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Logo Yazilim Sanayi Ve Ticaret A.s — Logo Yazılım Sanayi ve Ticaret A.Ş. — 9M2018 Earnings Presentation
20 slides from Logo Yazilim Sanayi Ve Ticaret A.s's earnings presentation, Nov 8, 2018
Slide 1: 9M2018 Results Presentation
9M2018 RESULTS PRESENTATION Gülnur ANLAŞ CHIEF FINANCIAL OFFICER November 8th, 2018
Slide 2: Disclaimer
DISCLAIMER This presentation contains information and analysis on financial statements as well as forward-looking statements that reflect Logo management’s current views with respect to certain future events. Although it is believed that the information and analysis are correct and expectations refl
Slide 3: Content
CONTENT 9M18 Highlights Financial Review Questions & Answers
Slide 4: 9M2018 Highlights
9M2018 Highlights • Healthy revenue growth and strong profitability despite challenging market conditions in Turkey • Cautious outlook for Q4 performance due to slowdown in demand in October. 2018FY guidance remains as volatility in the market conditions (upwards and downwards) continues. Guidance r
Slide 5: 9M2018 Highlights: Logo (Turkey)
9M2018 Highlights Logo (Turkey) • Solid Q3 performance despite macro uncertainties: slower than expected sales in July- August compensated by a stronger performance in September • Probability of downside risks is higher than upside risks regarding the 2018FY guidance with slower demand in October. G
Slide 6: 9M2018 Highlights: Total Soft (Romania)
9M2018 Highlights Total Soft (Romania) • On track with top-line yearly budget in € terms. Revenues increased by 36% y/y with TL depreciation against euro. • Higher profitability as a result of increased efficiency in project management • New clients and new project additions continue overall and und
Slide 7: 9M2018 Highlights: Logo Infosoft (India)
9M2018 Highlights Logo Infosoft (India) • Logo’s solutions of Jugnu and Vyapari were technically shortlisted in H1 by Goods and Services Tax Network (GSTN) panel as part of its process of evaluating and endorsing commercially available Accounting and Billing software. Commercial evaluation has not y
Slide 8: Content
CONTENT 9M18 Highlights Financial Review Questions & Answers
Slide 9: Financial Summary – Consolidated
FINANCIAL SUMMARY – Consolidated 3Q 9M y/y y/y IFRS (mn TL) 3Q17 3Q18 9M17 9M18 D D Revenue 56.6 77.4 37% 173.6 217.2 25% Gross Profit 45.5 60.3 33% 137.6 172.5 25% Gross Profit Margin 80% 78% 79% 79% EBITDA 21.2 27.1 28% 62.4 77.8 25% EBITDA Margin 37% 35% 36% 36% EBT 14.9 19.8 32% 40.4 54.7 35% EB
Slide 10: Financial Summary – Logo Standalone
FINANCIAL SUMMARY – Logo Standalone* 3Q 9M y/y y/y IFRS (mn TL) 3Q17 3Q18 9M17 9M18 D D Revenue 40.1 46.9 17% 118.1 141.8 20% EBITDA 22.0 23.3 6% 62.6 69.4 11% EBITDA Margin 55% 50% 53% 49% EBT 17.7 20.9 18% 48.3 58.6 21% EBT Margin 44% 45% 41% 41% Net Income 17.2 19.0 10% 46.1 56.9 23% Net Income M
Slide 11: Financial Summary – Total Soft
FINANCIAL SUMMARY – Total Soft 3Q 9M y/y y/y IFRS (mn TL) 3Q17 3Q18 9M17 9M18 D D Revenue 16.6 30.5 84% 55.4 75.4 36% Gross Profit 6.0 13.9 134% 21.6 32.8 52% Gross Profit Margin 36% 46% 39% 43% EBITDA -0.5 4.4 836% 1.4 9.5 588% EBITDA Margin -3% 14% 2% 13% EBT -2.0 -0.3 87% -5.2 0.2 103% EBT Margin
Slide 12: Invoiced Revenue vs IFRS Revenue
Invoiced Revenue vs IFRS Revenue Third Quarter Invoices & IFRS Revenues (TLmn) Invoiced Revenues (TLmn) IFRS Revenues = CAGR: 40% Invoices - Net Deferrals 77 75 259 +29% Invoices 57 215 52 176 167 38 152 35 117 31 28 21 18 80 14 15 49 9 8 3Q12 3Q13 3Q14 3Q15 3Q16 3Q17 3Q18 2012 2013 2014 2015 2016 2
Slide 13: Recurring Revenues
Recurring Revenues Recurring Invoices (TLmn) Recurring Invoices/Total Invoices (%) CAGR: 68% 5% 135 +29% 20% 29% 22% 37% 114 41% 48% 48% 52% 53% 53% 84 88 73 36% 48 25 LEM 10 Maintenance Pay as you go 2012 2013 2014 2015 2016 2017 9M17 9M18 2012 2013 2014 2015 2016 2017 9M17 9M18 SaaS • Strong growt
Slide 14: Cost of Sales
Cost of Sales Consolidated (TLmn) – As % of IFRS Revenue Total Soft (TLmn) – As % of IFRS Revenue 21% 21% 61% 57% 217.2 75.4 173.6 55.4 42.6 33.8 35.9 44.7 9M17 9M18 9M17 9M18 Revenue Cost of Sales Revenue Cost of Sales • With Total Soft’s project implementation team’s costs classified under Cost of
Slide 15: Operating Expenses
Operating Expenses R&D Expenses (TLmn) – As % of IFRS Revenue R&D Spending (TLmn) – As % of Invoices 25% 27% 160 38% 40% 140 31% 31% 35% 28% 29% 217.2 120 27% 30% 25% 24% 173.6 100 25% 80 20% 60 76 15% 66 66 58.2 40 52 10% 43.2 20 41 5% 12 20 32 0 0% 2012 2013 2014 2015 2016 2017 9M17 9M18 9M17 9M18
Slide 16: Operating Expenses
Operating Expenses S&M (TLmn) – As % of IFRS Revenue G&A (TLmn) – As % of IFRS Revenue 18% 16% 12% 12% 217.2 217.2 173.6 173.6 30.4 34.4 20.1 26.0 9M17 9M18 9M17 9M18 Total Revenue S&M Expense Total Revenue G&A Expense • S&M expenses in 9M18 increased by 13% y/y, and S&M expenses/IFRS revenue ratio
Slide 17: Key Financials
Key Financials Balance Sheet Highlights (TLmn) Working Capital (TLmn) 2017 9M18 D Cash & Cash Eq. 51.6 70.6 37% 60% 54% 180 Trade Receivables 104.5 103.3 -1% 160 50% 44% Tangible Assets 19.9 21.3 7% 41% 41% 140 Intangible Assets* 191.9 264.2 38% 40% 37% 120 33% Other Assets 15.2 26.2 72% 29% 100 30%
Slide 18: Guidance
Guidance 2017 2018 Guidance Invoiced Revenue (TLmn) +35% 73 259 237 108 4 349 186 0 IFRS Logo Total Soft Revenue (TLmn) Investments Consolidated +32% Logo Total Soft Investments Consolidated Standalone 256 Standalone 226 108 338 181 75 4 0 Logo EBITDA (TLmn) Total Soft Investments Consolidated Logo
Slide 19: Content
CONTENT 9M18 Highlights Financial Review Questions & Answers
Slide 20: Thank you for joining us today
Thank you for joining us today LOGO Investor Relations Team T: +90 262 679 8000 E: investor@logo.com.tr
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