Koc Holding A.s. · BIST:KCHOL
Koc Holding A.s — H1 2022 Earnings Presentation
25 slides from Koc Holding A.s's earnings presentation, Aug 16, 2022
Slide 1: Koç Holding 1H22 Earnings Presentation
KOÇ HOLDING 1H22 EARNINGS PRESENTATION 16 AUGUST 2022 1H22 Earnings Presentation
Slide 2: Agenda
Agenda Koç Holding Key Indicators Highlights on Main Sectors Selected Unlisted Companies Historical NAV 2 1H22 Earnings Presentation
Slide 3: Agenda
Agenda Koç Holding Key Indicators Highlights on Main Sectors Selected Unlisted Companies Historical NAV 3 1H22 Earnings Presentation
Slide 4: Focus on Sustainability and Resilience: Sectoral & Geographical Diversification
Focus on Sustainability and Resilience Sectoral & Geographical Diversification Net Asset Value Breakdown by Sector1 International Revenues / Total Combined Revenues 58% Auto including FX linked (PC & CV Manufacturing) 31% 31% Auto 30% revenues of Tüpraş (Other) 11% Finance 15% Refining 16% Oil & Gas
Slide 5: Focus on Sustainability and Resilience: Solid Liquidity Maintained
Focus on Sustainability and Resilience Solid Liquidity Maintained Net Cash Bridge TL Million = USD 275mn = USD 127mn 3 Net cash including - 556 USD 510mn 775 4,452 - 2,752 Net cash YKB AT1 as of 2021YE 7,463 including YKB AT1 + USD 1.8bn - 3,494 Gross cash including YKB AT1 as of 2021YE 3,566 1 + US
Slide 6: Key Metrics
Key Metrics Fundamentals Remain Intact on the Back of Prudent Management Strong Cash Position Solid Liquidity Flat FX Position USD 127mn 1.2x Flat Solo Current Ratio Solo Net Cash on Combined Basis3 FX Position + USD 1.4bn + USD 281mn Gross Cash Consolidated FX position TL 1 after natural hedge4 8%
Slide 7: Agenda
Agenda Koç Holding Key Indicators Highlights on Main Sectors Selected Unlisted Companies Historical NAV 7 1H22 Earnings Presentation
Slide 8: Energy
Energy Robust Refining Margins Supported Bottom-Line Domestic Market Sales Volume Crack Margins 1H22 Highlights Million Tonnes USD/bbl, Monthly Diesel Jet Fuel Gasoline 31.9 Strong domestic demand y/y -1% +58% +34% -0.6% 30.1 Growth Record high refining margins 23.9 9.6 9.5 Higher capacity utilizati
Slide 9: Automotive
Automotive Solid Export Contracts and Favorable Product Mix Sales Volume Monthly Growth Trend 1H22 Highlights Thousand Units y/y Koç Total Turkey Exports Ma rket Share 17% 60% 21% 27% 45% Passenger Cars (Turkey) Favorable product mix Light Commercial (Turkey) 700% y/y -10% -6% +3% -9% +1% Solid expo
Slide 10: Consumer Durables
Consumer Durables Resilient Revenues, yet Increased Costs due to Global Challenges Reflected on Margins Sales Volumes Across Markets Monthly Growth Trend 1H22 Highlights Million Units y/y " Koç Ma rket Share 20% 68% 26% 30% 41% Strong revenue growth with disciplined pricing y/y Contribution of newly
Slide 11: Finance
Finance Strong Top-Line Performance Supported by Continued Improvement in Margin and Fees TL Lending Growth Sector’s Loans & Deposits 1H22 Highlights 13 Weeks Annualized TL, USD Billion 100% Private State Sector Ongoing market share gains on small ticket TL lending & demand 80% 1H22 q/q ytd y/y depo
Slide 12: Group's 1H22 Financial Performance
Group’s 1H22 Financial Performance Robust y/y Performance at all Segments Financial Performance TL Million Consumer Energy Automotive Finance Other TOTAL Durables Combined Revenues 1 310,143 114,998 70,240 63,842 22,832 582,055 Change (y/y) 278% 100% 120% 116% 122% 175% Segment Share in Total 53% 20
Slide 13: Agenda
Agenda Koç Holding Key Indicators Highlights on Main Sectors Selected Unlisted Companies Historical NAV 13 1H22 Earnings Presentation
Slide 14: Value within Unlisted Companies
Value within Unlisted Companies Eye-catching Performance of Unlisted Companies Selected Unlisted Companies’ Financials TL Million Revenues EBITDA1 Book Value We evaluated the most suitable positioning of Entek for achieving strategic goals within the Koç Group would be under Tüpraş given the scope
Slide 15: Agenda
Agenda Koç Holding Key Indicators Highlights on Main Sectors Selected Unlisted Companies Historical NAV 15 1H22 Earnings Presentation
Slide 16: Historical NAV Discount
Historical NAV Discount Unwarranted NAV Discount Given Strong Fundamentals Relative Share Performance of Koç Holding vs. Koç Group1 Effective Ownership Adjusted Mcap Changes of the Listed Portfolio Companies Rebased at 2021YE USD Million 60% 51% 65 52 37 14 50% 336 -28 -43 -207 -7 7.466 -139 7.545 D
Slide 17: Q&A
Q&A 1H22 Earnings Presentation
Slide 18: Appendix - Our ESG Journey
Appendix - Our ESG Journey We are committed to be carbon neutral by 2050 .The Koç Group Carbon Transition Roadmap Sustainability Indicators 27% 49% One of the first signatories of Reduction in Scope 1 & 2 Reduction in Scope 1 & 2 GHG emissions until GHG emissions until UN Global Compact and UN WEPS
Slide 19: Focus on Sustainability and Resilience: Dividend Income
Focus on Sustainability and Resilience Business Model Ensures Sustainability of Dividend Income Dividend Income Dividend Payout1 TL Million TL Million Dividend 5,227 2020 2021 Aug'22 vs.2021 Tüpraş (via EYAŞ) -- -- -- n.m. Dividend Ford Otosan 421 1,382 1,763 28% Payout 12% 16% 15% 3,497 Tofaş 451 5
Slide 20: Appendix - Consolidated Key Financial Figures
Appendix - Consolidated Key Financial Figures Consolidated Main Financial Indicators Consolidated Net Income TL Million TL Million 1H21 1H22 y/y 22,162 + 2,787 + 67 + 137 Revenues 131,960 385,878 192% + 4,807 Gross Profit 29,113 87,900 202% Operating Profit 13,355 53,615 301% + 9,052 Profit Before T
Slide 21: Appendix – Selected Unlisted Companies
Appendix – Selected Unlisted Companies Selected Unlisted Companies’ Summary Financials Koç Holding Revenues Operating Profit1 EBITDA Book Value (SHE) TL Million Direct Share 1H21 1H22 1H21 1H22 1H21 1H22 1H21 1H22 Arçelik LG Klima 5.00% 1,302 3,439 103 259 114 271 522 604 Bilkom 69.94% 2,598 4,394 7
Slide 22: Appendix - 2022 Expectations of the Listed Group Companies
Appendix - 2022 Expectations of the Listed Group Companies TÜPRAŞ 2021A 2022E - Feb'22 2022E-May'22 2022E-Aug'22 TOFAŞ 2021A 2022E - Feb'22 2022E-Aug'22 ARÇELİK 2021A 2022E - Feb'22 2022E-May'22 2022E-Aug'22 Sector Sector ('000) Revenue 67% >60% >80% >90% Med Complex ($/bbl) 1.6 2.0-3.0 Withdrawn Wi
Slide 23: Appendix - Shareholding Structures
Appendix - Shareholding Structures Koç Holding Koç Family: 64.3%1 Free Float: 26.4% Vehbi Koç Foundation: 7.3% Koç Pension Fund: 2% Share Buyback: 0.04% Consumer Energy Automotive Finance Other Durables Tüpraş Ford Otosan Arçelik Yapı Kredi Bank Tat Gıda EYAŞ: 51% KH: 39% KH: 41% KH: 27.02% KH: 44%
Slide 24: Contact Koç Holding Investor Relations
Contact Koç Holding Investor Relations investorrelations@koc.com.tr Visit our website at: www.koc.com.tr/investor-relations Nursel Ilgen, CFA, Coordinator Investor Relations nurseli@koc.com.tr +90 216 531 0414 Sinem Baykalöz, Manager Investor Relations sinemb@koc.com.tr +90 216 531 0533 24 1H22 Earn
Slide 25: Disclaimer
Disclaimer This presentation does contain forward-looking statements that reflect the Company management’s current views with respect to certain future events based on the base-case assumptions. Although it is believed that the expectations reflected in these statements are reasonable, they may be a