January 20 Investor Presentation
FX Exposure Management (30 September 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: 864 mn $
January 20
Investor Presentation
Financials
www.tupras.com.tr
Consolidated Hard
Currency Assets
Cash
342
Consolidated Hard
Currency Liabilities
Million $
Payables
2,252
Receivables &
Other Assets
98
ST Financial Loans
533
Stock
1,682
Forward & CFH
2,463
+11 mn $
•
RUP: 191
Other: 342
LT Financial Loans
1,789
RUP: 707
Eurobond: 700
Other Loans: 382
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