Slide 1: Q2 2017 Results
Q2 2017 Results August 3, 2017
Slide 2: statements that reflect the company management’s
1 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 changes in
Slide 3: Highlights - Operational
2 Highlights Operational In Q2 of 2017 Domestic LPG sales 298 Thousand tons +2 % YoY International and wholesale LPG sales 222 Thousand tons +6 % YoY Total LPG sales 520 Thousand tons +4 % YoY
Slide 4: Aygaz cylinder and autogas market shares
> 42% As of May 2017 EMRA report, Aygaz cylinder and autogas market shares are 42% and 26% 26% respectively. (42% and 25% in May 2016) MAY 2017 According to May 2017 EMRA 321,861 report, Turkish cylinder sales volume is 321,861 tons and auto gas volume is 1,164,231 tons. 1,164,231 (2016/5 months*: C
Slide 5: Highlights - Financial
> Highlights Financial (YoY) Revenue 1,881 Million TL +23 % YoY Operating profit 33 Million TL -60 % YoY EBITDA 55 Million TL -47 % YoY Net Profit 168 Million TL +81 % YoY Effect of the increase in profits from investments accounted under equity method is observed in financial figures of the second
Slide 6: Aygaz LPG Sales
3 Aygaz LPG Sales (Thousand tons) 626 527 520 500 514 283 208 241 274 222 243 204 195 183 166 8 7 8 8 8 89 93 81 79 86 cylinder bulk auto other Q2 sales volumes were realized as 204 thousand tons in Autogas (+4.8% YoY) 86 thousand tons in Cylinder Gas (-3.1% YoY) EMRA, Aygaz
Slide 7: LPG – Brent World prices
4 LPG – Brent World prices 140 1.200 113 120 108 1.000 100 977 $/barrel 894 800 $/ton 80 600 60 56 48 48 32 400 40 421 368 321 355 20 200 SP (Algeria) Petroleum (Brent) June 2017 Sonatrach LPG price is at USD 355 and 20% higher than June 2016 price.
Slide 8: LPG Price and Tax
5 LPG Price and Tax* 8.000 7.000 6.000 5.000 In Q2 2017, average listed TL/ton 4.000 3.000 selling price increased by 2.000 14% for cylinder gas and 1.000 0 17% for auto gas. (YoY) cylinder selling price autogas selling price 3.000 2.500 Refinery prices for autogas 2.000 are 49% higher than Q2 TL/to
Slide 9: Net Sales (m TL)
6 Net Sales (m TL) 2,065 1,845 1,844 1,881 1,535 Consolidated Sales Revenues is reported as 1,881 million TL (+23% YoY)
Slide 10: Gross Profit (m TL)
7 Gross Profit (m TL) 14% 13 % 250 12 % 12% 11 % 200 10% 9% 8% 150 8% 6% 217 201 100 194 4% 144 189 50 2% 0% 0 Gross profit Gross profit margin Gross Profit is realized as 144 million TL (-26% YoY) Gross Profit Margin is 8%
Slide 11: Operating Profit (m TL)
8 Operating Profit (m TL) 100 %6 5% 90 5% %5 80 4% 4% 70 %4 60 50 %3 40 82 85 86 75 2% %2 30 20 33 %1 10 0 %0 Operating profit Operating profit margin In Q2 2017, Operating Profit is 33 million TL (-60% YoY) OP Margin is 2%
Slide 12: Net Profit (m TL)
9 Net Profit (m TL) 250 %10 9% %9 200 8% 8% %8 6% %7 6% 150 %6 %5 100 %4 157 168 %3 139 50 119 %2 93 %1 0 %0 Net Profit Net profit margin Net Profit is 168 million TL (+81% YoY) Net Profit Margin is 9%
Slide 13: EBITDA (m TL)
10 EBITDA (m TL) 120 %8 7% %7 100 6% 5% 5% %6 80 %5 60 %4 104 106 107 3% 97 %3 40 %2 55 20 %1 0 %0 EBITDA EBITDA margin EBITDA is 55 million TL (-47% YoY) EBITDA Margin is 3%
Slide 14: Net Cash (m TL)
11 Net Cash (m TL) -40 -63 -93 -171 -529 Net debt increased to 529 million TL as of 30 June 2017.
Slide 15: Working Capital (m TL)
12 Working Capital (m TL) 267 224 263 145 388 180 237 272 271 496 258 439 475 486 382 (326) (312) (371) (471) (452) Jun-16 Sep-16 Dec-16 Mar-17 Jun-17 Trade Payables Trade Receivables Inventory Working capital The structure and size of working capital is being actively managed.
Slide 16: Debt Profile
13 Debt Profile Debt Profile as of 30/06/2017 (m TL) 2016 6M 2017 ST Borrowings 1 11 TL Bond; Current portion of LT Borrowings 229 282 30% TL Loan; 45% LT Borrowings 400 454 *FX Loan; Total Debt 630 748 25% Cash and cash equivalents (-) 568 219 * FX position is actively monitored and = Net Debt 63 5
Slide 17: Income Statement - Summary
14 Income Statement - Summary Million TL Q2 17 Q1 17 Change Q2 17 Q2 16 Change Revenues 1,881 2,065 -9% 1,881 1,535 23% Gross Profit 144 189 -24% 144 194 -26% Operating Profit 33 86 -61% 33 82 -60% Profit Before Tax 170 170 - 170 105 63% Net Profit 168 157 7% 168 93 81% EBITDA 55 107 -49% 55 104 -47
Slide 18: Balance Sheet - Summary
15 Balance Sheet- Summary Million TL 6M 17 12M 16 Cash & Cash Eq. 219 568 Trade Receivables 496 475 Inventories 263 267 Prop.Plant&Equipment 681 658 Participations 2,100 1,922 Total Assets 4,305 4,314 Financial Debt 748 630 Trade Payables 371 471 Total Equity 2,697 2,740 Total Liabilities & Equity 4
Slide 19: Aygaz Share Value
16 Aygaz Share Value 450 mTL 108% AYGAZ Mcap (mTL) BIST-30 indexed (mTL) 99% 85% 315 m TL 6000 300 m TL 75% 5000 4000 175 m TL 46% 3000 100 m TL 2000 1000 2012 2013 2014 2015 2016 0 dividend dividend pay out Sustainable operating profitability from BIST Code: AYGAZ core business; LPG Bloomberg Code:
Slide 20: Contacts
Contacts investor@aygaz.com.tr ferda.erginoglu@aygaz.com.tr Ferda Erginoğlu, CFO +90 212 354 1764 sebnem.yucel@aygaz.com.tr Şebnem Yücel, Finance Manager +90 212 354 1510 selin.sanver@aygaz.com.tr Selin Sanver, Investor Relations Manager +90 212 354 1659 www.aygaz.com.tr