Embed Size (px)
Citation preview
1Q21 Earnings Presentation
Message from Turcas Petrol CEO, Mr. Batu Aksoy:
1Q21 results were marked by:
• (+) Increased positive contribution from Geothermal business (Both at EBITDA and net profit level)
• (+) STAŞ’s Net Profit with the improved operational performance
• (+) RTG’s Net Profit with the improved operational performance
• (-) Net FX losses on FX denominated Financial Liabilities due to depreciation of TL
Turcas Petrol IFRS Consolidated Net Income/Loss Bridging (1Q21)
1
1Q21 General Overview
Turcas 1Q21
Net Loss: 6 MM TL
157
218 6 -9
-10-44
-6-10
0
10
20
30
40
50
60
Turcas KuyucakGeothermal Gross
Profit
STAŞ ManagementFees
Turcas share inSTAŞ's Net Profit
Turcas share inRTG's Net Profit
Deferred TaxIncome
Holding & TurcasKuyucak Opex &
Other (o/w 4 MM TLfrom net FX losseson trade payables)
Usufruct CertificateRevaluation Losses
Net FinancingExpenses (o/w 40
MM TL from net FXlosses)
Loss For The Period
At a glance- 1Q21
2
1,284
ths m3volume
sold(1)
494
MM TLEBITDA
1,409
million
kWh Generation
30
MM TLEBITDA
24
million
kWh Generation
21
MM TLNet
Sales
17
MM TLEBITDA (2)
Shell & Turcas
RWE & Turcas
Kuyucak
Geothermal
750
MM TLNet
Sales
8,816
MM TLNet
Sales
(1) Includes Onsite B2C Fuels, Onsite B2B Fuels, Commercial Fuels , LPG, Lubricants. Excluding Supply Third Party Sales
(2) Net FX losses on capex related trade payables amounting to 4 MM TL have been classified as financing expense.
69
MM TLNet Profit
26
MM TLNet Profit
1.4
MM TLNet Profit
Segmental Analysis
3
MM
TL
Oil Segment Energy Segment
Shell & Turcas
(Turcas share: 30%)
RWE & Turcas
(Turcas share: 30%)
TKG
(Turcas share: 100%)
Revenues EBITDANet Profit/
LossRevenues EBITDA
Net
Profit/
Loss
RevenuesEBITDA
(*)
Net
Profit/
Loss
1Q21 8,861 494 69 750 30 26 21 17 1.4
1Q20 8,467 13 -219 537 -5 -23 14 10 -5
4Q20 9,554 307 -17 430 61 42 25 20 11
(*) Net FX losses on capex related trade payables have been classified as financing expense for all the periods presented.
Shell18,2%
Opet17,5%
PO17,7%
BP8,4%
Total6,3%
Aytemiz4,1%
TP4,3%
Akpet2,1%
Others21,4%31
37
1Q2020 1Q2021
191
204
1Q2020 1Q2021
953
911
1Q2020 1Q2021
Onsite B2B + B2C Fuel Sales Commercial Fuel Sales
Lubricants Sales Onsite Market Share (1Q21)
4
Shell & Turcas JV – 1Q21 Key Highlights
Source: STAŞ management reports. Market share info : EMRA
ths m3
+ 7% y/y
ths m3
ths m3
#1
-4% y/y
+19% y/y
-219
69
1Q2020 1Q2021
13
494
1Q2020 1Q2021
8,467 8,816
1Q2020 1Q2021
Net Sales EBITDA
Net Profit / Loss Shell & Turcas 1Q21 Highlights
Source: STAŞ IFRS consolidated financials
5
Shell & Turcas JV – 1Q21 Key Highlights
MM TL
MM TL
MM TL
+4% y/y
• Net Sales has increased by 4% y/y as a result of the
counter effects of decreased volumes due to
lockdowns and increase in oil prices.
• Significant increase in EBITDA mostly due to stock
revaluation gains in consequence of increase in oil
prices.
• Strong recovery in Net Profit level despite the
increase in financing costs.
148
5118
452731
45535026
7470
65
40
57
24 36 23
14 16 13
16 10 5
7
202120202019201820172016201520142013201220112010200920082007
Dividends Received from Shell & Turcas Management Fees & Preferred Dividends & SHL Interest Received from Shell & Turcas
Continuous Cash inflows from Shell & Turcas
6
Dividends & Management Fees & Preferred Dividends & SHL Interest Received from Shell & Turcas
MM TL
148 MM TL dividends
received in 3Q19. Out of that
amount, 73 MM TL transferred
back to STAS as SHL
1,006
1,409
1Q20 1Q21
-5
30
1Q20 1Q21
537
750
1Q20 1Q21
MM TL
Net Sales EBITDA
Electricity Generation
Source: RWE & Turcas IFRS consolidated financials.
7
RWE & Turcas JV – 1Q21 Key Highlights
MM TL
RWE & Turcas 1Q21 Highlights
• Thanks to the flexibility created with the private & BOTAS
gas supply mix, Capacity Utilization Rate continued its
increase to 82% in 1Q21 (vs 74% in 1Q20). Hence electricity
generation is up by %40 to 1,409 Gwh in 1Q21.
• 16.6 MM TL Capacity Payments received in 1Q21 (1Q20: 15.6
MM TL)
• Generated EBITDA of 30 MM TL in 1Q21 (-5 MM TL in 1Q20)
thanks to outstanding operational performance.
• Generated +26 MM TL net profit in 1Q21 ( -23 MM TL in 1Q20)
GWh
+40% y/y
+40% y/y
336
379
330334 333
339
318323
308
1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21
191
262
1Q20 1Q21
74%
82%
1Q20 1Q21
8
31
79
20
6 6
2013 2014 2015 2016 2017 2018 2019
Gas Consumption Capacity Utilization Rate
RTG Average Electricity Sales Price (TL/MWh)Cash inflows to Turcas from RWE & Turcas JV
(under SHL repayment)*
Source: RWE & Turcas IFRS consolidated financials. Cash inflows indicate shareholder loan repayments from RTG to Turcas
*SHL has been fully repaid by RWE & Turcas JV as of the end of 2019.
8
RWE & Turcas JV – 1Q21 Key Highlights
MM TL
mcm %
+37% y/y
+11% y/y
10
17
1Q2020 1Q2021
19
24
1Q2020 1Q2021
13
21
1Q2020 1Q2021
Net Sales EBITDA*
Electricity Generation
Source: Turcas Kuyucak financials
* Net FX losses on capex related trade payables have been classified as financing expense.
9
Turcas Kuyucak Geothermal (TKG) PP-1Q21 Key Highlights
MM TL
million kWh
MM TL
Turcas Kuyucak Geothermal PP 1Q21 Highlights
• Turcas Kuyucak contributing positively to Turcas
consolidated EBITDA driven by USD based Feed-In Tariff
(11.8 USc/kwh),
• Long term Project Finance Loan repayments continues
successfully thanks to TKG’s healthy cash generation,
• Additional production well and 2 ESP pump investments
have been completed in July 2020 which continuously
contributed to electricity generation and maximization of
EBITDA. Electricity generation increased by 46% in the
July 20’ – March 21’ period compared to the previous year.
+57%
+30%
+73%
Potential Project Pipeline
10
Manisa
Gölmarmara
Geothermal Site
(Virgin)
Denizli
Hacıeyüplü Oil
Upstream Site
TKG
Geothermal Energy
Turcas plans to grow in geothermal energy with the following projects:
1. Existing TKG Plant: The brine and steam amount have been maximized with thecommissioning of an additional electrical submersible pump to a further productionwell in Q2/2021 in order to increase the generation and consecutively EBITDA, oneproduction well will be cleansed for the implementation of the ESP and taken to hot-stand-by serving to sustain the high generation profile. The permit and licenserevision process has been triggered for the PV solar power generation within theconcession zone in accordance with the regulation on Hybrid Power Generation.
2. Manisa Concession Zone: Turcas is developing another geothermal energy projecton a 4,958.68 hectares concession zone in Manisa Gölmarmara in Western Turkey.Turcas drilled an exploratory well in Q2 2018 and obtained operation license for 30years. The feasibility study on power generation is going to be updated in accordancewith the new feed-in tariff mechanism to be applied beyond 07/2021.
Oil Upstream (Denizli)
Our 2,600 m deep geothermal well (drilled 1Q-2017) in Denizli Hacıeyüplü did not yieldenough thermal heat for power generation but encountered oil findings around 700 to 900meters depth. Turcas completed the geological and geophysical studies in 2018 and plansto move forward with seismic studies and to drill a new (shallow) well here for oilexploration in 2020. Turcas obtained the required Oil Exploration License from theGovernment Authorities on 02.05.2018.
The activities on the development on exploration have been carried forward and ourcompany seek for further partnership opportunities for the development of the field.
31
27
14
11
8 8
11
1314
18
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Cash Dividend Distribution Track Record
11
Dividends Paid by Turcas
MM TL
2013 - 2017 avg. dividend yield: 2.5%
Turcas Consolidated IFRS Summary BS & PL
12
IFRS Consolidated Financial Statements & Financing Ratios
Note: Leverage = Financial Liabilities / Total Assets, Net Leverage = Net Debt / Assets
Note: LT Receivables from Related Parties are SHLreceivables from STAŞ
Income Statement, million TL 1Q2020 1Q2021 Y/Y
Revenues (Electricity Sales) 13 21 57%
Gross Profit 9 15 74%
Other Operational Income (Net) 18 4 -78%
Operating Expenses -6 -8 33%
Operating Profit 20 11 -45%
Income from Investments 5 -8 -264%
Income from Subsidiaries -73 29 139%
Shell & Turcas -66 21 132%
RWE & Turcas -7 8 212%
Earnings Before Financing & Tax -47 31 166%
Net Financial Losses -48 -44 -8%
Net FX Losses -40 -44 10%
Net Income Before Tax -95 -13 86%
Tax 4 6 52%
Net Income/Loss -91 -6 93%
Balance Sheet , million TL 2020 1Q2021 Ytd
Cash & Cash Equivalents 102 214 111%
L -T Rec. From Rel.Parties (from STAŞ) 73 73 0%
Associates (STAS & RTG) 689 718 4%
Fixed Assets (TKJ Capex Investments) 279 278 0%
Financial Assets (FMV of Usufruct Certificates, VCF investment) 121 61 -49%
Total Assets 1,311 1,394 6%
S - T Financial Liabilities (PF Loans for RTG & TKG) 170 188 10%
L - T Financial Liabilities (PF Loans for RTG & TKG) 715 793 11%
Equity 365 339 -7%
Total Liabilities & Equity 1,311 1,394 6%
Net Debt 783 766 -2%
173 165
151
135
120
102
88 77
67
54
0
50
100
150
200
2013 Dec. 2013 YE 2014 YE 2015 YE 2016 YE 2017 YE 2018 YE 2019 YE 2020 YE 2021 YE(Expected)
Denizli CCGT Project Finance Loan Principal Outstanding Balance
Financial Deleveraging Ongoing
13
MM EUR
In addition to Denizli CCGT Project Finance Loan, outstanding loan balance obtained for TKG is 27.6 MM USD and 10.2 MM Euro as of end of1Q21. Remaining maturity is 8.75 years.
Thank you!
Contact Information
Arif ŞAHİN
Corporate Finance and Investor
Relations Deputy Manager
E-mail: [email protected]
Phone: +90 212 259 00 00 / Ext: 1238
Mert GÖKNAR
Finance and Investor Relations Manager
E-mail: [email protected]
Phone: +90 212 259 00 00 / Ext: 1243
