TURCAS PETROL A.Ş. ("Turcas") FACT SHEET
DECEMBER 2014
BIST 100 : TRCAS (Bberg: TRCAS TI, Reuters: TRCAS IS)
Analyst Consensus: BUY
Corporate Governance Rating: 9.08/10.00
Market Cap: 578 mln TL (as of 24 Dec’14)
Share Price: 2.57 TL (as of 24 Dec’14)
Free Float: 25%
BUSINESS DESCRIPTION
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Turcas is an energy holding company that has participations in companies who hold the leading positions in their respective
business areas such as fuel distribution and power generation in the growing and liberalizing Turkish energy markets.
Turcas’ strategy is to maximize shareholders’ value by undertaking profitable long-term projects via key partnerships,
leveraging on the Country’s geopolitical position and the growing energy demand.
CORPORATE PROFILE
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•
•
TURCAS PETROL SHAREHOLDING STRUCTURE
Turcas is the only exposure to the local operations of global names like Royal
Dutch Shell (RDS) and RWE A.G. (RWE) among listed companies in BIST 100.
Shell&Turcas Petrol A.Ş. (STAS) is one of the leading companies in the Turkish
fuel retail and lubricants market. The JV is owned 30% by Turcas and 70% by
Shell.
RWE & Turcas (RWE & Turcas Güney Elektrik Üretim A.Ş.) is also a JV formed to
build a 775 MW natural gas fired power plant in Denizli (Southwest Turkey)
which has become operational as of June 2013. The JV is owned 30% by
Turcas and 70% by RWE.
5.36%
25.02%
51.55%
18.07%
Aksoy Holding A.Ş
Private Individual Investors
Free Float
Treasury Stock (Owned by Turcas Petrol A.Ş.)
FUEL DISTRIBUTION - SHELL &TURCAS PETROL (STAS)
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•
•
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•
STAS was established in 2006 following a successful merger between Shell Turkey and Turcas.
STAS is the market leader in gasoline (24%) and lubricants (26%) sales and #2 in total white product sales (18%) as of 9M14
according to Energy Market Regulatory Authority results.
STAS is also the market leader in terms of throughput per station ratio (a significant indicator of profitability in the market)
STAS has 1,060 nationwide Shell branded fuel stations as of 9M14.
STAS is the 9th largest company in Turkey (according to Fortune 500 list) with a net turnover of 7.3 billion USD and EBITDA
app. of 260 Mn USD in 2013 YE. Since 2010, STAS has increased its net sales by a CAGR (compounded annual growth rate) of
14%.
STAS Net Profit (Mln TL)
STAS Net Sales (Mln TL)
13,997
14,000
12,245
12,000
10,000
11,987
10,760
10,424
9,414
8,000
6,000
4,000
2,000
0
2010
2011
2012
2013
9M13
200
180
160
140
120
100
80
60
40
20
0
164
161
60
50
143
107
53
2010
9M14
142
2011
2012
2013
9M13
9M14
Dividends & Management Fees Received
from STAS (mln USD) (Turcas Share)
43
41
41
40
33
30
26
26
24
19
20
10
0
2007
2008
2009
2010
2011
2012
2013
2014
POWER GENERATION - RWE & TURCAS SOUTH
TURCAS PETROL A.Ş. FINANCIAL HIGHLIGHTS
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INCOME STATEMENT
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•
Turcas Power Generation (Turcas’ 100% indirect subsidiary) and
RWE have successfully completed and commissioned the 775MW
gas fired combined cycle power plant in Denizli.
The project cost is 600 million Euro. In order to finance its share
of the investment (30%), Turcas injected 30 Million Euro as
equity and raised 13 year ECA covered loan for 150 Million Euros.
The construction has been completed and the Plant has become
operational as of the end of June 2013. Net sales of the JV was
realized at 565 mln TL in 9M14.
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•
In September 2013, Turcas Enerji Holding (100% subsidiary of
Turcas) (46%) formed a JV with BM Mühendislik (46%) and Alte
Enerji (8%) under the name of Turcas BM Kuyucak Jeotermal
Elektrik Üretim A.Ş. to develop geothermal projects in Aydın,
Kuyucak
district.
Following
the
environmental,
geological/geophysical surveys and feasibility studies in Aydın
region; the Operating Licence has been obtained for Kuyucak site.
In June 2014, geothermal electricity generation pre-license
application was submitted to the Energy Market Regulatory
Authority for a geothermal power plant in Aydın with planned
installed capacity of 13.2 MW.
Turcas also obtained exploration licences from Special Provincial
Administrations for other sites in Denizli and Manisa cities of
Turkey.
Turcas is also actively evaluating investment opportunities in coal,
wind and hydro projects which may get realised either through
acquisition or greenfield development.
Equity & Equity Financing
1,400
1,200
1,000
800
600
400
200
0
68%
1,022
693
1,177
60%
70%
68%
66%
64%
62%
60%
58%
56%
54%
1,158
708
707
2012
61%
2013
Equity
9M13
9M14
49
33
47
OpEx
13
16
12
12
Other Op. Rev. (Net)
19
18
21
24
o/w STAS
Management Fee
16
14
14
23
7
5
11
13
0
0
0
-63
31
Operating Profit
Share Sale Proceeds
47
70
79
o/w STAS
48
43
43
32
o/w RWE & Turcas
-5
-15
11
-17
3
42
26
16
54
75
91
43
Financial Gain/Loss
19
-61
-46
42
Net Profit
71
25
41
8
Adjusted Net Profit
n.m.
n.m.
n.m.
71
Adjusted EPS (TL)
0.31
0.11
0.18
0.32
o/w STAR
(1)
(2)
One off loss from the sale of STAR Refinery due to accumulated deferred tax gains on
SPV as per IFRS rules. According to local GAAP, the sale is booked with 6 mln TL of profit.
18.5% shares in STAR Refinery were sold on 15 May 2014.
BALANCE SHEET
2012
2013
9M14
120
89
194
S -T Rec. From Rel.Parties
(1)
28
35
49
L -T Rec. From Rel.Parties
(1)
252
299
304
554
697
563
(Million TL)
Cash & Cash Equivalents
Associates
1,022
1,177
1,158
S - T Financial Liabilities
(2)
16
52
56
L - T Financial Liabilities
(2)
293
403
382
693
707
708
1,022
1,177
1,158
Equity
Total Liabilities
(1)
(2)
S-T and L-T receivables from rel.parties are due from RWE & Turcas Güney
L-T project finance loans utilized for Denizli Power Plant Project.
TURCAS PETROL ADJUSTED EBITDA & NET PROFIT
9M14
Assets
Equity/Total Assets
6.0
4.9
4.1
4.0
4.2
3.4
2.6
3.0
2.3
2.0
1.0
0.0
1H13
9M13
YE13
(2)
Adjusted EBITDA
TURCAS PETROL NET DEBT/ADJUSTED EBITDA (x)
5.0
(1)
Total Assets
TURCAS PETROL FINANCING STRUCTURE
Mln TL
2013
23
Income from Subsidiaries
RENEWABLE POWER GENERATION
•
2012
Net Sales
(Million TL)
1Q14
1H14
9M14
INVESTOR RELATIONS CONTACT
Mrs. Pınar Ceritoğlu
T:+90 212 259 00 00 (1287 Ext)
E:[email protected]
Net profit adjusted
with STAR sale
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TURCAS PETROL A.Ş. ("Turcas") FACT SHEET DECEMBER 2014