results for q3 2017 analyst teleconference$/bbl) ($/bbl) $ / bbl gross margin inventory effect med...

RESULTS FOR Q32017 ANALYST TELECONFERENCE

02 Operation

03Financials

01Market

01Market

4

2017 Third Quarter Market Conditions

Fires &

Strikes in

Europe

Harsh Hurricane Season in

United States

High import requirements

of West Africa &

Latin America

Increase in

Global

Economic

Activities

Refining Environment

High global capacity utilization

rates

Abundance

in light &

sweet

crudes

Stock levels were still

high

Political Instabilities

Decreasingbut Still

High StockLevels

Key Highlights from Q3

5

351

188 178

2017 Q3 2016 Q3 2015 Q3

7,7 6,9 6,8

2017 Q3 2016 Q3 2015 Q3

Domestic Sales (Mil. Tons)

Profit before tax (Mil. $)

8,9

5,78,3

2017 Q3 2016 Q3 2015 Q3

Tüpraş Net Margin ($/bbl)

+11,2% +14%All time high

domestic

sales

numbers

+0,6+3,2

87% Increase

in Profit

Before Tax

(Mil. $)

Net Refining

Margin

Above Target

+87% +%97

8 Months 2017 - Turkish Consumption (Million tons)

Source: EMRA*bunker excluded.

6

2,94

3,01

0,0 0,5 1,0 1,5 2,0 2,5 3,0 3,5

2016

2017

Jet Fuel

+2.5%

14,46

15,67

0 4 8 12 16

2016

2017

Diesel

1,49

1,55

0,0 0,4 0,8 1,2 1,6

2016

2017

Gasoline

+4.3%

0,37

0,31

0,00 0,10 0,20 0,30 0,40

2016

2017

Fuel Oil*

+8.4%

-15.9%

Crude Price Differentials ($/bbl)

7

-12

-8

-4

0

Price Differentials

Ural Iran Light (KI) Iran Heavy (KI) Kirkuk Arab. Heavy

Brent

-1,23 -1,46

-1,73

-1,12

-1,37

-0,96 -0,67

-0,28

-1,11

-4

-3

-2

-1

0

1

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

2012-2017 Differental Range 2015 2016 2017

Ural DifferentialsBrent

Quarterly Product Crack Margins ($/bbl)

8

14,4

11,210,5

9,4

7,3 7,7 8,0

10,29,5

9,9

12,4

6

8

10

12

14

16

Q1 Q2 Q3 Q4

Jet Fuel

2015 2016 2017

13,0

19,418,9

13,5

15,214,5

11,0

12,8

13,314,3

15,0

10

12

14

16

18

20

Q1 Q2 Q3 Q4

Gasoline

2015 2016 2017

-11,6 -12,0

-13,1

-12,5

-13,2

-15,0

-10,6

-5,7

-9,1

-7,0 -6,9

-16

-14

-12

-10

-8

-6

-4

Q1 Q2 Q3 Q4

Fuel Oil

2015 2016 2017

15,715,2

14,3

10,8

7,99,2 9,0

11,210,5

10,7 13,1

6

8

10

12

14

16

Q1 Q2 Q3 Q4

Diesel

2015 2016 2017

02 Operations

5,6

6,97,3 7,4

6,6 6,77,2 7,4

7,17,8 7,7

0

2

4

6

8

10

Q1 Q2 Q3 Q4

2015 2016 2017

Capacity Utilization* (%)

Production

10*Nameplate capacity calculated by standard 330 days of operations.

76,4

105,7 104,7 107,2

4,3

4,6 4,37,6

80,7

110,3 109,0114,8

0

20

40

60

80

100

120

2014 Q3 2015 Q3 2016 Q3 2017 Q3

Crude Oil Other Total

Quarterly Production Volume (Mil. Tons)

MAINTENANCE SHUTDOWN

Izmir Refinery Crude Unit (Capacity: 6,5 mtons/year)

• The maintenance shutdown in Q4 is expected to be completed in

January 2018.

• The effect of this maintenance shutdown has been included in

our year-end estimations.

Min-Max 2007-2012

0,8 0,9 1,0 0,8 1,0 1,3 1,2 1,1 1,2 1,5 1,3 1,50,9 1,1 1,0

0,2 0,3 0,4 0,3 0,40,6 0,9 0,9 0,8

1,1 1,21,3

0,50,9 0,90,4 0,4

0,50,4

0,50,5 0,6 0,6 0,5

0,6 0,60,7

0,40,5 0,51,5

1,72,3

2,3 1,7

2,22,8 2,8

1,8

2,6 2,93,2

1,7

2,6 2,92,9

3,3

4,1 3,93,5

4,6

5,4 5,4

4,3

5,8 6,06,7

3,6

5,1 5,3

0

2

4

6

8

14 15 16 17 14 15 16 17 14 15 16 17 14 15 16

Domestic sales of selected productsJet Fuel

Bitumen

Gasoline

Diesel

Tüpraş Sales (Million Tons)

11

Q1 Q2 Q3 Q4

3,6 3,95,1 5,0

4,15,4

6,4 6,6

4,9

6,8 6,97,7

4,3

6,2 6,4

1,11,7

1,8 2,3

0,9

1,91,3 1,4

1,5

1,2 1,21,2

1,8

1,7 1,3

4,75,6

6,9 7,2

4,7

7,37,7 8,1

6,4

7,9

6,1

7,9 7,6

0

2

4

6

8

10

14 15 16 17 14 15 16 17 14 15 16 17 14 15 16

Total SalesDomestic

Export 8,9

Q1 Q2 Q3 Q4

All Time High

Domestic

Sales

8,1

Opet

12

Market share as of September 30th:

• White Product: 17.9%

• Black Product: 16.6%

830 885 915 938 966 1.009 1.073 1.110

394 394 410 418 427 435431 4431.224 1.279 1.325 1.356 1.393 1.444 1.504

1.553

2010 2011 2012 2013 2014 2015 2016 2017 9M

Number of Stations

Opet Sunpet Total

03Financials

Med&Tüpraş Net Margins

14

5,7

8,3

5,7

8,9

3,44,9

3,8

6,5

-2

2

6

10

2014 2015 2016 2017

3nd QuarterTüpraş Net Med Complex

2,9

6,9

4,6

8,5

1,3

5,3

3,6

5,8

0

2

4

6

8

10

2014 9M 2015 9M 2016 9M 2017 9M

9MTüpraş Net Margin Med Margin

($/bbl)($/bbl)

$ / bblGross

MarginInventory

EffectMed

MarginClean Gross

Margin

Clean NET

Margin

2016 Q3 10,79 0,04 10,74 5,63 3,81

2017 Q3 13,59 0,65 12,94 8,30 6,45

2016 9M 9,89 0,26 9,63 4,35 3,62

2017 9M 12,99 0,20 12,79 8,26 5,76

* Hedging operations excluded

Product Price Effect on Tüpraş in Q3 (FOB Italy Prices)

Product Price, $/ton Tüpraş Production

Yield %

Crack Margin, $/bbl

2017 2016 2017 2016

LPG 399,0 291,5 3,4% -16,6 -19,9

Gasoline 544,5 461,0 20,2% 15,0 11,0

Naphtha 447,4 366,1 0,4% -1,6 -4,5

Jet Fuel 506,7 423,3 16,7% 12,4 8,0

Diesel 485,4 408,1 31,4% 13,1 9,0

Diesel 1000 467,2 397,8 1,1% 10,7 7,6

Fuel Oil 1% 300,1 247,0 0,4% -5,8 -7,8

Fuel Oil 3,5% 292,7 228,5 3,9% -6,9 -10,6

Others 272,9 220,7 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 $ 206,3

Total Effect of Price Ratio, mn TL 724,3

15

Income Statement (In TL)

Q3 Q3% Diff. Million TL 2016 9M 2017 9M % Diff.

2016 20179.451 14.344 52 Net Sales 24.095 39.344 63917 1.610 75 Gross Profit 2.050 4.813 135-247 -296 20 Operating Expenses -701 -793 13-67 -24 -64 Income/Loss from other operations 22 59 168604 1.290 114 Operating Profit 1.371 4.079 198

61 67 8 Income/Loss from equity investment 130 173 33

665 1.356 104Operating Profit Before Fin. Income/Loss

1.501 4.253 183

194 223 15 Financial Income 333 450 35-305 -346 13 Finance Expenses -785 -983 25554 1.234 123 Profit Before Tax & Minorities 1.048 3.720 255581 992 71 Net Profit 990 3.318 235

In our EBITDA calculation, FX related items are not included, whereas CMB rules is that these should be included in operating profit.

16

867,4 1.527,7 76,1 EBITDA *(mn.TL) 1.891,0 4.645,12 145,6

822,4 1.290,2 56,9 EBITDA* (mn. TL) CCS 1.575,7 4.283,8 171,9

740,1 1.432,6 93,6 EBITDA (mn.TL)-CMB 1.776,8 4.507,1 153,7

695,1 1.195,1 71,9 EBITDA (mn.TL)-CMB- CCS 1.461,5 4.145,8 183,7

Income Statement (In USD)

Q3 Q3% Diff. Million USD 2016 9M 2017 9M % Diff.

2016 20173.199 4.068 27 Net Sales 8.215 10.946 33311 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 118205 367 80 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 13168 63 -8 Financial Income 113 125 10

-106 -98 -7 Finance Expenses -268 -273 2188 351 87 Profit Before Tax & Minorities 357 1.035 190197 283 43 Net Profit 338 923 173

250,7 408,1 62,8 EBITDA (mn.$)-CMB 605,8 1.253,9 107,0

235,5 340,2 44,4 EBITDA (mn.$)-CMB- CCS 496,0 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.

17• For P&L, USD/TL rates: 2016 Q3 2,96; 9M 2,93; 12M 3,02 and 2017 Q3 3,51; 9M 3,59.

• For Balance Sheet, USD/TL rates: 2016 Q3 3,0; 9M 2016: 3,0; 12M 2016: 3,52 and 2017 Q3 3,55; 9M 3,55

294,12 434,67 47,79 EBITDA *(mn. $) 644,70 1.292,28 100,45

278,92 366,75 31,49 EBITDA* (mn. $) CCS 534,90 1.193,60 123,14

Financial Highlights (mn $)

95 79 150 150 114

427153 78

-27

415237

431

361315 226

410

294

435

10689

-11

422

480715560

338

1.397

1.1251.292

-50

250

550

850

1.150

1.450

1.750

2012 2013 2014 2015 2016 2017

EBITDA1st Q 2nd Q 3rd Q 4th Q Total

16172

231112

27235

7575

171273

113

405309 435

175 268

197

283271

47 91

285

256

817

629 667

938

594

923

-50

200

450

700

950

1.200

2012 2013 2014 2015 2016 2017

Net Income1st Q 2nd Q 3rd Q 4th Q Total

551

1.3401.869

1.5981.663

2.577

2.748

2.370 2.391

1.7511.729

1.555

1.680

1.2

40

0,8

2,4

3,5 3,6

4,9

3,32,8

1,7

2,01,6

1,51,1

1,00,7

0

1

2

3

4

5

0

500

1.000

1.500

2.000

2.500

3.000

Net Debt Net Debt/*R. EBITDA

0,3

0

0,3

2

0,2

4

0,2

6

0,3

5

0,0

4 0,1

1 0,1

6 0,2

2

0,4

5

0,5

5

0,4

9

0,0

0,1

0,2

0,3

0,4

0,5

0,6

Return on Average Equity


• For Balance Sheet, USD/TL rates: 2016 Q3 3,0; 9M 2016: 3,0; 12M 2016: 3,52 and 2017 Q3 3,55; 9M 3,55 USD/TL

• Net Debt/Rolling EBITDA was calculated with USD figures.

Balance Sheet Analysis

1,721,69

1,30

1,641,68

1,211,04

0,821,04

1,641,59

2,45

1,72

2,02

1,58

2,19

0

1

2

3

Cash & Equivalents (Billion $)

0,93

0,710,520,51

0,090,20

0,66

1,070,88

0,70

0,910,75

0,911,091,15

1,57

0,0

0,4

0,8

1,2

1,6

2,0

Receivables (Billion $)

2,6 2,8 2,9 2,9 3,0 3,3 3,1 3,0 2,8 2,9 2,8 3,1 2,892,95

2,1 2,1

0,5

0,90,3 0,3 0,3

0,4 0,5 0,60,6

1,0 1,21,1

0,56 0,63

1,1 1,3

3,1

3,7

3,2 3,2 3,33,7 3,6 3,6 3,4

3,9 4,04,2

3,453,573,3

3,4

0

1

1

2

2

3

3

4

4

5

Financial Loans (Billion $)

LT Loans ST Loans

3,2

2

3,1

0 3,2

8

3,0

4

2,4

6

1,7

4

1,7

0

1,5

9

1,3

6

1,2

3

1,6

9 1,9

8

2,0

2

2,6

2

2,1

9 2,7

1

0

1

2

3

4

Payables (Billion $)



Tüpraş Balance Sheet



Million USD 30.09.2007 31.12.2016 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 90 10 80 812

Inventories 1.255 1.025 229 22

Pre-paid expenses 29 28 1 4

Other Current Assets 395 190 204 107

Long Term Assets 4.985 4.987 -2 0

Financial Assets & Subsidiaries 294 264 31 12

Fixed Assets 3.377 3.338 40 1

Derivatives 23 105 -82 -78

Pre-paid expenses 66 68 -1 -2

Deferred Tax 930 917 13 1

Other Long Term Assets 294 296 -3 -1

Total Assets 10.507 8.871 1.636 18

Short Term Liabilities 5.486 3.597 1.889 52

Financial Loans 1.304 556 747 134

Payables 2.709 2.020 689 34


Deferred Incomes 2 4 -2 -57

Provisions 46 18 27 149

Other ST Liabilities 1.328 990 338 34

Long Term Liabilities 2.184 2.953 -768 -26

Financial Loans 2.122 2.892 -770 -27

Payables & Provisions 60 59 1 2


Other LT Liabilities 1 2 0 -8

Equity 2.808 2.298 510 22

Minority Interests 28 22 6 26

Total Liabilities 10.507 8.871 1.636 18

FX Risk Exposure (30 Sept. 2017)

*Cash flow hedge accounting : 1,212 mn $

Consolidated Assets

Consolidated Liabilities

LT Financials: 1,935

RUP Loans: 1,111

Other credits 825

ST Financials 1.144

• RUP 296

•Eurobond 700

Payables

1,688

Forward & CFH

2,459

Stock

1,211

Receivables & other assets

24

Cash

960

Million $

-113 million $

21

8,7 8,2 8,9

5,05,4 6,5

0

1

2

3

4

5

6

7

8

9

10

17 Q1 17 Q2 17 Q3 17 Q4

Tupras Net Refinery Margin Med Margin

2017 Expectations vs 9 Months Results

54,7 55,1

51,652,5

50,4

46,5

48,6

51,6

56,0

40

45

50

55

60

J-17 F-17 M-17 A-17 M-17 J-17 J-17 A-17 S-17 O-17 N-17 D-17

Brent Price ($/bbl)

114,8

0

40

80

120

0

40

80

120

160

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

Capacity Utilization (%)

• The average Brent in 2017 is expected to be in 50-55 $/bbl• In 9M, the average was 51,9 $/bbl

• Expected Capacity Utilization in 2017 - above 100 %• In 9M, 112.6% capacity utilization was achieved.

Net Tüpraş refinery margin for 9M: 8,5 $/bbl(Target is 7,50 - 8,00 $/bbl)

344

213124,3

73,5

0

100

200

300

400

2015 2016 2017 9M

Tüpraş Ditaş

Planned Tüpraş investments for 2017 - 200 Million dollars

74,9

102,5 105,3 112,6

197.7

Mil. $

22

Future Expectations

Brent Price Estimation

• The average Brent price in 2017 is expected to be 50-55 dollars per barrel.

Med Complex Margin

• We expect Med Complex margins to be between

5,25 - 5,75 dollars per barrel band in 2017.

Tüpraş Net Margin

• Net Tüpraş refinery margin is expected to be in the region of 7,50 - 8,00 dollars per barrel

Operations

Expectations for 2017;

• Full Capacity Utilization on average even after taking IzmirMaintenance 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: 30.6 million tons

Investment • Refining investments is expected to be around 200 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

Gasoline19%

Naphtha2%

Jet19%

ULSD32%

Other5%

Coke3%

Fuel Oil5%

ASRFO+Vac0%

Bitumen15%Gasoline

21%

Naphtha0%

Jet18%

ULSD34%

Other5%

Coke3%

Fuel Oil5%

Bitumen14%

Q3 Product Yields

26

Light Distil.22,5%

Mid. Distil.51,4%

Other 5,4%

Black Prod.20,7%

White Product %75,70Production : 7,6 mn tons

API: 29,57


API: 30,48

% -2

20172016

Light Distil.20,8%

Mid. Distil.50,8%

Other 5,1%

Black Prod.23,2%

Gasoline20%

Naphtha1%

Jet17%

ULSD34%

Other6%

Coke3%

Fuel Oil8%

ASRFO+Vac0% Bitumen

11%Gasoline21%

Naphtha1%

Jet17%

ULSD32%

Other6%

Coke2%

Fuel Oil8%

ASRFO+Vac1%

Bitumen12%

9M Product Yields

27

Light Distil.22,2%

Mid. Distil.49,5%

Other 5,5%

Black Prod.22,7%


API: 30,32


API: 30,81

% +1

20172016

1,7

0,0

Light Distil.21,3%

Mid. Distil.51,2%

Other 5,6%

Black Prod.21,9%

-0,8 -0,8

Production (million tons)

1,0 1,3 1,6 1,3 1,0 1,3 1,3 1,0 1,1 1,3 1,4

1,6

1,8

2,3 2,5

2,02,1 2,4 2,8 2,5

2,7 2,42,5

3,1

3,8 3,8

3,03,4

3,7 3,93,6

4,0 3,9

0

1

2

3

4

5

Q1-15 Q2-15 Q3-15 Q4-15 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Q3-17

Middle Distillate

Jet Diesel

1,01,1

0,30,5

1,0

0,4 0,3 0,4

0,9

0,50,4

0,4

0,7

0,90,8

0,6

0,81,0 1,0

0,40,9 1,2

0,2 0,2

0,1

0,20,2 0,2

0,20,2

0,21,4

1,9

1,5 1,61,7

1,4

1,5 1,61,5

1,71,8

0,0

0,5

1,0

1,5

2,0

Q1-15 Q2-15 Q3-15 Q4-15 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Q3-17

Black ProductFuel Oil Bitumen Coke

33,1

32,2

30,3 30,3

31,130,8

30,530,1

31,130,4

29,6

26,5

27,5

28,5

29,5

30,5

31,5

32,5

33,5

34,5

Q 1 Q 2 Q 3 Q 4

Crude Oil API

2015 2016 2017

28

1,2 1,31,5 1,5

1,4 1,41,5 1,5 1,5 1,5 1,5

1,31,4

1,6 1,61,5 1,5 1,6 1,6 1,5

1,7 1,6

0,0

0,5

1,0

1,5

2,0

Q1-15 Q2-15 Q3-15 Q4-15 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Q3-17

Light Distillate

Gasoline Naphtha

Product Yields

18% 19% 21%18% 16%

19% 18% 14% 16% 17% 19%

28% 27%

31%35%

30%

32% 34% 39% 36% 34% 32%

46% 46%

53% 52%

45%

51% 52% 53% 52% 51% 51%

0%

10%

20%

30%

40%

50%

60%

Q1-15 Q2-15 Q3-15 Q4-15 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Q3-17

Middle DistillateJet Diesel

22%20% 20% 21% 22% 21% 21% 20% 21% 20% 19%

23%21% 21% 22%

22% 23% 22% 22% 22%20% 21%

0%

5%

10%

15%

20%

25%

30%

Q1-15 Q2-15 Q3-15 Q4-15 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Q3-17

Light DistillateGasoline Naphtha

18% 17%

5%7%

15%

5% 5% 5%

12%

7% 5%

7% 10%

13%11%

9%

13% 14% 13%

5%

12% 15%

1%

3% 3%

1%

3%3% 3% 3% 3%

3%

26%27%

21% 21%

26%

21% 22% 21% 21% 21%23%

0%

5%

10%

15%

20%

25%

30%

Q1-15 Q2-15 Q3-15 Q4-15 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Q3-17

Black Product

Fuel Oil Asphalt Coke

33,1

32,2

30,3 30,3

31,130,8

30,530,1

31,1

30,429,6

26,5

27,5

28,5

29,5

30,5

31,5

32,5

33,5

34,5

Q 1 Q 2 Q 3 Q 4

Crude Oil API

2015 2016 2017

29

Inventory Effect* Analysis

*FX effect Included, hedging excluded 30

2016 2017

$ million Crude Product Total Crude Product Total

1st Quarter -9 -13,4 -22,4 26,9 56,2 83,2

2nd Quarter 46,9 70,1 117,0 -30,5 -21,9 -52,4

3rd Quarter 2,3 12,8 15,2 36,9 31,1 67,9

July -9,7 0,1 -9,6 5,9 5,6 11,5

Agu 11,8 12,8 24,6 11,1 8,1 19,2

Sep 0,3 -0,1 0,2 19,9 17,3 37,2

9 Months 40,2 69,5 109,8 33,3 65,4 98,7

Oil Price & Exchange Rate for Q3

31

2,7

2,9

3,1

3,3

3,5

3,7

3,9

25

30

35

40

45

50

55

60

65

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

Brent Price ($/bbl) USD/TRY

2016 Q3Brent Price($/bbl): 45,9USD/TRY: 2,96

2017 Q3Brent Price($/bbl): 52,1USD/TRY: 3,51

Financial Highlights

32

Million TL 2013 2014 2015 2016 30.09.2016 30.09.2017Cash Cash Equivalent 3.663,1 3.898,4 3.027,5 6.050,7 7.326,6 7.762,8Total Financial Debt 6.522,0 7.755,0 9.919,4 12.919,4 12.571,9 12.166,8Net Debt 2.858,9 3.856,6 6.891,9 6.083,5 5.245,3 4.404,1EBITDA(Rolling) 1.066,1 739,5 3.798,9 3.396,3 3.098,5 6.150,5Net Debt /EBITDA. 2,68 5,22 1,81 1,79 1,69 0,72

Profitability Indicators, 2016-2017

* In our EBITDA calculation, FX related items are not included, whereas CMB calculation method includes these in operating profit

33

Q3(%)

9M(%)

2016 2017 2016 2017

45,85 52,08 14 Dtd.Brent Price, ($/bbl) 41,77 51,90 24,2630,48 29,57 -3,0 Processed Crude API 30,81 30,32 -1,5777,32 75,70 -1,6 White Product Yield, (%) 76,20 76,98 0,78

3,81 6,45 69,3 Med. Complex Margin,($/bbl) 3,62 5,76 59,15,68 8,95 57,6 Tüpraş Net Margin,($/bbl) 4,60 8,46 83,9

603,77 1.289,5 114 Operating Profit, (mn. $) 1.370,5 4.079,4 197,6731,1 1.384,6 89,4 Operating Profit for EBITDA, (mn. $) 1.484,7 4.217,4 184,0740,1 1.432,6 93,6 EBITDA (mn.TL)-CMB 1.776,8 4.507,1 153,7887,2 1.457,7 64,3 EBITDA (mn.TL)-CMB- CCS 1.667,0 4.408,4 164,5867,4 1.527,7 76,1 EBITDA *(mn. TL) 1.891,0 4.645,12 145,6

1.014,4 1.552,8 53,1 EBITDA* (mn. TL) CCS 1.781,2 4.546,4 155,3

9M Trading Activities

374

777

1.240

20372

715575

486

077

0

200

400

600

800

1.000

1.200

1.400

Product Imports, Ton*000

9M 2016

9M 2017

571

0

940

104

0

250

500

750

1.000

HVGO + LCGO ASR F.Oil

Intermediate Imports, Ton*000

9M 2016

9M 2017

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.

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results for q3 2017 analyst teleconference$/bbl) ($/bbl) $ / bbl gross margin inventory effect med...

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