Turcas Holding A.s. · BIST:TRCAS
Turcas Holding A.s — FY2023 Earnings Presentation
15 slides from Turcas Holding A.s's earnings presentation, April 2024
Slide 1: 2023 Year-End Earnings Presentation
2023 Year-End Earnings Presentation
Slide 2: YE23 General Overview
YE23 General Overview Turcas YE23 IFRS Consolidated Net Income Bridging (YE23) (Inflation Adjusted) (MM TL) Net Profit: 369 MM TL 18 -122 66 58 -29 101 -82 49 369 177 217 -83 Turcas' Share Turcas' Share STAŞ Preferred Fair value TKG Share Sale Other (Net)* Fair Value Opex STAŞ BPA Net Financing Mone
Slide 3: Impact of IAS29 Inflation Accounting on Turcas Financials
Impact of IAS29 Inflation Accounting on Turcas Financials Change in Total Assets (2023) MM TL 1.547 108 18 6.842 3.153 2.016 2023 YE total assets before IA Inflation impact on Associates Inflation impact on Associates Inflation impact on Fixed assets Inflation impact on Deferred Tax 2023 YE total as
Slide 4: At a glance – YE23 vs YE22 (with IA)
At a glance – YE23 vs [YE22] (with “IA”) Retail (Fuel Distribution & Lubricants) VOLUME NET SALES EBITDA NET PROFIT 8,205 245,942 6,369 723 ths m3 MM TL MM TL MM TL Shell & Turcas in YE23 in YE23 in YE23 in YE23 [7,585 ths m3 in YE22] [305,019 MM TL in YE22] [7,013 MM TL in YE22] [1,094 MM TL in YE2
Slide 5: Associates of Turcas – Summary Balance Sheet Figures
Associates of Turcas – Summary Balance Sheet Figures Retail (Fuel Distribution & Lubricants) SHAREHOLDERS TOTAL ASSETS LIABILITIES PAID-IN CAPITAL EQUITY 39,930 27,273 12,657 528 MMTL MM TL MM TL MM TL Shell & Turcas in YE23 in YE23 in YE23 in YE23 [47,849 MM TL in YE22] [35,343 MM TL in YE22] [12,5
Slide 6: 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 After Inflation Accounting YE23 245,942 6,369 723 11,454 1,828 -278 YE22 305,019 7,013 1,094 15,71
Slide 7: Shell & Turcas JV – Volumes & Market Share
Shell & Turcas JV – Volumes & Market Share Onsite B2B + B2C Fuel Sales Commercial Fuel Sales ths m3 ths m3 +11% y/y 1,314 -4% y/y 5,999 1,268 +7% q/q +9% q/q 5,383 +369 +1,483 +401 in Q4 +1,392 in Q4 in Q4 in Q4 2022 2023 2022 2023 Lubricants Sales Onsite Market Share Progress in 2021-2023 1 ths m3
Slide 8: Shell & Turcas JV – Key Financial Highlights
Shell & Turcas JV – Key Financial Highlights Before Inflation After Inflation Accounting (IA) Accounting (IA) Net Sales EBITDA MM TL MM TL -19% y/y -9% y/y 305,019 7,013 +25% y/y +32% y/y 6,369 245,942 5,366 201,670 4,072 160,891 2022 2022 2023 2023 2022 2022 2023 2023 Net Profit / Loss Shell & Turc
Slide 9: Cash inflows from Shell & Turcas
Cash inflows from Shell & Turcas MM TL 265 30 177 203 65 57 168 5 10 16 120 13 14 23 75 85 7 16 70 50 53 45 51 41 26 31 27 30 33 36 24 30 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 1Q 2024* Ordinary Dividends Received from Shell & Turcas BPA Revenues & Prefe
Slide 10: RWE & Turcas JV – Key Operational Highlights
RWE & Turcas JV – Key Operational Highlights Gas Consumption Electricity Generation mcm GWh +12% y/y +14% y/y -2% q/q 544 -1% q/q 2,859 2,514 487 +149 +779 in Q4 +789 in Q4 +153 in Q4 in Q4 2022 2023 2022 2023 RTG Average Electricity Sales Price (TL/MWh) Cash inflows to Turcas from RWE & Turcas JV*
Slide 11: RWE & Turcas JV – Key Financial Highlights
RWE & Turcas JV – Key Financial Highlights Before Inflation After Inflation Accounting (IA) Accounting (IA) Net Sales EBITDA MM TL MM TL -27% y/y +5% y/y 1,828 15,714 1,743 +9% y/y -14% y/y 11,454 9,277 8,480 733 629 2022 2022 2023 2023 2022 2022 2023 2023 Net Profit / Loss RWE & Turcas YE23 Highlig
Slide 12: Turcas Consolidated IFRS Summary BS & PL
Turcas Consolidated IFRS Summary BS & PL IFRS Consolidated Financial Statements & Financing Ratios Income Statement, million TL 2022 2023 Y/Y Balance Sheet , million TL 2022 2023 Y/Y Revenues 0 0 n.m. Cash & Cash Equivalents 52 180 246% Gross Profit 0 0 n.m. Operating Expenses -96 -122 28% Associate
Slide 13: Financial Deleveraging Well On Track
Financial Deleveraging Well On Track MM EUR Denizli CCPP +TKG PP Project Finance Loan Balance 200 150 127 As of 18.04.2024: Ca. 96% of Denizli 114 CCPP Loans have been repaid. 39 100 Current Loan Balance is 6.2 MM EUR 100 37 173 85 165 33 151 135 31 120 50 102 88 77 67 54 21 6 3 12 0 - 2013 Dec. 201
Slide 14: 2024 Guidance
2024 Guidance Guidance Unit (as of 18 April 2024) Cash Inflows From Subsidiaries Shell & Turcas - Preferred Dividend (8 MM $) + BPA Revenue (7.6 MM $) 15.6 MM USD (BPA Revenue collected in March, Preferred Dividend will be collected in June) Shell & Turcas – Ordinary Dividend (Turcas Share) 60 MM TL
Slide 15: 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