Consolidated revenue growth continued to be resilient in 2Q23.. Improved operating margins on the back of further eased costs and strong Türkiye performance..
Consolidated revenue growth of 45% y/y driven by strong unit growth in Türkiye, price increases, TRY depreciation and inorganic revenue contribution. Organically, annual growth was 38%. On a quarterly basis, revenue growth was 18%.
Strong wholesale & retail sales in Türkiye while international markets have experienced a persistent decline in demand.
EBITDA margin was 10.8%, up by 150 bps q/q and 327 bps y/y thanks to eased raw material costs and improved OPEX/Sales.
Net Working Capital/Sales was 24.4% as of 2Q23.
Leverage was down to 2.45x, despite FX conversion impact, thanks to increased EBITDA.
2
Key Factors Sales / Margins
2Q23
Financial Results
REVENUE GROWTH
45%*
Strong unit growth in Türkiye
TRY depreciation on both q/q & y/y
Price increases on both q/q & y/y
Inorganic revenue growth on y/y
46,948
39,891
32,305
TRYmn
2Q22
1Q23
2Q23
GROSS MARGIN
31.9%
Lower raw material costs on both q/q & y/y Favorable EURUSD parity on both q/q & y/y
Higher capacity utilisation on q/q
29.6% 31.1% 31.9%
2Q22 1Q23 2Q23
EBITDA MARGIN
10.8%
Better gross profitability on both q/q & y/y
Improved OPEX/Sales on both q/q & y/y thanks to lower transportation costs
10.8%
9.3%
7.6%
2Q22 1Q23 2Q23
*Includes inorganic revenue contribution of Indesit International JSC and Whirlpool RUS LLC and Asogem acquisitions. Organically, annual revenue growth was 38% in 2Q23.
3
Operational Performance
2Q23 Financial Results
Another quarter of substantial revenue growth in Türkiye
2Q23
Financial Results
supported by strong demand and strategic pricing initiatives
MDA6*
ARÇELİK y/y growth (%)
Türkiye Revenue Growth
TÜRKİYE y/y growth (%)
31% 30%
(19%) (10%)
Apr-May 22
Apr-May 23
AIR CONDITIONER*
ARÇELİK y/y growth (%)
TÜRKİYE y/y growth (%)
128%
89%
22%
18,398
15,024
9,737
TRYmn
2Q22
1Q23
2Q23
Unit growth in MDA6 Unit growth in A/C
Price increases
56% 40%
82%
Apr-May 22
Apr-May 23
TELEVISION**
ARÇELİK y/y growth (%)
TÜRKİYE y/y growth (%)
Türkiye Share in Total Revenue
2Q23
6M23
30%
39%
30%
38%
2%
25%
11%
2Q22
6M22
(6%)
5M225M23
*MDA6 and A/C data (sell-in, in unit terms) is based on WGMA for April-May period on a cumulative basis.
5
**TV market reflects the data of a retail panel market for 5M23 period in unit terms on a cumulative basis.
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Arcelik AS published this content on 21 July 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 21 July 2023 15:47:02 UTC.
Arcelik AS is a Turkey-based company, which is engaged in the production, sales and marketing, customer services after sales, exportation and importation of consumer durable goods and consumer electronics. The Group operates more than 17 manufacturing plants in Turkey, Romania, Russia, China, Republic of South Africa, Thailand and Pakistan. It operates under the following business segments: White Goods, Consumer Electronics and Other. The White Goods segment comprises washing machines, dryers, dish washers, refrigerators, ovens, cookers and the services provided for these products. The Consumer Goods segment comprises televisions primarily with flat screens, computers, cash registers, other electronic devices and the services provided to consumers for these products. The Other segment comprises the revenues from air conditioners, home appliances and furniture and kitchen gadgets except products included in White Goods and Consumer Electronics.
ARÇELIK ANONIM SIRKETI 
