Otokar Otomotiv Ve Savunma Sanayi A.s. · BIST:OTKAR
Otokar Otomotiv Ve Savunma Sanayi A.s — Q1 2024 Earnings Presentation
35 slides from Otokar Otomotiv Ve Savunma Sanayi A.s's earnings presentation, May 2024
Slide 1: 2024 3-Month Financial Results
2024 3-Month FINANCIAL RESULTS
Slide 2: Introduction
01 INTRODUCTION With the Capital Markets Board of Turkey’s Bulletin dated 28.12.2023 numbered 2023/81, CMB announced that issuers and capital market institutions shall prepare their annual financial statements ending on 31.12.2023 or later, in accordance with IAS 29 inflationary accounting provision
Slide 3: Introduction
02 INTRODUCTION Turkey’s 100% domestically owned leading automotive and defense industry company A global company, intellectual property rights belong to itself and its products are in use on 5 continents as well as in more than 75 countries For the 15th time, market leader in the total bus segments
Slide 4: Vision & Mission
03 VISION & MISSION Vision Otokar’s vision is to preserve the local and national identity of its products by developing technologies in-house, also to provide continued satisfaction for its clients, employees, and shareholders with total excellence philosophy. Mission Otokar’s primary mission is to
Slide 5: Brief History
04 BRIEF HISTORY 1963 1970s 1980s 1990s 2000s 2010s 2020s • Establishment • Turkey’s first • Production of • Military armored • Merge with the • Establishment of Otokar • Production agreement • Production of intercity bus 4x4 tactical vehicles by own İstanbul Fruehauf Europe SAS in France signed bet
Slide 6: Overview
05 OVERVIEW USD 82 MILLION EXPORT REVENUES IN 2024 3M TL 4,896 MILLION TURNOVER IN 2024 3M %4 2023 R&D expenditures in turnover The share of Koç Holding increased to 47.38% and the share of Other decreased to 27.81% after the interim period date 5,300 BUSES & 2,000 MINIBUSES TACTICAL VEHICLES 3,575
Slide 7: Human Resources
06 HUMAN RESOURCES Undergraduate & Graduate Field Office Employee Associate 2% Associate Degree High School Employee 22% Degree 6% 2% 78% 16% Elementary & OFFICE FIELD High School EMPLOYEE Undergraduate EMPLOYEE 33% EMPLOYEE Graduate & PhD. EDUCATION 63% EDUCATION DISTRIBUTION 29% DISTRIBUTION DISTR
Slide 8: Production Plant
07 PRODUCTION PLANT 552.000m2 factory with an annual production capacity of 9,600 units and approximately 3,600 employees in Arifiye/Sakarya
Slide 9: Otokar Worldwide
08 OTOKAR WORLDWIDE GROWTH IN EXPORT MARKETS NUMBER OF COUNTRIES 120 100 80 41 32 32 32 33 34 60 29 30 31 25 26 26 40 20 22 19 19 60 20 15 15 18 46 49 51 51 53 54 55 10 10 24 25 32 36 38 38 38 42 9 18 0 4 6 4 5 4 4 7 4 6 4 4 9 9 11 14 2000 2023 1997 1998 1999 2001 2002 2003 2004 2005 2006 2007 2008
Slide 10: Areas of Operation
09 AREAS OF OPERATION 2024 3M Total revenue : 3,793 mn TL 326 mn TL 7 mn TL 770 mn TL Rev. Contribution : 77% 7% 0% 16% Domestic : 1,535 mn TL 310 mn TL 7 mn TL 390 mn TL Export : 2,258 mn TL 16 mn TL - ARMORED 380 mn TL Export share* : 60% (bus) 5% - 49% (spare part) Export share** : 46% (total) -
Slide 11: Areas of Operation
10 AREAS OF OPERATION • Widest product range in the Turkish bus segment • The leading supplier of land defense systems. with an offering that includes buses from 6 to 21 meters with varying passenger capacities suitable for • More than 30.000 vehicles are actively used both city, intercity and touri
Slide 12: Commercial Vehicles – Passenger Transportation
11 COMMERCIAL VEHICLES – PASSENGER TRANSPORTATION DIESEL VEHICLES ALTERNATIVE FUELLED VEHICLES LOJİSTİK VE KARGO TAŞIMACILIĞI CENTRO e-CENTRO SULTAN KENT CNG DORUK / VECTIO e-KENT KENT KENT HYDROGEN TERRITO e-TERRITO KENT ARTICULATED e-KENT ARTICULATED KENT XL
Slide 13: Commercial Vehicles – Cargo Transportation
12 COMMERCIAL VEHICLES – CARGO TRANSPORTATION LOGISTICS and CARGO TRANSPORTATION ATLAS 8,5 ATLAS 3D ATLAS 11 ATLAS 11 ATLAS 3D 15
Slide 14: Defense Industry Vehicles
13 DEFENSE INDUSTRY VEHICLES WHEELED ARMOURED VEHICLES TRACKED ARMOURED ROBOTIC AND UNMANNED GROUND ELECTRICAL ARMOURED Open Cupola Keskin – RCWS TURRET Üçok / Başok Mızrak - RCWS SYSTEMS Open Anti-tank turret
Slide 15: Commercial Vehicles
14 COMMERCIAL VEHICLES APPROXIMATELY 1 OUT OF EVERY 3 BUSES SOLD IN TURKEY IN 2023 IS OTOKAR In the total of segments in which it operates Approximately 1 out of every 3 buses sold in Turkey in 2023 is Otokar The total of the segments in which it operates as a market leader, was the best-selling bra
Slide 16: Otokar 2024
15 OTOKAR 2024 Otokar participated in the World Defense Show (WDS) in Riyadh, the capital of Saudi Arabia, between 4-8 February 2024, and displayed its broad range of armored platforms and capabilities. Otokar participated in LAAD 2024, the leading South American security and defense exhibition, bet
Slide 17: Otokar 2024
16 OTOKAR 2024 Otokar introduced two new models, expanding its Atlas truck lineup. Otokar has enjoyed significant success in Turkish market with the 8.5t and 12t models. Therefore, the company diversifies its product portfolio with the new 11t and 15t Atlas models to cater to different business need
Slide 18: Backlog
17 BACKLOG Million Backlog 10000 9000 8591 8000 7000 6000 5000 4000 3000 2000 1000 99155 0 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 3M Year End Year End Year End Year End Year End Year End Year End Year End Year End TL USD EUR Total TL Appx. The above backlog amounts and deliveries will b
Slide 19: Why Otokar
18 WHY OTOKAR Leader Strong export performance and a R&D capabilities and flexible Products that are intellectual Market leader global company production capability property rights Otokar across its respective Export revenues have increased New product development and The share of Otokar design bus
Slide 20: Financial Indicators
19 FINANCIAL INDICATORS Balance Sheet (000 TL) 31.03.2024 Current Assets 24.286.310 S.T. Liabilities 18.755.327 Fixed Assets 10.029.726 L.T. Liabilities 7.090.793 Shareholders Equity 8.469.916 Total Assets 34.316.036 Total Liabilities 34.316.036 Income St. (000 TL) 2024 3M 2023 3M Change (%) Net Sal
Slide 21: Financial Indicators: Revenue
20 FINANCIAL INDICATORS REVENUE Million 4.896 5.000 4.380 4.000 3.000 2.000 1.000 134 152 0 2023 3M 2024 3M TL USD
Slide 22: Financial Indicators: Net Profit
21 FINANCIAL INDICATORS NET PROFIT Million TL 1.000 500 0 -500 -679 -747 -1.000 2023 3M 2024 3M
Slide 23: Financial Indicators: Sales
22 FINANCIAL INDICATORS SALES Million TL 6.000 5.000 4.380 4.896 4.000 3.000 2.405 2.653 1.975 2.243 2.000 1.000 0 2023 3M 2024 3M Domestic Export Total 2023 3M 2024 3M Domestic Export Domestic Export 45% 55% 46% 54% Export revenues amounted to 2.653 million TL, increased 10% compared to last year
Slide 24: Financial Indicators: Production & Sales Units
23 FINANCIAL INDICATORS 500 Production & Sales Units 1029 000 777 744 620 500 247 221 286 214 0 4 3 3 1 Production Sales Production Sales Production Sales Bus Trucks Armoured 2023 3M 2024 3M Revenue Distribution Truck Truck 6,7% Other 8,7% Other 16,9% 15,7% Armoured 0,9% Bus Bus 77,5% 73,5% 2023 3M
Slide 25: Financial Indicators
24 FINANCIAL INDICATORS Gross Profit Operating Profit Million TL Million TL 23,0% 400 0,0% 900 200 613 18,0% -5,0% -7,3% 600 0 13,0% -10,0 -200 12,5% 300 8,0% -400 -360 -15,0 -600 0 3,0% -20,0 -800 -20,0% -90 -300 -2,0% -2,0% -1.000 -875 -25,0 2023 3M 2024 3M 2023 3M 2024 3M Gross Profit Gross Profi
Slide 26: Financial Indicators: Ratios
25 FINANCIAL INDICATORS Ratios 2024 3M 2023 3M Gross Margin %12,5 %-2,0 EBITDA Margin %-12,6 %-21,4 Net Margin %-8,5 %-15,5 Ratios 2024 3M 2023 Net Debt/Equity 1,58 1,12 ST. Borrowing/Total Borrowings 0,55 0,64 Equity/Total Assets 0,25 0,26 Current Ratio 1,29 1,15 Liquidity Ratio 0,69 0,80
Slide 27: Financial Indicators: Capital Expenditures
26 FINANCIAL INDICATORS Million TL Capital Expenditures 140,0 124,2 120,0 100,0 80,0 60,0 40,0 20,0 0,0 2024 3M
Slide 28: Financial Indicators: Borrowings
27 FINANCIAL INDICATORS Million TL BORROWINGS 18.000 15.907 16.000 14.000 12.000 11.223 10.000 8.000 509 6.000 4.000 274 2.000 0 2023 2024 3M S.T. Borrowings L.T. Borrowings Exchange rate risk and liquidity are monitored actively and the maturity of the borrowings and the currency type is determin
Slide 29: Stock Performance and Market Capitalization
28 -100% 400% 900% 1400% 1900% 2400% 2900% 3400% 0 10.000 20.000 30.000 40.000 50.000 60.000 70.000 Million TL May-19 August-19 November-19 February-20 May-20 August-20 November-20 February-21 FINANCIAL INDICATORS May-21 OTKAR % August-21 November-21 February-22 BIST100% May-22 Stock Performance Mar
Slide 30: R&D and Testing Capabilities
29 R&D AND TESTING CAPABILITIES The number of patents Share of R&D expenditures in 403 applications since %4 691 R&D employee turnover in 2023 establishment Industrial product designs prepared with Computer-aided analysis and simulation Test and accreditation centers, which are modern technological
Slide 31: Leading the Sector with Innovative Products
30 LEADING THE SECTOR WITH INNOVATIVE PRODUCTS DORUK HIBRA DORUK DG KENT DG DORUK ELECTRA Turkey’s first hybrid bus Turkey’s first natural gas 12 m CNG bus Turkey’s first electric bus powered mid-sized bus e-Kent C AKREP IIe KENT HYDROGEN 12 m electric bus Turkey’s first electric armoured vehicle 12
Slide 32: Sustainability
31 SUSTAINABILITY Otokar has been listed in the BIST Sustainability Index since 2014 Otokar considers its sustainability strategy, protecting domestic capital structure and the goal of profitability, its sensitivity to the environment, human and society, its focus on universal human rights and busin
Slide 33: Sustainability Model
SUSTAINABILITY MODEL ¢ Product Quality ¢ Product Life Cycle ¢ Minimizing the Impact of Supply and Value Chains 16 ea ANDSTRONG INSTTUTIONS ¥, 7 parwcesars FORTHE GOALS >, of ¢ Applying New Technologies ¢ Alternative Fuel Vehicles e Sustainable Product Design ¢ Digitalization 13 cron 16 eas AND STRON
Slide 34: Corporate Governance
33 CORPORATE GOVERNANCE 61ST ORDINARY GENERAL ASSEMBLY OF OTOKAR OTOMOTİV VE SAVUNMA SANAYİ A.Ş. HELD ON 27.03.2024. Otokar, as publicly disclosed with the Rating of Adaptation to Corporate Governance Principles Weight Rating material disclosure dated 22.03.2024, Shareholders 25% 95,92 stated that S
Slide 35: Contact
CONTACT Otokar Commercial Vehicles Defense Industry Otokar Investor Relations Department Investor Relations Atatirk Cad. Noi6 Avifiye 54580 otokarir@otokar.com.tr 0549 834 06 70 Sakarya Corporate Information v Corporate Governance v Dogan Seckinler Finance, Risk dseckinler@otokar.com.tr 0264 229.22
Otokar Otomotiv ve Savunma Sanayi A.Ş. — Q1 2024 Earnings Presentation on 6ix