Turcas Holding A.s. · BIST:TRCAS
Turcas Holding A.s — Turcas Petrol A.S. — FY2019 Earnings Presentation
14 slides from Turcas Holding A.s's earnings presentation
Slide 1: YE19 Earnings Presentation
YE19 Earnings 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 g
Slide 2: YE19 General Overview
YE19 General Overview Turcas Petrol IFRS Consolidated Net Income/Loss Bridging (YE19) 150 130 49 24 5 4 110 52 90 70 29 50 64 24 30 10 -10 -30 Turcas YE19 Net Loss: 29 MM TL Turcas Kuyucak STAŞ Management STAŞ Net Income ATAŞ Revaluation Deferred Tax Holding & Turcas RTG Net Loss Net Financing Geoth
Slide 3: At a glance - YE19
At a glance- YE19 5,860 39,325 1,304 164 ths m3 MM TL MM TL MM TL Shell & Turcas volume Net EBITDA Net sold(1) Sales Income 2,682 1,041 million -2 - 172 MM TL MM TL RWE & Turcas kWh MM TL Net Net Loss(2) Generation EBITDA Sales 67 45 29 -3 million MM TL MM TL MM TL kWh Net Net Loss (3) Kuyucak EBITD
Slide 4: Segmental Analysis
Segmental Analysis Oil Segment Energy Segment MM TL Shell & Turcas RWE & Turcas TKG (Turcas share: 30%) (Turcas share: 30%) (Turcas share: 100%) Net Net Net Revenues EBITDA Income Revenues EBITDA Loss Revenues EBITDA Income YE19 39,325 1,305 164 1,041 -2 -172 45 29 -3 YE18 32,566 1,014 88 967 58 -62
Slide 5: Shell & Turcas JV – YE19 Key Highlights
Shell & Turcas JV – YE19 Key Highlights Volume evolution in line with the sector (sector gasoline sales: +3% y/y, diesel: -4% y/y) Gasoline Sales (STAŞ) Diesel Sales (STAŞ) ths m3 ths m3 - 4% y/y +3% y/y 4,337 4,175 780 805 2018 2019 2018 2019 Lubricants Sales (STAŞ) Onsite Market Share (YE19) ths m
Slide 6: Shell & Turcas JV – YE19 Key Highlights
Shell & Turcas JV – YE19 Key Highlights Net Sales EBITDA MM TL MM TL 29% y/y 1,305 21% y/y 39,325 32,566 1,014 2018 2019 2018 2019 Net Income Shell & Turcas YE19 Highlights MM TL 86% y/y • Solid increase (+21% y/y) in net sales driven by higher prices 164 although white product volume growth is down
Slide 7: Continuous Cash inflows from Shell & Turcas
Continuous Cash inflows from Shell & Turcas Dividends & Management Fees & Preferred Dividends Received from Shell & Turcas Management Fees: 3 MM USD received in 1Q19, MM TL Preferred Dividends: 8 MM USD received in 2Q19 148 MM TL dividends received in 3Q19. Out of that amount, 73 MM TL transferred 6
Slide 8: RWE & Turcas JV – YE19 Key Highlights
RWE & Turcas JV – YE19 Key Highlights Net Sales* EBITDA MM TL MM TL 8% y/y 1,041 967 58 -2 2018 2019 2018 2019 Electricity Generation RWE & Turcas YE19 Highlights gWh 2,999 - 11% y/y 2,682 • Capacity utilization realized at 47% in 2019 (vs 49% in YE18), hence electricity generation is down by 11% y/
Slide 9: RWE & Turcas JV – YE19 Key Highlights
RWE & Turcas JV – YE19 Key Highlights Cash inflows to Turcas from RWE & Turcas JV RTG Average Electricity Sales Price (TL/MWh) (under SHL repayment) 379 MM TL 336 31 334 280 330 20 197 180 189 186 8 9 7 6 6 2014 2015 2016 2017 2018 1Q19 2Q19 3Q19 4Q19 2013 2014 2015 2016 2017 2018 2019 Gas Consumpti
Slide 10: Turcas Kuyucak Geothermal (TKG) PP-YE19 Key Highlights
Turcas Kuyucak Geothermal (TKG) PP-YE19 Key Highlights Net Sales EBITDA MM TL MM TL 46 -3% 45 6% 29 27 2018 2019 2018 2019 Electricity Generation Turcas Kuyucak Geothermal PP YE19 Highlights million kWh 80 -16% • Turcas Kuyucak contributing positively to Turcas 67 consolidated EBITDA driven by USD b
Slide 11: Potential Project Pipeline
Potential Project Pipeline Geothermal Energy Turcas plans to grow in geothermal energy with the following projects: 1. Existing TKG Plant : An additional production well (8th production well) is expected to be connected to the main grid from 2Q20 onwards with the goal of maximizing the generation ca
Slide 12: Dividend Distribution Track Record
Dividend Distribution Track Record Dividends Paid by Turcas MM TL 31 26 Last 5 yr avg dividend yield: 2.5% 18 14 mln TL Capital 14 14 14 Gain created for 13 shareholders as a 11 11 proxy for dividends via Share 8 8 Cancellation in Jun’18 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 11
Slide 13: Turcas Consolidated IFRS Summary BS & PL
Turcas Consolidated IFRS Summary BS & PL IFRS Consolidated Financial Statements & Financing Ratios Balance Sheet , million TL 2018 2019 Ytd Income Statement, million TL 2018 2019 Y/Y 86 133 56% Revenues (Electricity Sales) 46 45 -3% Cash & Cash Equivalents 30 24 -20% S -T Rec. From Rel.Parties (from
Slide 14: 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