PRESENTATION April 2014 AN AFFILIATE OF THE TURKISH AGRICULTURAL - - PowerPoint PPT Presentation

▶
presentation
SMART_READER_LITE
LIVE PREVIEW

PRESENTATION April 2014 AN AFFILIATE OF THE TURKISH AGRICULTURAL - - PowerPoint PPT Presentation

Feb 15, 2023 354 likes •631 views

INVESTOR PRESENTATION April 2014 AN AFFILIATE 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 2 2

slide-1
SLIDE 1

AN AFFILIATE OF THE TURKISH AGRICULTURAL CREDIT COOPERATIVIES

April 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
  • 14 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

  • Compound Fertilizer Production
  • Liquid Fertilizer Production
  • Marketer of fertilizer
  • Pesticide Production
  • Shipping

IRAN

  • Feedstock Production
  • Fertilizer Production

Gübretaş Razi Petrochemical

slide-7
SLIDE 7

7 7

TURKISH FERTILIZER OUTLOOK

  • Scarcity of main nutrients:

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

  • Depends on raw material

rich countries

Main Drivers Feedstock Scarcity Growth Potential

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

250 500 750 1.000 1.250

World Fertilizer Prices (FOB US$ / Ton)

DAP (Tunisia) UREA (Black Sea) AN (Black Sea) SULPHUR (Middle East) AMMONIA (Middle East)

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 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

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 Sale Office

F P W R Ankara R

import

sale production

  • 2 Ports
  • 5 Warehouses
  • 7 Regional Sale Offices
  • 2.720 dealer
  • 365.000 ton Warehouse Capacity
slide-11
SLIDE 11

11 11

PRODUCTS

SOLID LIQUID POWDER SPECIAL 164 Type of Products

Products - General Use

AN TSP 15.15.15 CAN MAP 15.15.15+ZN CAN GR PS GR 15.15.15+20SO3 AS PATENT KALI 15.15.15+ZN+20SO3 URE 20.20.0 15.15.10 +ZN+20SO3 URE GR 20.20.0+ZN 25.5.0 DAP

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 (Crop) 25.5.10 (Tea)

slide-12
SLIDE 12

12 12

PRODUCTION FLOW CHART

  • AMMONIA
  • UREA
  • AS
  • PHOSPHATE ROCK
  • S.ACID
  • F.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 August 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.

422 499 506 463 514 515 348 510 529 481 507 528 48% 57% 58% 53% 75% 75% 51% 74% 77% 70% 74% 69% 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 in 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 SULPHURIC ACID PHOSPHORIC ACID

slide-18
SLIDE 18

18 18

RAZI PETROCHEMICAL CO.

PRODUCTION CAPACITY

Plant

Number

  • f Plant

Capacity (tons) Ammonia 3 1.336.000 Urea 1 594.000 DAP 2 450.000 Sulphuric Acid 2 627.000 Sulphur Granul. 1 508.000 Total 9 3.515.000

slide-19
SLIDE 19

19 19

RAZI PETROCHEMICAL CO.

55% 70% 50% 67% 83% 78% 69% 62% 52% 58% 76% 57% 72% 76%

40% 50% 60% 70% 80% 90% 2009 2010 2011 2012 2013 2014E

Capacity Utilization Rate

AMMONIA SULPHUR UREA 1.537 1.797 1.971 1.552 1.601 1.975 1.315 1.486 1.632 1.309 1.297 1.592 500 1.000 1.500 2.000 2.500 2009 2010 2011 2012 2013 2014E

Production-Sales (1.000tons)

PRODUCTION SALES

slide-20
SLIDE 20

20 20

RAZI PETROCHEMICAL CO.-2013

Export 70% Domestic 30%

SALES COMPOSITION-USD

AMMONIA 42% SULPHURIC ACID 9% UREA 27% SULPHUR 22%

PRODUCTION-Tons

AMMONIA 34% SULPHURIC ACID 7% UREA 35% SULPHUR 20% DAP 0,72%

SALES-Tons

slide-21
SLIDE 21

21 21

RAZI PETROCHEMICAL CO.

Estimated Production (Ton)

Product C.U.R. 2014E Ammonia 67% 900.000 Urea 76% 450.000 Sulphur 62% 315.000 Sulphuric Acid 38% 240.000 DAP 16% 70.000 Total 56% 1.975.000

Estimated Sales (Ton)

Product 2014E Ammonia 599.700 Urea 450.000 Sulphur 233.400 Sulphuric Acid 238.600 DAP 70.000 Total 1.591.700

Expected Sales Price (US$/Ton)

Product 2014E Ammonia (CIF) 530 Urea 292 Sulphur 90 Sulphuric Acid 45 DAP 560

Expected Sales Revenues (US$/Mil)

Product 2014E Ammonia 318 Urea 131 Sulphur 21 Sulphuric Acid 11 DAP 39 Total 520

slide-22
SLIDE 22

22 22

RAZI PETROCHEMICAL CO.

OPERATING PROFORMA 2014E Capacity Utilization Rate 56% Production '000 Ton 1.975 Sales '000 Ton 1.592 Revenues US$ Mil. 520 EBITDA US$ Mil. 241 EBITDA Margin 46% Net Income US$ Mil. 207 Net Income Margin 40% 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 2.488 Sales Growth 68%

  • 3%

16% 27% 131%

  • 26%

33% 64%

  • 2%

2% 10% COG 374 371 421 529 943 930 952 1.582 1.580 1.683 1.753 Gross Profit 54 43 60 81 469 115 433 695 647 582 735 Gross Margin 13% 10% 12% 13% 33% 11% 31% 31% 29% 26% 30% G & A Expenses 36 36 38 42 72 79 104 182 166 251 226 G & A / Sales 9% 9% 8% 7% 5% 8% 8% 8% 7% 11% 9% EBIT 18 7 22 39 398 36 329 513 482 332 509 EBIT Margin 4% 2% 5% 6% 28% 3% 24% 23% 22% 15% 20% Net Other Income/Exp. 6 6 7

  • 10

136 78 49 120

  • 8,5

56 54 Earnings Before Tax 11 1 15 49 262

  • 42

280 392 472 276 455 Net Income 7 1,2 9 39 282

  • 48

245 375 430 281 428 Net Income Margin 2% 0,3% 2% 6% 20%

  • 5%

18% 16% 19% 12% 17% Adjusted Net Income 7 1 9 39 103

  • 59

120 130 190 95 211 Adjusted Net Income Margin 2% 0,3% 2% 6% 7%

  • 6%

9% 6% 9% 4% 8% EBITDA 19 8 24 46 449 106 402 606 534 394 563 EBITDA Margin 4% 2% 5% 8% 32% 10% 29% 27% 24% 17% 23% Adjusted EBITDA 19 8 24 46 238 43 224 316 250 220 311 Adjusted EBITDA Margin 4% 2% 5% 8% 17% 4% 16% 14% 11% 10% 13%

slide-24
SLIDE 24

24 24

NEW INVESTMENT AT YARIMCA FACILITY

  • NPK/DAP Plant
  • 500.000Ton/Year capacity
  • Ammonia Tank
  • 25.000Ton Capacity
  • 60.000.000€ Capex
  • Launch in August 2014
  • Capacity Increase
  • NPK & DAP Production
  • Liquid Raw Material Usage
  • Cost Advantage
slide-25
SLIDE 25

25 25

SUBSIDIARIES

Tarkim Pesticide Company

  • Partnership with Turkish Agricultural

Credit Cooperatives

  • 40% Stake
  • 12.000 ton/year production capacity

RAZİ Petrochemical

International Trade

Arya Phosphoric

126.000 ton/year Phosphoric acid production capacity

Negmar Maritime Company

  • 40% Stake
  • 4 Dry Cargo Vessels
  • 5 Ro-Ro Vessels
  • Logistics Services
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 +90 212 376 50 50 Fax +90 212 288 13 76 Web Site www.gubretas.com.tr E-Mail hkarakus@gubretas.com.tr Address Kasap Sk. No:22 Esentepe 34394 Sisli/Istanbul/Turkiye

Thank You

AN AFFILIATE OF THE TURKISH AGRICULTURAL CREDIT COOPERATIVIES