Q4 2013 EARNINGS CALL – Turkiye Petrol Rafinerileri A.S

Turkiye Petrol Rafinerileri A.S · Feb 19, 2014 · 38 slides

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Slides

Results for 4Q 2013 Analyst Teleconference 19 February 2014
Market Operations Financials 2 www.tupras.com.tr
2013 Market Conditions Bearish Economic Development Weakening Turkish Lira & Higher interest rate Narrowed Weak Global Heavy Crude product Spreads demand growth Poor WTI / Brent Refining Instability Spread…
12 Month - Turkish Consumption (Million ton) Diesel Jet Fuel* 18,5 4,0 16,5 +7,2% +6,5% 14,5 3,5 12,5 3,0 10,5 2,5 8,5 15,6 16,8 6,5 2,0 3,42 3,64 4,5 1,5 2,5 1,0 0,5 2012 2013 0,5 2012 2013 Gasoline Fuel Oil 2,0…
Ural Crude Differentials /Barrel 1,5 1,0 0,5 0,0 -0,5 -1,0 -1,5 -2,0 -2,5 -3,0 -3,5 2009-2012 Min/Max 2012 2011 2013 -4,0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 5 www.tupras.com.tr
Crude Differentials /Barrel Differential Trends Ural Iran Light (KI) Iran Heavy (KI) Kirkuk Arab. Heavy Siberian Light CPC 2,0 0,0 -2,0 -4,0 -6,0 -8,0 -10,0 -12,0 6 www.tupras.com.tr
Quarterly Price Ratios (product /bbl/Crude /bbl) 1,16 Gasoline 1,20 Diesel 1,14 1,18 1,17 1,12 1,16 1,10 1,11 1,11 1,16 1,15 1,15 1,09 1,08 1,15 1,14 1,19 1,18 1,13 1,17 1,06 1,12 1,12 1,12 1,16 1,15 1,17 1,15 1,043 1,14…
Margin Comparison & Inventory Effect Inventory Med Complex / bbl Tpra Clean Gross Margin Effect Margin 2012 4.Q (0,21) 9,56 2,92 2013 4.Q 0,11 8,75 0,30 2012 Avg. (0,05) 10,37 4,21 2013 Avg. 0,21 9,41 1,67 Inventory Med…
Med Complex & Tpra Net Margins, /bbl 1st Quarter 2nd Quarter 5,0 8,0 6,28 3,86 6,13 3,70 5,73 3,50 3,44 4,89 4,0 2,97 2,83 6,0 4,34 3,65 3,55 3,0 1,96 1,72 1,57 2,63 2,62 2,52…
Internal Factors Drivers of Tupras in 2013 Product volume optimization Minor Inventory Gain Higher Unit costs Higher Crude API & raw material cost due to crude spread weakness High Natural Gas Prices Railway closure and higher…
Market Operations Financials 11 www.tupras.com.tr
Production Capacity Utilisations (%) Quarterly Production Volumes (Million Tons) 100 7 6,47 6,25 90 93,2 -2.5% 6,05 6,07 90,7 91,1 87,2 79,9 81,6 79,1 6 5,63 5,68 86,1 77,1 5,51 80 2,9 2,4 5,83 5,5 69,2 7,5 78,7 76,8 4,78…
Product Yields Middle Distillates Light Distillates 23,5% 23,0%22,3% 23,8% 50% 45,0%43,6%45,5% 25% 22,0% 22,1% 22,8% 22,6% 22,6% 21,0% 21,2% 0,0% 21,2% 40,9%41,7%41,0%40,3%41,4%41,3%42,3% 2,3% 0,8% 38,2%37,8% 0,6% 3,1% 0,4% 2,1%…
Growing Domestic Sales, million tons Gasoline Jet Fuel 1,11 1,01 0,53 0,53 0,52 0,52 1,2 0,92 0,49 0,47 0,6 0,46 0,45 0,45 0,84 0,83 0,44 0,44 0,44 0,81 0,81 0,79 0,76 1,0 0,38…
Opet A Strong Performance Station Numbers 1.500 1.324 1.325 1.356 1.224 1.279 1.200 418 526 394 410 394 900 600 798 830 885 915 938 300 0 2009 2010 2011 2012 2013 Opet Sunpet Summary Sales volumes in automotive fuels up…
RUP Progress December 2013 The project continues on track A total of 2.2 Billion has been spent on procurement and construction As of the end of December: The progress in engineering reached 99.6% Construction continued to plan…
Market Operations Financials 17 www.tupras.com.tr
Fluctuation in Oil Price & Exchange Rate for 2013 120 119,0 Brent Crude Price 2,340 TL/Dollar 115 2,240 110,3 110 2,140 2,1343 2,0770 108,1 2,040 105 1,9782 103,2 1,940 100 1,840 96,8 95 1,7543 1,740 18…
Fluctuation in Oil Price & Exchange Rate for 4Q 2013 118 117,1 2,1642 Brent Crude Price 2,15 TL/Dollar 115 2,10 2,0770 112 2,05 110,3 109 108,5 2,00 106 1,95 1,9557 103 103,3 1,9103 103,2 1,90 19 www.tupras.com.tr
Profitability Indicators , 12 Months & Q4 2012-2013 2013 2012 2013 2012 4Q (%) (%) 4Q 12M 12M 110.0 109.27 -0.7 Dtd.Brent Price, (/bbl) 111.6 108.66 -2.6 32.27 32.24 -0.1 Processed Crude API 32.22 32.54 1.0 70.9 73.2 2.3 White…
Financial Highlights (mn ) EBITDA Net Income 1.329,4 1200 1.400 1.200 272 1000 817 1.000 830 740 753,5 800 800 468 715 629 169 174 271 115 106 560 600 490 47 600 998 1.081 1.099 271 87 47 206 400 328 373 361 400 309 779 230…
Balance Sheet Analysis Cash & Equivalents (Billion ) Receivables (Billion ) 2,5 2,16 2,5 1,89 1,99 2,0 1,83 1,81 2,0 1,72 1,72 1,45 1,5 1,34 1,33 1,41 1,19 1,5 0,93 1,0 1,0 0,67 0,5 0,5 0,0 0,0 Dec 11 Sep 12 Dec.12 Mar.13 Jun 13…
FX Risk Exposure (31 December 2013 ) Consolidated Consolidated Assets Liabilities Million Cash: 1.431 Payables: 2.107 Recievables & Short Term Loans: Others: 69 129 Financial Loans: Stock 1.612 2.107 +67 FX Risk…
Excessive Pricing Theory Factors To Consider Tpra Explanation Monopoly or Global players Imports from as 73 Refineries in such as Shell, BP, Monopoly like Imports 100% free the region far away as USA & Total, Lukoil & Position…
Price Comparison Gasoline Price Comparison Med CIF Prices Izmit Refinery Sales Price % Change from 8th % Change from 8th Gasoline 10 ppm TL/ton July Gasoline 10 ppm TL/m3 July 8th Jul 2008 1.373,14 - 8th Jul 2008 1.130,41 - 1st…
Disclaimer This presentation contains forward-looking statements that reflect the Company managements current views with respect to certain future events. Although it is believed that the expectations reflected in these statements are…
Income Statement 4Q 4Q % 12 M 12 M Million USD % Diff. 2012 2013 Diff. 2012 2013 5,931 5,224 -12 Net Sales 23,677 21,595 -9 183 163 -11 Gross Profit 943 775 -18 -112 -105 -6 Operating Expenses -372 -368 -1 -32 -231 630 Income/Loss…
Tpra Balance Sheet-Assets % Million USD 31.12.2013 31.12.2012 Difference Difference Current Assets 4,575 5,121 -546 -11 Cash & C. Equivalents 1,716 1,830 -113 -6 Receivables 935 1,190 -255 -21 Inventories 1,619 1,753 -133 -8…
Tpra Balance Sheet-Liabilities % Million USD 31.12.2013 31.12.2012 Difference Difference Short Term Liabilities 4,871 4,526 345 8 Financial Loans 504 395 108 27 Payables 3,218 2,878 341 12 Deferred Incomes 5 9 Provisions 170 31…
Extras 30 www.tupras.com.tr
12M Product Yields 2012 2013 Asphalt Asphalt 12,97% Gasoline 13,92% Gasoline 21,10% 21,77% Light Black Light Distil. Black Prod. Distil. Fuel Oil 22,28% Fuel Oil Prod. 29,02% Naphtha 22,40% 16,05% 12,96% 27,15% Naphtha 1,18%…
4rd Quarter Product Yields 2012 2013 Asphalt Asphalt 12,7% 14,4% Gasoline Gasoline 21,4% 21,0% Light Light Black Black Distil. Distil. Prod. Fuel Oil Prod. Fuel Oil 22,8% 22,8% 28,5% 15,8% 28,5% Naphtha 11,7% Naphtha 1,4%…
12M Sales (Million Tons) Domestic Sales Export Volumes 12M 2012 12M 2013 3,5 12M 2012 12M 2013 9,0 8,5 8,0 8,0 3,0 2,9 2,8 7,0 2,5 2,5 6,0 2,0 5,0 1,7 3,6 4,0 1,5 3,3 2,9 2,8 3,0 1,0 1,8 1,8 2,0…
12M Trading Activities Finished Products Intermediates Diesel imports down 6% due to No ASRFO import and lower HVGO product optimization process in the due to the lower CUR refineries Product Imports, Ton*000 Intermediate…
Monthly Price Ratios (product /bbl/Crude /bbl) 2013-BBL/BBL Jan Feb March April May June July Aug Sep Oct Nov Dec Avg. LPG 0,70 0,68 0,72 0,69 0,60 0,61 0,63 0,65 0,69 0,67 0,71 0,88 0,69 Naptha 0,90 0,93 0,92 0,87 0,89 0,90 0,89 0,90…
Ratio Effects Product Ratio, v/v Crack Margin 2013 Yield 2013 2012 2013 2012 LPG 0,69 0,72 3,7% -1,3 -1,2 Gasoline 1,09 1,11 21,3% 2,1 2,5 Naphtha 0,91 0,92 0,4% 0,0 0,0 Jet 1,13 1,14 17,0% 2,4 2,8 Diesel 10 1,15 1,17 24,1% 3,9 4,5…
Thank You 37 www.tupras.com.tr
Competition Board Evaluation The Period 11th October 2008 1st January 2009 (2 months 20 Days) 850 Million TL loss in the October-December period Prices reduced more rapidly than Europe Gasoline 10 times Diesel 9 times 30% Currency…

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