Turk Traktor Ve Ziraat Makineleri A.s. · BIST:TTRAK
Turk Traktor Ve Ziraat Makineleri A.s — TürkTraktör — Investor Presentation (July 2013)
33 slides from Turk Traktor Ve Ziraat Makineleri A.s's investor presentation, Jul 29, 2013
Slide 1: Analyst Meeting
ANALYST MEETING 29.07.2013 TÜRKTRAKTÖR
Slide 2: Company Profile
Company Profile World Market & Latest Developments Operational & Financial Performance our hands that touched the face of the earth, grew with the strength that earth gave 1
Slide 3: Company Profile
Company Profile Local Products Import Products Tractors Tractors (New Holland – Case IH brand (New Holland – Case IH brand) 56-TT-TDD/JX-T480, Utility series) Combines Transmission Cotton Pickers Engine Balers Sprayers 100 NH tractor sales dealers 98 spare part dealers Other Agricu
Slide 4: Company Profile
Company Profile From the beginning, TürkTraktör’s goal has always been to support Turkish agricultural sector and Turkish farmers, contributing Turkey to use its agricultural potential in the best way and improving productivity for everyone. Today it exports the tractors produced in Turkey, to more
Slide 5: World Market & Latest Developments
Company Profile World Market & Latest Developments Operational & Financial Performance our hands that touched the face of the earth, grew with the strength that earth gave 4
Slide 6: World Tractor Market (Thousand Units)
World Tractor Market (Thousand Units) 49 64 64 52 40 68 14 524 35 24 68 537 55 55 457 310 308 361 324 20 180 340 17 178 295 271 231 56 64 120 61 83 52 63 49 80 75 69 83 203 186 198 173 164 151 174 46 35 242 226 219 70 179 188 188 96 2007 2008 2009 2010 2011 2012 2013 / May America Europe South Ameri
Slide 7: Agricultural Sector in Turkey
Agricultural Sector in Turkey Turkey is; 6th biggest country in terms of number of sold tractors in 2012 7th biggest country with 63 billion US dollar in terms of agricultural income 8th biggest country in terms of cultivated area The objective for 2023; reach to 150 billion US dollar for agricu
Slide 8: Latest Developments
Latest Developments In January and February, Ziraat Bank did not announce the subsidized loan rates, but the commercial banks were active. In the absence of Ziraat Bank loans, we started Koç Finance campaign for TDD/JX series and we have got positive reaction. Ziraat Bank tractor loan announce
Slide 9: Latest Developments
Latest Developments Retail demand at end of May is 13% down compare to last year same period. Due to last year weak harvest the cash position of the farmers at the beginning of the year was not good, they had some debt not allowing them to have access to credit. They have also waited to see the
Slide 10: Latest Developments
Latest Developments In June, grain (barley, wheat) harvest has started in Turkey and in general yield performance is 15% - 20% higher than the last year. Grain prices are also 10% higher than the last year. Not only grain but also yield expectation of maize, sunflower, rice, cotton is also high. I
Slide 11: Operational & Financial Performance
Company Profile World Market & Latest Developments Operational & Financial Performance our hands that touched the face of the earth, grew with the strength that earth gave 10
Slide 12: Highlights
Highlights Total Tractor Market (2013/5)* 18.799 units Local Tractor Sales Units (2013/6) 11.968 units Export Tractor Sales Units (2013/6) 7.079 units Manufactured Tractor Units (2013/6) 19.252 units Total Employment (2013/6) 2.547 person R&D Employees (2013/6) 88 person * TURKSTAT Traffic Registrat
Slide 13: Manufacturing Units
Operational & Financial Performance Manufacturing Units 40.630 39.574 28.348 24.734 22.119 19.252 14.310 7.987 4.770 5.308 5.466 5.192 3.048 2.312 2008 2009 2010 2011 2012 2012/6 2013/6 Tractor Transmission 12
Slide 14: Total Tractor Sales (Units)
Operational & Financial Performance Total Tractor Sales (Units) 40.753 40.162 9.601 14.565 28.940 8.938 22.781 23.808 7.873 19.047 9.645 31.152 15.754 7.079 25.597 6.946 8.808 20.002 15.935 13.136 11.968 2008 2009 2010 2011 2012 2012/6 2013/6 Local Sales Export Sales 13
Slide 15: Combine Sales (Units)
Operational & Financial Performance Combine Sales (Units) 615 432 396 341 251 2010 2011 2012 2012/6 2013/6 14
Slide 16: Total Revenue (Million TL)
Operational & Financial Performance Total Revenue (Million TL) 1.974 1.801 403 611 1H2013 Total Revenue 1.103 million TL 1.193 315 1.398 1.363 597 506 878 154 167 352 431 2010 2011 2012 2013/3 2013/6 Local Export 15
Slide 17: Sustainable Profitability (Million TL)
Operational & Financial Performance Sustainable Profitability (Million TL) 425 424 322 312 319 277 268 248 254 236 193 177 180 166 137 138 104 87 61 67 31 2008 2009 2010 2011 2012 2012/6 2013/6 Gross profit EBITDA Net Profit 16
Slide 18: High Profitability Ratios
Operational & Financial Performance High Profitability Ratios 26,7% 23,6% 21,4% 21,5% 20,8% 21,4% 17,5% 17,9% 15,6% 15,9% 16,3% 16,1% 15,1% 15,4% 13,6% 14,1% 12,4% 11,1% 9,1% 8,5% 4,6% 2008 2009 2010 2011 2012 2012/6 2013/6 Gross Margin EBITDA Margin Net Margin 17
Slide 19: Old Type
Operational & Financial Performance Old Type Non - Operating Income/Loss 2013/6 2012/6 Change (TL) - 2.552.962 18.390.897 - 20.943.859 Exchange Rate Gain 148.619.852 108.818.245 39.801.607 Exchange Rate loss - 152.015.519 - 98.510.656 - 53.504.863 Fixed Asset Sale Income 190.254 5.113.161 - 4.922.90
Slide 20: New Type
Operational & Financial Performance New Type 2013/6 2012/6 Change Non - Operating Income/Loss (TL) 3.613.753 8.894.788 - 5.281.035 Exchange Rate Gain from Trade Rec / Pay. 117.048.794 73.322.384 43.726.410 Exchange Rate Gain 31.571.058 35.495.861 - 3.924.803 Exchange Rate Loss from Trade Rec / Pay.
Slide 21: High Profitability Ratios (RoA, RoE)
Operational & Financial Performance High Profitability Ratios 46,58 42,54 40,40 39,78 38,39 23,39 22,37 20,28 20,32 19,84 17,15 10,29 6,93 4,34 2008 2009 2010 2011 2012 2012/6 2013/6 RoA RoE * Net Profit, Last 12 months. 20
Slide 22: Current Ratio and Quick Ratio
Operational & Financial Performance 2,52 2,14 2,00 1,93 1,75 1,86 1,79 1,65 1,52 1,37 1,39 1,29 1,11 0,69 2008 2009 2010 2011 2012 2012/6 2013/6 Current Ratio Quick Ratio 21
Slide 23: Capital Expenditures (Million TL)
Operational & Financial Performance Capital Expenditures (Million TL) 48 6 22 39 9 6 3 7 30.06.2013 30.06.2012 Machinery and equipment Construction in progress Others 22
Slide 24: Working Capital (Million TL)
Operational & Financial Performance Working Capital (Million TL) 486 622 423 373 405 279 275 440 312 271 308 293 140 130 460 518 436 365 337 399 332 -113 -66 -196 -220 -334 -311 -325 2008 2009 2010 2011 2012 2012/6 2013/6 Trade Receivables (net) Inventories Trade Payables (net) 23
Slide 25: Taxation (Million TL)
Operational & Financial Performance Taxation (Million TL) 400 25% 350 342 19% 318 19% 20% 300 17% 16% 15% 250 223 15% 199 200 162 10% 150 100 64 50 5% 50 43 33 25 0 0% 2010 2011 2012 2012/6 2013/6 Taxation (net) Profit Before Tax Effective Tax Rate 24
Slide 26: Financial Liabilities (Million TL)
Operational & Financial Performance Financial Liabilities (Million TL) 532 21 428 356 370 132 322 31% 187 98 51% 195 511 235 55% 169 123 296 128 41 69% 224 183 161 45% 49% 112 2008 2009 2010 2011 2012 2012/6 2013/6 Short Term Long Term 25
Slide 27: Financial Liabilities (Million TL)
Operational & Financial Performance Financial Liabilities (Million TL) Short Term 160 4,14 4,26 4,50 140 3,66 4,00 120 3,50 3,00 100 2,50 150 80 2,00 60 1,50 95 88 40 0,99 68 1,00 20 0,50 0 0,00 2011 2012 2012/6 2013/6 TL Equivalent Interest Rate (%) 250 6,55 6,04 Long 7,00 Term 4,64 6,00 200 5,00 1
Slide 28: Net Financial Position (Million TL)
Operational & Financial Performance Net Financial Position (Million TL) 200 2,00 100 80 1,00 10 23 0 0,00 0,32 0,03 0,07 -0,47 -100 -0,90 -1,00 -84 -2,00 -200 -173 -3,00 -242 -300 -4,00 -3,96 -400 -4,78 -5,00 -416 -500 -6,00 2008 2009 2010 2011 2012 2012/6 2013/6 Net Financial Debt Net Financial Deb
Slide 29: FX Position (Million TL)
Operational & Financial Performance FX Position (Million TL) -2 -7 -1 -9 -0,30 1000 -8 0 900 -45 -2 -20 -5 -48 800 -40 -6 484 700 -60 434 -38 414 429 600 -80 355 500 -100 312 400 -120 300 -140 439 433 409 381 349 200 -160 274 100 -180 0 -200 2009 2010 2011 2012 2013/3 2013/6 Total Assets Total Liabi
Slide 30: Dividend (Million TL)
Operational & Financial Performance Dividend (Million TL) 250 0,2 200 200 200 14,4% 0,15 150 150 10,5% 9,9% 0,1 100 94 7,7% 6,6% 0,05 50 2,2% 17 12 - 0 2008 2009 2010 2011 2012 2013 Dividend Yield 29
Slide 31: Stock Performance (31.12.2012=100)
Operational & Financial Performance Stock Performance (31.12.2012=100) 31.12.2012 Closing Price 58,25 TL 28.06.2013 Closing Price 68,00 TL %17 Increase 31.12.2012 30.01.2013 01.03.2013 31.03.2013 30.04.2013 30.05.2013 29.06.2013 BİST 100 BİST 30 TürkTraktör 30
Slide 32: Disclaimer
Disclaimer This presentation contains forward-looking statements that reflect the Company management’s current views with respect to certain future events. Although it is believed that the expectations reflected in these statements are reasonable, they may be affected by a variety of variables and c
Slide 33: Question & Answer
QUESTION & ANSWER