Q1 2015 INVESTOR PRESENTATION
Company 02 Overview 01 Refining Industry Key 04 Financials 03 Investments
Refining Industry
2.1.14 23.1.14 13.2.14 6.3.14 27.3.14 17.4.14 8.5.14 29.5.14 19.6.14 10.7.14 31.7.14 21.8.14 11.9.14 2.10.14 23.10. 13.11. 4.12.14 25.12. 15.1.15 5.2.15 26.2.15 19.3.15 9.4.15 30.4.15 21.5.15 11.6.15 2.7.15 Brent Crude Oil Prices 115 110 105 100 95 90 85 80 75 70 65 60 55 50 45 40 $/Barrel 108,0 115,3 106,1 101,2 94,6 65,7 84,3 60,4 45,2 71,7 55,0 55,0 62,0 61,2 54,7 Reasons Falling Demand Growth Chinese slowdown Japanese Recession US weakness Lower Risk Perception ISIS Ukraine Iran No Problems Materialised Excess Supply US Unconventional Libya OPEC Attitude OPEC & Saudi statements 4
Thousand Barrels/Day Net Refinery Capacity Change 3.000 270 2.000 520 1.000 0-1.000 530 160 334 810 300 526 250 150 640 510 368 400 181 0 60 390 120 340 84 0 302 135 160 195 180 52 40 305 63-255 -103 45-195 -100-120 -140-5 -775-463 -576-280 -161-546 -2.000 2009 2010 2011 2012 2013 2014-352 -54-3.000 China India Middle East Other Asia Other Japan North America Europe Source : Tüpraş 5
Refinery Value Market Position Proportion of products sold domestically Local Competition Infrastructure Value Added Ability to upgrade Correlated to complexity Local Market Dynamics Growth trends Supply / Demand balance Cost Base Energy Efficiency Raw Material costs Scale Automation 6
Product Ratios (Barrel/Barrel) Jan Jan Feb Mar Mar Apr May Jun Jun Jul Aug Sep Sep Oct Nov Nov Dec Jan Jan Feb Mar Mar Apr May Jun Jun Jul Aug Sep Sep Oct Nov Nov Dec Jan Jan Feb Mar Mar Apr May Jun Jun Jul Aug Sep Sep Oct Nov Nov Dec 1,35 1,25 1,15 1,05 0,95 Gasoline 2010-2014 Min Max 2012 2013 2014 2015 1,40 1,35 1,30 1,25 1,20 1,15 1,10 1,05 1,00 Diesel 2010-2014 Min Max 2012 2013 2014 2015 1,00 Fuel Oil 0,90 0,80 0,70 2010-2014 Min Max 2012 2013 2014 2015 2015 Diesel & Gasoline ratios are still high 7
Crude Differentials $/Barrel 1,5 1,0 0,5 0,0-0,5-1,0-1,5-2,0-2,5-3,0-3,5-4,0 Ural Crude Differentials $/Barrel 2009-2012 Min/Max 2012 2014 2011 2013 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2,0 1,0 0,0-1,0-2,0-3,0-4,0 2,0 0,0-2,0-4,0-6,0-8,0-10,0-12,0 Differentials Trends Ural Iran Light (KI) Iran Heavy (KI) Kirkuk Arab. Heavy Siberian Light CPC 8
Gross Margin $/bbl Med Complex Refining Margins 9,00 8,00 7,00 6,00 5,00 4,00 3,00 2,00 1,00 0,00-1,00 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec -2,00 Max-Min 2004-2009 Average 2011 2012 2013 2014 2015 9
Million Vehicles Turkish Sector Outlook 25 20 15 10 5 0 Primary driver of demand is growing vehicle parc Auto sales continue to massively outstrip removals Very high gasoline tax has led to LPG & Diesel substitution Gasoline car sales improving 8,7 10,2 12,2 4,1 4,8 6,1 Vehicle 13,8 7,0 7,2 7,6 Parc 14,3 15,1 16,1 17,0 8,0 8,4 17,9 18,7 8,7 9,8 4,6 5,4 6,1 6,8 7,1 7,5 8,1 8,6 9,3 9,8 2002 2004 2006 2008 2009 2010 2011 2012 2013 2014* 180 160 140 120 100 80 60 40 20 0 Air Passengers - Million 79,4 85,5 43,6 44,3 102,8 52,2 117,6 130,0 59,4 65,4 149,5 73,4 166,0 80,4 35,8 41,2 50,6 58,3 64,5 76,1 85,6 2008 2009 2010 2011 2012 2013 2014 Domestic International Jet Fuel demand growing strongly Highly competitive liberalised market Big infrastructure investments Istanbul has become a hub for Turkish Airlines Fuel Oil demand is declining Natural gas substitution Switching is dependent on price Long Term Asphalt Demand Growth Infrastructure investments Passenger Car Other 10
Turkish Consumption (Million ton) Diesel Gasoline 18,0 17,5 17,0 16,5 16,0 15,5 15,0 14,5 4,2% 17,4 16,7 7,0% 15,6 2012 2013 2014 1,94 1,92 1,90 1,88 1,86 1,84 1,82 1,80 1,92 3,2% 0,5% 1,86 1,85 2012 2013 2014 Jet Fuel Fuel Oil 5,0 4,0 3,0 2,0 3,5 5,5% 3,7 11,2% 4,1 0,80 0,60 0,40 0,69-23,0% -1,1% 0,53 0,53 1,0 0,20 0,0 2012 2013 2014 0,00 2012 2013 2014 11
Turkey s Import / Export Balance (Net) Million Ton 4,0 3,0 2,0 1,0 0,0-1,0-2,0-3,0-4,0-5,0-6,0-7,0-8,0-9,0-10,0-11,0-12,0-13,0-14,0 Export 2,1 2,5 2,4 2,5 1,6 1,8 1,5 1,6 1,0-3,1-3,0-3,0-3,1-3,1 Import -9,0-10,0-10,8-12,0-12,7 LPG Gasoline Diesel Fuel oil 2010 2011 2012 2013 2014 1,8 12
Company Overview
TÜPRAŞ Refining Assets Black Sea Baku İstanbul MARMARA İzmit Ankara Kırıkkale İzmir Batman Total Refining Capacity: 28.1 Million Tons 100% of Turkey s refining Capacity Current Nelson Complexity(NC): 7.25 Kirkuk İzmit 11.0 MT Capacity NC: 7.78 Storage Capacity : 2.2 Mn M 3 İzmir 11.0 MT Capacity NC: 7.66 Storage Capacity : 1.9 Mn M 3 Baz yağ üreticisi 400 bin ton Kırıkkale 5.0 MT Capacity NC: 6.32 Storage Capacity : 1.2 Mn m 3 Batman 1.1 MT Capacity NC: 1.83 Storage Capacity : 0.2 Mn m 3 14
Opet - Tüpraş Share 40.0 % 1.424 İstasyon 994 Opet Marka 430 Sunpet Marka 1.1 Million M3 Storage Major Terminals in Marmara, Agean, Black Sea & Mediteranean International Trading London & Singapore Jet Fuel Sales Turkish Airlines JV Lubricants Fuchs JV A Sector Leader 2nd Biggest Player # 1 Brand 15
Million Tons DİTAŞ Deniz Taşımacılığı Tüpraş Hisse Payı %79.98 Cumhuriyet Sevgi Gönül Leyla Suna Esra & Aylin Crude 2001 164,86 K DWT Products 2008 10,98 K DWT Products 2009 10,98 K DWT Products 2011 6 K DWT Products 2012 55 K DWT Bitumen 2x20 K DWT Esra 2014 Aylin 2015 25 20 20,7 2,0 21,9 2,6 18,0 19 Tugboats 16 15 10 5 0 3,1 18,7 19,3 14,8 9,6 8,4 3,1 3,5 6,4 4,8 2010 2011 2012 2013 2014 Crude Products Financials Million $ 2010 2011 2012 2013 2014 Net Sales 139,4 146,4 159,0 103,7 101,7 Op. Profit 19,1 17,9 22,8 25,2 27,3 16
Crude Suppliers of TÜPRAŞ (Million Tons) 5,28 0,61 1,87 2,37 5,67 1,63 0,18 0,08 2,57 In 2014, Tüpraş purchased 18 different types of crude oil from 11 countries, with gravities ranging between 19-46 API 9,7 7,2 7,4 6,1 5,1 0,6 0,6 0,3 0,4 0,7 1,0 0,0 0,0 0,3 0,3 0,1 0,1 1,5 1,5 1,1 2,2 3,8 3,1 2,1 2,4 2,3 2,4 2,5 2,9 2,8 2,0 1,8 1,5 2,0 2,1 2,9 IRAN RUSSİA S.ARABİA TURKEY IRAQ KAZAKSTAN ITALY LİBYA OTHER 2010 2011 2012 2013 2014 17
Med & Tüpraş Net Margins, $/bbl 8,0 6,0 4,0 2,0 0,0 1,34 3,05 5,46 3,45 4th Quarter 1,41 4,42 2,76 5,82 2,92 1,72 3,84 4,56 0,30 2,03 2008 2009 2010 2011 2012 2013 2014 Tupras Net Med Complex 8,0 6,0 4,0 2,0 0,0 3,70 1,57 3,44 1,72 1st Quarter 3,50 1,37 0,42 3,87 2,97 1,96 2,83 0,90 0,44 2,41 5,98 4,69 2008 2009 2010 2011 2012 2013 2014 2015 Tupras Net Med Complex 12 Month 6,0 4,0 2,0 5,54 4,57 1,95 2,29 2,89 4,51 5,29 1,17 4,21 3,31 1,67 2,45 1,95 3,21 0,0 2008 2009 2010 2011 2012 2013 2014 Tupras Net Med Complex 18
Capacity Utilisation,% 87,2 90,7 93,2 91,1 86,1 60,4 69,6 74,4 78,7 76,8 71,3 65,1 80,7 100 +17,9% 90 80 70 60 69,2 8,7 77,1 7,5 79,9 5,5 81,6 2,9 79,1 2,4 74,9 3,6 68,0 2,9 85,9 5,2 50 40 30 20 10 Crude Oil Other 0 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2014 / 1q 2015 / 1q 19
Quarterly Production Volumes (Million Tons) 7 6 5 5,71 5,51 4,63 4,55 6,47 6,25 5,41 5,51 6,07 4 4,19 4,32 4,06 3 3,31 2 Min / Max 2007/2014 2014 2015 1 0 1Q 2Q 3Q 4Q 20
1st Quarter Product Yields 2014 2015 Asphalt 9,3% Gasoline 20,6% Asphalt 7,3% Gasoline 21,5% Fuel Oil 18,9% Black Prod. 28,2% Light Distil. 21,7% Naphtha 1,2% Fuel Oil 19,2% Black Prod. 26,5% Light Distil. 22,4% Naphtha 0,8% LPG 3,6% Other 3,1% Other 6,7% Mid. Distil. 43,4% Jet 16,7% LPG 3,2% Other 2,9% Other 6,1% Mid. Distil. 44,9% Jet 17,5% Diesel 26,8% Diesel 27,5% White Product 71.27% Production 4.5 mn ton API:32.54 White Product 72.84% Production 5.7 mn ton API:33.14 21
Domestic Sales, million tons Gasoline Jet Fuel 2,0 1,5 1,0 0,5 1,81 1,78 1,82 1,83 0,39 0,43 5,0 4,0 3,0 2,0 1,0 2,76 3,29 3,55 3,83 0,76 0,86 0,0 2011 2012 2013 2014 1st Q 2014 1st Q 2015 0,0 2011 2012 2013 2014 1st Q 2014 1st Q 2015 Diesel Bitumen 10,0 8,0 6,0 4,0 2,0 0,0 7,87 8,57 8,11 6,70 2011 2012 2013 2014 1st Q 2014 1,48 1,73 1st Q 2015 3,5 3,0 2,5 2,0 1,5 1,0 0,5 0,0 2,95 2,81 2,93 1,95 2011 2012 2013 2014 1st Q 2014 0,23 0,27 1st Q 2015 22
1Q Trading Activities Finished Products High Sulfur Diesel imports were stable but buy more ULSD High / Low sulphur diesel differentials were too low for desulphurisation arbitrage profits. Intermediates Additional HVGO imported to increase Capacity Utilisation in conversion units Product Imports, Ton*000 Intermediate Imports, Ton*000 300 250 200 150 100 50 0 218 221 275 273 25 1Q 2014 1Q 2015 126 96 200 180 160 140 120 100 80 60 40 20 0 45 HVGO 176 ASR F.Oil 1Q 2014 1Q 2015 23
Sales By Customer 2014 Customer Groups Sales to Distributors Military 2% Export 24% Asphalt 9% Distributors 37% Other 32% OMV POAŞ 23% Other 7% Petkim 1% LPG Dist. 4% Jet Fuel 4% THY Opet 12% TOTAL 3% TP 4% BP 5% Shell 14% OPET 19% Total: 24.1 million ton Distributors : 10,3 million ton 24
Corporate Governance Corporate Governance Rating O V ERALL 93,10 One of the top rated companies in Turkey Committed to continuous improvement in this area Member of the Corporate Governance Association SHA REHOLDERS 95,51 TRANSPARENCY 93,96 STAKEHOLDERS 86,82 BOARD 93,46 25
Sustainability Accident Frequency Rate Recycled Water % 2,5 1,7 2,2 1,5 1,1 1,6 37,0% 32,2% 36,3% 40,4% 2009 2010 2011 2012 2013 2014 2011 2012 2013 2014 317 GHG Emissions Reduction 348 120,9 Energy Intensity Index 186 126 107,4 105,4 105,3 102,1 101,6 2011 2012 2013 2014 2009 2010 2011 2012 2013 2014 26
Corporate Social Responsibility Education 23rd April Events Umbrella Action Programme Fire Fly Programme Sponsorship Vocational School Infrastructure Investment Our Power is Our Energy Pilot Refinery Culture Purchase of Relief for Geyre Foundation Health Support for Turkish Family Planning Foundation Environment Aliağa - Menemen Highway Tree Planting Natural İzmit Project Safety Week Happy Waste 27
Investments
Investments (Million USD) 1400 1201 1200 1000 974 959 800 628 600 395 400 188 177 200 0 2008 2009 2010 2011 2012 2013 2014 28
Miyon USD Investing in Efficiency 200 180 160 140 120 100 80 60 40 20 0 18 188 42 111 143 62 105 106 32 146 105 106 79 81 31 22 31 18 22 2007 2008 2009 2010 2011 2012 2013 2014 Operational Excellence Programme Hydrocarbon Margin Integrity and Reliability Health, Safety and Environment Energy Efficiency Projects Boiler and Furnace Modernization at the İzmit Refinery FCC Flue Gas Purification and Energy Recycling at İzmit Installation of 25 MW Gas Turbine and Waste Heat Furnace in İzmir Investment for the improvement of the crude oil energy efficiency at Kırıkkale OMP EVP 29
Atmospheric Dip 7500 m3/g RUP Flow Chart Gas To Gas Treatment New Vacuum Distillation Unit HVGO LVGO Gas To Gas Treatment Vacumm Dip From Existing Refineries Vacuum Dip 8200 m3 /g The Project also includes an integrated cogeneration Plant of capacity 120 MW Delayed Coker Unit Coke LPG Naphtha LCGO HCGO Hydrogen Unit 1200 m3/ g 4000 m3/ g 8000 m3/ g 160.000 Nm3/h LPG Treating New Hydrocracker / Hydrotreater Unit HC Bottoms To Gas Treatment LPG Light Naphtha Heavy Naphtha Kerosene Diesel 31
Resid Upgrading Project Production (Thousand Tons) Raw Materials (kton) Products (kton) Natural Gas 246 Vacuum Resid 1,214 Atm. Dip 3,036 Total Feed 4,496 Total Production 4,250 32
Residuum Upgrade Financing Structure / Conditions Bank Consortium CESCE $1.08 Billion Tenor 4+8; LIBOR+%3.05 SACE $597 Million Tenor 4+8; LIBOR+%3.10 Commercial $359 Million Tenor 4+3; LIBOR+%2.85 Total $2,035.1 Million Spanish ECA Italian ECA 10 International Banks Banco Bilbao Vizcaya Argentaria, S.A. The Bank Of Tokyo-Mitsubishi Ufj, Ltd. BNP Paribas Crédit Agricole Corporate And Investment Bank Deutsche Bank AG- London Branch HSBC Bank Plc Banco Santander, S.A. Sumitomo Mitsui Banking Corporation Europe Limited Societe Generale WestLB AG- London Branch 33
Financial Summary Assumptions Returns 85 $/varil Crude Oil 1,5 Milyar $ NPV 2.70 Milyar $ Investment % 29.7 % 17,9 Equity &Project IRR ~Libor + 3% Interest Rates 550 Million $ EBITDA 34
RUP- Mile Stones Tüpraş Technical Department Feasibility Report May 2006 Snam Progetti Investment Alternatives Evaluation May 2007 Coker Chosen Dec 2007 Tecnicas Reunidas Contract Signed Dec 2009 Support from Spanish & Italian ECAs Aug 2011 Turn Key Agreement Aug 2011 Finance Agreement Oct 2011 Flare Lighting Ceremony Sept 2014 Opening Ceremony Dec 2014 35
RUP Opening Ceremony 15 th December 2014 36
Key Financials
Tax Incentive Previously Large Scale Valued at 30% of project cost Realised after completion Tax rate of 10% on project earnings until total incentive is reached Currently Strategic Valued at 50% of project cost Partly realised during construction Tax rate of 2% on project earnings until total incentive is reached Main Differences Total amount increased Some benefits are immediate Benefits will accrue much quicker 37
Profitability Indicators, 12 M 2013-2014 & 1Q-2014-15 2014 1Q 2015 1Q (%) 2013 2014 (%) 108,22 53,97-50 Dtd.Brent Price, ($/bbl) 108,7 98,99-8,9 32,54 33,14 1,8 Processed Crude API 32,54 32,29-0,8 71,27 72,84 1,6 White Product Yield, (%) 72,4 72,2-0,2 0,44 5,98 1259 Med. Complex Margin,($/bbl) 1,67 1,95 16,2 2,41 4,69 94,6 Tüpraş Net Margin,($/bbl) 2,45 3,21 30,7 122,7 42,3-65,6 Operating Profit, (mn. $) 21,7 199,3 820,2 117,2 124,3 6,1 Operating Profit for EBITDA, (mn. $) 434 220-49,3 150,2 149,7-0,4 EBITDA *(mn. $) 560 338-39,7 100,3 219,9 119,1 EBITDA* (mn. $) CCS 467 575 23,2 155,8 67,6-56,6 EBITDA (mn.$)-cmb 148,0 317,3 114,4 * In our EBITDA calculation FX related items are not included, whereas CMB rules is that these should be including in operationg profit 39
Income Statement 1Q 1 Q 2014 2015 % Diff. Million USD 4.186,2 2.829,3-32,4 Net Sales 12 M 2013 21.594, 7 12 M 2014 % Diff. 18.164,9-16 184,5 203,1 10,1 Gross Profit 774,5 577,5-25 -71,3-70,0-1,8 Operating Expenses -367,8-334,6-9 9,6 - -90,8 Income/Loss from other operations 1.048,7-385,0-43,6-89 122,7 42,3-65,6 Operating Profit 21,7 199,3 820,2 10,5-9,2-187,4 Income/Loss from equity investment 43,0-7,6-118 133,2 33,1-75,2 Operating Profit Before Fin. Income/Loss 64,7 191,6 196 22,0 180,7 720,3 Financial Income 528,7 228,2-57 -50,5-225,7 346,8 Finance Expenses -586,5-335,8-43 104,7-11,9-111,4 Profit Before Tax & Minorities 6,9 84,0 1.124 230,7 112,0-51,4 Net Profit 629,4 667,2 6 40
Tüpraş Balance Sheet-Assets Million USD 31.03.2015 31.12.2014 Difference % Difference Current Assets 2.778 3.015-237 -8 Cash & C. Equivalents 1.206 1.681-475 -28 Receivables 201 87 115 132 Derivatives 105 28 77 277 Inventories 1.081 1.022 59 6 Pre-paid expenses 44 53-9 -18 Other Current Assets 142 144-2 -1 Long Term Assets 6.037 6.443-407 -6 Financial Assets & Subsidiaries 245 315-70 -22 Fixed Assets 4.296 4.600-305 -7 Pre-paid expenses 68 112-44 -39 Deferred Tax 1.136 1.131 5 0 Other Long Term Assets 272 284-12 -4 Total Assets 8.815 9.458-643 -7 41
Tüpraş Balance Sheet-Liabilities Million USD 31.03.2015 31.12.2014 Difference % Difference Short Term Liabilities 3.044 3.692-648 -18 Financial Loans 377 335 42 13 Payables 1.740 2.464-724 -29 Derivatives 3,22 0,03 3,19 10.873 Deferred Incomes 20 7 Provisions 33 47-14 -29 Other ST Liabilities 871 838 32 4 Long Term Liabilities 3.358 3.087 271 9 Financial Loans 3.280 3.009 271 9 Payables & Provisions 68 76-8 -11 Other LT Liabilities 10 2 8 356 Equity 2.392 2.655-263 -10 Minority Interests 20 24-4 -16 Total Liabilities 8.815 9.458-643 -7 42
Financial Highlights (mn $) EBITDA Net Income 1.400 1.200 1.000 800 600 400 200 0-200 1.329,4 272 830 753,5 468 715 169 115 106 560 1.099 271 89 779 328 373 338 361 256 315 226 262 153 153 134 78 113 95 79 150 150-11 -27 2008 2009 2010 2011 2012 2012-R 2013 2014 2015 1200 1000 800 600 400 200 0 174 271 47 91 47 206 175 309 230 435 522 165 171 331 75 145 194 161 75 231 67 72 112 2008 2009 2010 2011 2012 2013 2014 2015 Net Debt/(Cash) Return on Average Equity 3.000 2.500 2.000 1.500 1.000 500 0-500 -1.000-1.500-2.000-2.500-653 -1.955 578 551 1.340 1.994 1.696 1.869 1.598 1.663 2.452 0,45 0,40 0,35 0,30 0,25 0,20 0,15 0,10 0,05 0,00 0,30 0,32 0,22 0,19 0,24 0,10 2009 2010 2011 2012 2013 2013 1Q 0,40 2014 1Q 0,33 0,30 0,26 2014 1H 2014 9M 0,18 2014 2015 1Q 43
Balance Sheet Analysis 2,5 2,0 1,5 Cash & Equivalents (Billion $) 2,16 1,83 1,81 1,72 1,69 1,64 1,68 1,41 1,30 1,21 2,0 1,5 1,0 1,19 1,34 1,45 1,33 Receivables (Billion $) 0,93 0,71 0,52 0,51 1,0 0,5 0,5 0,0 0,09 0,20 0,0 Dec.12 Mar.13 Jun 13 Sep13 Dec 13 Mar.14 Jun.14 Sep.14 Dec.14 Mar.15 Financial Loans (Billion $) 4,0 2,9 3,1 3,4 3,1 3,0 2,4 2,0 1,0 0,0 0,4 0,8 0,8 1,0 0,5 3,7 0,9 3,2 3,2 3,3 3,7 0,3 0,3 0,3 0,4 2,0 2,1 2,3 2,4 2,6 2,8 2,9 2,9 3,0 3,3 Dec.12 Mar.13 Jun 13 Sep 13 Dec 13 Mar.14 2014 1h 2014 9M Dec 14 Mar.15 4,0 3,0 2,0 1,0 0,0 Payables (Billion $) 3,46 3,22 2,88 2,97 2,94 3,10 3,28 3,04 2,46 2,46 1,74 LT Loans ST Loans 44
FX Risk Exposure (31 March 2015 ) Consolidated Assets Consolidated Liabilities Million $ Cash 82 Receivables* 21 Stock 1,076 Forward 1,010 Payables 1,157 ST Financials 235 RUP 141 LT Financials: 2,655 RUP Loans: 1,839 Eurobond: 700 Other credits: 116 +127 million $ FX Risk with RUP : -1,858 million $ 45
Disclaimer This presentation contains forward-looking statements that reflect the Company management s current views with respect to certain future events. Although it is believed that the expectations reflected in these statements are reasonable, they may be affected by a variety of variables and changes in underlying assumptions that could cause actual results to differ materially. Neither Tüpraş nor any of its directors, managers or employees nor any other person shall have any liability whatsoever for any loss arising from use of this presentation. 46
Future Expectations Med Complex Margin We expect Med Complex margins to be 3.0-3.2 dollar per barrel band in 2015. Tupras Net Margin For Tupras net refinery margins, we expect this to be in the region of 3.7-4.5 dollars per barrel Capacity Utilisation Following the RUP fully commissioned in March, expected Capacity Utilisation in 2015 will reach around 95 % Production will therefore be approximately 27.5 million tons Imports of finished products will be minimal, as we focus on selling increased volumes of production Investment Including a total of 60 million US dollars final portion for the RUP, total investments for 2015 will be about 220 Million USD 47
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 Depreciation 26 Sept 1.2316 TL/$, 20 th Nov 1.7038 TL/$ 31 st December 1.5218 TL/$ Crude Oil prices fell from 144 dollars per barrel to 36 EMRA decided that no action was necessary 45
Dividends (TL) Total Payout (Million TL) 7 1.200 6 985 5,83 964 1.000 5 4 3 2 579 2,31 3,24 626 2,50 2,94 746 2,98 4,96 3,93 3,85 4,78 396 800 600 400 1 1,73 1,58 200 0 0 0 2008 2009 2010 2011 2012 2013 2014 Earnings per Share Gross Dividend Total Payout 2012/2013 EPS includes the tax incentive 49
Disclaimer This presentation contains forward-looking statements that reflect the Company management s current views with respect to certain future events. Although it is believed that the expectations reflected in these statements are reasonable, they may be affected by a variety of variables and changes in underlying assumptions that could cause actual results to differ materially. Neither Tüpraş nor any of its directors, managers or employees nor any other person shall have any liability whatsoever for any loss arising from use of this presentation. 48
Turgut Tuncay Önbilgin Investor Relations and Reporting Director Jonathan Lamb Investor Relations Manager The Investor Relations section of our company website has a wealth of constantly updated information of interest to investors Investor Relations and Reporting Directors Tel. : 262 316 3269 Fax : 262 316 30 10-11 Güney Mah. Petrol Cad. No.25 PK.41790 Körfez-Kocaeli www.tupras.com.tr E-mail: info@tupras.com.tr www.tupras.com.tr