Arçelik · 2014-04-25 · Neither Arçelik nor any of its managers or employees nor any other...
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Arçelik 2014 Q1 Financial Results
Transcript of Arçelik · 2014-04-25 · Neither Arçelik nor any of its managers or employees nor any other...
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Arçelik
2014 Q1
Financial Results
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Continued overall revenue growth and gross margin expansion
Market share gains in international markets
Ongoing positive trend in electronics revenue and gross margin
Slowdown in the domestic market
Increase in financial expense
2014 Q1…
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Sales Performance
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REVENUE and GROSS PROFIT
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TL Million 2014 Q1 2013 Q1 YoY Δ % 2013 Q4
Revenue 2.802 2.430 15,3 3.100
Gross Profit % 31,8 30,4 30,7
Whit e Goods Revenue 1.948 1.676 16,2 2.221
Gross Profit % 33,8 33,8 30,5
Elect ronics Revenue 452 336 34,6 553
Gross Profit % 24,5 15,4 28,1
Ot her 402 418 -3,9 326
Gross Profit % 30,2 28,6 36,3
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BRIDGE OF THE SALES
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TL Million 2013 Q1 Organic Currency effect 2014 Q1
23
% Growth 1 14 15
Re
ve
nu
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2.430
2.802
349
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REGIONAL BREAKDOWN OF REVENUE - I
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TL Million 2014 Q1 2013 Q1 Δ%
Total Revenue 2.802 2.430 15,3
Turkey 1.029 1.080 -4,8
International 1.773 1.350 31,4
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REGIONAL BREAKDOWN OF REVENUE (%)-II
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44,46
28,10
11,05 9,64
4,12 2,64
36,71 35,32
13,11
7,77
4,16 2,94
0,00
5,00
10,00
15,00
20,00
25,00
30,00
35,00
40,00
45,00
50,00
Turkey Western
Europe
CIS&Eastern
Europe
Africa Middle East Other
2013 Q1 2014 Q1
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Financial Performance
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INCOME STATEMENT
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*The effects of foreign exchange gains and losses arising from trade receivables and payables and credit finance
income and charges are deducted from operating profit and the effects of income and expenses from sale of property
plant and equipment are added to operating profit in order to maintain consistency in the presentation with prior years
EBITDA calculation.
TL Million 2014 Q1 2013 Q1 YoY Δ % 2013 Q4
Revenue 2.802 2.430 15,3 3.100
Gross Profit 892 739 20,8 951
margin % 31,8 30,4 30,7
EBITDA* 293 252 16,3 332
margin % 10,5 10,4 10,7
EBIT * 209 179 17,1 254
margin % 7,5 7,3 8,2
Net Income 135 134 0,3 165
margin % 4,8 5,5 5,3
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EBIT (TL Million) Margin (%)
EBIT DEVELOPMENT
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0
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4
5
6
7
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9
0
50
100
150
200
250
300
2012
Q1
2012
Q2
2012
Q3
2012
Q4
2013
Q1
2013
Q2
2013
Q3
2013
Q4
2014
Q1
EBIT (TL Million) Margin (%)
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BALANCE SHEET
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TL Million 31.03.2014 31.12.2013 31.03.2014 31.12.2013
Current Assets 7.951 7.659 Current Liabilit ies 4.395 4.091
Cash and Cash Equivalents 1.553 1.267 ST Bank Borrowings 1.868 1.673
Trade Receivables 4.143 4.182 Trade Payables 1.480 1.645
Inventories 2.024 1.988 Provisions 311 259
Other 230 222 Other 736 514
Non-current Assets 3.736 3.752 Non-current Liabilit ies 3.323 3.181
Property, Plant and Equipment 1.817 1.837 LT Bank Borrowings 2.704 2.581
Financial Investments 719 732 Other 619 600
Other 1.200 1.183 Equity 3.968 4.139
Total Assets 11.687 11.411 Total Liabilities 11.687 11.411
31.03.2014 31.12.2013 31.12.2012 31.12.2011
Net Financial Debt/Equity 0,76 0,72 0,58 0,54
Total Liabilities/Total Assets 0,66 0,64 0,62 0,60
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Working Capital / Sales*
WORKING CAPITAL
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33,3%
38,9%
39,2%
0,0% 10,0% 20,0% 30,0% 40,0% 50,0%
31.12.2012
31.12.2013
31.03.2014
TL Million FX Basis TL Basis 31.03.2014 FX Basis TL Basis Total
ST Trade Rec. 1.825 2.318 4.143 ST Trade Payables 617 863 1.480
Other Receivables 11 38 49 Other Payables 179 66 245
Inventory 994 1.030 2.024 Working Capital 2.034 2.457 4.491
TL Million FX Basis TL Basis 31.12.2013 FX Basis TL Basis total
ST Trade Rec. 1.939 2.243 4.182 ST Trade Payables 619 1.026 1.645
Other Receivables 17 15 32 Other Payables 219 24 243
Inventory 954 1.034 1.988 Working Capital 2.072 2.242 4.314
* Total Sales of Last Twelve Months
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DEBT PROFILE
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416 905
1.317 1.174 1.741
1.267 1.553
-1.915 -1.924
-839
-1.629 -2.144
-1.673 -1.868
-1.577
-188
-1.218
-1.528
-1.859 -2.581 -2.704
-5.000
-4.000
-3.000
-2.000
-1.000
0
1.000
2.000
3.000
2008 2009 2010 2011 2012 2013 2014 Q1
Long term debt Short term debt Cash and cash equivalent
Effective Interest Rate Original TRY
p.a. (%) Currency Equivalent
TRY 11,6% 1.632.895.591 1.632.895.591
EUR 2,5% 475.186.871 1.428.981.961
USD 3,0% 53.109.447 116.299.067
ZAR 7,9% 1.000.000.000 207.030.000
RUB 8,8% 1.042.870.672 63.542.110
CNY 5,6% 37.095.978 13.003.253
Total 3.461.751.982
Effective Interest Rate Original TRY
p.a. (%) Currency Equivalent
USD 5,1% 506.723.010 1.109.622.046
Total 1.109.622.046
Total Bank Borrowings
Eurobond
* Total EBITDA of Last Twelve Months
3.076
1.207
740
1.9832.263
2.988 3.0195,1
1,30,9
2,3 2,22,6 2,5
0
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2
3
4
5
6
0
500
1.000
1.500
2.000
2.500
3.000
3.500
2008 2009 2010 2011 2012 2013 2014 Q1
Net Debt (TL Million) Net Debt/EBITDA*
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CASH FLOW
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TL Million 31.03.2014 31.03.2013
Beginning Balance 1.266 1.739
Net Operat ional Cash Flow 82 264
Fixed Asset Sales 1 1
CapEx -80 -68
Changes in Bank Borrowings 287 -79
Ot her Financial & Invest ing Act ivit es -18 14
Differences due t o FX Conversion 15 1
Changes in Cash 287 134
Ending Balance 1.552 1.873
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2014 Expectations
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Expectations for Arçelik ;
Stable or increasing market share in key regions
White goods volume growth :
Turkey* : 0-2%
International : > 8%
Total revenue growth: > 10% in TL
2014 EBITDA margin **: ≥ 10.5%
Long-term expectations;
EBITDA margin**: ~11%
* : 5 main products, in compliance with WGMA data
**: EBITDA margin calculations are inline with the methodology used on page 9
2014 EXPECTATIONS
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Dr. Fatih Kemal Ebiçlioğlu
CFO
Tel: (+90 212) 314 34 34
www.arcelikas.com
Contacts for Investor Relations
Fulya Kırayoğlu
Investor Relations Specialist
Tel: (+90 212) 314 31 11
Doğan Korkmaz
Finance Director
Tel: (+90 212) 314 31 85
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Disclaimer
This presentation contains information and analysis on financial
statements as well as forward-looking statements that reflect the
Company management’s current views with respect to certain
future events. Although it is believed that the information and
analysis are correct and expectations reflected in these statements
are reasonable, they may be affected by a variety of variables
and changes in underlying assumptions that could cause actual
results to differ materially.
Neither Arçelik nor any of its managers or employees nor any other
person shall have any liability whatsoever for any loss arising from
the use of this presentation.
