Turkiye Sise ve Cam Fabrikalari A.S. · BIST:SISE
Turkiye Sise ve Cam Fabrikalari A.S — Şişecam — Q1 2022 Earnings Presentation
14 slides from Turkiye Sise ve Cam Fabrikalari A.S's earnings presentation, May 5, 2022
Slide 1: Earnings Release: Q1 2022 results with CEO commentary
EARNINGS RELEASE May 5, 2022 Şişecam (BIST-100: SISE) reported financial results for the first quarter ended March 31, 2022 M. Görkem Elverici, CEO of Şişecam, commented: “Although the year started on the cusp of recovery from pandemic, it was widely known that it would be an era with many hurdles;
Slide 2: Consolidated Summary Financial Results for Q1'22
Consolidated Summary Financial Results for Q1’22 QoQ YoY Summary Financials (TL mn) Q1'21 Q4'21 Q1'22 Change Change Revenue 5,686 11,045 16,974 54% 199% Gross Profit 1,936 3,748 6,853 83% 254% Gross Margin 34% 34% 40% 644 bps 633 bps EBIT 1,684 4,571 4,320 -5% 157% EBIT Margin 30% 41% 25% -1.593 bps
Slide 3: Financial Highlights (Q1'22 vs Q1'21)
Financial Highlights (Q1’22 vs Q1’21)1 Revenue came in at TRY 17Bn, up by 199% YoY (EUR 1.1Bn, up by 70% YoY in EUR terms) o Organic +157%, Inorganic +42% Gross profit was at TRY 6.9Bn, up by 254% YoY with a margin of 40% o Organic +185%, Inorganic +69% Adjusted EBITDA came in at TRY 4.8Bn, up
Slide 4: Segmental Analysis (cont'd)
Segmental Analysis (cont’d) Q1'22 Segmental Breakdown of Adjusted EBITDA (TRY Mn) 2020 Q1'21 Q2'21 Q3'21 Q4'21 2021 Q1'22 QoQ YoY Architectural Glass 1,001 566 701 671 1,434 3,372 1,777 24% 214% Auto Glass 145 59 90 16 -62 103 77 -223% 30% Glassware 551 229 289 174 523 541 422 -19% 84% Glass packagi
Slide 5: Operational Highlights (Q1'22 vs Q1'21)
Operational Highlights (Q1’22 vs Q1’21) 2 Flat Glass: Architectural Glass & Auto Glass o Flat glass production, up by 17%, at 725K tons o 89% capacity utilization rate (actual output/effective capacity) o Architectural Glass Division: up by 14% in sales volume o Auto Glass Business Line: up by 1%
Slide 6: Architectural Glass: 29% share in Revenue | 36% share in EBITDA
Architectural Glass: 29% share in Revenue | 36% share in EBITDA | “Second Largest Contribution to Topline Growth & Highest EBITDA Margin Generator in Q1’22” Architectural Glass business line once again ended a financial period marked with an eye-catching performance on the back of strong demand and
Slide 7: Glass Packaging: 16% share in Revenue | 13% share in EBITDA
Glass Packaging: 16% share in Revenue | 13% share in EBITDA | “Third Largest Contribution to Topline Growth in Q1’22” With a quarterly average CUR of 89%, consolidated Glass Packaging output increased by 4% YoY (+3% in Turkey and +6% in Russia&Georgia). Turkey and Non-Turkey breakdown of the consoli
Slide 8: Glassware: 11% share in Revenue | 9% share in EBITDA
Glassware: 11% share in Revenue | 9% share in EBITDA | On the back of better consumer sentiment and fully active HORECA channel, Glassware segment had noticeably outperformed the previous year. Consolidated glassware output was almost flat despite the furnace cold repairs carried out in Bulgaria and
Slide 9: Cash Flow Analysis (Q1'22 vs Q1'21)
TRY 625mn was recorded as deferred tax asset in Q1’22 versus TRY 11Mn in Q1’21. Fixed asset revaluation3 led to a TRY 3.1Bn rise in fixed assets’ book value that is subject to local corporate tax regulations, hence resulted in TRY 620Mn deferred tax asset due to the difference in IFRS-Tax Procedur
Slide 10: Debt Position and FX Position (Q1'22 vs 2021-end)
Debt Position (Q1’22 vs 2021-end) Gross debt recorded at TRY 31Bn (USD 2.1Bn) vs. TRY 28Bn (USD 2.1Bn) 80% of bank loans was in hard currencies (35% EUR, 45% USD) 4 TRY 357Mn coupon payment was made in March 2022 on USD 700Mn-Şişecam 2026 Eurobonds TRY 939Mn financial lease was recorded under
Slide 11: Operational Developments during and after Q1'22
Operational Developments during and after Q1’22 Flat Glass o Planned Maintenance Work o Cold repair process of the frosted glass production unit (85K tons annual capacity) located in Mersin (Turkey) facility started on 24/01/2022. The unit was re-ignited on 29/03/2022 and the commercial production
Slide 12: Appendix: Sub-Segmental Breakdown of Revenue and Costs
Appendix Sub-Segmental Breakdown of Revenue 2019 2020 Q1'21 Q2'21 Q3'21 Q4'21 2021 Q1'22 Architectural 24% 23% 29% 28% 28% 29% 29% 29% Auto Glass & Encapsulation 13% 11% 13% 11% 8% 9% 10% 7% Glassware 17% 15% 14% 15% 16% 16% 15% 11% Glass Packaging 24% 26% 22% 26% 24% 22% 23% 16% Chemicals 20% 20% 2
Slide 13: Regional Breakdown of Adjusted EBITDA
Regional Breakdown of Adjusted EBITDA 2019 2020 Q1'21 Q2'21 Q3'21 Q4'21 2021 Q1'22 Turkey 3,304 5,763 1,201 1,340 1,292 2,908 6,742 3,378 Foreign Operations 1,168 1,530 432 861 707 637 2,637 1,467 Russia, Ukraine and Georgia 628 853 166 295 385 398 1,243 370 Europe 466 646 236 515 268 210 1,228 518
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