Arcelik Q1 Report 2023
Continued resilience of revenue growth.. Raw material costs eased on both y/y & q/q while higher OPEX/Sales
pressured EBITDA margin.
- Revenue growth of 42% y/y driven by price increases, TRY depreciation and inorganic revenue contribution. Organically, annual growth was 36%
- Price increases on both q/q & y/y
- TRY depreciation on y/y
- Slightly higher MDA6 units sold in Turkey on a yearly basis
- Strong wholesale market in Türkiye in 2M23 while consumer demand has been negatively affected by the earthquake in Türkiye in February, following an annual growth in January.
- Demand remained under pressure in international markets, particularly in Western & Eastern Europe.
- EBITDA margin was 9.3%, up by 11 bps q/q while contracted by 137 bps y/y due to higher OPEX/Sales.
- Net Working Capital/Sales was 22.7% as of 1Q23, up by 1.7% compared to 2022 year-end mainly as a result of increased receivables.
