Hepsiburada Strengthens Governance and Risk Management Practices
Hepsiburada Enhances Board Committees for Better Oversight
D-MARKET Electronic Services & Trading (NASDAQ:HEPS), often recognized as Hepsiburada, is making significant strides to enhance its corporate governance and oversight mechanisms. The Turkish e-commerce titan has recently announced updates to its Board of Directors' committees, engaging shareholders in a healthier governance approach. These changes were reportedly made following the latest General Assembly of Shareholders meeting, marking a strategic move for the company's future.
Composition of Key Committees Revamped
The restructuring of the Audit, Risk, and Corporate Governance Committees reflects Hepsiburada's proactive stance towards risk management. The new Audit Committee comprises notable individuals such as Mr. Tayfun Bayaz?t, Mr. Ahmet Ashabo?lu, and Mr. Stefan Gross-Selbeck. In a notable transition, the Risk Committee will evolve into the Early Detection of Risk Committee starting in 2025, ready to tackle risks head-on. This committee consists of Mr. Ashabo?lu, Mr. Bayaz?t, and Mr. Tolga Babal?, ensuring a diversified approach to risk assessment.
Commitment to Independence and Expertise
Hepsiburada's Board has assured stakeholders that each member of the Audit Committee meets the stringent independence criteria and financial expertise outlined by governing financial bodies. The classification of Messrs. Ersek, Bayaz?t, Ashabo?lu, and Gross-Selbeck as independent directors is a positive step for the company's governance practices.
Proactive Risk Management Initiatives
The anticipated shift to an Early Detection of Risk Committee marks a significant advancement in Hepsiburada's risk management strategy. This committee will convene six times a year to identify, analyze, and report potential risks to the Board, highlighting the company’s commitment to comprehensive corporate governance.
Growing E-Commerce Powerhouse
Founded in 2000, Hepsiburada has established itself as a pioneering e-commerce platform in Türkiye with a robust membership base of over 66 million. The company operates on a hybrid model that facilitates direct sales and hosts a diverse marketplace for approximately 101 thousand merchants. Through its comprehensive ecosystem, Hepsiburada offers services such as last-mile delivery, advertising, grocery delivery, and innovative payment solutions like its buy now, pay later (BNPL) option via Hepsipay.
Empowering Women Entrepreneurs in Türkiye
Hepsiburada is also notably recognized for its commitment to social impact through its 'Technology Empowerment for Women Entrepreneurs' initiative, empowering around 55 thousand women since 2017. This program reflects the company’s effort to drive inclusivity and support female entrepreneurs in reaching wider audiences.
Impressive Financial Performance Amid Challenges
In its recent performance updates, Hepsiburada demonstrated resilience amid harsh economic conditions, reporting remarkable Q2 results. The company saw a considerable increase in order volume and Gross Merchandise Volume (GMV), with the latter doubling compared to the first half of 2023. Active customers surged to 12.1 million, while Premium subscribers grew to 3 million, indicating the company's expanding reach.
Operational Efficiency Highlights
Hepsiburada's Q2 2024 order volume increased by 33% year-on-year, reaching a robust 36.7 million, a testament to its operational efficiency. Despite reporting a negative free cash flow of TRY645 million, the company's financial health appears to be improving, as indicated by the strongest first-half free cash flow since its IPO.
Looking Ahead: Positive Forecasts
With Q3 anticipated results forecasted for GMV growth between 70% and 75% year-on-year and an expected EBITDA margin of around 2.2% of GMV, Hepsiburada’s outlook remains positive. The company is adapting and thriving in a dynamic market environment, continuing to position itself as a formidable player in the e-commerce industry.
Frequently Asked Questions
What is the significance of the recent board committee changes at Hepsiburada?
The changes aim to enhance corporate governance and improve risk management practices, reflecting Hepsiburada's dedication to robust oversight.
Who are the key members of Hepsiburada's Audit and Risk Committees?
The Audit Committee includes Mr. Tayfun Bayaz?t, Mr. Ahmet Ashabo?lu, and Mr. Stefan Gross-Selbeck, while the Risk Committee is composed of Mr. Ashabo?lu, Mr. Bayaz?t, and Mr. Tolga Babal?.
What initiatives has Hepsiburada undertaken to support women entrepreneurs?
Hepsiburada runs the 'Technology Empowerment for Women Entrepreneurs' program, assisting around 55 thousand women in expanding their business opportunities.
How has Hepsiburada performed financially in the recent quarters?
Hepsiburada reported impressive Q2 results with a 33% growth in order volume year-on-year and rising active customer metrics.
What are the expectations for Hepsiburada's future growth?
Hepsiburada forecasts a GMV growth between 70% and 75% for Q3, highlighting resilience in a challenging economic landscape.
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