Turcas Holding A.s. · BIST:TRCAS
Turcas Holding A.s — Turcas Petrol A.Ş. — Investor Presentation (December 2015)
24 slides from Turcas Holding A.s's investor presentation, December 2015
Slide 1: Investor Presentation
(UICGS [ 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 “Information’). Turcas can
Slide 2: Table of Contents
TABLE OF CONTENTS I. TURCAS A. GROUP STRUCTURE & MILESTONES B. OWNERSHIP & STOCK INFORMATION C. KEY STRATEGIC PARTNERSHIPS D. FINANCIAL OVERVIEW E. TURCAS DIVIDEND STREAM F. CREDIT / CORPORATE GOVERNANCE RATINGS II. PARTNERSHIPS A. SHELL & TURCAS B. RWE & TURCAS C. TURCAS & BM KUYUCAK ııı. APPENDIX
Slide 3: Group Structure
GROUP STRUCTURE 1,049 Nationwide Shell Branded Fuel Stations Owns 45-50% stake in various storage companies in Turkey (Marmara, Çekisan, Ambarlı and Samsun Storage Services) 775 MW Gas Fired Power Plant Equity Pick Up Consolidation Full Consolidation (1) According to a survey by Capital Magaziine 2
Slide 4: Milestones
MILESTONES Merger with Royal Lubricants Prod. & Sales Acquisition of Conoco’ s Dutch Shell in Foundation of Partnership with Start of operations Acquisition by Conoco, shares in Turcas fuel retail under Türkpetrol Ltd. Burmah Castrol at Ataş Refinery Aksoy and Partners by Aksoy Holding Shell&Turcas
Slide 5: Ownership & Stock Information
OWNERSHIP & STOCK INFORMATION TURCAS PETROL AKSOY HOLDİNG 1.7% 18.04% 22.0% 5.36% 51.55% 54.3% 25.05% 22.0% Aksoy Holding A.Ş. Erdal Aksoy S. Batu Aksoy Free Float Treasury Stock (Owned by Turcas Petrol A.Ş.) Banu Aksoy Tarakçıoğlu Other Individual and Corporate Investors Stock Information BIST Tick
Slide 6: Turcas Dividend Stream
TURCAS DIVIDEND STREAM Dividends Paid by TRCAS (mln USD) Dividends & Management Fees Received from STAŞ (mln USD) 30 50 43 45 24 24 41 41 25 40 33 35 20 17 30 26 26 24 15 25 19 20 9 10 6 15 5 4 4 10 5 5 0 0 2007 2008 2009 2010 2011 2012 2013 2014 2007 2008 2009 2010 2011 2012 2013 2014 Dividends Pai
Slide 7: Shell & Turcas – JV Description
SHELL & TURCAS – JV DESCRIPTION 2005 • Shell & Turcas (STAS) was established in late 2005 and began its operations in July 2006. • The JV is owned 30% by Turcas and 70% by Royal Dutch Shell. 2006 • The 650 Turkpetrol branded fuel stations of Turcas and 650 Shell branded fuel stations of Shell Turkey
Slide 8: Shell & Turcas – Financial Figures
SHELL & TURCAS – FINANCIAL FIGURES STAS Net Sales (Mln TL) STAS EBITDA (Mln TL) 15,824 477 496 13,984 416 427 12,245 11,987 397 11,486 2012 2013 2014 9M14 9M15 2012 2013 2014 9M14 9M15 Dividends & Management Fees Received STAS Net Profit (Mln TL) from STAS (mln USD) 43 41 41 161 142 33 108 26 26 24
Slide 9: Shell & Turcas – Market Share
SHELL & TURCAS – MARKET SHARE Gasoline Market Share Diesel Market Share #1 26.1% 24.3% 21.0% 20.2% 17.3% 15.8% 11.1% 8.4% 5.1% 5.7% 9M14 YE14 1Q15 1H15 9M15 9M14 YE14 1Q15 1H15 9M15 STAS POAS OPET BP TOTAL STAS POAS OPET BP TOTAL Total White Products Market Share Lubricants Market Share STAS 25.5% 2
Slide 10: Shell & Turcas – Market Update
SHELL & TURCAS – MARKET UPDATE m3 m3 Gasoline Sales Diesel Sales 3,000,000 3,000,000 12% y/y 2,500,000 8% y/y 20,000,000 2,500,000 2,000,000 1,500,000 2,000,000 15,000,000 1,000,000 1,500,000 10,000,000 500,000 1,000,000 0 5,000,000 500,000 0 0 2011 2012 2013 2014 9M14 9M15 2011 2012 2013 2014 9M14
Slide 11: Shell & Turcas – Market Update
SHELL & TURCAS – MARKET UPDATE 25 Vehicle Parc (mln) Pricing Mechanism (TL/liter) 19.7 20 18.0 18.8 16.1 17.0 TL 4.37 15.1 15 13.8 14.3 9.3 TL 3.74 12.2 8.7 8.9 VAT 0.69 66% 8.0 8.4 8.3 9.5 10.2 7.0 7.2 7.6 tax 0.60 59% 10 6.8 6.1 tax 4.8 rate 3.9 4.4 rate 5 3.4 8.1 8.6 9.3 9.9 10.4 SCT 2.18 5.4 6.1
Slide 12: Shell & Turcas – Competitive Edge
SHELL & TURCAS – COMPETITIVE EDGE EFFICIENCY INDEX Throughput (White Product Sales / Station, m3) Leader in 2.5 efficiency 4,500 2.1 4,000 2.0 1.7 1.8 3,500 1.6 1.5 3,000 ALL 2,500 1.0 MARKET 2,000 1,0 1.8 1,500 0.5 1,000 500 0.0 0 POAS SHELL & OPET BP Others TURCAS BP OPET POAŞ STAS SECTOR 2013 201
Slide 13: RWE & Turcas – JV Description
RWE & TURCAS – JV DESCRIPTION 2009 • Turcas Power Generation signed a Joint Venture Agreement in 2009 with RWE AG of Germany, one of the world’s leading utility companies, to construct two large- scale power plants, one based on natural gas and the other based on imported coal (this agreement is the
Slide 14: RWE & Turcas – JV Description
RWE & TURCAS – JV DESCRIPTION Joint Venture Denizli CCGT Power Generation : RWE & Turcas Power Generation • Turcas has 30% Share in the JV (RWE %70) • Invested in a 775 MW CCGT in the highly industrialized city of Denizli • 58% Efficiency (one of the highest in Turkey) • Pilot Power Plant in greenho
Slide 15: RWE & Turcas – Market Update
RWE & TURCAS – MARKET UPDATE GDP vs Electricity Consumption Growth Generation Breakdown (by source of fuel) 100.0% 3.0% 4.0% 9.4% 16.0% 80.0% 28.0% 8.8% 29.0% 60.0% 5.2% 4.0% 27.0% 4.4% 40.0% 2.9% 1.6% 49.0% 2.1% 20.0% 37.0% 2011 2012 2013 2014 0.0% GDP Growth Annual Electricity Consumption Growth 9
Slide 16: RWE & Turcas – Financing Structure
RWE & TURCAS – FINANCING STRUCTURE TURCAS FINANCING: In order to finance its share of 180M Euro in the Project together with IDC and ECA Premium: 1- Turcas injected 30M+ Euro as Equity, RWE Turcas Power Turkey 2- 120M Euro was raised from Bayern LB and Portigon Generation Holding AG (former West LB)
Slide 17: Turcas & BM Kuyucak
TURCAS & BM KUYUCAK • In September 2013, Turcas Enerji Holding (46%) formed a JV with BM Mühendislik (46%) and Alte Enerji (8%) under the name of Turcas BM Kuyucak Jeotermal Elektrik Üretim A.Ş. («TBK») to develop geothermal projects in Aydın, Kuyucak district (western region of Turkey). • Following
Slide 18: Turcas Renewables
TURCAS RENEWABLES • Turcas is also developing a series of 2 other geothermal energy projects in Western Region of Turkey. • Exploration licenses already obtained from Special Provincial Administrations for 2 sites. • Slim-drilling operations started in Denizli site • Turcas is also actively evaluati
Slide 19: Turcas Financial Overview – P&L
TURCAS FINANCIAL OVERVIEW – P&L (Million TL) 9M14 9M15 2014 Net Sales 47 1 60 OpEx 12 17 16 Other Op. Rev. (Net) 24 44 29 o/w STAS 23 36 23 Management Fee Operating Profit/Loss 13 28 14 (1) -55 0 -55 Share Sale Proceeds Income/Losses from Subsidiaries 31 -28 -12 o/w STAS 32 13 1 o/w RWE & Turcas -17
Slide 20: Turcas Financial Overview – Balance Sheet
TURCAS FINANCIAL OVERVIEW – BALANCE SHEET (Million TL) 2013 2014 9M15 Leverage & Net Leverage 89 201 197 43% Cash & Cash Equivalents 39% 37% S -T Rec. From Rel.Parties (1) 35 44 53 31% 26% (1) 299 302 310 L -T Rec. From Rel.Parties 18% Associates 697 499 477 Total Assets 1,177 1,098 1,145 2013 2014
Slide 21: Ratings
RATINGS CREDIT RATING: • Fitch Ratings has confirmed Long-Term Credit Foreign Currency Issuer Default Ratings (IDRs) of ‘’B’’. (Aug 2015) • National Long Term rating of BBB- (Tur) for Turcas Petrol A.Ş. • The outlook is Stable. CORPORATE GOVERNANCE RATING: • Turcas’ Corporate Governance Rating has b
Slide 22: Appendix – Board of Directors
APPENDIX – BOARD OF DIRECTORS Erdal AKSOY, Chairman Banu AKSOY TARAKÇIOĞLU, Board Member Erdal Aksoy has been the Chairman of the Board of Directors of Turcas Banu Aksoy Tarakçıoğlu has been the Member of the Board of Directors of Turcas Petrol and its subsidiaries Petrol and its subsidiaries since
Slide 23: Appendix - Investor Relations
APPENDIX - INVESTOR RELATIONS We welcome your questions, comments and suggestions. Our corporate headquarters office address is: Ahi Evran Caddesi, No: 6 Aksoy Plaza Kat:7 Maslak Sarıyer 34398 Istanbul / TURKEY To contact us with respect to investor relations for individual and corporate investors,
Slide 24: Thank You
(UICOS T tHan K YOU | Turcas Petrol A.S Ahi Evran Caddesi No:6 Aksoy Plaza Kat:7 Maslak 34398 Istanbul, Turkiye Tel: +90 212 2590000 Fax: +90 212 259 0019 www.turcas.com.tr
Turcas Petrol A.Ş. — Investor Presentation (December 2015) on 6ix