Turcas Holding A.s. · BIST:TRCAS
Turcas Holding A.s — Turcas Petrol A.S. — Investor Presentation (2019)
26 slides from Turcas Holding A.s's investor presentation, Aug 19, 2019
Slide 1: Investor Presentation
x (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 relating to Turcas (the “Intormation’). Turcas cann
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……………………………………………………………6-7 2. Invest
Slide 3: Turcas 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
Slide 4: Group Structure
Turcas: A Sustainable Investment Platform Group Structure Bloomberg Ticker: TRCAS.TI Reuters Ticker: TRCAS.IS Free Float: 28% 30% 30% 100% 1,015 Nationwide Shell Branded Fuel Stations 800 MW 18 MW Gas Fired Geothermal Lubricants Plant Power Plant Power Plant in Derince * ATAŞ appears twice on the Gr
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
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% 17.53% 22.4% Erdal Aksoy Free Float S. Batu Aksoy 54.45% 53.5% Banu Aksoy Tarakçıoğlu 28.01% Individual & 22.4%
Slide 7: Dividends & Management Fees Received from Shell & Turcas
Turcas: A Sustainable Investment Platform Dividends & Management Fees & Preferred Dividends Received from Shell & Turcas MM TL 57 10 5 16 14 13 16 7 23 50 53 51 45 45 40 31 36 26 27 24 18 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Dividends Received from Shell & Turcas Management Fe
Slide 8: Dividends Paid by Turcas
Turcas: A Sustainable Investment Platform Dividends Paid by Turcas MM TL 31 31 26 Last 5 yr avg dividend yield: 2.5% 18 14 14 13 11 11 8 8 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 7
Slide 9: 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, Royal Turcas STAŞ, started its operations in July 2006 Dutch Shell P
Slide 10: Fuel Distribution: Overall Market Growth
Fuel Distribution: Overall Market Growth Gasoline Sales (Sector) Diesel Sales (Sector) MM m3 MM m3 -2% y/y 28.0 27.4 25.7 2% y/y 24.0 20.2 21.3 3.0 3.1 3.1 2.6 2.8 2.5 2013 2014 2015 2016 2017 2018 2013 2014 2015 2016 2017 2018 White Product Sales (Sector) Lubricants Sales (Sector) MM m3 K tons -2%
Slide 11: Fuel Distribution: Shell & Turcas JV Volume Growth
Fuel Distribution: Shell & Turcas JV Volume Growth Gasoline Sales (STAŞ) Diesel Sales (STAŞ) ths m3 ths m3 3% y/y 2% y/y 4,126 4,170 4,282 744 757 775 3,790 3,436 3,616 679 604 618 2013 2014 2015 2016 2017 2018 2013 2014 2015 2016 2017 2018 White Product Sales (STAŞ) Lubricants Sales (STAŞ) ths m3 t
Slide 12: 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 Shell & Turcas Vitol Opet BP Total-Demirören 24.8% #1 23.8% 23.5% 18.7% 15.9% 15.6% 11.6% 9.1% 5.4% 5.8% YE17 1Q18 1H18 9M18 YE18 YE17 1Q18 1H18 9M18 YE18 Onsite
Slide 13: Fuel Distribution: Shell & Turcas JV Efficiency Metrics
Fuel Distribution: Shell & Turcas JV Efficiency Metrics Market Efficiency Index (as of YE18) Throughput (White Product Sales / Station) x m3 2.1 #1 #1 1.71 1.64 1.54 All Market Efficiency = 1.0 0.53 2,290 4,789 4,798 4,983 3,800 4,029 4,065 3,989 4,414 3,905 3,546 3,617 3,651 2,415 2,375 Shell & Vit
Slide 14: Fuel Distribution: Shell & Turcas JV
Fuel Distribution: Shell & Turcas JV Net Sales EBITDA MM TL MM TL 36% y/y 32,566 961 847 879 23,975 15,824 16,795 13,984 15,355 496 399 340 2013 2014 2015 2016 2017 2018 2013 2014 2015 2016 2017 2018 Net Income Shell & Turcas YE18 Highlights MM TL • Sustained above sector volume growth leading to 32
Slide 15: 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 a 800 MW CCPP in Turkey with a total project cost of 600 MM Euro Denizli CCPP with an installed RWE holds 70% and Turcas
Slide 16: Power Generation (Natural Gas PP): Overall Market Info
Power Generation (Natural Gas PP): Overall Market Info GDP vs Electricity Consumption Growth Turkish Power Generation (by source) Share of 44% 45% 48% 38% 33% 38% 31% NG+LNG 9.4% GWh 7.4% 8.8% 5.2% 4.0% 4.4% 4.1% 5.5% 105,910 106,897 120,053 109,658 111,818 4.0% 64,615 57,899 60,371 59,199 72,533 40
Slide 17: Power Generation (Natural Gas PP): RWE & Turcas JV
Power Generation (Natural Gas PP): RWE & Turcas JV Net Sales EBITDA MM TL MM TL 17% y/y 79 967 793 801 823 59 773 53 34 21 2014 2015 2016 2017 2018 2014 2015 2016 2017 2018 RTG Average Electricity Sales Price (TL/MWh) RWE & Turcas YE18 Highlights 280 • Highest cumulative net sales (967 MM TL) since
Slide 18: Power Generation (Natural Gas PP): RWE & Turcas JV
Power Generation (Natural Gas PP): RWE & Turcas JV Cash inflows to Turcas from RWE & Turcas JV Electricity Sales (under SHL repayment) billion kWh MM TL 32 3.8 3.6 3.4 3.2 3.0 20 8 9 7 6 2013 2014 2015 2016 2017 2018 2014 2015 2016 2017 2018 Gas Consumption Capacity Utilization Rate mcm % 753 684 65
Slide 19: Power Generation (Geothermal Power Plant) - Turcas Kuyucak Geothermal
Power Generation (Geothermal Power Plant)- Turcas Kuyucak Geothermal Turcas Kuyucak Geothermal (“TKG”) is the owner and operator of an 18 MW geothermal power plant project in Aydın, Kuyucak district (western region of Turkey); Turcas Petrol holds 100% of TKG In Dec’17, Provisional Acceptance of
Slide 20: Power Generation (Geothermal Power Plant) - Turcas Kuyucak Geothermal
Power Generation (Geothermal Power Plant)- Turcas Kuyucak Geothermal 19
Slide 21: Power Generation (Geothermal Power Plant) - Turcas Kuyucak Geothermal
Power Generation (Geothermal Power Plant)- Turcas Kuyucak Geothermal Net Sales EBITDA MM TL MM TL 38 27 14 13 9 10 1Q18 2Q18 3Q18 4Q18 2018 2019 Expectation Electricity Generation Turcas Kuyucak Geothermal PP YE18 Highlights million kWh • Turcas Kuyucak contributing positively to Turcas consolidated
Slide 22: Potential Project Pipeline
Potential Project Pipeline Geothermal Energy Turcas plans to grow in geothermal energy with the following projects: 1. Existing TKG Plant (TKG-1): TKG successfully drilled an additional re-injection well (3rd one) and a successful additional production well (7th one) with the goal of maximizing the
Slide 23: Turcas Consolidated IFRS Summary BS & PL
Turcas Consolidated IFRS Summary BS & PL IFRS Consolidated Financial Statements & Financing Ratios Balance Sheet , million TL 2017 2018 Ytd Income Statement, million TL 2017 2018 Y/Y 126 86 -32% Revenues (Electricity Sales) 0 46 n.a Cash & Cash Equivalents Gross Profit 0 30 n.a S -T Rec. From Rel.Pa
Slide 24: Segmental Financial Analysis
Segmental Financial Analysis Oil Segment Energy Segment MM TL Shell & Turcas RWE & Turcas TKG Net Net Net Revenues EBITDA Income Revenues EBITDA Income Revenues EBITDA Income YE18 32,566 879 88 967 53 -62 46 27 -42 YE17 23,975 961 321 823 79 -13 - n.m. n.m. 23
Slide 25: Long-Term Evolution of Bank Loans (MM USD)
Long - Term Evolution of Bank Loans (MM USD) (Cash Basis) Denizli CCPP Loan Bridging (2013-2018) 250 Kuyucak Geothermal PP Loan Bridging (2016-2018) 250 200 198 200 23 23 17 150 150 17 17 100 100 100 49 4 50 50 45 0 0 2013 Year 2014 Principal 2015 Principal 2016 Principal 2017 Principal 2018 Princip
Slide 26: Thank you!
Thank you! Contact Information Pınar SAATCIOĞLU Head of Investor Relations E-mail: pinar.ceritoglu@turcas.com.tr Phone: +90 212 259 00 00 / Ext: 1287