Post on 06-Mar-2018
TOFAŞ 31.12.2009 ANALYST PRESENTATIONŞ
22 02 2010 1
Index
2009 Performance Highlights Market Development2009 Performance Highlights
Local Market & Tofaş Local Sales
Market Development
Market Shares
Exports PerformanceSales
Capacity Utilisation
W ki C it l
Sales
Financial ResultsWorking Capital
Loan Structure
Q&A
22 02 2010 2
Highlightsg gDomestic market leadership
29.5% market share in LCV market
B t f i SCT d ti i dBest performance in SCT reduction period
Continue in increasing trend in exports and 52k exports in the last quarter
Opex percentage level at the lowest level among the last yearsOpex percentage level at the lowest level among the last years
World Class Manufacturing, most successful FIAT production plant Silver levelplant, Silver level
New incentive applications and positive impact of Constitutional Court’s cancellation decision on Net Profit
263 – New Doblo exports started
22 02 2010 3
p
SalesUnit
67 97464,832 67,974
43 252
43,24240,534
51,905
43,252
33,416 32,678
35 402
2008 Q1 2008 Q2 2008 Q3 2008 Q4 2009 Q1 2009 Q2 2009 Q3 2009 Q4
1914620415
17686 11,122 10,10835,402 26,142
21,865
Tofaş sales volume realized as 261 876 units as of December 2009 According to
2008 Q1 2008 Q2 2008 Q3 2008 Q4 2009 Q1 2009 Q2 2009 Q3 2009 Q4
Domestic Exports
Tofaş sales volume realized as 261,876 units as of December 2009. According tothis result the contraction in total sales dropped to 5.7% whereas it was 19.4%as of September 2009.
22 02 20104
* The sales to Peugeot Otomotiv Pazarlama A.Ş. are included in the domestic market sales.
Sales
000 TL
1,049,975 755,481 957 870895,438
720,998643,361 637 935
727,741957,870
723 288
637,935
414,435427,888
381,615264,316 234,529
723,288570,849
491,061
2008 Q1 2008 Q2 2008 Q3 2008 Q4 2009 Q1 2009 Q2 2009 Q3 2009 Q4
264,316
D ti E tTofaş total sales revenue increased by 6.3% and reached to 5.099 Million as of December 2009.
Domestic Exports
22 02 20105
Domestic Market
The total domestic market grew by 12.8% in 2009 when compared to 2008 andrealised as 557,126 units.The level of high competition among the brands that occured in December hadan important role as well as the temporary reduction in Special ConsumptionTax between March 15 – September 30 in this increase that happened in thelocal market.
19 00320,048 29,235
31,745
53,64955,111 63,191
61,067
81,397 88,923
2008- 2009 Domestic Retail MarketUNITS
Monthly Domestic Retail Market 2009UNITS
13 17314,49240,622
36,202
44,18841,019
16 63722,537
52,162
13 82817,781
57,1786,433 7,250
14,48916,438 19,003
12,20813,072
7,205
10,18131,101
35,25147,70148,598
46,324
42,15643,670
43,932 32,884 42,504
19 606 21 742
52,640,
28,84535,609
21 033
27,962
13,173 , 9 36,202 16,637 13,828
Jan
Feb
Mar
Apr
May Jun
Jul
Aug
Sep Oct
Nov
Dec
PC LCV
26,25319,606 21,742 , 21,033
Jan
Feb
Mar
Apr
May Jun Jul
Aug
Sep
Oct
Nov Dec
2008 2009PC LCV
22 02 20106
Domestic Market249,220 237,288
188 025 187,307188,025140,000
,
373,216357,465 369,819,
305,998235,000
,
2006 2007 2008 2009 budget
2009g
PC LCV
25% +12 8%-25% +12,8%
22 02 2010 7
Tofaş 2009 Domestic Market Sales
Tofaş retail sales increased by 38.9% and realised as 85,393 units in 2009
ş
whereas the total domestic market sales increased only by 12.8%As a result of this performance Tofaş increased its market share by 2.9 pointsand after 8 years and ended the year as market leader with 15.3% domesticretail market share.
11,16010 721
14,741 13,400
Tofaş Monthly 2008- 2009 Retail SalesUNITS 38.9%
INCREASE
3,725 4,108
8,119
6,541 6,0015,422 4,917 5,392 3,574 4,763
10,083 10,721
3,500
IN SALES
,5,922
6,001
2,9851,592 1,813
6,460 5,153 4,8101,966
an Feb
Mar Apr ay un Ju
l
Aug ep Oct ov DecJ F M A M J J A S O N D
2008 2009
22 02 2010 8MARKET LEADER
2009 Cumulative Market SharePC – 2009 JANUARY - DECEMBER
OTHER21.3%
LCV – 2009 JANUARY - DECEMBERFIAT+ALFA+
LANCIA8 2%OTHER FIAT
29.5%VW
5.7%
21.3%8.2% FORD9.0%
RENAULT16.0%
OTHER39.5%
PEUGUEOT8.9%PEUGUEOT
3.7%
FORD27.4%
RENAULT7.2%VW
7.2%HYUNDAI16.4%
FIAT+ALFA+LANCIA15.3%
OTHER32.9%
COMBINED MARKET SHARE 2009 JANUARY - DECEMBER
FORD15.2%
RENAULT13.0%
VWHYUNDAI
11 5%
22 02 2010
PEUGUEOT5.5%
VW6.7%
11.5%
9
Tofaş Exports – 2009ş p
24 400UNITUNIT
22,923 22,41018,451
11,935
14,288
9,2009,778
13,97114,680
15,27515,798 16,771
15,831
16,19215,767
19,95421,36219,549
23,92121,788
24,400 21,786 21,559
17,259
13 622 8 9399 196 9 716
13,766 13,819 14,067 15,35616,771
15,83116,192
15,767
19,954
4,706
,9,180 7,924
n.08
ul.0
8
g.08
p.08
t.08
v.08
c.08
n.09
b.09
r.09
r.09
y.09
n.09
ul.0
9
g.09
p.09
t.09
v.09
c.09
4,43410,855
13,622 8,9399,196 9,716 7,924
an eb ar pr ay un ul ug ep ct ov ec
Jun
Ju Aug
Sep
Oc
Nov Dec Jan
Feb
Ma
Ap Ma y Jun
Ju Aug
Sep
Oc
Nov DecJa Fe Ma
Ap
Ma Ju Ju Au Se Oc
No
De
2008 2009
Tofaş exports decreased by 41k units 2009 when compared to 2008 with acontraction of 19.6% and realised as 168,359 units.
This contraction was 42.2% in the first half of 2009 and shrinked due to thecontinuesly increasing trend in exports performance.
The decrease in 2009 occured mostly in the Doblo and Russia exports whichwere not subject to take or pay agreements.
22 02 2010 10
j p y g
Exportsp
252 232UNITS
Exports Volume Exports acc. To Brands
FIATTOYOTA
OTHER5.6%
209,474 252,232
217,876
119,586 121,626
168,359222,278
128,388
27.1%TOYOTA
11.9%
69,097 49,739
FIAT RENAULT FORD TOYOTA OTHER
2008 2009FORD18.9%RENAULT
36.5%
Tofaş rised to second place in the auto sector exports as units and revenuecountrywide in 2009, whereas it had the third place in 2008.countrywide in 2009, whereas it had the third place in 2008.
22 02 2010 11
* Source: OSD (Automotive Manifacturers Association)
Tofaş SalesşDomestic Sales (Units) 12 2009 12 2008 2010Doblo Cargo 22,080 18,450gDoblo Panoroma 566 966Fiorino 30,252 12,633MCV sold to Peugeot & Citroen 9,094 8,284gLinea 9,970 8,278Albea – Palio 12,825 10,196Imported Vehicles 8,730 9,562pTotal domestic sales 93,517 68,369 75,000Exports (Units) 12 2009 12 2008 2010Doblo Cargo 37,446 60,787gDoblo Panoroma 16,333 24,512Fiorino & other MCV 108,246 91,099Linea 4,176 9,953Albea – Palio and other 1,198 2,516CKD 960 20,607Total exports 168,359 209,474 220,000Total CBU Sales 260,916 257,236Total Domestic sales & Exports 261,876 277,843 295,000
22 02 2010
Production & Capacity Utilizationp y
The production was realized as 253,090 units as of 31.12.2009
Quarterly Production Volume Capacity Utilization Rate - cumulative
UNITS
52 82669,372
80,50789,066
56 299 42 200
75,716
64,106
71,521 85%
74% 59%61%
63%
42,65052,82647,645
56,29941,464
42,200 71% 74%
42%
59%
2007
Q1
2007
Q2
2007
Q3
2007
Q4
2008
Q1
2008
Q2
2008
Q3
2008
Q4
2009
Q1
2009
Q2
2009
Q3
2009
Q4
Production Volume
2006
2007
2008
2009
03
2009
06
2009
09
2009
12
C i U ili i R %Production Volume Capacity Utilization Rate %
* The capacity utilization rate of year 2009 is calculated by using 400,000 units as annual capacity, 360,000units as 2008 capacity and 250,000 units as prior years’ capacity.
22 02 201013
Financial Results 31.12.2009
INCOME STATEMENTTL Million 31.12.2009 31.12.2008Net sales 5,098.8 4,798.0Gross profit 499.0 569.9Operating profit 258.2 247.0Profit before tax 269.9 219.8Net profit 360.4 175.8EBITDA 455 7 457 6EBITDA 455.7 457.6
% 31.12.2009 31.12.2008% 3 009 3 008Gross profit margin 9.8% 11.9%Operating profit margin 5.1% 5.1%Profit before tax margin 5.3% 4.6%Net profit margin 7.1% 3.7%EBITDA margin 8.9% 9.5%Net profit / Equity 25.3% 15.7%
22 02 2010 14
* Entek sales profit is not included to figures other than Net Profit and Profit Before Tax.
Financial Results 31.12.2009
INCOME STATEMENTTL Million 2009 Q 4 2009 Q 3 2009 Q 2 2009 Q1Net sales 1,448.9 1,298.6 1,478.8 872.5Gross profit 106.0 139.5 149.9 103.6Operating profit 57.8 81.0 76.0 43.4Profit before tax 56.7 104.0 74.4 34.9Net profit 133.2 126.6 67.6 32.9EBITDA 111 7 129 9 123 7 90 5EBITDA 111.7 129.9 123.7 90.5
% 2009 Q 4 2009 Q 3 2009 Q 2 2009 Q1% 009 Q 009 Q 3 009 Q 009 QGross profit margin 7.3% 10.7% 10.1% 11.9%Operating profit margin 4.0% 6.2% 5.1% 5.0%Profit before tax margin 3.9% 8.0% 5.0% 4.0%Net profit margin 9.2% 9.8% 4.6% 3.8%EBITDA margin 7.7% 10.0% 8.4% 10.4%
22 02 2010 15
* Entek sales profit is not included to figures other than Net Profit and Profit Before Tax.
Gross Profit000 TL %
181,721149 937
20.0%250,000
126,806
132,201 129,181103,565
149,937139,482
106,030
12.3%12.0% 14.20%
11.87%
10.1%10.7%
7.3%12 0%
14.0%
16.0%
18.0%
150 000
200,000
9.7%
6.0%
8.0%
10.0%
12.0%
100,000
150,000
0.0%
2.0%
4.0%
6.0%
0
50,000
2008 Q1 2008 Q2 2008 Q3 2008 Q4 2009 Q1 2009 Q2 2009 Q3 2009 Q4
Gross Profit Gross Profit Margin
Th G P fi d d b 12 4% i 2009 h d 2008 i lThe Gross Profit decreased by 12.4% in 2009 when compared to 2008, mainlydue to the decrease in exports occured in non take-or-pay vehicles andrealised as 499 million TL.
22 02 2010
According to this result, the Gross Profit Margin occured as 9.8%.
16
Operating Profitp g
112 326 81 01510.0%
000 TL %
60 467
112,326
43 379
76,026
81,015
7.6%5.1%
6.2%
7.0%
8.0%
9.0%
100 000
120,000
140,000
60,46747,919
26,282
43,37957,790
4.6% 4.3%
2.9%
5.0%4.0%
4 0%
5.0%
6.0%
60 000
80,000
100,000
2.0%
3.0%
4.0%
20,000
40,000
60,000
0.0%
1.0%
0
,
2008 Q1 2008 Q2 2008 Q3 2008 Q4 2009 Q1 2009 Q2 2009 Q3 2009 Q4
O i P fi i 258 illi TL i 2009 l di h ff l fi f
Operating Profit Operating Profit Margin
Operating Profit is 258 million TL in 2009 excluding the one-off sale profit ofEntek shares, whereas Operating Profit Margin is 5.1%. This result shows anincrease of 4.5% in Operating Profit when compared to 2008.
22 02 201017
Net Profit
126 633133,200
000 TL %
84,034
126,6339.8%
9.2%
8 0%
9.0%
10.0%
120 000
140,000
68,70232,869
67,6496.4%
4.6%3 8%
4.6%5.0%
6.0%
7.0%
8.0%
80,000
100,000
120,000
14,5378,4811.3%0.9%
3.8%
2.0%
3.0%
4.0%
20 000
40,000
60,000
0.0%
1.0%
0
20,000
2008 Q1 2008 Q2 2008 Q3 2008 Q4 2009 Q1 2009 Q2 2009 Q3 2009 Q4
Net Profit Net Profit Margin
Net Profit reached to 360 million TL, and Net Profit Margin realized as 7.1% in2009. Accordingly, Net Profit grew by 105.0% when compared to 2008.
22 02 201018
EBITDA
111 709162,124
123 664 129,91511 0%12.0%200,000
000 TL %
111,709 100,084
83,71589,631
123,664 ,111,653
8.5%
11.0%
9 1% 9.2%10.3% 8.4%
10.0%7.7%
8 0%
10.0%
140,000
160,000
180,000
9.1%
6.0%
8.0%
80 000
100,000
120,000
2.0%
4.0%
40,000
60,000
80,000
0.0%0
20,000
2008 Q1 2008 Q2 2008 Q3 2008 Q4 2009 Q1 2009 Q2 2009 Q3 2009 Q4
EBITDA EBITDA Margin
EBITDA f 2009 i d fl h d 2008 d li d 456EBITDA of 2009 remained flat when compared to 2008 and realized as 456million TL, excluding the one-off sale profit of Entek shares. As a result theEBITDA Margin is calculated as 8.9%.
22 02 201019
Financial Results 31.12.2009
BALANCE SHEET - ASSETSTL MillionCurrent Assets 31.12.2009 31.12.2008 ∆Cash & cash equivalents 675.3 245.2 430.1Inventory 291.3 325.7 -34.4Trade receivables 800.2 587.8 212.4S.T. consumer financing loans 187.2 179.9 7.3Other current assets 32 8 118 6 85 9Other current assets 32.8 118.6 -85.9
Non-current Assets 31.12.2009 31.12.2008 ∆Fixed assets 1,263.2 1,148.0 115.2 ed assets , 63 , 8 0 5Non-material fixed assets 845.4 692.9 152.6 L.T. consumer financing loans 135.4 142.8 -7.4Other non-current assets 136.4 129.7 6.7 Total Assets 4,367.2 3,570.6 796.5
22 02 2010 20
Financial Results 31.12.2009
BALANCE SHEET - LIABILITIESTL MillionShort Term Liabilities 31.12.2009 31.12.2008 ∆Short term financial liabilities 263.2 105.4 157.8S.T. portions of L.T. liabilities 228.3 378.3 -150.0Trade payables 1,128.6 754.0 374.6Other short term liabilities 138.3 87.2 51.0
Long Term Liabilities 31.12.2009 31.12.2008 ∆Long term financial liabilities 986.0 955.1 30.9 o g te a c a ab t es 986 0 955 30 9Other long term liabilities 200.6 171.1 29.5 Equity 1,422.2 1,119.5 302.8 Total Liabilities and Equity 4,367.2 3,570.6 796.5
22 02 2010 21
Financial Results 31.12.2009
FINANCIAL POSITION AND NET WORKING CAPITAL
TL MillionNet Financial Position 31.12.2009 31.12.2008 ∆Cash & cash equivalents 675 3 245 2 430 1Cash & cash equivalents 675.3 245.2 430.1 S.T. Financial liabilities 501.78 483.7 18.1 L.T. Financial liabilities 986.0 955.1 30.9 S.T. Consumer financing loans 187.2 179.9 7.3 gL.T. Consumer financing loans 135.4 142.8 -7.4TOTAL -489.9 -870.9 381.0
Net Working Capital 31.12.2009 31.12.2008 ∆ Trade receivables 800.2 587.8 212.4 Inventory 291.3 325.7 -34.4Oth i bl 32 8 118 6 85 9Other receivables 32.8 118.6 -85.9Trade payables 1,128.6 754.0 374.6 Other payables 109.3 52.1 57.3 TOTAL -113 7 226 1 -339 7TOTAL -113.7 226.1 -339.7
22 02 2010 22
Net Working Capital 31.12.2009g p
226.1
200250
Million TL
18 427.7
145.2 158.8
650100150200
18.4 6.4
100500
50
ar/0
8
un/0
8
ep/0
8
ec/0
8
ar/0
9
un/0
9
ep/0
9
ec/0
9
-149.7 -113.7200150100 M Ju Se D
e M Ju Se De
22 02 2010 23
Loan Structure 31.12.2009
Million EURO 31.12.2009 30.09.2009 30.06.2009 31.03.2009
Tofaş Financial Liabilities 540 572 544 527Consumer Financing Liabilities 144 138 143 215
Consumer Financing Credits 149 150 149 131Financial Assets 313 259 277 203
222 301 261 408
22 02 2010 24
Investments
Million EURO
2007 2008 2009 2010/E
Capacity increase & other 99 0 69 0 17 0 35 0Capacity increase & other 99.0 69.0 17.0 35.0
Linea 52.0 11.0 6.0 15.0
Minicargo 155.0 53.0 20.0 20.0
263 11 0 193 0 182 0 64 0263 11.0 193.0 182.0 64.0
TOTAL 317.0 326.0 225.0 134.0
22 02 201025
Contact
M. Emre Erturk
Corporate Investor Relations SupervisorCorporate Investor Relations Supervisor
E-mail: emre.erturk@tofas.com.tr
Tel: +90 212 275 3390 Ext: 1884Tel: 90 212 275 3390 Ext: 1884
22 02 201026