Cimsa Cimento Sanayi Ve Ticaret A.s. · BIST:CIMSA
Cimsa Cimento Sanayi Ve Ticaret A.s — FY2024 Earnings Presentation
24 slides from Cimsa Cimento Sanayi Ve Ticaret A.s's earnings presentation, Feb 28, 2024
Slide 1: Financial Results '24
FINANCIAL RESULTS ‘24 February 28, 2024
Slide 2: Disclaimer
Disclaimer The information and opinions contained in this document have been compiled by Çimsa Çimento Sanayi ve Ticaret A.Ş. (“CIMSA”) from sources believed to be reliable and in good faith, but no representation or warranty, expressed or implied, is made as to their accuracy, completeness or corre
Slide 3: A traditional cement player, transforming to a global & diversified building materials company
A traditional cement player, transforming to a global & diversified building materials company Germany [Hamburg] [Munich] Republic of Ireland Italy [Ballyconnell] [Trieste] United States Grey Clinker: 1.2 mt [Houston] Türkiye Spain [Mersin] White Grinding : [Bunol] 300 kt [Eskişehir] White Clinker:
Slide 4: Strategic Roadmap: How We Planned The Transformation?
Strategic Roadmap: How We Planned The Transformation? Grey to Green, Local to Global, Cement to Building Materials Value Maximisation Cost Optimization Network Optimization; Increase in Alternative Fuel Usage Asset/Carbon/Energy Optimization Close Proximity to Customers in Export Markets; New Sustai
Slide 5: Strategic Initiatives: What have we done so far?
Strategic Initiatives: What have we done so far? Completed Completed Completed Completed Completed Completed Completed DOMESTIC SABANCI CALCIUM BUÑOL PLANT AFYON SOLAR BUNOL SOLAR MANNOK NETWORK TECHNOLOGY ALUMINATE ACQUISITION POWER PLANT POWER PLANT ACQUISITION OPTIMISATION CENTER CEMENT • Kayseri
Slide 6: Strategic Initiatives: What's on the road?
Strategic Initiatives: What’s on the road? Q1 2025 Q2 2025 Q4 2025 H1 2026 ESKİŞEHİR WHR ESKİŞEHİR SOLAR US GREY CEMENT CAC CAPACITY INCREASE INVESTMENT POWER PLANT GRINDING PLANT IN MERSIN • Whr capacity 5.500 kWp, 40.000 MWh • Solar power capacity 14,2 MW, 20.000 • 700 kt grey cement capacity. ann
Slide 7: Expanding into Great Britain and the Island of Ireland: the acquisition of Mannok
Expanding into Great Britain and the Island of Ireland with the latest investment: the acquisition of Mannok Mannok; integrated manufacturer of 2024 FINANCIAL FIGURES MANNOK cement, thermal building insulation, building materials and plastic food packaging products in GB, ROI & NI. EBITDA Headquarte
Slide 8: Focusing on long term value creation
Focusing on long term value creation EBITDA (USDmn) Çimsa Shares Relative Performance* Çimsa Dividend Performance Pay-out Ratio Dividend Yield Çimsa BIST Taş, Toprak BIST100 ~169 4.6% 10 0.0 % 5.0 % 142 90 .0% 4.5 % 664 80 .0% 3.2% 3.3% 4.0 % 102 70 .0% 3.5 % 84 60 .0% 3.0 % 66 50 .0% 2.5 % 55 1.3%
Slide 9: 2024 Snapshot
ciM@® 2024 SNAPSHOT
Slide 10: Strong Türkiye operations and improved costs reflected positively on EBITDA margin
Strong Türkiye operations and improved costs reflected positively on EBITDA margin NET SALES 2024 ➢ Türkiye cement consumption growth was 10.1% y/y in Nov’24 YTD while TRY28,2bn* cement export from Türkiye decreased by 4.9%. -4.9% y/y ➢ Çimsa’s consolidated volumes increased in 2024, driven mainly b
Slide 11: Domestic consumption continued to grow while exports remained weak
Domestic consumption continued to grow while exports remained weak despite y/y increase in Oct-Nov’24 period in 2024 TÜRKİYE CEMENT CONSUMPTION* Domestic - mt Çimsa’s Regions - mt y/y y/y • Domestic consumption increased by +0.8% +10.1% -1.1% +11.5% 65.4 0.8% y/y in Oct-Nov’24 period on a 59.4 25.6
Slide 12: Strong volume performance in Türkiye mitigated the weakness in export markets
Strong volume performance in Türkiye mitigated the weakness in export markets ÇİMSA SALES VOLUME Consolidated - kt y/y -2.4% +3.3% 6,657 6,874 • Çimsa’s consolidated sales volume increased by 3.3% y/y in 2024. In 4Q24, volumes were down by 2.4% y/y. 1,893 1,847 • Çimsa’s Türkiye sales volume increas
Slide 13: Stabilized energy & fuel prices supported margins
Stabilized energy & fuel prices supported margins c.29% y/y decline in average electricity prices in 2024. Stable since January, 2024. 183 Average: Average: 149 USD75 USD70 112 92 97 75 84 75 81 79 77 70 72 72 65 64 69 64 65 71 68 72 70 55 ENERGY* c.37% y/y decline in average petcoke prices in 2024.
Slide 14: Financial Update
FINANCIAL UPDATE
Slide 15: EBITDA margin expansion driven by volume growth and lower input costs
EBITDA margin expansion driven by volume growth and lower input costs NET SALES EBITDA & EBITDA MARGIN* NET INCOME & NET INCOME MARGIN* TRYmn TRYmn TRYmn 19.8% 9,000 9,000 29,604 28,151 17.9% 18.0% 15.0% 20.0% 8,000 8,000 16.0% 12.4% 7,000 7,000 5,560 14.0% 6,000 5,287 15.0% 6,000 4,445 12.0% 5,000
Slide 16: Strong balance sheet maintained despite continuous investments
Strong balance sheet maintained despite continuous investments NET WORKING CAPITAL NET DEBT & LEVERAGE 8,0 00 20 ,00 0 3.0 0x 14.8% 16 .0% 18 ,00 0 2.38x 7,0 00 2.0 0x 14 .0% 16 ,00 0 13,223 6,0 00 0.53x 12 .0% 14 ,00 0 9.8% 1.0 0x 4,180 5,0 00 12 ,00 0 10 .0% 4,0 00 10 ,00 0 0.0 0x 2,897 8.0 % 8,0
Slide 17: Çimsa's Sustainability Milestones in 2024
Çimsa’s Sustainability Milestones in 2024 • Included in FTSE4Good • SBTi approved Çimsa’s • USD 70 million Green • EUR 25 million Emerging Markets Index science based targets! Loan from IFC Sustainability Loan for the first time! from EBRD • reduce gross scope 1 • First in Sabancı Holding. and 2 GHG
Slide 18: Thank You! Q&A
ciM@® THANK YOU! Q&A
Slide 19: Appendix
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Slide 20: Profit & Loss Statement
Profit & Loss Statement TRY ('000) 2023 2024 Revenue 29,604,214 28,150,518 Cost of sales (23,786,698) (22,106,374) Gross Profit 5,817,516 6,044,144 General and administrative expense (2,042,086) (2,695,765) Marketing, selling and distribution expense (108,168) (180,727) Research and development expe
Slide 21: Balance Sheet
Balance Sheet TRY ('000) December-23 December-24 TRY ('000) December-23 December-24 Current Assets 17,449,762 19,282,109 Current Liabilities 12,816,266 24,736,960 Cash and cash equivalents 9,105,525 7,687,489 Borrowings* 5,209,235 13,871,178 Trade receivables 3,385,066 5,657,831 Trade payables 4,618
Slide 22: Cash Flow Statement
Cash Flow Statement TRY ('000) December-23 December-24 A CASH FLOWS FROM OPERATING ACTIVITIES 4,090,657 6,405,749 Profit before taxation 4,240,984 3,904,509 Adjustments to reconcile net profit/loss for the period 775,020 5,739,124 Changes in working capital (288,619) (2,951,124) Cash flows from oper
Slide 23: Key Financial Metrics w/o IAS29
Key Financial Metrics w/o IAS29 NET SALES EBITDA NET INCOME TRYbn TRYbn TRYbn SBS-TL Çimsa 5.5 26.3 14.7 3.5 3.4 16.6 3.0 9.6 11.5 7.0 2023 2024 2023 2024 2023 2024 Important Disclosure: In line with the Capital Markets Board of Turkey’s announcement dated 08.08.2024 numbered 42/1263, in order to en
Slide 24: Thank You!
ciM@® THANK YOU!
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