Haci Omer Sabanci Holding A.s. · BIST:SAHOL
Haci Omer Sabanci Holding A.s — Hacı Ömer Sabancı Holding A.Ş. — Q3 2012 Earnings Presentation
24 slides from Haci Omer Sabanci Holding A.s's earnings presentation, 2012
Slide 1: 2012 Q3 Earnings Presentation
2012 Q3 Earnings Presentation 1
Slide 2: Disclaimer Statement
Disclaimer Statement The information and opinions contained in this document have been compiled by Hacı Ömer Sabancı Holding A.Ş. (“Holding”) from sources believed to be reliable and in good faith, but no representation t ti or warranty, t expressed d or iimplied, li d is i made d as to t their th i
Slide 3: Turkey Macro Outlook Update-Q3 2012
Turkey Macro Outlook Update-Q3 2012 • A mild recovery y in economic activity y in the Q Q2 through g external demand • Deceleration in economic g growth in the Q Q3 • Consumer driven growth solid, export and intermediate products demand stagnant • Weak investment spending • Weakening of global deman
Slide 4: 2013 Expectations
2013 Expectations 2011 2012(E) 2013(E) GDP Growth,% , 8.5 3.2 3.5 Increase in CPI (%), annual 10.45 7.2 7.0 USD/TL year end USD/TL, 1 89 1.89 1 85 1.85 1 95 1.95 Budget Deficit/GNP, % (1.4) (2.3) (2.0) 1Y Bond Yield, year end, % 11.1 6.8 7.85 Current Acc. Balance/GNP, % (9.9) (7.4) (7.2) Moderate gr
Slide 5: Calculation of EBITDA and Net Income Excluding Non-Operational Items
Calculation of EBITDA and Net Income Excluding Non Non-Operational Operational Items 2011 Q3 2012 Q3 SALES 5.675 6.623 17% EBITDA 1.167 1 167 1.371 1 371 Restructuring Costs - (8) Fixed asset sale gains 111 - Goodwill income on Best Buy Acquisition 18 - Other (19) - EBITDA-EXCLUDING 1.057 1.378 30%
Slide 6: Results Snapshot-2012 Q3
Results Snapshot-2012 Q3 BANK NON-BANK 5,675 6,623 Strong banking topline Consolidated 3 049 3.049 2.828 growth continues: 26% Net Sales 8% revenue growth in non 2.847 3.574 bank segment, mainly (Million TL) driven by retail and energy 2011 Q3 2012 Q3 1,378** 1 057** 1,057 297 30% EBITDA growt
Slide 7: Non-bank Results-Q3
Non-bank Results-Q3 ENERGY RETAIL INSURANCE INDUSTRY CEMENT OTHER 2,828 3,049 436 531 Consolidated 759 940 Topline growth mainly 8% driven by energy and Net Sales 334 354 retail (Million TL) 1 173 1.173 1 086 1.086 2011 Q3 2012 Q3 338 297 EBITDA decrease due to 67 27 66 industrials segment: EBIT
Slide 8: Energy
Energy % MILLION TL 2011 Q3 2012 Q3 Change SALES (NET) 471 564 19,7 COST OF SALES (385) (475) 23,4 OPERATIONAL EXPENSES (43) (48) 13,3 OTHER INCOME/(EXPENSE) - - n.m. OPERATING INCOME 44 41 (7,1) EBITDA 67 66 (0,7) EBITDA EXCLUDING NON 67 66 (0,7) OPERATIONAL ITEMS EBITDA Margin (%) 14,2% 11,8% Stab
Slide 9: Enerjisa P&L
Enerjisa P&L % MILLION TL 2011 Q3 2012 Q3 Change SALES (NET) 942 1 128 1.128 19 7 19,7 EBITDA 133 133 (0,7) NET INCOME (104) 29 128 1 128,1 EBITDA Margin g ( (%) ) 14,2% , 11,8% , Flat sales volume reflecting new sales strategy in generation business and increasing sales in distribution Generation&T
Slide 10: Enerjisa Balance Sheet
Enerjisa Balance Sheet % MILLION TL 31.12.2011 30.09.2012 Change C ASH AND C ASH EQUIVALENTS 307 543 76,7 TRADE REC EIVABLES 460 521 13,3 OTHER C URRENT ASSETS 457 483 5,6 TOTAL CURRENT ASSETS 1.224 1.547 26,4 PROPERTY, PLANT AND EQUIPMENT 4.309 5.452 26,5 INTANGIBLE ASSETS 1.992 1.953 (1,9) OTHER N
Slide 11: Enerjisa-Details for Valuation (as of 30.09.2012)
Enerjisa-Details for Valuation (as of 30.09.2012) INVESTED MILLION TL % EQUITY Q DEBT CAPITAL OPERATIONAL PROJECTS 5.084 56% 2.680 2.403 &DISTRIBUTION ONGOING INVESTMENTS 3.931 44% 1.963 1.967 TOTAL 9.014 4.644 4.371 Enerjisa’s total invested capital exceeded 9 billion TL… 11
Slide 12: Retail
Retail % MILLION TL 2011 Q3 2012 Q3 Change SALES (NET) 761 941 23,7 COST OF SALES (595) (753) 26,7 OPERATIONAL EXPENSES (158) (169) 7,5 OTHER INCOME/(EXPENSE) 23 3 (85,9) OPERATING INCOME 31 21 (31,6) EBITDA 45 36 (19,9) EBITDA EXCLUDING NON 27 39 41 8 41,8 OPERATIONAL ITEMS EBITDA Margin (%) 3,6% 4
Slide 13: Teknosa
Teknosa % MILLION TL 2011 Q3 2012 Q3 Change SALES (NET) 404 586 45,0 EBITDA 42 30 (27,4) EBITDA EXCLUDING NON 24 30 26,5 OPERATIONAL ITEMS NET INCOME 27 13 (51,0) NET INCOME EXCLUDING 8 13 54,4 NON OPERATIONAL ITEMS EBITDA Margin (%) 5,9 5,2 Strong like-for-like growth continues… continues 43% Tekno
Slide 14: Cement
Cement % MILLION TL 2011 Q3 2012 Q3 Change SALES (NET) 334 355 6,0 COST OF SALES (241) (266) 10,5 OPERATIONAL EXPENSES (14) (15) 5,6 OTHER INCOME/(EXPENSE) 1 1 13,0 OPERATING INCOME 80 74 (7,5) EBITDA 96 93 (3,5) EBITDA EXCLUDING NON 96 93 (3 ) (3,5) OPERATIONAL ITEMS EBITDA Margin (%) 28,8% 26,2% M
Slide 15: Insurance
Insurance % MILLION TL 2011 Q Q3 2012 Q Q3 Ch Change SALES (NET) 96 128 33,9 COST OF SALES (103) (110) 7,3 OPERATIONAL EXPENSES (18) (22) 25,6 OTHER INCOME/(EXPENSE) 32 15 (51,6) OPERATING INCOME 7 11 55,7 Solid operating results Aksigorta Combined Ratio(%) Improvement of 4 percentage points 101 1 1
Slide 16: Avivasa
Avivasa % MILLION TL 2011 Q3 2012 Q3 Change SALES (NET) 34 45 33,8 OPERATING INCOME 10 13 23,2 NET INCOME 19 14 (24 2) (24,2) AUM 2 913 2.913 3 763 3.763 29 2 29,2 20% increase in Market Consistent Embedded Value Net Contribution (million TL) Market Consistent Embedded Value (million TL) 682 744 122
Slide 17: Industrials
Industrials % MILLION TL 2011 Q3 2012 Q3 Change SALES (NET) 1.175 1.086 (7,5) COST OF SALES (983) (961) (2,3) OPERATIONAL EXPENSES (88) (94) 6,7 OTHER INCOME/(EXPENSE) (11) 20 n.m. OPERATING INCOME 94 52 (44,4) EBITDA 127 89 (30,5) EBITDA EXCLUDING NON 137 94 (31,5) OPERATIONAL ITEMS EBITDA Margin (
Slide 18: Kordsa Global
Kordsa Global % MILLION TL 2011 Q3 2012 Q3 Change SALES (NET) 426 367 (13 8) (13,8) EBITDA 54 43 (20,6) NET INCOME 20 7 (62,7) EBITDA Margin (%) 12,7 11,7 Global slowdown affected the demand and margins… Tire Cord, Fabric and Yarn Sales Quantity (000 tones) 42 37 -12% 2011 Q3 2012 Q3 18
Slide 19: Brisa
Brisa % MILLION TL 2011 Q3 2012 Q3 Change SALES (NET) 339 365 7 7 7,7 EBITDA 42 57 35,4 NET INCOME 20 24 19,9 EBITDA Margin (%) 12,3 15,5 Gain in market share continues… Market Share (Replacement-%) Tire Sales (000 tones) 27% 31% 3 % 36 35 -1% 2011 Q3 2012 Q3 2011 Q3 2012 Q3 19
Slide 20: Net Sales
Net Sales % MILLION TL 2011 Q3 2012 Q3 Change TOTAL 5.675 6.623 16,7 BANK 2 847 2.847 3 574 3.574 25 5 25,5 NON-BANK 2.828 3.049 7,8 ENERGY 436 531 21 9 21,9 RETAIL 759 940 23,7 CEMENT 334 354 6 0 6,0 INSURANCE 96 128 34,0 INDUSTRY 1.173 1.086 (7,4) OTHERS 30 10 (68,1) Strong revenue growth continue
Slide 21: EBITDA (Excluding Non Operational Items)
EBITDA (EXCLUDING NON OPERATIONAL ITEMS) % % % 2011 Q3 2012 Q3 Margin Margin Change TOTAL 1 057 1.057 18 6% 18,6% 1 378 1.378 20 8% 20,8% 30 4% 30,4% BANK 635 22,2% 1.074 29,9% 69,2% NON-BANK 338 11,8% 297 9,6% -12,0% ENERGY 67 14,2% 66 11,8% -0,6% RETAIL 27 3,6% 39 4,1% 41,8% CEMENT 96 28,8% 93 26,
Slide 22: Leverage and Consolidated FX Position
Leverage and Consolidated FX Position Million USD NET FX POSITION (excl. bank) December 31, 2011 September 30, 2012 ENERGY (881) (991) INDUSTRY (144) (159) CEMENT (5) 26 RETAIL 13 (1) HOLDING,INSURANCE&OTHER 579 430 TOTAL (438) (695) TOTAL* 1 (190) Million USD NET DEBT / ( (CASH) ) (excl. bank & ins
Slide 23: Organic Growth / Investments (Million TL)
Organic Growth / Investments (Million TL) %35 489 363 2011 Q3 2012 Q3 2011 Q3 2012 Q3 4%1% 12% 4% 1% Bank Insurance 11% Industrials 17% 15% Cement 56% Energy 4% 65% Retail 8% Other 23 Investments continued in all segments led by energy…
Slide 24: Q&A
Sabanci of Rising Turkey PUBLIC
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