9M23 Earnings Presentation
3Q & 9M23 General Overview
Turcas 3Q23
Turcas Petrol IFRS Consolidated Net Income/Loss Bridging (3Q23) (MM TL) Net Profit: 824 MM TL
754 | 74 | 8 | 9 | -3 | -26 | 7 | 765 |
-59
Net Loss at 1H 2023 Turcas' Share in | Turcas' Share in RTG | STAŞ Preferred | Other (Net)* | Fair Value | Opex | Net Financing | Net Profit as of 9M | ||||||||||
STAŞ Net Profit in | Net Profit in Q3 | Shares Revaluation | Difference Of | Income (o/w 2 MM | 2023 | ||||||||||||
Q3 | Gain | Venture Capital | TL from net FX | ||||||||||||||
Investment Fund | losses) | ||||||||||||||||
* Fixed asset sale gain (+6.2 MM TL), Rent & Service & Other income (+2.6 MM TL), Deferred Tax Expense (-0.6 MM TL) and Net other income (0.8 MM TL) | Turcas 9M23 | ||||||||||||||||
Turcas Petrol IFRS Consolidated Net Income Bridging (9M23) (MM TL) | |||||||||||||||||
Net Profit: 765 MM TL | |||||||||||||||||
166 | 108 | 19 | 15 | -79 | -26 | ||||||||||||
-47 | 765 | ||||||||||||||||
93 | |||||||||||||||||
514 | |||||||||||||||||
Turcas' Share in | Turcas' Share in | STAŞ Preferred | Fair value | Other (Net)** | Fair Value | Opex | STAŞ BPA | Net Financing | Net Profit as of |
STAŞ Net Profit | RTG Net Profit | Shares | difference of ATAŞ | Difference Of | Expenses (o/w 64 | 9M2023 | |||
Revaluation Gain | valuation | Venture Capital | MM TL from net | ||||||
Investment Fund | FX losses) |
** Fixed asset sale gain (+11.4 MM TL), Rent & Service & Other income (+9.3 MM TL), ECA Premium Reimbursement (+5.0 MM TL), Deferred Tax Expense (-6.8 MM TL)
3Q23 and 9M23 results were marked by below performance factors:
- Shell&Turcas's Quarterly Net Profit of +2,513 MM TL (-798 MM TL in 1H23) mostly due to significant stock gains (as high as ca. 2.3 Billion TL in 3Q23 and 1.1 Billion TL in 9M23) resulting from oil price increases and one-time effect of special consumption tax increase;
- RWE&Turcas's outstanding operational performance delivering a Quarterly Net Profit of 248 MM TL (64 MM TL in 1H23);
- Revaluation gains from Preferred Shares amounting to 166 MM TL and income from fair value difference of ATAŞ valuation (based on a
study performed by a 3rd party independent valuation company) amounting to 108 MM TL in 9M23.
1
At a glance - 9M23 & [3Q23]
Retail (Fuel Distribution & Lubricants) | ||||
VOLUME | NET SALES | EBITDA | NET PROFIT | |
6,113 | 136,969 | 4,964 | 1,715 | |
ths m3 | MM TL | MM TL | MM TL | |
Shell & Turcas | in 9M23 | in 9M23 | in 9M23 | in 9M23 |
(1) | ||||
[2,277 ths m3 in 3Q] | [68,575 MM TL in 3Q] | [4,390 MM TL in 3Q] | [2,513 MM TL in 3Q] | |
Electricity (Power Generation) | ||||
2,081 MM | 6,454 | 394 | 312 | |
kWh | MM TL | MM TL | MM TL | |
RWE & Turcas | in 9M23 | in 9M23 | in 9M23 | in 9M23 |
[1,194 MM kWh in 3Q] | [3,097 MM TL in 3Q] | [198 MM TL in 3Q] | [248 MM TL in 3Q] |
(1) Includes Onsite B2C Fuels, Onsite B2B Fuels, Commercial Fuels , LPG, Lubricants. Excluding Supply Third Party Sales.
2
Shell & Turcas JV - 9M23 Volumes & Market Share
Onsite B2B + B2C Fuel Sales
ths m3
+13% y/y | 4,516 | |
3,991 | +11% q/q | |
+1,691 | ||
+1,527 | in Q3 |
in Q3
9M22 | 9M23 | ||||||
Lubricants Sales | |||||||
ths m3 | |||||||
+19% y/y | |||||||
+11% q/q | 133 | ||||||
112 | |||||||
+42 | |||||||
+38 | in Q3 | ||||||
in Q3 | |||||||
9M22 | 9M23 |
Commercial Fuel Sales
ths m3
945 | -8% y/y | |||
-3% q/q | 867 | |||
+346 | ||||
+335 | ||||
in Q3 | ||||
in Q3 | ||||
9M22 | 9M23 | ||||||||||||||||
Onsite Market Share Progress in 2021-2023 July | 1 | ||||||||||||||||
23.0% | |||||||||||||||||
22.0% | 21.9% | 21.5% | 21.5% | ||||||||||||||
21.6% | |||||||||||||||||
21.0% | 21.4% | ||||||||||||||||
20.0% | 19.1% | 18.8% | 19.1% | 19.3% | 19.3% | ||||||||||||
19.0% | 18.7% 18.8% | 18.9% | |||||||||||||||
17.6% | 19.2% | ||||||||||||||||
18.0% | 18.1% 18.2% 18.4% | 18.7% | |||||||||||||||
17.0% | 18.0% | ||||||||||||||||
17.4% | |||||||||||||||||
16.0% | |||||||||||||||||
Jan. 21' Feb. 21' Mar. 21' | Apr. 21' May. 21' Jun. 21' Jul. 21' Aug. 21' Sept. 21' Oct. 21' Nov. 21' Dec. 21' | Jan. 22' Feb 22' Mar. 22' Apr. 22' | May. 22' Jun. 22' Jul. 22' | Aug. 22' Sep. 22' | Oct. 22' Nov. 22' Dec. 22' Jan. 23' Feb. 23' Mar. 23' Apr. 23' May. 23' | Jun. 23' Jul. 23' | |||||||||||
Shell | Opet | PO | |||||||||||||||
Source: STAŞ management reports. Market share info : EMRA
3
Shell & Turcas JV - 9M23 Key Financial Highlights
Net Sales
MM TL
+17% y/y | ||
+40% q/q | 136,969 | |
117,553 | ||
+68,575 | ||
+48,856 | in Q3 |
in Q3
9M22 | 9M23 |
Net Profit / Loss
MM TL
+4% y/y | ||
1,645 | +406% q/q | 1,715 |
+2,513 | |||||
-822 | |||||
in Q3 | |||||
in Q | 3 | ||||
9M22 | 9M23 |
Source: STAŞ IFRS consolidated financials
EBITDA
MM TL
+24% y/y | |
+1,047% q/q | 4,964 |
4,014
+4,390
-464in Q3 in Q3
9M22 | 9M23 |
Shell & Turcas 3Q23 & 9M23 Highlights
- Total sales volume is up by 9% compared to the first 9 months of the previous year and also up by 6% in 3Q23 compared to 3Q22.
- Net sales has increased by 17% compared to the first 9 months of 2022. This increase is significantly higher than the increase in sales volume due to the increase in oil / product prices in 9M23 compared to 9M22.
- Significant stock gains (ca 1.1 Billion TL in 9M23 and 2.3 Billion TL in 3Q23) fueled by the increase in sales volume have boosted the EBITDA and Net Profit figures.
- As a result, 2.5 Billion TL of Net Profit in 3Q23 has turned 798 Million TL of Net Loss in 1H23 (which included stock losses of 1.2 Billion TL) into a Net Profit of 1.7 Billion TL.
4
Cash inflows from Shell & Turcas
MM TL
** | ||||||||||||||||
177 | ||||||||||||||||
65 | * | |||||||||||||||
57 | 168 | *** | ||||||||||||||
10 | ||||||||||||||||
5 | 16 | 23 | 85 | 120 | ||||||||||||
13 | 14 | 75 | ||||||||||||||
7 | 50 | 53 | 16 | 51 | 70 | |||||||||||
45 | 36 | 41 | ||||||||||||||
31 | 27 | 30 | 33 | 24 | ||||||||||||
26 | ||||||||||||||||
2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 |
October |
MM USD
4
7
11 | |||||||||||||||||||
6 | 8 | 15 | |||||||||||||||||
9 | 11 | ||||||||||||||||||
39 | 8 | 11 | |||||||||||||||||
34 | |||||||||||||||||||
30 | |||||||||||||||||||
20 | 18 | 16 | 7 | ||||||||||||||||
15 | 15 | 13 | 13 | ||||||||||||||||
12 | 10 | 11 | |||||||||||||||||
8 | 9 | 10 | |||||||||||||||||
4 | |||||||||||||||||||
2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | |||
October | |||||||||||||||||||
Ordinary Dividends Received from Shell & Turcas | Management Fees & Preferred Dividends & SHL Interest Received from Shell & Turcas | ||||||||||||||||||
- 82 MM TL of Shareholder Loan Repayment plus 86.3 MM TL of Preferred Dividends (8 MM USD) net off BPA Payments (3.56 MM USD).
- Preferred Dividends (8 MM USD) net off BPA Payments (1.2 MM USD).
- Expected to be collected at the end of October.
5
RWE & Turcas JV - 9M23 Key Operational Highlights
Gas Consumption | Electricity Generation | |||||||||||||||
mcm | GWh | |||||||||||||||
+18% y/y | +21% y/y | |||||||||||||||
+124% q/q | 2,081 | |||||||||||||||
394 | +132% q/q | |||||||||||||||
334 | 1,725 | |||||||||||||||
+1,194 | ||||||||||||||||
+225 | ||||||||||||||||
+516 | in Q3 | |||||||||||||||
+101 | in Q3 | |||||||||||||||
in Q3 | ||||||||||||||||
in Q3 | ||||||||||||||||
9M22 | 9M23 | 9M22 | 9M23 | ||||||||||||||||||||
RTG Average Electricity Sales Price (TL/MWh) | Cash inflows to Turcas from RWE & Turcas JV | ||||||||||||||||||||||
4,506 | MM TL | SHL Repayment | Cash Capital Decrease | Dividend Payment | |||||||||||||||||||
4,004 | |||||||||||||||||||||||
3,519 | |||||||||||||||||||||||
2,644 | 2,268 | ||||||||||||||||||||||
30 | 169* | ||||||||||||||||||||||
1,530 | 2,232 | ||||||||||||||||||||||
913 | 32 | 83 | |||||||||||||||||||||
339 | 318 323 | 308 | 421 557 | 8 | 11 | 11 | 20 | 8 | 6 | ||||||||||||||
2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2022 | 11M2023 | |||||||||||||||
2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 | |||||||||||||||||||||||
*67.5 MM TL realized in May 2023. 101.3 MM TL is expected to be collected in November, after the General Assembly at 10th of November.
Source: RWE & Turcas management reports
6
RWE & Turcas JV - 9M23 Key Financial Highlights
Net Sales
MM TL
+41% y/y | 6,454 | |
+50% q/q | ||
4,584 | +3,097 | |
in Q3 |
+2,059
in Q3
9M22 | 9M23 |
Net Profit / Loss
MM TL
-35% y/y
478 +89% q/q
+131 | 312 | |||
in Q3 | ||||
+248 | ||||
in Q3 | ||||
9M22 | 9M23 |
Source: RWE & Turcas IFRS consolidated financials.
EBITDA
MM TL
-23% y/y
512+26% q/q
+157 | 394 | |||
in Q3 | +198 | |||
in Q3 | ||||
9M22 | 9M23 |
RWE & Turcas 3Q23 & 9M23 Highlights
- Despite the ca. 2 months long planned major maintenance in 1H23 which kept the Plant non-operational, YoY electricity generation has recovered to +21% (was -27% in 1H23) and net sales has increased by 41% thanks to the outstanding 3Q performance in the summer (seasonally high) period.
- Although the QoQ EBITDA and Net Profit performance was better in 2023, YTD figures fell below the previous year's due to (i) planned major maintenance mentioned above and (ii) weaker demand.
- Unlike most of its peers, RWE & Turcas carries 155 MM TL of CIT and deferred tax expenses in its P&L in 9M2023 which is another reason for a lower YoY Net Profit.
7
Turcas Consolidated IFRS Summary BS & PL
IFRS Consolidated Financial Statements & Financing Ratios
Balance Sheet , million TL Cash & Cash Equivalents Associates (STAS & RTG) Fixed Assets Financial Investments (ATAŞ & 92 MM TL CPD* in 9M23) Financial Assets (FMV of Preferred Shares, VCF investment) Total Assets S - T Financial Liabilities (PF Loans for RTG) L - T Financial Liabilities (PF Loans for RTG) Equity Total Liabilities & Equity Net Debt
2022 32 1,127 25 17 278 1,494 85 335 1,061 1,494 389
9M2023 38 1,668 27 217 398 2,370 199 325 1,823 2,370 486
YTD 21% 48% 7% 1172% 43% 59% 133% -3%72% 59% 25%
Income Statement, million TL
Revenues
Gross Profit
Operating Expenses
Other Operational Income (Net)
Operating Profit
Income from Investments
Income from Subsidiaries
Shell & Turcas
RWE & Turcas
Earnings Before Financing & Tax
Net Financial Losses
Net FX Losses
Net Income Before Tax
Deferred Tax Income/Loss
Profit From Suspended Operations (TKG)
Net Income/Loss
9M2022 | 9M2023 | Y/Y |
0 | 0 | n.m. |
0 | 0 | n.m. |
-35 | -79 | 125% |
-47 | -11 | 76% |
-82 | -90 | -9% |
479 | 300 | -37% |
637 | 608 | -5% |
493 | 514 | 4% |
143 | 93 | -35% |
1,034 | 818 | -21% |
-26 | -47 | 76% |
-31 | -64 | 105% |
1,007 | 771 | -23% |
-2 | -7 | 194% |
57 | 0 | n.m. |
1,062 | 765 | -28% |
Note: Leverage = Financial Liabilities / Total Assets, Net Leverage = Net Debt / Total Assets | *CPD : Currency Protected Deposits |
8
Financial Deleveraging Well On Track
MM EUR | Denizli CCPP +TKJ PP Project Finance Loans Principal Outstanding Balance |
(2023-25 Balances reflect the scheduled repayment plan) |
200
150
100
50
0
As of 9M2023: Ca. 90% of Denizli | |
127 | CCPP PF Loans have been repaid |
114 | ||||||||||||||
39 | 100 | 85 | Loan Balance as of end of 9M 2023: | |||||||||||
37 | ||||||||||||||
173 | 165 | 151 | 33 | 17.7 MM EUR | ||||||||||
135 | 31 | |||||||||||||
120 | ||||||||||||||
102 | ||||||||||||||
88 | ||||||||||||||
77 | 67 | |||||||||||||
54 | ||||||||||||||
21 | 18 | 18 | 6 | - | ||||||||||
2013 Dec. | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 9M | 2023 P | 2024 P | 2025 P |
Denizli CCPP Loan | TKJ PP Loan |
Turcas Petrol sold its Geothermal Power Plant on February 14, 2022 to Albioma SA of France and as result, this investment's project finance loans of 31 MM EUR (as of 2021-end) were cleared from Turcas Balance Sheet.
Total Share Sales Proceeds of 24.3 MM USD were used for early debt repayments to the Denizli CCGT Lenders amounting to 19 MM EUR.
With 32.8 MM EUR loan repayments in 2022, Turcas' consolidated loan balance has decreased to 21.2 MM EUR by 2022-end. After the 240k EUR deduction from loan balance due to ECA risk premium decrease in 1Q23 and early repayment of 3.2 MM EUR principal amount (originally scheduled for December 2023) in June 2023, consolidated loan balance of Turcas has decreased to 17.7 MM EUR as of end of 9M23.
9
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Turcas Petrol AS published this content on 30 October 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 October 2023 17:15:09 UTC.