Otokar Otomotiv Ve Savunma Sanayi A.s. · BIST:OTKAR
Otokar Otomotiv Ve Savunma Sanayi A.s — H1 2014 Earnings Presentation
71 slides from Otokar Otomotiv Ve Savunma Sanayi A.s's earnings presentation, Jul 24, 2014
Slide 1: Prepared based on 2014 1H financial results
(24.07.2014) Prepared based on 2013 1H financial results
Slide 2: Agenda
Agenda ABOUT US FINANCIAL INDICATORS • INTRODUCTION LONG-TERM OBJECTIVES • VISION & MISSION • FINANCIAL STATEMENTS & RATIOS • BRIEF HISTORY • SUSTAINABLE GROWTH • PRODUCTION-SALES- • SHAREHOLDER STRUCTURE • GROWTH WITH PRODUCTS WHICH REVENUE-BACKLOG LICENSE RIGHTS BELONG TO OTOKAR • PRODCUTION PLANT
Slide 3: Introduction
Introduction Turkey’s the largest private and 100% domestically owned company in defense industry A global company, intellectual property rights belong to itself and its products are in use on 5 continents and in more than 60 countries Turkish Armed Forces’ leading supplier and exporter of land plat
Slide 4: Vision & Mission
Vision&Mission Vision • Otokar preserves the local and national characteristics of its products by developing its technology in-house, and aims at the continued satisfaction of its customers, employees, and shareholders by embracing a total excellence philosophy. Mission • The key mission of Otokar
Slide 5: Brief History
Brief History 1963 1970s 1980s 1990s 2000s 2010s Establishment Turkey’s first Production of Military Merge with the Production of City Production of interciy bus 4x4 tactical armoured İstanbul Fruehauf Buses buses under the The first Turkish vehicle under vehicles by own A.S. Multi
Slide 6: Partnership Structure
Partnership Structure Ünver %45 Holding %25 LISTED %30 No foreign partner, independent and has the technology. ABOUT US
Slide 7: Production Plant
Production Plant 552,000 m2 plant, employee about 2500 Capacity of Certificates 4200 Land Vehicle ISO 9001 Quality Standard 900 Tactical Armoured Vehicle ISO 14001 Environment Standard 4600 Autobus + Minibus AQAP 2110 Military Quality Assurance Certificate 1400 Trailer ve Semi-trailer Facility Secur
Slide 8: Employee Profile
Employee Profile 2317 Employee White- Blue- collar Collar 632 1685 632 White-Collar Personnel 568 R&D Centre Personnel Engineer: 217 Tank: Other: 251 317 Other: 415 ABOUT US
Slide 9: Number of Employee
Number of Employee 2500 2000 1500 1000 500 0 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 1H ABOUT US
Slide 10: Product Range
Product Range Commercial Vehicles Defense Industry Public Transport Logistic Vehicles Light Truck Models Models Models Models FRUEHAUF / OTOKAR OTOKAR ATLAS LAND ROVER DEFENDER / ARMOURED KENT / DORUK / PERSONAL CARRIER / URAL / COBRA / SULTAN / M-2010 / COBRA II / KAYA / KAYA II / KALE / CENTRO / N
Slide 11: Public Transport Vehicles
Public Transport Vehicles Otokar, Turkey’s the most preferred bus brand for the fourth time! About 30 thousand buses, carrying millions of passengers in nearly 40 countries! ABOUT US
Slide 12: Otokar Buses
Otokar Buses M-2010 A wide product range from intercity SULTAN / NAVIGO transport to personnel and tourism transport DORUK / VECTIO Special Products TERRITO Researches for Alternative fuels KENT ABOUT US
Slide 13: M-2010 / CENTRO
M-2010 / CENTRO Suitable minibuses for disabled people in transportation ABOUT US
Slide 14: TEMPO
TEMPO The small bus with low operating and investment costs designed for service and personnel transport ABOUT US
Slide 15: SULTAN / NAVIGO
SULTAN / NAVIGO • Turkey’s best-selling small bus • Different models for intercity transport, service and tourism transport ABOUT US
Slide 16: DORUK / VECTIO
DORUK / VECTIO • Turkey’s market leader in medium-sized buses • “Grand Award” prize in Europe • Different models for intercity transport, service and tourism transport ABOUT US
Slide 17: KENT
KENT • Turkey’s most preferred 12 m. intercity bus • 2 Design Award in Europe and Turkey ABOUT US
Slide 18: TERRITO
TERRITO The 12-meter bus developed for the European market ABOUT US
Slide 19: Alternative Fueled Buses
Alternative Fueled Buses 2007 2009 2011 2012 DORUK Hibra DORUK DG KENT DG DORUK ELECTRA Turkey’s first Turkey’s first natural 12 m CNG bus Turkey’s first electric hybrid bus gas powered mid-sized bus bus ABOUT US
Slide 20: Logistic Vehicles
Logistic Vehicles About 25 thousands of semi-trailer that provides transportation service in the roads of the world! ABOUT US
Slide 21: Trailer
Trailer Curtainsider Trailers Van Type Trailer Tanker Trailer İnternal Logistic Tools -TIRLINER -ICELINER -ADR CERTIFICATED -CONTAINER CARRIER -EUROSLIDER -TEXTILE CARRIER TANKER -PLATFORM TRAILER -SPEEDSLIDER -TRAILER AND -ROLL CARRIER -MEGALINER TRUCK-TOP APPLICATIONS -TIPPER CHASIS -ECOTIR -ECOLI
Slide 22: Curtainsider Trailer
Curtainsider Trailer Customer-oriented solutions in the transportation of dry load ABOUT US
Slide 23: Van Type Trailer
Van Type Trailer For 12 years, most commonly preferred refrigerated trailer in Turkey for transport of perishable goods in hygienic and safe condition ABOUT US
Slide 24: Tanker
Tanker • Turkey’s first ADR certificated trailer • Wide product range and proficiency ABOUT US
Slide 25: Light Truck
Light Truck Otokar Cis ABOUT US
Slide 26: ATLAS
ATLAS A light truck, with high payload capacity and low operating cost ABOUT US
Slide 27: Defence Industry
Defence Industry More than 28.000 military vehicle serving in 4 continents and in nearly 30 countries ABOUT US
Slide 28: Land Systems
Land Systems Tactical Wheeled Vehicles Tracked Vehicles Turret Systems TWV TWAV TAV MBT 4x4 6x6 8x8 Land Rover APC ARMA 6X6 ARMA 8X8 TULPAR ALTAY MIZRAK UKKS Defender URAL KESKİN UKKS COBRA OPEN TURRETS COBRA II INTERNAL SECURITY TURRET KAYA WEAPON STATIONS (MİLAN KAYA II TOW) KALE UCOK ISV BOZOK BA
Slide 29: APC (Armoured Personnel Carrier)
APC (Armoured Personnel Carrier) Actively in use in 12 countries including Turkey ABOUT US
Slide 30: AKREP
AKREP Otokar’s armoured tactical wheeled vehicle which is successful on Internal Security Operations, low silhouetted and quick The optimal solution on issues such as strategic areas and border control, convoy protection and patrol ABOUT US
Slide 31: COBRA
COBRA Armoured tactical vehicle which has worldwide competitiveness with its unique design, mobility, survivability and superior protection ABOUT US
Slide 32: COBRA II
COBRA II The new member of COBRA family the most well- known vehicle of Otokar... Large internal volume, high protection. ABOUT US
Slide 33: URAL
URAL Otokar’s new armoured tactical wheeled vehicle that is suitable for safety and internal security usage. ABOUT US
Slide 34: KAYA Mine Resistant Vehicle
KAYA Mine Resistant Vehicle The mine resistant vehicle which provides maximum mine and ballistic protection in all types of terrain, offers great mobility ABOUT US
Slide 35: KAYA II Personnel Carrier
KAYA II Personnel Carrier The mine resistant personnel carrier vehicle that consists of single cabin with its monocoque body ABOUT US
Slide 36: KALE Mine Resistant Vehicle
KALE Mine Resistant Vehicle Mine resistant personnel carrier ABOUT US
Slide 37: ARMA
ARMA ARMA is new generation modular multi-wheel configuration armoured vehicle with high level of ballistic and mine protection ABOUT US
Slide 38: ARMA 6X6
ARMA 6X6 Arma 6x6, with its large internal volume, amphibious capability and low silhouette ABOUT US
Slide 39: ARMA 8x8
ARMA 8x8 Armoured combat vehicle ARMA 8x8, provides high protection and large internal volume ABOUT US
Slide 40: TULPAR
TULPAR A new generation tracked armoured vehicle which ends Turkey’s dependence on foreign sources and its all intellectual property rights belong to OTOKAR ABOUT US
Slide 41: Internal Security Vehicle
INTERNAL SECURITY VEHICLE The armoured tactical vehicle specifically designed and developed with the aim of internal security in cities and living areas. ABOUT US
Slide 42: Land Rover Defender
Land Rover Defender A worldwide brand in tactical vehicles. ABOUT US
Slide 43: Otokar Turret Systems
Otokar Turret Systems • Since 1989, Otokar has been working on turret systems to meet the needs and demands of current and potential users in land systems with trained manpower and R&D investments. • Otokar has nearly 25 years of experience and expertise on the subjects of original design and integr
Slide 44: ALTAY Project
ALTAY Project Otokar is the PRIME CONTRACTOR of Turkish Main Battle Tank Project ALTAY. ABOUT US
Slide 45: ALTAY Project
ALTAY Project The project continues in accordance with the planned timetable. ABOUT US
Slide 46: R&D
R&D Otokar’s R&D, establishment dates back to 1970’s, today, designing and manufacturing Turkey’s vehicle. Otokar’s R&D works for products whose intellectual rights belong to itself, with the vision of having and dominating the technology. ABOUT US
Slide 47: R&D Capabilities
R&D Capabilities CAD programs for product developments The Prototype workshops and softwares Computer-aided analysis and simulation softwares Test-purpose setup and software ABOUT US
Slide 48: Otokar Test Centres
Otokar Test Centres Dinomometrel Air-conditioned Test Centre; Turkey’s first and only, one of the few facilities in Europe Turkey’s the highest capacity hydraulic road simulator Turkey’s the biggest and the world’s most modern Electromagnetic Compatibility Testing Centre ABOUT US
Slide 49: Otokar Test Centres
Otokar Test Centres One of the world’s most advanced and modern ballistic laboratories and mine testing equipments ABOUT US
Slide 50: Balance Sheet
Balance Sheet 30.06.2014 Total Assets (TRY) Total Liabilities&Shareholders Equity (TRY) Current Assets 806.975.680 S.T. Liabilities 714.829.557 Fixed Assets 562.278.696 L.T. Liabilities 436.074.037 Shareholders Equity 218.350.782 Total 1.369.254.376 Total 1.369.254.376 FINANCIAL INDICATORS
Slide 51: Income Statement
Income Statement TRY thousands (IFRS) 30.Jun.2014 30.Jun.2013 Net Sales 641.430 709.055 Cost of Sales (481.828) (551.119) Gross Profit 159.602 157.936 Operating Costs (83.310) (79.513) Operating Profit 76.292 78.423 Finacial Expenses (21.252) (17.400) Profit Before Taxes 55.040 61.023 Taxes (8.591)
Slide 52: Net Profit
Net Profit Million TRY Net Profit 120 100 80 60 40 20 0 2005 2006 2007 2008 2009 2010 2011 2012 2013 2013 2014 1H 1H FINANCIAL INDICATORS
Slide 53: Cash Flow Statement
Cash Flow Statement TRY thousand (IFRS) 31.Mar.2014 31.Mar.2013 Cash and Cash Equivalants at the begining of the period 8.884 47.906 Net cash provided by operating activities 92.152 83.397 Net cash used in investing activities (24.086) (31.171) Pre-financing cash flow 68.066 52.226 Net cash used in
Slide 54: Working Capital
Working Capital TRY thousands 30.Jun.2014 31.Dec.2013 Current Assets 806.975 797.943 S. T. Liabilities 714.829 687.045 Working Capital 92.146 110.898 FINANCIAL INDICATORS
Slide 55: Net Financial Debts
Net Financial Debts TRY TRY 30.Jun.2014 30.Jun.2013 30.Jun.2014 30.Jun.2013 thousand thousand Cash and S.T. Bank Loans 7.536 133.477 172.368 140.963 Equivalents Trading Securities L.T. Bank Loans 0 0 348.568 332.047 Other Total Financial 0 0 520.936 473.010 Debts Total Financial 7.536 133.477 Assets
Slide 56: Financial Ratios And Margins
Financial Ratios And Margins Financial Ratios Jun.2014 Jun.2013 Margins Jun.2014 Jun.2013 Current Ratio 1,13 1,13 Gross 25 % 22 % Margins Liquidity Ratio 0,66 0,76 Operating Return On Equity 21 % 22 % 12 % 11 % Margin Return on Assets 3,4 % 4% EBITDA 15 % 14 % Cur.Assets/Tot.Assets 59 % 64 % Margin
Slide 57: Margins
Margins Margins 35.0% 30.0% 25.0% 25.0% 22.0% 20.0% Gross Margin Operating Margin EBITDA Margin 15.0% 14.0% 15.0% Net Margin 11.0% 12.0% 10.0% 8.0% 7.0% 5.0% 0.0% 2005 2006 2007 2008 2009 2010 2011 2012 2013 2013 1H 2014 1H FINANCIAL INDICATORS
Slide 58: Production Units
Production Units 6 000 5 000 4 000 3 000 2 000 1 000 0 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 1H FINANCIAL INDICATORS
Slide 59: Revenue Distribution
Revenue Distribution COMMERCIAL TRY 273,4 Mio - 50% DOMESTIC TRY 549,6 Mio DEFENCE TRY 139 Mio - 26% 2014 1H 86% OTHER TRY 137,2 Mio - 24% TRY 641,4 Mio COMMERCIAL TRY 37,4 Mio – 40,8% EXPORT TRY 91,8 Mio DEFENCE TRY 47,6 Mio – 52% 14% OTHER TRY 6,8 Mio – 7,2% COMMERCIAL TRY 397,2 Mio
Slide 60: Backlog
Backlog TOTAL BACKLOG TRY 110,4 Mio + USD 1,9 Mio DOMESTIC EXPORT COMMERCIAL DEFENCE INDUSTRY COMMERCIAL DEFENCE INDUSTRY TRY 110,4 Mio USD 1,9 Mio FINANCIAL INDICATORS
Slide 61: Capital Expenditures
Capital Expenditures Yatırım Harcamaları 30 000 25 000 TRY Thousands 20 000 15 000 10 000 5 000 0 2009 2010 2011 2012 2013 2014 1Y FINANCIAL INDICATORS
Slide 62: Stock Performance
0% 1000% 1200% 200% 400% 600% 800% 30.06.09 30.09.09 31.12.09 31.03.10 30.06.10 30.09.10 31.12.10 31.03.11 0% 5% -35% -30% -25% -20% -15% -10% -5% 10% 30.06.11 30.09.11 30.06.13 31.12.11 31.03.12 Stock Performance 30.06.12 30.09.12 30.09.13 31.12.12 31.03.13 30.06.13 30.09.13 31.12.13 31.03.14 31.12
Slide 63: Dividend
Dividend TRY thousand 100 000 9% 8% 91 000 8% 8% 7% 78 000 7% 65 000 5% 64 000 6% 5% 52 000 48 000 4% 4% 3% 39 000 3% 26 000 20 400 2% 15 000 13 000 7 200 1% 0 0% 2008 2009 2010 2011 2012 2013 Dividend Dividend Yield FINANCIAL INDICATORS
Slide 64: Market Capitalisation
0 250 500 750 1 000 1 250 1 500 1 750 2 000 2 250 TRY million June-08 Septemb… Decemb… March-09 June-09 Septemb… Decemb… March-10 June-10 Market Capitalisation Septemb… Decemb… March-11 June-11 Septemb… Decemb… March-12 Mcap --> TRY 1.397 mio June-12 Septemb… Decemb… March-13 June-13 Septemb… Decemb
Slide 65: Sustainable Growth
Sustainable Growth Million TRY Revenue 1600 1400 1200 1000 800 600 400 200 0 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 LONG-TERM OBJECTIVES
Slide 66: Growth With Products Which License Rights Belong to OTOKAR
Growth With Products Which License Rights Belong to OTOKAR %88 The share of Otokar designed vehicle sales in turnover. 81 Number of owned patents and industrial designs LONG-TERM OBJECTIVES
Slide 67: Otokar Europe
Otokar Europe Otokar Europe was established in 2011 in France, in order to support bus sales in Europe. LONG-TERM OBJECTIVES
Slide 68: Growth in Export Markets
Growth in Export Markets • Otokar branded vehicles in nearly 60 countries, on 5 continents • Sales and service network spread over more than 200 destinations LONG-TERM OBJECTIVES
Slide 69: Growth in Export Markets
Growth in Export Markets Millon USD 160 140 120 100 80 60 40 20 0 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 LONG-TERM OBJECTIVES
Slide 70: Shareholders Value Creation
Shareholders Value Creation • Continuously increase revenue to ensure high and sustainably dividend yield • In the framework of our corporate governance and professional management principles, we aim to move further up our company's market value LONG-TERM OBJECTIVES
Slide 71: Otokar Investor Relations
Otokar Investor Relations Doğan Seçkinler Please visit www.otokar.com.tr Finance & IR Manager +90 264 229 22 44 – 6300 dseckinler@otokar.com.tr Öktem Söylemez IR Officer +90 264 229 22 44 – 6316 osoylemez@otokar.com.tr Disclaimer: This presentation contains forward-looking statements that reflec
Otokar Otomotiv ve Savunma Sanayi A.S. — H1 2014 Earnings Presentation on 6ix