Turcas Holding A.s. · BIST:TRCAS
Turcas Holding A.s — Turcas Petrol A.Ş. — Investor Presentation (June 2023)
22 slides from Turcas Holding A.s's investor presentation, June 2023
Slide 1: Investor Presentation
x (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 cann
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: 36% ** 1,145 Nationwide Shell 800 MW Branded Fuel Stations** Gas Fired Power Plant Lubricants Plant in Derince * ATAŞ appears twice on the Group Structure due to both direct and
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 31/05/2023) Shareholding Structure of Aksoy Girişimcilik (as of 31/05/2023) 1.2% 9,89% Aksoy Girişimcilik Enerji Erdal Aksoy ve Turizm A.Ş 29.2% 34.8% Free Float S. Bat
Slide 7: Cash Inflows From Subsidiaries (Shell Turcas & RWE Turcas)
Cash Inflows From Subsidiaries (Shell Turcas & RWE Turcas) MM TL 300 250 113 200 150 6 20 65 100 * 168 57 32 10 50 5 16 8 23 8 13 16 14 11 75 70 85 ** 68 7 53 11 50 45 51 33 36 41 26 31 27 30 24 0 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 May Cash inflows t
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 4,3 31,1 30,0 30,8 30,9 28,0 29,0 3,9 3,2 3,3 3,1 3,0 +25,2% y/y +7,7% y/y 1,1 6,6 7,1 0,9 2017 2018 2019 2020 2021 2022 1Q22 1Q23 2017 2018 2019 2020 2021 2022 1Q22 1Q23 White Product Sales (Sector) L
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 +25,2% y/y +7,7% y/y 1.235 5.479 4.970 1.075 4.170 4.337 4.175 3.861 757 780 805 772 +29,2% y/y +1,9% y/y 316 1.228 1.252 245 2017 2018 2019 2020 2021 2022 1Q22 1Q23 2017 2018 2019 2020 2021 20
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 #1 28,7% 22,3% 25,3% 18,4% 17,7% 17,4% 6,9% 10,4% 5,9% 5,7% YE191Q20 1H209M20YE201Q21 1H219M21YE211Q22 1H229M22YE221Q23 YE
Slide 13: Fuel Distribution: Shell & Turcas JV Efficiency Metrics
Fuel Distribution: Shell & Turcas JV Efficiency Metrics (as of 2022 YE) Market Efficiency Index (as of YE22) Throughput (White Product Sales / Station) X(times) m3 #1 2,1 #1 1,4 1,3 1,3 All Market Efficiency = 1.0 3.942 3.937 4.798 5.042 4.788 4.363 5.378 5.869 4.029 3.975 3.836 4.086 4.020 4.414 3.
Slide 14: Fuel Distribution: Shell & Turcas JV Financials
Fuel Distribution: Shell & Turcas JV Net Sales EBITDA MM TL MM TL 160.888 4.072 -93% y/y +25% y/y 2.039 2.212 55.569 1.305 39.325 34.521 32.647 961 1.014 940 32.566 26.155 23.975 155 2017 2018 2019 2020 2021 2022 1Q22 1Q23 2017 2018 2019 2020 2021 2022 1Q22 1Q23 Net Income / Loss Shell & Turcas 1Q23
Slide 15: Power Generation: 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 33% 38% 31% 19% 23% 34% 22% NG+LNG 12,4% GWh 11,0% 5,5% 7,4% 106.264 107.339 104.115 114.210 5,2% 109.658 111.818 113.1
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 4.506 SHL Repayment Cash Capital Decrease Dividend Payment 4.004 30 3.519 2.644 32 83 68 1.530 20 573 8 11 11 8 6 180 189 197186 280 345 326 2013
Slide 18: Power Generation: RWE & Turcas JV Financials
Power Generation (Natural Gas PP): RWE & Turcas JV Net Sales EBITDA MM TL 8.480 MM TL 733 417 -65% y/y +62% y/y 2.715 225 2.019 1.548 1.249 84 967 1.041 79 58 78 823 -2 2017 2018 2019 2020 2021 2022 1Q22 1Q23 2017 2018 2019 2020 2021 2022 1Q22 1Q23 Net Income / Loss RWE & Turcas 1Q23 Highlights MM T
Slide 19: Turcas Consolidated IFRS Summary BS & PL
Turcas Consolidated IFRS Summary BS & PL IFRS Consolidated Financial Statements & Financing Ratios Income Statement, million TL 1Q2022 1Q2023 Y/Y Balance Sheet , million TL 2022 1Q2023 Y/Y Revenues 0 0 n.m. Cash & Cash Equivalents 32 13 -60% Gross Profit 0 0 n.m. Operating Expenses -12 -25 111% Asso
Slide 20: Financial Deleveraging Well On Track
Financial Deleveraging Well On Track MM EUR Denizli CCPP +TKG PP Project Finance Loans Principal Outstanding Balance (2023-25 Balances reflect the scheduled repayment plan) 200 Loan Balance as of end of 1Q 2023: 20.9 MM EUR 150 127 114 100 39 85 100 37 173 165 33 151 135 31 120 50 102 88 77 67 54 21
Slide 21: 2023 Guidance
2023 Guidance Guidance Unit (as of 07 March 2023) Cash Inflows From Shell&Turcas Shell & Turcas - Preferred Dividend net off BPA 6.8 MM USD Operational Projections for RWE&Turcas RWE & Turcas – 2023 Electricity Generation Forecast ~3,000 GWh RWE & Turcas – 2023 EBITDA Forecast 350 - 450 MM TL (lower
Slide 22: Thank you!
Thank you! Contact Information Arif ŞAHİN Mert GÖKNAR Corporate Finance and Investor Finance Director Relations 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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