Turk Traktor Ve Ziraat Makineleri A.s. · BIST:TTRAK
Turk Traktor Ve Ziraat Makineleri A.s — FY2011 Earnings Presentation
42 slides from Turk Traktor Ve Ziraat Makineleri A.s's earnings presentation, 2012
Slide 1: Investor Presentation 2011
INVESTOR PRESENTATION 2011 “@AKer TiirkTraktor mth
Slide 2: Company Profile
COMPANY PROFILE Factory Güvercin Yolu No: 111-112 Gazi Ankara Turkey Spare Part Warehouse & Logistic Büğdüz Mahallesi No: 286 Akyurt Ankara Turkey Annual Production Capacity 35.000 units of tractors & 25.000 units of engines (In case of working in single shift for 5 days a week as per the Chambers o
Slide 3: Agenda: Agricultural Sector, Tractor Market, Competitive Advantages
In the World and in Turkey Agricultural Sector Tractor Market Competitive Advantages Products Operational Results
Slide 4: Main Factors Affecting the World Agricultural Industry
MAIN FACTORS AFFECTING THE WORLD AGRICULTURAL INDUSTRY Major impact of drought and climate changes on the industry due to global warming Increase in food prices in parallel to the increase in the world’s population Decrease in available water supply in the world Worldwide agricultural commodities tr
Slide 5: Agriculture Sector in Turkey
AGRICULTURE SECTOR IN TURKEY Average land size The major industry 25% of total with the product employment in Turkey 57 decare EU 170 decare branding trend Turkey in global USA >1.000 decare competition Rich soil structure, Share of the arable lands and agricultural favorable climate industry over c
Slide 6: Agriculture Sector in Turkey
AGRICULTURE SECTOR IN TURKEY Turkey, located at the most favorable climate zone in geographical terms, has adequate natural NUT FIG resources. Turkey has the capacity to support the APRICOT agricultural industry with her increasing population CHERRY and purchasing power. Turkey, in particular thanks
Slide 7: Agriculture Sector in Turkey
AGRICULTURE SECTOR IN TURKEY Favorable ecological conditions and climate for agricultural production ￫Tarımsal üretim için uygun ekolojik koşullar ve iklim Government incentives granted for agricultural investments ￫Tarım sektöründeki yatırımlar için sağlanan devlet destekleri Increased recent inter
Slide 8: Turkish Tractor Park & Renewal Potential
TURKISH TRACTOR PARK & RENEWAL POTENTIAL Use of obsolete tractors in the Turkish market not only increases the cost of the enterprises but also App. results in productivity loss by 25%. Mechanical Life More than half million tractors are required to be 20-22 renewed due to invalid specifications. Ye
Slide 9: Agricultural Mechanization
AGRICULTURAL MECHANIZATION The rate of equipment use in Turkish agriculture is lower than the tractor use rate; the number of equipment per tractor and also the qualities of such equipment are far behind the levels of the developed countries. Capital requirement for the OPERATING acquisition and ope
Slide 10: Resources Allocated to Agriculture in Turkey
RESOURCES ALLOCATED TO AGRICULTURE IN TURKEY 2008 2010 2011 2012 BUDGET Agricultural Agricultural Support Support Payment Payment Agricultural Agricultural 5,1 billion TL 5,4 billion TL Support Payment Support Payment 6,3 billion TL 7,2 billion TL Agricultural Loan Agricultural Loan Interest Support
Slide 11: Resources Allocated to Agriculture in Turkey
RESOURCES ALLOCATED TO AGRICULTURE IN TURKEY Source : General Directorate of Agricultural Production and Development
Slide 12: Resources Allocated to Agriculture in Turkey
RESOURCES ALLOCATED TO AGRICULTURE IN TURKEY SUPPORT PAYMENTS in 2008 (thousand TL) SUPPORT PAYMENTS in 2010 (thousand TL) Livestock Support Livestock Support Deficiency Deficiency 1.308.257 1.192.617 Payment Support Payment Support 26% 22% 1.646.502 2.071.451 32% 38% Other Other 215.214 286.156 4%
Slide 13: Consumer Finance
CONSUMER FINANCE The dealer, should have the current payment details of all banks and follow the interest rates, help the farmer to choose the most suitable bank and to duly prepare the required documents. TürkTraktör dealer network consist of individually established enterprises. Generally, the mat
Slide 14: Agenda: Tractor Market
In the World and in Turkey Agricultural Sector Tractor Market Competitive Advantages Products Operational Results
Slide 15: Turkey in Worldwide Tractor Market
TURKEY in WORLDWIDE TRACTOR MARKET WORLD TRACTOR MARKET Units in Thousand 2006 2007 2008 2009 2010 2011 November North America 239 242 226 179 188 175 Europe 178 186 198 164 151 157 Latin America 44 61 83 69 83 75 China 202 178 180 271 295 326 India 318 310 308 361 457 501 Pakistan 50 55 55 68 68 48
Slide 16: Tractor Market in Turkey
TRACTOR MARKET in TURKEY Ihlas Kubota Farmtrac Mahindra McCormick Claas SuperStar Deutz Fendt LS Kioti Ferrari In the Turkish Branson market under Foton Erkunt NH fierce competition (Harman) Landini In 2001 four brands circumstances, were competing in the TürkTraktör is the Uzel Yağmur market, where
Slide 17: Tractor Market in Turkey
TRACTOR MARKET in TURKEY 70.000 60.341 60.000 50.000 42.033 39.571 40.000 34.525 34.541 36.036 33.989 unit 30.000 27.022 18.639 20.000 13.758 10.587 10.000 8.127 2.975 2.362 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011/1 2011 2012/1 Source : TURKSTAT
Slide 18: Market & TürkTraktör
MARKET & TÜRKTRAKTÖR For the last three years one out of every two tractors have been manufactured by TürkTraktör.. TürkTraktör In the tractor market, New Holland brand is the leader Case IH brand, launched in the domestic market in 2007 The widest product range The widest dealer network and after s
Slide 19: Agenda: Competitive Advantages
In the World and in Turkey Agricultural Sector Tractor Market Competitive Advantages Products Operational Results
Slide 20: Competitive Advantages
COMPETITIVE ADVANTAGES 57 TürkTraktör, manufactured KOÇ HOLDİNG A.Ş. Strong distribution and exported tractors for the WIDEST DEALER NETWORK One of the strongest network throughout EXPERIENCE OF 57 YEARS first time in Turkey and has STRONG SHAREHOLDER holdings of Turkey Turkey with 100 New an experi
Slide 21: Competitive Advantages: Manufacturing
COMPETITIVE ADVANTAGES Being the first in Turkey R&D center accredited Export to over 90 concerning flexible by the Ministry of countries all over the manufacturing lines that Industry on 03 world via global network enables co-use of September 2009 of CNH, such as, US, LARGE SCALE EXPORT automatic m
Slide 22: Management Strategy
MANAGEMENT STRATEGY TürkTraktör tries to go head to head with international manufacturers from the same segment. TürkTraktör follows the developments in the world market and keeps track of innovations in the sector. TürkTraktör has an objective on a preferential basis to protect its cost-favorable c
Slide 23: Agenda: Products
In the World and in Turkey Agricultural Sector Tractor Market Competitive Advantages Products Operational Results
Slide 24: Manufactured Products (Tractor)
MANUFACTURED PRODUCTS (TRACTOR) Series T480 2WD T480 4WD T480 48 HP 48 HP TT 50 55 65 75 50 HP 55 HP 65 HP 72HP 56s 55 65 75 55 HP 65 HP 75 HP TDS 65 75 80 65 HP 72 HP 80 HP 65 75 80 90 100 TDD 69 HP 75 HP 83 HP 88 HP 98 HP TTB 50 55 65 50 HP 55 HP 65 HP TDB 65 75 80 65 HP 72 HP 80 HP New Product
Slide 25: Imported Products (Tractor)
IMPORTED PRODUCTS (TRACTOR) Series T3010 T3040 T3000 38 HP 55 HP T4000 T4030 De. F- F-N-V T4040F T4050F 78 HP 88 HP 97 HP T5040 T5050 T5060 T5000 86 HP 96 HP 106 HP T6020 T6040 T6060 T6080 T6000 112 HP 121 HP 132 HP 155 HP T7030 T7040 T7060 T7070 T7000 167 HP 182 HP 213 HP 225 HP T8.300 T8.360 T8.39
Slide 26: Products (Tractor)
PRODUCTS (TRACTOR) Series 70 75 80 90 100 JX Pro 80 HP Manufactured 65 HP 75 HP 88 HP 98 HP JXU 85 95 105 Imported 86 HP 96 HP 106 HP MAXXUM 100 110 130 140 Imported 101 HP 112 HP 132 HP 141 HP PUMA CVX PUMA 125 140 155 165 180 210 225 Imported 126 HP 141 HP 155 HP 167 HP 182 HP 213 HP 225 HP CVX 14
Slide 27: Imported Agricultural Equipment
IMPORTED AGRICULTURAL EQUIPMENT COMBINES COMBINES SQUARE BALERS COTTON PICKERS SELF PROPELLED FORAGE HARVESTERS SELF PROPELLED SPRAYERS PLANTERS PNEUMATIC PLANTERS ROUND BALERS SPRAYERS
Slide 28: Agenda: Operational Results
In the World and in Turkey Agricultural Sector Tractor Market Competitive Advantages Products Operational Results
Slide 29: Operational Results: Tractor Sales Units
OPERATIONAL RESULTS T ractor Sales U nits 50 .000 40 .000 9. 601 30 .000 8. 938 20 .000 40.753 3 1 . 1 52 8. 808 28.940 10 .000 2 0 . 0 02 15.754 6. 946 0 20 09 20 10 20 11 Lo ca l Sa les Export Sa les
Slide 30: Operational Results
OPERATIONAL RESULTS MANUFACTURING UNITS TRANSMISSION SALES UNITS Tractor Transmission 2009 2010 2011
Slide 31: Operational Results: Market Leader in Agricultural Equipment Sector
OPERATIONAL RESULTS MARKET LEADER IN AGRICULTURAL EQUIPMENT SECTOR
Slide 32: Financial & Operational Performance @ 2011/9
FINANCIAL & OPERATIONAL PERFORMANCE @ 2011/9 REVENUE 1,801 mln TL (737 mln €) Change YoY TL %51 EUR %27 GROSS 425 mln TL (174 mln €) Change YoY TL %33 EUR %12 PROFIT OPERATING 311 mln TL (127 mln €) PROFIT Change YoY TL %30 EUR %9 NET PROFIT 277 mln TL (114 mln €) Change YoY TL %54 EUR %29 322 mln T
Slide 33: Financial & Operational Performance
FINANCIAL & OPERATIONAL PERFORMANCE million EU R 2009 2010 2011 R evenue 309 582 737 Gross Profit 48 156 174 Operating Profit 25 117 311 Profit Before Tax 17 144 140 N et Profit 14 88 114 EBI TD A 28 121 132
Slide 34: Financial & Operational Performance
FINANCIAL & OPERATIONAL PERFORMANCE
Slide 35: Financial & Operational Performance
FINANCIAL & OPERATIONAL PERFORMANCE million E U R 2009 2010 2011 Total A ssets 330 432 507 C urrent A ssets 249 364 437 N on-C urrent A ssets 81 69 70 Total Liabilities 330 432 507 S hort T erm Liabilities 143 177 204 Long T erm Liabilities 48 27 59 E quity 139 228 244
Slide 36: Financial & Operational Performance
FINANCIAL & OPERATIONAL PERFORMANCE
Slide 37: Net Working Capital and CAPEX
FINANCIAL & OPERATIONAL PERFORMANCE N e t Working Capital 25 0 20 0 229 193 mln € 15 0 162 10 0 50 0 20 09 20 10 20 11 C APEX 35 30 30, 3 2 25 20 mln € 15 17 , 05 10 5 5, 08 0 20 09 2010 20 11
Slide 38: Dividend
DIVIDEND * Share closing price as of dividend payment date have been used to calculate the dividend yield. ** Share closing price as of 16.02.2012 has been used to calculate the dividend yield of 2012. According to the agreement between Koç Holding and CNH Global NV dated 22 April 1998, the Parties
Slide 39: Istanbul Stock Exchange & TTRAK Index
50 100 150 200 250 300 350 400 450 01.12.2010 01.01.2011 01.02.2011 IMKB-100 01.03.2011 01.04.2011 İMKB 100 TTRAK 01.05.2011 01.06.2011 31.12.2010 =100 01.07.2011 01.08.2011 TTF Values 01.09.2011 01.10.2011 ISTANBUL STOCK EXCHANGE & TTRAK INDEX 01.11.2011 01.12.2011 %22 %44 %264
Slide 40: Contact
CONTACT Marco VOTTA Memet KAMBER İlkiz KARAGULLU CEO CFO Investor Relations +90 312 2332001 +90 312 2332003 +90 312 2332502 marcov@turktraktor.com.tr memetk@turktraktor.com.tr ilkizk@turktraktor.com.tr
Slide 41: Disclaimer
DISCLAIMER This presentation contains forward-looking statements that reflect the Company management’s current views with respect to certain future events. Although it is believed that the expectations reflected in these statements are reasonable, they may be affected by a variety of variables and c
Slide 42: NG
NG
Türk Traktör ve Ziraat Makineleri A.Ş. — FY2011 Earnings Presentation on 6ix