Trakya Cam Sanayii A.S — Q4 2018 Earnings Presentation
36 slides from Trakya Cam Sanayii A.S's earnings presentation, 2019
Slide 1: 2018 Q4 Trakya Cam Investor Presentation
2018 Q4 TRAKYA CAM Investor Presentation
Slide 2: Contents
Contents 3 Financial & Operational Overview 13 Trakya Cam 19 Şişecam Group Overview 2
Slide 3: Financial & Operational Overview
Financial & Operational Overview 2018 Q4 Highlights Key Financial Indicators Operational Performance 3
Slide 4: 2018 Q4 Highlights
2018 Q4 Highlights Financials Highlights Revenues up by 29% YoY, reaching TL 1.7 Billion in 2018 Q4 Adjusted EBITDA of TL 442 Million, up by %52 YoY with a margin of 27% Strong Net Income of TL 178 Million, down by 8% YoY with a margin of 11% Developments in the fourth quarter Share of international
Slide 5: Key Financial Indicators
Key Financial Indicators Summary Income Statement QoQ YoY TRY mn 2017 Q4 2018 Q3 2018 Q4 YoY Growth 2017 2018 Growth Growth Revenue 1.289 1.667 1.661 29% 0% 4.331 5.875 36% Adjustments excluded from EBIT Gross Profit 426 525 548 29% 4% 1.400 1.916 37% Q4’18: TRY 141 Million: Revaluation loss on fixe
Slide 6: Key Financial Indicators
Key Financial Indicators Summary Balance Sheet TRY mn 2017 2018 YoY Growth Total Assets 8.021 10.313 29% Cash & Cash Equivalents 1.394 1.340 -4% Financial Assets 740 1.053 42% Trade Receivables 705 980 39% Inventories 682 1.091 60% Equity-Pickups 481 308 -36% Property, plant and equipment 3.577 4.76
Slide 7: Key Financial Indicators
Key Financial Indicators Liquidity Analysis FCF Walk Net Cash Position in 2018 TRY mn 2018 FCF 304 +193 Sale of tangible/intangible assets 8 +355 +4 Proceeds from advances & loans given 46 423 304 Employee Termination Benefits -10 -50 Net Change in Financial Liabilities -197 Disposal of Subsidiaries
Slide 8: Sales by Geographies
Sales by Geographies Accelerated Growth in All Operating Regions YoY Revenue Evolution through Regions Breakdown of Sales by Region* 2017 Q4 2018 Q4 TRY mn +222 1.667 +92 +108 +54 +172 +8 36% 1.011 41% 41% 44% 8% 6% 10% 7% 7% 2017 Q4 Europe Russia India Domestic Export Elimination (-) 2018 Q4 Domest
Slide 9: Sales by Businesses
Sales by Businesses Accelerated Growth in All Businesses Revenue Breakdown by Businesses* TRY mn 34% 34% 34% 66% 66% 66% 2017 Q4 2018 Q3 2018 Q4 Basic Glass Auto-Glass + Encapsulated • Starting 2017, home appliances are reported in basic glass. Before 2017, it was reported under automotive glass sec
Slide 10: Financials Performance
Financials Performance Consolidated EBITDA & CAPEX Consolidated Net Debt/EBITDA TRY mn 1861 TRY mn 4,93 5,15 1,06 3,90 0,83 0,81 0,76 0,75 1147 0,76 0,52 882 976 2,78 789 818 2,13 704 0,47 640 641 0,28 517 0,16 549 1,24 418 1,37 471 459 391 362 344 286 250 233 301 124 141 83 2014 2015 2016 2017 2018
Slide 11: Operational Performance
Operational Performance Continued Production with High Capacity Utilization Production Volume (Flat & Frosted Glass) K tons 2.400 2.507 International Turkey 2.088 1.730 1.805 951 837 674 341 546 605 625 1.390 1.259 1.414 1.563 1.556 211 235 394 390 2014 2015 2016 2017 2018 2017 Q4 2018 Q4 2.3 mn 2.5
Slide 12: Financial Summary
Financial Summary Consolidated Financials Consolidated Revenue Breakdown* 5.875 25% 25% 5.875 4.331 41% 21% 19% 18% 4.331 3.016 %45 3.016 2.019 2.118 2.019 2.118 %49 1861 59% 1147 %59 %59 976 %55 517 391 %51 %41 %41 2014 2015 2016 2017 2018 2014 2015 2016 2017 2018 Revenue EBITDA Adjusted EBITDA Mar
Slide 13: Trakya Cam
Trakya Cam Global & Local Presence History Organizational Structure 13
Slide 14: Operations & Global Presence
Operations & Global Presence Shareholder Structure Operations of Flat Glass in 10 countries with 3,2 mn tons/year installed capacity Free Bulgaria 2 1 Float; 31% Trakya Glass Bulgaria EAD Şişecam; 1 1 1 Float, & Auto Glass, Mirror & Processed 69% Hungary Romania Laminated Line Flat Glass Market Outl
Slide 15: Local Presence
Local Presence High Concentration in the Local Market Competition in Domestic Market Market Shares - Consumption Trakya Cam’s Capacities in Domestic Market 2018 Lüleburgaz 2 Float Lines (440K ton Total Capacity) Mirror, Autoglass 20% Yenişehir 2 Float Lines (500K ton Total Capacity) Coated, Laminate
Slide 16: Operating Profile
Operating Profile Clear Float -Glass Architectual Heat Control Glass (Low-E Coated Glass) Solar Control Glass (Online Coated Glass) Related Industries Glass Safety and Security Glasses Noise Control Glasses Decorative Glasses (Mirror, Patterned Glass) Movable Door Glasses Fixed, Encapsulated Fixed S
Slide 17: History
History Automotive glass production started in Trakya Cam was founded in Lüleburgaz, Bulgaria. JV with Saint Gobain for Takeover of the assets of Italian Sangalli Turkey Polatlı and Russia Plants resumed Egypt and Russia Projects Vetro Porto production Lüleburgaz Automotive Glass Plant resumed produ
Slide 18: Organizational Structure
Organizational Structure TRAKYA CAM SANAYİİ A.Ş. Trakya Yenişehir Trakya Polatlı Şişecam Flat TRSG Glass Şişecam Flat Glass Trakya Şişecam Cam Sanayii A.Ş. Cam Sanayii A.Ş. Glass Holding BV Holding BV India Limited Investment B.V. Otomotiv A.Ş. %85 %85 %100 %70 %100 %100 %100 Trakya Glass Sisecam Fl
Slide 19: 2018 Results Overview
WS 2018 Results Overview sisecam
Slide 20: Şişecam at a Glance
Şişecam at a Glance $3,2 Billion 4,9 Million Tons 2,4 Million Tons 21.968 Presence in 13 Revenue Glass Production Soda Production Employees Countries 5th Flat Glass 3rd Glassware 5th Glass Leader Producer 9th Soda Ash 4th Chromic Acid Producer Producer Packaging in Basic Producer Producer Globally G
Slide 21: Financial Highlights
Financial Highlights Sustained Growth in Revenue with Improving EBITDA Margin TRY mn 31% 28% 24% 25% 20% 25% 26% 20% 21% 22% 15.550 11.318 8.569 6.876 7.415 4.890 3.120 1.365 1.764 2.120 2014 2015 2016 2017 2018 Revenue Growth (yoy) 15% 8% 16% 32% 37% Revenue EBITDA EBITDA Margin Adjusted EBITDA Mar
Slide 22: Financial Highlights - Revenue
Financial Highlights - Revenue Segments’ Contribution to Revenue 2018 TRY mn 2017 3% 4% 21% 22% 38% 37% 21% 21% 17% 16% Flat Glass Glassware Glass Packaging Chemicals Other* 22 * Consists of energy trade of Şişecam
Slide 23: Financial Highlights - EBITDA
Financial Highlights - EBITDA Segments’ Contribution to EBITDA** 2018 TRY mn 2017 2% 3% 31% 29% 37% 39% 19% 19% 11% 10% Flat Glass Glassware Glass packaging Chemicals Other* *Consists of energy trade of Şişecam 23 ** Excluding one-off incomes
Slide 24: Revenue & Cash Generation
Revenue & Cash Generation Revenue by Geography TRY bn 2018 0,1% 15,6 2% 23% 23% 21% 25% 11,3 21% 8,6 37% 6,9 7,4 14% 21% 31% 28% 28% 14% 23% 23% 23% 23% 39% 41% 39% 46% 40% 49% 49% 2014 2015 2016 2017 2018 Europe Russia & Georgia & Ukraine Domestic Export Other Domestic Export from Turkey Sales from
Slide 25: Revenue & Cash Generation
Revenue & Cash Generation Exports from Turkey Top 10 Countries Exports of USD 757 Million in 2018 to 150 countries Italy 14% North & Asia Egypt 7% Middle Europe America 11% France 4% 50% 7% USA 4% Far East Middle Bulgaria 4% East 1% Africa 14% Germany 4% Oceania 10% Lebanon 4% 1% South United Kingdo
Slide 26: Operational Excellence
Operational Excellence Increasing Production In Line with Capex Undertaken K tons 40% SODA 4.791 4.947 60% 4.464 4.045 4.127 2.278 2.343 2.361 Domestic International* 2.116 2.170 43% GLASS 57% 2014 2015 2016 2017 2018 Glass Soda Chemicals Domestic International* *Production numbers are adjusted with
Slide 27: Global Presence
Global Presence Strong Global Player with Competitive Profitability 33% 31% 27% 27% 26% 23% Glass Revenues' Share in Total Owens Illinois 100% 19% NSG 100% Şişecam 74% 17% 15% 16% Asahi Glass 50% 15% Ardagh 36% 10% 11% St Gobain 14% 5% Asahi Glass Owens Illinois St Gobain Owens Corning Ardagh NSG Şi
Slide 28: Şişecam History
Şişecam History Glassware and container production – Paşabahçe Reaching World glass volumes, To Be Among The Top 3 (Modest Growth) Efficient Management Structure Producers Globally Investments Abroad Investment Structuring 1935-1960 1960-1990 1990’s 2000’s 2014’s Onwards Expansion of product range S
Slide 29: Corporate Structure
Corporate Structure İŞBANK ŞİŞECAM Flat Glass Glass Packaging Glassware Chemicals Other Trakya Cam Paşabahçe Camiş Soda Camiş Anadolu Denizli Şişecam Enerji Sanayii* Cam Sanayii Madencilik Sanayii* Elektrik1 Cam Sanayii* Cam Sanayii* Trakya Paşabahçe Şişecam Trakya Polatlı Camiş Egypt Şişecam Elyaf
Slide 30: Operating Territories
Operating Territories PRODUCTION PLANTS IN TURKEY ŞİŞECAM FLAT GLASS ŞİŞECAM GLASSWARE ŞİŞECAM GLASS PACKAGING ŞİŞECAM CHEMICALS Trakya Cam Sanayii A.Ş. Paşabahçe Cam San. Ve Tic. A.Ş. Anadolu Cam Sanayi A.Ş. Soda Sanayi A.Ş. Trakya Plant - Kırklareli Kırklareli Plant Mersin Plant Soda Plant - Mersi
Slide 31: Prudent Risk Management Policies
Prudent Risk Management Policies Leverage Leverage with conservative NET DEBT / EBITDA levels Maintain sufficient liquidity to meet short-term funding and finance Liquidity equity portion of Capex FX Position FX position limited to +/- 25% of shareholder’s equity Not only a diversified relationship
Slide 32: Credit & Corporate Governance Ratings
Credit & Corporate Governance Ratings Credit Ratings MOODY’s LT FCY Rating Ba2 Negative FITCH LT FCY Rating BB+ Negative Corporate Governance Corporate Governance Rating of Sisecam was revised to 9,53 from 9,48 in December 2018. As a Corporate Policy, Şişecam continues to strive for reaching the hig
Slide 33: Sustainability
Sustainability Key Sustainability Achievements The Group is among the first 100 in “Best Emerging Markets Performers” Viego Eiris Sustainability Index • 1.100 ton waste reduction PRESERVE NATURAL RESOURCE MANAGEMENT • 175 bin ton glass recycled and used as raw material • 2,6 million m3 water re used
Slide 34: Sustainability
Sustainability Şişecam’s Sustainability Targets & Planned Actions 34
Slide 35: Disclaimer
Disclaimer This information in this document has been obtained by Trakya Cam Sanayii A.Ş. from sources believed to be reliable , however, Trakya Cam Sanayii A.Ş. cannot guarantee the accuracy , completeness, or correctness of such information. This document has been issued for information purposes o
Slide 36: Contact Details
Trakya Cam Sanayi A.Ş. Şişecam Genel Merkezi D-100 Karayolu Cad. No:44A 34947 Tuzla/İstanbul Turkey Tel : (+90) 850 206 50 50 Fax: (+90) 850 206 40 40 Contact Details Görkem Elverici, Chief Financial Officer gelverici@sisecam.com Tel: (+90) 850 206 3885 Başak Öge, Investor Relations Director boge@si
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