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PRESENTATION February 2015 A SUBSIDIARY OF THE TURKISH - - PowerPoint PPT Presentation

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INVESTOR PRESENTATION February 2015 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

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A SUBSIDIARY OF THE TURKISH AGRICULTURAL CREDIT COOPERATIVIES

February 2015

INVESTOR PRESENTATION

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2 Gübre Fabrikaları T.A.Ş

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

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OWNERSHIP STRUCTURE

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

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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 1.820 Cooperatives 1.100.000 Farmer Partners 2.200.000 Total Registered Farmers

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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

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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: 92 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

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FERTILIZER PRICES

250 500 750

World Fertilizer Prices (FOB US$ / Ton)

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

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MARKET OVERVIEW

5.175 5.199 5.367 5.148 4.129 5.263 4.968 4.766 5.340 5.814 5.472 5.500 3.192 3.158 3.133 3.113 2.961 2.878 3.400 3.750 3.661 3.577 3.548 4.000 2.710 2.478 2.661 2.377 2.078 3.007 2.177 2.242 2.086 2.934 3.167 2.800 195 149 23 276 208 221 499 543 316 182 287 500 1.000 2.000 3.000 4.000 5.000 6.000 7.000 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015E

Turkish Fertilizer Sector (1.000tons)

Consumption Production Import Export

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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
  • 2.915 dealers
  • 365.000 tons Warehouse Capacity
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PRODUCTS

SOLID LIQUID POWDER SPECIAL 177 Type of Products

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

Products - Specific Use

13.24.12+10SO3+ZN 23.12.9+ZN (Corn) (Sunflower) 10.25.20+20SO3+ZN 12.30.12 (Potato) (Sugar beet) 15.20.10+1,5ZN 10.25.5+5CaO+15SO3 (Paddy) (Crop) 18.9.15+2MGO+10SO3 13.18.15+2MGO (Citrus) (Sugar Beet) 13.25.5+10SO3+0,5ZN 25.05.10 (Wheat) (Tea) 20.20.10+5(SO3)+Zn 20.12.15 and 18.16.15 (Paddy) (Hazelnut)

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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 5.000 TON/YE

/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 1A

250.000 ton/year

NPK 1B

250.000 ton/year

NPK1A and NPK1B will be launched in April 2015 and NPK1 will be deactivated.

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MARKET SHARE

1.204 1.238 1.354 1.371 1.120 1.391 1.448 1.532 1.538 1.651 1.740 1.800

23% 24% 25% 27% 27% 26% 29% 32% 28,5% 28,2% 32% 33% 500.000 1.000.000 1.500.000 2.000.000 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015E 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

Gübretaş Sales (1.000tons)

GÜBRETAŞ Market Share

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PRODUCTION & C.U.R.

499 506 463 514 515 348 510 529 481 507 523 695 57% 58% 53% 75% 75% 51% 74% 77% 70% 74% 76% 71% 100.000 200.000 300.000 400.000 500.000 600.000 700.000 800.000 900.000 1.000.000 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015E 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

Gübretaş Production (1.000tons)

GÜBRETAŞ Capacity Utilisation Rate

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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

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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
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RAZI PETROCHEMICAL CO.

SOUR GAS AMMONIA UREA SWEET GAS

FEEDSTOCK FERTILIZER RAW MATERIAL FERTILIZER

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

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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

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RAZI PETROCHEMICAL CO.

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

1.537 1.797 1.971 1.552 1.630 1.713 1.990 1.315 1.486 1.632 1.309 1.247 1.329 1.474

500 1.000 1.500 2.000 2.500 2009 2010 2011 2012 2013 2014 2015E

Production-Sales (1.000tons)

PRODUCTION SALES

55,3% 70,5% 50,5% 58,2% 67,3% 82,7% 78,1% 69,1% 70,1% 62,0% 51,8% 55,1% 76,2% 56,6% 71,5% 51,7% 58,9% 40% 50% 60% 70% 80% 90%

2009 2010 2011 2012 2013 2014 2015E

Capacity Utilization Rate

AMMONIA SULPHUR UREA

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RAZI PETROCHEMICAL CO.-2015

AMMONIA 45,23% SULPHURIC ACID 13,07% UREA 17,59% SULPHUR 15,83% PHOSPORIC ACID (ARYA) 4,02% DAP 4,27%

PRODUCTION-Ton

AMMONIA 44,72% SULPHURIC ACID 4,07% UREA 23,75% SULPHUR 18,09% DAP 5,77% PHOSPORIC ACID 3,60%

SALES-Ton

Export 67,90% Domestic 32,10%

SALES COMPOSITION

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RAZI PETROCHEMICAL CO. 2015

Production Estimates (Ton)

Product CUR 2015E Ammonia 67% 900.000 Urea 59% 350.000 Sulphur 62% 315.000 Sulphuric Acid 41% 260.000 DAP 19% 85.000 Phosphoric Acid (ARYA) 63% 80.000 Total 55% 1.990.000

Sales Estimates (Ton)

Product 2015E Ammonia 659.100 Urea 350.000 Sulphur 266.600 Sulphuric Acid 60.000 DAP 85.000 Phosphoric Acid (ARYA) 53.000 Total 1.473.700

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RAZI PETROCHEMICAL CO. 2015

Operations-.000 Tons 2015E Production 1.990 Sales 1.474 Income Statement-Million USD 2015E Revenues 599 EBITDA 172 EBITDA Margin 28% Net Income 172 Net Income Margin 28% Capex 30

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GÜBRETAŞ 2015 CONSOLIDATED

Operations-.000 Tons 2015E Production 2.685 Sales 3.274 Income Statement-Million TL 2015E Revenues 3.195 Gross Profit 694 Gross Profit Margin 22% EBIT 442 EBIT Margin 14% EBITDA 521 EBITDA Margin 16% Net Income 423 Net Income Margin 13% Adjusted EBITDA 315 Adjusted EBITDA Margin 10% Adjusted Net Income 203 Adjusted Net Income Margin 6% Capex 190

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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
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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
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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

  • n

them. Gübretaş undertakes no

  • bligation to publicly update or revise any forward-

looking statement, whether as a result

  • f

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