Koc Holding A.s. · BIST:KCHOL
Koc Holding A.s — H1 2019 Earnings Presentation
18 slides from Koc Holding A.s's earnings presentation, Aug 8, 2019
Slide 1: Koç Holding 1H19 Earnings Presentation
Koç Holding 1H19 Earnings Presentation 8 August 2019
Slide 2: Focus on Sustainability and Resilience
Focus on Sustainability and Resilience Consolidated Net Income (TL mn) Dividend Income (TL mn) 2,560 2,692 2 -14% 2,205 ~2x 2,337 ~80% of dividend 1 2Q 1,418 Normalized income from -10% 1,425 1,228 1,291 companies with FX or FX linked revenues 1Q 1,141 779 1H18 1H19 2016 2017 2018 2019 Sustainable p
Slide 3: Disciplined Approach
Disciplined Approach Strong US$ 2.7 bn gross cash → 79% in US$, 21% in TL US$ 2.3 bn total debt Cash Position (Solo) US$ +400 mn net cash (US$ +617 mn including YKB AT1) 3 Eurobonds totaling US$ 2.25 bn Stable - Mar’19: US$ 750 mn, 6 yrs, 6.5% coupon (to prefinance US$750mn Eurobond due in Apr’20) F
Slide 4: Energy
Energy Sales Volume, Domestic Market (mn tons) Aygaz (‘000 tons) -7% Sales Volume Ranking: #1 Energy Segment +1% Share in Share in 1,003 1,013 Combined Consolidated 466 515 Operating Profit 2 Net Income +3% 24 16 -2% +1% 357 336 29% 11% 157 146 Diesel Jet Fuel Gasoline LPG 1H18 1H19 5M18 10.03 1.80
Slide 5: Automotive
Automotive Sales Units, Domestic Market (‘000) Export Units, Turkey (‘000) Koç Koç Share 14% 20% 53% 54% 22% 21% 22% 26% Share 44% 43% Automotive Segment -45% -8% Share in Share in -43% 688 Combined Consolidated 635 Operating Profit 1 Net Income -50% -56% 29% 33% Passenger Light Heavy TOTAL Cars Com
Slide 6: Consumer Durables
Consumer Durables Sales Units, Market (mn) Export Units, Turkey (mn) +2% Consumer Durables Segment +1% 10.0 10.1 Share in Share in -9% Combined Consolidated +5% Operating Profit 1 Net Income +2% 12% 9% Western Eastern Turkey S. Africa Europe Europe 1H18 3.9 24.5 8.9 1.0 1H18 1H19 1H19 3.5 25.1 9.3 1
Slide 7: Finance
Finance YKB Profitability YKB Operational Performance Net Income (NI) & ROTE Cost/Income CoR Pre-Provision Profit (PPP) (TL mn) Finance Segment +25% 6,084 14.2% Share in Share in PPP 4,864 12.5% 2.56% 38.2% 2.33% Combined Consolidated 36.6% Operating Profit Net Income -4% NI 2,471 2,361 30% 39% 1H18
Slide 8: Group’s Overall Financial Performance
Group’s Overall Financial Performance Consumer TL mn, 1H19 Energy Automotive Finance Other Total Durables Combined Revenues 1 75,465 34,501 17,603 24,644 7,892 160,105 y/y 22% 11% 28% 38% 34% 23% Combined Operating Profit2 2,762 2,768 1,123 2,889 -28 9,513 y/y -25% 17% 29% -9% 34% -6% Combined Profi
Slide 9: Consolidated Net Income
Consolidated Net Income 1 1 Consolidated Net Income (TL mn) Normalized Normalized +7% -10% y/y -59% -8% +52% -4% +31% -14% 2,560 71 34 2,205 - 361 - 64 -34 1H18 Energy Auto Cons. Durables Finance Other 1H19 1H18 1H19 Other Other Energy 4% 6% 11% Energy 24% Auto Finance 33% 35% Finance Auto 39% Cons.
Slide 10: Wrap-Up
Wrap-Up Diversified portfolio and disciplined risk policies providing sustainable performance Value creation and diversifying businesses further always a key priority Solid net cash position www.koc.com.tr 10
Slide 11: 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
Slide 12: ANNEX
ANNEX www.koc.com.tr] 12
Slide 13: Consolidated Main Financial Indicators
Consolidated Main Financial Indicators 1H19 TL mn 1H18 1H19 Y/Y € mn $ mn Revenues 57,860 74,750 29% 11,795 13,325 Gross Profit 8,755 10,413 19% 1,643 1,856 Operating Profit 4,994 5,395 8% 851 962 Profit Before Tax 3,753 2,992 -20% 472 533 Taxes (net) -84 20 --- 3 4 Net Income Before Non-controlling
Slide 14: Combined Net Income – Consolidated Net Income
Combined Net Income – Consolidated Net Income Combined Net Income (TL mn) 1 y/y -56% -1% +35% -4% -0.4% -15% Normalized -13% 1 Normalized 6,634 +7% 5,669 2,510 2,405 1,727 1,880 1,864 761 349 472 168 167 Energy Auto Cons. Durables Finance Other Total Consolidated Net Income (TL mn) 1 y/y -59% -8% +5
Slide 15: Unlisted Companies
Unlisted Companies 1H19 Koç Hol di ng Revenues Opera ting Profi t1 EBITDA Book Va l ue (SHE) TL mn Di rect Sha re 1H18 1H19 1H18 1H19 1H18 1H19 1H18 1H19 Arçel i k LG Kl i ma 5.00% 670 568 50 54 57 64 296 318 Bi l kom 69.94% 1,271 1,620 37 77 38 78 86 158 Düzey 31.15% 869 908 -5 9 -3 17 18 0 Entek 4
Slide 16: 2019 Expectations of Listed Koç Group Companies
2019 Expectations of Listed Koç Group Companies TÜPRAŞ 2018A 2019E ARÇELİK 2018A 2019E Sector Med Complex ($/bbl) 4.6 3.75-4.25 Sector Tüpraş Total WG Sales -17% -15% Net Margin ($/bbl) 9.3 6.0-7.0 Arçelik CUR 96% 95-100% Revenue +29% +20-25% Production (mn tons) 25.7 28.0 EBITDA Margin 10.4% 10.5%
Slide 17: Shareholding Structures
Shareholding Structures Koç Holding Koç Family: 64.3%1 Free Float: 26.5% Vehbi Koç Foundation: 7.3% Koç Pension Fund: 2% Consumer Energy Automotive Finance Other Durables Tüpraş Ford Otosan Arçelik Yapı Kredi Bank Tat Gıda SPV: 51% KH: 38% KH: 41% KFS: 81.9% KH: 44% Free float: 49% Ford: 41% Other K
Slide 18: For Further Questions, Please Contact
For Further Questions, Please Contact : investorrelations@koc.com.tr www.koc.com.tr IR Application Nursel İlgen, CFA, Coordinator Investor Relations nurseli@koc.com.tr +90 216 531 0414 Gizem Poyraz, Manager Investor Relations gizemb@koc.com.tr +90 216 531 0533 Neslihan Aycıl, Manager Investor Relati