Investor Presentation November 2020
FX Exposure Management (30 September 2020)
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.
Consolidated Hard
Currency Assets
Cash
1,082
Receivables &
Other Assets
63
Stock
932
Forward 584
CFH* 647
Consolidated Hard
Currency Liabilities
Million $
+21 mn $
Payables & Other
Liabilities
1,074
ST Financial Loans
458
• RUP: 170
•
Other: 288
LT Financial Loans
1,755
RUP: 449
Eurobond: 700
Other Loans: 607
Nov-20
Investor Presentation
Financials
www.tupras.com.tr
*Cash Flow Hedge
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