Turcas Holding A.s. · BIST:TRCAS

Turcas Holding A.s — Turcas Petrol A.Ş. — Investor Presentation (December 2017)

22 slides from Turcas Holding A.s's investor presentation, December 2017

  1. 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

  2. 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 2. Inves

  3. 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

  4. Slide 4: Group Structure

    Turcas: A Sustainable Investment Platform Group Structure Bloomberg Ticker: TRCAS.TI Reuters Ticker: TRCAS.IS Free Float: 30.48% (of which 5.36% is Treasury Stock***) 30% 30% 92% 1,010 Nationwide Shell Branded Fuel Stations 800 MW 18 MW Gas Fired Geothermal Lubricants Plant Power Plant Power Plant i

  5. 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

  6. Slide 6: Shareholding Structure & Stock Information

    Turcas: A Sustainable Investment Platform Shareholding Structure & Stock Information Shareholding Structure of Turcas Petrol Shareholding Structure of Aksoy Holding Aksoy Holding A.Ş. 1.7% 17.15% 22.4% Erdal Aksoy Free Float 5.36% S. Batu Aksoy 51.55% 53.5% Banu Aksoy Tarakçıoğlu Treasury Stock (Own

  7. Slide 7: Turcas Dividend Stream

    Turcas: A Sustainable Investment Platform Turcas Dividend Stream Dividends Paid by Turcas Dividends & Management Fees Received from Shell & Turcas MM USD MM USD 24 24 4 7 11 17 8 Last 5 yr avg dividend yield: 6 8 15 39 34 9 2.5% 30 25 11 9 20 18 15 7 8 12 9 13 4 5 5 5 5 4 2007 2008 2009 2010 2011 20

  8. Slide 8: 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, STAŞ, started its operations in July 2006 Royal Turcas Dutch Shell P

  9. Slide 9: Fuel Distribution: Overall Market Growth

    Fuel Distribution: Overall Market Growth Gasoline Sales (Sector) Diesel Sales (Sector) MM m3 MM m3 25.7 8% y/y 24.0 20.2 21.3 20.5 3% y/y 18.8 19.0 2.8 3.0 2.5 2.5 2.6 2.25 2.31 2012 2013 2014 2015 2016 9M16 9M17 2012 2013 2014 2015 2016 9M16 9M17 White Product Sales (Sector) Lubricants Sales (Secto

  10. Slide 10: Fuel Distribution: Shell & Turcas JV Volume Growth

    Fuel Distribution: Shell & Turcas JV Volume Growth Gasoline Sales (STAŞ) Diesel Sales (STAŞ) ths m3 ths m3 744 2% y/y 4,126 2% y/y 679 3,616 3,790 606 604 618 3,436 563 576 3,102 3,055 3,117 2012 2013 2014 2015 2016 9M16 9M17 2012 2013 2014 2015 2016 9M16 9M17 White Product Sales (STAŞ) Lubricants S

  11. Slide 11: 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 24.9% Shell & Turcas Vitol Opet BP Total-Demirören 23.1% #1 23.2% 16.6% 18.1% 15.2% 11.5% 9.6% 5.4% 5.9% 9M16 YE16 1Q17 1H17 9M17 9M16 YE16 1Q17 1H17 9M17 Total

  12. Slide 12: Fuel Distribution: Shell & Turcas JV Efficiency Metrics

    Fuel Distribution: Shell & Turcas JV Efficiency Metrics Market Efficiency Index (as of YE2016) Throughput (White Product Sales / Station) x m3 2014 2015 2016 2.1 #1 #1 1.7 1.7 1.5 All Market Efficiency = 1.0 0.5 1,838 3,950 4,323 4,789 2,723 3,755 3,800 3,214 3,568 3,989 3,032 3,294 3,546 2,114 2,29

  13. Slide 13: Fuel Distribution: Shell & Turcas JV Financial Metrics

    Fuel Distribution: Shell & Turcas JV Financial Metrics Net Sales EBITDA & EBITDA Margin MM TL MM TL EBITDA EBITDA Margin 16,795 1,200 5.9% 7.0% 15,824 15,355 +21 y/y 14,415 987 13,984 1,000 6.0% 852 11,932 5.0% 800 731 3.5% 2.9% 4.0% 600 496 2.5% 449 397 3.0% 400 2.0% 200 1.0% 0 0.0% 2013 2014 2015

  14. Slide 14: 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 under the name RWE & Turcas Güney (‘RTG’) to establish an 800 MW CCPP in Turkey with a total project cost of 600 MM Euro Denizli CCPP with an installed  RWE holds 70% and Turca

  15. Slide 15: Power Generation (Natural Gas PP): Overall Market Info

    Power Generation (Natural Gas PP): Overall Market Info Turkey’s GDP vs Electricity Consumption Growth Turkish Power Generation (by source) Share of 44% 45% 48% 38% 33% 36% NG+LNG 9.4% GWh 8.8% 5.2% 4.0% 4.4% 4.0% 4.1% 44% 27% 24% 45% 25% 25% 48% 29% 16% 38% 28% 26% 33% 34% 25% 36% 32% 22% 3.2% 4% 5%

  16. Slide 16: Power Generation (Natural Gas PP): RWE & Turcas JV

    Power Generation (Natural Gas PP): RWE & Turcas JV Electricity Sales Net Sales GWh MM TL CUR 53% 50% 50% 70% 3,596 +46% 793 801 3,410 3,329 773 +28% 3,227 725 567 2,282 2014 2015 2016 9M16 9M17 2014 2015 2016 9M16 9M17 Cash inflows to Turcas from RWE & Turcas JV EBITDA & Net Profit/Loss (under SHL r

  17. Slide 17: Power Generation (Geothermal): Turcas Kuyucak Geothermal

    Power Generation (Geothermal Power Plant)- Turcas Kuyucak Geothermal  Established in September 2013, Turcas Kuyucak Geothermal (“TKJ”) is investing in an 18 MW geothermal power plant project in Aydın, Kuyucak district (western region of Turkey);  Turcas Enerji Holding (wholly-owned Turcas subsidia

  18. Slide 18: Potential Project Pipeline

    Potential Project Pipeline Geothermal Energy (Various Sites)  Turcas plans to grow in geothermal energy with the following projects: 1. Turcas plans to do new drillings at the existing TKJ site (Aydin Kuyucak) in 2018 following Magneto Telluric studies planned in 4Q-17. Our ultimate goal is to incr

  19. Slide 19: Turcas Debts & Net Debt/Cash Projection

    Turcas Debts & Net Debt/Cash Projection MM EUR 200 Based on current portfolio of assets, Turcas will 158 have a Net Cash position by 2023 135 150 thanks to significant decline in Debt 112 88 100 64 41 158 3 28 138 119 50 99 78 55 59 35 45 29 28 32 25 29 0 5 7 16 18 15 11 29 22 42 57 26 72 -50 87 29

  20. Slide 20: Turcas Financial Overview

    Turcas Financial Overview IFRS Consolidated P&L IFRS Consolidated Income Statement (million TL) 9M16 9M17 Other Operating Revenues (Net) 25 2 Expected to be o/w Shell & Turcas received 24 0 in Nov’17 Management Fee Operating Expenses 16 19 Operating Profit/Loss 8 -17 Valuation Gains from Investments

  21. Slide 21: Turcas Financial Overview

    Turcas Financial Overview IFRS Consolidated Balance Sheet and Balance Sheet Indicators Summary Balance Sheet Leverage & Net Leverage IFRS Consolidated Balance sheet (million TL) 2016 9M17 YTD 46% 44% Cash & Cash Equivalents 143 117 -18% 40% 37% 37% S -T Rec. From Rel.Parties (1) 17 3 -86% 31% L -T R

  22. Slide 22: Thank you!

    Thank you! Contact Information Erkan İLHANTEKİN Pınar SAATCIOĞLU CFO Head of Investor Relations E-mail: erkan.ilhantekin@turcas.com.tr E-mail: pinar.ceritoglu@turcas.com.tr Phone: +90 212 259 00 00 / Ext: 1270 Phone: +90 212 259 00 00 / Ext: 1287

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