OMV Petrol Ofisi A.Ş.

Transcription

1 OMV Petrol Ofisi A.Ş Financial Results Investor Presentation February 19, 2014

2 Disclaimer OMV Petrol Ofisi A.Ş. ( OMV Petrol Ofisi ) has prepared this presentation (the Presentation ) for the sole purpose of providing information relating to OMV Petrol Ofisi (the Information ). The contents of this Presentation is based on public information and on data provided by OMV Petrol Ofisi management. No reliance may be placed for any purposes whatsoever on the Information contained in this Presentation or on its completeness, accuracy or fairness. The Information in this Presentation is subject to verification, completion and change. No representation or warranty is made by OMV Petrol Ofisi or the Shareholders or any of their respective advisers or any of their representatives as to the accuracy or completeness of the Information and no liability is accepted by any such person for any such Information or opinion or for any loss howsoever arising from any use of this Presentation or the Information. This Presentation and/or the Information is confidential and cannot be copied, disclosed or distributed to any person and is being provided to you solely for your information. This Presentation and/or the Information cannot be distributed or disseminated into Turkey. This Presentation and/or the Information do not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any securities of OMV Petrol Ofisi, nor shall it or any part of it nor the fact of its distribution form the basis of, or be relied on in connection with, any contract or investment decision. In the UK this Presentation is being made only to and is directed at (a) persons having professional experience in matters relating to investments falling within Article 19(1) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2001 (the Order ) or (b) high net worth entities, and other persons to whom it may otherwise lawfully be communicated, falling within Article 49(1) of the Order (all such persons together being referred to as relevant persons ). Any person who is not a relevant person should not act or rely on this Presentation or any of its contents. Investors and prospective investors in securities of any issuer mentioned herein are required to make their own independent investigations and appraisal of the business and financial condition of such company and the nature of the securities. Any decision to purchase securities in the context of a proposed offering of securities, if any, should be made solely on the basis of information contained in an offering circular published in relation to such an offering. All statements other than statements of historical facts included in this Presentation, including, without limitation, those regarding our financial position, business strategy, plans and objectives of management for future operations (including development plans and objectives relating to our products), are forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding our present and future business strategies and the environment in which we will operate in the future. Further, certain forward-looking statements are based upon assumptions of future events which may not prove to be accurate. The forward-looking statements in this Presentation speak only as at the date of this Presentation. 2 OMV Petrol Ofisi A.Ş. Investor Presentation YE.2013

3 Market Snapshot REFINERY 1 refinery company 4 refineries 22.1 mn t of crude processed 78.7% CUR* 21.7 mn t of production* 25.4 mn t of total sales 19.6 domestic 5.9 export* DISTRIBUTOR 72** distributors Top 5 accounting for 75% of the market 4.88 mn m 3 of licensed storage capacity STATIONS 12,638** stations Dealer owned Dealer operated No white flags Dealer contracts recently limited down to 5 years PRICING 59% of the gasoline pump price is composed of Tax (SCT+VAT) Adjusted in line with refinery prices & currency fluctuations Gasoline USD 2.32/lt Diesel USD 2.09/lt * ** OMV Petrol Ofisi A.Ş. Investor Presentation YE.2013

4 Strong potential in the Turkish market pushed by oil demand and underpinned by macro indicators Turkey, huge fast growing oil market Strong potential also underpinned by average cars per household Oil product demand 1 Number of cars per household 2 mnt Units/HH Developing markets 2.0 Mature markets Italy France +27% Czech Republic United Kingdom United States Germany Poland 29 Spain Japan Hungary 1.0 Romania Russia 1.48 Average car penetration of the mature markets >70 mio consumer in total Car penetration per 1000 people increasing from 102 in 2010 to 123 in 2014 vs. European average of Brazil India China 0 Turkey 20,000 40,000 60,000 80,000 Median household income USD Source: JBC Energy, April Total product demand excl. Biofuels 2 Assuming average household size of 3 people 3 Germany, Japan, UK, Spain, Italy, France, and United States 4 OMV Petrol Ofisi A.Ş. Investor Presentation YE.2013

5 Turkish Petroleum Market Dynamics Diesel (mio m 3 ) Gasoline + Auto LPG* (mio m 3 ) 15,3 16,6 15,9 16,3 17,5 18,2 19,5 6,0 5,9 6,1 6,1 7,0 7,2 7, Black Products (mio ton) Lubricants ( 000 ton) 2,6 2,8 1, ,1 1,0 0,9 0, Source: Petroleum Industry Association Auto-LPG figures are from EMRA and as of November. 5 OMV Petrol Ofisi A.Ş. Investor Presentation YE.2013

6 OMV Petrol Ofisi A.Ş. Company History FOUNDATION Established in 1941 as a State Economic Enterprise PRIVATISATION SPO Taken into Privatization Program in % of PO shares acquired by İşDoğan Petroleum Investments Inc. for US$ 1.26 billion in July % of total shares owned by PA were publicly offered and privatized as of March 2002 PRIVATISATION In July 2002, the remaining 25.83% shares held by PA were sold to İşDoğan, which already owned 51% of the Company MERGER TENDER OFFER PRIVATE PLACEMENT SHAREHOLDER STRUCTURE TENDER OFFER PRIVATE PLACEMENT STRATEGIC PARTNERSHIP İşDoğan, owner of 82% of PO shares, merged with PO in December 2002 In Nov. Dec. 2002, İşDoğan increased its share to 96.3% through a tender offer In December 2002, 14% of the shares were transferred to İşbank and Doğan Holding 6.7% of PO shares were sold to institutional investors in February 2005 İşbank s PO shares (44.1%) were acquired by Doğan Holding in September 2005 A tender offer was carried out by Doğan Holding between October 14 31, % of PO shares were sold to institutional investors in January 2006 Free float after the tender is % % of shares were sold to OMV in March 2006 ACQUISITION MCAP OMV acquired 54.14% of OMV Petrol Ofisi shares and increased its stake from 41.58% to 95.72% in Following the mandatory tender offer OMV stake became 96.98% in 2011 As of December 31, 2013, OMV Petrol Ofisi s MCAP is USD 1.09 bio 6 OMV Petrol Ofisi A.Ş. Investor Presentation YE.2013

7 Shareholder Structure 41.58% Subsidiaries Fuel Sale Erk Petrol (99.96%) Storage Facility 55,40% 3,02% Marmara Depoculuk (89.97%) Aviation Operations PO Havacılık Opr. (99.99%) Free Float OMV Petrol Ofisi Holding A.Ş. OMV Aktiengesellschaft 7 OMV Petrol Ofisi A.Ş. Investor Presentation YE.2013

8 OMV became clear majority shareholder of OMV Petrol Ofisi A.Ş. One of Austria s largest listed industrial companies and integrated, international oil and gas company Exploration and Production Gas and Power Refining and Marketing Worldwide activities, core countries: Romania and Austria Approx. 80% of production in EU and OECD countries Production: 303 kboe/d Proved reserves: 1.12 bn boe 2,000 km gas pipeline system (marketed capacity of 103 bcm) ~1/3 of Russia s gas exports to Western Europe via Baumgarten Gas sales volumes in CEE, SEE and Turkey: 437 TWh One gas-fired power plant in Romania and one in Turkey (under construction) 4 refineries with capacity of 22.0 mn t Active in 13 countries Approximately 4,000 filling stations 97% Petrol Ofisi (#1 retailer and wholesaler in Turkey) 36% Borealis (a leading polyolefins producer in Europe) OMV aims to be a focused, integrated oil and gas company with improved overall profitability and strong growth in upstream 8 OMV Petrol Ofisi A.Ş. Investor Presentation YE.2013

9 Business Lines 61% of diesel Imported in 2013 Largest Storage Capacity Largest Retail Network Supply 1,252,647 m 3 Fuel Product 50,476 m 3 LPG Logistics Retail stations m 3 /st. avg. throughput C&I State Companies Private Companies Local TUPRAS DDS Direct Delivery System Imports Israel, Greece, Russia, Georgia, Ukraine, Italy, Malta, Bulgaria, Romania, Portugal and France 14 Terminals (11 fuel, 3 LPG) Aviation Others Marine Lubricants Products 9 OMV Petrol Ofisi A.Ş. Investor Presentation YE.2013

10 Accounting for 25.6%* of Turkey s Petroleum Product Storage Capacity MDH Haramidere Derince Samsun Trabzon Yarımca LPG Kırıkkale Aliağa Aliağa LPG Aksaray LPG Batman Antalya Mersin İskenderun OMV Petrol Ofisi has 10 Fuel Terminals (998,000m 3 ) and 3 LPG Terminals (50,476 m 3 ) The new Marmara Ereğlisi Terminal (90% PO share, 10% PETLINE share) which has been completed in 2011 has a storage capacity of 254,647 m 3. All terminal laboratories (9) are accredited for running the mandatory EMRA Group II fuel tests. OMV Petrol Ofisi sourced all fuel products distributed in the local market from TÜPRAŞ (Turkish Petroleum Refineries Inc.) or through imports from Israel, Greece, Russia, Georgia, Ukraine, Italy, Malta, Bulgaria, Romania, Portugal and France. * According to EMRA, Licensed storage capacity figure for Turkey is 4.88 mio m 3 10 OMV Petrol Ofisi A.Ş. Investor Presentation YE.2013

11 Retail Only Company with Nationwide Coverage Number of Stations (as of YE.2013) OMV Petrol Ofisi: 2,176, Opet: 1,350, Shell: 1,037, BP: 625, Total: 439, Others: 7,011 Total: 12,638 Site Share: 17% Market Share: 24,6% (total white: gasoline + gasoil) Stations & Service Upgrade CarWash PO Super Wash operates in 13 stations, 7 more sites will be added by end of February 2014, delivering top-quality car wash services at an affordable price. Aktif POint A service corner, Aktif POint, is installed to more than 500 PO stations across Turkey. The services given to the customers are, utility and mobile bill payment, GSM top-up, insurance appliance, catalogue orders, etc. Station Trainings Extensive training programs have been implemented for service excellence and HSSE, as well for newly launched station services such as POCELL, PO Super Wash station employees trainings have been given, in more than 1000 stations. NTI/NTPO Projects Network growth by opening or transferring new stations. Each year there are 200 Greenfield investments and 1000 station transfers in the market. CR Projects Existing sites are up to contract renewal every 5 years. In average 750 contracts/year will be renewed between The sales performance of the station, the location, the relationship with the dealer are taken into consideration when allocating the CR budget. 11 OMV Petrol Ofisi A.Ş. Investor Presentation YE.2013

12 Marketing POCELL TV ad of the post-paid campaign of 200TL free fuel was live during Nov and Dec Fuel discounts of post-paid tariff increased to 10, 12 & 15 kuruş from 8, 10,12 kuruş respectively. 50 TL free fuel promotion for 250 Octane tariff finished at the end of the year. Customer Loyalty, CRM and Promotions OMV PO Customer Loyalty Programs target to maximize customer satisfaction by offering differentiated services and segmented offers. To achieve this objective, below are done in campaigns with credit cards of banks 21 targeted segment campaigns for existing Positive Card customers 2 brand campaigns with Digiturk and Toyzz Shop Launch of PosPara service with Visa for the first time in Turkish fuel sector New partners: Special offers of customers of IDO and Hertz Communication campaign %4 More Mileage Campaign continued during May-June period, supported with POP materials on the stations. 12 OMV Petrol Ofisi A.Ş. Investor Presentation YE.2013

13 C&I - Fuelling the Energy that Turkish Industry Needs and Relies on Commercial and Industrial (C&I) sales are comprised mostly of Jet fuel, Gasoil and Black product. Customers are defined under 3 separate categories; State-owned entities, military institutions and municipalities Private companies in industry, agriculture, transport, logistics and construction Sub-distributors who supply commercial customers with an annual consumption of less than 5,000 tons that distribution companies can t supply by law PO Air is currently operating at 19 airports. The customer portfolio includes the domestic airlines such as Onur Air, Pegasus, Sun Express, Atlasjet, MNG Cargo, Corendon as well as foreign airlines such as Lufthansa, Emirates, Delta Airlines, United Airlines, Air France, KLM, Easyjet, Etihad Airways, UPS, Qatar, Asiana, Thomas Cook Group and TUI Group etc. Stretching along the entire Turkish coastline from Hopa to İskenderun PO Marine is the only supplier with its Own marine terminals in all Turkish seas Offering all marine fuels and lubricants Providing transit bunker services in Turkish Black Sea, Marmara, Aegean, Mediterranean Sea and more than 60 international ports all around the world. 13 OMV Petrol Ofisi A.Ş. Investor Presentation YE.2013

14 Leading Player in the Lubricants Market 25.4%* market share 140,000 tons annual production capacity in Derince plant The most advanced research and development laboratory in Turkey and in the wider region; Petrol Ofisi Technology Centre ( POTEM ), on an area of 1,200 m products in product portfolio 2013 sales amount is 98,898 tons, including 10,509 tons of export to 27 countries 214 maxima lube centres (Lubes control & change service centres in PO stations - Trained personnel provides expert advice for Private vehicles ) 4 MAXIMUS lube centres for commercial vehicles have started operations. (Lubes control & change service centres in PO stations - Trained personnel provides expert advice for HDDEO) *Source: Petroleum Industry Association 14 OMV Petrol Ofisi A.Ş. Investor Presentation YE.2013

15 OMV Petrol Ofisi Leading the Market 21,6% 14,7% 25,0% 25,4% OMV Petrol Ofisi 64,8% Others 78,4% 85,3% 75,0% 74,6% 35,2% Gasoline Auto-LPG Gasoil Black Product Lubes Source: Petroleum Industry Association. Auto-LPG figures are from EMRA and as of November. 15 OMV Petrol Ofisi A.Ş. Investor Presentation YE.2013

16 778,6 807, , , , ,8 80,8 82,0 409,2 369, ,3 413,6 394, ,7 514,9 496,2 OMV Petrol Ofisi Sales Volume Comparison YE.2012 YE tons Gasoline Auto LPG Gasoil Black Products Lubricants Gasoline + Auto LPG White Products Total Sales Source: Petroleum Industry Association. Auto-LPG figures are from EMRA and as of November. 16 OMV Petrol Ofisi A.Ş. Investor Presentation YE.2013

17 Financial Highlights Sales revenue increased by 23.7% compared to 12M2012, amounting to TRL 4.8 bio. Gross Profit also increased by 14.2% to TRL 1.0 bio with respect to 2012 which includes TRY 32 mio of PO E&P impairment in cost of goods sold. Cash OPEX (operating expenses excluding depreciation) increased 8% compared to prior year. In 2013, EBIT increased by 2.7% driven by higher gross profit which is compensated by the higher opex and other operating expenses in comparison with the prior year. EBITDA increased by 2.4% which is lower than the increase in EBIT due to higher cash opex. In 12M of 2013 EBIT margin realised at 1.3%, 0.3 points lower than the 12M of 2012 which is in-line with the decrease in Gross profit margin. EBITDA margin is also 0.5 point lower than 2012 mainly due to high cash expenses. In 2013, net income increased by TRL 11 mio compared to the prior year mainly due to higher EBIT by TRL +9 mio and positive tax effect by TRL +26 mio compared the prior year which is overcompensating the negative effect of higher financial expenses by TRL -24 mio. 17 OMV Petrol Ofisi A.Ş. Investor Presentation YE.2013

18 Results for YE OMV Petrol Ofisi A.Ş. Investor Presentation YE.2013

19 OMV Petrol Ofisi A.Ş. Investor Relations Team Tel.: Homepage: 19 OMV Petrol Ofisi A.Ş. Investor Presentation YE.2013