Koc Holding A.s. · BIST:KCHOL
Koc Holding A.s — Q1 2024 Earnings Presentation
23 slides from Koc Holding A.s's earnings presentation, May 23, 2024
Slide 1: Koç Holding 1Q24 Earnings Presentation
KOÇ HOLDING 1Q24 EARNINGS PRESENTATION 23 MAY 2024 1Q24 Earnings Presentation
Slide 2: Disclaimer
Disclaimer With the Capital Markets Board of Turkey’s Bulletin dated 28.12.2023 numbered 2023/81, CMB announced that issuers and capital market institutions shall prepare their annual financial statements ending on 31.12.2023 or later, in accordance with IAS 29 inflationary accounting provisions. Ac
Slide 3: Agenda
Agenda Koç Holding Key Indicators Highlights on Main Sectors Historical NAV 3 1Q24 Earnings Presentation
Slide 4: Agenda
Agenda Koç Holding Key Indicators Highlights on Main Sectors Historical NAV 4 1Q24 Earnings Presentation
Slide 5: Focus on Resilience: Sectoral & Geographical Diversification
Focus on Resilience Sectoral & Geographical Diversification Net Asset Value Breakdown by Sector1 International Revenues / Total Combined Revenues 48% Auto 31% (PC & CV Manufacturing) 30% including FX linked Auto revenues of Tüpraş 29% (Other) 13% Finance 18% Refining 17% Oil & Gas Other assets & Dis
Slide 6: Focus on Resilience: Business Model Ensures Sustainability of Dividend Income
Focus on Resilience Business Model Ensures Sustainability of Dividend Income Dividend Income 1 Dividend Payments1 TL Billion TL Billion Dividend 2021 2022 2023 2024 YTD Dividend 16% 15% 6% 28% Tüpraş (inc. EYAŞ) - - 10.3 5.7 Payout 24.2 23.6 Ford Otosan 1.4 2.5 6.0 5.9 Tofaş 0.6 1.2 1.1 3.8 Dividend
Slide 7: Focus on Resilience: Solid Liquidity
Focus on Resilience Solid Liquidity Enhanced Net Cash Bridge TL Million As of 31 December 2023: As of 31 March 2024: = USD 795mn = USD 777mn Net cash including Net cash YKB AT1 as of 2023YE 23,647 - 22,470 as of Mar’24 + USD 1.56bn 23,402 1 1,673 25,075 1 24,595 + USD 1.53bn Gross cash including - 1
Slide 8: Key Metrics: Fundamentals Remain Intact
Key Metrics Fundamentals Remain Intact on the Back of Prudent Management Strong Cash Position Solid Liquidity FX Position USD 777mn 1.3x +USD 720mn Solo Current Ratio Solo Net Cash on Combined Basis3 long FX Position + USD 1.5bn Gross cash + USD 691mn Consolidated long FX position TL 4% after natura
Slide 9: Key Metrics: Credit Ratings
Key Metrics Credit Ratings Standard & Poors (S&P) Moody’s BB B2 Two notches above sovereign One notch above sovereign 8 S Baa2 P P P P S S N S BBB 7 Baa3 Investment Grade Threshold S S S S P N S N N S S N N N BBB- 6 Investment Grade Threshold Ba1 N P S N S S N N 5 BB+ Ba2 S N N N S P S BB4 Ba3 N S N
Slide 10: Agenda
Agenda Koç Holding Key Indicators Highlights on Main Sectors Historical NAV 10 1Q24 Earnings Presentation
Slide 11: Energy
Energy Bottom-Line Suppressed by the Weakness in Crack Margins Domestic Market Sales Volume Crack Margins 1Q24 Highlights Million Tonnes USD/bbl, Monthly Cumulative Resilient domestic demand +2% 26.8 26.5 y/y +4% +21% -10% 25.1 Growth 23.7 Steady energy costs 3.5 3.6 21.8 19.0 Weakness in crack marg
Slide 12: Automotive
Automotive Robust domestic auto market sustained, while competition is fierce Monthly Trend Sales Volume 1Q24 Highlights Thousand Units Thousand Units Total Turkey Exports Koç Passenger Cars (Turkey) 14% 48% 23% 21% 42% Growth in export markets Market Share Light Commercial (Turkey) 140 Solid export
Slide 13: Consumer Durables
Consumer Durables Solid Domestic Market, Slight Recovery in Main International Markets Sales Volumes Across Markets Monthly Trend 1Q24 Highlights Million Units Million Units " Koç Ma rket Share 20% 68% 26% 30% 41% Stellar Turkey revenues Turkey Exports Recovery signs in main international markets y/
Slide 14: Finance
Finance Challenging Macro Backdrop Weighs on the Bottom-Line TL Lending Growth Sector’s Loans & Deposits 1Q24 Highlights 13 Weeks Annualized TL Billion, USD Billion 3M24 q/q y/y Private State Sector Substantial growth in net fee & commission income 110% Loans 12,877 11% 51% 90% + TL 8,544 9% 43% Fro
Slide 15: Group's 1Q24 Financial Performance
Group’s 1Q24 Financial Performance Varying Performances at Different Segments Financial Performance TL Million Consumer Energy Automotive Finance Other TOTAL Durables Combined Revenues1 258,566 211,002 86,490 139,382 30,042 725,482 Change (y/y) 2% 8% 6% 61% 15% 13% Segment Share in Total 36% 29% 12%
Slide 16: Agenda
Agenda Koç Holding Key Indicators Highlights on Main Sectors Historical NAV 16 1Q24 Earnings Presentation
Slide 17: Historical NAV Discount
Historical NAV Discount NAV Discount Converging to Historical Averages Supported by Positive Sentiment Relative Share Performance of Koç Holding vs. Koç Group1 NAV Discount/Premium2 Rebased at 2023YE 100% 15% 92% 10% 80% 5% 2009-2024 ytd avg NAV discount -12 % 57% 0% 60% 56% -5% Historical 40% 46% -
Slide 18: Q&A
Q&A 1Q24 Earnings Presentation
Slide 19: Appendix - Consolidated Key Financial Figures
Appendix - Consolidated Key Financial Figures Consolidated Main Financial Indicators Consolidated Net Income TL Million TL Million 1Q23 1Q24 y/y Revenues 386,677 450,415 16% 10,693 Gross Profit 92,019 74,621 -19% Operating Profit 52,455 26,574 -49% - 1,441 - 991 - 294 Profit Before Tax 33,926 6,939
Slide 20: Appendix - 2024 Expectations of the Listed Group Companies
Appendix - 2024 Expectations of the Listed Group Companies TÜPRAŞ 2023A 2024E - Mar'24 TOFAŞ 2023A 2024E - Mar'24 2024E - May'24 TÜRKTRAKTÖR 2023A 2024E - Mar'24 2024E - May'24 Net Refining Margin ($/bbl) 16.0 - Sector ('000) Sector ('000) Total TR LV Sales 1,233 800-1,000 800-1,000 Total TR Tractor
Slide 21: Appendix - Our ESG Journey
Appendix - Our ESG Journey Committed to be carbon neutral by 2050 The Koç Group Carbon Transition Roadmap: 13% reduction in 2023 vs. 2017 baseline year International Platforms 27% 49% ✓ United Nations Global Compact ✓ CEO Water Mandate Reduction in Scope 1 & 2 Reduction in Scope 1 & 2 ✓ CFO Coalitio
Slide 22: Appendix - Shareholding Structures
Appendix - Shareholding Structures Koç Holding Koç Family: 63.4%1 Free Float: 26.9% Vehbi Koç Foundation: 7.3% Koç Pension Fund: 2.3% Share Buyback: 0.04% Consumer Energy Automotive Finance Other ⁵ Durables Tüpraş Ford Otosan EYAŞ: 46.4% Arçelik Yapı Kredi Bank Koçtaş KH: 39% KH: 41% KH: 20.22% KH:
Slide 23: Contact Koç Holding Investor Relations
Contact Koç Holding Investor Relations investorrelations@koc.com.tr Visit our website at: www.koc.com.tr/investor-relations Nursel Ilgen, CFA, Coordinator, Head of IR Investor Relations nurseli@koc.com.tr +90 216 531 0414 Cansev Atak, Manager Investor Relations canseva@koc.com.tr +90 216 531 0516 İs