INVESTOR PRESENTATION 1 1
TABLE OF CONTENTS TURCAS I. A. GROUP STRUCTURE & MILESTONES B. OWNERSHIP & STOCK INFORMATION C. KEY STRATEGIC PARTNERSHIPS D. FINANCIAL OVERVIEW E. TURCAS DIVIDEND STREAM F. CREDIT / CORPORATE GOVERNANCE RATINGS II. PARTNERSHIPS A. SHELL & TURCAS B. RWE & TURCAS C. TURCAS & BM KUYUCAK ııı. APPENDIX 1 2
GROUP STRUCTURE 1,049 Nationwide Shell Branded Fuel Stations Owns 45-50% stake in various storage companies in Turkey (Marmara, Çekisan, Ambarlı and Samsun Storage Services) 775 MW Gas Fired Power Plant Equity Pick Up Consolidation Full Consolidation (1) According to a survey by Capital Magaziine 2 3 3
MILESTONES Merger with Royal Acquisition of Conoco’ s Lubricants Prod. & Sales Dutch Shell in Foundation of Acquisition by Conoco, Partnership with Start of operations shares in Turcas fuel retail under Türkpetrol Ltd. Aksoy and Partners at Ataş Refinery Burmah Castrol by Aksoy Holding Shell&Turcas JV 1931 1953 1962 1996 2005 2006 STAR Refinery Acquisition of Acquisition of becoming the 1st Groundbreaking Partnership with E.ON shares in 51% shares of Start of operations company to receive of STAR Foundation of E.ON AG under Petkim by E.ON&Turcas at Denizli Power Strategic Investment Refinery SOCAR & Turcas JV E.ON & Turcas JV by RWE AG SOCAR&Turcas Plant Certificate 2006 2007 2008 2009 2011 2012 2013 3 4
OWNERSHIP & STOCK INFORMATION AKSOY HOLDİNG TURCAS PETROL 1.7% 18.04% 22.0% 5.36% 51.55% 54.3% 22.0% 25.05% Aksoy Holding A.Ş. Erdal Aksoy S. Batu Aksoy Free Float Treasury Stock (Owned by Turcas Petrol A.Ş.) Banu Aksoy Tarakçıoğlu Other Individual and Corporate Investors Stock Information BIST Ticker TRCAS Bloomberg Ticker TRCAS TI Reuters Ticker TRCAS IS IPO Date 06/04/1992 Borsa İstanbul (BIST) Listed Exchanges BIST CORPORATE GOVERNANCE, BIST CHEMICALS, PETROL AND PLASTICS, Listed Indices BIST NATIONAL, BIST INDUSTRY, BIST ISTANBUL, BIST ALL Share Price (18/12/2015) 1.51 Market Cap. (18/12/2015) TL 408 mln 4 5
TURCAS DIVIDEND STREAM Dividends Paid by TRCAS (mln USD) Dividends & Management Fees Received from STAŞ (mln USD) 30 50 43 45 41 24 24 41 25 40 33 35 20 17 30 26 26 24 15 25 19 20 9 10 15 6 5 4 4 10 5 5 0 0 2007 2008 2009 2010 2011 2012 2013 2014 2007 2008 2009 2010 2011 2012 2013 2014 Dividends Paid vs Received (mln USD) Total Dividends Paid vs Received (Cumulative 2007-2014, mln USD) 50 300 40 253 250 30 200 150 20 94 100 10 50 0 0 2007 2008 2009 2010 2011 2012 2013 2014 2007-2014 STAS Dividends & Royalty Fees Received (mln USD) STAS Dividends & Royalty Fees Received (mln USD) Dividends Paid by TRCAS(mln USD) Dividends Paid by TRCAS(mln USD) 5 6
SHELL & TURCAS – JV DESCRIPTION 2005 • Shell & Turcas (STAS) was established in late 2005 and began its operations in July 2006. • The JV is owned 30% by Turcas and 70% by Royal Dutch Shell. 2006 • The 650 Turkpetrol branded fuel stations of Turcas and 650 Shell branded fuel stations of Shell Turkey, along with both companies’ logistics centers, storage and filling facilities, and lubricant oil production plant and marketing activities were merged under STAS in 2006. 2014 • Apart from being one of the leaders in the Turkish Owns 45-50% of various fuel distribution market with Shell branded fuel storage companies in stations and related business units, STAS is one of Turkey (Marmara, Çekisan, the largest enterprises in the Turkish economy with Ambarlı and Samsun a net turnover of TL 16 billion (USD 7.2 billion) as Storage Services) of 2014 YE (2013 YE: TL 14.0 billion (USD 7.3 billion). 6 7
SHELL & TURCAS – FINANCIAL FIGURES STAS Net Sales (Mln TL) STAS EBITDA (Mln TL) 15,824 496 477 13,984 427 416 397 12,245 11,987 11,486 2012 2013 2014 9M14 9M15 2012 2013 2014 9M14 9M15 Dividends & Management Fees Received STAS Net Profit (Mln TL) from STAS (mln USD) 43 41 41 161 142 33 26 26 108 24 19 44 3 2007 2008 2009 2010 2011 2012 2013 2014 2012 2013 2014 9M14 9M15 7 8
SHELL & TURCAS – MARKET SHARE Gasoline Market Share Diesel Market Share #1 26.1% 24.3% 21.0% 20.2% 17.3% 15.8% 11.1% 8.4% 5.7% 5.1% 9M14 YE14 1Q15 1H15 9M15 9M14 YE14 1Q15 1H15 9M15 STAS POAS OPET BP TOTAL STAS POAS OPET BP TOTAL Lubricants Market Share Total White Products Market Share STAS 24.2% 25.5% 24.1% 17.7% 17.4% 16.7% STAS 12.1% 8.7% 10.3% 5.7% 9M14 YE14 1Q15 1H15 9M15 9M14 YE14 1Q15 1H15 9M15 STAS POAS OPET BP TOTAL STAS POAS OPET BP TOTAL Source: PETDER data used for all market share calculations 8 9 9
SHELL & TURCAS – MARKET UPDATE m3 m3 Diesel Sales Gasoline Sales 3,000,000 3,000,000 12% y/y 2,500,000 8% y/y 20,000,000 2,500,000 2,000,000 15,000,000 1,500,000 2,000,000 1,000,000 1,500,000 10,000,000 500,000 1,000,000 0 5,000,000 500,000 0 0 2011 2012 2013 2014 9M14 9M15 2011 2012 2013 2014 9M14 9M15 Vehicle Parc Growth vs GDP vs Diesel and Gasoline Market Growth Diesel and Gasoline Market Growth (y/y) 10% 15.0% 6% 10.0% 5.7% 5% 5% 5.0% 4.9% 4% 2.9% 0% 0.0% 2009 2010 2011 2012 2013 2014 2009 2010 2011 2012 2013 2014 -5.0% -5% -10.0% -10% GDP Growth Gasoline Market Growth Diesel Market Growth Gasoline Sales Growth Diesel Sales Growth Vehicle Parc Source: PETDER report and Turkish Statistical Institute 9 10
SHELL & TURCAS – MARKET UPDATE 25 Pricing Mechanism (TL/liter) Vehicle Parc (mln) 19.7 12.2 13.8 14.3 15.1 16.1 17.0 18.0 18.8 20 TL 4.37 TL 3.74 15 9.3 8.9 VAT 0.69 8.7 66% 8.4 9.5 10.2 8.0 7.6 59% tax 7.2 7.0 0.60 10 8.3 6.8 6.1 tax rate 4.8 4.4 3.9 rate 5 10.4 2.18 3.4 9.9 9.3 SCT 8.6 8.1 7.5 7.1 1.59 6.8 6.1 5.1 5.4 4.4 3.4 0 Price before 1.55 1.50 tax Passenger Cars Other Gasoline Diesel Source: Turkish Statistical Institute Source: EMRA data as of 12.11.15 0.55 Sectoral Combined Margin on Gasoline & Diesel (TL/liter) 0.50 0.45 0.45 0.40 0.42 0.37 0.35 0.37 0.34 0.30 Gasoline Diesel Source: EMRA 10 11
SHELL & TURCAS – COMPETITIVE EDGE EFFICIENCY INDEX Throughput (White Product Sales / Station, m 3 ) Leader in 2.5 efficiency 4,500 2.1 4,000 2.0 1.8 1.7 3,500 1.6 3,000 1.5 2,500 ALL MARKET 1.0 2,000 1,0 1,500 1.8 0.5 1,000 500 0.0 0 POAS SHELL & OPET BP Others POAŞ BP OPET STAS SECTOR TURCAS 2013 2014 9M15 STAS is also the market leader in efficiency as indicated by the throughput (sales per station). Number of Stations (as of 9M15): Petrol Ofisi Opet Shell & Turcas BP Total 1,954 1,443 1,049 651 466 11 12
RWE & TURCAS – JV DESCRIPTION 2009 • Turcas Power Generation signed a Joint Venture Agreement in 2009 with RWE AG of Germany, one of the world’s leading utility companies, to construct two large- scale power plants, one based on natural gas and the other based on imported coal (this agreement is the revised version of the joint venture agreement signed with E.ON of Germany in 2007 securing the continuity of the project). Within the scope of this agreement, RWE & Turcas South Power Generation has been founded, in which Turcas owns a 30% stake whereas RWE owns the remaining 70% stake. 2010 • Construction permit and the operating license for the 775 MW natural gas fired RWE & Turcas South Combined Cycle Power Plant to be built in Denizli has been obtained in 2010 2011 • The construction started in July of the same year, progress of the plant was at 79% as of 31.12.2011. 2013 • Construction has been completed and become operational in June. 12 13
RWE & TURCAS – JV DESCRIPTION Joint Venture Denizli CCGT Power Generation : RWE & Turcas Power Generation • Turcas has 30% Share in the JV (RWE %70) • Invested in a 775 MW CCGT in the highly industrialized city of Denizli • 58% Efficiency (one of the highest in Turkey) • Pilot Power Plant in greenhouse gas emission project of World Bank • Became operational in June 2013 13 14
RWE & TURCAS – MARKET UPDATE GDP vs Electricity Consumption Growth Generation Breakdown (by source of fuel) 100.0% 3.0% 4.0% 9.4% 16.0% 80.0% 28.0% 8.8% 29.0% 60.0% 5.2% 4.0% 27.0% 4.4% 40.0% 2.9% 1.6% 49.0% 2.1% 20.0% 37.0% 2011 2012 2013 2014 0.0% 9M14 9M15 GDP Growth Annual Electricity Consumption Growth Natural Gas + LNG Imported Coal+Lignite+Coal Hydro Wind Geothermal Other Source: TEİAŞ Source: Turkish Statistical Institute. Peak Spot Price Progression (TL / MWh) Electricity Consumption per Capita (2013, MWh) 13.2 8.2 6.6 6.5 2.7 USA OECD EU Russia Turkey Source: World Bank Source: Deutsche Securities 14 15
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