Haci Omer Sabanci Holding A.s. · BIST:SAHOL
Haci Omer Sabanci Holding A.s — Hacı Ömer Sabancı Holding A.Ş. — FY2012 Earnings Presentation
34 slides from Haci Omer Sabanci Holding A.s's earnings presentation, 2013
Slide 1: 2012 Annual Results Earnings Presentation
2012 Annual Results Earnings Presentation 1
Slide 2: Disclaimer Statement
Disclaimer Statement The information and opinions contained in this document have been compiled by Hacı Ömer Sabancı Holding A.Ş. (“Holding”) 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
Slide 3: Turkey Macro Outlook Update-Q4 2012
Turkey Macro Outlook Update-Q4 2012 • In Q4 2012 weaker than expected economic activity. Moderate recovery in domestic demand due to increasing consumer confidence and falling interest rates. • Recovery not reflected in industrial production due to inventory correction. • The current account deficit
Slide 4: 2013 Expectations
2013 Expectations 2011 2012(E) 2013(E) GDP Growth,% 8.5 2.5 3.5 Increase in CPI (%), annual 10.45 6.2 6.3 USD/TL, year end 1.889 1.783 1.87 Budget Deficit/GNP, % (1.4) (2.0) (1.8) Growth picks up moderately, inflation remains within target interval, FX rates remain stable under CBT policies … 4
Slide 5: Calculation of EBITDA and Net Income Excluding Non-Operational Items
Calculation of EBITDA and Net Income Excluding Non-Operational Items 2011 Q4 2012 Q4 2011 2012 SALES 5.925 7.016 22.234 26.094 EBITDA 1.017 1.828 4.892 5.229 Gain arising from subsidiary share sales 247 - Fixed asset sale gains 164 - Income related to partner change in - 138 - 138 Enerjisa Other (31
Slide 6: Results Snapshot-2012
Results Snapshot-2012 BANK NON-BANK 26,094 22,234 Double digit sales growth Consolidated 12.158 11.045 in non-bank segment Net Sales 11.189 13.936 Strong topline growth in (Million TL) banking: 25% 2011 2012 5,099** 4,496** 1.068 1.133 EBITDA growth through EBITDA* stronger banking (Million TL) 3.21
Slide 7: Non-bank Results-2012
Non-bank Results-2012 ENERGY RETAIL INSURANCE INDUSTRY CEMENT OTHER 11,045 12,158 2.114 1.723 Consolidated 10% 3.695 Top line growth driven by 3.018 Net Sales 1.200 1.274 retail and energy (Million TL) 4.568 4.431 2011 2012 1,133 1,068 252 256 101 -6% EBITDA of all segments EBITDA 276 137 improved w
Slide 8: Results Snapshot-2012 Q4
Results Snapshot-2012 Q4 BANK NON-BANK 7,016 5,925 3.169 Non-bank topline growth Consolidated 2.991 driven by energy and retail Net Sales Solid banking topline 2.934 3.847 growth (Million TL) 2011 Q4 2012 Q4 1,691** 1,048** 238 EBITDA* Very strong EBITDA 256 growth (Million TL) 1.448 784 2011 Q4 201
Slide 9: Non-bank Results- 2012 Q4
Non-bank Results- 2012 Q4 ENERGY RETAIL INSURANCE INDUSTRY CEMENT OTHER 2,991 3,169 487 555 Consolidated 851 6% 1.098 6% increase mainly Net Sales driven by energy and 296 325 retail (Million TL) 1.201 1.032 2011 Q4 2012 Q4 256 238 EBITDA 59 -7% Growth in all segments 24 72 54 40 except industrials
Slide 10: Energy
Energy % MILLION TL 2011 Q4 2012 Q4 Change SALES (NET) 523 603 15,3 COST OF SALES (436) (511) 17,2 OPERATIONAL EXPENSES (49) (54) 9,1 OTHER INCOME/(EXPENSE) (4) 7 n.m. OPERATING INCOME 34 45 31,3 EBITDA 59 72 22,5 EBITDA EXCLUDING NON 59 72 22,5 OPERATIONAL ITEMS EBITDA Margin (%) 11,2% 11,9% Toplin
Slide 11: Enerjisa Income Statement
Enerjisa Income Statement % MILLION TL 2011 Q4 2012 Q4 Change SALES (NET) 1.046 1.206 15,3 EBITDA 117 144 22,5 NET INCOME 68 90 31,3 EBITDA Margin (%) 11,2% 11,9% Sales volume increase driven by both positive generation and distribution performance, margin improvement due to generation margin increa
Slide 12: Enerjisa Sales & EBITDA
Enerjisa Sales & EBITDA Q4 2011 Q4 2012 Sales 40% Gen. & Trading 40% 60% Dist. & Retail 60% Q4 2011 Q4 2012 EBITDA 45% Gen.&Trading 35% 55% Dist. & Retail 65% 12
Slide 13: Enerjisa Projects
Enerjisa Projects Alpaslan Hydro 280 MW İncir Hydro 160 MW Pervari Hydro 400 MW Wind 4 Wind 60 MW Tufanbeyli-I Lignite 450 MW Bandırma II Gas 500 MW Bandırma II Gas 500MW Kuşaklı Hydro 20 MW Kavşakbendi Hydro 180 MW Dağdelen Hydro 8 MW Doğançay Hydro 62 MW Sarıgüzel Hydro 103 MW Yamanlı Hydro 80 MW
Slide 14: Enerjisa Balance Sheet
Enerjisa Balance Sheet % MILLION TL 31.12.2011 31.12.2012 Change CASH AND CASH EQUIVALENTS 307 348 13,3 TRADE RECEIVABLES 460 547 19,0 OTHER CURRENT ASSETS 457 307 (32,8) TOTAL CURRENT ASSETS 1.224 1.203 (1,8) PROPERTY, PLANT AND EQUIPMENT 4.309 6.035 40,0 INTANGIBLE ASSETS 1.992 1.943 (2,5) OTHER N
Slide 15: Retail
Retail % MILLION TL 2011 Q4 2012 Q4 Change SALES (NET) 852 1.102 29,3 COST OF SALES (662) (890) 34,5 OPERATIONAL EXPENSES (163) (185) 13,1 OTHER INCOME/(EXPENSE) (17) 1 n.m OPERATING INCOME 10 28 n.m EBITDA 24 43 77,9 EBITDA EXCLUDING NON 24 40 67,2 OPERATIONAL ITEMS EBITDA Margin (%) 2,8% 3,6% Stro
Slide 16: Teknosa
Teknosa % MILLION TL 2011 Q4 2012 Q4 Change SALES (NET) 495 753 52,1 EBITDA 21 38 81,0 EBITDA EXCLUDING NON 21 38 81,0 OPERATIONAL ITEMS NET INCOME 6 17 183,3 NET INCOME EXCLUDING 6 17 183,3 NON OPERATIONAL ITEMS EBITDA Margin (%) 4,2 5,0 Robust like-for-like trend continues… 50% Teknosa Sales Analy
Slide 17: Cement
Cement % MILLION TL 2011 Q4 2012 Q4 Change SALES (NET) 296 325 9,7 COST OF SALES (239) (258) 8,1 OPERATIONAL EXPENSES (15) (18) 23,6 OTHER INCOME/(EXPENSE) (5) (1) (87,4) OPERATING INCOME 37 48 28,9 EBITDA 54 68 24,7 EBITDA EXCLUDING NON 54 68 24,7 OPERATIONAL ITEMS EBITDA Margin (%) 18,4% 20,9% Inc
Slide 18: Insurance
Insurance % MILLION TL 2011 Q4 2012 Q4 Change SALES (NET) 127 139 10,1 COST OF SALES (102) (118) 15,6 OPERATIONAL EXPENSES (24) (30) 24,0 OTHER INCOME/(EXPENSE) 7 20 168,5 OPERATING INCOME 8 12 44,9 Strong trend in operational results continues… Aksigorta Combined Ratio(%) Aksigorta ROE(%) Improveme
Slide 19: Avivasa
Avivasa % MILLION TL 2011 Q4 2012 Q4 Change SALES (NET) 34 53 52,9 OPERATING INCOME 0 5 n.m NET INCOME 6 7 24,8 AUM (Milyon TL) 2.958 4.051 37,0 37% increase in AUM… Market Consistent Embedded Value (million TL) 682 744 9% 2011 YE 2012 YE 19 Audited Unaudited
Slide 20: Solid Growth with the New Pension Incentives
Solid Growth with the New Pension Incentives Net Contribution (million TL) 114 127 11% 2011 Q4 2012 Q4 Robust growth with the new incentivization scheme… Net Contribution Number of new participants (million TL)* 110 20.105 67% 99% 66 10.111 2012 January 2013 January 2012 January & 2013 January & & F
Slide 21: Industrials
Industrials % MILLION TL 2011 Q4 2012 Q4 Change SALES (NET) 1.203 1.033 (14,1) COST OF SALES (1.013) (921) (9,1) OPERATIONAL EXPENSES (114) (122) 7,7 OTHER INCOME/(EXPENSE) (19) 16 n.m OPERATING INCOME 57 5 (91,7) EBITDA 93 43 (53,7) EBITDA EXCLUDING NON 110 46 (58,2) OPERATIONAL ITEMS EBITDA Margin
Slide 22: Brisa
Brisa % MILLION TL 2011 Q4 2012 Q4 Change SALES (NET) 405 400 (1,3) EBITDA 49 76 54,2 NET INCOME 24 40 63,1 EBITDA Margin (%) 12,1 18,9 Increasing profitability driven by solid domestic demand … Market Share (Replacement-%) 28,3% 29,9% 2011 2012 22
Slide 23: Kordsa Global
Kordsa Global % MILLION TL 2011 Q4 2012 Q4 Change SALES (NET) 429 339 (20,9) EBITDA 33 14 (58,2) NET INCOME 9 (12) (245,9) EBITDA Margin (%) 7,6 4,0 Global slowdown affected the demand and margins negatively… Tire Cord, Fabric and Yarn Sales Quantity (000 tones) 40 36 -11% 2011 Q4 2012 Q4 23
Slide 24: Net Sales
Net Sales % MILLION TL 2011 Q4 2012 Q4 Change TOTAL 5.925 7.016 18,4 BANK 2.934 3.848 31,1 NON-BANK 2.993 3.170 5,9 ENERGY 487 555 13,9 RETAIL 851 1.098 29,1 CEMENT 296 325 9,7 INSURANCE 128 141 10,2 INDUSTRY 1.201 1.032 (14,1) OTHERS 28 18 (35,7) Strong revenue growth continues… 24
Slide 25: EBITDA (Excluding Non Operational Items)
EBITDA (EXCLUDING NON OPERATIONAL ITEMS) % % % 2011 Q4 2012 Q4 Margin Margin Change TOTAL 1.048 17,7% 1.691 24,1% 61,2% BANK 784 26,5% 1.448 37,5% 84,7% NON-BANK 256 8,4% 238 7,4% -7,0% ENERGY 59 11,2% 72 11,9% 22,5% RETAIL 24 2,8% 40 3,6% 67,2% CEMENT 54 18,4% 68 20,9% 24,7% INSURANCE 9 7,0% 12 8,8
Slide 26: Leverage and Consolidated FX Position
Leverage and Consolidated FX Position Million Euro NET FX POSITION (excl. bank) December 31, 2011 December 31, 2012 ENERGY (681) (850) INDUSTRY (111) (71) CEMENT (4) 5 RETAIL 10 (5) HOLDING,INSURANCE&OTHER 448 333 TOTAL (338) (588) TOTAL* 1 (209) Million Euro NET DEBT / (CASH) (excl. bank & ins.) De
Slide 27: Organic Growth / Investments (Million TL)
Organic Growth / Investments (Million TL) %6 564 532 2011 Q4 2012 Q4 2011 Q4 Bank 2012 Q4 4% 1% Industrials 5% 1% 15% Cement 13% Energy Retail 15% 41% 28% Other 10% 56% 11% 27 Investments continued in all segments led by energy…
Slide 28: 2013 Budget
2013 Budget 28 6OQBANc!
Slide 29: 2013 Budget
2013 Budget* Budget* Consolidated Non-bank Sales ~ + %10 ~ + %10 EBITDA ~ + %15 ~ + %25 Sales EBITDA Energy ~ + %10 ~ +%50 Cement ~ + %0-5 ~ + %0-5 Retail ~ +%10 ~ +%5 Insurance ~ +%20 ~ +%30 Industrials ~ +%15 ~ +%30 29 * Based on the consolidation standards effective before 2013
Slide 30: The Effects of New IFRS Standards Regulating Consolidation
The Effects of New IFRS Standards Regulating Consolidation 30
Slide 31: Standards Regulating Consolidation
Standards Regulating Consolidation •The new IFRS standards (IFRS 10& IFRS 11) will change Sabancı Holding’s Net Sales, Operating Profit and EBITDA figures and footnotes. SONRA •The new practice of consolidation: • The revenues, operating profit, debt, FX risk of JV’s which are jointly controlled wil
Slide 32: The Effect on Sabanci Holding JV Companies
The Effect on Sabanci Holding JV Companies* Companies* Total Non-bank Consolidated Sales ~ 20% ~45% decrease decrease EBITDA ~ 10% ~ 50% decrease decrease Net Income No change No change * Approximate effects of new consolidation standards on 2012 consolidated results 32
Slide 33: 2013 Disclosures Under New IFRS Standards
2013 Disclosures Under New IFRS Standards -Sabancı will start to announce its financial statements in accordance with the new IFRS starting from 1Q 2013 -Additional disclosures: •Financial statements prepared according to the previous IFRS for the four quarters of 2013 •More detailed segment note in
Slide 34: Q&A
Sabanci of Rising Turkey
Hacı Ömer Sabancı Holding A.Ş. — FY2012 Earnings Presentation on 6ix