Ladies and gentlemen, thank you for standing by. I would like to welcome you to Doğuş Otomotiv's earnings conference call on 10th of May 2023. At this time, all participant lines are on listen-only mode. The format of today's recorded call will be a presentation by Doğuş Otomotiv team, followed by a question-and-answer session. Without further ado, I would now like to pass the line to CFO of the company. Please go ahead, sir. Your line is open.
Thank you very much. So kind of you. I am also welcoming all the participants, in the name of Doğuş Otomotiv, together with my colleagues who are already together with me, and some of them are online, with our best greetings from Istanbul to all the participants. We are happy to be able to present you the first quarter's operational and financial output that we hope and we believe which are quite satisfactory and beyond the expectations of the market. Still in such a hectic market and macroeconomic environment, we have sustainably achieved to be able to our sales performance as compared to the first quarter of the previous year, with an expansion of almost 75% to a level of almost 37,000 units.
Which brought us to a level of market share, which is 1.5% better than the previous year's quarter, at a level of 15.2%, together with Škoda in retail markets, that we are ranked amongst third level in the allocation of market share. Not only in terms of new vehicle sales, but we are also able to attain vehicle entries to our services workstations to a level of almost 210,000 units. At the end of this operational and financial outcomes, the Doğuş Otomotiv's financial performance, together with the performance of our retail company, Doğuş Oto, and plus the equity pickup contribution of our subsidiaries, has reached to a net profit volume of TRY 3.9 billion, which is almost 300% better than the previous year's performance. That really made us so happy and proud out of this financial performance.
As we all know, not only the financial and operational performance of the company is important, but together with it, our policies relating to the sustainability has also revealed a sustainable score, which has improved from B- to A level. Together with that, we are happy to be able to increase our corporate governance compliance ratings 0.4% to a level of 9.74%, within which we are still ranked amongst the first three companies. The governance compliance ratings is the highest in Turkey. Also, relating to electrification, since this is for so long, which is the hot topic in the automotive market not only for Turkey but worldwide, we have increased to our electric vehicle charging stations to a level which is more than 450 levels.
In the following pages, I will also come to the details of this information. Those were the key takeaways. As we had always been doing so, considering that the presentation has been revealed beforehand, and you were able to review the presentation for a while, I will just go through it smoothly, and will let you to be able to have some more time for your questions. Relating to the market share performance at the end of March, as you can see, the total market has expanded to a level of 55%. Considering the degree of production allocation to Doğuş Otomotiv from Volkswagen Group, our sales expansion is more than 70% to a level of 36,700 units.
In related segments, you can see that our performance is almost at the same performance of the market, and mainly in light Commercial Vehicle and heavy Commercial Vehicle, which is followed by Passenger Vehicle segments. Our expansion is even beyond the performance of the market. When we consider the competition breakthrough, as you can see at the end, in the light vehicle segment, which is the consolidation of Passenger Vehicle segment and light Commercial Vehicles, we are ranked amongst the second level, which is just after the consolidated Tofaş and Stellantis Group, respectively. When we just go into the details, what competitors have done meanwhile, as you can see, Renault Group has decreased its market share from 24% to 17.6%.
We were able to increase our market share to a level of 17.6%. In that respect, we are sharing the same ranking together with Renault. But as you all know, the consolidation of Tofaş Group and Stellantis Group, which is competed by, if I'm not wrong, with eight brands, which brought them to achieve a market level which is 38%, which is a quite high figure. In the light Commercial Vehicle segment, I think this historical performance is almost the same for many years, that we are still the third player in terms of market share allocation just after Tofaş and Ford Group, respectively. When we just consider the allocation of this sales performance among our different brands, the table is just going from left upside, from maximum performance to the lower performance in terms of total unit sales.
Our total sales has increased to a level of almost 37,000 units, which is more than 7% higher than the previous year. Among which are Passenger Car segment. Our Volkswagen Passenger Car segment has increased its share to a level of almost 1,000. And Škoda has increased its share to a level of almost 10,200 units. And this is the remaining brands you can see in the table, b ut the important point here is our expansion in our Scania from 117 units to 800, which is almost close to the performance of the whole previous year, is also an important factor. And also in our Porsche brand, the performance in the first three months to a level of 388 units is also almost close to the performance of a yearly performance.
That is an output that we were able to, not only the level of demand in the market, but our availability to be able to supply units from OEM in line with the related demand is going satisfactorily. And at the end of April, since this is a more updated information, the total market expansion has just reached to a level of 60% to a level of 345%. What we are performing here is we have reached to a level of, together with Škoda, 51,000 units, which is 66% higher than the previous year. At this point, there has always been discussions and questions going in between the market players, whether relating to the sustainability of this sales performance and market demand.
Of course, the coming elections a couple of later is a vital determinant factor. I am not going into the details of the politics, but the outcome of the election will definitely have some implications or will have definite impact on the macroeconomic dynamics of Turkey that will, in both manners, in both directions, may affect the automotive sector in Turkey. If we just concentrate on what has happened till now, under normal year circumstances, in the first half of the year, almost 40%-45% of the total sales takes place, and in the second half of the year, between 60% of the total sales takes place.
But this year, considering the effect of the devaluation and knowing that buying a vehicle in Turkey is considered as buying an investment instrument, and the uncertainty just after the elections, has just brought us a level that the first five months or four months of the year, the performance is definitely going much better than the performances of the previous year. When we consider the listing in terms of market share, Doğuş Otomotiv has been ranked at the third level with a market share of 15%.
Just after this market information, coming to the financial performance. When we just have a look at the financial highlights, as you can see, the total revenue has almost reached to a level of TRY 19.5 billion, which is 170% better than the previous year. When we just make a forecast on a yearly basis, today's total revenue is expected to reach to a level of TRY 65 billion. Our EBITDA and net profit is in line by the output of our controlled operational expenditures and also efficient management of our financial expenditures, and also together with the contribution from our fully consolidated companies and subsidiaries. We have reached to a level of TRY 3.9 billion level of net profit, which is almost 300% than the previous year. We are still continuing our capital expenditures.
The important point here is that our working capital and total assets has only increased 50%, despite the fact that we have almost tripled the level of profitability. Coming to margins, that we have always been discussing in our investor presentations and in such meetings, whether we will be able to sustain these figures. At the end of first quarter of this year, the output is yes. As you can see, we have reached to, again, an historical highest level of gross profitability, which has reached to a level of almost 23.5%, which is a composition of new vehicle sales, used car sales, spare parts sales, and also maintenance charges in our working stations. Plus, of course, the light Commercial Vehicle itself.
OpEx over sales is 3.5%, which is in line with our 5%-6% historical threshold. Our EBITDA and EBIT margin, in line with the increase in gross profitability, has just increased to a level of beyond 20%. As I have said, we have acquired this performance with a sales figure of almost 27,000 units at the end of first quarter. This page is new for you that we have added in line with your comments and questions, which we believe will be satisfactory for you. This is a segment-basis information. You can see the revenue division, gross profit division, and our margins respectively as compared to the previous quarter.
When we just focus on the performance of this year, you can see that 67% of our revenue is stemming from our Passenger Car segment. With that revenue, our 62% of the gross profit is stemming from Passenger Car segment. The gross profit of which is 22%. When we just follow the charts, in Commercial segment, our sales revenue performance is 20%, which composes 21% of our gross profitability, the gross profit margin of which is 24%. The remaining businesses, I mean the used car sales, spare parts sales, both used car sales in Doğuş Otomotiv or in the body of our retail company, Doğuş Oto, plus spare parts services and service fee charges of maintenance services composes 13% of our total revenue, which ends up with a level of 17% in gross profitability with a margin of 32%.
Coming to the income statement. As you can see, the net profit at the end of last year was TRY 1 billion. Profit before tax, it was TRY 1.3 billion. At the end of this sustainable and successful operational and financial results, we have reached to a profit before tax level of TRY 4.5 billion. Since you can see the details of the table, I am not going to the figures one by one. This page is also covering the same information, but maybe as an highlight to the gross profit margin, which has been realized to a level of 23%. The increase is also stemming from the increase of 107% increase in revenues. The devaluation of Turkish lira is almost 30%.
Also the model mix and also the tremendous level of the demand is also supportive or sustaining forces beyond this successful gross profit margin management. Relating to the financial costs, maybe we can have a look at the balance sheet. I will give the highlights that we are still keeping our controlled manner in the management of our financial expenditures. Within that, as you can see, the performance of our associates has really increased tremendously to a level of almost TRY 800 million. Within that, our Škoda brand is Yüce Auto, that we own 50%. Just afterwards, VDF Servis that we own 49%, has really encompasses almost 75% of this equity pickup consolidation financial output.
Our subsidiaries are also, since they are the— I can say, apart from Üç Oto and Media Services. They are not 100% business lines, which is expanding in line with the developments in the automotive market. Since TÜVTÜRK is the vehicle's inspection stations, Doğuş Teknoloji is the company which is serving to the whole Doğuş Group and also third parties, and Doğuş Sigorta as well. Their performances are also continuing successfully. When we consider the balance sheet, as you can see, the total balance sheet size has increased to a level of more than TRY 30 billion. Among which, you can see that our working capital instruments like cash, trade receivables, and inventories are almost 51% of it. The increases relating to the previous year is definitely stemming from the expansion in our sales performances. In our financial investments, we have a new player.
As you know, we have acquired the shares of Doğuş Investment Truck Company . more than a month ago. So, in our financial investments within the details of the TRY 7.7 billion, we are keeping the shares of Doğuş Holding, and plus almost more than 95%, or almost 95% of the shares of this real estate company. Since there were some questions relating to the details of this issue. Since we have not acquired the preferred stock yet, which is less than 1%, we still have not gathered the management rights of the company. In that respect, it is regarded as a financial investment. We have just started to buy this preferred stock, which is less than 5%, after the acquisition of their shares.
The management of Doğuş Otomotiv will also have some rights, and probably under this scheme and within our plan, at the end of second quarter, we will be fully consolidating Doğuş Investment Company. Relating to the financial liabilities, the level has increased from TRY 2.5 billion to TRY 5.6 billion. Because as you know, as we have disclosed in our public disclosures, we have acquired a borrowing at a level of EUR 150 million with a maturity of five years, which is an investment credit with no principal payments in the first year, but we are going to pay the related interest every six months. So in that respect, the remaining portion of the working capital financing is still Turkish lira-based to a level of TRY 2.2 billion.
In that scheme, there is no change in our strategy, respectively. Coming to the breakdown of financing costs, as you can see, which has increased to TRY 250 million. The thing that I only would like to note is the interest revenue. Since we are having some Turkish lira deposits, since we are quite liquid, it has just ended up with some interest revenue. Also this TRY 139 million loss is stemming from the devaluation of Turkish lira throughout this EUR 150 million borrowing, I must note. I already informed this financial highlights. When we just come to what is new, as I have already said, we have acquired the shares of Doğuş Real Estate Company.
Considering the developments in the real estate sector in Turkey, and knowing that Doğuş Otomotiv has already a large real estate portfolio, both in the body of our logistics center and also both in the body of our dealer network, which is run by Doğuş Oto Pazarlama which is a subsidiary of Doğuş Otomotiv. We believe there is a huge potential when we just consider that two important components of Doğuş Real Estate Company, namely Doğuş Oto Maslak, and also their Gebze facility is also being rented by Doğuş Otomotiv himself.
So, as you know, two years ago, we have started a new initiative, namely D-Marin, which has started its operations in Göcek in Turkey. Now we are going to expand this business, under which we are providing maintenance services to boats. In line with the developments in this new greenfield business, we are going to set up a new branch, which is the second station in Didim. Also in line with electrification, we have decided to set up a new company, the brand of which will be D-Power, and Doğuş Oto Şarj Sistemleri Pazarlama will be the official entity name of the company, with the initial capital of TRY 50 million . Because just to remind participants, Doğuş Otomotiv was the first company who has started to import electrical vehicles with our Porsche brand, with Taycan model a couple of years ago.
Which then last year, we have started to sell the EV of our Audi brand, namely the e-tron models, that we have three models in sales area in that field. Both in our Passenger Vehicle segment and light Commercial Vehicle segment, all of our brands are working on electrification. For the moment, as we all know, the worldwide total sales of the electrical vehicles market share is almost 10%, which is expected to be 25% next year. This is the worldwide information. Relating to Turkey, the share of EV sales is 1%-2% among the total. But next year, within our brands, we are going to import the Volkswagen ID. model, which is an EV vehicle of Volkswagen Passenger Car brand.
In that respect, we have decided to set up a different company, namely D-Power, which will maintain and manage the electrical vehicle charge stations on a professional manner, that we believe, which is a quiet business field, which is full of opportunities and expansion portfolio. Our strategy relating to sustainability, digital transformation, risk management, and sustainability is the same. For many years, we have always been trying to explain you the details of the strategy. We are still on track, I must say. I don't have any new highlight to add on this. Relating to the expectations of this year, knowing that the first five, let me say, or four and a half months of the year really was beyond our expectations, that there is really huge demand in the market, which is beyond our expectations.
But the important point here is that we were able to acquire and manage to attain additional vehicles to be able to meet with this additional demand. What is to happen just after the elections and its operational and financial and/or macro output, we will closely, of course, be monitoring. We are, I can say, ready for each scenario on a positive or negative manner. But we are, of course, definitely wishing the best for our country. In that respect, we have not officially changed our total market forecast to a level of almost 800,000 units. But if market performance in the second half is also beyond the expectations to a positive manner, we are in close contacts with our brands in a way that we will hopefully be able to attain additional vehicles.
But at this level, without knowing what will happen effective from next week in Turkey, it is early to announce different information or different comments in that respect. On a yearly basis, we are just keeping our sales target to a level of almost 100,000 units. And in line with it, we are still keen on continuing our investment expenditures, both in the fields of IT infrastructure, test cars, and also in Gebze, we are going to construct a new Scania facility in the buildings that we have recently moved our headquarter of the company in the old plant. We will be constructing a large and very effective Scania sales and after-sales services facility, respectively. So that's it from my side at this stage. Thank you so much for listening me. We are happy to answer your questions if you have any. Thank you very much.
Thank you very much for the presentation. We will now be moving to the Q&A part of the call. If you have any questions, please press star two on your keypad. That's star two on your keypad. If you are dialed in via the web, you may also ask a voice or a text question. We'll now give one minute or so for the questions to come in. Thank you very much. Our first question comes from Aytuğ Uz from AK YATIRIM. Please go ahead, sir. Your line is open.
Hi, can you hear me?
Yes. Please go ahead.
I have three questions. I have three questions. I will go one by one if it is okay. How much earthquake tax have you paid in first quarter?
How much earthquake tax?
Yes, exactly.
It is like TRY 10 million .
TRY 10 million.
Which is quite low figure. It is calculated over the exemptions in the corporation income tax calculations. Since we do not have so many exemptions or in Turkish, I can say, the related tax is at the immaterial level, around TRY 10 million.
My second question is, what is the reason behind the deterioration in working capital?
What do you mean by deterioration in working capital? I'm sorry.
I mean the receivable days, the mentor days, I see that they are all increased in my calculations. Is there a specific reason? Quarter-over-quarter, by the way.
Okay. On a quarterly basis, are you comparing the last quarter with the first quarter or two quarters of the two years?
First quarter 2023 versus, exactly, first quarter of 2023 versus fourth quarter of 2022, basically. I also analyze it, but maybe we may have different calculations.
Yeah. Okay. I got your point. I'm also going to the related page. Can you just consider the sales performance? In the first quarter of last year, we have sold only 17,000 units, but this year we have sold 10,000 units more, almost, to a level of 26,400 units. In that respect, the maturity policy of Doğuş Otomotiv is in line with the expansion in our sales performance. But apart from that, I do not see any deterioration in our working capital turnovers.
Okay. My last-
Yes, please.
My last question will be about those rates, those real estate. I see that you have recorded TRY 5.1 billion as long-term financial assets. As far as I understand, you have recorded the fair value of asset side of those real estates, right? You haven't deducted the net debt of those real estate, right?
No, it is acquisition cost under financial investments. You're right. After the completion of purchasing this preferred stock, which is less than 1%, which probably will take place till the mid of the year, then we will be 100% consolidating those real estate company.
Okay. Thank you.
You are welcome.
Okay. Thank you very much. Just a reminder once again, star two for any additional questions. Star two for additional questions. You may also ask a voice or even a text question if you are dialed in via the web. It indeed looks like the presentation was very comprehensive, Talih. I will pass the line to you. I see no further questions at this point.
Luckily. Okay. Thank you very much for your patience and for listening us. We wish to be back on stage with the performance of the half of the year. Have a nice day. Bye-bye.
Thank you very much. This concludes today's conference call. We will now be closing all the lines. Thank you and goodbye.