Slide 1: Koç Holding 1H10 Earnings Presentation
Koç Holding 1H10 Earnings Presentation August 2010
Slide 2: Operating Environment & Koç Group
1H10 Operating Environment & Koç Group www.koc.com.tr 2
Slide 3: Energy
Energy Tüpraş Crude & Including Semi-Finished Product CUR Tüpraş Production-Import-Sales Balance – mn Ton Crude Including Semi-Finished Product Export & Domestic Sales Production & Import 80.0% 71.0% 71.0% 67.0% 9.9 10.0 10.1 10.0 63.0% 62.2% 58.0% 54.4% 1.2 2.3 2.4 1.9 8.6 7.8 8.2 7.6 1Q10 2Q10 1H0
Slide 4: Automotive
Automotive Sales Units, Market * – January-June Sales Development, Market * – Units, Monthly Koç Market 17% 19% 54% 51% 29% 30% Share 70000 -6% -0.3% +2% -6% +4% 60000 300000 250000 -2% 50000 200000 40000 +43% 150000 +10% +2% 30000 100000 20000 50000 10000 0 Light Commercial Passenger Cars TOTAL 0 V
Slide 5: Consumer Durables
Consumer Durables Sales Units, Market * – January-June Sales Development, Market * – Units, Monthly +9% 3000000 -14% -9% 600000 2500000 +23% +6% 2000000 500000 +13% +46% +52% 1500000 +9% 400000 +4% +5% 1000000 300000 500000 200000 0 Washing 100000 Refrigerator Dishwasher Oven TOTAL Machine 2009 742,
Slide 6: Finance
Finance YKB Loans & Deposit Growth vs Sector YKB NPL Ratio vs Sector Growth YTD YKB Market Shares 6.3% Sector YKB 2Q10 ∆YTD 5.2% Total Loans 15% 21% 10.6% +55 bps 4.9% 4.9% 4.4% 4.1% TL Loans 15% 24% 9.8% +77 bps FC Loans ($) 11% 12% 12.5% +11 bps Total Deposits 8% 13% 8.5% +41 bps TL Deposits 13% 2
Slide 7: Financial Results
1H10 Financial Results www.koc.com.tr 7
Slide 8: Financial Performance
Financial Performance Revenues TL24,596mn (US$16,219mn) 23% YoY increase in TL terms and 31% in US$ terms Operating Profit TL2,002mn (US$1,320mn) 14% YoY increase in TL terms and 21% in US$ terms EBITDA TL2,478mn (US$1,634mn) 13% YoY increase in TL terms and 20% in US$ terms Profit Befor
Slide 9: Main Financial Indicators
Main Financial Indicators € Mn* US$ Mn* TL Mn TL Mn Change Change 30.Jun.10 30.Jun.10 30.Jun.10 30.Jun.09 %, TL %, US$ Revenues 12,204 16,219 24,596 19,977 p 23 p 31 Gross Profit 2,085 2,771 4,202 4,244 q -1 p 5 EBITDA 1,230 1,634 2,478 2,193 p 13 p 20 Operating Profit 993 1,320 2,002 1,757 p 14 p 2
Slide 10: Strong Revenue Growth
Strong Revenue Growth Revenues – TLmn Share of Segment Revenues – % 23% 24,596 19,977 Energy Automotive 57% 14% Durables 14% 1H09 1H10 Other Finance 5% 10% Segment Contribution to Revenues – TLmn 37% 14,137 10,289 36% 7% 20% 24% 3,390 3,234 3,453 2,963 2,499 2,381 993 1,235 Energy Automotive Durable
Slide 11: 13% Increase in EBITDA
13% Increase in EBITDA EBITDA Consumer Energy Automotive Finance Other Consolidated Total TL mn Durables 1H10 795 337 446 786 114 2,478 EBITDA – TLmn Segmental EBITDA Breakdown – % 13% Automotive 2,478 14% 2,193 Energy Durables 32% 18% Other 1H09 1H10 5% Finance 32% www.koc.com.tr 11
Slide 12: Improved Margins in Consumer Durables & Finance
Improved Margins in Consumer Durables & Finance Segment Contribution to EBITDA – TLmn 23% 4% 829 795 786 638 26% 25% 446 337 354 269 10% 103 114 Energy Automotive Durables Finance Other 1H09 1H10 EBITDA Margin by Segment – % 33.0 21.5 12.9 10.8 10.0 11.0 10.4 8.1 9.2 5.6 Energy Automotive Durables F
Slide 13: 14% Increase in Operating Profit
14% Increase in Operating Profit Operating Profit Consumer Energy Automotive Finance Other Consolidated Total TL mn Durables 1H10 612 226 346 742 76 2,002 Operating Profit – TLmn Segmental Operating Profit Breakdown – % 14% Automotive 2,002 11% 1,757 Energy 31% Durables 17% Other 4% Finance 1H09 1H1
Slide 14: Strong Margins Despite High Revenue Growth
Strong Margins Despite High Revenue Growth EBITDA Margin – % Operating Profit Margin – % 11.0 10.1 8.8 9.5 8.1 8.1 1H08 * 1H09 1H10 1H08 * 1H09 1H10 Profit Before Tax Margin – % 7.4 7.3 6.0 1H08 * 1H09 1H10 * Normalized www.koc.com.tr 14
Slide 15: Continuing Improvement in Profit Before Tax
Continuing Improvement in Profit Before Tax Profit before tax increased by 23% YoY Decline in net interest expense from TL279mn in 1H09 to TL27 million in 1H10 due to lower indebtedness and lower interest rates on loans TL221mn FX loss in 1H10 vs TL64mn FX loss in 1H09 Decline in other financi
Slide 16: Well-Managed Risk & Strong Cash Position
Well-Managed Risk & Strong Cash Position Koç Holding Stand-Alone 30.06.2010 Net Cash Position Total Debt: ~US$ 0.24 bn Total Cash: ~US$ 0.96 bn Net Cash: ~US$ 720 mn 2011-2013 Redemption Schedule US$ 225 mn – to be paid in equal annual installments of US$ 75 mn each January Consolidated Net Debt Exc
Slide 17: Resilient Against FX Volatility
Resilient Against FX Volatility Koç Holding Stand-Alone FX Position 1H09 1H10 US$ + 290mn US$ + 311mn Koç Holding Consolidated FX Position Weighted by Effective FX Position Ownership 9M08 2008 1H09 1H10 1H09 1H10 US$ - 4.2bn US$ - 2.2bn US$ - 2.3bn US$ - 2.5bn* US$ - 1.3bn US$ - 1.9bn * The natural
Slide 18: Q&A
Q&A www.koc.com.tr 18
Slide 19: Disclaimer
Disclaimer This presentation does contain forward-looking statements that reflect the Company management’s current views with respect to certain future events based on the base-case assumptions. Although it is believed that the expectations reflected in these statements are reasonable, they may be a
Slide 20: Shareholder Structures as of June 2010
Shareholder Structures as of June 2010 Koç Holding Koç Family: 69.36% Free Float: 21.49% Vehbi Koç Foundation: 7.15% Koç Pension Fund: 1.99% Consumer Energy Automotive Finance Other Durables Tüpraş Ford Otosan Arçelik Tat Konserve SPV share: 51.00% KH share: 38.46% Koç Financial Services KH share: 4
Slide 21: For Further Questions, Please Contact
For Further Questions, Please Contact : Winner 2010 Best IR Website Award investorrelations@koc.com.tr Funda Güngör Akpınar, Coordinator Investor Relations Strategic Planning Group fundag@koc.com.tr +90 216 531 0535 Aslı Soyubol, Manager Investor Relations Strategic Planning Group aslii@koc.com.tr +