Turkiye Sise ve Cam Fabrikalari A.S. · BIST:SISE
Turkiye Sise ve Cam Fabrikalari A.S — Şişecam — Q4 2020 Earnings Presentation
14 slides from Turkiye Sise ve Cam Fabrikalari A.S's earnings presentation, Feb 1, 2021
Slide 1: Earnings Release Q4 2020
EARNINGS RELEASE February 1, 2021 Şişecam (BIST-100: SISE) today reported financial results for the fourth quarter ended December 31, 2020 Prof. Dr. Ahmet Kırman, Vice Chairman and CEO of Şişecam, commented: “In the last quarter of 2020, our World was again surrounded by the uncertainty due to Covid
Slide 2: CEO Commentary: Sustainability and CareforNext
On a final note, we would like to remind all our stakeholders that even though sustainability again was one of the most common items in corporates agenda in 2020, as an heir of glass-production industry for 85 years and with full responsibility of conserving this cultural and intellectual heritage,
Slide 3: Consolidated Summary Financial Results for Q4 & 2020
Consolidated Summary Financial Results for Q4 & 2020 QoQ YoY 2019 2020 YoY Change Q4'19 Q3'20 Q4'20 Summary Financials Change Change Revenue 18.059 21.341 18% 4.843 5.798 6.708 16% 39% Gross Profit 5.880 6.661 13% 1.533 1.888 2.191 16% 43% Gross Margin 33% 31% -134 bps 32% 33% 33% 11 bps 101 bps EBI
Slide 4: Financial Highlights (Q4'20 vs Q4'19)
Financial Highlights (Q4’20 vs Q4’19)1 Revenue came in at TRY 6.7Bn, up by 39% YoY (EUR 727Mn, down by 4% YoY in EUR terms) Gross profit was at TRY 2.2Bn, up by 43% YoY with a margin of 33% Adjusted EBITDA came in at TRY 1.6Bn, up by 37% (EUR 171Mn, down by 5% YoY in EUR terms) with 23% margin
Slide 5: Segmental Analysis (cont'd)
Segmental Analysis (cont’d) Q4'20 2020 Q4'20 Segmental Breakdown of Adjusted EBITDA ('000 TRY) Q4'19 2019 Q3'20 Q4'20 2020 QoQ YoY Flat Glass 371.403,67 562.056,49 356.709,94 562.056,49 1.141.557,17 58% 103% 51% Glassware 160.494,00 229.973,00 154.815,00 229.973,00 551.370,00 49% 140% 43% Glass pack
Slide 6: Operational Highlights (Q4'20 vs Q4'19)
Operational Highlights (Q4’20 vs Q4’19) Flat Glass o Total flat glass production at 655K tons, remained flat YoY o 9% YoY increase in total sales volume (total of architectural glass (tons), auto glass (converted from m2 to tons) and encapsulation converted from units to tons) o 93% capacity utili
Slide 7: Flat Glass: 38% share in Revenue, 36% share in EBITDA
Flat Glass: 38% share in Revenue | 36% share in EBITDA | “Largest Topline Growth Contributor in Q4’20” Flat glass operations hit an all-time high quarterly revenue during fourth quarter, with TRY 2.6Bn on the back of solid operational performance recorded in both architectural (70% share in total re
Slide 8: Chemicals: 18% share in Revenue, 28% share in EBITDA
Chemicals: 18% share in Revenue | 28% share in EBITDA | | “Largest EBITDA Margin Contributor in 2020” Chemicals segment exposed to pricing pressure throughout the year due to the weak demand environment as an outcome of the pandemic. Nevertheless, per ton soda ash prices were slightly up YoY in USD-
Slide 9: Regional Breakdown of Revenue and Profitability
Share of international revenues was at 59% while domestic revenue was at 41% in Q4’20. Q4'20 2020 Q4'20 Regional Breakdown of Revenue Q4'19 2019 Q3'20 Q4'20 2020 QoQ YoY Revenue from Turkey Operations 63% 61% 60% 61% 62% 86 bps 92 bps -195 bps Sales in Turkey 39% 37% 39% 41% 40% 162 bps 295 bps 116
Slide 10: Cash Flow Analysis and Debt
Cash Flow Analysis Cash inflow from operating activities was at TRY 4.3Bn increased from TRY 3.4Bn in 2019 most of which was coming from increase in non-cash items deducted from net income in relation with downward revision on deferred corporate incentive reconciliation, rise in tax-exempt intragr
Slide 11: Important Events during and after the Reporting Period
Important Events during and after the Reporting Period On 02.11.2020, Şişecam has been notified that Kaleseramik Çanakkale Kalebodur Seramik Sanayi A.Ş., filed a lawsuit for the annulation of the decisions, taken at the EGM of Anadolu Cam Sanayii A.Ş. held on 26.08.2020 and approved by the Trade R
Slide 12: Appendix: Sub-Segmental Breakdown of Revenue and Costs
Appendix Sub-Segmental Breakdown of Revenue Q4'19 2019 Q3'20 Q4'20 2020 Flat Glass 36% 36% 36% 38% 34% Architectural 23% 24% 25% 26% 23% Autoglass & Encapsulation 13% 13% 12% 13% 11% Glassware 18% 17% 14% 16% 15% Glass Packaging 24% 24% 27% 22% 26% Chemicals 20% 20% 19% 18% 20% Soda Chemicals & Ener
Slide 13: One-Off Impacts excluded from Financials
One-Off Impacts excluded from Financials: Excluding From EBIT: Q4’20: - TRY 14Mn: o TRY 165Mn Revaluation loss on fixed income instruments, including provision expense financial investments to comply with IFRS 9 o TRY 150Mn revaluation gain on investment properties Q3’20: + TRY 509Mn: Revaluatio
Slide 14: 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