Turcas Holding A.s. · BIST:TRCAS
Turcas Holding A.s — Turcas Petrol A.Ş. — 9M 2024 Earnings Presentation
22 slides from Turcas Holding A.s's earnings presentation, 2024
Slide 1: Investor Presentation
(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 retating to Turcas (the “Information’). Turcas cannot
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. In
Slide 3: Turcas: A Sustainable Investment Platform – 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: 36%** 1,191 Nationwide Shell 800 MW Branded Fuel Stations** Gas Fired Power Plant Lubricants Plant in Derince * In addition to Turcas’ indirect ownership at ATAŞ through Shell &
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 (as of 30/11/2024) Shareholding Structure of Aksoy Girişimcilik (as of 30/11/2024) 1.2% 9.85% Aksoy Girişimcilik Enerji Erdal Aksoy ve Turizm A.Ş 29.2% 34.8% Free Float S. Bat
Slide 7: Cash Inflows From Subsidiaries (Shell Turcas & RWE Turcas)
Cash Inflows From Subsidiaries (Shell Turcas & RWE Turcas) MM TL 466 169 113 177 20 6 300 32 65 8 11 57 8 168 5 10 16 23 11 85 120 7 50 53 45 13 16 14 36 51 41 75 70 26 31 27 30 33 24 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 10M * 2024 MM USD 4 7 * 11 14 5
Slide 8: Turcas: Dividend Payments
Turcas: Dividend Payments 31 MM TL 2013 - 2017 avg. dividend yield: 2.5% 26 18 14 14 13 11 11 8 8 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 +22% y/y -4% y/y 32.8 5.3 31.1 30.0 30.8 30.9 4.9 28.0 29.0 4.3 24.0 3.9 4.0 23.2 3.2 3.3 3.1 3.0 2017 2018 2019 2020 2021 2022 2023 9M2023 9M2024 2017 2018 2019 2020 2021 2022 2023 9M2023 9M2024 White
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 -4% y/y -4% y/y +22% y/y +23% y/y 5,479 5,605 1,559 4,970 1,424 1,235 4,170 4,337 4,175 4,123 3,950 1,158 3,861 1,075 757 780 805 772 2017 2018 2019 2020 2021 2022 2023 9M20239M2024 2017 2018 2
Slide 12: Fuel Distribution: Shell & Turcas JV Market Share
Fuel Distribution: Shell & Turcas JV Market Share Gasoline Market Shares Diesel Market Shares #1 Shell & Turcas PO (Vitol) Opet BP Total (Oyak) Shell & Turcas PO (Vitol) Opet BP Total (Oyak) 29.2% 25.3% 22.3% 17.3% 17.4% 17.0% 9.3% 8.9% 7.0% 6.5% YE201Q211H219M21YE211Q221H229M22YE221Q231H239M23YE231
Slide 13: Fuel Distribution: Shell & Turcas JV Efficiency Metrics
Fuel Distribution: Shell & Turcas JV Efficiency Metrics (as of YE 2023) Market Efficiency Index (as of YE23) Throughput (White Product Sales / Station) X(times) m3 #1 #1 1.9 1.3 1.2 1.1 All Market Efficiency = 1.0 2,668 5,042 4,788 4,363 5,378 5,869 6,123 3,975 3,836 3,942 4,086 4,020 4,207 3,937 3,
Slide 14: Fuel Distribution: Shell & Turcas JV
Fuel Distribution: Shell & Turcas JV Net Sales EBITDA MM TL MM TL 9,196 305,019 -1% y/y -31% y/y 245,942 243,705 241,779 7,013 6,369 6,387 2,039 55,569 1,305 39,325 34,521 940 2019 2020 2021 2022 2023 9M23 9M24 2019 2020 2021 2022 2023 9M23 9M24 Net Income / Loss Shell & Turcas 9M24 Highlights MM TL
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 Denizli CCPP with an installed under the name RWE & Turcas Güney (‘RTG’) to establish a 800 MW CCPP in capacity of c.a.800 MW Turkey ▪ RWE holds 70% and Turcas holds the remaini
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) 2022 9M Electricity Consumption : +1% y/y Share of 38% 31% 19% 23% 34% 22% 21% NG+LNG 12.4% GWh 11.0% 7.4% 106,264 107,339 104,115 114,210 117,928 109,658 111,818 113,118
Slide 17: Power Generation (Natural Gas PP): RWE & Turcas JV
Power Generation (Natural Gas PP): RWE & Turcas JV RTG Average Electricity Sales Price (TL/MWh) Cash inflows to Turcas from RWE & Turcas JV (MM TL) MM TL 4,506 SHL Repayment Cash Capital Decrease Dividend Payment 4,004 3,519 2,644 2,805 2,471 2,268 2,720 2,232 2,500 30 1,530 169 913 32 557 83 421 20
Slide 18: Power Generation (Natural Gas PP): RWE & Turcas JV
Power Generation (Natural Gas PP): RWE & Turcas JV Net Sales EBITDA MM TL MM TL 1,828 15,714 1,743 -34% y/y +144% y/y 12,343 11,454 996 8,153 417 408 2,715 84 1,548 -2 1,041 2019 2020 2021 2022 2023 9M23 9M24 2019 2020 2021 2022 2023 9M23 9M24 Net Income / Loss RWE & Turcas 9M24 Highlights MM TL 2,8
Slide 19: Turcas Consolidated IFRS Summary BS & PL
Turcas Consolidated IFRS Summary BS & PL IFRS Consolidated Financial Statements & Financing Ratios Income Statement, million TL 9M2023 9M2024 Y/Y Balance Sheet , million TL 2023 9M2024 YTD Revenues 0 0 n.m. Cash & Cash Equivalents 244 243 -1% Gross Profit 0 0 n.m. Associates (STAS & RTG) 8,619 8,854
Slide 20: Financial Deleveraging Successfully Completed
Financial Deleveraging Successfully Completed MM EUR Denizli CCPP +TKG PP Project Finance Loan Balance 200 As of 30.09.2024: 100% of Denizli CCPP Loans have been repaid. Current Loan Balance is 0 bringing Turcas to debt- 150 free and net cash position. 127 114 39 100 100 37 173 85 165 33 151 135 31
Slide 21: 2024 Guidance vs Realizations as of end of 3Q24
2024 Guidance vs Realizations as of end of 3Q24 Guidance Updated guidance Realizations (as of end (as of 18 April (as of 05 November Difference Unit of 3Q2024) 2024) 2024) Cash Inflows From Subsidiaries Shell & Turcas - Preferred Dividend (8 MM $) + BPA Revenue (7.6 MM $) MM 15.6 15.6 0.0 15.6 (BPA
Slide 22: 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