Slide 1: Koç Holding 1H16 Earnings Presentation
Koç Holding 1H16 Earnings Presentation 16 August 2016
Slide 2: 1H16 Koç Group
1H16 Koç Group www.koc.com.tr 2
Slide 3: Koç Holding Credit Ratings
Koç Holding Credit Ratings Ratings Outlook Moody’s Baa3 RuRD* S&P BBB- Negative** * Ratings under review for downgrade ** On May’16, S&P raised long- and short-term corporate credit ratings on Koç Holding to ''BBB/A-2'' with a ''stable'' outlook. The upgrade followed the outlook revision on Turkey a
Slide 4: 1H16 Financial Results
1H16 Financial Results www.koc.com.tr 4
Slide 5: Group's Overall Financial Performance
Group’s Overall Financial Performance Consumer 1H16 Change Over TL million Energy Automotive Finance Other Durables Total 1H15 Total Combined Revenues * 28,996 19,920 8,425 11,993 4,616 73,949 7% Combined Gross Profit 2,241 2,439 2,615 5,243 835 13,373 16% Combined Operating Profit ** 1,125 1,370 68
Slide 6: Combined Revenues
Combined Revenues Combined Revenues – TLmn Segmental Combined Revenues Breakdown – % +7% 69,279 73,949 Automotive 27% Consumer Durables Energy 11% 39% Finance 1H15 1H16 16% Other 6% Segment Contribution to Combined Revenues – TLmn -9% 31,921 28,996 +22% +22% 19,920 16,371 +20% +13% 11,993 8,425 9,86
Slide 7: Combined Operating Profit
Combined Operating Profit * Combined Operating Profit – TLmn Segmental Combined Operating Profit Breakdown – % +16% Automotive 5,243 26% Energy 4,539 +10% 21% 5,012** Consumer Durables 13% Other -2% 1H15 1H16 Finance 41% Segment Contribution to Combined Operating Profit – TLmn +49% +26% +33% 2,157 -
Slide 8: Combined Net Income
Combined Net Income Combined Net Income – TLmn Segmental Combined Net Income Breakdown – % +11% 4,011 Automotive 3,608 30% +5% 3,806* Energy Consumer 14% Durables 10% Other 1% 1H15 1H16 Finance 44% Segment Contribution to Combined Net Income – TLmn +52% +29% 1,772 +37% -42% 1,215 1,599* 1,166 992 94
Slide 9: Consolidated Net Income
Consolidated Net Income Consolidated Net Income – TLmn Segmental Consolidated Net Income Breakdown – % +8% 1,433 Automotive 1,322 34% +1% 1,332* Energy 14% Consumer Other Durables 0% 11% 1H15 1H16 Finance 41% Segment Contribution to Consolidated Net Income – TLmn +52% +30% 589 -47% 486 +34% 520* 379
Slide 10: Combined Exports & International Sales
Combined Exports & International Sales Combined Exports – US$mn Combined International Sales – US$mn -2% 7,750 -2% 7,576 6,694 6,588 1H15 1H16 1H15 1H16 www.koc.com.tr 10
Slide 11: Combined Investments
Combined Investments Combined Investments – TLmn Segmental Investments Breakdown – % Automotive 60% 3,110 3,114 Consumer Energy Durables 24% Other 9% Finance 1H15 1H16 2% 5% www.koc.com.tr 11
Slide 12: Koç Holding Net Cash Position
Koç Holding Net Cash Position Koç Holding Stand-Alone 30.06.2016 Net Cash Position Total Debt: ~US$ 1.5 bn* Total Cash: ~US$ 2.1 bn** Net Cash: ~US$ 572mn Consolidated Net Debt / Cash Excl. Finance 1Q16 1H16 ~US$ -3.7bn ~US$ -3.9bn * The total debt of US$ 1.5bn consists of two Eurobond issuances by
Slide 13: SPV Debt
SPV Debt Initial Loan Amount US$ 1.8 billion Remaining Debt TL 322 million Maturity of the Debt April 2017 www.koc.com.tr 13
Slide 14: FX Position
FX Position Koç Holding Stand-Alone FX Position 1Q16 1H16 US$ + 42mn US$ +45mn Koç Holding Consolidated FX Position FX Position Weighted by Effective Ownership 1Q16 1H16 1Q16 1H16 US$ -2.4bn US$ -2.4bn* US$ -1.0bn US$ -1.0bn * The natural hedging mechanisms due to FX linked pricing of Tüpraş invento
Slide 15: Consolidated Main Financial Indicators
Consolidated Main Financial Indicators € Mn* US$ Mn* TL Mn TL Mn Change Change 30.Jun.2016 30.Jun.2016 30.Jun.2016 30.Jun.2015 %, TL %, US$ Revenues 9,558 10,664 31,122 32,129 q -3 q -15 Gross Profit 1,581 1,764 5,147 4,757 p 8 q -5 Operating Profit 846 944 2,755 2,490 p 11 q -3 Profit Before Tax 66
Slide 16: 1H16 Koç Group Sectoral Developments
1H16 Koç Group Sectoral Developments www.koc.com.tr 16
Slide 17: Energy – Koç Group Companies
Energy – Koç Group Companies Tüpraş Capacity Utilizations & White Product Yield Tüpraş&Med Complex Margins – US$/Barrel Capacity Utilizations – % White Product Yield – % Tüpraş Clean Tüpraş Inventory Med Complex 100.9 72.7 75.6 Gross / Net Gross / Net 94.1 Effect Margin Ref. Margin Ref. Margin 5.2 4
Slide 18: Automotive – Ford Otosan & Tofaş vs Sector
Automotive – Ford Otosan & Tofaş vs Sector Sales Units, Domestic Market * Sales Development, Domestic Market * – Units, Monthly Koç Market 14% 14% 55% 52% 23% 27% 25% 23% Share 120000 -1% -9% +13% +4% 500000 100000 -4% 450000 +3% 400000 80000 350000 -7% 300000 250000 60000 -4% -8% 200000 150000 4000
Slide 19: Consumer Durables – Arçelik vs Sector
Consumer Durables – Arçelik vs Sector Sales Units, Domestic Market * Sales Development, Domestic Market * – Units, Monthly +6% 4000000 3500000 800000 +5% 3000000 700000 +9% -2% +3% 2500000 600000 +17% +11% 2000000 +8% +4% 500000 +10% 1500000 400000 -4% 1000000 300000 500000 200000 0 Refrigerator Was
Slide 20: Finance – Yapı Kredi Bank
Finance – Yapı Kredi Bank Maintained Scale Strong Operational Performance Loan Market Share Deposit Market Share Revenue Growth – YoY, 1H16 Cost Growth – YoY, 1H16 16.1% 16.3% 15.5% 16.0% 15.7% 15.4% 20% 15.3% 7% 7% 14.9% 14% 10.2% 10.3% 10.3% 10.4% 10.4% 10.2% 10.0% 10.2% 2014 2015 1Q16 1H16 2014 2
Slide 21: Q&A
Q&A www.koc.com.tr 21
Slide 22: 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 23: Shareholder Structures as of 30 June 2016
Shareholder Structures as of 30 June 2016 Koç Holding Koç Family: 68.51% Free Float: 22.24% Vehbi Koç Foundation: 7.26% Koç Pension Fund: 1.99% Consumer Energy Automotive Finance Other Durables Tüpraş Ford Otosan Arçelik Tat Gıda SPV share: 51.00% KH share: 38.46% Koç Financial Services KH share: 40
Slide 24: For Further Questions, Please Contact
For Further Questions, Please Contact : investorrelations@koc.com.tr www.koc.com.tr IR Application Funda Güngör Akpınar, Coordinator Investor Relations fundag@koc.com.tr +90 216 531 0535 Gizem Bodur, Manager Investor Relations gizemb@koc.com.tr +90 216 531 0533 Neslihan Aycıl, Manager Investor Relat