OTOKAR 2Q18 - IN LINE
• Otokar reported 2Q18 net loss of TL51mn (vs. net loss of TL9mn in 2Q17), in line with expectations... As was the case in 1Q18, Otokar suffered from a lack of typically high-margin defense orders in 2Q18. Revenue slipped 40% y/y while EBITDA was once again in the negative territory (-TL32mn). As such, Otokar’s 1H18 revenue dropped by 49% y/y to TL488mn, EBITDA margin was -7.1% (vs. +8.9% in 1H17) and net loss reached TL79mn vs. net profit of TL28mn in 1H17. Furthermore, Net Debt/EBITDA rose to 11.5x as net debt went up to TL752mn in Jun-18, from TL580mn in Mar-18, while EBITDA slipped.Otokar Otomotive Ve Savunma Sanavi is engaged in the import, manufacture, assembly, sale and export of bodies, engines, and all other components of all kinds of land, sea and air defense vehicles, as well as security vehicles, commercial buses, trucks, minibuses, midibuses, panel vans, cross-country vehicles, etc. Co.'s primary focus is on the production of Land Rover 4x4 and minibuses.
BGC has been one of the major market players in Turkish OTC debt, FX and swaps markets since 1998.
We started offering corporate finance and investment banking services to our clients in 2013. We offer a complete range of financial services to help our clients achieve their goals. Our main areas of activity within investment banking are as follows:
- Mergers & Acquisitions
- Equity Capital Markets
- Debt Finance & Advisory
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