Koc Holding A.s. · BIST:KCHOL
Koc Holding A.s — H1 2024 Earnings Presentation
25 slides from Koc Holding A.s's earnings presentation, Aug 8, 2024
Slide 1: Koç Holding 1H24 Earnings Presentation
KOÇ HOLDING 1H24 EARNINGS PRESENTATION 8 AUGUST 2024 1H24 Earnings Presentation
Slide 2: Disclaimer
Disclaimer With the Capital Markets Board of Turkey’s Bulletin dated 28.12.2023 numbered 2023/81, CMB announced that issuers and capital market institutions shall prepare their annual financial statements ending on 31.12.2023 or later, in accordance with IAS 29 inflationary accounting provisions. Ac
Slide 3: Agenda
Agenda Koç Holding Key Indicators Highlights on Main Sectors Selected Unlisted Companies Historical NAV 3 1H24 Earnings Presentation
Slide 4: Agenda
Agenda Koç Holding Key Indicators Highlights on Main Sectors Selected Unlisted Companies Historical NAV 4 1H24 Earnings Presentation
Slide 5: Focus on Resilience: Sectoral & Geographical Diversification
Focus on Resilience Sectoral & Geographical Diversification Net Asset Value Breakdown by Sector1 International Revenues / Total Combined Revenues 30% 30% 47% Auto including FX linked (PC & CV Manufacturing) Auto revenues of Tüpraş 29% (Other) 14% Refining Finance 15% 21% Oil & Gas Distribution Other
Slide 6: Focus on Resilience: Solid Liquidity Maintained
Focus on Resilience Solid Liquidity Maintained Net Cash Bridge Solo, TL mn As of 31 December 2023: As of 30 June 2024: 23,654 = USD 795mn = USD 712mn Net cash including Net cash YKB AT1 as of 2023YE as of 30 June’24 1 + USD 1.56bn 23,402 1 - 22,470 23,358 4.846 4 + USD 1.48bn Gross cash including -
Slide 7: Key Metrics
Key Metrics Fundamentals Remain Intact on the Back of Prudent Management Strong Cash Position Solid Liquidity FX Position USD 712mn 1.24x +USD 693mn Solo Current Ratio Solo Net Cash on Combined Basis2 long FX Position + USD 1.5bn Gross cash + USD 173mn Consolidated long FX position TL 1% after natur
Slide 8: Agenda
Agenda Koç Holding Key Indicators Highlights on Main Sectors Selected Unlisted Companies Historical NAV 8 1H24 Earnings Presentation
Slide 9: Energy
Energy Healthy results in a period of scheduled RUP maintenance Domestic Market Sales Volume Crack Margins 1H24 Highlights Million Tonnes USD/bbl, Monthly Cumulative Higher sales volume y/y +0.4% +17% -8% 24.0 Growth +4% 22.5 23.3 Lower energy expenses 22.0 20.2 9.9 10.0 20.0 Narrower differentials
Slide 10: Automotive
Automotive Heightened competition in the domestic market Monthly Trend 1H24 Highlights Sales Volume Thousand Units Thousand Units Koç Total Turkey Exports Ma rket Share 13% 50% 21% 21% 37% Passenger Cars (Turkey) Pull-forward domestic demand Light Commercial (Turkey) y/y +7% -9% -9% +3% -2% 140 Soli
Slide 11: Consumer Durables
Consumer Durables Inorganic growth with the contribution of Whirlpool transactions Sales Volumes Across Markets1 Monthly Trend 1H24 Highlights Million Units Million Units " Koç Market Share 20% 68% 26% 30% 41% Contribution of Whirlpool since April Turkey Exports Strong demand in Turkey, albeit some
Slide 12: Finance
Finance Macro backdrop weighs on net profit TL Lending Growth Sector’s Loans & Deposits 1H24 Highlights 13 Weeks Annualized TL Billion, USD Billion Private State Sector 1H24 q/q ytd y/y 110% Substantial growth in net fees & commission income Loans 13,803 7% 19% 38% 90% + TL 8,876 4% 13% 33% Strength
Slide 13: Group's 1H24 Financial Performance
Group’s 1H24 Financial Performance Varying Performances at Different Segments Financial Performance TL Million Consumer Energy Automotive Finance Other TOTAL Durables Combined Revenues1 568,908 411,183 207,143 307,294 68,461 1,562,989 Change (y/y) 2% -8% 13% 44% 6% 7% Segment Share in Total 36% 26%
Slide 14: Group's 2Q24 Financial Performance
Group’s 2Q24 Financial Performance Varying Performances at Different Segments Financial Performance Consumer Energy Automotive Finance Other TOTAL TL Million Durables Combined Revenues1 288,610 182,446 113,384 156,197 35,894 776,531 Change (y/y) 2% -22% 20% 30% -1% 1% Segment Share in Total 37% 23%
Slide 15: Agenda
Agenda Koç Holding Key Indicators Highlights on Main Sectors Selected Unlisted Companies Historical NAV 15 1H24 Earnings Presentation
Slide 16: Value within Unlisted Companies
Value within Unlisted Companies Key Metrics of Unlisted Companies #1 distributor in Turkey’s electronics retail sector • Distribution of information and communication technologies to more Summary Financials than 4,000 sales point TL Million 1 2 Revenues EBITDA Book Value • Ranked 123rd in Fortune Tu
Slide 17: Agenda
Agenda Koç Holding Key Indicators Highlights on Main Sectors Selected Unlisted Companies Historical NAV 17 1H24 Earnings Presentation
Slide 18: Historical NAV Discount
Historical NAV Discount NAV Discount Highly Correlated With Sentiment Relative Share Performance of Koç Holding vs. Koç Group1 NAV Discount/Premium2 Rebased at 2023YE 15% 100% 10% 80% 5% Avg NAV discount between 2009-2024: -12 % 0% 60% -5% 41% -10% Historical 40% 35% Average 32% -15% 20% -20% 16% -2
Slide 19: Q&A
Q&A 1H24 Earnings Presentation
Slide 20: Appendix - Focus on Resilience: Dividend Income
Appendix - Focus on Resilience Business Model Ensures Sustainability of Dividend Income Dividend Income 1 Dividend Payments1 TL Billion TL Billion Dividend 2021 2022 2023 2024 YTD Dividend 16% 15% 6% 28% Tüpraş (inc. EYAŞ) - - 10.3 5.7 Payout 24.2 23.7 Ford Otosan 1.4 2.5 6.0 5.9 Tofaş 0.6 1.2 1.1 3
Slide 21: Appendix - Consolidated Key Financial Figures
Appendix - Consolidated Key Financial Figures Consolidated Main Financial Indicators Consolidated Net Income TL Million TL Million 1H23 1H24 y/y Revenues 886,314 1,009,725 14% 36,165 Gross Profit 218,426 154,249 -29% Operating Profit 116,767 50,284 -57% - 3,384 Profit Before Tax 80,619 16,087 -80% -
Slide 22: Appendix - 2024 Expectations of the Listed Group Companies
Appendix - 2024 Expectations of the Listed Group Companies TÜPRAŞ 2023A 2024E - Mar'24 2024E - Aug'24 TOFAŞ 2023A 2024E - Mar'24 2024E - May'24 2024E - Aug'24 TÜRKTRAKTÖR 2023A 2024E - Mar'24 2024E - May'24 2024E - Jul'24 Sector ('000) Sector ('000) Net Refining Margin ($/bbl) 16.0 - - Total TR LV S
Slide 23: Appendix - Our ESG Journey
Appendix - Our ESG Journey ✓ Committed to be carbon neutral by 2050 ✓ International Platforms The Koç Group Carbon Transition Roadmap: ➢ United Nations Global Compact 14% reduction in 2023 vs. 2017 baseline year ➢ CEO Water Mandate ➢ CFO Coalition For the SDGs 27% by 2030 49% by 2040 ➢ WEF - Stakeho
Slide 24: Appendix - Shareholding Structures
Appendix - Shareholding Structures Koç Holding Koç Family: 63.4%1 Free Float: 26.9% Vehbi Koç Foundation: 7.3% Koç Pension Fund: 2.3% Share Buyback: 0.04% Consumer Energy Automotive Finance Other ⁵ Durables Tüpraş Ford Otosan Arçelik EYAŞ: 46.4% Yapı Kredi Bank Koçtaş KH: 39% KH: 41% KH: 20.22% KH:
Slide 25: Contact Koç Holding Investor Relations
Contact Koç Holding Investor Relations investorrelations@koc.com.tr Visit our website at: www.koc.com.tr/investor-relations +90 850 756 23 23 Nursel Ilgen, CFA, Coordinator, Head of IR Investor Relations nurseli@koc.com.tr Cansev Atak, Manager Investor Relations canseva@koc.com.tr İsmail Özer, Manag