Trakya Cam Sanayii A.S — Q2 2019 Earnings Presentation
35 slides from Trakya Cam Sanayii A.S's earnings presentation, 2019
Slide 1: 2019 Q2 Results Trakya Cam Investor Presentation
2019 Q2 Results TRAKYA CAM Investor Presentation
Slide 2: Contents
Contents 3 Financial & Operational Overview 13 Trakya Cam 19 Sisecam Group Overview 2
Slide 3: Financial & Operational Overview
Financial & Operational Overview 2019 Q2 Highlights Key Financial Indicators Operational Performance 3
Slide 4: 2019 Q2 Highlights
2019 Q2 Highlights Financials Highlights Revenues up by 31% YoY, reaching TRY 1.7 Billion in 2019 Q2 Adjusted EBITDA of TRY 348 Million, up by 2% YoY with a margin of 20% Adjusted Net Income of TRY 171 Million, down by 30% YoY with a margin of 10% Developments in the second quarter Share of internat
Slide 5: Key Financial Indicators: Summary Income Statement
Key Financial Indicators Summary Income Statement YoY QoQ YoY TRY mn 2018 Q2 2019 Q1 2019 Q2 Growth Growth 2018 H1 2019 H1 Growth Adjustments excluded from EBIT Revenue 1.324 1.534 1.731 31% 13% 2.547 3.266 28% H1’19: TRY 108 Million: Revaluation gain on fixed Gross Profit 448 488 539 20% 10% 843 1.
Slide 6: Key Financial Indicators: Summary Balance Sheet
Key Financial Indicators Summary Balance Sheet TRY mn 2018 2019 H1 YoY Growth Total Assets 10.354 12.817 24% Cash & Cash Equivalents 1.340 2.656 98% Financial Assets 1.053 1.184 12% Trade Receivables 980 995 2% Inventories 1.090 1.266 16% Equity-Pickups 308 310 1% Property, plant and equipment 4.896
Slide 7: Key Financial Indicators: Liquidity Analysis
Key Financial Indicators Liquidity Analysis Net Cash Position in 2019 H1 FCF* 4 Sale of tangible/intangible assets 10 Proceeds from advances & loans given -106 Employee Termination Benefits -5 Net Change in Financial Liabilities 1.160 Cash outflows regarding financial leases -13 Fx Translation effec
Slide 8: Sales by Geographies
Sales by Geographies Accelerated Growth in All Operating Regions YoY Revenue Evolution through Regions Breakdown of Sales by Region* TRY mn 2018 Q2 2019 Q2 32% 41% 43% 45% 13% 7% 7% 6% 6% Domestic Export from Turkey Russia India Europe • Consolidation effect of Indian operations, topline contributio
Slide 9: Sales by Businesses
Sales by Businesses Accelerated Growth in All Businesses Revenue Breakdown by Businesses* TRY mn 36% 37% 40% 64% 63% 60% 2018 Q2 2019 Q1 2019 Q2 Architectural Auto-Glass + Encapsulated • Excluding acquisition impact of India, highest contribution to topline growth from architectural glass business •
Slide 10: Financials Performance
Financials Performance Consolidated EBITDA & CAPEX Consolidated Net Debt/EBITDA TRY mn 8,75 TRY mn 0,75 0,76 0,64 0,67 4,93 5,15 0,52 0,51 3,90 0,49 0,47 0,40 1,24 1,37 1.861 1,32 0,28 1.234 1.181 1.196 1.147 990 976 818 882 704 690 549 517 527 459 418 391 362 391 286 250 233 297 60 2014 2015 2016 2
Slide 11: Operational Performance
Operational Performance Continued Production with High Capacity Utilization Production Volume (Flat & Frosted Glass) K tons Turkey International 2.524 2.400 2.507 2.163 2.268 1.110 837 951 774 1.009 1.563 1.556 595 595 1.390 1.259 1.414 217 231 377 364 2014 2015 2016 2017 2018 2018 Q2 2019 Q2 2.3 mn
Slide 12: Financial Summary
Financial Summary Consolidated Financials Consolidated Revenue Breakdown* TRY mn TRY mn 25% 25% 25% 21% 21% 6.073 19% 18% 5.875 4.331 40% 4.331 3.016 3.227 3.016 3.266 45% 2.547 2.547 2.019 2.118 36% 2.019 2.118 49% 1.147 1.483 57% 45% 976 870 789 59% 59% 55% 517 391 51% 55% 64% 41% 41% 2014 2015 20
Slide 13: Trakya Cam
Trakya Cam Global & Local Presence History Organizational Structure 13
Slide 14: Operations & Global Presence
Operations & Global Presence Shareholder Structure Operations of Flat Glass in 10 countries with 3,2 mn tons/year installed capacity Free Float; Bulgaria 2 1 31% Trakya Glass Bulgaria EAD Şişecam; 1 1 1 Float, & Auto Glass, Mirror & Processed 69% Hungary Romania Laminated Line Flat Glass Market Outl
Slide 15: Local Presence
Local Presence High Concentration in the Local Market Competition in Domestic Market Market Shares - Consumption Trakya Cam’s Capacities in Domestic Market 2018 Lüleburgaz 2 Float Lines (440K ton Total Capacity) Mirror, Autoglass Yenişehir 2 20% Float Lines (500K ton Total Capacity) Coated, Laminate
Slide 16: Operating Profile
Operating Profile Clear Float -Glass Architectual Heat Control Glass (Low-E Coated Glass) Solar Control Glass (Online Coated Glass) Related Industries Glass Safety and Security Glasses Noise Control Glasses Decorative Glasses (Mirror, Patterned Glass) Movable Door Glasses Fixed, Encapsulated Fixed S
Slide 17: History
History Automotive glass production started in Trakya Cam was founded in Lüleburgaz, Turkey Bulgaria. JV with Saint Gobain for Egypt Takeover of the assets of Italian Sangalli and Russia Projects Polatlı and Russia Plants resumed production Vetro Porto Lüleburgaz Automotive Glass Plant resumed produ
Slide 18: Organizational Structure
Organizational Structure TRAKYA CAM SANAYİİ A.Ş. Trakya Yenişehir Trakya Polatlı Sisecam Flat TRSG Glass Sisecam Flat Glass Trakya Sisecam Cam Sanayii A.Ş. Cam Sanayii A.Ş. Glass Holding BV Holding BV India Private Limited Investment B.V. Otomotiv A.Ş. 100%* 100%* 100% 70% 100% 100% 100% Trakya Glas
Slide 19: 2019 H1 Results: Sisecam Group Overview
WS SISECAM 2019 H1 Results Overview
Slide 20: Şişecam at a Glance
Şişecam at a Glance $3,2 Billion 4,9 Million Tons 2,4 Million Tons 21.968 Presence in 13 Revenue Glass Production Soda Production Employees Countries 5th Flat Glass 3rd Glassware 5th Glass Leader Producer 11th Soda Ash 4th Chromic Acid Producer Producer Packaging in Basic Producer Producer Globally
Slide 21: Key Financial Highlights
Key Financial Highlights Sustained Growth in Revenue with Improving EBITDA Margin TRY mn 31% 33% 28% 27% 24% 25% 20% 25% 26% 25% 23% 20% 21% 22% 15.550 11.318 8.569 8.617 6.876 7.415 6.782 4.890 3.120 2.327 1.365 1.764 2.120 2.213 2014 2015 2016 2017 2018 H1'18 H1'19 Revenue Growth (YoY) 15% 8% 16%
Slide 22: Revenue
Revenue Segments’ Contribution to Revenue H1'18 H1'19 TRY mn 4% 2% -97 22% 21% 37% 38% 20% 22% 17% 17% Flat Glass Glassware Glass Packaging Chemicals Other* 22 * Consists of energy trade of Şişecam
Slide 23: EBITDA
EBITDA Segments’ Contribution to EBITDA** H1'18 H1'19 TRY mn 1% 5% 30% 34% 38% 27% 19% 11% 12% 23% Flat Glass Glassware Glass packaging Chemicals Other* *Consists of energy trade of Şişecam 23 ** Excluding one-off incomes
Slide 24: Revenue by Geography
Revenue by Geography TRY bn H1’18 H1’19 15,6 1% 3% 11,3 39% 24% 21% 23% 23% 8,6 8,6 37% 7,4 6,9 22% 6,8 31% 41% 28% 28% 23% 38% 23% 23% 14% 15% 23% 23% 21% 39% 46% 40% 49% 49% 41% 35% 41% 35% 2014 2015 2016 2017 2018 H1'18 H1'19 Domestic Export from Turkey Sales from Foreign Operations Europe Russia
Slide 25: Exports from Turkey
Exports from Turkey Exports of USD 397 Million in H1 2019 to 150 countries Top 10 Countries Italy 17% North & Asia Egypt 8% Middle Europe France 5% America 11% 52% Bulgaria 5% 6% Far East USA 4% Middle East 1% Lebanon 4% Africa 14% Oceania Germany 4% 10% Saudi Arabia 4% 1% Brazil 3% South America Ch
Slide 26: Şişecam vs. Competitors
Şişecam vs. Competitors Strong Global Player with Competitive Profitability 33% 27% 26% 26% 25% Glass Revenues' Share in Total Owens Illinois 100% NSG 100% 18% Şişecam 76% 15% 16% Asahi Glass 51% 15% 14% Ardagh 36% 11% 12% St Gobain* N/A * Due to the change in reporting system of St Gobain, segmenta
Slide 27: Şişecam History
Şişecam History Glassware and container production – Paşabahçe Reaching World glass volumes, To Be Among The Top 3 (Modest Growth) Efficient Management Structure Producers Globally Investments Abroad Investment Structuring 1935-1960 1960-1990 1990’s 2000’s 2014’s Onwards Expansion of product range S
Slide 28: Corporate Structure
Corporate Structure İŞBANK ŞİŞECAM Flat Glass Glass Packaging Glassware Chemicals Other Trakya Cam Paşabahçe Camiş Soda Camiş Anadolu Denizli Şişecam Enerji Sanayii* Cam Sanayii Madencilik Sanayii* Elektrik1 Cam Sanayii* Cam Sanayii* Trakya Paşabahçe Camiş Egypt Şişecam Trakya Polatlı Şişecam Elyaf
Slide 29: Operating Territories
Operating Territories PRODUCTION PLANTS IN TURKEY ŞİŞECAM FLAT GLASS ŞİŞECAM GLASSWARE ŞİŞECAM GLASS PACKAGING ŞİŞECAM CHEMICALS Trakya Cam Sanayii A.Ş. Paşabahçe Cam San. Ve Tic. A.Ş. Anadolu Cam Sanayi A.Ş. Soda Sanayi A.Ş. Trakya Plant - Kırklareli Kırklareli Plant Mersin Plant Soda Plant - Mersi
Slide 30: Prudent Risk Management Policies
Prudent Risk Management Policies Leverage Leverage with conservative NET DEBT / EBITDA levels Maintain sufficient liquidity to meet short-term funding and finance Liquidity equity portion of Capex FX Position FX position limited to +/- 25% of shareholder’s equity Not only a diversified relationship
Slide 31: Credit & Corporate Governance Ratings
Credit & Corporate Governance Ratings Credit Ratings MOODY’s LT FCY Rating B1 Negative FITCH LT FCY Rating BB- Negative Corporate Governance Corporate Governance Rating of Sisecam was revised to 9,53 from 9,48 in December 2018. As a Corporate Policy, Şişecam continues to strive for reaching the high
Slide 32: Sustainability
Sustainability Key Sustainability Achievements The Group is among the first 100 in “Best Emerging Markets Performers” Viego Eiris Sustainability Index • 1.100 ton waste reduction PRESERVE NATURAL RESOURCE MANAGEMENT • 175 bin ton glass recycled and used as raw material • 2,6 million m3 water re used
Slide 33: Şişecam's Sustainability Targets & Planned Actions
Sustainability Şişecam’s Sustainability Targets & Planned Actions 33
Slide 34: Disclaimer
Disclaimer This information in this document has been obtained by Trakya Cam Sanayii A.Ş. from sources believed to be reliable , however, Trakya Cam Sanayii A.Ş. cannot guarantee the accuracy , completeness, or correctness of such information. This document has been issued for information purposes o
Slide 35: Contact Details
Trakya Cam Sanayi A.Ş. Sisecam Genel Merkezi D-100 Karayolu Cad. No:44A 34947 Tuzla/İstanbul Turkey Tel : (+90) 850 206 50 50 Fax: (+90) 850 206 40 40 Contact Details Görkem Elverici, Chief Financial Officer gelverici@sisecam.com Tel: (+90) 850 206 3885 Başak Öge, Investor Relations Director boge@si
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