TURCAS PETROL 1H23 Earnings Presentation
2Q & 1H23 General Overview
Turcas 2Q23
Turcas Petrol IFRS Consolidated Net Income/Loss Bridging (2Q23) (MM TL) Net Profit: 66 MM TL
108 | 13 | 1 | -97 | |||||||||||||||||
159 | -20 | -28 | ||||||||||||||||||
-26 | -44 | |||||||||||||||||||
-59 | ||||||||||||||||||||
-125 | ||||||||||||||||||||
Loss For The | STAŞ Usufruct | Fair value | Fair Value | Other (Net)* Turcas' Share in | Turcas' Share in | Opex | STAŞ BPA | Net Financing | Loss For The | |||||||||||
Period 1Q 2023 | Certificate | difference of | Difference Of | STAŞ Net Loss in RTG Net Loss in | Expenses (o/w | Period 1H 2023 | ||||||||||||||
Revaluation Gain ATAŞ valuation | Venture Capital | Q2 | Q2 | 49 MM TL from | ||||||||||||||||
Investment Fund | net FX losses) | |||||||||||||||||||
* Fixed asset sale gain (+5.1 MM TL), Rent & Service & Other income (+3.3 MM TL), Deferred Tax Expense (-6.7 MM TL) and Net other expenses (-0.5 MM TL) Turcas 1H23 | ||||||||||||||||||||
Turcas Petrol IFRS Consolidated Net Income Bridging (1H23) (MM TL) | Net Loss: -59 MM TL | |||||||||||||||||||
108 | 18 | 19 | 10 | -239 | ||||||||||||||||
158 | ||||||||||||||||||||
-53 | ||||||||||||||||||||
-26 | -54 | |||||||||||||||||||
-59 | ||||||||||||||||||||
STAŞ Usufruct | Fair value | Fair Value | Turcas' Share in | Other (Net)** | Turcas' Share in | Opex | STAŞ BPA | Net Financing | Net Loss as of | |||||||||||
Certificate | difference of ATAŞ Difference Of RTG Net Profit | STAŞ Net Loss | Expenses (o/w 62 | 1H2023 | ||||||||||||||||
Revaluation Gain | valuation | Venture Capital | MM TL from net | |||||||||||||||||
Investment Fund | FX losses) |
- Fixed asset sale gain (+5.1 MM TL), Rent & Service & Other income (+5.6 MM TL), ECA Premium Reimbursement (+5.0 MM TL), Deferred Tax Expense (-6.2 MM TL) and Net other income (+0,3 MM TL)
2Q23 results were marked by below performance factors:
-
Revaluation gains from Usufruct Certificate amounting to 159 MM TL in 2Q23 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 2Q23;
(-) RWE&Turcas's Quarterly Net Loss of -66 MM TL (Net Profit of 64 MM TL in 1H23) due to ca. 2 months long major maintenance at the Plant and abundant renewable energy generation in the market;
(-) Shell&Turcas's Quarterly Net Loss of -325 MM TL mostly due to stock losses (ca -729 MM TL in 2Q23) and increased financing expenses in 2Q23; (-)/(+) Devaluation of the currency resulting in 49 MM TL Net FX Losses. However, FX impacts are decreasing (compared to previous years) thanks to well on track financial deleveraging (Slide#10).
1
At a glance - 1H23 & [2Q23]
Retail (Fuel Distribution & Lubricants) | ||||
VOLUME | NET SALES | EBITDA | NET PROFIT | |
3,836 | 68,394 | 574 | -798 | |
ths m3 | MM TL | MM TL | MM TL | |
Shell & Turcas | in 1H23 | in 1H23 | in 1H23 | in 1H23 |
(1) | ||||
[2,043 ths m3 in 2Q] | [35,747 MM TL in 2Q] | [419 MM TL in 2Q] | [-325 MM TL in 2Q] | |
Electricity (Power Generation) | ||||
886 MM | 3,356 | 197 | 64 | |
kWh | MM TL | MM TL | MM TL | |
RWE & Turcas | in 1H23 | in 1H23 | in 1H23 | in 1H23 |
[402 MM kWh in 2Q] | [1,337 MM TL in 2Q] | [119 MM TL in 2Q] | [-66 MM TL in 2Q] |
(1) Includes Onsite B2C Fuels, Onsite B2B Fuels, Commercial Fuels , LPG, Lubricants. Excluding Supply Third Party Sales.
2
Quarterly & YoY Segmental Analysis
Oil Segment | Energy Segment | ||||||||
MM | |||||||||
Shell & Turcas | RWE & Turcas | ||||||||
TL | |||||||||
(Turcas share: 30%) | (Turcas share: 30%) | ||||||||
Revenues | EBITDA | Net Profit/ | Revenues | EBITDA | Net Profit/ | ||||
Loss | Loss | ||||||||
1H23 | 68,394 | 574 | -798 | 3,356 | 197 | 64 | |||
1H22 | 68,697 | 4,478 | 2,467 | 2,525 | 355 | 347 | |||
2Q23 | 35,747 | 419 | -325 | 1,337 | 119 | -66 | |||
2Q22 | 42,542 | 2,265 | 1,182 | 1,276 | 131 | 115 | |||
3
Shell & Turcas JV - 1H23 Key Operational Highlights
Onsite B2B + B2C Fuel Sales
ths m3
+15% y/y | 2,825 |
2,462
+1,529
in Q2
1H22 | 1H23 |
Lubricants Sales
ths m3
+23% y/y | 91 |
74
+45
in Q2
1H22 | 1H23 |
Commercial Fuel Sales
ths m3
-11% y/y
600
532
+263 in Q2
1H22 | 1H23 | |||||||||||||||
Onsite Market Share Progress in 2021-2023 May | 1 | |||||||||||||||
22.0% | 21.9% | 21.6% | 21.5% | 21.5% | ||||||||||||
21.0% | 21.4% | 19.1% 19.3% | ||||||||||||||
20.0% | 19.1% | 19.3% | ||||||||||||||
19.0% | 18.7% | 18.8% 18.8%18.9% | ||||||||||||||
18.0% | 17.6% | 18.4% | 19.2% 18.9% | |||||||||||||
18.0% | 18.1% 18.2% | |||||||||||||||
17.0% | ||||||||||||||||
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' | |||||||||||
Shell | Opet | PO | ||||||||||||||
Source: STAŞ management reports. Market share info : EMRA
4
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
Turcas Petrol AS published this content on 09 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 09 August 2023 16:50:05 UTC.
