Turkiye Sise ve Cam Fabrikalari A.S. · BIST:SISE
Turkiye Sise ve Cam Fabrikalari A.S — Şişecam — Q4 2021 Earnings Presentation
18 slides from Turkiye Sise ve Cam Fabrikalari A.S's earnings presentation, Feb 8, 2022
Slide 1: Earnings Release: Q4 2021 results and CEO commentary
EARNINGS RELEASE February 8, 2021 Şişecam (BIST-100: SISE) reported financial results for the fourth quarter ended December 31, 2021 M. Görkem Elverici, CEO of Şişecam, commented: “In the last quarter of 2021, our world has continued to face negative impacts of supply chain disruptions and economic
Slide 2: CEO commentary (continued)
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Slide 3: Consolidated Summary Financial Results for Q4'21 & 2021
Consolidated Summary Financial Results for Q4’21 & 2021 Summary Financials (TRY mn) 2020 2021 YoY Q4'20 Q3'21 Q4'21 QoQ YoY Revenue 21.341 32.058 50% 6.708 8.236 11.045 34% 65% Gross Profit 6.661 11.180 68% 2.191 2.880 3.748 30% 71% Gross Margin 31% 35% 366 bps 33% 35% 34% -103 bps 127 bps EBIT 4.33
Slide 4: Financial Highlights (Q4'21 vs Q4'20)
Financial Highlights (Q4’21 vs Q4’20)1 Revenue came in at TRY 11Bn, up by 65% YoY (EUR 866Mn, up by 21% YoY in EUR terms) Gross profit was at TRY 3.7Bn, up by 71% YoY with a margin of 34% Adjusted EBITDA came in at TRY 2.9Bn, up by 83% (EUR 266Mn, up by 32% YoY in EUR terms) with 26% margin
Slide 5: Segmental Analysis (cont'd)
Segmental Analysis (cont’d) Q4'21 Segmental Breakdown of Adjusted EBITDA (TRY Mn) Q4'20 2020 Q1'21 Q2'21 Q3'21 Q4'21 2021 QoQ YoY Architectural Glass 466 1.001 566 701 671 1.434 3.372 114% 207% Auto Glass 98 145 59 90 16 -62 103 -482% -164% Glassware 230 551 229 289 174 523 1.215 200% 127% Glass pac
Slide 6: Operational Highlights (Q4'21 vs Q4'20)
Operational Highlights (Q4’21 vs Q4’20) Flat Glass: Architectural Glass & Auto Glass o Total flat glass production at 760K tons, up by 16% YoY o 97% capacity utilization rate (actual output/effective capacity) o Architectural Glass Division: up by 5% YoY in sales volume o Auto Glass Business Line:
Slide 7: Architectural Glass: 29% share in Revenue, 46% share in EBITDA
Architectural Glass2: 29% share in Revenue | 46% share in EBITDA | “Largest Topline Contributor&EBITDA Margin Generator in Q4’21” Architectural Glass sustained its robust performance in the last quarter of 2021 thanks to strong demand dynamics across all geographies where the products were manufactu
Slide 8: Glass Packaging: 22% share in Revenue, 21% share in EBITDA
Glass Packaging: 22% share in Revenue | 21% share in EBITDA | “Second Largest Contribution to Topline Growth in Q4’21” With a quarterly average CUR of 95%, consolidated Glass Packaging production volume was up by 5% YoY (+3% in Turkey and +8% in Russia&Georgia). Combined production of Russia and Geo
Slide 9: Glassware: 16% share in Revenue, 17% share in EBITDA
Glassware: 16% share in Revenue | 17% share in EBITDA | | “Second Largest Contribution to EBITDA Growth in Q4’21” Glassware segment outperformed the previous year in the last quarter of 2021. At full CUR, consolidated glassware output of all facilities located in four countries, namely, Turkey, Bulg
Slide 10: FX gain, tax, interest and cash flow analysis
TRY 3.3Bn FX gain was recorded on Eurobond investments, trade receivables & payables and financing activities vs. TRY 455Mn FX loss in Q4’20 TRY 111mn was recorded as deferred tax expense in Q4’21 versus TRY 171Mn in Q4’20 given higher use of deferred tax asset following the merger. Tax expense
Slide 11: Debt and FX Position
80% of bank loans was in hard currencies (36% EUR, 44% USD) 3 In total TRY 387Mn coupon payment was made in March and in September 2021 on USD 700Mn-Şişecam 2026 Eurobonds TRY 196Mn financial lease was recorded under financial liabilities Long-term liabilities corresponded to 62% of gross de
Slide 12: One-Off Impacts excluded from Financials
o Q2’21: +TRY 219 Mn: TRY 206 Mn: Revaluation gain on fixed income instruments incl. IFRS 9 impact TRY 13 Mn: Sale of Pasabahce store (Istanbul) o Q1’21: +TRY 513 Mn: TRY 502 Mn: Revaluation gain on fixed income instruments incl. IFRS 9 impact TRY 11 Mn: Sale of CO2 emission allowances 2020: +TRY
Slide 13: Operational Developments during and after Q4'21
o Q3’21: +TRY 5 Mn: TRY 5 Mn: Sale of Pasabahce store (Ankara) o Q2’21: +TRY 11 Mn: TRY 11 Mn: Sale of Pasabahce store o Q1’21: +TRY 8 Mn: TRY 8 Mn: Sale CO2 emission allowances 2020: +TRY 126 Mn o Q4’20: +TRY 117 Mn: TRY 117 Mn: Losses on revaluation of properties o Q1’20: +TRY 9 Mn: TRY 9 Mn: Sa
Slide 14: Important Events during and after Q4'21
1. Cold repair process of one of the two furnaces located in Bulgaria facility has been started on 19/01/2022. Based on the initial schedule, the furnace will be inactive for 6 to 8 weeks Important Events during and after Q4’21 In light of the positive trend in glass packaging demand in Turkey and
Slide 15: Important Events: İşbank share purchase authorization and board changes
Upon the resolution taken by the BoD of İşbank on 30/12/2021, İşbank Head Office had been authorized to purchase shares of its listed subsidiaries namely; Türkiye Şişe ve Cam Fabrikaları A.Ş., Türkiye Sınai Kalkınma Bankası A.Ş., Anadolu Hayat Emeklilik A.Ş., İş Finansal Kiralama A.Ş., İş Gayrimen
Slide 16: Appendix: Sub-Segmental Breakdown of Revenue
Appendix Sub-Segmental Breakdown of Revenue Q4'20 2020 Q1'21 Q2'21 Q3'21 Q4'21 2021 Architectural 25% 23% 29% 28% 28% 29% 29% Auto Glass & Encapsulation 13% 11% 13% 11% 8% 9% 10% Glassware 16% 15% 14% 15% 16% 16% 15% Glass Packaging 22% 26% 21% 25% 24% 22% 23% Chemicals 18% 20% 20% 18% 17% 18% 18% S
Slide 17: Regional Breakdown of Adjusted EBITDA
Regional Breakdown of Adjusted EBITDA Q4'20 2020 Q1'21 Q2'21 Q3'21 Q4'21 2021 Turkey 2.269 5.763 1.201 1.340 1.292 2.908 6.742 Foreign Operations 620 1.530 432 861 707 637 2.637 Russia, Ukraine and Georgia 321 853 166 295 385 398 1.243 Europe 234 646 236 515 268 210 1.228 Other 65 31 30 52 54 30 166
Slide 18: Disclaimer
Disclaimer “Certain information set forth in this document contains “forward-looking information” relating to the Company that are based on the beliefs of the Company’s management as well as assumptions made by and information currently available to the Company’s management. These forward-looking st