In the second quarter, Arçelik Group—the parent company of Beko and majority shareholder of Beko Europe—reported a year-on-year revenue decline of 11.5%, falling from 137 billion Turkish lira to 121 billion. Despite the downturn, the multinational remains balanced in its geographical revenue distribution: one-third from Turkey (where the market remains resilient), one-third from Europe (facing notable headwinds), and one-third from global markets (where strategic investments are beginning to pay off).
– 📊 Regional volume shifts:
– Italy: +5%
– Spain: +10%
– France & Germany: Declines
– 🌍 Total European sales rose just 1.4% in volume, indicating modest recovery amid operational challenges.
Financial Snapshot: Margins Up, Debt Weighs
While operating costs continue to strain profitability, a weaker U.S. dollar—used to purchase raw materials and components—boosted gross margin from 27.2% to 28.4%.
– ⚖️ EBITDA increased from 4.9% to 5.9%, reflecting operational efficiency.
– 🧾 Arçelik reports progress on its workforce restructuring, having completed two-thirds of planned office staff reductions.
– 📉 However, a debt burden of 7 billion Turkish lira led to a net quarterly loss of 3 billion.
Tag Archives: Arceik
Samsung, LG and Arçelik announce the interoperability of their smart homes
Samsung , LG , Arçelik and Vestel have announced interoperability between the smart home connections of their products. This removes one of the main obstacles to the development of the smart home. Until now, in fact, it was necessary to download the application of each brand to control smart devices: Samsung SmartThings, LG ThinQ, Vestel VeeZy or Arçelik HomeWhiz.
However, the philosophy of ‘corporate ecosystems’ has not made its breakthrough while the philosophy of complete interoperability has made its way. Thus, the Home Connectivity Alliance was born in 2021, which includes Samsung, LG, Vestel and Arçelik.
Users will be able to choose which application they wish to use and will be able to control LG or Arçelik devices with it (for example with the Samsung app).
The 1.0 interface specification, launched by HCA, enables cloud-to-cloud communication and will be available in some countries as early as late 2023 and then expand over time. Initially, interconnections will only be possible between pairs of brands, for example Samsung with LG. Full interoperability will occur over time.the first phase, washing machines, dishwashers, refrigerators, air conditioners, stoves, air purifiers and some small appliances will be supported. In the next phase, more devices will be supported. According to the HCA statement, not only newly produced devices will benefit from this opportunity, but also owners of older devices.
Since cloud-to-cloud communication technology will be used, users will not need to upgrade their home appliances or purchase hub devices. Simply update your smart device control software (downloaded to your mobile device
HCA also includes GE Appliances, Haier, Electrolux, and Trane.
Arçelik – Whirlpool
Just a post on Linkedin in which Oguz Sulek is “happy to share” his new position as Executive Director – Integration at Arçelik Global. He will be the manager of the financial aspects of the inclusion in the Arçelik perimeter of 38 subsidiaries and 9 factories which will be added to the 25 European subsidiaries of Arçelik, mainly in the name of Beko, and two factories.
Sulek graduated in Law in Marmara and Economics in Istanbul to then specialize in the ‘private’ university of the Koç group of which Arçelik is part and previously followed the Enterprise Risk Management. Before that, he was the financial director of Voltas Beko, a joint venture between the Turkish group and the Indian giant Tata Group.
Arçelik awards
Arçelik CEO Hakan Bulgurlu, received the “Leadership Award” at the TCG2023, the international think tank and premier event in the industry. He has been nominated directly by the Grand Jury of retail executives, and this recognition honors his outstanding performance in serving as an ambassador for the industry.
also at the same event,Arçelik received the TCG Award in the Sustainability category,
Italy sets terms for Whirlpool’s sale of European unit to Arcelik
Italy’s government on Monday conditionally approved Whirlpool (WHR.N)’s sale of a majority stake of its European domestic appliances business to Turkish rival Arcelik (ARCLK.IS), a ministerial source said.
The Europe-wide deal, announced in January, concerns four Whirlpool factories in Italy employing around 4,600 people.
Prime Minister Giorgia Meloni’s right-wing government had the right to scrutinise it under so-called Italian “golden power” rules designed to safeguard industries deemed of national interest. a decree approved in a cabinet meeting, Meloni’s government green-lighted the deal subject to provisions against plant closures and job cuts and protecting local technological know-how, the ministerial source said.
In January, Whirlpool said it would transfer its European major domestic appliance business into a new company in which Arcelik will have a 75% stake and the U.S. group will retain the remaining 25%.
At the time, Whirlpool said it expected the transaction to close in the second half of the year, subject to regulatory approvals and other customary closing conditions.
Arçelik Whirlpool update
During the presentation of the fourth quarter results, Arçelik communicated the name of the new company that acquired the assets of Whirlpool Emea. This was reported by the Market screener website which quotes Arçelik’s quarterly report presented to shareholders yesterday.
It will be called Beko Europe BV, it will be a company incorporated under Dutch law and will have a production capacity of 24 million household appliances a year. The 20 thousand employees (6 thousand of Beko, added to the 14 thousand of Whirlpool) currently work in the 2 Romanian plants of Beko, in the 14 plants of Whirlpool in Italy, Poland, Slovakia and the United Kingdom, in the 25 offices of the European subsidiaries of Beko and across 38 Whirlpool EMEA locations.
In addition to the brands of the Arçelik group, Beko Europe will own the Hotpoint, Indesit, Bauknecht, Privileg and Ignis brands and will have the license to use the Whirlpool brand for 40 years.
Arçelik’s sales
Arçelik has published the balance sheet data relating to the fourth quarter of 2022. Sales increased by 74% compared to the corresponding period of 2021 from 22.5 to 39 billion Turkish liras, (1.9 billion euros at current exchange rates) mainly thanks to the internal market.
Exports were depressed in quantity but much more profitable thanks to the weakness of the Turkish lira and the low cost of energy in the group’s plants.
From a published graph it seems to understand that in Italy sales have contracted by about 5%, less than the European average.
Leveraging, i.e. the ratio between assets and debt, decreased in the fourth quarter thanks to the significant cash generation (the gross margin is around 29%).
Samsung’s connected home app to power 13 home appliance brands
Samsung Electronics’ integrated home appliances solution SmartThings is poised to be applied to Samsung plus 12 other major white goods brands by the first half of 2023, the company said Wednesday.
This comes as Samsung’s SmartThings is to make consumer electronics goods and mobile apps interoperable under the standard provided by the 13-member Home Connectivity Alliance, through an update of Samsung’s smart home solution next year.
The update will allow users of 13 HCA member brands — including Samsung, Arceik, LG Electronics, Electrolux Group, Haier, GE Appliances and Trane Technologies — to control more than 40 functions in 15 white goods categories designed for heating, ventilation, air conditioning and entertainment.
SmartThings will also be able to connect 300 brands of third-party devices more to build a smart home ecosystem, considering SmartThings system’s scalability, according to Samsung.
This will enable not only the interconnectivity of non-Samsung devices achieved at the level on par with that of Samsung, but also the control of electronics devices of different brands in the home through a single app.
Samsung added that a demonstration attended by HCA member companies will take place from Friday to Monday during the IFA 2022 in Berlin. The demonstration will feature Samsung’s products, including the Bespoke Cube Air Purifier, Bespoke Jet Bot AI Plus, Bespoke Refrigerator and Neo QLED TV.
Samsung Electronics has been a founding member since the HCA’s establishment in 2021, and its executive holds a leadership position of the alliance. Choi Yoon-ho, head of product planning at the IoT Biz Group at Samsung Electronics, is serving as the HCA President and Board Chair.
So far, Samsung Electronics has more than 235 million registered users of SmartThings globally across over 105 million connected devices manufactured by Samsung.
SmartThings is provided by the eponymous company, acquired by Samsung Electronics in 2014.
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