ŞİŞECAM
Investor Presentation 9M'24
Content
9M'24 Key Financial Results
9M'24 Segmental Results
9M'24 Regional Results
9M'24 & Historical Operational Results
Liquidity & Capital Allocation
Sustainability - CareForNext 2022-2030 Vision
Şişecam at a Glance & Risk Management Policies
Appendix
Page 4
Page 5-7
Page 8
Page 9-12
Page 13-16
Page 17-20
Page 21-22
Page 23
2
Important Notice on Inflation Accounting (IAS 29)
- Turkey has economic conditions that require reporting entities in the country to follow the methodology set out in International Accounting Standards ('IAS') - 29 'Financial Reporting in Hyperinflationary Economies'.
- Pursuant to the decision dated December 12, 2023, and numbered 10744 by the BRSA, banks, financial leasing, factoring, financing, savings financing, and asset management companies are not subject to inflation adjustments required under TAS-29 in their financial statements as of December 31, 2023.
- IAS 29 requires the financial statements of any entity whose functional currency is the currency of a hyperinflationary economy to be restated for changes in the general purchasing power of that currency. Comparative figures for prior period(s) should be restated into the same current measuring unit.
- According to IAS 29.3, hyperinflation is indicated by the characteristics of an economy, which include but are not limited to the followings:
oThe cumulative inflation rate over three years is approaching, or exceeds, 100 percent.
oThe general population prefers to keep its wealth in non-monetary assets or in a relatively stable foreign currency
oThe general population regards monetary amounts in terms of a relatively stable foreign currency
oPricing of credit compensates for the expected loss of purchasing power, even in short credit periods
oInterest rates, wages and prices are linked to a price index
- Pursuant to the Capital Markets Board Decision dated 28.12.2023 and numbered 81/1820, Sisecam is subject to IAS 29 inflationary accounting provisions, starting from its 2023-year end earnings disclosure. Thus, 9M'24 and comparative 9M'23 financial results, stated in this presentation, contain Sisecam's unaudited financial information prepared according to Turkish Financial Reporting Standards by application of IAS-29 inflation accounting provisions and financial figures expressed in terms of purchasing power of the TRY at 30 September 2024.
- Non-monetaryassets and liabilities are restated
- Non-monetaryitems carried at current value are not restated
- Monetary items (ie cash, financial assets) are not subject to indexation and thus not restated
- All items in P&L are expressed by monthly indexation through consumer price index from the dates when the incomes and expenses accounted and up until the reporting date. Cost of goods sold, depreciation, and deferred tax items are subject to recalculation based on respective restated B/S items.
- Application of IAS-29 inflationary accounting provisions of Sisecam's financial figures is expected to continue until Türkiye's economic conditions no longer met the above stated IAS 29 criteria.
- Please refer to slide Appendix section of this presentation for Sisecam's unadited key financials without IAS 29 impact.
3
9M'24 Key Financial Results
Revenue (TRY Mn) | Gross Profit (TRY Mn) | EBITDA (TRY Mn) |
Parent Only Net Income (TRY Mn)
-14%
158,992
29%
23%
20%
46,186
136,312
45,838
9%
7%
55,475
42,867
13,877
31,585
32,564
7,906
5%
45,526
14,820
9,924
57,332
47,919
10,705
17,141
10,956
13,398
11,760
3,290
11,2602,838
5,632
10,952
5,325 | 6,163 | |
6,286 | 2,587 | 795 |
2,781 | ||
9M '239M '24
Q1 | Q2 | Q3 | YoY Change | |||
9M '239M '24
Q1 Q2 Q3 ---Margin
9M '239M '24
Q1 Q2 Q3 ---Margin
-659 9M'23 | 9M'24 | |||||
Q1 | Q2 | Q3 | ---Margin | |||
4
9M'24 Segmental Revenue and EBITDA Margin
18% | Architectural Glass (TRY Mn) | Industrial Glass (TRY Mn) | |||||||||||||||
5% | |||||||||||||||||
12% | |||||||||||||||||
-9% | -6% | ||||||||||||||||
-9% | |||||||||||||||||
15,991 | 14,544 | ||||||||||||||||
32,683 | |||||||||||||||||
+11% | -20% | 29,662 | 5,4984 | -5% | -4% | ||||||||||||
10,000 | 4,110 | ||||||||||||||||
9,538 | |||||||||||||||||
4,819 | 4,942 | ||||||||||||||||
11,117 | |||||||||||||||||
9,951 | |||||||||||||||||
5,674 | 5,491 | ||||||||||||||||
11,566 | |||||||||||||||||
10,173 | |||||||||||||||||
9M'23 | volume effect | pricing, product | 9M'24 | 9M'23 | volume effect | pricing, product | 9M'24 | ||||||||||
mix, curr. effect | mix, curr. effect | ||||||||||||||||
Glassware (TRY Mn) | Glass Packaging (TRY Mn) |
13% | |||
-9% | -3% | ||
18,458 | 16,802 | ||
4,947 | -6% | -3% | 4,787 |
6,603 | 5,847 | ||
6,909 | 6,167 | ||
9M'23 | volume effect | pricing, product | 9M'24 |
mix, curr. effect |
21% | |||||||||
10% | |||||||||
-6% | |||||||||
29,208 | |||||||||
+11% | 27,493 | ||||||||
9,361 | |||||||||
-17% | 10,259 | ||||||||
10,481 | 8,835 | ||||||||
9,366 | |||||||||
8,398 | |||||||||
9M'23 | volume effect | pricing, product | 9M'24 | ||||||
mix, curr. effect |
• All revenue figures showing net external sales | -----EBITDA Margin | 5 |
9M'24 Segmental Revenue and EBITDA Margin
Chemicals (TRY Mn) | Energy (TRY Mn) |
29% | 17% | 1% | |||||
-1% | |||||||
-23% | |||||||
-28% | |||||||
+5% | |||||||
41,545 | 18,074 | +15% | |||||
10,507 | -28% | ||||||
32,079 | 4,958 | -43% | |||||
13,029 | |||||||
10,493 | |||||||
15,561 | 2,938 | ||||||
5,646 | |||||||
10,221 | 5,014 | ||||||
15,356 | 11,365 | 7,470 | 5,077 | ||||
9M'23 | volume effect | price, product | 9M'24 | 9M'23 | volume effect | pricing, product | 9M'24 |
mix, curr. ffect | mix, curr. effect |
Other (TRY Mn)
56%
17%
-11%
3,033
2,705
915
742
1,127 | 716 | |||
991 | 1,247 | |||
9M'23 | 9M'24 | |||
• All revenue figures showing net external sales | -----EBITDA Margin | 6 | ||
9M'24 Segmental Revenue and EBITDA
Diversified Revenue Mix | Revenue Bridge (TRY Mn) |
2%
10%
22%
23% 9M'24 11%
12%
20%
Arc itect ral Glass | Glass | are | emicals | t er |
9M 23 | In strial Glass | Glass Packaging | Energy | 9M 24 |
Diversified EBITDA Mix
-1%
9%
32%
9M'24
50%-7%
-5%
22%
EBITDA Bridge (TRY Mn)
Arc itect ral Glass | Glass | are | emicals | t er |
9M 23 | In strial Glass | Glass Packaging | Energy | 9M 24 |
7
9M'24 Regional Results
Geographic Revenue Mix
2%
9% | |
10% | |
41% | |
19% | |
19% | |
Sales in Turkey | Exports from Turkey |
Europe | US |
Russia, Ukraine and Georgia | Other |
Regional Breakdown of Exports from Turkey
11% 1%
8%
4%
7%55%
14%
Europe | Middle East | North America |
South America | Asia | North Africa |
Other |
Top 10 Export Countries
Italy, Egypt, USA, UK, Germany, France, Brazil,
Spain, Iraq, Romania
USD 730 Mn exports revenue
Exports to 150+ Countries
8
9M'24 Operational Results
K tons
Glass Production | Soda Chemicals Production | |||||||||
4,214 | ||||||||||
3,862 | 3,473 | |||||||||
3,455 | ||||||||||
41% | 40% | |||||||||
69% | 68% | |||||||||
59% | 60% | |||||||||
31% | 32% | |||||||||
9M'23 | 9M'24 | 9M'23 | 9M'24 | |||||||
Domestic | International | Domestic | International | |||||||
Chromium Chemicals Sales
93 | ||||
66 | ||||
89% | ||||
82% | ||||
18% | 11% | |||
9M'23 | 9M'24 | |||
Domestic | International* | |||
* International: Sales from Non-Turkey Facilities + Exports from Turkey-based facilities | 9 |
Historical Production & Sales Results - Glass
K tons
Regional Glass Production
2% | 16% | 9% | ||||||
-4% | 3% | -10% | ||||||
5,052 | 4,857 | 5,619 | 5,781 | 5,227 | ||||
45% | 42% | 3,862 | 4,214 | |||||
43% | 41% | |||||||
46% | ||||||||
40% | ||||||||
41% | ||||||||
57% | 54% | 55% | 58% | 59% | 59% | 60% | ||
20%
0%
-2 0%
-4 0%
-6 0%
-8 0%
-1 00%
-1 20%
Segmental Glass Production
9% | ||||||||
5,619 | 5,781 | |||||||
5,052 | 1% | 5,227 | ||||||
4,857 | 1% | |||||||
1% | ||||||||
1% | ||||||||
1% | 4,214 | |||||||
41% | 3,862 | |||||||
42% | ||||||||
43% | 44% | 1% | ||||||
47% | 1% | |||||||
6% | 44% | |||||||
6% | 6% | 44% | ||||||
7% | ||||||||
6% | 6% | |||||||
7% | ||||||||
51% | 52% | |||||||
49% | 46% | 49% | 48% | 49% | ||||
2019 | 2020 | 2021 | 2022 | 2023 | 9M'23 | 9M'24 | -1 40% | ||||||||||||||||
2019 | 2020 | 2021 | 2022 | 2023 | 9M'23 | 9M'24 | |||||||||||||||||
Domestic | International | Change | Flat Glass | Glassware | Glass Packaging | Glass Fiber | Total | ||||||||||||||||
Regional Glass Sales
3% | 14% |
1% |
20%
Segmental Glass Sales
-3% | -7% | 9% | ||||
58% | 57% | 56% | 54% | 54% | ||
54% | ||||||
54% | ||||||
42% | 43% | 44% | 46% | 46% | 46% | 46% |
0%
-2 0%
-4 0%
-6 0%
-8 0%
-1 00%
-1 20%
-1 40%
3% 1%
3% 3%
43% 45%
7%7%
47% 45%
14% | 9% | |
-3% | ||
-7% | ||
3% | 3% | 3% | |||||
43% | 42% | 44% | 3% | 3% | |||
7% | 6% | 44% | 45% | ||||
7% | |||||||
6% | |||||||
7% | |||||||
47% | 49% | ||||||
46% | 46% | 47% | |||||
10%
-10%
-30%
-50%
-70%
-90%
2019 | 2020 | 2021 | 2022 | 2023 | 9M'23 | 9M'24 |
Domestic | International* | Change |
2019 | 2020 | 2021 | 2022 | 2023 | 9M'23 | 9M'24 | |
Architectural Glass | Glassware | Glass Packaging | Industrial Glass | Change | |||
* International: Sales from Non-Turkey Facilities + Exports from Turkey-based facilities | 10 |