Aygaz Anonim Sirketi · BIST:AYGAZ
Aygaz Anonim Sirketi — Aygaz — Investor Presentation (April 2008)
44 slides from Aygaz Anonim Sirketi's investor presentation, April 2008
Slide 1: Aygaz April 2008
AYGAZ April 2008
Slide 2: Contents
Contents P2 Profile Brief Overview Key Figures Investment Theme Strategy Competitive Advantages
Slide 3: Contents
Contents P3 Profile Brief Overview Key Figures Investment Theme Strategy Competitive Advantages
Slide 4: Brief History
Brief History P4 • Established in 1961 • Market leader since its foundation • Pioneer in LPG appliances launches • Pioneer in marine LPG transportation in Turkey • The largest LPG distribution network in Turkey serving over 3,000 points of sale from 28 plants
Slide 5: Operations – Key Performance Indicators
Operations – Key Performance Indicators P5 Operations Key Performance Indicators • LPG related services IFRS (Cons.) (US$m) 2007 2006 • LPG appliances Total Revenues 2.451 2.022 Total Assets 1.970 1.991 • Leader in its sector Total Equity 1.217 1.052 • Market Share : 30 % EBITDA 198 171 • Size of Bu
Slide 6: Contents
Contents P6 Profile Brief Overview Key Figures Investment Theme Strategy Competitive Advantages
Slide 7: LPG Consumption in the World
LPG Consumption in the World P7 Million tons/year 272 229 198 168 137 1990 1995 2000 2007 2012 E
Slide 8: LPG Markets in Europe
LPG Markets in Europe P8 Turkey is the Largest LPG Market in Europe Million tons/year 3.5 3.4 2.7 2.4 2.1 1.4 1.2 0.3 Greece U.K. Germany Spain Poland France Italy Turkey *2006 Statistical Review of Global LP Gas (excludıng the chemıcal sector consumption) , Aygaz data
Slide 9: Turkish LPG Market
Turkish LPG Market P9 • 60 registered distribution companies • Over 15,000 authorized dealers • Around 30,000 subsidiary dealers Shell Total BP SHV Gaz 6% 6% 6% 15% • 50,000-vehicle service chain Others 22% • 450,000 employees Milangaz 15% • 13 million households and 1.2 million Aygaz 30% auto gas c
Slide 10: Contents
Contents P10 Profile Brief Overview Key Figures Investment Theme Strategy Competitive Advantages
Slide 11: LPG Market and Aygaz in Turkey
LPG Market and Aygaz in Turkey P11 Domestic Market 000 tons/year 1,282 355 1,234 1,176 1,147 1,387 1,501 1,069 1551 893 2,006 806 647 724 570 458 1,571 475 1,270 1,390 1,277 1,188 1,246 1,183 216 1213 1,226 2,115 2,132 1,800 1,709 1,802 1,803 1,733 1492 1,302 1999 2000 2001 2002 2003 2004 2005 2006
Slide 12: Market Segments
Market Segments P12 Cylinder 57% 26% Bulk 11% Autogas 6% 37% 63% 1999 2007
Slide 13: Aygaz Sales Figures
Aygaz Sales Figures P13 000 tons/year 232 225 280 324 10 241 127 31 267 42 264 59 145 179 520 291 442 366 415 376 348 403 460 257 201 159 112 74 797 820 708 665 641 637 590 552 513 1999 2000 2001 2002 2003 2004 2005 2006 2007 Cylinder Bulk Auto Wholesale Exports
Slide 14: Aygaz Revenue Figures
Aygaz Revenue Figures P14 Net Sales Million USD 1,823 1,478 1,416 1,657 1,288 1,388 1,063 1,206 1,135 750 687 966 518 734 678 517 2000 2001 2002 2003 2004 2005 2006 2007 Domestic Sales Total with international sales
Slide 15: Aygaz Revenue Figures: Export Revenues
Aygaz Revenue Figures P15 Export Revenues Million USD 20 40 23 23 18 17 15 16 146 140 110 56 62 12 17 3 0 2002 2003 2004 2005 2006 2007 Iraq exports Europe exports Appliances
Slide 16: Contents
Contents P16 Profile Brief Overview Key Figures Investment Theme Strategy Competitive Advantages
Slide 17: Changing Market Conditions
Changing Market Conditions P17 Elimination of automatic price mechanism + New LPG law Aygaz- market maker Higher margins Marketing efforts Service/Product differentiation
Slide 18: Products & Services
Products & Services P18 Differentiation New Service Concepts New Products Credit Cards Call Center Cylinder Integrated Ordering System Auto CRM Activities Other
Slide 19: Former Order System
Former Order System P19 5millions 1.350 5.000 150.000/day Customers 150.000/day Customer Order Dealer Order Deliveryman Delivery Phone Wireless
Slide 20: How Does IOS Work?
How Does IOS Work? Aygaz Call P20 Center CRM Tool Payment Tool Order Internet GPRS Delivery 150.000 / day 5.000.000 1.350 5.000 customers dealers Deliverymen System Infrastructure Integrator Integrator
Slide 21: Synergy with Koç Group Companies
Synergy with Koç Group Companies P21 • Tüpraş is an important element in the integrated value chain from production to customer • In line with the Petroleum Market Law, extra terminal advantages will be available through Opet and Aygaz, expanding the coverage in the hinterland area • Aygaz’s fleet o
Slide 22: Synergy with Koç Group Companies
Synergy with Koç Group Companies P22 • Auto LPG market share will improve through Opet stations • 703 Opet + 577 Sunpet stations • Owning a secondary brand in LPG distribution gives Aygaz a strong tool for differentiation • Koç Statoil, operating in LNG and CNG carries the potential to win the custo
Slide 23: Contents
Contents P23 Profile Brief Overview Key Figures Investment Theme Strategy Competitive Advantages
Slide 24: Vision
Vision P24 Business Vision • To continue offering the best quality and most reliable service in the LPG sector.
Slide 25: Objectives
Objectives P25 Principle Objectives To continue leading in LPG supply, storage, filling, distribution, sales and after sales and pressurized container and equipment production through; • Prioritizing the satisfaction of our customers, employees and shareholders, • Respecting the community and the en
Slide 26: Contents
Contents P26 Profile Brief Overview Key Figures Investment Theme Strategy Competitive Advantages
Slide 27: Aygaz Brand Portfolio
Edited by Foxit PDF Editor Copyright (c) by Foxit Software Company, 2004 - 2007 For Evaluation Only. Aygaz Brand Portfolio P27 • Well known/generic brand name = LPG • Best known brand in LPG market; 3rd in “Top of Mind Brands” in Turkey* • Strong image of safety and customer reliance • Secondary LPG
Slide 28: Strong Dealer Network
Strong Dealer Network P28 • Long term partnership • Over 3,000 points of sale • Wide-spread distribution channels • Financially strong and prominent dealers • Business partners of other Koç Group companies - group loyalty
Slide 29: Consistent Market Leadership
Consistent Market Leadership P29 • Market leader since its foundation • Fully integrated LPG distribution company • Market maker • Utilizes premium service and product quality • A member of Koç Holding; Turkey’s largest and most reputable group
Slide 30: Closest to the Consumer
Closest to the Consumer P30 • Places great importance on being consumer oriented • Reaching over 5 million houses and 250,000 vehicle owners through sales and after sales organization • Intensive CRM activities to offer new service concepts for differentiation • Holds customer satisfaction and loyal
Slide 31: Effective Logistics Infrastructure
Effective Logistics Infrastructure P31 • 1,040,000 tons filling capacity • 160,000 cbm fixed storage capacity • 30,000 cbm moving storage capacity • Marine fleet / Truck fleet / Railway cars • Largest LPG distribution network in Turkey with • 2,200 Cylinder LPG Dealers • 900 Autogas Stations • 5,000
Slide 32: Facilities and Storage
Facilities and Storage P32 Ambarlı 14,000 cbm Safranbolu* Yarımca Samsun 47,000 cbm Bursa* 16,000 cbm Ankara Kırıkkale E.Şehir Aliağa 3,000 cbm 24,000 cbm Diyarbakır* Işıkkent* Isparta* Dörtyol Mersin 43,000 cbm Total Storage Capacity 160,000 cbm * Storage Capacities Less Than 2,000 M3
Slide 33: Aygaz Vessel Fleet
Aygaz Vessel Fleet P33 • Helps reducing logistics costs • Gives flexibility in sourcing and inventory management Aygaz-7 6,800 cbm • 5 vessels with 22,000 cbm storage capacity • Provides competitive advantage for Black Sea supply Aygaz-6 5,000 cbm
Slide 34: Purchasing Power
Purchasing Power P34 Aygaz is the biggest • LPG importer in Turkey • LPG purchaser in the Mediterranean* • in LPG handling in Europe* • player in the Black Sea * When purchasing for a single country
Slide 35: Turkish LPG Supply 2007
Turkish LPG Supply 2007 P35 Tüpraş production 21% Other imports Tüpraş import 45% 3% Aygaz import 31% Export / Re- export 5% Total – 3.650.000 Tons Domestic Market 95%
Slide 36: Aygaz LPG Supply
Aygaz LPG Supply P36 2007 2006 K ton % K ton % Tüpraş 220 16 299 24 Direct Import 1,117 84 965 76 Total 1,337 100 1,264 100
Slide 37: Pricing
Pricing P37 • Liberal Market • Tüpraş: traditional price setter • Ex-refinery price linked to Sonatrach Price (SP) • Monthly adjustments • Import prices • SP: most common reference • Retail prices • Fluctuating end-user prices • High tax • Different for autogas and cylinder • Different for LPG Mix a
Slide 38: Annex
Annex P38 • Summary P&L Statement • Summary Balance Sheet • Shareholder Structure
Slide 39: Summary P & L Statement
Summary P & L Statement P39 Profit & Loss Statement (IAS29) Million USD 2001 2002 2003 2004 2005 2006 2007 Net Sales 687 750 1,063 1,288 1,416 1,485 1,823 Gross Profit 92 91 98 101 144 203 244 Operating Profit 41 33 20 28 42 94 112 EBITDA 74 71 68 63 97 134 155 EBITDA Margin (%) 10.7 9.5 6.4 4.9 6.9
Slide 40: Summary Balance Sheet
Summary Balance Sheet P40 Balance Sheet (IAS29) Million USD 2001 2002 2003 2004 2005 2006 2007 Cash & Cash Equivalents 28 54 55 30 34 463 65 Trade Receivables 42 46 55 77 141 119 150 Inventories 25 37 41 64 63 49 68 Participations 69 174 265 336 379 657 1.006 Prop. Plant & Equipment 183 196 247 276
Slide 41: Shareholder Structure
Shareholder Structure P41 Liquid Pet. Free float Dev. Co. 24,3% 24,5% 10,5% Other Koç 40,7% Companies Koç Holding
Slide 42: Participations
Participations P42 Company Capital (YTL) (%) AKPA DAYANIKLI TÜK.PAZ.A.Ş. 10.700.000,00 99,99 MOGAZ PETROL GAZLARI A.Ş. 23.879.221,70 88,97 ENTEK ELEKTRİK ÜRETİMİ A.Ş. 98.918.756,00 63,42 OPET AYGAZ BV 21.390.683,29 50,00 ENERJİ YATIRIMLARI A.Ş. 3.300.000.000,00 20,00 KOÇ FİNANSAL HİZMETLER A.Ş. 2.51
Slide 43: Disclaimer
Disclaimer P43 This presentation contains forward-looking statements that reflect the Company management’s current views with respect to certain future events. Although it is believed that the expectations reflected in these statements are reasonable, they may be affected by a variety of variables a
Slide 44: Thank You
P44 Thank You …