Koc Holding A.s. · BIST:KCHOL
Koc Holding A.s — FY2022 Earnings Presentation
26 slides from Koc Holding A.s's earnings presentation, Feb 10, 2023
Slide 1: Koç Holding 2022 Earnings Presentation
KOÇ HOLDING 2022 EARNINGS PRESENTATION 10 FEBRUARY 2023 2022 Earnings Presentation
Slide 2: Agenda
Agenda Koç Holding Key Indicators Highlights on Main Sectors Unlisted Companies Our ESG Journey Historical NAV 2 2022 Earnings Presentation
Slide 3: Agenda
Agenda Koç Holding Key Indicators Highlights on Main Sectors Unlisted Companies Our ESG Journey Historical NAV 3 2022 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 55% Auto including FX linked (PC & CV Manufacturing) 32% 32% Auto 30% revenues of Tüpraş (Other) 12% Finance 19% 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 74mn Net cash including - 2,752 Net cash including YKB AT1 as of 2021YE YKB AT1 + 6,038 + USD 1.8bn - 3,494 + USD 1.5bn Gross cash including 3,566 1 Gross cash including YKB AT1 as of 2021Y
Slide 6: Key Metrics
Key Metrics Fundamentals Remain Intact on the Back of Prudent Management Strong Cash Position Solid Liquidity FX Position USD 74mn 1.3x +USD 35mn Solo Current Ratio Solo Net Cash on Combined Basis2 FX Position + USD 1.3bn - USD 319mn Gross cash Consolidated FX position TL 3% after natural hedge3 Har
Slide 7: Agenda
Agenda Koç Holding Key Indicators Highlights on Main Sectors Unlisted Companies Our ESG Journey Historical NAV 7 2022 Earnings Presentation
Slide 8: Energy
Energy Robust Net Refining Margins Boosted Bottom-Line Domestic Market Sales Volume Crack Margins 2022 Highlights Million Tonnes USD/bbl, Monthly Resilient domestic demand y/y -7% +41% +9% -3.6% 37.8 Growth 33.5 Robust crack margins and wider differentials 24.0 22.3 Higher capacity utilization 11M21
Slide 9: Automotive
Automotive Solid Export Contracts and Favorable Product Mix Sales Volume Monthly Growth Trend 2022 Highlights Thousand Units y/y Koç Total Turkey Exports Ma rket Share 19% 61% 23% 29% 43% Passenger Cars (Turkey) Favorable product mix Light Commercial (Turkey) 120% y/y +5% +9% +24% +7% +4% Recovery i
Slide 10: Consumer Durables
Consumer Durables Strong Revenues, yet Higher Costs due to Global Challenges Reflected on Margins Sales Volumes Across Markets Monthly Growth Trend 2022 Highlights Million Units y/y " Koç 20% 68% 26% 30% 41% Strong revenue growth with disciplined pricing Market Share Contribution of newly acquired o
Slide 11: Finance
Finance Strong Top-Line Performance Supported by Continued Improvement in Margin and Fees TL Lending Growth Sector’s Loans & Deposits 2022 Highlights 13 Weeks Annualized TL, USD Billion 100% Private State Sector Focus on market share gain in small ticket TL loans & deposits 80% 2022 qtd y/y Loans 7.
Slide 12: Group's 2022 Financial Performance
Group’s 2022 Financial Performance Robust y/y Performance at all Segments Financial Performance TL Million Consumer Energy Automotive Finance Other TOTAL Durables Combined Revenues 1 713,727 312,873 153,713 168,699 56,527 1,405,539 Change (y/y) 211% 125% 100% 129% 123% 158% Segment Share in Total 51
Slide 13: Agenda
Agenda Koç Holding Key Indicators Highlights on Main Sectors Unlisted Companies Our ESG Journey Historical NAV 13 2022 Earnings Presentation
Slide 14: Value within Unlisted Companies
Value within Unlisted Companies Eye-catching Performance of Unlisted Companies Unlisted Financials TL Million An integrated player in the electricity market Revenues EBITDA1 Book Value • Total installed capacity 442 MW 2022 y/y 2022 y/y 2022 y/y • Applied for a preliminary license for a total capaci
Slide 15: Agenda
Agenda Koç Holding Key Indicators Highlights on Main Sectors Unlisted Companies Our ESG Journey Historical NAV 15 2022 Earnings Presentation
Slide 16: 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 UN Global Compact and UN WEPS GHG emissions until GHG emissions until
Slide 17: Agenda
Agenda Koç Holding Key Indicators Highlights on Main Sectors Unlisted Companies Our ESG Journey Historical NAV 17 2022 Earnings Presentation
Slide 18: 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 250% 176% 298 270 21 176% 599 305 14,794 Discount to 200% 168%
Slide 19: Appendix
Appendix 2022 Earnings Presentation
Slide 20: Business Model Ensures Sustainability of Dividend Income
Focus on Sustainability and Resilience Business Model Ensures Sustainability of Dividend Income Dividend Income Dividend Payout1 TL Million Dividend TL Million 2019 2020 2021 2022 vs.2021 Tüpraş (via EYAŞ) 1,489 - - - n.m. Dividend 15% 18% 12% 16% Payout Ford Otosan 494 421 1,382 2,536 84% 6,038 Tof
Slide 21: Appendix - Consolidated Key Financial Figures
Appendix - Consolidated Key Financial Figures Consolidated Main Financial Indicators Consolidated Net Income TL Million TL Million 2021 2022 y/y + 9,329 + 859 +5 69,806 Revenues 346,689 901,857 160% + 17,353 Gross Profit 80,064 226,835 183% Operating Profit 34,675 149,346 331% + 27,066 Profit Before
Slide 22: Appendix - Unlisted Companies
Appendix - Unlisted Companies Unlisted Summary Financials TL Million Koç Holding Revenues Operating Profit1 EBITDA Book Value (SHE) Direct Share 2021 2022 y/y 2021 2022 y/y 2021 2022 y/y 2021 2022 y/y Arçelik LG Klima 5.00% 2,105 4,757 126% 126 387 208% 146 411 181% 528 619 17% Bilkom 70.00% 5,443 1
Slide 23: Appendix - 2023 Expectations of the Listed Group Companies
Appendix - 2023 Expectations of the Listed Group Companies TÜPRAŞ 2022A 2023E TOFAŞ 2022A 2023E TÜRKTRAKTÖR 2022A 2023E Net Margin ($/bbl) 16.5 11.0-12.0 Sector ('000) Sector ('000) CUR 92% 85-90% Total TR LV Sales 783 775-825 Total TR Tractor Sales 67 57-63 Production (mn tons) 26.0 ~24-25 Tofaş ('
Slide 24: Appendix - Shareholding Structures
Appendix - Shareholding Structures Koç Holding Koç Family: 63.7%1 Free Float: 26.7% Vehbi Koç Foundation: 7.3% Koç Pension Fund: 2% Share Buyback: 0.04% Consumer Energy Automotive Finance Other Durables Tüpraş Ford Otosan Tat Gıda EYAŞ: 46.4% Arçelik Yapı Kredi Bank KH: 39% KH: 41% KH: 27.02% KH: 44
Slide 25: 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, Head of IR, Coordinator Investor Relations nurseli@koc.com.tr +90 216 531 0414 Sinem Baykalöz, Manager Investor Relations sinemb@koc.com.tr +90 216 531 0533
Slide 26: 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