Turcas Holding A.s. · BIST:TRCAS
Turcas Holding A.s — Turcas Petrol A.S. — Investor Presentation (December 2014)
24 slides from Turcas Holding A.s's investor presentation, December 2014
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 1,060 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 2 3
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 1.6% 18.07% 20.0% 5.36% 51.55% 58.4% 20.0% 25.02% Aksoy Holding A.Ş. Erdal Aksoy S. Batu Aksoy Free Float Treasury Stock (Owned by Turcas Petrol A.Ş.) Banu Aksoy Tarakçıoğlu Other Private Individual Investors Stock Information BIST Ticker TRC
Slide 6: Key Strategic Partnerships
KEY STRATEGIC PARTNERSHIPS Joint Venture Field of Activity Fuel Distribution & Lubricants : Shell & Turcas Petrol • Turcas has 30% Share in the JV (Royal Dutch Shell 70%) • Operates through 1,060 nationwide Shell branded fuel stations • Market leader in Gasoline and Lubricant Sales, #2 in White Prod
Slide 7: Turcas Financial Overview
Net Profit TURCAS FINANCIAL OVERVIEW adjusted with STAR sale (Million TL) 2012 2013 9M13 9M14 71 Net Sales 23 49 33 47 Mln TL Adjusted EBITDA Net Profit OpEx 13 16 12 12 91 Other Op. Rev. (Net) 19 18 21 24 41 o/w STAS 16 14 14 23 43 Management Fee Operating Profit 7 5 11 13 8 (1) 0 0 0 -63 Share Sal
Slide 8: Turcas Financial Overview
TURCAS FINANCIAL OVERVIEW (Million TL) 2012 2013 9M14 Leverage & Net Leverage 120 89 194 39% 38% Cash & Cash Equivalents 40% 31% 30% S -T Rec. From Rel.Parties (1) 28 35 49 30% 21% 18% 20% L -T Rec. From Rel.Parties (1) 252 299 304 10% Associates 554 697 563 0% 2012 2013 9M14 Total Assets 1,022 1,17
Slide 9: 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 10: Ratings
RATINGS CREDIT RATING: • Fitch Ratings has confirmed Long-Term Credit Foreign Currency Issuer Default Ratings (IDRs) of ‘’B’’. (July 2014) • National Long Term rating of BBB- (Tur) for Turcas Petrol A.Ş. • The outlook is Stable. CORPORATE GOVERNANCE RATING: • Turcas’ Corporate Governance Rating has
Slide 11: 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 12: Shell & Turcas – Financial Figures
SHELL & TURCAS – FINANCIAL FIGURES STAS NET SALES (Mln TL) STAS EBITDA (Mln TL) 13,997 14,000 12,245 477 496 11,987 500 466 12,000 10,760 429 427 10,424 10,000 9,414 400 357 8,000 300 6,000 200 4,000 2,000 100 0 0 2010 2011 2012 2013 9M13 9M14 2010 2011 2012 2013 9M13 9M14 60 STAS NET PROFIT (Mln TL
Slide 13: Shell & Turcas – Market Share
SHELL & TURCAS – MARKET SHARE Gasoline Diesel #1 25.0% 23.8% 21.5% 20.6% 17.4% 17.3% 11.5% 8.7% 5.4% 5.1% 9M13 YE13 1Q14 1H14 9M14 9M13 YE13 1Q14 1H14 9M14 STAS POAS OPET BP TOTAL STAS POAS OPET BP TOTAL Total White Products Lubricants STAS 24.7% 25.5% #1 23.4% #2 17.9% 16.7% 17.7% STAS 12.2% 11.3%
Slide 14: Shell & Turcas – Market Update
SHELL & TURCAS – MARKET UPDATE m3 m3 Gasoline Sales Diesel Sales 3,000,000 3,000,000 20,000,000 2,500,000 5.1% y/y 2,500,000 2.6% y/y 2,000,000 2,000,000 15,000,000 1,500,000 1,500,000 1,000,000 10,000,000 1,000,000 500,000 500,000 0 5,000,000 0 0 2009 2010 2011 2012 2013 9M20139M2014 GDP vs Diesel
Slide 15: Shell & Turcas – Market Update
SHELL & TURCAS – MARKET UPDATE 25 Vehicle Parc (mln) Fuel Consumption Mix (mln tons) 20 18.0 18.5 0.1 18 17.0 20 0.0 0.5 16.1 0.0 0.1 16 14.3 15.1 0.0 0.8 0.7 1.9 13.8 1.6 0.8 1.8 14 8.8 15 2.1 2.0 12.2 8.7 2.2 12 8.0 8.4 9.5 10.2 7.6 10 8.3 7.0 7.2 6.1 10 8 6.8 16.8 4.4 4.8 14.7 15.5 6 3.9 13.7 13.
Slide 16: Shell & Turcas – Competitive Edge
SHELL & TURCAS – COMPETITIVE EDGE EFFICIENCY INDEX Throughput (White Product Sales / Station, ton) Leader in 2.5 4,000 efficiency 2.1 3,500 2 1.8 3,000 1.6 1.6 1.5 1.3 2,500 ALL 2,000 1 MARKET 1,0 1,500 0.5 0.5 1,000 500 0 0 POAS SHELL & OPET BP TOTAL OTHERS TURCAS BP OPET POAŞ STAS SECTOR 2011 2012
Slide 17: 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 18: 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) • Became operational in June 2
Slide 19: RWE & Turcas – Market Update
RWE & TURCAS – MARKET UPDATE GDP vs Electricity Consumption Growth Generation Breakdown (by source of fuel) 8.8% 8.2% 4.7% 4.5% 4.0% 2.1% 2.3% 0.5% 2011 2012 2013 2014 GDP Growth Annual Electricity Consumption Growth Source: Turkish Statistical Institute. IMF forecast used for 2014 GDP growth, 10M20
Slide 20: 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 21: Turcas & BM Kuyucak
TURCAS & BM KUYUCAK Turcas is developing a series of geothermal energy projects consisting of 3 sites in Western Region of Turkey. • Turcas obtained exploration licenses from Special Provincial Administrations for 3 sites. • Following the environmental, geological/geophysical surveys and feasibility
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
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