Otokar Otomotiv Ve Savunma Sanayi A.s. · BIST:OTKAR
Otokar Otomotiv Ve Savunma Sanayi A.s — Investor Presentation (February 2017)
71 slides from Otokar Otomotiv Ve Savunma Sanayi A.s's investor presentation, Feb 9, 2017
Slide 1: Prepared based on 2016 YE financial results
(09.02.2017) Prepared based on 2016 YE financial results 1
Slide 2: Agenda
Agenda ABOUT US FINANCIAL INDICATORS • INTRODUCTION LONG-TERM OBJECTIVES • VISION & MISSION • FINANCIAL STATEMENTS & RATIOS • BRIEF HISTORY • SUSTAINABLE GROWTH • PRODUCTION-SALES- • SHAREHOLDER STRUCTURE • GROWTH WITH PRODUCTS WHICH REVENUE-BACKLOG LICENSE RIGHTS BELONG TO OTOKAR • PRODCUTION PLANT
Slide 3: Introduction
Introduction Turkey’s the largest private and 100% domestically owned company in defense industry A global company, intellectual property rights belong to itself and its products are in use on 5 continents and in more than 60 countries Turkish Armed Forces’ leading supplier and exporter of land plat
Slide 4: Vision & Mission
Vision&Mission Vision • Otokar’s vision is to preserve the local and national identity of its products by developing technologies in-house, and to provide continued satisfaction for its clients, employees, and shareholders with total excellence philosophy. Mission • Otokar’s primary mission is to de
Slide 5: Brief History
Brief History 1963 1970s 1980s 1990s 2000s 2010s Establishment Turkey’s first Production of Military Merge with the Production of City Production of interciy bus 4x4 tactical armoured İstanbul Fruehauf Buses buses under the The first Turkish vehicle under vehicles by own A.S. Multi
Slide 6: Sustainable Growth
Sustainable Growth Million TRY Revenue 1.800 1.600 1.400 1.200 1.000 800 600 400 200 - 200220032004200520062007200820092010201120122013201420152016 6 LONG-TERM OBJECTIVES
Slide 7: Partnership Structure
Partnership Structure Ünver 45% Holding 25% *Other 30% *27% Listed *3% Other 7 ABOUT US
Slide 8: Production Plant
Production Plant 552,000 m2 plant, approximately 2300 employee Certificates Capacity of ISO 9001 Quality Standard 2600 Land Vehicle ISO 14001 Environmental Standard 900 Tactical Armoured Vehicle ISO 10002 Customer Satisfaction Quality Standard 4600 Autobus + Minibus ISO 27001 Information Security Ma
Slide 9: Employee Profile
Employee Profile 2273 Employee Office Shop Floor Employees Employees 674 1599 674 Office Employees 524 R&D Centre Personnel Engineer 225 Tank Other 249 275 Other 449 9 ABOUT US
Slide 10: Number of Employee
Number of Employee 2500 2000 1500 1000 500 0 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 10 ABOUT US
Slide 11: Product Range
Product Range Commercial Vehicles Defense Industry Public Transport Logistic Vehicles Light Truck Models Models Models Models FRUEHAUF / OTOKAR OTOKAR ATLAS LAND ROVER DEFENDER / ARMOURED KENT / DORUK / PERSONAL CARRIER / URAL / COBRA / SULTAN / POYRAZ / COBRA II / KAYA / KAYA II / KALE / M-2010 / C
Slide 12: Public Transport Vehicles
Public Transport Vehicles Otokar, Turkey’s the most preferred bus brand for the seventh time! About 30 thousand buses, carrying millions of passengers in more than 40 countries! 12 ABOUT US
Slide 13: Otokar Buses
Otokar Buses POYRAZ A wide product range SULTAN / NAVIGO from intercity transport to personnel DORUK / VECTIO and tourism transport TERRITO Special Products KENT Researches for Alternative fuels KENT ARTICULATED 13 ABOUT US
Slide 14: POYRAZ
POYRAZ The new small bus with low operating costs and very economic fuel consumption, designed for service transport 14 ABOUT US
Slide 15: SULTAN / NAVIGO
SULTAN / NAVIGO • Turkey’s best-selling small bus • Different models for intercity transport, service and tourism transport 15 ABOUT US
Slide 16: DORUK / VECTIO
DORUK / VECTIO • Turkey’s market leader in medium-sized buses • “Grand Award” prize in Europe • Different models for intercity transport, service and tourism transport 16 ABOUT US
Slide 17: TERRITO
TERRITO The 12-meter bus developed for the European market 17 ABOUT US
Slide 18: KENT
KENT • Turkey’s most preferred 12 m. intercity bus • 2 Design Award in Europe and Turkey 18 ABOUT US
Slide 19: KENT ARTICULATED
KENT ARTICULATED Kent Articulated bus was launched at Busworld Exhibition, Belgium in 2015. 19 ABOUT US
Slide 20: Alternative Fueled Buses
Alternative Fueled Buses 2007 2009 2011 2012 DORUK Hibra DORUK DG KENT DG DORUK ELECTRA Turkey’s first Turkey’s first natural 12 m CNG bus Turkey’s first electric hybrid bus gas powered mid-sized bus bus 20 ABOUT US
Slide 21: Logistic Vehicles
Logistic Vehicles About 25 thousands of semi-trailer that provides transportation service in the roads of the world! 21 ABOUT US
Slide 22: Trailer
Trailer Curtainsider Trailers Van Type Trailer Tanker Trailer İnternal Logistic Tools -TIRLINER -ICELINER -ADR CERTIFICATED -CONTAINER CARRIER -EUROSLIDER -TEXTILE CARRIER TANKER -PLATFORM TRAILER -SPEEDSLIDER -TRAILER AND -ROLL CARRIER -MEGALINER TRUCK-TOP APPLICATIONS -TIPPER CHASIS -ECOTIR -ECOLI
Slide 23: Curtainsider Trailer
Curtainsider Trailer Customer-oriented solutions in the transportation of dry load 23 ABOUT US
Slide 24: Van Type Trailer
Van Type Trailer For 14 years, most commonly preferred refrigerated trailer in Turkey for transport of perishable goods in hygienic and safe condition 24 ABOUT US
Slide 25: Tanker
Tanker • Turkey’s first ADR certificated trailer • Wide product range and proficiency 25 ABOUT US
Slide 26: Light Truck
Light Truck Otokar GA Kas = ABOUT US
Slide 27: ATLAS
ATLAS A light truck, with high payload capacity and low operating cost 27 ABOUT US
Slide 28: Defence Industry
Defence Industry More than 29.000 military vehicle serving in 5 continents and in more than 30 countries 28 ABOUT US
Slide 29: Land Systems
Land Systems Tactical Wheeled Vehicles Tracked Vehicles Turret Systems TWV TWAV TAV MBT 4x4 6x6 8x8 Land Rover APC ARMA 6X6 ARMA 8X8 TULPAR ALTAY MIZRAK UKKS Defender URAL KESKİN UKKS COBRA OPEN TURRETS COBRA II INTERNAL SECURITY TURRET KAYA WEAPON STATIONS (MİLAN KAYA II TOW) KALE UCOK ISV BOZOK BA
Slide 30: APC (Armoured Personnel Carrier)
APC (Armoured Personnel Carrier) Actively in use in 12 countries including Turkey 30 ABOUT US
Slide 31: AKREP
AKREP Otokar’s armoured tactical wheeled vehicle which is successful on Internal Security Operations, low silhouetted and quick The optimal solution on issues such as strategic areas and border control, convoy protection and patrol 31 ABOUT US
Slide 32: COBRA
COBRA Armoured tactical vehicle which has worldwide competitiveness with its unique design, mobility, survivability and superior protection 32 ABOUT US
Slide 33: COBRA II
COBRA II The new member of COBRA family the most well- known vehicle of Otokar... Large internal volume, high protection. 33 ABOUT US
Slide 34: URAL
URAL Otokar’s new armoured tactical wheeled vehicle that is suitable for safety and internal security usage. 34 ABOUT US
Slide 35: KAYA Mine Resistant Vehicle
KAYA Mine Resistant Vehicle The mine resistant vehicle which provides maximum mine and ballistic protection in all types of terrain, offers great mobility 35 ABOUT US
Slide 36: KAYA II Personnel Carrier
KAYA II Personnel Carrier The mine resistant personnel carrier vehicle that consists of single cabin with its monocoque body 36 ABOUT US
Slide 37: KALE Mine Resistant Vehicle
KALE Mine Resistant Vehicle Mine resistant personnel carrier 37 ABOUT US
Slide 38: ARMA
ARMA ARMA is new generation modular multi-wheel configuration armoured vehicle with high level of ballistic and mine protection 38 ABOUT US
Slide 39: ARMA 6X6
ARMA 6X6 Arma 6x6, with its large internal volume, amphibious capability and low silhouette 39 ABOUT US
Slide 40: ARMA 8x8
ARMA 8x8 Armoured combat vehicle ARMA 8x8, provides high protection and large internal volume 40 ABOUT US
Slide 41: TULPAR
TULPAR A new generation tracked armoured vehicle which ends Turkey’s dependence on foreign sources and its all intellectual property rights belong to OTOKAR 41 ABOUT US
Slide 42: Internal Security Vehicle
INTERNAL SECURITY VEHICLE The armoured tactical vehicle specifically designed and developed with the aim of internal security in cities and living areas. 42 ABOUT US
Slide 43: Land Rover Defender
Land Rover Defender A worldwide brand in tactical vehicles. 43 ABOUT US
Slide 44: Otokar Turret Systems
Otokar Turret Systems • Since 1989, Otokar has been working on turret systems to meet the needs and demands of current and potential users in land systems with trained manpower and R&D investments. • Otokar has nearly 27 years of experience and expertise on the subjects of original design and integr
Slide 45: ALTAY Project
ALTAY Project Otokar is the PRIME CONTRACTOR of Turkish Main Battle Tank Project ALTAY. 45 ABOUT US
Slide 46: ALTAY Project
ALTAY Project The project continues in accordance with the planned timetable. 46 ABOUT US
Slide 47: R&D
R&D Otokar’s R&D, establishment dates back to 1970’s, today, designing and manufacturing Turkey’s vehicle. Otokar’s R&D works for products whose intellectual rights belong to itself, with the vision of having and dominating the technology. 47 ABOUT US
Slide 48: R&D Capabilities
R&D Capabilities CAD programs for product developments The Prototype workshops and softwares Computer-aided analysis and simulation softwares Test-purpose setup and software 48 ABOUT US
Slide 49: Otokar Test Centres
Otokar Test Centres Dinomometrel Air-conditioned Test Centre; Turkey’s first and only, one of the few facilities in Europe Turkey’s the highest capacity hydraulic road simulator Turkey’s the biggest and the world’s most modern Electromagnetic Compatibility Testing Centre 49 ABOUT US
Slide 50: Otokar Test Centres
Otokar Test Centres One of the world’s most advanced and modern ballistic laboratories and mine testing equipments 50 ABOUT US
Slide 51: Balance Sheet
Balance Sheet 31.12.2016 Total Assets (TRY) Total Liabilities&Shareholders Equity (TRY) Current Assets 1.449.931.634 S.T. Liabilities 1.066.338.910 Fixed Assets 999 L.T. Liabilities 334.336.008 474.970.640 5 Shareholders Equity 242.958.092 Total 1.784.267.642 Total 1.784.267.642 51 FINANCIAL INDICAT
Slide 52: Income Statement
Income Statement TRY thousands (IFRS) 31.Dec.2016 31.Dec.2015 Net Sales 1.634.515 1.433.968 Cost of Sales (1.224.669) (1.063.026) Gross Profit 409.845 370.941 Operating Costs (245.202) (231.281) Operating Profit 164.643 139.660 Finacial Expenses (96.650) (53.300) Profit Before Taxes 68.080 87.840 Ta
Slide 53: Net Profit
Net Profit Million TRY Net Profit 120 100 80 60 40 20 0 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 53 FINANCIAL INDICATORS
Slide 54: Cash Flow Statement
Cash Flow Statement TRY thousand (IFRS) 31.Dec.2016 31.Dec.2015 Cash and Cash Equivalants at the begining of the period 58.736 44.528 Net cash provided by operating activities 401.396 (81.232) Net cash used in investing activities (76.629) (52.252) Pre-financing cash flow 324.767 (133.484) Net cash
Slide 55: Working Capital
Working Capital TRY thousands 31.Dec.2016 31.Dec.2015 Current Assets 1.449.932 1.019.693 S. T. Liabilities 1.066.339 784.890 Working Capital 383.593 234.803 55 FINANCIAL INDICATORS
Slide 56: Net Financial Debts
Net Financial Debts TRY TRY 31.Dec.2016 31.Dec.2015 31.Dec.2016 31.Dec.2015 thousand thousand Cash and S.T. Bank Loans 38.598 58.736 4.672 105.983 Equivalents Trading Securities L.T. Bank Loans 0 0 425.447 509.295 Other Total Financial 0 0 430.119 615.278 Debts Total Financial 38.598 58.736 Assets T
Slide 57: Financial Ratios And Margins
Financial Ratios And Margins Financial Ratios 2016 2015 Margins 2016 2015 Current Ratio 1,36 1,30 Gross 25,1% 25,9% Margins Liquidity Ratio 0,90 0,75 Operating Return On Equity 28,7% 32,4% 10,1% 9,7% Margin Return on Assets 3,9% 5,0% EBITDA 12,9% 12,9% Cur.Assets/Tot.Assets 81% 64% Margin Short Term
Slide 58: Margins
Margins Margins 35,0% 30,0% 25,3% 25,9% 25,1% 25,0% 20,0% Gross Margin Operating Margin EBITDA Margin 15,0% 13,5% 12,9% 12,9% Net Margin 9,9% 9,7% 10,0% 10,1% 5,9% 5,5% 5,0% 4,3% 0,0% 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 58 FINANCIAL INDICATORS
Slide 59: Production Units
Production Units 6.000 5.000 4.000 3.000 2.000 1.000 0 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 59 FINANCIAL INDICATORS
Slide 60: Revenue Distribution
Revenue Distribution COMMERCIAL TRY 384,1 Mio - 32% DOMESTIC TRY 1.192,7 Mio DEFENCE TRY 512,1 Mio - 43% 2016 73% OTHER TRY 296,5 Mio - 25% TRY 1.634,5 Mio COMMERCIAL TRY 259,8 Mio – 59% EXPORT TRY 441,8 Mio DEFENCE TRY 161 Mio - 36% 27% OTHER TRY 21 Mio – 5% COMMERCIAL TRY 470,8 Mio - 4
Slide 61: Backlog
Backlog TOTAL BACKLOG EUR 103,7 Mio+ USD 16 Mio DOMESTIC EXPORT COMMERCIAL DEFENCE INDUSTRY COMMERCIAL DEFENCE INDUSTRY EUR 103,7 Mio USD 16 Mio 61 FINANCIAL INDICATORS
Slide 62: Capital Expenditures
Capital Expenditures Capital Expenditures 30.000 25.000 TRY Thonsands 20.000 15.000 10.000 5.000 0 2009 2010 2011 2012 2013 2014 2015 2016 62 FINANCIAL INDICATORS
Slide 63: Stock Performance
Stock Performance 450% 400% 350% 300% OTKAR % 250% 200% BIST100% 150% 100% 50% 0% -50% 60% 50% 40% OTKAR % 30% BIST100% 20% 10% 0% -10% 63 FINANCIAL INDICATORS
Slide 64: Dividend
Dividend TRY thousand 100.000 100.000 8% 9% 7% 8% 80.000 8% 80.000 7% 72.000 5% 64.000 6% 60.000 4% 5% 48.000 4% 3% 3% 4% 40.000 3% 20.400 2% 20.000 15.000 7.200 1% 0 0% 2008 2009 2010 2011 2012 2013 2014 2015 Dividend Dividend Yield 64 FINANCIAL INDICATORS
Slide 65: Market Capitalisation
0 1.000 1.500 2.000 2.500 500 TRY million Şubat 12 Mayıs 12 Ağustos 12 Kasım 12 Şubat 13 Mayıs 13 Ağustos 13 Kasım 13 Market Capitalisation Şubat 14 Mayıs 14 65 Ağustos 14 Kasım 14 Mcap--> TRY 2.458 mio Şubat 15 Mayıs 15 Ağustos 15 Kasım 15 Şubat 16 Mayıs 16 Ağustos 16 Kasım 16 Şubat 17 FINANCIAL IN
Slide 66: Growth With Products Which License Rights Belong to OTOKAR
Growth With Products Which License Rights Belong to OTOKAR 98% The share of Otokar designed vehicle sales in turnover. 238 Number of owned patents and industrial designs 66 LONG-TERM OBJECTIVES
Slide 67: Otokar Europe
Otokar Europe Otokar Europe was established in 2011 in France, in order to support bus sales in Europe. 67 LONG-TERM OBJECTIVES
Slide 68: Growth in Export Markets
Growth in Export Markets • Otokar branded vehicles in more than 60 countries, on 5 continents • Sales and service network spread over more than 200 destinations 68 LONG-TERM OBJECTIVES
Slide 69: Growth in Export Markets
Growth in Export Markets Millon USD 160 140 120 100 80 60 40 20 0 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 69 LONG-TERM OBJECTIVES
Slide 70: Shareholders Value Creation
Shareholders Value Creation • Continuously increase revenue to ensure high and sustainably dividend yield • In the framework of our corporate governance and professional management principles, we aim to move further up our company's market value 70 LONG-TERM OBJECTIVES
Slide 71: Otokar Investor Relations
Otokar Investor Relations Doğan Seçkinler Please visit www.otokar.com.tr Finance & IR Manager +90 264 229 22 44 – 6300 dseckinler@otokar.com.tr Öktem Söylemez IR Officer +90 264 229 22 44 – 6316 osoylemez@otokar.com.tr Disclaimer: This presentation contains forward-looking statements that reflec
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