Otokar
OTOKAR OTOMOTİV VE SAVUNMA SANAYİ A.Ş.
1 JANUARY - 30 SEPTEMBER 2022
INTERIM REPORT
(TRANSLATION OF INTERIM REPORT ORIGINALLY ISSUED IN TURKISH)
OTOKAR OTOMOTİV VE SAVUNMA SANAYİ A.Ş. 01.01.2022 - 30.09.2022 INTERIM PERIOD
INTERIM REPORT
The consolidated financial statements of our Company reflecting the first nine months of 2022 activities and their results, prepared in accordance with the Turkish Financial Reporting Standards ("TFRS") introduced by the Public Oversight, Accounting and Auditing Standards Authority ("POA") of Turkey and their annexes and interpretations pursuant to the provisions of the Capital Markets Board ("CMB") Communiqué II-14.1 on the Principles of Financial Reporting in Capital Markets ("Communiqué"), are presented to our shareholders and the public.
The members of the Board of Directors appointed at the Ordinary General Assembly Meeting on 21.03.2022 and served the Board during the reporting period are shown below.
BOARD OF DIRECTORS:
Name & Last name | Title |
Yıldırım Ali KOÇ | Chairman |
Levent ÇAKIROĞLU | Vice Chairman |
Selin Ayla ÜNVER | Member |
Haydar YENİGÜN | Member |
İsmail Cenk ÇİMEN | Member |
Ahmet Serdar GÖRGÜÇ | Member-General Manager |
Ali İhsan İLKBAHAR | Independent Member |
Ali İhsan KAMANLI | Independent Member |
Kenan GÜVEN | Independent Member |
Our Board of Directors started to serve on March 21, 2022 and would be serving until the Ordinary General Assembly Meeting in order to audit 2022 accounts.
Provisions on the Members of the Board of Directors are outlined in Articles 11, 12 and 13 of the Company's Articles of Association and the Turkish Commercial Code provisions.
Following are the committees established under the provisions of the Corporate
Governance Communiqué of the Capital Markets Board of Turkey and the
information on the board members involved in these committees:
Committee | Chairman | Member |
Audit Committee | Kenan GÜVEN | Ali İhsan KAMANLI |
Risk Management Committee | Kenan GÜVEN | Haydar YENİGÜN |
Corporate Governance Committee | Ali İhsan İLKBAHAR | Levent ÇAKIROĞLU |
Hüseyin ODABAŞ | ||
Revised working principles of the committees are available on the Company's website.
30 September 2022 Interim Report
Partnership and Capital Structure
As of September 30, 2022, our Company's registered capital ceiling is TL 100 million, and the issued capital is TL 24 million. Following is a list showing shareholders with more than 10% of the Company capital, their shares, and their
ratio in our capital: | ||
Shareholder Title | Share Amount (TL) | Share % |
Koç Holding A.Ş. | 10.722.750 | 44,68 |
Ünver Holding A.Ş. | 5.954.944 | 24,81 |
Other | 7.322.306 | 30,51 |
Total | 24.000.000 | 100,00 |
The parent company Koç Holding A.Ş. is controlled by Koç Family and the companies owned by Koç Family. Shareholder, Ünver Holding A.Ş., is controlled by Ünver Family. The balance representing 30.51% of our capital consists of shares with a nominal value of TL 7.322.306, other shareholders and publicly held shares.
Information related to subsidiaries and participations of the Company subject to consolidation is as follows:
Subsidiaries | Country | Nature of operation | Area of activity |
Otokar Europe SAS | France | Sales and Marketing | Automotive |
Otokar Land Systems | United Arab | Sales and Marketing | Automotive and |
Limited | Emirates | Defense Industry | |
Otokar Europe Filiala | Romania | Sales and Marketing | Automotive |
Bucuresti SRL | |||
Otokar Central Asia | Kazakhstan | Sales and Marketing | Automotive and |
Limited | Defense Industry |
Participation | Country | Nature of operation | Area of activity |
Al Jasoor Heavy Vehicle | United Arab | Sales and Marketing | Automotive and |
Industry LLC | Emirates | Defense Industry |
Otokar Central Asia Limited is established in November 5, 2019 in Astana International Finance Center (AIFC) which is a region with special status that accepts the principles of British Law in Nur-Sultan, Kazakhstan, in order to organize export activities and increase export sales of Otokar A.Ş. in the region.
Also, the Company's participation Al Jasoor Heavy Vehicle Industry LLC (Al Jasoor) which owns 49% of Otokar Land Systems LLC was established on May 28, 2017 in the United Arab Emirates, for the purpose of automotive sales and marketing. Otokar Land Systems Limited is followed under the section "Investments accounted with equity method" in the financial statements.
30 September 2022 Interim Report
Dividends Distributed in the Last Three Years and their Ratios:
Otokar distributed cash dividends through its issued capital based on the following ratios:
Period | % |
2019 | 833,33 |
2020 | 1.666,66 |
2021 | 2.083,33 |
The Company made cash payments regarding all the 2021 accounting period dividends to its shareholders on March 28, 2022.
Our shareholders can access the Company's corporate and financial data under the section "Investor Relations" on the website www.otokar.com
AUTOMOTIVE INDUSTRY AND OTOKAR
Otokar operates in the automotive industry's commercial vehicles segment. Its product range consists of minibuses, midibuses and bus-like vehicles that are preferred for public transportation services and shuttle transportation for the commercial market. On the other hand, it comprises various types of tactical wheeled/tracked military vehicles, and their variants for the defense industry services. In addition, the Company manufactures light trucks under the brand of Atlas for the transportation and logistics industry.
MARKET - SALES - PRODUCTION
It is possible to summarize the industry-specific developments in the first months of 2022 in line with the OSD (Automotive Manufacturers Association) data as follows:
- Total vehicle production recorded year on year increase by 4% to 962.018 units in January-September 2022 period, while the automobile production increase by 4% to 571.006 units. The transportation vehicle market decrease by 6% with 549.630 units in the first nine months of 2022, while automobile market decrease by 8% with 399.224 units compared to first nine months of 2021.
In the first nine months of 2022, vehicle segment-based production showed the following developments year on year;
- Light Commercial Vehicles Segment; 7% increase in minibus
47% increase in midi-bus
10% increase in pickup
-
Heavy Commercial Vehicles Segment; 40% increase in bus
31% increase in truck
30 September 2022 Interim Report
- The imported light commercial vehicle sales recorded 14% year-on- year decrease in the first nine months of 2022, while the domestic light commercial vehicle sales increase by 9%.
- The light commercial vehicle (minibus + pickup) imports had 41% market share in this period.
PRODUCTION AND SALES
Our Company's production and sales figures by product type are presented below in comparison to the figures of the previous year:
2022 9M | 2021 9M | Change (Units) | Change % | |||||
Production Sales Production Sales Production Sales Production Sales | ||||||||
Small Bus | 956 | 947 | 576 | 630 | 380 | 317 | 66 | 50 |
Bus | 610 | 578 | 501 | 522 | 109 | 56 | 22 | 11 |
Armored Vehicles | 61 | 66 | 104 | 129 | (43) | (63) | (41) | (49) |
Truck | 523 | 546 | 420 | 335 | 103 | 211 | 25 | 63 |
TOTAL | 2,150 | 2,137 | 1,601 | 1,616 | 549 | 521 | 34 | 32 |
According to our consolidated financial statements prepared in line with the relevant legislation,
Our Company's first nine months of 2022 revenue increase by 92% compared to same period of last year.
The distribution of our revenues in terms of domestic and international sales, and in comparison to the previous year, is as follows:
2022 | 2021 | ||
(January-September)(January-September) | |||
(Thousand TL) | (Thousand TL) | Change % | |
Domestic Sales | 1.901.607 | 870.630 | 118 |
Export Sales | 3.220.856 | 1.804.050 | 79 |
TOTAL | 5.122.463 | 2.674.680 | 92 |
Our export total sales amounted to USD 200.626 thousand in the first nine months of 2022 (USD 223.914 thousand in the first nine months of 2021) accounting for 63% of the total turnover. (2021 9M: 67%)
In the first nine months of 2022, our capacity utilization was 30%. (2021 9M: 22%)
30 September 2022 Interim Report
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Otokar Otomotiv ve Savunma Sanayi AS published this content on 26 October 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 26 October 2022 16:37:04 UTC.