Q2 2024 Ford Otomotiv Sanayi AS Earnings Call Transcript
Key Points
- Ford Otomotiv Sanayi AS (IST:FROTO) maintained its leadership in the total commercial vehicle market with a 25.6% market share.
- The company achieved a 3% growth in export volumes, despite challenges in vehicle launches.
- Ford Otomotiv Sanayi AS (IST:FROTO) successfully launched plug-in hybrid and all-electric versions of its new custom model, enhancing its electric vehicle offerings.
- The company has a strong presence in the European market, with Ford maintaining its number one position with a growing market share of 14.6%.
- Ford Otomotiv Sanayi AS (IST:FROTO) is actively managing its financials, with a diversified borrowing portfolio and successful euro bond issuance to support capital investments.
- The company's first half 2024 financial results were slightly below expectations, with a 5% decrease in total revenues.
- Domestic sales declined, with a 19% drop in revenues due to lower tractor mixes and reduced government sales.
- EBITDA decreased significantly from TRY32.8 billion to TRY19.2 billion, impacted by lower domestic sales and increased competition.
- The company faced challenges with inventory build-up due to deferrals in vehicle launches, affecting cash flow generation.
- Inflation accounting and exchange rate impacts negatively affected profitability, with EBITDA margins deteriorating to 8%.
Ladies and Gentlemen, thank you for standing by. I am Mina, your Chorus Call operator. Welcome and thank you for joining the Ford Otosan A.S. conference call and live webcast to present and discuss the first half 2024 financial results.
At this time, I would like to turn the conference over to Ms. Gul Ertug, Chief Financial Officer and Ms. Bahar Efeoglu Agar, Head of Investor Relations. Ms. Ertug, you may now proceed.
Thank you very much, Mina. Dear investor community, welcome to our meeting for the disclosure of Ford Otosan's 2024 first half financial results. Usually, I'm used to giving results which are better than last year's same period, but this time around, unfortunately, it won't be like that. And last night when we have issued our results on AP , I have been following some of your early comments, some reports from some of you, and I see that overall results have come also in your perspective a little bit slightly below your expectations.
So, in
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