Turcas Holding A.s. · BIST:TRCAS
Turcas Holding A.s — Turcas Petrol A.Ş. — Investor Presentation (April 2021)
26 slides from Turcas Holding A.s's investor presentation, April 2021
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. 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% 1,062 Nationwide Shell Branded Fuel Stations** 800 MW 18 MW Gas Fired Geothermal Lubricants Plant Power Plant Power Plant in Derince * ATAŞ appears twice on t
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(2) Shareholding Structure of Turcas Petrol Shareholding Structure of Aksoy Girişimcilik(1) 17,39% Aksoy Girişimcilik Enerji 23,0% 1,6% ve Turizm A.Ş(1) Erdal Aksoy Free Float S. Batu Aksoy 54,45% 52,5% Banu Aksoy Ta
Slide 7: Cash Inflows from STAŞ
Turcas: A Sustainable Investment Platform Cash Inflows from STAŞ (mln TL) MM TL 148 MM TL dividends received in 3Q19. Out of that amount, 73 MM TL transferred 65 back to STAS as SHL 57 148 5 10 16 14 13 16 70 75 7 50 53 23 51 45 45 36 40 26 31 27 24 18 2007 2008 2009 2010 2011 2012 2013 2014 2015 20
Slide 8: Dividends Paid by Turcas
Turcas: A Sustainable Investment Platform Dividends Paid by Turcas 31 MM TL 26 18 14 14 13 11 11 8 8 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 buy back s
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 -1% y/y 31,1 30,0 29,6 28,0 -7% y/y 25,7 3,3 24,0 3,1 3,2 3,09 2,8 3,0 2015 2016 2017 2018 2019 2020 2015 2016 2017 2018 2019 2020 White Product Sales (Sector) Lubricants Sales (Sector) MM m3 K tons -2
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% y/y - 8% y/y 4.170 4.337 4.175 805 4.126 744 757 780 772 3.790 3.861 679 2015 2016 2017 2018 2019 2020 2015 2016 2017 2018 2019 2020 White Product Sales (STAŞ) Lubricants Sales (STAŞ) ths m
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 25,0% 22,6% #1 19,3% 24,8% 16,6% 13,0% 11,1% 6,7% 5,4% 4,8% 1H19 9M19 YE19 1Q20 1H20 9M20 YE20 1H19 9M19 YE19 1Q20 1
Slide 13: Fuel Distribution: Shell & Turcas JV Efficiency Metrics
Fuel Distribution: Shell & Turcas JV Efficiency Metrics Market Efficiency Index (as of YE20) Throughput (White Product Sales / Station) x m3 1,7 #1 #1 1,6 1,5 1,2 All Market Efficiency = 1.0 4.798 5.042 4.849 4.362 4.029 3.975 3.836 3.912 4.414 3.937 3.572 3.074 3.617 3.654 3.806 3.718 2.415 2.668 2
Slide 14: Fuel Distribution: Shell & Turcas JV
Fuel Distribution: Shell & Turcas JV Net Sales EBITDA MM TL MM TL - 12 % y/y 1.305 - 28 % y/y 39.325 34.521 32.566 961 1.014 940 847 23.975 15.355 16.795 399 2015 2016 2017 2018 2019 2020 2015 2016 2017 2018 2019 2020 Net Income / Loss Shell & Turcas YE20 Highlights MM TL • Decline (-12% y/y) in Net
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 48% 38% 33% 38% 31% 19% 23% NG+LNG 9,4% GWh 7,4% 8,8% 5,2%4,0% 4,4% 4,1%5,5% 4,0% 106.264 120.053 109.658 111.818 113.118 68.070 77.832 38.051 2,6% 99.215 72.533
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 31 326 280 20 189 197 186 180 8 9 7 6 6 2014 2015 2016 2017 2018 2019 2020 2013 2014 2015 2016 2017 2018 2019 Gas Consumption Ca
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 84 79 +4914% y/y +49% y/y 1.548 58 1.041 967 34 793 801 823 14 -2 2015 2016 2017 2018 2019 2020 2015 2016 2017 2018 2019 2020 Electricity Sales RWE & Turcas YE20 Highlights gWh • Thanks to the flexibility created with th
Slide 19: Power Generation (Geothermal Power Plant)- 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 Power Plant)- Turcas Kuyucak Geothermal
Power Generation (Geothermal Power Plant)- Turcas Kuyucak Geothermal 19
Slide 21: Power Generation (Geothermal Power Plant)- Turcas Kuyucak Geothermal
Power Generation (Geothermal Power Plant)- Turcas Kuyucak Geothermal Net Sales EBITDA MM TL 64 MM TL 49 +42% +57% 46 45 31 27 2018 2019 2020 2018 2019 2020 Electricity Generation Turcas Kuyucak Geothermal PP YE20 Highlights million kWh 80 +13% • Turcas Kuyucak contributing positively to Turcas 75 67
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 2020 Ytd Income Statement, million TL 2019 2020 Y/Y Revenues (Electricity Sales) 45 64 42% Cash & Cash Equivalents 133 102 -24% Gross Profit 24 41 70% (from STAŞ) L -T R
Slide 24: Financial Deleveraging Ongoing
Financial Deleveraging Ongoing MM EUR Denizli CCGT Project Finance Loan Principal Outstanding Balance 200 173 165 151 150 135 120 102 100 88 77 67 50 0 2013 Dec. 2013 YE 2014 YE 2015 YE 2016 YE 2017 YE 2018 YE 2019 YE 2020 YE In addition to Denizli CCGT Project Finance Loan, outstanding loan balan
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/ EBITDA Revenues EBITDA Revenues EBITDA Profit/ Revenues Profit/ Loss (*) Loss Loss YE20 34.521 940 -240 1.548 84 9,5 64 49 -17 YE19 39.
Slide 26: Thank you!
Thank you! Contact Information Arif ŞAHİN Corporate Finance and Investor Relations Deputy Manager E-mail: arif.sahin@turcas.com.tr Phone: +90 212 259 00 00 / Ext: 1238
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