Turcas Holding A.s. · BIST:TRCAS
Turcas Holding A.s — Turcas Petrol A.Ş. — Q1 2024 Earnings Presentation
15 slides from Turcas Holding A.s's earnings presentation, June 2024
Slide 1: 2024 1st Quarter Earnings Presentation
2024 1st Quarter Earnings Presentation
Slide 2: 1Q24 General Overview
1Q24 General Overview Turcas 1Q24 IFRS Consolidated Net Income Bridging (1Q24) (Inflation Adjusted) (MM TL) Net Loss: -19 MM TL 25 -47 8 203 30 -189 -50 -19 Turcas' Share in STAŞ Turcas' Share in RTG STAŞ BPA Revenues Other (Net)* Net Financing Income Opex Monetary Loss Net Loss as of 1Q2024 Net Pro
Slide 3: Restatement of YE2023 Financials
Restatement of YE2023 Financials Turcas Petrol’s 30% owned subsidiary RWE & Turcas has identified a mistake in YE23 financial statements in the deferred tax expense recognition and calculations (as per IAS 29). The impacts of this mistake has been adjusted by restatement of YE23 financial statements
Slide 4: At a glance – 1Q24 vs 1Q23 (with IA)
At a glance – 1Q24 vs [1Q23] (with “IA”) Retail (Fuel Distribution & Lubricants) VOLUME NET SALES EBITDA NET PROFIT 1,833 62,780 1,896 101 ths m3 MM TL MM TL MM TL Shell & Turcas in 1Q24 in 1Q24 in 1Q24 in 1Q24 [1,798 ths m3 in 1Q23] [56,443 MM TL in 1Q23] [287 MM TL in 1Q23] [-759 MM TL in 1Q23] El
Slide 5: Associates of Turcas – Summary Balance Sheet Figures
Associates of Turcas – Summary Balance Sheet Figures Retail (Fuel Distribution & Lubricants) SHAREHOLDERS TOTAL ASSETS LIABILITIES PAID-IN CAPITAL EQUITY 42,888 28,257 14,631 528 MMTL MM TL MM TL MM TL Shell & Turcas in 1Q24 in 1Q24 in 1Q24 in 1Q24 [45,945 MM TL in YE23] [31,381 MM TL in YE23] [14,5
Slide 6: Quarterly Segmental Analysis
Quarterly Segmental Analysis Oil Segment Energy Segment MM TL Shell & Turcas RWE & Turcas (Turcas share: 30%) (Turcas share: 30%) Net Profit/ Net Profit/ Revenues EBITDA Revenues EBITDA Loss Loss After Inflation Accounting 1Q24 62,780 1,896 101 1,971 92 -629 1Q23 56,443 287 -759 3,490 114 81 Before
Slide 7: Shell & Turcas JV – Volumes & Market Share
Shell & Turcas JV – Volumes & Market Share Onsite B2B + B2C Fuel Sales Commercial Fuel Sales ths m3 ths m3 269 +4% q/q 1,354 -1% q/q 267 1,300 +x,xxx +x,xxx in Q2 +xxx in Q2 in Q2 +xxx in Q2 1Q2023 1Q2024 1Q2023 1Q2024 Lubricants Sales Onsite Market Share Progress in 2021 - March 2024 1 ths m3 23.0%
Slide 8: Shell & Turcas JV – Key Financial Highlights
Shell & Turcas JV – Key Financial Highlights Net Sales EBITDA MM TL MM TL +11% q/q +560% q/q 1,896 62,780 56,443 287 1Q2023 1Q2024 1Q2023 1Q2024 Net Profit / Loss Shell & Turcas 1Q24 Highlights MM TL • Total sales volume is up by 2% compared to the same quarter of the previous year. +113% q/q 101 •
Slide 9: Cash inflows from Shell & Turcas
Cash inflows from Shell & Turcas MM TL 265 30 177 203 65 57 168 5 10 16 120 13 14 23 75 85 7 16 70 50 53 45 51 41 26 31 27 30 33 36 24 30 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 1Q 2024* 5M2024 Ordinary Dividends Received from Shell & Turcas BPA Revenues
Slide 10: RWE & Turcas JV – Key Operational Highlights
RWE & Turcas JV – Key Operational Highlights Gas Consumption Electricity Generation mcm GWh +17% q/q +17% q/q 567 108 +149 484 +779 92 in Q2 in Q2 +789 +153 in Q2 in Q2 1Q2023 1Q2024 1Q2023 1Q2024 RTG Average Electricity Sales Price (TL/MWh) Cash inflows to Turcas from RWE & Turcas JV* MM TL SHL Rep
Slide 11: RWE & Turcas JV – Key Financial Highlights
RWE & Turcas JV – Key Financial Highlights Net Sales EBITDA MM TL MM TL -44% q/q 114 -19% q/q 3,490 92 1,971 1Q2023 1Q2024 1Q2023 1Q2024 Net Profit / Loss RWE & Turcas 1Q24 Highlights MM TL • Although the gas consumption and power generation in 1Q24 has increased by 17% on q/q basis (partially due t
Slide 12: Turcas Consolidated IFRS Summary BS & PL
Turcas Consolidated IFRS Summary BS & PL IFRS Consolidated Financial Statements & Financing Ratios 2023 Income Statement, million TL 1Q2023 1Q2024 q/q Balance Sheet , million TL 1Q2024 Y/Y Restated Revenues 0 0 n.m. Cash & Cash Equivalents 207 312 51% Gross Profit 0 0 n.m. Associates (STAS & RTG) 7,
Slide 13: Financial Deleveraging Well On Track
Financial Deleveraging Well On Track MM EUR Denizli CCPP +TKG PP Project Finance Loan Balance 200 150 127 As of 11.06.2024: Ca. 96% of Denizli 114 CCPP Loans have been repaid. 39 100 Current Loan Balance is 6.2 MM EUR 100 37 173 85 165 33 151 135 31 120 50 102 88 77 67 54 21 6 3 12 0 - 2013 Dec. 201
Slide 14: 2024 Guidance (as of April 2024)
2024 Guidance (as of 18 April 2024) Guidance Unit (as of 18 April 2024) Cash Inflows From Subsidiaries Shell & Turcas - Preferred Dividend (8 MM $) + BPA Revenue (7.6 MM $) 15.6 MM USD (BPA Revenue collected in March, Preferred Dividend will be collected in June) Shell & Turcas – Ordinary Dividend (
Slide 15: 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