Vestel Elektronik Sanayi Ve Ticaret A.s. · BIST:VESTL

Vestel Elektronik Sanayi Ve Ticaret A.s — Investor Presentation (2004)

18 slides from Vestel Elektronik Sanayi Ve Ticaret A.s's investor presentation, Jun 12, 2004

  1. Slide 1: Vestel

    'VESTEL CITIUS ALTIUS FORTIUS Ado

  2. Slide 2: Operations

    OPERATIONS

  3. Slide 3: Company Profile

    Company Profile ƒ Established in 1983 as a manufacturer of consumer electronics and the largest OEM in Europe ƒ Has over 20% share of colour TVs sold in Europe in 2003 ƒ Increasing focus towards high end TV production and digital appliances ƒ One of the first movers into the digital era with dedicat

  4. Slide 4: New Technological Developments

    New Technological Developments Current State of the Art and Market for Displays ƒ Strong demand for High-end Flat CRT Displays ƒ Accelerated transition to LCD Panel Displays (Higher G LCD factories coming on-line with higher availability, lower prices) ƒ Plasma and MEMS positioning to niche segments

  5. Slide 5: Competitive Advantages

    Competitive Advantages Products Cost ƒ Effective and efficient production • Relatively low labor costs management • Geographic proximity to Europe and ƒ Wide range of products and models Asia ƒ Ability to tailor products to meet customer • Customs Union tax advantage for the requirements EU market ƒ

  6. Slide 6: Total Sales

    Total Sales Products (Units) 2000 2001 2002 2003E 2004F TV 5.317.455 4.615.776 6.355.798 7.657.000 10.650.000 Refrigerator 235.955 429.336 723.606 1.105.000 1.600.000 Washing Machine 80.763 38.999 37.734 75.000 800.000 Air Condition 25.143 32.517 57.246 179.000 350.000 Digital products 836.674 975.7

  7. Slide 7: Exports

    Exports Products (Units) 2000 2001 2002 2003E 2004F TV 4.915.526 4.418.782 6.086.779 7.125.000 10.000.000 Refrigerator 70.724 320.440 610.292 890.000 1.300.000 Washing Machine - - - 22.000 600.000 Air Condition 5,146 10.021 22.289 114.000 250.000 Digital products 640.058 952.368 2.367.695 4.018.000

  8. Slide 8: Domestic Sales

    Domestic Sales Products (Units) 2000 2001 2002 2003E 2004F TV 401.929 196.994 269.019 532.000 650.000 Refrigerator 165.231 108.896 113.314 215.000 300.000 Washing Machine 80.763 38.999 37.734 53.000 200.000 Air Condition 19.997 22.496 34.957 65.000 100.000 Digital products 196.616 23.363 54.356 400.

  9. Slide 9: Domestic Market Size

    Domestic Market Size Products 2000 2001 2002 2003 2004E TV 1.700.000 958.000 1.083.000 1.500.000 1.700.000 Refrigerator 1.465.000 1.017.000 1.088.000 1.300.000 1.450.000 Washing Machine 1.415.000 795.000 823.000 1.080.000 1.300.000 Dish Washer 500.000 264.000 281.000 255.000 290.000 1.800.000 1.600.

  10. Slide 10: Capacity

    Capacity Products (Units) 2000 2001 2002 2003 2004F TV 6.000.000 6.500.000 7.000.000 8.000.000 12.000.000 Refrigerator 600.000 600.000 700.000 1.200.000 2.500.000 Washing Machine - - 900.000 900.000 900.000 Air Condition - - 350.000 350.000 350.000 Digital products 880.000 1.050.000 3.000.000 4.500.

  11. Slide 11: Capital Expenditures - 2004

    Capital Expenditures - 2004 ƒ Vestel Electronics 160 156 140 ƒ Plastic injection (high end) - $10m 120 ƒ Automatic insertion (high end) - $15m 100 ƒ Optimization (high end) - $2m 80 ƒ New plant (digital products) for Vestelkom – $26m 60 58 ƒ Warehouse - $5m 43 ƒ Moulding - $20m 40 28 20 30 20 ƒ Vest

  12. Slide 12: Total Revenue ($m)

    Total Revenue ($m) 2001 2002 2003E 2004F Domestic 237 210 345 450 Export 881 1.205 1.515 2.050 TOTAL 1.118 1.415 1.860 2.500 2.500 2.000 1.500 1.000 500 0 2001 2002 2003 2004E 10

  13. Slide 13: Is China a threat?

    Is China a threat? •No flexibility in production and design to meet highly segmented European customer requirements •Limited number of models •Anti-dumping taxes for non-EU CTVs in place •Limited number of distribution channels in Europe •No geographic proximity to Europe, thus focus on huge local m

  14. Slide 14: Vestel White - Rationale

    Vestel White - Rationale •Vestel Group has initiated further investment plans to fuel the considerable profitable growth of Vestel White Goods •Surging demand in the domestic market is forcing Vestel Pazarlama (Domestic Marketing) to increase the number of exclusive Vestel shops which distribute all

  15. Slide 15: Vestel White - Forecasts

    Vestel White - Forecasts Year end 31/12 (€m) 2003 2004 2005 2006 2007 Sales 192 313 426 481 550 Gross Profit 37 59 79 89 103 EBITDA 32 50 66 75 86 Shareholders’ Equity 48 69 94 124 162 Net Debt 63 94 115 121 117 600 500 400 300 200 100 0 2003 2004 2005 2006 2007 13

  16. Slide 16: Financials

    FINANCIALS

  17. Slide 17: Balance Sheet

    Balance Sheet IAS (USD million) 31/12/2002 30/6/2003 TOTAL ASSETS 1,728 1,541 Cash and MS 318 325 Trade Receivables 526 494 Inventories 331 256 PPE (net) 233 231 TOTAL LIABILITIES 1,110 895 ST Loans 68 50 Trade Payables 563 481 ƒ Bankers’ Acceptances 105 117 LT Loans 369 286 TOTAL EQUITY 618 645 14

  18. Slide 18: Income Statement

    Income Statement IAS (USD million) 2003/6 2002/6 2003/6 % 2002/6 % NET SALES 841 883 Cost of Sales 676 677 80.4 76.6 GROSS PROFIT 165 206 19.6 23.4 Income from Operations 70 121 8.3 13.7 Financial Expenses 23 62 2.7 7.0 Net Income 31 29 3.7 3.3 EBITDA 92 147 10.9 16.6 15

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