Turcas Holding A.s. · BIST:TRCAS
Turcas Holding A.s — Turcas Petrol A.Ş. — Investor Presentation (November 2020)
26 slides from Turcas Holding A.s's investor presentation, November 2020
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. Invest
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% 30% 100% 1,050 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 Girişimcilik(1) 17,50% Aksoy Girişimcilik Enerji ve 23,0% 1,6% Turizm A.Ş (1) Erdal Aksoy Free Float S. Batu Aksoy 54,45% 52,5% Banu Aksoy Tara
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 148 MM TL dividends received in 3Q19. Out of that amount, 73 MM TL transferred back to Shell & Turcas in the 62 form of Shareholder Loan 57 148 5 10 16 14 13 16 7 50 53 23 5
Slide 8: Dividends Paid by Turcas
Turcas: A Sustainable Investment Platform Dividends Paid by Turcas MM TL 31 31 26 18 14 14 13 11 11 8 8 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Note: 14 MM TL of buy- back shares (corresponding to 5.30% of the paid-up capital of Turcas Petrol A.Ş.) were redeemed via cancellation of bu
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 31,1 30,0 28,0 -1% y/y 25,7 3,3 24,0 3,1 3,2 21,7 21,6 2,8 3,0 -3% y/y 2,41 2,34 2015 2016 2017 2018 2019 9M19 9M20 2015 2016 2017 2018 2019 9M19 9M20 White Product Sales (Sector) Lubricants Sales (Sec
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 4.170 4.337 4.175 805 -4% y/y 4.126 744 757 780 3.790 - 9% y/y 679 605 581 3.109 2.817 2015 2016 2017 2018 2019 9M19 9M20 2015 2016 2017 2018 2019 9M19 9M20 White Product Sales (STAŞ) Lubricant
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 22,1% 24,8% #1 20,0% 24,7% 16,5% 13,0% 11,1% 6,8% 5,4% 4,8% 1H19 9M19 YE19 1Q20 1H20 9M20 1H19 9M19 YE19 1Q20 1H20 9
Slide 13: Fuel Distribution: Shell & Turcas JV Efficiency Metrics
Fuel Distribution: Shell & Turcas JV Efficiency Metrics Market Efficiency Index (as of YE19) Throughput (White Product Sales / Station) x m3 #1 #1 2,0 1,5 1,5 1,4 All Market Efficiency = 1.0 0,6 2.576 4.798 5.042 4.849 4.029 3.975 3.836 4.414 3.937 3.572 3.617 3.654 3.806 2.415 2.668 Shell & Vitol B
Slide 14: Fuel Distribution: Shell & Turcas JV
Fuel Distribution: Shell & Turcas JV Net Sales EBITDA MM TL MM TL 1.305 39.325 - 16 % y/y - 38 % y/y 32.566 961 1.014 1.018 29.708 847 23.975 24.967 633 15.355 16.795 399 2015 2016 2017 2018 2019 9M19 9M20 2015 2016 2017 2018 2019 9M19 9M20 Net Income / Loss Shell & Turcas 9M20 Highlights MM TL • De
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 (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 2020 9M20 Electricity Consumption : - 1.3 % y/y 45% 48% 38% 33% 38% 31% 19% NG+LNG 9,4% GWh 7,4% 8,8% 4,4% 4,1% 5,5% 5,2% 4,0% 4,0% 106.897 120.053 109.658 111.8
Slide 17: Power Generation (Natural Gas PP): RWE & Turcas JV
Power Generation (Natural Gas PP): RWE & Turcas JV Cash inflows to Turcas from RWE & Turcas JV RTG Average Electricity Sales Price (TL/MWh) (under SHL repayment) MM TL 345 339 31 333 280 318 20 189 197 186 180 8 9 7 6 6 2014 2015 2016 2017 2018 2019 1Q20 2Q20 3Q20 2013 2014 2015 2016 2017 2018 2019
Slide 18: Power Generation (Natural Gas PP): RWE & Turcas JV
Power Generation (Natural Gas PP): RWE & Turcas JV Net Sales EBITDA MM TL MM TL 79 +63% y/y 1.118 1.041 967 58 793 801 823 684 +291% y/y 34 23 14 6 -2 2015 2016 2017 2018 2019 9M19 9M20 2015 2016 2017 2018 2019 9M19 9M20 Electricity Sales RWE & Turcas 9M20 Highlights gWh • Thanks to the flexibility
Slide 19: Power Generation (Geothermal) – 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 TKG has become operational as of Jan’
Slide 20: Power Generation (Geothermal) – Turcas Kuyucak Geothermal
Power Generation (Geothermal Power Plant)- Turcas Kuyucak Geothermal 19
Slide 21: Power Generation (Geothermal) – Turcas Kuyucak Geothermal
Power Generation (Geothermal Power Plant)- Turcas Kuyucak Geothermal Net Sales EBITDA MM TL MM TL 29 46 45 27 +19% -30% 39 23 33 16 2018 2019 9M19 9M20 2018 2019 9M19 9M20 Electricity Generation Turcas Kuyucak Geothermal PP 9M20 Highlights million kWh 80 • Turcas Kuyucak contributing positively to T
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: An additional production well (8th production well) has been connected to the main grid at the beginning of Jul’20. Also, electrical submersible pumps have been
Slide 23: Turcas Consolidated IFRS Summary BS & PL
Turcas Consolidated IFRS Summary BS & PL IFRS Consolidated Financial Statements & Financing Ratios Balance Sheet , million TL 2019 9M20 Ytd Income Statement, million TL 9M19 9M20 Y/Y Revenues (Electricity Sales) 33 40 19% Cash & Cash Equivalents 133 177 33% Gross Profit 18 23 32% (from STAŞ) 74 73 -
Slide 24: Financial Deleveraging Ongoing
Financial Deleveraging Ongoing MM EUR Denizli CCGT Project Finance Loan Principal Outstanding Balance 184 151 135 120 102 88 77 72 2013 1H 2014 YE 2015 YE 2016 YE 2017 YE 2018 YE 2019 YE 2020 9M In addition to Denizli CCGT Project Finance Loan, outstanding loan balance obtained for our Kuyucak Geo
Slide 25: 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 Profit/ Revenues EBITDA Revenues EBITDA Profit/ Revenues EBITDA Profit/ Loss Loss Loss 9M20 24,967 633 -223 1,118 23 -33 40 16 -28 9M19 29,708
Slide 26: Thank you!
Thank you! Contact Information Arif ŞAHİN Senior Corporate Finance Specialist E-mail: arif.sahin@turcas.com.tr Phone: +90 212 259 00 00 / Ext: 1238
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