Turcas Petrol A.Ş. (“Turcas”) operates in Turkish Energy Market with its 88 years of deep experience and diversified portfolio. Turcas has an investment holding structure with participations in leading oil and energy companies. Turcas’ vision is to become the highest value generating “Energy Focused Investment Company” in Turkey.

Turcas’ 30% subsidiary in fuel distribution and lubricants business, Shell & Turcas Petrol A.Ş. reached a turnover of 33 billion TL in 2018 thanks to its network of 1,020 Shell-branded fuel stations nationwide, oil storage terminals, lubricants production and marketing activities. With this turnover, it is not only a leader of the energy sector, but also among the top 10 largest companies in Turkish economy. In the field of energy, Turcas and its German partner RWE took the 800 MW Denizli Natural Gas Combined Cycle Power Plantinto operation in 2013. Supporting Turkey’s network supply security by its high technical capability, Denizli Power Plant is capable of meeting 2% of Turkey’s power demand solely. Focusing on renewable energy investments in recent years, Turcas took Turcas Kuyucak Geothermal Power Plant, in which Turcas has 100% stake, into operation in Aydin with an installed capacity of 18 MW in the beginning of 2018.

Shell & Turcas continues to be the market leader in gasoline and lubricants sales as of the first quarter of 2019 with 25% and 26% market shares respectively. Shell & Turcas is also market leader with 20% market share in terms of under canopy sales. Shell & Turcas maintains its leadership in throughput ratio (white product sales/station) which is the key indicator of profitability in the sector.

Shell & Turcas's network consists of 1.020 nationwide Shell-branded stations as of first quarter of 2019.

Shell & Turcas achieved 9 billion TL net sales and 237 million TL EBITDA in the first quarter of 2019.

800 MW Denizli natural gas fired combined cycle power plant which has been jointly constructed by RWE (70%) and Turcas (30%) is operational since June 2013.

RTG’s net sales declined by 41% y/y to 91 million TL with a generation of 193 GWh due to weak demand conditions and higher capacity utilization at hydro power plants.

18MW geothermal power plant project in Aydın Province, which is 100% owned by Turcas, started its commercial operations in the beginning of 2018.

In the first quarter of 2019, TKG generated an EBITDA of 11 million TL thanks to the feed-in tariff (FIT) mechanism (USc 11.8/kWh) for the first 5 years of operation. TKG is expected to generate 38 million TL EBITDA in 2019.

TKG financials are fully consolidated under Turcas IFRS consolidated financials.

Yes, Turcas is a member of Borsa İstanbul Corporate Governance Index since 2010 and increases its corporate governance rating continuously. As of 1 March 2019, Turcas’ corporate governance rating is 9.58 out of 10 (2018: 9.57). This achievement confirms that Turcas complies with Capital Markets Board’s corporate governance principles to a great extent. Turcas has the highest corporate governance rating among energy companies in Turkey.

The Board of Directors of Turcas takes into consideration the Company’s Articles of Association, relevant laws, legislation, market conditions, planned capex investments and their financing while deciding on the distribution of dividends.

You can access our Financial Statements under Investor Relations menu, at our website.

You can access our annual reports under Annual Reports in the Investor Relations menu, at our website.

You can access our Corporate Governance Compliance Report and Corporate Governance Information Form via Public Disclosure Platform web site, Turcas Company page.

Our Investor Presentation can be found under Investor Presentation at our website.