Koc Holding A.s. · BIST:KCHOL
Koc Holding A.s — FY2024 Earnings Presentation
24 slides from Koc Holding A.s's earnings presentation, Feb 18, 2025
Slide 1: Koç Holding 2024 Earnings Presentation
KOÇ HOLDING 2024 EARNINGS PRESENTATION 18 FEBRUARY 2025 2024 Earnings Presentation
Slide 2: Disclaimer
Disclaimer With the Capital Markets Board of Turkey’s Bulletin dated 28.12.2023 numbered 2023/81, CMB announced that issuers and capital market institutions shall prepare their annual financial statements ending on 31.12.2023 or later, in accordance with IAS 29 inflationary accounting provisions. Ac
Slide 3: Agenda
Agenda Koç Holding Key Indicators Highlights on Main Sectors Selected Unlisted Companies Historical NAV 3 2024 Earnings Presentation
Slide 4: Agenda
Agenda Koç Holding Key Indicators Highlights on Main Sectors Selected Unlisted Companies Historical NAV 4 2024 Earnings Presentation
Slide 5: Focus on Resilience: Sectoral & Geographical Diversification
Focus on Resilience Sectoral & Geographical Diversification Net Asset Value Breakdown by Sector1 International Revenues / Total Combined Revenues 30% 49% Auto Auto (PC & CV Manufacturing) 29% including FX linked (Other) revenues of Tüpraş 25% 14% Refining 14% Finance 22% Oil & Gas Distribution 3% Co
Slide 6: Focus on Resilience: Solid Liquidity
Focus on Resilience Solid Liquidity Enhanced Net Cash Bridge Solo, TL mn As of 31 December 2023: As of 31 December 2024: = USD 795mn 38,539 = USD 911mn Net cash including Net cash YKB AT1 as of 2023YE as of 2024YE + USD 1.56bn 1 - 22,470 32,103 1 + USD 1.68bn Gross cash including 23,402 6.350 4 Gros
Slide 7: Key Metrics
Key Metrics Fundamentals Remain Intact on the Back of Prudent Management Strong Cash Position Solid Liquidity FX Position USD 911mn 1.29x +USD 574mn Solo Current Ratio Solo Net Cash on Combined Basis2 long FX Position + USD 1.68bn Gross cash + USD 221mn Consolidated long FX position TL Hard Currency
Slide 8: Agenda
Agenda Koç Holding Key Indicators Highlights on Main Sectors Selected Unlisted Companies Historical NAV 8 2024 Earnings Presentation
Slide 9: Energy
Energy Healthy results with higher capacity utilization and lower energy expenses Domestic Market Sales Volume Crack Margins 2024 Highlights Million Tonnes USD/bbl, average (ytd) y/y +1% +6% +20% -6% Higher sales volume Growth 28.2 Lower energy expenses 23.8 23.9 26.2 Higher capacity utilization 11M
Slide 10: Automotive
Automotive Robust domestic market with heightened competition Monthly Trend 2024 Highlights Sales Volume Thousand Units Thousand Units Koç Total Turkey Exports Ma rket Share 12% 49% 21% 20% 36% Passenger Cars (Turkey) Record high domestic market Light Commercial (Turkey) y/y Solid export contracts G
Slide 11: Consumer Durables
Consumer Durables Inorganic growth with the contribution of Whirlpool transactions Sales Volumes Across Markets1 Monthly Trend 2024 Highlights Million Units Million Units " Koç Contribution of Whirlpool since April Market Share 20% 68% 26% 30% 41% Solid demand in Türkiye whereas international demand
Slide 12: Finance
Finance Macro backdrop weighs on net profit TL Lending Growth Sector’s Loans & Deposits 2024 Highlights 13 Weeks Annualized TL Billion, USD Billion 115% Private State Sector 2024 q/q y/y Substantial growth in net fees & commission income Loans 15,901 7% 37% 95% Ongoing strength in liquidity and solv
Slide 13: Group's 2024 Financial Performance
Group’s 2024 Financial Performance Varying Performances at Different Segments Financial Performance TL Million Consumer Energy Automotive Finance Other TOTAL Durables Combined Revenues1 1,291,970 971,573 485,412 710,437 166,325 3,625,717 Change (y/y) -15% -9% 13% 27% -1% -3% Segment Share in Total 3
Slide 14: Agenda
Agenda Koç Holding Key Indicators Highlights on Main Sectors Selected Unlisted Companies Historical NAV 14 2024 Earnings Presentation
Slide 15: Value within Unlisted Companies
Value within Unlisted Companies Key Metrics of Unlisted Companies An integrated player in the electricity market Summary Financials • ~77% of Entek’s 492MW total installed capacity is zero carbon electricity TL Million 1 2 • Entek successfully concluded the acquisition of Niculesti solar power Reven
Slide 16: Agenda
Agenda Koç Holding Key Indicators Highlights on Main Sectors Selected Unlisted Companies Historical NAV 16 2024 Earnings Presentation
Slide 17: Historical NAV Discount
Historical NAV Discount NAV Discount Highly Correlated With Sentiment Relative Share Performance of Koç Holding vs. Koç Group1 NAV Discount/Premium2 Rebased at 2023YE 100% 15% 10% 80% 5% 0% 60% -5% Historical 40% 34% -10% Avg NAV discount between 2009-2024: -13 % Average 32% -15% 20% 31% -20% 18% -2
Slide 18: Q&A
Q&A 2024 Earnings Presentation
Slide 19: Appendix - Focus on Resilience: Dividend Income
Appendix - Focus on Resilience Business Model Ensures Sustainability of Dividend Income Dividend Income 1 Dividend Payments1 TL Billion TL Billion Dividend 2021 2022 2023 2024 Dividend 16% 15% 6% 28% Tüpraş (inc. EYAŞ) - - 10.3 16.5 Payout 38.5 Ford Otosan 1.4 2.5 6.0 7.8 Tofaş 0.6 1.2 1.1 3.8 Divid
Slide 20: Appendix - Consolidated Key Financial Figures
Appendix - Consolidated Key Financial Figures Consolidated Main Financial Indicators Consolidated Net Income TL Million TL Million 2023 2024 y/y 108,176 Revenues 2,316,773 2,317,907 0.05% Gross Profit 543,799 327,835 -40% Operating Profit 321,467 87,366 -73% - 30,872 Profit Before Tax 228,893 26,712
Slide 21: Appendix - 2025 Expectations of the Listed Group Companies
Appendix - 2025 Expectations of the Listed Group Companies TÜPRAŞ 2024A 2025E TOFAŞ 2024A 2025E TÜRKTRAKTÖR 2024A 2025E Tüpraş Net Refining Margin ($/bbl) 6.3 5.0-6.0 Sector ('000) Sector ('000) Tüpraş Crack Margin ($/bbl) 11.2 - Total TR LV Sales 1,239 900-1,100 Total TR Tractor Sales 64 48-56 CUR
Slide 22: Appendix - Our ESG Journey
Appendix - Our ESG Journey ✓ Committed to be carbon neutral by 2050 ✓ International Platforms The Koç Group Carbon Transition Roadmap: ➢ United Nations Global Compact 14% reduction in 2023 vs. 2017 baseline year ➢ CEO Water Mandate ➢ CFO Coalition For the SDGs 27% by 2030 49% by 2040 ➢ WEF - Stakeho
Slide 23: Appendix - Shareholding Structures
Appendix - Shareholding Structures Koç Holding Koç Family: 63.4%1 Free Float: 26.9% Vehbi Koç Foundation: 7.3% Koç Pension Fund: 2.3% Share Buyback: 0.04% Consumer Energy Automotive Finance Other ⁵ Durables Tüpraş Ford Otosan Arçelik Yapı Kredi Bank EYAŞ: 46.4% KH: 20.22% Koçtaş KH: 39% KH: 41% KH:
Slide 24: Contact Koç Holding Investor Relations
Contact Koç Holding Investor Relations investorrelations@koc.com.tr Visit our website at: www.koc.com.tr/investor-relations +90 850 756 23 23 Cansev Atak, Manager Investor Relations canseva@koc.com.tr İsmail Özer, Manager Investor Relations ismailo@koc.com.tr 24 2024 Earnings Presentation