June-2007 CMB Report

Transcription

1 June-2007 CMB Report 1

2 Consolidated Balance Sheet Current Period Previous Period June-2007 December-2006 ASSETS Current Assets Cash Equivalents Marketable Securities (Net) 0 0 Trade Receivables (Net) Receivables From Related Parts (net) Other Receivables (net) Inventories (net) Other Current Assets Non Current Assets Trade Receivables (Net) Financial Assets (net) Tangible Asset (net) Intangibles Assets (net) Goodwill Deferred Tax Assets Other Non Current Assets Total Assets

3 Consolidated Balance Sheet Current Period Previous Period June-2007 December-2006 LIABILITIES Short-Term Liabilities Financial Payables (Net) Financial Leasing Payables (Net) Trade Payables (Net) Payables to Related Parts(Net) Advances taken Provisions Other Liabilities (Net) Long-Term Liabilities Financial Payables (Net) Financial Leasing Payables (Net) Provisions Deferrred Tax Liabilities MINORITY INTEREST

4 Consolidated Balance Sheet Current Period Previous Period June-2007 December-2006 EQUITY Capital Capital Reserves Equity Inflation Difference Profit Reserves Legal Reserves Statutory Reserves Extraordinary Reserves Special Reserves 0 0 Investments Grants 0 0 Unrealized Gains on investments available for Sale Net Income/Loss Profits/Losses From Previous Years Total Equity and Liabilities

5 Consolidated P & L Current Period Previous Period OPERATING INCOME June-2007 June-2006 % Income from sales (net) ,15 Cost of sales (-) ( ) ( ) 37,52 Service revenues (net) ,37 GROSS OPERATING PROFIT/LOSS ,18 Operatıng Expense (-) ( ) ( ) 28,24 NET OPERATING INCOME/EXPENSE ,65 Other operating income ,12 Other operating expenses (-) ( ) ( ) (3,21) Financial expense (-) ( ) ( ) 1.469,60 OPERATING INCOME/LOSS ,14 Loss/Gain on net monetary position 0 0 MINORITY INTEREST PROFIT/LOSS ( ) (54.011) 1.206,29 PRE-TAX PROFIT/LOSS ,46 Income Tax ( ) ( ) 218,70 NET PROFIT/LOSS ,18 EARNINGS PER SHARE Earnings per share - Basic (Ykr) 0,5333 0,4551 5

6 Consolidated Equity Movement Share Capital Investment Grants Unrealized Gain on Investments Available for Sale Legal Reserves and Accumulated Profits Balances at January 1, Appropriations ( ) Dividends declared ( ) ( ) Amortization of investment grants Net unrealized gain on investments available for sale - - ( ) - ( ) Current year profit Total June December Appropriations Dividends paid ( ) ( ) Amortization of investment grants Net unrealized gain on investments available for sale - - ( ) - ( ) Current year profit June

7 Income from sales (net) Earnings on services (net) Cost of sales (-) ( ) ( ) ( ) Depreciation Gross Operating Profit , , ,42 Operating expense (-) ( ) ( ) ( ) Depreciation EBITDA , , ,90 EBIT Income from sales (net) Earnings on services (net) Cost of sales (-) ( ) ( ) ( ) Depreciation Gross Operating Profit , , ,03 Operating expense (-) ( ) ( ) ( ) Depreciation Net Operating income , , ,17 7

8 Consolidated Cash Flow June-2007 June-2006 Cash flows from operating activities: Profit before tax, minority interest and loss on net monetary position Adjustments to reconcile net profit before monetary loss, minority interest and income tax to net cash provided by operating activities: Unrealized foreign exchange losses ( ) Depreciation and amortization Provision for employee termination benefits Gain/Loss on sale of property, plant and equipment ( ) Interest expense Rediscount of competition Board Penalty ( ) Gain on sale of EnerjiSA ( ) Provision for doubtful receivables (33.756) (76.900) Compitition Board Penalty Charge of Retirement Assets (Related to Ladik) Dividend income ( ) ( ) Net profit adjusted for non-cash items

9 Consolidated Cash Flow Changes in operating assets and liabilities June-2007 June-2006 Trade receivables (Short Term) ( ) ( ) Trade receivables (Long Term) (1.432) (53) Receivables from related parts Other receivables ( ) ( ) Inventories ( ) Prepayments and other current assets ( ) ( ) Prepayments and other non-current asset ( ) Trade payables Payables to related parts Advances received Other liabilities ( ) Current provisions Long Term provisions Interest paid ( ) ( ) Taxes paid ( ) ( ) Employee termination benefits paid ( ) ( ) Penalty&Premium Paid ( ) Net cash provided by operating activities

10 Consolidated Cash Flow June-2007 June-2006 Cash flows from investing activities Change in investments available for sale ( ) Purchase of property, plant and equipment ( ) ( ) Purchase of intangible assets ( ) ( ) Proceeds from sale of property, plant and equipment Dividend from Investments Acquisition of Ladik Plant ( ) Net cash used in investing activities ( ) ( ) Cash flows from financing activities Proceeds from S/T financial borrowings Proceeds from L/T financial borrowings Repayment of S/T Loans ( ) ( ) Dividend paid ( ) ( ) Net cash used in financing activities ( ) Net monetary loss on restatement of cash transactions 0 0 Net increase in cash and cash equivalents ( ) ( ) Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of period

11 CASH & CASH EQUIVALENT June-2007 December-2006 Bank accounts (including short-term time deposits) * Time deposit * Demand deposit Checks with maturities until report end Funds lent under reverse repurchase agreements 0 0 Cash in hand

12 MARKETABLE SECURITIES (NET) June-2007 December-2006 Amount Interest Rate Maturity Amount Interest Rate Maturity Min Max Min Max YTL Treasury bills USD Treasury bills

13 SHORT-TERM TRADE RECEIVABLES (NET) June-2007 December-2006 Accounts receivable (Net) Notes receivable and post-dated checks Discount on checks ( ) ( ) Doubtful debt Less: Provision for impairment ( ) ( ) RECEIVABLES FROM RELATED PARTS (NET) June-2007 December-2006 Due from Shareholders Due from Arpaş dividend 0 0 Due from Affiliates Due from holding companies Due from Personnel

14 PAYABLES TO RELATED PARTS (NET) June-2007 December-2006 Due to Shareholders Due to Affiliates Due to holding companies Due to Personnel OTHER RECEIVABLES (NET) June-2007 December-2006 Work Advances Deferred Vat Vat receivables Others

15 INVENTORIES June-2007 December-2006 Raw materials and supplies Semi-finished goods Finished goods Goods in transit Advances given

16 OTHER CURRENT ASSETS June-2007 December-2006 Prepaid Expenses Other LONG-TERM FINANCIAL June-2007 December-2006 Deposits and Guarantees Given

17 INVESTMENTS AVAILABLE FOR SALE (Non-current) June-2007 December-2006 % Amount % Amount Çimsa Çimento Sanayi ve Ticaret A.Ş. (Çimsa) 10, , Enerjisa Enerji Üretim A.Ş. (Enerjisa) 5,30 0 5, Liman İşletmeleri ve Nakliyecilik A.Ş. (Liman İşletmeleri) 15, , Eterpark Endüstri Ürünleri İmalat Ticaret İthalat İhracat Pazarlama A.Ş. (Eterpark) 8, , Arpaş Ambarlı Römorkaj Pilataj Ticaret A.Ş. (Arpaş) 16, , Altaş Ambarlı Liman Tesisleri Ticaret A.Ş. (Altaş) 12, , Lafarge Aslan Çimento A.Ş. (Lafarge) 0, ,

18 PROPERTY, PLANT AND EQUIPMENT Cost January 1, 2006 Additions Transfers (*) Disposals June-2007 Land and land improvements Buildings Machinery and equipment ( ) Furniture, fixtures and motor vehicles ( ) Leasehold improvements ( ) Construction-in-progress and advances given ( ) Total ( ) ( ) Less: Accumulated Depreciation Land and land improvements Buildings Machinery and equipment ( ) Furniture, fixtures and motor vehicles ( ) Leasehold improvements ( ) Total ( ) Property, plant and equipment, net ( ) ( )

19 INTANGIBLE ASSETS Cost January 1, 2006 Additions / Charge Transfers from construction-in-progress Disposals June-2007 Rights and Other Intangibles Goodwill Less: Accumulated Amortization Rights and Other Intangibles Intangible assets, net

20 DEFERRED TAX ASSETS/LIABILITIES (COMPANY) Deferred Tax Assets Deferred Tax Liabilities Deffered tax income Temporary Differences On June-2007 December-2006 June-2007 December-2006 June-2007 Property, plant and equipment 0 0 ( ) ( ) ( ) Goodwill ( ) ( ) Inventories Provision for employee termination benefits Allowance for unearned/unaccrued interest ( included in receivables and payables, net ) Other timing differences, net ( ) ( ) ( ) 20

21 AKÇANSA DEFERRED TAX LIABILITY Temporary Differences On Per Statutory Per Ias Deferred Tax Base Asset/Liability Inventories Fixed Assets (including lands) ( ) ( ) Goodwill ( ) ( ) Etb&Premium for Managers ( ) Rediscount On Checks ( ) Forward (55.781) (11.156) Litigation ( ) Provision on Personnal Vacation ( ) Provision on Seniority ( ) Ias39 On Receivables ( ) Ias39 On Payables ( ) ( ) ( ) ( ) December-2006 June-2007 Deferred tax loss ( ) 21

22 KARÇİMSA DEFERRED TAX ASSETS Temporary Differences On Per Statutory Per Ias Deferred Tax Base Asset/Liability Fixed Assets Inventories Etb 0 ( ) Litigation Provision (98.902) ( ) Provision For Premium (Buyers) 0 (62.424) Rediscount On Checks 0 (59.522) Investment incentives Provision on Seniority (60.448) Ias39 On Receivables 0 (30.665) Ias39 On Payables (22.566) (6.770) Provision on Personnal Vacation 0 (43.338) December-2006 June-2007 Deferred tax Loss ( ) 22

23 OTHER NON-CURRENT ASSETS June-2007 December-2006 Prepaid rent Properties obtained from customers against uncollectible receivables Other

24 SHORT-TERM FINANCIAL DEBTS (NET) June-2007 Currency Min Max Maturity Balance Unsecured credits USD ,65 USD ,26 YTL (*) (*) , December-2006 Currency Min Max Maturity Balance Unsecured credits USD YTL (*) (*) ( * ) Short-term credits taken without interest cost

25 LONG-TERM FINANCIAL DEBTS (NET) June-2007 Currency Min Max Maturity Balance Unsecured credits USD /05/ ,73 USD /05/ , ,46 25

26 SHORT-TERM TRADE PAYABLES (NET) June-2007 December-2006 Trade payables (Net) Notes payable 0 0 Rediscount on Payable (-) ( ) ( ) Deposits and Guarantees Received Other Trade Payables

27 ADVANCES RECEIVED June-2007 December-2006 Advances taken for Purchases Other advances taken SHORT-TERM PROVISIONS June-2007 December-2006 Taxation reserve (including prepaid tax) (Net) Competition Board Penalty Provision on Seniority Premium For Managers& Vacations Litigations

28 SHORT TERM PROVISIONS Competition Board Penalty Litigations Premium For Managers& Vacations Provision on Seniority(Short- Term) At January 1, Charge for the year ( ) Interest due to discounting of the provision Payment (-) ( ) ( ) ( ) Gain on previous year provision 0 (66.400) (66.400) Provision on Acqusition Monetary gain JUNE Total Competition Board Penalty Litigations Premium For Managers& Paid holiday At January 1, Charge for the year Interest due to discounting of the provision ( ) ( ) Payment (-) ( ) ( ) Gain on previous year provision 0 0 Monetary gain DECEMBER Total 28

29 OTHER LIABILITIES (NET) June-2007 December-2006 Taxes and Funds Payable Social Security Withholdings Payable Other Payables Other liabilities Suspensible VAT

30 MINORITY INTERESTS June-2007 December-2006 Beginning Dividends declared ( ) Share of net profit (loss) of subsidiary

31 June-2007 December-2006 COMPOSITION OF SHAREHOLDERS : Amount % Amount % Hacı Ömer Sabancı Holding A.Ş , ,24 Ak Sigorta A.Ş , ,48 HeidelbergCement Mediterranean Basin Holdings S.L , ,72 Free Float , ,56 Total in historical YTL Restatement effect Total per financial statements FAIR VALUE GAIN/LOSS ON THE INVESTMENTS AVAILABLE FOR SALE June-2007 December-2006 Çimsa Çimento San. A.Ş Aslan Çimento A.Ş Enerjisa

32 CAPITAL RESERVES- PROFIT RESERVES June-2007 Before Restatement Restatement Effect Total Legal reserves Statutory reserves Extraordinary reserves Accumulated profits Renewal fund Other reserves December-2006 Before Restatement Restatement Effect Total Legal reserves Statutory reserves Extraordinary reserves Accumulated profits Renewal fund Other reserves

33 Foreign Currency Risk June-2007 USD EURO SEK GBP CHF TOTA L (YTL) ASSETS Current Assets Marketable Securities (Net) Trade Receivables (Net) Other Receivables (net) LIABILITIES ( ) ( ) 0 (34.515) 0 ( ) Trade Payables (net) ( ) ( ) 0 (1.215) 0 ( ) Financial Payables (Net) ( ) ( ) Financial Leasing Payables (Net) ( ) ( ) ( ) Provisions 0 ( ) 0 (33.300) 0 ( ) Net Currency Risk ( ) ( ) 4 (34.505) 0 ( ) December-2006 USD EURO SEK GBP TOTAL (YTL) ASSETS Current Assets Marketable Securities (Net) Trade Receivables (Net) Other Receivables (net) LIABILITIES ( ) ( ) 0 (31.880) ( ) Trade Payables (net) ( ) ( ) 0 (380) ( ) Financial Payables (Net) Financial Leasing Payables (Net) ( ) ( ) 0 0 ( ) Provisions 0 ( ) 0 (31.500) ( ) Net Currency Risk (31.879)

34 Sales Income June-2007 June-2006 % Domestic sales ,73 Overseas sales (55,16) Sales discount (-) ( ) ( ) 22,23 Other discount (-) ( ) ( ) 34, ,15 Earnings on services June-2007 June-2006 % Sale of services ,

35 COST OF SALES June-2007 June-2006 Direct material cost Direct labour cost Amortization & Depreciation Other production cost Total Production Cost Change in semi-final products ( ) Opening End-of-period Change in final products ( ) ( ) Opening End-of-period Cost of trade goods Cost of service sold Total Cost of Sales

36 OPERATING EXPENSES June-2007 June-2006 Sales and Marketing Expenses General Administrative Expenses Total FINANCIAL EXPENSES June-2007 June-2006 Short Term Financial Expenses Long Term Financial Expenses Total

37 OTHER OPERATING INCOME June-2007 June-2006 Dividend gain Interest income Fx gain Gain on sale of property, plant and equipment, net Rent income Gain on Interest cost from Customers, net Collections from doubtful receivables Forward transactions gain, net Gain on sale of auxiliary materials Gains on Litigation Gains on sale of subsidiaries Other

38 OTHER OPERATING EXPENSES June-2007 June-2006 Fx difference loss Donations Depreciation expense of rented terminals Idle time expense (comprise mainly of depreciation expense) Property and estate taxes Provision for litigations Rediscount loss,net Provision for doubtful receivables Loss of sale of property, plant and equipment, net Nonallowable charges Loss of Compitition Penalty Penalty and Imdemnity Other

39 BUSINESS COMBINATIONS Ladik Çimento Fair Value Tax Value Inventories , ,39 Tangible Fixed Assets , ,30 Intangible Fixed Assets , ,50 ETB ,00 Provision on Vacation ,00 Deferred Tax Liabilites ,95 Charge of Retirement Assets , ,78 Goodwill , ,46 Paid , ,43 39

40 FINANCIAL RISK (IFRS-7) 0 to 1 month 1 to 3 months 3 to 6 months 6 to 12 months Over 1 year Total Monetary assets Cash and cash equivalents , , ,00 Due from related parties , , , , ,00 Trade receivables , , , ,00 Derivative financial instruments 0,00 Other current assets , , , , , ,00 Other non current assets , ,19 Total monetary assets , , , , , ,19 Monetary liabilities Short-term borrowings , , , ,00 Long-term borrowings , ,48 Short TermFinancial Leasing , , , , ,00 Long TermFinancial Leasing , ,00 Due to related parties (short-term) , , , , ,00 Due to related parties (long-term) 0,00 Trade payables , , , ,90 0, ,10 Advances , ,04 Short Term Reserve provision , , , ,00 Long Term Reserve for provision , ,00 Other current liabilities , ,00 Total monetary liabilities , , , , , ,62 Liquidity gap , , , , , ,44 40

41 Foreign Currency Risk Table Currency Decrease in basis point Efect on profit before tax (YTL) USD/YTL 10% ( ) EURO/YTL 10% ( ) Interest Rate Risk Table Increase in basis point Efect on profit before tax 0,2% ( ) 41