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Q2 2015INVESTOR PRESENTATION
Investments03
Company
Overview02
Refining
Industry01
Key
Financials04
Refining Industry
Brent Crude Oil Prices
108,0 115,3106,1
101,2
94,6
84,3
71,7
65,7
60,4
55,0
55,0
45,2
62,0
66,7
48,040
45
50
55
60
65
70
75
80
85
90
95
100
105
110
115
2.1
.14
23
.1.1
4
13
.2.1
4
6.3
.14
27
.3.1
4
17
.4.1
4
8.5
.14
29
.5.1
4
19
.6.1
4
10
.7.1
4
31
.7.1
4
21
.8.1
4
11
.9.1
4
2.1
0.1
4
23
.10
.14
13
.11
.14
4.1
2.1
4
25
.12
.14
15
.1.1
5
5.2
.15
26
.2.1
5
19
.3.1
5
9.4
.15
30
.4.1
5
21
.5.1
5
11
.6.1
5
2.7
.15
23
.7.1
5
13
.8.1
5
3.9
.15
24
.9.1
5
15
.10
.15
4
$/Barrel
Net Refinery Capacity Change
810 640160 195 52
-255 -103-576
334
150
340 13540
-100-195
-280
160
250
18184
180
-120
45
-161
530
526
0
0 302
-5-775
-546
520
400
120
390
-140
305
-352
270
300
510
60
368
63
-463
-54
-3.000
-2.000
-1.000
0
1.000
2.000
3.000
China India Middle East Other Asia Other Japan NorthAmerica
Europe
Tho
usa
nd
Bar
rels
/Day
2009 2010 2011 2012 2013 2014
Source : Tüpraş
5
Refinery Value
Value Added•Ability to upgrade
•Correlated to complexity
Cost Base•Energy Efficiency•Raw Material costs•Scale•Automation
Local Market Dynamics•Growth trends•Supply / Demand balance
Market Position•Proportion of products sold domestically•Local Competition•Infrastructure
6
Product Ratios (Barrel/Barrel)
1,00
1,05
1,10
1,15
1,20
1,25
1,30
1,35
1,40
Jan
Jan
Feb
Mar
Mar
Ap
r
May Jun
Jun
Jul
Au
g
Sep
Sep
Oct
No
v
No
v
Dec
Diesel
2010 - 2014 Min Max 2012 2013 2014 2015
2015
Gasoline ratio was at very high levels
Ratios have suffered seasonal declines
0,95
1,05
1,15
1,25
1,35
1,45
1,55Ja
n
Jan
Feb
Mar
Mar
Ap
r
May Jun
Jun
Jul
Au
g
Sep
Sep
Oct
No
v
No
v
Dec
Gasoline
2010 - 2014 Min Max 2012 2013 2014 2015
0,60
0,70
0,80
0,90
1,00
Jan
Jan
Feb
Mar
Mar
Ap
r
May Jun
Jun
Jul
Au
g
Sep
Sep
Oct
No
v
No
v
Dec
Fuel Oil
2010 - 2014 Min Max 2012 2013 2014 2015
7
Crude Differentials $/Barrel
-4,0-3,5-3,0-2,5-2,0-1,5-1,0-0,50,00,51,01,5
-4,0-3,5-3,0-2,5-2,0-1,5-1,0-0,50,00,51,01,5
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2009-2012 Min/Max 2012 2014 2011 2013 2015
-12,0
-10,0
-8,0
-6,0
-4,0
-2,0
0,0
2,0
Differentials Trends
Ural Iran Light (KI) Iran Heavy (KI) Kirkuk Arab. Heavy Siberian Light CPC
Ural Crude Differentials $/Barrel
8
Med Complex Refining Margins
9
-2,00
-1,00
0,00
1,00
2,00
3,00
4,00
5,00
6,00
7,00
8,00
9,00
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Gro
ss M
argi
n $
/bb
l
Max-Min 2004-2009 Average 2011 2012 2013 2014 2015
Turkish Sector Outlook
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 improving35,8 41,2 50,6 58,3 64,5 76,1 85,4
64,6 73,7
43,6 44,352,2
59,465,4
73,480,3
63,866,8
79,4 85,5102,8
117,6130,0
149,5165,7
128,4140,4
020406080
100120140160180
2008 2009 2010 2011 2012 2013 2014 Sept.14
Sept.15
Air Passengers - Mill ion
Domestic International
4,6 5,4 6,1 6,8 7,1 7,5 8,1 8,6 9,3 9,9 10,44,1
4,86,1
7,0 7,2 7,6 8,0 8,4 8,7 9,0 9,3
8,710,2
12,213,8 14,3 15,1
16,117,0 17,9 18,8 19,6
0
5
10
15
20
25
Mill
ion
Veh
icle
s
Vehicle Parc
Passenger Car Other
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
10*By the end of August
15,6 16,7 17,4
8,0 9,3
0,0
5,0
10,0
15,0
20,0
2012 2013 2014 2014 (6M) 2015 (6M)
Diesel
Turkish Consumption (Million ton)
1,85 1,86 1,92
0,90 1,00
0,00
0,50
1,00
1,50
2,00
2,50
2012 2013 2014 2014 (6M) 2015 (6M)
Gasoline
3.2%7.0%4.2%
0.5%
3,5 3,7 4,1
1,9 2,0
0,0
1,0
2,0
3,0
4,0
5,0
2012 2013 2014 2014 (6M) 2015 (6M)
Jet Fuel
5.5% 11.2%
0,690,53 0,53
0,27 0,22
0,00
0,20
0,40
0,60
0,80
2012 2013 2014 2014 (6M) 2015 (6M)
Fuel Oil
-1.1%
-23.0%
11
+16.2%+7.8%
+9.2%
-18.9%
Turkey’s Import / Export Balance (Net)
-3,1
1,6
-9,0
1,8
-3,0
2,1
-10,0
1,5
-3,0
2,5
-10,8
1,6
-3,1
2,4
-12,0
1,0
-3,1
2,5
-12,7
1,8
-14,0-13,0-12,0-11,0-10,0
-9,0-8,0-7,0-6,0-5,0-4,0-3,0-2,0-1,00,01,02,03,04,0
LPG Gasoline Diesel Fuel oil
2010 2011 2012 2013 2014
Million Ton
Export
Import
12
Company Overview
14
TÜPRAŞ Refining Assets
İzmir
İzmit
Ankara
İstanbul
Kırıkkale
Batman
Kirkuk
Baku
MARMARA
Kırıkkale
5.0 MT Capacity
NC: 6.32
Storage Capacity :
1.4 Mn m3
Batman
1.1 MT Capacity
NC: 1.83
Storage Capacity :
0.3 Mn m3
İzmit
11.0 MT Capacity
NC: 14.5
Storage Capacity :
2.9 Mn M3
İzmir
11.0 MT Capacity
NC: 7.66
Storage Capacity :
2.4 Mn M3
Baz yağ üreticisi 400 bin ton
Black Sea
Total Refining Capacity: 28.1 Million Tons – 100% of Turkey’s refining Capacity
Current Nelson Complexity(NC): 9.9
OPET Tüpraş Share 40.0 %
1.427 İstasyon
997 Opet Marka
430 Sunpet Marka
1.1 Million M3 Storage
•Major Terminals in Marmara, Agean, Black Sea & Mediteranean
International Trading
•London
Jet Fuel Sales
•Turkish Airlines JV
Lubricants
•Fuchs JV
A Sector Leader
•2nd Biggest Player
•# 1 Brand
15
16
DİTAŞ – Deniz Taşımacılığı – Tüpraş Share %79.98
18,7 19,314,8
6,4 4,8
2,02,6
3,1
3,13,5
20,721,9
18,0
9,68,4
0
5
10
15
20
25
2010 2011 2012 2013 2014
Mill
ion
To
ns
Crude Products
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
• Crude• 2001
• 164,86 K DWT
Cumhuriyet
• Products • 2008
• 10,98 K DWT
Sevgi
• Products • 2009
• 10,98 K DWT
Gönül
Products
2011
6 K DWT
Leyla
Products201255 K DWT
Suna
• Bitumen
• 2x20 K DWT
• Esra 2014
• Aylin 2015
Esra & Aylin
16
Financials
19 Tugboats
Crude Suppliers of TÜPRAŞ (Million Tons)
7,4
2,9
1,8
2,5 2
,1
2,2
0,1
0,0
0,4
9,7
2,1
2,0
2,4
3,1
1,1
0,1
0,0
0,3
7,2
2,0
2,8 2
,3
3,8
1,5
0,3
1,0 0
,6
5,1
1,5
2,9 2
,4
6,1
1,5
0,3
0,7
0,6
5,2
8
0,6
1 1,8
7
2,3
7
5,6
7
1,6
3
0,1
8
0,0
8
2,5
7
I RA N RUSS İA S .A RA BİA TURKEY IRA Q KA Z A KSTA N ITA LY L İBYA OTHER
2010 2011 2012 2013 2014
In 2014, Tüpraş purchased 18 different types of crude oil from 11
countries, with gravities ranging between 19-46 API
17
Med & Tüpraş Net Margins, $/bbl
6,1
3
2,6
2
4,8
9
4,3
4 3,6
5 2,6
3
-0,2
8
7,5
16,2
8
1,4
0
3,5
5
1,6
5
5,7
3
2,5
2
0,0
6
4,8
8
-2,0
0,0
2,0
4,0
6,0
8,0
2008 2009 2010 2011 2012 2013 2014 2015
2nd Quarter
Tupras Net Med Complex
4,0
5
2,2
2
3,4
2
4,1
2 2,8
5 1,8
8 1,0
5
6,2
34,9
9
2,4
2
3,5
3
1,0
4
4,3
5 2,6
8
0,2
5
5,4
3
0,0
2,0
4,0
6,0
8,0
2008 2009 2010 2011 2012 2013 2014 2015
6 Month
Tupras Net Med Complex
18
1,5
7
1,7
2
1,3
7
3,8
7
1,9
6 0,9
0
2,4
1
4,6
93,7
0
3,4
4
3,5
0
0,4
2
2,9
7
2,8
3
0,4
4
5,9
8
0,0
2,0
4,0
6,0
8,0
2008 2009 2010 2011 2012 2013 2014 2015
1st Quarter
Tupras Net Med Complex
4,5
7
2,2
9
4,5
1
5,2
9
3,3
1 2,4
5
3,2
1
5,5
4
1,9
5
2,8
9
1,1
7
4,2
1
1,6
7
1,9
5
0,0
2,0
4,0
6,0
2008 2009 2010 2011 2012 2013 2014
12 Month
Tupras Net Med Complex
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
,0
90
,1
8,7
7,55,5
2,92,4
3,6
3,5
4,0
69,2
77,179,9 81,6
79,174,9
68,5
94,1
0
10
20
30
40
50
60
70
80
90
100
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2014 / 1H 2015 / 1H
Crude Oil Other
19
+25,6%
Quarterly Production Volumes (Million Tons)
20
3,31
4,19 4,324,06
5,51
6,256,47
6,07
4,554,63 5,41
5,51
5,71
6,82
0
1
2
3
4
5
6
7
8
1Q 2Q 3Q 4Q
Min / Max 2007/2014 2014 2015
1H Product Yields
White Product 72.4%
Production 9.2 mn ton
API:32.7
White Product 72.7%
Production 12.3 mn ton
API:32.63
Gasoline20,7%
Naphtha0,9%
Jet18,3%
Diesel27,1%
Other2,4%
LPG3,5%
Fuel Oil17,7%
Asphalt9,3%
Gasoline20,6%
Naphtha1,2%
Jet18,5%
Diesel27,5%
Other2,7%
LPG3,2%
Fuel Oil17,5%
Asphalt8,8%
Light Distil.21,6%
Mid. Distil.45,4%
Other 5,9%
Black Prod.27,0%
Light Distil.21,8%
Mid. Distil.45,9%
Other6,0%
Black Prod.26,3%
2014 2015
21
Domestic Sales, million tons
1,81 1,78 1,82 1,83
0,85 0,94
0,0
0,5
1,0
1,5
2,0
2011 2012 2013 2014 1st H2014
1st H2015
Gasoline
2,763,29 3,55
3,83
1,742,12
0,0
1,0
2,0
3,0
4,0
5,0
2011 2012 2013 2014 1st H2014
1st H2015
Jet Fuel
7,878,57 8,11
6,70
3,143,96
0,0
2,0
4,0
6,0
8,0
10,0
2011 2012 2013 2014 1st H2014
1st H2015
Diesel
2,95 2,81 2,93
1,95
0,650,90
0,0
0,5
1,0
1,5
2,0
2,5
3,0
3,5
2011 2012 2013 2014 1st H2014
1st H2015
Bitumen
22
1H Trading Activities
Exports High CUR = big increases in export
Finished Products Despite high CUR, diesel imports
continued, in order to take market share prior to RUP completion
Intermediates
HVGO for Hydrocracker commissioning
23
371 366
10
432
82
454 465
44
279
61
0
100
200
300
400
500
Product Imports, Ton*000
1H 2014
1H 2015
1.010
63
949
30
1.597
158
1.851
450
500
1.000
1.500
2.000
Gasoline Middle Dist. Fuel Oil Other
Exports, Ton*000
1H 2014
1H 2015
172
311
050
100150200250300350
HVGO + LCGO ASR F.Oil
Intermediate Imports , Ton*000
1H 2014 1H 2015
Sales By Customer 2014
24
Distributors37%
THY Opet12%
Jet Fuel4%
LPG Dist.4%
Petkim1%
Other7%
Export24%
Asphalt9%
Military2%
OMV POAŞ23%
OPET19%
Shell14%
BP5%
TP4%
TOTAL3%
Other32%
Customer Groups Sales to Distributors
Total: 22,2 million ton Distributors : 9,6 million ton
Corporate Governance
92,77
90,52
97,94
95,51
94,41
BOA RD
STA KEHOLD ERS
TRA NSPA RENCY
SHA REHOLD ERS
OV ERA LL
Corporate Governance Rating
One of the top rated companies in
Turkey
Committed to continuous
improvement in this area
Member of the Corporate
Governance Association
25
Sustainability
2,5
1,7
2,2
1,51,1
1,6
2009 2010 2011 2012 2013 2014
Accident Frequency Rate
37,0%32,2%
36,3%40,4%
2011 2012 2013 2014
Recycled Water %
317348
186
126
2011 2012 2013 2014
GHG Emissions Reduction
120,9
107,4105,4 105,3
102,1 101,6
2009 2010 2011 2012 2013 2014
Energy Intensity Index
26
Corporate Social Responsibility
Education•23rd April Events
•Umbrella Action Programme
•Fire Fly Programme Sponsorship
•Vocational School Infra-structure Investment
•Our Power is Our Energy
•Pilot Refinery
Culture• Purchase of Relief for Geyre Foundation
Health• Support for Turkish Family Planning Foundation
Environment•Aliağa - MenemenHighway Tree Planting
•Natural İzmit Project
•Safety Week
•Happy Waste
27
Investments (Million USD)
0
200
400
600
800
1000
1200
1400
2008 2009 2010 2011 2012 2013 2014 2015 E
395
188 177
628
974
1201
959
290
28
RUP- Mile Stones
30
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
Delayed Coker (Last Unit) starts operating
• May 2015
Residuum Upgrade Performance
• As expected:
– The whole refining system is
profitably running at full
capacity utilization
– Diesel production and market
share has been significantly
boosted
– The expected boost in
EBITDA is in line with the
$550 million per annum
originally expected
31
İzmit Waste Water Treatment
32
Project Aims
• To reduce the need for fresh water
What the Project Entails
• A water treatment plant to process municipal & refinery waste water
• Two temporary systems were built to serve until the main system was completed
• Project completed in 2015
Investment
• 22 Million USD
İzmir Crude Unit Revamping Project
Project Aims
• Eliminating low energy efficiency in the furnaces
• Enables sustainable full capacity utilization
What the Project Entails
• Configuration Changes
• De-salter & Pre-flash column
• Heat recycling – Heat Exchanger
• Replace column internals
• New pre-flash drum
Expectations
• Investment: 31.9 Million USD
• IRR > 40%
33
Kırıkkale Power Plant
34
Project Aims
• Improving Energy Efficiency at Kırıkkalewith a combined heat & power plant
• The other refineries are already equipped
• Expected completion: 2016
What the Project Entails
• A new gas turbine
• New steam turbines
• New boilers
• One existing steam turbine will be utilized
• Total power: 60 MW
Investment
• 84 Million USD
• IRR: >30%
R&D
The R&D department was set up
in 2009
It works primarily on process
improvements
One of the first commercial
successes was the Membrane
Deaerator Project
The Project maximizes the use of waste heat in the refinery by utilizing cold feed water
Unit costs and physical size are much less than the alternative processes
The process has been implemented in two of the refineries
It won an EU Environmental awarded
35
Membrane Deaerator
Conventional Deaerator
37
Profitability Indicators , 6 M 2014-2015 & 2Q-2014-15
* In our EBITDA calculation FX related items are not included, whereas CMB rules is that these should be including in
operationg profit
2014 2Q 2015 2Q
(%) 2014 6M 2015 6M (%)
109,63 61,92 -44 Dtd.Brent Price, ($/bbl) 108,93 57,95 -46,8
32,86 32,21 -2,0 Processed Crude API 32,70 32,63 -0,2
73,51 71,83 -1,7 White Product Yield, (%) 72,4 72,7 0,3
0,06 4,88 8028 Med. Complex Margin,($/bbl) 0,25 5,43 2072,0
-0,28 7,51 2782,1 Tüpraş Net Margin,($/bbl) 1,05 6,23 493,3
-6,4 338,0 5382,3 Operating Profit, (mn. $) 116,3 380,2 226,9
-52,0 368,3 807,9 Operating Profit for EBITDA, (mn. $) 65,2 492,6 656,0
-27,2 415,4 1627,2 EBITDA *(mn. $) 123,0 565,1 359,2
-16,4 348,3 2227,3 EBITDA* (mn. $) CCS 84,0 568,2 576,7
18,4 385,1 1989,5 EBITDA (mn.$)-CMB 174,2 452,7 159,9
38
Financial Highlights (mn $)
1.099
779
134262
113 95 79 150 150
256
328
153 153 78-27
415
271
468
373 361315 226
169
272
115 10689
-11
830
1.329,4
753,5 715560
338
565
-200
0
200
400
600
800
1.000
1.200
1.400
2008 2009 2010 2011 2012 2012-R 2013 2014 2015
331522
67194 161 72
231112
145
16575
75
171273
230
206309 435
17547
174 27147 91
0
200
400
600
800
1000
1200
2008 2009 2010 2011 2012 2013 2014 2015
-653
-1.955
578 551
1.340
1.9941.696 1.869
1.598 1.663
2.4522.577
-2.500-2.000-1.500-1.000
-5000
5001.0001.5002.0002.5003.000
0,220,19
0,300,32
0,24
0,10
0,40
0,330,30
0,26
0,18
0,30
0,000,050,100,150,200,250,300,350,400,45
2009 2010 2011 2012 2013 20131Q
20141Q
20141H
20149M
2014 20151Q
20152Q
EBITDA Net Income
Net Debt/(Cash) Return on Average Equity
Balance Sheet Analysis
1,83 1,81
1,41
2,16
1,72 1,69
1,30
1,64 1,68
1,211,04
0,0
0,5
1,0
1,5
2,0
2,5
Dec.12 Mar.13 Jun 13 Sep13 Dec 13 Mar.14 Jun.14 Sep.14 Dec.14 Mar.15 Jun.15
Cash & Equivalents (Billion $)
1,191,34
1,451,33
0,930,71
0,52 0,51
0,090,20
0,66
0,0
0,5
1,0
1,5
2,0
Receivables (Billion $)
2,0 2,1 2,3 2,4 2,6 2,8 2,9 2,9 3,0 3,3 3,1
0,40,8 0,8
1,0 0,50,9
0,3 0,3 0,30,4 0,5
2,42,9 3,1
3,43,1
3,73,2 3,2 3,3
3,7 3,6
0,0
1,0
2,0
3,0
4,0Financial Loans (Billion $)
LT Loans ST Loans
2,88 2,97 2,943,46
3,22 3,10 3,283,04
2,46
1,74 1,70
0,0
1,0
2,0
3,0
4,0
Payables (Billion $)
39
40
FX Risk Exposure (30 June 2015 )
ConsolidatedAssets
ConsolidatedLiabilities
LT Financials: 2,496
RUP Loans: 1,827
Eurobond: 700
Other credits: 37
ST Financials 395RUP 306
Payables
1,070
Forward
1,010
Stock
985
Receivables*
8
Cash
184
Million $
+53 million $
FX Risk with RUP : -1,774 million $
RUP FX impacts are subject to Cash Flow Hedge Accounting
41
Income Statement
2Q 2 Q% Diff. Million USD 6 M 2014 6 M 2015 % Diff.
2014 2015
4.537,3 4.024,7 -11 Net Sales 8.723,5 6.854,0 -21
17,5 442,5 2.424 Gross Profit 202,0 645,6 220
-73,7 -72,0 -2 Operating Expenses -145,0 -142,0 -2
49,7 -32,6 -165 Income/Loss from other operations 59,3 -123,4 -308
-6,4 338,0 5.382 Operating Profit 116,3 380,2 226,9
3,1 12,9 322 Income/Loss from equity investment 13,6 3,7 -72
-3,3 350,9 10.623Operating Profit Before Fin.
Income/Loss129,9 384,0 196
22,9 12,3 -46 Financial Income 44,9 192,9 329
-55,6 -85,5 54 Finance Expenses -106,1 -311,2 193
-36,1 277,7 870 Profit Before Tax & Minorities 68,7 265,7 287
170,9 272,7 60 Net Profit 401,6 384,8 -4
42
Tüpraş Balance Sheet-Assets
Million USD 30.06.2015 31.12.2014 Difference % Difference
Current Assets 3.069 3.015 55 2
Cash & C. Equivalents 1.037 1.681 -644 -38
Receivables 660 87 574 663
Derivatives 102 28 74 267
Inventories 1.036 1.022 14 1
Pre-paid expenses 57 53 4 7
Other Current Assets 176 144 33 23
Long Term Assets 5.992 6.443 -452 -7
Financial Assets & Subsidiaries 251 315 -64 -20
Fixed Assets 4.231 4.600 -370 -8
Pre-paid expenses 63 112 -50 -44
Deferred Tax 1.116 1.131 -16 -1
Other Long Term Assets 259 284 -25 -9
Total Assets 9.061 9.458 -397 -4
43
Tüpraş Balance Sheet-Liabilities
Million USD 30.06.2015 31.12.2014 Difference%
Difference
Short Term Liabilities 3.279 3.692 -413 -11
Financial Loans 511 335 175 52
Payables 1.701 2.464 -763 -31
Derivatives 13,95 0,03 13,92 47.476
Deferred Incomes 25 7
Provisions 34 47 -13 -27
Other ST Liabilities 994 838 156 19
Long Term Liabilities 3.186 3.087 98 3
Financial Loans 3.104 3.009 95 3
Payables & Provisions 67 76 -9 -11
Other LT Liabilities 14 2 12 541
Equity 2.576 2.655 -79 -3
Minority Interests 21 24 -3 -13
Total Liabilities 9.061 9.458 -397 -4
44
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.
45
Future Expectations
Crude Oil Prices (Brent)
• Previous expectations were for 60-65 dollars per barrel
• This has been revised to 55-57 dollars per barrel
Med Complex Margin
• Our previous expectations for Med Complex margins were 3.0-3.2 dollars per barrel for the year. We now expect this to be in the 4.3 dollar to 4.7 dollar per barrel band.
Tupras Net Margin
• For Tupras net refinery margins, our previous guidance was 3.7-4.5 dollars per barrel. We now expect this to be in the region of 5.0-5.6 dollars per barrel.
Capacity Utilisation
• Expected Capacity Utilisation in 2015 has been revised from 95% to 97 %
• 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
Dividends (TL)
1,73
3,242,94
4,96
5,83
4,78
2,312,50
2,98
3,93 3,85
1,58
579626
746
985 964
396
0
200
400
600
800
1.000
1.200
0
1
2
3
4
5
6
7
2008 2009 2010 2011 2012 2013 2014
Tota
l Pay
ou
t (M
illio
n T
L)
Earnings per Share Gross Dividend Total Payout
2012/2013 EPS includes the tax incentive46
47
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.
The Investor Relations section of our company website has a wealth of constantly updated
information of interest to investors
www.tupras.com.tr
Investor Relations and Reporting Director
Investor Relations Officer
Turgut Tuncay Önbilgin Jonathan Lamb
Investor Relations and Reporting DirectorsTel. : 262 316 3269Fax : 262 316 30 10-11Güney Mah. Petrol Cad. No .25 PK.41790 Körfez-Kocaeliwww.tupras.com.trE-mail: [email protected]