D Market Elektronik Hizmetler ve Ticaret AS (HEPS) 2023 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by. I am Sabrina, your Chorus Call operator. Welcome, and thank you for joining the Hepsiburada conference call and live webcast to present and discuss the fourth quarter and full-year 2023 financial results. All participants will be in a listen-only mode and the conference is being recorded. (Operator Instructions).

女士們先生們，謝謝你們的支持。我是 Sabrina，您的合唱呼叫接線員。歡迎並感謝您參加 Hepsiburada 電話會議和網路直播，介紹和討論 2023 年第四季和全年財務業績。所有參與者都將處於僅聽模式，並且正在錄製會議。（操作員說明）。

At this time, I would like to turn the conference over to Ms. Nilhan Onal, CEO; Mr. Seckin, CFO; Ms. Helin Celikbilek, Investor Relations Director. Ms. Celikbilek, you may now proceed.

現在，我想把會議交給執行長 Nilhan Onal 女士；塞金先生，財務長； Helin Celikbilek 女士，投資者關係總監。Celikbilek 女士，您現在可以繼續了。

Thanks, operator. Thank you for joining us today for Hepsiburada's fourth quarter and full-year 2023 earnings call. I'm pleased to be joined on the call today by our CEO, Nilhan Onal Gokcetekin; and our CFO, Seckin Koseoglu. The following discussion, including responses to your questions, reflects management's views as of today's date only. We undertake no obligation to update or revise this information except as required by law.

謝謝，接線生。感謝您今天加入我們參加 Hepsiburada 第四季和 2023 年全年財報電話會議。我很高興今天能與我們的執行長 Nilhan Onal Gokcetekin 一起參加電話會議；以及我們的財務長 Seckin Koseoglu。以下討論（包括對您的問題的答案）僅反映了管理層截至今天的觀點。除法律要求外，我們不承擔更新或修改此資訊的義務。

Certain statements made on today's call are forward-looking statements, and actual results may differ materially from these forward-looking statements. Please refer to today's earnings release as well as the risk factors described in the safe harbor slide of today's supplemental slide deck, today's press release, the 6-K, our Form 20-F filed with the SEC on May 1, 2023, and other SEC filings for information on factors that could cause our actual results to differ materially from these forward-looking statements.

今天電話會議中所做的某些陳述屬於前瞻性陳述，實際結果可能與這些前瞻性陳述有重大差異。請參閱今天的收益發布以及今天補充幻燈片的安全港幻燈片中描述的風險因素、今天的新聞稿、6-K、我們於 2023 年 5 月 1 日向 SEC 提交的 20-F 表格以及其他向美國證券交易委員會提交的文件，以了解可能導致我們的實際結果與這些前瞻性陳述有重大差異的因素的資訊。

Also, we will reference certain non-IFRS measures during today's call. Please refer to the appendix of our supplemental slide deck as well as today's press release for a presentation of the most directly comparable IFRS measure and relevant IFRS to non-IFRS reconciliation. As a reminder, a replay of this call will be available on our Investor Relations website.

此外，我們將在今天的電話會議中參考某些非國際財務報告準則措施。請參閱我們補充投影片的附錄以及今天的新聞稿，以了解最直接可比較的國際財務報告準則衡量標準以及相關國際財務報告準則與非國際財務報告準則的調節。謹此提醒，我們的投資者關係網站將提供本次電話會議的重播。

And with that, I will hand it over to our CEO, Nilhan.

接下來，我會將其交給我們的執行長 Nilhan。

Thank you, Helin. Welcome, everyone, and thank you for joining us. I'm delighted to be with you today to present our fourth quarter and full-year '23 results.

謝謝你，赫林。歡迎大家，感謝您加入我們。我很高興今天能與大家一起介紹我們 23 年第四季和全年的業績。

It has been over a year since I first addressed you as the CEO of Hepsiburada. At that time, I made it clear that my mandate was building Hepsiburada's profitability turnaround.

自從我第一次以 Hepsiburada 執行長的身份向各位發表演說以來，已經過去一年多了。當時，我明確表示我的任務是扭轉 Hepsiburada 的獲利能力。

Last year, we have weathered a period of election-related uncertainty as well as the pull out of a dreaded earthquake in February. Simultaneously, we remain in an inflationary environment, pressuring consumer purchasing power. Regardless, I am very proud to note our excellent teamwork, our focus to strategy, and meticulous execution have resulted into strong financials.

去年，我們經歷了一段與選舉相關的不確定時期以及二月可怕的地震的結束。同時，我們仍處於通膨環境中，對消費者的購買力造成壓力。無論如何，我非常自豪地註意到我們出色的團隊合作、對策略的關注以及一絲不苟的執行造就了強勁的財務狀況。

Over GMV more than doubled year on year in '23, delivered the average inflation rate. We delivered a substantial EBITDA turnaround with a highest full-year gross contribution margin of 10.6% and diligent OpEx management. Our EBITDA as percentage of GMV rose by 400 basis points yearly to 1.8%.

根據平均通膨率，23 年 GMV 年增了一倍多。我們憑藉 10.6% 的最高全年毛貢獻率和勤勉的營運支出管理，實現了 EBITDA 的大幅扭虧為盈。我們的 EBITDA 佔 GMV 的百分比每年增長 400 個基點，達到 1.8%。

With robust cash generation from operations and optimized investments, we recorded a free cash flow of around TRY3.9 billion on an adjusted for inflation basis. These results confirm the validity of our strategic plans and encourage us to aim higher going forward.

憑藉強勁的營運現金流和優化的投資，根據通貨膨脹調整後，我們的自由現金流約為 39 億土耳其里拉。這些結果證實了我們策略計畫的有效性，並鼓勵我們瞄準更高的目標。

Now let me compare our performance in Q4 and full year against our guidance. We broke our all-time high sales record during legendary November and high shopping trend also continued in December. This resulted in exceeding our quarterly guidance for both GMV growth and EBITDA.

現在讓我將我們第四季和全年的表現與我們的指導進行比較。我們在傳奇的 11 月打破了歷史最高銷售記錄，12 月也繼續保持高購物趨勢。這導致 GMV 成長和 EBITDA 都超出了我們的季度指引。

Consequently, our full-year results also exceeded our forecast. Our GMV growth was around 104%, exceeding our guidance by [300 percentage]. Our EBITDA as percentage of GMV turned to positive 1.8%, exceeding our guidance by [30%] highlighting our robust growth and disciplined approach to spending. This performance marked the beginning of our profitability turnaround objective.

因此，我們的全年業績也超出了我們的預期。我們的 GMV 成長約為 104%，超越了我們的指導[300%]。我們的 EBITDA 佔 GMV 的百分比變為正 1.8%，超越我們的指引 [30%]，突顯了我們強勁的成長和嚴格的支出方式。這一業績標誌著我們獲利扭虧為盈目標的開始。

Here are some marketing numbers to put consumer preference for our platform into perspective. Our platform effect to 3.9 billion visits in '23. Consumers continue to trust Hepsiburada otherwise setting up their new home in particular, buying their home appliances. To highlight a few related numbers, one out of every two dishwashers, one out of every two washing machines sold online were purchased on Hepsiburada last year. Meanwhile, Hepsiburada is also a go-to-platform for consumer electronics, which was our strength from inception.

以下是一些行銷數據，可協助您了解消費者對我們平台的偏好。我們的平台效應在 2023 年達到了 39 億次造訪。消費者繼續信任 Hepsiburada，尤其是在建立新家、購買家用電器方面。為了強調一些相關數字，去年在網路上銷售的每兩台洗碗機就有一台、每兩台洗衣機中就有一台是在 Hepsiburada 上購買的。同時，Hepsiburada 也是消費性電子產品的首選平台，這從一開始就是我們的優勢。

In '23, two out of every five laptops and one out of every three iPhones sold online were also sold on Hepsiburada. A majority of these purchases reached their destination via our own logistics company, HepsiJet.

23 年，網路上銷售的每 5 台筆記型電腦中就有 2 台和每 3 台 iPhone 中就有 1 台也是在 Hepsiburada 上銷售的。這些採購的大部分都是透過我們自己的物流公司 HepsiJet 到達目的地的。

Let me now elaborate on our achievements in '23. Early '23, we had set very clear targets for our four strategic priorities, which I will explain throughout this presentation. Fully progress across all these KPIs reflect the dedicated performance of strong execution by our entirety.

現在讓我詳細介紹一下我們23年所取得的成就。23 年初，我們為我們的四個策略重點設定了非常明確的目標，我將在整個演講中對此進行解釋。所有這些 KPI 的全面進展反映了我們整體強有力的執行力的專注表現。

Before we move on, I should mention the extension of our share-based incentive plan in the second half of the year. Current plan is triggered upon missing certain vesting conditions and covers our key executives.

在我們繼續之前，我應該提一下我們下半年的股權激勵計畫的延長。目前的計劃是在缺少某些行權條件時觸發的，並涵蓋了我們的關鍵管理人員。

Let's now consider some highlights of our achievements regarding our customers, merchants, business partners, and key components of our ecosystem. Let me begin with our customers, whose satisfaction is ever in our mind and as reflected in our KPIs.

現在讓我們來考慮一下我們在客戶、商家、業務合作夥伴和生態系統關鍵組成部分方面所取得的一些成就。讓我從我們的客戶開始，他們的滿意度一直在我們心中，並反映在我們的 KPI 中。

In '23, total orders reached 113 million on a 41% year-on-year growth. On top, 44% growth in order frequency proved that our customer engagement and loyalty strategy are working. As the trusted e-commerce brand in Türkiye, we are proud to announce our market leadership in net promoter score for the second consecutive year. In line with our pledge to customer centricity, we work very hard to improve our value proposition in terms of reliability, speed, and convenience.

23年訂單總額達1.13億份，較去年同期成長41%。最重要的是，訂單頻率增加了 44%，證明我們的客戶參與度和忠誠度策略正在發揮作用。作為土耳其值得信賴的電子商務品牌，我們很自豪地宣布我們連續第二年在淨推薦值方面處於市場領先地位。根據我們以客戶為中心的承諾，我們非常努力地提高我們在可靠性、速度和便利性方面的價值主張。

We also raised the bar on our convenience levels across payment, delivery, and returns. Our profitable -- our affordability solutions are appreciated by our customers, especially in this challenging macroeconomic climate. We work to create lasting relationships and our strong loyalty program is best indicator of our success in the same day work.

我們也提高了支付、送貨和退貨的便利性。我們的獲利性—我們的負擔能力解決方案受到客戶的讚賞，特別是在這個充滿挑戰的宏觀經濟環境下。我們致力於建立持久的關係，而我們強大的忠誠度計劃是我們在同一天的工作中取得成功的最佳指標。

Hepsiburada Premium program numbers have more than tripled within a year so exceed 2.2 million. Their monthly order frequency rolled by around 40% after joining the program. We noted 270 bps yearly improvement in the share of [pamphlet] frequency customers in overall customer base in '23. This level confirms the program's potential to position Hepsiburada, a Turkey's go-to e-commerce platform and underlines the strategy to grow its retention.

Hepsiburada Premium 計畫數量在一年內增加了兩倍多，超過 220 萬。加入該計劃後，他們每月的訂單頻率下降了約 40%。我們注意到，23 年，[小冊子] 頻率客戶在整體客戶群中所佔的份額每年提高了 270 個基點。這一水平證實了該計劃對土耳其首選電子商務平台 Hepsiburada 的定位潛力，並強調了提高其保留率的策略。

We will continue leveraging our core strength and prioritizing customer satisfaction going forward. Now let me elaborate on our commitment to a deeper merchant relationship.

未來我們將繼續發揮我們的核心優勢並優先考慮客戶滿意度。現在讓我詳細闡述我們對加深商業關係的承諾。

In '23, we enhanced advanced solution for our merchants such as fulfillment, logistics, tool manhandling, fintech, and advertising solutions. To facilitate higher conversion to sales for our merchants, new tools and features such as SaaS service campaign management, coupon creation, and tailored advertising solution now featured on our merchandise.

23 年，我們為商家增強了先進的解決方案，例如履行、物流、工具處理、金融科技和廣告解決方案。為了促進我們的商家實現更高的銷售轉化，我們的商品現在配備了 SaaS 服務活動管理、優惠券創建和客製化廣告解決方案等新工具和功能。

HepsiJet's faster, reliable, flexible logistics service led by a greater merchant preference. With almost 102,000 active merchant base, our total SKU count climbed to nearly 230 million. This year, we onboarded 38,000 new brands on the platform, almost half of them were in fashion and beauty categories.

HepsiJet 更快、可靠、靈活的物流服務受到了更多商家的青睞。我們擁有近 102,000 個活躍商家基礎，SKU 總數攀升至近 2.3 億個。今年，我們在平台上引入了 38,000 個新品牌，其中近一半屬於時尚和美容類別。

This new global brand, our growing brand portfolio confirms our ability to unlock selection hold out. Meanwhile, we deepened our long-lasting relationship with also well-established suppliers. And thanks to the strong relation, our platform has come to respond even more comprehensively to customer needs with its wider selection and appealing campaign.

這個新的全球品牌和我們不斷增長的品牌組合證實了我們有能力解鎖選擇保留。同時，我們也加深了與知名供應商的長期關係。由於這種牢固的關係，我們的平台能夠透過更廣泛的選擇和有吸引力的活動來更全面地滿足客戶的需求。

Let me now elaborate on our strategic priority for '24. Develop sustainable and profitable growth remains at the heart of our strategy. As confirmed by our results, pillars of our strategy are sound. With more to be unlocked on each clip, we aim to raise the bar in each KPI.

現在讓我詳細闡述我們 24 世紀的策略重點。發展可持續和獲利的成長仍然是我們策略的核心。正如我們的結果所證實的那樣，我們的策略支柱是健全的。每個剪輯都有更多解鎖內容，我們的目標是提高每個 KPI 的標準。

According in '24, we remain focused on loyalty, calculating sustainable differentiator of Hepsipay and Jet and expanding our B2B services as a turnkey e-com solution partner for merchants in Turkey. In the next few slides, I'll talk more about each pillar by providing a snapshot of our achievements as well as our ambition.

根據 '24，我們仍然專注於忠誠度，計算 Hepsipay 和 Jet 的可持續差異化因素，並擴展我們的 B2B 服務，作為土耳其商家的交鑰匙電子商務解決方案合作夥伴。在接下來的幾張幻燈片中，我將透過概述我們的成就和雄心壯志來更多地討論每個支柱。

With regards to our loyalty program, we remain dedicated to growing its member base and keeping satisfied customers on board with enhanced offering and partnerships. One key initiative that I'm super excited about is our co-branded credit card with the upper credit. The card offers its users multi-planning benefits. Hence, we will focus on increasing premium credit card user base, which will also contribute to our strong growth.

關於我們的忠誠度計劃，我們仍然致力於擴大會員基礎，並透過增強的產品和合作夥伴關係來保持滿意的客戶。我非常興奮的一項關鍵舉措是我們與高級信用的聯名信用卡。該卡為用戶提供多種規劃福利。因此，我們將專注於增加優質信用卡用戶群，這也將有助於我們的強勁成長。

Let's now look into one of our key strategic differentiators. As a fourth runner in the Turkish logistics sector, HepsiJet delivered around 68% of total 67% of total parts sold on our platform. HepsiJet continued the volume expansion of its competitive oversight delivery services.

現在讓我們來看看我們的關鍵策略優勢之一。作為土耳其物流領域的第四名，HepsiJet 交付了我們平台上銷售的零件總數 67% 的約 68%。HepsiJet 繼續擴大其具競爭力的監督交付服務的數量。

In '23, 59% of oversized packages on the platform were delivered by HepsiJet, up by 12 percentage points year on year. In today's world, test and reliable delivery is a must for typical Turkish customer. HepsiJet's 82% next day delivery ratio among retail orders confirms our commitment clearly.

23年，平台上59%的超大包裹由HepsiJet投遞，年增12個百分點。在當今世界，測試和可靠的交付對於典型的土耳其客戶來說是必須的。HepsiJet 零售訂單中 82% 的隔日送達率明確證實了我們的承諾。

'23 was the year in which we expanded Jet flexible delivery and return capabilities further. We believe these additions boost our value proposition. And accordingly, Jet maintained a strong NPS underscoring its acknowledged service excellence. We will build further on HepsiJet's integral growth in our logistics ecosystem and exiting the speed of delivery and customer experience.

'23 年是我們進一步擴展 Jet 靈活交付和退貨能力的一年。我們相信這些新增功能可以提升我們的價值主張。因此，Jet 保持了強大的 NPS，突顯了其公認的卓越服務。我們將進一步鞏固 HepsiJet 在物流生態系統中的整體成長，並提高交貨速度和客戶體驗。

Let me now move on to our next differentiator, Hepsipay. And let's start with Hepsipay's strong contribution to Hepsiburada. Leveraging our e-money and payment service licenses, we offered a comprehensive suite of payment and affordability solutions. In today's economic landscape and the face of market expectations of potentially tightened credit availability in the second half, affordability gain purchase significance.

現在讓我談談我們的下一個優勢：Hepsipay。讓我們從 Hepsipay 對 Hepsiburada 的巨大貢獻開始。利用我們的電子貨幣和支付服務許可證，我們提供了一套全面的支付和負擔能力解決方案。在當今的經濟情勢下，以及面對下半年信貸供應可能收緊的市場預期，購買力變得更加重要。

Under these conditions, consumers welcomed optionality of our affordability solutions, which include our in-house buy now, pay later solution, as well as shopping loans from bank and general purpose loans from partner banks. On this front, our platform provides an excellent user service.

在這種情況下，消費者歡迎我們可選擇的負擔能力解決方案，其中包括我們內部的「先買後付」解決方案，以及銀行購物貸款和合作銀行提供的一般用途貸款。在這方面，我們的平台提供了優質的用戶服務。

Within seconds, our customers can check their BNPL limits and alternative loan options from partner bank and complete their purchases instantly. BNPL, our unique solution in the Turkish e-commerce market, had been utilized by nearly 330,000 customers by end on Q4. On a broader scale, total finance transaction volume, including general purpose loans reached TRY6.1 billion in '23.

在幾秒鐘內，我們的客戶就可以從合作銀行檢查他們的 BNPL 限額和替代貸款選項，並立即完成購買。BNPL 是我們在土耳其電子商務市場的獨特解決方案，截至第四季末已有近 33 萬名客戶使用。在更廣泛的範圍內，包括普通用途貸款在內的金融交易總額在 2023 年達到了 61 億土耳其里拉。

In '24, we will further quantify our position as an e-commerce player providing the widest affordability solutions. We also recently launched Hepsi Finance, our own consumer financing company, which we expect to contribute to our success.

24 年，我們將進一步量化我們作為提供最廣泛的負擔能力解決方案的電子商務參與者的地位。我們最近也推出了我們自己的消費金融公司Hepsi Finance，我們希望它能為我們的成功做出貢獻。

On the payment front, Hepsipay continue to improve our customer experience at our checkout during '23 with multiple additional features. We extended this solution to enable our merchants on dot-com business also their checkout. Hepsipay is not available at the checkout of 10 major retailers.

在付款方面，Hepsipay 在 23 年期間透過多項附加功能持續改善我們結帳時的客戶體驗。我們擴展了這個解決方案，使我們的網路業務商家也能夠進行結帳。10 家主要零售商的收銀台均不支援 Hepsipay。

Hepsipay also aims to win additional key accounts while also launching its proposition targeted for SMEs. The launch of Hepsipay prepaid cards in collaboration with Visa was another highlight of the year. The additional cash back benefit available is a motivator to become a premium program number. The card has [put to all] our customers with 1.2 million cards issued so far.

Hepsipay 也旨在贏得更多大客戶，同時推出針對中小企業的主張。與Visa合作推出Hepsipay預付卡是今年的另一個亮點。額外的現金回饋福利是成為高級計劃號碼的動力。迄今為止，該卡已向我們的所有客戶發放了 120 萬張卡。

On the strength of [payable], Hepsipay's wallet space rose to 15 million by mid-March, following a yearly net additional 3.3 million users in '23. In '24, Hepsipay is working to become Türkiye's most used digital wallet solution in physical and online retail. This would ultimately position Hepsipay as Turkey's leading fintech company.

憑藉 [payable] 的優勢，Hepsipay 的錢包空間在 2023 年每年淨增 330 萬用戶後，到 3 月中旬已增至 1500 萬。24 年，Hepsipay 致力於成為土耳其實體和線上零售領域最常用的數位錢包解決方案。這最終將使 Hepsipay 成為土耳其領先的金融科技公司。

Now let me give you an update on our strategic priority of offering our logistics services to third parties. Doing this has unlocked new revenue streams contribute to our operational efficiency and reinforceable position in respective sectors. Jet nearly doubled its external customer base in '23, while its third-party volume rose 1.6 times year on year. This confirms our ability to generate B2B revenues of platform showcasing HepsiJet's strong momentum as an appealing logistics partner.

現在讓我向您介紹我們向第三方提供物流服務的策略重點的最新情況。這樣做釋放了新的收入來源，有助於提高我們的營運效率並鞏固在各自領域的地位。2023 年，Jet 的外部客戶群幾乎增加了一倍，而其第三方客戶數量比去年同期增加了 1.6 倍。這證實了我們平台產生 B2B 收入的能力，展示了 HepsiJet 作為有吸引力的物流合作夥伴的強勁勢頭。

Overall, '23 was a year of initiatives that leverage our strength in fintech and logistics for creating a solid B2B business. Meanwhile, resulting numbers confirm that we are on the right path. In '24, we will continue to accelerate our focus on this business line.

總體而言，23 年是我們利用我們在金融科技和物流方面的優勢來創建穩固的 B2B 業務的舉措的一年。同時，得出的數字證實我們走在正確的道路上。24年，我們將繼續加快對這條業務線的關注。

Achieving profitably form the basis of our strategy, and I'm glad to see that confirmed in our year-end results. A robust turnaround in EBITDA made possible through the key building blocks of optimized marketing and advertising expenses, higher gross contribution margin, process automation, and OpEx frugality.

實現盈利是我們策略的基礎，我很高興看到這一點在我們的年終業績中得到證實。透過優化行銷和廣告費用、更高的毛利率、流程自動化和營運支出節約等關鍵組成部分，實現了 EBITDA 的強勁轉變。

In '24, our ambition is to sustain our profitability trajectory. We believe growing our advertising business, raising third-party revenues, a higher share of margin at rates of categories and the continued frugality will be instrumentally achieving this year's higher profitability target. On the next slide, I would like to deep dive on where we stand in our advertising business and our ambition.

24 年，我們的目標是維持我們的獲利軌跡。我們相信，發展我們的廣告業務、提高第三方收入、提高各個類別的利潤份額以及持續的節儉將有助於實現今年更高的獲利目標。在下一張投影片中，我想深入探討我們在廣告業務中的地位和我們的雄心壯志。

Our well-established advertising business, HepsiAd, suggests a huge opportunity to increase our share of Turkey's rapidly growing digital media market. The current brand of global peer performance in the advertising business suggests the possibility of scaling our performance levels going forward. HepsiAd is equipped with varied format that boost the visibility of participating merchants. Through this app, merchants reach their target audience, increased their sales while benefiting from actionable consumer analytics.

我們成熟的廣告業務 HepsiAd 為我們增加在土耳其快速成長的數位媒體市場的份額提供了巨大的機會。目前廣告業務中全球同業績效的品牌表明，我們未來有可能擴大績效水準。HepsiAd配備了多種格式，可提高參與商家的知名度。透過此應用程序，商家可以接觸目標受眾，增加銷售額，同時受益於可操作的消費者分析。

Around 18,000 merchants used our advertising solutions last year. The increase in HepsiAd penetration and revenue per merchant will be among key focus areas this year.

去年，大約 18,000 家商家使用了我們的廣告解決方案。HepsiAd 滲透率和每個商家收入的增加將是今年的重點領域之一。

And now I'll close my presentation with our guidance. I have meticulously outlined our strategic priorities and our focus areas for '24. With dedicated execution on this, our objective is to continue our GMV growth, focus on incremental revenues, and higher-margin businesses, and achieve higher profitability margins in '24.

現在我將在我們的指導下結束我的演講。我精心概述了 24 世紀我們的戰略重點和重點領域。透過對此的專注執行，我們的目標是繼續實現 GMV 成長，專注於增量收入和利潤率更高的業務，並在 24 年實現更高的利潤率。

Accordingly, for the first quarter of '24, we expect to deliver GMV growth around 120% compared to the same period of '23. The low base of the first quarter '23 was mainly due to earthquake had a positive impact in this expected growth level. At EBITDA level, we expect to deliver around [2 percentage] of GMV and these guidance figures are an adjusted for inflation.

因此，我們預計 24 年第一季的 GMV 將比 23 年同期成長 120% 左右。23年第一季基數較低主要是由於地震對此預期成長水準產生了正面影響。在 EBITDA 水準上，我們預計將實現 GMV 的 [2%] 左右，而這些指導數字是根據通貨膨脹進行調整的。

With this, I thank you for listening and leave the floor to Seckin, our CFO, to provide further insights into our financial performance.

在此，我感謝您的聆聽，並請我們的財務長 Seckin 提供有關我們財務業績的進一步見解。

Thank you, Nilhan, and welcome, everyone. I'm glad to share that we have delivered an outstanding financial performance across all metrics, both in quarter four, 2023, and in full year despite all the challenges.

謝謝你，尼爾漢，歡迎大家。我很高興與大家分享，儘管面臨種種挑戰，我們在 2023 年第四季和全年的所有指標上都取得了出色的財務業績。

On an unadjusted basis, GMV grew by 104% in 2023. This came through 41% order growth and 45% average order value growth. When we exclude our small-ticket digital products, the average order value growth was in fact 79%, outpacing the average inflation of 54% in 2023. The factor average order value growth is attributable mainly to faster-than-inflation rise in average selling prices and a higher share of large ticket items in electronics in our orders.

在未調整的基礎上，2023 年 GMV 成長了 104%。這是透過訂單成長 41% 和平均訂單價值成長 45% 實現的。當我們排除小額數位產品時，平均訂單價值成長實際上為 79%，超過 2023 年 54% 的平均通膨率。平均訂單價值成長的主要原因是平均售價的上漲速度快於通貨膨脹以及電子產品訂單中大件商品的比例較高。

On an inflation-adjusted basis, we recorded a double-digit real GMV growth of 31% in 2023 year on year. This resulted in 24% revenue growth, which was possible through strong revenue growth of both retail and marketplace operations as well as solid growth in advertising and co-marketing revenues and loyalty program subscription revenues.

經通膨調整後，我們在 2023 年實現了 31% 的兩位數實際 GMV 年成長。這導致收入增長 24%，這是透過零售和市場業務收入的強勁增長以及廣告和聯合行銷收入以及忠誠度計劃訂閱收入的穩健增長實現的。

With 9.2% gross contribution margin and disciplined OpEx management, we recorded a 0.4% EBITDA as a percentage of GMV in 2023, marking a notable 5.2 percentage points year-on-year improvement.

憑藉 9.2% 的毛貢獻率和嚴格的營運支出管理，2023 年我們的 EBITDA 佔 GMV 的比例為 0.4%，年比顯著提高 5.2 個百分點。

For more color on each of these, let's move on to the next slide. First, our GMV performance. Our marketplace operations corresponded to two-thirds of our business in 2023. While the share of electronics in GMV was at around the same level of last year, there is a [0.3% point] shift towards non-electronics in marketplace operations.

要了解每張投影片的更多顏色，讓我們轉到下一張投影片。首先是我們的GMV表現。2023 年，我們的市場業務占我們業務的三分之二。雖然電子產品在 GMV 中的份額與去年大致相同，但市場運營中的非電子產品出現了 [0.3% 點] 的轉變。

Let's have a look at our revenue performance. 34% revenue growth in 2023 was achieved mainly through 27% retail and 60% marketplace operations revenue growth. Delivery service revenues contributed to the revenue growth with 48% year-on-year increase. This was mainly due to a rise in unit delivery service charges, higher parcel volume, and almost doubling of off-platform revenues.

讓我們看看我們的收入表現。 2023 年 34% 的收入成長主要是透過 27% 的零售收入成長和 60% 的市場營運收入成長實現的。外送服務收入帶動收入成長，較去年同期成長48%。這主要是由於單位配送服務費上漲、包裹量增加以及平台外收入幾乎翻倍。

Other revenues that include advertising services, co-marketing, and loyalty subscription altogether grew by 125% year on year.

包括廣告服務、聯合行銷和忠誠訂閱在內的其他收入年增 125%。

Now let's elaborate on our gross contribution performance. Unadjusted for inflation, our gross contribution margin was 10.6% in 2023 on a 1.6 percentage point year-on-year improvement. Adjusted for inflation, we recorded a solid 2.7 percentage points rise in the margin, reaching 9.2%.

現在讓我們詳細介紹一下我們的毛貢獻表現。未經通膨調整，2023 年我們的毛貢獻率為 10.6%，年增 1.6 個百分點。經通膨調整後，我們的利潤率穩定上升 2.7 個百分點，達到 9.2%。

This was mainly attributable to 1.3 percentage points in the 1P margin due to a relatively lower inflation impact on cost of inventory sold during the year and shorter inventory turnover days in 2023. The 0.7 percentage point increase in the 3P margin as a result of margin improvement across all categories and 0.7 percentage points rising the contribution of delivery service and other revenues.

這主要是由於年內通膨對銷售庫存成本的影響相對較小以及2023年庫存週轉天數較短，導致1P利潤率下降1.3個百分點。由於所有類別的利潤率提高，3P 利潤率增加了 0.7 個百分點，送貨服務和其他收入的貢獻增加了 0.7 個百分點。

Let's move on to our EBITDA performance on the next slide. As highlighted, 2023 was a year of profitability turnaround for Hepsiburada. Together with strong top-line growth, our focus on costs and marketing spend optimization enabled us to deliver positive EBITDA for the full year. Unadjusted for inflation, we recorded 1.8 percentage EBITDA as a percentage of GMV in 2023 with a 4.0 percentage point improvement on a yearly basis.

讓我們繼續看下一張投影片的 EBITDA 表現。正如所強調的，2023 年是 Hepsiburada 獲利扭虧為盈的一年。加上強勁的營收成長，我們對成本和行銷支出優化的關注使我們能夠在全年實現正的 EBITDA。未經通膨調整，2023 年我們的 EBITDA 佔 GMV 的比例為 1.8%，年增 4.0 個百分點。

Adjusted for inflation, our full-year EBITDA is again positive at 0.4% of GMV with a 5.2 percentage point year-over-year improvement. This was mainly through a 2.7 percentage point rise in gross contribution margin, 1.2 percentage point decline in advertising expenses, 0.3 percentage point decline in payroll and outsourced staff expenses, 0.2 percentage point decline in shipping and packaging expenses, and 0.9 percentage points decline in other OpEx items.

經通膨調整後，我們的全年 EBITDA 再次為正值，佔 GMV 的 0.4%，較去年同期增加 5.2 個百分點。這主要是由於毛利率上升2.7個百分點，廣告費用下降1.2個百分點，工資和外包員工費用下降0.3個百分點，運輸和包裝費用下降0.2個百分點，其他費用下降0.9個百分點。營運支出項目。

Excluding the one-off items, year-on-year improvement in EBITDA was still strong at 4.5 percentage points for the full year in 2023.

剔除一次性項目，2023年全年EBITDA年比改善仍強勁，達4.5個百分點。

Next, let's have a look at our cash flow dynamics. Our cash generated from operations was TRY5.0 billion in 2023, up from TRY707 million a year ago. The year-on-year increase in EBITDA accounts for more than 100% of the improvement in operating cash flow.

接下來，讓我們來看看我們的現金流動態。2023 年，我們的營運產生的現金為 50 億土耳其里拉，高於一年前的 7.07 億土耳其里拉。EBITDA年增對經營現金流量改善的貢獻率超過100%。

More precisely, TRY4.7 billion rise in EBITDA was partially offset by TRY0.4 billion decline in change in monetary gain, working capital, and realized FX gain and loss to yield at TRY4.3 billion improvement year on year. With around TRY1.1 billion CapEx, our free cash flow was around TRY3.9 billion in the full year.

更準確地說，EBITDA 47 億土耳其里拉的成長被貨幣收益、營運資本變化 4 億土耳其里拉的下降部分抵消，實現的外匯損益與收益率同比提高了 43 億土耳其里拉。我們的資本支出約為 11 億土耳其里拉，全年自由現金流約為 39 億土耳其里拉。

Next slide, please. As I end my presentation, I would like to summarize the key takeaways from today's presentation. Our robust top-line growth and outstanding EBITDA performance both in the fourth quarter and full year, exceeded our guidance ranges.

請下一張投影片。在結束演講時，我想總結一下今天演講的主要內容。我們第四季度和全年強勁的營收成長和出色的 EBITDA 表現超出了我們的指導範圍。

Adjusted for inflation, we recorded double-digit real GMV growth on a year-on-year basis. Our gross contribution margin on an unadjusted basis reached 10.6%, marking the highest full-year level since 2018. With this performance, we generated a strong free cash flow tool as well.

經通膨調整後，我們的實際 GMV 年成長率達到兩位數。未調整的毛利率達到10.6%，創2018年以來全年最高。憑藉這一業績，我們也產生了強大的自由現金流工具。

As we reflect on the good start to 2024, we are committed to building on our performance from the previous year and strive towards achieving even greater success.

回顧2024年的良好開局，我們將在上一年的基礎上再接再厲，努力取得更大的成功。

Thank you for listening. We can now open the line for questions.

感謝您的聆聽。我們現在可以開通提問專線。

(Operator Instructions)

（操作員說明）

We had a question via mail related with different interest expenses, charge on purchases, and credit card receivables.

我們透過郵件收到了一個有關不同利息費用、購買費用和信用卡應收帳款的問題。

Basically, we do not have any lending related with our purchases. The interest on purchases refers to interest expense that is embedded in our inventory procurement that we buy on a term basis. That amount we classified from gross contribution margin to financial expenses, and this is done due to IFRS 9 as a reclassification.

基本上，我們沒有任何與購買相關的貸款。採購利息是指我們定期購買的存貨採購所包含的利息費用。我們將該金額從毛邊際收益分類為財務費用，這是由於 IFRS 9 的重新分類而完成的。

Early collection commission is the commission that we pay to the banks for early collection of our credit card receivables. And this is also showing up in the financial expenses section in our P&L.

提前催收佣金是我們為提前催收信用卡應收帳款而向銀行支付的佣金。這也反映在我們損益表的財務費用部分。

(Operator Instructions) [Muharama Guseva, Corner Capital]

（操作員指示）[Muharama Guseva，角資本]

Thanks very much for the presentation. I have a couple of questions from me. The first one is the credit card spending in Turkey is running at a really fast pace in the first quarter. So far, we have observed around 150% increase on a year-over-year basis on online credit card purchases. Your guidance was 120% around GMV growth for the first quarter. Do you think there is any upside to that guidance to start with? And what is the advertising budget for 2024? Thank you very much.

非常感謝您的介紹。我有幾個問題。第一個是第一季土耳其的信用卡支出成長速度非常快。到目前為止，我們觀察到線上信用卡購買量年增約 150%。您對第一季 GMV 成長的指引是 120%。您認為該指導方針有什麼好處嗎？2024 年的廣告預算是多少？非常感謝。

Basically, we are estimating this 120% versus the relatively lower base in quarter 1, 2023 due to the earthquake. And as you pointed out, the credit card spending in the market is a little bit higher than this amount. So we may potentially see some upside, but not necessarily a very significant amount versus our guidance.

基本上，我們估計這一數字為 120%，而 2023 年第一季因地震而導致的基數相對較低。正如您所指出的，市場上的信用卡支出比這個金額要高一些。因此，我們可能會看到一些上行空間，但與我們的指導相比，幅度不一定非常大。

So related with our marketing expenses, we are continuing to increase our return on advertising spending for each of our channels, both for influencers and performance marketing. So we will continue to see the efficiencies going forward that we have experienced in 2023. So we will continue to optimize our marketing spending while growing profitably.

因此，與我們的行銷費用相關，我們正在繼續增加每個管道的廣告支出回報，包括影響者和績效行銷。因此，我們將繼續看到 2023 年我們所經歷的效率提升。因此，我們將繼續優化行銷支出，同時實現獲利成長。

Thank you very much.

非常感謝。

I have one built for the credit card spending and fast penetration of e-commerce in Turkey. As you know, Turkey is a very, very high potential market for e-commerce penetration. So every year, there is another 15% to 20% growth in the penetration of e-commerce within total retail.

我有一個專為土耳其的信用卡消費和電子商務的快速滲透而設計的。如您所知，土耳其是一個電子商務滲透率非常非常高的潛在市場。因此，電子商務在零售總額中的滲透率每年再增加 15% 至 20%。

One area that we will significantly get share is our turnkey e-commerce solution. So with HepsiJet, we are significantly increasing our volumes from off-platform customers that I mentioned. And with our fintech solutions, now we are also providing to these merchants that are just coming to e-commerce with one-click solution and our lending solutions in our checkout. So we are celebrating actually the fast growth of e-commerce in Turkey.

我們將顯著獲得份額的一個領域是我們的交鑰匙電子商務解決方案。因此，透過 HepsiJet，我們大幅增加了我提到的平台外客戶的數量。透過我們的金融科技解決方案，現在我們也為這些剛進入電子商務的商家提供一鍵式解決方案和我們的結帳貸款解決方案。因此，我們實際上正在慶祝土耳其電子商務的快速成長。

Thank you very much. And I have another one, if I may. All other international e-commerce companies test that your others -- not competitors, but peers, I would say, trying to increase the take rate. And in fact, they had a couple of them announced that increasing take rates by 200 basis points at the beginning of the year.

非常感謝。如果可以的話，我還有另一本。所有其他國際電子商務公司都會測試您的其他公司（不是競爭對手，而是同行），我想說，試圖提高接受率。事實上，他們中的一些人在年初就宣布將利率提高 200 個基點。

And your largest competitor, Trendyol -- its parent Alibaba, by the way, in the conference call, also said that they are trying to increase the take rates in their international operations, which also includes the Trendyol.

你最大的競爭對手Trendyol——順便說一句，它的母公司阿里巴巴在電話會議上也表示，他們正在努力提高國際業務的接受率，其中也包括Trendyol。

So my question is, do you observe an increase on the take rates on your peers and as well as on your sites since the beginning of the year?

所以我的問題是，自今年年初以來，您是否觀察到您的同行以及您的網站的接受率增加？

So in terms of -- I can give some context from '23 last year, our gross contribution margin improvement, which was 270 basis points was also as a result of not only mix and increase delivery service revenues, but also improvement in overall take rate. And as we have aspirations in increased profitability this year, we are also seeing opportunity here. And we will be continuing to find optimal rates that we will still make us relevant, grow our business while optimizing for profitability.

因此，我可以提供一些去年 23 年以來的背景信息，我們的毛貢獻率提高了 270 個基點，這不僅是混合和增加交付服務收入的結果，而且是整體採用率提高的結果。由於我們希望今年提高獲利能力，我們也在這裡看到了機會。我們將繼續尋找最佳費率，使我們仍然具有相關性，發展我們的業務，同時優化獲利能力。

(Operator Instructions) Ladies and gentlemen, there are no further questions at this time --

（操作員指示）女士們先生們，目前沒有其他問題--

Sorry, Sabina. Could you please hold on? We have a question via email. I'd like to read that. Please provide an update on the competitive dynamics in Turkey, has anything changed, which players are gaining market share versus losing. And whether we're expecting to see -- to start to see a consumer slowdown in the second half of the year.

對不起，薩賓娜。可以請你堅持一下嗎？我們透過電子郵件有疑問。我想讀一下。請提供有關土耳其競爭動態的最新信息，是否有任何變化，哪些參與者正在獲得市場份額，哪些參與者正在失去市場份額。我們是否預計在今年下半年看到消費者放緩。

So let me start with the second question, our high-level expectations for '24. Our progress and results clearly prove that our strategy works. Our sustainable profitable growth will remain unchanged, and we maintain our commitment to the strategic priorities, which I think is going to be very relevant for Turkey in this changing macroeconomic context.

那麼讓我從第二個問題開始，我們對 24 世紀的高期望。我們的進展和結果清楚地證明我們的策略是有效的。我們的可持續獲利成長將保持不變，我們將繼續致力於戰略重點，我認為這對於土耳其在不斷變化的宏觀經濟背景下非常相關。

We are also a bit higher e-commerce penetration. We will be waiting, expecting a higher B2B revenues from HepsiJet and Pay, and further solidify our group's position. We anticipate a more soft environment in the second half of the year, given the tight macro prudential policies.

我們電子商務的滲透率也高一點。我們將等待，期待 HepsiJet 和 Pay 帶來更高的 B2B 收入，並進一步鞏固我們集團的地位。鑑於宏觀審慎政策從緊，我們預計下半年環境將更加疲軟。

However, our ability to build on our strong value proposition, our tailored payment options, and affordability will differentiate us and continue to make us relevant for consumer demand. I think this also macro context we have could provide other opportunities like lower credit card costs, further differentiates us from our competitors as well.

然而，我們以強大的價值主張、量身定制的支付選項和負擔能力為基礎的能力將使我們脫穎而出，並繼續使我們與消費者需求相關。我認為我們所擁有的宏觀背景還可以提供其他機會，例如降低信用卡成本，也進一步使我們與競爭對手區分開來。

So as much as there is an expectation for reduced demand in overall Turkey with higher digital population coming to e-commerce with our right to win in this macroeconomic context, we believe that we will be relevant and strong throughout the year.

因此，儘管隨著越來越多的數位人口進入電子商務，我們預計整個土耳其的需求會減少，而我們有權在宏觀經濟背景下獲勝，但我們相信我們全年都將保持相關性和實力。

This brings me to answering the first question about competitors. If we start with the macroeconomic context on the need for affordability, we have the widest solution in the market by far. With BNPL, shopping loans, with our own consumer financing company, its mix checkout and payouts, I think these are going to be more and more relevant and will make us more competitive. And also from logistics, we have a very strong network that we are adding new features for delivery services every month for our consumers.

這讓我回答關於競爭對手的第一個問題。如果我們從宏觀經濟背景對負擔能力的需求入手，我們擁有迄今為止市場上最廣泛的解決方案。有了 BNPL、購物貸款、我們自己的消費者融資公司、其混合結帳和支付，我認為這些將變得越來越相關，並使我們更具競爭力。在物流方面，我們擁有非常強大的網絡，我們每個月都會為消費者添加新的送貨服務功能。

So I think competition will remain. Is it in Turkey? But we are the local player with high agility, widest affordability solution, and with highest NPS, and that's why I believe we will continue to have rights to win in '24 in Turkey.

所以我認為競爭仍將存在。是在土耳其嗎？但我們是當地參與者，擁有高度敏捷性、最廣泛的可承受解決方案以及最高的 NPS，這就是為什麼我相信我們將繼續有權利在 24 世紀土耳其獲勝。

So okay. We have another question via email that asked for -- opted for 2024 revenues and margins.

那麼好吧。我們透過電子郵件提出了另一個問題，要求選擇 2024 年收入和利潤。

Our progress and results clearly prove that our strategy works. Our focus on sustainable and profitable growth remains unchanged for 2024 as well. We maintain our commitment to proven strategic priorities, emphasizing precision and delivery services, affordable shopping options, and the exclusive benefits of our premium program.

我們的進展和結果清楚地證明我們的策略是有效的。2024 年，我們對永續和獲利成長的關注也保持不變。我們堅持對經過驗證的策略優先事項的承諾，強調精準和送貨服務、實惠的購物選擇以及我們高級計劃的獨特優勢。

Additionally, the upward trajectory of our B2B revenues, as Nilhan mentioned, from HepsiAd, HepsiJet, and Hepsipay will further rise and solidify our group's position. So in 2024, we believe that we will continue to trend in our profitable growth trajectory like we have done in 2023.

此外，正如 Nilhan 所提到的，我們來自 HepsiAd、HepsiJet 和 Hepsipay 的 B2B 收入的上升軌跡將進一步上升並鞏固我們集團的地位。因此，到 2024 年，我們相信我們將繼續像 2023 年一樣保持獲利成長軌跡。

(Operator Instructions) Ladies and gentlemen, there are no further questions at this time. Ms. Nilhan, back to you.

（操作員指示）女士們、先生們，目前沒有其他問題。尼爾漢女士，回到您身邊。

Thank you so much for your patience and listening to our call. We wish you an amazing day and amazing evening. Thank you.

非常感謝您的耐心等待並收聽我們的電話。我們祝您有美好的一天和美好的夜晚。謝謝。

The conference is now concluded and you may disconnect your telephone. Thank you for calling and have a good afternoon.

會議現已結束，您可以掛斷電話了。感謝您的來電，祝您下午愉快。