Koc Holding A.s. · BIST:KCHOL
Koc Holding A.s — H1 2020 Earnings Presentation
19 slides from Koc Holding A.s's earnings presentation, Aug 13, 2020
Slide 1: Koç Holding 1H20 Earnings Presentation
Koç Holding 1H20 Earnings Presentation 13 August 2020
Slide 2: Focus on Sustainability and Resilience
Focus on Sustainability and Resilience Dividend Income (TL mn) Net Asset Value Breakdown by Sector Other 2,692 2,548 14% Auto Fi nance (PC & CV Mfg) 17% 28% 1,228 1,291 1 1,073 Cons . Dura bles 10% Auto (Other) 2016 2017 2018 2019 Apr'20 Oi l & Ga s 11% Refi ning Di s tribution 16% 4% - Decline in 2
Slide 3: Disciplined Approach
Disciplined Approach Strong US$ 1.7 bn gross cash → 82% in hard currency, 18% in TL US$ 1.5 bn total debt Cash Position (Solo) US$ +419 mn net cash including YKB AT1 Stable 2 Eurobonds totaling US$ 1.5 bn Funding - Mar’19: US$ 750 mn, 6 yrs, 6.5% coupon (Solo) - Mar’16: US$ 750 mn, 7 yrs, 5.25% coup
Slide 4: Energy
Energy Sales Volume, Domestic Market (mn tons) Aygaz (‘000 tons) -6% Sales Volume Ranking: #1 Energy Segment 1,016 Share (-) (+) 1,006 515 Operating 565 -16% 2 Profit 1 -47% 19 -11% 14 -13% 336 285 Cons. -23% 1 146 142 Net Income Diesel Jet Fuel Gasoline LPG 1H19 1H20 5M19 9.29 1.86 0.91 1.58 Cylind
Slide 5: Automotive
Automotive Sales Units, Domestic Market (‘000) Export Units, Turkey (‘000) Koç Koç Share 20% 17% 56% 64% 21% 23% 26% 26% Share 43% 36% Automotive Segment +30% -37% Share (-) (+) 635 +30% Operating Profit 1 2 47% 402 +30% +37% Cons. 1 21% Net Income Passenger Light Heavy TOTAL Cars Commercial Commerc
Slide 6: Consumer Durables
Consumer Durables Sales Units1, Market (mn) Export Units, Turkey (mn) -3% Consumer Durables Segment -14% Share (-) (+) 10.1 8.7 +2% Operating 2 20% +4% Profit 2 -20% Cons. 1 5% Western Eastern Net Income Turkey S. Africa Europe Europe 6M19 3.5 25.1 5.9 0.7 6M19 6M20 6M20 3.6 24.3 6.0 0.5 TL mn, comb
Slide 7: Finance
Finance YKB Profitability YKB Efficiency YKB Asset Quality Net Income (NI) & ROTE Cost/Income CoR Pre-Provision Profit (PPP) (TL mn) Finance Segment +22% Share (-) (+) 7,071 12.5% 12.1% PPP1 5,802 33.4% 33.0% Operating 2,92% 2 2,52% Profit 48% +4% NI 2,361 2,461 Cons. 1 19% Net Income 1H19 1H20 1H19
Slide 8: Group’s Overall Financial Performance
Group’s Overall Financial Performance Consumer TL mn, 1H20 Energy Automotive Finance Other1 One-offs Total Durables Combined Revenues2 48,228 30,905 18,168 21,201 7,625 - 126,127 y/y -36% -10% 3% -14% -3% - -21% Combined Operating Profit3 -1,036 2,926 1,271 3,044 79 - 6,285 y/y n.m. 6% 13% 5% n.m. -
Slide 9: Consolidated Net Income
Consolidated Net Income Consolidated Net Income (TL mn) 1 1H19 1H20 1 Auto Auto 33% Auto 87% Finance Finance 39% Finance 82% Cons. Durables Cons. Durables 9% Cons. Durables 20% Energy Energy 11% Energy -95% Other Other 6% Other 6% 0% 10% 20% 30% 40% 50% -150% -100% -50% 0% 50% 100% Note: Consolidate
Slide 10: Wrap-Up
Wrap-Up Disciplined risk management principles and balance sheet strength ensuring resilience against volatility Value creation and diversifying further always a key priority Solid liquidity position www.koc.com.tr 10
Slide 11: 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 12: ANNEX
ANNEX www.koc.com.tr] 12
Slide 13: Consolidated Main Financial Indicators
Consolidated Main Financial Indicators 1H20 1 TL mn 1H19 1H20 Y/Y € mn $ mn Revenues 74,750 73,967 -1% 10,386 11,448 Gross Profit 10,413 17,141 65% 2,407 2,653 Operating Profit 5,395 4,593 -15% 645 711 Profit Before Tax 2,992 4,839 62% 680 749 Net Income Before Non-controlling Interest 3,012 4,595 5
Slide 14: Combined Net Income – Consolidated Net Income
Combined Net Income – Consolidated Net Income Normalized Combined Net Income (TL mn) -61% y/y nm +12% +6% -0.3% nm nm -1% 5,669 5,599 3,394 2,405 2,398 1,864 2,086 761 472 501 167 0 -74 -2,707 1 Energy Auto Cons. Durables Finance Other One-Offs Total Normalized Consolidated Net Income (TL mn) -52% y
Slide 15: Unlisted Companies
Unlisted Companies 1H20 Koç Hol di ng Revenues Opera ting Profi t1 EBITDA Book Va l ue (SHE) TL mn Di rect Sha re 1H19 1H20 1H19 1H20 1H19 1H20 1H19 1H20 Arçel i k LG Kl i ma 5.00% 568 749 54 71 64 81 318 398 2 54.44% - 113 - 74 - 75 - 107 Token Bi l kom 69.94% 1,620 1,688 77 61 78 63 158 211 Düzey
Slide 16: 2020 Expectations of Listed Koç Group Companies
2020 Expectations of Listed Koç Group Companies TÜPRAŞ 2019A 2020E as of Feb 2020E as of Apr-May Latest 2020E 1 ARÇELİK 2019A 2020E as of Feb 2020E as of Apr-May Latest 2020E 1 Sector Revenue 19% 10-15% n.a. 10-15% Med Complex ($/bbl) 1.7 1.5-2.5 1.0-2.0 1.0-2.0 EBITDA Margin 10.5% ~10.5% n.a. 10.5-
Slide 17: Production Suspensions at Listed Koç Group Companies
Production Suspensions at Listed Koç Group Companies Company Duration Reason Disruptions in trade and Eskişehir plant: between 23 March to 27 April Ford Otosan problems in the supply Kocaeli plants: between 23 March to 4 May chain Disruptions in trade and TürkTraktör between 23 March to 20 April pro
Slide 18: Shareholding Structures
Shareholding Structures Koç Holding Koç Family: 64.3%1 Free Float: 26.5% Vehbi Koç Foundation: 7.3% Koç Pension Fund: 2% Consumer Energy Automotive Finance Other Durables Tüpraş Ford Otosan Arçelik Yapı Kredi Bank Tat Gıda EYAŞ: 51% KH: 38% KH: 41% KH: 9.02% KH: 44% Free float: 49% Ford Motor Co.2:
Slide 19: Koç Holding Contacts
Koç Holding Contacts investorrelations@koc.com.tr www.koc.com.tr IR Application Nursel Ilgen, CFA, Coordinator Investor Relations nurseli@koc.com.tr +90 216 531 0414 Neslihan Aycıl, Manager Investor Relations neslihana@koc.com.tr +90 216 531 0516 Sinem Baykalöz, Manager Investor Relations sinemb@koc