Logo Yazilim Sanayi Ve Ticaret A.s. · BIST:LOGO
Logo Yazilim Sanayi Ve Ticaret A.s — Logo Yazılım Sanayi ve Ticaret A.Ş. — H1 2019 Earnings Presentation
18 slides from Logo Yazilim Sanayi Ve Ticaret A.s's earnings presentation, Aug 1, 2019
Slide 1: 1H2019 Results Presentation
1H2019 Results Presentation Gülnur Anlaş Chief Financial Officer August 1st, 2019
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: Healthy performance in 2Q19
Healthy performance in 2Q19 Consolidated Revenues (TL mn) EBITDA (TL mn) 31% 27% 95 35% 36% 72 34 26 2Q18 2Q19 2Q18 2Q19 EBIT (TL mn) Net Income (TL mn) 15% 28% 23% 23% 26% 24% 21 22 19 17 2Q18 2Q19 2Q18 2Q19 *IFRS 16 impact: EBITDA +2.2 TL mn / EBIT +374 TL thou / EBT -89 TL thou www.logo.com.tr 2
Slide 4: Growth and profitability continues
Growth and profitability continues Consolidated Revenues (TL mn) Recurring Revenues (TL mn) EBITDA (TL mn) 26% 34% 21% 59% 35% 176 36% 55% 104 61 140 51 77 1H18 1H19 1H18 1H19 1H18 1H19 Net Income (TL mn) • Healthy revenue and profitability growth, and strong cash generation continued in 1H even wit
Slide 5: Strong financial management
Strong financial management Consolidated Improved Liquidity Stronger Free Cash Flow (LTM) Cash and Cash Eq. 36% 36% 110 28 81 21 1H18 1H19 2018 1H19 Increase in EPS* (LTM) 13% 2,88 2,56 1H18 1H19 * Adjusted by 3.48% treasury shares www.logo.com.tr 4
Slide 6: Challenging macro environment in Turkey
Challenging macro environment in Turkey Logo Standalone – Revenues (TL mn) Logo Standalone – EBITDA (TL mn) 4% 12% 10% 106 49% 45% 95 18% 46 48 58 48% 45% 49 26 24 2Q18 2Q19 1H18 1H19 2Q18 2Q19 1H18 1H19 Logo Standalone - Net Income (TL mn) • Macro volatility and unexpected renewal of Istanbul elect
Slide 7: Solid results across the board for Total Soft
Solid results across the board for Total Soft Total Soft – Revenues (TL mn) Total Soft – Gross Profit (TL mn) Total Soft – EBITDA (TL mn) 82% 176% 56% 49% 20% 70 94% 34 57% 160% 14 49% 42% 22% 45 37 18 19 11% 39% 13% 8 23 9 5 3 2Q18 2Q19 1H18 1H19 2Q18 2Q19 1H18 1H19 2Q18 2Q19 1H18 1H19 Total Soft -
Slide 8: Invoiced revenues vs IFRS revenues (Consolidated)
Invoiced revenues vs IFRS revenues (Consolidated) Second Quarter Invoices & IFRS Revenues (TL mn) IFRS Revenues= Invoices - Net Deferrals 95 92 Invoices • 2Q sales invoice growth was 24% y/y 72 74 63 62 • IFRS Revenue growth was 31%y/y in 2Q 37 28 27 31 26 24 12 13 2Q13 2Q14 2Q15 2Q16 2Q17 2Q18 2Q19
Slide 9: Recurring revenue growth ensuring predictability
Recurring revenue growth ensuring predictability Consolidated Recurring Invoices (TL mn) • LEM revenues increased by 11% y/y CAGR: 48% • Pay as you go revenues increased by 33% y/y 181 with robust coin sales. eLogo coin customers and coin usage increased by 33% and 36%, 135 30% respectively 99 84 76
Slide 10: eLogo: e-services platform and leader in digital transformation
eLogo: e-services platform and leader in digital transformation Market leader in e-government solutions; e-invoice, e-archive, e-ledger, e-dispatch with 19K+ customers # of customers ('000) coin usage (mn) 33% 36% 26% 32% 87 19 36% 39% 15 64 12 48 9 35 1H16 1H17 1H18 1H19 1H16 1H17 1H18 1H19 Posit
Slide 11: Cost of sales
Cost of sales Consolidated (TL mn) – As % of IFRS Revenue Total Soft (TL mn) – As % of IFRS Revenue 20% 21% 58% 51% 176 140 70 45 36% 26 37% 36 28 38 1H18 1H19 1H18 1H19 Revenue Cost of Sales Revenue Cost of Sales 21% 21% 61% 51% 95 37 72 33% 34% 23 19 14 15 20 2Q18 2Q19 2Q18 2Q19 Revenue Cost of Sa
Slide 12: Operating expenses
Operating expenses OpEx (TL mn) – As % of IFRS Revenue R&D Expenses (TL mn) – As % of IFRS Revenue 55% 57% 27% 26% 32% 176 176 140 22% 140 101 77 37 45 1H18 1H19 1H18 1H19 Total Revenue Total Opex Total Revenue R&D Expense S&M (TL mn) – As % of IFRS Revenue G&A (TL mn) – As % of IFRS Revenue 17% 16%
Slide 13: Dedicated investment in technology
Dedicated investment in technology R&D Spending (TL mn) – As % of Invoices 160 40% 33% 33% 140 31% 35% 28% 30% 30% 120 27% 30% 24% 100 25% 80 99 30% 20% 60 77 15% 40 57 56 10% 41 43 20 32 5% 20 0 0% 2013 2014 2015 2016 2017 2018 1H18 1H19 R&D Spending (TLmn) - LHS R&D Spending/Invoices -RHS www.logo
Slide 14: Strong balance sheet
Strong balance sheet Balance Sheet Highlights (TL mn) Working Capital (TL mn) 2018 1H19 ∆ Cash & Cash Eq. 80,9 109,9 36% Trade Receivables 137,9 129,2 -6% 54% 180 Tangible Assets 20,7 19,2 -7% 50% 41% 44% 41% 150 Intangible Assets* 301,1 328,6 9% 40% 33% 34% 31% 29% 120 Other Assets 22,6 42,8 89% 30
Slide 15: 2019 revised guidance (TL mn)
2019 revised guidance (TL mn) -4% -3% 432 416 414 402 333 321 -3% -10% 135 131 101 68 79 71 Invoiced Revenue IFRS Revenue EBITDA EBT 2018 2019 Guidance 2019 Revised Guidance • Softer-than-expected 2Q market conditions in Turkey signal a slower 2H making a downward FY guidance revision more prudent w
Slide 16: 2019 revised guidance in detail
2019 revised guidance in detail 2018 2019 revised guidance Invoiced Revenue (TL mn) +25% 148 416 108 333 0 225 0 268 IFRS Revenue (TL mn) +25% 148 402 108 321 254 0 213 0 EBITDA (TL mn) +29% 101 107 27 -3 131** 91 12 -2 Margins 43% 11% n.m. 32% 42% 18% n.m. 33% EBT (TL mn) +4% 75 -2 68 74 0 -6 71 -4
Slide 17: Questions & Answers
Questions & Answers
Slide 18: 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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