2008 FIRST HALF ANALYST PRESENTATION 08 2008
Index 2008 First half performance highlights Market Outlook Domestic Market & Tofaş Local Sales Market Share Exports Performance Financial Results Investments Other Developments Q & A İSTANBUL, 22.08.08
Performance Highlights 2008 I. Half PRODUCTION UNITS 95.476 169.573 77,6% CAPACITY UTILIZATION % 94,2 76,4 23,2% 2007 Jan-Jun 2008 Jan-Jun 2007 Jan-Jun 2008 Jan-Jun SALES UNITS SALES REVENUE 000 YTL 136,788 69.117 30.531 35,579 73,0% 986,486 1,945,413 664,450 842,323 68,9% 2007 Jan-Jun 2008 Jan-Jun 2007 Jan-Jun 2008 Jan-Jun Domestic Exports Domestic Exports
Performance Highlights 2008 I. Half GROSS PROFIT 000 YTL 186,728 308,527 OPERATING PROFIT 000 YTL 61,154 172,793 65,2% 182,6% 2007 Jan-Jun 2008 Jan-Jun 2007 Jan-Jun 2008 Jan-Jun NET PROFIT 000 YTL 152,736 EBITDA 000 YTL 273,833 73,382 115,288 108,1% 137,5% 2007 Jan-Jun 2008 Jan-Jun 2007 Jan-Jun 2008 Jan-Jun
Domestic Market 2008 The Domestic Market showed an increase of %12.6 when compared to the same period last year. Domestic monthly sales 2008 2007-2008 Sales UNIT 12,939 14,055 19,502 17,388 17,121 17,600 16,626 UNIT 31,101 35,251 53,649 47,701 48,598 48,614 47,490 47,963 41,900 42,387 46,324 42,156 18,162 21,196 34,147 30,313 31,477 28,724 25,330 23,114 29,182 January February March April May June July January February March April May June July PC LCV 2007 2008
DOMESTIC MARKET OUTLOOK 247,287 280,165 249,220 237,288 235,000 138,841 227,036 451,210 438,165 373,216 357,465 355,000 2003 2004 2005 2006 2007 2008/E PC LCV
Tofaş Domestic Sales 2008 Tofaş achieved to increase its Domestic Sales units by 20% in the first half of 2008 when compared to the same period last year.. TOFAŞ Domestic Market Share 2008 TOFAŞ 2007-2008 Sales % 15.0 13.7 13.8 13.5 13.8 UNIT 8,073 6,541 6,630 6,559 6,565 11.9 9.7 11.6 11.3 11.8 11.8 12.2 13.0 12.9 3,701 2,238 4,094 3,290 4,928 5,007 5,922 6,001 5,422 January February March April May June July January February March April May June July 2007 2008 2007 2008
Tofaş Domestic Sales 2008 DOMESTIC PC MARKET SHARE DOMESTIC LCV MARKET SHARE % 14,8 15,6 % 28,3 23,1 9,2 8,7 8,3 January February March April May June 10,7 9,5 9,3 16,6 13,9 6,2 January February March April May June 18,9 12,1 10,2 RENAULT TOFAŞ FORD HYUNDAI RENAULT TOFAŞ FORD VW DOMESTIC COMBINED MARKET SHARE % 16,6 15,4 14,3 11,9 13,0 11,3 11,2 January February March April May June 7,8 RENAULT TOFAŞ FORD VW
Tofaş Domestic Sales 2008 PC 2008 JANUARY JUNE LCV 2008 JANUARY- JUNE FIAT+ALFA+LANCIA; 9.2% FORD; 8.2% FIAT; 19.6% OTHER; 34.7% RENAULT; 16.2% OTHER; 56.8% FORD; 26.1% HYUNDAI; 9.6% VW; 11.3% RENAULT; 8.3%
Tofaş Exports Volume UNIT 25,438 UNIT 23,925 22,793 22,923 21,363 19,550 180,000 10,660 10,515 12,222 9,724 10,914 15,082 63,519 76,181 59,695 69,492 85,000 January February March April May June 2006 2007 2008/E 2007 2008 PC LCV Tofaş exports volume boosted by 98% in the first half of 2008 when compare to the same period last year.
Tofaş Sales Local Sales (UNIT) June 2007 June 2008 December 2008 Doblo Cargo 12,649 11,915 Doblo Panoroma 963 707 Linea 3,963 4,660 Albea Palio 7,532 5,951 Fiorino 7,192 Other CBU 5,424 5,154 LOCAL SALES TOTAL 30,531 35,579 83,000/e Exports (UNIT) June 2007 June 2008 December 2008 Doblo Cargo 34,964 41,142 Doblo Panoroma 19,189 15,280 Linea 2,897 6,125 Albea Palio 2,738 1,467 MCV 60,898 Other CBU 113 20 CKD + SKD 9,216 11,856 EXPORTS TOTSL 69,117 136,788 265,000/e LOCAL + EXPORTS TOTAL 99,648 172,367 348,000/e
Capacity Utilization & Production Production Volume 42,650 52,826 47,645 69,372 80,507 89,066 400,000 350,000 300,000 250,000 Capacity expansion 65% 71% 85% 90% + 110,000 Unit 94% 100% 90% 80% 70% 60% 200,000 50% 150,000 40% 30% 100,000 20% 2007 Q1 2007 Q2 2007 Q3 2007 2007 Q4 2008 Q1 2008 Q2 50,000 0 2005 2006 2007 2008 March 2008 June Production volume Capacity Utilization 10% 0%
Financial Results 2008 I. Half INCOME STATEMENT TRY million 30.06.2007 30.06.2008 Net sales 1,650.9 2,787.7 1,136.8 Gross profit 186.7 308.5 121.8 Operating profit 61.2 172.8 111.6 Profit before tax 84.3 167.9 83.6 Net profit 73.4 152.7 79.3 EBITDA 115.3 273.8 158.5 % 30.06.2007 30.06.2008 EBITDA margin 7.0% 9.8% Gross profit margin 11.3% 11.1% Operating profit margin 3.7% 6.2% Profit before tax margin 5.1% 6.0% Net profit margin 4.4% 5.5%
Financial Results 2008 I. Half INCOME STATEMENT / STAND-ALONE QUARTER BASIS TRY million 2008 1. Quarter 2008 2. Quarter Net sales 1,309.9 1,477.8 167.9 Gross profit 126.8 181.7 54.9 Operating profit 60.5 112.3 51.8 Profit before tax 85.5 82.4-3.1 Net profit 84.0 68.7-15.3 EBITDA 111.7 162.1 50.4 % 2008 1. Quarter 2008 2. Quarter EBITDA margin 8.5% 11.0% Gross profit margin 9.7% 12.3% Operating profit margin 4.6% 7.6% Profit before tax margin 6.5% 5.6% Net profit margin 6.4% 4.6%
Financial Results 2008 I. Half BALANCE SHEET - ASSETS TRY million Current Assets 31.12.2007 30.06.2008 Cash & cash equivalents 437.9 319.8-118.1 Inventories 282.8 394.3 111.5 Trade Receivables 684.1 842.9 158.8 Short term Consumer Financing Loans 110.9 150.4 39.5 Other Current Assets 37.9 64.8 26.9 Non Current Assets 31.12.2007 30.06.2008 Fixed Assets 1,434.5 1,551.2 116.7 Long term Consumer Financing Loans 123.9 151.7 27.8 Other non-current assets 64.2 104.4 40.2 Total Assets 3,176.3 3,579.5 403.2
Financial Results 2008 I. Half BALANCE SHEET - LIABILITIES TRY million Short Term Liabilities 31.12.2007 30.06.2008 Short Term Financial Liabilities 51.0 37.4-13.6 Short Term portions of Long Term Liabilities 123.8 327.7 203.9 Trade Payables 908.3 1,116.5 208.2 Other Short Term Liabilites 121.8 212.2 90.4 Long Term Liabilities 31.12.2007 30.06.2008 Long Term Financial Liabilities 665.0 566.5-98.5 Other Long Term Liabilities 145.3 167.0 21.7 Equity 1,161.1 1,152.2-8.9 Total Equity and Liabilities 3,176.3 3,579.5 403.2
Financial Results 2008 I. Half TRY million Net Financial Position 31.12.2007 30.06.2008 Cash & Cash Equivalents 437.9 319.8-118.1 S.T. Financial Liabilities 174.9 365.1 190.2 L.T. Financial Liabilities 665.0 566.5-98.5 S.T. Consumer Loans 110.9 150.4 39.5 L.T. Consumer Loans 123.9 151.7 27.8 TOTAL -167.2-309.7-142.5 Net Working Capital 31.12.2007 30.06.2008 Trade Receivables 684.1 842.9 158.8 Inventory 282.9 394.3 111.4 Other Receivables 37.9 64.8 26.9 Trade Payables 908.3 1,116.5 208.2 Other Payables 50.0 156.3 106.3 46.6 29.2-17.4
INVESTMENTS EUR million 2007 2008/E 2009/E Capacity Expansion and Other 93.0 130.0 75.0 Linea 53.0 30.0 20.0 Minicargo 150.0 45.0 25.0 263 10.0 125.0 230.0 TOTAL 306.0 330.0 350.0
Other Developments Lancia Delta was introduced on 02.06.2008.
Contacts Gökhan Tezel Finance Manager E-mail: gokhan.tezel@tofas.com.tr Tel: +90 212 275 3390 Ext: 1880 M. Emre Erturk Corporate Investor Relations Supervisor E-mail: emre.erturk@tofas.com.tr Tel: +90 212 275 3390 Ext: 1884