Slide 1: Recent Developments Overview – 2018 YE Results
Recent Developments Overview 2018 YE Results
Slide 2: Şişecam Group Review
Şişecam Group Review Şişecam Overview Flat Glass Glassware Glass Packaging Chemicals Production Capacities Currency Exposure COGS Analysis 2
Slide 3: Şişecam Overview
Şişecam Overview 2018 Revenue Growth 15% 8% 16% 32% 37% 25% 26% 20% 21% 22% 15.550 11.318 7.415 8.569 6.876 2.810 4.035 1.365 1.594 1.919 2014 2015 2016 2017 2018 Revenue Adjusted EBITDA Adjusted EBITDA Margin 37% YoY Revenue Growth in 2018 37% YoY Revenue Growth in 2018 Adjusted EBITDA Margin Perfo
Slide 4: Revenue by Geography
Şişecam Overview Revenue by Geography 2017 2018 TRY bn 0,1% 2% 15,6 23% 22% 23% 23% 11,3 39% 8,6 37% 7,4 14% 6,9 22% 31% 28% 28% 23% 14% 23% 23% 23% 39% 40% 49% 46% 40% 39% 49% Europe Russia & Georgia & Ukraine Domestic Export Other 2014 2015 2016 2017 2018 Domestic Export from Turkey Sales from For
Slide 5: Segments' Contribution in 2018
Şişecam Overview Segments’ Contribution in 2018 Revenue EBITDA 4% 2% 22% 31% 37% 37% 21% 19% 11% 16% Flat Glass Glassware Glass Packaging Chemicals Other* 5
Slide 6: Sustained Capital Base & Conservative Leverage
Şişecam Overview Sustained Capital Base & Conservative Leverage Net Debt / EBITDA continues to remain within the comfort zone of 1,25 Net Debt (TRY mn)* 2.239* 1.489 * 1.440 1.068 580 2014 2015 2016 2017 2018 Net Debt/EBITDA 0,78 0,82 0,70 0,19 0,46 Net Debt/Equity 0,15 0,15 0,13 0,04 0,13 We contin
Slide 7: Solid Liquidity
Şişecam Overview Solid Liquidity TRY mn 8.009 5.780 5.897 2.606* 4.614 3.843 1.085* 1.878* 29* 3.164 3.144 3.206 2.775 3.439 2.239 1.068 1.440 1.489 580 2014 2015 2016 2017 2018 Net Debt Cash and cash equivalents Marketable Securities Gross Debt (*) Marketable securities (Eurobond investments + time
Slide 8: Debt Profile
Şişecam Overview Debt Profile TRY mn up to 1 years 1-5 years 5 years - Total % in Currency USD 78 2.750 12 2.840 35% EUR 2.191 967 51 3.209 40% RUR 827 497 1.323 17% UAH 95 11 106 1% EGP 46 46 1% TL 439 46 484 6% Total 3.675 4.333 8.009 100% % in Maturity 46% 54% Short Term Long Term Less volatility
Slide 9: Flat Glass
Flat Glass Shareholder Structure Operations of Flat Glass in 10 countries with 3,2 mn tons/year installed capacity Free Bulgaria 2 1 Float; 31% Trakya Glass Bulgaria EAD Şişecam; 1 1 1 Float, & Auto Glass, Mirror & Processed 69% Hungary Romania Laminated Line Flat Glass Market Outlook Slovakia Richa
Slide 10: Flat Glass Results
Flat Glass 2018 Revenue Growth 36% 5% 42% 44% 36% 21% 25% 19% 18% 4.331 3.016 2019 2.118 1.068 387 391 624 #N/A #N/A 2014 2015 2016 2017 2018 Revenue Adjusted EBITDA Adjusted EBITDA Margin 36% YoY Revenue Growth in 2018 Price Hikes through 2018 Adj. EBITDA Margin Performance • 1% volume • Domestic:
Slide 11: Glassware
Glassware Shareholding Structure Islamic Development Bank EBRD 0,5% Paşabahçe, operational in 4 regions, is Şişecam Group’s leading brand name in the 14,9% glassware segment with a portfolio focusing on production of automated, handmade, heat resistant, crystalware, paper and packaging Şişecam 84,6%
Slide 12: Glassware Results
Glassware 2018 Revenue Growth 12% 7% 4% 8% 29% 17% 18% 13% 14% 15% 2.529 1.803 1.956 1.616 1.728 293 288 461 209 260 2014 2015 2016 2017 2018 Revenue EBITDA EBITDA Margin 29% YoY Revenue Growth in 2018 Price Hikes through 2018 EBITDA Margins • 25% pricing, mix & positive currency • Domestic: 21% eff
Slide 13: Glass Packaging
Glass Packaging Glass Packaging Market Outlook Operations & Global Presence Turkey Russia Georgia Anadolu Cam, operational in 4 regions with 2,5mn tons/year installed capacity, is Şişecam Group’s leading brand name in the glass packaging 11% segment with a portfolio focusing on food, alcoholic and n
Slide 14: Glass Packaging Results
Glass Packaging 2018 Revenue Growth 2% -0,2% 18% 32% 34% 21% 21% 23% 24% 17% 3.231 2.411 1.828 1.555 1.552 784 553 267 320 378 2014 2015 2016 2017 2018 Net Sales Adjusted EBITDA Adjusted EBITDA Margin 34% YoY Revenue Growth in 2018 Annual Change in Unit Prices - 2018 Adjusted EBITDA Margin • 6% grow
Slide 15: Chemicals
Chemicals Chemicals Market CAGR: Operations & Global Presence Turkey – Mersin Plants Soda Ash Market Turkey Bulgaria Mersin Soda Plant: 1,4 Million tons / year Global Bosnia and Herzegovina Solvay Sodi Kromsan Chromium Compounds Plant: Chromic Acid 24, Basic Chromium Sulfate 119, Sodium Dichromate 1
Slide 16: Chemicals Results
Chemicals 2018 Revenue Growth 14% 10% 17% 19% 40% 28% 30% 30% 33% 26% 3.430 2.451 2.068 1.772 1.607 1.147 616 736 423 499 2014 2015 2016 2017 2018 Net Sales Adjusted EBITDA Adjusted EBITDA Margin 40% YoY Revenue Growth in 2018 Annual Change in Unit Prices - 2018 Gross Margin Performance • 2% sales v
Slide 17: Production Capacities
Production Capacities 2018 K Tons Capacity Expansions (2018) Capacity Breakdown Flat Glass • Float line investment in Turkey – 220K/tons of capacity p.a. – expected to be online within 2020 (USD 127 Mn.) 2.935 • Acquisition of Sangalli Manfredonia – 190K/tons of capacity p.a. 2.515 – expected to be
Slide 18: Currency Exposure
Currency Exposure Flat Glass (2018) Glass Packaging (2018) Revenue 4% 51% 32% 7% 6% Revenue 5% 10% 44% 37% 4% COGS 9% 57% 25% 7% 2% COGS 12% 43% 41% 4% USD EUR TRY RUB Other USD EUR TRY RUB Other Glassware (2018) Chemicals (2018) Revenue 14% 27% 37% 13% 9% Revenue 47% 39% 14% COGS 3% 56% 13% 28% COG
Slide 19: COGS Analysis
COGS Analysis 2018 Şişecam Chemicals 36% 17% 4% 5% 7% 31% 13% 9% Glass Packaging 49% 14% 10% 11% 14% 3% 45% Glassware 43% 15% 6% 21% 5% 10% 11% 6% Flat Glass 49% 15% 6% 10% 9% 11% 15% Input & Materials & Packaging Ngas Electricity Labor Depreciation Outsourcing & Other 19
Slide 20: Natural Gas Analysis
Natural Gas Analysis Natural Gas Price Actions by Botaş Actual Turkey Ngas Expense % in total COGS Natural Gas Price Hikes 17% 2012 - April 20% Hike 11% 9% 9% 2012 - October 10% Hike 7% 2014 - October 9% Hike 2016 - October 10% Discount 2017- December 8% Hike for Electricity Producers Flat Glass Gla
Slide 21: Contact Details
Türkiye Şişe ve Cam Fabrikaları A.Ş. Şişecam 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 Investor Relations Team SC_IR@si