· UNYEC: Highest
prices in the domestic market, nearly 25% above than average, thanks to
power plant constructions in its hinterland. The company supplies cement
to two large hydroelectric power plants: 1mn tons of cement to be consumed in
each. Unye Cement has the best margins among Oyak Cement Group companies.
· ADANA: Mediterranean
region has the highest excess capacity (nearly 25%) in Turkey. Grey and white
cement prices hover around TL100/ton (~10% higher y/y) and TL190/ton,
respectively, in the region. Petcoke costs declined significantly y/y
reaching US$110 per ton in 2012 vs. US$150 in 2011. However, sharp increase in
electricity tariffs has been compensating for the ease in petcoke costs. Fuel
and electricity costs compose 35% and 25% of the COGS, respectively,.
· BOLUC: The
company has been benefiting from its new slag cement capacity with higher than
expected margins. Slag cement is composed of 30% clinker and 70% slag, which
can be used in infrastructure projects like Marmaray project. Cement prices in
Istanbul hover at around TL105mn per ton while transportation costs from Bolu
causes margin erosion. EBITDA Margin is expected to reach over 15% in
2012.
· Margins for all group companies: Some improvement is expected in 2012 despite
weak performance in winter. Margins are expected to be better (+2-3pps) in
2013.
· Some
clients questioned whether Oyak Group considers merging its cement assets under
one company. The Group commented that these companies already have centralized
management and merger is not foreseen in the short term. High dividend yield
policy will continue in the coming period.
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