INVESTOR PRESENTATION 1 1 TABLE OF CONTENTS TURCAS I. A. GROUP - - PowerPoint PPT Presentation
INVESTOR PRESENTATION 1 1 TABLE OF CONTENTS TURCAS I. A. GROUP STRUCTURE & MILESTONES B. OWNERSHIP & STOCK INFORMATION C. KEY STRATEGIC PARTNERSHIPS D. FINANCIAL OVERVIEW E. TURCAS DIVIDEND STREAM F. CREDIT / CORPORATE GOVERNANCE
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Equity Pick Up Consolidation Full Consolidation
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(1) According to a survey by Capital Magaziine
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51.55% 25.05% 5.36% 18.04%
Aksoy Holding A.Ş. Free Float Treasury Stock (Owned by Turcas Petrol A.Ş.) Individual and Corporate Investors 54.3% 22.0% 22.0% 1.7%
Erdal Aksoy
Banu Aksoy Tarakçıoğlu Other
5 4 4 6 9 17 24 24 5 10 15 20 25 30 2014 2013 2012 2011 2010 2009 2008 2007
19 33 24 26 41 41 43 26 5 10 15 20 25 30 35 40 45 50 2014 2013 2012 2011 2010 2009 2008 2007
Dividends & Management Fees Received from STAŞ (mln USD)
10 20 30 40 50 2014 2013 2012 2011 2010 2009 2008 2007
STAS Dividends & Royalty Fees Received (mln USD) Dividends Paid by TRCAS(mln USD) 253 94 50 100 150 200 250 300 2007-2014
STAS Dividends & Royalty Fees Received (mln USD) Dividends Paid by TRCAS(mln USD)
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Owns 45-50% of various storage companies in Turkey (Marmara, Çekisan, Ambarlı and Samsun Storage Services)
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12,245 13,984 15,824 11,987 11,486 2012 2013 2014 9M14 9M15
477 496 397 416 427 2012 2013 2014 9M14 9M15
161 142 3 108 44 2012 2013 2014 9M14 9M15
26 43 41 41 26 24 33 19 2007 2008 2009 2010 2011 2012 2013 2014
Dividends & Management Fees Received from STAS (mln USD)
Source: PETDER data used for all market share calculations
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24.3% 20.2% 21.0% 11.1% 5.1% 9M14 YE14 1Q15 1H15 9M15 STAS POAS OPET BP TOTAL
#1
15.8% 26.1% 17.3% 8.4% 5.7% 9M14 YE14 1Q15 1H15 9M15 STAS POAS OPET BP TOTAL 16.7% 25.5% 17.7% 8.7% 5.7% 9M14 YE14 1Q15 1H15 9M15 STAS POAS OPET BP TOTAL 24.1% 24.2% 10.3% 17.4% 12.1% 9M14 YE14 1Q15 1H15 9M15 STAS POAS OPET BP TOTAL
500,000 1,000,000 1,500,000 2,000,000 2,500,000 3,000,000 m3 m3
Source: PETDER report and Turkish Statistical Institute
500,000 1,000,000 1,500,000 2,000,000 2,500,000 3,000,000 2011 2012 2013 2014 9M14 9M15 2.9% 4.9% 5.7%
0.0% 5.0% 10.0% 15.0% 2009 2010 2011 2012 2013 2014 GDP Growth Gasoline Market Growth Diesel Market Growth 5% 6% 4%
0% 5% 10% 2009 2010 2011 2012 2013 2014 Gasoline Sales Growth Diesel Sales Growth Vehicle Parc
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5,000,000 10,000,000 15,000,000 20,000,000 2011 2012 2013 2014 9M14 9M15
1.50 1.55 2.18 1.59 0.69 0.60
Gasoline Diesel
Source: Turkish Statistical Institute 6.8 8.3 9.5 10.2 12.2 13.8 14.3 15.1 16.1 17.0 18.0 18.8 Source: EMRA data as of 12.11.15
19.7
TL 4.37 TL 3.74
66% tax rate 59% tax rate
VAT SCT Price before tax
0.34 0.42 0.37 0.37 0.45
0.30 0.35 0.40 0.45 0.50 0.55
Gasoline Diesel
Source: EMRA
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3.4 4.4 5.1 5.4 6.1 6.8 7.1 7.5 8.1 8.6 9.3 9.9 10.4 3.4 3.9 4.4 4.8 6.1 7.0 7.2 7.6 8.0 8.4 8.7 8.9 9.3
5 10 15 20 25 Passenger Cars Other
500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 BP OPET POAŞ STAS SECTOR 2013 2014 9M15
1.7 2.1 1.6 1.8 1.8 0.0 0.5 1.0 1.5 2.0 2.5
POAS SHELL & TURCAS OPET BP Others
ALL MARKET 1,0
Leader in efficiency
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13.2 8.2 6.6 6.5 2.7 USA OECD EU Russia Turkey
Source: Turkish Statistical Institute.
8.8% 2.1% 4.0% 2.9% 9.4% 5.2% 1.6% 4.4% 2011 2012 2013 2014 GDP Growth Annual Electricity Consumption Growth
49.0% 37.0% 29.0% 27.0% 16.0% 28.0% 3.0% 4.0%
0.0% 20.0% 40.0% 60.0% 80.0% 100.0% 9M14 9M15
Natural Gas + LNG Imported Coal+Lignite+Coal Hydro Wind Geothermal Other
Source: TEİAŞ Source: Deutsche Securities Source: World Bank 14
Turcas Power Generation
180m Euro %30 Special Purpose Vehicle (SPV) which owns Denizli 775 MW CCGT RWE Turkey Holding
420m Euro %70
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PROJECT CITY DISTRICT SITE AREA
TURCAS JES 1 DENİZLİ Merkez 4.537 ha TURCAS JES 2 MANİSA Hacıveliler 4.959 ha 2
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Adjusted EBITDA = Operating Profit + Income from Subsidiaries, Adjusted Net Profit = Net Profit - One Off Share Sale Proceeds (1) One off loss from the sale of STAR Refinery in 2014 due to accumulated deferred tax gains on SPV as per IFRS
(2) 18.5% shares in STAR Refinery were sold on 15 May 2014.
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(1) S-T and L-T receivables from rel.parties are due from RWE & Turcas Güney (2) L-T project finance loans utilized for Denizli Power Plant Project. Pls see pg 15 Leverage= Financial Liab./ Assets, Net Leverage=Net Financial Liab. / Assets
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(Million TL) 2013 2014 9M15 Cash & Cash Equivalents 89 201 197 S -T Rec. From Rel.Parties (1) 35 44 53 L -T Rec. From Rel.Parties (1) 299 302 310 Associates 697 499 477 Total Assets 1,177 1,098 1,145 S - T Financial Liabilities (2) 52 53 86 L - T Financial Liabilities (2) 403 351 406 Equity 707 680 638 Total Liabilities 1,177 1,098 1,145
39% 37% 43% 31% 18% 26%
2013 2014 9M15 Leverage & Net Leverage Leverage Net Leverage
554 697 499 477
2012 2013 2014 9M15 Associates Accounted via Equity Pick Up (TL mln)
707 680 638 1,177 1,098 1,145 30% 60% 90% 300 600 900 1,200 1,500
2013 2014 9M15 Equity & Equity Financing Equity Assets Equity/Total Assets
Grade Weight Shareholders 92.94 25% Public Disclosure and Transparency 92.34 25% Stakeholders 94.95 15% Board of Directors 91.78 35%
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Neslihan TONBUL Independent Board Member Neslihan Tonbul is a senior marketing executive with over 30 years of international management experience. She began her professional career in international banking and finance in 1983 at the Irving Trust Company (now The Bank of New York Mellon). She is a regional specialist in credit marketing, risk management and new business
at Yasar Holding, followed by a board appointment at Prysmian Kablo. Ms. Tonbul is also Advisor to NZTE, the economic development agency of the New Zealand government. She holds a B.A. degree in Economics and Political Science from Rutgers University and an M.A. degree in International Relations from the Fletcher School of Law and Diplomacy at Tufts University. Committed to building a strong civil society, Ms. Tonbul is an active member of ARIT (American Research Institute in Turkey), YPO-WPO (Istanbul Chapter), and she is a Trustee of TGEV (Education Volunteers Foundation of Turkey). She is a founder of the American Business Forum in Turkey and a member of the International Advisory Board of FSTC, Foundation for Science, Technology and Civilization based in the UK. Ms. Tonbul is fluent in English, Turkish, Azerbaijani and French. Matthew J . BRYZA, Board Member Ambassador Matthew J. Bryza is the Director of the International Center for Defence studies in Tallinn, Estonia and a Non- Resident Senior Fellow at the Atlantic Council of the United States. He holds a BA from Stanford University and MA from the Fletcher School of Law and Diplomacy, both in international relations. In January 2012, he completed a 23-year career as a U.S. diplomat, over half of which he spent at the center of policy-making and international negotiations on major energy projects and regional conflicts in Eurasia. His most recent assignment was as U.S. Ambassador to Azerbaijan from February 2011 to January 2012. While serving at the State Department and on the staff of the U.S. President at the White House, Ambassador Bryza developed and implemented U.S. policy on the South Caucasus region, Turkey, Greece, and Cyprus, as well as on oil and gas pipelines linking the Caspian Sea region with Turkey and the European Union. Banu AKSOY TARAKÇIOĞLU, Board Member Banu Aksoy Tarakçıoğlu has been the Member of the Board of Directors of Turcas Petrol and its subsidiaries since 2005, as well as the Member of the Risk Management Committee and the Corporate Governance Committee since 2010. Having worked at the Eurasia Business Development Division of ConocoPhillips between 1998 and 2000, she is the Member of the Boards of Directors of Aksoy Holding, Conrad Istanbul Hotel and Shell Petrol A.Ş. She is also the Member of GYİAD (Young Executives and Businessmen’s Association), DEİK (Foreign Economic Relations Board), PETFORM (Petroleum Platform Association), PETDER (Petroleum Industry Association) and Endeavour Association. Mrs. Tarakçıoğlu is a graduate of Koç University, Department of Business Administration and further completed a Finance Extension program at the University of California at
Batu Aksoy is the CEO and Board Member of Turcas Petrol and its controlled subsidiaries. Mr. Aksoy is also a Board Member at RWE & Turcas JV Companies, Aksoy Holding, Conrad Istanbul Hotel, Aksoy Real Estate Investment Companies, Aksoy International and TAIB Investment
Businessmen's Association) and Vice Chairman of the TUSIAD Energy Working Group, Vice Chairman of the Energy Business Council of DEIK (Foreign Economic Relations Board of Turkey), a Member of ETD (Energy Traders Association) which he chaired during 2013-2014, a Member of PETFORM (Petroleum Platform Association) which he chaired during 2006- 2008, a Board Member / Member of the Dean’s Advisory Council at The Johns Hopkins University Carey Business School and a Member of YPO (Young Presidents Organization). Batu Aksoy, a fluent speaker of English, has graduated from The Johns Hopkins University (Baltimore, USA), Electrical & Computer Engineering Faculty in 1998. Ayşe Botan BERKER, Independent Board Member Ayşe Botan Berker holds a Bachelor’s Degree in Business Administration from Middle East Technical University, a Master’s Degree in Economics from the University of Delaware in the United States, and a PhD in Banking & Finance from Marmara University. Beginning her career at the Central Bank of the Republic of Turkey in 1978, Dr. Berker worked on various assignments as Deputy Director of Balance of Payments, Director of International institutions at the Directorate General for External Affairs, and the London Representative of the Bank. Before leaving the Bank in 1999, she served as Deputy Director General of the Directorate General for External Affairs. Between 1999 and 2012, Dr. Berker was the General Manager of Fitch Ratings’ Istanbul Office. She is one of the founding partners of Merit Risk Management and Advisory Services. Dr. Berker is a specialist in Credit Ratings, Risk Assessment, Balance of Payments, External Debt Management, Capital Markets, Exchange Regulations and EU Relations. She is also the Member of the Board of Rhea Private Equity, and gives lectures on finance at Bahçeşehir and Marmara Universities. Erdal AKSOY, Chairman Erdal Aksoy has been the Chairman of the Board of Directors of Turcas Petrol and its subsidiaries since 1996. He is also the Chairman of the Boards of Directors of Aksoy Holding, Conrad Istanbul Hotel and TAIB Yatırımbank, the Member of the Board of Directors of Shell & Turcas Petrol and the Vice Chairman of the Boards of Directors of RWE & Turcas South Power Generation. In addition, he is the Member of TÜSİAD (Turkish Industrialists’ and Businessmen’s Association) and the Member of the Advisory Board of TESEV (Turkish Economic and Social Studies Foundation). Had been the Former Chairman of the Turkish Ship Owner Employers Association and the Member of the Board of Directors of TİSK (Turkish Confederation of Employer Associations), Mr. Aksoy also served for a period of time as the Istanbul Provincial Head of the Motherland Party (ANAP) and the President of Sarıyer Sports Club. Being a graduate of Istanbul Technical University, Department of Electrical & Electronics Engineering, Mr. Aksoy is married with two children. Yılmaz TECMEN, Vice Chairman Yılmaz Tecmen has been a Member of the Board of Directors of Turcas Petrol and its subsidiaries since 1996 and Vice Chairman of the Board since
Committees of Turcas Petrol. In addition, he is the Founder and Chairman
Directors of Shell & Turcas Petrol. Mr. Tecmen who is the Founding Member of TUGEV (Tourism Development and Training Foundation) and ICVB (Istanbul Convention and Visitors Bureau) has been the Chairman so many years of both organisations. He is also a Member of PETDER (Petroleum Industry Association) and TUROB (Union of Tourist Hoteliers and Management Companies). Mr. Tecmen is fluent in English and is married with three children.
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