Koc Holding A.s. · BIST:KCHOL
Koc Holding A.s — FY2013 Earnings Presentation
26 slides from Koc Holding A.s's earnings presentation, Feb 24, 2014
Slide 1: Koç Holding FY13 Earnings Presentation
Koç Holding FY13 Earnings Presentation 24 February 2014
Slide 2: Operating Environment
2013 Operating Environment www.koc.com.tr 2
Slide 3: Political turmoil combined with adverse global market conditions left Turkish financial markets under stress
1.80 2.00 2.20 2.40 2.60 2.80 3.00 3.20 4 5 7 8 9 10 11 12 6 04.01.10 04.01.10 15.03.10 08.04.10 24.05.10 02.08.10 11.07.10 11.10.10 13.10.10 20.12.10 15.01.11 28.02.11 09.05.11 19.04.11 18.07.11 22.07.11 26.09.11 24.10.11 Euro 05.12.11 Policy Rate (Weekly Repo) 13.02.12 26.01.12 23.04.12 29.04.12 0
Slide 4: Economic activity in the last quarter of 2013 has been better than anticipated
Economic activity in the last quarter of 2013 has been better than anticipated; soft data indicate weakness in the upcoming period GDP Growth (Quarterly, %) Industrial Production 20 32.0 10.0 115 30.0 15 5.0 28.0 26.0 10 Billion TL 0.0 105 % 24.0 -5.0 22.0 5 20.0 95 -10.0 0 18.0 -15.0 16.0 -5 85 1-2
Slide 5: Widening trade deficit on the back of gold imports deteriorated the current account deficit
Widening trade deficit on the back of gold imports have led to a deterioration in the current account deficit in 2013 December 2013 Last 12 Months $ Billion Annual Chg. $ Billion Annual Chg. Exports 13.2 4.9% 151.9 -0.4% Imports 23.1 16.7% 251.7 6.4% Trade Balance -9.9 37.3% -99.8 18.7% Current Acco
Slide 6: Weakness in TL, tax hikes and dry winter force inflation higher
Weakness in TL, tax hikes and unusually dry winter force inflation higher with inflation expectations fast deteriorating 16 Annual Inflation (%) 14 12 10 8 6 4 2 0 01.2010 03.2010 05.2010 07.2010 09.2010 11.2010 01.2011 03.2011 05.2011 07.2011 09.2011 11.2011 01.2012 03.2012 05.2012 07.2012 09.2012
Slide 7: Koç Group
2013 Koç Group www.koc.com.tr 7
Slide 8: Energy – Koç Group Companies
Energy – Koç Group Companies Tüpraş Product Yields & Capacity Utilization – % Tüpraş Net Margins vs Med Complex Margins – US$/Barrel 2012 2013 4.21 3.31 2.45 1.67 FY12 FY13 White Product : 70.3% 72.4% Tüpraş Net Margin Med Complex Gross Margin CUR : 81.6% 79.1% Aygaz Net Sales – TLmn Opet Station Nu
Slide 9: Automotive – Ford Otosan & Tofaş vs Sector
Automotive – Ford Otosan & Tofaş vs Sector Sales Units, Market * Sales Development, Market * – Units, Monthly Koç Market 17% 17% 54% 53% 16% 18% 27% 25% Share 160000 +12% 1000000 +9% 140000 900000 800000 +19% 120000 700000 +14% +4% +11% 100000 +17% +15% +11% -3% 600000 +5% 500000 80000 -4% 400000 -1
Slide 10: Consumer Durables – Arçelik vs Sector
Consumer Durables – Arçelik vs Sector Sales Units, Market * Sales Development, Market * – Units, Monthly +6% 8000000 800000 7000000 +21% +7% +8% 6000000 700000 -6% +5% +10% +13% +3% 5000000 600000 +10% +2% +12% -1% 4000000 500000 +7% 3000000 -4% 400000 2000000 +4% 300000 1000000 200000 0 Washing Ref
Slide 11: Finance – Yapı Kredi Bank
Finance – Yapı Kredi Bank Yapı Kredi Bank Sector 16.3% 16.0% 17.3% Sustainable annual evolution vs 14.6% Solid significant decrease in the sector CAR (YKB -32bps vs -266bps sector) Highest level among peers 2012 2013 2012 2013 Yapı Kredi Bank Sector 111% 110% 110% Effective 103% Loans / Deposi
Slide 12: Financial Results
2013 Financial Results www.koc.com.tr 12
Slide 13: Group’s Overall Financial Performance
Group’s Overall Financial Performance Consumer FY13 Change Over TL million Energy Automotive Finance Other Durables Total FY12 Total Combined Revenues * 65,458 25,115 11,806 13,834 7,265 123,478 6% Combined Gross Profit 2,962 3,044 3,492 7,555 1,295 18,348 9% Combined Operating Profit 454 1,706 1,15
Slide 14: Combined Revenues
Combined Revenues Combined Revenues – TLmn Segmental Combined Revenues Breakdown – % +6% 116,588 123,478 Automotive Energy 20% 53% Durables 10% FY12 FY13 Finance Other 11% 6% Segment Contribution to Combined Revenues – TLmn +4% 63,226 65,458 +13% +5% +7% +4% 22,173 25,115 11,195 11,806 12,986 13,834
Slide 15: Combined Operating Profit
Combined Operating Profit Combined Operating Profit – TLmn Segmental Combined Operating Profit Breakdown – % -4% 7,030 Automotive 6,761 25% Durables 7,070 +1% 17% Excl. Energy one-off 7% items Other 2% FY12 FY13 Finance 49% Segment Contribution to Combined Operating Profit – TLmn +17% 3,314 2,825 -7
Slide 16: Combined Net Income
Combined Net Income Combined Net Income – TLmn Segmental Combined Net Income Breakdown – % +20% 7,481 Automotive 6,254 20% Durables +5% 6,536 8% Excl. Energy one-off 16% items Other 2% FY12 FY13 Finance 53% Segment Contribution to Combined Net Income – TLmn +68% 3,971 +15% -31% 2,717** 2,357 -14% -1
Slide 17: Consolidated Net Income
Consolidated Net Income Consolidated Net Income – TLmn Segmental Consolidated Net Income Breakdown – % +15% 2,680 Automotive 23% 2,324 Durables +3% 9% 2,399 Energy Excl. 15% one-off items Other 4% FY12 FY13 Finance 49% Segment Contribution to Consolidated Net Income – TLmn +68% 1,317 +15% -41% -0.2%
Slide 18: Combined Exports & International Sales
Combined Exports & International Sales Combined Exports – US$mn Combined International Sales – US$mn 15,948 -2% 18,568 18,593 15,655 FY12 FY13 FY12 FY13 www.koc.com.tr 18
Slide 19: Combined Investments
Combined Investments Combined Investments – TLmn Segmental Investments Breakdown – % +36% 6,431 4,717 Automotive 36% Energy 50% Durables Other Finance 8% FY12 FY13 2% 4% www.koc.com.tr 19
Slide 20: Koç Holding Net Cash Position
Koç Holding Net Cash Position Koç Holding Stand-Alone 31.12.2013 Net Cash Position Total Debt: ~US$ 0.75 bn Total Cash: ~US$ 1.54 bn Net Cash: ~US$ 794mn Consolidated Net Debt / Cash Excl. Finance 9M13 FY13 ~US$ -3.3bn ~US$ -3.1bn www.koc.com.tr 20
Slide 21: FX Position
FX Position Koç Holding Stand-Alone FX Position 9M13 FY13 US$ + 226mn US$ +187mn Koç Holding Consolidated FX Position FX Position Weighted by Effective Ownership 9M13 FY13 9M13 FY13 US$ - 3.4bn US$ -3.5bn* US$ - 1.4bn US$ -1.6bn * The natural hedging mechanisms due to FX linked pricing of Tüpraş & A
Slide 22: Consolidated Main Financial Indicators
Consolidated Main Financial Indicators € Mn* US$ Mn* TL Mn TL Mn Change Change 2013 2013 2013 2012 %, TL %, US$ Revenues 26,207 34,809 66,182 65,666 p 1 q -5 Gross Profit 2,774 3,685 7,006 6,589 p 6 p 0.2 Operating Profit 1,476 1,960 3,727 3,811 q -2 q -8 Profit Before Tax 1,210 1,607 3,055 3,778 q
Slide 23: Q&A
Q&A www.koc.com.tr 23
Slide 24: 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
Slide 25: Shareholder Structures as of December 2013
Shareholder Structures as of December 2013 Koç Holding Koç Family: 68.51% Free Float: 22.35% Vehbi Koç Foundation: 7.15% Koç Pension Fund: 1.99% Consumer Energy Automotive Finance Other Durables Ford Otosan Arçelik Tat Gıda Tüpraş KH share: 38.46% Koç Financial Services SPV share: 51.00% KH share: 4
Slide 26: For Further Questions, Please Contact
For Further Questions, Please Contact : investorrelations@koc.com.tr www.koc.com.tr Funda Güngör Akpınar, Coordinator Investor Relations fundag@koc.com.tr +90 216 531 0535 Gizem Bodur, Manager Investor Relations gizemb@koc.com.tr +90 216 531 0533 Neslihan Aycıl, Manager Investor Relations neslihana@