Teknosa Ic Ve Dis Ticaret As · BIST:TKNSA
Teknosa Ic Ve Dis Ticaret As — Teknosa İç ve Dış Ticaret A.Ş. — Q4 2013 Earnings Presentation
27 slides from Teknosa Ic Ve Dis Ticaret As's earnings presentation, Feb 17, 2014
Slide 1: Teknosa 4Q13 Results: Leader of A Growing Market
TEKNOSA İÇ VE DIŞ TİCARET A.Ş INVESTOR PRESENTATION Investor Teknosa İç ve Dış Ticaret A.Ş. Presentation 4Q13 Results «Leader of A Growing Market» Mehmet Necil Oyman, CEO Korhan Bilek, CFO Erman Tütüncüoğlu, Head of IR February 17, 2014
Slide 2: Investment Theme
TEKNOSA İÇ VE DIŞ TİCARET A.Ş INVESTOR PRESENTATION Strong Having the first-mover advantage, Teknosa Investment 1 is the market leader with almost double the Leadership sales of the second player in the market Theme Young population with higher tendency for 2 Strong growth potential electronics spen
Slide 3: Agenda
TEKNOSA İÇ VE DIŞ TİCARET A.Ş INVESTOR PRESENTATION Agenda Results at a Glance Electronics Retail Market Financial Overview Year-end Guidance 3
Slide 4: CEO Comments
TEKNOSA İÇ VE DIŞ TİCARET A.Ş INVESTOR PRESENTATION 2013 results are in-line with our guidance figures CEO New sales area Comments Top-line growth Profitability Working capital Strategic targets are on track Strong growth in online Differentiating from the competition via value added
Slide 5: Main messages
TEKNOSA İÇ VE DIŞ TİCARET A.Ş INVESTOR PRESENTATION Strong topline growth 27% Net Sales growth in FY13 Main Top-line growth sustained in 4Q13 via messages new store openings, despite the unfavorable macro economic environment Leading Market Share Leading the competition with 14.1% market share
Slide 6: FY13 Results
TEKNOSA İÇ VE DIŞ TİCARET A.Ş INVESTOR PRESENTATION Expansion in-line 166 FY13 141 18% with guidance Net Sales Area Dynamic portfolio Results (k m2) management: 44 stores opened, 33 FY12 FY13 closed 27% 2.957 Net Sales in-line 2.333 Net Sales Total with guidance (M TL) Revenues Strong LfL: 1
Slide 7: Operations
TEKNOSA İÇ VE DIŞ TİCARET A.Ş INVESTOR PRESENTATION Teknosa operations are composed of Retail, Retail Operations Operations Dealership and e-commerce activities Revenue Breakdown as of FY13 Revenue Breakdown by Product Groups as of FY13 E-trade Consumer Electronics & Photo: 37% Operations Dealersh
Slide 8: Rapid Expansion Through Different Store Formats
TEKNOSA İÇ VE DIŞ TİCARET A.Ş INVESTOR PRESENTATION Net Sales Area (k m2) Rapid ’13 -’10 FY13 YoY Expansion CAGR 18% Growth Through Different 128 141 166 18% Store Formats 56 67 80 101 22 33 12 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Number of Stores 283 294 256 269 232 244 218 152 96 56 2
Slide 9: Proven Growth Track
TEKNOSA İÇ VE DIŞ TİCARET A.Ş INVESTOR PRESENTATION Net Sales (M TL) Proven Growth Track Retail sales FY13 YoY Growth Dealership sales 27% 2.957 117 0% 2.337 ’13 - ’10 117 CAGR 33% 1.672 97 1.294 2.840 28% 1.148 1.020 80 945 65 2.220 740 94 138 1.575 467 93 340 1.214 1.083 67 807 930 49 647 291 400
Slide 10: Agenda
TEKNOSA İÇ VE DIŞ TİCARET A.Ş INVESTOR PRESENTATION Agenda Results at a Glance Electronics Retail Market Financial Overview Year-end Guidance 10
Slide 11: Electronics Retail Market in Turkey
TEKNOSA İÇ VE DIŞ TİCARET A.Ş INVESTOR PRESENTATION Sales Channels of Technical Consumer Goods Market (48.425 Sale Points) Electronics Retail Market in Turkey Points of Sale; 588 Media Markt, Bimeks, Gold Bilgisayar, Vatan 11 Source: GfK Electronics Panel Report 2013, CSP channel sales is not includ
Slide 12: Electronics Retail Market Channel & Category Development
TEKNOSA İÇ VE DIŞ TİCARET A.Ş INVESTOR PRESENTATION Channel Development (%) Category Development Electronics Growth ‘13 vs.’12 in TLmn Retail Market 9.323 12.272 15.149 13.607 17.736 9.323 12.272 15.149 13.607 17.736 30% Channel & 24% Category Development 50% 5% 2013 January-November electronics r
Slide 13: Electronics Retail Market and Teknosa
TEKNOSA İÇ VE DIŞ TİCARET A.Ş INVESTOR PRESENTATION 2013 January-November electronics retail market * TL 17.7 Billion (+30%YoY) Electronics 2013 January-November Teknosa retail sales growth +31% YoY Retail Market Technology Super Stores (‘TSS’) channel accounts for 38 % of the total market T
Slide 14: Agenda
TEKNOSA İÇ VE DIŞ TİCARET A.Ş INVESTOR PRESENTATION Agenda Results at a Glance Electronics Retail Market Financial Overview Year-end Guidance 14
Slide 15: Financial Highlights
TEKNOSA İÇ VE DIŞ TİCARET A.Ş INVESTOR PRESENTATION Financial Teknosa Summary Financials - Income Statement Highlights ( M TL ) 4Q12 3Q13 4Q13 YoY (%) QoQ (%) FY12 FY13 YoY (%) Net Sales 754 790 816 8% 3% 2.333 2.957 27% Gross Profit 137 164 152 11% -8% 464 554 19% Gross Profit Margin 18,1% 20,8% 18
Slide 16: Retail Operations Revenue Growth Analysis
TEKNOSA İÇ VE DIŞ TİCARET A.Ş INVESTOR PRESENTATION Retail store revenues Retail 50% (excl. dealership, Operations 11% 31% internet and corporate sales), which account Revenue 7% for 90% of the total, posted 4% YoY growth Growth 39% 24% 4% in 4Q13. Analysis 7% -3% 4Q13 LfL growth: -3% 4Q12 3Q13
Slide 17: Key Performance Indicators (Retail Operations)
TEKNOSA İÇ VE DIŞ TİCARET A.Ş INVESTOR PRESENTATION Key Teknosa Key Performance Indicators (Retail Operations) 4Q12 3Q13 4Q13 YoY (%) QoQ (%) FY12 FY13 YoY (%) Performance Indicators Number of Provinces (@ period end) Net Sales Area (k m2 @ period end) 75 141 77 163 77 166 3% 18% 0% 2% 75 141 77 166
Slide 18: Balance Sheet
TEKNOSA İÇ VE DIŞ TİCARET A.Ş INVESTOR PRESENTATION Assets (in M TL) Dec.12 Sep.13 Dec.13 Current Assets 885 688 901 Cash and Cash Equivalents 355 124 320 Balance Due From Related Parties Trade Receivables 7 37 1 39 0 39 Sheet Inventories Other Current Assets 467 19 479 46 512 29 Non-current Assets
Slide 19: Working Capital
TEKNOSA İÇ VE DIŞ TİCARET A.Ş INVESTOR PRESENTATION Working Working Capital Days Capital -21 -5 -14 Days of NWC 91 85 78 65 67 67 Days of TR Days of Inventory Days of TP 5 6 4 4Q12 3Q13 4Q13 Negative working capital allows Teknosa to generate positive cash flow in tandem with growth 4Q13 NWC is
Slide 20: Capital Expenditures
TEKNOSA İÇ VE DIŞ TİCARET A.Ş INVESTOR PRESENTATION Total CAPEX (M TL) Capital Expenditures 56,4 36% 12,6 41,6 5% 11,9 4Q12 4Q13 FY12 FY13 New store openings and store renovations account for a major part of the Company’s capital expenditures. Capital expenditures are financed with cash generate
Slide 21: Agenda
TEKNOSA İÇ VE DIŞ TİCARET A.Ş INVESTOR PRESENTATION Agenda Results at a Glance Electronics Retail Market Financial Overview Year-end Guidance 21
Slide 22: Macroeconomic Indicators
TEKNOSA İÇ VE DIŞ TİCARET A.Ş INVESTOR PRESENTATION Macroeconomic Indicators Indicator 2012 2013F 2014F GDP growth 2.2% 3.8% 2.0% Private Consumption -0.6% 4.6% 1.2% CPI Inflation 6.2% 7.4% 7.8% USD/TL rate (y.e.) 1.78 2.13 2.38 USD/TL rate (avg) 1.80 1.90 2.32 22
Slide 23: Sector and Teknosa in 2014
TEKNOSA İÇ VE DIŞ TİCARET A.Ş INVESTOR PRESENTATION Slower sector growth in 2014 at 8% Sector and Macro environment and consumer confidence Regulations in consumer financing Teknosa in 2014 On the positive side Macro stability expected in the second half of the year New product launches
Slide 24: Teknosa's Targets in 2014
TEKNOSA İÇ VE DIŞ TİCARET A.Ş INVESTOR PRESENTATION Growth over the market; Stores; new openings and LfL Teknosa’s stores&online Online sales more than double, reaching TL 0.5 billion ; continue investments Targets in 2014 Aftersales services Develop new products & increase attachment rate Cus
Slide 25: 2014 Full Year Financial Guidance
TEKNOSA İÇ VE DIŞ TİCARET A.Ş INVESTOR PRESENTATION 2014 Full Year Financial 2012 2013 2013 2014 Guidance ACTUAL FORECAST ACTUAL FORECAST YE Net Sales Area (km2) 141 165-170 166 190-195 Net Sales (TL mn) 2.333 2.900 - 3.000 2.957 4.000 Growth (%) 40% 25%-30% 27% 30%-35% LFL Growth (%) 26% 15%-20% 13
Slide 26: Disclaimer
TEKNOSA İÇ VE DIŞ TİCARET A.Ş INVESTOR PRESENTATION Disclaimer The information and opinions contained in this document have been compiled or arrived at by Teknosa from sources believed to be reliable and in good faith, but no representation or warranty, expressed or implied, is made as to their accu
Slide 27: Thank You
TEKNOSA İÇ VE DIŞ TİCARET A.Ş INVESTOR PRESENTATION Thank You Contact Information: Erman Tutuncuoglu – Head of Investor Relations +90 (216) 468 32 29 etutuncuoglu@teknosa.com IR web page: http://yatirimci.teknosa.com/homepage IR e-mail: yatirimciiliskileri@teknosa.com (Published on February 17, 2014
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