Turcas Holding A.s. · BIST:TRCAS
Turcas Holding A.s — Turcas Petrol A.Ş. — FY2022 Earnings Presentation
13 slides from Turcas Holding A.s's earnings presentation, March 2023
Slide 1: 4Q & YE22 Earnings Presentation
4Q & YE22 Earnings Presentation
Slide 2: 4Q & YE22 General Overview
4Q & YE22 General Overview Turcas 4Q22 Turcas Petrol IFRS Consolidated Net Income/Loss Bridging (4Q22) (MM TL) Net Loss: -269 MM TL 1,062 -262 56 -13 -15 -5 -29 793 Profit as of 9M 2022 Turcas' Share in STAŞ Turcas' Share in RTG Usufruct Certificate Opex Other* Net Financing Profit as of YE 2022 Net
Slide 3: At a glance – YE22 & [4Q22]
At a glance – YE22 & [4Q22] Fuel Distribution & Lubricants VOLUME (1) NET SALES EBITDA NET PROFIT 7,583 160,889 4,073 772 ths m3 MM TL MM TL MM TL Shell & Turcas in YE22 in YE22 in YE22 in YE22 [1,994 ths m3 in 4Q] [43,336 MM TL in 4Q] [59 MM TL in 4Q] [-873 MM TL in 4Q] Power Generation 2,514 MM 8,
Slide 4: 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 YE22 160,889 4,073 772 8,480 733 664 YE21 55,569 2,039 202 2,715 417 379 4Q22 43,336 59 -873 3,896
Slide 5: Shell & Turcas JV – YE22 Key Operational Highlights
Shell & Turcas JV – YE22 Key Operational Highlights Onsite B2B + B2C Fuel Sales Commercial Fuel Sales ths m3 ths m3 +10% y/y +15% y/y 5,381 1,314 +1,392 +369 in Q4 in Q4 4,885 1,138 2021 2022 2021 2022 Lubricants Sales Onsite Market Share Progress in 2021-2022 1 ths m3 22.0% 21.9% 21.6% 21.5% 21.4%
Slide 6: Shell & Turcas JV – YE22 Key Financial Highlights
Shell & Turcas JV – YE22 Key Financial Highlights Net Sales EBITDA MM TL MM TL +190% y/y 160,889 +100% y/y 4,073 +43,336 +59 in Q4 in Q4 2,039 55,569 2021 2022 2021 2022 Net Profit / Loss Shell & Turcas 4Q22 & YE22 Highlights MM TL • Total sales volume is up by 12% compared to the previous year. +28
Slide 7: Cash inflows from Shell & Turcas
Cash inflows from Shell & Turcas Dividends & Management Fees & SHL Principal and Interest Received from Shell & Turcas MM TL 65 168 57 10 5 16 23 85 13 16 14 75 70 7 53 50 45 51 33 36 41 26 31 27 30 24 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 * Management Fees
Slide 8: RWE & Turcas JV – YE22 Key Operational Highlights
RWE & Turcas JV – YE22 Key Operational Highlights Gas Consumption Electricity Generation mcm GWh -40% y/y -42% y/y 817 4,359 487 2,514 +153 +789 in Q4 in Q4 2021 2022 2021 2022 RTG Average Electricity Sales Price (TL/MWh) Cash inflows to Turcas from RWE & Turcas JV MM TL 4,506 SHL Repayment Cash Cap
Slide 9: RWE & Turcas JV – YE22 Key Financial Highlights
RWE & Turcas JV – YE22 Key Financial Highlights Net Sales EBITDA MM TL MM TL +212% y/y 8,480 +76% y/y 733 +3,896 +221 in Q4 in Q4 417 2,715 2021 2022 2021 2022 Net Profit / Loss RWE & Turcas 4Q22 & YE22 Highlights MM TL • Although power generation has declined by 42% in 2022 on YoY basis due to gas
Slide 10: Turcas Consolidated IFRS Summary BS & PL
Turcas Consolidated IFRS Summary BS & PL IFRS Consolidated Financial Statements & Financing Ratios Balance Sheet , million TL 2021 2022 Y/Y Income Statement, million TL 2021 2022 Y/Y Revenues (Electricity Sales) 0 0 n.m. Cash & Cash Equivalents 21 32 53% Gross Profit 0 0 n.m. Receivables From Rel.Pa
Slide 11: Financial Deleveraging Well On Track
Financial Deleveraging Well On Track MM EUR Denizli CCPP +TKG PP Project Finance Loans Principal Outstanding Balance (2023-25 Balances reflect the scheduled repayment plan) 200 As of 2022 YE: Ca. 88% of Denizli CCPP PF Loans are 150 127 repaid. 114 100 Total Repayment amount in 39 85 2022 is 32.8 MM
Slide 12: 2023 Guidance
2023 Guidance Guidance Unit (as of 07 March 2023) Cash Inflows From Shell&Turcas Shell & Turcas - Preferred Dividend net off BPA 6.8 MM USD Operational Projections for RWE&Turcas RWE & Turcas – 2023 Electricity Generation Forecast ~3,000 GWh RWE & Turcas – 2023 EBITDA Forecast 350 - 450 MM TL (lower
Slide 13: 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