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1 Petkim Petrochemical Holding Corp. Presentation to Investors March 11, 2010
1
Petkim Petrochemical Holding Corp.
Presentation to Investors
March 11, 2010
2
Investment Highlights
Growth Plan & Strategy
Company Overview
Key Financials
General Overview of Turkey
Economy & Petrochemical Industry
3
Economy & Petrochemical Industry
4
World Economy & Petrochemical Industry
SLIGHT RECOVERY IS OBSERVED BEGINNING FROM THE SECOND HALF OF 2009. MODEST GROWTH IS EXPECTED IN 2010.
DUE TO THE CRISIS GROWTH RATESDECELERATED IN ALMOST EVERY REGION OF THE WORLD. BUT RECOVERY IS EXPECTED FOR 2010
EUROPE’S PETROCHEMICAL PRODUCTION WAS ADVERSELY AFFECTED BY THE CAPACITY CUTS IN 2009 JUST AS IN 2008
THROUGH RELATIVE RECOVERY ON THE GLOBAL DEMAND OIL AND NAPHTHA PRICES INCREASED STEADILY.
THE MARKET WEAKNESS EASED BY THE END OF 2009 REGIONAL PETROCHEMICAL CASH MARGIN INDEX TEND TO RISE IN 2009
AT 2010, PETROCHEMICALS PRODUCTION IS EXPECTED TO INCREASE BY %6 IN EUROPE
Source: ChemSystems
Source: CEFIC Economic Outlook Task Force Nov 2009
World Economic Growth Rate (%)
Platts
Relative Recovery
West European Steam Cracker Capacity Cuts2007-2010Percent of Capacity
MED Naphtha Spread over Brent Crude
-200-150-100-50
050
100150200250
01/08
02/08
04/08
06/08
08/08
09/08
11/08
01/09
03/09
04/09
06/09
08/09
09/09
11/09
01/10
USDMED Naphtha Spread over Brent Crude
Western Europe United States South Korea Middle East
5
World Economy-Signs of Recovery…
Source: CMAI
POSITIVE DEVELOPMENTS NEGATIVE DEVELOPMENTS
• The path of the recovery remains vague and fragile• High unemployment particularly in advanced economies restrain
consumer spending• Mounting unemployment, keep a lid on growth, rising political
tensions• Fiscal sustainability and growth concerns with Eurozone• Soaring government deficits and debts, sovereign risks• Increasing energy prices• Moderate inflationary pressures may become a major problem• Exit from accomodative monetary policies• Relatively tight credit conditions, highly leveraged financial
statements• Increasing protectionist measures
• Stabilization and restoration of growth in H2 2009 stems fromadoption of aggressive monetary easing and stimulus packages
• Improving bussiness conditions, confidence is stronger• Measures taken against rising unemployment rates• Recent credit rating upgrades for Turkey• Reduced investment costs; lowest levels of interest rates• Leading indicators point upward• Consumer demand is growing again• Capacity utilization is slowly increasing• Emerging markets led by Asia (China and India), Middle East and
Latin America will display a stronger recovery• Trade will grow modestly in 2010 after inventores are rebuilt• Strong structural position of Turkish Banks in financial turmoil period
6
Market Conditions
Capacity adjustments, plant shutdowns and flexible workmodels are being implemented in global petrochemicalindustry.
Crude oil prices surged to USD 147 per barrel in June.
Naphta prices increased for the six consecutive quartersand reached 1,150 $/ton in mid-June.
Rising energy prices had negative impact on productioncosts and profit margins.
Oil and naphtha prices tumbled down to five year lows at the second half of the year.
Producers suffered from the erosion of margins, profitabilities collapsed.
Extremely weak demand forced companies to reduceoperating rates and temporarily shut down plants.
Crude oil prices after falling to $32 per barrel in Januaryresumed their upwards surge in February and reached $82 in the last quarter 2009.
Following the rally in crude oil prices naphtha pricessignificantly increased from $200-250 in January to $680-$700 levels in the last quarter 2009.
ICIS Petrochemical index increased from 176 in January2009 to 251 at the end of 2009, petrochemical product pricesgradually strengthened over the year.
Sectoral profitabilities improved with the third quarter of theyear had been one of the hardest periods since the early1990s.
2008 2009
Through increasing demand of Asia near to year-end, recovery period of petrochemical industry picked up afterrelatively steady quarters.
7
General Overview of Turkey
8
General Overview of Turkey
Source: Investment Support and Promotion Agency
9
General Overview of Turkey
Source: Investment Support and Promotion Agency
10
BTC & BTE: A Major Role in Transportation of Oil and Natural Gas
PETKİM
CEYHAN
TBILISI
BAKUERZURUM
BTE
BTC
With a 50 million tons/year capacity, nearly 1768 km long, Baku-Tbilisi-Ceyhan oil pipeline transfers Caspianoil to world markets.
With a 30 billion cubic metersnatural gas throughput capacity, 933 km long of Baku-Tbilisi-Erzurum (BTE) pipeline transfersAzerbaijani gas from the ShahDeniz-I field to Turkey via Georgia
Minimized transportation costsDecreased financial costs due to shorterdeliverySupply security and price stability
11
Company Overview
12
PETKIM’s Landscape
13
Company Overview• Established in 1965/Second complex commissioned in 1985• The sole petrochemical producer in Turkey• 25% domestic market share (2008) well positioned assets
in an ever growing market• USD 937 mn net sales (30Sep09)• USD 89 mn EBITDA (30Sep09)
• 15 main plants, 8 auxiliary units• Located in Aliağa near Izmir• Sits on a land of 19 mn sqm• Harbour, water dam, power generation unit (220 MW)• Adjacent to Tüpraş Aliağa Refinery
PETKİM
FACILITIES
MAIN FEEDSTOCKPRODUCTS
PRODUCTION
• Naphtha, LPG, C4, Condensate• Main product goups: olefins, polyolefins, vinyl
chain, aromatics and other basic chemicals
• 2.9 mn. tons of gross production realized in 2008• 3.2 mn. tons of gross production planned in 2009
14
Petkim’s Ownership Structure
Share Information (31 January 2010)
Stock Price Performance
Ownership Profile
Privatization process was completed in May 2008. SOCAR&Turcas Consortium
acquired 51% stake in Petkim at an amount of USD 2.04 bn.
Closing Price (TRY/Share) 9,05Market Cap (mn TRY) 1.853Market Cap (mn $) 1.249
Free Float (%) 38,7Source: Reuters
Source: Reuters
PA10,3%
Free Float38,7%
SOCAR&Turcas Petrochemical
Company51,0%
Relative Performance
90100110120130140150
Dec-09
Dec-09
Dec-09
Dec-09
Dec-09
Dec-09
Dec-09
Jan-10
Jan-10
Jan-10
Jan-10
Jan-10
Jan-10
Feb-10
ISE 100 PETKIM
StrongPerformance
15
Petkim: The Strong & Tangible Symbol of Economical & Strategical Partnership
TURCAS is the first privately-ownedpetroleum company in Turkey focusingon distrubution of oil products andenergy investments through itsinternational strategical partnerships
SOCAR, with large-scale investments in Azerbaijan is one of the world’s oldestpetroleum companies. SOCAR is a shareholder and major supplier of the 50 million ton capacity BTC crude oilpipeline and the BTE natural gaspipeline, which transports 6,6 billioncubic meters of natural gas to Turkey
PETKİMA BRIDGE LINKING AEGEAN TO CASPIAN
16
Crude Oil
Natural Gas
PLASTICSPLASTICS
RUBBERS & TIRES
FIBERSFIBERS--TEXTILESTEXTILES
PAINTS & DYESPAINTS & DYES
FERTILIZERFERTILIZER
DETERGENTSDETERGENTS
SOLVENTSSOLVENTS
PHARMACEUTICALSPHARMACEUTICALS
COATINGSCOATINGS
Petrochemicals
NAPHTHAGAS OILETHANE
PROPANEBUTANE
17
Products and CapacityPETKIM
ALIAGA COMPLEXSTART-UP 1985
TOTALCapacity 1,916,000 ton/yr
Other Products1
Capacity 954,000 ton/yr
Fiber Raw Materialsused in manufacture of antifreeze, detergents,
paints and polyester
Capacity 249,000 ton/yr
Thermoplasticsused in production of consumer products
made with plastics
Capacity 713,000 ton/yr
1 Ethylene (520,000), VCM (152,000), PA (34,000), Chlorine (100,000), Benzene (134,000), MB (10,000), Plastic Products (4,000)
ETHYLENE 520 PROPYLENE 240C4 140 PY-GAS 390AROMATICS 346
BENZENE 160P-X 136O-X 50
CHLORINE 100VCM 152PVC 150LDPE 334 HDPE 96PP 144 MEG 89ACN 90PTA 70PA 34Power (MW) 226
Product Capacities(thousand tons)
PLANT CAPACITIES
18
Ethylene Capacity Increase
Scheduled Ethylene Capacity Additions by Region by Year
37%53%
37%
18%
51%
8%
3%
2%31%
15%33%23% 60%
49%7%
22% 21%
1% 2%
27%
2010E 2011E 2012E 2013E 2014EMiddle East Indian SubcontinentNorth East Asiaex Japan South East Asia
19
PPKnitting bag, carpet lace, rope, Table cover, napkin, mat, rug, hose, radiator pipe, fish net, brush, blanket
ACNFiber, artificial wool, ABS (acrylobutadien) resin
ETHYLENEAROMATICS
C4
PROPYLENE
Field of Usage
BUTADIENE
Rubber
Automobile Tire
Naphtha
LDPEBag, greenhouse cover, film, cable, toys, pipe, bottle, hose, package
HDPEPackage film, pipes, bottle, Beverage boxes, toys, Gasoline tank, oil drum
MEGPolyester fiber, polyester film, antifreeze
VCM - PVC - EDCPipe, door and window, Sun blind, cable, bottle, Construction materials, packaging film, Floor tile, serum bags
CA-CAUSTIC SODATekstile, detergent, alimunium
BENZENEDetergent, white goods parts
TOLUENSolvent, explosives, pharmaceuticals, cosmetics
o-x - PAPaint raw material, plasticizers, synthetic chemicals, polyester
p-x - PTAPolyester fiber, polyester resin, polyester film
C4
20
PVC10% PY-GAS
3%
LDPE23%
C54%
HDPE7%PP
10%
MEG2%
PA2%
ACN7%
PTA4%
Others6%
P-X6%
Caustic6%
Benzene10%
Petkim: Production & SalesMarketable Production (thousand tons)
Breakdown of Marketable Production September 2009
1.3831.102 1.047
369 369 386
1.409
0
200
400
600
800
1000
1200
1400
1600
2007 2008 Sept08 Sept09 Q3 08 Q2 09 Q3 09
Net Sales ( Million USD)
Breakdown of Sales Revenues September 2009
1.674 1.7951553
937
377333534
0200400600800
1.0001.2001.4001.6001.8002.000
2007 2008 Sept 08 Sept 09 Q3 08 Q2 09 Q3 09
PVC11% PY-GAS
2%
LDPE27%
C53%HDPE
9%PP11%
MEG2%
PA2%
PTA4%
P - X6%
ACN8%
Others6%
Caustic2%
Benzene7%
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USA14%
Others2%
Mid-East, Africa26%
Asia-Far East14% EU
Countries44%
Petkim: ExportBreakdown of Export Revenues by Product Type Sept 2009
Breakdown of Exports by Region September 2009
Export Revenues by Years (Million USD)
182
410358
523443
228147
84 99
217
0
100
200
300
400
500
600
2004 2005 2006 2007 2008 Sept08 Sept09 Q3 08 Q2 09 Q3 09
Benzen28%
PP4%
PVC4%
PTA8%
P-X10%
C411%
Py-Gas7%
Others9%
HDPE2%
LDPE15%
Caustic2%
• Petkim products are exported to nearly 60 different countries
• Benzene, C4, LDPE, Py-Gas and P-X are the mainexport products.
•The third exporter in chemical industry in Turkey in 2008.
22
Petkim: Product Prices & Cost Breakdown
Labour6,6%
Energy12,3%
Others7,5%
Raw Materials
73,6%
Petkim Thermoplastics and Naphtha Price Changes
Thermoplastics Consumption of Turkey as of yearsRaw Material and Product Prices*
128
89
0
35 35
-2
37
-10
10
30
50
70
90
110
130
150
2007 2008 Sep08 Sep09 Q3 08 Q2 09 Q3 09
Cost Breakdown*
0
250
500
750
1.000
1.250
1.500
LDPE HDPE PP MEG PVC
Naphtha Cost Product Prices
Petkim EBITDA Performance (Million USD)
* As of Sept 2009
Thousand Tons
0
1000
2000
3000
4000
5000
6000
7000
2001
2003
2005
2007
2009
2011
2013
2015
2017
LDPE HDPE PP PVC
Yearly Average
50
100
150
200
Jan07 June07 Nov07 Apr08 Sep08 Feb09 July09Thermoplastics Naphtha
Index (2007Jan=100)
ForecastActualUSD
23
Petkim: Labor Productivity
Per Capita Marketable Production and Efficiency
Production per capita has increased from 457 tons
in 2008 to 581 tons in Sept 2009
Improvement in productivity and efficiency with capacity increases andreduced number of employees
Ongoing restructuring at organizational level:
Performance Management System
Simplified hierarchical organization
Outsourcing of services other than mainactivities (maintenance support andlogistics)
Plant maintenance, power generation, harbour management are currently
managed in-house.
0
100
200
300
400
500
600
2001 2002 2003 2004 2005 2006 2007 2008 Sept09
0
1000
2000
3000
4000
5000
6000
7000Net Sales Per Capita (Left Axis)
Marketable Production Per Capita (Left Axis)
Employees (Right Axis)
24
Key Financials
25
PETKİM’s Robust Performance
Financial restructuring coupled with recovering oil and naphtha prices resulted in Petkim’s robust performance during 9M of 2009.
• EBIDA margin surged to %9,5 than %2,4 thank to well managed feedstock, inventory and costs.
• Gross margins elevated to 7.0% from 0.2% despite drop in product prices negatively effected revenues
26
2007 2008 30Sep08 30Sep09 3Q 08 2Q 09 3Q 09
Net Sales 1.671 1.795 1.553 937 534 333 377
Cost of Goods Sold (-) (1.514) (1.822) (1.550) (872) (545) (310) (358)
Gross Profit (Loss) 157 (27) 3 65 (11) 23 19
Gross Profit (Loss) Margin 9,4% (1,5%) 0,2% 6,9% -2,0% 6,9% 5,1%
Operating Expenses (-) (74) (72) (49) (29) (17) (13) (9)
Other Operating Income/(Expenses),net
(20) (3) 2 2 (0) 2 1
Operating Profit/(Loss) 63 (102) (44) 38 (28) 12 11
Financial Income/(Expenses), Net (11) (20) 1 6 (2) 4 5
Profit/(Loss) Before Taxation 52 (122) (43) 44 (31) 16 16
Deferred Tax (1) 5 0 (2) 1 2 1
Net Profit/(Loss) for the Period 51 (117) (43) 42 (29) 18 16
EBITDA 128 (4) 37 89 0 35 35
EBITDA Margin 7,7% (0,2%) 2,4% 9,5% 0,1% 10,4% 9,3%
Income Statement (Million USD) (IFRS )
Financials
27
76 6844
1943 52
105
25
52
19 199
3922
020406080
100120
Q1 08 Q2 08 Q3 08 Q4 08 Q1 09 Q2 09 Q3 09Cash Bank Debt
Balance Sheet (Million USD) (IFRS)
Financials
Receivables, Inventories and Payables (Million USD)
31/12/2008 30/06/2009
149
58
115
293
19
1.123
19
11
52
134
194
89
60
897
1.123
166
16
396
1.198
9
161
50
220
65
913
1.198
Cash&Cash Equivalents
Trade Receivables
Inventories
Other Current Assets
Current Assets
Non-Current Assets
TOTAL ASSETS
Financial Liabilities
Other Payables
Trade Payables
Short-Term Liabilities
Long-Term Liabilities
Shareholders’ Equity
TOTAL LIABILITIES
830 802
-300
-200
-100
0
100
200
300
400
Q1 08 Q2 08 Q3 08 Q4 08 Q1 09 Q2 09 Q3 09
Trade Receivables Inventories Trade Payables
30/09/2009
148
227
12
492
1.312
39
198
50
287
66
959
820
1.312
105
Cash&Bank Debt (Million USD)
28
FOREIGN
CURRENCY
LONG TERM LONG TERM NATIONAL
May, 2009 BB- (negative) BB- (negative) AA- (tur) (negative)
September, 2008 BB- (stable) BB- (stable) AA- (tur) (stable)
January, 2008 BB (stable) BB (stable) AA (tur) (stable)
June, 2007 BB (stable) BB (stable) AA (tur) (stable)
April, 2007 BB (stable) BB (stable) AA- (tur) (stable)
February, 2006 BB- (stable) BB (stable) AA- (tur) (stable)
February, 2005 BB- (stable) BB (stable) A+ (tur) (stable)
DATE
LOCAL CURRENCY
Petkim’s Today
FITCH RATINGS
While many petrochemical companies’ credit ratings were downgradedall around the world, Fitchratings affirmed Petkim’s rating with BB-
and changed its outlook to negative due to Fitch’s anticipationof economic slump weighing on global petrochemical sector.
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Investment Highlights
30
Investment Highlights
PETKİM
Dominant producer25% market share
Market Size USD 6-7 billion
1998-2008 CAGRThermoplastics demand 8%
GDP 4%
Growth Potential in the Domestic Market
-20,0
-10,0
0,0
10,0
20,0
30,0
40,0
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
Growth in Plastics Demand GDP Growth
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TURKEYAn attractive
market
0
500
1000
1500
2000
2500
3000
3500
4000
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2015E
Thermoplastics
Fiber Raw
U.S.A 93 90 75W.Europe 75 78 69Turkey 40 45 43Republic of China 20 30 28World 24 25 24Brazil 22 23 25India 5 6 5
Petrochemicals Domestic Demand (thousand tons)
Kg/capita 2006 2007 2008
Plastics Consumption per Capita
1998-2008 CAGRThermoplastics 8%Fiber Raw Mat. 3%Rubber Raw Mat. 8%
Large market size suitable for optimum
scale plants
New RefineryProjects in Turkey
“Integration Synergy”
One of thefastest growing
markets
Investment Highlights
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New Incentive Package
• Incentive package was announced by the government in June 2009
• The following related sectors are within the scope of the package:- Basic chemicals >TRY 1 bn- Other chemicals >TRY 300 mn- Refinery >TRY 1 bn- Port and port services >TRY 250 mn- Pipeline transportation
• Incentives include;- Corporate tax reductions (from 20% to 10%)- Social security premium waivers for two years- VAT & customs tax exemption
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• Hydrocarbon rich owner (SOCAR)
• Experienced local owner in petroleum market (Turcas)
• Vertical integration possibility to increase competitive power of Petkim with refinery investment
Feedstock Reliability
Investment Highlights• Excellent location
and logistics• Power and steam
generation• On the shore • Next to the refinery• Existing infrastructure for
capacity expansion
A “supersite”
• Naphtha-LPG based fullyintegrated production resultsin a more diversified product portfolio
• Well maintained assets• 10-year average capacity
utilization rate 93% • Energy saving
Production base
• Completed capacityexpansion, debottleneckingand modernization at aroundUSD 500 million, in 2005
• Ongoing capacity creepinvestments
Capacity increase
• Business TransformationProgramme
• ERP implementation• EFQM Total Quality
Management• Performance Management• Suggestion and RewardSystem
• Operational excellence• Accelerated restructuring
Restructuring
• One of the fastest growing markets
• One of the biggest importers of petrochemicals
• Low levels of self-sufficiency in domesticproduction
Turkish Market
34
Growth Plan & Strategy
35
GROWTH PLAN
UPSTREAM
Secure andreliable feedstock
Refinery
(Socar-Turcas)
DOWNSTREAM
• wide product range
• specialty chemicals with high value
added
ENERGY PRODUCTION
LOGISTICS
&
TRADE
Growth Plan and Strategy
36
Growth Plan and Strategy
GROWTH PLAN
Short Term Growth Plans
Mid to Long Term Growth Plans• Capacity expansion/ debottlenecking• Business Transformation Program• Feedstock flexibility• Energy saving/cost reduction• Logistics• Sales and marketing• ERP Project• Trading activities
• Upstream investments(SOCAR-Turcas)• Downstream investments• Energy –wind turbine• Logistics (harbour, railway)
Petkim’s main strategy is to increase market share and achieve high customer satisfaction
VISION 2018To become a regional
force in the petrochemical sector
40% of Market Share in 2018
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Feedstock Flexibility Energy Logistics
TradingSales&Marketing
Business Transformation
Capacity Increase
• Cut of excise tax on LPG
• Increasing LPG utilization in feed slate of cracker
• Utilization of Fluid CatalyticCracking (FCC) and C4 stream
Setting up an advanced “steamcracker” model for the utilization of different feedstocks and the factoryoptimization
• Energy saving program
• Opportunity for importing NG from Azerbaijan
• Feasibility study for 47,7 MW power generation from wind
• Fuel flexibility in powergeneration
• New distribution centers
• Increased transportation by rail
• Increased sales delivered to customers
• Harbour expansion studies for container and RORO transportation
• Capability for storage facilitiesleasing
• Meeting total needs of customers
• Product trading that will be conducted from Aliaga and also from new logistic centers
• New financial instruments topromote sales
Capacity increase by:
• Ethylene and thermoplasticsrevamping
• Debottlenecking andmodernization
• Maximizing asset utllitization
Short Term Growth Plans
Reviewing the current performance
Assessing the potentialimprovement areas in organization, maintenance, energy, HSE andoperations
• Improving IT infrastructure with ERP and integrated ManufacturingExecution System (MES)
38
GROWING WITH “UPSTREAM” INVESTMENTSREFINERY FOR FEEDSTOCK SUPPLY
Mid to Long Term Growth Plans
TO REACH 40% MARKET SHARE WITH “DOWNSTREAM” INVESTMENTS
Constructed by SOCAR&Turcas• Allocation of 130 ha area for the refinery investment• 30% investment cost reduction due to existing infrastructure• Creation of synergy with the vertical integration• Feedstock security for Petkim• Additional revenue from services to the refinery
• Available infrastructure for potential investments• Double digit demand growth in the Turkish chemical sector• Increasing competitive advantage with sinergies created• New investment opportunities with local and foreign companies
39
PETKİM
Capacityincreasein basic
products
Efficiencyincreaseon plants
Moreactive
marketing strategies
Decreasingcost of energy
Long-termraw materialprocurement
Controllingall expenses
Pricingmechanism in
accordancewith market conditions
Import andtradingbesides
production
Productionoptimizationfocused on
profit
Production of more
profitableproducts
Taking advantageof present
infrastructure
PETKİM Growth Plan
40
We welcome your questions, comments and suggestions. Our corporate headquarters office address is:
Petkim Petrochemical Holding Corp. PO. Box.12Aliağa, 35801 İzmir/ TURKEY
To contact us with respect to shareholding relations for individual and corporate investors, please call directly or send an e-mail to
Ms. Füsun UGANFinance ManagerTel :+90 232 616 1240 (Ext:4575)Direct :+90 232 616 6127E-mail :[email protected]
Mr. Şafak AYIŞIĞIAssistant General Manager (Finance)Tel :+90 232 616 1240 (Ext: 2150)Fax :+90 232 616 2297E-mail :[email protected]
Mr. Hayati ÖZTÜRKGeneral ManagerTel :+90 232 616 1240 (Ext:2040)Direct :+90 232 616 2297Fax :+90 232 616 8519E-mail :[email protected]
Also, please visit our web site at www.petkim.com.tr for further information and queries.
Investor Relations
41
DisclaimerDisclaimer
This presentation is confidential and does not constitute or form part of, and should not be construed as, an offer or invitation to subscribe for, underwrite or otherwise acquire, any securities of Petkim Petrokimya Holdings A.Ş. (the “Company”) or any member of its group nor should it or any part of it form the basis of, or be relied on in connection with, any contract to purchase or subscribe for any securities of the Company or any member of its group nor shall it or any part of it form the basis of or be relied on in connection with any contract, investment decision or commitment whatsoever. This presentation has been made to you solely for your information and background and is subject to amendment. This presentation (or any part of it) may not be reproduced or redistributed, passed on, or the contents otherwise divulged, directly or indirectly, to any other person (excluding the relevant person’s professional advisers) or published in whole or in part for any purpose without the prior written consent of the Company.
This presentation includes forward-looking statements. These forward-looking statements include all matters that are not historical facts, statements regarding the Company’s intentions, beliefs or current expectations concerning, among other things, the Company’s results of operations, financial condition, liquidity, prospects, growth, strategies and the industry in which the Company operates. By their nature, forward-looking statements involve risks and uncertainties, because they relate to events and depend on circumstances that may or may not occur in the future. The Company cautions you that forward-looking statements are not guarantees of future performance and that its actual results of operations, financial condition and liquidity and the development of the industry in which the Company operates may differ materially from those made in or suggested by the forward-looking statements contained in this presentation. In addition, even if the Company’s results of operations, financial condition and liquidity and the development of the industry in which the Company operates are consistent with the forward-looking statements contained in this presentation, those results or developments may not be indicative of results or developments in future periods. The Company does not undertake any obligation to review or confirm analyst expectations or estimates or to release publicly any revisions to any forward-looking statements to reflect events that occur or circumstances that arise after the date of this presentation.
This presentation is not directed to, or intended for distribution to or use by, any person or entity that is a citizen or resident or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation or which would require any registration or licensing within such jurisdiction.
The contents of this presentation have not been verified by any authority. No representation or warranty, express or implied, is made as to the fairness, accuracy or completeness of the information contained herein and no reliance should be placed on it. None of the Company, their advisers, connected persons or any other person accepts any liability for any loss howsoever arising, directly or indirectly, from this presentation or its contents.
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PETKİM PETROKİMYA HOLDİNG A.Ş.GENERAL MANAGEMENTALİAĞA – İZMİR / TURKEY
Phone: +90-232-6161240 (20 lines)+90-232-6163240 (20 lines)
Fax: +90-232-6161248 +90-232-6161439 +90-232-6162490
Web site : www.petkim.com.tr , E-mail: [email protected]
PETKİM GUZELHISAR WATER DAM PETKİM PORT
