Otokar Otomotiv Ve Savunma Sanayi A.s. · BIST:OTKAR
Otokar Otomotiv Ve Savunma Sanayi A.s — FY2024 Earnings Presentation
39 slides from Otokar Otomotiv Ve Savunma Sanayi A.s's earnings presentation, Feb 6, 2025
Slide 1: 2024 Financial Results
2024 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 16th 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 619 MILLION EXPORT REVENUES IN 2024 TL 33,886 MILLION TURNOVER IN 2024 %5 2024 R&D expenditures in turnover 6,000 BUSES & 2,000 MINIBUSES TACTICAL VEHICLES 3,772 300 EMPLOYEES 552,000 M2 APPROX. YEARLY PRODUCTION PRODUCTION AREA SALES & SERVICE NETWORK CAPACITY (3.709 permanent emplo
Slide 7: Human Resources
06 HUMAN RESOURCES Undergraduate & Graduate Field Employee Office Employee Associate Degree High School 2% 76% 24% 4% 1% Associate Degree 17% Elementary & OFFICE FIELD High School EMPLOYEE Undergraduate EMPLOYEE 31% EMPLOYEE Graduate & PhD. EDUCATION 68% EDUCATION DISTRIBUTION 27% DISTRIBUTION Techn
Slide 8: Production Plant
07 PRODUCTION PLANT 552.000m2 factory with an annual production capacity of 10,450 units and approximately 4,000 employees in Arifiye/Sakarya
Slide 9: Otokar Worldwide
08 OTOKAR WORLDWIDE GROWTH IN EXPORT MARKETS NUMBER OF COUNTRIES 120 100 80 43 44 32 32 32 33 34 60 29 30 31 25 26 26 40 20 22 19 19 60 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 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
Slide 10: Areas of Operation
09 AREAS OF OPERATION 2024 Total revenue : 20,808 mn TL 2.493 mn TL 5,538 mn TL 5,047 mn TL Rev. Contribution : 61% 7% 16% 15% Domestic : 6,969 mn TL 2,403 mn TL 659 mn TL 2,037 mn TL Export : 13,839 mn TL 91 mn TL 4,879 mn TL ARMORED 3,010 mn TL Export share* : 67% (bus) 4% 88% 60% (spare part) Exp
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 – Logistics, Cargo Transportation, and Public Services
COMMERCIAL VEHICLES – LOGISTICS, CARGO TRANSPORTATION, 12 AND PUBLIC SERVICES PRODUCT RANGE Logistics, Cargo Transportation and Public Services ATLAS 8,5 ATLAS 3D ATLAS11 ATLAS 11 ATLAS 3D 15 ATLAS 3D 15
Slide 14: Commercial Vehicles – Pick-up
13 COMMERCIAL VEHICLES– PICK-UP TUNLAND G-7 LOJİSTİK VE KARGO TAŞIMACILIĞI Tunland is designed to provide the perfect pick-up experience in every detail, with its state-of- the-art driving support systems, large interior volume and different equipment options.
Slide 15: Defense Industry Vehicles
14 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 16: Commercial Vehicles
15 COMMERCIAL VEHICLES APPROXIMATELY 1 OUT OF EVERY 3 BUSES SOLD IN TURKEY IN 2024 IS OTOKAR In the total of segments in which it operates Approximately 1 out of every 3 buses sold in Turkey in 2024 is Otokar The total of the segments in which it operates as a market leader, was the best-selling bra
Slide 17: Otokar 2024
16 OTOKAR 2024 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. Participated in LAAD 2024, the leading South American security and defense exhibition, between April 02-
Slide 18: Otokar 2024
17 OTOKAR 2024 Participated in the Black Sea Defense, Aerospace and Security International Exhibition (BSDA), between May 22-24, in Bucharest, Romania. During the exhibition, Otokar displayed its worldwide known COBRA II 4x4 tactical wheeled armored vehicle and ARMA 8x8 wheeled armored vehicle from
Slide 19: Otokar 2024
18 OTOKAR 2024 Made the first sale of the 100 percent electric e-ATLAS, the new member of the ATLAS truck family that eases the burden of trade. With this sale, Otokar also sold the first electric light truck in Türkiye. Participated in Africa Aerospace and Defence (AAD) on September 18-22, in City
Slide 20: Otokar 2024
19 OTOKAR 2024 Rolled the 30,000th Navigo bus off the assembly line in a special ceremony. On this occasion, the 5,000th Otokar Atlas truck also rolled off the production line. Participated in the 5th Azerbaijan International Defence Exhibition (ADEX 2024) on September 24-26 in Baku, Azerbaijan. Oto
Slide 21: Otokar 2024
20 OTOKAR 2024 Participated in the 4th SAHA EXPO International Defence and Aerospace Exhibition on October 22-26 in İstanbul. During the event, Otokar exibited COBRA II, URAL, ARMA 8x8, ARMA 6x6 ve AKREP II. Otokar made an confident entry into the pick-up market. Combining superior land and road per
Slide 22: Backlog
21 BACKLOG Million Backlog 40.000 36.195 35.000 30.000 25.000 20.000 15.000 10.000 5.000 44 943 0 2015 Year 2016 Year 2017 Year 2018 Year 2019 Year 2020 Year 2021 Year 2022 Year 2023 Year 2024 Year End End End End End End End End End End TL USD EUR Total TL Appx. The above backlog amounts and deli
Slide 23: Why Otokar
22 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 Otokar, continues to grow New product development and The share of Otokar design bus segme
Slide 24: Financial Indicators
23 FINANCIAL INDICATORS Balance Sheet (000 TL) 31.12.2024 Current Assets 30.304.934 S.T. Liabilities 23.279.014 Fixed Assets 14.061.745 L.T. Liabilities 12.899.429 Shareholders Equity 8.188.236 Total Assets 44.366.679 Total Liabilities 44.366.679 Ratios 2024 2023 Net Debt/Equity 2,42 1,12 ST. Borrow
Slide 25: Financial Indicators
24 FINANCIAL INDICATORS Income St. (000 TL) 2024 2023 Change (%) Net Sales 33.885.780 39.327.185 -14% Gross Profit 5.519.000 9.105.755 -39% Operating Profit -702.304 3.597.987 -120% EBITDA -769.843 2.387.428 -132% Profit Before Tax -2.988.166 2.105.071 -242% Net Profit -3.104.429 2.841.321 -209% Rat
Slide 26: Financial Indicators
25 FINANCIAL INDICATORS 2023 80% EXCHANGE CURRENCIES & CPI - PPI 60% 40% 20% 0% Dec-22 Jan-23 Feb-23 Mar-23 Apr-23 May-23 Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 EURO USD CPI PPI 2024 EXCHANGE CURRENCIES & CPI - PPI 50% 40% 30% 20% 10% 0% Dec-23 Jan-24 Feb-24 Mar.24 Apr-24 May.24 Jun-24 Jul
Slide 27: Sales
26 SALES Million TL 40.000 39.327 35.000 29.367 33.886 30.000 25.000 21.818 20.000 15.000 12.067 9.960 10.000 5.000 0 2023 2024 Domestic Export Total 2023 2024 Domestic Domestic 25% 36% Export Export 75% 64%
Slide 28: Revenue
27 REVENUE Million TL 40.000 39.327 35.000 33.886 30.000 24.659 23.301 25.000 20.000 15.000 10.000 9.026 5.642 5.538 5.046 5.000 0 2023 2024 Commercial Military Other Total 2023 2024 Other Other 14% 15% Military Military Commercial Commercial 23% 16% 63% 69%
Slide 29: Production & Sales Units, Revenue Distribution
28 1.500 PRODUCTION & SALES UNITS 1.000 500 0 Production Sales Production Sales Production Sales Bus Light Truck & Pickup Armoured 2023 1Q 2023 2Q 2023 3Q 2023 4Q 2024 1Q 2024 2Q 2024 3Q 2024 4Q REVENUE DISTRIBUTION L.Truck & L.Truck Pickup Other 4,2% Other 7,4% 14,9% 14,3% Bus Armoured 58,5% 16,3%
Slide 30: Financial Indicators
29 FINANCIAL INDICATORS Million TL Gross Profit Million TL Operating Profit .000 25,0% 4.000 10,0% 9.105 23,2% 3.598 9,1% .000 20,0% 8,0% 16,3% 6,0% 2.000 .000 5.519 15,0% 4,0% .000 10,0% 2,0% 0 0,0% .000 5,0% -702 -2,0% -2,1% 0 0,0% -2.000 -4,0% 2023 2024 2023 2024 Gross Profit Gross Profit Margin
Slide 31: Financial Indicators – Capital Expenditures
30 FINANCIAL INDICATORS Capital Expenditures Million TL 3500 3.094 3000 2500 1.951 2000 1500 1000 500 0 2023 2024 Capital expenditures consist of improvements of production areas, modernization, productivity increase, maintenance and R&D investments.
Slide 32: Financial Indicators – Borrowings
31 FINANCIAL INDICATORS Million TL BORROWINGS 25.000 19.960 20.000 15.000 11.954 10.000 9.312 5.000 3.332 0 2023 2024 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 determined by taking into consid
Slide 33: Financial Indicators – Stock Performance
32 FINANCIAL INDICATORS 2400% Stock Performance 1900% 1400% 900% 400% -100% OTKAR % BIST100% Market Capitalization Million TL 80.000 70.000 60.000 50.000 48.360 40.000 30.000 20.000 10.000 0
Slide 34: R&D and Testing Capabilities
33 R&D AND TESTING CAPABILITIES The number of patents Share of R&D expenditures in 408 applications since %5 639 R&D employee turnover in 2024 establishment Industrial product designs prepared with Computer-aided analysis and simulation Test and accreditation centers, which are modern technological
Slide 35: Leading the Sector with Innovative Products
34 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 36: Sustainability
35 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 37: 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 38: Corporate Governance
37 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 39: 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
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