Post on 12-Jul-2020
Slide 1 - 06.12.2012
Akcansa Results - 2012 Q3
Slide 2 - 06.12.2012
Contents
Market Overview 3
Key Figures
Financial Highlights 11
Cement and Readymix Volume Changes 12
Export Regions 13
Company Turnover, Operating Income and Net Income 14
Market Performance Trend 15
Business Lines
Akcansa Profit and Loss Results 16
Cement Profit and Loss Results 18
Readymix Profit and Loss Results 20
Cash Flow 22
Capex Structure 23
Prospects 24
Appendix 30
Slide 3 - 06.12.2012
Cement Consumption Trends : Regional Consumption 2012 Estimate
NA
6%
Latin
America
+6%
WE
-15%
EE
+3%
Middle
East &
Africa
+5%
Oceania
+1%
Asia
(ex.
China)
+5%
+7%
+4%
+10%
0%
+4% +6%
+5%
+6%
-5% +4%
+10%
-29%
+8%
-6%
Mature
Asia
+3%
+10%
+7%
+5%
+3%
+6%
+4%
+4%
-7%
-5% -5%
-4%
-16%
Positive cement demand in the world except Europe
" This presentation/report demonstrates "estimated results" of market research done by Akçansa
Çimento Sanayi ve Ticaret A.Ş. in addition to sourcing from Exane BNP Paribas Survey report – Jul’12.
"
Slide 4 - 06.12.2012
Turkey Macroeconomic Assumptions 2007-2014
Source: Sabancı Holding and Undersecretary of Treasury – November, 2012
•Inflation is expected to be lower in 2012 compared to 2013
and 2014
•Cement growth expectations:
• Stable for 2012
• Positive for 2013 and 2014 and parallel to GDP
growth
•FX rates increase with almost stable EUR/USD parity
•Stable budget deficit per capita in the following two years 1,1647
1,5123 1,5057 1,5460
1,88891,7700
1,95002,0439
1,7102
2,1408 2,16032,0491
2,4438
2,2656
2,50002,6162
1,15
1,20
1,25
1,30
1,35
1,40
1,45
1,50
0,50
1,00
1,50
2,00
2,50
3,00
2007 2008 2009 2010 2011 2012 E 2013 E 2014 E
Pa
rity
FX
Ra
te
USD/TL EURO/TL Parity
4,7%
0,7%
-4,7%
9,2% 8,5%
3,2%4,0%
5,0%3,5%
-4,1%
0,3%
17,6%
10,8%
0,0%
4,0%4,0%
5,9%
8,1%
5,9%
8,9%
13,3%
2,0%
7,0% 7,0%
-10,0%
-5,0%
0,0%
5,0%
10,0%
15,0%
20,0%
2007 2008 2009 2010 2011 2012 E 2013 E 2014 E
Real GDP Growth Domestic Cement Demand Growth (%) Inflation (PPI)
Years
Government
Budget
Deficit/GDP
TR-3 Months
Deposit Rate,
Annual,%
Population
(mio)
2007 -1,6% 17,5% 70,2
2008 -1,8% 20,0% 71,1
2009 -5,5% 9,3% 72,1
2010 -3,6% 8,8% 73,0
2011 -1,4% 9,8% 74,0
2012 -2,3% 8,4% 74,9
2013 -2,2% 8,1% 75,8
2014 -2,0% 8,8% 76,7
Turkey Macroeconomic Indicators
Slide 5 - 06.12.2012
Turkish Cement Sector (2000 – 2012E)
" This presentation/report demonstrates "estimated results" of market research done by Akçansa Çimento Sanayi ve Ticaret A.Ş. in addition to
Turkish Cement Manufacturers’ Association figures. "
31,5
25,3 26,8 28,130,7
35,1
43,0 44,5 42,7 42,8
50,3
55,8 55,8
6,6
8,610,4
10,4
10,7
9,7
7,28,3 13,7
20,5
18,5
14,312,0
39,5 39,540,7 41,0 41,7
45,447,0
48,1
62,2
68,670,3
72,174,1
-5
5
15
25
35
45
55
65
75
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 E
mio
to
ns
Domestic Consumption Export Cement+Clinker Cement Production Capacity - 90 % Cement Production Capacity - 90 % with imports
Slide 6 - 06.12.2012
Turkish Cement Market (Expectations)
Source: TUIK and TCMA
2006 2007 2008 2009 2010 2011 2012E
1. Private Housing 66% 61% 53% 55% 53% 52% 52%
2. Commercial 13% 15% 12% 8% 11% 11% 11%
3. Public 3% 4% 4% 4% 5% 5% 5%
4. Infrastructure/Projects 17% 20% 30% 33% 30% 32% 32%
Slide 7 - 06.12.2012
Turkish Cement Market, Domestic Sales Volumes Change %, (Sep’12 YTD)
12,6%
-7,9%
13,6%
1,7%
-2,4%
2,9%
-3,5%
" This presentation/report demonstrates "estimated results" of market research done by Akçansa Çimento Sanayi ve Ticaret A.Ş. " and
announcement of TCMA as of Aug’12
Cement demand in Turkish domestic market decreased by 0,3%
Cement export figures of Turkey decreased by 15,4%
Slide 8 - 06.12.2012
Turkish Cement Market, Clinker Stock Level Change %, (Sep’12 YTD)
12-11(Sep): +4%
2012(Sep): 130kt
12-11(Sep): +44%
2012(Sep): 561kt
12-11(Sep): 259%
2012(Sep): 466kt
12-11(Sep): +43%
2012(Sep): 461kt
12-11(Sep):+44%
2012(Sep): 521kt
12-11(Sep): +158%
2012(Sep): 1.238kt
12-11(Sep): -4%
2012(Sep): 345kt
" This presentation/report demonstrates "estimated results" of market research done by Akçansa Çimento Sanayi ve Ticaret A.Ş. " and
announcement of TCMA as of Aug’12
In Turkey, Total clinker stocks are 3,7 mio tons and stock level is 71,7% higher than last
year’s figures
Slide 9 - 06.12.2012
Turkish Cement Market, Sales Volumes Change %, (2012 - Expected)
+4%
-2,5%
+2%
+4%
-2%
+1,6%
0%
" This presentation/report demonstrates "estimated results" of market research done by Akçansa Çimento Sanayi ve Ticaret A.Ş. "
Cement demand in Turkish domestic market is expected to stay same in 2012 vs. 2011
Slide 10 - 06.12.2012
Baltic Supramex Index
Source: Bloomberg Last 12-month period
Last 3-year period
At its lowest level for
years
Sharp decrease in the
last two months of
2012 Q3
Slide 11 - 06.12.2012
Financial Highlights
Q3 YTD comparison:
Q3’12 YTD turnover is up by 5% against the same period in 2011
Operating income in Q3’12 YTD is 19% higher than Q3’11 YTD
Net income for Q3’12 YTD increased by 28% compared to Q3’11 YTD
Margins improved due to the following reasons;
Increase in domestic sales prices
Decline in fuel prices
Better electricity prices in Canakkale Plant after the contract with new
supplier
Increase in alternative fuel consumption
Imported shredded tire
Positive impact of Waste Heat Investment on energy
Slide 12 - 06.12.2012
Akçansa Sales Volumes (YTD 2012 vs. YTD 2011)
These figures include Akçansa and Karçimsa results. These figures represent the management report view.
Domestic – Cement & Clinker Export – Cement & Clinker
RMC
-4% Change
-8% Change 8% Change
2011 2012
97% 99%
3% 1%
2011 2012
DOMESTIC CLINKER SALESDOMESTIC CEMENT SALES
74%60%
26%40%
2011 2012
EXPORT CLINKER SALESEXPORT CEMENT SALES
Slide 13 - 06.12.2012
Akcansa Export Regions (2012 Q3 YTD)
<50 k ton >100; <50 k ton >100 kton
West Africa
still has the
highest
portion in
total export
Export to Russia
has been
continuing as Q1
and Q2 of 2012
Ghana,
Russia and
Nigeria are
the top
three export
destinations
Slide 14 - 06.12.2012
9,514,8
29,6
46,0
33,9
33,0
2011 2012
Q3
Q2
Q1
17,8 21,9
31,7
48,7
48,8
46,9
2011 2012
Q3
Q2
Q1
215,0 224,4
268,7 292,2
277,8284,4
2011 2012
Q3
Q2
Q1
Key Figures (million TL) (YTD 2012 vs YTD 2011)
Turnover Operating Income
Net Income
Better prices reflected within better operating income and net
profit results.
Higher operating income in 2012;
Price growth,
Better fuel prices, increasing alternative fuel
consumption, waste heat project go live
* These figures include Akçansa and Karçimsa results. These figures represent the management report view.
5%
9%
4%
761,5 801,0 19% 98,3 117,5
53%
23%
28% 73,0 93,8
56%
55%
2%
-4%
-3%
Slide 15 - 06.12.2012
Market Trends in 2012 Q3 YTD and 2012 YE
* These figures include only Akçansa and Karçimsa results. These figures represent the management report view.
(*) Compared to end of 2011
(*) Compared to 2011 Q3 YTD
(*) Compared to 2011 Q3 YTD
(*) Compared to 2011 Q3 YTD
(*) Compared to 2011 full year
VolumePrice
(TL/ton)
Domestic Cement
North Marmara
South Marmara
East Marmara
Aegean
Black Sea
2012 Q3 YTD
Cement
VolumePrice
($/ton)
Export Cement
Export Clinker
2012 Q3 YTD
Cement
Volume Price
Domestic Cement (TL/t)
Export Cement ($/t)
Export Clinker ($/t)
RMC (TL/m3)
2012Expectations
VolumePrice
(TL/m3)
General
Europe
Asia
Thrace
Aegean
Black Sea
2012 Q3 YTD
Readymix
2012 2012
Q3 YTD YE
Coal
Petcoke
Electricity
Diesel
Energy
Slide 16 - 06.12.2012
Company Profit and Loss Accounts 2012 vs. 2011 (YTD)
* These figures include only Akçansa and Karçimsa results. These figures represent the management report view.
73,1
93,8
-16,8
-0,9
41,1
-4,3 6,8 -5,3
0
10
20
30
40
50
60
70
80
90
100
110
120
2011 Q3YTD
Net Sales Cost ofSales
Operat. Exp. OtherInc.&Exp.
Fin.Inc.&Loss
Taxes 2012 Q3YTD
Mio TL
Net Income AnalysisYTD - 2012 Q3 vs 2011 Q3
Slide 17 - 06.12.2012
Company Profit and Loss Accounts 2012 vs. 2011 (Q3)
* These figures include only Akçansa and Karçimsa results. These figures represent the management report view.
33,933,0
-7,4
-0,1
6,7
-1,1 1,1 -0,2
0
10
20
30
40
50
2011 Q3 Net Sales Cost ofSales
Operat.Exp.
OtherInc.&Exp.
Fin.Inc.&Loss
Taxes 2012 Q3
Mio TLNet Income Analysis
Q3 - 2012 vs 2011
Slide 18 - 06.12.2012
Cement B/L Profit and Loss Accounts 2012 vs. 2011 (YTD)
* These figures include only Akçansa and Karçimsa results. These figures represent the management report view.
90,7
116,4
-17,3
-2,4
47,9
-2,5
0
25
50
75
100
125
150
2011 Q3 YTD Net Sales Cost of Sales Operat.Expenses
Other Inc.&Exp. 2012 Q3 YTD
Mio TL
Operating Income AnalysisYTD - 2012 Q3 vs 2011 Q3
Slide 19 - 06.12.2012
Cement B/L Profit and Loss Accounts 2012 vs. 2011 (Q3)
* These figures include only Akçansa and Karçimsa results. These figures represent the management report view.
45,0 46,5
-9,8
-0,8
12,1
0,1
0
10
20
30
40
50
60
70
2011 Q3 Net Sales Cost of Sales Operat.Expenses
Other Inc.&Exp. 2012 Q3
Mio TL
Operating Income AnalysisQ3 - 2012 vs 2011
Slide 20 - 06.12.2012
Readymix B/L Profit and Loss Accounts 2012 vs. 2011 (YTD)
* These figures include only Akçansa and Karçimsa results. These figures represent the management report view.
7,7
1,1
-6,5
-1,81,5
0,3
-1
0
1
2
3
4
5
6
7
8
9
2011 Q3 YTD Net Sales Cost of Sales Operat.Expenses
Other Inc.&Exp. 2012 Q3 YTD
Mio TLOperating Income AnalysisYTD - 2012 Q3 vs 2011 Q3
Slide 21 - 06.12.2012
Readymix B/L Profit and Loss Accounts 2012 vs. 2011 (Q3)
* These figures include only Akçansa and Karçimsa results. These figures represent the management report view.
3,8
0,5
-0,9
0,7
2,0
-1,1
-1
0
1
2
3
4
5
6
7
8
2011 Q3 Net Sales Cost of Sales Operat.Expenses
Other Inc.&Exp. 2012 Q3
Mio TLOperating Income Analysis
Q3 - 2012 vs 2011
Slide 22 - 06.12.2012
Cash Flow Statement 2012 Q3 YTD
* These figures include only Akçansa and Karçimsa results. These figures represent the management report view.
15,622,9
-28,7
-4,4
-88,7
36,6
81,6
10,6
0,3
0
30
60
90
120
1 January 2012 Cash flow fromoperatingactivities
Investmentactivities foroperatingpurposes
Improvementprojects
Financialproceeds /
payments, net
Dividendreceived
Dividendpayment
Other 30 September2012
Mio TL
Slide 23 - 06.12.2012
47%
28%
38%
31%
15%
41%
0%
20%
40%
60%
80%
100%
2012 Q3 YTD 2011 Q3 YTD
Routine maintenance
Environmental Issues
Improvement
Capex Distribution 2012 Q3 YTD vs 2011 Q3 YTD
* These figures include only Akçansa and Karçimsa results. These figures represent the management report view.
Waste heat
project was
completed in
2011
Total capex
expenditure is
parallel to
previous year
Slide 24 - 06.12.2012
Prospects 2012
Economic Activities
Domestic demand remains stable and prices are rising
Construction based growth plans of the goverment go live New regulations in force in relation to residential build (in
response to Earthquake)
Urban transformation passed into law in May’12: 40 bio USD (for the following 10 years)
Increase in construction activities because of new law about lands under the specification of 2B.
Turkey’s Parliament has approved a law that eases restrictions on the sale of land and real estate to foreign citizens and firms (allows to buy lands from 25 K to 300 K sqm)
Operations
Continued focus on margin enhancement
Focus on added value products in RMC
New type of cement: Purebred Cement
Energy
Full year utilizing waste heat project (~15 mio TL gain)
Continuous and steady increase in alternative fuel usage going forward
And ...
News
Safkancimento
Slide 25 - 06.12.2012
Energy always matters...
To increase efficiency on energy
usage
Flexibility in use of petrocoke and coal
Use of import channels of HC Trading
firms
High-sulfur petrocoke usage permit
Hedging coal purchases to minimize cost
inflation risk
Active electricity portfolio management
Canakkale Plant has started the shreded
tire importation in the second quarter
To increase alternative fuel usage
Alternative fuel feeding system investment
in Canakkale Plant
Primary Alternative
Slide 26 - 06.12.2012
Urban transformation in Istanbul
Istanbul will be reconstructed in the following ten years and outline of the project is as below:
Environment
•Prince Islands Project
•Haydarpaşa Train Station Project
•Pedestrianization of Taksim Square
•Pedestrianization of Kadıköy Square
•Beyoğlu Kasımpaşa Hasköy Highway Rehabilitation
•Levent – Champs-Élysées Project
•Beşiktaş Square
•Üskidar Square
•Cendere Teknopark Project
•Two new city hospital
•Two new city project
•Galataport
•Channel Istanbul Project
•Çamlıca TV Tower
•İstanbul Finance Center Project
•Istanbul Municipality Headquarter
Transportation
•Marmaray
•Tube channel for rubber tyred vehicles
•3rd bridge and North Marmara Highway
•Ankara – İstanbul high speed train
•İstanbul – Edirne high speed train
•3rd airport
•New metro lines
•New metrobus lines
•Airway trains
•Ro-Ro Line
•Da-Vinci Bridge
•Telpher line for Bosphorus and Golden Horn
•Touristic express trailway
Urban Transformation
•Tarlabaşı (278 houses)
•Sulukule (354 parcels)
•Fikirtepe (131 ha)
•Okmeydanı (176 ha)
•Bayrampaşa (11,3 ha, 4 k houses)
•Zeytinburnu Sümer District (1.536 houses)
•Kayabaşı (60 k hauses)
•Kartal (330 ha, 5 bio USD)
•Maltepe-Dragos (32 ha)
•Ayamama (230 ha)
•Küçükçekmece – Ayazma (6,5 k houses)
•Avcılar (180 ha)
•Beyoğlu – Perşembe Pazarı (8,5 ha)
•Süleymaniye (94 ha)
Source: CNBC-e Business, June’12
Ha: Hectare
Slide 27 - 06.12.2012
Slide 28 - 06.12.2012
Contacts
Dr. Carsten Sauerland CFO
Phone +90 216 571 30 20 carsten.sauerland@akcansa.com.tr
Fax +90 216 571 30 21
Banu Üçer Communication Officer
Phone +90 216 571 30 13 banu.ucer@akcansa.com.tr
Fax +90 216 571 30 11
Info Adress: IR-info@akcansa.com.tr
Websites
www.akcansa.com.tr
www.betonsa.com.tr
www.sabanci.com.tr
www.heidelbergcement.com
Slide 29 - 06.12.2012
Disclaimer
This presentation (Presentation) has been prepared by Akçansa Çimento Sanayi ve Ticaret A.Ş. for the sole purpose
of providing information relating to Akçansa (Information).
This Presentation is based on public information and data provided by Akçansa management and basically
demonstrates forward looking statements based on numerous assumptions regarding our present and future
business strategies and the environment in which we will operate in the future.
Please be aware that the forward looking statements and/or assumptions of future events declared in the
Presentation and/or in the Information may not prove to be accurate.
No warranty or representation, express or implied, as to the accuracy, reliability, completeness, or timeliness of this
Information is made by Akçansa.
No profitability or any other warranty is claimed by the Information provided either on company or sectoral basis.
No liability/responsibility is accepted by Akçansa for any loss or damages of any kind, incurred by any person for any
information howsoever arising from any use of this Presentation or the Information.
The Information contained at this Presentation has been included for general informational purposes only and no
person should make any investment decisions in reliance upon the information contained herein.
Akçansa shall not be held responsible for any kinds of losses that may rise from investments and/or transactions based on this Presentation or Information or from use of this Information and/or Presentation.
Slide 30 - 06.12.2012
Appendix
Slide 31 - 06.12.2012
Cement Sector Distribution in Turkey
48 integrated plants, 17 grinding mills, 65 plants, 22 players
Cimpor
Askale
AkcanSA
Bursa
Italcementi
BatıGroup
Limak
Oyak
CimSA
Cementir
Vicat
Denizli-CRH
Nuh
Tracim
AS
Titan-ADO
Sancim
Goltas
Kipas
Yurt
Lafarge
Sanko/Barbetti
Integrated Plants
Sou
rce:
TC
MA
Grinding Facility
Slide 32 - 06.12.2012
Turkey Clinker Capacity Distribution
Source: TCMA
Akcansa
10%Cimsa
7% Oyak
13%
Nuh
7%
Limak
7%
Sanko-Barbetti
5%
Cementir
7%Cimpor
4%
As
7%
Others
23%
CRH-Eren
Holdings
3%
Italcementi
1% Vicat
6%
First 3 groups form 37% of the Turkish Cement Capacity
Slide 33 - 06.12.2012
Akcansa at a glance
* These figures include only Akçansa and Karçimsa results. These figures represent the management report view.
Operations in Turkey Key Operational Highlights
3 cement plants
6,5 m ton clinker capacity
9 m ton cement capacity
38 RMC terminals
8,5 million m3 RMC capacity
6 domestic terminals
3,2 m ton total operating capacity
2 jetties
(Ambarlı & Çanakkale)
Key Financial Highlights Export Regions - 2011
2011 2010
Net Sales (m TL) 1.010,0 817,4
Domestic portion (%) 81 77
Export portion (%) 19 23
Gross Margin (%) 17,9 13,7
EBIT (%) 13,8 9,5
EBITDA (%) 19,1 16,2
Net Profit (%) 9,9 7,3
Slide 34 - 06.12.2012
Company Profit and Loss Accounts 2012 Q3 YTD
* These figures include only Akçansa and Karçimsa results. These figures represent the management report view.
YTD Var Q3 Var.
2012 YTD'12 vs. YTD'11 2012 Q3'12 vs. Q3'11
Net Sales 782,4 41,1 277,1 6,7
Cost of Sales (628,9) (16,8) (219,1) (7,4)
Gross Margin 153,4 24,3 58,0 (0,7)
Marketing&Sales Expense (8,5) (1,5) (3,5) (0,8)
General Management Expenses (24,8) (2,8) (7,6) (0,3)
Other Operating Income/Charges (2,6) (0,9) (0,0) (0,1)
Operating Profit/Loss 117,5 19,2 46,9 (1,9)
Non-Operating Financial Income 35,1 (16,5) 1,3 (23,7)
Non-Operating Financial Charge (37,6) 23,3 (6,9) 24,8
Profit/Loss before Taxes 115,0 26,0 41,4 (0,8)
Taxes On Income (21,2) (5,3) (8,4) (0,2)
Net Income/Loss 93,8 20,7 33,0 (1,0)
Gross Margin % 19,6% 2,2% 20,9% -0,8%
EBIT Margin % 15,4% 1,9% 17,0% -1,1%
Net Income Margin % 12,0% 2,2% 11,9% -0,5%
EBITDA Margin % 20,8% 1,8% 22,0% -1,0%
Company Mio TL
Slide 35 - 06.12.2012
Cement B/L Profit and Loss Accounts 2012 Q3 YTD
* These figures include only Akçansa and Karçimsa results. These figures represent the management report view.
YTD Var Q3 Var.
2012 YTD'12 vs. YTD'11 2012 Q3'12 vs. Q3'11
Net Sales 564,9 47,9 201,7 12,1
Cost of Sales (420,7) (17,3) (147,1) (9,8)
Gross Margin 144,2 30,6 54,6 2,3
Operating Expenses (25,9) (2,5) (8,1) 0,1
Other Operating Income/Charges (1,9) (2,4) 0,0 (0,8)
Operating Profit/Loss 116,4 25,8 46,5 1,5
Non-Operating Financial Income/Charge (2,1) (1,4) (5,9) (6,0)
Profit/Loss before Taxes 114,4 24,4 40,6 (4,5)
Gross Margin % 25,5% 3,6% 27,1% -0,5%
EBIT Margin % 20,9% 3,5% 23,0% -0,2%
EBITDA Margin % 27,6% 3,2% 29,4% -0,2%
Cement Mio TL
Slide 36 - 06.12.2012
Readymix Profit and Loss Accounts 2012 Q3 YTD
* These figures include only Akçansa and Karçimsa results. These figures represent the management report view.
YTD Var Q3 Var.
2012 YTD'12 vs. YTD'11 2012 Q3'12 vs. Q3'11
Net Sales 314,8 0,3 110,5 (2,0)
Cost of Sales (305,6) (6,5) (107,0) (0,9)
Gross Margin 9,2 (6,3) 3,5 (2,9)
Operating Expenses (7,4) (1,8) (3,0) (1,1)
Other Operating Income/Charges (0,8) 1,5 (0,1) 0,7
Operating Profit/Loss 1,1 (6,6) 0,5 (3,4)
Non-Operating Financial Income/Charge (0,4) (0,7) 0,3 0,3
Profit/Loss before Taxes 0,6 (7,3) 0,8 (3,1)
Gross Margin % 2,9% -2,0% 3,2% -2,5%
EBIT Margin % 0,6% -2,6% 0,5% -3,6%
EBITDA Margin % 2,1% -2,4% 1,5% -3,8%
Readymix Mio TL
Slide 37 - 06.12.2012
Cash Flow Statement 2012 Q3 YTD and 2011 Q3 YTD
* These figures include only Akçansa and Karçimsa results. These figures represent the management report view.
EBIT 120,1 100,1
Depreciation & amortization 42,4 40,2
Change In Working Capital (124,7) (116,7)
CAPEX (excluding improvement) (27,9) (26,2)
YTD YTD
2012 Q3 2011 Q3
Cash flow from operating activities
Operating income before the changes in working capital 167,0 146,5
Changes in working capital (124,7) (116,7)
Decrease in provisions through cash payments (5,7) (2,5)
36,6 27,3
Cash flow from investing activities
Tangible and intangible fixed assets (33,0) (44,4)
Proceed from fixed asset disposals 0,3 1,1
Dividend Received 10,6 9,4
(22,1) (34,0)
Cash flow from financing activities
Dividend payments (88,7) (39,0)
Net proceeds from bonds and loans 81,6 21,2
(7,2) (7,2) (17,8) (17,8)
Net change in cash and cash equivalents - continuing operations 7,3 (24,5)
Change in cash & cash equivalents
Cash & cash equivalents at 1 January 15,6 40,2
Cash & cash equivalents on 30 September 22,9 7,3 15,7 (24,5)
Free Cash Flow 9,9 (2,7)
Company Mio TL
Slide 38 - 06.12.2012
Dividend Paid and Dividend Yield
* These figures include only Akçansa and Karçimsa results. These figures represent the management report view.
There has not been any change in dividend payment policy throughout years
125
70 6539
89
2008 2009 2010 2011 2012
Mio TL
Dividend Paid
10,4%8,7%
4,1%2,4%
5,0%
2008 2009 2010 2011 2012
%
Dividend Yield
Slide 39 - 06.12.2012
EBITDA Margins
* These figures include only Akçansa and Karçimsa results. These figures represent the management report view.
14,2%
18,5% 18,1%
13,5%
15,3%
17,6%
23,0%
19,7%
16,9%
22,6% 22,0%
Q1 Q2 Q3 Q4
EBITDA Margin - Quarterly 2010 2011 2012
14,2%
16,7% 17,2%16,2%
15,3%16,6%
18,9% 19,1%
16,9%
20,1% 20,8%
Q1 Q2 Q3 Q4
EBITDA Margin - YTD 2010 2011 2012
Slide 40 - 06.12.2012
Balance Sheet as of September 2012 and 2011
* These figures include only Akçansa and Karçimsa results. These figures represent the management report view.
Mio TL 30.09.2012 30.09.2011 Mio TL 30.09.2012 30.09.2011
Current Assets 424,0 383,3 Current Liabilities 377,5 325,3
Cash & cash equivalents 22,9 15,7 Financial Liabilities 244,4 206,5
Trade receivables 275,3 246,2 Trade payables 100,0 95,1
Inventories 115,6 114,6 Tax payable 9,4 7,4
Other current assets 10,3 6,7 Other current liabilities 23,7 16,2
Non-current Assets 900,9 891,8 Non-current Liabilities 64,8 103,5
Financial investments 121,7 117,6 Financial Liabilities 0,2 37,6
Fixed Assets 643,5 640,2 ETB provision 18,6 18,9
Goodwill 129,5 129,5 Deferred tax liabilities 42,9 43,7
Deferred tax assets 1,2 1,6 Other non-current liablities 3,1 3,2
Other non-current assets 5,0 3,0
TOTAL ASSETS 1.324,9 1.275,1 Shareholders Equity 882,6 846,3
Paid in Capital 191,4 191,4
BS data and key ratios Retained earnings 508,7 497,2
Work ing Capital 290,9 265,7 Comprehensive income 77,7 74,1
Net debt 221,7 228,4 Net income 93,2 72,4
Current ratio 1,12 1,18 Minority interest 11,5 11,3
Debt to equity ratio 0,50 0,51
Net financial debt to assets 0,17 0,18 TOTAL LIABLILITES & EQUITY 1.324,9 1.275,1
Slide 41 - 06.12.2012
Construction Projects in Turkey
Ongoing Projects Projects in the Pipeline
Akcansa Özdilek AVM (Continuing, 200 k m3)
Zeytinburnu Varyap Project - Student Dormitory (Continuing, 80 k m3)
Sinpaş Bosphorus City Project (Continuing, 500 k m3)
Sinpaş GYO Akasya Project (Continuing, 450 k m3)
Varyap Meridian Project (Continuing, 260 k m3)
Innovia Project (Continuing, 500 k m3)
For further information about our projects please visit our web site:
www.betonsa.com.tr
Turkey New Metro Routes (Project Period: 2010-13)
Kabataş – Mahmutbey;2,4 bio TL
Beylikdüzü – Bakırköy; 2,2 bio TL
Üsküdar Ümraniye; 1,9 bio TL
Bakırköy – Kirazlı; 0,8 bio TL
İzmit – İzmir Highway; signed, not started
Highway (421 km)
İzmit Bridge; Length 1,7 km;Cost : 2 bio TL
Four tunnels (7,4 km)
30 viaducts (18,2 km)
Çanakkale Bridge; project
Çanakkale Bridge (2,2 km)
Highway (13,7 km)
2 mio ton cement excluding the accommodation
consumption
Third Bridge; project
Ictas Construction Industry Trade Corp.-Astaldi Joint
Initiative Group won the project
Estimated cost is $2,5 bio
Will be built in 3 years
1 mio ton cement excluding the accommodation
consumption
The Bosphorus Tunnel, project
5,4 km
Highway
1,1 bio USD
Tunnels Construction in İstanbul, project
140 km
2 mio ton cement
Urban transformation:
40 bio USD per year (for the following 10 years)
Third airport project in Istanbul
Capacity: 150 mio people per year
Slide 42 - 06.12.2012
General Basics About Cement and RMC Production
Production
1,6 ton limestone is consumed to produce 1 ton of clinker
75-90% clinker is consumed to produce 1 ton of cement
250-300 kg of cement in 1 m3 RMC produced
1,5-2,0 ton of aggregate in 1 m3 RMC produced depending on the type of RMC produced
Fuel
A cement plant of 1 mio ton clinker capacity may consume 100 k ton petrocoke or 130 k ton coal, or a mix of both
7.500 k/ton in petrocoke vs. 6.000 kcal/ton in coal.
Fuel accounts for 30-40% of the variable cost of producing 1 ton of cement
Electricity
Electricity accounts 25-30% of the variable cost of producing 1 ton of cement.
0,01 tl increase in cost of 1 kwh electricity corresponds to 1-1,5 tl cost increase in 1 ton of cement.
Contribution of waste heat project
33% of Çanakkale Plant electricity consumption
Monthly contribution to P&L of Akcansa will be around 1-1,5 mio TL based on current electricity prices
Slide 43 - 06.12.2012
Akçansa Sustainability Approach
Sustainability
Committee
Biodiversity Sustainable
Construction
Energy
&
Fuel
CO2 Reporting
•GRI Approval,
19.01.2011
•First report in its
sector
•Next report will be
announced in 2012
Slide 44 - 06.12.2012
Awards
The Best Admired Cement Company 2011
By Capital Business Magazine
Environmental Award
Çanakkale Waste Heat Facility
By Istanbul Chamber of Industry
Sustainable Waste Management and
Communication Award
(One Carbon Double Oxygen Project)
By CSR Europe