June-2013 CMB Report

Transcription

1 June-2013 CMB Report 1

2 Current Period Previous Period 30 June December 2012 ASSETS Current Assets Cash and cash equivalents Trade receivables (net) Other receivables (net) Inventories (net) Prepaid expenses Other current assets Sub Total Non Current Assets Other receivables (net) Financial assets (net) Tangible asset (net) Intangibles assets (net) Goodwill Prepaid expenses Deferred tax assets

3 Current Period Previous Period 30 June December 2012 LIABILITIES Short-Term Liabilities Bank loans (net) Short term portion of long term financial borrowings - Bank loans (net) Financial leasings (net) Trade payables (net) Personnel related payables Other payables (net) Deferred income Tax payables Provisions -Provisions for personnels Other provisions Other liabilities (net) Long-Term Liabilities Financial leasings (net) Other payables (net) Provisions -ETB provision Other provisions Deferrred tax liabilities

4 Consolidated Balance Sheet Current Period Previous Period 30 June December 2012 EQUITY Parent Equity Capital Legal reserves Other accumulated comprehensive income / (losses) not to be reclassed to profit or loss -Actuerial gain / (loss) ( ) ( ) Other accumulated comprehensive income / (losses) to be reclassed to profit or loss -Unrealized Gains on investments available for Sa Profits/losses from previous years Net Income/Loss Minetory Interest Total Equity and Liabilities

5 Consolidated P & L Current Period Previous Period OPERATING INCOME 30 June June 2012 % Income from sales (net) ,2 Cost of sales (-) ( ) ( ) (7,9) GROSS OPERATING PROFIT/LOSS ,7 Marketing, sales and distribution expenses ( ) ( ) (42,8) General and administrative expenses ( ) ( ) (16,2) Other operating income (46,2) Other operating expenses (-) ( ) ( ) 31,9 NET OPERATING INCOME/EXPENSE ,1 Profit from investment activities ,7 Losses from investment activities (-) ( ) (1.210) ,1 Financial gains (69,1) Financial expense (-) ( ) ( ) 43,0 OPERATING INCOME/LOSS ,7 Income Tax ( ) ( ) 8,9 Corporation Tax ( ) ( ) (12,4) Deferred Tax (56,1) PRE-MINETORY INTEREST PROFIT/LOSS ,1 Distribution of Profif /Loss Minetory Interest (213,4) Parent Share ,2 Earnings per share - Basic (kr) 0,33 0,32 5

6 Consolidated P & L (Comprehensive Income) Current Period Previous Period 30 June June 2012 % Net Income / (Loss) ,1 Change in Unrealized Gain on Investments Available for Sale ,0 Tax income / (loss) from other comprehensive income items ( ) ( ) (389,0) Other Comprehensive Income After Tax ,0 Total Comprehensive Income ,7 Distribution of Other Comprehensive Income Minetory Interest ,4 Parent Share ,2 6

7 EBITDA 30 June June 2012 Income from sales (net) Earnings on services (net) Cost of sales (-) ( ) ( ) Depreciation Gross O perating Profit , ,3 Operating expense (-) ( ) ( ) Depreciation EBITDA , ,1 EBIT 30 June June 2012 Income from sales (net) Earnings on services (net) Cost of sales (-) ( ) ( ) Depreciation - - Gross O perating Profit , ,9 Operating expense (-) ( ) ( ) Depreciation - - Net O perating income , ,5 7

8 Consolidated Equity Movement Share Capital Inflation Adjustment of Paid in Share Capital Legal Reserves Unrealized Gain on Investments Available for Sale Actuarial Gain / (Loss) Net Profit for the Period Accumulated Profits Parent Equity Minority Interest Total Balances at January 1, ( ) Transfers ( ) Dividend paid ( ) ( ) ( ) ( ) Current year profit Other comprehensive income - Net Unrealized Gain on Investments Available for Sale Other comprehensive income - Actuarial Gain / (Loss) Tax income / (loss) from other comprehensive income items ( ) ( ) - ( ) Total Other Comprehensive Income Total Comprehensive Income June ( ) Balances at January 1, ( ) Transfers ( ) Dividend paid ( ) ( ) ( ) ( ) Current year profit Other comprehensive income - Net Unrealized Gain on Investments Available for Sale Other comprehensive income - Actuarial Gain / (Loss) Tax income / (loss) from other comprehensive income items ( ) ( ) - ( ) Total Other Comprehensive Income Total Comprehensive Income June ( )

9 Consolidated Cash Flow Cash flows from operating activities: Profit before tax, minority interest and loss on net monetary position 30 June June Unrealized foreign exchange losses - ( ) Depreciation and amortization Provision for employee termination benefits Provision for seniority provision Provision for recultivation Gain/Loss on sale of property, plant and equipment ( ) ( ) Interest expense Provision for litigation ( ) Annual leave provision Provision for doubtful receivables Dividend income ( ) ( ) Inventory impairment Other provisions Net profit adjusted for non-cash items

10 Consolidated Cash Flow Changes in operating assets and liabilities 30 June June 2012 Trade receivables (Short Term) ( ) ( ) Other receivables Inventories ( ) Prepayments and other current assets ( ) ( ) Prepaid expenses ( ) Trade payables ( ) Personnel related payables Other payables Deferred income Taxes paid ( ) ( ) Employee termination benefits paid ( ) ( ) Premium paid ( ) ( ) Penalty Paid ( ) (51.700) Seniority paid ( ) ( ) Collections from doubtful receivables Net cash provided by operating activities

11 Consolidated Cash Flow 30 June June 2012 Cash flows from investing activities Purchase of property, plant and equipment ( ) ( ) Proceeds from sale of property, plant and equipment Dividend from Investments Purchase of business combination (Ladik) Net cash used in investing activities ( ) ( ) Cash flows from financing activities Proceeds from short-term borrowings Repayment of short-term borrowings ( ) ( ) Dividend paid ( ) ( ) Dividend paid to minority shareholders ( ) ( ) Repayment of short- term lease obligations (85.626) ( ) Interest paid ( ) ( ) Net cash used in financing activities ( ) ( ) 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 Cash received by the Company for interest

12 SEGMENT REPO RTING (PERIO D END) 1 January - 30 June 2013 Cement RMC Unallocatable Elimination Total Sales, net ( ) Cost of sales (-) ( ) ( ) ( ) Gross profit Operating expenses (-) ( ) ( ) - - ( ) Other operating income / expenses (-), net ( ) ( ) - - ( ) O perating income ( ) Income / (expenses) from investments Financial income / expenses (-), net ( ) (21.307) - - ( ) O perating income / (loss) before tax ( ) Income tax, net - - ( ) - ( ) Corporation Tax - - ( ) - ( ) Deferred Tax Period Profit / (Loss) From Continuing O perations ( ) ( )

13 SEGMENT REPO RTING (PERIO D END) 30 June 2013 Cement RMC Unallocatable Elimination Total Assets and liabilities Segment assets Financial investments Unallocatable assets Total assets Unallocatable liabilities Total liabilities January - 30 June 2013 O ther segment informations Investment expenditures Fixed assets Total investment expenditures Depretiation expense Amortization expense

14 SEGMENT REPO RTING (LAST Q UARTER) 1 April - 30 June 2013 Cement RMC Unallocatable Elimination Total Sales, net ( ) Intercompany sales ( ) ( ) ( ) Gross profit Operating expenses (-) ( ) ( ) - - ( ) Other operating income / expenses (-), net ( ) ( ) - - ( ) O perating income ( ) Income / (expenses) from investments (21.655) (51.347) - - (73.002) Financial income / expenses (-), net ( ) (16.632) - - ( ) O perating income / (loss) before tax ( ) Income tax, net - - ( ) - ( ) Corporation Tax - - ( ) - ( ) Deferred Tax Period Profit / (Loss) From Continuing O perations ( ) ( ) April - 30 June 2013 O ther segment informations Investment expenditures Fixed assets Total investment expenditures Depretiation expense Amortization expense

15 SEGMENT REPO RTING (PERIO D END) 1 January - 30 June 2012 Cement RMC Unallocatable Elimination Total Sales, net ( ) Cost of sales (-) ( ) ( ) ( ) Gross profit Operating expenses (-) ( ) ( ) - - ( ) Other operating income / expenses (-), net ( ) ( ) - - ( ) O perating income Income / (expenses) from investments Financial income / expenses (-), net ( ) ( ) - - ( ) O perating income / (loss) before tax ( ) Income tax, net - - ( ) - ( ) Corporation Tax - - ( ) - ( ) Deferred Tax Period Profit / (Loss) From Continuing O perations ( ) ( )

16 SEGMENT REPO RTING (PERIO D END) 31 December 2012 Cement RMC Unallocatable Elimination Total Assets and liabilities Segment assets Financial investments Unallocatable assets Total assets Unallocatable liabilities Total liabilities January - 30 June 2012 O ther segment informations Investment expenditures Fixed assets Total investment expenditures Depretiation expense Amortization expense

17 SEGMENT REPO RTING (LAST Q UARTER) 1 April - 30 June 2012 Cement RMC Unallocatable Elimination Total Sales, net ( ) Intercompany sales ( ) ( ) ( ) Gross profit Operating expenses (-) ( ) ( ) - - ( ) Other operating income / expenses (-), net ( ) ( ) O perating income Income / (expenses) from investments Financial income / expenses (-), net ( ) ( ) ( ) O perating income / (loss) before tax Income tax, net - - ( ) - ( ) Corporation Tax - - ( ) - ( ) Deferred Tax Period Profit / (Loss) From Continuing O perations ( ) April - 30 June 2012 O ther segment informations Investment expenditures Fixed assets Total investment expenditures Depretiation expense Amortization expense

18 CASH & CASH EQUIVALENT 30 June December 2012 Bank accounts (including short-term time deposits) Checks with maturities until report end Cash in hand

19 INVESTMENTS AVAILABLE FOR SALE (Non-current) 30 June December 2012 % Amount % Amount Çimsa Çimento Sanayi ve Ticaret A.Ş. (Çimsa) 8, , 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, ,

20 SHORT-TERM FINANCIAL DEBTS (NET) 30 June 2013 Currency Maturity Balance Unsecured credits TL (**) TL (**) TL (**) TL (**) TL (*) (**) (*) Interest-free short-term loans used for temporary purpose (**) Fixed-rate loans (***) Variable-rate loans 20

21 SHORT-TERM TRADE RECEIVABLES (NET) 30 June December 2012 Accounts receivable (Net) Notes receivable and post-dated checks Due from investments Due from other related parties Doubtful debt Less: provision for impairment ( ) ( ) DOUBTFUL RECEIVABLES MOVEMENT 30 June December June January Provision expense (Note 29) Collections (Note 29) (24.697) ( ) (81.251) Period end AGEING FOR RECEIVABLES RECEIVABLES OVERDUE RECEIVABLES 0-1 Month 1-2 m 2-3 m 3-4 m 4 m> Total 30 June December

22 SHORT-TERM TRADE PAYABLES (NET) 30 June December 2012 Accounts payables (net) Due to affiliates Due to holding companies Due to shareholders

23 SHORT-TERM OTHER RECEIVABLES (NET) 30 June December 2012 Deposits and guarantees given Deferred VAT Due from personal Work advances Other DEFERRED INCOME 30 June December 2012 Advances taken for purchases LONG-TERM OTHER RECEIVABLES (NET) 30 June December 2012 Deposits and guarantees given

24 SHORT-TERM OTHER PAYABLES (NET) 30 June December 2012 Deposits and guarantees taken Taxes and funds payable Suspensible VAT Other liabilities Dividend payables Other payables PERSONNEL RELATED PAYABLES 30 June December 2012 Social security withholdings payable Due to personnel Taxes and funds payable for personnel DEFERRED INCOME 30 June December 2012 Advances taken for purchases LONG-TERM OTHER PAYABLES (NET) 30 June December 2012 Deferred taxes and funds paid with installments

25 INVENTORIES 30 June December 2012 Raw materials and supplies Semi-finished goods Finished goods Goods in transit

26 PROPERTY, PLANT AND EQUIPMENT January 1, 2013 Additions Transfers from construction-inprogress Disposals 30 June 2013 Cost Land and land improvements ( ) Buildings Machinery and equipment ( ) Furniture, fixtures and motor vehicles ( ) Leasehold improvements ( ) Construction-in-progress ( ) 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

27 INTANGIBLE ASSETS January 1, 2013 Additions Transfers from construction-inprogress Disposals 30 June 2013 Cost Rights and Other Intangibles (8.865) Less: Accumulated Amortization Rights and Other Intangibles (8.865) Intangible assets, net

28 GOODWILL 30 June January 2012 Opening

29 PROVISIONS FOR PERSONNEL 30 June December 2012 Provision for vacations Premium payable SHORT-TERM OTHER PROVISIONS 30 June December 2012 Vaksa donation Litigations Litigations Vacations Jestion Provision for Vaksa Donation January Charge for the year Payment (-) ( ) - ( ) - (Gain)/Loss from change in provision due to change in estimations June

30 LONG-TERM PROVISIONS 30 June December 2012 Provision for Recultivation June December June January Current year expense ( ) - Period end

31 COMMITMENTS Operating Lease Commitments 30 June December year year > year Financial Lease Commitments 30 June December year year Interest payable - - Present value of financial lease payables

32 EMPLOYEE BENEFITS 30 June December June 2012 ETB Provision on seniority ETB 30 June December June 2012 January 1, ETB liability paid ( ) ( ) ( ) Actuarial gain/loss Interest cost Charge of the year Provision on Seniority 30 June December June 2012 January 1, Seniority provision paid ( ) ( ) ( ) Charge of the year

33 THE OTHER ASSETS AND LIABILITIES 30 June December 2012 Short Term Prepaid Expenses Prepaid Expenses Given Advances June December 2012 The Other Current Assets Other June December 2012 Long Term Prepaid Expenses Prepaid rent Fixed asset advances given June December 2012 The Other Liabilities Expense accruals

34 30 June December 2012 COMPOSITION OF SHAREHOLDERS : Amount % Amount % Hacı Ömer Sabancı Holding A.Ş , ,72 HeidelbergCement Mediterranean Basin Holdings S.L , ,72 Publicly-held part , ,56 Total in historical TL Restatement effect Total per financial statements

35 CAPITAL RESERVES- PROFIT RESERVES 30 June December 2012 Legal reserves Extraordinary reserves Accumulated profits Renewal fund MINORITY INTERESTS 30 June December 2012 Beginning Dividends declared Share of net profit (loss) of subsidiary ( ) ( )

36 Sales Income 30 June June 2012 % Domestic sales ,7 Overseas sales (27,0) Sales discount (-) ( ) ( ) (76,1) Other discount (-) ( ) ( ) (20,0) ,5 Earnings on services 30 June June 2012 % Sale of services (13,9) Total sales ,2 36

37 COST OF SALES 30 June June 2012 % Direct material cost (7,3) Direct labour cost (7,3) Amortization & Depreciation (5,4) Other production cost (7,1) Total Production Cost (7,2) Change in semi-final products (81.725) ( ) 97,4 Opening End-of-period Change in final products ,8 Opening End-of-period Cost of trade goods (14,1) Cost of service sold (7,5) Total Cost of Sales (7,9) 37

38 OPERATING EXPENSES 30 June June 2012 General and administrative expenses Marketing, sales and distribution expenses General and administrative expenses Salaries and expenses of personnel Consultancy expenses Depreciation and amortisation Rent expenses Taxes, duties and fees External utilities and services obtained Traveling expenses ETB Insurance expenses Representation expenses Miscellaneous expenses Marketing, sales and distribution expenses Salaries and expenses of personnel Rent expenses Sales guarantee expenses Traveling expenses External utilities and services obtained ETB Depreciation and amortisation Taxes, duties and fees Doubtful receivables expenses Miscellaneous expenses

39 Amortization & Depreciation 30 June June 2012 Tangible Fixed Assets Production cost General and administrative expenses Other operating cost Marketing, sales and distribution expenses Total Depreciation Expences Intangible Fixed Assets Production cost General and administrative expenses Total Amortization Expences

40 OTHER OPERATING INCOME 30 June June 2012 Provisions released Rent income Gain on sale of spare part material, net Gain on burning waste fuel Term difference gain Operational fx gain Other

41 OTHER OPERATING EXPENSES 30 June June 2012 Idle time expense Donations Property and estate taxes Non deductible expenses Expenses of rented terminals Penalty and Imdenty Provision expense for recultivation Operational fx losses Rediscount expenses Other

42 Financial Gain 30 June June 2012 Financial Fx gain Interest income Total financial gains Profit from Investment Activities 30 June June 2012 Dividend from subsidiary Gain on sale of property, plant and equipment, net

43 Financial Loss 30 June June 2012 Financial Fx loss Interest expenses Total financial loss Profit from Investment Activities 30 June June 2012 Losses from sale of property, plant and equipment, net

44 DEFERRED TAX ASSETS/LIABILITIES (COMPANY) Deferred Tax Assets Deferred Tax Liabilities Deffered tax income 30 June December June December June December 2012 Property, plant and equipment - - ( ) ( ) Goodwill - - ( ) ( ) - - Inventories (99.595) Provision for employee termination benefits (33.726) Allowance for unearned/unaccrued interest ( included in receivables and payables, net ) ( ) (88.810) Recultivation provision ( ) Other timing differences, net Period loss (24.151) ( ) Tax income/expense related to other comprehensive income items - - ( ) ( ) ( ) ( ) ( ) ( ) ( )

45 30 June December 2012 Consolidated balance sheet Current year corporation tax Prepaid taxes ( ) ( ) Income tax to be paid June June 2012 Consolidated income statement Current year corporation tax ( ) ( ) Deferred tax Tax in consolidated financials ( ) ( ) 30 June December 2012 Consolidated balance sheet January, 1st Deferred tax income/(expense) in income statement ( ) ( ) Deferred tax income/(expense) related to comprehensive income Net deferred tax asset/

46 Dividend Per Share Current Period Previous Period 30 June June 2012 Parent Share Weighted average number of ordinary shares issued (per 1 kr) Earnings per share (kr) 0,33 0,32 Dividend paid to shareholders Gross dividend paid per share (kr) 0,57 0,46 46

47 NET FOREIGN CURRENCY POSITION 30 June December 2012 Currency Amount YTL Amount Currency Amount YTL Amount ASSETS USD USD EURO EURO GBP GBP SEK 27 8 SEK TO TAL LIABILITIES USD ( ) ( ) USD ( ) ( ) EURO ( ) ( ) EURO ( ) ( ) GBP - - GBP - - TO TAL ( ) ( ) NET FX PO SITIO N ( ) 30 June June 2012 Total Export Total Import Hedge Rate of Currency Liabilities 0% 0% Export / Import 1,9 1,4 47

48 FX Sensitivity Analysis Valuation rate (% ) 10 Current period Profit/loss Revaluation of foreign currency Devaluation of foreign currency Revaluation of foreign currency Devaluation of foreign currency Revaluation of US Dollar against TRL at the rate of 10% : 1- US Dollar net asset/liability ( ) Hedged amount in US Dollar (-) US Dollar Net Effect (1+2) ( ) - - Revaluation of EURO against TRL at the rate of 10% : 4- EURO net asset/liability ( ) Hedged amount in EURO (-) EURO Net Effect (4+5) ( ) Revaluation of other FX against TRL at the rate of 10% : 7- Other FX net asset/liability (5.021) Hedged amount in other FX (-) Other assets in FX Net Effect (7+8) (5.021) - - TOTAL (3+6+9) ( ) - - Equity Profit/loss Previous period Equity Revaluation of foreign currency Devaluation of foreign currency Revaluation of foreign currency Devaluation of foreign currency Revaluation of US Dollar against TRL at the rate of 10% : 1- US Dollar net asset/liability ( ) Hedged amount in US Dollar (-) US Dollar Net Effect (1+2) ( ) Revaluation of EURO against TRL at the rate of 10% : 4- EURO net asset/liability ( ) Hedged amount in EURO (-) EURO Net Effect (4+5) ( ) Revaluation of other FX against TRL at the rate of 10% : 7- Other FX net asset/liability (1.481) Hedged amount in other FX (-) Other assets in FX Net Effect (7+8) (1.481) - - TOTAL (3+6+9) ( )

49 Variable rated financial instruments Financial liabilities Interest rate position table Current Period Previous Period Interest Rate Risk Table Efect on profit before tax Increase in basis point Current Period Previous Period 0,5% - ( ) 49

50 The fair values and classification of financial instruments Loans and receivables Financial liabilities (including cash and Available for sale which are carried at 30 June 2013 cash equivalents) assets amortized cost Book value Fair value Financial assets Cash and cash equivalents Trade receivables Receivables from related parties Financial investments Other financial assets Fianancial liabilities Loans Trade payables Trade payables to related parties Other financial liabilities Loans and receivables Financial liabilities (including cash and Available for sale which are carried at 31 December 2012 cash equivalents) assets amortized cost Book value Fair value Financial assets Cash and cash equivalents Trade receivables Receivables from related parties Financial investments Other financial assets Fianancial liabilities Loans Trade payables Trade payables to related parties Other financial liabilities

51 Credit Risk Table Trade receivables Related Third parties parties Receivables Other receivables Related Third parties parties Current period Deposit at banks Derivatives Other Maximum amount of credit risk as of report date (A+B+C+D+E) (1) The part of maximum risk which is secured by guarantees etc* A. Net book value of financial assets which are unexpired or not impaired (2) B. Net book value of financial assets, whose conditions are renegotiated, otherwise they are stated as overdue (3) C. Net book value of financial assets which are not impaired but became overdue(6) - The part under guarantee etc.* D. Net book value of impaired assets (4) Overdue (gross book value) Impairment (-) - ( ) Under guarantee part of net value* Unexpired (gross book value) Impairment (-) Under guarantee part of net value* E. Issues including off balance sheet credit risk (5)

52 Credit Risk Table Trade receivables Related Third parties parties Receivables Other receivables Related Third parties parties Previous period Deposit at banks Derivatives Other Maximum amount of credit risk as of report date (A+B+C+D+E) (1) The part of maximum risk which is secured by guarantees etc* A. Net book value of financial assets which are unexpired or not impaired (2) B. Net book value of financial assets, whose conditions are renegotiated, otherwise they are stated as overdue (3) C. Net book value of financial assets which are not impaired but became overdue(6) - The part under guarantee etc.* D. Net book value of impaired assets (4) Overdue (gross book value) Impairment (-) - ( ) Under guarantee part of net value* Unexpired (gross book value) Impairment (-) Under guarantee part of net value* E. Issues including off balance sheet credit risk (5)

53 Liquidity risk table Current period Due dates according to agreements Book value Total cash outflows according to agreement (=I+II+III+IV) < 3 months (I) 3-12 months (II) 1-5 years (III) > 5 years (IV) Non-derivative Financial Liabilities Bank loans Financial leasing payables Trade payables Previous period Due dates according to agreements Book value Total cash outflows according to agreement (=I+II+III+IV) < 3 months (I) 3-12 months (II) 1-5 years (III) > 5 years (IV) Non-derivative Financial Liabilities Bank loans Financial leasing payables Trade payables

54 EQUITY MANAGEMENT 30 June December 2012 Total Liabilities (*) Minus: Cash & Cash Equivalents Net debt Total Shareholders' Equity Capital Debt / Equity 0,59 0,49 (*) Total Liabilities is equal to short and long term liabilities (**) Total Shareholders' Equity does not include inflation difference balance 54