Slide 1: Koç Holding 1Q10 Earnings Presentation
Koç Holding 1Q10 Earnings Presentation May 2010
Slide 2: 1Q10 Operating Environment & Koç Group
1Q10 Operating Environment & Koç Group www.koc.com.tr 2
Slide 3: Energy – Higher Refining Margins Compared to Global Peers
Energy – Higher Refining Margins Compared to Global Peers Tüpraş Products Yields & Refining Margins Opet Market Share Development – % White Product Yields Net Refining Margin 18.3 17.4 16.9 16.5 16.4 71.1% 16.1 69.3% 3.50 15.2 14.9 14.6 13.5 1.37 2009 2010 Med-Complex Tüpraş 2006 2007 2008 2009 1Q10
Slide 4: Automotive – Strong Sales Driven by LCV Segment
Automotive – Strong Sales Driven by LCV Segment Sales Units, Market * – January-March Sales Development, Market * – Units, Monthly +7% Koç 120000 Market 24% 23% 24% 23% 24% 26% -2% Share 100000 (Cumulative) -6% 60000 80000 +27% 60000 50000 40000 40000 +43% 20000 30000 +2% 0 Light Commercial 20000 Pa
Slide 5: Consumer Durables – High Growth in line with Revival in Economic Activity
Consumer Durables – High Growth Performance in line with the Revival in Economic Activity Sales Units, Market * – January-March Sales Development, Market * – Units, Monthly +38% 1200000 500000 +23% 1000000 450000 +52% 800000 400000 +46% 600000 +35% +42% 350000 +25% 300000 +58% 400000 250000 200000 2
Slide 6: Finance – Strong Growth in Lucrative Business Lines with Improving Asset Quality
Finance – Strong Growth in Lucrative Business Lines with Improving Asset Quality YTD YKB Market Shares 1Q10 Deposit & 1Q10 vs 4Q09 YKB Market Shares 1Q10 Loan Growth Sector YKB 1Q10 ∆YTD AUM Growth Sector YKB 1Q10 ∆YTD Total Loans 6% 9% 10.8% +37 bps Total Deposits 3% 4% 8.9% +5 bps TL Loans 5% 11%
Slide 7: 1Q10 Financial Results
1Q10 Financial Results www.koc.com.tr 7
Slide 8: Financial Performance
Financial Performance Revenues TL11,104mn (US$7,396mn) 27% YoY increase in TL terms and 40% in US$ terms Operating Profit TL867mn (US$578mn) 30% YoY increase in TL terms and 43% in US$ terms EBITDA TL1,102mn (US$734mn) 25% YoY increase in TL terms and 38% in US$ terms Profit Before Tax
Slide 9: Main Financial Indicators
Main Financial Indicators € Mn* US$ Mn* TL Mn TL Mn Change Change 31.Mar.10 31.Mar.10 31.Mar.10 31.Mar.09 %, TL %, US$ Revenues 5,342 7,396 11,104 8,731 p 27 p 40 Gross Profit 951 1,317 1,978 1,818 p 9 p 20 EBITDA 530 734 1,102 880 p 25 p 38 Operating Profit 417 578 867 667 p 30 p 43 FX Gain/(Loss)
Slide 10: Solid Performance in Revenues due to Low Base Year & Better Operating Environment
Solid Performance in Revenues due to Low Base Year & Better Operating Environment Revenues – TLmn Share of Segment Revenues – % 27% 11,104 8,731 Automotive Energy 14% 57% Durables 14% 1Q09 1Q10 Other Finance 5% 10% Segment Contribution to Revenues – TLmn 43% 6,303 4,421 57% 10% 21% 20% 1,549 1,402 1
Slide 11: 25% Increase in EBITDA
25% Increase in EBITDA EBITDA Consumer Energy Automotive Finance Other Consolidated Total TL mn Durables 1Q10 316 149 199 387 51 1,102 EBITDA – TLmn Segmental EBITDA Breakdown – % 25% 1,102 Automotive 14% 880 Durables 18% Energy 29% Other 1Q09 1Q10 5% Finance 35% www.koc.com.tr 11
Slide 12: Strong Improvement in Consumer Durables & Finance
Strong Improvement in Consumer Durables & Finance Segment Contribution to EBITDA – TLmn 24% 2% 387 322 316 312 126% 28% 199 149 116 23% 88 42 51 Energy Automotive Durables Finance Other 1Q09 1Q10 EBITDA Margin by Segment – % 33.2 21.3 11.8 12.9 9.6 9.2 9.4 7.3 6.3 5.0 Energy Automotive Durables Fina
Slide 13: 30% Increase in Operating Profit
30% Increase in Operating Profit Operating Profit Consumer Energy Automotive Finance Other Consolidated Total TL mn Durables 1Q10 225 92 152 365 33 867 Operating Profit – TLmn Segmental Operating Profit Breakdown – % 30% Automotive 867 11% Durables 667 Energy 17% 26% Other 4% Finance 1Q09 1Q10 42% w
Slide 14: Improving Profitability
Improving Profitability Operating Profit Margin – % Profit Before Tax Margin – % 7.8 7.2 7.3 7.6 2.0 1.8 1Q08 1Q09 1Q10 1Q08 1Q09 1Q10 www.koc.com.tr 14
Slide 15: Continuing Improvement in Profit Before Tax
Continuing Improvement in Profit Before Tax Profit before tax increased by 417% YoY TL376mn FX loss in 1Q09 vs TL62mn FX loss in 1Q10 Decline in net interest expense from TL192mn in 1Q09 to TL10 million in 1Q10 Profit Before Tax – TLmn 417% 796 154 1Q09 1Q10 www.koc.com.tr 15
Slide 16: High Resilience Against Volatility
High Resilience Against Volatility Koç Holding Stand-Alone 31.03.2010 Net Cash Position Total Debt: ~US$ 0.2 bn Total Cash: ~US$ 1.07 bn Net Cash: ~US$ 840 mn 2011-2013 Redemption Schedule US$ 225 mn – to be paid in equal annual installments of US$ 75 mn each January Consolidated Net Debt Excl. Fina
Slide 17: Well-Managed FX Position
Well-Managed FX Position Koç Holding Stand-Alone FX Position 1Q09 1Q10 US$ + 290mn US$ + 280mn Koç Holding Consolidated FX Position Weighted by Effective FX Position Ownership 9M08 2008 1Q09 1Q10 1Q09 1Q10 US$ - 4.2bn US$ - 2.2bn US$ - 2.3bn US$ - 2.2bn* US$ - 1.4bn US$ - 1.3bn * The natural hedging
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 March 2010
Shareholder Structures as of March 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:
Slide 21: For Further Questions, Please Contact
For Further Questions, Please Contact : investorrelations@koc.com.tr Funda Güngör, Coordinator Investor Relations Strategic Planning Group fundag@koc.com.tr +90 216 531 0535 Aslı Selçuk, Manager Investor Relations Strategic Planning Group aslii@koc.com.tr +90 216 531 0537 Neslihan Aycıl, Associate I