Teknosa Ic Ve Dis Ticaret As · BIST:TKNSA
Teknosa Ic Ve Dis Ticaret As — Teknosa — 9M 2024 Earnings Presentation
19 slides from Teknosa Ic Ve Dis Ticaret As's earnings presentation, October 2024
Slide 1: 9M 2024 Earnings Results Presentation
9M 2024 EARNINGS RESULTS PRESENTATION
Slide 2: Disclaimer Regarding IAS 29
Disclaimer Regarding IAS 29 The Company’s financial statements dated 30.09.2024, which were disclosed to public on 30.10.2024, have been subject to inflation accounting within the framework of the “Financial Reporting in Hyperinflationary Economies Standard” (IAS 29). Financial figures given in this
Slide 3: Remarkable operational performance in Q3, driven by cost optimization and cash management
Remarkable operational performance in Q3, driven by ongoing cost optimization efforts, strict inventory management & measures in cash management Growth Across all Key Indicators 9M’24 Key Highlights Revenues surpassed both the market and inflation Increased Gross Margin, coupled with reduced OPEX co
Slide 4: 9M 2024 Results
9M 2024 RESULTS Teknosa | Genel (Halka Açık) | Public
Slide 5: Panel market reached 3% real growth despite slowdown
Despite a slowdown in fast-paced market growth, the panel market reached 3% real growth in the first nine months of 2024… Figures are shown w/ IAS 29 Market Revenue1 Demand Growth by Categories1 Inflation-indexed, Billion TL Real, Y-o-y% 8% Panel 38% 3% 4% Market 632 650 0% 459 -4% -6% White Goods T
Slide 6: Growth above the panel market with controlled e-commerce expansion
…while we achieved growth above the panel market with a continued controlled approach for e-commerce expansion Figures are shown w/ IAS 29 Teknosa Total Revenues* E-Commerce GMV (Mn TL) (Mn TL) Teknosa has shown a higher growth Due to controlled growth strategy, e-commerce than panel market (2.9%) g
Slide 7: Significant improvement in Gross Profit in Q3; OPEX better than Q2
Significant improvement in Gross Profit in Q3 attributable to better stock turnover ratio and FBN; also, OPEX realized better compared to Q2 Figures are shown w/ IAS 29 Revenues (Bn TL) OPEX margin +5.4% 45.0 47.4 -122 bps +71 bps +12.4% 11.9% 10.7% 11.0% 10.6% 10.3% 17.3 14.2 16.0 1Q24 2Q24 3Q24 9M
Slide 8: Credit card costs continue to be the primary driver of financial expenses
Figures are shown w/ IAS 29 Credit card costs due to high interest rates continue to be the primary driver of increased financial expenses, yet mitigating measures are impactful Increasing interest rates & credit ... yet measures …... impacting net profit… are being taken commission rates have incre
Slide 9: Profit Before Tax increased by more than 60% q-o-q
Figures are shown w/ IAS 29 Profit Before Tax increased by more than 60% q-o-q Q2 2024 Profit Before Tax -853 -853 w/ IAS 29 EBITDA Difference 297 + Improved margin & cost optimization Net Discount Expenses & + Better Inventory 162 Other Difference management Highly interest +528 TL mn - Increased r
Slide 10: NWC returned to negative territory and improved y-o-y
Figures are shown w/ IAS 29 NWC returned to negative territory and improved y-o-y thanks to immediate actions Net Working Capital (TL Mn) Net Cash (TL Mn)**, ACTIONS TAKEN excl. IFRS 16 -561 +1,600 -1,178 1,802 Efficient inventory management 10,853 10,722 9,605 Negotiated better 974 892 977 payment
Slide 11: Focus Areas in Q4
Sustaining growth and improve operational performance KPIs through comprehensive transformation initiatives Increasing revenues with complementary products and services with profitable retail mix while optimizing COGS Focus Continuing strict working capital management to recover Areas in Q4 even str
Slide 12: Q&A
Q&A TEKNOSA INVESTOR RELATIONS Ümit Kocagil CFO Dilek Aktaş Head of Finance & IR Sibel Turhan IR Manager Investor Relations e-mail: yatirimciiliskileri@teknosa.com Teknosa | Genel (Halka Açık) | Public
Slide 13: Appendix
APPENDIX Teknosa | Genel (Halka Açık) | Public
Slide 14: Key Financials w/o IAS 29
Key Financials w/o IAS 29 Revenues (Mn TL) EBITDA (Mn TL) Profit Before Tax (Mn TL) Teknosa has shown a higher nominal growth than panel market (67%*) +5% +102% +71%* 47,421 4,275 44,982 42,437 1,492 712 24,861 8.9% 2,121 +90% 1,509 796 -944 -1,333 9M23 9M24 9M23 9M24 9M23 9M24 9M23 9M24 9M23 9M24 9
Slide 15: NWC & CAPEX w/o IAS 29
NWC & CAPEX w/o IAS 29 Net Working Capital (TL Mn) CAPEX (TL Mn) Inventories Trade Receivables Trade Payables 596 553 519 8,939 10,853 9,605 6,685 652 977 297 974 977 8,293 12,388 11,760 11,760 -956 -561 -1,178 -1,845 9M23 9M24 9M23 9M24 Sep 23 Sep 24 Sep 23 Sep 24 Nominal Nominal Indexed Indexed No
Slide 16: Full-Year 2024 Guidance (w/o IAS 29)
Full-Year 2024 Guidance (w/o IAS 29) Our Guidance Beklentilerimiz 2023F2023T w/o IAS 29 2023A w/o IAS 29 2024F w/o IAS 29 2024T E-Commerce GMV* 7.5 bln TL 8.3 bln TL 15 bln TL CAPEX 500 mln TL 487 mln TL 1 bln TL Target to maintain EBITDA Margin (%) High single digit 8.9% at high single digit E-Comm
Slide 17: Income Statement w/ IAS 29
Income Statement w/ IAS 29 3Q24 3Q23 Change (%) 9M24 9M23 Change (%) Net Sales (Mn TL) 15,961 16,477 -3% 47,421 44,982 5% Gross Profit (Mn TL) 2,045 1,149 78% 5,739 4,612 24% Gross Profit Margin (%) 12.8% 7.0% 5.8% 12.1% 10.3% 1.8% Opex/Sales (%) 10.7% 10.2% 0.5% 11.0% 10.3% 0.7% EBITDA (Mn TL) 684
Slide 18: Balance Sheet w/ IAS 29
Balance Sheet w/ IAS 29 Sep 24 Dec 23 Assets (Mn TL) Current Assets 12,972 16,883 Cash and Cash Equivalents 2,148 3,721 Trade Receivables 977 1,266 Inventories 9,605 11,362 Other Current Assets 242 535 Non-current Assets 3,342 3,075 Property, Plant and Equipment 1,291 1,022 Intangible Assets 351 334
Slide 19: Disclaimer
Disclaimer The information and opinions contained in this document have been compiled by Teknosa İç ve Dış Ticaret A.Ş. (“Teknosa”) from sources believed to be reliable and in good faith, but no representation or warranty, expressed or implied, is made as to their accuracy, completeness or correctne