Koc Holding A.s. · BIST:KCHOL
Koc Holding A.s — FY2015 Earnings Presentation
27 slides from Koc Holding A.s's earnings presentation, Feb 15, 2016
Slide 1: Koç Holding FY15 Earnings Presentation
Koç Holding FY15 Earnings Presentation 15 February 2016
Slide 2: FY15 Operating Environment
FY15 Operating Environment www.koc.com.tr 2
Slide 3: Risk aversion regarding emerging markets left Turkish financial markets under pressure
Risk aversion regarding emerging markets combined with domestic political developments left Turkish financial markets under pressure 14 Nominal Interest Rates (Annually Comp, %) 5.0 Real Interest Rates (%, ex-ante) 12 4.0 3.7 11.09 10 3.0 8 2.0 1.0 6 0.0 4 02.01.14 07.03.14 10.05.14 13.07.14 15.09.1
Slide 4: Inflation remains above official targets
Inflation remains above official targets 14 Annual Inflation (%) 12 10 9.58 8 6 5.94 4 2 0 01.2013 04.2013 07.2013 10.2013 01.2014 04.2014 07.2014 10.2014 01.2015 04.2015 07.2015 10.2015 01.2016 CPI PPI % July Aug Sep Oct Nov Dec Jan ‘16 CPI (Annual) 6.8 7.1 8.0 7.6 8.1 8.8 9.6 CPI (Monthly) 0.09 0.
Slide 5: Economic activity in the last quarter of 2015 remained resilient
Economic activity in the last quarter of 2015 remained resilient GDP Growth (Annual, %) Industrial Production 8 130 34.0 10.0 32.0 6 125 30.0 5.0 28.0 4 120 Billion TL 0.0 26.0 % 24.0 -5.0 2 115 22.0 20.0 0 110 -10.0 18.0 -15.0 16.0 -2 105 1-2008 3-2008 1-2009 3-2009 1-2010 3-2010 1-2011 3-2011 1-20
Slide 6: Sharp decline in energy import bill helps current account deficit to contract substantially
Sharp decline in energy import bill helps current account deficit to contract substantially December 2015 Last 12 Months $ Billion Annual Chg. $ Billion Annual Chg. Exports 11.8 -11.1% 143.9 -8.7% Imports 18.0 -17.5% 207.2 -14.4% Trade Balance -6.2 -27.4% -63.3 -25.2% 5 -5 -15 -25 -35 -32.2 -45 -55
Slide 7: FY15 Koç Group
FY15 Koç Group www.koc.com.tr 7
Slide 8: Energy – Koç Group Companies
Energy – Koç Group Companies Tüpraş Capacity Utilizations & White Product Yield Tüpraş&Med Complex Margins – US$/Barrel Capacity Utilizations – % White Product Yield – % Tüpraş Clean Tüpraş Inventory Med Complex 102.5 72.2 75.4 Gross / Net Gross / Net Effect Margin Ref. Margin Ref. Margin 4.4 74.9 3
Slide 9: Automotive – Ford Otosan & Tofaş vs Sector
Automotive – Ford Otosan & Tofaş vs Sector Sales Units, Domestic Market * Sales Development, Domestic Market * – Units, Monthly Koç Market 14% 13% 56% 56% 19% 23% 23% 24% +6% Share 180000 +25% 160000 1200000 1000000 +24% 140000 +75% +68% 120000 +38% +41% +5% 800000 +39% +35% 100000 -5% -4% 600000 +3
Slide 10: Consumer Durables – Arçelik vs Sector
Consumer Durables – Arçelik vs Sector Sales Units, Domestic Market * Sales Development, Domestic Market * – Units, Monthly +6% 8000000 7000000 900000 +13% -3% 800000 +5% 6000000 +6% +28% +7% +2% 700000 -5% 5000000 +16% 600000 -2% 4000000 +4% +8% +3% +3% 500000 +1% 3000000 +10% 400000 2000000 300000
Slide 11: Finance – Yapı Kredi Bank
Finance – Yapı Kredi Bank Phase 1 complete: Invest (2014 &2015) Phase 2: Harvest +77 new branches to 1,000 Invest +1.2 million Investments complete & +2,661 headcount to 19,345 customers Acquire +1,299 ATMs to 4,332 acquired in Continued pace of Customers 2 years customer acquisition +129% incre
Slide 12: FY15 Financial Results
FY15 Financial Results www.koc.com.tr 12
Slide 13: Group's Overall Financial Performance
Group’s Overall Financial Performance Consumer FY15 Change Over TL million Energy Automotive Finance Other Durables Total FY14 Total Combined Revenues * 62,397 35,868 14,652 21,515 9,880 144,311 8% Combined Gross Profit 5,723 4,466 4,601 9,189 1,691 25,670 34% Combined Operating Profit ** 3,842 2,45
Slide 14: Combined Revenues
Combined Revenues Combined Revenues – TLmn Segmental Combined Revenues Breakdown – % +8% 144,311 133,467 Automotive 25% Energy Consumer 43% Durables 10% Finance 2014 2015 15% Other 7% Segment Contribution to Combined Revenues – TLmn -9% 68,343 62,397 +34% 35,868 +13% +28% +16% 26,829 21,515 14,652 1
Slide 15: Combined Operating Profit
Combined Operating Profit * Combined Operating Profit – TLmn Segmental Combined Operating Profit Breakdown – % +71% Energy 11,035 35% Automotive 6,440 22% Other 2% Consumer Durables 2014 2015 Finance 10% 31% Segment Contribution to Combined Operating Profit – TLmn +499% 3,842 +11% +46% 3,382 3,045 2
Slide 16: Combined Net Income
Combined Net Income Combined Net Income – TLmn Segmental Combined Net Income Breakdown – % +34% 8,889 Energy Automotive 6,642 8,710* 30% 23% +37% 6,340* Other Consumer 6% Durables 10% 2014 2015 Finance 31% Segment Contribution to Combined Net Income – TLmn +85% +12% 2,671 +33% 2,754 2,465 +76% 2,083
Slide 17: Consolidated Net Income
Consolidated Net Income Consolidated Net Income – TLmn Segmental Consolidated Net Income Breakdown – % +32% 3,568 Energy Automotive 2,710 30% +39% 3,389* 24% 2,435* Consumer Other Durables 11% 10% 2014 2015 Finance 26% Segment Contribution to Consolidated Net Income – TLmn +11% +79% +32% 1,060 +72%
Slide 18: Combined Exports & International Sales
Combined Exports & International Sales Combined Exports – US$mn Combined International Sales – US$mn 14,917 -10% 18,680 -16% 13,375 15,701 2014 2015 2014 2015 www.koc.com.tr 18
Slide 19: Combined Investments
Combined Investments Combined Investments – TLmn Segmental Investments Breakdown – % 7,614 -11% Automotive 6,808 46% Consumer Durables Energy 10% 30% 2014 2015 Other Finance 5% 9% www.koc.com.tr 19
Slide 20: Koç Holding Net Cash Position
Koç Holding Net Cash Position Koç Holding Stand-Alone 31.12.2015 Net Cash Position Total Debt: ~US$ 0.75 bn Total Cash: ~US$ 1.49 bn Net Cash: ~US$ 735mn Consolidated Net Debt / Cash Excl. Finance 9M15 2015 ~US$ -4.4bn ~US$ -3.8bn www.koc.com.tr 20
Slide 21: SPV Debt
SPV Debt Initial Loan Amount US$ 1.8 billion Remaining Debt as of year-end 2015 TL 644 million April 2017 * Maturity of the Debt (to be paid in two equal installments) * As the required debt servicing in EYAŞ is low, dividend distribution to Koç Holding might start as early as 2016. www.koc.com.tr 2
Slide 22: FX Position
FX Position Koç Holding Stand-Alone FX Position 9M15 2015 US$ + 46mn US$ +40mn Koç Holding Consolidated FX Position FX Position Weighted by Effective Ownership 9M15 2015 9M15 2015 US$ -2.8bn US$ -2.6bn* US$ -1.2bn US$ -1.1bn * The natural hedging mechanisms due to FX linked pricing of Tüpraş invento
Slide 23: Consolidated Main Financial Indicators
Consolidated Main Financial Indicators € Mn* US$ Mn* TL Mn TL Mn Change Change 31.Dec.2015 31.Dec.2015 31.Dec.2015 31.Dec.2014 %, TL %, US$ Revenues 23,024 25,548 69,492 68,622 p 1 q -19 Gross Profit 3,795 4,211 11,454 7,512 p 52 p 23 Operating Profit 2,212 2,455 6,677 3,222 p 107 p 67 Profit Before
Slide 24: Q&A
Q&A www.koc.com.tr 24
Slide 25: 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 26: Shareholder Structures as of December 2015
Shareholder Structures as of December 2015 Koç Holding Koç Family: 68.51% Free Float: 22.24% Vehbi Koç Foundation: 7.26% Koç Pension Fund: 1.99% Consumer Energy Automotive Finance Other Durables Ford Otosan Arçelik Tat Gıda Tüpraş KH share: 38.46% Koç Financial Services SPV share: 51.00% KH share: 4
Slide 27: For Further Questions, Please Contact
For Further Questions, Please Contact : investorrelations@koc.com.tr www.koc.com.tr IR Application Funda Güngör Akpınar, Coordinator Investor Relations fundag@koc.com.tr +90 216 531 0535 Gizem Bodur, Manager Investor Relations gizemb@koc.com.tr +90 216 531 0533 Neslihan Aycıl, Manager Investor Relat