Cimsa Cimento Sanayi Ve Ticaret A.s. · BIST:CIMSA
Cimsa Cimento Sanayi Ve Ticaret A.s — Q2 2024 Earnings Presentation
19 slides from Cimsa Cimento Sanayi Ve Ticaret A.s's earnings presentation, Aug 16, 2024
Slide 1: Çimsa Earnings Presentation 2Q24
ÇİMSA EARNINGS PRESENTATION 2Q24 August 16, 2024
Slide 2: Disclaimer
Disclaimer The information and opinions contained in this document have been compiled by Çimsa Çimento Sanayi ve Ticaret A.Ş. (“CIMSA”) from sources believed to be reliable and in good faith, but no representation or warranty, expressed or implied, is made as to their accuracy, completeness or corre
Slide 3: 2Q24 Highlights
2Q24 HIGHLIGHTS
Slide 4: 2Q24 Snapshot: Margin Expansion Through Eased Costs & Improved Mix
2Ç24 SNAPSHOT: MARGIN EXPANSION THROUGH EASED COSTS & IMPROVED MIX ❖Türkiye cement consumption growth decelerated REVENUE (TRYmn) EBITDA (TRYmn) NET INCOME (TRYmn) in the second quarter while cement export from Türkiye has been weaker. 2Q24: 5,762 2Q24: 1,427 2Q24: 1,492 ❖Çimsa’s consolidated volume
Slide 5: Recent Updates
RECENT UPDATES
Slide 6: Çimsa First Cement Company in Türkiye to Utilise EBRD Financing
ÇİMSA; FIRST CEMENT COMPANY IN TÜRKİYE TO UTILISE EBRD FINANCING IMPORTANT MILESTONE REFLECTING ÇİMSA’S DEDICATION TO SUSTAINABILITY Total Funding: EUR 25 million Maturity: 5 years Use of proceeds: Solar Power Plant, Waste Heat Recovery (WHR) systems and other sustainability investments at Çimsa’s E
Slide 7: Grow Prestigiously!
GROW PRESTIGIOUSLY! • Ranked 2nd in its sector. • Overtook 44 places from last year. • Included in FTSE4Good Emerging • Overtook 55 places from last year. Markets Index for the first time!
Slide 8: Operational & Financial Performance
OPERATIONAL & FINANCAL PERFORMANCE
Slide 9: Growth Decelerates as Base Impact Disappears Gradually in Türkiye
GROWTH DECELERATES AS BASE IMPACT DISAPPEARS GRADUALLY IN TÜRKİYE EXPORTS FROM TÜRKİYE HAS BEEN WEAK TÜRKİYE CEMENT CONSUMPTION ÇİMSA SALES VOLUME y/y 34% 43% 16% 11% y/y 13% (6%) 2% 16.3 11.9 3,091 3,166 12.1 10.2 6.4 4.0 4.5 1,547 1,719 1,619 4.5 1,372 mt kt Türkiye Çimsa's Region Türkiye Çimsa's
Slide 10: Eased Energy & Fuel Costs and Solid Balance Sheet Management Supported Results
EASED ENERGY & FUEL COSTS AND SOLID BALANCE SHEET MANAGEMENT SUPPORTED RESULTS DESPITE INFLATIONARY ADJUSTMENTS REVENUE EBITDA NET INCOME y/y (21.8%) (8.3%) 4,000 24.8% 27.0% 4,000 25.9% 27.5% 3,500 20.7% 18.7% 20.0% 3,500 12,572 22.0% 22.5% 11,533 17.8% 16.7% 3,000 3,000 2,500 17.0% 2,500 14.7% 17.
Slide 11: Türkiye: Proactive Cost Optimization Were Key for Higher Margins
TÜRKİYE: PROACTIVE COST OPTIMIZATION WERE KEY FOR HIGHER MARGINS BENEFITING FROM DECLINED ENERGY & FUEL PRICES Over 20$ y/y decline on average in electricity prices in 2Q23. 183 Average: Average: 149 USD87 USD61 112 92 97 84 81 70 75 75 72 72 69 65 64 64 65 55 ENERGY Around 30$ y/y decline on averag
Slide 12: Spain: Higher Alternative Fuel Usage Was Supportive
SPAIN: HIGHER ALTERNATIVE FUEL USAGE WAS SUPPORTIVE Alternative Fuel Usage (%) - Spain 28.9% 27.0% 2Q23 2Q24 effective as of May, 2024 EUR4.2mn 11,000 100,000 Investment Solar Panels M2 area >3,000 t/year 18% 7.2MW CO₂ emissions of energy need Capacity reduction
Slide 13: Leverage Maintained at Healthy Levels
LEVERAGE MAINTAINED AT HEALTHY LEVELS Net Debt & Leverage NWC 8,0 00 1.5 0x 3,825 7,0 00 6,0 00 0.53x 1.01x 1.0 0x TRY MILLION 0.5 0x 5,0 00 4,311 4,0 00 0.0 0x NWC/Sales 3,0 00 2,0 00 2,410 -0.5 0x 13% -1.0 0x 1,0 00 TRYmn 0 -1.5 0x 2023* 6M24 vs 11%* as of 2023YE Net Debt Leverage Cash Currency Br
Slide 14: Thank You Q&A
THANK YOU Q&A
Slide 15: Appendix
APPENDIX
Slide 16: Profit & Loss Statement
PROFIT & LOSS STATEMENT TRY ('000) 2Q23 2Q24 6M23 6M24 Revenue 7,370,476 5,762,193 12,572,280 11,533,342 Cost of sales (5,698,234) (4,131,718) (10,016,258) (9,134,605) Gross Profit 1,672,242 1,630,475 2,556,022 2,398,737 General and administrative expense (413,083) (477,739) (853,416) (998,801) Mark
Slide 17: Balance Sheet
BALANCE SHEET TRY ('000) June-24 December-23 TRY ('000) June-24 December-23 Current Assets 13,406,591 15,075,597 Current Liabilities 10,486,698 11,072,503 Cash and cash equivalents 5,703,081 7,866,640 Borrowings* 5,364,276 4,500,474 Trade receivables 3,543,623 2,924,499 Trade payables 3,336,398 3,99
Slide 18: Cash Flow Statement
CASH FLOW STATEMENT TRY ('000) June-23 June-24 A. CASH FLOWS FROM OPERATING ACTIVITIES 589,541 649,115 Profit before taxation 2,032,905 2,189,716 Adjustments to reconcile net profit/loss for the period 2,840,953 2,366,523 Changes in working capital (3,949,287) (3,798,193) Cash flows from operations
Slide 19: Key Financial Metrics w/o IAS29
KEY FINANCIAL METRICS w/o IAS29 NET SALES EBITDA NET INCOME TRYbn TRYbn %51 TRYbn %30 SBS-TL Çimsa %53 2.2 10.8 %41 2.0 %6 %46 6.4 1.4 1.4 1.5 7.1 1.2 1.3 5.8 1.0 4.0 4.4 3.5 2.5 4.4 1.5 2.3 2.7 2Q23 2Q24 1H23 1H24 2Q23 2Q24 1H23 1H24 2Q23 2Q24 1H23 1H24 Important Disclosure: In line with the Capita
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