Investor Presentation Financial Highlights slide image

Investor Presentation Financial Highlights

Financial Policy Financial Discipline: Risk management policies focusing on areas such as leverage, liquidity, counterparty risk, commodity, interest rate and currency exposure. Leverage & Liquidity Liquidity risk management & targets/limits for financial ratios: • Net financial debt/EBITDA . Net financial debt/Equity • Current ratio • Share of long-term debt Counterparty Risk Policy Interest Rate & Fx Deposit is kept within bank-based limits: • Credit rating assessment and strong capital base. • • Cap on the maximum deposit allocated to a single bank. Cap for deposits subject to banks shareholders' equity • The fixed/floating profile of financial debt. Management of FX risk with derivative instruments • Zero FX exposure target on daily basis. Inventory Hedging Policy: • Operational hedge: Optimum stock policy & forward pricing mechanism. Commodity Hedging Policy • Financial hedge: Cargo based hedging to match the pricing period of purchases with sales. Crack Margin Hedging Policy: • Financial hedge: Crack margin (gasoline, diesel, jet fuel, fuel oil) risk mitigation by using derivatives. Hedge ratio between %0-%50 with up to 1 year hedge tenor • Dec-23 Financials Investor Presentation www.tupras.com.tr 37
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