RESULTS FOR Q3 217 ANALYST TELECONFERENCE
Market 1 2 Operation Financials 3
Market 1
217 Third Quarter Market Conditions Fires & Strikes in Europe Harsh Hurricane Season in United States Increase in Global Economic Activities High import requirements of West Africa & Latin America Refining Environment High global capacity utilization rates Abundance in light & sweet crudes Decreasing Stock levels but Still were still High Stock high Levels Political Instabilities 4
Key Highlights from Q3 87% Increase in Profit Before Tax (Mil. $) 351 Profit before tax (Mil. $) +87% +%97 188 178 217 Q3 216 Q3 215 Q3 All time high domestic sales numbers Domestic Sales (Mil. Tons) +11,2% +14% 7,7 6,9 6,8 217 Q3 216 Q3 215 Q3 Tüpraş Net Margin ($/bbl) Net Refining Margin Above Target 8,9 5,7 +3,2 8,3 +,6 217 Q3 216 Q3 215 Q3 5
8 Months 217 - Turkish Consumption (Million tons) Diesel Jet Fuel 217 15,67 217 3,1 +8.4% +2.5% 216 14,46 216 2,94 4 8 12 16,,5 1, 1,5 2, 2,5 3, 3,5 Gasoline Fuel Oil* 217 1,55 217,31 +4.3% -15.9% 216 1,49 216,37,,4,8 1,2 1,6,,1,2,3,4 Source: EMRA *bunker excluded. 6
Crude Price Differentials ($/bbl) 1-1 -2 Brent -1,23-1,46 212-217 Differental Range 215 216 217 Ural Differentials -,28 -,96-1,12 -,67-1,37-1,11-1,73-3 -4 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Price Differentials Brent -4-8 -12 Ural Iran Light (KI) Iran Heavy (KI) Kirkuk Arab. Heavy 7
Quarterly Product Crack Margins ($/bbl) Diesel Jet Fuel 16 14 12 1 8 6 215 216 217 15,7 15,2 14,3 1,5 7,9 1,7 13,1 11,2 1,8 9,2 9, Q1 Q2 Q3 Q4 16 14 12 1 8 6 14,4 11,2 9,5 9,9 215 216 217 12,4 1,5 1,2 9,4 7,3 7,7 8, Q1 Q2 Q3 Q4 Gasoline Fuel Oil 215 216 217 215 216 217 2 18 16 14 12 1 15,2 13,3 13, 19,4 18,9 14,5 14,3 15, 13,5 12,8 11, Q1 Q2 Q3 Q4-4 -6-8 -1-12 -14-16 -9,1 Q1 Q2 Q3 Q4-11,6-12, -13,2-15, -7, -6,9-5,7-1,6-12,5-13,1 8
2 Operations
Production Capacity Utilization* (%) Quarterly Production Volume (Mil. Tons) 1 Min-Max 27-212 215 216 217 12 1 8 8,7 4,3 11,3 19, 4,6 4,3 114,8 7,6 8 6 4 7,1 6,9 6,6 6,7 5,6 7,8 7,7 7,3 7,4 7,2 7,4 6 4 2 15,7 14,7 17,2 76,4 Crude Oil Other Total 214 Q3 215 Q3 216 Q3 217 Q3 2 Q1 Q2 Q3 Q4 MAINTENANCE SHUTDOWN Izmir Refinery Crude Unit (Capacity: 6,5 mtons/year) The maintenance shutdown in Q4 is expected to be completed in January 218. The effect of this maintenance shutdown has been included in our year-end estimations. *Nameplate capacity calculated by standard 33 days of operations. 1
Tüpraş Sales (Million Tons) 8 6 4 2 Jet Fuel Bitumen Gasoline Diesel Domestic sales of selected products 5,8 6, 5,4 5,4 4,6 3,2 4,1 4,3 3,9 2,6 2,9 3,3 3,5 2,8 2,8 2,9 2,2 1,8 2,3,6,7 2,3,6 1,7 1,7,5,6 1,5,6,5 1,1 1,3,5,5,6,9,9 1,2,8,4,4,2,3,4,4,3,4,8,9 1,,8 1, 1,3 1,2 1,1 1,2 1,5 1,3 1,5 6,7 3,6 5,1 5,3 2,6 2,9 1,7,5,5,4,9,9,5,9 1,1 1, 14 15 16 17 14 15 16 17 14 15 16 17 14 15 16 Q1 Q2 Q3 Q4 All Time High Domestic Sales 1 8 6 4 2 Domestic Total Sales Export 8,9 7,7 8,1 6,9 7,2 7,3 1,3 1,4 6,4 5,6 1,8 2,3 1,9 4,7 4,7 1,5 1,7,9 1,1 6,4 6,6 5,1 5, 5,4 4,9 3,6 3,9 4,1 7,9 8,1 1,2 1,2 1,2 7,7 6,8 6,9 6,1 1,8 4,3 7,9 7,6 1,7 1,3 6,2 6,4 14 15 16 17 14 15 16 17 14 15 16 17 14 15 16 Q1 Q2 Q3 Q4 11
Opet 1.224 394 Number of Stations Opet Sunpet Total 1.279 1.325 1.356 1.393 1.444 394 41 418 427 435 1.54 1.553 431 443 83 885 915 938 966 1.9 1.73 1.11 21 211 212 213 214 215 216 217 9M Market share as of September 3th: White Product: 17.9% Black Product: 16.6% 12
Financials 3
Med&Tüpraş Net Margins ($/bbl) 1 6 2 5,7 3,4 3 nd Quarter Tüpraş Net Med Complex 8,3 4,9 5,7 3,8 8,9 6,5 ($/bbl) 1 8 6 4 2 2,9 1,3 9M Tüpraş Net Margin 6,9 5,3 4,6 3,6 Med Margin 8,5 5,8-2 214 215 216 217 214 9M 215 9M 216 9M 217 9M $ / bbl Gross Margin Inventory Effect Clean Gross Margin Clean NET Margin Med Margin 216 Q3 1,79,4 1,74 5,63 3,81 217 Q3 13,59,65 12,94 8,3 6,45 216 9M 9,89,26 9,63 4,35 3,62 217 9M 12,99,2 12,79 8,26 5,76 * Hedging operations excluded 14
Product Price Effect on Tüpraş in Q3 (FOB Italy Prices) Product Price, $/ton Tüpraş Crack Margin, $/bbl Production 217 216 Yield % 217 216 LPG 399, 291,5 3,4% -16,6-19,9 Gasoline 544,5 461, 2,2% 15, 11, Naphtha 447,4 366,1,4% -1,6-4,5 Jet Fuel 56,7 423,3 16,7% 12,4 8, Diesel 485,4 48,1 31,4% 13,1 9, Diesel 1 467,2 397,8 1,1% 1,7 7,6 Fuel Oil 1% 3,1 247,,4% -5,8-7,8 Fuel Oil 3,5% 292,7 228,5 3,9% -6,9-1,6 Others 272,9 22,7 18,7% -6,8-9,3 Total Crack Margin,$/bbl 7,2 3,6 Dated Brent Avg. $/bbl 52,1 45,9 Margin Differences, $/bbl 3,6 Total Raw Materials Charge, mn bbl 57,3 Total Effect of Product Price, mn $ 26,3 Total Effect of Price Ratio, mn TL 724,3 15
Income Statement (In TL) Q3 Q3 216 217 % Diff. Million TL 216 9M 217 9M % Diff. 9.451 14.344 52 Net Sales 24.95 39.344 63 917 1.61 75 Gross Profit 2.5 4.813 135-247 -296 2 Operating Expenses -71-793 13-67 -24-64 Income/Loss from other operations 22 59 168 64 1.29 114 Operating Profit 1.371 4.79 198 61 67 8 Income/Loss from equity investment 13 173 33 665 1.356 14 Operating Profit Before Fin. Income/Loss 1.51 4.253 183 194 223 15 Financial Income 333 45 35-35 -346 13 Finance Expenses -785-983 25 554 1.234 123 Profit Before Tax & Minorities 1.48 3.72 255 581 992 71 Net Profit 99 3.318 235 867,4 1.527,7 76,1 EBITDA *(mn.tl) 1.891, 4.645,12 145,6 822,4 1.29,2 56,9 EBITDA* (mn. TL) CCS 1.575,7 4.283,8 171,9 74,1 1.432,6 93,6 EBITDA (mn.tl)-cmb 1.776,8 4.57,1 153,7 695,1 1.195,1 71,9 EBITDA (mn.tl)-cmb- CCS 1.461,5 4.145,8 183,7 In our EBITDA calculation, FX related items are not included, whereas CMB rules is that these should be included in operating profit. 16
Income Statement (In USD) Q3 Q3 216 217 % Diff. Million USD 216 9M 217 9M % Diff. 3.199 4.68 27 Net Sales 8.215 1.946 33 311 458 47 Gross Profit 699 1.339 92-83 -84 1 Operating Expenses -239-221 -8-23 -6-72 Income/Loss from other operations 8 16 118 25 367 8 Operating Profit 467 1.135 143 21 19-9 Income/Loss from equity investment 44 48 9 225 386 71 Operating Profit Before Fin. Income/Loss 512 1.183 131 68 63-8 Financial Income 113 125 1-16 -98-7 Finance Expenses -268-273 2 188 351 87 Profit Before Tax & Minorities 357 1.35 19 197 283 43 Net Profit 338 923 173 294,12 434,67 47,79 EBITDA *(mn. $) 644,7 1.292,28 1,45 278,92 366,75 31,49 EBITDA* (mn. $) CCS 534,9 1.193,6 123,14 25,7 48,1 62,8 EBITDA (mn.$)-cmb 65,8 1.253,9 17, 235,5 34,2 44,4 EBITDA (mn.$)-cmb- CCS 496, 1.155,2 132,9 In our EBITDA calculation, FX related items are not included, whereas CMB rules is that these should be included in operating profit. For P&L, USD/TL rates: 216 Q3 2,96; 9M 2,93; 12M 3,2 and 217 Q3 3,51; 9M 3,59. For Balance Sheet, USD/TL rates: 216 Q3 3,; 9M 216: 3,; 12M 216: 3,52 and 217 Q3 3,55; 9M 3,55 17
,4,11,16 1.24,24,3,26,22,32,35,45,55,49 Financial Highlights (mn $) 1.75 1.45 1.15 85 55 25-5 3. 2.5 2. 1.5 1. 5,8 551 715 16 361 153 56 89 EBITDA 1st Q 2nd Q 3rd Q 4th Q Total 338 315 226 78-27 -11 1.397 422 41 415 1.125 48 294 237 95 79 15 15 114 1.292 435 431 427 212 213 214 215 216 217 Net Debt 2,4 3,5 3,6 1.869 1.34 4,9 1.598 1.663 2.748 2.577 2.37 2.391 2,8 3,3 Net Debt/*R. EBITDA 1,7 2, 1,6 1.751 1.7291.555 1.68 1,5 1,1 5 4 3 2 1 1,,7 1.2 95 7 45 2-5,6,5,4,3,2,1, Net Income 1st Q 2nd Q 3rd Q 4th Q Total 938 817 629 667 285 271 47 91 175 268 39 435 171 273 75 161 75 231 72 112 594 256 197 113 27 923 283 45 235 212 213 214 215 216 217 Return on Average Equity For P&L, USD/TL rates: 216 Q3 2,96; 9M 2,93; 12M 3,2 and 217 Q3 3,51; 9M 3,59. For Balance Sheet, USD/TL rates: 216 Q3 3,; 9M 216: 3,; 12M 216: 3,52 and 217 Q3 3,55; 9M 3,55 USD/TL Net Debt/Rolling EBITDA was calculated with USD figures. 18
Balance Sheet Analysis 3,22 3,1 3,28 3,4 2,46 1,74 1,7 1,59 1,36 1,23 1,69 1,98 2,2 2,62 2,19 2,71 3 2 1 1,721,69 1,3 Cash & Equivalents (Billion $) 1,641,68 1,21 1,4 1,4,82 1,641,59 2,45 2,2 1,72 1,58 2,19 2, 1,6 1,2,8,4,,93,71,52,51 Receivables (Billion $),9,2 1,7 1,9 1,15,88,91,91,66,7,75 1,57 Financial Loans (Billion $) Payables (Billion $) 5 4 4 3 3 2 3,1,5 3,7 3,9 4, 4,2 3,45 3,57 3,3 3,4 3,2 3,2 3,3 3,7 3,6 3,6 3,4,9,3,3,3,4,5,6 1, 1,2 1,1,6,56,63 1,1 1,3 4 3 2 2 1 2,6 2,8 2,9 2,9 3, 3,3 3,1 3, 2,8 2,9 2,8 3,1 2,892,95 2,1 2,1 1 1 LT Loans ST Loans For P&L, USD/TL rates: 216 Q3 2,96; 9M 2,93; 12M 3,2 and 217 Q3 3,51; 9M 3,59. For Balance Sheet, USD/TL rates: 216 Q3 3,; 9M 216: 3,; 12M 216: 3,52 and 217 Q3 3,55; 9M 3,55 USD/TL 19
Tüpraş Balance Sheet Million USD 3.9.27 31.12.216 Diff. % Diff. Current Assets 5.522 3.884 1.638 42 Cash & C. Equivalents 2.185 1.719 466 27 Receivables 1.568 911 657 72 Derivatives 9 1 8 812 Inventories 1.255 1.25 229 22 Pre-paid expenses 29 28 1 4 Other Current Assets 395 19 24 17 Long Term Assets 4.985 4.987-2 Financial Assets & Subsidiaries 294 264 31 12 Fixed Assets 3.377 3.338 4 1 Derivatives 23 15-82 -78 Pre-paid expenses 66 68-1 -2 Deferred Tax 93 917 13 1 Other Long Term Assets 294 296-3 -1 Total Assets 1.57 8.871 1.636 18 Short Term Liabilities 5.486 3.597 1.889 52 Financial Loans 1.34 556 747 134 Payables 2.79 2.2 689 34 Derivatives 98 8 89 169 Deferred Incomes 2 4-2 -57 Provisions 46 18 27 149 Other ST Liabilities 1.328 99 338 34 Long Term Liabilities 2.184 2.953-768 -26 Financial Loans 2.122 2.892-77 -27 Payables & Provisions 6 59 1 2 Derivatives 1 1 37 Other LT Liabilities 1 2-8 Equity 2.88 2.298 51 22 Minority Interests 28 22 6 26 Total Liabilities 1.57 8.871 1.636 18 For P&L, USD/TL rates: 216 Q3 2,96; 9M 2,93; 12M 3,2 and 217 Q3 3,51; 9M 3,59. For Balance Sheet, USD/TL rates: 216 Q3 3,; 9M 216: 3,; 12M 216: 3,52 and 217 Q3 3,55; 9M 3,55 USD/TL 2
FX Risk Exposure (3 Sept. 217) Consolidated Assets Consolidated Liabilities Million $ Cash 96 Receivables & other assets 24 Stock 1,211 Forward & CFH 2,459 Payables 1,688 ST Financials 1.144 RUP 296 Eurobond 7 LT Financials: 1,935 RUP Loans: 1,111 Other credits 825-113 million $ *Cash flow hedge accounting : 1,212 mn $ 21
14'Q1 14'Q2 14'Q3 14'Q4 15'Q1 15'Q2 15'Q3 15'Q4 16'Q1 16'Q2 16'Q3 16'Q4 17'Q1 17'Q2 17'Q3 217 Expectations vs 9 Months Results 6 55 5 45 54,7 55,1 51,6 Brent Price ($/bbl) 56, 52,5 51,6 5,4 48,6 46,5 16 12 8 4 74,9 Capacity Utilization (%) 12,5 15,3 112,6 114,8 12 8 4 4 J-17 F-17 M-17 A-17 M-17 J-17 J-17 A-17 S-17 O-17 N-17 D-17 The average Brent in 217 is expected to be in 5-55 $/bbl In 9M, the average was 51,9 $/bbl Expected Capacity Utilization in 217 - above 1 % In 9M, 112.6% capacity utilization was achieved. Tupras Net Refinery Margin Med Margin Mil. $ 4 Tüpraş Ditaş 1 9 8 7 6 5 4 3 2 1 8,7 8,2 5, 8,9 5,4 6,5 17 Q1 17 Q2 17 Q3 17 Q4 3 2 1 197.7 344 73,5 213 124,3 215 216 217 9M Net Tüpraş refinery margin for 9M: 8,5 $/bbl (Target is 7,5-8, $/bbl) Planned Tüpraş investments for 217-2 Million dollars 22
Future Expectations Brent Price Estimation Med Complex Margin Tüpraş Net Margin Operations Investment The average Brent price in 217 is expected to be 5-55 dollars per barrel. We expect Med Complex margins to be between 5,25-5,75 dollars per barrel band in 217. Net Tüpraş refinery margin is expected to be in the region of 7,5-8, dollars per barrel Expectations for 217; Full Capacity Utilization on average even after taking Izmir Maintenance shut down into consideration Production: approximately 29.2 million tons Imports of finished products will be minimal, as we focus on selling increased volumes of production Total sales: 3.6 million tons Refining investments is expected to be around 2 Million dollars. Additionally, around 125 million dollars investment is planned for increasing the marine tanker fleet capacity. 23
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. 24
Extras
Q3 Product Yields 216 217 Bitumen 14% Gasoline 21% ASRFO+Vac % Bitumen 15% Gasoline 19% Coke 3% Other 5% Fuel Oil 5% Other 5,4% Black Prod. 2,7% Light Distil. 22,5% Naphtha % Fuel Oil 5% Coke 3% Other 5% Other 5,1% Black Prod. 23,2% Light Distil. 2,8% Naphtha 2% Mid. Distil. 51,4% Jet 18% Mid. Distil. 5,8% Jet 19% ULSD 34% ULSD 32% White Product %77,32 Production : 7,2 mn tons API: 3,48 % -2 White Product %75,7 Production : 7,6 mn tons API: 29,57 26
9M Product Yields 216 217 Coke 2% ASRFO+Vac 1% Other 6% Fuel Oil 8% Other 5,5% Bitumen 12% Black Prod. 22,7% Light Distil. 22,2% Gasoline 21% Naphtha 1%, ASRFO+Vac % Bitumen 11% -,8 -,8 Coke 3% Other 6% Fuel Oil 8% Other 5,6% Black Prod. 21,9% Light Distil. 21,3% Gasoline 2% Naphtha 1% Mid. Distil. 49,5% Jet 17% Mid. Distil. 51,2% Jet 17% ULSD 32% White Product %76,2 Production : 2,32 mn tons API: 3,81 % +1 ULSD 34% 1,7 White Product %76,98 Production : 22,43 mn tons API: 3,32 27
Production (million tons) 5 4 3 2 1 2,5 1,6 1, 3,1 1,8 1,3 3,8 3,8 2,3 2,5 1,6 1,3 Middle Distillate Jet Diesel 3, 2, 3,4 2,1 3,7 3,9 3,6 2,4 2,8 2,5 4, 3,9 2,7 2,4 1, 1,3 1,3 1, 1,1 1,3 1,4 2, 1,5 1,,5 1,3 1,2 1,4 1,3 1,6 1,6 1,5 1,5 Light Distillate Gasoline Naphtha 1,5 1,5 1,4 1,4 1,6 1,6 1,5 1,7 1,6 1,5 1,5 1,5 1,5 1,5 Q1-15 Q2-15 Q3-15 Q4-15 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Q3-17, Q1-15 Q2-15 Q3-15 Q4-15 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Q3-17 2, 1,5 1,,5, 1,4,4 1, 1,9,7 1,1 Black Product Fuel Oil Bitumen Coke 1,5 1,6,2,2,9,3,8,5 1,7,1,6 1, 1,4,2,8 1,5 1,6,2,2 1, 1,,4,3,4 1,5,2,4,9 1,7,2,9 1,2 Q1-15 Q2-15 Q3-15 Q4-15 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Q3-17,5 1,8,2,4 34,5 33,5 32,5 31,5 3,5 29,5 28,5 27,5 26,5 215 216 217 33,1 32,2 31,1 31,1 Crude Oil API 3,8 3,4 3,3 3,5 3,3 3,1 29,6 Q 1 Q 2 Q 3 Q 4 28
Product Yields 6% 5% 4% 3% 46% 46% 28% 27% 53% 52% Middle Distillate Jet Diesel 45% 31% 35% 3% 51% 52% 53% 52% 51% 51% 32% 34% 39% 36% 34% 32% 3% 25% 2% 15% Light Distillate Gasoline Naphtha 23% 21% 21% 22% 22% 23% 22% 22% 22% 2% 21% 2% 1% 22% 2% 2% 21% 22% 21% 21% 2% 21% 2% 19% 1% 18% 19% 21% 18% 16% 19% 18% 14% 16% 17% 19% 5% % Q1-15 Q2-15 Q3-15 Q4-15 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Q3-17 % Q1-15 Q2-15 Q3-15 Q4-15 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Q3-17 3% 25% 2% 15% 1% 5% % 1% 26% 27% 7% 1% Black Product Fuel Oil Asphalt Coke 26% 21% 21% 1% 21% 22% 21% 21% 3% 3% 9% 3% 3% 3% 3% 3% 21% 23% 5% 13% 11% 13% 14% 13% 12% 15% 18% 17% 15% 12% 5% 7% 5% 5% 5% 7% 5% Q1-15 Q2-15 Q3-15 Q4-15 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Q3-17 3% 34,5 33,5 32,5 31,5 3,5 29,5 28,5 27,5 26,5 Crude Oil API 215 216 217 33,1 32,2 31,1 31,1 3,8 3,3 3,5 3,4 3,3 3,1 29,6 Q 1 Q 2 Q 3 Q 4 29
Inventory Effect* Analysis 216 217 $ million Crude Product Total Crude Product Total 1st Quarter -9-13,4-22,4 26,9 56,2 83,2 2nd Quarter 46,9 7,1 117, -3,5-21,9-52,4 3rd Quarter 2,3 12,8 15,2 36,9 31,1 67,9 July -9,7,1-9,6 5,9 5,6 11,5 Agu 11,8 12,8 24,6 11,1 8,1 19,2 Sep,3 -,1,2 19,9 17,3 37,2 9 Months 4,2 69,5 19,8 33,3 65,4 98,7 *FX effect Included, hedging excluded 3
Oil Price & Exchange Rate for Q3 Brent Price ($/bbl) USD/TRY 65 6 216 Q3 Brent Price ($/bbl): 45,9 USD/TRY: 2,96 217 Q3 Brent Price ($/bbl): 52,1 USD/TRY: 3,51 3,9 3,7 55 5 3,5 45 3,3 4 3,1 35 3 2,9 25 J-16 F-16 M-16 A-16 M-16 J-16 J-16 A-16 S-16 O-16 N-16 D-16 J-17 F-17 M-17 A-17 M-17 J-17 J-17 A-17 S-17 2,7 31
Financial Highlights Million TL 213 214 215 216 3.9.216 3.9.217 Cash Cash Equivalent 3.663,1 3.898,4 3.27,5 6.5,7 7.326,6 7.762,8 Total Financial Debt 6.522, 7.755, 9.919,4 12.919,4 12.571,9 12.166,8 Net Debt 2.858,9 3.856,6 6.891,9 6.83,5 5.245,3 4.44,1 EBITDA(Rolling) 1.66,1 739,5 3.798,9 3.396,3 3.98,5 6.15,5 Net Debt /EBITDA. 2,68 5,22 1,81 1,79 1,69,72 32
Profitability Indicators, 216-217 Q3 9M (%) 216 217 216 217 (%) 45,85 52,8 14 Dtd.Brent Price, ($/bbl) 41,77 51,9 24,26 3,48 29,57-3, Processed Crude API 3,81 3,32-1,57 77,32 75,7-1,6 White Product Yield, (%) 76,2 76,98,78 3,81 6,45 69,3 Med. Complex Margin,($/bbl) 3,62 5,76 59,1 5,68 8,95 57,6 Tüpraş Net Margin,($/bbl) 4,6 8,46 83,9 63,77 1.289,5 114 Operating Profit, (mn. $) 1.37,5 4.79,4 197,6 731,1 1.384,6 89,4 Operating Profit for EBITDA, (mn. $) 1.484,7 4.217,4 184, 74,1 1.432,6 93,6 EBITDA (mn.tl)-cmb 1.776,8 4.57,1 153,7 887,2 1.457,7 64,3 EBITDA (mn.tl)-cmb- CCS 1.667, 4.48,4 164,5 867,4 1.527,7 76,1 EBITDA *(mn. TL) 1.891, 4.645,12 145,6 1.14,4 1.552,8 53,1 EBITDA* (mn. TL) CCS 1.781,2 4.546,4 155,3 * In our EBITDA calculation, FX related items are not included, whereas CMB calculation method includes these in operating profit 33
9M Trading Activities Finished Products High Sulfur Diesel import increased, and ULSD imports decreased due to RUP working with fully capacity. Intermediates HVGO + LCGO imports increased for the conversion units. Product Imports, Ton* Intermediate Imports, Ton* 1.4 1.2 1. 8 6 4 2 374 715 777 575 1.24 486 23 9M 216 9M 217 72 77 1. 75 5 25 571 94 HVGO + LCGO ASR F.Oil 9M 216 9M 217 14 34