Arcelik Q4 Report 2022

 

Solid revenue growth momentum on track as further eased material costs contributed margin expansion.

• Robust revenue growth of 74% y/y driven by price increases, higher units sold in Turkey and TRY depreciation. Organically, annual growth was 67%. On a quarterly basis, the revenue growth was 14% while organic growth were stood at 11%.

1. Price increases on both quarterly & yearly basis
2. Significant TRY depreciation on a yearly basis
3. Increased unit sales in Turkey on a yearly basis

• Sell-out and sell-in were positive in Turkey mainly thanks to pull forward demand, while contraction in consumer demand continued in both West & East Europe.
• Eased costs, price increases and further improved OPEX/Sales ratio resulted in 42 bps q/q EBITDA margin expansion.
• Net Working Capital/Sales was 21.0% thanks to decreasing inventories and strong collection.
• A new business partnership with Whirlpool in Europe and acquisition of Whirlpool’s MENA subsidiaries has been announced.