Otokar Otomotiv ve Savunma Sanayi : 2022 9M Results

01.01.2022 - 30.09.2022 FINANCIAL RESULTS

	Balance Sheet				30.09.2022
	(000 TL)
	Current Assets		7.515.449		S.T. Liabilities		6.870.883
	Fixed Assets		3.119.963		L.T. Liabilities		2.138.114
					Shareholders Equity		1.626.415

	Total Assets		10.635.412	Total Liabilities		10.635.412
	Income Statement		2022 9M		2021 9M			Change (%)
	(000 TL)
	Net Sales		5.122.463		2.674.680			92%
	Gross Profit		1.584.388		932.328			70%
	Operating Profit		821.983		529.413			55%
	Profit Before Tax		595.538		468.541			27%
	Net Profit		600.543		516.431			16%

	Sales (000 TL)		2022 9M		2021 9M		Change (%)
	Domestic		1.901.607		870.630		118%			
	Export		3.220.856		1.804.050		79%			
	Total		5.122.463		2.674.680		92%			

Dear Stakeholders,

The consolidated financial statements of our Company reflecting the first nine months of 2022 activities and their results prepared pursuant to the provisions of the Turkish Financial Reporting Standards;

Otokar sales amounted to 5.123 million TL, 92% higher than last year. (2021 9M 2.675 million TL)

Export revenues amounted to 3.221 million TL (2021 9M 1.804 million TL)

The share of exports in total turnover in the first nine months of 2022 realized as 63% (2021 9M 67%)

Gross Profit was realized as 1.584 million TL (2021 9M 932 million TL), gross profit margin was realized as 30.9% in the first nine months of 2022 (2021 9M 34.9%).

As a result of the first nine months of 2022 financial results, our Company's net profit realized 601 million TL net profit (2021 9M 516 million TL net profit).

Our financial statements related to 01.01.2022 - 30.09.2022 interim period was published on the corporate website www.otokar.com.tr and KAP (Public Disclosure Platform).

	Unit			2022 9M		2021 9M			Change (%)
Production			2.150	1.601		34%
Sales			2.137	1.616		32%
	Margins				2022 9M			2021 9M
	Gross Margin			30,9%		34,9%
	Operating Margin			16,0%
				19,8%
	EBITDA Margin			11,7%		18,8%
	Net Margin			11,7%		19,3%

Million TL	Net Profit
600	40%

500

30%

400

300																20%
200
100								10%
0																0%
	2021 1Q 2021 2Q 2021 3Q 2021 4Q 2022 1Q 2022 2Q 2022 3Q
					Net Profit				Net Profit Margin (%)

Million TL	Gross Profit

1.000																								50%
800																								40%
600																								30%
400																								20%
200																								10%
0																								0%
2021	2021	2021	2021	2022	2022	2022
		1Q	2Q	3Q		4Q	1Q	2Q	3Q
			Gross Profit					Gross Profit Margin (%)

	Financial Ratios		2022 9M		2021 9M
	Current Ratio		1,09		1,11
	Liquidity Ratio		0,49		0,56
	Current Assets/Total Assets		0,71		0,63
	Current Liabilities / Total Liabilities
		0,76		0,74
	Current&Non-current Liabilities / Total Assets		0,85		0,76
	Net Debt/Equity		2,75		1,39

• 50 natural gas powered city buses purchased by Azerbaijan's leading public transportation company, Xaliq Faiqoglu, started service with a ceremony held in Baku.
• Otokar participated in DSA - 2022, in Malaysia's capital Kuala Lumpur, and showcased its ARMA 6X6 and COBRA II vehicles.
• Otokar's BRT version of its Kent Articulated bus and its electric bus Kent Electra won awards in the "Mobility" category at the BIG SEE Awards 2022.
• Otokar promoted its broad armored vehicle product range in the foremost aerospace, defense and security exhibition of Latin America, FIDAE 2022, on 5-10 April, in Santiago, Chile.
• Otokar delivered the first 20 of the 100 bus rapid transit (BRT) buses as part of the tender that the IETT General Directorate awarded last year. Otokar will complete the delivery of the 21mt, 200-passenger capacity Otokar KENT C buses in 2022.
• Otokar brought innovation to the light truck segment with Atlas, which first launched in 2013. Introduced its new 12-ton weight capacity vehicle Atlas 3D in 2022.
• Otokar debuted its electric bus range, featuring models from 6mt to 19mt, at Busworld Türkiye 2022. The 6mt bus e-CENTRO and the 19mt articulated bus e-KENT became the highlights of the exhibition.
• Otokar continues to promote its products and capabilities in the defense industry, in different exhibitions. Otokar, exhibited its ARMA 8x8 infantry fighting vehicle in HEMUS 2022 on June 01-04 in Plovdiv, Bulgaria.
• Otokar promoted worldwide known 6 vehicles range in the foremost defense industry exhibition of Europe, EUROSATORY 2022, on 13-17 June, in Paris, France.
• Otokar, participated in the 4th Azerbaijan International Defence Industry Exhibition (ADEX 2022) on September 6-8 in Baku, Azerbaijan. During the exhibition, Otokar exhibited its COBRA II tactical armored vehicle.
• Otokar, received an order from Dopravní Společnost Ústeckého Kraje, the transport company of the Ústí region in Czechia for 90 Vectio U LE buses. The deal that Otokar signed amounts to approximately €14 million.
  Deliveries of the vehicles are planned to be started in the first half of 2023 and completed within 12 months.
• Otokar participated in Africa Aerospace and Defence (AAD) on September 21-25, in City of Tshwane, South Africa. During the exhibition, Otokar promoted its broad land systems.

Million TL		Net Debt/EBITDA										Dividend Yield
										Million TL
5.000										4.468	5,00	600											10%
4.500
4.000		3,59							4,43	4,00	500		8%		8%							500
3.500												7%								8%
3.000				2,55							3,00										400	6%
		2,30	2,36					400
2.500				1,97													6%	6%
																		5%
2.000	1,93					1,34		1.734		2,00	300
1.500							1.321	1,90	1.009						4%
							913			3%									4%
1.000								672	1,00						3%			3%
	556			534		580432		200
	391	473
500	303												2%		200
155	170	186	227														2%
0	157									0,00					100						2%
										100		48	64	80	72	60		72
	2014	2015	2016	2017	2018	2019	2020	2021	2022				70
			15
										9M		0									0%
	Net Debt		EBITDA			Net Debt/EBITDA(rhs)		201020112012201320142015201620172018201920202021
									Dividend			Dividend Yield

Otokar owes its growth to the products of its own design and intellectual property rights, developed through engineering and research development capabilities. Defining its strategies as growing in the defense industry, increasing the share of exports in its turnover expanding on the backdrop of new models, Otokar carries on activities to reach these targets.

Our Company's total investments amounted to 225 million TL in 2022 9M.

As of September 30, 2022 our Company has 3.583 employees in total (temporary employees included).

Otokar attended to MENA Transport Dubai in Dubai, DSA 2022 in Kuala Lumpur, FIDAE 2022 in Chile, ADAS 2022 in Philippines, Busworld 2022 in Turkey, HEMUS 2022 in Bulgaria, EUROSATORY 2022 in France, ADEX 2022 in Azerbaycan, Innotrans in Germany, AAD 2022 in South Africa, IAA 2022 in Germany, SAHA Expo in Türkiye and exhibited its own design and production vehicles.

DISCLAIMER

This Bulletin is prepared for our stakeholders to get the informations about the activities of our company easier, containing the summary informations in the 2022 9M financial statements that are disclosed on Public Disclosure Platform. In case of a discrepancy between this bulletin and the financial statements, financial statements shall prevail.