June-2012 CMB Report

Transcription

1 June-2012 CMB Report

2 Consolidated Balance Sheet Current Period Previous Period 30 June December 2011 ASSETS Current Assets Cash Equivalents Trade Receivables (Net) Other Receivables (net) Inventories (net) Other Current Assets Sub Total Non Current Assets Other Receivables (net) Financial Assets (net) Tangible Asset (net) Intangibles Assets (net) Goodwill Deferred Tax Assets Other Non Current Assets

3 Consolidated Balance Sheet Current Period Previous Period 30 June December 2011 LIABILITIES Short-Term Liabilities Bank loans, net Financial leasings, net Trade Payables (Net) Other Payables (Net) Tax Payables Provisions Other Liabilities (Net) Sub Total Non-Curent Assets Held for Sale and Discontinued Operations - - Long-Term Liabilities Bank loans, net Financial leasings, net Other Payables (Net) Provisions Provision Related to Employee Benefits Deferrred Tax Liabilities

4 Consolidated Balance Sheet Current Period Previous Period 30 June December 2011 EQUITY Parent Equity Capital Legal Reserves Unrealized Gains on investments available for Sale Actuerial gain / (loss) ( ) ( ) 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 2011 % Income from sales (net) ,3 Cost of sales (-) ( ) ( ) (2,4) GROSS OPERATING PROFIT/LOSS ,5 Marketing, sales and distribution expenses ( ) ( ) (15,2) General and administrative expenses ( ) ( ) (17,2) Other operating income (15,1) Other operating expenses (-) ( ) ( ) (8,6) NET OPERATING INCOME/EXPENSE ,5 Financial gains ,3 Financial expense (-) ( ) ( ) (5,3) OPERATING INCOME/LOSS ,0 Income Tax ( ) ( ) 65,3 Corporation Tax ( ) ( ) (81,8) Deferred Tax ( ) 771,5 PRE-MINETORY INTEREST PROFIT/LOSS ,4 Distribution of Profif /Loss Minetory Interest ,7 Parent Share ,2 Earnings per share - Basic (Ykr) 0,32 0,20

6 Consolidated P & L (Comprehensive Income) Current Period Previous Period 30 June June 2011 % Net Income / (Loss) ,4 Change in Unrealized Gain on Investments Available for Sale ( ) (161,2) Actuerial gain / (loss) from employee termination benefits - (72.747) 100,0 Tax income / (loss) from other comprehensive income items ( ) ,1 Other Comprehensive Income After Tax ( ) (161,0) Total Comprehensive Income ,3 Distribution of Other Comprehensive Income Minetory Interest (31,7) Parent Share ,8

7 EBITDA 30 June June 2011 Income from sales (net) Earnings on services (net) Cost of sales (-) ( ) ( ) Depreciation Gross O perating Profit , ,4 Operating expense (-) ( ) ( ) Depreciation EBITDA , ,6 EBIT 30 June June 2011 Income from sales (net) Earnings on services (net) Cost of sales (-) ( ) ( ) Depreciation - - Gross O perating Profit , ,9 Operating expense (-) ( ) ( ) Depreciation - - Net O perating income , ,9

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 ( ) ( ) - ( ) Tax income / (loss) from other comprehensive income items Total Other Comprehensive Income ( ) (58.198) - - ( ) - ( ) Total Comprehensive Income ( ) (58.198) June ( ) Balances at January 1, ( ) Transfers ( ) Dividend paid ( ) ( ) ( ) ( ) Current year profit Other comprehensive income - Net Unrealized Gain on Investments Available for Sale Tax income / (loss) from other comprehensive income items ( ) ( ) - ( ) Total Other Comprehensive Income Total Comprehensive Income June ( )

9 Consolidated Cash Flow 30 June June 2011 Cash flows from operating activities: Profit before tax, minority interest and loss on net monetary position Unrealized foreign exchange losses ( ) Depreciation and amortization Provision for employee termination benefits Provision for seniority provision Provision for Restoration 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 2011 Trade receivables (Short Term) ( ) ( ) Other receivables ( ) Inventories ( ) ( ) Prepayments and other current assets ( ) ( ) Prepayments and other non-current asset Trade payables ( ) Other payables 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 2011 Cash flows from investing activities Purchase of property, plant and equipment ( ) ( ) Proceeds from sale of property, plant and equipment Dividend from Investments 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 ( ) ( ) 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 2012 Cement RMC Unallocatable Elimination Total Sales, net ( ) Cost of sales (-) ( ) ( ) ( ) Gross profit Operating expenses (-) ( ) ( ) - - ( ) Other operating income / expenses (-), net ( ) ( ) - - ( ) O perating income Financial income / expenses (-), net ( ) 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 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

14 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 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

15 SEGMENT REPO RTING (PERIO D END) 1 January - 30 June 2011 Cement RMC Unallocatable Elimination Total Sales, net ( ) Cost of sales (-) ( ) ( ) ( ) Gross profit Operating expenses (-) ( ) ( ) - - ( ) Other operating income / expenses (-), net ( ) ( ) - - ( ) O perating income 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) 30 June 2011 Cement RMC Unallocatable Elimination Total Assets and liabilities Segment assets Financial investments Unallocatable assets Total assets Unallocatable liabilities Total liabilities January - 30 June 2011 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 2011 Cement RMC Unallocatable Elimination Total Sales, net ( ) Intercompany sales ( ) ( ) ( ) Gross profit Operating expenses (-) ( ) ( ) - - ( ) Other operating income / expenses (-), net ( ) - - ( ) O perating income 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 2011 O ther segment informations Investment expenditures Fixed assets Total investment expenditures Depretiation expense Amortization expense

18 CASH & CASH EQUIVALENT 30 June December 2011 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 2011 % 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 2012 Currency Maturity Balance Unsecured credits TL (**) TL (**) TL (**) TL (**) TL (**) TL (**) TL (**) ABD$ TL (**) ABD$ TL (*) (**) (*) Interest-free short-term loans used for temporary purpose (**) Fixed-rate loans

21 SHORT-TERM TRADE RECEIVABLES (NET) 30 June December 2011 Accounts receivable (Net) Notes receivable and post-dated checks Due from Investments Due from holding companies Doubtfull debt Less: Provision for impairment ( ) ( ) SHORT-TERM TRADE PAYABLES (NET) AGEING FOR RECEIVABLES 30 June December 2011 Accounts payables (Net) Due to Affiliates Due to holding companies Due to Shareholders RECEIVABLES OVERDUE RECEIVABLES 0-1 Month 1-2 m 2-3 m 3-4 m 4 m> Total 30 June December

22 SHORT-TERM OTHER RECEIVABLES (NET) 30 June December 2011 Deposits and guarantees given Deferred Vat Due from Personal Work Advances Other SHORT-TERM OTHER PAYABLES (NET) 30 June December 2011 Deposits and guarantees taken Taxes and Funds Payable Advances taken for Purchases Social Security Withholdings Payable Suspensible VAT Other liabilities Dividend payables Due to Personnel Other Payables LONG-TERM OTHER RECEIVABLES (NET) 30 June December 2011 Deposits and guarantees given

23 INVENTORIES 30 June December 2011 Raw materials and supplies Semi-finished goods Finished goods Goods in transit

24 PROPERTY, PLANT AND EQUIPMENT January 1, 2012 Additions Transfers from construction-inprogress Disposals 30 June 2012 Cost Land and land improvements Buildings Machinery and equipment (1.467) Furniture, fixtures and motor vehicles ( ) Leasehold improvements Construction-in-progress ( ) Total ( ) ( ) Less: Accumulated Depreciation Land and land improvements Buildings Machinery and equipment (1.466) Furniture, fixtures and motor vehicles ( ) Leasehold improvements Total ( ) Property, plant and equipment, net

25 INTANGIBLE ASSETS January 1, 2012 Additions Transfers from construction-inprogress Disposals 30 June 2012 Cost Rights and Other Intangibles Less: Accumulated Amortization Rights and Other Intangibles Intangible assets, net

26 GOODWILL 30 June January 2012 Opening

27 SHORT-TERM PROVISIONS 30 June December 2011 Provision for Vacations Litigations Premium payable to executive board Provision for Vaksa Donation Litigations Vacations Jestion January Charge for the year Payment (-) - (51.700) - ( ) (Gain)/Loss from change in provision due to change in estimations - ( ) June LONG-TERM PROVISIONS June December 2011 Provision for Recultivation

28 COMMITMENTS Operating Lease Commitments 30 June December year year > year Financial Lease Commitments 30 June December year year Interest payable (3.131) (11.083) Present value of financial lease payables

29 EMPLOYEE BENEFITS 30 June December 2011 ETB Provision on Seniority ETB 30 June December 2011 January 1, ETB liability paid ( ) ( ) Actuarial gain/loss Interest Cost Charge of the year

30 30 June December 2011 The Other Current Assets Prepaid Expenses Given Advances Other June December 2011 The Other Non-Current Assets Prepaid rent Fixed asset advances given June December 2011 The Other Liabilities Expense accruals

31 30 June December 2011 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 YTL Restatement effect Total per financial statements FAIR VALUE GAIN/LOSS ON THE INVESTMENTS AVAILABLE FOR SALE 30 June December 2011 Çimsa Çimento San. A.Ş

32 CAPITAL RESERVES- PROFIT RESERVES 30 June December 2011 Legal reserves Statutory reserves - 35 Extraordinary reserves Accumulated profits Renewal fund MINORITY INTERESTS 30 June December 2011 Beginning Dividends declared Share of net profit (loss) of subsidiary ( ) ( )

33 Sales Income 30 June June 2011 % Domestic sales ,3 Overseas sales ,2 Sales discount (-) ( ) ( ) 8,0 Other discount (-) ( ) ( ) 11, ,8 Earnings on services 30 June June 2011 % Sale of services ,

34 COST OF SALES 30 June June 2011 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

35 OPERATING EXPENSES 30 June June 2011 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

36 OTHER OPERATING INCOME 30 June June 2011 Gain on sale of property, plant and equipment, net Rent income Income from insurance contracts Gains on Litigation Gain on sale of spare part material, net Gain on burning waste fuel Gain on winning court and collateral compensation Other

37 OTHER OPERATING EXPENSES 30 June June 2011 Idle time expense Donations Property and estate taxes Non deductible expenses Depreciation expense of rented terminals Penalty and Imdenty Provision expense for legal actions Provision expense for recultivation Loss of sale of property, plant and equipment, net Other

38 Amortization & Depreciation 30 June June 2011 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 Other operating expenses Marketing, sales and distribution expenses Total Amortization Expences

39 Financial Gain 30 June June 2011 Fx gain Dividend from subsidiary Interest income Gain on Interest cost from Customers, (net) Total financial gains Financial Loss 30 June June 2011 Fx loss Interest expenses Rediscount loss, (net) Total financial loss

40 DEFERRED TAX ASSETS/LIABILITIES (COMPANY) Deferred Tax Assets Deferred Tax Liabilities Deffered tax income 30 June December June December June December 2011 Property, plant and equipment - - ( ) ( ) Goodwill - - ( ) ( ) - ( ) Inventories ( ) Provision for employee termination benefits Allowance for unearned/unaccrued interest ( included in receivables and payables, net ) Recultivation provision Other timing differences, net ( ) Period loss ( ) ( ) Tax income/expense related to other comprehensive income items - - ( ) ( ) ( ) ( ) ( ) ( )

41 30 June December 2011 Consolidated balance sheet Current year corporation tax Prepaid taxes ( ) ( ) Income tax to be paid June June 2011 Consolidated income statement Current year corporation tax ( ) ( ) Deferred tax ( ) Tax in consolidated financials ( ) ( ) 30 June June 2011 Consolidated balance sheet January, 1st Deferred tax income/(expense) in income statement ( ) Deferred tax income/(expense) related to comprehensive income ( ) Net deferred tax asset/

42 NET FOREIGN CURRENCY POSITION 30 June December 2011 Currency Amount YTL Amount Currency Amount YTL Amount ASSETS USD USD EURO EURO GBP GBP SEK SEK 5 1 TO TAL LIABILITIES USD ( ) ( ) USD ( ) ( ) EURO ( ) ( ) EURO ( ) ( ) GBP - - GBP - - TO TAL ( ) ( ) NET FX PO SITIO N ( ) ( ) Foreign Currency Risk Table 30 June June 2011 Total Export Total Import Hedge Rate of Currency Liabilities 0% 0% Currency Devaluation of YTL against Foreign Currency Efect on profit before tax (YTL) USD/YTL 10% (60.277) EURO/YTL 10% (31.219)

43 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 (60.277) Hedged amount in US Dollar (-) US Dollar Net Effect (1+2) (60.277) Revaluation of EURO against TRL at the rate of 10% : 4- EURO net asset/liability (31.219) Hedged amount in EURO (-) EURO Net Effect (4+5) (31.219) Revaluation of other FX against TRL at the rate of 10% : 7- Other FX net asset/liability (1.155) Hedged amount in other FX (-) Other assets in FX Net Effect (7+8) (1.155) - - 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 ABD Doları nın TL karşısın 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 Avro nun TL karşısında % Hedged amount in EURO (-) (51.775) EURO Net Effect (4+5) Revaluation of other FX against TRL at the rate of 10% : 7- Other FX net asset/liability Diğer döviz kurlarının TL ka Hedged amount in other FX (-) (1.680) Other assets in FX Net Effect (7+8) TOTAL (3+6+9) (1.680) - -

44 Interest rate position table Current Period Previous Period Variable rated financial instruments Financial liabilities Interest Rate Risk Table Increase in basis point Efect on profit before tax 0,5% (90.325)

45 The fair values and classification of financial instruments Loans and receivables Financial liabilities CMB (including cash and Available for sale which are carried at Report 30 June 2012 cash equivalents) assets amortized cost Book value Fair value Note Financial assets Cash and cash equivalents Trade receivables Receivables from related parties , 37 Financial investments Other financial assets , 26 Fianancial liabilities Loans Trade payables Trade payables to related parties , 37 Other financial liabilities , 26 Loans and receivables Financial liabilities (including cash and Available for sale which are carried at 31 December 2011 cash equivalents) assets amortized cost Book value Fair value Note Financial assets Cash and cash equivalents Trade receivables Receivables from related parties , 37 Financial investments Other financial assets , 26 Fianancial liabilities Loans Trade payables Trade payables to related parties , 37 Other financial liabilities , 26

46 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)

47 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)

48 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

49 EQUITY MANAGEMENT 30 June December 2011 Total Liabilities (*) Minus: Cash & Cash Equivalents Net debt Total Shareholders' Equity Capital Debt / Equity 0,51 0,44 (*) Total Liabilities is equal to short and long term liabilities (**) Total Shareholders' Equity does not include inflation difference balance