Logo Yazilim Sanayi Ve Ticaret A.s. · BIST:LOGO
Logo Yazilim Sanayi Ve Ticaret A.s — Logo Yazılım Sanayi ve Ticaret A.Ş. — FY2020 Earnings Presentation
23 slides from Logo Yazilim Sanayi Ve Ticaret A.s's earnings presentation, Feb 18, 2021
Slide 1: Chief Financial Officer, February 18th, 2021
Chief Financial Officer February 18th, 2021
Slide 2: 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 reflected in th
Slide 3: FY2020 highlights
▪ Concluded a year like no other with a strong final quarter ▪ Achieved high double-digit top-line growth in all business units ▪ Successfully became a key player in the accelerated digital transformation of companies • higher demand from customers prioritizing their digital transformation • market
Slide 4: Invoiced Revenues, Revenues, EBITDA and EBT
Invoiced Revenues (TL mn) Revenues (TL mn) 34% 29% • Strong top-bottom line growth across 618 601 545 548 the board 460 422 • Further growth in recurring revenue, bringing share in total to 62% - supporting Logo’s sustainable growth 2019 2020 2020B 2019 2020 2020B and profitability EBITDA (TL mn) EB
Slide 5: Net Income, EPS growth, Cash and Free Cash Flow
Net Income (TL mn) EPS* growth 33% 33% 21% 20% 4,75 115 3,58 86 2019 2020 2019 2020 *Adjusted by 3.48% treasury shares Cash & Financial Investments (TL mn) Strong FCF (TL mn) 285% 93% 294 72 152 19 2019 2020 2019 2020
Slide 6: Revenues, EBITDA and Net Cash 2015-2020
Revenues (TL mn) EBITDA (TL mn) CAGR: 33% CAGR: 27% 545 177 422 142 321 101 256 86 83 190 54 129 2015 2016 2017 2018 2019 2020 2015 2016 2017 2018 2019 2020 Net Cash* (TL mn) 161 49 31 -23 -14 -19 2015 2016 2017 2018 2019 2020 *Net cash for 2020 excludes IFRS 16 impact of 19.2 TL mn (2019: 15.4 TL m
Slide 7: Fourth quarter consolidated results
Invoiced Revenues (TL mn) Revenues (TL mn) EBITDA (TL mn) 19% 34% 13% 30% 25% 241 206 52 202 46 154 Q419 Q420 Q419 Q420 Q419 Q420 EBIT (TL mn) Net Income (TL mn) 8% 8% 21% 17% 19% 15% 32 35 32 29 Q419 Q420 Q419 Q420 *IFRS 16 impact: EBITDA +2.69 mn TL (2019: +2.4 TL mn) / EBIT (2019: +528 TL thou (+
Slide 8: Logo Turkey results
Logo Turkey – Invoiced Revenues (TL mn) Logo Turkey – Revenues (TL mn) 37% 31% 15% 435 27% 366 317 280 162 187 149 117 Q419 Q420 FY19 FY20 Q419 Q420 FY19 FY20 Logo Turkey – EBITDA (TL mn) Logo Turkey - Net Income (TL mn) 27% 28% 30% 40% 31% 8% 41% -9% 110 147 116 20% 86 28% 36% 31% 42 45 33 30 Q419
Slide 9: Market leader in e-government solutions with 56K customers
Market leader in e-government solutions; e-invoice, e-archive, e-ledger, e-dispatch with 56K customers # of customers ('000) eLogo invoiced revenues (TL mn) CAGR: 53% CAGR: 49% 24 56 32 37 14 18 134 10 10 18 11 70 21 28 38 2016 2017 2018 2019 2020 2016 2017 2018 2019 2020 coin usage (mn) coin revenu
Slide 10: Logo CaptainBiz is GSTN approved
✓ Logo CaptainBiz Logo CaptainBiz is GSTN is a mobile approved solution ✓ Only 8 solutions are Only 4 solutions are approved by the Goods mobile among the 8- and Services Tax GSTN-approved Network (GSTN) of India solutions ✓ ✓ Same 1K users source-code at end-2020 with Logo İşbaşı Basic functionalit
Slide 11: Peoplise platform highlights
✓ Remote onboarding and chat bot assisted recruitment were the fastest growing modules of the platform ✓ Reached 100+ customers, ranking #1 in Turkey ✓ Solid recurring revenue growth provider ✓ Peoplise capitalized on the post-Covid remote working environment; achieving revenue and customer growth e
Slide 12: Total Soft results
Total Soft – Revenues (TL mn) Total Soft – Gross Profit (TL mn) Total Soft – EBITDA (TL mn) 26% 24% 13% 50% 17% 179 19% 50% 30 58% 142 65% 89 63% 26 72 53% 51% 11% 12% 37 58 19 31 7 4 Q419 Q420 FY19 FY20 Q419 Q420 FY19 FY20 Q419 Q420 FY19 FY20 Total Soft - Net Income (TL mn) • Logo Total Soft proved
Slide 13: Fourth Quarter Invoices and Invoiced Revenues
Fourth Quarter Invoices & IFRS Revenues (TL mn) IFRS Revenues = Invoices - Net Deferrals 241 Invoices 202 206 154 • 4Q sales invoice growth was 19% y/y 118 • IFRS Revenue growth was 34% y/y in 4Q 104 70 80 87 83 92 40 Q415 Q416 Q417 Q418 Q419 Q420 Invoiced Revenues (TL mn) CAGR: 32% • In Turkey, inv
Slide 14: Consolidated Recurring Invoices
Consolidated Recurring Invoices (TL mn) • LEM revenues increased by 29% y/y in FY20 CAGR: 40% • Pay as you go revenues increased by 92% y/y 384 with very strong coin sales. 257 • Maintenance revenues increased by 39% y/y 181 with significant contribution from Romania 135 operations 73 84 • Retail Sa
Slide 15: Cost of sales as % of IFRS revenue
Consolidated (TL mn) – As % of IFRS Revenue Total Soft (TL mn) – As % of IFRS Revenue 18% 18% 50% 50% 545 179 422 142 33% 29% 90 70 75 100 2019 2020 2019 2020 Revenue Cost of Sales Revenue Cost of Sales
Slide 16: OpEx, R&D, S&M and G&A expenses
OpEx (TL mn) – As % of IFRS Revenue R&D Expenses (TL mn) – As % of IFRS Revenue 60% 61% 24% 22% 545 545 422 422 17% 30% 332 255 102 119 2019 2020 2019 2020 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% 22% 16% 17% 545 545
Slide 17: R&D Spending as % of Invoices
R&D Spending (TL mn) – As % of Invoices 50% 300 250 40% 33% 30% 30% 200 27% 27% 30% 24% 150 146 20% 100 123 99 10% 50 77 41 57 0 0% 2015 2016 2017 2018 2019 2020 R&D Spending (TLmn) - LHS R&D Spending/Invoices - RHS
Slide 18: Balance Sheet Highlights and Working Capital
Balance Sheet Highlights (TL mn) Working Capital (TL mn) 2019 2020 ∆ 55% 44% 300 Cash & Cash Eq. 152,2 293,7 93% 45% 41% 34% 36% 250 Trade Receivables 211,2 235,7 12% 33% 35% 28% Tangible Assets 20,0 19,3 -4% 200 25% 150 Intangible Assets* 342,2 470,2 37% 165 173 Other Assets 50,2 78,6 57% 15% 100 1
Slide 19: 2021 guidance
2020 2021 guidance Invoiced Revenue (TL mn) +31% 179 560 226 802 615 16 429 6 IFRS Revenue (TL mn) +33% 226 15 728 179 6 545 489 361 EBITDA** (TL mn) +47% 221 260 30 177 43 -8 150 -8 Margins 41% 17% n.m. 33% 45% 19% n.m. 36% EBT (TL mn) +66% -11 190 11 196 118 4 -9 118 Margins 33% 2% n.m. 22% 39% 5%
Slide 20: Appendix
Appendix
Slide 21: New communique's details (October 19th, 2019)
New communique’s details (October 19th, 2019) BEFORE AFTER (eff. as of July 1st, 2020) Companies w/sales 5mio₺+, e-invoice Companies w/sales 10mio₺+ specific sectors e-archive Companies w/sales 5mio₺+ All e-invoice issuers and and online sales invoices above 5K and 30K Required to safekeep on Requir
Slide 22: Questions & Answers
Questions»& Answers
Slide 23: LOGO Investor Relations Team
LOGO Investor Relations Team T: +90 262 679 8000 E: investor@logo.com.tr
Logo Yazılım Sanayi ve Ticaret A.Ş. — FY2020 Earnings Presentation on 6ix