Teknosa Ic Ve Dis Ticaret As · BIST:TKNSA
Teknosa Ic Ve Dis Ticaret As — Teknosa İç ve Dış Ticaret A.Ş. — Q2 2013 Earnings Presentation
19 slides from Teknosa Ic Ve Dis Ticaret As's earnings presentation, Aug 1, 2013
Slide 1: Teknosa Investor Presentation Q2-2013 Results
Teknosa İç ve Dış Ticaret A.Ş. Investor Presentation Q2-2013 Results «Leader of A Growing Market» Mehmet Necil Oyman, General Manager Nevgül Bilsel Safkan, Kliksa General Manager (Former Teknosa CFO) Korhan Bilek, CFO August 1, 2013
Slide 2: Agenda
Agenda Q2-2013 Results at a Glance Market at a Glance Financial Overview 2013 Guidance 2
Slide 3: Main messages
Main messages Management Reorganisation New management team is on board Strong revenue growth YoY Net Sales growth in H1 2013 is 36%, higher than the market. Fierce competition Continuing pressure on margins Profit Growth YoY Net income growth in H1 2013 is 30% (excl. one-off in Q1 2012) Str
Slide 4: Q2-2013 Results
Q2-2013 Results 154 135 14% Dynamic portfolio management Sales Area 26 store openings, 18 store (k m2) closures (17 relocation purposes) Q2-12 Q2-13 692 29% 534 Strong LfL trend: 14% Total Revenues (M TL) Q2-12 Q2-13 14,6 28% 11,4 Adjusted 14,6TL million net income Net Income generated in Q2
Slide 5: Retail Operations Revenue Growth Analysis
Retail Operations Revenue Growth Analysis 38% 30% 28% 14% 25% 8% 21% 14% 7% 7% 24% 22% 18% 14% 15% Q2-2012 Q1-2013 Q2-2013 H1-2012 H1-2013 Like for Like Growth Net Expansion Effect Net expansion effect = New store openings – closings Retail store revenues (excluding dealership, internet and corpor
Slide 6: Operations
Operations Teknosa operations are composed of Retail, Retail Operations Dealership and e-commerce activities Revenue Breakdown as of H1-2013 E-trade Breakdown as of H1-2013 Revenues by Operations Product Groups: Dealership 5% Group 4% (2012: 2,2%) Consumer Electronics & Photo: 37% (2012:44%) (2012
Slide 7: Agenda
Agenda Q2-2013 Results at a Glance Market at a Glance Financial Overview 2013 Guidance 7
Slide 8: Electronics Retail Market and Teknosa
Electronics Retail Market and Teknosa 2013 January-May electronics retail market* TL 7,7 Billion ( 37%YoY, Adj.**: 30%) 2013 January-May TSS retail market growth 67% YoY (Adj.**: 43%) 2013 January-May Teknosa retail sales growth +38% YoY Technology Super Stores (‘TSS’) channel accounts for 3
Slide 9: Agenda
Agenda Q2-2013 Results at a Glance Market at a Glance Financial Overview 2013 Guidance 9
Slide 10: Financial Highlights
Financial Highlights Teknosa Summary Financials - Income Statement ( M TL ) Q2-2012 Q1-2013 Q2-2013 YoY (% ) QoQ (% ) H1 2012 H1 2013 YoY (% ) Net Sales 534 659 692 29% 5% 991 1.351 36% Gross Profit 108 112 126 16% 13% 204 238 17% Gross Profit Margin 20,3% 16,9% 18,2% 20,6% 17,6% Adjusted EBITDA 29
Slide 11: Key Performance Indicators (Retail Operations)
Key Performance Indicators (Retail Operations) Teknosa Key Performance Indicators (Retail Operations) Q2-2012 Q1-2013 Q2-2013 YoY (%) QoQ (%) H1 2012 H1 2013 YoY (%) Number of Provinces (@ period end) 74 77 77 4% 0% 74 77 4% Net Sales Area (k m2 @ period end) 135 145 154 14% 6% 135 154 14% Number of
Slide 12: Summary Financials
Summary Financials Balance Sheet Assets (in M TL) Haz.12 Haz.13 Current Assets 635 752 Cash and Cash Equivalents 116 171 Due From Related Parties 8 1 Trade Receivables 38 49 Inventories 403 470 Other Current Assets 70 60 Non-current Assets 112 138 Investment Property 11 11 Property,Plant and Equipme
Slide 13: Working Capital
Working Capital Negative working capital allows Teknosa to generate positive cash flow in tandem with growth Working Capital Days -15 -11 -16 Days of NWC 94 91 88 71 73 74 Days of TR Days of Inventory Days of TP 5 4 4 Q2-2012 Q1-2013 Q2-2013 Net working capital improved by 1 days YoY to 16 in Q2 2
Slide 14: Capital Expenditures
Capital Expenditures Total CAPEX (M TL) 29,4 18,0 46% 46% 20,1 12,3 Q2-12 Q2-13 H1-12 H1-13 New store openings and store renovations account for a major part of the Company’s capital expenditures. Capital expenditures are financed with cash generated from operations. New concept conversion in
Slide 15: TKNSA Stock Price Performance
‘‘TKNSA’’ Stock Price Performance 29/05/13 BGC Partners IMKB : 75.816 Target Price: 16,00 TL (16% upside) TKNSA : 12,40 14,00 13,75 100.000 29/05/13 Eczacıbaşı Target Price: 17 TL 90.000 13,00 (24% upside) 12,95 80.000 03/05/13 ERSTE Group 12,00 70.000 Target Price: 11,90 TL IMKB : 57.331 (5% upside
Slide 16: Agenda
Q2-2013 Results at a Glance Market at a Glance Financial Overview 2013 Guidance 16
Slide 17: Fiscal 2013 Full Year Financial Guidance
Enterprise Fiscal 2013 Full Year Financial Guidance 2012 INITIAL 2013 REVISED 2013 ( M TL ) ACTUAL FORECAST FORECAST Year End Net Sales Area (km2) 141 165-170 165-170 Net Sales 2.330 2.700-2.800 2.900 - 3.000 Growth (%) 40% 15%-20% 25%-30% LFL Growth (%) 26% 7%-11% 10%-15% EBITDA (%) 5,3% over 5,0%
Slide 18: Disclaimer
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 accuracy, completeness or correctness. All opinions and
Slide 19: Thank You
THANK YOU (Published at 01.08.2013)
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