Turcas Holding A.s. · BIST:TRCAS
Turcas Holding A.s — Turcas Petrol A.Ş. — H1 2023 Earnings Presentation
13 slides from Turcas Holding A.s's earnings presentation, August 2023
Slide 1: 1H23 Earnings Presentation
(UICOS 1H23 Earnings 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 c
Slide 2: 2Q & 1H23 General Overview
2Q & 1H23 General Overview Turcas 2Q23 Turcas Petrol IFRS Consolidated Net Income/Loss Bridging (2Q23) (MM TL) Net Profit: 66 MM TL 108 13 1 -97 -20 -28 159 -26 -44 -59 -125 Loss For The STAŞ Usufruct Fair value Fair Value Other (Net)* Turcas' Share in Turcas' Share in Opex STAŞ BPA Net Financing Lo
Slide 3: At a glance – 1H23 & [2Q23]
At a glance – 1H23 & [2Q23] Retail (Fuel Distribution & Lubricants) VOLUME NET SALES EBITDA NET PROFIT 3,836 68,394 574 -798 ths m3 MM TL MM TL MM TL Shell & Turcas in 1H23 in 1H23 in 1H23 in 1H23 (1) [2,043 ths m3 in 2Q] [35,747 MM TL in 2Q] [419 MM TL in 2Q] [-325 MM TL in 2Q] Electricity (Power G
Slide 4: Quarterly & YoY Segmental Analysis
Quarterly & YoY 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 1H23 68,394 574 -798 3,356 197 64 1H22 68,697 4,478 2,467 2,525 355 347 2Q23 35,747 419 -325 1,337
Slide 5: Shell & Turcas JV – 1H23 Key Operational Highlights
Shell & Turcas JV – 1H23 Key Operational Highlights Onsite B2B + B2C Fuel Sales Commercial Fuel Sales ths m3 ths m3 +15% y/y -11% y/y 2,825 600 2,462 532 +1,529 in Q2 +263 in Q2 1H22 1H23 1H22 1H23 Lubricants Sales Onsite Market Share Progress in 2021-2023 May 1 ths m3 22.0% 21.9% 21.5% 21.5% +23% y
Slide 6: Shell & Turcas JV – 1H23 Key Financial Highlights
Shell & Turcas JV – 1H23 Key Financial Highlights Net Sales EBITDA MM TL MM TL 4,478 -0,4% y/y -87% y/y 68,697 68,394 +35,747 in Q2 574 +419 in Q2 1H22 1H23 1H22 1H23 Net Profit / Loss Shell & Turcas 2Q23 & 1H23 Highlights MM TL • Total sales volume is up by 11% compared to the first half of the pre
Slide 7: Cash inflows from Shell & Turcas
Cash inflows from Shell & Turcas Dividends & Management Fees & SHL Principal and Interest Received from Shell & Turcas MM TL 65 * ** 177 168 57 10 5 16 23 85 13 16 14 75 70 7 53 50 45 51 33 36 41 26 31 27 30 24 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 June
Slide 8: RWE & Turcas JV – 1H23 Key Operational Highlights
RWE & Turcas JV – 1H23 Key Operational Highlights Gas Consumption Electricity Generation mcm GWh -27% y/y -27% y/y 233 1,209 169 886 +77 +402 in Q2 in Q2 1H22 1H23 1H22 1H23 RTG Average Electricity Sales Price (TL/MWh) Cash inflows to Turcas from RWE & Turcas JV MM TL SHL Repayment Cash Capital Decr
Slide 9: RWE & Turcas JV – 1H23 Key Financial Highlights
RWE & Turcas JV – 1H23 Key Financial Highlights Net Sales EBITDA MM TL MM TL +33% y/y 355 -45% y/y 3,356 2,525 +1,337 197 in Q2 +119 in Q2 1H22 1H23 1H22 1H23 Net Profit / Loss RWE & Turcas 2Q23 & 1H23 Highlights MM TL • Despite the power generation has declined by 27% due to (i) outage of the plant
Slide 10: Turcas Consolidated IFRS Summary BS & PL
Turcas Consolidated IFRS Summary BS & PL IFRS Consolidated Financial Statements & Financing Ratios Income Statement, million TL 1H2022 1H2023 Y/Y Balance Sheet , million TL 2022 1H2023 YTD Revenues 0 0 n.m. Cash & Cash Equivalents 32 142 351% Gross Profit 0 0 n.m. Associates (STAS & RTG) 1,127 840 -
Slide 11: Financial Deleveraging Well On Track
Financial Deleveraging Well On Track MM EUR Denizli CCPP +TKG PP Project Finance Loans Principal Outstanding Balance (2024-25 Balances reflect the scheduled repayment plan) 200 As of 1H2023: Ca. 90% of Denizli 150 127 CCPP PF Loans have been repaid 114 39 100 100 37 85 Loan Balance as of end of 1H 2
Slide 12: 2023 Guidance vs Realizations as of end of 1H23
2023 Guidance vs Realizations as of end of 1H23 Guidance Updated guidance Realizations / Current (as of 07 March (as of 9 August Difference Unit (as of end of 1H2023) 2023) 2023) Cash Inflows From Subsidiaries Shell & Turcas - Preferred Dividend net off BPA (fully collected in MM 6.8 6.8 0.0 6.8 Jun
Slide 13: 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