Koc Holding A.s. · BIST:KCHOL
Koc Holding A.s — H1 2021 Earnings Presentation
25 slides from Koc Holding A.s's earnings presentation, Aug 12, 2021
Slide 1: Koç Holding 1H21 Earnings Presentation
KOÇ HOLDING 1H21 EARNINGS PRESENTATION 12 AUGUST 2021 1H21 Earnings Presentation
Slide 2: Agenda
Agenda Koç Holding Key Indicators Highlights on Main Sectors Unlisted Companies Historical NAV 2 1H21 Earnings Presentation
Slide 3: Agenda
Agenda Koç Holding Key Indicators Highlights on Main Sectors Unlisted Companies Historical NAV 3 1H21 Earnings Presentation
Slide 4: Focus on Sustainability and Resilience
Focus on Sustainability and Resilience Sectoral & Geographical Diversification Net Asset Value Breakdown by Sector1 International Revenues / Total Combined Revenues Auto (PC & CV Manufacturing) 50% 38% 31% including FX linked 30% revenues of Tüpraş Auto (Other) Finance 14% 11% Refining Cash inc. 11%
Slide 5: Focus on Sustainability and Resilience: Strong Liquidity Maintained
Focus on Sustainability and Resilience Strong Liquidity Maintained Net Cash Bridge TL Million USD 648mn = USD 375mn 5,398 1 = USD 455mn Net cash including + 86 + 254 Net cash including YKB AT1 as of 2020YE - 1,770 USD 466mn 3,882 1 + 81 3,963 1 YKB AT1 + 2,558 + USD 1.9bn 2,754 1 + USD 2.0bn Gross c
Slide 6: Key Metrics
Key Metrics Fundamentals Remain Intact on the Back of Prudent Management Strong Cash Position Solid Liquidity Flat FX Position USD 455mn 1.3x USD 65mn Solo Net Cash Current Ratio Solo on Combined Basis2 FX Long Position + USD 1.8bn Gross cash USD 314mn Consolidated Long FX position TL Hard Currency
Slide 7: Agenda
Agenda Koç Holding Key Indicators Highlights on Main Sectors Unlisted Companies Historical NAV 7 1H21 Earnings Presentation
Slide 8: Energy
Energy Higher Utilization Combined with Inventory Gains Delivered a Positive Bottom-Line Domestic Market Sales Volume Crack Margins 1H21 Highlights Million Tonnes USD/bbl, Monthly Diesel Jet Fuel Gasoline 5M21 y/y 10.8 Inventory gains with increase in crude oil prices Growth +10% +3% +14% -0.4% 6.4
Slide 9: Automotive
Automotive Ongoing Strength in Demand and Sequential Recovery in Export Markets Sales Volume Monthly Growth Trend 1H21 Highlights Thousand Units y/y Koç Total Turkey Exports Strong domestic market growth Ma rket Share 17% 56% 20% 25% 41% Passenger Cars (Turkey) Light Commercial (Turkey) Improvement
Slide 10: Consumer Durables
Consumer Durables Stellar Domestic Performance and Improvement in Export Markets Sales Volumes Across Markets Monthly Growth Trend 1H21 Highlights Million Units y/y " Koç Ma rket Share 20% 68% 26% 30% 41% Robust domestic and international revenues 1H21 y/y +27% +12% +19% +36% +47% Turkey Exports Cur
Slide 11: Finance
Finance Lower Cost of Risk and Strong Fee Income Offset Decline in Core NII TL Lending Growth Sector’s Loans & Deposits 1H21 Highlights 13 Weeks Annualized TL, USD Billion 120% Small ticket loan growth and increased share of demand deposits 100% Lower CoR on the back of limited NPL inflows, strong c
Slide 12: Group's 1H21 Financial Performance
Group’s 1H21 Financial Performance Strong y/y Performance at all Segments Financial Performance TL Million Consumer Energy Automotive Finance Other TOTAL Durables Combined Revenues 1 82,077 57,579 31,856 29,611 10,263 211,386 Change (y/y) 70% 86% 75% 40% 35% 68% Segment Share in Total 39% 27% 15% 14
Slide 13: Agenda
Agenda Koç Holding Key Indicators Highlights on Main Sectors Unlisted Companies Historical NAV 13 1H21 Earnings Presentation
Slide 14: Value within Unlisted Companies
Value within Unlisted Companies Eye-catching Performance of Unlisted Companies Unlisted Financials TL Million Revenues EBITDA1 Book Value (SHE) 1H21 y/y 1H21 y/y 1H21 y/y Electricity generation - total installed capacity 436 MW2 Arçelik LG Klima 1,302 74% 114 41% 522 31% • 8 hydroelectric power plan
Slide 15: Agenda
Agenda Koç Holding Key Indicators Highlights on Main Sectors Unlisted Companies Historical NAV 15 1H21 Earnings Presentation
Slide 16: Historical NAV Discount
Historical NAV Discount Unwarranted NAV Discount Given Strong Fundamentals, Initiation of Buyback Program Relative Share Performance of Koç Holding vs. Koç Group1 Effective Ownership Adjusted Mcap Changes of the Listed Portfolio Companies Rebased at 2020YE USD Million 50% 8,277 40% - 441 + 24 - 21 +
Slide 17: Q&A
Q&A 1H21 Earnings Presentation
Slide 18: Appendix - Consolidated Key Financial Figures
Appendix - Consolidated Key Financial Figures Consolidated Main Financial Indicators Consolidated Net Income TL Million TL Million 1H20 1H21 y/y + 70 Revenues 73,967 131,960 78% + 475 + 708 Gross Profit 17,141 29,113 70% + 1,524 Operating Profit 4,593 13,355 191% + 1,483 5,311 Profit Before Tax 4,83
Slide 19: Appendix - Unlisted Companies
Appendix - Unlisted Companies Unlisted Summary Financials TL Million Koç Holding Revenues Operating Profit1 EBITDA Book Value (SHE) Direct Share 1H20 1H21 1H20 1H21 1H20 1H21 1H20 1H21 Arçelik LG Klima 5.00% 749 1,302 71 103 81 114 398 522 Bilkom 69.94% 1,688 2,598 61 79 63 81 211 219 Düzey 31.23% 1
Slide 20: Appendix - Focus on Sustainability and Resilience
Appendix - Focus on Sustainability and Resilience Business Model Ensures Sustainability of Dividend Income Dividend Income Dividend Payout2 TL Million TL Million 2,812 2019 2020 Aug'21 1 y/y 2,548 Tüpraş (via EYAŞ) 1,489 - - n.m. Adjusted Dividend Payout3 Dividend Ford Otosan 494 421 871 107% 18% 12
Slide 21: Appendix - Production Suspensions at Listed Koç Group Companies
Appendix - Production Suspensions at Listed Koç Group Companies 2020 2021 Company Duration Reason Company Duration Reason Disruptions in trade and Eskişehir plant: between 23 March to 27 April Kocaeli plants: between 3 April to 9 April Ford Otosan problems in the supply Global disruption in Kocaeli
Slide 22: Appendix - 2021 Expectations of the Listed Group Companies
Appendix - 2021 Expectations of the Listed Group Companies Initial 2021E Revised 2021E Initial 2021E 1 st Revision 2 nd Revision Initial 2021E 1 st Revision 2 nd Revision TÜPRAŞ 2020A (Feb-21) (Aug-21) FORD OTOSAN 2020A ARÇELİK 2020A (Feb-21) (May-21) (Aug-21) (Feb-21) (May-21) (Aug-21) Sector Secto
Slide 23: Appendix - Shareholding Structures
Appendix - Shareholding Structures Koç Holding Koç Family: 64.3%1 Free Float: 26.5% Vehbi Koç Foundation: 7.3% Koç Pension Fund: 2% Consumer Energy Automotive Finance Other Durables Tüpraş Ford Otosan Arçelik Yapı Kredi Bank Tat Gıda EYAŞ: 51% KH: 39% KH: 41% KH: 9.02% KH: 44% Free float: 49% Ford M
Slide 24: Contact Koç Holding Investor Relations
Contact Koç Holding Investor Relations investorrelations@koc.com.tr www.koc.com.tr Nursel Ilgen, CFA, Coordinator Investor Relations nurseli@koc.com.tr +90 216 531 0414 Neslihan Aycıl, Manager Investor Relations neslihana@koc.com.tr +90 216 531 0516 Sinem Baykalöz, Manager Investor Relations sinemb@
Slide 25: Disclaimer
Disclaimer This presentation does contain forward-looking statements that reflect the Company management’s current views with respect to certain future events based on the base-case assumptions. Although it is believed that the expectations reflected in these statements are reasonable, they may be a