H1 2019 Results
FX Exposure Management (30 June 2019)
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: 899 mn $
Investor Presentation
www.tupras.com.tr
Consolidated Assets
Consolidated Liabilities
Million $
Cash
1,057
Receivables &
Other Assets
97
Stock
1,406
Forward & CFH
2,082
+2 mn $
Payables
2,193
ST Financial Loans
528
• RUP: 179
• Other: 349
LT Financial Loans
1,919
RUP: 688
Eurobond: 700
Other Loans: 531
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