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Logo Yazilim Sanayi Ve Ticaret A.s — FY2017 Earnings Presentation
20 slides from Logo Yazilim Sanayi Ve Ticaret A.s's earnings presentation, Feb 15, 2018
Slide 1: FY2017 Results Presentation
FY2017 RESULTS PRESENTATION Gülnur ANLAŞ CHIEF FINANCIAL OFFICER February 15th, 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 ref
Slide 3: Content
Content FY2017 Highlights Financial Review Questions & Answers
Slide 4: 2017 Highlights
2017 Highlights Overall high double-digit sales growth Stellar growth in recurring revenues Strong operating cash-flow and further enhanced liquidity Significant progress in Total Soft’s integration and start-up operations in India Double digit SaaS revenue growth Continued investments in product de
Slide 5: 2017 Highlights – Logo (Turkey)
2017 Highlights – Logo (Turkey) • Impressive results achieved by Logo’s operations in Turkey • Invoiced revenue up by 27% y/y and top-line IFRS growth of 11%y/y • Main drivers of growth were new customer additions, product and user upgrades, and module sales along with successful efforts to increase
Slide 6: 2017 Highlights – Total Soft (Romania)
2017 Highlights – Total Soft (Romania) • Economy grew by 7% in 2017 and is expected to continue registering healthy, stable growth in the period between 2018-2022. • Software and IT services sector is expected to grow with a CAGR of 11-17% in Euro terms in coming years. • Operations in 2017: Re-stru
Slide 7: 2017 Highlights – Logo Infosoft (India)
2017 Highlights – Logo Infosoft (India) • Regulatory environment: • Gov’t of India went live with GST on 1st July 2017 • The number of registered companies in India has gone up from 7 mn to 10 mn • eReconciliation (invoice matching with counter parties) and eWayBill also in plans • Product: fully GS
Slide 8: Content
Content FY2017 Highlights Financial Review Questions & Answers LOGO General IR Presentation 2014
Slide 9: Revenue Recognition
Revenue Recognition Invoices & IFRS Revenues* (TLmn) *Logo Turkey figures only. • e-government regulation requiring companies to issue e-invoices became effective as of 1.4.2014, the scope was broadened effective as of 1.1.2016. Therefore, e-invoice and e-ledger module sales along with e-coin sales
Slide 10: Financial Summary - Consolidated
Financial Summary - Consolidated 4Q FY y/y y/y IFRS (TL mn) 4Q16 4Q17 2016 2017 D D Revenue 80.0 82.6 3% 190.4 256.2 35% EBITDA 27.7 20.2 -27% 86.1 82.6 -4% EBITDA Margin 35% 24% 45% 32% EBT 1.5 12.5 720% 51.2 52.9 3% EBT Margin 2% 15% 27% 21% Net Income 0.4 12.7 3367% 45.3 50.8 12% Net Income Margi
Slide 11: Financial Summary – Logo Standalone
Financial Summary – Logo Standalone* 4Q FY y/y y/y IFRS (TL mn) 4Q16 4Q17 2016 2017 D D Revenue 58.4 63.1 8% 163.0 181.2 11% EBITDA 23.3 26.0 11% 81.0 88.6 9% EBITDA Margin 40% 41% 50% 49% EBT 0.8 19.0 2319% 50.2 67.4 34% EBT Margin 1% 30% 31% 37% Net Income 0.2 18.8 7671% 45.0 64.9 44% Net Income M
Slide 12: Financial Summary – Total Soft
Financial Summary – Total Soft 4Q FY y/y * y/y IFRS (TL mn) 4Q16 4Q17 2016 2017 D D Revenue 21.6 19.5 -10% 27.4 74.9 n.m. EBITDA 4.3 -3.9 -190% 5.1 -2.5 n.m. EBITDA Margin 20% -20% 19% -3% EBT 0.7 -4.4 n.m. 1.0 -9.5 n.m. EBT Margin 3% -22% 4% -13% Net Income 0.1 -4.4 n.m. 0.3 -10.2 n.m. Net Income M
Slide 13: Invoiced Revenue vs IFRS Revenues
Invoiced Revenue vs IFRS Revenues 4Q Invoices & IFRS Revenues (TLmn) Invoiced Revenues (TLmn) 300 100 92 IFRS Revenues = CAGR: 42% 259 90 87 Invoices - Net Deferrals 83 80 250 80 Invoices 70 70 200 176 60 152 51 150 50 117 39 40 40 35 100 33 80 30 49 20 16 18 50 31 13 14 10 0 0 2011 2012 2013 2014 2
Slide 14: Recurring Revenues
Recurring Revenues Recurring Invoices (TLmn) Recurring Invoices/Total Invoices (%) CAGR: 102% 5% 100% 160 7% 135 90% 20% 140 29% 21% 80% 41% 47.9% 48% 52% 45% 120 70% 100 60% 84 80 73 50% 93% 40% 80% 28% 60 48 71% 30% 59% 40 52% 52% 48% LEM 23 20% 20 10 10% Maintenance 2 0 0% Pay as you go 2011 2012
Slide 15: Operational Expenses
Operational Expenses R&D Expenses(TLmn) - As % of IFRS Revenue R&D Spending(TLmn) - As % of Invoices 27% 28% 31% 40% 45% 50% 140.0 45% 300 38% 256.2 120.0 35% 40% 250 32% 100.0 28% 116 35% 190.4 25% 27% 200 181.2 24% 30% 163.0 80.0 25% 150 60.0 20% 102.0 66 100 40.0 59 15% 51.1 59.4 51 10% 43.8 41 5
Slide 16: Operational Expenses
Operational Expenses S&M (TLmn) - As % of IFRS Revenue G&A (TLmn) - As % of IFRS Revenue 22% 22% 20% 20% 10% 9% 10% 12% 300 256.2 300 256.2 250 250 190.4 190.4 200 181.2 200 181.2 163.0 163.0 150 150 100 100 39.7 38.3 51.7 31.8 35.2 50 15.7 17.1 18.9 50 0 0 Logo Standalone Logo Standalone 2016 2017
Slide 17: Key Financials
Key Financials Balance Sheet Highlights (TLmn) Working Capital (TLmn) 54% 2016 2017 D 55% 160 150 44% 140 Cash & Cash Eq. 43.8 51.6 18% 45% 41% 41% 37% 130 36% 36% 120 Trade Receivables 92.9 104.5 13% 33% 110 35% Tangible Assets 19.0 19.9 5% 100 90 Intangible Assets* 161.7 191.9 19% 25% 85 80 77 70
Slide 18: 2018 Guidance
2018 Guidance 2017 2018 Guidance Invoiced Revenue (TLmn) +35% 108 4 349 73 0 259 237 186 IFRS Revenue (TLmn) +32% Logo Total Soft Investments Consolidated Logo Total Soft Investments Consolidated 108 338 Standalone Standalone 4 181 75 0 256 226 EBITDA (TLmn) +22% Logo 89 TotalSoft -3 Investments -3
Slide 19: Content
Content FY2017 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 20
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