Koc Holding A.s. · BIST:KCHOL
Koc Holding A.s — H1 2013 Earnings Presentation
26 slides from Koc Holding A.s's earnings presentation, Aug 23, 2013
Slide 1: Koç Holding 1H13 Earnings Presentation
Koç Holding 1H13 Earnings Presentation 23 August 2013
Slide 2: 1H13 Operating Environment
1H13 Operating Environment www.koc.com.tr 2
Slide 3: Fed's tapering talks and domestic political noise have led to a major sell-off in TL
1.80 1.90 2.10 2.20 2.30 2.40 2.50 2.60 2.70 2.00 4 5 7 8 9 10 11 12 6 04.01.10 04.01.10 08.03.10 08.03.10 10.05.10 10.05.10 12.07.10 12.07.10 13.09.10 13.09.10 15.11.10 15.11.10 17.01.11 17.01.11 21.03.11 21.03.11 23.05.11 23.05.11 25.07.11 25.07.11 Euro 26.09.11 26.09.11 Policy Rate (Weekly Repo)
Slide 4: Healthy recovery in domestic demand has been interrupted by challenging global and domestic setting
Healthy recovery in domestic demand in April and May has been interrupted by challenging global and domestic economic setting since then GDP Growth (Quarterly, %) Industrial Production 20 32.0 10.0 115 30.0 15 5.0 28.0 26.0 10 Billion TL 0.0 105 % 24.0 -5.0 22.0 5 20.0 95 -10.0 0 18.0 -15.0 16.0 -5
Slide 5: Current account deficit remains under control on weak domestic demand and low commodity prices
Despite deterioration in net gold exports, current account deficit remains under control on the back of weak domestic demand and low commodity prices June 2013 Last 12 Months $ Billion Annual Chg. $ Billion Annual Chg. Exports 12.4 -6.0% 153.4 6.8% Imports 21.0 2.8% 245.0 2.7% Trade Balance -8.6 18.
Slide 6: Food prices and weak TL are pushing inflation well above target
Despite subdued domestic demand and lower commodity prices, food prices and weakness in TL are pushing inflation well above target 16 Annual Inflation (%) 14 12 10 8 6 4 2 0 01.2010 03.2010 05.2010 07.2010 09.2010 11.2010 01.2011 03.2011 05.2011 07.2011 09.2011 11.2011 01.2012 03.2012 05.2012 07.201
Slide 7: 1H13 Koç Group
1H13 Koç Group www.koc.com.tr 7
Slide 8: Energy – Koç Group Companies
Energy – Koç Group Companies Tüpraş Capacity Utilization – % Tüpraş Net Margins vs Med Complex Margins – US$/Barrel 75.8 74.4 2.4 5.73 2.3 3.65 73.5 72.1 2.63 2.52 1H12 1H13 2Q12 2Q13 Crude Others Tüpraş Net Margin Med Complex Gross Margin Aygaz Net Sales – TLmn Opet Market Share – % +10% 20.1 20.0
Slide 9: Automotive – Ford Otosan & Tofaş vs Sector
Automotive – Ford Otosan & Tofaş vs Sector Sales Units, Market * Sales Development, Market * – Units, Monthly Koç Market 18% 17% 51% 52% 16% 18% 27% 25% +14% Share 90000 +17% +4% 450000 +12% 80000 +5% 400000 350000 +19% 70000 300000 60000 +16% 250000 50000 +19% 200000 -7% 40000 150000 100000 +3% 300
Slide 10: Consumer Durables – Arçelik vs Sector
Consumer Durables – Arçelik vs Sector Sales Units, Market * Sales Development, Market * – Units, Monthly +4% 3500000 3000000 700000 -6% +10% +13% 600000 2500000 +10% -1% 2000000 500000 +15% 1500000 +1% -2% -6% 400000 1000000 300000 500000 200000 0 Washing 100000 Refrigerator Dishwasher Oven TOTAL Ma
Slide 11: Finance – Yapı Kredi Bank vs Sector
Finance – Yapı Kredi Bank vs Sector Net income at TL1,296 million (+64%1 y/y) driven by: – Sustainable revenue growth (+31%1 y/y) on the back of solid core revenue performance (+22%1 y/y) with double-digit net interest income and fee growth – Cost discipline maintained (+9%2 y/y, 12% y/y reported)
Slide 12: 1H13 Financial Results
1H13 Financial Results www.koc.com.tr 12
Slide 13: Group's Overall Financial Performance
Group’s Overall Financial Performance Consumer 1H13 Change Over TL million Energy Automotive Finance Other Durables Total 1H12 Total Combined Revenues * 29,095 12,037 5,562 6,692 3,460 56,846 0.4% Combined Gross Profit 1,099 1,483 1,615 3,819 612 8,628 12% Combined Operating Profit 187 869 467 1,682
Slide 14: Combined Revenues
Combined Revenues Combined Revenues – TLmn Segmental Combined Revenues Breakdown – % +0.4% 56,627 56,846 Automotive 21% Energy 51% Durables 10% 1H12 1H13 Finance Other 12% 6% Segment Contribution to Combined Revenues – TLmn -4% 30,182 29,095 +8% -1% +6% +2% 11,126 12,037 5,611 5,562 6,306 6,692 3,40
Slide 15: Combined Operating Profit
Combined Operating Profit Combined Operating Profit – TLmn Segmental Combined Operating Profit Breakdown – % 3,211 +2% 3,278 Automotive 27% Durables 14% Energy 6% Other 2% 1H12 1H13 Finance 51% Segment Contribution to Combined Operating Profit – TLmn +38% 1,682 +9% 1,215 -75% 869 +34% 756 794 467 -2
Slide 16: Combined Net Income
Combined Net Income Combined Net Income – TLmn Segmental Combined Net Income Breakdown – % +7% Automotive 2,935 29% 2,735 Durables 10% Energy 10% Other 3% 1H12 1H13 Finance 48% Segment Contribution to Combined Net Income – TLmn +40% 1,419 +11% 1,013 853 -50% 768 -3% 583 297 +12% 292 289 74 83 Energy
Slide 17: Consolidated Net Income
Consolidated Net Income Consolidated Net Income – TLmn Segmental Consolidated Net Income Breakdown – % +1% Automotive 1,026 1,038 33% Durables 10% Energy 7% Other 4% 1H12 1H13 Finance 45% Segment Contribution to Consolidated Net Income – TLmn +40% 472 +11% 343 338 -69% 308 228 -2% 111 108 +9% 71 40
Slide 18: Combined Exports & International Sales
Combined Exports & International Sales Combined Exports – US$mn Combined International Sales – US$mn 8,059 -1% 9,445 -2% 9,229 7,951 1H12 1H13 1H12 1H13 www.koc.com.tr 18
Slide 19: Combined Investments
Combined Investments Combined Investments – TLmn Segmental Investments Breakdown – % 50% 2,644 1,766 Automotive Energy 37% 51% Durables 1H12 1H13 Other Finance 7% 3% 2% www.koc.com.tr 19
Slide 20: Koç Holding Net Cash Position
Koç Holding Net Cash Position Koç Holding Stand-Alone 30.06.2013 Net Cash Position Total Debt: ~US$ 0.75 bn Total Cash: ~US$ 1.61 bn Net Cash: ~US$ 858mn Consolidated Net Debt / Cash Excl. Finance 1Q13 1H13 ~US$ -2.7bn ~US$ -3.4bn www.koc.com.tr 20
Slide 21: FX Position
FX Position Koç Holding Stand-Alone FX Position 1Q13 1H13 US$ + 233mn US$ +227mn Koç Holding Consolidated FX Position FX Position Weighted by Effective Ownership 1Q13 1H13 1Q13 1H13 US$ - 3.6bn US$ -3.6bn* US$ - 1.5bn US$ -1.5bn * The natural hedging mechanisms due to FX linked pricing of Tüpraş & A
Slide 22: Q&A
Q&A www.koc.com.tr 22
Slide 23: 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 24: Consolidated Main Financial Indicators
Consolidated Main Financial Indicators € Mn* US$ Mn* TL Mn TL Mn Change Change 30.Jun.2013 30.Jun.2013 30.Jun.2013 30.Jun.2012 %, TL %, US$ Revenues 12,449 16,346 29,562 30,879 q -4 q -5 Gross Profit 1,254 1,647 2,978 2,957 p 1 q 0 Operating Profit 642 843 1,524 1,778 q -14 q -15 Profit Before Tax 5
Slide 25: Shareholder Structures as of June 2013
Shareholder Structures as of June 2013 Koç Holding Koç Family: 68.51% Free Float: 22.35% Vehbi Koç Foundation: 7.15% Koç Pension Fund: 1.99% Consumer Energy Automotive Finance Other Durables Tüpraş Ford Otosan Arçelik Tat Konserve SPV share: 51.00% KH share: 38.46% Koç Financial Services KH share: 4
Slide 26: For Further Questions, Please Contact
For Further Questions, Please Contact : investorrelations@koc.com.tr Funda Güngör Akpınar, Coordinator Winner 2010 Best IR Investor Relations Website Award fundag@koc.com.tr +90 216 531 0535 Neslihan Aycıl, Associate Investor Relations neslihana@koc.com.tr +90 216 531 0516 Winner Winner World Financ