Professional Documents
Culture Documents
Industrials SBU
2
Develop leadership positions through leveraging Sabanci’s
Industrials SBU
longstanding industrial heritage
Sabanci has a longstanding industrial heritage
• The early foundations of Sabancı were based in the industrials sector - it’s in our DNA
• Sabancı has driven growth in a number of long-term key industrial investments over time
• The industrials segment is core to the overall holding company and provides a number of attractive qualities
− Technology know-how and leadership in mobility and material technologies (strong R&D Centers and innovation capabilities linked with
Sabanci University)
− Strong Engineering Capabilities (Ability to execute investment projects worldwide, design and develop own machinery and products)
Proprietary technology Creation of innovative products… 1st R&D certified company in Turkey
Inventions All-Season tire project 94 Approved patents
Patent Applications
(MULTIWAYS) Turkey’s first 100% Electrical Bus and Battery
Patents Granted
Management System
185 employees
OE Tires with special 9500m2 workshop area
2003 2006 2009 2012 2015 2018 compound technology
INVENTIONS TOTAL APPLIED GRANTED Worldwide customised products
170 692 201 Avenue MD9
TBR
Potential to Create Value by Licencing Technology Electron ElectriCITY TS35 E
Local Production
(exponential increase)
Continuous cost and quality Strong Operational Excellence Culture Strong manufacturing cost position
improvements developed through 30 years JV in Adana
experience of Sabancı and Bridgestone
Lean Management Structure Strong absorption ratio in
Suru Raku Standardization approach distribution businesses covering
Globally Deployed TPM tools and fixed costs
methods Benchmark in Bridgestone System
Utilizing advantages of multi-brand
Focus on cash generation, strong Focus on Cash Generation and strategy in back offices
fixed cost and working capital Excellent Working Capital Control
control Leveraging advantages of strong
automotive supply chain in Turkey
Turkey’s Quality Circle Leader in the
last 6 years
6
1,1
1,0 1,0
0,9
0,7
2013 2014 2015 2016 2017 2013 2014 2015 2016 2017
2013 2014 2015 2016 2017 2013 2014 2015 2016 2017
Industrials SBU Strong growth trends for mobility and material technologies
Reinforcement market expected to enjoy continued growth Strong demand for advanced composites
kton Global reinforcement market Million $
5577
1177
1142 5164
1107 4763
1073
1040 4417
1009 4087
978 3787
949
3507
3256
2016 2017 2018E 2019E 2020E 2021E 2022E 2023E 2016 2017 2018E 2019E 2020E 2021E 2022E 2023E
Source : Company Estimates Source: Lucintel - Growth Opportunities in the Global Advanced Composites Market
Global Tire Market growth continue consistently Global Bus Market growth will speed-up
Million units Kunits
2010
1962
1909 687
1851
1791
1741
1690 568
1637 541
515
491
Smart Cities
IoT and Smart Devices
Electrification
Energy Storage
3D Printing
Demand for Infrastructure
Industry 4.0 Project Portfolio New Tyre Plant in Aksaray / Turkey Smart Mobility - Robotics
Future TCF Digital Plant Turkey’s 1st Smart Tyre Plant Fleetics (Smart Mobility System)
ASRS (Automated Storage and Retrival
System) − Combines data and cloud technologies
Digital Quality to remotely monitor vehicle data in
− Real time tracking and tracing
(Digital Yarn, Cord,Fabric Twins) material handling order to improve vehicle design
Robotics − Auto Dopping, storage and transfer
Material Handling Robots,
Warehouse Control System
Process Robots
− Implement FIFO
Worldwide Shop Floor (IoT) System
Data Analitics
− Automatic decision making with real-
Online Energy Monitoring time mc data
Autonomous Bus Driving
Visibility in Energy Consumption
Sustainable Infrastructure E-Cube
− Natural Lighting, solar panels, high Introduction of robots in the
heat insulation coating in roof &
walls, rain water collection & recycling manufacturing process
system
− Focused on increasing operating
efficiencies
10
Leveraging our platform to take advantage of trends
Industrials SBU
both at home and abroad
Current Future
• Building upon the industrial knowhow generated • “Continued focus on mobility and energy storage,
through partnerships with world’s known industrial renewable energy equipment and material
players. technologies opportunities globally
• Industrial SBU runs and develops businesses at global
scale in mobility and materials fields • Maximising capacity utilisation, and selected capacity
increases, to drive revenue and profits
• New industry trends (CASE) in mobility and
sustainability driven developments in material sciences
bring new opportunities to Industrial SBU through its • Increase in exports to increase share in developed
existing core competencies market demand
Talent Management
Developing Industry Leaders through Sabancı University Industry Leaders Program
Best Practice Exchange through Quarterly Sabancı Excellence Visits
Global Expatriation and Short Term Project Assignments
Kordsa Investor Presentation
July, 2018
Disclaimer
The information and opinions contained in this document The Company does not undertake any obligation, and
have been compiled by KORDSA Teknik Tekstil Anonim disclaims any duty to update or revise any forward
Şirketi (the “Company”) from sources believed to be reliable looking statements, whether as a result of new
and in good faith, but no representation or warranty, information or future events. Neither this document nor
expressed or implied, is made as to their accuracy, the information contained within can construe any
completeness or correctness. No undue reliance may be investment advice, invitation or an offer to buy or sell the
placed for any purposes whatsoever on the information Company and/or Its group companies’ shares. The
contained in this presentation or on its completeness, Company cannot guarantee that the securities described
accuracy or fairness. This document may contain forward- in this document constitute a suitable investment for all
looking statements by using such words as "may", "will", investors and nothing shall be taken as an inducement to
"expect", "believe", "plan" and other similar terminology any person to invest in or otherwise deal with any shares
that reflect the Company management’s current views, of the Company and its group companies. The
expectations, assumptions and forecasts with respect to information contained in this document is published for
certain future events. As the actual performance of the the assistance of recipients, but is not to be relied upon
companies may be affected by risks and uncertainties, all as authoritative or taken in substitution for the exercise
opinions, information and estimates contained in this of judgment by any recipient. You must not distribute the
document constitute the Company’s current judgment and information in this document to, or cause it to be used
are subject to change, update, amend, supplement or by, any person or entity in a place where its distribution
otherwise alter without notice. Although it is believed that or use would be unlawful. Neither the Company, its board
the information and analysis are correct and expectations of directors, directors, managers, nor any of Its
reflected in this document are reasonable, they may be employees shall have any liability whatsoever for any
affected by a variety of variables and changes in underlying direct or consequential loss arising from any use of this
assumptions that could cause actual results to differ document or its contents.
materially.
External 2
Global Footprint
WE REINFORCE LIFE
*as of 2018YTD
External 3
Kordsa in Brief
T L F i n anc ials ( M T L )
2017 1Q 2018 1Q D
Sales 631 713 + 12.9%
EBITDA* 110 120 + 9.0%
EBITDA* margin (%) 17.4% 16.8% - 0.8 bp
U S D F i n anc ials ( M $ )
2017 1Q 2018 1Q D
Sales 171 187 + 9.4%
EBITDA* 30 31 + 5.6%
EBITDA* margin (%) 17.4% 16.8% - 0.8 bp
2 0 1 8 Gu i d an c e
Sales Growth + 15-25%
EBITDA* Growth + 15-25%
(a) As per March 31, 2018 CMB Report, Mar using avg TL/USD fx rate of 3.81
EBITDA* = Gross Profit – OPEX + Depreciation/Amortization
External 4
Kordsa in Brief
Tire cord fabrics (“TCF”) Next generation fabrics Composite Construction
• Nylon and polyester based • Textile reinforcement • Carbon fiber, aramid, • Macro and micro fibers for
tire reinforcement fibers materials for green tires hybrid fabrics, and pre- concrete and soil
and fabrics for radial and • High performance pregs reinforcement
Description bias tires Monofilaments • Production technologies
• Global #1 by revenue/ #2 • Green Products with for composite materials
by capacity @ NY66 TCF Resorcinol Formaldehyde • High value added
• Global #2 by revenue / #3 Free Dipping thermoplastic and
by capacity @PET TCF • Highly engineered hybrid thermoset resins
cords with superior
properties
End markets
Selected
end-market
participants
External 5
Milestones
Second R&D
Center
Brezilya @Composite
Global Start up of GPTW Technology AS9100
Merging The Best
Technology Indonesia Export 2 years Center of RevD
Acqusitions Reinforcer expansion R&D
Centre in Izmit Champion in a row Excellence Certified
Center
1973 - 2005 2006 2008 2010 2014 2015 2016 2017 2018
Kordsa Growth in Member of the Commercialisation Innovation Sustainability Composite Fortune 100 Fastest-
Asia; Indonesia, TURQUALITY of Kratos Strategy Report Technology Global 100 Growing
Thailand, China Global Brand Champion received 2 Center of Companies
Programme Gold Awards Excellence in Indonesia
from LACP in 2016-2017
External 6
Overview of The Tire Cord Fabric Value Chain
NY66 and
Polymerisation PET HMLS
Spinning
Yarns
Oil Derivative
Twisting
Ingredients
Twisting
External 7
Overview of The Composites Value Chain
Resins:
• Phenolic Prepregging
• Epoxy
• Cyanate ester
Confidential 8
Overview of The Construction Reinforcement Value
Chain
Raw materials Manufacturing Process Reinforced Concrete Structures
NY66 and
Polymerisation PP
Spinning
Fibers
Oil Derivative
Ingredients
Twisting
For NY66 Fibers:
• Hexamethylenediamine
(HMD)
• Adipic Acid
• NY66 Salt
• NY66 Flake
Major • Screed concrete
Cutting Pucking Dipping applications:
For PP Fibers: • Concrete roads
• Polypropylene Chips • Tunneling
• Shotcrete
• Slab on ground
concretes
Ko rd s a ’ s Krat o s F ib e r R e i n f o rce me n t are ap p l i e d i n S u p e rs t ruc ture & I n f ras tru cture S o l u tio ns
Confidential 9
Strategy House
Pillar Initiatives
•Reinforcements for
•Competitive Cost •Profitable Growth for Tire
Composites Industry
Industry
•Product and Service Quality
Leadership •Reinforcements for
•New Products for High Construction Industry
•Lean and Agile Processes Performing Tires
and Teams •Fibers for Alternative/ Adjacent
Industries
Foundations
Our Values
External 10
Must Win Battles
External 11
Market Dynamics
Glo b al A u t o mo tiv e M ark e t
Glo b al T i re M ark e t
Global LV Tire Production– M Units / Year 2018-2023E CAGR: +2,9%
External 12
Market Dynamics
T ire R e in f o rc e me nt M ark e t ( N Y 6 . 6)
2018-2023 CAGR: +2.5%
600 100%
95%
Nylon 6.6
500 91%
90%
85%
400
80%
300 76% 75%
• Limited number of suppliers & increasing demand for
70% another market, Engineering Plastics category, drive
200
65% NY66 raw prices higher. Engineering Plastics market
100
60% pays higher premium.
55%
• Switching to Ny6
0 50%
2018E 2019E 2020E 2021E 2022E 2023E • Newcomers in NY66 from China (Kangwei, Dikai)
Demand Supply Market Utilization Kordsa Utilization • PET usage in cap-ply
Source: Company Estimates
T ire R e in f o rc e me nt M ark e t ( P ET )
2018-2023 CAGR: +3.5% PET HMLS
1000 100% 100%
900 95%
800 90%
700 85% • Further growth of existing emerging PET HMLS producers
600 81% 80%
500 75%
(Hailide ,Hengli,Far Eastern)
400 70% • Consolidation by Indorama (acquiring PF Kaiping,
300 65% Glanzstoff, Durafiber)
200 60%
• Increasing PET usage in Tire
100 55%
0 50%
(*Capacity increase news aren’t common for further years.
2018E 2019E 2020E 2021E 2022E 2023E Therefore supply’s increase is shown smaller after 2019)
Demand Supply Market Utilization Kordsa Utilization
External 13
Kordsa Highlights
External 14
Market Leadership Based on Longstanding Strategic
Partner Status with All Global Tire Players
Nature of customer relationship as key barrier to entry Leading market shares
St ro n g b arriers t o en t ry f o r n ew c o m ers
External 15
Capitalize on Global Footprint and Entrenched
Supplier Status with All Key Tire Manufacturers -
Segmental Progress
Global Players Regional Players Emerging Players Others
External 16
Global Footprint (Revenue)
2013 2014 2015 2016 2017 2017 Q1 2018 Q1
41% 39%
36% 39% 36% 37% 36%
31% 32% 31% 29%
28% 30%
22% 22% 25%
17% 18% 17% 17% 19% 15% 13%
13% 14% 15% 15% 14%
EMEA NA SA APAC
TURKEY
Headquarters Istanbul, Factory Izmit, Technology Center Izmit,
Composite Technologies Center of Excellence
Tire (NY6.6, PET, SEC, TCF), Composite, Construction
Regional
footprint
versus key
competitors
USA
Kordsa Inc. Laurel Hill N.C. Chattanooga, TN. USA
THAILAND
Thai Indo Kordsa Co. Ltd. Ayutthaya, Thailan
Tire (TCF)
BRAZIL INDONESIA
Kordsa Brazil Salvador De Bahia, Brazil Pt Indo Kordsa Tbk. Jakarta, Indonesia
Tire (PET, SEC, TCF) Tire (NY6.6, PET TCF)
External 17
Well – Positioned to Enable Volume Growth
Co m m e n ts Light Vehicle Tire manufacturing market evolution
SA SA
%6 %4
• Fabric form contributes the highest value add NA
• Disciplined approach to optimizing footprint NA
APAC
%13
%21
• 2015 investment in Indonesia has increased polyester tire %41
APAC
2005 2017
cord fabric capacity by 18 ktons EMEA
%59
EMEA
• * enables regional growth in technology-advantaged PET %32 %25
74% 73%
(2006 indexed to 100)
0 0%
2006 2015 2016 2017
36% 37% 36% 39% 31% 32% 31% 29%
Volume Sales % of TCF 18% 17% 17% 19% 15% 14% 15% 13%
(a) Volume development adjusted for divested volumes EMEA APAC NA SA
(b) Capacity expansion has finalized as of January 2015
External 18
Technology Leadership at The Cutting Edge
of Reinforcement
S t ro n g f o c u s o n R & D Cu t t ing ed ge n ew p ro d u c ts
52
61* *2018
expected Rolling resistance improvements through
41 42 45 higher modulus for high performance tires
Sales from new products
**18Q1
15** actualized
T802 7% higher tenacity and better fatigue
2014 2015 2016 2017 2018E performance for aircraft tires (bias)
* Once “new product life cycle” is completed in 7 years, it is transferred to “regular sales” portfolio 4G PET 10% higher dimensional stability for better
* Incl. Replacement products and incremental new products tire performance (improved labeling)
External 19
Further Growth Opportunities: Composite
M i d - t e rm o p p o rtun ity : c o m p o site s re i n f o rc e me nt
Confidential 20
Growth Opportunities: Construction
Co n s t ruc tion R e i n f o rce me n t
• KraTos Macro & Micro Synthetic Fibers are approved and applied in over 50
significant superstructure, industrial and infrastructure reference projects.
• Non-conductivity concrete reinforcement applications with KraTos Synthetic Fiber
Current Reinforcements are approved in significant government-funded infrastructure
projects.
Status • "KraTos CEM: Bagged Cement With Pre-Dosed KraTos Micro Fiber Reinforcement"
projects development studies continue.
• Kordsa İzmit Plant, R&D Concrete Lab technical and test equipment capabilities
have increased. Technical Project Report service will be available for infrastructure
projects.
Confidential 21
Well-Positioned for Strong Cash Generation and Dividends
Co s t d e v e l o p me nt ( U S $ ) • Demonstrates value-based pricing model
• Ability to pass through raw material price
TCF NY Yarn PET Yarn volatility:
100
98
(Revenue – raw material costs) tracked as a KPI by
96 91
sales team
Cost per ton
(indexed)
86 88
92 87 85 • Conversion costs as a key metric for management
87
84
KPIs (main components are personnel expenses
83 and energy costs)
81
75
2013 2014 2015 2016 2017
100
97 Other
Total fixed cost
-3.1% %21
(indexed)
87
-9.8% 86
87 Distribution
-1.3% 0.2%
& Packing 2018 Q1
80 %3 expenses by
2013 2014 2015 2016 2017
Energy Expenses
nature
F X e x p o s u re %10
Personnel Expenses Raw
Bant %13 Materials
BRL
EUR %3 %53
%5
%24 IDR
%5
• Hard currency revenues
TL • FX exposure on costs => EM footprint on local
Revenue %13 Costs costs + hard currency priced raw materials
(2018 Q1) (2018 Q1) • Benefit from US$ appreciation vs. TL, IDR and BRL
US$ US$
%76 %74
External 22
Well-Positioned for Strong Cash Generation and Dividends
Gro s s p ro f i t Co m m e n ts
% margin
200 Price is a function of
21.1%
• Value Proposal of Product including services
21.6%
offered
(TLm)
EB I T D A *
10 yrs avg EBITDA 12,0%
Target is progressive improvement in EBITDA
% of sales 16,8%
17.4%
margins over the medium term
150
• Focus on value
100 • Improved Total and per kg Fixed Cost
(TLm)
Dividends:
80
60 • Lower of the Kordsa Turkey solo tax books
(TLm)
40 68
61 67 (VUK) or Kordsa Consolidated TFRS (IFRS) net
20
58
35 income - subject to general assembly
0 0
2012 2013 2014 2015 2016 2017 approval
(paid in 2013) (paid in 2014) (paid in 2015) (paid in 2016) (paid in 2017) (paid in 2018)
External 23
Kordsa's Guidance & Financial Policy
EBITDA: 15-25%
(These growth rates do not include the effects of acquisition of Distribution of all the distributable profits
Fabric Development Inc. and Textile Products Inc.
As of 02.07.2018: • which is lower of the Kordsa Turkey solo tax books (VUK) or
The approval process of the Committee on Foreign Investment in Kordsa Consolidated TFRS (IFRS) net income
the US (CFIUS) has been completed to acquire "Fabric • in the form of cash and/or bonus shares
Development" and "Textile Products Inc." which provide advanced • subject to general assembly approval
composite materials to the commercial aviation industry. The Dividend
closing process for the acquisition of FDI & TPI, which is estimated The distribution decision is agreed taking into consideration
to be completed within one month, has been started.) policy the sizable fixed asset purchases, acquisitions, covenants of
current liabilities and the Company’s mid and long term
strategies, national and global economic conditions
Reoccurring
Creep Capex USD 23 million
External 24
Update on The 2018 Q1 Results
Ke y F i n an ci als
CAPEX (MMTL) 41 46
Dep./Amort. (MMTL) 25 29
External 25
We Reinforce Life
Reinforcing 2 out of every 3 aircraft tires and
26
1 out of every 3 automobile tires produced in
the world
Appendix
27
Kordsa in Brief
2018 Q1 Revenue Split
SA By Region By Product
%13
NA Adjacents Nylon Yarn
%19 %6 %21
By Region By Product
External 28
FX Rates
F X R at e s as o f M ar, 1 8
External 29
SABANCI INDUSTRIAL DAY
4 JULY 2018
Confidentiality Level
BRISA AT A GLANCE
Strong Partnership of 30
Years
Best Governance with SA/BS
-------------------------------------------------------------------------------------------------------------------------------
Covered area Production Capacity
Tyre Manufacturing and Sales İzmit 361.000 m2 11 mn units
with 2 Plants &
2.700+ Employees Aksaray 146.000 m2 4.5 mn units capacity planned in 2021
-------------------------------------------------------------------------------------------------------------------------------
Passenger
Product Groups Motorcycle Agriculture
Truck&Bus Off-The-Road
-------------------------------------------------------------------------------------------------------------------------------
Replacement
Channels Served Export
Original Equipment
-------------------------------------------------------------------------------------------------------------------------------
Brands
2
BRISA STRATEGY...
Export
2.+
Working
Capital
Management
Sales and
Innovation
Leadership
3
WHY INVEST IN BRISA...
2018 Export Targets Potential in car ownership Highest Brand Value in No FX and interest risk on
15% Growth Turkish Tyre Market bank debt
210 million USD
5,4 million units Strong Brands Opportunity in stock price
Strong Dealer Network
Innovation Leader
Technology Leader
4
BRISA STRATEGY...
Export
2.+
5
EXPORT DRIVEN GROWTH (32% of revenue)
6% average volume growth in last 5 years
2018 Target: Growth by 15%, $210mn, 5,4 million units
70 Countries,
600 branded shops
6000 sales points
-------------------------------
-------------------------------
- high potential Spain, UK, Germany, collaboration;
countries Italy, Balkans Bridgestone
- new countries export growth Outperforming market growth
- new customers Focused Non-EU rates both in EU and in others
- new channels Countries:
CIS, North Africa, and
Asia Pacific
6
BRISA STRATEGY...
Sales and
Innovation
Leadership
7
PROMISING & GROWING INDUSTRY, DOMESTIC CHANNEL
TURKEY VEHICLE PRODUCTION & SALES
Source: Turksat
HCV: Heavy Commercial Vehicle (Bus, truck & work machinery)
LCV: Light Commercial Vehicle (Minibus, small truck
9% CAGR in last 8 years 7% CAGR in last 8 years 15 years continuous growth in vehicle pool
Vehicle production increase trend Vehicle density is the major indicator for growth
Vehicle sales stable for the last 3 years.
continued in 2017.
Q1
BRISA 2018 2017 %
TOTAL 1.343 895 150%
Consumer 1.161 740 157%
Commercial 176 153 115% Solid Increase in Sales and in Market Share
BRISA M/S%
TOTAL 32% 24% 8%
Consumer 32% 23% 9%
Commercial 31% 30% 1%
-------------------------------------------------------------------------------------------------------------------------------
-------------------------------
2
Management channels
Demand Inventory Campaign Spare parts E-commerce for Lastik.com.
forecasting management management platform export tr
Digital Transformation
In Replacement Business ------------------------------------------------------------------------------------------
(Data Analytics) 3 Customer Experience 4 Awards
Sell out focus Innovation for customer Digitalization Pioneers of
leader of sector digitalization
10
TOTAL 426 424 100% 162.208 160.361 101%
PSR 285 300 95% 122.310 114.923 106%
SALES AND INNOVATION LEADERSHIP
LCV 130 116 112% 36.120 40.521 89%
HCV 11 8 134% 3.778 4.917 77%
1 Original Equipment
OE MARKETS
14% of the channel portfolio
Q1
Export oriented growing Commercial tyres golden key
OE MARKETS
sector 2018 2017on repl. market
and impact %
TOTAL 1.971 1.934 102%
Consumer 1.882 1.870 101%
Strategic channel for Tandem mixer
Commercial
future 88 64 139%
BRISA SALES Q1
(TONNAGE) 2018 2017 %
Technology TOTAL 7.179 5.282 136%
2 R&D
Local design, 30 R&D capability & Product
Technology new products 17M $ localization
raw material / year İnvestment in ‘17
11
SALES AND INNOVATION LEADERSHIP : AKSARAY PLANT
-------------------------------------------------------------------------------------------------------------------------------
1st SMART PLANT in TURKEY TYRE SECTOR
300M $ Investment
146k m2 building area
Investment 4.5M Units capacity in 2021
Strong tax incentive. 4-5% effective tax rate since
start of the investment. Possibility to extend to
2021 end
-------------------------------------------------------------------------------------------------------------------------------
Invest one fifth more on 278 MUSD, Decrease Aksaray Story from 2018 onwards
Cost by Two Thirds. Create Sales - Exports, Invest on Tire
Add 55 MUSD in 2018 onwards Machines«
Increase production from 1M units in 2018 to 4,5M
units in 2021
12
WHY INVEST IN BRISA...
13
BENCHMARK OF CASH FLOW
BRISA took high place among its peers in cash conversion from OP & Assets in 2017
15
INCOME STATEMENT Q1
Exceptional growth in revenue and EBITDA. We expect 30-40% growth in EBITDA in 2018
Q1
(M TL) 2018 2017 %
Net Sales 694 473 147%
Gross Profit 161 128 126%
% 23% 27%
EBIT 78 58 134%
% 11% 12%
Net Profit 11 25 46%
% 2% 5%
Significant growth in revenues and nominal gross profit, thanks to higher volume.
Due to operational start of Aksaray plant, financing expenses related with Aksaray investment has started to be
shown in profit/loss statement. Besides, depreciation of Aksaray plant has started since the beginning of 2018.
Hence, net profit decreased.
16
BALANCE SHEET Q1
(M TL) 31.03.2018
Financial ratios and working31.12.2017
capital continues to improve
TWC 726 638
Short Term Financial Debt 406 229
(M TL) 31.03.2018 31.12.2017
Long Term Financial Debt 1.448 1.651 Improvement in debt leverage of Brisa
TWC 726 638
Net Financial Debt 1.692 1.686
Short Term Financial Debt 406 229 is continuing. 0.5 improvement in
Long Term Financial Debt 1.448 1.651 Net Debt/Ebitda in the 1st quarter of
2018
Net Financial Debt 1.692 1.686
Ratios 31.03.2018 31.12.2017
Net Debt / Ebitda 4,7 5,2
TWC days 124 137
Ratios 31.03.2018 31.12.2017
Net Financial Debt / Equity 2,5 2,5 Improvement in working capital days of
Net Debt / Ebitda 4,7 5,2
Total Debt / Equity 2,7 2,8 Brisa is continuing. 13 Days
TWC days 124 137
improvement in working capital only in
Net Financial Debt / Equity 2,5 2,5 one quarter
Total Debt / Equity 2,7 2,8
Cash Flow (M TL) Q1 2018 Q1 2017
Operational Cash Flow 97 90
Investment (-) (44) (128) Better operating cash flow and lower
Cash Flow (M TL) Q1 2018 Q1 2017 capex resulted a decrease in total debt
Dividend (-) - - of Brisa.
Operational Cash Flow 97 90
Change in Financial Debt (26) 62
Investment (-) (44) (128)
Dividend (-) - -
Change in Financial Debt (26) 62
17
RIGHT TIME TO INVEST...
Peak Price : 11.4 TL Average YoY Price : 7.08 TL