Logo Yazilim Sanayi Ve Ticaret A.s. · BIST:LOGO
Logo Yazilim Sanayi Ve Ticaret A.s — Logo Yazılım Sanayi ve Ticaret A.Ş. — 9M2016 Earnings Presentation
20 slides from Logo Yazilim Sanayi Ve Ticaret A.s's earnings presentation, Nov 10, 2016
Slide 1: 9M2016 Results Presentation
9M2016 RESULTS PRESENTATION Gülnur ANLAŞ CHIEF FINANCIAL OFFICER November 10th, 2016
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 9M16 Operating Highlights Financial Review Questions & Answers
Slide 4: Ownership Structure of Logo
Ownership Structure of Logo • Logo is the first software company to go public in 2000, with high governance rating • Recent ownership change with USD134mn fully marketed offering to qualified investors on October 31st, 2016 • The Offering was marked as the first successful internationally marketed d
Slide 5: 9M16 Highlights: On Track to Meet YE Guidance
9M16 Highlights: On Track to Meet YE Guidance • Logo is Turkey’s leader in enterprise application software with the largest active customer base of more than 85,000 concentrated in the small and mid-size company segments. • In 9M16, Logo reported an impressive 24% y/y top-line IFRS growth. Double di
Slide 6: 9M16 Highlights: On Track to Meet YE Guidance
9M16 Highlights: On Track to Meet YE Guidance • Rapid expansion of the cloud business continued thru Diva. SaaS subscriptions & support revenue grew by 41% y/y. Number of outlets increased by 26% y/y to 6.4K. • Investing in our technology, channel and personnel is critical for sustainable growth. Ou
Slide 7: Logo's Recent International Expansion Initiative
Logo’s Recent International Expansion Initiative Overview and Strategic Rationale of Total Soft Acquisition Logo’s Potential in Romanian EAS Market • A leading EAS provider for medium and large companies in Europe Total potential value for Logo (€mn; 2015E) SOHO (0-10) Small (10-50) • Key gateway to
Slide 8: Logo's Recent JVs
Logo’s Recent JVs JV with FIT - Turkey JV with GSF - India • An agreement has been signed with FIT on July 27th, 2016. • An agreement has been signed with GSF on October 10th, Logo and FIT will both have 50% stakes in the JV. 2016. Logo and GSF Software Labs LLC will have respective stakes of 66.6%
Slide 9: Content
Content 9M16 Operating Highlights Financial Review Questions & Answers LOGO General IR Presentation 2014
Slide 10: Financial Summary
Financial Summary 9M 3Q YE Guidance w/o TS w/o TS IFRS (mn TL) 9M15 9M16* D D 3Q15 3Q16* D D FY16 G** D 9M16 3Q16 Revenue 89.0 110.4 24% 104.7 18% 34.7 37.5 8% 31.7 -9% 187.1 45% EBITDA 47.6 58.4 23% 57.7 21% 21.1 19.8 -6% 19.0 -10% 78.9 47% EBITDA Margin 53.5% 52.9% 55.1% 60.8% 52.7% 59.8% 42.1% EB
Slide 11: 2016 Revised Guidance
2016 Revised Guidance Logo Standalone Logo + Total Soft 4M Consolidated Logo + Total Soft 12M Consolidated Revenue (TLmn) +5% +45% +81% 71 233 26 187 154 162 129 EBITDA (TLmn) +11% +47% +60% 86 73 79 13 66 6 54 42% 43% 45% EBITDA Margins 42% 37% EBT (TLmn) +16% +56% +64% 51 58 62 7 66 4 40 31% 33% 3
Slide 12: Like-for-like Analysis
Like-for-like Analysis • For the three-month period ended September 30th, 2016, our results are in line with our budget and guidance. • During the three-month period ended September 30th, 2015, - We experienced a one-time increase in sales due to the announcement by the Turkish government expanding
Slide 13: Key Financials
Key Financials Third Quarter Invoices & IFRS Revenues (TLmn) IFRS Revenues (TLmn) CAGR: 44% 140 129 +24% 120 110 104 100 89 80 71 60 46 40 31 21 20 0 2010 2011 2012 2013 2014 2015 9M15 9M16 • 9M16 invoice revenues at139TL89mn indicated a 9% y/y growth. The 10% y/y decline in 3Q16 invoice revenues wa
Slide 14: Key Financials
Key Financials Recurring Invoices (TLmn) Recurring Invoices/Total Invoices (%) CAGR: 170% +27% • Recurring revenues grew13927% y/y in 9M16. • The share of recurring part of revenues increased from 46% of 9M15 to 53% in 9M16 • Recurring revenues were composed of 56% LEM, 27% pay as you go, 9% SaaS an
Slide 15: Key Financials
Key Financials R&D (TLmn) - As % of IFRS Revenue S&M (TLmn) - As % of IFRS Revenue G&A (TLmn) - As % of IFRS Revenue 27% 31% 19% 17% 8% 9% 41% 9% 40% • Overall operating expenses increased by 29% y/y, with opex/revenues ratio increasing slightly to 57% in 9M16, from 54% in 9M15, mainly due to the co
Slide 16: Key Financials
KeyFinancials Key Financials EBIT (TLmn) EBITDA (TLmn) Net Income (TLmn) CAGR: 57% CAGR: 46% CAGR: 89% +14% +19% +23% EBIT: Gross Profit - S&M - G&A - R&D EBITDA: Gross Profit - S&M - G&A - R&D + Amortization • Above 2015 full year profit figures at all levels were achieved in 9M16, thanks to Logo’s
Slide 17: Key Financials
Key Financials Balance Sheet Highlights (TLmn) Working Capital (TLmn) 2015 9M16 D 60% 54% 110 Cash & Cash Eq. 51.5 47.6 -8% 100 Trade Receivables 71.9 52.9 -26% 50% 90 41% 41% Tangible Assets 15.5 17.7 14% 36% 80 40% 35% Intangible Assets* 58.8 148.9 33% 70 153% 28% 60 Other Assets 4.6 15.0 223% 30%
Slide 18: Share Performance
Share Performance 1H16 financials FMO to qua. Voluntary Acquisition LoI to purchase released investors tender 3M2014 of 50.1% Total Soft (Aug 10, 2016) (Oct 31, 2015) offer financials 9M2015 stake in 2014 signed (Jan 27. released Acquisition financials Intermat (Apr 4, 2016) 2014) 2013 (May 12. fina
Slide 19: Content
Content 9M16 Operating 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
Logo Yazılım Sanayi ve Ticaret A.Ş. — 9M2016 Earnings Presentation on 6ix