Aygaz Anonim Sirketi · BIST:AYGAZ
Aygaz Anonim Sirketi — Aygaz — Investor Presentation (January 2012)
39 slides from Aygaz Anonim Sirketi's investor presentation, January 2012
Slide 1: Aygaz Investor Presentation
AYGAZ Investor Presentation January 2012
Slide 2: Table of Contents
Table of Contents Aygaz Overview LPG from A to Z = AygaZ Aygaz as an Energy Player Strategies and Key Takeaways Financial Highlights Appendix Summary Financial Statements 1
Slide 3: Aygaz; A Well Diversified Energy Holding
AYGAZ; A Well Diversified Energy Holding •Leader in its core business: Fully integrated LPG services • #1 in Turkey, #5 in Europe • Market leader since foundation • 29% market share as Aygaz Group • 1,6 m tons sales – 2010 • $3,1 b revenue - 2010 • 7th in top industrial enterprises of TR •Diversifie
Slide 4: Keeping its solid performance
Keeping its solid performance Strong financials; (Cons. in m$) 2010 2009 2008 YoYchange Revenue 3.105 2.431 2.768 28% EBITDA 204 252 261 -19% EBITDA Margin 7% 10% 9% -3 Net Profit 160 203 20 -22% Net Profit Margin 5% 8% 1% -3 Volume (000 tons) 1.601 1.574 1.321 2% Outstanding cash generation abilit
Slide 5: LPG from A to Z
AYGAZ LPG from Ato Z AygaZ ft eal On the road In your home For business
Slide 6: LPG consumption is increasing in the world
LPG consumption is increasing in the world 300 World LPG consumption 233 241 245 272 • Mixtures of hydrocarbons in 250 199 215 219 which butane or propane are predominant (m tons) 200 • LPG market is supply oriented 150 100 50 • Supply is secure as LPG is 0 2000 2005 2006 2007 2008 2009 2012 E extra
Slide 7: Turkish LPG Market is evolving
Turkish LPG Market is evolving Turkish LPG market •3,6 m tons, #2 in Europe 68% •70 distribution companies 38% •First 6 players share 73% of the market 1.387 (000) tons 2.490 •Serving; 12 m houses 1.803 570 1.044 126 2,9 m cars 29% •Liberal market with regulatory body-EMRA 16% 46% 3% LPG Consumption
Slide 8: Aygaz Volumes and Market Shares
Aygaz Volumes and Market Shares Aygaz; total Other; 13% Other; 25% 23% auto BP gaz; 5% cylinder Aygaz; 43% Milangaz; Akpet; 4% 16% İpragaz; POAŞ; 15% 4% Total gaz; 4% BP gaz; Shell gaz; İpragaz; 6% Milangaz; 11% 23% 8% EMRA LPG Sector Report Oct, Jul, 2011, Aygaz
Slide 9: Turkish autogas market; growth story
Turkish autogas market; growth story 2.5 TR Autogas Volumes 2.5 m tons, #2 in the world Fuel distributors are main players 2.0 30% price advantage to gasoline 1.5 (m ton) 2.9 m cars in Turkey -2010E 1.0 ~37% of passenger car park 8700+ autogas stations - 2010 0.5 0.0 Price Advantage of A
Slide 10: Adaptation to change as market leader
Adaptation to change as market leader Long-term strategy builder 30% Market share vs number of 24% Opet partnership 25% stations share LPG is core business unlike fuel 20% 15% 14% distributors 10% Pioneering R&D and innovation 5% Brand power cultivated over 50 years 0% Highest efficiency
Slide 11: Autogas market dynamics
Autogas market dynamics Conversion OEM 300.000+ conversions per year Guaranteed conversion provided by 12 car manufacturers (34% passenger 1.000+ conversion points car market share) including: $700 average cost Pay back in 15.000 km * SMMT: The Society of Motor manufacturers & Traders 3,00
Slide 12: Turkish Cylinder market; always here
Turkish Cylinder market; always here Fragmented market; 70 players Contraction slowing down Other; Potential growth in rural areas 13% Conventional areas of use BP gaz; 5% Residential (heating, bathroom, cooking) Aygaz; 43% Commercial Milangaz; 16% Camping Market New areas of use sha
Slide 13: Unique expertise in cylinder market
Unique expertise in cylinder market Strong penetration 12.300+ points of sale Different brands for different segments Brand power 60% share in residential market Market maker CRM activities Innovative marketing approach Fully integrated production cycle; Gebze Plant Cylinders, ga
Slide 14: Cylinder product family
Cylinder product family Residential Camping bathroom cooking Barbecue Outside heating heating 12
Slide 15: Bulk LPG
Bulk LPG Where natural gas Petrochemical sector started infrastructure is infeasible using LPG in Turkey Residential Aygaz became first and Commercial - Industrial only seller to the sector 13
Slide 16: Strong distribution & transportation network
Strong distribution & transportation network 2.459 cylinder dealers/market total 12.000+ 1.341 autogas stations/market total 8.700+ 5.000+ service trucks 200+ tanker trucks 15.000+ employees (Aygaz+dealers) 2011 figures 14
Slide 17: Incomparable brand value
Incomparable brand value Most preferred LPG brand in Turkey since its foundation – 50 years = LPG in Turkey Best Brands 2010 by GFK Best Brand in LPG sector Best Brands 2010 by KalDer Best Brand in Cylinder LPG SAHA Ratings – Corporate Governance Rating One of the most transparent comp
Slide 18: Aygaz value chain
Aygaz value chain Supplier Storage Autogas Station Bulk LPG Residential Customer Bulk LPG Commercial Customer Filling Cylinder Gas Dealer Cylinder Gas Customer Cylinder Distribution 16
Slide 19: Smart solutions for supply
Smart solutions for supply Flexibility creates added value Diversification – supplier portfolio Primary access to supply info & market dynamics Turkish LPG Supply 2011 Tüpraş production Tüpraş 19% Other import imports 2% 46% Aygaz import 33% Source: AYGAZ 17
Slide 20: Utilization of geographical advantage
Utilization of geographical advantage 2011 % of TR supply % of Aygaz supply 23% 11% 45% 43% 4% MED 2% 4% 7% 7% 6% 17% 31% 18
Slide 21: Sole fleet operator
Sole fleet operator Reduces logistics costs Gives flexibility in sourcing and inventory management Beylerbeyi Anadoluhisarı Kuzguncuk Provides competitive Kandilli advantage for Black Sea Kuleli supply Total capacity: 45.000 cbm* *2011 figure including C&O 19
Slide 22: Effective logistics infrastructure
Effective logistics infrastructure 2011 170.000 cbm fixed storage - 30% of TR 1.110.000 tons filling capacity 56.000 cbm moving storage - 60% of TR 26 plants all over Turkey Filling Terminal Filling Facility Cylinder Distribution Center 20
Slide 23: High logistics competency
High logistics competency 3 different types of inventory management LPG Mix, Autogas, Propane Direct import to 5 different locations Operational excellence in primary transportation Best inventory turnover globally Inventory Turnover 22.5 12.2 11 10 9.5 9.5 1.7 Aygaz Lavera İpragaz Milanga
Slide 24: Aygaz Key Takeaways
Aygaz Key Takeaways Financial Strength Brand Power Long- term Strategy Builder Consistent Market Diversifier & Leader Portfolio Investor Strong Sales & Logistics Network 22
Slide 25: Portfolio Architecture
Portfolio Architecture LPGDC 24% 51% 25% 10% 25% 100% 99% 100% 100% Anadoluhisarı Kuzguncuk Kandilli Kuleli
Slide 26: LNG, CNG and Pipeline Natural Gas Distribution
LNG Distribution • Transportation and regasification • 250 industrial customers, 107MCM, 20% market share • 2011 Planned sales : 126MCM • Total natural gas market: 35-40BCM; LNG market: 0.5BCM CNG Distribution • Antalya CNG plant / Capacity: 12MCM • Sales: 3MCM - 2011 Planned sales : 3.6MCM Pipeline
Slide 27: Entek
Entek Capacity - 305MW NGCC • İzmit : 160MW • Bursa : 143MW • Sales composition : 52% PMUM & 48% trade & direct customers Production and Sales - 2010 • Electricity prod. : 1.890 Gwh Energy sales : 2.761 Gwh • Steam prod. : 122 Gwh Revenue : 401 m TL 157 Kocaeli Strategies • Aygaz has signed a partne
Slide 28: Our priorities
Our priorities Sustain LPG market leadership through Product differentiation and innovation for autogas Further penetration through new autogas stations Growth prospects for cylinder in rural Turkey Geographical diversification in neighbouring countries Offset impact of diminishing bulk
Slide 29: AYGAZ as an investment
AYGAZ as an investment; AYGAZ Mcap (mTL) ISE 30 indexed (mTL) Sustainable and long term 4000 cash generator 3500 3000 2500 Strong dividends 255 m TL cash dividend (M TL) 2000 1500 paid during the last 3 1000 years 500 125 m TL cash dividend 0 paid for 2010 Aygaz intends to continue •ISE Ti
Slide 30: Financial Highlights
Financial Highlights Net sales (m$) Gross Profit(m$) and GPM* 16% 400 2010 3,011 14% 350 2009 2,431 12% 300 10% 250 2008 2,768 8% 200 2007 2,451 6% 150 4% 100 2006 1,803 2% 50 2005 3,118 0% 0 2005 2006 2007 2008 2009 2010 EBITDA(m$) and EBITDA Margin* Net Profit(m$) and NPM* 12% 300 16% 400 10% 250
Slide 31: Quarterly Financials
Quarterly Financials Net Sales(m$) Gross Profit(m$) and GPM* 894 870 14% 120 813 798 796 704 713 12% 100 10% 80 8% 60 6% 4% 40 2% 20 0% 0 EBITDA(m$) and EBITDA Margin* Net Profit(m$) and NPM* 8% 70 25% 200 7% 60 6% 20% 150 50 5% 15% 40 4% 100 30 10% 3% 2% 20 50 5% 1% 10 0% 0 0% 0 * bars: $ figures &
Slide 32: Financial Highlights
Financial Highlights Equity (m$) and Debt Ratio* Net Cash (m$) 50% 1,600 102 100 1,400 40% 1,200 30% 1,000 800 2005 2006 2007 2008 2009 2010 20% 600 (28) (18) 400 (94) 10% 200 0% 0 2005 2006 2007 2008 2009 2010 (198) * bars: $ figures & lines: % figures Working Capital Dividend Payout 400 116% 273 2
Slide 33: Contacts
Contacts [email protected] Gökhan Tezel, CFO E-mail: [email protected] Phone: +90 212 354 1733 Mehmet Özkan, Finance Manager E-mail: [email protected] Phone: +90 212 354 1657 Selin Sanver, Investor Relations E-mail: [email protected] Phone: +90 212 354 1659 www.aygaz.com.
Slide 34: Disclaimer
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 c
Slide 35: Appendix
Appendix
Slide 36: Income Statement Summary
Income Statement Summary (m USD) 2005 2006 2007 2008 2009 2010 Net Sales 3.118 1.803 2.451 2.768 2.431 3.105 COGS (2.842) (1.534) (2.140) (2.400) (2.073) (2.770) Gross Profit 276 269 312 368 358 334 Operating Profit 76 123 128 189 189 145 Profit Before Tax 85 85 317 49 242 189 Net Profit 69 252 339
Slide 37: Balance Sheet Summary
Balance Sheet Summary (m USD) 2005 2006 2007 2008 2009 2010 Cash & Cash Eq. 65 470 83 268 271 174 Trade Receivables 252 132 224 175 224 176 Inventories 98 81 103 56 54 105 Participations 122 618 910 624 669 783 Prop. Plant & Eq. 461 378 610 444 472 316 Financial Debt (158) (368) (281) (296) (289) (7
Slide 38: Income Statement Summary
Income Statement Summary (million TL) Q2 10 Q3 10 Q4 10 Q1 11 Q2 11 Q3 11 rQ Q2 11/Q3 11 Net sales 1,070 1,227 1,303 1,253 1,241 1,502 %22 %21 COGS -965 -1,094 -1,148 -1,148 -1,126 -1,366 %25 %21 Gross profit 104 134 155 105 115 135 %1 %18 Operating profit 42 69 57 40 38 52 -%24 %38 Profit before ta
Slide 39: Balance Sheet Summary
Balance Sheet Summary (million TL) 08 09 3M 10 6M 10 9M 10 10 3M 11 6M 11 9M 11 rY % Cash & Cash Equivalents 405 408 302 246 302 262 350 256 257 -15% Trade Receivables 264 337 280 295 326 265 305 332 355 9% Inventories 84 81 148 154 127 159 146 187 207 63% Participations 944 1,007 1,007 1,081 1,136