Koc Holding A.s. · BIST:KCHOL
Koc Holding A.s — H1 2009 Earnings Presentation
25 slides from Koc Holding A.s's earnings presentation, August 2009
Slide 1: Koç Holding 1H09 Earnings Presentation
Koç Holding 1H09 Earnings Presentation August 2009
Slide 2: Operating Environment & Koç Group
loi 1H09 OPERATING ENVIRONMENT & KOG GROUP
Slide 3: 2Q09: Mild Recovery in Economic Activity
2Q09: Mild Recovery in Economic Activity GDP Growth Rates %,YoY Industrial Production %,YoY 15 15 12 8 10 7 10 3 3 2 4 5 5 0 0.3 -5 0 -4 -4 -10 -7 -5 -15 -10 -13 -20 -10 -18 -19 -17 -25 -21 -21 -15 -24 -13.8 -30 Jul Jan Feb Jun Jan Feb Jun Oct Mar Mar May Nov Dec May Sep Aug Apr Apr -20 1Q 2Q 3Q 4Q
Slide 4: Continued Loosening in Monetary Policy
Continued Loosening in Monetary Policy 25 23 20.59% 21 19 19.12% 17 15 O/N 13 Compound 11 9 9.50% 8.06% 7 J M M J S N J M M J S N J M M J 2007 2008 2009 4
Slide 5: Contracting Export Markets, Improving Imbalances
Contracting Export Markets, Improving Imbalances Exports & Imports %,YoY Jan - Jun 12 Month 60 2008 2009 Foreign Trade US$ bn YoY US$ bn YoY 40 20 Exports 47.7 -31% 111.0 -12% 0 Imports 62.3 -41% 158.4 -20% -20 -40 -29 -36 Trade Balance -14.6 -61% -47.4 -34% -60 N D F O S J J J J A A M M Current Acc
Slide 6: Automotive
Automotive Sales Units, Market January-July Sales Development, Market Units, Monthly -1% 350000 +30% +32% 70000 300000 +9% +3% 250000 60000 +10% 200000 -17% 50000 -32% 150000 -37% -38% 40000 100000 50000 30000 0 20000 Light Com m ercial Passenger Cars TOTAL 10000 Vehicles 0 2008 189,549 115,259 304,
Slide 7: Consumer Durables
Consumer Durables White Goods Sales Units, Market January-July White Goods Sales Development, Market Units, Monthly 3500000 -7% +22% -13% +11% 3000000 600000 2500000 -6% 500000 -18% 2000000 -13% -5% 400000 -28% -30% 1500000 0% 1000000 -5% 300000 500000 0 200000 Washing Refrigerator Dishw asher Oven
Slide 8: Finance
Finance YTD 2Q09 vs 1Q09 Consumer Loans Change %, Monthly 1H09 Loan Growth YKB Sector YKB Sector 5 4 Total Loans -2% 0% -3% 1% 3 2 TL Loans -4% 3% 1% 5% 1 0 FC Loans ($) 1% -5% 1% 0% -1 -2 Consumer Loans 4% 3% 4% 3% -3 -4 Housing Loans 10% -3% 6% 3% -5 -6 Auto Loans -5% -13% 2% -3% F-08 O-08 N-08 D-
Slide 9: Energy
Energy Brent Petroleum US$/barrel Gross 2007 2008 2009 Margin 160 ($/bbl) 1Q 1H 9M FY 1Q 1H 9M FY 1Q 1H 140 120 100 Med 5.7 6.5 5.6 5.3 3.7 5.0 5.6 5.5 3.4 2.4 US$73.51 Complex 80 60 Tüpraş 5.0 7.2 7.1 7.2 7.8 10.5 11.3 10.9 9.3 9.3 40 20 Difference -0.7 0.8 1.6 1.9 4.1 5.5 5.7 5.4 5.9 6.9 0 F-08 O-
Slide 10: Koç Holding Has Continued to Trade at the Lowest Discount to NAV Among Peer Group
Koç Holding Has Continued to Trade at the Lowest Discount to NAV Among Peer Group ISE-100 Discount / Premium to NAV 2004 2005 2006 2007 2008 60,000 58,232 (Annual Average) 55,000 Koç Holding + 10% + 5% + 1% - 15% - 22% 50,000 48,073 45,000 Peer Group* Average - 29% - 29% - 25% - 31% - 42% 40,000 35,
Slide 11: Financial Results
loi 1H09 FINANCIAL RESULTS
Slide 12: Robust Financial and Operational Performance Despite the Ongoing Macro Challenges
Robust Financial and Operational Performance Despite the Ongoing Macro Challenges Revenues TL19,942mn (US$12,404mn) 29% YoY decline in TL terms and 46% in US$ terms Operating Profit TL1,757mn (US$1,093mn) 49% YoY decline in TL terms and 61% in US$ terms 1H08 figure includes the one-off gains
Slide 13: Main Financial Indicators
Main Financial Indicators € Mn* US$ Mn* TL Mn TL Mn Change Change 30.Jun.09 30.Jun.09 30.Jun.09 30.Jun.08 %, TL %, US$ Revenues 9,315 12,404 19,942 28,213 T -29 T -46 Gross Profit 1,970 2,624 4,218 4,504 T -6 T -29 EBITDA 1,025 1,364 2,193 3,834 T -43 T -56 Operating Profit 821 1,093 1,757 3,433 T -
Slide 14: Revenues Stood at TL 19.9 billion with the Largest Contribution Coming From the Energy Segment
Revenues Stood at TL 19.9 billion with the Largest Contribution Coming From the Energy Segment Total Revenues TLmn Share of Segment Revenues % 29% Automotive 28,213 13% 19,942 Energy 52% Durables 16% Finance Other 15% 5% 1H08 1H09 Segment Contribution to Total Revenues TLmn 40% 17,100 10,289 33% 6%
Slide 15: Energy and Finance had the Highest Contribution to EBITDA
Energy and Finance had the Highest Contribution to EBITDA EBITDA Consumer Consolidated Energy Automotive Finance Other TL mn Durables Total 1H09 836 269 345 639 105 2,193 Total EBITDA TLmn Segmental EBITDA Breakdown % Automotive 43% 12% 3,834 Energy 38% 18% Durables 2,193 16% 2,681 Normalized Other
Slide 16: Improved Margins in Energy, Consumer Durables and Finance Segments
Improved Margins in Energy, Consumer Durables and Finance Segments Segment Contribution to EBITDA TLmn 34% 92% 1,271 1,246 15% 836 35% 639 555 416 345 345 269 Normalized 105 94 Energy Autom otive Durables Finance Other 1H08 1H09 EBITDA Margin by Segment % 120.4 21.6 18.8 11.2 10.7 10.2 10.8 Normaliz
Slide 17: Best Operating Profit Performance was Registered in the Finance Sector
Best Operating Profit Performance was Registered in the Finance Sector Operating Profit Consumer Consolidated Energy Automotive Finance Other TL mn Durables Total 1H09 664 177 251 594 71 1,757 Total Operating Profit TLmn Segmental Operating Profit Breakdown % Automotive Energy 10% 49% 38% 3,433 Dura
Slide 18: Strong Margins Maintained Despite the Difficult Operating Environment
Strong Margins Maintained Despite the Difficult Operating Environment EBITDA Margin % EBITDA Margin excl. Finance % 13.6 13.0 11.0 9.2 9.2 8.4 9.5 8.4 Normalized Normalized 1H07 1H08 1H09 1H07 1H08 1H09 Operating Profit Margin % 12.2 8.8 7.5 8.1 Normalized 1H07 1H08 1H09 18
Slide 19: Strong Liquidity and Balance Sheet Management
Strong Liquidity and Balance Sheet Management Koç Holding Stand-Alone 30.06.2009 Net Cash Position Total Debt: ~US$ 0.3 bn Total Cash: ~US$ 1.05 bn Net Cash: ~US$ 750 mn 2010-2013 Redemption Schedule US$ 300 mn – to be paid in equal annual installments of US$ 75 mn each January Consolidated Net Debt
Slide 20: Strong Resilience Against FX Volatility
Strong Resilience Against FX Volatility Koç Holding Stand-Alone FX Position YE08 1Q09 1H09 US$ + 334mn US$ + 290mn US$ + 290mn Koç Holding Consolidated FX Position FX Position Weighted by Effective Ownership 3Q08 YE08 1Q09 1H09 1Q09 1H09 US$ - 4.2bn US$ - 2.2bn US$ - 2.3bn* US$ - 2.3bn* US$ - 1.4bn
Slide 21: 1H09 Business Focus: Risk Management & Efficiency Measures
1H09 Business Focus: Risk Management & Efficiency Measures Strict cost cutting measures and efficiency gains Stringent risk management measures Strong balance sheet and liquidity management Further streamlining of management processes Optimum capacity utilization rates Effective working
Slide 22: Q&A
& A | www.koc.com.tr | 22
Slide 23: 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 24: Shareholder Structures as of June 2009
Shareholder Structures as of June 2009 Koç Holding Koç Family: 70.52% Free Float: 20.34% Vehbi Koç Foundation: 7.15% Koç Pension Fund: 1.99% Consumer Energy Automotive Finance Other Durables Tüpraş Ford Otosan Arçelik (**) Tat Konserve KH share: 42.70%(*) KH share: 38.46% Koç Financial Services KH s
Slide 25: For Further Questions, Please Contact
For Further Questions, Please Contact : investorrelations@koc.com.tr Funda Güngör, Coordinator Investor Relations Strategic Planning Group fundag@koc.com.tr +90 216 531 0535 Asli Selçuk, Manager Investor Relations Strategic Planning Group aslii@koc.com.tr +90 216 531 0537 Neslihan Aycil, Associate I