INVESTOR PRESENTATION 2016
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1 INVESTOR PRESENTATION 2016
2 WHY BRISA IS A GREAT COMPANY TO INVEST 1. Fast growing market: o Increasing capacity and new investments of automotive manufacturers o Continued growth potential in the domestic market 2. Continued leadership in the market o Strong brands o Strong & loyal sales network o Balanced channel and customer portfolio 3. Potential to grow internationally 4. Further expansion with second plant
3 Thousand vehicles Thousand vehicles VEHICLE PRODUCTION CAGR : 4,2% TURKEY VEHICLE PRODUCTION & SALES PC Sales in EU & TR (2015) th Car Truck Pick-Up Bus Minibus Midibus VEHICLE SALES CAGR : 2,9% Car LCV Midibus Truck Bus DE UK FR IT SP TR LCV Sales in EU & TR (2015) rd FR UK TR DE SP IT Record sales & production in 2015 Turkey is becoming a manufacturing hub Sustained strong sales expand the pool SOURCE: OSD
4 VEHICLE DENSITY IS THE MAJOR INDICATOR FOR GROWTH POTENTIAL OF TYRE MARKET Vehicle Pool Mn Units 16,0 14,0 12,0 10,0 8,0 6,0 6,1 6,3 6,4 6,6 7,8 8,4 6,3% CAGR 9,1 9,7 10,2 10,6 11,3 12,1 12,8 13,6 14,3 15,3 4,0 2,0 0, Car LCV HCV *HCV: Heavy Commercial Vehicle (Bus, truck & work machinery) *LCV: Light Commercial Vehicle (Minibus, small truck) High new vehicle entrance growing vehicle pool (from 15 M to 20 M in 5 years; CAGR 5,6%)
5 PASSENGER CAR OWNERSHIP IS LOW COMPARED WITH PEERS 621 Passenger Car / 1000 people* EU Avarage: Older PC fleet compared to EU Avarage Age of PCs in TR *(2014 est.) % 20% 12% Avarage Age 12 years 20% 34% EU ~ Low auto scrapping, high enterance drives the pool 9,5 years
6 RIM SIZES TEND TOWARDS HIGHER INCHES DRIVING REVENUE AND PROFITABILITY Rim popularity in new registered vehicles btw % 40% 35% 30% 25% 20% 15% 10% PSR 13 PSR 14 PSR 15 PSR 16 UHP RFT 4x4 5% 0% *TB: Truck and Bus *UHP: Ultra High Performance *LT: Light Truck *RFT: Run Flat Tyre *AG: Agricultural *PSR: Passenger Radial (PSR 13 stands for PSR tyre with 13 inch rim size)
7 TYRE MARKET IN TURKEY GROWING FASTER THAN WORLD AVERAGE In Turkey; Total Tyre Market Average Growth: 7,3% (World Average: 4,3%) OE Tyre Market Average Growth: 7,8% (World Average: 5,8%) Replacement Tyre Market Average Growth: 7,1% (World Average: 3,8%) Million tyres ,9 6,7 5,5 4, ,1 11,4 12,1 12,6 14,5 14,2 15, Replacement OE ,8 6 6,9 Total Demand 2015 Market 22,1 million units 2015 TR 7% growth 2020 Market Forecast: 29,3 million units 2015 World 1% growth
8 BRISA-THE MARKET LEADER AT A GLANCE TWO STRONG PARTNERS: BRIDGESTONE CORPORATION & SABANCI GROUP 27 YEARS OF PARTNERSHIP SHAREHOLDER STRUCTURE Other 2% Free Float 10% Core Business Tyre Manufacturing & Sales Plant Established: 1974 Covered area: m 2 Employees: Production volume: 11 m units Bridgestone Corporation 44% Sabancı Group 44% Financials Net Sales: Million TL (2015) Net Profit: 192 Millon TL (2015) Turkey s leading tyre manufacturer and market leader: 33% market share 7th largest tyre producer in Europe 70 countries, with 80 distributors,through 5000 sales points of which more than 130 are under Lassa signboard
9 MAIN BRANDS BALANCED PORTFOLIO WITH B2B, B2C AND EXPORT WITH A DIVERSIFIED CUSTOMER BASE PRODUCT RANGE Passenger Light Truck and Commercial Vehicle Truck and Bus Agricultural Motorcycle Off the road SALES CHANNELS HP UHP RFT 4X4 WINTER 60 % OF SALES 15% OF SALES 25 % OF SALES CONSUMER REPLACEMENT Dealer Fast-fits Fleet OE Plaza Key accounts Retail e-commerce Customer Service COMMERCIAL REPLACEMENT Customer Service Fleet Solutions Mobile Service Retread Retail ORIGINAL EQUIPMENT Vehicle Manufacturers Technical properties determined together with the customer Technical complexity INTERNATIONAL SALES LASSA 70 Country 80 Distributors BRIDGESTONE OFF-TAKE
10 BRISA IS THE MARKET LEADER REPLACEMENT MARKET SHARE* 11% 7% 9% 11% 14% Industry capacity utilization > 80% Out of total tyre production of 27.5 mn in TR o 13 mn is sold domestically, 9 mn is imported for domestic sales o 14.5 million is exported 17% 33% Brisa Competitor 1 Competitor 2 Competitor 3 Competitor 4 Competitor 5 Other
11 COMMERCIAL PLATFORM OF BRISA: AN EXAMPLE Customer Value Propositions are designed in 5 key blocks to ensure a structured and specialized approach to fleets
12 STRONGEST DEALER NETWORK IN TURKEY A KEY COMPETITIVE ADVANTAGE INCREASING GEOGRAPHIC COVERAGE IS A PRIORITY POINT OF SALES 1340 Speedy & Lastik Vs 141 SUB DEALER (lastigim) 624 OTOPRATIK 39 LASSA / BRIDGESTONE 530 PROPRATIK 6
13 STRONG BRANDS Safety Tyre Bridgestone is known as the safe and trustworthy brand Bridgestone brand awareness is now 72% with an increase of 14% in 5 years at the Total Spontaneous Brand Awareness category Durability & Strength According to the User Behaviors Research, Lassa is the leader at the positionings: The Closest Brand to me, The brand that I trust, The brand that I am proud to use. Lassa is the brand leader with 50% increase in 5 years on the first brand to remember category New Product for Fighting Segment Base: Total Base 2015 (n: 1801); 2010 (n:1245)
14 FURTHER INTERNATIONAL EXPANSION OPPORTUNITY Export (mn USD) Lassa 70 Countries, 80 business partners Continuous increase in the number of Lassa branded shops->130 Lassa shops Profitable growth in international sales by mix management (product & country) Growth via high potential countries, new countries/customers Balanced customer portfolio (currency effect) New export markets between constitutes 19% of total Brisa sales (2015)
15 MARKETING ACTIVITIES IN INTERNATIONAL BUSINESS On its way to be a global brand Currently 130 Lassa branded stores Official sponsorships Lassa signed a contract with FC Barcelona to be Global Official Tyre Partner until the end of Season The indoor teams (basketball, handball, futsal and roller hockey) are officially named FC Barcelona Lassa Turkey s national football player Arda Turan became Lassa Brand Ambassador until July 2017
16 INVESTMENT IN SECOND PLANT $300mn of investment Construction already started, production starts late 2017 Max. capacity will be reached in the 3 rd quarter of ,2 million of tyre production at max. capacity [Assigned land (960K m 2 ) enables further expansion in the future] Building area of 120,000 m 2 PSR-LT* focused production for replacement and Lassa export market Under Big Projects Incentive Scheme; 60% tax incentive; 2pp contribution to net income margin 520 employees at max. capacity *PSR: Passenger radial; LT: Light truck
17 WHY INVEST IN BRISA... High market potential Brisa Differentiation: Strong market positioning Strong brands Strong network Balanced portfolio Access to new export markets Further expansion with second plant
18 PROVEN TRACK RECORD IN FINANCIAL PERFORMANCE LAST 7 YEARS PERFORMANCE 26.3% 28.8% 31.2% 1,348 1,424 1,489 1, % 20.7% 22.8% 19.0% Net Sales M TL Gross Profit M TL % 19.4% 19.5% 9.7% 11.0% 10.7% 13.4% 12.6%12.2% 14.7% 6.7% % 5.8% 5.3% EBITDA M TL Net Profit M TL
19 PROVEN TRACK RECORD IN FINANCIAL PERFORMANCE DIVIDEND POLICY In principle; In accordance with our dividend policy, Brisa pays at least 30% of the distributable profit to shareholders as dividend 30% CAGR However; In the past, in general 100% dividend was distributed
20 BRISA INVESTOR BULLETIN 2016 Q1
21 REPLACEMENT MARKET 60% OF BRISA S REVENUE Vehicle Sales (K Units) 2016 H H1 % Passenger Car % LCV % HCV % Tractor % Total % Market (K Units) 2016 H H1 % Consumer % Commercial % Total % Brisa Sales (K Units) 2016 H H1 % Total % Vehicle Sales (K Units) 2016 Q Q2 % Passenger Car % LCV % HCV % Tractor % Total % Market (K Units) 2016 Q Q2 % Consumer % Commercial % Total % Brisa Sales (K Units) 2016 Q Q2 % Total % H1 Growth in commercial market (5%) however consumer market is lower vs PY (-3%). Brisa sales slightly lower vs Market. (-0,7PP MS% in H1) Q2 Growth in commercial market (1%) however consumer market is lower vs PY (-6%).
22 OE MARKET 15% OF BRISA S REVENUE Vehicle Production (K Units) 2016 H H1 % Vehicle Production (K Units) 2016 Q Q2 % Passenger Car % LCV % HCV % Tractor % Total % Passenger Car % LCV % HCV % Tractor % Total % Brisa OE Tyre Sales (K Units) 2016 H H1 % Brisa OE Tyre Sales (K Units) 2016 Q Q2 % Total % Total % Vehicle production increased compared with 2015 H1 except HCV segment. However Brisa sales decrease by 13% mainly due to lower sales to Russian market and Euro 6 emission standards.
23 EXPORT MARKET 25% OF BRISA S REVENUE Export Sales (K Units) 2016 H H1 % Export Sales (K Units) 2016 Q Q2 % EUROPE % ME & A & OTH % CIS % Total % EUROPE % ME & A & OTH % CIS % Total % Lassa branded export grew by 3,9% in Europe in 2016 H1; whereas market grew by less than 1%. After solving political problems with Russia H1 sales for CIS Region grew by 31% vs PY.
24 TOTAL SALES AND REVENUE BREAKDOWN K Units 2016 Q Q2 % K Units 2016 H H1 % Total 2,769 2,646 5% Total 5,180 5,111 1% Replacement 1,177 1,264-7% Replacement 2,192 2,235-2% OE % OE % Export 1, % Export 2,218 1,982 12% REVENUE - M TL 2016 Q Q2 % REVENUE - M TL 2016 H H1 % Total % Total % Replacement % Replacement % OE % OE % Export % Export %
25 INCOME STATEMENT M TL 2016 Q Q2 % 2016 H H1 % Net Sales % % Gross Profit % % % 31.3% 29.6% 32.4% 28.4% EBITDA % % % 16.1% 17.2% 15.7% 15.8% EBIT % % % 11.8% 12.5% 12.5% 12.1% Net Profit % % % 4.0% 7.9% 5.5% 7.6%
26 BALANCE SHEET M TL Current Assets 1,265 1,235 Current Liabilities 1, Cash Short term bank borrowings Trade Receivables Short term trade payables Inventory Other Other Long Term Assets 1, Long Term Liabilities Tangible Assets Long term bank borrowings Other Other Equity Total Assets 2,327 2,125 Total Liabilities 2,327 2, Net Financial Debt / Equity Debt / Equity TWC (M TL)
27 FINANCIAL DEBT ,095** 1.395*** * Q2 Short-term Borrowings Long-term Borrowings TOTAL BANK LOANS M TL Amount Effective Rate (%) EUR 9 0,80% USD 6 1,50% TL ,00% Total in TL *13m TL for Aksaray plant investment **116m TL for Aksaray plant investment ***202m TL for Aksaray plant investment
28 CASH FLOW AND CAPEX Cash Flow (K TL) 2016 June 2015 June EBITDA 135, ,412 Change in Working Capital (9,500) (109,287) Operational Cash Flow 126,200 21,125 Investment (177,189) (86,937) Free Cash Flow (50,989) (65,812) Dividend (166,929) (161,597) Credit undertaken/(paid Back) 303, ,718 Financial Expenses (66,913) (27,821) Tax / Other (2,214) (13,979) Beginning Balance 60,714 9,487 Ending Balance 77,651 5,996 M USD FC Other Capacity total Total 522 mn USD investment in the last 8 years 192 mn USD of this amount is only capacity related Other investment mainly consists of maintenance capex at the plant including efficiency improvement projects, environmental investment, IT investments and investment to sales points/dealers
29 Disclaimer Statement The information and opinions contained in this document have been compiled or arrived at by Brisa 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 correctness. All opinions and estimates contained in this document constitute the Company s judgement as of the date of this document and are subject to change without notice. The information contained in this document is published for the assistance of recipients, but is not to be relied upon as authoritative or taken in substitution for the exercise of judgement by any recipient. The company does not accept any liability whatsoever for any direct or consequential loss arising from any use of this document or its contents.
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