Investor Presentation
FX Exposure Management (31 December 2018)
Tüpraş continues to employ strict FX policies to
mitigate currency risks stemming from volatility.
A significant portion of the Group's crude oil and refined
product purchases are denominated in US Dollars. In
addition, the Group finances its capital expenditures
mostly through borrowings denominated in US Dollars.
• Natural Hedge: The Group is able to mitigate some of the
impact of volatility in exchange rates through natural
hedges: crude oil and refined product inventories are US
Dollar denominated assets.
• Cash flow Hedge: RUP Facility financing loans
designated as hedging instruments of highly probable
export revenues.
*
As a general Koç Holding financial policy, Group
companies are allowed to keep foreign exchange
positions within certain limits..
Cash flow hedge accounting: 874 mn $
Investor Presentation
www.tupras.com.tr
KEY FINANCIALS
Consolidated
Assets
Consolidated
Liabilities
Million $
Cash
955
Payables
1,189
Receivables &
other assets
136
Stock
1,201
Forward & CFH
1,500
+11 mn $
ST Financial
598
RUP : 182
Other: 416
LT Financial
1,994
RUP : 780
Eurobond 700
Other Loans : 514
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