INVESTOR PRESENTATION September 2014 A SUBSIDIARY OF THE TURKISH - - PowerPoint PPT Presentation

▶
investor
SMART_READER_LITE
LIVE PREVIEW

INVESTOR PRESENTATION September 2014 A SUBSIDIARY OF THE TURKISH - - PowerPoint PPT Presentation

Mar 06, 2023 255 likes •524 views

INVESTOR PRESENTATION September 2014 A SUBSIDIARY OF THE TURKISH AGRICULTURAL CREDIT COOPERATIVIES Gbre Fabrikalar T.A. Date of Establishment 25.12.1952 Paid Capital 334.000.000TL Listing Borsa Istanbul (BIST) Ticker Symbol GUBRF

slide-1
SLIDE 1

A SUBSIDIARY OF THE TURKISH AGRICULTURAL CREDIT COOPERATIVIES

September 2014

INVESTOR PRESENTATION

slide-2
SLIDE 2

2 2 Gübre Fabrikaları T.A.Ş

Date of Establishment 25.12.1952 Paid Capital 334.000.000TL Listing Borsa Istanbul (BIST) Ticker Symbol GUBRF

slide-3
SLIDE 3

3 3

slide-4
SLIDE 4

4 4

OWNERSHIP STRUCTURE

75,95% 24,05% Main Shareholder - The Central Union of Turkish Agricultural Credit Cooperatives Public Shares

slide-5
SLIDE 5

5 5

THE CENTRAL UNION OF TURKISH AGRICULTURAL CREDIT COOPERATIVES

  • Leading agricultural cooperatives
  • Founded in 1863
  • 10.000 employees
  • 19 Subsidiaries
  • Support farmers’ various

procurement needs all the way from fertilizers to tractors

Strategic Relationship with Gübretaş TACC procures all fertilizer needs of its partners from Gübretaş with the exclusive agreement

16 Regional Unions 1.650 Cooperatives 1.100.000 Farmer Partners 2.200.000 Total Registered Farmers

slide-6
SLIDE 6

6 6

CURRENT BUSINESS

TURKEY

  • Solid Fertilizer Production and

Sales

  • Liquid and Powder Fertilizer

Production and Sales IRAN

  • Fertilizer Raw

Materials’ Production

  • Fertilizer Production

Gübretaş Razi Petrochemical

slide-7
SLIDE 7

7 7

TURKISH FERTILIZER OUTLOOK

  • Lack of main nutrients:

Nitrogen (N) Phosphate (P) Potassium (K)

  • Depends on raw material

rich countries

Main Drivers Lack of Fertilizers Growth Potential

Fertilizer (nutrient based) use per hectare of arable land for some countries

  • Turkey: 95 kg
  • Greece: 153 kg
  • UK: 252 kg
  • Germany: 211 kg
  • USA: 120 kg
  • World Average: 116
  • Fertilizer Prices
  • Agricultural Product

Prices

  • General Financial

Conditions

  • Farmers’ Purchasing

Power

  • Irrigation
  • Weather Conditions
  • Goverment’s

Agricultural Policies

slide-8
SLIDE 8

8 8

FERTILIZER PRICES

slide-9
SLIDE 9

9 9

MARKET OVERVIEW

5.094 5.175 5.199 5.367 5.148 4.129 5.263 4.968 4.766 5.340 5.814 5.500 3.318 3.192 3.158 3.133 3.113 2.961 2.878 3.400 3.750 3.661 3.577 3.500 2.126 2.710 2.478 2.661 2.377 2.078 3.007 2.177 2.242 2.086 2.934 2.800 121 195 149 23 276 208 221 499 543 316 182 200 1.000 2.000 3.000 4.000 5.000 6.000 7.000 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014E

Turkish Fertilizer Sector (1.000tons)

Consumption Production Import Export

slide-10
SLIDE 10

10 10

OPERATIONS IN TURKEY

Yarımca 121.000t Samsun 30.000t Tekirdağ 30.000t İzmir 65.000t İskenderun 119.000t R P F W Antalya Diyarbakır W F W R R P W R W R R

: Production Facility : Port : Warehouse : Regional Office

F P W R Ankara R

import

sale production

  • 2 Ports
  • 5 Logistics Centers
  • 7 Regional Offices
  • 2.720 dealers
  • 365.000 tons Warehouse Capacity
slide-11
SLIDE 11

11 11

PRODUCTS

SOLID LIQUID POWDER SPECIAL 167 Type of Products

Products - Specific Use

13.24.12+10SO3+ZN (Corn) 23.12.9+ZN (Sunflower) 10.25.20+20SO3+ZN (Potato) 12.30.12 (Sugar beet) 10.25.5+5CaO+15SO3 (Crop) 15.20.10+1,5ZN (Paddy) 18.9.15+2MGO+10SO3 (Citrus) 13.18.15+2MGO (Super Sugar Beet) 13.25.5+10SO3+0,5ZN (Super Crop) 25.5.10 (Tea)

Products – General Use

AN DAP CAN TSP CAN GR 20.20.0 AS 20.20.0 ZN UREA 15.15.15 UREA GR 15.15.15 ZN

slide-12
SLIDE 12

12 12

PRODUCTION FLOW CHART

  • AMMONIA
  • UREA
  • AS
  • PHOSPHATE ROCK
  • SULPHURIC ACID
  • PHOSPHORIC ACID
  • POTASSIUM

TSP

185.000 ton/year

NPK 1

200.000 ton/year

NPK 2

300.000 ton/year

PRODUCTION CTION CAPACITY CITY: :

985.00 .000 TON/Y

/YEAR

YARIMCA PRODUCTION FACILITIES

Liquid Fertilizer Production 25.000 ton/year

  • TSP
  • 20.20.0
  • 20.20.0.ZN
  • 15.15.15
  • 15.15.15.ZN
  • 13.24.12
  • 13.25.5
  • 23.12.9

Main Products Main Inputs

NPK 3

250.000 ton/year

NPK 4

250.000 ton/year

NPK3 and NPK4’s production will be launched at November 2014 and NPK1 will be deactivated.

slide-13
SLIDE 13

13 13

MARKET SHARE

898 1.204 1.238 1.354 1.371 1.120 1.391 1.448 1.532 1.538 1.651 1.702

18% 23% 24% 25% 27% 27% 26% 29% 32% 28,5% 28,2% 31% 500.000 1.000.000 1.500.000 2.000.000 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014E 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

Gübretaş Sales (1.000tons)

GÜBRETAŞ Market Share

slide-14
SLIDE 14

14 14

PRODUCTION & C.U.R.

422 499 506 463 514 515 348 510 529 481 507 518 48% 57% 58% 53% 75% 75% 51% 74% 77% 70% 74% 76% 100.000 200.000 300.000 400.000 500.000 600.000 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014E 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

Gübretaş Production (1.000tons)

GÜBRETAŞ Capacity Utilisation Rate

slide-15
SLIDE 15

15 15

RAZI PETROCHEMICAL CO.

  • Established in 1968
  • The largest fertilizer complex of İran
  • Producer of Ammonia, Urea,

Sulphur, Sulphuric Acid, Phosphoric Acid and DAP

  • Located near the Mahsahr city at

The Khuzestan province of Iran

  • Advantage of processing both sour

and sweet natural gas

slide-16
SLIDE 16

16 16

RAZI PETROCHEMICAL CO.

  • The consortium led by

Gübretaş purchased 95.62%

  • f Razi Petrochemical Co.

shares from Iranian Privatization Organization in 2008 (656 million USD).

  • Gübretaş has 48,88% stake

in Razi Petrochemical Co.

  • 3 members out of 5 at the

board.

  • Full consolidation
slide-17
SLIDE 17

17 17

RAZI PETROCHEMICAL CO.

SOUR GAS AMMONIA UREA SWEET GAS

FEEDSTOCK FERTILIZER RAW MATERIAL FERTILIZER

SULPHUR DAP PHOSPHATE ROCK (ARYA) SULPHURIC ACID PHOSPHORIC ACID (ARYA)

slide-18
SLIDE 18

18 18

RAZI PETROCHEMICAL CO.

PRODUCTION CAPACITY

Plant

Number of Plant

Capacity (tons) Ammonia 3 1.336.000 Urea 1 594.000 DAP 2 450.000 Sulphuric Acid 2 627.000 Sulphur Granular 1 508.000 Phosphoric Acid (ARYA) 1 126.000 Total 10 3.641.000

slide-19
SLIDE 19

19 19

RAZI PETROCHEMICAL CO.

1.537 1.797 1.971 1.552 1.632 1.842 1.315 1.486 1.632 1.309 1.247 1.347 500

1.000 1.500 2.000 2.500 2009 2010 2011 2012 2013 2014E

Production-Sales (1.000tons)

PRODUCTION SALES

55% 70% 50% 60% 83% 78% 69% 69% 52% 58% 76% 57% 72% 58%

40% 50% 60% 70% 80% 90%

2009 2010 2011 2012 2013 2014E

Capacity Utilization Rate

AMMONIA SULPHUR UREA

Since Razi is fully consolidated with Arya Phosphoric by 2013, the consolidated production and sales figures have been revised from this date.

slide-20
SLIDE 20

20 20

RAZI PETROCHEMICAL CO.-2013

Export 73% Domestic 27%

SALES COMPOSITION

AMMONIA 41% SULPHURIC ACID 9% UREA 26% SULPHUR 22% PHOSPHORIC ACID (ARYA) 2%

PRODUCTION-Ton

AMMONIA 35% SULPHURIC ACID 4% UREA 36% SULPHUR 21% DAP 1%

PHOSPHORIC ACID (ARYA) 3%

SALES-Ton

slide-21
SLIDE 21

21 21

RAZI PETROCHEMICAL CO.

Estimated Production (Ton)

Product C.U.R. 2014E Ammonia 67% 795.000 Urea 76% 346.000 Sulphur 62% 350.000 Sulphuric Acid 38% 245.000 DAP 16% 45.000 Phosphoric Acid (ARYA) 48% 61.000 Toplam 51% 1.842.000

Estimated Sales (Ton)

Product 2014E Ammonia 561.000 Urea 335.000 Sulphur 308.000 Sulphuric Acid 60.000 DAP 45.000 Phosphoric Acid (ARYA) 38.000 Toplam 1.347.000

slide-22
SLIDE 22

22 22

RAZI PETROCHEMICAL CO.

OPERATING PROFORMA 2014E Capacity Utilization Rate 51% Production '000 Ton 1.842 Sales '000 Ton 1.347 Revenues US$ Mil. 555 EBITDA US$ Mil. 155 EBITDA Margin 28% Net Income US$ Mil. 162 Net Income Margin 29% Capex US$ Mil. 43

slide-23
SLIDE 23

23 23

2004 - 2014 ECONOMIC PROFILE

Consolidated Income Statement (Million TL)

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014E

Revenues 428 414 481 610 1.412 1.045 1.385 2.276 2.227 2.265 2.738 Sales Growth 68%

  • 3%

16% 27% 131%

  • 26%

33% 64%

  • 2%

2% 21% COG 374 371 421 529 943 930 952 1.582 1.580 1.683 2.110 Gross Profit 54 43 60 81 469 115 433 695 647 582 628 Gross Margin 13% 10% 12% 13% 33% 11% 31% 31% 29% 26% 23% G & A Expenses 36 36 38 42 72 79 104 182 166 251 269 G & A / Sales 9% 9% 8% 7% 5% 8% 8% 8% 7% 11% 10% EBIT 18 7 22 39 398 36 329 513 482 332 359 EBIT Margin 4% 2% 5% 6% 28% 3% 24% 23% 22% 15% 13% Net Other Income/Exp. 6 6 7

  • 10

136 78 49 120

  • 8,5

56 35 Earnings Before Tax 11 1 15 49 262

  • 42

280 392 472 276 395 Net Income 7 1,2 9 39 282

  • 48

245 375 430 281 349 Net Income Margin 2% 0,3% 2% 6% 20%

  • 5%

18% 16% 19% 12% 13% Adjusted Net Income 7 1 9 39 103

  • 59

120 130 190 95 172 Adjusted Net Income Margin 2% 0,3% 2% 6% 7%

  • 6%

9% 6% 9% 4% 6% EBITDA 19 8 24 46 449 106 402 606 534 394 422 EBITDA Margin 4% 2% 5% 8% 32% 10% 29% 27% 24% 17% 15% Adjusted EBITDA 19 8 24 46 238 43 224 316 250 220 256 Adjusted EBITDA Margin 4% 2% 5% 8% 17% 4% 16% 14% 11% 10% 9%

slide-24
SLIDE 24

24 24

NEW INVESTMENT AT YARIMCA FACILITY

  • NPK/DAP Plant
  • 500.000 Ton/Year capacity
  • Ammonia Tank
  • 25.000 Ton Capacity
  • 60.000.000€ Capex
  • Capacity Increase
  • NPK & DAP Production
  • Liquid Raw Material Usage
  • Cost Advantage
slide-25
SLIDE 25

25 25

SUBSIDIARIES

RAZİ Petrochemical

International Trade

Arya Phosphoric

Phosphoric Acid Production

Negmar Maritime Company

  • 40% Stake
  • Dry Cargo Shipping
  • LPG Shipping
  • Ro-Ro
  • Ferry
  • Logistics Services

Tarkim Pesticide

  • Partnership with TACC
  • 40% Stake

Tarnet Information Technologies

  • Partnership with TACC
  • 17% Stake

İmece Prefabricated Construction

  • Partnership with TACC
  • 15% Stake
slide-26
SLIDE 26

26 26

DISCLAIMER

This presentation may contain forward-looking statements within the meaning of securities laws which may by their nature involve risk and uncertainty. All statements that address the firm’s objectives, estimates, predictions, expectations or projections about the future including such statements as the company’s growth, cost reduction and restructuring plans, expenditures and financial results are forward-looking statements. These statements are based on current plans, estimates and expectations. Actual results may differ materially from those projected in such forward-looking statements and therefore investors should not place undue reliance on them. Gübretaş undertakes no

  • bligation to publicly update or revise any forward-

looking statement, whether as a result of new information, or otherwise.

INVESTOR RELATIONS MANAGEMENT

Phone +90 216 468 50 50 Fax +90 216 407 10 11 Web Site www.gubretas.com.tr E-Mail hkarakus@gubretas.com.tr Address Nida Kule, Göztepe Kavşağı 34732 Kadıköy/İstanbul

Thank You

AN SUBSIDIARY OF THE TURKISH AGRICULTURAL CREDIT COOPERATIVIES