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Petkim Petrochemical Holding Corp. Presentation to Analysts Petkim Petrochemical Holding Corp. Presentation to Analysts October 2010 AGENDA 1 I World Economy & Petrochemical Industry 2 I A Glance at Petkim 3 I Investments 4 I Growth Plans and Strategies 5 I Key Financials 2 World Economy & Petrochemical Industry Economic Growth in Selected Economies (%, yoy) World Economic Growth Rate (%) Regional & World Ethylene Operating Rates (%) 2009 2010 2011 2009 Advanced Econ. -3,2 2,6 2,4 Emerging Econ. 2,5 6,8 6,4 2010 9,1 10 9,6 9,4 2011 8,4 7,1 5,7 6,1 4,3 4,2 3,3 2,9 4,1 3,6 3,4 2,4 1,8 2 -0,2 1 1,3 US EU Japan Russia China India Brazil Turkey C&EE -2,4 -3,6 -4,1 -4,7 -5,2 -7,9 World North Asia South Asia India Source: IMF, World Economic Outlook(WEO), September 2010 Source: CMAI Source: CMAI DUE TO THE CRISIS GROWTH RATES DECELERATED IN ALMOST EVERY REGION OF SLIGHT RECOVERY IS OBSERVED BEGINNING RECOVERY IS EXPECTED IN OPERATING THE WORLD. BUT RECOVERY IS EXPECTED FOR FROM THE SECOND HALF OF 2009. MODEST RATES AS GLOBAL DEMAND IMPROVES. 2010 GROWTH IS OBSERVED IN 2010. ICIS Petrochemical Index (IPEX)* Crude Oil Naphtha Gasoline Price Expectations Global Basic Chemicals and EBIT Contribution 400 1.200 200 Dollars Per Metric Ton 350 1.000 150 800 100 300 600 50 %90 Marjlar ($/MT) Marjlar 250 ($/MT) Fiyatlar 400 0 200 -50 200 0 -100 Oca.06 Oca.07 Oca.08 Oca.09 Oca.10 Oca.11 150 Mar.05 Oct-05 May.06Dec-06 Jul-07 Feb-08 Sep-08 Apr-09 Nov-09 Haz.10 Nafta-Ham Petrol Ham Petrol (Brent) Benzin (CIF NWE) Nafta (CIF NWE) Source: CEFIC Source: CMAI Source: CMAI OIL PRICES ARE EXPECTED TO REMAIN THE ICIS PETROCHEMICAL INDEX ROSE TO 299 FUTURE EARNINGS ARE EXPECTED TO BETWEEN USD 75-85 RANGE IN 2010. STRENGHTEN WITH THE CONSOLIDATION, IN JUNE 2010, A GAIN OF %90 OVER THE NAPHTHA AND GASOLINE PRICES ARE FEBRUARY READING OF 157. M&A IN INDUSTRY AND SUCCESSFUL EXPECTED TO FOLLOW CRUDE OIL. ECONOMIC STIMULUS * An indicator of average change in world petchem prices for basket of 12 essential petchem products in US, WE and Northeast Asian markets 3 AGENDA 1 I World Economy & Petrochemical Industry 2 I A Glance at Petkim 3 I Investments 4 I Growth Plans and Strategies 5 I Key Financials 4 PETKİM 5 Petrochemicals from Naphtha ETHYLENE AROMATICS LDPE Bags, greenhouse covers, film, AROMATICS NAPHTHA-LPG cables, toys, pipes, bottles, hoses, ETHYLENE PROPYLENE packaging BENZENE, TOLUENE C4 HDPE Detergent, white goods, Packaging film, construction and Solvents, explosives, water pipes, bottles, soft drink pharmaceuticals, crates, toys, jerry cans, barrels cosmetics MEG O-X - PA Polyester fiber, polyester film, C4 PROPYLENE Pigments, plasticizers, antifreeze synthetic chemicals, BUTADIENE PP polyester VCM - PVC - EDC Rubber Knitting yarn, sacks, carpet thread, ropes Pipes, window and door frames, Automobile tire P-X - PTA and hawsers, table blinds and shutters, cables, bottles, Polyester fiber, polyester cloths, napkins, construction materials, packaging resin, polyester film film, floor tiles, serum bags doormats, felt, hoses, radiator pipes, fishing CA-CAUSTIC SODA nets, brushes, blankets Textile, detergent ACN Textile fibers, artificial wool, ABS (Acrylonitrile Butadiene Styrene) resins 6 Company Overview • Established in 1965/Second complex commissioned in 1985 • The sole petrochemical producer in Turkey PETKİM • 25% domestic market share and well positioned assets in an ever growing market • USD 921 mn net sales (H1 2010) • USD 68 mn EBITDA (H1 2010) • 15 main plants, 8 auxiliary units FACILITIES • Located in Aliağa near Izmir • Sits on a land of 19 mn sqm • Harbour, water dam, power generation unit (226 MW) • Adjacent to Tüpraş Aliağa Refinery MAIN FEEDSTOCK • Naphtha, LPG, C4, Condensate PRODUCTS • Main product goups: olefins, polyolefins, vinyl chain, aromatics and other basic chemicals PRODUCTION • 1.564 th. tons of gross production realized in H1 2010 • Realized capacity utilization rate of 95,4% (planned as 96% in 2010) 7 Petkim’s Ownership Structure Share Information (30 July 2010) Closing Price (TRY/Share) 2,19 Market Cap (mn TRY) 2.190 Market Cap (mn $) 1.456 Ownership Profile Free Float (%) 38,7 PA 10,3% Source: Reuters Stock Price Performance 210 190 SOCAR Turcas Free Float 51,0% 38,7% 170 150 Strong Performance 130 Privatization process was completed in May 110 2008. SOCAR&Turcas Consortium acquired 51% stake in Petkim at an amount of USD 90 Dec-09 Jan-10 Feb-10 Mar-10 Apr-10 May-10 Jun-10 Jul-10 2.04 bn. PETKİM ISE 100 Source: Reuters 8 Petkim: The Strong & Tangible Symbol of Economical & Strategical Partnership SOCAR, with large-scale investments in Azerbaijan is one of the world’s oldest petroleum companies. SOCAR is a shareholder and major supplier of the 50 TURCAS is the first privately-owned million ton capacity BTC crude oil petroleum company in Turkey focusing pipeline and the BTE natural gas on distrubution of oil products and pipeline, which transports 6,6 billion energy investments through its cubic meters of natural gas to Turkey international strategical partnerships PETKİM A BRIDGE LINKING AEGEAN TO CASPIAN 9 Products and Capacity PETKIM Product Capacities ALIAGA COMPLEX (thousand tons) START-UP 1985 ETHYLENE 520 PLANT CAPACITIES PROPYLENE 240 C4 140 Thermoplastics PY-GAS 390 Capacity 713,000 ton/yr AROMATICS 320 BENZENE 134 P-X 136 Fiber Raw Materials O-X 50 CHLORINE 100 Capacity 249,000 ton/yr VCM 152 PVC 150 Other Products1 LDPE 323 Capacity 954,000 ton/yr HDPE 96 PP 144 1 Ethylene (520,000), VCM (152,000), MEG 89 PA (34,000), ACN 90 TOTAL Chlorine (100,000), Capacity 1,916,000 ton/yr Benzene (134,000), PTA 70 MB (10,000), PA 34 Plastic Products Power (MW) 226 (4,000) 10 Petkim: Net Sales Net Sales (thousand tons) Net Sales (million USD) 1600 2000 1.442 1.795 1400 1.371 1.391 1800 1671 1200 1600 1400 1.342 1000 1200 764 921 800 685 1000 600 800 390 560 400 379 385 600 451 470 400 333 200 200 0 0 2007 2008 2009 H1 09 H1 10 Q2 09 Q1 10 Q2 10 2007 2008 2009 H1 09 H1 10 Q2 09 Q1 10 Q2 10 Breakdown of Sales Volume H1 2010 Breakdown of Sales Revenues H1 2010 Other Costic PA 2% PY-GAS C5 1% PY - GA S C5 3% 1% LDPE PA 3% 0% PTA 4% 20% PTA 3% LDPE 5% MEG4% 26% MEG 4% 5% P- X HDPE 5% 5% PVC HDPE Costic 10% 6% 5% ACN ACN 6% Benzene Benzene 8% 11% P-X 10% Other 6% C4 PP 9% PV C PP 9% 9% 9% 11% 11 Petkim: Exports Breakdown of Exports Revenues by Product Type H1 2010 Exports Revenues by Years (million USD) PVC PTA Other 2% 2% 600 8% 523 MEG Benzene 500 4% 32% 410 P-X 400 358 347 4% 300 217 234 200 ACN 129 113 121 9% 84 LDPE 100 C4 15% 0 24% 2005 2006 2007 2008 2009 H1 09 H1 10 Q2 09 Q1 10 Q2 10 Breakdown of Exports by Region H1 2010 Mid-East, Others Africa 7% • Petkim products are exported to nearly 60 different 6% Asia-Far countries East 30% • Benzene, C4, LDPE, Py-Gas and P-X are the main exports products. EU • The second exporter in chemical industry in Turkey in Countries 2009. USA 46% • Share of export in total sales H1 2010 is 25% 11% 12 Petkim: Product Prices & Cost Breakdown Petkim Thermoplastics and Naphtha Price Changes Petkim EBITDA Performance (million USD) Index (2007 January=100) 115 250 99 95 200 75 68 150 54 55 39 100 35 35 29 50 Jan-07 Jul-07 Jan-08 Jul-08 Jan-09 Jul-09 Jan-10 15 -4 Thermoplastics Naphtha -5 2008 2009 H1 09 H1 10 Q2 09 Q1 10 Q2 10 Raw Material and Product Prices (USD/ton)* Raw Material and Product Prices (USD/ton) Cost Breakdown* 2000 1.750 Naphtha Cost Product Prices 1.500 Energy Others 1.250 9,1% 9,8% 1500 1.000 Labour 750 6,4% 1000 500 250 500 Raw 0 Materials LDPE HDPE PP MEG PVC 74,7% 0 * As of June 2010 Jan-08 Jul-08 Jan-09 Jul-09 Jan-10 Naphtha Unit Price 13 Petkim: A Remarkable Turnaround Driven by Operational Efficiencies W. Europe Ethylene Capacity Utilitization Rates • Feedstock flexibility (switching from Naphtha to LPG/C4) • Fuel flexibility in power generation • Maximization of capacity utilitization (95%) • Restructuring and rejuvenation of labor force • Initiatives for energy efficiency improvement • Process optimization (APC, DCS implementation) • Increasing trading opportunities Efficiencies on Marketable Production Per Capita Petkim Ethylene Capacity Utilitization Rates (%) Person Marketable Production Per Capita (ton) (Left Axis) 7000 110 # of Employees (Right Axis) 600 105 6000 500 100 5000 95 400 90 4000 85 300 3000 80 75 200 2000 70 Low capacity 100 1000 65 due to incidental shut-down 60 0 0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2001 2002 2003 2004 2005 2006 2007 2008 2009 2008 2009 2010 14 AGENDA 1 I World Economy & Petrochemical Industry 2 I A Glance at Petkim 3 I Investments 4 I Growth Plans and Strategies 5 I Key Financials 15 Capital Expenditures and Planned Capacity Increases Capital Expenditures of Petkim (million USD) • Moderate gearing of capital investments instead of fully financing with equity as it has been in the past 160 154 • Increasing capacities of existing plants with minor capex- 140 smart debottlenecking investments 120 • Maximizing production of LDPE, where Petkim has a 100 competitive advantage 78 72 74 80 66 • Optimizing processes in the plants ( implementation of 56 54 60 50 46 Advanced Process Control and Distributed Control 40 Systems) • Investments to enhance egergy savings and operational 20 efficiencies on existing plants (such as rehabilitation work 0 for the furnaces of the aromatics plant) 9 04 05 07 08 003 10P 2002 2 20 20 2006 20 20 200 0 2 Planned Capacity Increases (th ton) Plants Current Additional After Date Capacity Cap Increase Cap Increase Ethylene 520 67 587 2012 LDPE-T 133 27 160 2011 PA 34 15 49 2012 PTA 70 35 105 2012 16 Investment Highlights PETKIM 1998-2009 CAGR Dominant producer
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