Koc Holding A.s. · BIST:KCHOL

Koc Holding A.s — FY2009 Earnings Presentation

33 slides from Koc Holding A.s's earnings presentation, March 2010

  1. Slide 1: Koç Holding 2009 Earnings Presentation

    Koç Holding 2009 Earnings Presentation March 2010

  2. Slide 2: Operating Environment & Koç Group

    2009 Operating Environment & Koç Group www.koc.com.tr 2

  3. Slide 3: Interest Rates & Domestic Credit

    Interest Rates & Domestic Credit Interest Rates – % Total Cash Loans – weekly %change, 8-weeks moving avg. 1.5 24 1.3 22 20.59% 1.1 20 0.9 18 0.7 19.12% 0.5 16 0.3 14 O/N Compound 0.1 12 -0.1 10 9.15% -0.3 8 -0.5 6.72% 07.12.08 19.01.09 19.01.07 03.03.07 15.04.07 28.05.07 10.07.07 22.08.07 04.10.07

  4. Slide 4: Foreign Trade

    Foreign Trade Exports & Imports – %, YoY Current January 2010 12 Month 60 Account US$ bn YoY US$ bn YoY 2008 2009 31.4 30.3 40 Exports 7.9 -0.3% 102.1 -21% 23.9 20 Imports 11.5 24% 143.0 -27% 0 -0.3 -20 Trade Balance -3.6 161% -40.9 -38% -40 Current Account -- -- -13.9 -67% Deficit * -60 A A O N D J

  5. Slide 5: Foreign Financing

    Foreign Financing 2008 Oct- 2009 Apr- 2008 Oct- US$ million 2009 2009 Mar 2009 Dec 2009 Dec Current Account Balance -7,868 -11,951 -19,819 -13,854 Capital Inflows -4,558 8,832 4,274 5,417 FDI 5,892 3,878 9,770 6,026 Portfolio -8,652 3,340 -5,312 198 Other Investments -7,107 3,003 -4,104 -696 Net Err

  6. Slide 6: Domestic Confidence

    50 60 70 80 90 100 110 01.2008 03.2008 05.2008 07.2008 Real Sector Confidence Index 09.2008 Domestic Confidence 11.2008 01.2009 03.2009 05.2009 07.2009 09.2009 11.2009 01.2010 105.4 www.koc.com.tr 6

  7. Slide 7: Mild Recovery in Economic Activity on the Back of Tax Reductions

    Mild Recovery in Economic Activity on the Back of Tax Reductions GDP Growth Rates – %, YoY Industrial Production – %, YoY 30 15 25 20 10 12 10 6 5 4 0.3 0 0 -5 -10 -4 -4 -2 -3.3 -7 -6 -10 -9 -9 -10 -7.9 -20 -13 -18 -19 -18 -15 -30 -21 -24 -21 -14.7 May Nov Dec Nov Dec Mar Oct Oct Aug Sep Aug Sep Feb

  8. Slide 8: Inflation

    Inflation 0 2 4 6 8 10 12 14 01.2006 04.2006 07.2006 10.2006 01.2007 04.2007 Annual Inflation Rates – % 07.2007 CPI 10.2007 01.2008 04.2008 07.2008 Core-I 10.2008 01.2009 04.2009 07.2009 10.2009 01.2010 4,1 10,1 www.koc.com.tr 8

  9. Slide 9: Finance

    Finance YoY 4Q09 vs 3Q09 2009 Deposit & AUM YoY 4Q09 vs 3Q09 2009 Loan Growth YKB Sector YKB Sector Growth YKB Sector YKB Sector Total Loans 0% 6% 3% 5% Total Deposits -1% 13% 0% 7% TL Loans -1% 9% 3% 5% FC Loans ($) 2% 0% 1% 3% TL Deposits -6% 15% 4% 10% Consumer Loans 11% 12% 6% 6% Mortgages 20% 1

  10. Slide 10: Energy

    Energy Tüpraş Products Yields & Refining Margins Opet Market Share Development – % White Product Yields Net Refining Margin 17.4 20 16.5 16.4 16.1 15.2 18 14.9 14.6 73.6% 2.29 13.5 16 68.7% 12.8 11.5 1.95 14 12 10 8 6 4 2 0 2008 2009 Med-Complex Tüpraş 2005 2006 2007 2008 2009 Gasoline Diesel www.ko

  11. Slide 11: Automotive

    Automotive Sales Units, Market * – January-December Sales Development, Market * – Units, Monthly 600000 +13% +21% 100000 +111% 500000 +85% 90000 +3% +30% +32% 400000 -0.4% 80000 +10% 300000 70000 -32% -18% -38% 60000 -37% -36% 200000 50000 100000 40000 +7% 0 30000 Light Commercial Passenger Cars TOT

  12. Slide 12: Consumer Durables

    Consumer Durables Sales Units, Market * – January-December Sales Development, Market * – Units, Monthly -4% +22% 6000000 +11% -13% +8% 600000 5000000 -7% -5% 4000000 500000 -18% -6% +0.1% 3000000 -10% -1% 400000 -28% -30% +3% -3% 2000000 -9% 300000 1000000 200000 0 Washing 100000 Refrigerator Dishwa

  13. Slide 13: Financial Results

    2009 Financial Results www.koc.com.tr 13

  14. Slide 14: Robust Financial and Operational Performance Despite the Ongoing Macro Challenges

    Robust Financial and Operational Performance Despite the Ongoing Macro Challenges Revenues  TL44,832mn (US$28,978mn)  19% YoY decline in TL terms and 33% in US$ terms Operating Profit  TL3,471mn (US$2,244mn)  31% YoY decline in TL terms and 42% in US$ terms FY08 figure includes the one-off gains

  15. Slide 15: Main Financial Indicators

    Main Financial Indicators € Mn* US$ Mn* TL Mn TL Mn Change Change 31.Dec.09 31.Dec.09 31.Dec.09 31.Dec.08 %, TL %, US$ Revenues 20,847 28,978 44,832 55,548 q -19 q -33 Gross Profit 4,131 5,743 8,884 8,302 p 7 q -11 EBITDA 2,044 2,841 4,396 5,853 q -25 q -37 Operating Profit 1,614 2,244 3,471 5,038 q

  16. Slide 16: Energy Revenues Contraction Mainly Resulted From the Decline in Oil Prices

    Energy Revenues Contraction Mainly Resulted From the Decline in Oil Prices Revenues – TLmn Share of Segment Revenues – % 55,548 44,832 Automotive 13% Energy 55% Durables 15% FY08 FY09 Finance Other 12% 5% Segment Contribution to Revenues – TLmn 29% 34,370 24,488 8% 2% 8% 15% 6,435 5,943 6,953 6,810

  17. Slide 17: Excluding the One-off Capital Gains of 2008, EBITDA Registered 5% Annual Increase

    Excluding the One-off Capital Gains of 2008, EBITDA Registered 5% Annual Increase EBITDA Consumer Energy Automotive Finance Other Consolidated Total TL mn Durables FY09 1,701 597 826 1,046 226 4,396 EBITDA – TLmn Segmental EBITDA Breakdown – % Automotive 5,853 Energy 14% 39% 4,396 +5% 4,178 Normaliz

  18. Slide 18: Margins Improved in All Segments; Flat in Automotive

    Margins Improved in All Segments; Flat in Automotive Segment Contribution to EBITDA– TLmn 9% 1,872 1,701 10% 8% 33% 952 1,046 826 650 597 621 169% 84 * 226 Energy Automotive Durables Finance Other FY08 FY09 EBITDA Margin by Segment – % 19.4 16.2 12.1 10.1 10.0 10.2 8.9 6.9 5.4 4.4 * Energy Automotiv

  19. Slide 19: 3% Increase in Operating Profit on a Normalized Basis

    3% Increase in Operating Profit on a Normalized Basis Operating Profit Consumer Energy Automotive Finance Other Consolidated Total TL mn Durables FY09 1,348 401 635 954 134 3,471 Operating Profit – TLmn Segmental Operating Profit Breakdown – % Energy Automotive 5,038 39% 12% 3,471 +3% 3,363 Normaliz

  20. Slide 20: Strong Margin Performance Despite the Challenging Operating Environment

    Strong Margin Performance Despite the Challenging Operating Environment EBITDA Margin – % EBITDA Margin excl. Finance – % 9.8 8.5 8.5 9.3 7.5 * 6.5 * FY07 FY08 FY09 FY07 FY08 FY09 Operating Profit Margin – % Profit Before Tax Margin – % 8.7 7.7 7.7 7.0 6.1 * 2.5 * FY07 FY08 FY09 FY07 FY08 FY09 * Nor

  21. Slide 21: Significant Increase in Profit Before Tax

    Significant Increase in Profit Before Tax Normalized profit before tax increased by 125% YoY • TL1,609mn FX loss in 2008 vs TL65mn FX loss in 2009 • TL212mn decline in net interest expense YoY Profit Before Tax – TLmn 3,081 3,159 +125% 1,406 Normalized FY08 FY09 www.koc.com.tr 21

  22. Slide 22: Strong Liquidity & Balance Sheet Management Offering Opportunistic Buyouts in the M&A Market

    Strong Liquidity & Balance Sheet Management Offering Opportunistic Buyouts in the M&A Market Koç Holding Stand-Alone 31.12.2009 Net Cash Position Total Debt: ~US$ 0.3 bn Total Cash: ~US$ 1.12 bn Net Cash: ~US$ 810 mn 2010-2013 Redemption Schedule US$ 300 mn – to be paid in equal annual installments

  23. Slide 23: Higher Resilience Against FX Volatility due to Tight Risk Management Measures

    Higher Resilience Against FX Volatility due to Tight Risk Management Measures Koç Holding Stand-Alone FX Position YE08 9M09 YE09 US$ + 334mn US$ + 285mn US$ + 327 mn Koç Holding Consolidated FX Position Weighted by Effective FX Position Ownership 9M08 YE08 9M09 YE09 9M09 YE09 US$ - 4.2bn US$ - 2.2bn

  24. Slide 24: 2010 Targets

    2010 Targets www.koc.com.tr 24

  25. Slide 25: Continous Focus on Risk Management & Efficiency Measures

    Continous Focus on Risk Management & Efficiency Measures  Strict cost cutting measures and efficiency gains  Stringent risk management measures  Strong balance sheet and liquidity management  Further streamlining of management processes  Optimum capacity utilization rates  Effective working ca

  26. Slide 26: Total Assets & Revenues

    Total Assets & Revenues Total Assets – TLbn Revenues – TLbn +12% 74.5 +18% 52.7 66.4 44.8 2009 2010 2009 2010 www.koc.com.tr 26

  27. Slide 27: Operating Profit & EBITDA

    Operating Profit & EBITDA Operating Profit – TLbn EBITDA – TLbn +34% 4.7 +29% 5.7 3.5 4.4 2009 2010 2009 2010 www.koc.com.tr 27

  28. Slide 28: Exports & International Sales

    Exports & International Sales Combined Exports – US$bn Combined International Sales – US$bn +28% 11.0 +28% 11.8 8.6 9.2 2009 2010 2009 2010 www.koc.com.tr 28

  29. Slide 29: Total Investments

    Total Investments Combined Total Investments – TLbn +31% 2.2 1.7 2009 2010 www.koc.com.tr 29

  30. Slide 30: Q & A

    Q&A www.koc.com.tr 30

  31. Slide 31: 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

  32. Slide 32: Shareholder Structures as of December 2009

    Shareholder Structures as of December 2009 Koç Holding Koç Family: 69.36% Free Float: 21.49% 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 shar

  33. Slide 33: For Further Questions, Please Contact :

    For Further Questions, Please Contact : investorrelations@koc.com.tr Funda Güngör, Coordinator Investor Relations Strategic Planning Group fundag@koc.com.tr +90 216 531 0535 Aslı Selçuk, Manager Investor Relations Strategic Planning Group aslii@koc.com.tr +90 216 531 0537 Neslihan Aycıl, Associate I

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