Koc Holding A.s. · BIST:KCHOL
Koc Holding A.s — Q1 2021 Earnings Presentation
23 slides from Koc Holding A.s's earnings presentation, May 6, 2021
Slide 1: Koç Holding 1Q21 Earnings Presentation
KOÇ HOLDING 1Q21 EARNINGS PRESENTATION 6 MAY 2021 1Q21 Earnings Presentation
Slide 2: Agenda
Agenda Koç Holding Key Indicators Highlights on Main Sectors Historical NAV 2 1Q21 Earnings Presentation
Slide 3: Agenda
Agenda Koç Holding Key Indicators Highlights on Main Sectors Historical NAV 3 1Q21 Earnings Presentation
Slide 4: Focus on Sustainability and Resilience: Sectoral & Geographical Diversification
Focus on Sustainability and Resilience Sectoral & Geographical Diversification Net Asset Value Breakdown by Sector1 International Revenues / Total Combined Revenues Auto (PC & CV Manufacturing) 48% 39% 32% 33% including FX linked revenues of Tüpraş Auto (Other) Finance 14% 10% Refining Other 10% Oil
Slide 5: Business Model Ensures Sustainability of Dividend Income
Focus on Sustainability and Resilience Business Model Ensures Sustainability of Dividend Income Dividend Income Dividend Payout2 TL Million TL Million 2,812 2019 2020 May'21 1 y/y 2,548 Tüpraş (via EYAŞ) 1,489 - - n.m. Adjusted Dividend Payout3 Dividend Ford Otosan 494 421 871 107% 18% 12% 16% 24% P
Slide 6: Further Strengthened Liquidity on the Back of Healthy Recovery in Dividends
Focus on Sustainability and Resilience Further Strengthened Liquidity on the Back of Healthy and Swift Recovery in Dividends Net Cash Bridge TL Million USD 648mn = USD 375mn 5,398 = USD 466mn 3 Net cash including + 86 + 254 Net cash including YKB AT1 as of 2020YE - 1,770 3,882 1 YKB AT1 after paid a
Slide 7: Key Metrics
Key Metrics Fundamentals Remain Intact on the Back of Prudent Management Strong Cash Position Solid Liquidity Flat FX Position USD 466mn 1.3x USD 104mn Solo Net Cash after Current Ratio Solo Paid/Received Dividends on Combined Basis FX Long Position in April + USD 1.8bn Gross cash USD 421mn Consolid
Slide 8: Agenda
Agenda Koç Holding Key Indicators Highlights on Main Sectors Historical NAV 8 1Q21 Earnings Presentation
Slide 9: Energy
Energy Inventory Gains Temporarily Wiped Out by FX Losses in 1Q Domestic Market Sales Volume Crack Margins 1Q21 Highlights Million Tonnes USD/bbl, Monthly Diesel Jet Fuel Gasoline 9.7 10.4 2M21 y/y Inventory gains with the increase in crude oil prices Growth -4% -46% -12% -18% Historically weak crac
Slide 10: Automotive
Automotive Ongoing Strength in Demand Supported by Changing Consumer Preferences Sales Volume Monthly Growth Trend 1Q21 Highlights Thousand Units y/y Koç Total Turkey Exports Ma rket Share 16% 57% 26% 25% 45% Passenger Cars (Turkey) Substantial growth in domestic market 600% Light Commercial (Turkey
Slide 11: Consumer Durables
Consumer Durables Stellar Domestic Performance and Improvement in Export Markets Sales Volumes Across Markets Monthly Growth Trend 1Q21 Highlights Million Units y/y " Koç Ma rket Share 20% 68% 26% 30% 41% Robust domestic and international revenues 3M21 y/y +40% +4% +17% +19% +26% Turkey Exports Curr
Slide 12: Finance
Finance Lower Cost of Risk and Improved Fee Income Offset Decline in Core NII TL Lending Growth Sector’s Loans & Deposits 1Q21 Highlights 13 Weeks Annualized TL, USD Billion 26% y/y increase in Net Income 100% 3M21 q/q y/y Lower CoR on the back of limited NPL inflows, strong collections, 80% Private
Slide 13: Group's 1Q21 Financial Performance
Group’s 1Q21 Financial Performance Strong y/y Performance at all Segments Financial Performance TL Million Consumer Energy Automotive Finance Other TOTAL Durables Combined Revenues 1 33,281 30,611 15,106 14,095 4,584 97,676 Change (y/y) 15% 71% 67% 29% 20% 38% Segment Share in Total 34% 31% 15% 14%
Slide 14: Agenda
Agenda Koç Holding Key Indicators Highlights on Main Sectors Historical NAV 14 1Q21 Earnings Presentation
Slide 15: Historical NAV Discount
Historical NAV Discount Unwarranted NAV Discount Given Strong Fundamentals Relative Share Performance of Koç Holding vs. Koç Group1 NAV Discount/Premium2 Rebased at 2020YE 50% 15% 40% 10% 30% 5% 26% 20% 0% -5% Historical 10% Average -10% 0% -5% -15% -6% -1 0% -10% -20% -2 0% -25% 31.12.2020 14.01.20
Slide 16: Q&A
Q&A 1Q21 Earnings Presentation
Slide 17: Appendix - Consolidated Key Financial Figures
Appendix - Consolidated Key Financial Figures Consolidated Main Financial Indicators Consolidated Net Income TL Million TL Million 1Q20 1Q21 y/y + 193 + 346 + 54 Revenues 39,436 57,305 45% + 764 Gross Profit 7,083 13,784 95% + 667 Operating Profit 1,061 5,174 388% 3,470 Profit Before Tax 2,743 3,747
Slide 18: Appendix - Unlisted Companies
Appendix - Unlisted Companies Unlisted Summary Financials TL Million Koç Holding Revenues Operating Profit1 EBITDA Book Value (SHE) Direct Share 2019 2020 2019 2020 2019 2020 2019 2020 Arçelik LG Klima 5.00% 849 1,385 62 117 81 136 331 438 Bilkom 69.94% 3,297 4,436 148 147 150 151 206 273 Düzey 31.2
Slide 19: Appendix - Production Suspensions at Listed Koç Group Companies
Appendix - Production Suspensions at Listed Koç Group Companies 2020 2021 Company Duration Reason Company Duration Reason Disruptions in trade and Kocaeli plants: between 3 to 8 April Global disruption in Eskişehir plant: between 23 March to 27 April Ford Otosan Ford Otosan problems in the supply Gö
Slide 20: Appendix - 2021 Expectations of the Listed Group Companies
Appendix - 2021 Expectations of the Listed Group Companies TÜPRAŞ 2020A 2021E FORD OTOSAN 2020A 2021E Latest 2021E ARÇELİK 2020A 2021E Latest 2021E Sector Sector ('000) Revenue 28% ~20% >30% Med Complex ($/bbl) -0.1 0.0-0.5 Total TR Sales 791 750-800 900-950 Turkey (in TL) 37% 15-20% ~25% Tüpraş For
Slide 21: Appendix - Shareholding Structures
Appendix - 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: 39% KH: 41% KH: 9.02% KH: 44% Free float: 49% Ford M
Slide 22: Contact Koç Holding Investor Relations
Contact Koç Holding Investor Relations investorrelations@koc.com.tr www.koc.com.tr 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@
Slide 23: 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