Haci Omer Sabanci Holding A.s. · BIST:SAHOL
Haci Omer Sabanci Holding A.s — Hacı Ömer Sabancı Holding A.Ş. — Q1 2013 Earnings Presentation
32 slides from Haci Omer Sabanci Holding A.s's earnings presentation, 2013
Slide 1: 2013 Q1 Results Earnings Presentation
2013 Q1 Results Earnings Presentation 1
Slide 2: Disclaimer Statement
Disclaimer Statement The information and opinions contained in this document have been compiled by Hacı Ömer Sabancı Holding A.Ş. (“Holding”) 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
Slide 3: The Effects of New IFRS Standards Regulating Consolidation
The Effects of New IFRS Standards Regulating Consolidation 3
Slide 4: Standards Regulating Consolidation
Standards Regulating Consolidation •The new IFRS standards (IFRS 10& IFRS 11) changed Sabancı Holding’s Net Sales, Operating Profit and EBITDA figures and footnotes. SONRA •In accordance with the new practice of consolidation: • The revenues, EBITDA, debt, FX risk of JV’s which are jointly controlle
Slide 5: 2013 Disclosures Under New IFRS Standards
2013 Disclosures Under New IFRS Standards -Sabancı is announcing its financial statements in accordance with the new IFRS starting from this quarter, Q1 2013. -Additional disclosures: •Financial statements prepared according to the previous IFRS application for all the quarters of 2013 •More detaile
Slide 6: Turkey Macro Outlook Update-Q1 2013
Turkey Macro Outlook Update-Q1 2013 • Moderate recovery in domestic demand: Increase in production and imports of consumption and investment goods. • Strong recovery in consumption demand: Rising consumer confidence, increasing consumer loans growth rate, white goods and automobile sales. • Weaker r
Slide 7: 2013 Expectations
2013 Expectations 2012 2013(E) GDP Growth,% 2.2 3.5 Change in CPI (%), annual 6.2 6.3 USD/TL, year end 1.783 1.876 Growth picks up moderately, inflation remains within target interval, FX rates remain stable in line with CBT policies … 7
Slide 8: Calculation of Net Income Excluding Non-Operational Items
Calculation of Net Income Excluding Non- Operational Items MILLION TL 2012 Q1 2013 Q1 NET INCOME 296 570 Akbank Turkish Competition - Board Penalty 53 Other - (15) NET INCOME EXCLUDING NON OPERATIONAL & NON RECURRING ITEMS* 296 609 * Net income figures excluding non operational or non recurring item
Slide 9: Results Snapshot
Results Snapshot GROUP NON-BANK High growth in Operating 74% operating profit. 2.143 Profit* 1.233 (Million TL) 2012 Q1 2013 Q1 Consolidated Net Income** 106% 609 net income more than (Million TL) 296 doubling. 2012 Q1 2013 Q1 Non-bank net Net Income** income growth (Million TL) 167% 192 exceeding 7
Slide 10: Non-bank Results-2013 Q1
Non-bank Results-2013 Q1 CEMENT ENERGY OTHER INDUSTRY INSURANCE 192 12 10 39 Net Income 190% 167% 12 Net Income of non-bank 72 segment increased (Million TL)* 8 significantly y-o-y. 9 126 31 30 2012 Q1 2013 Q1 Net Income 167% (Million TL)* 192 72 2012 Q1 2013 Q1 *Excluding non operational items. 10
Slide 11: Sabancı Holding - Corporate Actions
Sabancı Holding- Holding- Corporate Actions • Finalization of partnership with E.ON in the energy business - Installed capacity target for electricity generation will increase to 7,500 MW in 2020 to fuel growth in the attractive business line. • Acquisition of electricity distribution regions - Ener
Slide 12: Energy
Energy TOTAL BEFORE CONSOLIDATION CONTRIBUTION TO ADJUSTMENTS (COMBINED) CONSOLIDATED FINANCIALS MILLION TL 2012 Q1 2013 Q1 % Change 2012 Q1 2013 Q1 % Change SALES (NET) 1.126 1.272 13% - - - COST OF SALES (1.010) (1.055) 4% - - - OPERATIONAL EXPENSES (86) (106) 23% - - - OTHER INCOME / (EXPENSE) 1
Slide 13: Enerjisa
Enerjisa TOTAL BEFORE CONSOLIDATION CONTRIBUTION TO ADJUSTMENTS (COMBINED) CONSOLIDATED FINANCIALS MILLION TL 2012 Q1 2013 Q1 % Change 2012 Q1 2013 Q1 % Change SALES (NET) 1.126 1.272 13% - - - EBITDA 76 170 124% - - - NET INCOME 62 78 25% 31 39 26% EBITDA Margin (%) 7% 13% - - Sales volume increase
Slide 14: Enerjisa Projects
Enerjisa Projects Alpaslan Hydro 280 MW İncir Hydro 160 MW Pervari Hydro 400 MW Wind 4 Wind 60 MW Tufanbeyli-I Lignite 450 MW Bandırma II Gas 500 MW Bandırma II Gas 500MW √ Kuşaklı Hydro 20 MW Kavşakbendi Hydro 180 MW Dağdelen Hydro 8 MW Doğançay Hydro 62 MW Sarıgüzel Hydro 103 MW Yamanlı Hydro 80 M
Slide 15: Enerjisa Balance Sheet
Enerjisa Balance Sheet TOTAL BEFORE CONSOLIDATION ADJUSTMENTS (COMBINED) MILLION TL 2012 YE 2013 Q1 % Change CASH AND CASH EQUIVALENTS 348 400 15% TRADE RECEIVABLES 547 652 19% OTHER CURRENT ASSETS 307 338 10% TOTAL CURRENT ASSETS 1.203 1.390 16% PROPERTY, PLANT AND EQUIPMENT 6.035 6.508 8% INTANGIB
Slide 16: Distribution Regions – Toroslar, Ayedaş and Başkent
Distribution Regions – Toroslar, Ayedaş and Başkent Ayedaş – Overview (2011) Population in million 4.8 Başkent EDAŞ – Overview (2012) Population in million 6.9 Area in km2 1,869 Area in km2 63,398 Subscribers in million 2.4 Subscribers in million 3.56 Electricity sales in TWh 7.8 Electricity sales i
Slide 17: Retail
Retail TOTAL BEFORE CONSOLIDATION CONTRIBUTION TO CONSOLIDATED ADJUSTMENTS (COMBINED) FINANCIALS MILLION TL 2012 Q1 2013 Q1 % Change 2012 Q1 2013 Q1 % Change SALES (NET) 1.060 1.258 19% 456 659 44,6% COST OF SALES (828) (1.003) 21% (362) (548) 51,5% OPERATIONAL EXPENSES (235) (250) 6% (85) (99) 16,5
Slide 18: Diasa
Diasa TOTAL BEFORE CONSOLIDATION ADJUSTMENTS MILLION TL 2012 Q1 2013 Q1 % Change SALES (NET) 247 216 (13%) EBITDA (4) (15) (275%) EBITDA EXCLUDING NON OPERATIONAL ITEMS (4) (15) (275%) NET INCOME (12) (25) (108%) EBITDA Margin (%) (2) (7) Diasa Retail Sales Area (000 m2) 224 188 16% 2012 Q1 2013 Q1
Slide 19: Cement
Cement TOTAL BEFORE CONSOLIDATION CONTRIBUTION TO ADJUSTMENTS (COMBINED) CONSOLIDATED FINANCIALS MILLION TL 2012 Q1 2013 Q1 % Change 2012 Q1 2013 Q1 % Change SALES (NET) 351 424 21% 132 190 44% COST OF SALES (292) (361) 24% (108) (158) 46% OPERATIONAL EXPENSES (23) (24) 5% (11) (12) 9% OTHER INCOME/
Slide 20: Insurance
Insurance TOTAL BEFORE CONSOLIDATION CONTRIBUTION TO ADJUSTMENTS (COMBINED) CONSOLIDATED FINANCIALS MILLION TL 2012 Q1 2013 Q1 % Change 2012 Q1 2013 Q1 % Change SALES (NET) 418 471 12% - - - COST OF SALES (364) (422) 16% - - - OPERATIONAL EXPENSES (51) (59) 17% - - - OTHER INCOME/(EXPENSE) 15 35 143
Slide 21: Avivasa
Avivasa TOTAL BEFORE CONSOLIDATION CONTRIBUTION TO ADJUSTMENTS CONSOLIDATED FINANCIALS MILLION TL 2012 Q1 2013 Q1 % Change 2012 Q1 2013 Q1 % Change SALES (NET) 48 60 24% - - - OPERATING INCOME 9 10 15% 5 8 81% NET INCOME 9 17 81% 5 8 81% 2012 YE 2013 Q1 % Change AUM (Milyon TL) 4.046 4.302 6% 6% inc
Slide 22: Solid Growth with the New Pension Incentives
Solid Growth with the New Pension Incentives Net Contribution Excluding One Time Net Contribution (million TL) Fund Transfer 168 180 (million TL) 110 7% 66 67% 2012 Q1 2013 Q1 2012 Q1 2013 Q1 Robust growth with the new incentivization scheme… Number of new participants 33.393 12.404 169% 2012 Q1 201
Slide 23: Industrials
Industrials TOTAL BEFORE CONSOLIDATION CONTRIBUTION TO CONSOLIDATED ADJUSTMENTS (COMBINED) FINANCIALS MILLION TL 2012 Q1 2013 Q1 % Change 2012 Q1 2013 Q1 % Change SALES (NET) 1.336 1.288 -4% 1.015 964 -5% COST OF SALES (1.132) (1.103) -3% (874) (863) -1% OPERATIONAL EXPENSES (123) (133) 8% (81) (85)
Slide 24: Brisa
Brisa TOTAL BEFORE CONSOLIDATION CONTRIBUTION TO ADJUSTMENTS CONSOLIDATED FINANCIALS MILLION TL 2012 Q1 2013 Q1 % Change 2012 Q1 2013 Q1 % Change SALES (NET) 321 319 -1% - - - EBITDA 37 55 48% - - - NET INCOME 13 26 103% 6 11 103% EBITDA Margin (%) 12% 17% - - Very strong profitability growth driven
Slide 25: Kordsa Global
Kordsa Global TOTAL BEFORE CONSOLIDATION CONTRIBUTION TO ADJUSTMENTS CONSOLIDATED FINANCIALS MILLION TL 2012 Q1 2013 Q1 % Change 2012 Q1 2013 Q1 % Change SALES (NET) 396 357 (10%) 396 357 (10%) EBITDA 56 21 (63%) 56 21 (63%) NET INCOME 29,3 0,4 (99%) 26,7 0,4 (99%) EBITDA Margin (%) 14% 6% 14% 6% Ra
Slide 26: Consolidated Net Sales
Consolidated Net Sales TOTAL BEFORE CONSOLIDATION CONTRIBUTION TO CONSOLIDATED ADJUSTMENTS (COMBINED) FINANCIALS MILLION TL 2012 Q1 2013 Q1 % Change 2012 Q1 2013 Q1 % Change TOTAL 7.837 9.095 16% 4.801 5.581 16% BANK 3.177 3.759 18% 3.177 3.759 18% NON-BANK 4.660 5.337 15% 1.635 1.831 12% ENERGY 1.1
Slide 27: EBITDA (Excluding Non Operational Items)
EBITDA (EXCLUDING NON OPERATIONAL ITEMS) TOTAL BEFORE CONSOLIDATION ADJUSTMENTS CONTRIBUTION TO CONSOLIDATED FINANCIALS (COMBINED) MILLION TL 2012 Q1 2013 Q1 % Change 2012 Q1 2013 Q1 % Change TOTAL 826 1.516 83% 1.374 2.393 74% BANK 729 1.322 81% 729 1.322 81% NON-BANK 136 112 -17% 645 1.066 65% ENE
Slide 28: Leverage and FX Position
Leverage and FX Position Million Euro NET FX POSITION (excl. bank) December 31, 2012 March 31, 2013 SEGMENT TOTALS ENERGY (1.700) (1.695) INDUSTRY (74) (107) CEMENT 4 5 RETAIL (10) 3 HOLDING,INSURANCE&OTHER 378 273 TOTAL CONSOLIDATED* (209) (270) Million Euro NET DEBT / (CASH) (excl. bank & ins.) De
Slide 29: Organic Growth / Investments (Million TL)
Organic Growth / Investments (Million TL) %79 675 378 2012 Q1 2013 Q1 2012 Q1 Bank 2013 Q1 3% 6% Industrials 3% 1% 3% Cement 9% 4% Energy 23% Retail 59% Other 80% 8% 29 Investments continued in all segments led by energy…
Slide 30: 2013 Update
2013 Update 30 6OQBANc!
Slide 31: 2013 Combined Guidance
2013 Combined Guidance Sales EBITDA Energy ~ + 10% ~ +45-50% Cement ~ + 5-10% ~ + 5-10% Retail ~ +10% ~ +5% Insurance ~ +15% ~ +30% Industrials ~ +10% ~ +15% 31
Slide 32: Q&A
Sabanci of Rising Turkey
Hacı Ömer Sabancı Holding A.Ş. — Q1 2013 Earnings Presentation on 6ix