Koc Holding A.s. · BIST:KCHOL
Koc Holding A.s — Q1 2009 Earnings Presentation
26 slides from Koc Holding A.s's earnings presentation, May 2009
Slide 1: Koç Holding 1Q09 Earnings Presentation
Koç Holding 1Q09 Earnings Presentation May 2009
Slide 2: Operating Environment & Koç Group
ll ii 1009 OPERATING ENVIRONMENT & KOG GROUP
Slide 3: 1Q09: Deepening Contraction in Economic Activity
1Q09: Deepening Contraction in Economic Activity GDP Growth Rates %,YoY Industrial Production %,YoY 15 14 12 8 10 7 12 3 3 2 4 10 5 8 0 6 -5 4 -4 -4 2 0.3 -10 -7 0 -15 -13 -2 -20 -18 -4 -21 -25 -21 -6 -24 -30 -8 -6.2 Nov Oct Dec Jul Jan Feb Jun Aug Jan Feb Apr May Sep Mar Mar 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
Slide 4: Contracting Export Markets, Improving Imbalances
Contracting Export Markets, Improving Imbalances Exports & Imports %,YoY Financing of 2008 2008 2009 C/A Deficit 60 2008 2009 Annual Jan – Mar Jan – Mar (US$ Million) 40 C/A Balance -41,685 -12,303 -1,155 20 Capital Flows (net) 34,499 12,182 -4,709 0 FDI (net) 15,602 3,500 1,892 -20 Portfolio Inv. (
Slide 5: Feb-Mar: Introduction of New Stimulus Packages
Feb-Mar: Introduction of New Stimulus Packages February 2009 Easier access to S/T incapacity benefits for the employees; improving working conditions for women and youth Increasing R&D incentives March 2009 (Temporary tax cuts in automotive and durable goods) Reduction of the special consumpti
Slide 6: Loosening Monetary Policy
Loosening Monetary Policy 24 22 20.59% 20 18 19.12% 16 14 O/N Compound 12 11.49% 10 9.69% 8 J F M A M J J A S O N D J F M A M J J A S O N D J F M A M 2007 2008 2009 6
Slide 7: Automotive
Automotive Sales Units January-April Sales Development Units, Monthly +3% 200000 -11% +10% 60000 150000 +1% 50000 -30% -38% 100000 40000 -37% 50000 30000 20000 0 Light Com m ercial Passenger Car TOTAL 10000 Vehicles 0 2008 103,818 63,891 167,709 Jan Feb Mar Apr 2009 104,489 44,610 149,099 2008 2009
Slide 8: Consumer Durables
Consumer Durables White Goods Sales Units January-March White Goods Sales Development Units, Monthly 1200000 -25% -18% 1000000 500000 450000 800000 -30% -30% 400000 600000 -26% -20% -28% 350000 300000 400000 -25% 250000 200000 200000 0 150000 Washing Refrigerator Dishw asher Oven TOTAL 100000 Machin
Slide 9: Finance
Finance Banking Sector 4Q08 1Q09 Consumer Loans Change %, Monthly Loan Growth 2% -1% 5 4 Deposit Growth 8% 3% 3 2 Loans / Deposits 82% 79% 1 0 -1 NPL Ratio 3.5% 4.1% -2 -3 Cost of Risk 2.5% 2.8% -4 -5 Net Interest Margin (NIM) 4.6% 5.3% -6 F-08 O-08 N-08 D-08 F-09 J-08 A-08 J-08 J-08 A-08 S-08 J-09
Slide 10: Energy
Energy Brent Petroleum US$/barrel Gross 2007 2008 2009 Margin 160 ($/bbl) 140 1Q 1H 9M FY 1Q 1H 9M FY 1Q 120 100 Med 5.7 6.5 5.6 5.3 3.7 5.0 5.6 5.5 3.4 80 Complex US$56.10 60 40 Tüpraş 5.0 7.2 7.1 7.2 7.8 10.5 11.3 10.9 9.3 20 0 F-08 O-08 N-08 D-08 F-09 J-08 A-08 J-08 J-08 A-08 J-09 A-09 S-08 M-08
Slide 11: 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 (Annual 2004 2005 2006 2007 2008 60,000 58,232 Average) 55,000 Koç Holding + 10% + 5% + 1% - 15% - 22% 50,000 45,000 Peer Group* Average - 29% - 29% - 25% - 31% - 42% 40,000 33,095 35,
Slide 12: 1Q09 Financial Results
ll ii 1Q09 FINANCIAL RESULTS
Slide 13: Satisfactory Performance Despite a Very Challenging Macro Environment
Satisfactory Performance Despite a Very Challenging Macro Environment Revenues TL8,731mn (US$5,293mn) 29% YoY decline in TL terms and 48% in US$ terms Operating Profit TL667mn (US$404mn) 26% YoY decline in TL terms and 46% in US$ terms EBITDA TL880mn (US$533mn) 21% decline in TL terms an
Slide 14: Main Financial Indicators
Main Financial Indicators € Mn* US$ Mn* YTL Mn YTL Mn Change Change 31.Mar.09 31.Mar.09 31.Mar.09 31.Mar.08 %, YTL %, US$ Revenues 4,058 5,293 8,731 12,280 T -29 T -48 Gross Profit 833 1,087 1,793 1,854 T -3 T -30 EBITDA 409 533 880 1,107 T -21 T -42 Operating Profit 310 404 667 901 T -26 T -46 FX G
Slide 15: Revenues Stood at TL 8.7 billion with the Largest Contribution Coming From the Energy Segment
Revenues Stood at TL 8.7 billion with the Largest Contribution Coming From the Energy Segment Total Revenues TLmn Share of Segment Revenues % Automotive 29% 12,280 11% Energy Durables 8,731 51% 16% Finance Other 17% 5% 1Q08 1Q09 Segment Contribution to Total Revenues TLmn 37% 7,036 4,421 45% 8% 0.3%
Slide 16: Energy and Finance had the Highest Contribution to EBITDA
Energy and Finance had the Highest Contribution to EBITDA EBITDA Consumer Energy Automotive Finance Other Consolidated Total TL mn Durables 1Q09 325 117 84 311 43 880 Total EBITDA TLmn Segmental EBITDA Breakdown % Automotive 21% 1,107 13% 880 Energy Durables 37% 10% Other Finance 1Q08 1Q09 5% 35% 16
Slide 17: Improved Margins in Energy, Automotive and Finance Segments
Improved Margins in Energy, Automotive and Finance Segments Segment Contribution to EBITDA TLmn 24% 424 3% 325 311 301 42% 41% 202 13% 142 117 84 38 43 Energy Autom otive Durables Finance Other 1Q08 1Q09 EBITDA Margin by Segment % 20.6 21.2 11.3 11.9 9.3 9.5 7.3 8.1 6.0 6.0 Energy Autom otive Durabl
Slide 18: Best Performance was Registered in the Finance Sector in Operating Profit
Best Performance was Registered in the Finance Sector in Operating Profit Operating Profit Consumer Consolidated Energy Automotive Finance Other TL mn Durables Total 1Q09 242 71 37 288 28 667 Total Operating Profit TLmn Segmental Operating Profit Breakdown % Automotive Energy 11% 26% 901 36% Durable
Slide 19: Continuous Margin Growth Despite the Difficult Operating Environment
Continous Margin Growth Despite the Difficult Operating Environment EBITDA Margin % EBITDA Margin excl. Finance % 10.1 7.8 7.3 7.5 9.0 8.2 1Q07 1Q08 1Q09 1Q07 1Q08 1Q09 Operating Profit Margin % 7.6 7.3 6.3 1Q07 1Q08 1Q09 19
Slide 20: Strong Liquidity and Balance Sheet Management
Strong Liquidity and Balance Sheet Management Koç Holding Stand-Alone 31.03.2009 Net Cash Position Total Debt*: ~US$ 0.3 bn Total Cash*: ~US$ 1.1 bn Net Cash: ~US$ 800 mn 2010-2013 Redemption Schedule US$ 300 mn – to be paid in equal annual installments of US$ 75 mn each January 20
Slide 21: Stronger Resilience Against FX Volatility
Stronger Resilience Against FX Volatility Koç Holding Stand-Alone FX Position YE08 1Q09 + US$ 334mn + US$ 290mn Koç Holding Consolidated FX Position Weighted by FX Position Effective Ownership 3Q08 YE08 1Q09 1Q09 - US$ 4.2bn - US$ 2.2bn - US$ 2.3bn* - US$ 1.4bn * The natural hedging mechanisms due t
Slide 22: 1Q09 Business Outlook: Continuous Focus on Risk Management & Efficiency Measures
1Q09 Business Outlook: Continuous Focus on Risk Management & Efficiency Measures Further cost cutting measures and efficiency gains Stringent risk management measures Strong balance sheet and liquidity management Further streamlining of management processes Monitoring of potential opportun
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Slide 24: 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 25: Shareholder Structures as of March 2009
Shareholder Structures as of March 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: 38.25%(*) KH share: 38.46% KH share: 39.14% Koç Financial
Slide 26: For Further Questions, Please Contact
For Further Questions, Please Contact : 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, Specialist Investor Relations Strategic