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Logo Yazilim Sanayi Ve Ticaret A.s — H1 2018 Earnings Presentation
20 slides from Logo Yazilim Sanayi Ve Ticaret A.s's earnings presentation, Aug 2, 2018
Slide 1: 1H2018 Results Presentation
1H2018 RESULTS PRESENTATION Gülnur ANLAŞ CHIEF FINANCIAL OFFICER August 2nd, 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 1H18 Highlights Financial Review Questions & Answers
Slide 4: 1H2018 Highlights
1H2018 Highlights • On track with 2018FY expectations despite a challenging macro environment at home market • Healthy revenue growth and higher profitability • Strong growth in recurring revenues yielding a solid subscription base • Continued focus on R&D with optimum level of investment • Greater
Slide 5: 1H2018 Highlights: Logo (Turkey)
1H2018 Highlights Logo (Turkey) • Strong results in spite of volatile macro dynamics of Q2 • Invoiced revenue increasing by 20% and top-line IFRS growing by 22% y/y with new customer additions, product and user upgrades • Recurring revenues now 58% of total invoices • Major recurring revenue streams
Slide 6: 1H2018 Highlights: Total Soft (Romania)
1H2018 Highlights Total Soft (Romania) • Revenue increased by 15% y/y • New system implementation and consulting contracts have been signed with existing and new clients • New countries of key clients in financial services went live successfully • New clients were added for both HCM solutions and He
Slide 7: 1H2018 Highlights: Logo Infosoft (India)
1H2018 Highlights Logo Infosoft (India) • Product Empanelment by GSTN (Goods and Services Tax Network): GSTN initiated a very stringent process of evaluating and endorsing commercially available Accounting and Billing software in December 2017, for SMEs, by a panel of experts comprised of distinguis
Slide 8: Content
CONTENT 1H18 Highlights Financial Review Questions & Answers
Slide 9: Financial Summary – Consolidated
FINANCIAL SUMMARY – Consolidated 2Q 1H y/y y/y IFRS (mn TL) 2Q17 2Q18 1H17 1H18 D D Revenue 63.3 72.4 14% 116.9 139.8 20% Gross Profit 51.0 57.5 13% 92.1 112.2 22% Gross Profit Margin 81% 79% 79% 80% EBITDA 23.0 26.4 15% 41.2 50.7 23% EBITDA Margin 36% 36% 35% 36% EBT 14.3 17.2 21% 25.5 34.9 37% EBT
Slide 10: Financial Summary – Logo Standalone
FINANCIAL SUMMARY – Logo Standalone* 2Q 1H y/y y/y IFRS (mn TL) 2Q17 2Q18 1H17 1H18 D D Revenue 44.6 49.0 10% 78.0 94.9 22% EBITDA 24.1 23.7 -2% 40.6 46.1 13% EBITDA Margin 54% 48% 52% 49% EBT 18.4 18.6 1% 30.6 37.7 23% EBT Margin 41% 38% 39% 40% Net Income 17.5 18.9 8% 28.9 37.9 31% Net Income Marg
Slide 11: Financial Summary – Total Soft
FINANCIAL SUMMARY – Total Soft 2Q 1H y/y y/y IFRS (mn TL) 2Q17 2Q18 1H17 1H18 D D Revenue 18.7 23.5 26% 38.9 44.9 15% Gross Profit 7.2 9.3 28% 15.6 18.8 20% Gross Profit Margin 39% 39% 40% 42% EBITDA -0.2 3.1 n/m 1.8 5.2 179% EBITDA Margin -1% 13% 5% 11% EBT -2.9 0.2 106% -3.2 0.4 114% EBT Margin -1
Slide 12: Invoiced Revenue vs IFRS Revenue
Invoiced Revenue vs IFRS Revenue Second Quarter Invoices & IFRS Revenues (TLmn) Invoiced Revenues (TLmn) IFRS Revenues = 72 74 CAGR: 40% Invoices - Net Deferrals 259 63 62 Invoices 176 +22% 152 37 140 31 117 115 26 24 28 27 80 11 11 12 13 49 2Q12 2Q13 2Q14 2Q15 2Q16 2Q17 2Q18 2012 2013 2014 2015 201
Slide 13: Recurring Revenues
Recurring Revenues Recurring Invoices (TLmn) Recurring Invoices/Total Invoices (%) 5% CAGR: 68% 135 20% 21% 29% 40% 41% 48% 48% 52% 50% 54% 84 73 76 58 35% 48 25 LEM 10 Maintenance Pay as you go 2012 2013 2014 2015 2016 2017 1H17 1H18 2012 2013 2014 2015 2016 2017 1H17 1H18 SaaS • Strong growth in r
Slide 14: Cost of Sales
Cost of Sales Consolidated (TLmn) – As % of IFRS Revenue Total Soft (TLmn) – As % of IFRS Revenue 21% 20% 60% 58% 139.8 44.9 116.9 38.9 23.3 26.0 24.8 27.6 1H17 1H18 1H17 1H18 Total Revenue Cost of Sales Total Revenue Cost of Sales • With Total Soft’s project implementation team’s costs classified u
Slide 15: Operational Expenses
Operational Expenses R&D Expenses (TLmn) – As % of IFRS Revenue R&D Spending (TLmn) – As % of Invoices 27% 27% 38% 160 40% 140 29% 30% 31% 35% 139.8 120 28% 27% 30% 116.9 25% 24% 100 25% 80 20% 60 76 15% 37.2 66 31.0 40 10% 20 41 43 5% 12 20 32 34 0 0% 2012 2013 2014 2015 2016 2017 1H17 1H18 1H17 1H
Slide 16: Operational Expenses
Operational Expenses S&M (TLmn) – As % of IFRS Revenue G&A (TLmn) – As % of IFRS Revenue 17% 17% 11% 12% 139.8 139.8 116.9 116.9 19.9 23.1 16.3 12.3 1H17 1H18 1H17 1H18 Total Revenue S&M Expense Total Revenue G&A Expense • S&M expenses in 1H18 increased by 16% y/y, and S&M expenses/IFRS revenue rati
Slide 17: Key Financials
Key Financials Balance Sheet Highlights (TLmn) Working Capital (TLmn) 2017 1H18 D 60% 54% 180 Cash & Cash Eq. 51.6 59.0 14% 160 Trade Receivables 104.5 102.0 -2% 50% 44% 41% 41% 140 Tangible Assets 19.9 19.2 -4% 37% 40% 33% 120 Intangible Assets* 191.9 219.3 14% 30% 31% 100 Other Assets 15.2 21.1 39
Slide 18: 2018 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 1H18 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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