Logo Yazilim Sanayi Ve Ticaret A.s. · BIST:LOGO
Logo Yazilim Sanayi Ve Ticaret A.s — FY2018 Earnings Presentation
17 slides from Logo Yazilim Sanayi Ve Ticaret A.s's earnings presentation, Feb 14, 2019
Slide 1: FY2018 Results Presentation
FY2018 RESULTS PRESENTATION Gülnur ANLAŞ CHIEF FINANCIAL OFFICER February 14th, 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: Content
CONTENT Financial Review Questions & Answers
Slide 4: Profitable and Sustainable Growth / Targets Achieved
Profitable and Sustainable Growth / Targets Achieved Consolidated Revenues (TL mn) EBITDA (TL mn) 25% targets 23% 32% 30% 321 338 achieved! 32% 101 101 256 83 2017 2018 2018G 2017 2018 2018G EBT (TL mn) EPS Growth 29% 34% 21% 19% 21% 68 2,81 64 53 2,09 2017 2018 2017 2018 2018G 2018G = 2018 Guidance
Slide 5: Growth and profitability in 4Q18
Growth and profitability in 4Q18 Consolidated Revenues (TL mn) EBITDA (TL mn) 26% 16% 23% 104 24% 83 23 20 4Q17 4Q18 4Q17 4Q18 Net Income (TL mn) 20% 15% 15% 15 13 4Q17 4Q18 5
Slide 6: Strong Financial Management
Strong Financial Management Consolidated Improved Liquidity Operating Cash Growth Cash and Cash Eq. (TL mn) Operating Cash (TL mn) 57% 63% 81 103 52 63 2017 2018 2017 2018 Decrease in Receivable Days Rcvb days w/out credit card 83 78 2017 2018 6
Slide 7: Robust performance despite challenging macro environment in Turkey
Robust performance despite challenging macro environment in Turkey Logo Turkey Standalone - Revenues Logo Turkey Standalone - EBITDA 18% 3% 49% 43% 213 181 89 91 13% -16% 41% 31% 63 71 26 22 4Q17 4Q18 FY2017 FY2018 4Q17 4Q18 FY2017 FY2018 Logo Turkey Standalone - Net Income 16% • FY18 EBITDA margin
Slide 8: Romanian operations off to a good start
Romanian operations off to a good start Total Soft - Revenues Total Soft – Gross profit 44% 78% 108 44% 47 67% 75 36% 191% 27 45% 33 26% 15 19 5 4Q17 4Q18 FY2017 FY2018 4Q17 4Q18 FY2017 FY2018 Total Soft - EBITDA Total Soft - Net Income 39% 71% 576% 11% 12 4Q17 4Q18 FY2017 FY2018 164% -23% -8% -14%
Slide 9: Invoiced Revenue vs IFRS Revenue (Consolidated)
Invoiced Revenue vs IFRS Revenue (Consolidated) Fourth Quarter Invoices & IFRS Revenues (TL mn) IFRS Revenues = Invoices - Net Deferrals Invoices 118 • 4Q sales invoice growth reached 28% y/y 104 92 87 83 • Revenue growth was 26%y/y in 4Q 80 70 despite a very challenging environment 51 39 35 40 33 4
Slide 10: Recurring Revenue Growth Ensuring Predictability
Recurring Revenue Growth Ensuring Predictability Consolidated Recurring Invoices (TL mn) CAGR: 48% LEM Maintenance 33% 181 ↑23% y/y ↑49% y/y 135 73 84 Pay as you go SaaS 48 ↑36% y/y ↑23% y/y 25 4% 2013 2014 2015 2016 2017 2018 Recurring Invoices/Total Invoices (%) 22% 42% 32% 41% 2018 48% 48% 52% 54
Slide 11: Cost of Sales
Cost of Sales Consolidated (TL mn) – As % of IFRS Revenue Total Soft (TL mn) – As % of IFRS Revenue 20% 20% 65% 56% 321 108 256 75 23% 61 48 25% 52 64 2017 2018 2017 2018 Revenue Cost of Sales Revenue Cost of Sales • New clients and new project additions continue in all solutions • Successful projec
Slide 12: Operating Expenses
Operating Expenses OpEx (TL mn) – As % of IFRS Revenue R&D Expenses (TL mn) – As % of IFRS Revenue 57% 59% 24% 26% 321 321 256 256 189 145 30% 35% 62 83 2017 2018 2017 2018 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 20% 19
Slide 13: Dedicated Investment in Technology
Dedicated Investment in Technology R&D Spending (TL mn) – As % of Invoices 29% 50% 160,0 140,0 40% 120,0 33% 28% 27% 30% 30% 100,0 24% 30% 80,0 99 60,0 77 20% 40,0 57 10% 20,0 32 41 20 0,0 0% 2013 2014 2015 2016 2017 2018 R&D Spending (TLmn) - LHS R&D Spending/Invoices -RHS 13
Slide 14: Strong Balance Sheet
Strong Balance Sheet Balance Sheet Highlights (TL mn) Working Capital (TL mn) 2017 2018 ∆ Cash & Cash Eq. 51,6 80,9 57% 33% 55% 54% 180 Trade Receivables 104,5 137,9 32% 41% 44% 160 Tangible Assets 19,9 20,7 4% 45% 41% 34% 140 Intangible Assets* 191,9 301,1 57% 33% 35% 120 Other Assets 15,2 22,5 49%
Slide 15: 2019 Guidance
Guidance 2018 2019 Guidance Invoiced Revenue (TL mn) +30% 148 432 108 333 284 225 0 IFRS Revenue (TL mn) Logo Total Soft Investments Consolidated +29% Logo Total Soft Investments Consolidated Standalone Standalone 148 414 108 321 0 213 0 267 EBITDA (TL mn) +34% Logo Total12 Soft Investments Consolid
Slide 16: Content
CONTENT Financial Review Questions & Answers
Slide 17: 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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