Cimsa Cimento Sanayi Ve Ticaret A.s. · BIST:CIMSA
Cimsa Cimento Sanayi Ve Ticaret A.s — Q2 2017 Earnings Presentation
18 slides from Cimsa Cimento Sanayi Ve Ticaret A.s's earnings presentation, 2017
Slide 1: CIMSA 2017 Q2 Results Presentation
CIMSA 2017 Q2 Results Presentation 1
Slide 2: Disclaimer
Disclaimer “Çimsa Çimento Sanayi ve Ticaret A,Ş,” (CIMSA) may, when necessary, make written or verbal announcements about forward-looking information, expectations, estimates, targets, assessments and opinions, CIMSA discloses information through its Disclosure Policy and has shared this policy with
Slide 3: 2017 Market Overview: Turkish Cement Market
2017 Market Overview Turkish Cement Market 3
Slide 4: Turkish Cement Market Development in Q2 2017
Turkish Cement Market Development in Q2 2017 • Turkey’s total cement comsumption decreased by 2.2 % YoY in H1 2017 • 7.2 Mt of cement & clinker has been exported from Turkey in H1 2017, an increase of 15.4 % YoY • The average grey cement price increased by 3% YoY • The primary fuel cost has more tha
Slide 5: Turkish Cement Market
Turkish Cement Market • Cement sector growth is correlated with GDP 30.0% 25.6% 25.0% 21.3% 24.7% 20.0% 17.7% 17.1% 22.0% 15.7% 19.4% 13.8% 14.0% 15.0% 11.2% 15.0% 9.4% 10.6% 10.0% 10.0% 8.3% 6.1% 10.8% 6.4% 8.8% 5.0% 7.2% 5.9% 9.1% 8.9% 5.0% 4.7% 8.9% 4.6% 3.5% 5.0% 5.8% 7.3% 2.1% 5.0% 4.9% 3.0% 4.
Slide 6: Turkish Cement Market
Turkish Cement Market • There is a positive correlation between GDP per capita and cement consumption • The cement consumption per capita is expected to increase in 2017 along with GDP per capita 14,000 1,400 12,480 12,112 12,000 11,588 1,200 11,205 11,014 10,931 10,807 10,560 9,656 10,000 1,000 8,9
Slide 7: Turkish Cement Market
Turkish Cement Market • 7.2 Mt of cement & clinker has been exported from Turkey in 2017 2016 Jan-Jun 2017 Jan-Jun Total Exports 2016: 6.2 mton 2017: 7.2 mton 29% 30% 27% 23% 20% 16% 14% 13% 12% 9% 5% 1% MENA West Africa North America South America Middle And South Africa Others West Africa replaced
Slide 8: Operational Data
Operational Data 8
Slide 9: Key Operational Figures in Q2 2017
Operational Data Key Operational Figures in Q2 2017 2016 Q2 2017 Q2 2016 H1 2017 H1 Grey clinker production (kton) 1,022 1,155 2,068 2,251 White clinker production (kton) 285 273 592 561 Grey cement & clinker sales (kton) 1,395 1,478 2,368 2,384 White cement & clinker sales (kton) 331 363 643 638 IS
Slide 10: Grey and White Cement & Clinker Sales Volumes
Operational Data • Grey cement & clinker sales of 2.4 Mt, and white cement & clinker sales of 0.6 Mt in 2017 H1 Grey Cement & Clinker Sales Volumes (Mt) White Cement & Clinker Sales Volumes (Mt) Grey Cement Domestic Sales: White Cement Export Sales: 2010-16 CAGR: 1,8 % 2010-16 CAGR: 2,5 % 0,6 0,5 0,
Slide 11: Ready Mix Concrete Sales Volumes
Operational Data • Cimsa is serving approximately 2.5% of the RMC market as of 2016 Ready Mix Concrete Sales Volumes (M m3) 3,5 3,0 2,7 2,8 2,6 2,4 2,4 1,4 1,4 0,8 0,8 10 11 12 13 14 15 16 Q2 16 Q2 17 H1 2016 H1 2017 Stable RMX volume YoY in Q2 and H1 Projects gaining momentum: Especially high speed
Slide 12: Increase in petcoke prices suppressed the margins
Operational Data • Increase in petcoke prices suppressed the margins Petrokok (Mid-Sulfur) (CIF) 2016 2017 97 97 87 87 87 87 80 88 85 50 47 47 47 43 43 39 35 35 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec - Petcoke price has more than doubled in USD terms and almost tripled in TL terms. - Howeve
Slide 13: Electricity costs and OTC market prices
Operational Data • No increase in tariffs, though an increase in electricity prices in the OTC market Electricity Costs(TL/Mwh) 2017 2016 216,2 215,88 211 207,14 194,01 195,52 195,9 197,31 189,87 179,18 183,83 181,06 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec - Only 11% increase in electricity
Slide 14: Financial Data
— Financial Data cimM@eQ
Slide 15: Key Financial Highlights
Financial Data Key Financial Higlights (MTL) Q2-2017 H1-2017 Q2-2016 H1-2016 Net consolidated sales 381,7 630,2 332,5 586,1 Consolidated EBITDA (*) 92,0 147,6 114,9 189,4 Consolidated EBITDA Margin % 24,1% 23,4% 34,6% 32,3% Net consolidated Profit 49,9 81,3 86,0 133,4 Net sales increased by 7.5 % in
Slide 16: Consolidated EBITDA
Financial Data Consolidated EBITDA is 92 mn TL in 2017 Q2 (2016 Q2: 115 mn TL) 400 40% 35% 350 32% 35% 29% 30% 30% 28% 300 26% 25% 25% 25% 24% 30% 356 352 23% 250 306 25% 236 EBITDA 200 210 20% 176 189 EBITDA Margin % 150 182 201 15% 148 100 115 10% 92 50 5% 0 0% 2009 2010 2011 2012 2013 2014 2015 2
Slide 17: Consolidated Net Profit
Financial Data Consolidated net profit is 50 mn TL in 2017 Q2 (2016 Q2 :86 mn TL) 302 38 245 246 14 21 193 140 12 231 132 181 17 225 86 81 14 6 123 115 124 50 116 108 104 3 72 75 47 2009 2010 2011 2012 2013 2014 2015 2016 Q2 16 Q2 17 H1 16 H1 17 Net Profit from operations SAHOL Stake Sale Exsa Equit
Slide 18: Total Net Debt
Financial Data Total net debt increased to 1,305 mn TL as of June 30, 2017 (2016 : 754 mn TL) 1.400 1.305 1.200 386 1.000 800 754 600 212 Long Term Borrowings 349 945 400 Short Term Borrowings 109 213 575 223 83 200 79 56 Net debt 106 153 6 27 104 258 41 20 158 164 62 87 82 85 0 2009 2010 2011 2012
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