Haci Omer Sabanci Holding A.s. · BIST:SAHOL
Haci Omer Sabanci Holding A.s — Q1 2012 Earnings Presentation
24 slides from Haci Omer Sabanci Holding A.s's earnings presentation, 2012
Slide 1: 2012 Q1 Earnings Presentation
2012 Q1 Earnings Presentation 1 PUBLIC
Slide 2: Disclaimer Statement
Disclaimer Statement The information and opinions contained in this document have been compiled or arrived at by Sabancı 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 correctness.
Slide 3: Turkey Macro Outlook Update-Q1 2012
Turkey Macro Outlook Update-Q1 2012 • Turkish economy grew by 8.5% in 2011 after 9.2% growth in 2010. • The economy slowed down in Q1 due to declining domestic demand. • Quarterly seasonally adjusted industrial production contracted by 1.5% q/q while expanding by 3.2% q/q in Q1 of 2011. • Domestic s
Slide 4: 2012 Expectations
2012 Expectations 2011 2012(P) GDP Growth,% 8.5 4.0 Increase in CPI (%), annual 10.45 7.0 USD/TL, year end 1.89 1.80 Budget Deficit/GNP,% (1.4) (1.8) Bond Interest, year end,% 11.1 9.5 Current Acc. Balance/GNP,% (10.0) (8.5) Soft landing, sustainable growth coupled with stable FX environment 4
Slide 5: Results Snapshot
Results Snapshot BANK NON-BANK 2,952 2,634 Revenue growth in both Net Sales 1,671 1,994 bank and non-bank (Million TL) 3,177 segments 3,038 2,892 2,805 2009 Q1 2010 Q1 2011 Q1 2012 Q1 135 Operational profitability 268 decrease due to tougher EBITDA* 46 218 banking environment and 1,309 964 temporary
Slide 6: Non-bank Results
Non-bank Results 12% 2.952 2.634 Double digit revenue growth Net Sales mainly through industrials, (M TL) energy and retail businesses 2011 Q1 2012 Q1 268 -19% Operating profit decrease EBITDA 218 mainly due to temporary severe weather conditions and natural (M TL)* gas outages 2011 Q1 2012 Q1 Net I
Slide 7: Non-bank Results
Non-bank Results ENERGY RETAIL INSURANCE 2,904 INDUSTRY CEMENT OTHER 2,604 12% 1,975 523 1,643 442 Double digit revenue Net Sales 319 704 787 growth mainly through 244 575 218 506 232 industrial, energy and retail (Million TL) 168 200 1,092 1,195 businesses 612 768 2009 Q1 2010 Q1 2011 Q1 2012 Q1 26
Slide 8: Impact of Severe Weather Conditions
Impact of Severe Weather Conditions Average Temperature 16.00 14.00 12.00 10.00 C0 8.00 6.00 4.00 2.00 0.00 January February March April 2009 2010 2011 2012 Significantly colder weather compared to preceding years CEMENT : 17% decrease in cement sales 8 volume due to slowdown in construction sector
Slide 9: Energy
Energy Million TL 2011 Q1 2012 Q1 % Change SALES (NET) 467 563 20.6 COST OF SALES (375) (505) 34.7 OPERATIONAL EXPENSES (43) (43) 1.7 OTHER INCOME/(EXPENSE) 1 0 (70.1) OPERATING INCOME 50 14 n.m EBITDA 68 38 (43.5) EBITDA EXCLUDING NON 68 38 (43.5) OPERATIONAL ITEMS EBITDA Margin (%) 14.6% 6.8% Gene
Slide 10: Enerjisa
Enerjisa Million TL 2011 Q1 2012 Q1 % Change SALES (NET) 934 1,126 20.6 COST OF SALES (750) (1,011) 34.7 OPERATIONAL EXPENSES (85) (87) 1.7 OTHER INCOME/(EXPENSE) 2 1 (70.1) OPERATING INCOME 100 28 n.m. EBITDA 136 77 (43.5) EBITDA EXCLUDING NON 136 77 (43.5) OPERATIONAL ITEMS EBITDA Margin (%) 14.6%
Slide 11: Industry
Industry Million TL 2011 Q1 2012 Q1 % Change SALES (NET) 1.093 1.195 9,3 COST OF SALES (893) (1.017) 13,9 OPERATIONAL EXPENSES (93) (106) 14,8 OTHER INCOME/(EXPENSE) (20) 5 n.m OPERATING INCOME 87 77 (11,7) EBITDA 119 113 (5,7) EBITDA EXCLUDING NON 141 113 (19,9) OPERATIONAL ITEMS EBITDA Margin (%)
Slide 12: Industry
Industry Tire Cord, Fabric and Yarn(000 tones) Tire Sales (000 tones) 37 40 45 38 30 32 26 24 2009 Q1 2010 Q1 2011 Q1 2012 Q1 2009 Q1 2010 Q1 2011 Q1 2012 Q1 Fiber (total sales quantity-000 tones) Automotive (total sales quantity) 64 69 3.073 3.293 51 2.221 1.945 27 2009 Q1 2010 Q1 2011 Q1 2012 Q1 2
Slide 13: Kordsa Global
Kordsa Global Million TL 2011 Q1 2012 Q1 % Change SALES (NET) 382 396 3.7 OPERATING INCOME 44 41 (7.9) EBITDA 58 56 (3.3) EBITDA EXCLUDING NON 58 56 (3.3) OPERATIONAL ITEMS NET INCOME 35 29 (15.4) EBITDA Margin (%) (excl. non 15.1% 14.1% operational items) Top line and operational profitability main
Slide 14: Brisa
Brisa Million TL 2011 Q1 2012 Q1 % Change SALES (NET) 284 321 12,9 OPERATING INCOME 25 20 (19,6) EBITDA 41 37 (7,9) EBITDA EXCLUDING NON 41 37 (7,9) OPERATIONAL ITEMS NET INCOME 16 13 (20,1) EBITDA Margin (%) (excl. non 14,3% 11,6% operational items) Top line growth despite severe weather conditions
Slide 15: Retail
Retail Million TL 2011 Q1 2012 Q1 % Change SALES (NET) 705 789 11.9 COST OF SALES (553) (622) 12.6 OPERATIONAL EXPENSES (144) (164) 14.3 OTHER INCOME/(EXPENSE) (1) 9 n.m. OPERATING INCOME 8 11 40.5 EBITDA 21 25 18.9 EBITDA EXCLUDING NON 21 25 18.9 OPERATIONAL ITEMS EBITDA Margin (%) 3.0% 3.2% Top li
Slide 16: Teknosa
Teknosa Million TL 2011 Q1 2012 Q1 % Change SALES (NET) 385.3 456.6 18.5 OPERATING INCOME 16.7 19.2 14.8 EBITDA 21.2 24.7 16.4 EBITDA EXCLUDING NON 21.2 24.7 16.4 OPERATIONAL ITEMS NET INCOME 8.6 9.0 3.6 EBITDA Margin (%) (excl. non 5.5% 5.4% operational items) Strong results crowned with an oversub
Slide 17: Cement
Cement Million TL 2011 Q1 2012 Q1 % Change SALES (NET) 232 218 (6,1) COST OF SALES (188) (181) (4,1) OPERATIONAL EXPENSES (13) (16) 16,7 OTHER INCOME/(EXPENSE) (4) (1) 75,6 OPERATING INCOME 26 21 (18,9) EBITDA 42 38 (9,6) EBITDA EXCLUDING NON 46 38 (17,4) OPERATIONAL ITEMS EBITDA Margin (%) 19,8% 17
Slide 18: Insurance
Insurance Million TL 2011 Q1 2012 Q1 % Change SALES (NET) 119 155 30.1 COST OF SALES (117) (138) 18.2 OPERATIONAL EXPENSES (16) (22) n.m OTHER INCOME/(EXPENSE) 14 13 (3.3) OPERATING INCOME 0 8 n.m Solid operating results Aksigorta Combined Ratio (%) 5.3% improvement 105,2 99,9 2011 Q1 2012 Q1 18 PUB
Slide 19: Avivasa
Avivasa Million TL 2011 Q1 2012 Q1 % Change SALES (NET) 40.4 48.0 18.9 OPERATING INCOME 6.4 8.5 33.3 NET INCOME 8.5 9.4 10.8 ASSETS UNDER MANAGEMENT- 2,643 3,269 23.7 PENSION Solid growth and profitability Assets Under Management (million TL) Net Business Contribution (million TL) 2.643 3.269 179 2.
Slide 20: Net Sales
Net Sales Million TL 2011 Q1 2012 Q1 % Change TOTAL 5,401 6,066 12.3 BANK 2,797 3,162 13.0 NON-BANK 2,604 2,904 11.5 INDUSTRY 1,092 1,195 9.4 RETAIL 704 787 11.8 ENERGY 442 523 18.3 CEMENT 232 218 (6.1) INSURANCE 118 154 30.3 OTHERS 16 28 74.2 Double digit revenue growth mainly through energy, retai
Slide 21: EBITDA (Excluding Non Operational Items)
EBITDA (EXCLUDING NON OPERATIONAL ITEMS) Million TL % % 2011 Q1 2012 Q1 % Change Margin Margin TOTAL 1,253 23.2% 916 15.1% (26.9) BANK 964 34.4% 729 22.9% (24.4) NON-BANK 268 10.2% 218 7.4% (18.6) INDUSTRY 141 12.9% 113 9.4% (19.9) CEMENT 46 19.8% 38 17.4% (17.4) ENERGY 69 14.9% 38 6.8% (44.6) RETAI
Slide 22: Leverage and Consolidated FX Position
Leverage and Consolidated FX Position Million USD NET FX POSITION (excl. bank) December 31, 2011 March 31, 2012 ENERGY (881) (943) INDUSTRY (144) (94) CEMENT (5) 7 RETAIL 13 1 HOLDING&OTHER 579 497 TOTAL (437) (532) TOTAL* (38) (96) Million USD NET DEBT / (CASH) (excl. bank & ins.) December 31, 2011
Slide 23: Organic Growth (Million TL)
Organic Growth (Million TL) %32 241 183 2011 Q1 2012 Q1 2011 Q1 2012 Q1 1% 7% 7% 6% 9% 26% 27% 48% 46% 11% 11% BANKING INSURANCE INDUSTRIALS CEMENT ENERGY RETAIL OTHER 23 PUBLIC Increasing investments for future profitability and growth…
Slide 24: Q&A
Sabanci of Rising Turkey
Haci Omer Sabanci Holding A.S. — Q1 2012 Earnings Presentation on 6ix