2019 - 6 Month Financial Results

Quarter Highlights

  • Top line growth of 29%
  • Slight decline in gross profitabilitydue to TRY depreciation
  • Improvement in OPEX/Sales (23.7%)
  • Higher ETR, largely due to one-off items
  • Flat NWC/Salesratio despite strong domestic revenue
  • Flat leverage QoQ at 2.4x

TRY8.4bn 10.5%

RevenueEBITDA Margin*

28.4% 2.4x

NWC/SalesRatioLeverage

* IFRS 16 impact included

Key Factors Sales/Margins

Revenue

Growth

Gross

Margin

EBITDA

Margin

2019 Q2 Performance Turkey

MDA-6

Air-Conditioner

TV

Market

Turkish MDA6 Market YoY Change

4%

-13%

-6%

-7%

-14%

-20%

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

2018

2019

MDA-6 and A/C data (sell-in) is based on WGMA. TV market reflects the data of a retail panel market for 6M19

2019 Q2 International Markets

East Europe

-5.0% 0.0%

5.0% 10.0% 15.0%

•

Romania and Poland gained

West Europe

further pace

E. Europe

• UK

continues

its

strong

•

Russia remained weak

Russia

performance

  • France improved significantly in

Poland

2Q

Romania

Ukraine

Bangladesh

W. Europe

• Stable trading conditions before

high season for cooling & AC

United Kingdom

Germany

Pakistan

France

•

Devaluation led to a decrease in

Italy

consumer confidence, disposable

South Africa

income and hence poor sell-out

Spain

• Retail demand slowing in Q2

3M

6M

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Arcelik AS published this content on 30 October 2019 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 October 2019 15:41:05 UTC