Turk Traktor Ve Ziraat Makineleri A.s. · BIST:TTRAK
Turk Traktor Ve Ziraat Makineleri A.s — FY2011 Earnings Presentation
34 slides from Turk Traktor Ve Ziraat Makineleri A.s's earnings presentation, Feb 17, 2012
Slide 1: Press & Analyst Meeting
PRESS & ANALYST MEETING 17.02.2012 TÜRK TRAKTÖR VE ZĐRAAT MAKĐNELERĐ A.Ş.
Slide 2: Company Profile, Highlights, Operational & Financial Performance
Company Profile Highlights Operational & Financial Performance
Slide 3: Company Profile
Company Profile Local Products Import Products • Tractors • Tractors (New Holland – Case IH brand (New Holland – Case IH brand) 56-TT-TD/JX-T480 series) • Combines • Transmission • Cotton Pickers • Engine • Balers • Sprayers • Other Agricultural Equipments
Slide 4: Company Profile: Shareholder Structure
Company Profile SHAREHOLDER STRUCTURE KOÇ HOLDĐNG A.Ş. Koç Holding One of the strongest CNH A.Ş. holdings of Turkey 37,50% 37,50% possessing a leading role in different sectors, such as energy, automotive, durable consumer goods and finance CNH One of the largest agricultural and Other construction
Slide 5: Market leader continuously for 5 years
Company Profile TürkTraktör, being the market leader continuously for 5 years with a share of over 50% in the last 4 years 100 NH tractor sales dealer 23 Case IH 3S dealer 90 spare part dealer 401 service
Slide 6: Company Profile: Exports
Company Profile Export firstly to USA, mostly Africa and the Asian markets, Australia, huge buyers like EU states, and in total export to 63 countries including large and small countries like Papua New Guinea, Burundi, Angola, Tanzania, New Caledonia, Zimbabwe across the world.
Slide 7: Company Profile: Goal and Mission
Company Profile Our goal is to be a solution partner of the farmers to increase their earnings and improve productivity. Our mission is to be the company drives the modern agriculture. Being one of 9 R&D centers of CNH in the world, we are the only design center for New Holland TD and Case IH JX ser
Slide 8: Company Profile
Company Profile Turkey ranked the 4th largest tractor market in the world, and one out of every two tractors sold in Turkey, is manufactured by TürkTraktör We always develop our products provided the highest performance and quality, according to special needs and requirements of the farmers The main
Slide 9: Management Strategy
Management Strategy Despite, the volatility in COMPETITIVE Turkish tractor market, ADVANTAGES TürkTraktör which manages to growth year after year, to maintain economic STRONG profitability, to be first SHAREHOLDER PERFORMANCE TECHNOLOGIC VALUE & GROWTH DEVELOPMENT company presented innovative techno
Slide 10: Highlights
Company Profile Highlights Operational & Financial Performance
Slide 11: Highlights
Highlights In 2011, sufficient amount of precipitation, high amount of yield with high quality and productivity, strengthened subsidies given to the agriculture sector and loans provided by the banks with convenient conditions all resulted in a productive year for the farmers and the tractor manufac
Slide 12: Highlights
Highlights Despite the significant increase in GDP as per the quarters and the subsidies given to recover the equipment sector, the interest rates remained at low levels in the first half of the year in Turkey. The rate of subsidy implemented to the agricultural loan interests by ZiraatBank was rais
Slide 13: Highlights
Highlights 2011 has been a fantastic year for the agricultural equipment industry in Turkey and several record have been reached thank to positive conjuncture. Turkey brought an extra request from the farmers which worldwide give Turkey the 4th biggest tractor market in 2011. The government allocate
Slide 14: Turkish Tractor Market
Turkish Tractor Market 55.349 In 2010, Turkish tractor market growth by 162% compared to 2009. The 42.033 demand in 2011 stayed 39.571 pretty strong and compared 36.036 33.989 34.525 34.541 to 2010 full year, Turkish tractor market raised by 27.022 54% in 11 months period 18.639 of 2011. 13.758 10.5
Slide 15: Turkish Tractor Market: 51% share
Turkish Tractor Market 27.959 According to data for 11 18.565 months of 15.730 2011, 15.354 TürkTraktör 11.660 8.989 has 51% 8.482 7.148 7.473 7.041 market share 3.061 3.549 with the sales of 27.959 2009 2010/11 2010 2011/11 units. TürkTraktör Local Manufacturers Importers Source : TURKSTAT
Slide 16: Operational & Financial Performance
Company Profile Highlights Operational & Financial Performance
Slide 17: Tractor Manufacturing Units
Tractor Manufacturing Units 40.630 units 2011 In 2011, 40.630 28.348 units units of tractors manufactured annually with an 2010 increase of 43% 14.310 units 2009
Slide 18: Domestic Tractor Sales Units
Domestic Tractor Sales Units 31.152 units As the leader company of Turkish tractor 20.002 units market broke sales record in 2011, we sold 31.152 units of tractors with an 6.946 units increase of 56% 2009 2010 2011
Slide 19: Export Sales Units
Export Sales Units 9.601 units 8.938 units 2011 In 2011, export 2010 sales increased by 8.808 units 7% and reached to 9.601 units. 2009
Slide 20: 2011 – Record Year for TürkTraktör
2011 – Record Year for TürkTraktör 31.152 units TL 277 million Domestic Sales Net Profit TL 1,8 billion 15% Revenue Net Margin TL 311 million TL 322 million Operating Profit EBITDA 17% 18% Operating Margin EBITDA Margin
Slide 21: Income Statement
Income Statement million TL 2009 2010 Change 2011 Change Revenue 667,7 1.193,4 79% 1.800,7 51% Gross Profit 104,1 318,7 206% 425,1 33% Operating Profit 53,6 240,0 348% 311,1 30% Profit Before Tax 36,7 222,6 506% 341,8 54% Net Profit 31,0 179,7 481% 277,4 54% EBITDA 61,0 248,2 307% 322,3 30%
Slide 22: Balance Sheet
Balance Sheet million TL 2009 2010 Change 2011 Change Total Assets 713,2 886,2 24% 1.240,0 40% Current Assets 538,6 739,3 37% 1.068,8 45% Non Current Assets 174,6 146,9 -16% 171,2 17% Total Liabilities 713,2 886,2 24% 1.240,0 40% Short Term Liabilities 308,1 369,4 20% 499,6 35% Long Term Liabilities
Slide 23: Sales Revenue
Sales Revenue Total Revenue in 2011 – TL 1,8 billion Export sales TL 403 million 22% Domestic Sales TL 1,397 billion 78% Total Revenue in 2010 – TL 1,2 billion Total Revenue in 2009 – TL 668 million Export Sales TL 315 million Export Sales 26% TL 323 million Domestic Sales Domestic Sales 48% TL 345
Slide 24: Sales Revenue
Sales Revenue 1.397,6 In 2011, domestic sales revenue 878,5 increased by 59% and reached to TL 1,397 billion, export 403,1 sales revenue 314,9 344,5 323,2 Million TL increased by 28% and reached to TL 2011 2010 2009 403 million Domestic Sales Export Sales
Slide 25: Profitability Ratios
Profitability Ratios Sustainable and profitable growth continues in TürkTraktör with higher profit margins compared to peers. 30% 27% 25% 24% 21% 20% 20% 17% 18% 16% 15% 15% 15% 10% 9% 8% 5% 5% 0% Gross Margin Operating Margin EBITDA M argin Net Margin 2009 2010 2011
Slide 26: Ratios
Ratios The financial situation of the Company becoming stronger thanks to successful cash management. 2,1 2,0 79,6 1,7 10,2 1,6 1,5 1,4 1,1 1,3 0,9 -241,6 2009 2010 2011 2009 2010 2011 Net Financial Situation (million TL) Current Ratio Quick Ratio Total Debt / Equity
Slide 27: Ratios
Ratios Having higher RoE and RoA ratios compared to local and international peers operating in the sector. 47% 38% 22% 20% 10% 4% 2009 2010 2011 RoA RoE
Slide 28: Capital Expenditures
Capital Expenditures Capital Expenditures consist of technologic maintenance costs and new investments. This figure increased by 112% in 2011, compared to 2010. 74,1 34,94 Million TL 11,0 20 09 20 10 2011 CAPEX
Slide 29: Dividend
Dividend 200.000.000 TL TürkTraktör, is among the ISE traded companies 150.000.000 TL which pay the highest dividend, will pay TL 200 %72,09 million cash dividend from its %83,46 2011 year profit 12.247.000 TL with an increase %39,56 of 33% 2009 2010 2011
Slide 30: Share Performance
70 80 90 100 110 120 130 140 150 160 170 Dec.201 0 Jan.201 1 31.12.2O10 =100 Feb .20 11 Mar.20 11 Share Performance ISE 100 Apr.2 011 May.2011 Jun.20 11 TTRAK Jul.2 011 Aug.2011 Sep.2 011 ISE Sector Oct.201 1 Nov.2011 %44 TTRAK Dec.201 1
Slide 31: Share Performance
Share Performance TürkTraktör’ investors gained 44% within 1 year period started from 2010 year end. The market value of the company increased to 1,8 billion TL. 2.000 33,8 35 1.800 30 1.600 23,5 25 1.400 1.200 20 1.000 1.803,9 15 80 0 60 0 9,05 1.254,2 10 40 0 5 20 0 483,0 0 0 20 09 20 10 20 11 MCa
Slide 32: Share Performance
Share Performance TürkTraktör stock closing price on 16.02.2012 is TL 38,00 with an increase of 12% compared to 2011 year end price. TL 2 billion (USD 1,2 As of 16.02.2012, TürkTraktör having billion) Mcap traded in ISE 30 Index.
Slide 33: Disclaimer
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 variables and c
Slide 34: Questions & Answers
Questions & Answers TÜRK TRAKTÖR VE ZĐRAAT MAKĐNELERĐ A.Ş.
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