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ARÇELİK A.Ş. — Annual Report 2015
Jan 30, 2015
5890_rns_2015-01-30_7a9ebd1f-d2cb-45ff-b293-fb3e27eb7543.pdf
Annual Report
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Arçelik 2014 Financial Results
2014 …
Continued revenue growth and margin expansion Ongoing revenue growth and market share gains in international markets Positive trend in domestic market Increased cash flow from operations Improved working capital, decreased leverage
2
Sales Performance
3
REVENUE and GROSS PROFIT
| TL Million | 2014 Q4 | 2013 Q4 | Δ% | 2014 | 2013 | Δ% | 2014 Q3 | Δ% |
|---|---|---|---|---|---|---|---|---|
| Revenue | 3.402 | 3.100 | 9,7 | 12.514 | 11.098 | 12,8 | 3.234 | 5,2 |
| Gross Profit % | 30,9 | 30,7 | 31,8 | 30,5 | 32,3 | |||
| Whit e Goods Revenue | 2.434 | 2.221 | 9,6 | 9.069 | 7.818 | 16,0 | 2.444 | -0,4 |
| Gross Profit % | 33,0 | 30,5 | 34,0 | 32,8 | 34,8 | |||
| Elect ronics Revenue | 552 | 553 | -0,1 | 1.829 | 1.607 | 13,8 | 416 | 32,8 |
| Gross Profit % | 23,1 | 28,1 | 24,2 | 21,6 | 24,4 | |||
| Ot her | 416 | 326 | 27,6 | 1.616 | 1.673 | -3,4 | 375 | 10,9 |
| Gross Profit % | 28,8 | 36,3 | 28,3 | 28,6 | 24,8 |
4
BRIDGE OF THE SALES
| TL Million | 2013OrganicCurrency effect | 2014 |
|---|---|---|
| 340International235Turkey8416.481International4.617Turkey | ||
| 7.662International | ||
| Revenue | ||
| 4.852Turkey | ||
| % International Growth% Total Growth | 51358 | 1813 |
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REGIONAL BREAKDOWN OF REVENUE - I
| TL Million | 2014 | 2013 | Δ% |
|---|---|---|---|
| Total Revenue | 12.514 | 11.098 | 12,8 |
| Turkey | 4.852 | 4.617 | 5,1 |
| International | 7.662 | 6.481 | 18,2 |
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REGIONAL BREAKDOWN OF REVENUE (%)-II
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----- Start of picture text ----- 45,00 41,6038,7740,0033,4535,0030,8030,0025,0020,0015,00 12,96 13,3910,00 8,82 8,165,00 3,38 3,19 2,45 3,040,00Turkey Western CIS&Eastern Africa Middle East OtherEurope Europe2013 2014----- End of picture text -----
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Financial Performance
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INCOME STATEMENT – Quarterl Com arison y p
| TL Million | 2014 Q4 | 2013 Q4 | YoY Δ% | 2014 Q3 | QoQ Δ% |
|---|---|---|---|---|---|
| Revenue | 3.402 | 3.100 | 9,7 | 3.234 | 5,2 |
| Gross Profit | 1.050 | 951 | 10,4 | 1.046 | 0,4 |
| margin | 30,9 | 30,7 | 32,3 | ||
| EBITDA* | 351 | 332 | 5,8 | 363 | -3,4 |
| margin | 10,3 | 10,7 | 11,2 | ||
| EBIT * | 263 | 254 | 3,5 | 274 | -4,2 |
| margin | 7,7 | 8,2 | 8,5 | ||
| Net Income | 176 | 165 | 6,4 | 160 | 9,5 |
| margin | 5,2 | 5,3 | 5,0 |
*The effects of foreign exchange gains and losses arising from trade receivables and payables, credit finance income and charges and cash discount expense 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.
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INCOME STATEMENT
| TL Million | 2014 | 2013 | Δ % |
|---|---|---|---|
| Revenue | 12.514 | 11.098 | 12,8 |
| Gross Profit | 3.979 | 3.388 | 17,4 |
| margin | 31,8 | 30,5 | |
| EBITDA* | 1.370 | 1.155 | 18,6 |
| margin | 11,0 | 10,4 | |
| EBIT * | 1.024 | 853 | 20,0 |
| margin | 8,2 | 7,7 | |
| Net Income | 638 | 623 | 2,5 |
| margin | 5,1 | 5,6 |
*The effects of foreign exchange gains and losses arising from trade receivables and payables, credit finance income and charges and cash discount expense 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.
10
BALANCE SHEET
| TL Million | 31.12.2014 | 31.12.2013 | 31.12.2014 | 31.12.2013 | |
|---|---|---|---|---|---|
| Current Assets | 8.472 | 7.659 | Current Liabilities | 4.431 | 4.091 |
| Cash and Cash Equivalents | 1.621 | 1.267 | ST Bank Borrowings | 1.803 | 1.673 |
| Trade Receivables | 4.434 | 4.182 | Trade Payables | 1.781 | 1.645 |
| Inventories | 2.125 | 1.988 | Provisions | 264 | 259 |
| Other | 292 | 222 | Other | 583 | 514 |
| Non-current Assets | 3.923 | 3.752 | Non-current Liabilities | 3.566 | 3.181 |
| Property, Plant and Equipment | 1.813 | 1.837 | LT Bank Borrowings | 2.965 | 2.581 |
| Financial Investments | 894 | 732 | Other | 601 | 600 |
| Other | 1.217 | 1.183 | Equity | 4.399 | 4.139 |
| Total Assets | 12.395 | 11.411 | Total Liabilities | 12.395 | 11.411 |
| 31.12.2014 | 31.12.2013 | 31.12.2012 | 31.12.2011 | |
|---|---|---|---|---|
| Net Financial Debt/Equity | 0,72 | 0,72 | 0,58 | 0,54 |
| Total Liabilities/Total Assets | 0,65 | 0,64 | 0,62 | 0,60 |
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WORKING CAPITAL
| TL Million | FX Basis | TL Basis | 31.12.2014 | FX Basis | TL Basis | Total | |
|---|---|---|---|---|---|---|---|
| ST Trade Rec. | 1.994 | 2.440 | 4.434 | ST Trade Payables | 884 | 897 | 1.781 |
| Other Receivables | 27 | 32 | 59 | Other Payables | 246 | 58 | 304 |
| Inventory | 1.219 | 906 | 2.125 | Working Capital | 2.110 | 2.423 | 4.533 |
| 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 |
Working Capital / Sales
31.12.2014 36,2%
30.09.2014 38,7%
30.06.2014 39,1%
31.03.2014 39,2%
31.12.2013 38,9%
31.12.2012 33,3% 0,0% 10,0% 20,0% 30,0%
40,0%
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DEBT PROFILE
| 6.0005.0004.0003.0002.0001.00001.0002.0003.00005001.0001.5002.0002.5003.0003.500 | 4169051.3171.1741.7411.2671.621-1.915-1.924-839-1.629-2.144-1.673-1.803-1.577-188-1.218-1.528-1.859-2.581-2.9652008200920102011201220132014Long term debtShort term debtCash and cash equivalent3.0761.2077401.9832.2632.9883.1465,11,30,92,32,22,62,301234562008200920102011201220132014Net Debt (TL Million)Net Debt/EBITDAEffectiveMillionMillionInterest RateOriginalTRYp.a. (%)CurrencyEquivalentTRY11,4%1.5201.520EUR2,0%293827ZAR8,4%1.000200RUB8,7%90436CNY5,6%8231SEK1,3%93Other1Total2.619EffectiveMillionMillionInterest RateOriginalTRYp.a. (%)CurrencyEquivalentUSD5,1%5011.162EUR4,0%350987Total2.149Total Bank BorrowingsEurobond |
|---|
13
CASH FLOW
| TL Million | 31.12.2014 | 31.12.2013 |
|---|---|---|
| Beginning Balance | 1.266 | 1.739 |
| Net Operat ional Cash Flow | 931 | 384 |
| Fixed Asset Sales | 4 | 4 |
| CapEx | -453 | -512 |
| Dividend Paid | -354 | -404 |
| Changes in Bank Borrowings | -565 | -821 |
| Bonds Issued | 991 | 889 |
| Ot her Financial & Invest ing Act ivit es | -238 | -133 |
| Differences due t o FX Conversion | 38 | 119 |
| Changes in Cash | 355 | -474 |
| Ending Balance | 1.621 | 1.266 |
14
2015 Expectations
15
2015 EXPECTATIONS
Expectations for Arçelik ;
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Stable or increasing market share in key regions
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White goods volume growth :
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Turkey : 3 to 5 %*
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International : > 6%
-
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Total revenue growth: ~ 10% in TL
2014 and Long-term EBITDA margin: ~11%**
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*5 main products, in compliance with WGMA data.
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**EBITDA margin calculations are inline with the methodology used on page 9
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www.arcelikas.com
Contacts for Investor Relations
Dr. Fatih Kemal Ebiçlioğlu
Doğan Korkmaz
CFO Finance Director Tel: (+90 212) 314 34 34 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.