Otokar Otomotiv Ve Savunma Sanayi A.s. · BIST:OTKAR
Otokar Otomotiv Ve Savunma Sanayi A.s — H1 2016 Earnings Presentation
71 slides from Otokar Otomotiv Ve Savunma Sanayi A.s's earnings presentation, Aug 4, 2016
Slide 1: Prepared based on 2016 1H financial results
(04.08.2016) Prepared based on 2016 1H financial results 1
Slide 2: Agenda
Agenda ABOUT US FINANCIAL INDICATORS • INTRODUCTION LONG-TERM OBJECTIVES • VISION & MISSION • FINANCIAL STATEMENTS & RATIOS • BRIEF HISTORY • SUSTAINABLE GROWTH • PRODUCTION-SALES- • SHAREHOLDER STRUCTURE • GROWTH WITH PRODUCTS WHICH REVENUE-BACKLOG LICENSE RIGHTS BELONG TO OTOKAR • PRODCUTION PLANT
Slide 3: Introduction
Introduction Turkey’s the largest private and 100% domestically owned company in defense industry A global company, intellectual property rights belong to itself and its products are in use on 5 continents and in more than 60 countries Turkish Armed Forces’ leading supplier and exporter of land plat
Slide 4: Vision & Mission
Vision&Mission Vision • Otokar’s vision is to preserve the local and national identity of its products by developing technologies in-house, and to provide continued satisfaction for its clients, employees, and shareholders with total excellence philosophy. Mission • Otokar’s primary mission is to de
Slide 5: Brief History
Brief History 1963 1970s 1980s 1990s 2000s 2010s Establishment Turkey’s first Production of Military Merge with the Production of City Production of interciy bus 4x4 tactical armoured İstanbul Fruehauf Buses buses under the The first Turkish vehicle under vehicles by own A.S. Multi
Slide 6: Sustainable Growth
Sustainable Growth Million TRY Revenue 1600 1400 1200 1000 800 600 400 200 0 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 6 LONG-TERM OBJECTIVES
Slide 7: Partnership Structure
Partnership Structure Ünver 45% Holding 25% *Other 30% *27% Listed *3% Other 7 ABOUT US
Slide 8: Production Plant
Production Plant 552,000 m2 plant, approximately 2450 employee Certificates Capacity of ISO 9001 Quality Standard 2600 Land Vehicle ISO 14001 Environmental Standard 900 Tactical Armoured Vehicle ISO 10002 Customer Satisfaction Quality Standard 4600 Autobus + Minibus ISO 27001 Information Security Ma
Slide 9: Employee Profile
Employee Profile 2434 Employee White- Blue- collar Collar 633 1801 633 White-Collar Personnel 583 R&D Centre Personnel Engineer 209 Tank Other 235 348 Other 424 9 ABOUT US
Slide 10: Number of Employee
Number of Employee 3000 2500 2000 1500 1000 500 0 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 1H 10 ABOUT US
Slide 11: Product Range
Product Range Commercial Vehicles Defense Industry Public Transport Logistic Vehicles Light Truck Models Models Models Models FRUEHAUF / OTOKAR OTOKAR ATLAS LAND ROVER DEFENDER / ARMOURED KENT / DORUK / PERSONAL CARRIER / URAL / COBRA / SULTAN / M-2010 / COBRA II / KAYA / KAYA II / KALE / CENTRO / N
Slide 12: Public Transport Vehicles
Public Transport Vehicles Otokar, Turkey’s the most preferred bus brand for the sixth time! About 30 thousand buses, carrying millions of passengers in more than 40 countries! 12 ABOUT US
Slide 13: Otokar Buses
Otokar Buses TEMPO A wide product range SULTAN / NAVIGO from intercity transport to personnel DORUK / VECTIO and tourism transport TERRITO Special Products KENT Researches for Alternative fuels KENT ARTICULATED 13 ABOUT US
Slide 14: TEMPO
TEMPO The small bus with low operating and investment costs designed for service and personnel transport 14 ABOUT US
Slide 15: SULTAN / NAVIGO
SULTAN / NAVIGO • Turkey’s best-selling small bus • Different models for intercity transport, service and tourism transport 15 ABOUT US
Slide 16: DORUK / VECTIO
DORUK / VECTIO • Turkey’s market leader in medium-sized buses • “Grand Award” prize in Europe • Different models for intercity transport, service and tourism transport 16 ABOUT US
Slide 17: TERRITO
TERRITO The 12-meter bus developed for the European market 17 ABOUT US
Slide 18: KENT
KENT • Turkey’s most preferred 12 m. intercity bus • 2 Design Award in Europe and Turkey 18 ABOUT US
Slide 19: KENT ARTICULATED
KENT ARTICULATED Kent Articulated bus was launched at Busworld Exhibition, Belgium in 2015. 19 ABOUT US
Slide 20: Alternative Fueled Buses
Alternative Fueled Buses 2007 2009 2011 2012 DORUK Hibra DORUK DG KENT DG DORUK ELECTRA Turkey’s first Turkey’s first natural 12 m CNG bus Turkey’s first electric hybrid bus gas powered mid-sized bus bus 20 ABOUT US
Slide 21: Logistic Vehicles
Logistic Vehicles About 25 thousands of semi-trailer that provides transportation service in the roads of the world! 21 ABOUT US
Slide 22: Trailer
Trailer Curtainsider Trailers Van Type Trailer Tanker Trailer İnternal Logistic Tools -TIRLINER -ICELINER -ADR CERTIFICATED -CONTAINER CARRIER -EUROSLIDER -TEXTILE CARRIER TANKER -PLATFORM TRAILER -SPEEDSLIDER -TRAILER AND -ROLL CARRIER -MEGALINER TRUCK-TOP APPLICATIONS -TIPPER CHASIS -ECOTIR -ECOLI
Slide 23: Curtainsider Trailer
Curtainsider Trailer Customer-oriented solutions in the transportation of dry load 23 ABOUT US
Slide 24: Van Type Trailer
Van Type Trailer For 13 years, most commonly preferred refrigerated trailer in Turkey for transport of perishable goods in hygienic and safe condition 24 ABOUT US
Slide 25: Tanker
Tanker • Turkey’s first ADR certificated trailer • Wide product range and proficiency 25 ABOUT US
Slide 26: Light Truck
Light Truck Otokar GA Kas = ABOUT US
Slide 27: ATLAS
ATLAS A light truck, with high payload capacity and low operating cost 27 ABOUT US
Slide 28: Defence Industry
Defence Industry More than 29.000 military vehicle serving in 5 continents and in more than 30 countries 28 ABOUT US
Slide 29: Land Systems
Land Systems Tactical Wheeled Vehicles Tracked Vehicles Turret Systems TWV TWAV TAV MBT 4x4 6x6 8x8 Land Rover APC ARMA 6X6 ARMA 8X8 TULPAR ALTAY MIZRAK UKKS Defender URAL KESKİN UKKS COBRA OPEN TURRETS COBRA II INTERNAL SECURITY TURRET KAYA WEAPON STATIONS (MİLAN KAYA II TOW) KALE UCOK ISV BOZOK BA
Slide 30: APC (Armoured Personnel Carrier)
APC (Armoured Personnel Carrier) Actively in use in 12 countries including Turkey 30 ABOUT US
Slide 31: AKREP
AKREP Otokar’s armoured tactical wheeled vehicle which is successful on Internal Security Operations, low silhouetted and quick The optimal solution on issues such as strategic areas and border control, convoy protection and patrol 31 ABOUT US
Slide 32: COBRA
COBRA Armoured tactical vehicle which has worldwide competitiveness with its unique design, mobility, survivability and superior protection 32 ABOUT US
Slide 33: COBRA II
COBRA II The new member of COBRA family the most well- known vehicle of Otokar... Large internal volume, high protection. 33 ABOUT US
Slide 34: URAL
URAL Otokar’s new armoured tactical wheeled vehicle that is suitable for safety and internal security usage. 34 ABOUT US
Slide 35: KAYA Mine Resistant Vehicle
KAYA Mine Resistant Vehicle The mine resistant vehicle which provides maximum mine and ballistic protection in all types of terrain, offers great mobility 35 ABOUT US
Slide 36: KAYA II Personnel Carrier
KAYA II Personnel Carrier The mine resistant personnel carrier vehicle that consists of single cabin with its monocoque body 36 ABOUT US
Slide 37: KALE Mine Resistant Vehicle
KALE Mine Resistant Vehicle Mine resistant personnel carrier 37 ABOUT US
Slide 38: ARMA
ARMA ARMA is new generation modular multi-wheel configuration armoured vehicle with high level of ballistic and mine protection 38 ABOUT US
Slide 39: ARMA 6X6
ARMA 6X6 Arma 6x6, with its large internal volume, amphibious capability and low silhouette 39 ABOUT US
Slide 40: ARMA 8x8
ARMA 8x8 Armoured combat vehicle ARMA 8x8, provides high protection and large internal volume 40 ABOUT US
Slide 41: TULPAR
TULPAR A new generation tracked armoured vehicle which ends Turkey’s dependence on foreign sources and its all intellectual property rights belong to OTOKAR 41 ABOUT US
Slide 42: Internal Security Vehicle
INTERNAL SECURITY VEHICLE The armoured tactical vehicle specifically designed and developed with the aim of internal security in cities and living areas. 42 ABOUT US
Slide 43: Land Rover Defender
Land Rover Defender A worldwide brand in tactical vehicles. 43 ABOUT US
Slide 44: Otokar Turret Systems
Otokar Turret Systems • Since 1989, Otokar has been working on turret systems to meet the needs and demands of current and potential users in land systems with trained manpower and R&D investments. • Otokar has nearly 25 years of experience and expertise on the subjects of original design and integr
Slide 45: ALTAY Project
ALTAY Project Otokar is the PRIME CONTRACTOR of Turkish Main Battle Tank Project ALTAY. 45 ABOUT US
Slide 46: ALTAY Project
ALTAY Project The project continues in accordance with the planned timetable. 46 ABOUT US
Slide 47: R&D
R&D Otokar’s R&D, establishment dates back to 1970’s, today, designing and manufacturing Turkey’s vehicle. Otokar’s R&D works for products whose intellectual rights belong to itself, with the vision of having and dominating the technology. 47 ABOUT US
Slide 48: R&D Capabilities
R&D Capabilities CAD programs for product developments The Prototype workshops and softwares Computer-aided analysis and simulation softwares Test-purpose setup and software 48 ABOUT US
Slide 49: Otokar Test Centres
Otokar Test Centres Dinomometrel Air-conditioned Test Centre; Turkey’s first and only, one of the few facilities in Europe Turkey’s the highest capacity hydraulic road simulator Turkey’s the biggest and the world’s most modern Electromagnetic Compatibility Testing Centre 49 ABOUT US
Slide 50: Otokar Test Centres
Otokar Test Centres One of the world’s most advanced and modern ballistic laboratories and mine testing equipments 50 ABOUT US
Slide 51: Balance Sheet
Balance Sheet 30.06.2016 Total Assets (TRY) Total Liabilities&Shareholders Equity (TRY) Current Assets 1.293.742.429 S.T. Liabilities 1.000.541.500 Fixed Assets 999 L.T. Liabilities 371.574.460 476.211.197 5 Shareholders Equity 188.564.192 Total 1.665.316.889 Total 1.665.316.889 51 FINANCIAL INDICAT
Slide 52: Income Statement
Income Statement TRY thousands (IFRS) 30.Jun.2016 30.Jun.2015 Net Sales 693.670 543.822 Cost of Sales (518.673) (420.550) Gross Profit 174.997 123.272 Operating Costs (119.995) (109.340) Operating Profit 55.002 13.932 Finacial Expenses (36.323) (19.866) Profit Before Taxes 18.691 (4.499) Taxes (2.95
Slide 53: Net Profit
Net Profit Million TRY Net Profit 120 100 80 60 40 20 0 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2015 2016 1H 1H 53 FINANCIAL INDICATORS
Slide 54: Cash Flow Statement
Cash Flow Statement TRY thousand (IFRS) 30.Jun.2016 30.Jun.2015 Cash and Cash Equivalants at the begining of the period 62.960 44.528 Net cash provided by operating activities (16.809) (29.524) Net cash used in investing activities (31.810) (22.038) Pre-financing cash flow (48.619) (51.562) Net cash
Slide 55: Working Capital
Working Capital TRY thousands 30.Jun.2016 31.Dec.2015 Current Assets 1.293.742 1.019.693 S. T. Liabilities 1.000.541 784.890 Working Capital 293.201 234.803 55 FINANCIAL INDICATORS
Slide 56: Net Financial Debts
Net Financial Debts TRY TRY 30.Jun.2016 31.Dec.2015 30.Jun.2016 31.Dec.2015 thousand thousand Cash and S.T. Bank Loans 36.179 58.736 325.245 105.983 Equivalents Trading Securities L.T. Bank Loans 0 0 418.774 509.295 Other Total Financial 0 0 744.019 615.278 Debts Total Financial 36.179 58.736 Assets
Slide 57: Financial Ratios And Margins
Financial Ratios And Margins Financial Ratios 2016 1H 2015 1H Margins 2016 1H 2015 1H Current Ratio 1,29 0.90 Gross 25,2% 22,7% Margins Liquidity Ratio 0,76 0.53 Operating Return On Equity 8,3% 0,01% 7,9% 2,6% Margin Return on Assets 0,9% 0,00% EBITDA 11% 6,6% Cur.Assets/Tot.Assets 78% 59% Margin Sh
Slide 58: Margins
Margins Margins 35,0% 30,0% 25,0% 25,9% 25,2% 25,3% 22,7% 20,0% Gross Margin Operating Margin EBITDA Margin 15,0% 13,5% 12,9% Net Margin 11,0% 10,0% 9,9% 9,7% 7,9% 6,6% 5,0% 5,9% 5,5% 2,6% 2,3% 0,0% 0,0% 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2015 1H 2016 1H 58 FINANCIAL INDICATORS
Slide 59: Production Units
Production Units 6.000 5.000 4.000 3.000 2.000 1.000 0 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2015 2016 1H. 1H. 59 FINANCIAL INDICATORS
Slide 60: Revenue Distribution
Revenue Distribution COMMERCIAL TRY 153,6 Mio - 31% DOMESTIC TRY 492,4 Mio DEFENCE TRY 185,3 Mio - 38% 2016 1H %71 OTHER TRY 153,5 Mio - 31% TRY 693,7 Mio COMMERCIAL TRY 92,2 Mio – 46% EXPORT TRY 201,3 Mio DEFENCE TRY 95,3 Mio - 47% %29 OTHER TRY 13,8 Mio – 7% COMMERCIAL TRY 244,6 Mio -
Slide 61: Backlog
Backlog TOTAL BACKLOG TRY 21,9 Mio + EUR 208,8 Mio DOMESTIC EXPORT DEFENCE INDUSTRY COMMERCIAL EUR 190,9 Mio COMMERCIAL DEFENCE INDUSTRY EUR 17,9 Mio TRY 21,9 Mio 61 FINANCIAL INDICATORS
Slide 62: Capital Expenditures
Capital Expenditures Capital Expenditures 30.000 25.000 TRY Thonsands 20.000 15.000 10.000 5.000 0 2009 2010 2011 2012 2013 2014 2015 62 FINANCIAL INDICATORS
Slide 63: Stock Performance
Stock Performance 200% 150% OTKAR % 100% BIST% 50% 0% -50% -100% 40% 30% OTKAR 20% % BIST% 10% 0% -10% -20% 63 FINANCIAL INDICATORS
Slide 64: Dividend
Dividend TRY thousand 100.000 100.000 8% 9% 7% 8% 80.000 8% 80.000 7% 72.000 5% 64.000 6% 60.000 4% 5% 48.000 4% 3% 3% 4% 40.000 3% 20.400 2% 20.000 15.000 7.200 1% 0 0% 2008 2009 2010 2011 2012 2013 2014 2015 Dividend Dividend Yield 64 FINANCIAL INDICATORS
Slide 65: Market Capitalisation
Market Capitalisation TRY million Mcap --> TRY 2.467 mio 3.000 2.750 2.500 2.250 2.000 1.750 1.500 1.250 1.000 750 500 250 0 Nov-14 Feb-12 Feb-13 Feb-14 Feb-15 Feb-16 Nov-11 Nov-12 Nov-13 Nov-15 May-15 May-12 May-13 May-14 May-16 Aug-11 Aug-12 Aug-13 Aug-14 Aug-15 Aug-16 65 FINANCIAL INDICATORS
Slide 66: Growth With Products Which License Rights Belong to Otokar
Growth With Products Which License Rights Belong to OTOKAR 94% The share of Otokar designed vehicle sales in turnover. 246 Number of owned patents and industrial designs 66 LONG-TERM OBJECTIVES
Slide 67: Otokar Europe
Otokar Europe Otokar Europe was established in 2011 in France, in order to support bus sales in Europe. 67 LONG-TERM OBJECTIVES
Slide 68: Growth in Export Markets
Growth in Export Markets • Otokar branded vehicles in more than 60 countries, on 5 continents • Sales and service network spread over more than 200 destinations 68 LONG-TERM OBJECTIVES
Slide 69: Growth in Export Markets
Growth in Export Markets Millon USD 160 140 120 100 80 60 40 20 0 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 69 LONG-TERM OBJECTIVES
Slide 70: Shareholders Value Creation
Shareholders Value Creation • Continuously increase revenue to ensure high and sustainably dividend yield • In the framework of our corporate governance and professional management principles, we aim to move further up our company's market value 70 LONG-TERM OBJECTIVES
Slide 71: Otokar Investor Relations
Otokar Investor Relations Doğan Seçkinler Please visit www.otokar.com.tr Finance & IR Manager +90 264 229 22 44 – 6300 dseckinler@otokar.com.tr Öktem Söylemez IR Officer +90 264 229 22 44 – 6316 osoylemez@otokar.com.tr Disclaimer: This presentation contains forward-looking statements that reflec
Otokar Otomotiv ve Savunma Sanayi A.S. — H1 2016 Earnings Presentation on 6ix