TEKNOSA İÇ VE DIŞ TİCARET A.Ş INVESTOR PRESENTATION Teknosa İç ve Dış Ticaret A.Ş. Investor Presentation 4Q13 Results « Leader of A Growing Market» Mehmet Necil Oyman, CEO Korhan Bilek, CFO Erman Tütüncüoğlu, Head of IR February 17, 2014
TEKNOSA İÇ VE DIŞ TİCARET A.Ş INVESTOR PRESENTATION Strong Having the first-mover advantage, Teknosa 1 Investment is the market leader with almost double the Leadership sales of the second player in the market Theme Young population with higher tendency for Strong growth potential 2 electronics spending Turkey’s CE retail is under -penetrated and growing strongly with favorable demographics and rising income Flexible Store Formats Three different store formats and 3 assortment matching diverse customer Supporting Fast Expansion needs & different store sizes supporting fast expansion Strong sales growth Financial Strength 4 Strong & positive cash flow generation Cash available for future consolidation in the market Advanced ERP and CRM programs enabling Strong Operational and 5 targeted marketing Technical Infrastructure Teknosa Akademi, the first and only training program in the technology goods market State of the art logistics infrastructure 2
TEKNOSA İÇ VE DIŞ TİCARET A.Ş INVESTOR PRESENTATION Agenda Results at a Glance Electronics Retail Market Financial Overview Year-end Guidance 3
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 services Appreciated by 108m visitors & Top of Mind score 42% Sectoral awards: «The most preferred electronics retailer award» by Shopping Mall Investors Association for the third year in a row Teknosa.com; «Electronics e - tailer of the year award» by Webrazzi Mother’s day campaign; «Crystal Apple Award, viral project/durables category» by Turkish Association of Advertising Agencies 4
TEKNOSA İÇ VE DIŞ TİCARET A.Ş INVESTOR PRESENTATION 27% Net Sales growth in FY13 Strong topline growth Main Top-line growth sustained in 4Q13 via messages new store openings, despite the unfavorable macro economic environment Leading the competition with 14.1% Leading Market Share market share in FY13 Heavy promotional environment Price competition Teknosa did not fully participate in promotions, increasing its gross margin by 50bps YoY to 18.6% in 4Q13 19% Net Profit growth in FY13 (excl. one- Profit growth off in 1Q12) Strong e-commerce performance E-commerce volume almost quadrupled 6% of sales in FY13; from 2% in FY12, 0.6% in FY11 Apps were launched, new services added 5
TEKNOSA İÇ VE DIŞ TİCARET A.Ş INVESTOR PRESENTATION Expansion in-line FY13 166 18% 141 with guidance Net Sales Area Dynamic portfolio Results (k m2) management: 44 stores opened, 33 closed FY12 FY13 27% 2.957 Net Sales in-line 2.333 Net Sales with guidance Total (M TL) Strong LfL: 13% Revenues (M TL) FY12 FY13 57 Net Profit in-line 19% 48 (*) with guidance Net Profit Adjusted Strong operational (M TL) Net Income profitability (M TL) reflected to the bottom-line FY12 FY13 6 (*) Excluding the one-off in 1Q12
TEKNOSA İÇ VE DIŞ TİCARET A.Ş INVESTOR PRESENTATION Retail Operations Teknosa operations are composed of Retail, 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 Dealershi (2012: 48%) 6% p Group Telecom: 28% (2012: 20%) 4% IT: 27% (2012: 25%) Retail Other * : 8% (2012: 7%) Operatio ns 91% * Consists of major and small domestic appliances and warranty sales Dealership Group E-trade Operations Revenue Breakdown by Product Groups as of FY13 .com .com Separate legal entity fully Started operations in Air Conditioners: 94% (2012: 93%) owned by Teknosa 2005 Refrigerators: 6% (2012: 6%) Cash registers: 0.4% (2012: 1%) Started operations in March 2012 7
TEKNOSA İÇ VE DIŞ TİCARET A.Ş INVESTOR PRESENTATION Net Sales Area (k m 2 ) Rapid FY13 YoY ’13 - ’10 Expansion Growth CAGR 18% Through Different 18% 166 141 128 Store Formats 101 80 67 56 33 22 12 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Number of Stores 294 283 269 256 244 232 218 152 96 56 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 8 61 65 68 72 77 # of provinces: 9 23 77 43 56
TEKNOSA İÇ VE DIŞ TİCARET A.Ş INVESTOR PRESENTATION Net Sales (M TL) Proven Growth Track FY13 YoY Retail sales 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 94 740 138 1.575 467 93 1.214 340 1.083 930 67 807 49 647 400 291 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 9
TEKNOSA İÇ VE DIŞ TİCARET A.Ş INVESTOR PRESENTATION Agenda Results at a Glance Electronics Retail Market Financial Overview Year-end Guidance 10
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 included.
TEKNOSA İÇ VE DIŞ TİCARET A.Ş INVESTOR PRESENTATION Channel Development (%) Category Development Electronics Growth ‘13 vs.’12 in TLmn Retail Market 30% 9.323 12.272 15.149 13.607 17.736 9.323 12.272 15.149 13.607 17.736 Channel & 24% Category Development 50% 5% 2013 January-November electronics retail market size: TL17.7 billion (+30% YoY) In the same period (11M13), TeknoSA retail sales growth: +31% YoY Technology super stores channel (‘TSS’) share increased by 3.1pp in YoY Telecom Retailers’ (‘TCR’) share increased by 1.6pp in YoY 12 Source: GfK, 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 Teknosa has 14.1 % market share in the electronics retail market and 38% in TSS and Teknosa Electronics retail market Jan-Nov 2013 – channel shares Hypers and 38% Department Stores 12% Electronic Chains Bimeks, Gold, 62% 38% Media/Saturn, Vatan, etc. Traditional Channels 50% Source: GfK Panel Jan-Nov 2013 13 * GfK IT, Telecom, CE + Photo categories
TEKNOSA İÇ VE DIŞ TİCARET A.Ş INVESTOR PRESENTATION Agenda Results at a Glance Electronics Retail Market Financial Overview Year-end Guidance 14
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 (%) 754 790 816 8% 3% 2.333 2.957 27% Net Sales Gross Profit 137 164 152 11% -8% 464 554 19% Gross Profit Margin 18,1% 20,8% 18,6% 0,5pp -2,2pp 19,9% 18,7% -1,1pp 68 89 74 8% -17% 233 271 16% EBITDAR 9,0% 11,3% 9,0% 0,0pp -2,3pp 10,0% 9,1% -0,8pp EBITDAR Margin EBITDA 37 53 35 -5% -35% 117 133 13% EBITDA Margin 4,9% 6,7% 4,2% -0,6pp -2,5pp 5,0% 4,5% -0,5pp 0 -17 2 n.m. n.m. -12 -13 9% Other Expenses -9 -1 -13 n.m. n.m. -15 -17 12% Financial Expenses Profit Before Tax 22 27 15 -32% -43% 65 70 9% Tax -5 -5 -4 -31% -34% -14 -14 -3% 17 21 12 -32% -45% 51 57 12% Net Profit Net Profit(*) 17 21 12 -32% -45% 48 57 19% Net Profit Margin 2,3% 2,7% 1,4% -0,8pp -1,3pp 2,0% 1,9% -0,1pp (*) FY12 Net Profit is adjusted for 3TL million one off (reversal of a provision related to store closure). 15
TEKNOSA İÇ VE DIŞ TİCARET A.Ş INVESTOR PRESENTATION Retail store revenues Retail 50% (excl. dealership, Operations internet and corporate 11% 31% sales), which account Revenue for 90% of the total, 7% posted 4% YoY growth Growth 39% 4% in 4Q13. 24% Analysis 4Q13 LfL growth: -3% 7% -3% due to strong base and 4Q12 3Q13 4Q13 deteriorating macro economic background 38% 12% 19% FY13 LfL growth: 13% 7% 26% 13% FY12 FY13 Like for Like Growth Net Expansion = New store openings – closings 16
Recommend
More recommend
