Tumosan Motor Ve Traktor Sanayi As · BIST:TMSN
Tumosan Motor Ve Traktor Sanayi As — Investor Presentation (March 2015)
38 slides from Tumosan Motor Ve Traktor Sanayi As's investor presentation, March 2015
Slide 1: Investor Presentation March 2015
INVESTOR PRESANTATION MARCH 2015
Slide 2: Company Profile
Company Profile
Slide 3: Company Profile
Company Profile LARGEST MANUFACTURING 2014 CAPACITY IN TURKEY. NET SALES EBITA 436.1 Mn 43.4 Mn TUMOSAN, manufactures diesel engine and tractors in a closed NET INCOME EBITA MARGIN area of 93.000 m2 on its own property 1.6 Million m2. 22.7 Mn 10% Engine manufacturing capacity: 75.000 items/ year-thr
Slide 4: Ownership Structure (Before IPO)
Ownership Structure Partner Capital (TL) Share in Capital (%) Ereğli Tekstil Turizm San. ve Tic. A.Ş. 82.090.905 78.18 % TL 105 Mn CAPITAL Muzaffer ALBAYRAK 6.586.381 6.27 % BEFORE IPO Bayram ALBAYRAK 3.264.543 3.11 % Nuri ALBAYRAK 3.264.543 3.11 % Kazım ALBAYRAK 3.264.543 3.11 % Mustafa ALBAYRAK 3.
Slide 5: Ownership Structure (Post IPO)
Ownership Structure Partner Capital (TL) Share in Capital (%) Ereğli Tekstil Turizm San. ve Tic. A.Ş. 77.285.492,15 67,20 % 2.000.000,00 1,74 % Muzaffer ALBAYRAK TL 115 Mn CAPITAL Bayram ALBAYRAK 2.000.000,00 1,74 % POST IPO Nuri ALBAYRAK 2.000.000,00 1,74 % Kazım ALBAYRAK 2.000.000,00 1,74 % Mustaf
Slide 6: Milestones - After Privatisation
Milestones - After Privatisation 2004 Albayrak group takeover Through privatization. 1989 The licence agreement 1986 With FIAT terminated. 1981 The tractor and engine Mechanical workshop Engine assembly commenced. was completed.. 1976 TUMOSAN has been founded as a State Economic Enterprise. 1993 . r
Slide 7: Milestones - After Privatisation
Milestones - After Privatisation 2014/11 Acqusition of transaxle with 2014/8 Powershift, Engine with 4 valves, Tractor with 125 HP. Altay Battle Tank Powerpack Contract Negotiations. 2013 Tractor with 105 HP. 2009 2011 Introduction of Stage Production of 16x16 gearbox. III-A Engine. 2006 Introductio
Slide 8: Milestones - After Privatisation
Milestones - After Privatisation 2018 Harvester 2016 Cotton Picker Sprayer. 2015/1 MOU for High Speed Train. 2017 Production of New Generation 6.8 L 6 Cylinder Diesel Engines 270 HP Loader – Backhoe Loader 2015/3 Altay Battle Tank PowerPack signed. 2015 • Production 5.9 L. 6 Cylinder Diesel Engine&T
Slide 9: Dealers and Services Network
Dealers and Services Network 11 Cities 10 Dealers – 77Services 8 Cities 18 Dealers - 48 Services 12 Cities 11 Cities 12 Dealers- 31 Services 8 Cities 27 Dealers - 98 Services 13 Dealers - 67 Services 7 Ciities 14 Dealers - 36 Services 8 Cities 10 Dealers - 42 Services 114 Dealers and 399 authorized
Slide 10: Dealers and Services Network
Dealers and Services Network 10 10
Slide 11: Research and Development Projects
Research and Development Projects Completed Projects Ongoing Projects • 4 Valve 4 cylinder • 115 HP Tractor. 125 HP and 4 valve 6 • 4WD Front Axle. cylinder 135 – 175 HP • 16x16 Gear Box. engine. • Stage III-A and Diesel • 32x16 Gear Box. Engine. • 16x16 Full Powershift Stage III-B Diesel Engine. Tr
Slide 12: R&D Expenditure Breakdown
R&D Expenditure Breakdown Projects, Million TL 2014 2015 2016 2017 4 Valve 4 and 6 Cylinder Diesel 0,4 2,0 2,8 - Engine 32x16 Gear Box 0,1 0,8 - - 16x16 Full Powershift Transmission 0,2 - - - Stage IV 6 Cylinder 3,7 1,5 2,7 1,1 Cotton Picker 2,2 1,3 1,8 - Sprayer - 0,6 1,5 - ECU – TCU Design 0,1 1,3
Slide 13: Agricultural Sector
Agricultural Sector 13
Slide 14: Agricultural Sector
Agricultural Sector • 24.5 Million hectares of the existing 38 Million agricultural land is being cultivated. Agricultural Holdings • Turkey is amongst the first 15 countries in the world with the size of cultivated agricultural land. • The number of holdings decreased 4 to 2.3 Million. • Avarege la
Slide 15: Subsidies
Subsides • 50 % • 50 % • 50 % Of the credit Dormant Dormant interest is subsidized. 15
Slide 16: 2015 Outlook
2015 Outlook • Favorable weather conditions. • Interest rate of agricultural credits continue. • Sales numbers will relatively higher than 2014. 16
Slide 17: Tractor Market
Tractor Market i AUVUNUELE EEUU
Slide 18: Tractor Market of Turkey
Tractor Market of Turkey 62732 60304 53922 54731 53803 51032 49297 43706 42033 39571 36576 33989 34525 34541 24951 24241 22954 16639 10587 8127 14000 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 AVERAGE 35.346 TRACTORS. 18
Slide 19: Tractor Market of Turkey 2013-2015
Tractor Market of Turkey 2013 – 2015 Tractor Market 13.521 10.766 14.000 9.070 12.000 10.000 8.000 6.000 4.000 2.000 0 2013/3 2014/3 2015/3 2013/3 2014/3 2015/3 2013/3 2014/3 2015/3 TOTAL 9.070 10.766 13.521 TUMOSAN 1.361 1.527 1.389 19
Slide 20: Tractor Park
Tractor Park • The size of tractor park is 1.500.000. • Average age is 23 years. • The average age of 704.000 tractor is 34 years old. •Government has a plan to modernize the park with a scrap incentive program. 25 years > 10-25 years 10 years < 20
Slide 21: Sales Volume (Turkish Statistical Institute Figures)
Sales Volume (Turkish Statical Institute Figures) Total Sales Total Sales Total Sales 9.070 2013/3 10.766 2014/3 13.521 2015/3 Market Share Market Share Market Share 14,70% 14,23% 10,27% TUMOSAN TUMOSAN TUMOSAN Sales Volume 1.361 Sales Volume 1.527 Sales Volume 1.389 SALES VOLUME (TSI) 2013/3 2014/3
Slide 22: HP Assessment
HP Assesment 35% 90 20,00090 2014 Market 2014 MarketSar e o Share 2014HHP 2014 Volume VOLUME o 18,000 30% 16,000 25% 14,000 20% 12,000 10,000 15% 8,000 10% 6,000 4,000 5% 2,000 0% 0 <5 H P 50‐‐5 H P 60‐‐‐6 H P 70‐‐‐7 H P 80‐‐‐8 H P 90‐‐‐940 H P 100‐‐‐19 H P 110‐‐‐19 H Ph <5 H P 50‐‐‐5 H P 60‐‐‐6 H P
Slide 23: TUMOSAN Sales Volume (Sales to Dealers)
TUMOSAN Sales Volume (Sales to Dealers) Sales and Production 2014/3 2015/3 % Sales (Sales to Dealers) 1.572 1.643 4.52% Production 9.118 8.303 -30,71 23
Slide 24: TUMOSAN Export Volume
TUMOSAN Export Volume 129 -69% 40 2014/3 2015/3 2014/3 2015/3 % EXPORT 129 40 69% 24
Slide 25: Financial Review
Financial Review nu
Slide 26: Financial Review
Financial Review Million TL 2015/3 2014/3 Revenues 96.4 83.4 Gross Profit 20.7 7.1 Margin 22% 9% Operating Profit 11.1 1.1 Margin 12% 2% EBITA 12.5 9.6 Margin 13% 12% Net Income 8.9 0.3 Margin 10% 1% 26
Slide 27: Comparative Balance Sheet
Comparative Balance Sheet Liquid Asset Mn TL 2015/3 2014/3 Cash and Cash Equivalents 3.8 2.3 Financial Investment 0.3 0.2 Commercial Receivables 75.6 58.2 Commercial Receivables from Non- Affillates 69.1 57.6 Commercial Receivables from Affilliates 6.5 0.5 Other Receivables 16.7 1.1 Receivables from
Slide 28: Comparative Balance Sheet
Comparative Balance Sheet Short Term Liabilities, Mn TL 2015/3 2014/3 Short Term Loans 16.7 29.1 Current Portion of Amounts Payables after One Year - - Other Financial Liabilities 9.5 - Trade Payables 43.3 59.3 Current Payables to Affilliates 0,4 - Current Payables to Non- Affilliates 42.9 59.3 Due
Slide 29: Comparative Income Table
Comparative Income Table Real Operating Income, Mn TL 2015/3 2014/3 Sales Income 96.4 83.4 Sales Expense (-) -75.6 -76.3 Gross Profit 20.7 7.1 Research and Development Expenses -0.8 -1.5 Marketing and Sales Expenses -8.1 -2.9 Administrative Expenses -2.8 -2 Other Operative Income 5.5 0.8 Other Opera
Slide 30: Capex Development Expectation (TL Mn)
Capex Development Expect Casting (TL Mn) 22.7 11.2 10.0 9.5 8.97 5.2 3.4 2012 2013 2014 2015 2016 2017 2018 30
Slide 31: Capex Items
Capex Items • Installed tractor production capacity to be increased to 60.000. • Modernization of paint shop. • Expansion of Automated Guided Vehicle (AGV) application at assembly and material handling. • Shift from manual to compressed air tools for manpower and energy efficiency. • Upgrade of exis
Slide 32: Capex Breakdown
Capex Breakdown Items 2014 2015 2016 2017 2018 Capacity Increase 0.94 1.2 0.5 0.5 0.5 Production Line Modernization 7.01 7.1 9 10.2 4.2 Construction & Maintenance 1.02 1.2 0.5 0.5 0.5 Total TL Mn 8.97 9.5 10.0 11.2 5.2 32
Slide 33: Ownership Structure - TD
Ownership Structure - TD PARTNER Capıtal (TL) Share in Capital (%) TUMOSAN 10.000.000 %100 Total 10.000.000 %100 33
Slide 34: Tumosan Foundry
Tumosan Foundry Established in 2012 2014 Employees 33 39 Capacity (T/Y) 5.000 6.000 Cost Alloy Grey Iron Grey Iron Moulding Automatic-Horizontal Automatic-Horizontal Market Value 21.999.627,00 TL 21.999.627,00 TL 34
Slide 35: Income/Profit Realistic & Expectations
Income/Profit Realistic&Expectations YEAR CAPACITY (T/Y) INCOME (TL) PROFIT (TL) 2014 6.000 17.875.00 1.787.500 2015 12.000 44.000.000 4.400.000 2016 22.000 44.000.000 4.400.000 2017 41.000 112.750.000 11.275.000 2018 41.000 112.750.000 11.275.000 35
Slide 36: Strategy
Strategy |
Slide 37: Strategy Guidance
rateg idance St y Gu T T PRODUCT DIVERSIFICATION ii T Focus on local industry. Meeting requirements of customers. Minimized capital expenditures. Short research and development period. Efficient team with profound expertise. MARKET DIVERSIFICATION
Slide 38: Thank You
Thank You… For further information please e-mail or call Tumosan Investor Relations. yatirimciiliskileri@tumosan.com.tr +90 (212) 468 19 88
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