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MarketScreener Homepage  >  Equities  >  ISTANBUL STOCK EXCHANGE  >  Ford Otomotiv Sanayi AS    FROTO   TRAOTOSN91H6

FORD OTOMOTIV SANAYI AS

(FROTO)
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Ford Otomotiv Sanayi : 2020 9M Earnings Announcement

10/26/2020 | 11:00am EST

9M20 Earnings Announcement

Highlights

Financial Results

Million TL

YoY Change

Revenues

28.490

3%

Export Revenues

20.077

-17%

Domestic Revenues

8.414

148%

Operating Profit

2.762

75%

EBITDA

3.436

61%

EBITDA excluding other income/expense

2.961

25%

Profit Before Tax

2.308

79%

Net Income

2.268

69%

Volumes

Units

YoY Change

Total Wholesale Volume

218.540

-21%

Export Volume

157.641

-37%

Domestic Wholesale Volume

60.899

117%

Domestic Retail Volume

58.758

114%

Market Share

11,6%

2 pps

Production

205.294

-25%

Capacity Utilization Rate

60%

-20 pps

9M20 financial results published in this earnings announcement have been prepared according to the International Financial Reporting Standards (IFRS).

9M20 Earnings Announcement

Summary Income Statement, Million TL

30.9.2020

30.9.2019

% Change

Revenues

28.490

27.707

3%

Export

20.077

24.312

-17%

Domestic

8.414

3.394

148%

Gross Profit

3.399

2.865

19%

Operating Profit

2.762

1.575

75%

Financial Income/(Expense)

-456

-282

62%

Profit Before Tax

2.308

1.292

79%

Net Income

2.268

1.343

69%

Other Financial Data

Depreciation and Amortization

674

562

20%

EBITDA

3.436

2.137

61%

EBITDA excluding other income/expense

2.961

2.374

25%

Capital Expenditures

-584

-789

-26%

Revenues

Turkish auto industry grew 76% YoY in 9M20 to 504,786 units. PC sales continued their strong trend despite the Special Consumption Tax increase effective as of August-end. Sales grew across all segments YoY: PC 70%, LCV 126%, MCV 71% and Heavy Trucks 122%. PC industry share was 77.0% (9M19: 79.8%). LCV industry share grew to 12.1% (9M19: 9.5%). Ford Otosan maintained its CV leadership with a record 37.3% market share while ranking #3 in the total industry with 11.6% share (9M19: 9.6%).

European van market continued to display a V-Shape recovery driven by e-commerce and delivery business. Market strength coupled with Ford's strong performance reflected positively on Ford Otosan's volumes. July and September volumes continued to grow over Q2 while the August numbers were temporarily slow as a reflection of the scheduled summer downtime.

Domestic Revenues were TL 8,414 million in 9M20, up 148% (367% YoY in 3Q20) as a result of 117% YoY (346% YoY in 3Q20) growth in volumes, product mix and ongoing pricing discipline.

Export Revenues were TL 20,077 million (TL 8,538 million in 3Q20). Despite 37% (-24% YoY in 3Q20) decline in volumes, YoY decrease in revenues was limited to 17% due to exchange impact, product mix and our cost plus export structure. Export Revenues grew 3% in 3Q20.

Total Revenues were up 3% YoY (44% YoY in 3Q20) to TL 28,490 million despite 21% (+9% YoY in 3Q20) volume decline. Share of exports in total revenues was 70% in 9M20 (9M19: 88%).

Profitability

Profitability was strong in 9M20 due to i) robust domestic volumes , ii) higher contribution of domestic market, iii) pricing discipline, iv) additional cost reduction measures and OpEx control against Covid-19 impact v) cost-plus export contracts and vi) exchange impact (average EUR/TL +10% in 1Q20, +15% in 2Q20, +34% in 3Q20 YoY). Please refer to Page 5 Graph 1 for details.

Gross Profit rose 19% YoY (74% YoY in 3Q20) to TL 3,399 million due to higher share of domestic sales (up from 10% in 9M19 to 28% in 9M20). Increased focus on cost reduction actions, additional stringent measures and pricing discipline supported this performance.

TL 20 million Net FX Loss from Operating Activities in 9M19 turned positive in 9M20, resulting in TL 464 million Net FX Gain. As a result, TL 237 million Net Other Expense in 9M19 became TL 474 million Net Other Income in 9M20. (Please refer to Page 5 Table 1 for the details. The fx movement had a significant contribution to the 75% (315% YoY in 3Q20) increase in Operating Profit in 9M20 to TL 2,762 million. Operating Profit excluding currency impact grew 26% YoY (99% YoY in 3Q20) to TL 2,287 million. EBITDA grew 61% YoY (208% YoY in 3Q20) to TL 3,436 million. EBITDA excluding the currency impact was up 25% YoY (78% YoY in 3Q20) to TL 2,961 million. EBITDA per vehicle was EUR 1,789 in 9M20. Please refer to Page 5 Table 2 for details.

Net Financial Expenses increased 62% YoY driven by 80% higher Net FX Loss, mainly explained by prior fx losses from Cash Flow Hedge Reserve and currency movements. Please refer to Page 5 Table 3 for details. Profit Before Tax increased 79% YoY (242% YoY in 3Q20) to TL 2,308 million. Net Income was TL 2,268 million, up 69% in 9M20 (199% YoY in 3Q20).

Margins: Gross 11.9% (+1.6 pps YoY); EBITDA 12.1% (+4.3 pps YoY); EBITDA excluding other income 10.4% (+1.8 pps YoY); Operating 9.7% (+4.0 pps YoY); and Net 8.0% (+3.1 pps YoY).

9M20 Earnings Announcement

Sales Volume by Model, units

30.9.2020

30.9.2019

% Change

Domestic Sales

60.899

28.039

117%

Passenger Car

14.168

6.504

118%

Transit Courier

21.628

9.505

128%

Transit Connect

371

161

130%

Light Commercial Vehicle

21.999

9.666

128%

Transit

16.719

7.493

123%

Transit Custom

4.113

2.260

82%

Ranger

757

466

62%

Medium Commercial Vehicle

21.589

10.219

111%

Truck

3.143

1.650

90%

Total Domestic

10.441

19.162

-46%

Export Sales

157.641

248.321

-37%

Transit Custom

86.745

127.326

-32%

Transit

54.940

89.404

-39%

Transit Courier

14.438

29.975

-52%

Truck

1.515

1.578

-4%

Other

3

38

-92%

Total Exports

89.193

83.068

Total Wholesale Volume

218.540

276.360

-21%

Total Domestic Automotive Industry

504.786

286.420

76%

Ford Otosan Retail Sales

58.758

27.460

114%

Ford Otosan Market Share

11,6%

9,6%

2 pps

Summary Balance Sheet, Million TL

30.9.2020

31.12.2019

% Change

Current Assets

16.337

10.157

61%

Current Liabilities

12.528

8.645

45%

Property, Plant and Equipment - Net

4.244

4.437

-4%

Total Assets

22.733

16.406

39%

Total Liabilities

17.960

11.741

53%

Shareholders' Equity

4.773

4.665

2%

9M20 Earnings Announcement

Financial Ratios

30.9.2020

31.12.2019

Current Ratio

1,30

1,17

Liquidity Ratio

1,05

0,87

Net Debt / Tangible Equity

0,81

0,78

Net Debt / EBITDA

0,70

0,94

Current Assets / Total Assets

0,72

0,62

Current Liabilities / Total Liabilities

0,70

0,74

Total Liabilities / Total Liabilities and Equity

0,79

0,72

Return on Equity

63,3%

42,0%

30.9.2020

30.9.2019

Gross Margin

11,9%

10,3%

EBITDA Margin

12,1%

7,7%

EBITDA Margin excluding other income/expense

10,4%

8,6%

Operating Margin

9,7%

5,7%

Net Income Margin

8,0%

4,8%

Summary Cash Flow Statement, Million TL

30.9.2020

30.9.2019

% Change

Beginning Balance of Cash & Equivalents

3.200

1.391

130%

Net Cash Generated from Operating Activities

3.901

1.165

235%

Net Cash Used in Investing Activities

-554

-787

-30%

Net Cash Used in Financing Activities

250

-5

-4694%

End of Period Balance of Cash & Equivalents

6.797

1.763

285%

2020 Guidance

Contacts

Total Industry Volume

750 K - 800 K

Oğuz Toprakoğlu

Chief Financial Officer

Ford Otosan:

Tel: +90 262 315 69 00

Retail Sales Volume

95 K - 105 K

otoprako@ford.com.tr

Export Volume

250 K - 260 K

Wholesale Volume

345 K - 365 K

Aslı Selçuk

Production Volume

320 K - 330 K

Investor Relations Manager

Capex (fixed assets)

€100 -120 million

Tel: +90 216 564 7499

aselcuk@ford.com.tr

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Ford Otomotiv Sanayi AS published this content on 26 October 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 26 October 2020 15:59:08 UTC


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Financials
Sales 2020 47 180 M 6 018 M 6 018 M
Net income 2020 3 380 M 431 M 431 M
Net Debt 2020 2 597 M 331 M 331 M
P/E ratio 2020 11,9x
Yield 2020 6,45%
Capitalization 42 004 M 5 369 M 5 358 M
EV / Sales 2020 0,95x
EV / Sales 2021 0,76x
Nbr of Employees -
Free-Float 20,3%
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 15
Average target price 111,75 TRY
Last Close Price 119,70 TRY
Spread / Highest target 21,1%
Spread / Average Target -6,64%
Spread / Lowest Target -39,8%
EPS Revisions
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NameTitle
Haydar Yenigün General Manager & Executive Director
Ali Yildirim Koç Chairman
Ismail Oguz Toprakoglu CFO, Assistant GM-Accounting & Finance
Ali Ihsan Ilkbahar Non-Executive Director
William Richard Periam Director & Deputy General Manager
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