TÜRKIYE SISE VE CAM FABRIKALARI ŞİŞECAM
Investor Presentation 2023
Content
2023 & Historical Key Financial Results
2023 & Historical Segmental Results
2023 & Historical Regional Results
2023 & Historical Operational Results
Liquidity & Capital Allocation
Sustainability - CareForNext 2022-2030 Vision
Şişecam at a Glance & Risk Management Policies
Appendix
Page 4-5
Page 6-8
Page 9-10
Page 11-13
Page 15-19
Page 20-28
Page 29-30
Page 31
2
Important Notice for Inflation Accounting (IAS 29)
- Turkey has economic conditions that require reporting entities in the country to follow the methodology set out in International Accounting Standards ('IAS') - 29 'Financial Reporting in Hyperinflationary Economies'.
- Pursuant to the decision dated December 12, 2023, and numbered 10744 by the BRSA, banks, financial leasing, factoring, financing, savings financing, and asset management companies are not subject to inflation adjustments required under TAS-29 in their financial statements as of December 31, 2023.
- IAS 29 requires the financial statements of any entity whose functional currency is the currency of a hyperinflationary economy to be restated for changes in the general purchasing power of that currency. Comparative figures for prior period(s) should be restated into the same current measuring unit.
- According to IAS 29.3, hyperinflation is indicated by the characteristics of an economy, which include but are not limited to the followings:
oThe cumulative inflation rate over three years is approaching, or exceeds, 100 percent.
oThe general population prefers to keep its wealth in non-monetary assets or in a relatively stable foreign currency
oThe general population regards monetary amounts in terms of a relatively stable foreign currency
oPricing of credit compensates for the expected loss of purchasing power, even in short credit periods
oInterest rates, wages and prices are linked to a price index
- Pursuant to the Capital Markets Board Decision dated 28.12.2023 and numbered 81/1820, Sisecam is subject to IAS 29 inflationary accounting provisions, starting from its 2023-year end earnings disclosure. Thus, 2023 and comparative 2022 year-end financial results, stated in this presentation, contain Sisecam's audited financial information prepared according to Turkish Financial Reporting Standards by application of IAS-29 inflation accounting provisions.
- Non-monetaryassets and liabilities are restated
- Non-monetaryitems carried at current value are not restated
- Monetary items (ie cash, financial assets) are not subject to indexation and thus not restated
- All items in P&L are expressed by monthly indexation through consumer price index from the dates when the incomes and expenses accounted and up until the reporting date. Cost of goods sold, depreciation, and deferred tax items are subject to recalculation based on respective restated B/S items.
- Application of IAS-29 inflationary accounting provisions of Sisecam's financial figures is expected to continue until Türkiye's economic conditions no longer met the above stated IAS 29 criteria.
- Please refer to slide Appendix section of this presentation for Sisecam's unadited key financials without IAS 29 impact.
3
2023 Key Financial Results
Revenue (TRY Mn) | Gross Profit (TRY Mn) | Adjusted EBITDA* (TRY Mn) |
Adjusted Parent Only Net Income *
(TRY Mn)
11%
170,655
151,994
20222023
Revenue | YoY Change |
32% | |
28% | |
54,583 | |
41,938 | |
2022 | 2023 |
Gross Profit | ---Margin |
22%
19%
37,161
28,213
20222023
Adj. EBITDA | ---Margin |
11%11%
18,51317,131
20222023
Adj. Parent Only Net Income | ---Margin |
*EBITDA and Parent Only Net Income are adjusted to one-off items
4
Historical Financial Results
TRY Mn
in Historical Values | Adjusted to Inflation |
180,000 | 27% | 170,655 | 30% | ||||||
160,000 | 24% | 23% | 151,994 | ||||||
25% | |||||||||
22% | |||||||||
140,000 | |||||||||
120,000 | 19% | 20% | |||||||
100,000 | |||||||||
15% | |||||||||
80,000 | |||||||||
60,000 | 54,583 | 10% | |||||||
41,938 | |||||||||
37,161 | |||||||||
40,000 | 32,058 | ||||||||
21,341 | 28,213 | ||||||||
20,000 | 18,059 | 11,180 | 5% | ||||||
5,880 | 4,298 | 6,661 | 4,962 | 8,595 | |||||
0 | 0% | ||||||||
2019 | 2020 | 2021 | 2022 | 2023 | |||||
Revenue | Gross Profit | Adjusted EBITDA | Adjusted EBITDA Margin |
2019 | 2020 | 2021 | |
Revenue Change Y-o-Y | 16% | 18% | 50% |
20222023
n.a.-11%
5
2023 Segmental Revenue and EBITDA Margin
Architectural Glass (TRY Mn)
30% | |||
20% | |||
-30% | |||
44,842 | |||
-12% | |||
-18% | 31,229 | ||
2022 | volume effect | pricing, product | 2023 |
mix, curr. effect |
Glassware (TRY Mn)
10% | |||
8% | |||
+1% | |||
17,434 | +3% | 17,576 | |
-2% | |||
2022 | volume effect | pricing, product | 2023 |
mix, curr. effect |
- All revenue figures showing net external sales
- EBITDA Margins - derived from one-off gain/loss adjusted figures
Industrial Glass (TRY Mn)
5% | 7% | ||
+14% | |||
+7% | 15,835 | ||
13,937 | +7% | ||
2022 | volume effect | pricing, product | 2023 |
mix, curr. effect |
Glass Packaging (TRY Mn)
17% | 17% | ||
-14% | |||
31,759 | |||
-3% | 27,410 | ||
-11% | |||
2022 | volume effect | pricing, product | 2023 |
mix, curr. effect |
-----Adjusted EBITDA Margin | 6 |
2023 Segmental Revenue and EBITDA Margin
Chemicals (TRY Mn) | 3% | Energy (TRY Mn) | |||||
27% | |||||||
26% | |||||||
-9% | 0,2% | ||||||
+19% | |||||||
43,568 | |||||||
39,431 | |||||||
-1% | |||||||
-8% | -69% | ||||||
+88% | |||||||
17,875 | |||||||
15,074 | |||||||
2022 | volume effect | price, product | 2023 | 2022 | volume effect | pricing, product | 2023 |
mix, curr. ffect | mix, curr. effect |
Other (TRY Mn)
55%
35%
-35%
4,041
2,637
2022 | 2023 |
- All revenue figures showing net external sales
• EBITDA Margins - derived from one-off gain/loss adjusted figures | -----Adjusted EBITDA Margin | 7 |
2023 Segmental Revenue and EBITDA
Diversified Revenue Mix | Revenue Bridge (TRY Mn) | |
12% | 1% | |
21% |
26% 2023 10%
12%
18%
Diversified EBITDA Mix | Adjusted EBITDA Bridge (TRY Mn) | |
1% | 11% | |
23% |
2023 4%
39%5%
17%
8
2023 Regional Results
Geographic Revenue Mix
7% | 2% | |
12% | ||
40% | ||
19% | ||
20% | ||
Sales in Turkey | Exports from Turkey | |
Europe | US | |
Russia, Ukraine and Georgia | Other |
Regional Breakdown of Exports from Turkey
11% 1%
8%
3%
7%54%
16%
Europe | Middle East | North America |
South America | Asia | North Africa |
Other |
Top 10 Export Countries
Italy, Egypt, USA, France, Spain, Israel, UK,
Germany, Bulgaria, Brazil
USD 1.1 Bn exports revenue
Exports to 150+ Countries
9
Historical Regional Results
TRY Mn
in Historical Values
Adjusted to Inflation
170,655
2%
8% | 151,994 | ||
2% | |||
12% | 7% |
32,058 | ||||||||||||||
3% | ||||||||||||||
18,059 | 21,341 | 15% | ||||||||||||
3% | 25% | |||||||||||||
3% | 14% | |||||||||||||
14% | ||||||||||||||
21% | 23% | |||||||||||||
22% | ||||||||||||||
20% | ||||||||||||||
24% | 34% | |||||||||||||
37% | 42% | |||||||||||||
18%
19%
41%
12%
19%
20%
40%
2019 | 2020 | 2021 | 2022 | 2023 |
Sales in Turkey Exports from Turkey Europe US Russia, Ukraine and Georgia Other
10
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Disclaimer
Türkiye Sise ve Cam Fabrikalari AS published this content on 12 March 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 12 March 2024 10:45:10 UTC.
