Teknosa Ic Ve Dis Ticaret As · BIST:TKNSA
Teknosa Ic Ve Dis Ticaret As — Teknosa İç ve Dış Ticaret A.Ş. — Q4 2016 Earnings Presentation
21 slides from Teknosa Ic Ve Dis Ticaret As's earnings presentation, Feb 13, 2017
Slide 1: Teknosa 4Q16 Results Investor Presentation
TEKNOSA İÇ VE DIŞ TİCARET A.Ş INVESTOR PRESENTATION Investor Teknosa İç ve Dış Ticaret A.Ş. Presentation 4Q16 Results «Turkey’s Leading Electronics Retailer» Ümit Kocagil, CFO Erman Tütüncüoğlu, Head of IR February 13, 2017
Slide 2: Agenda
TEKNOSA İÇ VE DIŞ TİCARET A.Ş INVESTOR PRESENTATION Agenda Results at a Glance Financial Overview Year-end Guidance 2
Slide 3: Main messages
TEKNOSA İÇ VE DIŞ TİCARET A.Ş INVESTOR PRESENTATION Reaping the fruits of the On the back of a leaner & more efficient store Main restructuring… network and a clean inventory purged from old aged stocks, profit margins took off in 4Q16 messages A more favorable product mix leading to a Highest q
Slide 4: CCI kept a downward trend in 4Q16
TEKNOSA İÇ VE DIŞ TİCARET A.Ş INVESTOR PRESENTATION The consumer confidence index has maintained a downward trend in 4Q16 CCI kept a to an average of 68.8, declining by 3.1 points on a quarterly basis. Despite downward the improvement in January, global and local political developments may briddle
Slide 5: Accounting of credit card discounts changes in 4Q16
TEKNOSA İÇ VE DIŞ TİCARET A.Ş INVESTOR PRESENTATION Starting from 4Q16, credit card discounts (the cost of collecting credit card Accounting of payments of the customers from the bank early) will be accounted under credit card financial expenses. Previously, it was netted of under revenues discoun
Slide 6: 4Q16 Results
TEKNOSA İÇ VE DIŞ TİCARET A.Ş INVESTOR PRESENTATION Cleansing of loss 4Q16 making stores from Net Sales Area 172 the network Results (‘000 m2) 123 resulted in 49K sqm YoY reduction in the net sales area 4Q15 4Q16 Thanks to 8% LfL growth, 29% Net Sales Total 977 contraction in net (TL mn) Revenue
Slide 7: Like-for-Like Sales Growth Trend
TEKNOSA İÇ VE DIŞ TİCARET A.Ş INVESTOR PRESENTATION Quarterly Like-for-Like Trend Like-for-Like Despite the Sales Growth restructuring efforts, LfL remained in the Trend 20% 19% positive territory in 2H16. FY16 LfL 6% 6% 8% stands at 13%, comparing favorably -3% -2% -1% against 0.4% in FY15 1Q15 2Q1
Slide 8: Focus on profitability decelerates the growth of e-commerce revenues
TEKNOSA İÇ VE DIŞ TİCARET A.Ş INVESTOR PRESENTATION Focus on teknosa.com Revenues (TLmn) profitability decelerates the +4% growth of e- -26% commerce revenues in 2H16… 148 59 142 44 4Q15 4Q16 FY15 FY16 Lower promotions in e-commerce sales parallel to our focus in improving profitability made a neg
Slide 9: Main OPEX Items are Under Strict Control
TEKNOSA İÇ VE DIŞ TİCARET A.Ş INVESTOR PRESENTATION Minimum Wage (TL) TKNSA Personnel Costs (TLmn) Main OPEX -2% Items are +29% Under Strict 1,647 Control 165 162 1,274 FY15 FY16 FY15 FY16 TKNSA FX Basket TKNSA Rent Costs (TLmn) -2% +10% 3.18 171 167 2.88 9 FY15 FY16 FY15 FY16
Slide 10: Working Capital and Cash Position
TEKNOSA İÇ VE DIŞ TİCARET A.Ş INVESTOR PRESENTATION Working Capital Requirement (TL mn) Working TL -339mn TL -111mn TL -301mn Capital and 481 As a result of the decrase in 340 353 Cash Position 51 61 56 inventories, trade 513 711 payables also 871 decreased in 4Q16, leading to a flat WCR 4Q15 3Q16 4
Slide 11: Agenda
TEKNOSA İÇ VE DIŞ TİCARET A.Ş INVESTOR PRESENTATION Agenda Results at a Glance Financial Overview Year-end Guidance 11
Slide 12: Income Statement Summary
TEKNOSA İÇ VE DIŞ TİCARET A.Ş INVESTOR PRESENTATION Income (TL mn ) 4Q15 3Q16 4Q16 YoY (%) QoQ (%) FY15 FY16 YoY (%) Statement Net Sales 977 699 779 -20% 11% 3,205 3,074 -4% Gross Profit 158 75 143 -10% 90% 589 501 -15% Summary Gross Profit Margin 16.2% 10.7% 18.3% 2.1pp 7.6pp 18.4% 16.3% -2.1pp EBI
Slide 13: Income Statement Summary (Adjusted)
TEKNOSA İÇ VE DIŞ TİCARET A.Ş INVESTOR PRESENTATION (TL mn ) 4Q15 3Q16 4Q16 YoY (%) QoQ (%) FY15 FY16 YoY (%) Income Statement Net Sales Gross Profit 977 158 699 75 779 143 -20% -10% 11% 90% 3,205 589 3,074 501 -4% -15% Summary Adj. Gross Profit Adj. Gross Profit Margin 174 17.8% 110 15.7% 143 18.3%
Slide 14: Balance Sheet Summary
TEKNOSA İÇ VE DIŞ TİCARET A.Ş INVESTOR PRESENTATION Assets (in TL mn) Dec-15 Sep-16 Dec-16 Balance Current Assets Cash and Cash Equivalents 856 305 435 9 580 156 Sheet Due From Related Parties Trade Receivables 2 49 2 59 2 55 Summary Inventories Other Current Assets 481 19 340 25 353 14 Non-current
Slide 15: Working Capital
TEKNOSA İÇ VE DIŞ TİCARET A.Ş INVESTOR PRESENTATION Working Working Capital Days Capital -32 -21 -31 Days of NWC 89 89 87 Days of TR 60 53 Days of Inventory 49 Days of TP 8 7 4 4Q15 3Q16 4Q16 Negative working capital allows Teknosa to generate positive cash flow in tandem with growth Cash cycle
Slide 16: Key Performance Indicators
TEKNOSA İÇ VE DIŞ TİCARET A.Ş INVESTOR PRESENTATION Key 4Q15 3Q16 4Q16 YoY (%) QoQ (%) FY15 FY16 YoY (%) Performance Net Sales Area (‘000 sqm ) 172 134 123 -29% -8% 172 123 -29% Number of Stores 278 209 210 -24% 0% 278 210 -24% Indicators Number of Visitors (mn) 22 16 15 -31% -6% 89 69 -22% Number o
Slide 17: Agenda
TEKNOSA İÇ VE DIŞ TİCARET A.Ş INVESTOR PRESENTATION Agenda Results at a Glance Financial Overview Year-end Guidance 17
Slide 18: New Chairman, New Strategy
TEKNOSA İÇ VE DIŞ TİCARET A.Ş INVESTOR PRESENTATION New Following the appointment of our new chairman Mr. Zafer Kurtul as of June 1st, our strategy has become more focused on profitability rather than Chairman, profitability + market share New Strategy This new approach entails trade-off in all
Slide 19: 2017 Full Year Financial Guidance
TEKNOSA İÇ VE DIŞ TİCARET A.Ş INVESTOR PRESENTATION 2017 Full Year 2017 kicked off with a tense political scenery both globally and domestically, entailing uncertainties for the Economic Outlook Financial Due to these uncertainties, we prefer to share our 2017 guidance on a Guidance wide range a
Slide 20: Thank You
TEKNOSA İÇ VE DIŞ TİCARET A.Ş INVESTOR PRESENTATION Thank You Contact Information: Erman Tutuncuoglu – Head of Investor Relations +90 (216) 468 32 29 etutuncuoglu@teknosa.com IR web page: http://yatirimci.teknosa.com/homepage IR e-mail: yatirimciiliskileri@teknosa.com 20
Slide 21: Disclaimer
TEKNOSA İÇ VE DIŞ TİCARET A.Ş INVESTOR PRESENTATION Disclaimer The information and opinions contained in this document have been compiled or arrived at by Teknosa from sources believed to be reliable and in good faith, but no representation or warranty, expressed or implied, is made as to their accu
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