Otokar Otomotiv Ve Savunma Sanayi A.s. · BIST:OTKAR
Otokar Otomotiv Ve Savunma Sanayi A.s — Q3 2018 Earnings Presentation
68 slides from Otokar Otomotiv Ve Savunma Sanayi A.s's earnings presentation, Nov 2, 2018
Slide 1: Prepared based on 2018 3Q financial results
(02.11.2018) Prepared based on 2018 3Q financial results 1
Slide 2: Agenda
Agenda ABOUT US FINANCIAL INDICATORS • INTRODUCTION • VISION & MISSION LONG-TERM OBJECTIVES • FINANCIAL STATEMENTS & RATIOS • BRIEF HISTORY • PRODUCTION-SALES- • SUSTAINABLE GROWTH REVENUE-BACKLOG • GROWTH WITH PRODUCTS WHICH LICENSE RIGHTS BELONG TO OTOKAR • SHAREHOLDER STRUCTURE • CAPITAL EXPENDIT
Slide 3: Introduction
Introduction Turkey’s the largest private and 100% domestically owned company in defense industry A global company, intellectual property rights belong to itself and its products are in use on 5 continents as well as in more than 60 countries Turkish Armed Forces’ leading supplier and exporter of la
Slide 4: Vision & Mission
Vision & Mission Vision • Otokar’s vision is to preserve the local and national identity of its products by developing technologies in-house, also to provide continued satisfaction for its clients, employees, and shareholders with total excellence philosophy. Mission • Otokar’s primary mission is to
Slide 5: Brief History
Brief History 1963 1970s 1980s 1990s 2000s 2010s Establishment Turkey’s first Production of Military Merge with the Establishment of Otokar Production of interciy bus 4x4 tactical armoured İstanbul Fruehauf Europe (OESAS) buses under the The first Turkish vehicle under vehicles by ow
Slide 6: Sustainable Growth
Sustainable Growth TRY/USD Revenue Million TL USD 2.000 1.800 1.600 1.400 1.200 1.000 800 600 400 200 0 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 6 ABOUT US
Slide 7: Partnership Structure
Partnership Structure Ünver Holding 25% 45% *Other 30% *27% Listed *3% Other 7 ABOUT US
Slide 8: Production Plant
Production Plant Otokar Land Systems (U.A.E) Otokar S.A.S Europe (France) Otokar Headquarters (Turkey) Sakarya Province 552,000 m2 plant, approximately 1948 employees Capacity of Certificates ISO 9001 Quality Standard 3700 Land Vehicle ISO 14001 Environmental Standard 900 Tactical Armoured Vehicle I
Slide 9: Employee Profile
Employee Profile * There are 423 employees in the R&D Center. 9 ABOUT US
Slide 10: Employees & Revenue per Employee
Employees & Revenue per Employee 10 ABOUT US
Slide 11: Product Range
Product Range Commercial Vehicles Defense Industry Public Transport Logistic Vehicles Light Truck Land Platforms Turret Systems Varieties Varieties Varieties Varieties Varieties KENT / DORUK / FRUEHAUF / OTOKAR OTOKAR ATLAS LAND ROVER DEFENDER / MIZRAK UKKS SULTAN / POYRAZ / ARMOURED PERSONAL CARRIE
Slide 12: Public Transport Vehicles
Public Transport Vehicles Otokar, Turkey’s the most preferred bus brand for the eighth time! 40 thousand buses, carrying millions of passengers in more than 50 countries! 12 ABOUT US
Slide 13: Otokar Otobüsleri
Otokar Otobüsleri POYRAZ Wide product range from intercity transport to SULTAN / NAVIGO personnel and tourism transport DORUK / VECTIO Special Products KENT Researches for Alternative TERRITO fuels KENT KÖRÜKLÜ 13 HAKKIMIZDA
Slide 14: POYRAZ
POYRAZ The new small bus with low operating costs and very efficient fuel consumption, designed for service transport 14 ABOUT US
Slide 15: SULTAN / NAVIGO
SULTAN / NAVIGO • Turkey’s best-selling small bus • Different models for intercity transport, service and tourism transport 15 ABOUT US
Slide 16: DORUK/VECTIO/ULYSO
DORUK/VECTIO/ULYSO • Turkey’s market leader in medium-sized buses • “Grand Award” prize in Europe • Different models for intercity transport, service and tourism transport 16 ABOUT US
Slide 17: TERRITO
TERRITO The 12-meter bus developed for the European market 17 ABOUT US
Slide 18: KENT
KENT • Turkey’s most preferred 12 m. intercity bus • 2 Design Award in Europe and Turkey 18 ABOUT US
Slide 19: KENT ARTICULATED
KENT ARTICULATED Kent Articulated bus was introduced at Busworld Exhibition, Belgium in 2015. 19 ABOUT US
Slide 20: Alternative Fueled Buses
Alternative Fueled Buses 2007 2009 2011 2012 DORUK Hibra DORUK DG KENT DG DORUK ELECTRA Turkey’s first Turkey’s first 12 m CNG bus Turkey’s first electric hybrid bus natural gas powered bus mid-sized bus 20 ABOUT US
Slide 21: Logistic Vehicles
Logistic Vehicles About 25 thousand semi-trailers that provide transportation service on the roads of the world! 21 ABOUT US
Slide 22: Trailer
Trailer Curtainsider Trailers Van Type Trailer Tanker Trailer Internal Logistic Tools -TIRLINER -ICELINER -ADR CERTIFICATED -CONTAINER CARRIER -EUROSLIDER -TEXTILE CARRIER TANKER -PLATFORM TRAILER -SPEEDSLIDER -TRAILER AND -ROLL CARRIER -MEGALINER TRUCK-TOP APPLICATIONS -TIPPER CHASIS -ECOTIR -ECOLI
Slide 23: Curtainsider Trailer
Curtainsider Trailer Customer-oriented solutions in the transportation of dry load 23 ABOUT US
Slide 24: Van Type Trailer
Van Type Trailer The most preferred refrigerated trailer for transport of perishable goods in hygienic and safe conditions for 17 years in Turkey. 24 ABOUT US
Slide 25: Tanker
Tanker • Turkey’s first ADR certificated trailer • Wide product range and proficiency 25 ABOUT US
Slide 26: Light Truck
Light Truck Otokar GA Kas = ABOUT US
Slide 27: ATLAS
ATLAS A light truck, with high payload capacity and low operating cost 27 ABOUT US
Slide 28: Defence Industry
Defence Industry More than 30.000 military vehicles serving in 5 continents and more than 30 countries 28 ABOUT US
Slide 29: Land Systems
Land Systems Tactical Wheeled Vehicles Tracked Vehicles Turret Systems TWAV TAV MBT 4x4 6x6 8x8 TULPAR ALTAY MIZRAK UKKS APC ARMA 6X6 ARMA 8X8 (Altay Project KESKİN UKKS URAL Phase-1) OPEN TURRETS COBRA INTERNAL SECURITY TURRET COBRA II WEAPON STATIONS (MİLAN KAYA TOW) KAYA II UCOK KALE BOZOK ISV BA
Slide 30: COBRA
COBRA Armoured tactical vehicle which has worldwide competitiveness with its unique design, mobility, survivability and superior protection 30 ABOUT US
Slide 31: COBRA II
COBRA II The new member of COBRA family the most well- known vehicle of Otokar. Large internal volume, high protection. 31 ABOUT US
Slide 32: URAL
URAL Otokar’s new armoured tactical wheeled vehicle that is suitable for Police Force and Internal Security Force usage. 32 ABOUT US
Slide 33: KAYA Mine Resistant Vehicle
KAYA Mine Resistant Vehicle The mine resistant vehicle which provides maximum mine and ballistic protection in all types of terrain, offers great mobility 33 ABOUT US
Slide 34: KAYA II Personnel Carrier
KAYA II Personnel Carrier The mine resistant personnel carrier vehicle that consists of single cabin with monocoque body 34 ABOUT US
Slide 35: INTERNAL SECURITY VEHICLE
INTERNAL SECURITY VEHICLE The armoured tactical vehicle specifically designed and developed with the aim of internal security in cities and living areas. 35 ABOUT US
Slide 36: KALE Mine Resistant Vehicle
KALE Mine Resistant Vehicle Mine resistant personnel carrier 36 ABOUT US
Slide 37: ARMA
ARMA ARMA is new generation modular multi-wheel configuration armoured vehicle with high level of ballistic and mine protection 37 ABOUT US
Slide 38: ARMA 6X6
ARMA 6X6 Arma 6x6, with large internal volume, amphibious capability and low silhouette 38 ABOUT US
Slide 39: ARMA 8x8
ARMA 8x8 Armoured combat vehicle ARMA 8x8, provides high protection and large internal volume 39 ABOUT US
Slide 40: TULPAR
TULPAR A new generation tracked armoured vehicle which ends Turkey’s dependence on foreign sources and its all intellectual property rights belong to OTOKAR 40 ABOUT US
Slide 41: ALTAY Project
ALTAY Project Otokar, takes part as a prime contractor in the Altay Project Phase-1. Thanks to Altay, which is a design, prototype and qualification project, Turkey has not only attained a main battle tank with intellectual property rights, but also has gained the substructure of designing and manuf
Slide 42: Otokar Turret Systems
Otokar Turret Systems • Since 1989, Otokar has been working on turret systems to meet the needs as well as demands of current and potential users in land systems with trained manpower and R&D investments. • Otokar has nearly 29 years of experience and expertise on the subjects of original design and
Slide 43: R&D
R&D Otokar’s R&D, establishment dates back to 1970’s, as of today, Otokar is designing and manufacturing Turkey’s vehicles. Otokar’s R&D works to develop products whose intellectual rights belong to itself, with the vision of having and dominating the technology. 43 ABOUT US
Slide 44: R&D Capabilities
R&D Capabilities CAD programs for product developments The Prototype workshops and softwares Computer-aided analysis and simulation softwares Test-purpose setup and software 44 ABOUT US
Slide 45: Otokar Test Centers
Otokar Test Centers Dinomometrel Air-conditioned Test Centre; Turkey’s first and only, one of the few facilities in Europe Turkey’s the highest capacity hydraulic road simulator Turkey’s the biggest and the world’s most modern Electromagnetic Compatibility Testing Center 45 ABOUT US
Slide 46: Otokar Test Centers
Otokar Test Centers One of the world’s most advanced and modern ballistic laboratories and mine testing equipments 46 ABOUT US
Slide 47: Balance Sheet
Balance Sheet 30.09.2018 Total Assets (TRY) Total Liabilities&Shareholders Equity (TRY) Current Assets 1.935.619 S.T. Liabilities 1.077.414 Fixed Assets 419.115 L.T. Liabilities 1.146.699 Shareholders Equity 130.621 Total 2.354.734 Total 2.354.734 47 FINANCIAL INDICATORS
Slide 48: Income Statement
Income Statement TRY thousands (IFRS) 30.09.2018 30.09.2017 Net Sales 808.636 1.369.519 Cost of Sales (602.450) (1.041.713) Gross Profit 206.186 327.806 Operating Costs (203.254) (184.866) Operating Profit 2.932 142.940 Finacial Expenses (98.188) (93.417) Profit Before Taxes (95.077) 50.769 Taxes 9.
Slide 49: Net Profit
Net Profit Million TRY 100 75 50 25 0 -25 -50 -75 -100 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2017 2018 3Q 3Q 49 FINANCIAL INDICATORS
Slide 50: Cash Flow Statement
Cash Flow Statement TRY thousand (IFRS) 30.09.2018 30.09.2017 Cash and Cash Equivalents at the beginning of the period 228.958 38.598 Net cash provided by operating activities (173.156) (310.715) Net cash used in investing activities (76.287) (62.804) Pre-financing cash flow (249.443) (373.519) Net
Slide 51: Working Capital
Working Capital TRY thousands 30.09.2018 31.12.2017 Current Assets 1.935.619 1.631.551 S. T. Liabilities 1.077.414 1.072.319 Working Capital 858.205 559.232 51 FINANCIAL INDICATORS
Slide 52: Net Financial Debts
Net Financial Debts TRY thousand 30.09.2018 31.12.2017 TRY 30.09.2018 31.12.2017 thousand Cash and Equivalents 51.481 228.958 S.T. Bank Loans 510.494 513.658 Trading Securities 5.009 1.325 L.T. Bank Loans 440.000 190.000 Other - - Total Total Financial Financial 950.494 703.658 56.490 230.283 Assets
Slide 53: Financial Ratios And Margins
Financial Ratios And Margins Financial Ratios 2018 3Q 31.12.2017 Margins 2018 3Q 2017 3Q Current Ratio 1,80 1,52 Gross Margins 25,5% 23,9% Liquidity Ratio 1,10 1,14 Cur.Assets/Tot.Assets 0,82 0,81 Operating Margin 0,4% 10,4% Short Term Lia./Tot. Lia. 0,46 0,53 Tot.Lia./Tot.Assets 0,94 0,86 EBITDA Ma
Slide 54: Margins
Margins 54 FINANCIAL INDICATORS
Slide 55: Production Units
Production Units 55 FINANCIAL INDICATORS
Slide 56: Revenue Distribution
Revenue Distribution 56 FINANCIAL INDICATORS
Slide 57: Revenue Distribution
Revenue Distribution Domestic 2018 3Q LTrucks 4,9% Trailer 5,1% ‘Armoured 6,3% Domestic 2017 3Q Tank L.Trucks Trailer _2,8% Bus 18,9% Armoured 57,7% Export 2018 3Q Bus 81,3% Export 2017 3Q LR _1% Armoured 30,5%
Slide 58: Backlog
Backlog 58 FINANCIAL INDICATORS
Slide 59: Capital Expenditures
Capital Expenditures 59 FINANCIAL INDICATORS
Slide 60: Stock Performance
Stock Performance 60 FINANCIAL INDICATORS
Slide 61: Dividend
Dividend 61 FINANCIAL INDICATORS
Slide 62: Market Capitalisation
Market Capitalisation 62 FINANCIAL INDICATORS
Slide 63: Growth With Products Which License Rights Belong to OTOKAR
Growth With Products Which License Rights Belong to OTOKAR 97% The share of Otokar designed vehicle sales in turnover. 269 Number of owned patents and industrial designs 63 LONG-TERM OBJECTIVES
Slide 64: Otokar Europe
Otokar Europe Otokar Europe was established in 2011 in France, in order to support bus sales in Europe. 64 LONG-TERM OBJECTIVES
Slide 65: Growth in Export Markets
Growth in Export Markets 65 LONG-TERM OBJECTIVES
Slide 66: Growth in Export Markets
Growth in Export Markets 66 LONG-TERM OBJECTIVES
Slide 67: Shareholders Value Creation
Shareholders Value Creation • Continuously increase in revenue to ensure high and sustainable dividend yield • In the framework of our corporate governance and professional management principles, we aim to move further up our company's market value 67 LONG-TERM OBJECTIVES
Slide 68: Otokar Investor Relations
Otokar Investor Relations Doğan Seçkinler Please visit www.otokar.com.tr Finance, Risk Management & IR Manager +90 264 229 22 44 – 6300 dseckinler@otokar.com.tr H. Gülşah Mutlu IR &Corporate Governance Manager +90 264 229 22 44 – 6320 gmutlu@otokar.com.tr Emre Altuğ IR & Corporate Governance R
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