020 2021 9M21 9M22 2017 2018 2019 2020 2021 9M21 9M22 White Product Sales (STAŞ) Lubric
Slide 12: Fuel Distribution: Shell & Turcas JV Market Share
Fuel Distribution: Shell & Turcas JV Market Share Gasoline Market Shares Diesel Market Shares Shell & Turcas PO Opet BP Total-Demirören Shell & Turcas PO Opet BP Total-Demirören 28.5% #1 22.7% 24.9% 18.0% 17.8% 17.4% 10.7% 7.2% 5.7% 5.6% YE19 1Q20 1H20 9M20 YE20 1Q21 1H21 9M21 YE21 1Q22 1H22 9M22 YE
Slide 13: Fuel Distribution: Shell & Turcas JV Efficiency Metrics
Fuel Distribution: Shell & Turcas JV Efficiency Metrics (as of 2021 YE) Market Efficiency Index (as of YE21) Throughput (White Product Sales / Station) X(times) m3 #1 #1 1.9 1.5 1.3 1.3 All Market Efficiency = 1.0 2.576 4.798 5.042 4.788 4.363 5.378 4.029 3.975 3.836 3.942 4.086 4.414 3.937 3.572 3.
Slide 14: Fuel Distribution: Shell & Turcas JV Financials
Fuel Distribution: Shell & Turcas JV Net Sales EBITDA MM TL +224% y/y MM TL +136% y/y 117,553 4,014 55,569 2,039 1,699 39,325 34,521 36,288 1,305 32,566 1,014 23,975 961 940 2017 2018 2019 2020 2021 9M21 9M22 2017 2018 2019 2020 2021 9M21 9M22 Net Income / Loss Shell & Turcas 3Q22 & 9M22 Highlights
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: Overall Market Info
Power Generation (Natural Gas PP): Overall Market Info GDP vs Electricity Consumption Growth Turkish Power Generation (by source) 2022 9M Electricity Consumption : +1% y/y Share of 38% 33% 38% 31% 19% 23% 34% NG+LNG 12,4% GWh 9,4% 11,0% 7,4% 106.264 107.339 104.115 8,8% 4,1%5,5% 5,2%4,0% 4,4% 109.65
Slide 17: Power Generation: RWE & Turcas JV Operations
Power Generation (Natural Gas PP): RWE & Turcas JV RTG Average Electricity Sales Price (TL/MWh) Cash inflows to Turcas from RWE & Turcas JV (MM TL) MM TL SHL Repayment Cash Capital Decrease 82.5 4,000 2,644 31 1,530 20 913 9 8 7 6 6 180 189 197 186 280 345 326 308 557 421 2014 2015 2016 2017 2018 20
Slide 18: Power Generation: RWE & Turcas JV Financials
Power Generation (Natural Gas PP): RWE & Turcas JV Net Sales EBITDA MM TL +229% y/y 4,548 MM TL +173% y/y 512 417 2,715 1,548 188 1,392 967 1,041 79 84 823 58 -2 2017 2018 2019 2020 2021 9M21 9M22 2017 2018 2019 2020 2021 9M21 9M22 Net Income / Loss RWE & Turcas 3Q22 & 9M22 Highlights MM TL +224% y/
Slide 19: Turcas Consolidated IFRS Summary BS & PL
Turcas Consolidated IFRS Summary BS & PL IFRS Consolidated Financial Statements & Financing Ratios Balance Sheet , million TL 2021 9M2022 Ytd Income Statement, million TL 9M2021 9M2022 Y/Y Revenues (Electricity Sales) 57 0 n.m. Cash & Cash Equivalents 21 149 619% Gross Profit 36 0 n.m. Receivables F
Slide 20: Financial Deleveraging Well On Track
Financial Deleveraging Well On Track MM EUR Denizli CCPP +TKJ PP Project Finance Loans Principal Outstanding Balance 200 150 127 114 39 100 100 37 85 173 165 33 151 135 31 120 50 102 88 77 67 54 28 21 18 0 6 - 2013 2013 Dec. 2013 Dec 2013YE 2014 2014YE 2015 2015YE 2016 2016YE 2017 2017YE 2018 2018YE
Slide 21: 2022 Guidance vs Realizations as of end of October 2022
2022 Guidance vs Realizations as of end of October 2022 Guidance Updated guidance Realizations (as of 14 March (as of 9 August Difference (as of 31 October Unit 2022) 2022) 2022) Cash Flow From Subsidiaries Shareholder Loan Interest + Principal Repayments to be MM received from Shell & Turcas (Princ
Slide 22: Thank you!
Thank you! Contact Information Arif ŞAHİN Mert GÖKNAR Corporate Finance and Investor Finance and Investor Relations Manager Relations Deputy Manager E-mail: mert.goknar@turcas.com.tr E-mail: arif.sahin@turcas.com.tr Phone: +90 212 259 00 00 / Ext: 1243 Phone: +90 212 259 00 00 / Ext: 1238
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