Oriental Weavers Carpet · EGX:ORWE
Oriental Weavers Carpet — H1 2024 Earnings Presentation
14 slides from Oriental Weavers Carpet's earnings presentation, May 28, 2024
Slide 1: Oriental Weavers Carpet 1H 2024 Results
Oriental Weavers Carpet 1H 2024 Results 28th May 2024 The world’s leading manufacturer of woven carpets
Slide 2: Disclaimer
Disclaimer This presentation contains certain forward-looking statements. A forward-looking statement is any statement that does not relate to historical facts and events, and can be identified by the use of such words and phrases as “according to estimates”, “aims”, “anticipates”, “assumes”, “belie
Slide 3: Table of Contents
TABLE OF CONTENTS 1H24 Operating Performance Highlights 4 1H24 Financial Overview 9
Slide 4: Operating Performance Highlights
Operating Performance Highlights
Slide 5: 1H24 Operating Performance
1H24 Operating Performance Total Revenue (EGP m) Total Revenue + 28% y-o-y 17,659 • International Markets + 21% y-o-y • Egypt + 43% y-o-y 28% 13,256 EBITDA of EGP 1,851 million + 45% y-o-y 11,403 10,780 Margin of 17.2% y-o-y 9,485 8,399 Adj EBITDA of EGP 2,122 million +66% y-o-y, 5,741 Margin of 19.
Slide 6: Diversified Footprint Provides a Unique Platform to Lead & Grow
Diversified Footprint Provides a Unique Platform to Lead & Grow Europe Sales: EGP 1.9 bn ▲ 22% Asia Sales: EGP 210m Sales Contribution : 18% ▲15% Sales contribution: 2% Egypt: Sales: EGP 4.2bn ▲43% y-o-y Americas Sales : EGP 3.6bn Sales Contribution: 39% ▲29% y-o-y Sales contribution: 34% GCC Sales:
Slide 7: Key International Markets Performance: Americas and Europe
I. Key International Markets Performance Share in 2Q24 Revenues ( EGP 000’s) Remarks Key Accounts international Revenues - OW actively participates in various U.S. Furniture 5,610 and Rug fairs, including High Point in North Americas 4,316 4,307 Carolina, World Market in Las Vegas, and New York 34%
Slide 8: Egypt Performance By Segment
II. Egypt Performance By Segment (39% of revenue) Woven + 38% YoY Revenue Breakdown | 1H 2023/2024 Revenues from the woven segment grew by 38% y-o-y to EGP 3.2bn, it contributed the majority to overall revenue growth. The growth was attributed to an increase in ASP and volume growth by 12%. 5% 2% 6%
Slide 9: Financial Overview
Financial Overview
Slide 10: Income Statement Highlights
1H24 Financial Performance Income Statement Highlights Revenues (EGP m) Volume (000 m2) Gross profit (EGP m/% margin) 16.1% 9.5% 14.4% 15.5% 18.0% 130,810 17,658 121,808 112,688 30% 13,255 11,404 36% 36% 38% 10,779 32% 37% 54,566 39% 2,550 70% 64% 62% 44% 1,834 1,666 1,937 68% 63% 64% 1,256 61% 56%
Slide 11: Income Statement Highlights
1H24 Financial Performance Income Statement Highlights SG&A (EGP m/% revenues) EBITDA EGP (m/% margin) Net Income (EGP m/% margin) Fixed Costs: c. 85% 16.9% 11.1% 15.5% 17.2% 19.7% 10.7% 13.7% 16.2% 10.6% 7.1% 4.5% 4.6% 4.1% 4.0% 2,729 1,892 1,744 1,932 2,122 1,472 722 1,851 1,210 519 609 1,471 430
Slide 12: Cost of Sales Analysis
1H24 Financial Performance Cost of Sales Analysis Cost of Sales Breakdown | 1H24 Raw Materials 12% Polyproplyene/Nylon 4% 5% Selling Expenses 9% 10% Backing Wages 1H24 Raw 27% EGP 9.1bn 54% Materials Depreciation Finishing Material 22% 12% Others Wool Polypropylene Prices | USD/ton
Slide 13: Balance Sheet & Other Highlights
1H24 Financial Performance Balance Sheet & Other Highlights Net Debt (EGP mn) Cash Conversion Cycle (Days) Operating Cash flow (EGP mn) 0.33x 0.35x 182 days 180 days 1,345 167 1,074 154 1,327 57 64 51 38 121 31 Dec 23 30 June 24 FY23 30-Jun 30 June 23 30 June 24 Net Debt Debt to Equity 30 June 23 30
Slide 14: Balance Sheet & Other Highlights
1H24 Financial Performance Balance Sheet & Other Highlights Debt Cash EGP NetCash Debt/EBITDA Euro 1% 20% 1.39 Dollar 38% EGP 57% 0.72 0.48 Dollar Euro 79% 5% 0.04 FY21 FY22 FY23 1H24 Total Debt recorded EGP 6.7 bn in June 24 Net Interest Income recorded in 1H24 compared to EGP 4.6 bn in Dec-23 , wi
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