Trakya Cam Sanayii A.S — Q1 2020 Earnings Presentation
35 slides from Trakya Cam Sanayii A.S's earnings presentation, 2020
Slide 1: 2020 Q1 Results – Trakya Cam Investor Presentation
2020 Q1 Results TRAKYA CAM Investor Presentation
Slide 2: Contents
Contents 3 Financial & Operational Overview 13 Trakya Cam 19 Sisecam Group Overview 2
Slide 3: Financial & Operational Overview
Financial & Operational Overview 2020 Q1 Highlights Key Financial Indicators Operational Performance 3
Slide 4: 2020 Q1 Highlights
2020 Q1 Highlights Financials Highlights Revenues down by 1% YoY, was at TRY 1.5 Billion in 2020 Q1 Adjusted EBITDA of TRY 263 Million, down by 21% YoY with a margin of 17% Adjusted Net Income of TRY 159 Million, down by 9% YoY with a margin of 10% Developments in the first quarter Share of internat
Slide 5: Key Financial Indicators – Income Statement
Key Financial Indicators Summary Income Statement TRY mn 2019 Q1 2019 Q4 2020 Q1 YoY Growth QoQ Growth Adjustments excluded from EBIT Revenue 1.534 1.754 1.519 -1% -13% Gross Profit 488 477 434 -11% -9% 2020 Q1: TRY 131 Million: TRY 128mn Revaluation gain on fixed income instruments including IFRS-9
Slide 6: Key Financial Indicators – Balance Sheet
Key Financial Indicators Summary Balance Sheet TRY mn 2019 2020 Q1 YoY Growth Total Assets 14.908 15.119 1% Cash & Cash Equivalents 3.928 3.676 -6% Financial Assets 1.235 1.335 8% Trade Receivables 930 809 -13% Inventories 1.433 1.672 17% Equity-Pickups 345 368 7% Property, plant and equipment 5.917
Slide 7: Liquidity Analysis
Key Financial Indicators Liquidity Analysis TRY mn TRY mn Net Cash Position in 2020 Q1 FCF* -361 Sale of tangible/intangible assets 6 Proceeds from advances & loans given -23 Employee Termination Benefits -3 Net Change in Financial Liabilities -185 Cash outflows regarding financial leases -6 Fx Tran
Slide 8: Sales by Geographies
Sales by Geographies Accelerated Growth in All Operating Regions YoY Revenue Evolution through Regions Breakdown of Sales by Region* TRY mn 2019 Q1 2020 Q1 37% 39% 42% 42% 5% 4% 12% 6% 5% 8% Domestic Export from Turkey Russia India Europe • Consolidation effect of Indian operations, topline contribu
Slide 9: Sales by Businesses
Sales by Businesses Accelerated Growth in All Businesses Revenue Breakdown by Businesses* 34% 36% 35% 37% 66% 39% 64% 65% 37% 35% 63% 61% 63% 65% 2015 2016 2017 2018 2019 2019 Q1 2020 Q1 Architectural Auto-Glass + Encapsulated • Highest contribution to topline growth from architectural glass busines
Slide 10: Financials Performance
Financials Performance Consolidated EBITDA & CAPEX Consolidated Net Debt/EBITDA TRY mn TRY mn 4,93 5,15 4,28 4,15 3,90 1,37 1.861 1,50 1,12 1,14 1.548 0,81 0,87 1.147 0,47 1.035 0,28 1.746 976 1.344 391 362 398 394 882 286 250 233 789 93 95 439 459 2015 2016 2017 2018 2019 2019 Q1 2020 Q1 2015 2016
Slide 11: Operational Performance
Operational Performance Continued Production with High Capacity Utilization Production Volume (Flat & Frosted Glass) K tons Turkey International 2.524 2.400 2.507 2.477 2.268 1.110 837 951 995 1.009 577 626 1.259 1.414 1.563 1.556 1.483 214 255 364 371 2015 2016 2017 2018 2019 2019 Q1 2020 Q1 2.5 mn
Slide 12: Financial Summary
Financial Summary Consolidated Financials Consolidated Revenue Breakdown* TRY mn TRY mn 6.651 25% 25% 5.875 6.651 22% 21% 18% 5.875 21% 40% 17% 4.331 41% 4.331 3.016 45% 3.016 2.118 2.118 49% 60% 1.534 1.519 1.483 1.548 1.534 1.519 59% 59% 976 1.147 55% 38% 46% 391 336 394 51% 62% 41% 54% 2015 2016
Slide 13: Trakya Cam
Trakya Cam Global & Local Presence History Organizational Structure 13
Slide 14: Operations & Global Presence
Operations & Global Presence Shareholder Structure Operations of Flat Glass in 10 countries with 3,2 mn tons/year installed capacity Free Float; Bulgaria 2 1 28% Trakya Glass Bulgaria EAD Şişecam; 1 1 1 Float, & Auto Glass, Mirror & Processed 72% Hungary Romania Laminated Line Flat Glass Market Outl
Slide 15: Local Presence
Local Presence High Concentration in the Local Market Competition in Domestic Market Market Shares - Consumption Trakya Cam’s Capacities in Domestic Market 2019 Lüleburgaz 2 Float Lines (440K ton Total Capacity) Mirror, Autoglass Yenişehir 2 Float Lines (500K ton Total Capacity) Coated, Laminated Li
Slide 16: Operating Profile
Operating Profile Clear Float -Glass Architectual Heat Control Glass (Low-E Coated Glass) Solar Control Glass (Online Coated Glass) Related Industries Glass Safety and Security Glasses Noise Control Glasses Decorative Glasses (Mirror, Patterned Glass) Movable Door Glasses Fixed, Encapsulated Fixed S
Slide 17: History
History Cold repair of one float line in Yenişehir, Automotive glass production started in Turkey Trakya Cam was founded in Lüleburgaz, Turkey Bulgaria. JV with Saint Gobain for Egypt Takeover of the assets of Italian Sangalli and Russia Projects Polatlı and Russia Plants resumed production Vetro Po
Slide 18: Organizational Structure
Organizational Structure TRAKYA CAM SANAYİ A.Ş. Sisecam Flat Trakya Sisecam TRSG Glass Sisecam Flat Glass Glass Holding BV Investment B.V. Otomotiv A.Ş. Holding BV India Private Limited 100% 100% 100% 70% 100% Trakya Glass Saint Gobain Sisecam Flat Richard Fritz Glasscorp SA Sisecam Automotive AGAR
Slide 19: Şişecam 2020 Q1 Results
SISECAM 2020 Q1 Results sisEcAM
Slide 20: Şişecam at a Glance
Şişecam at a Glance $3,2 Billion 5 Million Tons 2,4 Million Tons 21.848 Presence in 14 Revenue Glass Production Soda Production Employees Countries 5th Flat Glass 3rd Glassware 5th Glass Leader Producer 10th Soda Ash 4th Chromic Acid Producer Producer Packaging in Basic Producer Producer Globally Gl
Slide 21: Key Financial Highlights
Key Financial Highlights Sustained Growth in Revenue with Improving EBITDA Margin TRY mn 31% 30% 32% 28% 27% 24% 25% 25% 26% 24% 25% 25% 21% 22% 18.059 15.550 11.318 8.569 7.415 4.884 4.868 4.615 3.120 3.923 1.764 2.120 1.480 1.178 2015 2016 2017 2018 2019 Q1'19 Q1'20 Revenue Growth (YoY) 8% 16% 32%
Slide 22: Revenue
Revenue Segments’ Contribution to Revenue Q1'19 Q1'20 TRY mn 3% 6% 22% 22% 33% 39% 20% 24% 16% 17% Flat Glass Glassware Glass Packaging Chemicals Other* 22 * Consists of energy trade of Şişecam
Slide 23: EBITDA
EBITDA Segments’ Contribution to EBITDA** Q1'19 Q1'20 TRY mn 8% 4% 24% 34% 25% 33% 12% 12% 21% 27% Flat Glass Glassware Glass packaging Chemicals Other* *Consists of energy trade of Şişecam 23 ** Excluding one-off incomes
Slide 24: Revenue by Geography
Revenue by Geography TRY bn Q1’19 Q1’20 18,1 3% 3% 15,6 20% 39% 25% 23% 23% 11,3 40% 8,6 37% 7,4 23% 22% 13% 31% 28% 23% 4,6 13% 23% 23% 3,9 37% 37% 39% 41% 46% 40% 23% 23% 49% 36% 41% 36% 41% 2015 2016 2017 2018 2019 Q1'19 Q1'20 Domestic Export from Turkey Sales from Foreign Operations Europe Russi
Slide 25: Exports from Turkey
Exports from Turkey Exports of USD 177 Million in Q1’20 to 150 countries Top 10 Countries Italy 22% Egypt 9% North & Asia Middle Europe USA 4% America 10% Lebanon 4% 52% 7% Far East Germany 4% Middle East 1% France 3% Africa 12% Oceania Romania 3% 12% UK 3% 1% South Israel 3% America Brazil 3% 5% 25
Slide 26: Operational Excellence
Operational Excellence Increasing Production In Line with Capex Undertaken 38% K tons SODA 4.791 4.947 4.960 62% 4.464 4.127 Domestic International* 2.170 2.278 2.343 2.361 2.380 1.193 1.314 575 595 42% 2015 2016 2017 2018 2019 Q1 '1 9 Q1 '2 0 GLASS Glass Soda Chemicals 58% Domestic International* 2
Slide 27: Şişecam vs. Competitors
Şişecam vs. Competitors Strong Global Player with Competitive Profitability 32% 32% Glass Revenues’ Share in Total 27% 25% Owens Illinois 100% NSG 100% Şişecam 72% 17% Asahi Glass 49% 16% 16% 17% Ardagh 49% 13% 11% St Gobain* N/A 10% * Segmental revenue breakdown is no longer provided by St Gobain 5
Slide 28: Şişecam History
Şişecam History Glassware and container production – Paşabahçe Reaching World glass volumes, To Be Among The Top 3 (Modest Growth) Efficient Management Structure Producers Globally Investments Abroad Investment Structuring 1935-1960 1960-1990 1990’s 2000’s 2014’s Onwards Expansion of product range S
Slide 29: Corporate Structure
Corporate Structure İŞ BANKASI ŞİŞECAM Flat Glass Glass Packaging Glassware Chemicals Other Trakya Cam Paşabahçe Camiş Soda Camiş Anadolu Denizli Şişecam Enerji Sanayii* Cam Sanayii Madencilik Sanayii* Elektrik1 Cam Sanayii* Cam Sanayii* Şişecam Flat Camiş Egypt Şişecam Elyaf Paşabahçe Şişecam Şişec
Slide 30: Operating Territories
Operating Territories PRODUCTION PLANTS IN TURKEY ŞİŞECAM FLAT GLASS ŞİŞECAM GLASSWARE Trakya Cam Sanayii A.Ş. Paşabahçe Cam San. Ve Tic. A.Ş. Trakya Plant - Kırklareli Kırklareli Plant Mersin Plant - Mersin Eskişehir Plant Trakya Yenişehir Cam Sanayii A.Ş. Denizli Cam San. Ve Tic. A.Ş. Yenişehir Pl
Slide 31: Prudent Risk Management Policies
Prudent Risk Management Policies Leverage Leverage with conservative NET DEBT / EBITDA levels Maintain sufficient liquidity to meet short-term funding and finance Liquidity equity portion of Capex FX Position FX position limited to +/- 25% of shareholder’s equity Not only a diversified relationship
Slide 32: Credit & Corporate Governance Ratings
Credit & Corporate Governance Ratings Credit Ratings MOODY’s LT FCY Rating B1 Negative FITCH LT FCY Rating BB- Stable Corporate Governance Corporate Governance Rating of Sisecam was revised to 9,534 from 9,528 in December 2019. As a Corporate Policy, Şişecam continues to strive for reaching the high
Slide 33: Sustainability
Sustainability Key Sustainability Achievements The Group is among the first 100 in “Best Emerging Markets Performers” Viego Eiris Sustainability Index • 1.100 ton waste reduction PRESERVE NATURAL RESOURCE MANAGEMENT • 175 bin ton glass recycled and used as raw material • 2,6 million m3 water re used
Slide 34: Disclaimer
Disclaimer This information in this document has been obtained by Trakya Cam Sanayi A.Ş. (“Trakya Cam” from sources believed to be reliable , however, Trakya Cam cannot guarantee the accuracy , completeness, or correctness of such information. This document has been issued for information purposes o
Slide 35: Contact Details
Trakya Cam Sanayi A.Ş. Sisecam Genel Merkezi D-100 Karayolu Cad. No:44A 34947 Tuzla/İstanbul Turkey Tel : (+90) 850 206 50 50 Fax: (+90) 850 206 40 40 Contact Details Görkem Elverici, Chief Financial Officer Investor Relations Team SC_IR@sisecam.com Hande Özbörçek hozborcek@sisecam.com Tel: (+90) 85
Trakya Cam Sanayii A.Ş. — Q1 2020 Earnings Presentation on 6ix