Turk Traktor Ve Ziraat Makineleri A.s. · BIST:TTRAK
Turk Traktor Ve Ziraat Makineleri A.s — Investor Presentation (October 2011)
21 slides from Turk Traktor Ve Ziraat Makineleri A.s's investor presentation, Oct 25, 2011
Slide 1: Türk Traktör Analyst Meeting 25.10.2011
TÜRKTRAKTÖR TÜRK TRAKTÖR ANALYST MEETING 25.10.2011
Slide 2: About the Company, Highlights, Financial Results
TÜRKTRAKTÖR About the Company Highlights Financial Results 1
Slide 3: Locally Manufactured and Imported Products
TÜRKTRAKTÖR Locally Manufactured Products Imported Products •Tractor • Tractor (New Holland – Case IH brand (New Holland – Case IH brand) 56-TT-TD/JX-T480 serial) • Combines •Transmission •Engine • Cotton Pickers • Balers • Sprayers 100 NH tractor sales dealers 88 spare part dealers • Other agricult
Slide 4: Highlights
TÜRKTRAKTÖR HIGHLIGHTS Based on 2012 budget; the government will continue to support farmers production in area and crop basis. Within this context, in 2012 it is planning to make support payment with an amount of 7,2 billion TL with 19,7% increase compared to 2011 budget figures. Livestock supports
Slide 5: Highlights
TÜRKTRAKTÖR HIGHLIGHTS In August, Ziraat Bank increased the agricultural interest rate to 1,35% from 1%. And increased the downpayment ratio from 25% to 40%. Ziraat Bank subsidy in agricultural interest rates will continue until the end of the year. In September, retail tension was very good due to
Slide 6: Tractor Market in Turkey
TÜRKTRAKTÖR TRACTOR MARKET IN TURKEY 45.000 42.033 40.000 39.571 35.000 36.387 36.036 34.541 34.525 33.989 30.000 27.022 25.000 20.000 18.639 15.000 13.758 10.000 10.587 8.127 5.000 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011/7 5
Slide 7: Turkish tractor market growth and market share
TÜRKTRAKTÖR The year 2011 has become the time when a lot of factors have turned out positively for both farmers and manufacturers. The factors which affect agriculture and agricultural activities developed to our advantage. And this led to the well-being of the farmers. Sufficient rainfall, better h
Slide 8: Production & Headcount
TÜRKTRAKTÖR PRODUCTION & HEADCOUNT 35.000 2.500 2.364 30.000 1.779 2.000 25.000 1.817 20.000 1.500 1.004 15.000 1.246 1.000 10.000 20.039 30.013 14.310 28.348 9.969 500 5.000 0 0 Sep 2009 Sep 2010 Sep 2011 2009FY 2010FY Tractor Production Headcount 7
Slide 9: Sales & Revenue
TÜRKTRAKTÖR SALES & REVENUE SALES (tractor units) REVENUE (million TL) 5.846 242 Export 8.938 Export 315 7.438 256 23.746 1.075 Domestic 20.002 Domestic 878 12.909 587 0 5.000 10.000 15.000 20.000 25.000 0 200 400 600 800 1.000 1.200
Slide 10: Financials: Income Statement
TÜRKTRAKTÖR FINANCIALS Income Statement (mln TL) September 2009 September 2010 September 2011 2009FY 2010FY Sales Revenue 475,42 843,18 1.317,15 667,70 1.193,40 Gross Profit 69,69 215,00 348,86 104,06 318,71 Operating Income 33,71 158,80 271,39 53,58 240,04 Net Income 16,45 114,66 233,67 30,96 179,7
Slide 11: Financials: Balance Sheet
TÜRKTRAKTÖR FINANCIALS Balance Sheet (mln TL) September 2009 September 2010 September 2011 2009FY 2010FY Assets 718,78 784,29 1.071,94 713,21 886,17 Trade Receivables (ST + LT) 326,89 307,29 392,35 283,18 274,51 Inventories 175,05 127,50 287,50 140,29 129,80 Liabilities 718,78 784,29 1.071,94 713,21
Slide 12: Ratios: Profitability
TÜRKTRAKTÖR RATIOS September 2009 September 2010 September 2011 2009FY 2010FY PROFITABILITY Gross margin 14,7% 25,5% 26,5% 15,6% 26,7% Operating Margin 7,1% 18,8% 20,6% 8,0% 20,1% EBITDA margin 8,2% 19,5% 21,2% 9,1% 20,8% Net Margin 3,5% 13,6% 17,7% 4,6% 15,1% 300 25% 279 21% 250 21% 20% 248 20% 233
Slide 13: Ratios: Financial Strength
TÜRKTRAKTÖR RATIOS September 2009 September 2010 September 2011 2009FY 2010FY FINANCIAL STRENGTH Net Financial Position (in million) -326 TL -44 TL 13 TL -242 TL 80 TL Current Ratio 1,71 2,26 2,05 1,75 2,00 Quick Ratio 1,14 1,81 1,40 1,29 1,65 Total Debt / Equity 1,51 0,95 0,94 1,37 0,89 100 2,5 2,3
Slide 14: Ratios: RoA, RoE, Capex, Working Capital
TÜRKTRAKTÖR RATIOS September 2009 September 2010 September 2011 2009FY 2010FY RoA 2,3% 14,6% 21,8% 4,3% 20,3% RoE 5,7% 28,4% 42,3% 10,3% 38,4% Capex(in million) 7 TL 9 TL 20 TL 11 TL 35 TL Working Capital (in million) 567 TL 399 TL 459 TL 494 TL 321 TL 45% 40% 42% 35% 38% 30% 25% 28% 20% 22% 20% 15%
Slide 15: Turnover Days
TÜRKTRAKTÖR TURNOVER DAYS 250 200 150 number of days 100 50 0 Sep 2009 2009FY Sep 2010 2010FY Mar 2011 Jun 2011 Sep 2011 Receivables Payables Inventory 13
Slide 16: Share Performance
TÜRKTRAKTÖR SHARE PERFORMANCE September 2009 September 2010 September 2011 2009FY 2010FY EFFICIENCY Mcap (in million) 440 TL 929 TL 1.911 TL 483 TL 1.254 TL Net Income / Mcap 4% 12% 12% 6% 14% 2.500 40 35,8 35 2.000 30 1.911 23,50 25 1.500 17,4 20 1.254 1.000 15 929 8,25 9,05 10 500 440 483 5 0 0 Se
Slide 17: Share Performance
TÜRKTRAKTÖR SHARE PERFORMANCE ISE 100 TTRAK XMESY 31.12.2010 = 100 180 2010 December – 2011 September 52% return 160 140 52% 120 100 -3% 80 Mcap (Mln TL) Foreign Share (%) 2010 FY 1.254 72,2 -10% 2011 September 1.911 71,5 60 Dec-10 Jan-11 Feb-11 Mar-11 Apr-11 May-11 Jun-11 Jul-11 Aug-11 Sep-11 15
Slide 18: ISE Sectoral Benchmark June 2011
TÜRKTRAKTÖR ISE SECTORAL BENCHMARK 30 JUNE 2011 Ratios Sector Average* TürkTraktör EBITDA margin 8,3% 23,2% Net Profit margin 4,0% 18,8% Current Ratio 1,24 1,81 Return on Assets (RoA) 3,5% 17,4% Return on Equity (RoE) 9,0% 34,6% * Includes ISE automotive companies 16
Slide 19: Question & Answer
TÜRKTRAKTÖR QUESTION & ANSWER 17
Slide 20: Disclaimer
TÜRKTRAKTÖR DISCLAIMER This presentation contains forward-looking statements that reflect the Company management’s current views with respect to certain future events. Although it is believed that the expectations reflected in these statements are reasonable, they may be affected by a variety of var
Slide 21: Thank You...
TÜRKTRAKTÖR THANK YOU...
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