26 713 7 7 8 -21
-15
-86
-55
-80-60-40-20
020406080
Turcas KuyucakGeothermal Gross
Profit
STAŞManagement
Fees
Turcas share inSTAŞ's Net Profit
Turcas share inRTG's Net Profit
Fair valuedifference of
ATAŞ valuation
Deferred TaxIncome
Holding & TurcasKuyucak Opex &
Other (o/w 7 MMTL from net FXlosses on trade
payables)
UsufructCertificate
RevaluationLosses
Net FinancingExpenses (o/w 76MM TL from net
FX losses)
Loss For ThePeriod
Message from Turcas Petrol CEO, Mr. Batu Aksoy:
1H21 results were marked by:
• (+) Increased and sustainable positive contribution from Geothermal business (Turcas Kuyucak)
• (+) STAŞ’s & RTG’s Net Profit with the improved operational performance
• (-) Increased net FX losses on FX denominated Financial Liabilities due to depreciation of TL
Turcas Petrol IFRS Consolidated Net Income/Loss Bridging (1H21)
1
1H21 General Overview
Turcas 1H21
Net Loss: 55 MM TL
At a glance- 1H21
2
2,785
ths m3volume
sold(1)
952
MM TLEBITDA
1,813
million
kWh Generation
52
MM TLEBITDA
42
million
kWh Generation
39
MM TLNet
Sales
30
MM TLEBITDA (2)
Shell & Turcas
RWE & Turcas
Kuyucak
Geothermal
680
MM TLNet
Sales
20,448
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 7 MM TL have been classified as financing expense.
44
MM TLNet Profit
23
MM TLNet Profit
-6
MM TLNet Loss
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
1H21 20,448 952 44 680 52 23 39 30 -6
1H20 15,275 148 -351 640 -29 -67 23 17 -13
2Q21 11,632 459 -25 213 22 -2 18 13 -7
2Q20 6,807 135 -132 264 -25 -44 10 6 -8
(*) Net FX losses on capex related trade payables have been classified as financing expense for all the periods presented.
Shell17,8%
Opet17,1%
PO17,8%
BP8,2%
Total6,3%
Aytemiz4,2%
TP4,4%
Akpet2,2%
Others22,0%
57
70
1H2020 1H2021
363
474
1H2020 1H2021
1.692
1.958
1H2020 1H2021
Onsite B2B + B2C Fuel Sales Commercial Fuel Sales
Lubricants Sales Onsite Market Share (5M21)
4
Shell & Turcas JV – 1H21 Key Highlights
Source: STAŞ management reports. Market share info : EMRA
ths m3
+ 31% y/y
ths m3
ths m3
#1
+16% y/y
+23% y/y
-351
44
1H2020 1H2021
148
952
1H2020 1H2021
15.275
20.448
1H2020 1H2021
Net Sales EBITDA
Net Profit / Loss Shell & Turcas 1H21 Highlights
Source: STAŞ IFRS consolidated financials
5
Shell & Turcas JV – 1H21 Key Highlights
MM TL
MM TL
MM TL
+34% y/y
• Total sales volume has increased by 17% in 1H2021
compared to 1H2020 and it is also 1% above pre-Covid19
sales volume of 1H2019.
• Net Sales has increased by 34% y/y as a result of the
combined effects of improved volumes and increase in
oil prices.
• Significant increase in EBITDA supported by the stock
revaluation gains in consequence of increase in oil
prices.
• Strong recovery in Net Profit level despite the increase in
financing costs.
+542% y/y
148
5118
452731
45535026
7770
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
-67
23
1H20 1H21
-29
52
1H20 1H21
640680
1H20 1H21
MM TL
Net Sales EBITDA
Net Profit / Loss
Source: RWE & Turcas IFRS consolidated financials.
7
RWE & Turcas JV – 1H21 Key Highlights
MM TL
RWE & Turcas 1H21 Highlights
• Electricity generation is up by %7 to 1,696 Gwh in 1H21.
• 38.8 MM TL Capacity Payments received in 1H21 (1H20: 39.1
MM TL)
• Generated EBITDA of 52 MM TL in 1H21 (-29 MM TL in 1H20)
thanks to outstanding operational performance.
• Generated +23 MM TL net profit in 1H21 ( -67 MM TL in 1H20)
MM TL
+6% y/y
1.6961.813
1H20 1H21
336
379
330 334 333 339
318 323
308
421
1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21
326
339
1H20 1H21
8
31
79
20
6 6
2013 2014 2015 2016 2017 2018 2019
Gas Consumption Electricity Generation
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
8
RWE & Turcas JV – 1H21 Key Highlights
MM TL
mcm
+4% y/y
GWh
+7% y/y
17
30
1H2020 1H2021
30
42
1H2020 1H2021
23
39
1H2020 1H2021
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-1H21 Key Highlights
MM TL
million kWh
MM TL
Turcas Kuyucak Geothermal PP 1H21 Highlights
• 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 47% in the
July 20’ – June 21’ period compared to the same period of
the previous year.
• 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,
+68%
+38%
+77%
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 production well inQ2/2021 in order to increase the generation and consecutively EBITDA. The permitand license revision process has been triggered for the PV solar power generationwithin the concession zone in accordance with the regulation on Hybrid PowerGeneration.
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.
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
Balance Sheet , million TL 2020 1H2021 Ytd
Cash & Cash Equivalents 102 120 18%
L -T Rec. From Rel.Parties (from STAŞ) 73 73 0%
Associates (STAS & RTG) 689 710 3%
Fixed Assets (TKJ Capex Investments) 279 280 0%
Financial Assets (FMV of Usufruct Certificates, VCF investment) 121 60 -50%
Total Assets 1.311 1.301 -1%
S - T Financial Liabilities (PF Loans for RTG & TKG) 170 199 17%
L - T Financial Liabilities (PF Loans for RTG & TKG) 715 742 4%
Equity 365 289 -21%
Total Liabilities & Equity 1.311 1.301 -1%
Net Debt 783 821 5%
Income Statement, million TL 1H2020 1H2021 Y/Y
Revenues (Electricity Sales) 23 39 68%
Gross Profit 12 26 104%
Other Operational Income (Net) 16 0 -102%
Operating Expenses -12 -16 27%
Operating Profit 16 10 -41%
Income from Investments 58 -6 -111%
Income from Subsidiaries -125 20 116%
Shell & Turcas -105 13 113%
RWE & Turcas -20 7 135%
Earnings Before Financing & Tax -51 24 146%
Net Financial Losses -93 -86 -7%
Net FX Losses -82 -76 -7%
Net Income Before Tax -144 -63 56%
Tax 7 8 12%
Net Income/Loss -137 -55 60%
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 26.1 MM USD and 9.7 MM Euro as of end of1H21. Remaining maturity is 8.5 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
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