Aygaz Anonim Sirketi · BIST:AYGAZ
Aygaz Anonim Sirketi — Aygaz — Investor Presentation (December 2012)
27 slides from Aygaz Anonim Sirketi's investor presentation, December 2012
Slide 1: AYGAZ GROUP Investor Presentation
AYGAZ GROUP Investor Presentation December 2012
Slide 2: Who we are? - AYGAZ
Who we are? - AYGAZ • Leading LPG distributor of Turkey •1.7 m tons sales – 2011 •$3.3 b revenue – 2011 •28% market share • Diversified participation portfolio in energy; • Natural Gas • Refinery • Power Generation Summary financials; (Cons. in m$) 2011 2010 2009 YoY change Revenue 3,267 3,105 2,431
Slide 3: Where we stand? – market leader
Where we stand? – market leader • Generic brand for LPG • #1 in Turkey, #5 in Europe • Leader since foundation • 50 years Aygaz Group 43% 23% Market shares Cylinder LPG Autogas 28% All segments 3
Slide 4: What we do?
What we do? The LPG value chain Fixed storage capacity of 26 facilities throughout Turkey Gebze Facility Export of cylinders and gas devices to GAKoe Moving storage capacity of 56,000 m°, which covers 60% of Turkey Supplying 1.7 million tons N of LPG 299 tankers be 1,000,000+ vehicles using Aygaz Eu
Slide 5: What is the product? - LPG
What is the product? - LPG •Mixtures of hydrocarbons in which butane or propane are predominant • LPG market is supply oriented Why LPG? Anytime+Anywhere • Supply is secure as LPG is extracted from related natural gas facilities or as refinery gases Portable and versatile Abundant reserves-price
Slide 6: Facts about Turkish LPG market
Facts about Turkish LPG market Evolving from cylinder to auto 71% 38% 1,387 2,640 1,803 570 979 122 26% 16% 46% 3% 2004 2011 EMRA LPG Sector Report 2004, 2011 •3.7 m tons, #2 in Europe •71 distribution companies •Serving; 10 m houses 3.5 m cars •Liberal market with regulatory body-EMRA WLPGA Statist
Slide 7: Where is the growth? - autogas
Where is the growth? - autogas Second 3,0 2,5 TR Autogas Volumes biggest autogas 2,0 market in the world (m ton) 1,5 2.6 m tons 1,0 40% of the 0,5 passenger car 0,0 park 3.5 m cars TLPG Assocition Report, EMRA 50% Price Advantage of Autogas 40% 30% 34% price 20% advantage to 10% 0% gasoline -10% -20
Slide 8: Is the autogas growth sustainable? -Yes
Is the autogas growth sustainable? -Yes Passenger car park Autogas car park CAGR +%6,2 CAGR +%14,4 6,8 7,1 7,5 8,1 8,6 300,000+ 6,4 conversions per year 3,7 3,0 3,3 1,000+ conversion 2,3 2,6 1,9 points $700 average cost Pay back in 15,000 Passenger car park Autogas car park km Source: Aygaz /
Slide 9: How do we lead autogas market?
How do we lead autogas market? 30% 24% Market share vs number of stations share Long-term 25% 20% strategy Aygaz&Opet 15% 10% 14% builder synergy 5% Opet partnership 0% leads autogas market Market Share Number of Station Share * 2011 PETDER and EMRA data 25% Core business 19% 15% 12% 6% 18% 18% 11%
Slide 10: Is the cylinder market here to stay? - Yes
Is the cylinder market here to stay? - Yes 2.000 13% Contraction 1.500 10% 4% 8% 6% slowing (000) tons 1.000 1.803 1.733 1.492 1.302 down 1.177 1.134 1.044 500 979 Potential growth in - 2004 2005 2006 2007 2008 2009 2010 2011 rural areas TLPG Assocition Report, EMRA Turkey is fifth in residential cy
Slide 11: Aygaz Key Takeaways
Aygaz Key Takeaways Financial Strength Brand Power Long- term Strategy Builder Consistent Market Diversifier & Leader Portfolio Investor Strong Sales & Logistics Network 11
Slide 12: Shareholding & Portfolio Structure
Shareholding & Portfolio Structure Shareholders Participations Mogaz – 100% Koç Group – 51% Aygaz Natural Gas 99% Liquid Petroleum Gas Development AYGAZ Akpa – 100% Co. – 25% Shipping Companies 100% Publicly traded AES Entek – 25% Tüpraş – 10% 12
Slide 13: What we do in natural gas?
What we do in natural gas? LNG Distribution • Transportation and regasification • 250 industrial customers, 20% market share • 2012 planned sales : 130 mcm • Total natural gas market: 48.5 bcm; LNG market: 0.7 bcm Pipeline Natural Gas • Started in 2010; Sales: 66 mcm • 2011 sales: 220 mcm Strategies
Slide 14: What is our natural gas strategy?
What is our natural gas strategy? Current Position FIRSAT Power Wholesa Generati le Comp. on and Industry Exploration and Transmission and Import and Production Storage Wholesale LNG & Local CNG Dist. Selling Comp. Comp. Target Position 14
Slide 15: Turkey’s Natural Gas Supply-Demand
Turkey’s Natural Gas Supply-Demand bcm 2017: Contract: 48 bcm 2012: Demand: 57bcm Contract: 52 bcm Demand: 49 bcm Necessity for new gas Russia to be renewed contracts Azerbaijan Russia Blue Stream Iran Nigeria Russia Algeria Russia2 Source: Aygaz & market data • Turkey’s additional natural gas requi
Slide 16: Who is AES Entek?
Who is AES Entek? Capacity - 305MW NGCC • İzmit : 160MW • Bursa : 143MW • Sales composition : 52% PMUM & 48% trade & direct customers Production and Sales - 2011 • Electricity prod. : 1.632 Gwh Energy sales : 2.362 Gwh 157 • Steam prod. : 128 Gwh Revenue : 353 m TL Kocaeli Strategies • AES Entek is
Slide 17: AES Entek Project Updates
AES Entek Project Updates AES Entek Acquisition of Hydros 62 MW RoR Type Hydro Assets AYAS IMPORTED COAL 625 MW Greenfield Coal Power Plant SEYMENOBA CCGT 200 MW Cogeneration Power Plant YAHŞIELİ WIND PARK 46 MW Greenfield Wind Power Plant 17
Slide 18: What are our priorities?
What are our priorities? Sustain LPG market leadership through • Product differentiation and innovation for autogas • Further penetration through new autogas stations • Growth prospects for cylinder in rural Turkey • Geographical diversification in neighbouring countries Utilize and expand existing
Slide 19: How do we create shareholder value?
How do we create shareholder value? Sustainable Management operating profitability from strategies core business ; LPG Resistant that focus on increasing to economic shareholder value fluctuation and crises 3500 AYGAZ Mcap (mTL) ISE 30 indexed (mTL) High 3000 dividend Corporate 2500 payments 2000 go
Slide 20: Financial Highlights
Financial Highlights Net sales (m$) Gross Profit(m$) and GPM* 16% 400 2011 3.267 14% 15% 350 13% 13% 12% 300 2010 3.105 10% 11% 250 8% 9% 200 2009 2.431 368 358 334 6% 312 286 150 4% 100 2008 2.768 2% 50 2007 2.451 0% 0 2007 2008 2009 2010 2011 EBITDA(m$) and EBITDA Margin* Net Profit(m$) and NPM* 1
Slide 21: Financial Highlights
Financial Highlights Equity (m$) and Debt Ratio* Net Cash (m$) 132 35% 1.600 100 30% 1.400 25% 1.200 1.000 20% 800 2007 2008 2009 2010 2011 15% (28) (18) 600 10% 400 5% 200 0% 0 2007 2008 2009 2010 2011 (198) * bars: $ figures & lines: % figures Working Capital Dividend Payout 400 116% 200 166 136 1
Slide 22: Quarterly Financials
Quarterly Financials Net Sales(m$) Gross Profit(m$) and GPM* 896 871 14% 120 813 798 797 800 778 781 701 12% 100 10% 80 8% 60 6% 4% 40 2% 20 0% 0 EBITDA(m$) and EBITDA Margin* Net Profit(m$) and NPM* 8% 70 25% 200 7% 60 6% 20% 150 50 5% 15% 40 4% 100 30 10% 3% 2% 20 50 5% 1% 10 0% 0 0% 0 * bars: $ f
Slide 23: Contacts
Contacts investor@aygaz.com.tr Gökhan Tezel, CFO E-mail: gokhan.tezel@aygaz.com.tr Phone: +90 212 354 1733 Mehmet Özkan, Finance Manager E-mail: mehmet.ozkan@aygaz.com.tr Phone: +90 212 354 1657 Selin Sanver, Investor Relations Manager E-mail: selin.sanver@aygaz.com.tr Phone: +90 212 354 1659 www.ay
Slide 24: Disclaimer
Disclaimer 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 and c
Slide 25: Appendix
Appendix
Slide 26: Income Statement Summary
Income Statement Summary (m USD) 2007 2008 2009 2010 2011 Net Sales 2,451 2,768 2,431 3,105 3,267 COGS (2,140) (2,400) (2,073) (2,770) (2,981) Gross Profit 312 368 358 334 286 Operating Profit 128 189 189 145 89 Profit Before Tax 317 49 242 189 251 Net Profit 339 20 203 160 227 EBITDA 200 261 252 20
Slide 27: Balance Sheet Summary
Balance Sheet Summary (m USD) 2007 2008 2009 2010 2011 Cash & Cash Eq. 83 268 271 174 133 Trade Receivables 224 175 224 176 157 Inventories 103 56 54 105 98 Participations 910 624 669 783 663 Prop. Plant & Eq. 610 444 472 316 300 Financial Debt (281) (296) (289) (74) (1) Trade Payable 191 208 (111)