Akcansa Cimento Sanayi Ve Ticaret A.s. · BIST:AKCNS
Akcansa Cimento Sanayi Ve Ticaret A.s — FY2023 Earnings Presentation
18 slides from Akcansa Cimento Sanayi Ve Ticaret A.s's earnings presentation, Feb 28, 2024
Slide 1: 2023 Full Year Results
2023 Full Year Results February 28th, 2023 Jason South, CFO
Slide 2: Key messages for FY 2023
Key messages for FY 2023 ▪ Unless indicated otherwise, figures shown in this presentation have been adjusted for hyper-inflation accounting. For discussion purposes, nominal figures are shown in some cases ▪ Strong operational performance: Full year revenue +12%, EBITDA +143%, Net Income +23%
Slide 3: Total cement demand in Turkey increased by 20% in Oct '23 vs '22
Total cement demand in Turkey increased by 20% in Oct ’23 vs ’22 with 53.1 mio t 7% 17% 28% 22% 8% 34% 29% Akcansa Cement Factories Akcansa’s core market Marmara Region represents 23% of total domestic market. Source: TCMA and company estimations 3
Slide 4: Flexible distribution network key as market demand shifts
Flexible distribution network key as market demand shifts Turkish Cement Market (kTon) 20% Akcansa Revenue Distribution 2022 2023 53,149 2022 FY 2023 FY Dom. Cement (10-M YTD) 17% 22% 29% 44,214 8% 7% 28% +34% 23% 12.281 30% 10.460 9.584 10.874 8.906 7.442 4.718 5.119 5.449 5.814 3.775 4.826 3.464 4
Slide 5: Company Performance
Company Performance 5
Slide 6: Full year cement volume in line with expectations while ready-mix improved
Full year cement volume in line with expectations while ready-mix improved +4.2% -5.0% -1.3% 1,974 7,265 7,168 1,876 1,801 -8.4% +2.3% +4.5% 836 2,884 749 766 2,760 CEM (mt) RMC (mm3) CEM (mt) RMC (mm3) 4Q22 3Q23 4Q23 FY22 FY23 6
Slide 7: Full year sales outpaced inflation and increased 12.2% on strong domestic demand
Full year sales outpaced inflation and increased 12.2% on strong domestic demand Q4 Sales (mTRY) Full Year Sales (mTRY) 2023 FY Inflation Accounting Effect 8,075 +12.2% +68.4% 18,724 +43.2% +1.1% 3,739 16,684 3,739 14,985 4,291 4,336 3,029 8,899 4Q22 3Q23 4Q23 4Q23 Nominal Nominal Nominal Indexed FY
Slide 8: EBITDA growth from margin improvement mainly resulting from lower energy costs
EBITDA growth from margin improvement mainly resulting from lower energy costs Q4 EBITDA (mTRY) Full Year EBITDA (mTRY) +70.6% -44.2% +142.6% 2023 FY Inflation +166.1% 1,246 Accounting 3,930 Effect 3,565 365 1,061 365 696 1,620 408 1,340 EBITDA % 13% 29% 16% 13% 15% 24% 10% 21% 4Q22 3Q23 4Q23 4Q23 F
Slide 9: Net income impacted by hyper-inflation effects on depreciation and deferred tax
Net income impacted by hyper-inflation effects on depreciation and deferred tax Net Income (mTRY) Depreciation +5.5% +160.6% +47.2% -772 -815 3,963 -128 -188 +22.5% FY22 FY23 FY22 FY23 2,371 Nominal Nominal Indexed Indexed 1,935 1,521 Deferred Tax Income Net Income 17% 26% 12% 13% % +57.6% -96.6% FY
Slide 10: Solid free cash flow generation and the leverage at a very good level
Solid free cash flow generation and the leverage at a very good level with -0.2x Cash Conversion Rate: 44% 3,930 600 0.6 Net Debt/EBITDA (LTM) 319 Net Debt (mTL) -607 300 -190 262 0.3 0.2 0 -950 -300 0.0 1,730 -636 -78 -600 -0.2 -0.3 -900 -968 -1,200 -0.6 EBITDA Tax Working Asset CAPEX MGL* Other Fr
Slide 11: Continuous ESG focus resulted in higher ranking in Refinitiv, #2 globally
Continuous ESG focus resulted in higher ranking in Refinitiv, #2 globally 2023 Score -9% 770 753 753 35% 724 701 87 649 +9 ppts 23% 2nd of 120 in global ranking 22% 19% 18% 14% 2023 2022 2022 A- B A- 2019 2020 2021 2022 2023 2030 2019 2020 2021 2022 2023 2030 Climate Water Supplier Change Security E
Slide 12: Q&A
Q&A Heidelberg O Materials O@eanc!
Slide 13: Follow Us
Follow Us /AKCANSA /COMPANY/AKCANSA /AKCANSA /AKCANSA 13
Slide 14: Disclaimer
Disclaimer This presentation («Presentation») has been prepared by Akçansa Çimento Sanayi ve Ticaret A.Ş. for the sole purpose of providing information («Information») relating to Akçansa. Presentation is based on public information and data produced by Akçansa and basically demonstrates forward loo
Slide 15: Contact Information
Contact Information Jason South CFO Dinçer Bulan Financial Planning, Analysis & IR Group Manager Ahmet Yılmaz Financial Planning, Analysis & IR Manager Hilal Yıldız Çelik Corporate Governance Executive investor.relations@akcansa.com.tr 15
Slide 16: Appendix
Appendix Heidelberg O Materials O@eanc!
Slide 17: w/o IAS 29 Financials - Summary
w/o IAS 29 Financials - Summary Q4 (mTRY) Full Year (mTRY) +43.2% +1.1% +68.4% 4,291 4,336 14,985 3,029 8,899 Sales 4Q22 Nominal 3Q23 Nominal 4Q23 Nominal FY22 Nominal FY23 Nominal +70.6% -44.2% +166.1% 1,246 3,565 696 408 1,340 EBITDA 13% 29% 16% 15% 24% 4Q22 Nominal 3Q23 Nominal 4Q23 Nominal FY22
Slide 18: Heidelberg Materials
Heidelberg Materials Heidelberg CO ieee? odeanc:
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